The Royal Inscriptions of Sennacherib, King of Assyria (704–681 BC), Part 1 9781575066790

Citation preview

TH E R O YA L IN S C R I PT I O N S O F S E N N AC H E R I B , KIN G O F AS S Y R I A ( 704– 681 BC ) , PA R T 1

THE ROYAL INSCRIPTIONS OF THE NEO-ASSYRIAN PERIOD

EDITORIAL BOARD Grant Frame (Philadelphia) Director and Editor-in-Chief Barry L. Eichler (New York) Erle Leichty (Philadelphia) Karen Radner (London) Steve Tinney (Philadelphia)

PROJECT CONSULTANTS Robert K. Englund (Los Angeles) A. Kirk Grayson (Toronto) Simo Parpola (Helsinki)

Volumes Published 1  The Royal Inscriptions of Tiglath-pileser III (744–727 BC) and Shalmaneser V (726–722 BC), Kings of Assyria HAYIM TADMOR and SHIGEO YAMADA 4  The Royal Inscriptions of Esarhaddon, King of Assyria (680–669 BC) ERLE LEICHTY

THE ROYAL INSCRIPTIONS OF THE NEO-ASSYRIAN PERIOD VOLUME 3/1

The Royal Inscriptions of Sennacherib, King of Assyria (704–681 BC), Part 1

A. K i r k G r a y s o n and J a m i e N o v o t n y

Winona Lake, Indiana EISENBRAUNS 2012

© Copyright 2012 Eisenbrauns All rights reserved. Printed in the United States of America on acid-free paper. ISBN 978-1-57506-241-9

The research and publication of this volume have been supported by the National Endowment for the Humanities and the University of Pennsylvania.

Cover illustration: Nineveh, Sennacherib Palace Site Museum, Room V, Slab 32. Drawing by K. E. Leaman Insua.

The text editions in this work were produced using Oracc. See http://oracc.org for further information.

Library of Congress Cataloging-in-Publication Data Sennacherib, King of Assyria, d. 681 B.C.   The royal inscriptions of Sennacherib, king of Assyria (704–681 BC) / [edited by] A. Kirk Grayson and Jamie Novotny.      p.  cm. — (The royal inscriptions of the Neo-Assyrian period ; v. 3/1) Akkadian texts (transliterated), with English translations; introduction and commentaries also in English. Includes bibliographical references and index. ISBN 978-1-57506-241-9 (hardback : alk. paper) 1.  Cuneiform inscriptions, Akkadian.  2.  Akkadian language—Texts.  ​3. Assyria—History— Sources.  4.  Sennacherib, King of Assyria, d. 681 B.C.  5.  Assyria—Kings and rulers.  I.  Grayson, Albert Kirk.  II.  Novotny, Jamie R.  III.  Title. PJ3837.S7G79 2012 492′.1—dc23 2012028701

The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI Z39.48-1984. ♾™

ana W.G. Lambert† rab ṭupšarri

Contents

Detailed Table of Contents . List of Figures . . . . . . . . Contents of Scores . . . . . . Foreword . . . . . . . . . . . Preface . . . . . . . . . . . . . Editorial Notes . . . . . . . . Bibliographical Abbreviations Other Abbreviations . . . . . Object Signatures . . . . . . .

Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

viii x xi xiii xv xvii xix xxvii xxix

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I. Assyria Nineveh Cylinders — Nos. 1–13 . . . . . . . Octagonal prisms — Nos. 14–18 . . Hexagonal prisms — Nos. 19–26 . . Miscellaneous prisms — Nos. 27–33 Stone Tablets — Nos. 34–37 . . . . Steles — No. 38 . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Minor Variants and Comments . . . . . . . . . . . . . . . . . . . Index of Museum Numbers . . . . . . . . . . . . . . . . . . . . . Index of Excavation Numbers . . . . . . . . . . . . . . . . . . . . Index of Names . . . . . . . . . . . . . . . . . . . . . . . . . . . . Concordances of Selected Publications . . . . . . . . . . . . . . . Scores of Inscriptions (on CD-ROM) . . . . . . . . . . . . . . . . (the CD-ROM is in an envelope at the back of the book)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29 87 161 211 219 237

243 249 255 257 265 1–411

Detailed Table of Contents

Introduction

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I. Assyria Nineveh Cylinders No. 1 —First Campaign Cylinder No. 2 . . . . . . . . . . . . . . . No. 3 — Bellino Cylinder . . . No. 4 — Rassam Cylinder . . . No. 5 . . . . . . . . . . . . . . . No. 6 . . . . . . . . . . . . . . . No. 7 . . . . . . . . . . . . . . . No. 8 . . . . . . . . . . . . . . . No. 9 . . . . . . . . . . . . . . . No. 10 . . . . . . . . . . . . . . No. 11 . . . . . . . . . . . . . . No. 12 . . . . . . . . . . . . . . No. 13 . . . . . . . . . . . . . . Octagonal prisms No. 14 . . . . . . . . . . . . . . No. 15 — “Cylinder C” . . . . . No. 16 — “Cylinder D” . . . . . No. 17 — King/Heidel Prism . No. 18 . . . . . . . . . . . . . . Hexagonal prisms No. 19 . . . . . . . . . . . . . . No. 20 . . . . . . . . . . . . . . No. 21 . . . . . . . . . . . . . . No. 22 — Chicago/Taylor Prism No. 23 — Jerusalem Prism . . No. 24 . . . . . . . . . . . . . . No. 25 . . . . . . . . . . . . . . No. 26 . . . . . . . . . . . . . . Miscellaneous prisms No. 27 . . . . . . . . . . . . . . No. 28 . . . . . . . . . . . . . . No. 29 . . . . . . . . . . . . . . No. 30 . . . . . . . . . . . . . . No. 31 . . . . . . . . . . . . . . No. 32 . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

29 40 48 55 69 71 72 74 78 80 83 84 86 87 89 106 125 146 161 164 165 167 186 203 206 208 211 213 214 215 216 217

Detailed Table of Contents No. 33 . . . . . . . . . . . . . . . . . . Stone Tablets No. 34 — Nebi Yunus Inscription . . . No. 35 — Ungnad/Winckler Fragments No. 36 . . . . . . . . . . . . . . . . . . No. 37 . . . . . . . . . . . . . . . . . . Steles No. 38 — Royal Road Inscription . . .

ix

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

219

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

219 226 233 235

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

237

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

List of Figures Figure 1. Plan of Kuyunjik ca. 640

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16

Figure 2. Plan of Nineveh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19

Figure 3. BM 113203 (text no. 1 ex. 1), the First Campaign Cylinder of Sennacherib, which records the king’s first campaign and the construction of the “Palace Without a Rival” . . . . . . . . . . . . .


31

Figure 4. BM 22502 (text no. 3 ex. 1), the Bellino Cylinder of Sennacherib, which records two military campaigns and the construction of the “Palace Without a Rival” . . . . . . . . . . . . . . . . . . .


50

Figure 5. BM 91032 (text no. 22 ex. 2), the Taylor Prism of Sennacherib, which records eight military campaigns and the rebuilding of two wings of the armory . . . . . . . . . . . . . . . . . . . . . .


171

Figure 6. Israel Museum 71.72.249 (text no. 23 ex. 1), the Jerusalem Prism of Sennacherib, which records eight military campaigns and the rebuilding of one wing of the armory . . . . . . . . .


189

Figure 7. VA 3310 (text no. 35 ex. 1), obverse of a stone tablet of Sennacherib, probably from Nineveh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

228

Figure 8. VA 3310 (text no. 35 ex. 1), reverse of a stone tablet of Sennacherib, probably from Nineveh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

229

Figure 9. BM 124800 (text no. 38 ex. 2), one of the steles of Sennacherib that were erected along the fifty-cubit-wide royal road that ran through Nineveh . . . . . . . . . . . . . . . . . . . . . . .

239

Contents of Scores (CD-ROM) I. Assyria Nineveh No. 1 — First Campaign Cylinder . . . No. 2 . . . . . . . . . . . . . . . . . . . No. 3 — Bellino Cylinder . . . . . . . No. 4 — Rassam Cylinder . . . . . . . No. 10 . . . . . . . . . . . . . . . . . . Octagonal prisms No. 15 — “Cylinder C” . . . . . . . . . No. 16 — “Cylinder D” . . . . . . . . . No. 17 — King/Heidel Prism . . . . . Hexagonal prisms No. 22 — Chicago/Taylor Prism . . . No. 23 — Jerusalem Prism . . . . . . No. 24 . . . . . . . . . . . . . . . . . . No. 27 . . . . . . . . . . . . . . . . . . Stone Tablets No. 35 — Ungnad/Winckler Fragments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 17 24 38 125 127 184 276

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

346 402 405 406

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

410

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Foreword

The present series of publications, Royal Inscriptions of the Neo-Assyrian Period (RINAP), is intended to present up-to-date editions of the royal inscriptions of a number of Neo-Assyrian rulers. It is modeled on the publications of the now-defunct Royal Inscriptions of Mesopotamia (RIM) series and will carry on where its RIMA (Royal Inscriptions of Mesopotamia, Assyrian Periods) publications ended. The RIM Project was initiated by A. Kirk Grayson at the University of Toronto in 1979 and over the years received extensive support from the Social Sciences and Humanities Research Council of Canada, the University of Toronto, and private individuals, in particular Laurence Shiff. In all, it produced ten volumes in its various sub-series. Grayson retired from the University of Toronto in 2000 and a few years later found it necessary to cease scholarly pursuits due to personal and family illnesses. At that time, he handed over responsibility for the work of the project to me, formerly the assistant director and at times acting director of the RIM Project. When I took up a position at the University of Pennsylvania in 2006 and the last RIM volume (RIME 1 by Douglas R. Frayne) appeared in early 2008, the RIM Project officially ceased to exist. Work on several further volumes of inscriptions of Assyrian and Babylonian rulers had already begun during the time of the RIM Project and Grayson passed on responsibility for the materials and manuscripts to me. In 2007, I initiated the current project in order to continue the task of making the official inscriptions of the several important Neo-Assyrian rulers available in up-to-date, scholarly editions. While the volumes in the new series will resemble the format of the RIM volumes in most matters, the RINAP volumes will include indices of proper names, and editions of the texts will also be available online, in connection with the Cuneiform Digital Library Initiative (CDLI). Two volumes have already appeared in this series: RINAP 1, comprising the inscriptions of Tiglath-pileser III and Shalmaneser V (begun by Hayim Tadmor and completed by his collaborator Shigeo Yamada), and RINAP 4, comprising the inscriptions of Esarhaddon (by Erle Leichty, with a contribution by Grant Frame). The royal inscriptions of Sennacherib will be presented in two parts, with the present volume being the first part (RINAP 3/1, by A. Kirk Grayson and Jamie Novotny); part two, also by Grayson and Novotny, is scheduled to appear in 2014. With the collaboration of Andreas Fuchs for two texts, I am preparing RINAP 2, the inscriptions of Sargon II. In addition, Jamie Novotny and Greta Van Buylaere are currently carrying out work on the inscriptions of Ashurbanipal and his successors Aur-etel-ilni and Sîn-arra-ikun. The National Endowment for the Humanities awarded the RINAP Project research grants in 2008, 2010, and 2012 to help carry out its work and my thanks must be expressed to it. My appreciation must also be extended to the University of Pennsylvania, where the project is based in the Babylonian Section of its Museum of Archaeology and Anthropology. Philadelphia June 2012

Grant Frame Editor-in-Chief

Preface

The preparation of this book has taken far longer than expected partly because the number of inscriptions of Sennacherib has continued to increase at a pace commensurate with the passing of the decades since the inception of the project. The delay was compounded by the unexpected closure of the Royal Inscriptions of Mesopotamia (RIM) Project resulting in a long period when no research was done at all. Grant Frame, with the encouragement of Erle Leichty, rescued the Sennacherib project in 2007 when he founded the Royal Inscriptions of the Neo-Assyrian Period (RINAP) Project at the University of Pennsylvania with funding from the National Endowment for the Humanities. The authors are extremely grateful to Professors Frame and Leichty for their initiative. While Kirk Grayson has been involved in research on Sennacherib since his graduate student days in the 1950s, active work on preparing the corpus of the complete royal inscriptions of this king only began in earnest under the auspices of the RIM Project in the 1980s. Lynne George and Hannes Galter, student assistants on the Project, began the systematic preparation of preliminary transliterations and bibliographies of some of the texts. When Grayson had completed RIMA 3, he personally took over work on the Sennacherib project in the mid-1990s and continued in that capacity until 2003 when family and illness forced him to stop. During that time, Grayson did the bulk of the research and collation of the texts of Sennacherib that were inscribed on clay cylinders, clay prisms, clay and stone tablets, stone horizontal prisms, and stone bull and lion colossi, preparing the transliterations, translations, scores, catalogues, introductions, commentaries, and bibliographies. In 2003, Grayson found it necessary to cease scholarly pursuits and thus work on the Sennacherib volumes was put on hold. In 2008, when the last RIM volume appeared, the RIM Project officially ceased to exist and the fate of the Sennacherib inscriptions was in limbo. Grant Frame, however, was given responsibility for the materials and manuscripts. In 2008–2009, Matthew Rutz, the Project’s postdoctoral researcher, organized the numerous paper and electronic files, carefully assessed the material, especially the inscriptions from Aur, made some preliminary notes on what work needed to be carried out, and collated several clay cylinders and prisms in the British Museum (London). After Rutz took up a position at Brown University in 2009, Jamie Novotny took over responsibility for the Sennacherib texts. He reorganized and standardized the contents of the book, prepared the front and back material, collated further texts in the British Museum (London) and Vorderasiatisches Museum (Berlin), wrote the book’s introduction and most of the on-page notes, updated and expanded the existing commentaries and bibliographies, and finalized the editions and scores. Work on the present corpus of texts necessitated extensive travel for collation of previously published inscriptions and for examination of unpublished material. The authors wish to thank the various museums and museum authorities that have cooperated in the preparation of this book. First, they would like to thank the directors, keepers, curators, and assistants of the Vorderasiatisches Museum (Berlin), Oriental Institute of the University of Chicago (Chicago), British Museum (London), Yale Babylonian Collection (New Haven), and Metropolitan Museum of Art (New York). Specifically, the authors express their gratitude to John Curtis, Walter Farber, Irving Finkel, Joachim Marzahn, Jonathan Taylor, and Christopher Walker. These individuals, and their staff, have been extremely helpful and have extended to us every courtesy and assistance. Secondly, they would like to thank the Trustees of the British Museum and the Vorderasiatisches Museum for allowing the RINAP Poject to publish photographs of objects bearing Sennacherib inscriptions, and the British Institute for the Study of Iraq for giving permission to reproduce plans published in the journal Iraq. As usual with a volume in this series, numerous individuals aided in the production of the volume in some

xvi

Preface

way. Since the preparation of this book has spanned more than two decades, it is impossible to name everyone who has contributed to RINAP 3/1 and thus any omissions is unintentional. While the authors have collated most of the texts themselves, other scholars have kindly collated some texts, provided information on pieces, or aided in some way. These include Jeremy Black, Eckart Frahm, Grant Frame, Douglas Frayne, Renee Gallery, Hannes Galter, Lynne George, Amir Harrak, Mikko Luukko, Alan Millard, John Russell, Julian Reade, Karen Radner, Matthew Rutz, Edmond Sollberger, David Stronach, and Christopher Walker. In Toronto, during the RIM years, and later in Philadelphia, several individuals contributed to the technical preparation of the volume and they deserve credit for performing tedious and time-consuming tasks. For the Toronto stage of production, the authors offer their gratitude to Lynne George and Hannes Galter for preparing and entering the preliminary transliterations of some of the inscriptions, and to Hope Grau and Jill Ruby for performing various other tasks. For the Philadelphia stage of production, the authors would like to thank the postdoctoral researchers and student assistants who helped in the completion of the volume: Hezekiah Akiva Bacovcin, Matthew Rutz, Irene Sibbing Plantholt, Zackary Wainer, and especially Andrew Knapp. Last, but by no means least, special thanks must be given to Steve Tinney for undertaking the arduous task of generating the final camera-ready copy and converting and preparing the texts for the online version. The penultimate manuscript was read by Nicholas Postgate, Greta Van Buylaere, and Martin Worthington, all of whom made numerous astute comments, welcome criticisms, and improvements, particularly on the transliterations and translations. In addition to providing valuable feedback, Martin Worthington kindly provided the RINAP Project with a near complete draft of his unpublished book Principles of Akkadian Textual Criticism. In addition, members of the RINAP editorial board and the project consultants offered helpful suggestions at various times near the completion of the volume. Their time, care, and generosity are greatly appreciated. Wilfred Lambert, to whom this book is dedicated, had been asked to serve as a reader, but sadly passed away prior to reviewing the manuscript. Lambert served as a reader for all ten RIM volumes and the first two published RINAP volumes (RINAP 1 and RINAP 4). His critical feedback, which stemmed from his vast knowledge of Mesopotamian texts (published and unpublished) and secondary literature, always improved the books immensely. The authors would like to acknowledge here their gratitude to Wilfred Lambert not only for his time, service, and generosity to both the RIM and RINAP Projects, but also for his numerous contributions to the field of Assyriology. The authors’ appreciation goes out once again to the National Endowment for the Humanities, the Social Sciences and Humanities Research Council of Canada, the University of Toronto, the University of Pennsylvania, and several private individuals, in particular Laurence Shiff and Malcolm Horsnell, whose financial support allowed for their travel to the numerous museums cited above and provided the funding necessary for them to conduct the research in Sennacherib’s inscriptions and to publish this volume. Last, but by no means least, the authors wish to record their gratitude for the ongoing support and encouragement of their families: Eunice Grayson†, Vera and Sally Grayson, and six grandchildren; Denise Bolton, Robert and Diana Novotny, and Jennifer Novotny. Toronto Philadelphia June 2012

A. Kirk Grayson Jamie Novotny

Editorial Notes

The volumes in the RINAP series are modeled upon the publications of the now-defunct Royal Inscriptions of Mesopotamia (RIM) Project, with a few modifications, in particular the addition of indices of proper names. Like the RIM volumes, the volumes in this series are not intended to provide analytical or synthetic studies, but rather to provide basic text editions that can serve as the foundations for such studies. Thus, extensive discussions of the contents of the texts are not presented, and the core of each volume is the edition of the relevant texts. In this volume, the order of the texts is based for the most part upon the following two criteria: (1) The city at which the structure dealt with in the building or dedicatory portion of the text was located. If that information is not preserved on the text, the provenance of the inscribed object is the determining factor. (2) The type of object upon which the inscription is written (prism, cylinder, tablet, etc.). Following the practice of the RIM series, inscriptions that cannot be assigned definitely to a particular ruler are given text numbers beginning at 1001. Certain other inscriptions that provide information relevant for establishing royal names and titles (e.g. “servant seals”) and any composed in the name of another member of the royal family (e.g., royal wives) have been given numbers that begin at 2001. In the volumes of the RINAP series, the term “exemplar” is employed to designate a single inscription found on one object. The term “text” is employed to refer to an inscription that existed in antiquity and that may be represented by a number of more or less duplicate exemplars. In these editions exemplars of one text are edited together as a “master text,” with a single transliteration and translation. Variants to the “master text” are provided either on page (major variants) or at the back of the volume (minor variants). Each text edition is normally supplied with a brief introduction containing general information. This is followed by a catalogue containing basic information about all exemplars. This includes museum and excavation numbers (the symbol + is added between fragments that belong to the same object), provenance, dimensions of the object, lines preserved, and indication of whether or not the inscription has been collated (c = collated with the original, p = collated by means of a photograph, (p) = partially collated from a photograph; and n = not collated). The next section is normally a commentary containing further technical information and notes. The bibliography then follows. Items are arranged chronologically, earliest to latest, with notes in parentheses after each item. These notes indicate the exemplars with which the item is concerned and the nature of the publication, using the following key words: provenance, photo, copy, edition, translation, catalogue, and study. Certain standard reference works (e.g., the various volumes of “Keilschriftbibliographie” and “Register Assyriologie” published in Orientalia and Archiv für Orientforschung respectively; Borger, HKL 1–3; AHw; CAD; and Seux, ERAS) are not normally cited, although they were essential in the collecting and editing of these texts. While the bibliographies should contain all major relevant items, they are not necessarily totally exhaustive; a vast amount of scattered literature exists on many of the inscriptions edited in this volume and much of this literature is of only limited scholarly interest. As noted earlier, a distinction is made between major and minor variants to a “master text”; the major variants are placed at the bottom of the page and the minor variants at the back of the book. In brief, major variants are essentially non-orthographic in nature, while minor variants are orthographic variations. Orthographic variants of proper names may at times be significant and thus on occasion these will also appear on the page as major variants. Complete transliterations of all exemplars in the style of musical scores are found on the CD-ROMs accompanying the volumes and thus any reader who finds the notes on variants insufficient for his/her needs may check the full reading of any exemplar. Such scores, however, are not

xviii

Editorial Notes

normally given for bricks and seal inscriptions. Objects whose attribution to a particular text is not entirely certain are given exemplar numbers that are followed by an asterisk (*); for example, BM 134584 is regarded as text no. 1 ex. 1*, since it is uncertain that it is a duplicate of BM 113203 (text no. 1 ex. 1). Moreover, these exemplars are listed in separate catalogues (Catalogue of Uncertain Exemplars), beneath the main catalogue. Seven photographs are included in this volume. The selection includes the best preserved inscriptions on clay cylinders and clay prisms, as well as a stele from Sennacherib’s royal road and a fragmentary stone tablet. The photographs are not intended to be exhaustive, but rather to show a few of the object types upon which Sennacherib’s inscriptions were written. As is the normal practice for transliterating cuneiform inscriptions, lower case Roman is used for Sumerian and lower case italics for Akkadian; logograms in Akkadian texts appear in capitals. The system of sign values in Borger, Mesopotamisches Zeichenlexikon, is generally followed. Italics in the English translation indicate either an uncertain translation or a word in the original language. In general, the rendering of personal names follows the PNA; however, the names of Babylonian rulers follow the spelling used in RIMB 2. There are several differences between the RIM and RINAP styles. Among these, the most notable is that all partially preserved or damaged signs, regardless of how they are broken, now appear between half brackets ( and ). Thus, no partially preserved sign has square brackets ([ and ]) inserted in its transliteration; for example, [DINGI]R and LUGA[L KU]R appear in the transliteration as
DINGIR and
LUGAL KUR respectively. This change was made to ensure compatibility of the online RINAP editions with the standards of the Open Richly Annotated Cuneiform Corpus (Oracc), the parent site and project where RINAP Online is housed. This change was implemented in the print version in order to present identical editions in RINAP 1 and RINAP Online. Note, however, that the translations may appear more damaged than their corresponding transliterations indicate, as the translations were prepared according to standard Assyriological practices; for example,
DINGIR (= [DINGI]R) and
LUGAL KUR (= LUGA[L KU]R) are translated as “[the go]d” and “king [of the lan]d,” and not “the god” and “king of the land.” In addition to the indices of museum and excavation numbers and selected publications found in RIM volumes, the RINAP volumes also contain indices of proper names (personal names, topographical names and divine names). Online versions of the manuscripts are maintained by CDLI (Cuneiform Digital Library Initiative) and are fully searchable. Philadelphia June 2012

Grant Frame Editor-in-Chief

Bibliographical Abbreviations

AAA Abel and Winckler, Keilschrifttexte AfK AfO AHw Analecta Biblica ANET3 Animali AnOr AnSt AOAT AoF Arch. ArOr ARRIM Assyrian and Babylonian Literature AUSS Bär, AOAT 243 Bagg, Assyrische Wasserbauten Bagg, Rép. Géogr. 7/1 Bagh. For. BAR Barnett et al., Sculptures from the Southwest Palace Bauer, Lesestücke BBK Beaulieu, Cat. Bezold, Cat. Biainili-Urartu BiAr BiOr BM Guide Böhl, Chrestomathy Böhl, MLVS

Annals of Archaeology and Anthropology. Liverpool, 1908–48 L. Abel and H. Winckler, Keilschrifttexte zum Gebrauch bei Vorlesungen. Berlin, 1890 Archiv für Keilschriftforschung, vols. 1–2. Berlin, 1923–25 Archiv für Orientforschung, vol. 3– (vols. 1–2 = AfK). Berlin, Graz, and Horn, 1926– W. von Soden, Akkadisches Handwörterbuch, 3 vols. Wiesbaden, 1965–81 Analecta Biblica. Rome, 1952– J.B. Pritchard (ed.), Ancient Near Eastern Texts Relating to the Old Testament, 3rd edition. Princeton, 1969 E. Cingano, A. Ghersetti, and L. Milano (eds.), Animali tra zoologia, mito e letteratura nella cultura classica e orientale. Venice, 2005 Analecta Orientalia. Rome, 1931– Anatolian Studies. London, 1951– Alter Orient und Altes Testament. Neukirchen-Vluyn, Kevelaer, and Münster, 1968– Altorientalische Forschungen. Berlin, 1974– Archaeologia. London, 1888–1966 Archiv orientální: Journal of African and Asian Studies. Prague, 1946– Annual Review of the Royal Inscriptions of Mesopotamia Project. Toronto, 1983–91 R.F. Harper (ed.), Assyrian and Babylonian Literature: Selected Translations. New York, 1901 Andrews University Seminary Studies. Berrien Springs, MI, 1963– J. Bär, Der assyrische Tribut und seine Darstellung: Eine Untersuchung zur imperialen Ideologie im neuassyrischen Reich (=AOAT 243). Kevelaer and Neukirchen-Vluyn, 1996 A.M. Bagg, Assyrische Wasserbauten: Landwirtschaftliche Wasserbauten im Kernland Assyriens zwischen der 2. Hälfte des 2. und der 1. Hälfte des 1. Jahrtausends v. Chr. (=Bagh. For. 24). Mainz am Rhein, 2000 A.M. Bagg, Die Orts- und Gewässernamen der neuassyrischen Zeit, Teil 1: Die Levante (=Rép. Géogr. 7/1). Wiesbaden, 2007 Baghdader Forschungen. Mainz am Rhein, 1979– The Biblical Archaeology Review. Washington, DC, 1975– R.D. Barnett, E. Bleibtreu, and G. Turner, Sculptures from the Southwest Palace of Sennacherib at Nineveh, 2 vols. London, 1998 T. Bauer, Akkadische Lesestücke, 3 vols. Rome, 1953 E. Ebeling (ed.), Berliner Beiträge zur Keilschriftforschung, 2 vols. Berlin, 1921–1925 P.-A. Beaulieu, Late Babylonian Texts in the Nies Babylonian Collection (=Catalogue of the Babylonian Collections at Yale 1). Bethesda, MD, 1994 C. Bezold, Catalogue of the Cuneiform Tablets in the Kouyunjik Collection of the British Museum, 5 vols. London, 1889–1899 S. Kroll, C. Gruber, U. Hellwag, M. Roaf, and P. Zimansky, Biainili-Urartu: The Proceedings of the Symposium Held in Munich 12–14 October 2007 / Tagungsbericht des Münchner Symposiums 12.–14. Oktober 2007 (=Acta Iranica 51). Leuven, 2012 The Bibilcal Archaeolist, New Haven, 1938 Bibliotheca Orientalis. Leiden, 1943– British Museum. A Guide to the Babylonian and Assyrian Antiquities, 3rd edition. London, 1922 F.M.T. Böhl, Akkadian Chrestomathy Volume 1: Selected Cuneiform Texts. Leiden, 1947 F.M.T. Böhl, Mededeelingen uit de Leidsche verzameling van spijkerschriftinscripties, 3 vols. Amsterdam, 1933–36

xx Börker-Klähn, Bildstelen Borger, Asarh. Borger, BAL Borger, BAL2 Borger, BIWA Borger, HKL Borger, MZ Borger, WAO2 C. Breasted, Pioneer to the Past C. Breasted, Vom Tal der Könige Brinkman, PKB Brinkman, Prelude Budge, By Nile and Tigris Burstein, SANE 1/5 CAD CAH2 3/1 CAH2 3/2 CANE CDA Chavalas, ANE Chavalas and Younger, Mesopotamia and the Bible Cogan, Raging Torrent COS 2 CRRA CRRA 30 CRRA 38 CT Cuneiform Culture Curtis, Bronzeworking Curtis and Reade, Art and Empire Delitzsch, AL5

Bibliographical Abbreviations J. Börker-Klähn, Altvorderasiatische Bildstelen und vergleichbare Felsreliefs (=Bagh. For. 4). Mainz am Rhein, 1982 R. Borger, Die Inschriften Asarhaddons, Königs von Assyrien (=AfO Beiheft 9). Graz, 1956 R. Borger, Babylonisch-assyrische Lesestücke, 3 vols. Rome, 1963 R. Borger, Babylonisch-assyrische Lesestücke, 2nd edition, 2 vols (=AnOr 54). Rome, 1979 R. Borger, Beiträge zum Inschriftenwerk Assurbanipals: Die Prismenklassen A, B, C = K, D, E, F, G, H, J und T sowie andere Inschriften. Wiesbaden, 1996 R. Borger, Handbuch der Keilschriftliteratur, 3 vols. Berlin, 1967–75 R. Borger, Mesopotamisches Zeichenlexikon (=AOAT 305). Münster, 2004 R. Borger et al., Die Welt des Alten Orients. Keilschrift – Grabungen – Gelehrte, 2nd edition. Göttingen, 1975 C. Breasted, Pioneer to the Past: The Story of James Henry Breasted, Archaeologist. New York, 1943 C. Breasted, Vom Tal der Könige zu den Toren Babylons: Der Lebensbericht des Ägyptenforschers James Henry Breasted. Stuttgart, 1950 J.A. Brinkman, A Political History of Post-Kassite Babylonia, 1158–722 B.C. (=AnOr 43). Rome, 1963 J.A. Brinkman, Prelude to Empire: Babylonian Society and Politics, 747–626 BC (=Occasional Publications of the Babylonian Fund 7). Philadelphia, 1984 E.A.W. Budge, By Nile and Tigris, A Narrative of Journeys in Egypt and Mesopotamia on Behalf of the British Museum Between the Years 1886 and 1913, 2 vols. London, 1920 S.M. Burstein, The Babyloniaca of Berossus (=Sources from the Ancient Near East 1/5). Malibu, 1978 The Assyrian Dictionary of the Oriental Institute of the University of Chicago, 21 vols. Chicago, 1956–2011 J. Boardman et al. (eds.), The Cambridge Ancient History, 2nd edition, vol. 3, part 1: The Prehistory of the Balkans; and the Middle East and the Aegean World, Tenth to Eighth Centuries B.C. Cambridge, 1982 J. Boardman et al. (eds.), The Cambridge Ancient History, 2nd edition, vol. 3, part 2: The Assyrian and Babylonian Empires and Other States of the Near East, from the Eighth to the Sixth Centuries B.C. Cambridge, 1991 J.M. Sasson (ed.), Civilizations of the Ancient Near East, 4 vols. New York, 1995 J. Black, A. George, and N. Postgate (eds.), A Concise Dictionary of Akkadian. Wiesbaden, 1999 M.W. Chavalas (ed.), The Ancient Near East: Historical Sources in Translation. Oxford, 2006 M.W. Chavalas and K.L. Younger, Jr., Mesopotamia and the Bible: Comparative Explorations (=Journal for the Study of the Old Testament, Supplement Series 341). New York, 2002 M. Cogan, The Raging Torrent. Historical Inscriptions from Assyria and Babylonia Relating to Ancient Israel. Jerusalem, 2008 W.W. Hallo (ed.), The Context of Scripture, Volume 2: Monumental Inscriptions from the Biblical World. Leiden, 2000 Compte Rendu de la Rencontre Assyriologique Internationale. [various locations], 1950– K.R. Veenhof (ed.), Cuneiform Archives and Libraries. Papers read at the 30e Rencontre Assyriologique Internationale Leiden, 4–8 July 1983 (=Publications de l’Institut historique et archéologique néerlandais de Stamboul 62). Leiden, 1986 D. Charpin and F. Joannès (eds.), La Circulation des Biens, des Personnes et des Idées dans le Proche-Orient Ancien: Actes de la XXXVIIIe Rencontre Assyriologique Internationale (Paris, 8–10 juillet 1991). Paris, 1992 Cuneiform Texts from Babylonian Tablets in the British Museum. London, 1896– K. Radner and E. Robson, The Oxford Handbook of Cuneiform Culture. Oxford and New York, 2011 J. Curtis (ed.), Bronzeworking Centres of Western Asia c. 1000-539 B.C. London, 1988 J.E. Curtis and J.E. Reade (eds.), Art and Empire: Treasures from Assyria in the British Museum. London, 1995 F. Delitzsch, Assyrische Lesestücke mit den Elementen der Grammatik und vollständigem Glossar, 5th edition (=Assyriologische Bibliothek 16). Leipzig, 1912

Bibliographical Abbreviations Dercksen, Trade and Finance Donbaz and Grayson, RICCA DOTT Durand, Doc. Cun. 1 Ebeling, BBK 1/2 Engel, Dämonen Eph al, Arabs Eph al, City Besieged Fales, ARIN Fales, Guerre Fifth International Congress of Economic History Finkel and Civil, MSL 16 Forrer, Provinz. Frahm, KAL 3 Frahm, Sanherib Frame, Babylonia Frame, RIMB 2 Frayne, RIME 1 Freedman, St. Louis Fuchs, Khorsabad Gadd, Stones Gallagher, Sennacherib’s Third Campaign Galling, Textbuch2 Genge, Stelen Gilgame and the World of Assyria Glassner, Chronicles Gonçalves, L’Expédition de Sennachérib Grayson, Chronicles Grayson, RIMA 2 Grayson, RIMA 3 Gressmann, ATAT2 Gressmann, ATBAT Grollenberg, Bildatlas zur Bibel Gurney, STT 2 Helsinki Atlas Herodotus, Hist.

xxi

J.G. Dercksen (ed.), Trade and Finance in Ancient Mesopotamia: Proceedings of the First MOS Symposium (Leiden 1997) (=MOS Studies 1). Leiden, 1999 V. Donbaz and A.K. Grayson, Royal Inscriptions on Clay Cones from Ashur Now in Istanbul (=RIMS 1). Toronto, 1984 D. Winton Thomas (ed.), Documents from Old Testament Times. Edinburgh, 1958 J.-M. Durand, Documents Cunéiformes de la IVe Section de l’École pratique des Hautes Études, tome I: Catalogue et copies cunéiformes. Paris, 1982 E. Ebeling, Ein Bericht Sanheribs über seinen I. Feldzug (=BBK 1/2). Berlin, 1922 B.J. Engel, Darstellungen von Dämonen und Tieren in assyrischen Palästen und Tempeln nach den schriftlichen Quellen. Mönchengladbach, 1987 I. Eph al, The Ancient Arabs: Nomads on the Borders of the Fertile Crescent 9th–5th Centuries B.C. Jerusalem, 1982 I. Eph al, The City Besieged: Siege and Its Manifestations in the Ancient Near East (=Culture and History of the Ancient Near East 36). Leiden and Boston, 2009 F.M. Fales (ed.), Assyrian Royal Inscriptions: New Horizons in Literary, Ideological, and Historical Analysis. Rome, 1981 F.M. Fales, Guerre et Paix en Assyrie: Religion et Impérialisme. Paris, 2010 H. van der Wee, V.A. Vinogradov, and G.G. Kotovsky (eds.), Proceedings of the Fifth International Congress of Economic History, Leningrad, 1970. Moscow, 1970 I.L. Finkel and M. Civil, The Series SIG7.ALAM = Nabntu (=Materials for the Sumerian Lexicon 16). Rome, 1982 E. Forrer, Provinzeinteilung des assyrischen Reiches, Leipzig, 1920 E. Frahm, Historische und historisch-literarische Texte (=Keilschrifttexte aus Assur literarischen Inhalts 3). Wiesbaden, 2009 E. Frahm, Einleitung in die Sanherib-Inschriften (=AfO Beiheft 26). Vienna and Horn, 1997 G. Frame, Babylonia 689–627 B.C.: A Political History. Leiden, 1992 G. Frame, Rulers of Babylonia from the Second Dynasty of Isin to the End of Assyrian Domination (1157–612 BC) (=RIMB 2). Toronto, 1995 D.R. Frayne, Pre-Sargonic Period (2700–2350 BC) (=RIME 1). Toronto, 2008 R.D. Freedman, The Cuneiform Tablets in St. Louis. PhD dissertation, Columbia University, 1975 A. Fuchs, Die Inschriften Sargons II. aus Khorsabad. Göttingen, 1993 C.J. Gadd, The Stones of Assyria: The Surviving Remains of Assyrian Sculpture, Their Discover and Their Original Positions. London, 1936 W.R. Gallagher, Sennacherib’s Campaign to Judah: New Studies (=Studies in the History and Culture of the Ancient Near East 18). Leiden, Boston, and Köln, 1999 K. Galling (ed.), Textbuch zur Geschichte Israels. 2nd edition. Tübingen, 1968 H. Genge, Stelen neuassyrischer Könige, Teil I, Die Keilinschriften. PhD dissertation, Freiburg im Breisgau, 1965 J. Azize and N. Weeks (eds.), Gilgame and the World of Assyria: Proceedings of the Conference held at Mandelbaum House, The University of Sydney, 21–23 July 2004 (=Ancient Near Eastern Studies Supplement 21). Leuven, Paris, and Dudley, MA, 2007 J.-J. Glassner, Mesopotamian Chronicles (=Writings from the Ancient World 19). Atlanta, 2004 F.J. Gonçalves, L’Expédition de Sennachérib en Palestine dans la littérature hébraïque ancienne (=Publications de l’Institut orientaliste de Louvain 34). Louvain, 1986 A.K. Grayson, Assyrian and Babylonian Chronicles (=Texts from Cuneiform Sources 5). Locust Valley, NY, 1975 A.K. Grayson, Assyrian Rulers of the Early First Millennium BC I (1114–859 BC) (=RIMA 2). Toronto, 1991 A.K. Grayson, Assyrian Rulers of the Early First Millennium BC II (858–745 BC) (=RIMA 3). Toronto, 1996 H. Gressmann (ed.), Altorientalische Texte zum Alten Testament, 2nd edition. Berlin and Leipzig, 1926 H. Gressmann (ed.), Altorientalische Texte und Bilder zum Alten Testamente. Tübingen, 1909 L.H. Grollenberg, Bildatlas zur Bibel, 3rd edition. Gütersloh, 1959 O.R. Gurney and P. Hulin, The Sultantepe Tablets, vol. 2. London, 1964 S. Parpola and M. Porter, The Helsinki Atlas of the Near East in the Neo-Assyrian Period. Helsinki, 2001 Herodotus, Historiae.

xxii History, Historiography and Interpretation Holloway, Aur is King Hooker, Reading the Past Houwink ten Cate, Luwian Population Groups Howgego, Coins HSAO 6 ICAANE Proceedings 1 ISIMU 6 Jacobsen and Lloyd, OIP 24 JAOS JBL JCS JCSMS Jepsen, Von Sinuhe bis Nebukadnezar JESHO JNES Josephus, Ant. Jud. JRAS JSSEA Kataja and Whiting, SAA 12 King, Cat. King, Notebook Kwasman and Parpola, SAA 6 Lackenbacher, Le palais sans rival Lambert, BWL Lambert, Cat. Lambert and Millard, Cat. Larsen, Conquest of Assyria Layard, Discoveries Layard, ICC Layard, Monuments Layard, MS C Layard, Nineveh Leichty, RINAP 4 Leick, Mesopotamia ‘Like a Bird in a Cage’

Bibliographical Abbreviations H. Tadmor and M. Weinfeld (eds.), History, Historiography and Interpretation: Studies in Biblical and Cuneiform Literatures. Jerusalem, 1983 S.W. Holloway, Aur is King! Aur is King!: Religion in the Exercise of Power in the Neo-Assyrian Empire (=Culture and History of the Ancient Near East 10). Boston and Leiden, 2002 J.T. Hooker, Reading the Past: Ancient Writing from Cuneiform to the Alphabet. London, 1990 P.H.J. Houwink ten Cate, The Luwian Population Groups of Lycia and Cilicia Aspera During the Hellenistic Period. Leiden, 1965 C.J. Howgego, Ancient History from Coins. New York, 1995 H. Waetzoldt and H. Hauptmann (eds.), Assyrien im Wandel der Zeiten. XXXIXe Rencontre Assyriologique Internationale Heidelberg 6.–10. Juli 1992 (=Heidelberger Studien zum Alten Orient 6). Heidelberg, 1997 P. Matthiae, A. Enea, L. Peyronel, and F. Pinnock (eds.), Proceedings of the First International Congress of the Archaeology of the Near East, Rome, May 18th–23rd 1998, Volume 1. Rome, 2000 P.A. Miglus and J. M. Córdoba, Assur und sein Umland: Im Andenken an die ersten Ausgräber von Assur / Assur y su entorno: En homenaje a los primeros arqueóloges de Assur (=ISIMU 6). Madrid, 2003 T. Jacobsen and S. Lloyd, Sennacherib’s Aqueduct at Jerwan (=OIP 24). Chicago, 1935 Journal of the American Oriental Society. New Haven, 1893– Journal of Biblical Literature. Boston, 1881– Journal of Cuneiform Studies. New Haven and Cambridge, MA, 1947– Journal of the Canadian Society for Mesopotamian Studies. 2006– A. Jepsen (ed.), Von Sinuhe bis Nebukadnezar: Dokumente aus der Umwelt des Alten Testaments. Leipzig, 1975 Journal of the Economic and Social History of the Orient. Leiden, 1957– Journal of Near Eastern Studies. Chicago, 1942– Josephus, Antiquitates Judaicae. Journal of the Royal Asiatic Society. London, 1834– Journal of the Society for the Study of Egyptian Antiquities. Toronto, 1970– L. Kataja and R. Whiting, Grants, Decrees and Gifts of the Neo-Assyrian Period (=SAA 12). Helsinki, 1995 L.W. King, Catalogue of the Cuneiform Tablets in the Kouyunjik Collection of the British Museum, Supplement. London, 1914 L.W. King, Kuyunjik: Notes on Sculptures and Inscriptions. Department of Western Asiatic Antiquities, British Museum, London (unpublished) T. Kwasman and S. Parpola, Legal Transactions of the Royal Court of Nineveh, Part I: Tiglath-Pileser III through Esarhaddon (=SAA 6). Helsinki, 1991 S. Lackenbacher, Le palais sans rival: le récit de construction en Assyrie. Paris, 1990 W.G. Lambert, Babylonian Wisdom Literature. Oxford, 1960 W.G. Lambert, Catalogue of the Cuneiform Tablets in the Kouyunjik Collection of the British Museum, 3rd Supplement. London, 1992 W.G. Lambert and A.R. Millard, Catalogue of the Cuneiform Tablets in the Kouyunjik Collection of the British Museum, 2nd Supplement. London, 1968 M.T. Larsen, The Conquest of Assyria: Excavations in an Antique Land 1840–1860. London and New York, 1996 A.H. Layard, Discoveries among the Ruins of Nineveh and Babylon, with Travels in Armenia, Kurdistan and the Desert. London, 1853 A.H. Layard, Inscriptions in the Cuneiform Character from Assyrian Monuments. London, 1851 A.H. Layard, The Monuments of Nineveh. London, 1849 A.H. Layard, Unfinished, made on the spot during the second season at Nimrud. Department of Western Asiatic Antiquities, British Museum, London (unpublished) A.H. Layard, Nineveh and Its Remains, 2 vols. London, 1849 E. Leichty, The Royal Inscriptions of Esarhaddon, King of Assyria (680–669 BC) (=RINAP 4). Winona Lake, IN, 2011 G. Leick, Mesopotamia: The Invention of the City. New York, 2001 L.L. Grabbe (ed.), ‘Like a Bird in a Cage’: The Invasion of Sennacherib in 701 BCE (=Journal for the Study of Old Testament, Supplement Series 363; European Seminar in Historical Methodology 4). New York, 2003

Bibliographical Abbreviations Lipi ski, Aramaeans Lipi ski, State and Temple Economy 2 Liverani, Myth and Politics Livingstone, SAA 3 Luckenbill, ARAB Luckenbill, Senn. Mann and Heuss, PropyläenWeltgeschichte 2 Marcus, Manual Matthiae, Ninive Meissner, Chrestomathie Meissner and Rost, BiS Melammu 1 Melammu 2

Ménant, Manuel Menzel, Tempel Messerschmidt, KAH 1 Millard, SAAS 2 Mitchell, Bible in the British Museum NABU Nassouhi, Guide sommaire Naster, Chrestomathie OIP Olmstead, Historiography OLZ Pallis, Antiquity of Iraq Parpola, LAS Parpola, SAA 1 Parpola, Toponyms Paterson, Senn. Pedersén, Archives Pedersén, Katalog Pickworth, Nineveh 2 PNA Pongratz-Leisten, Ina ulmi rub PSBA 1R

xxiii

E. Lipi ski, The Aramaeans: Their Ancient History, Culture, Religion (=Orientalia Lovaniensia Analecta 100). Leuven, Paris, and Sterling, VA, 2000 E. Lipi ski (ed.), State and Temple Economy in the Ancient Near East 2: Proceedings of the International Conference Organized by the Katholieke Universiteit Leuven from the 10th to the 14th of April 1978 (=Orientalia Lovaniensia Analecta 6). Leuven, 1979 M. Liverani, Myth and Politics in Ancient Near Eastern Historiography. Ithaca, 2004 A. Livingstone, Court Poetry and Literary Miscellanea (=SAA 3). Helsinki, 1989 D.D. Luckenbill, Ancient Records of Assyria and Babylonia, 2 vols. Chicago, 1926–27 D.D. Luckenbill, The Annals of Sennacherib (=OIP 2). Chicago, 1924 G. Mann and A. Heuss (eds.), Hochkulturen des mittleren und östlichen Asiens (=Propyläen-Weltgeschichte 2). Berlin, 1960 D. Marcus, A Manual of Akkadian. Lanham, MD, 1978 P. Matthiae, Ninive. Milan, 1998 B. Meissner, Assyrisch-babylonische Chrestomathie für Anfänger. Leiden, 1895 B. Meissner and P. Rost, Die Bauinschriften Sanheribs. Leipzig, 1893 S. Aro and R.M. Whiting (eds.), The Heirs of Assyria: Proceedings of the Second Annual Symposium of the Assyrian and Babylonian Intellectual Heritage Project Held in Tvärminne, Finland, October 8–11, 1998 (=Melammu Symposium 1). Helsinki, 2000 R.M. Whiting (ed.), Mythology and Mythologies: Methodological Approaches to Intercultural Influence. Proceedings of the Second Annual Symposium of the Assyrian and Babylonian Intellectual Heritage Project Held in Paris, France, October 4–7, 1999 (=Melammu Symposium 2). Helsinki, 2001 J. Ménant, Manuel de la Langue assyrienne. Paris, 1880 B. Menzel, Assyrische Tempel, 2 vols. (=Studia Pohl, Series Maior 10). Rome, 1981 L. Messerschmidt, Keilschrifttexte aus Assur historischen Inhalts, erstes Heft (=WVDOG 16). Leipzig, 1911 A. Millard, The Eponyms of the Assyrian Empire 910–612 BC (=SAAS 2). Helsinki, 1994 T.C. Mitchell, The Bible in the British Museum: Interpreting the Evidence. London, 2004 Nouvelles assyriologiques brèves et utilitaires. Paris, 1987– E. Nassouhi, Musées des Antiquités de Stamboul, Antiquités Assyro-Babyloniennes, Guide sommaire. Constantinople, 1926 P. Naster, Chrestomathie accadienne. Louvain, 1941 Oriental Institute Publications. Chicago, 1924– A.T.E. Olmstead, Assyrian Historiography: A Source Study (=The University of Missouri Studies Social Science Series 3/1). Columbia, 1916 Orientalistische Literaturzeitung. Berlin and Leipzig, 1898– S.A. Pallis, The Antiquity of Iraq: A Handbook of Assyriology. Copenhagen, 1956 S. Parpola, Letters from Assyrian Scholars to the Kings Esarhaddon and Assurbanipal, 2 vols. (=AOAT 5/1–2). Kevelaer and Neukirchen, 1970 and 1983 S. Parpola, The Correspondence of Sargon II, Part 1: Letters from Assyria and the West (=SAA 1). Helsinki, 1987 S. Parpola, Neo-Assyrian Toponyms (=AOAT 6). Neukirchen-Vluyn, 1970 A. Paterson, Assyrian Sculptures. Palace of Sennacherib. The Hague, 1915 O. Pedersén, Archives and Libraries in the City of Assur: A Survey of the Material from the German Excavations, 2 vols. (=Studia Semitica Upsaliensia 6 and 8). Uppsala, 1985– 86 O. Pedersén, Katalog der beschrifteten Objekte aus Assur: Die Schriftträger mit Ausnahme der Tontafeln und ähnlicher Archivtexte (=Abhandlungen der Deutschen Orient-Gesellschaft 23). Saarbrücken, 1997 D. Pickworth (ed.), Nineveh 2. Catalogue of the Small Finds, with an Introduction by D. Stronach. Leuven, forthcoming H.D. Baker and K. Radner (eds.), The Prosopography of the Neo-Assyrian Empire, 3 vols. Helsinki, 1998–2011 B. Pongratz-Leisten, Ina ulmi rub: Die kulttopographische und ideologische Programmatik der aktu-Prozession in Babylonien und Assyrien im 1. Jahrtausend v. Chr. (=Bagh. For. 16). Mainz am Rhein, 1994 Proceedings of the Society of Biblical Archaeology, 40 vols. London, 1878–1918 H.C. Rawlinson and E. Norris, The Cuneiform Inscriptions of Western Asia, vol. 1: A Selection from the Historical Inscriptions of Chaldaea, Assyria, and Babylonia. London, 1861

xxiv 3R 5R RA Rassam, Asshur

Rép. Géogr. RIM RIMA RIMB RIME RIMS RINAP RLA Ross, Letters from the East Roux and Renger, Irak in der Antike G.L. Russell, Senn.

Bibliographical Abbreviations H.C. Rawlinson and G. Smith, The Cuneiform Inscriptions of Western Asia, vol. 3: A Selection from the Miscellaneous Inscriptions of Assyria. London, 1870 H.C. Rawlinson and T.G. Pinches, The Cuneiform Inscriptions of Western Asia, vol. 5: A Selection from the Miscellaneous Inscriptions of Assyria and Babylonia. London, 1880–84 Revue d’assyriologie et d’archéologie orientale. Paris, 1886– H. Rassam, Asshur and the Land of Nimrod, Being an Account of the Discoveries Made in the Ancient Ruins of Nineveh, Asshur, Sepharvaim, Calah, Babylon, Borsippa, Cuthah and Van, Including a Narrative of Different Journeys in Mesopotamia, Assyria, Asia Minor and Koordistan. New York, 1897 W. Röllig (ed.), Beihefte zum Tübinger Atlas des vorderen Orients, Reihe B, Nr. 7: Répertoire géographique des textes cuneiformes. Wiesbaden, 1974– The Royal Inscriptions of Mesopotamia, 10 vols. Toronto, 1984–2008 The Royal Inscriptions of Mesopotamia, Assyrian Periods, 3 vols. Toronto, 1987–1996 The Royal Inscriptions of Mesopotamia, Babylonian Periods, 1 vol. Toronto, 1995 The Royal Inscriptions of Mesopotamia, Early Periods, 5 vols. Toronto, 1990–2008 The Royal Inscriptions of Mesopotamia Supplements, 1 vol. Toronto, 1984 The Royal Inscriptions of the Neo-Assyrian Period. Winona Lake, IN, 2011– Reallexikon der Assyriologie. Berlin, 1932– J. Ross (ed.), Letters from the East by Henry James Ross, 1837–1857. London, 1902 G. Roux and J. Renger, Irak in der Antike. Mainz am Rhein, 2005

G.L. Russell, Sennacherib’s Annals: A Foundational Text Study. Ph.D. dissertation, Dropsie College, 1967 J.M. Russell, Senn.’s Palace J.M. Russell, Sennacherib’s Palace Without Rival at Nineveh. Chicago and London, 1991 J.M. Russell, Writing on the Wall J.M. Russell, The Writing on the Wall: Studies in the Architectural Context of Late Assyrian Palace Inscriptions (=Mesopotamian Civilizations 9). Winona Lake, IN, 1999 SAA State Archives of Assyria. Helsinki, 1987– SAAB State Archives of Assyria Bulletin. Padua, 1987– SAAS State Archives of Assyria Studies. Helsinki, 1992– Saggs, Assyria H.W.F. Saggs, The Might That Was Assyria. London, 1984 Salonen, Wasserfahrzeuge A. Salonen, Die Wasserfahrzeuge in Babylonien nach umerisch-akkadischen Quellen (=Studia Orientalia 8/4). Helsinki, 1939 SANE Sources from the Ancient Near East, 2 vols. Malibu, 1974–1984 SAOC 62 R.D. Biggs, J. Myers, and M.T. Roth (eds.), Proceedings of the 51st Rencontre Assyriologue Internationale, Held at the Oriental Institute of the University of Chicago, July 18–22, 2005 (=Studies in Ancient Oriental Civilization 62). Chicago, 2008 Scheil, Prisme V. Scheil, Le prisme d’Asarhaddon, roi d’Assyrie 681–668 (=Bibliothèque de l’École des Hautes Études 208). Paris, 1914 Schelkle and Nitsch, Rätsel Geld W. Schelkle and M. Nitsch (eds.), Rätsel Geld: Annäherungen aus ökonomischer, soziologischer und historischer Sicht. Marburg, 1995 Schrader, KB E. Schrader, Keilinschriftliche Bibliothek, Sammlung von assyrischen und babylonischen Texten in Umschrift und Übersetzung, 6 vols. Berlin, 1889–1915 Schrader, KB 2 E. Schrader, Keilinschriftliche Bibliothek, Sammlung von assyrischen und babylonischen Texten in Umschrift und Übersetzung 2. Berlin, 1890 Schroeder, KAH 2 O. Schroeder, Keilschrifttexte aus Assur historischen Inhalts, Zweites Heft (=WVDOG 37). Leipzig, 1922 Schroeder, KAV O. Schroeder, Keilschrifttexte aus Assur verschiedenen Inhalts (=WVDOG 35). Leipzig, 1920 Schuster-Brandis, AOAT 46 A. Schuster-Brandis, Steine als Schutz- und Heilmittel: Untersuchung zu ihrer Verwendung in der Beschwörungskunst Mesopotamiens im 1. Jt. v. Chr. (=AOAT 46). Münster, 2008 Searight, Assyrian Stone Vessels A. Searight, J. Reade, and I. Finkel, Assyrian Stone Vessels and Related Material in the British Museum. Oxford, 2008 Seux, ERAS M.-J. Seux, Épithètes royales akkadiennes et sumériennes. Paris, 1967 Sex and Gender S. Parpola and R.M. Whiting (eds.), Sex and Gender in the Ancient Near East: Proceedings of the 47th Rencontre Assyriologique Internationale, Helsinki, July 2–6, 2001, 2 vols. Helsinki, 2002 Sievernich and Budde, Europa und G. Sievernich and H. Budde (eds.), Europa und der Orient 800–1900. Gütersloh, 1989 der Orient G. Smith, Assyrian Disc. G. Smith, Assyrian Discoveries. London, 1875

Bibliographical Abbreviations G. Smith, Senn. S. Smith, Sculptures S. Smith, Senn. Spar, CTMMA 4 SPAW Stephens, YOS 9 Studies Aro Studies Artzi Studies Astour Studies Borger Studies Dever Studies Dussaud Studies Ellis Studies Gaster Studies Kallai Studies Landsberger Studies Larsen Studies Matou Studies Moran Studies Na aman Studies D. Oates Studies Oded Studies Oppenheim Studies Parpola Studies Schretter Studies von Soden

xxv

G. Smith, History of Sennacherib Translated from the Cuneiform Inscriptions. London, 1878 S. Smith, Assyrian Sculptures in the British Museum from Shalmaneser III to Sennacherib. London, 1938 S. Smith, The First Campaign of Sennacherib, King of Assyria, B.C. 705–681: The Assyrian Text Edited with Transliteration, Translation, and Notes. London, 1921 I. Spar, Cuneiform Texts in the Metropolitan Museum of Art 4: Temple Archive and Other Texts From the First and Second Millennium B.C. New York, forthcoming Sitzungsberichte der Preussischen Akademie der Wissenschaften, philosophischhistorische Klasse, vols. 1–. Berlin, 1922– F.J. Stephens, Votive and Historical Texts from Babylonia and Assyria (=YOS 9). New Haven, 1937 Memoriae Jussi Aro dedicata (=Studia Orientalia 55). Helsinki, 1984 J. Klein and A. Skaist (eds.), Bar-Ilan Studies in Assyriology Dedicated to Pinas Artzi. Ramat Gan, 1990 G.D. Young, M.W. Chavalas, and R.E. Averbeck (eds.), Crossing Boundaries and Linking Horizons: Studies in Honor of Michael C. Astour on His 80th Birthday. Bethesda, MD, 1997 S.M. Maul (ed.), Festschrift für Rykle Borger zu seinem 65. Geburtstag am 24. Mai 1994: tikip santakki mala bamu ... Groningen, 1998 S. Gitin, J.E. Wright, and J.P. Dessel (eds.), Confronting the Past: Archaeological and Historical Essays on Ancient Israel in Honor of William G. Dever. Winona Lake, IN, 2006 Mélanges syriens offerts à M.R. Dussaud par ses amis et élèves. Paris, 1939 M.J. Boda and J. Novotny (eds.), From the Foundations to the Crenellations: Essays on Temple Building in the Ancient Near East and Hebrew Bible (=AOAT 366). Münster, 2010 The Gaster Festschrift (=Journal of the Ancient Near Eastern Society of Columbia University 5). New York, 1974 G. Galil and M. Weinfeld (eds.), Studies in Historical Geography and Biblical Historiography Presented to Zecharia Kallai (=Supplements to Vetus Testamentum 81). Leiden, Boston, and Köln, 2000 H.G. Güterbock and T. Jacobsen (eds.), Studies in Honor of B. Landsberger on his Seventy-fifth Birthday, April 21, 1965 (=Assyriological Studies 16). Chicago, London, and Toronto, 1965 J.G. Dercksen, Assyria and Beyond: Studies Presented to Mogens Trolle Larsen (=Publications de l’Institut historique et archéologique néerlandais de Stamboul 100). Leiden, 2004 B. Hruka and G. Komoróczy (eds.), Festschrift L. Matou (=Az Eötvös Loránd Tudományegyetem Okori Történeti tanszékeinek kiadványai 24–25 = Assyriologia 4– 5). Budapest, 1978 T. Abusch, J. Huehnergard, and P. Steinkeller (eds.), Lingering over Words: Studies in Ancient Near Eastern Literature in Honor of William L. Moran (=Harvard Semitic Studies 37). Atlanta, 1990 Y. Amit, E. Ben Zvi, I. Finkelstein, and O. Lipschits (eds.), Essays on Ancient Israel and Its Near Eastern Context: A Tribute to Nadav Na aman. Winona Lake, IN, 2006 L. Al-Gailani Werr, J. Curtis, H. Martin, A. McMahon, J. Oates, and J. Reade (eds.), Of Pots and Plans: Papers on the Archaeology and History of Mesopotamia and Syria presented to David Oates in Honour of his 75th Birthday. London, 2002 G. Galil, M. Geller, and A. Millard (eds.), Homeland and Exile: Biblical and Ancient Near Eastern Studies in Honour of Bustenay Oded (=Vetus Testamentum Supplements 130). Leiden and Boston, MA, 2009) R.D. Biggs and J.A. Brinkman (eds.), Studies Presented to A. Leo Oppenheim, June 7, 1964. Chicago, 1964 M. Luukko, S. Svärd, and R. Mattila (eds.), Of God(s), Trees, Kings, and Scholars: NeoAssyrian and Related Studies in Honour of Simo Parpola (=Studia Orientalia 106). Helsinki, 2009 R. Rollinger (ed.), Von Sumer bis Homer: Festschrift für Manfred Schretter zum 60. Geburstag am 25. Februar 2004 (=AOAT 325). Münster, 2004. M. Dietrich and O. Loretz (eds.), Vom Alten Orient zum Alten Testament: Festschrift für Wolfram Freiherrn von Soden zum 85. Geburtstag am 19. Juni 1993 (=AOAT 240). Kevelaer and Neukirchen-Vluyn, 1995

xxvi Studies Weinfeld Studies J.G. Westenholz Studies Wilcke Tadmor, Tigl. III Tadmor and Yamada, RINAP 1 Talon, Annales Assyriennes Thomason, Luxury and Legitimation Timm, ÄAT 17 TUAT TUAT2 Ulf, Wege zur Genese griechischer Identität Unger, ABK Ussishkin, Conquest of Lachish VAS Vera Chamaza, Omnipotenz Vidal, AOAT 372 VT Wachsmuth, Alten Geschichte Walker, CBI Waters, SAAS 12 Winckler, AOF Winckler, Textbuch3 WO Worthington, Textual Criticism WVDOG YOS ZA ZK

Bibliographical Abbreviations C. Cohen, A. Hurvitz, and S.M. Paul (eds.), Sefer Moshe: The Moshe Weinfeld Jubilee Volume: Studies in the Bible and the Ancient Near East, Qumran, and Post-Biblical Judaism. Winona Lake, IN, 2004 W. Horowitz, U. Gabbay, and F. Vukosavovi (eds.), A Woman of Valor: Jerusalem Ancient Near Eastern Studies in Honor of Joan Goodnick Westenholz (=Biblioteca del Próximo Oriente Antiguo 8). Madrid, 2010 W. Sallaberger, K. Volk, and A. Zgoll (eds.), Literatur, Politik und Recht in Mesopotamien: Festschrift für Claus Wilcke (=Orientalia Biblica et Christiana 14). Wiesbaden, 2003 H. Tadmor, The Inscriptions of Tiglath-pileser III, King of Assyria: Critical Edition, with Introductions, Translations, and Commentary. Jerusalem, 1994 H. Tadmor and S. Yamada, The Royal Inscriptions of Tiglath-pileser III (744–727 BC) and Shalmaneser V (726–722 BC), Kings of Assyria (=RINAP 1). Winona Lake, IN, 2011 P. Talon, Annales Assyriennes d’Assurnasirpal II à Assurbanipal, 2 vols. Brussels, 2011 A.K. Thomason, Luxury and Legitimation: Royal Collecting in Ancient Mesopotamia. Aldershot, 2005 S. Timm, Moab zwischen den Mächten: Studien zu historischen Denkmälern und Texten (=Ägypten und Altes Testament 17). Wiesbaden, 1989 O. Kaiser (ed.), Texte aus der Umwelt des Alten Testaments. Gütersloh, 1982– B. Janowski and G. Wilhelm (eds.), Texte aus der Umwelt des Alten Testaments, Neue Folge. Munich, 2004– C. Ulf (ed.), Wege zur Genese griechischer Identität: Die Bedeutung der früharchaischen Zeit. Berlin, 1996 E. Unger, Assyrische und babylonische Kunst. Breslau, 1927 D. Ussishkin, The Conquest of Lachish by Sennacherib (=Publications of the Institute of Archaeology, Tel Aviv University 6). Tel Aviv, 1982 Vorderasiatische Schriftdenkmäler der Königlichen Museen zu Berlin. Leipzig and Berlin, 1907– G.W. Vera Chamaza, Die Omnipotenz Aurs: Entwicklungen in der Aur-Theologie unter den Sargoniden Sargon II., Sanherib und Asarhaddon (=AOAT 295). Münster, 2002 J. Vidal (ed.), Studies on War in the Ancient Near East: Collected Essays on Military History (=AOAT 372). Münster, 2010 Vetus Testamentum. Leiden, 1951– C. Wachsmuth, Einleitung in das Studium der Alten Geschichte. Leipzig, 1895 C.B.F. Walker, Cuneiform Brick Inscriptions in the British Museum, the Ashmolean Museum, Oxford, the City of Birmingham Museums and Art Gallery, the City of Bristol Museum and Art Gallery. London, 1981 M.W. Waters, A Survey of Neo-Elamite History (=SAAS 12). Helsinki, 2000 H. Winckler, Altorientalische Forschungen, 3 vols. Leipzig, 1893–1905 H. Winckler, Keilinschriftliches Textbuch zum Alten Testament, 3rd edition. Leipzig, 1909 Die Welt des Orients. Wuppertal, Stuttgart, and Göttingen, 1947– M. Worthington, Principles of Akkadian Textual Criticism. Berlin and Boston, 2012 Wissenschaftliche Veröffentlichungen der Deutschen Orient-Gesellschaft. Leipzig and Berlin, 1901– Yale Oriental Series, Babylonian Texts. New Haven, 1915– Zeitschrift für Assyriologie und Vorderasiatische Archäologie. Berlin, 1886– Zeitschrift für Keilschriftforschung und verwandte Gebiete, 2 vols. Leipzig, 1884–85

Other Abbreviations

Akk. Asn. Baub. bibl. c ca. cf. cm col(s). dia. DN ed(s). esp. et al. ex(s). fig(s). fol(s). frgm(s). gen. m MA n NA n(n). no(s). NS NT obv. p ph(s) p(p). pl(s). rev. SH Sum. var(s). vol(s).

+ (+)

Akkadian Ashurnasirpal Baubericht (“building report”) biblical collated circa confer (lit. “compare”) centimeter(s) column(s) diameter divine name editor(s) especially et alii (lit. “and others”) exemplar(s) figure(s) folio(s) fragment(s) gentilic meter(s) Middle Assyrian not collated Neo-Assyrian note(s) number(s) New Series Nabû Temple (Kalḫu) obverse collated from photo photo(s) page(s) plate(s) reverse House of Sennacherib’s son (Nineveh) Sumerian variant(s) volume(s)

Between object numbers indicates physical join Indicates fragments from same object but no physical join

Object Signatures

When the same signature is used for more than one group, the first group in this list is meant unless otherwise indicated. For example, “A” always means the Asiatic collection of the Oriental Institute unless stated otherwise. A AH Ass BM Bu DT EHE EŞ I2b IM K Ki MMA NBC ND NIN PA R Rm Sm SM Th TM VA VA Ass VAT YBC

1) Asiatic collection of the Oriental Institute, Chicago 2) Aššur collection of the Arkeoloji Müzeleri, Istanbul Abu Habba collection of the British Museum, London Prefix of excavation numbers from the German excavations at Aššur British Museum, London E.A.W. Budge collection of the British Museum, London Daily Telegraph collection of the British Museum, London Signature of objects in the collection of the École Pratique des Hautes Études, IVe Section, Paris Eşki Şark Eserleri Müzesi of the Arkeoloji Müzeleri, Istanbul Signature of objects in the collection of the Pushkin Museum, Moscow Iraq Museum, Baghdad Kuyunjik collection of the British Museum, London L.W. King collection of the British Museum, London Metropolitan Museum of Art, New York James B. Nies collection of the Yale Babylonian Collection, New Haven Prefix of excavation numbers from the British excavations at Nimrud Prefix of excavation numbers from the University of California excavations at Nineveh Signature of Neo-Assyrian historical prisms from the collection of the late A.C. Piepkorn, now in the Asiatic collection of the Oriental Institute, Chicago H.J. Ross collection of the British Museum, London H. Rassam collection of the British Museum, London G. Smith collection of the British Museum, London Signature of objects in the collection of the Sulaimaniya Museum, Sulaimaniya R.C. Thompson collection of the British Museum, London Prefix of excavation numbers from the British excavations at Nineveh Vorderasiatisches Museum, Berlin Aššur collection of the Vorderasiatisches Museum, Berlin Tablets in the collection of the Vorderasiatisches Museum, Berlin Babylonian collection of the Yale University Library, New Haven

Introduction

In 705, Sargon II was killed in battle and his body was never recovered. Amid the tragedy and apparently without opposition, his eldest living son and designated successor ascended the throne of Assyria on the twelfth of Abu (V).1 Sennacherib, whose name means “The god Sîn has replaced the brothers” (Akk. Sîn-a er ba) and who was about forty years old at the time, was well suited for the task, as his father Sargon had conferred on him numerous important military and administrative duties soon after he had become king in 722.2 His on-the-job training, which may have been supervised by a man called unnî, served him well during his twenty-four-year reign (704–681), both at home and on the battlefield. He personally led the Assyrian army on campaign no fewer than ten times and sponsored large-scale building projects in several Assyrian cities, Aur, Nineveh, and Tarbi!u in particular. His name and deeds, as recorded in his own words, as well as in later foreign sources, were never forgotten; Sennacherib was remembered long after his death for besieging


 
   

 described in the Bible (2 Kings
18:13–19:36 and 2 Chronicles 32:1–22) and for destroying Babylon and its revered temples.3 His fame (or infamy) revived when European explorers began uncovering the ruins of Assyrian royal cities in the mid-nineteenth century. Of the late Neo-Assyrian kings mentioned in the Bible and classical sources, Sennacherib is probably the best known.
Sources for Sennacherib’s reign are both abundant and informative. Royal inscriptions provide the bulk of the information about his successes both on the battlefield and at home, where he sponsored major building enterprises. Royal rhetoric, which does not always accurately record historical reality, is supplemented by chronographic texts (the so-called Babylonian Chronicle and Eponym Chronicle), letters, astrological reports, legal and administrative documents, and grants, as well as by numerous bas reliefs sculpted on orthostats that lined the interior walls of his ornately decorated palace at Nineveh. The Bible and some classical sources (e.g., Berossus, Babyloniaca; Herodotus, Hist.; and Josephus, Ant. Jud.) also provide insight into his reign.

1 The fact that the Assyrians were not able to recover Sargon’s body and that Sennacherib was not able to hold a funeral for his father as tradition prescribed was regarded as highly inauspicious. The so-called “Sin of Sargon” text (Livingstone, SAA 3 no. 33), probably written during the reign of Sennacherib’s immediate successor Esarhaddon, reports that Sennacherib investigated the nature of his father’s alleged sin; for a recent study, see Weaver, Iraq 66 (2004) pp. 61–66. E. Frahm (JCS 51 [1999] pp. 73–90) has suggested that the Assyrian scholar Nabû-zuqup-knu may have studied the passage about the spirits of the deceased in Gilgamesh Tablet XII in order to elucidate the consequences of Sargon II’s death. He proposes also that Sennacherib immediately transferred the royal court to Nineveh since the newly enthroned king may have feared that his father’s unburied ghost was still present at Dr-arrukn (mod. Khorsabad) and that his renovations of the temple of the god Nergal at Tarbi!u at the very beginning of his reign were inspired by Sargon’s ill fate. 2 For information on Sennacherib’s name, his family background, and his responsibilities during his father’s reign (including the relevant source material), see in particular Frahm, PNA 3/1 pp. 1113–1118 sub Sn-a-erba I–II.3b-1´; and Frahm, RLA 12/1–2 (2009) pp. 12–14 §§1–4. The name Sîn-a-erba implies that he was not Sargon II’s firstborn son; his elder brothers, it appears, had all died by the time of his birth. Because his eldest son Aur-ndin-umi was old enough to become king of Babylon in 700, S. Parpola (LAS 2 p. 231 n. 390) and E. Frahm (PNA 3/1 p. 1113 I.1) suggest that Sennacherib was born around 745. The identity of Sennacherib’s mother is unknown, but it has been suggested that she may have been Sargon’s wife Atalia. Sennacherib’s name appears as snr(y)b in the Bible (2 Kings 18:13 and 19:20); s/ n()r(y)b in Aramaic sources (including Ahiqar);  ()μ in the Septuagint;  in Herodotus (Hist. 2, 141); and Ws-rn=f in Demotic sources. For other Greek and Latin forms of his name, see Weissbach in Wissowa, Paulys Realencyclopädie der classischen Altertumswissenschaft, Zweite Reihe 1/2 col. 2271; that publication does not collect the many different writings of the name which derive from Hebrew and Greek transcriptions of Sennacherib. A document from Nineveh written ca. 670 (83-1-18,231) seems to imply that giving the name of the former king Sennacherib (or that of Ashurbanipal, who was at that time either the ruling king or heir designate) to a commoner was considered taboo, a sacrilege punishable by the river ordeal; see Kataja, SAAB 1 (1987) pp. 65–68. 3 For a study of sources referring to Sennacherib from the reign of his son and successor Esarhaddon to the twentieth century, see Frahm, Sanherib pp. 21–28.

1

2

Introduction

Texts Included in Part 1 Numerous inscriptions written in Sennacherib’s name have been recovered and most of these are housed in museum collections and private collections around the world; the majority of these are in the British Museum (London) and the Vorderasiatisches Museum (Berlin). Many other inscribed objects of his that were discovered by early excavators were too large and heavy for transport or were in such bad condition that they were reburied and left in the field. Clay, stone, and metal objects bearing texts of this once-great king originate from a broad geographic area, although most come from the two principal cities of the Assyrian heartland: Aur and Nineveh. The present corpus comprises both excavated objects and objects purchased from local dealers. Because of the large number of texts and the length of some of those compositions (several of which are over 500 lines/2500 words long), the inscriptions of Sennacherib are edited in two volumes. Luckenbill, The Annals of Sennacherib (OIP 2), the last volume to edit a substantial portion of Sennacherib’s official texts, did not even include all of the then-known (1924) inscriptions and treated many complete inscriptions as duplicates, citing only orthographic and major variants from those sources. Since the publication of Luckenbill, Senn. over eighty-five years ago, numerous new inscriptions and (better preserved) duplicates have come to light. The present volume, although it contains only thirty-eight individual texts (approximately a sixth of the known corpus of inscriptions), surpasses Luckenbill’s publication in size. The division of the Sennacherib corpus is somewhat arbitrary as we have tried to maintain a balance between Part 1 and Part 2 by including major, well-preserved inscriptions in both volumes. Because Part 2 will contain fewer long inscriptions than Part 1, all of the smaller texts will be edited in that volume. The present publication includes all historical inscriptions on clay cylinders, clay prisms, and stone tablets from Nineveh, while the second part will include historical inscriptions on bull and lion colossi from Nineveh, rock reliefs, stone horizontal prisms, and clay cylinders and prisms from other cities under Sennacherib’s authority (especially Aur and Tarbi!u). An inscription on several steles from Nineveh is also included in Part 1, while epigraphs on reliefs and inscriptions on clay tablets, bricks, threshold slabs, wall panels, stone blocks, beads, etc. are edited in Part 2. The arrangement of the inscriptions more or less follows that of Frahm, Einleitung in die Sanherib-Inschriften (AfO Beiheft 26). Note, however, that historical inscriptions on stone tablets and the text on steles (Frahm’s T 61–64) have been placed before inscriptions on bull and lion colossi, epigraphs, and texts written on door sockets, all of which were discovered in the ruins of the South-West Palace (Frahm’s T 25–60). All of the inscriptions included in Part 1 originate from Nineveh. Most of the exemplars of those inscriptions come from Nineveh, but several exemplars were discovered at Aur and Kalu (biblical Calah). These pieces (for example, text no. 4 exs. 9, 25, 43, 45, 48, 56, 60, 67, 69–70, 74 and 82–87) preserve texts duplicating inscriptions from Nineveh, including the building reports. Unless a fragment from Aur and Kalu clearly preserves an inscription unique to those cities, those pieces are treated here as duplicates of the wellknown Nineveh texts. Survey of the Inscribed Objects Included in Part 1 Clay Cylinders Inscriptions of Sennacherib written on clay cylinders and prisms from Nineveh were among the earliest cuneiform texts published in the nineteenth century, three of best known texts being the Bellino Cylinder (text no. 3), whose popular name derives from the facsimile of the inscription that K. Bellino supplied to G.F. Grotefend for publication, the Rassam Cylinder (text no. 4), which is named after its excavator H. Rassam, and the Taylor Prism (text no. 22 ex. 2), which is named after the man who purchased it (Col. J. Taylor). During the first years of Sennacherib’s reign, inscriptions were written on clay cylinders since those objects provided sufficient space for descriptions of both the king’s military campaigns and building enterprises. Text was inscribed in long lines that ran along the horizontal axis of the cylinder, from one end to the other. However, when the surface area of a cylinder proved inadequate for the space required for the ever-growing number of military reports and for more elaborate building accounts, Sennacherib had his scribes write his res gestae on upright, multi-columned clay prisms, a medium well suited for long texts. The transition from cylinders to prisms occurred in 698, the king’s 7th regnal year. Inscriptions on clay cylinders fall into two categories: (1) texts with historical narrative followed by an account of construction at Nineveh (text nos. 1–9) and (2) inscriptions with no historical narrative, but only a report of work on a single structure at Nineveh (text no. 10, but probably also text nos. 11–13). The earliest

Introduction

3

known inscriptions were composed ca. 702, Sennacherib’s 3rd regnal year. The First Campaign Cylinder (text no. 1), although not dated, likely comes from the first half of 702 and describes in great detail a campaign against Marduk-apla-iddina II (biblical Merodach-baladan), an account of the construction of the king’s new royal residence, Egalzagdinutukua (the “Palace Without a Rival”; the South-West Palace at Nineveh), and the creation of a botanical garden and canals for irrigation. Later that same year (702), in the Elamite month Sibti (= Arasamna [VIII]), two new texts appear: the Bellino Cylinder (text no. 3) and a text combining elements of the First Campaign Cylinder and the Bellino Cylinder (text no. 2). Both inscriptions contain reports of Sennacherib’s first two campaigns and work on the “Palace Without a Rival”; the texts differ only in the building account. Two years later, in 700, a new inscription of the king’s deeds was commissioned (text no. 4 = Rassam Cylinder and “Cylinder B”) and produced in great number, which we know since several complete cylinders have been discovered and numerous fragments bearing this text have been identified. Building on previous texts, the Rassam Cylinder contains accounts of Sennacherib’s first three campaigns, including his dealings with Hezekiah of Judah, a short passage stating that Sennacherib formed a large military contingent of archers and shield bearers from prisoners, and a new description of the king’s palace at Nineveh. The amount of text inscribed on cylinders was proving difficult for the scribes as they attempted to write this ninety-fourline inscription with the exact same line divisions on each and every cylinder. The fully preserved copies have numerous erasures, dittographies, omissions, and cramped signs, attesting to the limitations the scribes faced as they wrote this edition of Sennacherib’s res gestae on clay cylinders. Despite these problems, cylinders were used as the principal clay medium at Nineveh for one more year. Two fragments of clay cylinders (text nos. 5 and 8) are dated to 699 (the king’s 6th regnal year) and another two fragments are thought to have been inscribed at that time (text nos. 6 and 7). Despite their poor state of preservation, we can surmise that these cylinders contained reports of Sennacherib’s first four campaigns, a passage mentioning a large military contingent of archers and shield bearers being formed from prisoners, and an account of building at Nineveh. The building reports of two of the fragments (text nos. 5 and 6) are completely missing; the account of the third fragment (text no. 7) records work on the citadel wall; and the building report of the fourth cylinder fragment (text no. 8) describes the creation of a botanical garden and canals for irrigation and the construction of Nineveh’s inner and outer walls, Badnigalbilukurauu (“Wall Whose Brilliance Overwhelms Enemies”) and Badnigerimulua (“Terrorizer of Enemies”). The building report of text no. 8 probably also recorded the rebuilding of the “Palace Without a Rival.” A few clay cylinders with no historical narrative, but only a report of work on a single structure, are known from Nineveh. Although three of the four known texts in this category (text nos. 11–13) are not well preserved, the format of these inscriptions is similar to that of an inscription written on stone horizontal prisms discovered at Aur (including VA 8254). These texts recorded (1) Sennacherib’s titles and epithets (which deviate from those found in texts with military narration), (2) an account of the rebuilding of a single building (most often a temple), (3) an appeal to the building’s foundation to speak favorably to the god Aur (or the deity whose temple was being rebuilt), and (4) advice to future rulers (concluding formulae). The best preserved Nineveh example (text no. 10) records work on a temple of the god aya, the god of scribes. Since these texts are not dated and since they do not contain historical references, it is not known when these cylinders were written. Clay Prisms: General Introduction Beginning in 698, Sennacherib’s 7th regnal year, the writing of inscriptions with historical narrative on clay cylinders was abandoned in favor of a medium with more surface area, one conducive to the narration of lengthy reports of military successes and accounts of construction: hexagonal and octagonal prisms. Contrary to popular belief and despite the fact that the earliest extant hexagonal prism comes from 695 (the king’s 10th regnal year), six-sided prisms and eight-sided prisms were both used as foundation documents for the first time in 698.4 We can be certain about the date of transition since there is one known prism (text no. 14) dated to that year, the eponymy of ulmu-arri. Unfortunately, nothing has been published about the object or the text inscribed upon it except for the date the prism was written. Based on the latest editions of Sennacherib’s res gestae on cylinders (text nos. 5–8) and the known 697 edition on octagonal prisms (text no. 15), we can surmise that that inscription contained a short prologue, reports of the first four campaigns, a short passage stating that Sennacherib formed a large military contingent of archers and shield bearers from prisoners deported from conquered lands, a building report, and concluding formulae.5 4 5

Cf., for example, Reade, JCS 27 (1975) pp. 189–196; and Frahm, Sanherib p. 65. See the commentary of text no. 14 for further information.

4

Introduction

Octagonal prisms are presently attested for 697–694 and 691 and these inscribed objects, as evident from the concluding formulae, were deposited primarily in Nineveh’s city walls. Hexagonal prisms are presently attested for 695, 693 (or 692), and 691–ca. 687. Some of these foundation records (text nos. 22–23 and 25), those inscribed in 691–688, were placed in the armory, as indicated by their building reports and concluding formulae. Presumably, six-sided prisms were commissioned and deposited in other buildings constructed anew or rebuilt at Nineveh, for example the “Palace Without a Rival.” We assume that texts were written on octagonal and hexagonal prisms every year from 698 to 689 and conjecture that these media were used until the end of Sennacherib’s reign (681). Late in his reign, probably sometime after 689, Sennacherib had his scribes write his res gestae on decagonal clay prisms. These are very poorly attested, as this medium is represented by only two small fragments (text nos. 31–32). It is possible that ten-sided prisms replaced octagonal prisms sometime after 689 as foundation records deposited in Nineveh’s walls. Of course, this is just conjecture. In addition, short texts of Sennacherib comprising only his titles and epithets and a short statement about the god Aur supporting him as king are written on small ‘triangular’ prisms (text no. 27). It is not known if these curious prisms had some functional purpose (foundation deposit, site marker, etc.) and/or if they were scribal exercises written on practice prisms. Octagonal Clay Prisms The earliest attested eight-sided prisms (text no. 15 = so-called “Cylinder C”) were inscribed in the king’s 8th regnal year (697). That edition of Sennacherib’s accomplishments contains descriptions of his first four campaigns, a short passage stating that Sennacherib formed a military contingent from prisoners, a lengthy building report, and concluding formulae. As for the building report, it comprises: (1) an introduction to Sennacherib’s building program at Nineveh; (2) an account of the rebuilding of the palace Egalzagdinutukua and the planting of a botanical garden; (3) a report of the construction of the city walls Badnigalbilukurauu and Badnigerimulua, with their fourteen gates; (4) a general statement about other building activities at Nineveh; (5) a passage recording the building of a bridge and aqueducts; and (6) reports of the creation of gardens, orchards, a game preserve, and a marsh, and the digging of canals upstream and downstream of the city to irrigate those areas. Over the next two years (696–695), scribes of the king inscribed prisms with a text (text no. 16 = so-called “Cylinder D”) containing reports of his first five campaigns, the same passage summarizing the formation of a large military contingent of archers and shield bearers, and a building report that was nearly identical to that of the 697 edition (text no. 15). In Sennacherib’s 11th regnal year (694), inscriptions intended to be deposited in the city walls of Nineveh were updated once again. The historical narrative (text no. 17 = King and Heidel Prisms) now contained reports of the first five campaigns and military expeditions that took place in the eponymies of ulmu-Bl (696) and Aur-blu-u!ur (695), a passage summarizing the king’s spoils of war, and an updated account of the construction of Sennacherib’s palace, the creation of a botanical garden and canals for irrigation, and the building of Nineveh’s walls, which were now reported to have fifteen gates. No octagonal prisms for Sennacherib’s 12th (693) and 13th (692) regnal years are presently known, but presumably new texts were composed during those two years. The 693 edition(s) would have contained reports of the first six campaigns, while the 692 edition(s) would have had accounts of his first seven campaigns.6 The latest certain eight-sided prism dates to his 14th regnal year (691). Although that inscription (text no. 18) is very fragmentarily preserved, this 691 edition would have been one of the longest inscriptions written under the auspices of Sennacherib, as it would have been more than 800 lines long. Despite the many lacunae in the text, we are certain that that inscription contained reports of eight campaigns and a very detailed account of Sennacherib’s numerous building activities at Nineveh. Hexagonal Clay Prisms Only three fragments of hexagonal clay prisms (text nos. 19–21) are known from the period prior to 691 (Sennacherib’s 14th regnal year) and these come from prisms that were inscribed in 695–693 (or 695–692). Because only a very small portion of those inscriptions is preserved, little can be said with certainty about those editions of Sennacherib’s res gestae. It is certain, however, that the military narration of these 6 The numbering of this king’s campaigns follows the designations given in Sennacherib’s inscriptions. Therefore, the sixth, seventh, and eighth campaigns are respectively his campaigns against the Chaldeans living in Elam, against Elam, and the battle of alulê. The military expeditions of 696 and 695, which were led by his officials, are referred to by the eponymy in which they were conducted. Although the campaign of 696 is technically Sennacherib’s “sixth” campaign, that event is never referred to as such by Sennacherib’s scribes since the king did not personally lead his troops on campaign.

Introduction

5

inscriptions duplicates that of Smith Bull 4, an inscription written on a bull colossus stationed in Court H, Door a of Sennacherib’s palace (the South-West Palace),7 and that the military narration of the 695 edition (text no. 19) ended with an account of the fifth campaign and a short passage stating that Sennacherib formed a large military contingent of archers and shield bearers from prisoners deported from conquered lands. As for the building reports, they may have described work on the “Palace Without a Rival” (as suggested by the similarity of the military narration to texts inscribed on bull colossi stationed in that building), the armory, or some other structure at Nineveh. Most of Sennacherib’s inscriptions on hexagonal prisms come from the period between 691 and 689; certainly the best known texts of his — the Chicago Prism (text no. 22 ex. 1), the Jerusalem Prism (text no. 23 ex. 1), and the Taylor Prism (text no. 22 ex. 2) — date to this time. During Sennacherib’s 14th–16th regnal years, two nearly identical texts (text nos. 22–23) were inscribed on prisms deposited in the armory, which is located south of the citadel, along the western wall, in the mound of Nebi Yunus. Both inscriptions include a short prologue, reports of Sennacherib’s first eight campaigns, an account of the rebuilding of the armory (the “Rear Palace”), and concluding formulae. Because the month during which the Jerusalem Prism (text no. 23 ex. 1) was inscribed is not preserved, it is not known with absolute certainty which edition of this king’s res gestae is earlier: text no. 22 or text no. 23. The fact that the building report of text no. 23 is shorter than that of text no. 22 and that it describes the construction of only one wing of the armory, rather than two wings of that building, may suggest that the text inscribed on the Jerusalem Prism is earlier in date than the one written on the Chicago Prism and the Taylor Prism. After the capture and subsequent destruction of Babylon in late 689, Sennacherib continued to have texts inscribed on hexagonal prisms (text nos. 24–26). Like the period prior to 691, very few fragments of six-sided prisms have been identified for the post-689 period and those that are extant are fragmentarily preserved. When complete, text nos. 24 and 25, both of which were written ca. 688, would have included a prologue, reports of Sennacherib’s first eight campaigns, an account of the conquest of Babylon in 689, the building report, and concluding formulae; one or both texts may have also included a passage describing the king’s Arabian campaign. As for the building reports, it is not certain what the building account of text no. 24 commemorated, but that of text no. 25 recorded the rebuilding of the armory (the “Rear Palace”).8 A fragment of a prism that was inscribed ca. 687 (text no. 26) contains an inscription that summarizes Sennacherib’s many accomplishments on the battlefield and describes one of his building projects at Nineveh. The text, as far as it is preserved, duplicates (with variations) several summary inscriptions that were written on stone tablets, text nos. 34–35. It is not known where prisms inscribed with that text were deposited since their building reports are completely missing. Based on similarities with inscriptions on stone tablets, the building report of text no. 26 may have recorded work on the armory. Stone Tablets with Historical and/or Building Narrative In addition to smaller clay foundation deposits and inscribed bricks built into the superstructure of buildings and walls, Sennacherib’s scribes and craftsmen wrote out and engraved texts on a variety of large stone objects, including foundation tablets. Only a handful of stone tablets from Nineveh are known (text nos. 34–37). Each tablet was inscribed in a single column of text, on both the front and back faces. In the 1929–30 campaign of R.C. Thompson at Nineveh, a small, broken stone tablet (text no. 36) was discovered in the area between the Nabû and Itar temples. This piece likely dates to ca. 702, the same time as the Bellino Cylinder (text no. 3). When complete, the text included an invocation of gods (beginning with Aur and ending with Itar and the Sebetti), reports of the first two campaigns, an account of the rebuilding of numerous dilapidated temples located in Nineveh’s citadel (which are said to have been last built by Ashurnasirpal II), and concluding formulae. This inscription is one of the few contemporary pieces of evidence for Sennacherib working on existing temples at Nineveh. The other known texts written on tablets from Nineveh with historical and/or building narratives were all composed ca. 691–689. The largest and best preserved of these (text no. 34 = Constantinople Inscription, Memorial Tablet, and Nebi Yunus Inscription) was reported to have been discovered at Nebi Yunus in 1852 (or 1854?). That inscription contains summaries of Sennacherib’s first eight campaigns and military expeditions that took place in the eponymies of ulmu-Bl (696) and Aur-blu-u!ur (695) and a detailed description of the 7

For a copy of Smith Bull 4, see 3 R pls. 12–13. E. Frahm (Sanherib p. 107) suggests that the building report of text no. 24 may have described the rebuilding of the Sebetti temple in Nineveh. For further information, see the commentary of text no. 24 and the on-page note to vi 17´–18´ of that inscription. 8

6

Introduction

rebuilding of the armory. Two fragmentary exemplars of another text with historical narrative (text no. 35 = Ungnad and Winckler Stone Tablet Fragments Inscription) preserve a text similar, but not identical, to text no. 34; one significant difference is that this inscription includes a report of a campaign against the Arabs. As the building report is not sufficiently preserved and since nothing is known of the original find spots of the tablet fragments, nothing can be said with certainty about where Sennacherib had tablets bearing this text placed. Based on the approximate date of composition (ca. 690–689) and the mention of the king reviewing valuable enemy booty (reading not entirely certain), these objects may have also been placed in Nineveh’s armory. A small limestone tablet discovered at the Nergal Gate of Nineveh in 1992–93 is inscribed with a text (text no. 37) concerning work on an ak tu-house (a temple for the celebration of New Year rituals) at Nineveh that Sennacherib had built outside the newly constructed wall of the city. Although only the beginning and end of the inscription are preserved, it is certain that this text did not include reports of military narration. The tablet is dated to the eponymy of Nabû-knu-u!ur (690) and the text gives some insight into political-religious reforms that were initiated in Assyria: at Nineveh the former ak tu-house, which had last been built by Sennacherib’s father and which was now situated inside the expanded circumference of Nineveh’s wall, was abandoned and replaced by a new building located outside the city, north of the Nergal Gate.9 Steles As part of his urban renewal and expansion of Nineveh, Sennacherib created a royal road. To ensure that no one would build a house that would encroach upon that royal road, the king had round-topped steles (each with an image of the king standing before symbols of his tutelary deities) erected on both sides of the road. Three of the steles (text no. 38 = Inscription from the Royal Road) lining this road, which may have run from the Aur Gate in the south wall to the Sîn Gate (formerly the Gate of the Garden) at the western end of the north wall, are extant today, while several others are reported to have been broken up and burnt into lime in the nineteenth century. The steles, although not dated, may have been inscribed ca. 693–691. Overview of Previous Editions Sennacherib has been a popular subject of study from the very beginning of Assyriology. There are numerous books, dissertations and articles devoted to him, his inscriptions, and his reign.10 Clay, stone, and metal objects bearing texts of this once-great king were among the earliest cuneiform texts brought back to Europe and deciphered in the mid-nineteenth century. The birth of the modern study of Sennacherib and his inscriptions began well before the decipherment of Akkadian cuneiform, when C.J. Rich visited Mosul in 1820 and acquired what he described as “a small earthen vase covered with cuneiform writing.” Shortly thereafter, K. Bellino, his secretary, made a facsimile of the text, which he sent to G.F. Grotefend, a man who had by that time already made several breakthroughs in the decipherment of the Old Persian language, also written in cuneiform. Throughout the first half of the nineteenth century, objects inscribed with cuneiform writing were purchased from local dealers and brought back to Europe, where they made their way into museums and private collections. The discovery of Assyrian palaces at Khorsabad (ancient Dr-arrukn), Nimrud (ancient Kalu, biblical Calah), and Nineveh in the 1840s, the display of those objects in the British Museum (London) and the Louvre (Paris), and the publication of popular accounts of their discovery (with their fanciful reconstructions) generated a great deal of interest in the decipherment of “Assyrian” cuneiform and the history of kings named in the Bible.11 From 1850 to the present, numerous works, large and small, have been devoted to Sennacherib. Because this is not the place to present a complete and detailed historical survey of the publication of the Sennacherib corpus, or to provide a complete bibliographical study of this king, we will focus on previous editions (and translations) and major studies of the corpus that have advanced our knowledge of this king’s royal inscriptions. Extensive bibliographies are provided for each text. Treatments of Sennacherib and his reign are to be found in every general history of Assyria or Mesopotamia. Particularly useful are the biographical sketches by A.K. Grayson in CAH2 3/2 and by E. Frahm in 9 At Aur, Sennacherib also rebuilt an ak tu-house outside the city. For details on the two ak tu-houses at Nineveh, see Frahm, NABU 2000 pp. 75–79 no. 66. 10 For a good historical survey of previous work on the Sennacherib corpus (1820–1997), see Levine, History, Historiography and Interpretation pp. 59–64; and Frahm, Sanherib pp. 29–32. 11 For a recent study on the early explorations of Assyria, see in particular Larsen, Conquest of Assyria.

Introduction

7

Sanherib, as well as the entries on Sennacherib by E. Frahm in PNA 3/1 pp. 1113–1127 sub Sn-a-erba and RLA 12/1–2 (2009) pp. 12–22. Translations of selected inscriptions of his, usually those with descriptions of his campaign to the Levant, often appear in collected works of Mesopotamian texts in translation, for example, Borger in Galling, Textbuch2; Oppenheim in ANET3; Borger in TUAT 1/4; Cogan in COS 2; Melville in Chavalas, ANE; and Cogan, Raging Torrent. Before discussing previous editions and major studies of this text corpus, we would like to cite here other works in which Sennacherib texts have been published. For copies, typeset Neo-Assyrian or hand-drawn facsimiles, see: Layard, Monuments; Layard, ICC; 1 R; 3 R; Ungnad, VAS 1; Messerschmidt, KAH 1; Schroeder, KAH 2; King, PSBA 35 (1913) pp. 66–94; Thompson, Arch. 79 (1929); Thompson, AAA 18 (1931); Thompson, AAA 19 (1932); and Marzahn and Rost, VAS 23. For editions/transliterations of a single text, or a very small group of texts, often accompanied by a copy and/or photograph(s), see in particular: King, CT 26; S. Smith, Senn.; Jacobsen and Lloyd, OIP 24; Thompson, Iraq 7 (1940); Heidel, Sumer 9 (1953); Grayson, AfO 20 (1963); Walker, CBI; George, Iraq 48 (1986); Galter, ARRIM 5 (1987); Ling-Israel, Studies Artzi; Ahmad and Grayson, Iraq 61 (1999); Frahm, ISIMU 6 (2003); Searight, Assyrian Stone Vessels; and Frahm, KAL 3. Information on objects inscribed with inscriptions of Sennacherib is provided in numerous museum and excavation catalogues. The most useful of these are: Bezold, Cat. 1–4; King, Cat.; Lambert and Millard, Cat.; Pedersén, Katalog; and Lambert, Cat. In 1878, G. Smith’s History of Sennacherib, Translated from the Cuneiform Inscriptions was the first book dedicated entirely to Sennacherib’s inscriptions. Work on the volume began in November 1871 and it was expected to be 300 to 400 pages long. Smith had prepared as far as page 152 when the publisher revealed to Smith that the cost of publication would far exceed the original estimate. The project was suspended, in part due to an expedition that Smith took to “Assyria.” Smith hoped to complete his history of Sennacherib when he returned, with the help of new inscriptions he expected to discover in the ruins of Nineveh. Smith never saw the completed publication of the fruits of his labors, as he died in August 1876. His manuscript was then handed over to J.W. Bosanquet to finish, but he too died suddenly. Before his death, Bosanquet was able to write a short essay on the date of the siege of Lachish (Appendix 1). In 1878, A.H. Sayce completed Smith’s History of Sennacherib, namely by preparing the final thirteen pages of the text editions. The format of the volume was modeled upon Smith’s History of Assurbanipal Translated from the Cuneiform Sources. The texts were edited passage by passage (prologue, first campaign, etc.), with the master text appearing in typeset NeoAssyrian cuneiform, beneath which appeared the corresponding transliteration and English translation. Occasionally minor variants were cited and some major variants were edited after the master text. In total, twenty-three texts were utilized, including the Bellino Cylinder (text no. 3), the Rassam Cylinder (text no. 4; = his Cylinder B), Smith Bull 4, the Taylor Prism (text no. 22 ex. 2), the Nebi Yunus Inscription (text no. 34; = his Memorial Tablet), and the Bavian Inscription. In 1890, in a volume of Neo-Assyrian historical texts edited by E. Schrader (KB 2), C. Bezold published editions of a handful of Sennacherib inscriptions. His contribution included full editions of the Taylor Prism (text no. 22 ex. 2) and the two epigraphs on the Lachish Room reliefs, and very short excerpts from the Bellino Cylinder (text no. 3), the Rassam Cylinder (text no. 4), and the Nebi Yunus Inscription (text no. 34). Bezold, unlike G. Smith, gave extensive notes on textual variants. His critical apparatus included variants from seven (hexagonal and octagonal) clay prisms, fourteen clay cylinders, one bull inscription, and two clay tablets. Three years later, in 1893, B. Meissner and P. Rost published their Die Bauinschriften Sanheribs; this was the second volume devoted entirely to the inscriptions of Sennacherib. Meissner and Rost’s edition focused only on the building reports of the then well-known inscriptions, especially those describing the construction of the “Palace Without a Rival” (the South-West Palace) and the armory (the “Rear Palace”). Five cylinders, one clay tablet, fragments of five inscribed bull colossi, and one clay prism were used in their composite edition of Sennacherib’s description of the construction of his royal residence. The building reports of the Taylor Prism (text no. 22 ex. 2) and the Nebi Yunus Inscription (text no. 34) were combined as a single account of the rebuilding of the armory. Just as Bezold had done in KB 2, Meissner and Rost provided extensive notes on minor and major variants. Unlike Smith and Bezold, they provided detailed philological commentary. In addition to the two main composite building reports, editions of eighteen other short texts, all concerned with Sennacherib’s building activities (including those at Kalu and Tarbi!u), were included in the volume. Handdrawn facsimiles of fifteen texts accompanied the editions. In 1924, D.D. Luckenbill published The Annals of Sennacherib in the series Oriental Institute Publications (vol. 2) because he felt there was “a crying need for an up-to-date publication of the Assyrian sources,” and because it seemed “the opportune moment to make available in translation a complete body of Sennacherib’s

8

Introduction

historical and building texts.” The acquisition by the Oriental Institute of a six-sided clay prism in “almost as perfect condition as when it left the hands of the ancient scribe” and the fact that many of Sennacherib’s inscriptions had already been edited for incorporation into the files of the Chicago Assyrian Dictionary were further incentive for him to pursue this publication. Luckenbill was influenced by A.T.E. Olmstead’s Assyrian Historiography and took to heart the latter’s complaint about the growing tendency to use only “the final Assyrian edition,” and thus Luckenbill edited the earlier or alternate versions of reports known in Sennacherib’s “final edition of the annals” separately. Duplicate passages, however, were still not edited as independent texts; minor, orthographic variants appearing in those texts were cited in on-page notes. In total, sixty-four objects inscribed with texts of Sennacherib, with the Chicago Prism (text no. 22 ex. 1) as the centerpiece of the book, were utilized. Of these, seven clay cylinders, four clay prisms, two clay tablets, three bull colossi, two stone tablets, and two rock reliefs were used for his edition of the annals and their building reports. Photographs and a hand-drawn facsimile of the Chicago Prism accompanied the editions. Editions of forty-four building inscriptions, texts that did not include annalistic narration, and epigraphs were also included. Most of those were short texts inscribed on limestone blocks, door sockets, and bricks, many of which were discovered at Aur and published in copy in Messerschmidt, KAH 1 and Schroeder, KAH 2. Although Luckenbill states that he made available “a complete body of Sennacherib’s historical and building texts,” he did not publish all of the then-known inscriptions; he appears to have made use of texts published in only twelve books and journals. Nevertheless, Luckenbill’s The Annals of Sennacherib was at that time the most comprehensive volume of Sennacherib inscriptions. Three years later, in 1927, Luckenbill included the translations of The Annals of Sennacherib in his Ancient Records of Assyria and Babylonia (vol. 2), a twovolume set that published English translations of the entire corpus of Assyrian royal inscriptions. In 1963, R. Borger published his three-volume Babylonisch-assyrische Lesestücke, which included a handdrawn facsimile and a transliteration of the Taylor Prism (text no. 22 ex. 2). Borger took the opportunity in the introduction to that text to provide up-to-date information about the historical inscriptions of Sennacherib. Relevant information was provided for inscriptions on clay cylinders, clay prisms, bull colossi, clay tablets, stone tablets, and rock reliefs. Numerous unpublished cylinders, prisms, and tablets catalogued by C. Bezold (Cat. 1–4) and L.W. King (Cat.) were listed under the edition to which they belonged. Borger, unlike Luckenbill forty years earlier, made a concerted effort to gather in one place all of the known published and stillunpublished sources for Sennacherib’s historical texts. That contribution formed the solid base upon which most future studies and editions of Sennacherib’s res gestae were to be built. In 1967, G.L. Russell completed and submitted a dissertation entitled Sennacherib’s Annals: A Foundational Text Study (Dropsie College). His work was to present a detailed study for a new edition of the Sennacherib corpus. Building upon Luckenbill’s 1924 publication, Russell’s unpublished dissertation arranged the texts into three groups (annalistic material, building inscriptions, and varia [unclassified texts]), discussed the style of the inscriptions, and presented new editions of six historical texts (with some commentary). The inscriptions edited were: the First Campaign Cylinder (text no. 1), the Bellino Cylinder (text no. 3), the Rassam Cylinder (text no. 4), the King Prism and Heidel Prism (text no. 17 exs. 1–2), Smith Bull 3, and the Judi Dagh Inscription. A list of 118 inscriptions was included in an appendix. That list was compiled for a projected new edition of the entire Sennacherib corpus, a work that was never completed. J.E. Reade felt that the textual evidence for following the evolution of Sennacherib’s building and irrigation projects in and around Nineveh was not as accessible as one could hope for. In July and August 1974, he carefully examined in the British Museum the published and unpublished Sennacherib prisms, as well as some unidentified prism fragments. His work was facilitated by W.G. Lambert, E. Leichty, and A.R. Millard. The fruits of his labors were published as “Sources for Sennacherib: The Prisms,” which appeared in JCS 27 (1975) pp. 189–196. That article presented information on all of the known and conjectured res gestae of Sennacherib that were inscribed on octagonal and hexagonal clay prisms from Nineveh. Reade’s study benefited greatly from Borger, BAL and Lambert and Millard, Cat. From published and unpublished material, Reade was able to identify twelve different prism editions, several more than previously thought. Borger published a second edition of his Babylonisch-assyrische Lesestücke in 1979. He did not, however, substantially update his study of Sennacherib’s historical texts. At a colloquium held in Jerusalem on May 9th 1979, L.D. Levine delivered a lecture on the inscriptions of Sennacherib. A few years later, in 1983, he published his “Preliminary Remarks on the Historical Inscriptions of Sennacherib” in History, Historiography, and Interpretation: Studies in Biblical and Cuneiform Literatures, edited by H. Tadmor and M. Weinfeld. In that work, he reviewed the history of research on Sennacherib’s inscriptions, provided a general discussion of the sources and corpus, and discussed various methods of editing

Introduction

9

this large corpus. The most comprehensive study of Sennacherib, his reign, and his inscriptions was published by E. Frahm in 1997. Einleitung in die Sanherib-Inschriften (AfO Beiheft 26) was the product of his 1996 doctoral dissertation (Universität Göttingen), which was written under the supervision of Borger. Frahm’s careful study not only included up-to-date information on the nearly two hundred royal inscriptions composed under the auspices of this Assyrian king, but also included detailed studies on Sennacherib’s reign and its legacy; his family; his character; previous research (1820–1996); the function of the texts; the language, structure, and style of the inscriptions; aspects of the military reports; his building activities; the role of the king in the composition of royal inscriptions; and the inscriptions as sources for Sennacherib’s religious views. For each text, Frahm provided information on the principal sources (main exemplars and duplicates), previous publications, provenance, contents, and date of composition. For many texts, he gave historical and philological commentary, including information on old misreadings of signs and words, as well as other errors (or misinterpretations) in previous publications. Difficult-to-read passages were often clarified by collation, for which he provided copies. Although some editions are provided in the volume, few texts were edited in full (for example, text no. 4 is fully edited, with all minor variants listed). The book also included a catalogue of sources and selected hand-drawn copies. Frahm did not intend his Einleitung in die Sanherib-Inschriften to be a new edition of the complete corpus of Sennacherib inscriptions; this was in part because A.K. Grayson was already preparing such a publication. It is, as indicated by its title, an introduction to Sennacherib’s inscriptions, and a very good and comprehensive primer on the subject. Military Campaigns Although many of the events of Sennacherib’s reign are well documented in his res gestae, the internal chronology of his twenty-four-year reign is not as certain as one would like. There is difficulty not only about the precise years of some of the royal expeditions, but also about how many there were. The problem of dating arises out of the fact that Sennacherib’s campaigns are generally not dated by eponym or regnal year, but are merely numbered sequentially as first, second, third, etc.12 The official numbering, which goes up to eight in the extant corpus, included only expeditions personally led by the king. Campaigns led by Sennacherib’s officials were usually excluded from royally sponsored compositions. Two of those, however, were recorded in some official inscriptions, but they were never given an official campaign number. This intentional omission of events and the fact that few texts written after his 16th regnal year (689) survive today make it impossible to know the exact number of campaigns. Chronographic texts, unfortunately, shed little light on this problem, as the Eponym Chronicle is not preserved except for the beginning of his reign, and as the Babylonian Chronicle is concerned only with events in Babylonia (and Elam). Furthermore, the latter text records events by the regnal years of Babylonian kings, without reference to Sennacherib’s regnal years.13 Thus, despite the numerous sources for Sennacherib’s reign, there are still many gaps in our knowledge. In total, twelve campaigns are recorded in the extant corpus of Sennacherib’s inscriptions. These took place between his accession year (705) and his 16th regnal year (689). Events from his 17th regnal year (688) to his death in 681 (his 24th regnal year), however, are completely unknown. Eight campaigns were given an official number, while the other four were not. Two campaigns led by the king’s officials are also known. Those events were never given an official campaign number; their date, however, is known as one inscription records the regnal years during which they took place (696 and 695; Sennacherib’s 9th and 10th regnal years). It is unclear how the second conquest of Babylon (689), which is referred to as his second campaign in the Bavian Inscription,14 and the campaign to Arabia were designated in Sennacherib’s annalistic texts since reports of the former event are not preserved in extant foundation inscriptions (those written on clay prisms) and since the latter event is known only from a badly damaged summary inscription, a text where official campaign numbers

12

In so-called “double datings” found in some colophons from Sennacherib’s reign, there are a few inconsistencies with regard to his 1st regnal year (705, 704, or 703). It has been suggested that these discrepancies arose because the Assyrians were not accustomed to dating texts by regnal year (that is, in a Babylonian fashion) or because Assyrian scribes did not always achieve precision when calculating dates according to varying calendrical systems. On “double datings,” see Millard, SAAS 2 pp. 70–71. For example, the Baltimore Inscription line 126 (Grayson, AfO 20 [1963] p. 96) states that the eponymy of Nabû-knu-u ur was Sennacherib’s 14th regnal year, thus making 703 his 1st regnal year. 13 For translations of the chronographic texts, see pp. 23–27. 14 Luckenbill, Senn. p. 83 line 43: i-na 2-i ger-ri-ia “on my second campaign.” Note that the Bavian Inscription, which will be edited in Part 2, records only two campaigns: (1) the battle of alulê (the eighth campaign) and (2) the second conquest of Babylon.

Introduction

10

were not included. More specifically, we do not know if Sennacherib referred to the second conquest of Babylon as his ninth campaign and the Arabian expedition as his tenth campaign. For details on the military campaigns narrated in the texts edited in this volume, see the five tables (Tables 1–2d) below. Table 1: Dates and Targets of Military Campaigns Year(s) 704 Late 704–Early 702

Regnal Year(s) 1st Late 1st–Early 3rd

Campaign Number/ Reference — 1st Campaign

702

3rd

2nd Campaign

701

4th

3rd Campaign

700

5th

4th Campaign

Target(s) of Campaign The Kulummians Marduk-apla-iddina II of Babylonia and his Elamite, Chaldean, and Aramean allies; Aramean tribes; the city irimmu The Kassites and Yasubigallians living in the Zagros Mountains; Ispabra of Ellipi Lulî, the king of Sidon; idqâ of the city Ashkelon; the nobles and citizens of the city Ekron, and their Egyptian and Ethiopian allies; Hezekiah of Judah and Jerusalem The Chaldean ruler zubu (Muzib-Marduk), BtYakn The inhabitants of cities located on and near Mount Nipur; Maniye of the city Ukku Kira of the city Illubru (in ilakku [Cilicia]); the cities Illubru, Ingirâ, and Tarsus Gurdî of the city Urdutu (in Tabal) the Bt-Yakn exiles living in Elam; Nergal-uzib (a king of Babylon installed by the Elamite king) Border cities of Elam (including Ri); the city Madaktu Muzib-Marduk (king of Babylon), Ummanmenanu (king of Elam), and their allies at the city alulê Babylon Teelunu, queen of the Arabs, and Hazael; the city Adummatu and another Arabian city

5th Campaign 696

9th

Eponymy of ulmu-Bl

695 694–693

10th 11th–12th

Eponymy of Aur-blu-u!ur 6th Campaign

Late 693

12th

7th Campaign

691–Late 689

14th

8th Campaign

690–Late 689 690

15th–Late 16th 15th

— —

Table 2a: Military Campaigns Narrated on Clay Cylinders Campaign 1 2 3 4

1 5–62 — — —

2 5–19 20–33 — —

3 5–19 20–33 — —

4 5–17 18–31 32–58 —

5 [...] [...] [...] [...]

6 [...] [...] 1´–14´ 15´

7 [...] [...] [...] [...]

8 5–16 [...] [...] [...]

9 5–13 [...] [?] [?]

10 — — — —

11 — — — —

12 — — — —

13 — — — —

Table 2b: Military Campaigns Narrated on Octagonal Clay Prisms15 Campaign 1 2 3 4 5 Year 696 Year 695 6 7 8 Babylon 689 Arabia

15

14 Y Y Y Y — — — — — — — —

15 i 1´–ii 10 ii 1´–37´´ iii 1–iv 14´ iv 15´–v 9 — — — — — — — —

16 i 27–ii 5 ii 6–75 ii 76–iv 37 iv 38–69 iv 70–v 32 — — — — — — —

17 i 22–77 i 78–ii 57 ii 58–iii 81 iii 82–iv 17 iv 18–60 iv 61–91 v 1–14 — — — — —

18 i 1´´–13´´ i 14´´–ii 28´ ii 1´´–iii 31 iii 1´–30´ iii 1´´–iv 10 — — iv 1´–6´ iv 7´–11´´ v 1´–vi 15´ — —

Y= Yes, campaign included. We assume that text no. 14 included the first four campaigns, but line numbers cannot be assigned since that text is unpublished and not available for study.

Introduction

11

Table 2c: Military Campaigns Narrated on Hexagonal Clay Prisms16 Campaign 1 2 3 4 5 Year 696 Year 695 6 7 8 Babylon 689 Arabia

19 [...] [...] i´ 1´–14´ i´ 15´–16´ ii´ 1´–13´a — — — — — — —

20 [...] [...] [...] [...] [...] — — i´ 1–13 [?] [?] — —

21 [...] [...] i´ 1´–7´ ii´ 1´–8´ [...] — — [?] [?] [?] — —

22 i 20–64 i 65–ii 36 ii 37–iii 49 iii 50–74 iii 75–iv 31 — — iv 32–53 iv 54–v 16 v 17–vi 35 — —

23 i 18–58 i 59–ii 34 ii 35–iii 42 iii 43–65 iii 66–iv 25 — — iv 26–46 iv 47–v 8 v 9–vi 30 — —

24 i 19–26 ii 1´–9´ [...] [...] [...] — — [...] [...] [...] vi 1´–16´ —

25 [...] [...] [...] [...] [...] — — [...] [...] i 1´–12´ [...] —

26 i 1´–4´a i 6´–8´ i 9´–13´ i 4´b–5´ i 14´–17´ i 18´ [...] ii 1´–6´ ii 7´–13´ [...] [?] [?]

Table 2d: Military Campaigns Narrated on Stone Tablets Campaign 1 2 3 4 5 Year 696 Year 695 6 7 8 Babylon 689 Arabia

34 6b–8a 12b–13a 13b–15 8b–12a 16–17a 17b–18 19a 19b–36a 36b–44a 44b–55a — —

35 [...] [...] [...] [...] [...] [...] [...] 1´–15´ 16´–29´a 29´b–52´ — 53´–9´´

36 [...] rev. 1´– 2´ — — — — — — — — — —

Babylonian and Elamite Campaigns The biggest problems Sennacherib faced were Babylonia and Elam. Throughout his reign, he wrestled with the problem of ruling the land of Sumer and Akkad, and attempted various solutions, none of which worked.17 Between 705 and 689, Sennacherib undertook military action against Babylonia and its ally, the land Elam, no fewer than six times. 18 Ultimately, Sennacherib resorted to drastic action and captured and destroyed Babylon; Marduk, the city’s tutelary deity, his entourage, and possessions were carried off into captivity, where they remained in exile until 668. The initial transition of power in Babylonia (705) appears to have been fairly smooth. Sennacherib took direct control of Sumer and Akkad,19 but the situation quickly deteriorated. Marduk-zkir-umi II led a rebellion and seized power at the beginning of Sennacherib’s 1st regnal year (704). His tenure as king was very brief; Marduk-apla-iddina II (Merodach-baladan) deposed him after only one month. For nine months,

16

Text nos. 28–33 are excluded from Table 2c since those inscriptions are not well preserved. For details on Babylonia during the reign of Sennacherib, see Brinkman, Prelude pp. 54–70; and Frame, Babylonia pp. 52–63. For studies of his Babylonian and Elamite campaigns, see for example Böhl, Orientalia Neerlandica (1948) pp. 116–137; Brinkman, Studies Oppenheim pp. 22–27; Grayson, Studies Landsberger p. 342; Levine, JCS 34 (1982) pp. 29–55; Brinkman, CAH2 3/2 pp. 32–40; Grayson, CAH2 3/2 pp. 105–109; W. Mayer, Studies von Soden pp. 305–332; Waters, SAAS 12 pp. 22–36; and Frahm, Sanherib pp. 9–11 and 14–16. 19 The Ptolemaic Canon (see below), however, refers to the two-year period between Arkeanos (Sargon II) and Bilibos (Bl-ibni) as “kingless.” Sources for the first campaign are: Text no. 1 lines 5–62, text no. 2 lines 5–19, text no. 3 lines 5–19, text no. 4 lines 5–17, text no. 8 lines 5–16, text no. 9 lines 5–13, text no. 15 i 1´–ii 10, text no. 16 i 27–ii 5, text no. 17 i 22–77, text no. 18 i 1´´–13´´, text no. 22 i 20–64, text no. 23 i 18–58, text no. 24 i 19–26, and text no. 34 lines 6b–8a. In addition to Sennacherib’s royal inscriptions, the following sources provide information on Sennacherib’s first stint as king of Babylon and the first campaign: the Eponym Chronicle (see below), the Babylonian Chronicle (see below), Babylonian Kinglist A iv 13–15 (see below), the Ptolemaic Canon (see below), the Synchronistic King List iv 1–3 (see below), and the Babyloniaca of Berossus (Burstein, SANE 1/5 [1978] p. 23; G. De Breucker’s annotated online edition of the text is also available [by subscription] on the Brill Online website: http://www.brillonline.nl/subscriber/entry?entry=bnj_a680 [2012]). Because of the ambiguity of the Assyrian sources and because data in Babylonian Kinglist A and the Babylonian Chronicle seem to imply that Sennacherib remained in charge of Babylonia in 705 and 704, scholars have been divided on the date of the first campaign. J.A. Brinkman (Studies Oppenheim pp. 22–26; Prelude pp. 56–59; and CAH2 3/2 pp. 32–34) suggests that the campaign began in late 703, while L.D. Levine (JCS 34 [1982] pp. 28–40) proposes that it started one year earlier, in late 704. Levine’s chronology is followed here, as it is by E. Frahm (Sanherib pp. 7 and 9–10; and ISIMU 6 [2003] pp. 129–130). 17 18

12

Introduction

Sennacherib left his Chaldean rival unchallenged, probably because his attention was drawn elsewhere.20 During those nine months, Marduk-apla-iddina strengthened his position as king by gathering support from the citizens of prominent Babylonian cities, Chaldean and Aramean tribal groups, the Arabs, and the king of Elam (utur-Naundu = utruk-Naunte II). On the twentieth day of the month ab#u (XI), Sennacherib set out from Aur with his army. In advance of the king, troops under the authority of the chief official and several provincial governors were dispatched to Kish; Sennacherib and his host marched on Cutha. While Cutha was under attack, the contingent sent to Kish faced off with Marduk-apla-iddina and his supporters. The initial confrontation at Kish met with failure. But when the main body of the Assyrian army arrived after capturing Cutha, Marduk-apla-iddina became frightened, fled the battlefield, and eluded capture. The Assyrians searched for him in the marshes, but their efforts were in vain. As his army fought and defeated other enemy contingents, Sennacherib marched to Babylon, where he plundered Marduk-apla-iddina’s palace.21 Over the course of his 2nd regnal year (703), the Assyrians brought order back to Babylonia. Numerous Chaldean-controlled cities and towns were conquered and mass deportations took place. Sennacherib attempted to rule Sumer and Akkad through a puppet ruler in Babylon. Late in the year, Bl-ibni, who is described as “a son of a rab banî (and) a scion of uanna (Babylon) who had grown up like a young puppy in my palace,” was installed as king. As the Assyrians withdrew, probably at the beginning of Sennacherib’s 3rd regnal year (702), numerous Aramean tribes were plundered, a substantial voluntary payment was received from Nabû-bl-umti (the official in charge of the city araratu), and the city irimmu was captured. For the next two years, Sennacherib left Babylonia in the hands of Bl-ibni. With Assyrian attention drawn elsewhere, Marduk-apla-iddina took the opportunity to make his presence felt. By early 700 (Sennacherib’s 5th regnal year and Bl-ibni’s 3rd regnal year), Bl-ibni’s jurisdiction appears to have been restricted to northern Babylonia; the Chaldeans were in control of the south. To remedy the situation, Sennacherib marched into Babylonia; he officially regarded this expedition as his fourth campaign.22 First, he hunted down a man called zubu (who must be identical to Muzib-Marduk), a new, influential Chaldean leader. That Chaldean was defeated at the city Bitttu; he fled before the Assyrians could capture him. Sennacherib then advanced on BtYakn. Marduk-apla-iddina, as he had done many times before, ran away. He fled by ship across the Persian Gulf to Elam; his abandoned family and supporters were captured and deported to Assyria. On his return march, the Assyrian king removed Bl-ibni and his officials, whether for incompetence or disloyalty is not known, and installed in Bl-ibni’s place Aur-ndin-umi, Sennacherib’s eldest son. This arrangement ensured Assyrian control over Babylonia for the next six years. In his 11th regnal year (694), Sennacherib decided to attack the Bt-Yakn exiles living in Elam and the Elamites who had granted them asylum; the expedition is officially designated as his sixth campaign.23 To catch the enemy off guard, Sennacherib decided to enter Elam via the Persian Gulf. Syrian ships were built at Nineveh and then sailed down the Tigris River to Opis, at which point the boats were dragged overland to the Aratu; the ships were manned by well-trained sailors from Tyre, Sidon, and Cyprus (or Ionia). Assyrian troops, horses, and their supplies and equipment were loaded onto the ships and sailed down the Tigris. Sennacherib and his elite troops, however, remained on shore and marched along the bank. Once they reached the head of the Persian Gulf, the advance was delayed for five days; this may have been due to the fact that the Phoenician sailors were not accustomed to the strong gulf tide. After this minor setback, which Sennacherib claims to have resolved by making an offering to the god Ea, the Assyrians sailed over to the Elamite coast. Upon landing, the Elamite cities that had granted asylum to exiles from Bt-Yakn were captured and plundered. The Bt-Yakn 20

The Eponym Chronicle (see below) records that Sennacherib sent his officials against the Kulummians in Tabal to avenge his father’s death. E. Frahm (ISIMU 6 [2003] p. 130) forwards the idea that “Sennacherib may have found it too risky to engage his troops in two dangerous spots in the north and in the south at the same time” and therefore did not march into Babylonia immediately after Mardukapla-iddina II seized the throne. 21 It is uncertain if Sennacherib participated in the ak tu-festival at this time, thus officially inaugurating his 2nd regnal year as king of Babylon. For ten months of his 1st regnal year, Marduk-zkir-umi II and Marduk-apla-iddina II sat on the throne in Babylon. Thus, the two years that Babylonian Kinglist A states that Sennacherib was king of Babylon (704–703) overlap with the one month and nine months that Marduk-zkir-umi II and Marduk-apla-iddina II sat on the throne (704) respectively. This coincides nicely with the Ptolemaic Canon, which records that the two years between the reigns of Sargon II and Bl-ibni were “kingless.” 22 Text no. 6 line 15´, text no. 15 iv 15´–v 9, text no. 16 iv 38–69, text no. 17 iii 82–iv 17, text no. 18 iii 1´–30´, text no. 19 i´ 15´–16´, text no. 21 ii´ 1´–8´, text no. 22 iii 50–74, text no. 23 iii 43–65, text no. 26 i 4´b–5´, text no. 28 i´ 1–2, and text no. 34 lines 8b–12a. The events are also recorded in the Babylonian Chronicle (see below), the Eponym Chronicle (see below), Babylonian Kinglist A iv 15 (see below), the Ptolemaic Canon (see below), the Synchronistic King List iv 3–4 (see below), and the Babyloniaca of Berossus (Burstein, SANE 1/5 [1978] p. 23). 23 Text no. 18 iv 1´–6´, text no. 20 i´ 1–13, text no. 22 iv 32–53, text no. 23 iv 26–46, text no. 26 ii 1´–6´, text no. 34 lines 20–36a, and text no. 35 lines 1´–15´. The events are also recorded in the Babylonian Chronicle (see below), Babylonian Kinglist A iv 17 (see below), the Ptolemaic Canon (see below), and the Synchronistic King List iv 7 (see below).

Introduction

13

exiles and the Elamites who took them in were loaded onto boats and transported back across the Persian Gulf. From all appearances, this campaign should have been a resounding success for Sennacherib. However, this was not the case, as the Assyrian king had been outwitted. While the Assyrian army was busy in Elam, the Elamite king alluu (alluta-Inuinak) had invaded northern Babylonia through the Diyala valley and occupied Sippar. The Babylonians struck a deal with alluu: they handed over Aur-ndin-umi and the king of Elam appointed Nergal-uzib (of the Gaul [Gaal] family) as king of Babylon in his place; Aur-ndin-umi was carried off to Elam. Sennacherib was caught completely off guard when he returned to Babylonia. The Assyrians had to fight their way north. The fighting was fierce and the conflict continued into the next year (693; Sennacherib’s 12th regnal year and Nergal-uzib’s 1st regnal year). Nergal-uzib managed to capture Nippur, while the Assyrians were able to take Uruk. In the month Tartu (VII), Sennacherib and Nergal-uzib fought a pitched battle near Nippur. The Assyrians won the day. Nergal-uzib was taken prisoner and carried back to Nineveh, where he was publicly humiliated. Sennacherib, enraged by the fact that the Elamite king had carried off his son, immediately sought to exact revenge on Elam. The situation in Elam was ripe to launch a full military assault: alluu (alluta-Inuinak) had just been deposed and executed in an insurrection. Almost immediately after returning home in late 693, Sennacherib mustered his army and marched directly into Elamite territory; this was officially his seventh campaign.24 Several border cities, including Ri, were captured, garrisoned with Assyrian troops, and placed under the authority of the garrison commander of the city Dr. Thirty-four cities are reported to have been captured, plundered, and destroyed. Kudur-Naundu (Kudur-Naunte), the newly enthroned Elamite king, heard the bad news and fled. Sennacherib ordered the march to the royal city Madaktu, but deep winter set in during the month "ebtu (X) and the Assyrians felt it best to return home. Thus, the final conflict with Elam was postponed. Meanwhile, Muzib-Marduk (zubu), the same influential Chaldean whom Sennacherib had defeated several years earlier (700), became king in Babylon.25 What transpired in Sennacherib’s 13th regnal year (692, Muzib-Marduk’s 1st regnal year) is not entirely clear. Chronographic sources are silent on the matter and record only that Kudur-Naundu was deposed in the month Abu (V) and succeeded by Umman-menanu (umban-menanu). Muzib-Marduk, as Sennacherib reports, was strengthening his ties at home and abroad. A substantial bribe was sent to the Elamite king, enticing Elam once again to bring its armies onto Babylonian soil. Sennacherib caught wind of the situation brewing in the south, mustered his army, and marched against the king of Babylon and his allies. This campaign, which is the eighth campaign by official reckoning, is generally thought to have taken place in Sennacherib’s 14th regnal year (691, Muzib-Marduk’s 2nd regnal year).26 Sennacherib confronted MuzibMarduk, Umman-menanu, and their allies in the plain near the city alulê. The true outcome of the battle is obscured by conflicting accounts of the event.27 The Babylonian Chronicle records an Assyrian retreat, while Sennacherib’s res gestae describe in a highly poetic style a total rout of the enemy. The fact that MuzibMarduk remained in power may suggest that the Assyrians suffered a setback at alulê. In any event, any setback was short lived, as Assyrian troops started laying siege to Babylon by the middle of 690 (Sennacherib’s 15th regnal year and Muzib-Marduk’s 3rd regnal year).28 Despite the desperate state of affairs, Babylon and Muzib-Marduk refused to submit for another fifteen months. On the 1st day of the month Kislmu (IX) 689 (Sennacherib’s 16th regnal year and Muzib-Marduk’s 4th regnal year), Babylon fell.29 Sennacherib records that he utterly destroyed Babylon and its temples by 24 Text no. 18 iv 7´–11´´, text no. 22 iv 54–v 16, text no. 23 iv 47–v 8, text no. 26 ii 7´–13´, text no. 34 lines 36b–44a, and text no. 35 lines 16´– 29´a. The events are also recorded in the Babylonian Chronicle (see below), Babylonian Kinglist A iv 18 (see below), the Ptolemaic Canon (see below), the Synchronistic King List iv 8–9 (see below), and in inscriptions of Ashurbanipal (Borger, BIWA p. 46 Prism A iv 123–127). 25 The details of Muzib-Marduk’s rise to power are not known. Sennacherib’s res gestae imply that he came to power through his own efforts (that is, not appointed by the Assyrian or Elamite king). The fact that Sennacherib does not appear to have made an immediate attempt to remove him from power may indicate that the Assyrian king was not entirely opposed to Muzib-Marduk being king of Babylon. On the other hand, it may be that his attention was drawn elsewhere or that he was carefully assessing the Babylonian problem before making his next move. 26 Text no. 18 v 1´–vi 15´, text no. 22 v 17–vi 35, text no. 23 v 9–vi 30, text no. 25 i 1´–12´, text no. 34 lines 44b–55a, and text no. 35 lines 29´b– 52´. The events are also recorded in the Babylonian Chronicle (see below). 27 For a study of the battle of alulê and other problematic battles, see Grayson, Studies Landsberger pp. 337–342. 28 A legal text dated to V-28-690 describes the grim situation in Babylon at that time: “In the reign of Muzib-Marduk, king of Babylon, there were siege, famine, hunger, starvation, and hard times in the land. Everything had changed and become non-existent. (For) one shekel of silver (one could buy) two kor of barley. The city gates were locked and there was no exit in (all) four directions. The corpses of people filled the squares of Babylon because there was no one to bury (them).” For a transliteration, see Brinkman, Prelude p. 64 n. 311 YBC 11377 lines 1–8. 29 Text no. 24 vi 1´–16´ and the Bavian Inscription lines 43b–54a (Luckenbill, Senn. pp. 83–84). The event and the period following the second conquest of Babylon are also recorded in the Babylonian Chronicle (see below), the Esarhaddon Chronicle (see below), the Ak tu

14

Introduction

diverting water from canals to completely wash away the mud-brick structures, making it impossible for future generations to recognize the ground plans of the city and its buildings. The actual destruction was probably not as bad as Sennacherib describes.30 Sennacherib ruled Babylonia directly for the next eight years (688–681), but the extent of his affairs there is not known. He did not assume the titles “king of Babylon,” “viceroy of Babylon,” or “king of Sumer and Akkad,” and he does not appear to have sponsored building activities there. His involvement may have been very limited as one Babylonian chronicle and the Ptolemaic Canon considered Sennacherib’s second tenure as ruler of Babylon to be “kingless.” Zagros Mountain Campaign Probably early in his 3rd regnal year (702), Sennacherib marched into the Zagros, where he attacked the Kassites and Yasubigallians living there; this expedition was officially regarded as his second campaign.31 The fortified city Bt-Kilamza was captured and plundered. The insubmissive inhabitants were settled in the cities ardipu and Bt-Kubatti and placed under the authority of the governor of Arrapa. Sennacherib then moved on to the land Ellipi. Ispabra, its king, who had been a vassal of Sargon II, heard about the Assyrian advance and fled; the inscriptions do not record why Sennacherib marched against Ellipi, but it may have been because Ispabra had thrown off Assyrian domination when Sargon died. The Assyrian army swept through the area, captured and plundered Ellipi’s principal cities (including i!!irtu and Kummalum), and annexed part of it. The city Elenza was reorganized as an Assyrian center. Its name was changed to Kr-Sennacherib (“Quay of Sennacherib”) and the city was put under the authority of the governor of arar. On his return home, Median rulers paid tribute to him. Expeditions to the Levant and Arabia In modern scholarship, the best known and most widely discussed military expedition of Sennacherib is his third campaign, according to the official numbering. This is not surprising as the event is also recorded in the Bible, which describes this Assyrian king’s invasion of Judah during the reign of Hezekiah and a siege of Jerusalem.32 During the early years of Sennacherib’s reign, rulers in the Levant renounced allegiance to Assyria, probably with the encouragement of the Nubian rulers of Egypt, and supported those opposed to Assyrian domination, including Marduk-apla-iddina II (Merodach-baladan) of Babylon. In his 4th regnal year (701), Sennacherib mustered his troops and marched to the Levant. Lulî, the king of Sidon, was his first target. However, before Sennacherib’s arrival, Lulî fled, leaving the cities and towns under his control undefended. The cities Great Sidon, Lesser Sidon, Bt-Zitti, arepta, Maalliba, Uû, Akzibu, and Acco were captured. Tu-Balu, a man considered loyal to Assyria, was made king of Sidon. With a large Assyrian army on the scene, several rulers in the area quickly sought to avert battle. Minuimmu of Samsimuruna, AbdiLiti of Arwad, Uru-milki of Byblos, Mitinti of Ashdod, Bdi-il of Bt-Ammon, Kammsu-nadbi of Moab, and Aya-rmu of Edom all brought gifts and tribute before Sennacherib. The bribes worked. However, not everyone was as easily cowed into submission. idqâ of the city Ashkelon, the nobles and citizens of the city Ekron, and Hezekiah of Judah fought back. idqâ’s efforts failed. Ashkelon along with the other cities under his authority fell to the Assyrians and he together with his family was captured and deported. Sennacherib put arru-l-dri, the son of a former ruler (Rkibtu), on the throne of Ashkelon. The nobles and citizens of Ekron — who had deposed Padî, their proAssyrian king, and who had handed him over to Hezekiah — became frightened and sought military support Chronicle (see below), Babylonian Kinglist A iv 19 (see below), the Ptolemaic Canon (see below), and the Synchronistic King List iv 10–11 (see below). Inscriptions of Esarhaddon record the destruction of the city, but those accounts remove all human agency from the events. See for example Leichty, RINAP 4 pp. 195–196 Esarhaddon 104 i 18b–ii 1a. 30 See Frame, Babylonia pp. 55–56. 31 Text no. 2 lines 20–33, text no. 3 lines 20–33, text no. 4 lines 18–31, text no. 15 ii 1´–37´´, text no. 16 ii 6–75, text no. 17 i 78–ii 57, text no. 18 i 14´´–ii 28´, text no. 22 i 65–ii 36, text no. 23 i 59–ii 34, text no. 24 ii 1´–9´, text no. 26 i 6´–8´, text no. 34 lines 12b–13a, and text no. 36 rev. 1´– 2´. For studies, see Levine, JNES 32 (1973) pp. 312–317; Levine, JCS 34 (1982) pp. 38–40; Grayson, CAH2 3/2 p. 112; and Frahm, Sanherib p. 10. 32 Text no. 4 lines 32–58, text no. 6 lines 1´–14´, text no. 15 iii 1–iv 14´, text no. 16 ii 76–iv 37, text no. 17 ii 58–iii 81, text no. 18 ii 1´´–iii 31, text no. 19 i´ 1´–14´, text no. 21 i´ 1´–7´, text no. 22 ii 37–iii 49, text no. 23 ii 35–iii 42, text no. 26 i 9´–13´, and text no. 34 lines 13b–15. This event is also recorded in the Bible (2 Kings 18:13–19:36; Isaiah 36:1–37:37; and 2 Chronicles 32:1–22) and classical sources (Herodotus, Hist. 2 141–142; and Josephus, Ant. Jud. X 1–23). For further information, see van Leeuwen, Oudtestamentische Studiën 14 (1965) pp. 245–272; Horn, AUSS 4 (1966) pp. 1–28; Ussishkin, Conquest of Lachish; Gonçalves, L’Expédition de Sennachérib; Grayson, CAH2 3/2 pp. 109–111; Gallagher, Sennacherib’s Third Campaign; Laato, VT 45 (1995) pp. 198–226; Frahm, Sanherib pp. 10–11; Cogan, BAR 27 (2001) pp. 40–45 and 69; Grabbe, ‘Like a Bird in a Cage’; Ussishkin, Studies Naaman pp. 339–357; and Cogan, Raging Torrent pp. 111–129.

Introduction

15

from Egypt and its Nubian rulers. The Assyrian army met the Egyptian-led coalition at the city Eltekeh and routed it. Eltekeh and the city Tamnâ were besieged, captured, and plundered, and the anti-Assyrian elements at Ekron were put to death; corpses were hung from the towers of the wall as a warning to anyone who thought of rebelling against Assyria. The turn of events must have taken Hezekiah of Judah by surprise, as he released Padî; Sennacherib returned Padî to his rightful place as ruler of Ekron. The kingdom of Judah put up a good fight against the Assyrians, but it too suffered a heavy defeat. Sennacherib boasts that he captured forty-six Judean cities, including Lachish, which fell after an intensive siege.33 Hezekiah and his elite forces were confined to Jerusalem, where the Judean is said to have been caged like a bird. The defenses of Jerusalem held, however, and the Assyrians returned home without taking the city. Before departing, Hezekiah appears to have struck a deal with Sennacherib, for he sent a substantial payment to Nineveh in exchange for remaining in power (as an Assyrian vassal). The Levant, having witnessed firsthand the might of Assyria, did not rebel again.34 In his 15th regnal year (690), possibly while Babylon was under siege, Sennacherib marched into the north Arabian desert against Teelunu, queen of the Arabs, and Hazael.35 The city Adummatu (biblical Dumah, mod. Dmat al-Jandal) and another city (name not preserved) were besieged and plundered. According to later sources, Teelunu was carried off to Assyria. Campaigns to the North and Northwest Sennacherib directed his attention to the north and northwest with a series of campaigns during his 8th (697), 9th (696), and 10th (695) regnal years.36 The king personally led the first of these, but stayed at home for the other two. During his fifth campaign (697), according to the official numbering, Sennacherib attacked the inhabitants of cities located on and near Mount Nipur (mod. Judi Dagh).37 The victories were hard earned, as the Assyrian army was not well trained in marching through and fighting in difficult, narrow mountain terrain. Official reports, including those inscribed on several rock faces in that region, record the difficulties encountered. After the Mount Nipur area was brought into submission, Sennacherib set his sights on Maniye, king of the city Ukku. As the Assyrian army approached Ukku, Maniye is reported to have abandoned the city and fled to a remote location. Ukku and thirty-three cities in its vicinity are said to have been captured, plundered, and subsequently destroyed. In his 9th (696) and 10th (695) regnal years, Sennacherib sent expeditions to Anatolia. These campaigns were led by his officials.38 His reluctance to personally go on these campaigns was likely rooted in the fact that Sargon II had been killed there and that his body had never been recovered. In 696, Assyrian troops were sent to ilakku (Cilicia), where Kira, the city ruler of Illubru, had incited rebellion and blocked the road to the land Que. It has been suggested that Que may have been once again friendly towards Assyria and possibly a vassal state, and the purpose of the campaign was to assist that pro-Assyrian area. The rebel cities Illubru, Ingirâ, and Tarsus were besieged, captured, and plundered. Kira was captured and brought back to Nineveh, where he 33 Lachish is not mentioned by name in reports of the third campaign, but it is named in an epigraph on a relief depicting the siege and conquest of that city. Archaeological excavations at Lachish confirm that the city did in fact succumb to an Assyrian siege. See Ussishkin, Conquest of Lachish for a detailed study of the relief and the archaeological evidence. 34 What happened in the Levant between 688 and 681 is unclear as there are very few extant inscriptions of Sennacherib for the post-689 period. It has been suggested that Judah rebelled a second time during this period. For the opinion that Sennacherib campaigned twice to the Levant, once in 701 and again after 689, see Shea, JBL 104 (1985) pp. 401–418; Grayson, JSSEA 11 (1981) pp. 85–88; and Grayson, CAH2 3/2 pp. 110–111. This issue falls outside the scope of this volume and thus it will not be examined here. 35 Text no. 35 lines 53´–9´´. This event is also recorded in inscriptions of Esarhaddon and Ashurbanipal. See for example Leichty, RINAP 4 p. 19 Esarhaddon 1 iv 1–5 and p. 30 Esarhaddon 2 ii 46–50; and Borger, BIWA pp. 69–70 K 3087 // K 3405 // Rm 2,558 lines 1b–4 (and 12). Teelunu is called Apkallatu in the inscriptions of Esarhaddon. As R. Borger (Orientalia NS 26 [1957] pp. 9–10) has already pointed out, Apkallatu is not a proper name, but rather a title which Esarhaddon’s scribes mistook as a personal name, and thus Apkallatu is the same woman as Teelunu. For studies, see Ephal, Arabs pp. 118–125; Grayson, CAH2 3/2 pp. 112–113; and Frahm, Sanherib p. 16. 36 The Eponym Chronicle records for his 1st regnal year (704) that officials of the king were sent against the Kulummians in Tabal to avenge his father’s death. Because the text is badly damaged, the outcome of the campaign is not known. E. Frahm (PNA 3/1 p. 1118 sub Sn-aerba II.3b-2´) suggests that the expedition was probably not a great success since it was not mentioned in Sennacherib’s royal inscriptions. 37 Text no. 16 iv 70–v 32, text no. 17 iv 18–60, text no. 18 iii 1´´–iv 10, text no. 19 ii´ 1´–13´a, text no. 22 iii 75–iv 31, text no. 23 iii 66–iv 25, text no. 26 i 14´–17´, and text no. 34 lines 16–17a. For studies, see Grayson, CAH2 3/2 p. 112; Frahm, NABU 1994 pp. 48–50 no. 55; and Frahm, Sanherib p. 13. 38 Text no. 17 iv 61–v 14, text no. 26 i 18´, and text no. 34 lines 17b–19. The Babyloniaca of Berossus (Burstein, SANE 1/5 [1978] p. 24) also records events of the 696 campaign. Relying on Abydenus and Polyhistor, Berossus states that the Assyrians defeated a group of Ionian warships. Polyhistor states that Sennacherib left an inscribed stele on the battlefield and that he built (rebuilt?) the city Tarsus. Abydenus records that he built (rebuilt?) the temple of Sandes (= Heracles) and that he built (rebuilt?) the city Tarsus. For studies on the 696 and 695 campaigns, see King, CT 26 pp. 9–16; Tallqvist, OLZ 14 (1911) cols. 344–345; Haider in Ulf, Wege zur Genese griechischer Identität pp. 82–91; Hawkins, CAH2 3/1 pp. 426–427; Grayson, CAH2 3/2 p. 112; and Frahm, Sanherib p. 14.

Introduction

16

was flayed publicly. The next year (695), Sennacherib sent his army to the land Tabal, where Gurdî, the city ruler of Urdutu (and possibly the man responsible for Sargon II’s death), had taken up arms against Assyria. Only the city Tl-Garimme is reported to have been captured and destroyed. The campaign was far from successful, since the chief instigator remained at large. Building Activities at Nineveh Numerous texts describe Sennacherib’s renovation and expansion of Nineveh, a city that he transformed into the leading metropolis of Assyria. He began projects there almost immediately after he became king; the labor was provided by prisoners of war, including Chaldeans, Arameans, Manneans, and the inhabitants of Que, ilakku, Philistia, and Tyre. For general studies, see in particular Grayson, CAH2 3/2 pp. 113–116; Frahm, Sanherib pp. 265–276 and passim; Reade, RLA 9/5–6 (2000) pp. 389–433, esp. §§11, 13.1, 13.5–6, 14.2–3, 15.2, 15.4, and 15.8; Frahm, PNA 3/1 pp. 1121–1122 sub Sn-a -erba II.3c-1´; and Frahm, RLA 12/1–2 (2009) p. 19 §6.1.1– 8. For a detailed and comprehensive study of the “Palace Without a Rival,” see J.M. Russell, Senn.’s Palace. Only the projects recorded in texts edited in this volume will be discussed here.

Figure 1. Plan of Kuyunjik ca. 640. Drawing by J. Reade (Reprinted from Iraq 67 [2005] p. 348 fig. 1). © The British Institute for the Study of Iraq.

Introduction

17

Egalzagdinutukua: The “Palace Without a Rival” One of this king’s most ambitious projects was the construction of his royal residence and progress on its construction can be followed in texts inscribed on clay cylinders, clay prisms, and stone bull colossi between 702 and 691.39 This once-magnificent palace, which he gave the Sumerian ceremonial name Egalzagdinutukua (the “Palace Without a Rival”), has only been partially excavated. The royal residence, which is on the larger of the two Nineveh mounds, Kuyunjik, is also referred to as the South-West Palace, as it is located on the southwest part of the citadel. Early in his reign, Sennacherib razed the former palace, diverted the Tebilti River (which is reported to have flooded the area around the palace and to have eroded the previous brickwork), made a large tract of land (including areas previously underwater) suitable for building, laid the foundations of a massive mud-brick terrace, and began construction of the terrace upon which his palace would be built. The site of the previous palace was enlarged by 340 288 cubits (ca. 187 158 m). A high terrace was constructed on water-proofed stone foundations. Originally the terrace was raised 160 courses of brick, but it was later raised to a final height of 190 courses of brick. The palace, which grew in size every year, was sumptuously decorated with various types of wood, stone, and metal. Its palatial halls were roofed with beams of cedar and cypress from Mounts Lebanon and Sirra. Tall metal-banded door leaves were hung in their gateways. Some of the rooms were decorated with glazed baked bricks. Like his predecessors, Sennacherib had numerous apotropaic colossi stationed in principal gateways and had the walls of many rooms and halls lined with sculpted limestone slabs, many of which were unearthed in the mid-nineteenth century. A.H. Layard described these orthostats as “two miles of bas-relief” and Sînarra-ikun, Sennacherib’s fourth successor, referred to this building as “the palace of alabaster.”40 Unlike his forefathers, Sennacherib had colossi cast from bronze and copper using a metalworking technique he claims to have perfected. In total, he claims to have set up in the palace’s gateways twelve copper bulls, two alabaster bulls, and seventy-two bulls and sphinxes of white limestone, stone laboriously hauled from the city Bal#ya. A striking feature of the palace described in the texts was an elaborate pillared portico, a b t-appte (a b tilni in the “Amorite tongue”) that was modeled on a feature of Hittite palaces. This section included twelve striding lion colossi of bronze, which served as bases for four cedar and two copper columns. Twenty-two copper sphinxes and ten alabaster sphinxes were also used as bases for wooden columns decorated with metal inlay, but it is not clear from reports of this project where in the palace these were set up. Between 694 and late 691, Sennacherib appears to have put the finishing touches on the “Palace Without a Rival.” In 694, the (final?) dimensions are reported to have been 914 440 cubits (ca. 503 242 m). In 691, Sennacherib boasted that Egalzagdinutukua had been completed.41 Walls of Nineveh and Their Gates Inscriptions dating from 699 to 691 commemorate one of Sennacherib’s most ambitious building enterprises: the construction of Nineveh’s walls. Sennacherib states that the former circumference of the city was 9,300 cubits and that no previous ruler had built an inner or outer wall for the city. He boasts of expanding Nineveh’s circumference by 12,515 cubits, expanding the length of the city walls to a total of 21,815 cubits, and of building the outer defenses in two parts: (1) the main (or great) inner wall, Badnigalbilukurauu (“Wall Whose Brilliance Overwhelms Enemies”), constructed with limestone foundations and built to a height of 180 (later 200) courses of brick and to a width of 40 bricks; and (2) an outer stone wall, Badnigerimulua (“Wall, Terrorizer of Enemies”), whose foundations were 45 nindanu deep.42 39 Text no. 1 lines 63–86, text no. 2 lines 34–63, text no. 3 lines 34–56, text no. 4 lines 61–84, text no. 15 v 18–vii 9, text no. 16 v 41–vii 16, text no. 17 v 23–vii 52, text no. 18 vi 1´´–vii 11a, and text no. 22 vi 36–38. See Frahm, Sanherib pp. 267–269 for references in texts not included in this volume. 40 For a detailed study and for images of the numerous reliefs decorating the palace, see Barnett et al., Sculptures from the Southwest Palace. 41 As early as ca. 702, Sennacherib claims to have completed the palace, invited Aur and the gods and goddesses of Assyria inside, and to have celebrated the palace’s dedication. Of course, this is just royal rhetoric as it would have been impossible for Sennacherib to have completed such a large-scale project in such a short time. See, for example, text no. 1 lines 91–92. 42 Text no. 8 lines 9´–13´, text no. 15 vii 14–24 and 24´–29´a, text no. 16 vii 22–33 and 70–76a, text no. 17 vii 58–69 and viii 6–12, text no. 18 vii 1´–9´ and 41´–48´, and text no. 38 lines 16–18. Bricks, stone slabs, and stone blocks attest to this project; see Frahm, Sanherib pp. 141– 142 T 75–80a. Nearly the entire city wall is still visible today, as a high mound or as a modern reconstruction. Excavations near the ama Gate and the Ea Gate reveal that the inner wall was ca. 15–16 m wide, a figure consistent with the thickness of forty bricks; Reade (RLA 9/5– 6 [2000] pp. 399–400 §11.3) suggests that the inner wall was approximately 25 m high. The outer, stone wall was ca. 11 m thick and ca. 4.5 m high. BM 124938, a relief depicting Nineveh, shows the city walls Badnigalbilukurauu and Badnigerimulua. See Frahm, Sanherib p. 99 and Reade, RLA 9/5–6 (2000) p. 398 fig. 3.

Introduction

18

Sennacherib initially states that the city wall had fourteen gates (697–695), but later records that it had fifteen (694), and then eighteen (691) gates.43 Clearly, the plan evolved over time. The gates are listed counterclockwise as follows: Gate

Text nos. 15–16 (697–695)

Text no. 17 (694)

Text no. 18 (691)

I

1. and ru Gate: “The God arur Is the One Who Cuts Down the King’s Enemy” 2. Aur Gate: “May the Vice-Regent of the God Aur Endure”

1. and ru Gate: “The God arur Is the One Who Cuts Down the King’s Enemy” 2. Aur Gate: “May the Vice-Regent of the God Aur Endure”

XIII

11. Gate of the Garden: “The God Igisigsig Is the One Who Makes Orchards Flourish” Three gates facing north 12. Maqû Gate: “The God Ea Is the One Who Properly Directs (Water Flow into) My Cisterns” —

15. and ru Gate: “The God arur Is the One Who Cuts Down the King’s Enemy” 1. Aur Gate: “May the Vice-Regent of the God Aur Stay in Good Health” 2. Sennacherib Gate: “The One Who Flattens All Enemies” 3. ama Gate: “The God Enlil Is the One Who Makes My Reign Firm” 4. Mullissu Gate: “Make Sennacherib’s Dynasty as Firm as the Position of the Wagon Constellation!” 5. Step Gate: “The One Who Exorcises the ‘Flesh’ of the Asakku-demon” 6. ibaniba Gate: “The Choicest of Grain and Flocks Are Constantly Inside It” 7. alau Gate: “The Bearer of the Produce of the Mountains” Seven gates facing the sunrise, towards the south and east 8. Adad Gate: “The God Adad Is the Provider of Prosperity to the Land” 9. Nergal Gate: “The God Erra Is the One Who Slaughters Those Hostile to Me” 10. Sîn Gate: “The Divine Nannru Is the One Who Protects My Lordly Crown” Three gates facing north 11. Maqû Gate: “The God Ea Is the One Who Properly Directs (Water Flow into) My Cisterns” —

XIV

—

—

XV

12. Quay Gate: “The One Who Brings in Income from the Settlements” 14. Armory Gate: “The One Who Regulates Everything”

XVII

13. Quay Gate: “The One Who Brings in Income from the Settlements” 14. Armory Gate: “The One Who Regulates Everything” —

XVIII

—

13. Desert Gate: “The Presents of the People of Sumu el and T ma Enter Through It” Five gates facing west

II III IV V VI VII VIII

IX X XI

XII

XVI

3. Sennacherib Gate: “The One Who Flattens All Enemies” 4. ama Gate: “The God Enlil Is the One Who Makes My Reign Firm” 5. Mullissu Gate: “O Itar Bless the One Who Provides for You!” 6. Step Gate: “The One Who Exorcises the ‘Flesh’ of the Asakku-demon” 7. ibaniba Gate: “The Choicest of Grain and Flocks Are Constantly Inside It” 8. alau Gate: “The Bearer of the Produce of the Mountains” Eight gates facing the sunrise, towards the south and east 9. Adad Gate: “The God Adad Is the Provider of Prosperity to the Land” 10. Nergal Gate: “The God Erra Is the One Who Cuts Down Enemies”

Three gates facing west

3. Sennacherib Gate: “The One Who Flattens All Enemies” 4. ama Gate: “The God Enlil Is the One Who Makes My Reign Firm” 5. Mullissu Gate: “Make Sennacherib’s Dynasty as Firm as the Position of the Wagon Constellation!” 6. Step Gate: “The One Who Exorcises the ‘Flesh’ of the Asakku-demon” 7. ibaniba Gate: “The Choicest of Grain and Flocks Are Constantly Inside It” 8. alau Gate: “The Bearer of the Produce of the Mountains” Eight gates facing the sunrise, towards the south and east 9. Adad Gate: “The God Adad Is the Provider of Prosperity to the Land” 10. Nergal Gate: “The God Erra Is the One Who Cuts Down My Enemies” 11. Sîn Gate: “The Divine Nannru Is the One Who Makes Firm My Lordly Crown” — 12. Maqû Gate: “The God Ea Is the One Who Properly Directs (Water Flow into) My Cisterns” 13. Step Gate of the Palace: “May Its Builder Endure” 14. Step Gate of the Gardens: “The God Igisigsig Is the One Who Makes Orchards Flourish” 15. Quay Gate: “The One Who Brings in Income from the Settlements” 16. Step Gate of the Armory: “May Its Builder Live Forever” 17. Baralzi Gate: “The God Anu Is the Protector of My Life” 18. Desert Gate: “The Presents of the People of T ma and Sumu el Enter Through It” Ten gates facing north and west

43 Text no. 15 vii 25–23´, text no. 16 vii 34–69, text no. 17 vii 70–viii 5, and text no. 18 vii 10´–40´. Gurney, STT 2 no. 372, a text from the reign of Ashurbanipal, lists Gates II–XI, in a garbled form. On the location of the gates, see in particular King, Cat. pp. xix–xxiv; Thompson, Arch. 79 (1929) pp. 111–113; Thompson, Iraq 7 (1940) pp. 91–93; Reade, RA 72 (1978) pp. 50–54; and Scott and MacGinnis, Iraq 52 (1990) pp. 63–68.

Introduction

19

Figure 2. Plan of Nineveh. Reprinted from Scott and MacGinnis, Iraq 52 (1990) p. 73 fig. 4. © The British Institute for the Study of Iraq.

20

Introduction

Botanical Gardens, Swamps, and Related Waterworks Sennacherib created a large botanical garden beside his palace, which he claims was a “replica of Mount Amanus,” and he planted a large variety of trees in it.44 In addition, he provided the citizens of Nineveh with numerous garden plots that were planted on newly tilled soil, and created a park and a game preserve beside the city.45 Those gardens and parks required much water and the king devoted a great deal of time and effort to providing irrigation water for those areas and regulating the flow of that water. Early in his reign (ca. 702–700), Sennacherib diverted water from the usur River (mod. Khosr), near the city Kisiru, for a distance of one and a half leagues to the plain of Nineveh.46 To control the flow and to carry off excess water during the flood season, a large wet marsh was created east of the city wall (ca. 699).47 The area was stocked with flora and fauna of the Babylonian marshes and populated with migratory birds (herons), wild pigs, roe deer, and other animals. Sometime between 700 and 694, a more substantial irrigation system was needed and the requisite water was found in mountain springs northeast of the city, near Mount Mu!ri and the cities Dr-Itar, ibaniba, and Sulu. Three new canals were dug to the usur River, where their waters supplemented those of the river, thus making it possible to irrigate fields upstream and downstream of Nineveh all year long.48 Throughout the rest of his reign, Sennacherib continued his extensive waterworks program, creating at least sixteen canals that brought a constant supply of water to Nineveh.49 Bridges and Aqueducts Sennacherib built a bridge paved with limestone opposite a gate of the citadel in order to facilitate access to the citadel from the lower town; the usur River flows between the royal road and the citadel, thus preventing direct access to the upper town from the southeast.50 A second bridge was built downstream, but its precise location is not indicated in the texts. To control the flow of the waters of the usur River, Sennacherib had aqueducts built.51 Work on one of the bridges and on the aqueducts is first attested in 700 and 699 respectively. The City Squares and Streets, and the Royal Road Throughout his reign, Sennacherib boasts that he broadened the squares, streets, and alleys of Nineveh, thus brightening the city.52 As part of his transformation of the lower town, Sennacherib created a fifty-two-cubitwide royal road that ran through the city. That road may have run north from the Aur Gate in the south wall, east past the armory and the citadel, to the Sîn Gate (formerly the Gate of the Gardens) at the western end of the north wall.53 To prevent future encroachment, he erected inscribed and sculpted steles on both sides of the roadway. Reports of that project are known from texts composed ca. 693–691. 44

Text no. 1 line 87, text no. 2 line 64, text no. 3 line 57, text no. 4 line 85, text no. 15 vii 10–13, text no. 16 vii 17–21, and text no. 17 vii 53– 57. See Frahm, Sanherib p. 276 for references in texts not included in this volume. For a discussion on the location of the parks, gardens, and orchards, see Reade, RLA 9/5–6 (2000) pp. 403–405 §11.6 with figs. 6–8. For the opinion that Sennacherib’s “replica of Mount Amanus” was the origin of the “Hanging Gardens of Babylon” story, see Dalley, Iraq 56 (1994) pp. 45–58; and Dalley, HSAO 6 pp. 19–24. See also Dalley, Studies D. Oates pp. 67–73; and K.P. Foster, Iraq 66 (2004) pp. 207–220. For some critical reviews of Dalley’s proposal, see Reade, Iraq 62 (2000) pp. 195–217; and Bichler and Rollinger, Studies Schretter pp. 153–218. 45 Text no. 1 line 88, text no. 2 line 65, text no. 3 line 58, text no. 4 line 86, text no. 8 line 1´, text no. 15 viii 2´–11´, text no. 16 viii 3–15, and text no. 17 viii 16–21. For additional references, see Frahm, Sanherib p. 276. 46 Text no. 1 lines 89–90, text no. 2 lines 66–67, text no. 3 lines 58–60, text no. 4 lines 87–88, text no. 8 lines 2´–3´, text no. 15 viii 12´–19´, text no. 16 viii 15–23, text no. 17 viii 22–30, and text no. 18 viii 1´–5´. See Frahm, Sanherib p. 276 for references in texts not included in this volume. For a detailed study of Sennacherib’s waterworks program at Nineveh, see Bagg, Assyrische Wasserbauten pp. 169–224. 47 Text no. 8 lines 5´–6´, text no. 15 viii 1´´–3´´, text no. 16 viii 29–44, text no. 17 viii 46–49 and 56–59, and text no. 18 viii 7´´–17´´a. For additional references, see Frahm, Sanherib p. 276. Reade (RLA 9/5–6 [2000] p. 406 §11.7) proposes that the usur valley east of the city wall, where there were massive dams, was an appropriate location for the creation of a marsh, noting that the river was controlled by one wellpreserved dam just below al-la, at least two more upstream of Nineveh’s wall, and another dam at the city wall. 48 Text no. 17 viii 31–42. 49 Text no. 18 viii 6´–12´ records the digging of several new canals near/from the cities Girmua and lum-labir. Work at innis-Bavian and on the Jerwan aqueduct will be discussed in the introduction of Part 2. 50 Text no. 4 line 90, text no. 7 line 4´, text no. 8 line 16´, text no. 15 viii 1´, and text no. 16 vii 85–viii 3a. Stonework located at two places on the usur River may derive from bridges: one is a little upstream of Kuyunjik and the other is just inside the east city wall. The former stonework is probably the ruins of the bridge opposite a gate of the citadel, while the latter stonework is likely the ruins of the bridge just inside the city wall, by the Mullissu Gate. For further details, see Scott and MacGinnis, Iraq 52 (1990) p. 67 and p. 73 fig. 4. 51 Text no. 8 line 15´ and text no. 16 vii 81–84. 52 Text no. 1 line 91, text no. 2 line 68, text no. 3 line 61, text no. 4 line 89, text no. 7 line 3´, text no. 8 line 14´, text no. 15 viii 29´b–31´, text no. 16 vii 76b–80, text no. 17 viii 13–14, text no. 18 vii 49´–52´, and text no. 38 lines 13–16. 53 Text no. 18 vii 50´–52´ and text no. 38 lines 15–16 and 19b–23. The discovery of paving stones midway between the Nergal Gate and the northern end of the citadel may be evidence for the royal road north of the citadel mound. S. Lumsden (ICAANE Proceedings 1 pp. 817–818 and p. 825 fig. 1), based on his work in the lower town in 1989–90 (Lumsden, Mar ipri 4 [1991] pp. 1–3; and Stronach and Lumsden, BiAr 55

Introduction

21

The Moat In inscriptions composed ca. 693–691, Sennacherib boasts of widening Nineveh’s moat to a width of one hundred large cubits.54 The Citadel Wall Very little is known about work on the citadel wall since few contemporary texts refer to its rebuilding; Ashurbanipal credits Sennacherib as a previous builder, but does not describe his grandfather’s work.55 Sennacherib claims to have raised its summit as high as a mountain and to have reinforced its base with limestone. As part of the renovations, its gates were presumably rebuilt; at least one gate is mentioned as being opposite a bridge that crossed over the usur River. Work on the citadel wall was in progress in 699. The Citadel Temples Early in his reign (ca. 702), Sennacherib sponsored the renovation of several temples in Nineveh’s citadel. Among these were the temples of Sîn, Ningal, ama, Aya, and the Lady of Nineveh (= Itar/Mullissu).56 Sennacherib also renovated a shrine of the god aya (the god of scribes), but it is uncertain whether this sanctuary was part of the Nabû temple Ezida (“True House”) or was located elsewhere (possibly in Aur).57 The Armory After the completion of the “Palace Without a Rival,” or shortly before work on that palace was finished, Sennacherib began rebuilding and enlarging the armory, a large building south of the citadel and next to the western city wall that he referred to as the “Rear Palace” (ekal kutalli) and occasionally as the “Review Palace” (ekal m arti).58 The work may have begun in 691, as suggested by the earliest known sources for that project, and probably continued for several years, at least until 688 or 687.59 Sennacherib razed the former armory — which he complained was too small, poorly constructed, and dilapidated — made fallow land in its vicinity suitable for building, and constructed its replacement on a high brick terrace. The new “Rear Palace” comprised two wings and a large outer courtyard. One wing was built in the Syrian style, while another was built in the Assyrian style. Timber for its roof and doors was supplied by kings of Amurru (the West). Bull colossi, sculpted from white limestone hewn in the region of the city Bal#ya, were stationed in its gateways. Statues of sphinxes bore cedar columns; other monumental bronze protective figures (including lamassus) and decorative elements adorned its rooms and gates. The outer courtyard was designed so that horses and other animals could be exercised there. In addition, Sennacherib had a structure with four copper pillars and a cedar [1992] p. 229), proposes that the royal road ran north to the Nergal Gate, and not northwest to the Sîn Gate. He also proposes that such a road would have entered the city from the east, through the ama Gate, Nineveh’s largest city gate. 54 Text no. 18 vii 19b–22 and text no. 38 lines 18–19a. The moat is clearly visible only on the northern and eastern sides of Nineveh, about 80 m outside of the city wall. It is 70 m wide and 10 m deep (after erosion). A relief from the South-West Palace (Layard, Discoveries p. 231) may show the southwestern corner of the wall with the moat. See Frahm, Sanherib p. 99 and Reade, RLA 9/5–6 (2000) p. 390 fig. 1 and p. 400 fig. 5. 55 The concluding formulae of text no. 7 and K 2662+ (Frahm, Sanherib p. 198) mention the citadel wall. Text no. 18 vii 11b–19a may describe its rebuilding. For the Ashurbanipal inscriptions, see Borger, BIWA p. 118 Prism D viii 64–75 and p. 183 Prism E Stück 18 lines 4–8. BM 124938, a relief depicting Nineveh, shows the city walls of Nineveh, including the citadel wall. See Frahm, Sanherib p. 99 and Reade, RLA 9/5–6 (2000) p. 398 fig. 3. 56 Text no. 36 rev. 3´–14´. Because the building report of this inscription is badly damaged, it is not possible to determine with certainty how many temples Sennacherib claims to have rebuilt in this text. It is possible that this inscription recorded the renovation of four, five, or even six different temples, all of which are said to have been built/renovated by Ashurnasirpal II (883–859). E. Frahm (Sanherib pp. 107 and 273) raises the possibility that Sennacherib may have worked on the Sebetti temple ca. 688, but this is not certain. For further information, see the commentary to text no. 24 and the on-page note to vi 17´–18´ of that inscription. 57 Text no. 10 lines 11–19. 58 Text no. 22 vi 36–73a, text no. 23 vi 31–53a, text no. 25 ii´ 1´–12´, text no. 34 lines 55b–90, and probably text no. 35 lines 10´´–15´´. The building, which is buried within the small mound now called Nebi Yunus (“Prophet Jonah”), has an important Muslim shrine on top of it and therefore has not been fully explored or excavated. According to tradition, as the name of the mound suggests, Jonah was buried there; when the tomb of nan was opened in 1349, the body inside was identified as that prophet. Parts of the site, mostly along the edges of the mound, however, have been exposed and explored. For finds in this area (with references to previous literature), see Reade, RLA 9/5–6 (2000) pp. 419–420 §15.2. Esarhaddon and Ashurbanipal continued work on the armory. For descriptions of their work, see Leichty, RINAP 4 pp. 22–25 Esarhaddon 1 v 40–vi 43 and pp. 33–34 Esarhaddon 2 iv 32–vi 9; and Borger, BIWA p. 117 Prism B viii 64–72 and p. 163 Prism C x 88–97. 59 We are unable to accurately estimate the length of time it took to rebuild the armory since there is a general lack of extant inscriptions from Nineveh after Sennacherib’s 17th regnal year (688). This project may have been completed ca. 688/687, finished several years after that (ca. 686–684), or may have been unfinished at the time of his death in 681.

Introduction

22

roof constructed; this may have been the very spot where the king sat when reviewing troops and animals, tribute, and prisoners. A New Aktu-house Sennacherib had a new ak tu-house built to the north of the Nergal Gate (ca. 690).60 Eaulezenzagmukam (“House of Joy and Gladness for the Festival of the Beginning of the Year”) was intended to replace the existing ak tu-house, which after the completion of the new city wall was now situated inside Nineveh. The new temple was probably constructed in connection with his religious reforms. It is possible that this project was abandoned before its completion.61 Sometime after the destruction of Babylon in 689, Sennacherib may have decided to construct another ak tu-house for the god Aur in the outskirts of Aur; this may explain why Ashurbanipal rebuilt the former, original ak tu-house, and not Eaulezenzagmukam. Other Projects at Nineveh Prism fragments (text no. 33) discovered in a palatial building excavated about 600 m northeast of Nebi Yunus attest to another project of Sennacherib at Nineveh. Since those inscriptions have not yet been published, we do not know the function of that building. Dating and Chronology Texts edited in this volume occasionally mention contemporary dates and the charts in this section are intended to aid the reader in understanding those dates. The Mesopotamian month names and their modern equivalents are: I II III IV V VI VI2

Nisannu Ayyru Simnu Duzu Abu Ullu Intercalary Ullu

March–April April–May May–June June–July July–August August–September

VII VIII IX X XI XII XII2

Tartu Arasamna Kislmu "ebtu, Kinnu ab#u Addaru Intercalary Addaru

September–October October–November November–December December–January January–February February–March

Unless it is stated otherwise, the dates given in this volume (excluding those in bibliographical citations) are all BC. Each ancient Mesopotamian year has been given a single Julian year equivalent even though the ancient year actually encompassed parts of two Julian years, with the ancient year beginning around the time of the vernal equinox. Thus, for example, the 3rd regnal year of Sennacherib (the eponymy of Nabû-li) is indicated to be 702, although it actually ended in early 701 and thus events which took place late in the ancient year “702” actually took place early in the Julian year 701. Several exemplars of text no. 2 and text no. 3 are dated according to the Elamite month Sibti, the seventh month of the Elamite calendar. At this time, we cannot offer a satisfactory explanation why Sennacherib’s (and later Esarhaddon’s) scribes dated some texts by Elamite months rather than Mesopotamian ones. King Lists Babylonian King List A and several synchronistic king lists record that Sennacherib was king of Assyria and Babylonia. The Ptolemaic Canon, however, does not mention Sennacherib as a ruler of Babylon, but rather records the periods that he directly controlled Babylon as “kingless.” For the convenience of the user of this volume, it has been thought useful to present translations of the relevant passages here. In this section, the entries immediately preceding and following those of the kings whose inscriptions are also edited in this volume are given when they are preserved.

60 61

Text no. 37. For evidence that there were two ak tu-houses at Nineveh, see Frahm, NABU 2000 pp. 75–79 no. 66. Frahm, JCSMS 3 (2008) p. 17.

Introduction

23

1. Babylonian King List A (CT 36 pls. 24–25; Grayson, RLA 6/1–2 [1980] pp. 90–96 §3.3) iv 11) iv 12) iv 13) iv 14) iv 15) iv 16) iv 17) iv 18) iv 19) iv 20)

5 (years) 2 (years) 1 month 9 months 3 (years) 6 (years) 1 (year) 4? (years) 8? (years) [N] (years)

Sargon (II) Sennacherib, abigal (anigalbat) Dynasty62 Marduk-zkir-umi (II), son of Arad63 Marduk-apla-iddina (II), a soldier of abi (anigalbat) Bl-ibni, E (Babylon) Dynasty64 Aur-ndin-umi, abigal (anigalbat) Dynasty Nergal-uzib Muzib-Marduk, E (Babylon) Dynasty Sennacherib Esarha(ddon)

2. Synchronistic King List (Weidner, AfO 3 [1926] pp. 70–71; Grayson, RLA 6/1–2 [1980] pp. 116–121 §3.12) Lacuna (at the end of col. iii) iv 1) [Senn]acherib, king of Assyria iv 2) Nabû-apla-iddina (was) his scholar iv 3–6)

[and Babylo]n [(...)] [...] king of Akkad. Afterwards, the people [of Ak]kad rebelled and [he] placed [A]ur-ndinumi on the throne. iv 7–9) Sennacherib Nergal-(u)zib, son of G[a]ul, (and) Muzib-Marduk, son of D[a]kkri, kings of A[kk]ad. iv 10) Sennacherib, king of Assyria and Babylon iv 11) Bl-upair (and) Kalbu (were) his schol[ars] iv 12) Esarhaddon, son of Sennacherib, king of Assyria and Babylon iv 13) Nabû-zru-ler (and) Itar-umu-re (were) his scholars ----------------------3. A Fragment of a Synchronistic King List (Schroeder, KAV no. 9; Grayson, RLA 6/1–2 [1980] pp. 121–122 §3.13) Lacuna iv 1´) iv 2´) iv 3´) iv 4´) iv 5´)

[...] [...] [...] [...] [...]

A [ ur-ndin- umi]  [zubu (Nergal-uzib)]  [zubu (Muzib-Marduk)] Sennach[erib] Esar[haddon]

4. A Fragment of a Synchronistic King List (Schroeder, KAV no. 182; Grayson, RLA 6/1–2 [1980] pp. 124–125 §3.17) Lacuna iv 1´) [Sennacherib, k]ing of Assyria and Babylon Nabû-bni iv 2´) [ditto] Kalbu 62 For an explanation of BALA a-bi-gal (iv 12 and 16) and ERIM a-bi (iv 14), see Brinkman, Studies Oppenheim pp. 35–37 and Frame, RIMB 2 pp. 90–91. Recently, M. Valério (Journal of Language Relationship 6 [2011] pp. 173–183) has argued that the Semitic name of Mitanni (anigalbat) should be read as ani-Rabbat, a West-Semitic (Amorite) name meaning “Great ani.” If this understanding of the name is correct, then one should read BALA a-bi-gal as BALA a-bi-GAL “Habi-rabbat dynasty.” As pointed out by G. Frame (RIMB 2 pp. 90–91), it is unclear why some Assyrian kings are given dynastic affiliation (Sennacherib and Aur-ndin-umi to the abigal [anigalbat] dynasty, and Shalmaneser V to the Baltil dynasty) while others are not (Tiglath-pileser III, Sargon II, and Esarhaddon). It is also curious that King List A describes Marduk-apla-iddina II during his first regnal period (721–710) as being from the Sealand dynasty (KUR tam-), but as a soldier of abi (anigalbat) during his second regnal period (703). 63 J.A. Brinkman (Studies Oppenheim pp. 24–25 n. 137 and RLA 7/5–6 [1989] p. 379) proposes that Marduk-zkir-umi II is likely to be identified with a provincial governor of this name who is said to have been the son (or descendant) of Arad-Ea and who appeared as a witness in a kudurru composed at Babylon in 715 (Messerschmidt and Ungnad, VAS 1 no. 37 v 2–3). 64 For the interpretation that BALA E may refer to the Babylon Dynasty, see Brinkman, PKB pp. 166–171.

Introduction

24 iv 3´) iv 4´)

[ditto] [Esarhaddon], king of Assyria and Babylon

Bl-upair Nabû-zru-ler

5. Ptolemaic Canon (Wachsmuth, Alten Geschichte p. 305; Grayson, RLA 6/1–2 [1980] p. 101 §3.8) " $ !  

 "  %   μ  !   " 

     

Arkeanos (Sargon II) Kingless Bilibos (Bl-ibni) Aparanadios (Aur-ndin-umi) Rhegebelos (Nergal-uzib) Mesesimordakos (Muzib-Marduk) Kingless Asaradinos (Esarhaddon)

5 (years) 2 (years) 3 (years) 6 (years) 1 (year) 4 (years) 8 (years) 13 (years)

Eponym Dates In Assyria, each year was named after a high official, called a limmu or l mu in Akkadian, and lists of these officials (eponyms) were compiled by the Assyrian scribes. The following list of the eponym officials for the reign of Sennacherib is based upon Millard, SAAS 2 pp. 48–51, 60–61, and 71. Dated inscriptions that are included in the present volume are also noted below. A number of inscriptions whose dates may possibly be determined with some degree of confidence (e.g., instances with a clear terminus post quem for the inscription) are given in bold. Year

Regnal Year

705 704 703 702 701 700 699 698 697 696 695 694 693 692 691 690 689 688 687 686 685 684 683 682 681

Accession year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Eponym Nasur-Bl, governor of Amedi Nabû-dn-pu, governor of Nineveh Nuya, governor of Kilizi Nabû-li, governor of Arbela annu, governor of Tl-Barsip Mitnu, governor of Isna Bl-arrni, governor of Kurbail ulmu-arri, governor of alzi-atbar Nabû-dr-u!ur, governor of Tamnunna ulmu-Bl, governor of Talmusi Aur-blu-u!ur, governor of auppa/Katmuu Ilu-issya, governor of Damascus Iddin-a, governor of Dr-arrukn Zazya, governor of Arpad Bl-muranni, governor of Carchemish Nabû-knu-u!ur, governor of Samaria Gailu, governor of atarikka Iddin-a, governor of imirra Sennacherib, king of Assyria Bl-muranni, commander of the right Aur-dainanni of Que Manzernê, governor of Kullania Mannu-k-Adad of upite Nabû-arru-u!ur, governor of Mara Nabû-a-re, governor of Samal

Dated Texts

1, 2–3, 36 4 5, 6–7, 8 14 15 16 16, 19 17 20 18, 22–23 35–36, 37 22 24–25 26

Introduction

25

Chronicles The Eponym Chronicle and three Mesopotamian chronicles provide useful information both on events of the reign of Sennacherib and on the order of those events. The standard edition of the Eponym Chronicle is that of Millard (Millard, SAAS 2) and that of Mesopotamian chronicles is the edition of A.K. Grayson (Grayson, Chronicles), but note also the recent edition by J.-J. Glassner (Glassner, Chronicles) and the on-going work by I. Finkel and R.J. van der Spek (see www.livius.org/cg-cm/chronicles/chron00.html [2012]). For the convenience of the user of this volume, it has been thought useful to present translations of the relevant passages here; these translations are adapted from the aforementioned works. 1. The Eponym Chronicle (Millard, SAAS 2, in particular pp. 48–49 and 60–61; Glassner, Chronicles pp. 164–177 no. 9, especially pp. 174–177) -----------In the eponymy of Nasur-Bl, governor The ki[ng ...]; against Gurdî, the Kulummian ... [...]. The king of the city Amedi (705): was killed (and) the camp of the king of Assyria [...]. Sennacherib [became] ki[ng] in the month Abu (V), on the 12th day.65 -----------In the eponymy of Nabû-dn-pu, T[o ...] the cities Larak, Sarrabnu, [...]; the palace of the city governor of Nineveh (704): Kilizi was built; ... in [...]; nobles against the Kulummians.66 [In the e]ponymy of Nu[ya, governor [...] of the city Kilizi] (703): [In the eponymy of Nabû-li, governor [...] of Arbela] (702): [In the eponymy of ]an[nu, governor [.... f]rom the land alzi; ... [...]. of the city Tl-Barsip] (701): [In the eponymy of] Mitnu, govern[or [.... A]ur-ndin-umi, son of [Sennacherib/the king, ...; ...] of of the city Isna] (700): the palace in the citadel [...]; large cedar beams [...]; alabaster from Mo[unt ...] from Kapardargil[â ...]; ... to/for ... [...] of the king ... [...]. [In the eponymy of B][l-arrni, [...] governor of Kurbail] (699): Lacuna Lacuna 2. Chronicle Concerning the Period from Nabû-nir to ama - uma-uk n (Grayson, Chronicles pp. 69–87 no. 1; Glassner, Chronicles pp. 193–203 no. 16 and pp. 202–207 no. 17; note also Brinkman, Studies Moran pp. 73–104, especially pp. 102–104; and Weissert, CRRA 38 pp. 273–282)67 -----------ii 6–11) [The first year of Sennacherib (704): ...] ... [...] ... [...] M[arduk-apla-iddina (II) (Merodach-baladan) ...] ... [...]. ii 12–16a) The second year [of Sennacherib (703)]: He w[ent down to Akkad and did battle with Marduk-aplaiddina (II) before Kish. Marduk-apla-iddina (II) retreated before him (and) fled to the land Guzummnu. In Babylon, Sennacherib entered the palace of] Mard[uk-apla-iddina (II) and ... his royal treasures]. ii 16b–19) He (Sennacherib) ... [... (and) plundered (it), but] he did not disperse the Babylonians. He pursued [Marduk-apla-iddina (II) ...] (to) the border [of ...], but Marduk-apla-iddina (II) [could] no[t be found].68 ii 20–23) He (Sennacherib) plundered his (Marduk-apla-iddina II’s) land, ... [...] ... [and took] the cities Larak and Sarrab[nu]. When he withdrew, he (Sennacherib) put Bl-ibni on the throne in Babylon. -----------ii 24–25) The first year of Bl-ibni (702): Sennacherib ravaged the cities irimmu and araratu. -----------65

See Weissert, CRRA 38 pp. 279–280. See Frahm, JCS 51 (1999) pp. 83–84. 67 J.A. Brinkman (Studies Moran pp. 73–104) and E. Weissert (CRRA 38 p. 273 n. 1) prefer to treat this chronographic text as made up of three separate recensions rather than duplicates; J-J. Glassner (Glassner, Chronicles pp. 193–203 no. 16 and pp. 202–207 no. 17) similarly prefers to treat this text as two separate recensions. 68 The restorations in ii 6–19 tentatively follow Glassner, Chronicles pp. 196–197. 66

26

Introduction ii 26–31) The third year of B l-ibni (700): Sennacherib came down to Akkad and plundered Akkad. He sent B l-ibni and his nobles away in exile to Assyria. B l-ibni ruled Babylon for three years. Sennacherib put his son A

ur-n din- umi on the throne in Babylon. -----------ii 32–35) The first year of A

ur-n din- umi (699): allu u-(In u inak I), his ( utruk-Naunte II’s) brother, seized utruk-Naunte (II) and imprisoned him. utruk-Naunte (II) ruled the land Elam for eighteen years. His brother allu u-(In u inak I) ascended the throne in the land Elam. -----------ii 36–45) The sixth year of A

ur-n din- umi (694): Sennacher[ib] went down to the land Elam and ravaged (and) plundered the cities Nagtu, ilmu, Pillatu, and upapanu. Afterwards allu u-(In u inak I), king of the land Elam, marched to Akkad and at the end of the month Ta rtu (VII) entered Sippar. He killed its inhabitants. The god ama did not go out of Ebabbar. A

ur-n din- umi was captured and taken to the land Elam. A

ur-n din- umi ruled Babylon for six years. The king of the land Elam put Nergal-u zib on the throne in Babylon. He (Nergal-u zib) effected an Assyrian retr[eat]. -----------ii 46–iii 6a) The first year of Nergal-u [zib] (693): On the sixteenth day of the month Duzu (IV), Nergalu zib captured, looted, (and) plundered Nipp[ur]. On the first day of the month Ta rtu (VII), the ar[my of] Assyria entered Uruk (and) plundered the gods of Uruk and its inhabitants. After the arrival of the Elamites (and) the car[ryi]ng off of the gods of Uruk and its inhabitants (by the Assyrians),69 on the seventh day of the month Ta rtu, Nergal-u zib fought against the army of Assyria in the province of Nippur. He was captured on the battlefield and taken to Assyria. Nergal-u zib ruled Babylon for one year, (actually) six months. iii 6b–9a) On the twenty-sixth day of the month Ta rtu (VII), the subjects of allu u-(In u inak I), king of the land Elam, rebelled against him, imprisoned him, (and) executed him. allu u-(In u inak I) ruled the land Elam for six years. Kudur-(Naunte) ascended the throne in the land Elam. iii 9b–12) Afterwards Sennacherib went down to the land Elam and ravaged (and) plundered (it) from the land R i as far as Bt-Burnaki (var. Bt-Bunaki). Mu zib-Marduk ascended the throne in Babylon. -----------iii 13–16a) The first year of Mu zib-Marduk (692): On the seventeenth (var. eighth) day of the month Abu (V), Kudur-(Naunte), king of the land Elam, was captured during a rebellion and killed. Kudur(Naunte) ruled the land Elam for ten months. (umban)-nimena ascended the throne in the land Elam. iii 16b–18) In an unknown year, (umban)-nimena mustered the troops of the land Elam (and) Akkad and at the city alulê he fought against Assyria (var. the army of Assyria). He effected an Assyrian retreat.70 iii 19–21) The fourth year of Mu zib-Marduk (689): On the fifteenth day of the month Nisannu (I), (umban)-nimena, king of the land Elam, suffered a stroke, affecting his mouth so that he was unable to speak. iii 22–24) On the first day of the month Kislmu (IX), the city (Babylon) was captured. Mu zib-Marduk was captured and taken to Assyria. Mu zib-Marduk ruled Babylon for four years. iii 25–27) On the seventh day of the month Addaru (XII), (umban)-nimena, king of Elam, died. For four years (umban)-nimena ru[led] El[am]. umban-alta (I) ascended the throne in the land Elam. -----------iii 28–33) The eighth year that there was no king in Babylon (681): On the third day of the month Duzu (IV), the gods of Uruk went to Uruk from [the land El]am. On the twenty-third day of the month Ta rtu (VII), umban-[al]ta (I), king of the land Elam, was stricken at midday and [di]ed at [sun]set. umban-alta ruled the land Elam for eight years. umban-alta , the second, his [son], ascended the throne. iii 34–37) On the twentieth day of the month eb tu (X), Senn[ac]herib, king of Assyria, was killed by his son in a rebellion. Sennacherib ruled Assyria for [twenty-four] years. The rebellion continued in Assyria from the twentieth day of the month eb tu until the second day of the month Addaru (XII).

69 L.D. Levine (JCS 34 [1982] pp. 44–45 n. 52), following A.L. Oppenheim (ANET3 p. 302), suggests translating this passage as “Nergal-u zib fled to the Elamite, but they (the Assyrians) carried off the gods of Uruk and his (Nergal-u zib’s) people.” 70 The scribe of BM 75976 (AH 83-1-18,1338 = Grayson’s ex. B) placed a horizontal ruling line between iii 18 and 19, but the scribe of BM 92502 (84-2-11, 356 = Grayson’s ex. A) did not.

Introduction

27

iii 38) On the eighteenth/twenty-eighth day of the month Addaru (XII), his son Esarhaddon ascended the throne in Assyria. -----------3. Esarhaddon Chronicle (Grayson, Chronicles pp. 125–128 no. 14; Glassner, Chronicles pp. 206–211 no. 18; note also Brinkman, Studies Moran pp. 88–90) -----------31´–34´) For eight years (during the reign of) Sennacherib, for twelve years (during the reign of) Esarhaddon — twenty years (altogether) — the god Bēl stayed [in B]altil (Aššur) and the akītu-festival did not take place. The god Nabû did not come from Borsippa for the procession of the god Bēl. In the month Kislīmu (IX), Ashurbanipal, [his (i.e. Esarhaddon’s)] son, ascended the throne in Assyria. 4. Ak tu Chronicle (Grayson, Chronicles pp. 131–132 no. 16; Glassner, Chronicles pp. 212–215 no. 20) 1–4) For [eight] years (during the reign of) Se[nnacherib], for twelve years (during the reign of) Esar[haddon] — twenty years (altogether) — the god Bēl s[tayed] in Baltil (Aššur) [and] the akītufestival did not take pla[ce].




6HQQDFKHULE 



 6HYHUDO FOD\ F\OLQGHUV DQG F\OLQGHU IUDJPHQWV IURP 1LQHYHK DQG $ğğXU DUH LQVFULEHG ZLWK WKH HDUOLHVW NQRZQ DQQDOLVWLF DFFRXQW RI 6HQQDFKHULEˤV UHLJQ 7KLV LQVFULSWLRQ LQFOXGHV D VKRUW SURORJXH D OHQJWK\ DQG GHWDLOHG DFFRXQW RI WKH NLQJˤV ILUVW FDPSDLJQ ODWH ˡHDUO\   ZKLFK ZDV GLUHFWHG DJDLQVW 0DUGXNDSODLGGLQD ,, ELEOLFDO 0HURGDFKEDODGDQ DQG KLV &KDOGHDQ DQG (ODPLWH DOOLHV LQ %DE\ORQLD DQG D EXLOGLQJ UHSRUW GHVFULELQJ WKH ODUJHVFDOH UHQRYDWLRQV RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH DQG YDULRXV RWKHU SXEOLF ZRUNV DW 1LQHYHK LQFOXGLQJ WKH FUHDWLRQ RI D ERWDQLFDO JDUGHQ $OWKRXJK QRQH RI WKH F\OLQGHUV LQVFULEHG ZLWK WKLV WH[W DUH GDWHG WKH LQVFULSWLRQ ZDV SUREDEO\ ZULWWHQ HDUO\ LQ  6HQQDFKHULEˤV UG UHJQDO \HDU  ,Q OLHX RI D GDWH WKH VFULEH LQGLFDWHG WKH WRWDO QXPEHU RI OLQHV HDFK FRS\ ZDV LQVFULEHG ZLWK QLQHW\IRXU OLQHV RI WH[W 7KH LQVFULSWLRQ LV VRPHWLPHV UHIHUUHG WR DV WKH ˦)LUVW &DPSDLJQ &\OLQGHU˧

&$7$/2*8( ([

0XVHXP 1XPEHU

([FDYDWLRQ 5HJLVWUDWLRQ 1R



%0 





ˢ

.L 

3XUFKDVHG IURP , *«MRX 1LQHYHK $UHD 6+

        

ˢ ˢ %0  ˢ 5P  ˢ %0  ˢ 9$ 

%X    %X  ˢ %X  .L  %X  ˢ

3UREDEO\ 3UREDEO\ 1LQHYHK 3UREDEO\ 3UREDEO\ 3UREDEO\ 1LQHYHK 3UREDEO\ $ğğXU

3URYHQDQFH

1LQHYHK 1LQHYHK 1LQHYHK 1LQHYHK 1LQHYHK 1LQHYHK

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

 ORQJ  GLD  ORQJ  GLD ™ ™ ™ ™ ™ ™ ™ ™ ™

ˡ

F

ˡ ˡ

F

ˡ ˡ ˡ ˡ ˡ ˡ ˡ ˡ ˡ ˡ ˡ ˡ

F F F F F F F F F

&$7$/2*8( 2) 81&(57$,1 (;(03/$56 ([

0XVHXP 1XPEHU

([FDYDWLRQ 5HJLVWUDWLRQ 1R



%0 





. 

ˢ

3URYHQDQFH 1LQHYHK 6RXWK:HVW 3DODFH 7UHQFK ,, 3UREDEO\ 1LQHYHK

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

™

ˡ

F

ˢ

"ˡ

F

&200(17$5< 7KH VRFDOOHG ˦)LUVW &DPSDLJQ &\OLQGHU˧ LV RQH RI WKH HDUOLHVW H[WDQW WH[WV FRPSRVHG XQGHU WKH DXVSLFHV RI WKLV NLQJ 7ZR YHUVLRQV RI WKH WH[W DUH SUHVHQWO\ NQRZQ 7KH ILUVW LV ZULWWHQ RQ F\OLQGHUV GLVFRYHUHG

DW $ğğXU DQG 1LQHYHK DQG WKH VHFRQG LV LQVFULEHG RQ WZR F\OLQGHUV IRXQG DW 7DUELɇX 7KH SURORJXHV DQG DFFRXQWV RI PLOLWDU\ QDUUDWLRQ RI ERWK HGLWLRQV DUH LGHQWLFDO ZLWK PLQRU YDULDQWV  EXW WKH EXLOG



6HQQDFKHULE 

LQJ UHSRUWV GHYLDWH WKRVH IURP $ğğXU DQG 1LQHYHK UHFRUG ZRUN XQGHUWDNHQ DW 1LQHYHK ZKLOH WKRVH IURP 7DUELɇX GHVFULEH WKH UHEXLOGLQJ RI (JDOPHV ODP WKH WHPSOH RI WKH JRG 1HUJDO LQ WKDW FLW\ )RU WKLV UHDVRQ WKH 7DUELɇX F\OLQGHUV DUH HGLWHG RQ WKHLU RZQ LQ 3DUW  ZLWK WKH RWKHU 7DUELɇX LQVFULSWLRQV  7KDW WH[W KRZHYHU LV XVHG LQ WKH UHFRQVWUXFWLRQ RI WKH GDPDJHG SDVVDJHV LQ OLQHV ˡ ( )UDKP KDV VXJJHVWHG WKDW WKH WDOHQWHG VFULEH 1DE½]XTXSNÕQX ZDV WKH DXWKRU RI WKLV LQVFULSWLRQ )RU WKH HYLGHQFH VHH )UDKP ,6,08   SS ˡ )RU RWKHU ELRJUDSKLFDO LQIRUPDWLRQ RQ 1DE½]XTXSNÕQX VHH %DNHU DQG 3HDUFH 31$  SS ˡ 6HQQDFKHULEˤV F\OLQGHU LQVFULSWLRQV IDOO LQWR WZR EURDG FDWHJRULHV  IRXQGDWLRQ LQVFULSWLRQV ZLWK DQ QDOLVWLF DFFRXQWV WH[W QRV ˡ DQG  IRXQGDWLRQ LQVFULSWLRQV ZLWK QR PLOLWDU\ QDUUDWLRQ WKHVH FRUUH VSRQG WR *UD\VRQˤV ,$ DQG ,$ DQG ,% FDWHJRULHV UHVSHFWLYHO\ 2ULHQWDOLD 16  >@ SS ˡ  7KH ILUVW W\SH WKH JURXS WR ZKLFK WKLV WH[W EHORQJV UHSUHVHQWV WKH PRVW FRPPRQ W\SH RI WH[W DWWHVWHG RQ FOD\ F\OLQGHUV IURP WKH UHLJQ RI 6HQQDFKHULE ZKLOH WKH VHFRQG W\SH LV IDU OHVV FRPPRQO\ DWWHVWHG 7KH LQVFULSWLRQV ZLWK DQQDOLVWLF QDUUDWLRQ ZHUH LQ VFULEHG RQ F\OLQGHUV GHSRVLWHG LQ WKH VWUXFWXUH RI (JDO]DJGLQXWXNXD WKH ˦3DODFH :LWKRXW D 5LYDO˧  OR FDWHG LQ WKH VRXWKZHVW FRUQHU RI .X\XQMLN LQ WKH VWUXFWXUH RI WKH FLWDGHO ZDOO DQG LQ WKH VWUXFWXUH RI 1LQHYHKˤV QHZ ZDOO %DGQLJDOELOXNXUDğXğX ˦:DOO :KRVH %ULOOLDQFH 2YHUZKHOPV (QHPLHV˧  DW 7DUELɇX WKH\ ZHUH GHSRVLWHG LQ WKH VWUXFWXUH RI (JDOPHVODP 7H[WV ZLWKRXW PLOLWDU\ QDUUDWLRQ ZHUH SUREDEO\ DOO ZULWWHQ RQ FOD\ F\OLQGHUV GHSRVLWHG LQ WKH VWUXFWXUH RI D WHPSOH 7KHUH DUH QXPHURXV IUDJPHQWV RI FOD\ F\OLQGHUV LQVFULEHG ZLWK DQQDOLVWLF DFFRXQWV DQG UHSRUWV RI FRQVWUXFWLRQ RI WKH NLQJˤV SDODFH $OPRVW DOO RI WKHVH ZLWK D IHZ H[FHSWLRQV WH[W QRV ˡ  DUH GXSOLFDWHV RI WH[W QRV ˡ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

QXPEHU IRU H[DPSOH H[V  DQG  RI WKLV LQVFULS WLRQ DQG WKHVH H[HPSODUV DUH OLVWHG LQ D VHSDUDWH FDW DORJXH &DWDORJXH RI 8QFHUWDLQ ([HPSODUV  EHQHDWK WKH PDLQ FDWDORJXH $VVXPLQJ H[  LV QRW LQVFULEHG ZLWK D FRS\ RI WKLV WH[W WKHQ WKDW IUDJPHQW FRXOG SUHVHUYH OLQHV ˡ RI WH[W QR  WH[W QR  RU WH[W QR  ([  LV OLNHO\ DQ H[HPSODU RI WKLV WH[W UDWKHU WKDQ RI WH[W QRV ˡ  EXW LWV DWWULEXWLRQ LV D ELW XQ FHUWDLQ EHFDXVH WKHUH DUH RQO\ WUDFHV RI VLJQV LQ OLQHV vˡv DQG v DQG EHFDXVH WKH UHDGLQJV RI VHYHUDO RI WKH VLJQV LQ OLQHV vˡv DUH QRW HQWLUHO\ FHUWDLQ 7KH SURYHQDQFH RI H[  LV QRW NQRZQ EXW DF FRUGLQJ WR UHFRUGV LQ WKH %ULWLVK 0XVHXP WKLV F\OLQ GHU ZDV SXUFKDVHG IURP , *«MRX 6 6PLWK 6HQQ S  SURSRVHG WKDW LW FDPH IURP WKH VDPH ORFDWLRQ DV %0  WH[W QR  H[   ZKLFK ($: %XGJH %\ 1LOH DQG 7LJULV  S  VWDWHV ˦ZDV IRXQG LQ D FKDPEHU EXLOW LQ WKH ZDOO RU SHUKDSV LW ZDV VXQN LQ WKH DFWXDO ZDOO  FORVH WR RQH RI WKH KXPDQKHDGHG EXOOV RI RQH RI WKH JDWHV RI 1LQHYHK DQG WKH EXOO QHDU ZKLFK LW ZDV SODFHG PXVW KDYH EHHQ UHPRYHG EHIRUH LW FRXOG EH H[WUDFWHG IURP WKH ZDOO˧ $O WKRXJK WKH EXLOGLQJ UHSRUW GHVFULEHV ZRUN RQ 6HQQ DFKHULEˤV ˦3DODFH :LWKRXW D 5LYDO˧ LW VKRXOG QRW EH DVVXPHG WKDW H[  ZDV GHSRVLWHG LQ WKH VWUXFWXUH RI WKDW EXLOGLQJ EHFDXVH VHYHUDO FOD\ SULVPV DQG F\OLQ GHUV FRQWDLQLQJ EXLOGLQJ UHSRUWV UHFRUGLQJ ZRUN SHU IRUPHG DW 1LQHYHK IRU H[DPSOH H[  ZHUH GLVFRY HUHG DW $ğğXU ( )UDKP 6DQKHULE S  DQG ,6,08  >@ S  WHQWDWLYHO\ VXJJHVWV WKH SRVVLELOLW\ WKDW H[  RULJLQDWHV IURP $UHD 6+ DQ DUHD ORFDWHG QRUWK RI .X\XQMLN DQG FORVH WR WKH ZHVWHUQ ZDOO DQG D OR FDWLRQ DW ZKLFK PDQ\ LQVFULEHG F\OLQGHUV DQG SULVPV ZHUH IRXQG RU DUH WKRXJKW WR KDYH EHHQ GLVFRYHUHG ([  .L  PD\ KDYH EHHQ SLFNHG XS E\ D JXDUG LQ $UHD 6+ VHH )UDKP ,6,08   S  %DVHG RQ WKHLU PXVHXP QXPEHU H[V    DQG  FRXOG FRPH IURP WKH VDPH F\OLQGHU EXW ZLWKRXW DQ\ SK\VLFDO MRLQV 5 %RUJHU %$/ S  OLVWHG 7K   DV DQ H[HPSODU RI WKLV WH[W EXW WKDW IUDJPHQW LV DQ H[HPSODU RI WH[W QR  DQG LV WKHUHIRUH HGLWHG ZLWK WKDW LQVFULSWLRQ 7KH PDVWHU WH[W LV H[  ZLWK VRPH UHVWRUDWLRQV IURP H[V   ˡ DQG  OLQH  LV D FRQIODWLRQ RI H[V  DQG  $ VFRUH RI WKH LQVFULSWLRQ LV SUHVHQWHG RQ WKH &'520 7KH GDPDJHG SDVVDJHV LQ OLQHV ˡ DUH UHVWRUHG IURP WKH WZR F\OLQGHUV GLVFRYHUHG DW 7DUELɇX )RU D FRPELQHG VFRUH RI OLQHV ˡ RI WKH 1LQHYHK DQG 7DUELɇX UHFHQVLRQV RI WKH ˦)LUVW &DP SDLJQ &\OLQGHU˧ ZLWK GHWDLOHG WH[WXDO FRPPHQWDU\ VHH WKH HGLWLRQ LQ )UDKP ,6,08   SS ˡ

6HQQDFKHULE 



%,%/,2*5$3+<                     

%H]ROG &DW  SS     DQG  H[V ˡ ˡ  VWXG\ .LQJ &DW SS  QR   QR  DQG  QR  H[V    VWXG\ 6 6PLWK 6HQQ H[V ˡ FRS\ HGLWLRQ 7KXUHDX'DQJLQ 5$  SS ˡ H[V ˡ VWXG\ %0 *XLGH SS  QR  H[  VWXG\ (EHOLQJ %%.  H[V ˡ HGLWLRQ 0HLVVQHU 2/=  FROV ˡ H[V ˡ VWXG\ /XFNHQELOO 6HQQ SS  ˡ DQG ˡ $ H[  HGLWLRQ /XFNHQELOO $5$%  SS ˡ iiˡ DQG SS ˡ iiˡ H[  WUDQVODWLRQ :HLGKDDV =$  SS ˡ OLQHV ˡ HGLWLRQ VWXG\ %ULQNPDQ 6WXGLHV 2SSHQKHLP SS ˡ DQG  VWXG\ %ULQNPDQ -1(6  SS ˡ OLQHV ˡ HGLWLRQ VWXG\ */ 5XVVHOO 6HQQ SS ˡ H[V ˡ HGLWLRQ /DPEHUW DQG 0LOODUG &DW SS  DQG  H[V    VWXG\ (SKƻDO -$26  SS ˡ H[  VWXG\ %RUJHU %$/ SS ˡ  VWXG\ %ULQNPDQ 3UHOXGH SS ˡ VWXG\ 'DOOH\ LQ &XUWLV %URQ]HZRUNLQJ SS ˡ OLQHV ˡ VWXG\ /DPEHUW &DW S  H[  VWXG\ /DDWR 97  S  OLQHV ˡ VWXG\ : 0D\HU 6WXGLHV YRQ 6RGHQ SS ˡ OLQH  VWXG\

                 

5HDGH LQ &XUWLV DQG 5HDGH $UW DQG (PSLUH S  QR  H[  SKRWR VWXG\ )UDKP 6DQKHULE SS ˡ 7  H[V ˡ  VWXG\ OLQHV ˡ VFRUH 3HGHUV«Q .DWDORJ S  H[  VWXG\ *DOODJKHU 6HQQDFKHULEˤV 7KLUG &DPSDLJQ S  OLQH  WUDQVODWLRQ VWXG\ 0DWWKLDH 1LQLYH S  H[  SKRWR %DJJ $VV\ULVFKH :DVVHUEDXWHQ S ˡ  QR  ˡ 7H[WEDXVWHLQ ˡ DQG 7DEOH  OLQHV ˡ ˡ HGLWLRQ VWXG\ /DQIUDQFKL 0HODPPX  S  Q  OLQH  VWXG\ 1DƺDPDQ -$26  S  OLQH  WUDQVODWLRQ VWXG\ 9HUD &KDPD]D 2PQLSRWHQ] SS ˡ QRV ˡ OLQHV ˡ ˡ   HGLWLRQ &RJDQ &26  SS ˡ OLQHV ˡ WUDQVODWLRQ )UDKP ,6,08  SS ˡ OLQHV ˡ FRPSRVLWH HGLWLRQ H[V ˡ VWXG\ 5HQJHU 6WXGLHV :LOFNH S  VWXG\ 5LYDUROL ,UDT  SS ˡ OLQH  WUDQVODWLRQ OLQHV  ˡ VWXG\ $VWHU -$26  SS  DQG  OLQHV   WUDQVODWLRQ VWXG\ )UDKP -&606  S  OLQHV ˡ WUDQVODWLRQ VWXG\ :LQWHU 6$2&  S  OLQHV ˡ VWXG\ )UDKP .$/  SS  ˡ DQG  QR  H[  FRS\ HGLWLRQ )UDKP 5/$ ˡ S  VWXG\

)LJXUH  %0  WH[W QR  H[   WKH )LUVW &DPSDLJQ &\OLQGHU RI 6HQQDFKHULE ZKLFK UHFRUGV WKH NLQJˤV ILUVW FDPSDLJQ DQG WKH FRQVWUXFWLRQ RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ k 7UXVWHHV RI WKH %ULWLVK 0XVHXP



6HQQDFKHULE 

7(;7 

 



















PG(1=8Ğ(Ğ0(ĞHULED /8*$/ *$/ /8*$/ GDQQX /8*$/ .85 DğğXU., /8*$/ OD ğ£QDDQ 5(‹80 PXWQHQQX¼ SDOLȃ ',1*,50(Ğ *$/0(Ğ QDȻLU NLWWL UDƮLLP PLğ£UL HSLğ ¼VDDWL DOLN WDSSXXW DNLL VDȃLUX GDPTDDWL HɅOXP J¯WPDOXP ]L NDUX TDUGX Dğ£UHG NDO PDDONL UDSSX ODƮLLɅ OD PDJLUL PXğDEULTX ]DPDDQL GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ ΢¼ΣğDWOLPDDQQLPD 8*8 JLPLU DğLE SDUDNNL ¼ğDUEDD *,Ğ78.8/0(ĞLD LQD 6$* /8*$/WLLD ğD LQD *,Ğ΢*8=$Σ >EHOXWL ¼@ğLEXPD EDȃXODDWH .85 DğğXU., ¼PDƮHUX LQD WDğPHH » VDOLPH PG$0$5878,%,/$6801$ /8*$/ .85N£U΢GXQΣ>LD£ğ DDEX OHP@΢QXΣ EDUDQX¼ NDUDğ VXUUDDWL HSLğ OHPXWWL ğD DQ]LOODğX ΢NLWΣWX PğXW¼UGQDȃXGX /œ΢HΣ>ODPX¼ DQD LE"@΢UX"ΣWLğ¼ LVȃXUPD .›*, .›%$%%$5 QLVLTWL 1$̎0(Ğ ¼ğDWOLPğXPD HWHUULVX ΢NLWΣUX PLPEDDSSD /œWXUWD΢QXΣ>ğ¼ LWWL JLSLğ XP@PDQDWLğ¼ PWDDQQDDQX /œ8̏  /œ*$/ .,Ɇ,50(Ğ DGL PG8*85QDȻLU /œVXWX¼ OD DGLUX WDȃD]X  /,0 /œ(5,00(Ğ *,Ğ΢3$1Σ >*,ĞD]PDUHH  0(  *,Ğ@΢ȻXΣXP΢EL $1Ğ(Σ.855$0(Ğ LWWL ğ¼QXWLPD DQD .85 (0(*,̑ » 85,., LğSXUD UH΢ȻXΣ>XV@΢VXΣ » ğX΢¼Σ >/œNDOGX OHPQX HSLğ Ȏ8/WLP 18081 Q«HUWL 818*.,@ ΢$5$50$Σ., œ5,., HULGX., NXODED̎., NLLV΢VLN.,Σ 858Q«PHGG΢ODΣ>JX@GD .85‹P΢LDΣ>NLQL .85‹PDPXNNDDQL .85‹PDğLODQL .85‹PVDƮD@΢DOΣOL .85‹PGDNNXUL VLȃLUWL ΢/œΣNDOGL PDOD EDğX΢¼Σ ğD *œ ΢'Σ>,',*1$ /œWXƮXPXQD /œULȃLȃX /œ@΢LDΣGDTTX /œJLEUHH ΢/œPDOLΣȃX

ˡ 6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI $VV\ULD XQULYDOOHG NLQJ SLRXV VKHSKHUG ZKR UHYHUHV WKH JUHDW JRGV JXDUGLDQ RI WUXWK ZKR ORYHV MXVWLFH UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHDN DQG VWULYHV DIWHU JRRG GHHGV SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQWUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQHPLHV ZLWK OLJKWQLQJ  7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDOOHG VRYHUHLJQW\ DQG PDGH P\ ZHDSRQV JUHDWHU WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLVHV ˡ $W WKH EHJLQQLQJ RI P\ NLQJVKLS DIWHU >,@ VDW RQ WKH >ORUGO\ @ WKURQH DQG WRRN FRPPDQG RI WKH SRSXODWLRQ RI $VV\ULD DPLG REHGLHQFH DQG SHDFH 0DUGXNDSODLGGLQD ,, 0HURGDFKEDODGDQ  NLQJ RI .DUGXQ>LDğ %DE\ORQLD  DQ HY@LO >IRH@ D UHEHO ZLWK D WUHDFKHURXV PLQG DQ HYLOGRHU ZKRVH YLOODLQRXV DFWV DUH WUXH VRXJKW >IULH@QGVKLS ZLWK ĞXWXU1DȏXQGX ĞXWUXN1DȏȏXQWH ,,  DQ (>ODPLWH@ E\ SUHVHQWLQJ KLP ZLWK JROG VLOYHU DQG SUHFLRXV VWRQHV WKHQ KH FRQWLQXRXVO\ UHTXHVWHG UHLQIRUFHPHQWV ˡ 7R WKH ODQG RI 6XPHU DQG $NNDG KH ĞXWXU 1DȏXQGX VHQW WR KLV 0DUGXNDSODLGGLQDˤV DV VLV>WDQFH@ ,PEDSSD >KLV@ ILHOG PDUVKDO >WRJHWKHU ZLWK WKH PDVVHG ERG\ RI@ KLV >WU@RRSV 7DQQÃQX KLV WKLUG PDQ WHQ XQLW FRPPDQGHUV LQFOXGLQJ 1HUJDOQÃɇLU D 6XWLDQ ZKR LV IHDUOHVV LQ EDWWOH  DUFKHUV DQG >ODQFHUV DQG WKH @ ZDJRQV DQG KRUVHV WKDW ZHUH ZLWK WKHP ˡ 0RUHRYHU KH >WKH HYLO &KDOGHDQ HYLOGRHU DQG RIIVSULQJ RI PXUGHU@ JDWKHUHG WRJHWKHU >8UXN /DUV@D 8U (ULGX .XODED .LVVLN DQG 1ÕPHG/D>JX@GD WKH ODQGV RI WKH %êWNêQ %êW$PXNÃQL %êW$ğLOOÃQL %êWĞLOOÃQL  %êW6DƺD@OOL DQG %êW'DNNħUL DOO RI WKH &KDOGHDQV DV PDQ\ DV WKHUH ZHUH RQ WKH EDQNV RI WKH >7LJULV@ 5LYHU WKH >7XƺXPXQD 5LȏLȏX@ 6XUDSSX@ 5LYHU >WKH *XUXPX 8EXOX 'DPX@QX *DP EXOX +LQGDUX 5XƺXƺD DQG 3XTXGX RQ WKH EDQNV

 5(‹80 PXWQHQQX¼ SDOLȃ ',1*,50(Ğ *$/0(Ğ ˦SLRXV VKHSKHUG ZKR UHYHUHV WKH JUHDW JRGV˧ 6HQQDFKHULE XVHV WKHVH HSLWKHWV LQ PRVW RI KLV F\OLQGHU LQVFULSWLRQV ZULWWHQ EHWZHHQ  DQG  7KH 7DUELɇX FRSLHV RI WKH ˦)LUVW &DPSDLJQ &\OLQGHU˧ KRZHYHU KDYH 5(‹80 NHHQX PLJLU ',1*,50(Ğ *$/0(Ğ ˦WUXH VKHSKHUG IDYRULWH RI WKH JUHDW JRGV˧ HSLWKHWV PRUH LQ OLQH ZLWK WH[WV LQVFULEHG RQ FOD\ SULVPV 6HH )UDKP ,6,08   S  IRU IXUWKHU LQIRUPDWLRQ  )RU D VWXG\ RI WKHVH HSLWKHWV VHH 7DGPRU 6WXGLHV :HLQIHOG SS ˡ  ]L  ([  KDV 5,  EDUDQX¼ NDUDğ VXUUDDWL HSLğ OHPXWWL ğD DQ]LOODğX ΢NLWΣWX ˦D UHEHO ZLWK D WUHDFKHURXV PLQG DQ HYLOGRHU ZKRVH YLOODLQRXV DFWV DUH WUXH˧ $V ( )UDKP ,6,08  >@ S  KDV DOUHDG\ SRLQWHG RXW WKHVH HSLWKHWV IRU 0DUGXNDSODLGGLQD ,, DUH DQWLWKHWLFDO WR 6HQQDFKHULEˤV HSLWKHWV  03 6WUHFN 5/$ ˡ >@ S   DVVHVVLQJ WKH SUHVHQW WH[WXDO HYLGHQFH SURSRVHV WKDW WKH %êWVXUDSSL /œJXUXPX /œ¼EXOXP /œGDPX@΢QXΣ /œJDPEXOX /œȃLLQGDUX /œUXƮXXD ΢/œSXTXΣGX ğD *œ ΢'Σ>%85$181 /œȃDDPUDDQX /œȃDJDUDDQX@ /œQDEDW¼ /œOLLƮWDD¼ /œDUDPX OD NDQğX ğ£ OD L΢GX"¼Σ PL΢WX"ΣWXP 1,%58., GLO΢EDWΣ>., 0$5$''$., NLğ., 858ȃXUVDJNDODPPD .ƒ',1*,5@΢5$Σ., E£UVLSD., *œ'8̒$., JLPLU .85N£UGXQLD£ğ LğWHQLğ ¼SDȃLU΢PDΣ >¼@΢ğDNΣȻLU ΢WDΣȃD]X LDDWL ΢PG(1=8Ğ(ĞΣ0(ĞHUL΢ED ]L"NDU" (',1"Σ QDDƮ΢GXΣ HSğHWLğ¼ OHPQ«HWL ¼ğ£DQQXQLPPD ODDEELğ DQQDGLUPD T«UHE .ƒ',1*,55$., D΢QD PDȃΣULğX DTɅL΢ELΣ DODNX ğX¼ ȃLULLȻ JDOOHH OHPQL DODN JHUULLD LğPHPD $1Ğ(.855$0(Ğ (5,00(Ğ *,Ğ3$1 /œDODPX¼ /œDUDPX /œNDOGX LWWL PG8*85QDȻLU »  /œ*$/ .,Ɇ,5>0(Ğ /8*$/@ .85(/$00$., ΢ğ£ ODΣ LGX PL΢WXΣW¼ HPXT¯ OD QLEL LWWL ğ¼QXWLPD ¼GDQQLLQ NLLȻULğ¼XQ T«UHE *œ'8̒$., LğWHQLğ ¼ğHULEPD DQD PHWHHT JHUULLD ¼ğ£DQ΢ȻLU NDΣD΢GXΣ ȻLLQGLLD XğWHğHUD 8'.ƒ0 ğD ,7,== XOWX EDOWLO., *,0 *8̎$0 JDSğL PHȃUHW (5,0Ȏ,$LD DȻEDWPD SDDQ JLLSğLLD XO ¼ğDG΢JLOPDΣ DU΢NDΣD XO ΢¼ΣT¯ /œ*$/ 6$* /œ(11$00(ĞLD DQD NLğ., ¼PDƮHHU PDȃUXXD ¼UXXȃ PG$0$5878,%,/$6801$ ȻDEWDDPD H WHJDD GXQQLQD PDȻDUWXğ ğX¼ /œ(11$00(ĞLD HPXUPD DGL JLPLU HOODWLğ¼ .ƒ*$/ G]DED̎ED̎ XȻȻDDPPD LQD WDPLUWL NLğ., LWWL /œ*$/0(ĞLD HSXXğ WDȃD]X /œ*$/0(ĞLD TLWUXXE WDȃD]L /œ.œ5 8*8ğ¼XQ LGQLQPD XO LOHƮX¼ PDȃDDUğX ΢/œΣ$ ğLSULğ¼XQ ğD ȃDPDW LQD T«UHE WDPLUWL *œ'8̒$., ȻHUXXD LğSXUXXQL LQD XJJDW O®EELLD 8*8 *œ'8̒$., WLEX ğDPUX £ğNXQPD /œPXQGDȃȻL VDȃLLU %‚'ğ¼ ΢DVΣOLLğ ¼ɅHEELLȃPD DȻȻDEDW 858 $1Ğ(.855$0(Ğ (5,00(Ğ *,Ğ3$1 /œHODPHH /œDUDPX /œNDOGX /œ*$/ .,Ɇ,50(Ğ /œ.85(/$00$., » PG8*85QDȻLU DGL '8080(Ğ 858 (1 ȃLLɅɅL



RI WKH >(XSKUDWHV@ 5LYHU >WKH ȎDPUÃQX ȎDJDUÃQX@ 1DEDWX DQG /LƺWDƺX ˢ LQVXEPLVVLYH $UDPHDQV ZKR GLG QRW NQRZ IHDU RI GHDWK  1LSSXU 'LOEDW >0DUDG .LVK ȎXUVDJNDODPD %DE\@ORQ %RUVLSSD DQG &XWKD DOO RI .DUGXQLDğ %DE\ORQLD DQ>G SU@HSDUHG WKHP IRU EDWWOH

ˡ :KHQ WKH\ UHSRUWHG KLV 0DUGXNDSODLGGLQDˤV HYLO GHHGV WR PH 6HQQDFKHULE WKH DWWHQWLYH PDQ RI WKH VWHSSH , UDJHG XS OLNH D OLRQ DQG RUGHUHG WKH PDUFK LQWR %DE\ORQ WR FRQIURQW KLP +H 0DUGXN DSODLGGLQD  WKH YHU\ LPDJH RI DQ HYLO JDOO½GHPRQ KHDUG DERXW WKH DGYDQFH RI P\ H[SHGLWLRQDU\ IRUFH WKHQ KH UHLQIRUFHG WKHLU FRPSDQLHV ZLWK KRUVHV DQG (ODPLWH $UDPHDQ DQG &KDOGHDQ DUFKHUV WRJHWKHU ZLWK 1HUJDOQÃɇLU DQG WHQ XQLW FRPPDQGHU>V RI WKH NLQJ RI@ WKH ODQG (ODP ZKR GLG QRW NQRZ IHDU RI GHDWK DQG WKH FRXQWOHVV IRUFHV ZKR ZHUH ZLWK WKHP +H EURXJKW WKHLU FRQWLQJHQWV WRJHWKHU LQ &XWKD DQG KDG WKHP NHHS ZDWFK DW RXWSRVWV IRU WKH DSSURDFK RI P\ H[SHGLWLRQDU\ IRUFH ˡ , SXW P\ \RNHG WHDPV LQ RUGHU 2Q WKH WZHQWLHWK GD\ RI WKH PRQWK ĞDEÃɑX ;,  OLNH D SRZHUIXO ZLOG R[ , WRRN WKH OHDG RI P\ WURRSV IURP %DOWLO $ğğXU  EXW , GLG QRW ZDLW IRU WKH PDLQ IRUFH RI P\ DUP\ QRU GLG , ZDLW IRU WKH UHDU JXDUG  , VHQW P\ FKLHI HXQXFK DQG P\ SURYLQFLDO JRYHUQRUV WR .LVK DKHDG RI PH VD\LQJ  ˦7DNH WKH URDG WR 0DUGXNDSOD LGGLQD ,, 0HURGDFKEDODGDQ  EXW GR QRW EH FDUHOHVV DERXW SXWWLQJ D VWURQJ ZDWFK RQ KLP˧ ˡ +H 0DUGXNDSODLGGLQD VDZ P\ SURYLQFLDO JRYHUQRUV WKHQ FDPH RXW RI WKH =DEDED *DWH ZLWK DOO RI KLV IRUFHV DQG GLG EDWWOH ZLWK P\ PDJQDWHV LQ WKH SODLQ RI .LVK 7KH HQHP\ SUHYDLOHG RYHU P\ PDJQDWHV LQ WKH WKLFN RI EDWWOH DQG WKH\ P\ PDJQDWHV ZHUH XQDEOH WR ZLWKVWDQG KLP 7KH\ VHQW WKHLU PHVVHQJHU WR PH LQ WKH SODLQ RI &XWKD IRU KHOS ˡ ,Q P\ UDJH , XQOHDVKHG D ILHUFH DVVDXOW RQ &XWKD WKHQ , VODXJKWHUHG WKH ZDUULRUV VXUURXQGLQJ LWV ZDOO OLNH VKHHS DQG WRRN SRVVHVVLRQ RI WKH FLW\ , EURXJKW RXW KRUVHV WKH (ODPLWH $UDPHDQ DQG &KDOGHDQ DUFKHUV WKH (ODPLWH XQLW FRPPDQGHUV DQG 1HUJDOQÃɇLU WRJHWKHU ZLWK WKH JXLOW\ FLWL]HQV DQG , FRXQWHG WKHP DV ERRW\

ˡ )RU D UHFHQW VWXG\ RI WKHVH $UDPHDQ WULEHV VHH )UDKP ,6,08   SS ˡ &RPSDUH WKH OLVW RI $UDPHDQ WULEHV LQ WKH LQVFULSWLRQV RI 7LJODWKSLOHVHU ,,, 7DGPRU DQG ȃXU@ EDȃXODWH 858ȃLULPPH /œ.œ5 DNȻX ğD XOWX XOOD DQD /8*$/0(ĞQL $'0(ĞLD OD LNQX΢ğX LQDΣ *,Ğ78.8/ ¼ğDPTLWPD QDSLğWXP XO H]LE QDJX¼ ğXDWX DQD HğğXWL DȻEDW HQ *8̎  8'80(Ğ  $1Ğ( *(Ğ7,10(Ğ  $1Ğ( =œ/800$ UHğHWHğ¼ DQD JLQ«H ',1*,50(Ğ

(ULGX .LVVLN 1ÕPHG/DJXGD DQG 'ħUJXLO@W\ FLWL]HQV DQG , FRXQWHG WKHP DV ERRW\  , OHW P\ DUP\ HDW WKH JUDLQ DQG GDWHV LQ WKHLU JDUGHQV WKH ILHOGV WKH\ KDG ODERUHG LQ DQG WKH FURSV LQ WKH FRXQWU\VLGH ZKLFK LV W>KHLU@ OL>IHˤV@ QHFHVVLW\  , DSSRLQWHG RYHU WKHP %ÕOLEQL D VRQ RI D UDE EDQ° DQG D VFLRQ RI ĞXDQQD %DE\ORQ ZKR KDG JURZQ XS OLNH D \RXQJ SXSS\ LQ P\ SDODFH >DV NLQJ RI WKH ODQG RI 6XPHU@ DQG $NNDG ˡ 2Q P\ UHWXUQ PDUFK , GHIHDWHG >DOO WRJHW@KHU WKH 7XƺXPXQD 5LȏLȏX ¬ 0DOL ȏX 0DODȏX  *XUXPX 8@EXOX 'DPXQX *DPEXOX ȎLQ GDUX 5XƺXƺD 3XTXGX ȎDPUÃQX ȎDJDUÃQX 1DEDWX DQG /L>ƺ@WDƺ>X LQVXEPLVVLYH $UDPHDQV@ DQG , SOXQ GHUHG WKHP

 ,Q WKH FRXUVH RI P\ FDPSDLJQ , UH>FHLYHG@ D VXEVWDQWLDO SD\PHQW IURP 1DE½EÕOğXPÃWL WKH RI ILFLDO LQ FKDUJH RI WKH FLW\ ȎDUDUDWX JROG VLOYHU ODUJH PX>VXNNDQQX@WUHHV GRQNH\>V F@DPHOV R[HQ DQG VKHHS DQG JRDWV ˡ , SXW WR WKH VZRUG WKH SRSXODWLRQ RI WKH FLW\ ȎLULPPX D GDQJHURXV HQHP\ ZKR VLQFH WLPH LPPHPRULDO KDG QRW VXEPLWWHG WR WKH NLQJV P\ DQFHVWRUV DQG , GLG QRW OHDYH RQH DOLYH , UHRUJDQL]HG WKDW GLVWULFW DQG LPSRVHG IRU HWHUQLW\ RQH R[ WHQ VKHHS WHQ KRPHUV RI ZLQH DQG WZHQW\ KRPHUV RI GDWHV DV KLV ILUVWIUXLWV RIIHULQJV IRU WKH JLQ½RIIHULQJV

  8580(QL ˦ FLWLHV˧ 2QO\ HLJKW\RQH FLWLHV DUH DFWXDOO\ OLVWHG &RPSDUH WKH 7DUELɇX UHFHQVLRQ ZKLFK UHFRUGV WKH WRWDO DV ˦HLJKW\HLJKW FLWLHV˧ EXW ZLWK HLJKW\VHYHQ FLWLHV PHQWLRQHG E\ QDPH LQ RQH H[HPSODU DQG HLJKW\VL[ FLWLHV QDPHG LQ WKH RWKHU H[HPSODU 6HH WKH RQSDJH QRWH WR OLQH  IRU WKH QDPHV RI WKH PLVVLQJ VHYHQ FLWLHV 7KH WRWDO QXPEHU RI &KDOGHDQ FLWLHV LQ WH[W QR  OLQH  WH[W QR  OLQH  DQG WH[W QR  OLQH  LV  ,Q LQVFULSWLRQV ZULWWHQ RQ SULVPV WKH WRWDO LV UHGXFHG WR  IRU H[DPSOH VHH WH[W QR  L v DQG WH[W QR  L   0(  858>0(Ğ@ 7850(Ğ ˦ VPDOOHU VHWWOHPHQW>V@˧ 7KH QXPEHU LV UHGXFHG WR  LQ WH[W QR  DQG WR  LQ WKH SULVP LQVFULSWLRQV VHH WH[W QR  OLQH  WH[W QR  L v DQG WH[W QR  L   /œ¼UEL ˦DX[LOLDU\ IRUFHV˧ &$' 8: S  VXE XUEê IROORZLQJ , (SKƻDO DQG 1 1DƺDPDQ VXJJHVWV ˦D EDQG RI PHUFHQDULHV ˧ )RU GLVFXVVLRQV ZLWK SUHYLRXV OLWHUDWXUH RQ ZKHWKHU XUEê LV D GHVLJQDWLRQ IRU D PLOLWDU\ XQLWJURXS RU D JHQWLOLF VHH (SKƻDO -$26   SS ˡ Q  )UDKP 6DQKHULE SS ˡ (ODW 6WXGLHV .DOODL SS ˡ 1DƺDPDQ -$26   SS ˡ /LSLĂVNL $UDPDHDQV S  Q  DQG %DJJ :2   SS ˡ  /œPDOLȃX ˦WKH 0DOLȏX˧ &I WH[W QR  L  WH[W QR  L  WH[W QR  L  DQG WH[W QR  L  ZKHUH /œPDOLȃX LV ZULWWHQ /œPDODȃX

6HQQDFKHULE 





























.85 DğğXU., (10(ĞLD ¼NLQ G¢ULğDP LWWL  0(  /,0 ğDOODW 810(Ğ NDELWWXP  /,0  0( $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ  /,0  $1Ğ(0(Ğ  /,0  0(  $1Ğ(*$00$/0(Ğ  /,0  *8̎0(Ğ  0( /,0  0( 86̏8'8Ȏ,$ ğDOPHğ DWXUD DQD T«UHE .85 DğğXU., H]LE 810(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ ğD JLPLU (5,0Ȏ,$LD

HEXNXQLPPD DQD UDPDQLğ¼QX LVNLOX VLNLOWX » EDȃXODWH QDNLUL ğHSȻX PLWUX ğD DQD QLULLD OD LNQXğX LQD *,Ğ78.8/ ¼ğDPTLWPD DOXO JDğLğLğ LQD X̎PLğXPD 1,1$., PDȃD]X ȻLLUX 858 QD΢UDPΣ GLğWDU ğD QDSȃDU NLGXGHH ',1*,50(Ğ » G,Ğ7$50(Ğ EDğX¼ T«UHEğX WHPPHHQQX GDUX¼ GXUXXğ ȻDDWL ΢ğDΣ XOWX XOOD LWWL ğLɅLU EXUXXPPH HȻUDWVX HȻUHWPD ğXSX¼ ȻLLQGXğX £ğUX QDNOX ğXEDW SLULğWL ğ£ PLPPD ğXPğ¼ ğLSLU QLNLOWLP JLPLU SHOOXGHH QLȻLUWL O¢OJDU ğXWDEXOX T«UHEğX

ğD XOWX XOOD /8*$/0(ĞQL D΢OLΣNXW PDȃUL $'0(ĞLD XOODQXXD EHOXXW .85 DğğXU., HSXğXPD ¼PDƮHUX EDƮXODW G(1// » ğDWWLğDP OD QDSDUNDD ΢HΣUHE OD QDUEDDWL *81 PDONL NLEUDW DUEDƮL LPGDQDȃDUX T«UHEğX DDXPPD LQD O®EELğ¼QX DQD ‹*$/ THUELğX N¼PPX ULPLW EHOXW¼ ğD ȻXȃXU ğXEDWVX OHHVX XO LGGDD O®EEXXğ XO LȃVXXV DQD ğXWHğXU 6,/$ 858 » ğXPGXO UHEDDWL ȃDUHH ' ]DTDDS ȻLSSDDWH ¼]XXQğ¼ XO LEğLPD XO XğWDELO NDUDVVX LDDWL PG(1=8Ğ(Ğ0(ĞHULED /8*$/ .85 DğğXU., HSHğ ğLSUL ğXDWX NLL ɅªHP ',1*,50(Ğ LQD X]QLLD LEğLPD NDEDWWL XEODPPD WHQHğHW .85NDOGL /œDUDPX .85PDQQDDD .85TXH » .85ȃLODNNX ğ£ DQD QLULLD OD NLWQXğ¼ DVVXȃDDPPD WXSğLNNX ¼ğ££ğğLğ¼QXWLPD LOELQX 6,*̎ DSH NXSHH ğD T«UHE .85NDOGL DNğLɅPD DSSDULğ¼XQ ğDPȃXWL LQD EDȃXODWL QDNLUL NLğLWWL Ğ8,,LD ¼ğDOGLGD DQD HSHğ ğLSUL𣠋*$/ PDȃ>UL@΢WXΣ ğD  1,1'$ ΢ğLGΣGX » 



WR WKH JRGV RI $VV\ULD P\ ORUGV ˡ , UHWXUQHG VDIHO\ WR $VV\ULD ZLWK  VXEVWDQWLDO FDSWLYHV  KRUVHV DQG PXOHV  GRQNH\V  FDPHOV  R[HQ DQG  VKHHS DQG JRDWV 7KLV LV DSDUW IURP WKH SHRSOH GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV WKDW DOO RI P\ WURRSV KDG FDUULHG DZD\ DQG DSSURSULDWHG IRU WKHPVHOYHV

 0RUHRYHU , SXW WR WKH VZRUG WKH VROGLHUV RI WKH HQHP\ D UHFDOFLWUDQW IRUFH ZKR KDG QRW VXEPLWWHG WR P\ \RNH DQG KXQJ WKHLU FRUSVHV RQ SROHV ˡ $W WKDW WLPH 1LQHYHK WKH H[DOWHG FXOW FHQWHU WKH FLW\ ORYHG E\ WKH JRGGHVV ,ğWDU LQ ZKLFK DOO RI WKH ULWXDOV IRU JRGV DQG JRGGHVVHV DUH SUHVHQW WKH HQGXULQJ IRXQGDWLRQ DQG HWHUQDO EDVH ZKRVH SODQ KDG EHHQ GHVLJQHG E\ WKH VWDUV OLW ˦ZULWLQJ˧ RI WKH ILUPDPHQW DQG ZKRVH DUUDQJHPHQW ZDV PDGH PDQLIHVW VLQFH WLPH LPPHPRULDO  D VRSKLVWLFDWHG SODFH DQG VLWH RI VHFUHW ORUH LQ ZKLFK HYHU\ NLQG RI VNLOOHG FUDIWVPDQVKLS DOO RI WKH ULWXDOV DQG WKH VHFUHWV RI WKH ODOJDU FRVPLF VXEWHUUDQHDQ ZDWHU DUH DSSUHKHQGHG ˡ LQ ZKLFK VLQFH WLPH LPPHPRULDO HDUOLHU NLQJV P\ DQFHVWRUV EHIRUH PH H[HUFLVHG GRPLQLRQ RYHU $VV\ULD DQG UXOHG WKH VXEMHFWV RI WKH JRG (QOLO DQG ZKHUHLQ DQQXDOO\ ZLWKRXW LQWHUUXSWLRQ WKH\ UHFHLYHG DQ LQFRPH XQVXUSDVVHG LQ DPRXQW WKH WULEXWH RI WKH UXOHUV RI WKH IRXU TXDUWHUV RI WKH ZRUOG  ˡ EXW QRW RQH DPRQJ WKHP KDG SDLG KHHG WR RU VKRZQ LQWHUHVW LQ WKH SDODFH LQVLGH LW WKH VHDW RI ORUGO\ GZHOOLQJ ZKRVH VLWH KDG EHFRPH WRR VPDOO QRU KDG DQ\RQH RI WKHP FRQFHLYHG RI DQG SXW KLV PLQG WRZDUGV WKH VWUDLJKWHQLQJ RI WKH FLW\ˤV VWUHHWV DQG WKH ZLGHQLQJ RI LWV VTXDUHV WKH GUHGJLQJ RI WKH ULYHU DQG WKH SODQWLQJ RI RUFKDUGV ˡ %XW DV IRU PH 6HQQDFKHULE NLQJ RI $VV\ULD WKH SHUIRUPLQJ RI WKLV ZRUN FDPH WR P\ DWWHQWLRQ E\ WKH ZLOO RI WKH JRGV DQG , SXW P\ PLQG WR LW , IRUFLEO\ UHPRYHG WKH SHRSOH RI &KDOGHD $UDPHDQ WULEHV  WKH ODQG RI WKH 0DQQHDQV DQG WKH ODQGV 4XH DQG ȎLODNNX ZKR KDG QRW VXEPLWWHG WR P\ \RNH WKHQ , PDGH WKHP FDUU\ EDVNHWV RI HDUWK DQG WKH\ PDGH EULFNV , FXW GRZQ FDQHEUDNHV LQ &KDOGHD DQG , KDG WKHLU VSOHQGLG UHHGV KDXOHG WR 1LQHYHK IRU LWV WKH SDODFHˤV FRQVWUXFWLRQ E\ HQHP\ VROGLHUV ZKRP , KDG GHIHDWHG ˡ 7KH IR>UP@HU SDODFH ZKRVH ORQJHU VLGH ZDV

 &I WH[W QR  OLQH  ZKHUH WKH SHRSOH RI 3KLOLVWLD .85SLOLğWX DQG 7\UH .85ȻXUUL DUH OLVWHG DPRQJ WKH FRQTXHUHG SHRSOH ZKR DLGHG LQ WKH FRQVWUXFWLRQ RI 1LQHYHK  &RPSDUH WKH GLPHQVLRQV RI WKH IRUPHU SDODFH LQ WH[W QR  OLQH  WH[W QR  OLQH  DQG WH[W QR  OLQH  7KRVH LQVFULSWLRQV UHFRUG WKH VL]H DV IROORZV ˦ FXELWV ORQJ RSSRVLWH WKH ]DP½ZDOO RI WKH ]LJJXUUDW  FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH WHPSOH RI WKH JRGGHVV ,ğWDU





6HQQDFKHULE 

1,1'$ 6$*.,VD ğD /8*$/0(ĞQL DOLNXW SDQL $'0(ĞLD ¼ğHSLğXPD OD ¼QDNNLOX ğLSLUğ£ ğD XOWX >X̎PH UX@΢TXΣWL 'WHELOWL LWDDğ£

LEDƮXPD LQD XğğLğ£ DEEX ¼ğDEğX¼ ¼ULLEEX WHPPHHQğ£ 







΢‹*$/785Σ>5$ ğ£DWX@ ΢DQDΣ VLȃLUWLğ£ DTTXUPD ğD 'WHELOWL PDODNğ£ XğɅLEPD ¼ğHğLU PXȻXğ£ ΢LQDΣ >,7,@ ğH>PHH LQD@ X̎PL PLWJDUL T«UHE NDWLPWL DVXUUDNNLğ£  8Ğ ğLGGX  6$*., 1$̎ .85L GDQQX DNVLPD $Ğ‚ XOWX PDDPH ¼ğHODPPD QDEDOLğ ¼ğHPH ΢ODEDULğ X̎PHΣ LQD ,//8 NLğğ£WL WHPHHQğX OD HQ«ğL DVNXSSDW 1$̎SLLOL UDEEDDWL DVXUUXğ¼ ¼ğ£DVȃLUD ¼GDQQL!QD ğXSXXNğ¼  8Ğ  WLLENL ȻHUXXğğLQ DQD HODQL WDPODD ¼PDOOLPD HOL PLğLLȃWL ‹*$/ PDȃULWH ¼UDGGLPD ¼ğ£DQGLOD WLVDUğ£



‹*$/ =œ $06, *,Ğ(6, *,Ğ7œ* *,ĞPXVXNNDQ΢QLΣ *,Ğ΢(5(1Σ *,ĞĞ850Ž1 *,ĞĞ,0/, » *,ĞEXXɅQL «JDO]DJGXQXWXNXD DQD PXğDE /8*$/WLLD ¼ğHSLğ£ ΢T«UHEΣğ£



*,Ğ›50(Ğ *,Ğ(5(1 WDUELW .85ȃDPDQLP ğD XOWX ΢ȃXUğ£DQL UXTXΣ¼WL QDPUDȻLLğ LE΢EDEΣOXQL ¼ğDWULȻD WDUDDQğLLQ *,Ğ,*0( *,ĞĞ850Ž1 ȻLUDDWL ğD LQD SHWHH ΢»Σ WDDUL HUHVLQ ɅDDEX PHV«U =$%$5 QDPUL ¼UDN NLVPD ¼UDWWDD EDELğLQ ‹ DSSDDWH WDPğLO ‹*$/ .85ȃDWWL ğD LQD OLğ£D΢QLΣ .85 0$578., ‹ ȃLODDQL





WKLUW\ QLQGDQX DQG ZKRVH VKRUWHU VLGH ZDV WHQ QLQ GDQX ZKLFK HDUOLHU NLQJV P\ DQFHVWRUV KDG KDG FRQ VWUXFWHG EXW ZKRVH FRQVWUXFWLRQ WKH\ KDG FDUULHG RXW LQH[SHUWO\ DQG DORQJVLGH RI ZKLFK WKH 7HELOWL 5LYHU KDG IORZHG IURP >GLV@WDQW >GD\V@ FDXVHG HURVLRQ LQ LWV IRXQGDWLRQV DQG VKDNHQ LWV EDVH  , WRUH GRZQ >WKDW@ VPDOO SDOD>FH@ LQ LWV HQWLUHW\ DQG LPSURYHG WKH FRXUVH RI WKH 7HELOWL 5LYHU DQG GLUHFWHG LWV RXWIORZ ˡ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˦7KH 3DODFH :LWKRXW D 5LYDO˧  FRQVWUXFWHG WKHUHRQ DV P\ UR\DO UHVLGHQFH ˡ , URRIHG WKHP WKH URRPV RI WKH SDODFH ZLWK EHDPV RI FHGDU JURZQ RQ 0RXQW $PDQXV ZKLFK ZHUH EURXJKW ZLWK GLIILFXOW\ IURP WKDW GLVWDQW PRXQWDLQ WHUUDLQ , IDVWHQHG EDQGV RI VKLQLQJ EURQ]H RQ PDJQLIL FHQW GRRUV RI F\SUHVV ZKRVH VFHQW LV VZHHW RQ RSHQLQJ DQG FORVLQJ DQG , LQVWDOOHG WKHP LQ WKHLU JDWHV  )RU P\ ORUGO\ SOHDVXUH , KDG D SRUWLFR D UHSOLFD RI D +LWWLWH SDODFH ZKLFK LV FDOOHG EêWȃLOÃQL LQ WKH

 FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH %êW.LGPXUL DQG  FXELWV ZLGH RQ WKH RWKHU VLGH ˧ )RU D FKDUW FRPSDULQJ WKH GLPHQVLRQV RI ERWK WKH IRUPHU DQG QHZ SDODFHV VHH )UDKP 6DQKHULE SS ˡ  'WHELOWL ˦7HELOWL 5LYHU˧ 6 'DOOH\ ,UDT  >@ S  Q  KDV DUJXHG WKDW 'WHELOWL VKRXOG QRW EH XQGHUVWRRG DV D SURSHU QDPH EXW DV DQ HSLWKHW GHVFULELQJ WKH QDWXUH RI WKH FDQDO VKH SURSRVHV ˦IORRGSURQH˧ DQG ˦IORRGHU˧ DV WUDQVODWLRQV RI WHELOWL DQG XQGHUVWDQGV WKH SUHFHGLQJ ' ˦ULYHU FDQDO˧ DV D ERXQG QRXQ IROORZHG E\ D JHQLWLYH QRW DV D GHWHUPLQDWLYH IROORZHG E\ D SURSHU QDPH  ΢‹*$/785Σ>5$@ ˦VPDOO SDOD>FH@˧ ( )UDKP 6DQKHULE SS  DQG  SUHIHUV WR UHDG ‹*$/7855$ DV WKH SURSHU QDPH (JDOWXUD &I YRQ 6RGHQ $+Z S  VXE HJDOWXUU½ ZKHUH WKLV ZRUG LV UHJDUGHG DV D 6XPHULDQ ORDQZRUG WKDW DSSHDUV LQ 6WDQGDUG %DE\ORQLDQ WH[WV   8Ğ ğLGGX  6$*., ˦VL[W\ QLQGDQX DORQJ LWV ORQJHU VLGH DQG WKLUW\IRXU QLQGDQX DORQJ LWV VKRUWHU VLGH˧ /DWHU EXLOGLQJ UHSRUWV H[FOXGH WKHVH GLPHQVLRQV LQ IDYRU RI SURYLGLQJ WKRVH RI WKH QHZO\ FRQVWUXFWHG WHUUDFH VHH WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ DQG WH[W QR  OLQHV ˡ 1$̎ .85L GDQQX ˦VWURQJ PRXQWDLQ VWRQH˧ 6HQQDFKHULE UHFRUGV LQ VHYHUDO LQVFULSWLRQV ZULWWHQ RQ EXOO FRORVVL WKDW IRXU ODUJH OLPHVWRQH EORFNV ZHUH ERQGHG WRJHWKHU IRU H[DPSOH VHH 7KRPSVRQ $UFK   SO /,, QRV 0 DQG 1 OLQH   1$̎SLLOL ˦OLPHVWRQH˧ 7& 0LWFKHOO DQG $3 0LGGOHWRQ -&6  >@ SS ˡ WHQWDWLYHO\ FRQFOXGH WKDW SêOX ZDV J\SVXP UDWKHU WKDQ OLPHVWRQH DQG WKDW 1$̎GĞ(7,5  SHQG½ LQ WKH FRQWH[W RI ODUJH VFXOSWXUHV ZDV OLPHVWRQH %DVHG RQ WKH FRORU RI WKH VFXOSWXUHV LQ WKH %ULWLVK 0XVHXP /RQGRQ  WKH\ VXJJHVW WKDW SHȻ½ ˦ZKLWH˧ FRXOG EH UHQGHUHG DV ˦OLJKW FRORUHG˧ RU HYHQ ˦OLJKW JUH\˧   8Ğ  WLLENL ˦ FRXUVHV RI EULFN˧ &I WH[W QR  OLQH  WH[W QR  OLQH  DQG WH[W QR  OLQH  WLVDUğ£ ˦LWV VWUXFWXUH˧ &I IRU H[DPSOH WH[W QR  OLQH  ZKLFK KDV ğLNLWWDğ ˦LWV VWUXFWXUH˧ ğLNLWWX PXVW EH D V\QRQ\P RI WKH OHVV FRPPRQO\ XVHG ZRUG WLVDUUX ˡ 7KHVH OLQHV DUH PRUH RU OHVV ERUURZHG GLUHFWO\ IURP WKH LQVFULSWLRQV RI 6DUJRQ ,, &I IRU H[DPSOH )XFKV .KRUVDEDG SS ˡ 6WLHUNRORVVHQ OLQHV ˡD SS ˡ $QQDOHQ OLQHV EˡD DQG SS ˡ 3UXQNLQVFKULIW OLQHV EˡD ( )UDKP ,6,08  >@ SS ˡ KDV VXJJHVWHG WKDW WKH VFKRODU 1DE½]XTXSNÕQX PD\ KDYH EHHQ DFWLYHO\ HQJDJHG LQ ZULWLQJ UR\DO LQVFULSWLRQV GXULQJ WKH UHLJQ RI 6DUJRQ ,, DV VXJJHVWHG E\ FORVH SDUDOOHOV EHWZHHQ 6DUJRQˤV ˦'LVSOD\ ,QVFULSWLRQ˧ IURP 'ħUĞDUUXNêQ .KRUVDEDG DQG 6HQQDFKHULEˤV ˦)LUVW &DPSDLJQ &\OLQGHU˧ LQVFULSWLRQV )UDKP SURSRVHV WKDW WKLV LQGLYLGXDO PD\ KDYH DOVR EHHQ WKH ˦DXWKRU˧ RI RWKHU 6DUJRQ WH[WV LQFOXGLQJ KLV $QQDOV 2I FRXUVH 1DE½]XTXSNÕQXˤV ˦DXWKRUVKLS˧ RI WKHVH WH[WV FDQQRW EH SURYHQ ZLWK FHUWDLQW\  «JDO]DJGXQXWXNXD ˦(JDO]DJGXQXWXNXD˧ &I WH[W QR  OLQH  ZKHUH WKH FHUHPRQLDO QDPH LV ZULWWHQ «JDO]DJGLQXWXNXD )RU =$*'8 DQG =$*', ğDQÃQX VHH &$' Ğ S  VXE ğDQÃQX Dv ˡ 7KLV SDVVDJH LV QRW LQFOXGHG LQ WKH EXLOGLQJ UHSRUWV RI WH[W QR  DQG WH[W QR 

6HQQDFKHULE 













Lğ£DVVXğ¼ DQD PXOWDƮXXWL EHOXWLLD ¼ğHSLğ£ T«UHEğLQ ΢Σ 850$Ȏ0(Ğ SHWDQ ELUNL ğXWD΢WXΣWL ğD ΢LQDΣ Ğƒ5 Ѓ5 Ѓ5 *‹Ğ8 *81 858'8 QDPUX SLWLLT GQLQ£JDO ğXSXğX PDOX¼ QDPULUL »  WLPPH ğXWDȃXWL ğD Ѓ5 *‹Ğ8 *‹Ğ8 *‹Ğ8 *‹Ğ8 *81 SLWLLT VLSDUUL ğXXEEXƮX DGL  WLPPH *,Ğ(5(1 *$/0(Ğ ΢8*8Σ S®ULJJDOOHH ¼NLQPD G£SSL NXOXO .ƒğLLQ HPLG HUEHW 8'8 ğDGGL G/$00$ ğD .›%$%%$5 VLSDUUL LWWL 8'8 ğDGGL G/$00$ ğD 1$̎ .85L HğT¯ QDNOLğ DEQLPD DQD HUEHWWL ğ£DUL ¼ğ£DȻELWD 6,*$5ğLLQ DVPX DVNXSSDW 1$̎SLLOL UDEEDDWL GD£GPH QDNLUL NLğLWWL Ğ8,,LD T«UHEğLLQ HVVL΢ȃDΣ DVXUUXğLLQ ¼ğ£DVȃLUD DQD WDEUDDWL ¼ğ£OLN *,Ğ.,5,̐0$ȎȃX WDPğLO .85ȃDPDQLP ğD JLPLU Ğ,0Ȏ,$0(Ğ *8581 ȻLSSDDWH *,Ğ0(Ğ WXNODW ğ£GLL » .85NDOGL T«UHEğ¼ ȃXUUXğX LWDDğ£ D]TXXS £ğğX ]DTDDS ȻLSSDDWL $Ğ‚ WDPLUWL HOHHQ 858 1,*,'$0,17$‚0 DQD '8080(Ğ 1,1$., SLONX ¼SDOOLNPD ¼ğDGJLOD SDQXXğğ¼XQ







DQD PLɅUDDWL ğXPPXȃL XOWX SDDɅL 858NLVLUL DGL WDPLUWL 1,1$., .85D » ELUXW¼ LQD DNNXOODWH $1%$5 ¼ğDWWLUPD ¼ğHğLU 'ȃDUUX   .$6.$/*' TDTTDUX XOWX T«UHE 'ȃXVXXU PDDPH GDUX¼WL DğDUğ£

¼ğDUGDD T«UHE ȻLSSDDWH ğ£WLQD ¼ğDȃELED SDWWLLğ XOWX ğLSUX ‹*$/ EHOXWLLD ¼TDWWX¼ ¼ğ£DQGLOD UHEDDWL ELUHHWL VXTDDQL



ODQJXDJH RI WKH ODQG $PXUUX FRQVWUXFWHG LQVLGH WKHP ˡ (LJKW VWULGLQJ OLRQV VWDQGLQJ RSSRVLWH RQH DQRWKHU ZKLFK ZHUH PDGH IURP  WDOHQWV RI VKLQLQJ FRSSHU FDVW E\ WKH JRG 1LQDJDO DQG ZHUH ILOOHG ZLWK UDGLDQFH ˢ XSRQ WKRVH OLRQ FRORVVL , LQVWDOOHG WZR LGHQWLFDO FROXPQV WKDW ZHUH FDVW IURP  WDOHQWV RI EURQ]H WRJHWKHU ZLWK WZR ODUJH FHGDU FROXPQV DQG , SRVLWLRQHG FURVVEHDPV XSRQ WKHP DV D FRUQLFH IRU WKHLU JDWHV   , H[SHUWO\ IDVKLRQHG IRXU PRXQWDLQ VKHHS FRORVVL RI VLOYHU DQG EURQ]H WRJHWKHU ZLWK PRXQWDLQ VKHHS FRORVVL RI PDVVLYH PRXQWDLQ VWRQH DQG LQ IRXU GLUHF WLRQV , KDG WKHP KROG WKHLU WKH JDWHVˤ VXLWDEOH GRRU EROWV   , HQJUDYHG RQ ODUJH OLPHVWRQH VODEV LPDJHV RI WKH HQHP\ VHWWOHPHQWV WKDW , KDG FRQTXHUHG , VXUURXQGHG WKHLU WKH SDODFH URRPVˤ ORZHU FRXUVHV ZLWK WKHP DQG PDGH WKHP DQ REMHFW RI ZRQGHU  , SODQWHG DORQJVLGH LW WKH SDODFH D ERWDQLFDO JDUGHQ D UHSOLFD RI 0RXQW $PDQXV ZKLFK KDV DOO NLQGV RI DURPDWLF SODQWV DQG IUXLW WUHHV WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD FROOHFWHG LQVLGH LW  7R SODQW JDUGHQV , VXEGLYLGHG WKH PHDGRZODQG XSVWUHDP RI WKH FLW\ LQWR SORWV RI WZR SÃQX HDFK IRU WKH FLWL]HQV RI 1LQHYHK DQG , KDQGHG WKHP RYHU WR WKHP ˡ 7R PDNH WKRVH SODQWHG DUHDV OX[XULDQW , FXW ZLWK LURQ SLFNV D FDQDO VWUDLJKW WKURXJK PRXQWDLQ DQG YDOOH\ IURP WKH ERUGHU RI WKH FLW\ .LVLUX WR WKH SODLQ RI 1LQHYHK  , FDXVHG DQ LQH[KDXVWLEOH VXSSO\ RI ZDWHU WR IORZ WKHUH IRU D GLVWDQFH RI RQH DQG D KDOI OHDJXHV IURP WKH ȎXVXU 5LYHU DQG PDGH LW JXVK WKURXJK IHHGHU FDQDOV LQWR WKRVH JDUGHQV ˡ $IWHU , KDG ILQLVKHG WKH ZRUN RQ P\ ORUGO\ SDODFH EURDGHQHG WKH VTXDUHV DQG EURXJKW OLJKW

 ğXWD΢WXΣWL ˦VWDQGLQJ RSSRVLWH RQH DQRWKHU˧ ,Q H[V  DQG  WKH RQO\ RWKHU H[HPSODUV SUHVHUYLQJ WKLV SDVVDJH  WKH VLJQ WX DOWKRXJK SDUWLDOO\ EURNHQ LV FOHDU LW LV QRW ., + :HLGKDDV =$  >@ S  FRUUHFWO\ UHDG WKH VLJQ DV 78 D UHDGLQJ WKDW ZDV DGRSWHG E\ : YRQ 6RGHQ $+Z S  DQG ( )UDKP 6DQKHULE S   7KH ROG UHDGLQJ ğXWDT¯WL 6 6PLWK DQG /XFNHQELOO LV WR EH DEDQGRQHG :LWK UHJDUG WR OLQHV ˡ VHH :HLGKDDV =$   SS ˡ DQG (QJHO '¦PRQHQ SS  DQG   ğXXEEXƮX ˦WKDW ZHUH FDVW˧ 7KH VLJQ ƮX LV FOHDU LW LV QRW NX : 9RQ 6RGHQ $+Z S  WHQWDWLYHO\ VXJJHVWHG WKDW WKH ZRUG LV GHULYHG IURP QDEÃƮX ˦0HWDOO JLHVVHQ˧ &$' 1 S  VXE QDEÃƮX $ DQG &$' Ğ S  VXE ğDSÃNX F HPHQGHG WKH WH[W WR ğXXSSXNX ˦WR FDVW˧ 7KH ZRUG LV ZULWWHQ ğXXEEXƮX LQ WKLV WH[W DQG LQ WH[W QR  OLQH  FI WH[W QR  YL  DQG WH[W QR  YL  ZKHUH LW LV ZULWWHQ DV ğXEXƮX S®ULJJDOOHH ˦OLRQ FRORVVL˧ 7KLV ZULWLQJ RI WKH ZRUG DSSHDUV DOVR LQ WH[W QR  OLQH  LQ ODWHU WH[WV WH[W QR  YL  WH[W QR  YL  DQG WH[W QR  YLL  WKH ZRUG LV ZULWWHQ DV SLULJODOHH NXOXO .ƒğLLQ ˦D FRUQLFH IRU WKHLU JDWHV ˧ ([  KDV NXOXO .ƒ΢*$/Σ>ğLLQ@ ˦D FRUQLFH IRU >WKHLU@ JDWHV ˧  6,*$5ğLLQ ˦WKHLU GRRU EROWV ˧ ( /HLFKW\ 5,1$3  S  (VDUKDGGRQ  YL   IROORZLQJ &$' Ğ S  VXJJHVWV WKDW ğLJDUX ˦ORFN EROW˧ LV XVHG V\QHFGRFKLFDOO\ IRU ˦JDWH˧ -1 3RVWJDWH SHUVRQDO FRPPXQLFDWLRQ  KRZHYHU KDV QRWHG WKDW WKH JDWHV DW 1LQHYHK KDG UHFWDQJXODU VRFNHWV LQ WKH PDVRQU\ WKDW ZHUH FOHDUO\ LQWHQGHG WR KRXVH D GRRU EROW DQG WKXV WKH VFXOSWXUH JHQXLQHO\ GLG KROG WKH GRRU EROWV 2XU WUDQVODWLRQ IROORZV 3RVWJDWHˤV LQWHUSUHWDWLRQ RI ¼ğ£DȻELWD 6,*$5ğLLQ DVPX ˦, KDG WKHP KROG WKHLU WKH JDWHVˤ VXLWDEOH GRRU EROWV ˧  *,Ğ.,5,̐0$ȎȃX ˦ERWDQLFDO JDUGHQ˧ )RU SRVVLEOH H[SODQDWLRQV RI WKH WHUP VHH 7KRPDVRQ /X[XU\ DQG /HJLWLPDWLRQ S  .85ȃDPDQLP ˦0RXQW $PDQXV˧ / %DUEDWR .DVNDO  >@ S  VXJJHVWV WKDW WKH UHIHUHQFHV WR 0RXQW $PDQXV LQ 1HR$VV\ULDQ LQVFULSWLRQV ˦VXEWO\ HYRNH DQG HTXDO WKH KHURLF GHHG DQG WKH GHOLJKWIXO HQYLURQPHQW RI WKH MRXUQH\ WR WKH ˣ&HGDU 0RXQWDLQˤ QDUUDWHG LQ WKH (SLF RI *LOJDPHVK˧ WXNODW ˦WKH PDLQVWD\ RI˧ &I &$' % S  VXE ELEOX $ ZKLFK WDNHV WXNODW DV D FRUUXSWLRQ RI ELEOÃW ZKLFK DSSHDUV LQ WKH VDPH FRQWH[WV IRU H[DPSOH WH[W QR  YLLL   6HH )UDKP 6DQKHULE S   ELUXW¼ ˦YDOOH\˧ 7KH LQWHUSUHWDWLRQ IROORZV )UDKP 6DQKHULE S  VHH DOVR %RUJHU -&6   SS ˡ DQG $ :HVWHQKRO] $I2   SS ˡ ¼ğDWWLUPD ˦, FXW WKURXJK DQG˧ 6HH YRQ 6RGHQ 2ULHQWDOLD 16   SS ˡ QR 



6HQQDFKHULE 









XğSDUGXPD ¼QDPPLU *,0 X̎PH (1 *$/¼ ',1*,50(Ğ » G,Ğ7$50(Ğ DğLEXXW .85 DğğXU., LQD THUELğ£ DTUHPD 8'86,6.850(Ğ WDğULLȃWL DTT¯PD ¼ğDWOLP N¢G΢UDΣDD DQD £UN¢W X̎PH LQD /8*$/0(ĞQL '8080(ĞLD ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEX¼ ]LNLUğ¼ HQXPD ‹*$/ ğ£DWX LODEELUXPD HQQDȃX DQȃXVD OXXGGLğ 086$5H ğLɅLU ğXPHLD OLPXUPD Ž*,Ğ OLS>ğXXğ@ ΢8'8Σ6,6.85 OLTT¯ DQD £ğULğ¼ OLWHU GDğğXU LNULELğ¼ ΢LΣğHPPH

LQWR WKH DOOH\V DQG VWUHHWV PDNLQJ WKHP DV EULJKW DV GD\ , LQYLWHG LQVLGH LW WKH SDODFH WKH JRG $ğğXU WKH JUHDW ORUG DQG WKH JRGV DQG JRGGHVVHV OLYLQJ LQ $VV\ULD WKHQ , PDGH VSOHQGLG RIIHULQJV DQG SUHVHQWHG P\ JLIWV  ˡ ,Q WKH IXWXUH PD\ RQH RI WKH NLQJV P\ GH VFHQGDQWV ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH UHQRYDWH LWV GLODSLGDWHG VHFWLRQV ZKHQ WKDW SDODFH EHFRPHV ROG DQG GLODSLGDWHG 0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQ>RLQW@ LW ZLWK RLO PDNH DQ RIIHULQJ DQG UHWXUQ LW WR LWV SODFH 7KH JRG $ğğXU ZLOO WKHQ KHDU KLV SUD\HUV

 8Ğ 7$‚0 08 Ğ,' 086$5H

 7KH OLQH FRXQW RI WKH LQVFULSWLRQ LV  OLQHV 

GDğğXU

 7KUHH EDGO\ GDPDJHG F\OLQGHUV DOO SUHVXPDEO\ IURP 1LQHYHK DUH LQVFULEHG ZLWK D WH[W WKDW GXSOLFDWHV PDWHULDO IURP WZR ZHOONQRZQ LQVFULSWLRQV WH[W QR  DQG WH[W QR  7KLV IRXQGDWLRQ LQVFULSWLRQ ZLWK DQQDOLVWLF QDUUDWLRQ LQFOXGHV D VKRUW SURORJXH DQ DEEUHYLDWHG UHSRUW RI 6HQQDFKHULEˤV ILUVW FDPSDLJQ DJDLQVW 0DUGXNDSODLGGLQD ,, DQG KLV &KDOGHDQ DQG (ODPLWH DOOLHV  DQ DFFRXQW RI KLV VHFRQG FDPSDLJQ D PLOLWDU\ H[SHGLWLRQ DJDLQVW WKH .DVVLWHV DQG 0(Ğ *$/0(Ğ@ >QDȻLU NLWWL UDƮLLP PLğ£@΢ULΣ HSLğ ¼VDDWL DOLN WDSSXXW DNLL VDȃLUX GDP>TDDWL@ >HɅOX J¯WPDOXP ]LNDUX TDUGX@ Dğ£UHG NDO PDDONL ΢UDSΣSX ODƮL΢LɅΣ OD PDJLUL PX΢ğDEΣUL΢TXΣ >]DPDDQL@ >GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ@ ¼ğDWOLPDDQQLPD ΢8*8Σ JLPLU D΢ğLEΣ >SD@΢UDNNL ¼ğDUΣEDD ΢*,ĞΣ>78.8/0(ĞLD@ >LQD 6$* /8*$/WLLD ğD

ˡ >6HQQDFKHULE JUHDW NLQJ@ VWURQJ NLQJ NLQJ RI $VV\ULD XQULYDOOHG NLQJ SLRXV VKHSKHUG ZKR UHYHUHV WKH >JUHDW@ JRG>V JXDUGLDQ RI WUXWK ZKR ORYHV MXVWL@FH UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHDN DQG VWULYHV DIWHU JRRG >GHHGV SHUIHFW PDQ YLULOH ZDUULRU@ IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQWUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV >HQHPLHV@ ZLWK OLJKWQLQJ  >7KH JRG $ğğXU WKH JUHDW PRXQWDLQ@ JUDQWHG WR PH >XQULYDOOHG VRYHUHLJQW\@ DQG PDGH >P\ ZHDSRQV@ JUHDWHU WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO >GD@LVHV ˡ >$W WKH EHJLQQLQJ RI P\ NLQJVKLS@ , EURXJKW

 UH>ȻLğ¼@ ˦>KLV@ DO>OLHV@˧ 7KLV ZRUG LV RPLWWHG LQ WH[W QR  OLQH  ,W LV KRZHYHU LQFOXGHG LQ WH[W QR  OLQH  :LWK UHJDUG WR OLQHV ˡ FRPSDUH WKH ORQJHU GHWDLOHG DFFRXQW RI WKH HYHQWV LQ WH[W QR  OLQHV ˡ



6HQQDFKHULE 

PG$0$5878,%,/$680@΢1$Σ

















 

/8*$/

΢.85ΣN£UGXQ¯D£ğ DGL (5,0΢Ȏ,Σ$ (/$0΢0$Σ., UH>ȻLğ¼ L@QD WDPLUWL NLğ., ΢£ğΣWD΢NDQΣ >%$'̏%$'̏ğ¼@ >LQD 0858%̎ WDPȃDUL ğXDWX H]LE .$5$ĞVX@ HGLğ LSSDUğLGPD DQD .85JX]X΢XPPDΣQL LQQDELW ΢T«Σ>UHE@ 'DJDPPH ΢»Σ DSSDUDDWH >HUXXPPD QDSLğWXğ HɅ¯LU@ >*,Ğ*,*,50(Ğ *,ĞȻXXPEL $1Ğ(.855$@0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ ΢$1Ğ(Σ*$00$/0(Ğ » ΢$1Ğ(XGULΣ ğD LQD ΢TLWUXXEΣ WDȃD>]L ¼PDğğLUX LNğXGD Ğ8,,DD@ >DQD ‹*$/ğ¼ ğD T«UHE .ƒ',1*,55$., ȃD@΢GLğΣ HUXXPPD DSWHHPD ΢‹Σ QLȻLU΢WLΣğ¼ ΢.›Σ>*, .›%$%%$5 ¼QX@΢XW .›*, .›%$%%$5Σ 1$̎ ΢DΣ>TDUWX PLPPD ğXPğX 1*Ğ8 1**$ QLȻLUWX NDELWWX@ >'$0VX 08186810(Ğ ‹*$/ğ¼ /œ@΢7,580Σ0(Ğ /œPDQ]DD] SDQL VL΢ȃLUWL /œΣXP΢PDΣ>DQL PDOD EDğX¼ PXWWDEELOXWX ‹*$/ ¼ğHȻDDPPD ğDOODWLğ DPQX@ >DȻEDWPD (*,5ğ¼ DQD .85JX]XXPPDQL /œ@΢PXQΣGDȃȻLLD D΢QD T«UHEΣ 'DJDPPH » >DSSDUDDWH ¼PDƮHHUPD  X̎PH LSDUXQLPPD XO LQQDPLU DğDUğX@ >LQD HPXT GDğğXU (1LD  8580(ĞQL GDQQXWL ‹ %‚'0(ĞQL@ ğD .85NDO>GL »  0(  8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX DOPH DNğXGXG £ğOXOD ğDOODVXXQ@ >/œ¼UEL /œDUDPX » /œNDOGX ğD T«UHE@ 818*., ΢1,%58Σ>., NLğ., ȃXUVDJNDODPPD., *œ'8̒$., DGL '8080(Ğ 858 (1 ȃLLɅɅL ¼ğHȻDDPPD ğDOODWLğ@ DPQX >P(1'› '808 /œ*$/'› SHHUƮL ğXDQQD., ğD *,0@ ΢PLΣUDQL >ȻDDȃUL T«UHE ‹*$/LD LUEX¼ DQD /8*$/XW .85 (0(*,̑ » 85,., £ğWDNDQ@ ΢8*8ğ¼XQΣ >LQD WDDDDUWLLD /œWXƮXPXQD /œULȃLȃX /œLDGDTTX /œ¼EXGX /œJLEUHH /œPDOLȃX /œJXUXPX /œ¼EXOXP@ ΢/œGDPXΣQX >/œJDPEXOX /œȃLLQGDUX /œUXƮXXD

DERXW >WKH GHIHDW RI 0DUGXNDSODLGGL@QD ,, 0HUR GDFKEDODGDQ  NLQJ RI .DUGXQLDğ %DE\ORQLD  WRJHWKHU ZLWK WKH WURRSV RI WKH ODQG (ODP >KLV@ DO>OLHV L@Q WKH SODLQ RI .LVK >,Q WKH PLGVW RI WKDW EDWWOH KH DEDQGRQHG KLV FDPS@ +H IOHG DORQH DQG HVFDSHG WR WKH ODQG *X]XPPÃQX ZKHUH >KH HQWHUHG@ WKH VZDPSV DQG PDUVKHV >DQG WKHUHE\ VDYHG KLV OLIH , VHL]HG WKH FKDULRWV ZDJRQV KRUVH@V PXOHV GRQNH\V FDPHOV DQG %DFWULDQ FDPHOV WKDW >KH KDG DEDQGRQHG@ LQ WKH WKLFN RI EDW>WOH@

ˡ , >MR\IXO@O\ HQWHUHG >KLV SDODFH ZKLFK LV LQ %DE\ ORQ@ WKHQ , RSHQHG KLV WUHDVXU\ DQG >EURXJKW RXW@ JR>OG VLOYHU@ JROG DQG VLOYHU >XWHQ@VLOV SU>HFLRXV@ VWRQHV >DOO NLQGV RI SRVVHVVLRQV DQG SURSHUW\ D VXE VWDQWLDO WUHDVXUH WRJHWKHU ZLWK KLV ZLIH KLV SDODFH ZRPHQ FRXU@WLHUV DWWHQGDQWV DOO RI WKH FUDIWV>PHQ DV PDQ\ DV WKHUH ZHUH DQG KLV SDODFH DWWHQGDQWV DQG , FRXQWHG WKHP DV ERRW\@  >, SXUVXHG KLP WR WKH ODQG *X]XPPÃQX DQG RUGHUHG@ P\ ZDUULRUV LQWR WKH PLGVW RI VZDPSV DQG >PDUVKHV )RU ILYH GD\V WKH\ VHDUFKHG IRU KLP  EXW KLV KLGLQJ SODFH FRXOG QRW EH IRXQG@ ˡ >:LWK WKH VWUHQJWK RI WKH JRG $ğğXU P\ ORUG , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG  IRUWLILHG FLWLHV IRUWUHVVHV@ RI &KDO>GHD DQG  VPDOOHU VHWWOH PHQWV LQ WKHLU HQYLURQV , EURXJKW RXW WKH DX[LOLDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV ZKR ZHUH LQ@ 8UXN 1LS>SXU .LVK ȎXUVDJNDODPD DQG &XWKD WR JHWKHU ZLWK WKH JXLOW\ FLWL]HQV DQG@ , FRXQWHG WKHP >DV ERRW\@  >, DSSRLQWHG@ RYHU WKHP >%ÕOLEQL D VRQ RI D UDE EDQ° DQG D VFLRQ RI ĞXDQQD %DE\ORQ ZKR KDG JURZQ XS OLNH D \RXQJ S@XSS\ >LQ P\ SDODFH DV NLQJ RI WKH ODQG RI 6XPHU DQG $NNDG@ ˡ >2Q P\ UHWXUQ PDUFK@ , GHIHDWHG DOO WR JHWKHU >WKH 7XƺXPXQD 5LȏLȏX LQD PHWLLT JHUULLD ğD PG$*(1080(Ğ /œT¯SL 858ȃDUDUDWL .›*, .›%$%%$5 *,ĞPXVXNNDQQL *$/0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ WD@΢PDUWDğ¼ NDELWWX DPȃXUΣ >EDȃXODWL 858ȃLULPPH /œ.œ5 DNȻX ğD XOWX XOOD DQD QLULLD OD NLWQXğX LQD *,Ğ78.8/ ¼ğDPTLWPD QDSLğWX@ ΢XO H]LEΣ >QDJX¼ ğXDWX DQD HğğXWL DȻEDW HQ *8̎  8'80(Ğ  $1Ğ( *(Ğ7,10(Ğ  $1Ğ( =œ/800$ UHğHWHğ¼ DQD ',1*,50(ĞQL .85 DğğXU., (10(ĞLD@ ΢¼NLQ G¢ULğDPΣ >LQD H JHUULLD GDğğXU EHO¯ ¼WDNNLODQQLPD DQD .85 /œNDğğLL » .85 LDVXELJDOODDD /œ.œ5 DNȻL ğD XOWX XOOD DQD /8*$/0(ĞQL $'@΢0(ĞLD OD NLWQXğX OX DOOLNΣ >T«UHE ȃXUğ£DQL ]DTUXWH $Ğ‚ QDPUDȻL LQD $1Ğ(.855$ DUNDEPD *,Ğ*,*,5 *Ž5,,LD LQD WLLNNDDWH ¼ğ££ğğL £ğUX ğXSğXTX LQD *Ž5@΢,,LD ULPDQLğ DWWDJJLğΣ >858‹PNLODP]DDȃ 858 GDQQXWLğ¼QX DOPH DNğXGXG 810(Ğ 785 *$/ $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ XOWX THUELğX ¼@΢ğHȻDDPPD ğDOODWLğ DPQXΣ >8580(Ğğ¼QX 7850(Ğ ğD QLED OD LğX¼ DSSXO DTTXU ¼ğHPH NDUPHğ ‹ (',1 NXOWDUL WXNXOWLğ¼QX LQD G*,Ğ%$5 DTPXPD GL@΢WDOOLğ ¼ğHPLΣ >¼WHUPD 858‹PNLODP]DDȃ ğXDWX DQD ELUWXWL DȻEDW 8*8 ğD X̎PH SDQL ¼GDQQLQ DPXȃȃXğ 810(Ğ .85.85 NLğLWWL Ğ8,,LD LQD O®EEL@ ΢¼ğHğLEΣ >810(Ğ .85 /œNDğğLL » .85 LDVXELJDOODDD ğD ODSDDQ *,Ğ78.8/0(ĞLD LSSDUğLGX XOWX T«UHE .85L ¼ğHULGDPPD LQD 858ȃDUGLğSL@ ΢858‹PΣNXEDWWL ¼΢ğDUΣ>PH@



1DEDWX DQG /LƺWDƺX LQVXEPLV@VLYH >$UDPHDQV@ , FDU ULHG RII LQWR $VV\ULD >D VXE@VWDQLDO >ERRW\ FRQVLVWLQJ RI  SHRSOH PDOH DQG IHPDOH  KRUVHV DQG PXOHV  GRQNH\V  FDPHOV  R[HQ DQG  VKHHS DQG JRDWV@

 >,Q WKH FRXUVH RI P\ FDPSDLJQ@ , UHFHLYHG >D@ VXEVWDQWLDO >DXG@LHQFH JLIW >IURP 1DE½EÕOğXPÃWL WKH RIILFLDO LQ FKDUJH RI WKH FLW\ ȎDUDUDWX JROG VLOYHU ODUJH PXVXNNDQQXWUHHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV@ ˡ >, SXW WR WKH VZRUG WKH SRSXODWLRQ RI WKH FLW\ ȎLULPPX D GDQJHURXV HQHP\ ZKR VLQFH WLPH LPPHPRULDO KDG QRW VXEPLWWHG WR P\ \RNH DQG@ , GLG QRW OHDYH RQH >DOLYH , UHRUJDQL]HG WKDW GLVWULFW@ DQG LPSRVHG IRU HWHUQLW\ >RQH R[ WHQ VKHHS WHQ KRPHUV RI ZLQH DQG WZHQW\ KRPHUV RI GDWHV DV KLV ILUVWIUXLWV RIIHULQJV WR WKH JRGV RI $VV\ULD P\ ORUGV@ ˡ >2Q P\ VHFRQG FDPSDLJQ WKH JRG $ğğXU P\ ORUG HQFRXUDJHG PH DQG@ , PDUFKHG >WR WKH ODQG RI WKH .DVVLWHV DQG WKH ODQG RI WKH WR WKH NLQJV@ P\ >DQFHVWRU@V >,Q WKH KLJK PRXQWDLQV GLIILFXOW WHUUDLQ , URGH RQ KRUVHEDFN DQG KDG P\ SHUVRQDO FKDULRW FDUULHG RQ PHQˤV QHFNV ,Q YHU\ UXJJHG WHUUDLQ@ , URDPHG DERXW >RQ IRRW@ OLNH D ZLOG EXOO ˡ >, VXUURXQGHG DQG FRQTXHUHG WKH FLW\ %êW .LODP]Dȏ WKHLU IRUWLILHG FLW\ ,@ EURXJKW RXW RI LW >SHRSOH \RXQJ DQG ROG KRUVHV PXOHV GRQNH\V R[HQ DQG VKHHS DQG JRDWV@ DQG , FRXQWHG WKHP DV ERRW\ >, GHVWUR\HG GHYDVWDWHG DQG WXUQHG LQWR UXLQV WKHLU VPDOOHU VHWWOHPHQWV ZKLFK ZHUH ZLWKRXW QXPEHU , EXUQHG ZLWK ILUH WKH SDYLOLRQV DQG WHQWV WKDW WKH\ UHOLHG XSRQ DQG@ UHGXFHG WKHP WR >DV@KHV ˡ >, PDGH WKDW FLW\ %êW.LODP]Dȏ D IRUWUHVV DJDLQ DQG VWUHQJWKHQHG LWV HQFHLQWH PRUH WKDQ EHIRUH@ , VHWWOHG >WKHUHLQ WKH SHRSOH RI WKH ODQGV WKDW , KDG FRQTXHUHG  , EURXJKW GRZQ IURP WKH PRXQWDLQV WKH SHRSOH RI WKH ODQG RI WKH .DVVLWHV DQG WKH ODQG RI WKH OO LQ WKH FLWLHV ȎDUGLğSX@ DQG %êW.XEDWWL >, SODFHG WKHP XQGHU WKH DXWKRULW\ RI D HXQXFK RI PLQH WKH JRYHUQRU RI WKH FLW\ $UUDSȏD ,

 1RWH WKDW WKLV LQVFULSWLRQ PRYHG WKLV SDVVDJH &I WH[W QR  OLQH  ZKHUH LW DSSHDUV DIWHU WKH VWDWHPHQW UHJDUGLQJ WKH SD\PHQW UHFHLYHG IURP 1DE½EÕOğXPÃWL DQG WKH UHRUJDQL]DWLRQ RI WKH FLW\ ȎLULPPX DV D SURYLQFLDO FDSLWDO  >WD@΢PDUWDğ¼Σ ˦KLV >DXG@LHQFH JLIW˧ 7H[W QR  OLQH  KDV PDQGDWDğ¼ ˦KLV SD\PHQW˧  ğD XOWX XOOD DQD QLULLD OD NLWQXğX ˦ZKR VLQFH WLPH LPPHPRULDO KDG QRW VXEPLWWHG WR P\ \RNH˧ &I WH[W QR  OLQH  ZKLFK KDV ğD XOWX XOOD DQD /8*$/0(ĞQL $'0(ĞLD OD LNQX΢ğXΣ ˦ZKR VLQFH WLPH LPPHPRULDO KDG QRW VXEPLWWHG WR WKH NLQJV P\ DQFHVWRUV˧  &I WH[W QR  OLQH  ZKLFK DGGV JLQ«H ˦JLQ½RIIHULQJV˧ EHWZHHQ DQD ˦WR˧ DQG ',1*,50(Ğ ˦JRGV˧

























6HQQDFKHULE 

>LQD Ğ8,, /œğXXW 6$*LD /œ(11$0 858DUUDSȃD DPQXğ¼QXWL 1$̎1$5œ$ ¼ğHSLğPD OLLWXP NLğLWWL Ğ8,, ğD 8*8ğ¼XQ £ğWDNNDQX ȻH@΢UXΣXğğ¼ ¼>ğ£@΢£ğɅLUΣPD LQD ΢THUEL 858 XO]L]Σ >SDDQ QLULLD ¼WHUPD DQD .85HOOLSL DȻȻDEDW ȃDUUDQX HOODPXXD PLVSDEDDUD /8*$/ğ¼XQ 8580(Ğğ¼ GDQQXWL ‹ QLȻLUWLğ¼ ¼PDğğLU@PD DQD UXT«΢WLΣ LQ΢QDΣELW >JLPUL .85ğX '$*$/WL NLPD 0858̓ DVȃXXS 858PDU¼ELğWL 858DNNXXGGX 8580(Ğ ‹ /8*$/WLğ¼ DGL  8580(Ğ GDQQXWL » 8580(Ğ 7850(Ğ ğD OL@΢PHΣWLğ¼QX ğ£ QLED OD LğXX >DSSXXO DTTXU LQD G*,Ğ%$5 DTPXPD .,5,̐0(Ğğ¼QX DNğLɅ 8*8 $*‚50(Ğğ¼XQ ȃDEȻXWL ğ£ȃXUUDWXP DWEXXN .85HOOLSL DQD SDɅ@ ΢JLPΣULğ£ DU΢EXΣWD ¼ğ£OLN >810(Ğ 785 *$/ 1,7$ X 08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ OD PLQDP £ğOXODPPD DGL OD EDğȞ̊H@ ¼ğ£OLNğ¼QXWL >858ȻLȻLLUWX 858NXXPPDDȃOXP 8580(Ğ GDQQXWL DGL 8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX .85‹EDUUX¼ QDJXX DQD JLPLUWLğ¼ XOWX T«@΢UHEΣ .85ğ¼ DEWXTPD 8*8 PLȻLU .85 DğğXU., ¼UDGGL >858HOHQ]D£ğ DQD 858 /8*$/WL » GDQQDDW QDJHH ğXDWX DȻEDWPD 08ğ¼ PDȃUDD ¼QDNNLUPD 858NDUPG(1=8Ğ(Ğ0(ĞHULED@ ΢DWWDΣEL ΢QLΣELWVX >LQD WDDDDUWLLD ğD .85PDGDDD UXTXWL ğD LQD /8*$/0(ĞQL $'0(ĞLD PDDPPDQ OD LğPXX ]LNLU .850(Ğğ¼XQ PDQGDWDğ¼QX NDELWW¼ DPȃXU DQD QLUL EH@΢OXΣ>WL@΢LD ¼ğDNΣ>QL@΢VXQXWLΣ >LQD X̎PLğXPD 1,1$., PDȃD]X ȻLLUX 858 QDUDP GLğWDU ğD QDSȃDU NLGXGHH ',1*,50(Ğ » G,Ğ7$50(Ğ EDğX@΢¼ T«UHEğXΣ >WHPPHHQQX GDUX¼ GXUXXğ ȻDDWL ğD XOWX XOOD LWWL ğL@΢ɅLUΣ EXUXXPPH HȻUDWVX HȻUHWPD >ğX@΢SX¼ ȻLLQGXğXΣ >£ğUX QDNOX ğXEDW SLULğWL ğD PLPPD ğXPğX ğLSLU QLNLOWL JLPLU SHOOXGH@΢HΣ QLȻLUWL O¢OJDU ğXWDEX΢OXΣ T«UHEğX

KDG D VWHOH PDGH KDG DOO WKH YLFWRULRXV FRQTXHVWV WKDW , DFKLHYHG RYHU WKHP@ ZULWWHQ >R@Q LW DQG , HUHFWHG LW LQ WKDW FLW\

ˡ >, WXUQHG DURXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG WRRN WKH URDG WR WKH ODQG (OOLSL %HIRUH P\ DUULYDO ,VSDEÃUD WKHLU NLQJ DEDQGRQHG KLV IRUWLILHG FLWLHV DQG KLV WUHDVXU\@ DQG IOHG IDU DZD\ >, RYHUZKHOPHG DOO RI KLV ZLGH ODQG OLNH D IRJ , GHVWUR\HG GHYDVWDWHG DQG EXUQHG ZLWK ILUH WKH FLWLHV 0DUƺXELğWX DQG $NNXGGX FLWLHV RI KLV UR\DO KRXVH WRJHWKHU ZLWK WKLUW\IRXU IRUWLILHG FLWLHV DQG VPDOOHU VHWWOHPHQWV LQ@ WKHLU >HQ@YLURQV ZKLFK ZHUH ZLWKRXW QXPEHU >WKHQ , FXW GRZQ WKHLU RUFKDUGV DQG SRXUHG GHDWKO\ TXLHW RYHU WKHLU IHUWLOH ILHOGV@ ,Q WKLV PDQQHU , UHGXFHG WR GHVRODWLRQ >WKH ODQG (OOLSL WR@ LWV IXOO >H[WHQW@ ˡ >, FDUULHG RII SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH KRUVHV PXOHV GRQNH\V R[HQ DQG VKHHS DQG JRDWV ZLWKRXW QXPEHU DQG@ EURXJKW WKHP >WR QRXJKW@ , GHWDFKHG >IU@RP KLV ODQG >WKH FLWLHV ɆLɇ ɇLUWX DQG .XPPDȏOXP IRUWLILHG FLWLHV WRJHWKHU ZLWK WKH VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV DQG WKH GLV WULFW RI WKH ODQG %êW%DUU½ LQ LWV HQWLUHW\@ DQG , DGGHG WKLV DUHD WR WKH WHUULWRU\ RI $VV\ULD  >, WRRN WKH FLW\ (OHQ]Dğ DV D UR\DO FLW\ DQG D IRUWUHVV IRU WKDW GLVWULFW WKHQ , FKDQJHG LWV IRUPHU QDPH DQG@ FDOOHG LW >.ÃU6HQQDFKHULE@  >2Q P\ UHWXUQ PDUFK , UHFHLYHG D VXEVWDQWLDO SD\PHQW IURP WKH GLVWDQW 0HGHV RI ZKRVH ODQG QRQH RI WKH NLQJV P\ DQFHVWRUV KDG KHDUG PHQWLRQ@ 7KXV , PDGH WKHP ERZ GRZQ >WR WKH \RNH RI@ P\ >OR@UG>VKLS@ ˡ >$W WKDW WLPH 1LQHYHK WKH H[DOWHG FXOW FHQWHU WKH FLW\ ORYHG E\ WKH JRGGHVV ,ğWDU@ LQ ZKLFK >DOO RI WKH ULWXDOV IRU JRGV DQG JRGGHVVHV DUH SUHVH@QW  >WKH HQGXULQJ IRXQGDWLRQ DQG HWHUQDO EDVH@ ZKRVH SODQ KDG EHHQ GHVLJQHG >E\ WKH VW@DUV OLW ˦>ZULW@LQJ˧ RI WKH ILUPDPHQW DQG ZKRVH DUUDQJHPHQW >ZDV PDGH PDQ@LIHVW >VLQFH WLPH LPPHPRULDO D VRSKLVWLFDWHG SODFH DQG VLWH RI VHFUHW ORUH@ LQ ZKLFK >HYHU\ NLQG RI VNLOOHG FUDIWVPDQVKLS DOO RI WKH ULWXDO@V DQG WKH

 /œğXXW 6$*LD ˦D HXQXFK RI PLQH˧ 7KH WHUP ğDğħW UÕğL PD\ KDYH GHVLJQDWHG D ˦HXQXFK˧ ZKR VHUYHG DV $VV\ULDQ FRXUWLHU RIILFLDO RU JHQHUDO 7KH &$' 5 S  VXE UÕğX LQ ğD UÕğL $ SRLQWV RXW WKDW ˦WKH HYLGHQFH IURP ODWHU WH[WV GRHV QRW GHPDQG D PHDQLQJ HXQXFK WKRXJK D IHZ UHIHUHQFHV LQFOXGLQJ WKH 0$ KDUHP HGLFWV VHH ğD UÕğ ğDUUL VKRZ WKDW WKRVH VHUYLQJ DV FRXUWLHUV RU KRXVHKROG SHUVRQQHO ZHUH LQ DW OHDVW VRPH LQVWDQFHV HXQXFKV˧ DQG WKXV WUDQVODWHV ğD UÕğL LQ 1HR$VV\ULDQ UR\DO LQVFULSWLRQV LELG S  DV ˦JHQHUDO RIILFLDO˧ 1HYHUWKHOHVV WKHUH DUH PDQ\ VFKRODUV ZKR EHOLHYH WKDW ğD UÕğL ZDV XVHG LQ $VV\ULD DOPRVW H[FOXVLYHO\ IRU FDVWUDWHG RIILFLDOV LH ˦HXQXFKV˧ IRU H[DPSOH WKH 1HR$VV\ULDQ 7H[W &RUSXV 3URMHFW DOZD\V WUDQVODWHV ğDğħW UÕğL DV ˦HXQXFKV ˧ $OWKRXJK WKLV FDQQRW EH SURYHQ ZLWK DEVROXWH FHUWDLQW\ WKH DXWKRUV SUHIHU WR WUDQVODWH ğD UÕğL DV ˦HXQXFK˧ UDWKHU WKDQ DV ˦RIILFLDO˧ IRU WKLV RSLQLRQ VHH DOVR 7DGPRU DQG » ğDWWLğDP OD QDSDUNDD HUHE OD QDUEDDWL *81 PDONL NLEUDW@ DUEDƮL LPGDQDDȃȃDUX T«UHEğX >DDXPPD LQD OLEELğ¼QX DQD ‹*$/ THUELğX N¼PPX ULPLW EHOXWL ğD@ ȻXXȃȃXU ğXEDWVX OHHVX >XO LGDD OLE@΢EXXğ XO LȃVXXVΣ >DQD ğXWHğXU 6,/$ 858 » ğXPGXO UHEDDWL ȃDUHH ' ]DTDDS ȻLSSDDWL ¼@΢]XΣXQğ¼ XO LEğLPD ΢XO XğWDELOΣ >NDUDV@VX >LDDWL PG(1=8Ğ(Ğ0(ĞHULED /8*$/ .85 DğğXU., HSHğ ğLSUL ğXDWX NLL ɅªHP ',1*,50(Ğ LQD X]QL@΢LDΣ LEğLPD ΢NDEDWWL XEODPΣ>PD@ >WHQHğHW .85NDOGL /œDUDPX .85PDQQDDD .85TXH » .85ȃLODNNX ğD DQD QLULLD OD NLWQXğX@ ΢DVVXȃDDPΣ>PD@ ΢WXSğLNNLΣ >¼ğ££ğğLğ¼QXWLPD LOELQX 6,*̎@ >DSH NXSHH ğD T«UHE .85NDOGL DNğLɅPD DSSDULğ¼XQ ğDPȃXWL LQD EDȃXODWL QDNLUL@ ΢NLğLWWL Ğ8,,LD ¼Σ>ğDOGLGD DQD HSHğ ğLSULğ£@ >‹*$/ PDȃULWX ğD  0(  LQD .›Ğ 8Ğ LQD WDUȻL ]DPHH ‹ ]LTTXUUDW  LQD .›Ğ '$*$/ LQD WDUȻL ‹QDPDUL@ ΢‹ GΣ ΢ 0(  LQD .›Ğ '$*$/ LΣ>QD WDUȻL ‹QDPDUL ‹NLG̓PXUL  LQD .›Ğ '$*$/@ >ğD /8*$/0(ĞQL DOLNXW PDȃUL $'0(ĞLD DQD ULP®WL EHOXWLğ¼XQ ¼ğHSLğXPD@ OD ¼΢QDNΣ>NLOX ğLSLUğ£@ >'WHELOWL DJX¼ ğLWPXUX ğD LQD QDğLğ£ JHJXQ«H TDEDOWL 858 ¼DEELWXPD@ ΢NLPDȃΣȃLğ¼΢XQ QDNΣ>PXWL ¼NDOOLPX G878ğ¼@ >» XOWX 8'0(Ğ 6›0(Ğ ɅHȃL ‹*$/ LEDƮX¼PD LQD ,//8ğ£ JDSğL LQD XğğLğ£ DEEX ¼ğDEğX@¼ ¼>ULLEEX WHPPHHQğ£@ >‹*$/7855$ ğ£DWX DQD VLȃLUWLğ£ DTTXUPD ğD 'WHELOWL PDODNğ£ XğWHHğQDD DEEX XğɅLEPD ¼ğHğLU PXȻXğ£@ >T«UHE NDWLPWL DVXUUDNNLğ£ ğDSODQX *,0(Ğ HODQLğ 1$̎0(Ğ .85L GDQQL LWWL (6,58'$ DNVLPD $Ğ‚ XOWX PDDPH



VHFUHWV RI WKH ODOJDU FRVPLF VXEWHUUDQHDQ ZDWHU DUH DSSUHKHQGHG ˡ >LQ ZKLFK VLQFH WLPH LPPHPRULDO HDUOLHU NLQJV P\ DQFHVWRUV EHIRUH@ PH H[HUFLVHG GRPLQLRQ RYHU $V V\ULD DQG UXOHG WKH VXEMHFWV RI WKH JRG (QOLO >DQG@ ZKHUHLQ >DQQXDOO\ ZLWKRXW LQWHUUXSWLRQ@ WKH\ UH FHLYHG >DQ LQFRPH XQVXUSDVVHG LQ DPRXQW WKH WULEXWH RI WKH UXOHUV RI WKH@ IRXU >TXDUWHUV RI WKH ZRUOG @ ˡ >EXW QRW RQH DPRQJ WKHP KDG SDLG@ KHHG >WR RU VKR@ZQ LQWHUHVW >LQ WKH SDODFH LQVLGH LW WKH VHDW RI ORUGO\ GZHOOLQJ@ ZKRVH VLWH KDG EHFRPH WRR VPDOO  QRU KDG DQ\RQH RI WKHP >FRQ@FHLYHG RI DQG SXW KLV >PLQG WRZDUGV WKH VWUDLJKWHQLQJ RI WKH FLW\ˤV VWUHHWV DQG WKH ZLGHQLQJ RI LWV VTXDUHV WKH GUHGJLQJ RI WKH ULYHU DQG WKH SODQWLQJ RI RUFKDUGV@ ˡ >%XW DV IRU PH 6HQQDFKHULE NLQJ RI $VV\ULD WKH SHUIRUPLQJ RI WKLV ZRUN@ FDPH WR P\ >DWWHQWLRQ E\ WKH ZLOO RI WKH JRGV@ DQG , SXW P\ PLQG WR LW , IRUFLEO\ UHPRYHG >WKH SHRSOH RI &KDOGHD $UDPHDQ WULEHV  WKH ODQG RI WKH 0DQQHDQV DQG WKH ODQGV 4XH DQG ȎLODNNX ZKR KDG QRW VXEPLWWHG WR P\ \RNH WKHQ , PDGH WKHP FDUU\@ EDVNHWV RI HDUWK >DQG WKH\ PDGH EULFNV , FXW GRZQ FDQHEUDNHV LQ &KDOGHD DQG , KDG WKHLU VSOHQGLG UHHGV KDXOHG WR 1LQHYHK IRU LWV WKH SDODFHˤV FRQVWUXFWLRQ E\ HQHP\ VROGLHUV@ ZKRP , KDG GHIHDWHG ˡ >7KH IRUPHU SDODFH ZKLFK ZDV  FXELWV ORQJ RSSRVLWH WKH ]DP½ZDOO RI WKH ]LJJXUUDW  FXELWV ZLGH RSSRVLWH WKH WRZHU RI@ WKH WHPSOH RI WKH JRGGHVV ,ğWDU  FXELWV ZLGH RS>SRVLWH WKH WRZHU RI WKH %êW.LGPXUL DQG  FXELWV ZLGH RQ WKH RWKHU VLGH   ZKLFK HDUOLHU NLQJV P\ DQFHVWRUV KDG KDG FRQVWUXFWHG IRU WKHLU ORUGO\ GZHOOLQJ EXW ZKRVH FRQVWUXFWLRQ@ WKH\ KDG >FDUULHG RXW@ LQ>H[SHUWO\ ˢ WKH 7HELOWL 5LYHU D WHPSHVWXRXV IORRG RI ZDWHU ZKLFK ZKHQ LW URVH KDG GHVWUR\HG VDFUHG EXLOGLQJV LQVLGH WKH FLW\ DQG H[SRVHG@ WKH PRX>QGV RI@ WKHLU WRPEV OLW ˦WKHLU PRXQ>GHG@ WRPEV˧ >WR WKH VXQ DQG ZKLFK KDG IORZHG IURP GLVWDQW GD\V E\ WKH VLGH RI WKH SDODFH DQG ZKLFK WKHUHE\ KDG FDXV@HG >HURVLRQ LQ LWV IRXQGDWLRQ ZKHQ LWV IORRG ZDV LQ IXOO VSDWH@ DQG KDG >VKDNHQ LWV EDVH@  >, WRUH GRZQ WKDW VPDOO SDODFH LQ LWV HQWLUHW\ WKHQ , FKDQJHG WKH FRXUVH RI WKH 7HELOWL 5LYHU UHSDLUHG WKH HIIHFWV RI WKH HURVLRQ DQG GLUHFWHG LWV RXWIORZ@ ˡ >,Q WKH KLGGHQ GHSWKV RI LWV VXEWHUUDQHDQ ZDWHUV , ERQGHG WRJHWKHU ZLWK ELWXPHQ UHHGV EHORZ DQG VWURQJ PRXQWDLQ VWRQH DERYH WKHQ , UDLVHG WKDW

 &RPSDUH WKH GLPHQVLRQV RI WKH IRUPHU SDODFH LQ WH[W QR  OLQH  7KDW LQVFULSWLRQ UHFRUGV WKH VL]H DV IROORZV ˦:KRVH ORQJHU VLGH ZDV WKLUW\ QLQGDQX DQG ZKRVH VKRUWHU VLGH ZDV WHQ QLQGDQX˧  DQD ULP®WL EHOXWLğ¼XQ ˦IRU WKHLU ORUGO\ GZHOOLQJ˧ 7KH SXUSRVH IRU ZKLFK IRUPHU NLQJV EXLOW WKH SDODFH LV QRW LQFOXGHG LQ WH[W QR  VHH OLQH  RI WKDW LQVFULSWLRQ ˡ &I WH[W QR  OLQHV ˡ )RU WKH RSLQLRQ WKDW 'WHELOWL LV QRW D SURSHU QDPH EXW UDWKHU DQ HSLWKHW GHVFULELQJ WKH QDWXUH RI D ULYHU FRXUVH VHH 'DOOH\ ,UDT   S  Q   ‹*$/7855$ ˦VPDOO SDODFH˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  ˡ &I WH[W QR  OLQHV ˡ















6HQQDFKHULE 

¼ğHODPPD QDEDOLğ ¼WHU@ > 0( LQD $6̎/80 *$/WL 8Ğ  0(  LQD $6̎/80 *$/WL 6$*., $17$ ,06,6ƒ  0(  LQD $6̎/80 *$/WL 6$*., 0858%̎WLP@ > 0(  LQD $6̎/80 *$/WL 6$*., .,7$@ ΢,08̋̒Σ/8 >œ66$'8 ',',*1$ WDPODD ¼PDOOLPD DPğXXȃ PHğLLȃWD@ >ODEDULğ 8'0(Ğ LQD ,//8 NLğğ£WL@ ΢WHPPHΣHQğ¼ OD ΢HΣ>Q«ğH DVNXSSDW 1$̎SLLOL UDEEDDWL DVXUUXğX ¼ğ£DVȃLUD ¼GDQQLQ ğXSXXNğ¼@ >086$5H ğLɅLU ğXPLLD  0( @ ΢WLΣLENL WDP΢OLΣL ΢T«Σ>UHEğ¼ DOɅXXUPD ğDSODQX LQD XğğLğX H]LE DȃUDWDğ@ >DUNDQX ğXXğTX¼ WDPOLL ND@EDWWL XE΢ODPΣPD > WLLENL ȻHHU PDȃULL XȻȻLSPD  0(  WLLENL ¼ğDTT¯ HODQLğ@ >WDUSDğX¼ HO ğD X̎PH SDQL ¼ğDU@΢ELΣ ȻH΢HUΣ PHğLLȃ>WL ‹*$/ PDȃULWL ¼UDGGLPD ¼ğ£DQGLOD ğLNLWWDğ@



>‹*$/ =œ $06, *,Ğ(6, *,Ğ7œ* *,ĞPXVXN@΢NDQΣQL *,Ğ΢(5(1Σ *,ĞĞ85>0Ž1 Ğ,0/, » *,ĞEXXɅQL «JDO]DJGLQXWXNXD DQD PXğDE /8*$/WLLD ¼ğHSLğ£ T«UHEğX@



>*,Ğ›50(Ğ *,Ğ(5(1 WDUELW .85ȃDPDQLP ğD@ XOWX ΢T«"UHEΣ ȃXUğ£>DQL UXTX¼WL QDPUDȻLLğ LEEDEOXQL ¼ğDWULȻD WDUDDQğLLQ@ >*,Ğ,*0( *,ĞĞ850Ž1 ȻLUDDWL ğD LQD@ SHWHH ΢» WDΣ>DUL HUHVLQ ɅDDEX PHV«U =$%$5 QDPUL ¼UDNNLVPD ¼UDWWDD EDELğLQ@ >‹ DSSDDWH WDPğLO ‹*$/ .85ȃDWWL ğD L@΢QDΣ OLğ£΢DΣ>QL .85 0$578., ‹ ȃLODDQL Lğ£DVVX@΢ğXΣ DQD ΢PXOWDƮXΣXWL EHOX΢WLΣ>LD ¼ğHSLğ£ T«UHEğLQ@ > 850$Ȏ0(Ğ SHWDQ ELUNL ğXWDWXWL ğD LQD Ѓ5 Ѓ5 Ѓ5 *‹Ğ8 *81 858'8 QDPUX@ ΢SLΣWLLT GQLQ£JDO ğXSXğX ΢PDΣ>OX¼ QDPULUL@ >»  WLPPH ğXWDȃXWL ğD Ѓ5 *‹Ğ8 *‹Ğ8 *‹Ğ8 *‹Ğ8 *81 SLWLLT VLSDUUL@ ΢ğXΣXEEXƮX DGL  WLPPH *,Ğ(5(1 *$/0(Ğ 8*8 S®ULJJDOOHH ¼>NLQPD G£SSL NXOXO .ƒğLLQ HPLG@ >HUEHW 8'8 ğDGGL G/$00$ ğD .›%$%%$5











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ˡ >$IWHUZDUGV ,@ GHFLGHG >WR LQFUHDVH WKH KHLJKW RI WKH WHUUDFH@ WKHQ , DGGHG  FRXUVHV RI EULFN WR WKH IRUPHU WHUUDFH DQG WKXV , UDLVHG LW WR D WRWDO KHLJKW RI  FRXUVHV RI EULFN  , PDGH WKH DUHD ODUJ@HU >WKDQ EHIRUH DGGHG@ LW WR >WKH IRUPHU@ GLPHQVLRQV >RI WKH SDODFH DQG WKXV HQODUJHG LWV VWUXFWXUH@  >, KDG D SDODFH RI HOHSKDQW LYRU\ HERQ\ ER[ZRRG PXVXN@NDQQXZRRG FHGDU F\S>UHVV MXQLSHU DQG WHUH ELQWK D SDODFH WKDW , QDPHG (JDO]DJGLQXWXNXD ˦7KH 3DODFH :LWKRXW D 5LYDO˧  FRQVWUXFWHG WKHUHRQ DV P\ UR\DO UHVLGHQFH@ ˡ >, URRIHG WKHP WKH URRPV RI WKH SDODFH ZLWK EHDPV RI FHGDU JURZQ RQ 0RXQW $PDQXV ZKLFK ZHUH EURXJKW ZLWK GLIILFXOW\@ IURP WKDW >GLVWDQW@ PRXQWDLQ WHUU>DLQ , IDVWHQHG EDQGV RI VKLQLQJ EURQ]H RQ PDJQLILFHQW GRRUV RI F\SUHVV ZKRVH VFHQW LV VZHHW RQ@ RSHQLQJ DQG FORV>LQJ DQG , LQVWDOOHG WKHP LQ WKHLU JDWHV@  )RU >P\@ ORUGO\ SOHDVXUH >, KDG D SRUWLFR D UHSOLFD RI D +LWWLWH SDODFH ZKLFK LV FDOOHG EêWȃLOÃQL@ LQ WKH ODQJXDJH >RI WKH ODQG $PXUUX FRQVWUXFWHG LQVLGH WKHP@ ˡ (LJKW VWULGLQJ OLRQV VWDQGLQJ RSSRVLWH RQH DQRWKHU ZKLFK@ ZHUH PDGH >IURP  WDOHQWV RI VKLQLQJ FRSSHU F@DVW E\ WKH JRG 1LQDJDO DQG ZHUH >ILOOHG ZLWK UDGLDQFH@ ˢ XSRQ WKRVH OLRQ FRORVVL , >LQVWDOOHG WZR LGHQWLFDO FROXPQV@ WKDW ZHUH FDVW >IURP  WDOHQWV RI EURQ]H@ WRJHWKHU ZLWK WZR ODUJH FHGDU FROXPQV >DQG , SRVLWLRQHG FURVVEHDPV XSRQ WKHP DV D FRUQLFH IRU WKHLU JDWHV @  , H[SHUWO\ IDVKLRQHG >IRXU PRXQWDLQ VKHHS FRORVVL

ˡ 7H[W QR  UHFRUGV WKH GLPHQVLRQV RI WKH ERQGHG VWRQH ZKLFK DSSDUHQWO\ FRPSULVHG IRXU ODUJH OLPHVWRQH EORFNV LQ OLHX RI WKH GLPHQVLRQV RI WKH WHUUDFH WKDW DUHD LV VDLG WR KDYH EHHQ ˦VL[W\ QLQGDQX DORQJ LWV ORQJHU VLGH DQG WKLUW\IRXU QLQGDQX DORQJ LWV VKRUWHU VLGH˧  0(  ˦˧  0(  ˦˧ DQG  0(  ˦˧ 7H[W QR  OLQHV ˡ KDYH  0(  ˦˧  0(  ˦˧ DQG  0(  ˦˧ 7KDW LQVFULSWLRQ DOVR LQFOXGHV WKH GLPHQVLRQV RI D ILIWK ID©DGH RI WKH SDODFH WKDW VLGH LV VDLG WR KDYH PHDVXUHG  ODUJH DVOXFXELWV  ğLNLWWDğ ˦LWV VWUXFWXUH˧ 7H[W QR  OLQH  KDV WLVDUğ£ ˦LWV VWUXFWXUH˧  «JDO]DJGLQXWXNXD ˦(JDO]DJGLQXWXNXD˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  ˡ 7H[W QR  DQG WH[W QR  GR QRW LQFOXGH WKHVH SDVVDJHV LQ WKHLU EXLOGLQJ UHSRUWV  ΢ğXΣXEEXƮX ˦WKDW ZHUH FDVW˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH   6,*$5ğLLQ ˦WKHLU GRRU EROWV ˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH 

6HQQDFKHULE 

VLSDUUL LWWL 8'8 ğDGGL G/$00$ ğD 1$̎ .85L@ HğT¯ QDNOLğ DEQLPD DQD HUEHWWL ğ£DUL ¼ğ£DȻELWD >6,*$5ğLLQ DVPX@ 



















>DVNXSSDW 1$̎SLLOL UDEEDDWL GD£GPH QDNL@΢ULΣ NLğLW΢WLΣ >Ğ8,,@΢LDΣ T«UHEğLLQ HVLȃD DVXUUXğLLQ ¼ğ£DVȃLUD DQD WDE΢UDΣ>DWL ¼ğ£OLN@ >*,Ğ.,5,̐0$ȎȃX WDPğLO .85ȃDPDQLP ğD JLPLU@ ΢Ğ,0ΣȎ,$ *8581 >ȻLSSDD@΢WHΣ *,Ğ0(Ğ WXNODW .85L » .85NDOGL T«UHEğX ȃXUUXğX LWD>Dğ£ D]TXXS@ >£ğğX ]DTDDS ȻLSSDDWL $Ğ‚ WDPLUWL HOHHQ@ 858 1,*,'$0,1΢7$Σ>‚0@ DQD '8080(Ğ 1,1$., SLONX ¼SDOOLNPD ¼ğDGJLOD ΢SDΣ>QXXğğ¼XQ@ >DQD PLɅUDDWL ğXPPXȃL XOWX SDDɅL@ ΢858ΣNLVLUL D΢GL WDPLUΣWL 1,1$., .85D » ELUXW¼ LQD DNNXOODWH $1%$5 ¼ğDWWLUPD ΢¼Σ>ğHğLU 'ȃDUUX@ >  .$6.$/*' TDTTDUX XOWX T«UHE 'ȃXVXXU@ PDDPH GDUX¼WL DğDU𣠼ğDUGDD T«UHE ȻLSSDDWL ğ£WLQD ¼ğDȃELED >SDWWLLğ@ >XOWX ğLSUX ‹*$/ EHOXWLLD ¼TDW@WXX ¼ğ£DQGLOD UHEDDWL ELUHHWL VXTDDQL XğSDUGXPD ¼QDPPLU >*,0 X̎PH@ >GDğğXU (1 *$/¼ ',1*,50(Ğ » G,Ğ7$50(Ğ D@΢ğLΣEXXW .85 DğğXU., LQD THUEHğ£ DTUH 8'86,6.850(Ğ WDğULLȃWL DTT¯PD ¼ğDWOLP >N¢GUDDD@ >DQD £UN¢W X̎PH LQD /8*$/0(ĞQL '8080(Ğ@΢LDΣ ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEXX ]LNLUğ¼ HQXPD ‹*$/ ğ£DW¼ L>ODEELUXPD HQQDȃX@ >DQȃXVD OXXGGLğ 086$5H ğLɅLU@ ΢ğXΣPHLD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ D΢QDΣ £ğULğ¼ OLWHU ΢GDğğXU LNULELğ¼Σ >LğHPPH@ > 8Ğ 7$‚0@ ΢08Σ','/, 086$5H ,7,VLEXWL OLPX PG08$7,=8 /œ*$5΢.85 858"/008"',1*,5"Σ



RI VLOYHU DQG EURQ]H WRJHWKHU ZLWK PRXQWDLQ VKHHS FRORVVL RI@ PDVVLYH >PRXQWDLQ VWRQH@ DQG LQ IRXU GLUHFWLRQV , PDGH WKHP KROG >WKHLU WKH JDWHVˤ VXLWDEOH GRRU EROWV @  , HQJUDYHG RQ >ODUJH OLPHVWRQH VODEV LPDJHV RI WKH HQH@P\ >VHWWOHPHQWV@ WKDW >,@ KDG FRQTXHUHG , VXUURXQGHG WKHLU WKH SDODFH URRPVˤ ORZHU FRXUVHV ZLWK WKHP DQG >PDGH@ WKHP DQ REMHFW RI ZR>QGHU@  >, SODQWHG@ DORQJVL>GH LW WKH SDODFH D ERWDQLFDO JDUGHQ D UHSOLFD RI 0RXQW $PDQXV@ ZKLFK KDV >DOO NLQGV RI@ DURPDWLF SODQWV DQG IUXLW >WUHHV@ WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD FROOHFWHG LQVLGH LW  >7R SODQW JDUGHQV@ , VXEGLYLGHG >WKH PHDGRZODQG XSVWUHDP RI@ WKH FLW\ LQWR SORWV RI WZR SÃQX HD>FK@ IRU WKH FLWL]HQV RI 1LQHYHK DQG , KDQGHG WKHP RYHU WR >WKHP@ ˡ >7R PDNH WKRVH SODQWHG DUHDV OX[XULDQW@ , FXW ZLWK LURQ SLFNV >D FDQDO VWUDLJKW WKURXJK@ PRXQWDLQ DQG YDOOH\ >IURP WKH ERUGHU RI@ WKH FLW\ .LVLUX WR WKH SODLQ RI 1LQHYHK , FDXVHG DQ LQH[KDXVWLEOH VXSSO\ RI ZDWHU WR IORZ WKHUH IRU >D GLVWDQFH RI RQH DQG D KDOI OHDJXHV IURP WKH ȎXVXU 5LYHU@ DQG PDGH LW JXVK >WKURXJK IHHGHU FDQDOV@ LQWR WKRVH JDUGHQV ˡ >$IWHU , KDG ILQLVK@HG >WKH ZRUN RQ P\ ORUGO\ SDODFH@ EURDGHQHG WKH VTXDUHV DQG EURXJKW OLJKW LQWR WKH DOOH\V DQG VWUHHWV PDNLQJ WKHP >DV@ EULJKW >DV GD\@ , LQYLWHG LQVLGH LW WKH SDODFH >WKH JRG $ğğXU WKH JUHDW ORUG DQG WKH JRGV DQG JRGGHVVHV O@LYLQJ LQ $VV\ULD WKHQ , PDGH VSOHQGLG RIIHULQJV DQG SUHVHQWHG >P\ JLIWV @ ˡ >,Q WKH IXWXUH PD\ RQH RI WKH NLQJV@ P\ >GHVFHQGDQWV@ ZKRP WKH JRG $ğğXU QDPHV IRU VKHS KHUGLQJ WKH ODQG DQG SHRSOH >UHQRYDWH LWV GLODSLGDWHG VHFWLRQV @ ZKHQ WKDW SDODFH EH>FRPHV ROG DQG GLODSL GDWHG@ 0D\ KH ILQG >DQ LQVFULEHG REMHFW EHDULQJ@ P\ QDPH DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ DQG UH WXUQ LW WR LWV SODFH 7KH JRG $ğğXU >ZLOO WKHQ KHDU@ KLV SUD\HUV  7KH OLQH FRXQW RI WKH LQVFULSWLRQ LV >@ OLQHV  6LEħWL HSRQ\P\ RI 1DE½OÕƺL JRYHUQRU RI WKH FLW\ $UEHOD  

 *,Ğ.,5,̐0$ȎȃX ˦ERWDQLFDO JDUGHQ˧ DQG WXNODW ˦WKH PDLQVWD\ RI˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH   ELUXW¼ ˦YDOOH\˧ DQG ¼ğDWWLUPD ˦, FXW WKURXJK DQG˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH   6LEħWL WKH PRQWK LQ ZKLFK H[V  DQG  RI WKLV WH[W DQG VRPH H[HPSODUV RI WKH IROORZLQJ LQVFULSWLRQ WH[W QR  ZHUH LQVFULEHG LV DQ (ODPLWH PRQWK WKH VHYHQWK PRQWK LQ WKH (ODPLWH \HDU )RU GHWDLOV RQ WKH (ODPLWH FDOHQGDU VHH 5HLQHU $I2   SS ˡ DQG &RKHQ 7KH &XOWLF &DOHQGDUV RI WKH $QFLHQW 1HDU (DVW SS ˡ $FFRUGLQJ WR  5 SO  DQG RWKHU FRPPHQWDULHV RQ WKH (ODPLWH FDOHQGDU WKH PRQWK 6LEħWL FRUUHVSRQGV WR $UDȏVDPQD 9,,,  1RWH DOVR WKDW VRPH FRSLHV RI (VDUKDGGRQ 1LQHYHK $ DUH GDWHG E\ (ODPLWH PRQWKV DQG WKH REVHUYDWLRQV RI VRPH DVWURQRPLFDO HYHQWV DUH PHQWLRQHG DV EHLQJ REVHUYHG GXULQJ DQ (ODPLWH PRQWK VHH /HLFKW\ 5,1$3  S  (VDUKDGGRQ  WKH RQSDJH QRWH WR YL % DQG '



6HQQDFKHULE 

 2QH FRPSOHWH FOD\ F\OLQGHU DQG VHYHUDO IUDJPHQWV RI FOD\ F\OLQGHUV DUH LQVFULEHG ZLWK DQ LQVFULSWLRQ WKDW LV D QHDU GXSOLFDWH RI WH[W QR  7KH SURORJXH DQG PLOLWDU\ QDUUDWLRQ ZKLFK FRQWDLQV DFFRXQWV RI 6HQQDFKHULEˤV ILUVW WZR FDPSDLJQV DUH LGHQWLFDO WR WKH SUHYLRXV LQVFULSWLRQ ZLWK RQH PLQRU RPLVVLRQ DQG PLQRU RUWKRJUDSKLF YDULDWLRQV  7KH EXLOGLQJ UHSRUW KRZHYHU GHYLDWHV IURP WKDW WH[W DV LW RPLWV WKH SDVVDJH UHFRUGLQJ WKH URRILQJ RI WKH SDODFH WKH FRQVWUXFWLRQ RI DQ RUQDWH SRUWLFR D EêWȃLOÃQL  DQG WKH OLQLQJ RI WKH ZDOOV RI WKH SDODFH ZLWK VFXOSWHG RUWKRVWDWV DV ZHOO DV WKH SDVVDJH VWDWLQJ WKDW WKH JRGV ZHUH LQYLWHG LQWR WKH ˦3DODFH :LWKRXW D 5LYDO˧ XSRQ LWV FRPSOHWLRQ 7KH FRPSOHWH F\OLQGHU H[  ZDV LQVFULEHG DW WKH VDPH WLPH DV VHYHUDO FRSLHV RI WH[W QR  LQ WKH VHFRQG KDOI RI WKH HSRQ\P\ RI 1DE½OÕƺL JRYHUQRU RI WKH FLW\ $UEHOD   7KH VFULEH DOVR LQGLFDWHG WKH WRWDO QXPEHU RI OLQHV HDFK FRS\ ZDV LQVFULEHG ZLWK VL[W\WKUHH OLQHV RI WH[W 7KH LQVFULSWLRQ LV FRPPRQO\ UHIHUUHG WR DV WKH ˦%HOOLQR &\OLQGHU˧ 7KH QDPH GHULYHV IURP .DUO %HOOLQRˤV KDQGGUDZQ IDFVLPLOH RI WKH FRPSOHWH F\OLQGHU H[  WKDW &- 5LFK WKH 5HVLGHQW LQ %DJKGDG IRU WKH (DVW ,QGLD &RPSDQ\ SXUFKDVHG DW 1LQHYHK LQ  WKDW FRS\ ZDV SXEOLVKHG LQ  E\ *) *URWHIHQG ZKR KDG UHFHLYHG WKH FRS\ LQ  MXVW EHIRUH %HOOLQR GLHG  ,Q ROGHU OLWHUDWXUH WKLV LQVFULSWLRQ LV YHU\ RFFDVLRQDOO\ UHIHUUHG WR DV ˦&\OLQGHU $˧

&$7$/2*8( ([

0XVHXP 1XPEHU

([FDYDWLRQ 5HJLVWUDWLRQ 1R



%0  . 

5 

 

%0  ˢ

 

3URYHQDQFH $FTXLUHG E\ &- 5LFK SUREDEO\ DW 1HEL E\ %HOOLQR@ /D\DUG ,&& SOV ˡ H[  FRS\ /D\DUG 'LVFRYHULHV S  H[  VWXG\ * 6PLWK 6HQQ SS ˡ  ˡ ˡ ˡ H[  FRS\ HGLWLRQ %H]ROG &DW  SS ˡ DQG ˡ H[V      VWXG\ %H]ROG LQ 6FKUDGHU .%  SS ˡ H[V    YDULDQWV



   

>RI WH[W QR  L ˡLL @ 0HLVVQHU DQG 5RVW %L6 SS  DQG ˡ H[  OLQHV ˡ HGLWLRQ >FRQIODWHG ZLWK WH[W QR  DQG 6PLWK %XOO @ 0HLVVQHU &KUHVWRPDWKLH SS ˡ OLQHV ˡ FRS\ %H]ROG &DW  SS     DQG  H[V   ˡ   ˡ  VWXG\ 'HLPHO 7H[WXV FXQHLIRUPHV LQ XVXP VFKRODH SS ˡ H[  FRS\ FROODWLRQV .LQJ &DW S  QR  H[   VWXG\



            

6HQQDFKHULE 

2OPVWHDG +LVWRULRJUDSK\ SS ˡ H[  VWXG\ %XGJH %\ 1LOH DQG 7LJULV  S  DQG Q  H[  SURYHQDQFH VWXG\ %0 *XLGH SS ˡ QR  H[  VWXG\ /XFNHQELOO 6HQQ SS  ˡ ˡ ˡ % H[  OLQHV ˡ ˡ HGLWLRQ H[  OLQHV ˡ YDULDQWV >RI WH[W QR  OLQHV ˡ@ /XFNHQELOO $5$%  SS ˡ iiˡ DQG SS ˡ iiˡ H[  OLQHV ˡ ˡ WUDQVODWLRQ 6WHSKHQV E\ %HOOLQR@ %RUJHU :$2 SS  DQG ˡ H[  FRS\ VWXG\ %RUJHU %$/ SS      H[  VWXG\ 5HDGH $55,0  S  H[  SURYHQDQFH

             

6LHYHUQLFK DQG %XGGH (XURSD XQG GHU 2ULHQW SS ˡ ILJ  H[  VWXG\ SKRWR %HDXOLHX &DW  S  H[   VWXG\ /DDWR 97  S  OLQHV ˡ VWXG\ : 0D\HU 6WXGLHV YRQ 6RGHQ SS ˡ OLQH  VWXG\ )UDKP 6DQKHULE SS ˡ 7  VWXG\ 3HGHUV«Q .DWDORJ S  H[V    ˡ  VWXG\ %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ ˡ QRV ˡ ˡ 7H[WEDXVWHLQ ˡ DQG 7DEOH  OLQHV ˡ ˡ HGLWLRQ VWXG\ 5HQJHU 6WXGLHV :LOFNH SS ˡ VWXG\ 5LYDUROL ,UDT  S  Q  DQG S  OLQHV ˡ ˡ VWXG\ 0HOYLOOH LQ &KDYDODV $1( S  OLQH  WUDQVODWLRQ )UDKP -&606  S  VWXG\ &KDQ -%/  S  OLQH  WUDQVODWLRQ )UDKP .$/  SS   DQG  QR  H[   HGLWLRQ FRS\ )UDKP 5/$ ˡ S  VWXG\

)LJXUH  %0  WH[W QR  H[   WKH %HOOLQR &\OLQGHU RI 6HQQDFKHULE ZKLFK UHFRUGV WZR PLOLWDU\ FDPSDLJQV DQG WKH FRQVWUXFWLRQ RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ k 7UXVWHHV RI WKH %ULWLVK 0XVHXP

7(;7 

  

PG(1=8Ğ(Ğ0(ĞHULED

/8*$/ *$/ /8*$/

GDQQX /8*$/ .85 DğğXU., /8*$/ OD ğ£QDDQ 5(‹80 PXWQHQQX¼ SDOLȃ ',1*,50(Ğ *$/0(Ğ QDȻLU NLWWL UDƮLLP PLğ£UL HSLğ ¼VDDWL DOLN WDSSXXW DNLL VDȃLUX GDPTDDWL HɅOX J¯WPDOXP ]LNDUX TDUGX Dğ£UHG NDO PDDONL UDSSX ODƮLLɅ OD PDJLUL PXğDEULTX ]DPDDQL GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ ¼ğDWOLPDDQQLPD 8*8 JLPLU DğLE SDUDNNL

ˡ 6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI $VV\ULD XQULYDOOHG NLQJ SLRXV VKHSKHUG ZKR UHYHUHV WKH JUHDW JRGV JXDUGLDQ RI WUXWK ZKR ORYHV MXVWLFH UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHDN DQG VWULYHV DIWHU JRRG GHHGV SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQWUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQHPLHV ZLWK OLJKWQLQJ  7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDOOHG VRYHUHLJQW\ DQG PDGH P\ ZHDSRQV JUHDWHU

ˡ 7H[W QR  OLQHV ˡ GXSOLFDWH WKHVH OLQHV DSDUW IURP RUWKRJUDSKLF YDULDQWV DQG WKH RQH PLQRU GHYLDWLRQ LQ OLQH  VHH WKH RQSDJH QRWHV RI WKDW WH[W IRU FRPPHQWV

6HQQDFKHULE 



























¼ğDUEDD *,Ğ78.8/0(ĞLD LQD 6$* /8*$/WLLD ğD PG$0$5878,%,/$6801$ /8*$/ .85N£UGXQ¯D£ğ DGL (5,0Ȏ,$ (/$00$., LQD WDPLUWL NLğ., £ğWDNDQ %$'̏%$'̏ğ¼ LQD 0858%̎ WDPȃDUL ğXDWX H]LE .$5$ĞVX HGLğ LSSDUğLGPD DQD .85JX]XXPPDQL LQQDELW T«UHE 'DJDPPH » DSSDUDDWH HUXXPPD QDSLğWXğ HɅ¯LU *,Ğ*,*,50(Ğ *,ĞȻXXPEL $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ » $1Ğ(XGUL ğD LQD TLWUXXE WDȃD]L ¼PDğğLUX LNğXGD Ğ8,,DD DQD ‹*$/ğ¼ ğD T«UHE .ƒ',1*,55$., ȃDGLğ HUXXPPD DSWHHPD ‹ QLȻLUWLğ¼ .›*, .›%$%%$5 ¼QXXW .›*, .›%$%%$5 1$̎ DTDUWX PLPPD ğXPğX 1*Ğ8 1**$ QLȻLUWX NDELWWX '$0VX 08186810(Ğ ‹*$/ğ¼ /œ7,5800(Ğ /œPDQ]DD] SDQL VLȃLUWL XPPDDQL PDOD EDğX¼ PXWWDEELOXWX ‹*$/ ¼ğHȻDDPPD ğDOODWLğ DPQX DȻEDWPD (*,5ğ¼ DQD .85JX]XXPPDQL /œPXQGDȃȻLLD DQD T«UHE 'DJDPPH » DSSDUDDWH ¼PDƮHHUPD  X̎PH LSDUXQLPPD XO LQQDPLU DğDUğX LQD HPXT GDğğXU (1LD  8580(ĞQL GDQQXWL ‹ %‚'0(ĞQL ğD .85NDOGL »  0(  8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX DOPH DNğXGXG £ğOXOD ğDOODVXXQ /œ¼UEL /œDUDPX » /œNDOGX ğD T«UHE 818*., 1,%58., NLğ., ȃXUVDJNDODPPD., *œ'8̒$., DGL '8080(Ğ 858 (1 ȃLLɅɅL ¼ğHȻDDPPD ğDOODWLğ DPQX P(1'› '808 /œ*$/'› SHHUƮL ğXDQQD., ğD *,0 PLUDDQL ȻDDȃUL T«UHE ‹*$/LD LUEX¼ DQD /8*$/XW .85 (0(*,̑ » 85,., £ğWDNDQ 8*8ğ¼XQ LQD WDDDDUWLLD /œWXƮXPXQD /œULȃLȃX /œLDGDTTX /œ¼EXGX /œJLEUHH /œPDOLȃX /œJXUXPX /œ¼EXOXP /œGDPXQX /œJDPEXOX /œȃLLQGDUX /œUXƮXXD /œSXTXGX /œȃDDPUDDQX /œȃDJDUDQX /œQDEDWX /œOLLƮWDD¼ /œDUDPX OD NDQğ¼ PLWȃDULğ DNğXGXG  0(  /,0 810(Ğ ]LNUX X 08186  /,0  0( $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ  /,0  $1Ğ(0(Ğ  /,0  0(  $1Ğ(*$00$/0(Ğ  /,0  0( *8̎0(Ğ  0( /,0  0( 86̏8'8Ȏ,$ ğDOODWX NDELWWX £ğOXOD DQD T«UHE .85 DğğXU., LQD PHWLLT JHUULLD ğD PG$*(1080(Ğ /œT¯SL 858ȃDUDUDWL .›*, .›%$%%$5



WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLVHV ˡ $W WKH EHJLQQLQJ RI P\ NLQJVKLS , EURXJKW DERXW WKH GHIHDW RI 0DUGXNDSODLGGLQD ,, 0HURGDFKEDOD GDQ  NLQJ RI .DUGXQLDğ %DE\ORQLD  WRJHWKHU ZLWK WKH WURRSV RI WKH ODQG (ODP LQ WKH SODLQ RI .LVK ,Q WKH PLGVW RI WKDW EDWWOH KH DEDQGRQHG KLV FDPS +H IOHG DORQH DQG HVFDSHG WR WKH ODQG *X]XPPÃQX ZKHUH KH HQWHUHG WKH VZDPSV DQG PDUVKHV DQG WKHUHE\ VDYHG KLV OLIH , VHL]HG WKH FKDULRWV ZDJRQV KRUVHV PXOHV GRQNH\V FDPHOV DQG %DFWULDQ FDPHOV WKDW KH KDG DEDQGRQHG LQ WKH WKLFN RI EDWWOH

ˡ , MR\IXOO\ HQWHUHG KLV SDODFH ZKLFK LV LQ %DE\ORQ WKHQ , RSHQHG KLV WUHDVXU\ DQG EURXJKW RXW JROG VLOYHU JROG DQG VLOYHU XWHQVLOV SUHFLRXV VWRQHV DOO NLQGV RI SRVVHVVLRQV DQG SURSHUW\ D VXEVWDQWLDO WUHDVXUH WRJHWKHU ZLWK KLV ZLIH KLV SDODFH ZRPHQ FRXUWLHUV DWWHQGDQWV DOO RI WKH FUDIWVPHQ DV PDQ\ DV WKHUH ZHUH DQG KLV SDODFH DWWHQGDQWV DQG , FRXQWHG WKHP DV ERRW\  , SXUVXHG KLP WR WKH ODQG *X]XPPÃQX DQG RUGHUHG P\ ZDUULRUV LQWR WKH PLGVW RI VZDPSV DQG PDUVKHV )RU ILYH GD\V WKH\ VHDUFKHG IRU KLP  EXW KLV KLGLQJ SODFH FRXOG QRW EH IRXQG ˡ :LWK WKH VWUHQJWK RI WKH JRG $ğğXU P\ ORUG , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG  IRUWLILHG FLWLHV IRUWUHVVHV RI &KDOGHD DQG  VPDOOHU VHWWOH PHQWV LQ WKHLU HQYLURQV , EURXJKW RXW WKH DX[LOLDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV ZKR ZHUH LQ 8UXN 1LSSXU .LVK ȎXUVDJNDODPD DQG &XWKD WR JHWKHU ZLWK WKH JXLOW\ FLWL]HQV DQG , FRXQWHG WKHP DV ERRW\  , DSSRLQWHG RYHU WKHP %ÕOLEQL D VRQ RI D UDE EDQ° DQG D VFLRQ RI ĞXDQQD %DE\ORQ ZKR KDG JURZQ XS OLNH D \RXQJ SXSS\ LQ P\ SDODFH DV NLQJ RI WKH ODQG RI 6XPHU DQG $NNDG ˡ 2Q P\ UHWXUQ PDUFK , GHIHDWHG DOO WRJHWKHU WKH 7XƺXPXQD 5LȏLȏX QDȻLU NLWWL UDƮLLP PLğ£UL HSLğ ¼VDDWL DOLN WDSSXXW DNLL VDȃLUX@ ΢GDPΣTDDWL  >HɅOX J¯WPDOXP ]LNDUX TDUGX Dğ£UHG NDO PDONL UDSSX ODƮLLɅ OD PDJLUL PXğDEULTX ]D@΢PDΣDQL /DFXQD ˮ >DQD DUN¢W X̎PH LQD /8*$/0(ĞQL '8080(ĞLD ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEXX ]LNLUğ¼ HQXPD [ [ ğ£DWX LODEELUX@΢PDΣ HQQD΢ȃXΣ ˮ >DQȃXXVVX" OXXGGLğ 086$5D ğLɅLU ğXPLLD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğ¼ OLWHU GDğğXU » GLğWDU LNULELğ¼@ LğHPPX΢XΣ

ˡ >6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD NLQJ RI WKH IRXU TXDUWHUV RI WKH ZRUOG  FDSDEOH VKHSKHUG@ IDYRULWH RI WKH JUHDW JRGV >JXDUGLDQ RI WUXWK ZKR ORYHV MXVWLFH UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHDN DQG VWULYHV DIWHU@ JRRG GHHGV >SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQWUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQ@HPLHV >ZLWK OLJKWQLQJ@ /DFXQD ˮˡˮ >,Q WKH IXWXUH PD\ RQH RI WKH NLQJV P\ GHVFHQ GDQWV ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH UHQRYDWH LWV GLODSLGDWHG VHFWLRQV ZKHQ WKDW  EHFRPHV ROG@ DQG GLODSLGDWHG >0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ DQG UHWXUQ LW WR LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU@ ZLOO WKHQ KHDU >KLV SUD\HUV@

ˮ

ˮ >7KH OLQH FRXQW RI WKH LQVFULSWLRQ LV  OLQHV   WKH HSRQ\P\ RI %ÕOğDUUÃQL JRYHUQ@RU RI WKH FLW\ .XUEDLO  



>[ [ [ [ 7$‚0 08','/, 086$5H  OLPX PG(1/8*$/DQQL /œ*$5@΢.85Σ 858NXUED®O

 >/8*$/ NLEUDW /008WL 5(‹80 LWSHğ¼@ PLJLU ',1*,50(Ğ *$/΢0(ĞΣ ˦>NLQJ RI WKH IRXU TXDUWHUV RI WKH ZRUOG  FDSDEOH VKHSKHUG@ IDYRULWH RI WKH JUHDW JRGV˧ 7H[W QR  OLQH  DQG WH[W QR  OLQH  KDYH /8*$/ OD ğ£QDDQ 5(‹80 PXWQHQQX¼ SDOLȃ ',1*,50(Ğ *$/0(Ğ ˦XQULYDOOHG NLQJ SLRXV VKHSKHUG ZKR UHYHUHV WKH JUHDW JRGV˧ v DQȃXXVVX" ˦LWV GLODSLGDWHG VHFWLRQV ˧ 2U SRVVLEO\ UHVWRUH LQVWHDG DQȃXVD VHH WH[W QR  OLQH  LğHPPX΢XΣ ˦WKH\ ZLOO WKHQ KHDU˧ &I WH[W QR  OLQH  DQG WH[W QR  OLQH v ERWK RI ZKLFK KDYH LğHPPH ˦KH ZLOO WKHQ KHDU˧ 7KH VXEMHFW RI WKH YHUE LQ WKLV WH[W LV QRQH RWKHU WKDQ $ğğXU DQG ,ğWDU

6HQQDFKHULE 



 $ VPDOO IUDJPHQW RI D FOD\ F\OLQGHU IURP 1LQHYHK SUHVHUYHV SDUW RI D IRXQGDWLRQ LQVFULSWLRQ ZLWK DQQDOLVWLF QDUUDWLRQ 7KH H[WDQW WH[W ZKLFK LV GLIILFXOW WR UHDG EHFDXVH WKH LQVFULEHG VXUIDFH LV EDGO\ ZRUQ FRQWDLQV SDUWV RI UHSRUWV RI 6HQQDFKHULEˤV WKLUG DQG IRXUWK FDPSDLJQV WR WKH /HYDQW DQG DJDLQVW %êW@ [ [ >@ ˮ >@ ΢LğΣGHH΢ğXΣ >@ ˮ >ğD 0858%̎ 858 X 1,1$., 858@ ΢EHΣOXWLLD ğX΢EDWΣ>VXQX XğUDEEL UHEDWLğ¼XQ ¼ğ£DQGLOPD ELUHHWL » VXTDDQL XğSDUGLPD ¼QDPPLU *,0 X̎PH@ ˮ >LQD P«HȃUHW .ƒ*$/@ ΢0858%̎Σ 858 LQD D΢J¼UΣ>UL 1$̎SLLOL SHȻHH DQD PHWLLT *,Ğ*,*,5 EHOXWLLD ¼ğHSLğ WLWXUUX@ ˮ >086$5D ¼ğHSLğPD OLL@WXP » ΢GDΣ>QDQX ğD LQD WXNXOWL DğğXU (1 *$/ (1LD 8*8 NXOODW QDNLUL £ğWDNNDQX » PLPPD HSLğWL Ğ8,,LD ¼ğ££ğɅLU T«UHEğ¼@ ˮ >LWWL 086$5H ğD PDO@΢NLΣ DOLNXW ΢PDȃΣ>UL $'0(ĞLD LQD %‚' 0858%̎ 858 ğ£ 1,1$., 858 EHOXWLLD DQD /8*$/0(Ğ '8080(ĞLD H]LE DȃUDWDğ@ ˮ >PDWLPD LQD '808@΢0(ĞΣLD ΢DUΣ>NXWL ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEXX ]LNLUğX HQXPD %‚' ğ£DWX LODEELUXPD HQQDȃX DQȃXXVVX OXXGGLğ@ ˮ >086$5D ğLɅLU ğXPLLD@ ΢OLΣPXU>PD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğ¼ OLWHU GDğğXU » GLğWDU LNULELğ¼ LğHPPXX@ 5XOLQJ OLQH DQG GDWH PLVVLQJ

/DFXQD ˮˡˮ >@  >@ LWV IRXQGDWLRQV >@ ˮ >, HQODUJHG@ WKH VL>WH RI WKH FLWDGHO DQG 1LQHYHK@ P\ >F@DSLWDO >FLW\ , EURDGHQHG WKHLU VTXDUHV DQG EURXJKW OLJKW LQWR WKH DOOH\V DQG VWUHHWV PDNLQJ WKHP DV EULJKW DV GD\@ ˮ >, KDG D EULGJH FRQVWUXFWHG RSSRVLWH@ WKH &LWDGHO >*DWH@ ZLWK SDYLQJ VWRQ>HV RI ZKLWH OLPHVWRQH IRU WKH SDVVDJH RI P\ ORUGO\ FKDULRW@ ˮˡˮ >, KDG DQ LQVFULEHG REMHFW PDGH DQG KDG DOO WKH PL@JKW\ YLFWR>ULHV WKDW , DFKLHYHG RYHU DOO RI P\ HQHPLHV ZLWK WKH VXSSRUW RI WKH JRG $ğğXU WKH JUHDW ORUG P\ ORUG DQG DOO RI P\ RWKHU DFKLHYHPHQWV LQVFULEHG WKHUHRQ :LWK LQVFULEHG REMHFWV RI@ HDUO>LHU UXOH@UV >P\ DQFHVWRUV , GHSRVLWHG LW IRU HYHU DIWHU LQ WKH FLWDGHO ZDOO RI 1LQHYHK P\ FDSLWDO FLW\ IRU WKH NLQJV P\ GHVFHQGDQWV@ ˮˡˮ >$W DQ\ WLPH LQ WKH IXWXUH  PD\ RQH RI@ P\ >GHVFHQGDQWV OLW ˦IXWXUH FKLOGUHQ˧  ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH UHQ RYDWH LWV GLODSLGDWHG VHFWLRQV ZKHQ WKDW ZDOO EHFRPHV ROG DQG GLODSLGDWHG@ 0D\ KH ILQG >DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQRLQW LW ZLWK RLO PDNH DQ RIIHU LQJ DQG UHWXUQ LW WR LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHDU KLV SUD\HUV@ 5XOLQJ OLQH DQG GDWH PLVVLQJ

v 6HH )UDKP 6DQKHULE S  .  OLQHV vˡv v 1,1$., ˦1LQHYHK˧ 2U 8581,1$ VXTDDQL ˦VWUHHWV˧ 2U VXTDDWL VHH )UDKP 6DQKHULE S  .  OLQH v v ¼ğHSLğ ˦, KDG FRQVWUXFWHG˧ 7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  OLQH v DQG .  OLQH v )UDKP 6DQKHULE S   &I WH[W QR  OLQH  ZKLFK KDV ¼ğDNELLV ˦, KDG FRQVWUXFWHG E\ SDFNLQJ GRZQ ˧ v 7KH UHVWRUDWLRQ RI GDPDJHG WH[W LV EDVHG RQ WH[W QR  OLQH v ZKLFK LV SDUWLDOO\ UHVWRUHG IURP WH[W QR  OLQHV ˡ DQG .  OLQHV vˡv )UDKP 6DQKHULE S   ¼ğHSLğPD ˦, KDG PDGH DQG˧ .  OLQH v KDV DEQLPD ˦, EXLOW DQG˧ PLPPD HSLğWL Ğ8,,LD ˦DOO RI P\ RWKHU DFKLHYHPHQWV˧ 7H[W QR  OLQH  KDV PLPPD HSğHW HWHSSXğX ˦HYHU\WKLQJ HOVH , KDG EHHQ GRLQJ˧ v 7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  OLQH v ZKLFK LV SDUWLDOO\ UHVWRUHG IURP .  OLQHV vˡv )UDKP 6DQKHULE S   &I WH[W QR  OLQH  v PDWLPD $SDUW IURP .  OLQH v )UDKP 6DQKHULE S   PDWêPD ˦IRU HYHU˧ LV XVHG WR LQWURGXFH WKH FRQFOXGLQJ IRUPXODH RQO\ LQ WKH %DOWLPRUH ,QVFULSWLRQ OLQH  *UD\VRQ $I2  >@ S  DQG WKH %DYLDQ ,QVFULSWLRQ OLQH  /XFNHQELOO 6HQQ S   &I WH[W QR  OLQH  ZKLFK KDV DQD DUN¢W X̎PH LQD /8*$/0(ĞQL ˦LQ WKH IXWXUH PD\ RQH RI WKH NLQJV˧ GDğğXU ˦WKH JRG $ğğXU˧ .  OLQH v KDV $1Ѓ5 ˦WKH JRG $ğğXU˧ )UDKP 6DQKHULE S  FRUUHFWO\ SRLQWV RXW WKDW WKH ZULWLQJ RI WKH QDPH $ğğXU DV $1Ѓ5 LQ WKDW WH[W FOHDUO\ LQGLFDWHV WKDW WKH WDEOHW LV D ODWHU FRS\ WKLV ZULWLQJ RI WKH '1 LQ F\OLQGHU DQG SULVP LQVFULSWLRQV RI 6HQQDFKHULE IURP 1LQHYHK DSSHDUV RQO\ LQ WH[W QR  DQD 5(‹80XW .85 » 810(Ğ ˦IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH˧ 7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  OLQH  .  OLQH v KDV DQD EH΢OXWΣ .85 X >810(Ğ@ ˦IRU WKH ORUGVKLS RI WKH ODQG DQG >SHRSOH@˧ ZKLFK LV RWKHUZLVH XQDWWHVWHG LQ WKH FRQFOXGLQJ IRUPXODH RI 6HQQDFKHULEˤV LQVFULSWLRQV 7KH XVH RI DQD EÕOħW PÃWL X QLğÕ PD\ EH D VOLS RQ WKH SDUW RI WKH VFULEH ZKR FRSLHG WKH LQVFULSWLRQ DV WKDW H[SUHVVLRQ LV FRPPRQO\ XVHG LQ WKLV FRQWH[W LQ WKH LQVFULSWLRQV RI (VDUKDGGRQ DQG $VKXUEDQLSDO VHH IRU H[DPSOH /HLFKW\ 5,1$3  S  (VDUKDGGRQ  YL  DQG %RUJHU %,:$ S  3ULVP $ [  DQG 3ULVP ) YL  7KLV LV IXUWKHU HYLGHQFH WKDW .  LV D ODWHU FRS\ UHLJQ RI $VKXUEDQLSDO RU (VDUKDGGRQ  v 086$5D ˦LQVFULEHG REMHFW˧ 2U 086$5X RU 086$5H GDğğXU » GLğWDU LNULELğ¼ LğHPPXX ˦WKH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHDU KLV SUD\HUV˧ 2U SRVVLEO\ UHVWRUH GDğğXU LNULELğX LğHPPH ˦WKH JRG $ğğXU ZLOO WKHQ KHDU KLV SUD\HUV˧



6HQQDFKHULE 

 $ IUDJPHQW RI D FOD\ F\OLQGHU IURP 1LQHYHK SUHVHUYHV SDUW RI D IRXQGD WLRQ LQVFULSWLRQ ZLWK DQQDOLVWLF QDUUDWLRQ 7KH F\OLQGHU ZDV LQVFULEHG LQ WKH HSRQ\P\ RI %ÕOğDUUÃ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ğXğX ˦:DOO :KRVH %ULOOLDQFH 2YHUZKHOPV (QH PLHV˧ DQG %DGQLJHULPȏXOXȏD ˦:DOO 7HUURUL]HU RI (QHPLHV˧  DQG YDULRXV RWKHU SXEOLF ZRUNV LQFOXGLQJ WKH FRQVWUXFWLRQ RI DTXHGXFWV DQG D EULGJH

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

ˢ



3UREDEO\ 1LQHYHK

™

F

&200(17$5< 7KLV LQVFULSWLRQ DV QRWHG DOUHDG\ E\ ( )UDKP 6DQ KHULE S   LV HLWKHU SDUW RI WKH VDPH LQVFULSWLRQ DV WH[W QR  RU D XQLTXH LQVFULSWLRQ WKLV WH[W KRZ HYHU EHORQJV WR D GLIIHUHQW WH[W WKDQ .  WH[W QR  DQG %X  WH[W QR   %HFDXVH RI WKH IUDJPHQWDU\ QDWXUH RI WKH VRXUFHV RQH FDQQRW EH FHUWDLQ RI WKH UHODWLRQVKLS RI  WKLV WH[W WR  WH[W QR  DQG WKHUHIRUH WKLV IUDJPHQW LV HGLWHG RQ LWV RZQ 7KH H[WDQW WH[W RI WKH SURORJXH DQG UHSRUW RI WKH ILUVW FDPSDLJQ OLQHV ˡ DQG WKH FRQFOXGLQJ IRUPXODH OLQHV vˡv GXSOLFDWHV WH[W QR  OLQHV ˡ DQG ˡ 7H[W QR  ZKLFK ZDV DOVR ZULW WHQ LQ WKH HSRQ\P\ RI %ÕOğDUUÃQL   LQFOXGHV VHYHUDO HGLWRULDO FKDQJHV NQRZQ IURP LQVFULSWLRQV ZULWWHQ RQ RFWDJRQDO DQG KH[DJRQDO FOD\ SULVPV EH JLQQLQJ LQ   IRU H[DPSOH 6HQQDFKHULEˤV HSLWKHWV ğDU OÃ ğDQÃQ ˦XQULYDOOHG NLQJ˧ DQG UÕƮ½P PXWQHQQ½ SÃOLȃ LOÃQL UDE½WL ˦SLRXV VKHSKHUG ZKR UHYHUHV WKH JUHDW JRGV˧ ZHUH UHSODFHG LQ WH[W QR  DQG WH[WV ZULWWHQ DIWHU  E\ ğDU NLEUÃW HUEHWWL ˦NLQJ RI WKH IRXU TXDUWHUV˧  UÕƮ½P LWSÕğX ˦FDSDEOH VKHSKHUG˧  DQG PLJLU LOÃQL UDE½WL ˦IDYRULWH RI WKH JUHDW JRGV˧  6XFK GLIIHUHQFHV EHWZHHQ WKLV WH[W DQG WH[W QR  LQGLFDWH WKDW  ZDV LQVFULEHG HDUOLHU LQ WKH

\HDU WKDQ .  WH[W QR  VLQFH LW IROORZV PRUH FORVHO\ WKH SURORJXH DQG FRQFOXGLQJ IRUPXODH RI WH[W QR  0RUHRYHU WKHVH FKDQJHV LQGLFDWH WKDW VHYHUDO HGLWRULDO FKDQJHV ZHUH LQWURGXFHG WR WKRVH SDVVDJHV GXULQJ WKH \HDU  7KH EXLOGLQJ UHSRUW OLQHV vˡv LQFOXGHV SDV VDJHV FRPSRVHG IRU HDUOLHU LQVFULSWLRQV FRPPHP RUDWLQJ WKH FRQVWUXFWLRQ RI (JDO]DJGLQXWXNXD DQG VHFWLRQV FRPSRVHG DQHZ IRU LQVFULSWLRQV UHFRUG LQJ WKH FRQVWUXFWLRQ RI %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV :LWK UHJDUG WR PDWHULDO ERUURZHG IURP RWKHU F\OLQ GHUV WH[W QRV ˡ  OLQHV vˡv v DQG vˡv GX SOLFDWH ZLWK D IHZ PLQRU FKDQJHV WH[W QR  OLQHV ˡ $V IRU OLQHV vˡv DQG v ˢ ZKLFK GHVFULEH WKH FUHDWLRQ RI D PDUVK WKH FRQVWUXFWLRQ RI WKH ZDOOV RI 1LQHYHK DQG WKH EXLOGLQJ RI DTXHGXFWV ˢ WKHVH SDVVDJHV ZHUH HLWKHU FRPSRVHG DQHZ IRU WKLV LQVFULS WLRQ RU ZHUH ERUURZHG IURP DQ HDUOLHU WH[W QRZ ORVW WKDW DOVR FRPPHPRUDWHG WKRVH HYHQWV 7KRVH VHF WLRQV RI WKH EXLOGLQJ UHSRUW ZHUH LQFRUSRUDWHG ZLWK HGLWRULDO FKDQJHV LQWR WKH EXLOGLQJ UHSRUWV RI LQ VFULSWLRQV ZULWWHQ RQ RFWDJRQDO FOD\ SULVPV LQVFULEHG IURP  WR  &I WH[W QR  YLL ˡ vˡv YLLL vˡvD DQG vvˡvv DQG WH[W QR  YLL ˡ ˡD

6HQQDFKHULE 

ˡ DQG YLLL ˡ 5HVWRUDWLRQV DUH EDVHG RQ WH[W QR  WH[W QR  DQG WH[W QR  EXW ZLWK KHOS LQ OLQHV vˡv DQG



vˡv IURP .  DQG .  )UDKP 6DQ KHULE SS ˡ  WZR IUDJPHQWDULO\ SUHVHUYHG FOD\ WDEOHWV

%,%/,2*5$3+<   

%H]ROG &DW  S  VWXG\ )UDKP 6DQKHULE SS ˡ 7  DQG SO , FRS\ vˡv HGLWLRQ %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ ˡ

 

 QR  ˡ 7H[WEDXVWHLQ ˡ DQG 7DEOH  OLQHV vˡv vˡv HGLWLRQ VWXG\ 5HQJHU 6WXGLHV :LOFNH S  VWXG\ )UDKP 5/$ ˡ S  VWXG\

7(;7 

 















>PG(1=8Ğ(Ğ0(ĞHULED /8*$/ *$/¼ /8*$/ GDQQX /8*$/ NLğğ£WL /8*$/ .85 DğğXU., /8*$/ OD ğ£QDDQ 5(@‹80 ΢PXWQHQΣQX¼ SDOLȃ ',1*,50(Ğ *$/0(Ğ >QDȻLU NLWWL UDƮLLP PLğ£UL HSLğ ¼VDDWL DOLN WDSSXXW DNL@΢LΣ VDȃLUX GDPTDDWL >HɅOX J¯WPDOXP ]LNDUX TDUGX Dğ£UHG NDO PDDONL UDSSX ODƮL@΢LɅΣ OD PDJLUL PXğDEULTX ]DPDDQL >GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ ¼ğDWOLPDDQQLPD 8*8 JLPLU DğLE SD@΢UDNΣNL ¼ğDUEDD *,Ğ78.8/0(ĞLD >LQD PDȃUHH JHUULLD ğD PG$0$5878,%,/$6801$ /8*$/ .85N£UGXQLD£ğ DGL (5,0Ȏ,$ (/$0@΢0$Σ., UHȻLğ¼ LQD WDPLUWL NLğ., £ğWD΢NDQΣ >%$'̏%$'̏ğX@ >LQD 0858%̎ WDPȃDUL ğXDWX H]LE .$5$ĞVX HGLğ LSSDUğLGPD QDSLğWXğ HɅ¯LU *,Ğ*,*,50(Ğ $1Ğ(.855$0(Ğ *,ĞȻXXPEL $1Ğ(.81*$0(Ğ@ ΢ğDΣ LQD TLWUXXE WDȃD]L ¼PDğğLUX LNğXGD >Ğ8,,DD@ >DQD ‹*$/ğX ğD T«UHE .ƒ',1*,55$., ȃDGLğ HUXXPPD DSWHHPD ‹ QLȻLUWLğ¼ .›*, .›%$%%$5 ¼QXXW .›*, .›%$%%$5 1$̎ DTDUWX PLPPD ğXPğ¼@ 1*Ğ8 1**$ QLȻLUWX NDELW>WX@ >'$0VX 08186810(Ğ ‹*$/0(Ğğ¼ /œ7,5800(Ğ /œPDQ]DD] SDQL VLȃLUWL XPPDDQL PDOD EDğX¼ PXWWDEELOX@W¼ ‹*$/Xğ ¼ğHȻDDPPD ğDOODWLğ >DPQX@ >LQD HPXT GDğğXU (1LD  8580(Ğğ¼ GDQQXWL ‹ %‚'0(Ğ ğD .85NDOGL »  0(  8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX@ ΢DOΣPH .85XG £ğOXOD ğDOOD>VXXQ@ >/œ¼UEL /œDUDPX /œNDOGX ğD T«UHE

ˡ >6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD XQULYDOOHG NLQJ@ SLRXV >VKHS@KHUG ZKR UHYHUHV WKH JUHDW JRGV >JXDUGLDQ RI WUXWK ZKR ORYHV MXVWLFH UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHD@N DQG VWULYHV DIWHU JRRG GHHGV >SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQ@WUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQHPLHV ZLWK OLJKWQLQJ  >7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDOOHG VRYHUHLJQW\ DQG@ PDGH P\ ZHDSRQV JUHDWHU >WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GD@LVHV ˡ >2Q P\ ILUVW FDPSDLJQ@ , EURXJKW DERXW >WKH GHIHDW RI 0DUGXNDSODLGGLQD ,, 0HURGDFKEDODGDQ  NLQJ RI .DUGXQLDğ %DE\ORQLD  WRJHWKHU ZLWK WKH WURRSV RI WKH ODQG (OD@P KLV DOOLHV LQ WKH SODLQ RI .LVK >,Q WKH PLGVW RI WKDW EDWWOH KH DEDQGRQHG KLV FDPS IOHG DORQH DQG WKHUHE\ VDYHG KLV OLIH ,@ VHL]HG >WKH FKDULRWV KRUVHV ZDJRQV DQG PXOHV@ WKDW KH KDG DEDQGRQHG LQ WKH WKLFN RI EDWWOH

ˡ >, MR\IXOO\ HQWHUHG KLV SDODFH ZKLFK LV LQ %DE\ORQ WKHQ , RSHQHG KLV WUHDVXU\ DQG@ EURXJKW RXW >JROG VLOYHU JROG DQG VLOYHU XWHQVLOV SUHFLRXV VWRQHV DOO NLQGV RI@ SRVVHVVLRQV DQG SURSHUW\ D VXEVWDQ>WLDO@ WUHDVXUH WRJHWKHU ZLWK >KLV ZLIH KLV SDODFH ZRPHQ FRXUWLHUV DWWHQGDQWV DOO RI WKH FUDIWVPHQ DV PDQ\ DV WKHUH ZHUH@ DQG KLV SDODFH >DWWHQGDQ@WV DQG >, FRXQWHG@ WKHP DV ERRW\ ˡ >:LWK WKH VWUHQJWK RI WKH JRG $ğğXU P\ ORUG@ , VXUURXQGHG FRQTXHUHG DQG SOXQGHU>HG  RI KLV IRUWLILHG FLWLHV IRUWUHVVHV RI &KDOGHD DQG  VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV@  , EURXJKW RXW >WKH DX[LOLDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV ZKR

ˡ 7KHVH OLQHV GXSOLFDWH WH[W QR  OLQHV ˡ VHH WKH RQSDJH QRWHV RI WKDW WH[W IRU FRPPHQWV  7KH QXPEHU RI FLWLHV DQG WRZQV VXUURXQGHG FDSWXUHG DQG SOXQGHUHG LV EDVHG RQ WH[W QR  OLQH  /DWHU SULVP LQVFULSWLRQV UHGXFH WKH QXPEHUV IURP  DQG  WR  DQG  IRU H[DPSOH VHH WH[W QR  L ˡ ,W LV SRVVLEOH WKDW WKHVH QXPEHUV ZHUH ILUVW UHGXFHG LQ LQVFULSWLRQV ZULWWHQ RQ FOD\ F\OLQGHUV LQ  UDWKHU WKDQ LQ WH[WV LQVFULEHG RQ SULVPV LQ 



6HQQDFKHULE 

818*., 1,%58., NLğ., ȃXUVDJNDODPPD., *œ'8̒$., =,0%,5., (1 '8080(Ğ 858@ ΢(1Σ

ȃLLɅɅL ¼ğHȻDDPPD ğDO>ODWLğ DPQX@ >P(1'› '808 /œ*$/'› LQD *,Ğ*8=$ /8*$/WLğ¼ ¼ğHğLE 810(Ğ .85 85,., ¼ğDGJLO SDQXXğğ¼ 8*8 JLPLU QDJHH .85NDOGL /œğXXW 6$*0(ĞLD DQD /œ1$0WL £ğ@NXQPD QLLU EHOXWLLD >HPLGVXQXWL@  >LQD WDDDDUWLLD /œWXƮXPXQD /œULȃLȃX /œLDGDTTX /œ¼EXGX /œJLEUHH /œPDOLȃX /œJXUXPX@ /œ¼΢EXΣOXP ΢/œΣ>GDPXQX@  >/œJDPEXOXP /œȃLLQGDUX /œUXƮXXD /œSXTXGX /œȃDDPUDQX /œȃDJDUDQX /œQDEDWX /œOLLƮWDD¼ /œDUDPX OD@ ΢NDQΣğ¼΢WL PLW"ȃD"ULğΣ >DNğXGXG@  > 0(  /,0 810(Ğ 785 *$/ 1,7$ X 08186  /,0  0( $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ  /,0  $1Ğ(0(Ğ  /,0  0(  $1Ğ(*$00$/0(Ğ  /,0  0( *8̎0(Ğ  0( /,0  0( 86̏8'8Ȏ,$ ğDOODWX NDELWWX £ğOX@OD DQD T«>UHE .85 DğğXU.,@  >LQD PHWLLT JHUULLD ğD PG$*(1080(Ğ /œT¯SL 858ȃDUDUDWH .›*, .›%$%%$5 *,ĞPXVXNNDQQL *$/0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ WD@PDUWDğ¼ >NDELWW¼ DPȃXU@  >@ [ >@ /DFXQD ˮ >£ğğ¼ ]DTDDS ȻLSSDDWL $Ğ‚ WDPLUWL HOHHQ 858 1,*,'$0,17$‚0 DQD '8080(Ğ 1,1$., SLONX ¼SDOOLNPD ¼ğDG@΢JLODΣ >SDQXXğğ¼XQ@ ˮ >DQD PLɅUDDWL ğXPPXȃL XOWX SDDɅL 858NLVLUL DGL WDPLUWL 1,1$., .85D » ELUXW¼ LQD DNNXOODDWL ¼ğDWWLU@PD ¼>ğHğLU 'ȃDUUX@ ˮ >  .$6.$/*' TDTTDUX XOWX T«UHE 'ȃXVXXU PDDPH GDUX¼WL DğDU𣠼ğDUGDD T«UHE ȻLSSDDWL ğ£WLQD ¼@ğDȃELED >SDWWLLğ@ ˮ >LQD ɅªHP ',1*,5PD T«UHE *,Ğ.,5,̐0(Ğ *,Ğ*(Ğ7,1 JLPLU *8581 *,ĞVHHUGX » Ğ,0Ȏ,$ PDJDO LğPXȃX *,ĞĞ850Ž1 *,Ğ0(60ƒ.$11$ QDSȃDU *,Ğ0(Ğ L@΢ğLΣȃXPD ¼ȻDU΢ULΣ>ğ¼ SDSDDOOXP@ ˮ >DQD ğXSğXXȃ DODNWL $0(Ğ ğD *,Ğ.,5,̐0(Ğ DJDPPX ¼ğDEğLPD ȻXȻX¼ ¼ğ£DVWLLO *,5$08Ğ(10(Ğ Ğ$Ȏ0(Ğ *,Ğ@΢*,Σ DODS T¯ğL 

ZHUH LQ 8UXN 1LSSXU .LVK ȎXUVDJNDODPD &XWKD DQG 6LSSDU WRJHWKHU ZLWK@ WKH JXLOW\ >FLWL]HQV@ DQG >, FRXQWHG WKHP DV@ ER>RW\@  >, SODFHG %ÕOLEQL D VRQ RI D UDE EDQ° RQ KLV UR\DO WKURQH DQG HQWUXVWHG KLP ZLWK WKH SHRSOH RI $NNDG , DS@SRLQWHG >P\ HXQXFKV WR EH JRYHUQRUV RYHU DOO RI WKH GLVWULFWV RI &KDOGHD@ DQG >, LPSRVHG@ WKH \RNH RI P\ ORUGVKLS >XSRQ WKHP@ ˡ >2Q P\ UHWXUQ PDUFK , GHIHDWHG@ DOO WRJHWKHU >WKH 7XƺXPXQD 5LȏLȏX 'DPXQX *DPEXOX ȎLQ GDUX 5XƺXƺD 3XTXGX ȎDPUÃQX ȎDJDUÃQX 1DEDWX DQG /LƺWDƺX LQ@VXEPLVVLYH >$UDPHDQV , FDUULHG@ RII LQWR >$VV\ULD D VXEVWDQWLDO ERRW\ FRQVLVWLQJ RI  SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH  KRUVHV DQG PXOHV  GRQNH\V  FDPHOV  R[HQ DQG  VKHHS DQG JRDWV@

 >,Q WKH FRXUVH RI P\ FDPSDLJQ , UHFHLYHG D VXEVWDQWLDO DXG@LHQFH JLIW >IURP 1DE½EÕOğXPÃWL WKH RIILFLDO LQ FKDUJH RI WKH FLW\ ȎDUDUDWX JROG VLOYHU ODUJH PXVXNNDQQXWUHHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV@  >@  >@ /DFXQD ˮ >7R SODQW JDUGHQV , VXEGLYLGHG WKH PHDGRZODQG XSVWUHDP RI WKH FLW\ LQWR SORWV RI WZR SÃQX HDFK IRU WKH FLWL]HQV RI 1LQHYHK DQG , KDQGHG@ WKHP RYHU >WR WKHP@ ˮˡˮ >7R PDNH WKHVH SODQWHG DUHDV OX[XULDQW , FXW ZLWK SLFNV D FDQDO@ VW>UDLJKW WKURXJK PRXQWDLQ DQG YDOOH\ IURP WKH ERUGHU RI WKH FLW\ .LVLUX WR WKH SODLQ RI 1LQHYHK , FDXVHG DQ LQH[KDXVWLEOH VXSSO\ RI ZDWHU WR IORZ WKHUH IRU D GLVWDQFH RI RQH DQG D KDOI OHDJXHV IURP WKH ȎXVXU 5LYHU DQG PD@GH LW JXVK WKURXJK >IHHGHU FDQDOV LQWR WKRVH JDUGHQV@ ˮˡˮ >%\ GLYLQH ZLOO YLQHV DOO NLQGV RI IUXLW WUHHV ROLYH WUHHV DQG DURPDWLF WUHHV IORXULVKHG JUHDWO\ LQ WKRVH JDUGHQV &\SUHVV WUHHV PXVXNNDQQXWUHHV DQG DOO NLQGV RI WUHHV JU@HZ WDOO DQG VHQW >RXW VKRRWV v , FUHDWHG D PDUVK WR PRGHUDWH WKH IORZ RI ZDWHU IRU WKRVH JDUGHQV DQG KDG D FDQHEUDNH SODQWHG LQ LW  , OHW ORRVH@ LQ L>W KHURQV ZLOG ERD@UV OLW ˦>SLJV RI WKH UHH@GV˧  DQG URH GHHU >7KH PDUVKHV WKULYHG

v $OWKRXJK WKLV LQVFULSWLRQ ZDV ZULWWHQ RQ FOD\ F\OLQGHUV GHSRVLWHG LQ WKH VWUXFWXUH RI 1LQHYHKˤV ZDOO WKLV WH[W PD\ KDYH LQFOXGHG D VLPLOLDU LQWURGXFWLRQ WR 6HQQDFKHULEˤV EXLOGLQJ SURJUDP DW 1LQHYHK DQG GHVFULSWLRQ RI WKH FRQVWUXFWLRQ RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ DV WH[W QR  &I WKH EXLOGLQJ UHSRUWV RI WH[W QRV ˡ DOO RI ZKLFK UHFRUG ZRUN RQ WKH 6RXWK:HVW 3DODFH DQG 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV vˡv 7KH UHVWRUDWLRQV DUH EDVHG RQ .  UHY LLv ˡ )UDKP 6DQKHULE S   WH[W QR  YLLL vvˡvv DQG vvˡvv DQG WH[W QR  YLLL ˡ DQG ˡ 7KH DUUDQJHPHQW RI WKH WH[W LV WKH VDPH DV .  &I ODWHU SULVP LQVFULSWLRQV ZKHUH DQD ğXSğXXȃ  ¼PDğğLU ˦WR PRGHUDWH  , OHW ORRVH˧ OLQH v ZDV SODFHG EHIRUH LQD ɅªHP ',1*,5PD  SDSDDOOXP ˦E\ GLYLQH ZLOO  VKRRWV˧ OLQH v  v DODS T¯ğL ˦URH GHHU˧ OLW ˦EXOO RI WKH IRUHVW˧  2XU LQWHUSUHWDWLRQ IROORZV -DFREVHQ DQG /OR\G 2,3  S  Q  DQG )UDKP 6DQKHULE SS   DQG  $OWHUQDWLYHO\ RQH FRXOG WHQWDWLYHO\ WUDQVODWH DODS TêğL DV ˦ZDWHU EXIIDOR˧

6HQQDFKHULE 

ˮ

ˮ

ˮ ˮ ˮ ˮ

ˮ ˮ

ˮ

ˮ

ˮ

L΢QD O®EΣ>EL ¼PDğğLU@ >DSSDUDDWL PDJDO LğLUD 08Ğ(1 $1H *,5$08Ğ(1 ğD DğDUğ¼ UX¼TX TLQQD LTQXQPD Ğ$Ȏ0(Ğ *,Ğ*, DODS T¯ğL@ ΢¼ΣUDSSLğX ΢WDΣ>OLWWX@ >*,Ğ0(60ƒ.$11$ *,ĞĞ850Ž1 WDUELW ȻLSSDDWL *, $0%$50(Ğ ğD T«UHE 'DJDPPH DNğLɅPD DQD ğLSUL ȃLğLȃWL ‹*$/0(Ğ EH@΢OXΣWLLD OX ΢'›Σ>Xğ@ > LQD WDğULLW ‹*$/ ğD EDȃXODWH .85LD ¼ğ££ğTDD PXȃȃDğ¼XQ *(Ğ7,1 GX@΢XğΣğXSX ȻXUUDğ¼XQ DP>NLU@ >1,1$., ğD XOWX X̎PX SDQL  /,0  0( LQD .›Ğ ğXEDW OLPHWLğ¼ %‚' » %‚'Ğ8/Ȏ, XO ¼ğHSLğX DOLNXW@ ΢PDȃΣUL PDDO΢NLΣ > /,0  0(  DğDU WDPLUWL OLPLW 858 ȻHHU PHğLLȃWL PDȃULWL ¼UDGGLPD  /,0  0(  LQD $6̎/80 *$/@WL ¼NLQ P®QGD΢WXğΣ >ğD %‚'ğ¼ *$/L E¢GQ¯JDOELO¼N¼UUDğ¼ğ¼ GX¼UX ğD QDPULUXğ¼ QDNLUL VDȃSX ȻHHU 1$̎SLLOL WHPPHHQğ¼ DGGLPD  6,*̎ ¼NDEELU LQD  0(  WL@΢LEΣNL XOODD UHğȞ̊Hğ¼ >ğ£ ğDOȃLL E¢GQ¯J«ULPȃXOXȃȃD PXJDOOLW ]DPDDQL XğğHğ¼ DSWHPD  1,1'$ ¼ğDSSLOPD ¼ğ£DNğLG@ $0(Ğ QDJEL >T«UHE PDDPH ğDSODDQX 1$̎ .85L GDQQX DNVLPD HODQLğ DGL SD£VT¯ğ¼ LQD 1$̎SLLOL *$/0(Ğ@ ¼QDN΢NLOΣ ğLSLUğ¼ >ğD 1,1$., 858 EHOXWLLD ğXEDWVX XğUDEEL UHEDWHğX ¼ğ£DQGLOPD ¼QDPPLU *,0 X̎PL %‚' ğDOȃX¼@ ΢¼ΣğHSLğPD ¼΢]DTΣTLU ȃXUğ£DQLğ >£ğğ¼ PXȻHH 'ȃXVXXU T«UHE 858 PDODN $0(Ğ HOLğ » ğDSOLğ LQD 6,*̎$/›55$ .,LUL PDğLL@ WLWXUUL DEWDQL ğ£SDOğ¼ >LQD P«HȃUHW .ƒ*$/ 0858%̎ 858 LQD DJ¼UUL 1$̎SLLOL SHȻHH DQD PHWLLT



JUHDWO\ %LUGV RI WKH KHDYHQV KHURQV ZKRVH KRPHV DUH IDU DZD\ PDGH QHVWV DQG ZLOG ERDUV DQG URH GHHU@ JD>YH ELUWK@ LQ DEXQGDQFH ˮ >, FXW GRZQ PXVXNNDQQXWUHHV DQG F\SUHVV WUHHV JURZQ LQ WKH RUFKDUGV DQG PDUVK UHHGV IURP WKH VZDPSV DQG@ , XV>HG WKHP LQ WKH ZRUN UHTXLUHG@ WR EXLOG P\ >ORU@GO\ >SDODWLDO KDOOV@ ˮ > $W WKH LQDXJXUDWLRQ RI WKH SDODFH , KDG WKH KHDGV RI WKH VXEMHFWV RI P\ ODQG GUHQFKHG@ DQG , ZD>WHUHG@ WKHLU LQVLGHV ZLWK >VZ@HHW >ZLQH@ ˮˡˮ >1LQHYHK WKH VLWH RI ZKRVH FLUFXPIHUHQFH KDG EHHQ  FXELWV VLQFH IRUPHU WLPHV DQG IRU ZKLFK QR HDUO@LHU UXOHU >KDG KDG DQ LQQHU RU RXWHU ZDOO EXLOW ˢ v , DGGHG  FXELWV LQ WKH SODLQ DURXQG WKH FLW\ WR LWV SUHYLRXV PHDVXUHPHQW DQG@ WKXV HVWDEOLVKHG LWV GLPHQVLRQV >DV  ODU@JH >FXELWV@ ˮ >, ODLG WKH IRXQGDWLRQ RI LWV JUHDW ZDOO %DG QLJDOELOXNXUDğXğX ZKLFK PHDQV ˦:DOO :KRVH %ULO OLDQFH 2YHUZKHOPV (QHPLHV˧ XSRQ OLPHVWRQH DQG PDGH LW  EULFNV WKLFN@ , UDLVHG LWV VXSHUVWUXFWXUH > FRX@UVHV RI EULFN KLJK ˮˡˮ >, RSHQHG XS D IRXQGDWLRQ SLW IRU WKH RXWHU ZDOO %DGQLJHULPȏXOXȏD ZKLFK PHDQV ˦7HUURUL]HU RI (QHPLHV˧ WKHQ , GXJ GRZQ IRUW\ILYH QLQGDQX DQG PDGH LW UHDFK@ WKH ZDWHU WDEOH >, ERXQG WRJHWKHU VWURQJ PRXQWDLQ VWRQH LQ WKH ZDWHU EHORZ DQG DERYH@ , H[SHUWO\ FDUULHG RXW LWV FRQVWUXFWLRQ >ZLWK ODUJH OLPHVWRQH EORFNV XS WR LWV FRSLQJV@ ˮ >, HQODUJHG WKH VLWH RI 1LQHYHK P\ FDSLWDO FLW\ , EURDGHQHG LWV VTXDUHV PDNLQJ WKHP DV EULJKW DV GD\@ , KDG >DQ LQQHU DQG RXWHU ZDOO@ EXLOW DQG , UDLVHG WKHP DV KLJK DV PRXQWDLQV  ˮ >6R WKDW WKHUH ZRXOG EH RXWIORZ IURP WKH ȎXVXU 5LYHU LQ WKH FLW\ DQG WKH SDVVDJH RI ZDWHU XSVWUHDP DQG GRZQVWUHDP@ , EXLOW DTXHGXFWV EHQHDWK LW WKH FLW\ ZDOO >ZLWK EDNHG EULFNV @ ˮ , KDG D EULGJH FRQVWUXFWHG >RSSRVLWH WKH &LWDGHO *DWH ZLWK SDYLQJ VWRQHV RI ZKLWH OLPHVWRQH IRU WKH

v $W WKH EHJLQQLQJ RI WKH OLQH ( )UDKP 6DQKHULE S  UHVWRUHV Ž*,Ğ *,ĞV«UGL » ȃLELLğWL ¼UDTTDD DQD UXXğWL ˦, PDGH ILQH RLO IURP ROLYHV DQG DURPDWLFV˧ vˡv 7KH UHVWRUDWLRQV DUH EDVHG RQ WH[W QR  YLL ˡ DQG vˡv DQG WH[W QR  YLL ˡ DQG ˡ 7KHVH OLQHV ZHUH HLWKHU FRPSRVHG DQHZ IRU WKLV LQVFULSWLRQ RU IRU DQ HDUOLHU WH[W FRPPHPRUDWLQJ WKH FRQVWUXFWLRQ RI 1LQHYHKˤV ZDOOV 7KLV SDVVDJH ZDV LQFRUSRUDWHG ZLWKRXW HGLWRULDO FKDQJHV LQWR WKH EXLOGLQJ UHSRUWV RI ODWHU SULVP LQVFULSWLRQV EHJLQQLQJ LQ   $V QRWHG DOUHDG\ E\ ( )UDKP 6DQKHULE S   WKH ZRUN RQ %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD ZDV SUREDEO\ LQ WKH YHU\ HDUO\ VWDJHV RI FRQVWUXFWLRQ VLQFH WKLV WH[W GRHV QRW PHQWLRQ DQ\ JDWHV v %‚'  ȃXUğ£DQLğ ˦ZDOO  DV PRXQWDLQV ˧ 7KLV LQVFULSWLRQ LV WKH HDUOLHVW WH[W WR LQFOXGH WKLV VWDWHPHQW LQ WKH EXLOGLQJ UHSRUW ,W LV LQFOXGHG LQ ODWHU SULVP LQVFULSWLRQV FRPPHPRUDWLQJ WKH FRQVWUXFWLRQ RI 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV IRU H[DPSOH VHH WH[W QR  YLL ˡ DQG WH[W QR  YLLL  6HH WKH RQSDJH QRWH WR OLQHV vˡv v 7KH UHVWRUDWLRQV DUH EDVHG RQ WH[W QR  YLL ˡ 7KLV OLQH ZDV FRPSRVHG DQHZ HLWKHU IRU WKLV LQVFULSWLRQ RU IRU DQ HDUOLHU WH[W FRPPHPRUDWLQJ WKH FRQVWUXFWLRQ RI 1LQHYHKˤV ZDOOV DQG ZDV LQFRUSRUDWHG ZLWKRXW HGLWRULDO FKDQJHV LQWR WKH EXLOGLQJ UHSRUWV RI ODWHU SULVP LQVFULSWLRQV EHJLQQLQJ LQ   .,LUL ˦˧ 5HDG DV HLWKHU T¯LUL RU NLLUL ˦ELWXPHQ˧ DQG ˦NLOQ IRU OLPH DQG ELWXPHQ ˧ UHVSHFWLYHO\ PDğLL ˦˧ 7KH PHDQLQJ RI WKLV ZRUG LV XQNQRZQ DQG LW LV QRW FHUWDLQ IURP FRQWH[W ZKHWKHU PDğ½ LV D QRXQ RU DQ DGMHFWLYH WLWXUUL ˦DTXHGXFWV˧ )ROORZLQJ )UDKP 6DQKHULE SS   DQG  DQG %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ  WLWXUUX SUREDEO\ UHIHUV WR DTXHGXFWV DQG QRW WR D EULGJH LQ WKLV SDVVDJH 7KLV ZRUG FOHDUO\ KDV WKLV PHDQLQJ LQ -HUZDQ ,QVFULSWLRQ % OLQHV Eˡ -DFREVHQ DQG /OR\G 2,3  SO   ğD 1$̎SLLOL SHȻLL ¼ğDNELLV WLWXUUX $0(Ğ ğ£WXQX ¼ğHWLLT ȻHUXXğğ¼ ˦, FRQVWUXFWHG DQ DTXHGXFW RI ZKLWH OLPHVWRQH DQG PDGH WKRVH ZDWHUV IORZ RYHU LW˧ v ¼ğHSLğ ˦, KDG FRQVWUXFWHG˧ 7H[W QR  OLQH  KDV ¼ğDNELLV ˦, KDG FRQVWUXFWHG E\ SDFNLQJ GRZQ ˧



ˮ

ˮ

ˮ

ˮ

ˮ

6HQQDFKHULE 

SDVVDJH RI P\ ORUGO\ FKDULRW@ ˮˡˮ >, KDG DQ LQVFULEHG REMHFW PDGH DQG@ KDG >DOO WKH PLJKW\ YLFWRULHV WKDW ,@ DFKLHYHG >RYHU DOO RI P\ HQHPLHV ZLWK WKH VXSSRUW RI WKH JRG $ğğXU WKH JUHDW ORUG P\ ORUG@ DQG DOO RI P\ RWKHU DFKLHYHPHQWV LQVFULEHG WKHUHRQ >:LWK LQVFULEHG REMHFWV RI HDUOLHU UXOHUV P\ DQFHVWRUV@ , GHSRVLWHG LW IRU HYHU DIWHU >LQ WKH ZDOO RI 1LQHYHK P\ FDSLWDO FLW\ IRU WKH NLQJV@ P\ >GHVFHQGDQW@V ˮˡˮ >,Q WKH IXWXUH PD\ RQH RI WKH NLQJV P\ GH VFHQGDQWV ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUG LQJ WKH ODQG DQG SHRSOH UHQRYDWH WKHLU GLODSLGDWHG VHFWLRQV ZKHQ@ WKHVH LQQHU DQG RXWHU ZDOOV EHFRPH ROG DQG GLODSLGDWHG v >0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ@ DQG UHWXUQ LW >WR LWV SODFH@ 7KH JRG $ğğXU ZLOO WKHQ KHDU KLV SUD\HUV

*,Ğ*,*,5 EHOXWLLD@ ¼ğHSLğ WLWXUUX >086$5D ¼ğHSLğPD OLLW¼ » GDQDQX ğD LQD WXNXOWL DğğXU (1 *$/ (1LD 8*8 NXOODW QDNLUL £ğWDN@΢NDΣQX » PLPPD HSLğWL Ğ8,,LD ¼ğ££ğɅLU T«UHEğ¼ >LWWL 086$5H ğD PDONL DOLNXW PDȃUL $'0(ĞLD LQD %‚' ğ£ 1,1$., 858 EHOXWLLD DQD /8*$/0(Ğ '808@0(ĞLD H]LE DȃUDWDğ

>DQD DUN¢W X̎PH LQD /8*$/0(ĞQL '8080(ĞLD ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEXX ]LNLUğX HQXPD@ %‚' X %‚'Ğ8/Ȏ, ğ£WXQX LODEELUXPD HQQDȃX >DQȃXVXQX OXXGGLğ 086$5D ğLɅLU ğXPLLD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğ¼@ ΢OLΣWHU GDğğXU LNULELğ¼ L΢ğHPΣPH

ˮ >7KH OLQH FRXQW RI WKH LQVFULSWLRQ LV  OLQHV   HSRQ\P\ RI@ %ÕOğDUUÃQL  

>[ [ [ [ 7$‚0 08','/, 086$5H  OLPX PG@(1/8*$/DQQL

 $ VPDOO IUDJPHQW RI D FOD\ F\OLQGHU IURP 1LQHYHK RU $ğğXU SUHVHUYHV WKH ILUVW WKLUWHHQ OLQHV RI D IRXQGDWLRQ LQVFULSWLRQ ZLWK DQQDOLVWLF QDUUDWLRQ 7KH H[WDQW WH[W FRQWDLQV SDUWV RI WKH SURORJXH DQG DQ DFFRXQW RI WKH ILUVW FDPSDLJQ DJDLQVW 0DUGXNDSODLGGLQD ,, DQG KLV &KDOGHDQ DQG (ODPLWH DOOLHV  7KH WH[W LV HLWKHU D GXSOLFDWH RI RQH RI WKH EHWWHU SUHVHUYHG F\OLQGHU LQVFULSWLRQV WH[W QRV ˡ RU D FRS\ RI D KLWKHUWR XQNQRZQ WH[W %HFDXVH WKH SURORJXH DQG PLOLWDU\ QDUUDWLRQ DUH QRW VHSDUDWHG E\ D KRUL]RQWDO UXOLQJ WKLV F\OLQGHU PXVW KDYH EHHQ LQVFULEHG LQ   RU 

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

,E 

ˢ

3UREDEO\ 1LQHYHK RU $ğğXU

ˢ

Q

 OLQH v 7KH UHVWRUDWLRQV DUH EDVHG RQ WH[W QR  OLQH  PLPPD HSLğWL Ğ8,,LD ˦DOO RI P\ RWKHU DFKLHYHPHQWV˧ 7H[W QR  OLQH  KDV PLPPD HSğHW HWHSSXğX ˦HYHU\WKLQJ HOVH WKDW , KDG EHHQ GRLQJ˧ .  OLQH v )UDKP 6DQKHULE S  DOVR KDV PLPPD HSLğWL TÃWê\D ˦DOO RI P\ RWKHU DFKLHYHPHQWV˧  OLQH v 7KH UHVWRUDWLRQV DUH EDVHG RQ .  OLQHV vˡv )UDKP 6DQKHULE S  DQG WH[W QR  OLQH v &I WH[W QR  OLQHV ˡ  OLQH v L΢ğHPΣPH ˦KH ZLOO WKHQ KHDU˧ 7KLV LQVFULSWLRQ IROORZV HDUOLHU F\OLQGHU LQVFULSWLRQV LQFOXGLQJ WH[W QR  &I WH[W QR  OLQH v ZKLFK KDV LğHPPX΢XΣ ˦WKH\ ZLOO WKHQ KHDU˧ ZLWK $ğğXU DQG ,ğWDU DV WKH VXEMHFWV RI WKH YHUE WKDW YDULDWLRQ LV IRXQG DOVR LQ WKH FRQFOXGLQJ IRUPXODH RI LQVFULSWLRQV ZULWWHQ RQ FOD\ SULVPV  OLQH v &I WH[W QR  OLQH v ZKLFK LQFOXGHV %ÕOğDUUÃQLˤV WLWOH

6HQQDFKHULE 



&200(17$5< 7KH IUDJPHQW LV KRXVHG LQ WKH 13 /LFKDWVFKHYV &RO OHFWLRQ RI WKH 3XVKNLQ 0XVHXP 0RVFRZ  ,W ZDV QRW H[DPLQHG IURP WKH RULJLQDO DQG WKHUHIRUH WKH HGLWLRQ LV EDVHG RQ ( )UDKPˤV SXEOLVKHG WUDQVOLW HUDWLRQ ZKLFK LV EDVHG RQ DQ XQSXEOLVKHG FRS\ RI 9. ĞLOHMNR 7KH FRS\ KDV WUDFHV RI VLJQV WKDW FDQ QRW EH FOHDUO\ LGHQWLILHG IURP EHWWHU SUHVHUYHG WH[WV %HFDXVH WKHUH DSSHDU WR EH SUREOHPV ZLWK ĞLOHMNRˤV

FRS\ LW LV XQFHUWDLQ LI WKLV LV D XQLTXH WH[W RU LI LW LV DFWXDOO\ D GXSOLFDWH RI RQH RI WKH EHWWHU NQRZQ LQ VFULSWLRQV :KDW LV SUHVHUYHG PRVW FORVHO\ SDUDOOHOV WH[W QR  OLQHV ˡ DQG ˡ DQG WH[W QR  OLQHV ˡ DQG ˡ FI WH[W QR  OLQHV ˡ DQG ˡ 7KH UHVWRUDWLRQV LQ OLQHV ˡ DQG ˡ DUH DUH EDVHG RQ WH[W QR  7KH SUREOHPDWLF SDVVDJHV LQ WKH WH[W DUH QRWHG LQ WKH RQSDJH QRWHV

%,%/,2*5$3+< 

)UDKP 6DQKHULE SS ˡ WUDQVOLWHUDWLRQ VWXG\

7(;7 

 











>PG(1=8Ğ(Ğ0(ĞHULED /8*$/ *$/ /8*$/ GDQQX /8*$/ .85 DğğXU., /8*$/ OD ğ£QDDQ@ 5(‹80 >PXWQHQQX¼ SDOLȃ ',1*,50(Ğ *$/0(Ğ@ >QDȻLU NLWWL UDƮLLP PLğ£UL HSLğ ¼VDDWL@ DOLN WDSSXXW DNLL >VDȃLUX GDPTDDWL@ >HɅOX J¯WPDOXP ]LNDUX TDUGX Dğ£UHG NDO PDDO@NL UDSSX ODƮL΢LɅΣ OD >PDJLUL PXğDEULTX ]DPDDQL@ >GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ ¼ğDWOLPDDQQLPD@ ΢8*8Σ JLPLU DğLE SDUDNNL >¼ğDUEDD *,Ğ78.8/0(ĞLD@ >LQD 6$* /8*$/WLLD ğD PG$0$5878,%,/$6801$ /8*$/ .85N£UGXQ¯D£ğ DGL (5,0Ȏ,@$ (/$00$., UHȻLğ¼ LQD >WD@΢PLUΣ>WL NLğ., £ğWDNDQ %$'̏%$'̏ğ¼@ >*,Ğ*,*,50(Ğ *,ĞȻXXPEL $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$0@΢0$/Σ0(Ğ ΢»Σ >$1Ğ(XGUL ğD LQD TLWUXXE WDȃD]L ¼PDğğLUX LNğXGD Ğ8,,DD@ >DQD ‹*$/ğ¼ ğD T«UHE .ƒ',1*,55$., ȃDGLğ HUXXPPD DSWHHPD ‹ QL@΢ȻLUΣWLğ¼ .›*, .›%$%%$5 ¼QXXW .›*, .›%$%%$5 1$̎ >DTDUWX PLPPD ğXPğX 1*Ğ8 1**$ QLȻLUWX NDELWWX@ >'$0VX 08186810(Ğ ‹*$/ğ¼ /œ7,5800(Ğ /œPDQ]DD] SDQL@ VLȃLUWL /œXPPDDQL PDOD EDğX¼ >PXWWDEELOXWX

ˡ >6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI $VV\ULD XQULYDOOHG NLQJ SLRXV@ VKHSKHUG >ZKR UHYHUHV WKH JUHDW JRGV JXDUGLDQ RI WUXWK ZKR ORYHV MXVWLFH UHQGHUV DVVLVWDQFH@ JRHV WR WKH DLG RI WKH ZHDN DQG >VWULYHV DIWHU JRRG GHHGV SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXO@HUV WKH EULGOH WKDW FRQWUROV WKH LQ>VXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQHPLHV ZLWK OLJKWQLQJ@  >7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDOOHG VRYHUHLJQW\ DQG PDGH P\ ZHDSRQV JUHDWHU@ WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLVHV ˡ >$W WKH EHJLQQLQJ RI P\ NLQJVKLS , EURXJKW DERXW WKH GHIHDW RI 0DUGXNDSODLGGLQD ,, 0HURGDFKED ODGDQ  NLQJ RI .DUGXQLDğ %DE\ORQLD  WRJHWKHU ZLWK WKH WURRS@V RI WKH ODQG (ODP KLV DOO\ LQ >WKH S@ODL>Q RI .LVK , VHL]HG WKH FKDULRWV ZDJRQV KRUVHV PXOHV GRQNH\V FDP@HOV DQG >%DFWULDQ FDPHOV WKDW KH KDG DEDQGRQHG LQ WKH WKLFN RI EDWWOH@

ˡ >, MR\IXOO\ HQWHUHG KLV SDODFH ZKLFK LV LQ %DE\ORQ WKHQ , RSHQHG@ KLV >WUHD@VXU\ >DQG EURXJKW RXW@ JROG VLOYHU JROG DQG VLOYHU XWHQVLOV >SUHFLRXV@ VWRQHV >DOO NLQGV RI SRVVHVVLRQV DQG SURSHUW\ D VXEVWDQWLDO WUHDVXUH WRJHWKHU ZLWK KLV ZLIH KLV SDODFH ZRPHQ FRXUWLHUV DWWHQGDQWV@ DOO RI WKH FUDIWVPHQ DV PDQ\ DV WKHUH ZHUH DQG >KLV SDODFH DWWHQGDQWV DQG , FRXQWHG WKHP DV ERRW\@

ˡ ( )UDKP 6DQKHULE SS ˡ ULJKWO\ TXHVWLRQV ZKHWKHU RU QRW WKHUH LV D OLQH FRPSOHWHO\ GHVWUR\HG EHWZHHQ OLQHV  DQG  VLQFH WKH FRS\ LV UHSRUWHG WR EH YHU\ FOHDU DW WKLV SRLQW $VVXPLQJ WKH PRGHUQ FRS\LVW GLG QRW RPLW D OLQH DQG WKDW QRWKLQJ LV PLVVLQJ EHWZHHQ OLQHV  DQG  WKHQ WKLV WH[W GHYLDWHV LQ WKH SDVVDJH UHSRUWLQJ RQ 0DUGXNDSODLGGLQD ,,ˤV IOLJKW DIWHU WKH EDWWOH DW .LVK HLWKHU E\ RPLWWLQJ WKH PHQWLRQ RI WKH &KDOGHDQ KLGLQJ LQ VZDPSV DQG PDUVKHV DOWRJHWKHU RU E\ SODFLQJ LW LQ OLQH   UHȻLğ¼ ˦KLV DOO\˧ 7H[W QR  OLQH  WH[W QR  OLQH  DQG WH[W QR  OLQH  DOO DGG UHȻLğ¼ ˦KLV DOO\˧ DIWHU (5,0Ȏ,$ (/$00$., ˦WKH WURRSV RI WKH ODQG (ODP˧ 7H[W QR  OLQH  RPLWV WKLV ZRUG



6HQQDFKHULE 

‹*$/ ¼ğHȻDDPPD ğDOODWLğ DPQX@ > DQD T«@΢UHE 'ΣDJDPPH [ [ [ [ [ [ [ [ >@  >LQD HPXT GDğğXU (1LD  8580(ĞQL GDQQXWL ‹ %‚'0(ĞQL ğD .85NDOGL » @ ΢0(Σ  8580(Ğ 7850(Ğ ğD ΢OLΣPHWLğ¼QX DOPH ΢DNΣ>ğXGXG £ğOXOD ğDOODVXXQ@  >/œ¼UEL /œDUDPX » /œNDOGX ğD T«UHE 818*., 1,%58., NLğ., ȃXUVDJNDODPPD@΢.," *œ"'8̒"$".,"Σ DGL '8080(Ğ 858 (1 ȃL>LɅɅL ¼ğHȻDDPPD ğDOODWLğ DPQX@  >LQD WDDDDUWLLD /œWXƮXPXQD /œULȃLȃX /œLDGDTTX /œ¼EX@΢GXΣ /œJLEUHH /œPDOLȃX >/œJXUXPX /œ¼EXOXP /œGDPXQX@  >/œJDPEXOX /œȃLLQGDUX /œUXƮXXD /œSXTXGX /œȃDDPUDDQX /œȃDJDUDQX /œQDEDWX /œOLLƮ@΢WD"D"¼" /œDUD"Σ>PX OD NDQğ¼ PLWȃDULğ DNğXGXG@ /DFXQD



 > LQWR WKH PL@GVW RI VZDPSV  >@ ˡ >:LWK WKH VWUHQJWK RI WKH JRG $ğğXU P\ ORUG@ , VXUURXQGHG FRQT>XHUHG DQG SOXQGHUHG  IRUWL ILHG FLWLHV IRUWUHVVHV RI &KDOGHD DQG @ VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV >, EURXJKW RXW WKH DX[ LOLDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV ZKR ZHUH LQ 8UXN 1LSSXU .LVK ȎXUVDJNDODPD@ DQG &XWKD WR JHWKHU ZLWK WKH JX>LOW\@ FLWL]HQV >DQG , FRXQWHG WKHP DV ERRW\@ ˡ >2Q P\ UHWXUQ PDUFK , GHIHDWHG DOO WRJHWKHU WKH 7XƺXPXQD 5LȏLȏX *XUXPX 8EXOX 'DPXQX  *DPEXOX ȎLQGDUX 5XƺXƺD 3XTXGX ȎDPUÃQX ȎDJDUÃQX 1DEDWX DQG /LƮ@WDƮX LQVXEPLVVLYH@ $UD>PHDQV@

/DFXQD

 $ VPDOO GDPDJHG FOD\ F\OLQGHU DQG D IUDJPHQW RI DQRWKHU F\OLQGHU ERWK SUHVXPDEO\ IURP 1LQHYHK DUH LQVFULEHG ZLWK D VKRUW LQVFULSWLRQ UHFRUGLQJ WKH FRQVWUXFWLRQ RI D VKULQH IRU WKH JRG ȎD\D WKH ˦JRG RI VFULEHV˧ 7KH VW\OH RI WKH LQVFULSWLRQ LV VLPLODU WR D WH[W ZULWWHQ RQ VWRQH KRUL]RQWDO SULVPV UHFRUGLQJ WKH FRQVWUXFWLRQ RI WKH $ğğXU WHPSOH DW $ğğXU %RWK WH[WV FRQVLVW RI D SURORJXH D EXLOGLQJ UHSRUW D SHWLWLRQ WR WKH IRXQGDWLRQ LQVFULSWLRQ DQG DGYLFH WR IXWXUH UXOHUV %HFDXVH WKH LQVFULSWLRQ GRHV QRW LQFOXGH QDUUDWLRQ RI PLOLWDU\ HYHQWV DQG VLQFH WKH NQRZQ FRSLHV GR QRW LQFOXGH D GDWH OLQH WKH \HDU GXULQJ ZKLFK WKH F\OLQGHUV ZHUH LQVFULEHG LV QRW NQRZQ

&$7$/2*8( 0XVHXP ([ 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH



. 

ˢ

3UREDEO\ 1LQHYHK



$ 

ˢ

3UREDEO\ 1LQHYHK

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

 ORQJ  GLD  ZLGH

ˡ

F

"ˡ

F

 OLQH  7KH OLQH FRUUHVSRQGV WR WH[W QRV  DQG  OLQH  RU OLQH  VHH )UDKP 6DQKHULE S  IRU GHWDLOV  OLQHV ˡ %DVHG RQ WKH FRS\ WKLV LQVFULSWLRQ RPLWV WH[W QR  OLQH  DQG WH[W QR  OLQH  WKH SDVVDJH UHFRUGLQJ WKH DSSRLQWPHQW RI %ÕOLEQL DV NLQJ RI 6XPHU DQG $NNDG /LNH ODWHU LQVFULSWLRQV ZULWWHQ RQ FOD\ SULVPV EHJLQQLQJ LQ   WKLV WH[W PD\ RPLW WKLV HYHQW &I IRU H[DPSOH WH[W QR  L vˡv DQG WH[W QR  L Eˡ

6HQQDFKHULE 



&200(17$5< $ OLWWOH OHVV WKDQ KDOI RI H[  LV PLVVLQJ IURP WKH OHIWKDQG VLGH DQG PLGGOH 3K\VLFDOO\ WKH F\OLQGHU LV VLPLODU WR WKRVH ZLWK WH[W QRV  DQG  EXW LW GRHV QRW MRLQ RU FRPH IURP WKH VDPH F\OLQGHUV ZLWK WH[W QRV  DQG  2QO\ D VPDOO SRUWLRQ RI WKH PLGGOH RI H[  LV SUHVHUYHG +RUL]RQWDO UXOLQJV VHSDUDWH HDFK OLQH RI WH[W RQ ERWK H[HPSODUV 7H[W QRV ˡ DUH IRXQGDWLRQ LQVFULSWLRQV ZLWK QR PLOLWDU\ QDUUDWLRQ *UD\VRQ 2ULHQWDOLD 16  >@ S   ,Q WKH 6HQQDFKHULE FRUSXV WKH WH[W ZULWWHQ RQ 9$  D VWRQH KRUL]RQWDO SULVP IURP $ğğXU UHFRUGLQJ ZRUN RQ WKH $ğğXU 7HPSOH EHVW H[ HPSOLILHV WKLV W\SH RI WH[W EHFDXVH WKDW LQVFULSWLRQ LV FRPSOHWH VHH 6FKURHGHU .$+  QR  DQG /XF NHQELOO 6HQQ SS ˡ , 7KH SURORJXHV WKH SH WLWLRQV WR WKH IRXQGDWLRQ LQVFULSWLRQ DQG DGYLFH WR IXWXUH UXOHUV RI WH[W QRV ˡ GXSOLFDWH WKRVH VDPH SDVVDJHV ZLWK PLQRU YDULDWLRQ RQ 9$  OLQHV ˡD DQG Eˡ  ( )UDKP 6DQKHULE SS ˡ UHJDUGHG WKHVH F\OLQGHU IUDJPHQWV DV LQVFULSWLRQV IURP 1LQHYHK ZLWK ˦$ğğXU WLWXODU\˧ EXW WKDW GHVLJ QDWLRQ LV QRW HQWLUHO\ DFFXUDWH 7KHVH WH[WV DV ZHOO DV WKH WH[W ZULWWHQ RQ 9$  VKRXOG EH UHJDUGHG DV IRXQGDWLRQ LQVFULSWLRQV ZLWK GHPLOLWDUL]HG FXOW IRFXVHG SURORJXHV DQG EXLOGLQJ UHSRUWV FRPPHP RUDWLQJ ZRUN RQ WHPSOHV 6HQQDFKHULEˤV WLWOHV DQG HSLWKHWV LQ WKH SURORJXHV RI WH[W QRV ˡ DQG RI 9$  DUH SUREDEO\ UHSUHVHQWDWLYH RI WKRVH XVHG LQ IRXQGDWLRQ LQVFULSWLRQV ZLWKRXW PLOLWDU\ FRQTXHVWV WKDW ZHUH ZULWWHQ RQ FOD\ F\OLQGHUV DQG VWRQH KRUL ]RQWDO SULVPV GHSRVLWHG LQ WKH VWUXFWXUH RI WHPSOHV DW $ğğXU DQG 1LQHYHK 7KHUHIRUH WKHUH LV QR QHHG WR VWUHVV WKH $ğğXU DVSHFW RI WKH WLWXODU\ )RU D VWXG\ RI 6HQQDFKHULEˤV WLWXODU\ VHH /LYHUDQL LQ )DOHV $5,1

SS ˡ 'XH WR WKH SRRU VWDWH RI SUHVHUYDWLRQ RI WH[W QRV ˡ LW LV QRW FHUWDLQ KRZ PDQ\ LQVFULSWLRQV WKHVH IUDJPHQWV UHSUHVHQW WKHUH FRXOG EH DV IHZ DV WZR WH[WV RU DV PDQ\ DV IRXU 7H[W QRV  DQG  FOHDUO\ UHSUHVHQW GLIIHUHQW LQVFULSWLRQV EXW WH[W QRV  DQG  FRXOG EH GXSOLFDWHV RI HLWKHU WH[W QRV  RU  RU EH SDUWV RI XQLTXH WH[WV  .  H[  DQG $  H[  DUH DUELWUDULO\ HGLWHG WRJHWKHU DV WKH\ ERWK UHIHU WR ȎD\D WKH ˦JRG RI VFULEHV˧ EXW %0  WH[W QR   %0  WH[W QR   DQG %0  WH[W QR  DUH HDFK HGLWHG RQ WKHLU RZQ 7KH PDVWHU WH[W LV H[  ZLWK VRPH UHVWRUDWLRQV IURP H[  $ VFRUH RI WKH LQVFULSWLRQ LV SUHVHQWHG RQ WKH &'520 5HVWRUDWLRQV DUH EDVHG RQ 9$  OLQHV ˡD DQG Eˡ WKDW LQVFULSWLRQ ZLOO EH HGLWHG LQ 3DUW  ZLWK WKH RWKHU WH[WV IURP $ğğXU 7KH EXLOGLQJ UHSRUW LV SRRUO\ SUHVHUYHG DQG LW GHVFULEHV ZRUN RQ D VKULQH RI WKH JRG ȎD\D IRUPHUO\ UHDG DV ȎDQL  ZKLFK PD\ KDYH EHHQ WKH (]LGD WHPSOH ˦7UXH +RXVH˧ DW 1LQHYHK VLQFH WKLV GHLW\ ZKR LV GHVFULEHG LQ WKLV WH[W DV WKH ˦JRG RI VFULEHV˧ OLQH   LV RIWHQ LGHQWLILHG ZLWK 1DE½ WKH SUH HPLQHQW VFULEDO JRG RI WKH ILUVW PLOOHQQLXP VHH )UDKP 6DQKHULE SS ˡ DQG 5HDGH 5/$ ˡ  S  ,W KDV DOVR EHHQ VXJJHVWHG WKDW WKH VKULQH RI ȎD\D ZDV ORFDWHG LQ $ğğXU EHFDXVH WKH SURORJXH WKH SDVVDJH UHTXHVWLQJ WKDW WKH IRXQGDWLRQ LQVFULSWLRQ VSHDN IDYRUDEO\ DERXW 6HQQDFKHULE DQG WKH DGYLFH WR IXWXUH UXOHUV GXSOLFDWH SDVVDJHV RQ WH[WV IURP $ğğXU VHH 0HQ]HO 7HPSHO  S  DQG )UDKP 6DQKHULE S 

%,%/,2*5$3+<     

%H]ROG &DW  S  VWXG\ 0HLVVQHU DQG 5RVW %L6 SS ˡ DQG SO  FRS\ HGLWLRQ /XFNHQELOO 6HQQ SS  DQG ˡ , H[  HGLWLRQ /XFNHQELOO $5$%  S  iiˡ WUDQVODWLRQ 0HQ]HO 7HPSHO  S  VWXG\

   

%RUJHU %,:$ R +HIW PLFURILFKH ˡ H[  WUDQVOLWHUDWLRQ )UDKP 6DQKHULE SS ˡ 7  VWXG\ 5HDGH 5/$ ˡ S  VWXG\ 9HUD &KDPD]D 2PQLSRWHQ] S ˡ QR  OLQHV ˡ HGLWLRQ

7(;7  

>PG@΢Σ3$30(Ğ68 0$1 *$/X 0$1 GDQQX 0$1 NLğğ£WL 0$1 .85 DğğXU., >0$1 NLEUDW /008@΢WLPΣ PXWWDUUX¼

ˡ >6@HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD >NLQJ RI WKH IRX@U >TXDUWHUV@ RI WKH ZRUOG  OHDGHU RI D ZLGHVSUHDG SRSXODWLRQ >WKH

 0$1 NLğğ£WL ˦NLQJ RI WKH ZRUOG˧ 7H[W QR  FRSLHV RI ZKLFK DUH GDWHG WR  LV WKH HDUOLHVW WH[W RI 6HQQDFKHULE IURP 1LQHYHK LQ ZKLFK WKLV WLWOH DSSHDUV  >0$1 NLEUDW /008@΢WLPΣ ˦>NLQJ RI WKH IRX@U >TXDUWHUV@ RI WKH ZRUOG ˧ 7H[W QR  ZKLFK LV GDWHG WR  LV WKH HDUOLHVW WH[W RI 6HQQDFKHULE IURP 1LQHYHK LQ ZKLFK WKLV WLWOH DSSHDUV 7KH LQFOXVLRQ RI ğDU NLğğDWL ˦NLQJ RI WKH ZRUOG˧ DQG ğDU NLEUÃW HUEHWWL ˦NLQJ RI WKH IRXU TXDUWHUV RI WKH



                   

 

6HQQDFKHULE 

810(Ğ '$*$/΢0(ĞΣ >HSLğ ȻDODP $1Ѓ5 GDQLP G G878@ ΢GΣ,Ğ.85 G8*85 G΢LğΣ>WDU@ >ğD ‹NLGPXUL @ >@ >@ >@ > ğ£ 8*8 /8*$/0(Ğ DğLE %ƒ5$ QX@΢ƮX¼ΣGDDW EH΢OXWVXΣ >WXNXOWL .85ğ¼ QDDƮLG 0858%̎ » 0Š ȻXOXOX@ ΢(5,0ΣȎ,$ğ¼ DQDNX > ğD@΢DQΣGDEDNNX ğD PLQXXW 1*.$̓΢VXΣ[ >@ ΢GΣȃD®D ',1*,5ğ¼QX ¼ğDUTX[ >@΢ğLΣQD ',1*,50(Ğ *$/΢0(ĞΣ > LQD T¯@΢ELΣWL ',1*,50(Ğ DQD ΢WHHPPHHQQLΣ >@[ğ¼ LQD PDȃUL΢LDΣ >@ [ ‹" [ ULPPH SD PH NDO [ >@ ΢HΣSLğ GȃD®D >[@ [ OX" [ >@ [ ΢H"SLğ PHHVLΣ ΢XOWXΣ 8Ğ̒ğ¼ DGL JDEDGLEEL΢ğ¼ DUΣ>ȻLS@ ΢¼ğDNOLOΣ>ğXPD@ GȃD®D ',1*,5 ğD /œ'8%6$50(Ğ ¼ğDUPD΢DΣ >T«UHEğ¼"@ WHHPPHHQQD DWWD ğD PG3$30(Ğ68 0$1 .85 DğğXU., ΢UD"ƮL"Σ>LP NLQDDWL@ HSLğ ȻDODP $1Ѓ5 » ',1*,50(Ğ *$/0(Ğ EDDQ ‹ GDPHHTWDğ¼ DQD $1>Ѓ5" T¯EL@ '8080(Ğğ¼ '808 '8080(Ğğ¼ LWWL ȻDOPDW 6$*'8 OLNXQX DQD GXXU GD΢DΣ>UL@

DDXPPD 181X (*,5¼ ğD $1Ѓ5 DQD 6,3$XW .85 X 81΢0(ĞΣ LQDEEXX 08ğ¼ ğD LQD %$/$ğ¼ ‹ ğXDW¼

RQH ZKR IDVKLRQHG LPDJHV RI WKH GHLWLHV $ğğXU $QX 6°Q ĞDPDğ@ $GDG 1HUJDO ,ğ>WDU RI %êW.LGPXUL   @ ZKRVH GRPLQLRQ >LV PR@UH SUDLVHG >WKDQ WKDW RI DOO NLQJV ZKR VLW RQ UR\DO GDLVHV WKH VXSSRUW RI KLV ODQG WKH RQH ZKR LV WUXVWZRUWK\ LQ EDWWOH DQG FRPEDW DQG WKH SURWHFWLRQ RI@ KLV WURRSV ,

ˡ > WKH DGPL@QLVWUDWRU ZKR >NQRZV@ KRZ WR UHFNRQ WKH DFFRXQWV >@  WKH JRG ȎD\D WKHLU JRG >@ WKHLU >@ WKH JUHDW JRGV > E\ WKH FRPP@DQG RI WKH JRGV >WR OD\@ WKH IRXQGDWLRQ >@ KLV >@  EHIRUH PH  >@  >@ WKH RQH ZKR IDVKLRQHG WKH LPDJH RI WKH JRG ȎD\D >@  >@  WKH RQH ZKR SHUIRUPHG WKH ULWHV

ˡ , EX>LOW@ DQG FRPSOHWHG >LW@ IURP LWV IRXQGD WLRQV WR LWV FUHQHOODWLRQV >DQG@ , VHWWOHG WKH JRG ȎD\D WKH JRG RI VFULEHV >LQVLGH LW@ ˡ 2 IRXQGDWLRQ LQVFULSWLRQ >VSHDN@ IDYRUDEOH WKLQJV WR WKH JRG $ğ>ğXU@ DERXW 6HQQDFKHULE NLQJ RI $VV\ULD WKH RQH ZKR OR>YHV FRUUHFW EHKDYLRU@ WKH RQH ZKR IDVKLRQHG LPDJHV RI WKH JRG $ğğXU DQG WKH JUHDW JRGV DQG WKH RQH ZKR EXLOW WKLV WHPSOH VR WKDW KLV VRQV DQG KLV JUDQGVRQV PD\ HQGXUH IRUHY>HU@ ZLWK WKH EODFNKHDGHG SHRSOH  ˡ 0D\ DQ\ IXWXUH UXOHU ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH DQG GXULQJ ZKRVH UHLJQ WKDW WHPSOH EHFRPHV GLODSLGDWHG

ZRUOG ˧ DPRQJ 6HQQDFKHULEˤV WLWOHV VXJJHVWV WKDW WKLV WH[W ZDV SUREDEO\ QRW FRPSRVHG SULRU WR  PXWWDUUX¼ 810(Ğ '$*$/΢0(ĞΣ ˦OHDGHU RI D ZLGHVSUHDG SRSXODWLRQ˧ $W 1LQHYHK WKLV HSLWKHW DOVR DSSHDUV LQ VHYHUDO WH[WV LQVFULEHG RQ EXOO FRORVVL VWDWLRQHG LQ JDWHZD\V RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH DQG WKH VRFDOOHG ˦(DVWHUQ %XLOGLQJ˧ DV ZHOO DV LQ DQ LQVFULSWLRQ ZULWWHQ RQ D VWRQH WDEOHW )RU H[DPSOH VHH WH[W QR  OLQH  /D\DUG ,&& SO  OLQH  DQG .LQJ 1RWHERRN S  QRV ˡ DQG S  QRV ˡ OLQH  1RWH WKDW WKRVH WH[WV DUH DOO ZULWWHQ FD ˡ DQG WKXV WKH XVH RI PXWWDUU½ QLğê UDSğÃWH ˦OHDGHU RI D ZLGHVSUHDG SRSXODWLRQ˧ LQ WKLV WH[W PD\ VXJJHVW WKDW WKH LQVFULSWLRQ ZDV ZULWWHQ DURXQG WKH VDPH WLPH ˡD )RU WKH PLVVLQJ WH[W VHH WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ DQG 6FKURHGHU .$+  QR  9$  OLQHV ˡ  6HH &$' 1 S  VXE QLNNDVVX $ N  ([  KDV >@ [ G,Ğ.85 [ >@ ˦>@  WKH JRG $GDG  >@˧ $V SRLQWHG RXW E\ ( )UDKP 6DQKHULE S   WKLV SDVVDJH PD\ UHIHU WR 6HQQDFKHULE VHHNLQJ JXLGDQFH IURP ĞDPDğ DQG $GDG WKURXJK GLYLQDWLRQ FI 6FKURHGHU .$+  QR  9$  OLQHV EˡD GȃD®D ˦WKH JRG ȎD\D˧ 7KLV GHLW\ LV DOVR PHQWLRQHG LQ LQVFULSWLRQV ZULWWHQ RQ VWRQH EORFNV UHFRUGLQJ WKH FRQVWUXFWLRQ RI WKH DNêWXKRXVH DW $ğğXU IRU H[DPSOH 6FKURHGHU .$+  QR  OLQH   0HLVVQHU DQG 5RVWˤV FRS\ %L6 SO  KDV OLQHV  ZURQJO\ DOLJQHG RQ WKH WZR MRLQHG IUDJPHQWV ([  KDV >@ [Xğ ‹VX [ >@ ˦>@  KLV WHPSOH  >@˧  ([  KDV >@΢'8%Σ6$50(Ğ ¼΢ğDUΣ>@ ˦>@ VFULEHV , VHW>WOHG @˧ 7KH DSSHDUDQFH RQ $  H[  RI WKH WLWOH >LOX ğD@ ɅXSğDUUê ˦>WKH JRG RI@ VFULEHV˧ LQGLFDWHV WKDW LW LV SUREDEO\ D GXSOLFDWH RI .  H[   RU DW WKH YHU\ OHDVW DQRWKHU WH[W UHFRUGLQJ ZRUN RQ WKH ȎD\D VKULQH  $1Ѓ5 » ',1*,50(Ğ *$/0(Ğ ˦WKH JRG $ğğXU DQG WKH JUHDW JRGV˧ 6FKURHGHU .$+  QR  9$  OLQH  KDV ',1*,5ğ¼ ˦KLV JRG˧ $1>Ѓ5"@ ˦WKH JRG $ğ>ğXU@˧ 2U SRVVLEO\ UHVWRUH G>ȃD®D"@ ˦WKH JRG >ȂD\D@˧  6FKURHGHU .$+  QR  9$  OLQH  DGGV ΢LWΣWL EDOWLO., X «ğ£UUD OLğWHOLSX ˦PD\ WKH\ IORXULVK WRJHWKHU ZLWK %DOWLO DQG (ğDUUD˧ DIWHU T¯EL ˦VSHDN˧ 7KH DEVHQFH RI WKH PHQWLRQ RI %DOWLO DQG (ğDUUD PD\ OHQG IXUWKHU VXSSRUW WR WKH SURSRVDO WKDW WKH VKULQH RI ȎD\D ZDV ORFDWHG DW 1LQHYHK DQG QRW DW $ğğXU '8080(Ğğ¼ '808 '8080(Ğğ¼ ˦KLV VRQV DQG KLV JUDQGVRQV˧ 6FKURHGHU .$+  QR  9$  OLQH  DGGV 1818=0(Ğğ¼ ˦KLV RIIVSULQJ˧ EHIRUH '8080(Ğğ¼ ˦KLV VRQV˧  6,3$XW ˦VKHSKHUGLQJ˧ 6FKURHGHU .$+  QR  9$  OLQH  DOVR KDV 6,3$XW 7KH ZULWLQJ RI UÕƮ½W ˦VKHSKHUGVKLS˧ LQ RWKHU F\OLQGHU LQVFULSWLRQV IURP 1LQHYHK KRZHYHU LV DOZD\V 5(‹80XW VHH IRU H[DPSOH WH[W QR  OLQH 

6HQQDFKHULE 

  

 

LQQDȃX DQȃXXVVX OXGLğ 086$5¼ OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ LQD £ğULğ¼ OLğNXQ DğğXU » GLğWDU LNULELğ¼ LğHP΢PX"Σ>X"@ PXQDNN®U 086$5DD GDDDLȻL DPDWLLD $1Ѓ5 0$1 ',1*,50(Ğ X ',1*,50(Ğ *$/0(Ğ ğD $1H » .,WLP DUUDW OD QDSğXUL PDUXXğW¼ OLUXUXğXPD /8*$/VX OLVNLSX 7,/$ğ¼ OLNLPXğ¼ 08ğ¼ 18081ğ¼ 1818=ğ¼ QDDQQDEğ¼ LQD SLL 810(Ğ OLȃDOOLTX



 UHQRYDWH LWV GLODSLGDWHG VHFWLRQV  0D\ KH ILQG WKLV LQVFULEHG REMHFW DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ DQG SXW LW EDFN LQ LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHD>U@ KLV SUD\HUV ˡ $V IRU WKH RQH ZKR DOWHUV P\ LQVFULEHG REMHFW DQG GLVUHVSHFWV P\ ZRUGV PD\ WKH JRG $ğğXU NLQJ RI WKH JRGV DQG WKH JUHDW JRGV RI KHDYHQ DQG QHWKHUZRUOG FXUVH KLP ZLWK D KDUVK LUUHYHUVLEOH FXUVH DQG PD\ WKH\ RYHUWKURZ KLV NLQJVKLS GHSULYH KLP RI KLV OLIH DQG HUDGLFDWH KLV QDPH KLV VHHG KLV RIIVSULQJ DQG KLV SURJHQ\ IURP WKH PRXWK RI WKH SHRSOH

 $ VPDOO IUDJPHQW RI D FOD\ F\OLQGHU IURP 1LQHYHK SUHVHUYHV WKH SURORJXH RI D IRXQGDWLRQ LQVFULSWLRQ SUHVXPDEO\ ZLWKRXW PLOLWDU\ QDUUDWLRQ  DV ZHOO DV SDUW RI D SDVVDJH PHQWLRQLQJ ODPHQWDWLRQ VLQJHUV NDO½  7KH EXLOGLQJ UHSRUW ZKLFK LV FRPSOHWHO\ PLVVLQJ PD\ KDYH GHVFULEHG FRQVWUXFWLRQ RQ D WHPSOH DW 1LQHYHK 7KH FRQFOXGLQJ IRUPXODH DUH DOVR FRPSOHWHO\ PLVVLQJ 7KH SURORJXH GXSOLFDWHV WKRVH RI WH[W QRV   DQG  DQG WKDW RI D WH[W ZULWWHQ RQ D VWRQH KRUL]RQWDO SULVP IURP $ğğXU 9$   7KH \HDU GXULQJ ZKLFK WKH F\OLQGHU ZDV LQVFULEHG LV QRW NQRZQ

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

%0 



1LQHYHK &+2/

™

F

&200(17$5< 3K\VLFDOO\ WKH F\OLQGHU LV WZHQW\ WR WZHQW\ILYH SHU FHQW ODUJHU WKDQ WH[W QR  H[  .   (DFK OLQH RI WH[W LV VHSDUDWHG E\ D KRUL]RQWDO UXOLQJ 7H[W QRV  DQG  FOHDUO\ UHSUHVHQW GLIIHUHQW LQVFULSWLRQV %0  WH[W QR  DQG %0  WH[W QR   KRZHYHU FRXOG EH GXSOLFDWHV RI WKLV WH[W RU FRSLHV RI DQRWKHU LQVFULSWLRQ %HFDXVH DOO WKUHH SLHFHV DUH QRW VXIILFLHQWO\ SUHVHUYHG WR EH

FHUWDLQ RI WKHLU FRQWHQWV WKH IUDJPHQWV DUH HDFK HGLWHG RQ WKHLU RZQ $OWKRXJK RQO\ VPDOO SRUWLRQV RI WKH ILUVW HOHYHQ OLQHV RI WKH WH[W DUH SUHVHUYHG WKLV LQVFULSWLRQ PD\ KDYH EHHQ VLPLODU LQ IRUPDW WR WH[W QR  DQG WKH WH[W ZULWWHQ RQ 9$  D VWRQH KRUL]RQWDO SULVP IURP $ğğXU UHFRUGLQJ ZRUN RQ WKH $ğğXU 7HP SOH IRU WKH ODWWHU LQVFULSWLRQ VHH 6FKURHGHU .$+ 

 OLQH  LQD £ğULğ¼ OLğNXQ ˦PD\ KH SXW LW EDFN LQ LWV SODFH˧ 7KH VDPH H[SUHVVLRQ DSSHDUV LQ 6FKURHGHU .$+  QR  9$  OLQH  2WKHU F\OLQGHU LQVFULSWLRQV IURP 1LQHYHK KDYH DQD £ğULğ¼ OLWHU ˦PD\ KH UHWXUQ LW WR LWV SODFH˧ HJ WH[W QR  OLQH   DğğXU » GLğWDU ˦WKH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU˧ 7KH SDLULQJ RI $ğğXU DQG ,ğWDU LQ WKH FRQFOXGLQJ IRUPXODH ILUVW RFFXUV LQ WH[W QR  DQ LQVFULSWLRQ ZULWWHQ LQ  7KH LQYRFDWLRQ RI ERWK RI WKHVH GHLWLHV VXJJHVWV WKDW WKLV WH[W ZDV SUREDEO\ QRW ZULWWHQ SULRU WR  6FKURHGHU .$+  QR  9$  OLQH  PHQWLRQV RQO\ $ğğXU  OLQHV ˡ $SDUW IURP WH[W QR  DQG SUREDEO\ DOVR WH[W QRV  DQG   DQ DGPRQLWLRQ DJDLQVW WKH UHPRYDO RI D UR\DO LQVFULSWLRQ GRHV QRW DSSHDU LQ F\OLQGHU LQVFULSWLRQV IURP 1LQHYHK 6XFK DGYLFH DSSHDUV LQ RQO\ RQH SULVP LQVFULSWLRQ IURP 1LQHYHK WH[W QR  YL Eˡ



6HQQDFKHULE 

DNêWXKRXVH (ğDȏXOH]HQ]DJPXNDP WH[W QR   DQ RWKHU WHPSOH LV PHQWLRQHG LQ WH[W QR  OLQH v  EXW WKH QDPH RI WKH GHLW\ WR ZKLFK LW EHORQJHG LV FRP SOHWHO\ PLVVLQJ 7KXV LW LV SRVVLEOH WKDW WKH EXLOGLQJ UHSRUW RI WKLV WH[W UHFRUGHG ZRUN RQ RQH RI WKRVH WHPSOHV /LQHV ˡD GXSOLFDWH WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ DQG 9$  OLQHV ˡD 7KH UHVWRUDWLRQ RI GDPDJHG WH[W LV JHQHU DOO\ EDVHG RQ 9$  /LQHV Eˡ DUH QRW GXSOLFDWHG HOVHZKHUH LQ WKH NQRZQ 6HQQDFKHULE FRUSXV

QR  DQG /XFNHQELOO 6HQQ SS ˡ , 7KHUH IRUH WKH FRPSOHWH WH[W SUREDEO\ FRPSULVHG D SUR ORJXH D EXLOGLQJ UHSRUW D SDVVDJH UHTXHVWLQJ WKDW WKH IRXQGDWLRQ LQVFULSWLRQ VSHDN IDYRUDEO\ DERXW 6HQQDFKHULE DQG DGYLFH WR IXWXUH UXOHUV %DVHG RQ 6HQQDFKHULEˤV WLWXODU\ WKH EXLOGLQJ UHSRUW PD\ KDYH UHFRUGHG ZRUN RQ D WHPSOH DW 1LQHYHK VHH WKH FRP PHQWDU\ WR WH[W QR  $W 1LQHYHK 6HQQDFKHULE LV NQRZQ WR KDYH ZRUNHG RQ WKH VKULQH RI WKH JRG ȎD\D WH[W QR   WKH 6°QĞDPDğ WHPSOH WH[W QR   WKH WHPSOH RI WKH /DG\ RI 1LQHYHK WH[W QR   DQG WKH

%,%/,2*5$3+< 

/DPEHUW DQG 0LOODUG &DW S  VWXG\



)UDKP 6DQKHULE S  7  VWXG\

7(;7 >PG3$30(Ğ68 0$1 *$/ 0$1 GDQQX 0$1 Ğœ 0$1@ .85 DğğXU>.,@  >0$1 NLEUDW /008WLP PXWWDUUX¼ 810(Ğ@ ΢'$*$/Σ0(Ğ  >HSLğ ȻDODP $1Ѓ5 GDQLP G G878 G,Ğ.85 G8*85 G ğD@ ‹NLGPXUL  >',1*,50$Ȏ » ',1*,50(Ğ *$/0(Ğ PXğDNOLO SDUDDȻ «@ğ£UUD  >» «PDğPDğ ğ£ SDO¢ȃ ',1*,50(Ğ ğ£ $1H » ',1*,50(Ğ .85 DğğXU@΢.,Σ UDELğ PXGXX  >HSLğ .85 DğğXU., PXğDNOLO PDȃD]Lğ¼ QDVLLȃ@ ΢QDΣNLUL  >PXDEELW GD£GPHğ¼XQ PDDONX SLWTXGX ğ£ 8*8@ /8*$/0(Ğ DğLE %ƒ5$  >QXƮX¼GDDW EHOXWVX WXNXOWL .85ğ¼ QDDƮLG@ ΢0858%̎Σ X 0Š  >ȻXOXOX (5,0Ȏ,$ğ¼ DQDNX @ ΢/œ*$/$Σ0(Ğ PXQLLȃ  >@ ΢/œΣ*$/$0(Ğ  > /œ@*$/$ /DFXQD 

ˡD >6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI@ $VV\ULD >NLQJ RI WKH IRXU TXDUWHUV RI WKH ZRUOG  OHDGHU RI@ D ZLGHVSUHDG >SRSXODWLRQ WKH RQH ZKR IDVKLRQHG LPDJHV RI WKH GHLWLHV $ğğXU $QX 6°Q ĞDPDğ $GDG 1HUJDO ,ğWDU RI@ %êW.LGPXUL >%ÕOHW LOê DQG WKH JUHDW JRGV WKH RQH ZKR FDUULHV RXW WR SHUIHFWLRQ WKH ULWHV RI (@ğDUUD  >DQG (PDğPDğ@ ZKR NQRZV ZHOO >KRZ WR UHYHUH WKH JRGV RI KHDYHQ DQG WKH JRGV RI $VV\UL@D >WKH EXLOGHU RI $VV\ULD WKH RQH ZKR EULQJV KLV FXOW FHQWHUV WR FRPSOHWLRQ WKH RQH ZKR XSURRWV@ HQHPLHV DQG >GHVWUR\V WKHLU VHWWOHPHQWV FLUFXPVSHFW UXOHU ZKRVH GRPLQLRQ LV PRUH SUDLVHG WKDQ@ WKDW RI DOO NLQJV ZKR VLW RQ UR\DO GDLVHV >WKH VXSSRUW RI KLV ODQG WKH RQH ZKR LV WUXVWZRUWK\ LQ@ EDWWOH DQG FRPEDW DQG >WKH SURWHFWLRQ RI KLV WURRSV ,@ Eˡ >@ ODPHQWDWLRQ VLQJHUV NDO½ ZKR SDFLI\  >@ ODPHQWDWLRQ VLQJHUV > D@ ODPHQWDWLRQ VLQJHU >@

/DFXQD

 $ VPDOO IUDJPHQW RI D FOD\ F\OLQGHU IURP 1LQHYHK SUHVHUYHV SDUWV RI WKH SURORJXH DQG FRQFOXGLQJ IRUPXODH RI D IRXQGDWLRQ LQVFULSWLRQ SUHVXPDEO\ ZLWKRXW PLOLWDU\ QDUUDWLRQ  7KH EXLOGLQJ UHSRUW ZKLFK PD\ KDYH GHVFULEHG FRQVWUXFWLRQ RQ D WHPSOH DW 1LQHYHK LV FRPSOHWHO\ PLVVLQJ 7KH SURORJXH  OLQHV ˡ 6HH WKH RQSDJH QRWHV WR WH[W QR  OLQHV ˡ  OLQHV ˡ /DPHQWDWLRQ VLQJHUV NDO½ DUH PHQWLRQHG LQ OLQH  RI WKH %DYLDQ ,QVFULSWLRQ /XFNHQELOO 6HQQ S   DQD SDWHH ' ğXDWX /œ0$Ğ0$Ğ /œ*$/$ ¼PDƮHHUPD ¼ğDW>@ ˦LQ RUGHU WR RSHQ XS WKDW FDQDO , VHQW DQ H[RUFLVW DQG D ODPHQWDWLRQ VLQJHU DQG  >@˧

6HQQDFKHULE 



ZKLFK FRQWDLQV D OLVW RI FXOWIRFXVHG HSLWKHWV RI WKH NLQJ GXSOLFDWHV WKRVH RI WH[W QRV   DQG  DQG WKDW RI WKH $ğğXU 7HPSOH ,QVFULSWLRQ 9$   D VWRQH KRUL]RQWDO SULVP IURP $ğğXU 7KH \HDU GXULQJ ZKLFK WKH F\OLQGHU ZDV LQVFULEHG LV QRW NQRZQ VLQFH QR GDWH OLQH ZDV LQFOXGHG RQ WKH REMHFW

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

%0 



1LQHYHK

™

F

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ğğXU UHFRUG LQJ ZRUN RQ WKH $ğğXU 7HPSOH IRU WKH ODWWHU LQ

VFULSWLRQ VHH 6FKURHGHU .$+  QR  DQG /XFN HQELOO 6HQQ SS ˡ , 6HH WKH FRPPHQWDU\ RI WH[W QR  IRU IXUWKHU GHWDLOV 7KH EXLOGLQJ UH SRUW GHVSLWH WKH IDFW WKDW LW LV FRPSOHWHO\ PLVVLQJ PD\ KDYH UHFRUGHG ZRUN RQ D WHPSOH DW 1LQHYHK SHUKDSV WKH VKULQH RI WKH JRG ȎD\D WH[W QR   WKH 6°QĞDPDğ WHPSOH WH[W QR   WKH WHPSOH RI WKH /DG\ RI 1LQHYHK WH[W QR   RU WKH DNêWXKRXVH (ğDȏXOH]HQ]DJPXNDP WH[W QR   7KH H[WDQW WH[W GXSOLFDWHV WH[W QR  OLQHV ˡ DQG ˡ WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ DQG 9$  OLQHV ˡD DQG Eˡ 5HVWRUDWLRQV DUH JHQHUDOO\ EDVHG RQ 9$ 

%,%/,2*5$3+<  

/DPEHUW DQG 0LOODUG &DW S  VWXG\ %RUJHU %$/ S  VWXG\



)UDKP 6DQKHULE S  7  VWXG\

7(;7       

>PG3$30(Ğ68@ ΢/8*$/Σ *$/ /8*$/ GDQQX 0$1 Ğœ 0$1 .85 DğğXU., >/8*$/ NLEUDW /008WLP PXW@WDUUX¼ 810(Ğ '$*$/0(Ğ >HSLğ ȻDODP $1Ѓ5 GDQLP G@ ΢GΣ878 G,Ğ.85 G8*85 G ğD ‹NLGPXUUL >',1*,50$Ȏ » ',1*,50(Ğ *$/0(Ğ@ PXğDNOLO SDUDDȻ «ğ£UUD >» «PDğPDğ ğ£ SDO¢ȃ@ ΢',1*,5Σ0(Ğ ğ£ $1H » ',1*,50(Ğ .85 DğğXU΢.,Σ >UDELğ PXGXX HSLğ .85@ DğğXU., PXğDNOLO PDȃD΢]LΣ>ğ¼@ >QDVLLȃ QDNLUL PXDEELW GD@΢£GΣPHğ¼XQ PD>DONX@

ˡ >6HQQDFKHULE@ JUHDW NLQJ VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD >NLQJ RI WKH IRXU TXDUWHUV RI WKH ZRUOG  OHD@GHU RI D ZLGHVSUHDG SRSXODWLRQ >WKH RQH ZKR IDVKLRQHG LPDJHV RI WKH GHLWLHV $ğğXU $QX 6°Q@ ĞDPDğ $GDG 1HUJDO ,ğWDU RI %êW.LGPXUL >%ÕOHW LOê DQG WKH JUHDW JRGV@ WKH RQH ZKR FDUULHV RXW WR SHUIHFWLRQ WKH ULWHV RI (ğDUUD  >DQG (PDğPDğ ZKR NQRZV ZHOO KRZ WR UHYHUH WKH JR@GV RI KHDYHQ DQG WKH JRGV RI $VV\ULD >WKH EXLOGHU RI@ $VV\ULD WKH RQH ZKR EULQJV >KLV@ FXOW FHQWHUV WR FRPSOHWLRQ >WKH RQH ZKR XSURRWV HQHPLHV DQG GHVWUR\V@ WKHLU >VHW@WOHPHQWV >FLUFXPVSHFW@ UX>OHU@

ˡ 6HH WKH RQSDJH QRWHV WR WH[W QR  OLQHV ˡ /DFXQD DIWHU OLQH  %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQH  ZRXOG KDYH EHJXQ ZLWK SLWTXGX ˦FLUFXPVSHFW˧



6HQQDFKHULE 

/DFXQD ˮˡˮ >$V IRU WKH RQH ZKR DOWHUV P\ LQVFULEHG REMHFW DQG GLVUHVSHFWV P\ ZRUGV@ PD\ >WKH JRG $ğğXU NLQJ RI WKH JRGV DQG WKH JUH@DW >JRGV RI KHDYHQ DQG QHWKHUZRUOG@ FXUVH KLP >ZLWK D KDUVK LUUHYHUVLEOH FXUVH DQG PD\ WKH\ RYHUWKURZ KLV NLQJVKLS GHSULYH KLP RI KLV OLIH@ DQG HUDGLFDWH >KLV QDPH KLV VHHG KLV RIIVSULQJ DQG KLV SURJHQ\@ IURP WKH PRXWK RI WKH SHRSOH

/DFXQD ˮ >PXQDNN®U 086$5DD GDDDLȻL DPDWLLD $1Ѓ5 0$1 ',1*,50(Ğ X ',1*,50(Ğ *$/@0(Ğ ˮ >ğD $1H » .,WLP DUUDW OD QDSğXUL PDUXXğW¼@ ΢OLΣUXUXğXPD ˮ >/8*$/VX OLVNLSX 7,/$ğ¼ OLNLPXğ¼ 08ğ¼ 18081ğ¼ 1818=ğ¼ QDDQQDEğ¼@ ΢LΣQD .$ 810( OLȃDOOLTX

 $ VPDOO IUDJPHQW RI D FOD\ F\OLQGHU IURP 1LQHYHK SUHVHUYHV SDUWV RI WKH ILUVW VHYHQ OLQHV DQG WKH ODVW OLQH RI D IRXQGDWLRQ LQVFULSWLRQ SUHVXPDEO\ ZLWKRXW PLOLWDU\ QDUUDWLRQ  $OO RI WKH EXLOGLQJ UHSRUW ZKLFK PD\ KDYH GHVFULEHG FRQVWUXFWLRQ RQ D WHPSOH DW 1LQHYHK DQG PRVW RI WKH FRQFOXGLQJ IRUPXODH DUH PLVVLQJ 7KH SURORJXH GXSOLFDWHV WKRVH RI WH[W QRV   DQG  DQG WKDW RI WKH $ğğXU 7HPSOH ,QVFULSWLRQ 9$   D VWRQH KRUL]RQWDO SULVP IURP $ğğXU 7KH \HDU GXULQJ ZKLFK WKH F\OLQGHU ZDV LQVFULEHG LV QRW NQRZQ VLQFH QR GDWH OLQH ZDV LQFOXGHG RQ WKH REMHFW

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

%0 



1LQHYHK

™

F

&200(17$5< 3K\VLFDOO\ WKH F\OLQGHU LV VLPLODU WR WH[W QR  H[  .  DQG WH[W QR  %0   EXW LW GRHV QRW MRLQ RU FRPH IURP WKH VDPH RULJLQDO DV HLWKHU RI WKHP (DFK OLQH RI WH[W LV VHSDUDWHG E\ D KRUL]RQWDO UXOLQJ 7KLV WH[W FRXOG EH D GXSOLFDWH RI WH[W QRV   RU  RU LW FRXOG EH D XQLTXH WH[W %HFDXVH %0  GRHV QRW SUHVHUYH HQRXJK WH[W WR EH FHUWDLQ RI LWV FRQWHQWV WKH LQVFULSWLRQ ZULWWHQ RQ WKLV IUDJPHQW LV HGLWHG RQ LWV RZQ $OWKRXJK RQO\ VPDOO SRUWLRQV RI WKH WH[W DUH SUH VHUYHG WKLV LQVFULSWLRQ PD\ KDYH EHHQ VLPLODU LQ IRU PDW WR WH[W QR  DQG WKH WH[W ZULWWHQ RQ 9$  D VWRQH KRUL]RQWDO SULVP IURP $ğğXU UHFRUGLQJ ZRUN

RQ WKH $ğğXU 7HPSOH IRU WKH ODWWHU LQVFULSWLRQ VHH 6FKURHGHU .$+  QR  DQG /XFNHQELOO 6HQQ SS ˡ , 6HH WKH FRPPHQWDU\ RI WH[W QR  IRU IXUWKHU GHWDLOV 7KH EXLOGLQJ UHSRUW LV FRPSOHWHO\ PLVVLQJ EXW LW PD\ KDYH UHFRUGHG ZRUN RQ D WHP SOH DW 1LQHYHK SHUKDSV WKH VKULQH RI WKH JRG ȎD\D WH[W QR   WKH 6°QĞDPDğ WHPSOH WH[W QR   WKH WHPSOH RI WKH /DG\ RI 1LQHYHK WH[W QR   RU WKH DNêWXKRXVH (ğDȏXOH]HQ]DJPXNDP WH[W QR   7KH H[WDQW WH[W GXSOLFDWHV WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ DQG 9$  OLQHV ˡD 5HVWRUDWLRQV DUH JHQHUDOO\ EDVHG RQ 9$ 

 OLQHV vˡv $SDUW IURP WH[W QR  DQG SUREDEO\ DOVR WH[W QRV  DQG   DQ DGPRQLWLRQ DJDLQVW WKH UHPRYDO RI D UR\DO LQVFULSWLRQ GRHV QRW DSSHDU LQ F\OLQGHU LQVFULSWLRQV IURP 1LQHYHK

6HQQDFKHULE 



%,%/,2*5$3+<  

7KRPSVRQ ,UDT  S  DQG ILJ  QR  FRS\ HGLWLRQ /DPEHUW DQG 0LOODUG &DW S  VWXG\

 

%RUJHU %$/ S  VWXG\ )UDKP 6DQKHULE S  7  VWXG\

7(;7 >P@G(1=83$30(Ğ68 ΢0$1Σ >*$/ 0$1 GDQQX 0$1 Ğœ 0$1 .85 DğğXU.,@  0$1 NLEUDW /008WLP ΢PXWΣ>WDUUX¼ 810(Ğ '$*$/0(Ğ@  HSLğ ȻDODP $1Ѓ5 GDQLP G G΢878 GΣ>,Ğ.85 G8*85 G 𣠋NLGPXUL ',1*,50$Ȏ@  ΢» ',1*,50(Ğ *$/0(ĞΣ PXğDNOLO SDUDDȻ ΢«Σ>ğ£UUD » «PDğPDğ ğ£ SDO¢ȃ ',1*,50(Ğ ğ£ $1H@  » ',1*,5΢0(Ğ .85 DğğXU.,Σ >UDELğ PXGXX@  HSLğ >.85@ Dğ΢ğXUΣ., >@  WUDFHV >@ /DFXQD ˮ WUDFHV >@ 

ˡ 6HQQDFKHULE >JUHDW@ NLQJ >VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD@ NLQJ RI WKH IRXU TXDUWHUV RI WKH ZRUOG  OHD>GHU RI D ZLGHVSUHDG SRSXODWLRQ@ WKH RQH ZKR IDVKLRQHG LPDJHV RI WKH GHLWLHV $ğğXU $QX 6°Q ĞDPDğ >$GDG 1HUJDO ,ğWDU RI %êW.LGPXUL %ÕOHWLOê@ DQG WKH JUHDW JRGV WKH RQH ZKR FDUULHV RXW WR SHUIHFWLRQ WKH ULWHV RI (>ğDUUD DQG (PDğPDğ ZKR NQRZV ZHOO KRZ WR UHYHUH WKH JRGV RI KHDYHQ@  DQG WKH JRGV RI $VV\ULD WKH EXLOGHU RI $VV\ULD >@  >@

/DFXQD ˮ  >@

 %HJLQQLQJ LQ  6HQQDFKHULEˤV VFULEHV DEDQGRQHG FOD\ F\OLQGHUV LQ IDYRU RI RFWDJRQDO DQG KH[DJRQDO FOD\ SULVPV DV WKH SULQFLSDO PHGLXP XSRQ ZKLFK WKLV NLQJˤV UHV JHVWDH ZDV ZULWWHQ - 5HDGH DQG $ 0LOODUG ERWK UHSRUW VHHLQJ D 6HQQDFKHULE SULVP GDWHG WR WKH HSRQ\P\ RI ĞXOPXğDUUL JRYHUQRU RI WKH FLW\ ȎDO]LDWEDU   QHLWKHU KRZHYHU SURYLGHV DGGLWLRQDO LQIRUPDWLRQ DERXW WKH REMHFW RU WKH WH[W %HFDXVH WKH LQVFULSWLRQ VHHQ E\ 5HDGH DQG 0LOODUG LV VWLOO XQSXEOLVKHG H[FHSW IRU LWV GDWH DQG VLQFH WKH REMHFW RU D SKRWRJUDSK RI LW FDQQRW EH ORFDWHG LWV FRQWHQWV DUH QRW NQRZQ ZLWK FHUWDLQW\ ,WV FRQWHQW ZH DVVXPH ZDV SUREDEO\ VLPLOLDU RU LGHQWLFDO WR WKDW RI WH[W QR  VHH WKH FRPPHQWDU\ IRU IXUWKHU GHWDLOV 

&$7$/2*8( 6RXUFH

3URYHQDQFH

'LPHQVLRQV FP

FSQ

-&6  S 

3UREDEO\ 1LQHYHK

ˢ

Q

 OLQHV ˡ 6HH WKH RQSDJH QRWHV WR WH[W QR  OLQHV ˡ  OLQH v 7KLV LV WKH ODVW OLQH RI WKH LQVFULSWLRQ DQG LW SUREDEO\ FRQWDLQV SDUW RI 6HQQDFKHULEˤV DGYLFH DJDLQVW WKH UHPRYDO RI RQH RI KLV UR\DO LQVFULSWLRQV



6HQQDFKHULE 

&200(17$5< ,Q  - 5HDGH -&6  S   FLWLQJ & :DONHU DV KLV VRXUFH UHSRUWHG WKDW D SULVP GDWHG WR  ZDV ˦LQ SULYDWH KDQGV˧ ,Q  $ 0LOODUG 6$$6  S  QRWHG WKDW WKH REMHFW ZDV LQ WKH .ODVVLVND ,QVWLWXWLR QHQ RI *¸WHERUJV 8QLYHUVLWHW ,WV SUHVHQW ORFDWLRQ LV QRW NQRZQ EXW WKLV 6HQQDFKHULE SULVP PD\ EH LQ D SULYDWH FROOHFWLRQ LQ 6ZHGHQ )RU DGGLWLRQDO LQIRU PDWLRQ VHH )UDKP 6DQKHULE S  $FFRUGLQJ WR 0LOODUG 6$$6  S   WKH SULVP ZDV LQVFULEHG RQ WKH IRXUWHHQWK GD\ RI WKH PRQWK $UDȏVDPQD 9,,,  LQ WKH HSRQ\P\ RI ĞXOPXğDUUL JRYHUQRU RI WKH FLW\ ȎDO]LDWEDU Pğ»OPX/8*$/  /œ*$5.85 858ȃDO]L1$̎DWEDU  ( )UDKP SURSRVHV WKDW WKLV XQSXEOLVKHG SULVP ZDV RFWDJRQDO VLQFH 6HQQDFKHULEˤV VFULEHV GLG QRW EHJLQ ZULWLQJ LQVFULSWLRQV RQ KH[DJRQDO SULVPV XQWLO  +RZHYHU WKLV PD\ QRW EH WKH FDVH $W SUHVHQW DOO RI WKH NQRZQ RFWDJRQDO SULVPV WH[W QRV ˡ ZHUH LQWHQGHG IRU 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD  ZKLOH DOO RI WKH NQRZQ KH[DJRQDO SULVPV ZKRVH EXLOGLQJ UHSRUWV DUH SUHVHUYHG WH[W QRV ˡ DQG  ZHUH ZULWWHQ IRU WKH DUPRU\ 7KH DYDLODEOH VRXUFH PDWHULDO GRHV QRW H[FOXGH WKH SRVVLELOLW\ WKDW 6HQQDFKHULEˤV VFULEHV ZURWH RXW WH[WV RQ VL[VLGHG SULVPV DV HDUO\ DV  VXFK REMHFWV PD\ KDYH UHSODFHG F\OLQGHUV DV WKH SULQFLSDO PHGLXP RI WH[WV GHSRVLWHG LQ WKH VWUXFWXUH RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ DQG SRVVLEO\ WKH FLWDGHO ZDOO DIWHU  7KHUHIRUH LW LV QRW LPSRVVLEOH WKDW WKLV XQSXEOLVKHG SULVP ZDV KH[DJRQDO :LWK UHJDUG WR WKH WH[W LWVHOI ZH FDQ RQO\ VSHFX ODWH RQ LWV FRQWHQWV MXVW DV )UDKP KDV DOUHDG\ GRQH 6DQKHULE SS ˡ  *LYHQ WKH IDFW WKDW IRXQGD WLRQ LQVFULSWLRQV ZULWWHQ LQ  DQG  FRQWDLQHG D SURORJXH UHSRUWV RI WKH ILUVW IRXU FDPSDLJQV D VKRUW SDVVDJH VWDWLQJ WKDW WKH NLQJ IRUPHG D ODUJH PLOLWDU\ FRQWLQJHQW RI DUFKHUV DQG VKLHOG EHDUHUV D EXLOGLQJ UHSRUW DQG FRQFOXGLQJ IRUPXODH WKLV WH[W PXVW KDYH DOVR KDG WKRVH VDPH VHFWLRQV $V IRU WKH PLOLWDU\ QDUUDWLRQ WKH DFFRXQWV RI 6HQQDFKHULEˤV WKLUG DQG IRXUWK FDPSDLJQV HLWKHU GXSOLFDWH WKRVH RI WH[W QR  RU GHYLDWH IURP WKRVH UHSRUWV LQ D IHZ SODFHV MXVW OLNH WH[W QRV  DQG ˡ QRWH WKDW WH[W QRV ˡ DOO RI ZKLFK DUH ZULWWHQ RQ KH[DJ RQDO SULVPV GXSOLFDWH D WH[W WKDW LV LQVFULEHG RQ D IUDJPHQWDULO\ SUHVHUYHG EXOO FRORVVXV 6PLWK %XOO   5 SOV ˡ  :LWK UHJDUG WR WKH EXLOGLQJ UHSRUW LWV FRQWHQWV

GHSHQG RQ ZKHWKHU WKH SULVP ZDV VL[ RU HLJKWVLGHG )UDKP DVVXPLQJ WKLV SULVP LV RFWDJRQDO SURSRVHV WKDW WKH EXLOGLQJ UHSRUW FRXOG GXSOLFDWH WKDW RI WH[W QR  RU IROORZ WKH VW\OH RI WKRVH RI WH[W QRV  RU  &I WH[W QR  OLQHV vˡv WH[W QR  OLQHV vˡv ZLWK WKH RQSDJH QRWH WR OLQH v  DQG WH[W QR  Y ˡYLLL vv DOVR FRPSDUH WH[W QR  Y ˡYLLL  VLQFH LW LV EHWWHU SUHVHUYHG WKDQ WH[W QR  6KRXOG )UDKPˤV FRQMHFWXUHV SURYH FRUUHFW WKHQ WKLV LQVFULSWLRQ ZRXOG KDYH EHHQ ZULWWHQ IRU 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD RU IRU WKH FLWDGHO ZDOO +RZHYHU LI WKH SULVP ZDV KH[DJRQDO RQH ZRXOG H[SHFW WKH EXLOGLQJ UHSRUW WR KDYH EHHQ PXFK VKRUWHU WKDQ WKDW RI WH[W QR  WKLV ZRXOG SUREDEO\ KDYH EHHQ WKH FDVH LI WKH LQVFULSWLRQ ZDV LQWHQGHG IRU SULVPV GH SRVLWHG LQ WKH VWUXFWXUH RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ IRU ZKLFK QR IRXQGDWLRQ UHFRUG ZULWWHQ DI WHU  LV NQRZQ ZLWK FHUWDLQW\  7KXV WKLV VHFWLRQ PD\ KDYH LQFOXGHG  DQ LQWURGXFWLRQ WR 6HQQDFK HULEˤV EXLOGLQJ SURJUDP DW 1LQHYHK  D GHWDLOHG DFFRXQW RI WKH UHEXLOGLQJ RI (JDO]DJGLQXWXNXD WKH SODQWLQJ RI D ERWDQLFDO JDUGHQ DQG WKH GLJJLQJ RI FDQDOV IRU LUULJDWLQJ ILHOGV DQG RUFKDUGV  D JHQ HUDO VWDWHPHQW DERXW HQODUJLQJ 1LQHYHK DQG UHVWUXF WXULQJ LWV VWUHHWV DOOH\V DQG VTXDUHV DQG SRVVLEO\  D SDVVDJH UHFRUGLQJ WKH FRQVWUXFWLRQ RI D EULGJH 5HSRUWV RI WKH FRQVWUXFWLRQ RI WKH LQQHU ZDOO %DGQL JDOELOXNXUDğXğX DQG LWV IRXUWHHQ JDWHV WKH EXLOGLQJ RI WKH RXWHU ZDOO %DGQLJHULPȏXOXȏD  WKH FRQVWUXF WLRQ RI DTXHGXFWV DQG WKH FUHDWLRQ RI D PDUVK ZHUH SUREDEO\ RPLWWHG ,Q HVVHQFH WKH SURSRVHG EXLOG LQJ UHSRUW IROORZV WKH FRPSRVLWLRQDO DUUDQJHPHQW RI WH[W QR  EXW ZLWK WKH H[SDQGHG GHVFULSWLRQV RI WH[W QR  &RPSDUH WH[W QR  OLQHV ˡ WR WH[W QR  Y ˡYLL  vEˡYLLL v DQG vEˡv FI DOVR WH[W QR  Y ˡYLL  Eˡ ˡYLLL D DQG ˡ ,Q VXP WKLV LQVFULSWLRQ FRXOG HLWKHU EH D GXSOLFDWH RI WH[W QR  D WH[W YHU\ VLPLODU WR WKDW  HGLWLRQ RI 6HQQ DFKHULEˤV UHV JHVWDH DQ LQWHUPHGLDU\ HGLWLRQ EHWZHHQ WH[W QRV  DQG   RU D XQLTXH WH[W )UDKP WHQWD WLYHO\ SURSRVHV WKDW WKLV XQSXEOLVKHG SULVP FRXOG EH D FRS\ RI WH[W QR  WKDW ZDV LQVFULEHG LQ WKH HSRQ\P\ RI ĞXOPXğDUUL   RQH \HDU HDUOLHU WKDQ WKH NQRZQ GDWHG H[HPSODUV ZKLFK ZHUH LQVFULEHG LQ WKH HSRQ\P\ RI 1DE½GħUêXɇXU JRYHUQRU RI WKH FLW\ 7DPQXQQD  

6HQQDFKHULE 



%,%/,2*5$3+<  

5HDGH -&6 S  VWXG\ 0LOODUG 6$$6  S  VWXG\ RI WKH GDWH



)UDKP 6DQKHULE SS ˡ 7  VWXG\

 7ZR IUDJPHQWDULO\ SUHVHUYHG RFWDJRQDO FOD\ SULVPV DQG QXPHURXV SULVP IUDJPHQWV IURP 1LQHYHK DQG $ğğXU DUH LQVFULEHG ZLWK D WH[W GHVFULELQJ 6HQQDFKHULEˤV ILUVW IRXU FDPSDLJQV WKH ODUJHVFDOH UHQRYDWLRQV RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH  WKH FRQVWUXFWLRQ RI 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD  DQG PDQ\ RWKHU SXEOLF ZRUNV DW 1LQHYHK 6HQQDFKHULE ERDVWV DOVR RI IRUPLQJ D PLOLWDU\ FRQWLQJHQW RI  DUFKHUV DQG  VKLHOG EHDUHUV IURP SULVRQHUV GHSRUWHG IURP FRQTXHUHG ODQGV 7KH EXLOGLQJ UHSRUW ZKLFK XWLOL]HV PDWHULDO IURP HDUOLHU LQVFULSWLRQV LQFOXGHV  DQ LQWURGXFWLRQ WR 6HQQDFKHULEˤV EXLOGLQJ SURJUDP DW 1LQHYHK  D GHWDLOHG DFFRXQW RI WKH UHEXLOGLQJ RI (JDO]DJGLQXWXNXD DQG WKH SODQWLQJ RI D ERWDQLFDO JDUGHQ  D SDVVDJH GHVFULELQJ WKH FRQVWUXFWLRQ RI WKH JUHDW ZDOO %DGQLJDOELOXNXUDğXğX ZLWK LWV IRXUWHHQ JDWHV DQG WKH RXWHU VWRQH ZDOO %DGQLJHULPȏXOXȏ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ğğXU DQG RWKHU GHLWLHV DUH VDLG WR KDYH EHHQ LQYLWHG LQVLGH ZKHUH WKH\ ZHUH SUHVHQWHG ZLWK RIIHULQJV DQG JLYHQ JLIWV )RXU H[HPSODUV SUHVHUYH D GDWH DQG WKHVH ZHUH DOO LQVFULEHG LQ WKH ILUVW KDOI RI WKH HSRQ\P\ RI 1DE½GħUêXɇXU JRYHUQRU RI WKH FLW\ 7DPQXQQD   7KLV WH[W LV VRPHWLPHV UHIHUUHG WR DV ˦&\OLQGHU &˧ LQ ROGHU SXEOLFDWLRQV

&$7$/2*8( ([

0XVHXP 1XPEHU

([FDYDWLRQ 5HJLVWUDWLRQ 1R



%0 

.     1LQHYHK     

3URYHQDQFH

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

&ROV  ZLGH  KLJK

L ˡ vˡv LL F ˡ vvˡvv vvˡvv LLL ˡ ˡ vˡv LY ˡ vˡv Y ˡ YL ˡ YLL ˡ YLLL vvˡvv GDWH

FSQ



6HQQDFKHULE 



%0   %0   %0   $   $   $   $ 

    

1LQHYHK



ˢ

%X 

3UREDEO\ 1LQHYHK



%0   

  



5P 

ˢ



9$ 

$VV 



%0      



$  IRUPHUO\ 3$ 

ˢ



ˢ

%X 



%0 





. 

ˢ



ˢ





. 

ˢ



9$ 

$VV 



ˢ





ˢ





9$ D  9$ E $VV D  $VV  9$ FˡJ  E  $VV 9$ K FˡJ  $VV K $VV SK 

%0  &ROV  ZLGH  KLJK %0  &ROV  ZLGH  KLJK $  &ROV  ZLGH  KLJK &ROV  ZLGH  KLJK

L vˡLL  vvˡLLL  vˡLY  vˡv Y ˡ ˡYL  ˡ YLLL vvˡvv GDWH

F

L vˡv LL ˡ vvˡvv YL ˡ YLL vˡv YLLL vvˡvv GDWH 1LQHYHK 1HEL @ S   SUHVXPDEO\ EDVHG RQ WKH FROXPQ GLYLVLRQV FRO LLv  FRO LY EHJLQV ZLWK LLL v ZKLFK PD\ LQGLFDWH WKDW WKH SULVP IURP ZKLFK WKLV IUDJPHQW FDPH FRQWDLQHG DFFRXQWV RI RQO\ IRXU FDPSDLJQV %RWK H[HPSODUV DUH DUELWUDULO\ LQFOXGHG KHUH 7KH DWWULEXWLRQ RI H[V   DQG  LV EDVHG RQ WKH IDFW WKDW WKHUH LV LQVXIILFLHQW URRP IRU WKH UHSRUW RI WKH ILIWK FDPSDLJQ 7KH DWWULEXWLRQ RI H[  LV EDVHG RQ WKH IDFW WKDW LWV FRQWHQWV IROORZ H[  E\ QRW RPLWWLQJ )UDKP 6DQKHULE S  %DXE OLQHV ˡ  YL ˡ  D SDVVDJH VWDWLQJ WKDW

6HQQDFKHULE GHSRVLWHG IRXQGDWLRQ LQVFULSWLRQV LQ WKH FLWDGHO WHUUDFH DQG UDLVHG WKDW WHUUDFH E\  FRXUVHV RI EULFN FI WH[W QR  YL ˡ 7KH DWWULEXWLRQ RI H[V  DQG  LV EDVHG VROHO\ RQ WKH IDFW WKDW WKH\ IROORZ H[  DQG RPLW WH[W QR  YLL  DGL LȻȻX QD £ğ ğLSDDWL ˦WRJHWKHU ZLWK FRWWRQ OLW ˦WUHHV EHDULQJ ZRRO˧ ˧ ([  9$ Dˡ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ˡ   ˡ  DQG  ˡ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v DQG LLv HQG UHVSHFWLYHO\ ZLWK LY v DQG Y  DQG  FROV Lv DQG LLv EHJLQ UHVSHFWLYHO\ ZLWK LY v DQG YL  7KHVH WZR IUDJPHQWV KRZHYHU DUH QRW HGLWHG WRJHWKHU DV D VLQJOH H[HPSODU EHFDXVH LW FDQQRW EH SURYHQ ZLWK FHUWDLQW\ WKDW .  DQG  FRPH IURP WKH VDPH REMHFW 2 3HGHUV«Q .DWDORJ S  VXJJHVWV $VV  9$  H[  EHORQJV WR WKH VDPH REMHFW DV $VV  9$  DQG $VV  ,VWDQEXO $   7KLV PD\ EH VR EXW LW LV EHVW WR HGLW WKHP LQGLYLGXDOO\ %HFDXVH LW LV XQFOHDU LI $VV  DQG $VV  DUH IUDJPHQWV RI D WH[W UHFRUGLQJ ZRUN DW 1LQHYHK RU DW $ğğXU WKRVH SLHFHV DUH HGLWHG DV WH[W QR  H[V  DQG   6HH WKH FRPPHQWDU\ RI WH[W QR  IRU IXUWKHU LQIRUPDWLRQ 7KH OLQH QXPEHULQJ IROORZV H[  ZKHQ SRVVLEOH EXW WKH PDVWHU OLQH LV D FRQIODWHG WH[W EHFDXVH RI WKH IUDJPHQWDU\ QDWXUH RI H[  DV ZHOO DV RI WKH RWKHU FHUWDLQ H[HPSODUV  7KH OLQH FRXQW RI WKLV HGLWLRQ LV



6HQQDFKHULE 

EDVHG RQ WKH IROORZLQJ H[HPSODUV ([  LQ L ˡ vˡv LL ˡ vvˡvv vvˡvv LLL ˡ ˡ vˡv LY ˡ vˡv Y ˡ YL ˡ YLL ˡ DQG YLLL vvˡvv H[  LQ L vˡv LL vvˡvv vvˡvv LY vˡ Y  ˡYL  DQG ˡ H[  LQ YLL vˡv H[  LQ YLL vˡv vˡv DQG YLLL vvˡvv H[  LQ L ˡ

DQG YLLL vˡv H[  LQ LLL ˡ H[  LQ YLL ˡ H[  LQ YLL vˡv H[  LQ YLL ˡ DQG YLLL vˡv DQG H[  LQ LL vˡv $ VFRUH RI WKH LQVFULSWLRQ LV SUHVHQWHG RQ WKH &'520 5HVWRUDWLRQV DUH EDVHG RQ WH[W QR  WH[W QR  DQG WH[W QR  SUHIHUHQFH LV JLYHQ WR WH[W QR 

%,%/,2*5$3+<             

* 6PLWK $VV\ULDQ 'LVF SS ˡ H[  >.  RQO\@ WUDQVODWLRQ * 6PLWK 6HQQ SS      ˡ  DQG  H[  >.  RQO\@ VWXG\ Y ˡ FRS\ HGLWLRQ %H]ROG &DW  SS ˡ  DQG  H[V    VWXG\ %H]ROG LQ 6FKUDGHU .%  SS ˡ H[V  >.  RQO\@  YDULDQWV >RI WH[W QR  L ˡLLL @ %H]ROG &DW  SS           DQG  H[V  ˡ    ˡ VWXG\ .LQJ &7  S  Q  DQG SO  H[  >. @ YLLL FRS\ VWXG\ 2OPVWHDG +LVWRULRJUDSK\ S  H[  >.  RQO\@ VWXG\ %0 *XLGH SS  QR  H[  VWXG\ 6FKURHGHU .$+  QR  H[  Lv FRS\ /XFNHQELOO 6HQQ SS ˡ ˡ DQG  Q  ' +DˡE H[V  >.  RQO\@   VWXG\ YDULDQWV >RI WH[W QR  L ˡLLL @ */ 5XVVHOO 6HQQ SS ˡ H[V   VWXG\ /DPEHUW DQG 0LOODUG &DW SS   ˡ DQG  H[V     VWXG\ )UHHGPDQ 6W /RXLV SS  DQG ˡ QR  H[ 

            

VWXG\ YDULDQWV >RI WH[W QR @ 5HDGH -&6  SS  DQG  VWXG\ %RUJHU %$/ SS ˡ  DQG  VWXG\ &RJDQ DQG 7DGPRU -&6  S  Q  H[  VWXG\ %RUJHU %,:$ R +HIW PLFURILFKH   DQG ˡ H[V  >$   $   $   $ @  WUDQVOLWHUDWLRQ )UDKP 6DQKHULE SS ˡ 7  H[V ˡ ˡ VWXG\ Y ˡYLLL vv HGLWLRQ 3HGHUV«Q .DWDORJ SS   DQG  H[V    VWXG\ *DOODJKHU 6HQQDFKHULEˤV 7KLUG &DPSDLJQ SDVVLP LLL ˡLY v VWXG\ %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ ˡ QR  ˡ 7H[WEDXVWHLQ ˡ DQG 7DEOH  YLLL vˡvv HGLWLRQ VWXG\ 0LWFKHOO DQG 0LGGOHWRQ -&6  S  Y ˡD VWXG\ &RJDQ 5DJLQJ 7RUUHQW SS ˡ QR  Y ˡD WUDQVODWLRQ VWXG\ )UDKP -&606  SS ˡ Y ˡ YLL ˡ WUDQVODWLRQ VWXG\ )UDKP .$/  SS  ˡ DQG  QR  H[  FRS\ HGLWLRQ )UDKP 5/$ ˡ S  VWXG\

7(;7 &RO L  >PG(1=8Ğ(Ğ0(ĞHULED@ /8*$/ *$/¼  >/8*$/ GDQQX /8*$/ NLğğ£WL@ /8*$/ .85 DğğXU.,  >/8*$/ NLE@΢UDWΣ /008WL  >5(‹80@ LWSHğ¼  >PLJLU ',1*,5@΢0(ĞΣ *$/0(Ğ  >QDȻLU NLWWL@ ΢UDΣƮLLP PLğ£UL  >HSLğ@ ¼VDDWH  >DOLN WDSSXXW@ D΢NLLΣ  >VDȃLUX GDPTDDWL@  HɅOXP J¯WPDOXP ΢]LΣ>NDUX TDUGX@  Dğ£UHG ΢NDOΣ >PDONL@  UDSSX ODƮLLɅ OD ΢PDΣ>JLUL@  PXğDEULTX ]D΢PDΣ>DQL@ GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£΢QDΣ>DQ@   ¼ğDWOLPDDQQL>PD@  8*8 JLPUL DğLE SD΢UDNΣ>NL@  ¼ğDUEDD *,Ğ78.8/0(Ğ>LD@

L ˡ >6HQQDFKHULE@ JUHDW NLQJ >VWURQJ NLQJ NLQJ RI WKH ZRUOG@ NLQJ RI $VV\ULD >NLQJ RI WKH@ IRXU >TXDU@WHUV RI WKH ZRUOG  FDSDEOH >VKHSKHUG L  IDYRULWH RI WKH@ JUHDW >JRGV JXDUGLDQ RI WUXWK@ ZKR ORYHV MXVWLFH >UHQGHUV@ DVVLVWDQFH >JRHV WR WKH DLG RI@ WKH ZHDN DQG >VWULYHV DIWHU JRRG GHHGV@ L  SHUIHFW PDQ YL>ULOH ZDUULRU@ IRUHPRVW RI DOO >UXOHUV@ WKH EULGOH WKDW FRQWUROV WKH LQVXE>PLVVLYH@ DQG WKH RQH ZKR VWULNHV HQHP>LHV@ ZLWK OLJKWQLQJ

L ˡ 7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDO>OHG@ VRYHUHLJQW\ >DQG@ PDGH >P\@ ZHDSRQV JUHDWHU WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLV>HV@ +H PDGH >DOO RI WKH EODFN@KHDGHG SHRSOH

L  /8*$/ NLğğ£WL ˦NLQJ RI WKH ZRUOG˧ 7KLV WLWOH LV ILUVW XVHG LQ 6HQQDFKHULEˤV UR\DO LQVFULSWLRQV LQ WH[W QR  OLQH  L ˡ 6HQQDFKHULE ILUVW XVHV WKLV WLWXODU\ LQ WH[W QR  OLQH 

6HQQDFKHULE 

 XO΢WXΣ $$%%$ HOHQL>WL@  ğD ğ»OPX G878>ğL@  DGL WDPWLP ğDS΢OLΣ>WL@  ğD ȻLLW G΢878Σ>ğL@  >JLPUL ȻDOPDW@ ΢6$*'8 ¼ΣğDNQLğ ğH>SX¼D@ /DFXQD ˮ ΢DΣ>QD ‹*$/ğ¼ ğD T«UHE .ƒ',1*,55$.,@ ˮ ȃD>GLğ HUXXPPD@ ΢DSWHΣ>HPD@ ˮ ΢‹Σ QL>ȻLUWLğ¼ .›*,@ ΢.›Σ%$%%$5 ˮ ¼QXXW .›*, >.›%$%%$5@ ΢1$̎Σ DTDUWX ˮ PLPPD ğXPğ¼ 1*΢Ğ8 1*Σ*$ OD QLEL ˮ NDELWWX *81 08186810(Ğ ‹*$/ğ¼ ˮ /œ7,5800(Ğ ΢/œΣPDQ]DD] SDQL ˮ /œ1$50(Ğ ΢08186Σ1$50(Ğ ˮ VLȃLUWL XPPDDQL ΢PDODΣ EDğX¼ ˮ PXWWDEELOXWX ‹*$/Xğ ˮ ¼ğHȻDDPPD ğDOODWLğ DPQX ˮ LQD HPXT GDğğXU (1LD ΢Σ 8580(Ğğ¼ ˮ GDQQXWL ‹ %‚'0(ĞQL ΢ğDΣ .85NDOGL ˮ »  0(  8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX ˮ DOPH .85XG £ğOXOD ğDOODVXXQ ˮ /œ¼UEL /œDUDPX /œNDOGX ˮ ğD T«UHE 818*., 1,%58., NLğ., ˮ 858ȃXUVDJNDODPPD *œ'8̒$., =,0%,5., ˮ DGL '8080(Ğ 858 (1 ȃLLɅɅL ˮ ¼ğHȻDDPPD ğDOODWLğ DPQX ˮ LQD WDDDDUWLLD /œWXƮXPXQD ˮ /œULȃLȃX /œLDGDTTX ˮ /œ¼EXGX /œJLEUHH ˮ /œPDOLȃX /œJXUXPX ˮ /œ¼EXOX /œGDPXQX ˮ /œJDPEXOX /œȃLLQGDUX ˮ /œUXƮX¼D /œSXTXGX ˮ /œȃDDPUDDQX /œȃDJDUDQX ˮ /œQDEDWX /œOLLƮWD¼ ˮ /œDUDPX OD NDQğXWH PLWȃDULğ .85XG ˮ  0(  /,0 810(Ğ 785 *$/ 1,7$ X 08186 ˮ $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ ˮ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ ˮ ğD OD QLEL ğDOODWX NDELWWX ˮ £ğOXOD DQD T«UHE .85 DğğXU., ˮ LQD PHWLLT JHUULLD ğD PG$*(1080(Ğ ˮ /œT¯SL 858ȃDUDUDWH .›*, .›%$%%$5



IURP WKH 8SS>HU@ 6HD RI WKH 6HWWLQJ 6X>Q@ L  WR WKH /RZ>HU@ 6HD RI WKH 5LVLQJ 6X>Q@ ERZ GRZQ >DW P\@ IH>HW@ /DFXQD L ˮˡˮ >,@ MR\>IXOO\ HQWHUHG KLV SDODFH ZKLFK LV LQ %DE\ORQ@ WKHQ , RSHQHG >KLV@ WUHD>VXU\ DQG@ EURXJKW RXW >JROG@ VLOYHU JROG DQG >VLOYHU@ XWHQVLOV SUHFLRXV VWRQHV L v DOO NLQGV RI SRVVHVVLRQV DQG SURSHUW\ ZLWKRXW QXPEHU D VXEVWDQWLDO WULEXWH WRJHWKHU ZLWK KLV SDODFH ZRPHQ FRXUWLHUV DWWHQGDQWV PDOH VLQJHUV IHPDOH VLQJHUV DOO RI WKH FUDIWVPHQ DV PDQ\ DV WKHUH ZHUH DQG KLV SDODFH DWWHQGDQWV DQG , FRXQWHG WKHP DV ERRW\ L ˮˡˮ :LWK WKH VWUHQJWK RI WKH JRG $ğğXU P\ ORUG , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG  RI KLV IRUWLILHG FLWLHV IRUWUHVVHV RI &KDOGHD DQG  VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV , EURXJKW RXW WKH DX[LOLDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV ZKR ZHUH LQ 8UXN 1LSSXU .LVK ȎXUVDJNDODPD &XWKD DQG 6LSSDU WRJHWKHU ZLWK WKH JXLOW\ FLWL]HQV DQG , FRXQWHG WKHP DV ERRW\ L ˮˡˮ 2Q P\ UHWXUQ PDUFK , GHIHDWHG DOO WRJHWKHU WKH 7XƺXPXQD 5LȏLȏX HQ@ ΢*8̎Σ*,Ğ  8'8΢0(ĞΣ  $1Ğ( ΢*(Ğ7,10(ĞΣ  > $1Ğ( =œ/800$@ ΢UHΣğHWHğ¼  >DQD ',1*,50(ĞQL@ ΢.85Σ DğğXU.,  >(10(ĞLD ¼NLQ@ ΢G¢"UL"ğDP"Σ /DFXQD ˮ >@΢0(ĞΣ ˮ >@ ΢86̏8'8Ȏ,Σ>$@ ˮ >XOWX THUELğ¼XQ ¼ğH@ȻDDPPD ğDOOD΢WLğΣ ˮ >DPQX » 8580(Ğğ¼QX 785@΢0(ĞΣ ğD QLED OD LğX¼ ˮ >DSSXO DTTXU ¼@΢ğHΣPH NDUPHğ ˮ >‹ (',1 NXO@΢WDΣUL PXğ£ELğ¼QX ˮ >LQD G*,Ğ%$5 DT@΢PXΣPD GLWDOOLğ ¼ğHPH ˮ >¼WHUPD@ ΢858‹ΣPNLODP]DDȃ ğXDWX ˮ ΢DQD 858ELUWXWL DȻEDW 8*8 ğD X̎PH SDQLΣ ˮ ΢%‚'0(Ğğ¼ ¼GDQQLQPDΣ ˮ ΢810(Ğ .85.85 NLğLWWL Ğ8,,LDΣ /DFXQD ˮˮ ΢1$̎Σ1$>5œ$ ¼ğHSLğPD OLLWXP@ ˮˮ NLğLWWL >Ğ8,, ğD 8*8ğ¼XQ £ğWDNNDQX@ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ

ȻHUXXğğ¼ ¼ğ£>£ğɅLUPD LQD THUEL 858 XO]L] SDDQ QLULLD@ ¼WHUPD >DQD .85HOOLSL@ DȻȻDEDW ȃDUUD>QX HOODPX¼D@ PLVSDEDDUD /8*$/>ğ¼XQ 8580(Ğğ¼ GDQQXWL@ ‹ QLȻLUWLğ¼ ¼PDğ΢ğLUΣ>PD DQD UXT«HWL LQQDELW@ JLPUL .85ğ¼ ΢'$*$/WLPΣ >*,0 0858̓ DVȃXXS@ 858PDU¼ELğWL >858DNNXXGGX@ 8580(ĞQL ‹ /8*$/΢WLΣ>ğ¼@ ΢DΣ>GL@ ΢Σ 8580(ĞQL 785>0(Ğ ğD@ OLPHWLğ¼QX DOPH .85XG DSSXO ΢DTΣ>TXU LQD@ ΢GΣ*,Ğ%$5 DTPX 810(Ğ 785 *$/ 1,7$ >X 08186@ ΢$1Ğ(Σ.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(>0(Ğ@ ΢$1Ğ(Σ*$00$/0(Ğ

RIILFLDO LQ FKDUJH RI WKH FLW\ ȎDUDUDWX JROG VLOYHU ODUJH PXVXNNDQQXWUHHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV LL Eˡ , SXW WR WKH VZRUG WKH SRSXODWLRQ RI WKH FLW\ ȎLULPPX D GDQJHURXV HQHP\ DQG , GLG QRW VSDUH D VLQJOH RQH , KXQJ WKHLU FRUSVHV RQ SROHV DQG SODFHG WKHP DURXQG WKH FLW\ LL  , UHRUJDQL]HG WKDW GLVWULFW DQG >LPSRVHG@ IRU HWHUQLW\ >RQH@ \RNH R[ WHQ VKHHS WHQ KRPHUV RI ZLQH DQG >WZHQW\ KRPHUV RI GDWHV@ DV KLV ILUVWIUXLWV RIIHULQJV >WR WKH JRGV RI@ $VV\ULD >P\ ORUGV@

/DFXQD LL ˮˡˮ >, EUR@XJKW RXW >RI WKHP @  >@ VKHHS DQG JRD>WV DQG , FRXQWHG@ WKHP DV ERRW\ >0RUHRYHU , GHVWUR\HG GHYDVWDWHG DQG WXU@QHG LQWR UXLQV >WKHLU VPDOOHU VHWWOHPHQWV@ ZKLFK ZHUH ZLWKRXW QXPEHU >, EXUQ@HG >ZLWK ILUH SDYLOLRQV DQG WH@QWV WKHLU DERGHV DQG UHGXFHG WKHP WR DVKHV LL ˮˡˮ , PDGH WKDW FLW\ %êW.LODP]Dȏ D IRUWUHVV >DJDLQ@ DQG , VWUHQJWKHQHG LWV ZDOOV PRUH WKDQ EHIRUH WKHQ >, VHWWOHG WKHUHLQ@ WKH SHRSOH RI WKH ODQGV WKDW , KDG FRQTXHUHG /DFXQD LL ˮˮˡˮˮD , KDG D VW>HOH PDGH@ KDG >DOO WKH YLFWRULRXV@ FRQTXHVWV >WKDW , DFKLHYHG RYHU WKHP ZULWWHQ@ RQ LW >DQG , HUHFWHG LW LQ WKDW FLW\@ LL ˮˮEˡˮˮ , WXUQHG >DURXQG@ OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG WRRN WKH URD>G WR WKH ODQG (OOLSL LL vv %HIRUH P\ DUULYDO@ ,VSDEÃUD >WKHLU@ NLQJ DEDQ GRQHG >KLV IRUWLILHG FLWLHV@ DQG KLV WUHDVXU\ >DQG IOHG IDU DZD\ , RYHUZKHOPHG@ DOO RI KLV ZLGH ODQG >OLNH D IRJ@ , VXUURXQGHG FRQTXHUHG GHVWUR\HG GHYDV>WDWHG@ DQG EXUQHG >ZLWK@ ILUH WKH FLWLHV 0DUƺXELğWX DQG >$NNXGGX@ LL vv FLWLHV RI >KLV@ UR\DO KRXVH WRJHW>KHU ZLWK@ WKLUW\IRXU VPDOOHU VHWWOHPHQWV >LQ@ WKHLU HQYL URQV

LL ˮˮˡˮˮD , FDUULHG RII SHRSOH \RXQJ DQG ROG PDOH >DQG IHPDOH@ KRUVHV PXOHV GRQNH\>V@ FDPHOV LL vv R[HQ DQG VKHHS DQG JRDW>V@ ZLWKRXW QXPEHU WKHQ , EURXJKW KLP ,VSDEÃUD WR QRXJKW DQG PDGH KLV ODQG

LL  VLȃLUWL ˦DURXQG˧ ([  KDV VLȃLUWL! LL  ΢*8̎Σ*,Ğ ˦\RNH R[˧ )RU WKH UHDGLQJ VHH &$' $ S  VXE DOSX Ev /DFXQD DIWHU LL v %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ LL v EHJDQ ZLWK LQD Ğ‚ ¼ğHğLE ˦, VHWWOHG WKHUHLQ˧

6HQQDFKHULE 

ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ

*8̎0(Ğ » ΢86̏Σ8'8>Ȏ,@$ DQD OD PLQDP

£ğOXODPPD DGL OD EDğȞ̊H ¼ğ£OLNğX΢PD ¼ΣȻDDȃȃLLU .85VX 858ȻLȻLLUWX ΢858ΣNXXPPDDȃOXP 8580(ĞQL GDQQXWL >D@΢GLΣ 8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX .85‹PEDDUUX¼ QDJX¼ DQD JLPLUWLğ¼ XOWX T«UHE .85ğ¼ DEWXTPD 8*8 PLȻLU .85 DğğXU΢.,Σ ¼UDGGL 858HOHQ]D£ğ D΢QDΣ 858 /8*$/¼WL » GDQQDDW QDJHH ğXDWX DȻEDWPD 08ğ¼ PDȃUDD ¼QDNLUPD 858NDUPG(1=8΢Ğ(ĞΣ0(ĞHULED DWWDEL QLELWVX 810(Ğ .85.85 NLğLWWL Ğ8,,LD LQD O®EEL ¼ğHğLE LQD Ğ8,, /œğXXW 6$*LD /œ(11$0 858ȃDUȃDU DPQXPD ¼UDSSLğ PD΢DΣWL LQD WDDDDUWLLD ğD .85PDGDDD UXTXWL ğD LQD /8*$/0(ĞQL $'0(ĞLD PDDPPDQ OD LğPX¼ ]LNLU .85ğ¼XQ PDQGDWDğ¼΢QXΣ NDELWWX DPȃXU DQD QLUL EHOXWLLD ¼ğDNQLVXQXWL

&RO LLL  LQD ğDOğL JHUULLD DQD ΢.85ȃDDWWLΣ OX DOOLN POXOLL /8*$/ 858ȻL΢GXΣXQQL   SXOȃL PHODPPH EHOXWLLD ΢LVΣ>ȃXSX@ğXPD  DQD UXXTWH >0858%̎@ ΢WDPΣWLP  LQQDELW PD .85΢ğ¼ HΣPLG  858ȻLGXXQQX *$/¼  858ȻLGXXQQX ȻHHȃUX  858‹]LLW΢WHΣ 858ȻD΢ULΣLSWX  858PDȃDOOLED >858¼ğX¼@  ΢858DNΣ]LEL 858DNNX¼  >858@΢0(Ğğ¼Σ GDQ΢QXWLΣ ‹ %‚'0(ĞQL  >DğDU ULLWL »@ ΢PDğT¯WLΣ ‹ WXNODWHğ¼  ΢UDğXEEDW *,Ğ78.8/ GDğğXU (1ΣLD  ΢LVȃXSXğ¼QXWLΣ>PD LNQX@΢ğ¼Σ ğHSX¼D  ΢PWXEDDƮΣ>OX LQD *,Ğ*8=$ /8*$/@΢¼WLΣ  ΢8*8ğ¼XQΣ >¼ğHğLE@΢PDΣ  >*81 PDQ@΢GDΣDWWX  >EHOXWLLD ğDWWLğDP OD ED@΢DɅΣOX  >¼NLQ ȻHUX@΢XğΣğ¼ /DFXQD ˮ >QDGDQ *81 N¢GUHH EH@OXWLLD ˮ >HPLGVXPD Lğ£DɅD@ ΢DEΣğ£DQL ˮ ˮ

>LQD PHWLLT JHUULLD 858‹GDJDQ@QD 858LDDSSX >858EDQDDDEDUTD@ 858D]XUX



VPDOOHU , GHWDFKHG IURP KLV ODQG WKH FLWLHV ɆLɇ ɇLUWX DQG .XPPDȏOXP IRUWLILHG FLWLHV >WR@JHWKHU ZLWK WKH VPDOOHU VHWWOHPHQWV LL vv LQ WKHLU HQYLURQV DQG WKH GLVWULFW RI WKH ODQG %êW%DUU½ LQ LWV HQWLUHW\ DQG , DGGHG WKLV DUHD WR WKH WHUULWRU\ RI $VV\ULD

LL ˮˮEˡˮˮ , WRRN WKH FLW\ (OHQ]Dğ DV D UR\DO FLW\ DQG D IRUWUHVV IRU WKDW GLVWULFW WKHQ , FKDQJHG LWV IRUPHU QDPH DQG FDOOHG LW .ÃU6HQQDFKHULE , VHWWOHG WKHUHLQ WKH SHRSOH RI WKH ODQGV WKDW , KDG FRQTXHUHG LL vv , SODFHG LW XQGHU WKH DXWKRULW\ RI D HXQXFK RI PLQH WKH JRYHUQRU RI WKH FLW\ ȎDUȏDU DQG WKXV HQODUJHG P\ ODQG

LL ˮˮˡˮˮ 2Q P\ UHWXUQ PDUFK , UHFHLYHG D VXEVWDQ WLDO SD\PHQW IURP WKH GLVWDQW 0HGHV RI ZKRVH ODQG QRQH RI WKH NLQJV P\ DQFHVWRUV KDG KHDUG PHQWLRQ 7KXV , PDGH WKHP ERZ GRZQ WR WKH \RNH RI P\ ORUG VKLS

LLL ˡ 2Q P\ WKLUG FDPSDLJQ , PDUFKHG WR WKH ODQG ȎDWWL )HDU RI P\ ORUGO\ EULOOLDQFH RYHU>ZKHOPHG@ /XO° WKH NLQJ RI WKH FLW\ 6LGRQ DQG LLL  KH IOHG DIDU LQWR >WKH PLGVW RI@ WKH VHD DQG GLVDSSHDUHG 7KH DZHVRPH WHUURU RI WKH ZHDSRQ RI WKH JRG $ğğXU P\ ORUG RYHUZKHOPHG WKH FLWLHV *UHDW 6LGRQ /HVVHU 6LGRQ %êW =LWWL ɆDUHSWD 0DȏDOOLED >8ğ½@ LLL  $N]LEX DQG $FFR KLV IRUWLILHG >FLW@LHV DQG IRUWUHVVHV >DQ DUHD RI SDVWXUHV DQG@ ZDWHUSODFHV  UHVRXUFHV XSRQ ZKLFK KH UHOLHG >DQG WKH\ ERZHG GR@ZQ DW P\ IHHW

LLL ˡ >, SODFHG@ 7X%Dƺ>OX RQ WKH UR\DO WKURQH@ RYHU WKHP DQG >LPSRVHG XSRQ@ KLP >WULEXWH DQG SD\@PHQW LQ UHFRJQLWLRQ RI >P\ RYHUORUGVKLS WR EH GHOLYHUHG \HDUO\ DQG ZLWKRXW LQWHUUXS@WLRQ /DFXQD LLL ˮˡˮ >, LPSRVHG XSRQ KLP ĞDUUXOħGÃUL WKH SD\PHQW RI WULEXWH DQG JLIWV LQ UHFRJQLWLRQ RI@ P\ >RYHUORU@GVKLS >VR WKDW KH QRZ SXOOV@ P\ \RNH LLL ˮˡˮ >,Q WKH FRXUVH RI P\ FDPSDLJQ@ , VXUURXQGHG >FRQTXHUHG DQG SOXQG@HUHG WKH FLWLHV >%êW'DJDQ@QD -RSSD >%DQD\DEDUTD@ DQG $]XUX LLL v >WKH FLWLHV

LL vv .85PDGDDD ˦WKH 0HGHV˧ ([  KDV .85PDGD!DD LLL  >/8*$/@΢¼WLΣ ˦>UR\DO@˧ 7H[W QR  OLQH  KDV /8*$/WLğ¼ ˦KLV UR\DO WKURQH ˧



ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

6HQQDFKHULE 

>8580(ĞQL ğD PȻL@LGTDD ΢ğDΣ >DQD *Ž5,,LD £U@΢ȃLğΣ OD LNQXğ¼ DOPH >.85XG £ğOXOD@ ğDOODVXXQ /œ*Ž517$0(Ğ /œ΢181Σ>0(Ğ » 81@΢0(ĞΣ 858DPTDUUXQD ğD PSDGH΢HΣ >/8*$/@΢ğ¼ΣQX (1 DGHH » PDPLW ğD .85 Dğ΢ğXUΣ., ELUHW¼ $1%$5 LGGXPD DQD ΢PΣȃD]DTLLDDX .85LD¼GDDD LG΢GLQXΣğ¼ QDNULğ DQD DQ]LOOL HSXğX LSO¢ȃ Ğ‚ğ¼XQ /8*$/0(ĞQL .85PXȻXUL /œ(5,00(Ğ *,Ğ3$1 *,Ğ*,*,50(Ğ $1Ğ(.855$0(Ğ ğD /8*$/ .85PHOXȃȃL HPXT¯ OD QLEL LNWHUXQLPPD LOOLNX UHȻXXVVXXQ LQD WDPLUWL 858DOWDTX¼ HOODPXXD VLLGUX ğLWNXQX ¼ğ£ƮDOX *,Ğ78.8/0(Ğğ¼XQ LQD WXNXOWL GDğğXU (1LD LWWLğ¼XQ DPGDȃLLȻPD £ğWDNDQ %$'̏%$'̏ğ¼XQ /œ(1 *,Ğ*,*,50(Ğ » '8080(Ğ /8*$/ .85PXXȻUDDD DGL /œ(1 *,Ğ*,*,50(Ğ ğD /8*$/ .85PHOXȃȃD EDOɅXVXXQ LQD 0858%̎ WDPȃDUL LNğXGD Ğ8,,DD 858DOWDTX¼ 858WDDPQDD DOPH .85XG £ğOXOD ğDOODVXXQ DQD 858DPTDUUXQD DTULEPD /œ*Ž517$0(Ğ /œ1810(Ğ ğD ȃLLɅɅX ¼ğDEğX¼ DGXNPD LQD GLPDDWL VLȃLUWL 858 DOXO SDJULğ¼XQ '8080(Ğ 858 HSLğ DQQL » J¯OODWL DQD ğDOODWH DPQX VLLWWXWHğ¼QX OD ED΢ELOΣ ȃLɅLWL » ΢JXOOXOWLΣ ğD DUDDQğ¼QX OD LEğX΢¼Σ

ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ &RO LY  XğğXUğ¼XQ DTEL ΢PSDΣGLL /8*$/ğ¼QX  XO΢WXΣ T«UHE 858XUVDOLLPPD  ¼ğHȻDDPPD >LQD@ ΢*,ĞΣ*8=$ EHOX΢WLΣ  8*8ğ¼XQ ¼ğHğLEPD >PDQGD@΢DWWXΣ  EHOX΢WLΣ>LD@ ΢¼NLQΣ ȻHUXXğğ¼  ΢»Σ P΢ȃDΣ>]D@΢TLΣDX .85LD¼GDDD  >ğD OD LN@΢QXğXΣ DQD QLULLD  ΢ 858Σ>0(Ğğ¼ ‹@ ΢%‚'Σ0(Ğ΢QLΣ GDQQXWL  ΢»Σ >8580(Ğ@ ΢7850(ĞΣ ğD OLPHWLğ¼QX  ğD QLED OD LğX¼ LQD ğXNEXXV DUDPPH  » TLWUXXE ğXSHH PLWȃXXȻ ]XXN *Ž5,,  SLOğL QLNVL » NDOEDQQDWH DOPH .85XG   0( /,0  0(  810(Ğ 785 *$/ 1,7$ X 

08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ

RI Ɇ@LGT¤ WKDW KDG QRW VXEPLWWHG >WR PH TX@LFNO\ LLL ˮˡˮ $V IRU WKH JRYHUQRUV WKH QREOH>V DQG WKH SHRSO@H RI WKH FLW\ (NURQ ZKR KDG WKURZQ 3DG° WKHLU >NLQJ@ ZKR ZDV ERXQG E\ WUHDW\ LLL v DQG RDWKV WR $VV\ULD LQWR LURQ IHWWHUV DQG ZKR KDG KDQGHG KLP RYHU WR +H]HNLDK RI WKH ODQG -XGDK LQ D KRVWLOH PDQQHU WKH\ EHFDPH IULJKWHQHG RQ DFFRXQW RI WKH YLOODLQRXV DFWV WKH\ KDG FRPPLWWHG 7KH\ IRUPHG D FRQIHGHUDWLRQ ZLWK WKH NLQJV RI (J\SW DQG WKH DUFKHUV LLL v FKDULRWV DQG KRUVHV RI WKH NLQJ RI WKH ODQG 0HOXȏȏD IRUFHV ZLWKRXW QXPEHU DQG WKH\ FDPH WR WKHLU DLG

LLL ˮˡˮ ,Q WKH SODLQ RI WKH FLW\ (OWHNHK WKH\ VKDUS HQHG WKHLU ZHDSRQV ZKLOH GUDZLQJ XS LQ EDWWOHOLQH EH IRUH PH :LWK WKH VXSSRUW RI WKH JRG $ğğXU P\ ORUG , IRXJKW ZLWK WKHP DQG GHIHDWHG WKHP ,Q WKH WKLFN RI EDWWOH , FDSWXUHG DOLYH WKH (J\SWLDQ FKDULRWHHUV DQG SULQFHV OLW ˦WKH VRQV RI WKH NLQJ˧  WRJHWKHU ZLWK WKH FKDULRWHHUV RI WKH NLQJ RI WKH ODQG 0HOXȏȏD

LLL ˮˡLY D , VXUURXQGHG FRQTXHUHG DQG SOXQ GHUHG WKH FLWLHV (OWHNHK DQG 7DPQ¤ , DSSURDFKHG WKH FLW\ (NURQ DQG , NLOOHG WKH JRYHUQRUV DQG QREOHV ZKR KDG FRPPLWWHG FULPHV DQG LLL v KXQJ WKHLU FRUSVHV RQ WRZHUV DURXQG WKH FLW\ , FRXQWHG WKH FLW L]HQV ZKR KDG FRPPLWWHG WKH FULPLQDO DFWV DV ERRW\ DQG , FRPPDQGHG WKDW WKH UHVW RI WKHP WKRVH ZKR ZHUH QRW JXLOW\ RI FULPHV RU ZURQJGRLQJ WR ZKRP QR SHQDOW\ ZDV GXH EH DOORZHG WR JR IUHH LY Eˡ , EURXJKW RXW 3DG° WKHLU NLQJ IURP WKH FLW\ -HUXVDOHP DQG SODFHG KLP RQ WKH ORUGO\ WKURQH RYHU WKHP WKHQ , LPSRVHG XSRQ KLP >SD\@PHQW LQ UHFRJQLWLRQ RI >P\@ RYHUORUGVKLS LY ˡ 0RUHRYHU DV IRU +H>]H@NLDK RI WKH ODQG -X GDK >ZKR KDG QRW@ VXEPLWWHG WR P\ \RNH , VXUURXQGHG DQG FRQTXHUHG IRUW\VL[ RI >KLV@ IRUWLILHG >ZD@OOHG FLW>LHV@ DQG VPDOOHU >VHWWOHPHQWV@ LQ WKHLU HQYLURQV LY  ZKLFK ZHUH ZLWKRXW QXPEHU E\ KDYLQJ UDPSV WURGGHQ GRZQ DQG EDWWHULQJ UDPV EURXJKW XS WKH DV VDXOW RI IRRW VROGLHUV VDSSLQJ EUHDFKLQJ DQG VLHJH HQJLQHV , EURXJKW RXW RI WKHP  SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH KRUVHV PXOHV GRQNH\V LY  FDPHOV R[HQ DQG VKHHS DQG JRDWV ZKLFK ZHUH

LLL v /8*$/0(ĞQL .85PXȻXUL ˦WKH NLQJV RI (J\SW˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  LY  7KLV VWDWHPHQW DERXW +H]HNLDK LV ILUVW DWWHVWHG LQ LQVFULSWLRQV ZULWWHQ RQ F\OLQGHUV LQ  VHH WKH FRPPHQWDU\ WR WH[W QR 

6HQQDFKHULE 

   

$1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$

ğD OD QLEL XOWX THUELğ¼XQ ¼ğHȻDDPPD ğDOODWLğ DPQX ΢ğ£ΣDğ¼ ΢*,0 08Ğ(1 TXXSSL T«UHEΣ 858XUVDOLLPPD  ΢858Σ /8*$/WLğ¼ ΢HV¯UΣğX 858Ȏ$/Ɇ80(Ğ  >8*8@΢ğ¼Σ ¼UDNNLVPD D>ȻH@H .ƒ*$/ 858ğ¼  >¼WHUUD@ ΢LNΣNLEXXğ  >8580(Ğğ¼ ğD £ğOXOD XOWX@ T«UHE .85ğ¼  >DEWXTPD DQD PPLWLLQWL /8*$/@ ΢858ΣDVGXGL  >PSDGLL /8*$/ 858DP@΢TDUΣUXQD  >» P*,668(1 /8*$/ 858ȃD@΢]LΣ>WL@ /DFXQD ˮ >/œ¼UEL » /œ(5,0@΢0(Ğğ¼ 6,*̏Σ>0(Ğ@ ˮ >ğD DQD GXQQXXQ@ 858XUVDOL΢LPPXΣ ˮ >858 /8*$/WLğ¼ ¼@ğHULEXPD LUğ¼X ˮ WLO΢ODΣ>DWH LWWL@  *81 ΢.›*,Σ ˮ  0( >*81 .›%$%%$5 QL@΢VLTΣWL JXXȃOL ˮ W£NN¢VVL ΢1$̎Σ>$1=$@΢*8/Σ0( *$/0(Ğ ˮ *,Ğ1ƒ0(Ğ ΢=œΣ >*,Ğ*8=$0(Ğ@ Q«PHGL =œ ˮ .8Ğ $06, =œ $0΢6,Σ >*,Ğ(6, *,Ğ7œ*@ ˮ PLPPD ğXPğ¼ QL΢ȻLUΣ>WX NDELWWX@ ˮ » '808081860(Ğğ¼ 08186810(Ğ ‹*$/΢ğ¼Σ >/œ1$50(Ğ 081861$50(Ğ@ ˮ DQD T«UHE 1,1$., 858 EHOX>WLLD@ ˮ (*,5LD ¼ğHEL΢ODPΣ>PD@ ˮ DQD QDGDQ >PDQ@GDDWWL ˮ » HSHğ $5$'¼΢WL LğΣSXUD UDNEXğ¼ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

LQD H JHUUL>LD@ GDğğXU EHO¯ ¼WDNNLODQ΢QLPDΣ XPPDQD΢WHLDΣ JDSğ£DWH DGNHPD DQD .85΢‹Σ>PLD@΢NLQ̑Σ ΢DΣODNX DTEL LQD PHWLLT ΢JHUΣ>UL@΢LDΣ ΢ğDΣ PğX]XEL /œNDOG¢DD DğLE T«UHE 'DJDPPH LQD 858ELLWWX¼WL £ğWDNDQ %$'̏%$'̏ğ¼ ğX¼ ȃXUEDğX WD΢ȃDΣ]LLD 8*8ğ¼ LPTXWPD LW΢UXNXΣ Ğ‚ğ¼ NLPD D]DUL ΢HGLğ LSSDUğLGPD XO LQQDPLU DğDUΣ>ğ¼@ SDDQ QLULLD ¼΢WHUPDΣ DQD .85΢‹PLDNLQ̑Σ DȻȻDEDW ΢ȃDUUDΣQX ğX¼ PG$0$5878,%,/$6801$ ğD >LQD D@΢ODNΣ JHUULLD PDȃUHH %$'̏%$'̏ğ¼ £ğNXQXPD



ZLWKRXW QXPEHU DQG , FRXQWHG WKHP DV ERRW\

LY ˡ $V IRU KLP +H]HNLDK  , FRQILQHG KLP LQVLGH WKH FLW\ -HUXVDOHP KLV UR\DO FLW\ OLNH D ELUG LQ D FDJH LY  , VHW XS EORFNDGHV >DJDLQVW@ KLP DQG >PDGH@ PDGH KLP GUHDG H[>LWL@QJ KLV FLW\ JDWH >, GHWDFKHG IURP@ KLV ODQG >WKH FLWLHV RI KLV WKDW , KDG SOXQGHUHG DQG , JDYH WKHP WR 0LWLQWL WKH NLQJ RI@ WKH FLW\ $VKGRG >3DG° WKH NLQJ RI WKH FLW\ (@NURQ >DQG ɆLOOL %ÕO WKH NLQJ RI WKH FLW\ *@D]>D@

/DFXQD LY ˮˡˮ >DQG@ DIWHU P\ GHSDUWXUH  KH +H]HNLDK KDG >WKH DX[LOLDU\ IRUFHV DQG@ KLV HOL>WH WURRSV ZKRP KH@ KDG EURXJKW LQVLGH >WR VWUHQJWKHQ@ WKH FLW\ -HUXVDOHP >KLV UR\DO FLW\@ DQG ZKR KDG SURYLGHG VXSSR>UW DORQJ ZLWK@  WDOHQWV RI JROG LY v  >WDOHQWV RI VLOYHU FK@RLFH DQWLPRQ\ ODUJH EORFNV RI  LYRU\ EHGV >DUPFK@DLUV RI LYRU\ HOHSKDQW KLGHV  HOH SKDQW LYRU\ >HERQ\ ER[ZRRG@ HYHU\ NLQG RI >YDOX DEOH@ WUHDVX>UH@ LY v DV ZHOO DV KLV GDXJKWHUV KLV SDODFH ZRPHQ >PDOH VLQJHUV DQG IHPDOH VLQJHUV@ EURXJKW LQWR 1LQHYHK >P\@ FDSL>WDO@ FLW\ >DQG@ KH VHQW D PRXQWHG PHVVHQJHU RI KLV WR PH WR GHOLYHU WKLV >SD\@PHQW DQG WR GR REHLVDQFH

LY ˮˡˮ 2Q >P\@ IRXUWK FDPSDLJQ WKH JRG $ğğXU P\ ORUG HQFRXUDJHG PH VR WKDW , PXVWHUHG P\ QXPHURXV WURRSV DQG RUGHUHG WKH PDUFK WR WKH ODQG %êW>DLJQ@ , GHIHDWHG Ğħ]XEX 0XğÕ]LE0DUGXN  D &KDOGHDQ ZKR OLYHV LQ WKH PDUVKHV LY v DW WKH FLW\ %LWWħWX $V IRU KLP WHUURU RI GRLQJ EDWWOH ZLWK PH IHOO XSRQ KLP DQG KLV KHDUW SRXQGHG +H IOHG DORQH OLNH D O\Q[ DQG >KLV@ KLGLQJ SODFH FRXOG QRW EH IRXQG

LY ˮˡY D , WXUQHG DURXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG WRRN WKH URDG WR WKH ODQG %êWGXULQJ@ P\ ILUVW FDPSDLJQ ˢ EHFDPH IULJKWHQHG E\

/DFXQD DIWHU LY  7KH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ LY  EHJDQ ZLWK DGGLQPD ˦, JDYH DQG˧ LY v 7KH OLVW RI SD\PHQW VHQW E\ +H]HNLDK WR 1LQHYHK ZDV ILUVW VKRUWHQHG LQ LQVFULSWLRQV ZULWWHQ LQ  7KH H[SUHVVLRQ PLPPD ğXPğ¼ QL ȻLUWX NDELWWX ˦HYHU\ NLQG RI YDOXDEOH WUHDVXUH˧ UHSODFHG OXEXOWL ELUPH 7œ**$'$ 6*WDNLOW¼ 6*DUJDPDQQX ¼QXXW =$%$5 $1%$5 858'8 $11$ $1%$5 *,Ğ*,*,50(Ğ JDEDEL D]PDUHH VLULLDDP *50(Ğ $1%$5 ğLEEL WLOSDQL X XȻȻL WLOOL ¼QXXW WDȃD]L ğ£ QLED OD LğX¼ ˦JDUPHQWV ZLWK PXOWLFRORUHG WULP OLQHQ JDUPHQWV EOXHSXUSOH ZRRO UHGSXUSOH ZRRO XWHQVLOV RI EURQ]H LURQ FRSSHU WLQ DQG LURQ FKDULRWV VKLHOGV ODQFHV DUPRU LURQ EHOWGDJJHUV ERZV DQG XȻȻXDUURZV HTXLSPHQW DQG LPSOHPHQWV RI ZDU DOO RI ZKLFK ZHUH ZLWKRXW QXPEHU˧ 7KH IXOO OLVW DSSHDUV LQ WH[W QR  OLQHV Eˡ LY v » ˦DV ZHOO DV˧ 7H[W QR  OLQH  KDV LWWL ˦WRJHWKHU ZLWK˧ '808081860(Ğğ¼ ˦KLV GDXJKWHUV˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  LY vˡvD &I WH[W QR  Lv vˡv >LQD H JHUULLD DQD .85‹P@΢LDΣNLQ̑ >OX DOOLLN@ ˦>2Q P\ IRXUWK FDPSDLJQ , PDUFKHG WR WKH ODQG %êW@WDU@ELW ELUNLLD  ΢LQDΣ *,Ğ*8=$ EH>OX@WLğ¼ ¼ğHğLEPD  '$*$/WXP .85 (0(*,̑ » 85,.,  ¼ğDGJLO SDQXXğğ¼  LQD ğDOODW .85΢0(ĞΣ ğ£WLQD ğD £ğOXOD   /,0 *,Ğ3$1΢0(ĞΣ  /,0 *,ĞDULWX  LQD O®EEL΢ğ¼QXΣ DNȻXUPD  8*8 NLȻLU ΢/8*$/WLΣLD ¼UDGGL  ΢VLLWWL ğDOODWL QDΣNLUL NDELWWX  DQD JLPLU .$5$Ğ΢LDΣ /œ(11$0LD  810(Ğ PDȃD]DQL΢LD *$/Σ0(Ğ  NLPD ȻHHQL OX ¼]D΢ƮLΣL]            

LQD X̎PHğXPD 1,1$., PDȃD]X ȻLLUX 858 QDUDP GLğWDU ğD QDSȃDU NLGXGHH ',1*,50(Ğ » G,Ğ7$50(Ğ EDğXX T«UHEğ¼ WHPPHHQQX GDUXX GXUXXğ ȻDDWH ΢ğD XOΣWX XOOD LWWL ğLɅLU EXUX¼PH >HȻUDW@΢VX HȻΣUHWPD ğXSX¼ ȻLLQGXğ¼ >£ğUX QDN@΢OXΣ ğXEDW SLULğWH ğ£ PLPPD ğXPğ¼ >ğLSLU QLNLO@΢WHΣ JLPLU SHOOXGHH >QLȻLUWL O¢OJDU@ ΢ğXΣWDEXOX̎ T«΢UHEğ¼Σ >ğD XOWX XOOD /8*$/@΢0(ĞΣQL D΢OLΣ>NXW@ PDȃUL >$'0(ĞLD XOODQX¼@΢DΣ EHOXWX .85

WKH FODQJRU RI P\ PLJKW\ ZHDSRQV LY v DQG P\ ILHUFH EDWWOH DUUD\ WKHQ >GLVORGJHG@ WKH JRGV RI WKH IXOO H[WHQW RI >KLV@ ODQG >IURP WKHLU DERGHV DQG ORDGHG@ WKHP RQWR ERDWV +H IOHZ DZD\ OLNH D ELUG WR WKH FLW\ 1DJêWHUDTTL ZKLFK LV LQ WKH PLGVW RI WKH VHD >,@ EURXJKW KLV EURWKHUV WKH VHHG RI KLV IDWKHUˤV KRXVH ZKRP KH KDG DEDQGRQHG DW WKH VKRUH RI WKH VHD WRJHWKHU ZLWK WKH UHVW RI WKH SHRSOH RI KLV ODQG RXW RI WKH ODQG %êWPDUVKHV@ DQG , FRXQWHG WKHP DV ERRW\

Y Eˡ >2QFH DJDLQ@ , GHVWUR\HG DQG GHYDVWDWHG KLV FLWLHV DQG >WXUQHG WKHP LQWR UXLQV@ , SRXUHG RXW DZHLQVSLULQJ EULOOLDQFH XSRQ KLV DOO\ WKH NLQJ RI WKH ODQG (ODP Y ˡ 2Q P\ UHWXUQ PD>UFK@ , SODFHG $ğğXUQÃGLQ ğXPL P\ ILUVWERUQ VRQ ZKRP , >UDL@VHG RQ P\ RZQ NQHH RQ KLV OR>UG@O\ WKURQH DQG HQWUXVWHG KLP ZLWK WKH ZLGH ODQG RI 6XPHU DQG $NNDG Y ˡ )URP WKH ERRW\ RI WKRVH ODQGV WKDW , KDG SOXQGHUHG , FRQVFULSWHG  DUFKHUV DQG  VKLHOG EHDUHUV DQG DGGHG WKHP WR P\ UR\DO FRQWLQ JHQW , GLYLGHG XS WKH UHVW RI WKH VXEVWDQWLDO HQHP\ ERRW\ Y  OLNH VKHHS DQG JRDWV DPRQJ P\ HQWLUH FDPS DQG P\ JRYHUQRUV DQG WKH SHRSOH RI P\ JUHDW FXOW FHQWHUV Y ˡ $W WKDW WLPH 1LQHYHK WKH H[DOWHG FXOW FHQWHU WKH FLW\ ORYHG E\ WKH JRGGHVV ,ğWDU Y  LQ ZKLFK DOO RI WKH ULWXDOV IRU JRGV DQG JRGGHVVHV DUH SUHVHQW WKH HQGXULQJ IRXQGDWLRQ DQG HWHUQDO EDVH ZKRVH >SODQ@ KDG EHHQ GHVLJQHG E\ WKH VWDUV OLW ˦ZULWLQJ˧ RI WKH ILUPDPHQW DQG ZKRVH DUUDQJHPHQW ZDV PDGH PDQLIHVW VLQFH WLPH LPPHPRULDO Y  >D VRSKLVWL@FDWHG >SODFH@ DQG VLWH RI VHFUHW ORUH LQ ZKLFK HYHU\ NLQG RI >VNLO@OHG >FUDIWVPDQVKLS@ DOO RI WKH ULWXDOV DQG >WKH VHFUHWV RI WKH ODOJDU@ FRVPLF VXEWHUUDQHDQ ZDWHU DUH DSSUHKHQGHG Y ˡD >LQ ZKLFK VLQFH WLPH LPPHPRULDO@ HD>UO@LHU >NLQJ@V >P\ DQFHVWRUV EHIRUH@ PH Y  H[HUFLVHG GRPLQLRQ RYHU $VV\ULD DQG UXOHG WKH VXEMHFWV RI WKH

LY v &I WH[W QR  LLv v ZKLFK RPLWV ¼SDUULUX HOODWVX ˦ZKRVH IRUFHV , KDG VFDWWHUHG˧ LY v &I WH[W QR  LLv v ZKLFK RPLWV » WLLE WDȃD]LLD H]]L ˦DQG P\ ILHUFH EDWWOH DUUD\˧ LY vˡv ([V  DQG  RPLW WKH UHIHUHQFH WR WKH JRGV EHLQJ GLVORGJHG IURP WKHLU DERGHV 7H[W QR  WH[W QR  DQG WH[W QR  DOVR RPLW ',1*,50(Ğ PDUDN .85ğ¼ LQD .,78Ğğ¼QX LGNHPD T«UHE *,Ğ0ƒ0(Ğ ¼ğDUNLEPD ˦KH GLVORGJHG WKH JRGV RI WKH IXOO H[WHQW RI KLV ODQG IURP WKHLU DERGHV DQG ORDGHG WKHP RQWR ERDWV˧ LY v QDJLWLUDDTT¯ ˦1DJêWHUDTTL˧ )RU IXUWKHU LQIRUPDWLRQ RQ WKH FLW\ VHH )UDPH 5/$ ˡ  S  7KH QDPH PHDQV ˦7XUWOH ,VODQG˧ Y  ([  RPLWV '$*$/WXP ˦ZLGH˧ Y   /,0 ˦˧ 7H[W QR  OLQH  KDV  /,0 ˦˧ WH[W QR  Y  KDV  /,0 ˦˧ DQG WH[W QR  LLv v KDV  /,0  0( ˦˧  /,0 ˦˧ 7H[W QR  OLQH  KDV  /,0 ˦˧ WH[W QR  Y  KDV  /,0 ˦˧ DQG WH[W QR  LLv v KDV  /,0  0( ˦˧

6HQQDFKHULE 

                               

DğğXU΢.,Σ H΢SXğXPD ¼PDƮHΣUX EDƮXODW G(1>//@ DDXPPD LQD O®EELğ¼QX DQD ğXPGXO̐ ğXEDW 858 HSHğ %‚' ğXWHğXU VXTDD΢QLΣ » ȃDUHH ' ]DTDDS ȻLSSDD΢WLΣ ¼]XXQğ¼ XO LE>ğLPD XO XğWDELO@ NDUDVVX ΢DQDΣ >‹*$/ THUELğ¼@ ΢N¼PΣPX ULPLW EHOXWL ΢ğDΣ >ȻXXȃ@΢ȃXUXΣ >ğXEDW@΢VXΣ HSLğWXğ ΢OD QDNΣODWPD ΢OHΣHVVX XO LGGD!D OLEEXXğ XO LȃVXXV LDDWL PG(1=8Ğ(Ğ0(Ğ68 /8*$/ NLğğ£WL /8*$/ .85 DğğXU., HSHğ ğLSUL ğXDWX NLL ɅªHP ',1*,50(Ğ LQD X]QLLD LEğLPD NDEDWWL XEODPPD WHQHğHW .85NDOGL *,ĞDUDPH .85PDQQDDD .85TXH .85ȃLODNNX .85SLOLğWH » .85ȻXUUL ğ£ DQD QLULLD OD LNQXğ¼ DVVXȃDDPPD WXSğLNNX ¼ğ££ğğLğ¼QXWL LOELQX 6,*̎ ‹*$/ PDȃULWX ğD  0(  LQD .›Ğ 8Ğ  LQD .›Ğ '$*$/ LQD WDUȻL ]DP«H ‹ ]LTTXUUDW  0(  LQD .›Ğ '$*$/ LQD WDUȻL QDPDUL ‹ GLğWDU  LQD .›Ğ '$*$/ LQD WDUȻL QDPDUL ‹NLGPXUL ΢ğD /8*$/Σ0(ĞQL DOLNXW PDȃUL $'0(ĞLD ΢DQDΣ ULPLW EHOXWLğ¼XQ >¼ğH@΢SLΣğXPD OD ¼QDNNLOX ğLSLUğ£ ΢8'80(Ğ ğDGGLΣ G/$00$ ğD 1$̎SLLOL SHȻHH >LQD 858WD@΢DVWLDWHΣ ğD HEHUWDQ ',',*1$ >LEWX@΢TX DQD PXNLOΣ .ƒ0(ĞğLLQ >DQD ğXSX@΢Xğ *,Ğ0ƒ0(ĞΣ T«UHE *,Ğ7,50(Ğ >*,Ğ0(Ğ *$/0(Ğ ¼T«UX@ LQD QDSȃDU .85ğ¼XQ >LQD ,7,*8̎ X̎PX DGDQQL H@GHH SDDQ ğDWWH >LQD *,Ğ0ƒ0(Ğ@ ΢ȻLΣUDDWH



JRG (Q>OLO@ EXW QRW RQH DPRQJ WKHP KDG FRQFHLYHG RI >DQG SXW KLV PLQG@ WRZDUGV LQFUHDVLQJ WKH VLWH RI WKH FLW\ EXLOGLQJ ZDOOV  VWUDLJKWHQLQJ WKH VWUHHWV RU GUHGJLQJ WKH ULYHU DQG SODQWLQJ RUFKDUGV QRU KDG DQ\ RI WKHP SDLG KHHG WR RU VKRZQ Y  LQWHUHVW LQ >WKH SDODFH LQVLGH LW@ WKH VHDW RI ORUGO\ GZHOOLQJ ZKRVH >VLWH KDG EHFRPH WRR VP@DOO DQG ZKRVH FRQVWUXFWLRQ ZDV LQH[SHUW

Y EˡD %XW DV IRU PH 6HQQDFKHULE NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD WKH SHUIRUPLQJ RI WKLV ZRUN FDPH WR P\ DWWHQWLRQ E\ WKH ZLOO RI WKH JRGV DQG , SXW P\ PLQG WR LW , IRUFLEO\ UHPRYHG WKH SHRSOH RI &KDOGHD $UDPHDQ WULEHV  WKH ODQG RI WKH 0DQQHDQV WKH ODQGV 4XH ȎLODNNX DQG 3KLOLVWLD Y  DQG WKH ODQG RI WKH FLW\ 7\UH ZKR KDG QRW VXEPLWWHG WR P\ \RNH WKHQ , PDGH WKHP FDUU\ EDVNHWV RI HDUWK DQG WKH\ PDGH EULFNV Y Eˡ 7KH IRUPHU SDODFH ZKLFK ZDV  FXELWV ORQJ  FXELWV ZLGH RSSRVLWH WKH ]DP½ZDOO RI WKH ]LJJXUUDW Y   FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH WHPSOH RI WKH JRGGHVV ,ğWDU DQG  FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH %êW.LGPXUL ZKLFK HDUOLHU NLQJV P\ DQFHVWRUV >KDG KDG@ FRQVWUXFWHG IRU WKHLU ORUGO\ GZHOOLQJ EXW ZKRVH FRQVWUXFWLRQ WKH\ KDG FDUULHG RXW LQH[SHUWO\

Y ˡD >7KH\ TXDUUL@HG PRXQWDLQ VKHHS FRORVVL RI ZKLWH OLPHVWRQH >LQ WKH FLW\ 7@DVWLDWH ZKLFK LV DFURVV WKH 7LJULV 5LYHU WR EH WKHLU WKH SDODWLDO KDOOVˤ JDWHNHHSHUV 7KURXJKRXW WKHLU HQWLUH ODQG >WKH\ GHSOHWHG@ IRUHVWV >RI ODUJH WUHHV WR KDYH@ ERDWV >EX@LOW Y  >,Q WKH PRQWK $\\ÃUX ,,  WKH WLPH RI@ VSULQJ >IO@RRGV >WKH\ EURXJKW@ WKH FRORVVL DFURVV >WR WKLV VLGH@ RI WKH ULYHU ZLWK GLIILFXOW\ >LQ@ PDJQLILFHQW >ERDWV@ 7KH\ VDQN >ODUJH ER@DWV >DW WKH TXD\ GRFN DQG

Y  &I WH[W QR  OLQH  ZKLFK DGGV » ğDWWLğDP OD QDSDUNDD HUHE QDUEDDWL *81 PDONL NLEUDW DUEDƮL LPGDQDȃDUX T«UHEğX ˦DQG ZKHUHLQ DQQXDOO\ ZLWKRXW LQWHUUXSWLRQ WKH\ UHFHLYHG DQ HQRUPRXV LQFRPH WKH WULEXWH RI WKH UXOHUV RI WKH IRXU TXDUWHUV RI WKH ZRUOG ˧ Y ˡD 7H[W QR  OLQHV ˡ KDYH DDXPPD LQD O®EELğ¼QX DQD ‹*$/ THUELğX N¼PPX ULPLW EHOXWL ğD ȻXXȃȃXUX ğXEDWVX OHHVX XO LGGDD OLEEXXğ XO LȃVXXV DQD ğXWHğXU 6,/$ 858 » ğXPGXO̐ UHEDDWL ȃDUHH ' ]DTDDS ȻLSSDDWL ¼]XXQğ¼ XO LEğLPD XO XğWDELO NDUDVVX ˦EXW QRW RQH DPRQJ WKHP KDG SDLG KHHG WR RU VKRZQ LQWHUHVW LQ WKH SDODFH LQVLGH LW WKH VHDW RI ORUGO\ GZHOOLQJ ZKRVH VLWH KDG EHFRPH WRR VPDOO QRU KDG DQ\RQH RI WKHP FRQFHLYHG RI DQG SXW KLV PLQG WRZDUGV WKH VWUDLJKWHQLQJ RI WKH FLW\ˤV VWUHHWV DQG WKH ZLGHQLQJ RI LWV VTXDUHV WKH GUHGJLQJ RI WKH ULYHU DQG WKH SODQWLQJ RI RUFKDUGV˧ Y  /8*$/ NLğğ£WL ˦NLQJ RI WKH ZRUOG˧ 7KLV WLWOH LV QRW LQFOXGHG LQ WH[W QR  OLQH  Y  *,ĞDUDPH ˦$UDPHDQ WULEHV ˧ ([  KDV *,Ğ IRU /œ 7KLV SDVVDJH LV QRW SUHVHUYHG LQ WKH RWKHU H[HPSODUV Y D $IWHU LOELQX 6,*̎ ˦WKH\ PDGH EULFNV˧ WH[W QR  OLQH  DGGV DSH NXSHH ğD T«UHE .85NDOGL DNğLɅPD DSSDULğ¼XQ ğDPȃXWL LQD EDȃXODWL QDNLUL NLğLWWL Ğ8,,LD ¼ğDOGLGD DQD HSHğ ğLSULğ£ ˦, FXW GRZQ FDQHEUDNHV LQ &KDOGHD DQG , KDG WKHLU VSOHQGLG UHHGV KDXOHG WR 1LQHYHK IRU LWV WKH SDODFHˤV FRQVWUXFWLRQ E\ HQHP\ VROGLHUV ZKRP , KDG GHIHDWHG˧ Y Eˡ &I WH[W QR  OLQH  ‹*$/ PDȃULWX ğD  0(  LQD .›Ğ 8Ğ WDUȻL ]DPHH ‹ ]LTTXUUDW  LQD .›Ğ '$*$/ LQD WDUȻL ‹QDPDUL ‹ GLğWDU  0(  LQD .›Ğ '$*$/ LQD WDUȻL ‹QDPDUL ‹NLG̓PXUL  LQD .›Ğ '$*$/ ˦WKH IRUPHU SDODFH ZKLFK ZDV  FXELWV ORQJ RSSRVLWH WKH ]DP½ZDOO RI WKH ]LJJXUUDW  FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH WHPSOH RI WKH JRGGHVV ,ğWDU  FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH %êW.LGPXUL DQG  FXELWV ZLGH RQ WKH RWKHU VLGH ˧ Y ˡD 7KLV LQVFULSWLRQ LV WKH HDUOLHVW NQRZQ WH[W LQ ZKLFK WKLV SDVVDJH DSSHDUV ,W LV XQFHUWDLQ LI WKH GHVFULSWLRQ RI IRUPHU NLQJV GHSOHWLQJ UHVRXUFHV WUDQVSRUWLQJ EXOO FRORVVL DW IORRG WLPH DQG H[KDXVWLQJ ZRUN FUHZV ZDV FRPSRVHG DQHZ IRU WKLV WH[W RU IRU WH[W QR 



    

6HQQDFKHULE 

>DQD DȃDDQQDD ¼ğHE@΢ELΣUXQL PDUȻLLğ >LQD Q«EHU NDDUL *,Ğ0ƒ*8@/$0(Ğ ¼ɅHHEEXX EDȃX΢ODΣ>WHğ¼XQ ¼ğ£QL@ȃX ¼ODPPHQX NDUDVVLLQ ΢LQD GDQDQL » ğXSΣ>ğXT¯ PDU@΢ȻLΣLğ ¼ELOXQLPPD ¼ğ£΢DȻΣ>ELWX .ƒ0(ĞğLLQ@ 'WHELOWL DJXX >ğLWPXUX@ ğD XOWX 8'0(Ğ 6›0(Ğ ɅHHȃ ‹΢*$/Σ LEDƮX¼PD LQD ,//8ğ£ JDS>ğL LQD XğğLğ£@ DEEX ¼ğDEğX¼ ¼ULLE΢EXΣ >WHPPHHQğ£@

   &RO YL  ‹*$/7855$ ğ£DWX DQD VL΢ȃLUΣWL΢ğ£Σ >DTTXUPD@  ğD 'WHELOWL ΢PDODNΣğ£ XğWH΢HğΣ>QDD@  DEEX XğɅLEPD ¼ğHğLU ΢PXΣ>ȻXğ£@  T«UHE NDWLPWL DVXUUDNNLğ£  ğDSODDQX *,0(Ğ HODQLğ ΢1$̎ .85L GDQΣQL  LWWL (6,58'$ DNVLPD $Ğ‚ ΢XOWXΣ >PDDPH@  ¼΢ğHODPΣ>PD QDEDOLğ ¼@΢WHUΣ  0( ΢Σ LQD .›Ğ  6$*., TDTTDUX 8*8 PHğLLȃWL WDPOHH  PDȃUHH OX ¼UDGGLPD  QDSȃDU  0( LQD $6̎/80 *$/WL 8Ğ   0(  LQD $6̎/80 *$/WL 6$*., $17$ ,06,6ƒ   0(  ΢LQDΣ >$6̎/80 *$/WL 6$*.,@ 0858%̎WLP  P«HȃUHW >]DPHH DWPDQQL NXWDO@ ΢GΣLğWDU   0(  LQD >$6̎/80@ ΢*$/WL 6$*., 0858%̎WLPΣ  ğ£QLWXP PXXȃȃXU΢WL ğ£DULΣ DPXUUL  NXWDO ‹ ΢]LTΣ>TXU@΢UDW ‹ GΣLğWDU   0(  LQD $6̎΢/80 *$/ΣWL ΢6$*., .,7$Σ ,08̋̒/8  œ66$'8 ΢',',*1$Σ WDPODD  ¼PDOOL΢PDΣ DPğXXȃ PHğLLȃWD  £ğğ¼ ğLSUL ‹*$/΢LDΣ ğXWHğXUL  » OLSLW Ğ8,,΢LDΣ ğXO΢OXPHΣ  LQD X̎PLğXPD >GDğ@΢ğXUΣ X GLğWDU  ğD 1$̎SLLOL >SHȻHH@  LQD 858EDODɅDDD ΢¼ğDSWXΣ>¼QL SD@΢QLΣğ¼

WKHQ PDGH WKHLU@ FUH>ZV VWUXJJ@OH DQG VWUDLQ Y  :LWK PLJKW DQG PD>LQ@ WKH\ >VWUXJ@JOHG WR WUDQVSRUW WKH FRORVVL DQG LQV>WDOO WKHP LQ WKHLU JDWHV@

Y Eˡ 7KH 7HELOWL 5LYHU D >WHPSHVWXRXV@ IORRG RI ZDWHU ZKLFK KDG IORZHG IURP GLVWDQW GD\V E\ WKH VLGH RI WKH SDODFH DQG ZKLFK KDG FDXVHG HURVLRQ >LQ LWV IRXQGDWLRQ@ ZKHQ LWV IORRG ZDV LQ IXOO VS>DWH@ DQG KDG VKDNHQ >LWV EDVH@ YL ˡ >, WRUH GRZQ@ WKDW VPDOO SDODFH LQ LWV HQWLUHW\ >WKHQ@ , FKDQ>JHG@ WKH FRXUVH RI WKH 7HELOWL 5LYHU UHSDLUHG WKH HIIHFWV RI WKH HURVLRQ DQG GLUHFWHG >LWV@ RXW>IORZ@ YL ˡ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½ZDOO RI WKH VKULQH EHKLQG@ WKH WHPSOH RI WKH JRGGHVV ,ğWDU  >ODU@JH DVOX>FXELWV@ DORQJ YL  WKH RWKHU SDUDOOHO LQQHU VKRUWHU VLGH ZKLFK LV RQ WKH ZHVW EHKLQG WKH ]LJ>JXU@UDW RI WKH WHPSOH RI WKH JRGGHVV ,ğWDU DQG  ODUJH DVOXFXELWV DORQJ WKH ORZHU VRXWKHUQ VKRUWHU VLGH ZKLFK LV EHVLGH WKH 7LJULV 5LYHU

YL ˡ 6R WKDW WKH FRQVWUXFWLRQ RI P\ SDODFH PLJKW EH FDUULHG RXW FRUUHFWO\ DQG WKDW P\ KDQGLZRUN EH FRPSOHWHG DW WKDW WLPH >WKH JRG $ğ@ğXU DQG WKH JRG GHVV ,ğWDU UHYHDOHG >WR PH WKH SUHV@HQFH RI >ZKLWH@ OLPHVWRQH LQ WKH FLW\ %DOÃɑÃ\D YL  7KHUHLQ ,

Y E $IWHU ğLWPXUX ˦WHPSHVWXRXV˧ WH[W QR  OLQH  DGGV ğD LQD QDğLğ£ JHJXQ«H TDEDOWL 858 ¼DEELWXPD NLPDȃȃLğ¼XQ SDD]UXWL ¼NDOOLPX G878ğ¼ ˦ZKLFK ZKHQ LW URVH KDG GHVWUR\HG VDFUHG EXLOGLQJV LQVLGH WKH FLW\ DQG H[SRVHG WKHLU KLGGHQ WRPEV WR WKH VXQ˧ YL ˡ ([  KDV  0(  LQD .›Ğ ΢8ĞΣ ˦ FXELWV ORQJ˧ LQ OLHX RI $Ğ‚ ΢XOWXΣ >PDDPH@ ¼΢ğHODPΣ>PD QDEDOLğ ¼@΢WHUΣ ˦, UDLVHG WKDW DUHD RXW RI >WKH ZDWHU DQG FR@QYHUWHG LW >WR GU\ ODQG@˧ ([  DOWKRXJK SRRUO\ SUHVHUYHG IROORZV H[  UDWKHU WKDQ H[  &I WH[W QR  YL ˡ ZKLFK KDV  0(  LQD .›Ğ 8Ğ  0(  LQD .›Ğ 6$*΢.,Σ TDTTDUX XOWX T«>UHE 'ȃXVXXU" ¼ğHODPPD@ QDEDOLğ ¼WHU ȻH>HU@ ΢PHğLLȃWLΣ WDPOHH PDȃUHH ΢OXΣ >¼UDGGL@PD ˦>, UDLVHG@ D SORW RI ODQG WKDW ZDV  FXELWV ORQJ DQG  FXELWV ZLGH RXW >RI WKH ȂXVXU 5LYHU DQG@ FRQYHUWHG LW WR GU\ ODQG >, DGGHG LW WR@ WKH GLPHQVLRQV RI WKH IRUPHU WHUUDFH DQG˧ 'HYLDWLRQ LQ WKLV SDVVDJH FDQQRW EH XVHG WR KHOS LGHQWLI\ ZKHWKHU DQ H[HPSODU EHORQJLQJ WR WKLV LQVFULSWLRQ RU WH[W QR  8*8  ¼UDGGLPD ˦, DGGHG  WR DQG˧ 7KLV SDVVDJH LV QRW LQFOXGHG LQ HDUOLHU LQVFULSWLRQV VHH IRU H[DPSOH WH[W QR  OLQH  YL  QDSȃDU ˦LQ WRWDO˧ 7KLV ZRUG LV QRW LQFOXGHG LQ HDUOLHU LQVFULSWLRQV VHH WH[W QR  OLQH  YL   0(  ˦˧ 7H[W QR  OLQH  KDV  0(  ˦˧ YL  &I WH[W QR  YL  ZKLFK KDV LQD  0(  WLLENL XOODD UHğLğX ˦, UDLVHG LWV VXSHUVWUXFWXUH  FRXUVHV RI EULFN˧ LQ OLHX RI DPğXXȃ PHğLLȃWD ˦, PHDVXUHG LWV GLPHQVLRQV˧ YL ˡ 7KLV LQVFULSWLRQ LV WKH HDUOLHVW NQRZQ WH[W LQ ZKLFK WKLV SDVVDJH DSSHDUV ,W LV XQFHUWDLQ LI WKH GHVFULSWLRQ RI $ğğXU DQG ,ğWDU UHYHDOLQJ OLPHVWRQH LQ %DOÃɑÃ\D ZDV FRPSRVHG DQHZ IRU WKLV WH[W RU IRU WH[W QR 

6HQQDFKHULE 

                                

8'80(Ğ ğDGGL G΢/$00$Σ>0(Ğ GDQQXWL@ 08186ƒ%=$=$DWH » ΢1$̎Σ>.81̎0(Ğ *$/@΢0(ĞΣ LQD .ƒ0(Ğ ‹*$/ EHOXWLLD LQD THUELğ¼

΢DEΣ>WX@΢XTΣ ODEDULğ X̎PL LQD ,//8 NLğ΢ğ£WLΣ WHPPHHQ WDPOHH OD HQ«ğH ΢1$̎ΣSLLOL UDEEXWL ΢NLΣVX¼ğX ¼ğ£DVȃLUD ΢¼ΣGDQQLQ ğXSXXNğX ΢08Σ6$5H ğLɅLU ğXPHLD > 0( " WL@΢LEΣNL WDPOLL T«UHEğ¼ DOɅXXUPD ΢ğDSΣODD΢QXΣ >LQD XğğLğX H@΢]LE DȃΣUDWDğ DUNDDQX ΢ğXΣ>XğTX¼ WDP@΢OLΣL NDEDWWL XE>ODPPD@ ΢Σ >WL@LENL ȻHHU PDȃUH΢HΣ >XȻȻLS@PD  0(  WLLENL ΢¼Σ>ğDTT¯ HOD@QLğ WDUSDğX¼ 8*8 >ğD X̎PH SDQL ¼@΢ğDUELΣ ȻHHU PHğLLȃWL ‹>*$/ PDȃULWL@ ¼UDGGLPD ΢¼ğ£DQGLODΣ >ğLNLWWDğ@ ‹*$/ 1$̎'œ5΢0,1$%‚1'$ 1$̎Σ>*,Ğ18̋̋*$/@ =œ $06, *,Ğ΢(6, *,Ğ7œ*Σ >*,ĞPXVXNNDQQL@ *,Ğ(5(1 ΢*,ĞĞ85Σ>0Ž1 Ğ,0/, » *,ĞHODPPDNX@ «JDO΢]DJGLΣ>QXWXNXD DQD PXğDE /8*$/WLLD@ ¼ğHSL΢ğ£Σ >T«UHEğ¼ *,Ğ›50(Ğ *,Ğ(5(1 *,ĞĞ850Ž1@ ğD >LULVXXQ ɅDDEX ELQXXW@ .85>ȃDPDQLP WDUELW .85VLUDUD@ .85>0(Ğ .›0(Ğ ¼ğDWULȻD HOLğLQ@ *,Ğ>,*0(Ğ *,Ğ(5(1 *,ĞĞ850Ž1 Ğ,0/,@ ȻL>UDDWL PHV«U .,6$* HEEL 858'8 QDPUL@ ¼>UDNNLVPD ¼UDWWDD EDELğLQ@ VLN΢N¢WΣ >NDUUL NDVSL » 858'8@ T«>UHEğLLQ ¼ğDOPH LQD DJ¼UUL@ 1$̎΢=œΣ >1$̎=$*Ž1 XVVLPD VLLOOX@ Q«E«΢ȃLΣ >» JLPLU SDDVT¯ğLLQ@ ‹ DS΢SDΣ>DWH WDPğLO ‹*$/ .85ȃDWWL@



TXD>UULH@G >PLJKW\@ PRXQWDLQ VKHHS FRORVV>L@ VSKLQ[HV DQG >ODUJH@ VWRQH >VODEV@ IRU WKH JDWHV RI P\ ORUGO\ SDODFH YL ˡ ,Q RUGHU WR SUHYHQW WKH IRXQGDWLRQ RI WKH WHUUDFH IURP EHLQJ ZHDNHQHG RYHU WKH SDVVDJH RI WLPH E\ FUHVWLQJ IORRGV  YL  , VXUURXQGHG LWV EDVH ZLWK ODUJH OLPHVWRQH VODEV DQG WKHUHE\ UHLQIRUFHG LWV EDVH YL ˡ , LQVFULEHG REMHFWV EHDULQJ P\ QDPH > FRXU@VHV RI EULFN ZLWKLQ WKH WHUUDFH DQG >,@ GHSRVLWHG WKHP GHHS GRZQ >LQ LWV IRXQGDWLRQ@ IRU HYHU DIWHU YL ˡ $IWHUZDUGV , GH>FLGHG@ WR >LQFUHDVH WKH KHLJKW RI WKH WHU@UDFH >WKHQ , DGGHG@  >FRXU@VHV RI EULFN WR WKH IRUPHU WHUUDFH DQG WKXV , >UDLVHG LW WR D KHLJ@KW RI  FRXUVHV RI EULFN >,@ PDGH WKH DUHD ODUJHU WKDQ >EHIRUH@ YL  DGGHG LW WR WKH >IRUPHU@ GLPHQVLRQV RI WKH SDO>DFH@ DQG WKXV HQODUJHG >LWV VWUXFWXUH@ YL ˡD , KDG D SDODFH RI EUHFFLD >DODEDVWHU@ HOHSKDQW LYRU\ HERQ\ ER[ZRRG >PXVXNNDQQXZRRG@ FHGDU F\S>UHVV MXQLSHU DQG HODPPDNXZRRG@ YL  D SDODFH WKDW , QDPHG (JDO]DJGL>QXWXNXD ˦7KH 3DODFH :LWKRXW D 5LYDO˧  FRQVWUXFWHG >WKHUHRQ DV P\ UR\DO UHVLGHQFH@ YL Eˡ >, URRIHG WKHP WKH SDODWLDO KDOOV ZLWK EHDPV RI FHGDU DQG F\SUHVV@ ZKR>VH VFHQW LV VZHHW SURGXFWV RI@ 0RXQW >$PDQXV DQG WKH \LHOG RI 0RXQW 6LUÃUD@ WKH >KRO\@ PRXQWDLQ>V@ , >IDVWHQHG EDQGV RI VKLQLQJ VLOYHU DQG EULJKW FRSSHU RQ@ YL  PDJ>QLILFHQW GRRUV RI FHGDU F\SUHVV DQG MXQLSHU DQG , LQVWDOOHG WKHP LQ WKHLU JDWHV , GHFRUDWHG@ WK>HP WKH GRRUV ZLWK VLOYHU DQG FRSSHU NQREEHG@ QDL>OV , DGRUQHG WKH DUFKHV@ IULH]>HV DQG DOO RI WKH FRSLQJV ZLWK EDNHG EULFNV@ YL  JOD]HG LQ WKH FRORU RI REVLGLDQ DQG >ODSLV OD]XOL@ YL ˡ >)RU@ P\ ORUGO\ >SOHDVXUH , KDG@ D SRU>WLFR D

YL  LQD .ƒ0(Ğ ‹*$/ EHOXWLLD ˦IRU WKH JDWHV RI P\ ORUGO\ SDODFH˧ 7H[W QR  YL  KDV >DQD@ ğLSUL ‹*$/ EHOXWLLD ˦>IRU@ WKH FRQVWUXFWLRQ RI P\ ORUGO\ SDODFH˧ YL  WHPPHHQ WDPOHH ˦WKH IRXQGDWLRQ RI WKH WHUUDFH˧ 7H[W QR  OLQH  KDV WHPPHHQğ¼ ˦LWV IRXQGDWLRQ˧ YL ˡ 7KH SDVVDJH UHFRUGLQJ WKH GHSRVLWLQJ RI IRXQGDWLRQ GRFXPHQWV DQG WKH H[SDQVLRQ RI WKH WHUUDFH LV QRW LQFOXGHG LQ WH[W QR  DQG WKHUHIRUH WKH UHVWRUDWLRQV DUH JHQHUDOO\ EDVHG RQ WH[W QR  OLQHV ˡ YL   ˦˧ ( )UDKP 6DQKHULE S  %DXE OLQH  FRUUHFWO\ SRLQWV RXW WKDW  QRW  PXVW EH UHDG KHUH VLQFH WKH KHLJKW RI WKH WHUUDFH LV  OD\HUV RI EULFNV LQ WKLV LQVFULSWLRQ QRW  DV LW LV LQ WH[W QR  OLQH  YL   0(  ˦˧ 7H[W QR  OLQH  KDV  0(  ˦˧ YL  7KLV LQVFULSWLRQ DGGV EUHFFLD 1$̎'œ50,1$%‚1'$ WR WKH OLVW RI PDWHULDOV XVHG LQ WKH FRQVWUXFWLRQ RI WKH SDODFH FI WH[W QR  OLQH  YL Eˡ &I WH[W QR  OLQHV ˡ DQG WH[W QR  OLQHV  ZKLFK VHUYHG DV WKH PRGHO IRU WKHVH OLQHV ,Q WKLV WH[W 6HQQDFKHULE UHFRUGV WKDW KH XVHG FHGDU DQG F\SUHVV IURP 0RXQW $PDQXV DQG 0RXQW 6LUÃUD WR URRI WKH SDODFH DQG WKDW KH KXQJ GRRUV RI FHGDU F\SUHVV DQG MXQLSHU LQ LWV JDWHV ,Q HDUOLHU WH[WV KH VWDWHV WKDW FHGDU IURP 0RXQW $PDQXV ZDV XVHG IRU WKH URRILQJ DQG WKDW WKH SDODFHˤV GRRUV ZHUH PDGH IURP F\SUHVV YL  .85VLUDUD ˦0RXQW 6LUÃUD˧ 7KLV PRXQWDLQ LQ 1HR$VV\ULDQ LQVFULSWLRQV QRW RQO\ UHIHUV WR 0RXQW +HUPRQ EXW DOVR WR WKH VRXWKHUQ $QWL/HEDQRQ LW LV DOVR LGHQWLFDO ZLWK 6LULRQ WKH ˦$PRULWH˧ QDPH RI 0RXQW +HUPRQ 6HH %DJJ 6$$%   SS ˡ YL  .,6$* ˦VLOYHU˧ )RU WKH LGHQWLILFDWLRQ RI .,6$* DV D W\SH RI VLOYHU VHH )UDKP 6DQKHULE S  FRPPHQWDU\ WR 7  DQG 7  %DXE OLQH  DQG %RUJHU 0= S  ZLWK UHIHUHQFHV WR SUHYLRXV OLWHUDWXUH  YL ˡ 7KLV SDVVDJH ZDV FRPSRVHG DQHZ IRU WKLV WH[W RU WH[W QR  YL ˡ &I WH[W QR  OLQHV ˡ DQG WH[W QR  OLQHV  ZKLFK VHUYHG DV WKH PRGHO IRU WKHVH OLQHV



                      &RO            

6HQQDFKHULE 

ğD L΢QDΣ >OLğ£DQL .85 0$578.,@ ‹ ȃL΢ODΣ>DQL Lğ£DVVXğ¼ DQD PXOWDƮXWL@ EHOXWL΢LDΣ >¼ğHSLğ£ T«UHEğLLQ@  850$Ȏ>0(Ğ 858'8 QDPUL ]LLPH@ GDDȃ΢UXΣ>WL SHWDQ ELUNL ğXWDWXWL@ ğD LQD ğLSLU G>QLQ£JDO QDNOLğ SDWTXPD@ PDOX¼ ΢QDPΣ>ULLU@΢ULΣ >»  *,ĞWLPPH@ ğXWDȃXWL ΢SLΣ>WLLT =$%$5 ğXEX@΢ƮXΣ DGL  *,ĞWLP>PH *,Ğ(5(1@ ΢*$/0(ĞΣ 8*8 SLULJJDO΢OHΣ>H ¼@΢NLQPDΣ G£SSL NX>OXO .ƒ0(ĞğLLQ@ ΢HPLGΣ > 08186ƒ%=$=$DWL SLWLLT ¼UXGH@΢H QDP"UL"Σ ]DȃD΢OXΣ>¼ HEEX ¼ğDO@΢ELğPDΣ »  ƒ%=$΢=$Σ>DWL 1$̎@΢*,Ğ18̋̋*$/Σ  ƒ%=$=$D>WL SLWLLT@ ΢*8$11$Σ  *,ĞWLPPH *,Ğ(6, ΢ȻLΣ>UXWL ğD Lȃ]Xğ¼QX SDğDOOXP@ » *,ĞWLPPH *,Ğ>(5(1 *,ĞĞ850Ž1 *,ĞGXSUDQL@ Lȃ]HHW ΢HğΣ>P£UHH » =$%$5@ ȻHUXXğ΢ğLQΣ >XO]L]PD@ ğD ‹*$/0(Ğ EHOX>WLLD HPLG *,Ğ*$1'8̑0(ĞğLLQ@ »  8'80(Ğ ğDG΢GLΣ >G/$00$ SLWLLT ¼UXGHH QDPUL@ >ğD@ ΢JDWΣWX >ğXUUXȃX ğXNOXOX PLQDDWL@ YLL  8'80(Ğ ğDG>GL G/$00$ 1$̎*,Ğ18̋̋*$/@  8Ğ ΢Σ 8'80(Ğ ğDG΢GLΣ >G/$00$ » ƒ%=$=$DWH@ 1$̎SLLOL SHȻH>H@ ΢6,*$5 DȻHHΣ » Q«UHEL ΢DVΣPHğ >¼ğ£DȻELW@ 1$̎.81̎0(Ğ 1$̎'œ50,1$%‚1'$ >1$̎*,Ğ18̋̋*$/@ » .81̎0(Ğ ΢1$̎ΣSLL΢OLΣ >*$/0(Ğ@ GD£GPH QDNLUL NLğLW΢WLΣ >Ğ8,,@΢LDΣ T«UHEğLLQ HVVLȃD DVXUUXğLLQ ¼ğ£DVȃLUD DQD WDEUDDWL ¼ğ£OLN *,Ğ.,5,̐0$ȎȃX WDPğLO .85ȃDPDQLP ğD JLPLU Ğ,0Ȏ,$ *8581 ȻLSSDDWL *,Ğ0(Ğ WXNODW .85L » .85NDOGL

UHSOLFD RI D +LWWLWH SDODFH@ ZKLFK >LV FDOOHG@ EêWȃLOÃ>QL@ LQ >WKH ODQJXDJH RI WKH ODQG $PXUUX FRQVWUXFWHG LQVLGH WKHP@ YL ˡ 7ZHOYH >VWULGLQJ@ OLRQV >RI VKLQLQJ FRSSHU@ DQG ILHUFH >GHPHDQRU ZKLFK ZHUH VWDQGLQJ RSSRVLWH RQH DQRWKHU@ ZKLFK >ZHUH VNLOOIXOO\ FDVW@ WKURXJK WKH FUDIWVPDQVKLS RI WKH JRG >1LQDJDO DQG@ ZKLFK ZHUH ILOOHG ZLWK UDG>LDQFH@ ˢ XSRQ WKRVH OLRQ FRORV>VL ,@ LQ VWDOOHG >WZR@ LGHQWLFDO >FROXPQV WKDW ZHUH@ F>DVW IUR@P >EURQ]H@ WRJHWKHU ZLWK IRXU ODUJH >FHGDU@ FROX>PQV@ DQG , SRVLWLRQHG FURVVEHDPV XSRQ WKHP DV D FRU>QLFH IRU WKHLU JDWHV@ YL ˡ >, FRYHU@HG >WHQ VSKLQ[HV RI FDVW@ EULJKW >XUXG½FRSSH@U ZLWK >VKLQLQJ@ ]DȃDO½VLOY>HU@ DQG RYHU WKHP  RYHU WHQ VSKLQ>[HV RI DOD@EDVWHU DQG RYHU WZHOYH VSKLQ>[HV RI FDVW@ PHWDO >, HUHFWHG@ WZR PDJ>QLILFHQW@ HERQ\ FROXPQV >ZKRVH LQOD\V DUH SDğDOOX JROG@ DQG FROXPQV RI >FHGDU F\SUHVV DQG GDSUÃQX MXQLSHU@ YL  ZLWK Hğ>PDU½VLOYHU DQG EURQ]H@ LQOD\V >DQG , SRVLWLRQHG WKH DUFKLWUDYHV RI P\@ ORUG>O\@ SDOD WLDO KDOOV RQ WKRVH FROXPQV 

YL ˡYLL  0RUHRYHU >, PDGH@ WZHOYH PRXQWDLQ VKHHS >FRORVVL RI FDVW EULJKW XUXG½FRSSHU ZKLFK DUH VSOHQGLG@ LQ IRUP DQG >SHUIHFW LQ VKDSH@ YLL  WZR PRXQ>WDLQ@ VKHHS >FRORVVL RI DODEDVWHU@ DQG VHYHQW\ WZR PRXQWDLQ VKHHS >FRORVVL DQG VSKLQ[HV RI@ ZKLW>H@ OLPHVWRQH VXLWDEOH IRU KROGLQJ WKH GRRU EROWV IRU OHDY LQJ DQG HQWHULQJ YLL ˡ , HQJUDYHG RQ VODEV RI EUHFFLD DQG >DO DEDVWHU@ DQG RQ >ODUJH@ OLPHVWRQH VODEV LPDJHV RI WKH HQHP\ VHWWOHPHQWV WKDW >,@ KDG FRQTXHUHG , VXU URXQGHG WKHLU WKH SDODFH URRPVˤ ORZHU FRXUVHV ZLWK WKHP DQG PDGH WKHP DQ REMHFW RI ZRQGHU YLL ˡ , SODQWHG DORQJVLGH LW WKH SDODFH D ERWDQ LFDO JDUGHQ D UHSOLFD RI 0RXQW $PDQXV ZKLFK KDV DOO NLQGV RI DURPDWLF SODQWV DQG IUXLW WUHHV WUHHV WKDW

YL ˡ 7H[W QR  OLQH  DQG WH[W QR  OLQH  KDYH  850$Ȏ0(Ğ SHWDQ ELUNL ğXWDWXWL ğD LQD Ѓ5 Ѓ5 Ѓ5 *‹Ğ8 *81 858'8 QDPUX SLWLLT ğXSXğX ˦HLJKW VWULGLQJ OLRQV VWDQGLQJ RSSRVLWH RQH DQRWKHU ZKLFK ZHUH PDGH IURP  WDOHQWV RI VKLQLQJ FRSSHU FDVW E\ WKH JRG 1LQDJDO˧ YL  %HWZHHQ ğXWDȃXWL ˦LGHQWLFDO˧ DQG SLWLLT ˦FDVW˧ WH[W QR  OLQH  DQG WH[W QR  OLQH  DGG ğD Ѓ5 *‹Ğ8 *‹Ğ8 *‹Ğ8 *‹Ğ8 *81 ˦IURP  WDOHQWV˧ YL   ˦IRXU˧ 7KH QXPEHU LV  ˦WZR˧ LQ WH[W QR  OLQH  DQG WH[W QR  OLQH  YL ˡYLL  &I WH[W QR  OLQH  DQG WH[W QR  OLQH  YL  ΢*8$11$Σ ˦˧ 3RVVLEO\ D ORJRJUDSKLF ZULWLQJ IRU HğPDU½ DV VXJJHVWHG E\ : YRQ 6RGHQ $+Z S  DQG WKH &$' ( S   % 0HLVVQHU DQG 3 5RVW %L6 S  VXJJHVW WKDW *8$11$ LV D FRPSRVLWH RI FRSSHU DQG WLQ ZKLOH $ +HLGHO 6XPHU  >@ S  WKLQNV WKDW LW FRXOG EH GHFRUDWLYH FRUG RU WKUHDG PDGH RI WLQ YLL  ΢6,*$5Σ ˦GRRU EROWV ˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  YLL ˡ &I WH[W QR  OLQH  DQG WH[W QR  OLQH  ZKLFK VHUYHG DV WKH PRGHO IRU WKHVH OLQHV YLL ˡ &I WH[W QR  YLL  ZKLFK DGGV DGL LȻȻX QD£ğ ğLSDDWL ˦WRJHWKHU ZLWK FRWWRQ WUHHV˧ EHWZHHQ *,Ğ0(Ğ WXNODW .85L » .85NDOGL ˦WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD˧ DQG T«UHEğ¼ ȃXUUXğ¼ LWDDğ£ D]TXXS ˦, SODQWHG DORQJVLGH LW  ZHUH FROOHFWHG LQVLGH LW˧ GQLQ£JDO

6HQQDFKHULE 



T«UHEğ¼ ȃXUUXğ¼ LWDDğ£ D]TXXS

      

΢1,1$Σ., ğD XOWX X̎PX SDQL >@ ΢/,0Σ  0( LQD ΢.›ĞΣ ğX΢EDWΣ OLPHWLğX ΢%‚' » %‚'Σ>Ğ8/@΢Ȏ, XOΣ ¼ğHSLğX >D@OLNXW >PDȃ@΢ULΣ PDDONL ΢" /,0Σ  0(  >DğDU@ WDPLUWL OLPLW 858 ΢ȻHHU PHğLLȃWLΣ PDȃULWL ΢¼UDGGLPDΣ ΢Σ /,0 ΢Σ >0(  LQD $6̎/80 *$/WL ¼NLQ P®QGDWXğ@  ΢ğDΣ %‚'ğ¼ >*$/L E¢GQ¯JDOELO¼N¼UUDğ¼ğ¼@  GX¼UX >ğD QDPULUXğ¼ QDNLUL VDȃSX@  ȻHHU SLL>OL WHPPHHQğ¼ DGGLPD  6,*̎ ¼NDEELU@  LQD  0(  >WLLENL XOODD UHğLğ¼@  DQD HUEHW>WL ğ£DUL  .ƒ*$/0(Ğ@  ΢SDQXΣ » ΢DUΣ>ND LQD ȻLOL NLODOODDQ@  DQD H>UHEL » DȻHH@  ¼ğDS>WDD T«UHEğ¼@ Gğ£U΢XU̎Σ >PXğDPTLW DDEL /8*$/@   ΢.ƒ*$/Σ >ȃDDQGX¼UL@  ΢OLOΣ>EXU ‹16, GDğğXU@ /DFXQD ˮ ΢.ƒΣ>*$/ Gğ£PDğ ğD .85JDDJDO@ G΢LğΣ>WDU ]DQLQNL NXUEL@ ˮ ˮ ΢.ƒΣ>*$/ G1,1// ğD 858NDUG1,1//@ ˮ PX΢ğHΣ>ȻDDW 8=8 ƒ=$* .ƒ*$/ PXğODOXP@ ˮ ΢GXΣ>PXT £ğQDDQ » GODȃDU T«UHEğ£@ ˮ ΢NDΣ>DDDQ .ƒ*$/ 858ğLEDQLEL@ ˮ >EDEL@΢ODW ȃLȻLE ȃXUğ£DQL .ƒ*$/ .85ȃDO£ȃȃLΣ ˮ Ğ81,*,1  .ƒ*$/0(Ğ G878Š ˮ P«HȃUHW ,0ğX¼WL » ,0ğ£GHH ˮ D]NXUD QLELWVLLQ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

΢GΣ,Ğ.85 ğ£ULLN Ȏ‹*ƒ/ DQD .85 ΢.ƒ*$/Σ G,Ğ.85 ğD DPEDVL >G@ªUUD PXğDPTLW DDEL ΢.ƒ*$/Σ G8*85 ğD 858WDUELȻL >G,*,@΢6,*̑Σ6,*̑ PXğDPPHHȃ ȻLSSDDWL ΢.ƒ*$/ *,Ğ.,5,̐0(ĞΣ Ğ81,*,1  .ƒ*$/0(Ğ ğD P«HȃUHW ,0LOWDDQL ΢DWΣWDEL ]LNLUğLLQ ΢G«ΣD PXğHğLU N»SSLLD .ƒ*$/ PDDVT«H ΢PXğHULEDWΣ PLğ®UWL GD£GPH .ƒ*$/ NDDUL SDT¯GDDW NDODPD ΢.ƒ*$/ ‹Σ*$/ PDğDUWL Ğ81,*,1  .ƒ*$/0(Ğ ΢ğD P«HȃΣUHW ,0DPXUUL



DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD FRO OHFWHG LQVLGH LW YLL ˡ 1LQHYHK WKH VLWH RI ZKRVH FLUFXPIHUHQFH KDG EHHQ >@ >FXELWV@ VLQFH IRUPHU WLPHV DQG IRU ZKLFK QR >HD@UOLHU UXOHU KDG KDG DQ LQQHU RU RXWHU >ZD@OO EXLOW ˢ , DGGHG  FXELWV >LQ@ WKH SODLQ DURXQG WKH FLW\ WR LWV SUHYLRXV PHDVXUHPHQW DQG WKXV >HVWDEOLVKHG LWV GLPHQVLRQV DV@ > ODUJH FXELWV@ YLL ˡ >, ODLG WKH IRXQGDWLRQ RI@ LWV >JUHDW@ ZDOO >%DGQLJDOELOXNXUDğXğX@ ZKLFK PHDQV ˦:DOO >:KRVH %ULOOLDQFH 2YHUZKHOPV (QHPLHV@˧ XSRQ OLPHVWR>QH DQG PDGH LW  EULFNV WKLFN , UDLVHG LWV VXSHUVWUXFWXUH@  >FRXUVHV RI EULFN KLJK@ YLL ˡ , KDG >IRXUWHHQ JDWHV@ RS>HQHG XS LQ LW@ LQ IRX>U GLUHFWLRQV@ LQ IURQW DQG EH>KLQG DQG DORQJ ERWK VLGHV@ IRU HQ>WHULQJ DQG OHDYLQJ@ YLL ˡ ˦7KH *RG ĞDUXU >,V WKH 2QH :KR &XWV 'RZQ WKH .LQJˤV (QHP\˧ WKLV LV WKH ȎDQGħUX@ *DWH ˦0D\ >WKH 9LFH5HJHQW RI WKH *RG $ğğXU (QGXUH˧@ /DFXQD YLL ˮˡˮ WKLV LV >WKH ĞDPDğ@ *>DWH ZKLFK OHDGV WR WKH ODQG *DJDO@ ˦2 ,ğ>WDU %OHVV WKH 2QH :KR 3URYLGHV IRU WH ZKLFK OHDGV WR WKH FLW\ .ÃU0XOOLVVL@ ˦7KH 2QH >:KR ([RUFLVHV WKH ˣ)OHVKˤ RI WKH $VDNNXGHPRQ˧ WKLV LV WKH 6WHS *DWH@ YLL v ˦7KH &KRL>FHVW RI *UDLQ DQG )ORFNV@ $UH >&RQVWDQWO\ ,QVLGH ,W˧ WKLV LV WKH JDWH WKDW OHDGV WR WKH FLW\ ĞLEDQLED ˦7KH %HDUHU@ RI WKH 3URGXFH RI WKH 0RXQWDLQV˧ WKLV LV WKH JDWH WKDW OHDGV WR WKH ODQG ȎDODȏȏX ,Q WRWDO HLJKW JDWHV IDFLQJ WKH ULVLQJ VXQ WRZDUGV WKH VRXWK DQG HDVW YLL v DQG , JDYH WKHP WKHVH QDPHV YLL ˮˡˮ ˦7KH *RG $GDG ,V WKH 3URYLGHU RI 3URVSHU LW\ WR WKH /DQG˧ WKLV LV WKH $GDG *DWH ZKLFK OHDGV WR WKH JDPH SUHVHUYH ˦>7KH *RG@ (UUD ,V WKH 2QH :KR &XWV 'RZQ (QHPLHV˧ WKLV LV WKH 1HUJDO *DWH ZKLFK OHDGV WR WKH FLW\ 7DUELɇX YLL v ˦>7KH *RG ,JL@VLJVLJ ,V WKH 2QH :KR 0DNHV 2UFKDUGV )ORXULVK˧ WKLV LV WKH *DWH RI WKH *DUGHQV ,Q WRWDO WKUHH JDWHV IDFLQJ WR ZDUGV WKH QRUWK DQG , JDYH WKHP WKHVH QDPHV YLL ˮˡˮ ˦7KH *RG (D ,V WKH 2QH :KR 3URSHUO\ 'LUHFWV :DWHU )ORZ LQWR 0\ &LVWHUQV˧ WKLV LV WKH 0DğT½ *DWH YLL v ˦7KH 2QH :KR %ULQJV LQ ,QFRPH IURP WKH 6HWWOHPHQWV˧ WKLV LV WKH 4XD\ *DWH ˦7KH 2QH :KR 5HJXODWHV (YHU\WKLQJ˧ WKLV LV WKH $UPRU\

YLL ˡ 7H[W QR  LV WKH HDUOLHVW NQRZQ LQVFULSWLRQ LQ ZKLFK WKLV SDVVDJH LV SUHVHUYHG ,W ZDV LQFRUSRUDWHG LQWR WKH EXLOGLQJ UHSRUW RI WKLV WH[W ZLWKRXW FKDQJHV 1RWH WKDW WH[W QR  GRHV QRW OLVW DQ\ JDWHV YLL ˡv $ OLVW RI WKH JDWHV RI 1LQHYHK DSSHDUV IRU WKH ILUVW WLPH LQ LQVFULSWLRQV ZULWWHQ RQ SULVPV LQ HLWKHU  RU  VHH WKH FRPPHQWDU\ RI WH[W QR  :RUN RQ WKH ZDOOV PXVW KDYH VWLOO EHHQ LQ WKH HDUO\ VWDJHV LQ  EHFDXVH WH[W QR  UHFRUGV WKH FRQVWUXFWLRQ RI 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV EXW QRW LWV JDWHV &I WH[W QR  YLL ˡYLLL  DQG WH[W QR  YLL vˡv ZKLFK VWDWH WKDW WKHUH ZHUH ILIWHHQ DQG WKHQ HLJKWHHQ JDWHV 7H[W QR  YLL ˡ DOVR OLVWV IRXUWHHQ JDWHV )RU GHWDLOV VHH WKH FKDUW RQ S  YLL v >G,*,@΢6,*̑Σ6,*̑ ,JLVLJVLJ RU $PXUULTÃQX ˦MDXQGLFH˧ LV WKH FKLHI JDUGHQHU RI $QX



ˮ

6HQQDFKHULE 

΢DWWDVTDUDΣ ğXPHğLQ

ˮ ˮ ˮ

΢ğ£ ğDOȃLL E¢GΣQ¯J΢«ULPΣȃXOXȃȃD ΢PXJDOOLW ]DPDΣDQL XğğHğ¼ DS΢WLΣPD ΢ 1,1'$ ¼ğDSΣSLOPD ¼ğ£DNğLG $0(Ğ QDJEL ˮ T«UHE PDDPH ΢ğDSODΣDQX ΢1$̎ .85L GDQQLΣ DNVLPD ˮ H΢ODΣQLğ ΢DGL SDΣ£VT¯ğX ΢LQDΣ 1$̎SLLOL *$/0(Ğ ˮ ΢¼QDNNLO ğLΣSLU΢ğXΣ ğD 1,1$., 858 EHOXWLLD ˮ ΢ğXΣEDWVX >Xğ@΢UDEΣEL UH΢EDΣ>WHğX@ ˮ >¼ğ£@΢DQGLOΣPD >¼QDPPLU *,0 X̎PL@ /DFXQD &RO YLLL /DFXQD ˮ ΢DQD PHWLLTΣ *,Ğ*,*,5 EHOXWLLD ¼ğH΢SLğΣ >WLWXUUX@

ˮ

>LWH@H 858  *,Ğ.,5,̐0$ȎȃL  *,Ğ.,5,̐ DP΢EDVLΣ ˮ NXOODW Ğ,0Ȏ,$ .85ȃDWWL PXWȃXPPX PD΢WLΣ>WDQ@ ˮ *,Ğ0(Ğ WXNODW .85L » .85NDO>GL@ ˮ ¼ȃDUULğ£ T«UHEğ¼΢XQΣ ˮ HOHHQ 858 (',1 ğ£DEEXU΢WLΣ ˮ *,Ğ*(Ğ7,1 JLPLU *8581 » *,ĞVHHU΢GLΣ ˮ D]TXS ȻHUXXğ𣠣ğğ¼ ğXUSXğ¼ ȻLSSDD΢WLΣ ˮ $Ğ‚ WDPLUWL HOHHQ ΢858Σ ˮ 1,*,'$0,17$‚0 DQD '8080(Ğ ΢1,1$Σ., SLO΢NXΣ ˮ ¼SDOOLNPD ¼ğDGJLOD SDQXXğğ¼XQ ˮ D΢QD PLɅUDΣDWL ğXPPXȃL ˮ ΢XOΣWX SDDɅL 858NLVLUL >DGL@ ˮ >WD@΢PLUΣWL 1,1$., .85D » ELUXW¼ ˮ >LQD DN@΢NXOODΣWH $1%$5 ˮ >¼ğDWWLUPD ¼ğHğLU '@΢ȃDUΣUX ˮ >  .$6.$/*' TDTTDUX XOWX T«UHE 'ȃX@΢VXΣXU ˮ >PDDPH GDUX¼WL DğDU𣠼ğDU@΢GDΣD ˮ >@ [ /DFXQD ˮˮ >@ [ >@ ˮˮ >@ Ğ$Ȏ0(Ğ *,Ğ>*,@ ˮˮ >DODS T¯ğL ¼UDS@SLğX WD>OLWWX@ ˮˮ *,Ğ0(6΢0ƒ.$1Σ>1$@ ΢*,ĞΣĞ850Ž1 WDUELW ȻLSSD΢DWLΣ

*DWH ,Q WRWDO WKUHH JDWHV IDFLQJ WRZDUGV WKH ZHVW DQG , JDYH WKHP WKHVH QDPHV YLL ˮˡˮD , RSHQHG XS D IRXQGDWLRQ SLW IRU WKH RXWHU ZDOO %DGQLJHULPȏXOXȏD ZKLFK PHDQV ˦7HUURUL]HU RI (QHPLHV˧ WKHQ , GXJ GRZQ IRUW\ILYH QLQGDQX DQG PDGH LW UHDFK WKH ZDWHU WDEOH , ERXQG WRJHWKHU VWURQJ PRXQWDLQ VWRQH LQ WKH ZDWHU EHORZ DQG DERYH , H[SHUWO\ FDUULHG RXW LWV FRQVWUXFWLRQ ZLWK ODUJH OLPHVWRQH EORFNV XS WR LWV FRSLQJV YLL ˮEˡˮ >, HQ@ODUJHG WKH VLWH RI 1LQHYHK P\ FDSLWDO FLW\ >, EURDG@HQHG >LWV@ VTXDU>HV PDNLQJ WKHP DV EULJKW DV GD\@ /DFXQD /DFXQD YLLL ˮ , KDG >D EULGJH@ FRQVWUXFWHG >RSSRVLWH WKH &LWDGHO *DWH ZLWK SDYLQJ VWRQHV RI ZKLWH OLPHVWRQH@ IRU WKH SDVVDJH RI P\ ORUGO\ FKDULRW YLLL ˮˡˮD >%HVL@GH WKH FLW\ LQ D ERWDQLFDO JDUGHQ RQH SÃQX LQ VL]H DQG D JDUGHQ RQH SÃQX LQ VL]H IRU D JDPH SUHVHUYH , JDWKHUHG HYHU\ W\SH RI DURPDWLF WUHH RI WKH ODQG ȎDWWL IUXLW WUHHV RI DOO OD>QGV@ DQG WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDO>GHD@ 8SVWUHDP RI WKH FLW\ RQ QHZO\ WLOOHG VRLO , SODQWHG YLQHV HYHU\ W\SH RI IUXLW WUHH DQG ROLYH WUHHV YLLL ˮEˡˮ )RU WKH H[SDQVLRQ RI RUFKDUGV , VXEGL YLGHG WKH PHDGRZODQG XSVWUHDP RI WKH FLW\ LQWR SORWV RI WZR SÃQX HDFK IRU WKH FLWL]HQV RI 1LQHYHK DQG , KDQGHG WKHP RYHU WR WKHP 7R PDNH WKRVH >SODQ@WHG DUHDV OX[XULDQW YLLL v >, FXW ZLWK@ LURQ >SL@FNV >D@ FDQDO >VWUDLJKW WKURXJK@ PRXQWDLQ DQG YDOOH\ IURP WKH ERUGHU RI WKH FLW\ .LVLUX >WR WKH@ SODLQ RI 1LQHYHK >, FDXVHG DQ LQH[KDXVWLEOH VXSSO\ RI ZDWHU WR I@ORZ >WKHUH IRU D GLVWDQFH RI RQH DQG D KDOI OHDJXHV IURP WKH ȎX@VXU >5LYHU @ 

/DFXQD YLLL ˮˮˡˮˮ >@  >@ :L>OG@ ERDUV DQG >URH GHHU@ JD>YH ELUWK LQ DEXQ@GDQFH YLLL ˮˮˡˮˮ , FXW GRZQ PXVXNNDQ>QX@WUHHV DQG F\ SUHVV WUHHV JURZQ LQ WKH RUFKDUGV DQG PDUVK UHHGV

YLL vˡvD 7H[W QR  LV WKH HDUOLHVW NQRZQ LQVFULSWLRQ LQ ZKLFK WKLV SDVVDJH LV SUHVHUYHG ,W ZDV LQFRUSRUDWHG LQWR WKH EXLOGLQJ UHSRUW RI WKLV WH[W ZLWKRXW FKDQJHV /DFXQD EHIRUH YLLL v %DVHG RQ WKH EXLOGLQJ UHSRUW RI WH[W QR  WKH WUDQVODWLRQ DVVXPHV WKDW WZR QRZPLVVLQJ OLQHV LPPHGLDWHO\ EHIRUH YLLL v FRQWDLQHG LQD P«HȃUHW .ƒ*$/ 0858%̎ 858 LQD DJ¼UUL 1$̎SLLOL SHȻHH ˦RSSRVLWH WKH &LWDGHO *DWH ZLWK SDYLQJ VWRQHV RI ZKLWH OLPHVWRQH˧ YLLL vˡvD 7KLV LQVFULSWLRQ LV WKH HDUOLHVW NQRZQ WH[W LQ ZKLFK WKLV SDVVDJH DSSHDUV ,W LV XQFHUWDLQ LI LW ZDV FRPSRVHG DQHZ IRU WKLV WH[W RU WH[W QR  YLLL vE £ğğ¼ ğXUSXğ¼ ȻLSSDD΢WLΣ ˦IRU WKH H[SDQVLRQ RI RUFKDUGV˧ 7KLV SDVVDJH LV QRW LQFOXGHG LQ HDUOLHU LQVFULSWLRQV VHH WH[W QR  OLQH  YLLL v ELUXW¼ ˦YDOOH\˧ 7KH LQWHUSUHWDWLRQ IROORZV )UDKP 6DQKHULE S  VHH DOVR %RUJHU -&6   SS ˡ DQG $ :HVWHQKRO] $I2   SS ˡ

6HQQDFKHULE 

ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ

*, $0%$50(Ğ ğD T«UHE 'DJDPPH

DNğLɅPD DQD ğLSUL ȃLğLȃWL ‹*$/0(Ğ EHOXWLLD OX HSXXğ XOWX ğLSUL ‹*$/LD ¼TDWWX¼ GDğğXU (1 *$/ ',1*,50(Ğ » G,Ğ7$50(Ğ DğLEXXW .85 DğğXU., LQD THUELğ£ DTUHPD 8'86,6.850(Ğ WDğULLȃWH DTT¯PD ¼ğDWOLP N¢GUDDD Ž*,Ğ *,ĞV«UGL » ȃLELLğWL ğD *,Ğ.,5,̐0(Ğ (',1 ğ£DEEXUWL ¼UDTTDD DQD UXXğWL LQD WDğULLW ‹*$/ ğD EDȃXODWL .85LD ¼ğ££ğTDD PXȃȃDğ¼XQ *(Ğ7,1 GXXğğXSX ȻXUUDğ¼XQ DPNLU DQD £UN¢W X̎PH LQD /8*$/0(ĞQL '8080(ĞLD ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEXX ]LNLUğ¼ HQXPD %‚' ğ£DWX LODEELUXPD HQQDȃX DQȃXXVVX OXXGGLğ 086$5H ğLɅLU ğXPHLD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğ¼ OXWHU GDğğXU » GLğWDU LNULELğ¼ LğHPPX¼

IURP WKH VZDPSV DQG , XVHG WKHP LQ WKH ZRUN UH TXLUHG WR EXLOG P\ ORUGO\ SDODWLDO KDOOV YLLL ˮˮˡˮˮ $IWHU , KDG ILQLVKHG WKH ZRUN RQ P\ SDODFH YLLL vv , LQYLWHG LQVLGH LW WKH JRG $ğğXU WKH JUHDW ORUG DQG WKH JRGV DQG JRGGHVVHV OLYLQJ LQ $VV\ULD WKHQ , PDGH VSOHQGLG RIIHULQJV DQG SUHVHQWHG P\ JLIWV  YLLL vv , PDGH ILQH RLO IURP ROLYHV DQG DURPDWLFV IURP WKH RUFKDUGV SODQWHG RQ QHZO\ WLOOHG VRLO $W WKH LQDXJXUDWLRQ RI WKH SDODFH , KDG WKH KHDGV RI WKH VXEMHFWV RI P\ ODQG GUHQFKHG DQG , ZDWHUHG WKHLU LQVLGHV ZLWK VZHHW ZLQH

YLLL ˮˮˡˮˮ ,Q WKH IXWXUH PD\ RQH RI WKH NLQJV P\ GHVFHQGDQWV ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUG LQJ WKH ODQG DQG SHRSOH UHQRYDWH LWV GLODSLGDWHG VHF WLRQV ZKHQ WKDW ZDOO EHFRPHV ROG DQG GLODSLGDWHG 0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH YLLL vv DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ DQG UH WXUQ LW WR LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHDU KLV SUD\HUV

'DWH H[ 

'DWH H[  $ˮˮ $ˮˮ $ˮˮ



>,7,[ [ [ 8'[@.$0 >OLPX PG$*%‚'@¼ȻXU >/œ*$5.85 858WDP@QXQQD

YLLL $ˮˮˡ$ˮˮ >7KH PRQWK  WKH @HLJKWK >GD\ HSRQ\P\ RI 1DE½GħUê@XɇXU >JRYHUQRU RI WKH FLW\ 7DP@QXQQD  

'DWH H[ 

'DWH H[ 

%ˮˮ %ˮˮ %ˮˮ

YLLL %ˮˮˡ%ˮˮ >7KH PRQWK @ WKH WZHQW\WKLUG GD\ >HSRQ\P\ RI 1DE½@GħUêXɇXU >JRYHUQRU RI@ WKH FLW\ >7DP@QXQQD  

>,7,[ [ [ @ 8'.$0 >OLPX PG$*@΢%‚'Σ¼ȻXU >/œ*$5.85@ ΢858Σ>WDP@΢QXQΣQD

'DWH H[ 

'DWH H[  &ˮˮ &ˮˮ

,7,%ƒ5$ 8'.ƒ0 OLPX PG$*%‚'3$3 ΢/œΣ*$5.85 858WDPQXQQD

'DWH H[ 

'DWH H[  'ˮˮ 'ˮˮ

YLLL &ˮˮˡ&ˮˮ 1LVDQQX ,  WKH WZHQW\VHYHQWK GD\ HSRQ\P\ RI 1DE½GħUêXɇXU JRYHUQRU RI WKH FLW\ 7DPQXQQD  

PG$*%‚'3$3@

,7,Ğ8 8'΢.$0 OLΣ>PX >/œ*$5.85 858WDPQXQQD@

YLLL 'ˮˮˡ'ˮˮ 'Xƺħ]X ,9  WKH WZHOIWK GD\ HSR>Q\ P\ RI 1DE½GħUêXɇXU JRYHUQRU RI WKH FLW\ 7DPQXQQD@  

'DWH H[ 

'DWH H[ 

(ˮˮ (ˮˮ

YLLL (ˮˮˡ(ˮˮ  >@  >@

WUDFHV >@ WUDFHV >@

YLLL vv &I WH[W QR  YLLL ˡ ZKLFK DGGV LȻȻX QD£ğ ğLSDDWL LETXPX LPȃDȻX ȻXEDWLLğ ˦WKH\ SLFNHG FRWWRQ DQG ZRYH LW LQWR FORWKLQJ˧ DIWHU HSXXğ ˦, XVHG˧ 7KH LQFOXVLRQ RU H[FOXVLRQ RI WKLV SDVVDJH KDV EHHQ XVHG WR GHWHUPLQH ZKHWKHU D SULVP IUDJPHQW EHORQJV WR WKLV WH[W RU WH[W QR  YLLL vvˡvv &I WH[W QR  OLQHV ˡ WH[W QR  OLQHV ˡ DQG WH[W QR  OLQH v DOO RI ZKLFK DUH HDUOLHU YHUVLRQV RI WKLV SDVVDJH YLLL vv '8080(ĞLD ˦P\ GHVFHQGDQWV˧ ([  KDV $'0(ĞLD ˦P\ DQFHVWRUV˧ $FFRUGLQJ WR 0 :RUWKLQJWRQ 7H[WXDO &ULWLFLVP S   WKLV LV RQH RI VHYHUDO SRODU HUURUV LQ WKH LQVFULSWLRQV RI 6HQQDFKHULE



6HQQDFKHULE 

 7ZR IUDJPHQWDULO\ SUHVHUYHG RFWDJRQDO FOD\ SULVPV DQG QXPHURXV SULVP IUDJPHQWV IURP 1LQHYHK $ğğXU DQG .DOȏX DUH LQVFULEHG ZLWK D WH[W GHVFULE LQJ 6HQQDFKHULEˤV ILUVW ILYH FDPSDLJQV WKH IRUPDWLRQ RI D ODUJH PLOLWDU\ FRQWLQJHQW RI DUFKHUV DQG VKLHOG EHDUHUV WKH ODUJHVFDOH UHQRYDWLRQV RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH  WKH FRQVWUXFWLRQ RI %DG QLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD 1LQHYHKˤ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ˤV ILIWK FDPSDLJQ 8SRQ KLV UHWXUQ WR 1LQHYHK 6HQQDFKHULE KDG KLV VFXOSWRUV FDUYH RQ KLV SDODFH ZDOOV D UHOLHI GHSLFWLQJ WKH QDUURZ PRXQWDLQ SDVVHV WKURXJK ZKLFK KLV DUP\ PDUFKHG DQG WKH GLIILFXOW VWHHS WHUUDLQ DURXQG WKH FLW\ 8NNX 7ZR H[HPSODUV RI WKLV LQVFULSWLRQ SUHVHUYH D GDWH RQH ZDV LQ VFULEHG LQ WKH HSRQ\P\ RI ĞXOPX%ÕO JRYHUQRU RI WKH FLW\ 7DOPXVX   DQG WKH RWKHU LQ WKDW RI $ğğXUEÕOXXɇXU JRYHUQRU RI WKH FLW\ ĞDȏXSSD   7KLV WH[W LV VRPHWLPHV UHIHUUHG WR DV ˦&\OLQGHU '˧ LQ ROGHU SXEOLFDWLRQV

&$7$/2*8( ([ 

0XVHXP 1XPEHU %0 %0 %0 %0 %0 %0 %0 %0 %0 %0 %0 %0 %0 %0 %0 %0

               

([FDYDWLRQ 5HJLVWUDWLRQ 1R               

               

              

3URYHQDQFH 1LQHYHK $UHD 6+

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

&ROV  ZLGH  KLJK

L ˡ ˡ LL F ˡ ˡLLL  ˡ ˡY  ˡYL  ˡYLL  ˡ YLLL ˡ GDWH

FSQ

6HQQDFKHULE 





%0   %0   %0   %0   %0   D

          D

3XUFKDVHG IURP , *«MRX



. 

5 



5P 

ˢ

$FTXLUHG E\ &- 5LFK &ROV  ZLGH LQ ,UDT  KLJK 3UREDEO\ 1LQHYHK ˢ



. 

ˢ

3UREDEO\ 1LQHYHK



9DWLFDQ XQQXPEHUHG

ˢ



ˢ

%X 

*LIW WR 3RSH *UHJRU\ ;9, SUREDEO\ IURP 0RVXO 3UREDEO\ 1LQHYHK



5P 

ˢ

3UREDEO\ 1LQHYHK



%0 



1LQHYHK



%0 



1LQHYHK $UHD 6+

&ROV  ZLGH  KLJK

&ROV  ZLGH  KLJK ˢ &ROV  DQG  ZLGH  KLJK &ROV  ZLGH  KLJK &ROV  ZLGH  KLJK &ROV  DQG  ZLGH  KLJK

L ˡLL  ˡLLL  ˡLY  ˡ ˡY  ˡ ˡYL  ˡYLL  ˡYLLL  ˡ ˡ GDWH LL ˡLLL  ˡ LY ˡ LY ˡ Y ˡ Y ˡ YL ˡ ˡYLL  Y ˡ YL ˡ Y ˡ ˡ Y ˡ ˡ Y ˡ ˡ Y ˡ ˡ

F

F F F Q

YL

F

YL

F

YL

F

YL

F

&$7$/2*8( 2) 81&(57$,1 (;(03/$56 0XVHXP 1XPEHU

([FDYDWLRQ 5HJLVWUDWLRQ 1R



%0   %0 

  



%0   $ 



'LPHQVLRQV FP

/LQHV 3UHVHUYHG

1LQHYHK

&ROV  ZLGH  KLJK



1LQHYHK

6P 

ˢ

3UREDEO\ 1LQHYHK



5P 

ˢ

3UREDEO\ 1LQHYHK

 

$  %0 

ˢ 



%0 



3UREDEO\ 1LQHYHK 1LQHYHK ,ğWDU 7HPSOH 6TXDUH . 1LQHYHK



3ULYDWH 3RVVHVVLRQ ˢ 1HZ XQSXE OLVKHG@ RU 9$  >)UDKP .$/  QR @  6LQFH WKH $ğğXU HGLWLRQV DUH EDGO\ GDPDJHG WKHVH ILYH IUDJ PHQWV DUH WHQWDWLYHO\ HGLWHG KHUH ([V  ˡ DQG  ˡ FRXOG EH GXSOLFDWHV RI WH[W QR  WKLV LQ VFULSWLRQ 9$  RU 9$  ([  FRXOG EH D GXSOLFDWH RI WKLV WH[W 9$  RU 9$  2 3H GHUV«Q .DWDORJ S  VXJJHVWV $VV  9$  WH[W QR  H[  EHORQJV WR WKH VDPH REMHFW DV $VV  9$  H[  DQG $VV  ,VWDQEXO $  H[   7KLV PD\ EH VR EXW LW LV EHVW WR HGLW WKHP LQGLYLGXDOO\ DV WKH MRLQV DUH QRW FHUWDLQ 9$  DQG 9$  ZLOO EH HGLWHG LQ 3DUW  ZLWK WKH LQVFULSWLRQV IURP $ğğXU ([  LV QRW LQFOXGHG LQ WKH VFRUH DV WKH SLHFH ZDV QRW H[DPLQHG DOWKRXJK D VPDOO SRUWLRQ RI RQH FROXPQ LV YLVLEOH LQ $VV SK  ZH DUH XQDEOH WR SRVLWLYHO\ LGHQWLI\ WKH FRQWHQWV RI H[  FRO Lv 6KRXOG H[V  ˡ   ˡ  DQG  EH H[HP SODUV RI WH[W QR  WKHQ WKRVH IUDJPHQWV ZRXOG SUH



VHUYH WKH IROORZLQJ OLQHV RI WKDW LQVFULSWLRQ H[  LV LQVFULEHG ZLWK L ˡ LL ˡ>@ LLL ˡ DQG YLLL vˡv H[  KDV L ˡ LL ˡv DQG LLL ˡ H[  SUHVHUYHV L ˡ DQG LL >@ˡv H[  KDV L ˡ DQG LL ˡ ZULWWHQ RQ LW H[  LV LQVFULEHG ZLWK L ˡ>@ DQG YLLL vˡ>@ H[  KDV L ˡ DQG L vˡv H[  SUHVHUYHV L ˡ>@ YLL ˡ DQG YLLL vˡ>v@ H[  KDV YLLL vˡvv ZULWWHQ RQ LW H[  LV LQVFULEHG ZLWK L >@ˡv DQG LL vvˡvv H[  KDV L vˡv DQG YL ˡ H[  SUHVHUYHV L vˡLL  DQG LL vvˡvv H[  KDV LL ˡ>@ LLL ˡ>@ DQG LY ˡ>@ ZULWWHQ RQ LW H[  LV LQVFULEHG ZLWK LL ˡ>@ LLL ˡ>@ DQG LY ˡ>@ H[  KDV LL vˡ>@ DQG LLL ˡ>@ H[  SUHVHUYHV LL >@ˡvv DQG LLL vˡv H[  KDV LL vvˡvv DQG LLL vˡv ZULWWHQ RQ LW H[  LV LQVFULEHG ZLWK LY ˡv H[  KDV LY >@ˡv H[  SUHVHUYHV YL ˡ DQG ˡYLL  H[  KDV YL ˡ ZULWWHQ RQ LW H[  LV LQVFULEHG ZLWK YL ˡYLL  DQG YLLL vˡv H[  KDV YLL ˡv H[  SUHVHUYHV YLLL vˡv H[  KDV L vˡv ZULWWHQ RQ LW H[  LV LQ VFULEHG ZLWK L vˡLL  DQG LL vvˡLLL  DQG H[  KDV LY vˡv :LWK UHJDUG WR H[   )UDKP 6DQKHULE S  WHQ WDWLYHO\ VXJJHVWV WKDW WKLV IUDJPHQW LV PRUH OLNHO\ D GXSOLFDWH RI WH[W QR  EDVHG RQ WKH OLQH GLYLVLRQV ([  LV NQRZQ IURP )07K %¸KOˤV WUDQVOLWHUDWLRQ LQ WKH ˦%¸KO $UFKLYH˧ LQ /HLGHQ ZKLFK KH SUHVXP DEO\ FRSLHG LQ  LQ WKH ,UDT 0XVHXP DQG ZKLFK KH UHSRUWV ZDV SXUFKDVHG IURP D GHDOHU LQ 0RVXO %¸KOˤV WUDQVOLWHUDWLRQ ZDV XQDYDLODEOH IRU VWXG\ DQG WKXV LWV HQWU\ LQ WKH VFRUH DSSHDUV DV HOOLSVHV  LQ WKH UHO HYDQW SDVVDJHV $FFRUGLQJ WR )UDKP 6DQKHULE S  H[ 99 FRO ˦L˧ FRUUHVSRQGV WR WH[W QR  L ˡ  L ˡ RI WKLV WH[W DQG FRO ˦YL˧ GXSOLFDWHV KLV %DXE OLQHV ˡ  YL ˡ RI WKLV WH[W  - 5HDGH VXJJHVWV WKDW %0  H[  DQG %0  H[  FRXOG EHORQJ WR WKH VDPH SULVP WKLV LV EDVHG RQ WKH VFULSW DQG WKH FRORU RI WKH FOD\ )UDKP 6DQ KHULE S  VXJJHVWV WKDW %0  H[  DQG %0  H[  FRXOG EHORQJ WR WKH VDPH SULVP VLQFH WKH\ ERWK KDYH D VLPLODU EODFN OD\HU DQG RWKHU VLPLODU SK\VLFDO FKDUDFWHULVWLFV 7KLV PD\ EH VR EXW LW LV EHVW WR HGLW WKHP LQGLYLGXDOO\ KHUH 6KRXOG H[V  ˡ EH H[HPSODUV RI WH[W QR  RU WH[W QR  WKHQ WKRVH IUDJPHQWV ZRXOG SUHVHUYH WKH IROORZLQJ OLQHV RI WKRVH LQVFULSWLRQV H[  SUHVHUYHV WH[W QR  L vˡvDQG YLLL vvˡvv RU WH[W QR  L ˡ DQG YLLL ˡ DQG H[  KDV WH[W QR  LL ˡ>@ DQG LLL ˡ RU WH[W QR  L ˡ DQG LL ˡ ZULWWHQ RQ LW 6KRXOG H[V  ˡ EH H[HPSODUV RI WH[W QR  WKHQ WKRVH WZR IUDJPHQWV ZRXOG SUHVHUYH WKH IROORZ LQJ OLQHV RI WKDW LQVFULSWLRQ H[  SUHVHUYHV WH[W QR  LL ˡ LLL ˡ DQG LY ˡ DQG H[  LV LQVFULEHG ZLWK WH[W QR  YLL ˡ )UDKP 6DQKHULE S  VXJJHVWV WKDW $  H[  DQG 1' 



6HQQDFKHULE 

H[  DUH SUREDEO\ H[HPSODUV RI WKLV LQVFULSWLRQ UDWKHU WKDQ FRSLHV RI WH[W QR  :LWK UHJDUG WR SURYHQDQFH PRVW RI WKH H[HP SODUV FRPH IURP 1LQHYHK EXW D IHZ ZHUH GLVFRYHUHG DW $ğğXU H[V  DQG  ˡ DQG .DOȏX H[   7KH IUDJPHQWV FRPSULVLQJ H[  ZHUH SXUFKDVHG IURP WKH 3DULVLDQ DQWLTXLWLHV GHDOHU , *«MRX )UDKP 6DQ KHULE SS  DQG  SURSRVHV WKDW WKRVH SLHFHV PD\ KDYH RULJLQDWHG IURP 1LQHYHK $UHD 6+ ([  ZDV DFTXLUHG E\ &- 5LFK DQG SXUFKDVHG E\ WKH %ULWLVK 0XVHXP IURP 0UV 5LFK LQ  IRU GHWDLOV RQ WKH 5>LFK@ FROOHFWLRQ DOVR   VHH 6WROSHU 6WXG LHV /DUVHQ SS ˡ DQG 5HDGH LQ 6HDULJKW $VV\U LDQ 6WRQH 9HVVHOV S  ([  ZDV EURXJKW WR 5RPH IURP 0RVXO E\ 0D[LPLOLDQ 5\OOR ˡ  D -H VXLW )DWKHU DQG SUHVHQWHG WR 3RSH *UHJRU\ ;9, LQ  )RU GHWDLOV RQ WKLV JLIW IURP 5\OORˤV ˦H[SHGLWLR %DE\ORQLFD˧ VHH 3HLVHU 2/=   FROV ˡ DQG %XGJH %\ 1LOH DQG 7LJULV  SS ˡ

2QH PLJKW SUHIHU WR XVH %0  H[  DV H[HPSODU  DQG WKH PDVWHU WH[W EHFDXVH LW LV WKH HDUOLHVW LQ GDWH EXW %0  H[  LV XVHG LQ VWHDG VLQFH LW LV EHWWHU SUHVHUYHG 7KH OLQH QXPEHULQJ IROORZV H[  ZKHQ SRVVLEOH EXW WKH PDVWHU OLQH LV D FRQIODWHG WH[W EHFDXVH RI WKH IUDJPHQWDU\ QDWXUH RI H[  DV ZHOO DV RI WKH RWKHU FHUWDLQ H[HPSODUV  7KH OLQH FRXQW RI WKLV HGLWLRQ LV EDVHG RQ WKH IROORZLQJ H[HPSODUV ([  LQ L ˡ ˡ LL ˡ ˡ LLL ˡ ˡY  ˡYL  ˡYLL  ˡ DQG YLLL ˡ H[  LQ L ˡ LL ˡ ˡ LLL ˡ Y ˡ YL ˡ YLL ˡ DQG YLLL ˡ H[  LQ L ˡ LL ˡ DQG LLL ˡ H[  LQ LL ˡ H[  LQ LL ˡ H[  LQ LLL ˡ H[  LQ LL ˡ DQG H[  LQ LLL  $ VFRUH RI WKH LQVFULSWLRQ LV SUHVHQWHG RQ WKH &'520 5HVWRUDWLRQV DUH EDVHG RQ WH[W QR  WH[W QR  DQG WH[W QR  SUHIHUHQFH LV JHQHUDOO\ JLYHQ WR WH[W QR 

%,%/,2*5$3+< 

* 6PLWK 6HQQ SS     ˡ VWXG\ Y ˡ HGLWLRQ  %H]ROG &DW  SS   DQG  H[V     VWXG\  %H]ROG LQ 6FKUDGHU .%  SS ˡ H[V    YDULDQWV >RI WH[W QR  L ˡLY @  0HLVVQHU DQG 5RVW %L6 SS  ˡ DQG ˡ DQG SOV ˡ H[  LLvˡLLLv FRS\ HGLWLRQ  %H]ROG &DW  SS  ˡ      DQG  H[V  ˡ  ˡ   ˡ   ˡ  VWXG\  :LQFNOHU 2/=  FRO  H[  LLv VWXG\  3HLVHU 2/=  FRO  QR  H[  HGLWLRQ ˡ %H]ROG =$  SS ˡ H[  VWXG\  .LQJ &DW SS [L[ˡ[[LY QR  DQG S  QR  H[V    VWXG\ YLL ˡ VWXG\  2OPVWHDG +LVWRULRJUDSK\ S  H[  VWXG\  /XFNHQELOO 6HQQ SS    DQG  Q  +H DQG J H[V ˡ  VWXG\ YLL ˡ YDULDQWV >RI WH[W QR  YLL ˡYLL  DQG WH[W QR  L ˡLY @  %¸KO 0/96  S  Q  H[   VWXG\  7KRPSVRQ ,UDT  S  YLL ˡ VWXG\  .QXGVHQ ,UDT  S  DQG SO ;;,, H[V     FRS\ VWXG\  5HLQHU -1(6  SS ˡ YLL ˡ VWXG\  */ 5XVVHOO 6HQQ SS   DQG ˡ H[  VWXG\ YDULDQWV >RI WH[W QR  YLL ˡYLL @  /DPEHUW DQG 0LOODUG &DW SS      ˡ  ˡ ˡ  ˡ  DQG  H[V  ˡ 

                

 ˡ       ˡ    VWXG\ 0LOODUG $I2  S  H[  GDWH VWXG\ &RRSHU -&6  SS ˡ H[   HGLWLRQ 5HDGH -&6  SS  DQG  VWXG\ %RUJHU %$/ SS ˡ  DQG  VWXG\ &RJDQ $I2  S  Q  H[  VWXG\ /DPEHUW &DW S  H[  VWXG\ 3RQJUDW]/HLVWHQ ,QD ĞXOPL éUXE SS ˡ H[  YDULDQWV >RI WH[W QR  YLL ˡYLL @ %RUJHU %,:$ R +HIW PLFURILFKH  ˡ DQG  H[  >$ @    >$   $ @   WUDQVOLWHUDWLRQ )UDKP 6DQKHULE SS ˡ DQG  7  H[V ˡ  VWXG\ Y ˡYLLL  HGLWLRQ 3HGHUV«Q .DWDORJ SS   DQG  H[  ˡ  VWXG\ %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ ˡ ˡ ˡ QR  ˡ 7H[WEDXVWHLQ ˡ DQG 7DEOH  YLL ˡYLLL  HGLWLRQ VWXG\ 0LWFKHOO DQG 0LGGOHWRQ -&6  S  Y ˡD VWXG\ %LFKOHU DQG 5ROOLQJHU 6WXGLHV 6FKUHWWHU S  YLL ˡ WUDQVODWLRQ &RJDQ 5DJLQJ 7RUUHQW SS ˡ QR  Y ˡ WUDQVODWLRQ VWXG\ )UDKP -&606  SS ˡ Y ˡ YLL ˡ WUDQVODWLRQ VWXG\ )UDKP .$/  SS  ˡ DQG  QR  H[   FRS\ HGLWLRQ )UDKP 5/$ ˡ S  VWXG\

7(;7 &RO L  >PG@(1=8Ğ(Ğ0(ĞHULED  ΢/8*$/Σ *$/΢¼Σ /8*$/ GDQQX  ΢/8*$/Σ NLğğ£WL /8*$/ .85 DğğXU.,

L ˡ 6HQQDFKHULE JUHDW NLQJ VWURQJ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD NLQJ RI WKH IRXU TXDUWHUV RI WKH ZRUOG  L  FDSDEOH VKHSKHUG IDYRULWH RI WKH JUHDW

L ˡLY  7KHVH OLQHV JHQHUDOO\ GXSOLFDWH WH[W QR  L ˡY  DSDUW IURP RUWKRJUDSKLF YDULDQWV VHH WKH RQSDJH QRWHV RI WKDW WH[W IRU FRPPHQWV

6HQQDFKHULE 

                      

΢/8*$/Σ NLEUDW /008WLP ΢5(Σ‹80 LWSHğX ΢PLΣJLU ',1*,50(Ğ *$/0(Ğ >QD@΢ȻLUΣ NLWWL UDƮLLP PLğ£UL ΢HΣSLğ ¼VDDWL DOLN WDSSXXW DNLL VDȃLUX GDPTDDWL HɅOXP J¯WPDOXP ]LNDUX TDUGX Dğ£UHG NDO PDONL UDSSX ODƮLLɅ OD PDJLUL PXğDEULTX ]DPDDQL GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ ¼ğDWOLPDDQQLPD 8*8 JLPLU DğLE SDUDNNL ¼ğDUEDD *,Ğ78.8/0(ĞLD XOWX $$%%$ HOHQLWL ğD ğ»OPX G878ğL DGL WDPWLP ğDSOLWL ğD ΢ȻLΣLW G878>ğL@ JLPUL ȻDOPDW 6$*'8 ¼ğDN>QLğ ğHSX¼D@ » PDONL ğHSȻXWL HGX΢UXΣ >WDȃD]L@ GD£GPHğXXQ H΢]LΣ>EXPD@ NLPD VXWLQQL QLJL>LȻȻL@ HGLğ LSSDUğ¼ DğDU OD ΢ƮDΣ>DUL@

       

LQD PDȃUHH JHU΢ULΣ>LD@ ğD PG$0$5878΢,%,/$Σ>6801$@ /8*$/ .85N£UG΢GXQΣ>¯D¢ğ@ DGL (5,0Ȏ,$ (/$00$΢.,Σ >UHȻLğ¼@ LQD WDPLUWL NLğ., >£ğWDNDQ %$'̏%$'̏ğ¼@ LQD 0858%̎ WDPȃDUL >ğXDWX@ H]LE .$5$ĞVX H>GLğ LSSDUğLGPD@ QDSLğWXğ HɅ¯LU *,Ğ*,*,50(Ğ ΢$1Ğ(Σ>.855$0(Ğ@ *,ĞȻXXPEL $1Ğ(>.81*$0(Ğ@ ğD LQD TLWUXXE WD>ȃD]L@ ¼PDğğLUX LNğXGD ΢Ğ8Σ,,΢DDΣ DQD ‹*$/ğ¼ ğD T«UHE .ƒ',1*,55$., ȃDGLğ HUXXPPD ΢DSΣWHHPD ‹ QLȻLUWL΢ğ¼Σ .›*, .›%$%%$5 ¼QXXW .›*, .›%$%%$5 1$̎ DTDUWX PLPPD ğXPğ¼ 1*Ğ8 1**$ OD QLEL >NDELWWX@ *81 08186810(Ğ ‹*$/ğ¼ ΢/œΣ>7,580@0(Ğ /œPDQ]DD] SDQL /œ>1$50(Ğ@ 081861$50(Ğ VLȃLUWL XPPDDQL ΢PDΣOD EDğX¼ PXWWDEELOXW¼ ‹*$/Xğ ¼ğHȻD>DPPD@ ΢ğDOΣODWLğ DPQX LQD ΢HΣ>PXT G@΢DğğXUΣ (1LD  8580(Ğ΢ğ¼Σ GDQQXWL ‹ %‚'0(ĞQL ğD .85NDO΢GL »Σ  0(  8580(ĞQL 7850(Ğ >ğD@ OLPHWLğ¼QX DOPH .85XG £ğOX΢OD ğDOODΣVXXQ /œ¼UEL ΢/œΣDUDPX /œNDOGX ğD T«UHE ΢818*.,Σ 1,%58., NLğ., 858ȃXU>VDJNDODP@΢PDΣ *œ'8̒$., =,0%,5.,

                     



JRGV >JXDU@GLDQ RI WUXWK ZKR ORYHV MXVWLFH UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHDN L  DQG VWULYHV DIWHU JRRG GHHGV SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQWUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQHPLHV ZLWK OLJKWQLQJ

L ˡ 7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDOOHG VRYHUHLJQW\ DQG PDGH P\ ZHDSRQV JUHDWHU WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLVHV +H PDGH DOO RI WKH EODFNKHDGHG SHRSOH IURP WKH 8SSHU 6HD L  RI WKH 6HWWLQJ 6XQ WR WKH /RZHU 6HD RI WKH 5LVLQJ 6X>Q@ ERZ >GRZQ DW P\ IHHW@ 7KXV GLG UHFDOFLWUDQW UXOHUV FRPH WR IHDU >EDWWOH ZLWK PH@ :KLOH WKH\ ZHUH DE>DQGRQLQJ@ WKHLU VHWWOHPHQWV L  WKH\ IOHZ DZD\ DORQH OLNH EDWV OLYLQJ LQ FUHY>LFHV@ WR LQDF>FHVVLEOH@ SODFHV 

L ˡ 2Q >P\@ ILUVW FDPSDLJQ >, EURXJKW DERXW WKH GHIHDW@ RI 0DUGXNDSOD>LGGLQD@ ,, 0HURGDFKEDOD GDQ  NLQJ RI .DUGXQ>LDğ@ %DE\ORQLD  L  WRJHWKHU ZLWK WKH WURRSV RI WKH ODQG (ODP >KLV DOOLHV@ LQ WKH SODLQ RI .LVK ,Q WKH PLGVW RI >WKDW@ EDWWOH KH DEDQGRQHG KLV FDPS >IOHG@ D>ORQH DQG@ WKHUHE\ VDYHG KLV OLIH L  , VHL]HG WKH FKDULRWV KR>UVHV@ ZDJRQV DQG PX>OHV@ WKDW KH KDG DEDQGRQHG LQ WKH WKLFN RI ED>WWOH@

L ˡ , MR\IXOO\ HQWHUHG KLV SDODFH ZKLFK LV LQ %DE\ORQ WKHQ L  , RSHQHG KLV WUHDVXU\ DQG EURXJKW >RXW@ JROG VLOYHU JROG DQG VLOYHU XWHQVLOV SUHFLRXV VWRQHV DOO NLQGV RI SRVVHVVLRQV DQG SURSHUW\ ZLWKRXW QXPEHU >D VXEVWDQWLDO@ WULEXWH WRJHWKHU ZLWK KLV SDODFH ZRPHQ F>RXUWLHU@V DWWHQGDQWV L  PDOH >VLQJHUV@ IHPDOH VLQJHUV DOO RI WKH FUDIWVPHQ DV PDQ\ DV WKHUH ZHUH DQG KLV SDODFH DWWHQGDQWV >DQG@ , FRXQWHG WKHP DV ERRW\

L ˡ :LWK WKH >VWUHQJWK RI WKH JRG@ $ğğXU P\ ORUG , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG  RI KLV IRUWLILHG FLWLHV IRUWUHVVHV RI &KDOGHD DQG  VPDOOHU VHWWOHPHQWV >LQ@ WKHLU HQYLURQV , EURXJKW RXW WKH DX[LO LDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV L  ZKR ZHUH LQ 8UXN 1LSSXU .LVK ȎXU>VDJNDOD@PD &XWKD DQG 6LSSDU >WRJHWKHU ZLWK WKH@ JXLOW\ >FLW@L]HQV DQG , FRXQWHG WKHP DV ERRW\



                      

6HQQDFKHULE 

>DGL '8080(Ğ@ ΢858Σ (1 ȃLLɅɅL ΢¼ğHΣȻDDPPD ğDOODWLğ DPQX >LQD WD@΢DΣDDUWLLD >/œWXƮX@΢PXΣQD /œULȃLȃX >/œLDGDT@TX /œ¼EXGX >/œJLEUH@H /œPD΢ODΣȃX >/œJXUX@PX /œ¼EXOX >/œGDPX@΢QXΣ /œJDPEXOX >/œȃLLQ@΢GDΣUX /œUXƮX¼D /œSXTXGX /œȃDDPUDDQX /œȃDJDUDQX /œQDEDWX /œOLLƮWDD¼ /œDUDPX OD NDQğXWL PLWȃDULğ DNğXGXG  0(  /,0 810(Ğ 785 *$/ 1,7$ X 08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ ğD OD QLEL ğDOODWX NDELWWX £ğOXOD DQD T«UHE .85 DğğXU., LQD PHWLLT JHUULLD ğD PG$*(1080(Ğ /œT¯SL 858ȃDUDUDWL .›*, .›%$%%$5 *,ĞPXVXNNDQQL *$/0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ WDPDUWDğ¼ NDELWWX DPȃXU EDȃXODWH 858ȃLULPPH /œ.œ5 DNȻL LQD *,Ğ78.8/0(Ğ ¼ğDPTLWPD HGX XO H]LE SDJULğ¼XQ LQD JDğLğL DOXOPD

     &RO LL  VLȃLUWL 858 ¼ğDOPH  QDJX¼ ğXDW¼ DQD HğğXWL DȻEDW  HQ *8̎  8'80(Ğ  $1Ğ( *,Ğ*(Ğ7,1  $1Ğ( =œ/800$  UHğHWHğX DQD ',1*,50(ĞQL .85 DğğXU.,  (10(ĞLD ¼NLQ G¢ULğDP              

LQD H JHUULLD GDğğXU EHO¯ ¼WDNNLODQQLPD DQD .85 /œNDğğLL » .85 /œLDVXELJDOODDD ğD XOWX XOOD DQD /8*$/0(ĞQL $'0(ĞLD OD NLWQXğX OX DOOLN T«UHE ȃXUğ£DQL ]DTUXWL $Ğ‚ QDPUDȻL LQD $1Ğ(.855$ DUNDEPD *,Ğ*,*,5 *Ž5,,LD LQD WLLNNDWL ¼ğ££ğğL £ğUX ğXSğXTX LQD *Ž5,,LD ULPDQLğ DWWDJJLğ 858‹PNLODP]DDȃ 858ȃDDUGLğSL 858‹>P@΢NXΣ>EDWWL@ 8580(Ğğ¼QX ‹ %‚'0(ĞQL GDQ΢QXΣ>WL DOPH .85XG@ 810(Ğ $1Ğ(.855$0(Ğ >$1Ğ(.81*$0(Ğ@ $1Ğ(0(Ğ ΢*8̎Σ0(Ğ » ΢86̏Σ>8'8Ȏ,$@ XOWX >THUELğ¼XQ ¼ğHȻDDPPD@ ğDOOD>WLğ DPQX » 8580(Ğğ¼QX 7850(Ğ@

L ˡ >2Q@ P\ >UHWX@UQ PDUFK , GHIHDWHG DOO WR JHWKHU WKH >7XƺX@PXQD 5LȏLȏX >*LEU@¬ 0DODȏX >*XUX@PX 8EXOX >'DPX@QX *DP EXOX L  >ȎLQ@GDUX 5XƺXƺD 3XTXGX ȎDPUÃQX ȎD JDUÃQX 1DEDWX DQG /LƺWDƺX LQVXEPLVVLYH $UDPHDQV , FDUULHG RII LQWR $VV\ULD D VXEVWDQWLDO ERRW\ L  FRQVLVWLQJ RI  SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH KRUVHV PXOHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV ZKLFK ZHUH ZLWKRXW QXPEHU

L ˡ ,Q WKH FRXUVH RI P\ FDPSDLJQ , UHFHLYHG D VXEVWDQWLDO DXGLHQFH JLIW IURP 1DE½EÕOğXPÃWL WKH RIILFLDO LQ FKDUJH RI WKH FLW\ ȎDUDUDWX JROG VLOYHU ODUJH PXVXNNDQQXWUHHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV

L ˡLL  , SXW WR WKH VZRUG WKH SRSXODWLRQ RI WKH FLW\ ȎLULPPX D GDQJHURXV HQHP\ DQG , GLG QRW VSDUH D VLQJOH RQH , KXQJ WKHLU FRUSVHV RQ SROHV DQG LL  SODFHG WKHP DURXQG WKH FLW\ , UHRUJDQL]HG WKDW GLVWULFW DQG LPSRVHG IRU HWHUQLW\ RQH R[ WHQ VKHHS WHQ KRPHUV RI ZLQH DQG WZHQW\ KRPHUV RI GDWHV DV KLV ILUVWIUXLWV RIIHULQJV WR WKH JRGV RI $VV\ULD P\ ORUGV

LL ˡ 2Q P\ VHFRQG FDPSDLJQ WKH JRG $ğğXU P\ ORUG HQFRXUDJHG PH DQG , PDUFKHG WR WKH ODQG RI WKH .DVVLWHV DQG WKH ODQG RI WKH , VXUURXQGHG DQG FRQTXHUHG@ WKH FLWLHV %êW.LODP]Dȏ ȎDUGLğSX DQG %êW.X>EDWWL@ WKHLU IRU WLI>LHG@ ZDOOHG FLWLHV >, EURXJKW RXW@ RI >WKHP@ SHRSOH KRUVHV >PXOHV@ GRQNH\V R[HQ DQG VKH>HS DQG JRDWV DQG , FRXQWHG@ WKHP DV ERR>W\ 0RUHRYHU , GHVWUR\HG GHYDVWDWHG DQG WXUQHG@ LQWR UXLQV >WKHLU VPDOOHU VHWWOHPHQWV@ LL  ZKLFK ZHUH >ZLWK@RXW QXP>EHU , EXUQHG ZLWK ILUH SDYLOLRQV DQG WHQWV@ WKHLU >DE@RGHV >DQG@ UHGXFHG WKHP >WR DVKHV@

6HQQDFKHULE 

                                                   

ğD ΢QLΣ>ED OD L@΢ğX¼Σ >DSSXO DTTXU ¼ğHPH@ ΢NDUΣPHğ >‹ (',1 NXOWDUL PX@΢ğ£ELğ¼ΣQX >LQD G*,Ğ%$5 DTPXPD GLWDOOLğ ¼@ğHPH >¼WHUPD 858‹PNLODP]DDȃ ğX@D΢WXΣ >DQD 858ELUWXWL DȻEDW 8*8 ğD X̎PH@ ΢SDQLΣ >%‚'0(Ğğ¼ ¼GDQ@΢QLQPDΣ >810(Ğ .85.85 NLğLWWL Ğ8,,@΢LDΣ LQD ΢Ğ‚ ¼ΣğHğLE >810(Ğ .85@ ΢/œΣNDğğL΢LΣ >» .85 /œLD@VXELJDOOD΢DDΣ >ğD ODSDDQ@ ΢*,ĞΣ78.8/0(ĞLD LSSDUğLG΢GXΣ ΢XOWXΣ T«UHE .85L ¼ğHULGDPPD LQD 858ȃDUGLğSL 858‹PNXEDWWL ¼ğDUPH LQD Ğ8,, /œğXXW 6$*LD /œ(11$0 858DUUDSȃD DPQXğ¼QXWL 1$̎1$5œ$ ¼ğHSLğPD OLLWXP NLğLWWL Ğ8,, ğD 8*8ğXXQ £ğWDNNDQX ȻHUXXğğ¼ ¼ğ££ğɅLUPD LQD THUEL 858 XO]L] SDDQ QLULLD ¼WHUPD DQD .85HOOLSL DȻȻDEDW ȃDUUDQX HOODPX¼D PLVSDEDDUD /8*$/ğXXQ 8580(ĞğX GDQQXWL ‹ QLȻLUWLğ¼ ¼PDğğLUPD DQD UXT«HWL LQQDELW JLPUL .85ğ¼ '$*$/WLP *,0 0858̓ DVȃXXS 858PDU¼ELğWL 858DNNXXGGX 8580(ĞQL ‹ /8*$/WLğ¼ DGL  8580(ĞQL 7850(Ğ ğD OLPHWLğ¼QX DOPH .85XG DSSXO DTTXU LQD G*,Ğ%$5 DTPX 810(Ğ 785 *$/ 1,7$ X 08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$ DQD OD PLQDP £ğOXODPPD DGL OD EDğLL ¼ğ£OLNğXPD ¼ȻDDȃȃLLU .85VX 858ȻLȻLLUWX 858NXXPPDDȃOXP 8580(ĞQL GDQQXWL DGL 8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX .85‹PEDDUUX¼ QDJX¼ DQD JLPLUWLğ¼ XOWX T«UHE .85ğ¼ DEWXTPD 8*8 PLȻLU .85 DğğXU., ¼UDGGL 858HOHQ]D£ğ DQD 858 /8*$/¼WL » GDQQDDW QDJHH ğXDWX DȻEDWPD 08ğ¼ PDȃUDD ¼QDNNLUPD 858NDUPG(1=8Ğ(Ğ0(ĞHULED DWWDEL QLELWVX 810(Ğ .85.85 NLğLWWL Ğ8,,LD LQD O®EEL ¼ğHğLE LQD Ğ8,, /œğXXW 6$*LD /œ(11$0 858ȃDUȃDU DPQX¼PD ¼UDSSLğ PDDWL LQD WDDDDUWLLD ğD .85PDGDDD UXTXWL ğD LQD /8*$/0(ĞQL $'0(ĞLD



LL ˡD >, PDGH WK@DW >FLW\ %êW.LODP]Dȏ D IRUWUHVV DJDLQ DQG , VWUHQJ@WKHQHG >LWV ZDOOV PRUH WKDQ EH@IRUH WKHQ , VHWWOHG WKHUHLQ >WKH SHRSOH RI WKH ODQGV WKDW@ , >KDG FRQTXHUHG@ , EURXJKW GRZQ IURP WKH PRXQWDLQV >WKH SHRSOH RI WKH ODQG RI@ WKH .DVVLWHV >DQG WKH ODQG RI WKH ZKR@ KDG IOHG >IURP@ P\ ZHDSRQV DQG , PDGH WKHP GZHOO LQ WKH FLWLHV ȎDUGLğSX DQG %êW.XEDWWL , SODFHG WKHP XQGHU WKH DXWKRULW\ RI D HXQXFK RI PLQH WKH JRYHUQRU RI WKH FLW\ $UUDSȏD LL  , KDG D VWHOH PDGH KDG DOO WKH YLFWRULRXV FRQTXHVWV WKDW , DFKLHYHG RYHU WKHP ZULWWHQ RQ LW DQG , HUHFWHG LW LQ WKDW FLW\

LL Eˡ , WXUQHG DURXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG LL  WRRN WKH URDG WR WKH ODQG (OOLSL %HIRUH P\ DUULYDO ,VSDEÃUD WKHLU NLQJ DEDQGRQHG KLV IRUWLILHG FLWLHV DQG KLV WUHDVXU\ DQG IOHG IDU DZD\ , RYHUZKHOPHG DOO RI KLV ZLGH ODQG OLNH D IRJ LL  , VXUURXQGHG FRQTXHUHG GHVWUR\HG GHYDVWDWHG DQG EXUQHG ZLWK ILUH WKH FLWLHV 0DUƺXELğWX DQG $NNXGGX FLWLHV RI KLV UR\DO KRXVH WRJHWKHU ZLWK WKLUW\IRXU VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV

LL ˡ , FDUULHG RII SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH KRUVHV PXOHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV ZLWKRXW QXPEHU WKHQ , EURXJKW KLP ,VSDEÃUD WR QRXJKW DQG PDGH KLV ODQG VPDOOHU , GHWDFKHG IURP KLV ODQG WKH FLWLHV ɆLɇ ɇLUWX DQG .XPPDȏOXP LL  IRUWLILHG FLWLHV WRJHWKHU ZLWK WKH VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV DQG WKH GLVWULFW RI WKH ODQG %êW%DUU½ LQ LWV HQWLUHW\ DQG , DGGHG WKLV DUHD WR WKH WHUULWRU\ RI $VV\ULD

LL ˡ , WRRN WKH FLW\ (OHQ]Dğ DV D UR\DO FLW\ DQG D IRUWUHVV IRU WKDW GLVWULFW WKHQ , FKDQJHG LWV IRUPHU QDPH DQG FDOOHG LW .ÃU6HQQDFKHULE LL  , VHWWOHG WKHUHLQ WKH SHRSOH RI WKH ODQGV WKDW , KDG FRQTXHUHG , SODFHG LW XQGHU WKH DXWKRULW\ RI D HXQXFK RI PLQH WKH JRYHUQRU RI WKH FLW\ ȎDUȏDU DQG WKXV HQODUJHG P\ ODQG

LL ˡ 2Q P\ UHWXUQ PDUFK , UHFHLYHG D VXEVWDQWLDO SD\PHQW IURP WKH GLVWDQW 0HGHV RI ZKRVH ODQG QRQH RI WKH NLQJV P\ DQFHVWRUV KDG KHDUG PHQWLRQ 7KXV



   

6HQQDFKHULE 

PDDPPDQ OD LğPX¼ ]LNLU .85ğ¼XQ PDQGDWDğ¼QX NDELWWX DPȃXU DQD QLUL EHOXWLLD ¼ğDNQLLVVXQXWL

 LQD ğDOğL JHUULLD  DQD .85ȃDDWWL OX DOOLN POXOLL /8*$/ 858ȻLGXXQQL   SXOȃL PHODPPH EHOXWLLD &RO LLL  LVȃXSXğXPD DQD ΢UXΣXTT¯  0858%̎ WDPWLP LQQDELWPD .85ğ¼ HPLG  858ȻLGXXQQX *$/¼  858ȻLGXXQQX ȻHHȃUX  858‹]LLWWL 858ȻDULLSW¼  858PDȃDOOLED 858¼ğX¼  858DN]LEL 858DNNX¼  8580(Ğğ¼ GDQQXWL ‹ %‚'0(ĞQL  DğDU ULLWL » PDğT¯WL  ‹ WXNODWHğX UDğXEEDW *,Ğ78.8/ GDğğXU (1LD  LVȃXSXğXQXWLPD LNQXğX ğHSX¼D PWXEDDƮOX LQD *,Ğ*8=$ /8*$/¼WL   8*8ğ¼XQ ¼ğHğLEPD *81 PDQGDDWWX  EHOXWLLD ğDWWLğDP OD EDDɅOX ¼NLQ ȻHUXXğğ¼  ğD PPLLQȃLLPPX 858VDPVLPXUXQDDD PWXEDDƮOX 858ȻLGXXQQDDD  PDEGLOLLƮWL 858DUXGDDD  P¼UXPLONL 858JXXEODDD  PPLWLLQWL 858΢DVΣGXGDDD  PEXGX',1*,5 .85‹΢PDPPDΣQDDD  PNDPPX΢VXΣQDDGEL .85΢PDƮDΣEDDD  PGDD΢UDPΣPX .85¼΢GXΣXPPDDD   /8*$/0(ĞQL .85 0$578., ΢NDΣOLğ¼XQ  ,*,6ƒH ğDGOXWL WD΢PDUWDΣğ¼QX NDELWWX  DGL ğ¼ ΢DQD PDȃΣULLD ΢LğΣğXQLPPD  ΢LğΣğL΢TX *Ž5,,ΣLD » PȻLLGTDD  >/8*$/ 858LVTD@΢DOΣOXQD ΢ğD OD LNΣQXğ¼  >DQD QLULLD ',1*,5@΢0(Ğ ‹ $'ğ¼ ğ£DğXΣ  >'$0VX '8080(Ğğ¼ '808081860(Ğğ¼ Ğ(Ğ0(Ğğ¼ 18081 ‹ $'ğ¼@  ΢DVVXȃDDPPDΣ >DQD .85 DğğXU., ¼UDğğX@  ΢P/8*$/OXG¢DULΣ >'808 PUXNLEWL /8*$/ğ¼QX@  PDȃ΢UXΣ>¼ 8*8 810(Ğ 858LVTDDOOXQD@  £ğNXQPD QD>GDQ@ ΢*81Σ >N¢G@΢UHHΣ EH΢OXWLΣ>LD@  HPLGVXPD Lğ£DɅD DEğ£>DQL@  LQD PHWLLT JHU΢ULΣ>LD@ 858‹GDJDQQD  858LDDSSX¼ 858EDQDDDEDUTD  858D]XUX 8580(ĞQL ğD PȻLLGTDD  ğD DQD *Ž5,,LD £UȃLğ OD ΢LNΣQXğX  DOPH .85XG £ğOXOD ğDOODVXXQ  /œ*Ž517$0(Ğ /œ1810(Ğ » 810(Ğ  858DPTDUUXQD ğD PSDGLL ΢/8*$/ğ¼QXΣ

, PDGH WKHP ERZ GRZQ WR WKH \RNH RI P\ ORUGVKLS

LL ˡLLL  2Q P\ WKLUG FDPSDLJQ , PDUFKHG WR WKH ODQG ȎDWWL )HDU RI P\ ORUGO\ EULOOLDQFH LLL  RYHUZKHOPHG /XO° WKH NLQJ RI WKH FLW\ 6LGRQ DQG KH IOHG DIDU LQWR WKH PLGVW RI WKH VHD DQG GLVDSSHDUHG 7KH DZHVRPH WHUURU RI WKH ZHDSRQ RI WKH JRG $ğğXU P\ ORUG RYHUZKHOPHG WKH FLWLHV *UHDW 6LGRQ /HVVHU 6LGRQ LLL  %êW=LWWL ɆDUHSWD 0DȏDOOLED 8ğ½ $N]LEX DQG $FFR KLV IRUWLILHG FLWLHV DQG IRUWUHVVHV DQ DUHD RI SDVWXUHV DQG ZDWHUSODFHV  LLL  UHVRXUFHV XSRQ ZKLFK KH UHOLHG DQG WKH\ ERZHG GRZQ DW P\ IHHW

LLL ˡ , SODFHG 7X%DƺOX RQ WKH UR\DO WKURQH RYHU WKHP DQG LPSRVHG XSRQ KLP WULEXWH DQG SD\PHQW LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS WR EH GHOLYHUHG \HDUO\ DQG ZLWKRXW LQWHUUXSWLRQ LLL ˡD $V IRU 0LQX ȏLPPX RI WKH FLW\ 6DPVLPX UXQD 7X%DƺOX RI WKH FLW\ 6LGRQ $EGL/LƺWL RI WKH FLW\ $UZDG ĦUX0LONL RI WKH FLW\ %\EORV 0LWLQWL RI WKH FLW\ $VKGRG LLL  %ħGLLO RI WKH ODQG %êW$PPRQ .DPPħVXQDGEL RI WKH ODQG 0RDE $\DUÃPX RI WKH ODQG (GRP DOO RI WKH NLQJV RI WKH ODQG $PXUUX WKH\ EURXJKW H[WHQVLYH JLIWV IRXU WLPHV WKH QRUPDO DPRXQW  DV WKHLU VXEVWDQWLDO DXGLHQFH JLIW EHIRUH PH DQG NLVVHG P\ IHHW

LLL Eˡ 0RUHRYHU DV IRU ɆLGT¤ >WKH NLQJ RI WKH FLW\ $V@KNHORQ ZKR KDG QRW ERZHG GRZQ >WR P\ \RNH@ , IRUFLEO\ UHPRYHG >WKH JRG@V RI KLV IDWKHUˤV KRXVH KLPVHOI >KLV ZLIH KLV VRQV KLV GDXJKWHUV KLV EURWKHUV DQG RWKHU RIIVSULQJ RI KLV IDWKHUˤV KRXVH LLL  DQG WRRN KLP WR $VV\ULD@ LLL ˡ , VHW ĞDUUXOħGÃUL >VRQ RI 5ħNLEWX WKHLU@ IRUPH>U NLQJ RYHU WKH SHRSOH RI WKH FLW\ $VKNHORQ@ DQG LPSRVHG XSRQ KLP WKH SD\>PHQW RI@ WULEXWH DQG >JLI@WV LQ UHFRJQLWLRQ RI >P\@ RYHUORUGVKLS VR WKDW KH QRZ SXOOV >P\@ \R>NH@ LLL ˡ ,Q WKH FRXUVH RI >P\@ FDPSDLJQ , VXU URXQGHG FRQTXHUHG DQG SOXQGHUHG WKH FLWLHV %êW 'DJDQQD -RSSD %DQD\DEDUTD DQG $]XUX WKH FLWLHV RI ɆLGT¤ WKDW KDG QRW VXEPLWWHG WR PH TXLFNO\ LLL ˡ $V IRU WKH JRYHUQRUV WKH QREOHV DQG WKH SHRSOH RI WKH FLW\ (NURQ ZKR KDG WKURZQ 3DG° WKHLU

6HQQDFKHULE 

     

(1 DGHH » PDPLW ğD .85 Dğ΢ğXUΣ>.,@ ELUHWX $1%$5 LGGXPD DQD >PȃD]DTLD¼@ .85LD¼GDDD LG>GLQXğ¼ QDNULğ@ DQD DQ]LOOL LSXğ¼ >LSO¢ȃ Ğ‚ğ¼XQ@ /8*$/0(ĞQL .85PXXȻ΢ULΣ >/œ(5,00(Ğ *,Ğ3$1@ *,Ğ*,*,50(Ğ $1Ğ(.855$0(Ğ ΢ğDΣ >/8*$/ .85PHOXȃȃL@

 HPXT¯ OD QLEL ΢LNΣ>WHUXQLPPD@  LOOLNX UHȻX>XVVXXQ@  LQD WDPLUWL 858>DOWDTX¼@  HOODPX¼D VL΢LGΣ>UX ğLWNXQX@  ¼ğ£ƮDOX *,Ğ>78.8/0(Ğğ¼XQ@  LQD WXNXOWL GDğğXU ΢(1Σ>LD@ LWWLğ¼XQ  DPGDȃLLȻPD £ğWDNDQ %$'̏>%$'̏ğ¼XQ@  /œ(1 *,Ğ*,*,50(Ğ » >'8080(Ğ /8*$/@  .85PXȻXUD΢DDΣ DGL /œ(1 *,Ğ*,*,50(Ğ  ğD >/8*$/@ .85PHOXȃȃD EDOɅXVXXQ  LQD 0858%̎ WDPȃDUL LNğXGD Ğ8,,DD  858DOWDTX¼ 858WDDPQDD  DOPH .85XG £ğOXOD ğDOODVXXQ  DQD 858DPTDUUXQD DTULEPD  /œ*Ž517$0(Ğ /œ1810(Ğ ğD ȃLLɅɅX  ¼ğDEğX¼ DGXNPD LQD GLPDDWH  VLȃLUWL 858 DOXO SDJULğ¼XQ  '8080(Ğ 858 HSLğ DQQL » J¯OODWL  DQD ğDOODWL DPQX VLLWWXWHğ¼QX  OD EDELO ȃLɅLWL » JXOOXOWL  ğD DUDDQğ¼QX OD LEğX¼  XğğXUğ¼XQ DTEL PSDGLL /8*$/ğ¼QX  XOWX T«UHE 858XUVDOLLPPX  ¼ğHȻDDPPD LQD *,Ğ*8=$ EHOXWL  8*8ğ¼XQ ¼ğHğLEPD PDQGDDWW¼  EHOXWLLD ¼NLQ ȻHUXXğğ¼  » PȃD]DTLD¼ .85LD¼GDDD  ğD OD LNQXğ¼ DQD QLULLD   8580(Ğğ¼ GDQQXWL ‹ %‚'0(ĞQL  » 8580(ĞQL 7850(Ğ ğD OLPHWLğ¼QX  ğD QLED OD LğX¼  LQD ğXNEXXV DUDPPH  » TLWUXXE ğXSHH &RO LY  PLWȃXXȻ ]XXN *Ž5,, SLOğL QLNVL  » NDOEDQQDWL DOPH .85XG   0( /,0  0(  810(Ğ 785 *$/ 1,7$ X         



NLQJ ZKR ZDV ERXQG E\ WUHDW\ DQG RDWKV WR $VV\U>LD@ LQWR LURQ IHWWHUV DQG ZKR KDG KD>QGHG KLP RYHU@ WR >+H]HNLDK@ RI WKH ODQG -XGDK >LQ D KRVWLOH PDQQHU@ LLL  >WKH\ EHFDPH IULJKWHQHG@ RQ DFFRXQW RI WKH YLOODLQRXV DFWV WKH\ KDG FRPPLWWHG 7KH\ IR>UPHG D FRQIHGHUDWLRQ ZLWK@ WKH NLQJV RI (J\SW DQG >WKH DUFKHUV@ FKDULRWV DQG KRUVHV RI >WKH NLQJ RI WKH ODQG 0HOXȏȏD@ IRUFHV ZLWKRXW QXPEHU >DQG@ WKH\ FDPH WR >WKHLU@ DL>G@ LLL ˡ ,Q WKH SODLQ RI WKH FLW\ >(OWHNHK@ WKH\ VKDUS HQHG >WKHLU ZHDSRQV ZKLOH GUDZLQJ XS LQ@ EDWWOHO>LQH@ EHIRUH PH :LWK WKH VXSSRUW RI WKH JRG $ğğXU >P\@ ORUG , IRXJKW ZLWK WKHP DQG GHIHDW>HG WKHP@ LLL  ,Q WKH WKLFN RI EDWWOH , FDSWXUHG DOLYH WKH (J\SWLDQ FKDULRWHHUV DQG >SULQFHV OLW ˦WKH VRQV RI WKH NLQJ˧ @ WRJHWKHU ZLWK WKH FKDULRWHHUV RI >WKH NLQJ RI@ WKH ODQG 0HOXȏȏD LLL ˡD , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG WKH FLWLHV (OWHNHK DQG 7DPQ¤ , DSSURDFKHG WKH FLW\ (NURQ DQG , NLOOHG WKH JRYHUQRUV DQG QREOHV ZKR KDG FRPPLWWHG FULPHV DQG KXQJ WKHLU FRUSVHV RQ WRZHUV DURXQG WKH FLW\ LLL  , FRXQWHG WKH FLWL]HQV ZKR KDG FRPPLWWHG WKH FULPLQDO DFWV DV ERRW\ DQG , FRPPDQGHG WKDW WKH UHVW RI WKHP WKRVH ZKR ZHUH QRW JXLOW\ RI FULPHV RU ZURQJGRLQJ WR ZKRP QR SHQDOW\ ZDV GXH EH DOORZHG WR JR IUHH LLL Eˡ , EURXJKW RXW 3DG° WKHLU NLQJ IURP WKH FLW\ -HUXVDOHP DQG SODFHG KLP RQ WKH ORUGO\ WKURQH RYHU WKHP WKHQ , LPSRVHG XSRQ KLP SD\PHQW LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS LLL ˡ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

08186 $1Ğ(.855$0(Ğ $1Ğ(΢.81*$Σ0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » 86̏8'8Ȏ,$

ğD OD QLEL XOWX THUELğ¼XQ ¼ğHȻDDPPD ğDOODWLğ DPQX ğ£΢DΣ>ğ¼ *,0 08Ğ(1@ TXXSSL T«UHE 858XUVDOLLPPD >858 /8*$/@΢WLΣğ¼ HV¯UğX 858Ȏ$/Ɇ8΢0(Ğ 8*8Σğ¼ ¼UDNNLVPD DȻHH .ƒ*$/ 858ğ¼ ¼WHUUD

LY ˡ $V IRU KL>P@ +H]HNLDK  , FRQILQHG KLP LQVLGH WKH FLW\ -HUXVDOHP KLV >UR\@DO >FLW\ OLNH D ELUG@ LQ D FDJH , VHW XS EORFNDGHV DJDLQVW KLP DQG PDGH KLP GUHDG H[LWLQJ KLV FLW\ JDWH , GHWDFKHG IURP KLV ODQG WKH FLWLHV RI KLV WKDW , KDG SOXQGHUHG DQG LY  ,



                                               

6HQQDFKHULE 

LN!NLEXXğ 8580(Ğğ¼ ğD £ğOXOD XOWX T«UHE .85ğ¼ DEWXTPD DQD PPLWLLQWL /8*$/ 858DVGXGL PSDGLL /8*$/ 858DPTDUUXQD » P*,668(1 /8*$/ 858ȃD]LWL DGGLQPD ¼ȻDDȃȃLLU .85VX HOL *81 PDȃULWL QDGDQ ğDWWLğ¼XQ PDQGDDWW¼ N¢GUHH EHOXWLLD ¼UDGGLPD ¼NLQ ȻHUXXğğ¼XQ ğX¼ PȃD]DTLD¼ SXOȃL PHODPPH EHOXWLLD LVȃXSXğXPD /œ¼UEL » /œ(5,00(Ğğ¼ 6,*̏0(Ğ ğD DQD GXQQXXQ 858XUVDOLLPPX ΢858 /8*$/Σ>WLğ¼@ ¼ğHULEXPD LUğX¼ >WLOODDWH@ LWWL  *81 .›*, > 0( *81 .›@΢%$%%$5 QLVLΣLTWL JXXȃOL >W£NN¢VVL@ ΢1$̎$1Σ=$*8/0( *$/0(Ğ >*,Ğ1ƒ0(Ğ =œ@ *,Ğ*8=$0(Ğ Q«PHGL =œ .8Ğ $06, =œ $06, *,Ğ(6, *,Ğ7œ* PLPPD ΢ğXPğ¼Σ QLȻLUWX NDELWWX ΢»Σ '808081860(Ğğ¼ 08186810(Ğ ‹΢*$/Σğ¼ ΢/œ1$5Σ0(Ğ 081861$50(Ğ DQD T«UHE 1,1$., ΢858Σ EHOXWLLD (*,5LD ¼ğHELODPPD >D@QD QDGDQ PDQGDDWWL » HSHğ ΢$5$'¼ΣWL LğSXUD UDNEXğ¼ >L@QD ΢ΣH JHUULLD GDğğXU EHO¯ ¼WDNNLODQQLPD XPPDQDWHLD JDSğ£DWH DGNHHPD DQD .85‹PLDNLQ̑ DODNX DTEL LQD PHWLLT JHUULLD ğD PğX]XEL /œNDOG¢DD DğLE T«UHE 'DJDPPH LQD 858΢ELΣLWWX¼WX £ğWD΢NDQ %$'̏%$'̏ğ¼Σ ğX¼ ȃXUEDğX ΢WDȃD]LLDΣ 8*8ğ¼ LPTXWPD ΢LWUXNX Ğ‚ğXΣ NLPD D]]DUL ΢HGLğ LSSDUğLGPDΣ >XO@ LQQDPLU DğDUğ¼ >SD@΢DQ QLULLDΣ ¼WHUPD >DQD@ ΢.85‹PLDNLQ̑ DȻΣȻDEDW ȃDUUDQX >ğX@΢¼ PG$0$5878,%,/$Σ6801$ ΢ğD LQD DODN .$6.$/LDΣ PDȃUHH >%$'̏%$'̏ğ¼ £ğNXQXPD ¼SDUUL@΢UXΣ HOODWVX >ULJLP *,Ğ78.8/0(ĞLD GDQ@QXWL >» WLLE WDȃD]L@΢LDΣ H]]L >HGXUPD DQD 858QDJLWL@΢UDDTΣT¯ >ğD TDEDO WDPWLP LȻȻXULğ LS@SDULğ ΢Ğ(Ğ0(ĞΣ>ğ¼ 18081 ‹ $'ğ¼@ ğD ¼PDğğLUX DȃL WDPWLP DGL VLLWWL 810(Ğ .85ğ¼ XOWX .85‹PLDNLQ̑ T«UHE 'DJDPPH

JDYH WKHP WR 0LWLQWL WKH NLQJ RI WKH FLW\ $VKGRG 3DG° WKH NLQJ RI WKH FLW\ (NURQ DQG ɆLOOL%ÕO WKH NLQJ RI WKH FLW\ *D]D DQG WKHUHE\ PDGH KLV ODQG VPDOOHU 7R WKH IRUPHU WULEXWH WKHLU DQQXDO JLYLQJ , DGGHG WKH SD\PHQW RI JLIWV LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS DQG LPSRVHG LW XSRQ WKHP

LY ˡ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

LY ˡ >2@Q P\ IRXUWK FDPSDLJQ WKH JRG $ğğXU P\ ORUG HQFRXUDJHG PH LY  VR WKDW , PXVWHUHG P\ QXPHURXV WURRSV DQG RUGHUHG WKH PDUFK WR WKH ODQG %êWQRW@ EH IRXQG LY ˡ , WXUQHG >DU@RXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG WRRN WKH URDG >WR@ WKH ODQG %êW+@H ˢ 0DUGXNDSODLGGLQD ,, 0HURGDFKEDODGDQ  >ZK@RP >, KDG GHIHDWHG DQG@ ZKRVH IRUFHV >, KDG VFDWWHU@HG GXULQJ P\ ILUVW FDPSDLJQ ˢ LY  >EHFDPH IULJKWHQHG E\ WKH FODQJRU RI P\ PLJ@KW\ >ZHDSRQV DQG@ P\ ILHUFH >EDWWOH DUUD\ +H@ IOHZ DZD\ >OLNH D ELUG WR WKH FLW\ 1DJêWH@UDTTL >ZKLFK LV LQ WKH PLGVW RI WKH VHD@ , EURXJKW >KLV@ EURWKHUV >WKH VHHG RI KLV IDWKHUˤV KRXVH@ ZKRP KH KDG DEDQGRQHG DW WKH VKRUH RI WKH VHD WRJHWKHU ZLWK WKH UHVW RI WKH SHRSOH RI KLV ODQG LY  RXW RI WKH ODQG %êWXOWX THUELğ¼@XQ £ğOXOD DSSXXO DTTXU LQD G*,Ğ%$5 DTPX

       

LQD ğDOODW .850(Ğ ğ£WLQD ğD £ğOXOD  /,0 *,Ğ3$1  /,0 *,ĞDULWX LQD O®EELğ¼QX DNȻXUPD 8*8 NLȻLU /8*$/WLLD ¼UDGGL VLLWWL ğDOODW QDNLUL NDELWWX DQD JLPLU .$5$ĞLD » /œ(11$00(ĞLD 810(Ğ PDȃD]DQLLD *$/0(Ğ ΢NLΣPD ȻHHQL OX ¼]DƮLL]

       

L΢QDΣ >X̎PHğX@΢PDΣ 1,1$., PDȃD]X ȻL΢LΣ>UX 858@ ΢QDΣUDP GLğWDU ğD QDS΢ȃDUΣ >NLGX@GHH ',1*,50(Ğ » G΢,ĞΣ>7$50(Ğ@ ΢EDΣğX¼ T«UHEğ¼ WHPPHHQQX ΢GDΣ>UXX GX@΢UXXğΣ ȻDDWH ğD XOWX XO΢ODΣ >LWWL@ ğLɅLU EXUX¼>PH@ HȻUDWVX HȻ΢UHWΣ>PD ğXSX@΢¼Σ ȻLLQ΢GXΣ>ğ¼@ £ğUX QDNOX ğXEDW ΢SLΣ>ULğWH ğ£ PLPPD ğXPğ¼@ ğLSLU QLNLOWL JL>PLU SHOOXGHH@ QLȻLUWL O¢O΢JDUΣ >ğXWDEXOX̎ T«UHEğ¼@ ğD XOWX XOOD >/8*$/0(ĞQL DOLNXW PDȃUL@ $'0(ĞLD ΢XOΣ>ODQX¼D EHOXWX .85 DğğXU.,@ HSXğXPD ¼΢PDƮHΣ>UX EDƮXODW G(1@΢//Σ DDXPPD LQD O®EELğ¼QX D΢QDΣ >ğXPGXO̐ ğXEDW@ 858 HSHğ %‚' ğXWHğXU ΢VXΣ>TD@DQL » ȃDUHH ' ]DTDDS ΢ȻLSΣ>SD@DWL ¼]XXQğ¼ XO LEğLPD XO ΢XğΣWDELO NDUDVVX DQD ‹*$/ THUELğ¼ N¼PPX

          

         

0RXQW $QDUD DQG 0RXQW 8SSD PLJKW\ PRXQWDLQV DQG , P\VHOI LQ DQ DUPFKDLU ZLWK P\ FUDFN FRPEDW WURRSV Y  HQWHUHG WKHLU QDUURZ SDVVHV ZLWK JUHDW GLIILFXOW\ DQG DVFHQGHG ZLWK D VWUXJJOH WKH VWHHS PRXQWDLQ SHDNV

Y ˡ +H 0DQL\H VDZ WKH GXVW FORXG VWLUUHG XS E\ WKH IHHW RI P\ WURRSV WKHQ >KH DEDQGRQHG@ WKH FLW\ 8N>NX@ KLV UR\DO >FLW\ DQG@ Y  IOHG DIDU , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG WKH FLW\ 8NNX , EURXJKW RXW RI LW HYHU\ NLQG RI SRVVHVVLRQ DQG SURSHUW\ WKH WUHDVXUHV RI KLV SDODFH DQG , FRXQWHG LW >DV ERR@W\

Y ˡ 0RUHRYHU , FRQTXHUHG WKLUW\WKUHH FLWLHV RQ WKH ERUGHUV RI KLV >GLVWULFW@ DQG Y  FDUULHG RII >IURP WK@HP SHRSOH GRQNH\V R[HQ DQG VKHHS DQG JRDWV 7KHQ , GHVWUR\HG WKHP  GHYDVWDWHG WKHP  DQG EXUQHG WKHP ZLWK ILUH Y ˡ )URP WKH ERRW\ RI WKRVH ODQGV WKDW , KDG SOXQGHUHG , FRQVFULSWHG  DUFKHUV DQG  VKLHOG EHDUHUV DQG DGGHG WKHP WR P\ UR\DO FRQWLQ JHQW , GLYLGHG XS WKH UHVW RI WKH VXEVWDQWLDO HQHP\ ERRW\ OLNH VKHHS DQG JRDWV DPRQJ P\ HQWLUH FDPS DQG P\ JRYHUQRUV DQG WKH SHRSOH RI P\ JUHDW FXOW FHQWHUV Y ˡ $W >WKDW WLPH@ 1LQHYHK WKH H[DO>WHG@ FXOW FHQWHU >WKH FLW\@ ORYHG E\ WKH JRGGHVV ,ğWDU LQ ZKLFK DOO RI >WKH ULW@XDOV IRU JRGV DQG JRG>GHVVHV@ DUH SUHVHQW Y  WKH HQ>GXULQJ@ IRXQGDWLRQ DQG HWHUQDO >ED@VH ZKRVH SODQ KDG EHHQ GHVLJQHG >E\@ WKH VWDUV OLW ˦ZULW LQJ˧ RI WKH ILUPDP>HQW DQG ZKRVH@ DUUDQJHPHQW >ZDV PDGH PDQLIH@VW VLQFH WLPH LPPHPRULDO D VRSKLVWL FDWHG SODFH DQG VLWH RI VH>FUHW ORUH LQ ZKLFK HYHU\ NLQG RI@ VNLOOHG FUDIWVPDQVKLS DOO >RI WKH ULWXDOV@ Y  DQG WKH VHFUHWV RI WKH ODOJDU FRVPLF VXEWHU UDQHDQ ZDWHU >DUH DSSUHKHQGHG@ Y ˡ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

Y  *,Ğ*8=$ Q«PHGL ˦DUPFKDLU˧ 7KH LQWHUSUHWDWLRQ RI NXVVê QÕPHGL IROORZV &$' 1 S  VXE QÕPHGX  ˦FKDLU ZLWK DUPUHVW RU IRRWVWRRO˧ $OWHUQDWLYHO\ IROORZLQJ WKH &'$ S   RQH FRXOG WUDQVODWH ˦FKDLU ZLWK EDFN˧ Y ˡYLLL  7KH EXLOGLQJ UHSRUW RI WKLV LQVFULSWLRQ LV YHU\ VLPLODU WR WKDW RI WH[W QR  VHH WKH RQSDJH QRWHV RI WKDW WH[W IRU FRPPHQWV )RU VRPH RI WKH GLIIHUHQFHV EHWZHHQ WKH WZR WH[WV VHH WKH RQSDJH QRWHV EHORZ

6HQQDFKHULE 

 ULPLW EHOXWL ğD ȻXXȃȃXUX ğXEDWVX  HSLğWXğ OD QDNODWPD OHHVX  XO LGGDD OLEEXXğ XO LȃVXXV  LDDWL PG(1=8Ğ(Ğ0(ĞHULED  /8*$/ NLğğ£WL /8*$/ .85 DğğXU.,  HSHğ ğLSUL ğXDW¼ NLL ɅªHP ',1*,50(Ğ  LQD X]QLLD LEğLPD NDEDWWL XEODPPD  WHQHğHW .85NDOGL /œDUDPH .85PDQQDDD  .85TXH .85ȃLODNNX .85SLOLğWL  » 858ȻXUUL ğD DQD QLULLD  OD LNQXğX DVVXȃDDPPD WXSğLNNX  ¼ğ££ğğLğXQXWLPD LOELQX 6,*̎  ‹*$/ PDȃULWX ğD  0(  LQD .›Ğ 8Ğ   LQD .›Ğ '$*$/ LQD WDUȻL ]DPHH  ‹ ]LTTXUUDW  0(  LQD .›Ğ '$*$/  LQD WDUȻL QDPDUL ‹ GLğWDU   LQD .›Ğ '$*$/ LQD WDUȻL QDPDUL  ‹NLG̓PXUL ğD /8*$/0(ĞQL DOLNXW PDȃUL  $'0(ĞLD DQD ULPLW EHOXWLğ¼XQ  ¼ğHSLğXPD OD ¼QDNNLOX ğLSLUğ£  8'80(Ğ ğDGGL G/$00$ ğD 1$̎SLLOL  SHȻHH LQD 858WDDVWLDWL  ğD HEHUWDQ ',',*1$  LEWXTX DQD PXNLO .ƒ0(ĞğLLQ  DQD ğXSXXğ *,Ğ0ƒ0(Ğ T«UHE *,Ğ7,50(Ğ &RO YL  *,Ğ0(Ğ *$/0(Ğ ¼T«UX LQD QDSȃDU .85ğ¼XQ  LQD ,7,*8̎ X̎PX DGDQQL HGHH SDDQ ğDWWL  LQD *,Ğ0ƒ0(Ğ ȻLUDDWL DQD DȃDDQQDD  ¼ğHEELUXQL PDUȻLLğ  LQD Q«EHU NDDUL *,Ğ0ƒ*8/$0(Ğ  ¼ɅHHEEX¼ EDȃXODWHğ¼XQ  ¼ğ£QLȃX ¼ODPPHQX NDUDVVLLQ  LQD GDQDDQL » ğXSğXT¯  PDUȻLLğ ¼ELOXQLPPD  ¼ğ£DȻELWX .ƒ0(ĞğLLQ  'WHELOWL DJX¼ ğLWPXUX  ğD XOWX 8'0(Ğ 6›0(Ğ ɅHHȃ ‹*$/  LEDƮX¼PD LQD ,//8ğ£ JDSğL  LQD XğğLğ£ DEEX ¼ğDEğX¼  ¼ULLEEX WHPPHHQğ£  ‹*$/7855$ ğ£DWX DQD VLȃLUWLğ£  DTTXUPD ğD 'WHELOWL PDODNğ£  XğWHHğQDD DEEX XğɅLEPD ¼ğHğLU    

PXȻXğ£ T«UHE NDWLPWL DVXUUDNNLğ£ ğDSODDQX *,0(Ğ HODQLğ 1$̎ .85L GDQQX LWWL (6,58'$ DNVLPD  0(  LQD .›Ğ 8Ğ  0(  LQD .›Ğ 6$*΢.,Σ TDTTDUX



LQH[SHUW Y ˡ %XW DV IRU PH 6HQQDFKHULE NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD WKH SHUIRUPLQJ RI WKLV ZRUN FDPH WR P\ DWWHQWLRQ E\ WKH ZLOO RI WKH JRGV DQG , SXW P\ PLQG WR LW , IRUFLEO\ UHPRYHG WKH SHRSOH RI &KDOGHD $UDPHDQ WULEHV  WKH ODQG RI WKH 0DQQHDQV WKH ODQGV 4XH ȎLODNNX DQG 3KLOLVWLD DQG WKH FLW\ 7\UH ZKR KDG QRW VXEPLWWHG WR P\ \RNH WKHQ , PDGH WKHP FDUU\ EDVNHWV RI HDUWK DQG WKH\ PDGH EULFNV Y ˡ 7KH IRUPHU SDODFH ZKLFK ZDV  FXELWV ORQJ  FXELWV ZLGH RSSRVLWH WKH ]DP½ZDOO RI WKH ]LJJXUUDW  FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH WHPSOH RI WKH JRGGHVV ,ğWDU Y  DQG  FXELWV ZLGH RSSRVLWH WKH WRZHU RI WKH %êW.LGPXUL ZKLFK HDUOLHU NLQJV P\ DQFHVWRUV KDG KDG FRQVWUXFWHG IRU WKHLU ORUGO\ GZHOOLQJ EXW ZKRVH FRQVWUXFWLRQ WKH\ KDG FDUULHG RXW LQH[SHUWO\ Y ˡYL  7KH\ TXDUULHG PRXQWDLQ VKHHS FRORVVL RI ZKLWH OLPHVWRQH LQ WKH FLW\ 7DVWLDWH ZKLFK LV DFURVV WKH 7LJULV 5LYHU WR EH WKHLU WKH SDODWLDO KDOOVˤ JDWHNHHSHUV YL  7KURXJKRXW WKHLU HQWLUH ODQG WKH\ GHSOHWHG IRUHVWV RI ODUJH WUHHV WR KDYH ERDWV EXLOW ,Q WKH PRQWK $\\ÃUX ,,  WKH WLPH RI VSULQJ IORRGV WKH\ EURXJKW WKH FRORVVL DFURVV WR WKLV VLGH RI WKH ULYHU ZLWK GLIILFXOW\ LQ PDJQLILFHQW ERDWV YL  7KH\ VDQN ODUJH ERDWV DW WKH TXD\ GRFN DQG WKHQ PDGH WKHLU FUHZV VWUXJJOH DQG VWUDLQ :LWK PLJKW DQG PDLQ WKH\ VWUXJJOHG WR WUDQVSRUW WKH FRORVVL DQG LQVWDOO WKHP LQ WKHLU JDWHV

YL ˡ 7KH 7HELOWL 5LYHU D WHPSHVWXRXV IORRG RI ZDWHU ZKLFK KDG IORZHG IURP GLVWDQW GD\V E\ WKH VLGH RI WKH SDODFH DQG ZKLFK KDG FDXVHG HURVLRQ LQ LWV IRXQGDWLRQ ZKHQ LWV IORRG ZDV LQ IXOO VSDWH YL  DQG KDG VKDNHQ LWV EDVH YL ˡD , WRUH GRZQ WKDW VPDOO SDODFH LQ LWV HQ WLUHW\ WKHQ , FKDQJHG WKH FRXUVH RI WKH 7HELOWL 5LYHU UHSDLUHG WKH HIIHFWV RI WKH HURVLRQ DQG GLUHFWHG LWV RXWIORZ YL Eˡ ,Q WKH KLGGHQ GHSWKV RI LWV VXEWHUUDQHDQ ZDWHUV , ERQGHG WRJHWKHU ZLWK ELWXPHQ UHHGV EHORZ DQG VWURQJ PRXQWDLQ VWRQH DERYH WKHQ >, UDLVHG@ D SORW RI ODQG WKDW ZDV  FXELWV ORQJ DQG  FXELWV

Y  8Ğ ˦OHQJWK˧ ([  KDV '$*$/ ˦ZLGWK˧ YL  8Ğ ˦OHQJWK˧ ([  KDV '$*$/ ˦ZLGWK˧ 6HH WKH RQSDJH QRWH WR Y  YL Eˡ 7H[W QR  H[  KDV $Ğ‚ ΢XOWXΣ >PDDPH@ ¼΢ğHODPΣ>PD QDEDOLğ ¼@΢WHUΣ  0( ΢Σ LQD .›Ğ 6$*., TDTTDUX 8*8 PHğLLȃWL WDPOHH PDȃUHH OX ¼UDGGLPD ˦, UDLVHG WKDW DUHD RXW RI >WKH ZDWHU DQG FR@QYHUWHG LW >WR GU\ ODQG@ , DGGHG WR WKH GLPHQVLRQV RI WKH IRUPHU WHUUDFH D SORW RI ODQG WKDW ZDV  FXELWV ZLGH DQG˧ ([V  DQG  RPLW XOWX T«>UHE 'ȃXVXXU" ¼ğHODPPD@ QDEDOLğ ¼WHU ˦>, UDLVHG@ RXW >RI WKH ȂXVXU 5LYHU@ DQG FRQYHUWHG LW WR GU\ ODQG˧ 1RWH WKDW WH[W QR  H[V  DQG  IROORZ WKLV WH[W PRUH FORVHO\ WKDQ H[  RI WKDW LQVFULSWLRQ VHH WKH RQSDJH QRWH WR WH[W QR  YL ˡ 'HYLDWLRQ LQ WKLV SDVVDJH FDQQRW EH XVHG WR KHOS LGHQWLI\ ZKHWKHU DQ H[HPSODU EHORQJV WR WKLV LQVFULSWLRQ RU WH[W QR 



                                         

6HQQDFKHULE 

XOWX T«>UHE 'ȃXVXXU" ¼ğHODPPD@ QDEDOLğ ¼WHU ȻH>HU@ ΢PHğLLȃWLΣ WDPOHH PDȃUHH ΢OXΣ >¼UDGGL@PD DQD  0( LQD $6̎/80 *$/WL 8Ğ  0(  LQD $6̎/80 *$/WL 6$*., $17$ ,06,6ƒ  0(  LQD $6̎/80 *$/WL 6$*., 0858%̎΢WXPΣ P«HȃUHW ]DPHH DWPDQQL NXWDO >G@΢LğΣWDU  0(  LQD $6̎/80 *$/WL 6$*., 0858%̎WXP ğ£QLWXP PXXȃȃXUWL ğ£DUL DPXUUL NXWDO ‹ ]LTTXUUDW ΢‹Σ GLğWDU  0(  LQD $6̎/80 *$/WL 6$*., .,7$ ,08̋̒/8 œ66$'8 ',',*1$ WDPODD XğPDDOOL LQD  0(  WLLENL XOODD UHğLğX £ğğ¼ ğLSUL ‹*$/LD ğXWHğXUL » OLSLW Ğ8,,LD ğXOOXPH LQD X̎PHğXPD GDğğXU » GLğWDU ğD 1$̎SLLOL SHȻHH >LQD@ ΢858ΣEDODɅDDD >¼ğDS@WX¼QL SDQLğX >8'80(Ğ ğDG@΢GLΣ G/$00$΢0(ĞΣ GDQQXWL >08186ƒ%=$@΢=$DΣWH » 1$̎.81̎0(Ğ *$/0(Ğ >DQD@ ğLSUL ‹*$/ EHOXWLLD LQD ΢THUELΣğX DEWXXT ODEDULğ >X̎PL L@QD ,//8 NLğğ£WL WHPPHHQ WDP΢OHΣH OD HQ«ğH 1$̎SLLOL ΢*$/Σ0(Ğ NLVX¼ğX ¼ğ£΢DVΣ>ȃL@΢UD ¼GDQΣQLQ ğXSXXNğ¼ ‹*$/ >1$̎'œ5@΢0,1$%‚1'$Σ 1$̎*,Ğ18̋̋*$/ =œ ΢$06,Σ *,Ğ(6, *,Ğ7œ* *,ĞPXVXNNDQQL *,Ğ(5(1 *,ĞĞ850Ž1 Ğ,0/, » *,ĞH>ODPPDNX@ «JDO]DJGLQXWXNXD DQD PX΢ğDEΣ /8*$/WLLD ¼ğHSLğ£ T«UHEğ¼ *,Ğ›50(Ğ *,Ğ(5(1 *,ĞĞ850Ž1 ğD LULVXXQ ɅDDEX ELQXXW .85ȃDPDQLP WDUELW .85VLUDUD .850(Ğ .›0(Ğ ¼ğDWULȻD HOLğLQ *,Ğ,*0(Ğ *,Ğ(5(1 *,ĞĞ850Ž1 Ğ,0/, ȻLUDDWL PHV«U .,6$* HEEL 858'8 QDPUL ¼UDNNLVPD ¼UDWWDD EDELğLQ

ZLGH RXW >RI WKH ȂXVXU 5LYHU DQG@ FRQYHUWHG LW WR GU\ ODQG YL  >, DGGHG LW WR@ WKH GLPHQVLRQV RI WKH IRUPHU WHUUDFH , ILOOHG LQ D WHUUDFH RI  ODUJH DVOXFXELWV DORQJ LWV ORQJHU VLGH  ODUJH DVOXFXELWV DORQJ LWV XSSHU QRUWKHUQ VKRUWHU VLGH  ODUJH DVOXFXELWV DORQJ WKH LQQHU VKRUWHU VLGH ZKLFK LV RSSRVLWH YL  WKH ]DP½ZDOO RI WKH VKULQH EHKLQG WKH WHPSOH RI >WKH JRGGHVV@ ,ğWDU  ODUJH DVOXFXELWV DORQJ WKH RWKHU SDUDOOHO LQQHU VKRUWHU VLGH ZKLFK LV RQ WKH ZHVW EHKLQG WKH ]LJJXUUDW RI WKH WHPSOH RI WKH JRGGHVV ,ğWDU DQG  ODUJH DVOXFXELWV YL  DORQJ WKH ORZHU VRXWKHUQ VKRUWHU VLGH ZKLFK LV EHVLGH WKH 7LJULV 5LYHU , UDLVHG LWV VXSHUVWUXFWXUH  FRXUVHV RI EULFN KLJK

YL ˡ 6R WKDW WKH FRQVWUXFWLRQ RI P\ SDODFH PLJKW EH FDUULHG RXW FRUUHFWO\ DQG WKDW P\ KDQGLZRUN EH FRPSOHWHG DW WKDW WLPH WKH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU >UHY@HDOHG WR PH WKH SUHVHQFH RI ZKLWH OLPHVWRQH >LQ@ WKH FLW\ %DOÃɑÃ\D YL  7KHUHLQ , TXDUULHG PLJKW\ >PRXQ@WDLQ >VKHHS@ FRORVVL >VSKL@Q[HV DQG ODUJH VWRQH VODEV >IRU@ WKH FRQVWUXFWLRQ RI P\ ORUGO\ SDODFH

YL ˡ ,Q RUGHU WR SUHYHQW WKH IRXQGDWLRQ RI WKH WHUUDFH IURP EHLQJ ZHDNHQHG RYHU WKH SDVVDJH >RI WLPH E@\ FUHVWLQJ IORRGV  , VXUUR>XQG@HG LWV EDVH ZLWK ODUJH OLPHVWRQH VODEV DQG WKHUHE\ UHLQIRUFHG LWV EDVH YL ˡ , KDG D SDODFH RI >EUHF@FLD DODEDVWHU HOH SKDQW LYRU\ HERQ\ ER[ZRRG PXVXNNDQQXZRRG YL  FHGDU F\SUHVV MXQLSHU DQG H>ODPPDNX@ZRRG D SDODFH WKDW , QDPHG (JDO]DJGLQXWXNXD ˦7KH 3DODFH :LWKRXW D 5LYDO˧  FRQVWUXFWHG WKHUHRQ DV P\ UR\DO UHVLGHQFH YL ˡ , URRIHG WKHP WKH SDODWLDO KDOOV ZLWK EHDPV RI FHGDU DQG F\SUHVV ZKRVH VFHQW LV VZHHW SURGXFWV RI 0RXQW $PDQXV YL  DQG WKH \LHOG RI 0RXQW 6LUÃUD WKH KRO\ PRXQWDLQV , IDVWHQHG EDQGV RI VKLQLQJ VLOYHU DQG EULJKW FRSSHU RQ PDJQLILFHQW GRRUV RI FHGDU F\SUHVV DQG MXQLSHU DQG , LQVWDOOHG WKHP LQ WKHLU JDWHV YL  , GHFRUDWHG WKHP WKH GRRUV ZLWK

YL  'ȃXVXXU" ˦WKH ȂXVXU 5LYHU˧ 2U SRVVLEO\ UHVWRUH PDDPH ˦ZDWHU˧ 7KH FRQMHFWXUDO UHVWRUDWLRQ LV EDVHG RQ WH[W QR  YL  YL  ([  OLNH WH[W QR  YL  KDV QDSȃDU ˦LQ WRWDO˧ IRU DQD ˦WR˧ ([V  DQG  ERWK DGG >@ ¼΢NLQΣ >@ ˦>@ , ILUPO\ HVWDEOLVKHG >@˧ EHWZHHQ 8Ğ ˦ORQJHU VLGH˧ DW WKH HQG RI YL  DQG  0(  ˦˧ DW WKH EHJLQQLQJ RI YL  YL  ([  OLNH WH[W QR  YL  KDV DPğXXȃ PHğLLȃWD ˦, PHDVXUHG LWV GLPHQVLRQV˧ YL  7H[W QR  YL  KDV LQD .ƒ0(Ğ ‹*$/ EHOXWLLD ˦IRU WKH JDWHV RI P\ ORUGO\ SDODFH˧ YL ˡ 8QOLNH WKH SUHYLRXV WH[W WKLV LQVFULSWLRQ GRHV QRW LQFOXGH D SDVVDJH UHFRUGLQJ WKH GHSRVLWLQJ RI IRXQGDWLRQ GRFXPHQWV DQG WKH H[SDQVLRQ RI WKH WHUUDFH VHH WH[W QR  YL ˡ 7KH LQFOXVLRQ RU RPLVVLRQ RI WKLV SDVVDJH FDQ EH XVHG WR GHWHUPLQH ZKHWKHU D IUDJPHQW EHORQJV WR WKLV WH[W RU WR WKH SUHYLRXV WH[W

6HQQDFKHULE 

                          &RO                      

VLNN¢W NDUUL NDVSL » 858'8 T«UHEğLLQ ¼ğDOPH LQD DJ¼UUL 1$̎=œ 1$̎=$*Ž1 XVVLPD VLLOOX Q«E«ȃL » JLPLU SDDVT¯ğLLQ ‹ DSSDDWH WDPğLO ‹*$/ .85ȃDWWL ğD LQD OLğ£DQL .85 0$578., ‹ ȃLODDQL Lğ£DVVXğ¼ DQD PXOWDƮXWL EHOXWLLD ¼ğHSLğ£ T«UHEğLLQ  850$Ȏ0(Ğ 858'8 QDPUL ]LLPH GDDȃUXWL SHWDQ ELUNL ğXWDWXWL ğD LQD ğLSLU GQLQ£JDO QDNOLğ SDWTXPD PDOX¼ QDPULLUUL »  *,ĞWLPPH ğXWDȃXWL SLWLLT =$%$5 ğXEXƮX DGL  *,ĞWLPPH *,Ğ(5(1 *$/0(Ğ 8*8 SLULJJDOOHH ¼NLQPD G£SSL NXOXO .ƒ0(ĞğLLQ HPLG  08186ƒ%=$=$DWL SLWLLT ¼UXGHH QDPUL ]DȃDOX¼ HEEX ¼ğDOELğPD »  08186ƒ%=$=$DWL 1$̎*,Ğ18̋̋*$/  08186ƒ%=$=$DWL SLWLLT *8$11$  *,ĞWLPPH *,Ğ(6, ȻLUXWL ğD Lȃ]Xğ¼QX SDğDOOXP » *,ĞWLPPH *,Ğ(5(1 *,ĞĞ850Ž1 *,ĞGXSUDQL Lȃ]HHW HğP£UHH YLL » =$%$5 ȻHUXXğğLQ XO]L]PD ğD ‹*$/0(Ğ EHOX΢WLΣLD HPLG *,Ğ*$1'8̑0(ĞğLLQ »  8'80(Ğ ΢ğDGΣGL G/$00$ SLWLLT ¼UXGHH QDPUL ğD JDWWX ğXUUXȃX ğXNOXOX PLQDDWL  8'80(Ğ ğDGGL G/$00$ 1$̎*,Ğ18̋̋*$/  8Ğ  8'80(Ğ ğDGGL G/$00$ » ƒ%=$=$DWH 1$̎SLLOL SHȻHH 6,*$5 DȻHH » Q«UHEL DVPHğ ¼>ğ£@DȻELW 1$̎.81̎0(Ğ 1$̎'œ50,1$>%‚1@΢'$Σ 1$̎*,Ğ18̋̋*$/ » .81̎0(Ğ 1$̎SLLOL *$/0(Ğ GD£GPH QDNLUL NLğLWWL Ğ8,,LD T«UHEğL΢LQΣ >HVVL@΢ȃDΣ DVXUUXğLLQ ¼ğ£DV>ȃLUD DQD@ ΢WDEΣUDDWL ¼ğ£OLN *,Ğ.,5,̐0$Ȏ΢ȃX WDPğLOΣ .85ȃDPDQLP ğD JL΢PLUΣ Ğ,0Ȏ,$ *8581 ȻLSSDDWL *,Ğ΢0(ĞΣ WXNODW .85L » .85NDOGL ΢DGL LȻΣȻX QD£ğ ğLSDDWL T«UHEğ¼ ȃXUUXğ¼ LWDDğ£ D]TXXS 1,1$., ğD XOWX X̎PX SDQL



VLOYHU DQG FRSSHU NQREEHG QDLOV , DGRUQHG WKH DUFKHV IULH]HV DQG DOO RI WKH FRSLQJV ZLWK EDNHG EULFNV JOD]HG LQ WKH FRORU RI REVLGLDQ DQG ODSLV OD]XOL YL ˡ )RU P\ ORUGO\ SOHDVXUH , KDG D SRUWLFR D UHSOLFD RI D +LWWLWH SDODFH YL  ZKLFK LV FDOOHG EêW ȃLOÃQL LQ WKH ODQJXDJH RI WKH ODQG $PXUUX FRQVWUXFWHG LQVLGH WKHP YL ˡ 7ZHOYH VWULGLQJ OLRQV RI VKLQLQJ FRSSHU DQG ILHUFH GHPHDQRU ZKLFK ZHUH VWDQGLQJ RSSRVLWH RQH DQRWKHU ZKLFK ZHUH VNLOOIXOO\ FDVW WKURXJK WKH FUDIWVPDQVKLS RI WKH JRG 1LQDJDO DQG ZKLFK ZHUH ILOOHG ZLWK UDGLDQFH ˢ XSRQ WKRVH OLRQ FRORVVL , LQVWDOOHG WZR LGHQWLFDO FROXPQV WKDW ZHUH FDVW IURP EURQ]H YL  WRJHWKHU ZLWK IRXU ODUJH FHGDU FROXPQV DQG , SRVLWLRQHG FURVVEHDPV XSRQ WKHP DV D FRUQLFH IRU WKHLU JDWHV YL ˡYLL  , FRYHUHG WHQ VSKLQ[HV RI FDVW EULJKW XUXG½FRSSHU ZLWK VKLQLQJ ]DȃDO½VLOYHU DQG RYHU WKHP  RYHU WHQ VSKLQ[HV RI DODEDVWHU DQG RYHU WZHOYH VSKLQ[HV RI FDVW PHWDO , HUHFWHG WZR PDJ QLILFHQW HERQ\ FROXPQV ZKRVH LQOD\V DUH SDğDOOXJROG DQG FROXPQV RI FHGDU F\SUHVV DQG GDSUÃQXMXQLSHU ZLWK HğPDU½VLOYHU DQG EURQ]H LQOD\V DQG , SRVLWLRQHG WKH DUFKLWUDYHV RI P\ ORUGO\ SDODWLDO KDOOV RQ WKRVH FROXPQV 

YLL ˡ 0RUHRYHU , >PDGH@ WZHOYH PRXQWDLQ VKHHS FRORVVL RI FDVW EULJKW XUXG½FRSSHU ZKLFK DUH VSOHQGLG LQ IRUP DQG SHUIHFW LQ VKDSH WZR PRXQWDLQ VKHHS FRORVVL RI DODEDVWHU DQG VHYHQW\WZR PRXQWDLQ VKHHS FRORVVL DQG VSKLQ[HV RI ZKLWH OLPHVWRQH VXLWDEOH IRU KROGLQJ WKH GRRU EROWV IRU OHDYLQJ DQG HQWHULQJ

YLL ˡ >, HQJUDY@HG RQ VODEV RI EU>HF@FLD DQG DODEDVWHU DQG RQ ODUJH OLPHVWRQH VODEV LPDJHV RI WKH HQHP\ VHWWOHPHQWV WKDW , KDG FRQTXHUHG , VXUUR>XQGHG@ WKHLU WKH SDODFH URRPVˤ ORZHU FRXUVHV ZLWK WKHP DQG PDGH WKHP DQ REMHFW RI ZRQGHU YLL ˡ , SODQWHG DORQJVLGH LW WKH SDODFH D ERWDQ LFDO JDUGHQ D UHSOLFD RI 0RXQW $PDQXV ZKLFK KDV DOO NLQGV RI DURPDWLF SODQWV DQG IUXLW WUHHV WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD WR JHWKHU ZLWK FRWWRQ WUHHV OLW ˦WUHHV EHDULQJ ZRRO˧  FROOHFWHG LQVLGH LW YLL ˡD 1LQHYHK WKH VLWH RI ZKRVH FLUFXPIHUHQFH

YL  ğXEXƮX ˦WKDW ZHUH FDVW˧ &I WH[W QR  OLQH  DQG WH[W QR  OLQH  ZKHUH WKH ZRUG LV ZULWWHQ ğXXEEXƮX YL  SLULJJDOOHH ˦OLRQ FRORVVL˧ &I WH[W QR  OLQH  DQG WH[W QR  OLQH  ZKHUH WKH ZRUG LV ZULWWHQ S®ULJJDOOHH YLL  &I WH[W QR  YLL ˡ ZKLFK RPLW DGL LȻȻX QD£ğ ğLSDDWL ˦WRJHWKHU ZLWK FRWWRQ WUHHV˧



                                                    

6HQQDFKHULE 

 /,0  0( LQD .›Ğ ğXEDW OLPHWLğ¼ %‚' » %‚'Ğ8/Ȏ, XO ¼ğHSLğX DOLNXW PDȃUL PDDONL  /,0  0(  DğDU WDPLUWL OLPLW 858 ȻHHU PHğLLȃWL PDȃULWL ¼UDGGLPD  /,0  0(  LQD $6̎/80 *$/WL ¼NLQ P®QGDWXğ ğD %‚'ğ¼ *$/L E¢GQ¯JDOEL O¼N¼UUDğ¼ğ¼ GX¼UX ğD QDPULUXğ¼ QDNLUL VDȃSX ȻHHU 1$̎SLLOL WHPPHHQğ¼ DGGLPD  6,*̎ ¼NDEELU LQD  0(  WLLENL XOODD UHğLğ¼ DQD HUEHWWL ğ£DUL  .ƒ*$/0(Ğ SDQX » DUND LQD ȻLOL NLODOODDQ DQD HUHEL » DȻHH ¼ğDSWDD T«UHEğ¼ Gğ£UXU̎ PXğDPTLW DDEL /8*$/ .ƒ*$/ ȃDDQGX¼UL OLOEXU ‹16, GDğğXU .ƒ*$/ GDğğXU ğD 858Ğ‚858 VDSLLQ JLPLU QDNLUL .ƒ*$/ PG(1=8Ğ(Ğ0(ĞHULED ğD .85ȃDO]L G(1// PXNLQ %$/$΢LDΣ .ƒ*$/ Gğ£PDğ ğD .85JDDJDO GLğWDU ]DQLQNL NXUEL .ƒ*$/ G1,1// ğD 858NDUG1,1// PXğHȻDDW 8=8 ƒ=$* .ƒ*$/ PXğODOXP GXPXT £ğQDDQ » GODȃDU T«UHEğ£ NDDDDQ .ƒ*$/ 858ğLED>QL@΢ELΣ EDELODW ȃLȻLE ȃXUğ£DQL ΢.ƒ*$/Σ >.85ȃDO£ȃȃL@ >Ğ8@΢1,*,1Σ  ΢.ƒ*$/Σ>0(Ğ@ ΢G878ŠΣ >P«@΢HȃUHWΣ >,0ğX¼WL@ ΢»Σ ,0ğ£GH΢HΣ D]NXUD QLELWVLLQ G,Ğ.85

ğ£ULLN Ȏ‹*ƒ/ DQD .85 .ƒ*$/ G,Ğ.85 ğD .85DPEDVL GªUUD

PXğDPTLW DDEL

.ƒ*$/ G8*85 ğD 858WDUELȻL G,*,6,*̑6,*̑ PXğDPPHHȃ ȻLSSDDWH .ƒ*$/ *,Ğ.,5,̐0(Ğ Ğ81,*,1  .ƒ*$/΢0(ĞΣ ğD P«HȃUHW ,0LOWD΢DΣ>QL@

DWWDEL ]LNLUğL΢LQΣ PXğHğLU N»SSLLD .ƒ*$/ PDDVT«H PXğHULEDW PLğ®UWL GD£GPH .ƒ*$/ NDDUL SDT¯GDDW NDODPD .ƒ*$/ ‹*$/ PDğDUWL Ğ81,*,1  .ƒ*$/0(Ğ ğD P«HȃUHW ,0DPXUUL DWWDVTDUD ğXPHğLQ ğ£ ğDOȃLL E¢GQ¯J«ULPȃXOXȃȃD PXJDOOLW ]DPDDQL XğğHğ¼ DSWHPD  1,1'$ ¼ğDSSLOPD ¼ğ£DNğLG $0(Ğ QDJEL T«UHE PDDPH ğDSODDQX 1$̎ .85L GDQQX DNVLPD HODQLğ DGL SD£VT¯ğ¼ LQD 1$̎SLLOL *$/0(Ğ G«D

KDG EHHQ  FXELWV VLQFH IRUPHU WLPHV DQG IRU ZKLFK QR HDUOLHU UXOHU KDG KDG DQ LQQHU RU RXWHU ZDOO EXLOW ˢ , DGGHG  FXELWV LQ WKH SODLQ DURXQG WKH FLW\ WR LWV SUHYLRXV PHDVXUHPHQW DQG WKXV HVWDEOLVKHG LWV GLPHQVLRQV DV  ODUJH FXELWV YLL Eˡ , ODLG WKH IRXQGDWLRQ RI LWV JUHDW ZDOO %DGQLJDOELOXNXUDğXğX ZKLFK PHDQV ˦:DOO :KRVH %ULOOLDQFH 2YHUZKHOPV (QHPLHV˧ XSRQ OLPHVWRQH DQG PDGH LW  EULFNV WKLFN , UDLVHG LWV VXSHUVWUXFWXUH  FRXUVHV RI EULFN KLJK YLL ˡ , KDG IRXUWHHQ JDWHV RSHQHG XS LQ LW LQ IRXU GLUHFWLRQV LQ IURQW DQG EHKLQG DQG DORQJ ERWK VLGHV IRU HQWHULQJ DQG OHDYLQJ YLL ˡ ˦7KH *RG ĞDUXU ,V WKH 2QH :KR &XWV 'RZQ WKH .LQJˤV (QHP\˧ WKLV LV WKH ȎDQGħUX *DWH YLL  ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU (QGXUH˧ WKLV LV WKH $ğğXU *DWH ZKLFK OHDGV WR WKH ,QQHU &LW\ $ğğXU  ˦7KH 2QH :KR )ODWWHQV $OO (QHPLHV˧ WKLV LV WKH 6HQQDFKHULE *DWH ZKLFK OHDGV WR WKH ODQG ȎDO]L ˦7KH *RG (QOLO ,V WKH 2QH :KR 0DNHV 0\ 5HLJQ )LUP˧ YLL  WKLV LV WKH ĞDPDğ *DWH ZKLFK OHDGV WR WKH ODQG *DJDO ˦2 ,ğWDU %OHVV WKH 2QH :KR 3URYLGHV IRU QL@ED ˦7KH %HDUHU RI WKH 3URGXFH RI WKH 0RXQWDLQV˧ WKLV LV WKH JDWH WKDW OHDGV WR >WKH ODQG ȎDODȏȏX ,Q@ WRWDO HLJKW JDWH>V@ IDFLQJ WKH ULVLQJ VXQ >WR@ZDUGV >WKH VRXWK@ DQG HDVW DQG , JDYH WKHP WKHVH QDPHV YLL ˡ ˦7KH *RG $GDG ,V WKH 3URYLGHU RI 3URVSHULW\ WR WKH /DQG˧ WKLV LV WKH $GDG *DWH ZKLFK OHDGV WR WKH JDPH SUHVHUYH ˦7KH *RG (UUD ,V WKH 2QH :KR &XWV 'RZQ (QHPLHV˧ WKLV LV WKH 1HUJDO *DWH ZKLFK OHDGV WR WKH FLW\ 7DUELɇX ˦7KH *RG ,JLVLJVLJ ,V WKH 2QH :KR 0DNHV 2UFKDUGV )ORXULVK˧ YLL  WKLV LV WKH *DWH RI WKH *DUGHQV ,Q WRWDO WKUHH JDWHV IDFLQJ WRZDUGV WKH QRU>WK@ DQG , JDYH WKHP WKHVH QDPHV YLL ˡ ˦7KH *RG (D ,V WKH 2QH :KR 3URSHUO\ 'LUHFWV :DWHU )ORZ LQWR 0\ &LVWHUQV˧ WKLV LV WKH 0DğT½ *DWH YLL  ˦7KH 2QH :KR %ULQJV LQ ,QFRPH IURP WKH 6HWWOHPHQWV˧ WKLV LV WKH 4XD\ *DWH ˦7KH 2QH :KR 5HJXODWHV (YHU\WKLQJ˧ WKLV LV WKH $UPRU\ *DWH ,Q WRWDO WKUHH JDWHV IDFLQJ WRZDUGV WKH ZHVW DQG , JDYH WKHP WKHVH QDPHV YLL ˡD , RSHQHG XS D IRXQGDWLRQ SLW IRU WKH RXWHU ZDOO %DGQLJHULPȏXOXȏD ZKLFK PHDQV ˦7HUURUL]HU RI (QHPLHV˧ WKHQ , GXJ GRZQ IRUW\ILYH QLQGDQX DQG PDGH LW UHDFK WKH ZDWHU WDEOH , ERXQG WRJHWKHU VWURQJ PRXQWDLQ VWRQH LQ WKH ZDWHU EHORZ DQG DERYH , H[SHUWO\ FDUULHG RXW LWV FRQVWUXFWLRQ ZLWK ODUJH

6HQQDFKHULE 

 ¼QDNNLO ğLSLUğ¼ ğD 1,1$., 858 EHOXWLLD  ğXEDWVX XğUDEEL UHEDWHğX  ¼ğ£DQGLOPD ¼QDPPLU *,0 X̎PL  ΢%‚'Σ ğDOȃX¼ ¼ğHSLğPD  ¼]DTTLU ȃXUğ£QLğ  £ğğ¼ PXȻHH 'ȃXVXXU  T«UHE 858 PDODN $0(Ğ HOLğ » ğDSOLğ  LQD 6,*̎$/›55$ .,LUL PDğLL  WLWXUUL DEWDQL ğ£SDOğ¼  LQD P«HȃUHW .ƒ*$/ 0858%̎ 858 &RO YLLL  LQD DJ¼UUL 1$̎SLLOL SHȻHH  DQD PHWLLT *,Ğ*,*,5 EHOXWLLD  ¼ğHSLğ WLWXUUX LWHH 858   *,Ğ.,5,̐0$ȎȃL  *,Ğ.,5,̐ DP΢EDΣVL  NXOODW Ğ,0Ȏ,$ .85ȃDWWL  PXWȃXPPX ΢PD"Σ>WLWDQ@  *,Ğ0(Ğ WXNODW .85L » .85NDOGL  ¼ȃDUULğ£ T«UHEğ¼XQ  HOHHQ 858 (',1 ğ£DE΢EXUΣ>WL@  *,Ğ*(Ğ7,1 JLPLU *8581 » *,ĞVH΢HUΣ>GL@  D]TXXS ȻHUXXğ>ğ£@  £ğğ¼ ğXUSXğ¼ ȻLSSDDWL $Ğ‚ WDPLUWL  HOHHQ 858 1,*,'$0,17$‚0 DQD '8080(Ğ 1,1$.,  SLONX ¼SDOOLNPD ¼ğDGJLOD  SDQXXğğ¼XQ DQD PLɅUDDWL ğXPPXȃL  XOWX SDDɅL 858NLVLUL  DGL WDPLUWL 1,1$., .85D » ELUXW¼  LQD DNNXOODWH $1%$5  ¼ğDWWLU΢PDΣ ¼ğHğLU 'ȃDUUX    .$6.$/*' TDTTDUX XOWX T«UHE  'ȃXVXXU PDDPH GDUX¼WL  DğDU𣠼ğDUGDD T«UHE ȻLSSDDWL  ğ£WLQD ΢¼ğDȃΣELED SDWWLLğ  LQD TDU΢EDDΣWH 1,1$., ȻLUDDWL   0( Ğ(΢18081Σ>0(Ğ@ ΢PDΣDPH ¼ğ£DQNLUD  ȻHHU [ >[@ [ [ » ğLLUƮL  ğ£TLğ >¼ğDȃ@QLED GQLVDED X £ğQDDQ   DQD ğXSğX΢Xȃ DΣODNWL $0(Ğ  ğD *,Ğ.,5,̐0(Ğ >D@΢JDPΣPX ¼ğDEğLPD  ȻXȻX¼ ΢¼Σğ£DVWLLO  *,5$08Ğ(10(Ğ ΢Ğ$ȎΣ0(Ğ *,Ğ*,  DODS T¯ğL L΢QD O®EΣEL ¼PDğğLU  LQD ɅªHP ',1*,5PD T«UHE *,Ğ.,5,̐0(Ğ



OLPHVWRQH EORFNV XS WR LWV FRSLQJV YLL Eˡ , HQODUJHG WKH VLWH RI 1LQHYHK P\ FDSLWDO FLW\ , EURDGHQHG LWV VTXDUHV PDNLQJ WKHP DV EULJKW DV GD\ , KDG DQ LQQHU DQG RXWHU ZDOO EXLOW DQG , UDLVHG WKHP DV KLJK DV PRXQWDLQV  YLL ˡ 6R WKDW WKHUH ZRXOG EH RXWIORZ IURP WKH ȎXVXU 5LYHU LQ WKH FLW\ DQG WKH SDVVDJH RI ZDWHU XSVWUHDP DQG GRZQVWUHDP , EXLOW DTXHGXFWV EHQHDWK LW WKH FLW\ ZDOO ZLWK EDNHG EULFNV  YLL ˡYLLL D , KDG D EULGJH FRQVWUXFWHG RSSRVLWH WKH &LWDGHO *DWH ZLWK SDYLQJ VWRQHV RI ZKLWH OLPHVWRQH IRU WKH SDVVDJH RI P\ ORUGO\ FKDULRW YLLL Eˡ %HVLGH WKH FLW\ LQ D ERWDQLFDO JDUGHQ RQH SÃQX LQ VL]H DQG D JDUGHQ RQH SÃQX LQ VL]H IRU D JDPH SUHVHUYH YLLL  , JDWKHUHG HYHU\ W\SH RI DURPDWLF WUHH RI WKH ODQG ȎDWWL IUXLW WUHHV RI >DOO ODQGV@ DQG WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD 8SVWUHDP RI WKH FLW\ RQ QHZO\ WLOOHG VR>LO@ YLLL  , SODQWHG YLQHV HYHU\ W\SH RI IUXLW WUHH DQG ROLYH WUH>HV@ YLLL ˡ )RU WKH H[SDQVLRQ RI RUFKDUGV , VXEGLYLGHG WKH PHDGRZODQG XSVWUHDP RI WKH FLW\ LQWR SORWV RI WZR SÃQX HDFK IRU WKH FLWL]HQV RI 1LQHYHK DQG , KDQGHG WKHP RYHU YLLL  WR WKHP 7R PDNH WKRVH SODQWHG DUHDV OX[XULDQW , FXW ZLWK LURQ SLFNV D FDQDO VWUDLJKW WKURXJK PRXQWDLQ DQG YDOOH\ IURP WKH ERUGHU RI WKH FLW\ .LVLUX WR WKH SODLQ RI 1LQHYHK YLLL  , FDXVHG DQ LQH[KDXVWLEOH VXSSO\ RI ZDWHU WR IORZ WKHUH IRU D GLVWDQFH RI RQH DQG D KDOI OHDJXHV IURP WKH ȎXVXU 5LYHU DQG PDGH LW JXVK WKURXJK IHHGHU FDQDOV LQWR WKRVH JDUGHQV

YLLL ˡ , SURYLGHG LUULJDWLRQ IRU  VHHGHG ILHOG>V@ LQ WKH KLJK ILHOGV RI 1LQHYHK ZLWK WKDW ZDWHU DQG WKHUHE\ >, PDGH@ JUDLQ DQG FHUHDOV JURZ KLJK DQG OX[XULDQWO\ RQ  DQG LQ IXUURZV

YLLL ˡ , FUHDWHG >D P@DUVK WR PRGHUDWH WKH IORZ RI ZDWHU IRU WKRVH JDUGHQV DQG KDG D FDQHEUDNH SODQWHG LQ LW  , OHW ORRVH LQ LW KHURQV ZLOG ERDUV OLW ˦SLJV RI WKH UHHGV˧  DQG URH GHHU %\ GLYLQH ZLOO YLLL  YLQHV DOO NLQGV RI IUXLW WUHHV ROLYH WUHHV DQG DURPDWLF WUHHV IORXULVKHG JUHDWO\ LQ WKRVH

YLL  .,LUL ˦˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH v YLL  WLWXUUL ˦DTXHGXFWV˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH v YLLL  7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  YLLL  YLLL ˡ 7KLV LQVFULSWLRQ LV WKH HDUOLHVW WH[W LQ ZKLFK WKLV SDVVDJH LV SUHVHUYHG ,W LV XQFHUWDLQ LI LW ZDV FRPSRVHG DQHZ IRU WH[W QR  WH[W QR  RU IRU WKLV WH[W YLLL ˡ &I WH[W QR  OLQHV vˡv ZLWK WKH RQSDJH QRWH  ZKLFK LV DQ HDUOLHU YHUVLRQ RI WKLV SDVVDJH YLLL  DODS T¯ğL ˦URH GHHU˧ OLW ˦EXOO RI WKH IRUHVW˧  6HH WKH RQSDJH QRWH WR WH[W QR  OLQH v



                                      

6HQQDFKHULE 

(',1 ğ£DEEXUWL *,Ğ*(Ğ7,1 JLPLU *8581 *,ĞVHHUGX » Ğ,0Ȏ,$ PDJDO LğPXȃX *,ĞĞ850Ž1 *,Ğ0(60ƒ.$11$ QDSȃDU *,Ğ0(Ğ LğLȃXPD

¼ȻDUULğ¼ SD΢SDDOΣOXP DSSD΢UDDWL PDΣ>JDO@ ΢LΣğLUD 08Ğ(1 $1H ΢*,5$08Ğ(1Σ >ğD DğDU@ğ¼ UX¼TX TLQ΢QDΣ >LTQXQ@΢PDΣ Ğ$Ȏ0(Ğ *,Ğ*, >DODS T¯@΢ğLΣ ¼UDSSLğX ΢WDΣ>OLWWX@ *,Ğ0(60ƒ.$11$ >*,ĞĞ85@0Ž1 WDUELW ȻLSSDD΢WLΣ >*,@ ΢$0%$5Σ0(Ğ ğD T«UHE 'DJDP>PH@ ΢DNΣğLɅPD DQD ğLSUL ȃLğLȃ΢WLΣ ‹*$/0(Ğ ΢EHOXWLΣLD >OX@¼ HSXXğ >LȻȻX@ ΢QDΣ£ğ ğLSDDWL >LETXPX@ ΢LPΣȃDȻX >ȻX@EDWLLğ >XOWX ğLSUL@ ΢‹*$/ΣLD ¼΢TDWWXΣ¼ >GDğğXU (1@ ΢*$/Σ ',1*,50(Ğ » G,Ğ7$50(Ğ >DğLEXXW .85 DğğXU@., LQD THUELğ£ >DTUHPD 8'86,6.850(Ğ@ ΢WDğΣULLȃWL >DTT¯PD ¼ğDWOLP@ N¢GUDDD >Ž*,Ğ *,ĞV«UGL » ȃL@ELLğWL >ğD *,Ğ.,5,̐0(Ğ (',1 ğ£@΢DEΣEXUWL >¼UDTTDD DQD UX@΢XğΣWL LQD ΢WDğULΣ>LW@ ΢‹Σ>*$/@ ğD EDȃXOD΢WHΣ .85΢LDΣ ¼ğ££ğTDD PXȃȃDğ¼΢XQΣ *(Ğ7,1 GXXğğXSX ȻXUUDğ¼XQ DPNLU DQD £UN¢W X̎PH LQD /8*$/0(ĞQL '8080(ĞLD ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ LQDPEX¼ ]LNLUğ¼ HQXPD %‚' ğ£DWX LODEELUXPD HQQDȃX DQȃXXVVX OXXGGLğ 086$5H ğLɅLU ğXPHLD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğ¼ OXWHU GDğğXU » G΢LğΣWDU LNULELğ¼ LğHP΢PXΣ¼

'DWH H[  $ $ $

,7,1(1(*$5 8'.$0 OLPX PGDğğXU(1¼΢ȻXUΣ /œ*$5.85 858΢ğ£ΣȃX΢XSSDΣ

JDUGHQV SODQWHG RQ QHZO\ WLOOHG VRLO &\SUHVV WUHHV PXVXNNDQQXWUHHV DQG DOO NLQGV RI WUHHV JUHZ WDOO DQG VHQW RXW VKRRWV YLLL  7KH PDUVKHV WKULYHG JUH>DWO\@ %LUGV RI WKH KHDYHQV KHURQV ZKRVH >KRPHV @ DUH IDU DZD\ >PDGH@ QHVWV DQG ZLOG ERDUV DQG >URH GH@HU JD>YH ELUWK@ LQ DEXQGDQFH

YLLL ˡ , FXW GRZQ PXVXNNDQQXWUHHV DQG >F\ SU@HVV WUHHV JURZQ LQ WKH RUFKDUGV DQG PDUVK >UHHG@V IURP WKH VZDP>SV@ DQG , XVHG WKHP LQ WKH ZRUN UHTXLUHG WR EXLOG P\ ORUGO\ SDODWLDO KDOOV YLLL  >7KH\ SLFNHG FRW@WRQ OLW ˦>WUHHV@ EHDULQJ ZRRO˧ DQG ZRYH LW LQWR >FORW@KLQJ YLLL ˡ >$IWHU@ , KDG ILQLVKHG >WKH ZRUN RQ@ P\ SDODFH >, LQYLWHG@ LQVLGH LW >WKH JRG $ğğXU WKH@ JUHDW >ORUG@ DQG WKH JRGV DQG JRGGHVVHV >OLYLQJ LQ $V V\ULD YLLL  WKHQ , PDGH@ VSOHQGLG >RIIHULQJV DQG SUHVHQWHG@ P\ JLIWV  >, PDGH ILQH@ RLO >IURP ROLYHV DQG DU@RPDWLFV >IURP WKH RUFKDUGV SODQWHG RQ QHZO\@ WLOOHG VRLO YLLL  $W WKH LQDXJXUDWLRQ >RI@ WKH SD>ODFH@ , KDG WKH KHDGV RI WKH VXEMHFWV RI P\ ODQG GUHQFKHG DQG , ZDWHUHG WKHLU LQVLGHV ZLWK VZHHW ZLQH

YLLL ˡ ,Q WKH IXWXUH PD\ RQH RI WKH NLQJV P\ GH VFHQGDQWV ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH UHQRYDWH LWV GLODSLGDWHG VHFWLRQV ZKHQ WKDW ZDOO EHFRPHV ROG DQG GLODSLGDWHG 0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH YLLL  DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ DQG UHWXUQ LW WR LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHDU KLV SUD\HUV

'DWH ([  YLLL $ˡ$ $EX 9  WKH WKLUG GD\ HSRQ\P\ RI $ğğXUEÕOXXɇXU JRYHUQRU RI WKH FLW\ ĞDȏXSSD  

'DWH H[ 

'DWH H[ 

% % %

YLLL %ˡ% $UDȏVDPQD 9,,,  WKH >WK@ GD\ HSR Q\P\ RI ĞXOPX>%ÕO@ JRYHUQRU RI WKH FLW\ 7DOPX>VX@  

,7,$3,1'8̒$ 8'>[ [ .$0@ OLPX PğXOPX>(1@ /œ*$5.85 858WDO΢PXΣ>VL@

YLLL ˡ *,Ğ.,5,̐0(Ğ (',1 ğ£DEEXUWL ˦JDUGHQV SODQWHG RQ QHZO\ WLOOHG VRLO˧ 7H[W QR  OLQH v SUREDEO\ KDV *,Ğ.,5,̐0(Ğ ˦JDUGHQV˧ YLLL ˡ 7KH UHVWRUDWLRQV DUH EDVHG RQ WH[W QR  YLLL ˡ YLLL ˡ &I WH[W QR  YLLL vvˡvv ZLWK WKH RQSDJH QRWH 

6HQQDFKHULE 

 7ZR QHDUO\ FRPSOHWH RFWDJRQDO FOD\ SULVPV DQG D IHZ SULVP IUDJPHQWV IURP 1LQHYHK DUH LQVFULEHG ZLWK D WH[W GHVFULELQJ VHYHQ PLOLWDU\ FDPSDLJQV WKH IRUPDWLRQ RI D PLOLWDU\ FRQWLQJHQW RI  DUFKHUV DQG  VKLHOG EHDUHUV IURP SULVRQHUV GHSRUWHG IURP FRQTXHUHG ODQGV WKH UHEXLOGLQJ DQG GHFRUDWLRQ RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH  WKH FRQVWUXFWLRQ RI %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV ZLWK WKHLU ILIWHHQ JDWHV DQG RWKHU SXEOLF ZRUNV DW 1LQHYHK LQFOXGLQJ WKH GLJJLQJ RI VHYHUDO FDQDOV 7KH SURORJXH WKH UHSRUWV RI WKH ILUVW ILYH FDPSDLJQV DQG QXPHURXV SDVVDJHV LQ WKH EXLOGLQJ UHSRUW GXSOLFDWH WKRVH VDPH SDVVDJHV LQ HDUOLHU YHUVLRQV RI 6HQQDFKHULEˤV DQQDOV HVSHFLDOO\ WH[W QR  7KH DFFRXQWV RI WKH HYHQWV RI WKH NLQJˤV WK DQG WK UHJQDO \HDUV LQFOXGHG LQ WKLV WH[W DUH SUHVHQWO\ QRW NQRZQ IURP RWKHU H[WDQW LQVFULSWLRQV SUHVXPDEO\ EHFDXVH 6HQQDFKHULE UHPDLQHG DW KRPH LQ 1LQHYHK ,Q WKH HSRQ\P\ RI ĞXOPX%ÕO   6HQQDFKHULE UHSRUWV WKDW .LUħD WKH FLW\ UXOHU RI ,OOXEUX D PDQ ZKR KDG EHHQ D OR\DO $VV\ULDQ YDVVDO LQFLWHG UHEHOOLRQ LQ ȎLODNNX &LOLFLD DQG WKDW WKH $VV\ULDQ DUP\ ZDV VHQW WR GHDO ZLWK WKH KRVWLOLWLHV 7KH FLW\ ,OOXEUX ZDV FDSWXUHG DQG SOXQGHUHG DQG .LUħD DQG KLV VXSSRUWHUV ZHUH GHIHDWHG DQG EURXJKW EDFN WR 1LQHYHK ZKHUH WKH\ ZHUH IOD\HG DOLYH $IWHUZDUGV ,OOXEUX ZDV UHRUJDQL]HG DV DQ $VV\ULDQ FHQWHU ,Q WKH IROORZLQJ \HDU LQ WKH HSRQ\P\ RI $ğğXUEÕOXXɇXU   6HQQDFKHULE UHFRUGV WKDW KH VHQW KLV DUP\ WR WKH FLW\ 7êO*DULPPH ZKHUH *XUG° WKH NLQJ RI WKH FLW\ 8UGXWX D PDQ ZKR PD\ KDYH EHHQ UHVSRQVLEOH IRU 6DUJRQ ,,ˤV GHDWK RQ WKH EDWWOHILHOG LQ   KDG LQFLWHG UHEHOOLRQ 8UGXWX LV UHSRUWHG WR KDYH EHHQ WDNHQ DQG ORRWHG EXW QRWKLQJ LV VDLG DERXW *XUG° SHUKDSV EHFDXVH KH PDQDJHG WR HVFDSH $V IRU WKH EXLOGLQJ UHSRUW LW LV WKH ORQJHVW DQG PRVW GHWDLOHG DFFRXQW RI FRQVWUXFWLRQ LQ DQG DURXQG 1LQHYHK SUHVHUYHG LQ WKH 6HQQDFKHULE FRUSXV ,W ERUURZV PDWHULDO IURP HDUOLHU LQVFULSWLRQV DQG FRQWDLQV PDWHULDO FRPSRVHG DQHZ IRU WKLV WH[W DQG RWKHU LQVFULSWLRQV ZULWWHQ LQ  6HQQDFKHULEˤV WK UHJQDO \HDU  ,Q FRQQHFWLRQ ZLWK ZRUN RQ WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH NLQJ QRWHV WKDW WKH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU UHYHDOHG WR KLP WKH H[LVWHQFH RI FHGDU DW 0RXQW 6LUÃUD DODEDVWHU DW 0RXQW $PPDQÃQD WKH QRUWKHUQ $QWL/HEDQRQ  EUHFFLD DW .DSULGDUJLO¤ ˦'DUJLO¤ 9LOODJH˧  DQG OLPHVWRQH DW WKH FLW\ %DOÃɑÃ\D +H DOVR WDNHV FUHGLW IRU PDNLQJ VLJQLILFDQW DGYDQFHV LQ PHWDOZRUNLQJ ,Q FRQWUDVW WR KLV SUHGHFHVVRUV ZKR DUH VDLG WR KDYH LQHIIHFWXDOO\ PDQXIDFWXUHG PHWDO VWDWXHV RI WKHPVHOYHV 6HQQDFKHULE ERDVWV WKDW KH ZDV DEOH WR HIILFLHQWO\ DQG VXFFHVVIXOO\ FDVW WDOO FROXPQV DQG OLRQ FRORVVL IURP PHWDO ,Q FRQQHFWLRQ ZLWK VXSSO\LQJ WKH KXJH QXPEHU RI JDUGHQV DQG RUFKDUGV DURXQG 1LQHYHK ZLWK ZDWHU 6HQQDFKHULE UHSRUWV WKDW KH KDG WR ORRN IRU QHZ VRXUFHV DV WKH ZDWHUV RI WKH ȎXVXU 5LYHU PRG .KRVU ZHUH QR ORQJHU VXIILFLHQW 7KH NLQJ KDG WKUHH FDQDOV GXJ IURP WKH FLWLHV 'ħU,ğWDU ĞLEDQLED DQG 6XOX DOO RI ZKLFK DUH ORFDWHG LQ WKH YLFLQLW\ RI 0RXQW 0XɇUL PRG -HEHO %DğLTÃ  7ZR H[HPSODUV SUHVHUYH D GDWH DQG WKHVH ZHUH LQVFULEHG LQ WKH ILUVW KDOI RI WKH HSRQ\P\ RI ,OXLVVê\D JRYHUQRU RI WKH FLW\ 'DPDVFXV   7KH LQVFULSWLRQ LV FRPPRQO\ UHIHUUHG WR DV WKH ˦.LQJ 3ULVP˧ RU ˦+HLGHO 3ULVP˧ ([  LV QDPHG DIWHU /: .LQJ ZKR ILUVW SXEOLVKHG D FRS\ DQG SKRWRJUDSKV RI LW LQ  DQG H[  LV QDPHG DIWHU $ +HLGHO ZKR SXEOLVKHG DQ HGLWLRQ DQG SKRWRJUDSKV LQ 





6HQQDFKHULE 

&$7$/2*8( 0XVHXP ([ 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH



%0 



3XUFKDVHG IURP , *«MRX



,0 

ˢ

1LQHYHK ZHVWHUQ ZDOO



%0 



3XUFKDVHG IURP , *«MRX



5P 

ˢ

3UREDEO\ 1LQHYHK

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

&ROV  ZLGH  KLJK &ROV  ZLGH  KLJK &ROV  ZLGH  KLJK &ROV  DQG  ZLGH  KLJK

L ˡYLLL  GDWH L ˡYLLL  GDWH

F

Y ˡ YL ˡ YLL ˡ

F

Y ˡ YLL ˡ

F

FSQ

Q

&$7$/2*8( 2) 81&(57$,1 (;(03/$56 0XVHXP ([ 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

 ,E 

ˢ

ˢ

ˢ

Y ˡ

Q

&200(17$5< 7KH LQVFULSWLRQ ZULWWHQ RQ WKH ˦.LQJ 3ULVP˧ H[  DQG WKH ˦+HLGHO 3ULVP˧ H[  LV WKH ORQJHVW SUH VHUYHG WH[W RI 6HQQDFKHULE FD  OLQHV  7KH IROORZ LQJ WH[W WH[W QR   ZULWWHQ D IHZ \HDUV DIWHU WKLV LQVFULSWLRQ   PD\ KDYH EHHQ RQH RI WKH ORQJHVW WH[WV ZULWWHQ GXULQJ KLV UHLJQ  OLQHV  EXW LW LV YHU\ IUDJPHQWDULO\ SUHVHUYHG 7H[W QR  LQFOXGHV D VKRUW SURORJXH DFFRXQWV RI 6HQQDFKHULEˤV ILUVW ILYH FDPSDLJQV UHSRUWV RI FDPSDLJQV XQGHUWDNHQ LQ WKH HSRQ\PLHV RI ĞXOPX%ÕO  DQG $ğğXUEÕOXXɇXU   D SDVVDJH VWDWLQJ WKDW WKH NLQJ IRUPHG D ODUJH PLOLWDU\ FRQWLQJHQW ZLWK SULVRQHUV IURP FRQTXHUHG ODQGV DQG D OHQJWK\ DQG GHWDLOHG DFFRXQW RI FRQ VWUXFWLRQ LQ DQG DURXQG 1LQHYHK 7KH SURORJXH DQG PRVW RI WKH PLOLWDU\ QDUUDWLRQ UHSRUWV RI WKH ILUVW ILYH FDPSDLJQV GXSOLFDWH WKRVH VDPH SDVVDJHV LQ WH[W QR  DQG WH[W QR  7KH DFFRXQWV RI WKH HYHQWV RI WKH NLQJˤV WK DQG WK UHJQDO \HDUV DUH NQRZQ RQO\ IURP WKLV LQVFULSWLRQ WKHVH SDVVDJHV PD\ KDYH EHHQ FRPSRVHG DQHZ IRU WKLV HGLWLRQ $V IRU WKH EXLOGLQJ UHSRUW LW DOVR FRQWDLQV PDWHULDO FRP SRVHG DQHZ IRU WKLV LQVFULSWLRQ DQG SDVVDJHV ERU URZHG ZLWK FKDQJHV IURP WKH EXLOGLQJ UHSRUWV RI WH[W QR  DQG WH[W QR  $GGLWLRQDO LQIRUPDWLRQ LV SURYLGHG LQ WKH RQSDJH QRWHV 2QO\ WKH FHUWDLQ H[HPSODUV RI WKLV LQVFULSWLRQ DUH HGLWHG KHUH ([  ,E   KRZHYHU LV DQ

H[FHSWLRQ $OWKRXJK LW GXSOLFDWHV ZLWK VRPH RPLV VLRQ DQG YDULDWLRQ D SDVVDJH RI WKH EXLOGLQJ DFFRXQW SUHVHQWO\ NQRZQ RQO\ IURP WKLV LQVFULSWLRQ WKH IUDJ PHQW LV QRW VXIILFLHQWO\ SUHVHUYHG WR EH FHUWDLQ LW LV DQ H[HPSODU RI WKLV WH[W ,E  LV SURYLVLRQ DOO\ HGLWHG KHUH UDWKHU WKDQ RQ LWV RZQ 7KH RPLV VLRQV DQG PDMRU YDULDQWV DUH FLWHG LQ WKH RQSDJH QRWHV 6LQFH ZH ZHUH XQDEOH WR VWXG\ WKLV IUDJPHQW IURP WKH RULJLQDO WKH WUDQVOLWHUDWLRQ RI H[  LQ WKH VFRUH LV EDVHG RQ ( )UDKPˤV WUDQVOLWHUDWLRQ 6DQKHULE S   ZKLFK LV EDVHG RQ DQ XQSXEOLVKHG FRS\ RI 9. ĞLOHMNR VHQW WR KLP E\ 6 +RGMDVK 2I WKH LGHQWLILHG 6HQQDFKHULE SULVP IUDJPHQWV LQ PXVHXP FROOHFWLRQV DURXQG WKH ZRUOG WKHUH DUH IRXU RWKHU IUDJPHQWV WKDW FRXOG EHORQJ WR WKLV LQVFULSWLRQ UDWKHU WKDQ WR RQH RI WKH RWKHU WH[WV ZULWWHQ RQ RFWDJRQDO SULVPV 7KHVH DUH HGLWHG ZLWK WH[W QR  DV H[V  ˡ  6HH WKH FDWDORJXH DQG FRPPHQWDU\ RI WKDW LQVFULSWLRQ IRU IXUWKHU GHWDLOV 7KH SURYHQDQFH RI H[  LV XQFHUWDLQ ($: %XGJH %\ 1LOH DQG 7LJULV  S  VWDWHV WKDW %0  ˦ZDV IRXQG LQ D FKDPEHU EXLOW LQ WKH ZDOO RU SHUKDSV LW ZDV VXQN LQ WKH DFWXDO ZDOO  FORVH WR RQH RI WKH KXPDQKHDGHG EXOOV RI RQH RI WKH JDWHV RI 1LQHYHK DQG WKH EXOO QHDU ZKLFK LW ZDV SODFHG PXVW KDYH EHHQ UHPRYHG EHIRUH LW FRXOG EH H[WUDFWHG IURP WKH ZDOO  ,W LV SUREDEOH WKDW F\OLQGHU 1R  ZDV

6HQQDFKHULE 

GLVFRYHUHG E\ WKH QDWLYHV ZKHQ WKH\ ZHUH EUHDNLQJ WKLV EXOO LQWR SLHFHV DQG ZH PXVW EH WKDQNIXO WKDW WKH\ KDG WKH VHQVH HQRXJK WR UHDOL]H WKDW LW ZRXOG IHWFK PRUH PRQH\ FRPSOHWH WKDQ ZKHQ EURNHQ LQWR SLHFHV˧ - 5HDGH -&6  >@ S   IROORZLQJ %XGJHˤV DFFRXQW WHQWDWLYHO\ VXJJHVWV WKDW H[  FDPH IURP WKH 1HUJDO *DWH )UDKP GUDZLQJ DWWHQWLRQ WR D VWDWHPHQW PDGH E\ 5& 7KRPSVRQ ,UDT  >@ S   SRLQWV RXW WKDW %0  FRXOG KDYH EHHQ GLVFRYHUHG LQ $UHD 6+ RU VLPLODU SURYHQDQFH  $F FRUGLQJ WR UHFRUGV LQ WKH %ULWLVK 0XVHXP WKLV SULVP ZDV SXUFKDVHG IURP , *«MRX 7KXV LW LV QRW LPSRVVL EOH WKDW H[  ZDV GLVFRYHUHG DV %XGJH GHVFULEHV DQG WKHQ SXUFKDVHG E\ *«MRX ZKR LQ WXUQ VROG LW WR WKH %ULWLVK 0XVHXP $ SUHFLVH SURYHQDQFH IRU H[  ,0  LV JLYHQ E\ 1 DO $VLO DSXG +HLGHO 6XPHU   S  ˦WKH SULVP ZDV IRXQG HPEHGGHG EHWZHHQ WKH VXQGULHG EULFNV RI WKH ZHVWHUQ ZDOO RI 1LQHYHK DERXW WKUHH



PHWHUV EHORZ WKH WRS RI WKH ZDOO DW D SRLQW DERXW WKLUW\ PHWHUV QRUWK RI ZKHUH WKH SUHVHQW 0RVXO (UELO URDG FURVVHV WKH ZHVWHUQ FLW\ ZDOO +H DGGV WKDW WKHUH LV QR LQGLFDWLRQ RI D FLW\ JDWH DW WKLV SRLQW˧ )UDKP 6DQKHULE SS ˡ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

%,%/,2*5$3+<                         

%H]ROG &DW  S  H[  VWXG\ .LQJ &7  SS ˡ SOV ˡ DQG $ˡ( H[  SKRWR FRS\ HGLWLRQ H[  FRS\ 'HOLW]VFK $/ SS ˡ H[  LY ˡ YLL ˡYLL  FRS\ .LQJ &DW SS [L[ˡ[[LY QR  H[  YLL ˡYLLL  VWXG\ 2OPVWHDG +LVWRULRJUDSK\ SS ˡ H[  VWXG\ %XGJH %\ 1LOH DQG 7LJULV  S  H[  SURYHQDQFH %0 *XLGH SS  QR  H[  VWXG\ /XFNHQELOO 6HQQ SS  ˡ ˡ ˡ ( H[  L ˡLY  YDULDQWV >WH[W QR  H[ @ H[  LY ˡYLLL  HGLWLRQ /XFNHQELOO $5$%  SS ˡ iiˡ DQG SS ˡ iiˡ H[  LY ˡYLLL  WUDQVODWLRQ -DFREVHQ DQG /OR\G 2,3  SS ˡ H[  YLLL ˡ WUDQVODWLRQ VWXG\ /DHVVºH -&6  S  H[  YLLL ˡ HGLWLRQ H[  Y ˡ WUDQVOLWHUDWLRQ VWXG\ +HLGHO 6XPHU  SS ˡ DQG SO EHIRUH S  H[  SKRWR HGLWLRQ /¨VVºH -&6  SS ˡ H[  YL ˡ HGLWLRQ VWXG\ *UROOHQEHUJ %LOGDWODV ]XU %LEHO ILJ  H[  SKRWR 0DQQ DQG +HXVV 3URS\O¦HQ:HOWJHVFKLFKWH  SO DIWHU S  H[  SKRWR +RXZLQN WHQ &DWH /XZLDQ 3RSXODWLRQ *URXSV S  LY ˡ VWXG\ */ 5XVVHOO 6HQQ SS ˡ H[V ˡ HGLWLRQ 2SSHQKHLP )LIWK ,QWHUQDWLRQDO &RQJUHVV RI (FRQRPLF +LVWRU\ SS ˡ Q  YLL  VWXG\ 7XUQHU ,UDT  S  YL EˡD HGLWLRQ VWXG\ 5HDGH -&6  S  DQG  H[V ˡ VWXG\ %RUJHU %$/ SS  ˡ DQG ˡ H[V ˡ VWXG\ /LSLĂVNL 6WDWH DQG 7HPSOH (FRQRP\  S  YLL  VWXG\ 6DJJV $VV\ULD S  YLL  WUDQVODWLRQ VWXG\ (QJHO '¦PRQHQ SS ˡ Y ˡ DQG YL ˡYLL  WUDQVODWLRQ DQG ˡ YLL ˡ WUDQVODWLRQ 3DULVH 'LDORJKL GL $UFKHRORJLD  SS ˡ YLL  VWXG\

  

           

      

'DOOH\ LQ &XUWLV %URQ]HZRUNLQJ SS ˡ YL ˡ YLL ˡ ˡ WUDQVODWLRQ VWXG\ :DONHU LQ &XUWLV %URQ]HZRUNLQJ SS ˡ YLL ˡD WUDQVODWLRQ VWXG\ /DFNHQEDFKHU /H SDODLV VDQV ULYDO SS  ˡ  ˡ ˡ ˡ DQG  Y ˡ ˡ YL ˡD Eˡ  ˡ ˡYLL  ˡ ˡ YLLL EˡD ˡ ˡ WUDQVODWLRQ VWXG\ 3HϯUNRY£ $U2U  S  YLL ˡD YLLL  WUDQVODWLRQ YLL  VWXG\ 'DOOH\ ,UDT  SS ˡ YLL ˡ ˡ ˡD WUDQVODWLRQ VWXG\ +RZJHJR &RLQV S  YLL  VWXG\ 5HQJHU LQ 6FKHONOH DQG 1LWVFK 5¦WVHO *HOG SS  DQG  YLL  VWXG\ 6QHOO &$1(  S  YL ˡYLL  WUDQVODWLRQ VWXG\ 3RZHOO -(6+2  SS ˡ YLL  VWXG\ 'DOOH\ +6$2  SS ˡ YLL ˡ ˡ ˡ HGLWLRQ )UDKP 6DQKHULE SS ˡ 7  H[V ˡ  VWXG\ 'DOOH\ $Q6W  S  LY ˡY  VWXG\ *DOODJKHU 6HQQDFKHULEˤV 7KLUG &DPSDLJQ SDVVLP YL ˡYLL  YLLL ˡ WUDQVODWLRQ LL ˡLLL  VWXG\ 5DGQHU LQ 'HUFNVHQ 7UDGH DQG )LQDQFH S  Q  YLL ˡ WUDQVOLWHUDWLRQ VWXG\ %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ ˡ ˡ  ˡ QRV ˡ ˡ 7H[WEDXVWHLQ  DQG ˡ DQG 7DEOH  Y ˡ ˡYL  ˡYLL  ˡ YLLL ˡ HGLWLRQ VWXG\ /DQIUDQFKL 0HODPPX  SS ˡ LY ˡY  VWXG\ 'DOOH\ 6WXGLHV ' 2DWHV SS ˡ YLL ˡD ˡ VWXG\ +ROORZD\ $ğğXU LV .LQJ S  YL ˡYLL  WUDQVODWLRQ 0LWFKHOO DQG 0LGGOHWRQ -&6  S  Y ˡ VWXG\ 1RY£N 6H[ DQG *HQGHU SS ˡ YLLL ˡ WUDQVODWLRQ VWXG\ 9DUJ\DV -1(6  SS ˡ YLLL  VWXG\ %HFNLQJ ˣ/LNH D %LUG LQ D &DJHˤ SS ˡ LL ˡLLL  VWXG\



   

6HQQDFKHULE 

'DOOH\ DQG 2OHVRQ 7HFKQRORJ\ DQG &XOWXUH  SS ˡ YL ˡYLL  ˡ WUDQVODWLRQ VWXG\ 5HQJHU 6WXGLHV :LOFNH SS ˡ VWXG\ %LFKOHU DQG 5ROOLQJHU 6WXGLHV 6FKUHWWHU SS ˡ YLL ˡD VWXG\ 5LYDUROL ,UDT  SS ˡ YLLL ˡ WUDQVODWLRQ Y ˡ YLL ˡ YLLL ˡ VWXG\

     

)UDKP 1$%8  SS ˡ QR  YLL  VWXG\ HU@H ZLWKRXW QXPEHU , EXUQHG ZLWK ILUH SDYLOLRQV DQG WHQWV >WKH@LU DERGHV DQG UH>GXF@HG WKHP WR DVKHV

LL ˡ , PDGH WKDW FLW\ %êW.LODP]Dȏ D IRUWUHVV DJDLQ DQG , VWUHQJWKHQHG LWV ZDOOV PRUH WKDQ EHIRUH WKHQ LL  , VHWWOHG WKHUHLQ WKH SHRSOH RI WKH ODQGV WKDW , KDG FRQTXHUHG , EURXJKW GRZQ IURP WKH PRXQWDLQV WKH SHRSOH RI WKH ODQG RI WKH .DVVLWHV DQG WKH ODQG RI WKH @ SS ˡ  . 5DGQHU LQ 'HUFNVHQ 7UDGH DQG )LQDQFH S  Q  DQG 3 9DUJ\DV -1(6  >@ SS ˡ VXJJHVW WKDW WKLV VWDWHPHQW ZDV LQWHQGHG WR LOOXVWUDWH KRZ VLPSOH DQG HIIHFWLYH 6HQQDFKHULEˤV QHZ FDVWLQJ ZDV DQG QRW WR UHIHU WR WKH PLQWLQJ RI FRLQV 5DGQHU QRWHV WKDW WKH VPDOOHVW DPRXQW RI FRSSHU UHIHUUHG WR LQ OHJDO GRFXPHQWV LV KDOI D PLQD 9DUJ\DV VXJJHVWV UHDGLQJ  *17$‚0 DV LQD  *17$‚0 WKLV SURSRVDO LV QRW VXSSRUWHG E\ RXU FROODWLRQ RI H[  DV WKH VLJQ LV FOHDUO\  QRW WKH VLJQV LQD  0RUHRYHU ( )UDKP 1$%8  S  QR  SRLQWV RXW WKDW  *1 LQ WKLV FRQWH[W HTXDOV ]ħ]X ˦KDOI XQLW RI D VKHNHO ˧ 6,*̑$/$0 1DEQêWX 7DEOHW ;9,, OLQH  )LQNHO DQG &LYLO 06/  S  UHDGV  *1 ]X¼]X YLL ˡ &I WH[W QR  YLL ˡ ZKLFK VHUYHG DV WKH PRGHO IRU WKLV SDVVDJH 7KDW LQVFULSWLRQ UHIHUV WR WKH FRORVVL DV 8'80(Ğ ğDGGL G/$00$ ˦PRXQWDLQ VKHHS FRORVVL˧ UDWKHU WKDQ DV G$/$'G/$00$0(Ğ ˦EXOO FRORVVL˧ DQG UHFRUGV WKH QXPEHU RI FRORVVL WZHOYH FRSSHU FRORVVL WZR FRORVVL RI DODEDVWHU DQG VHYHQW\WZR FRORVVL RI ZKLWH OLPHVWRQH YLL ˡ 7KLV SDVVDJH ZKLFK PD\ KDYH EHHQ FRPSRVHG DQHZ IRU WKLV WH[W DQG RWKHU LQVFULSWLRQV ZULWWHQ LQ   LV D UHZRUNLQJ RI WH[W QR  YL ˡYLL  YLL ˡ 7KLV SDVVDJH ZDV SUREDEO\ FRPSRVHG DQHZ IRU WKLV WH[W DQG RWKHU LQVFULSWLRQV ZULWWHQ LQ  &I WH[W QR  YL ˡYLL  ,Q SDUWLFXODU QRWH WKDW WKDW SDVVDJH UHFRUGV WKH QXPEHU RI FRORVVL WHQ FRSSHU VSKLQ[HV WHQ DODEDVWHU VSKLQ[HV DQG WZHOYH VSKLQ[HV FDVW IURP *8$11$ PHWDO DQG WKDW LW GLIIHUHQWLDWHV WKH WZR FHGDU FROXPQV IURP WKH RWKHU ZRRGHQ FROXPQV ,Q WKLV LQVFULSWLRQ WKH FROXPQV DUH PDGH IURP HERQ\ F\SUHVV FHGDU GDSUÃQXMXQLSHU MXQLSHU DQG ,QGLDQ ZRRG DQG WKHLU LQOD\V DUH PDGH IURP SDğDOOXJROG DQG VLOYHU ZKHUHDV LQ WH[W QR  WKH FROXPQV DUH FHGDU F\SUHVV DQG GDSUÃQXMXQLSHU DQG WKHLU LQOD\V DUH SDğDOOXJROG HğPDU½VLOYHU DQG EURQ]H



6HQQDFKHULE 

      

SLWLLT *8$11$ ğD QXXPPXUX JDWWDğLLQ *,ĞWLPPH *,Ğ(6, *,ĞĞ850Ž1 *,ĞHUHQL *,ĞGXSUDQL Ğ,0/, » *,ĞVLLQGDD Lȃ]HHW SDğDOOL » NDVSL ȻHUXXğğLQ XO]L]PD ğD N¼PPH PXğDE EHOXWLLD HPLG *,Ğ*$1'8̑0(Ğğ¼XQ .81̎0(Ğ 1$̎'œ50,1$%‚1'$ 1$̎*,Ğ18̋̋*$/ » .81̎0(Ğ 1$̎SLLOL *$/0(Ğ DVXUUXğLQ ¼ğ£DVȃLUD DQD WDEUDDWH ¼ğ£OLN £ğğ¼ X̎PHğDPPD $0(Ğ GLOXWL GDOXP HEOL JXȃDȻȻDDWH =$%$5 X ȃDUȃDUL =$%$5 ¼ğHSLğPD NLPX¼ PDNDDWH JLğPDȃȃL » DODPLWWD



858'8 ȻHHU 3œ0(Ğ Xğ]L] ‹*$/0(Ğ ğ£WLQD ¼ğ£OLN

       

DVP®Lğ VLȃLUWL ‹*$/ DQD WDEUDW NLğğDW 810(Ğ XOODD UHğL𣠋*$/ ğ£QLQD OD LğXX QLELWVD D]NXU *,Ğ.,5,̐0$ȎȃX WDPğLO .85ȃDPDQLP ğD JLPLU Ğ,0Ȏ,$ *8581 ȻLSSDDWH *,Ğ0(Ğ WXNODW .85L » .85NDOGL DGL *,Ğ0(Ğ QD£ğ 6*Ȏ,$ T«UHEğ¼ ȃXUUXğX LWDDğ£ D]TXXS

       

      

1,1$., ğD XOWX X̎PH SDQL  /,0  0( LQD .›Ğ ğXEDW OLPHWLğ¼ %‚' » %‚'Ğ8/Ȏ, XO ¼ğHSLğ¼

DOLNXW PDȃUL PDDONL  /,0  0(  DğDU WDPLUWL OLPLW 858 ȻHHU PHğLLȃWH PDȃULWL ¼UDGGLPD  /,0  0(  LQD $6̎/80 *$/WL ¼NLQ P®QGDWXğ

IHDWXUHV ZHUH EULOOLDQW , HUHFWHG RYHU WKHP FROXPQV RI HERQ\ F\SUHVV FHGDU GDSUÃQXMXQLSHU MXQLSHU DQG ,QGLDQ ZRRG ZLWK SDğDOOXJROG DQG VLOYHU LQOD\V WKHQ YLL  , SRVLWLRQHG WKH DUFKLWUDYHV RI WKH LQQHU URRPV RI P\ ORUGO\ UHVLGHQFH RQ WKRVH FROXPQV 

YLL ˡ , VXUURXQGHG WKHLU WKH SDODFH URRPVˤ ORZHU FRXUVHV ZLWK VODEV RI EUHFFLD DQG DODEDVWHU DQG ODUJH OLPHVWRQH VODEV DQG PDGH WKHP DQ REMHFW RI ZRQGHU YLL ˡD ,Q RUGHU WR EH DEOH WR GUDZ ZDWHU E\ EXFNHW HYHU\ GD\ , KDG EURQ]H ZLUH FKDLQV DQG EURQ]H FDEOHV PDGH DQG LQVWHDG RI SROHV , KDG WUHH WUXQNV DQG GDWH SDOPV RI FRSSHU SODFHG RYHU ZHOOV YLL Eˡ , PDGH WKRVH SDODWLDO KDOOV EHDXWLIXO 7R EH DQ REMHFW RI ZRQGHU IRU DOO RI WKH SHRSOH , UDLVHG WKH VXSHUVWUXFWXUH RI WKH HQWLUH SDODFH , FDOOHG LW ˦7KH 3DODFH :LWKRXW D 5LYDO˧ YLL ˡ , SODQWHG DORQJVLGH LW WKH SDODFH D ERWDQ LFDO JDUGHQ D UHSOLFD RI 0RXQW $PDQXV ZKLFK KDV DOO NLQGV RI DURPDWLF SODQWV DQG IUXLW WUHHV WUHHV WKDW DUH WKH PDLQVWD\ RI WKH PRXQWDLQV DQG &KDOGHD WR JHWKHU ZLWK FRWWRQ WUHHV OLW ˦WUHHV EHDULQJ ZRRO˧  FROOHFWHG LQVLGH LW YLL ˡ 1LQHYHK WKH VLWH RI ZKRVH FLUFXPIHUHQFH KDG EHHQ  FXELWV VLQFH IRUPHU WLPHV YLL  DQG IRU ZKLFK QR HDUOLHU UXOHU KDG KDG DQ LQQHU RU RXWHU ZDOO EXLOW ˢ , DGGHG  FXELWV LQ WKH SODLQ DURXQG WKH FLW\ WR LWV SUHYLRXV PHDVXUHPHQW DQG WKXV HVWDEOLVKHG LWV GLPHQVLRQV DV  ODUJH FXELWV

YLL  7H[W QR  YLL  KDV ‹*$/0(Ğ EHOXWLLD ˦P\ ORUGO\ SDODWLDO KDOOV˧ YLL ˡ DQG ˡ 7KHVH SDVVDJHV ZHUH SUREDEO\ FRPSRVHG DQHZ IRU WKLV WH[W DQG RWKHU LQVFULSWLRQV ZULWWHQ LQ  :LWK UHJDUG WR YLL ˡ VHH DOVR /¨VVºH -&6   S  DQG :DONHU LQ &XUWLV %URQ]HPDNLQJ SS ˡ YLL  PDNDDWH ˦SROHV˧ 6 'DOOH\ +6$2  S  DQG 7HFKQRORJ\ DQG &XOWXUH  >@ SS ˡ WUDQVODWHV PDNħWX SO PDN¤WX DV ˦VKDGXI˧ JLğ PDȃȃL » DODPLWWD ˦WUHH WUXQNV DQG GDWH SDOPV ˧ 'DOOH\ ,UDT  >@ SS ˡ +6$2  SS ˡ DQG 7HFKQRORJ\ DQG &XOWXUH  >@ SS ˡ VXJJHVWV WKDW WKHVH DUH WKH FRPSRQHQWV RI WKH $UFKLPHGHVˤ VFUHZ WKH JLğPDȃȃX LV WKH F\OLQGHU DQG WKH DODPLWWX LV WKH VFUHZVSLUDO WKDW GUDZV WKH ZDWHU XSZDUG WKURXJK WKH F\OLQGHU +HU LGHQWLILFDWLRQ RI DODPLWWX DV D VSLUDO FRPHV IURP WKH VFXOSWXUHG ID©DGH RI WKH JUHDW WHPSOH DW 7HOO DO5LPDK DV ZHOO DV RWKHU 0HVRSRWDPLDQ WHPSOHV WKH ID©DGH RI WKH 7HOO DO5LPDK WHPSOH LV GHFRUDWHG ZLWK VHPLHQJDJHG FROXPQV VRPH RI ZKLFK DUH ˦FRQVWUXFWHG LQ EULFNZRUN WR LPLWDWH WKH HGLEOH GDWHSDOP ZLWK LWV VFDOORSHG WUXQN DQG RWKHUV KDYLQJ VSLUDOV OLNH D VWLFN RI EDUOH\VXJDU˧ 7KLV OHG 'DOOH\ ,UDT  >@ SS ˡ WR WKH IROORZLQJ FRQFOXVLRQ ˦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˧ )RU D GUDZLQJ RI WKH $UFKLPHGHVˤ VFUHZ DQG D SKRWRJUDSK RI WKH ID©DGH RI 7HOO DO5LPDK VHH UHVSHFWLYHO\ 'DOOH\ ,UDT   S  ILJ  DQG 'DOOH\ DQG 2OHVRQ 7HFKQRORJ\ DQG &XOWXUH   S  ILJ  'DOOH\ˤV LGHQWLILFDWLRQ RI JLğPDȃȃX DQG DODPLWWX DV WKH FRPSRQHQWV RI WKH $UFKLPHGHVˤ VFUHZ LV FRQMHFWXUDO IRU VRPH UHVHUYDWLRQV RQ KHU SURSRVDO VHH IRU H[DPSOH %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ ˡ DQG ˡ 858'8 ˦FRSSHU˧ &RQWUD /XFNHQELOO 6HQQ S  DQG &$' 0 S  VXE PDNħWX  ERWK H[V  DQG  KDYH DODPLWWD 858'8 LQ H[  $ +HLGHO 6XPHU  >@ S  FRQILGHQWO\ UHDG 858'8 ZLWK QR EUDFNHWV DQG RQ S  QRWHG WKDW WKH UHDGLQJ ZDV ˦XQPLVWDNDEOH˧ 858'8 ˦FRSSHU˧ KRZHYHU LV RPLWWHG LQ H[  0 :RUWKLQJWRQ SHUVRQDO FRPPXQLFDWLRQ VXJJHVWV HPHQGLQJ WKH WH[W WR DODPLWWDWH VLQFH KH VXVSHFWV WKDW DODPLWWD 858'8 LV D FRUUXSWLRQ RI DODPLWWÃWH 0RUHRYHU KH SURSRVHV WKDW 858'8 ZDV GURSSHG IURP VRPH H[HPSODUVWH[WV EHFDXVH WKH FRS\LVWV UHJDUGHG LW DV QRQVHQVLFDO ZLWKRXW UHDOLVLQJ WKDW WKH VLJQ RULJLQDWHG DV 7( ZKLOH RWKHU VFULEHV NHSW WKH VLJQ

6HQQDFKHULE 

                            

ğD %‚'ğ¼ *$/L E¢GQ¯JDOELO¼N¼UUDğ¼ğ¼ GX¼UX ğD QDPULUXğX QDNLUL VDȃSX ȻHHU 1$̎SLLOL WHPPHHQğ¼ DGGLPD  6,*̎ ¼NDEELU LQD  0(  WLLENL XOODD UHğLğX DQD HUEHWWL ğ£DUL  .ƒ*$/0(Ğ SDQX » DUND LQD ȻLOL NLODOODDQ DQD HUHEL » DȻHH ¼ğDSWDD T«UHEğ¼ OLEXU ‹16, GDğğXU .ƒ*$/ GDğğXU ğD 858Ğ‚858 VDSLLQ JLPLU QDNLUL .ƒ*$/ PG(1=8Ğ(Ğ0(ĞHULED ğD .85ȃDO]L G(1// PXNLQ %$/$LD .ƒ*$/ G878 ğD .85JDJDO ğD PG(1=8Ğ(Ğ0(ĞHULED LWWL PDQ]DOWL HUHTTL NLQQL %$/$ğ¼ .ƒ*$/ G1,1// ğD 858NDUG1,1// PXğHȻDDW 8=8 ƒ=$* .ƒ*$/ PXğODOXP GXPXT £ğQDDQ » GODȃDU T«UHEğ£ NDDDDQ .ƒ*$/ 858ğLEDQLED EDELODW ȃLȻLE ȃXUğ£DQL .ƒ*$/ .85ȃDODȃȃL Ğ81,*,1  .ƒ*$/0(Ğ G878Š P«HȃUHW ,0ğX¼WL » ,0ğ£GLL D]NXUD QLELWVLLQ G,Ğ.85 ğ£ULLN Ȏ‹*ƒ/ DQD .85 .ƒ*$/ G,Ğ.85 ğD DPEDVL GªUUD ğ£DJLğ ]DPDQLLD .ƒ*$/ G8*85 ğD 858WDUELȻL GĞ(Ğ.,UX QDȻLU $*$ EHOXWLLD .ƒ*$/ G(1=8 Ğ81,*,1  .ƒ*$/0(Ğ ğD P«HȃUHW ,0LOWDQL DWWDEL VLTLUğLLQ

G«D PXğHğLU N»SSLLD .ƒ*$/ PDVT«H   PXğHULEDW PLğ®UWL GD£GPH .ƒ*$/ NDDUL  N¢GUHH /œVXPXƮHªO » /œWHHPH &RO YLLL  T«UHEğ£ LUUXXE .ƒ*$/ PDGEDUL  SDT¯GDDW NDODPD .ƒ*$/ ‹*$/ PDğDUWL Gğ£UXU̎ PXğDPTLW DDDE /8*$/ .ƒ*$/  ȃDDQGX¼UL



YLL ˡ , ODLG WKH IRXQGDWLRQ RI LWV JUHDW ZDOO %DGQLJDOELOXNXUDğXğX ZKLFK PHDQV ˦:DOO :KRVH %ULOOLDQFH 2YHUZKHOPV (QHPLHV˧ XSRQ OLPHVWRQH DQG PDGH LW  EULFNV WKLFN , UDLVHG LWV VXSHUVWUXFWXUH  FRXUVHV RI EULFN KLJK YLL ˡ , KDG ILIWHHQ JDWHV RSHQHG XS LQ LW LQ IRXU GLUHFWLRQV LQ IURQW DQG EHKLQG DQG DORQJ ERWK VLGHV IRU HQWHULQJ DQG OHDYLQJ YLL ˡ ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU 6WD\ LQ *RRG +HDOWK˧ WKLV LV WKH $ğğXU *DWH ZKLFK OHDGV WR WKH ,QQHU &LW\ $ğğXU  YLL  ˦7KH 2QH :KR )ODWWHQV $OO (QHPLHV˧ WKLV LV WKH 6HQQDFKHULE *DWH ZKLFK OHDGV WR WKH ODQG ȎDO]L ˦7KH *RG (QOLO ,V WKH 2QH :KR 0DNHV 0\ 5HLJQ )LUP˧ WKLV LV WKH ĞDPDğ *DWH ZKLFK OHDGV WR WKH ODQG *DJDO ˦0DNH 6HQQDFKHULEˤV '\QDVW\ DV )LUP DV WKH 3RVLWLRQ RI WKH :DJRQ &RQVWHOODWLRQ˧ WKLV LV WKH 0XOOLVVX *DWH ZKLFK OHDGV WR WKH FLW\ .ÃU0XOOLVVL YLL  ˦7KH 2QH :KR ([RUFLVHV WKH ˣ)OHVKˤ RI WKH $VDNNXGHPRQ˧ WKLV LV WKH 6WHS *DWH ˦7KH &KRLFHVW RI *UDLQ DQG )ORFNV $UH &RQVWDQWO\ ,QVLGH ,W˧ WKLV LV WKH JDWH WKDW OHDGV WR WKH FLW\ ĞLEDQLED ˦7KH %HDUHU RI WKH 3URGXFH RI WKH 0RXQWDLQV˧ WKLV LV WKH JDWH WKDW OHDGV WR WKH ODQG ȎDODȏȏX ,Q WRWDO VHYHQ JDWHV IDFLQJ WKH ULVLQJ VXQ YLL  WRZDUGV WKH VRXWK DQG HDVW DQG , JDYH WKHP WKHVH QDPHV YLL ˡ ˦7KH *RG $GDG ,V WKH 3URYLGHU RI 3URVSHULW\ WR WKH /DQG˧ WKLV LV WKH $GDG *DWH ZKLFK OHDGV WR WKH JDPH SUHVHUYH ˦7KH *RG (UUD ,V WKH 2QH :KR 6ODXJKWHUV 7KRVH +RVWLOH WR 0H˧ YLL  WKLV LV WKH 1HUJDO *DWH ZKLFK OHDGV WR WKH FLW\ 7DUELɇX ˦7KH 'LYLQH 1DQQÃUX ,V WKH 2QH :KR 3URWHFWV 0\ /RUGO\ &URZQ˧ WKLV LV WKH 6°Q *DWH ,Q WRWDO WKUHH JDWHV IDFLQJ WRZDUGV WKH QRUWK DQG , JDYH WKHP WKHVH QDPHV YLL ˡYLLL  ˦7KH *RG (D ,V WKH 2QH :KR 3URSHUO\ 'LUHFWV :DWHU )ORZ LQWR 0\ &LVWHUQV˧ WKLV LV WKH 0DğT½ *DWH YLL  ˦7KH 2QH :KR %ULQJV LQ ,QFRPH IURP WKH 6HWWOHPHQWV˧ WKLV LV WKH 4XD\ *DWH ˦7KH 3UHVHQWV RI WKH 3HRSOH RI 6XPXƺHO DQG 7ÕPD YLLL  (QWHU 7KURXJK ,W˧ WKLV LV WKH 'HVHUW *DWH ˦7KH 2QH :KR 5HJXODWHV (YHU\WKLQJ˧ WKLV LV WKH $UPRU\ *DWH ˦7KH *RG ĞDUXU ,V WKH 2QH :KR &XWV 'RZQ WKH .LQJˤV

YLL ˡYLLL  &I WH[W QR  YLL ˡv DQG WH[W QR  YLL ˡ ZKLFK VWDWH WKDW WKHUH ZHUH IRXUWHHQ JDWHV DQG WH[W QR  YLL vˡv ZKLFK UHFRUGV WKDW 1LQHYHK KDG HLJKWHHQ JDWHV )RU GHWDLOV VHH WKH FKDUW RQ S  $ OLVW RI WKH JDWHV RI 1LQHYHK LQ WKH WLPH RI $VKXUEDQLSDO ZDV SXEOLVKHG E\ 25 *XUQH\ 677  SO &&/,9 QR  DQG HGLWHG E\ ( 5HLQHU -1(6  >@ SS ˡ  2Q WKH ORFDWLRQ RI WKH JDWHV VHH IRU H[DPSOH .LQJ &DW SS [L[ˡ[[LY 7KRPSVRQ $UFK   SS ˡ 7KRPSVRQ ,UDT   SS ˡ 5HDGH 5$   SS ˡ DQG 6FRWW DQG 0DF*LQQLV ,UDT   SS ˡ YLL  &I WH[W QR  YLL ˡ ZKLFK OLVWV WKH ȎDQGħUX *DWH ILUVW 7KDW JDWH LV OLVWHG ODVW LQ WKLV LQVFULSWLRQ ZLWK WKH ZHVWIDFLQJ JDWHV OLEXU ‹16, GDğğXU ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU 6WD\ LQ *RRG +HDOWK˧ 7KH QDPH RI WKH $ğğXU *DWH LV OLOEXU ‹16, GDğğXU ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU (QGXUH˧ LQ WH[W QR  YLL  WH[W QR  YLL  DQG WH[W QR  YLL v YLL ˡ 7KH QDPH RI WKH 0XOOLVVX *DWH LV GLğWDU ]DQLQNL NXUEL ˦2 ,ğWDU %OHVV WKH 2QH :KR 3URYLGHV IRU @ SS ˡ DQG 5/$ ˡ S  i KDV VXJJHVWHG WKDW WUDFHV RI RQH RI WKH FDQDO KHDGV PD\ EH YLVLEOH DW %Dƺ]DQL QHDU ĞLEDQLED DQG WKDW WKH SURMHFW FRXOG KDYH KDG LWV RULJLQV LQ FDQDOV GXJ E\ 6DUJRQ ,, IRU 'ħUĞDUUXNêQ &I WKH %DYLDQ ,QVFULSWLRQ OLQHV ˡ /XFNHQELOO 6HQQ S   ZKHUH 6HQQDFKHULE UHSRUWV WKDW KH GXJ HLJKWHHQ FDQDOV LQFOXGLQJ WKH WKUHH IURP 'ħU,ğWDU ĞLEDQLED DQG 6XOX

6HQQDFKHULE 

                                            

» 858VXOL QDPEDƮL DPXUPD ,*,,,ğ¼QX SLTDDWH ¼UDEELPD ¼WHU DQD NXSSL £ğğ¼ PDODN $0(Ğ ğ¼QXWL .850(Ğ PDUȻXWL £ğUL SD£ğTXWL LQD DNNXOODWL ¼ğDWWLUPD PXȻXğ¼XQ ¼ğHğLUD DQD WDPLUWL 1,1$., 'ȃDUUDWLğ¼XQ ¼GDQQLQ NLL ğXSXXN .85L $0(Ğ ğDWXQX T«UHEğ¼XQ ¼NLQQD NLPD DWDUWLPPD ȻHHU $0(Ğ 'ȃXVXXU ¼UDGGDD GDULğDP LQD XPPDDWH ¼ğ££ğTDD JLPLU ȻLSSDDWL LQD (17(1$  /,0 Ğ(180810(Ğ WDPHUDDWL HOL 858 » .,7$ 858 ¼ğ£DQNDU ğDWWLğDP DQD ğXSğXȃL DODNWL $0(Ğ ğXQXWL 'DJDPPX ¼ğDEğLPD ȻXȻX¼ T«UHEğ£ DVWLLO *,5$08Ğ(10(Ğ Ğ$Ȏ0(Ğ *,Ğ*, DODS T¯ğL LQD O®EEL ¼PDğğLU LQD ɅªHP ',1*,5PD T«UHE *,Ğ.,5,̐0(Ğ (',1 ğ£DEEXUWL *(Ğ7,1 JLPLU *8581 *,ĞVHHUGX Ğ,0Ȏ,$ PDJDO LğPXȃX *,ĞĞ850Ž1 *,Ğ0(60ƒ.$11$ QDSȃDU *,Ğ0(Ğ LğLȃXPD ¼ȻDUULğ¼ SDSDDOOXP DSSDUDDWL PDJDO LğLUD 08Ğ(10(Ğ $1H *,5$08Ğ(1 ğD DğDUğ¼ UX¼TX TLQQD LTQXQPD Ğ$Ȏ0(Ğ *,Ğ*, DODS T¯ğL ¼UDSSLğ¼ WDOLWWX *,Ğ0(60ƒ.$11$ *,ĞĞ850Ž1 WDUELW ȻLSSDDWL *, $0%$50(Ğ ğD T«UHE 'DJDPPH DNğLɅPD DQD ğLSUL ȃLğLȃWL ‹*$/0(Ğ EHOXWHLD OX HSXXğ LȻȻX QD£ğ ğLSDDWL LETXPX LPȃDȻX ȻXEDWLLğ XOWX ğLSUL ‹*$/LD ¼TDWWX¼ GDğğXU (1 *$/¼ ',1*,50(Ğ » G,Ğ7$50(Ğ DğLEXXW .85 DğğXU., LQD THUELğ£ DTUHPD 8'86,6.850(Ğ WDğULLȃWH DTT¯PD ¼ğDWOLP N¢GUDDD Ž*,Ğ *,ĞV«UGL » ȃLELLğWL ğD *,Ğ.,5,̐0(Ğ (',1 ğ£DEEXUWL ¼UDTTDD DQD UXXğWL LQD WDğULLW ‹*$/ ğD EDȃXODWH .85LD ¼ğ££ğTDD PXȃȃDğLLQ *(Ğ7,1 GXXğğXSX ȻXUUDğLLQ DPNLU DQD £UN¢W X̎PH LQD /8*$/0(Ğ '8080(ĞLD ğD GDğğXU DQD 5(‹80XW .85 » 810(Ğ



RSHQLQJV ELJJHU DQG WXUQHG WKHP LQWR VSULQJV

YLLL ˡ )RU D FRXUVH IRU WKRVH ZDWHUV , FXW WKURXJK UXJJHG PRXQWDLQV FRQILQHG DUHDV ZLWK SLFNV DQG GLUHFWHG WKHLU RXWIORZ LQWR WKH SODLQ RI 1LQHYHK , VWUHQJWKHQHG WKHLU FKDQQHOV OLNH WKH EDVH RI D PRXQWDLQ YLLL  , SURYLGHG D UHJXODU VXSSO\ RI WKRVH ZDWHUV LQ WKHP 7KXV , IRUHYHU DGGHG WKHP DV DQ DGGLWLRQ WR WKH ZDWHUV RI WKH ȎXVXU 5LYHU YLLL ˡ ,Q VXPPHU , HQDEOHG DOO RI WKH RUFKDUGV WR EH LUULJDWHG ,Q ZLQWHU , DQQXDOO\ KDG ZDWHU SURYLGHG WR  VHHGHG ILHOGV LQ WKH SODLQV XSVWUHDP DQG GRZQVWUHDP RI WKH FLW\ YLLL ˡ , FUHDWHG D PDUVK WR PRGHUDWH WKH IORZ RI WKRVH ZDWHUV DQG SODQWHG D FDQHEUDNH LQ LW , OHW ORRVH LQ LW KHURQV ZLOG ERDUV OLW ˦SLJV RI WKH UHHGV˧  DQG URH GHHU YLLL  %\ GLYLQH ZLOO YLQHV DOO NLQGV RI IUXLW WUHHV ROLYH WUHHV DQG DURPDWLF WUHHV IORXULVKHG JUHDWO\ LQ WKRVH JDUGHQV SODQWHG RQ QHZO\ WLOOHG VRLO &\SUHVV WUHHV PXVXNNDQQXWUHHV DQG DOO NLQGV RI WUHHV JUHZ WDOO DQG YLLL  VHQW RXW VKRRWV 7KH PDUVKHV WKULYHG JUHDWO\ %LUGV RI WKH KHDYHQV KHURQV ZKRVH KRPHV DUH IDU DZD\ PDGH QHVWV DQG ZLOG ERDUV DQG URH GHHU JDYH ELUWK LQ DEXQGDQFH

YLLL ˡ , FXW GRZQ PXVXNNDQQXWUHHV DQG F\SUHVV WUHHV JURZQ LQ WKH RUFKDUGV DQG PDUVK UHHGV IURP WKH VZDPSV DQG , XVHG WKHP LQ WKH ZRUN UHTXLUHG WR EXLOG P\ ORUGO\ SDODWLDO KDOOV 7KH\ SLFNHG FRWWRQ OLW ˦WUHHV EHDULQJ ZRRO˧ DQG ZRYH LW LQWR FORWKLQJ

YLLL ˡ $IWHU , KDG ILQLVKHG WKH ZRUN RQ P\ SDODFH , LQYLWHG LQVLGH LW WKH JRG $ğğXU WKH JUHDW ORUG DQG WKH JRGV DQG JRGGHVVHV OLYLQJ LQ $VV\ULD WKHQ , PDGH VSOHQGLG RIIHULQJV DQG YLLL  SUHVHQWHG P\ JLIWV  , PDGH ILQH RLO IURP ROLYHV DQG DURPDWLFV IURP WKH RUFKDUGV SODQWHG RQ QHZO\ WLOOHG VRLO $W WKH LQDXJXUDWLRQ RI WKH SDODFH YLLL  , KDG WKH KHDGV RI WKH VXEMHFWV RI P\ ODQG GUHQFKHG DQG , ZDWHUHG WKHLU LQVLGHV ZLWK VZHHW ZLQH

YLLL ˡ ,Q WKH IXWXUH PD\ RQH RI WKH NLQJV P\ GHVFHQGDQWV ZKRP WKH JRG $ğğXU QDPHV IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH YLLL  UHQRYDWH LWV

YLLL ˡ &I WH[W QR  YLLL ˡ ,Q WKDW WH[W 6HQQDFKHULE FODLPV WR KDYH VXSSOLHG ZDWHU WR RQO\  ILHOGV YLLL  $0(Ğ ğXQXWL ˦WKRVH ZDWHUV˧ 7H[W QR  YLLL ˡ KDV $0(Ğ ğD *,Ğ.,5,̐0(Ğ ˦ZDWHU IRU WKRVH JDUGHQV˧ YLLL ˡ T«UHEğ£ DVWLLO ˦, SODQWHG LQ LW˧ 7H[W QR  YLLL  KDV ΢¼Σğ£DVWLLO ˦, KDG SODQWHG˧



        

6HQQDFKHULE 

LQDPEX¼ ]LNLUğ¼ HQXPD %‚' ğ£DWX LODEELUXPD HQQDȃX DQȃXXVVX OXXGGLğ 086$5H ğLɅLU ğXPHLD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğ¼ OLWHU GDğğXU » GLğWDU LNULELğ¼ LğHPPX¼

'DWH

'DWH 

GLODSLGDWHG VHFWLRQV ZKHQ WKDW ZDOO EHFRPHV ROG DQG GLODSLGDWHG 0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQRLQW LW ZLWK RLO YLLL  PDNH DQ RIIHULQJ DQG UHWXUQ LW WR LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHDU KLV SUD\HUV

P',1*,5.,LD

,7,1( OLPX 858GLPDğTD

/œ*$5.85

YLLL  $EX 9  HSRQ\P\ RI ,OXLVVê\D JRYHUQRU RI WKH FLW\ 'DPDVFXV  

 $ SRRUO\ SUHVHUYHG RFWDJRQDO FOD\ SULVP IURP 1LQHYHK DQG SUREDEO\ D VPDOO IUDJPHQW RI DQRWKHU SULVP DUH LQVFULEHG ZLWK D WH[W GHVFULELQJ HLJKW RI 6HQQDFKHULEˤV PLOLWDU\ FDPSDLJQV DQG QXPHURXV EXLOGLQJ DFWLYLWLHV LQ DQG DURXQG 1LQHYHK LQFOXGLQJ WKH UHEXLOGLQJ RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH  WKH FRQVWUXFWLRQ RI 1LQHYHKˤV LQQHU DQG RXWHU ZDOOV %DGQLJDOELOXNXUDğXğX DQG %DGQLJHULPȏXOXȏD ZLWK WKHLU HLJKWHHQ JDWHV WKH FUHDWLRQ RI D ILIW\WZRFXELWZLGH UR\DO URDG DQG WKH GLJJLQJ DQG ZLGHQLQJ RI D PRDW DURXQG WKH FLW\ 7KLV LQVFULSWLRQ FRQWDLQV PDWHULDO IURP WH[WV ZULWWHQ HDUOLHU LQ WKH NLQJˤV UHLJQ HVSHFLDOO\ IURP WKRVH ZULWWHQ LQ ˡ DQG PDWHULDO FRPSRVHG DQHZ IRU WKLV WH[W DQG RWKHU LQVFULSWLRQV ZULWWHQ LQ  6HQQDFKHULEˤV WK UHJQDO \HDU  /LNH WKH EHWWHU SUHVHUYHG DQG NQRZQ WH[W QRV  DQG  WKH PLOLWDU\ QDUUDWLRQ RI WKLV HGLWLRQ RI 6HQQDFKHULEˤV UHV JHVWDH LQFOXGHV DFFRXQWV RI HLJKW FDPSDLJQV  DJDLQVW 0DUGXNDSOD LGGLQD ,, ELEOLFDO 0HURGDFKEDODGDQ DQG KLV &KDOGHDQ DQG (ODPLWH DOOLHV LQ %DE\ORQLD  DJDLQVW WKH .DVVLWHV DQG OLPX P(1,*, D@΢QLΣ  >/œ(11$0 858JDUJD@΢PLğΣ ˦>7KH PRQWK   GD\ HSRQ\P\ RI %ÕOÕPXUDQQ@L >JRYHUQRU RI WKH FLW\ &DUFKHP@LVK˧ 7KH WUDFHV RI WKH 1, DQG 0(6 VLJQV PDWFK H[DFWO\ WKRVH LQ WKH GDWH ZULWWHQ RQ WH[W QR  H[  &I )UDKP 6DQKHULE S  DQG SO ,,, ([   D IUDJPHQW RI DQ RFWDJRQDO FOD\ SULVP LV LQVFULEHG ZLWK HLWKHU D FRS\ RI WKLV LQVFULSWLRQ RU DQRWKHU WH[W ZKRVH PLOLWDU\ QDUUDWLRQ FRQWDLQHG DW OHDVW HLJKW RI 6HQQDFKHULEˤV FDPSDLJQV XS WR WKH EDWWOH RI ȎDOXO¬  6LQFH WKH EXLOGLQJ UHSRUW LV

QRW SUHVHUYHG  LV UHJDUGHG KHUH DV D IUDJPHQW RI XQFHUWDLQ DWWULEXWLRQ ( )UDKP 6DQKHULE S  UHJDUGHG  DV D GXSOLFDWH RI WKLV WH[W EXW LW LV PRUH OLNHO\ D GXSOLFDWH RI WH[W QR  RU WH[W QR  VLQFH LW DSSHDUV WR EH IURP D KH[DJRQDO QRW DQ RFWDJRQDO SULVP WKDW SLHFH LV HGLWHG DV WH[W QR  H[   $ SULVP IUDJPHQW SXEOLVKHG E\ 9 6FKHLO 3ULVPH S  FRXOG EH D GXSOLFDWH RI WKLV LQVFULSWLRQ WH[W QR  RU WH[W QR  EXW EHFDXVH ZH ZHUH XQDEOH WR H[DPLQH WKDW SLHFH LW LV QRW NQRZQ LI LW LV SDUW RI D VL[ RU HLJKW VLGHG SULVP DQG WKXV LW LV DUELWUDULO\ HGLWHG DV WH[W QR  H[   ([  LV WKH PDVWHU WH[W EXW H[  LV WKH PDVWHU WH[W IRU FRO LLL vvˡvv DQG FRO LY vvˡvv 6LQFH H[V  DQG  GR QRW RYHUODS QR VFRUH LV SURYLGHG RQ WKH &'520 5HVWRUDWLRQV DUH EDVHG RQ WH[W QR  WH[W QR  DQG WH[W QR  SUHIHUHQFH LV JHQHUDOO\ JLYHQ WR WH[W QR  H[  DQG WH[W QR  7KH WLQ\ IUDJPHQW .  )UDKP 6DQKHULE S  KDV WUDFHV RI D OLQH WKDW GXSOLFDWHV YL v RI WKLV WH[W VHH WKH QRWH WR WKH OLQH  EXW RWKHUZLVH WKH VFDQW WUDFHV GR QRW VHHP WR PDWFK WKLV SRUWLRQ RI WKH WH[W

%,%/,2*5$3+<       

%H]ROG &DW  S  H[  >. @ VWXG\ %H]ROG &DW  S  H[   VWXG\ 7KRPSVRQ ,UDT  SS ˡ DQG ILJV ˡ QRV ˡ H[  >%0  %0 @ FRS\ HGLWLRQ */ 5XVVHOO 6HQQ SS  ˡ DQG ˡ H[  >%0  %0 @ VWXG\ YDULDQWV >RI WH[W QR  YLL ˡYLL @ YLL vˡv WUDQVOLWHUDWLRQ /DPEHUW DQG 0LOODUG &DW SS  ˡ    ˡ  DQG ˡ H[  VWXG\ 7XUQHU ,UDT  S  Q  YLL vEˡvD HGLWLRQ VWXG\ 5HDGH -&6  SS ˡ H[V ˡ  VWXG\

    

%RUJHU %$/ S ˡ H[V ˡ  VWXG\ %RUJHU %,:$ R +HIW PLFURILFKH  DQG  H[  >$  DQG $ @ WUDQVOLWHUDWLRQ )UDKP 6DQKHULE WLWOH SDJH SS ˡ 7  DQG SOV ,,ˡ,9 VWXG\ YL vvˡYLLL vvv HGLWLRQ H[  SDUWLDO FRS\ %DJJ $VV\ULVFKH :DVVHUEDXWHQ SS ˡ  ˡ QRV ˡ ˡ 7H[WEDXVWHLQ ˡ DQG 7DEOH  YLL vˡv YLLL vˡvv HGLWLRQ VWXG\ )UDKP 5/$ ˡ S  VWXG\

7(;7 &RO L /DFXQD ˮ ΢PLΣ>JLU ',1*,50(Ğ *$/0(Ğ QDȻLU NLWWL@ ˮ UD>ƮLLP PLğ£UL HSLğ ¼VDDWL@ ˮ D΢OLNΣ >WDSSXXW DNLL@ ˮ VDȃL>UX GDPTDDWL@ ˮ HɅOXP ΢J¯WΣ>PDOXP ]LNDUX TDUGX@ ˮ Dğ£UHG >NDO PDONL@ ˮ UDSSX OD΢ƮLΣ>LɅ OD PDJLUL@ ˮ PXğDE΢ULΣ>TX ]DPDDQL@ /DFXQD ˮˮ [ > ğD PG08$7,(1080(Ğ@

/DFXQD L ˮˡˮ IDY>RULWH RI WKH JUHDW JRGV JXDUGLDQ RI WUXWK@ ZKR OR>YHV MXVWLFH UHQGHUV DVVLVWDQFH@ JRHV WR >WKH DLG RI WKH ZHDN@ DQG VWULYHV DI>WHU JRRG GHHGV@ L v SHU>IHFW@ PDQ >YLULOH ZDUULRU@ IRUHPRVW RI >DOO UXOHUV@ WKH EULGOH WKDW FRQW>UROV WKH LQVXEPLVVLYH@ DQG WKH RQH ZKR VWULNHV >HQHPLHV@ ZLWK OLJKWQ>LQJ@

/DFXQD L ˮˮˡˮˮD  >@ , UHFHLYHG >D VXE@VWDQWLDO >DXGLHQFH JLIW

L ˡLY  7KHVH OLQHV JHQHUDOO\ GXSOLFDWH WH[W QR  L ˡY  DQG WH[W QR  L ˡLY  DSDUW IURP RUWKRJUDSKLF YDULDQWV VHH WKH RQSDJH QRWHV RI WKRVH WH[WV IRU FRPPHQWV

6HQQDFKHULE 

ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ

/œT¯΢SLΣ >858ȃDUDUDWL .›*, .›%$%%$5@ *,ĞPXVXNNDQ΢QLΣ >*$/0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ@ *8̎0(Ğ » ΢ȻHΣ>HQL WDPDUWDğ¼@ NDELWWX DP΢ȃXUΣ >EDȃXODWL 858ȃLULPPH@ /œ.œ5 DNȻL LQD ΢*,Ğ78.8/0(ĞΣ

>¼ğDPTLWPD@ HGX XO H]LE SDJ΢ULΣ>ğXXQ@ LQD JDğLğL DOXO>PD@ VLȃLUWL 858 ¼ğDOPH QDJX¼ ğXDWX DQD HğğXWL DȻEDW HQ *8̎  8'817$0(Ğ  $1Ğ( *(Ğ7,1  $1Ğ( =œ/800$ UHğHWHğ¼ DQD ',1*,50(ĞQL .85 DğğXU., (10(ĞLD ¼NLQ G¢ULğDP LQD H JHUULLD GDğğXU EHO¯ ¼WDNNLODQQLPD DQD .85 /œNDğğLL » .85 /œLDVXELJDOODDD ğD XOWX XOOD DQD /8*$/0(ĞQL $'0(ĞLD OD NLWQXğ¼ OX DOOLN T«UHE ȃXUğ£DQL ]DTUXWL $Ğ‚ QDPUDȻL LQD $1Ğ(.855$ DUNDEPD *,Ğ*,*,5 *Ž5,,LD LQD WLLNNDWL ¼ğ££ğğL £ğUX ğXSğXTX LQD *Ž5,,LD ULPDQLğ DWWDJJLğ 858‹PNLODP]DDȃ 858ȃDDUGLğSL 858‹PNXEDWWL 8580(ĞQLğ¼QX ‹ %‚'0(Ğ GDQQXWL ΢DOΣPH .85XG 810(Ğ $1Ğ(.855$0(Ğ $1Ğ(.81*$΢0(ĞΣ >$1Ğ(@΢0(ĞΣ *8̎0(Ğ » ȻHH>QL@ >XOWX@ ΢THUELΣğ¼XQ ¼ğHȻD΢DPΣ>PD@ >ğDOODWLğ@ ΢DPΣQX ΢»Σ >8580(Ğğ¼QX@ >7850(Ğ ğD QL@ED OD LğX¼ DS΢SXOΣ >DTTXU@ >¼@΢ğHΣPH NDUPHğ ‹ (',1 ΢NXOΣ>WDUL@ >PX@ğ£ELğ¼QX LQD G*,Ğ%$5 ΢DTΣ>PXPD@ >GL@WDOOLğ ¼ğHPH ¼>WHUPD@ >858@‹PNLODP]DDȃ >ğXDWX@ ΢DΣQD 858ELUWXWL DȻEDW 8*8 ΢ğ£Σ >X̎XP SDQL@ %‚'0(Ğğ¼ ¼GDQQLQPD >810(Ğ .85.85@ NLğLWWL Ğ8,,LD LQD O®E>EL ¼ğHğLE@ 810(Ğ .85 /œ΢NDğΣ>ğLL@

ˮˮ ˮˮ ˮˮ &RO LL /DFXQD ˮ >‹ QLȻLUWL@ğ¼ ¼>PDğğLUPD@ ˮ >DQD UXT«H@WL LQQDELW ΢JLPULΣ ˮ >.85ğ¼ '$*$/WLP NL@΢PDΣ 0858̓ DVȃXXS ˮ >858PDU¼@΢ELğΣWL 858DNNXXGGX ˮ >8580(ĞQL ‹ /8*$/@WLğ¼ DGL  8580(Ğ 7850(Ğ ˮ >ğD OLPHWL@΢ğ¼ΣQX DOPH DNğXGXG



IURP 1DE½EÕOğXPÃWL@ WKH RIILFLDO LQ FKDUJH RI >WKH FLW\ ȎDUDUDWX JROG VLOYHU ODUJH@ PXVXNNDQQXWUHHV >GRQNH\V FDPHOV@ R[HQ DQG VKHHS >DQG JRDWV@ L ˮˮEˡˮˮ >, SXW@ WR WKH VZRUG >WKH SRSXODWLRQ RI WKH FLW\ ȎLULPPX@ D GDQJHURXV HQHP\ >DQG@ , GLG QRW VSDUH D VLQJOH RQH , KXQJ >WKHLU@ FRUSVHV RQ SROHV >DQG@ SODFHG WKHP DURXQG WKH FLW\ L vv , UHRUJDQL]HG WKDW GLVWULFW DQG LPSRVHG IRU HWHUQLW\ RQH R[ WHQ VKHHS WHQ KRPHUV RI ZLQH DQG WZHQW\ KRPHUV RI GDWHV DV KLV ILUVWIUXLWV RIIHULQJV WR WKH JRGV RI $VV\ULD P\ ORUGV

L ˮˮˡˮˮD 2Q P\ VHFRQG FDPSDLJQ WKH JRG $ğğXU P\ ORUG L vv HQFRXUDJHG PH DQG , PDUFKHG WR WKH ODQG RI WKH .DVVLWHV DQG WKH ODQG RI WKH RXW@ RI WKHP SHRSOH KRUVHV PXOHV >GRQNH\@V R[HQ DQG VKHHS DQG >JRDWV DQG@ , FRXQWHG WKHP >DV ERRW\@ 0RUHRYHU L vv , GHVWUR\HG >GHYDVWDWHG DQG WX@UQHG LQWR UXLQV >WKHLU VPDOOHU VHWWOHPHQWV ZKLFK@ ZHUH ZLWKRXW >QXP@EHU , EX>UQHG@ ZLWK ILUH SDYLOLRQV DQG WH>QWV@ WKHLU >DE@RGHV >DQG@ UHGXFHG WKHP >WR@ DVKHV L ˮˮEˡˮˮ , PDGH >WKDW FLW\@ %êW.LODP]Dȏ D IRUWUHVV D>JDLQ@ DQG , VWUHQJWKHQHG LWV ZDOOV PRUH WKDQ >EHIRUH@ WKHQ >, VHWWOHG@ WKHUH>LQ WKH SHRSOH RI WKH ODQGV@ WKDW , KDG FRQTXHUHG >, EURXJKW GRZQ IURP WKH PRXQWDLQV@ WKH SHRSOH RI WKH ODQG RI WKH .DV>VLWHV@

/DFXQD LL ˮˡˮ +H ,VSDEÃUD >DEDQGRQHG KLV IRUWLILHG FLWLHV@ DQG KLV >WUHDVXU\ DQG@ IOHG >IDU DZD@\ , RYHUZKHOPHG DOO RI >KLV ZLGH ODQG O@LNH D IRJ , VXUURXQGHG FRQ TXHUHG >GHVWUR\HG@ GHYDVWDWHG DQG EXUQHG ZLWK ILUH WKH FLWLHV >0DUƺX@ELğWX DQG $NNXGGX LL v >FLWLHV RI@ KLV >UR\@DO >KRXVH@ WRJHWKHU ZLWK WKLUW\IRXU VPDOOHU VHWWOHPHQWV >LQ@ WKHLU >HQYLURQV@

/DFXQD DIWHU L vv %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW D QRZPLVVLQJ OLQH SUREDEO\ L vv RU L vv FRQWDLQHG XOWX T«UHE .85L ¼ğHULGDPPD ˦, EURXJKW GRZQ IURP WKH PRXQWDLQV˧ /DFXQD EHIRUH LL v %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQH LPPHGLDWHO\ EHIRUH LL v FRQWDLQHG 8580(Ğğ¼ GDQQXWL ˦KLV IRUWLILHG FLWLHV˧



6HQQDFKHULE 

>DSSXO@ ΢DTΣTXU LQD G*,Ğ%$5 DTPX >810(Ğ 785 *$/@ 1,7$ » 08186 $1Ğ(.855$0(Ğ ˮ >$1Ğ(.81*$0(Ğ@ ΢$1Ğ(Σ0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ ˮ >» ȻH@΢HΣQL DQD OD PLQDP ˮ >£ğOXODP@΢PDΣ DGL OD EDğLL ˮ >¼ğ£OLNğX@΢PDΣ ¼ȻDDȃȃLU .85VX ˮ >858ȻLȻLLU@WX >858@NXXPPDDȃOXP ˮ >8580(ĞQL GDQQX@΢WL DGLΣ 8580(Ğ 7850(Ğ ˮ >ğD OLPHWLğ¼QX@ .85‹PEDDUUXX ˮ >QDJX¼@ DQD JLPLUWLğ¼ ˮ >XOWX T«@΢UHEΣ .85ğ¼ DEWXTPD ˮ >8*8 PLȻLU@ ΢.85Σ DğğXU., ¼UDGGL ˮ >858HOHQ]D£ğ@ ΢DΣQD 858 /8*$/¼WL ˮ >» GDQQDDW QD@΢JHΣH ğXDW¼ DȻEDWPD ˮ >08ğ¼ PDȃUDD@ ¼QDNNLUPD ˮ >858NDUPG(1=8@΢Ğ(ĞΣ0(ĞHULED ˮ >DWWDEL QLELWVX 81@0(Ğ .85.85 NLğLWWL >Ğ8,,LD@ ˮ >LQD O®EEL ¼ğH@ğLE LQD Ğ8,, ˮ >/œğXXW 6$*LD /œ(1@΢1$0Σ 858ȃDU΢ȃDUΣ ˮ >DPQXPD ¼UDS@΢SLğΣ PDD>WL@ ˮ >LQD WDDDDU@WL>LD@ ˮ >@ [ [ >@ /DFXQD ˮˮ /8*$/ ΢858LVTDDOΣ>OXQD ğD OD LNQXğ¼@ ˮˮ DQD QLULLD >',1*,50(Ğ ‹ $'ğ¼ ğ£Dğ¼@ ˮˮ '$0VX '8080(Ğğ¼ '80808186>0(Ğğ¼ Ğ(Ğ0(Ğğ¼@ ˮˮ 18081 ‹ $'ğ¼ DVVXȃD΢DPΣ>PD DQD .85 DğğXU.,@ ˮˮ ¼UD£ğğ¼ P/8*$/OXG¢΢ULΣ >'808 PUXNLEWL@ ˮˮ /8*$/ğXQX PDȃUX>¼ 8*8 810(Ğ@ ˮˮ 858LVTDDOOX>QD £ğNXQPD@ ˮˮ QDGDQ *81 N¢GUH>H EHOXWLLD@ ˮˮ HPLGVXPD Lğ£>DDɅ DEğ£DQL@ ˮˮ LQD PHWLLT ΢JHUΣ>ULLD 858‹GDJDQQD@ ˮˮ 858LDDSSX΢¼Σ >858EDQDDDEDUTD@ ˮˮ 858D]XUX >8580(ĞQL ğD PȻLLGTDD@ ˮˮ ğD DQD *Ž5,,΢LDΣ >£UȃLğ OD LNQXğ¼@ ˮˮ DOPH .85XG >£ğOXOD ğDOODVXXQ@ ˮˮ /œ*Ž5΢17$Σ>0(Ğ /œ1810(Ğ » 810(Ğ 858DPTDUUXQD@ ˮˮ [ >@ /DFXQD ˮˮˮ >/œ(1 *,Ğ*,*,50(Ğ » '8080(Ğ@ ΢/8*$/ .85ΣPX΢ȻXΣ>UDDD@ ˮˮˮ >DGL /œ(1 *,Ğ*,*,5@΢0(Ğ ğDΣ /8*$/ .85PHOXȃ>ȃL@ ˮˮˮ >EDOɅXVXXQ L@΢QDΣ 0858%̎ WDP΢ȃDULΣ LNğXGD Ğ8,,΢DDΣ ˮ ˮ

LL ˮˡˮ >, FDUULHG RII SHRSOH \RXQJ DQG ROG@ PDOH DQG IHPDOH KRUVHV >PXOHV@ GRQNH\V FDPHOV R[HQ >DQG VKHHS@ DQG JRDWV ZLWKRXW QXPEHU WKHQ >, EURXJKW KLP ,VSDEÃUD WR QRXJKW@ DQG PDGH KLV ODQG VPDOOHU , GHWDFKHG >IURP@ KLV ODQG >WKH FLWLHV ɆLɇ ɇLU@WX DQG .XPPDȏOXP >IRUWLIL@HG >FLWLHV@ WRJHWKHU ZLWK WKH VPDOOHU VHWWOHPHQWV LL v >LQ WKHLU HQYLURQV DQG WKH GLVWULFW RI@ WKH ODQG %êW%DUU½ LQ LWV HQWLUHW\ DQG , DGGHG WKLV DUHD >WR WKH WHUULWRU\ RI@ $VV\ULD

LL ˮˡˮ , WRRN >WKH FLW\ (OHQ]Dğ@ DV D UR\DO FLW\ LL v >DQG D IRUWUHVV IRU@ WKDW >GLVW@ULFW WKHQ , FKDQJHG >LWV IRUPHU QDPH@ DQG >FDOOHG LW .ÃU6HQQ@DFKHULE >, VHWW@OHG >WKHUHLQ WKH SHRSOH@ RI WKH ODQGV WKDW >,@ KDG FRQTXHUHG LL v >, SODFHG@ LW XQGHU WKH DXWKRULW\ RI >D HXQXFK RI PLQH WKH JRY@HUQRU RI WKH FLW\ ȎDUȏDU >DQG WKXV HQODUJ@HG >P\@ ODQ>G@ LL ˮˡˮ >2Q P\ UHWXUQ@ PD>UFK @  >@ /DFXQD LL ˮˮˡˮˮD >0RUHRYHU DV IRU ɆLGT¤@ WKH NLQJ RI WKH FLW\ $VKNH>ORQ ZKR KDG QRW ERZHG GRZQ@ WR P\ \RNH , IRUFLEO\ UHPRYHG >WKH JRGV RI KLV IDWKHUˤV KRXVH KLPVHOI@ KLV ZLIH KLV VRQV >KLV@ GDXJKWHU>V KLV EURWKHUV@ DQG RWKHU RIIVSULQJ RI KLV IDWKHUˤV KRXVH >DQG@ WRRN KLP >WR $VV\ULD@ LL ˮˮEˡˮˮ >, VHW@ ĞDUUXOħGÃUL >VRQ RI 5ħNLEWX@ WKHLU IRUPH>U@ NLQJ >RYHU WKH SHRSOH RI@ WKH FLW\ $VKNHOR>Q DQG@ LPSRVHG XSRQ KLP WKH SD\PHQW RI WULEXWH DQG JLIW>V LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS@ VR WKDW KH QRZ SXO>OV P\ \RNH@ LL ˮˮˡˮˮ ,Q WKH FRXUVH RI >P\@ FDP>SDLJQ@ , VXU URXQGHG FRQTXHUHG DQG >SOXQGHUHG WKH FLWLHV %êW 'DJDQQD@ -RSSD >%DQD\DEDUTD@ DQG $]XUX >WKH FLWLHV RI ɆLGT¤@ WKDW >KDG QRW VXEPLWWHG@ WR PH >TXLFNO\@ LL ˮˮˡˮˮ $V IRU WKH JRYHUQRU>V WKH QREOHV DQG WKH SHRSOH RI WKH FLW\ (NURQ@  >@ /DFXQD LL ˮˮˮˡˮˮˮ >,@Q WKH WKLFN RI EDWWOH , FDSWXUHG >DOLYH WKH@ (J\SW>LDQ FKDULRWHHUV DQG SUL@QFHV OLW ˦WKH VRQV RI WKH NLQJ˧  >WRJHWKHU ZLWK WKH FKDULRWHHU@V RI WKH NLQJ RI WKH ODQG 0HOXȏ>ȏD@

/DFXQD EHIRUH LL vv 7KH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQH LPPHGLDWHO\ EHIRUH LL vv FRQWDLQHG » PȻLLGTDD ˦0RUHRYHU DV IRU ɆLGT¤˧

6HQQDFKHULE 

&RO LLL  >858DOWDTXX 858WDDPQDD DOPH .85XG £ğOXOD ğDO@΢ODΣV¼Q  >DQD 858DPTDUUXQD@ ΢DTΣULEPD  >/œ*Ž517$0(Ğ /œ1810(Ğ@ ΢ğDΣ ȃLLɅɅX  >¼ğDEğX¼ DGXNPD@ LQD GLPDDWL  >VLȃLUWL 858 DOXO@ SDJULğ¼XQ  >'8080(Ğ 858 HSLğ DQ@΢QLΣ » J¯OODWL  >DQD ğDOODWL DP@΢QXΣ VLLWWXWHğ¼QX  >OD EDELO ȃLɅLWL@ » JXOOXOWL  >ğD DUDDQğ¼QX OD@ LEğX¼  >XğğXUğ¼XQ DTEL PSDGL@΢LΣ /8*$/ğ¼QX  >XOWX T«UHE 858XUVDOL@LPPX  >¼ğHȻDDPPD LQD *,Ğ*8=$@ ΢EHΣOXWL  >8*8ğ¼XQ ¼ğHğLEPD PDQGD@DW΢WXΣ  ΢EHΣ>OXWLLD ¼NLQ ȻHUXXğğ¼@  » ΢PȃDΣ>]DTLD¼ .85LD¼GDDD@  ğD OD LN>QXğX DQD QLULLD@   8580(Ğ΢ğ¼Σ >GDQQXWL ‹ %‚'0(Ğ@  » 8580(Ğ >7850(Ğ ğD OLPHWLğ¼QX@  ğD QLED ΢ODΣ >LğX¼ LQD ğXNEXXV@  DUDPPH >» TLWUXXE ğXSLL@  PLWȃX΢XȻΣ >]XXN *Ž5,, SLOğL QLNVL@  » ΢NDOΣ>EDQQDWH DOPH .85XG@   0( /,0 > 0(  810(Ğ 785 *$/ 1,7$ » 08186@  $1Ğ(.85΢5$Σ>0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ@  *8̎0(Ğ >» ȻHHQL ğD OD QLEL@  XOWX >THUELğ¼XQ ¼ğHȻDDPPD@  ğDOOD>WLğ DPQX ğ£Dğ¼ *,0 08Ğ(1 TXXSSL@  T«΢UHEΣ >858XUVDOLLPPX 858 /8*$/WLğ¼@  H>V¯Uğ¼ 858Ȏ$/Ɇ80(Ğ 8*8ğ¼ ¼UDNNLVPD@  D΢ȻHΣ>H .ƒ*$/ 858ğ¼ ¼WHUUD LNNLEXXğ@  ΢858Σ>0(Ğğ¼ ğD £ğOXOD XOWX T«UHE .85ğ¼@ /DFXQD ˮ >LQD H JHUUL@΢LDΣ GDğğXU EHO¯ ˮ >¼WDNNLODQQL@΢PDΣ XPPDQDWLLD ˮ >JDSğ£WH DGNH@PD DQD .85‹PLDNLQ̑ ˮ >DODNX DTEL@ LQD PHWLLT JHUULLD ˮ >ğD PğX]XEL@ ΢/œΣNDOG¢DD DğLE T«UHE 'DJDPPH ˮ >LQD 858EL@΢LWΣWX¼WX £ğWDNDQ %$'̏%$'̏ğ¼ ˮ >ğX¼@ ΢ȃXUΣEDğ¼ WDȃD]LLD 8*8΢ğ¼Σ ˮ >LPTXW@΢PDΣ LWUXNX OLEEX΢ğ¼Σ ˮ >NLPD@ ΢D]Σ]DUL HGLğ LSSDUğLGPD ˮ >XO@ ΢LQΣQDPLU DğDUğ¼ SDDQ QLULLD ˮ >¼@WHUPD DQD .85‹PLDNLQ̑ DȻȻDEDW ˮ ΢ȃDUΣUDQX ğX¼ PG$0$5878,%,/$6801$ ˮ >ğD@ ΢LQDΣ DODN JHUULLD PDȃUHH ˮ >%$'̏@΢%$'̏ğ¼Σ £ğNXQXPD ¼SDUULUX HOODWVX ˮ >UL@JLP *,Ğ78.8/0(ĞLD GDQQXWL ˮ ΢»Σ WLLE WDȃD]LLD H]]L



LLL ˡD >, VXUURXQGHG FRQTXHUHG DQG SOXQGHU@HG >WKH FLWLHV (OWHNHK DQG 7DPQ¤@ , DSSURDFKHG >WKH FLW\ (NURQ@ DQG >, NLOOHG WKH JRYHUQRUV DQG QREOHV@ ZKR >KDG FRPPLWWHG@ FULPHV >DQG LLL  KXQJ@ WKHLU FRUSVHV RQ WRZHUV >DURXQG WKH FLW\ , FRX@QWHG WKH FLWL]HQV ZKR KDG FRPPLWWHG WKH FULP@LQDO DFWV >DV ERRW\ DQG , FRPPDQGHG WKDW@ WKH UHVW RI WKHP >WKRVH ZKR ZHUH QRW JXLOW\ RI FULPHV@ RU ZURQJGRLQJ >WR ZKRP QR SHQDOW\@ ZDV GXH >EH DOORZHG WR JR IUHH@ LLL Eˡ >, EURXJKW RXW 3DG@° WKHLU NLQJ >IURP WKH FLW\ -HUXVDO@HP >DQG SODFHG KLP RQ WKH@ ORUGO\ >WKURQH RYHU WKHP WKHQ , LPSRVHG XSRQ KLP SD\@PHQW LQ UHFRJQLWLRQ RI >P\@ OR>UGVKLS@ LLL ˡD 0RUHRYHU DV IRU +H>]HNLDK RI WKH ODQG -XGDK@ ZKR KDG QRW VXE>PLWWHG WR P\ \RNH , VXU URXQGHG DQG FRQTXHUHG@ IRUW\VL[ RI KLV >IRUWLILHG@ FLWLHV >IRUWUHVVHV@ DQG >VPDOOHU @ VHWWOHPHQWV >LQ WKHLU HQYLURQV@ ZKLFK >ZHUH@ ZLWKRXW QXPEHU >E\ KDY LQJ@ LLL  UDPSV >WURGGHQ GRZQ DQG EDWWHULQJ UDPV EURXJKW XS@ WKH DVVDXOW RI >IRRW VROGLHUV VDSSLQJ EUHDFKLQJ@ DQG VLHJH >HQJLQHV , EURXJKW@ RXW >RI WKHP@ > SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH@ KRUVH>V PXOHV GRQNH\V FDPHOV@ LLL  R[HQ >DQG VKHHS DQG JRDWV ZKLFK ZHUH ZLWKRXW QXPEHU DQG , FRXQWHG@ WKHP DV ERR>W\@ LLL Eˡ >$V IRU KLP +H]HNLDK @ , >FRQILQHG KLP@ LQVLGH >WKH FLW\ -HUXVDOHP KLV UR\DO FLW\ OLNH D ELUG LQ D FDJH , VHW XS EORFNDGHV DJDLQVW KLP DQG LLL  PDGH KLP GUHDG@ H[LWL>QJ KLV FLW\ JDWH , GHWDFKHG IURP KLV ODQG@ WKH FLW>LHV RI KLV WKDW , KDG SOXQGHUHG@ /DFXQD LLL ˮˡˮD >2Q@ P\ >IRXUWK FDPSDLJQ@ WKH JRG $ğğXU P\ ORUG >HQFRXUDJHG PH@ VR WKDW >, PXVWHUHG@ P\ >QXPHURXV@ WURRSV DQG >RUGHUHG WKH PDUFK@ WR WKH ODQG %êWĞħ]XEX@ 0XğÕ]LE0DUGXN  D &KDOGHDQ ZKR OLYHV LQ WKH PDUVKHV >DW WKH FLW\ %L@WWħWX >$V IRU KLP@ WHUURU RI GRLQJ EDWWOH ZLWK PH >IHOO@ XSRQ KLP DQG KLV KHDUW SRXQGHG +H IOHG DORQH >OLNH@ D O\Q[ DQG KLV KLGLQJ SODFH FRXOG >QRW@ EH IRXQG LLL ˮEˡˮ >,@ WXUQHG DURXQG OLW ˦>,@ WXUQHG WKH IURQW RI P\ \RNH˧ DQG WRRN WKH URDG WR WKH ODQG %êWZKRP@ , KDG >GH@IHDWHG DQG ZKRVH IRUFHV , KDG VFDWWHUHG GXULQJ P\ ILUVW FDPSDLJQ ˢ LLL v >EH@FDPH IULJKWHQHG E\ >WKH FO@DQJRU RI P\ PLJKW\ ZHDSRQV DQG P\ ILHUFH EDWWOH DUUD\ WKHQ >GLV@ORGJHG WKH JRGV RI WKH IXOO H[WHQW RI KLV ODQG IURP WKHLU

/DFXQD DIWHU LLL  %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ LLL  EHJDQ ZLWK DEWXTPD ˦, GHWDFKHG DQG˧



6HQQDFKHULE 

>H@΢GXUΣPD ',1*,50(Ğ PDUDN .85ğ¼ LQD .,78Ğğ¼QX ˮ >LG@΢NHΣPD T«UHE *,Ğ0ƒ0(Ğ ¼ğDUNLEPD ˮ >DQD 858@QDJLWLUDTT¯ ğD 0858%̎ WDPWLP ˮ >LȻȻX@΢ULğΣ LSSDULğ Ğ(Ğ0(Ğğ¼ 18081 ‹ $'ğ¼ ˮ >ğD ¼PDğğL@UX DȃL WDPWLP DGL VLLWWL ˮ >810(Ğ .85@΢ğ¼Σ XOWX .85‹PLDNLQ̑ ˮ >T«UHE '@΢DΣJDPPH X DSSDUDDWL ˮ >¼ğHȻDDP@΢PDΣ ğDOODWLLğ DPQX ˮ >¼WHUPD 858@΢0(ĞΣğ¼ DSSXO DTTXU ˮ >¼ğHPH NDUPHğ@ 8*8 (1 VDOLPHğ¼ ˮ >/8*$/ .85(/$00$., QDPXU@΢UDΣWXP DWEXXN ˮ >LQD WDDDDUWLLD@ PDğğXUQDGLQ08 ˮ >'808 UHğWX¼ WDUELW@ ΢ELUΣNLLD ˮ >LQD *,Ğ*8=$ EHOXWLğ¼ ¼@΢ğHΣğLEPD /DFXQD ˮˮ >858ğ£UXXP 858H]DPD 858@΢NLEΣğ¼ ΢858Σ>ȃDOEXGD@ ˮˮ >858TXXD 858TDQD ğD@ ΢*,0Σ TLQ΢QLΣ >7,̒08Ğ(1 Dğ£UHG@ ˮˮ >08Ğ(1Ȏ,$ ȻHHU ]XTWL .85@QLSXU .85L PDUȻL ˮˮ >ğXEDWV¼Q ğLWNXQDDWPD OD@ ΢NLWΣQXğ¼ DQD QLUL ˮˮ >LQD *Ž5,, .85QLSXU NDUDğL@ ΢¼Σğ£΢£ğNLQPDΣ ˮˮ >LWWL /œTXUEXWL *Ž5,,LD@ ΢QDΣDV΢TXWLΣ ˮˮ >» /œ(5,00(Ğ WDȃD]LLD OD@ ΢JDΣPH΢OXWLΣ ˮˮ >DQDNX *,0 $0 HNGL SDQXXğ@΢ğXΣXQ DȻ΢EDWΣ ˮˮ >@ [ >@ /DFXQD ˮˮˮ [ >@ &RO LY  ΢LQD Ğ86,0(Ğ ȃXUΣğ£D΢QLΣ >DUGHğ¼QXWLPD@  £ğWDNDQ WDȃWDğ¼XQ >8580(Ğğ¼QX .85PD@  £ğOXOD ğDOODVXXQ >DSSXO DTTXU@  LQD G*,Ğ%$5 DTPX >SDDQ QLULLD@  ¼WHUPD ȻHHU P>PDQLLDH@  /8*$/ 858XNNL ğDG΢GDΣ>DDH OD NDQğH@  DȻȻDEDW ȃDUUDQX >XUȃL OD SHWXWL@  ɅXGL SD£ğTXWL >ğD ODSDDQ .850(Ğ@  PDUȻXWL XOOD΢QXΣ>¼D T«UHEğ¼XQ@  PDDP΢PDQ OD LOΣ>OLNX /8*$/0(Ğ SDQL PDȃUXWL@ /DFXQD ˮ

DERGHV DQG ORDGHG WKHP RQWR ERDWV +H IOHZ DZD\ >OLNH D@ ELUG >WR WKH FLW\@ 1DJêWHUDTTL ZKLFK LV LQ WKH PLGVW RI WKH VHD LLL v >, EURXJKW@ KLV EURWKHUV WKH VHHG RI KLV IDWKHUˤV KRXVH >ZKRP KH KDG DEDQ@GRQHG DW WKH VKRUH RI WKH VHD WRJHWKHU ZLWK WKH UHVW RI >WKH SHRSOH RI@ KLV >ODQG RXW@ RI WKH ODQG %êWZKLFK LV LQ WKH@ VZDPSV DQG PDUVKHV DQG , FRXQWHG WKHP DV ERRW\

LLL ˮˡˮ >2QFH DJDLQ@ , GHVWUR\HG DQG GHYDVWDWHG KLV >FLW@LHV DQG >WXUQHG WKHP LQWR UXLQV@ , SRXUHG RXW >DZHLQVSLULQJ@ EULOOLDQFH XSRQ KLV DOO\ >WKH NLQJ RI WKH ODQG (ODP@ LLL ˮˡˮ >2Q P\ UHWXUQ PDUFK ,@ SODFHG $ğğXU QÃGLQğXPL >P\ ILUVWERUQ VRQ ZKRP , UDLVHG RQ@ P\ RZQ NQHH >RQ KLV ORUGO\ WKURQH@ DQG /DFXQD LLL ˮˮˡˮˮ >2Q P\ ILIWK FDPSDLJQ 7KH SRSXODWLRQ RI WKH FLWLHV 7XPXUUXP ĞDUXP (]ÃPD@ .LEğX >ȎDOEXGD 4ħD DQG 4DQD ZKRVH GZHOOLQJV DUH VLWXDWHG@ OLNH WKH QHVWV RI >HDJOHV WKH IRUHPRVW RI ELUGV RQ WKH SHDN RI 0RXQW@ 1LSXU D UXJJHG PRXQWDLQ >DQG ZKR KDG QRW@ ERZHG GRZQ WR WKH \RNH ˢ LLL vv , KDG >P\ FDPS@ SLWFKHG >DW WKH IRRW RI 0RXQW 1LSXU@

LLL ˮˮˡˮˮ >/LNH D ILHUFH ZLOG EXOO ZLWK P\@ VHOHFW >ERG\JXDUG DQG P\@ PHUFL>OHVV FRPEDW WURRSV@ , WRRN >WKH OHDG RI@ WKHP WKH VROGLHUV LQ P\ FDPS  >@  >@ /DFXQD LLL ˮˮˮ  >@ LY ˡD >, SXUVXHG WKHP@ RQ WKH SHDNV RI WKH PRXQ WDLQV >DQG@ GHIHDWHG WKHP >, FRQTXHUHG@ SOXQGHUHG >GHVWUR\HG GHYDVWDWHG@ DQG EXUQHG ZLWK ILUH >WKHLU FLWLHV@ LY Eˡ , WXUQHG >DURXQG@ OLW ˦, WXUQHG >WKH IURQW RI P\ \RNH@˧ DQG WRRN WKH URDG DJDLQVW >0DQL\H@ WKH NLQJ RI WKH FLW\ 8NNX DQG DQ >LQVXEPLVVLYH@ PRXQWDLQG>ZHOOHU@ %HIRUH >P\@ WLPH QRQH RI >WKH IRUPHU NLQJV RI WKH SDVW@ KDG PDU>FKHG WKURXJK WKH XQWURGGHQ SDWKV@ DQG GLIILFXOW WUDLOV >RQ DFFRXQW RI WKH@ UXJJHG >PRXQWDLQV@ /DFXQD

LLL vˡv 7H[W QR  H[V  DQG  WH[W QR  DQG WH[W QR  RPLW ',1*,50(Ğ PDUDN .85ğ¼ LQD .,78Ğğ¼QX LGNHPD T«UHE *,Ğ0ƒ0(Ğ ¼ğDUNLEPD ˦KH GLVORGJHG WKH JRGV RI WKH IXOO H[WHQW RI KLV ODQG IURP WKHLU DERGHV DQG ORDGHG WKHP RQWR ERDWV˧ /DFXQD EHIRUH LLL vv %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQH LPPHGLDWHO\ EHIRUH LLL vv FRQWDLQHG LQD  JHUULLD EDȃXODWH 858WXPXUUL ˦2Q P\ ILIWK FDPSDLJQ 7KH SRSXODWLRQ RI WKH FLWLHV 7XPXUUXP˧

6HQQDFKHULE 

ˮ ˮ ˮ ˮ ˮ ˮ

>@ [ >@ ğXPPDQQX ΢»Σ >ELUHWX $1%$5 DGGLğXPD@ DQD .85 DğğXU., >¼UD£ğğ¼ /8*$/ .85(/$00$.,@ ğD ƒ,,ğ¼ LVȃXUX>PD LOOLNX@ UHȻXVX %$'̏%$'̏ğ¼ ΢£ğΣ>NXQ ,//$70(Ğğ¼@ ¼VDSSLLȃPD ¼΢SDUΣ>ULLU SXȃXUğ¼@

LQD H JHUULLD >GDğğXU EHO¯@ ¼WDNNLODQQLPD D΢QDΣ >.85HODPWL@ OX DOOLN 858‹PȃDƮLL΢ULΣ >858UDȻDD@ 8580(ĞQL ğD PLȻLU >.85 DğğXU.,@ ğD LQD WDUȻL $'LD H>ODPX¼@ HNLPX GDQDQLğ LQD >PHWLLT@ JHUULLD .85XGPD £ğOXOD ğDOODV¼Q /œ(5,00(Ğ ğXOXWLLD ¼ğHULE T«UHEğ¼XQ DQD ΢PLΣȻLU .85 DğğXU., ¼WHUUDPPD Ğ8,, ΢/œΣ*$/ 858Ȏ$/Ɇ8 %‚'',1*,5., DPQX 858EXE«H 858GXQQLG878 858‹PULVLLD 858‹DȃODPHH 858GXUX 858GDQQDWPVXODDD 858ğLOLLEWX 858‹PDȻXVL 858NDUP18081%$ğ£ 858‹PJLLȻȻL 858‹PN¢WSDODQL 858‹PLPELLD 858ȃDPDQX 858‹PDUUDEL 858EXUXWX 858GLLQWXğDPVXODDD 858GLLQWXğDPG'808‹.$5LU 858ȃDUUL£ğODNHH 858UDEEDDD 858UDDVX 858DNNDEDULQD 858'8̐P¼ȃXUL 858ȃDDPUDQX 858QDGLWX DGL 8580(Ğ ğD Q«UHEL ğD 858‹EXQDNL 858'8̐GȃXXPEL 858GLLQWXğDPGXPH',1*,5 858‹P¼ELLD 858EDOWLOLğLU >858WD@΢TDEΣOLğLU 858ğDQDTLGDWL >858PDVXW¼@΢ğDSΣOL΢W¼Σ 858VDDUȃXGHUL >858DOXPğD*$Ğ$1‹@ ΢858Σ‹P3$3΢0(Ğ6801$Σ /DFXQD ˮˮ >[@ [ >@ ˮˮ LğPHPD >NLğLWWL 8580(Ğğ¼ P1*'8GQDȃXXQGX@ ˮˮ /œH΢ODΣ>PX¼ LPTXWVX ȃDWWXP@ ˮˮ ΢VLLWWLΣ >8580(Ğğ¼ DQD GDQQDDWL ¼ğHULE@ ˮˮ ΢ğX¼ 858PDΣ>GDNWL 858 /8*$/WLğ¼ H]LEPD@ ˮˮ ΢DΣQD 858ȃDL΢GDΣ>OD ğD T«UHE ğDGGLL 6›0(Ğ@ ˮˮ ΢LȻΣȻDEDW ΢ȃDUUDQXΣ >DQD 858PDGDNWL 858 /8*$/WLğ¼@ ˮˮ ΢DΣODNX ΢DTEL ,7,WDPΣ>ȃLUL (17(1$ GDQQX@ ˮˮ ΢HΣUXEDDP΢PD ğ£PXΣ>WXP PDDWWXP ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ



LY ˮˡˮ >@  > , ERXQG KLP 1HUJDOXğÕ]LE ZLWK@ WHWKHULQJ URSHV DQG >LURQ IHWWHUV DQG EURXJKW KLP@ WR $VV\ULD , GHIHD>WHG WKH NLQJ RI WKH ODQG (ODP@ ZKR KDG DOLJQHG KLPVHOI ZLWK KLP >DQG FRPH WR@ LY v KLV DLG , GLVSHUVHG >KLV IRUFHV@ DQG VFDWWH>UHG KLV DVVHPEOHG KRVW@ LY ˮˡˮD 2Q P\ VHYHQWK FDPSDLJQ >WKH JRG $ğğXU P\ ORUG@ HQFRXUDJHG PH DQG , PDUFKHG WR >WKH ODQG (ODP@ ,Q >WKH FRXUVH RI@ P\ FDPSDLJQ , FRQTXHUHG DQG SOXQGHUHG WKH FLWLHV %êWȎDƺLUL DQG >5DɇÃ@ LY v FLWLHV RQ WKH ERUGHU RI >$VV\ULD@ WKDW WKH (>ODPLWHV@ KDG WDNHQ DZD\ E\ IRUFH LQ WKH WLPH RI P\ DQFHVWRUV , KDG P\ JDUULVRQV VWDWLRQHG LY v LQVLGH WKHP , EURXJKW WKRVH FLWLHV EDFN LQVLGH WKH ERUGHU RI $VV\ULD DQG SODFHG WKHP XQGHU WKH DXWKRULW\ RI WKH JDUULVRQ FRPPDQGHU RI 'ÕU LY ˮEˡˮD 7KH FLWLHV %XE¬ 'XQQLĞDPDğ %êW5LVL\D %êW$ȏODP¬ 'ħUX LY v 'DQQDW6XOÃ\D ĞLOLEWX %êW$ɇXVL .ÃU=ÕUDLTêğD %êW*LɇɇL %êW.DWSDOÃQL %êW ,PEL\D ȎDPÃQX %êW$UUDEL %XUXWX LY v 'LPWXğD 6XOÃ\D 'LPWXğD0ÃUEêWLÕɑLU ȎDUULDğODN¬ 5DEEÃ\D 5ÃVX $NNDEDULQD 7êO8ȏXUL ȎDPUÃQX 1DGêWX

LY ˮEˡˮ WRJHWKHU ZLWK WKH FLWLHV RI WKH SDVVHV QDPHO\ %êW%XQDNL 7êOȎXPEL 'LPWXğD'XPHLOL %êW 8EL\D %DOWêOêğLU >7D@TDEOêğLU ĞDQÃTLGÃWH LY v >0DVħWX@ğDSOêWL 6DUȏXGÕUL >ÂOXPğD%ÕOHWEêWL@ %êW $ȏȏÕLGGLQD

/DFXQD LY ˮˮˡˮˮD >@  > .XGXU1DȏXQGX .XGXU1DȏȏXQ WH @ WKH (OD>PLWH@ KHDUG DERXW >WKH FRQTXHVW RI KLV FLWLHV DQG IHDU IHOO XSRQ KLP +H EURXJKW@ WKH SHRSOH RI WKH UHVW RI >KLV FLWLHV LQWR IRUWUHVVHV@ LY vv +H >DEDQGRQHG@ WKH FLW\ 0D>GDNWX KLV UR\DO FLW\ DQG@ WRRN WKH URDG WR WKH FLW\ ȎD\GD>OD ZKLFK LV LQ WKH GLVWDQW PRXQWDLQV@

LY ˮˮEˡˮˮ , RUGHUHG WKH PDUFK >WR WKH FLW\ 0DGDNWX KLV UR\DO FLW\@ ,Q WKH PRQWK 7DP>ȏêUX ELWWHU FROG@ VHW LQ DQG D >VHYHUH@ UDLQVW>RUP VHQW GRZQ@ LY vv LWV >UDLQ , ZDV DIUDLG@ RI WKH UDLQ >DQG VQRZ @  >@ 

LY vˡYL v 5HSRUWV RI WKH VL[WK VHYHQWK DQG HLJKWK FDPSDLJQV ZKLFK DUH EDGO\ GDPDJHG LQ WKLV LQVFULSWLRQ GXSOLFDWH WKRVH VDPH SDVVDJHV LQ WH[W QR  LY ˡYL  DSDUW IURP RUWKRJUDSKLF YDULDQWV VHH WKH RQSDJH QRWHV RI WKDW WH[W IRU FRPPHQWV



6HQQDFKHULE 

¼ğ£D]QLQD@ ˮˮ >ĞŠ*0(Ğ@ğ£ ĞŠ*>0(Ğ » ğDOJX @ ˮˮ >@ [ >@ [ >@ /DFXQD &RO Y /DFXQD ˮ ΢ğDΣ >GXQQL HULLDWL SDDQ $1H@ ˮ UDSğX΢WLΣ >NDWLLP HOODPX¼D@ ˮ LQD 858΢ȃDΣ>OXOHH ğD NLğDG ',',*1$@ ˮ ğLWNXQX ΢VLΣ>GLUWD SDDQ PDğT¯LD@ ˮ ȻDEWXPD >¼ğ£ƮDOX *,Ğ78.8/0(Ğğ¼XQ@ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

DQD>NX DQD@ ΢GDğğXU G GΣ>878 G(1 G08$7,@ ğD 1,1$., G,1$11$ ΢ğD 858Σ>/008',1*,5@ ΢',1*,50(ĞΣ WLLNOLLD DQD ND΢ğ£Σ>GL@ /œ.œ5 GDQQL DPȃXUğ¼QXWLPD VXSHHD XUUXȃLLğ LğPX¼ LOOLNX UHȻXWL ODDEELğ DQQDGLUPD DWWDOELğ£ VLULLDDP ȃXOLLDDP VLPDW ȻLLOWH DSL΢UDΣ UDğX¼D LQD *,Ğ*,*,5 WDȃD]L>LD@ ȻLUWL VDSLQDDW ]D΢ƮLΣ>LUL@ LQD XJJDW OLEELLD ΢DUΣ>WDNDE ȃDDQɅLğ@ *,Ğ3$1 GDQQDWXP ğD G>DğğXU ¼ğDWOLPD@ LQD Ğ8,,LD DȻEDW *,ĞğLO΢WDΣ>ȃX SDULLƮ@ QDSğ£WL DWPXȃ >ULWWXXD@ ȻHHU JLPLU ΢XPΣPD>QDWL QDNLUL@ OHPQXWL X̎P®΢LğΣ >ȻDU@΢SLğ DOΣ>VDD@ *,0 G,Ğ.85 £ğ΢JXXPΣ LQD T¯ELW G>DğğXU@ (1 *$/ >(1LD D@΢QDΣ ğLGGL X SX΢WLΣ >*,0@ >WLLE PHȃH@H ğDPUL DQD /œ.œ5 >D]LLT@ >LQD@ ΢*,ĞΣ78.8/0(Ğ GDğğXU (1΢LDΣ >»@ >WLLE@ ΢WDΣȃD]LLD H]΢]LΣ >LUDWVXXQ@ >D@΢Q«ΣHƮPD VXȃȃXUWDğ¼΢QXΣ >£ğNXQ (5,0Ȏ,$ QD@NLUL LQD XȻȻL >PXOPXO@΢OLΣ ¼ğ£TLU΢PDΣ >JLPUL $''$0(Ğğ¼@QX ¼SDO΢OLΣ>ğ£@ >8']L]LLğ PG@΢ȃXXPEDQXQΣ>GDğ£  @ G΢8Σ>*85 G@΢,1$11$Σ

/DFXQD &RO YL  > »PXQQLğ¼QX@ ΢¼ΣğDUGDD  >ȻHHU HUȻHWL ğ£@΢GLΣLOWL  >@ [ [ [ [ /DFXQD ˮ >@ [ [ >[ [ @

>@

/DFXQD /DFXQD Y ˮˡˮ >7KH GXVW RI WKHLU IHHW FRYHUHG WKH@ ZLGH >KHDYHQV OLNH D KHDY\ FORXG@ LQ >WKH GHHS RI ZLQWHU@ :KLOH GUDZLQJ XS D EDW>WOHOLQH EHIRUH PH@ DW WKH FLW\ ȎD>OXO¬@ ZKLFK LV >RQ WKH EDQN RI WKH 7LJULV 5LYHU@ DQG NHHSLQJ >PH IURP WKH ZDWHU VRXUFH WKH\ VKDUSHQHG WKHLU ZHDSRQV@ Y ˮˡˮD , P\VH>OI@ SUD\HG >WR@ WKH GHLWLHV $ğğXU 6°Q >ĞDPDğ %ÕO 1DE½@ 1H>UJDO@ ,ğWDU RI 1LQHYHK DQG ,ğWDU RI >$UEHOD@ WKH JRGV ZKR VXSSRUW PH IRU YLFWRU\ >RYHU@ P\ VWURQJ HQHP\ DQG Y v WKH\ LPPHGLDWHO\ KHHGHG P\ SUD\HUV DQG FDPH WR P\ DLG Y ˮEˡˮ , UDJHG XS OLNH D OLRQ WKHQ SXW RQ DUPRU DQG SODFHG D KHOPHW VXLWDEOH IRU FRPEDW RQ P\ KHDG Y v ,Q P\ DQJHU , >URGH TXLFNO\@ LQ >P\@ H[DOWHG EDWWOH FKDULRW ZKLFK OD\V HQHP>LHV@ ORZ , WRRN LQ P\ KDQG WKH PLJKW\ ERZ WKDW >WKH JRG $ğğXU KDG JUDQWHG WR PH@ DQG , JUDVSHG >LQ P\ KDQG@ DQ DUU>RZ WKDW FXWV RII@ OLIH

Y ˮˡˮD , URD>UHG ORXG@O\ OLNH D VWRUP DQG WKXQ GHUHG OLNH WKH JRG $GDG DJDLQVW DOO RI WKH WURRS>V RI WKH@ ZLFNHG >HQHPLHV@ %\ WKH FRPPDQG RI WKH JRG >$ğğXU@ WKH JUHDW ORUG >P\ ORUG , EOHZ OLNH WKH RQ VHW RI D@ VHYHUH >VWRU@P DJDLQVW WKH HQHP\ >R@Q WKHLU IODQNV DQG IURQW OLQHV Y v >:LWK@ WKH ZHDSRQV RI WKH JRG $ğğXU P\ ORUG >DQG@ P\ ILHUFH EDWWOH >DUUD\ ,@ WXUQHG >WKHP@ EDFN DQG >PDGH@ WKHP UHWUHDW , VKRW >WKH WURRSV RI WKH HQ@HP\ ZLWK XȻȻXDUURZV DQG >PXO PXO@OX>DUURZV@ DQG SLHUF>HG DOO RI WKHLU FRUSVHV OLNH @ Y ˮE >, TXLFNO\ VODXJKWHUHG DQG GHIHDWHG@ ȎXPEDQ XQ>GDğD  @ /DFXQD YL ˡ >@ , PDGH >WKHLU EORRG@ IORZ >RYHU WKH EU@RDG >HDUWK @  /DFXQD YL ˮˡˮ >, FXW RII WKHLU OL@SV >DQG WKXV GHVWUR\HG

LY vv 7KH WUDQVODWLRQ DVVXPHV WKDW DGXUD ˦, ZDV DIUDLG˧ LV WR EH SDUWLDOO\ RU FRPSOHWHO\ UHVWRUHG LQ LY vv /DFXQD EHIRUH Y v %DVHG RQ WKH UHSRUW RI WKH HLJKWK FDPSDLJQ LQ WH[W QRV  DQG  WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQHV LPPHGLDWHO\ EHIRUH Y v FRQWDLQHG 6$Ȏ$5Ȏ,$ *Ž5,,ğ¼QX NLPD 0858̓ NDEWL ˦WKH GXVW RI WKHLU IHHW FRYHUHG WKH ZLGH KHDYHQV OLNH D KHDY\ FORXG˧ Y v 8']L]LLğ ˦˧ 7KH UHDGLQJ DQG PHDQLQJ DUH XQNQRZQ 6HH YRQ 6RGHQ $+Z S  VXE WDP]ê]Lğ DQG &$' 7 S  VXE WDP]L]Lğ /DFXQD DIWHU Y v %DVHG RQ WKH UHSRUW RI WKH HLJKWK FDPSDLJQ LQ WH[W QRV  DQG  WKH WUDQVODWLRQ DVVXPHV WKDW D QRZPLVVLQJ OLQH DIWHU Y v FD VL[ RU VHYHQ OLQHV ODWHU FRQWDLQHG XUUXȃLLğ ¼SDOOLTğ¼QXWLPD £ğNXQD WDȃWDğ¼XQ ˦, TXLFNO\ VODXJKWHUHG DQG GHIHDWHG WKHP˧ YL v 7KH WUDQVODWLRQ DVVXPHV WKDW [ [ >[ [ @ SDUWLDOO\ SUHVHUYHV VDDSVDSDWH ˦OLSV˧ 7RR OLWWOH LV SUHVHUYHG RI [ [ WR SRVLWLYHO\ LGHQWLI\ WKH VLJQV

6HQQDFKHULE 

ˮ

>¼QDNLVPD EDOWDğ¼XQ DEXXW NLPD EL@΢QLΣ TLğğH΢HΣ ˮ >VLPDQL ¼QDNLV@ ΢TDΣWLğ¼XQ ˮ >Ȏ$50(Ğ DVSL .›*,@ ΢.,Σ6$* HEEL ˮ >ğ£ ULWWLğ¼QX DPȃXU L@΢QDΣ QDPȻDUL ˮ >]DTWXWL ȃXȻDDQQLğ¼QX@ ¼SDUULLƮ ˮ >*50(Ğ ğLEEL .›*, .›%$%%$5 ğ£ 0858%̎@0(Ğğ¼QX HNLP ˮ >VLLWWL /œ*$/0(Ğğ¼ D@΢GLΣ PG08$7,08*$5XQ ˮ >'808 PG$0$5878,%,/$6801$ ğD OD@SDDQ 0ŠLD ˮ >LSODȃX LGNX¼ ƒ,,ğ¼@΢XQΣ EDOɅXVXXQ ˮ >LQD 0858%̎ WDPȃDUL LWPX@΢ȃDΣ Ğ8,,DD ˮ >*,Ğ*,*,50(Ğ DGL $1Ğ(.855$0(ĞğLQD ğD L@΢QDΣ TLWUXXE ˮ >WDȃD]L GDQQL UDNLEXğLQ@ ΢GHΣNXPD ˮ >» ğLQD PXğğXUDPD UDPDQX@΢XğΣğLQ ˮ >LWWDQDDOODND PLWȃDULğ ¼WHU@΢UDΣ /DFXQD ˮˮ >@ 858 [ >[@ ˮˮ > ğD@ ΢XO"ΣWX 8'0(Ğ ˮˮ >6›0(Ğ  ȻXXȃȃX@΢UDWΣ ğXEDWVX ˮˮ >@ ğD  0(  ˮˮ >LQD .›Ğ 8Ğ [ [ [ L@΢QDΣ .›Ğ 6$*., ˮˮ >PDUDNX ğLWNXQDDWPD OD@ QXNXODW HSLğWDğ ˮˮ > TD"@΢EDO"ΣWL 858 ¼ȻX¼ ˮˮ >@[GX¼" XğğHğ£ ˮˮ >@ DQD DUNHHğ£ ˮˮ >@¼ LQD ,//8ğ£ JDSğL ˮˮ >@ [ [WX 810(Ğ DğLE ˮˮ >@ȃX ğDW΢WLΣğDP 858 ',1*,50(Ğ ˮˮ >@ DğDU /8*$/0(ĞQL $'0(ĞLD ˮˮ >*81" PDONL"@ ΢NLEΣUDDWL LP΢GDΣQDȃDUX ˮˮ >T«UHEğX @ [ JLPLU DGQDDWL ˮˮ >@΢PH"Σ GDQDQL ğD ',1*,50(Ğ ˮˮ >@ ΢ğXJΣOXGX ğDWWLğDP ˮˮ > D@QD T«UHE 1,1$., ˮˮ >858" EHOXWLLD"@ LEDEEDOXQL



WKHLU SULGH , FXW RII@ WKHLU KDQGV >OLNH WKH VW@HPV RI FXFXPEHUV >LQ VHDVRQ@ YL ˮˡˮ >, UHFHLYHG JROG@ DQG VKLQLQJ VLOYHU >VOLQJ VWUDSV DV WKHLU ZULVWWUDSSLQJV@ DQG VODVKHG RII >WKHLU EHOWV Z@LWK >VKDUS@ VZRUGV , WRRN DZD\ >JROG DQG VLOYHU GHFRUDWHG EHOWGDJJHUV DV@ WKHLU >ZDLVW WUDSSLQJV@ YL ˮˡˮ >$V IRU WKH UHVW RI KLV PDJQDWHV LQ@FOXGLQJ 1DE½ğXPDLğNXQ >D VRQ RI 0DUGXNDSODLGGLQD ,, 0HURGDFKEDODGDQ  YL v ZKR KDG UDLVHG WKH@LU >DUPV EH@FDXVH >WKH\ ZHUH WHUULILHG R@I GRLQJ EDWWOH ZLWK PH , >FDSW@XUHG WKHP DOLYH >LQ WKH WKLFN RI EDWWOH@ YL ˮˡˮ >, EURXJKW ED@FN >DOO WRJHWKHU WKH FKDULRWV DORQJ ZLWK WKHLU KRUVHV ZKRVH GULYHUV@ KDG EHHQ NLOOHG >L@Q WKH WKLFN RI WKDW >PLJKW\ EDWWOH@ DQG >ZKLFK KDG WKHPVHOYHV EHHQ UHOHDVHG VR WKDW WKH\ JDOORSHG DERXW RQ@ WKHLU >RZ@Q /DFXQD YL ˮˮˡˮˮ >@ WKH FLW\ 1LQH>YHK  ZKLFK@ IURP >GLVWDQW@ GD\V >@ ZKRVH VLWH >ZDV WRR VP@DOO > LWV H[WHQW ZDV@  FXELWV YL vv >RQ LWV ORQJHU VLGH DQG @ FXELWV RQ LWV VKRUWHU VLGH >DQG@ ZKRVH FRQVWUXFWLRQ ZDV >LQ@H[SHUW YL ˮˮˡˮˮD >@ WKDW ZHQW RXW >WKURX@JK WKH FLW\ >@  LWV IRXQGDWLRQ >@ WR LWV UHDU YL vv >@  ZKHQ LWV IORRG WKH 7HELOWLˤV ZDV LQ IXOO VSDWH >@  WKH SHRSOH OLYLQJ LQ >@  DQQXDOO\ WKH FLW\ WKH JRGV >@ ZKHUH>LQ@ WKH NLQJV P\ DQFHVWRUV UHFHLYHG >WKH WULEXWH RI WKH UXOHUV RI@ WKH IRXU TXDUWHUV RI WKH ZRUOG  YL vv >@  RI WKH HQWLUH ZRUOG >@  WKH VWUHQJWK RI JRGV >@ YHU\ IULJKWHQLQJ DQQXDOO\ >@ WKH\ EURXJKW WKHLU >VXEVWDQWLDO@ SD\PHQW >L@QWR 1LQHYHK >P\ FDSLWDO FLW\@

YL vvˡYLLL vvvE 7KH EXLOGLQJ UHSRUW RI WKLV LQVFULSWLRQ FRQWDLQV PDWHULDO ERUURZHG IURP HDUOLHU LQVFULSWLRQV HVSHFLDOO\ WH[W QR  DQG WH[W QR  DQG PDWHULDO WKDW ZDV FRPSRVHG DQHZ IRU LQVFULSWLRQV ZULWWHQ LQ   DQG  %HFDXVH QR LQWHUPHGLDU\ HGLWLRQV RI 6HQQDFKHULEˤV UHV JHVWDH EHWZHHQ WH[W QR  DQG WKLV LQVFULSWLRQ DUH NQRZQ LW LV GLIILFXOW WR WUDFH WKH HGLWRULDO KLVWRU\ RI WKH YDULRXV SDVVDJHV RI WKH EXLOGLQJ UHSRUW ZH DVVXPH WKDW IRXQGDWLRQ LQVFULSWLRQV ZHUH ZULWWHQ RQ RFWDJRQDO FOD\ SULVPV LQ  HSRQ\P\ RI ,GGLQDȏȏÕ JRYHUQRU RI WKH FLW\ 'ħUĞDUUXNêQ 6HQQDFKHULEˤV WK UHJQDO \HDU DQG  HSRQ\P\ RI =D]Ã\D JRYHUQRU RI WKH FLW\ $USDG 6HQQDFKHULEˤV WK UHJQDO \HDU  )RU VRPH RI WKH GLIIHUHQFHV EHWZHHQ WKLV LQVFULSWLRQ DQG WH[W QR  VHH WKH RQSDJH QRWHV EHORZ &RO YL vvˡvv DUH SUHVHQWO\ NQRZQ RQO\ IURP WKLV LQVFULSWLRQ YL vvˡvv 6HQQDFKHULE FRPSODLQV LQ WKLV SDVVDJH DERXW WKH VPDOO VL]H RI WKH IRUPHU SDODFH DQG WKH LQIHULRU ZRUNPDQVKLS RI LWV VWUXFWXUH &I WKH HDUOLHU GHVFULSWLRQV LQ WH[W QR  Y ˡ DQG WH[W QR  Y Eˡ 7KH UHVWRUDWLRQV LQ YL vvˡvv DUH EDVHG RQ WH[W QR  Y ˡ YL vvˡvv 7KH ORQJHU VLGH DQG VKRUWHU VLGH RI WKH IRUPHU SDODFH DUH  FXELWV DQG  FXELWV UHVSHFWLYHO\ LQ WH[W QR  Y ˡ YL vv 7KLV OLQH SUREDEO\ UHIHUV WR WKH GHVWUXFWLYH ZDWHUV RI WKH 7HELOWL 5LYHU &I WH[W QR  YL ˡD DQG WH[W QR  Y ˡ ERWK RI ZKLFK GHVFULEH WKH GDPDJHG FDXVHG E\ WKH 7HELOWL 5LYHU LPPHGLDWHO\ DIWHU WKH SDVVDJH GHVFULELQJ WKH IRUPHU SDODFH YL vv >@¼ ˦>@ ˧ 5& 7KRPSVRQ UHVWRUHV >LEDƮX@¼ ˦KDG IORZHG˧ RQ DQDORJ\ ZLWK /XFNHQELOO 6HQQ S  OLQH   WH[W QR  OLQH   ,//8ğ£ ˦LWV IORRG˧ 7KH IHPLQLQH SRVVHVVLYH VXIIL[ ğD YHU\ SUREDEO\ UHIHUV WR WKH 7HELOWL 5LYHU DV WKH H[SUHVVLRQ LQD PêOêğD JDSğL ˦ZKHQ LWV IORRG ZDV LQ IXOO VSDWH˧ RFFXUV LQ SDVVDJHV FRQFHUQLQJ WKH GHVWUXFWLYH QDWXUH RI WKDW ZDWHUFRXUVH YL vv 7KH UHVWRUDWLRQ DW WKH EHJLQQLQJ RI WKH OLQH LV EDVHG RQ WH[W QR  OLQH  YL vv T«UHEğX ˦ZKHUHLQ˧ 7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  OLQH  >@ [ ˦>@ ˧ ( )UDKP 6DQKHULE S  WHQWDWLYHO\ VXJJHVWV > /8*$/" GD£G"@΢PHΣ ˦> NLQJ RI WKH VHWWOHPHQ@WV RI˧ YL vv )ROORZLQJ ( )UDKP 6DQKHULE S   858" EHOXWLLD" ˦P\ FDSLWDO FLW\˧ LV WHQWDWLYHO\ UHVWRUHG DW WKH EHJLQQLQJ RI WKH OLQH



6HQQDFKHULE 

PDQGDWDğ¼QX ˮˮ >@ 858 ȻHHȃ΢UXΣ ˮˮ >@ [ SLL >[ [@NLğ¼ ˮˮ >@΢DΣWL 858 ΢PDΣOX¼ ˮˮ >@ [0(Ğ ğLWNXQD ˮˮ > DQD D@΢WDOΣOXNL OD ɅDEX ˮˮ >@PX¼ LWDDW 858 ˮˮ >@ [EX » ğ£DPPX ˮˮ > ğD LQD OD@ ΢PDΣDPH ğXOXND QDPXWD ˮˮ > ğ£@WDWD T«H HWWXWX ˮˮ > L@΢QDΣ HELȃL UDNVXPD ˮˮ >@ ¼ğX]X LWDWLğ¼ ˮˮ >@ȻDEX OD LEDğX¼ ˮˮ >@ ğDEEXUWL 6$* 858 ˮˮ >@ ΢VD"ΣUDEX » ȻXPX ˮˮ >@ ΢]HΣUL SXTXWWX ˮˮ >@ [ğ£ HɅOXP ˮˮ >@ ΢HΣOX¼ HOLğ£ ˮˮ > D@΢QDΣ PDğWLWLğ¼ ˮˮ >@ ΢QLΣL]PDWVX ˮˮ >@ ğD LQD ˮˮ >@ [ ˮˮ >@ [ ˮˮ >@ ˮˮ >@ 8' ˮˮ >@¼ ˮˮ >@ ΢.85Σ0(Ğ ˮˮ >@ [OL ˮˮ > LV"@΢SXΣQX ˮˮ >@΢¼Σ /DFXQD ˮˮˮ WUDFHV >@ ˮˮˮ >@ ΢$'Σ >@ ˮˮˮ >[ [@WLğ¼XQ > /8*$/0(ĞQL@ ˮˮˮ DOLNXW PDȃ΢ULΣ >$'0(ĞLD ğD XOWX X̎PH@ ˮˮˮ XOOXWL XO΢ODΣ>QX¼D EHOXXW .85 DğğXU.,@ ˮˮˮ HSXğXPD ¼>PDƮHUX EDƮXODW G(1//@ ˮˮˮ DDXPPD LQD >O®EELğ¼QX DQD HSHğ"@ ˮˮˮ ‹*$/ ȻLLU΢WLΣ >@ ˮˮˮ » ğXP΢GXO̐"Σ >ğXEDW 858 @ ˮˮˮ » [ >@ ˮˮˮ WUDFHV >@ /DFXQD &RO YLL

YL ˮˮEˡˮˮ >@ VPDOO VHWWOHPHQW >@  >@ RI WKH FLW\ ZDV ILOOHG >@  ZHUH VHW >@ ZDV QRW VXLWDEOH >IRU S@DVVDJH YL vv >@  ERUGHUV RI WKH FLW\ >@  DQG YHJHWDWLRQ > ZKLFK@ KDG EHHQ WXUQHG LQWR ZDVWHODQGV >ZLWKRXW@ ZDWHU > ZH@UH ZRYHQ RYHU ZLWK VSLGHU ZHEV >@ ZHUH ERXQG >Z@LWK URSHV YL vv >@ VWDQGLQJ DW LWV VLGHV

YL ˮˮˡˮˮ >@ DUH QRW  >@ QHZO\ WLOOHG VRLO EHIRUH WKH FLW\ >@ FROG DQG WKLUVW >@ VHHGV WKRUQV YL vv >@  WKH \RXQJ PDQ >@ URVH XS DERYH LW > I@RU KLV GULQN DOORZDQFH >@ KLV GHVLUH

YL ˮˮˡˮˮ 1R WUDQVODWLRQ SRVVLEOH

/DFXQD YL ˮˮˮˡˮˮˮ  >@  >@ WKHLU  > HD@UOLHU >NLQJV P\ DQFHVWRUV ZKR IURP@ YL vvv GLVWDQW >GD\V@ EHIR>UH PH@ KDG H[HUFLVHG >GRPLQLRQ RYHU $VV\ULD@ DQG U>XOHG WKH VXEMHFWV RI WKH JRG (QOLO EXW QRW@ RQH DPRQJ >WKHP KDG FRQFHLYHG RI DQG SXW KLV PLQG WRZDUGV EXLOGLQJ@ D PDJQLILFHQW SDODFH >@ RU LQFUHDVLQJ >WKH VLWH RI WKH FLW\ @ DQG  >@  >@

/DFXQD

YL vv 3RVVLEO\ UHVWRUH NDELWWX ˦YDOXDEOH˧ DW WKH EHJLQQLQJ RI WKH OLQH DV VXJJHVWHG E\ ( )UDKP 6DQKHULE S   YL vv [0(Ğ ˦˧ $0(Ğ ˦ZDWHU˧ LV SRVVLEOH YL vvˡvv &I WKH %DYLDQ ,QVFULSWLRQ OLQHV ˡ /XFNHQELOO 6HQQ S   YL vv $Q LQVFULSWLRQ SUHVHUYHG RQ .  D VPDOO IUDJPHQW RI D FOD\ WDEOHW KDV > ğ£@΢WDΣDW T«H HWWXW¼ >@ ˦> ZH@UH ZRYHQ RYHU ZLWK VSLGHU ZHEV >@˧ )RU D WUDQVOLWHUDWLRQ RI WKDW IUDJPHQW VHH )UDKP 6DQKHULE S  YL vv &I DWWD H΢ELLȃΣND LQD O®EELğ¼QX WDUDNNDV ˦\RX ZLOO WLH ZLWK \RXU URSH RQ WKHP˧ LQ 3DUSROD 6$$  S  QR  OLQHV ˡ 7KLV DSSHDUV WR EH DQ LGLRP YL vvvEˡvvv 7KLV SDVVDJH LV DQ H[SDQGHG DQG UHZRUNHG YHUVLRQ RI WH[W QR  Y ˡ DQG WH[W QR  Y ˡ YL vvvˡvvv ( )UDKP 6DQKHULE S  WHQWDWLYHO\ VXJJHVWV > ğXSXXğ" %‚'@ » ğDO>ȃLL @ ˦> WR KDYH DQ LQQHU ZDOO@ DQG RXWH>U ZDOO EXLOW @˧ YL vvv %DVHG RQ VLPLODU SDVVDJHV LQ WH[W QRV   DQG  WKH WUDQVODWLRQ DVVXPHV WKDW ¼]XXQğX XO LEğLPD XO XğWDELO NDUDVVX ˦QRW RQH DPRQJ WKHP KDG FRQFHLYHG RI DQG SXW KLV PLQG WRZDUGV˧ DSSHDUHG LQ YL vvv RU LQ WKH QRZPLVVLQJ YL vvv RU vvv

6HQQDFKHULE 

                  

TDTTDUX DW΢UXΣ >@ LQD 8*8  0( >[ [ LQD .›Ğ 8Ğ@ >[@ ΢0(  LΣQD ΢.›ĞΣ >6$*., @ >OX ¼@΢UDGΣGL DQD ΢ 0(Σ >[ [ LQD .›Ğ" *$/WL" 8Ğ@ >» [@ 0(  LQD ΢.›ĞΣ >*$/WL"@ >6$*.,@ ğLNLWWL ‹>*$/ ¼WHUPD ğXEDWVD XğUDEEL@ > 0(@ ΢Σ WLLENL DQD ΢HΣ>ODQL WDPODD"@ ΢XğΣPDOOL ȻHUXXğğ¼ >@ ğD LQD NLEUDW DUED>ƮL @ DQD PXğDE EHOXWL>LD LQD" 0858%̎" 858"@ ğD 1,1$., HğğLğ DEQL >@ 8*8 ğD X̎XP SDQL Xğ΢UDEΣ>EL @ ¼ğHSLğPD ¼]DT>TLU ȃXUğ£QLğ@ ğHȃLQLWXğ¼ ğD DJ¼UUL >@ LQD ğLSLU /œĞ,7,0*$/΢OHΣ>H HQTXWL@ ¼ğHSLğ QDNOLğ £ğğ¼ ΢LΣ>QD ĞŠ*0(Ğ"@ » ğDOJL XğğHğ¼ >OD" HQ«ğL"@ NLVXğ¼ LQD 1$̎SLL>OL *$/0(Ğ ¼ğHSLğ£"@ ¼GDQQLQ ğXSXXN>ğX  0( LQD .›Ğ *$/WLP@

 ȃDULȻXXğ ΢XğUDSSLğΣ >@  PDGD΢[Σ >@  [ >@ /DFXQD ˮ [ [ [ [ [ ΢ğD %‚'"Σ>ğ¼ *$/ E¢GQ¯JDOEL@ ˮ ΢O¼ΣN¼UUDğ¼ğ¼ GX¼UX ΢ğD QDPΣ>ULUXğX@ ˮ QDNLUL VDȃSX ȻHHU 1$̎SL>LOL@ ˮ WHPPHHQğ¼ DGGLPD  6,*̎ LQD QD΢DOEDQΣ>LD@ ˮ *$/L ¼NDEELUğ¼ DQD HOLğ DGL ğDSOD>QLğ@ ˮ QDEXUULğ¼ DQD  6,*̎ ¼WHU>PD@



YLL ˡD >, WRRN @ DV DQ DGGLWLRQDO SORW RI ODQG >,@ DGGHG LW WR WKH WKUHH KXQGUHG >DQG  FXELWV ORQJ DQG @ KXQGUHG DQG HLJKW\ FXELWV >ZLGH  , HQODUJHG@ WKH VWUXFWXUH RI WKH SD>ODFH@ WR QLQH KXQGUHG >DQG  ODUJH FXELWV DORQJ LWV ORQJHU VLGH YLL  DQG @ KXQGUHG DQG VL[W\ >ODUJH@ FXELWV >DORQJ LWV VKRUWHU VLGH DQG WKXV , PDGH LWV VLWH ELJJHU@ 8SRQ LW , ILOOHG LQ >D WHUUDFH @ FRXUVHV RI EULFN K>LJK@ YLL EˡD )RU >P\@ ORUGO\ UHVLGHQFH >LQ WKH FLWDGHO@ RI 1LQHYHK , EXLOW DQHZ >D SDODFH  @ WKDW >@ LQ WKH IRX>U@ TXDUWHUV RI WKH ZRUOG  YLL EˡD , PDGH >@ ODUJ>HU@ WKDQ EHIRUH KDG >@ EXLOW DQG UDLV>HG LW DV KLJK DV D PRXQWDLQ@ $V IRU LWV  ZKLFK >@ EDNHG EULFNV YLL  , KDG LW H[SHUWO\ PDGH WKURXJK WKH FUDIW RI >ZHOOWUDLQHG@ PDVWHU EXLOGHU>V@ YLL EˡD ,Q RUGHU WR >SUHYHQW@ LWV IRXQGDWLRQV IU>RP EHLQJ ZHDNHQHG E\ UDLQ@ DQG VQRZ >, KDG@ LWV EDVH >EXLOW@ ZLWK >ODUJH@ OLPHVW>RQH@ EORFNV DQG WKHUHE\ UHLQIRUFHG >LWV@ EDVH YLL Eˡ , ZLGHQHG LWV PRDW > ODUJH FXELWV @  >@  >@

/DFXQD YLL ˮˡˮ >@  , ODLG WKH IRXQGDWLRQ RI >LWV@ JUHDW >ZDOO %DGQLJDOEL@OXNXUDğXğX ZKLFK PHDQV ˦:DOO :KRVH %ULO>OLDQFH@ 2YHUZKHOPV (QHPLHV˧ XSRQ OLPH>VWRQH@ DQG YLL v PDGH LW  EULFNV WKLFN PHD VXUHG E\ >P\@ ODUJH EULFN PROG 8SZDUGV WR WKH QRUWK DQG GRZQZ>DUGV@ WR WKH VRXWK  , HQODUJHG LWV EDWWOH PHQWV WR D ZLGWK RI  EULFNV >WKHQ@ , UDLVHG LWV VX

YLL ˡD 7KLV SDVVDJH UHFRUGV WKH FRQVWUXFWLRQ RI WKH WHUUDFH DQG WKH OD\RXW RI WKH SDODFH ZKLFK LV QRZ VDLG WR EH  ODUJH FXELWV DORQJ LWV ORQJHU VLGH &I WH[W QR  YL  ZKHUH LW LV RQO\  ODUJH FXELWV $W WKH HQG RI YLL  SUREDEO\ UHVWRUH OX DȻEDWD ˦, WRRN˧ FI WH[W QR  YL  DQG WH[W QR  YL  YLL   0( >[ [@ ˦WKUHH KXQGUHG >DQG @˧ %DVHG RQ YL vv ( )UDKP 6DQKHULE S  WHQWDWLYHO\ VXJJHVWV  0( >@ ˦>@˧ &I WH[W QR  Y  ZKHUH WKH OHQJWK RI WKH DGGLWLRQDO SORW RI ODQG LV  0(  ˦˧ YLL  >[@ ΢0( Σ ˦>@ KXQGUHG DQG HLJKW\˧ &I WH[W QR  YL  ZKHUH WKH ZLGWK RI WKH DGGLWLRQDO SORW RI ODQG LV  0(  ˦˧ 6HH DOVR WKH GLVFXVVLRQ LQ )UDKP 6DQKHULE S  YLL  ΢ 0(Σ >[ [@ ˦QLQH KXQGUHG >DQG @˧ 7KH ORQJHU VLGH RI WKH SDODFH LV  ODUJH FXELWV LQ WH[W QR  YL  YLL  >[@ 0(  ˦>@ KXQGUHG DQG VL[W\˧ 7KH VKRUWHU VLGH RI WKH SDODFH LV  ODUJH FXELWV LQ WH[W QR  YL  DQG WKXV [ PD\ EH UHDG DV  YLL EˡD 7KLV SDVVDJH UHFRUGV WKH FRQVWUXFWLRQ RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ %HFDXVH WKH SDVVDJH LV QRW DWWHVWHG HOVHZKHUH LQ WKH H[WDQW 6HQQDFKHULE FRUSXV LW LV QRW FHUWDLQ LI YLL EˡD DOVR GHDO ZLWK 6HQQDFKHULEˤV SDODFH RU DQRWKHU VWUXFWXUH DW 1LQHYHK 6HH )UDKP 6DQKHULE SS ˡ WKH FRPPHQWDU\ WR YLL   YLL  ( )UDKP 6DQKHULE S  WHQWDWLYHO\ UHVWRUHV WKH HQG RI WKH OLQH DV >ğÃQLQD" OÃ" êğ½"@ ˦>GRHV QRW KDYH D ULYDO@˧ YLL  7KH UHVWRUDWLRQ IROORZV ( )UDKP 6DQKHULE S   YLL EˡD 7KLV SDVVDJH GHVFULEHV ZRUN RQ DQRWKHU EXLOGLQJVWUXFWXUH DW 1LQHYHK SRVVLEO\ WKH FLWDGHO ZDOO 0RUHRYHU LW LV QRW FHUWDLQ LI WKLV SDVVDJH EHJLQV DIWHU DEQL ˦, EXLOW˧ LQ YLL  RU DIWHU Xğ΢UDEΣ>EL@ ˦, PDGH ODUJ>HU@˧ LQ YLL  6HH )UDKP 6DQKHULE SS ˡ WKH FRPPHQWDU\ WR YLL   YLL EˡD 7KH UHVWRUDWLRQV IROORZ ( )UDKP 6DQKHULE S   &I WH[W QR  YL ˡ DQG WH[W QR  YL ˡ YLL ˡ 7H[W QR  OLQHV ˡ DOVR UHFRUG WKH ZLGHQLQJ RI WKH PRDW WR D ZLGWK RI  ODUJH FXELWV 7KH PRDW LV FOHDUO\ YLVLEOH RQO\ RQ WKH QRUWK DQG HDVW ZDOOV DERXW  P LQ IURQW RI WKH ZDOO LW LV  P ZLGH DQG  P GHHS DIWHU HURVLRQ  $ UHOLHI IURP WKH 6RXWK:HVW 3DODFH /D\DUG 'LVFRYHULHV S  PD\ VKRZ WKH VRXWKZHVWHUQ FRUQHU RI WKH ZDOO ZLWK WKH PRDW 6HH 5HDGH 5/$ ˡ  S  ILJ  DQG S  ILJ  YLL vˡv 7KLV SDVVDJH LV DQ H[SDQGHG YHUVLRQ RI WH[W QR  YLL Eˡ DQG WH[W QR  YLL Eˡ [ [ [ [ [ ˦˧ 5& 7KRPSVRQ ,UDT  >@ S  VXJJHVWV UHDGLQJ WKH VLJQV DV [΢VX"Σ XğWHğLE ˦ , KDG LQVWDOOHG˧ ,Q OLHX RI  6,*̎  ȃXUğ£QLğ ˦  EULFNV WKLFN  DV D PRXQWDLQ˧ WKRVH HDUOLHU LQVFULSWLRQV KDYH  6,*̎ ¼NDEELU LQD  0(  WLLENL XOODD UHğLğX ˦, PDGH LW  EULFNV WKLFN , UDLVHG LWV VXSHUVWUXFWXUH XS  OD\HUV RI EULFN˧ YLL vˡv LQD QD΢DOEDQΣ>LD@ *$/L ˦E\ >P\@ ODUJH EULFN PROG˧ 7KLV H[SUHVVLRQ DOVR RFFXUV LQ WH[W QR  OLQHV ˡ



6HQQDFKHULE 

ˮ ˮ ˮ

LQD  8Ğ  WLLENL 6,*̎ ğD ğL]X¼ PXEXğ£ HODQLğ DGL SD£VT¯ğ¼ UHğLğ¼ XOOLPD ¼]DTTLUğ¼ ȃXUğ£QLğ

ˮ ˮ ˮ ˮ ˮ ˮ

ˮ

DQD HUEHWWL ğ£DUL  .ƒ*$/0(Ğ SDQX » DUND LQD ȻLOL NLODOODDQ DQD HUHEL » DȻHH ¼ğDSWDD T«UHEğ¼ Gğ£UXU̎ PXğDPTLW DDDE /8*$/ .ƒ*$/ ȃDDQGXUL OLOEXU ‹16, GDğğXU .ƒ*$/ GDğğXU ğD 858Ğ‚858 VDSLLQ JLPLU QDNLUL .ƒ*$/ PG(1=8Ğ(Ğ0(Ğ68 ğD .85ȃDO]L G(1// PXNLQ %$/$LD .ƒ*$/ G878 ğD .85JDJDO ğ£ PG(1=8Ğ(Ğ0(Ğ68 LWWL PDQ]DOWL HUHTT¯ OLNXQ %$/$ğ¼ .ƒ*$/ G1,1// ğD 858΢NDUG1,1Σ// PXğHȻDDW 8=8 ƒ=$* .ƒ*$/ PXğODOXP GX΢PXT G£ğQDDQ X GODȃDUΣ T«UHEğ£ NDDDDQ .ƒ*$/ 858ğLEDQL΢EDΣ EDELODW ȃLȻLE ȃXUğ£DQL .ƒ*$/ .85ȃDO£ȃȃL Ğ81,*,1  .ƒ*$/0(Ğ G878Š P«HȃUHW ğX¼WL ΢XΣ ğ£GLL D]NXUD

ˮ ˮ ˮ ˮ ˮ ˮ ˮ

QLELWVLLQ G,Ğ.85 ğ£ULN Ȏ‹*ƒ/ DQD .85 ΢.ƒ*$/Σ G,Ğ.85 ğD DPEDVL G΢ªUUDΣ PXğDPTLW DDELLD .ƒ*$/ G8*85 ğD ΢858Σ>WDU@ELȻL GĞ(Ğ.,UX PXNLQ DJHH ΢EHΣ>OX@΢WLΣLD .ƒ*$/ G G«D PXğHğLU N»S>SL@LD .ƒ*$/ PDDVT«H OLEXU HSL>LV" @΢VD"Σ PXğODOXP ğD ‹*$/ G,*,6,*̑΢6,*̑Σ

ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

SHUVWUXFWXUH XS KLJK WR LWV FRSLQJV WR D KHLJKW RI  FRXUVHV RI EULFN HDFK RI ZKRVH WKLFNQHVV ZDV RQHWKLUG RI D FXELW DQG WKXV UDLVHG LW DV KLJK DV D PRXQWDLQ YLL ˮˡˮD , KDG HLJKWHHQ JDWHV RSHQHG XS LQ LW LQ IRXU GLUHFWLRQV LQ IURQW DQG EHKLQG DQG DORQJ ERWK VLGHV IRU HQWHULQJ DQG OHDYLQJ YLL ˮEˡˮD ˦7KH *RG ĞDUXU ,V WKH 2QH :KR &XWV 'RZQ WKH .LQJˤV (QHP\˧ WKLV LV WKH ȎDQGħUX *DWH ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU (QGXUH˧ YLL v WKLV LV WKH $ğğXU *DWH ZKLFK OHDGV WR WKH ,QQHU &LW\ $ğğXU  ˦7KH 2QH :KR )ODWWHQV $OO (QHPLHV˧ WKLV LV WKH 6HQQDFKHULE *DWH ZKLFK OHDGV WR WKH ODQG ȎDO]L ˦7KH *RG (QOLO ,V WKH 2QH :KR 0DNHV 0\ 5HLJQ )LUP˧ WKLV LV WKH ĞDPDğ *DWH ZKLFK OHDGV WR WKH ODQG *DJDO ˦0D\ 6HQQDFKHULEˤV '\QDVW\ %H DV )LUP DV WKH 3RVLWLRQ RI WKH :DJRQ &RQVWHOODWLRQ˧ WKLV LV WKH 0XOOLVVX *DWH ZKLFK OHDGV WR WKH FLW\ .ÃU0XOOLVVL YLL v ˦7KH 2QH :KR ([RUFLVHV WKH ˣ)OHVKˤ RI WKH $VDNNXGHPRQ˧ WKLV LV WKH 6WHS *DWH ˦7KH &KRLFHVW RI *UDLQ DQG )ORFNV $UH &RQVWDQWO\ ,QVLGH ,W˧ WKLV LV WKH JDWH WKDW OHDGV WR WKH FLW\ ĞLEDQLED ˦7KH %HDUHU RI WKH 3URGXFH RI WKH 0RXQWDLQV˧ WKLV LV WKH JDWH WKDW OHDGV WR WKH ODQG ȎDODȏȏX ,Q WRWDO HLJKW JDWHV IDFLQJ WKH ULVLQJ VXQ WRZDUGV WKH VRXWK DQG HDVW DQG , JDYH WKHP WKHVH QDPHV YLL ˮEˡˮ ˦7KH *RG $GDG ,V WKH 3URYLGHU RI 3URV SHULW\ WR WKH /DQG˧ WKLV LV WKH $GDG *DWH ZKLFK OHDGV WR WKH JDPH SUHVHUYH ˦7KH *RG (UUD ,V WKH 2QH :KR &XWV 'RZQ 0\ (QHPLHV˧ WKLV LV WKH 1HU JDO *DWH ZKLFK OHDGV WR WKH FLW\ >7DU@ELɇX ˦7KH 'L YLQH 1DQQÃUX ,V WKH 2QH :KR 0DNHV )LUP 0\ /R>UG@O\ &URZQ˧ WKLV LV WKH 6°Q *DWH ˦7KH *RG (D ,V WKH 2QH

YLL v 7H[W QR  YLL  DQG WH[W QR  YLL  UHFRUG WKDW WKH KHLJKW RI WKH ZDOO ZDV   0(  OD\HUV RI EULFN 0RUHRYHU QRWKLQJ LV VDLG DERXW WKH WKLFNQHVV RI WKH EULFN OD\HUV LQ WKRVH LQVFULSWLRQV YLL vˡv &I WH[W QR  YLL ˡv DQG WH[W QR  YLL ˡ ZKLFK VWDWH WKDW WKHUH ZHUH IRXUWHHQ JDWHV DQG WH[W QR  YLL ˡYLLL  ZKLFK UHFRUGV WKDW 1LQHYHK KDG ILIWHHQ JDWHV 7KH ODFN RI IRXQGDWLRQ LQVFULSWLRQV ZULWWHQ RQ SULVPV LQ  DQG  SUHYHQWV XV IURP NQRZLQJ H[DFWO\ ZKHQ 6HQQDFKHULE EXLOW WKH WKUHH QHZ JDWHV PHQWLRQHG LQ WKLV LQVFULSWLRQ )RU GHWDLOV VHH WKH FKDUW RQ S  2Q WKH ORFDWLRQ RI WKH JDWHV VHH LQ SDUWLFXODU .LQJ &DW SS [L[ˡ[[LY 7KRPSVRQ $UFK   SS ˡ 7KRPSVRQ ,UDT   SS ˡ 5HDGH 5$   SS ˡ DQG 6FRWW DQG 0DF*LQQLV ,UDT   SS ˡ YLL vEˡvD /LNH WH[W QR  YLL ˡ WKLV LQVFULSWLRQ SODFHV WKH ȎDQGħUX *DWH ILUVW &I WH[W QR  YLLL  ZKHUH LW LV OLVWHG ODVW ZLWK WKH ZHVWIDFLQJ JDWHV YLL vE OLOEXU ‹16, GDğğXU ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU (QGXUH˧ 7KH QDPH RI WKH JDWH LV WKH VDPH DV WH[W QR  YLL  DQG WH[W QR  YLL  FI WH[W QR  YLL  ZKHUH WKH QDPH RI WKH JDWH LV OLEXU ‹16, GDğğXU ˦0D\ WKH 9LFH5HJHQW RI WKH *RG $ğğXU 6WD\ LQ *RRG +HDOWK˧ YLL vˡv 7KH QDPH RI WKH 0XOOLVVX *DWH LV GLğWDU ]DQLQNL NXUEL ˦2 ,ğWDU %OHVV PD ğDSODDQX@ ˮ 1$̎ .85L GDQQX DNVL>PD HODQLğ DGL SD£VT¯ğ¼@ ˮ LQD 1$̎SLLOL ΢*$/Σ>0(Ğ ¼QDNNLO ğLSLUğX@ ˮ ğD 1,1$., 858 >EHOXWLLD ğXEDWVX@ ˮ XğUDEEL  L>QD .›Ğ *$/WLP VXT¯ğX@ ˮ PHWLLT JHU>UL /8*$/ ¼ğ£DQGLOPD@ ˮ ΢¼ΣQDPPLU *,0 >X̎PH @ /DFXQD &RO YLLL /DFXQD ˮ >858NLVLUL DGL@ ΢WDΣ>PLU@΢WL 1,1$Σ>., .85D"@ ˮ >» ELUXW¼" LQD@ ΢DNΣNXOODWH $1%$5 ¼ğDWWLUPD ˮ >¼ğHğLU 'ȃDU@΢UXΣ $0(Ğ 'ȃXVXXU GDULğ ˮ >ȻHHU WDPLUWL 1,1$., ¼"@΢NLQ"ΣQDPD T«UHE *,Ğ.,5,̐0(Ğ ˮ >(',1 ğ£DEEXUWL"@ ΢¼ΣğDȃELED DWDSSLğ



:KR 3URSHUO\ 'LUHFWV :DWHU )ORZ LQWR 0\ &LVW>HUQV@˧ YLL v WKLV LV WKH 0DğT½ *DWH ˦0D\ ,WV %XLO>GHU@ (Q GXUH˧ WKLV LV WKH 6WHS *DWH RI WKH 3DODFH ˦7KH *RG ,JLVLJVLJ ,V WKH 2QH :KR 0DNHV 2UFKDUGV )ORXULVK˧ WKLV LV WKH 6WHS *DWH RI WKH *DUGHQV ˦7KH 2QH :KR %ULQJV LQ ,QFRPH IURP WKH 6HWWOHPHQWV˧ WKLV LV WKH 4XD\ *DWH ˦0D\ ,WV %XLOGHU /LYH )RUHYHU˧ YLL v WKLV LV WKH 6WHS *DWH RI WKH $UPRU\ ˦7KH *RG $QX ,V WKH 3URWHFWRU RI 0\ /LIH˧ WKLV LV WKH JDWH RI WKH VHFWLRQ DVVLJQHG WR WKH ODQG %DUȏDO]L ˦7KH 3UHVHQWV RI WKH 3HRSOH RI 7ÕPD DQG 6XPXƺHO (QWHU 7KURXJK ,W˧ WKLV LV WKH 'HVHUW *DWH ,Q WRWDO WHQ JDWHV IDFLQJ WR ZDUGV WKH QRUWK YLL v DQG ZHVW DQG , JDYH WKHP WKHVH QDPHV YLL ˮˡˮ >, RSHQHG XS@ D IRXQGDWLRQ SLW IRU WKH RXWHU ZDOO %DGQLJHULPȏXOXȏD ZKLFK PHDQV ˦7HUURU L]HU RI (QHPLHV˧ WKHQ >@  >@  >@ YLL v 8QWLO , >KDG LW UHDFK@ WKH ZDWHU WDEOH , GXJ GRZQ >LQWR@ WKH ZDWHU >IRUW\ILYH QLQGDQX WKHQ@ , ERXQG WRJHWKHU VWURQJ PRXQWDLQ VWRQH >EHORZ DQG DERYH , H[SHUWO\ FDUULHG RXW LWV FRQVWUXFWLRQ@ ZLWK ODUJH OLPHVWRQH EORFNV >XS WR LWV FRSLQJV@

YLL ˮˡˮ , HQODUJHG >WKH VLWH@ RI 1LQHYHK >P\ FDSLWDO@ FLW\ )RU WKH FRXUVH RI D >UR\DO@ UR>DG , PDGH LWV VWUHHWV@ ILIW\WZR >ODUJH FXELWV ZLGH DQG@ WKXV , PDGH WKH FLW\ DV EULJKW DV >GD\ @ /DFXQD /DFXQD YLLL ˮˡˮ , FXW >ZLWK@ LURQ SLFNV >D FDQ@DO >VWUDLJKW WKURXJK PRXQWDLQ DQG YDOOH\ IURP WKH ERUGHU RI WKH FLW\ .LVLUX WR@ WKH >SODLQ@ RI 1LQHYHK 7KXV >,@ SURYLGHG IRU HWHUQLW\ D UHJXODU VXSSO\ RI ZDWHU IURP WKH ȎXVXU 5LYHU >WR WKH SODLQ RI 1LQHYHK@ DQG , PDGH LW JXVK WKURXJK VPDOO FDQDOV LQWR WKH JDUGHQV SODQWHG >RQ QHZO\ WLOOHG VRLO@

YLL vEˡvD 7KH JDWH DVVRFLDWHG ZLWK WKH DUPRU\ LQ WH[W QR  YLLL  LV SDT¯GDDW NDODPD ˦7KH 2QH :KR 5HJXODWHV (YHU\WKLQJ˧ 1RWH WKDW WKH $UPRU\ *DWH LV PHQWLRQHG DIWHU WKH 'HVHUW *DWH LQ WKDW LQVFULSWLRQ LW LV PHQWLRQHG EHIRUH LW LQ WKLV WH[W YLL vEˡv 7KLV LQVFULSWLRQ LV WKH HDUOLHVW NQRZQ WH[W PHQWLRQLQJ WKH JDWH OHDGLQJ WR WKH ODQG %DUȏDO]L LW PD\ KDYH EHHQ ILUVW LQFRUSRUDWHG LQWR WKH EXLOGLQJ UHSRUW RI LQVFULSWLRQV LQ HLWKHU   RU  YLL vˡv 7KH QDPH RI WKH 'HVHUW *DWH LQ WH[W QR  YLL ˡYLLL  LV N¢GUHH /œVXPXƮHªO » /œWHHPH T«UHEğ£ LUUXXE ˦7KH 3UHVHQWV RI WKH 3HRSOH RI 6XPXƺHO DQG 7ÕPD (QWHU 7KURXJK ,W˧ 1RWH DOVR WKDW LW LV PHQWLRQHG EHIRUH WKH $UPRU\ *DWH LQ WKDW WH[W LW LV WKH VRXWKHUQPRVW JDWH RQ WKH ZHVWHUQ ZDOO LQ WKLV LQVFULSWLRQ YLL vˡv &I WH[W QR  YLL ˡD DQG WH[W QR  YLLL ˡ 7KH FRQWHQWV RI YLL vˡv DUH QRW DWWHVWHG HOVHZKHUH LQ WKH 6HQQDFKHULE FRUSXV DQG WKRVH RI YLL vˡv UHZRUN PDWHULDO NQRZQ IURP RWKHU LQVFULSWLRQV 7KH UHVWRUDWLRQV LQ WKRVH OLQHV IROORZ )UDKP 6DQKHULE S  YLL vˡv 7KLV SDVVDJH LV VLPLODU WR WH[W QR  OLQHV ˡD FI WH[W QR  YLL Eˡ DQG WH[W QR  YLLL ˡ 6HQQDFKHULE KDG LQVFULEHG VWHOHV SODFHG RQ ERWK VLGHV RI WKH UR\DO URDG ZKLFK SUREDEO\ UDQ IURP WKH $ğğXU *DWH LQ WKH VRXWK ZDOO HDVW SDVW WKH DUPRU\ DQG WKH FLWDGHO WR WKH 6°Q *DWH IRUPHUO\ WKH *DWH RI WKH *DUGHQV DW WKH ZHVWHUQ HQG RI WKH QRUWK ZDOO 7KUHH RI WKRVH VWHOHV DUH SUHVHUYHG WRGD\ DQG WKHLU LQVFULSWLRQV DOVR UHFRUG WKDW WKH ZLGWK RI WKH URDG ZDV ILIW\WZR FXELWV )RU IXUWKHU GHWDLOV LQFOXGLQJ LQIRUPDWLRQ RQ WKH UR\DO URDG VHH WH[W QR  /DFXQD EHIRUH YLLL v %DVHG RQ VLPLODU SDVVDJHV LQ WH[W QRV   DQG  WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQH LPPHGLDWHO\ EHIRUH YLLL v HQGHG ZLWK XOWX SDDɅL ˦IURP WKH ERUGHU RI˧ YLLL vˡv 7KLV SDVVDJH LV EDVHG RQ WH[W QR  YLLL ˡ DQG WH[W QR  YLLL ˡ .85D" » ELUXW¼" ˦PRXQWDLQ DQG YDOOH\˧ 7KH FRQMHFWXUDO UHVWRUDWLRQ LV EDVHG RQ WH[W QR  YLLL  FI WH[W QR  YLLL  ZKLFK KDV PXODD PXğSDOXP ˦KLJK JURXQG DQG ORZ JURXQG˧



6HQQDFKHULE 

ˮ >@[΢D"ΣWL 858JLLUPXD ˮ >@[W¼ 858DOXPODELU ˮ >@ ğD XOWX XOOD ˮ >@ [΢XUΣ LğDWWXX ˮ >@ ΢LΣğDWWX¼ ˮ >@ ΢PDΣğDUWX ˮ >@ ΢JDO"ΣOLğ /DFXQD ˮˮ [ [ >@ ˮˮ 810(Ğ D΢ğL"Σ>EXXW @ ˮˮ Q«VX¼ [ >@ ˮˮ NDDDQD [ >@ ˮˮ  0( Ğ(18081 £ğQD΢DQΣ >X GQLVDED HOL 858@ ˮˮ » .,7$ 858 ΢¼Σ>ğ£DQNDU ğDWWLğDP@ ˮˮ

DQD ğXSğXXȃ D΢ODNΣ>WL $0(Ğ ğXQXWL 'DJDPPX@

ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ ˮˮ

¼ğDEğLPD ΢ȻXΣ>ȻX¼ T«UHEğ£ DVWLLO@ *,5$08Ğ(10(Ğ >Ğ$Ȏ0(Ğ *,Ğ*, DODS T¯ğL@ LQD O®EEL ¼>PDğğLU LQD ɅªHP ',1*,5PD@ T«UHE *,Ğ.,5,̐0(Ğ >(',1 ğ£DEEXUWL *(Ğ7,1 JLPLU *8581@ ΢*,ĞVHHUGX Ğ,0Σ>Ȏ,$ PDJDO LğPXȃX *,ĞĞ850Ž1 *,Ğ0(60ƒ.$11$ @ QDSȃDU *,Ğ0(Ğ >LğLȃXPD ¼ȻDUULğ¼@

SDSDDOOXP ΢DSΣ>SDUDDWL PDJDO LğLUD@ 08Ğ(1 $1H ΢*,5$Σ>08Ğ(1 ğD DğDUğ¼

UX¼TX@ TLQQD LTQXQ>PD Ğ$Ȏ0(Ğ *,Ğ*, DODS T¯ğL@ ¼UDSSLğ¼ ΢WDΣ>OLWWX *,Ğ0(60ƒ.$11$ *,ĞĞ850Ž1@ WDUELW ȻLSSDDWL >*, $0%$50(Ğ ğD T«UHE 'DJDPPH@ DNğLɅPD DQD >ğLSUL ȃLğLȃWL ‹*$/0(Ğ@ EHOXWLLD ΢OXΣ >HSXXğ @ NLODOODDQ ΢DȃΣ>@ LğPXȃD T«΢UHEΣ >@ LPLGX £ğQD>DQ" @ XOWX ğLSUL >‹*$/LD ¼TDWWX¼@ GDğğXU (1 *$/>¼ ',1*,50(Ğ » G,Ğ7$50(Ğ@ DğLEXXW >.85 DğğXU., LQD THUELğ£ DTUHPD@ 8'86,6.850(Ğ >WDğULLȃWH DTT¯PD@ ¼ğDWOLP >N¢GUDDD Ž*,Ğ *,ĞV«UGL@ » ȃLEL>LğWL ¼UDTTDD DQD UXXğWL@ LQD WDğ΢ULΣ>LW ‹*$/ ğD EDȃXODWH .85LD@ ¼ğ££ğ>TDD PXȃȃDğLLQ *(Ğ7,1 GXXğğXSX@ ȻXUUD>ğLLQ DPNLU @

YLLL ˮˡˮ >@  WKH FLW\ *LUPXD >@  WKH FLW\ ÂOXPODELU >@ ZKLFK VLQFH WLPH LPPHPRULDO >@  WRRN ZDWHU YLLL v >@ WRRN ZDWHU >@ UHYLHZ >@ OLNH D JDOO½GHPRQ

/DFXQD YLLL ˮˮˡˮˮ  >@ WKH SHRSOH OLY>LQJ LQ @ GLVWDQW  >@ FRQVWDQWO\  >@ YLLL ˮˮˡˮˮ , >DQQXDOO\ SURYLGHG LUULJDWLRQ IRU@  ILHOGV VHHGHG ZLWK JUDLQ >DQG FHUHDOV ORFDWHG XS VWUHDP@ DQG GRZQVWUHDP RI WKH FLW\ YLLL ˮˮˡˮˮD , FUHDWHG >D PDUVK@ WR PRGHUDWH WKH IORZ >RI WKRVH ZDWHUV@ DQG >SODQWHG@ D FDQ>HEUDNH LQ LW@ YLLL vv , >OHW ORRVH@ LQ LW KHURQV >ZLOG ERDUV OLW ˦SLJV RI WKH UHHGV˧  DQG URH GHHU %\ GLYLQH ZLOO YLQHV DOO NLQGV RI IUXLW WUHHV@ ROLYH WUHHV DQG DURPDWLF >WUHHV IORXULVKHG JUHDWO\@ LQ WKRVH JDUGHQV SODQWHG >RQ QHZO\ WLOOHG VRLO &\SUHVV WUHHV PXVXNNDQQXWUHHV DQG @ DOO NLQGV RI WUHHV >JUHZ WDOO DQG VHQW RXW@ VKRRWV 7KH PD>UVKHV WKULYHG JUHDWO\@ YLLL vv %LUGV RI WKH KHDYHQV KHU>RQV ZKRVH KRPHV DUH IDU DZD\@ PDGH QHVWV DQG >ZLOG ERDUV DQG URH GHHU@ JD>YH ELUWK@ LQ DEXQGDQFH YLLL ˮˮEˡˮˮD , FXW GRZQ >PXVXNNDQQXWUHHV DQG F\SUHVV WUHHV@ JURZQ LQ WKH RUFKDUGV DQG >PDUVK UHHGV IURP WKH VZDPSV@ DQG >, XVHG WKHP LQ WKH ZRUN UHTXLUHG@ WR EXLOG P\ ORUGO\ >SDODWLDO KDOOV@ YLLL ˮˮEˡˮˮ , >@ ERWK >@ IORXULVKHG >@ ZLWKLQ >@ VHW JUD>LQ @ YLLL ˮˮˡˮˮD $IWHU >, KDG ILQLVKHG@ WKH ZRUN RQ >P\ SDODFH YLLL vv , LQYLWHG LQVLGH LW@ WKH JRG $ğğXU WKH JUHD>W@ ORUG DQG >WKH JRGV DQG JRGGHVVHV@ OLYLQJ LQ >$VV\ULD WKHQ , PDGH VSOHQGLG@ RIIHULQJV >DQG@ SUHVHQWHG >P\ JLIWV  , PDGH ILQH RLO IURP ROLYHV@ DQG DURPD>WLFV@ YLLL vv $W WKH LQDXJXUDWLRQ >RI WKH SDODFH@ , KDG >WKH KHDGV RI WKH VXEMHFWV RI P\ ODQG@ GUHQ>FKHG DQG , ZDWHUHG WKHLU@ LQVLGHV >ZLWK VZHHW ZLQH@ YLLL ˮˮE >@

YLLL vˡv 7KLV SDVVDJH LV QRW DWWHVWHG HOVHZKHUH LQ WKH H[WDQW 6HQQDFKHULE FRUSXV &I WH[W QR  YLLL ˡ >@[΢D"ΣWL ˦>@ ˧ ( )UDKP 6DQKHULE S  WHQWDWLYHO\ VXJJHVWV UHDGLQJ > 858QDPSDJD@΢DΣWL ˦> WKH FLW\ 1DPSDJ@ÃWX˧ ZKLFK LV EDVHG RQ WKH %DYLDQ ,QVFULSWLRQ OLQH  /XFNHQELOO 6HQQ S   YLLL vvˡvv 7KLV SDVVDJH LV QRW DWWHVWHG HOVHZKHUH LQ WKH H[WDQW 6HQQDFKHULE FRUSXV YLLL vvˡvv &I WH[W QR  YLLL ˡ DQG WH[W QR  YLLL ˡ ERWK RI ZKLFK DUH HDUOLHU YHUVLRQV RI WKLV SDVVDJH 7KRVH LQVFULSWLRQV UHFRUG WKDW ZDWHU ZDV SURYLGHG IRU  DQG  VHHGHG ILHOGV UHVSHFWLYHO\ 7KH QXPHUDO LV GHILQLWHO\  QRW  VR 7KRPSVRQ  YLLL vvEˡvv 7KLV SDVVDJH LV QRW DWWHVWHG HOVHZKHUH LQ WKH H[WDQW 6HQQDFKHULE FRUSXV YLLL vv 7H[W QR  YLLL  DGGV ğD *,Ğ.,5,̐0(Ğ (',1 ğ£DEEXUWL ˦IURP WKH RUFKDUGV SODQWHG RQ QHZO\ WLOOHG VRLO˧ DIWHU ȃLELLğWL ˦DURPDWLFV˧ YLLL vvEˡvvvD 7KLV SDVVDJH LV QRW DWWHVWHG HOVHZKHUH LQ WKH H[WDQW 6HQQDFKHULE FRUSXV

6HQQDFKHULE 



/DFXQD ˮˮˮ >@ [ ˮˮˮ >@ ΢SD"ΣQLğ¼ ˮˮˮ >@ [£ğğ¼QL ˮˮˮ >@ [XWWX ˮˮˮ >@΢OX"Σ ‹*$/ ˮˮˮ >@ LğX¼ ˮˮˮ >@ 810(Ğ 8580(Ğ ˮˮˮ >@ [ ODEDQ DSSL ˮˮˮ >@ [ DQD 1,1$., ˮˮˮ >@΢WLΣ LQD ELULW ˮˮˮ >@΢NLΣL ğD LQD T«UHE ˮˮˮ > ȃDU"@΢UD"ΣQD LğDGGLȃX ˮˮˮ >@ ΢ɅD"ΣELğ ¼ȻDQX ˮˮˮ >@ [ğ¼XQ DQD £UN¢W ˮˮˮ >8'0(Ğ LQD /8*$/0(ĞQL@ ΢'808Σ0(ĞLD ğD GDğğXU ˮˮˮ >DQD 5(‹80@ ΢.85Σ » 810(Ğ LQDPEXX ˮˮˮ >]LNLUğ¼ HQX@PD %‚' ğ£DW¼ LODEELUXPD ˮˮˮ >HQQDȃX DQ@΢ȃXΣXVVX OXXGGLğ ˮˮˮ >086$5H ğLɅLU@ ΢ğXPHLDΣ OLPXUPD ˮˮˮ >Ž*,Ğ OLSğXXğ 8'8@΢6,6.85Σ OLTT¯ ˮˮˮ >DQD £ğULğ¼ OX@΢WHU GΣDğğXU ˮˮˮ >» GLğWDU LNUL@΢ELΣğ¼ ΢LΣ>ğHP@΢PXΣ¼

/DFXQD YLLL ˮˮˮˡˮˮˮ 1R WUDQVODWLRQ SRVVLEOH

'DWH

'DWH

ˮˮˮ >@ [ ˮˮˮ >OLPX P(1,*,D@΢QLΣ ˮˮˮ >/œ(11$0 858JDUJD@΢PLğΣ

YLLL ˮˮˮˡˮˮˮ >7KH PRQWK   GD\ HSRQ\P\ RI %ÕO ÕPXUDQQ@L >JRYHUQRU RI WKH FLW\ &DUFKHP@LVK  

YLLL ˮˮˮˡˮˮˮD >@  SDODFH >@ KDYH >@ WKH SHRSOH RI FLWLHV >@  H[SUHVVLRQV RI KXPLOLW\ OLW ˦VWURNLQJ WKH QRVH˧ >@  WR 1LQHYHK YLLL vvv >@  EHWZHHQ >@  ZKLFK LV LQVLGH >@ WKH\ PDUFK DORQJ >WKH UR@DG >@ WKH\ PDGH >@ VPHOO SOHDVDQW >@ WKHLU >@

YLLL ˮˮˮEˡˮˮˮ ,Q WKH IXWX>UH@ PD\ >RQH RI WKH NLQJV@ P\ GHVFHQGDQWV ZKRP WKH JRG $ğğXU QDP>HV IRU VKHSKHUGLQJ@ WKH ODQG DQG SHRSOH UHQRYDWH LWV >GL ODS@LGDWHG VHFWLRQV >ZK@HQ WKDW ZDOO EHFRPHV ROG DQG >GLODSLGDWHG@ 0D\ KH ILQG >DQ LQVFULEHG REMHFW EHDU LQJ@ P\ QDPH YLLL vvv >DQRLQW LW ZLWK RLO@ PDNH >DQ RI@IHULQJ DQG >UHW@XUQ LW >WR LWV SODFH@ 7KH JRG $ğğXU >DQG WKH JRGGHVV ,ğWDU@ ZLOO WKHQ >KH@DU KLV >SUD\H@UV

 $ VPDOO IUDJPHQW RI D KH[DJRQDO FOD\ SULVP SUHVXPDEO\ IURP 1LQHYHK LV LQVFULEHG ZLWK D WH[W UHFRUGLQJ 6HQQDFKHULEˤV ILUVW ILYH FDPSDLJQV WKH FUHDWLRQ RI D ODUJH PLOLWDU\ FRQWLQJHQW RI DUFKHUV DQG VKLHOG EHDUHUV DQG SUHVXPDEO\ FRQVWUXFWLRQ DW 1LQHYHK 7KH DFFRXQWV RI WKH WKLUG IRXUWK DQG ILIWK FDPSDLJQV DV IDU DV WKH\ DUH SUHVHUYHG GXSOLFDWH WKRVH VDPH UHSRUWV RI PLOLWDU\ QDUUDWLRQ LQ 6PLWK %XOO  DQ LQVFULSWLRQ ZULWWHQ RQ D EXOO FRORVVXV VWDWLRQHG LQ &RXUW + 'RRU D RI 6HQQDFKHULEˤV SDODFH WKH 6RXWK:HVW 3DODFH  7KLV HGLWLRQ RI WKH NLQJˤV UHV JHVWDH ZDV SUREDEO\ ZULWWHQ RQ SULVPV LQ  DV VXJJHVWHG E\ WKH IDFW WKDW WKH PLOLWDU\ QDUUDWLRQ HQGV ZLWK D UHSRUW RI WKH ILIWK FDPSDLJQ WR 0RXQW 1LSXU DQG DJDLQVW 0DQL\H NLQJ RI WKH FLW\ 8NNX DQG E\ WKH QXPEHU RI SULVRQHUV VDLG WR EH FRQVFULSWHG LQWR 6HQQDFKHULEˤV DUP\  DUFKHUV DQG  VKLHOG EHDUHUV 

 YLLL vvv ,W LV XQFOHDU LI [ LV WKH ODVW VLJQ RI WKH PRQWK QDPH RU WKH .$0 IROORZLQJ WKH GD\ WKDW WKH SULVP ZDV LQVFULEHG 7KXV RQH FRXOG UHDG WKLV OLQH DV >,7,[ [@ [ ˦>7KH PRQWK @ ˧ RU >,7,[ [ [ 8'[ [ @΢.$0Σ ˦>7KH PRQWK   GD\@˧ 1RWH WKDW WH[W QR  ERWK H[V  DQG  DQG WH[W QR  H[  KDYH RQO\ WKH PRQWK QDPH UHFRUGHG WKH GD\ WKH REMHFWV ZHUH LQVFULEHG LV QRW PHQWLRQHG



6HQQDFKHULE 

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

ˢ



3UREDEO\ 1LQHYHK

™

F

&200(17$5< 8QOLNH PRVW RI WKH RWKHU NQRZQ LQVFULSWLRQV ZULW WHQ RQ RFWDJRQDO DQG KH[DJRQDO FOD\ SULVPV WH[W QRV ˡ DQG ˡ  WKH PLOLWDU\ QDUUDWLRQ RI WKLV WH[W DV ZHOO DV WKRVH RI WKH QH[W WZR LQVFULSWLRQV IROORZV WKDW RI 6PLWK %XOO   5 SOV ˡ    D IUDJPHQW SUHVHUYLQJ SDUWV RI WZR FROXPQV FROV LLL DQG LY RU SRVVLEO\ FROV LY DQG Y  LV WKH HDUOL HVW NQRZQ VL[VLGHG SULVP RI 6HQQDFKHULE DOWKRXJK WKLV SDUWLFXODU PHGLXP IRU IRXQGDWLRQ LQVFULSWLRQV ZLWK DQQDOLVWLF QDUUDWLRQ PD\ KDYH EHHQ LQ XVH VLQFH  VHH WKH FRPPHQWDU\ RI WH[W QR   :LWK UH JDUG WR WKH \HDU GXULQJ ZKLFK WKH SULVP IURP ZKLFK WKLV SLHFH RULJLQDWHV ZDV LQVFULEHG ( )UDKP 6DQ KHULE SS ˡ VXJJHVWV  UDWKHU WKDQ  QRW RQO\ EHFDXVH WKH PLOLWDU\ QDUUDWLRQ HQGV ZLWK DQ DF FRXQW RI WKH ILIWK FDPSDLJQ MXVW OLNH WH[W QR   EXW EHFDXVH WKH QXPEHU RI SULVRQHUV FRQVFULSWHG LQWR 6HQQDFKHULEˤV DUP\ LV JUHDWHU WKDQ WKDW RI WH[W QR  WKLV LQVFULSWLRQ VWDWHV WKDW  DUFKHUV DQG  VKLHOG EHDUHUV ZHUH DGGHG WR WKH NLQJˤV DUP\ ZKLOH WH[W QR  UHFRUGV WKDW 6HQQDFKHULE IRUPHG D PLOLWDU\ FRQWLQJHQW RI RQO\  DUFKHUV DQG  VKLHOG EHDUHUV

)ROORZLQJ WKH VW\OH RI WH[W QR  DQG WH[W QR  WKH EXLOGLQJ UHSRUW RI WKLV LQVFULSWLRQ ZKLFK LV FRPSOHWHO\ PLVVLQJ SUREDEO\ DOVR GHVFULEHG ZRUN RQ D VLQJOH SURMHFW DW 1LQHYHK FRPSDUH WKH EXLOG LQJ UHSRUWV RI WH[WV LQVFULEHG RQ HLJKWVLGHG SULVPV WH[W QRV ˡ  ZKLFK UHFRUG ZRUN RQ QXPHURXV SURMHFWV LQ DQG DURXQG WKDW VDPH FLW\ 7KHUHIRUH WKH EXLOGLQJ UHSRUW RI  PD\ KDYH GHVFULEHG WKH FRQVWUXFWLRQ DQG GHFRUDWLRQ RI WKH ˦3DODFH :LWK RXW D 5LYDO˧ IRU ZKLFK QR IRXQGDWLRQ UHFRUG ZULWWHQ DIWHU  LV NQRZQ ZLWK FHUWDLQW\ RU WKH DUPRU\ IRU ZKLFK WKH HDUOLHVW NQRZQ DFFRXQWV RI LWV FRQVWUXF WLRQ FRPH IURP WH[WV ZULWWHQ LQ   6KRXOG LW FRP PHPRUDWH ZRUN RQ (JDO]DJGLQXWXNXD DV VXJJHVWHG E\ WKH IDFW WKDW LWV PLOLWDU\ QDUUDWLRQ FORVHO\ IROORZV WKDW RI 6PLWK %XOO  WKHQ WKH GHVFULSWLRQ PD\ KDYH EHHQ VLPLOLDU RU LGHQWLFDO WR  WH[W QR  Y ˡYLL  DQG YLLL Eˡ  WH[W QR  Y ˡYLL  DQG YLLL ˡ RU  6PLWK %XOO  OLQHV EˡD 7KH H[WDQW WH[W GXSOLFDWHV 6PLWK %XOO   5 SOV ˡ OLQHV ˡ DQG ˡ 5HVWRUDWLRQV DUH JHQHUDOO\ EDVHG RQ WKDW LQVFULSWLRQ

%,%/,2*5$3+<   

%H]ROG &DW  S  VWXG\ 5HDGH -&6  S  VWXG\ %RUJHU %$/ SS  DQG  VWXG\

 

)UDKP 6DQKHULE SS ˡ 7  VWXG\ )UDKP 5/$ ˡ S  VWXG\

7(;7 &RO Lˮ /DFXQD ˮ > PDQ@΢GDΣDW΢W¼Σ ˮ >¼UDGGLPD@ ¼NLQ ˮ >ȻHUXXğğXXQ ğX¼ PȃD@΢]DΣTLDD¼ ˮ >SXOȃL PHODPPH@ ΢EHΣOXWLLD ˮ >LVȃXSXğXPD@ ΢/œΣ¼UEL

/DFXQD Lˮ ˮˡˮD >, DGGHG  SD\@PHQW >DQG@ LPSRVHG LW >XSRQ WKHP@ Lˮ ˮEˡˮ >$V IRU KLP +H@]HNLDK >IHDU RI@ P\ ORUGO\ >EULOOLDQFH Lv v RYHUZKHOPHG KLP DQG KH KDG@ WKH DX[LOLDU\ IRUFHV >DQG KLV@ HOLWH >WURRSV ZKRP KH@ KDG

Lv v 7KH UHVWRUDWLRQ DW WKH EHJLQQLQJ RI WKH OLQH IROORZV 6PLWK %XOO  OLQH   5 SO   &I WH[W QR  LY  DQG WH[W QR  LLL  ZKLFK DGG N¢GUHH EHOXWLLD ˦JLIWV LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS˧ EHWZHHQ PDQGDDWW¼ ˦SD\PHQW˧ DQG ¼UDGGLPD ˦, DGGHG DQG˧ Lv vEˡv &I WH[W QR  LY ˡD DQG WH[W QR  LLL ˡD ZKLFK KDYH /œ¼UEL » /œ(5,00(Ğğ¼ 6,*̏0(Ğ ğD DQD GXQQXXQ 858XUVDOLLPPX 858 /8*$/WLğ¼ ¼ğHULEXPD LUğX¼ WLOODDWH ˦WKH DX[LOLDU\ IRUFHV DQG KLV HOLWH WURRSV ZKRP KH KDG EURXJKW LQVLGH WR VWUHQJWKHQ WKH FLW\ -HUXVDOHP KLV UR\DO FLW\ DQG ZKR KDG SURYLGHG VXSSRUW˧

6HQQDFKHULE 

ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

>» /œ(5,00(Ğğ¼@ ΢6,*̏Σ0(Ğ >ğD DQD T«UHE 858XU@VDOLLPPD >858 /8*$/WLğ¼ ¼@΢ğHΣULEXPD >LWWL  *81 .›*,@ ΢Σ 0( *81 .›%$%%$5 >PLPPD ğXPğX QLȻLU@΢WLΣ ‹*$/ğ¼ >» '808081860(Ğğ¼ 08186810(Ğ@ ‹*$/ğ¼ >/œ1$50(Ğ 081861$50(Ğ DQD T«@΢UHEΣ 1,1$., >¼ğHELODPPD DQD QDGDQ PDQ@΢GDΣDWWL >LğSXUD UDN@΢EXΣğX

ˮ >LQD H JHUULLD DQD .85‹P@΢LDΣNLQ̑ ˮ >OX DOOLLN LQD PHWLLT JHUUL@΢LDΣ /DFXQD &RO LLˮ /DFXQD ˮ WUDFHV >@ ˮ /8*$/ SDQL PDȃUL΢LDΣ >LQD *Ž5,, .85DQDUD@ ˮ » .85XSSD .850(Ğ GDQQXWL >NDUDğL@ ˮ ¼ğ£΢£ğNLQΣPD DQDNX LQD *,Ğ*8=$ ΢Q«PHΣ>GL@ ˮ >LWWL@ ΢/œΣ(5,00(Ğ 0ŠLD PDUȻLLğ ˮ >HWHHOODD@ ΢Ğ8Σ6,0(Ğ .850(Ğ SD£ğTDDWL ˮ ΢ğX¼Σ >PPD@΢QLLDΣH DODNWL JHUULLD ˮ LğPHPD 858XNNX 858 /8*$/WLğ¼ H]LEPD ˮ DQD UXT«HWL LQQDELW HUXXPPD ˮ DQD T«UHE ‹*$/ğ¼ PLPPD ğXPğ¼ 1*Ğ8 1**$ ˮ OD QLEL £ğOXOD WDPDUWDğ¼ NDELWWX ˮ 8580(Ğğ¼ DSSXO DTTXU LQD G*,Ğ%$5 DT>PX@

ˮ ˮ

NLPD '8̐ DEXEL ¼ğHPH LQD ğDOODW >.850(Ğ@ ğ£WLQD  /,0  0( *,Ğ3$1  /,0  0(



EURXJKW >LQVLGH WKH FLW\ -HUX@VDOHP >KLV UR\DO FLW\ DORQJ ZLWK  WDOHQWV RI JROG@  WDOHQWV RI VLOYHU Lv v >HYHU\ NLQG RI WUHDVXUH@ RI KLV SDODFH >DV ZHOO DV KLV GDXJKWHUV@ KLV SDODFH >ZRPHQ PDOH VLQJHUV DQG IHPDOH VLQJHUV EURXJKW LQ@WR 1LQHYHK DQG KH VHQW D PRXQ@WHG PHVVHQJHU RI KLV WR PH >WR GHOLYHU WKLV SD\@PHQW

Lˮ ˮˡˮ >2Q P\ IRXUWK FDPSDLJQ , PDUFKHG WR WKH ODQG %êW@,Q WKH FRXUVH RI@ P\ >FDPSDLJQ@ /DFXQD /DFXQD LLˮ ˮˡˮ  > QR@ NLQJ RI WKH SDVW ZKR FDPH EHIRUH PH >@ , KDG >P\ FDPS@ SLWFKHG >DW WKH IRRW RI 0RXQW $QDUD@ DQG 0RXQW 8SSD PLJKW\ PRXQWDLQV DQG , P\VHOI LQ DQ DUPFK>DLU ZLWK@ P\ ILJKWLQJ WURRSV >DVFHQGHG@ ZLWK D VWUXJJOH WKH VWHHS PRXQWDLQ SHDNV

LLˮ ˮˡˮ +H >0D@QL\H KHDUG DERXW WKH DGYDQFH RI P\ H[SHGLWLRQDU\ IRUFH WKHQ KH DEDQGRQHG WKH FLW\ 8NNX KLV UR\DO FLW\ DQG IOHG DIDU , HQWHUHG KLV SDODFH DQG LLv v DV KLV VXEVWDQWLDO DXGLHQFH JLIW , FDUULHG RII HYHU\ NLQG RI SRVVHVVLRQ DQG SURSHUW\ ZKLFK ZHUH ZLWKRXW QXPEHU LLˮ ˮˡˮD , GHVWUR\HG GHYDVWDWHG DQG EXU>QHG@ ZLWK ILUH KLV FLWLHV DQG PDGH WKHP OLNH UXLQ KLOOV FUHDWHG E\ WKH 'HOXJH LLˮ ˮEˡˮ )URP WKH ERRW\ RI WKRVH >ODQGV@ , FRQ>VFULSWHG@  DUFKHUV DQG  VKL>HOG EHDU HUV DQG@ D>GGHG WKHP WR@ P\ UR\DO >FRQWLQJHQW@

Lv v 7KLV LQVFULSWLRQ RPLWV IURP WKH OLVW RI WULEXWH QLVLLTWL JXXȃOL W£NN¢VVL 1$̎$1=$*8/0( *$/0(Ğ *,Ğ1œ0(Ğ =œ *,Ğ*8=$0(Ğ Q«PHGL =œ .8Ğ $06, =œ $06, *,Ğ(6, *,Ğ7œ* ˦FKRLFH DQWLPRQ\ ODUJH EORFNV RI  LYRU\ EHGV DUPFKDLUV RI LYRU\ HOHSKDQW KLGHV  HOHSKDQW LYRU\ HERQ\ ER[ZRRG˧ FI WH[W QR  LY ˡ DQG WH[W QR  LLL EˡD Lv v >QLȻLU@΢WLΣ ‹*$/ğ¼ ˦>WUHDVXUH@ RI KLV SDODFH˧ 7H[W QR  LY  DQG WH[W QR  LLL  KDYH QLȻLUWX NDELWWX ˦YDOXDEOH WUHDVXUH˧ Lv v &I WH[W QR  LY ˡ DQG WH[W QR  LLL ˡ ZKLFK DGG 858 EHOXWLLD (*,5LD ˦P\ FDSLWDO FLW\ DIWHU P\ GHSDUWXUH ˧ DIWHU 1,1$., ˦1LQHYHK˧ DQG DGG » HSHğ $5$'¼WL ˦DQG WR GR REHLVDQFH˧ DIWHU QDGDQ PDQGDDWWL ˦WR GHOLYHU WKLV SD\PHQW˧ Lv vˡvD 7H[W QR  LY ˡD DQG WH[W QR  LLL ˡD KDYH LQD H JHUULLD GDğğXU EHO¯ ¼WDNNLODQQLPD XPPDQDWHLD JDSğ£DWH DGNHHPD DQD .85‹PLDNLQ̑ DODNX DTEL ˦2Q P\ IRXUWK FDPSDLJQ WKH JRG $ğğXU P\ ORUG HQFRXUDJHG PH VR WKDW , PXVWHUHG P\ QXPHURXV WURRSV DQG RUGHUHG WKH PDUFK WR WKH ODQG %êWğLUX@

/DFXQD Lˮ ˮˡˮD > WKH\ EHFDPH IULJKWHQHG RQ DFF@RXQW RI WKH YLOO>DLQRXV DFWV WKH\ KDG FRPPLWWHG 7KH\ IRUPHG D FRQIHGHUDWLRQ ZLWK@ WKH NLQJV RI >(J\SW DQG WKH DUFKHUV F@KDULRWV DQG KRUV>HV RI WKH NLQJ RI WKH ODQG 0HOXȏȏD@ IRUFHV ZLWKRXW QXPEHU Lˮ ˮEˡˮ ,Q WKH SODLQ RI >WKH FLW\ (OWHNH@K >, IRXJKW@ ZLWK WKHP >DQG@ GHIHDWHG WKHP /DFXQD LLˮ ˮˡˮ >@  > +H@ ˢ 0DUGXNDSOD>LGGLQD@ ,, 0HURGDFKEDODGDQ  ZKRP , KDG GHIHDWHG GXULQJ P\ ILU>VW@ FDPSDLJQ ˢ LLv v EHFDPH IULJKWHQHG E\ WKH FODQJRU RI >P\@ PLJKW\ ZHDSRQ>V@ DQG IO>HG@ WR WKH FLW\ 1DJê>WH@UDTTL ZKLFK LV LQ WKH PLGVW RI WKH VHD >, EURXJKW@ KLV EURWKHUV WKH VHHG RI KLV IDWKHUˤV KRXVH ZKRP KH KDG DEDQG>RQHG@ DW WKH VKRUH RI WKH VHD WRJHWKHU ZLWK WKH UHVW RI WKH SHRSOH >RI KLV ODQG RXW

Lv v 7KLV HGLWLRQ RPLWV LOOLNX UHȻXXVVXXQ ˦WKH\ FDPH WR WKHLU DLG˧ DIWHU LNWHUXQL ˦WKH\ IRUPHG D FRQIHGHUDWLRQ˧ &I WH[W QR  LLL  DQG WH[W QR  LL  Lv v 7KLV LQVFULSWLRQ RPLWV HOODPX¼D VLLGUX ğLWNXQX ¼ğ£ƮDOX *,Ğ78.8/0(Ğğ¼XQ LQD WXNXOWL GDğğXU (1LD ˦WKH\ VKDUSHQHG WKHLU ZHDSRQV ZKLOH GUDZLQJ XS LQ EDWWOHOLQH EHIRUH PH :LWK WKH VXSSRUW RI WKH JRG $ğğXU P\ ORUG˧ DIWHU 858DOWDTX¼ ˦WKH FLW\ (OWHNHK˧ &I WH[W QR  LLL ˡ DQG WH[W QR  LL ˡLLL  LLv v 7KLV WH[W KDV £ğNXQX %$'̏%$'̏ğ¼ ˦ZKRP , GHIHDWHG˧ LQ OLHX RI %$'̏%$'̏ğ¼ £ğNXQXPD ˦ZKRP , GHIHDWHG DQG˧ ,W DOVR RPLWV ¼SDUULUX HOODWVX ˦ZKRVH IRUFHV , KDG VFDWWHUHG˧ &I WH[W QR  LY  DQG WH[W QR  LLL ˡ LLv vˡv 7KLV WH[W RPLWV » WLLE 0ŠLD H]]L ˦DQG P\ ILHUFH EDWWOH DUUD\˧ DQG ',1*,50(Ğ PDUDN .85ğ¼ LQD .,78Ğğ¼QX LGNHPD T«UHE *,Ğ0ƒ0(Ğ ¼ğDUNLEPD ˦KH GLVORGJHG WKH JRGV RI WKH IXOO H[WHQW RI KLV ODQG IURP WKHLU DERGHV DQG ORDGHG WKHP RQWR ERDWV˧ 7H[W QR  H[V  DQG  DQG WH[W QR  DOVR RPLW WKLV SDVVDJH &I WH[W QR  LY vˡv DQG WH[W QR  LLL ˡ QD΢JLΣ>WH@UDDTT¯ ˦WKH FLW\ 1DJê>WH@UDTTL˧ 6PLWK %XOO   5 SO  KDV ΢858QDJLLΣWL ˦WKH FLW\ 1DJêWX˧ LQ>QDELW@ ˦KH IO>HG@˧ 2WKHU LQVFULSWLRQV RQ SULVPV KDYH LȻȻXULğ LSSDULğ ˦KH IOHZ DZD\ OLNH D ELUG˧ VHH IRU H[DPSOH WH[W QR  LLL  LLv v DGL VLLWWL ˦WRJHWKHU ZLWK WKH UHVW RI˧ 6PLWK %XOO   5 SO  RPLWV DGL EHIRUH VLLWWL

6HQQDFKHULE 

ˮ DȃL WDPWLP DGL VLLWWL 81΢0(ĞΣ >.85ğ¼@ 5HVW RI WKH LQVFULSWLRQ LV PLVVLQJ



RI WKH ODQG %êWRZ@˧ YL ˡ &I WH[W QR  YL  ZKLFK KDV ‹*$/ UDELWXP ğD ȻHHU ΢PDȃΣ>UL@WL PDDƮGLğ ğXWXUDW ˦D ODUJH SDODWLDO ZLQJ ZKLFK JUHDWO\ VXUSDVVHG WKH SUHYL>RX@V RQH˧ LQ OLHX RI LQD QLNODW OLEELLD  ğLSLU /œĞ,7,0*$/OHH HQTXWL ˦ZLWK P\ LQQDWH H[SHUWLVH  WKH FUDIW RI ZHOOWUDLQHG PDVWHU EXLOGHUV˧ 7H[W QR  GHVFULEHV WKH FRQVWUXFWLRQ RI RQO\ RQH ZLQJ RI WKH DUPRU\ ZKLOH WKLV LQVFULSWLRQ GHVFULEHV WKDW RI WZR ZLQJV 7KLV PD\ EH DQ LQGLFDWLRQ WKDW WKDW WH[W LV WKH HDUOLHU RI WKH WZR LQVFULSWLRQV YL  7H[W QR  YL  RPLWV WDUELW .85ȃDPDQLP .85L HOOL ˦JURZQ RQ 0RXQW $PDQXV WKH KRO\ PRXQWDLQ˧ YL   DQG  HOLğLQ ˦RYHU WKHP˧ .ƒ0(ĞğLQ ˦WKHLU JDWHV˧ DQG 6,*$5ğLQ ˦WKHLU GRRU EROWV˧ &I WH[W QR  YL   DQG  ZKLFK KDYH H΢OLΣğ£ ˦RYHU LW˧ .ƒ0(Ğğ£ ˦LWV JDWHV˧ DQG VLJDDUğ£ ˦LWV GRRU EROWV ˧ YL  7H[W QR  YL  RPLWV LQD ˦IURP˧ EHIRUH 1$̎SLLOX SHȻX¼ ˦ZKLWH OLPHVWRQH˧ YL  G$/$'G/$00$0(Ğ ȻLUXWL ˦PDJQLILFHQW EXOO FRORVVL˧ 7H[W QR  YL  KDV G$/$'G/$00$ ˦D EXOO FRORVVXV˧ YL EˡD 7H[W QR  RPLWV DQD ğXWHğXU  PDJDO XğUDEEL ˦, JUHDWO\ HQODUJHG  IRU WKH SURSHU DGPLQLVWUDWLRQ ˧ WKH SDVVDJH UHFRUGLQJ WKH HQODUJHPHQW DQG WKH LPSRUWDQFH RI WKH 5HDU 3DODFHˤV RXWHU FRXUW\DUG 7KLV PD\ EH DQ LQGLFDWLRQ WKDW WKDW WH[W LV WKH HDUOLHU RI WKH WZR LQVFULSWLRQV





6HQQDFKHULE 

LQD /8*$/0(Ğ '8080(ĞLD ğD GDğğXU » G,1$11$

        

DQD 5(‹80 .85 » 810(Ğ LQDPEXX ]LNLUğ¼ HQXPD ‹*$/ ğ£DWX LODEELUXPD HQQDȃX 181 DUNX¼ DQȃXVD OXXGGLğ 086$5H ğLɅLU 08LD OLPXUPD Ž*,Ğ OLSğXXğ 8'86,6.85 OLTT¯ DQD £ğULğX OXWHU GDğğXU » G,1$11$ LNULELğ¼ LğHPPXX PXQDNNLU ğLɅULLD » 08LD GDğğXU (1 *$/ $' ',1*,50(Ğ QDNULğ OL]LLVVX *,Ğ*,'58 » *,Ğ*8=$ OLNLPğXPD OLVNLSD %$/$ğ¼

,ğWDU QDPH IRU VKHSKHUGLQJ WKH ODQG DQG SHRSOH ˢ ZKHQ WKDW SDODFH EHFRPHV ROG DQG GLODSLGDWHG PD\ D IXWXUH UXOHU UHQRYDWH LWV GLODSLGDWHG VHFWLRQV  0D\ KH ILQG DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQRLQW LW ZLWK RLO PDNH DQ RIIHULQJ DQG UHWXUQ LW WR LWV SODFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU ZLOO WKHQ KHDU KLV SUD\HUV

YL Eˡ $V IRU WKH RQH ZKR DOWHUV P\ LQVFULSWLRQ RU P\ QDPH PD\ WKH JRG $ğğXU WKH JUHDW ORUG WKH IDWKHU RI WKH JRGV EHFRPH DQJU\ ZLWK KLP DV LI KH ZHUH DQ HQHP\ 0D\ KH WDNH DZD\ KLV VFHSWHU DQG KLV WKURQH IURP KLP DQG RYHUWKURZ KLV G\QDVW\ 'DWH H[ 

'DWH H[  PJDȃLOX

$ ,7,Ğ8180811$ OLPX $ /œ(11$0 858ȃDWDU¯NND

YL $ˡ$ 'Xƺħ]X ,9  HSRQ\P\ RI *DȏLOX JRYHUQRU RI WKH FLW\ ȎDWDULNND  

'DWH H[ 

'DWH H[ 

% %

,7,Ğ(.,17$5 8'.$0 OLPX /œ(11$0 858JDUJD΢PLğΣ

P(1,*,DQL

YL %ˡ% $GGDUX ;,,  WZHQWLHWK GD\ HSRQ\P\ RI %ÕOÕPXUDQQL JRYHUQRU RI WKH FLW\ &DUFKHPLVK  

 $ QHDUO\ FRPSOHWH KH[DJRQDO FOD\ SULVP DQG D VPDOO IUDJPHQW IURP DQRWKHU SULVP ERWK SUHVXPDEO\ IURP 1LQHYHK DUH LQVFULEHG ZLWK D QHDU GXSOLFDWH RI WH[W QR  7KLV LQVFULSWLRQ FRQWDLQV WKH VDPH SURORJXH DQG PLOLWDU\ QDU UDWLRQ DV WKH SUHYLRXV WH[W EXW LWV EXLOGLQJ UHSRUW KDV D VKRUWHU GHVFULSWLRQ RI WKH UHEXLOGLQJ RI WKH DUPRU\ ZKLFK 6HQQDFKHULE UHIHUV WR DV WKH HNDO NXWDOOL WKH ˦5HDU 3DODFH˧  7KLV UHSRUW UHFRUGV WKH FRQVWUXFWLRQ RI RQO\ RQH ZLQJ RI WKH EXLOGLQJ DQG LWV GHFRUDWLRQ ZKLFK LQFOXGHG ODUJH OLPHVWRQH EXOO FRORVVL VWDWLRQHG LQ LWV JDWHZD\V WH[W QR  GHVFULEHV WKH EXLOGLQJ RI WZR ZLQJV RQH LQ WKH 6\ULDQ VW\OH DQG RQH LQ WKH $VV\ULDQ VW\OH DQG D ODUJH RXWHU FRXUW\DUG %RWK H[HPSODUV SDUWLDOO\ SUHVHUYH GDWHV 2QH SULVP H[  ZDV ZULWWHQ LQ DQ XQNQRZQ PRQWK LQ WKH HSRQ\P\ RI %ÕOÕPXUDQQL JRY HUQRU RI WKH FLW\ &DUFKHPLVK   DQG WKH RWKHU H[  ZDV LQVFULEHG LQ ,QWHUFDODU\ $GGDUX ;,,̌ RI DQ XQNQRZQ \HDU 7KH LQVFULSWLRQ LV FRPPRQO\ UHIHUUHG WR DV WKH ˦-HUXVDOHP 3ULVP˧ H[  LV QDPHG DIWHU WKH FLW\ LQ ZKLFK LW QRZ UHVLGHV -HUXVDOHP WKH ,VUDHO 0XVHXP 

 YL  7KLV LQVFULSWLRQ DQG WH[W QR  YL  DGG ,ğWDU WR WKLV SDUW RI WKH DGYLFH WR IXWXUH UXOHUV &I IRU H[DPSOH WH[W QR  OLQH  DQG WH[W QR  YLLL  ZKHUH RQO\ $ğğXU LV PHQWLRQHG  YL  181 DUNX¼ ˦D IXWXUH UXOHU˧ 7KLV LQVFULSWLRQ DQG WH[W QR  YL  DGG UXE½ DUN½ ˦D IXWXUH UXOHU˧ WR WKH DGYLFH VHFWLRQ &I IRU H[DPSOH WH[W QR  OLQH  DQG WH[W QR  YLLL   YL Eˡ 7H[W QR  OLNH PRVW RI 6HQQDFKHULEˤV IRXQGDWLRQ LQVFULSWLRQV WH[W QRV ˡ DQG ˡ  GRHV QRW LQFOXGH DQ DGPRQLWLRQ DJDLQVW WKH UHPRYDO RI D UR\DO LQVFULSWLRQ 7H[W QRV  DQG  DQG SUREDEO\ DOVR WH[W QR   KRZHYHU LQFOXGH VXFK DGYLFH

6HQQDFKHULE 



&$7$/2*8( 0XVHXP ([ 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH



,VUDHO 0XVHXP 

ˢ

$FTXLUHG IURP 6RWKHE\ˤV



%0 D

D

1LQHYHK

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

&ROV  L ˡYL  GDWH S ZLGH  KLJK &ROV  DQG Y ˡ YL F  ZLGH  ˡ GDWH KLJK

&200(17$5< 7KLV LQVFULSWLRQ OLNH WH[W QR  H[  DQG WH[W QR  H[  ZDV FRPSRVHG LQ WKH HSRQ\P\ RI %ÕOÕPXUDQQL  WKH NLQJˤV WK UHJQDO \HDU  %HFDXVH QHLWKHU H[HPSODU SUHVHUYHV D FRPSOHWH GDWH LW LV XQFHUWDLQ LI WKLV WH[W ZDV ZULWWHQ SULRU WR RU DIWHU WH[W QR  3 /LQJ,VUDHO 6WXGLHV $UW]L S  Q  DQG S  VXJJHVWV WKDW H[  RI WKLV WH[W ZDV ZULWWHQ EHIRUH WH[W QR  H[  ZKLFK LV GDWHG WR WKH WK GD\ RI WKH PRQWK $GGDUX ;,,  DQG SURSRVHV WKDW WKDW FRS\ RI WH[W QR  ZDV ˦QRW DFFHSWHG DV DQ RIILFLDO FRS\˧ DQG WKDW WH[W QR  H[  ZDV LQVFULEHG LPPH GLDWHO\ DIWHU LW /LQJ,VUDHO HODERUDWHG IXUWKHU RQ WKH SURSRVHG UHODWLRQVKLS RI WKH WZR LQVFULSWLRQV ˦7KH PDMRU GLIIHUHQFHV EHWZHHQ WKH SULVPV DUH OLPLWHG WR WKH ˣ%XLOGLQJ ,QVFULSWLRQˤ HNDO NXWDOOL VHFWLRQ  +HUH WKH VFULEH XVHV D OHVV OLWHUDU\ VW\OH WKDQ KLV IHOORZ VFULEHV ZKR ZURWH WKH RWKHU WZR WH[WV 7KH EUHYLW\ RI KLV YHUVLRQ ZDV QRW FDXVHG E\ ODFN RI VSDFH ,W ZDV SHUKDSV GXH WR KLV GLIIHUHQW VFULEDO HGXFDWLRQ DQG KLV GLIIHUHQW DLPV DQG FRQFHSWLRQV ,W LV TXLWH SRVVL EOH WKDW WKH EUHYLW\ DQG LPSHUIHFWLRQ RI KLV ˣ%XLOGLQJ ,QVFULSWLRQˤ ZDV WKH PDMRU FDXVH IRU WKH UHMHFWLRQ RI KLV HLJKWFDPSDLJQ YHUVLRQ E\ WKH RIILFLDO UR\DO VFULEDO WUDGLWLRQ )RU WZR \HDUV ODWHU LQ  %&(  ZKHQ D QHZ FRS\ RI WKH WH[W ZDV FRPPLVVLRQHG LW ZDV WKH YHUVLRQ RI DQRWKHU SULVP QDPHO\ WKDW RI WKH 7D\ORU 3ULVP ZKLFK ZDV VHOHFWHG DV D PRGHO DQG QRW KLV˧ 6- /LHEHUPDQ -$26  >@ S  YHU\ WHQWDWLYHO\ UHDGV WKH PRQWK WKH SULVP ZDV LQ VFULEHG LQ DV ΢,7,%ƒ5=$**$5Σ ˦WKH PRQWK 1LVDQQX , ˧ ZKLFK LI FRUUHFW ZRXOG FOHDUO\ SODFH WKH GDWH RI H[  RI WKLV WH[W PXFK HDUOLHU WKDQ WH[W QR  H[  FI DOVR KLV UHPDUNV RQ WKH TXRWH DERYH :H FDQ QRW KRZHYHU FRQILUP /LHEHUPDQˤV UHDGLQJ IURP WKH SXEOLVKHG SKRWRJUDSKV RI WKH REMHFW VHH DOVR )UDKP 6DQKHULE S  ( )UDKP UDLVHV WKH SRVVLELOLW\ WKDW H[  ,VUDHO 0XVHXP  PD\ KDYH EHHQ LQ VFULEHG DW WKH VDPH WLPH DV H[  %0 D  ZKLFK LV GDWHG WR ,QWHUFDODU\ $GGDUX ;,,̌ RI DQ XQNQRZQ \HDU DQG WKHUHIRUH WKH SULVPV ZHUH LQVFULEHG RQH

PRQWK ODWHU WKDQ WH[W QR  H[  )UDKP ULJKWO\ QRWHV WKDW WKHUH LV QR NQRZQ HYLGHQFH IRU ,QWHUFDODU\ $GGDUX ;,,̌ LQ WKH HSRQ\P\ RI %ÕOÕPXUDQQL   7KHUH LV QR UHDVRQ KRZHYHU WR DVVXPH WKDW H[  DQG H[  ZHUH ZULWWHQ DW WKH VDPH WLPH &RPSDU LVRQ RI WKH EXLOGLQJ UHSRUWV RI WKLV LQVFULSWLRQ DQG WH[W QR  VXJJHVWV WR XV WKDW WKLV LQVFULSWLRQ PD\ KDYH EHHQ WKH HDUOLHU RI WKH WZR SULVP LQVFULSWLRQV QDPHO\ VLQFH WKLV LQVFULSWLRQ GHVFULEHV WKH FRQVWUXF WLRQ RI RQO\ RQH ZLQJ RI WKH DUPRU\ UDWKHU WKDQ WZR ZLQJV DQG DQ RXWHU FRXUW\DUG 7KXV WKH UHSRUW RI WKH DUPRU\ˤ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ˤV FDPSDLJQV DQG DQ DFFRXQW RI WKH EXLOGLQJ DQG GHFRUDWLRQ RI D ZLQJ RI WKH HNDO NXWDOOL WKH ˦5HDU 3DODFH˧  $GGLWLRQDO LQIRUPDWLRQ RQ WKH GLIIHUHQFHV EHWZHHQ WKLV LQVFULSWLRQ DQG WH[W QR  LV SURYLGHG LQ WKH RQSDJH QRWHV %0 D H[  GXSOLFDWHV RQO\ D VPDOO SRUWLRQ RI H[  $OWKRXJK LW IROORZV YHU\ FORVHO\ WKH EXLOG LQJ UHSRUW DQG FRQFOXGLQJ IRUPXODH RI WKLV WH[W WKH SLHFH LV QRW VXIILFLHQWO\ SUHVHUYHG WR EH DEVROXWHO\ FHUWDLQ WKDW LW SUHVHUYHV D FRS\ RI WKLV WH[W UDWKHU WKDQ DQRWKHU LQVFULSWLRQ ZULWWHQ FD ˡ )ROORZ LQJ )UDKP 6DQKHULE S   %0 D LV HGLWHG KHUH DV LI LW ZHUH D FHUWDLQ H[HPSODU ,Q DGGLWLRQ WR WKHVH WZR H[HPSODUV WKHUH DUH WHQ RWKHU SULVP IUDJPHQWV WKDW PD\ SUHVHUYH FRSLHV RI WKLV WH[W 7KHVH DUH HGLWHG DV H[V  ˡ RI WH[W QR  6HH WKH FDWDORJXH DQG FRPPHQWDU\ RI WKDW WH[W IRU IXUWKHU GHWDLOV



6HQQDFKHULE 

7KH SURYHQDQFH RI H[  LV SUHVXPHG WR EH 1LQ HYHK ,W ZDV SXUFKDVHG E\ WKH ,VUDHO 0XVHXP IURP 6RWKHE\ˤV  'HFHPEHU  ORW QR  DW WKH UHF RPPHQGDWLRQ RI $ 6KDIIHU WKDW SXUFKDVH ZDV PDGH SRVVLEOH E\ WKH FRQWULEXWLRQV RI 0UV 0 6DFKHU /RQ GRQ DQG 0UV - 8QJHOHLGHU 1HZ 0(Ğ@ ΢QDΣ>ȻLU NLWWL@ ΢UDƮLΣ>LP@ ΢PLğ£Σ>UL@ >HSLğ ¼VD@DWL DOLN WDSSXXW D>NLL@ ΢VDΣ>ȃLUX@ GDPTDDWL HɅOXP J¯WPD΢OXPΣ ]LNDUX TDUGX Dğ£UHG NDO PDDONL UDSSX ODƮLLɅ OD PDJLUL PXğDEULTX ]DPDDQL GDğğXU .85¼ *$/¼ /8*$/XW OD ğ£QDDQ ¼ğDWOLPDDQQLPD 8*8 JLPLU DğLE SDUDNNL ¼ğDUEDD *,Ğ78.8/0(ĞLD XOWX $$%%$ HOHQLWL ğD ğ£ODP G878ğL DGL WDPWLP ğDSOLWL ğD ȻLLW G878ğL JLPUL ȻDOPDW 6$*'8 ¼ğDNQLğ ğHSX¼D » PDDONL ğHSȻXWL HGXUX WDȃD]L GD£GPHğ¼XQ L]]LEXPD NLPD VXWLQQL08Ğ(1 QLJLLȻȻL HGLğ LSSDUğ¼ DğDU OD ƮDDUL LQD PDȃUHH JHUULLD ğD PG$0$5878΢,%,/$680Σ1$

      

/8*$/ .85N£UGGXQ¯D¢ğ DGL (5,0Ȏ,$ (/$00$., >UH@ȻLğ¼ LQD WDPLUWL NLğ., £ğWDNDQ ΢%$'̏Σ%$'̏ğ¼ L>QD@ ΢0858%̎ WDPȃDΣ>UL@ ğXDWX H]LE ΢.$5$ĞΣVX H΢GLğΣ >LS@΢SDUğLGΣPD ΢QDΣSLğWXğ HɅ¯LU *,Ğ>*,*,50(Ğ@ $1Ğ(.855$0(Ğ *,ĞȻXXPEL $1Ğ(.81*$0(Ğ ğD LQD TLWUXXE WDȃD]L ¼PDğğLUX LNğXGD Ğ8,,DD DQD ‹*$/ğ¼ ğD T«UHE .ƒ',1*,55$., ȃDGLğ

L ˡD 6HQQDFKHULE JUHDW NLQJ >VWURQJ@ NLQJ NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD NLQJ RI WKH IRX>U@ TXDUWHUV RI WKH ZRUOG  FDSDEOH VKHSKHUG IDYRULWH RI WKH JUHD>W@ JRGV JXDU>GLDQ RI WUXWK@ ZKR ORY>HV@ MXVWL>FH L  UHQGHUV DVVLV@WDQFH JRHV WR WKH DLG RI WKH Z>HDN@ DQG VWU>LYHV DIWHU@ JRRG GHHGV SHUIHFW PDQ YLULOH ZDUULRU IRUHPRVW RI DOO UXOHUV WKH EULGOH WKDW FRQWUROV WKH LQVXEPLVVLYH DQG WKH RQH ZKR VWULNHV HQHPLHV ZLWK OLJKWQLQJ L Eˡ 7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR PH XQULYDOOHG VRYHUHLJQW\ DQG PDGH P\ ZHDSRQV JUHDWHU WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLVHV +H PDGH DOO RI WKH EODFNKHDGHG SHRSOH IURP WKH 8SSHU 6HD RI WKH 6HWWLQJ 6XQ WR WKH /RZHU 6HD RI WKH 5LVLQJ 6XQ ERZ GRZQ DW P\ IHHW L  7KXV GLG UHFDOFLWUDQW UXOHUV FRPH WR IHDU EDWWOH ZLWK PH :KLOH WKH\ ZHUH DEDQGRQLQJ WKHLU VHWWOHPHQWV WKH\ IOHZ DZD\ DORQH OLNH EDWV OLYLQJ LQ FUHYLFHV WR LQDFFHVVLEOH SODFHV 

L ˡ 2Q P\ ILUVW FDPSDLJQ , EURXJKW DERXW WKH GHIHDW RI 0DUGXNDSODLGGLQD ,, 0HURGDFKEDOD GDQ  NLQJ RI .DUGXQLDğ %DE\ORQLD  WRJHWKHU ZLWK WKH WURRSV RI WKH ODQG (ODP KLV >DO@OLHV L  LQ WKH SODLQ RI .LVK >,@Q WKH PLGVW RI WKDW EDWW>OH@ KH DEDQGRQHG KLV FDPS >I@OHG DORQH DQG WKHUHE\ VDYHG KLV OLIH , VHL]HG WKH >FKDULRWV@ KRUVHV ZDJRQV DQG PXOHV WKDW KH KDG DEDQGRQHG LQ WKH WKLFN RI EDWWOH L ˡD , MR\IXOO\ HQWHUHG KLV SDODFH ZKLFK LV LQ

L ˡYL  7KHVH OLQHV JHQHUDOO\ GXSOLFDWH WH[W QR  L ˡYL  DSDUW IURP RUWKRJUDSKLF YDULDQWV VHH WKH RQSDJH QRWHV RI WKDW WH[W IRU FRPPHQWV 6HH DOVR WKH RQSDJH QRWHV WR Y  DQG YL 

6HQQDFKHULE 



)LJXUH  ,VUDHO 0XVHXP  WH[W QR  H[   WKH -HUXVDOHP 3ULVP RI 6HQQDFKHULE ZKLFK UHFRUGV HLJKW PLOLWDU\ FDPSDLJQV DQG WKH UHEXLOGLQJ RI RQH ZLQJ RI WKH DUPRU\ k 7KH ,VUDHO 0XVHXP -HUXVDOHP       

HUXXPPD DSWHPD ‹ QLȻLUWLğ¼ .›*, .›%$%%$5 ¼΢QXXW .›Σ*, .›%$%%$5 1$̎ DTDUWX PLPPD ğXPğ¼ 1*Ğ8 1**$ >OD@ QLEL NDELWWX *81 08186Ğ‚‹*$/0(Ğğ¼ /œ7,5800(Ğ /œPDQ]DD] SDQL /œ1$50(Ğ 081861$50(Ğ >VLȃLU@WL XPPDDQL PDOD EDğX¼ PXWWDEELOX>W¼@ ‹*$/Xğ ¼ğHȻDDPPD ğDOODWLğ DPQX LQD HPXT GDğ>ğXU@ (1LD  8580(Ğğ¼ GDQQXWL ‹ %‚'0(ĞQL ğD >.85@NDOGL

%DE\ORQ WKHQ , RSHQHG KLV WUHDVXU\ DQG EURXJKW RXW JROG VLOYHU JROG DQG VLOYHU XWHQVLOV SUHFLRXV VWRQHV DOO NLQGV RI SRVVHVVLRQV DQG SURSHUW\ ZLWK>RXW@ QXP EHU D VXEVWDQWLDO WULEXWH WRJHWKHU ZLWK KLV SDODFH ZRPHQ FRXUWLHUV DWWHQGDQWV PDOH VLQJHUV IHPDOH VLQJHUV >DOO@ RI L  WKH FUDIWVPHQ DV PDQ\ DV WKHUH ZHUH DQG KLV SDODFH DWWHQG>DQWV@ DQG , FRXQWHG WKHP DV ERRW\

L Eˡ :LWK WKH VWUHQJWK RI WKH JRG $ğ>ğXU@ P\ ORUG , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG  RI KLV IRUWLILHG FLWLHV IRUWUHVVHV RI &KDOGHD DQG  VPDOOHU VHWWOHPHQWV LQ WKHLU HQYLURQV L  ,



                                   

6HQQDFKHULE 

»  0(  8580(ĞQL 7850(Ğ ğD OLPHWLğ¼QX DOPH DNğXGXG £ğOXOD ğDOODVXXQ /œ¼UEL /œDUDPX /œNDOGX ğD T«UHE >818*@., 1,%58., NLğ., 858ȃXUVDJNDODPPD *œ'8̒$., ΢=,0%,5Σ., DGL '8080(Ğ 858 (1 ȃLLɅɅL ¼ğHȻDDPPD ğDOOD>WLğ DP@QX LQD WDDDDUWLLD /œWXƮXPXQD /œ>ULȃL@ȃX /œLDGDTTX /œ¼EXGX /œJLE>UHH@ /œPDODȃX /œJXUXPX /œ>¼EXOXP@ /œGDPXQX /œJDPEXOXP >/œȃL@LQ>GDUX@ /œUXƮX¼D /œSXTXGX /œȃDDPUDQX /œȃDJDUDQX /œQDEDWX /œOLLƮWD¼ /œDUDPX OD NDQğXWL >PLWȃD@ULğ DNğXGXG  0(  /,0 810(Ğ 785 *$/ >1,7$@ » 08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » ȻHHQL ğD OD QLEL ğDOOD΢WX NDΣELWW¼ £ğOXOD DQD T«UHE .85 DğğXU., LQD PHWLLT JHUULLD ğD PG08$7,(1080(Ğ /œT¯>SL 858@ȃDUDUDWL .›*, .›%$%%$5 *,ĞPX>VXNNDQQL@ *$/0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » ȻHHQL WDPDUWDğ¼ NDELWWX DPȃXU >EDȃX@΢ODΣWL 858ȃLULPPH /œ.œ5 DNȻL >LQD *,Ğ78.8/@0(Ğ ¼ğDP>TLWPD@ HGX XO H]LE >SDJ@΢ULΣğXXQ LQD JDğLğL DOXOPD >VL@ȃLUWL 858 ¼ğDOPH QDJX¼ ğXDWX DQD HğğXWL DȻEDW >@HQ *8̎  8'817$0(Ğ  $1Ğ( *,Ğ*(Ğ7,1  $1Ğ( >=œ/80@0$ UHğHWH΢ğ¼Σ DQD ',1*,50(ĞQL .85 DğğXU., (10(ĞLD ¼NLQ G¢ULğDP LQD H JHUULLD GDğ>ğXU EH@O¯ ¼WDNNLODQQLPD DQD .85 /œNDğğLL » .85 /œLDVXELJDOODDD ğD XOWX XOOD DQD >/8*$/@0(ĞQL $'0(ĞLD OD NLWQXğ¼ OX DOOLN T«>UHE ȃXUğ£D@QL ]DTUXWL $Ğ‚ QDPUDȻL LQD >$1Ğ(.855$@ DUNDEPD *,Ğ*,*,5 *Ž5,,LD LQD WLLNND΢DWLΣ ¼ğ££ğğL £ğUX ğXSğXTX LQD *Ž5,,LD ULPDQLğ DWWDJJLğ 858‹PNLODP]DDȃ 858ȃDDU>GLğ@SL 858‹PNXEDWWL >858@0(ĞQLğ¼QX ‹ %‚'0(Ğ GDQQXWL DOPH .85XG 810(Ğ $1Ğ(.855$0(Ğ $1Ğ(.81*$>0(Ğ@ $1Ğ(0(Ğ *8̎0(Ğ

EURXJKW RXW WKH DX[LOLDU\ IRUFHV RI WKH $UDPHDQV DQG &KDOGHDQV ZKR ZHUH LQ >8UXN@ 1LSSXU .LVK ȎXUVDJNDODPD &XWKD DQG 6LSSDU WRJHWKHU ZLWK WKH JXLOW\ FLWL]HQV DQG >, FRX@QWHG WKHP >DV ER@RW\

L ˡ 2Q P\ UHWXUQ PDUFK , GHIHDWHG >DOO WR JHW@KHU WKH 7XƺXPXQD >5LȏL@ȏX U¬@ L  0DODȏX *XUXPX >8EXOX@ 'DPXQX *DP EXOX >Ȏ@LQ>GDUX@ 5XƺXƺD 3XTXGX ȎDPUÃQX ȎDJDUÃ QX 1DEDWX DQG /LƺWDƺX LQVXEPLVVLYH $UDPHDQV L  , FDUULHG RII LQWR $VV\ULD D VXEVWDQWLDO ERRW\ FRQ VLVWLQJ RI  SHRSOH \RXQJ DQG ROG >PDOH@ DQG IHPDOH KRUVHV PXOHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV ZKLFK ZHUH ZLWKRXW QXPEHU

L ˡ ,Q WKH FRXUVH RI P\ FDPSDLJQ , UHFHLYHG D VXEVWDQWLDO DXGLHQFH JLIW IURP 1DE½EÕOğXPÃWL WKH RIILFLDO LQ >FKDUJH RI WKH FLW\@ ȎDUDUDWX JROG VLOYHU L  ODUJH PX>VXNNDQQX@WUHHV GRQNH\V FDPHOV R[HQ DQG VKHHS DQG JRDWV L ˡ , SX>W WR WKH VZRUG WKH SRSXO@DWLRQ RI WKH FLW\ ȎLULPPX D GDQJHURXV HQHP\ >DQG@ , GLG QRW VSDUH D VLQJOH RQH , KXQJ WKHLU >FRUS@VHV RQ SROHV DQG L  SODFHG WKHP >DUR@XQG WKH FLW\ , UHRUJDQL]HG WKDW GLVWULFW DQG LPSRVHG IRU HWHUQLW\ >RQ@H R[ WHQ VKHHS WHQ KRPHUV RI ZLQH DQG WZHQW\ KRPHUV RI >GDW@HV DV KLV ILUVWIUXLWV RIIHULQJV WR WKH JRGV RI $VV\ULD P\ ORUGV

L ˡ 2Q P\ VHFRQG FDPSDLJQ WKH JRG $ğ>ğXU@ P\ >ORU@G HQFRXUDJHG PH DQG , PDUFKHG WR WKH ODQG RI WKH .DVVLWHV DQG WKH ODQG RI WKH WKH NLQ@JV P\ DQFHVWRUV ,>Q WKH@ KLJK >PRXQWDL@QV GLIILFXOW WHUUDLQ , URGH RQ >KRUVHEDFN@ DQG KDG P\ SHUVRQDO FKDULRW FDUULHG RQ PHQˤV QHFNV L  ,Q YHU\ UXJJHG WHUUDLQ , URDPHG DERXW RQ IRRW OLNH D ZLOG EXOO

L ˡ , VXUURXQGHG DQG FRQTXHUHG WKH FLWLHV %êW .LODP]Dȏ ȎDU>GLğ@SX DQG %êW.XEDWWL WKHLU IRUWLILHG ZDOOHG >FLW@LHV , EURXJKW RXW RI WK>H@P SHRSOH KRUVHV PXOH>V@ GRQNH\V R[HQ >DQG@ VKHHS DQG JRDWV DQG L  , FRXQWHG WKHP >DV ER@RW\ 0RUHRYHU , GHVWUR\HG GHYD>VWDWHG DQG WX@UQHG LQWR UXLQV >WKHLU@ VPDOOHU

6HQQDFKHULE 

       

>»@ ȻHHQL XOWX THUEL>ğ¼@XQ ¼ğHȻDDPPD >ğDO@΢ODΣWLğ DPQX » 8580(ĞQL>ğ¼QX@ ΢785Σ0(Ğ ğD QLED >OD@ LğX¼ DSSXXO DT>TXU ¼@ğHPH NDUPHğ ‹ (',1 NXOWDUL PX>ğ£EL@ğ¼QX LQD G*,Ğ%$5 DTPXPD GL>WDOOLğ@ ¼ğHPH ¼WHUPD 858‹PNLODP]D>Dȃ@ ğXDWX DQD 858ELUWXWL DȻEDW 8*8 >ğD X̎@XP SDQL >%‚'@0(Ğğ¼ ¼GDQQLQPD 810(Ğ .85>.85@ NLğLWWL Ğ8,,LD LQD O®EEL ¼ğHğLE 810(Ğ .85 /œNDğğLL

 &RO LL  » .85 /œLDVXELJDOOD>DD@  ğD ODSDDQ *,Ğ78.8/0(ĞLD LSSDU>ğLGGX@  XOWX T«UHE .85L ¼ğHUL>GDPPD@  >LQD@ ΢858ΣȃDUGLğSL 858‹PNXEDWWL ¼ğDUPH  >L@QD Ğ8,, /œğXXW 6$*LD /œ(11$0 858DUUDSȃD  DPQXğXQX¼WL 1$̎1$5œ$ ¼ğHSLğPD  OLLWXP NLğLWWL Ğ8,, ğD 8*8ğ¼XQ £ğWDNNDQX  ȻHUXXğğ¼ ¼ğ££ğɅLUPD LQD THUEL 858 XO]L]  SDDQ QLULLD ¼WHUPD DQD .85HOOLSL  DȻȻDEDW ȃDUUDQX HOODPX¼D PLVSDEDDUD  >/8*$/@ğ¼XQ 8580(Ğğ¼ GDQQXWL ‹ QLȻLUWLğ¼  >¼@PDğğLUPD DQD UXT«HWL LQQDELW  ΢JLPULΣ .85ğ¼ '$*$/WLP *,0 0858̓ DVȃXXS  858>PDU@¼ELğWL 858DNNXXGGX 8580(ĞQL  ‹ ΢/8*$/WLΣğ¼ DGL  8580(ĞQL 7850(Ğ  ğD OL>PH@WLğ¼QX DOPH .85XG DSSXO DTTXU  LQD G*,Ğ>%$5@ DTPX 810(Ğ 785 *$/ 1,7$ »           

08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ $1Ğ(*$00$/0(Ğ *8̎0(Ğ » >ȻH@HQL DQD OD PLQDP

£ğOX΢ODPPDΣ DGL OD EDğLL ¼ğ£OLNğXPD ¼ȻDDȃȃLU ΢.85ΣVX 858ȻLȻLLU΢WX 858Σ>NXXPPD@΢DȃΣ>OXP@ 8580(Ğ GDQQXWL DGL 8580(ĞQL ΢785Σ>0(Ğ@ ΢ğDΣ OLPHWLğ¼QX .85‹PEDDUUX>¼ QDJX@¼ DQD >JLPLU@WLğ¼ XOWX T«UHE .85ğ¼ DE΢WXTPD 8*8 PLΣ>ȻLU .85 Dğ@΢ğXUΣ., ¼UDGGL 858HOHQ]D£ğ D΢QD 858Σ >/8*$/¼@΢WLΣ » GDQQDDW QDJHH ğXDWX >DȻEDWPD@ 08ğ¼ PDȃUDD ¼QDNLUPD 858NDUPG(1=8΢Ğ(Ğ0(ĞΣ68 DWWDEL QLELWVX 810(Ğ .85.85 NLğLWWL Ğ8,,>LD@



VHWWOHPHQWV ZKLFK ZHUH ZLWK>RXW@ QXPEHU , EXUQHG ZLWK ILUH SDYLOLRQV DQG WHQWV WKHLU DE>RGHV@ DQG UHGXFHG WKHP WR D>VKHV@

L ˡLL  , PDGH WKDW FLW\ %êW.LODP]D>ȏ@ D IRUWUHVV DJDLQ DQG , VWUHQJWKHQHG LWV >ZDOO@V PRUH >WKDQ EH@IRUH WKHQ , VHWWOHG WKHUHLQ WKH SHRSOH RI WKH OD>QGV@ WKDW , KDG FRQTXHUHG , EURXJKW >GRZQ@ IURP WKH PRXQWDLQV WKH SHRSOH RI WKH ODQG RI WKH .DVVLWHV LL  DQG WKH ODQG RI WKH LDQV@ ZKR KDG IO>HG@ IURP P\ ZHDSRQV >DQG@ , PDGH WKHP GZHOO >LQ WKH@ FLWLHV ȎDUGLğSX DQG %êW.XEDWWL LL  , SODFHG WKHP >XQ@GHU WKH DXWKRULW\ RI D HXQXFK RI PLQH WKH JRYHUQRU RI WKH FLW\ $UUDSȏD , KDG D VWHOH PDGH KDG DOO WKH YLFWRULRXV FRQTXHVWV WKDW , DFKLHYHG RYHU WKHP ZULWWHQ RQ LW DQG , HUHFWHG LW LQ WKDW FLW\

LL ˡD , WXUQHG DURXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG WRRN WKH URDG WR WKH ODQG (OOLSL %HIRUH P\ DUULYDO ,VSDEÃUD WKHLU >NLQJ DE@DQGRQHG KLV IRUWLILHG FLWLHV DQG KLV WUHDVXU\ DQG IOHG IDU DZD\ , RYHUZKHOPHG DOO RI KLV ZLGH ODQG OLNH D IRJ , VXUURXQGHG FRQTXHUHG GHVWUR\HG GHYDVWDWHG DQG EXUQHG ZLWK IL>UH@ WKH FLWLHV >0DUƺ@XELğWX DQG $NNXGGX FLWLHV RI LL  KLV UR\DO KRXVH WRJHWKHU ZLWK WKLUW\IRXU VPDOOHU VHWWOHPHQWV LQ WKHLU HQ>YLU@RQV

LL EˡD , FDUULHG RII SHRSOH \RXQJ DQG ROG PDOH DQG IHPDOH KRUVHV PXOHV GRQNH\V FDPHOV R[HQ DQG >VKHHS@ DQG JRDWV ZLWKRXW QXPEHU WKHQ LL  , EURXJKW KLP ,VSDEÃUD WR QRXJKW DQG PDGH KLV ODQG VPDOOHU , GHWDFKHG IURP KLV ODQG WKH FLWLHV ɆLɇ ɇLUWX DQG >.XPP@Dȏ>OXP@ IRUWLILHG FLWLHV WRJHWKHU ZLWK WKH VPDOOHU VHWWOHPHQW>V@ LQ WKHLU HQYLURQV DQG >WKH GLVWULFW@ RI WKH ODQG %êW%DUU½ LQ LWV >HQWLUH@W\ DQG , DGGHG WKLV DUHD WR WKH WHUUL>WRU\ RI $V@V\ULD

LL Eˡ >, WRRN@ WKH FLW\ (OHQ]Dğ DV D >UR\@DO FLW\ DQG D IRUWUHVV IRU WKDW GLVWULFW WKHQ , FKDQJHG LWV IRUPHU QDPH DQG FDOOHG LW .ÃU6HQQDFKHULE , VHWWOHG WKHUHLQ WKH SHRSOH RI WKH ODQGV WKDW >,@ KDG FRQTXHUHG >, SOD@FHG LW XQGHU WKH DXWKRULW\ RI D HXQXFK RI PLQH WKH JRYHUQRU RI WKH FLW\ ȎDUȏDU DQG WKXV HQODUJHG P\ ODQG



                                    

6HQQDFKHULE 

LQD O®EEL ¼ğHğLE LQD Ğ8,, /œğXXW 6$*LD /œ(11$0 858ȃDUȃDU >DP@QXPD ¼UDSSLğ PDDWL LQD WDDDDUWLLD >ğD@ .85PDGDDD UXTXWL ğD LQD /8*$/0(ĞQL $'΢0(ĞLDΣ PDDPPDQ OD LğPX¼ ]LNLU .85ğ¼XQ PDQGDWDğ¼QX NDELWWX DPȃXU DQD QLUL EHOXWLLD ¼ğDNQLVXQXWL LQD >ğDOğL@ ΢JHUΣULLD >D@΢QDΣ .85ȃDDWWL OX DOOLN POXOLL /8*$/ 858ȻL>GX@XQQL SXOȃL PHODPPH EHOXWLLD LVȃXSXğ¼>PD@ D΢QD UXXTT¯Σ 0858%̎ WDP΢WLPΣ LQQDELWPD .85ğ¼ HPLG 858ȻLGX΢XQΣ>QX *$/¼@ 858ȻLGXXQQX ȻHHȃUX 858‹>]L@΢LWΣWL 858ȻDULLSWX 858PDȃDOOLED 858¼ğX¼ 858DN]LEL 858DNNX¼ 8580(Ğğ¼ GDQQXWL >‹@ ΢%‚'Σ0(Ğ DğDU ULLWL » >PDğT¯@΢WLΣ ‹ WXNODWLğ¼ UD΢ğXEEDWΣ *,Ğ78.8/ GDğğXU (1΢LDΣ >LVȃXSX@΢ğ¼QXWLΣPD LNQX΢ğ¼ ğHΣSX¼D PWX΢EDΣ>DƮOXP LQD *,Ğ*8=$ /8*$/¼WL@ 8*8ğ¼>XQ@ ¼ğHğLEPD ΢*81Σ >PDQGDWX EHOXWLLD@ ğDWWL>ğDP OD@ EDDɅOX ¼>NLQ ȻHUXXğğ¼@ ğD P>PL@΢LQȃLΣ>LP@PX 858VDP΢VLΣ>PXUXQDDD@ PWXEDDƮOX 858ȻLGX΢XQQDΣ>DD@ PDE΢GLΣOLLƮ>WL@ 858DUXGD>DD@ P>¼UX@PLO>NL@ 858JXXEODDD P>PL@΢WLΣLQWL 858DVGXGDDD PEXGX',1*,5 .85‹PDPPDQDDD PNDPPXVXQD>DG@EL .85PDƮDEDDD PGDDUDPPX >.85@¼GXXPPDDD ΢/8*$/Σ0(ĞQL .85 0$578., ND΢OLΣ>ğ¼XQ@ ΢,*,Σ6ƒH ğDGOXWL >WDPDU@WDğ¼QX NDELWWX DGL >ğ¼ DQD@ ΢PDȃΣULLD >Lğ@ğXQLPPD LğğLTX *Ž5,,LD >» PȻL@΢LGΣTDD /8*$/ 858LVTDDOOXQD ğD OD LNQX΢ğ¼Σ >DQD QLULLD@ ',1*,50(Ğ ‹ $'ğ¼ ğ£Dğ¼ '$0VX '8080(Ğ΢ğ¼Σ >'808081860(Ğğ¼@ Ğ(Ğ0(Ğğ¼ 18081 ‹ $'ğ¼ DVVXȃDDPPD DQD .85 Dğ>ğXU.,@ ¼UD£ğğ¼ P/8*$/OXG¢UL '808 PUXNLEWL /8*$/ğ¼QX PDȃUX¼ 8*8 810(Ğ 858LVTDDOOXQD £ğNXQPD QDGDQ *81 N¢GUHH EHOXWLLD HPLGVX¼PD Lğ£DDɅ DEğ£DQL LQD PHWLLT JHUULLD 858‹GDJDQQD

LL ˡ 2Q P\ UHWXUQ PDUFK , UHFHLYHG D VXEVWDQWLDO SD\PHQW IURP WKH GLVWDQW 0HGHV RI ZKRVH ODQG QRQH RI WKH NLQJV P\ DQFHVWRUV KDG KHDUG PHQWLRQ 7KXV , PDGH WKHP ERZ GRZQ WR WKH \RNH RI P\ ORUGVKLS

LL ˡD 2Q P\ >WKLUG@ FDPSDLJQ , PDUFKHG >W@R WKH ODQG ȎDWWL )HDU RI P\ ORUGO\ EULOOLDQFH RYHUZKHOPHG /XO° WKH NLQJ RI WKH FLW\ 6L>G@RQ >DQG@ KH IOHG DIDU LQWR WKH PLGVW RI WKH VHD DQG GLVDSSHDUHG 7KH DZHVRPH WHUURU RI WKH ZHDSRQ RI WKH JRG $ğğXU P\ ORUG >RYHUZKHOPHG@ WKH FLWLHV >*UHDW@ 6LGR>Q@ /HVVHU 6LGRQ %êW>=@LWWL LL  ɆDUHSWD 0DȏDOOLED 8ğ½ $N]LEX DQG $FFR KLV IRUWLILHG FLWLHV DQG >IRUW@UHVVHV DQ DUHD RI SDVWXUHV DQG >ZDW@HUSODFHV  UHVRXUFHV XSRQ ZKLFK KH UHOLHG DQG WKH\ ERZHG GRZQ DW P\ IHHW

LL Eˡ , SODFHG 7X%D>ƺOX RQ WKH UR\DO WKURQH@ RYHU WK>HP@ DQG LP>SRVHG XSRQ KLP@ WULEXWH DQG >SD\PHQW LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS@ WR EH GHOLYHUHG \HDU>O\@ DQG ZLWK>RXW@ LQWHUUXSWLRQ LL ˡD >$V IRU 0@LQX ȏ>LP@PX RI WKH FLW\ 6DP VL>PXUXQD@ 7X%DƺOX >RI@ WKH FLW\ 6LGRQ $EGL/Lƺ>WL RI@ WKH FLW\ $UZDG LL  >ĦUX@0LO>NL@ RI WKH FLW\ %\EORV >0LW@LQWL RI WKH FLW\ $VKGRG %ħGLLO RI WKH ODQG %êW$PPRQ .DPPħVXQD>G@EL RI WKH ODQG 0RDE $\D UÃPX RI >WKH ODQG@ (GRP LL  DOO >RI@ WKH NLQJV RI WKH ODQG $PXUUX >WKH\ EU@RXJKW H[WHQVLYH JLIWV IRXU >WLPHV@ WKH QRUPDO DPRXQW  DV WKHLU VXEVWDQWLDO >DXGLHQFH J@LIW EHIRUH PH DQG NLVVHG P\ IHHW

LL EˡD >0RUHRYHU DV IRU Ɇ@LGT¤ WKH NLQJ RI WKH FLW\ $VKNHORQ ZKR KDG QRW ERZHG GRZQ >WR P\ \RNH@ , IRUFLEO\ UHPRYHG WKH JRGV RI KLV IDWKHUˤV KRXVH KLPVHOI KLV ZLIH KLV VRQV >KLV GDXJKWHUV@ LL  KLV EURWKHUV DQG RWKHU RIIVSULQJ RI KLV IDWKHUˤV KRXVH DQG WRRN KLP WR $V>V\ULD@ LL Eˡ , VHW ĞDUUXOħGÃUL VRQ RI 5ħNLEWX WKHLU IRUPHU NLQJ RYHU WKH SHRSOH RI WKH FLW\ $VKNHORQ DQG LPSRVHG XSRQ KLP WKH SD\PHQW RI WULEXWH DQG JLIWV LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS VR WKDW KH QRZ SXOOV P\ \RNH LL ˡ ,Q WKH FRXUVH RI P\ FDPSDLJQ , VXUURXQGHG

6HQQDFKHULE 

            

858LDDSSX¼ 858EDQDDDEDUTD 858D]XUX 8580(ĞQL ğD PȻLLGTDD ğD DQD *Ž5,,LD

£UȃLğ OD LNQXğ¼ DOPH .85XG £ğOXOD ğDOODVXXQ /œ*Ž517$0(Ğ /œ1810(Ğ » 810(Ğ 858DPTDUUXQD ğD PSDGLL /8*$/ğ¼QX (1 DGHH » PDPLW ğD .85 DğğXU., ELUHWX $1%$5 LGGXPD DQD PȃD]DTLD¼ .85LD¼GDDD LGGLQXğ¼ QDN>ULğ@ DQD DQ]LOOL LSXğ¼ LSO¢ȃ OLEED΢ğ¼Σ>XQ@ /8*$/0(Ğ .85PXȻXUL /œ(5,00(Ğ *,Ğ3$1 *,Ğ>*,*,50(Ğ@ $1Ğ(.855$0(Ğ ğD /8*$/ .85PHOXȃȃD HPXT¯ >OD QLEL@ LNWHUXQLPPD LOOLNX UH΢ȻXΣVXXQ LQD WDPLUWL 858DOWDTX¼ >HOOD@PX¼D VLLGUX ğLWNXQX ¼ğ£ƮD>OX *,Ğ@΢78.8/Σ0(Ğğ¼XQ

&RO LLL  >L@΢QDΣ WXNXOWL GDğğXU ΢(1Σ>LD LWWLğ¼XQ@  >DP@GDȃLLȻPD £ğ΢WDΣ>NDQ %$'̏%$'̏ğ¼XQ@  >/œ@΢(1Σ *,Ğ*,*,5΢0(ĞΣ » '8080(Ğ >/8*$/ .85PXȻXUDDD@  >D@GL ΢/œΣ>(1 *,Ğ*,*,50(Ğ@ ΢ğDΣ /8*$/ >.85PHOXȃȃL@ ΢EDOΣɅXVXXQ  LQD 0858%̎ WDP΢ȃDULΣ LNğXGD Ğ8,,DD 858DOWDTX¼  858WDDPQDD DOPH .85XG £ğOXOD ğDOODVXXQ  DQD 858DPTDUUXQD DTULEPD /œ*Ž517$0(Ğ /œ1810(Ğ  ğD ȃLLɅɅX ¼ğDEğX¼ DGXNPD LQD GLPDDWL  VLȃLUWL 858 DOXO SDJULğ¼XQ '8080(Ğ 858 HSLğ DQQL  » J¯OODWL DQD ğDOODWL DPQX VLLWWXWH>ğ¼QX@  OD EDELO ȃLɅLWL » JXOOXOWL ğD DUD΢DQΣ>ğ¼@΢QXΣ  OD LEğX¼ XğğXUğ¼XQ DT>EL@ PSDGLL /8*$/>ğ¼QX@  XOWX T«UHE 858XUVDOLLPPX ¼ğHȻD>DPPD@  LQD *,Ğ*8=$ EHOXWL 8*8ğ¼XQ ¼ğH>ğLEPD@  PDQGDDWWX EHOXWLLD ¼NLQ ȻH΢UXΣ>Xğ@ğ¼  » PȃD]DTLD¼ .85LD¼GDDD ğD ΢ODΣ >LN@QXğ¼  DQD QLULLD  8580(Ğğ¼ GDQQXWL ‹ %‚'0(ĞQL  » 8580(Ğ 7850(Ğ ğD OLPHWLğ¼QX ğD QL>ED@ ΢ODΣ LğX¼  LQD ğXNEXXV DUDPPH » TLWUX>XE@ ğXSLL  PLWȃXXȻ ]XXN *Ž5,, SLOğL QLNVL >» NDO@΢EDQΣQDWL  DOPH .85XG  0( /,0  0(  810(Ğ 785



FRQTXHUHG DQG SOXQGHUHG WKH FLWLHV %êW'DJDQQD -RSSD %DQD\DEDUTD DQG $]XUX WKH FLWLHV RI ɆLGT¤ WKDW KDG QRW VXEPLWWHG WR PH TXLFNO\

LL ˡ $V IRU WKH JRYHUQRUV WKH QREOHV DQG WKH SHRSOH RI WKH FLW\ (NURQ LL  ZKR KDG WKURZQ 3DG° WKHLU NLQJ ZKR ZDV ERXQG E\ WUHDW\ DQG RDWKV WR $VV\ULD LQWR LURQ IHWWHUV DQG ZKR KDG KDQGHG KLP RYHU WR +H]HNLDK RI WKH ODQG -XGDK LQ D KRVWLOH >PDQQHU W@KH\ EHFDPH IULJKWHQHG RQ DFFRXQW RI WKH YLOODLQRXV DFWV WKH\ KDG FRPPLWWHG 7KH\ IRUPHG D FRQIHGHUDWLRQ ZLWK WKH NLQJV RI (J\SW DQG WKH DUFKHUV FK>DULRWV@ LL  DQG KRUVHV RI WKH NLQJ RI WKH ODQG 0HOXȏȏD IRUFHV >ZLWKRXW QXPEHU@ DQG WKH\ FDPH WR WKHLU DLG LL ˡLLL D ,Q WKH SODLQ RI WKH FLW\ (OWHNHK WKH\ VKDUSHQ>HG@ WKHLU ZHDSRQV ZKLOH GUDZLQJ XS LQ EDWWOH OLQH >EHI@RUH PH LLL  >:L@WK WKH VXSSRUW RI WKH JRG $ğğXU >P\@ ORUG >, IR@XJKW >ZLWK WKHP@ DQG GH>IHDWHG WKHP@ ,Q WKH WKLFN RI EDWWOH , FDSWXUHG DOLYH >WKH (J\S WLDQ@ FKDULRWHHUV DQG SULQ>FHV OLW ˦WKH VRQV RI WKH NLQJ˧  WR@JHWKHU ZLWK WKH >FKDULRWHHUV RI@ WKH NLQJ RI >WKH ODQG 0HOXȏȏD@

LLL EˡD , VXUURXQGHG FRQTXHUHG DQG SOXQGHUHG WKH FLWLHV (OWHNHK DQG 7DPQ¤ , DSSURDFKHG WKH FLW\ (NURQ DQG , NLOOHG WKH JRYHUQRUV DQG QREOHV ZKR KDG FRPPLWWHG FULPHV DQG KXQJ WKHLU FRUSVHV RQ WRZHUV DURXQG WKH FLW\ , FRXQWHG WKH FLWL]HQV ZKR KDG FRPPLWWHG LLL  WKH FULPLQDO DFWV DV ERRW\ DQG , FRP>PDQGHG@ WKDW WKH UHVW >RI WKHP@ WKRVH ZKR ZHUH QRW JXLOW\ RI FULPHV RU ZURQJGRLQJ WR ZKRP QR SHQDOW\ ZDV GXH EH DOORZHG WR JR IUHH

LLL Eˡ , EURXJKW >RXW@ 3DG° >WKHLU@ NLQJ IURP WKH FLW\ -HUXVDOHP >DQG@ SOD>FHG@ KLP RQ WKH ORUGO\ WKURQH RYHU WKHP >WKHQ@ , LPSRVHG XS>RQ K@LP SD\ PHQW LQ UHFRJQLWLRQ RI P\ RYHUORUGVKLS

LLL ˡD 0RUHRYHU DV IRU +H]HNLDK RI WKH ODQG -XGDK ZKR KDG QRW >VXE@PLWWHG WR P\ \RNH , VXU URXQGHG DQG FRQTXHUHG IRUW\VL[ RI KLV IRUWLILHG FLWLHV IRUWUHVVHV DQG VPDOOHU VHWWOHPHQWV LQ WKHLU HQ YLURQV ZKLFK ZHUH ZLWKRXW QXP>EHU@ E\ KDYLQJ UDPSV WURGGHQ GRZQ DQG EDWWHULQJ UDPV EURXJKW >XS@ LLL  WKH DVVDXOW RI IRRW VROGLHUV VDSSLQJ EUHDFKLQJ >DQG VLH@JH HQJLQHV , EURXJKW RXW >RI@ WKHP  SHR SOH \RXQJ DQG RO>G PDOH@ DQG IHPDOH KRUVHV PXOHV GRQNH\V F>DPHO@V R[HQ DQG VKHHS DQG JRDWV ZKLFK



                            

6HQQDFKHULE 

΢*$/Σ >1,7$@ » 08186 $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ $1Ğ(0(Ğ ΢$1Ğ(Σ>*$00$/@΢0(ĞΣ *8̎0(Ğ » ȻHHQL ğD OD QLEL XO΢WXΣ >THU@΢ELΣğ¼XQ ¼ğHȻDDPPD ğDOODWLğ DPQX ğ£Dğ¼ >*,0 08Ğ(1@ ΢TXΣXSSL T«UHE 858XUVDOLLPPX 858 ΢/8*$/WLΣğ¼ HV¯Uğ¼ 858Ȏ$/Ɇ80(Ğ 8*8ğ¼ ¼UDNNLV>PD@ DȻHH .ƒ*$/ 858ğ¼ >¼@΢WHUΣUD LNNLEXXğ 8580(Ğğ¼ ğD £ğOXOD >XOWX T«UHE@ ΢.85Σğ¼ DEWXT>PD@ DQD PPLWLLQWL >/8*$/ 858DVGXGL PSD@΢GLΣL /8*$/ 858DPTDUUXQD » P*,668>(1 /8*$/ 858ȃD@΢]LΣWL DGGLQPD ¼ȻDDȃȃLU .85VX HOL *81 ΢PDȃΣ>ULWL QD@΢GDQΣ ğDWWLğ¼XQ PDQGDDWWX N¢GUHH EHOX>WLLD ¼@UDGGLPD ¼NLQ ȻHUXXğğ¼XQ ğX¼ PȃD]DTL>D¼ SXO@΢ȃLΣ PHODPPH EHOXWLLD LVȃXSXğ¼PD ΢/œΣ>¼UEL@ » /œ(5,00(Ğğ¼ 6,*̏0(Ğ ğD DQD GXQQX>XQ 858XU@VDOLLPPX 858 /8*$/WLğ¼ ¼ğHULEXPD LU>ğX¼ WLO@ODDWL LWWL  *81 .›*,  0( *81 .›%$%%$5 QL>VLTWL JX@΢XȃΣOL W£NN¢VVL 1$̎$1=$*8/0( *$/0(Ğ *,Ğ1ƒ0(Ğ =œ *,Ğ΢*8Σ>=$0(Ğ Q«@΢PHΣGL =œ .8Ğ $06, =œ $06, *,Ğ(6, *,Ğ7œ* PLPPD ğXP>ğ¼ QL@΢ȻLUΣWX NDELWW¼ » '808081860(Ğğ¼ 08186810(Ğ ‹*$/ğ¼ /œ΢1$5Σ>0(Ğ@ 081861$50(Ğ DQD T«UHE 1,1$., 858 EHOXWLLD ΢(*,5Σ>LD ¼ğH@΢ELΣODPPD DQD QDGDQ PDQGDDWWL » H΢SHğΣ >$5$'¼@WL LğSXUD UDNEXğ¼ LQD H JHUULLD >GDğğXU@ EHO¯ ¼WDNNLODQQLPD XPPDQDWHLD JDSğ£D΢WHΣ >DG@΢NHΣPD DQD .85‹PLDNLQ̑ DODNX DTEL LQD PH>WLLT@ JHUULLD ğD PğX]XEL /œNDOG¢DD D>ğLE T«UHE 'D@΢JDPΣPH LQD 858ELLWWXWX £ğWDNDQ ΢%$'̏Σ>%$'̏ğ¼ ğX¼ ȃXUED@ğ¼ WDȃD]LLD 8*8ğ¼ LP΢TXWΣ>PD LWUXNX OLE@΢EXΣğ¼ NLPD D]]DUL HGLğ LS>SDUğLGPD XO@ ΢LQΣQDPLU DğDUğ¼ SDDQ QLULLD ¼>WHU@PD DQD .85‹PLDNLQ̑

ZHUH ZLWKRXW QXPEHU DQG , FRXQWHG WKHP DV ERRW\

LLL Eˡ $V IRU KLP +H]HNLDK  , FRQILQHG KLP LQVLGH WKH FLW\ -HUXVDOHP KLV UR\DO FLW\ >OLNH D ELUG LQ@ D FDJH , VHW XS EORFNDGHV DJDLQVW KLP >DQG P@DGH KLP GUHDG H[LWLQJ KLV FLW\ JDWH , GHWDFKHG >IURP@ KLV ODQG WKH FLWLHV RI KLV WKDW , KDG SOXQGHUHG >DQG@ , JDYH WKHP WR 0LWLQWL >WKH NLQJ RI WKH FLW\ $VKGRG 3D@G° WKH NLQJ RI WKH FLW\ (NURQ LLL  DQG ɆLOOL>%ÕO WKH NLQJ RI WKH FLW\ *D@]D DQG WKHUHE\ PDGH KLV ODQG VPDOOHU 7R WKH IRU>PHU@ WULEXWH WKHLU DQQXDO >JL@YLQJ , DGGHG WKH SD\PHQW RI JLIWV LQ UHFRJQLWLRQ RI >P\@ RYHUORUG>VKLS@ DQG LPSRVHG LW XSRQ WKHP

LLL ˡ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

LLL ˡ 2Q P\ IRXUWK FDPSDLJQ >WKH JRG $ğğXU@ P\ ORUG HQFRXUDJHG PH VR WKDW >, PXV@WHUHG P\ QXPHURXV WURRSV DQG LLL  RUGHUHG WKH PDUFK WR WKH ODQG %êW UVH RI@ P\ FDPSDLJQ , GHIHD>WHG@ Ğħ]XEX 0XğÕ]LE0DUGXN  D &KDOGHDQ ZKR >OLYHV LQ WKH@ PDUVKHV DW WKH FLW\ %LWWħWX >$V IRU KLP WHUURU@ RI GRLQJ EDWWOH ZLWK PH IHOO XSRQ KLP >DQG@ KLV >KH@DUW >SRXQGHG@ +H >IOHG@ DORQH OLNH D O\Q[ >DQG@ KLV KLGLQJ SODFH FRXOG >QRW@ EH IRXQG

LLL ˡD , >WXUQHG@ DURXQG OLW ˦, >WXUQHG@ WKH

6HQQDFKHULE 



DȻȻDEDW ȃDUUDQX ğX¼ PG$0$5878,%,/$6801$

                   

ğD LQD DODN JHUULLD PDȃUHH %$'̏%$'̏ğ¼ £ğNXQXPD ¼SDUULUX HOODW>VX@ ΢ULΣJLP *,Ğ78.8/0(ĞLD GDQQXWL » WLLE WDȃD]L΢LD H]Σ]L HGXUPD ',1*,50(Ğ PDUDN .85ğ¼ LQD .,΢78ĞΣğ¼QX ΢LGΣ>NHPD T«UHE@ *,Ğ0ƒ0(Ğ ¼ğDUNLEPD >DQD 858QDJLWHUDTT¯ ğD TDEDO@ ΢WDPΣWLP LȻȻXULğ >LSSDULğ Ğ(Ğ0(Ğğ¼ 18081 ‹ $'ğ¼ ğD ¼PDğğLUX D@ȃL WDPWLP >DGL VLLWWL 810(Ğ .85ğ¼ XOWX .85‹PLDNLQ̑@ >T«UHE@ 'D>JDPPH X DSSDUDDWH ¼ğH@ȻDDPPD >ğDO@ODWLğ DPQX ¼>WHUPD 8580(Ğğ¼@ ΢DSΣSXO DTTXU ¼ğHPH NDUPHğ 8*8 (1 VDOLPHğ¼ /8*$/ .85(/$00$., QDPXUUDWXP DW>EXXN LQD@ ΢WDΣDDDUWLLD PGDğğXUQDGLQ08 '808 >UHğWX¼@ WDUELW ELUNLLD LQD *,Ğ*8=$ EH>OXWLğ¼@ ¼ğHğLEPD '$*$/WXP .85 ΢(0(Σ>*,̑ X 85,@., ¼ğDGJLO SDQXXğğ¼ LQD  JHUUL΢LD EDΣȃXODWL 858WXPXUUL 858ğ£UXXP 858>H]D@PD 858NLEğ¼ 858ȃDOEXGD 858TX¼D 858TDQD ğD ΢*,0Σ >TLQ@QL 7,̒08Ğ(1 Dğ£UHG 08Ğ(1Ȏ,$ >ȻHHU@ ]XTWL .85>QL@SXU .85L PDUȻL ğXEDWVXXQ >ğLWNX@QD>DWPD@ OD NLWQXğ¼ DQD QLLUL >LQD *Ž5,, .85QLSXU@ ΢NDΣUDğL ¼ğ££ğNLQPD >LWWL /œTXU@΢EXΣWL *Ž5,,LD QDDVTX¼WL >» /œ(5,00(Ğ@ WDȃD]LLD OD JDPHOXWL >DQDNX *,0 $0@ HNGL SDQXXğğ¼XQ DȻEDW ȃXUUL ΢QDΣ>ȃDOOL@ ΢QDΣDWEDN ğDGGLL PHOHH PDUȻXWL L΢QD *,ĞΣ*8=$ £ğWDDPGLLȃ

     &RO LY  >DğDU DQD *,Ğ*8=$ ğXSğXTX LQD *Ž5,,LD £ğWDȃȃL@΢LɅΣ  >*,0 DUPH DQD ]XTWL ğ£TXWL ȻHUXXğğ¼@΢XQΣ  >HOL DğDU ELUNDDD PDQDDȃWX Lğ£D ȻHHU 1$̎ .85L ¼ğLE@΢PDΣ  $0(Ğ .8ĞQDDGL >NDȻXWH DQD ȻXXPPHLD OX £ğWL@  LQD Ğ86,0(Ğ ȃXUğ£DQL ΢DUΣ>GH@΢ğ¼ΣQXWLPD £ğ΢WDΣ>NDQ@  WDȃWD΢ğ¼XQΣ 8580(Ğğ¼QX .85>XG@PD



IURQW RI P\ \RNH˧ DQG WRRN WKH URDG WR WKH ODQG %êWZKRVH@ IRUFHV , KDG VFDWWHUHG GXULQJ P\ ILUVW FDPSDLJQ ˢ EHFDPH IULJKWHQHG E\ WKH FODQJRU RI P\ PLJKW\ ZHDSRQV DQG P\ ILHUFH EDWWOH DUUD\ WKHQ LLL  GLV>ORGJHG@ WKH JRGV RI WKH IXOO H[WHQW RI KLV ODQG IURP WKHLU DERGHV >DQG@ ORDGHG WKHP >RQWR@ ERDWV >+H IOHZ DZD\@ OLNH D ELUG >WR WKH FLW\ 1DJêWHUDTTL ZKLFK LV LQ WKH PLGVW RI@ WKH VHD >, EU@RXJKW >KLV EURWKHUV WKH VHHG RI KLV IDWKHUˤV KRXVH ZKRP KH KDG DEDQGRQHG DW WKH@ VKRUH RI WKH VHD >WRJHWKHU ZLWK WKH UHVW RI WKH SHRSOH RI KLV ODQG RXW RI WKH ODQG %êWDPSV DQG PDUVKHV@ DQG , FRXQWHG WKHP >DV ER@RW\

LLL EˡD 2Q>FH DJDLQ@ , GHVWUR\HG DQG GHYDVWDWHG >KLV FLWLHV@ DQG WXUQHG WKHP LQWR UXLQV , SR>XUHG RXW@ DZHLQVSLULQJ EULOOLDQFH XSRQ KLV DOO\ WKH NLQJ RI WKH ODQG (ODP LLL Eˡ >2Q@ P\ UHWXUQ PDUFK , SODFHG $ğğXU QÃGLQğXPL P\ >ILUVWERUQ@ VRQ ZKRP , UDLVHG RQ P\ RZQ NQHH RQ >KLV@ OR>UGO\@ WKURQH DQG HQWUXVWHG KLP ZLWK WKH ZLGH ODQG RI 6X>PHU DQG $NND@G

LLL ˡ 2Q P\ ILIWK FDPSDLJQ 7KH SRSXODWLRQ RI WKH FLWLHV 7XPXUUXP ĞDUXP >(]Ã@PD .LEğX ȎDOEXGD 4ħD DQG 4DQD ZKRVH GZHOOLQJV >DUH@ VLWX>DWHG@ OLNH >WKH QHV@WV RI HDJOHV WKH IRUHPRVW RI ELUGV >RQ@ WKH SHDN RI 0RXQW >1L@SXU D UXJJHG PRXQWDLQ >DQG@ ZKR KDG QRW ERZHG GRZQ WR WKH \RNH ˢ , KDG P\ FDPS SLWFKHG >DW WKH IRRW RI 0RXQW 1LSXU@

LLL ˡLY  >/LNH D@ ILHUFH >ZLOG EXOO ZLWK@ P\ VHOHFW >ERG\@JXDUG >DQG@ P\ PHUFLOHVV FRPEDW >WURRSV@ , WRRN WKH OHDG RI WKHP WKH VROGLHUV LQ P\ FDPS  , SURFHHGHG WKURXJK WKH JRUJHV RI WKH VWU>HDPV@ WKH RXWIORZV RI WKH PRXQWDLQV DQG UXJJHG VORSHV LQ P\ FKDLU LY  >:KHUH LW ZDV WRR GLIILFXOW IRU P\ FKDLU , OHDSW IRUZ@DUG >RQ P\ RZQ WZR IHHW OLNH D PRXQWDLQ JRDW , DVFHQGHG WKH KLJKHVW SHDNV DJDLQVW WKHP :KHUH P\ NQHHV EHFDPH WLUHG , VDW GRZQ XSRQ WKH PRXQWDLQ URFN@ DQG >GUDQN FROG@ ZDWHU IURP D ZDWHU VNLQ >WR TXHQFK P\ WKLUVW@

LY ˡD , SX>UVX@HG WKHP RQ WKH SHDNV RI WKH PRXQ WDLQV DQG GHIH>DW@HG WKHP , FRQTXHU>HG@ SOXQGHUHG GHVWUR\HG >GHYDVWDWHG@ DQG EXUQHG ZLWK ILUH WKHLU



                              

6HQQDFKHULE 

£ğOXOD ğDOODV¼Q DSSXO >DTTXU@ LQD G*,Ğ%$5 DTPX SDDQ QLULLD ¼WHU>PD@ ȻHHU PPDQLLDH /8*$/ 858XNNL ğDGGDDDH OD NDQğH DȻȻDEDW ȃDUUDQX XUȃL OD SHWXWL ɅX¼GL SD£ğTX¼WL ğD ODSDDQ .850(Ğ PDUȻXWL XOODQX¼D T«UHEğ¼>XQ@ ΢PDΣDPPDQ OD LOOLNX /8*$/0(Ğ SDQL PDȃUXWL LQD *Ž5,, .85DQDUD » .85XSSD .850(ĞH GDQQXWL .$5$Ğ ¼ğ££ğNLQPD D΢QDΣNX LQD *,Ğ*8=$ ΢Q«Σ>PHGL@ LWWL ΢/œ(5,0Σ0(Ğ WDȃD>]L@΢LDΣ >J¯W@΢PDΣOX¼WL LQD QHUHELğ¼XQ SL΢TXWLΣ ğXQXȃLLğ HUXXPPD PDUȻLLğ HWHHOODD >Ğ8@6,0(Ğ .85L SD£ğTDDWL ğX¼ PPD>QL@΢LDΣH WXUEX>XƮ@ *Ž5,, (5,0Ȏ,$LD HPXUPD 858XNNX >858 /8*$/@΢WLΣğ¼ H]LEPD DQD UXT«WL LQQDELW 858XNNX >DOPH .85@΢XGΣ £ğOXOD ğDOODVX PLPPD ğXPğX >1*Ğ8 1**$ QL@΢ȻLUΣWL ‹*$/ğ¼ XOWX ΢THUΣ>E«HğX ¼ğHȻD@΢DPΣPD ğDOODWLLğ DPQX »  858>0(ĞQL ğD SDD@΢ɅLΣ QDJLğ¼ DNğXGXGPD 810(Ğ $1Ğ(΢0(ĞΣ >*8̎0(Ğ »@ ȻHHQL XOWX THUELğ¼XQ £ğOXOD DS΢SXΣ>XO@ DTTXU LQD G*,Ğ%$5 DTPX

FLWLHV LY Eˡ , WXUQHG DURXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧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

LQD  JHU΢ULΣ>LD@ ΢VLΣLWWL 810(Ğ .85‹PLDNLQ̑ ğD ODSDDQ *,Ğ΢78.8/Σ>0(Ğ@΢LDΣ GDQQXWL *,0 V«UUHPH LJUXUX ',1*,50(Ğ PDUDN .85ğ¼XQ LQD ğXEWLğ¼QX

LY ˡ 2Q >P\@ VL[WK FDPSDLJQ 7KH UHVW RI WKH SHRSOH RI WKH ODQG %êWV@ GLVORGJHG WKH JRGV RI WKH IXOO H[WHQW RI WKHLU ODQG IURP WKHLU DERGHV WKHQ FURVVHG WKH *UHDW 6HD >RI@ WKH 5LVLQJ 6XQ DQG LY  VHW XS WKHLU UHVLGHQFHV LQ WKH FLW\ 1DJêWX RI WKH ODQG (ODP ˢ , FURVVHG RYHU WKH VHD LQ ERDWV RI WKH ODQG ȎDW>WL@ , FRQTXHUHG WKH FLWLHV 1DJêWX DQG 1DJêWXG>LƺEL@QD WRJHWKHU ZLWK WKH ODQGV ȎLOPX 3LOODWX DQG ȎXSDSDQX GLVWULFWV RI WKH ODQG (ODP

LGNXPD WDPWLP *$/WXP >ğD@ ΢ȻLΣLW G878ğL HELUXPD LQD 858QDJLWL ğD .85(/$00$., LGGX¼ ğXEDWV¼Q LQD *,Ğ0ƒ0(Ğ .85ȃDW>WL@ WDPWLP OX HELU 858QDJLWX 858QDJLWXGL>LƮEL@QD DGL .85ȃLLOPX .85SLOODW¼ » .85ȃXSDSDQX ΢QDJHΣH ğD .85(/$00$., .85XG 810(Ğ .85‹PLDNLQ̑ >DGL@ ',1*,50(Ğğ¼QX » 810(Ğ ğD /8*$/ .85(/$00$., £ğ>OX@΢ODPΣPD OD H]LED PXOWDȃɅX T«UHE *,Ğ0ƒ0(Ğ ¼΢ğDUNLEΣPD DQD DȃDDQQDD ¼ğHELUDPPD ¼ğ£>DȻ@ELWD ȃDUUDDQ .85

LY ˡ +H 0D>QL@\H VDZ WKH GXVW FORXG VWLUUHG XS >E\@ WKH IHHW RI P\ WURRSV WKHQ KH DEDQGRQHG WKH FLW\ 8NNX KLV >UR\@DO >FLW\@ DQG IOHG DIDU LY  , >VXUURXQGHG FRQTXHU@HG DQG SOXQGHUHG WKH FLW\ 8NNX >, EURXJKW@ RXW >RI LW@ HYHU\ NLQG RI >SRVVHVVLRQ DQG SURSHUW\ WKH WUH@DVXUHV RI KLV SDODFH DQG , FRXQWHG LW DV ERRW\

LY ˡ 0RUHRYHU , FRQTXHUHG WKLUW\WKUHH FLW>LHV RQ WKH ERUGHUV@ RI KLV GLVWULFW DQG FDUULHG RII IURP WKHP SHRSOH GRQNH\V >R[HQ DQG@ VKHHS DQG JRDWV 7KHQ , GHVWUR\>HG@ WKHP  GHYDVWDWHG WKHP  DQG EXUQHG WKHP ZLWK ILUH

LY ˡ , FDUU>LHG@ RII WKH SHRSOH RI WKH ODQG %êW WRJHWKHU ZLWK@ WKHLU JRGV DQG WKH SHRSOH LY  RI WKH NLQJ RI WKH ODQG (ODP DQG , GLG QRW OHDYH D VLQJOH HVFDSHH , ORDGHG WKHP RQWR ERDWV DQG EURXJKW WKHP WR WKLV VLGH RI WKH VHD  WKHQ , PDGH WKHP >WD@NH WKH URDG WR $VV\ULD , GHVWUR\HG GHYDVWDWHG DQG EXUQHG ZLWK ILUH WKH FLWLHV WKDW DUH

6HQQDFKHULE 

                             

DğğXU., 8580(ĞQL ğD T«UHE QD>JH@H ğ£WXQX DSSXO DTTXU LQD G*,Ğ%$5 DTPX DQD '8̐ » NDUPH ¼WHU LQD ΢WDΣ>DD@΢DUΣWLLD PğX]XEX '808 .ƒ',1*,55$., ğD LQD H>ğLWL@ .85 EH>OX@XW .85 (0(*,̑ » 85,., UDPDQXXğ ¼WHUUX L>QD@ ΢WDΣȃDD] (',1 %$'̏%$'̏ğ¼ £ğNXQ EDOɅXVX LQD Ğ8,, DȻEDW>VX@ ΢ğXPΣPDQQX » ELUHW¼ $1%$5 DGGLğXPD DQD .85 DğğXU., >¼UD@£ğğ¼ /8*$/ .85(/$00$., ğD ƒ,,ğ¼ LVȃXUXPD LO΢OLΣ>NX@ UHȻXVX %$'̏%$'̏ğ¼ £ğNXQ ,//$70(Ğğ¼ ¼VDSSLLȃ>PD@ ¼SDUULLU SXȃXUğ¼ LQD H JHUULLD GDğ>ğXU EH@O¯ ¼WDNNLODQQLPD DQD .85HODPWL OX DOOLN 858>‹P@ȃDƮLLUL 858UDȻDD 8580(ĞQL ğD PLȻLU .85 DğğXU., >ğD L@QD WDUȻL $'LD HODPX¼ HNLPX GDQD΢QLğ LQDΣ PHWLLT JHUULLD DNğXGXGPD £ğOXOD ğDOOD΢V¼Q /œΣ(5,00(Ğ ğXOXWLLD ¼ğHULE T«UHEğ¼XQ DQD PLȻLU ΢.85Σ DğğXU., ¼WHUUDPPD Ğ8,, /œ*$/ 858Ȏ$/Ɇ8 %‚'',1*,5., >DP@΢QXΣ 858EXE«H 858GXQQLG878 858‹ULVL΢LD 858Σ‹DȃODPHH 858GXUX 858GDQQDWPVX΢ODΣ>DD 858@ğLOLLEWX >858@‹DȻXVL 858NDU18081%$>ğ£ 858@‹JLLȻȻL 858‹P>N¢WSD@΢ODQL 858‹LPELΣLD ΢858ȃDPDΣ>DQX@ 858‹΢DUΣUDEL 858EXUXWX 858GLLQWXğDPVX>ODDD@ 858>GL@΢LQΣWXğ£PG'808‹.$5LU 858ȃDUUL£ğODNH>H@ 858UDEEDDD 858UDDVX 858DNNDEDULQD 858'8̐¼ȃXUL 858ȃDDPUDQX 858QDGLL΢WXΣ DGL 8580(ĞQL ğD Q«UHEL ğD 858‹EXQD>NL@ 858'8̐ȃXXPEL 858GLLQWXğDPGX΢PHΣ>',1*,5@ 858‹¼ELLD 858EDOWLOLğLU 858WDTDEOLğLU 858ğDQDTLGDDWL 858PDVXW¼ğDS΢OLΣ>WL@ 858VDDUȃXGHHUL 858DOXPğDP΢*$Ğ$1Σ>‹@ 858‹P3$30(Ğ6801$ 858LOWH¼>ED@



LQ WKRVH GLVWU>LFW@V , WXUQHG WKHP LQWR D PRXQG RI UXLQV OLW ˦D PRXQG DQG UXLQV˧ 

LY ˡ 2Q P\ UH>WXUQ PD@UFK L>Q@ D SLWFKHG EDWWOH , GHIHDWHG Ğħ]XEX 1HUJDOXğÕ]LE  D FLWL]HQ RI %DE\ORQ ZKR KDG WDNHQ WKH ORU>GV@KLS RI WKH ODQG RI 6XPHU DQG $NNDG IRU KLPVHOI GXULQJ WKH >FRQIXVLRQ LQ@ WKH ODQG , FDSWXUHG >KLP@ DOLYH ERXQG KLP ZLWK WHWKHULQJ URSHV DQG LURQ IHWWHUV DQG >EURXJ@KW KLP WR $VV\ULD , GHIHDWHG WKH NLQJ RI WKH ODQG (ODP LY  ZKR KDG DOLJQHG KLPVHOI ZLWK KLP DQG FR>PH WR@ KLV DLG , GLVSHUVHG KLV IRUFHV >DQG@ VFDWWHUHG KLV DVVHPEOHG KRVW

LY ˡD 2Q P\ VHYHQWK FDPSDLJQ WKH JRG $ğ>ğXU@ P\ >ORU@G HQFRXUDJHG PH DQG , PDUFKHG WR WKH ODQG (ODP ,Q WKH FRXUVH RI P\ FDPSDLJQ , FRQTXHUHG DQG SOXQGHUHG WKH FLWLHV >%êW@ȎDƺLUL DQG 5DɇÃ FLWLHV RQ WKH ERUGHU RI $VV\ULD >WKDW@ LY  WKH (ODPLWHV KDG WDNHQ DZD\ E\ IRUFH >L@Q WKH WLPH RI P\ DQFHVWRUV  , KDG P\ JDUULVRQV VWDWLRQHG LQVLGH WKHP , EURXJKW WKRVH FLWLHV EDFN LQVLGH WKH ERUGHU RI $VV\ULD DQG >SOD@FHG WKHP XQGHU WKH DXWKRULW\ RI WKH JDUULVRQ FRPPDQGHU RI 'ÕU

LY Eˡ 7KH FLWLHV %XE¬ 'XQQLĞDPDğ %êW5LVL\D %êW$ȏODP¬ LY  'ħUX 'DQQDW6XOÃ>\D@ ĞLOLEWX %êW$ɇXVL .ÃU=ÕUDLTê>ğD@ %êW*LɇɇL %êW>.DWSD@OÃQL %êW,PEL\D ȎDPÃ>QX@ %êW$UUDEL %XUXWX 'LPWXğD 6X>OÃ\D '@LPWXğD0ÃUEêWLÕɑLU ȎDUULDğODN>¬@ LY  5DEEÃ\D 5ÃVX $NNDEDULQD 7êO8ȏXUL ȎDPUÃQX 1DGê WX

LY ˡ WRJHWKHU ZLWK WKH FLWLHV RI WKH SDVVHV QDPHO\ %êW%XQD>NL@ 7êOȎXPEL 'LPWXğD'XPH>LOL@ %êW8EL\D %DOWêOêğLU 7DTDEOêğLU LY  ĞDQÃTLGÃWH 0DVħWXğDSOê>WL@ 6DUȏXGÕUL ÂOXPğD%ÕOHW>EêWL@ %êW $ȏȏÕLGGLQD DQG ,OWH>XED@ ˢ , VXUURXQGHG FRQ TXHUHG SOXQ>GHUHG@ GHVWUR\HG GHYDVWDWHG DQG EXUQHG ZLWK ILUH WKRVH WKLUW\IRXU IRUWLILHG FLWLHV WRJHWKHU ZLWK WKH VPDOOHU VHWWOHPHQWV LQ >WK@HLU



         

6HQQDFKHULE 

 8580(Ğ GDQQXWL DGL 8580(Ğ 7850(Ğ ğD OL>PHWLğ¼@΢QXΣ ğD QLED OD LğX¼ DOPH .85XG £ğOXOD >ğDO@OD>V¼Q@ DSSXO DTTXU LQD G*,Ğ%$5 DTPX TXWXU QD>DT@PX΢WLΣ>ğ¼QX@ *,0 0858̓ NDEWL SDDQ $1H UDSğXWL >¼@΢ğDNΣWL΢LPΣ LğPHPD NLğLWWL 8580(Ğğ¼ PNXGXU>GQD@΢ȃXΣXQGX HODPX¼ LPTXWVX ȃDWWXP VL΢LWΣ>WL@ 8580(Ğğ¼ DQD GDQQDWL ¼ğHULE ğX¼ 858>PD@GDNWL 858 /8*$/WLğ¼ H]LEPD DQD 858ȃD>L@GDOD ğD T«UHE ğDGGLL 6›0(Ğ LȻȻD΢EDW ȃDUΣUDQX DQD 858PDGDNWL 858 /8*$/WLğ¼ D>OD@NX DTEL ,7,WDPȃLUL (17(1$ GDQQX >H@΢UXΣEDDPPD

 &RO Y  ğ£PXWXP PDDWWXP ¼ğ£D]QLQD ĞŠ*0(Ğğ£  ĞŠ*0(Ğ » ğDOJX ΢QDΣDȃOX QDDWEDN .85>L D@΢GXUDΣ  SDDQ QLULLD ¼WHUPD DQD 1,1$., ΢DȻΣ>ȻDEDW ȃDUUD@΢QXΣ  LQD X̎PHğXPD LQD >T¯@ELW GDğğXU (1LD P1*'8GQDȃXXQ΢GXΣ  /8*$/ .85(/$00$.,  ΢,7,0(Ğ XOΣ ¼PDDOOLPD  LQD X̎XP OD 1$0ğ¼ XUUXȃLLğ LPWXXW  (*,5ğ¼ PXPPDDQPHQDQX OD UD£ğ ɅªPH » PLONL  Ğ(Ğğ¼ GXSSXXVVX¼ LQD *,Ğ*8=$ğ¼ ¼ğLEPD              

LQD H JHUULLD (*,5 PğX]XEL LVVHȃXPD '8080(Ğ .ƒ',1*,55$., *$/̏/ƒ0(Ğ OHPQXWL .ƒ*$/0(Ğ 858 ¼GLOX LNSXXG OLEED>ğ¼@QX DQD HSHğ *,Ğ/ƒ PğX]XEX /œNDOG¢DD >HɅ@OXP GXQQDPX¼ ğD OD LğX¼ ELUNL $5$' GD>J¯O@ ΢SDΣDQ /œ(11$0 858ODȃLUL /œDUDPH ȃDOTX PXQQDEWX >D@΢PLUΣ GDPH ȃDEELOX ȻHUXXğğ¼ LSȃXUXPD T«UHE 'DJDPPH ¼ULGXPD ¼ğDEğX¼ VLȃX D΢QDΣ>NX@ ΢QLΣWXP DOPHğXPD QDSğ£WXğ ¼VLTD ODSDDQ ΢ȃDWWLΣ » Q«HEUHWL DQD .85(/$00$., LQQDELW NLL ULNLO΢WLΣ >» J¯OOD@΢WLΣ ȻHUXXğğ¼ EDğLL XOWX .85(/$00$., >LȃLğDPPD@ T«UHE ğXDQQD., HUXXE /œ.ƒ',1*,55$.,0(Ğ DQD OD VLPDWLğ¼ LQD *,Ğ*8=$ ¼ğHğLEXğX EHOXXW .85 (0(*,̑ » 85,., ¼ğDGJLOX

HQ>YLURQV@ ZKLFK ZHUH ZLWKRXW QXPEHU >,@ PDGH WKH VPRNH IURP >WKHLU@ FR>QIO@DJUDWLRQ FRYHU WKH ZLGH KHDYHQV OLNH D KHDY\ FORXG

LY ˡ .XGXU>1D@ȏXQGX .XGXU1DȏȏXQWH  WKH (ODPLWH KHDUG DERXW WKH FRQTXHVW RI KLV FLWLHV DQG IHDU IHOO XSRQ KLP +H EURXJKW WKH SHRSOH RI WKH UHVW >RI@ KLV FLWLHV LQWR IRUWUHVVHV +H DEDQGRQHG WKH FLW\ >0D@GDNWX KLV UR\DO FLW\ DQG WRRN WKH URDG WR WKH FLW\ ȎD>\@GDOD ZKLFK LV LQ WKH GLVWDQW PRXQWDLQV LY ˡY  , RUGHUHG WKH >PD@UFK WR WKH FLW\ 0DGDNWX KLV UR\DO FLW\ ,Q WKH PRQWK 7DPȏêUX ELWWHU FROG >VHW@ LQ DQG Y  D VHYHUH UDLQVWRUP VHQW GRZQ LWV UDLQ >,@ ZDV DIUDLG RI WKH UDLQ DQG VQRZ LQ WKH JRUJHV WKH RXWIORZV RI WKH PRXQWD>LQV@ VR , WXUQHG DURXQG OLW ˦, WXUQHG WKH IURQW RI P\ \RNH˧ DQG WR>RN@ WKH URDG WR 1LQHYHK

Y ˡ $W WKDW WLPH E\ >WKH FRP@PDQG RI WKH JRG $ğğXU P\ ORUG .XGXU1DȏXQGX .XGXU1DȏȏXQWH  WKH NLQJ RI WKH ODQG (ODP GLG QRW ODVW WKUHH PRQWKV DQG VXGGHQO\ GLHG D SUHPDWXUH GHDWK $IWHU KLP 8PPDQPHQDQX ȎXPEDQPHQDQX  ZKR GRHV QRW KDYH VHQVH RU LQVLJKW KLV \RXQJHU EURWKHU VDW RQ KLV WKURQH

Y ˡD 2Q P\ HLJKWK FDPSDLJQ DIWHU Ğħ]XEX 0XğÕ]LE0DUGXN KDG UHEHOOHG DQG Y  WKH FLWL ]HQV RI %DE\ORQ HYLO JDOO½GHPRQV KDG ORFNHG WKH FLW\ JDWHV WK>H\@ SORWWHG WR ZDJH ZDU $UDPHDQV IXJLWLYHV UXQDZD\V >PX@UGHUHUV DQG UREEHUV UDOOLHG DURXQG Ğħ]XEX 0XğÕ]LE0DUGXN  D &KDOGHDQ >D SHU@VRQ RI ORZO\ VWDWXV D FRZDUG OLW ˦ZKR KDV QR NQHHV˧  DQG D VHUYDQW >ZKR@ EHORQJHG WR WKH JRYHUQRU RI WKH FLW\ /DȏêUX DQG WKH\ ZHQW GRZQ LQWR WKH PDUVKHV DQG LQ FLWHG UHEHOOLRQ Y Eˡ , EHVLHJHG KLP DQG SXW KLP LQ GLUH VWUDLWV 2Q DFFRXQW RI IHDU DQG KXQJHU KH IOHG WR WKH ODQG (ODP :KHQ WKHUH ZHUH FRQVSLUDF\ >DQG WUHDFKH@U\ DJDLQVW KLP >KH KXUULHG@ RXW RI WKH ODQG (ODP >DQG@ Y  HQWHUHG ĞXDQQD %DE\ORQ  7KH %DE\ORQLDQV LQDSSURSULDWHO\ SODFHG KLP EDFN RQ WKH WKURQH DQG HQWUXVWHG KLP ZLWK WKH ORUGVKLS RI WKH ODQG RI 6XPHU DQG $NNDG

6HQQDFKHULE 



SDQLğ¼                                 

‹ 1**$ ğD «VDJ¯O LSWXPD .›*, .›%$%%$5 ğD G(1 G]DUSDQLWXP 1*Ğ8 ‹ ',1*,50(Ğğ¼QX ¼ğHȻXQL DQD PXPPDDQPHQDQX /8*$/ .85(/$00$., ğD OD LğX¼

ɅªHPX » PLONX ¼ğHELOXXğ ɅDDƮWX SXXȃȃLLU XPPDQND GLNDD .$5$ĞND DQD .ƒ',1*,55$., ȃLğDPPD LGDDQL L]LL]PD WXNXOWDQL OX DWWD ğX¼ /œ(/$00$.,¼ ğD LQD DODN JHUULLD PDȃULWL ğD .85(/$00$., 8580(Ğğ¼ DNğXGGXPD ¼WHUUX DQD NDUPH OLEEXXğ XO LȃVXXV ɅDDƮW¼ LPȃXUğ¼QXWLPD (5,0Ȏ,$ğ¼ .$5$ĞVX ¼SDȃLUPD *,Ğ*,*,50(Ğ *,ĞȻXXPEL HğXUD $1Ğ(.855$0(Ğ $1Ğ(.81*$0(Ğ LVQLTD ȻLLQGLğ¼ .85SDUVX£ğ .85DQ]DDQ .85SDğLUX .85HOOLSL /œLDDV®O /œODNDEUD /œȃDDU]XQX 858GXXPPXTX 858VXODD 858VDDP¼QD '808 PG$0$5878,%,/$6801$ .85‹PDGLQL .85‹PDPXNNDQD .85‹PğLOODQD .85‹PVDDOD 8'8'$*., 858ODȃLUX /œSXTXGX /œJDPEXOXP /œȃDODWX /œUXƮX¼D /œ¼EXOX /œPDODȃX /œUDSLTX /œȃLLQGDUX /œGDPXQX NLWUX *$/¼ LNWHUD LWWLğ¼ JLLSğXXVVXXQ ¼UXXȃ .85 85,., LȻEDWXQLPPD DQD .ƒ',1*,55$., WHEX¼QL DGL PğX]XEL /œNDOG¢DD /8*$/ .ƒ',1*,55$., DQD DȃDPHğ LTUXEXPD SXȃXUğ¼QX LQQHQGX NLPD WLEXXW DULEL PDDƮGL ğD SDDQ ğDWWL PLWȃDULğ DQD HSHğ WXTPDWL WHEXQL ȻHUX¼D 6$Ȏ$5Ȏ,$ *Ž5,,ğ¼QX *,0 0858̓ NDEWL ğD GXQQL HULLDWL SDDQ $1H UDSğXWL NDWLLP HOODPX¼D LQD 858ȃDOXOHH LQD NLğDG ',',*1$ ğLWNXQX VLGLUWD SDDQ PDğT¯LD ȻDEWXPD ¼ğ£ƮDOX *,Ğ78.8/0(Ğğ¼XQ DQDNX DQD GDğğXU G G878 G(1 G08$7, G8*85 G,1$11$ ğD 1,1$., G,1$11$ ğD 858/008',1*,5 ',1*,50(Ğ WLLNOLLD DQD NDğ£GL /œ.œ5 GDQQL

Y ˡ 7KH\ WKH %DE\ORQLDQV RSHQHG WKH WUHDVXU\ RI (VDJLO DQG WRRN RXW WKH JROG DQG VLOYHU RI WKH JRG %ÕO 0DUGXN DQG WKH JRGGHVV =DUSDQêWX WKH SURSHUW\ RI WKH WHPSOH RI WKHLU JRGV Y  7KH\ VHQW LW DV D EULEH WR 8PPDQPHQDQX ȎXPEDQPHQDQX  WKH NLQJ RI WKH ODQG (ODP ZKR GRHV QRW KDYH VHQVH RU LQVLJKW VD\LQJ  ˦*DWKHU \RXU DUP\ PXVWHU \RXU IRUFHV KXUU\ WR %DE\ORQ DQG DOLJQ \RXUVHOI ZLWK XV /HW XV SXW RXU WUXVW LQ \RX˧ Y ˡ 7KDW (ODPLWH ZKRVH FLWLHV , KDG FRQTXHUHG DQG WXUQHG LQWR UXLQV GXULQJ D SUHYLRXV FDPSDLJQ WR WKH ODQG (ODP DFFHSWHG WKH EULEH IURP WKHP ZLWKRXW WKLQNLQJ WKHQ JDWKHUHG KLV WURRSV DQG KLV IRUFHV LQVSHFWHG KLV FKDULRWV DQG ZDJRQV DQG FKHFNHG KLV WHDPV RI KRUVHV DQG PXOHV

Y ˡ 7KH ODQGV 3DUVXDğ $Q]DQ 3DğHUX DQG (O OLSL WKH SHRSOH RI WL@ VDSLQDDW ]DƮLLUL LQD XJJDW OLEELLD DU΢WDNDEΣ ȃDDQɅLğ *,Ğ3$1 GDQQDWXP ğD GDğğXU ¼ğDWOLPD LQD Ğ8,,LD DȻEDW *,ĞğLOWDȃX SDULLƮ QDSğ£WL DWPXȃ ULWWX¼D ȻHHU JLPLU XPPDQDWL QDNLUL OHPQXWL X̎P®Lğ ȻDUSLğ DOVDD *,0 G,Ğ.85 £ğJXXP LQD T¯ELW GDğğXU (1 *$/ (1LD DQD ğLGGL » SXWL NLPD WLLE PHȃHH ğDPUL DQD /œ.œ5 D]LLT ΢LQDΣ *,Ğ78.8/0(Ğ G΢DğğXUΣ (1LD » WLLE WDȃD]LLD H]]L >LUDWVXXQ@ DQ«HƮPD VXȃȃXUWDğ¼QX £ğNXQ >(5,0Ȏ,$@ ΢QDΣNLUL LQD XȻȻL PXOPXOOL ¼ğ£TLUPD JLPLU $''$0(Ğğ¼QX ¼SDOOLğ£ 8']L]LLğ PGȃXXPEDDQXQGDğ£ /œWXUWDQXğ¼ HɅOX SLWTXGX PXPDƮHHU XPPDQLğ¼ WXNXOWDğ¼ *$/¼ DGL /œ*$/0(Ğğ¼ ğD *5 ğLEEL .›*, ğLWNXQX » LQD Ȏ$50(Ğ DVSL .›*, UXXğğLL UXNNXVD ULWWLğ¼XQ NLPD ğX¼UL PDUXWL ğD QDGX¼ ğXPPDQQX XUUXȃLLğ ¼SDOOLTğ¼QXWLPD £ğNXQD WDȃWDğ¼XQ NLğ£΢GDWHΣğ¼QX ¼QDNLV DVOLLğ DTUDWL QDSğ£WHğ¼QX ¼SDUULLƮ T»»ƮLğ

 &RO YL  *,0 ,//8 JDSğL >ğD@ ğ£PXWXP VLPDQL »PXQQLğ¼QX  ¼ğDUGDD >ȻHHU@ HUȻHWL ğ£GLLOWL  ODDVPXWL >PXUQLLV@TL ȻLPLWWL UXNXELLD  >LQD GDPHğ¼QX JDSğX@΢WLΣ LğDOOX¼ G'Lğ  ğD *,Ğ*,*,5 WDȃD]LLD >VDSL@΢QDΣDW UDJJL » ȻHQL  GDPX » SDUğ¼ ULLWPXNX PDJDUUXXğ  SDJUL TXUDGLğ¼QX NLPD >XUT¯WL@ ¼PDOODD

Y ˡ , UDJHG XS OLNH D OLRQ WKHQ SXW RQ DUPRU DQG SODFHG D KHOPHW VXLWDEOH IRU FRPEDW RQ P\ KHDG Y  ,Q P\ DQJHU , URGH TXLFNO\ LQ P\ H[DO>WHG@ EDWWOH FKDULRW ZKLFK OD\V HQHPLHV ORZ , WRRN LQ P\ KDQG WKH PLJKW\ ERZ WKDW WKH JRG $ğğXU KDG JUDQWHG WR PH DQG , JUDVSHG LQ P\ KDQG DQ DUURZ WKDW FXWV RII OLIH

Y ˡ , URDUHG ORXGO\ OLNH D VWRUP DQG WKXQGHUHG OLNH WKH JRG $GDG DJDLQVW DOO RI WKH WURRSV RI WKH ZLFNHG HQHPLHV Y  %\ WKH FRPPDQG RI WKH JRG $ğğXU WKH JUHDW ORUG P\ ORUG , EOHZ OLNH WKH RQVHW RI D VHYHUH VWRUP DJDLQVW WKH HQHP\ RQ WKHLU IODQNV DQG IURQW OLQHV :LWK WKH ZHDSRQV RI WKH JRG $ğğXU P\ ORUG DQG P\ ILHUFH EDWWOH DUUD\ , WXUQHG >WKHP@ EDFN DQG PDGH WKHP UHWUHDW , VKRW >WKH WURRSV RI@ WKH HQHP\ ZLWK XȻȻXDUURZV DQG PXOPXOOXDUURZV DQG SLHUFHG DOO RI WKHLU FRUSVHV OLNH 

Y ˡD , TXLFNO\ VODXJKWHUHG DQG GHIHDWHG ȎXP EDQXQGDğD KLV ILHOG PDUVKDO D WUXVWHG PDQ ZKR OHDGV KLV WURRSV KLV PDLQ VXSSRUW WRJHWKHU ZLWK KLV PDJQDWHV ZKR ZHDU JROG GHFRUDWHG EHOWGDJJHUV DQG Y  KDYH UHGGLVK JROG VOLQJ VWUDSV IDVWHQHG WR WKHLU IRUHDUPV OLNH IDWWHQHG EXOOV UHVWUDLQHG ZLWK IHWWHUV

Y Eˡ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

(',1

   

VDDSVDSDWL ¼QDNLV΢PD EDOΣWDğ¼XQ DEXXW NLPD ELQL TLğğHH VLPDQL ¼QDNLV TDWLğ¼XQ Ȏ$50(Ğ DVSL .›*, .,6$* ΢HEELΣ ğ£ ULWWLğ¼QX DPȃXU LQD QDPȻDUL ]DTWXWL ȃX>ȻDDQ@QLğ¼QX ¼SDUULLƮ

YL ˡ , UHFHLYHG JROG DQG VKLQLQJ VLOYHU VOLQJ VWUDSV DV WKHLU ZULVWWUDSSLQJV DQG VODVKHG RII WKHLU E>HO@WV ZLWK VKDUS VZRUGV , WRRN DZD\ JROG DQG VLOYHU GHFRUDWHG EHOWGDJJHUV DV WKHLU ZDLVWWUDSSLQJV

Y  /œWXUWDQXğ¼ ˦KLV ILHOG PDUVKDO˧ 7H[W QR  Y ˡ KDV /œ10*,5 ğD /8*$/ .85(/$00$., ˦WKH KHUDOG RI WKH NLQJ RI WKH ODQG (ODP˧

6HQQDFKHULE 

  

                       

*50(Ğ ğLEEL .›*, .›%$%%$5 ğ£ ΢0858%̎Σ0(Ğğ¼QX HNLP VLLWWL /œ*$/0(Ğğ¼ ğD ΢ODSDΣDQ WDȃD]LLD LSODȃX LGNX¼ LGD΢ğ¼ΣXQ EDOɅXVXQX

LQD 0858%̎ WDPȃDUL LWPX΢ȃD Ğ8Σ,,DD *,Ğ*,*,50(Ğ DGL $1Ğ(.855$0(ĞğLQD ğD L>QD@ ΢TLWΣUXXE WDȃD]L GDQQL UDNLEXğLLQ GHNX¼΢PDΣ » ğLQD PXğğXUDPD UDPDQXXğğLQ LWWDQDDO>OD@΢NDΣ PLWȃDULğ ¼WHUUD DGL  .$6.$/*' *(̐ LOOL>NX GD@΢DNΣğ¼QX DSUXXV ğX¼ PXPPDDQ>PHQDQX /8*$/ .85(/$00$@΢.,Σ DGL /8*$/ .ƒ',1*,55$., >/œ@΢QDΣVLNND>QL ğD .85NDOGL DOLNXW@ ƒ,,ğ¼ ȃXUEDğ¼ ΢WDȃDΣ>]LLD NLPDOHH ]XPXUğ¼XQ LV@΢ȃXΣXS *,Ğ]DUDWL΢ğ¼ΣXQ >¼PDğğHUXPD DQD ğX]XXE =,0(Ğğ¼@΢QXΣ SDJUL (5,0Ȏ,$ğ¼QX ¼΢GDΣ>ƮLLğ¼ HWLTX@ NLL ğD DWPL 7808Ğ(1 NXğğX΢GLΣ >LWDUUDNX OLEEXğ¼XQ@ ğLQDWHğ¼XQ ¼ȻDDU΢UDΣ>SX T«UHE *,Ğ*,*,5@΢0(ĞΣğ¼QX ¼PDğğHUXQL ]Xğ¼XQ D>QD UDGD@΢GLΣğ¼QX *,Ğ*,*,50(Ğ $1Ğ(.855$0(ĞLD ¼>PDƮHHU@ DUNLğ¼XQ PXQQDULEğ¼QX ğD DQD ΢QDSΣ>ğ£@DWL ¼ȻX¼ DğDU LNDğğ£GX ¼UD>VD@΢EXΣ LQD *,Ğ78.8/ LQD X̎PHğXPD ‹*$/ NXWDOOL ğD 1,1$., ğD DQD ğXWHğXU NDUDğL SDTDG $1Ğ(.855$0(Ğ VDQDT¯ PLPPD ğXPğ¼ ğD /8*$/0(ĞQL DOLNXW PDȃUL $'0(ĞLD ¼ğHSLğ¼PD >WDP@OXğ£ OD LEğLPD ȻXXȃȃXUDW ğXEDWVD ODEDULğ 8'0(Ğ WHPPHHQğ£ HQLğPD LğGDDğ£ LUPDD LTXSD UHğ£D𣠋*$/ ğ£DWX DQD ΢VLΣȃLLUWLğ£ DTTXU NLPD DWDUWLPPD TDTTDUX PD>DƮ@GX XOWX



YL ˡD $V IRU WKH UHVW RI KLV PDJQDWHV ZKR KDG UDLVHG WKHLU DUPV EHFDXVH WKH\ ZHUH WHUULILHG RI GRLQJ EDWWOH ZLWK PH , FDSWXUHG WKHP DOLYH LQ WKH WKLFN RI EDWWOH YL Eˡ , EURXJKW EDFN DOO WRJHWKHU WKH FKDULRWV DORQJ ZLWK WKHLU KRUVHV ZKRVH GULYHUV KDG EHHQ NLOOHG L>Q@ WKH WKLFN RI WKDW PLJKW\ EDWWOH DQG ZKLFK KDG WKHPVHOYHV EHHQ UHOHDVHG VR WKDW WKH\ JDOORSHG DE>RXW@ RQ WKHLU RZQ :KHQ WKH VHFRQG GRXEOHKRXU RI WKH QLJKW KDG SDV>VHG@ , VWRSSHG WKHLU >VODXJ@KWHU

YL ˡ $V IRU KLP 8PPDQ>PHQDQX ȎXPEDQ PHQDQX  WKH NLQJ RI WKH ODQG (ODP@ DORQJ ZLWK WKH NLQJ RI %DE\ORQ DQG >WKH@ VKHLNKV >RI &KDOGHD ZKR PDUFKHG DW@ KLV VLGH WHUURU RI GRLQJ EDW>WOH ZLWK PH RYHU@ZKHOPHG >WKHP OLNH DO½GHPRQV 7KH\ DEDQGRQHG@ WKHLU WHQWV >DQG LQ RUGHU WR VDYH WK@HLU >OLYHV@ WKH\ WUD>PSOHG@ WKH FRUSVHV RI WKHLU WURRSV >DV WKH\ SXVKHG RQ@ YL ˡ >7KHLU KHDUWV WKUREEHG@ OLNH WKH SXUVXHG \RXQJ RI SLJHRQV WKH\ SDVVHG WKHLU XULQH KRW>O\@ DQG UHOHDVHG WKHLU H[FUHPHQW >LQVLGH@ WKHLU >FKDULRW@V , >RUGHUHG@ P\ FKDULRWV DQG KRUVHV W>R SXU@VXH WKHP :KHUHYHU WKH\ FDXJKW WKHP  WKH\ NL>OO@HG ZLWK WKH VZRUG WKH UXQDZD\V DPRQJVW WKHP ZKR KDG IOHG IRU WKHLU OL>YH@V

YL ˡ $W WKDW WLPH WKH 5HDU 3DODFH RI 1LQHYHK WKDW HDUOLHU NLQJV P\ DQFHVWRUV KDG KDG EXLOW IRU WKH SURSHU UXQQLQJ RI WKH PLOLWDU\ FDPS WKH FDUH RI KRUVHV DQG WKH RYHUVHHLQJ RI HYHU\WKLQJ ˢ LWV >WHU@UDFH GLG QRW H[LVW DQG YL  LWV VLWH KDG EHFRPH WRR VPDOO :LWK WKH SDVVDJH RI WLPH LWV EDVH KDG IDOOHQ LQWR GLVUHSDLU WKHQ LWV IRXQGDWLRQV KDG EHFRPH ORRVH DQG LWV VXSHUVWUXFWXUH KDG FROODSVHG YL ˡ , WRUH GRZQ WKDW SDODFH LQ LWV HQWLUHW\ $V DQ DGGLWLRQ , WRRN P>X@FK ODQG IURP WKH PHDGRZ DQG

YL  7H[W QR  YL ˡ DGGV DGL PG08$7,08*$5XQ '808 PG$0$5878,%,/$6801$ ˦LQFOXGLQJ 1DE½ğXPDLğNXQ D VRQ RI 0DUGXNDSOD LGGLQD ,, 0HURGDFKEDODGDQ ˧ DIWHU VLLWWL /œ*$/0(Ğğ¼ ˦WKH UHVW RI KLV PDJQDWHV˧ YL ˡ 7KLV EXLOGLQJ UHSRUW PD\ EH DQ HDUOLHU VKRUWHU DFFRXQW RI WKH UHEXLOGLQJ RI WKH DUPRU\ LQ WH[W QR  )RU IXUWKHU GHWDLOV VHH WKH FRPPHQWDU\ RI WKLV WH[W YL  %HWZHHQ X̎PHğXPD ˦DW WKDW WLPH˧ DQG ‹*$/ ˦SDODFH˧ WH[W QR  YL Eˡ DGGV XOWX ‹*$/ 0858%̎ 858 ğD 1,1$., DQD ULPLW /8*$/WLLD ¼ğDNOLOX DQD WDEUDDWH NLğğDW 810(Ğ OXOHH ¼PDOXğL ˦DIWHU , KDG FRPSOHWHG WKH SDODFH LQ WKH FLWDGHO RI 1LQHYHK IRU P\ UR\DO UHVLGHQFH DQG KDG ILOOHG LW ZLWK OX[XULRXVQHVV WR EH DQ REMHFW RI ZRQGHU IRU DOO RI WKH SHRSOH˧ ğD 1,1$., ˦RI 1LQHYHK˧ 2PLWWHG LQ WH[W QR  YL  YL  ¼ğHSLğ¼PD ˦WKH\ KDG KDG EXLOW DQG˧ 7H[W QR  YL  SODFHV ¼ğHSLğ¼ ZLWKRXW HQFOLWLF PD EHIRUH /8*$/0(Ğ ˦NLQJV˧ YL  7H[W QR  YL  DGGV OD QXNXODW HSLğWDğ ˦LWV FRQVWUXFWLRQ ZDV LQH[SHUW˧ DIWHU ȻXXȃȃXUDW ğXEDWVD ˦LWV VLWH KDG EHFRPH WRR VPDOO˧ YL  NLPD DWDUWLPPD ˦DV DQ DGGLWLRQ˧ 7H[W QR  YL  SODFHV NLPD DWDUWLPPD DIWHU WDPLUWL 858 ˦WKH SODLQ RI WKH FLW\˧ UDWKHU WKDQ EHIRUH TDTTDUX ˦ODQG˧ TDTTDUX ˦ODQG˧ 7H[W QR  YL  KDV NLğXEEX¼ ˦IDOORZ ODQG˧



                    

6HQQDFKHULE 

T«UHE ¼ğDOOL » WDPLUWL 858 DȻ΢EDΣWD LQD PXȃȃL XğUDGGL TDTTDU ‹*$/ PDȃULWL H]LEPD LQD TDTTDUL ğD XOWX T«UHE ¼ğDO>OL@ ΢DȻΣEDWD WDPODD XğPDOOL  0( WLLENL DQD HOD΢QL ¼ΣğDTT¯ UHHVX LQD ,7, ğHPHH X̎PX PLWJDUL >ȻHHU@ WDPOHH ğXDWX ‹*$/ UDELWXP ğD ȻHHU ΢PDȃΣ>UL@WL PDDƮGLğ ğXWXUDW DQD PXğDE /8*$/WLLD ¼>ğHSLğ@ *,Ğ›50(Ğ *,ĞHUHQL ȻLUXWL ¼ğDWULȻD H΢OLΣğ£ *,Ğ,*0(Ğ *,ĞOLLDUL PHVHU 858'8 QDPUL ¼UDNNLVPD ΢¼ΣUDWWDD .ƒ0(Ğğ£ 1$̎SLLOX SHȻX¼ ğD ΢LQDΣ HUȻHHW 858EDODɅDDD LQQDPUX G$/$'G/$00$ ΢¼ΣğHSLğPD LPQD » ğXPHOD ¼ğ£DȻEL΢WDΣ VLJDDU𣠋*$/ ğ£DWX XOWX ΢XğΣ>ğH@ğ£ DGL QDEXUULğ£ DUȻLS ¼ğDNOLO 08΢6$5ΣH ğLɅLU ğXPHLD LQD THUEL𣠣ğNXQ DQD ΢£UΣN¢W 8'0(Ğ LQD /8*$/0(ĞQL '8080(ĞLD ğD GDğğXU » ΢GLğΣWDU DQD 5(‹80 ΢.85Σ » 810(Ğ LQDPEX¼ >]L@΢NLUΣğ¼ HQXPD ‹*$/ ğ£΢DΣ>WX@ LODEELUXPD HQQD΢ȃXΣ >181 DUNX¼ DQ@ȃXVD OXXG>GLğ@ 086$5H ğLɅLU 08LD >OL@΢PXUΣPD Ž*,Ğ ΢OLSğXΣ>Xğ@ 8'86,6.85 OLTT¯ DQD >£ğ@ULğ¼ OX>WHU@ GDğğXU » GLğ>WDU@ LNULELğ¼ LğHP>PXX@

SODLQ RI WKH FLW\ DQG , DGGHG LW WR WKH VLWH  YL  , DEDQGRQHG WKH VLWH RI WKH IRUPHU SDODFH DQG ILOOHG LQ D WHUUDFH LQ WKH DUHD WKDW , KDG WDNHQ IURP WKH PHDG>RZ@ , UDLVHG LWV VXSHUVWUXFWXUH  FRXUVHV RI EULFN KLJK YL ˡD ,Q D IDYRUDEOH PRQWK RQ DQ DXVSLFLRXV GD\ >XSRQ@ WKDW WHUUDFH , >KDG@ D ODUJH SDODWLDO ZLQJ ZKLFK JUHDWO\ VXUSDVVHG WKH SUHYL>RX@V RQH >EXLOW@ IRU P\ UR\DO UHVLGHQFH YL Eˡ , URRIHG LW ZLWK PDJQLILFHQW EHDPV RI FHGDU , IDVWHQHG EDQGV RI EULJKW FRSSHU RQ GRRUV RI ZKLWH FHGDU DQG , LQVWDOOHG WKHP LQ LWV JDWHV , KDG EXOO FRORVVL WH[W ˦D EXOO FRORVVXV˧ IDVKLRQHG IURP ZKLWH OLPHVWRQH WKDW ZDV GLVFRYHUHG LQ WKH WHUULWRU\ RI WKH FLW\ %DOÃɑÃ\D DQG RQ WKH ULJKW DQG OHIW , PDGH WKHP KROG LWV GRRU EROWV  YL ˡD , EXLOW DQG FRPSOHWHG WKDW SDODFH IURP LWV IRXQG>DWLRQV@ WR LWV EDWWOHPHQWV , GHSRVLWHG LQ LW LQVFULEHG REMHFWV EHDULQJ P\ QDPH YL Eˡ ,Q WKH IXWXUH RQH RI WKH NLQJV P\ GH VFHQGDQWV ZKRP WKH JRG $ğğXU DQG WKH JRGGHVV ,ğWDU >Q@DPH IRU VKHSKHUGLQJ WKH ODQG DQG YL  SHRSOH ˢ ZKHQ WK>DW@ SDODFH EHFRPHV ROG DQG GLODSLGDWHG PD\ >D IXWXUH UXOHU@ UHQR>YDWH@ LWV >GLODS@LGDWHG VHFWLRQV ZKHQ WK>DW@ SDODFH EHFRPHV ROG DQG GLODSLGDWHG 0D\ KH >ILQ@G DQ LQVFULEHG REMHFW EHDULQJ P\ QDPH DQR>LQW@ LW ZLWK RLO PDNH DQ RIIHULQJ DQG >UHWXUQ@ LW WR LWV >SO@DFH 7KH JRG $ğğXU DQG WKH JRGGHVV ,ğ>WDU@ ZLOO WKHQ KH>DU@ KLV SUD\HUV

'DWH H[ 

'DWH H[  P@΢(1,*,ΣDQQL

$ >,7,[ [ [ 8'[.$0 OLPX $ >/œ(11$0@ ΢858ΣJDUJDPLğ

YL $ˡ$ >7KH PRQWK  WK GD\ HSRQ\P\ RI@ %ÕOÕPXUDQQL >JRYHUQRU RI@ WKH FLW\ &DUFKHPLVK  

YL  DȻ΢EDΣWD ˦, WRRN˧ &I WH[W QR  YL  ZKLFK KDV OX DȻEDWD ˦, WRRN˧ XğUDGGL ˦, DGGHG˧ 7H[W QR  H[V  DQG  KDYH OX ¼UDGGL ˦, DGGHG˧ DQG OX XğUDGGL ˦, DGGHG˧ UHVSHFWLYHO\ YL  TDTTDU ˦WKH VLWH RI˧ 7H[W QR  YL  KDV PDğN£Q ˦WKH VLWH RI˧ YL EˡD LQD TDTTDUL  ΢DȻΣEDWD ˦LQ WKH DUHD  , KDG WDNHQ˧ &I WH[W QR  YL ˡ ZKLFK KDV LQD TDTTDUL ¼ğDOOL ğD XOWX PDOGL ' DȻEDWD ˦LQ WKH DUHD RI WKH PHDGRZ WKDW , KDG WDNHQ IURP WKH ULYHU EDQN˧ YL ˡ &I WH[W QR  YL ˡD ZKLFK KDV LQD QLNODW OLEELLD ‹*$/ 1$̎SLLOL » *,ĞHUHQL Q«SHğWL .85ȃDWWL » ‹*$/ ȻLLUWX HSğHW .85 DğğXU., ğD 8*8 PDȃULWL PDDƮGLğ ğXWXUDW UDEDWD » QDNODW LQD ğLSLU /œĞ,7,0*$/OHH HQTXWL DQD PXğDE EHOXWLLD ¼ğHSLğ ˦ZLWK P\ LQQDWH H[SHUWLVH , KDG D SDODWLDO ZLQJ RI OLPHVWRQH DQG FHGDU LQ WKH VW\OH RI WKH ODQG ȎDWWL DQG D PDJQLILFHQW SDODWLDO ZLQJ RI $VV\ULDQ ZRUNPDQVKLS ZKLFK JUHDWO\ VXUSDVVHG WKH SUHYLRXV RQH LQ VL]H DQG H[SHUWLVH EXLOW WKURXJK WKH FUDIW RI ZHOOWUDLQHG PDVWHU EXLOGHUV IRU P\ ORUGO\ UHVLGHQFH˧ 7KLV LQVFULSWLRQ GHVFULEHV WKH FRQVWUXFWLRQ RI RQO\ RQH ZLQJ RI WKH DUPRU\ ZKLOH WH[W QR  GHVFULEHV WKDW RI WZR ZLQJV 7KLV PD\ EH DQ LQGLFDWLRQ WKDW WKLV WH[W LV WKH HDUOLHU RI WKH WZR LQVFULSWLRQV YL  7H[W QR  YL  DGGV WDUELW .85ȃDPDQLP .85L HOOL ˦JURZQ RQ 0RXQW $PDQXV WKH KRO\ PRXQWDLQ˧ DIWHU ȻLUXWL ˦PDJQLILFHQW˧ YL   DQG  H΢OLΣğ£ ˦RYHU LW˧ .ƒ0(Ğğ£ ˦LWV JDWHV˧ DQG VLJDDUğ£ ˦LWV GRRU EROWV ˧ &I WH[W QR  YL   DQG  ZKLFK KDYH HOLğLQ ˦RYHU WKHP˧ .ƒ0(ĞğLQ ˦WKHLU JDWHV˧ DQG 6,*$5ğLQ ˦WKHLU GRRU EROWV˧ YL  7H[W QR  YL  DGGV LQD ˦IURP˧ EHIRUH 1$̎SLLOX SHȻX¼ ˦ZKLWH OLPHVWRQH˧ YL  G$/$'G/$00$ ˦D EXOO FRORVVXV˧ 7H[W QR  YL  KDV G$/$'G/$00$0(Ğ ȻLUXWL ˦PDJQLILFHQW EXOO FRORVVL˧ YL  &I WH[W QR  YL EˡD ZKLFK DGGV D SDVVDJH UHFRUGLQJ WKH HQODUJHPHQW DQG WKH LPSRUWDQFH RI WKH 5HDU 3DODFHˤV RXWHU FRXUW\DUG ,WV RPLVVLRQ LQ WKLV LQVFULSWLRQ PD\ EH DQ LQGLFDWLRQ WKDW WKLV WH[W LV WKH HDUOLHU RI WKH WZR LQVFULSWLRQV YL  /LNH PRVW RI 6HQQDFKHULEˤV IRXQGDWLRQ LQVFULSWLRQV WH[W QRV ˡ DQG ˡ  WKLV WH[W GRHV QRW LQFOXGH DQ DGPRQLWLRQ DJDLQVW WKH UHPRYDO RI D UR\DO LQVFULSWLRQ &I WH[W QR  OLQHV ˡ WH[W QR  OLQHV vˡv DQG WH[W QR  YL Eˡ ZKLFK LQFOXGH VXFK DGYLFH YL $ 6- /LHEHUPDQ -$26  >@ S  YHU\ WHQWDWLYHO\ UHDGV WKH PRQWK WKH SULVP ZDV LQVFULEHG LQ DV ΢,7,%ƒ5=$**$5Σ ˦WKH PRQWK 1LVDQQX , ˧ :H FDQQRW KRZHYHU FRQILUP /LHEHUPDQˤV UHDGLQJ IURP WKH SXEOLVKHG SKRWRJUDSKV RI WKH REMHFW VHH DOVR )UDKP 6DQKHULE S 

6HQQDFKHULE 

'DWH H[ 

'DWH H[  % %



YL %ˡ% ,QWHUFDODU\ $GGD>UX ;,,̌  WK GD\ HSRQ\P\ RI @ JRYHUQRU RI >@

,7,΢',5,*ΣĞ(.,1>7$5 8'[.$0 OLPX @ ΢/œ(11$0Σ >@

 $ IUDJPHQW RI D KH[DJRQDO FOD\ SULVP DQG SRVVLEO\ D VHFRQG SULVP IUDJPHQW SUHVXPDEO\ IURP 1LQHYHK DUH LQVFULEHG ZLWK D IRXQGDWLRQ LQVFULSWLRQ ZULWWHQ DIWHU 6HQQDFKHULE FDSWXUHG %DE\ORQ DQG LWV NLQJ Ğħ]XEX 0XğÕ]LE 0DUGXN LQ ODWH  2QO\ D VPDOO SRUWLRQ RI WKH FRPSOHWH WH[W LV H[WDQW 7KH SURORJXH SDUWV RI UHSRUWV RI WKH ILUVW FDPSDLJQ DJDLQVW 0DUGXNDSOD LGGLQD ,, DQG KLV &KDOGHDQ DQG (ODPLWH DOOLHV  VHFRQG FDPSDLJQ DJDLQVW WKH .DVVLWHV DQG @ S  DQG ( )UDKP 6DQKHULE S  WHQWDWLYHO\ DVVLJQ .  H[  DV D GXSOL FDWH RI .  H[   WKH RQO\ FHUWDLQ H[HPSODU RI WKLV LQVFULSWLRQ )UDKP QRWHV WKDW OLQH OHQJWKV DQG OLQH GLYLVLRQV RI WKH WZR SLHFHV DUH VLPLODU ([ 

GRHV QRW SUHVHUYH HQRXJK WH[W WR EH FHUWDLQ WKDW LW LV LQVFULEHG ZLWK WKH VDPH WH[W DV H[  )ROORZLQJ 5HDGH DQG )UDKP .  LV WHQWDWLYHO\ HGLWHG ZLWK .  6LQFH WKH SLHFHV RYHUODS LW LV FHUWDLQ WKDW WKHVH IUDJPHQWV GR QRW FRPH IURP WKH VDPH SULVP



6HQQDFKHULE 

)UDKP 6DQKHULE SS ˡ KDV UDLVHG WKH SRVVL ELOLW\ WKDW %0  FRXOG EH D GXSOLFDWH RI .  H[   WKLV WHQWDWLYH DWWULEXWLRQ LV EDVHG VROHO\ RQ WKH IDFW WKDW WKHUH DSSHDUV WR EH VXIILFLHQW URRP IRU D UHSRUW RI WKH GHVWUXFWLRQ RI %DE\ORQ LQ  EHWZHHQ FRO Lv v ZKLFK GHVFULEHV WKH EDWWOH RI ȎDOXO¬ DQG FRO LLv v ZKLFK UHFRUGV WKH FRQVWUXFWLRQ RI WKH DU PRU\ DW 1LQHYHK :KHWKHU RU QRW %0  LV D GXSOLFDWH GHSHQGV RQ WKH FRQWHQWV RI .  FRO Lv vˡv  YL vˡv  7KHVH WZR OLQHV FRQWDLQ WKH ILUVW WZR OLQHV RI HLWKHU WKH EXLOGLQJ DFFRXQW RU D UH SRUW RI PLOLWDU\ QDUUDWLRQ )UDKP 6DQKHULE S  IRUZDUGV WKH SRVVLELOLW\ WKDW WKHVH EDGO\ GDPDJHG OLQHV FRXOG SUHVHUYH WKH EHJLQQLQJ RI D UHSRUW GH VFULELQJ DQ H[SHGLWLRQ WR $UDELD RU WKH RSHQLQJ OLQHV RI DQ DFFRXQW UHFRUGLQJ ZRUN RQ WKH 6HEHWWL WHPSOH DW 1LQHYHK D SURMHFW RWKHUZLVH QRW DWWHVWHG LQ WKH H[WDQW 6HQQDFKHULE FRUSXV IRU GHWDLOV VHH WKH RQ SDJH QRWH WR YL vˡv DQG )UDKP 6DQKHULE S  7RR OLWWOH LV SUHVHUYHG WR FRQILUP RU UHMHFW WKHVH FRQ MHFWXUHV %HFDXVH ZH FDQQRW LGHQWLI\ WKH FRQWHQWV RI .  FRO Lv vˡv ZLWK FHUWDLQW\ DQG EHFDXVH ZH FDQQRW SURYH WKDW %0  LV LQVFULEHG ZLWK WKH VDPH LQVFULSWLRQ DV .  LW LV EHVW WR HGLW WKDW IUDJPHQW RQ LWV RZQ WH[W QR  

7KH WH[W ZH DVVXPH LQFOXGHG D VKRUW SURORJXH DFFRXQWV RI HLJKW RI 6HQQDFKHULEˤV FDPSDLJQV DQG WKH FRQTXHVW DQG GHVWUXFWLRQ RI %DE\ORQ LQ  DQG D UHSRUW RI EXLOGLQJ DW 1LQHYHK WKH DUPRU\ WKH 6H EHWWL WHPSOH RU DQRWKHU EXLOGLQJ  WKLV LQVFULSWLRQ PD\ DOVR LQFOXGH D UHSRUW GHVFULELQJ DQ H[SHGLWLRQ WR $UDELD ,Q DGGLWLRQ WR WKH XQFHUWDLQW\ DERXW WKH FRQWHQWV RI YL vˡv EXLOGLQJ UHSRUW RU PLOLWDU\ QDUUDWLRQ  LW LV QRW NQRZQ LI WKH UHSRUW RI WKH EDWWOH RI ȎDOXO¬ WKH HLJKWK FDPSDLJQ LQ WKLV LQVFULSWLRQ GXSOLFDWHG WKDW RI WKH ˡ HGLWLRQV RI 6HQQDFK HULEˤV UHV JHVWDH WH[W QRV  DQG ˡ RU WKDW RI WKH %DYLDQ ,QVFULSWLRQ DV ( :HLVVHUW +6$2  S  KDV VXJJHVWHG &RPSDUH WH[W QR  Y ˡYL  WR WKH %DYLDQ ,QVFULSWLRQ OLQHV EˡD /XFNHQELOO 6HQQ SS ˡ  7KH PDVWHU WH[W LV H[  LQ L ˡ DQG YL vˡv DQG H[  LQ L ˡ DQG LL vˡv &RO L ˡ LV D FRQIODWLRQ RI ERWK H[HPSODUV EXW WKH OLQH GLYLVLRQ IROORZV H[  %HFDXVH H[V  DQG  RYHUODS LQ RQO\ D IHZ OLQHV D SDUWLDO VFRUH L ˡ LV SURYLGHG RQ WKH &'520 &RO L ˡ DQG LL vˡv GXSOLFDWH WH[W QR  L ˡ DQG LL ˡ &RO YL vˡv GXSOLFDWH WKH %DYLDQ ,QVFULSWLRQ OLQHV ˡD /XFNHQELOO 6HQQ SS ˡ  5HVWRUDWLRQV DUH EDVHG RQ WKRVH LQVFULSWLRQV

%,%/,2*5$3+<   

%H]ROG LQ 6FKUDGHU .%  SS ˡ DQG ˡ H[   VWXG\ %H]ROG &DW  SS ˡ DQG ˡ H[V ˡ  VWXG\ /XFNHQELOO 6HQQ IURQWLVSLHFH SS  DQG  +F H[   VWXG\ YDULDQWV >RI WH[W QR @

     

5HDGH -&6  SS ˡ H[V ˡ  VWXG\ %RUJHU %$/ SS  DQG  H[V ˡ  VWXG\ *DOWHU 6WXGLHV $UR SS ˡ YL vˡv VWXG\ )UDKP 6DQKHULE SS ˡ 7  H[V ˡ  VWXG\ :HLVVHUW +6$2  SS ˡ H[V ˡ  VWXG\ )UDKP 5/$ ˡ S  VWXG\

7(;7 &RO L  >PG(1=8Ğ(Ğ0(ĞHULED@ /8*$/ *$/ ΢/8*$/Σ >GDQQX@  >/8*$/ NLğğ£WL /8*$/ .85 DğğXU@., /8*$/ >NLEUDW /008WLP@  >5(‹80 LWSHğX@ ΢PLΣJLU ',1*,5΢0(ĞΣ >*$/0(Ğ@  >QDȻLU NLWWL UDƮL@LP ΢PLΣ>ğ£UL@  >HSLğ ¼VDDWL DOLN@ ΢WDSΣSXXW >DNLL@  >VDȃLUX GDPTDDWL@ ΢HɅΣOXP >J¯WPDOXP@  >]LNDUX TDUGX Dğ£@UHG ΢NDOΣ >PDONL@  >UDSSX ODƮLLɅ@ ΢ODΣ PD>JLUL@  >PXğDEULTX ]DPDD@΢QLΣ GDğğXU .85>¼ *$/¼@  >/8*$/XW OD ğ£QDDQ ¼ğDW@OLPDDQ>QLPD@  >8*8 JLPUL DğLE SDUDN@΢NLΣ ¼ğDU>EDD@  ΢*,Ğ78.8/Σ0(Ğ΢LDΣ >XOWX $@΢$%Σ%$ HOH΢QLΣ>WL@

L ˡD >6HQQDFKHULE@ JUHDW NLQJ >VWURQJ@ NLQJ >NLQJ RI WKH ZRUOG NLQJ RI $VV\ULD@ NLQJ RI >WKH IRXU TXDUWHUV RI WKH ZRUOG  FDSDEOH VKHSKHUG@ IDYRULWH RI WKH >JUHDW@ JRGV >JXDUGLDQ RI WUXWK ZKR ORY@HV MX>VWLFH L  UHQGHUV DVVLVWDQFH JRHV WR@ WKH DLG RI >WKH ZHDN DQG VWULYHV DIWHU JRRG GHHGV SHUIHFW@ PDQ >YLULOH ZDUULRU IRUH@PRVW RI DOO >UXOHUV WKH EULGOH WKDW FRQWUROV@ WKH LQVXE>PLVVLYH DQG WKH RQH ZKR VWULNHV HQHP@LHV >ZLWK OLJKWQLQJ@

L Eˡ 7KH JRG $ğğXU WKH >JUHDW@ PRXQWD>LQ JUDQ@WHG WR >PH XQULYDOOHG VRYHUHLJQW\ DQG@ PDGH P\ ZHDSRQV JU>HDWHU WKDQ WKRVH RI DOO ZKR VLW RQ UR\DO GDLV@HV +H PDGH >DOO@ RI WKH EODFNKHDGHG SHRSOH >IURP WKH@ 8SS>HU 6@HD RI WKH 6HWWLQJ 6XQ >WR@ WKH /RZHU 6HD RI WKH 5LVLQJ 6X>Q@ ERZ GRZQ DW >P\@ IHHW

6HQQDFKHULE 

      

΢ğD ğ£ODPΣ G878΢ğLΣ >DGL@ ΢WDPΣWLP ğDSOLWL ΢ğDΣ ȻLLW G878>ğL JLP@΢ULΣ ȻDOPDW 6$*'8 ¼ğDNQLğ ğHSX¼>D@ » PDONL >ğHSȻXWL@ HGXUX WDȃD]L GD£GPHğ¼XQ L]]LEXPD NLPD ΢VXWLQΣQL QLJLLȻȻL HGLğ LSSDUğ¼ D΢ğDUΣ OD ƮDDUL

L  7KXV GLG >UHFDOFLWUDQW@ UXOHUV FRPH WR IHDU EDW WOH ZLWK PH :KLOH WKH\ ZHUH DEDQGRQLQJ WKHLU VHW WOHPHQWV WKH\ IOHZ DZD\ DORQH OLNH EDWV OLYLQJ LQ FUHYLFHV WR LQDFFHVVLEOH SODFHV 

LQD PDȃUHH JHUUL΢LDΣ ğD

L ˡ 2Q P\ ILUVW FDPSDLJQ , EURXJKW >DERXW@ WKH GHIHDW RI 0DUGXNDSODLGGL>QD@ ,, 0HURGDFKED ODGDQ  NLQJ RI .DUGXQLDğ %DE\ORQLD  >WRJH@WKHU ZLWK WKH WURRSV RI WKH ODQG (ODP KLV DOOLHV LQ WKH SODL>Q RI .LVK@ ,Q WKH PLGVW RI WKDW EDW>WOH KH DEDQGRQHG KLV@ FD>PS@ IO>HG@ DORQH >DQG WKHUHE\ VDYHG KLV OLIH , VHL]HG WKH FKDULRWV@ KRUV>HV @ L   >@  >@

PG$0$5878,%,/$680>1$@

  



/8*$/ .85N£UGGXQ¯D΢¢ğΣ >D@΢GLΣ (5,0Ȏ,$ (/$00$., UHȻLğX LQD WD΢PLUΣ>WL NLğ.,@ £ğWD>NDQ@ %$'̏%$'̏ğ¼ LQD 0858%̎ WDP΢ȃDΣ>UL@

΢ğXΣDWX >H]LE@ ΢.$5$ĞΣ>VX@ ΢HΣGLğ LSSDU>ğLGPD QDSLğWXğ HɅ¯LU *,Ğ*,*,50(Ğ@  ΢$1Ğ(.855$0(ĞΣ >@  WUDFHV >@  WUDFHV >@ /DFXQD &RO LL /DFXQD ˮ [ >@ ˮ 858NDUPG΢(1=8Ğ(ĞΣ>0(Ğ68 DWWDEL QLELWVX@ ˮ 810(Ğ .85.85 NLğLW>WL Ğ8,,LD LQD O®EEL ¼ğHğLE@ ˮ LQD Ğ8,, /œğX΢XWΣ >6$*LD /œ(11$0 858ȃDUȃDU@ ˮ DPQX¼PD ¼>UDSSLğ PDDWL LQD WDDDDUWLLD@ ˮ ğD .85PDGDD>D UXTXWH ğD LQD /8*$/0(Ğ@ ˮ $'0(ĞLD ΢PDΣ>DPPDQ OD LğPX¼ ]LNLU .85ğ¼XQ@ ˮ PDQGDDW>WDğ¼QX NDELWWX DPȃXU@ ˮ DQD ΢QLΣ>UL EHOXWLLD ¼ğDNQLVXQXWL@ /DFXQD &RO YL /DFXQD ˮ >G,Ğ.85 GğDOD ',1*,5@0(Ğ >ğD 858‹*$/0(Ğ@ ˮ >ğD PG$0$5878680Ğ(Ğ0(Ğ /8*$/ .85@ ΢85,".,"Σ >DQD WDUȻL@ ˮ >PWXNXOWL$@΢«Σğ£U΢UDΣ >/8*$/ .85 DğğXU.,@ ˮ >LOTXPD DQD .ƒ',1*,5@΢5$Σ., ΢¼Σ>ELOOX@ ˮ >LQD  0(  08$11$0(Ğ XOWX@ .ƒ',1*,55$., ΢¼ğHΣ>ȻDDPPD@ ˮ >DQD 858‹*$/0(Ğ £ğULğ¼@QX ¼WHUğ¼΢QXWLΣ ˮ >858 » ‹0(Ğ XOWX 8Ğ̒ğ¼ D@GL JDEDGLEELğ¼ ˮ >DSSXO DTTXU LQD G*,Ğ%$5 DT@΢PXΣ %‚' ğDOȃX¼ ˮ >‹0(Ğ ',1*,50(Ğ ]LTTXUUDW 6,*̎@ ΢» 6$Ȏ$5ΣȎ,$ PDOD EDğX΢XΣ 

/DFXQD /DFXQD LL ˮˡˮD  > , FDOOHG LW@ .ÃU6HQQDF>KHULE , VHW WOHG WKHUHLQ@ WKH SHRSOH RI WKH ODQGV WKDW >,@ KDG FRQ TXHU>HG@ , SODFHG LW XQGHU WKH DXWKRULW\ RI D HXQ>XFK RI PLQH WKH JRYHUQRU RI WKH FLW\ ȎDUȏDU@ DQG WKXV HQ>ODUJHG P\ ODQG@

LL ˮEˡˮ >2Q P\ UHWXUQ PDUFK , UHFHLYHG@ D >VXEVWDQ WLDO@ SD\PH>QW@ IURP WKH >GLVWDQW@ 0HGH>V RI ZKRVH ODQG@ QR>QH RI WKH NLQJV@ P\ DQFHVWRUV >KDG KHDUG PHQWLRQ 7KXV , PDGH WKHP ERZ GRZQ@ WR WKH \R>NH RI P\ ORUGVKLS@

/DFXQD /DFXQD YL ˮˡˮ >7KH JRG $GDG DQG WKH JRGGHVV ĞDOD JRG@V >RI WKH FLW\ (NDOOÃWXP ZKRP 0DUGXNQÃGLQDȏȏÕ NLQJ RI $N@NDG >KDG WDNHQ DQG@ EU>RXJKW WR %DE\O@RQ >GXU LQJ WKH UHLJQ RI 7LJODWKSLO@HVHU ,  >NLQJ RI $VV\ULD@ ˢ , KDG WKHP >EURXJKW RXW RI@ %DE\ORQ >DIWHU  \HDUV DQG@ , UHWXUQHG WKHP >WR WKH FLW\ (NDOOÃWXP WK@HLU SURSHU >SODFH@

YL ˮˡˮ >, GHVWUR\HG GHYDVWDWHG DQG EXU@QHG >ZLWK ILUH WKH FLW\ DQG LWV EXLOGLQJV IURP LWV IRXQGDWLRQV W@R LWV FUHQHOODWLRQV >, UHPRYHG EULFNV@ DQG HDUWK DV PXFK DV WKHUH ZDV >IURP@ WKH LQQHU DQG RXWHU ZDOOV >WKH WHPSOHV DQG WKH ]LJJXUUDW DQG@ YL v , WKUHZ

L ˡ %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKH UHVWRUDWLRQ RI LNğXGD Ğ8,,DD ˦P\ KDQGV FDSWXUHG˧ LQ L  RU L  YL v  0(  08$11$0(Ğ ˦ \HDUV˧ 6HH %ULQNPDQ 3.% S 



ˮ ˮ ˮ ˮ ˮ ˮ ˮ

6HQQDFKHULE 

>DVVXȃPD DQD 'D@΢UDΣDȃWL DGGL >LQD T«UHE 858 ğXDWX@ ' DȃUHHPD >HUȻHHVVXQX LQD $0(Ğ DV@΢SXXQΣ ğLNLQ XğğLğ¼ >¼ȃDOOLTPD 8*8 ğD D@΢EXΣEX QDDVSDQWDğ¼ >¼ğ£WLU £ğğX DȃUDW X̎@΢PH TDTΣTDU ΢858Σ ğXDW¼ >» ‹0(Ğ ',1*,50(Ğ@ ΢OD PXğğLΣL >LQD PDDPL XğȃDUPLɅ@΢VXPD DJGDPDUΣ ¼ğDOOLğ

ˮ >@ [%, DOLN PDȃUL ˮ >@ [ ΢/œ" DΣ>@ /DFXQD

LW >LQWR WKH $@UDȏWX >5LYHU@ , GXJ D FDQDO >LQWR WKH FHQWHU RI WKDW FLW\@ DQG WKXV >OHY@HOHG >WKHLU VLWH ZLWK ZDWHU , GHVWUR\HG@ WKH RXWOLQH RI LWV IRXQGDWLRQV >DQG WKHUHE\ PDGH@ LWV GHVWUXFWLRQ >VXUSDVV WKDW RI WKH@ 'HOXJH >6R WKDW LQ WKH IXWX@UH WKH VLWH RI WKDW FLW\ >DQG LWV WHPSOHV@ ZLOO EH XQUHFRJQL]DEOH >, GLVVROYHG@ LW %DE\ORQ >LQ ZDWHU@ DQG DQQLKLODWHG LW  PDNLQJ LW OLNH D PHDGRZ

YL ˮˡˮ >@  ZKR SUHFHGHGJRHV EHIRUH >@  >@ /DFXQD

 $ IUDJPHQW RI D KH[DJRQDO FOD\ SULVP IURP 1LQHYHK LV LQVFULEHG ZLWK D IRXQGDWLRQ LQVFULSWLRQ WKDW ZDV PRVW OLNHO\ ZULWWHQ DIWHU 6HQQDFKHULE FDSWXUHG %DE\ORQ DQG LWV NLQJ Ğħ]XEX 0XğÕ]LE0DUGXN LQ .LVOêPX ,;  $OWKRXJK RQO\ D VPDOO SRUWLRQ RI WKH UHSRUW RI WKH HLJKWK FDPSDLJQ WKH EDWWOH RI ȎDOXO¬ DQG WKH EXLOGLQJ UHSRUW WKH DUPRU\ DW 1LQHYHK DUH SUHVHUYHG WKLV HGLWLRQ RI WKH NLQJˤV UHV JHVWDH OLNH WH[W QR  SUREDEO\ FRQWDLQHG DQ DFFRXQW RI WKH VHFRQG FRQTXHVW RI %DE\ORQ GXULQJ ZKLFK WKDW FLW\ DQG LWV WHPSOHV DUH VDLG WR KDYH EHHQ XWWHUO\ GHVWUR\HG 7KH EXLOGLQJ UHSRUW DV IDU DV LW LV SUHVHUYHG FRQWDLQV WKH VDPH GHVFULSWLRQ RI ZRUN RQ WKH DUPRU\ HNDO NXWDOOL WKH ˦5HDU 3DODFH˧ DV WH[W QR  %HFDXVH RQO\ VPDOO SRUWLRQV RI WKH FRPSOHWH WH[W DUH SUHVHUYHG LW LV QRW LPSRVVLEOH WKDW WKLV IUDJPHQW LV LQVFULEHG ZLWK D FRS\ RI WH[W QR  UDWKHU WKDQ ZLWK WKDW RI DQRWKHU LQVFULSWLRQ $OWKRXJK LWV GDWH OLQHV DUH PLVVLQJ WKH SULVP WR ZKLFK WKLV IUDJPHQW EHORQJV ZDV SUREDEO\ LQVFULEHG LQ  HSRQ\P\ RI ,GGLQDȏȏÕ WKH NLQJˤV WK UHJQDO \HDU RU ODWHU

 YL v ' ˦D FDQDO˧ &I WKH %DYLDQ ,QVFULSWLRQ OLQH  /XFNHQELOO 6HQQ S   ZKLFK KDV ΢ȃLUDΣDWL ˦FDQDOV˧  YL v QDDVSDQWDğ¼ ˦LWV GHVWUXFWLRQ˧ 7KH %DYLDQ ,QVFULSWLRQ OLQH  /XFNHQELOO 6HQQ S  KDV QDDOSDQWDğX RQ WKDW VSHOOLQJ RI WKH ZRUG VHH )UDKP 6DQKHULE S   YL vˡv ,W LV XQFHUWDLQ LI WKHVH OLQHV FRQWDLQ WKH ILUVW WZR OLQHV RI WKH EXLOGLQJ DFFRXQW RU DQRWKHU UHSRUW RI PLOLWDU\ QDUUDWLRQ 6KRXOG WKHVH OLQHV EH SDUW RI WKH EXLOGLQJ UHSRUW LW LV YHU\ XQOLNHO\ DV DOUHDG\ GLVFXVVHG E\ ( )UDKP 6DQKHULE S   WKDW [%, DOLN PDȃUL LV WR EH UHDG DV ΢DΣEL DOLN PDȃUL ˦P\ DQFHVWRUV ZKR SUHFHGHG PH ˧ )UDKP KRZHYHU GRHV SURYLGH D UDWKHU VSHFXODWLYH DOWHUQDWLYH >LQD X̎PHğ¼PD ‹ G@΢Σ%, ˦>DW WKDW WLPH WKH WHPSOH RI WKH@ 6HEHWWL˧ )RU LQIRUPDWLRQ RQ WKH 6HEHWWL WHPSOH DW 1LQHYHK VHH 0HQ]HO 7HPSHO  S  DQG 5HDGH 5/$ ˡ  S  i )UDKPˤV FRQMHFWXUDO UHVWRUDWLRQ FDQQRW EH SUHVHQWO\ VXSSRUWHG DV WKLV SURMHFW LV QRW DWWHVWHG HOVHZKHUH LQ WKH H[WDQW 6HQQDFKHULE FRUSXV DQG WKXV LW LV QRW IROORZHG KHUH 6KRXOG YL vˡv EH SDUW RI DQ DFFRXQW RI PLOLWDU\ QDUUDWLRQ WKHVH OLQHV PD\ FRQWDLQ D UHSRUW GHVFULELQJ DQ H[SHGLWLRQ WR $UDELD )UDKP 6DQKHULE S  KDV UDLVHG WKH SRVVLELOLW\ WKDW WKH WUDFHV LQ YL v FRXOG EH UHDG DV >@ [ /œD>UDELPX@ ˦>@  $>UDEV@$>UDPHDQV@˧

6HQQDFKHULE 



&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

%0 



1LQHYHK

'LPHQVLRQV FP &ROV  DQG  ZLGH  KLJK

FSQ F

&200(17$5< ( )UDKP 6DQKHULE SS ˡ KDV UDLVHG WKH SRV VLELOLW\ WKDW %0  FRXOG EH D GXSOLFDWH RI .  WH[W QR  H[  EHFDXVH WKHUH DSSHDUV WR EH VXIIL FLHQW URRP IRU D UHSRUW RI WKH GHVWUXFWLRQ RI %DE\ORQ LQ  EHWZHHQ FRO Lv v DQG FRO LLv v %HFDXVH ZH FDQQRW LGHQWLI\ WKH FRQWHQWV RI .  FRO Lv vˡv  WH[W QR  YL vˡv ZLWK FHUWDLQW\ DQG EHFDXVH ZH FDQQRW SURYH WKDW %0  LV LQVFULEHG ZLWK WKH VDPH LQVFULSWLRQ DV .  LW LV EHVW WR HGLW WKLV IUDJPHQW RQ LWV RZQ )RU GHWDLOV VHH WKH FRPPHQWDU\

RI WH[W QR  7KH WH[W ZH DVVXPH LQFOXGHG D VKRUW SURORJXH DFFRXQWV RI HLJKW RI 6HQQDFKHULEˤV FDPSDLJQV DQG WKH VHFRQG FRQTXHVW RI %DE\ORQ DQG D UHSRUW RI ZRUN RQ WKH DUPRU\ ,W LV SRVVLEOH WKDW LW DOVR LQFOXGHG D UHSRUW GHVFULELQJ DQ H[SHGLWLRQ WR $UDELD 7KH H[WDQW WH[W ZKLFK ZRXOG KDYH EHHQ LQ FROV Y DQG YL GXSOLFDWHV WH[W QR  YL ˡ DQG ˡ 5HVWRUDWLRQV DUH EDVHG RQ WKDW LQVFULSWLRQ

%,%/,2*5$3+<  

/DPEHUW DQG 0LOODUG &DW S  VWXG\ )UDKP 6DQKHULE SS ˡ 7  VWXG\



)UDKP 5/$ ˡ S  VWXG\

7(;7 &RO Lˮ /DFXQD ˮ >@ [ [ ˮ > VLLWWL /œ*$/0(Ğğ¼ DGL PG08$7,@΢08ΣLğNXQ ˮ >'808 PG$0$5878,%,/$6801$ ğD ODSDDQ@ ΢WDȃDΣ]LLD ˮ >LSODȃX LGNX¼ ƒ,,ğ¼XQ EDO@΢ɅXΣVXXQ ˮ >LQD 0858%̎ WDPȃDUL LWPXȃD@ ΢Ğ8Σ,,DD ˮ >*,Ğ*,*,50(Ğ DGL $1Ğ(.855$0(ĞğLQD ğD L@΢QDΣ TLWUXXE ˮ >WDȃD]L GDQQL UDNLEXğLQ@ GHNXPD ˮ >» ğLQD PXğğXUDPD UDPD@΢QXΣXğğLQ ˮ >LWWDQDDOODND PLWȃDULğ ¼@΢WHUΣUD ˮ >DGL  .$6.$/*' *(̐ LOOLNX GDDNğ¼QX@ ΢DSΣUXXV ˮ >ğX¼ PXPPDDQPHQDQX /8*$/ .85(/$0@΢0$.,Σ ˮ >DGL /8*$/ .ƒ',1*,55$., /œQDVLNNDQL ğD .85NDO@΢GLΣ /DFXQD &RO LLˮ /DFXQD

/DFXQD Lˮ ˮˡˮ >@  > $V IRU WKH UHVW RI KLV PDJQDWHV LQFOXGLQJ 1DE½@ğXPDLğNXQ >D VRQ RI 0DUGXNDSOD LGGLQD ,, 0HURGDFKEDODGDQ  ZKR KDG UDLVHG WKHLU DUPV EHFDXVH WKH\ ZHUH WHUULILHG RI@ GRLQJ EDWWOH ZLWK PH , >FDSWXUHG WKHP DOL@YH >LQ WKH WKLFN RI EDWWOH@

Lˮ ˮˡˮ >, E@URXJKW EDFN >DOO WRJHWKHU WKH FKDULRWV DORQJ ZLWK WKHLU KRUVHV ZKRVH GULYHUV KDG EHHQ NLOOHG L@Q WKH WKLFN RI WKDW >PLJKW\ EDWWOH DQG ZKLFK KDG WKHPVHOYHV EHHQ UHOHDVHG VR WKDW WKH\ JDOORSHG DERXW RQ@ WKHLU >RZ@Q >:KHQ WKH VHFRQG GRXEOHKRXU RI WKH QLJKW KDG SDVVHG@ , VWRSSHG >WKHLU VODXJKWHU@ Lˮ ˮˡˮ >$V IRU KLP 8PPDQPHQDQX ȎXPEDQ PHQDQX  WKH NLQJ RI WKH ODQG (O@DP >DORQJ ZLWK WKH NLQJ RI %DE\ORQ DQG WKH VKHLNKV RI &KDO@GHD /DFXQD /DFXQD



6HQQDFKHULE 

΢¼Σ>UDNNLVPD ¼UDWWDD .ƒ0(ĞğLQ@ LQD ΢1$̎Σ>SLLOL SHȻHH ğD LQD HUȻHHW@ 858ED΢ODΣ>ɅDDD LQQDPUX G$/$'G/$00$0(Ğ@ ˮ ȻLUXWL ΢¼Σ>ğHSLğPD LPQD » ğXPHOD@ ˮ ¼ğ£DȻ>ELWD 6,*$5ğLQ@ ˮ DQD ğXWHğX΢ULΣ >ȻDOPDW 6$*'8 SDTDGL PXUQLLVT¯@ ˮ $1Ğ(.81*$0(Ğ ΢DΣ>JDOLL WLOOL *,Ğ*,*,50(Ğ@ ˮ *,ĞDWWDUD΢WHΣ >HUHTT¯ LğSDDWH@ ˮ WLOSDQDDWH ΢»Σ >XȻȻL PLPPD ğXPğ¼@ ˮ ΢¼QXΣXW WDȃD]L ΢QDΣ>DȻPDGL $1Ğ(.855$0(Ğ@ ˮ $1Ğ(.81*$0(Ğ ğ£ L΢PXΣ>T¯ UDEDDWH LğX¼@ ˮ ğXNQXğH D΢QD QLΣUL >@ /DFXQD ˮ ˮ ˮ

LLˮ ˮˡˮ , >IDVWHQHG EDQGV RI EULJKW FRSSHU RQ GRRUV RI ZKLWH FHGDU DQG , LQVWDOOHG WKHP LQ WKHLU JDWHV@ , >KDG@ PDJQLILFHQW >EXOO FRORVVL IDVKLRQHG@ IURP >ZKLWH OLPHVWRQH WKDW ZDV GLVFRYHUHG LQ WKH WHUULWRU\ RI@ WKH FLW\ %DOÃ>ɑÃ\D DQG RQ WKH ULJKW DQG OHIW@ , PDGH WKHP K>ROG WKHLU GRRU EROWV @ LLˮ ˮˡˮ >, JUHDWO\ HQODUJHG LWV RXWHU FRXUW\DUG@ IRU WKH SURSHU DGPLQLVWUDWLRQ RI >WKH EODFNKHDGHG SHR SOH  WKH LQVSHFWLRQ RI WKRURXJKEUHG KRUVHV@ PXOHV D>JÃOXGRQNH\V PLOLWDU\ HTXLSPHQW FKDULRWV@ FDUWV >ZDJRQV TXLYHUV@ ERZV DQG >XȻȻXDUURZV HYHU\ W\SH RI@ LLv v LPSOHPHQW RI ZDU DQG WKH VXEPLVVLRQ RI WH>DPV RI KRUVHV@ DQG PXOHV ZKLFK >KDYH JUHDW@ VWUHQ>JWK@ WR WKH \RNH /DFXQD

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ĞXOPX%ÕO  6HQQDFKHULEˤV WK UHJQDO \HDU  DQG KLV VHYHQWK FDPSDLJQ 3UHVXPDEO\ WKH PLVVLQJ SRUWLRQV RI WKH PLOLWDU\ QDUUD WLRQ LQFOXGHG DFFRXQWV RI WKH FDPSDLJQ WKDW WRRN SODFH LQ WKH HSRQ\P\ RI $ğğXUEÕOXXɇXU  WKH NLQJˤV WK UHJQDO \HDU  WKH HLJKWK FDPSDLJQ DQG SRVVLEO\ RQH RU PRUH RI KLV SRVW FDPSDLJQV WKH FRQTXHVW DQG GHVWUXF WLRQ RI %DE\ORQ LQ  WR $UDELD HWF  $V IRU WKH EXLOGLQJ UHSRUW LW PD\ KDYH GHVFULEHG WKH UHEXLOGLQJ DQG GHFRUDWLRQ RI WKH DUPRU\ DV VXJJHVWHG E\ WKH IDFW WKDW WKLV LQVFULSWLRQ FORVHO\ SDUDOOHOV WH[W QR  $OWKRXJK WKH GDWH OLQHV DUH FRPSOHWHO\ EURNHQ DZD\ WKLV HGLWLRQ RI 6HQQDFKHULEˤV UHV JHVWDH LV JHQHUDOO\ WKRXJKW WR KDYH EHHQ ZULWWHQ LQ  HSRQ\P\ RI 6HQQDFKHULE WKH NLQJˤV WK UHJQDO \HDU RU ODWHU

 /DFXQD EHIRUH LLv v %DVHG RQ WKH SDUDOOHO SDVVDJH LQ WH[W QR  WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQHV EHIRUH LLv v FRQWDLQHG *,Ğ,*0(Ğ OLLDUL PHVHU 858'8 QDPUL ˦GRRUV RI ZKLWH FHGDU EDQGV RI EULJKW FRSSHU˧  LLv v DQG ODFXQD 7KH WUDQVODWLRQ DVVXPHV WKDW NLVDOODğ£ .ƒQX¼ PDJDO XğUDEEL ˦, JUHDWO\ HQODUJHG LWV RXWHU FRXUW\DUG˧ DSSHDUHG DW WKH HQG RI LLv v DQG DW WKH EHJLQQLQJ RI WKH QRZPLVVLQJ LLv v

6HQQDFKHULE 



&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

%0 



1LQHYHK $UHD 6+

'LPHQVLRQV FP &ROV FD  ZLGH  KLJK

FSQ F

&200(17$5< %HFDXVH RQO\ D VPDOO SRUWLRQ RI WKH FRPSOHWH WH[W LV SUHVHUYHG DQG EHFDXVH WKH H[WDQW WH[W GXSOLFDWHV LQVFULSWLRQV ZULWWHQ RQ RWKHU PHGLD LW LV GLIILFXOW WR DFFXUDWHO\ DVVHVV WKH FRQWHQWV RI WKLV HGLWLRQ RI 6HQQDFKHULEˤV UHV JHVWDH WKH VDPH LV WUXH IRU WKH \HDU GXULQJ ZKLFK WKH SULVP ZDV LQVFULEHG 7KXV DQ\ VWDWHPHQWV DERXW LWV FRQWHQWV GDWH DQG OHQJWK DUH ODUJHO\ VSHFXODWLYH ( )UDKP 6DQKHULE S   KDYLQJ FRPSDUHG WKH WH[W SUHVHUYHG RQ %0  ZLWK WKH RQH LQVFULEHG RQ D ODUJH VWRQH WDEOHW WKH VRFDOOHG ˦1HEL [ [@ ˮ >JLPLU .85ğ¼ DNğXGXG@΢PDΣ ğDOODWLLğ ΢DPΣ>QX@ ˮ >8580(Ğğ¼ DSSXO DT@΢TXUΣ LQD G*,Ğ%$5 DTPL ˮ > LQD 858QD@΢JLΣWL DğDU £ğEX ˮ >SXOȃL PHODPPH@ LVȃXXSğ¼PD ğ£GDğ¼ H>PLG@

/DFXQD L ˮˡˮ >@  > , FRQTXHUHG KLV 0DUGXNDSODLGGLQD ,,ˤV HQWLUH ODQG@ DQG , FRXQ>WHG@ KLV SHRSOH DV ERRW\ >, GHVWUR\HG GHYDV@WDWHG DQG EXUQHG ZLWK ILUH >KLV FLWLHV  LQ WKH FLW\ 1D@JêWX ZKHUH KH ZDV UHVLGLQJ >IHDU RI P\ ORUGO\ EULOOLDQFH@ RYHUZKHOPHG KLP DQG KH 0DUGXNDSODLGGLQD ,, GLVDS>SHDUHG@

L v 5& 7KRPSVRQ ,UDT  >@ S  YHU\ WHQWDWLYHO\ VXJJHVWV >DWWD@΢JLΣLğ΢PD"Σ ˦>, URD@PHG DERXW DQG˧ RQ WKH EDVLV RI WH[W QR  L  7KLV UHVWRUDWLRQ VHHPV XQOLNHO\ VLQFH WKH YHUE QDJÃğX GRHV QRW RFFXU LQ RWKHU UHSRUWV RI WKH ILUVW RU IRXUWK FDPSDLJQ L v 7KH UHVWRUDWLRQ IROORZV %RUJHU %$/ S  /LNH WH[W QR  WKLV WH[W FRPELQHV WKH DFFRXQWV RI WKH ILUVW DQG IRXUWK FDPSDLJQV



ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

6HQQDFKHULE 

>858ȃLULPPX@ ΢»Σ /œLDVXELJDOODD΢DΣ >@ [΢GDΣDQX .85PDGDDD ΢UXTXΣ>WH@ >¼ğDOSLWPD ¼DE@ELW GD£GPHğ¼XQ >ğD POXOLL /8*$/@ ΢858ΣȻLGXQL HNLP ΢/8*$/VXΣ >PWXEDDƮOX@ ΢LQDΣ *,Ğ*8=$ğ¼ ¼ğHğLEPD >PDQGDDWWX (1WL@LD ¼NLQ ȻH΢UXΣXğğ¼ >¼ğDOSLW UDSğ¼ QD@΢JXΣX .85LD¼GL >PȃD]DTLD¼ /8*$/ğX@ HPLG DEğ£DQX >/œ0(Ğ 858WXPXUUDD@΢DΣ DğLEXXW .85QLSXU >.85L PDUȻL LQD@ ΢*,ĞΣ78.8/ ¼ğDPTLW >858XNNX DGL QDS@΢ȃDU '›Σ GD£GPHğ¼ >NLPD '8̐ DEXEL@ XğELLƮ >810(Ğ .85ȃLODNNL@ ΢DΣğLEXWL

ˮ ˮ ˮ ˮ &RO LL /DFXQD ˮ [ >@ ˮ ğ£ D΢QDΣ >@ ˮ LQD 0Š (',1 >EDOɅXVX LNğXGD Ğ8,,ğ¼XQ@ ˮ DQD PDȃUL>LD XEOXQLğğX@ ˮ LQD .ƒ 0858%̎ 858 ğ£ ΢1,1$Σ>., DUNXVX@ ˮ LWWL DVX >@ ˮ /8*$/ .85(/$00$., ğ£ DQD UH>ȻXWLğX@ ˮ LOOLND DQD .85΢ğXΣ >OX DOOLN@ ˮ 8580(Ğğ¼ GDQQXWL ‹ >QLȻLUWLğ¼@ ˮ » 8580(Ğğ¼ 7850(Ğ ğD ΢OLΣ>PHWLğ¼QX@ ˮ D΢GLΣ Q«UH΢EL ğDΣ ‹PEX΢QDΣ>DNNL DOPH@ ˮ >DNğXGXG £ğ@΢OXΣOD ğDOOD΢VXΣ>XQ DSSXO@ ˮ >DTTXU LQD G*,Ğ@%$5 DTPL 5HVW RI WKH LQVFULSWLRQ LV PLVVLQJ

L ˮˡˮ >, UXLQHG WKH FLW\ ȎLULPPX@ DQG WKH ODQG RI WKH G@ÃQX DQG WKH GLVWD>QW@ 0HGHV >DQG , GHVWU@R\HG WKHLU VHWWOHPHQWV L ˮˡˮ , WRRN DZD\ WKH NLQJVKLS RI >/XO° WKH NLQJ RI@ WKH FLW\ 6LGRQ L v , SODFHG >7X%DƺOX@ RQ KLV WKURQH DQG LPSRVHG XSRQ KLP >SD\PHQW LQ UHFRJQLWLRQ RI@ P\ >RYHUORUGVKLS@ L ˮˡˮ >, UXLQHG WKH ZLGH GLV@WULFW RI WKH ODQG -XGDK DQG LPSRVHG WKH \RNH RQ >+H]HNLDK LWV NLQJ@ L ˮˡˮ , SXW >WR@ WKH VZRUG >WKH SHRSOH RI WKH FLW\ 7XPXUUX@P ZKR OLYH RQ 0RXQW 1LSXU >D UXJJHG PRXQWDLQ@ , VZHSW RYHU >WKH FLW\ 8NNX WRJHWKHU ZLWK HYHU\@ ODVW RQH RI LWV VHWWOHPHQWV VR WKDW WKH\ ORRNHG >OLNH D UXLQ KLOO FUHDWHG E\ WKH 'HOXJH@ L ˮ >, VWUXFN GRZQ ZLWK WKH VZRUG WKH SHRSOH RI WKH ODQG ȎLODNNX@ ZKR OLYH >LQ WKH PRXQWDLQV@ /DFXQD LL ˮˡˮ  >@ ZKRZKLFK  >@ ,Q D SLWFKHG EDWWOH >WKH\ FDSWXUHG KLP 1HUJDOXğÕ]LE DOLYH DQG EURXJKW KLP@ EHIRUH >PH@ LL v $W WKH &LWDGHO *DWH RI 1LQHYHK >, ERXQG KLP@ ZLWK D EHDU >@

LL ˮˡˮ $V IRU WKH NLQJ RI WKH ODQG (ODP ZKR KDG FRPH WR >KLV@ Ğħ]XEXˤV D>LG , PDUFKHG@ WR KLV ODQG >, VXUURXQGHG FRQTXHUHG SO@XQGHU>HG GHVWUR\HG GHYDV WDWHG@ DQG EXUQHG >ZLWK IL@UH KLV IRUWLILHG FLWLHV >KLV@ WUH>DVXU\@ DQG VPDOOHU VHWWOHPHQWV RI KLV LQ >WKHLU@ HQ>YLURQV@ DV IDU DV WKH SDVV RI WKH ODQG %êW%XQD>NL@ 5HVW RI WKH LQVFULSWLRQ LV PLVVLQJ

L vˡv &I WH[W QR  OLQHV ˡ ZKLFK KDYH 858ȃLULPPX » .85 LDVXELJDOODDD .85HOOLSL ¼ğDOSLWPD ¼DEELW GD£GPHğ£ ˦, VPDVKHG WKH FLW\ ȎLULPPX WKH ODQG RI WKH @ [΢GDΣDQX ˦>G@ÃQX˧ /' /HYLQH -&6  >@ S  VXJJHVWV >.85‹DEGD@΢GDΣDQX ˦>WKH ODQG %êW$EGD@GÃQX˧ L v 2QH H[SHFWV QDSȃDU GD£GPHğ¼ ˦DOO RI LWV VHWWOHPHQWV˧ DV LW LV LQ WH[W QR  OLQH  EXW WKLV WH[W KDV >QDS@΢ȃDU '›Σ GD£GPHğ¼ ˦>HYHU\@ ODVW RQH RI LWV VHWWOHPHQWV˧ L v XğELLƮ ˦, VZHSW RYHU˧ 7H[W QR  OLQH  KDV ¼DEELW ˦, GHVWUR\HG˧ /DFXQD DIWHU L v %DVHG RQ WH[W QR  OLQHV ˡ WKH WUDQVODWLRQ DVVXPHV WKDW WKH QRZPLVVLQJ OLQHV DIWHU L v FRQWDLQHG ȃXUğ£DQL DQDU LQD *,Ğ78.8/ ˦PRXQWDLQV , VWUXFN GRZQ ZLWK WKH VZRUG˧ LL v LNğXGD Ğ8,,ğ¼XQ ˦WKHLU KDQGV FDSWXUHG˧ 2U SRVVLEO\ LȻEDWXQLPPD ˦WKH\ FDSWXUHG DQG˧ VHH WH[W QR  OLQH v &I WH[W QR  OLQHV ˡ ZKLFK DGG HULLQQX ELUHWX LGGXğXPD ˦WKH\ WKUHZ KLP LQWR D QHFNVWRFN DQG IHWWHUV DQG˧ LL v .ƒ ˦JDWH˧ 7KLV PD\ EH D PLVWDNH IRU .ƒ*$/ ˦FLW\ JDWH˧ VHH WH[W QR  OLQH  LL v LWWL DVX ˦ZLWK D EHDU˧ &I WH[W QR  OLQH  ZKLFK KDV GDEX¼®ğ ˦OLNH D EHDU˧ ( )UDKP 6DQKHULE S  VXJJHVWV WKDW GDE½Lğ VKRXOG EH WUDQVODWHG LQ WKDW WH[W DV ˦ZLWK D EHDU˧ (VDUKDGGRQ /HLFKW\ 5,1$3  S  (VDUKDGGRQ  LLL  DQG $VKXUEDQLSDO %RUJHU %,:$ S  3ULVP $ YLLL ˡ DOVR UHFRUG WKDW WKH\ ERXQG FDSWLYH IRUHLJQ UXOHUV DW WKH FLWDGHO JDWH ZLWK EHDUV DV ZHOO DV ZLWK GRJV DQG SLJV  LL vˡv 7KHUH LV QRW HQRXJK URRP WR UHVWRUH .ƒ',1*,55$.,0(Ğ ˦%DE\ORQLDQV˧ DW WKH HQG RI WKH OLQH &I WH[W QR  OLQH  ZKLFK KDV UHȻXXW .ƒ',1*,55$.,0(Ğ LOOLNX ˦ZKR FDPH WR WKH DLG RI WKH %DE\ORQLDQV˧ LQ OLHX RI DQD UH>ȻXWLğX@ LOOLND ˦ZKR KDG FRPH WR >KLV@ Ğħ]XEXˤV D>LG@˧ LL v 8580(Ğğ¼ 7850(Ğ ˦VPDOOHU VHWWOHPHQWV RI KLV˧ 7H[W QR  OLQH  KDV 8580(Ğ 7850(Ğ ˦VPDOOHU VHWWOHPHQWV˧

6HQQDFKHULE 



 )RXU VPDOO IUDJPHQWDU\ ˣWULDQJXODUˤ SULVPV IURP 1LQHYHK DUH LQVFULEHG ZLWK D VKRUW LQVFULSWLRQ RI 6HQQDFKHULE WKDW FRQVLVWHG RQO\ RI WKH NLQJˤV WLWOHV DQG HSLWKHWV DQG D VWDWHPHQW DERXW WKH JRG $ğğXU VXSSRUWLQJ 6HQQDFKHULE DV KLV HDUWKO\ UHSUHVHQWDWLYH ,W LV QRW NQRZQ LI WKHVH FXULRXV SULVPV KDG VRPH IXQFWLRQDO SXUSRVH IRXQGDWLRQ GHSRVLW VLWH PDUNHU HWF RU LI WKH\ ZHUH VFULEDO H[HUFLVHV ZULWWHQ RQ SUDFWLFH SULVPV 7KH REMHFWV ZHUH QRW LQVFULEHG EHIRUH  RU  6HQQDFKHULEˤV WK RU WK UHJQDO \HDU VHH WKH FRPPHQWDU\ 

&$7$/2*8( ([

0XVHXP 1XPEHU

([FDYDWLRQ 5HJLVWUDWLRQ 1R

3URYHQDQFH



ˢ

%X 

3UREDEO\ 1LQHYHK



. 

ˢ

3UREDEO\ 1LQHYHK



%0 



1LQHYHK



ˢ

1,1

1LQHYHK 1RUWKZHVW 0RXQG DUHD

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

&ROV  DQG  ZLGH FRO GLYLGHU  ZLGH  KLJK &ROV  DQG  ZLGH FRO GLYLGHU  ZLGH  KLJK &ROV  DQG  ZLGH FRO GLYLGHU  ZLGH  KLJK ˢ

L ˡ LL ˡ

F

L ˡ ˡLL 

F

L  LL vˡv

F

L ˡ ˡLL 

Q

&200(17$5< 7KHVH UHODWLYHO\ VPDOO FD ™ FP REMHFWV KDYH EHHQ UHIHUUHG WR DV KH[DJRQDO SULVPV ZLWK WKUHH LQVFULEHG IDFHV LQ SUHYLRXV OLWHUDWXUH $FWXDOO\ WKH\ DUH ˣWUL DQJXODUˤ SULVPV ZLWK ZLGH DQG IDLUO\ IODW FROXPQ GL YLGHUV FD ˡ FP  7KXV WKH WKUHH LQVFULEHG IDFHV DUH UHIHUUHG WR LQ WKLV HGLWLRQ DV FROV L LL DQG LLL DQG QRW DV FROV L LLL DQG Y ZLWK EODQN FROV LL LY DQG YL  (DFK FROXPQ KDG FD ˡ VKRUW OLQHV RI WH[W RIWHQ ZLWK RQO\ RQH ZRUG SHU OLQH 6LQFH WKH WRSV RI H[V   DQG  DQG WKH EDVH RI H[  DUH SUHVHUYHG LW LV FHU WDLQ WKDW QRQH RI WKH IRXU H[HPSODUV FRPH IURP WKH VDPH REMHFW 0RUHRYHU H[V ˡ ZHUH OLNHO\ ZULWWHQ E\ GLIIHUHQW VFULEHV WKH VFULSW RI H[  LV QHDWHU DQG VPDOOHU WKDQ WKDW RI H[  DQG WKH ZHGJHV RI H[  DUH PRUH GHHSO\ LPSUHVVHG WKDQ WKRVH RI H[V ˡ 7KH WH[W FRPSULVHV RQO\ WKH SURORJXH RI WH[W QRV ˡ DQG ˡ 7KLV RGGLW\ DV ZHOO DV VRPH RUWKRJUDSKLF DEQRUPDOLWLHV LL   DQG   PD\ VXJ JHVW WKDW WKH REMHFWV ZHUH VFULEDO H[HUFLVHV ZULWWHQ RQ SUDFWLFH SULVPV +RZHYHU LW FDQQRW EH UXOHG RXW

WKDW WKHVH WKUHHVLGHG SULVPV KDG VRPH SUDFWLFDO DSSOLFDWLRQ VXFK DV D IRXQGDWLRQ GHSRVLW RU D VLWH PDUNHU $ SUHFLVH GDWH RI FRPSRVLWLRQ FDQQRW EH GHWHU PLQHG ZLWK FHUWDLQW\ +RZHYHU VLQFH WKH WH[W DW OHDVW LQ H[  LQFOXGHV D SDVVDJH VWDWLQJ WKDW WKH JRG $ğğXU PDGH DOO RI WKH EODFNKHDGHG SHRSOH ERZ GRZQ DW 6HQQDFKHULEˤV IHHW WKHVH SULVPV FRXOG QRW KDYH EHHQ LQVFULEHG EHIRUH  RU  ZKHQ WKDW VHFWLRQ ZDV DGGHG WR WKH SURORJXH RI WKH NLQJˤV UHV JHVWDH 8QIRUWXQDWHO\ WKH HYLGHQFH QHHGHG WR GHWHUPLQH LI WKHVH REMHFWV ZHUH SUHSDUHG FD ˡ ğXOPX ğDPğL RU ğDOÃP ğDPğL LV PLVVLQJ LQ    RU  XOWX WLÃPWL HOÕQêWL ğD ğXOPX ğDPğL ˦IURP WKH 8SSHU 6HD RI WKH 6HWWLQJ 6XQ˧ ZDV FKDQJHG WR XOWX WLÃPWL HOÕQêWL ğD ğDOÃP ğDPğL 1,1 H[  LV LQFOXGHG KHUH FRXUWHV\ RI ' 6WURQDFK $ GHWDLOHG VWXG\ DQG HGLWLRQ RI WKDW IUDJPHQW ZLOO DSSHDU LQ 3LFNZRUWK 1LQHYHK  ZKLFK LV D FDWDORJXH RI WKH VPDOO ILQGV GLVFRYHUHG GXULQJ



6HQQDFKHULE 

8& %HUNHOH\ V H[FDYDWLRQV DW 1LQHYHK 7KH WH[W ZKHQ FRPSOHWH ZRXOG KDYH GXSOLFDWHG WH[W QR  L ˡ>@ WH[W QR  L ˡ WH[W QR  L ˡ WH[W QR  L ˡ DQG WH[W QR  L ˡ

%HFDXVH H[V ˡ DUH DOO EDGO\ GDPDJHG WKH PDVWHU OLQH LV D FRQIODWLRQ RI DOO IRXU H[HPSODUV :KHQ SRVVLEOH WKH OLQH DQG FROXPQ GLYLVLRQV IROORZ H[  $ VFRUH RI WKH LQVFULSWLRQ LV SUHVHQWHG RQ WKH &'520

%,%/,2*5$3+<    

%H]ROG &DW  S  H[  VWXG\ :LQFNOHU 2/=  FRO  H[  L ˡ WUDQVOLWHUDWLRQ VWXG\ /DPEHUW DQG 0LOODUG &DW S  H[  VWXG\ 5HDGH -&6  S  H[  VWXG\

   ˢ

%RUJHU %$/ S  H[  VWXG\ /DPEHUW &DW S  H[  VWXG\ )UDKP 6DQKHULE SS ˡ 7  H[V ˡ VWXG\ 3LFNZRUWK 1LQHYHK  H[  FRS\ HGLWLRQ

7(;7 &RO L  >PG(1@΢=8Ğ(ĞΣ>0(Ğ@68  >/8*$/@ *$/¼  >/8*$/@ ΢GDQQXΣ  >/8*$/@ ΢NLğğ£WLΣ  >/8*$/ .85@ ΢DğğXU.,Σ  >/8*$/@ ΢NLEΣUDW  >/008@WL  >5(@΢‹Σ80  >LW@΢SHΣğX  >PL@΢JLU ',1*,5Σ0(Ğ  >*$/@0(Ğ  >QDȻLU@ ΢NLWΣWL  >UDƮL@LP  >PLğ£@UL  >HSLğ@  >¼VDDWL@  >DOLN@  >WDSSXXW@  >DNL@΢L"Σ  >VD@΢ȃLΣUX  >GDP@΢TDΣDWL  ΢HɅΣOXP  >J¯WPDOXP@  >]LNDUX@  ΢TDUΣ>GX@  D>ğ£UHG@  NDO PD>DONL@ &RO LL  UDS>SX@  ODƮL>LɅ@  OD PD>JLUL@  PXğDE>ULTX@  ]DPD>DQL@ GDğğXU   .85¼ >*$/¼@  /8*$/΢¼Σ>XW@

L ˡLL  >6HQQ@DFKHULE >JUHDW@ NLQJ VWURQJ >NLQJ NLQJ RI@ WKH ZRUOG L  >NLQJ RI@ $VV\ULD >NLQJ RI@ WKH >IRX@U TXDUWHUV RI WKH ZRUOG  >FDS@DEOH >VKH@SKHUG L  >IDYR@ULWH RI WKH >JUHDW@ JRGV >JXDUGLDQ RI@ WUXWK >ZKR ORYH@V >MXVWL@FH L  >UHQGHUV DVVLVWDQFH JRHV WR WKH DLG RI WKH ZHD@N L  DQG >VW@ULYHV DIWHU >JRR@G GHHGV >SHUIHFW@ PDQ >YLULOH@ ZDU>ULRU@ IR>UHPRVW RI@ DOO UXO>HUV@ LL  WKH EUL>GOH@ WKDW FRQ>WUROV@ WKH LQVXE>PLVVLYH@ DQG WKH RQH ZKR VWULNHV HQHP>LHV ZLWK OLJKWQLQJ@

LL ˡ 7KH JRG $ğğXU WKH >JUHDW@ PRXQWDLQ JUDQWHG >WR PH@ XQULYDO>OHG@ VRYHUHLJ>QW\ DQG PDGH P\ ZHDSRQV JUHDWHU@ WKDQ WKRVH RI D>OO@ ZKR VLW RQ

LL  ([  KDV ΢GD"Σ>ğXU@ ˦WKH JRG $>ğğXU@˧ 2QH H[SHFWV GDğğXU QRW GDğXU &I IRU H[DPSOH WH[W QR  L  LL  ,Q WKLV FRQWH[W RQH H[SHFWV /8*$/XW QRW /8*$/¼XW ˦NLQJVKLS˧ &I IRU H[DPSOH WH[W QR  L 

6HQQDFKHULE 



UR\DO GDLV>HV@

 OD ğ£΢QDΣ>DQ@  ¼ğDW΢OLPΣ>DQQLPD@  8*8 ΢JLΣ>PLU@  ΢DğLE SDUDNΣ>NL@ /DFXQD ˮ [ >@ ˮ ΢DΣ>GL WDPWLP@ ˮ ΢ğDSΣ>OLWL ğD@ ˮ ΢ȻL"Σ>LW G878ğL@ ˮ ΢JLP"Σ>UL ȻDOPDW@ /DFXQD &RO LLL &RPSOHWHO\ EURNHQ DZD\

/DFXQD LL ˮˡˮ >+H PDGH@ DO>O RI WKH EODFNKHDGHG SHRSOH IURP WKH 8SSHU 6HD RI WKH 6HWWLQJ 6XQ@ W>R WKH@ /R>ZHU 6HD RI WKH@ 5LV>LQJ 6XQ ERZ GRZQ DW P\ IHHW@

/DFXQD &RPSOHWHO\ EURNHQ DZD\

 $ VPDOO IUDJPHQW IURP WKH WRS RI D FOD\ SULVP SUHVXPDEO\ IURP 1LQHYHK SUHVHUYHV WZR OLQHV RI D IRXQGDWLRQ LQVFULSWLRQ RI 6HQQDFKHULE 7KH H[WDQW WH[W FRQWDLQV SDUW RI WKH UHSRUW RI WKH IRXUWK FDPSDLJQ DJDLQVW WKH SHRSOH RI %êW¼ğHȻDDP@΢PDΣ ğDOODWLğ ΢DPΣ>QX@  >¼WHUPD 858@΢0(Ğğ¼Σ DS΢SXOΣ >DTTXU@

Lˮ  >, EURXJKW RXW@ DQG , FRXQ>WHG@ WKHP DV ERRW\ Lˮ  >2QFH DJDLQ@ , GHVWUR\HG DQG >GHYDVWDWHG@ KLV >FLW@LHV /DFXQD

/DFXQD

 $ VPDOO FOD\ IUDJPHQW SRVVLEO\ IURP D SULVP DQG SUHVXPDEO\ IURP 1LQHYHK SUHVHUYHV D SRUWLRQ RI WKH UHSRUW RI 6HQQDFKHULEˤV WKLUG FDPSDLJQ WR WKH /HYDQW WKDW LV QDUUDWHG LQ QXPHURXV RWKHU LQVFULSWLRQV ZULWWHQ RQ FOD\ SULVPV

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

6P 

ˢ

3UREDEO\ 1LQHYHK

™

F

&200(17$5< $V ( )UDKP 6DQKHULE S  KDV DOUHDG\ SRLQWHG RXW 6P  LV WRR VPDOO WR GHWHUPLQH LI LW FRPHV IURP D FOD\ SULVP RU D FOD\ WDEOHW %HFDXVH ZH DUH QRW FHUWDLQ DERXW WKH W\SH RI REMHFW IURP ZKLFK WKLV IUDJPHQW RULJLQDWHV WKLV WH[W LV HGLWHG RQ LWV RZQ 6KRXOG WKH SLHFH FRPH IURP D SULVP WKHQ 6P  PD\ FRPH IURP D KH[DJRQDO SULVP DV VXJJHVWHG E\ WKH ZLGWK RI WKH OLQHV )UDKP 6DQKHULE S 

VXJJHVWV WKDW LW PD\ KDYH FRPH IURP D UHODWLYHO\ ODWH HGLWLRQ  RU ODWHU  6KRXOG 6P  FRPH IURP D WDEOHW WKHQ LW LV SRVVLEOH WKDW WKH IUDJPHQW LV SDUW RI WKH VDPH REMHFW DV 6P  )UDKP 6DQKHULE SS ˡ  7KH H[WDQW WH[W GXSOLFDWHV IRU H[DPSOH WH[W QR  LLL ˡ WH[W QR  LL ˡLLL  DQG WH[W QR  LL ˡ 5HVWRUDWLRQV DUH EDVHG RQ WH[W QR 

%,%/,2*5$3+<  

%H]ROG &DW  S  VWXG\ %RUJHU %$/ SS  DQG  VWXG\



)UDKP 6DQKHULE S  WUDQVOLWHUDWLRQ

6HQQDFKHULE 



7(;7 &RO Lˮ /DFXQD ˮ > ',1*,50(Ğ@ ΢‹ $'Σğ¼ ğ£Dğ¼ ΢'$0Σ>VX '8080(Ğğ¼@ ˮ >'808081860(Ğğ¼ Ğ(Ğ@0(Ğğ¼ 18081 ‹ $'ğ¼ DV΢VXΣ>ȃDPD@ ˮ >DQD .85 DğğXU., ¼@΢UDΣ£ğğ¼ P/8*$/OXG¢UL '808 ΢PΣ>UXNLEWL@ ˮ >/8*$/ğ¼@΢QXΣ PDȃUX¼ 8*8 810(Ğ 858LV΢TDΣ>DOOXQD@ ˮ >£ğ@΢NXQΣPD QDGDQ *81 N¢GUHH EHOX>WLLD@ ˮ >HPLGVX@¼PD Lğ£DDɅ DEğ£΢DΣ>QL@ ˮ >LQD PHWLLT@ ΢JHUΣULLD 858‹GDJDQ΢QDΣ ˮ >858LDDSSX@΢¼Σ 858EDQDDDEDU΢TDΣ ˮ >858D]XUX 8580(ĞQL@ ΢ğD PΣȻLLGTD΢DΣ ˮ >ğD DQD *Ž5,,LD £UȃLğ OD LN@΢QXğ¼Σ DOPH .85XG ˮ >£ğOXOD ğDOODVXXQ /œ*Ž517$0(Ğ@ ΢/œ1810(ĞΣ >@ /DFXQD

/DFXQD Lˮ ˮˡˮ , IRUFLEO\ UHPR>YHG WKH JRGV RI@ KLV IDWKHUˤV KRXVH KLPVHOI >KLV@ ZLIH >KLV VRQV KLV GDXJKWHUV@ KLV >EURWKHU@V DQG RWKHU RIIVSULQJ RI KLV IDWKHUˤV KRXVH >DQG W@RRN KLP >WR $VV\ULD , V@HW ĞDUUXOħGÃUL VRQ RI >5ħNLEWX WK@HLU IRUPHU >NLQJ RYHU WKH SHRSOH RI WKH FLW\ $VKNH>ORQ@ Lv v DQG >LPSRVHG XSRQ KL@P WKH SD\PHQW RI WULEXWH DQG JLIWV LQ UHFRJQLWLRQ RI >P\@ RYHUORUGV>KLS@ VR WKDW KH QRZ SXOOV >P\@ \RN>H@

Lˮ ˮˡˮ >,Q WKH FRXUVH RI@ P\ FDPSDLJQ , VXU URXQGHG FRQTXHUHG DQG >SOXQGHUHG@ WKH FLWLHV %êW 'DJDQQD >-RSS@D %DQD\DEDUTD DQG >$]XUX WKH FLWLHV@ RI ɆLGT¤ >WKDW KDG QRW VXE@PLWWHG >WR PH TXLFNO\ $V IRU WKH JRYHUQRUV@ WKH QREOHV >@

/DFXQD

 $ VPDOO IUDJPHQW IURP WKH WRS RI D FOD\ SULVP SUHVXPDEO\ IURP 1LQHYHK SUHVHUYHV WZR OLQHV RI D IRXQGDWLRQ LQVFULSWLRQ RI 6HQQDFKHULE 7KH H[WDQW WH[W DSSHDUV WR FRQWDLQ SDUW RI WKH UHSRUW RI WKH WKLUG FDPSDLJQ WR WKH /HYDQW WKDW LV QDUUDWHG LQ QXPHURXV RWKHU LQVFULSWLRQV ZULWWHQ RQ FOD\ SULVPV

&$7$/2*8( 0XVHXP 1XPEHU

5HJLVWUDWLRQ 1XPEHU

3URYHQDQFH

'LPHQVLRQV FP

FSQ

5P 

ˢ

3UREDEO\ 1LQHYHK

™

F

&200(17$5< %HFDXVH WKH IUDJPHQW SUHVHUYHV RQO\ WKH WRS RI WKH SULVP DQG WKH PLGGOH SDUW RI WZR OLQHV DQG EHFDXVH WKH SLHFH FRXOG EHORQJ WR DQ\ RI WKH NQRZQ HGLWLRQV RI 6HQQDFKHULEˤV UHV JHVWDH LQVFULEHG RQ FOD\ SULVPV

WKH WH[W ZULWWHQ RQ 5P  LV DUELWUDULO\ HGLWHG RQ LWV RZQ $V IDU DV ZH FDQ WHOO WKH WH[W GXSOLFDWHV IRU H[DPSOH WH[W QR  LLL ˡ WH[W QR  LL  DQG WH[W QR  LL ˡ



6HQQDFKHULE 

%,%/,2*5$3+< 

%H]ROG &DW  S  VWXG\



)UDKP 6DQKHULE S  WUDQVOLWHUDWLRQ

7(;7 &RO Lˮ  >DQD@ ΢UXΣXTT¯ 0858%̎ >WDPWLP@  >LQ@΢QDΣELWPD ΢ğDGΣ>GDğ¼ HPLG@ /DFXQD

Lˮ ˡ >+H /XO° I@OHG DIDU LQWR WKH PLGVW RI >WKH VHD@ DQG GLVDSS>HDUHG@ /DFXQD

 $ IUDJPHQW RI D GHFDJRQDO FOD\ SULVP SUHVXPDEO\ IURP 1LQHYHK LV LQVFULEHG ZLWK D ODWH IRXQGDWLRQ LQVFULSWLRQ RI 6HQQDFKHULE 2QO\ SDUWV RI WKH SURORJXH DQG WKH UHSRUW RI WKH VHFRQG FDPSDLJQ D PLOLWDU\ H[SHGLWLRQ DJDLQVW WKH .DVVLWHV DQG .855$0(Ğ $1Ğ(.81*$0(Ğ@ ˮ $1Ğ(0(Ğ ΢*8̎Σ>0(Ğ » ȻHHQL@ ˮ ΢XOΣWX THU>ELğ¼XQ ¼ğHȻDDPPD ğDOODWLğ DPQX@ ˮ » 8580(Ğ>ğ¼QX 7850(Ğ ğD QLED OD LğX¼@ ˮ DSSXO ΢DTΣ>TXU ¼ğHPH NDUPHğ@ ˮ ‹ ΢(',1Σ >NXOWDUL PXğ£ELğ¼QX@ ˮ LQD G*,Ğ>%$5 DTPXPD GLWDOOLğ@ /DFXQD

/DFXQD L ˮˡˮ >@  > ZKR OR@YHV MXVWLFH >UHQGHUV DV@ VLVWDQFH >JRHV WR WKH DLG RI WKH Z@HDN L v DQG >VWULYHV DIWHU@ JRRG GHHGV >SHUIHFW PDQ YLUL@OH ZDU ULRU >IRUHPRVW RI DOO UXO@HUV >WKH EULGOH WKDW FRQWUROV WKH LQ@VXEPLVVLYH DQG >WKH RQH ZKR VWULNHV HQ@HPLHV >ZLWK OLJKWQLQJ@

L ˮˡˮ >7KH JRG $ğğXU WKH JUHDW PRXQWDLQ JUDQWHG WR@ PH >XQULY@DOOHG VRYHUHLJ>QW\@ DQG >@  >@

/DFXQD /DFXQD LL ˮˡˮ >, VXUURXQGHG DQG FRQTXHUHG  WKHLU@ IRU>WLILHG@ ZD>OOHG FLWLHV , EURXJKW@ RXW RI WK>HP@ SHR SOH KRU>VHV PXOHV@ GRQNH\V R[>HQ DQG VKHHS DQG JRDWV DQG , FRXQWHG WKHP DV ERRW\@ LL v 0RUHRYHU , GHVWUR\HG GHYDV>WDWHG DQG WXUQHG LQWR UXLQV WKHLU VPDOOHU @ VHWWOHPHQWV >ZKLFK ZHUH ZLWKRXW QXPEHU , EXUQHG@ ZLWK IL>UH@ SDYLOLRQV DQG >WHQWV WKHLU DERGHV DQG UHGXFHG WKHP WR DVKHV@ /DFXQD

 $ IUDJPHQW RI D GHFDJRQDO FOD\ SULVP SUHVXPDEO\ IURP 1LQHYHK LV LQVFULEHG ZLWK D ODWH IRXQGDWLRQ LQVFULSWLRQ RI 6HQQDFKHULE 2QO\ SDUWV RI WKH UHSRUWV RI WKH VHFRQG FDPSDLJQ DJDLQVW WKH .DVVLWHV DQG PDDPPDQ@ OD LğPX¼ ]LNLU .85ğ¼XQ ˮ >PDQGDWDğ¼QX@ ΢NDELWWX DPȃXUΣ /DFXQD &RO LLˮ /DFXQD ˮ >DPGD@ȃLLȻPD >£ğWDNDQ %$'̏%$'̏ğ¼XQ@ ˮ >/œ@(1 *,Ğ*,*,50(Ğ ΢»Σ >'8080(Ğ /8*$/ .85PXȻXUDDD@ ˮ >D@΢GLΣ /œ(1 *,Ğ*,*,5>0(Ğ ğD /8*$/ .85PHOXȃȃL@ ˮ ΢EDOΣɅXVXXQ L>QD 0858%̎ WDPȃDUL LNğXGD

/DFXQD Lˮ ˮˡˮ >@  >, WRRN  DV  DQG D IRUWUHVV IRU@ WK>DW@ GLVWULFW WKHQ , FKDQ>JHG@ LWV IRUPHU QDPH >DQG Lv v FD@OOHG LW .ÃU6HQQDFKH>ULE@ , >VHWWOHG@ WKHUHLQ WKH SHRSOH RI >WKH ODQGV WKDW@ , >KDG FR@QTXHUHG , SOD>FHG LW XQGHU WKH DXWKRUL@W\ RI D HX>QXFK RI PLQH@ WKH JRYHU>QRU RI@ WKH FLW\ ȎDUȏDU >DQG WKXV HQ@ODUJHG >P\@ OD>QG@

Lˮ ˮˡˮ 2Q P\ UHWXUQ PDUFK , UHFHLYHG D VXEVWDQ WLDO >SD\PHQW@ IURP WKH GLVWDQW 0HGHV RI ZKRVH ODQG >QR@QH >RI@ WKH NLQJV P\ DQFHVWRUV KDG KHDUG PHQ WLRQ /DFXQD /DFXQD LLˮ ˮˡˮ >, IRX@JKW >ZLWK WKHP@ DQG >GHIHDWHG WKHP@ ,>Q WKH WKLFN RI EDWWOH , FDSWXUHG@ DOLYH >WKH (J\SWLDQ FKD@ULRWHHUV DQG >SULQFHV OLW ˦WKH VRQV RI WKH NLQJ˧  WRJ@HWKHU ZLWK WKH FKDULRWHHU>V RI WKH NLQJ RI WKH ODQG 0HOXȏȏD@

/DFXQD EHIRUH LLv v 7KH WUDQVODWLRQ DVVXPHV WKDW LWWLğ¼XQ ˦ZLWK WKHP˧ DSSHDUHG DW WKH HQG RI WKH OLQH LPPHGLDWHO\ EHIRUH LLv v

6HQQDFKHULE 

Ğ8,,DD@ ΢858ΣDOWDTX¼ 858΢WDΣ>DPQDD DOPH .85XG@ ˮ ΢£ğΣOXOD ğDOODVX΢XQΣ >DQD 858DPTDUUXQD@ ˮ ΢DTΣULEPD ΢/œΣ>*Ž517$0(Ğ /œ1810(Ğ@ ˮ ğD ȃLLɅɅX ΢¼Σ>ğDEğX¼ DGXNPD@ ˮ LQD GLPDD΢WL VLȃLUΣ>WL 858 DOXO SDJULğ¼XQ@ ˮ [ >@ /DFXQD

ˮ



LLˮ ˮˡˮ >, VXUURXQGHG FRQTXHUHG@ DQG SOXQGHUHG WKH FLWLHV (OWHNHK DQG 7D>PQ¤@ , DSSURDFKHG >WKH FLW\ (NURQ DQG , NLOOHG@ WKH >JRYHUQRUV DQG QREOHV@ ZKR KDG >FRPPLWWHG@ FULPHV >DQG KXQJ WKHLU FRUSVHV@ RQ WRZHUV DURX>QG WKH FLW\@  >@

/DFXQD

 ,Q  0DQKDO -DEXU RI WKH 0RVXO 0XVHXP GLVFRYHUHG VRPH IUDJPHQWV RI FOD\ SULVPV LQVFULEHG ZLWK WH[WV RI 6HQQDFKHULE DORQJ ZLWK LQVFULEHG EULFNV LQ WKH QRUWKHUQ FRXUW\DUG RI D EXLOGLQJ FRPSOH[ RQ WKH HDVW VLGH RI 1LQHYHK VRXWK RI WKH .KRVU 5LYHU DQG URXJKO\ HTXLGLVWDQW IURP .X\XQMLN DQG 1HEL @ S  VXJJHVWV UHDGLQJ WKH VLJQV DV ΢ȃXXEWLΣ ˦SOXQGHU˧  OLQH  DNNX PX ˦WKDW , KDG DFFXPXODWHG˧ ,QVWHDG RI NX WKH FRS\ LQ  5 SO  KDV OX ZKLFK '' /XFNHQELOO 6HQQ S  UHDG DV NL" % 0HLVVQHU DQG 3 5RVW %L6 S  VXJJHVWHG NX VHH DOVR $+Z S  VXE QDNÃPX DQG &$' 1 S  VXE QDNÃPX D  OLQHV ˡ 6LPLODU FRQFOXGLQJ OLQHV WKH ˦E\ WKH FRPPDQG RI WKH JRG $ğğXU˧ VHFWLRQ DUH IRXQG LQ WH[WV ZULWWHQ RQ EXOO DQG OLRQ FRORVVL VWDWLRQHG LQ JDWHZD\V RI WKH ˦3DODFH :LWKRXW D 5LYDO˧ WKH 6RXWK:HVW 3DODFH DQG EXOO FRORVVL SODFHG LQ WKH VRFDOOHG ˦(DVW %XLOGLQJ˧ &I IRU H[DPSOH 6PLWK %XOO  OLQHV Eˡ  5 SO   DQG /D\DUG ,&& SO  OLQHV Eˡ  WH[W OLQHV Eˡ  1RWH WKDW WKH JRGGHVV ,ğWDU QRW WKH JRGGHVV 0XOOLVVX LV PHQWLRQHG ZLWK WKH JRG $ğğXU LQ WKH EXOO DQG OLRQ LQVFULSWLRQV  OLQH  SDQL ˦IDFH˧ 7KH FRS\ LQ  5 SO  KDV SD( 7KH UHDGLQJ RI WKH VLJQV DW WKH HQG RI WKH OLQH IROORZV )UDKP 6DQKHULE S 

6HQQDFKHULE 



DJDLQVW (ODP  DQG HLJKWK WKH EDWWOH RI ȎDOXO¬ FDPSDLJQV DQ DFFRXQW RI D FDPSDLJQ WR $UDELD DQG WKH EHJLQQLQJ RI WKH EXLOGLQJ UHSRUW 7KH WHUPLQXV SRVW TXHP IRU WKH LQVFULSWLRQ LV WKH H[SHGLWLRQ WR $UDELD ZKLFK WRRN SODFH DI WHU 6HQQDFKHULEˤV HLJKWK FDPSDLJQ DQG WKHUHIRUH WKH WDEOHWV ZHUH SUREDEO\ LQVFULEHG FD ˡ WKH\ DUH SUREDEO\ ODWHU LQ GDWH WKDQ WH[W QR  7KH LQVFULSWLRQ LV VRPHWLPHV UHIHUUHG WR DV WKH ˦8QJQDG 6WRQH 7DEOHW )UDJPHQW ,QVFULSWLRQ˧ RU WKH ˦:LQFNOHU 6WRQH 7DEOHW )UDJPHQW ,QVFULSWLRQ˧ ([  LV QDPHG DIWHU $ 8QJQDG ZKR SXEOLVKHG D FRS\ RI WKH IUDJPHQW LQ  DQG H[  LV QDPHG DIWHU + :LQFNOHU ZKR SXEOLVKHG DQ HGLWLRQ RI WKDW SLHFH LQ ˡ

&$7$/2*8( 0XVHXP ([ 1XPEHU

5HJLVWUDWLRQ 1XPEHU



9$ 

ˢ



. 

ˢ

3URYHQDQFH 3RVVLEO\ 1LQHYHK RU $ğğXU 3UREDEO\ 1LQHYHK

'LPHQVLRQV FP

/LQHV 3UHVHUYHG

FSQ

™™

vˡv

F

™™

vˡv vvˡvv

F

&200(17$5< 7KUHH LQVFULSWLRQV VLPLODU WR WKLV RQH DUH NQRZQ  WH[W QR  ZKLFK LV LQVFULEHG RQ D KH[DJRQDO FOD\ SULVP  WH[W QR  ZKLFK LV ZULWWHQ RQ D VWRQH WDEOHW DQG  D WH[W ZULWWHQ RQ D GRXEOHFROXPQ FOD\ WDEOHW .   .   6P   " .   "  )UDKP 6DQKHULE SS ˡ 7  WR EH HGLWHG LQ 3DUW   &RPSDULVRQ ZLWK WKRVH WH[WV VXJ JHVWV WKDW WKLV LQVFULSWLRQ SUREDEO\ FRQWDLQHG D VKRUW SURORJXH PLOLWDU\ QDUUDWLRQ VXPPDUL]LQJ 6HQQDFK HULEˤV ILUVW WR HLJKWK FDPSDLJQV WKH FDPSDLJQV WKDW WRRN SODFH LQ WKH HSRQ\PLHV RI ĞXOPX%ÕO  DQG $ğğXUEÕOXXɇXU   DQG DQ H[SHGLWLRQ WR $UDELD DQG D EXLOGLQJ UHSRUW 7KH PHQWLRQ RI 6HQQDFKHULE UHYLHZLQJ HQHP\ ERRW\ LQ OLQH vv PD\ LQGLFDWH WKDW WKH EXLOGLQJ DFFRXQW RI WKLV WH[W GHVFULEHG ZRUN RQ WKH DUPRU\ WKH UHDGLQJ RI WKH H[WDQW WH[W LQ WKDW OLQH LV QRW HQWLUHO\ FHUWDLQ 6LQFH H[V  DQG  GXSOLFDWH HDFK RWKHU RQO\ LQ OLQHV vˡv D VFRUH RI WKRVH OLQHV LV SURYLGHG RQ WKH &'520 $OWKRXJK WKH PDVWHU WH[W RI OLQHV vˡv LV D FRQIODWLRQ RI ERWK H[HPSODUV WKH OLQH GLYLVLRQV IROORZ H[  ZKLFK ZDV QRW DV ZLGH DV H[  3DUDO OHO SDVVDJHV LQ WH[W QR  DLG LQ WKH UHVWRUDWLRQ RI

GDPDJHG WH[W LQ OLQHV vˡv DQG vEˡv DOWKRXJK FDXWLRQ PXVW EH H[HUFLVHG EHFDXVH WKHUH DUH PDMRU YDULDQWV LQ WKRVH SDVVDJHV 'DPDJHG WH[W LQ OLQHV vˡvD FDQ EH UHVWRUHG IURP WH[W QR  Y ˡ )RU OLQHV vˡvD FRPSDUH WKH %DOWLPRUH ,QVFULSWLRQ :DOWHUV $UW *DOOHU\ QR  OLQHV EˡD  DQG ˡ *UD\VRQ $I2  >@ SS ˡ  :DOWHUV $UW *DOOHU\ QR  DQG D GXSOLFDWH RI LW KRXVHG DW WKH &DWKROLF 8QLYHUVLW\ RI $PHULFD WZR ODUJH VWRQH WDEOHWV LQVFULEHG LQ  WKH NLQJˤV WK UHJQDO \HDU  ZLOO EH HGLWHG LQ 3DUW  VLQFH WKDW LQVFULSWLRQ ZKLFK KDV EHHQ UHIHUUHG WR DV WKH ˦6XUPDUUDWL ,QVFULSWLRQ˧ DQG WKH ˦)RXUWHHQWK @ [ [ > 810(Ğ .85‹PLDNLQ̑@ >» ',1*,50(Ğğ¼QX DGL ED@΢ȃXΣOD΢WLΣ >/8*$/ .85(/$00$., £ğOXODPPD@ >DQD .85 DğğXU., ¼UDD@ DUND ΢/œΣ>.ƒ',1*,55$.,0(Ğ @

ˮˡˮD >@  > , FDUULHG RII WKH SHRSOH RI WKH ODQG %êWWKH NLQJ RI WKH ODQG (ODP DQG , EURXJKW WKHP WR $VV\ULD@ ˮEˡˮ $IWHUZDUGV WKH >%DE\ORQLDQV ˢ  ZKR DORQJ ZLWK 0DU@GXNDSODLGGLQD ,, 0HURGDFKEDODGDQ >KDG

vEˡv &I WH[W QR  OLQH  ZKLFK KDV DUND .ƒ',1*,55$.,0(Ğ ğ£ LWWL PG$0$5878,%,/$6801$ ¼ȻX¼ LQQDEWX HODPWDğ ˦DIWHUZDUGV WKH %DE\ORQLDQV ZKR KDG JRQH IRUWK ZLWK 0DUGXNDSODLGGLQD ,, 0HURGDFKEDODGDQ DQG KDG IOHG WR WKH ODQG (ODP˧ $W WKH HQG RI OLQH v DQG WKH EHJLQQLQJ RI OLQH v WKHUH LV URRP IRU DERXW VHYHQ VLJQV EHWZHHQ /œ.ƒ',1*,55$.,0(Ğ ˦%DE\ORQLDQV˧ DQG ğ£ LWWL ˦ZKR DORQJ ZLWK˧  ( )UDKP 6DQKHULE S  VXJJHVWV WKDW RQH FRXOG WHQWDWLYHO\ UHVWRUH *$/̏/ƒ0(Ğ OHPQXWL ˦HYLO JDOO½GHPRQV˧ RQ WKH EDVLV RI WH[W QR  Y  EXW DV KH QRWHV WKLV LV QRW WKH RQO\ SRVVLELOLW\ $W WKH EHJLQQLQJ RI OLQH v RQH FRXOG WHQWDWLYHO\ UHVWRUH WKH QDPH RI WKH (ODPLWH NLQJ .XGXU1DȏXQGX 



ˮ ˮ ˮ ˮ ˮ ˮ

ˮ

ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

ˮ ˮ ˮ ˮ

6HQQDFKHULE 

> ğ£ LWWL PG$0$5@΢878Σ,%,/$6801$ ΢LΣ>QD DODN JHUULLD@ >PDȃULWL ODSDDQ *,Ğ@΢78.8/Σ0(ĞLD GDQ΢QXWLΣ >LJ@΢UX"UX"PD"Σ >@ [ XȻȻXPD LQ΢QDEWX HODPWDğΣ > /œH@ODPX¼ DQD ΢.ƒ',1*,55$., LOGXΣGXQLP>PD@ >PğX]XEX '808 PJDȃ¼O L@QD *,Ğ*8=$ 0$1΢WLΣ 8*8ğ¼QX ΢¼ΣğH>ğLEPD@ >(5,00(Ğ *,Ğ3$1" *,Ğ*,*,50(Ğ@ ΢$1Ğ(Σ.855$0(Ğ NLȻLU ΢0$1WLΣLD ΢DQDΣ PHHȃ΢UHWΣ >/8*$/ .85(/$00$., ¼PDƮHHU@ ΢(5,0ΣȎ,$ğ¼ PDDƮGX ΢LWWL '808ğ¼ LGXΣNX΢PDΣ >LWXU DUNDQLğ ğXQX DGL@ 818*., LğWDPGLȃX ΢G878 ğD $5$50$.,Σ >G*$Ğ$1ğD@΢818*., ',1*,5"Σ>0(Ğ@ DğLEXXW THUELğ¼ DGL 1*Ğ8ğ¼΢QXΣ >1**$ğ¼QX ğD OD QL@΢ELΣ LğOXOXQL LQD WDDDDUWLğ¼QX PğX]X΢EXΣ >/8*$/ .ƒ',1*,55$., LQD 0Š@ ΢(',1Σ EDOɅXVX LȻEDWXQLPPD DGL PDȃUL΢LDΣ >XEOXQLğğX LQD .ƒ@΢*$/Σ 0858%̎ 858 ğ£ 1,1$., DUNXVX GDEX¼®ğ /8*$/ ΢.85Σ>(/$00$., ğD UH@΢ȻXΣXW /œ.ƒ',1*,55$.,0(Ğ LOOL΢NXΣ >DQD .85ğ¼ OX DOOLN@ ΢858Σ0(Ğ GDQQXWL ‹ QLȻLUWLğ¼ » 858΢0(Ğ 7850(ĞΣ >ğD OLPHWLğ¼QX DGL@ ΢QHΣUHEL ğD .85‹PEX΢QDDNΣNL DOPH .85XG £ğ>OXOD ğDOODVXXQ DS@SX΢XO DTΣTXU LQD G*,Ğ%$5 DTPX >/8*$/ (/$00$., NDğDG 8580(Ğğ¼ Lğ@΢PHΣPD LPTXWVX ȃDWWXP VLLWWL 810(Ğ .85ğ¼ >DQD GDQQDDWL ¼ğH@΢OLΣ 858PDGDNWX 858 0$1WLğ¼ H]LEPD ΢DQD 858ΣȃDLGDOD ΢ğDΣ >T«@΢UHEΣ .85L LğWDNDQ SDQLğ¼ >DQD 858PDGDNWH 858 0$1@΢WLΣğ¼ DODNX DTEL ,7,$% NXXȻȻX GDQQX LN΢ğXΣ>GDPPD SDDQ QLUL@΢LDΣ ¼WHUPD DQD

JU@RYHOHG >LQ WKH IDFH RI@ P\ PLJKW\ >ZH@DSRQV GXU>LQJ WKH FRXUVH RI D SUHYLRXV FDPSDLJQ RI PLQH @  KDG JRQH RXW DQG KDG IOHG WR WKH ODQG (ODP ˢ EURXJKW > WKH (@ODPLWH WR %DE\ORQ >DQG@ KH WKH NLQJ RI (ODP SOD>FHG Ğħ]XEX 1HUJDOXğÕ]LE  VRQ RI *DȏXO *DȏDO  R@Q WKH UR\DO WKURQH RYHU WKHP

ˮˡˮD >, RUGHUHG DUFKHUV FKDULRWV@ DQG KRUVHV RI P\ UR\DO FRQWLQJHQW WR FRQIURQW v >WKH NLQJ RI WKH ODQG (ODP@ 7KH\ NLOOHG PDQ\ RI KLV WURRSV LQFOXGLQJ KLV VRQ DQG >KH WKH NLQJ RI (ODP UHWUHDWHG 7KH\@ PDUFKHG >WR@ 8UXN DQG FDUULHG RII WKH JRG ĞDPDğ RI /DUVD DQG >WKH JRGGHVV WKH /DG\ RI@ 8UXN WKH JR>GV@ OLYLQJ LQVLGH LW WRJHWKHU ZLWK WKHLU SURSHUW\ DQG >SRVVHVVLRQV ZKLFK DUH ZLWKRXW QXPE@HU ˮEˡˮ 2Q WKHLU UHWXUQ PDUFK >LQ D@ SLWFKHG >EDW WOH@ WKH\ WRRN Ğħ]XEX 1HUJDOXğÕ]LE  >WKH NLQJ RI %DE\ORQ@ DOLYH DQG >EURXJKW KLP@ EHIRUH PH >$W WKH@ &LWDGHO >*DW@H RI 1LQHYHK , ERXQG KLP ZLWK D EHDU ˮˡˮ $V IRU WKH NLQJ RI WKH ODQG >(ODP ZKR@ KDG FRPH >WR WKH DL@G RI WKH %DE\ORQLDQV >, PDUFKHG WR KLV ODQG@ , VXUURXQGHG FRQTXHUHG SO>XQGHUHG GHV@WUR\HG GHYDVWDWHG DQG EXUQHG ZLWK ILUH KLV IRUWLILHG FLWLHV KLV WUHDVXU\ DQG WKH VPDOOHU VHWWOH PHQWV >LQ WKHLU HQYLURQV DV IDU DV@ WKH SDVV RI WKH ODQG %êW%XQDNL ˮˡˮ >7KH NLQJ RI WKH ODQG (ODP KHD@UG DERXW >WKH FRQTXHVW RI KLV FLWLHV@ DQG IHDU IHOO XSRQ KLP >+H PDGH@ WKH UHVW RI WKH SHRSOH RI KLV ODQG >JR@ XS >LQWR IRUWUHVVHV@ +H DEDQGRQHG WKH FLW\ 0DGDNWX KLV UR\DO FLW\ DQG VHW RXW IRU WKH FLW\ ȎD\GDOD ZKLFK LV >L@Q WKH PRXQWDLQV ˮˡˮ , RUGHUHG WKH PDUFK >WR WKH FLW\ 0DGDNWX@ KLV >UR\@DO >FLW\@ ,Q WKH PRQWK ɐHEÕWX ;  ELWWHU FROG >VHW LQ VR , WXUQHG@ DURXQG OLW ˦, WXUQHG >WKH IURQW RI

v ΢LOGXΣGXQLP>PD@ ˦WKH\ EURXJKW >DQG@˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  v *,Ğ3$1" ˦ERZ˧ 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  v ΢(5,0ΣȎ,$ğ¼ ˦KLV WURRSV˧ &I WH[W QR  OLQH  ZKLFK KDV (5,0Ȏ,$ ˦WURRSV˧ vˡv ΢G878Σ  THUELğ¼ ˦WKH JRG ĞDPDğ  LQVLGH LW˧ 7H[W QR  OLQHV ˡ KDYH G878 ğD $5$50$., G*$Ğ$1ğDUH"HğL G*$Ğ$1ğD818*., GQDQDD G¼ȻXUDPDWVD GEHOHW7,/$ GNXUXQQDP GNDğğLWX G,*,'8 ',1*,50(Ğ DğLEXXW 818*., ˦WKH GHLWLHV ĞDPDğ RI /DUVD WKH /DG\ RI WKH 5Õğ7HPSOH WKH /DG\ RI 8UXN 1DQÃ\D 8ɇXUDPÃVVD %ÕOHWEDOÃɑL .XUXQDP .DğğêWX DQG 3DOLO WKH JRGV ZKR OLYH LQ 8UXN˧ %HFDXVH QHLWKHU H[HPSODU LV VXIILFLHQWO\ SUHVHUYHG DW WKLV SRLQW LW LV QRW SRVVLEOH WR GHWHUPLQH ZKLFK GHLWLHV DUH OLVWHG LQ WKLV LQVFULSWLRQ >G*$Ğ$1ğD@΢818*., ',1*,5"Σ>0(Ğ@ ˦>WKH JRGGHVV WKH /DG\ RI@ 8UXN WKH JR>GV@˧ 2U SRVVLEO\ >G*$Ğ$1ğD@΢818*., GΣ>QDQDD ',1*,50(Ğ@ ˦>WKH JRGGHVV WKH /DG\ RI@ 8UXN WKH JRGGHVV >1DQÃ\D WKH JRGV@˧ VHH )UDKP 6DQKHULE S  v LȻEDWXQLPPD ˦WKH\ WRRN DQG˧ 7H[W QR  OLQHV ˡ KDYH LNğXGD Ğ8,,ğ¼XQ ˦WKHLU KDQGV FDSWXUHG˧ 7KDW LQVFULSWLRQ DOVR DGGV HULLQQX ELUHWX LGGXğXPD ˦WKH\ WKUHZ KLP LQWR D QHFNVWRFN DQG IHWWHUV DQG˧ v 6HH WKH RQSDJH QRWH WR WH[W QR  OLQH  v &I WH[W QR  OLQH  ZKLFK KDV ğX¼ ˦KH˧ EHIRUH 858PDGDNWX ˦WKH FLW\ 0DGDNWX˧ v $IWHU LNğXGDPPD ˦LW ELWWHU FROG VHW LQ DQG˧ WH[W QR  OLQH  KDV ğ£PXWXP OD]LL]WXP LOOLNPD ğDOJX QDȃDOOXP QDDWEDN .85L DGXUD ¼WHUPD ˦FRQWLQXRXV UDLQ IHOO DQG , ZDV DIUDLG RI WKH VQRZ LQ WKH JRUJHV WKH RXWIORZV RI WKH PRXQWDLQV VR , WXUQHG DURXQG DQG˧

6HQQDFKHULE 

ˮ ˮ ˮ ˮ

ˮ ˮ ˮ 5HY ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

.85 DğğXU., DȻEDWD ȃDUUDQX >DUNLLD ğX"@΢¼" £ğΣğ¼ ğXğXXE QDJLğ¼ LQD 8*8 WLODQL > VLLW@WL 810(Ğ .85ğ¼ ğD ODSDDQ *,Ğ78.8/0(ĞLD LSSDUğLGX [ > ¼ğH@΢ULΣGDPPD ¼ğHğLE ɅHUDDWL >@ [ 810(Ğ .85ğ¼ DNğXXGPD ğDOODWLğ DPQX

>8580(Ğğ¼ DSSXXO DTTXU LQD@ G*,Ğ%$5 DTPX /œ.ƒ',1*,55$.,0(Ğ >@ ΢/8*$/ .85(/$00$Σ., ΢LVȃXΣUXPD LNQXğ¼ ğDSDOğ¼ > DQD@ ΢ğXΣDQQD., DODNX DTEL >@ [¼ QL΢VDWLLğ ȃDWWXP LPTXWVXQXWLΣ >‹ 1**$ ğD «VDJ¯O LSWX@΢¼Σ .›*, .›%$%%$5 QL΢VLTWL 1$̎0(ĞΣ DQD 0$1 ΢(/$00$.,Σ >¼ğHELOXXğ ɅDDƮW¼ Lğ@΢SXΣUXğ¼ NLDDP DQD ΢.ƒ',1*,55$.,Σ >ȃLğDPPD LGDDQL L]LL]PD@ WXNXOWDQL OX DWWD ğX΢¼Σ >0$1@ ΢(/$00$Σ., >ğD 810(Ğ .85ğ¼ DNğXGX@PD £ğOXOD ğDOODVX 8580(Ğ΢ğ¼ DSSXODΣ >DTTXUD LQD G*,Ğ%$5@ ΢DTΣPX¼ LQD X]QLğ¼ XO LE΢ğ£DΣ >ɅªHPX » PLONX ɅD@DƮWX /œ.ƒ',1*,55$.,0(Ğ LPȃXU΢PDΣ >@ [ [ XO LTEDD HSLVX΢XQΣ >(5,0Ȏ,$ğ¼ .$5$ĞVX ¼SD@ȃLLUPD .85SDUVX£ğ .85DQ]DDQ .85SDğL΢UXΣ >.85HOOLSL QDSȃDU .85NDOGL@ /œDUDPH NDOLğ¼XQ NLWUX *$/΢¼Σ >LNWHUD LWWLğ¼ DGL /8*$/ .ƒ@΢',1*,5Σ5$., '8080(Ğ .ƒ',1*,55$., E£UVLSD΢.,Σ >DQD DȃDPHğ LTULEXPD D@QD HSHğ WD΢ȃD]L DQDΣ *$%$LD '8NXQL >LQD HPXT GDğğXU (1LD LQD@ ΢WDPLUΣWL ΢858Σ>ȃDOXOH@΢HΣ LWWLğ¼QX >DPGDȃLLȻ %$'̏%$'̏ğ¼QX £ğ@΢NXQΣ  0( 



P@\ >\RNH@˧ DQG WRRN WKH URDG WR $VV\ULD ˮˡˮ >$IWHU P\ GHSDUWXUH K@H WKH NLQJ RI (ODP  LQ RUGHU WR UH VHWWOH KLV GLVWULFW >@ RQ UXLQ KLOOV >+H EUR@XJKW >WKH UHVW@ RI WKH SHRSOH RI KLV ODQG ZKR KDG IOHG EHIRUH P\ ZHDSRQV GRZQ IU>RP @ DQG VHWWOHG WKHP RQ WKH DOOXYLXP ˮˡˮD >@  , FDSWXUHG WKH SHRSOH RI KLV ODQG DQG FRXQWHG WKHP DV ERRW\ >, GHVWUR\HG GHYDVWDWHG@ DQG EXUQHG >ZLWK@ ILUH >KLV FLWLHV@ ˮEˡˮD 7KH %DE\ORQLDQV >@ DOLJQHG WKHPVHOYHV ZLWK WKH NLQJ RI WKH ODQG (ODP DQG ERZHG GRZQ DW KLV IHHW >@ , RUGHUHG WKH PDUFK >WR@ ĞXDQQD %DE\ORQ  >@  LQ ODPHQWDWLRQ )HDU IHOO XSRQ WKHP >7KH\ RSHQ@HG >WKH WUHDVXU\ RI (VDJLO VHQW@ JROG VLOYHU DQG SUHFLRXV VWRQHV >DV D EULEH@ WR WKH NLQJ RI WKH ODQG (ODP 8PPDQPHQDQX  DQG >ZU@RWH WR KLP DV IROORZV ˦>+XUU\ WR %DE\ORQ DQG DOLJQ \RXUVHOI ZLWK XV@ /HW XV SXW RXU WUXVW LQ \RX˧

ˮEˡˮD +H >WKH NLQJ RI@ WKH ODQG (ODP ˢ >WKH SHRSOH RI ZKRVH ODQG , KDG FDSWXUHG@ DQG FDUULHG RII DQG ZKRVH FLWLHV , KDG GHVWUR\HG >GHYDVWDWHG@ DQG EXUQHG >ZLWK ILUH@ ˢ KDG QR >VHQVH RU LQVLJKW@ LQ KLP OLW ˦LQ KLV HDU˧  +H DFFHSWHG >WKH EU@LEH RI WKH %DE\ORQLDQV DQG >@  +H GLG QRW RUGHU WKHLU ZRUN EXW JDWKHUHG >KLV DUP\ DQG IRUFHV@

ˮEˡˮ 7KH ODQGV 3DUVXDğ $Q]DQ 3DğHUX DQG >(OOLSL WKH HQWLUHW\ RI &KDOGHD@ DQG DOO RI WKH $UDPHDQV D ODUJH KRVW >IRUPHG D FRQIHGHUDWLRQ ZLWK KLP 7KH\ PHW XS ZLWK WKH NLQJ RI %@DE\ORQ DQG WKH FLWL]HQV RI %DE\ORQ DQG %RUVLSSD >DQG@ WKH\ PDUFKHG WRZDUGV PH >W@R GR EDWWOH

ˮˡˮ >:LWK WKH VWUHQJWK RI WKH JRG $ğğXU P\ ORUG , IRXJKW@ ZLWK WKHP >RQ@ WKH SODLQ RI WKH FLW>\ ȎDOXO@¬ DQG >GHIHDWHG WKHP , SXW WR WKH VZRUG@ 

vˡvD 7KHVH OLQHV DUH QRW LQFOXGHG LQ WH[W QR  8QOLNH WKDW WH[W WKLV LQVFULSWLRQ UHFRUGV IXUWKHU GHWDLOV DERXW WKH VHYHQWK FDPSDLJQ QDPHO\ ZKDW KDSSHQHG LQ (ODP DQG %DE\ORQLD DIWHU 6HQQDFKHULE GHSDUWHG (ODP DQG WKH HLJKWK FDPSDLJQ LQ SDUWLFXODU KRZ WKH %DE\ORQLDQV EULEHG WKH NLQJ RI (ODP VR WKDW KH ZRXOG VXSSRUW WKHLU FDXVH )RU OLQHV vˡv FI WKH %DOWLPRUH ,QVFULSWLRQ OLQHV ˡ *UD\VRQ $I2  >@ S   v ( )UDKP 6DQKHULE S  UHVWRUHV XOWX" GDQQDDWL" ˦IURP KLV IRUWUHVVHV˧ EHWZHHQ LSSDUğLGX ˦ZKR KDG IOHG˧ DQG >¼ğH@΢ULΣGDPPD ˦>KH EUR@XJKW GRZQ DQG˧ v [¼ ( )UDKP 6DQKHULE S  WHQWDWLYHO\ VXJJHVWV >Lğ"@΢PX"Σ¼ ˦>ZKHQ WKH\ KHD@UG DERXW˧ &I WKH %DOWLPRUH ,QVFULSWLRQ OLQHV EˡD *UD\VRQ $I2  >@ S   ZKLFK KDV '8080(Ğ .ƒ',1*,55$., ğD DODN JHUUL΢LDΣ LğPXPD LPTX΢XWΣ>VX@΢QXΣWL JLOLWWX » ȃD΢DWΣWX ˦DV IRU WKH %DE\ORQLDQV ZKR KHDUG DERXW WKH DSSURDFK RI P\ H[SHGLWLRQDU\ IRUFH WHUURU DQG IHDU IHOO XSRQ >WK@HP˧ v ¼ğHELOXXğ ɅDDƮW¼ ˦WKH\ VHQW LW DV D EULEH˧ 7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  Y  2U SRVVLEO\ UHVWRUH ¼ğHELOX ˦WKH\ VHQW˧ ZKLFK LV EDVHG RQ WKH %DOWLPRUH ,QVFULSWLRQ OLQH  *UD\VRQ $I2  >@ S   v ȃLğDPPD ˦KXUU\ DQG˧ 7KH UHVWRUDWLRQ LV EDVHG RQ WH[W QR  Y  2U SRVVLEO\ UHVWRUH DONDDPPD ˦FRPH KHUH DQG˧ ZKLFK LV EDVHG RQ WKH %DOWLPRUH ,QVFULSWLRQ OLQH  *UD\VRQ $I2  >@ S   v >DNğXGX@PD ˦>, KDG FDSWXUHG@ DQG˧ 2U SRVVLEO\ >DNğXGDP@PD v &I WH[W QR  OLQH  ZKLFK RPLWV '8080(Ğ .ƒ',1*,55$., E£UVLSD., ˦WKH FLWL]HQV RI %DE\ORQ DQG %RUVLSSD˧  L vˡv )UDKP 6DQKHULE S  DOVR LQFOXGHV ˦WKH FLWL]HQV RI %DE\ORQ DQG %RUVLSSD˧ DIWHU /8*$/ .ƒ',1*,55$., ˦WKH NLQJ RI %DE\ORQ˧ v ΢DQDΣ *$%$LD ˦WRZDUGV PH OLW ˦WR P\ FKHVW˧ ˧ 7H[W QR  OLQH  KDV LQD *$%$LD



ˮ

ˮ ˮ

6HQQDFKHULE 

/,0 ΢/œΣ>(5,00(Ğ WDȃD@΢]LΣğ¼QX >LQD *,Ğ78.8/ ¼ğDPTLW *,Ğ*,*,50(Ğ *,Ğ@΢ȻXΣXPEDDWL *,Ğ]D΢UDWLΣ >/8*$/@΢WLğ¼QX HΣNLPğ¼QX΢WLΣ >/œ*$/0(Ğğ¼QX DGL PG@΢$*Σ08*$5XQ '808 PG΢$0$5Σ878΢,%,/$6801$Σ >ğD LQD *,Ğ*,*,50(Ğ .›%$%%$5 ¼ğX@΢X]Σ]X DVPDD WL .›*, WXȌOXX *50(Ğ .›*,

ğLW΢NXQXΣ >» LQD Ȏ$50(Ğ .›*, UX@XNNX VD ULWWLğ¼XQ EDOɅXXVVX>XQ@ ˮ >T«UHE WDPȃDUL LN@΢ğXΣGD Ğ8,,DD /8*$/ .ƒ',1*,55$., » 0$1 .85(/$00$΢.,Σ ˮ >ȃXUEDğ¼ 0ŠLD LV@ȃXSğ¼QXWL T«UHE *,Ğ*,*,5ğ¼QX ¼PDğğHUX΢QLΣ ˮ >]X¼ğ¼XQ HGLğ LSSDUğLG@΢GXΣPD PDWXXğğ¼XQ LQQDE΢WXΣ ˮ > IWHƮHHOȃX"@΢QXΣ ğDUUDW /œDUDEL LQD T«UHE PDGED΢ULΣ ˮ >@ /,0 $1Ğ(*$00$/0(Ğ HNLP TDWXğğ£ ğLL LWWL PȃD΢]D',1*,5Σ ˮ > ȃXUEDğ¼ WDȃD@΢]LΣLD LVȃXSğ¼QXWL NXOWDULğ¼QX ¼PDğğH΢UXPDΣ ˮ >DQD @ ΢»"Σ 858DGXXPPDWH DQD QDSğ£DWL LQQDE΢WXΣ ˮ > 858D@΢GXΣXPPDWX ğD T«UHE PDGEDUL ğLWNXQDDW ğXEDW΢V¼QΣ ˮ > TDT@΢TDU" ȻXΣPH ğD ULLWX PDğT¯W¼ OD EDğ¼¼ T«UHEğ¼>XQ@ ˮ >@ [ [ [ [ [ [ [ [ /DFXQD ˮˮ > LQD@ ΢ğXNΣEXXV ΢DΣUDP΢PHΣ >@ ˮˮ >@[PD" PDQGDDWWDğ¼QX ΢NDΣ>ELWWX DPȃXU" @ ˮˮ >@OX"QL 858NDSDDQX 858>@ ˮˮ >@ DğDU QLȻLUWLğ£ L΢QD"Σ >@ ˮˮ > IWHƮHHOȃXQX" ğDU@UDW /œDUDEL DGL ',1*,5>0(Ğğ£" @ ˮˮ >@ [DWL 1$̎%$%%$5',/,0(Ğ 1$̎΢%$%%$5"Σ>0,1̏"0(Ğ @ ˮˮ >@ ΢ȃD"ΣğXUUX Ğ,00(Ğ ND΢ODΣ>PD @ ˮˮ >@ [DWH » /8*$/0(ĞQL [ >@ ˮˮ > £ğOX@OD 8580(ĞQL ğ£WX΢QXΣ >DSSXXO DTTXU LQD G*,Ğ%$5 DTPX@ ˮ

RI WKHLU >FRPE@DW W>URRSV@ , WRRN DZD\ IURP WKHP >FKDULRWV Z@DJRQV DQG WKHLU >UR\@DO WHQWV

ˮˡˮD , >FDS@WXUHG DOLYH >LQ WKH PLGVW RI WKDW EDWWOH WKHLU PDJQDWHV LQFOXGLQJ 1@DE½ğXPDLğNXQ D VRQ RI 0DUGXNDSODLGGLQD ,, 0HURGDFKEDODGDQ  ZKR >ZHUH VWDQ@GLQJ >LQ VLOYHU GHFRUDWHG FKDULRWV@ EHGHFNHG ZLWK JROG  ZHDU JROG GHFRUDWHG EHOW GDJJHUV >DQG KDYH JROG ULQJV ID@VWHQHG WR WKHLU IRUH DUPV ˮEˡˮ >7HUURU RI GRLQJ EDWWOH ZLWK PH RYHU@ ZKHOPHG WKH NLQJ RI %DE\ORQ DQG WKH NLQJ RI WKH ODQG (ODP 7KH\ UHOHDVHG >WKHLU H[FUHPHQW@ LQVLGH WKHLU FKDULRWV  >IOH@G >DORQH@ DQG UDQ DZD\ WR WKHLU RZQ ODQGV  ˮˡˮ > 7HƮHOȃX@QX TXHHQ RI WKH $UDEV LQ WKH PLGGOH RI WKH GHVHUW >@ , WRRN DZD\ >@ WKRXVDQG FDPHOV IURP KHU 6KH >@ ZLWK +D]DHO >7HUURU RI GRLQJ EDWWOH ZL@WK PH RYHUZKHOPHG WKHP 7KH\ DEDQGRQHG WKHLU WHQWV DQG IOHG IRU WKHLU OLYHV >WR WKH FLW\ @ DQG WKH FLW\ $GXPPDWX

ˮˡˮ >$V IRU WKH FLW\ DQG WKH FLW\ $G@XPPDWX ZKLFK DUH ORFDWHG LQ WKH GHVHUW > D SODFH RI WKLUVW LQ ZKL>FK@ WKHUH LV QR SDVWXUH RU ZDWHULQJSODFH >@ 

/DFXQD ˮˮˡˮˮD > E\ KDYLQJ@ UDPS>V@ WURGGHQ GRZQ >@  DQG >, UHFHLYHG@ WKHLU VXE>VWDQWLDO@ SD\PHQW >@  WR PH ˮˮEˡˮˮ $V IRU WKH FLWLHV .DSÃQX  >@ LWV VHFUHW SODFH ZKLFK LV LQ > vv  , FDUULHG@ RII >7HƮHOȃXQX TXH@HQ RI WKH $UDEV WRJHWKHU ZLWK >KHU@ JRG>V @  SDSSDUGLO½VWRQHV SDSSDU>PêQX@VWRQH>V @ ȃDğħUX ZRRG DOO W\SHV >RI@ DURPDWLFV >@  DQG NLQJV  > , GHVWUR\HG GHYDVWDWHG DQG EXUQHG ZLWK ILUH@ WKRVH FLWLHV

v DVPDD WL ˦˧ 7H[W KDV DVPD0,1WL v >UX@XNNX VD ˦>ID@VWHQHG˧ 7H[W KDV >UX@XN/8VD v 7KH QDPH LV WHQWDWLYHO\ UHVWRUHG IURP DQ LQVFULSWLRQ RI $VKXUEDQLSDO ZULWWHQ RQ WKUHH FOD\ WDEOHWV .   .   5P  OLQH  %RUJHU %,:$ S   7HƺHOȏXQX LV UHIHUUHG WR DV INXPLUWDğ£ PDȃULWX ˦LWV $UDELDˤV IRUPHU NXPLUWXSULHVWHVV˧ LQ WKDW WH[W 7KLV HYHQW LV DOVR UHFRUGHG LQ LQVFULSWLRQV RI (VDUKDGGRQ IRU H[DPSOH /HLFKW\ 5,1$3  S  (VDUKDGGRQ  LY ˡ  EXW WKH QDPH RI WKH TXHHQ RI WKH $UDEV LQ WKRVH WH[WV LV $SNDOODWX $V 5 %RUJHU 2ULHQWDOLD 16  >@ SS ˡ KDV DOUHDG\ SRLQWHG RXW $SNDOODWX LV QRW D SURSHU QDPH EXW UDWKHU D WLWOH ZKLFK (VDUKDGGRQˤV VFULEHV PLVWRRN DV D SHUVRQDO QDPH DQG WKXV $SNDOODWX LV WKH VDPH ZRPDQ DV 7HƺHOȏXQX ZKR LV PHQWLRQHG KHUH DQG LQ WKH DIRUHPHQWLRQHG LQVFULSWLRQ RI $VKXUEDQLSDO v ( )UDKP 6DQKHULE S  WHQWDWLYHO\ VXJJHVWV WKDW RQH FRXOG UHVWRUH >DQD 858NDSDDQX@ ΢»Σ ˦>WR WKH FLW\ .DSÃQX@ DQG˧ DW WKH EHJLQQLQJ RI WKH OLQH v 7KHUH DUH SUREDEO\ WZR FLWLHV PHQWLRQHG LQ WKLV OLQH DV VXJJHVWHG E\ WKH SOXUDO VXIIL[ RQ ğXEWX ğXEDW΢V¼QΣ ˦WKHLU ORFDWLRQ˧ 

6HQQDFKHULE 

>LQXğ¼"  ğ£@ T«UHE 1,1$., NDEDW΢WLΣ >XEODPPD @ ˮˮ > 1$̎*,Ğ@΢18̋̋Σ*$/ 1$̎SLL΢OLΣ >@ ˮˮ > *,Ğ@΢›5Σ0(Ğ *,ĞĞ85>0Ž1 @ ˮˮ >@ ΢.›Σ%$%%$5 =$%$5 [ >@ ˮˮ > SDTD"@΢GXΣ ğDOODDW >QDNLUL" NDELWWX" @ ˮˮ >@ [ >@ /DFXQD



ˮˮˡˮˮ >$W WKDW WLPH P\@ KHDUW >SURPSWHG PH WR  WKH 5HDU 3DODFH ZKLFK LV@ LQVLGH 1LQHYHK > DODEDV@WHU OLPHVWR>QH  E@HDPV RI F\S>UHVV @ VLOYHU EURQ]H  > IRU UHYLHZ@LQJ >VXEVWDQWLDO HQHP\@ ERRW\ >@  >@

ˮˮ

/DFXQD

 $ VPDOO EURNHQ VWRQH WDEOHW GLVFRYHUHG DW 1LQHYHK SUHVHUYHV WKH EHJLQ QLQJ DQG HQG RI DQ LQVFULSWLRQ RI 6HQQDFKHULE UHFRUGLQJ KLV ILUVW FDPSDLJQ DJDLQVW 0DUGXNDSODLGGLQD ,, DQG KLV &KDOGHDQ DQG (ODPLWH DOOLHV  KLV VHF RQG FDPSDLJQ DJDLQVW WKH .DVVLWHV DQG ğLPDWL @ >PD@OLNX UDPQLğ¼ GDQXP G%$' G«>D @ ¼ȻXUDW $1H X .,WLP PXDGGX¼ [ > G  @ HGHğğX¼ ',1*,5 .› ğD *,6.,0ğ¼ OD LOODP΢PDΣ>GX @ SDULLV SXUVHH PX΢ğDNΣ>OLP ȻD@DGGL G>878 @ ',.8̏*$/ ',1*,50(Ğ *$/0(Ğ ğD QDPULLU΢ULΣ >EHOXWLğ¼" @ .850(Ğ PDWLWDQ G,Ğ.85 *œ*$/ $1H .,΢WLPΣ >@ PXğDEğXX Ğ( X ΢*8 PXΣXğSDU]LȃX VDW>WXNNL @ G878 *,6.,00(Ğğ¼ ğD LQD EDOHğ¼ H>@ OD LQQDPEX¼ PDONX G΢$*"Σ > $1H X@ .,WLP VDQLT PLWȃXUWL >@ GQLQXUWD ,%,/$ G(1// [ >@ PXğDWWLUX .850(Ğ [ > GLğWDU" @ DQD ',1*,5WLğD ΢*$/Σ>WL  G%,@ ',1*,50(Ğ ğXU΢EXΣ>WL" ğD LGL /8*$/ SDOLȃLğ¼XQ"@ L]]D]XPD >8*8 NXOODW QDNLUL ¼ğDPUDUX *,Ğ78.8/0(Ğğ¼@

ˡ >7KH JRG@ $ğğXU WKH JUHDW PRXQWDLQ IDWKHU RI WKH JRGV WKH RQH ZKR GHFUHHV >IDWHV  ZKR GHOL@EHUDWHV RQO\ ZLWK KLPVHOI WKH JRGV $QX (QOLO DQG (>D @ WKH GHVLJQV RI KHDYHQ DQG HDUWK ZKR GHVLJQDWHV  > WKH JRG 6°Q  @ WKH RQH ZKR FRQ VWDQWO\ UHQHZV KLPVHOI WKH SXUH JRG ZKRVH VLJQV DUH LQVFUXWDE>OH @  WKH RQH ZKR PDNHV GHFLVLRQV WKH RQH ZKR PDNHV >DVW@URORJLFDO VLJQV >NQRZQ WKH JRG ĞDPDğ @ JUHDW MXGJH RI WKH JUHDW JRGV ZKRVH >ORUGO\@ VSOHQGRU >RYHUZKHOPV DOO RI@ WKH ODQGV HYHU\ ZKHUH WKH JRG $GDG FDQDO LQVSHFWRU RI KHDYHQ DQG HDUWK >@ WKH RQH ZKR EULQJV EDUOH\ DQG IOD[ LQWR EHLQJ ZKR PDNHV VDW>WXNNXRIIHULQJV@ DEXQGDQW >@ WKH JRG ĞDPDğ KLV VLJQV ZLWKRXW ZKRP  >@  DQG QR UXOHU LV QDPHG WKH JRG 1DE½ > RI KHDYHQ DQG@ HDUWK FRQWUROOHU RI KDUPRQ\ >@ WKH JRG 1LQ XUWD KHLU RI WKH JRG (QOLO  >@ WKH RQH ZKR EUHDNV XS PRXQWDLQV  > WKH JRGGHVV ,ğWDU @ IRU KHU JUH>DW@ GLYLQLW\ > DQG WKH 6HEHWWL@  WKH VXSU>HPH@ JRGV >ZKR@ VWDQG >DW WKH VLGH RI WKH NLQJ ZKR UHYHUHV WKHP@ DQG >PDNH KLV ZHDSRQV SUHYDLO RYHU DOO HQHPLHV@

REY  >PD@OLNX UDPQLğ¼ ˦>ZKR GHOL@EHUDWHV RQO\ ZLWK KLPVHOI˧ 6HH &$' 0 S  VXE PDOÃNX $ F REY  ğD QDPULLU΢ULΣ >EHOXWLğ¼"@ ˦ZKRVH >ORUGO\@ VSOHQGRU˧ 6HH /HLFKW\ 5,1$3  S  (VDUKDGGRQ  OLQH  REY  ,W LV RGG WKDW ĞDPDğ LV OLVWHG WZLFH LQ OLQH  UHVWRUHG DQG LQ OLQH  REY  PXğDWWLUX ˦WKH RQH ZKR EUHDNV XS˧ 6HH YRQ 6RGHQ 2ULHQWDOLD 16   SS ˡ QR  REY  SDOLȃLğ¼XQ" ˦ZKR UHYHUHV WKHP˧ )ROORZLQJ WKH -XGL 'DJK ,QVFULSWLRQ OLQH  /XFNHQELOO 6HQQ S   RQH FRXOG WHQWDWLYHO\ UHVWRUH P®JLULğ¼XQ" ˦WKHLU IDYRULWH˧

6HQQDFKHULE 

PG΢3$3Σ>0(Ğ68 @  /DFXQD 5HY /DFXQD ˮ ΢/8*$/Σ>0(ĞQL $'0(ĞLD PDDPPDQ OD LğPXX ]LNLU .850(Ğğ¼XQ@ ˮ PDQGDWD>ğ¼QX NDELWW¼ DPȃXU DQD QLUL EHOXWLLD ¼ğDNQLVXQXWL@ ˮ HQXPD ‹ [ >@ ˮ ‹ G ‹ G΢1,1Σ>*$/ ‹ G878 ‹ GDD @ ˮ ‹ G*$Ğ$11,1$., *$Ğ$1 ΢UDΣ>ELWL"  ğD PDğğXU3$3$ 0$1 .85 DğğXU.,@ ˮ '808 PWXNXOWLG0$Ğ 0$1 .85 Dğ΢ğXUΣ>.,  HSXğ¼" ‹0(Ğ@ ˮ ğ£WLQD OD΢ED"ΣULğ X̎PH >@

ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ ˮ

DTTXUğLQDWLPD GDQ΢QDW"Σ>VLQD DNğXXG" XğğHğLQD"  LWWL" NLȻLU"@ .85L GDQQL DUWLPD XO>WX 8Ğ̒ğLQD DGL JDEDGLEELğLQD DUȻLS@ ¼ğDNOLO ',1*,50(Ğ *$/0(Ğ >@ (10(ĞLD LQD THUEL NLLȻ΢ȻLΣ>ğ¼QX @ ɅDELğ ¼ğDUPDD SDUDNNL΢ğ¼Σ>QX @ OHH ΢PDUXΣWL ğXƮHH PDUXWL 8'86,6.85>0(Ğ @ N¢GUDD>D@ ¼ğDPȃLUğ¼QXWLPD PDȃDU>ğ¼QX @ OLLWX NLğLWWL Ğ8,, ğ£ LQD ΢WXΣ>NXOWL  ',1*,50(Ğ" *$/0(Ğ"@ (10(ĞLD 8*8 NXOODW QDNLUL >£ğWDNNDQX  @ LQD 086$5UHH ¼ğ££ğɅLUPD D΢QDΣ >/8*$/0(Ğ  @ '8080(ĞLD H]LE >DȃUDWDğ@ DQD (*,5 X̎PH 181 (*,5¼ HQXPD ΢‹Σ>0(Ğ ğ£WLQD@ ΢LΣODEELUDPD HQQDȃD 086$5D΢D OLΣ>PXUPD Ž*,Ğ OLSğXXğ 8'86,6.85@ >OLT@΢T¯Σ LWWL 086$5H ğLɅLU ğXPHğ¼ OL΢NLQΣ >GDğğXU LNULELğX LğHPPH@



 6HQQDF>KHULE @ /DFXQD /DFXQD 5HY ˮˡˮ >, UHFHLYHG D VXEVWDQWLDO@ SD\PHQW >IURP WKH GLVWDQW 0HGHV RI ZKRVH ODQG QRQH RI@ WKH NLQJ>V P\ DQFHVWRUV KDG KHDUG PHQWLRQ 7KXV , PDGH WKHP ERZ GRZQ WR WKH \RNH RI P\ ORUGVKLS@ 5HY ˮˡˮ $W WKDW WLPH WKH WHPSOH RI  >@ WKH WHPSOH RI WKH JRG 6°Q WKH WHPSOH RI WKH JRGGHVV 1LQ>JDO WKH WHPSOH RI WKH JRG ĞDPDğ WKH WHPSOH RI WKH JRGGHVV $\D @ UHY v WKH WHPSOH RI WKH JRGGHVV WKH /DG\ RI 1LQHYHK WKH JU>HDW@ ODG\ > ZKLFK $VKXUQDVLUSDO ,,  NLQJ RI $VV\ULD@ VRQ RI 7XNXOWê1LQXUWD ,,  NLQJ RI $VV\ULD > KDG EXLOW@ ˢ ZLWK WKH SDVVDJH RI WLPH WKRVH >WHPSOHV @ 5HY ˮˡˮD , WRUH WKHP GRZQ DQG >UHDFKHG WKHLU@ IRXQGDWLRQ SLWV  , VHFXUHG >WKHLU IRXQGDWLRQV  OLNH@ VROLG >EHG@URFN DQG >, EXLOW@ DQG FRPSOHWHG WKHP IU>RP WKHLU IRXQGDWLRQV WR WKHLU FUHQHOODWLRQV@ 5HY ˮEˡˮ 7KH JUHDW JRGV >@ P\ ORUGV >@ LQWR >WKHLU@ VKULQHV >@ , JUDFLRXVO\ VHWWOHG WKHP RQ WKH>LU@ GDLVHV > , RIIHUHG@ IDWWHQHG EXOOV DQG IDWWHQHG VKHHS DV VDFULILFH>V @ , SUHVHQWHG P>\@ JLIWV WR WKHP DQG >@ EHIRUH >WKHP@

5HY ˮˡˮ , KDG >DOO@ WKH YLFWRULRXV FRQTXHVWV WKDW >, DFKLHYHG@ RYHU DOO RI P\ HQHPLHV > @ ZLWK WKH VXS>SRUW RI  WKH JUHDW JRGV@ P\ ORUGV ZULWWHQ XSRQ LQVFULEHG REMHFWV DQG IRU >WKH NLQJV  @ P\ GHVFHQGDQWV , GHSRVLWHG WKHP >IRU HYHU DIWHU@

5HY ˮˡˮ ,Q WKH IXWXUH PD\ D IXWXUH UXOHU ZKHQ >WKHVH@ WHPSOH>V@ EHFRPH ROG DQG GLODSLGDWHG >VHH@ P\ LQVFULEHG REMHFWV >DQRLQW WKHP ZLWK RLO@ PDNH >DQ RIIHULQJ@ DQG SODFH WKHP ZLWK LQVFULEHG REMHFWV EHDULQJ KLV QDPH >7KH JRG $ğğXU ZLOO WKHQ KHDU KLV SUD\HUV@

 $ VPDOO EURNHQ ZKLWH OLPHVWRQH WDEOHW IRXQG DW WKH 1HUJDO *DWH RI 1LQ HYHK LQ ˡ LV LQVFULEHG ZLWK D WH[W UHFRUGLQJ WKH FRQVWUXFWLRQ RI (ğDȏXOH]HQ]DJPXNDP ˦+RXVH RI -R\ DQG *ODGQHVV IRU WKH )HVWLYDO RI WKH %HJLQQLQJ RI WKH @ S   DQG WKH -XGL 'DJK ,QVFULSWLRQ OLQHV ˡ /XFNHQELOO 6HQQ S    /DFXQD EHIRUH UHY v %DVHG RQ SDUDOOHOV WKH WUDQVODWLRQ DVVXPHV WKDW ğD .85PDGDDD UXTXWL ğD LQD ˦IURP WKH GLVWDQW 0HGHV ZKR DPRQJ˧ DSSHDUHG LQ WKH QRZPLVVLQJ OLQH WKDW ZRXOG KDYH LPPHGLDWHO\ SUHFHGHG UHY v



6HQQDFKHULE 

ILUVW ILIWHHQ OLQHV DQG WKH ODVW HOHYHQ OLQHV RI WKH LQVFULSWLRQ DUH SUHVHUYHG LW LV FOHDU WKDW 6HQQDFKHULE GLG QRW GHHP WKH IRUPHU 1HZ  .ƒ*$/"@ G8*85 ğD P«HȃUHW >@ PLğ£UL SHWX¼ EDEXğ£ >«@ğ¢ȃ¼OOHH]HQ]DJPXNDP ‹ ȃXXG OLEEL » ULğ£DWL ğD LVLQQL UHHğ ğDWWL OX DEQL LQD X̎PX LVLQQL ‹ £NLWLP DQD ȻXOHH » ODEDQ DSSLLD ΢PDΣȃDU ',1*,5 » ',1*,5WLP » PXOWDƮXWL >(1@WLLD ğDWWLğDPPD >L@QD THUELğ£ HSSXğ£ QLJXWX ,7,$3,1 8'.ƒ0 OLPX PG$**,13$3



RSSRVLWH >@ MXVWLFH ZKR RSHQV LWV JDWH 5HY ˮˡˮ , EXLOW >(@ğDȏXOH]HQ]DJPXNDP ˦+RXVH RI -R\ DQG *ODGQHVV IRU WKH )HVWLYDO RI WKH %HJLQQLQJ RI WKH ORUG@O\ SOHDVXUH 5HY ˮ 0RQWK $UDȏVDPQD 9,,,  HOHYHQWK GD\ HSRQ\P\ RI 1DE½NÕQXXɇXU  

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˦,QVFULSWLRQ IURP WKH 5R\DO 5RDG˧

&$7$/2*8( 0XVHXP ([ 1XPEHU

5HJLVWUDWLRQ 1XPEHU



(Ĝ 

ˢ

 

%0  ,0 ˢ

 ˢ

3URYHQDQFH

'LPHQVLRQV FP

1LQHYHK VRXWKHDVW RI ™ 1HEL ORUG@O\ SOHDVXUH˧ 7KH UHDGLQJ IROORZV )UDKP 1$%8  S  QR 



6HQQDFKHULE 

LDQ PRQXPHQWV˧ 1LQHYHK  SS ˡ  VHH DOVR 5RVV /HWWHUV IURP WKH (DVW S  /HWWHU 1R   -DQXDU\   ($: %XGJH LQ DQ DFFRXQW RI KLV RZQ WUDYHOV LQ 2WWRPDQ ODQGV GHVFULEHV WKH GLVFRY HU\ RI H[  ˦7KH GD\ DIWHU P\ UHWXUQ IURP %DLE½NK D QDWLYH ZKR IDUPHG D OLWWOH ODQG EHWZHHQ ȖX\½QMLȗ DQG 1DEL