• Rezultati Niso Bili Najdeni

,/*,$5',12&20(812&&+,2

N/A
N/A
Protected

Academic year: 2022

Share ",/*,$5',12&20(812&&+,2"

Copied!
12
0
0

Celotno besedilo

(1)

RULJLQDOVFLHQWLILFDUWLFOH 8'&%HQHWNH

UHFHLYHG

*$5'(1$6$1(<(

7+(*$5'(12)7+(9(1(7,$13$/$&(625$1=2&$33(//2

(ULND=/$7.29

6,/MXEOMDQD8OLFDEUDWRY8áDNDU HPDLOHULND]ODWNRY#JPDLOFRP

$%675$&7

7KLVSDSHUFRQFHUQVWKHJDUGHQRIWKH9HQHWLDQSDODFH6RUDQ]R&DSSHOORDQGLVVLWXDWHGLQDZLGHULFRQRORJLFDO DQGV\PEROLFWKHRUHWLFDOIUDPHZRUN7KHJDUGHQLVDFRQWLQXRXVPHHWLQJRIRSSRVLWHVZKLFKVXFFHHGLQFRPLQJWR OLIHDVDKDUPRQLRXVZKROHLWLVDV\PEROLFVSDFHRQDFFRXQWRILWVVSHFLILFHPSODFHPHQWEHWZHHQQDWXUHDQGFXO WXUDOODQGVFDSHDQGLWLVDVSDFHRIV\PEROVVLQFHLWKDVLWVRZQLQQHUVSHHFK7KHJDUGHQ¢VDSSHDUDQFHLVVXEMHFWHG WRFOLPDWLFWHPSRUDODQGWHUUHVWULDOLQIOXHQFHVDQGDOVRWRWKHZLOORIPDQZKRVKDSHVLW7KHSXUSRVHRIWKLVVWXG\

LVWROHDGRXUVHOYHVWRWKLQNLQJRIDJDUGHQDVDZRUNRIDUWIRUPDQ¢VSRZHURIH[SUHVVLRQLVQRWRQO\UHDOPDWHULDOLW LV DOVR VSLULWXDO LPPDWHULDO 7KH 9HQHWLDQ JDUGHQ UHSUHVHQWV WKH LQWHUZHDYLQJ RI ERWK ,W LV D ZRUN RI DUW LQ RSHQ VSDFHWRZKLFKLVDOVRJLYHQDXVHIXOYDOXH,WLVDQHPEOHPDWLFILJXUHDPHQWDODQGIRUPDOVSDFHZKLFKGLIIHUVIURP WKHVXUURXQGLQJVERWKUHIOHFWLYHDQGWKRXJKWIXO

.H\ZRUGVJDUGHQJHQHVLVDUWP\WKVYLVXDOPHVVDJH9HQLFHSDODFH6RUDQ]R&DSSHOOR

,/*,$5',12&20(812&&+,2

,/*,$5',12'(/3$/$==2625$1=2&$33(//2$9(1(=,$

6,17(6,

/¢DUWLFRORWUDWWDGHOJLDUGLQRGHOSDOD]]R6RUDQ]R&DSSHOORD9HQH]LDHYLHQHSRVWRLQXQDFRUQLFHLFRQRORJLFDH VLPEROLFRWHRULFD SL| DPSLD ,O JLDUGLQR UDSSUHVHQWD XQ LQLQWHUURWWR LQFRQWUR IUD RSSRVWL FKH SUHQGRQR YLWD LQ XQ XQLFRDUPRQLRVRFRPSOHVVRoXQRVSD]LRVLPEROLFRSHUPH]]RGHOVXRSRVL]LRQDPHQWRVSHFLILFRIUDODQDWXUDHLO SDHVDJJLRFXOWXUDOH²XQRVSD]LRIDWWRGLVLPEROLFKHHVSULPRQRLOVXRGLDORJRLQWHULRUHSHUVRQDOH/¢DVSHWWRGHOJL DUGLQRoVRJJHWWRDOOHLQIOXHQ]HGHOFOLPDGHOWHPSRHGHOODWHUUDFRPHDQFKHGDOODYRORQWiGHOO¢XRPRFKHJOLGi IRUPD/RVFRSRGHOSUHVHQWHVWXGLRoTXHOORGLIDUFLYHGHUHLOJLDUGLQRFRPHXQDIRUPDG¢DUWHLQTXDQWRLOSRWHUHGL HVSUHVVLRQHGHOO¢XRPRQRQoVROWDQWRUHDOHHPDWHULDOHPDoDQFKHVSLULWXDOHLPPDWHULDOH,OJLDUGLQRGL9HQH]LD UDSSUHVHQWDO¢XQLRQHGHOOHGXHYLVLRQL²XQ¢RSHUDG¢DUWHDOO¢DSHUWRFKHPDQWLHQHDQFKHXQDVXDXWLOLWi6LWUDWWDGL XQDILJXUDHPEOHPDWLFDXQRVSD]LRPHQWDOHHIRUPDOHFKHVLVFRVWDGDJOLHOHPHQWLULIOHVVLYLHPHGLWDWLYLFKHODFLU FRQGDQR

3DUROHFKLDYHJLDUGLQRJHQHVLDUWHPLWLPHVVDJJLRYLVLYR9HQH]LD3DOD]]R6RUDQ]R&DSSHOOR

(2)

,1752'8&7,21

$Q HQGOHVV VSDFH FDXJKW EHWZHHQ VHD HDUWK DQG VN\LQWRZKLFKPDQKDVLQWURGXFHGWKHHOHPHQWVRIUHF RJQLWLRQRIKLVUHDVRQPLJKWEHWKHGHILQLWLRQRIWKH9H QHWLDQ JDUGHQ \HW DW WKH VDPH WLPH D GLOHPPD DV WR ZKHWKHUWKLVLVWUXH

7KH9HQHWLDQJDUGHQDWWUDFWVPHIRU,ZKLVKWRNQRZ ZK\WKHJDUGHQLVUHSUHVHQWHGDVWKHSULPRUGLDOLPDJHRI SDUDGLVH\HWDWWKHVDPHWLPHDOVRDVUHVWULFWHGVSDFHIRU HYHU\GD\ XVH" $UW LV WUDQVIL[HG EHWZHHQ WKHVH WZR H[

WUHPHV Ÿ EHWZHHQ WKH KDUPRQ\ RI WKH HWHUQDOLW\ RI WKH VSLULWXDODQGWKHWUDQVLHQFHRIWKHPDWHULDO

7KH JDUGHQV LQ 9HQLFH KDYH RULJLQDWHG WKURXJK GLI IHUHQW SHULRGV DQG KDYH GHYHORSHG MXVW DV 9HQLFH LWVHOI KDV RULJLQDWHG DQG GHYHORSHG 7KH 9HQHWLDQ JDUGHQ WKHUHIRUHLVQRWMXVWDVSDFHQRWPHUHO\DQDSSHQGDJH WR WKH SRVVLEO\ LPSRUWDQW RULJLQDO FKDUDFWHU RI WKH KRPHWKHJDUGHQLVDVWDJHSUHVHQWDWLRQDQLQWHUSOD\

RI OLJKW DQG VKDGH RI VSLULWXDOLW\ DQG PDWHULDOLW\ LQWHU ZHDYLQJWKHUROHVRISDVWDQGSUHVHQW

$UFKLWHFWVDUWLVWVDQGWKLQNHUVKDYHFUHDWHGWKHLP DJHRIWKH9HQHWLDQJDUGHQV,VKDOOWDNHDVWUROOWKURXJK WLPH DQG WKURXJK RQH VLQJOH 9HQHWLDQJLDUGLQR , ZLOO DWWHPSWWRUHDFKWKHSULPRUGLDOLPDJHRISDUDGLVHLQLWV VSLULWXDODQGPDWHULDOFRPSRQHQW

*$5'(1$67+(35,025',$/,0$*(2)3$5$',6(

:KHQHYHU , ORRN EDFN DW WKH 9HQHWLDQ JDUGHQ LQWR ZKLFK , HQWHUHG , KDYH WKH IHHOLQJ WKDW , DP EHLQJ DF FRPSDQLHG E\ WKH LPPDWHULDO LPDJH RI D JDUGHQ Ÿ WKH LPDJHRIQRQWUDQVLHQFH7KHQDUURZERXQGHGVSDFHLV LQIDFWWKHPHHWLQJSODFHRIWKHPDWHULDOLW\RIWKHSUHV HQWJUDVVIORZHUVHWFDQGWKHLPPDWHULDOLW\RIWKHSDVW VW\OH RI DUUDQJHPHQW KLVWRU\ RI WKH JDUGHQ HWF LQ D V\PELRVLVZKLFKFDQQRWEHVHSDUDWHG&DQRQHSHUKDSV LQ WKH DUUDQJHPHQW RI WKH 9HQHWLDQ JDUGHQ DSSUHKHQG WKHPHVVDJHIURPWKHSDVWGLUHFWHGWRZDUGVWKHIXWXUH"

7KH JDUGHQ KRZHYHU LV WKHVSDFH RI WKH ZRUG WKH ILUVWVSDFHRIPDQ¤VOLYLQJDQG\HDUQLQJ,WLVWKHSULPRU GLDO LPDJH RI SDUDGLVH ZKLFK LQ GLYHUVH P\WKRORJLHV UHOLJLRQVDQGOHJHQGVLVVRPHZKDWXQFOHDUO\SUHVHQWHG

(YHQLQWKH%LEOHZHILQGWHVWLPRQ\WKDWWKHJDUGHQLV DERXQGHGVSDFHDQGDVVXFKDVSDFHRIERXQGV$QG RXWRIWKHJURXQGPDGHWKH/RUG*RGWRJURZHYHU\WUHH WKDWLVSOHDVDQWWRWKHVLJKWDQGJRRGIRUIRRGWKHWUHHRI OLIH DOVR LQ WKH PLGVW RI WKH JDUGHQ DQG WKH WUHH RI

NQRZOHGJH RI JRRG DQG HYLO*HQHVLV 7KXV LQ

*RG¤VJDUGHQWKHUH LVD PHHWLQJ RI WKH FRQFHSWV RI WKH

%HDXWLIXO DQG WKH *RRG Ÿ WHUPV ZLWK ZKLFK QXPHURXV SKLORVRSKHUVFRQFHUQHGWKHPVHOYHVVHHNLQJIRUWKHEDO DQFH EHWZHHQ WKHP 3HUKDSV IURP WKLV ZDV ERUQ WKH P\WK RI $UFDGLD WKH SDVWRUDO FRXQWU\ ODQGVFDSH ZLWK FOLIIVJURWWRHVDQGUXLQVPDUNHGE\SDLQDQGWKHPHP RU\RIORVWSOHQLWXGH

,IWKH *DUGHQ RI (GHQ LV DQ DOOHJRU\ IRU WKH *ROGHQ

$JH JRRG IRUWXQH DEXQGDQFH WKH SODFH ZKHUH WKH

%HDXWLIXOLVDOVRWKH*RRGZKDWWKHQZDVLWVLPDJH"

7KH TXHVWLRQ QRZ DULVHV RI ZKHWKHU SDUDGLVH ZDV D ERXQGHGRUDQXQERXQGHGVSDFH&RQVLGHULQJWKHELEOL FDO FRXUVH RI KLVWRU\ RQH PD\ FRQFOXGH WKDW LW LV WKH IRUPHULHDQHOLWHVSDFHLQWHQGHGIRUWKHFKRVHQIHZ VHSDUDWHGDQGGLIIHUHQWIURPDOOE\ZKLFKLWLVHQFORVHG

$VVXFKGXULQJWKH0LGGOH$JHVLW GHYHORSHG LQWR WKH PHWDSKRU RIKRUWXV FRQFOXVXV GHULYHG IURP 6RORPRQ¤V 6RQJRI6RQJVZKLFKV\PEROLVHVLQQRFHQFHSX ULW\ XQWRXFKHGQHVV DQG XQWRXFKDELOLW\ WKH LPPDFX ODWHQHVVRIIHPLQLQHQDWXUH

7KH V\PERO RI 0DU\ ZKR LPPDFXODWHO\ FRQFHLYHG DQGERUHIUXLW,QDFHUWDLQVHQVH 0DU\ LV DOVR WKH SHU VRQLILFDWLRQRIWKH*DUGHQRI(GHQZLWKWKHWUHHRIHWHU QDO OLIH ZKLFK FDQ DOVR EH LGHQWLILHG ZLWK -HVXV &KULVW

\HWDOVRZLWKWKHWUHHRIWKHNQRZOHGJHRIJRRGDQGHYLO IRU WKH IDYRXU RI KDYLQJ EHHQ FKRVHQ DV WKH 0RWKHU RI

*RGLVERXQGXSZLWKWKHSDLQVXUURXQGLQJKLVVDFULILFH DQGGHDWKRQWKHFURVV

+HQFH DOO WKH PRUH DSSURSULDWH ZRXOG VHHP WKH GHVLJQDWLRQRIWKHJDUGHQ LQWURGXFHG E\ 0DVVLPR 9HQ WXUL )HUULROR Ÿ WKH ZRPE RI OLIHLO JUHPER GHOOD YLWD 9HQWXUL )HUULROR WKH RULJLQ RI KXPDQNLQG LV SODFHG LQ WKH *DUGHQ RI (GHQ 7KH QHZ SRVVLELOLW\ RI HWHUQDO OLIH IRU KXPDQNLQG ZDV GHSHQGHQW XSRQ 0DU\

%\ XQGHUWDNLQJ WKH UROH RI 5HGHHPLQJ 0RWKHU VKH EH FDPHWKHSHUVRQLILFDWLRQRIWKHFORVHGJDUGHQDQGYLFH YHUVD0DYULáŸ

1HYHUWKHOHVVZKHWKHUWKHJDUGHQLVHQFORVHGLQWKH VHQVHRIEHLQJDFORVHGVSDFHRUZKHWKHULWLVSHUKDSV WKH RXWHU PDQLIHVWDWLRQ RI WKH KXPDQ PLQG DQG VSLULW ZKLFK LV ERXQGHG E\ UHFRJQLWLRQ UHDVRQ Ÿ ZKDW GRHV PDQ HIIHFWLYHO\ NQRZ XQGHUVWDQG" 2QO\ ZKDWHYHU DZDUHQHVV KDV HQDEOHG KLP WR XQGHUVWDQG LQ WKH ERXQGHGPRPHQWRIKXPDQOLIHRUXQWLOWKHPRPHQWRI ELUWKRIGLOHPPD7KXV,DPOLPLWHGLQUHFRJQLWLRQ\HW QRWFUHDWLYLW\EXWP\FUHDWLYLW\LVERXQGHGE\WKHOLPLW HGQHVV RI RWKHU SHRSOH¤V UHDVRQ 7KLV LV PRVW SUREDEO\

N?=@E=SDE?D=??KN@EJCPK-KHU>EQOEO@AO?NE>A@=O=LKKN>=NNAJNK?GUH=J@SDE?DH=?GO=HHHEBA?D=NIO=J@SDE?D>=NAHUUEAH@O BKK@BKN=JASO?N=SJUCK=POS=OKJHUH=PANAJ?D=J?A@EJPK=JE@A=HEOA@EI=CA>U3ENCEHSDK@ALE?PA@EP=O=H=J@KBHQTQNE=JP CNKSPDAPANJ=HOLNEJC=J@EJATD=QOPE>HAE@HAJAOOBKNHKREJC@=HHE=J?A&JDEO"?HKCQAOPDANABENOP=LLA=NA@EJN?=@E=PDACN=RA=J@

SEPDEP@A=PD1DQO3ENCEH?KI>EJA@EJEPPSK?KJPN=@E?PEKJO!PDALH=?A=J@OL=?AKB>HAOOA@JAOOPKCAPDANSEPDI=J OPN=JOEOPKNEJAOO L=EJ=J@PN=CE?=HEPU *=RNE܄

QPJKPKJHU>E>HE?=H!PDA=J?EAJP$NAAGO=HOKOLA=GKBPDA$KH@AJCASDE?DI=J>UDEO@KEJCOD=OOMQ=J@ANA@=S=U *=RNEÜ

(3)

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á,QGHHG\HW DUH ZH VSHDNLQJ RI PDWHULDOLW\ RU RI VSLULWXDOLW\" ,V WKH WUHHDPDWHULDOWUHHRULVLWWKHV\PERORIWKHUDPLILFDWLRQ RILQIRUPDWLRQZKLFKLWGHULYHVIURPQDWXUHDQGZKLFKLW UHMHFWVDVIRUELGGHQIUXLWIRULWLVQRWXQGHUVWRRG"

:K\YLUWXHDQGZK\VLQ",WLVYLUWXHWRSODQWDQGWR JDWKHUIUXLWVLWLVYLUWXHWROHDUQDQGWRSXWRQH¤VNQRZO HGJHWRJRRGXVH6LQLVQRWWRSODQWQRWWROHDUQ%XWLV QRW WKH JDUGHQ LQ LWV HVVHQFH WHDFKLQJ DERXW OLIH DQG DERXW WKH GHYHORSPHQW RI WKRXJKW LPPDWHULDOLW\ DQG WKHDSSOLFDWLRQRIWKRXJKWPDWHULDOLW\",PD\FRQMHFWXUH WKDWWKHJDUGHQZDVLQLWVRULJLQDOFRQFHSWLRQDPDWHUL DOL]DWLRQ RI WKH VSLULW DQ RXWZDUG PDQLIHVWDWLRQ RI WKH LQWHQVLYHQHVVRIWKHLQGLYLGXDO¤VUHIOHFWLQJZKLFKLQWKH VKDSLQJRIWKHJDUGHQKDVV\QWKHVL]HGDOOWKDWXSWLOOWKLV PRPHQWKH KDG UDWLRQDOO\PDVWHUHG JHRPHWU\DUW KLV WRU\HWFDQGLQWRLWKDGDOVRLQWHUZRYHQWKDWZKLFKKH KDGQRWUDWLRQDOO\PDVWHUHGP\WKVUHOLJLRQFXOWVHWF

:K\ GR ZH VHHG SODQWV DQG LQWURGXFH DQLPDOV LQWR WKHJDUGHQVWKHQFURSWKHPRUNLOOWKHP"7KHJDUGHQLV DZDUQLQJWRXVWKDWDOOLQWKHPDWHULDOZRUOGLVWUDQVLHQW 2QHWUHHJLYHVZD\WRDQRWKHUWKHDQLPDOVJUD]HRQWKH JUDVVPDQFRQVXPHVWKHPHDWPDQLVNLOOHGE\FRQIOLFW ZLWK PDQ $QG WKH ZKROH F\FOH LV UHQHZHG UHSHDWV LW VHOIDWDKLJKHUOHYHORIUHDVRQDQGUHFRJQLWLRQ

,Q DOO WKH DERYHPHQWLRQHG H[DPSOHV WKH JDUGHQ LV OLQNHG ZLWK WKH HOHPHQW RI 'LYLQH WKH +RO\ PRVW SUREDEO\ EHFDXVH LW ZDV DOVR FKRVHQ E\ UXOHUV DV WKHLU VWDWXVV\PERO

+RPHULQWKH2G\VVH\GHVFULEHVWKHJDUGHQRI.LQJ

$OFLQRXVLQDOOLWVOX[XULDQFH)URPWKHGHVFULSWLRQLWLV HYLGHQW WKDW WKH HPSKDVLV ZDV PDLQO\ RQ WKH OX[XULDQW IHUWLOLW\ DQG WKH DFFRPSDQ\LQJ DEXQGDQFH ,W VHHPV WR EHDSODFHRIHWHUQDOVSULQJRUHWHUQDOVXPPHULQZKLFK WKHUHQHYHULV D ODFN RI IUXLWV DQG IORZHUV RI WKH *RRG DQGWKH%HDXWLIXO7KHUHDUHDOVR WZR VRXUFHV RI ZDWHU RQHLQWHQGHGIRUWKHNLQJWKHRWKHUIRUKLVVXEMHFWV,WLV WKHUHIRUHWKHNLQJZKRJLYHVWKHPZDWHUDQGZLWKLWOLIH 0DYULá$WWKLVSRLQWRQHPD\DSSUR[LPDWH WKHNLQJWRD*RGRQDFFRXQWRIKLVSRZHUDQGDXWKRU LW\

0DQ\ PRUH LQVWDQFHV FRXOG EH IRXQG RI WKH SUHV HQFHRIWKHJDUGHQLQGLYHUVHP\WKVOHJHQGVDQGUHOLJ LRQV)URP ZKDW KDV WKXV IDU EHHQ PHQWLRQHG ZH PD\

FRQFOXGHRQO\WKDWWKHJDUGHQLVDVDFUHGVSDFHFUHDWHG E\ WKH FKRVHQ RQHV LQ RUGHU WR VDWLVI\ WKHLU LQVDWLDEOH

\HDUQLQJIRUSDUDGLVHORVWDQGWKXVWREHFRPHFRPSDWL EOH ZLWK *RG *DUGHQV WKHUHIRUH ZHUH IUHTXHQWO\ FUH DWHG E\ FRPPLVVLRQ IURP UXOHUV RU LQIOXHQWLDO LQGLYLGX DOV ZKR H[SUHVVHG WKHLU LPSRUWDQFH LQ VXFK D ZD\ Ÿ WKURXJKWKHVSHHFKRIQDWXUHWDPHG7KH\DUHWKHPLUURU RIWKHVRFLHW\ E\ ZKLFK WKH JDUGHQ ZDV GHVLJQHG ,W LV SHUKDSV PRUH GLIILFXOW WR FRPSDUH WKH QRQ(XURSHDQ ZLWKWKH(XURSHDQJDUGHQVŸIRULQWKHODWWHUWKHGHYHO RSPHQW LV RXWZDUGO\ PRUH YLVLEOH Ÿ \HW DOO DUH PDUNHG E\UHOLJLRQSKLORVRSK\DQGRUWKHSROLWLFDOV\VWHPRIWKH WLPHDQGVSDFHLQZKLFKWKH\RULJLQDWHG0DYULá

&RQVHTXHQWO\WKHLPDJHRUDSSHDUDQFHRIWKHJDU GHQKDVDQLQWHQVHLQIOXHQFHRQKXPDQVHQVLELOLWLHV

7KHJDUGHQLVDQH[SUHVVLRQRIWKHPHQWDODQGVSLUL WXDO VWDWH RI WKH RZQHU WKH FRPPLVVLRQHU RI WKH FUHD WLRQDQGDUHIOHFWLRQRIKLVLQQHUHTXLOLEULXP:K\IRXU ULYHUVZK\LV&KULVW¤VFURVVGLYLGHGLQWRIRXUFRPSRVLWH SDUWV ZK\ LV WKH EUDLQ GLYLGHG LQWR IRXU VSKHUHV DQG ZK\WKHIRXUHOHPHQWVILUHZDWHUHDUWKDLU"7KHJDUGHQ PD\ LQGHHG EH D ERXQGHG VSDFH DQG DV VXFK DOVR D VSDFH RI OLPLWDWLRQV \HW DW WKH VDPH WLPH LW LV DOVR D ERXQGOHVVO\ RSHQ VSDFH ZLWKLQ VSDFH DQG WLPH ,Q WKH JDUGHQDOOWDNHVSODFHŸIURPSUHVHQWDWLRQVRIWKHZRUNV RIJLIWHGDUWLVWVWRFUXFLDOQHJRWLDWLRQVEHWZHHQUXOHUVRI WKHSDVWDQGWKHSUHVHQW

7KHSURSULHWRUDUWLVWFUHDWRURUPHWDSK\VLFLDQPXVW WKHUHIRUH HOHYDWH KLPVHOI DERYH WKH HDUWKO\ DQG WKH UD WLRQDO DQG IURP D FHUWDLQ PHQWDO GLVWDQFH VWXG\ WKH HDUWKO\ Ÿ SUHVHQW RU IXWXUH DQG GUDZ RXW WKH OLQHV Ÿ ZKHWKHUPHQWDORUJHRPHWULFDOŸIURPWKHERXQGHGLQWR WKHOLPLWOHVVVSDFHDQGWLPHDQGVRFUHDWHŸDJDUGHQ

%(7:((1(7(51,7<$1'75$16,(1&(

7KH RSSRVLWH WR QDWXUH LV DUW <HW ERWK PHHW LQ WKH JDUGHQ ,Q WKLV LQVWDQFH PDQ DSSHDUV WR EH HTXDO WR

*RGIRUE\VKDSLQJQDWXUHKHUXOHVRYHUOLIHDQGGHDWK DQGKHQFHFUHDWHVWKHZRUOGLQKLVRZQLPDJH0DQLWLV ZKRVHWVGRZQWKHODZVŸDQGVRWKHIRUPŸDOWKRXJKLQ VRGRLQJKHPXVWWRVRPHH[WHQWWDNHLQWRFRQVLGHUDWLRQ WKRVHZKRKDYHWKHLURZQQDWXUH7KXVWKHJDUGHQLVDQ LQWHUPHGLDWHVSDFHEHWZHHQQDWXUHDQGFXOWXUHEHWZHHQ QDWXUH DQG DUW 7KLV LQWHUPHGLDWH UROH LV IUHTXHQWO\ HYL GHQW IURP WKH IRXQGDWLRQ LQ WKH JHRPHWULFDOO\ EDVHG JDUGHQVWKHVWUXFWXUHRIWKHJDUGHQLVDFRQWLQXDWLRQRI WKHFRPSRVLWLRQRIWKHEXLOGLQJDQGLWVDUFKLWHFWXUDODU WLFXODWLRQ 1R OHVV LPSRVHG \HW DOVR QRW DSSDUHQW DUH

&JPDEOEJOP=J?APDA?KOIE?LNEJ?ELHANALNAOAJPOPDAE@A=PEKJ=HEI=CAKBPDASKNH@KBEPO?NA=PKN&POIAOO=CAEOEJPAJ@A@LNEI=NEHUBKN PDALQ>HE?OEJ?AQOQ=HHUEPI=CJEBEAOPDANKHAKBPDAKSJANSDKEOBNAMQAJPHU=HOKPDA?KJ?ALPQ=H=QPDKNKBPDAC=N@AJ OH=UKQP *=RNEÜ

(4)

)LJ 7KH IORZHUV LQ WKH JDUGHQ RI WKH 3DOD]]R 6RUDQ]R&DSSHOORSKRWR(=ODWNRY

6O &YHWMH Y YUWX SDODàH 6RUDQ]R&DSSHOOR IRWR (

=ODWNRY

WKH ODZV JRYHUQLQJ ODQGVFDSH GHVLJQHG JDUGHQV ZKLFK DSSHDU WR EH QDWXUDO DOWKRXJK WKH\ DUH DFWXDOO\ FRP SRVHGRIQXPHURXVDUWLILFLDOKLOOVDQGODNHVDUWIXOO\GH YLVHGSDWKVDQGVWUHDPVHWF

7KH JDUGHQ LV HIIHFWLYHO\ D ERXQGHG VSDFH IRU LW FDQQRWEHRWKHUZLVH0DQ¤VNQRZOHGJHLVERXQGHG\HW UHDVRQLVQRWERXQGHGKHQFHLQWKHJDUGHQWKHUHLVFRQ VWDQWO\VRPHWKLQJFKDQJLQJ/LIHF\FOHVRIOLYLQJEHLQJV UHVWRUDWLRQ UHQRYDWLRQ RI WKH JDUGHQ $QG WKH JDUGHQ EHFRPHVLQGHHGLVDJDOOHU\LQZKLFKDUHGLVSOD\HGWKH DUWLVWLFZRUNVRIPDQŸRIWKHFUHDWRUDQGRIQDWXUH7KHQ ZHFRPHIXOOFLUFOHIRUPLQGDQGPDWHULDOWRJHWKHUFUH DWHDQHZVWDWHŸZKHWKHULWEHWKHUXLQRIWKHJDUGHQRU LWVUHVWRUDWLRQDVLVWKHELUWKDQGDVLVWKHGHDWKRIPDQŸ

DQGWKHUHELUWK

$UWLVERUQDQGUHVLGHVLQWKHJDUGHQ,OJLDUGLQRWKH JDUGHQ LV RI PDVFXOLQH JHQGHU \HW WKH JDUGHQ JLYHV ELUWK,QWKHJDUGHQWKHUHRFFXUVVRPHWKLQJXQUHVWUDLQHG WKHHURWLFXQEULGOHGDQGIHUWLOL]DWLRQ)HUWLOL]DWLRQEXU JHRQLQJELUWKJLYLQJLVDQHQGOHVVF\FOHZKLFKRQO\WKH PDOHKDQGFDQKDOWE\GHVWUR\LQJKLVYHU\VHOIŸLOJLDU GLQR

$OO WKH DOUHDG\ PHQWLRQHG DQG QXPHURXV XQ PHQWLRQHGYLHZVFRQILUPLQXVWKHUHFRJQLWLRQWKDWWKH JDUGHQ LV WKH FRQWLQXRXV PHHWLQJ RI RSSRVLWHV KHUH SRODULWLHVDOPRVWLPSHUFHSWLEO\IORZLQWRHDFKRWKHU6R ZHPD\VD\WKDWWKHEDVLFPRWLYHSRZHURIWKHJDUGHQLV WKH UHODWLRQ EHWZHHQ H[WUHPHV ZKLFK LV GRPLQDWHG E\

WKHGHVLUHIRUKDUPRQ\ŸDQGKHQFHIRUDOO RI WKHJUHDW YDOXHVWKH%HDXWLIXOWKH*RRGDQGWKH7UXH2QHPD\

LQGHHGEHDORQHLQWKHJDUGHQEXWRQHLVQHYHUORQHO\

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¤V LQFRQVRODELOLW\ HPSWLQHVV DQG LQDELOLW\ WR UHDOLVH KLPVHOI LQ WKH RXWHU ZRUOG 0DYULá Ÿ 2U SHUKDSV UHYHUVH ,W LV D VSDFH ZKHUH PDQ GLVFORVHV KLV LQWLPDWH VHOI KLV LQQHU VWUHQJWK,WLVDVSDFHZKHUHPDQUHDOLVHVKLVPLVVLRQE\

SODFLQJZLWKLQLWZRUNVRIDUWZKLFKDUHLQWHQGHGIRUKLV RZQDSSUHFLDWLRQRUWKDWRIRWKHUYLVLWRUVWRWKHJDUGHQ

9(1,&(

,QWKHIXUWKHUWH[WDFFRUGLQJWRP\RZQVHOHFWLRQ, VKDOOFLWHFHUWDLQLPSRUWDQWDUFKLYDOGDWDZKLFKLOOXVWUDWH WKHVLJQLILFDQFHRI9HQLFHDVDSODFHVHWLQDVSHFLILF FKDUDFWHULVWLF VSDFH DQG WKURXJK WKH WLPHV ZKLFK PDUNHGLWE\WKHDGYDQFHPHQWRIWKRXJKWDQGHQULFKPHQW RIWKHFLW\QRWRQO\ZLWKZRUNVRIDUWEXWDOVRZLWKWKH JDUGHQVZKLFKJDYH9HQLFHDQHZGLPHQVLRQRIH[SUHV VLRQ7KHWH[WLQWKHIROORZLQJFKDSWHUVLVWKHUHIRUHDQ DEVWUDFWRIWKHGRFXPHQWDU\GDWDRQWKHGHYHORSPHQW DQGVLJQLILFDQFHRI9HQHWLDQJDUGHQVE\ZKLFK,LQWHQG WR GHPRQVWUDWHŸRU WR HVWDEOLVK ŸWKH RULJLQDOLW\ RI WKRXJKWDQGFUHDWLYLW\RI9HQLFHZKLFKZDVDQGVWLOOUH PDLQVWKHYHU\FRQFHSWRIDUWDQGRULJLQDOLW\RIH[SUHV VLRQ

$PRQJWKHPRVWLPSRUWDQWWH[WVUHODWLQJWR9HQHWLDQ JDUGHQVLVD GRFXPHQW FRPSLOHGLQ WKH ILUVW SDUW RI WKH

\HDU E\ )UDQFHVFR 6DQVRYLQR LQ ZKLFK KH GH VFULEHV LQ FORVH GHWDLO WKH SXEOLF JUHHQ VSDFHV DQG WKH JDUGHQV ZKLFK ZHUH FXOWLYDWHG ZLWKLQ WKH PRQDVWHULHV KHDOVRSUHFLVHO\GHVFULEHVWKHERWDQLFDOJDUGHQVZKLFK ZHUHFKDUDFWHULVWLFRIWKLVSHULRGDQGWKHRULJLQRIJDU GHQVDURXQGSULYDWHKRXVHV&XQLFR

$OVR LQ WKH FHQWXULHV WR IROORZ WKH 9HQHWLDQV FRQ VWDQWO\VKRZHGHVSHFLDOFDUHIRUDUUDQJHGVSDFHVDFDUH ZKLFK SDUWLFXODUO\ LQ WKH WK FHQWXU\ DWWDLQHG D VRPH ZKDWKLJKHUOHYHOLQWKHDUUDQJHPHQWRIJDUGHQV,QWKHVH WLPHV WKH 9HQHWLDQV DGRSWHG FHUWDLQ QHZ IRUPV Ÿ RU D QHZ SKLORVRSK\ Ÿ RI VSDWLDO DUUDQJHPHQW 7KH\ SDUWO\

DEDQGRQHGWKHDUUDQJHPHQWRIVSDFH ZKLFK ZDV EDVHG RQ FRQVLVWHQW UHVSHFW IRU JHRPHWULFDO ODZV ŸDOOnHV Ÿ

1DAPATPEOAOOAJPE=HHU=?KJPEJQ=PEKJKBPDANAOA=N?DOPQ@UKJPDEOPDAIA?KJ@Q?PA@EJPDAA=NHUO>U'=?KLK@A =N>=NESDK L=NPE?QH=NUOPNAOOA@PDAEILKNP=J?AKBPDAC=N@AJOSDE?DD=@PK>A=NN=JCA@BKNPDAKQPAN=NA=O I=NCEJ=HL=NPOKBPDA?EPU

(5)

)LJ-DFRSRGH%DUEDUL9LHZRI9HQLFHGHWDLO+XQW 6O-DFRSRGH%DUEDUL9HGXWD%HQHWNGHWDMO+XQW ZKLFKZDVSULPDULO\GHULYHGIURPWKH)UHQFKPDQQHURI

VSDWLDO DUUDQJHPHQW DQG LQVWHDG WKH\ WRRN D IUHHU DS SURDFK,QWKHDUUDQJHPHQWRI9HQHWLDQJDUGHQVD SDU WLFXODULPSUHVVLRQZDVOHIWE\)UHGHULF(GHQZKRDWWKH HQG RI WKH WK FHQWXU\ ODLG RXW JDUGHQV DFFRUGLQJ WR QHZ SULQFLSOHV RI VSDWLDO DUUDQJHPHQW LQ ZKLFK KH FRPELQHGHOHPHQWVFKDUDFWHULVWLFRIJDUGHQVRIWKH1HDU (DVWDQGDOVRIHDWXUHVRIWKH9HQHWLDQWUDGLWLRQRUWUDGL WLRQRIWKH9HQHWR&XQLFR7KLVJDYHWRWKHJDU GHQVLQ9HQLFHQHZG\QDPLFFRQWHQWV

7KHJDUGHQZDVHVWDEOLVKHGDVKDQGLFUDIWZKLFKKDG SULPDULO\WKHSXUSRVHRILQFUHDVLQJWKHDHVWKHWLFFRQWHQW RI WKH ODQGVFDSH EHLQJ DUUDQJHG ZLWK OLYLQJ PDWHULDO WKH JDUGHQ DV VXFK ZDV VHQVLWLYH WR WKH FKDQJHV RFFD VLRQHG E\ SRRU WHQGLQJ RU E\ D GLVUXSWHG EDODQFH EH WZHHQKDUPRQ\DQGGLPHQVLRQV&XQLFR

$WILUVWVLJKW9HQLFHGRHVQRWDSSHDUWREHGLVSRVHG HLWKHU WRZDUGV JDUGHQV RU WRZDUGV WKH ODQGVFDSH KLVWR ULDQ7KHHFRORJ\RIWKHODJRRQŸVDOWZDWHUDQGDLULWV KRVWLOLW\WRZDUGVSODQWURRWVWKUXVWGHHSLQWRWKHHDUWKLWV WKUHDWWRZDUGVVRPHRIWKHEDVLFQHHGVDQGDVVXPSWLRQV RIJDUGHQLQJHJWKHUHFDQ¤WEHDQ\HDUWKZRUPVWKHUH WKH SRZHUIXO VXFFHVVLRQ RI KLJK DQG ORZ WLGHV ZKLFK FDQIORRGDQGGHVWUR\WKHWHQGLQJRIJDUGHQVŸLVDERYH DOO LQWROHUDQW WRZDUGV WKH FUHDWLRQ SUHVHUYDWLRQ DQG PDLQWHQDQFHRIJDUGHQV<HWLWZDVWKLVYHU\FKDOOHQJHWR VHWWLQJXSJDUGHQVLQVXFKDQHQYLURQPHQWWKDWOD\DWWKH KHDUWRI9HQHWLDQJDUGHQPDNLQJLWZDVRQHRIWKHFKDU DFWHUV LQ +HQU\ -DPHV¤ QRYHO7KH $VSHUQ 3DSHUV ZKR FODLPHG7KHLGHDRIDJDUGHQULJKWLQWKHPLGGOHRIWKH

VHDDOWKRXJKLWZDVDFWXDOO\WKHFKDOOHQJHWKHDXGDF LW\VSUH]]DWXUD RI WKH DFFRPSOLVKPHQW WKDW KDV DOZD\V EHHQSDUWRIWKHLGHDRI9HQHWLDQJDUGHQVULJKWIURPWKH WLPHVRI&DVVLRGRUXVRQZDUGV+XQWD

$OWKRXJKWKHHYLGHQFHRQWKHJDUGHQVLQWKH/DJRRQ RI 9HQLFH DOUHDG\ IURP WKH WK FHQWXU\ RQZDUGV LV LQ FRPSOHWHDQGXVXDOO\OLQNHGWRWKHHVWDEOLVKPHQWRIUH OLJLRXV DVVRFLDWLRQV WKH JDUGHQV DUH ILUVW DFFRUGHG DQ LPSRUWDQW UROH LQ WKH FLW\ ZKHQ WKH\ DUH JLYHQ LPSRU WDQFH E\ -DFRSR GH¤ %DUEDUL LQ KLV ZRRGFXW PDS RU SRUWUDLW RI WKH FLW\ SURGXFHG DURXQG WKH \HDU 7KH TXHVWLRQ DULVHV DV WR ZK\ WKH JDUGHQV ZHUH JLYHQ VXFK SURPLQHQFH 7KDW TXHVWLRQ EHFRPHV HYHQ PRUH QHFHVVDU\ZKHQZHDFFHSWWKHIDFWWKDWDVRWKHUKLVWRUL DQVRI9HQLFHKDYHH[SODLQHGWKHZRRGFXWLVWKHLPDJH HPEOHP RU YLVXDO UHSUHVHQWDWLRQ RI WKH LGHD RI WKH FLW\

+XQW

7KH9HQHWLDQJDUGHQIRUZKLFKGH¤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

(6)

$ERYHDOO9HQLFHZKLFKULJKWIURPWKHEHJLQQLQJ KDGEHHQDPHUFDQWLOHFLW\VWDWHDWWKHPDUJLQVRIWKH ZHVWHUQSROLWLFDOZRUOGUHPDLQHGXWWHUO\LQGLIIHUHQWWR IHXGDOUHODWLRQVRQWKHPDLQODQG7KHVKDSHRIWKHFLW\

HYROYHGGLUHFWO\IURPWKHVKDSHRILWVVSDFHZKLFKLVQRW DPLUURURIWKHZDWHU¤VVXUIDFHŸIRUWKDWLVSUHVHQWHGLQD GLUHFWYLHZŸEXWUDWKHUDQLQWULFDWHDQGLQYLVLEOHV\VWHP RIWKHXQGHUZDWHU7KHFLW\¤VRUJDQLVPZLWKLVODQGVEXLOW XSRQDVHUULHGJURXQGSODQLVUDWLRQDOO\SRVLWLRQHGDWWKH FRQIOXHQFHRIWKH*UDQG&DQDO&DQDOH*UDQGHDQGWKH

*LXGHFFD&DQDOFORVHWRWKHLUMRLQWRXWOHWWRWKHRSHQ VHD7KLVZDVDFRQVFLRXVFKRLFHRIVLWHIRULWWDPHGQD WXUHVRWKDWVSDFHIRUWKHFLW\FRXOGEHJDLQHGWKHVKLIWLQJ FRQWRXUVRIWKHFDQDOVZHUHIRUWLILHGDQGWKHWHUULWRU\FUH DWHGZDVVXLWDEO\HQFORVHG%HQHYROR

7KLVVSOHQGLGRUJDQLVPZKLFKKDGEHHQHVWDEOLVKHG DQG PDLQO\ LQFRUSRUDWHG EHWZHHQ WKH WK FHQWXU\ Ÿ ZKHQWKHVHDWRIWKHGRGJHVZDVWUDQVIHUUHGIURP0DOD PRFFD WR WKH 5LDOWR Ÿ DQG WKH WK FHQWXU\ ZKHQ WKH FLW\EHJDQWREHGLYLGHGEHWZHHQFRQILQHDQGFRQWUDGH DFKLHYHGLWVILQDOPRQXPHQWDOVROXWLRQLQWKHIROORZLQJ FHQWXU\ 7KH FKXUFK RI 6DQ 0DUFR ZDV UHQRYDWHG EH WZHHQ WKH \HDUV DQG IROORZLQJ WKH PRQX PHQWDO PRGHO RI WKH &KXUFK RI WKH +RO\ $SRVWOHV LQ

&RQVWDQWLQRSOH7KH'RJH¤V&LWDGHOZDVDOWHUHGDURXQG VRWKDWWKHVTXDUHEHIRUHWKHFKXUFKZDVRSHQHG RXW LQ WKH VKDSH RI WKH OHWWHU / ZLWK SDODFH ORJJLDV ORRNLQJRQWRLWLQLQWKLVVHWWLQJWKHPHHWLQJWRRN SODFHEHWZHHQ)UHGHULF,DQG3RSH$OH[DQGHU,,,9HQLFH ZDVE\WKHQDOUHDG\UDQNHGHTXDOWR&RQVWDQWLQRSOHDQG ZKHQWKDWFLW\ZDVWDNHQE\WKHFUXVDGHUVLQWKH\

GHOLEHUDWHO\SUHVHQWHGWKHPVHOYHVDVLQKHULWRUVRIWKH FDSLWDORIWKH2ULHQW$VDUHVXOWRIWKLVGLUHFWUHODWLRQŸ ZKLFKSODFHGWKHFLW\RQWKHIDUVLGHRIWKHVW\OLVWLFGLYLGH EHWZHHQ(DVWDQG:HVWDQGWKXVWRJHWKHUZLWK5DYHQQD VHSDUDWLQJLWIURPWKHUHVWRI,WDO\ŸRQDFFRXQWRIWKHXQ XVXDOLQWHUFURVVLQJ WKHUHHPHUJHGWKHPRVWH[FOXVLYH FKDUDFWHULVWLFVRIWKHFLW\SULPDULO\WKHV\VWHPRISODQH VXUIDFHZDOOVILUPO\VHWLQWKHIRXQGDWLRQVDQGOLQNHGE\

IDFDGHVIXOOODFXQDHDQGSRO\SKRUV7KLVV\VWHPKDGDO UHDG\EHHQXVHGLQ&RQVWDQWLQRSOHDOWKRXJKLQTXLWH GLIIHUHQWSURSRUWLRQVZLWKUHJDUGWRWKHRXWHUVSDFHVLQ 9HQLFH KRZHYHU LW ZDV FRPSRVHG RI XQLQWHUUXSWHG ZDOOVDURXQGDVHULHVRIFDQDOV7KHIDFDGHVEHJDQWRWDNH RQVXFFHVVLYH5RPDQLF*RWKLF5HQDLVVDQFHDQG%D URTXHIRUPV\HWZLWKRXWDOWHUDWLRQWRWKHLURULJLQDOUROH LHWKHD[LVWRZDUGVWKHH[WHULRURSHQHGRXWZLGHWKH GHHSVHWWUDQVLWVSDFHV%HQHYRORŸ

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Ÿ

$Q HTXDOO\SUHPHGLWDWHG DQGGDULQJ WHQVLRQ VXS SRUWHGWKHSROLWLFDODQGSK\VLFDOFRQVWUXFWLRQRIWKHFLW\

RQWKHODJRRQTXLWHGLIIHUHQWWRDOORWKHUVFRQVWUXFWHG RQWKHLPSRVVLEOHZKLFKZDVWKHREMHFWRIP\WKLFDO ZRQGHUPHQWWKURXJKRXWWKHZHVWHUQZRUOG7KLVLVWKH RQO\(XURSHDQFLW\VWDWHZKLFKLQWKHWKFHQWXU\FRP SHWHGZLWKVWDWHVDQGZDVULJKWXSWRWKHWKFHQWXU\D JUHDWZRUOGSRZHU7KHFLW\ZLWKDGHOD\DQGZLWKGUD PDWLFIOXFWXDWLRQVWRRNRYHUZRUOGFODVVLFLVPDQGLQH[

FKDQJHJDYHWKHZRUOGDQHZYLVXDOFXOWXUHZKLFKZDV VKDSHGE\DUWLVWVRIWKHWKFHQWXU\DQGGXULQJWKHQH[W WZRFHQWXULHVVSUHDGWKURXJKRXWWKHZRUOG%HQHYROR

Ÿ

7KHDVSLUDWLRQWRZDUGVXQGHUVWDQGLQJDQGPDVWHULQJ WKHZRUOGRIYLVXDOIRUPVKDGEHHQJLYHQDVFLHQWLILFDQG ILQDODQVZHUZLWKWKHHDUOLHUPHQWLRQHGOLQHDUSHUVSHF WLYHZKLFKLQWURGXFHGDSUHFLVHDFFRUGDQFHEHWZHHQDU WLVWLFGHSLFWLRQŸLQSDLQWLQJRULQVFXOSWXUHŸDQGWKH WKUHHGLPHQVLRQDOVKDSHRIREMHFWVGHSLFWHG3HUVSHFWLYH VHOHFWHGLPDJHVRIWKHZRUOGDFFRUGLQJWRWKHKLHUDUFK\

RI LPSRUWDQFH ŸILUVW WKH SURSRUWLRQDO UHODWLRQV WKHQ PHDVXUHVDQGSK\VLFDOFKDUDFWHULVWLFVWH[WXUHDQGFRO RXUDQGIURPWKLVKLHUDUFK\SURFHHGWKHUXOHVIRUSUR MHFWLQJDOONLQGVRIZRUNVIURPDUFKLWHFWXUHWRXUEDQ ODQGVFDSHV

$PRQJWKH,WDOLDQFLWLHVWKHRQO\RQHWKDWFDQEH FRPSDUHGWR5RPHLV9HQLFHŸFLW\RIHWHUQDOSUHVHQWŸ ZLWKLWVVSHFLILFLQVXODUFKDUDFWHUDQGLQWKDWUHVSHFWLW GRHVQRWEHDUWKHFRPSDULVRQ,Q9HQLFHWKHPRVWFHOH EUDWHG)ORUHQWLQHDUWLVWVZHUHUHFHLYHGDOWKRXJKWKHUXO LQJFODVVUHVLVWHGWKHGLIIXVLRQRIWKH7XVFDQLQIOXHQFH DQGSURXGO\DGKHUHGWRLWVWUDGLWLRQDOPRGHOV%HQHYROR

7KLV UHVLVWDQFH ZDV ILUVW RYHUFRPH E\ WKH SDLQWHUV 7KH ODUJHIRUPDW FDQYDVHV RI *HQWLOH %HOOLQL DQG &DU

BPAN PDA UA=N SDAJ JPKJK 3ER=NEJE $EKR=JJE @ HAI=CJ= =J@ J@NA= *=JPACJ= SANA SKNGEJC PKCAPDAN EJ DEAO= @ACHE

"NAIEP=JEEJ-=@KR=PDANA>AC=J=JEJ?NA=OEJCHUBNAMQAJPATD=JCAKBATLANEAJ?AOSDE?DEJOHQ@A@*=JPKR=#ANN=N==J@„PDNKQCD -EANK@AHH=#N=J?AO?=„=HOKPDAEJPANJ=PEKJ=HAJRENKJIAJPKB2N>EJK1DAUA=NKBO=SPDA=NNER=HKBJPKJAHHK@=*AOOEJ=SDK EJPNK@Q?A@PKPDAOKQPDPDA#HAIEODPA?DJEMQAKBL=EJPEJC1DAIAAPEJC>APSAAJDEI=J@$EKR=JJEAHHEJES=O@A?EOERABKNPDA>ENPDKB PDA3AJAPE=JO?DKKHKBL=EJPEJC =NL=??EK>AC=JL=EJPEJCPDANAEJBKHHKSA@>U$EKNCEKJA)KPPK1EPE=JEJPDABEJ=HUA=NOKBPDA

?AJPQNU1DAPA?DJE?=HEJJKR=PEKJO„?=JR=OKEH?KHKQNO„=J@L=EJPEJCOAJV=L=N@AOACJK„HA@PK=ODEBPEJPDAPN=@EPEKJ=H>=H=J?AKB REOQ=H?QHPQNA=J@=??KN@A@PKL=EJPEJC=JAT?HQOERA@KIEJ=J?ASDE?DS=OJKP>=OA@KJ @N=SEJC AJARKHK

(7)

)LJ7KH3DOD]]R6RUDQ]R&DSSHOORLQ)DYDUR 6O3DODàD6RUDQ]R&DSSHOOROHWD)DYDUR SDFFLRIDLWKIXOO\GHSLFWHYHU\ILQHGHWDLORI9HQLFHDWWKH

KHLJKWRILWVIORXULVKLQJ7ZRKXQGUHGSULQWLQJSUHVVHV HVWDEOLVKHGDIWHUWKH\HDUŸDPRQJWKHPLQ WKHKLJKO\UHILQHGSUHVVRI$OGR0DQX]LŸWRJHWKHUZLWK WKH HQJUDYHUV¤ ZRUNVKRSV FRQWLQXHG DQG VSUHDG WKLV PDVWHUZRUN%HQHYROR,WZDVULJKWKHUHWKDW -DFRSRGH¤%DUEDULSULQWHGKLVIDPHGSDQRUDPLFYLHZRI WKHFLW\

7KH ILUVW WZR PDVWHUV RI DUUDQJLQJ JDUGHQV LQWR DQ RSHQ VFHQH ZHUH *LXVHSSH -DSSHOOL Ÿ DQG )UDQFHVFR %DJQDUD Ÿ ERWK RI ZKRP DGGHG WRWKH9HQHWLDQJDUGHQVWKHHOHPHQWVRIYHJHWDWLRQDQG LQWURGXFHG DUWHIDFWV WKXV FUHDWLQJ WKH LPDJH RI D FXO WXUDOVSDFH&XQLFRHWDOŸ

2QDFFRXQWRIWKLVWKHJDUGHQLVHVVHQWLDOO\DNLQGRI ODE\ULQWKLWLVDSDWKVWUHZQZLWKH[SHFWDWLRQVDQGVXU SULVHV LQ WKH LQWHULRU RI WKH JDUGHQ VKDG\ JURYHV Ÿ DW ILUVWVLJKWXQERXQGHGŸ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

WKDWVWLUWKHVRXO&XQLFRHWDOŸ0DQPLJKW SHUKDSVMXVWZLVKWREHWUDQVIRUPHGLQWRDSODQWLQRUGHU WROLYHZLWKLQWKHJDUGHQLQHWHUQLW\

7+(*$5'(12)7+(3$/$==2625$1=2

&$33(//2

7KH3DOD]]R6RUDQ]R&DSSHOORLVVLWXDWHGLQWKHUHVL GHQWLDOTXDUWHURI6DQWD&URFHLQVXFKDZD\WKDWZLWK LWVIDoDGHIDFLQJWRZDUGVWKHZDWHUZD\5LR0DULQŸDQG WRJHWKHU ZLWK WKH QHLJKERXULQJ SDOD]]R Ÿ LW FUHDWHV D VSHFLDO DUFKLWHFWXUDO UHDOLW\ ZKLFK JLYHV LWV RZQ GLVWLQ JXLVKLQJ PDUN WR WKH ZKROH QHLJKERXUKRRG $GMRLQLQJ WKHEXLOGLQJWKHUHLVDOVRDFRXUW\DUGDQGDODUJHJDUGHQ ZKLFK H[WHQGV EHKLQG WKH SDOD]]R 7KH SDOD]]R WR JHWKHU ZLWK WKH FRPSOH[ RI QHLJKERXULQJ EXLOGLQJV LV VLWXDWHGRQWKHDQFLHQWLVODQGVHWWOHPHQWRI6DQ6LPHRQ 3LFFROR ZKLFK OLHV EHWZHHQ WKH ZDWHUZD\V RI &DQDO

*UDQGH5LR0DULQ5LRGL6=XDQQHDQGDILOOHGLQFD QDO DORQJ ZKLFK QRZ UXQV WKH &DOOH GHOOH &KLRYHUHWH 2QWKHLVODQGDUHUHPDLQVRIVHWWOHPHQWVGDWLQJEDFNWR WKHWKFHQWXU\RQZKLFKWKHJRWKLFVW\OHPD\EHUHF RJQLVHG

7KHSDOD]]RZDVFRQVWUXFWHGDURXQGWKH\HDU DV LV FRQILUPHG E\ FHUWDLQ UHFRUGV DQG E\ WKH JURXQG SODQRI-DFRSRGH¤%DUEDUL,QWKLVDUHDWKHUHPD\DOVREH VHHQDODUJHUEXLOGLQJEHKLQGZKLFKH[WHQGVDVL]HDEOH JUHHQVXUIDFH

1DALDUOE?=HH=J@O?=LAEO=JEI=CAPD=P?=J>ANA=@PDAJPDAL=EJPA@H=J@O?=LAEOPDAEI=CAKB=JEI=CA&POAAIOPK>AJKIKNAPD=J

?KIIKJ OAJOA PK OQCCAOP PD=P H=J@O?=LA L=EJPANO S=JP PK CERA REASANO =AOPDAPE? LHA=OQNA N=PDAN PD=J PK ?KIIQJE?=PA = IAOO=CA QNGA

(8)

)LJ7KHJDUGHQRIWKH3DOD]]R6RUDQ]R&DSSHOORSKRWR(=ODWNRY 6O9UWSDODàH6RUDQ]R&DSSHOORIRWR(=ODWNRY

7KH ILUVW KLVWRULFDOO\ GRFXPHQWHG LQIRUPDWLRQ DERXW WKHSDOD]]RGHULYHVIURPWKH\HDU3UHVHUYHGLQWKH FKXUFKRI6DQ6LPHRQH3URIHWDZKLFKLVVLWXDWHGLQWKH DUHDRI5LR0DULQLVDQDUFKLYHGRFXPHQWZKLFKPHQ WLRQVWKHH[LVWHQFHRIDSORWRIODQGZLWKDEXLOGLQJWKH SURSHUW\RIWKHIDPLO\'¤$UPHUZKRKDGPRYHGWKHUHLQ WKH\HDUIURPWKHUHJLRQRI&DGRUD7KHGDWDIURP UHFRQILUPSURSULHWRULDOULJKWVRYHUWKHEXLOGLQJE\

WKHKRXVHKROGHU$OYLVH'¤$UPHUIURPWKHGHVFULSWLRQLW HPHUJHVWKDWWKHSURSHUW\FRQVLVWHGRIVHYHUDOEXLOGLQJV IURP ZKLFK LW PD\ EHFRQMHFWXUHG WKDW LQGLYLGXDO SDUWV RI WKH EXLOGLQJ VHUYHG IRU UHQWLQJ RXW LW PD\ DOVR EH VXSSRVHGWKDWWKHRULJLQDOEXLOGLQJFRPSULVHGDJURXQG IORRUILUVWIORRUDQGDWWLFZLWKDEDOFRQ\

$ GRFXPHQW GDWHG $XJXVW FRQILUPV WKDW WKH KRXVHKROGHU$OYLVH%UDJDGLQKDGVXEPLWWHGDQDSSOLFD WLRQWRWKHFRPSHWHQWDXWKRULWLHVDWWKH0DJLVWUDWXURGHL

*LXGLFL GHO 3LRYHJR IRU SHUPLVVLRQ WR UHFRQVWUXFW WKH EXLOGLQJ ZLWK LWV DSSXUWHQDQFHV 'XULQJ ODWHU SHULRGV WKLV UHFRQVWUXFWLRQ ZDV IROORZHG E\ QXPHURXV RWKHU UHQRYDWLRQV RI SDUWV RU RI WKH ZKROH FRPSOH[ RI EXLOG LQJV

7KHSDOD]]REHFDPHWKHSURSHUW\RIWKHKRXVHKROGHU ZKRVH QDPH LW VWLOO EHDUV WRGD\ /RUHQ]R 6RUDQ]R LQDIWHUEHLQJVROGDWDQDXFWLRQKHOGIROORZLQJWKH GHDWKRIWKHRZQHU*LDFRPR%UDJDGLQ)URPWKHGRFX PHQWV RQ RZQHUVKLS RI WKH SDOD]]R LW PD\ EH FRQ FOXGHGWKDWWKHJDUGHQZDVDGGHGWRWKHSDOD]]RRQO\DW WKH WLPH RI/RUHQ]R 6RUDQ]R¤V RZQHUVKLS IRU LQ HDUOLHU UHFRUGVQRPHQWLRQFDQEHIRXQGRIWKHJDUGHQ ,Q WKH DUFKLYDO GRFXPHQWV GDWLQJ IURP WKH ILUVW PHQWLRQ RI WKH JDUGHQ DSSHDUV &DVD 3URSULD FRQ *LDUGLQR H

&RUWH +RZHYHU D JUDSKLF UHSUHVHQWDWLRQ E\ 9LFHQ]R

&URQHOOL GDWLQJ IURP GRHV VKRZ D YLHZ RI WKH 3DOD]]R6RUDQ]RDQGWKH5LR0DULQZLWKDJDUGHQ7KLV GLVSOD\VWKHFRXUW\DUGEHIRUHWKHSDODFHLQZKLFK VWDW XHVRI5RPDQHPSHURUVDUHSODFHGLQQLFKHV$VSHFLILF IHDWXUH RI WKH JDUGHQ LWVHOI KRZHYHU LV WKH FHQWUDO ZDONLQJ SDWK DORQJVLGH ZKLFK VWDWXHV DUH SODFHG RQ SHGHVWDOVDQGWKHEURDGUHFWDQJXODUVKDSHGSDUWHUUH HPEHOOLVKHG ZLWK KLJKO\ UHILQHG ILJXUHV 7KH JDUGHQ LV VHSDUDWHG IURP WKH FRXUW\DUG E\ D ORZ ZDOO RQ WRS RI ZKLFKLVDVNLOIXOO\GHVLJQHGZURXJKWLURQIHQFH)DYDUR

Ÿ

,Q IROORZLQJ WKH GHDWK RI WKH ODVW PHPEHU RI WKH 6RUDQ]R IDPLO\ *LDFRPR ZKR GLHG ZLWKRXW GH VFHQGDQWV WKH RZQHUVKLS RI WKH SDOD]]R ZLWK JDUGHQ SDVVHGLQWRWKHSRVVHVVLRQRI$QWRQLR&DSSHOORDPEDV VDGRURIWKH9HQHWLDQ5HSXEOLFDWWKHFRXUWRIWKH)UHQFK .LQJ /RXLV ;9, &DSSHOOR DUUDQJHG WKH JDUGHQ ZKLFK H[WHQGHGEHKLQGWKHSDOD]]R

7KH3DOD]]R6RUDQ]R&DSSHOORZHQWWKURXJKLWVXSV DQG GRZQV ULVHV DQG IDOOV MXVW OLNH WKH JDUGHQ )RUP PDQ\\HDUVLWZDV QHJOHFWHG DEDQGRQHG DQG WKHJDU GHQXQWHQGHG,WZDVQRWXQWLOWKDWWKH,WDOLDQVWDWH UHSXUFKDVHG WKH GLVLQWHJUDWLQJ SDOD]]R IURP WKH ODVW RZQHUFRQWHVVD&DUROLQD GL 7UHQWR DQGFRPPLVVLRQHG WKH UHQRYDWLRQ RI WKH EXLOGLQJ DQG WKH JDUGHQ )DYDUR

7KHUHLVUHODWLYHO\OLWWOHKLVWRULFDOGRFXPHQWDU\PDWH ULDORQWKHSDOD]]RDQGWKHJDUGHQDQGHYHQWKLVGRHV QRW DGG DQ\ PRUH VSHFLILF LQIRUPDWLRQ WR WKH GHWDLOV ZKLFKFDQ WRGD\ EH JOHDQHG E\ VWXG\LQJ WKH WHVWLPRQ\

RIWKHUHFRUGVKLGGHQLQWKHZDOOVDQGLQRWKHUHOHPHQWV RIWKHJDUGHQ7RDFHUWDLQH[WHQWWKH\VXSSOHPHQWWKH LQIRUPDWLRQ JDLQHG IURP QRWHV LQ '¤$QQXQ]LR¤V GLDU\

(9)

)LJ7KHSHUJRODLQWKHJDUGHQRIWKH3DOD]]RSKRWR(=ODWNRY 6O3HUJRODYYUWXSDODàHIRWR(=ODWNRY

DQG GHWDLOV FRQWDLQHG LQ WKH ZRUN RI +HQU\ -DPHV WKRXJKWKHVHDUHPRUH HOHPHQWV RI IHHOLQJV VHQVDWLRQV UDWKHUWKDQFRQFUHWHIDFWV

7KH VWDWH RI WKH JDUGHQ RI WKH 3DOD]]R 6RUDQ]R

&DSSHOOR EHIRUH LWV UHVWRUDWLRQ ZDV GHVFULEHG E\ *L XVHSSH 5DOOR DV IROORZV $PRQJ WKH YHJHWDWLRQ HYHU\

WUDFH RI D SDWK D SDWWHUQ HYHU\ RSHQLQJ ZKLFK RQFH RSHQHGRXWWKHYLHZWRVRPHZKHUHKDVEHHQREOLWHUDWHG E\WLPHDQGDOO WKDW UHPDLQV WR EH VHHQ RI WKH DQFLHQW JDUGHQKDVEHHQOHIWWRGHUHOLFWLRQDVLVVRFKDUDFWHULVWLF RI JDUGHQV IRU ZKLFK QRERG\ DQ\ ORQJHU FDUHV 7KHUH UXOHG D QDWXUDO GLVRUGHU DQG WKH RQO\ LQGLFDWRUV FDPH IURPVRPHRIWKHEXLOWSDUWVRIWKHJDUGHQIURPWKHSUR WHFWLYH ZDOOV RI UHFHQW RU PRUH GLVWDQW SHULRGV GRRUV LPPXUHGWKHUHPDLQVRIWZRSHGHVWDOVDWWKHHQGRIWKH JDUGHQ H[WHQVLRQ ZRUNV RSHQLQJV LQ WKH ZDOOV ZKLFK VSRNHRIWKHDUUDQJHPHQWRIWKHJDUGHQDQGRIWKHHP SODFHPHQW RI VXSSRUW VWUXFWXUH IRU WKH SHUJROD 5DOOR

7KH LGHDO RI D JDUGHQ VHW LQ WKH VHD GLVLQWHJUDWLQJ DOPRVW FRPSOHWHO\ DEDQGRQHG ZLWK LWV RYHUJURZWK RI ZHHGVDQGGLVRUGHUZLWKLWVZRQGHUIXO9HQHWLDQKDXJK WLQHVV VHHPHG DOPRVW WR EH OLYLQJ LQ WKLV VSDFH UHDG\

ZDLWLQJWRUHNLQGOHWKHIHHOLQJVRI+HQU\-DPHVDV, DSSURDFKHGWKH IDU HQG RI WKHJDUGHQ , EHFDPHDZDUH WKDW WKH \RXQJHVW RI P\ PLVWUHVVHV RI WKH KRXVH ZDV VHDWHG EHQHDWK WKH SHUJROD LQ WKH GDUNQHVV WKH WUHHV DQGVKUXEVWRRNRQDOOSRVVLEOHEL]DUUHVKDSHVDQGRQH FRXOGKHDUDOONLQGVRIXQQDWXUDOVRXQGV

2QHPLJKWDOVRFODLPWKDWLQWKLVGHUHOLFWLRQLQWKH XQGHILQHG JUDGDWLRQ LQ WKH JUDGXDO UXLQ RI WKH WKLQJV ZKLFKFUHDWHWKLVHQYLURQPHQWWKHUHOLHVDFHUWDLQYDOH RI EHDXW\ RI WKH UHPQDQWV RI IHHOLQJV Ÿ GRXEWOHVV RQO\

LPDJLQDU\ DQG OLWHUDU\ Ÿ ZKLFK \HW DFTXLUH H[WHQVLYH FRQILUPDWLRQ LQ WKH VWDWH RI D SODFH ZKLFK KDG WR EH

FRQIURQWHG GXULQJ WKH UHVWRUDWLRQ RI WKH JDUGHQ 5DOOR

*$5'(1$6$1(<(

0DQ¤VSRZHURIH[SUHVVLRQLVQRWRQO\PDWHULDOLWLV DOVR VSLULWXDO LPPDWHULDO $ FRPSURPLVH EHWZHHQ WKH PDWHULDO DQG WKH VSLULWXDO LV SHUKDSV QRW SRVVLEOH EH FDXVH PDWHULDO UHDOLW\ LV FRQGLWLRQHG E\ UHDVRQ ZKLOH VSLULWXDOUHDOLW\LVQRWOLPLWHGE\UHDVRQDQGVRLWVHHNV FRQWDFWVZLWKLQILQLWXGHQRQWUDQVLHQFHHWHUQDOLW\ZLWK

*RG3KLORVRSK\LVWKHUHIRUHWKHHWHUQDOVHHNLQJRIFRQ QHFWLRQVEHWZHHQWKHUHDVRQDQGWKHLGHDRIWKHWKRXJKW ZKLFKLVEH\RQGWKHUHDVRQDEOH7KHUHVXOWRIWKHTXHVW IRUWUXWKOLHVLQZRUNVRIDUWZKLFKH[SUHVVSUHFLVHO\WKDW ZKLFKUHDVRQLVXQDEOHWRH[SUHVVDVDPDWHULDOWUXWKLQD GHWHUPLQHGVSDFHDQGWLPH9LVXDODUWWKHUHIRUHUHSUH VHQWVDIHOLFLWRXVZD\RIVHHNLQJIRUHWHUQDOWUXWKVWKHLU GLVFRYHU\ DQG SUHVHQWDWLRQ LQ WKH PDWHULDO IRUP RI SDLQWLQJV VWDWXHV DQG DOVR JDUGHQV SDODFHV PDWKH PDWLFV DVWURQRP\ DQG RWKHU VFLHQFHV LQ D JLYHQ WLPH DQGVSDFH

+HQFHERWKDUWDQGVFLHQFHSDUWLFXODUO\LQWKHWHP SRUDO SHULRG RI WKH 0LGGOH $JHV DQG OLNHZLVH RI WKH 5HQDLVVDQFH KDYH EHHQ FORVHO\ OLQNHG ZLWK WKH VRFLHW\

RI WKRVH WLPHV DQG LQ WKLV ZD\ DOVR ZLWK WKH &KXUFK ZKLFKKHOGSULPDF\RYHUWKRXJKWŸDQGWKHUHIRUHVSLUL WXDO OLIH VSLULWXDOLW\ ,W LV QRW VXUSULVLQJ WKHUHIRUH WKDW WKHILUVWVWHSIRUZDUGLQWKHGLUHFWLRQRIDGLIIHUHQWFRQ FHSWLRQRIVSDFHŸZKLFKDFKLHYHGLWV]HQLWKLQ5HQDLV VDQFHDUW DQG LQ SRVW5HQDLVVDQFH VFLHQFH Ÿ ZDV PDGH ZLWK WKH FKDQJH ZLWKLQ IUDPHZRUN RIPHWDSK\VLFV DQG QRWDVSHUKDSVPLJKWEHQDLYHO\H[SHFWHGWKDWRISK\V LFVËHQNR

(10)

)LJ7ZRVWDWXHVRIWKH5RPDQHPSHURUVSKRWR(=ODWNRY 6O.LSDULPVNLKLPSHUDWRMHYIRWR(=ODWNRY 7KHUHIRUHWUXWKFDQQRWDOZD\VEHSUHVHQWHGLQPDWH

ULDOIRUPDQGVRV\PEROVDUHQHHGHGWKHPHWDSK\VLFDO VSHHFKRIVSDFH DQG SODFHG LQVSDFH WKHFRPSRQHQWV RIPDQ¤VOLIHWKURXJKWLPH:KDWHOVHLVWKHJDUGHQWKHQ EXWWKHV\PEROLFPHVVDJHRISDVWJHQHUDWLRQVRIFUHDWRUV ZKRLQWURGXFHGLQWRDJHRPHWULFDOO\VKDSHGVSDFHPHV VDJHV DQVZHUV WR GLOHPPDV DQG WKH GLOHPPDV WKHP VHOYHV7KLVLVZK\WKHUHDUHSODFHGLQJDUGHQVWKHVWDW XHVRIHPSHURUVŸRIUHDOSHRSOHŸDQGVWDWXHVRISRZ HUIXO VSLULWXDO EHORQJLQJ WR HWHUQLW\ RI QRQWUDQVLHQW ORYHRISXULW\LPDJHVRI&KULVWRI9HQXV7KHDUUDQJH PHQWDQGFRQWHQWRIWKHJDUGHQLVFRQVHTXHQWO\DOVRD GLUHFW FRQQHFWLRQ EHWZHHQ SK\VLFV DQG PHWDSK\VLFV EHWZHHQPDWHULDOLW\DQGVSLULWXDOLW\ZKLFKLVRWKHUZLVH VXEMHFWHGWRWKHORJLFRIPDQ¤VGHYHORSPHQWRUUXLQ\HW WKHJDUGHQLWVHOIDQGLWVFRQWHQWLVQRQWUDQVLHQWWKURXJK WLPH

7RGD\WKHJDUGHQRIWKH3DOD]]R6RUDQ]]R&DSSHOOR SUHVHQWVDPHVVDJHHTXDOO\YLVXDOWRWKHRQHDWWKHWLPH RILWVRULJLQWKRXJKRIFRXUVHWRDGLIIHUHQWSHUVRQDQGDW DGLIIHUHQWOHYHORIPLQG1RQHWKHOHVVWKHEDVLF GLOHP PDV VWLOO UHPDLQ XQFODULILHG :K\ LQ WKH JDUGHQ RI WKH 3DOD]]R 6RUDQ]R&DSSHOOR DUH WKHUH SODFHG Ÿ IRU LQ VWDQFH Ÿ HOHYHQ VWDWXHV RI 5RPDQ HPSHURUV" ,V WKLV KRPPDJHWRLQGLYLGXDOVRUDFXOWRISHUVRQDOLW\",VJDU GHQDFXOWVSDFH",VJDUGHQDZRUNRIDUW"

, WKLQN WKDW WKH DUUDQJHPHQW RI WKH JDUGHQ DFWXDOO\

WKHJDUGHQLWVHOILVFRPSDUDEOHWRDZRUNRIDUWIRUWKH VLPSOHUHDVRQWKDWQRERG\JLYHVZKDWWKHFUHDWRUJLYHV DQG ZKDW KH JLYHV LV VRPHWKLQJ QHZ VWLOO QRW \HW IXOO\

QDUUDWHG3DLQWLQJIRUH[DPSOHSURGXFHVDSLFWXUHEXW LW KDV WR EH FUHDWHG LQ D ZD\ ZKLFK LV DUWLVWLF LI WKH SDLQWLQJ LV WR EH DUW 2Q ZKDW GRHV WKLV GHSHQG" , EH OLHYHWKDWSDLQWLQJRULQWKLVFDVHWKHDUUDQJHPHQWRID JDUGHQLVDQLQWHQWLRQDODFW

7KRXJKWOHDGVWKHH\HDQGWKHDFWZKHQLWJHQHUDWHV DQGVKDSHVWKHLPDJHŸLQIRUPDWLRQŸZKLFKXSWLOOWKLV PRPHQW QRERG\ KDV LQ WKH VDPH PDQQHU LQ WKH VDPH FRQWHQWDQGWKHVDPHFRPELQDWLRQRIJHRPHWULFLPDJHV XQSHHOHGIURPHWHUQLW\JLYHQWRWKHH\HDUHFRJQL]DEOH IRUP DQG WR WKH PLQG D XVHIXO YDOXH 7KLV LV ZK\ WKH JDUGHQDOVRKDVWKHFRQWHQWRIDUWŸDZRUNRIDUWLQRSHQ VSDFHWRZKLFKLVDOVRJLYHQDXVHIXOYDOXH,PLJKWDGG WKDWWKHJDUGHQDOVRFRQWDLQVWKHLGHDWLRQDOLPDJHRIWKH ZRUOGRILWVFUHDWRU7KHPHVVDJHZKLFKLVFRQYH\HGE\

WKH DUUDQJHPHQW RI WKH JDUGHQ LV KRZHYHU LQWHQGHG PDLQO\IRUWKHSXEOLFVLQFHXVXDOO\WKHJDUGHQPDJQLILHV WKH UROH RI LWV RZQHU ZKR LV IUHTXHQWO\ DOVR WKH FRQ FHSWXDODXWKRURILWVOD\RXW

7KXV WKH JDUGHQ EHFRPHV DQ DGYHQWXUH DQG WKH YLVLWRUVSOD\WKHUROHRIPDLQDFWRUVRIWKHSXEOLFZKLFK DWWHQGVWKHFXOWXUDOHYHQWVLQWKLVVSDFH

7KHJDUGHQLVWKHH\HWKURXJKZKLFKZHVHHLQWRWKH SDVWWKHSUHVHQWDQGWKHIXWXUH

(11)

957.272.2

957%(1(É.(3$/$à(625$1=2&$33(//2

(ULND=/$7.29 6,/MXEOMDQD%UDWRY8áDNDU

HPDLOHULND]ODWNRY#JPDLOFRP

329=(7(.

9UWRYLY%HQHWNDKVRQDVWDMDOLNRWVRQDVWDMDOH%HQHWNHQMLKRYJHRVWUDWHÈNLSRORÊDMQMLKRYDSUHY]HWDLQL]YLUQD NXOWXUD RGQRV GR PDWHULDOQRVWL LQ GR GXKRYQRVWL %HQHÈNL YUW WRUHM QL OH SURVWRU QL OH SULWLNOLQD GRPX PRUGD SRPHPEQL L]YLUQL RVHEQRVWL YUW MH SUHGVWDYD LJUD VYHWOREH LQ VHQF LJUD GXKD LQ PDWHULDOQRVWL NMHU VH SUHSOHWDMR YORJHSUHWHNORVWLLQVHGDQMRVWL

9UWMHSUDSRGREDUDMDNLMHYUD]OLßQLKPLWRORJLMDKUHOLJLMDKLQOHJHQGDKSUHFHMQHMDVQRSUHGVWDYOMHQD

9HQGDUDOLMHUDMRPHMHQDOLQHRPHMHQSURVWRU"*OHGHQDELEOLMVNLSRWHN]JRGRYLQHODKNR]DNOMXßLPRGDYHOMD SUYRWRUHMWRMHRPHMHQHOLWQLSURVWRUQDPHQMHQL]EUDQFHPORßHQGUXJDßHQRGYVHJDNDUJDREGDMD.RWWDNVHMH Y VUHGQMHP YHNX UD]YLO Y PHWDIRUR KRUWXV FRQFOXVXV NL VLPEROL]LUD QHGROÊQRVW ßLVWRVW QHGRWDNQMHQRVW LQ QHGR WDNOMLYRVWQHRPDGHÊHYDQRÊHQVNRVW6LPERO0DULMHNLMHEUH]PDGHÊQRVSRßHODLQREURGLODVDGPDWHUQLFDÊLYOMHQMD ]DßHWHNßORYHÈWYDMHSRVWDYOMHQYUDMVNLYUW

9UWMHUHVODKNRRPHMHQSURVWRULQNRWWDNWXGLSURVWRURPHMLWHYDMHKNUDWLEUH]PHMQRRGSUWYSURVWRUXLQßDVX KNUDWLSDQDVYUWRSR]DUMDGDMHYVHYPDWHULDOQHPVYHWXPLQOMLYRNDNRUWXGLGDMHYUWPRUGD]XQDQMDPDQLIHVWHFLMD ßORYHÈNHJDGXKDNLJDRPHMXMHVSR]QDQMHUD]XP

ÞORYHÈNRYnGHQMHMHRPHMHQRQLSDRPHMHQUD]XPLQ]DWRVHYYUWXQHSUHVWDQRQHNDMVSUHPLQMD&LNOXVLÊLYOMHQMD ÊLYLKELWLMUHVWDYULUDQMHREQRYDYUWD,QYUWSRVWDMDMHJDOHULMDNMHUVRUD]VWDYOMHQDXPHWQLÈNDGHODßORYHNDXVW YDUMDOFDLQQDUDYH.URJVHWDNRVNOHQHNDMWLGXKLQPDWHULMDXVWYDULWDQRYRVWDQMHERGLVLSURSDGYUWDDOLQMHJRYRUH VWDYUDFLMRNRWMHURMVWYRLQNRWMHVPUWßORYHND

0RßL]UDÊDQMDßORYHNDQLVDPRVWYDUQDPDWHULDOQDMHWXGLGXKRYQDQHPDWHULDOQD.RPSURPLVPHGPDWHULDOQLP LQGXKRYQLPQLPRJRßNHUMHPDWHULDOQDUHDOQRVWSRJRMHQD]UD]XPRPGXKRYQRVWSD]UD]XPRPQLRPHMHQD]DWR LÈßHVWLNH]QHVNRQßQRVWMRQHPLQOMLYRVWMRYHßQRVWMR]%RJRP)LOR]RILMDMH]DWROHYHßQRLVNDQMHSRYH]DYHPHGUD ]XPRPLQLGHMRPLVOLNLMHL]YHQUD]XPQHJD5H]XOWDWLVNDQMDUHVQLFHVRWXGLXPHWQLQHNLL]UDÊDMRUDYQRWRNDUUD ]XPQLVSRVREHQL]UD]LWLNRWPDWHULDOQRUHVQLFRYGRORßHQHPSURVWRUXLQßDVX

9L]XDOQDXPHWQRVWSUHGVWDYOMDWRUHMSRVUHßHQQDßLQLVNDQMDYHßQLKUHVQLFQMLKRYRRGNULYDQMHLQSRGDMDQMHOHWHK YPDWHULDOQLREOLNLVOLNNLSRYSDWXGLYUWRYSDODßPDWHPDWLNHDVWURQRPLMHLQGUXJLK]QDQRVWLYGRORßHQHPßDVXLQ SURVWRUX

5HVQLFHWRUHMQLPRJRßHYHGQRSULND]DWLYPDWHULDOQLREOLNL]DWRVRSRWUHEQLVLPEROLPHWDIL]LßQDJRYRULFDSUR VWRUDLQYSURVWRUXPHÈßHQHVHVWDYLQHÊLYOMHQMDßORYHNDVNR]LßDV

.DMMHWRUHMYUWGUXJHJDNRWVLPEROQRVSRURßLORSUHWHNOLKURGRYXVWYDUMDOFHYNLVRYQHNJHRPHWULMVNRREOLNRYDQ SURVWRUYQHVOLVSRURßLODRGJRYRUHQDGLOHPHGLOHPHVDPH=DWRVRYYUWRYHXPHÈßHQLNLSLLPSHUDWRUMHYUHDOQLK RVHELQNLSLPRßQHGXKRYQHSULSDGQRVWLYHßQRVWLQHPLQOMLYHOMXEH]QLßLVWRVWLSRGREH.ULVWXVD9HQHUH8UHGLWHY YVHELQDYUWD MH ]DWR WXGL QHSRVUHGHQ VWLN PHG IL]LNR LQ PHWDIL]LNR PHG PDWHULDOQRVWMR LQ GXKRYQRVWMR NL MH VLFHU SRGYUÊHQDORJLNLßORYHÈNHJDUD]YRMDDOLSURSDGDDMHYUWVDPLQQMHJRYDYVHELQDQHPLQOMLYVNR]LßDV

9UWSDODßH6RUDQ]R&DSSHOORSRGDMDGDQHVHQDNRYL]XDOQRVSRURßLORNRWY ßDVX VYRMHJD QDVWDQND VHYHGD GUX JDßQHPXßORYHNXLQQDGUXJDßQLVWRSQMLUD]XPD

.OMXÞQHEHVHGHYUWJHQH]DXPHWQRVWPLWLYL]XDOQRVSRURáLOR%HQHWNHSDODáD6RUDQ]R&DSSHOOR

(12)

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

$VXQWR 5 $]]L 9LVHQWLQL 0 ,O JLDUGLQR 9H QHWRGDOWDUGRPHGLRHYRDOQRYHFHQWR0LODQR(OHFWD

%DFKHODUG * 3RHWLND SURVWRUD /MXEOMDQD ÉWX GHQWVND]DORÌED

%HQHYROR/0HVWRY]JRGRYLQL(YURSH/MXEMD QDFI

)RUWLQL %URZQ 3 3ULYDWH /LYHV LQ 5HQDLVVDQFH 9HQLFH$UW $UFKLWHFWXUH DQG WKH )DPLO\ 1HZ +DYHQŸ

/RQGRQ<DOH8QLYHUVLW\3UHVV

)RUWLQL%URZQ39HQLFH DQWLTXLW\WKH9HQH WLDQ VHQVH RI WKH SDVW 1HZ +DYHQŸ/RQGRQ <DOH 8QL YHUVLW\3UHVV

%XUNH3(YURSVNDUHQHVDQVD/MXEOMDQDFI

%XUNH3(\HZLWQHVVLQJ7KH8VHVRI,PDJHVDV +LVWRULFDO (YLGHQFH ,WKDFDŸ1HZ <RUN &RUQHOO 8QLYHU VLW\3UHVV

&KDWILHOG - $ 7RXU RI ,WDOLDQ *DUGHQV 1HZ

<RUN5L]]ROL

&OLIIRUG ' $ +LVWRU\ RI *DUGHQ 'HVLJQ /RQ GRQ)DEHUDQG)DEHU

&XQLFR 0 9HQH]LD L JLDUGLQL QHO WHPSR $U FKHR 9HQH]LD WULPHVWUDOH GL LQIRUPD]LRQH FXOWXUDOH

$QQR,;Q9HQH]LD

+WWSDUFKHRYHSURYLQFLDYHQH]LDLWSXEEOLFJLDUGLQLJLDU GLQLKWP

&XQLFR0*LXOLQL31HOJLDUGLQLGHO9HQHWR 0LODQR(GL]LRQL$PELHQWH

)DYDUR76WRULDUHVWDXURHUHFXSHURIXQ]LRQDOH GHOFRPSOHVVRDUFKLWHWWRQLFRHGHOOHDUHHYHUGLGLSHUWL QHQ]D,Q3DOD]]R 6RUDQ]R&DSSHOOR6WRULD UHVWDXUR H UHFXSHURIXQ]LRQDOH9HQH]LD6RSULQWHQGH]DSHUL%HQL

$UFKLWHWWRQLFL SHU LO 3DHVDJJLR H SHU LO 3DWULPRQLR 6WRULFR$UWLVWLFRHG(WQRDQWURSRORJLFRGL9HQH]LDH/D JXQDŸ

*RWKHLQ 0 / $ +LVWRU\ RI *DUGHQ $UW 1HZ

<RUN+DFNHU$UW%RRNV

+ULEDU 6RUÞDQ 9 .UHIW / 9VWRS Y HVWHWLNR /MXEOMDQD)LOR]RIVNDIDNXOWHWD2GGHOHN]DILOR]RILMR +XPIUH\ 3 3DLQWLQJ LQ 5HLQDVVDQFH 9HQLFH 1HZ+DYHQŸ/RQGRQ<DOH8QLYHUVLW\3UHVV

+XQW - ' 7KH JDUGHQ LQ WKH FLW\ RI 9HQLFH HSLWRPHRIVLWHDQGVWDWH6WXGLHVLQWKH+LVWRU\RI*DU GHQVDQG'HVLJQHG/DQGVFDSHV/RQGRQŸ

+XQW - ' D 7KH JDUGHQ LQ WKH FLW\ RI 9HQLFH 6RPH SUHOLPLQDU\ REVHUYDWLRQ )RQGDPHQWD 1XRYLV VLPH9HQLFH,/$8'Ÿ

+XQW-'E*UHDWHU3HUIHFWLRQV7KH3UDFWLFHRI

*DUGHQ+LVWRU\/RQGRQ7KDPHVDQG+XGVRQ

.R\Um$2GVNOHQMHQHJDVYHWDGRQHVNRQáQHJD XQLYHU]XPD/MXEOMDQD6WXGLDKXPDQLWDWLV

.XÞDQ$.UDMLQDNRWQDFLRQDOQLVLPERO/MXEOMD QD=QDQVWYHQRLQSXEOLFLVWLáQRVUHGLÊáH

0DVVRQ * ,WDOLDQ *DUGHQV /RQGRQ 7KDPHV DQG+XGVRQ

0DYULÞ')HQRPHQ]JRGRYLQVNHJDYUWDYáDVX LQSURVWRUXLQL]YHQQMLMX9UWNRWVLPEROQLSURVWRULQNRW SURVWRUVLPERORY3ROLJUDIL3RHWLNDLQVLPEROLNDSURVWR UD/MXEOMDQDŸ

2JULQ ' 9UWQD XPHWQRVW VYHWD 3UHJOHG VYH WRYQHGHGLÊáLQH/MXEOMDQD3XGRQŸ(:2

3DQRIVN\(3RPHQYOLNRYQLXPHWQRVWL/MXEOMD QD6WXGLDKXPDQLWDWLV

3RJDÞQLN $ 8UHMDQMH SURVWRUD ]D WUHWMH WLVRá OHWMH/MXEOMDQDÉWXGHQWVND]DORÌED

5DOOR * ,O UHVWDXUR GHO JLDUGLQR VWRULD H VXJ JHVWLRQL,Q3DOD]]R6RUDQ]R&DSSHOOR6WRULDUHVWDXURH UHFXSHURIXQ]LRQDOH9HQH]LD6RSULQWHQGH]DSHUL%HQL

$UFKLWHWWRQLFL SHU LO 3DHVDJJLR H SHU LO 3DWULPRQLR 6WR ULFR $UWLVWLFR HG (WQRDQWURSRORJLFR GL 9HQH]LD H /DJXQDŸ

5HHYDQGHU36PLHQN*6WHHQEHUJ&,WDO LDQ9LOODVDQG*DUGHQV$PVWHUGDP7RWK3XEOLVKHUV 6LPRQHWL01DUDYDYPHVWX0HGQDáUWRYDQLP LQ VSRQWDQLP /MXEOMDQD 'UXÊWYR NUDMLQVNLK DUKLWHNWRY 6ORYHQLMH

6WHILQORQJR*%/DODJXQDFRPHXQJLDUGLQR

$UFKHR 9HQH]LD WULPHVWUDOH GL LQIRUPD]LRQH FXOWXUDOH

$QQR ,; Q Ÿ $UFKHRFOXE G,WDOLD 9HQH]LD +WWS DUFKHRYHSURYLQFLDYHQH]LDLWSXEEOLFJLDUGLQLJLDUGLQL KWP

7DIXUL 0 %HQHWNH LQ UHQHVDQVD 5HOLJLMD ]QD QRVWDUKLWHNWXUD/MXEOMDQD.UW

9HQWXUL )HUULROR 0 1HO JUHPER GHOOD YLWD OH RULJLQLGHOOLGHDGLJLDUGLQR0LODQR*XHULQLH$VVRFLDWL 9HQWXUL )HUULROR 0 *LDUGLQR H ILORVRILD 0L ODQR*XHULQLH$VVRFLDWL

ÈHQNR(3URVWRULQXPHWQRVW3URVWRUPHGILOR ]RILMR OLNRYQR XPHWQRVWMR LQ ]QDQRVWMR Ÿ /HRQDUGR GD 9LQFL/iV]Ox0RKRO\1DJ\LQ$QG\:DUKRO/MXEOMDQD

=5&6$=8

Reference

POVEZANI DOKUMENTI

7KLVDUWLFOHLQWHQGVWRSUHVHQWVRPHPLFURWRSRQ\PVILHOGVDQGSDVWXUHVRIÇLÈDQRQHRIWKHYLOODJHVZKHUHLWLV VWLOO SRVVLEOH WR KHDU WKH ORFDO DQFLHQW ,VWULRW GLDOHFW SUHVHUYHG RQO\ LQ WKH 6RXWK RI

\RXU JORULRXV LQGLYLGXDOLW\ ZLOO FRDOHVFH LQWR D JUHDWHU HQWLW\ DQG ZLOO FRQVWLWXWH D (XURSHDQ IUDWHUQLW\ &gt;—@ $ GD\ZLOOFRPHZKHQWKHUHZLOOEH&gt;—@PDUNHWVRSHQLQJ WR FRPPHUFH DQG

3HU IDUH FLy ULSHUFRUUHUHPR LQQDQ]LWXWWR SHU VRPPL FDSL OD VWRULD GHOODJULFROWXUD LQ TXHVWDUHD D SDUWLUH GDOOHWj PRGHUQD /D YDORUL]]D]LRQH GHL SURGRWWL WLSLFL QRQ SXy

7KHUHIRUHLWZDV.RSHULQFRPSDULVRQZLWK3LUDQWR SD\DYHU\KLJKSULFHIRU LWV VWDWXV RI FDSLWDO $OWKRXJK VRPH EXGJHWDU\ PHDQV IURP WKH UHYHQXH RIILFH IORZHG LQWR WKH .RSHU FRPPXQDO WUHDVXU\

&lt;XJRVODY JRYHUQPHQW LQ H[LOH LQ /RQGRQ RQ EHKDOI RI OLEHUDO FLUFOHV 6XSSRVHGO\ KH KDG VRPH LQIRUPDWLRQ WKDWLQWKHRSLQLRQRI62(ZDVYHU\LPSRUWDQWWRWKHP +RZHYHU KH KDG WR UHWXUQ

7UDQVLWLRQ PHWDO FRPSOH[HV DUH RQH RI WKH PRVW VWXGLHG PDWHULDOV IRU DQDO\VLV RI PDJ QHWRVWUXFWXUDO FRUUHODWLRQV GXH WR WKHLU UHODWLYHO\ VLPSOH PDJQHWLF VWUXFWXUH ZLWK RQO\ IHZ

WLYHO\ 7KH + DQG + K\GURJHQ DWRPV RI 2 + DQG 2 + K\GUR[\O JURXSV DUH VLWXDWHG LQ FKDQQHO ZKLOH LQ FKDQQHO WKH XQFRRUGLQDWHG ZDWHU PROHFXOH + 2 DW KDOI RFFXSLHG e VSHFLDO SRVLWLRQV

0RåQRVW XSRUDEH ,5 WHUPRJUDILMH ]D ]D]QDYDQMH QHNDWHULK WLSLþQLK QHSUDYLOQRVWL YRWOLNDYRVWL ]DGUåDQH YRGH RGVWRSDQMD SODVWL UD]SRN LQ YNOMXþNRY DUPDWXUH LQ instalacijskih cevi) v