Vous êtes sur la page 1sur 116

Contents Page


/DWH%DURTXH 

5RFRFR 

1HRFODVVLFLVP 5HYROXWLRQ 

1HRFODVVLFLVP WKHVW(PSLUH 

5RPDQWLFLVP 

9LFWRULDQ QG(PSLUH 

/DWH9LFWRULDQ 

/DWH9LFWRULDQ (GZDUGLDQ 

:RUOG:DU, 7KH5RDULQJV 

*UHDW'HSUHVVLRQDQG:RUOG:DU,, 

3RVWZDU&RPPXQLVPDQG7KH&ROG:DU 

3HDFH0RYHPHQW+LSSLHV0XVLF5HYROXWLRQ 

V*ODP5RFN3XQN 'LVFR 

V 

V 

V7RGD\ 

5HIHUHQFHV 

1
/DWH%DURTXH
V²

%DFNJURXQG

7KHODWH%DURTXHSHULRGFRLQFLGHGZLWKWKHUHLJQRIWKH)UHQFK¶6XQ.LQJ·/RXLV
;,9+HWXUQHG)UDQFHLQWRDQHFRQRPLFSRZHUE\UHIXVLQJWRLPSRUWJRRGV
IURPRWKHUFRXQWULHVDQGE\HQFRXUDJLQJ)UHQFKLQGXVWULHVWREHFRPH(XURSH·V
ELJJHVWSURGXFHUV DQGH[SRUWHUV RIOX[XU\JRRGV)UDQFHEHFDPHWKHOHDGLQJ
H[SRUWHULWHPVDVODFHVLONULEERQVDQGZLJVH[SRUWLQJWKHPWRWKHUHVWRI
(XURSH:LWKWKLVHFRQRPLFGRPLQDQFH)UDQFHEHJDQWRLQIOXHQFHWKHWDVWHRI
(XURSHDVZHOO²)UHQFKFRXUWIDVKLRQEHFDPHWKHIDVKLRQEHDFRQRIWKLVSHULRG
/RXLV·VSDODFHDW9HUVDLOOHVEHFDPHWKHFHQWHUIRU)UHQFKIDVKLRQDVWKH6XQ
NLQJHQVXUHWKDWDOOKLVVXEMHFWVVHWDJRRGH[DPSOHLQOX[XU\FRQVXPSWLRQIRU
WKHUHVWRI(XURSH

$FURVVWKHFKDQQHOLQ(QJODQGSROLWLFDOSRZHUZDVSDVVHGWRWKH3DUOLDPHQW
DIWHU7KHQHZIRXQGVWDELOLW\DQGWKHGHIHDWRIWKH)UHQFKLQWKH1LQH
<HDUV:DU ² EHJDQDQHUDIRU(QJODQGWREHFRPHRQHRIWKHJUHDWHVW
HPSLUHIRUWKHQH[WWZRFHQWXULHV

%\WKHVPRVW(XURSHDQFRXQWULHVFDPHWRDFFHSWWKDWVXPSWXDU\ODZV
VRFLDOGHFUHPHQWVZLWKUHJDUGVWRKRZHDFKVRFLDOFODVVVKRXOGGUHVVXS ZRXOG
QRWZRUNDVWKHPDVVHVJHQHUDOO\LJQRUHGWKLVPHWKRGRIFODVVGLYLVLRQ.LQJ
-DPHV,HYHQWXDOO\UHSHDOHGPRVWRIWKHODZVLQKLVFRXQWU\

*HQHUDO)DVKLRQ7UHQGV

&ORWKLQJLQFOXGHVWKHSHWWLFRDWPDQWXD RYHUJRZQRUUREHW\SLFDOO\ZRUQRYHU
DQXQGHUGUHVVRUVWRPDFKHUDQGSHWWLFRDW 



/DGLHVZHDULQJVDWLQQLJKWJRZQV ULJKW RYHUVKLIWVRUFKHPLVHVZLWKSXIIHG
ODUJHVOHHYHV7KHLUKDLULVZRUQLQPDVVHVRIULQJOHWVWRWKHVKRXOGHUVRQHLWKHU
VLGHDQGERWKZHDUODUJHSHDUOHDUGURSV$QGDPDQLQDFRDWZDLVWFRDWVKLUW
ZLWKZLJDQGKDW ULJKW

2
&RPSDULVRQ²:LJV +DLU
3DVW



3RUWUDLWRI&RXQW6LQ]HQGRUI+\DFLQWKH5LJDXG

3
&RPSDULVRQ²:LJV +DLU

3UHVHQW

9RJXH6SDLQ2FW

4
'XULQJWKHODWHEDURTXHSHULRGPHQDGRSWHGWKHSRZGHUHGSHULZLJZKLOH
IHPDOHVVWDUWHGSRZGHUWKHLUKDLUZKLWH6XFKSHULZLJVZHUHH[SHQVLYHDQGDUH
HLWKHUPDGHIURPKXPDQRUDQLPDOKDLU7KHZLJSRZGHUZDVPDGHIURPVWDUFK
WKDWZDVVFHQWHGZLWKQDWXUDOSODQWH[WUDFWV

7RGD\DOWKRXJKZLJVDUHQRORQJHUDVFRPPRQDVEHIRUH DQGDUHSUREDEO\
XVHGRQO\LQFRVWXPHZHDURUSKRWRVKRRWVDVVKRZQLQWKHFRXWXUHVSUHDG
DERYH SHRSOHDUHVWLOOIDVFLQDWHGE\WKHLGHDRIFKDQJLQJWKHLURULJLQDOKDLU
FRORXU7KHKDLUFRORXULQJLQGXVWU\KDVVHHQDUREXVWJURZWKLQWKHSDVWGHFDGH
DVQHZWHFKQRORJLHVKDYHPDGHKDLUG\HLQJPRUHSRSXODU$GYDQFHVLQ
V\QWKHWLFKDLUFRQVWUXFWLRQKDYHDOVRHQDEOHGPRUHVW\OHRIZLJV KDLUVW\OHV 
DQGZLJKXHVDYDLODEOHWRWKHJHQHUDOSXEOLF

5
&RPSDULVRQ²/DFHG6OHHYHV
3DVW



3ULQFHVV(OHRQRUHRI3IDO]1HXEXUJWRV
/DFHG6OHHYHVZLWKULEERQV

6
&RPSDULVRQ²/DFHG6OHHYHV
3UHVHQW



7LHUHG6OHHYH0DGHRI6KHHU)DEULF
9RJXH,WDOLD$SULO

7
&RPSDULVRQ

)HPDOHVVWDUWHGWRODFHRUWLHWKHLUVOHHYHVZLWKULEERQGXULQJWKHODWHEDURTXH
SHULRGDQGVOHHYHVEHFDPHVKRUWHUWRôOHQJWK7KLVW\LQJRIWKHVOHHYHV
FUHDWHVDQHPSKDVLVRQWKHVKRUWHQHGVOHHYHDQGWKHH[SRVHGIRUHDUP
+RZHYHULWZLOOWDNHPRUHWKDQFHQWXU\IRUVOHHYHOHVVDWWLUHWREHDFFHSWDEOH
IRUIHPDOHV7KHODFHGVOHHYHVDQGXQGHUVOHHYHVDQGHQJDJHDQWHV7RGD\VXFK
VOHHYHGHWDLOVDUHVWLOOFRPPRQDVVHHQLQWKHSUHVHQWGD\FRPSDULVRQDQG
GHVLJQHUVKDVWKHRSWLRQRIPXFKPRUHIDEULFWRFUHDWHWKHWLHUHGHIIHFWXVLQJ
YDULRXVIDEULFVVXFKDVFKLIIRQRUJDQ]DDQGVXFK,QWKLVH[DPSOHVKHHUIDEULF
LVXVHGWRJHWKHUZLWKDFFRUGLRQSOHDWVWRJLYHVRPHIODUH




8
2WKHULQIOXHQFHVRQ&XUUHQW'HVLJQV




$OWKRXJKWKHJHQHUDOVLOKRXHWWHRIWKHHUDLVQRORQJHUDFFHSWHGE\WKHJHQHUDO
FRQVXPHUWRGD\GHVLJQHUVVXFKDV-RKQ*DOOLDQRDUHVWLOOLQVSLUHGE\WKHORRN
DQGGHWDLOVRIWKHQZKLFKLVUHIOHFWHGLQWKHLUFRXWXUHOLQHV'HWDLOVVXFKDV
UXIIOHVODFHVDQGVXFKFRQWLQXHWREHLPSRUWDQWWRXFKHVLQFXUUHQWGD\IDVKLRQ

9
5RFRFR

%DFNJURXQG
7KH5RFRFRSHULRGFRLQFLGHVZLWKWKHUHLJQRI.LQJ/RXLV;9JUHDWJUDQGVRQRI
WKH6XQ.LQJ$VWUDGHURXWHVEHWZHHQ(XURSHDQFRXQWULHVDQGWKHHDVWEHFDPH
HVWDEOLVKHGPHUFKDQWVEHJDQGHYHORSLQJJUHDWZHDOWKWKURXJKWUDGLQJ:LWK
WKHVHHFRQRPLFFKDQJHVZHDOWKZDVVSUHDGDPRQJPRUHSHRSOHJURZLQJ
¶ERXUJHRLV·PLGGOHFODVVZKLFKEHJDQWRTXHVWLRQWKHVRFLDOKLHUDUFK\DVWKH\
JUHZPRUHNQRZOHGJHDEOHRIZRUOGDIIDLUV

7KLVSHULRGLVDOVRNQRZQDVWKH(QOLJKWHQPHQWDSHULRGLQZKLFKQHZLGHDV
DERXWKXPDQH[LVWHQFHZHUHLQWURGXFHGDQG5RFRFRDUWLVWKHYLVXDODQG
HPRWLRQDOUHSUHVHQWDWLRQRIWKHRSWLPLVPSHRSOHIHOWLQUHVSRQVHWRWKDW
QHZIRXQGZLVGRPLQZULWLQJDQGSKLORVRSK\)UHQFKSKLORVRSKHUV9ROWDLUHDQG
-HDQ-DFTXHV5RXVVHDXODLGWKHIRXQGDWLRQVIRUWKHFLYLOXQUHVWWKDWOHGWRWKH
)UHQFK5HYROXWLRQLQWKHODWWHUSDUWRIWKHFHQWXU\5RXVVHDXZURWHLQKLV
6RFLDO&RQWUDFWLQPDQLVERUQIUHHDQGLVHYHU\ZKHUHLQFKDLQV9RFDO
SKLORVRSKHUVOLNHKLPOHGWKHSXEOLFLQWRTXHVWLRQLQJWKHGLYLQHULJKWVRIWKH
NLQJVWRUXOH7KHWHUP5RFRFRUHIHUVWRDQDUWLVWLFVW\OHSRSXODUIURPHDUO\WR
PLGWKFHQWXU\DQGPDUNHGDFKDQJHWRZDUGVWKHHQGRIWKHEDURTXHSHULRG
,WDOVRFRLQFLGHVZLWKWKHUHLJQRI/RXLVWKH;9DQGWKHVWDUWRIWKHSHQGLQJ
GHPLVHRI)UHQFKDULVWRFUDF\DQGPRQDUFK\,QFRQWUDVWZLWKWKHKHDY\EDURTXH
RUQDPHQWDWLRQDQGJUDQGHXUWKHURFRFRZDVWKHHPERGLPHQWRIUHILQHPHQW
DQGOLJKWQHVV7KHVW\OH5RFRFRLQYROYHGDV\PPHWU\DQGQDWXUDOLVPZLWK
YDULHW\DQGGHFRUDWLYHGHWDLOVVXFKDVVKHOOOLNHIRUPVDQGZDWHU\IRUPV
FKDQJHVLQQDWXUDOIRUPV ,QWHULRUVDQGIXUQLVKLQJVZHUHGHFRUDWHGZLWK
DEVWUDFW
V
FXUYHVDQG
F
VFUROOVRUZLWKVFDOORSHGJHVRUIORZHUJDUODQGV6XFK
LQIOXHQFHVEHJDQZLWKWKHDUWVIXUQLWXUHDQGGHFRUDWLRQVEHIRUHVSUHDGLQJWR
SDLQWLQJVDQGIDVKLRQ,WZDVSDUWLFXODUO\LQIOXHQWLDOLQ)UDQFHVRXWKHUQ
*HUPDQ\DQG$XVWULD

 
)XUQLWXUHRIWKH5RFRFR3HULRGZLWKFXUYHGOHJVDQGVSLUDOGHWDLOV

10
%\5RFRFRKDGEHFRPHREVROHWHLQ)UDQFHDVLWZDVQHYHUDEOHWRUHIOHFW
WKHOLYHVDQGEHOLHIVRIWKHFRPPRQSHRSOH,WZDVUHSODFHGE\WKHRUGHUDQG
VHULRXVQHVVRI1HRFODVVLVP+RZHYHULWUHPDLQHGSRSXODULQWKHFHUWDLQ
SURYLQFHVDQGLQ,WDO\XQWLOWKHVHFRQGSKDVHRIQHRFODVVLFLVP(PSLUHVW\OH
DUULYHGDQGGHPROLVKHGWKHWUHQG

)DVKLRQ7UHQGV

7KHSUHIHUUHGIHPDOHVLOKRXHWWHRIWKHWLPHZDVDORQJDQGVPRRWKXSSHU
ERGLFHZLWKDODUJHUORZHUERGLFHZKLFKWKHPDOHVLOKRXHWWHEHFDPHVOLPPHU

:DWWHDXSOHDWV'HWDLORI/HV'HX[&RXVLQHV 7KH
7ZR&RXVLQV E\$QWRLQH:DWWHDX


7KHUREHjODIUDQoDLVHRUVDFNEDFN
JRZQZLWKIORZLQJSOHDWVIURPWKH
VKRXOGHUVWRWKHIORRUZDVSRSXODUGXULQJ
WKH5RFRFRSHULRG,WZDVRULJLQDOO\DQ
XQGUHVVIDVKLRQ QRWIRUPDO 0DGHRIULFK
IDEULFVDQGORDGHGZLWKGHFRUDWLYHWULPV
WKHUREHjODIUDQoDLVHZDVZRUQE\
DULVWRFUDWVDQGWKHZHDOWK\,QLWVLQIRUPDO
IRUPWKHVDFNGUHVVJRZQZDVQRWVHZQ
GRZQDWWKHIURQWDQGEDFNDQGFDOOHGD
¶VDFTXH·,QODWHUGHFDGHVWKHIURQWZDV
ILWWHGWRWKHERG\ZLWKDWLJKWO\ODFHG
XQGHUERGLFHZKLOHWKHEDFNSOHDWV DOVR
FDOOHG:DWWHDXSOHDWVDIWHUWKHSDLQWHU
ZKR

DOZD\VSDLQWVZRPHQLQVXFKGUHVVHVVHH
OHIW IDOOVWRWKHJURXQG7KLVSOHDWGHWDLO
UHPRYHGWKHDSSHDUDQFHRIFRQVWUDLQW
ZKLFKLVLQOLQHZLWKWKHOLJKWQHVVDQG
SOD\IXOQHVVRIWKH5RFRFRVW\OH7KH
GUHVVLVDOVRHTXLSSHGZLWKLQQHU
VWUXFWXUHVVRWKDWWKH\ZRXOGILWLQIURQW
DQG\HWIORZORRVHO\DWWKHEDFN7KH
WLHUHGOD\HUVRISHWWLFRDWVDUHVKRZQDV
WKHIURQWOHWVRSHQOLNHWKHVWRPDFKHU
WKHSHWWLFRDWZDVUDWKHURUQDWHZLWK
WLHUVRIUXIIOHVHFKHOOHULEERQVIORZHUV
DQGODFH

5REHPLGWKFHQWXU\

11
$QRWKHUW\SHRIGUHVVFRPPRQGXULQJ
WKHWLPHLVWKHUREHjODO·DQJODLVHRU
WKH(QJOLVKVW\OH7KHSOHDWVZHUH
VWLWFKHGGRZQWRWKHZDLVWLQVWHDG

7KHUREHDODSRORQDLVH VHHQOHIW LV
DOVRSRSXODU/D\HUVRISXIIHGJRZQLV
VHFXUHGRYHUDQXQGHUVNLUWRUSHWWLFRDW
FUHDWLQJD¶GUDSHGFXUWDLQHIIHFW·


3DQQLHUVRUVLGHWRVLGHERQLQJPDGH
IURPZKDOHERQHPHWDORUZLFNHUKRRSV
DQGFDJHVZHUHXVHGVWUDSSHGRYHUWKH
KLSVDQGXQGHUWKHJRZQWRFUHDWHD
EURDGKHPOLQH7KLVVW\OHUHPDLQHG
SRSXODUWLOOWKHV

6OHHYHVZHUHEHOOVKDSHGDQGDURXQG
TXDUWHU·VOHQJWKWKH\VWRSDWDURXQG
WKHHOERZVDQGPDGHWRVKRZWKHIULOOHGRUODFHWULPPHGVOHHYHVRIWKH
FKHPLVHEHQHDWK6OHHYHVEHFDPHPRUHILWWHGDWODWHUGHFDGHVZLWKDULEERQ
IULOODWWKHHOERZDQGHODERUDWHHQJDJHDQWHV OD\HUHGUXIIOHV WDFNHGWRWKH
FKHPLVHVOHHYHV

2SHQIURQWHGERGLFHVFRXOGEH
ILOOHGLQZLWKDGHFRUDWLYH
VWRPDFKHUDODFHRUOLQHQNHUFKLHI
FDOOHGDILFKXFRXOGEHZRUQWRILOO
LQWKHORZQHFNOLQH)URPPLG
FHQWXU\ZRPHQVWDUWHGWRSLQWKH
VWRPDFKHUWRWKHJRZQRYHUWKH
ODFHVRUWRWKHFRUVHWEHQHDWK
*UH\RUZKLWHSRZGHUFRQWLQXHGWR
EHXVHGIRUERWKPDOHVDQGIHPDOHV
DOWKRXJKWKHWUHQGHYHQWXDOO\GLHG
RXW0DGDPH3RPSDGRXUPDGHWKH
¶SXOOHGEDFN·KDLUVW\OHSRSXODU
ZLWKQRYLVLEOHKDLUSDUWLQJ


&RUVHWVZHUHFRPPRQGXULQJWKLV
SHULRGDVZHOO

7KHVKRHVDUHPRUHSRLQWHGDQG
KHHOVEHFRPHPRUHVOHQGHUDQG

12
KLJKHUDVFRPSDUHGWRHDUOLHUSHULRGV6WULQJVRISHDUOVULEERQVRUODFHIULOOV
ZHUHWLHGKLJKRQWKHQHFN

)DEULF 0DWHULDOV
5REHVJRZQVZHUHPDGHRIYHOYHWRUWDIIHWDWKHVHRXWHUJDUPHQWVZHUHRIWHQ
GHFRUDWHGZLWKUXIIOHVDQGULEERQVRUWULPPHGZLWKIXU&RWWRQVIURP,QGLD
H[SHQVLYH DQG(QJOLVKZRROHQVZHUHXVHGIRUOHVVIRUPDOFORWKLQJ%URFDGH
DQGZRROHQVDUHFRPPRQO\XVHGLQJDUPHQWVDQGDUHRIWHQPDGHZLWKIORUDO
SDWWHUQVRQOLJKWFRORUHGEDFNJURXQGV%OHQGVRIZRRODQGVLONRUZRRODQG
OLQHQZHUHSRSXODUZLWKWKHSHRSOH






13
&RPSDULVRQ²3DQQLHU
3DVW





%ULWLVKSDQQLHU



14
&RPSDULVRQ
3UHVHQW




'XULQJWKHURFRFRSHULRGDOLJKWHUORZHU
ERGLFHVXSSRUWLVLQYHQWHGWRJLYHIHPDOHV
WKHGHVLUHGZLGHKLSHIIHFWWKDWZDV
DFKLHYHGLQWKHSDVWE\XVLQJWKHIDUWKLQJDOH
7KLVQHZW\SHRIVWUXFWXUDOVXSSRUWH[WHQG
WKHZLGWKRIWKHVNLUWVDWWKHVLGHDQGOHDYH
WKHIURQWDQGEDFNIODWKHQFHHQDEOLQJWKH
IDEULFDQGHPEURLGHU\SDWWHUQVRQWKH
JRZQVGUHVVHVWREHVKRZFDVHG7KLV
VXSSRUWHYHQWXDOO\HYROYHGWRFULQROLQHVDQG
EXVWOHVLQWKHWKFHQWXU\DQGZDV
HYHQWXDOO\SKDVHGRXWLQWKHWKFHQWXU\
7RGD\VXFKSDQQLHUVDUHRQO\XVHGLQ
FRVWXPHZHDUEXWWKHSXIIHGORZHUERGLFH
VLOKRXHWWHLVVWLOOXVHGLQZHGGLQJJRZQVDQG
SURPGUHVVHV

%HWVH\-RKQVRQ6SULQJ6XPPHU

15
&RPSDULVRQ²5REHDOD)UDQFRLVH



0DGDPHGH3RPSDGRXU)UDQFRLVH%RXFKHU

16


9LYLHQQH:HVWZRRG$QJORPDQLD&ROOHFWLRQ

17
&RPSDULVRQ

'XULQJWKH5RFRFRSHULRGWKHIDPRXVDUWSDWURQ0DGDPHGH3RPSDGRXU
PLVWUHVVRI.LQJ/RXLVWKH;9 FRPPLVVLRQHGPDQ\SRUWUDLWVRIKHUVHOIGXULQJ
WKH5RFRFRSHULRG6KHZDVRIWHQSDLQWHGZHDULQJUREHDODIUDQFRLVHZLWKER[
SOHDWVEHKLQGDQGHVFKHOOHV JUDGXDWLQJULEERQV RYHUKHUVWRPDFKHUDVZHOO
DVKDYLQJHQJDJDQWHVDQGIURQWOHWRQKHUGUHVVZLWKPDWFKLQJSHWWLFRDW$VLGH
IURPEHLQJDIDVKLRQOHDGHUGXULQJKHUWLPHKHUOHJDF\DQGSDVVHGRQWKDQNV
WRWKHVHYHU\SDLQWLQJV9LYLHQQH:HVWZRRGFUHDWHGDVLONHYHQLQJGUHVVEDVHG
RQWKHDUWLVW)UDQoRLV%RXFKHU
VSRUWUDLWVRIKHUIRUKHU$QJORSKLOLDFROOHFWLRQ
UHFUHDWLQJWKHGUDSHDQGFRORXURIWKHVLONWDIIHWD<HW:HVWZRRGDOVRSXWLQ
KHURZQVW\OHLQWRWKLVSLHFHRIJDUPHQW
,WDNHVRPHWKLQJIURPWKHSDVWWKDW
KDVDVRUWRIYLWDOLW\WKDWKDVQHYHUEHHQH[SORLWHGOLNHWKHFULQROLQHDQGJHW
YHU\LQWHQVH,QWKHHQG\RXGRVRPHWKLQJRULJLQDOEHFDXVH\RXRYHUOD\\RXU
RZQLGHDV
$VVHHQDERYHWKHDPRXQWRIIDEULFRQWKHGUHVVLQUHGXFHGDQG
:HVWZRRGKDVDOVRJLYHQKHURZQWDNHRQWKHQHFNEDQGULEERQ




$QRWKHURI:HVWZRRG·VZRUNVWKDWUHVHPEOHVGUHVVHVRQ%RXFKHUSDLQWLQJV

18
1HRFODVVLFLVP )UHQFK5HYROXWLRQ

7KHUHZDVDUHYLYDOLQWKHLQWHUHVWRIFODVVLFDODUWVEURXJKWDERXWE\WKH
GLVFRYHU\RIWKHDUWV3RPSHLL IURPEDVUHOLHIIULH]HVPRVDLFVDQGSRWWHU\
SDLQWLQJ EURXJKWDERXWE\WKHLQIOX[RI)UHQFKVWXGHQWVVWXG\LQJLQ5RPH
VSDUNHGRIIWKHQHRFODVVLFLVPPRYHPHQWLQ(XURSH)DPRXVSDLQWHURIWKLVHUD
LQFOXGHV-DFTXHV/RXLV'DYLG SDLQWLQJEHORZ DQGWKHVW\OHRIKLVSDLQWLQJVLV
RIWHQGUDPDWLFZLWKDFHQWUDOIRFXV$UWLVWVDQGVFXOSWRUVVHHNHGWRHPXODWH

WKHDFWXDOVW\OHDQGFRORXUVXVHGE\DQFLHQW
5RPDQVDQG*UHHNVLQWKHSDVW DVVHHQRQWKH
YDVH 

$WWKHVDPHWLPHUHYROXWLRQZDVEUHZLQJLQ
)UDQFHDVWKHFRPPRQSHRSOHJRWLQFUHDVLQJIUXVWUDWHGZLWKWKHRSXOHQFHDQG
SRZHURIWKHFRXUWKHOGE\/RXLV;,9DQG0DULH$QWRLQHWWHDVZHOODVWKH
QREOHV ZKRIRUPWKHPDMRULW\LQWKH*RYHUQPHQW$VVHPEO\ 7KHWRSSOLQJRI
WKHPRQDUFK\ZDVDVXFFHVVEXWZLWKQHZIRXQGSRZHUWKHLGHDOVRIWKH
UHYROXWLRQDU\OHDGHUVEHFDPHWRRUDGLFDOUHVXOWLQJLQDSHULRGNQRZQDVWKH
5HLJQRI7HUURUZKHUHE\SHRSOHZHUHSXWXQGHUWKHJXLOORWLQHZLWKLQD
\HDUIRU¶FRXQWHUUHYROXWLRQDU\DFWLYLWLHV·

7KHVWRUPLQJRIWKH%DVWLOOH

19
)DVKLRQ7UHQGV

7KHIDVKLRQRIWKHSHRSOHFKDQJHGJUHDWO\GXULQJWKLV
SHULRGRIVRFLDOXSKHDYDO)DVKLRQUHIOHFWHGWKHFKDQJH
LQPHQWDOLW\DQGWKHGRLQJDZD\ZLWKRUQDWHGHWDLOVRI
WKHSDVW7KHSHULZLJVDQGSRZGHUHGKDLUZDV
DEDQGRQHGDVDUHWKHJRZQVDQGGUHVVHVDQGDQ\
RVWHQWDWLRQV7KHSHRSOHVRXJKWWRULGWKHPVHOYHVRI
DVVRFLDWLRQZLWKWKHDULVWRFUDWDQGGUHVVHGYHU\VLPSO\
GXULQJWKHUHYROXWLRQLQIHDURISHUVHFXWLRQGXULQJWKH
5HLJQRI7HUURU7KHUHGLQJFRWH ULGLQJFRDWVHHQRQ
OHIW DQGERQQHWKDWVEHFDPHSRSXODUGXULQJWKLVWLPH
%\WKHHQGRIWKHUHYROXWLRQDU\WLPHVDFOHDQHUFXW
PLOLWDU\ORRNZDVJDLQLQJSUHIHUHQFHDPRQJVWWKHPHQ
:LWKWKHPZHDULQJWDLOHGFRDWVDERYHZDLVWFRDWVDQG
EUHHFKHV

0DWHULDOVDQG7H[WLOHV
&RWWRQDQGOHVVRUQDWHPDWHULDOVDUHXVHGGXULQJWKLV
SHULRGZLWKOLWWOHHPEURLGHU\DQGMDFTXDUGZRYHQFORWK

20
&RPSDULVRQ²7KH,QFUR\DEOHVDQG0HUYHLOOHXVHV


21
&RPSDULVRQ

7KH0DOH,QFUR\DEOHV WKH8QEHOLHYDEOHV DQGWKHIHPDOH0HUYHLOOHXVHV WKH
0DUYHORXV2QHV ZHUHSDUWRIDUHEHOOLRXV\RXWKPRYHPHQWWKDWDURVHGXULQJ
WKHVGXULQJWKHODWHU\HDUVRIWKH)UHQFK5HYROXWLRQ$WWKDWWLPHPDQ\
GLVLOOXVLRQHG\RXQJSHRSOHRIWKHXSSHUDQGPLGGOHFODVVHVDGRSWHGDVW\OH
FDOOHGjODYLFWLPHRU´OLNHWKHYLFWLPVGXULQJWKH5HLJQRI7HUURUµ7R
FRPPHPRUDWHIULHQGVDQGIDPLO\ZKRGLHGGXULQJWKHUHYROXWLRQWKHVH\RXWKV
SXWVFDUOHWULEERQVWRV\PEROL]HWKHEORRGVSLOOHGXQGHUWKHJXLOORWLQH7KH\
DOVRFXWWKHLUKDLUVKRUWMXVWOLNHWKHYLFWLPVDERXWWREHH[HFXWHG7KLV
JHQHUDWLRQRI\RXQJSHRSOHFHOHEUDWHGWKHIDOORIWKHROGJRYHUQPHQWZKLOH
FKHHULQJ RUWU\LQJWRVXUYLYHWKURXJKGHILDQFH WKHPVHOYHVWKURXJKDGDUN
SHULRGLQ)UHQFKKLVWRU\

7KH\RXWKVRI)UDQFHGUHVVHGRXWODQGLVKO\LQWKHDIWHUPDWKRIWKHEORRG\
UHYROXWLRQQRWXQOLNHWKHUHDFWLRQRIVRPHRIWKH(XURSHDQ\RXWKSRSXODWLRQ
DIWHUWKHRXWEUHDNRIWKH%ODFN'HDWKLQWKH0LGGOH$JHV

,QFRQWUDVWWRGD\PDQ\\RXWKVXEFXOWXUHVKDYHGLVWLQFWGUHVVFRGHVVXFKDV
WKHKDUDMXNXNLGV7KH\GUHVVXSLQZD\VFRQWUDU\WRZKDWLV¶VRFLDOO\
DFFHSWDEOH·LQRUGHUWREHORQJWRWKHJURXSDQGVKDUHDFRPPRQLGHQWLW\,Q
WKLVFDVHWKHVW\OHKDVEHFRPHVRGLVWLQFWDQGZHOOUHFRJQL]HGZRUOGZLGHWKDW
*ZHQ6WHIDQLKDVIHDWXUHGWKHP WKHLUVXEFXOWXUH LQKHUPXVLFYLGHRV

22
&RPSDULVRQ²7KH,QFUR\DEOHVDQG0HUYHLOOHXVHV

+DUDMXNXNLGV








23
1HRFODVVLFLVP WKHVW(PSLUH

7KHQHZ)UHQFK5HSXEOLFZDVVHWXSDIWHUWKH)UHQFK5HYROXWLRQ1DSROHRQ
%RQDSDUWHURVHWRSRZHULQ)UDQFHDWWKHEHJLQQLQJRIWKHVEULQJLQJ
DERXWDPRUHVLPSOHVW\OHRIGUHVVLQJDORQJZLWKOHVVWROHUDQFHIRUWKH
RXWODQGLVKEHKDYLRURIUHEHOOLRXV\RXWKV8QGHU%RQDSDUWH1DSROHRQ·V
OHDGHUVKLS)UDQFHEHJDQWRHPEUDFHDIRUPRIDUWDVVRFLDWHGZLWKWKHPLOLWDU\
FRQTXHVWVDQG*UHHN5HSXEOLFDQLGHDOV&ODVVLFDO*UHHNVW\OHVDUHDOVRDGRSWHG
E\DUWLVWVDWWKHWXUQRIWKHFHQWXU\

7KHDJHRILQGXVWULDOL]DWLRQDOVREHJDQ&RWWRQJLQVLQ$PHULFDEHJDQWR
SURGXFHDYDVWDPRXQWRIFRWWRQWREHH[SRUWHGEDFNWR(XURSH6HZLQJ
PDFKLQHVSRZHUORRPVRUZHDYLQJPDFKLQHVVWHDPSRZHUHOHFWULFLW\DQG
QHZG\HVDOVRLQFUHDVHGWKHVSHHGDQGHDVHRIFORWKLQJPDQXIDFWXUHPDNLQJ
IDEULFFKHDSHUDQGPRUHDFFHVVLEOHWRWKHSHRSOH

)DVKLRQ7UHQGV
7KHSUHUHYROXWLRQDU\DULVWRFUDWLFVLOKRXHWWHZDVDEDQGRQHGJLYLQJULVHWRWKH
FODVVLFDOIRUPVRIDHVWKHWLFV'UDSLQJLVGRQHWRVKRZFDVHQDWXUDOERG\VKDSHV
DQGQRWFRQWULYHGIRUPVRIERG\VLOKRXHWWHVLQWKHSUHYLRXVFHQWXU\&RUVHWV
DUHQRZPDGHRIFRWWRQDQGDUHOHVVUHVWULFWLYH7KH*UHHNHPSLUHZDLVWOLQHLV
SRSXODUZLWKIHPDOHVDVVHHQLQWKHGUHVVLQWKHSDLQWLQJEHORZ&RXUWVDFURVV
(XURSHEHJDQWRDGRSWWKH(PSLUH)DVKLRQVW\OHHVSHFLDOO\LQ5XVVLD



0DGDPH&KDUOHV0DXULFHGH7DOOH\UDQG
3pULJRUG%DURQ)UDQoRLV3DVFDO6LPRQ*pUDUG


7KLVFHQWXU\DOVRVDZWKHULVHRIGDQGLHVVXFK
DV*HRUJH´%HDXµ%UXPPHOOZKRLQIOXHQFHG
PDOHIDVKLRQVE\UHSODFLQJIDQF\RXWILWVRI
RUQDWHZDLVWFRDWVDQGUXIIOHVZLWKSODLQGDUN
MDFNHWVKLJKFROODUHGVKLUWVDQGVLPSOH
FUDYDWVYHVWVDQGHYHQWXDOO\WURXVHUV
'DQG\VSODFHJUHDWLPSRUWDQFHRQQHDWQHVV
DQGFOHDQOLQHVVDVZHOODVUHILQHPHQWDQG
UHVWUDLQWLQWKHZD\WKH\ORRN


7H[WLOHV

$VLGHIURPWKHLQFUHDVHLQWKHXVHRIFRWWRQVLONIDEULFZDVDOVRSURGXFHGLQ
JUHDWTXDQWLW\DW/\RQWRPHHWWKHGHPDQGVRI,PSHULDOIDVKLRQ

24
&RPSDULVRQ²(PSLUH0LOLWDU\$WWLUH
3DVW



-HDQ$XJXVWH'RPLQLTXH,QJUHV3RUWUDLWRI1DSROHRQ%RQDSDUWH7KH)LUVW
&RXQFLO

25
&RPSDULVRQ²(PSLUH0LOLWDU\$WWLUH
3UHVHQW




26
&RPSDULVRQ

7KHIDVKLRQRIWKHPDOHVGXULQJQDSROHRQWLPHVZDVJUHDWO\LQIOXHQFHGE\WKH
PLOLWDU\ZHDU+HUH1DSROHRQLVVHHQLQDGRXEOHEUHDVWHGWDLOHGZDLVWFRDWZLWK
EUDVVEXWWRQVDVZHOODVEUHHFKHVDQGSXPSV,QWKHFXUUHQWGD\'ROFHDQG
*DEEDQDDGZHFRXOGVHHWKDWWKHGHVLJQHUVDUHLQIOXHQFHGE\WKDWHUDZLWK
HPSLUHVW\OHGVLOKRXHWWHDQGHOHPHQWVVXFKDV+HVVLDQERRWVEUDVVEXWWRQVRQ
FRDWV7KHIHPDOHVLQWKHDGVKDGHPSLUHVW\OHFORWKLQJDVZHOOZLWKHPSLUH
ZDLVWOLQHVDQGQDWXUDOGUDSHVRYHUWKHERG\

27
&203$5,621²(PSLUH'UHVV
3DVW



-DFTXHV/RXLV'DYLG3RUWUDLWRI0DUJXHULWH&KDUORWWH'DYLG

28
&203$5,621²(PSLUH'UHVV
3UHVHQW

29
&RPSDULVRQ


7KHHPSLUHFXWGUHVVZDVDGRSWHGE\WKHIHPDOHVGXULQJWKH'LUHFWRULHVWLPHV
DVFODVVLFDO*UHHNVW\OHVDQGSKLORVRSKLHVFDPHEDFNLQIDVKLRQGXULQJWKH
5HSXEOLF7KLVVW\OHKDVUHPDLQHGSRSXODULQHYHQLQJGUHVVHVWLOOFXUUHQWGD\,Q
WKHPRGHUQH[DPSOHVDERYHWKHUXQZD\PRGHOVSRUWVDVLPSOHGUHVVZLWKVKRUW
VOHHYHVDQGHPSLUHFXWZKLOHWKH'RURWK\3HUNLQVSLHFHRIGUHVVLVDOPRVWDQ
H[DFWUHSOLFDRIWKHSDVWFRPSDULVRQSDLQWLQJ%RWKGUHVVHVDUHPDGHRIVDWLQLQ
VLOYHUEOXHVKDGHVZLWKDJDWKHUHGFDSVOHHYHVDQGWULPPLQJVJDWKHUVRQWKH
QHFNOLQH

30
5RPDQWLF3HULRG WR 
$IWHUWKHIDOORI1DSROHRQ(XURSHZDVDEOHWRUHFRYHUIURPWKHFRVWVRIWKH
FRQVXPLQJZDUIDUHGXULQJKLVUHLJQ7KHOHJDF\RI1DSROHRQWLPHVZDVUDWLRQDO
WKLQNLQJDQGLQWHOOHFWXDOVEHJDQWRUHDOL]HWKDWDQHZLQGXVWULDOL]HGVRFLHW\
ZRXOGEHEHQHILFLDOIRUWKHIXWXUH

$UWLVWVRIWKLVWLPHZHUHGLVHQFKDQWHGE\WKH
ULVHRIWKHZHDOWK\FDSLWDOLVWV DQGODFNRI
DULVWRFUDWLFSDWURQV DQGEHJDQWREHLQVSLUHG
E\IDUDZD\SODFHVDQGWKHSDVW7KH5RPDQWLF
SHULRGZDVXVKHUHGLQDVDUWLVWVVWDUWHGDQ
DUWLVWLFPRYHPHQWWKDWZRUVKLSSHGIHHOLQJV
HPRWLRQVWKURXJKSLFWXUHVTXHDQGVHQWLPHQWDO
SDLQWLQJV0XVLFFRPSRVHUVWKHQLQFOXGH
%HHWKRYHQ6FKXEHUWDQG&KRSLQ7KH
PRYHPHQWHYHQWXDOO\HYROYHGDVWKHDUWV
FDSWXUHGDOOPRRGVLQFOXGLQJGDUNHU
JURWHVTXHDQGYLROHQWWKHPHV


(YHQLQJ/DQGVFDSHZLWKDQ$TXHGXFW-HDQ
/RXLV$QGUp7KpRGRUH*HULFDXOW

7KH$EGXFWLRQRI5HEHFFD(XJqQH'HODFURL[


)DVKLRQ7UHQGV

)URPWKHODWHVWKURXJKWKHVWKH
ZDLVWOLQHVOLSSHGGRZQZDUGE\GHJUHHV
XQWLOLWZDVMXVWDERYHQDWXUDOSRVLWLRQLQ
WKHV

31
 
$PHULFDQFRWWRQSHWWLFRDW JHQHUDOVLOKRXHWWH ULJKW 

)HPDOHVKDGVORSLQJVKRXOGHUOLQHV8QWLOGUHVV
ZDLVWVKDGEHHQURXQGEXWLQWKHERGLFH
ZDLVWOLQHWRRNRQD9SRLQWHGIRUP7KHVNLUWVDOVR
KDGDZLGHUKHPOLQHDVFRPSDUHGWRWKHSUHYLRXV
SHULRGV


%HUHWDQG*LJRW6OHHYHVRUWKH
/HJ2PXWWRQVOHHYHVEHFDPH
SRSXODULQVV


:LGHUKHPOLQHV



7KH3HOLVVH5REHDQG3HOLVVH0DQWOH

32
&203$5,621'DQG\960HWURVH[XDO
3DVW



´1RWKLQJWRRWLJKWRUWRRIDVKLRQDEOHµ
/RUG%UXPPHOO

´0\QHFNFORWKRIFRXUVHIRUPVP\
SULQFLSDOFDUH)RUE\WKDWZHFULWHULRQV
RIHOHJDQFHVZHDU$QGLWFRVWVPH
HDFKPRUQLQJVRPHKRXUVRIIOXUU\7R
PDNHLWDSSHDUWREHWLHGLQDKXUU\´

33
&203$5,621'DQG\960HWURVH[XDO




7RSPDOHPRGHO0DWKLDV/DXULGVHQGUHVVHG
LPPDFXODWHO\LQVXLWDQGWLH LQVXEWOH
FRORXUV 

&RPSDULVRQ

7KHLPPDFXODWHO\GUHVVHGGDQG\VRI
WKLVSHULRGUHVHPEOHVWKDWRIWKH
PHWURVH[XDOWRGD\7KHSLFWXUHVDQG
TXRWDWLRQVRI/RUG%UXPPHOGHILQHG
GDQG\LVPFOHDUO\DVWKHPHQRIWKDW
WLPHFKRVHWRGUHVVLQDVPDUWDQG
VHHPLQJO\HIIRUWOHVVVW\OH7KHPHWUR
VH[XDOVWRGD\DUHOLNHZLVHYHU\ZHOO
JURRPHGDQGDGRUQHGLQIDVKLRQDEOH
JDUEWKHRQO\GLIIHUHQFHEHLQJWKDW
PHWURVH[XDOVKDYHQRTXDOPVDERXW
EHLQJIODVK\RUEUDQGFRQVFLRXV$
GDQG\LQFXUUHQWGD\FRQWH[WZRXOG
QHYHUEHFDXJKWLQDEDJZLWKKXJH
/RXLV9XLWWRQ/RJR
 

34

&RPSDULVRQ²/HJ20XWWRQ
3DVW


5RPDQWLFJLJRWVOHHYHV


35
&RPSDULVRQ²/HJ20XWWRQ
3UHVHQW
869RJXH-XO\
.DUO/DJHUIHOG















%DOHQFLDJD6SULQJ

36
&RPSDULVRQ

7KHJLJRWVOHHYHDOVRFDOOHGWKH/HJ20XWWRQVOHHYHZDVQDPHGDIWHUWKH
VKHHS·VKLQGOHJ7KLVVOHHYHGHWDLOZDVSRSXODULQVWRVDQGFDPH
EDFNLQWRIDVKLRQLQV7KHVOHHYHLVSXIIHGDQGZLGHDWWKHWRSDQGQDUURZ
DWWKHERWWRPWDSHUHGVKDUSO\DWWKHHOERZWRILWFORVHO\DORQJWKHORZHUDUP
7RVXSSRUWWKHKXJHVWUXFWXUHRIWKHVOHHYHVDWWKHWRSZKDOHERQHVWULSVZHUH
VRPHWLPHVVHZQLQWRWKHVOHHYH6XFKVOHHYHVZHUHUDWKHULPSUDFWLFDODVLW
UHVWULFWVPRYHPHQWRIWKHDUPV7KHSXIIHGVOHHYHVW\OHFDPHLQWRVW\OHHYHU\
RQFHLQDZKLOHVLQFHWKH5RPDQWLFSHULRG7KH)LOLSLQRWHUQRFRVWXPHLVD
YDULDWLRQRIVXFKVOHHYHV



,QWKHVZKHQSRZHUGUHVVLQJZDVSRSXODUZLWKWKHSHRSOHVXFKGUDPDWLF
LPSRVLQJVLOKRXHWWHZDVDOVRSRSXODUZLWKIHPDOHVWRJLYHDPRUHDXWKRULWDULDQ
ORRNDVWKH\VWDUWWRFRPSHWHZLWKPDOHVLQWKHZRUNSODFH$VVKRZQRQWKH
XSSHUOHIWFRUQHULQWKH3UHVHQW'D\FRPSDULVRQSLFWXUHWKHOHJ2PXWWRQ
VOHHYHVKDGHYROYHGWRDVPDOOHUSXIILQWKHV,QWKHVKRUWSXIIHGVOHHYH
VKRZQLQWKH%DOHQFLDJDFROOHFWLRQLVDOVRVWLOOSRSXODUWRGD\EXWWKHVWUXFWXUH
RIWKHSXIILVDFKLHYHGE\XVLQJVWLIIHUIDEULFVLQVWHDGRIERQLQJWRGD\

37
9LFWRULDQ QG(PSLUH ² 

%\WKHPLGGOHRIWKFHQWXU\PRQDUFK\DQGRSSUHVVLYHUXOHKDVUHWXUQHGWR
(XURSH7KH7UHDW\RI9LHQQDGLYLGHG(XURSHWRWKHLUUHVSHFWLYHUXOHUV$VWKH
UXUDOSRRUPRYHWRWKHFLWLHVWRVHHNDEHWWHUOLYLQJPDQ\SRRUVKDQW\WRZQV
VWDUWPXVKURRPLQJDWWKHFLW\ERUGHUV&KDUOHV'DUZLQFDPHXSZLWKWKHWKHRU\
RQ(YROXWLRQDQGVXUYLYDORIWKHILWWHVWZKLFKPDQ\IHOWZHUHWRRUDGLFDODQG
HYHQKHUHWLFDO<HWWKHFOLPDWHJDYHSKLORVRSKHUVDQGVRFLRORJLVWVWRPDNH
PRUHVXJJHVWLRQVDQGDSSURDFKWRUXOLQJDFRXQWU\$UWLVWVEHJDQWREDVHWKHLU
ZRUNRQWKHREVHUYDWLRQVDQGUHVHDUFKRQKXPDQSHUVRQDOLW\DQGVRFLHW\

,Q8QLWHG6WDWHVDZDUZDVIRUJHGDQGHQGHGZLWK0H[LFR7KHJROGUXVK
EURXJKWGHYHORSPHQWWRWKH:HVW5DLOZD\OLQHVDOORZHGIRUIDVWHUWUDQVSRUW
DFURVVWKHFRQWLQHQW7KHUHZDVDJUXHOLQJ&LYLO:DU ² EHWZHHQWKH
1RUWK 8QLRQ DQG6RXWKDQGUHFRQFLOLDWLRQRIWKHQDWLRQWRRNVHYHUDO\HDUV

*HQHUDO)DVKLRQ7UHQGV
7KHJHQHUDOIDVKLRQGXULQJWKLVSHULRGZDVVWLOOFRQVHUYDWLYHDQGRSSUHVVLYHE\
WRGD\·VVWDQGDUGVDVQDWXUDOERG\OLQHVDUHKLGGHQ7KHPDQ\OD\HUVRI
SHWWLFRDWVHYROYHGWRDKRRSFULQROLQHWRJLYHWKHGHVLUHG·FXSFDNH·VLOKRXHWWH
7KHQHZEUHHGRIKLJKVRFLHW\FRQVLVWHGRIWKHQRYHDXULFKDQGLQGXVWULDO
FDSLWDOLVWVEURXJKWLQDVW\OHRIH[FHVVDQGRVWHQWDWLRQ


7KHSDJRGDVOHHYHVDQGHQJDJHDQWHVDQGKLJK
ODFHRUFKHPLVHQHFNOLQHVZHUHFRPPRQIRU
IHPDOHGD\ZHDU7KHSHWWLFRDWHYROYHGWRD
PXOWLOD\HUKRRSFULQROLQH SLFWXUHRQULJKW
DURXQG (YHQLQJGUHVVHVKDGORZ
QHFNOLQHVDQGVKRUWVOHHYHV&LUFXODUKRRSVRI
WKHVJUDGXDOO\GHFUHDVHGLQVL]HDWWKHIURQWDQGVLGHVDQGLQFUHDVHGDW
WKHEDFN/RRSHGXSRYHUVNLUWVUHYHDOHGPDWFKLQJRUFRQWUDVWLQJXQGHUVNLUWV
7KLVHYHQWXDOO\OHGWRWKHLQYHQWLRQRIWKH¶EXVWOHORRN·LQODWHU\HDUV)HPDOHV
ZRUHERQQHWV
6SRUWVVXFKDVWHQQLVEHFDPHSRSXODUDPRQJVWERWKPHQDQGZRPHQ:RPHQ
EHJDQWRZHDUFORWKLQJWKDWDOORZVPRUHPRELOLW\IRUVXFKVSRUWV

0DOHDWWLUHZRXOGFRQVLVWRIDWRSKDWZDLVWFRDWWURXVHUVDQGYHVW)XOOOHQJWK
WURXVHUVZHUHZRUQJHQHUDOO\RIDFRQWUDVWLQJIDEULF


38
7KH,QYHUQHVVFDSHFRDW OHIW ZDV
SRSXODUGXULQJWKLVSHULRGDQGLV
PDUNHGE\KDYLQJQRVOHHYHVZLWKMXVW
DQRYHUKDQJLQJFDSHDWWDFKHGWRWKH
FRDW

*DULEDOGL-DFNHWEHFDPHSRSXODUDIWHU
,WDOLDQUHYROXWLRQDU\*LXVHSSH
*DULEDOGLYLVLWHG(QJODQGLQ


3RLQWHGRUZLQJFROODUV HQGVSRLQWLQJXS DUHDOVRSRSXODUGXULQJWKLVWLPHZLWK
VWDQGLQJFROODUVDQGFUDYDWV





7KHERZOHUKDW ULJKW EHFDPH
SRSXODUDPRQJ(QJOLVKPHQYLVLWLQJ
WKHFRXQWU\VLGHLQWKHV





'XULQJWKLVSHULRG&KDUOHV)UHGHULFN
:RUWKEHFDPHWKHILUVWGUHVVPDNHUWR
EUDQGKLVIDVKLRQGHVLJQVXQGHUKLVRZQ
ODEHO+LVDELOLW\WRLQIOXHQFHWKHIDVKLRQ
WUHQGVDQGGHVLJQVLQWKHVOHDGWR
WKHGRPLQDQFHRI3DULVLDQKDXWHFRXWXUH
IRUWKHQH[WKXQGUHG\HDUV




%DOOJRZQE\&KDUOHV)UHGHULFN:RUWK


39
&RPSDULVRQ5DJODQ6OHHYH
3DVW




)LW]UR\-DPHV+HQU\6RPHUVHWRWKHUZLVHNQRZQDV/RUG5DJODQKDGKLVULJKW
DUPDPSXWDWHGIROORZLQJGDPDJHUHFHLYHGGXULQJWKHEDWWOHRI:DWHUORR+LV
WDLORUWKHQGHVLJQHGDVSHFLDOVKRUWFRDWIRUKLPZLWKDGLDJRQDOVOHHYHVHDP
UXQQLQJIURPXQGHUWKHDUPWRWKHQHFNOLQHPDNLQJLWHDVLHUIRU/RUG5DJODQWR
GUHVVKLPVHOI

40
&RPSDULVRQ5DJODQ6OHHYH
3UHVHQW
%XUEHUU\):


7RGD\WKHUDJODQVOHHYHVW\OHLVXVHG
IUHTXHQWO\RQVSRUWVZHDUMHUVH\ZHDU
SDUWLFXODUO\LQEDVHEDOONQLWFDUGLJDQVDQG
IXOOOHQJWKFRDWV DVVKRZQLQWKH%XUEHUU\
FRDWVDERYH DVLWJLYHJUHDWPRELOLW\DQGLV
HDV\WRVKUXJRQ,WLVDOVRXVHGRQEDE\
JDUPHQWVDVWKHVOHHYHPDNHVLWHDVLHUWR
GUHVVDVPDOOEDE\ ZLWKRXWJLYLQJWKHEDE\
PXFKGLVFRPIRUW 

41
&RPSDULVRQ²%DOO*RZQ
%DOO'UHVVZLWK7LHUHG)ULQJH'HWDLOV



%DOO'UHVV2SHUD'UHVV-DQXDU\

42
&RPSDULVRQ²%DOO*RZQ
3UHVHQW




'LRU&RXWXUH)DOO:LQWHU

43
&RPSDULVRQ

7KHVKDSHRIWKHRIIVKRXOGHU\HOORZJRZQLQWKHSDVWFRPSDULVRQSLFWXUHLV
DFKLHYHGE\XVLQJDFULQROLQHRUERQHFDJHVZKLFKKHOGRXWWKHVNLUWLQDEHOO
VKDSH7ULPPLQJVDUHOLQHGRQWKHWLHUHGHGJHVDVWKHWLHUVJLYHDSURJUHVVLYH
ORRNWRWKHORZHUERG\VLOKRXHWWHSXWWLQJHPSKDVLVRQWKHVPDOOZDLVW7KHVH
JRZQVDUHRIWHQZRUQRQVSHFLDOJDODRFFDVLRQVDQGIRUGDQFLQJDQGDUHWKH
1RZDGD\VDOWKRXJKDWULPZDLVWLVVWLOOYHU\PXFKIDYRXUHGWKHSUHIHUUHG
ERG\VLOKRXHWWHLVQRWDV¶KRXUJODVVOLNH·DVWKDWRIWKH/DWH9LFWRULDQWLPHV
ZKLFKVRPHEHOLHYHGZHUHDWKURZEDFNWRWKHPDQQHULVWWLPHVZLWKLWV
GLVWRUWLRQRIWKHQDWXUDOKXPDQILJXUH,QWKHPRGHUQFRPSDULVRQSLFWXUHWKH
PRGHOLVVHHQZHDULQJDQRIIVKRXOGHU'LRUJRZQZLWKDWLHUHGDQGEHOOVKDSHG
ORZHUERGLFHDVZHOO$OWKRXJKWKLVVW\OHLVPXFKPRUHVXEGXHGWLHUHGGUHVVHV
OLNHWKLVDUHVWLOOSRSXODULQHYHQLQJJRZQVDQGZHGGLQJGUHVVHVWRGD\3HUKDSV
IHPDOHVDUHVWLOOLQVSLUHGE\VXFK¶EDOOJRZQV·IURPWKHODWHURPDQWLF9LFWRULDQ
HUDZKHQLWFRPHVWRFUHDWLQJWKHLUIDLU\WDOHZHGGLQJ

44
/DWHU9LFWRULDQ ² 

$V)UDQFHZHQWLQWRWKHUG5HSXEOLFWKHLQIOXHQFHVRIWKHHPSLUHDQGFRXUW
DHVWKHWLFVEHJDQWRZDQH:HVWHUQ(XURSHJUDGXDOO\VKLIWHGIURPDQ
DJULFXOWXUHEDVHGHFRQRP\WRDQLQGXVWULDOEDVHGHFRQRP\0RUHSHRSOHEHJDQ
WRPRYHWRWKHXUEDQFLW\DUHDV7KHER[FDPHUDEHFDPHDYDLODEOHWRWKH
SHRSOH

)DVKLRQ7UHQGV
,QWKLVFRQVHUYDWLYHWLPHVFORWKLQJZDVUHPLQLVFHQWRIWKHPDQQHULVWSHULRG
GXULQJZKLFKERG\FRQWRXUOLQHVZHUHWZLVWHGXQQDWXUDOO\,WZDVDSHULRGRI
VH[XDOUHSUHVVLRQZLWKUHJDUGVWRFORWKLQJZLWKH[FHVVLYHRUQDPHQWDWLRQ$V
IXOOQHVVLQWKHVNLUWKDGPRYHGWRWKHUHDUWKHSRORQDLVHVW\OHHYHQWXDOO\
EHFDPHWKHKDUGEXVWOHORRN7KHEXVWOHVXSSRUWVWKHIXOOQHVVDWWKHEDFNRI
WKHERGLFH7KLVIDVKLRQUHTXLUHGDQXQGHUVNLUWZKLFKZDVKHDYLO\WULPPHG
ZLWKSOHDWVIULOOVDQGEUDLGV











45
'UHVVHV

/D*UDQGH
-DWWHE\
*HRUJHV
6HXUDW








3ULQFHVVOLQH

46


5DWLRQDO'D\:HDU

7DLORUHGFRVWXPHVFRQVLVWLQJRIDORQJMDFNHWDQGVNLUWZHUHZRUQIRUWUDYHORU
ZDONLQJWKHVHZHUHZRUQZLWKWKHEXVWOHDQGDVPDOOKDWRUERQQHW




7KH*DLQVERURXJK&KDSHDX
ZDVDOVRSRSXODUMXVWEHIRUH
WKHWXUQRIWKHFHQWXU\,WZDV
DODUJHKDWPDGHRIYHOYHW
IHOWRUVWUDZZLWKDZLGH
EULPWULPPHGZLWKIHDWKHUV
DQGULEERQVRUHYHQVWXIIHG
ELUGV

47
/DFHGDQGEXWWRQHGKHHOHGVKRHVZHUHRIWHQ
ZRUQZLWKGHFRUDWLYHGHWDLOVVXFKDVURVHVRU
ULEERQVLQIURQW


+DLUVW\OHV


 
7KH(QJOLVK'HHUVWDONHUKDWRU¶6KHUORFN
+ROPHV·KDWEHFDPHSRSXODULQWKHVWR
VZKHQVSRUWVFORWKLQJEHFDPHD
LQIOXHQWLDOHOHPHQWLQPHQVZHDU



 


48

$FRQWHPSRUDU\JDUPHQWWKDWUHVHPEOHVWKHEXVWOHGUHVVRIWKHV


49
&RPSDULVRQ²1HFN7LH
3DVW



&H]DQQH3DLQWLQJDPDQZLWKDQDVFRWWLH

50
&RPSDULVRQ
3UHVHQW



51
&RPSDULVRQ

0HQRIWKDWWLPHZRUHWKH$VFRWWLHPDGHRIDQHFNEDQGZLWKZLGHZLQJV
DWWDFKHGIROGHGDQGZRUQZLWKDVWLFNSLQ,WZDVLWVHOIDQHYROYHGYHUVLRQRI
WKHFUDYDWZKLFKVWXFNRQWKURXJKWKHGHFDGHVLQIRUPDOPHQVZHDU7RGD\
WKHWLHKDVHYROYHGWRZKDWLVVHHQLQWKHPRGHUQFRPSDULVRQDERYH²UHVWLQJ
XQGHUWKHVKLUWFROODUDQGLVNQRWWHGDWWKHWKURDW7KHDVFRWWLHLVVWLOOVHHQ
WRGD\ZRUQE\IDVKLRQDEOHSHRSOHLQIRUPDORFFDVLRQV






52
&RPSDULVRQ²5LGLQJ$WWLUH
3DVW




(OLVDEHWKRI%DYDULD(PSUHVVRI$XVWULDLQDULGLQJKDELW


53
&RPSDULVRQ²5LGLQJ$WWLUH
3DVW



9RJXH*HUPDQ\2FWREHU

54
&RPSDULVRQ

$ULGLQJKDELWLVZRPHQ
VFORWKLQJIRUKRUVHEDFNULGLQJ7KHSLFWXUHLQWKHSDVW
FRPSDULVRQVKRZFDVHGWKHVLOKRXHWWHRIWKHHUDDVZHOODVWKHFODVVULGLQJ
DWWLUHRIWKDWWLPH7KHULGLQJKDELWFRQVLVWHGRIDWDLORUHGMDFNHWZLWKDORQJ
VNLUWZLWKDWDLORUHGVKLUWRUFKHPLVHWWHDVZHOODVDWRSKDWZLWKDYHLO KDW
PD\RUPD\QRWEHVHFXUHG $OWKRXJKWKHVW\OHLVQRWFRPPRQO\IRXQGLQ
IHPDOHHYHU\GD\ZHDUQRZULGLQJVSRUWVZRPHQWRGD\VWLOONHHSWRWKHJHQHUDO
KDWDQGXSSHUERGLFHRXWOLQHVRIWKHODWH9LFWRULDQWLPHV)DVKLRQFRQWLQXHVWR
EHLQVSLUHGIURPWLPHWRWLPHDVVHHQLQWKLV9RJXH(GLWRULDOVSUHDGLQZKLFK
&ODXGLD6FKLIIHULVVHHQZLWKDFORVHILWWHGMDFNHWDQGWRSKDWVLPLODUWRWKH
VW\OHVRIWKHODWH9LFWRULDQWLPHVZKLOHLQFRUSRUDWLQJJRWKLFLQIOXHQFHVLQ
WHUPVRIWKHEODFNODFH

55
/DWH9LFWRULDQ (GZDUGLDQ ² 
$UW1RXYHDX

)DPRXVSHUVRQDOLWLHVRIWKLVSHULRGLQFOXGH2VFDU:LOGH6LJPXQG)UHXG7KH
\RXQJLQWHOOHFWXDOVRIWKHSHULRGEHJDQWRTXHVWLRQWKHPRUDOLW\RILPSHULDOLVP
DQGFRORQLDOLVPDQGDOVREHJDQWRORRNIRUZD\VWRGLIIHUHQWLDWHWKHPVHOYHV
IURPWKHSDVW(QJODQGVDZWKHFURZQLQJRI.LQJ(GZDUGZKLFKXVKHUHGLQDQ
HUDRIILQHWDVWHLQDUWVDQGSDUWLFXODUO\LQWKHDWUH WKHOLNHVRI:LOGHDQG
3LQFHUR $PHULFDEHJDQWRULVHRQWRWKHZRUOGSROLWLFDOVWDJHZLWKLWVQHZ
LPPLJUDQWVDQGERRPLQJHFRQRP\XQGHU3UHVLGHQW7KHRGRUH5RRVHYHOW

)DVKLRQ7UHQGV

$IWHU&KDUOHV)UHGHULFN:RUWKPDQ\IDVKLRQKRXVHVVWDUWHGWRIORXULVK
,QWURGXFWLRQRIUHDG\WRZHDUFORWKLQJPDGHIDVKLRQDYDLODEOHWRPRUHSHRSOH
5HIRUPLVWVVWDUWHGWRFDPSDLJQDJDLQVWWKHXQQDWXUDODQGKHDOWKKD]DUGRXV
ZDVSZDLVWDQG6FXUYHVLOKRXHWWHDFKLHYHGE\KHDY\VWUXFWXUHVDQG
FRQVWULFWLRQV7KHFRUVHWZDVVORZO\DEDQGRQHGDQGEUDVVLHUHVZHUHLQWURGXFHG
WRWKHQHZOLEHUDWHGIHPDOHV

7KH3HWHU3DQFROODUDVPDOOIODWURXQGFRUQHUHG
FROODUZLWKRXWDVWDQGLVDOVRJDLQLQJLWVSRSXODULW\
GXULQJWKLVWLPH


*LEVRQJLUOZDVWKHFUHDWLRQRI$PHULFDQDUWLVW
&KDUOHV'DQD*LEVRQKHXVHGKLVZLIH,UHQH
/DQJKRUQHDVDPRGHOIRUKLVGUDZLQJVRIPRGHUQ
\RXQJZRPHQDWZRUNDQGVSRUWV7KH$PHULFDQ
VW\OHVVSUHDGWR(XURSHDQGIHPDOHVVWDUWHGWRGUHVV
DFFRUGLQJO\DVWKLVQHZVW\OHJDYHWKHPEHWWHU
PRELOLW\DQGIUHHGRP

)UHQFKFRXWXULHU3DXO3RLUHWZDVLQVWUXPHQWDOLQFKDQJLQJWKHJHQHUDOIHPDOH
VLOKRXHWWHGXULQJWRE\DEDQGRQLQJWKHFRUVHWVDQGEXVWOHVDQG
FRQWULYHGVNLUWVWUXFWXUHVZLWKLQWKHJDUPHQWDQGLQWURGXFLQJQDWXUDOO\IORZLQJ
HPSLUHFXWGUHVVHVWRZRPHQ+HSURPRWHGWKHQDWXUDOOLQHVRIZRPHQ
DOWKRXJKVWLOOXVLQJJLUGOHVDQGEUDV 2ULHQWDOLQIOXHQFHVZHUHDOVRIRXQGLQ
WKHIDVKLRQGXULQJWKLVSUHZDUSHULRG7KH)UHQFKFDOOHGWKHHUDIURPWR
/D%HOOHeSRTXH,WZDVDQHSRFKRIEHDXWLIXOFORWKHVDQGWKHSHDNRI
OX[XU\OLYLQJIRUWKHULFKDQGQREOH



56
 
(PSLUHLQVSLUHG3RLUHWGHVLJQV 


6LQFHWKHWKFHQWXU\PDOHIDVKLRQKDVQRWKDGDQ\
VSHFWDFXODUFKDQJHVILQHO\WDLORUHGDQGVXEWOH¶GDQG\·
VW\OHFRQWLQXHVWREHLQIOXHQWLDODQGWKHUHZHUHPLQRU
FKDQJHVLQWDLORUHGVXLWVDQGFRDWV$OWKRXJKPXVWDFKHV
DQGVLGHEXUQVFRQWLQXHWREHSRSXODUIRUSURIHVVLRQDODQG
ROGHUPHQ\RXQJPHQRIWKLVSHULRGZHUHXVXDOO\FOHDQ
VKDYHQ

6ROGLHUVEHJDQZHDULQJVHOIZLQGLQJZULVWZDWFKHVZKLFK
PHDQWWKDWWKH\ZRXQGWKHZDWFKZLWKDVPDOOVSLQGOHRQ
WKHVLGHRIWKHZDWFK0HQUHWXUQLQJIURPWKHZDUNHSW
WKHLUZDWFKHVDQGWKH\EHFDPHSRSXODUDFFHVVRULHV


57
&RPSDULVRQ²3OXPHVDQG+DWV
3DVW

58
&RPSDULVRQ²3OXPHVDQG+DWV
3UHVHQW


)DOO&RXWXUH3KLOLS7UHDF\

+DWVRIWKHSHULRGLQFOXGH+RPEXUJVIHGRUDVVWUDZERDWHUVDQGFDSV7KHVH
KDWVZHUHDGRUQHGZLWKULEERQVDQGIHDWKHUVDQGIUDPHWKHKHDGZKLOHVKRZLQJ
WKHZHDUHU·VKDLUVW\OH6XFKWUHQGVKDYHHYROYHGRYHUWKH\HDUVZLWKSHRSOH
ZHDULQJOHVVRUQDPHQWDOKHDGZHDU$QRWHZRUWK\H[FHSWLRQLV3KLOLS7UHDF\·V
GHVLJQHUKDWVZKLFKRIWHQLQFOXGHVFUD]\VSLUDOLQJRUSURWUXGLQJGHVLJQVWKDW
DUHPRUHLQVSLUDWLRQDOWKDQSUDFWLFDOLQUHDOOLIH

59
&RPSDULVRQ²%ROHUR
3DVW


6SULQJ'UHVVRI%ODFN$VWUDFKDQDQG%ODFN:RROZLWK%ROHURZLWKIXUPXIIV


60
&RPSDULVRQ²%ROHUR
3UHVHQW



2VFDUGHOD5HQWD6SULQJ

61
&RPSDULVRQ

7KHEROHURLVDZDLVWOHQJWK RUVKRUWHU MDFNHWLQVSLUHGE\D6SDQLVK
EXOOILJKWHU·VHPEURLGHUHGMDFNHWWKDWRSHQVDWWKHIURQW7KHVW\OHZDVLQ
IDVKLRQGXULQJWKDWWLPHDQGEROHURVZHUHXVXDOO\HPEURLGHUHGDQGZRUQDVDQ
RXWHUOD\HUJDUPHQW,QWKH2VFDUGHOD5HQWDYHUVLRQRIWKH%ROHURWKH
HPEURLGHUHGDQGVWLIIEROHURKDVJLYHQZD\WRLQWULFDWHWDWWLQJDQGDVRIWHU
GUDSHWRWKHERG\

62
:RUOG:DU2QH WKH5RDULQJV
²
7KHGLIIHUHQFHLQSROLWLFDOJRDOVRIWKH(XURSHDQSRZHUVVRRQOHGWRD
GLVDVWURXVZDULQYROYLQJWKHHQWLUH(XURSHDQFRQWLQHQW$PHULFDDQGFRORQLDO
HVWDEOLVKPHQWVDURXQGWKHZRUOG$IWHUWKH)LUVW:RUOG:DUPDQ\RI(XURSH·V
ILQHVWZHUHGHDGOHDGLQJWRODERXUVKRUWDJHDQGEUDLQGUDLQ7KHHFRQRPLHVRI
WKH(XURSHDQSRZHUVZHUHVHYHUHO\GDPDJHGKHQFHOHDGLQJWRWKHHVWDEOLVKLQJ
RI8QLWHG6WDWHVDVWKHPRVWSRZHUIXOFRXQWU\LQWKHZRUOG7KHZDUDOVR
EURXJKWFKDQJHVWRWKHVRFLDOVWUXFWXUHDVZRPHQVWHSSHGLQGXULQJZDUWLPH
WRWDNHWKHSODFHRIPDOHVDWZRUN

$IWHUDVKRUWGHSUHVVLRQLQ86HFRQRP\DIWHU::,HFRQRP\EHJDQWRERRP
(YHQDVWKHPHQUHWXUQHGDIWHUZDUIHPDOHVFRQWLQXHGWRFRQWULEXWHLQWKH
ZRUNSODFH7KLVQHZIRXQGHPSRZHUPHQWRIWKHIHPDOHPDUNHGDFKDQJHIURP
WKHSDVW)HPLQLVPPRYHPHQWEHJDQWRWDNHVKDSHDQGZRPHQLQWKH8QLWHG
6WDWHVHYHQWXDOO\HDUQHGWKHULJKWWRYRWHLQ'XULQJWKLVERRPWLPHLQ
8QLWHG6WDWHVHGXFDWLRQEHFDPHZLGHVSUHDGDQGDQ\ERG\ZKRZDVZLOOLQJWR
ZRUNZDVDEOHWRHDUQDGHFHQWOLYLQJ

)RUGEHJDQWRVHOODXWRPRELOHVWRZKRHYHUZKRFRXOGDIIRUGLW5DGLRDQG
PRYLHVEHFDPHDYDLODEOHWRWKHSXEOLF'HVSLWHWKHDOFRKROSURKLELWLRQLQ86
PDQ\LOOHJDOERRWOHJJHUVVXSSOLHGDOFRKROWRWKHZLOOLQJEX\HUV)HPDOHEHJDQ
WRGUHVVGLIIHUHQWO\IRUZRUNDQGSOD\DQGWKHZLOG&KDUOHVWRQGDQFHVZHUH
SRSXODUZLWKWKH\RXQJ7KH\RXWKEHJDQGDWLQJDQGGDQFLQJLQWKHZD\ZH
NQRZRIWRGD\ZKLFKZDVFRQVLGHUHGRXWUDJHRXVE\WKRVHGD\V·VWDQGDUGVLQFH
EHIRUHWKH:RUOG:DUIHPDOHVDQGPDOHVQHHGHGFKDSHURQVZKHQWKH\PHHW
7KHFRQVHUYDWLYHVDZWKHWUHQGDVLPPRUDODV\RXWKVVWDUWHGGULQNLQJDQGXVLQJ
IRXOODQJXDJH

,WZDVDJHQHUDWLRQRIGHFDGHQFHDQGRYHUFRQVXPSWLRQDQGWKLVXQVXVWDLQDEOH
FRQVXPSWLRQHYHQWXDOO\OHGWRWKHVWRFNPDUNHWFUDVKLQWKH86LQ


7KH*UHDW-D]]$JH

63
)DVKLRQ7UHQGV
$VPRUHDQGPRUHZRPHQZHQWLQWRIDFWRU\ZRUN
WKH\GHPDQGHGFORWKHVWKDWZHUHEHWWHUVXLWHGWR
WKHLUQHZDFWLYLWLHV)HPDOHVHYHQWXDOO\EHJLQWR
ORVHWKHKRXUJODVVILJXUHDQGEHJDQWRDGRSWDPRUH
ER\LVKILJXUH%\WKHHQGRI:RUOG:DU,FORWKLQJLQ
WKH:HVWEHJDQWRUHVHPEOHZKDWZHNQRZRIWRGD\
LQWKHPRGHUQHUD7KHSULQFHVVORRNVORZO\JDYH
ZD\WRDQHGJLHUIHPPHIDWDOHORRNDQGVHQVXDO
VOHHYHOHVVIUHHIORZLQJGUHVVHVEHFDPHSRSXODU

'XULQJWKH5RDULQJVRUWKH-D]]$JHVNLUWVURVH
IURPIORRUOHQJWKWRZHOODERYHWKHDQNOHZRPHQ
EHJDQWREREWKHLUKDLUDQGZRUHPRUHIHPLQLQH
IRUPVRIJDUPHQWV DVDUHVXOWRIWKHGLUHWLPHV
GXULQJ::, *ODPRURXVHYHQLQJZHDUVXFKDV
0DGHOLQH9LRQQHW
VFURVVFXWGUHVVHVDQG6FKLDSDUHOOL
VZLWW\VW\OHVZHUHDGRUHG
E\WKHFKLFDQGULFKDVIHPDOHVVWDUWHGH[SHULPHQWLQJZLWKORXGPDNHXS
VPRNLQJDQGVKRZLQJWKHLUOHJ7KHPRVWIDVKLRQGHVLJQHUVZHUHFHQWHUHGLQ
3DULVLQFOXGLQJ0DGHOLQH9LRQQHW3DXO3RLUHW&RFR&KDQHODQG-HDQ3DWRX

)ODSSHU6W\OH 7KHKREEOHVNLUWZKLFKLVDORQJVNLUW
WDSHUHGDWWKHDQNOHVUHDFKHGLWV
SHDNRISRSXODULW\LQLWZDVD
IXVLRQRIWKH3RLUHWKDUHPVNLUWDQG
0LGGOH(DVWHUQLQIOXHQFHV


3XPSVKRHZHUHZRUQE\IHPDOHVRQ
 PRVWRFFDVLRQV

64
 
.LPRQR6OHHYHVZHUHDOVRFRPPRQ
GXULQJWKLVWLPH$QGIHPDOHVZRUH
WXUEDQVKHDGEDQGVDQGFORFKHKDWVWR
JRZLWKWKHQHZVLOKRXHWWH





6OHHYHOHVVEDWKLQJVXLWVZHUHDGRSWHGE\PDQ\JLYHQWKHQHZVHQVHRI
OLEHUDWLRQRIWKLVHUD

)DEULFV 0DWHULDOV
&KLIIRQWDIIHWDYHOYHWVXHGHDQGDQJRUDIXU
*DUEDUGLQHIRUMDFNHWV

7KH/RXLV%URRNV VLOHQWPRYLHVWDURIWKHV KDLUVW\OHLVDOVRSRSXODUWRGD\
KDYLQJDPLQLUHYLYDOLQUHFHQWVHDVRQV



/RXLVH%URRNV+DLUVW\OH

65

0HQ·VFORWKLQJEHFDPHORRVHUGXULQJWKLVSHULRGDQGWKH\FRQWLQXHGWRZHDU
WKHVDFNVXLWZLWKZLGHUWURXVHUVEHOWHGKLJKZLWKEURDGVKRXOGHUHGMDFNHWV
2[IRUGEDJV ZLGHSDQWV ZHUHFRPPRQDPRQJVWPHQ



0HQLQDSLHFHVXLW


66
&RPSDULVRQ²&ORFKH+DW
3DVW



:RPDQZHDULQJDFORFKHKDWDGRUQHGZLWKDSSOLTXpVWULSVDQGYHLO
3KRWRJUDSKHU(GZDUG6WHLFKHQV

67
&RPSDULVRQ²&ORFKH+DW
3UHVHQW



0RGHOZHDULQJDPDWFKLQJFORFKHKDWZLWKKRUL]RQWDOVWULSV

68

&RPSDULVRQ

7KH5RDULQJVVDZWKHIHPDOHVWDNLQJRQ
DQHZVW\OHLQGUHVVLQJZLWKDGURSSHG
ZDLVWOLQHWRJLYHDPRUHWXEXODUVLOKRXHWWH
DQGURXQGKDWVVHHQDERYHWKDWFRYHUVWKH
VKRUWKDLUFRPSOHWHO\9HLOVDUHDOVRXVHG
WRFRYHUDSDUWRIWKHIDFH7KH]HLWJHLVW
RIWKLVSHULRGLVEHVWFDSWXUHGLQ)6FRWW
)LW]JHUDOG¶V7KH*UHDW*DWVE\LQZKLFK
WKHUHZDVH[WUHPHDORRIQHVVDQG
GHFDGHQFHDPRQJVWWKHULFK7KHVKRUW
EREKDLUDQGFURSSHGKDLUORRN
H[HPSOLILHGWKHORRNRIWKHVSHUIHFWO\
&ORFKHKDWVRIWKDWWLPHZHUHXVXDOO\
PDGHRIIHOWWRILWFORVHO\E\WKHVLGHVRI
WKHKHDGWKHKDWLVZRUQORZMXVWRYHUWKH
IRUHKHDGZLWKWKHZHDUHU
VH\HVVOLJKWO\EHORZWKHEULP7ULPPLQJVVXFKDV
VXUIDFHDSSOLTXpVVFDUYHVDQGIHDWKHUVDUHXVHGWRDGRUQWKHFORFKHKDW7KH
VW\OHEHFDPHDVLJQDWXUHRIWKHVDQGZDVVRSRSXODUWKDWIDVKLRQKRXVHV
VXFKDV/DQYLQDQG0RO\QHX[VSHFLDOO\RSHQHGDWHOLHUVWRPDNHWKHP,QWKH
SDVWFRPSDULVRQSLFWXUHWKHKDWLVZRUQZLWKDYHLOZKLOHWKDWRIWKHPRGHUQ
FRPSDULVRQLVZRUQZLWKQHWWLQJ,QERWKH[DPSOHVWKHVKDSHDQGDGRUQPHQW
KRUL]RQWDOVWULSHV DUHVLPLODU7KLVFORFKHORRNGRHVFRPHEDFNIURPWLPHWR
WLPHDQGORRNVVHWWREHEDFNLQIDVKLRQLQWKHQH[WVHDVRQV

69
&RPSDULVRQ²V7XEXODU6LOKRXHWWH



&ODULVVH&RXGHUWZHDULQJD)RUWXQ\WHDJRZQZLWKVWUDLJKWSOHDWV

70
&RPSDULVRQ²V7XEXODU6LOKRXHWWH
3UHVHQW



-RKQ*DOOLDQRYHOYHWGUHVVLQVSLUHGE\WKHHUD6LPLODUORQJOLQHVIDOOLQJWRWKH
DQNOHV

71
&RPSDULVRQ

7KHERG\VLOKRXHWWHSUHIHUUHGIRUIHPDOHVLQWKHVZHUHORQJDQGWXEXODU
DQG3RLUHWPDGHWKHHPSLUHZDLVWOLQHSRSXODUDJDLQDPRQJVWWKHFKLFDQG
IDVKLRQFRQVFLRXV,QWKH)RUWXQ\ ¶FULPS·IDEULF GUHVVVHHQLQWKHVWSLFWXUH
WKHORQJVWUDLJKWSOHDWVDQGWKHKLJKZDLVWOLQHJLYHDQLOOXVLRQWKDWOHQJWKHQV
WKHZHDUHU·VERG\ EXVWGRZQ OLNHZLVHLQWKH-RKQ*DOOLDQRSLHFHWKHFXW
DQGGUDSHRIWKHGUHVVOHQJWKHQVWKHZHDUHU·VWRUVRDVZHOO7KHQDWXUDOSOHDWV
RQWKHVNLUWRIWKHPRGHOUHVHPEOHVWKDWRIWKHSOHDWVLQWKHSDVWFRPSDULVRQ
SLFWXUH

72
*UHDW'HSUHVVLRQDQG:RUOG:DU,, ² 

%DFNJURXQG
:LWKWKHRQVHWRIHFRQRPLFGHSUHVVLRQWKHHQWLUHZHVWHUQZRUOGVRRQIHOWLWV
HIIHFWVZKLFKODVWHGIRUDGHFDGH7KHJRYHUQPHQWRI863UHVLGHQW
)UDQNOLQ5RRVHYHOWFDPHXSZLWKWKH1HZ'HDOWKDWKHOSHGSURWHFWSHRSOHIURP
WKHZRUVWHIIHFWVRIWKH'HSUHVVLRQDQGSURYLGHGMREVIRUWKHPDVVHVDQGLV
ZLGHO\FUHGLWHGZLWKKHOSLQJWKH8QLWHG6WDWHVDYRLGWKHPRXQWLQJLQWHUQDO
WXUPRLOWKDWWRUH(XURSHDSDUWDQGOHGWRWKH6HFRQG:RUOG:DU

'XULQJZDUWLPHPDQ\GHVLJQHUVIOHGFRQWLQHQWDO(XURSH)DVKLRQZDV
GLVUXSWHGGXULQJWKLVWLPH

)DVKLRQ7UHQGV
)URPWKHH[XEHUDQFHRIWKHZLOGVWRWKHLPSRYHULVKHGVWKHSHRSOH
EHJDQWRGUHVVPRUHVLPSO\DQGSUDFWLFDOO\JLYHQOLPLWHGUHVRXUFHV'UHVVHV
EHFDPHPRUHRUQDWHDQGURPDQWLFWRZDUGVWKHHQGRIWKHV



)HPDOHVGXULQJWKHVEHJDQWRKDYHYDULRXVRXWILWVIRUGLIIHUHQWRFFDVLRQVEH
LWIRUWRZQZRUNWHDSDUWLHVFRXQWU\VLGHRUIRUPDOGUHVVHVDQGJRZQV

7KH6LOKRXHWWHEHJDQPRUHQDWXUDODV
KHPOLQHVGURSSHGZDLVWOLQHVURVHDQG
GUHVVHVEHJDQWRFOLQJPRUHWRWKH
FRXQWRXUVRIWKHERG\6NLUWVFRPHZLWK
NQHHSOHDWVDQGJRGHWVIHOOIURPSDQHOVVR
JDYHIXOOQHVVDWWKHKHPOLQH

7KHUHZDVDULVHLQWKHSRSXODULW\RI
+ROO\ZRRGPRYLHVDVVFUHHQLGROVEHFDPH
UROHPRGHOVIRUWKHPDVVHV2XWILWVZRUQLQ
PRYLHVZHUHTXLFNO\FRSLHGE\UHWDLOHUV

0DQ\PDJD]LQHVDFWXDOO\SXEOLVKHGIDVKLRQ
FORWKLQJSDWWHUQVEDVHGRQDWWLUHVVHHQLQ

73
ILOPVDOORZLQJZRPHQWRVHZWKHLURZQGUHVVHVDFFRUGLQJ

0DGDPH9LRQQHW GUHVVVHHQRQWKHULJKW 
PDGHSRSXODUWKHKDOWHUQHFNDQGWKHFRZO
QHFNDQGLVNQRZQIRUXVLQJWKHELDVFXWRI
GUHVVHV7KHELDVFXWUHIHUVWRWKHZD\ZKHQ
IDEULFSDWWHUQSLHFHVFDQEHFXWQRWRQWKH
VWUDLJKWJUDLQEXWDWDQDQJOHRIGHJUHHV
7KLVFUHDWHVDYHU\VH[\DQGFORVHILWIRUWKH
ZHDUHUEHLQJDWWHQWLRQWRWKHZDLVWDQGKLS
6DWLQVFUHSHGHFKLQHVVLONVFUHSHVDQG
FKLIIRQVDUHRIWHQXVHGIRUVXFKGUHVVHV

&KDQHOGHEXWHGKHUOLWWOHEODFNGUHVVLQ
6KHEHOLHYHGIDVKLRQVKRXOGEHIXQFWLRQDODV
ZHOODVFKLF+HUJDUPHQWZDVGHVLJQHGWR
KLGHVWDLQVDQGWRILWHYHU\ZRPDQ 6HH
&KDQHOGUHVVEHORZ 


1\ORQKRVLHU\DOVREHFDPHSRSXODUGXULQJWKLV
DJH



1RWHZRUWK\
GHVLJQHUVRIWKLV
SHULRGLQFOXGH
(OVD6FKLDSDUHOOLDQG&KDQHO6W\OHLFRQVLQFOXGHG
DFWUHVVHVVXFKDV0DUOHQH'LHWULFK IHPPHIDWDOH
LPDJH DQG.DWKHULQH+HSEXUQ 0HQVXLWV 


0DWHULDOV8VHG

5D\RQG\HGZHOODQGORRNHGVLPLODUWRDQGIHOW
OLNHVLON1\ORQZDVLQYHQWHGDQGXVHGLQKRVLHU\
&RWWRQZDVDOVRZLGHO\XVHG$QGWKHQHZO\
LQYHQWHG=LSSHUZDVPDUNHWHGE\6FKLDSDUHOOL

74
&RPSDULVRQ²%LDV&XW
3DVW




7KHELDVFXWLQFRPELQDWLRQZLWKWKHKDQGNHUFKLHIKHP



75
&RPSDULVRQ²%LDV&XW
3UHVHQW



=DF3RVHQ)DOO


76
&RPSDULVRQ

7KH%LDVFXWPDGHIDPRXVE\9LRQQHWZDVSRSXODULQWKHVDVLWFOLQJVWR
WKHERG\DQGLVHDV\WRZHDU7RGD\LWLVVWLOOXVHGE\GHVLJQHUVWRFXWIDEULFLQ
RUGHUWRXWLOL]HWKHJUHDWHUVWUHWFKLQWKHELDVRUGLDJRQDOGLUHFWLRQRIWKH
IDEULF,QERWKFRPSDULVRQVWKHELDVFXWLVXVHGWRJLYHWKHJDUPHQWPRUHFOLQJ
WRWKHERG\VRWKDWWKHWRUVRZLOOEHVKRZQZKHQWKHJDUPHQWLVSXWRQZKLOH
WKHH[FHVVVODFNDWWKHKHPFUHDWHVDQLFHFRQWUDVW



%LDV&XW'UHVV9RJXH,WDOLD0DUFK

77
&RPSDULVRQ²0LOLWDU\-DFNHWV

3DVW




7KHPXFKGUHDGHG1D]LXQLIRUPGXULQJ::,,

78
&RPSDULVRQ²0LOLWDU\-DFNHWV
3UHVHQW

0DUF-DFREV):








&RPSDULVRQ

'XULQJWKHZDUWLPHPLOLWDU\
XQLIRUPVZHUHVHHQDWDOOFLYLOLDQ
VRFLDORFFDVLRQVIURPFLQHPDV
ZHGGLQJVUHVWDXUDQWVWRJDOD
HYHQWV7KHVHXQLIRUPVKDYH
LQIOXHQFHGIDVKLRQLQODWHU
GHFDGHVDVVHHQLQWKH0DUF
-DFREVPRGHUQFRPSDULVRQ
'HWDLOVVXFKDVWKHEUDVVEXWWRQV
DQGVWLIIIDEULFVDUHNHSW
DOWKRXJKWKHODSHOVDQGFROODUV
PD\GLIIHULQGLIIHUHQWGHVLJQV

79
3RVWZDU&RPPXQLVPDQGWKH&ROG:DU ² 

$IWHUWKH:RUOG:DUWKLQJVZHUHQRWH[DFWO\URV\LQWHUPVRILQWHUQDWLRQDO
SROLWLFV8QLWHG6WDWHVDQGWKH&RPPXQLVW6RYLHW8QLRQZHUHRSSRVHGWRHDFK
RWKHUDVERWKFRXQWULHVKDGGLIIHUHQWSROLWLFDOV\VWHPV GHPRFUDWLF96
FRPPXQLVW %RWKFRXQWULHVLQGXOJHGLQDQDUPVZDUDQGSROLWLFDOUHODWLRQV
ZHUHIURVW\&RXQWULHVDOLJQHGZLWKHDFKVHFWLRQZHUHLQYROYHGLQWKLV&ROG:DU
DVZHOO7KHODXQFKRIWKH6SDFH:DUDQGUDFHWRWKHPRRQFDSWXUHGWKH
LPDJLQDWLRQRIWKHSRSXODWLRQ

V²
7KH'LRU1HZ/RRNZDVLQWURGXFHGLQDQGUHYROXWLRQL]HGIHPDOHIDVKLRQ
WREHHODERUDWHG +HPOLQHVGURSSHGWRPLGFDOIGXULQJWKLVWLPH(YHQLQJ
ZHDUEHFDPHLPSRUWDQWDJDLQFRFNWDLOGUHVVHVFDPHLQWRH[LVWHQFHDQGGUHVV
FRGHVZHUHOHVVULJLGWKDQSUHYLRXVO\6KRHVEHFDPHQDUURZHUZLWKWKLFNHU
KHHOVDQGSHHSWRHVKRHVZHUHWKHPRVWFKLFVKRHVDYDLODEOH
'HVLJQHUVVXFKDV3LHUUH%DOPDLQ-DFTXHV)DWKDQG&KULWLDQ'LRUGHILQHGWKH
ORRNVRIWKLVQHZSHULRG


,QWKHV3RSFXOWXUHZDVPRUHIRFXVHGRQWHHQDJHUVDQGWKHLULQWHUHVWV
LQFOXGLQJURFNQUROO-HDQVZDVDGRSWHGDVOHLVXUHZHDUE\WKH(XURSHDQV
6FUHHQLFRQ%ULGJHWWH%DUGRW-DPHV'HDQ0DUORQ%UDQGRPDUNHGDQHZHUDRI
LGROZRUVKLSDQGPDQ\HPXODWHGWKHLUIDVKLRQVW\OHV1HR(GZDUGLDQ)DVKLRQ
DQG7HGG\%R\VZKRZRUHGUDSHGORQJGDUNVLQJOHEUHDVWHGMDFNHWVZLWK
QDUURZWURXVHUVEHFDPHDQHZSKHQRPHQRQLQ/RQGRQ

+XEHUWGH*LYHQFK\RSHQHGKLVRZQIDVKLRQKRXVHDQG
XVHG%HWWLQDDQG$XGUH\+HSEXUQDVVSRNHVSHUVRQDQG
LQVSLUDWLRQIRUKLVFROOHFWLRQV

&XORWWHVEHFDPHSRSXODULQWKHHDUO\V

%HHKLYHKDLUVW\OHZDVPDGHSRSXODUE\'XVW\6SULQJILHOG

0DWHULDOV
1HZIDEULFVRIQ\ORQDQGSRO\HVWHUZHUHPDGHDYDLODEOH
LQV

80
6W\OHV
1DY\%OXH1HZ/RRN


&DPHO&RDWLQV



7HGG\%R\

%DWKLQJ6XLWV V 
$/LQH6W\OH%\'LRU




81
&RPSDULVRQ²7KH¶%DU·6XLW
3DVW



&KULVWLDQ'LRU%DUVXLWDQGMDFNHWVSULQJVXPPHU

82
&RPSDULVRQ²7KH¶%DU·6XLW
3UHVHQW



-DFNHWDQGNQLIHSOHDWHGVNLUW0LX0LX)DOO:LQWHU

83
&RPSDULVRQ

7KHSRVWZDU'LRU1HZ/RRNLQFUHDWHGE\GHVLJQHU&KULVWLDQ'LRUPDUNHG
DQHZFKDSWHULQ(XURSHDQIDVKLRQIRUIHPDOHV7KHQHZIHPLQLQHFXW
DFFHQWXDWHGWKHIHPDOHFXUYHVZLWKLWVFDOIOHQJWKVNLUWVDQGMDFNHWVZLWK
VPDOOQLSSHGZDLVWURXQG SDGGHGKLSVDQGVKRXOGHUOLQHVFORVHWRWKHQDWXUDO
VORSHDVVKRZQLQWKHSDVWFRPSDULVRQSLFWXUHRIWKH&KDQHO¶%DU·6XLWDERYH
7KLVQHZORRNUHTXLUHGDKXJHDPRXQWRIIDEULFIRUWKHVNLUW WR\DUGVRI
IDEULF DQGZDVGHQRXQFHGE\%ULWLVKSROLWLFLDQVZKRIHOWLWZDVH[WUHPHO\
ZDVWHIXOIRUWKHSHRSOHWRDGRSWWKLVORRNULJKWDIWHUWKHLPSRYHULVKHGZDU
WLPHV+RZHYHULWZDVTXLFNO\DFFHSWHGE\SHRSOHWKHQDVLWVLJQLILHGDQHZ
EHJLQQLQJIRUWKHPDIWHUWKHKRUULILFZDUDQGZDVZHOFRPHGDIWHU\HDUVRIQRW
GUHVVLQJXS RUGUHVVLQJXQLVH[ GXHWRZDUWLPH

7KLVKRXUJODVVORRNUHPDLQHGSRSXODUIRUVRPHWLPHDOWKRXJKLWHYHQWXDOO\
JDYHZD\WRWKHPRGDQGKLSSLHLQIOXHQFHVLQWKHVDQGV)HPDOH
ZRUNZHDUUHWDLQHGWKHVDPHMDFNHWDQGEHORZNQHHVNLUWEXWWKHZDLVWZDVQR
ORQJHUFRUVHWHGDQGQRUZHUHWKHKLSVSDGGHGDQGHYHQWXDOO\EHFDPHOHVV6
VKDSHG7KHH[DPSOHLQWKHPRGHUQFRPSDULVRQVKRZVRQHRIWKHYDULDWLRQVRI
HYROXWLRQRIWKHEDUVXLW7KHPRGHOVSRUWVDSLQNMDFNHWEXWWRQHGORZZLWKD
FDOIOHQJWKSOHDWVNLUW7KHJHQHUDOVLOKRXHWWHLVQRWXQOLNHWKHEDUVXLW
DOWKRXJKWKHQHFNOLQHLVPXFKORZHU0RVWFRUSRUDWHZRPHQWRGD\ZRXOGZHDU
VXFKDWWLUHWRJHWKHUZLWKDQH[WUDJDUPHQWXQGHUQHDWKWKHMDFNHWWRDSSHDU
PRUHSURIHVVLRQDOLQWKHLUZRUN

84
V
3HDFH0RYHPHQW+LSSLHV0XVLF5HYROXWLRQ
7KHSRVWZDUEDELHVDUHQRZLQWKHLUWHHQKRRGDQG\RXWKVEHFDPHRQHRIWKH
PRVWSURILWDEOHFRQVXPHUVHJPHQWV<RXWKVVHHIDVKLRQDVDIRUPRIVHOI
H[SUHVVLRQDQGDPHWKRGRIGLIIHUHQWLDWLQJWKHPVHOYHVIURPWKHLUSDUHQWV
7KH\EHJDQWRLQIOXHQFHIDVKLRQDQGSROLWLFVZLWKWKHLUZRUOGYLHZ

6H[ZDVQRORQJHUDWDERRWRSLFDQG
WKH9LHWQDP:DUZDVYHKHPHQWO\
RSSRVHGE\PDQ\LQWKH:HVW
$QGURJ\QRXVGUHVVLQJEHFDPHSRSXODU
WRZDUGVWKHHQGRIWKHGHFDGHDV
WKHVH\RXWKVH[SHULPHQWHGZLWK
QHZIRXQGIUHHGRPLQH[SUHVVLRQDV
ZHOODVLWEHLQJDSURGXFWRIWKHPXVLF
UHYROXWLRQLQURFN$VVXFKWKHV
ZDVDYHU\IDVWPRYLQJGHFDGHLQ
IDVKLRQOLIHVW\OHVLQQRYDWLRQVDQG
PRUDOV7KHIDVKLRQPLQLVNLUW
EHFDPHRQHRIWKHLFRQVWKDW
V\PEROL]HGWKLVHUD





0RG/RRN

0RQGULDQGD\GUHVV<YHV6DLQW/DXUHQW

7KH%HDWOHVZDVDZRUOGZLGHSKHQRPHQRQ
LQPXVLFDQGWKHLUPRSWRSVZHUHSRSXODU
ZLWKPDOH\RXWKVRIWKDWWLPH:RRGVWRFN
VWDUWHGDJHQHUDWLRQRIIUHHORYLQJKLSSLHV

)DVKLRQKRXVHVEHJDQWRRIIHUUHDG\WR
ZHDUIDVKLRQVIRUWKHJHQHUDOSXEOLF
'HVLJQHUVVXFKDV<YHV6DLQW/DXUHQW
&RXUUHJHV/DXUD$VKOH\DQG3LHUUH&DUGLQ
PDGHWKHLUPDUNGXULQJWKLVGHFDGH

85
&RPSDULVRQ0RG/RRN0LQL6NLUW
3DVW




7ZLJJ\LQPLQLV

86
&RPSDULVRQ0RG/RRN0LQL6NLUW
3UHVHQW



&KORH6NLUW0LQL6NLUWVFRQWLQXHWREHLQVW\OHWRGD\

87
&RPSDULVRQ
7KHPLQLZDVPDGHSRSXODUE\0DU\4XDQWDQG$QGUH&RXUUHJHVZKR
VKRUWHQHGWKHKHPOLQHWRPLGWKLJK$VVHHQLQWKHSDVWFRPSDULVRQSLFWXUHV
DOORIVLFRQ7ZLJJ\ WKHVHPLQLVJDYHIHPDOHVDFKLOGOLNHORRNDQGLV
HVSHFLDOO\WDUJHWHGDWWHHQDJHUVDSUHYLRXVO\LJQRUHGPDUNHWVHJPHQWLQWKH
SDVW%ULJKWFRORXUVDQGJHRPHWULFGHVLJQVZHUHRIWHQXVHGRQWKHVNLUWVDQG
GUHVVHVRIWKDWWLPH7LJKWVUHSODFHGVWRFNLQJVDQGDOORZHGWKHIHPDOHVWR
ZHDUWKHYHU\VKRUWVNLUWVZLWKRXWH[SRVLQJWKHPVHOYHV7KH0RGORRNZDVDOVR
YHU\SRSXODULQWKHV

$QGUH&RXUUHJHVH[SHULPHQWHGZLWKWKHPLQLVDQGKLV6SDFH$JH  
GHVLJQVZHUHLQIOXHQFHGE\6SDFH5DFHEHWZHHQ86DQG6RYLHW8QLRQ+HDOVR
XVHGQHZV\QWKHWLFVW\OHVVXFKDV39&RUHYHQPHWDOIRUKLVFROOHFWLRQ


 
&RXUUHJHV·VIXQFWLRQDOXQFOXWWHUHGIXWXULVWLFGHVLJQV

7RGD\WKHIDVKLRQLVQRWIDUIURPZKDW&RXUUHJHVSUHGLFWHG VHHPRGHODERYH 
$GYDQFHPHQWVLQIDEULFFRQVWUXFWLRQDOORZV\QWKHWLFPDWHULDOVVXFKDV39&WR
EHPRUHFRPIRUWDEOH7KHFXWRIWKHUHGWRSZLWKWKHVODVKHGFROODULVVLPLODU
WRVRPHRI&RXUUHJHV·GHVLJQVDQGWKHPLQLVNLUWLVUHPLQLVFHQWRIWKHV·
PLQLV

88
&RPSDULVRQ)ORZHU3RZHU+LSSLHV
3DVW


(WKQLFLQVSLUHGFORWKLQJLQWKHODWHV

89
&RPSDULVRQ)ORZHU3RZHU+LSSLHV
3UHVHQW







































%DOHQFLDJD
):


90
&RPSDULVRQ)ORZHU3RZHU+LSSLHV
3UHVHQW




*XFFLIORUDOSULQWV


91
&RPSDULVRQ
7RZDUGVWKHHQGRIWKHVZLWKWKHVWDUWRIWKH+LSSLH0RYHPHQWDQGWKH
LQIOXHQFHVRI:RRGVWRFNDQGWKH)UHQFKVWXGHQWUHYROXWLRQLQIDVKLRQ
WRRNRQPDQ\QHZIRUPVVRPHRIWKHPEHLQJWKHHWKQLFIORZHUSRZHURU
KLSSLHORRN

+LSSLHV PRYHPHQWVWDUWLQJIURP6DQ)UDQFLVFR PL[HG(DVWHUQSKLORVRSK\DQG
GUXJVWRJLYHDQHZFXOWXUHIRU\RXWKV7KHLUIDVKLRQLVLQVSLUHGE\WKH(DVW
SDUWLFXODUO\OHDQLQJWRZDUGVWKH$IJKDQLVWDQDQG,QGLDQVW\OHV3ULQWVZHUH
HWKQLFJHRPHWULFDOSULQWVVKDSHOHVVRUSHDVDQWWRSVPDWFKHGWKHLUORQJKDLU
RIWHQDGRUQHGZLWKKHDGEDQGVRUEDQGDQDVDVVKRZQWKHLQVWFRPSDULVRQ
SLFWXUH7LHG\HVZHUHDOVRSRSXODUZLWKWKHSHRSOHWKHQ&KHHVHFORWKNDIWDQV
DQGEHOOERWWRPVZHUHFRPPRQDVZHOO7KLVVW\OHVWLOOKDVLWVVXSSRUWHUVRYHU
WKH\HDUVDVVKRZQE\WKH%DOHQFLDJDRXWILWIULQJHGHWDLOVDQGHWKQLF
SULQWVDUHVWLOOXVHGLQIDVKLRQWRGD\



5DFKHO=LPPHUPDQLQD
-DQLV-RSOLQ7ULEXWHSKRWR
VKRRW
)DVKLRQ5RFNV6HSWHPEHU





)ORZHUSRZHUZDVD
VORJDQXVHGE\WKH
KLSSLHVLQVXSSRUWRI
/RYHDQG3HDFHDV
WKH\ZHUHDJDLQVWWKH
9LHWQDP:DU7KH\
GUHVVHGLQIORUDOSULQWV
DQGRIWHQZRUH
JDUODQGVLQWKHLURXWILW
)ORUDOSULQWVFRQWLQXH
WREHSRSXODUWRGD\
DVH[HPSOLILHGE\WKH
*XFFLFROOHFWLRQ
LQWKHSLFWXUHVDERYH



92
V²*ODP5RFN3XQN 'LVFR
7KHVVDZDYHU\GLYHUVHLQIOXHQFHLQFXOWXUHEURXJKWDERXWE\WKHPXVLF
UHYROXWLRQ7KHKLSSLHLQIOXHQFHFRQWLQXHGLQWRWKLVFHQWXU\

)DVKLRQ7UHQGV
The sub cultural styles defined the fashion mood of this decade. The ethnic
influence continues to be influential as the hippie movement gains ground across
the globe. Macramé bags and bikinis from the Greek Isles and crochet
waistcoats and shawls from Spain were all high fashion. The poncho was short
lived and soon became a children's style. Glam Rock brought about extreme
fashions for its followers with bizarre colours, leotards and androgynous outfits
reigning supreme. Flared Trousers, Bell Bottoms and Trouser Suits became
popular during this era.


'DYLG%RZLH *ODP5RFN)DVKLRQ

7KHDQWLHVWDEOLVKPHQW3XQN0RYHPHQW DQG
LWVIDVKLRQ ZDVEURXJKWDERXWE\9LYLHQQH
:HVWZRRGDQGKHUWKHQSDUWQHU0DOFROP
0F/DUHQ PDQDJHURISXQNEDQG6H[3LVWROV 
&ORWKLQJVW\OHLQFOXGHVERQGDJHDQGIHWLVK
DWWLUHFRXSOHGZLWKERG\SLHUFLQJV







'LVFRDWWLUHVWDUWHGWREHSRSXODUDQG
EORVVRPHGDIWHUWKHPRYLH6DWXUGD\
1LJKW)HYHU  

0DWHULDOV8VHG

• 9LVFRVH5D\RQ
• 6DWLQ3RO\HVWHUV

93
&RPSDULVRQ²3ODWIRUP6KRHV
3DVW



*R*RERRWV

&RPSDULVRQ

*RJRSODWIRUPVKRHVZHUHSRSXODUJOREDOO\GXULQJWKLVGLVFRHUDDQGSODWIRUP
VKRHVZHQWLQDQGRXWRIIDVKLRQVLQFH 1RWDEO\LQVZLWKWKH6SLFH*LUOV
UHYLYLQJWKHSODWIRUPVKRHV 7RGD\SODWIRUPKHHOVFDQEHIRXQGLQWKH
FROOHFWLRQVRI&KORH

94
&RPSDULVRQ²3ODWIRUP6KRHV
3UHVHQW


95
&RPSDULVRQ
3HDVDQW/RRN


96



97
&RPSDULVRQ

3HDVDQWWRSVZHUHLQWURGXFHGE\<YHV6DLQW/DXUHQWLQWKHV7KHVPDUNHG
DSHULRGRIGLYHUVHHWKQLFLQIOXHQFHV*\SV\WRSVZLWKGUDZQXSQHFNOLQHV
WULPPHGZLWKEHOOVDQGSXIIHGVOHHYHVZHUHPDGHLQFKHHVHFORWKRUOLJKW
FRWWRQVDQGWKHSHDVDQWQHFNOLQHZDVXVHGE\PDQ\GHVLJQHUV7KHSHDVDQW
ORRNUHPDLQVSRSXODUWRGD\DVEHDFKRUUHVRUWZHDUDQGWKHSDWWHUQVRQWKH
IDEULFLVQRWDVRUQDWHRUFRPSOH[DVEHIRUH


98
V
<RXWKFXOWXUHWRRNDVWHSEDFNDVWKHWHHQDJHPDUNHWORVWVWHDP7KHGHFDGH
ZLWQHVVHGDUHOLJLRXVUHYLYDODQGWKHULVHRIFRQVHUYDWLVP7KHSRVWZDU
JHQHUDWLRQZDVJHWWLQJROGHUDQGZDVDOVRILQDQFLDOO\VHFXUH'HPRJUDSKLFV
FKDQJHGWKHIDFHRIVRFLHW\:HVWHUQHFRQRPLHVZHUHGRLQJZHOODQGSHRSOH
ZHUHOLYLQJDQGZRUNLQJORQJHU7KHUHLVWKHULVHRIWKHPLGGOHFODVVZKLFK
FRQWULEXWHGWRWKHLQFUHDVHLQULVLQJFRQVXPHUFRQVXPSWLRQ1HZFRPSXWHU
WHFKQRORJLHVDQGLQGXVWULHVGHYHORSHGDQGERRPHG

)DVKLRQ7UHQGV

7KHSXQNLQIOXHQFHVFDUULHGRQ
LQWRWKHHLJKWLHVEXWIDVKLRQ
EHFDPHPRUHFRQVHUYDWLYHDQG
PDVFXOLQHDVWKHGHFDGH
SURJUHVVHV3RZHUGUHVVLQJLV
SRSXODUDPRQJVWIHPDOHVDVWKH\
EHJDQWRFRPSHWHZLWKWKHLU
PDOHFRXQWHUSDUWVLQWKH
ZRUNSODFH7KH1HZ5RPDQWLF
ORRNZDVPDGHSRSXODUE\
9LYLHQQH:HVWZRRGZLWKKHU
¶3LUDWHV·FROOHFWLRQ



7KHVDOVRVDZWKHLQFUHDVHLQSRSXODULW\RIGHVLJQHUXQGHUZHDUVKDGHVEDJV
DQGRWKHUDFFHVVRULHV3HRSOHZDQWHGWREX\DSLHFHRIWKHEUDQGDQGLWV
DVVRFLDWHGYDOXHVDQGEUDQGSHUVRQDOLW\%UDQGHGSURGXFWVEHFDPHDUHIOHFWLRQ
RIVWDWXVDQGYDOXHIRUWKHPDVVSXEOLF
$PHULFDQ%UDQGVVXFKDV&DOYLQ.OHLQDQG
5DOSK/DXUHQEHFDPHVXFFHVVIXOE\
OLFHQVLQJWKHLUEUDQGQDPHWRDFFHVVRULHV
OLQHV2WKHUIDVKLRQWUHQGVLQFOXGHWKH
UHYLYDORIWKHPLQLVNLUWVDQGWKHEDWZLQJ
VOHHYH&RVWXPHMHZHOOHU\VDZDJUHDW
UHYLYDODQGKXJHJROGHDUULQJVRUSHDUO
DQGJLOWHDUULQJV

6W\OHLFRQVRIWKHVLQFOXGHWKH
FRQVHUYDWLYHEXWZHOOGUHVVHG3ULQFHVV
'LDQD



99
$PHULFDQEUDQGV'RQQD.DUHQ&DOYLQ.OHLQDQG5DOSK/DXUHQWRRNSURPLQHQFH
LQWKHLQWHUQDWLRQDOIDVKLRQVFHQH7KHVDOVRZLWQHVVHGWKHULVHRI,WDOLDQ
KRXVHV9HUVDFH$UPDQL3UDGDDQGWKHUHYDPSHG*XFFL

V6W\OHV




7KH3UHSS\/RRN

2YHUVL]HG6KLUWV


$FLG:DVK'HQLP

100
&203$5,621
'DQFHDQG$HURELFZHDU

 

101
&203$5,621
'DQFHDQG$HURELFZHDU
3UHVHQW


102
&RPSDULVRQ

$VWKHSHRSOHJHWPRUHKHDOWKDQGERG\FRQVFLRXVLQWKHPLGVWKH\
VWDUWHGKLWWLQJWKHJ\PDQGVZHDWLQJLWRXW*\PDQGDHURELFDWWLUHEHFDPH
SRSXODUGXULQJWKDWWLPHDQGFDQEHVHHQLQWKH-DQH)RQGDSLFWXUHVVKRZQ
DERYH%RG\VXLWVDUHPDGHRI/\FUDVSDQGH[%UDQGVVXFKDV'RQQD.DUHQ
FRPELQHGVWUHWFK\IDEULFVZLWKOX[XU\IDEULFVDQGPDUNHGWKHVWDUWRIVSRUWV
DQGIDVKLRQ7RGD\EUDQGVVXFKDV$GLGDVFUHDWHVSRUWVZHDUWKDWLVVW\OLVKDQG
QRWMXVWOLPLWHGWRWKHJ\P FRXOGEHVHHQRQSHRSOHLQWKHVWUHHWV 0DQ\
IDPRXVGHVLJQHUEUDQGVDOVRFROODERUDWHZLWKDWKOHWLFEUDQGVWRFUHDWHGHVLJQHU
DFWLYHZHDUDQGVKRHV7KH6WHOOD0F&DUWQH\UDQJHIRU$GLGDVDOVRFRPELQHG
IDVKLRQZLWKVSRUWVZKLOH$OH[DQGHU0F4XHHQKDVDVKRHUDQJHZLWK3XPD

,QWKHPRGHUQFRPSDULVRQSLFWXUH9RJXH,WDOLDKDVGRQHDIDVKLRQVSUHDGWKDW
LVLQVSLUHGE\WKHVVJ\PORRN&RPSDULQJWKHFXUUHQWJ\PDQGDFWLYH
ZHDUORRNZLWKWKHV·DHURELFVDWWLUHRQHFDQREVHUYHWKDWWKHIXOOERG\VXLW
KDVHYROYHGWRDPRUHUHOD[HGVW\OH SLHFHV 7KHPDWHULDOVXVHGWRGD\DUH
PRUHFRPIRUWDEOHWKDQNVWRLQQRYDWLRQVLQIDEULFVVXFKDVWKH'UL)LWPDWHULDO

103
&RPSDULVRQ²3RZHU'UHVVLQJ
3DVW



7KHFDVWRIWKHVKRZ¶'\QDVW\·ZLWKELJKDLUDQGLPSRVLQJSRZHUGUHVVLQJ
VLOKRXHWWHV

104
&RPSDULVRQ²3RZHU'UHVVLQJ 6KRXOGHU3DGV
3UHVHQW



6SHOOERXQG0DJD]LQH'HFHPEHU

105
&RPSDULVRQ

,QWKHVPRVWFORWKLQJVROGFDPHZLWKSUHIL[HGVKRXOGHUSDGVHYHQIRUD
VLPSOHEORXVH6W\OHLFRQVVXFKDV'\QDVW\
V-RDQ&ROOLQVHPEUDFHGSDGGHG
VKRXOGHUVDQGSULPDU\FRORXUV&DUHHUPLQGHGZRPHQLQWKHVGLGQRWZDQW
WRORRNRYHUO\VH[XDOLQFDVHLWXQGHUPLQHGWKHLUSURIHVVLRQDOLVPKHQFHWKH
LPSRVLQJVLOKRXHWWHLVSUHIHUUHG7KHVKRXOGHUSDGVZHUHHYHQWXDOO\SKDVHGRXW
LQWKHVDOWKRXJKWKHORRNRIWHQUHVXUIDFHVRQFHLQDZKLOHLQDPRUH
WDLORUHGPDQQHU$VVHHQLQWKHPRGHUQFRPSDULVRQDERYHVKRXOGHUDQGKLS
SDGGLQJLVXVHGRQWKLVRXWILW

+RZHYHUWKHIDEULFXVHGLQFRQMXQFWLRQZLWKVKRXOGHUSDGVWKHVHGD\VDUH
XVXDOO\OHVVVWLIIDVWKRVHLQWKHVDVVKRZQLQWKHSLFWXUHVEHORZKHQFH
JLYLQJWKHZHDUHUDPRUHQDWXUDOGUDSHIURPVKRXOGHUGRZQ



6KRXOGHUSDGIDVKLRQE\'LRUDQG*XFFLLQ

106
V
7KHVZDVDUHODWLYHO\SHDFHIXOGHFDGHPDUNHGE\VHYHUDOUHFHVVLRQV
XQHPSOR\PHQW7KHGLVVROYLQJRI6RYLHW8QLRQLQPDUNHGDQHZHUDLQ
ZRUOGSROLWLFV2QHRIWKHPRVWLPSRUWDQWHYHQWVZDVSUREDEO\WKHLQYHQWLRQ
DQGSRSXODUL]DWLRQRIWKH,QWHUQHWLQWKHPLGV:LWKLQWR\HDUVRIWKH
LQYHQWLRQRIWKHWHFKQRORJ\PRVWRIWKHXUEDQFLYLOL]DWLRQZHUHZLUHGDQG
ORJJHGRQWRWKHLQWHUQHWDSRUWDODQGZHDOWKRILQIRUPDWLRQ,QWHUQHWEHFDPH
DQHZVRXUFHRILQIRUPDWLRQDQGFRPPXQLFDWLRQFKDQQHO


)DVKLRQ7UHQGV
7KHUHZDVDFRQWLQXDWLRQRIWKHVW\OHVIURPVEXW\RXWKIDVKLRQZDVGUDZQ
IURPWKHVDQGV7KLVZDVDGHFDGHRIUHYLYDOVIURPWKHSDVW

6SRUWVZHDUEHFDPHFRPPRQDVVWUHHWZHDUDQGEUDQGVOLNH1LNHHQMR\HGKXJH
VDOHVLQVSRUWVDSSDUHOVDQGVKRHV&HOHEULWLHVDQGVSRUWVDWKOHWHVOLNH0LFKDHO
-RUGDQIURQWHGDGYHUWLVHPHQWFDPSDLJQVIRU1LNH


$LU-RUGDQ

7KHEHVWNQRZQGHVLJQHUVLQ$PHULFDDQGNQRZQE\DOODUH'RQQD.DUHQ
7RPP\+LOILJHU&DOYLQ.OHLQDQG5DOSK/DXUHQZKLFKDOOEHFDPHKRXVHKROG
QDPHVJOREDOO\E\WKHHQGRIWKHGHFDGH7KH$UPDQLVXLWZDVPDGHSRSXODUE\
ILOPVWDU5LFKDUG*HUH%UDQGHGDFFHVVRULHVPDGHKXJHSURILWV²*XFFLDQG
3UDGDEDJVDQGDFFHVVRULHVOLQHEHFDPHSRSXODUZLWKWKHPDVVHV

0XVLFFRQWLQXHVWRLQIOXHQFH)DVKLRQ*UXQJHIDVKLRQRUWKHODFNRIIDVKLRQ
ZDVLQIOXHQFHGE\*UXQJH5RFNJURXSVOLNH1LUYDQDLQWKHPLGV,WDOVR
XVKHUHGLQDJHRIWKHVXSHUPRGHOV VHHQEHORZ 7KHVHPRGHOVEHFDPHNQRZQ
WRPRVWSHRSOHDQGZHUHPRUHWKDQPHUHUXQZD\DQGSULQWPRGHOVDQGPRUH
OLNHFHOHEULWLHV(YHU\WKLQJWKH\GLGZDVXQGHUVFUXWLQ\DQGEUDQGVDUHZLOOLQJ
WRSD\KXJHDPRXQWVMXVWWRJHWWKHPWRHQGRUVHRUDGYHUWLVHWKHLUSURGXFWV
GXHWRWKHKXJHSXEOLFLW\WKDWWKH\FRXOGJDUQHU


107

1DRPL/LQGD7DWMDQD&KULVW\DQG&LQG\


108
&RPSDULVRQ²+LS+RS)DVKLRQ
3DVW



+LS+RS

109
&RPSDULVRQ²+LS+RS)DVKLRQ
3UHVHQW





&RPSDULVRQ

+LS+RSPXVLFRIWKHEODFNVEHJDQWRLQIOXHQFHWKHGUHVVLQJRI\RXWKVLQWKH
PDLQVWUHDPFXOWXUH%DJJ\FORWKLQJDQGWUDFNSDQWVZHUHZRUQE\WKHEODFN
UDSSHUVLQWKHV$IWHUZKLFKWKHVW\OHHYROYHGWRLQFOXGHPRUH¶EOLQJ·RU
EULJKWDQGRVWHQWDWLRXVDFFHVVRULHVOLNHGLDPRQGVWXGVULQJVDQGKXJHJROG
QHFNODFHV VXFKDVWKRVHZRUQE\'LGG\ZKHQKHZDVVWLOONQRZQDV3XII'DGG\ 
,WVORZO\HYROYHGWRDPRUHWDLORUHGORRNLQUHFHQW\HDUVDVVHHQE\.D\QH:HVW
DQG-DPLH)R[[LQWKHSLFWXUHDERYH

110
&RPSDULVRQ%UDQGHG8QGHUZHDU/LQJHULHOLQNHGZLWK&HOHEULWLHV
3DVW


 
%URRN6KLHOGV 0DUN:DOEHUJ¶0DUN\0DUN·LQWKHF.DGVRIWKHV


111
&RPSDULVRQ%UDQGHG8QGHUZHDU/LQJHULHOLQNHGZLWK&HOHEULWLHV
3UHVHQW



&RPSDULVRQ
,QWKHVFHOHEULWLHVZHUHURSHGLQWRDGYHUWLVHIRUOLFHQVHGGHVLJQHUEUDQGHG
OLQJHULHVXFKDVWKRVHVHHQDERYH7KLVKDVHYROYHGVORZO\WKURXJKWKHGHFDGH
ZLWKPRGHOVIRRWEDOOHUVDQGDFWRUVIURQWLQJVXFKDGVZKLFKKDYHEHFRPHHYHQ
PRUHSURYRFDWLYH7KHSLFWXUHDERYHVKRZV*LVHOHGRLQJDUXQZD\VKRZIRU
9LFWRULD·V6HFUHW6XFKFHOHEULW\HQGRUVHPHQWSURYHWREHSURILWDEOHIRUWKH
EUDQGVSURYLGHGWKDWWKHVWDUVDUHFRPSOHPHQWDU\ZLWKWKHSURMHFWHGEUDQG
LPDJH

112
V7RGD\ &RQFOXVLRQ

)DVKLRQWRGD\LVLQIOXHQFHGE\PDQ\VXEFXOWXUHVDQG)DVKLRQLWVHOIHYROYHVRQ
LWVRZQ7KHWXUQRIWKHPLOOHQQLDPDUNHGWKHDJHRIWKH,QWHUQHWDQG
JOREDOL]DWLRQ,QWHUQHWHQDEOHGEUDQGVWRPDUNWKHLUSUHVHQFHLQDYLUWXDO
VHWWLQJDQGHQDEOHVWKHPWRVHOOWKHLUSURGXFWVWRRWKHUPDUNHWVZLWKRXWD
SK\VLFDOVWRUHSUHVHQFH2QOLQHEUDQGLQJEHFDPHLPSRUWDQWDVHYHU\EUDQG
VWDUWHGKDYLQJIODVKZHEVLWHVWRSURPRWHWKHLUODWHVWUDQJHVKRZFDVHWKHLUDG
FDPSDLJQDQGLQIRUPWKHSXEOLFVRIWKHLUFRPSDQ\VWDWXV

7KHHIIHFWVRIJOREDOL]DWLRQRQ
SRSXODUFXOWXUHFRXOGEHIHOWLQ
IDVKLRQDV\RXWKVDOORYHUWKH
ZKROHGUHVVVLPLODUO\DVWKH\WDNH
LQVLPLODUVW\OHLQIRUPDWLRQ
WKURXJKWKH,QWHUQHWDQGFDEOH
WHOHYLVLRQ 079IRULQVWDQFH 
&HOHEULWLHVDUHKRXQGHGE\
SDSDUD]]LVDQGVFUXWLQL]HGLQ
PDJD]LQHVIRUWKHLUDWWLUHZLWK
SLFWXUHVVQDSSHGHYHQZKHQWKH\
WDNHWKHLUWUDVKRXWRIWKHLUKRPHV
0DQ\VW\OHVFRQVFLRXVFHOHEULWLHV
VWDUWHGH[WHQGLQJWKHLUIDPHWR
IDVKLRQOLQHV:LWK3'LGG\*ZHQ
6WHIDQL-HQQLIHU/RSH]%DE\3KDW
GRLQJWKHLURZQOLQHVRUWKURXJK
FROODERUDWLRQVZLWKH[LVWLQJ
VWRUHVEUDQGVVXFKDV3HQHORSH
&UX]IRU0DQJRDQG0DGRQQDIRU+
0


113
)DVKLRQEUDQGV
EHJDQWR
DGYHUWLVH
IXULRXVO\LQ
PDJD]LQHVDQG
RWKHUPHGLD
FKDQQHOVWKDW
FDQUHDFK
WKHLUWDUJHW
FRQVXPHUV

6WUHHW)DVKLRQ
EHFDPH
SRSXODULQWKH
VZLWK
VXEFXOWXUHV
VXFKDVWKH
6KLQMXNXORRNKDUDMXNXORRNWKHSXQNURFNORRNHPRORRNRIWKH\RXWKV
LQIOXHQFLQJUXQZD\IDVKLRQPDNHWKHIDVKLRQLQGXVWU\PXFKYDULHGLQWHUPVRI
VW\OH


&RQFOXVLRQ
)DVKLRQLWVHOILVDUHIOHFWLRQRIFXOWXUHDQGLVDYHU\LQWHUHVWLQJZD\WR
XQGHUVWDQGWKHSV\FKHRIHDFKJHQHUDWLRQ)DVKLRQWRGD\LVQRWRQO\LQIOXHQFHG
E\WKHSDVWWKHYHU\VRXORIIDVKLRQOLHVLQWXQHZLWKWKH]HLWJHLVWRIWKHWLPHV
DQGLWLVDUHIOHFWLRQRIFXUUHQWVHQWLPHQWVDQGYDOXHVRIWKHSHRSOHWRGD\7KH
VW\OHVRIZKDWSHRSOHDFWXDOO\ZHDUWRGD\FDQQRWEHJHQHUDOL]HGWKDWHDVLO\DV
SHRSOHFRQWLQXHWRGUHVVDFFRUGLQJWRWKHLUFXOWXUHRUVXEFXOWXUDOGUHVVFRGHV
JRWKLF RUSHUVRQDOWDVWHV YLQWDJHFORWKLQJ +RZHYHUJHQHUDOVW\OHVWKDWDUH
¶LQVHDVRQ·FDQEHREVHUYHGDVWKHIDVKLRQFRQVFLRXVODWHPDMRULW\LQIDVKLRQ
DGRSWLRQIROORZWUHQGVVHWE\WKHIDVKLRQOHDGHUVLQWKHVRFLHW\VXFKDVIDVKLRQ
GHVLJQHUVDQGFHOHEULWLHV%\GRLQJWKLVSURMHFW,KDYHJURZQWRXQGHUVWDQGWKH
VW\OHVRIHUDVSUHYLRXVO\UHSHOOLQJWRPH VXFKDVWKHRGG9LFWRULDQDQG%DURTXH
IDVKLRQ DQGKDVJURZQWRDSSUHFLDWHWKHGHWDLOVDQGDGDSWDWLRQVRIWKHSDVWLQ
WRGD\·VKDXWHFRXWXUHFROOHFWLRQVLQVSLUHGE\WKHSDVW ,FRXOGQHYHU
XQGHUVWDQGZK\SHRSOHEX\WKHP DVWKH\DUHWKHPVHOYHVDFRQWHPSRUDU\
SLHFHRIDUW

114
5HIHUHQFHV

/HKQHUW*HUWUXG$+LVWRU\RI)DVKLRQ,QWKHWK&HQWXU\.RQHPDQQ
&RORJQH*HUPDQ\

3D\QH%:LQDNRU* )DUUHOO%HFN-7KH+LVWRU\RI&RVWXPH+DUSHU
&ROOLQV1HZ<RUN

:HEVLWHV

KWWSZZZEODVWPLONFRPGHFROOHWHUHYROXWLRQDU\IDVKLRQLQFUR\DEOHVHW
PHUYHLOOHXVSKS

KWWSZZZGHEDXYHDQGJDOODLVFRPPDLQKLVWRU\BLQFUR\DEOHVDVS

KWWSZZZFRVWXPHEDVHRUJHQ

KWWSZZZIDVKLRQHUDFRP

KWWSZZZKDWWLHFDUQHJLHFRP

KWWSZZZVW\OHFRP

KWWSZZZYRJXHFRXN



115