Page 1


Tapestry 2009 !"#$%&"&'!#()&%*+,' OLWHUDU\DQGÀQHDUWVPDJD]LQH

!"#$%&"&'!#()&%*-'./00'1$23()&34$2('125&-'63(*%789':;'<=>0.


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·V6WUDQJHU·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·UH*RRGDW:DVWLQJ*DV21<%$!=9>>#?%$!*@+!GFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'<H T(25N,-'2'G!6(.$!&1>>%51'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'<L U7%(8'D,#N349N"&E-'&%#>>11!4($%.91!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'</ &RQJUDWXODWLRQV<RX·UH(PSW\61$!78%$!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'<> I(,9'GN44&"-':>8//%!4#C%'H(!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'<M T(25N,-':$$%!-((<%$!*@+!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'R0 7RGD\,VDZWZRELUGVÁ\LQJ2#31!412%'5(!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'R< I&8,-'2'G!6(.$!&1>>%51'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'RR I()*'28'V3N&'D4$797E-!2#'%$H%!-#%''(55.#!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'R. S"&&)7%-':9H'18!I%>31'!*@@!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'RH 1("3(8#&-!2#31!412%'5(!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'R/ &LUFXVLQWKH6N\ FRPSXWHUJUDSKLF :>#51!J#'D($!*@+!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'RM C#("N,-'21<%$!78%$!*@@'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'R= U("%'67#7(';%@"(#&-'K1'#D.!I%$<!*@L'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.0 1R(VFDSH-('1>>1!:$H1'/($!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.R &HOHEUDWLQJD0LUDFOH=D1?1!=D%$(5.!*+,!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.. C'A&&3':&4"&,,&)-'48>%$!-(<<#$!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.. 5ROOLQJ6WRQH PL[HGPHGLD 6%M#!4($%.91!*@L!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.H )RUJRWWHQ)ULHQGVKLS69>#%!&8'$1/!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.L C#$'@28'(33&28-'2#5.1>>1!N'1M9D.!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'./ C8'K&%7"2(%-!:$$%!-((<%$!*@+'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'./ .DPLND]H.DQDJDZD GUDZLQJ C#5.(>%/!-(>%M15(!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.> S"&&)7%-'2#5.1>>1!N'1M9D.!*+,!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.M 2ULJLQDO6LQ!6(/1O.!-(FF%!*+,'FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.M CW*-'2'G!6(.$!&1>>%51!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF'.= 'RPHVWLF%OLVV FRPSXWHUJUDSKLF K%D#1!=5.'%$HD!*+,FFFFFFFFFFFFFFFFFFA"789'#7W&" )UHGGLH SDLQWLQJ &'#H<1D!=%91'!*+,FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF28,2)&'@(#5'#7W&"

!


B8)&"8&(9$'C9'!33 "#$%!&'()$!*+,


G73,92#& ,73,92#& ,23&89',87O 78'9$&',$7"9&,9')(*'7A '9$&'*&(" 3(,9,'' ' (8' ' '&9&"829*F QHYHUIDOOLQJ RQO\  ÁRDWLQJ    ÁRDWLQJ  ÁRDWLQJ  ÁRDWLQJ   ÁXUULHV À[HGLQWKHVWLOOQHVVRI WLPH ÁRDWKHUHIRUPHIRUHYHU QRZLQVWHDGWKLHYHGE\*XVW ,973&8'A"7%'%*'O$2,4&" ´ZDLW IRU PHµ DQGZKHQLJR"

'''N4' (8)'' N4'' (8)'N4',7%&'%7"& ULVLQJIURPVOHHSLQJKRXVHV    ULVLQJ   ULVLQJ ' "&@&3, ULVLQJLQWRVHFUHF\ @N9'*7N'3775'N4'(8)'47289' WUDFLQJDOLQHZLWKWKDWZRQGHUIXOOLWWOHIUDJLOHÀQJHU \RXUIRUHKHDGRQWKHKRUL]RQ DQGKLVVDLQWO\JORZLQ\RXUH\HV X9$&"&+,'S(9$&"YZ 2'"(2,&)'%*'$&()'(8)',(O'29 9$&"&'*7N'A7N8)'%*'97"#$ VROHW·VVWDUWZDONLQJQRZ WKURXJKIRUHVWVDQGIUR]HQODNHV VROHW·VVWDUWZDONLQJQRZ O&+33'O(35'78'[923'%*'O289&"F -.'#/!011!*+,

"


I2A&'2,'17,9JK7)&"82,9 6RPHVHDUFKIRUPHDQLQJLQHYHU\FRLQFLGHQFH ;W&"*'#N"27,29*'2,8+9'('"(8)7%'7##N""&8#&-' %XWDQH[DPSOHRI DQDXWKRU·VJUHDWHUWKHPH (YHU\WLPH\RXJHWFXWRII E\DF\DQFDU C9'2,'(',*%@73'7A '$7O'9$&'#737"'@3N&'"&4"&,&89,'7@,9(#3&,'28'9$&'$&"7+,'4(9$ %LOOERDUGVZLWKPHVVDJHVWKDWVHHPWRRDSSOLFDEOHWR\RXUOLIH !"&'&Q(%43&,'7A '$7O'9$&',N@#78,#27N,'%28),'7A '9$&'#$("(#9&",'("&' '''''$*4&"@732#(33*'9"(8,47,&)'2897'9$&'"&(3'O7"3) ?$&'4"7@3&%'2, ?$&"&'CG'87'(N9$7" I2A&'2,8+9'('87W&3'O29$'('#7$&,2W&'9$&%& I2A&'2,'('@N33&928'@7(")'O29$'47,9J29,' IURPDELOOLRQGLIIHUHQWDXWKRUVZKRMXVWZDQWWRÀQGWKHLUORVWSXSS\ DQGJHWULGRI WKHLUROGVRID <RXFDQVHHWKHGHIRUHVWDWLRQLQWKH$PD]RQDVDSK\VLFDOPDQLIHVWDWLRQRI D0DQYV1DWXUHFRQÁLFW %XWLWGRHVQ·WPHDQLWIRUHVKDGRZVDSORWWZLVWLQZKLFKWKHWUHHVÀJKWEDFN ?$&"&'2,'87'47&92#'\N,92#&'O$&8'32A&'2,8+9'('47&%F 2#31!412%'5(!*+,

#


/RG]*KHWWR P&%/1H!($!".(M%/!09QR/!SI.%D!2($D%F9M%!N1H!-('DT/!%$H!A#/!21$UV S"N29-'9$&*'325&)'A"N29EODFNPDUNHWIUXLW PD\EHRUDQJHV SDVVHGWKURXJKIHQFHV WKURXJKPDQ\KDQGV FRVWLQJZHHNVRI ORQJHUKRXUVRI ODERU &W&8'A7"'9$&',4799*'78&,#789&89'28'7W&""24&',528,]'9$&*'O&"&',3(W&,-'9$2, O(,'32A&-'<R'4%'3N8#$ VSOLWWKHGD\WKHEULJKWHVWWLPH 7KHFRXQFLOPDQDQGKLVPRUHQXPHURXVER\V VROGLHUVLQGR]HQV DWH OXVFLRXVIUXLW³DSSOHVRUDQJHVSHDUV @N9'9$&'^&O,'@*'9$&'$N8)"&), JRWQRQHMXVW VWDOHEUHDGFDEEDJHVRPHMDPDQGEHDWV %(*@&'('479(97_8&W&"'9O7JJ VRPHVXJDUSHUPRQWK A"7%'9$&'"(9278'#("),F ?$&*'O&"&'8&W&"'7AA&"&)' (8)'(3O(*,'3N,9&)'A7"_'9$&*'O&"&'(,')2"9Y_@N99&"QRRGOHVIUHVKYHJHWDEOHVULFH YHDOFKLFNHQRUVDXVDJH ?$&*')2)',8&(5`'%235'D,7%&92%&,'PN&,9278(@3* DJHG DQGVPDOODPRXQWVRI FKHHVH WDVWHG 7A 'A"&&)7%EF 7KHUHLVQ·WDQ\SURRI LI WKH\HYHUJRW ZLOGPXVKURRPVRII WKHJURXQGWKH\ZDONHGRUPD\EHEHUULHV E\GZLQGOLQJEXQFKPD\EHEHFDXVHPDQ\EXVKHVZHQWWRZDVWH IRUÃ&#x20AC;UHV 28'$(",$'O289&"H[SODLQLQJZK\WKH\WKRXJKWDQRUDQJHZDVIURP*RG !A9&"'92%&'&W&"*78&_&W&8'3(9&" ZKHQWKHQXPEHUVGHFUHDVHG³EHJDQWRVLFNHQ 'LQQHUZDVDOZD\VWKHVDPH³LWJRWGDUNHU (8)'9$&'A77)'"&%(28&)',#("#&F 1RQHHGWRWHOO\RXDERXWWKHGDUNHQHGKRPHVHPSWLHGWREXUQLQWKHFROG DVKHVRI URFNLQJFKDLUVDQGGHVNV (8)'9$&'@&),F

$


1RQHHGWRWHOODERXWWKHFROG ?$&,&'O&"&'4"2,78&", DQGWKH\ZHUHKXQJU\DOZD\VKXQJU\ DQGLWZRXOGEHVRORQJXQWLOWKH\ZRXOGEHIHG 61$$#W1'!78%$!*+,

$&KURQLFOHIURPWKH/LYLQJ5RRP$UPFKDLU ,VDWDORQHLQWKHFRUQHURI WKHOLYLQJURRPEDVNLQJLQWKHVXQFRQWHQW ZLWKP\VROLGDULW\:KHQ,ÀUVWFDPHWR6\OYDQXV'ULYHPDQ\\HDUV DJRP\ERG\ZDVDGRUQHGLQEULJKWQDY\EOXHFULVSIDEULFZLWKDQH[WUD SXQFKRI SDGGLQJ0\ÀQHGDUNZRRGDUPVDQGOHJVJOHDPHGLQWKHDIWHUJ 8778',N8F'C'325&)'%*'32A&F'K",F'!@&,,2827'O7N3)'#7%A7"9(@3*'"&()'('87W&3' RQP\ODSDQGVRPHWLPHVIDOOLQWRDQDSDVGLG,$OORI WKLVFKDQJHGDV VRRQDVWKDWEHDVWO\IRXUOHJJHGDQLPDOQDPHG%RR5DGOH\PRYHGLQWRWKH KRXVHKROG+HUDQIXOOIRUFHRQWRP\ODSKXUWLQJP\DJLQJERG\*ULQGLQJ $2,'8(23,'2897'%*'78#&',%779$'("%,-'V77'87O',#(""&)'%&'O29$',#(@,'A"7%' KLVSRZHUIXOJULS:RUVWRI DOOKLVKRZOZDVGLUHFWO\LQIURQWRI P\IDFH a$'$7O'C')&,42,&'9$(9',7N8)Y'C'9"2&)'97'8(4'%2)J)(*-'@N9'C'"N)&3*'(O75&'(,' VRRQDV,KHDUGKLVSDZVVFUDSLQJWKHZRRGÁRRUDQGURXQGLQJWKHFRUQHU ,FRXOGIHHOKLVOXQJHFRPLQJIURPWHQIHHWDZD\KLVPRXWKÀOOHGZLWK UDJHEDUNLQJLQFHVVDQWO\DWVRPHVWXSLGEODFNFDW7KLVGRJLVDQLGLRW\HW ,DPMHDORXVRI KLVYLWDOLW\,QRORQJHUIHHOWKHFRPIRUWLQJSUHVHQFHRI D ERRNZRUPRQP\ODS7KRVHGD\VDUHJRQH$V,ORRNGRZQDWP\DJLQJ ERG\,VHHP\VNLQIDGHGIURPP\HDUO\VXQEDWKLQJGD\VDQGWKHSHUPDJ QHQWEUXLVHVDQGVFDUVRQP\DUPV,UHDOL]HWKDWP\\RXWKKDVSDVVHG 0%9'%!:;1//#$#(!*+,

%


7KH6RPHERG\·V6WUDQJHU·VD1RERG\ K(*@&',7%&)(*'O&'#(8'"&%282,#&'78'7N"'#7%%78'4(,9 V*'9$&'4773-'(8)'$7O'O&'N,&)'97'$73)'7N"'@"&(9$ B8)&"O(9&"',73&3*'A7"'9$&'9$"233'7A '#7%4&929278F' !8)'C'O7N3)'#$&(9-' VN9'*7N'8&W&"'58&OF !8)'C'(3O(*,'O78-' %XW\RXDOZD\VNHSWWU\LQJ ,NQHZ\RX·GJLYHDQ\WKLQJWRVWD\XQGHUIRUPRUH %XWWKHVN\ZDVFDOOLQJ $QG\RXFRXOGQ·WLJQRUHLW 6RZHVDLGRXUJRRGE\HVEXW U&')2)8+9'#"*' V&#(N,&'*7N'4"7%2,&)' <RX·GEHEDFNWRPRUURZ :HOO,NHSWRQKROGLQJP\EUHDWK %HFDXVHWKHGHHSHQGZDVFDOOLQJ $QG,FRXOGQ·WLJQRUHLW G7'C',N85')7O8'(,'A("'(,'C'#7N3)-'(8) ?$&8'*7N'#(%&'@(#5-' VN9'C'O(,8+9'9$&"&F C'O(,'977'A("'A"7%'9$&',N8!8)'(,'%N#$'(,'*7N+)'325&'97-' <RXFRXOGQ·WVWD\XQGHUEHFDXVH <RXFRXOGQ·WKROG\RXUEUHDWK $VORQJDV,FRXOG $QGWKHVN\VWDUWHGFDOOLQJDJDLQ 6R\RXZHQWKLJKHU !8)'C'O&89')&&4&"-'@N9 U&')2)8+9'#"*'@&#(N,&'O&' :2)8+9'587O'O&',$7N3)F' 21<%$!=9>>#?%$!*@+

&


GN@O(*'632PN& A1>1$!B9!*+,


'HHSO\5RRWHG :HIDOOWRJHWKHU <RXWKH2DN !8)'C-'9$&'G4(""7OF' &KRSSLQJHDWVDZD\DWDOORWKHUVRXQG <HW,VWD\ 7KH6SDUURZKDVIRUJRWWHQKHUJUHDWHVWSRVVHVVLRQ 6SDUURZ6SDUURZ\RXFRXOGÁ\DZD\ &KLSSLQJSODQWVWKHWDVWHRI DVORZSDLQIXOGHPLVH C'9"&%@3&F' %XWWKH6SDUURZFDQQRWDEDQGRQKHU*UHDW2DN7UHH ?$&'783*'$7%&',$&'587O,F' 6ZD\LQJUHYHDOVSXQJHQWZHDNQHVV C'@"&(5F 6SDUURZ·V*UHDW2DN7UHHJURZVVLFNHU 6SDUURZÀUPO\SXVKHVKHUWDORQVLQWRWKHEDFNRI KHU*UHDW2DN7UHH 6SDUURZ6SDUURZWKLV2DNLVDJLQJDQFKRUHGGRZQ $QG\RXDUHIXOORI OLIH\RXDUHIUHH5HFRQVLGHU %XWWKH*UHDW2DN7UHHKDVDOZD\VSURYLGHGIRUKLV6SDUURZ 6"&(5-'6"(#5-'GO&&4-'6"(,$J 7KH*UHDW2DN7UHHKDVIDOOHQ !8)'G4(""7O'O29$&",F' <RXWKH2DN !8)'C-'9$&'G4(""7O-' /HDYHWRJHWKHU 21<%$!=9>>#?%$!*@+

'(


*XDUGLDQ P&%/1H!($!N(''1/D!A%M1'R/!S01//($UV ,WZDVRUVSULQJ $QGP\SDUHQWVDQG,ZHUHGULYLQJ S"7%'7N"'$7N,&'78'GN35&*'U(*'97'1(3%&"':"2W&F 7KHUHZHUHPDQ\GUXJJLHVLQRXUROGQHLJKERUKRRG $QGZHNQHZ7H[DVWREHPRUHGDQJHURXVWKDQXVXDO ?$&',N8'$29'%*'A(#&'A"7%'9$&'74&8&)',N8'"77A $QGWKHOLJKWOD\DWRSWKHOHDWKHUVHDWV KHDWLQJP\RSHQHGSDOPZKLOHLWVDWRQP\NQHH      1RLVHV 2I WKHFDUUXPEOLQJRYHUWKHERUGHUWR3HQQV\OYDQLD .HSWP\IDWKHUDZDNHGXULQJWKHMRXUQH\WRRXUQHZKRPH C'3(*'28'9$&'PN2&9'#(@28'7A '7N"'+=.'a3),%7@23& ZRQGHULQJLI KHZRXOGEHDEOHWRSURWHFWXV IURPWKHGDQJHUVWKDWZHFRXOGIDFH LQRXUQHZKRPHDQGIURPWKHRYHUZKHOPLQJIXU\ VFUHDPLQJWKURXJKP\YHLQVDERXWKLVSODQWR ,&993&'N,'28'@&A7"&'$&'O&89'(O(* WRDSODFHIDUEH\RQGP\NQRZOHGJH $&'8(%&)'C"(PF'';W&"*'@7*'8&&),'('A(9$&" 97'9&(#$'$2%'(8)'4"79&#9'$2%'(8)'5&&4'$2%',(A& 28'$2,'$7%&F C#53!"'%?%<>#$#!*+,

''


I7332474, C%D%>#1!E>%F%!*+,


S2"&,'7A 'C8)N,9"* +HZDQGHUHGGRZQWKHGLRUDPD9HJDV6WULSZLWKKLVH\HVÀUPO\SODQWHG RQWKHSDYHPHQW+HZDQWHGWRQRWNQRZZKHUHKHZDVJRLQJEXW0DLQ 6WUHHWZDVÀQLWH.QRZLQJWKHVLQJOHOHYHOVKRSVDQGVKRSSHVE\WKHLUFROJ RUHGUHÁHFWLRQRQWKHVLGHZDONDQGWKHVRIWSROLWHVRXQGVWKH\H[XGHGKH VLJKHGVRIWO\DQGSROLWHO\ 6WLOOPHDQGHULQJKHVDZQHZOLJKWVDQGKHDUGQHZVRXQGV+HZDV DFURVVWKHVWUHHWIURPWKHGHSDUWPHQWVWRUHDQGLWZDVRQÀUH+HJULQQHG DVWKHÀUHWUXFNVDUULYHGDQGWKHVKRXWLQJEHJDQ2UGHUVEDUNHGIURP VHUJHDQWVPHOGHGZLWKWKHURDURI WKHÁDPHVDQGWKHZKLURI VLUHQV,WZDV GHDIHQLQJLWZDVEHDXWLIXO +HVDWRQDORZJUDVV\KLOODQGZDWFKHGDVWKHPXOWLVWRU\EXLOGLQJ EXUQHG7KHÀUHPHQORRNHGLOOSUHSDUHGWRSXWRXWWKHFRQÁDJUDWLRQDQG LWPDGHKLPODXJK:KHQZDVWKHODVWWLPHWKHUHZDVDÀUHKHUH"7KH\ZDLW WKHLUZKROHOLYHVWRSXWRXWDÀUHWKDWQHYHUFRPHVDQGWKHQFDQ·WSXWRXW WKHRQHWKDWGRHVVSULQJXS (YHQVWLOOKHZDWFKHGWKHEXLOGLQJEXUQOLNHWKHORQHPDQWKDWKDGWKH KXEULVWRVWDQGZKLOHRWKHUVOD\SURVWUDWHLQJRG·VSUHVHQFH7KHRQHURRP VLQJOHVWRU\EXVLQHVVHVRQHLWKHUVLGHRI WKHS\UHVHHPHGLPSHUYLRXV+H VWRRGXSODXJKHGDQGZDONHGDZD\:KLOHQHZZDVQ·WDOZD\VEHWWHULWZDV DOZD\VH[FLWLQJ 2#31!412%'5(!*+,

')


:H·UH*RRGDW:DVWLQJ*DV ?(5&'%&'(O(*-' !8)'C+33')7'9$&'"&,9' S7"'%*,&3AF' %XWOHW·VJRVRPHZKHUH U&+33')"2W&'28'*7N"'@&(9JN4-'"N,9&)'%&9(3'#(" 7KDW\RXMXVWÀ[HGXS\RXUVHOI U&+33'%7W&'28'7N"',&(9,-' $QGWU\WRJDLQDUHOHDVH EXWQRWDWRWDOUHOHDVH IURPWKHOHDWKHU 7KDWVWLFNVWRWKHEDFNRI RXUEDUHWKLJKV 8QGUHVVHGZLOOLQJO\E\DIULHQGRI 6XPPHU  :H·OOÁ\DZD\ :HZRQ·WWRXFKWKHJURXQG $QGRXUELJJHVWSUREOHP :LOOEHWU\LQJWRJHWGRZQ :H·OOZRQGHUZKDWPDGHWKHJUDVVVRJUHHQ $QGZKDWPDGHWKHSHWDOVRI WKDWÁRZHUE\WKHROGZHDWKHUHGIHQFH I775',7'%N#$'325&'#79978'#(8)*F' C'#(8'(3%7,9'9(,9&'9$&',N%%&"92%&] ?$&'O28)'O233'#N4'%*'928*'A(#& :KLOHWKHVXQ·VZDUPUD\VÀQGDÀWWLQJSODFHWRUHVWLQP\RSHQHGDUPV $IWHUDORQJMRXUQH\IURPWKHLUKRPHWRZQRXWHUVSDFH U&+33'9"*'97'#(9#$'9$&'#37N), 7KDWQHYHUVHHPWRJHWFORVHU U$23&'9$&'"7()'A7337O,'N,F <HVRXUELJJHVWSUREOHP :LOOEHWU\LQJWRJHWGRZQ 'D\WLPHZLOOJHWVWXFNLQRXUKDLU OLNHDOZD\V  :KLOHWKHQLJKWZDLWVLPSDWLHQWO\IRUXVWRFRPELWDOORXW !8)'9$&',&(,78'O233'@&',7(5&)'N4'2897'7N"')N33'A(#&,-' 0DNLQJWKHPULFKZLWKH[SUHVVLRQ :H·OOORRNOLNHWKHJUDVVPD\EHHYHQWKDWÁRZHU 

'"


<HVDEULJKWH[SUHVVLRQ 7KDW6XPPHUZLOOÃ&#x20AC;QGDSSURDFKDEOH $QGLW·VJHWWLQJODWH VN9'O&',9233'$(W&'92%&F U&+33'\N,9'4"&9&8)'29'5&&4,' JRLQJJRLQJJRLQJ ^N,9'5&&4' JRLQJJRLQJJRLQJ G7')78+9'3&9'%&'7N9'$&"&!8)'C+33')7'9$&'"&,9' S7"'%*,&3AF' 21<%$!=9>>#?%$!*@+

T(25N, '''''''''''''''C''''''''''''''''''''''''''''''''''''''''''''''''' S7794"289,'28'9$&',(8)F ?$&*'4"7#3(2%'%*'4"&,&8#&'$&"&F 6RRQWKH\ZLOOEHJRQH

''''''''''''''CC a$',7'4"2%292W&Y 1*"(%2)-'9&%43&'(8)',4$28Q 1RWRQHVKRSSLQJPDOO

'''''''''''''CCC !',&&)'32&,'@N"2&) )RUJRWWHQEHQHDWKWKHIURVW C9'O233'$(W&'29,'92%&F 2'G!6(.$!&1>>%51

'#


U7%(8 &%#>11!4($%.91!*+,


&RQJUDWXODWLRQV<RX·UH(PSW\ ,JHWLW<RXKDYHPDGH\RXUYRLFHKHDUG,WZDV\RXUFKRLFH EHFDXVH,DPWKHPDQDQG\RXDUHWKHJLUO *UDVSDWYLQGLFDWLRQUHSHDW\RXUIDLOLQJFDVH³ C-'(9'3&(,9-'O(,'"&()*F'G&&-'C'N8)&",9(8)'9$(9'9$&'43(8,'O&')"&(%&)'N4'' LQDWDQJOHRI FRWWRQVKHHWVDQGFRPIRUWHU O&"&'%&(89'A7"'9$&'AN9N"&-'9$(9'29'O(,'977',778F GN"&-'C'$()'%*'\7@-'(8)'*7N'$()'*7N",-'977-'@N9'*7N'\N,9'O&"&8+9'"&()* A7"'('42#5&9'A&8#&-'879'*&9F'C'587O WKDW\RXZDQWHGDJLUODQG,DER\ DQGWKDWPD\EHZHWRJHWKHUZDQWHGQRWKLQJDWDOOEXWDPD\EHFDW 97',9(*'\N,9'28#$&,'977'A("'97'4&9 DWDOOWLPHV,NQRZZHODXJKHG³ DV,·GVLQJ\RX´&DQG\*LUOµ\RX·GFDOOPH´GRUNµDQGWKDW·GEHWKDW³ VR,JXHVVWKDWPHDQWLWZDVZKDWLWZDV³ DJRRGWKLQJEXWQRWKLQJPRUH,NQRZ C'#7N3)'783*'9(,9&'*7N"'52,,'7A '#$&""*'#73('97',&(3'9$&'4"7%2,&, ZLWKJDSLQJEDFNGRRUVDQGH[FHSWLRQV DQGZKRVDLGWKDWVKRXOGEHHQRXJK" ,JHWWKDWLQRXUPRPHQW\RXZHUHWKHWLQJOLQJRI SRSURFNV (8)'9$&',7A9'92#53&'7A '#79978'#(8)*QRWVRPHJXDUDQWHHIRUPHWRNHHS,NQRZ *7N-'*7N",&3A-'O&"&'879'%*'AN9N"&-'879'8&#&,,("23*'%*'A7"&W&"F ^N,9'%*'%N,&_879'"&(33*'%28&'(9'(33F «,JHWLW\RXZHUHQ·W %XWGLG\RXWKLQNLWZDVDOOULJKW (,'*7N',475&'28',73&%8'978&'97'9&33'%& 29'O(,'(3"&()*'977'3(9&325&'C',$7N3)8+9'$(W&'('#$72#&OLNHLWZDVQ·WDELJGHDO OLNH\RXGLGQ·WMXVWHUDVHP\PD\EHVRQ" 61$!78%$!*+,

'%


I(,9'GN44&" 7KHODVWWLPH,HYHUVHHP\JUDQGPRWKHULVD6XQGD\HYHQLQJLQ$SULO ,ZDONXSWKHIURQWVWHSVWRKHUKRXVHZDLWLQJRQWKHSRUFKDVP\SDUHQWV PRYHDWVQDLOSDFHXSWKHGULYHZD\6XQGD\GLQQHUVDUHDUHJXODUSDUWRI  P\IDPLO\OLIHQHDUO\HYHU\ZHHNHQGP\JUDQGPRWKHUZLOOLQYLWHDOORI KHU FKLOGUHQDQGWKHLUIDPLOLHV²WRWDOLQJWZHQW\ÀYHSHRSOH²RYHUIRUDSDVWD %&(3'(8)')&,,&"9F 2QFHP\SDUHQWVÀQDOO\VORJXSWKHGULYHZD\,RSHQWKHIURQWGRRU ,·PJUHHWHGZLWKDEODVWRI VRXQGWKHFRPELQHGURDURI DWHOHYLVLRQDWIXOO YROXPHNLGVVFUHDPLQJDQGSHRSOHODXJKLQJLVHQRXJKWRNQRFNDQXQVXVJ SHFWLQJSHUVRQÁDWRQWKHJURXQG '''''XU&+"&'$&"&YZ'%*')()'*&33,'(,'O&'%(5&'7N"'O(*'2897'9$&'529#$&8F'?$&' 529#$&8'2,'78&'7A '9$&',%(33&,9'"77%,'28'9$&'$7N,&-',7'8(9N"(33*'29+,',7%&J WKLQJRI DPDJQHW²HYHU\ERG\RYHUWKHDJHRI HOHYHQVHHPVWREHMDPPHG 28'9$&"&F'K*'(N89,'("&',&(9&)'("7N8)'9$&',%(33'O77)&8'9(@3&'O29$'(9'3&(,9' 78&'4&",78'78'&(#$'7A '9$&2"'3(4,-'(8)'('A&O'7A '%*'79$&"'#7N,28,'("&',9(8)J LQJLQZKDWHYHUIUHHVSDFHLVDYDLODEOH,I VRPHERG\GLGQ·WNQRZEHWWHU WKH\·GWKLQNWKH\ZHUHEHLQJFRQIURQWHGE\DVPDOOÀULQJVTXDG ,NLVVP\JUDQGPRWKHUDQGJRLQWRWKH´UHFURRPµDVVKHFDOOVLWWRVHH WKHUHVWRI P\IDPLO\7KHUHLVDEDVHEDOOJDPHRQWHOHYLVLRQVRHYHU\RQH 2,'423&)'7897'("%#$(2",'(8)'#7N#$&,'9$(9'328&'9$&'"77%+,'4&"2%&9&"F'G28#&' P\JUDQGIDWKHULVVRPHZKDWKDUGRI KHDULQJWKHYROXPHLVXSWRWKHPD[ PHDQLQJDQ\ERG\EUDYHHQRXJKWRPDNHFRQYHUVDWLRQQHHGVWRVFUHDPWR EHKHDUG0\VPDOOHUFRXVLQVDUHZUHVWOLQJRQWKHÁRRUVRPHKRZPDQDJLQJ WRJHWXQFRPIRUWDEO\FORVHWRHYHU\VKDUSHGJHRUREMHFWWKHURRPKDVWR RIIHU,ZDWFKWKHPQHUYRXVO\DV,VLWGRZQQHDUWKHÀUHSODFH ´:KHUHDUHZH"µ,DVNJHVWXULQJWRZDUGVWKHWHOHYLVLRQVFUHHQP\H\HV VWLOORQWKHEUDZOSOD\LQJRXWEHIRUHPH '''''XC9+,'(3%7,9'7W&"]'@7997%'7A '9$&'8289$-Z',7%&@7)*'"&432&,F'!9'9$2,'%7J PHQWWKHLQHYLWDEOHKDSSHQVDQGRQHRI P\ZUHVWOLQJFRXVLQVVPDFNVWKHLU KHDGRQWKHHGJHRI WKHEULFNÀUHSODFH7KLVWLPHWKHLQMXUHGSDUW\LVP\ FRXVLQ$OHF+HEHJLQVWRFU\ORXGO\)RU$OHFFU\LQJLVVRPHWKLQJRI DQ &W&"*)(*'7##N""&8#&-',7'87@7)*'%(5&,'(8'2%%&)2(9&'%7W&'97'$&34'$2%F' ´2KPDQ$OHF\RX·UHEOHHGLQJ«QRZ\RXFDQ·WKDYHSDVWDµVRPHERG\ WHDVHVKLP+HUXQVIURPWKHURRPKLVVFUHDPLQJFRPLQJGDQJHURXVO\ FORVHWRDSLWFKWKDWRQO\GRJVDQGGROSKLQVFDQKHDU$WWKHVDPHWLPHP\ JUDQGPRWKHUFDOOVXVLQWRHDW

'&


7U\LQJWRDFWXDOO\ORDGXSDSODWHDW6XQGD\GLQQHULVOLNHWU\LQJWR PDQHXYHUWKURXJK1HZ<RUN&LW\WUDIÃ&#x20AC;F(YHU\RQHMDPVLQWRWKHVPDOO NLWFKHQJHWWLQJPHDWEDOOVEXWWHULQJEUHDGWU\LQJWRÃ&#x20AC;QGVLOYHUZDUH,VQHDN LQWRWKHGLQLQJURRPZKHUHDFDUGWDEOHDGMRLQVWKHPDLQWDEOH0\FRXVLQ $QGUHZKDVSXOOHGDZLQJHGDUPFKDLUXSWRWKHWDEOHDQGLVUHFOLQLQJOLNHD PDÃ&#x20AC;DGRQ ´:KDW·VXSEUD"3OHDVHVLWGRZQµKHVD\VZDYLQJKLVKDQGRYHUWKH 9(@3&F'C'"733'%*'&*&,'(8)'4N33'N4'(879$&"'#$(2"F'' $VHYHU\RQHÃ&#x20AC;QDOO\VLWVGRZQDQGEHJLQVWRHDWWKHWDONWXUQVWRWKH MXQLRUSURPZKLFKWRRNSODFHWKHGD\EHIRUH0\JUDQGPRWKHUDQGDXQWV DUHGLVDSSRLQWHGWKDW,GLGQ·WEULQJDQ\SLFWXUHVWRVKRZWKHP ´,QHHGWRVHH\RXUGDWH$QGKRZWKHGUHVVORRNHGRQ\RXµP\JUDQGJ %79$&"'#(33,')7O8'97'%&'A"7%'9$&'$&()'7A '9$&'9(@3&F ´,·OOEULQJWKHPQH[WZHHNGRQ·WZRUU\µ,WHOOKHU ´<HDKPD\EHZH·OOHYHQEULQJKHUGDWHWRRµP\FRXVLQ-HQQDDGGV $IWHUGLQQHUP\JUDQGPRWKHUXQYHLOVGHVVHUW'HVVHUWLVDOZD\VVRPHJ WKLQJRI DQ´H[SHULHQFHµZLWK3K\OOLV'L1DUGRQRERG\LVHYHUTXLWHVXUH ZKDWWRH[SHFW6RPHWLPHVLW·VVRPHWKLQJFODVVLFOLNH]HEUDFDNHRUDSLH EXWPRUHIUHTXHQWO\LW·VVRPHWKLQJFRPSOHWHO\VWUDQJHDQGRIIWKHZDOO ?$2,'O&&5'2,'87')2AA&"&89]'O&'("&'(33'&Q9"&%&3*'#78AN,&)'(,',$&',&9,'('#(9+,' 3299&"'@7Q'78'9$&'9(@3&F ´0RPZKDWWKHKHOOLVWKLV"µP\GDGDVNV '''''XC9+,'5299*'3299&"'#(5&F':78+9'O7""*-'9$&'@7Q'2,8+9'N,&)-'(8)'C'328&)'29'O29$' DWUDVKEDJLW·VFOHDQµP\JUDQGPRWKHUUHSOLHVDFWLQJDVWKRXJKWKHUHLV QRWKLQJUHPRWHO\DEQRUPDODERXWVHUYLQJDFDNHIURPDOLWWHUER[XQXVHG RUQRW6KHEHJLQVWRVFRRSRXWSLHFHVRI WKHFUXPEO\ LWORRNVXQFRPIRUWJ (@3*'325&'(#9N(3'#(9'3299&"E'#(5&'A"7%'9$&'@7Q'b'O29$'('4774&"',#774&"F' $V,VWDUWWRHDWWKHFDNH-HQQDXQHDUWKVVRPHWKLQJLQKHUSLHFH8SVHWJ WLQJO\HQRXJKLW·VFKHZ\DQGEURZQ ´8K«0RP0RP"µ,DVN-HQQDFDQRQO\VWDUHDWZKDW·VRQKHUSODWH ´2KULJKW7KHUHDUH7RRWVLH5ROOVLQWKHUHWRORRNOLNH²µ ´:HJHWLWµP\GDGLQWHUMHFWV ´7KDW·VVRPHSUHWW\LPSUHVVLYHVFXOSWLQJRI WKH7RRWVLH5ROOVWKRXJK 9HU\UHDOLVWLFµ,WHOOP\0RP0RP0\IDWKHUEHJLQVWRORRNLOODVKHVXUJ YH\VKLVRZQSLHFHRI FDNHZKLOHWKHUHVWRI WKHIDPLO\ODXJKV ,VLWDWWKHFDUGWDEOHLQWKHGLQLQJURRPRI P\JUDQGPRWKHU·VKRXVH VXUURXQGHGE\P\LPSHUIHFWLGLRV\QFUDWLFZRQGHUIXOIDPLO\QRWNQRZLQJ

'*


WKDWWKLVLVWKHODVWWLPH,·OOJHWWRH[SHULHQFHWKLVWKDW,ZLOOQHYHUJHWWR VKRZP\JUDQGPRWKHUP\SURPSLFWXUHVRULQWURGXFHKHUWRP\GDWHWKDW ,ZLOOQHYHUJHWWRHDWDQRWKHUSLHFHRI NLWW\OLWWHUFDNHWKDWLQDIHZVKRUW )(*,'('@7*'@("&3*'73)&"'9$(8'%*,&3A 'O233'"24'9$2,'A(%23*'(,'C'587O'29'(4("9' IRUHYHULQDVLQJOHDFWRI QHJOLJHQFH,VRDNXSWKHORYHWKDWÀOOVWKHURRP DQGLVVRDSSDUHQWLQVSLWHRI DOOWKHWHDVLQJDQGMRNLQJ,QWKLVVLQJOHPRJ %&89-'(9'9$2,'3(,9',N44&"-'2A '*7N'O233-'C'(%'#7%43&9&3*-'N99&"3*'(9'4&(#&F' :>8//%!4#C%'H(!*+,

T(25N, '''''''''''''''C %XWWHUÁ\EHFN·QLQJ 2XWDQGRYHUZHWKD\ÀHOGV I&9+,'"&,9'(8)')(*)"&(%

''''''''''''''CC ,·PJHRJUDSK\ V78&,'("&'9$&'4N"43&'%7N89(28,S"&#53&,'("&'9$&',9(", :$$%!-((<%$!*@+

!(


7RGD\,VDZWZRELUGVÁ\LQJ 7RGD\,VDZWZRELUGVÁ\LQJ ,2)&'@*',2)& GDQFLQJDZD\ (8) ÁRDWLQJEDFN QHYHUPRUHWKDQDZLQJVEUHDGWKDSDUW ÁLWWLQJDQGWLOWLQJ WDXQWLQJRWKHUVWRDWWHPSW 97'\728'9$&2"'9O28J@&(5&)'#79&"2& PRFNLQJREVHUYHUVRQWKHVXUIDFH 9$(9'9$&*'O7N3)'$(W&'9$&'$N@"2, 97'O298&,, OHWDORQHGUHDPRI WDNLQJSDUW 28'9$& DVWRXQGLQJ (#"7@(92# A&(9,'(@7W& EXWWKH\ÁHZRQWRJHWKHU 2897'9$&')2,9(8#& O$&"&'78&'@2")'@&#(%&' QHDULQGLVWLQJXLVKDEOHIURP 9$&'79$&" XQWLOWKH\KXJJHG 2897'(''',73&'''&8929*' 2#31!412%'5(!*+,

!'


I&8, C8'(33'%*'9"(W&3,'C'$(W& 3KRWRJUDSKVRI /LRQVDQGJLDQWWRUWRLVHV  0DFKX3LFFKXDQG%LJ%HQ  7KHJUHHQRI ,UHODQG  7KHJUHHQRI &RVWD5LFD ' !8)'*7NF 1HYHUPH 7KHUHLVQRUHFRUGRI P\SDVVDJH C'(%'9$&')7#N%&89&"-'879'9$&')7#N%&89F %XWWKHUH<RXKDYH 3KRWRJUDSKVRI  7LJHUVDQGFDULERX ' ?$&'1("9$&878'(8)'9$&';2AA&3'?7O&" ' ?$&',87O,'7A '9$&'T2%(3(*(, ' ?$&',87O,'7A '!3(,5( ' !8)'%&F U&'W(32)(9&'&(#$'79$&"-'*7N'(8)'C !8)'4&"$(4,'2A 'O&'3775'#37,&3* C8'7N"'3&8,&,-'O&'O233',&&` ' ?$&'1*"(%2),'(8)'6(2"7 ' ?&%43&,'97'T7"N,'(8)'!33($  7KH6DKDUDWKH1LOH  $QGRXUUHÁHFWLRQV 2'G!6(.$!&1>>%51

!!


I()*'28'V3N& 2#'%$H%!-#%''(55.#!*+,


+,--./0 ´:KHUHDUHZHJRLQJDJDLQ"µ ´,VKRXOGEHDVNLQJ\RXWKDW)UHG«\RX·UHWKHQDYLJDWRUµ ´,ZDV«XQWLO\RXUJHQHURXVXK«GRQDWLRQOHWVFDOOLW$IWHUWKDWWKLV @&#(%&'*7N"'&Q4&)29278'97'*7N"')&,928(9278-';("$("9FZ '''?$2"9*J828&'*&("'73)'!%&32(';("$("9'9N"8&)'A"7%'$&"'47,29278'28'9$&'#(4J WDLQ·VVHDWWRJODUHDWKHUZRXOGEHQDYLJDWRU)UHG1RRQDQ ´-XVWÀJXUHRXWZKHUHZHDUHµ $JXVWRI ZLQGKLWWKHSODQHVHQGLQJLWYHHULQJVOLJKWO\RII FRXUVH !%&32('9N"8&)'@(#5'97O("),'9$&'87,&'7A '9$&'43(8&'(8)',9&&"&)'29'@(#5'97' LWVRULJLQDOSRVLWLRQ6KHJODQFHGRXWRI WKHFRFNSLWDQGVLJKHG7KHSDVW ZHHNVKDGEHHQZHDULQJRQKHUWKHSXEOLFLW\SODQQLQJKHUÁLJKWDURXQGWKH ZRUOGDQGVHFUHWO\SODQQLQJKHUUHDOWULS1RWWRPHQWLRQWKHODFNRI VOHHS PHFKDQLFDOSUREOHPVZLWKKHUSODQHDQGWKHFRQVWDQWZRUU\WKDW*HRUJH O7N3)')2,#7W&"'$&"'43(8F'S"7%'9$&'%7%&89'9$(9',$&'$()',(2)'9$7,&'&9&"J QDOO\ELQGLQJZRUGV´,GRµVKHKDGIHOWWLHGGRZQSHUSHWXDOO\JURXQGHG 6KHDQG*HRUJHKDGJRWWHQDORQJZHOOHQRXJK*HRUJHKDGNQRZQWKDWVKH ZRXOGQ·WDJUHHWRDFRQYHQWLRQDOPDUULDJHIURPWKHEHJLQQLQJ<HWWKHLGHD RI EHLQJPDUULHGDQGIRUHYHUERXQGWRVRPHRQHVWLOOLUULWDWHGKHU 7KHPRXQWLQJSXEOLFLW\KDGQ·WKHOSHG6XUHVKHKDGQ·WPLQGHGDWÀUVWLW JDYHKHUWKHIXQGVWRGRZKDWVKHORYHGÁ\KHUSODQH%\QRZLWZDVXQJ EHDUDEOH(YHU\WLPHVKHODQGHGKHUSODQHWKH\VZDUPHGDURXQGKHUDVNLQJ TXHVWLRQVDERXWWKHÁLJKWZKDWVKHDWHZKDWVKHSODQQHGWRGRQH[W (YHQWXDOO\DOORI LWEHFDPHXQEHDUDEOHDQGVKHPDGHDVOLJKWDGMXVWPHQW WRKHUÁLJKWSODQ:KLOHHYHU\RQHH[SHFWHGKHUWRÁ\DURXQGWKHZRUOGDW 9$&'&PN(97"-',$&'43(88&)'97',974'$&"'\7N"8&*'\N,9',$7"9'7A '$&"')&,928(9278F' U$23&'9$&'"&,9'7A '9$&'O7"3)'&Q4&#9&)'$&"'97'3(8)'78'T7O3(8)'C,3(8)-',$&' KDGWXUQHGKHUSODQHVRXWKDQGZDVLQVWHDGKHDGHGIRU1HZ=HDODQG6KH $()'@"2@&)'S"&)'97'5&&4'29'PN2&9',7',$&'#7N3)'"&92"&'4&(#&AN33*'(8)'#78928N&' WRÁ\KHUSODQHIRUSOHDVXUHZLWKRXWKDUDVVPHQWDQGSXEOLFLW\MXVWOLNHVKH $()'(3O(*,')"&(%&)'7AF ´$KKD,ÀJXUHGLWRXWµ)UHGH[FODLPHGIURPEHKLQGKHULQWHUUXSWLQJKHU WKRXJKWV´7XUQHDVWWZRGHJUHHVDQGZH·OOEHEDFNRQWUDFNµ '''!%&32('%()&'9$&'8&#&,,("*'()\N,9%&89,'(8)'#(33&)'@(#5'97'S"&)-'''''''''' ´:KDWWLPHLVLW"µ ´8KDERXWHLJKWLQWKHPRUQLQJZK\"µ '''XU&+33'8&&)'97'"()27'9$&'C9(,#(',7',$&'9$285,'O&+"&'#37,&F':2)'*7N'3&(W&' VRPHRI WKHQDYLJDWLRQHTXLSPHQWEHKLQG"µ

!"


´<HDKGRQ·WZRUU\7KH\·GQHYHUH[SHFWPHWRÃ&#x20AC;QGVXFKDWLQ\LVODQG ZLWKRXWLWµ)UHGUHSOLHG´,WPXVWEHQLFHWRKDYHWKHSUHVLGHQWFDUHHQRXJK DERXW\RXWRJLYH\RXDQHQWLUHEDWWOHVKLSWRPDNHVXUH\RXJHWWKHUHVDIHO\µ KHDGGHGDVDQDIWHUWKRXJKWZLWKRQO\DKLQWRI MHDORXV\LQKLVYRLFH ´<RXKDYHQRLGHDµ$PHOLDUHSOLHGVDUFDVWLFDOO\6KHVKLIWHGFORVHUWRWKH UDGLRKRSLQJKHUPDQGDWRU\KLJKVFKRROWKHDWUHFODVVZRXOGKHOSSUHVVHG WKHEXWWRQDQGVDLGLQDZRUULHGWRQH´.+$44FDOOLQJ,7$6&$:H UHFHLYHG\RXUVLJQDOVEXWDUHXQDEOHWRJHWDPLQLPXP3OHDVHWDNHDEHDULQJ 78'N,'(8)'(8,O&"'78'.<0L'5237#*#3&,'28'W72#&FZ '''G$&'"&3&(,&)'9$&'@N9978'(8)'O(29&)'A7"'('"&43*F'!'A(289'W72#&'#(%&'7W&"' WKHUDGLREXWDQRWKHUJXVWRI ZLQGFDSWXUHGKHUDWWHQWLRQ6KHWXUQHGEDFN WRWKHUDGLR´:HPXVWEHRQ\RXEXWFDQQRWVHH\RX7KHJDVLVUXQQLQJ 37OFZ'?$&',(%&'W72#&'#"(#53&)'7W&"'9$&'"()27F '''XT&*'!%&32(-Z'S"&)'O$2,4&"&)'A"7%'9$&'@(#5'7A '9$&'43(8&F'X!"&'*7N',N"&' \RXVWLOOZDQWWRGRWKLV",·PVXUHWKDWLW\RXFKDQJHG\RXUPLQGQRZ«µ ´1Rµ$PHOLDVQDSSHG´,W·VWRRODWHQRZIRUFROGIHHW(VSHFLDOO\\RXUV U29$'(33'9$&'%78&*'C'@"2@&)'*7N'O29$'*7N',$7N3)'$(W&'87'4"7@3&%FZ ´)LQH«MHH]PDNHDVLPSOHVXJJHVWLRQDQGORVH\RXUKHDG«µVKHKHDUG )UHGPXWWHULQJGDUNO\$PHOLDWXUQHGKHUDWWHQWLRQEDFNWRWKHUDGLR ´5XQQLQJRXWRI JDV2QO\KDOI KRXUOHIW&DQ·WKHDU\RXDWDOO:H·UHRQ WKHÃ&#x20AC;QDOSRVLWLRQ:LOOUHSHDWWKLVPHVVDJHZHZLOOUHSHDWPHVVDJH 13&(,&',9(*'78'.<0L'9"237#*#3&,F':7'879'$&("'*7N'78'/R<0F'K(289(28'#789(#9' RQ:LOO\RXUHDG"2YHUµ6KHOHWKHUYRLFHGLHDVVKHJODQFHGDWKHU ZDWFK(LJKWIRXUW\IRXU$PHOLDODXJKHG6KHKHDUG)UHGDSSODXGLQJ ´:D\WRDFW+H\VLQFHWKHSLORWWKLQJLVQ·WJRLQJWRZRUNRXW\RXFRXOG WU\DFWLQJµ 6KHFKXFNOHG´8QOLNHO\,·PJRLQJWRVHWWOHGRZQVRPHZKHUHZLWKP\ SODQHDQGJHWDVLPSOHORZNH\MRE<RXGRZKDW\RXZDQWµ '''!%&32('9N"8&)'@(#5'97'9$&'O2)7O'(8)'3775&)'7N9F'G$&'O(,')78&cA"&&F' )RUWKHÃ&#x20AC;UVWWLPHLQDORQJWLPHVKHIHOWWUXO\KDSS\1RPRUHPDUULDJH SXEOLFLW\RUVWUHVV1RPRUHZRUU\LQJDERXWZKDWVKHZRXOGKDYHWRGR O$&8',$&'3(8)&)F'^N,9'A"&&)7%F 2Q-XO\$PHOLD(DUKHDUWDQGKHUQDYLJDWRU)UHG1RRQDQGLVDSSHDUHGRYHUWKH3DFLÃ&#x20AC;F7KHKXQW W('!D.1#'!O>%$1!)%/!D.1!M(/D!1QD1$/#?1!/1%'5.!W('!%!/#$<>1!O>%$1!1?1'!D(!;1!5($H95D1H!;8!D.1!X=!C%?8G!"(!D.#/! H%8Y!$(!($1!3$()/!).%D!.%OO1$1H!D(!D.1MG!

:9H'18!I%>31'!*@@

!#


1("3(8#& C+W&',&&8'$N8)"&),'  RI ÁRULGVRUWV   RI ÁRZHUV DQGGD]]OLQJ ' ''',5*328&,'9$(9'%7#5'   WKHJRGV C+W&'O(9#$&)'"& ' '',43&8)&89'@2"),'   RQZLQJ ,9&(3'9$&'@"&(9$ ' ''7A '@&%N,&)'783775&",  JDSHGPRXWKHG ,·YHEHHQDPRQJWKRVH  DGPLULQJWKHPRGHUQIHDWV ' ' '''7A '%(8 OLNHDIULJKWHQHGFKLOGFDUHHQLQJ  WKURXJKWKHNQHHV ' ''' ''7A '4("&89, C+W&'@&&8'97'N8A(%232("'43(#&,` ' ''9$&')&,928(9278, ' ''' ''7A 'O&33JA&) VXQJODVVDQGVKRUWVZHDUHUV ' ''O$7'("&'(A"(2) ' ''' ''7A '37#(3, C9+,'879 ' ''9$(9'*7N'974   WKHVHPDQ\YDULHGVLJKWV @N9'29'2, ' ''#&"9(283*'   ODXJKDEOHWRFRPSDUHWKHP C9'2, ' ''(,,N%&)'9$(9 ' ''' ''97'7N9)7-'78&'%N,9'@&'7A '(',2%23("'#(32@&"F U$23&'78&  UHPDUNVWKDWFRPSDULQJDSSOHV   WRRUDQJHVLVLPSRVVLEOH,

!$


,#7AA '9$(9  WKH\ZRXOGEHFRPSDULQJDSSOHV ' ''' ''97'@&(N9*'29,&3A C+W&'%("W&3&)'7W&" ' '')2(%78),'(8)',&(,-'@N9   \RXUH\HVVKLQHEULJKWHU ,路YHGHOLJKWHGLQ ' ''A"&,$JJA(33&8',87O-'@N9 ' ''' ''*7N"',528'2,',%779$&"'(8)'%7"&'A(2" ,路YHJD]HGXSRQ  IRUJRWWHQIRUWUHVVHV ' ''' ''N8,&&8'N82W&",& @&(N9*'97',9("9'O(", ' ''-'@N9 ' ''' ''*7N'#(8879'@&'#7%4("&) A7"'*7N",'2,'( ' ''N82PN&'(8)'(OAN3' ' ''' ''(99"(#9278 C'(%'  \RXUVUHJDUGOHVV ' ''' ''7A '#2"#N%,9(8#& '''C A7" '

'''''(%

' ' ' '

''(33 ''' '' '''

'''''*7N", ''92%&

2#31!412%'5(!*+,

1 !%


62"#N,'28'9$&'G5* :>#51!J#'D($!*@+


C#("N, C',(O WKHFRQVWUXFWLRQRI WKHZLQJV VKLQLQJZD[ ,&O8'2897'@&(N9* 325&'"7%(8#& @N9'"7%(8#&'2,')&() C',(O ('@7* GHDI WRP\ZDUQLQJV $&'O233'879'37W&'*7N'28'"&9N"8 ('@7* )&(A C',(O ('\N%4 ('%("W&3 VREULOOLDQWKLVÁLJKW ,7'@&(N92AN3 ('O78)&"

,7'$79 ,7'#73) ,7'#(337N, XQNLQGLQKLVWHPSWLQJZDUPWK C',(O ZD[ZLQJV %&39 ,7A9&8&) UXLQHGE\WKHVHOÀVKKHDW 2A '783*'$&'$()'32,9&8&) C',&& ('@7* @"75&8 FROGDVWKHÁDPHVWKDWGHQLHGKLP 37,9 JRQH 2A '783*'$&'$()'32,9&8&) 21<%$!78%$!*@@

C',(O ('@7* EHGD]]OHG 28'37W& 32,9&8'97'%& $&'O233'879'37W&'*7N'28'"&9N"8 C',(O $&'#32%@&) $2,'(,#&89 VRPDJQLÀFHQW ,7'@&(N92AN3 VRWUDJLF C',(O WKHEOD]LQJJROGVXQ

!*


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ÀHVWKHÀQLVK$IWHUWKHÁRZHUVVD\JRRGE\HWKH\ WXUQEURZQ,WLVWKHLQGLFDWRUZKHQIUXLWVDQGYHJHWDEOHVKDYHJRQHEDG WKHVNLQWXUQLQJDPXVK\RDWPHDOFRORU,WLVOLNH\RXUUHVFXHUIURPDVWRPJ (#$(#$&'#(N,&)'@*'"799&8'A77)F %URZQWKHQHXWUDOL]HULVWKH\RXQJHUVLEOLQJJDWKHULQJKLVWUDLWVIURP KLVROGHUVLEOLQJV+HLVWKHFRPELQDWLRQRI DOOSHUVRQDOLWLHV6RPHWLPHV EURZQVPHOOVRI VSULQJDQGLWVIUHVKUDLQDQGÁRZHUVEXWLWLVDOVRWKHVPHOO 7A ')&()'O289&"F'C9'#(8'@&'9$&'A77)'A"7%'('529#$&8'7"'9$&'&Q#"&%&89'7A '(8' DQLPDO,WLVWKHEHJLQQLQJDQGWKHHQGDÁRZHUJURZVIURPDQDXEXUQVHHG LQWRDUDLQERZRI FRORUVEXWDWWKHHQGRI LWVOLIHLWLVEURZQRQFHDJDLQ 'RJZRRGWUHHVFKU\VDQWKHPXPVDQGKHGJHVVWDUWIURPDEURZQVWXE ZKLFKODWHUEHFRPHVDJUHHQSODQW7KHQWKH\WXUQUHGRUDQJHDQG\HOJ ORZEULJKWDVÀ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ÀJKWLQJIRU\RXUDWWHQWLRQLWQHYHUEHJV DQGLWQHYHUDVNVIRUDQ\WKLQJLQUHWXUQ,WZDLWVSDWLHQWO\XQWLO\RXZDQWLW ,I \RXZHUHJLYHQDFKRLFHRI FKRFRODWHFDNHRUFKRFRODWHFDNHZLWKUDLQJ @7O',4"2853&,'A7"'9$&',(%&'4"2#&-'9$&'"&,9(N"(89'O7N3)'"N8'7N9'7A '#(5&'O29$' VSULQNOHVIDVWHUWKDQFDNHZLWKRXW:K\"%HFDXVHWKHUHGRUDQJH\HOORZ

)(


JUHHQEOXHDQGSXUSOHVFUHDPIRU\RXUDWWHQWLRQZKLOHEURZQVLWVSDWLHQWO\ 28'9$&',$()7O,F'C9',(*,-'X'?(5&'*7N"'92%&F'I&9'%&'587O'O$&8'*7N'O(89'%&FZ :KHQ\RXKDYHIRRGFUDYLQJVEURZQDQVZHUVDQGIXOÀOOV\RXUGHVLUHV,W LVVZHHWDQGVDOW\7KHUHLVGHVVHUWJDORUHFDNHLFHFUHDPSXGGLQJFKRFRJ ODWHEURZQLHV2UHRVWRIIHHFDUDPHODOPRVWDQ\WKLQJ\RX\HDUQIRU,WLV DOVR\RXUH[SHQVLYHVWHDNDQG\RXURQHGROODU0F'RQDOG·V%LJ0DF,WLV 9$&'#737"'7A '479(97&,-'$&(39$*'O$&(9'@"&()-'(8)'9$&'#737"'7A '*7N"'#(A&9&"2(' ¶P\VWHU\PHDW·,WFDQEH\RXUVHDVRQLQJIRUVWHDNRUVR\VDXFHIRU\RXU ,N,$2F :KDWGRHVEURZQWDVWHOLNH",WGRHVQ·WKDYHDGLVWLQFWÁDYRU,WFRXOGEH VZHHWVDOW\RUHYHQVRXU,WPD\EHVWURQJRUOLJKW,WFRXOGEHWKHVHDULQJ FRIIHHXVHGWRZDUP\RXUKDQGVRQDZLQG\IDOOGD\,WPLJKWKDYHWKHWDVWH RI VXPPHUDWWKHEHDFKLFHGWHDUHIUHVKLQJDQGUHOD[LQJRUWKHIHHOLQJRI  &RNHJLJJOLQJLQ\RXUPRXWK '''''U&'("&'#7%47,&)'7A '@"7O8F'aN"',528'2,'@"7O8-'(8)'7N"'$(2"'2,'@"7O8F' :KHQ\RXEUHDNRSHQ\RXUVNLQWKHEORRGÁRZVRXWOLNHZLQHEXWDWWKH HQGLWWXUQVEURZQ7KHTXHVWLRQLVQ·WZKHUHFDQ\RXÀQGEURZQEXWZKHUH FDQ\RXQRWÀQGEURZQ" ,UHWUDFHP\VWHSVDQGKHDGEDFNKRPHQRWLFLQJHYHQPRUHRI WKHFRORU ?$&'O289&"'#$233'$(,'#773&)'%&-'(8)'C+%'"&()*'97'(##&49'9$&'O("%'&%@"(#&' 7A '9$2,'#7%43&Q'@N9'#(3%'#737"F'!,'C')7'9$2,-'C'&8\7*'%*'O289&"'#7#7(-'9$&' ZDUPWKUHDFKLQJP\KHDUW K1'#D.!I%$<!*@L

)'


1R(VFDSH P&%/1H!($!ZM#>8!4#53#$/($R/!S&15%9/1![!-(9>H!C(D!=D(O!W('!41%D.UV V&#(N,&'C'#7N3)'879',974'A7"':&(9$_ T&',2%43*'#(%&'A7"'%& T&'(""2W&)'(9'%*'$7N,& .QRFNLQJRQP\GRRU\HOOLQJP\QDPH³ T&'O(89&)'%&F'T&'8&&)&)'%&F /LNHDEDE\GHPDQGLQJIRRG³ :&(9$'"&AN,&)'97'#&(,&' B8923'$&'$()'O$(9'O(,'$2,F C'$&(")'$2%-'28)&&)-'C')2) %XW,UHIXVHGWRJR C'#7N3)'879',974'A7"':&(9$ ?77'%N#$'97')7' ?77'%N#$'97',&& :&(9$'$()'97'O(29F 7KHNQRFNLQJWXUQHGWREDQJLQJ 7KH\HOOLQJZHQWXSLQRFWDYHV ´<RXKDYHWRFRPHRXWVRPHWLPHµ³ :&(9$',#"&(%&) C'A&39')&A&(9&)-'#7"8&"&)-'9"(44&) a83*'78&'&Q29_9$&'@(#5')77" C'"(8'97'29 6FXUU\LQJWRWKHQH[WEORFNSDQWLQJDVDGRJ 0\KHDUWUDFHGP\EUHDWKLQJLQFUHDVHG C'O(,'7N9'7A ':&(9$+,'#3N9#$&,c'C'O(,'A"&& %XWZKRVKRXOGPHHWPHDWWKHFRUQHU" :&(9$F V&#(N,&'C'#7N3)'879',974'A7"':&(9$_ %HFDXVH,ZDV\RXQJ V&#(N,&'C'$()'879'32W&) %HFDXVH,KDGWKLQJVWRGRDQG 7KLQJVWRVHH :&(9$',2%43*'#(%&'A7"'%&F -('1>>1!:$H1'/($!*+,

)!


&HOHEUDWLQJD0LUDFOH P&%/1H!($!".(M%/!09QR/!SI.%D!2($D%F9M%!N1H!-('DT/!%$H!A#/!21$UV &KDPSDJQHWKH\OLNHFKDPSDJQH 28'9$&'O289&"'7A '<=M0 RQDFROGVQRZ\QLJKW WKHVHZHUHJRGV 7KH\KDYHVWUXFNGRZQWKH5XVVLDQEHDW   :HOOV0RUURZ&UDLJ%URRNV !33'7A '9$&%F 7KHVRXQGVRI FHOHEUDWLRQUDQWKURXJKWKHGDUNQHVV OLNHPDFKLQHJXQÃ&#x20AC;UHRQWKHIURQW 6KRXWLQJFRZEHOOVQRLVHPDNHUVDODUPV HFKRHGWKURXJKWKHQLJKW 7KH\ZHUHJRGV A"7%'I(5&'13(#2)F ?$&*'$()')78&'9$&2"'#7N89"*'4"7N)(8)'87O'29'O(,'92%&'97'#&3&@"(9&F' =D1?1!=D%$(5.!*+,

C'A&&3':&4"&,,&) P0#W1!D.'(9<.!D.1!181/!(W !ZM#>8!4#53#$/($V C'A&&3'"&(3':&4"&,,&)_ C';8)'%*'328&,'O29$'T*4$&8,_ C':2&)'(33'!378&_ 48>%$!-(<<#$!*+,

))


5ROOLQJ6WRQH 6%M#!4($%.91!*@L


)RUJRWWHQ)ULHQGVKLS 1(289',9N#5'97'4(289@"N,$'@"2,93&,$SDLQIXOUHPLQGHURI IRUJHWIXOQHVV 7KHVWUHQXRXVHIIRUWSXWLQWRVDYLQJDWRRORI FUHDWLRQ $SDLQWHU·VPDJLFZDQG &RQVWUXFWLQJEHDXW\RXWRI QRWKLQJ 7KHPLQGEHLQJWKHPDJLF 7KHFDQYDVEHLQJWKHVKRZ 3UHVVXUHWRDPD]HWRDZHWRLPSUHVV 1(289'97'#(8W(,6HHSLQJLQWRDQDUWLVW·VLPDJLQDWLRQ (PRWLRQWUDYHOLQJE\RVPRVLV S"7%'#"&(97"'97'#"&(9278)RUPLQJDQHZDERGHLQWKHFDQYDV 7KHDUWLVWVORZO\EDFNLQJXS !)%2"&,'9$&'7N9#7%&)LQDOO\EHLQJUHOLHYHGRI SUHYLRXVHPRWLRQ 1RZWUDQVFULEHGLQWR' U(29,'4(92&893*'A7"'9$&'O7"5'97')"*T(")&8F 7KHQFUDFNDWMXVWWKHULJKWSODFHV ?$&'O7"5'2,')78&F ?$&'@"N,$'2,'3&A9F a9$&"'4"7\&#9,'("&',9("9&)F 7KHEUXVKLVIRUJRWWHQ 1(289')"2&,'7897'9$&')&32#(9&'@"2,93&,'7A '9$&'@"N,$F 7KHDUWLVWLPDJLQHVSUHSDUHVGHFLGHV 7RSDLQWDJDLQ 5HWXUQVWRWKHEUXVK 7KDWVLWVORQHO\RQWKHHGJHRI WKHHDVHO :LWKHUHGDQGIRUJRWWHQ &ROOHFWLQJGXVWIURPRWKHUVWDUWHGSURMHFWV ,QVXOWHGE\EHLQJOHIWEHKLQG 5HIXVHVWRFOHDQ &OLQJLQJWRWKHSDLQWZLWKDQRYHUZKHOPLQJJUXGJH S"N,9"(9&)-'9$&'4(289&"',(*,'()2&N'97'$2,'78#&'A(29$AN3'A"2&8)F 69>#%!&8'$1/!*+,

)#


C#$'@28'(33&28 C#$'@28'(33&28!@&"'2#$'@28'$2&"F ,FKK|UHGLH:HOOHQLP2]HDQ ,FKIKOHGHQ:LQGDXI PHLQHP*HVLFKW ,FKVHKHGDV:DVVHUÁLH‰HQDXI GHP6DQG ,FKVFKPHFNHGDV6DO]YRP:DVVHU C#$'@28'(33&28!@&"'2#$'@28'$2&"F ,FKELQPLWGHU1DWXU 2#5.1>>1!N'1M9D.!*+,

C8'K&%7"2(%' JDQJO\UHGPRQVWHUPRYHGOLNHDGDQFLQJGUHDP FUDQN\DQGORYHO\DQGDJUHHQFKLSSHGZRRGHQVWDOOGRRU KHZDVNLQGRI OLNHOHPRQ\EXJVSUD\DQG ,7A9'$(8), UXQQLQJRYHUVPRRWKFRSSHUVDWLQ 43N,'9$&'$N%2)29*'7A '3(9&'^N3* FUHDNLQJVROLGIRXUIHHW $79',N8 :$$%!-((<%$!*@+

)$


.DPLND]H.DQDJDZD C#53!-(>%M15(!*+,


S"&&)7% G9("&] ORRNRXW\RXUZLQGRZDWWKHOLIHSXOVLQJWKULYLQJEORVVRPLQJIRUWK DOZD\VVXUURXQGLQJ\RXDWWHPSWLQJWROXUH\RXWRIHHOZLWK\RXUSDOHÃ&#x20AC;QJ JHUVWKH YLQHVRI FUHHSLQJZKLWHLY\JQDUOHGZRRGRI DQFLHQWRDNWUHHVEULJKWGHZ\ JUDVVWKDWEHQGV  IURPWKHFRROJXVWVRI ZLQG HQWLFLQJ\RXZDQWLQJ\RXEXWVWLOO\RXMXVW ,9("& 2#5.1>>1!N'1M9D.!*+,

2ULJLQDO6LQ +HVHSDUDWHGWKHIUDJLOHVRLO ?7'43(89'(',&&)'28'9$&' I(8)'$&'58&O'O(,'$2,7KRXJKQRVXFKZRUGOD\ 2QWKHWRQJXHVRI WKHSULPDWHV :LWKKLVQHZODQJXDJHKHFDUYHG T2,'8(%&'2897'9$&'43(28,'7A '9$&'&("9$F 6(/1O.!-(FF%!*+,

)&


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

)*


!"#$%&'()*++, -./&0'/"1)2&"334 -RVHSK&R]]D(GLWRU !3&Q(8)"(':&KN#$(-';)297" U&878('V"2#& $QQD&RRJDQ K25&':&K("#7 67N"93(8)':773&* K2#$&33&'S"&%N9$ 6$"2,'I&& -HQ5\DQ 0HJDQ6XOOLYDQ !N)"&*'U(35&"

5"671&()8.9/%0'4 0U6WHSKHQ.OLQJH

!:";<%)&04 K",F'^7)*'T7AA%(8 0U-RKQ-RUGDQDQGWKH&UHDWLYH:ULWLQJFODVV 0U7HUU\1HZLWW 0U5REHUW1RZDF]\N K",F'G9&4$(82&'G23W&"%(8 $]WHF3ULQWLQJ '

"(


Tapestry 2009  

A literary and fine arts magazine published by the students of Archmere Academy in Claymont, Delaware.

Tapestry 2009  

A literary and fine arts magazine published by the students of Archmere Academy in Claymont, Delaware.

Advertisement