Issuu on Google+

352*(772

352*(772


352*(772


352*(772

&DSRGfRSHUD

GHVLJQFROOHFWLRQ GHVLJQ PDQXHODSHOL]]RQ VLOYDQRSLHUGRQDe

&RUWR0DOWHVHŠ+XJR3UDWWŒ‹&RQJ6D/RVDQQD $OOULJKWVUHVHUYHGZZZFRUWRPDOWHVHFRP




FRUWRPDOWHVH

&RUWR0DOWHVHqXQHURHDWLSLFRHOHJDQWHQRQFKDODQW 8RPRG·D]LRQHIRQGDPHQWDOPHQWHOLEHURDWWUDYHUVDLOPRQGRGDOOHFDOOHGL9HQH]LD DOOHSLDQXUHGHOOD6LEHULDGDOO·$IULFDDOFRQWLQHQWHSHUGXWRGL0X&RUWRqDVXRDJLR QHLPRPHQWLURPDQWLFLFRPHLQTXHOOLGLSHULFRORPDQWHQHQGRVHPSUHODVXDLQWHJULWj &RUWR0DOWHVHqO·DYYHQWXUDDOORVWDWRSXURFRQSRFKLULPSLDQWLVHQ]DDOFXQDSDXUD UD]LRQDOHHIDWDOLVWDYHUVRLOSHULFROR&RUWRqVHPSUHJXLGDWRGDOODYRJOLDGLJLRFDUH HIDUVLJXLGDUHGDOFDVRDOODULFHUFDLQRJQLDQJRORGHOPRQGRGLLPSUREDELOLWHVRUL RDPLFKHVFRPSDUVHSHUYLYHUHODSURSULDLQWHJULWjGLXRPROLEHURDWWUDYHUVROHSHUL SH]LHGHOODYLWD,OVXRQRPDGLVPRORSRUWDLQRJQLDQJRORGHOPRQGRHLQTXDOXQTXH SRUWRDWWUDFFKLWURYDVHPSUHXQDPLFRTXDOFXQRFKHORFRQRVFHRGDOTXDOHKDVHQWLWR SDUODUHEHQHGLOXLVXVFLWDQGRULVSHWWRHDPPLUD]LRQHDQFKHLQFKLJOLqQHPLFR&RUWR 0DOWHVHQDVFHVWUDQDPHQWHSULYRGHOODOLQHDGHOODIRUWXQDOXQJRODVXDPDQRVLQLVWUD HDQFRUDDGROHVFHQWHFRQXQFROWHOOREHQDIÀODWRVLGLVHJQDXQDSURIRQGDFLFDWULFH OXQJRODOLQHDGHOODIRUWXQDGHOODVXDPDQRTXDVLDYROHUHVÀGDUHLOGHVWLQRLQPRGR GDHVVHUHVROWDQWROXLO·DUWHÀFHGHOODSURSULDIRUWXQD(GqSURSULRO·DPPLUD]LRQHSHU TXHVWDVXDÀORVRÀDGLVLQFDQWDWDFKHÀQLVFHFRQLOIDUFLLQQDPRUDUHGLOXLSHUFKpOHJ JHQGROHVXHDYYHQWXUHÀQLDPRDQFKHQRLGDOODVXDSDUWHHGqDWWUDYHUVRLVXRLEHJOL RFFKLFKHOHYLFHQGHQDUUDWHDFTXLVWDQRPDJJLRUYDORUHHSLHPR]LRQL

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ÀQGVDIULHQG DQDFTXDLQWDQFHRUVRPHRQHZKRKDVKHDUGJRRGWKLQJVRIKLPDURXVLQJUHVSHFWDQG DGPLUDWLRQDOVRLQKLVHQHPLHV 6WUDQJHO\&RUWR0DOWHVHLVERUQZLWKRXWDIDWHOLQHRQWKHSDOPRIKLVOHIWKDQG $VDWHHQDJHUKHXVHVDVKDUSNQLIHWRWUDFHDGHHSVFDUWRIRUPDIDWHOLQHRQKLVKDQG DOPRVWDVLIKHZDQWHGWRFKDOOHQJHGHVWLQ\VRWKDWRQO\KHZDVFDSWDLQRIKLVRZQ IDWH,WLVDGPLUDWLRQIRUWKLVGLVHQFKDQWHGSKLORVRSK\WKDWPDNHVXVIDOOLQORYHZLWK KLPEHFDXVHZKHQZHUHDGRIKLVDGYHQWXUHVZHHQGXSRQKLVVLGHDQGWKURXJKKLV IDVFLQDWLQJH\HVWKHVWRULHVQDUUDWHGDFTXLUHJUHDWHUYDOXHDQGPRUHH[FLWHPHQW

,OSHUVRQDJJLRGL&RUWR0DOWHVHqVWDWRLGHDWRGDOODFUHDWLYLWjGL+XJR3UDWWPDHVWUR LQGLVFXVVRQRQVRORGHOIXPHWWRLWDOLDQRPDDQFKHGLTXHOORLQWHUQD]LRQDOHDOO·DSL FHGHOODSURSULDPDWXULWjDUWLVWLFD/·HVRUGLRGLTXHVWREHOSHUVRQDJJLRGDOORVSLULWR QRPDGH H DYYHQWXULHUR LQ GLYLVD GL FDSLWDQR RUHFFKLQR G·RUR DOO·RUHFFKLR VLQLVWUR HEHUUHWWRDYYLHQHQHOOHSDJLQHGL´8QDEDOODWDGHOPDUHVDODWRµXQDVWRULDFKHQHO GHFUHWzLOSDVVDJJLRDXQIXPHWWRGLQXRYDFRQFH]LRQHULYHVWLWRGLYLJQHWWHWHPL HSHUVRQDJJLEHQSLFRPSOHVVLHSURIRQGL /RVWLOHJUDÀFRHVVHQ]LDOHGL+XJR3UDWWVLDSSRJJLDVHPSUHVXXQDVROLGDVFHQHJ JLDWXUDHFRQWULEXLVFHDIRUQLUHDOOHVWRULHODSRWHQ]DHYRFDWULFHGHLJUDQGLURPDQ]LGL DYYHQWXUDGLXQWHPSRGRSSLDWDGDXQDGLPHQVLRQHÀORVRÀFD3HUTXHVWRORVJXDUGR GL&RUWRDOOHFRVHSDVVDWHqTXHOORGLXQXRPRGLRJJLFKHJXDUGDDOIXWXUR

7KHFKDUDFWHURI&RUWR0DOWHVHFRPHVIURPWKHFUHDWLYLW\RI+XJR3UDWWDWWKHSHDN RI KLV DUWLVWLF PDWXULW\ XQGLVSXWHG PDVWHU RI ERWK ,WDOLDQ DQG LQWHUQDWLRQDO FRPLFV 7KHGHEXWRIWKLVDWWUDFWLYHFKDUDFWHUZLWKWKHVSLULWRIDZDQGHULQJDGYHQWXUHUZKR ZHDUVDFDSWDLQ·VXQLIRUPDQHDUULQJLQKLVOHIWHDUDQGDFDSWDNHVSODFHRQWKHSDJHV RI´$%DOODGRIWKH6DOW\6HDµ,QWKLVWDOHJDYHULVHWRDQHZFRQFHSWRIFRPLF VWULSVZLWKPXFKPRUHFRPSOH[DQGSURIRXQGYLJQHWWHVWKHPHVDQGFKDUDFWHUV 7KHHVVHQWLDOJUDSKLFVW\OHRII +XJR3UDWWLVDOZD\VEDFNHGE\DVROLGVFULSWDQGFRQ WULEXWHVWRSURYLGLQJWKHVWRU\ZLWKWKHHYRFDWLYHSRZHURIWKHJUHDWDGYHQWXUHVWRULHV RIWKHSDVWZLWKWKHDGGLWLRQRIDSKLORVRSKLFDOGLPHQVLRQ )RUWKLVUHDVRQ&RUWRORRNVEDFNWRWKHSDVWOLNHDFRQWHPSRUDU\PDQZKRORRNVWR WKHIXWXUH






0$He6(03/,&(&25726212$11,&+(78(,21219,9,$0281$$99(1785$&20(48(//(',81$92/7$ 7(/25,&25',f,/021$&2g23385(,/f)25781$5($/(g/e,62/$',f(6&21','$g(48(//$'(/f6$172g$+48(//(6,&+((5$12$99(1785( 786(,3$==25$6387,1 0$&&+He3$==22**,0,6212)$77281$3,&&2/$)(5,7$3(5)$57,&5('(5(&+(0,(5$68&&(66248$/&26$ +292/8725(*$/$57,81$(02=,21(&25723(5&+He7,92*/,2%(1(






/,%5(5,$&2572 5,3257$&25720$/7(6(,1&203$*1,$',$/&81(),*85((0%/(0$7,&+( &203$*1,',9,$**,2,148(67((,1$/75()$17$67,&+(6725,(






',262/26$48$172He%587729,9(5(,181 021'26(1=$$99(1785( 6(1=$)$17$6,$6(1=$$//(*5,$






 0(175(,1(8523$/$*8(55$67$9$3(5),1,5(,1$)5,&$&217,18$9$75$148,//$0(17( ,/*(1(5$/(7('(6&2/(7721:25%(&.6&25$==$9$3(5/e$)5,&$25,(17$/(&21/$68$$50$7$)$17$60$&+($33$5,9$25$48$25$/De */,,1*/(6,,%(/*,(,32572*+(6,$/682,16(*8,0(172',9(17$9$123$==,






/(23$5',  %58.2<,1',&$/$675$'$$&25723(586&,5('$/%8,2'(//$ 0257(f5,&(5&$1'2,/7(0323(5'872g




 ,26212%58.2<+29,672&+(7,6(,&203257$72&2/&25$**,2',81)5$7(//2',6$1*8( 0$,16200$&+,6,(7("'(*/,820,1,0$*,$'(*/,820,1,62*12" (e81$9(&&+,$6725,$&25726,$02/$*,867,=,$$)5,&$1$,12675,3232/,/(12675(75,%Xe$1&+(6(62121(0,&,)5$/252 5,&2126&212/e$8725,7De'(*/,820,1,/(23$5'R 12,&,2&&83,$02'(,&5,0,1,&200(66,)5$*/,$)5,&$1,(&21752',/252






',&(0%5(9(1(=,$,*,251,6,/$6&,$12$1'$5(&20()2*/,($/9(1720$3(5&25720$/7(6(He*,8172,/020(172',5,0(77(56,,1 9,$**,2/2$63(77$12*/,,175,*+,',+21*.21*/$*8(55$,10$1&,85,$/(1(9,'(//e,19(5126,%(5,$12(/e252'(//2=$56)8**,72 $//$5,92/8=,21((),1,721(//(0$1,'(//e$00,5$*/,2.2/&+$.$92/(5/26212,17$17,35,0,75$7877,&2572(,/3,5$7$5$6387,1$//($7, '(//$6(77$5,92/8=,21$5,$&,1(6('(//(/$17(51(5266(&$3,7$1$7$'$//$0,67(5,26$6+$1*$,/,32,/$'8&+(66$/($/,67$0$5,1$ 6(0,129$($/&81,&58'(/,6,*125,'(//$*8(55$&20(,*(1(5$/,6(0(12))(&+$1*(,/%$521(92181*(51






+21*.21* &25720$/7(6(68'',72%5,7$11,&21$72$/$9$//(77$5(6,'(17($'$17,*8$'29($//2**,$&20$1'$17(",181$=21$0$/)$0$7$ '(//$&,77De%$66$3,(1$',/$'5,(',%(//('211( )$6(035(81&(572())(7727251$5($&$6$/267(662352)802',3(6&$g






&257(6&217$ 02675$&25720$/7(6(&+($35(/$3257$3(5(175$5(1(//$68$&$6$$'+21*.21*




KXJRSUDWW

1DWR LO  JLXJQR GHO  +XJR 3UDWW SURYLHQH GD XQD IDPLJOLD YHQH]LDQD FRQ DVFHQGHQ]HLQJOHVLIUDQFHVLPDUUDQHHWXUFKH9LVFHUDOPHQWHOHJDWRDOODVXD9HQH]LD YL WUDVFRUUH O·LQWHUD LQIDQ]LD WUD O·RQQLSUHVHQ]D GHO WRWDOLWDULVPR IDVFLVWD H XQ·LQFOL QD]LRQH YHUVR OH HYDVLRQL SURFXUDWH GDOO·LPPDJLQDULR 2OWUH DOO·HVRWHULVPR ODVFLWR GHL VXRL DQWHQDWL IUDQFRPDVVRQL H FDEDOLVWL V·LQWHUHVVD DO IXPHWWR DOOD OHWWHUDWXUD DQJORVDVVRQHHDLÃ&#x20AC;OPKROO\ZRRGLDQLFKHYHGHLQFRPSDJQLDGHOODQRQQDDOFLQHPD 0DOLEUDQYLFLQRDOODFDVDGL0DUFR3ROR 'DODO+XJR3UDWWVFRSUHO·$ELVVLQLD DWWXDOH(WLRSLD  1RQRVWDQWHVLDÃ&#x20AC;JOLRGLXQIXQ]LRQDULRFRORQLDOHHPLOLWDUHLWDOLDQRGHWHVWDLOFRORQLD OLVPR6ROGDWRDOO·HWjGLDQQLSHUXQEUHYHSHULRGRUHVWDIHGHOHDOODVXDDPLFL]LD FRQJOL$IULFDQLFRQWURFXLLQYHFHGRYUHEEHFRPEDWWHUHHDOVXRDPRUHSHUOHFXOWXUH GLYHUVH/RVSLULWRFRVPRSROLWDGHLVXRLYHUVRDOFXQL%ULWDQQLFLGHOODSDUWHDYYHUVDOR SRUWDDUHQGHUVLFRQWRGHOO·DVVXUGLWjGHOODJXHUUDHGHOQD]LRQDOLVPRFRQYLQ]LRQHFKH VLFRQVROLGDDQFRUSLGRSRLOVXRULWRUQRD9HQH]LDGLIURQWHDOODJXHUUDFLYLOHFKH GLODQLDO·,WDOLDGDODO ,QROWUH DL VXRL RFFKL LO YLDJJLR GLYHQWD LO PH]]R SULYLOHJLDWR SHU VFRSULUH H FRQR VFHUHO·DOWURHODVXDGLYHUVLWj'DODOqDJOLHVRUGLFRQODULYLVWD´$VVR GL3LFFKHµFXUDWDGDJOLDPLFLGLVHJQDWRULHVFHQHJJLDWRULGHO´*UXSSRGL9HQH]LDµ LTXDOLV·LVSLUDQRDOIXPHWWRDPHULFDQR'DODOLOYHQH]LDQRSURVHJXHOD VXDFDUULHUDGLIXPHWWLVWDWUDVIHUHQGRVLLQ$UJHQWLQDGRYHFROODERUDSULQFLSDOPHQWH FRQLOJUDQGHVFHQHJJLDWRUH+HFWRU*2HVWHUKHOG  9LVLWDJOL6WDWL8QLWL OH$QWLOOHO·$PHULFDGHO6XGHLQPRGRSDUWLFRODUHLO%UDVLOH/DVXDSDVVLRQHSHUL ZHVWHUQORSRUWDDVLPSDWL]]DUHSHUJOL$PHULQGLDQLSHUFKpUHVLVWRQRDOFRORQLDOLVPR GHL%LDQFKLHJOLULFRUGDQRLSRSROLLQFRQWUDWLLQ$IULFD1HOVRJJLRUQDXQDQQRD /RQGUDODYRUDQGRSHUXQHGLWRUHLQJOHVH'DODO+XJR3UDWWWRUQDDYLYHUH LQ,WDOLD'RSRXQDIDVHGLVWDVLQHOVXRSHUFRUVRSURIHVVLRQDOHXQPHFHQDWHJHQRYHVH )ORUHQ]R,YDOGLÃ&#x20AC;QDQ]LDO·XVFLWDGL´6JW.LUNµ/DULYLVWDSXEEOLFDSHUODSULPDYROWD LQ(XURSDLIXPHWWLGHOSHULRGRDUJHQWLQRH´8QDEDOODWDGHOPDUHVDODWRµGRYHSHU ODSULPDYROWDDSSDUH&RUWR0DOWHVHQHOOXJOLRGHO 'DODOLOIXPHWWLVWDYLYHSULQFLSDOPHQWHLQ)UDQFLDGRYH&RUWR0DOWHVH GLYHQWDLOSURWDJRQLVWDULFRUUHQWHGLXQDVHULHSXEEOLFDWDLQL]LDOPHQWHGDOODULYLVWD´3LI *DGJHWµGDODO&RVuSHULOFUHDWRUHGHOOHJJHQGDULRSHUVRQDJJLRDUULYD LO ULFRQRVFLPHQWR GD SDUWH GHOOD FULWLFD VSHFLDOL]]DWD QRQFKp GHO JUDQGH SXEEOLFR 3XEEOLFDWD LQ DOEL D IXPHWWL OD VHULH YLHQH WUDGRWWD LQ TXLQGLFL OLQJXH 'DO  DO +XJR3UDWWULVLHGHLQ6YL]]HUD'HYHLOVXRVXFFHVVRLQWHUQD]LRQDOHD&RUWR 0DOWHVHSHUVRQDJJLRSVLFRORJLFDPHQWHPROWRSURIRQGRVLQWHVLGHOOHHVSHULHQ]HGL YLDJJLRGHOO·DXWRUHDUULFFKLWHGDXQDSURURPSHQWHLQYHQWLYD*LUDPRQGRSHUQDWXUD +XJR3UDWWSURVHJXHOHVXHSHUHJULQD]LRQLGDO&DQDGDDOOD3DWDJRQLDGDOO·$IULFDDO 3DFLÃ&#x20AC;FR6LVSHJQHLODJRVWRGHODFDXVDGLXQFDQFURODVFLDQGRDOPRQGROD FRQVDSHYROH]]DFKHLOIXPHWWRqGHÃ&#x20AC;QLWLYDPHQWHGLYHQWDWRDUWHSXUD

%RUQ RQ  -XQH  +XJR 3UDWW KDLOHG IURP D 9HQHWLDQ IDPLO\ ZLWK (QJOLVK )UHQFK0DUUDQHH7XUNLVKDQFHVWRUV+HVSHQWKLVFKLOGKRRGLQKLVGHHSO\ORYHG9HQL FHVXUURXQGHGE\RPQLSUHVHQW)DVFLVWWRWDOLWDULDQLVPDQGDQLQFOLQDWLRQIRULPDJLQLQJ HVFDSHV%HVLGHVHVRWHULFWKHRULHVOHIWE\KLV)UHQFK0DVRQDQGFDEDOLVWLFIRUEHDUVKH LVLQWHUHVWHGLQFRPLFV(QJOLVKOLWHUDWXUHDQG+ROO\ZRRGÃ&#x20AC;OPVZKLFKKHVHHVZLWKKLV JUDQGPRWKHUDWWKH0DOLEUDQFLQHPDFORVHWR0DUFR3ROR·VKRXVH %HWZHHQDQG+XJR3UDWWGLVFRYHUHG$E\VVLQLD QRZ(WKLRSLD  ,QVSLWHRIWKHIDFWWKDWKHLVWKHVRQRIDQ,WDOLDQFRORQLDORIÃ&#x20AC;FHUDQGVROGLHUKHGHWHVWV FRORQLDOLVP$WWKHDJHRIKHZDVDVROGLHUIRUDVKRUWWLPHEXWZDVIDLWKIXOWRKLV IULHQGVKLSZLWKWKH$IULFDQVDJDLQVWZKRPKHVKRXOGKDYHEHHQÃ&#x20AC;JKWLQJDQGWRKLV ORYHIRUGLIIHUHQWFXOWXUHV7KHFRVPRSROLWDQVSLULWRIKLVIDPLO\WRZDUGVVRPHRIWKH %ULWVRQWKHRWKHUVLGHOHGKLPWRUHDOL]HWKHDEVXUGLW\RIZDUDQGQDWLRQDOLVP 7KLVFRQYLFWLRQZDVIXUWKHUFRQVROLGDWHGDIWHUKLVUHWXUQWR9HQLFHZKHUHKHH[SHULHQ FHGWKHFLYLOZDUWKDWWRUH,WDO\DSDUWIURPWR ,QDGGLWLRQWRKLPMRXUQH\VEHFDPHWKHSULYLOHJHGPHDQVIRUGLVFRYHULQJDQGJHWWLQJ WRNQRZRWKHUVDQGWKHLUGLYHUVLW\%HWZHHQDQGKHVWDUWHGZRUNLQJZLWK WKH PDJD]LQH ´$VVR GL 3LFFKHµ HGLWHG E\ KLV GHVLJQHU DQG VFULSWZULWHU IULHQGV RI WKH´*UXSSRGL9HQH]LDµ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Ã&#x20AC;QDQFHGWKHUHOHDVHRI´6JW.LUNµ)RUWKHÃ&#x20AC;UVW WLPHLQ(XURSHWKLVPDJD]LQHSXEOLVKHGWKHFRPLFVWULSVRI+XJR3UDWW·V$UJHQWLQHDQ SHULRGDQG´$%DOODGRIWKH6DOW\6HDµZKHUH&RUWR0DOWHVHDSSHDUHGIRUWKHÃ&#x20AC;UVW WLPHLQ-XO\ )URPWRWKHFDUWRRQLVWOLYHGPDLQO\LQ)UDQFHZKHUH&RUWR0DOWHVHEHFD PHWKHUHJXODUSURWDJRQLVWRIDVHULHVSXEOLVKHGLQLWLDOO\E\WKHPDJD]LQH´3LI*DGJHWµ IURPWR,QWKLVZD\WKHFUHDWRURIDOHJHQGDU\FKDUDFWHUZDVDFNQRZOHGJHG E\VRPHRIWKHVSHFLDOLVHGFULWLFVDVZHOODVWKHSXEOLFDWODUJH3XEOLVKHGLQFRPLF DOEXPV WKH VHULHV ZDV WUDQVODWHG LQWR Ã&#x20AC;IWHHQ ODQJXDJHV %HWZHHQ  DQG  +XJR3UDWWOLYHGLQ6ZLW]HUODQG+HRZHGKLVLQWHUQDWLRQDOVXFFHVVWR&RUWR0DOWHVH DSV\FKRORJLFDOO\GHHSFKDUDFWHUWKDWEULQJVWRJHWKHUWKHDXWKRU·VWUDYHOH[SHULHQFHV HQKDQFHGE\DIHUYHQWLPDJLQDWLRQ$JOREHWURWWHUE\QDWXUH+XJR3UDWW·VSLOJULPD JHVWRRNKLPIURP&DQDGDWR3DWDJRQLDIURP$IULFDWRWKH3DFLÃ&#x20AC;F +HGLHGRQ$XJXVWIURPFDQFHUOHDYLQJWKHZRUOGDZDUHWKDWFRPLFVWULSV KDGEHFRPHSXUHDUW




 

&,6212$9(1(=,$75(/82*+,0$*,&,(1$6&267, 812,1&$//('(//e$025'(*/,$0,&,816(&21'29,&,12$/3217('(//(0$5$9(*,(817(5=2,1&$//('(,0$55$1,$6$1*(5(0,$,1*+(772 48$1'2,9(1(=,$1, 48$/&+(92/7$$1&+(,0$/7(6, 621267$1&+,'(//($8725,7De&267,78,7(6,5(&$12,148(67,75(/82*+,6(*5(7,( $35(1'2/(3257(&+(67$1121(/)21'2',48(//(&257,6(1(9$1123(56(035(,13267,%(//,66,0,(,1$/75(6725,(






6$10$5&2 &25726,5(&$,13,$==$3(5&(5&$5(/$68$$0,&$ f%821*,2512*$0%(77$'e$5*(172'29eHe%2(.(" (e3$57,72&5('26e,0%$5&+(5De0(*/,2&26Leg


 9(1(=,$ 1(//e$35,/(7251$72'$//e$6,$&25726,)(50$$9(1(=,$'29(+$180(526,$0,&,)5$&8,*$0%(77$'e$5*(172,1&2175$32,',6)8**,7$ *$%5,(/('e$1181=,21(//$0$*,&$&,77De/$*81$5(9,(1(&2,192/72,181$6725,$$/75(77$1720$*,&$,1&8,6(/$'(9(9('(5(&21,0(0%5, ',81$0,67(5,26$/2**,$0$6621,&$






+,3$=,$ /(,0,5,&25'$48$/&812&+," +,3$=,$),/262)$1(23/$721,&$ 5(775,&('(//$6&82/$',$/(66$1'5,$'e(*,772 ',5$5$%(//(==$(',81$385(==$',&$5$77(5( 6(1=$0$&&+,$






/81$9(1(=,$1$ He/$1277('(/$35,/(121621275,67( 621262/$0(17(3(16,(52627877248,(78&+,6(," 6212f$5/(.,1%$72&,2g62/'$72,1.$1',$ (0$6&+(5$9(1(=,$1$




KXJR LQWHUYLVWHHDOWUR

´+RVHPSUHVRVWHQXWRFKHLGLVHJQDWRULVLGLVHJQDQRQHLORURSURWDJRQLVWLRQHLGHXWH UDJRQLVWLDOPDVVLPR>«@GL3UDWWQRQORVRVSHWWDYR0DXQJLRUQRDOODSUHVHQWD]LR QHGLQRQVRSLTXDOHOLEURRHYHQWRO·KRLQFRQWUDWRDOODWHUUD]]D0DUWLQLGL0LODQR HO·KRSUHVHQWDWRDPLDÃ&#x20AC;JOLDDOORUDPROWRSLFFRODPDJLjOHWWULFHGHOOHVXHVWRULHH OHLPLKDVXVVXUUDWRDOO·RUHFFKLRFKH3UDWWHUD&RUWR0DOWHVH&KHLOUHVLDQXGROR SXzGLUHVRORXQEDPELQR3UDWWQRQKDODVWDWXUDO·DVWDWDORQJLOLQHLWjGL&RUWRPD JXDUGDQGRORPHJOLRGLSURÃ&#x20AC;ORKRGRYXWRFRQYHQLUHFKHLQTXDOFKHPRGRHUDYHUR ODOLQHDGHOQDVRLOWDJOLRGHOODERFFDQRQVRFHUWR3UDWWQRQqLO&RUWRGHOODEDOODWD PDGLFLDPRFKHLO&RUWRSLPDJLFRGHOOHXOWLPHVWRULHTXHOOHFKHDOORUD3UDWWQRQ FRQRVFHYDDQFRUDµ 8PEHUWR(FR

 FKHUDSSRUWRKDLFRQ&RUWR0DOWHVH" ´1RQVRQRDQFRUDDUULYDWRDOSXQWRGLDYHUHXQUDSSRUWRGLRGLRHDPRUHFRQOXLqXQ UDSSRUWRGLJUDQGHFRUGLDOLWjHGLVLPSDWLD$TXHVWRSXQWRGHOODPLDYLWDLRPLWURYR FKH VRQR REEOLJDWR D VWDUH VHPSUH FRQ &RUWR 0DOWHVH SHUFKp YHQJR TXL LQ ,UODQGD DOO·8QLYHUVLWj7ULQLW\&ROOHJHHFLVHLWXFKHPLFKLHGL´PD&RUWR0DOWHVHFKHFRVD ID"µ(PLULWURYRDGLVHJQDUH&RUWR0DOWHVH0DVuLQÃ&#x20AC;QDOHKRTXHVWRUDSSRUWR« YHQJRTXLHF·q&RUWR0DOWHVHYDGRLQ'DQFDOLDHF·q&RUWR0DOWHVHYDGRD9HQH ]LD«'RYXQTXHYDGRF·qOXLHRUPDLQRQSRVVRIDUDOWURFKHIDUH&RUWR0DOWHVHµ 9LQFHQ]R0ROOLFD

´,KDYHDOZD\VDIÃ&#x20AC;UPHGWKDWDUWLVWVSRUWUD\WKHPVHOYHVLQWRWKHLUSURWDJRQLVWVRUGHX WHUDJRQLVWVHYHQWXDOO\ « ,GLGQRWVXVSHFWRI3UDWWDOWKRXJKRQHGD\DWWKHRFFD VLRQRIDSUHVHQWDWLRQRIDERRNRUHYHQWLPHWKLPDWWKH´7HUUD]]D0DUWLQLµLQ0LODQ DQGLLQWURGXFHGKLPWRP\GDXJKWHUDWWKDWWLPHVWLOO\RXQJEXWDOUHDG\DUHDGHURI KLVVWRULHVVKHZKLVSHUHGDWP\HDUWKDW3UDWW W ZDV&RUWR0DOWHVHRQO\DFKLOGFDQ VD\WKDWWKHNLQJLVQDNHG3UDWWGRHVQRWKDYHWKHKHLJKWRUWKHORQJOLPEHGÃ&#x20AC;JXUHRI FRUWRQHYHUWKHOHVVVHHQLQSURÃ&#x20AC;OHLKDGWRDGPLWWKDWVRPHKRZLWZDVWUXHWKHOLQH RIWKHQRVHWKHVKDSHRIWKHPRXWKLGRQ·WNQRZREYLRXVO\3UDWWLVQRW&RUWRRIWKH EDOODGEXWZHFDQVD\WKDWKHUHPLQGVWKHPDJLFDOFRUWRRIWKHODVWVWRULHVWKRVHWKDW SUDWWGLGQRWNQRZ\HW 8PEHUWR(FR

XQDYROWDKDLGHÃ&#x20AC;QLWRLOIXPHWWR´OHWWHUDWXUDGLVHJQDWDµ3HUFKq" ,RQRQKRQLHQWHFRQWURODSDUROD´IXPHWWRµR´IXPHWWDURµFKHSRVVRDQFKHDFFHWWDUH WUDQTXLOODPHQWH0DQRQPLSLDFFLRQRFHUWLJLRUQDOLVWLRFHUWLGLUHWWRULGLJLRUQDOHFKH KDQQRVHPSUHWUDWWDWRLOIXPHWWRFRPHXQ·DUWHPLQRUHVHQ]DPDLDYHUDYXWRLOFRUDJ JLRGLFRQVLGHUDUORTXDOFRVDGLLPSRUWDQWH/DGHÃ&#x20AC;QL]LRQH´OHWWHUDWXUDGLVHJQDWµGjDO IXPHWWRDTXHVWDGLVFLSOLQDODSRVL]LRQHFKHPHULWD O·XOWLPDLQWHUYLVWDGL9LQFHQ]R0ROOLFD

RQHWLPH\RXKDYHGHÃ&#x20AC;QHGFRPLFVDV´GUDZQOLWHUDWXUHµZK\" ,KDYHQRWKLQJDJDLQVWWKHZRUGV´FRPLFVµRU´FRPLFVGUDZHUµZKLFKLFDQDFFHSW ZLWKRXWSUREOHPVEXWLGRQRWOLNHFHUWDLQMRXUQDOLVWVRUQHZVSDSHUHGLWRUVZKR DOZD\VWUHDWFRPLFVDVDPLQRUIRUPRIDUWQHYHUFRQVLGHULWDVVRPHWKLQJLPSRUWDQW 7KHGHÃ&#x20AC;QLWLRQ´GUDZQOLWHUDWXUHµJLYHVWRWKHFRPLFVWRWKLVDUWWKHFRQVLGHUDWLRQWKDW LWGHVHUYHV ODVWLQWHUYLHZWR9LQFHQ]R0ROOLFD

+XJRDYHYDVHPSUHSHQQHPDWLWHHSHQQDUHOOLPDVSHVVRQRQDYHYDIRJOLHWDFFXLQL GDYLDJJLRSHUFLzJOLFDSLWDYDGLVFULYHUHVXTXHOORFKHDYHYDDSRUWDWDGLPDQRFDUWD GDSDFFKLWRYDJOLROLUXEULFKHWHOHIRQLFKHFDUWDGDOHWWHUHGLDOEHUJKLLOUHWURGHOOH VWULVFHVXOOHTXDOLGLVHJQDYDELJOLHWWLEXVWHTXDQGRVLULFRUGDYDSHUFKq3UDWWQRQHUD XQDELWXGLQDULRPHWWHYDVXOFRPRGLQRFDUWDHSHQQDSHUHVVHUHSURQWRPLGLFHYDFKH VSHVVRGLQRWWHVLVYHJOLDYDGDXQVRJQRHVHQRQÃ&#x20AC;VVDYDVXELWRO·LPPDJLQHO·DYUHEEH GLPHQWLFDWDDOULVYHJOLRDOOHSULPHRUHGHOO·DOED 3DWUL]LD=DQRWWL

+XJRDOZD\VFDUULHGSHQVSHQFLOVDQGIHOWWLSSHQVQHYHUWKHOHVVRIWHQKHGLGQRW KDYHSDSHUDQGVNHWFKERRNVKHQFHKHZDVRIWHQGUDZLQJRQDQ\WKLQJKHFRXOGJHW ZUDSSLQJSDSHUQDSNLQWHOHSKRQHERRNVKRWHOOHWWHUKHDGSDSHUWKHEDFNRIWKHFR PLFVWULSVKHZDVXVLQJFDUGVHQYHORSVZKHQKHZDVUHPLQGLQJKLPVHOIEHFDXVH SUDWWGLGQRWOLNHURXWLQHKHZRXOGSXWSHQDQGSDSHURQKLVQLJKWWDEOHLQRUGHUWREH UHDG\KHXVHGWRWHOOPHWKDWRIWHQDWQLJKWKHZRXOGZDNHXSIURPDGUHDPDQGLIKH FRXOGQRWIUDPHWKDWLPDJHLPPHGLDWHO\KHZRXOGKDYHIRUJRWWHQLWLQWKHPRUQLQJ 3DWUL]LD=DQRWWL

ZKDWLV\RXUUHODWLRQVKLSZLWK&RUWR0DOWHVH" ,·PQRW\HWWRWKHSRLQWRIKDYLQJDORYHDQGKDWHUHODWLRQVKLSZLWKKLPLW·VDUHOD WLRQVKLSRIJUHDWDIIHFWLRQDQGV\PSDWK\DWWKLVSRLQWRIP\OLIHL·PREOLJHGWRVWD\ DOZD\VZLWK&RUWR0DOWHVH,FRPHKHUHLQ,UHODQGDWWULQLW\XQLYHUVLW\DQG\RXDVNPH ´ZKDW&RUWR0DOWHVHLVGRLQJ"µDQGLÃ&#x20AC;QGP\VHOIGUDZLQJKLP<HVLQWKHHQGLKDYH WKLVNLQGRIUHODWLRQLFRPHKHUHDQGKHUH·V&RUWR0DOWHVHLJRWRGDQDNLODQGWKHUH·V &RUWR0DOWHVHLWUDYHOWR9HQLFHHYHU\ZKHUHLJRKH·VWKHUHDQGE\QRZLFDQQRWGR DQ\WKLQJHOVHWKDQ&RUWR0DOWHVH 9LQFHQ]R0ROOLFD






69,==(5$ &e(5$12'8(275(&26(&+(121$95(%%('29872)$5( /$35,0$48(//$',&+,('(56,6(121)266($))(772',0$/,1&21,$1(/68292/(56(1(&2&&,87$0(17(67$562/2,148(/9,//$**,269,==(52 ',6$98,76235$/875</$6(&21'$$&48,67$5(3(5(5,&$),*/,$48,1',&(11('(/9,*1$,2/29$1$681%(/9(67,72526$',7+85,1*,$ ()256(/$7(5=$/e$9(5$&&(77$72',$&&203$*1$5(,/6829(&&+,2$0,&2,/352)(6625-(5(0,$+67(,1(5'(//e81,9(56,7De',35$*$ $0217$*12/$,17(66,1






*$77,9(1(=,$1, 1(/*,$5',12'(//e('(1&e(5$',7877R )(*$7,1,52*121&,1,&$51(75,7$7$ 3(6&,2/,1,5266,(&,272/(',/$77H 62/$0(17(81$&26$1216,327(9$0$1*,$5( f/$/,6&$',3(6&(352,%,7$g &+(&5(6&(9$






526$$/&+(0,&$ 6212/$526$$/&+(0,&$ &+(982/(',5($1&+(6&,(1=$'25$7$ ),/262),$0$/('(77$3,(75$),/262)$/( 35267,78=,21(0$*,&$$025(6$&52( 7$17($/75(&26(',3(1'('$&+,0,6, $99,&,1$(&2148$/,,17(1=,21,




HFRUWRPDOWHVH

$IIDVFLQDWLGDOSHUVRQDJJLRGDLIDQWDVWLFLYLDJJLHGDOOHDYYHQWXUHGL&RUWR0DOWHVH 0DQXHOD3HOL]]RQH6LOYDQR3LHUGRQjKDQQRGLVHJQDWRODFROOH]LRQH´3URJHWWR&RUWR 0DOWHVHµGRYHODÀJXUDGHOEHOPDULQDLRFLWUDVFLQDQHOODVXDGLPHQVLRQHDYYHQWXURVD O·XQLFDFKHPHULWDVVHGLHVVHUHYLVVXWD

&DSWLYDWHGE\WKHFKDUDFWHURI&RUWR0DOWHVHDQGIDQWDVWLFWULSVDQGDGYHQWXUHV 0DQXHOD3HOL]]RQDQG6LOYDQR3LHUGRQjKDYHFUHDWHGWKHFROOHFWLRQ´3URMHFW&RUWR 0DOWHVHµZKHUHWKHÀJXUHRIWKHEHDXWLIXOVDLORUOHDGVXVLQDDGYHQWXURXVGLPHQVLRQ WKHRQO\RQHGHVHUYHGWREHOLYHG

/LEUHULD&RUWRULSRUWD&RUWR0DOWHVHLQFRPSDJQLDGLDOFXQHÀJXUHHPEOHPDWLFKH 5DVSXWLQODGXFKHVVD0DULQD6HPLQRYDHGDOWULFRPSDJQLGLYLDJJLRLQTXHVWHHLQ DOWUHIDQWDVWLFKHVWRULH /HRSDUGLULWURYD&RUWRLQXQDDYYHQWXUDLQ(WLRSLDQHODOODÀQHGHOODSULPD JXHUUDPRQGLDOH4XLLQFRQWUHUjJOLXRPLQLOHRSDUGRVLPERORGHOODJLXVWL]LDDIULFDQD /HRSDUGL  +RQJ .RQJ H &RUWH 6FRQWD FL ULFRQGXFH QHOOD VXD FDVD QHOO·DXWXQQR GHOOR VWHVVR DQQRGRYHULPDUUjSHUSRFRWHPSRSHUSRLLQWUDSSUHQGHUHXQQXRYRYLDJJLR 8QDSSDVVLRQDQWHLQVHJXLPHQWRFKHYHGHFRLQYROWHOHVRFLHWjVHJUHWHFLQHVLL´6LJQRUL GHOODJXHUUDµJOLLQGLSHQGHQWLVWLPRQJROLOHDUPDWHEROVFHYLFKHHOHWUXSSH´ELDQFKHµ IHGHOLDJOL]DU/DJUDQGHDYYHQWXUDGL&RUWR0DOWHVHDLFRQÀQLWUDPRQJROLDUXVVLD HFLQDDOODFDFFLDGLXQPLVWHULRVRWUHQRFDULFRG·RUR &RUWH6FRQWDGHWWD$UFDQD  6DQ0DUFR9HQH]LD+LSD]LD/XQD9HQH]LDQDH*DWWL9HQH]LDQLULSRUWDQR&RUWRD 9HQH]LDODPDJLFDFLWWjODJXQDUHGLLQL]LRVHFRORLQXQYRUWLFRVRFUHVFHQGRGLDYYH QLPHQWLFKHUDJJLXQJHLOOLPLWHHVWUHPRGHOODUHDOWjLOVRJQR&RUWR0DOWHVHqVXOOH WUDFFHGLXQPLVWHULRVRWHVRUROD´&ODYLFRODGL6DORPRQHµXQSUH]LRVRVPHUDOGRPD DQFKHXQDVRUWDGLWDOLVPDQRPDJLFR )DYRODGL9HQH]LD²  5RVD$OFKHPLFDQDUUDGHOOXQJRYLDJJLRLQWUDSSUHVRFRQLOSURIHVVRU6WHLQHUQHO DWWUDYHUVRODVYL]]HUD4XLLQFRQWUHUjORVFULWWRUH+HUPDQ+HVVH 8QHQLJPDDYYROWRQHOPLVWHURJLRFKLGLDPRULSURLELWLHURVHDOFKHPLFKHGLFDYDOLHUL GLVSHUDWLHGHPRQLFDEDOLVWLFLDQFRUDXQ·LOOXVLRQHDOOD&RUWR0DOWHVH OHHOYHWLFKH´5RVD$OFKHPLFDµ

6DPDUNDQGD VLDPR QHO  H &RUWR 0DOWHVH YLDJJLD LQVLHPH D 5DVSXWLQ GHQWUR XQ·DYYHQWXUDFKHVLVQRGDGDOOD7XUFKLDDOO·$]HUEDLMDQ7XUNLVWDQ.DÀULVWDQH3DNL VWDQDOODULFHUFDGLXQDSULJLRQHGDOQRPHDVVDLEL]]DUURODFDVDGRUDWDGL6DPDUFDQ GD0DVRSUDWWXWWRGLXQIDYRORVRTXDQWRPLWLFRWHVRUR /DFDVDGRUDWDGL6DPDUFDQGD

%RRNVKHOI&RUWR ,WVKRZFDVHV&RUWR0DOWHVHZLWKVRPHHPEOHPDWLFÀJXUHVDQGWUDYHOFRPSDQLRQVLQ YDULRXVIDQWDVWLFWDOHV /HRSDUGV0HHW&RUWRLQD(WKLRSLDQDGYHQWXUHLQDWWKHHQGRI::,&RUWR FURVVHVSDWKZLWKWKH/HRSDUG0HQV\PERORI$IULFDMXVWLFH /HRSDUGL  +RQJ.RQJDQG&RUWH6FRQWD,WOHDGVXVWR&RUWR·VKRPHGXULQJDXWXPQRIWKHVDPH \HDUZKHUHKHZLOOVWD\VKRUWO\EHIRUHWRXQGHUWDNHDQHZDGYHQWXUHLQ0RQJROLDQ 5XVVLDDQG&KLQDWKHSXUVXLWRIWUDLQORDGHGZLWKJROGLPSOLFDWLQJ&KLQHVHVHFUHW VRFLHWLHV/RUGVRI:DU0RQJROLDQ,QGHSHQGHQWLVWV%ROVKHYLNDUPLHVDQGWKHZKLWH WURRSVOR\DOWRWKH7VDU &RUWH6FRQWDGHWWD$UFDQD  6DQ0DUFR9HQLFH+LSD]LD9HQHWLDQ0RRQDQG9HQHWLDQ&DWV 7KH\EULQJEDFN&RUWRWR9HQLFHWKHODJRRQPDJLFDOWRZQLQDZKLUOLQJFUHVFHQGRRI HYHQWVERUGHUOLQLQJUHDOLW\WKHGUHDP ,Q&RUWR0DOWHVHLVSXUVXLQJDP\VWHULRXVWUHDVXUH´7KH6DORPRQ&ODYLFOHµD SUHFLRXVHPHUDOGDQGDVRUWRIPDJLFWDOLVPDQ )DYRODGL9HQH]LD²  $OFKHPLFDO5RVH ,WLVWKHVWRU\RIDORQJWULSRI&RUWRDQG3URIHVVRU6WHLQHULQDFURVV6ZLW]HUODQG &RUWRZLOOPHHWWKHZULWHU+HUPDQ+HVVH$P\VWHULRXVULGGOHDPXVHPHQWVZLWKIRU ELGGHQORYHVDQGDOFKHPLFDOURVHVGHVSHUDWHNQLJKWVDQGFDEDOLVWLFGHPRQVDQRWKHU &RUWR0DOWHVHLOOXVLRQ /HHOYHWLFKH´5RVD$OFKHPLFDµ

6DPDUNDQG &RUWR0DOWHVHWUDYHOZLWK5DVSXWLQDFURVV7XUNH\DQG$]HUEDLMDQ7XUNLVWDQ .ăÀULVWăQDQG3DNLVWDQLQVHDUFKRIDSULVRQQDPHG´WKH*ROGHQKRXVHRI6DPDUNDQGµ DQGRIIDEXORXVWUHDVXUH /DFDVDGRUDWDGL6DPDUFDQGD




$878112 &25726,7529$,1*5(&,$(3,Xe35(&,6$0(17(68//e,62/$',52','$48,6,,0%$5&+(5De3(5812'(,682,9,$**,3,Xe/81*+, '(67,1$=,21(6$0$5&$1'$/81*2/$0,7,&$9,$'(//$6(7$$/%$1(6,785&+,0(&('21,$50(1,'586,0$521,7,3(56,$1,5866,$)*$1,( 7$57$5,6212*/,$6,$7,&,&+($&&203$*1$12&25720$/7(6(5$6387,1(9(1(;,$1$67(9(1621,148(67$*5$1'($99(1785$$1&25$81$92/7$ $//$5,&(5&$',817(625248(//2',$/(66$1'52,/*5$1'(




6$0$5.$1'$ f0,$0$'5(5$&&217$9$&+(48$1'248$/&812,1&2175$,/682 '233,2He8135(6$*,2',0257(h3(57877,('8(23(5812 62/7$172h'295Re67$5(,1*8$5',$ 0,$0$'5((5$,1)$//,%,/(1(/35(',5(g






/$5,&(5&$'(/0,7,&27(6252',$/(66$1'52,/*5$1'(121He/e81,&2027,92&+(63,1*(&25720$/7(6($/$1&,$56,,148(67$1829$ $99(1785$6('(&,'(',5,6&+,$5(/$3(//(75$52',785&+,$$=(5%$,-$1(3$.,67$1He$1&+(3(5/,%(5$5(5$6387,17(187235,*,21,(52 1(//$3(5,&2/26$(,1(638*1$%,/(f&$6$'25$7$',6$0$5&$1'$g






WUDGX]LRQL

SDJ

,WeVVLPSOH&RUWR,WKDVEHHQ\HDUVWKDWZHKDYHQRWOLYHGDQDGYHQWXUHDVWKRVHZHRQFHKDG'R\RXUHPHPEHU f7KH0RQNgRUf7KH)RUWXQDUHDOHgWKH,VODQGRI(VFRQGLGDDQGWKHRQHRIWKH6DLQW"7KRVHZHUHUHDODGYHQWXUHV <RXDUHPDG5DVSXWLQ1RWDWDOO7RGD\,FXWP\VHOIWRPDNH\RXEHOLHYHWKDWVRPHWKLQJKDSSHQHGWRPH,ZDQWHG WRRIIHU\RXDQHPRWLRQ&RUWREHFDXVH,OLNH\RX

SDJ

9(1,&( ,Q$SULOEDFNIURP$VLD&RUWRVWRSVLQ9HQLFHZKHUHKHKDVQXPHURXVIULHQGVDPRQJZKLFK6LOYHOHJKHWKHQ UDSLGO\PHHW*DEULHOH'e$QQXQ]LR,QWKHPDJLFDOWRZQRIWKH/DJRRQ&RUWRLVLQYROYHGLQDHTXDOO\PDJLFDODGYHQWXUH ZKHUHKHZLOOKDYHWRGHDOZLWKDP\VWHULRXV0DVRQLF/RGJH

SDJ

%22.6+(/)&2572 ,WVKRZFDVHV&RUWR0DOWHVHZLWKVRPHHPEOHPDWLFILJXUHVDQGWUDYHOFRPSDQLRQVLQYDULRXVIDQWDVWLFWDOHV

SDJ

+,3$=,$ <RXUHPLQGRIVRPHERG\ :KR" +LSD]LDSKLORVRSKHUQHRSODWRQLFUHFWRURIWKH6FKRRORI$OH[DQGULDXQFRPPRQEHDXW\DQGZLWKDSXUHFKDUDFWHU

SDJ

*RGRQO\NQRZVKRZVDGLVWROLYHLQZRUOGZLWKRXWDGYHQWXUHVLPDJLQDWLRQDQGIXQ

SDJ

9(1(7,$10221 ,WeVWKHQLJKWRI$SULOWK,DPQRWVDG,DPRQO\WKRXJKWIXOWKDWeVLW :KRDUH\RX",DPf$UOHNLQ%DWRFLRgVROGLHULQ.DQGLDDQG9HQHWLDQPDVN

SDJ

:KLOHLQ(XURSHWKHZDUZDVHQGLQJLQ$IULFDLWZDVKDSSLO\JRLQJRQ7KH*HUPDQ*HQHUDO/HWWRQ:RUEHFNZDV RYHUUXQQLQJWKHZKROH2ULHQWDO$IULFDZLWKKLVJKRVWDUP\VKRZLQJXSKHUHDQGWKHUH7KH(QJOLVKWKH%HOJLDQDQG WKH3RUWXJXHVHZHUHSXUVXLQJKLPJRLQJQXWV

SDJ

6ZLW]HUODQG7KHUHZHUHWZRRUWKUHHWKLQJVWKDWKHVKRXOGQRWGR7KHILUVWDVNKLPVHOIZKHWKHUKHZDVVXI IHULQJIURPPHODQFKRO\ZDQWLQJWRVWD\DORQHLQWKH6ZLVVYLOODJHRI6DYXLWDERYH/XWU\7KHVHFRQGWREX\DQLFH SLQN7KXULQJLDQGUHVVIRUWKHILIWHHQ\HDUVROGGDXJKWHURIWKHZLQHPDNHU9DQDV7KHWKLUGPD\EHWRKDYHDFFHSWHG WRJRZLWKKLVROGIULHQGSURIHVVRU-HUHPLDK6WHLQHUIURP3UDJXH8QLYHUVLW\WR0RQWDJQRODLQ7HVVLQ

SDJ

,QWKHWDOHf/HRSDUGVg%UXNR\VKRZVWR&RUWRWKHZD\WRJHWRXWRIWKHGDUNQHVVRIGHDWKfVHDUFKLQJIRUWKH ORVWWLPHg

SDJ

9(1(7,$1&$76 ,QWKHJDUGHQRI(GHQWKHUHZDVHYHU\WKLQJ/LYHUNLGQH\VKDVKHGPHDWUHGILVKHVHPLONERZOV 2QO\RQHWKLQJFRXOGQRWEHHDWHQfWKHIRUELGGHQILVKERQHgZKLFKZDVJURZLQJ

SDJ

,DP%UXNR\h,KDYHVHHQWKDW\RXKDYHEHKDYHGDVDEURWKHULQEORRG)LQDOO\ZKRDUH\RX"0DJLFDOPHQ"'UHDP PHQ",WeVDROGVWRU\&RUWR:HDUHWKH$IULFDMXVWLFHRXUSHRSOHRXUWULEHVDOWKRXJKHQHPLHVDFNQRZOHGJHWKH DXWKRULW\RIWKH/HRSDUG0HQ:HeUHWDNLQJFDUHRIWKHFULPHVFRPPLWWHGE\$IULFDQDQGDJDLQVW$IULFDQ

SDJ

$/&+(0,&$/526( ,DPWKH$OFKHPLFDO5RVHZKLFKPHDQVDOVRJROGHQVFLHQFHFXUVHGSKLORVRSK\SKLORVRSKHUVWRQHPDJLFDOSURVWL WXWLRQVDFUHGORYHDQGPDQ\RWKHUWKLQJV,WGHSHQGVRQZKRLVDSSURDFKLQJDQGZLWKZKLFKLQWHQWLRQV

SDJ

'HFHPEHU  9HQLFH 'D\V JR E\ DV OHDIV LQ WKH ZLQG IRU &RUWR 0DOWHVH WKH PRPHQW KDV FRPH WR WUDYHO DJDLQ +RQJ.RQJeVSORWVDUHZDLWLQJIRUKLPWKHZDULQ0DQFKXULDWKHVQRZRIWKH6LEHULDQZLQWHUDQGWKHJROGRIWKH 7VDUVOLSSHGIURPWKH5HYROXWLRQLQWRWKHKDQGVRI$GPLUDO.ROFKDN0DQ\ZDQWLWILUVWRIDOO&RUWRDQG5DVSXWLQ WKHSLUDWHDOOLHVRIWKH&KLQHVHUHYROXWLRQDU\VHFW7KH5HG/DQWHUQVKHDGHGE\WKHP\VWHULRXV6KDQJDL/L7KHQWKH OR\DO'XFKHVV0DULQD6HPLQRYDDQGVRPHFUXHO/RUGVRI:DUVXFKDVWKHJHQHUDOV6HPHQRIIDQG&KDQJDQGWKH %DURQ9RQ8QJHUQ

SDJ

$XWXPQ&RUWRLVLQ*UHHFHRQWKHLVODQGRI5KRGHV )URPWKHUHKHZLOOVDLOIRURQHRIKLVORQJHVWWULSVZLWKGHVWLQDWLRQ6DPDUNDQGIROORZLQJWKH6LON5RDG $OEDQLDQV7XUNV0DFHGRQLDQV$UPHQLDQV'UX]HV0DURQLWHV3HUVLDQV5XVVLDQV$IJKDQVDQG7DUWDUVDUHWKH$VLDQ SHRSOHWKDW&RUWR0DOWHVH5DVSXWLQDQG9HQH[LDQD6WHYHQVRQHQFRXQWHULQWKLVJUHDWDGYHQWXUHRQFHDJDLQLQVHDUFK RIDWUHDVXUHWKHRQHEHORQJLQJWR$OH[DQGHUWKH*UHDW

SDJ

+21*.21*h&RUWR0DOWHVH%ULWLVKVXEMHFWERUQLQ/D9DOOHWWDUHVLGHQWLQ$QWLJXD:KHUHGR\RXVWD\&RPPDQ GHU",QDEDGDUHDRIWKHFLW\IXOORIWKLHYHVDQGEHDXWLIXOZRPHQ&RPLQJKRPHFUHDWHVDVHQVDWLRQ7KHVDPH SHDFKVPHOOg

SDJ

6$0$5.$1' f0\PRWKHUWROGPHWKDWPHHWLQJKLVGRXEOHLWeVDGHDWKRPHQIRUERWKRUIRURQO\RQH ,VKDOOEHDOHUWP\PRWKHUFRXOGSUHGLFWZLWKRXWEHPLVWDNHQg

SDJ

7KHUH DUH LQ 9HQLFH WKUHH KLGGHQ PDJLFDO SODFHV 2QH LQ &DOOH GHOOe$PRU GHJOL $PLFL D VHFRQG FORVH WR WKH 3RQWH GHOOH0DUDYHJLHDQGDWKLUGLQ&DOOHGHL0DUUDQLLQ6DQ*HUHPLDRIWKH*KHWWR:KHQWKH9HQHWLDQ VRPHWLPHVDOVRWKH 0DOWHVH DUHWLUHGWKHDXWKRULWLHVWKH\YLVLWWKHVHVHFUHWSODFHVRSHQWKHGRRUVDWWKHHQGRIWKRVHFRXUWVDQG WKH\JRIRUHYHULQEHDXWLIXOSODFHVDQGLQRWKHUWDOHV

SDJ

7KHVHDUFKRIWKHP\WKLFDOOWUHDVXUHRI$OH[DQGHUWKH*UHDWLVQRWWKHRQO\UHDVRQIRU&RUWRWRXQGHUWDNHWKLVQHZ DGYHQWXUHKHGHFLGHVWRSXWKLVOLIHDWVWDNHDFURVV5KRGHVV7XUNH\$]HUEDLMDQDQG3DNLVWDQDOVRWRIUHH5DVSXWLQ SULVRQHULQWKHGDQJHURXVDQGLPSUHJQDEOH*ROGHQKRXVHHRI6DPDUNDQGg

SDJ

6$10$5&2&RUWRJRHVWRWKHVTXDUHWRORRNIRUKLVIULHQGf*RRG0RUQLQJ6LOYHUOHJZKHUHLV%RHNH" +HKDVOHIWKHVKDOOVDLO,EHOLHYHEHWWHUOLNHWKLVg






/,%5(5,$&2572  OLEUHULD [[+

/(23$5',

+21*.21*

&257(6&217$

6$10$5&2

9(1(=,$

FRQWHQLWRUH [[+

FRQWHQLWRUH [[+

WRWHP [[+

FRQWHQLWRUH [[+

OLEUHULD [[

VRVSHVR [[+

FRQWHQLWRUH [[+  VRVSHVR [[+

VRVSHVR [[+

+,3$=,$   FRQWHQLWRUH [[+   VRVSHVR [[+

/81$9(1(=,$1$

*$77,9(1(=,$1,

526$$/&+(0,&$

6$0$5.$1'$

FRQWHQLWRUH [[+ 

FRQWHQLWRUH [[+

FRQWHQLWRUH [[+

WDYROLQL [[+ [[+ [[+

VRVSHVR [[+

 


352*(772

DUWGLUHFWRU0DQXHOD3HOL]]RQ /LQNIRWRJUDILD FRPXQLFD]LRQH SULQW*UDILFKH$QWLJD 7KDQNVWR WXWWLLFROODERUDWRULGHOOD&RQJ6D /RVDQQD

/fDUUHGDPHQWR 3UDWDGL3RUGHQRQH

=HFFKLQ$UUHGDPHQWL 9LWWRULR9HQHWR&RQHJOLDQR

b&$32'e23(5$ $//$5,*+765(6(59(' &$32'e23(5$6,5,6(59$',$33257$5( 6(1=$35($99,6202',),&+(1(,0$7(5,$/,(1(//(),1, 785('(,352'277,35(6(17$7,,148(672&$7$/2*2 ,&2/25,'(,0$7(5,$/,('(//(),1,785(+$112 9$/25(,1',&$7,92,148$17262**(77,$//( 72//(5$1=('(,352&(66,',67$03$ &$32'e23(5$5(6(59(67+(5,*+772&+$1*(:,7+28735( 9,286127,&(0$7(5,$/6$1'),1,6+(62)7+(352'8&76 35(6(17(',17+,6&$7$/2*8( 7+(&2/28562)0$7(5,$/6$1'7+(),1,6+(6$5( ,1',&$7,9($67+(<$5('(3(1',1*217+(72//(5$1&(62) 7+(35,17,1*352&(66

&DSR'fRSHUD5HYLQH/DJR 79 9LD)RUQDFL7HO)D[ZZZFDSRGRSHUDLW



/corto_maltese_catalog_18733