$11$/(6©6HUKLVWVRFLRO©©©
2&(1(5(&(16,21,5(9,(:6Ÿ

DQG SDUDKLVWRULRJUDSK\PRGHUDWHV WKH LGHQWLW\ DQG EH
ORQJLQJWRDJURXSDQGHDVLO\MXVWLILHVWKHSRZHU7KHHV
VHQFHRI WKH FULWLFDOPHPRU\ FXOWXUH LV WR GHFLSKHU WKH
FDXVHV RI LPSRVLQJ DQG DFFHSWLQJ WKH GLVWRUWHG SDVW RI
WKLV NLQG ,Q DWWDLQLQJ WKLV REMHFWLYH WKH LGHRORJLFDO
FULWLFDO DSSURDFK LV HVWLPDWHG DV WKH PRVW IUXLWIXO $O
WKRXJKOHVVFULWLFDOVRPHXVHIXODVSHFWVRIFRQVWUXFWLY
LVPKHUPHQHXWLFVDQGV\PEROLVPDUHQRWUHMHFWHG'H
VSLWH D SULQFLSDO VFHSWLFLVP DERXW SRVWPRGHUQLVP
ZKHQDQDO\]LQJWKHXVHRIWKHSDVWLQWKLVERRNWKHUH
ODWLRQ EHWZHHQ GHFRQVWUXFWLRQ DQG WKH LGHRORJ\ FUL
WLTXH LV UHVROYHG QHLWKHU VXEMHFWLYHO\ QRU H[FOXVLYHO\
7KHUHKDVEHHQDQDWWHPSWQRWWR UHGXFH WKHLU UHODWLRQ
WRDPXWXDOO\H[FOXVLYHRQHEXW WRIRFXV WKHDWWHQWLRQ
RQWKHSRVVLELOLW\RIWKHLUPXWXDOFRPSOHWLQJ
7KLVERRNE\ WKH3URI7RGRU.XOMLß )DFXOW\RI$UWV
%HOJUDGH LVXQGRXEWHGO\SLRQHHUZRUN LQ WKH UHVHDUFK
ILHOGRIWKHPHPRU\FXOWXUHZKLFKZDVQHJOHFWHGXSWLOO
QRZLQWKH:HVW%DONDQV¤KLVWRULRJUDSK\
$YJXVW/HÉQLN
7RGRU.XOMLÝ7,72Ÿ62&,2/2É.2,6725,-6.$
678',-$7LWR−$6RFLRORJLFDOKLVWRULFDO6WXG\=UHQ
MDQLQ*UDGVNDQDURGQDELEOLRWHNDËDUNR=UHQMDQLQ
SS'UXJRGRSXQMHQRL]GDQMH
7KLVVWXG\LVDVRFLRORJLFDOKLVWRULFDOUHVHDUFKRI WKH
SROLWLFDO FXOWXUH LGHRORJ\ DQG RUJDQL]DWLRQ RI 7LWR¤V
UXOH7KHUHJLPHZKLFKLVWKHWRSLFRIWKLVUHVHDUFKZDV
VHW XS RQ WKH RQHSDUW\ TXLWH FRPSOH[ PXOWLQDWLRQDO
V\VWHP DQG PXOWLOD\HU SDWWHUQ RI LQWHJUDWLRQ ,Q WKLV
IUDPHZRUN7LWRDVWKHOHDGHUSOD\HGWKHSDUWRIDQH[
WUDRUGLQDU\ DFWLYH HQHUJHWLF DQG SURPLQHQW OLQNLQJ
HOHPHQWUHPDUNDEOHIRUWKHGRPLQHHULQJFRPSRQHQWVRI
SHUVRQDODXWKRULW\+RZHYHUQRPDWWHUKRZSHUVRQDOD
UXOHKDVQHYHUEHHQGHWHUPLQHGMXVWE\WKHDFWLYLWLHVDQG
ZLOO RI OHDGHU DORQH (YHQ WKH PRVW LQIOXHQWLDO ILJXUHV
KDGWRIDFHLQVXUPRXQWDEOHOLPLWVVHWE\WKHLURZQWLPH
SUHFRQGLWLRQHGE\LGHRORJLFDOKRUL]RQRIWKHHSRFKRU
E\ WKH SRZHU RI WUDGLWLRQ 0HQWLRQHG VWUXFWXUHV ZHUH
DQDO\WLFDOO\ H[DPLQHG LQ WKLV VWXG\ LQ RUGHU WR GHILQH
PRUHFOHDUO\ WKHDXWRQRP\RI LQIOXHQWLDO ILJXUHV$OVRD
UDWKHUQHJOHFWHGVLGHRI WKH<XJRVODY VRFLDOLVPZDV LQ
YHVWLJDWHG LWV UHODWLYHSODFH LQ ORQJWHUPKLVWRULFDOSUR
FHVVHV7LWR¤VUROHDQGEDVLFSDWWHUQVRISROLWLFDOFXOWXUH
7LWR¤V UROH LQ VKRUW DQG ORQJWHUPSURFHVVHV LQ WKH%DO
NDQV ZDV VWXGLHG IURP D SHUVSHFWLYH RI KLVWRU\ XQGHU
VWDQGLQJ GHYHORSHG RQ WKH 0DU[LVW OLQH RI WKLQNLQJ E\
)UHQFK%UDXGHO¤V VFKRRO DQG*HUPDQ VWUXFWXUDOKLVWRULF
VWUHDP - .RFND +:HKOHU ,Q WKH ILUVW SODQ DUH QRW
HYHQWVWKDQSURFHVVHV
7LWR LV WKHKHDUWRIFXUUHQWFRQFHUQZLWKPHPRU\RI
<XJRVODY VRFLDOLVP :KR HYHU VD\V FRPPXQLVP VD\V
7LWR 7LWR KDV EHHQ FUXFLDO V\PERO LQ WKH VKLIW IURP D
KLVWRU\ RI WKH YLFWRU RU LQ 1LHW]VFKH¤V WHUPV PRQX
PHQWDOFRPPXQLVWKLVWRU\ WRDKLVWRU\RI WKH7LWR¤VYLF
WLPV)URPWKHKHUR7LWREHFRPHVDQWLKHUR7KLVERRNLV
ZULWWHQDVDFULWLFRIWKHPRQXPHQWDOFRPPXQLVWKLVWRU\
EXWDOVRDVDFULWLFRIDQHZPRQXPHQWDODQWLWLWR¤VKLV
WRU\7KHFXOWRI7LWRLQWKHFRPPXQLVWRIILFLDOPHPRU\
LVWRGD\UHSODFHGZLWKWKHQHZSROLWLFVRIYLFWLPLVDWLRQ
ZKHUH 7LWR LV FHQWUDO HQHP\ 7KLV LV D NLQG RI D QHZ
PHPRU\RISRZHU DOVRZLWK WKHDEVROXWHPRUDO FODLPV
HVSHFLDOO\LQWKHODVW<XJRVODYZDU
&KDSWHU  VXPPDUL]HV WKH VHWWLQJV LQ ZKLFK RQH
SDUW\ UHJLPHV LQ WKH FRQWHPSRUDU\ ZRUOG DFWHG DV WKH
DJHQWVRIPRGHUQL]DWLRQ7UDGLWLRQ LPSRVHG WR WKLVVSH
FLILFPRGHUQL]DWLRQD WUXQFDWHGDQGDXWKRULWDULDQ IRUP
2QWKH%DONDQVDVROXWLRQIRUWKHHWKQLFTXHVWLRQZDVD
FRQGLWLRQ QRW RQO\ IRU WKH GHYHORSPHQW RI VRFLHW\ EXW
IRULWVVXUYLYDODVZHOO%XUGHQHGE\DWUDGLWLRQRIHWKQLF
FRQIOLFWV WKH QDWLRQDO VHQWLPHQW LV HDVLO\ SROLWLFL]HG
WDNLQJKROGRIWKHURRWRIWKHEHLQJGXULQJVRFLDOFULVHV
EHFDXVHLWLVFRQQHFWHGWRVXUYLYDODQGEDVLFH[LVWHQWLDO
$11$/(6©6HUKLVWVRFLRO©©©
2&(1(5(&(16,21,5(9,(:6Ÿ

LQWHUHVWV 7KH UROH RI D UXOHU LQ DPXOWLHWKQLF VWDWH EXU
GHQHG E\ PLOLWDQW XQFRPSURPLVLQJ HWKLF PHQWDOLW\ LV
XQXVXDOO\FRPSOH[VRDUHOLDEOHMXGJPHQWRIKLVKLVWRUL
FDODFKLHYHPHQWPXVWEHGLIIHUHQWLDWHGIURPWKHIXQFWLRQ
RIKLVFXOW ,WZDVEURDGHUGLVFXVVHG LQ WKH ILUVW&KDSWHU
7KHDXWKRULWDULDQ0RGHUQL]DWLRQ7KH&KDSWHU HQWL
WOHG 7UDGLWLRQUHODWHG FRPSRQHQWV RI %DONDQ &KDULV
PDWLFOHDGHUGLVFXVVHVWKHPDLQSDWWHUQVRI WKH%DONDQ
OLEHUDWLRQSROLWLFDOFXOWXUH LQZKLFK OHDGHU¤V LGHDKDGD
SLYRWDOLQWHJUDWLQJUROH,QWKHSHUPDQHQWO\LQVHFXUHDQG
ZDUVWDWH EDFNJURXQG D OHDGHU LQ WKH %DONDQ ZDV D
WHVWHGZDUULRUZKR ODLGFODLPV WR XQUHVWULFWHGDXWKRULW\
RQ WKHJURXQGRIKLV UHFRJQL]HGPHULWV LQ OLEHUDWLRQHI
IRUWV$V UHJDUGVSROLWLFDOFXOWXUH WKH%DONDQŸFRQWHQW
ZLVHGLVWLQFWŸPRQDUFK\DQGUHSXEOLFDQUHJLPHVRISHU
VRQDOSRZHUFDQEHPRUHRUOHVVLQGLUHFWO\GHULYHGIURP
WKLVEDVLFOHDGHUOLEHUDWRUPRGHO7KLVZDVGHPRQVWUDWHG
LQ WKH&KDSWHUE\DGLDFKURQLF FRPSDULVRQRI3ULQFH
0LORÊŸ1LNROD3DÊLߟDQG7LWR
Ÿ WKH NH\ SROLWLFDO ILJXUHV RI 6HUELD DQG
<XJRVODYLD RI WKH WK DQG WK FHQWXU\ 7KRXJK WKH\
FKDPSLRQHG GLVWLQFW FODVV DQG QDWLRQDO YLVLRQV RI GH
VLUHG VRFLHW\ DQ HOHPHQW ZKLFK WKHVH UXOHUV KDG LQ
FRPPRQZDVWKHVLPLODUSROLWLFDOWUDGLWLRQDQGFXOWXUH
&KDSWHUH[SRVHVDFULWLFDODVVHVVPHQWRI7LWR¤VUROHLQ
WKHSHULRGEHIRUHKLVFRPLQJWROHDGLQJSRVLWLRQŸ
JLYHQIURPWKHVWDQGSRLQWRIVWUXFWXUDOKLVWRU\ ,W
DOVRGLVFXVVHGWKHLPSDFWRIQDWLRQDODQGFODVVVWUXFWXUHV
RQ 7LWR¤V EHKDYLRXU D YLVLRQ RI D IHGHUDWLRQ YRLG RI D
OHDGLQJQDWLRQDQGWKH%ROVKHYLNFXOWXUHEXWDOVRDOWHU
QDWLQJGHJUHHRIKLVLQGHSHQGHQFHLQWKHSHULRGVRIXQ
GHUJURXQGDFWLYLW\DQGZDU7LWRDVDSDUW\OHDGHUDUP\
OHDGHU DQG D GLSORPDW &KDSWHU  HQWLWOHG 7LWR DQG
SROLWLFDO &XOWXUH RI %ROVKHYLVP VXPPDUL]HV 7LWR¤V XQ
GHUVWDQGLQJ RI WKH SDUW\ FKDUDFWHU RI WKH SDUW\ SXUJHV
WKHUROHRI WKHDUP\ UXOLQJ WHFKQLTXHVDQG ILQDOO\ WKH
SDWWHUQV RI WKH SRZHU MXVWLILFDWLRQ ,W DOVR GUDZV D GLV
WLQFWLRQEHWZHHQWKHVWDJHVLQZKLFKWKHFRPPXQLVWSR
OLWLFDOFXOWXUHXUJHGPRGHUQL]DWLRQIURPWKRVHLQZKLFK
LWVWDUWHGWREORFNPRGHUQL]DWLRQ
7LWR¤V QDWLRQDO SROLF\ LV D YDULDQW RI PRGHUQ DQG
GHPRFUDWLF LGHD RI %DONDQV DV RQH LQGLYLVLEOH VWDWH HQ
WLUHW\7KLV LVDVXEMHFWPDWWHURI&KDSWHUZKLFKKLJK
OLJKWV7LWR¤V VXFFHVVIXOHIIRUWDQG IDLOXUHV LQ WKHDWWHPSW
RI FRVPRSROLWL]DWLRQ RI WKH %DONDQV 7KLV &KDSWHU DOVR
GLVFXVVHVWKHUROHRIWKH<XJRVODYQDWLRQDOLGHDRXWOLQHV
WKHPDLQHFRQRPLFFDXVHVRIQDWLRQDOLVPLQ WKHVRFLDO
LVWLF <XJRVODYLD DQG VXPPDUL]HV 7LWR¤V H[WUDRUGLQDU\
DFWLYHVXSHUQDWLRQDOUROH7KLV ODVWHOHPHQWILJXUHVDVD
UDWKHUVXFFHVVIXODQGSURJUHVVLYHDWWHPSWRIFRVPRSROL
WDQL]DWLRQRIWKH%DONDQVH[HPSODU\RIWKHOHIWLVWVSLULWRI
WKHHSRFK7KH%ULWLVKKLVWRULDQ$7D\ORUFDOOHG7LWRWKH
ODVW +DEVEXUJ EHFDXVH KH UXOHG D FRXQWU\ ZLWK HLJKW
PDMRU HWKQLF JURXSV JDYH WKHP FXOWXUDO DXWRQRP\
DQGUHVWUDLQHGWKHLUVHFHVVLRQLVWDQWDJRQLVP-XGJLQJE\
LWV PXOWLHWKQLF VWUXFWXUH 7LWR¤V <XJRVODYLD ZDV QR
GRXEWPRVWVLPLODUWRWKH$XVWUR+XQJDULDQ(PSLUHEXW
WKHLQWHJUDWLYHLGHDV0DU[LVPDQG&DWKROLFLVPZHUHHV
VHQWLDOO\ GLIIHUHQW +HUH DUH GLVFXVVHG WKH LQWHUQDWLRQDO
DQGFRVPRSROLWDQLPSOLFDWLRQVRI0DU[LVPLQWKHSDFLIL
FDWLRQ RI DQ H[SORVLYH %DONDQ VSDFH )URP WKH VWDQG
SRLQW RI ORQJWHUP KLVWRULFDO SURFHVVHV WKH &KDSWHU 
7LWR¤V IRUHLJQSROLF\GLVFXVVHVWKLVSROLF\DVDUDUHH[
DPSOH RI UHODWLYHO\ VXFFHVVIXO DQG LQGHSHQGHQW EUHDN
WKURXJK RI WKH KLHUDUFKLFDO UHODWLRQVKLS LQ WKH LQWHUQD
WLRQDORUGHUDQGRI WKHXQDYRLGDEOHKLHUDUFKLFDOVXERU
GLQDWLRQRIVPDOOFRXQWULHVWRWKHLQWHUHVWVRIJUHDWSRZ
HUV $OVR RXWOLQHG DUH WKHPDLQ VWDJHV RI 7LWR¤V IRUHLJQ
SROLF\ EXLOW RQ WKH SULQFLSOHV RI HTXLGLVWDQFH ZLWK D
VSHFLDO IRFXVRQ WKH WKUHHFULVHV LQ WKH<XJRVODY6RYLHW
UHODWLRQVKLSDQGWKHQWKHUHODWLRQVKLSZLWKWKH:HVWDQG
WKHQRQDOLJQPHQWSROLF\
7KH IROORZLQJ&KDSWHU  6WUXFWXUH DQG )XQFWLRQ RI
7LWR¤V DXWKRULW\ FKDULVPD DQG FXOW JLYHV D GLDOHFWLF
DQDO\VLVRIWKHSURJUHVVLYHPRGHUQL]LQJDQGRIWKHFRQ
VHUYDWLYH IXQFWLRQV RI 7LWR¤V FKDULVPD +LV FKDULVPD
QHXWUDOL]HG WHQVLRQV RI DQ HWKQLFDOO\PL[HG DQG H[SOR
VLYH UHJLRQZKLOH LQ WKH VSKHUHRI IRUHLJQSROLF\7LWR¤V
SHUVRQDO DXWKRULW\FRQWULEXWHG WREXLOGLQJXS WKH VWDWHV
UDQNLQJ7KHSDUW\ OHDGHUDQGKHDGRIVWDWHZDVD V\P
ERORIWKHUDGLFDOFKDQJHLQWKHVRFLDOVWUXFWXUHLHWKH
DFFHOHUDWLRQRIKRUL]RQWDODQGYHUWLFDOPRELOLW\ZKLFKLV
DQLPSRUWDQWDVSHFWRIPRGHUQL]DWLRQ7KHXQGRXEWHGO\
SURJUHVVLYHDFWLYH UROH RI 7LWR¤V FKDULVPD LQPRELOL]LQJ
WKHUHVLVWDQFHWRIDVFLVPDQG6WDOLQLVPKDVDOUHDG\EHHQ
PHQWLRQHG $FFHOHUDWHG SRVWZDU GHYHORSPHQW ZDV ID
FLOLWDWHG E\ WKH VWDWH¤V DQG 7LWR¤V UHVSHFWDELOLW\ LQ WKH
ZKROH ZRUOG %XW KHUH DUH QRW DOVR WKH FRQVHUYDWLYH
VLGHV RI 7LWR¤V FXOW QHJOHFWHG 8QFULWLFDO HOHYDWLRQ DQG
DGPLUDWLRQ RI 7LWR DV D OHDGHU RI D PRQRSROLVWLF SDUW\
ZLWK QR FRPSHWLWLRQ FDXVHG IDVW DQ LUUDWLRQDO UHODWLRQ
VKLS RI LGRODWU\ IRU DQ LQIDOOLEOH LQGLYLGXDO DQG GHYH
ORSHGDQLOOXVLRQRIKLVUROHRIVDYLRXU7KHEDVLFDOO\UD
WLRQDOLVWLF 0DU[LVW LGHRORJ\ ZDV WKH LPSRUWDQW GHIHQFH
DJDLQVW 7LWR¤V LUUDWLRQDO GHLILFDWLRQ +HUH DUH EURDGHU
GLVFXVVHG WKH IRUPV RI 7LWR¤V GHLILFDWLRQ DQG FRPSDUHG
ZLWK6WDOLQ¤VFXOW
&KDSWHU WUHDWV WKH UHODWLRQVKLSRI WKH<XJRVODY LQ
WHOOLJHQWVLD WRZDUGV 7LWR +HUH DUH SUHVHQWHG WKH FKLHI
SDWWHUQVRI UHODWLRQVKLSRI FUHDWLYH LQWHOOHFWXDOV WRZDUGV
7LWR0.UOHÌD¤VJORULILFDWLRQRI7LWRVWHPPLQJIURP
WKH&URDWLDQ WUDGLWLRQRI WKH<XJRVODYQDWLRQDO LGHD 
GHPRQL]DWLRQRI7LWRE\'ÞRVLßDQG6HUELDQQDWLRQDO
LVP DQG  GLIIHUHQWLDWHG MXGJPHQW E\ 0 
LODV WKDW
VSUDQJ IURP WKH QRQQDWLRQDO OLEHUDO FULWLFV RI %ROVKH
YLVP.UOHÌD¤VJORULILFDWLRQRI7LWRZDVGHHSHU WKDQÞR
VLߤVGHPRQL]DWLRQDQG WRJHWKHUZLWK
LODV¤VGLIIHUHQWL
DWHGMXGJHPHQWLWPDNHVDQLQWHUHVWLQJWHVWLPRQ\DERXW
WKH UHODWLRQVKLS RI WKH UHODWLRQVKLS RI WKH LQWHOOHFWXDOV
FRQWHPSRUDULHVWRZDUG7LWR
&KDSWHU 7LWR LQ WKHQHZ6HUELDQPHPRU\ WUHDWV
WKHPHPRU\RI7LWR LQKLVWRULFDO VFLHQFHSROLWLFDO LGHR
$11$/(6©6HUKLVWVRFLRO©©©
2&(1(5(&(16,21,5(9,(:6Ÿ

ORJLHVDQGOLYLQJRUDOPHPRU\,QWKHSRVWFRPPXQLVWDJH
KLVWRULDQV DUH EXV\ZLWK H[FDYDWLQJ QDWLRQDO SDVWV 7KH
FROGPHPRU\RI7LWRLVXQDFFHSWDEOHLQWKHUHFRQVWLWXWLRQ
RIDQDWLRQDOFROOHFWLYHPHPRU\ ,Q WKHFRQWH[WRIDQHZ
SRVWFRPPXQLVW P\WK RI QDWLRQDO VDOYDWLRQ 7LWR LV LQ
VWUXPHQWDOLVHGDVDV\PERORISROLWLFDOHYLO,QWKHRIILFLDO
PHPRU\RI WKHPDLQ IRUPHU<XJRVODY UHSXEOLFVKH LV UH
GXQGDQW RU XQDFFHSWDEOH %XW RQ WKH RWKHU VLGH LQ WKH
<XJRQRVWDOJLFSHRSOH¤VPHPRU\DQGLQOLYLQJRUDOPHP
RU\ KH LV VWLOO D SRVLWLYH SHUVRQ $IWHU WKH FROODSVH RI
<XJRVODYVRFLDOLVPPHPRULHVRI7LWRZHUHXQIUR]HQDQG
EHFDPH WKH VXEMHFW RI KLVWRULFDO FRQWURYHUVLHV :KLOH
DQWLFRPPXQLVWKLVWRULDQVGHPRQLVHG7LWRKH LV WKHKHUR
DQGSRVLWLYHSHUVRQLQWKHSHRSOH¤VPHPRU\7KHPRELOL
VDWLRQRIDQDQWLWLWRLVPKDVUHVKDSHGWKH6HUELDQULJKW
&KDSWHU  WUHDWV 7LWR¤V VHOIXQGHUVWDQGLQJ DQG SHU
VRQDOWUDLWVZKLFKHIIHFWHGKLVUXOHDQGWKHODVW&KDSWHU
JLYHVDMXGJHPHQWRQWKHIXQFWLRQRI7LWR¤VUXOHDQG
WKHUROHRIKLVSHUVRQDODFKLHYHPHQWV
7KHKLVWRULFDODQGWKHRUHWLFDOIUDPHZRUNRIWKLVERRN
LVWKHSHUPDQHQWO\ IDFLQJFRPSDUDWLRQDQGHOHYDWLRQRI
WKHWZRRSSRVLWHVLGHVRI7LWR¤VUXOH,QRWKHUZRUGVWKH
KLVWRULFDO MXGJPHQWRI7LWR¤V UROHSUHPLVHVDGLIIHUHQWLD
WLRQ EHWZHHQ LWV SURJUHVVLYH DQG FRQVHUYDWLYH FRPSR
QHQWV+LVWRU\ZLOOSUREDEO\JLYHPRUHZHLJKWWR7LWR¤V
FKDULVPDDVDPHDQVRILQWHJUDWLQJDFRPSOH[VWDWHWKDQ
DV DQ H[SUHVVLRQ RI KLV SHUVRQDO DPELWLRQV ZLWKRXW
WKHUHE\ GHQ\LQJ WKDW WKH JURZLQJ FKDULVPD LQGLFHG UH
WXUQHIIHFWVDQGHQFRXUDJHGLPPRGHUDWHSROLWLFDODPEL
WLRQV+LVWRU\ZLOO UHJLVWHU WKH GHHSHU HQOLJKWHQLQJ DQG
VWDWHLQWHJUDWLYH JRDOV RI WKH SDUW\ PDQDJHPHQW PRUH
WKDQWKHVPDOOJURXSFDUHHULQWHUHVWVWKDWZHUHSURWHFWHG
E\ WKH OHDGHU¤V FXOW 3HUVRQDO JORULILFDWLRQ DQG WKH LQ
VWUXPHQWDOXVHRI WKHUXOHU¤VFXOWDUHDKLVWRULFDOO\PRUH
HSKHPHUDO DQG OHVV LPSRUWDQW DVSHFW LQ FRPSDULVRQ WR
WKHREMHFWLYH UROHRI WKH FKDULVPD 7LWR¤V FKDULVPDZDV
DQLPSRUWDQWEDVHIRUVWDWHFHQWUDOL]DWLRQDQGGXULQJKLV
ILUVW VWDJH IRU DFFHOHUDWHG WHFKQRORJLFDO DQG HFRQRPLF
PRGHUQL]DWLRQRI WKHFRXQWU\ DVZHOO 7KH VXSHUHWKQLF
HOHYDWLRQRIWKHOHDGHU¤VFXOWHQFRXUDJHGFRVPRSROLWL]D
WLRQGHSURYLQFLDOL]DWLRQDQGSDFLILFDWLRQRI WKHFKDRWLF
%DONDQ VSDFHV7KDW LV WKHFHQWUDOKLVWRULFDO IXQFWLRQRI
7LWR¤VUXOHEXW LWFDQQRWEHVHSDUDWHG IURPLWV LGHRORJL
FDOEDVLV$VRQHYHUVLRQRIDVXSHUHWKQLFFRVPRSROLWLDQ
LGHRORJ\0DU[LVPFHUWDLQO\SOD\HGDQLPSRUWDQWUROHLQ
EULQJLQJFORVHU WUDGLWLRQDOO\ UHODWHGEXWDOVRFRQIOLFWHG
HWKQLF JURXSV $V DPHDQV RI VHOISURWHFWLRQ RI VHYHUDO
VPDOO HWKQLF JURXSV IURP FXOWXUDO DQG OLQJXLVWLF GLV
FULPLQDWLRQLVRODWLRQDQGSURYLQFLDOLVP<XJRVODYLDQLVP
RSSRVLWH WRGD\¤V QDWLRQDOLVPV IRXQG LQ 0DU[LVP D
VWURQJ LQVWUXPHQW RI PRGHUQL]DWLRQ ,QWHUQDWLRQDOLVWLF
LGHRORJ\DQG WKHFXOWRIVXSHUHWKQLFFODVV OHDGHUZHUH
LQVHSDUDEOH FRPSRQHQWV RI WKH XQHYHQ DQG FRQWUDGLF
WRU\SURFHVVRI%DONDQFRVPRSROLWDQL]DWLRQ
,QWKLVSURFHVVWKHUROHRI7LWR¤VSHUVRQDOLW\ZHUHDF
WLYH $V D ZLVH SHQHWUDWLQJ DQG IOH[LEOH SROLWLFLDQ E\
VNLOIXOO\XVLQJKLVRZQDXWKRULW\LQIRUHLJQDQGGRPHVWLF
SROLWLFV 7LWR DV D UXOHUPDQDJHG WR NHHS WKH <XJRVODY
HWKQLFJURXSVWRJHWKHULQDFRPPRQVWDWHIRUWKHORQJHVW
SHULRGRIWLPHDQGJDYH<XJRVODYLDQLVPLWVPRVWODVWLQJ
VWDWHIRUP ,Q WKHKLVWRU\RI WKH/HIWKHZLOOEHUHPHP
EHUHGDVDUXOHUZKRLQWKHIUDPHZRUNRIKLVWLPHVWULHG
WRGHPRFUDWL]HRQHSDUW\VRFLDOLVP7KLVDWWHPSWZDVLQ
VSLUHGIDUPRUHE\WKHGLUHFWGHPRFUDWLFSOHEHLDQWUDGL
WLRQRI VRFLDOLVP WKDQE\D VHDUFK IRU DQ LQVWLWXWLRQDOO\
DQG OHJDOO\ UHJXODWHG GLYLVLRQ RI SRZHU ,Q D UHODWLYHO\
FRQIOLFWOHVV ZD\ DQG ZLWK WKH KHOS RI D PRQRSROLVWLF
SDUW\ 7LWR GHYHORSHG D VSHFLILF UHJLPH RI SHUVRQDO
SRZHU DQG WKHQ EHFDPH LWV FDSWLYH FRQYLFWHG WKDW KLV
OLIHORQJ UXOHZDV WKH LUUHSODFHDEOH FRUH RI LQWHJUDWLRQ
'HVSLWH WKH FLYLOZDU LQ<XJRVODYLD LQ WKH WK DQG
WKHGRZQIDOORIPXOWLHWKQLF<XJRVODYLDLWVHHPWKDWOLNH
LQPDQ\VLPLODUKLVWRULFDOH[DPSOHV LPPHDVXUDEOHSHU
VRQDOSRZHUZLOOUHPDLQLQWKHVKDGRZRIGHPRQVWUDWHG
PRGHUQL]DWLRQDOKLVWRULFDODFKLHYHPHQW
0HPRU\RI7LWRLVDNLQGRIV\PEROLFSRZHULQWKH
SROLWLFV DV VWUDWHJLF SXEOLF FODLPPDNLQJ DQG VWUXJJOH
RYHU SXEOLF PHDQLQJV LQ VSHFLILF FXOWXUDO FRQWH[WV
:KLOH SUHVHQW SROLWLFLDQV KDYH SRZHU RYHU PHPRU\
PHPRU\DOVRKDVSRZHURYHUWKHP7KHXVHVDQGDEXVHV
RIPHPRU\RI7LWRVKRZDFRQQHFWLRQEHWZHHQPHPRU\
DQG LQWHUHVWV2XU SDVW KDV VR RIWHQ EHHQ LQVWUXPHQWDO
LVHG WR OHJLWLPDWH WKH QDWLRQDO VWDWH DQG LWV JORU\ &ROG
PHPRU\ RI 7LWR ZLWKRXW HPRWLRQDOLVP DQG PRUDOLVD
WLRQ SUHVHQWHG LQ WKLV ERRN FRXOG DFWXDOO\ VHUYH DV D
VXEYHUVLYH FRXQWHU FRQFHSW WR D QHZPRQXPHQWDO KLV
WRULFDO IRXQGLQJ P\WKV 8QGRXEWHGO\ SUHVHQW ERRN E\
WKH3URI7.XOMLß)DFXOW\RI$UWV%HOJUDGHLVWKHEDVLF
ZRUNIRUHYHU\UHVHDUFKHUZKR LVGHDOLQJZLWKSRVWZDU
SUREOHPDWLFRIWKH7LWR¤V<XJRVODYLD
$YJXVW/HÉQLN
$OPXW+yIHUW'(1)(,1'%(6&+5(,%(1
7h5.(1*()$+581'(8523b,6&+(6:,66(1
h%(5'$6260$1,6&+(5(,&+Ÿ
&DPSXV+LVWRULVFKH6WXGLHQ%DQG
)UDQNIXUW1HZ<RUN&DPSXV9HUODJVWU
3ULáXMRáHGHOR MHY]DGQMLK OHWLKPRUGDFHORQDMEROM
RGPHYQR ]QRWUDM WHPDWLNH NL MR REUDYQDYD +{IHUW QD
RVQRYL UHSUH]HQWDWLYQLK YLURY DQDOL]LUD IRUPLUDQMH HW
QRJUDIVNH YHGQRVWL R 2VPDQLK Y (YURSL  LQ 
VWROHWMDNDUSRL]NXÊDSRHQLVWUDQLSRYH]DWLVSROLWLáQLP
LQ JRVSRGDUVNLP VRGHORYDQMHP PHG 2VPDQL LQ L]EUD
QLPLHYURSVNLPLVLODPLSRGUXJLVWUDQLSDWRSRVWDYLWLY
NRQWHNVW HYURSVNHJD HWQRJUDIVNHJD SLVDQMD 1MHJRYD
UD]LVNDYDVHXNYDUMDVWHPHOMLHYURSVNHJDDQWURSRORÊNHJD
UD]YRMDNLVRELOLSRVWDYOMHQLYLQVWROHWMXLQSUL