i.benga b.neagota archaeus xiv [2010]

7/27/2019 I.benga B.neagota Archaeus XIV [2010]

1/36

ARCHVSeWXGHVG+LVWRLUHGHV5HOLJLRQV|6WXGLHVLQWKH+LVWRU\RI5HOLJLRQV

92/80(;,9

$FWHVGXH&RQJUqVGHO($65|&RQIpUHQFHVSpFLDOHGHO,$+5

+LVWRLUHUHOLJLHXVHGHO(XURSHHWGHO$VLH

3URFHHGLQJVRIWKHWK($65|,$+56SHFLDO&RQIHUHQFH

5HOLJLRXV+LVWRU\RI(XURSHDQG$VLD

%XFKDUHVW6HSWHPEHU

*HQHUDO(GLWRU(&,857,1

9ROXPH

3URFHHGLQJVRIWKH3DQHOV7KH/HJDF\RI0LUFHD(OLDGH

5HOLJLRQV0RGHUQLW\+HUPHWLF&XUUHQWV(VRWHULFLVPDQGRWKHUFRQWULEXWLRQV

9ROXPH SXEOL DYHF OH FRQFRXUV GHOt$GPLQLVWUDWLRQ$GPLQLVWUDWLRQ$GPLQLVWUDWLRQ$GPLQLVWUDWLRQ GX )RQGV &XOWXUHOGX )RQGV &XOWXUHOGX )RQGV &XOWXUHOGX )RQGV &XOWXUHO1DWLRQDO1DWLRQDO1DWLRQDO1DWLRQDO $)&1 %XFDUHVW HW GHOt$JHQFH$JHQFH$JHQFH$JHQFH 8888QLYHUVLWDLUH GH ODQLYHUVLWDLUH GH ODQLYHUVLWDLUH GH ODQLYHUVLWDLUH GH OD))))UDQFRSKRQLHUDQFRSKRQLHUDQFRSKRQLHUDQFRSKRQLH $8) x %XUHDX GHOt(XURSHFHQWUDOHHWRULHQWDOH%XFDUHVW

%8&+$5(67%8&+$5(67%8&+$5(67%8&+$5(67


2/36

$5&+96WXGHVGtKLVWRLUHGHVUHOLJLRQV$5&+96WXGHVGtKLVWRLUHGHVUHOLJLRQV$5&+96WXGHVGtKLVWRLUHGHVUHOLJLRQV$5&+96WXGHVGtKLVWRLUHGHVUHOLJLRQV|6WXGLHVLQWKH6WXGLHVLQWKH6WXGLHVLQWKH6WXGLHVLQWKH++++LVWRU\RILVWRU\RILVWRU\RILVWRU\RI5555HOLJLRQVHOLJLRQVHOLJLRQVHOLJLRQV,661,661,661,661HVWXQSULRGLTXHJQUDOLVWHGtKLVWRLUHGHVUHOLJLRQVIRQGHQ%XFDUHVWSDUOt$VVRFLDWLRQ$UFKDHXV$VVRFLDWLRQ$UFKDHXV$VVRFLDWLRQ$UFKDHXV$VVRFLDWLRQ$UFKDHXVXOWULHXUHPHQW$VVRFLDWLRQURXPDLQH$VVRFLDWLRQURXPDLQH$VVRFLDWLRQURXPDLQH$VVRFLDWLRQURXPDLQHGtKLVWRLUH GHV UHOLJLRQVGtKLVWRLUH GHV UHOLJLRQVGtKLVWRLUH GHV UHOLJLRQVGtKLVWRLUH GHV UHOLJLRQV DIILOLH Ot(XURSHDQ $VVRFLDWLRQ IRU WKH 6WXG\ RI(XURSHDQ $VVRFLDWLRQ IRU WKH 6WXG\ RI(XURSHDQ $VVRFLDWLRQ IRU WKH 6WXG\ RI(XURSHDQ $VVRFLDWLRQ IRU WKH 6WXG\ RI5HOLJLRQV5HOLJLRQV5HOLJLRQV5HOLJLRQV GHSXLV HW Ot,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH +LVWRU\ RI,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH +LVWRU\ RI,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH +LVWRU\ RI,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH +LVWRU\ RI5HOLJLRQV5HOLJLRQV5HOLJLRQV5HOLJLRQVGHSXLV,ODWFRGLWHQSDUOH&HQWUHGt+LVWRLUHGHV5HOLJLRQVUHFRQQXSDUOH5HFWRUDWGHOt8QLYHUVLWGH%XFDUHVWGHSXLV/DGHX[LPH VULH D FRPPHQFH HQ OD5HYXH SXEOLDQW GHV FRQWULEXWLRQVHQDOOHPDQGDQJODLVHVSDJQROIUDQDLVLWDOLHQHWURXPDLQ$5&+96$5&+96$5&+96$5&+96HVWSDUWLUGHOtXQGHVSULRGLTXHVGHOt,QVWLWXWGt+LVWRLUHGHV5HOLJLRQVGHOt$FDGPLH,QVWLWXWGt+LVWRLUHGHV5HOLJLRQVGHOt$FDGPLH,QVWLWXWGt+LVWRLUHGHV5HOLJLRQVGHOt$FDGPLH,QVWLWXWGt+LVWRLUHGHV5HOLJLRQVGHOt$FDGPLH5RXPDLQH5RXPDLQH5RXPDLQH5RXPDLQH%XFDUHVWWDQWFRGLWSDUOt$VVRFLDWLRQHW Ot,QVWLWXW3RXUFRQQD>WUHOtKLVWRULTXH GH Ot$VVRFLDWLRQ OD 'LUHFWLRQ HW OHV PHPEUHV OHV &RPLW GHSDWURQDJH HW &RQVHLO GH UGDFWLRQ LQWHUQDWLRQDX[ OHV LQVWUXFWLRQV DX[ DXWHXUVDLQVL TXH OHV UHFKHUFKHV OHV SXEOLFDWLRQV HW OHV SURMHWV GH Ot$VVRFLDWLRQ HW GH

Ot,QVWLWXW YHXLOOH] FRQVXOWHU ZZZUDKUURZZZUDKUURZZZUDKUURZZZUDKUUR HW ZZZLKUZZZLKUZZZLKUZZZLKUDFDGURDFDGURDFDGURDFDGUR $5&+96$5&+96$5&+96$5&+96 HVWDFFHVVLEOHHQOLJQHSDUOD&HQWUDODQG(DVWHUQ(XURSHDQ2QOLQH/LEUDU\&HQWUDODQG(DVWHUQ(XURSHDQ2QOLQH/LEUDU\&HQWUDODQG(DVWHUQ(XURSHDQ2QOLQH/LEUDU\&HQWUDODQG(DVWHUQ(XURSHDQ2QOLQH/LEUDU\)UDQNIXUWOtDGUHVVHZZZFHHROFRPZZZFHHROFRPZZZFHHROFRPZZZFHHROFRP3RXUYRXVSURFXUHUOHVYROXPHVLPSULPVDQWULHXUVYHXLOOH]QRXVFULUH/D5GDFWLRQ/D5GDFWLRQ/D5GDFWLRQ/D5GDFWLRQFR,QVWLWXWGt+LVWRLUHGHV5HOLJLRQV,QVWLWXWGt+LVWRLUHGHV5HOLJLRQV,QVWLWXWGt+LVWRLUHGHV5HOLJLRQV,QVWLWXWGt+LVWRLUHGHV5HOLJLRQV$FDGPLH5RXPDLQH&DOHD6HSWHPEULHQR6HFW%8&$5(675RXPDQLHZZZLKUZZZLKUZZZLKUZZZLKUDFDGURDFDGURDFDGURDFDGUR

$5&+96$5&+96$5&+96$5&+96HVWLQGH[LVLQGH[HGLQ6666FLHQFHRI5HOLJLRQFLHQFHRI5HOLJLRQFLHQFHRI5HOLJLRQFLHQFHRI5HOLJLRQ/HLGHQ%RVWRQ%ULOO$JHQFH GtYDOXDWLRQ GH OD UHFKHUFKH HW GH OtHQVHLJQHPHQW VXSULHXU $(5(63DULV (XURSHDQ ,QGH[ IRU WKH +XPDQLWLHV(XURSHDQ ,QGH[ IRU WKH +XPDQLWLHV(XURSHDQ ,QGH[ IRU WKH +XPDQLWLHV(XURSHDQ ,QGH[ IRU WKH +XPDQLWLHV (5,+ ,QLWLDO /LVW (XURSHDQ6FLHQFH)RXQGDWLRQx(XURSHDQ&RPPLVVLRQ6WUDVERXUJ%UX[HOOHV

&RS\ULJKW&RS\ULJKW&RS\ULJKW&RS\ULJKW$VVRFLD$VVRFLD$VVRFLD$VVRFLD????LD$UFKDHXV$VRFLDLD$UFKDHXV$VRFLDLD$UFKDHXV$VRFLDLD$UFKDHXV$VRFLD????LD5RPQCGH,VWRULHD5HOLJLLORULD5RPQCGH,VWRULHD5HOLJLLORULD5RPQCGH,VWRULHD5HOLJLLORULD5RPQCGH,VWRULHD5HOLJLLORU,QVWLWXWH,QVWLWXWH,QVWLWXWH,QVWLWXWHIRUWKH+LVWRU\RI5HOLJLRQV5RPDQLDQ$FDGHP\%XFKDUHVWIRUWKH+LVWRU\RI5HOLJLRQV5RPDQLDQ$FDGHP\%XFKDUHVWIRUWKH+LVWRU\RI5HOLJLRQV5RPDQLDQ$FDGHP\%XFKDUHVWIRUWKH+LVWRU\RI5HOLJLRQV5RPDQLDQ$FDGHP\%XFKDUHVW 3ROLURPIRUWKHFRQWULEXWLRQ3ROLURPIRUWKHFRQWULEXWLRQ3ROLURPIRUWKHFRQWULEXWLRQ3ROLURPIRUWKHFRQWULEXWLRQRI$QGUHLRI$QGUHLRI$QGUHLRI$QGUHL2222L@WHDQXL@WHDQXL@WHDQXL@WHDQXWKHDXWKRUVWKHDXWKRUVWKHDXWKRUVWKHDXWKRUV

$OOULJKWVUHVHUYHG([FHSWIRUEULHITXRWDWLRQVLQDVFKRODUO\FRQWULEXWLRQERRNVDUWLFOHVRUUHYLHZVWKLVYROXPHRUDQ\SDUWWKHUHRIPD\QRWEHUHSURGXFHGVWRUHGLQRULQWURGXFHGLQD UHWULHYDO V\VWHP RU WUDQVPLWWHG LQ DQ\IRUP RUE\ DQ\PHDQV HOHFWURQLFPHFKDQLFDOSKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRIWKHHGLWRUV


3/36

520$1,$1$662&,$7,21,167,787()257+(+,6725


4/36

$QGUHL2,`7($18$QGUHL2,`7($18$QGUHL2,`7($18$QGUHL2,`7($18 ,QVWLWXWHIRUWKH+LVWRU\RI5HOLJLRQV5RPDQLDQ$FDGHP\%XFKDUHVW0,5&($(/,$'($1',2$13(758&8/,$180,5&($(/,$'($1',2$13(758&8/,$180,5&($(/,$'($1',2$13(758&8/,$180,5&($(/,$'($1',2$13(758&8/,$18211$5&27,&6$1'5(/,*,21211$5&27,&6$1'5(/,*,21211$5&27,&6$1'5(/,*,21211$5&27,&6$1'5(/,*,21

(&,857,1(&,857,1(&,857,1(&,857,1 ,QVWLWXWHIRUWKH+LVWRU\RI5HOLJLRQV5RPDQLDQ$FDGHP\%XFKDUHVW(',_,$&5,7,&&203/(',_,$&5,7,&&203/(',_,$&5,7,&&203/(',_,$&5,7,&&203/(7(/,$'((7(/,$'((7(/,$'((7(/,$'(""""

5HOLJLRQV0RGHUQLW\| +HUPHWLF&XUUHQWV(VRWHULFLVP

2YLGLX9LFWRU2/$52YLGLX9LFWRU2/$52YLGLX9LFWRU2/$52YLGLX9LFWRU2/$5,QVWLWXWG+LVWRLUH1,RUJD%XFDUHVW(+(663DULV

3$52/(6'(3,(55(.


5/36

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

*LRYDQQL )*LRYDQQL )*LRYDQQL )*LRYDQQL ),/25$02,/25$02,/25$02,/25$02 FRRUG,VWRULD UHOLJLLORU YRO ,95HOLJLLOH ,QGLHL @L DOH2ULHQWXOXL>QGHSCUWDW,D@L3ROLURP(&LXUWLQ-UJHQ7-UJHQ7-UJHQ7-UJHQ78%$&+8%$&+8%$&+8%$&+$UPHQXKL$UPHQXKL$UPHQXKL$UPHQXKL''''5267526752675267$$$$%*$5-$1%*$5-$1%*$5-$1%*$5-$1 6RSKL6RSKL6RSKL6RSKLD 9D 9D 9D 9$6+$/20,'=($6+$/20,'=($6+$/20,'=($6+$/20,'=( +UVJ 6HKQVXFKW QDFK GHP3DUDGLHV 3DUDGLHVYRUVWHOOXQJHQ LQ -XGHQWXP &KULVWHQWXP 0DQLFKLVPXV XQG,VODP %HLWUJH GHV /HXFRUHD.ROORTXLXPV ]X (KUHQ :DOWKHU %HOW] :LHVEDGHQ +DUUDVVRZLW] ,RQX? 'DQLHO %CQFLOC +XJK 7+XJK7+XJK7+XJK75(9255(9255(9255(925555523232323(5(5(5(5+LVWRU\DQGWKH(QOLJKWHQPHQW1HZ+DYHQ/RQGRQQ 5RPQLD SRVWFRPXQLVW5HFRQVWUXF?LD XQHL LGHQWLW?L SXEOLFH SUHID? GH5DGX&DUS SRVWID? GH'DQLHO%DUEX &OXM1DSRFD (LNRQ YRO ,,, x /DYLQLD 6/DYLQLD 6/DYLQLD 6/DYLQLD 67$17$17$17$1 /XFLDQ /XFLDQ /XFLDQ /XFLDQ777785&(6&885&(6&885&(6&885&(6&85HOLJLH@LSROLWLFC>Q5RPQLDSRVWFRPXQLVW%XFDUHVW&XUWHD9HFKH 0DULQD (OHQD 7CWCUP + 6 9(561(/ )OXFK XQG *HEHW PDJLVFKH

0DQLSXODWLRQ YHUVXV UHOLJLVHV )OHKHQ" 5HOLJLRQVJHVFKLFKWOLFKH XQGKHUPHQHXWLVFKH%HWUDFKWXQJHQEHUDQWLNH)OXFKWDIHOQ %HUOLQ1HZ


6/36

679',$679',$679',$679',$ $5&+96$5&+96$5&+96$5&+96;,9S

5RPDQLDQ$VVRFLDWLRQIRUWKH+LVWRU\RI5HOLJLRQV,QVWLWXWHIRUWKH+LVWRU\RI5HOLJLRQV($65,$+5PHPEHU 5RPDQLDQ$FDGHP\%XFKDUHVW ZZZUDKUUR ZZZLKUDFDGUR

&&&&/8/8/8/8```$1'$1'$1'$1'&&&&/8/8/8/8```$5,$5,$5,$5,&(5(021,$/6


7/36

,/($1$%(1*$%2*'$11($*27$

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

UHTXLUHV FRPELQLQJ VSHFLILF HWKQRORJLFDO DQG KLVWRULFDOUHOLJLRXVPHWKRGRORJLHV HDFK ZLWK WKHLU DSSURDFK WR WKH V\QFKURQLFLW\ DQG

:H UHIHU WR WKH NH\QRWH UHDGLQJ SURSRVHG E\0LUFHD (OLDGH LQ1RWHV RQ WKH&COX@DUL0(/,$'(DQGDPSOLILHGLQKLVODWHUVWXGLHV0(/,$'(0(/,$'(0(/,$'(&I9XLD9,6(08&6HHLQWHUDOLD9XLD9,6(08&DQGDZHEVLWHGHGLFDWHG WR PDVFXOLQH GDQFH DVVRFLDWLRQV 0HQtV JURXS GDQFHVKWWSZZZHOL]QLNRUJXN(DVW(XURSH'DQFHULWXDOBJURXSKWP/0(//,6+DQG1 *5((1 VHH DOVR WKH PDS RI WKH (XURSHDQ PHQtV ULWXDO JURXS GDQFHVKWWSZZZHOL]QLNRUJXN(DVW(XURSH'DQFHULWXDOBJURXSHPDSKWP7KLVLVDQHFVWDWLFSKHQRPHQRQZHIRXQGLQ0RXQWDLQRXV%DQDW UHJLRQFDOOHGE\ WKH YLOODJHUV WKHPVHOYHV &CGHUHD >QWUH 0LORVWLYH LW FRPSULVHV IXUWKHUUHSHWLWLRQ RI D WUDQFH RQ RFFDVLRQ RI WKH ELJ VSULQJ FHOHEUDWLRQV DQG WKHVXEVHTXHQWDFTXLUHPHQWRIH[WUDVHQVRULDO TXDOLWLHV OLNHWDONLQJWR WKHGHDGDQGSUHGLFWLQJ WKH IXWXUH ILHOG LQIRUPDWLRQ IURP WKH 0RXQWDLQRXV %DQDW )HEUXDU\LQWHUYLHZE\%1HDJRWD


8/36

&/8`$1'&/8`$5,&(5(021,$/6


9/36

,/($1$%(1*$%2*'$11($*27$

QDUUDWLYHV DOVR RQ WKH P\WKLFDOILFWLRQDO WUHDWPHQW RYHU WKLV ERG\ RISHUVRQDO H[SHULHQFHV 1RZ ZKHWKHU ZH DFNQRZOHGJH (OLDGHtVKHUPHQHXWLFVRIFRQFUHWHH[SHULHQFHRIUHDOLW\RUDFRJQLWLYLVWVHPLRORJ\RI WKH W\SH RI &XOLDQXtV uPLQG JDPHv RXU SURSRVLWLRQ LQ IDYRU RIH[SHULHQWLDOLVPVWD\VILUP%1HDJRWD,%HQJD DQG VXVWDLQHG E\ FRQVLVWHQW ILHOGZRUN HVSHFLDOO\ ZLWKLQ WKH ODVWGHFDGH 7KLV PRGDOLW\ RI DSSURDFKLQJ WKH FHUHPRQLDO FRPSOH[ RI WKH&COX@DLPVDWGHOLQHDWLQJWKHPRUSKRORJ\DQGPRUSKRG\QDPLFVZKLOHDFFRXQWLQJ IRU WKH KXPDQERXQG WHPSRUDOLW\ DV OLPLWDWLRQ IRU ERWKSK\VLRORJLFDOPHPRU\ SOXVDJHTXDQWXPRI IRONORUHEHDUHUVDQG IRU WKHuWRRONLWv RI UHVHDUFKHUV 5HVHDUFK FDQ RQO\ VWXG\ DUFKLYHV DQG ROGHUHWKQRJUDSKLFGHVFULSWLRQVEHVLGHGRLQJILHOGZRUNDQGWKHQRSHUDWHVRPHNLQGRI UHJUHVVLYH HWKQRORJ\DQGPHWKRGLFHWKQRORJLFDO DQGKLVWRULFDOUHOLJLRXV FRPSDUDWLYLVP 7KHVH ODWWHU WHFKQRORJLHV FDQ EH FODLPHGRSHUDWLRQDOEHFDXVHRIWKHUHODWLYHO\VORZUK\WKPRIFKDQJHRIWUDGLWLRQDOVRFLHWLHV RI (DVWHUQ6RXWK(DVWHUQ(XURSH DORQJ WKH ODVW WZRPLOOHQQLDHYHQWXDOO\GLVUXSWHG5HJDUGLQJWKHKLVWRULFDOUHOLJLRXVSHUVSHFWLYHRYHUWKH QDUUDWLYH PDWHULDO DW KDQG ZH IDFH D VDPH FKDOOHQJH WKH WH[WXDOQDWXUH RIRXU HWKQRJUDSKLFGRFXPHQWVOLPLWVGUDVWLFDOO\ WKHSRWHQWLDO RIGRLQJDQ\WKLQJRWKHUWKDQPRUSKRORJ\RYHUWKHP\WKLFDOILFWLRQDOV\VWHPRI&COX@ 7KHUHIRUHZHVWUXFWXUHRXUDQDO\VLVRQDIHZOHYHOVRIDSSURDFKGHYRLG RI H[KDXVWLYH SUHWHQVLRQV 5HVXOWV DUH IDU IURP GHILQLWLYH DQGPHWKRGVFRPELQHHWKQRORJ\EHWWHUZH XVHIRUWKLVVWDJHuPRUSKRORJLFGHVFULSWLRQv WKDQ uHWKQRJUDSKLF GHVFULSWLRQv DQG KLVWRU\ RI UHOLJLRQV

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uVRFLDOIDFWvLQ'XUNKHLPLDQWHUPVFXOWXUDOIDFWLQWKHDQWKURSRORJLF DFFHSWDQFH FKRUHXWLFV LV DQDO\]DEOH DV D IRON GDQFHSV\FKRORJLFDOJURXQGWKHPDJLFDODLOPHQWRI/XDWXOGLQ&COX@7DNLQJE\

)RU(OLDGHWKLV FRQFUHWH H[SHULHQWLDO EDVLV JLYHV IRONORULFIDFWV WKHTXDOLW\RIUHDOGRFXPHQWVDQGLQPRVWFUHGLELOLW\ULJKWZLWKLQWKHQHRSRVLWLYLVWHSLVWHPD


10/36

&/8`$1'&/8`$5,&(5(021,$/6


11/36

,/($1$%(1*$%2*'$11($*27$

uFRJQLWLYHUXOHVvZRXOGVD\,RDQ3HWUX&XOLDQXZKLFKFRPHFLUFXODWHGPRUHRUOHVVFUHDWLYHO\HPERGLHGE\HYHU\JHQHUDWLRQRIuVHQGHUVvDQGuDGGUHVVHHVvZKRDUHLQFHUHPRQLDOMDUJRQWKHFCOX@DULDQGWKHLUKRVWVJD]GH ZKR DUH ZHOFRPLQJ RU GHQ\LQJ WKHP WKH HQWUDQFH LQ WKHLUKRXVHKROGV 2XU ILHOG H[SHULHQFH RI WKH&COX@ OHGXVWRLQWHUDFWZLWKPDQ\W\SHVRIuLQIRUPDQWVv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uVSHHFK RIROG JUDQQLHVv YRUEH ECEH@WLRUWRDVOLJKW VKRZLQJRII W\SH RI GHWDFKPHQW SURGXFHGDG KRF LQ RUGHU WRH[DPLQHWKHHWKQRJUDSKHUtVUHDFWLRQWKDWLVWRIDWKRPKLVSRVLWLRQEHIRUHH[SUHVVLQJRQHRIRQHtVRZQ 2QWKHZKROHZHDUHZLWQHVVLQJDUHOLJLRVLW\ZKLFKHYHQWKRXJKFRQJHDOHG LQ GLIIHUHQW PDQQHUV x DFWLYH PLGGOHSDVVLYH DQG SDVVLYH xNHHSV IHHGLQJ &COX@tV P\WKLFDOILFWLRQDO VXEVWUDWXP GHOD\LQJ WKHFRPSOHWLRQ RI LWV VHFXODUL]DWLRQ 7KH ODWWHU DV D SURFHVV EHJDQ WZRKXQGUHG \HDUV DJR LQ 7UDQV\OYDQLD DQG %DQDW FXOPLQDWLQJ ZLWK WKH

LGHQWLWDU\ SDWULPRQLDOL]DWLRQ RI WKH &COX@HU E\ WKH 7UDQV\OYDQLDQLQWHOOLJHQWVLDRIDURXQGPLGWKFHQWXU\LWWKHQFRQWLQXHGZLWKWKHVRXWK&DUSDWKLDQ &COX@ VK\O\ LQ WKH LQWHUZDU SHULRG DQG LQWHQVHO\ GXULQJ&HDX@HVFXtVWLPH,WWKXVKDVEHHQXVHGDVLGHQWLWDU\DUJXPHQWLQYDULRXVLGHRORJLFDO GLVFRXUVHV SDQ5RPDQLF /DWLQL]LQJ QDWLRQDOLVP ERWKLOOXPLQLVW DQG URPDQWLFLVW DXWRFKWRQLVW 'DFLDQL]LQJ RU 7KUDFLDQL]LQJQDWLRQDOLVP IURPWKH URPDQWLFZULWHUV WR HWKQLFLVW LQWHUZDUP\VWLTXHVDQGWR'DFLDQDQGuYRYRGDOvQDWLRQDOFRPPXQLVPRIWKHuJROGHQHUDvSURORQJHGWKHQZLWKVHFWVLQWKHVYHU\PXFKYLVLEOHRQWKHLQWHUQHW%1HDJRWD%XWWKH&COX@UHDFWHGWRWKHPDOOZLWK:HUHIHUWRWKHPRVWUHFHQWKHJHPRQLFSROLFLHVZKLFKUHJDUGWKHUHFRQVWUXFWLRQRIWKH&COX@E\PHDQVRIIHVWLYDOL]DWLRQGXULQJWKHWKDQGWKGHFDGHVRIWKHWK FHQWXU\SDWULPRQLDOL]DWLRQ DQG LWV FHUHPRQLDOL]DWLRQ LQ WKH FRQWH[W RIJOREDOFXOWXUDOSROLFLHVDQGPXVHLILFDWLRQDQGWKHPRXUQLQJRI LWDVuLQWDQJLEOHKHULWDJHv ZLWK LGHQWLWDULDQ YDOXH WKH &COX@ WUDGHPDUNHG E\ 81(6&2 DVu5RPDQLDQ EUDQGv ,W LV VWLOO SRVVLEOH WR SDWULPRQLDOL]H D VRFLDOFXOWXUDORUJDQLVPOXFNLO\ZKLOHVWLOODOLYHDJHGPHDQVRWKHUWKDQGHDG


12/36

&/8`$1'&/8`$5,&(5(021,$/6


13/36

,/($1$%(1*$%2*'$11($*27$

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t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

JURXSV H[DFWO\ IRU WKRVH FRXSOH RI ZHHNV DURXQG :KLWVXQGD\ RIFHUHPRQLDO uKDUGFRUHv LQ ZLWK WKH JURXS IURP &H]LHQL 2OW LQZLWKWKH&COX@RI%CUC@WL2OWLQZLWKWKRVHIURP&UORJDQLDQG 2ODUL 2OW DQG LQ ZLWK WKH JURXSV IURP 3UHGH@WL 'ROM DQG'R]H@WL9OFHD)ROORZLQJWKHWUDYHOVRIWKHJURXSVIURPYLOODJHWRWRZQ&UDLRYD%DO@6ODWLQD&DUDFDOKDVSURGXFHGPRUHHQFRXQWHUVZLWKPRUHJURXSVRI&COX@DULSUHVHQWWKHUHOLNHWKHJURXSZHZHUHDFFRPSDQ\LQJ

7KHOHVVDJHGRIWKHYLOODJHJHQHUDWHWKXVDXWRELRJUDSKLFQDUUDWLYHVLQZKLFKWKHYLOODJHtVFRPPXQLW\LVDOPRVWREOLWHUDWHGERWKRQWKHOHYHORIHYHQWVDQGRQWKDWRI VWRU\WHOOLQJ 3DUW RI WKLV LV GXH WR WKH PLQLPXP WZR RU WKUHH GHFDGHV RIVHDVRQDOODERUPLJUDWLRQGXULQJ5RPDQLDtVFRPPXQLVWLQGXVWULDOL]DWLRQIRUPXFKRIRXULQWHUYLHZHHVZKRDUHQRZOHVVWKDQ\HDUVROG1DWXUDOO\WKHIRONORULVWKDV WR DGDSW WR UHDOLW\6XUHO\ WKH SHDVDQW x ZRUNHU FXOWXUH LQIHUHQFH GXULQJFRPPXQLVPRURIODWHZLWKZRUNLQJFXOWXUHVRIRWKHUOLQJXLVWLFKRUL]RQVRUHYHQWKHLQWHUIHUHQFHRIKHJHPRQLFLGHRORJ\RIEHIRUHZLWKWKHUXUDOFRPPXQLW\FXOWXUHWKH\DOODIIHFWHGWKHSHUIRUPDQFHxVFHQLFWDXPDWXUJLFFRPPXQLWDULDQxRIWKH&COX@


14/36

&/8`$1'&/8`$5,&(5(021,$/6


15/36

,/($1$%(1*$%2*'$11($*27$

ZKRPZHPHW1RZZHPXVWPRYHDELWFORVHUWRWKHLPDJLQDU\EHLQJVZKRDUHVDLGWREHLQVRPHVRUWRIFRQWURORUDWOHDVWLQFDXVDOHIIHFWWHUPVZLWKWKHDIIOLFWLRQSUHRFFXS\LQJWKH&COX@DVFXVWRPFHUHPRQLDOWKH )DLULHV,HOHOH u7KHPv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

WDNLQJE\WKHFWDNLQJE\WKHFWDNLQJE\WKHFWDNLQJE\WKHFCCCCOXOXOXOX@@@@3RFLWXOGHLHOH3RFLWXOGHLHOH3RFLWXOGHLHOH3RFLWXOGHLHOHPDLPLQJE\IDLULHVPDLPLQJE\IDLULHVPDLPLQJE\IDLULHVPDLPLQJE\IDLULHV

3DWKRJHQLF3DWKRJHQLF3DWKRJHQLF3DWKRJHQLF$JHQWV$JHQWV$JHQWV$JHQWV

&COX@XO5XVDOLLOH 0LORVWLYHOH,HOHOH`RLPDQHOH

&ULWLFDO7LPH&ULWLFDO7LPH&ULWLFDO7LPH&ULWLFDO7LPH 6CSWCPQD5XVDOLLORU:KLWVXQWLGH6IUHGHOXO5XVDOLLORUxWKHPLGGOHRIWKHGD\VEHWZHHQ(DVWHUDQG3HQWHFRVW

6SULQJDQGVXPPHUDQ\WLPHXQSUHFLVHGFDOHQGULFHPHUJHQFH

3DFLHQWV3DFLHQWV3DFLHQWV3DFLHQWV :RPHQHVSHFLDOO\DQGPHQ 0HQHVSHFLDOO\DQGZRPHQ6\PSWRPV6\PSWRPV6\PSWRPV6\PSWRPV 1HXURSV\FKRORJLFSV\FKLDWULF

PDODG\3RVVHVVLRQZLWKFKRUHXWLFV\PSWRPVWKHLOOSHUVRQLVKXPPLQJLQWKHZD\WKHFCOX@DULXWWHUWKHLUGDQFHJURXSFDOOKCSCLH

1HXURORJLFPDODG\%HQXPEPHQWRIDOLPEKDQGIRRWxKHPLSDUHVLVWHPSRUDU\EHGXPEPHQW

7UHDWPHQW7UHDWPHQW7UHDWPHQW7UHDWPHQW 7KHVLFNSHUVRQLVGDQFHGE\WKHFCOX@DUL

7KHVLFNSHUVRQLVEHLQJVXEPLWWHGWRHLWKHUDSULHVWO\RUDPDJLFDOZLWFKFUDIWHGWUHDWPHQW

&XULQJ&XULQJ&XULQJ&XULQJ$JHQWV$JHQWV$JHQWV$JHQWV

&COX@DULL 7KHZLWFKWKHFKDUPHU7KHSULHVW

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


16/36

&/8`$1'&/8`$5,&(5(021,$/6


17/36

,/($1$%(1*$%2*'$11($*27$

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xVFRDWHUL GLQ FCOX@ WDNLQJV RXW RI FCOX@ KDYH DOOFKDQFH WR GLVDSSHDU VHOIGLVVROYH RU JURZ IHVWLYDOL]HG FRQYHUWLQJ WKHFKRUHXWLF ULWXDO LQWRD VSHFWDFOH 0DJLF&COX@DQGLWVULWXDOQHHGVWKHUHSHWLWLRQRIWKHFCOX@HUHDVFCGLVHDVHQHHGVLWVSHULRGLFUHGXQGDQF\RU

HOVHLWORVHVLWVSULPHIXQFWLRQDQGGLVDSSHDUV$QGSHUKDSVPRVWRIDOOLWQHHGVWKHFRQILGHQFHRISHRSOHLQWKHYLOODJHVDQGWRZQVZKHUHJURXSVSHUIRUP LQ WKH&COX@tV DXJXUDO DQG SUHYHQWLQJ HIILFLHQF\ EH\RQG WKHFXUH7KHVHDUHDIHZRIWKHQHZHPHUJLQJRUDOQDUUDWLYHVOLIHVWRULHVRIVHDVRQDODJULFXOWXUDOZRUNHUVLQ 6SDLQWDOHVRIZRUNHUVLQ FRQVWUXFWLRQVWDOHVRISHDVDQWZRPHQ WXUQHG WR KRXVHNHHSHUV RQFH WKH\ ZRUN LQ ,WDO\ HWF x WKH VRFDOOHGLPPLJUDQWWDOHV7KHUROHRIWKH YCWDIOHDGHURURIWKHDMXWRUXOGHYCWDI OHDGHUtVOLHXWHQDQWLVHVVHQWLDO LQGLDJQRVLQJ WKHPDODG\,W LV WKHPZKRGHFLGHx XSRQ WKHSDWLHQWtVH[DPLQDWLRQDQGWKURXJKGLIIHUHQWLDOGLDJQRVLVLILWWDNHVRQWKH FCOX@DULtVRUWKHGRFWRUtVFRPSHWHQFH


18/36

&/8`$1'&/8`$5,&(5(021,$/6


19/36

,/($1$%(1*$%2*'$11($*27$

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tGLVWLQFWLYHQHVVHYHQLQJE\HYHQLQJWRFKLOGOLNHDXGLHQFHV'UDPDWLFHQDFWPHQWVXSSRVHVDJURXSRISHUIRUPHUVGHVLJQ DQDUUDWLYHVWUXFWXUH LQ IURQWRIDJURXSRIVSHFWDWRUVWKHUHIRUHWKHFRPPXQLW\FRQWH[WLVFUXFLDOLQWKHSURFHVVDVWKHRQHZKRYDOLGDWHVERWKDFWRUVDQGFKDUDFWHUV 6XFKGLIILFXOWDQDLOPHQWDV WKHRQH WKH&COX@PD\SUHYHQWRUKHOSVWRSWRLQIOLFWRQJLYHQVHQVLWLYHSHUVRQVGRHVDULVHWKHSUREOHPRIWKH YHULGLFDO QDWXUH RI WKH LQIOLFWLRQ IURP RWKHUZRUOGO\ SDWKRJHQLFDJHQWVQRWLQWKHVHQVHRIVFLHQWLILFDOO\SURYLQJVXFKDSDWKVWDQGVEXWLQ

WKH QDWXUH RI WKH H[SHULHQFH WKH SHUVRQ LV FODLPLQJ DV ZHOO DV LQ LWVQDUUDWLYHIRUPDW$FRQWLQXDWLRQWRWKHVWDWHPHQWDERYHRQWKHGLIILFXOW\RI VKDULQJ WKH XOWLPDWH IRUP RI LQGLYLGXDO H[SHULHQFH ZKLFK LV WKHP\VWLFDOH[SHULHQFHLVWKDWEHJLQQLQJZLWKVXFKDQ H[WUHPHFDVHRQ WKHVFDOHRIWUDQVPLVVLRQWKHH[SHULHQFHRIWHOOLQJDERXWVXFKIXOO\IOHGJHGERGLO\ DQG VSLULWXDOO\ SHUVRQDO H[SHULHQFHV FDQ EH MXVW DV ZHOO DQRULJLQDOSKHQRPHQRQWKHRULJLQDOYHUEDOL]DWLRQ'HFLGLQJZKHWKHUWKHQXWDWWKHFRUHRIWUDQVPLVVLRQLVDIDFWRULWVQDUUDWLRQLVXOWLPDWHO\IRUWKHIRONORULF FXOWXUHV WKDW ZH PD\ GLUHFWO\ DFFHVV WKURXJK ILHOGZRUN DQGDUFKLYHZRUNRSHUDWLQJDIDNHGLVWLQFWLRQEHFDXVHZKDWWKHPDLQDFWRUPD\WHOOVKHKDGWRJRWKURXJKLVYDOLGDWHGRQO\LIDQGJHQHUDOO\LWGRHVYDOLGDWHLWVKRZVFRQVHQVXVZLWKWKHORFDOWUDGLWLRQVRIWKHSODFH1RRQHFODLPV H[SHULHQWLDO FORQLQJ DQG VXUHO\ WUDQVPLVVLRQ LV PXFK PRUHUHOHYDQWIRU WKHLQWHUJHQHUDWLRQ WUDMHFWRU\ RI IRONORULF IDFWV1DUUDWLYHVDGMXVWWRWKHORFDOERG\RIWUDGLWLRQVEHWKH\QDUUDWLYHVRIWUDQFHRURXWRIERG\H[SHULHQFHVRURIHQFRXQWHUVZLWKRWKHUZRUOGO\WHUULEOHEHLQJVWKH\ZRXOGQHYHUEHEODWDQWWRWKHLPDJLQDU\RIWKHORFDOFRPPXQLW\RU


20/36

&/8`$1'&/8`$5,&(5(021,$/6


21/36

,/($1$%(1*$%2*'$11($*27$

DORQJRXUGRFXPHQWHGVSDQRIWLPH$GGUHVVLQJVROHO\WKH&COX@XQGHUIRFXV KHUH ZH FRXOG JDLQ IURP FRPSDULQJ RXU ILHOG GDWD WR DUFKLYDOPDWHULDO DVIRXQG LQWKH ,RQ0X@OHD FRUSXV LQWKH)RONORUH$UFKLYHRI5RPDQLDQ $FDGHP\ LQ &OXM 3URSRUWLRQ FRQVLGHUDWLRQV DOORZ QR PRUHWKDQ H[HPSOLI\LQJ KHUH ZLWK D FRXSOH RI DQVZHUV RQ WKH TXHVWLRQ RI&COX@DVULVHQLQWKHVHFRQGTXHVWLRQQDLUHRI0X@OHDtV:HDUHWU\LQJWRIROORZKHUHRQHVDOLHQWUHFXUUHQFHLQDOOGRFXPHQWVUHWKHPDLPLQJRWKHUZRUOGO\ EHLQJV PD\ LQIOLFW DV UHVXOW RI WUDQVJUHVVLQJ DQ LQWHUGLFWLRQ7KHVHRWKHUZRUOGO\EHLQJVZHUHIHUWRKHUHDUHDOORIDVDPHPRUSKRORJLFIDPLO\EHWKH\FDOOHG0CLHVWUH9QWRDVH5XVDOH5XVDOLL,HOHWKH\DUHDOONLQGRIIDLULHV]>QH

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xLQWHQWLRQDOO\RUXQLQWHQWLRQDOO\DVGHVFULEHGDERYH

xULVNVEHLQJPDLPHGLQSXQLVKPHQW)RONORUHGRFXPHQWVDOOVXJJHVWWKDWO\LQJ LQZDLW ULVNVSXQLVKPHQW EXW WKLV LV WKH JHQHUDO UXOH RIZKDWZHFRXOG FDOO WKH PDQQHU RI HQFRXQWHU EHWZHHQ VLJQLILFDQWO\ GLIIHUHQWRQWRORJLFDOUHJLPHVRIWKHNQRZQZRUOGWKLVPXVWEHWKHUHDVRQIRUWKHVWULFWSUHVFULSWLRQVDURXQGWKH O\LQJLQZDLWSQGDDEXQGDQWLQIRONORUH7KH UHFLSH IRU KHDOLQJ LV RQH DQG RQO\ VDPH SODFH VDPH WLPHSHULRGLFDOO\ UHLWHUDWHG DV uVDPHv E\ LQVWDQFHV RI WUDGLWLRQ WKDW LV WKHDQQLYHUVDU\LQFLGHQFHRIWKHSDVVDJHWKURXJKDVDPHVSRWUROHFRQGLWLRQDVFULWLFDOO\FURVVURDGDORQH\HDUODWHUSUHFLVHO\

7KH VHFRQG GRFXPHQW FRPHV DOZD\V IURP WKH 0X@OHD FRUSXV$)&SSFROOHFWHGE\KLJKVFKRROSXSLO&RQGULXF'XPLWUXLQ1RXO&DUDJDFL&HWDWHD$OEDVKLUHIURP\HDUROGDXQW(OHQD7DWDUFLXF,WFRPSULVHVERWKSODLQGHVFULSWLRQDQGPHPRUDWHRUEHOLHIWDOH7KHILUVWGHVFULEHVWKHIDLULHVUXVDOLLWKUHHZRPHQGUHVVHGLQZKLWHZDQGHULQJE\LQ WKH ILHOGV DQG LQ WKH YLOODJH RQFH WLPH HQWHUV WKHLU VDFUHG ZHHN:KLWVXQWLGH VKRXOG WKH\PHHW DQ\RQH ZRUNLQJ LQ WKHLU VDFUHG ZHHNPDLPLQJLVWKHSXQLVKPHQWDOLPERUHYHQVSHHFKLVEHLQJuWDNHQvWKDW


22/36

&/8`$1'&/8`$5,&(5(021,$/6


23/36

,/($1$%(1*$%2*'$11($*27$

ZULWWHQVRXUFHVRIWKHWZRuWUDGLWLRQDOv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

(YHQVRLWFRXOGKDUGO\EHFOHDUHUWKDWWKHWZRVHWVRIIRONORULFIHDWV DUH WR VRPH H[WHQW UHODWHG JHQHWLFDOO\ 6HPDQWLFDOO\ WKH\ DUH $uGHIDXOWv SRUWUDLW ZRXOG IHDWXUH WKH )DLULHV DV WKRVH5XVDOLL,HOH9QWRDVH0CLHVWUH LQ RQH ZRUG =>QH ZRQGHUIXO DQGKDUVKIXOZKRVHHQFRXQWHUOHDYHVQRRQHXQFKDQJHGXQOHVVWKHHQFRXQWHULVVLPSO\DYRLGHGE\PHDQVRIWKHSUHYHQWLYHFRGHEHDUHUZKLFKLVWKHZRUPZRRGRUPXJZRUW7KH\DEGXFWWKHPRUWDOZLWKWKHPRQKHLJKWIRUFLQJKLPuKLPvDERYHDOOWRGDQFHDQGVLQJZLWKWKHLUWXQHVWKH\PDLPRUEHQXPEDQGWXUQPXWHRUVWHDODUWLFXODWHGVSHHFKWKH\JLIWZLWKIRUHVLJKWRUPDUYHORXVFKDQWRUQHYHUHQGLQJIORXURUVDWLHW\DQGFURSWKLV LVWKH VWDWXVRIWKH DIIOLFWHG E\WKH IDLULHVLQ WKH JHQXLQH QDUUDWLYHJHQUH:KLOHWKHSDWLHQWRIWKH&COX@DQGWKH&COX@DULDVGHVFULEHGE\RXULQWHUYLHZVDSSHDUVWREHGULYHQPDGWKURXJKH[FHOOHQFHLQGDQFLQJIDU EH\RQG H[KDXVWLRQ DQG WKHUHIRUH SURIRXQGO\ LOO )RU WKH QDUUDWLYH

P\WKLFDOVLWXDWLRQKHDOLQJPHDQVSUHYHQWLRQRUDQQLYHUVDU\HQDFWPHQWRIWKH DIIOLFWLRQ VWHSV IRU WKH FRQFUHWH UHDOVFDOHG GLVHDVH KHDOLQJPHDQVXQGHUJRLQJWKHFCOX@HUHVFULWXDO

&DQZHYLHZWKHVHWZRK\SRVWDVHVDVGLIIHUHQWIRONORULFOHYHOV"2U DV VLEOLQJ VXUYLYDOV RI GLIIHUHQW DJH ZLWKLQ 5RPDQLDQ SRSXODUPHQWDOLW\" 2U SHUKDSV WKH FHUHPRQLDO SUDFWLFH GRHV WXUQ WR QDUUDWLYHDGMXVWVWRDOOQDUUDWLRQV\QWD[FUHDWLQJWKXVP\WKRORJ\"2USHUKDSVWKHWZRIRONORULFIDFWVGRFRQFHDOWZRVHWVRIuFXOWXUDOUHVLGXHVv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


24/36

&/8`$1'&/8`$5,&(5(021,$/6


25/36

,/($1$%(1*$%2*'$11($*27$

VLQFHGUDPDWLFV\QWD[QHHGVHDFKDQGHYHU\DFWRUEHRFFXS\LQJKLVVWDEOHQRGDOORFXVLQWKHVWRU\

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xEXWDOLYLQJWKHPRVWOLYLQJ PHDQLQJ FDUULHU $ ERQG RI PHDQLQJ WKDWt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

WUDQVPLWWLQJWUDGLWLRQ0\WKDQGULWHGRERWKH[SUHVVDQGGRERWKDULVHLQSHUIHFW V\QFKURQL]DWLRQ DW WKH PRVW DSSURSULDWH PRPHQW RI WKH \HDUEXUVWLQJ VXPPHU 7KH\ GR ERWK FODLP x WKDW LV HYHQ LQ VLWXDWLRQV RIUHFLSURFDOH[FOXVLRQxWKDWDQQLYHUVDU\LVFUXFLDOWRWKHKHDOLQJZKHWKHULWLVUHTXLUHGQDUUDWLYHO\DVZHKDYHVHHQLQWKHDUFKLYDOVDPSOLQJEXWRXURZQ LQWHUYLHZV VSRNH FOHDUO\ LQ WKHVH VDPH WHUPV RU ULWXDOO\ E\ WKH\HDUO\ FHUHPRQLDO DVVRFLDWLRQ DQG GDQFH DURXQG :KLWVXQWLGH 7KXVIXOILOOLQJ WKH \HDU RQFH WZLFH WKULFH LV FHQWUDO WR WKH GHQRXHPHQW RIKHDOLQJ ,WKDVEHHQ DVVHUWHGWKDW WKH FDWHJRU\RIP\WKLVQRWYDOLG IRU(XURSHDQIRONORULF VRFLHWLHV 0(OLDGHZKHUH IDLU\WDOH LV WKHXOWLPDWHUHDOP EXW ZKR EHWWHU WKDQ WKH&COX@ PDNHV WKH P\WK GHVFHQG LQWRHQDFWPHQW ZLWK WKLV ZKROH DQQLYHUVDU\ GUDPDWXUJ\" $QG ZKDW RWKHU

1DUUDWLYHVVSHDNFOHDUO\DVZHKDYHVDPSOHGWKDWKHDOLQJWDNHVRQHWZRRUPRUHIXOOF\FOHVWRDFFRPSOLVK%XWRQ WKHFHUHPRQLDOVLGHLWLVZLGHVSUHDGWKDWHYHU\ FCOX@DU FDQuVHUYHvXQGHUWKH &COX@ IRU WKUHH\HDUV RUPRUH WKDW LV DQHQJDJHPHQWWRDWOHDVWRQHIXOOF\FOHRIWKUHHUHSHDWHG\HDUO\LQFLGHQFHV


26/36

&/8`$1'&/8`$5,&(5(021,$/6


27/36


28/36

&/8`$1'&/8`$5,&(5(021,$/6


29/36

,/($1$%(1*$%2*'$11($*27$

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uWKURZLQJGRZQvRIDFCOX@DUGXULQJWKHGDQFH,WUHSUHVHQWVDULWXDORI

VHPLPDJLF WUDQVIHU RI WKH GLVHDVH IURP WKH SDWLHQW WR WKH WKHUDSLVWFCOX@DUL GXH WR WKH DFWLRQ RI WKH YCWDI OHDGHU ZKLFK LQGXFHV WKHWKURZLQJGRZQZLWKV\PSWRPVRIWKHW\SHRIIDLQWLQJWUDQFHWKURXJKWKHWRXFKZLWKWKHFLRFEHDN73DPILOH03RS,,

YHU\LPSRUWDQWWRWKHGLDJQRVLVZKLOHWKHEDQGRIPXVLFDOSOD\HUVGRHVQRWJRFDUROLQJWKURXJKRXWWKHYLOODJHVEXWFRPHVVXPPRQHGXSRQFRPPDQG2QHRIWKHIDLU\FULWHULDRIVHOHFWLRQRIWKHKXPDQPXVLFLDQLVWKHIRUWXLWRXVSHUIRUPDQFHRI WKHLU WXQH u,HOHZRXOGKDYHDVRQJRIWKHLUVZKRVHPHORG\LVXQNQRZQ:KHQRQHFKDQFHVXSRQLWLHOHOHxZKHUHYHUWKH\ZHUHxUXQDQGGDQFHXSRQWKHVRQJWDNHWKHSOD\HUDQGIO\DZD\ZLWKKLPWRWKHLUGZHOOLQJKROGLQJKLPWLJKWO\DQGFRPSHOOLQJKLPWRSOD\RQO\v,0 8`/($2%^5/($7KH&LRFEHDNDSSHDUVPRVWRIWHQWRWKH&COX@JURXSZKLFKGRQRWKDYHWKH0XWHZLWKZKRPLWVKDUHVWKHREYLRXVSKDOOLFIXQFWLRQ*./,*0$1 %H\RQG WKH LQWHUQDO FRPSRVLWLRQ RI WKH EHDN JDUOLFPXJZRUW DQG RWKHUFKDUPHGLQJUHGLHQWVEDVLFWRWKHXQGHUVWDQGLQJRILWVPDJLFSURWHFWLYHIXQFWLRQLVLWVVKHDWKPDGHRIKDUHVNLQ&HUHPRQLDOXVDJHRIWKHUDEELWVNLQLVFRPPRQWR


30/36

&/8`$1'&/8`$5,&(5(021,$/6


31/36

,/($1$%(1*$%2*'$11($*27$

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

FRQWH[WUHVWUDLQHGWRHDFKDQGHYHU\YLOODJHEXWDOVRE\DIDFWRUZKLFKHOXGHVPRQLWRULQJ DQGFODVVLI\LQJ IRONORULF FUHDWLYLW\ZKLFKPXVWVWD\IUHH RI FRQVWUDLQWV LQ ZKDWHYHU FXOWXUDO V\VWHP LW PD\ KDYH VSUXQJ$OPRVWDOZD\VWKHUHLVWKHVLWXDWLRQZKHQDFHUWDLQSHUVRQEURXJKWZLWKKLPDFHUWDLQFXVWRPRUFHUHPRQLDOSUDFWLFHDQGVKDSHGLWDFFRUGLQJWRERWKWKHLPSRUWHGPRGHODQGWKHORFDOVRLO

0XVFHO UHJLRQ 6 1(&8/&($ DS 7 3$0),/( 1DQRY GH7HOHRUPDQ+%235,`$1 *RLH@WLDQG1HJRLH@OL'ROMUHJLRQ$(2 FI WKH0RXQWDLQ%DQDWWKH 6HPHQLF0RQWDLQ ( 129$&29,&,8DQG0DLGDQ6/,8%$DQG"%CLOH@WL*LXUJL?D%UFD%RXUHQL'ROMUHJLRQDS73$0),/(6HJDUFHDGH'ROM+%235,`$1&UORJDQL0RUXQH@WLDQG%CUC@WL2OWUHJLRQ$(22ODUL%XWRL2OW$(2)UXPRDVDGH 7HOHRUPDQ+ %235,`$1 3HULH?LL GH-RV2OW + % 235,`$1 &UCFLXQHL GH2OW + %235,`$1


32/36

&/8`$1'&/8`$5,&(5(021,$/6


33/36

,/($1$%(1*$%2*'$11($*27$

%LEOLRJUDSK\7H[WV$(2 2UPD (WKQRORJLFDO $UFKLYH 2UPD &HQWUH IRU 5XUDO &XOWXUDO +HULWDJH

&OXM1DSRFD$)&&OXM)RONORUH$UFKLYHRIWKH5RPDQLDQ$FDGHP\&OXM1DSRFD'DPDVFKLQ%2-^1&$QWLFHOH URPDQLORU 7KH $QFLHQWV RI WKH 5RPDQV %XGD

'HPHWULXV &$17(0,5'HVFULSWLR 0ROGDYLDH 'HVFULHUHD0ROGRYHL FDS ;9,,

u'H PROGDYRUXP PRULEXVv 'HVSUH RELFHLXULOH PROGRYHQLORU5RPDQLDQWUDQVOE\**X?X(GLWXUD$FDGHPLHL565RPQLD%XFKDUHVWSRULJHG

$QWRQ0DULD'(/&+,$525HYROX?LLOH 9DODKLHL 7KH5HYROXWLRQVRI:DOODFKLD(GLWXUD9LD?D5RPQHDVFC,D@LSFKDS,,,u5LWXULOHYDODKLORUv

7KH5LWHVRIWKH:DOODFKLDQVRULJHG9HQLFH7HRILO)51&8*HRUJH&$1'5($5RPQLL GLQ0XQ?LL $SXVHQL 0R?LL 6FULHUH

HWQRJUDILFC FX LOXVWUD?LXQL >Q IRWRJUDILH 7KH 5RPDQLDQV IURP WKH$SXVHQL 0RXQWDLQV $Q (WKQRJUDSKLF :RUN %XFKDUHVW 7LSRJUDILD0RGHUQC*U/XLVSS

6RIURQLH /,8%$ u-RFXUL VDX GDQ?XUL SRSRUDOHv -RFXUL RU 3RSXODU'DQFHV DQGu0DWHULDOIRONORULVWLFv7LQHULPHD5RPQCQVSSDQG

,RQ 08`/($ 2YLGLX %^5/($ 7LSRORJLD IROFORUXOXL GLQ UCVSXQVXULOH ODFKHVWLRQDUHOHOXL%3+DVGHX 7KH7\SRORJ\RIWKH)RONORUH%XFKDUHVW(GLWXUD0LQHUYD

66RILD1CGHMGH1(&8/&($ VWLQ5HYLVWD7LQHULPLLDQG*D]HWDVCWHDQXOXL ;,,,SDS73$0),/(S

(PLOLDQ 129$&29,&,8 &ROHF?LXQH IROFORULVWLFC URPQC GLQ 5CFC@GLD @L -XU5RPDQLDQ)RONORUH&ROOHFWLRQIURP5CFC@GLDDQG-XU2UDYL?D

+RULD %DUEX 235,`$1 &COX@DULL 6WXGLX 7KH &COX@DUL $ 6WXG\ %XFKDUHVW(3/

7XGRU3$0),/(6CUECWRULOHGHYDUCODURPQL6WXGLXHWQRJUDILF 7KH6XPPHU)HDWV DW WKH 5RPDQLDQV $Q (WKQRJUDSKLFDO 6WXG\ HGLWHG E\ ,RUGDQ'$7&8%XFKDUHVW(GLWXUD6DHFXOXP,2S

'323(6&861*(5,8VWLQ$OELQD5HYLVWC(QFLFORSHGLFC3RSXODUCSS

&RQVWDQWLQ5'8/(6&8&2',16CUECWRULOHSRSRUXOXL 7KH)HDVWVRIWKH3HRSOH %XFKDUHVW

)U-RVHI68/=(5*HVFKLFKWHGHV7UDQVDOSLQLVFKHQ'DFLHQV:LHQYROSS

6WXGLHV

,OHDQD %(1*$ 7UDGL?LD IROFORULFC @L WUDQVPLWHUHD HL RUDOC 7KH )RONORULF7UDGLWLRQDQGLWV2UDO7UDQVPLVVLRQ&ROHF?LD(WKQRORJLD&OXM1DSRFD(GLWXUD(FFR


34/36

&/8`$1'&/8`$5,&(5(021,$/6QOXPHDGHGLQFROR 5RPDQLDQWUDQVOE\*DEULHODDQG$QGUHL2L@WHDQXIRUHZRUGDQGQRWHVE\$QGUHL2L@WHDQX%XFKDUHVW1HPLUD2XWRIWKLV:RUOG2WKHUZRUOGO\-RXUQH\VIURP*LOJDPHVKWR$OEHUW(LQVWHLQ%RVWRQ6KDPEKDOD

,RDQ 3HWUX &8/,$18 $UERUHOH JQR]HL 0LWRORJLD JQRVWLFC GH OD FUH@WLQLVPXOWLPSXULX OD QLKLOLVPXO PRGHUQ 5RPDQLDQ WUDQVO E\ &RULQD 3RSHVFX%XFKDUHVW(GLWXUD1HPLUD7KH7UHHRI*QRVLV*QRVWLF0\WKRORJ\IURP (DUO\ &KULVWLDQLW\ WR 0RGHUQ 1LKLOLVP 6DQ )UDQFLVFR+DUSHU&ROOLQV

(UQHVWR'(0$57,12/DWHUUDGHOULPRUVR&RQWULEXWRD XQDVWRULD UHOLJLRVDGHO6XG0LODQR,O6DJJLDWRUH

0LUFHD (/,$'( u1RWHV RQ WKH &COX@DULv-RXUQDO RI WKH $QFLHQW 1HDU (DVWHUQ6RFLHW\RI&ROXPELD8QLYHUVLW\SS

0LUFHD (/,$'( us`DPDQLVPt OD URPQL"v LQ'H OD =DOPR[LV OD *HQJKLV+DQ6WXGLL FRPSDUDWLYH GHVSUH UHOLJLLOH @L IROFORUXO 'DFLHL @L (XURSHL2ULHQWDOH 0DULD ,YCQHVFX @L &H]DU ,YCQHVFX %XFKDUHVW (GLWXUD`WLLQ?LILFC @L(QFLFORSHGLFC SS 'H =DOPR[LV *HQJLV.KDQWXGHVFRPSDUDWLYHVVXU OHVUHOLJLRQVHW OH IRONORUHGHOD'DFLHHWGHOt(XURSHRULHQWDOH3DULV3D\RW

0LUFHD(/,$'(,VWRULD FUHGLQ?HORU @L LGHLORU UHOLJLRDVH ,,,'H OD0DKRPHG ODHSRFD5HIRUPHORU5RPDQLDQWUDQVOE\&H]DU%DOWDJ%XFKDUHVW(GLWXUD`WLLQ?LILFC@L(QFLFORSHGLFCSS+LVWRLUHGHVFUR\DQFHVHWGHVLGHVUHOLJLHXVHV'H0DKRPHWOtJHGHV5IRUPHV3D\RW3DULVW

0LUFHD (/,$'( u,VWRULD UHOLJLLORU @L FXOWXULOH sSRSXODUHtv 5RPDQLDQ WUDQVO E\,RDQD%RWK LQ$QXDUXO $UKLYHL GH )ROFORU SS

u+LVWRU\RI5HOLJLRQVDQGs3RSXODUt&XOWXUHVv+5QRSS0LUFHD (/,$'()ROFORUXO FD LQVWUXPHQW GH FXQRD@WHUH )RONORUH DV PHDQV RI

NQRZOHGJH LQ ,QVXOD OXL (XWKDQDVLXV %XFKDUHVW +XPDQLWDV


35/36

,/($1$%(1*$%2*'$11($*27$

SS %XFKDUHVW )XQGD?LD5HJDOC SHQWUX /LWHUDWXUC @L $UWCSS7UDQVOE\0DF/LQVFRWW5,&.(776DVu)RONORUHDVDQ,QVWUXPHQWRI.QRZOHGJHvLQ%U\DQ65(11,(HG0LUFHD(OLDGH $&ULWLFDO 5HDGHU &ULWLFDO&DWHJRULHV LQ WKH 6WXG\ RI 5HOLJLRQ /RQGRQ2DNYLOOH(TXLQR[SS

0LUFHD (/,$'( 1D@WHUL PLVWLFH 5RPDQLDQ WUDQVO E\ 0LKDHOD *ULJRUH3DUDVFKLYHVFX +XPDQLWDV %XFKDUHVW 1DLVVDQFHV P\VWLTXHV (VVDL VXUTXHOTXHVW\SHVGtLQLWLDWLRQ3DULV*DOOLPDUG

0LUFHD(/,$'(`DPDQLVPXO@LWHKQLFLOHDUKDLFHDOHH[WD]XOXL5RPDQLDQWUDQVO E\%U>QGX@D3UHOLSFHDQX @L&H]DU %DOWDJ%XFKDUHVW +XPDQLWDV /H FKDPDQLVPH HW OHV WHFKQLTXHV DUFKDTXHV GH OtH[WDVH 3DULV3D\RWHGLWLRQUHYXHHWDXJPHQWH

0LUFHD (/,$'( u&WHYD REVHUYD?LL DVXSUD YUCMLWRULHL HXURSHQHv2EVHUYDWLRQ RQ (XURSHDQ:LWFKFUDIW LQ 2FXOWLVP YUCMLWRULH @LPRGH

FXOWXUDOH(VHXULGHUHOLJLHFRPSDUDWC5RPDQLDQWUDQVOE\(OHQD%RUWD%XFKDUHVW +XPDQLWDV SS 2FFXOWLVP :LWFKFUDIW DQG&XOWXUDO )DVKLRQV (VVD\V LQ &RPSDUDWLYH 5HOLJLRQV &KLFDJR 7KH8QLYHUVLW\RI&KLFDJR3UHVV

&DUOR*,1=%85*,VWRULHQRFWXUQC2 LQWHUSUHWDUHD VDEDWXOXL5RPDQLDQWUDQVOE\ 0LKDL $YCGDQHL ,DVV\ 3ROLURP 6WRULD QRWWXUQD 8QDGHVFLIUD]LRQHGHO6DEED0LODQR(LQDXGL

$QFD *,85&+(6&8 u'DQVH HW 7UDQVH OHV FCOX@DUL LQWHUSUHWDWLRQ GtXQ ULWXHOYDODTXHv'LDORJXH0RQWSHOOLHUSS

6DQGD *2/23(1_,$,QWHUPHPRULD 6WXGLL GH SUDJPDWLFC @L DQWURSRORJLH 7KH,QWHUPHPRU\ 6WXGLHV LQ 3UDJPDWLFV DQG $QWKURSRORJ\ &OXM1DSRFD(GLWXUD'DFLD

&ULVWLDQR*5277$1(//,u/DSRVVHVVLRQHLQDOFXQLWHVWLDQWLFKLv$05LYLVWDGHOOD6RFLHW,WDOLDQDGL$QWURSRORJLD0HGLFDSS

2WLOLD+('(`$1u&CGHUHD5XVDOLLORUv7KH)DOORIWKH5XVDOLLSDSHUDWWKH&OXM$FDGHPLF-RXUQH\V=LOHOH$FDGHPLFH&OXMHQH7KH)RONORUH$UFKLYHRIWKH 5RPDQLDQ $FDGHP\ ,QVWLWXWXO $UKLYD GH )ROFORU D $FDGHPLHL5RPQH&OXM1DSRFD-XO\

*DLO./,*0$1&COX@XO7UDQVIRUPCULVLPEROLFH>Q ULWXDOXOURPQHVF5RPDQLDQWUDQVO E\ /XFLD 2IULP @L ,RDQD ,YDQ %XFKDUHVW (GLWXUD )XQGD?LHL&XOWXUDOH 5RPQH &COX@6\PEROLF7UDQVIRUPDWLRQLQ 5RPDQLDQ5LWXDO&KLFDJR/RQGRQ8QLYHUVLW\RI&KLFDJR3UHVV

*DEULHO /,,&($18'HVSUH OLPLWC 2Q WKH /LPLW %XFKDUHVW +XPDQLWDV

$GULDQ0$5,12&RPSDUDWLVP@LWHRULDOLWHUDWXULL&RPSDUDWLVPDQG7KHRU\RI/LWHUDWXUH,DVV\3ROLURP

/L]0(//,6+DQG1LFN*5((10HQtV*URXS'DQFHVKWWSZZZHOL]QLNRUJXN(DVW(XURSH'DQFHULWXDOBJURXSKWP

%RJGDQ 1($*27$ u5HOLJLL DQWLFH @L FXOWXUL HWQRJUDILFH ^QWUH PRUIRORJLH @L

LVWRULFLVPv $QFLHQW 5HOLJLRQV DQG (WKQRJUDSKLFDO &XOWXUHV %HWZHHQ0RUSKRORJ\ DQG+LVWRULFLVP LQ(OHQD 323(6&89DVLOH586 HGV,Q+RQRUHP0LFKDHOLV1DVWD&OXM1DSRFD&OXVLXPSS


36/36

&/8`$1'&/8`$5,&(5(021,$/6QVWXGLXOFXOWXULLSRSXODUHv7KH'DFLVPDQGWKHu2ULJLQDU\3KHQRPHQRQvLQWKH6WXG\RIWKH3RSXODU&XOWXUH QHWQRORJLHGXSCDOGRLOHDUC]ERLPRQGLDOv,WDOLDQ5RPDQLDQ5HODWLRQVLQ(WKQRORJ\DIWHUWKH6HFRQG :RUOG :DU 6WXGL LWDORURPHQL &OXM1DSRFD &OXM8QLYHUVLW\3UHVVSS

%RJGDQ1($*27$u)LF?LRQDOL]DUH@LPLWLILFDUH>QSUR]DRUDOC)LNFLRQDOL]OVVPLWL]OVD]RUOLVSU]EDQv )LFWLRQDOLVDWLRQDQG0\WKLILFDWLRQLQ2UDO1DUUDWLYHV1SUDM]L/WKDWU (WKQRJUDSKLF+RUL]RQVSS

%RJGDQ1($*27$u'HODPRUIRORJLHODPRUIRGLQDPLFC7HPDWL]CULQRQLVWRULFLVWHDOHUHOLJLHL>Q FXOWXUD URPQCv )URP0RUSKRORJ\WR 0RUSKRG\QDPLFV

1RQKLVWRULFLVW 7KHPDWLVDWLRQV RI WKH 5HOLJLRQ LQ 5RPDQLDQ &XOWXUH2UPD5HYLHZRI(WKQRORJLFDODQG+LVWRULFDO5HOLJLRXV6WXGLHV+LVWRULFLVP DQG $QWLKLVWRULFLVP LQ WKH 6WXG\ RI5HOLJLRQVZZZRUPDURRQOLQHHGLWLRQSS

*LRYDQQL 3,==$ u7KH 9LUJLQ DQG WKH 6SLGHU 5HYLVLWLQJ 6SLULW 3RVVVHVVLRQ LQ6RXWKHUQ(XURSHvLQ,QFRQWULGLHWQRORJLDHXURSHD(XURSHDQ HWKQRORJ\PHHWLQJV(GL]LRQL6FLHQWLILFKH,WDOLDQHSS

0LKDL 323 u&RQVLGHUD?LL HWQRJUDILFH @L PHGLFDOH DVXSUD &COX@XOXL ROWHQHVFv(WKQRJUDSKLFDODQG0HGLFDO&RQVLGHUDWLRQVRQWKH5RPDQLDQ&COX@LQ)ROFORUURPQHVF5RPDQLDQ)RONORUHHGE\1LFRODH& 2167$17,1(6&8DQG$OH[DQGUX'2%5(YRO,,7H[WH@LLQWHUSUHWCUL%XFKDUHVW(GLWXUD*UDL @L6XIOHW x&XOWXUD1D?LRQDOC SS u'HVSUHPHGLFLQDSRSXODUCURPQHDVFCv2QWKH5RPDQLDQ3RSXODU0HGLFLQH,QVWLWXWXOGH,JLHQC@L6CQCWDWH3XEOLFC(GLWXUD0HGLFDOC%XFKDUHVWSS

0LKDL 3232ELFHLXUL WUDGL?LRQDOH URPQH@WL 5RPDQLDQ 7UDGLWLRQDO &XVWRPV%XFKDUHVW (GLWXUD 8QLYHUV &&(6 ,QVWLWXWXO GH &HUFHWCUL(WQRORJLFH@L'LDOHFWRORJLFH%XFKDUHVW

*LOEHUW528*(7/D PXVLTXH HW OD WUDQVH (VTXLVVH GtXQH WKRULH JQUDOH GHVUHODWLRQV GH OD PXVLTXH HW GH OD SRVVHVVLRQ 3DULV *DOOLPDUG

9ODG,RQX?6(08&(OHPHQWHGHJHRJUDILHPLWLFCD5RPQLHL&COX@XO (OHPHQWVRI 0\WKLFDO *HRJUDSK\ RI 5RPDQLD 7KH &COX@ %XFKDUHVW (GLWXUD(WQRORJLFC

*KHRUJKH95$%,('HFLYLWDWHUXVWLFD6WXGLL@LFHUFHWCULGHHWQRORJLH@LOLWHUDWXUCSRSXODUC URPQC 'H FLYLWDWH UXVWLFD 6WXGLHV DQG 5HVHDUFKHV LQ(WKQRORJ\ DQG 3RSXODU /LWHUDWXUH%XFKDUHVW(GLWXUD*UDL @L6XIOHW x&XOWXUD1D?LRQDOC

5RPXOXV98,$u2ULJLQHDMRFXOXL&COX@DULLv7KH2ULJLQRIWKH&COX@DUL'DQFH

LQ6WXGLLGHHWQRJUDILH@LIROFORU6WXGLHVLQ(WKQRJUDSK\DQG)RONORUH%XFKDUHVWSS'DFRURPDQLDSS

i.benga b.neagota archaeus xiv [2010]

Documents