Citation
The caddis flies of Alachua County, with notes on those of Florida

Material Information

Title:
The caddis flies of Alachua County, with notes on those of Florida
Creator:
Nirenberg, Marshall Warren
Publisher:
Marshall Nirenberg
Publication Date:
Language:
English

Subjects

Subjects / Keywords:
Adult insects ( jstor )
Counties ( jstor )
Creeks ( jstor )
Female animals ( jstor )
Genitalia ( jstor )
Insects ( jstor )
Larvae ( jstor )
Pupae ( jstor )
Species ( jstor )
Streams ( jstor )

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
000546271 ( alephbibnum )
13213009 ( oclc )

Downloads

This item has the following downloads:


Full Text












THE CADDIS FLIES OF ALACHUA COUNTY,

WITH NOTES ON THOSE OF FLORIDA












By
MARSHALL NIRENBERG











A THESIS PRESENTED TO THE GRADUATE COUNCIL OF
THE UNIVERSITY OF FLORIDA
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE
DEGREE OF MASTER OF SCIENCE










UNIVERSITY OF FLORIDA
February, 1952


















TABLE OF CONTENTS




X Inxtroducticn... R*.. ** e*,t*** @ *l41

/clmcTn~e^^fryentSe **************************9



4i Preservetico u es n ClrreFrgor,,e,;*..,, *...,...IS.1



64 Key to rF.uali L.* **.ii; .**00 ****. v *****.** 19

74 Armotated Li8..*...*......,4*.** *****29

84 unDsrVPd Prolftzs'**U *****we**>* f ** **i v n rl61



10 R eferences,.<........, ... ..... .. ............ .I1G

114 Chlok List of the Ceddis Flies of Florida

and IBdexi..,..,.,********. ,** .. ******.172

12* Biographiorl l .te....,. ,. .,.. ,,,......,,.,o..177





-14


IITRODUCTIO'T


Historically speaking, some of the caddie flies of the south-

east were described at a relatively early date, about one hundred

years ago. At that time Francis Walker (1852 and 1860) of the British

museumm described twenty species from Georgia which were sent to him

by Abbot, and.this constituted the earliest large collection made in

the southeast. The investigation of caddie flies in the south stag*

n.ted for the next eighty-five years, for esxamle, fifteen years ago,

two out of three species collected in the state would hrve been un-

described. Since then much incidental work has been done by visiting

trichopterists and by entomologists rorlrkin in allied fields,


Caddis flies are f-irly abundant, but as compared with other

states, Florida shows a general paucity in the number of species

present; a rnucity most probably due to lpck of lmowledge rather than

a lack of ceddia flies. One hundred and eighty-four species have

been found in Illinois, a thoroughly studied state. On the other hand,

only sixty-three species have been found in Florida, thirty-eight of

which occur in Alachua County. Some day when the state has been in-

vestit-ted a ruood deal more thoroughly, this number will undoubtedly

be pre.tly increased.


In the Trichoptera, as in other orders of insects, our know-

lpdae of the immiture stages has leted far behind that of the adults.

The larvae of many species of caddir flies amoim to occur in the state

still are unknown or unesaocinted.






-2-


Betten (1934),. alduf (1939), and Ross (1944), have all care-

fully and fully summarized the extensive literature deocribinc and

deteilin- the life histories and habits of caddis fliee. For this

reason, no further discussion of this subject will be included here.


The current status of the knowledge of cr.dis flies in Florida

can be stated concisely. The species are very incompletely known;

cornm-r-tively few larvae have been associated with the adults. The

larvae of some genera have never been found and. much more collecting

of adults is needed. Georr"r.hic variation of the Trichopterap of the

1Thited States has never been investie ted thoroughly. Little col-

lecting has been done in northwestern Florida and many new records

plus undescribed species should be found there. Obviously, there is

amle room for far more study.


This researrch problem was specifically limited to the caddie

flies of Alachua County; however, as I had access to material collec-

ted in northwestern Florida I decided to extend the scope of the

.ntida; to include all th.t was known end all that I could find out

Pbout the ceddie flies of Florida. This additional material consisted

of caddie flies collected by Dr. Lewis Berner in 1939 and 1940, and

also spPcinens which were in the collections of the University of

Florida.


7ttendin the study by the inclusion of this supplementary

nrterlpl -reatly broPdened the entire picture, but also, simultaneously,






-3-


complicated its for the oolleotions examined were sufficient to raise

a multitude of questions but were insufficient to answer may of them.

For eanry problem solved, two were discovered which ccvld not be ao-

p-rorad.


This report is the result of an investigation earrr.c onm for

two yearc-----from Fcriary, 1950 to Februlry, 19r6-----in .- '..ch time

I colleotec appro!rnPtely 10,000 speciiens and examirne an ,'l1tieonal

eight lrTndred inrdivdirrle vhioh were collected by other.


The purpose of this investigation is to present (1) an

annotated liaf of the caddis flies found in Alachua County, (2) a

oheck list of the oaddia flioj of Florida, (3) keys for the identifi-

cation of the larvae and adults found in Florida, vnd (4) a biblio-

graphy which inolides all references to Florida ead'li fliec. In

Ohort, this investigetion has two Frir~ry rpirposes: to report Cn the

caddie flies of Alatohna County and to gather together all tha-i: is

Imown about the crodiv flies of Florida. As such this report mirj.t

well aorve as a foundation for a future study of the oanidii flios of

Florida,


On the basis of the information gathered in this study, which

of necessity is very incomplete as collections from parts of Florida

other than Alaohua County are very spotty, the state of Floricn oan be

subdivided Into two areas hwv nG d3itinct caddsi fly faunara (1)

Iorthweteorn Florida, and (2) Peninsular Florida. Northwest-rn Florida






-4-


certainly has a fairly distinct fauna for many species of caddie flies

hrvinf northern effinities Pa& are found here which are not collected

in the Gainesville region. "The Apalachicola River draineTe has with-

out doubt been the main hirh::.y of ingress to Florida for the great

majority of animals which require flowing water or h-rdwood forests.

Ro ers (1933) found that the ecological conditions existing in the

Apalachicola drainage woould admirably explain the distribution of

many northern craneflies in Florida, Carr (1940) reports that the

most extensive invasion of Florida by the northern element is encoun-

tered in that portion of the panh-ndle which is drained by the Apala-

chicola River. Hubbell (1936t354) states that in this peculiar en-

vironment (the deep ravines of the Apalachicola region) a gre-t many

northern plants occur, evidently the remnants of a northern flora left

as relicts from Pleistocene times in these deep, moist, cool revines.

"It has elso been noted that many northern plants re-.ch their southern-

most limits in these rrvines and many typically southern plants inter-

nin'-l here with the northern species. Iot only is this true of plants,

but such has proved to be the case in the craneflies, the Odonata, the

Opilionids, the Orthoptera, the crayfish, the PrThibi:,ns, and the rep-

tiles." (nerner, 1950). Peninmnil-r Plorida has a number of endemic

species, but the majority of the fauna is composed of species having

a far riider reolra.nhlc range.


Oaddil flies are fairly nbundrnt in Florida --- they can easily

be found -- but they do not appear to be present in numbers as larre






-5-


as those occurring in many northern streams. I hnve never collected

caddie flies in the north or the west, but I have reed many descriptions

of the immense numbers of these insects which swarm in northern streams.

The rock dam near Poe Springs is the only locality in Alachua County

which apnropches these descriptions of northern abundance.


In the north caddie flies are an important link in the aquatic

food chain, for they convert small units of food into larger units,

and since they ere present in tremendous numbers, they are a group to

be reckoned with, Caddie flies constitute an important factor in the

diet of many northern fish.


This does not seem to be true in Florida. I do not believe

that caddie flies are abundant enough (except in certain scattered

localities) to be a major link in the aquatic food chain. Reid (1950)

found the number of caddis flies eaten by the Black Crappie, Pomoxli

nIorm-clntus, in Orange Lake was insignificant. William McLane

(personal communication) found the same condition to be true while

he was workln- with large-mouth bass in the St. Johnts River. Very

few caddie flies were found in the stomachs of the bass.


Caddie flies are important in Florida, however, as indicators

of stream pollution. Many stream forms of caddie flies have an ex-

tremnly low ecological tolerance and cannot withstand any stream pol-

lution. According to William Beck, Jr., of the Florida State Borrd











of Health (personal communication), Cheumatopsyohid larvae will

tolerate pollution of a minor degree while most other caddis flies

will not. Personal observation bears this outt for example, in the

summer of 1950 the East Branch of Hogtown Creek had a caddis fly

fauna composed almost entirely of Cheumatopsychid larvae, while the

West Branch had a more varied fauna. Many old, empty Leptooella

and Oeoetis cases were found in the East Branch showing that other

species had lived there. Since it is known that the East Branch

occasionally becomes polluted, it would seen likely that the oreek

was slightly polluted in the summer of 1950, and that only the

Cheumatopsychid larvae could withstand the pollution. Ross (1944)

corroborates these observations* He states that members of the

genus Cheumatopsyche can frequently succeed to some extent in streams

too polluted for almost any other caddie flies. Therefore, it appears

that caddis flies can be used to show compnrative pollution (1) if

a stream is unpolluted, there will be a varied caddie fly fauna present,

(2) if a stream is slightly polluted, only Cheumatopsychid Iyrvae will

be found, and (4) if a stream is highly polluted, no oaddis fly larvae

will be present.

Although this is the first systematic study of this group of

insects in the state, the Trichoptera of Florida, and ccpecially

Alachua County, were previously fairly well investigated. Caddie

flies were collected by Drs. Lewis Berner, J. Speed RoEers, Frank

Young and others, end vwre sent to authorities for i~Sntification.











V.-rioui ruthorities on caddis flies made quic': collecting trips

thro-,th'out the stte. Almost all of this has been incldent.!'l col*

lectlnr in scattered locations rather tha. thorou.-'h, s.ytem7tic,

faunal studieS. Furtherr.re, information on the caddis flies of

Florida was citttrred -- indceed much of it was unpublished -- and

has been inpcceesible to all but a spFC"lirit. For these reasons

this problem has been Turnued long the aforementioned lines; a

faunal study and a consolidation of knowledge.


The collector's names are abbreviated throughout the thesis.

The abbrevi-.tions refer to the following ment D. A. S., 3. A. Bc-r-

rington; W. M. o ., V. M. Becek, Jr.; L. 3., Lewis Derner; A. J. H.,

A. J. Henry; A. M. L., A. '. Lpessle; A. F. C., Archie F. Carr;

E. L., Ellis Lanquist; H. ,, TN. Marshall M. W. B., 'p:rahanll Niren-

bert J. S. R,, J. Speed RoCers; R. P. T. R. P. Trondon; F. N. Y.,

Frr nk TYoun; J. S. I., J. S. :cCulluph.


:'oEt of the drawings in this report which illustrates the

keys were copied, and come from many different sources. Although

some of the illustrations were taken from the illustrations accom-

,r.nyAng oriin.Il descriptions, it has ceened Fdvis-ble to use the

best ir.idnrs available, and thus some newer, redescriptions were

nsed in -'ince of the older, original descriptions.


All of the original LrPwinrt were made with a camera lucida

fron uncle.red specimens preserved in 85;' ethyl alcohol.


-7.










lTh source of each lllutrrtlon is a s followbr 'ics. 1-36,
Ross, 1941P; Iri. 37, "irenbTrc:; -i. 38, Ross, 1944: Pir-. 39, -aos,

1948 : 1'1?. 40-64, ross, 194; rFi. 65, Vorhies, 1909; Figs. 66-73,
Rnos, I2!'8!; Pig. 74, Theur; .i:'s. 75-79, Ross, 1944; Fig. 80, Ross,
19!P7-; Frgs. 81-99, Ross, 19'4; 1igs. 100-100A, Theur; PiVs3. 101-
106, Bose, 1944; Fir. 107, Ross, 19-41; Fi-s. 108-117, Ross, 1944;
'igf. 118, DPnninn, 1947; rlig. 119, Poss, 1941}; Vig. 120, Dennln;,
19'8: T'irf.121, Ross, 1948; irc. 122, Ross, 1944; Fig, 123, Denning,
19L7; igs. 124-125, Ross, 1944; rig. 126, Denning, 1948; Figs, 127-
128, Ross, 19W!; rlg, 129, Ross, 19-1; Firs. 130-131, ~enninr, 1947;
Yirs. 132-256, Ross, 1944; Fic, 157, Theur; ri,,c. 158-1767, oBe,
1944; fiG. 168, ?:irrnberg; nit. 169, Ross, 1947; Ti r. 170-171,
];irenbcr,-i: Fis. 172-173, Ross, 1944; Figs. 174-175, Teur; Figs.

176-177, Ross, 1944; Frc. 178, Bkans, 193S; rics. 179-180, Ross,
1944; PIGS. 181-183, ITrenberg; Figs, 184-185, Ross, 19441 Fics. 186-
187, .'It r; 'ic. 188, Ross, 19'4; rig. 189-190, Toss, 1947; ~ iez. 191-
192, Ror, 1944; 7.i. 193, Ross, 1941; 71-~. 194, Ross, 19'4; Fig. 195,
Boss, 19380; j'ir. 196-200, Rose, 1944; fi-c. 201-202, Theur; Fig, 203,
Ross, 1944: 'ir. 204, Ross, 1941; Tic. 205, Firenbers; Pig. 206,
Theur; Fie. 207, Tirenberr: rir. 208, Theur; ri'-. 209, ,lTtten Cn
:!ocel:, 1940; Firs. 210-211, loss, 1944.










ACRNME1DnaEIMED TS


This study could not have been completed without the help

of many individuals. I take great pleasure in acknowledging the

time and thought spent by these men and was greatly impressed by the

willingness with which this help was extended.


I especially wish to thank Dr, Lewis Perner for his guidance,

constructive criticism, and for the many specimens collected by him

in other parts of Florida, Dr. M{inter Testfall spent many hours

helping with the photography, Dr. Cornelius Betten sent a list of

all the caddie flies he had collected in Florida end a list of all

the oaddie flies recorded in the literature which were collected

in Florida. Dr. Herbert Rose of the Illinois Natural History Survey

sent me many of his reprints, gave advice and identified some

specimens. Dr. D. G1 Denning of the University of Wisconsin sent

a number of his reprints. Mr. Ellis Lanquist, Dr. J. Speed Rogers,

Dr. Frank Young, Mr* R. P. Trogdon, Dr. B A. Barrington, Mr. Jon

Herring and others too numerous to mention, collected specimens used

in this investigation. Mr. Bert Theuer helped greatly in the

preparation of the keys by drawing the heads of some larvae.


William Book, Jr., George N. 7Teld and William MoLane aided

by oantributing bits of essential information used in this study,


Last, but by no means least, I would like to thank all

those who contributed materially by offering criticism, advice

and suggestions.













Three different methods were used in collecting cpddin flies:

(1) the larvae and papae were collected from water, (2) the adults

vere collected at light, and (3) adults were collected during the

day by sweeePin vegetation overh-nr~ning in-ter or by ne-rchin- crevices

underneath bribes. Since no one method will yield a representr.tlve

collection of the area, a conrbin-tion of all three was used,


All ITearctic caddie fly lprvee rnd, .puae p rrea qu.tie, and

almost any type of ?qu-tie hl.bitat is a -otenltinl collecting site.

Stonor and pieces of :ootd were brought to the surface for examine-

tlon. Leaf-drlft, rouvtic vepet-tion, end debris vere du-ped in a

pile on shore, After drying for a few minutes, the lprv. e begin to

rovr and can easily be .rottec.. Some pupal and larval cases show a

high derTer of protective colorFtion tnd blend in well with their

surroundinns, but with practice these cases can be readily disttin*




Fron a quantitative point of view I found the best place to

collect larvae and nnrpe in Alachua County was in rpTida end riffles;

for example, the rock dam at Poe Sprin'!. The larvae are present in

this snot in tremen9ovs numbers. I also found nui.ntities of larvae

by exratinlnrg the lenf-,rift in some of the numerous, small, swiftly-

flowin,, urnpolluted streams scr.ttered thror-hort' the county; for

e2rample, ptrts of "o~to:n Creek. Larvae nr' be found in all conceiv-

able tyrnes of aquatic habitats, for there are records of immatures






-11.


being found in pitcher plants and the hollowed-out boles of tree

stumps that had collected a little pool of water,


Adults of most species of caddis flies will come to light on

warm, still nights, and I used this technique extensively. Specimens are

to be found on store vindons; pink neon lights especially attract these

inseots. TMhile some specimens can be found in town on store windows,

lighting on the shores of streams, lakes, oto* is essential. I have

had good results using a Coleman, single mantle, gasoline inltrn.

Caddis flies clinging to the lighting sheet can be collected by

holding a small, wide-mouth jar half full of 85" alcohol directly

beneath the insect and tapping directly above the insect w.ith the

forefinger. The startled caddie fly will leap backnanrds into the

open jar* Dipping an index finger in alcohol, scooping up the insect

rapidly but gently on the wet surface and then dipping it in the bottle

is a rapid method which I used for collecting iany small caddis flies

I have used an automatic light trap with success. The trap

was set in various places overlooking water and was periodically

checked.

In daylight collecting of adults, sweeping vegetation with

an insect net is a neo&ssity for some species are negatively photo-

tropic and cannot be caught at light. Resting places differ with

the species, but most eaddia flies prefer shaded, humid places. Vege-

tation overhanging water and crevices of tree trunks are favorite

resting places. These insects are very fast and agile, and swift






-12-





movemont i~ required to oaptura then,


Frequently the adults may be captured on sticks end vegei-

tion floating on the water. When floating vegetation is submerged,

trapped adults will quickly swim to the surface,










PRPS9TRVATIOT MD CLTA'RIIC-G


All cddfis flies, both immature and adult, were preserved in

85,' ethyl alcohol. One genus, ,Letocella, wao collected dry since

identific-tion in this genus depends lrrely on the p-ttern of hairs

on .the wrinrB. I eost specimencof this genus were killed in a cyanide

jar and were carefully pinned.


The genitalia were used to identify almost all species of

caddie flies. It was usually necessary to clear the genitalia to

see the dipgnontic characters. I have used the following clearing

procedureI The apical third of half of the abdomen was removed and

placed for five minutes in a hot five percent potassium hydroxide

solution heated in a water bath. It was then transferred to alcohol

and the viscera were gently squeeze out. The cleared gFnital cap-

sule and the cnecimen to.rhich it belongs were put in a small vial

rpnroximntely 74 by 4 mm. This vial was filled, stoppered with a

cotton plug and inverted in a ring neck 4 dram vial.


It was desirable to clear the entire body of the micro caddie

flies belonrnin: to the family Hydroptilidae. The Mbdomen was not

detached. The procedure used is the same as above except in this

case it was necessary to teat a slit in the base of the Pbdomen through

rhich the dissolved viscera was expelled.,






.14.


Two major methods were used to associate larval caddie flies

with their adult forms. The larvae or pupse were either reared in

cmes until the adult emerged, or the pup-e were dissected.


Laboratory Rearing


Reprinn caddis flies in the laboratory is a difficult pro-

cedure, for many species have a low ecoloLc-l tolerance, and n-tural

conditions mnist be clmulnted. Therefore, in trying to increase the

yield of reared adults, I developed a number of different rearing

methods: (1) a series of eight screen wire cages, each enclosing

a balanced, aereQted aquarium were used Both larvae and pupse were

kept in the nquaris. All the larvae died occoslon.lly some adults

emerged from the pupal case. Vhen caged together, the larvae are

cannibllttic, and the larvae that survive are usually killed by

the chaneI in their environment. Pupae, however, require nothing

to eat, and if the putp is mature, the pdult will emer~e within a

few days. Pupae of certain species are often rather scrarce, which,

since it is difficult to find enough individuals to nmrai certain that

re.nlts will be obtained, constitutes a. major icrAvwnt ce. (2) SCob-

terred rocks and vegetation covered with r.upne end Irrvr.e were taken

from their natural habitat and kept emoitened, but not submerged, in

large screen-wire cages. The enddis fly inn.atures were able to get







-1&5


all the o-yp.en they needed by 5'eepinr them in contact with air r-ther

than water, The larvae died, but many pupae survived and .,ere re-red

to the Piut -tage. Micfel and Milliron (1939) described a Esilrr

method of rearing caddis flies. They placed -i.p"e in shallow pie

p-ns containing dnamn srhpmnhain m oss. The moss kept the ..nae roist,

and the pupae received more oxygen than they would have received in

water. TIy method was quantitative rather than qualitative, for if

two or more species of a genus were present, a specific association

could not be n'de. (3) The pupae were separated under a binocular

microscope and npcked, in groups of five, in dG~pn cotton. ach group

was then put in a shell vial covered with a wire screen top. This

senTrpted the species qualitltively, however, only a small percentaPe,

approximately two percent, could be reared since r-!ny pupe were Un-

doubtedly injured in hnndlin. (a balanced

cqFrium- with a strong jet of air eere-ting the water and Incident.lly

stirrin-t the water swiftly and constantly. A slow flow of tap water

fell into the aquarium, and a'slnhonin' arrrncEment took care of the

overflow. The larvae were fed with plnlkton. Time and lack of

eqruiment prevented me from making full use of this method, but I

believe this method was the best and can be used to cdvanate with

both larvae and pupre.



Field Rerinw


On three different occasions I set series of modified, copper-

wire pillow cages filled with larvae and pupae in the west branch of






-16-


Iogtown Creek near Gainesville. TheoreticIlly, this should be an

excellent method for associating stges in the life history of cAldis

flies, but in practice it was unproductive. Uore extensive, con-

trolled field reorinr should yield good results.



1n- al Dissection

Certain pupae form the connecting link between larvae and

adults and can be used to associate the adults with their specific

larval forms. In most caddis fly groups the larval scleritts, which

are readily diagnostic to species, are packed into the posterior end

of the pupal chamber after the pupa is formed. Just before emergence

of the adult, the genitalia of both sexes becomes completely formed,

hardened.and colored, which therefore specifically identifies the

slpeimen.


If a cocoon or case is collected which has a matire pup? in

it, the larval sclerites and fully formed renitalir can be associated,

and it is thus possible to linkfthe a:1ult and larval forms of the

species. VTowever, it is ,unll:y necessary to collect n.any pupae bs-

fore one is fomud with mature genitalia.


The family Leptoceridae constitutes a major exception to this

type of linkage. In this family the pupal chamber has a slit and not

a mesh in the closing cap at both ends. Through these slits the pupa

pushes out all the larval sclerites, so that it is irmossible to get












associations of adult structures and Inrrvl sclri1tes in the asme

case, For this reason it is neeessary to rear these larvae.


Care was taken in trPnsportlng the larvae and pupae. I hlve

had bent results by packing both larvae and pupme in drmp moss. The

caddis flies were transferred to their permanent aquarium or cage as

soon as possible.


















ane
pr n t rn- -- -









ii































metanoum --



later I hu p-






-19-


KEY TO FAMILIES



Bays to genera and species are incorporated within the

annotated list Refer to the Cheek List And Index at the end of

this volume for page numbers.


Larvae

1. Larvae (not pupae) living in and carrying around a
definiete C&8**********************.****,****, *********.** 6

Larvae without cases&*.......**** .....*.......*. ...*****.....lO


2. Case like a snail's shell, fig. 210.
Belicopoyahidaa (Ielioopgyohe borealis)

Case not lie a snailr shell,*.....*..*...*...........****..5.


3S Larvae smaller than 4 mas pro-, meso- and metanotum
each with a single, solerotized shield embracing
the entire notum.
Hydroptilidae

Larvae usually larger; either mesa- or metanotum or
both without solerites or with solerotized shield
subdivided into separtto plates, fig* 11....................4


4. Clnws of hind legs very small, those of middle end
front legs large, fig, 2.
Molannidae (Molanna tryphena)

Claws of hind legs as long as those of middle legs,
fig. 8o*..**.*.***.****.>f..*.....**.*.........*..*.....**

5. Antennae long, at least eight times as long as wide,
and arising at base of mandibles, fig. 4...*.
Leptoceridae

Antennae much shooter, not more than three or four
times as long as wide, often very inconspicuous,
and arising at various points, figs. S and 6*....+..,.......6



























aal















A B















I S Ul0@TOK




















40



U *S






-21-


6. T.esonotum subnembranous, except for a- pair of
parenthesis-like, sclerotized bare, fig. 7.
Leptoceride.e

?Mesonotum 'dthout such barae.. .0 or.....* *&**.. *.. ..o... 0


7. Meson end metanotum entirely. membranous.
Phryganeidae (Bankuiola conoatenats)

Mesonotum with some conspiouous sclerotized
platess *.**. *.................... .******. ............8


8. Anal hooks formed of 2 or 3 long teeth ,ituatd one
over another, fig. 8 A.
Serioostomatidae (Sericatosma orsssioornis)

Anal hooks formed of a single large, tooth with
1 or more mail teeth on its dorsal edge, fig. 8 B........*.9


9. Pronotun with a deep furrow running almost the ..
full width of the soleritae head as in fig. 10.
Braohyeentridae

Larvae large, living in a case made of sticks,
fig. 135.
LimnopAhlidae (Pyonopsyohe ep. A)


10. Pro-* meso- end metanotum each with a single,
sclerotised shield embracing the entire notuim,
fig. 12i abdomen with many oonspieuous branched
gillls fig. 12.
HIydropsyohide.

Either mesoo or metanotum or both without solerites
or with salerotised shield subdivided into separated
plates, fig II******,** ********************.***.,******.II


11. Labrum with anterior end lateral portions expanded
into a ilde, mnembranous area, fig. 13.
Philopotamidne (rhiiarra)

Labrum shorter, entirely selerotised, fig. 14.
Psyohortriidae





















;ell
k 4"

FIG. 13 --- U TITZT-1



'Y'

4


FIG. 14-11-,ABR7


FIG. 12 ----- 1A7VA OF


SC2 Ft P2 Ft R4
antenna --------------------------- R5
median ocellus -------------
anterior wart ------------- ---
compound eye ----------
lateral ocellus ----------- M2
postero-lateral wart M3
pronoturn ------------
CU
a., t M4
tegul c u uM----
mesonotum -C"
scut C.-d
(posielol tuumm----- '4 b
metanotum ------- --------
...... Sc
............



2 R4
iA
r F1,
abdomen ............. 2
cvb cu. M, M M,



--1o
claspers genitalia
-.:aedeagu'---





1 2 3 4,
maxillary palpus,, 7
io claspers

labial paipus.----- me'so-
pleurae
metapleurae
c 0)(aj
trochanter, 'apical spurs
femur,
tib a' tarsus
claws_._. preapical spurs


FIG. 15 ADULT, ILLUSTRATIEG TEER11INOLOGY OF PARTS.











Adults

I. Small, hairy individuals not over 6 mm long; meao-
scutellum with posterior portion forming a tri-
angulpr, flat area with steep sides, fig* 161
mseoscutum without warts.
Hydroptilidae

Size ~mng of 5 to 40 mm; either mesoeoutellum evenly
oonvex, without a triangular posterior portion set
off by sharp sides, firs. 17 and 18; mesoaoutum
with warrts* ....**..***************. ... ******* *******


2. Ocelli present, fi. 15*........*........**,*,,*..*..*..........

Ocolli absent ese***** ***


*aegamented, fig* 19.
Limnonrilidne (Pyonopeyohe spi A)


r'axillnry palpi 4. or 5-segmented............................


4. Msxillary palpi


o. Maxillary palpi
times as long


4-segmented, fige 20.
Phryganeidae (Bankaiolsa conatenata)


with fifth segment two or three
as fourth, fig. 22.
Philopotamidae (Chimarra)


axillary palpi with fifth eeg~int not nore than
one and one-third times as long as fourth, figM 2$3......*....


6. Haxillary palpi with 5 or more segments, fig. 24*..e...,,*....*7

1laxillary palpi with less then 5 segents.............*......10


7. Terminal segment of maxillary palpi much longer than
prooeding and with close, suture-like, cross strike,
which are not possessed by the other r~gments, figs.
25 end 2a*n**********n************************


*230


8. Maxillary palpti


Maxillary palpi 5-segmented,fig 21s,*.... .....********.******















































In














rI.






-25.


Terminal sognont cf maxillory pwlpi without such
strike and similar in general structure to fourth
segment, usually of same length***........*......**,.....10


8. Anterior tibiae with a proapionrl pur*.
Psayoho' iidao

Anterior tibiae without n preapical Bpur*........* ....** ....*9


9. !!s3ooutum without warts, fig. 17. ...
Hydropsychidne

Tepsoutu:n with a pair of smail warts, f 27*.
Psyohotrildae

10. Ifiddle'tibiae without preapi cl spurs Pnd with a
row of black spines, fig*, 28.,*..., ...........,........,1

middlee tibiae with preapionl spurs, with or with*
out a row of sGinee..**..,..... ....,....,,..,,*****.,,,14


11. l esonotum with soutal warts represented by a long,
irregular line of estate spots, fig* 291 antennae
always very long and slender.
SLeptoeoridne ... .. .

Mesonotum with soutal warts either small, fIg, 30,
Or nbsent, fig, 188 antennae fairly short.....**********,,* 12


12. Male genitalia as in fig. 31S ventral aspect of
abdonon of femle as in fig. 32i
Ilelicopsychidtoe (Hfelioopsyche 'boroalia)

Genitalia of male and female not as in figf. 31
and 322.********t******w******. ***********e**e******e..... .13


13, I esonotum with a deep, antero-mesal fissure with
soutal warts as in fig, 33.
Seri noFstcomatide (Sericostoma craesioornis)

Mosonotum with only a shallow antero-mosal crenas,
with scutal-warts as in ffiCS. ..
Brachyeentrid roc

















































(lift"















.5s 10) as m OT.S,-






-27.




14. Middle femora eaoh with a row of -.10 blaek apltes
on nntoro.-vetrnl face, fir. 55.
Pol1anidne (Molanna tryhrena)

?fiddle femora each with none to 2 black spines on
antero-ventr.'l face,
Er.-cycontrldie


































AA








VIE; B, EEAG
F S F 4
MAF











U S 0M






029*


Key To The Speoies Of Chimarra



Larvae

1. Apex of frons as in fig. 36,
Chiirarrft aterrima

2. Apax of frons as in fi,. 37.
ChLmarra florida

3. Apex of frans ae in fig. 38.



Adults

1. Apex of abdomen with a pair of cleaners (maleas)*.*,,.****2

Apox of abdomen without claspers (females)... ***....*........*4


28 Color brown, genitalia as in fig* 39.
Chimarra perigua

Color blackish....,.......,.,, ... ...*******.****************.


S. Genitalia as in fig. 40.
ChiLmrra aterrima

dGnitalin as in fi g 41.
Chimarra florida


4. Color bro=n,
Chimarra periguaa

Color blaocish ..** **iii*es.*t**.*r.*******>** *5

S6. inth tergita produced into well-defined, lateral,
solorotised ears, fig, 42.
Chimarra florida

Ninth tergite without oars*
Chimarra aterrima











SChimarre aterrima Hagen


Range Eastem and southern states*

Desriptiont Ross, 1944.

Remarks: The larvae of this species live in small, cool, fast-

flowing, spring-fed creeks. Although I found a stream in Golden

Head State Park where 0. .torrima was the dominant caddis fly, it is

not usual for the species to be so abundant, The fact that I have

never collected adults at light suggests that they may be negatively

phototropic.

Previous Florida Reoordst Rose (1944) records this species from

Florida but does not give the locality. Totton personall commimi-.

oation) oolleoted C. aterriia in the vicinity of Lake Placid.

Specsa ens Examined Five larvae, 2i- miles W. of Gainesville, L. B.,

1/28/391 3 adults, 2-i miles W. of Gainesville, L. B., 1/28/39 1

larva, Alachua Co., 11/9/371 40 larvae, T1o,,tn Creek, In leaf detritus,

F, N. Y., 12/31/471 1 Inrva, Devil's Uillhopper, 10/25/37; 1 larva,

Devil's Millhopper, 10/2/51; 400 larvae man upae, Golden Head

State Park, M1 W. N, 8/12/601 40 larvae, Hogtown Creek, M. WV. N,

8/8/501 38 larvae, Hogtona Crook, M. N., 6/4/51.






-31-


Chimrrtr per~ga Ross



Range Florida, Georgia and Illinois*


Description& Rose,,1948, ,

Renarkt: Ross (1948) states that C. perigua was recorded erron-

eously as sooia and the latter species was thus listed as being

present in Florida. Chimarra sooia does not occur in the state.

According to Ross (1948), "Re-examination of a Irrge series of

Booia---.---( Indxiates) a wide eastern and northeastern range for

scoia and a small range of perig a which is peripheral on the southern

and western portions of the range of soola."

The larvae of C, periua live in clear, cold, rushing water

such as that pouring over the rock dam at Poe Springs. The adults

appear to be negatively phototropic, for though I "lighted" for

caddis flies many times in this locality, I did not collect any

adults.

The larva was Pseociatod with the adult by a process of

elimination. I collected larvae of three distinct species of

Chimarra and adults of three species C. aterrima Co perigua and

C. florida. The larva of C. nterrima was previously described and

was easily identified. I associated the larva of C* florida by

pupal dissection, which left one unidentified species, The adults

of C. perigua are very similar to C. sooa, and the third larva

was also extremely similar to that of Co socia. It seems obvious,






-S2-


therefore, that those larvae must be those of C, porigua,

The larva of C. periiua cannot be distinguished from that

of Ce sooia using the description given by Ross in 1944, I do not

have comparative material of C sooia and, therefore, cannot look

for differences in morpholoSgicn characters between the two species,

but a critical examination of both larvae is definitely in order,

Previous Florida Reeordat "Holotype, male---wSanta Fe River,

Alachua Co., Florida, April 6, 1940, L. Berner. Allotype, female---

Santa Fe River at Poe Springs, Alaohua Co., Florida, Maroh 12, 1938,

L. Berner. Paratypea-----Floridat same data as for allotype, 1

male." (Ross, 1948)

Spea 2ines fxaminea Two adults, Poe Springs, L. B., 3/12/481 3

larvae, 6 miles W. of Gainesville, B, A. B., 11/6/S39 1 larva, 5

miles W. of Gainesville, B. A. B., 12/?/39i 1 larva, Alaohua Co.,

L. B., 2/7/39 4 larvae, Poe Springs, 3/2/s38 10 pupae, Santa

Fe River, J. S. RI, 8A2/30; 8 larvae, Poe Springs, !I. We N.,

3/24/501 2 larvae, Poe Springs, U. WV, ., 8/8/650 14 larvae, .I

mile south of Gulf HaI.ock, Me W. N. 7/30/50S






-53 A.


C* thlrra florid Roes .


Ranget Florida and Georgia.


Desorintiont Rossa 1944.

Remarks The undeecribed 1erva of C. florid was nasooiatedl Vwith

its adult forn by nmean of r~~rl dissocotl. .. .


The larval stage of this species was only found in the most

rapid Torticns of very s ift caloareous streamse

Previous lrorid P.ecordet Oae male, Freeport, Walton County,' collected

by Dr, Lowis Berner, Aprr!l 3, 192?. .(from Rose, 1944)


Specimens aEamined: Three males, fast stream, .1 mille S of Gulf

Hammock, tLvy Co., sweeping, M, W, Ne,, 7/30/501 1 pupa, .1 mile S.

of Gulf Ham-ock,. Levy Go., i.1. Vi. No, 7/30/0sO 9 larvae, Poe Springs,

10/14/47; 1 female, Poe Springs, at light, M.. W. 2, 9/9/601 1 pupa,

Pow Springs, M1 W. N., 8/24/51; 1 pupa, no dnta; 1 male, sweeping, Poe

Springs, M. W. N., 3/24/50; 2 males, 6 females, Poe Springs, at light,

M, W. V., 7/2/s0.






















10






-- 45--,APAX
A:-.AL ITCOX AYAT- PITA:




Z


10 10







FIG. 47 ---- APEX OP FIG. 43 ---- AYWX OF
ABD( MUM











FIG. 49 --- X DIr L E, S FIG, 50-OAMUTS







...............






F IG. 51 --- T.4kNDIBLi7,S FIG. 52--wTUDIBLES






-34-


oey to the Psycharnyidae


Larvae

1, Anal hooks with a row of 4 or 6' lng teeth along
S inner ventral mn.rri.n, fit 44s tenth segwent'short*
with seareely any ventral margin fig. 45.
Psyohoaprla flavida

Anal hooked with at most very short, inner toeth, fig.
486 tenth segment longer and tubular, figs. 47 end


2S Mandibles short and triangular, eaoh with a large,
thiok brush on the mosal side, fig. 49.
Phylooentropus placidus

tMndibles longer, fig. 50, with only a thin brush
on loft mandible, none on ,rightf......u***...,*i* ,..* 3


3. Right mandible with two large dorsal teeth whioh
completely overhang and hide the ventral rows on
the left mandible the dorsal row of teeth over.
hangs and hides the ventral row, fig* 51.
Cyrrellue marginalia
Right mandible with a single dorsal tooth whioh only
partially hides the ventral row of teeth on the
/ left mandible the dorsal row of teeth does not hide
the ventrol row$ figs. 50 and 653....*.....,*.*.*r,,.*,***4


4. Basal segment of anal appendages (tenth segment)
without hair, fig, 47; left mandible wtth basal
tooth small and with a linear brush cn msanl
face near bnse, fig. 47.
Neureclinsis crepusoularis

Basal segment of anal appendnCos (tenth segment)
with long hair, fig. 481 left mandible with basal



































rr




?l". 7 ( TAlD TG




FI.5--wi&ILR

PAMPf PA3"






-36-


tooth large, subequal to one .above nod with
brush small, fig. 52.
Polyoentropus

Adulta

1. Front tibiae with a preapioal spur.........**...*....,......,.2

Front tibiae without a preanpial spur......*...** .,.......*. .6


2. Both pairs of wings with R2 present end branohing
from:R3 at radial crossvein, fig 56oS
Phyloeentropu placdus

Both pairs of wins with R2 either absent or
branching from RH near margin of wing, fig. 54.............


53 Hind wings with M.S-brancihd, fig. 55.
eureelipsia orepusoularie

Hind wings with M 2-branohed, fig. 6.......,,.,...,........4


4. Front or hind wings, or both, with 'R present,
fig. 55.
Polycentropus

Both wings with R2 absent, fig, 56...........................5


5. Maxillary palpi with second segment long, third
only slightly longer than second, fifth short,
fig. 57.
Cyrnellus marginalis

:axillary palpl with sooond segment short, third
three times as long as second, fifth long, fig.
68.
Nyotiophylax vestitus

6. laxillary palpi with second segment only one-*
half to one-third as long as third segment
and with the apex enlarged into a small cushion,
fig. 69,
Carnotina






437.


Uexillefr palpi with second cement as long as
third end uniformly cylindrical fig. 60*,...****......*..,7


7o Hind wings with apex evenly rounded1 figa 61,
LySpU diverea

Hind wings with apex tapering and somewhat
pointed. fig* 62*
S, Payohosyia flavida



T':1T1CTLIPSIS ToTachlrn


l7eureolinsis arepu eulrria ('alkeer)


This species has not been taken in Alachua County, but

Better (personal communication) collected it in Florida (location

not given).










PHYLOCENTROPUS Banks


Phylooentropus plaoiddus (Banks)


(Holooentropua laciduB Banks, 1905b
f.iocOentropua maximus Vorhies, 1909)

Rnnoet Eastern, central and saithern states










Description: Ross, 1944.

Remarks: This species appears to be rather rare in Alachua County,

for I was able to obtain only a few speoimans.* One larva was found

in a lake, the other in a slow stream with a soft, flooculent bottom.

Vorhies (1909, p. 712) gives an excellent description of the unusual

larval ease.


"The larva burron~ into the sand of the bottom of the

stream and forms a long, often complexly branched case of sand,

scarcely firm enough to keep its shape when it is eXtracted from

its position. This oann, about 5 rmo. in diameter, excepting some

smaller branches, is ofton as muoh as 65 mia in length, the rretter

portion buried, only 10-20 am. projecting from the stream bed."

Previous Florida Recordst Dead Lake, VWewahitohka, oollected by

J. G. Needhan (Betten, 1934, p. 213); speoamens collected by Betten

(personal comnunioation), loortion not given.

Specimens Examinedt One female, Waashington Co., L. B., 6/SO/40;

1 larva, Lake Santa Fe, 12/8/47; 1 larva, .low stream, 5 miles N.

W. of Gainesville on U. S. 441, i. W. N., 6/21/50; 1 male, Worth-

ington Springs, at light, M. W. N., 7/3/50.








-40-






-41-


rOLY Ti. "OPUS Curtis



-Ke yTo The Spocies Of Polyoentropus


Larvao

1. Spots on larval head as in fig. 68.
Polyoentropue sp A

Larval stage unknown.
Polyoentropve orascioornis


Adult

1, Genitalia of iamlen as in fig* 70o genitalia of females
as in fig. 71.
Polycontronpu on assicorni




Polyoentroeas orassioornia W'alker



The larva of this spsoieo, although it has a wideepread

range throughout eastern United Stotes tnd Canada, ia unknown. Banks

(1907) records P. orassicornie from Jaoksonvillel however, I have no

other record of its occurrence in Florida. Possibly Folyoentropu

sO. A Is the undescribed larva of P. crnsioornis.



Polycentropua sp. A



Although I collected the larvae of this species in a num.

ber of locations, a constant search for the adults failed to produce





-423


a singlo *speoimen The adults nay be negatively phototropso, for

night lighting and daylight sweeping were both ineffective in col-

looting them. I attempted to rear some larvae which I collected

in Big Hatchet Creek, but the larvae died before pupation.

These larvae appear to be very similar to the larvae of P.

remotus (fig. 68). Since P. remotus has been collected in British

Columbia, Illinole, Minnesota, New Hampshire and New York, a wide-

spread geographic distribution coupled with a looal occurrence ia

indicated. It is possible that the larvae of Polycentropus ap. A

are the undesoribcd larvae of P. ,rassioornia, which has previously

been collected in Florida, but it is also possible that they are

the larvae of P. remotus. Further study will undoubtedly permit

association of larva and adult*


Sieoimene Examineds One larva, Poe Sprines, J. S. M., 5/14/384 1

larva, Santa Fe River, 3/24/357 1 larva, Big Hatchlt Creek, M. Wo

N., 4/24/60; 2 larvae, stream, .1 mile S. of Gulf H1m-~nock, Levy

Co., Ie 1. 1 1., 7/50/6SO 3 larvae, Big Tatchot Croos, WI N,,

8/l0/60s 1 pupa, ravine stream, Golden Head State Park, Clay Co.,

M. V. li., 8A2/60.






4-42-


IYOTITOPHYLrA Brauer


Only two Nearctic species are Inown for this genus, one

of tlie from Florida. The Itrvrne have not yet been associated with

the adults


Kyotiophylatx Vstitus (Hagen)


(Polyoentronus vestitus Hagen# 1881
Polyoentropus affini Bannks 1897
1r lYla ax moeestue Danks, 1911
vOT estItu (Haren), Sibley, 1926)


Ranget Eastern, central end southern states.


Dereriptiont Ross, 1944.






-43-


Romarkce The larva of *. vestitus is unmownar however, it found,

the larva might very well turn out to be one of those which are now

classified under Psychomyild Genus A. Further study should clorifyj

this interesting enigma.


Nyctiophylax vestitus is rare in Alsahua County, having

been collected only at Poe Springs.


Previous Florida Reoords: This species has not previously been re-

ported frhn Florida. Betten (personal -comnunictticn), however, aol-

looted it in the state (locality not oited).


Specimens Examinedt One male, Blue Springs Creek, Jackson Oo., L.

B., 6/5/40)1 1 female, Poe Springs, at light, M9. V, N., 8,42/650 1

male, Poe Springs, at light, M. W. XN, 9/9/60,




CEtNOTINA Ross


No larvae of this genus have been discovered, and no morph-

ologiarl differences lhve been found to distinguish between the fe-

males of the various Epooles, the genitnl segments of vhloh form a

conical structure with only simple parts as shown in fig. 77T I

have examined specimens of the following ferTles, ~oich cannot be

identified specifically since they were not collected together with

males 1 female, Gainesville, at light, M. W. No, 5/3/60; 1 fensle,

Big Hatchet Creek, at light, M. W. N., 6/12/60 2 females, Vorth-



























( A L -j 7 T



IFRCU5
S Ak











ington Springs, at lirht, M* Vr NX, 7AS/560 2 females, St. John's

Rivers Putnnan Co~ at light, 7/66/60 60 females, Poe Springa, at

light, M. W. N,, 9A//60S 25 females, Poe Springs, at light, M. '.

, 8s/8/so5.



o:y To Tlhe Speoias Of Cornotina

Larva--**- Unknown


Adults



Females, fig. 77----Not keyed.


2. Corci vwith 3 or 4 long, black teeth on the wmeal
side near the base, fig. 78.
Cernotina oncaea

Ceroa without long, black meosa teeth..*..*........*,*....S3


, (Genitalia as in fig. 79.
Cernotinta spioaa

beenitalia as in fig. 80.
Cornotina truno.ma






-406


Cernotins oenloes os



r.n: The rnnae of this species ir *Aide, but C caloee aper-rs

to be locally distributed. It has been taken in Illinois* Missouri,

Oklahoma, Texas and Flor ida


Desoripticon Ross, 1944.


P.emgrhsa I collected, adults at Poe Sprntgs and Worthington Springs,

but continued inveetigatico within wneing; distance of the shore

y iel cd no larvaei. The larvae may rossihly be found in the deeper

parts of the Santa Fe River, beyond wading depth*


Emergence, met likely, takes place over the entire stummer,


Previous Florida Recordat Ross (1944) lists this species as occur-

ring in Florida but does not speiofy the locality* aetten (personal

coniuniocticn) reports tainag C. ealaea in the vicinity of Lake

Placid.


Speoisena Examined; Twelve males and feomles, Poe Springs, at

light, U t W. *N. 7/12/50s 100 malos and females, Worthingtcn Springs,

at light, M# 7, N,, 7L3/50; 20 males end forales, Poe SprinCs, at

ligit, gU W* N*, 9/t/50; 30 males and females, Poe Springs, at light,

M. W#. N, 7/3/51.






.47.


rn2 T' Carnl;' Cr-f. n- riCCrS.




qoaniwintliont anosS 1047,


Tr-Phs: I nollootoe this cr-oleo on oanl" tiwo o- 'oloai, t.toth t!nos

on ithe o cr o cCf it-o P1i-r '^ty To Yr tynociIro t'-o typo mntoriol

rIpls r ario eO

;:nro a n'Go. r of i:'Iv'durlu wro i*ourAd9 it n-'.crrv

ll!al t':-t the larvae emrn be found in the ryivr; hBoavorc, at corah

lia. t.r. rtdien-; el ctarco of t'c C:(oro .lor to roeval t':n. I 1.0.

limev the rro.lcn leto o te^.r to tbr.t oCf fer-m-**'*:c lrt.rroe

are to be Ccunti In the flconor nntera, boeycri vOtir depth.


T'e;'re s"s ctr *n'rr'o.--.crl datrovtrrca .1:-l car. tIo usvt to

it'':ero:'t':A-!.b'? tt .c!-o a rlcrlr o01 tao egernu. It'tv-;;- I eol-

loctod toa fe-nloc of Co trImco-n Wlich habd not bon collected

prov.cuaely, no rorcela-tlcl r't-r*tro -:ror founr Id thit nc'ld

be us1Te9 to Ci IneV!tui-clv t:-.on fro other-. fnr.cror in t':. gPanu8e


rlVe.o--0'o Prt-k r 0 't IIo9, :c;:tc:u: :o.vt?1, VoGlrt'ii- Co.9, fod

lo::ota ;lo.ol, Tir. :'p1 r o r -.- ':, 0/27/4s. (ross, 147a)


Aaolmrnas ; n. l Two rArlos, 383 tfenarlo, rivr Styx, at ig lt,
. ?. I., 7/A2/a/ 5 Inlec, g2 Cor lnr, river !tPx, M lr-t, V. C.

:;., n/bA/.











Cernctine rpicate Rose



aCrnet s Maine, Tcichi-.n, Ci1hne., end Florid-., OCernotina pcaeta

has not previously been reported from Floridn, It is obvious

though, from its spotty distribution, that S spioa.ta is far more

widely dietriluted than has 'baem thought and most probably occurs

In certain areas of the intervening territory,


Deaoriptiont Ross# 1944*

Re~mr-ks Ceornotia spio.at_ is umoonon in Alaohu.. CoWmty, for I

collected only four spoclimns at t o widely separated points. Most

likely these individuals had floan some distanaoe Two of the adults

were taken near Gainesville, the others on the banks of the Santa

Fe River.


P.evlous loridn Recordst 4one.

Specimens Examinedt Onemalet Blue Sprinj~ Crcee, Jaokl:sa Co., L.

B., 6/5/40r 1 male, one female Pond B, at light, M. W. N., 7AO/O60

2 mrles, Poe Springsa at light, UM, N,, 9/9/50






-049.


Psyho'yll.a Genus A


Pan: t Illinois, Florida, Michigan da r.d "isscnGin.

DescriptiLnt nossg 1944.


Remarket The adult of this curious larva is unklowno but it is

probably one of those now, known only. from the adult stage, auoch.,

as Tyctidopyl.x or Cornotina. In Alachun County the larva (fig,

81) ias only been colleste'1 in the Santa Fo River and 31ig atchet

reec.


Previous Florida Reoordea Rose (1944) records this larva from

Florida but does not givo tke locality-


Speolmens Examinedt Two larvae, Santa Pe Rivers 3/24/37; 2 larvae,

Alaohua Co., 1/b1/51; 3 larvae, Big Hatchet Creek, l. v,, N., 4/29/50s

1 larva, Big Hatohet Crook, !L. 1,. N*, 8/40/51i 2 larvae, Big I atahet






-SO.


Creek, MN,% No 4/29/50.



LPE McLaohlan


_es diversa (Banks)


Ross (1944) records this spooles as occurring in Florida

(looality not given), but I have not collected it in Alaohua County.

Perhaps it ooours in northwestern Florida.












PSYCEiOAY IA Piotalt



Of the throee described North Amer5oari speoiesg only P,

flavida has boon taken in Florida.






-52..


Psyohomia fla vida Hagen


(Pryachopa flavida Eagen, 1861
Suoiiia pulchella Banls, 1899
PyMhangi&a moeata Bank& 1907a)


Rane BEastorn central and southern states, Since ,flavida

has not previously been take in in Porida and Kentuokyp Tennessee

and Vorth Carolina were the nearest reported collecting siteae

finding this species in Florida indicates that it occurs in the in-

tervening territory.

Desoriptiont Ross, 1944.

Remarks Perhaps northwestern Florida is the only area in the state

this species can be found, for, although I collected no specimens in

Alaohua County, I examined one specimen which was collected in the

vicinity of Iarianna.

According to Rose (1944), the larvae are restricted to

swift, cold streams.


Previous Florida Recordst one,


Specimen Examinedt One female, Blue Springs Creek, Jackson Co., L,

B., E8//40*





















iloi





-Uynnej.jus -10.r7inalis
FIG. 74--- C
MEAD 07, TAIR-A.













A
FIG. 75 ---- Cyrnell-Qs mar,7inalis, 'AL1 &1, 7 ITALIA.
V61-TRUL ASPC'T 01?
A, EAT UL ASP,-rr
'1211'










FIG. 76--anneilus
;G7r inalis, FE7ALE
UM-TTALIA -






*54-


COYZSNLUS Banks



Cyrnellue marginalia (Banim)

(Qlyotiophylax marGinalis Banks2 1903b
Cyrnellus zernyii osely, 154)

iange~ Central end southeastern states also known from near the

mouth of the Amasn River in South America. In the Southeast, C.

marginalis has been reported from Tennessee, Kentuolj and Alabana

but not from Florida. Although I have not verified the correct-

ness of the identification of the specimens from South Amerioa,

finding this caddie fly in Florida is an indication that it must

ooour in at least limited portions of the intervening territory,

namely Mexico and Central America.


Descriptian: Ross, 1944*

Remarkst Only one North American species, marginalis, is known for

this genus. The immature stages have never been discovered, but

evidence presented here, I believe, will clarify the association of

the various stages. I found two species of larvae which were keyed

(Rose, 1944) to Psychohniid Genus At one of which is to be found

under Psayeholild Genus A in this thesis, and one of which was un-

described. I collected an innature pupa, however, in Lake Vlauberg

which contained the larval solerites of the undescribed species of
Psychomyid Genus A, The fact that these sclerites could be identi-

fied as Psychomyiid Genus A would eliminate Phylocentropus, Neurei*





.*i5


elip is and Polycentropu. The pupa had a preapical spur on the
front tibia whilh eliminated Cernotinaj, Igpe end Psayohonmia leav-

ing only Cyrnellus and yTtioetphylax The maxillary pelpi, the key

character for distinguishing between the two genera, are identical

with those of Cynellus, so I feel the assooi.tian is a valid one.

It appears, therefore, that tho Lake 1nauberg specimen is the pupa

of C, tmaginalis while the second species still romains iitho:t a

name In PsychoTlld Genue A*

This species is not very abundant in Alaohua County. Ify

records indicate that emergence occurs In the Spring*

Ross (1944) states that the adults are mainly found on

the shoroa of lIrge rivers but also on tse shores of small streams

and lakes. Although I collected adults from rivers and streams,
I found larvae only in lakes.

Previous Florida Recordst None.

Spooin ons _xaminedi Three larvae, Kingsley Lake, Clay Co,, bottom

sample 10 feet deep, silt over sand, Je So R. and As F.'C,, 5/18/33

1 larva, i ak.-anta PF, bottom example 4-5 feet deep, 12/2/477 2

larvae, Johnson Lake, Golden Iead State Park Clay Co*, Me W. N.,

8sA2/60s 1 larva, LerJ Co., E. L., G/A8/G50s 7 females Prairie

Crook, at liCht. # M Wt 1., 8/29/61; 1 male, 1 female, Viorthington
Springs, at light, U We, 1,# 7/13/801 2 females St. John's River,

Putnam Co., at light, 7/A6/50 19 males and females, River Styx, at





















































A,








STIUAO ST S:T,






-S7-


light, HI I .N, 7/17/50$ 1 pupa,, Lakei VTauberg,iM..W. TT.. 6/18/504




IE'Dr.o'PSYCnIDAE



Ross (1944, p* 76) characterizes the family IIydropyohidae

very rvll h en he says, "The larvae of all genera are remarkably

uniform in habits and appearance. They are wormlike, active and

yugnaoious, and possess rows of bushy abdominal gills. They pre-

fel the more rapid locations in stress, ,usually being conoentratod

around riffles, spilltays and rspi.De,. although they my also be.

found wherevertheee. is an appreciable current They make a re-

treat under and ab)t trac.h, logs, stonel and any other haVen.

In front-of this. ryc-reat they build a aet whioh is reputed to

strain food frm ro thei flwingwter. or pupation they spin an

ovoid coooon near the retreat, generally. ueing sand, atones and

bits of trash..


ICKy o The &ydropayohi!da



l1 Head with a d6nrp, U-shnapod ridge, fi(. 871
Maoronenmm carolina

Head without a sharp, U-shaped ridge, fig. 103OS......*****,*,2

2. Stridulator of fore Aoo~ not forked, fig* 808 '
W Dipecatrona mnodesta

Stridulator of fore coxa forked, fig. 89....,......*..***.*.S













































FI. 96SEAEFG, 7--liLL


ASEC. iSE"T












S3 Prosternal plate tith a pair of posterior soleritos,
fig. 90.
rydropsyche

Prosternal plate without a pair ef posterior solerites,
fig. 91.
Cheumatopsgohe

Adult

1. LarCe, Etrkidng caddle fly with piot.,red wings end
very long antennae, fig. Cr.
SaorW~Pmun- oarolina
Caddie fly not as in fig* 02............ ..* a,*4,*,,...* 2


2 Hind wings with apex round and with So and R bowed
deeply at apex, fig. 93.
Diplectrona modest

Hind wings either with So and Ri not markedly bowed,
or both wrngs with apical mrgln ino eed...,,****c**,****,.


e 41 jK0B8************************************************* ***

2021Pei *** ************************************************ 6


4. Base of aedeagus cylindrical, fig* 94.
Uydropqyohe in commodn
Base of aodeagus bulbous, fig. 95.
Cheumatonsycoie

6, Sternal plate of eighth cegpent separated to base
of soiment, fig. 96.
Chlouiir~topsyohCo

Stornal plates of eighth segment seopcrated only
tno-thirds distance to base of segment, fig. 97.
IHdropeycho incomrioda






-GO-


DIPTLT:C;A .c st-wood


Diploctrona nodostn Banks



Rnn.a: ,astern and southern states.


Descriptions Rosa, 1944.


Renmrkat Dipleotrona modest does not occur in Alaohua County and

most probably is limited to t'he northwestern part of Florida.


FrevlcTs FloridA. recordoat 2oc (194) .11st this apecies as occur-

ring in Floridr. but dose not cite the loc1Aity.


SpeciRmes ExE= ned: Six larvno, Torreya Stato Park, Liberty Co.,

5/7/331 1 larva, Crestview, Okaloosa Co.. L. B., 12/L2/87.










































in c ori:-,, o A7 OF 17
CR I 'i,,E 1,(71 A


FI G. 99 --- I-Tvdro Svche
inco'lmoda.











A B
FIG. 101---L.lyd
= ILche FIG.102 --- ad v he
Ln-_22-rao(Lp_, APEX OF inc6.-Tcla, M-1,11ALF,
AEDEAGUS. A, LATEPAj, GENT TALIA.
ASPECT; B, VENTRAL ASPECT.










HYDROPSYCIIE Piotet



The genuea fdropsyohe contained over fifty peCieso of onddis

flies, but only one, Hydropsyche inco-tnoda, is IknoMI to oaeur in

Alachua County. The larvae prefer clean, fast-flowlng, cool water


Key To The Spe.os Of Hlydropgsy(ie ,


Larvae,

1. Head as in fig. 100.
E dropsyo he incormoda

Head as in fig, 100A.
Itydropyoche ep. C


Adults

1. Genitalia of males as in fig. 101; genitalia of
females as in fig, .102.
fydropsyocho ineooimoda





lydropsyche incomrB~oda HEgen

Rancea Recorded from Florida, GeorEgi, ITorth Carolina and Illinois.


Desariptlont Roess 1944.


Remarks The immense numbers of enddis fly Inrivae swarming over

the rocks and loaves of eel grace (Vallieneria sp.) at the rook dam

never Poe Springs is certainly strilking. For shoor numbers, there

is no other place in Alaohua County which even approximates it.






-653


Cool, '.crric m ttaOr ryuCde r-: : -":. Ith cnsicdoranblo

epcad, sM t'o lari:, reOC" krve.o of V. Snooodc 2crm a8 conoploorsa

olo-.entA of t'o 1:r.3tt,;


?.o0 linrcr b'lyild rotreate in l pro.d 'iA trach rid bito of

dobric l t' on roolks &! vol rct. Xn frott of tetA rOtrcIt they

uilk' s rot to etrr" fccfZ front t':o flo.e- wsatr, lot for :rnpatiC

t".:", crn n oi!d c

Z necoasltaed thi rprovl oucldy nteon it-nt':ro ctnaoo wu th

t%'or rEult forw ty rctrir;In howveorl, C, tVh larvte t iro very wmn-

rn.'oliatio Mssd ia i loa e inO..ol.i'."er tolornnaeo, I o'tn-arnod tost

ror.'tto by tC':!-' r-ifl :;rctca ocf ptinO 3d pcH-;)% t': o in Er-f

eotto"ns 'Ocvatoo C*:lt:' c-zrod Cr4 <- ovrr 57y '.lre, 7: f C1i-

Ito acOroultini tn raadoe t'.r-a2. ct':; cf U.o thtval aoliurttroc,

tc;t:i wVero ncv'Vd :rto Vte' ;'oetor':c -rortlron of t'io Vncrtfod puncli




A Inr rx nrlr or of lro tni' ;.:;rco dloi gl tio 1i.l transg-

rpTrteO In ',ter*i "ar ticien io.r. t nveo rm d Svootr-timi for trs-ne-

poertatict n mau W fr r othe vat '"-roeroiro :roed,


'"oe tnd'to foI.) crrs! !7r"AO1*fln:ro to Ity tioir o:.so .o

tt:, t'o or'a* t '" "of r- '. m rI -lt' I toCd livO, wn'ult

eicrilro of j. aio;! n T'r.cod than w-:*mr.?at-or. Thteo hoir: eat

tie boiTy nrd ifnre rproveort9 O t'on frtom rottir-n rots ,'d ithe oc rFeic

flioa, mn rel3oncro 'boo'ce to -'-n rirre, c't.1: 1roTo t'rour'> t'e






-64-


surface film and flow awoay Complete eubmergenoo did not seem to
affect them in the least,

Previous Florida 'Peorclst Ross (1944) lists this pooies as occur-
ring in Florida but does not specify the locality.

Speoimns Examinedt Two males, 6 females. Tavarea, Lake Co., P.
E11 Y., 3/23/36 7 larvae, Sweetwmter Creek, Liberty Co., L. B,#
12/40/S7t 2 larvae, Shoal River, Okaloosa Co ,, L. B, 12I/11S/
16 larvae, Santa Fe River, J. S. R., 8/12/381 24 larvao, Hillsboro
River, L. J. M., 2/18/ 9~ 1 female, Santa Fe River, L. B., 3//40O
I male, Santo Fe River, 4/6/40; 3 females, Blue Springs Creok, Jaolk
son Co., L. B., 6/E/401 11 Irrvne, Poe Springs, 10A4/47; 54 larvae,
6 pupae, Poe Springs, M W. N, 3/24/501 3 female., Big nlathot
Crook a li, t li M, W, No 6 2/60t 1 male, 4 females, Hogtom

Creek, at light, MI W, T., 6/49/60s 104 larvae, Poe Springs, M, W.

iN, 6/21/60; 1 male, Poe Sprinnre, smeepinc, M. WVT, r*, 6/21/60; 275
males and females, Poe Springs, at light, '!. N, 7/2/50s 125
lervee iend pupae, etre~em .+ mile S. of Gulf Tammonok, Levy Co.,
M*, WT, ., 7/30/60; 9 males, 23 females, Poe Springe, at light, TM.
IT, ,# 9/9/501 approxz 2000 larvao and puppo, Poe Sprir-s, .T W,
IN, 6/6/50; 175 males and females, Poe SprinCe, at lirht, TI. W. i#,

7/s/51.






-656


Hydropeyhe spe A


FIG. 100A---mydrop2ydhe sp. Aj
H1iAD OF LARVA.


The larva (fig. 100?') of this specion is undsoribod, and I

have not-yet been able to ascoo~Ito it with an adult forms indeed no

adults of the genue Rydroppyohe, other than 1. incoioda, have been

collected in the state. I have not found those larvae in Alachua

County.


Specinen Examinedt Two larvae, Jasper, Eoamilton Co,, L, Be

2/4/383 2 larvae, Lenont, Iedison Co., L. B,, 2/6/38: 1 larva,

Drifton, Jeffereon Cow, L. B., 2/6/388 4 larvae, Golden ITeaa State

Park, Clay Co,, I. W, 1I., 8/12/50.











CT.!isATOPSYCHGIT allengren


ostt of the small, broan Trichoptera larvae with bushy ab-

dominal Gills belong to this gonue. Both larvae and adults are

very similar in appearance and behavior to the larvae and adults of

!Sydropsryhe.


According t~o illiam Beok, Jr. of the Florida State Board

of Health (personal co~unmioatioin) Cheumatopsychid larvae will

tolerate pollution of a minor degree while most other caddis flies

will not. Personal observation bears this out; for example, in the

summer of 1950 the Eest Brnnoh of Hogtown Creek had a caddie fly

fatma composed almost entirely of Cheumatopsychid larvae, while the

West Branch had a more varied fauna* Many old, empty Leptooelia

and Oeoetis oases s were found in the East Eranoh showing that other

species had lived there. Since it is known that the East Branch

occasionally becomes polluted, it would seem likely that the areek

was slightly polluted in the su.mor of 190Q, and that only the

Cheumatopspyhid larvae could withstand the pollution.


I collected many larvao in Alaohua County, for this genus

is abundantly represented. To structural characters haie yet been

found to separate the larvae to species; therefore, these records

will not be given. Liarrv of Cheumatopsyche are very coacan and

occur in most of the streams in the county*



































FG 03--











cheynaonynh 0












UF 7, .
710 10 -- Chmaryh buki






-G*S


Key to The Speates Of Chenatqovyche

Laryva-----atot xeod. See fig. 10.S


Adults

1, Genitilial of mnles as in fig. 104 egenitilia of re-.
males as in fig* 103.
CheumatoMgoh burkai


2, Genitaltf of males as in fig. 105) genitalia of efo.
males as in fig, 109.
C 10hou-.rnMAtofsy Cho afalis


3 G Oenitalia of sales as in fig. 1061 genitalia of fe-
males as in fig. 110.
Cheumatopsyohe 9ahanta


' 4. Genitalia of males as in fig. 107.
Cheunatopsyche pitaca





Choumatopgyohe buyrlsi Roes


Ranget Florida and Illinoisa, Undoubtedly further collcctir-. will

fill in the gaps in our knoiledGo reGcrdinG the distribution of this

species,


DosoriptiDon RosS, 1944*


RemArkas I aseoclated the previously und@ecribed larva with its,

adult form by rearing pupae in damp cotton. No morphological char-

aoters were found, however, to distinguish thia apooloe from the

others In the genus.
























A

c
FIG. 107-------,heuTMto,)s li. 2Lnaa, UALE GENITALIA.
A, LAfk]'-lZAL ASPECT; B, CAUDAL ASPECT CIF TE1171 T,
C, CLASHR, CATMAL ASPECT.




IV





A
FIG. 108----Cheumatopsyche burksi, ms"ilp'LE
GENITALIA. A, IXTEAL WSPEECT OF ITINTIT Al-.,D
TEENTH TERGITES; B, DORSAL ASPECT.











FIG. log --- C. FIG. 110 --- C
FEMALE
-Ea -li S aphanta, FE."LuE
GENITALIA. GEITITALIA.






-70-


Those lrtvae ooeur in immense numbers on leaves of eel grasn

(Vallisneria sap) and rooks at the dam in the Santa Fe River near

Poe Springs. The larvae are very similar to Hydropsychid larvae

and are oanTonly found assooint-., ":ith them. The 1..rval nets of

both Cheunato syhe burkri and Hydropsyahe .inCooroda are easily and

ofto oseen the submerodc rooks and vegetation.


Previous Flori'da Reeordat 1Ross (1944) rooorde'tnis t Os pocl from
Tava-aes.


Speoimoue Examineds Sinoo extraordinary numbers of lar vae can be

found at Poe Springs any tim of the 'year, I will omit ey records as

they are not indicative of the numbers present. One male, 7rdla!ia,

Putnn~ Co., R. B., 3/6/46i 250 males and fewless, Poe 3prings, at

light W. IT ., 7A12/50 1 mible, 5 fennalse, 'Torthington Springs, at

light, m. 7. ,, 7/3/50; 27 females, River Styx, at light, s1. 7. 0TX,

7/27/50 j. males 23 females, Poe Springs, nt lijht, T:. W, I,*

9/b/0so 280 males and females, Poe Springs, at light, Mt. WT. .,
7/3/51.




Choumra&topElohe analis (Banko)

(Hydropsyoho analis Banks, 1903b
Ilydronss'ch_ ^ it^i Bar'rs, 1903b)

Rane. Widespread, ocourring over most of the United States with

the exception of the Southwest.






-71-


Deaoriptiunt Ross, 1944.

Remarks Cheumatoppycae analis is a rare oaddis fly in Alachua

County. According to Rose (1944) the larvae inhabit snall streams

but also occur in larger rivers. They have a wide coological toler-

anoe and are often found in streams carrying considerable pollution.

Previous Florida Recordst this species has not previously been

taken in Florida.


Speoina Examineds One male* Ebro, ahington Co., L. S., 5/30/401

1 male, Gainesville, no date; 1 male, 1 female, Hogtown Creek, at

light, M. W. ., 6/19/601 4 males, 3 females, Hogtown Creek, at light,
M. W. X0 7?/160.




Chaumatopsyohe aphenta Ross


Ran!gy The range of this species is poorly delineated, It ocurs

in Illinois, Indiana, Arkansas and possibly Florida.

Desoriptiont Rose, 1944.

Remarks The identification of this species is based up n two spea-

imens, both of thich were females, These specimens did not quite

agree with the description of the species given by Ross (1944), so

I sent them to Dr. Ross for confirmation of identification. He said

they were certainly very close to Cheumatopsyche nphanta, but also






-72-


suggested that they might represent a different spooios present in
this locality* It therefore seems advisable to record this species

as questionable until males are secured which would then corroborate

the record.


Previous Florida Recordsa, !tone*


Speimaens Exanedt Two females, Poe Springs, at light, M, WVt N.,

9/9/60.




Choumatopsyehe pinaoa, Ross



Riget -Southeastern states.


Desoriotions Rose, 1941.


Remarks Cheumatoprohe pifnaooa as collected on two oocaiaons, both

times at light, at widely separated pointso-*-* Poe Springs end Hog-

town Creek.

The larva has not been found, ooasequently nothing is known

regarding the biology of thia species.


Provioue Florida Recordse This spooies has not previously been

recorded from Florida.


Specimens Examinedt One males Poe Springs, at light, M, W. i0., 7A2/601

1 male, Fogtown Creek, at light, M. 'W. ., 7A/6/0,






-753


IACRCTE'ULI Burmeister


Macronemum arolina (Banks)


Ranse Southern states.

Pesoriptoan Ross, 1944.

Remarkas The adults are among the largest aeddis flies found in

Florida and are very striking, with their extremely long antennae

and polished, brightly-colored wings (fig. 92).

This species is only occasionally found in Alaohua County.

1o larvae were collected; however, the larvae probably inhabit the

deeper portions of the Santa Fe River, for Ross (1944) says that the

species frequents large, rapid rivers.

Previous Florida Recordst Rose (1944) lists this species as ooour-

ring in Florida but does not specify the loonlity. Betten (personal

oonmmnlcation) has taken specimens at Lake ITewahitchka,

Sneoimons Examineds One male, Ebro, 7ashington Co., L. B., 5/30/40;

1 nmle. 6.4 miles W. of 7ashington Co. line at Hwy. 10, nalton Co.,

L.o B., 6/31/40s 2 males, Bayou "Marquis, Esonmbia Co., Lo BD, 6/1/40;

Smale, Poe Sprinegs at light, MS. V. N., 7A2/50; 1 male, Worthington

Springs8 at light# M, WO No,, 7/1/S50 1 role, Prarie Crook, at light,

MH O !., 8/29/60.


















"'TZ















T 7











FI G 113 APEX ,Jr, 11
Al T)
CF ARD U L 77
A] AL












FIG. FIG. 117---
-H(-)R A X TT-TORAX.











T-o1 1TTLDiAS


This family comprises most of the "micro" onddis flies.

The adults are extremely minutes some having a total length of only

one end one-half millemoters.


A good deal of work has recently been done on the HydroptilidRe

of Florida. Denning (1947 and 1948) studied the miero oaddis fly

fauna of south and central Floridn in some detail and deoribed a

number of now species from there. Rose (1948) ias recently described

some new species on the basis of materiel 'sent to him by a number of

entomologists collecting in the state.


Many fydroptilidno have a very wide geographic distribution

but seen to occur only in certain limited localities within its

ranges for instance, lMaatrichia yama ocoure from the extreme

southern portion of Mexico end Florida to New York and Montana*

but withn that broad area its distribution is spotty. It is very

evident that muah more work needs to be done on the geographic

distribution of the whole group of micro caddis flies




Key to The Genera Of Hydroptilidae

Larvae

X1* middle end hind legs almost three times as long as
front legs, fig, 1l11
QOyethira

Middle end hind legs not more than one and one-half
times as long as front legs, fig. 112*.............*...*.....











2. Anal legs distinctly projecting from body mass,
fig 115.......****************************f****************

Anal logs apparently combined with body mass and
only the claws projeotingr *******........... ...............


3. Thorncie termites clothod with long, slender, ereot
inconspicuous setae, fig. 114; case of sand grains,
evenly tapered and without posterior slit.
Neotrichia ranen

Thoracic tergites clothed with shorter, stout, black
setae which are conspicuous, fig. 1165 ease trcns-
luocnt, evenly tapered and with dorsal side either
ringed or fluted with raised ridges, fig. 132.
itypatri Cain iE~DURG.

4. Case long, smooth and round in cross section,
tapered at each end and with an indented slit
at both ends.
Orthotriohia

Case purse*lise (wcaants change purse),
Hydroptila


Adults

Ooelli prbsent*..*... ...es e** *********A******o



2. "Motasoutollum almost rectangular, fig. 1160
Orthotrichia

Metasoutellui pentagonal to triangular, fig. 117.
Hydroptila

S, Hind tibiae with only 1 preapical epur.
Neotriohia ransa

Tind tibino with 2 preapical spurs...........................4




















A0



.3'~
&I.foia ,7









9EE'TS C, FZ-AF GE 4 4 LI




A B
























































A. B


























7 A, 8 9






, ..-


4. m idlle tibiae without a preapioal spur.
1 aystriohi a '. '

HIiddle tibine with a preapioa aspur.
Oyeothira





OXY=TiTIRA Eaton



Six apeioes of this genus are reported from Florida; how-

ever, only one,.O, 0 anella was found in AlaohuaaCounty* No ohar-

aoters have been found which oan be used to determine the species

Of the larvae.




Key To The Species Of Oayethira


Larvae-----Not keyed.


Adults

1 .M ale genitali as in fig. 118t female genitalia as
in fig. 118C0
Oyothira floridn
2. TNale goritalia as in fig. 119.
C 3la'ira sa


8. Male genitalia






64 Male genitalia
5. Ma'le genitalia


as in fig.-120.
Oyote'irn gne1llo


as in fig. 121.
Oerethira lumosa


as in fig. 122.
Oxyethira verna











GC Male gonitalia as in fig. 123.
Ovyqthira walteri





(Oxethirajnenella Denning



Raols Florida and Lomiainna.

Desoriptiant Denning, 1948,


Romanrks Oxoethira eanxella was described by Dennimg in 1948 on the

basis of two male speimens; one from Winter Park, Florida and the

other from rew Orleane, Louisiana. This species is the only rep-

resentative of the genus Oxyethira that I found in Alaohua County*

Since a lea of janellZ were collected along with females

at both Poe Springs and Vorthingtan Springe, it oan be assumed

that the fonnele are the undoscribed forms of this spooieo. Teny

other females of Ox_0 thirn, collected at the River Styx and Dig

Hatohet Creel., could not be speoificnlly identified due to the fact

that no males were project. In all probability tV'se females be-

long to the apeclea 0. janellea howeverE bor.use of a lack of oomw

parative material, I do not feel that I can place a nnmo oa them

at this time.

Although almost all caddi fliees that are attracted to li)ht

come directly to the source of the light, I noticed that 0* janella

came to the nore dimly illuninatod portions of the hBeet, such as










the back of the sheet, indicating that they are less strongly photo-

tropio than most other species.

Previo's Florida Rocordst "Holotyne, nalo--*-Winter Trk, Florid..,

May 16, 1940, (H. T. Fernald), Par~lt --*-ew Orlems, Loulsiana,

October 10, 1945, (D, G. Donnin), I male." (Denning, 1948)

Speoimane Ixamineda One r lo, Hogtom Creek, at light, 1 k:,. i.,

/1/650 7 males, 02 females, Pee Springs, at light, M1. N.,

/7A/50t I mle, 11 females, WTorthington Springs, at light, I. V7. N.,

7/13/50s 2 nales, 16 females, Poe Springs, at light, I!. I ,I JI.,

7/5/51,




Oxethira florida Donning


Ranat South Florida.

Descritiont Denning, 1947.

lomarka: Oxyethira florida was described by Denning (1947) on the

basis of specimens collooted in "ianmi. I have not found this species

in Alachua County, and therefore, I assuam that it does not oceur as

far north as Oainesville.

Previous Florida Reoordset "Iolotype, ale-masMiafZS, Plorida#, Feb. 1,

1945, D. 0, Denning. Allotype, female*-wHaian, Oot. 1, 1944, D. G.

Denning. Paratypos, four males---' tLanI, Florida, nTv. 15-30, 1944*






.32-


Lliht trnp, D G. Denning. Peratypes, thee males, eleven foe-alos

---..--Tiai, Florida, Oct. 12-30. 1944o Light trap, D. G. Denning.

Paratypcss fiv-o nalos, six females, .1.i-ni, Florid Oct. 1, 1944.

Light trap, D, G* Dennange Farntyhtcs, five =aleo, nine fnelos,

Liami, Floridn, March 1-15, 1945. D. G. Denning Panrat'pos, coven-

teen nales, twcnty-nine females, IUiani, Florida, PFb. 2-8, 1945.

Light trapD.o G.: Denning." (Deaning, 1947)


Specimens Examinedt N neo




Oyothira gLtar Bosa



Range Oklahoma, Florida, Georgia and Louisiana.


Desoriptient Rose, 1941.


P.marke: Donning (1947) found 0. lasa to be a Lbndont in southern

Florida, bat it has not as yet bean collected in Alaohua County,

Since this species does occur in Georgia and Louisiana, it mnfht

be ass~jud that it does inhabit some part of northern Floridn.


Previous Florida ecords: "Floridat Miamit February 1"8, 1945,

light trap, D. G0 De inning, males. February 16 1944, Do G. Denning,

19 males. February 2n-28, 1944, D. G. Donning, 16 Pales*. !arch

1-16, 1945, li.gt trap, D. G. Denni-C, 2 TnMale3, ovorlhr 15-SO4

1944, li!ht trap, D. G..DonnrinC, 16 males. Deooober 4, 1944, D. G.

Donning, 14 males. December 14-15, 1944, ligCit tr#p, D, G. Denning,











28 males*


Sgomlnena Examinad c None.




O2rethira 1umos~as Ross



Rnan Florian.


Desoriptiont Rose, 1948.

Ronarkcas 9oyethira lumosa waas described by Rosa n the bnais of

one male collected at Daytina Beach. It has note to my ckowledee,

boon oolleoted slnor


Previous Plorida Records: -olotjgY <..k-"<---Tcaytoca Po oh, Fla.,

AuCusn 27, 1945, G. T. PieOcl." (Rose, 1948)

Spe'~naons Exmnined. ITone.




e athira vorarn Ros



RBanE* Nw Brunmwick, Illinois, Florida. rnd Loutisient

Desofnriti
nenar~et Aaoordinc to DonninG (1947) Cyohliirr. vrri.a is the nost

abundarit spooioa of iydroptil-dae in sout:crna 1lordrita; honovcr, I







084.


have not collected It In Alachua County. It ap -ers to have a very

rddo goosraphio distrirtion but only occur in cortAin aroas Within

its overall rsniee


Previous Florida Records: "Ploridat 'uian February 1-8, 1945,

LfghCt trap, D, G. Denuing, 168 males, 92 females. February 15,

1944, D. G6 Denning, 11 males. February 23, 1044, D. G. DonninG, S

na.les. March 15S0s, 1945, D. G. Denning, 12 males. April 10, 1944,

D. G. Denning, 56 nmloo. October 1-3, 1945, Licht Trap, D. GO Denning,

5 males 28 fenn les. October 12-30, 1944, Light Trap, D. G, Denri0ng,

25 males, Sl females. I:oveo:ber 15-10, 1945, Li(ht Trap, D. Ga Denning,

34 raloe. December 4, 1944, Light Trap, D. G. DerninG, 18 males.

December 14415, 1944s Light Trap, Da G. DonninG, 23 males. December

20, 1944, Light Trap, D G. Donnings, 32 males." (Denning, 1947)


Snecirnens Examinodt Cone,





OxyethIra alteri Denning


Ranger Florida, GeorCia and Louisiana*


Description Denning, 1947.


P.en-rrl:sz Denming (1947) collected 0. walteri in !iaamir however, I

have not found it in Alachuaa Oounty Since this cpeaecs ocura in

Goorgia, one might surrniz that it can be found somewhere in northern

Florida*
























































ameica "ALE GEMTAIA







*38.


Previous Florida Reoords: "'olotjiypro mrle*m-c-Plorinz Ujiarit

tovombor 50, 1944, Light trap, Di Go Denning. Paratypeos: ;Linr.it

Ilarch 15, 1945, D. 'G Denning, 6 mnrle. 'ny 10, 1^.4, D. G. DSrj.1inC,

12 males. :'wovembr 15, 1944, D. G. Denning, 4 -nles. Dooembor 20,

1944, D. G. Denning, I ale." (Donning, 1947)





Cr.THOTnECI If. EatCn



SoRX femalos of this gonus, found at several localitios

(Rivor Syxr iorthingrta Sprinco, Devil's -Tllhoppor and Poe Springs),

could not be identified speoofloally duo to lack of oomparative

material. A larva found in Lake Alice al2o could not be identified

to pooeies.



Koy To The Stocies Of Ortheotrie:ina


Larvae*-- -i-lot keyed


Adult

1. iIalo genitalia as in fig. 1241 female genitalia as
in fig, 127.
Orthotriohia amerioana


2. Unle qo nital'a as in fig. 125; fnrale cenal1-ia na
in fi. 128.
Ort'atrialain critata


38 Malo oenitalia as in fig* 126t foenles not k~yed.
Orthotrichia instabiliS



























Orthotriohia americana Banks


Reaggt This speolis has a wide range enoompassing an area from

Texas and Florida in the South to Nw York and Minnesota in the

North,

Description Ross, 1944.

Remnarkst Denning (1947) found 0 ameriant to be present throughout

the year in Miami howovor, I have not tabn any males in Alachua

County This species does occur in this section of Florida, though,

for peo lmons from the St. John's River in Putnam County were ex*

amined by me. Perhaps the unidontifiable fo-ales and tho larva

found in Lake Alice also belong to this species.


Previous Florida Recordes "Poridat Mianit DOtOber 1-S, 1944,
Light trap, D. G. Denning, 40 males, 7 females. October 12.4O, 1944,

D. G, Denning, 7 males, 2 fomales. November 15, 1944, D, 0G Donning,






488.


1 male, 1 female. February I-8, 1945, Light trap, D. Go Denninge
21 nalos, 15 fomalea. 7Tarch 15, 1945, Light trap, D. Go Denning,

1 male. ITay 10, 1944, D. Go Denning, 14 males, 12 females."

(Donning, 1947)

Specimens Examinedt Four males, 10 females, shore of the St. John's

River, at light, J. H., 7/5A/60.




Ofthotriohia oristata Morton


Range ost of eastern end part of western United States.

Description: Ross, 1944.

Remarks Denning (1947) collected one male and one female in niami.

I havo not found this spocios in Alachua County.

Previous Florida Recordes "Florida T HiaTmit .April 10, 1944, Do G.

Denning, 1 male, 1 female." (Denning, 1947) .

Speolmens Egminedt None

































A B c
FIG. 129 ---- Hydroptila berneri, IIiALE GENITALIA. A,
LATERAL ASPECT; B, CIA.SPERS; C, FE71ALE GENITALIA.













B

FIG. 130----Idr2p-bila wakulla. A, ITALE
GEIJITALIA; B. FEMALE GEITITALIA.






-90-


Orthotrichia instabiliae Denning


Rlen t Contra.l Florida,


Deaoriptionz Denning, 1948a.


nemarku: Denning (1948a) described 0. instabilia on the basis of

Nine males colleeted in Winter Park. I have not found this species

in Alachua County and can give no further data about it.


Previ ou3 florida Recordst "Holotype, nrmle--Z--.&inter Park,

Florida, .lay 16, 1940, (H. T. Fernald). Paratypee ---- Florida,

sem data as for holotype, 8 nales." (Donning, 1948a)


Snooimons fBlandnodt Yone.




HYDROPTIIA Dalman



This Conus embraoes abcut forty Fearotio apocloes comprising

cne-thilr of the Hydroptilidae. Only two species, H. berne. end

t. wakulla have been taken in Florida,


Key To The Speloes of Hydroptila


Larae.--Not keyed.

Adults

1. Hale conitalia as in AfiG 129 A and BS female genitalia
as in fic. 129 C0
fYdroptia berneri






-91-


2, Male genitalia as in efie 1SO A fA;o.lo genitalia As
in fig, 130 B.
Hydroptila watl1la




&ydroptila borneri Ross



Rangt Floridan.

Descriptiint Ross, 1941.


Remarks This species was described by Ross (1941) on the basis of

two males and one female collected at Poe Springs by Dr. Lewis

BDrner. I was able to collect topotypical material and was aloo able

to collect the uidosoribod larva. This larva, which is fairly

oonrno at the rook dam near Poe Springs makes a purseeshaped onae

of sand grains. The eases are attached to submerged vegetation and

rooks in the slower moving portions of the river around the dam,

The adults are attracted to light, but seem to come to the

light a little later in the evening than most of the other caddis

flies.

Previous Florida Reoordst Two males, 1 fealdo, Poe Springs, at

lidht, collooted by Lowis Bernor, 3/4/39. frontn Rose, 1941)


Speoimonsm Examineod Four males, 10 females, Poe Snpring, at light,

U* A7. 7/12/560 1 males Big Hatohet Creek-, at light W5 is,

4/i2/60 1 male. Poe Springs, at light, 1U. vT. It, 9/b/s0o 3 males,











5 female, Poe Springs, at light, Io VT. T,,* 7/3/561 6 larvae Poe

Springs, Ml' V 1. Nl., 3/24/60.




hydioWil.a xkulla Donning


Rgn2ea Florida.


Des oipticai Denning, 1947.


Remarket ydropftila waklla was described ly Denning (1947) an the

basis of 11 specimena collected at Wakulla Springs. I havo not fo~nd

this spoolo in Alaohua County end have found no othor data oonoern.

ing it in the lteoramture.

Previous Florida Recordst "nolo%'po, male-----Florid1t Tfakulla

Springs Ootober 23, 1945, D. G. Dening. Allotype, feomle*-m-*-

Same data as for holotype. araty -S data as for holotypoe

I male 8 fomales.s (Denninc. 1947)


Efpeoimiens Exawnined Ncmne.


-32-











NEOTRICIHIA Morton


1eotriohia ranea Denning


gafmLt Georgia end Florida,

Deooriptiont Dennlng, 1947.


Remarkast Notrishia reanea is undoubtedly the smallost caddis fly

that occurs in Alaohua CounCty a full-grown male is omly one and one*

half nillimeters long,


This speooie was described by Denning (1947) am the basis of

two males, one from Florida, the other froa Georgia. I have collected

the undesoribed female of the speoles.

Previoue Florida Peoordez "One naelo Ilionl, May 10, 1944, D. Go

Denning." (Denning, 1947)















































FIG 13 -- FG 14--M











Speoimlena IxaAmnedt Two males 2 famaleos, 7ort'iingc'o .prinsg, at

light T, V. II, 7A/SOij 1 female Poo Springs, at light M -T. T.,

7/i2/50t 1 malo, 1 fomalo, Poo Springs, at light, I o. I* E#, 9/b/50.




MlYATRICUIA Moeoly


This genus contain three North American apeoies, of which

omly one, M ay aa has been taean tn Florida,


layatrichia Mlosely


r nOt Very iido-spread over most of the eastern states. Ranges

front extreme southern t.oxloo to oew York end Iontana. Although the

records are scattered over a wide area, the spooios is quite rare

in collections*

Desoription s Rossa 1944.

ra, arkst P.oac (1944) lists this species as occurring in Floridn, I

exarinod sixz females whioh, due to the lack of comparative material,

cannot be identified to speoious however, these specimens (one from

the St. Jolm's River in Putnam County and the other five from Poe

Springs) most probably belong to I. ayara

Previous I'lorida Rooords: Rooc (1944) record this spoo5io from

Florida but does not qpecifj the locality.






*96.


Spooirnons Examinedt Ictae.





PHRYG.A!EID.AE



BA:K3IOcIA Martynov



Bankaiola conontenata (Walikr)



Waller (1852) described this species oa the basis of speci-

mans caught at St. John's Bluff, East Florida, which is near the

mouth of the St. John's River. I have not collected this species

but en including it for the sake of ocmpletoneass





LI!TCD'ILIDAE



PYCIPZYCTTi E Banks



The family Linmephilidao is a very largo one containinG

numerous species scattered throughout the United States, and thus

it is rather uprising to find caly one representative ooaurring in

Florida.




Full Text

PAGE 1

7+( &$'',6 )/,(6 2) $/$&+8$ &2817< :,7+ 127(6 21 7+26( 2) )/25,'$ %AYH 0 $56+ $// r 1,5(1%(5* $ 7+(6,6 35(6(17(' 72 7+( *5$'8$7( &281&,/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),/0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) 0$67(5 2) 6&,(1&( 81,9(56,7< 2) )/25,'$ )HEUXDU\

PAGE 2

7$%/( 2) &2+7(576 } ,QWURG[MRWLRQ $FPRZOHGe}HQWVmLr r &ROOHFWLQJ r }}r 3UHVHUYDWLRQ HVG &OHDULQJ,6 .HDULUWJffffmf fffffffffffffrffffff ffff r .D\ W )HXDLOLR(rrrrrrmmfrffffrffffrAfrfffrffr "f $QQRWDWHG /LVWrr 8QVROYHG 3URKOHQV rrrrrr m 6XPPDU\ DQG &RQROXVOFQV m 5HIHUHQFHVmr r &KHFN /LVW RI WKH *DGGLV )OLHV RI )ORULGD DQG ,QGH[rr } %LRJUDSKLFDO %RWHrr}rrrrrr L

PAGE 3

,O-t4'WU&7,2+ +LVWRULFDOO\ VSHDNLQJ VRPH RI WKH FDGGLV IOLHV RI WKH VRXWKn HDVW ZHUH GHVFULEHG DW D UHODWLYHO\ HDUO\ GDWH DERXW RQH KXQGUHG \HDUV DJR $W WKDW WLQH )UDQFLV :DONHU DQG Lf RI WKH %ULWLVK 0XVHXP GHVFULEHG WZHQW\ VSHFLHV IURP *HRUJLD ZKLFK ZHUH VHQW WR KLP E\ $EERW DQG WKLV FRQVWLWXWHG WKH HDUOLHVW ODUJH FROOHFWLRQ PDGH LQ WKH VRXWKHDVW 7KH LQYHVWLJDWLRQ RI FDGGLV IOLHV LQ WKH VRXWK VWDJn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n YHVWLJDWHG D JRRG GHDO PRUH WKRURXJKO\ WKLV QXPEHU ZLOO XQGRXEWHGO\ EH JUHDWO\ LQFUHDVHG ,Q WKH 7ULFKRSWHUD DV LQ RWKHU RUGHUV RI LQVHFWV RXU NQRZn OHGJH RI WKH LPPDWXUH VWDJHV KDV ODJJHG IDU EHKLQG WKDW RI WKH DGXOWV 7KH ODUYDH RI PDQ\ VSHFLHV RI FDGGLV IOLHV NQRZQ WR RFFXU LQ WKH VWDWH VWLOO DUH XQNQRZQ RU XQDVVRFLDWHG

PAGE 4

%HWWHQ rr %DOGXI f} HQG (RVV f KDYH HOO FDUHn IXOO\ DQG IXOO\ VXPPDUL]HG WKH H[WHQVLYH OLWHUDWXUH GHVFULELQJ DQG GHWDLOLQJ WKH OLIH KLVWRULHV DQG KDELWV RI FDGGLH ILOHV IRU WKLV UHDVRQ QR IXUWKHU GLVFXVVLRQ RI WKLV VXEMHFW ZLOO EH LQFOXGHG KHUH 7KH FXUUHQW VWDWXV RI WKH NQRZOHGJH RI FDGGLH IOLHV LQ )ORULGD FDQ EH VWDWHG FRQFLVHO\ 7KH VSHFLHV DUH YHU\ LQFRPSOHWHO\ NQRZQ" FRPSDUDWLYHO\ IHZ ODUYDH KDYH EHHQ DVVRFLDWHG ZLWK WKH DGXOWV 7KH ODUYDH RI VRPH JHQHUD KDYH QHYHU EHHQ IRXQG DQG PXFK PRUH FROOHFWLQJ RI DGXOWV LV QHHGHG *HRJUDSKLF YDULDWLRQ RI WKH 7ULFKRSWHUD RI WKH 70WHG 6WDWHV KDV QHYHU EHHQ LQYHVWLJDWHG WKRURXJKO\ OLWWOH FROn OHFWLQJ KDV EHHQ GRQH LQ QRUWKZHVWHUQ )ORULGD DQG PDQ\ QHZ UHFRUGV SOXV XQGHVFULEHG VSHFLHV VKRXOG EH IRXQG WKHUH 2EYLRXVO\ WKHUH LV DPSOH URRP IRU IDU PRUH VWXG\ 7KLV UHVHDUFK SUREOHP ZDV VSHFLILFDOO\ 8QLWHG WR WKH FDGGLV IOLHV RI $ODFKXD &RXQW\" KRZHYHU DV KDG DFFHVV WR PDWHULDO FROOHFn WHG LQ QRUWKZHVWHUQ )ORULGD GHFLGHG WR H[WHQG WKH VFRSH RI WKH VWXG\ WR LQFOXGH DOO WKDW ZDV NQRZQ DQG DOO WKDW FRXOG ILQG RXW DERXW WKH FDGGLV IOLHV RI )ORULGD 7KLV DGGLWLRQDO PDWHULDO FRQVLVWHG RI FDGGLV IOLHV FROOHFWHG E\ 'U OHZLV %HUQHU LQ DQG DQG DOVR VSHFLPHQV ZKLFK ZHUH LQ WKH FROOHFWLRQV RI WKH 8QLYHUVLW\ RI )ORULGD ([WHQGLQJ WKH VWXG\ E\ WKH LQFOXVLRQ RI WKLV VXSSOHPHQWDU\ PDWHULHO JUHDWO\ EURDGHQHG WKH HQWLUH SLFWXUH EXW DOVR VLPXOWDQHRXVO\

PAGE 5

FRPSOLFDWHG LW IRU WKH FROOHFWLRQV H[DPLQDG ZHUH VXIILFLHQW WR IDOVH D PXOWLWXGH RI TXHVWLRQV KXW ZHUH LQVXIILFLHQW WR DQVZHU mHDV\ RI WKHPr )RU RUUHU\ SUREOHP VROYHG WZR ZHUH GLVFRYHUHG ZKLFK RFXOG QRW KH DQn VZHUHGr WKLV UHSRUW LV WKH UHVXOW RI DQ ,QYHVWLJDWLRQ FDUULHG RQ IRU WZR \HDUVf§f§IURP )HEUXDU\ WR )HEUXDU\ f§f§mLQ U0FK WLPH FROOHFWHG DSSUR[LPDWHO\ VSHFLPHQV DQG H[DPLQHG DQ DGGLWLRQDO HLJKW KXQGUHG LQGLYLGXDOV ZKLFK ZHUH FROOHFWHG E\ RWKHUVr 7KH SXUSRVH RI WKLV LQYHVWLJDWLRQ LV WR SUHVHQWr f DQ DQQRWDWHG OLVW RI WKH mVDGGOH IOLFV IRXQG LQ $ODFKXD &RXQW\r f D FKHHN OLVW RI WKH FDGGLV IOLHV RI )ORULGD 6f NH\V IRU WKH LGHQWOILr FDWLRQ RI WKH ODUYDH HQG DGXOWV IRXQG LQ )ORULGD DQG f D ELEOLRn JUDSK\ ZKLFK LQFOXGHV DOO UHIHUHQFHV WR )ORULGD FDGGLV IOLHVr ,Q VKRUW WKLV LQYHVWLJDWLRQ KDV WZR SULPDU\ SXUSRVHVr WR UHSRUW P WKH FDGGLV IOLHV RI $ODFKXD &RXQW\ DQG WR JDWKHU WRJHWKHU DOO WKDW LV WRFHQ DERXW WKH FDGGLV IOLHV RI )ORULGDr $V VXFK WKLV UHSRUW PLJKW ZHOO VHUYH DV D IRXQGDWLRQ IRU D IXWXUH VWXG\ RI WKH RQGGLH IOLHV RI )ORULGDr 2Q WKH EDVLV RI WKH ,QIRUPDWLRQ JDWKHUHG LQ WKLV VWXG\ ZKLFK RI QHFHVVLW\ LV YHU\ LQFRPSOHWH DV FROOHFWLRQV IURP SDUWV RI )ORULGD 2WKHU WKDQ $ODFKXD &RXQW\ DUH YHU\ VSRWW\ WKH VWDWH RI )ORULGD RP KH VXEGLYLGHG LQWR WZR DUHDV KDYLQJ GLVWLQFW FDGGLV IO\ IDXQDVr f 1RUWKZHVWHUQ )ORULGD DQG f 3HQLQVXODU )ORULGDr 1RUWKZHVWHUQ )ORULGD

PAGE 6

FHUWDLQO\ KDV D IDLUO\ GLVWLQFW IDPD IRU PDQ\ VSHFLHV RI FDGGLV IOLHV KDYLQJ QRUWKHUQ DIILQLWLHV JDG DUH IRXQG KHUH ZKLFK DUH QRW FROOHFWHG LQ WKH *DLQHVYLOOH UHJLRQ IKH $SDODFKLFROD 5LYHU GUDLQDJH KDV ZLWKn RXW GRXKW EHHQ WKH PDLQ KLJKZD\ RI LQJUHVV WR )ORULGD IRU WKH JUHDW PDMRULW\ RI DQLPDOV ZKLFK UHTXLUH IORZLQJ ZDWHU RU KDUGZRRG IRUHVWV 5RJHUV f IRXQG WKDW WKH HFRORJLFDO FRQGLWLRQV H[LVWLQJ LQ WKH $SDODFKLFROD GUDLQDJH ZRXOG DGPLUDEO\ H[SODLQ WKH GLVWULEXWLRQ RI PDQ\ QRUWKHUQ FUDQHIOLHV LQ )ORULGD &DUU f UHSRUWV WKDW WKH PRVW H[WHQVLYH LQYDVLRQ RI )ORULGD E\ WKH QRUWKHUQ HOHPHQW LV HQFRXQn WHUHG LQ WKDW SRUWLRQ RI WKH SDQKDQGOH ZKLFK LV GUDLQHG E\ WKH $SDODn FKLFROD 5LYHU +XEEHOO rAf VWDWHV WKDW OD WKLV SHFXOLDU HQn YLURQPHQW WKH GHHS UDYLQHV RI WKH $SDODFKLFROD UHJLRQf D JUHDW PDQ\ QRUWKHUQ SODQWV RFFXU HYLGHQWO\ WKH UHPQDQWV RI D QRUWKHUQ IORUD OHIW DV UHOLFWV IURP 3OHLVWRFHQH WLPHV LQ WKHVH GHHS PRLVW HRRO UDYLQHV m,W KDV DOVR EHHQ QRWHG WKDW PDQ\ QRUWKHUQ SODQWV UHDFK WKHLU VRXWKHUQn PRVW OLPLWV LQ WKHVH UDYLQHV DQG PDQ\ W\SLFDOO\ VRXWKHUQ SODQWV LQWHUn PLQJOH KHUH ZLWK WKH QRUWKHUQ VSHFLHV KRW RQO\ LV WKLV WUXH RI SODQWV EXW VXFK KDV SURYHG WR EH WKH HDVH LQ WKH FUDQHIOLHV WKH 2GRQDWD WKH 2SLOLRQLGV WKH 2UWKRSWHUD WKH FUD\ILVK WKH DPSKLELDQV DQG WKH UHSn WLOHV %HUQHU f 3HQLQVXODU )ORULGD KDV D QXPEHU RI HQGHPLF VSHFLHV EXW WKH PDMRULW\ RI WKH IDXQD LV FRPSRVHG RI VSHFLHV KDYLQJ D IDU ZLGHU JHRJUDSKLF UDQJH &DGGLV IOLHV DUH IDLUO\ DEXQGDQW LQ )ORULGD f§ WKH\ HFX HDVLO\ EXW WKH\ GR QRW DSSHDU WR EH SUHVHQW LQ QXPEHUV DV ODUJH EH IRXQG

PAGE 7

DV WKRVH RFFXUULQJ LQ PDQ\ QRUWKHUQ VWUHDPVr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f WR EH D PDARU OLQN LQ WKH DTXDWLF IRRG FKDLQ 5HLG f IRXQG WKH QXPEHU RI &DGGLV IOLHV HDWHQ E\ WKH %ODFN &UDSSLH )RPRDGV QOHURUDDFQODWXV LQ 2UDQJH 5DNH ZDV ,QVLJQLILFDQW :LOOLDP 0F/DQH SHUVRQDO FRPPXQLFDWLRQf IRXQG WKH VDPH FRQGLWLRQ WR EH WUXH ZKLOH KH ZDV ZRUNLQJ ZLWK ODUJHPRXWK EDVV LQ WKH 6W -RKQrV 5LYHU 9HU\ IHZ FDGGLV IOLHV ZHUH IRXQG LQ WKH VWRPDFKV RI WKH EDVV &DGGLV IOLHV HUH LPSRUWDQW LQ )ORULGD KRZHYHU DV ,QGLFDWRUV RI VWUHDP SROOXWLRQ 0DQ\ VWUHDP IRUPV RI FDGGLV IOLHV KDYH DQ H[n WUHPHO\ ORZ HFRORJLFDO WROHUDQFH DQG FDQQRW ZLWKVWDQG DQ\ VWUHDP SROn OXWLRQ $FFRUGLQJ WR :LOOLDP %HFN -U RI WKH )ORULGD 6WDWH %RDUG

PAGE 8

RI +HDOWK SHUVRQDO FRPPXQLFDWLRQfr &KHXPDWRSV\FKOG ODUYDH ZLOO WROHUDWH SROOXWLRQ RI D PLQRU GHJUHH ZKLOH PRVW RWKHU FDGGLV IOLHV fZLOO QRWr 3HUVRQDO REVHUYDWLRQ EHDUV WKLV RXWr IRU H[DPSOHr LQ WKH VXPPHU RI WKH %DVW %UDQFK RI +RJWRZQ &UHHN KDG D FDGGLV IO\ IDXQD FRPSRVHG DOPRVW HQWLUHO\ RI &KHXPDWRSV\FKLG ODUYDHr ZKLOH WKH :HVW %UDQFK KDG D PRUH YDULHG IDXQDr 0DQ\ ROGr HPSW\ /HSWRFHOOD DQG 2HRHWLD FDVHV ZHUH IRXQG LQ WKH %DVW %UDQFK VKRZLQJ WKDW RWKHU VSHFLHV KDG OLYHG WKHUHr 6LQFH LW LV NQRZQ WKDW WKH (DVW %UDQFK RFFDVLRQDOO\ EHFRPHV SROOXWHGr LW ZRXOG VHDW OLNHO\ WKDW WKH RUHHN ZDV VOLJKWO\ SROOXWHG LQ WKH VXPPHU RI r DQG WKDW RQO\ WKH &KHXPDWRSV\FKLG ODUYDH FRXOG ZLWKVWDQG WKH SROOXWLRQr 5RVV f FRUURERUDWHV WKHVH REVHUYDWLRQVr OLH VWDWHV WKDW PHPEHUV RI WKH JHQXV &KHXPDWRSV\FKH FDQ IUHTXHQWO\ VXFFHHG WR VRPH H[WHQW LQ VWUHDPV WRR SROOXWHG IRU DOPRVW DQ\ RWKHU FDGGLV IOLHVr 7KHUHIRUH LW DSSHDUV WKDW HDGGLV IOLHV RDQ EH XVHG WR VKRZ FRPSDUDWLYH SROOXWLRQr Of LI D VWUHDP LV XQSROOXWHGr WKHUH ZLOO EH D YDULHG FDGGLV IO\ IDXQD SUHVHQWr Jf LI D VWUHDP LV VOLJKWO\ SROOXWHGr RQO\ &KHXPDWRSV\ FKLG ODUYDH ZLOO EH IRXQGr DQG ef LI D VWUHDP LV KLJKO\ SROOXWHG QR FDGGLV IO\ ODUYDH WULOO EH SUHVHQWr $OWKRXJK WKLV LV WKH ILUVW V\VWHPDWLF VWXG\ RI WKLV JURXS RI LQVHFWV LQ WKH VWDWHr WKH 7ULHKRSWHUD RI IORULGD DQG kVSHFLDOO\ $ODFKXD &RXQW\r ZHUH SUHYLRXVO\ IDLUO\ ZHOO LQYHVWLJDWHGr *DGGLV ILOHV ZHUH FROOHFWHG E\ 'UVr /HZLV %HUQHUr -r 6SHHG 5RJHUV )UHQN
PAGE 9

9DULRXV DXWKRULWLHV 2Q FDGGLV IOLHV QDGH TXLFN FROOHFWLQJ WULSV WKURXJKRXW WKH VWDWH $OPRVW nDOO RI WKLV KDV EHHQ LQFLGHQWDO FROrr OHFWOKJ LQ VFDWWHUHG ORFDWLRQV UDWKHU WKDQ WKRURXJKn V\VWHPDWLF IDWX[DO VWXGLHV )XUWKHUPRUH LQIRUPDWLRQ RQ WKH FDGGLV IOLHV RI )ORULGD ZDV VFDWWHUHG f§f§ LQGHHG PXFK RI LW ZDV XQSXEOLVKHG f§ DQG KDV EHHQ LQDFFHVVLEOH WR DOO EXW D VSHFLDOLVW )RU WKHVH UHDVRQV WKLV SUREOHP KDV EHHQ SXUVXHG DORQJ WKH DIRUHPHQWLRQHG OLQHV" D IDXQDO VWXG\ DQG D FRQVROLGDWLRQ RI NQRZOHGJH 7KH FROOHFWRUnV QDPHV DUH DEEUHYLDWHG WKURXJKRXW WKH WKHVLV 7KH DEEUHYLDWLRQV UHIHU WR WKH IROORZLQJ PHQr r $ %W $ %DUn ULQJWRQ : 9L 0 %HFN -U / %I /HZLV %HUQHU $ +} $ +HQU\ $ 0 / $ 0 /DHVVOH $ ) & $UFKLH ) &DUU / (OOLV /DQTXOVW ,, ,8 ,7 0DUVKDOO 0 : ,, 0DUVKDOO 0LUHQr EHUJ 6 % -m 6SHHG %RJHUV % "r % 3 (URJGRD ) + )UDQN
PAGE 10

‘ %LJ VRXUFH RI HDFK LOOXVWUDWLRQ LV D V IROORZV"‘ )LJVrr 5RVV ‘ )LJ } )OUHKEHUJ )LJ 5RFV )LJ 5RVV n3LJV 5RVV )LJ )RUKLHV )LJV 5RVV )LJ 7KHXU )LJV r 5RVV )LJ 5RVD D )LJV )RVV )LJV $ %LHXU )LJV 5RVV )LJ 5RVV )LJV 5RVVr )LJ 'HQQLQJ )LJ r 5RVV )LJ 'HQQLQJ )LJ 5RVV )LJ 5RVV )LJ 'HQQLQJ )LJV 5RVV )LJ 'HQQLQJ )LJV 5RVV )LJ 5RVV )LJV ,2,, 'HQQLQJ )LJV 5RVV )LJ 7KHXU )LJV 5RVV )LJ 5LUHQKHUJ )LJ 5RVV )LJV "" ,7LUHQEHUJ )LJV 5RVV )LJV 7KHXU )LJV 5RVV )LJ %DQNV )LJV 5RVV )LJV ,6,,r ,7LUHQEHUJ )LJV 5RHV )LJV 7KHXU )LJ 5RVV )LJ 5RVV )LJV 5RVV )LJ 5RVV )LJ 5RVV )LJ 5RVV F )LJ ,22 5RVV )LJV 7KHXU )LJ 5RVV )LJ 5RVV )LJ 5LUHQKHUJ )LJ 7KHXU )LJ ,7LUHQKHUJ )LJ 7KHXU )LJ %HWWHQ DQG 0RVHO\ )LJV 5RVV

PAGE 11

r $&0:/('*(0(.76 ,KLV VWXG\ HRXOG QRW KDYH EHHQ FRPSOHWHG ZLWKRXW WKH KHOS RI PDQ\ ,QGLYLGXDOVr WDNH JUHDW SOHDVXUH ,Q DFNQRZOHGJLQJ WKH WLPH DQG WKRXJKW VSHQW E\ WKHVH UDHQ DQG ZDV JUHDWO\ LPSUHVVHG E\ WKH ZLOOLQJQHVV ZLWK ZKLFK WKLV KHOS ZDV H[WHQGHGr HVSHFLDOO\ ZLVK WR WKDQN 'Ur /HZLV %HUQHU IRU KLV JXLGDQFH FRQVWUXFWLYH FULWLFLVP DQG IRU WKH PDQ\ VSHFLPHQV FROOHFWHG E\ KLP ,Q RWKHU SDUWV RI )ORULGDr 'U 0LQWHU :HVWIDOO VSHQW PDQ\ KRXUV KHOSLQJ ZLWK WKH SKRWRJUDSK\r 'Ur &RUQHOLXV %HWWHQ VHQW D OLVW RI DOO WKH FDGGLH IOLHV KH KDG FROOHFWHG LQ )ORULGD DQG D OLVW RI DOO WKH FDGGLV IOLHV UHFRUGHG LQ WKH OLWHUDWXUH ZKLFK ZHUH FROOHFWHG LQ )ORULGD 'Ur +HUEHUW 5RVV RI WKH ,OOLQRLV 1DWXUDO +LVWRU\ 6XUYH\ VHQW PH PDQ\ RI KLV UHSULQWV JDYH DGYLFH DQG LGHQWLILHG VRPH VSHFLPHQVr 'Ur 'r r 'HQQLQJ RI WKH 8QLYHUVLW\ RI :LVFRQVLQ VHQW D QXPEHU RI KLV UHSULQWVr 0Ur (OOLV /DQTXLVW 'U 6SHHG 5RJHUV 'Ur )UDQN
PAGE 12

FRL/VFnLUR 7QUHH GLIIHUHQW PHWKRGV ZHUH XVHG LQ FROOHFWLQJ FDGGLV IOLHV" f WKH ODUYDH DQG SXSDH ZHUH FROOHFWHG IURP ZDWHUr f WKH DGXOWV ZHUH FROOHFWHG DW OLLW DQG f DGWUOWV ZHUH FROOHFWHG GXULQJ WKH GD\ K\ VZHHSLQJ YHJHWDWLRQ RYHUKDQJLQJ ZDWHU RU K\ VHDUFKLQJ FUHYLFHV XQGHUQHDWK EULGJHVr 6LQFH QR RQH PHWKRG ZLOO \LHOG D UHSUHVHQWDWLYH FROOHFWLRQ RI WKH DUHD D FRPELQDWLRQ RI DOO WKUHH ZDV XVHGr f $OO +HVUFWLH FDGGLV IO\ ODUYDH DQG SXSDH DUH DTXDWLF DQG DOPRVW DQ\ W\SH RI DTXDWLF KDELWDW LV D SRWHQWLDO FROOHFWLQJ VLWH 6WRQHV DQG SLHFHV RI ZRRG ZHUH EURXJKW WR WKH VXUIDFH IRU H[DPLQH WORQ /HDIGULIW DTXDWLF YHJHWDWLRQ DQG GHEULV ZHUH GXPSHG LQ D SLOH RQ VKRUHr $IWHU GU\LQJ IRU D IHZ GLQXWHV WKH ODUYDH EHJLQ WR PRYH HQG FDQ HDVLO\ EH VSRWWHG 6RPH SXSDO DQG ODUYDO FDVHV VKRZ D KLJK GHJUHH RI SURWHFWLYH FRORUDWLRQ DQG EOHQG LQ ZHOO ZLWK WKHLU VXUURXQGLQJV EXW WGWK SUDFWLFH WKHVH FDVHV FDQ EH UHDGLO\ GLVWLQn JXLVKHG )URP D TXDQWLWDWLYH SRLQW RI YLHZ ; IRXQG WKH EHVW SODFH WR FROOHFW ODUYDH DQG SXSDH LQ $ODFKXD &RXQW\ ZDV LQ UDSLGV DQG ULIIOHVV IRU H[DPSOH WKH URFN GDP DW 3RH 6SULQJV 7KH ODUYDH DUH SUHVHQW LQ WKLV VSRW LQ WUHPHQGRXV QXPEHUV ; DOVR IRXQG TXDQWLWLHV RI ODUYDH E\ H[DPLQLQJ WKH OHDIGULIW LQ VRPH RI WKH QXPHURXV VPDOO VZLIWO\ IORZLQJ XQSROOXWHG VWUHDPV VFDWWHUHG WKURXJKRXW WKH FRXQW\ IRU H[DPSOH SDUWV RI +RJWRZQ &UHHN /DUYDH P\ EH IRXQG LQ DOO FRQFHLYn DEOH W\SHV RI DTXDWLF KDELWDWV IRU WKHUH DUH UHFRUGp RI LPPDWXUHp

PAGE 13

EHLQJ IRXQG ,Q SLWFKHU SODQWV DQG WKH KROOHZHGRXW EROHV RI WUHH VWXPSV WKDW KDG FROOHFWHG D OLWWOH SRRO RI ZDWHU $GXOWV RI PRVW VSHFLHV RI FDGGLH IOLHV ZLOO FRPH WR OLJKW RQ ZDUP VWLOO QLJKWV DQG XVHG WKLV WHFKQLTXH H[WHQVLYHO\r 6SHFLPHQV DUH WR EH IRXQG RQ VWRUH ZLQGRZVr SLQN QHRQ OLJKWV HVSHFLDOO\ DWWUDFW WKHVH ,QVHRWHr 9-KLOH VRPH VSHFLPHQV FHQ EH IRXQG LQ WRZQ RQ VWRUH ZLQGRZV OLJKWLQJ RQ WKH VKRUHV RI VWUHDPV ODNHV HWRr LV HVVHQWLDOr KDYH KDG JRRG UHVXOWV XVLQJ D &ROHPDQ VLQJOH PDQWOH JDVROLQH ODQWHUQr &DGGLV IOLHV FOLQJLQJ WR WKH OLJKWLQJ VKHHW HRQ EH FROOHFWHG E\ KROGLQJ D VPDOO ZLGHPRXWK MDU KDOI IXOO RI b DOFRKRO GLUHFWO\ EHQHDWK WKH LQVHFW DQG WDSSLQJ GLUHFWO\ DERYH WKH LQVHFW ZLWK WKLV IRUHILQJHU WKH VWDUWOHG FDGGLV IO\ ZLOO OHDS EDFNZDUGV LQWR WKH n‘ 9 n RSHQ MDUr 'LSSLQJ DQ LQGH[ ILQJHU LQ DOFRKRO VFRRSLQJ XS WKH LQVHFW UDSLGO\ EXW JHQWO\ RQ WKH ZHW VXUIDFH DQG WKHQ GLSSLQJ LW LQ WKH ERWWOH LV D UDSLG PHWKRG ZKLFK XVHG IRU FROOHFWLQJ PDQ\ VPDOO FDGGLV IOLHVr KDYH XVHG DQ DXWRPDWLF OLJKW WUDS ZLWK VXFFHVV 7KH WUDS ZDV VHW LQ YDULRXV SODFHV RYHUORRNLQJ ZDWHU DQG ZDV SHULRGLFDOO\ FKHFNHGr ,Q GD\OLJKW FROOHFWLQJ RI DGXOWV VZHHSLQJ YHJHWDWLRQ ZLWK DQ ,QVHFW QHW ,V D QHFHVVLW\ IRU VRPH VSHFLHV DUH QHJDWLYHO\ SKRWR WURSLF HQG FDQQRW EH FDXJKW DW OLJKWr 5HVWLQJ SODFHV GLIIHU WLOWK WKH VSHFLHV EXW PRVW FDGGLV IOLHV SUHIHU VKDGHG KXPLG SODFHVr 9HJHn WDWLRQ RYHUKDQJLQJ ZDWHU HQG FUHYLFHV RI WUHH WUXQNV DUH IDYRULWH UHVWLQJ SODFHVr 7KHVH LQVHFWV DUH YHU\ IDVW DQG DJLOH DQG VZLIW

PAGE 14

UDRYHPQW LV UHTXLUHG WR FDSWXUR WKH}} )UHTXHQWO\ WKH DGXOWV PD\ KH FDSWXUHG RQ VWLFNV DQG YHJHWDn WLRQ IORDWLQJ P WKH ZDWHUr :KHQ IORDWLQJ YHJHWDWLRQ LV VXEPHUJHG WUDSSHG DGXOWV ZLOO TXLFNO\ VZLP WR WKH VXUIDFHr

PAGE 15

!f 6%%6+$++ $5' &;6$(,,%2 $+ FDGGLV IOLHV ERWK LPPDWXUH DQG DGXOW ZHUH SUHVHUYHG OD p HWK\O DOFRKRO 2QH JHQXV /HQWR FHO OD ZDV FROOHFWHG GU\ VLQFH LGHQWLILFDWLSD OD WKLV JHQXV GHSHQGV ODUJHO\ RQ WKH SDWWHUQ RI KDLUV RQ WKH ZLQJV 0RVW VSHFLPHQVRI WKLV JHQXV ZHUH KLOOHG LQ D F\DQLGH MDU DQG ZHUH FDUHIXOO\ SLQQHG 7KH JHQLWDOLD ZHUH XVHG WR LGHQWLI\ DOPRVW HOO VSHFLHV RI FDGGLV IOLHV ,W ZDV XVXDOO\ QHFHVVDU\ WR FOHDU WKH JHQLWDOLD WR VHH WKH GLDJQRVWLF FKDUDFWHUV KDYH XVHG WKH IROORZLQJ FOHDULQJ SURFHGXUHr 7KH DSLFDO WKLUG RI KDOI RI WKH DEGRPHQ ZDV UHPRYHG DQG SODFHG IRU ILYH PLQXWHV LQ D KRW ILYH SHUFHQW SRWDVVLXP K\GUR[LGH VROXWLRQ KHDWHG LQ D ZDWHU EDWK ,W ZDV WKHQ WUDQVIHUUHG WR DOFRKRO DQG WKH YLVFHUD ZHUH JHQWO\ VTXHH]HG RXW 7KH FOHDUHG JHQLWDO FDSn VXOH DQG WKH VSHFLPHQ WRZKLFK LW EHORQJV ZHUH SXW LQ D VPDOO YLDO DSSUR[LPDWHO\ "OE\ UDP 7KLV YLDO ZDV ILOOHG VWRSSHUHG ZLWK D FRWWRQ SOXJ HQG LQYHUWHG LQ D ULQJ QHFN GUDP YLDO ,W ZDV GHVLUDEOH WR FOHDU WKH HQWLUH ERG\ RI WKH PLFUR FDGGLV IOLHV EHORQJLQJ WR WKH IDPLO\ +\GURSWLOLGDH 7KH DEGRPHQ ZDV QRW GHWDFKHG 7KH SURFHGXUH XVHG LV WKH VDPH DV DERYH H[FHSW LQ WKLV FDVH LW ZDV QHFHVVDU\ WR WHDW D VOLW LQ WKH EDVH RI WKH DEGRPHQ WKURXJK ZKLFK WKH GLVVROYHG YLVFHUD ZDV H[SHOOHG

PAGE 16

mf} +($5,1* 7ZR PDMRU PHWKRGV ZHUH XVHG WR DVVRFLDWH ODUYDO FDGGLV IOLHV ZLWK WKHLU DGXOW IRUPV 7KH ODUYDH RU SXSDH ZHUH HLWKHU UHDUHG LQ FDJHV XQWLO WKH DGXOW HPHUJHG RU WKH SXSDH ZHUH GLVVHFWHG /DERUDWRU\ 5HDULQJ 5HDULQJ FDGGLV ILOHV LQ WKH ODERUDWRU\ LV D GLIILFXOW SURn FHGXUH IRU PDQ\ VSHFLHV KDYH D ORZ HFRORJLFDO WROHUDQFHr DQG QDWXUDO FRQGLWLRQV PXVW EH VLPXODWHG 7KHUHIRUH ,Q WU\LQJ WR LQFUHDVH WKH \LHOG RI UHDUHG DGXOWV GHYHORSHG D QXPEHU RI GLIIHUHQW UHDULQJ PHWKRGV f D VHULHV RI HLLW VFUHHQ ZLUH FDJHV HDFK HQFORVLQJ D EDODQFHG DHUHDWHG DTXDULXP ZHUH XVHGr %RWK ODUYDH DQG SXSDH ZHUH NHSW ,Q WKH DTXDULD $OO WKH ODUYDH GLHG" RFFDVLRQDOO\ VRPH DGXOWV HPHUJHG IURP WKH SDSDO FDVH 6KHQ FDJHG WRJHWKHU WKH ODUYDH DUH FDQQLEDOLVWLF DQG WKH ODUYDH WKDW VXUYLYH DUH XVXDOO\ NLOOHG E\ WKH FKDQJH LQ WKHLU HQYLURQPHQW 3XSDH KRZHYHU UHTXLUH QRWKLQJ WR HDW DW LI WKH SXSD ,V PDWXUH WKH DGXOW ZLOO HPHUJH ZLWKLQ D IHZ GD\V 3XSDH RI FHUWDLQ VSHFLHV DUH RIWHQ UDWKHU VFDUFH ZKLFKr VLQFH LW ,V GLIILFXOW WR ILQG HQRXJK LQGLYLGXDOV WR UDDNL FHUWDLQ WKDW DGXOWV ZLOO EH REWDLQHG FRQVWLWXWHV D PDMRU GLVDGYDQWDJHr f 6XEn PHUJHG URFNV HQG YHJHWDWLRQ FRYHUHG ZLWK SXSDH DQG ODUYDH ZHUH WDNHQ IURP WKHLU QDWXUDO KDELWDW DQG NHSW PRLVWHQHG EXW QRW VXEPHUJHG LQ ODUJH VFUHHQZLUH FDJHV 7KH FDGGLV IO\ LPPDWXUHp ZHUH DEOH WR JHW

PAGE 17

DOO WKH R[\JHQ WKH\ QHHGHG E\ NHHSLQJ WKHP LQ FRQWDFW ZLWK DLU UDWKHU WKDQ ZDWHU} 7KH ODUYDH GLHG KDW PDQ\ SXSDH VXUYLYHG DQG ZHUH UHDUHG WR WKH DGXOW VWDJHr 0LHIHHO DQG 0OOOLURQ f GHVFULEHG D VLPLODU PHWKRG RI UHDULQJ FDGGLV IOLHV 7KH\ SODFHG SXSDH ,Q VKDOORZ SLH SDQV FRQWDLQLQJ GDPQ VSKDJQXP WRVV 7KH WRVV NHSW WKH SXSDH PRLVWr DQG WKH SXSDk UHFHLYHG PRUH R[\JHQ WKDQ WKH\ ZRXOG KDYH UHFHLYHG LQ ZDWHU \ PHWKRG ZDV TXDQWLWDWLYH UDWKHU WKDQ TXDOLWDWLYH IRU LI WZR RU PRUH VSHFLHV RI D JHQXV ZHUH SUHVHQW D VSHFLILF DVVRFLDWLRQ FRXOG QRW KH PDGH f 7KH SXSDH ZHUH VHSDUDWHG XQGHU D ELQRFXODU PLFURVFRSH DQG SDFNHG ,Q JURXSV RI ILYH LQ GDPS FRWWRQ 6tHK JURXS ZDV WKHQ SXW LQ D VKHOO YLDO FRYHUHG ZLWK D ZLUH VFUHHQ WRS 7KLV VHSDUDWHG WKH VSHFLHV TXDOLWDWLYHO\ KRZHYHU RQO\ D VPDOO SHUFHQWDJH DSSUR[LPDWHO\ WZR SHUFHQW FRXOG KH UHDUHG VLQFH PDQ\ SXSDH ZHUH XQn GRXEWHGO\ LQMXUHG LQ KDQGOLQJ f /DUYDH ZHUH UHDUHG LQ D EDODQFHG DTXDULXP ZLWK D VWURQJ MHW RI DLU DHUHDWLQJ WKH ZDWHU DQG LQFLGHQWDOO\ VWLUULQJ WKH ZDWHU VZLIWO\ DQG FRQVWDQWO\ $ VORZ IORZ RI WDS ZDWHU IHOO LQWR WKH DTXDULXP DQG DnVLSKRQLQJ DUUDQJHPHQW WRRN FDUH RI WKH RYHUIORZ 7KH ODUYDH ZHUH IHG ZLWK SODQNWRQ 7LPH DQG ODFN RI HTXLSPHQW SUHYHQWHG PH IURP PDNLQJ IXOO XVH RI WKLV PHWKRG EXW EHOLHYH WKLV PHWKRG ZDV WKH EHVW DQG FDQ EH XVHG WR DGYDQWDJH ZLWK ERWK ODUYDp DQG SXSDH )LHOG 5HDULQJ 2Q WKUHH GLIIHUHQW RFFDVLRQV VHW VHULHV RI PRGLILHG FRSSHU ZLUH SLOORZ FDJHV ILOOHG ZLWK ODUYDH DQG SXSDH LQ WKH ZHVW EUDQFK RI

PAGE 18

+RJWRZQ &UHHN QHDU *DLQHVYLOOH 7KHRUHWLFDOO\ WKLV VKRXOG KH DQ H[FHOOHQW PHWKRG IRU DVVRFLDWLQJ VWDJHV LQWKH OLIH KLVWRU\ RI FDGGLV IOLHV KXW LQ SUDFWLFH LW ZDV XQSURGXFWLYH 0RUH H[WHQVLYH FRQn WUROOHG ILHOG UHDULQJ VKRXOG \LHOG JRRG UHVXOWV ‘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r DQG LW LV WKXV SRVVLEOH WR OLQNWWKH DGXOW DQG ODUYDO IRUPV RI WKH VSHFLHV +RZHYHU LW ,V XVXDOO\ QHFHVVDU\ WR FROOHFW PDQ\ SXSDH EHn IRUH RQp LV IRXQG ZLWK PDWXUH JHQLWDOLD 7KH IDPLO\ OHSWRHHUOGD FRQVWLWXWHV D PDMRU H[FHSWLRQ WR WKLV W\SH RI OLQNDJH ,Q WKLV IDPLO\ WKH SXSDO FKDPEHU KDV D VOLW DQG QRW D PHVK LQ WKH FORVLQJ FDS DW ERWK HQGV 7KURXJK WKHVH VOLWV WKH SXSD SXVKHV RXW DOO WKH ODUYDO VFOHUOWHV ER WKDW LW LV LPSRVVLEOHWR JHW

PAGE 19

DVVRFLDWLRQV RI DGXOW VWUXFWXUHV DQG ODUYDO VFOHULWHV LQ WKH VDQH FDVH )RU WKLV UHDVRQ LW LV QHFHVVDU\ WR UHDU WKHVH ODUYDH &DUH ZDV WDNHQ LQ WUDQVSRUWLQJ WKH ODUYDH DQG SXSDH KDYH KDG KHDW UHVXOWV E\ SDFNLQJ ERWK ODUYDH DQG SXSDH LQ FODPS PVV 7KH FDGGLV IOLHV ZHUH WUDQVIHUUHG WR WKHLU SHUPDQHQW DTXDULXP RU FDJH DV VRRQ DV SRVVLEOH

PAGE 20

),*m 0RO DUP D /$59$ /(*6 $ )/8n7 /(* 0,''/( /(* & +,1' /(* ),*m 7ULDQ RGHV /$59$ /(*6 $ 35207 /(* % 0,''/( /(* & +,,' /(*

PAGE 21

!n 6 .67 72 )$0,/,(6 .D\V WR JHQHUD DQG DSHOHV DUH LQFRUSRUDWHG ZLWKLQ WKH DQQRWDWHG +DWr 5HIHU WR WKH &KHRN /LVW $QG %DGHr DW WKH HQG RI WKLV YROXPH IRU SDJH QXPEHUVr /DUYDH r /DUYDH QRW SXSDHf OLYLQJ LQ DQG DDUU\LQJ DURXQG D GHILQLWH FDVHr /DUYDH ZLWKRXW RDVHVr r &DVH OLNH D VQDLOnV VKHOOr ILJr r +HOLRRSV\FKLGDH 6HOORRSJ\FKH ERUHDOLVf &DVH QRW OLNH D VQDLOnV 6KHOOr r /DUYDH VPDOOHU WKHQ PO SUR}r PHVR DQG UDHWDQRWXP HDRK ZLWK D VLQJOHr VFOHURWLVHG VKLHOG HPEUDFLQJ WKH HQWLUH QRWXUQr +\GURSWLOLGDH f n9 f r /DUYDH XVXDOO\ ODUJHU} HLWKHU PHVR RU UDHWDQRWXP RU ERWK ZLWKRXW VROHULWHV RU ZLWK HFOHUHWO]HG VKLHOG VXEGLYLGHG LQWR VHSRUIFWR SODWHVr ILJr rmrffffffrfffffffffr r &ODZV RI KLQG OHJV YHU\ VPDOOr WKRVH RI PLGGOH HQG IURQW OHJV ODUJH ILJr r 0RODQQLGDH 0RODQQD WU\SKHQDf &ODZV RI KLQG OHJV DV ORQJ DV WKRVH RI PLGGOH OHJVr ILJr r }rrmfn $QWHQQDH ORQJr DW OHDVW HLJKW WLPHV DV ORQJ DV ZLGHr DQG DULVLQJ DW EDVH RI PDQGLEOHV ILJr mmrmm /HSWRFHULGDH $QWHQQDH PXFK VKRUWHUr QRW PRUH WKDQ WKUHH RU IRXU WLPHV DV ORQJ DV ZLGH RIWHQ YHU\ LQFRQVSLFXRXVr DQG DULVLQJ DW YDULRXV SRLQWV ILJV DQG rr

PAGE 23

} 0HVRQRWXP HXEPHPEUFPRXH H[FHSW IRU D SDLU RI SDUHQWKHVLVOLNH VFOHURWLDHG EDUH ILJr r /HSWRFHULGtH ,WHVRQRWXP ZLWKRXW VXFK EDUVrr r 0HVR DQG PHWDQRWXP HQWLUHO\ PHPEUDQRXV 3KU\JDQHLGDH %DQNVROD RRQRDWHQDWDf 0HVRQRWXP ZLWK VRPH FRQVSLRXRXV VFOHURWLVHG SODWHVrffrr fffffff $QDO KRRNV IRUPHGr RI RU ORQJ WHHWK VLWXDWHG RQH RYHU DQRWKHU ILJr $r 6UORRVWHPDWLGDH 6HUORRVWRPD RUDVVOHRUQLDf $QDO KRRND IRUPHG RI D VLQJOH ODUJH WRRWK .LWK RU PRUH mPDOW WHHWK mD LWV GRUVDO HGJH ILJ rrrrrrmrr 3URQRWXQ ZLWK D GHHS IXUURZ UXQQLQJ DOPRVW WKH IXOO ZLGWK RI WKH VROHULWH` KHDG DV LQ ILJr r %UDRK\HHQWULGDH /DUYDH ODUJH OLYLQJ LQ D HDVH PDGH RI VWLFNV n ILJr ‘ /LPQRSKLOLGDH 3\RQRSD\RKH VSr $f r 3UR} PHVR HQG PHWDQRWXP HDFK ZLWK D VLQJOH VROHURWL]RG VKLHOG HPEUDFLQJ WKH HQWLUH DRWXP ILJr L DEGRPHQ ZLWK PDQ\ FRQVSLFXRXV EUDQFKHG JLOOV ILJr r +\GURSV\RKLGDH (LWKHU PHVR RU PHWDQRWXP RU ERWK ZLWKRXW VSLHULWHD RU ZLWK VROHURWLVHG VKLHOG VXEGLYLGHG LQWR VHSDUDWHG SODWHV ILJr rrrrrrrrrrArrrrrfrrrrArrrrrrrrr r /DEUXP ZLWK DQWHULRU DQG ODWHUDO SRUWLRQV H[SDQGHG LQWR D ZLGH PHPEUDQRXV DUHD ILJr ,6r 3KLORSRWDDLGRH 2KLDDUUDf ‘ /DEUXP VKRUWHU HQWLUHO\ VFOHURWLVHG ILJr 3V\RKRUD\LLGDH

PAGE 24

nrn f ‘ ),* /$8580 ),* /$580 ),* /$59$ 2) +\GURSV\RKH X }m‘‘ \ ‘‘}‘r PHGLDQ RFHOOXV DQWHULRU ZDUW ? FRPSRXQG H\H ‘‘MIUWV+N ODWHUDO RFHOOXV 5 SRVWHURODWHUDO ZDUW r9 SURQRWX P OHJXODn *nVFXWXPnn$ PHVRQRWXP_ VFXWHOOXP OSRVIQRWXPArnnAn!\?AAAffff27P PHWDQRWXP ??? V n‘W9 A M9;-2$? ?nUI Vc -rOr7WSfffa7Q LDLPOW Ir V? ? ? Y!t ? 1! ? f ?; n ) &XE &X} Pf P t/FODVSHUVf§6HQLDOLD :nDHGHDJXVPD[LOODU\ SDOSXV ODELDO SDOSXV @ PHVRA[[,2V) ASOHXUDH PHWDSOHXUDH FR[DM WURFKDQWHU!n )RO GDVSHUV WLELDnn WDUVXVrAf fnDSLFDO VSXUV nSUHDSLFDO VSXUV ),* $'8/7 ,//8675$7,1* 7(50,12/2*< 2) 3$576

PAGE 25

‘ $GXOWV 6PLO KDLU\ LQGLYLGXDOV QRW RYHU LP ORQJ" PHVR} VFXWHOOXP ZLWK SRVWHULRU SRUWLRQ IRUPLQJ D WULn DQJXODU IODW DUHD ZLWK VWHHS VLGHV ILJr ` PDHRVFXWXP ZLWKRXW ZDUWVr +\GURSWLOLGDH 6L]H UDQJR RI WR DPL HLWKHU PHVHVRXWHOOXP HYHQO\ FRQYH[ ZLWKRXW D WULDQJXODU SRVWHULRU SRUWLRQ VHW RII IF\ VKDUS VLGHV ILJVr DQG ` PHVRVRXWXD ‘ ZLWK ZDUWVr r r 2FHOOL SUHVHQWr ILJr rmffrffffffffrff 2FHOOL DEVHQW r r r 0D[LOODU\ SDOSL VHJPHQWHG ILJr r OLLUDQRSKLOOGDH )\RQRSV\RKH VSr $f 0D[LOODU\ SDOSL } RU kmVHJPHQWHGrrrrf}fAfAfffffmfrffAAffrffff } 0D[LOODU\ SDOSL VHJUDHQWHG ILJr r )KU\JDQHLGDH %DQNVROD HRQFDWHQDWHf 0D[LOODU\ SDOSL f§VHJPHQWHGr ILJr }rffrffrffffffrfAffffrmfrf r 0D[LOODU\ SDOSL ZLWK ILIWK VHJPHQW WZR RU WKUHH WLQHV DV ORQJ DV IRXUWK ILJr r 3KOORSRWDPOGDH &KLPDUUDf 0D[LOODU\ SDOSL ZLWK ILIWK VHJPHQW QRW DFUH WKDQ RQH HQG RQHr}WKLUG WLPHV DV ORQJ DV IRXUWK ILJr mr 0D[LOODU\ SDOSL ZLWK RU PRUH VHJPHQWV ILJ 0D[LOODU\ SDOSL ZLWK OHVV WKDQ 6 VHJPHQWVrrrrrrrrr r 7HUPLQDO VHJPHQW RI PD[LOODU\ SDOSL PX RK ORQJHU WKDQ SUHFHGLQJ DQG ZLWK FORVHr VXWXUHOLNH FURVV VWULDH ZKLFK DUH QRW SRVVHVVHG E\ WKH RWKHU VHJPHQWVr ILJVr DQG rrrrmmm$}rrrr

PAGE 27

7HUPLQDO VHJPHQW kI PD[LOODU\ SDOSL ZLWKRXW VXFK VWULDk DQG VLPLODU LQ JHQHUDO VWUXFWXUH WR IRXUWK VHJPHQWr XVXDOO\ RI VDPH OHQJWK}} r $QWHULRU WLELDH ZLWK D SURDSLHDO VSXU} )D\RKRP\OLGDH $QWHULRU WLELDH ZLWKRXW D SUHDSLHDO VSXUr r 0HDRRXWXP ZLWKRXW ZDUWVr ILJ } +\GURSV\FKLGDH +HVRRXWXD ZLWK D SDLU RI VPDOO ZDUWVr ILJ } 3V\FKRD\LOGDH r 0LGGOH WLELDH ZLWKRXW SUHDSLHDO VSXUV DQG ZLWK D URZ RI EODFN VSLQHVr ILJr rrffr}mmrrfrmmrfrrrm}rrm 0LGGOH WLELDH ZLWK SUHDSLHDO VSXUVr ZLWK RU ZLWKn RXW D URZ RI VSLQHVr}rrrrr}Arrrr}}}rfrrrrrrr r 0HVRQRWXP ZLWK VRX WDO ZDUWV UHSUHVHQWHG E\ D ORQJr LUUHJXODU OLQH RI VHWDWH VSRWVr ILJr DQWHQQDH DOZD\V YHU\ ORQJ DQG VOHQGHUr ‘ /HSWRFHULGDH n 0HVRQRWXP mWK VFXWDO ZDUWV HLWKHU VPDOOr ILJ 62 RU DEVHQWr ILJ DQWHQQDH IDLUO\ VKRUWrrrrrrrrmrrr r 0DOH JHQLWDOLD DV LQ ILJr 6LW YHQWUDO DVSHFW RI DEGRPHQ RI IHPDOH DV LQ ILJ 6W f +HOLFRSV\RKLGDH +HOORRSV\FKH ERUHDOLVf‘‘ 2HQOWDOLD RI PDOH DQG IHPDOH QRW DV LQ ILJ} DQG rrr ,6 0HVRQRWXP ZLWK D GHHSr DQWHURPHVDO ILVVXUH ZLWK VFXWDO ZDUWV DV LQ ILJr 6 6HUL FRVWRPDWLGDH 6HUOFRVWRPD FUDJVLFRPLVf 0HVRQRWXUD ZLWK RQO\ D VKDOORZ DQWHURPHVDO FUHDVHr ZLWK VFXWDOZDUWV DV LQ ILJr a ‘ %UDFK\RHQWULGRH

PAGE 29

0LGGOH IHPRUD HDFK ZLWK D URZ RI EODFN DSLHV RU HQWHURFHQWUDO IDFH ILJr r 0RODQQLGQH 0RODQQD WU\RKHQDf 0LGGOH IHPRUD HDFK ZLWK QRQH WR EODFN VSLQHV RQ DQWHURFHQWUVO IDFHr (UDHK\FRQWULGQr

PAGE 30

! ),*} f§& DWDUULPD $3(; 2) )5216 ),* f§ IORULGD $3(; 2) )5216 ),* & SHULJXD $)(; 2) )5216 $ % ),* SHULJXD 0D,7H *(1,7$/,$ $ &/$6)(5 &$8'$/ 9,(: % $('($*86 ),* &KLPDUUD DWHUULPD 0$/( *(1,7$/,$n $ /$O(0OL 9, (9I % */$63(56 ),* f§&KLPDUUD IORULGD ),* f§f§&KLPDUUD 0$/( *(1,7$/,$ DWHUULPD )(0$,6 *(1,7$/,$

PAGE 31

2+%W$55$ 6W RSWLRQV .H\ 7R 7KH 6SHFLHV 2I &KOQDUUD /DUYDH $SH[ RI IURQV DV LQ ILJr ‘‘ &KO%DUUD DWHUULPD nL 9 } $SH[ RI LURQV QV LQ ILJr ‘ f n &KOLDDUUD IORULGD r $SH[ RI IUHVDV DV LQ ILJr r ‘ &KLUDUUD SHULOOD $GXOWV r $SH[ RI DEGRPHQ ZLWK D SDLU RI FODDSHUV WWDODV`rrrrrrrrmr $SH[ RI DEGRPHQ ZLWKRXW FODDSHUV IHPDOHVf rrr r &RORU EURZQ JHQLWDOLD DV LQ ILJr r &KOPUUD SHUOHUD &RORU EODRNLVKr r *HQLWDOLD DV LQ ILJr &KLPDUUDDWHUULPD‘ *HQLWDOLD DV LQ ILJr r &KOQDUUD IORULGD r &RLFRr EUHDQ &KOLDDUUD SHUOJXD &RORU EODRNLVKrr fffff r 1LQWK WHUJLWH SURGXFHG LQWR ZHOOGHILQHGr ODWHUDO VRORURWLVHG HDUV ILJr r &KOPDUUD IORULGD 1LQWK WHUJLWH ZLWKRXW RDUVr &KOLDDUUD DWHUULPD

PAGE 32

&KLVWDU UH DWHUUOPD +DJHQ 5DQJH} (DVWHUQ HQG VRXWKHUQ VWDWHVr 'HVFULSWLRQ} 5RVV 5HDWDUOHV} 7KH ODUUDV RI WKLV VSHFLHV OLUH LQ VPDOO FRRO IDVW IORZLQJ VSULQJIHG FUHHNVr $OWKRXJK IRXQG D VWUHDP LQ *ROGHQ +HDG 6WDWH 3DUN ZKHUH &r VWHUULURD ZDV WKH GRPLQDQW FDGGLV IO\ LW LV QRW XVXDO IRU WKH DSHOHV WR EH VR DEXQGDQW 7KH IDFW WKDW KDUH QHUHU FROOHFWHG DGXOWV DW OLJKW VXJJHVWV WKDW WKH\ PD\ EH QHJDWLUHO\ SKRWRWURSLR 3UHULRXV )ORULGD 5HFRUGV} ORVV f UHFRUGV WKLV VSHFLHV IURP )ORULGD EXW GRHV QRW JLUH WKH ORFDOLW\ 5RWWHQ SHUVRQDO FFUDZXQL FDWLRQf FROOHFWHG DWHUULPD LQ WKH ULROQLW\ RI /DNH 3ODFLG 6SHFLPHQV ([DPLQHG} )LUH ODUUDH A PLOHV :r RI *DLQHVULOOH / % OM DGXOWV PLOHV : RI *DLQHVULOOH /} % ODUUD $ODFKXD &Rr OOG]L ODUUDH %RJWRZQ *UHHN LQ OHDI GHWULWXV ) 6 < } ODUUD 'HULOnV 0LOOKRSSHU "} ODUUD 3HULOnV 0LOOKRSSHU ,26, ODUUDH DQG SXSDH *ROGHQ +HDG 6WDWH 3DUN : + /} ODUUDH +RJWRHQ &UHHN + 62 ODUUDH +RJWRZQ &UHHN 0 : +

PAGE 33

&KLPDUUD SRUOJXD 5RVV 5DQJH} )ORULGD *HRUJLD DQG ,OOLQRLVr 'HVFULSWLRQr 5RDV r 5HPDUNV} 5RVV f VWDWHV WKDW &r SHUOJXD ZDV UHFRUGHG HUURQ f n L FRXVO\ DV & VRFOD DQG WKH ODWWHU VSHFLHV ZDV WKXV OLVWHG DV EHLQJ f SUHVHQW LQ )ORULGDr &KOPDUUD VRROD GRHV QRW RFFXU LQ WKH VWDWHr f $FFRUGLQJ WR 5RVV f 5HH[DPLQDWLRQ RI D ODUJH VHULHV RI VRRODf§rf§f§LQGLFDWHVf D ZLGH HDVWHUQ DQG QRUWKHDVWHUQ UDQJH IRU VRFOD HQG D VPDOO UDQJH RI SHUOJXD ZKLFK LV SHULSKHUDO RQ WKH VRXWKHUQ DQG ZHVWHUQ SRUWLRQV RI WKH UDQJH RI VRRODrr 7KH ODUYDH RI & SHUOJXD OLYH LQ ROHDU RROG UXVKLQJ ZDWHU VXFK DV WKDW SRXULQJ RYHU WKH URRN GDP DW 3RH 6SULQJVr 7KH DGXOWV DSSHDU WR KH QHJDWLYHO\ SKRWRWURSOR IRU WKRXJK OLJKWHGr IRU FDGGLV IOLHV PDQ\ WLPHV LQ WKLV ORFDOLW\ GLG QRW FROOHFW DQ\ DGXOWVr 7KH ODUYD ZDV DVVRFLDWHG ZLWK WKH DGXOW K\ D SURFHVV RI HOLPLQDWLRQr FROOHFWHG ODUYDH RI WKUHH GLVWLQFW VSHFLHV RI *KLPDUUD DQG DGXOWV RI WKUHH VSHFLHVr &r DWHUULPD &r SHUOJXD DQG &r IORULGDr 7KH ODUYD 2I & DWHUULPD ZDV SUHYLRXVO\ GHVFULEHG DQG ZDV HDVLO\ LGHQWLILHGr DVVRFLDWHG WKH ODUYD RI Fr IORULGD E\ SXSDO GLVVHFWLRQ :KLFK OHIW RQH XQLGHQWLILHG VSHFLHVr 7KH DGXOWV RI &r SHUOJXD DUH YHU\ VLPLODU WR &r VRRODr DQG WKH WKLUG ODUYD ZDV DOVR H[WUHPHO\ VLPLODU WR WKDW RI & VRROD ,W VHHPV REYLRXV

PAGE 34

fr WKHUHIRUH WKDW WKRVH ODUYHF PXVW ER WKRVH RI &r SRUOJXDr 7KH ODUYD RI & SHUOJXD FDQQRW ER GLVWLQJXLVKHG IURP WKDW RI & VRROD XVLQJ WKH GHVFULSWLRQ JLYHQ E\ (RVV LQ GR QRW KDYH FRPSDUDWLYH PDWHULDO RI e} VRROD DQG WKHUHIRUH FDQQRW ORRN IRU GLIIHUHQFHV LQ PRUSKRORJLFDO FKDUDFWHUV EHWZHHQ WKH WZR VSHFLHV EXW D FULWLFDO H[DPLQDWLRQ RI ERWK ODUYDk LV GHILQLWHO\ LQ RUGHUr 3UHYLRXV )ORULGD %H FRUG DW OORORW\SH PDOHf§mf§6DQWD 3H (OYHU $ODFKXD *R )ORULGD $SULO } %HUQHU $OORW\SH IHPDOHrr 6DQWD 3H (OYHU DW 3RH 6SULQJV $ODRKXD &Rr )ORULGD 0DUFK / %HUQHU 3DUDW\SRVf§f§)ORULGDr VDPH GDWD DV IRU DOORW\SH PDOHf (RVV f 6SHFLPHQV ([DPLQHGr 7ZR DGXOWV 3RH 6SULQJV ,} %mr ]IO]bbb ODUYDH PLOHV : RI *DLQHVYLOOH % $ %r OOH ODUYD PLOHV :r RI *DLQHVYLOOH % $ %f $r ODUYD $ODRKXD &Rr ,r % $6r ODUYDH 3RH 6SULQJV VO=%L SXSDH 6DQWD 3H (OYHU -r 6 5 V$V66M 6 ODUYDH 3RH 6SULQJVn r : +r V2I ODUYDH 3RH 6SULQJH 0 : O"r E,E6L ODUYDH PLOk VRXWK RI *XOI +DPPRFN 0 : + VRVRr

PAGE 35

6 $ ‘ 2KLPDUUD IORULGD 5RWV 5DQJHr )ORULGD DQG *HRUJLD 'HVFULSWLRQr 5RVV 5HPDUNVr 6KH XQGHVFULKHG ODUYD RI & IORULGD ZDV DVVRFLDWHG ZLWK LWV DGXOW IRUP K\ PHDQV RI SXSDO GLVVHFWLRQ 6KH ODUYDO VWDJH RI WKLV VSHRLHV mDV RQO\ IRXQG LQ WKH PRVW UDSLG SRUWLRQV RI YDU\ VZLIW RDORDUHRXV VWUHDPV 3UHYLRXV n)ORULGD 5HFRUGVr f 2QH PDOH )UHHSRUW :DOWRQ &RXQW FROOHFWHG K\ 'Ur /HZLV %HUQHU $SULO r IURP 5RVV f 6SHFLPHQV ([DPLQHGr 7KUHH PDOHV IDVW VWUHDP PLOH 6m RI *XOI +DPPRFN /HY\ &Rr VZHHSLQJ 0r : + "VRI SXSD r PLOH 6r RI *XOI +DPQRFN /HY\ &R ,,r :r ,r 22 ODUYDH 3RH 6SULQJV W_ IHPDOH 3RH 6SULQJVr DW OLJKW 0 : +r SXSDr 3RW 6SULQJVr 0r Z + SXSDr QR GDWD PDOH VZHHSLQJr 3RH 6SULQJV 0 : + 62r PDOHVr IHPDOHV 3RH 6SULQJVr DW OLJKW 0 :r +f $6 n n

PAGE 37

36<&+20QL'$( .H\ WR WKH 3D\FKR(JOOGDD /DUYDH U r $QDO KRRNV WLOWK D URZ RI RU ORQJ WHHWK DORQJ LQQHU YHQWUDO PDUJLQ ILJr V WHQWK VHJPHQW VKRUWr ZLWK VFDUFHO\ 0D\ YHQWUDO PDUJLQ} ILJr 3D\FKRDSLD ILDYLGD $QDO KRRNV ZLWK DW PRVW YHU\ VKRUWr LQQHU WHHWK ILJr V WHQWK DHJUDAW ORQJHU HQG WXEXODU ILJVr DQG rrrfrrffmffffffffr}rffrffffffrrfffrffrfffffffffrmrffffff 0DQGLEOHV VKRUW HQG WULDQJXODUr HDHK ZLWK D ODUJH WKLRN EUXVK RQ WKH PHVDO VLGH ILJr r 3K\ORHHQWURSDV SODFLGXD 0DQGLEOHV ORQJHU ILJr } WLOWK RQO\ D WKLQ EUXVK RQ OHIW PDQGLEOH QRQR RQ ULJKWr rrrrr rffmrrmrr }rrr!rffrff r r 5LJKW PDQGLEOH ZLWK WZR ODUJH GRUVDO WHHWK ZKLFK FRPSOHWHO\ RYHUKDQJ DQG KLG WKH YHQWUDO URZr RQ WKH OHIW PDQGLEOH WKH GRUVDO URZ RI WHHWK RYHUn KDQJV HQG KLGHV WKH YHQWUDO URZ ILJr r &\PHOLXV PDUJLQDOLD r n 5LJKW PDQGLEOH ZLWK D VLQJOH GRUVDO WRRWK ZKLFK RQO\ SDUWLDOO\ KLGHV WKH YHQWUDO URZ RI WHHWKI RQ WKH OHIW PDQGLEOH WKH GRUVDO URZ RI WHHWK GRHV QRW KLGH WKH YHQWUDO URZ ILJVr DQG r}r r %DVDO VHJPHQW RI DQDO DSSHQGDJHV WHQWK VHJPHQWf ZLWKRXW KDLU ILJr r OHIW PDQGLEOH ZLWK EDVDO WRRWK VPDOO DQG ZLWK D OLQHDU EUXVK RQ PHVD IDFH QHDU EDVH ILJ .HXUHFOLSDLV FUHSXVRXODUOV ‘ %DVDO VHJPHQW RI HQDO DSSHQGDJHV WHQWK VHJPHQWf ZLWK ORQJ KDLU ILJr } OHIW PDQGLEOH ZLWK EDVDO

PAGE 38

)5277 *,/2 87,/ 26 ),2 ),*A )52)7 $r' L WLUR YUDL*6 ),* )/287 $7' U,O' /* ),* 0$;,//$5< 3$/326 ),* ,$;,//$5< 3$/386 ),* f§0$;,//$5< 3$/386 ),* f§n$;,//$5< 3$/386 ),* f§2,/*6 ),* +,1' :,/*

PAGE 39

f WRRWK ODUJH VXEHTXDO WR RQH DERYH DQG ZLWK EUXVK VPDOOr ILJr r 3RO\RHQWIRSXV $GXOWV r )URQW WLELDH ZLWK D SUHDSLRDO VSXUrrrrrrfrfffmfrffffffrfff )URQW WLELDH ZLWKRXW D SUHDSLRDO VSXUrfffffrffffffff ffffffffmr r %RWK SDLUV RI ZLQJV ZLWK (J SUHVHQW DQG EUDQDKLQJ IURp5J DW UDGLDO FURVVYHLQr ILJr r 3K\ORFHQWURSXV SODRLGXV %RWK SDLUV RI ZLQJV ZLWK 5 HLWKHU DEVHQW RU EUDQFKLQJ IURP 5J QHDU PDUJLQ RI ZLQJr ILJr I! r +LQG ZLQJV ZLWK ,6 EUVQFKHGr ILJr r .HXUHROLSVLV RUHSXVRXODUOV +LQG ZLQJV ZLWK 0 EUDQHKHGr ILJr rrrrm}ffffff}ffffffffffff )URQW RU KLQG ZLQJVr RU ERWKr ZLWK 5J SUHVHQWr ILJ 3HO\HHQWURSXH %RWK ZLQJV ZLWK 5J DEVHQWr ILJr rrrrrr}rrrr}rrrmrrrrrr r 0D[LOODU\ SDOSL ZLWK VHFRQG VHJPHQW ORQJr WKLUG RQO\ VOLJKWO\ ORQJHU WKDQ VHFRQGr ILIWK VKRUWr ILJ r f &\UQHOOXV PDUJLQDOLD 0D[LOODU\ SDOSL ZLWK VHFRQG VH JURHQ W VKRUWr WKLUG WKUHH WLPHV DV ORQJ DV VHFRQGr ILIWK ORQJr ILJr .\RWORSK\OD[ YHVWOWXV r 0D[LOODU\ SDOSL ZLWK VHFRQG VHJPHQW RQO\ RQHr KDOI WR RQHWKLUG DV ORQJ DV WKLUG VHJPHQW DQG ZLWK WKH DSH[ HQODUJHG LQWR D VPDOO FXVKLRQr ILJr r n &DUQRW LQ D

PAGE 40

0D[LOODU\ SDOSL ZLWK VHFRQG VHJPHQW DV ORQJ DV WKLUG DQG XQLIRUPO\ F\OLQGULFDO ILJr *2r ffffmfffmff" 6LQG QLQJH ZLWK DSH[ HLUHQO\ URXQGHG ILJr r /\SR GLUHUVD ‘PP PPPPPPZ 6LQG ‘ZLQJV ZLWK DSH[ WDSHULQJ DQG VRPHZKDW SRLQWHG‘ I L Jr r n 3J\RK2%JLD IODUOGD 6%85%&I-36,6 0RKDFKODQ +HXUHROLSVLV FUHSXVRXORULV :DONHUf 7KLV VSHFLHV KDV QRW ER JR WDNHQ LQ $ODFKXD &RXQW\ KXW %DWWHQ SHUVRQDO FRPPXQLFDWLRQf FROOHFWHG LW LQ )ORULGD ORFDWLRQ QRW JLUHQfr

PAGE 41

mfr 3+
PAGE 42

'HVFULSWLRQr 5RVV r 5HPDUNV} 7KLV DSHOHV DSSHDUV WR IFR UDWKHU UDUH LQ $ODFKXD &RXQW\ IRU ZDV DEOH WR REWDLQ RQO\ D IHZ VSHFLPHQVr 2QH ODUYD ZDV IRXQG LQ D ODNH WKH RWKHU LQ D ORZ VWUHDP ZLWK D VRIW IOHRFXOHQW ERWWRPr 7RUKOHD Sr f JLUHV DQ H[FHOOHQW GHVFULSWLRQ RI WKH XQXVXDO ODUYDO HDVHr 7KH ODUYD EXUURZV LQWR WKH VDQG RI WKH ERWWRP RI WKH VWUHDP DQG IRUPV D ORQJ RIWHQ FRPSOH[O\ EUDQFKHG FDVH RI VDQG VFDUFHO\ ILUP HQRXJK WR EHHS LWV VKDSH ZKHQ LW LV H[WUDFWHG IURP LWV SRVLWLRQr 7KLV FDVH DERXW PP LQ GLDPHWHU H[FHSWLQJ VRPH VPDOOHU EUDQFKHV LV RIWHQ DV PXRK DV UDPr ,Q OHQJWK WKH JUHDWHU SRUWLRQ EXUOHG RQO\ UDP SURMHFWLQJ IURP WKH VWUHDP EHGr 3UHYLRXV )ORULGD 5HFRUGV} 'HDG /DNH :HZDKLWRKED FROOHFWHG E\ -r *r +HHGKDQ %HWWHQ} Sr f_ VSHFLPHQV FROOHFWHG E\ %HWWHQ SHUVRQDO FRPPXQLFDWLRQf ORFDWLRQ QRW JLUHQr 6SHFLPHQV ([DPLQHGr 2QH IHPDOH :DVKLQJWRQ &R} r %m VVRO2L ODUYD /DNH 6DQWD 3H } ODUYD VORZ VWUHDP PLOHV +r :r RI *DLQV VZLOO H RQ 8 6 0r : } PDOH :RUWKn LQJWRQ 6SULQJV DW OLJKW 0 : .f WL]P

PAGE 43

rr ‘8

PAGE 44

rr 32/<&(On,752386 &XUWLV ‘ .H\ 7R 7KH 6SRHLHV 2I 3RO\JRQWURRXV /DUYDH f 6SRWV RQ ODUYDO KHDG DV LQ ILJr r 3RO\RHQWURSXV VSr $ ODUYDO VWDJH XQNQRZQr n 3RO\RHQWURSXV RUDVVLRRUQOV $GXOWV r *HQLWDOLD RI ZDOHV DV LQ ILJr M JHQLWDOLD RI IHPDOHV DV LQ ILJr 3RO\FRQWURSXV RUDVVLRRUQOV 9 3RO\RHQWURSXV RUDVVLRRUQOV :DOWHU 7OLk ODUYD RI WKLV VSHFLHV DOWKRXJK LW KDV D ZLGHVSUHDG ‘r UDQJH WKURXJKRXW HDVWHUQ 8QLWHG 6WDWHV HQG &DQDGD LV XQNQRZQr %DQNV f UHFRUGV 3r FUDVVLFRUQOR IURP m-DFNVRQYLOOH KRZHYHU KDYH QR RWKHU UHFRUG RI LWV RFFXUUHQFH LQ )ORULGDr 3RVVLEO\ 3RO\RHQWURSXV VSr $ LV WKH mmGHVFULEHG ODUYD RI 3r RUDVVLRRUQOV} ‘ 3RO\RHQWURSXV VSr $ $OWKRXJK FROOHFWHG WKH ODUYDH RI WKLV VSHRLHV LQ D QXPn EHU RI ORFDWLRQV D FRQVWDQW VHDUFK IRU WKH DGXOWV IDLOHG WR SURGXFH

PAGE 45

D VLQJOR VSHFLPHQ 7KH DGXOWV P\ ER QHJDWLYHO\ SKRWRWURSLR IRU QLJKW OLJKWLQJ DQG GD\OLJKW VZHHSLQJ ZHUH ERWK ,QHIIHFWLYH LQ FROn OHFWLQJ WKHP ; DWWHPSWHG WR UHDU VRPH ODUYDk ZKLFK FROOHFWHG LQ %LJ +DWFKHW &UHHN EXW WKH ODUYDH GLHG EHIRUH SXSDWLRQr WKHVH ODUYDH DSSHDU WR EH YHU\ VLPLODU WR WKH ODUYDH RI 3r UHQWR WXV ILJr fr 6LQRk 3r UHPRWHV KDV EHHQ FROOHFWHG WR %ULWLVK &ROXPELD ,OOLQRLV 0LQQHVRWD +HZ +DPSVKLUH DQG %HZ
PAGE 46

PU&7,23+
PAGE 47

5HPDINV" IKH ODUYD RI %r YHVWLWXV LV XQOPRZLr KRZHYHU LI IRXQG WKH ODUYD PLJKW YHU\ ZHOO WXUQ RXW WR EH RQH RI WKRVH ZKLFK DUH QRZ FODVVLILHG XQGHU 3V\RKRP\OLG *HQXV $r )XUWKHU VWXG\ VKRXOG FODULI\ WKLV LQWHUHVWLQJ HQLJPD} :\FWORSK\OD[ YHVWLWXV LV UDUH LQ $ODFKXD &RXQW\ KDYLQJ EHHQ FROOHFWHG RQO\ DW 3RH 6SULQJV 3UHYLRXV )ORULGD 5HRRUGVr 6KLV VSHFLHV KDV QRW SUHYRXVO\ EHHQ UHn SRUWHG IURP )ORULGD %HWWHQ SHUVRQDO FRPPXQLFDWLRQf KRZHYHU FROn OHFWHG LW LQ WKR VWDWH ORFDOLW\ QRW FLWHGf 6SHFLPHQV ([DPLQHGr 2QH PDOH %OXH 6SULQJV &UHHN -DFNVRQ &R} / %} IHPDOH 3RH 6SULQJV DW OLJKW +r :} +} %O]62L PDOH 3RH 6SULQJH DW OLJKW 0 g %} EIL2} &(.527,0 5RVV %R ODUYDH RI WKLV JHQXV KDYH EHHQ GLVFRYHUHG DQG QR PRUSKn RORJLFDO GLIIHUHQFHV KDYH EHHQ IRXQG WR GLVWLQJXLVK EHWZHHQ WKH IHn PDOHV RI WKH YDULRXV VSHFLHV WKH JHQLWDO VHJPHQWV RI ZKLFK IRUD D FRQLFDO VWUXFWXUH ZLWK RQO\ VLPSOH SDUWV DV VKRZQ LQ ILJ} } KDYH H[DPLQHG VSHFLPHQV RI WKH IROORZLQJ IHPDOHV WGLLFK FDQQRW EH LGHQWLILHG VSHFLILFDOO\ VLQFH WKH\ ZHUH QRW FROOHFWHG WRJHWKHU ZLWK PDOHVr IHPDOH *DLQHVYLOOH DW OLJKW 0 : "} EV%2L IHPDOH %LJ +DWFKHW &UHHN DW OLJKW 0 g .} 62, IHPDOHV :RUWK

PAGE 49

fr ,QJWHQ 6SULQJV DW OLJKW ,Ir 9r ,7 $V6L IHPDOHV 6Wr -RKQrD 5LYHU 3XWQDP &Rr DW OLJKW O6L IHPDOHV 3RH 6SULQJV DW OLJKW 0 :r + G6W IRQWDOHV 3RH 6SULQJV DW OLJKW 0 :r 8 $r f .R\ JR IOKR 6SHFLHV 2I &HUQRWOQD /DUYDHf§f§f§8QNQ DP $GXOWV r 0DOHV )HPDOHV ILJ f§f§f§+RW NH\HG r &RUHO ZLWK RU ORQJ EODFN WRRWK RQ WKH UDHHDO VLGH QHDU WKH EDVH ILJr r &HUQRWOQD FDOFHD &RUHO ZLWKRXW ORQJ EODFN PHVDO WHHWKrrrfrrrf}rffffrrrfrmfffr r *HQLWDOLD DV ,Q ILJr &HUQRWOQD VSORDWD *HQLWDOLD DV ,Q ILJr r &HUQRWOQD WUXQRRDD

PAGE 50

f} &JUQRWOQD FQOFHD nORVV 5DQHH 7KH UDQJH RI WKLV VSHFLHV LR UWGH} KXW &r FDORHD DSSHDUV WR EH ORRDOO\ GLVWULEXWHGr ,W KDV EHp WDIHH} LQ ,OOLQRLV} 0LVVRXULr 2NODKRPDr 7H[DV DQG )ORULGDr 'HVFULSWLRQr 5RVVr r 5HPDUNV FROOHFWHG DGXOWV DW 3RH 6SULQJV DQG :RUWKLQJWRQ 6SULQJVr EXW FRQWLQXHG ,QYHVWLJDWLRQ ZLWKLQ ZDGLQJ GLVWDQFH RI WKH VKRUH \LHOGHG QR ODUYDHm 7KH ODUYDH PD\ SRVVLEO\ EH IRXQG ,Q WKH GHHSHU SDUWV RI WKH 6DQWD )H 5LYHU EH\RQG ZDGLQJ GHSWKr (PHUJHQRH PRDW OLNHO\ WDIHHV SODFH RYHU WKH HQWLUH VLVVXHUr 3UHYLRXV )ORULGD 5HFRUGV 5RVV f OLVWV WKLV VSHFLHV DV RFFXUn ULQJ LQ )ORULGD EXW GRHV QRW HSHHLI\ WKH ORFDOLW\r %HWWHQ SHUVRQDO RRUDPXQWRDWLFQf UHSRUWV WDNLQJ &r RDOFHD LQ WKH YLFLQLW\ RI /DNH 3ODFLGr 6SHFLPHQV ([DPLQHG 7ZHOYH PDOHV DQG IHPDOHVr 3RH 6SULQJV DW OLJKW 0r :r L" r PDOHV DQG IHPDOHVr :RUWKLQJWRQ 6SULQJV DW OLJKWr :r 1m r PLHV DQG IHPDOHV 3RH 6SULQJV DW OLJKWr +r :r ,rr AV2r 62 PHOHH DQG IHPDOHH 3RH 6SULQJV DW OLJKWr 0r : +f V6O

PAGE 51

f} &DI:RW6UP WUWDLHDDD 7LRHW %HQ cJHr WPpP FQO\ IURP IORULGDr %MZRUOXWOTS} %RRV 5WPDUEHr HROORDWRG WKLV HSRRLRR P RQO\ WZR RUHDHOFWLHr ERWK WLUHV P WKH VKRUHV RI WKp +LUHU 6LSVr 7R VVp" }RVWRLJR WKH W\SR mWRULR SORW WV HQRHLUHQF RUp WKi mVO\ HROORRWOFQR RI &r WURQRRRR HVWHDVL 6LQR D UQGERU RI LL.OLULGXUOH PUp IRXQG ,W DSSHDUV WKDW WKH ODUUHH DP ER IRXQG LQ WKH UWUHU L KFUHUHU D kRRURK ZLWKOU UHGLQJ GO tbPZ RI WKH VKDUH IRLOHG WR URUHRO LKHHW }} OLDUH WKH kUREOHQ ,V VLZLOVU WR WKDW RI er 0bPUVArrrrrrpn: ORIUHR RUk WR ER IRXQG ,Q WKH GFRSRU mDWDUD EH\RQG UHGLQJ GHSWK 7KHUH HUH QR UHUSKHORVOHDO RKDUFRWLWUr WVKLDK HmQ ER XVHG Wk GLIIHUHQWLDWH EHWZHHQ WKH IHDVW RV RI IKOD JHQUH $OWOLRDJK HHOr ORRWHG WKH IHDQORF RI &r W\XQHRQD ZKLFK KRG QRWn EUHQ FRO ORRWHG SURWULFXVO\ QR QRUSKRORQLFVO FKDUH kWHUH mRUR IRXQG ZKLFK HRXOG Kk XVHG WR GLVWLQJXLVK WKRUQ IURP RWKHU mSLROHV ,Q WKH JDQUHr 3\TUIRUH IORULGk 5HFRUGVr +DOHVr 'D\WRQD %HQFK WROUHLD &Rr UHOr ORRWHG A %OG6HOr %HOHHHQGUH DQG 5HWWr &6r 5RVVr Df 6UHRLDDQ} JPRWRDGW 7LWR VRORVr 6 IHPORV +LUHU 6W\[ DW OLJKWr ,W :r }rr WDORVr L IVHOHkr (LUH" 6W\r DW OOAWr ,,r W "fr RV$8

PAGE 52

frr &HUQFWOQH JSLRDWD 5RHV 5HD JHr UDLFr 0LFKLJDQ 2NODKRPD HQG )ORULGDr &FUDRWOQD HSL FDWD KDV QRW SUHYLRXVO\ EHHQ UHSRUWHG IURP )ORULGD ,W LV REYLRXV WKRXJK IURP LWV VSRWW\ GLVWULEXWLRQ WKDW e VSLRDWD LV IDU PRUH ZLGHO\ GLVWULEXWHG WKDQ KDV EHHQ WKRXJKWr DQG PRVW SUREDEO\ RFFXUV fnUn } LQ FHUWDLQ DUHDV RI WKH LQWHUYHQLQJ WHUULWRU\ 'HVFULSWLRQr 5RVV 5HPDUNVr &HUDRWLQD VSLRDWD LV XQFRPPRQ LQ $ODFKXD &RXQW\ IRU FROOHFWHG RQO\ IRXU VSHFLPHQV DW WZR ZLGHO\ VHSDUDWHG SRLQWVr 0RVW OLNHO\ WKHVH LQGLYLGXDOV KDG IORZQ VRPH GLVWDQFH IZR RI WKH DGXOWV ZHUH WDNHQ QHDU *DLQHVYLOOH WKH RWKHUV RQ WKH EDQND RI WKH 6DQWD )H 5LYHU 3UHYLRXV )ORULGD 5HFRUGVr 5RQH 6SHFLPHQV ([DPLQHGr 2QH PDOH %OXH 6SULQJV &UHHN -DFNVRQ &Rr ;L % PDOH RQH IHPDOH 3RQD % DW OLJKW 0 : +f /2m! PDOHV 3RH 6SULQJHr DW OLJKW 0 : ( A

PAGE 53

f}mm 3D\HKRJM\OLG *VQQ V $ %HQJHr ,OOLQRLVr )ORULGD 0LFKLJDQ HQG ,7LHRHQVOQr ‘L f 'HVFULSWLRQ 5RVVr } 5HPDUNVr 7KH DGXOW RI WKLV FXULRXV ODUYD LV XQNQRZQ EXW LW LV SUREDEO\ RQH RI WKRVH QHZNQRZQ RQO\ IUHVD WKH DGXOW VWDJH VXFK DV ,I\RWORSK\OD[ RU &HQDRWLQDr ,Q $ODFKXD &RXQW\ WKH ODUYD ILJr f OPV RQO\ EHHQ FROOHFWHG LQ WKH 6DQWD )D 5LYHU DQG %LJ +DWFKHW &UHHNr 3UHYLRXV )ORULGD 5HFRUGVW 5RVV f UHFRUGV WKLV ODUYD IURP )ORULGD EXW GRHV QRW JLYH WKH ORFDOLW\r 6SHFLPHQV %[tPLQHGr 7ZR ODUYDH 6DQWD 3H 5LYHU ODUYDH $ODFKXD &R OOE ODUYDH %LJ +DWFKHW &UHHN 0r : 1m ODUYD %LJ +DWFKHW *UHHN 0 : .r RLRVL" b ODUYDk %LJ +DWRKHW

PAGE 54

&UHHN +r : ,, /73( 0R/DRKOWP /\SH GLYHUVD %DQNVf +RHV f UHFRUGV WKLV VSHFLHV Dp RFFXUULQJ LQ )ORULGD ORFDOLW\ QRW JLYHQf EDW KDYH QRW FROOHFWHG LW LQ $ODFKXD &RXQW\ 3HUKDSV LW RFFXUV LQ QRUWKZHVWHUQ )ORULGD

PAGE 55

36<&+20<,$ 3LRWHW 2I WKH WKUHH GHVFULEHG +RUWK $PHULFDQ VSHFLHV RQO\ 3 IODYLGD KDV EHHQ WDNHQ LQ )ORULGD

PAGE 56

mrr 3H\RKRDGD IODYOGD +DJHQ 3H\FKRP\WD IODYOGD +DJHQ 3V\RKRPIILD QX9RKH7OD %DQNDr ‘n 3H\RKRQVUOD PRHVWD %DQNA DM 5DQJHr (DVWHUQ FHQWUDO DQG VRXWKHUQ VWDWHVr 6LQHk 3r IODYOGD KDV QRW GHYLRXVO\ EHHQ WDNHQ LQ )ORULGDr DQG .HQWXFN\ 7HQQHVVHH DQG :RUWK &DUROLQD ZHUH WKH QHDUHVW UHSRUWHG FROOHFWLQJ VLWHVr ILQGLQJ WKLV VSHFLHV LQ )ORULGD LQGLFDWHV WKDW LW RFFXUV LQ WKH LQn WHUYHQLQJ WHUULWRU\r 3HVRULQWLRQr 5RVVr r 5HPDUNVr 3HUKDSV QRUWKZHVWHUQ )ORULGD LV WKH RQO\ DUHD LQ WKH VWDWH WKLV VSHFLHV RDD EH IRXQGr IRUr DOWKRXJK FROOHFWHG QR VSHFLPHQV LQ $ODFKXD &RXQW\r H[DPLQHG RQH VSHFLPHQ ZKLFK ZDV FROOHFWHG LQ WKH YLFLQLW\ RI 0DULDQQD $FFRUGLQJ WR 5RVV fr WKH ODUYDH DUH UHVWULFWHG WR VZLIWr FROG VWUHDPVr 3UHYLRXV )ORULGD 5HRHUGVr 5HQHr 6SHFLPHQV ([DPLQHGr 2QH IHPDOH %OXH 6SULQJV &UHHNr -DFNVRQ &R} /r %mr HVr

PAGE 58

&7,:%W8-6 %HVLNV &\PHOOXD PDUJLQDOLD %RQNVf +\RWLRSK\OD[ PDUJLQDOLD %RQNVr E &YUQHOOXV VHUQ\O0RVHOY f 5DQJR} &RQWURO DQG VRXWKHDVWHUQ VWDWHVf DOVR NQRZQ IURWR QHDU WKH PRXWK RI WKH $PDVDQ 5LVHU LQ 6RXWK $UDHULRDr ,Q WKH 6RXWKHDVW} &r PDUJLQDO H KDV EHHQ UHSRUWHG IULVD 7HQQHVVHH} .HQWXRN\ HQG $ODEDPD EXW QRW IURP )ORULGD $OWKRXJK KDUH QRW YHULILHG WKH FRUUHFWn QHVV RI WKH LGHQWLILFDWLRQ RI WKH VSHFLPHQV IURP 6RXWK $PHULFD} ILQGLQJ WKLV FDGGLV IO\ LQ )ORULGD LV DQ LQGLFDWLRQ WKDW LW PXVW RFFXU LQ DW OHDVW OLPLWHG SRUWLRQV RI WKH LQWHUYHQLQJ WHUULWRU\ QDPHO\ 0H[LFR DQG &HQWUDO $PHULFDr 'HVFULSWLRQr 5RVV r 5HPDUNVr 2QO\ RQH +RUWK $PHULFDQ VSHFLHV PDUJLQDOLD LV NQRZQ IRU WKLV JHQXV 7KH ,PPDWXUH VWDJHV KDYH QHYHU EHHQ GLVFRYHUHG EXW HYLGHQFH SUHVHQWHG KHUH EHOLHYH ZLOO FODULI\ WKH DVVRFLDWLRQ RI WKH YDULRXV VWDJHVr IRXQG WZR VSHFLHV RI ODUYDH :KLFK ZHUH NH\HG 5RVV f WR 3D\FKHWD\LLG *HQXV $` RQH RI :KLFK LV WREH IRXQG XQGHU 3V\RKRQ\LOG *HQXV $ LQ WKLV WKHVLV DQG RQH RI :KLFK ZDV XQ GHVRULEHGr FROOHFWHG DQ LPPDWXUH SXSD KRZHYHU LQ KDNH :DXERUJ ZKLFK FRQWDLQHG WKH ODUYDO VROHULWHV RI WKH XQGHVFULEHG VSHFLHV RI 3V\HKRP\LLG *HQXV $ 7KH IDFW WKDW WKHVH VROHULWHV FRXOG EH LGHQWLn ILHG DV 3V\FKRP\LLG *HQXV $ ZRXOG HOLPLQDWH )K\ORHHQWURSXV 5HXUH

PAGE 59

HOLSVLV DQG 3RO\HHQWURSXVr 7KH SXSD KDG D SUHtSOFDO VSXU RQ WKH IURQW WLELD ZKLFK HOLPLQDWHG *HPRW LQD /\SH HQG 3D\RKRP\LD OHDY LQJ RQO\ *\UQHOOXV HQG +\FWLRSK\ODUr 7KH PD[LOODU\ SDOSLr WKH NH\ FKDUDFWHU IRU GLVWLQJXLVKLQJ EHWZHHQ WKH WZR JHQHUD} DUH LGHQWLFDO ZLWK WKRVH RI &\PH +XE} VR IHHO WKH DVVRFLDWLRQ LV D YDOLG RQH} ,W DSSHDUV WKHUHIRUHr WKDW WKR /DNH :DXEHUJ VSHFLPHQ LV WKH SXSD RI &r PDUJLQDOLD ZKLOH WKH VHFRQG VSHFLHV VWLOO UHPDLQV ZLWKRXW D QDQk LQ 3V\RKRP\OOG *HQXV $r 7KLV VSHFLHV LV QRW YHU\ DEXQGDQW LQ $ODFKXD &RXQW\ b UHFRUGV LQGLFDWH WKDW HPHUJHQFH RFFXUV LQ WKH 6SULQJr 5RVV f VWDWHV WKDW WKH DGXOWV DUH PDLQO\ IRXQG FP WKH VKRUHV RI ODUJH ULYHUV EXW DOVR RQ WKH HKRUHV RI VPDOO VWUHDPV DQG ODNHVr $OWKRXJK FROOHFWHG DGXOWV IURP ULYHUV DQG VWUHDPV} IRXQG ODUYDH RQO\ LQ ODNHVr 3UHYLRXV )ORULGD 5HFRUGVr +RQHr 6SHFLPHQV ([DPLQHGr 7KUHH ODUYDHr .LQJVOH\ /DNH &OD\ &Rr ERWWRP VDPSOH IHHW GHHS VLOW RYHU VDQG -r 6r 5r DQG $r 3r &r OV6W ODUYD /DNH 6DQWD 5H ERWWRP VDPSOH IHHW GHHS ODUYDH -RKQVRQ /DNH *ROGHQ +HDG 6WDWH 3DUNr &OD\ &Rr} ,,r :r ,r} VVE2M ODUYDr /H\\ &Rr e / IHPDOHV 3UDLULH &UHHN DW OLJKW ILW 7r 5r PDOH IHPDOHr :RUWKLQJWRQ 6SULQJV DW OLJKWr ,r :r 5r $V6 IHPDOHV 6Wr -RKQfV 5LYHU 3XWQDP &Rr DW OLJKW /t2O PDOHV DQG IHPOHV 5LYHU 6W\[ DW

PAGE 61

f OOJKW 0rI +} SXSD /DNH :DXEHUJ 0 : LU r +,%5236,I2+,0( 5RVV Sr f FKDUDFWHULVHV WKH IDPLO\ +\GURSV\FKLGDH fYHU\ WUROO WIKHQ KR VD\V ff+LV ODUYDH RI DOO JHQHUD DUH UHPDUNDEO\ XQLIRUP LQ KDELWV HQG DSSHDUDQFHr 7KH\ DUH ZRUPOONH DFWLYH DQG SXJQDFLRXV DQG SRVHHVVURZV RI EXVK\ DEGRPLQDO JLOOVr IKH\ SUH IRU WKH PRUH UDSLG ORFDWLRQV LQ VWUHDPV XVXDOO\ EHLQJ FRQFHQWUDWHG DURXQG ULIIOHV VSOOOHD\V DQG UDSLGV DOWKRXJK WKH\ PD\ DOVR EH IRXQG ZKHUHYHU WKHUH LV DQ DSSUHFLDEOH FXUUHQWr IKH\ PDNH D UH WUHDW WUDGHU DQG DEAIF WUDVK ORJV VWRQHV DQG DQ\ RWKHU KDYHQ ,Q IURQW RI WKLV UHWUHDW WKH\ EXLOGD QHW ZKLFK LV UHSXWHG WR VWUDLQ IRRG URD WKH IOHHLQJ HDWHUr )RU SXSDWLRQ WKH\ VSLQ DQ -e n U ff RYRLG FRFRRQ QHDU WKH UHWUHDW JHQHUDOO\ XVLQJ VDQG VWRQHV DQG ELWVn RI WUDVKr f .H\ IR IKH +\GURSV\RKOGRD ‘ r r LL n /DUYDH r +HDG ZLWK D 6KDUS 8VKDSHG ULGJH ILJr r 0DRURQHQDP &DUROLQD +HDG ZLWKRXW D VKDUS 8VKDSHG ULGJH ILJr 6rrrrrrrrrrrrrrrr r 6WULGXODWRU RI IRUH FRDW QRW IRUNHG ILJr r n r 'OSOHFWURQD PRGHVWD 6WULGXODWRU RI IRUH FRUD IRUNHG ILJr rrfr rff f} rrrrrrr rrrnrr}6

PAGE 63

r 3URVWHUDDO SODWV ZLWK D SDLU RI SRVWHULRU HFOHULWRV ILJr +\GURSV\RKH 3URVWHUDDO SODWH ZLWKRXW D SDLU RI SRVWHULRU VHOHULWHVr ILJ} $GXOWD ODUJH VWULNLQJ FDGGLV IO\ ZLWK SLFWXUHG mLQJD VDG fYHU\ ORQJ DQWHQQDH ILJ +DRUHQHDLXQ SDUROLQD &DGGLV IO\ QRW DV LQ ILJr r r +LQG ZLQJV ZLWK DSH[ URXQG DQG ZLWK 6R HQG 5A ERUHG GHHSO\ DWDSH[ILJr r 'OSOHFWURQD VLHVWD +LQG ZLQJV HLWKHU ZLWK 6R DQG 5A QRW PDUNHGO\ ERZHG RU ERWK ZLQJV ZLWK DSLRDO PDUJLQ LQHLVHGrr r +DOHVr )HPDOHVr r %DVR RI DHGHDJXV F\OLQGULFDO ILJ r +\GURSV\RKH LQFRPRGD %DVH RI DHGHDJXV EXOERXV ILJ &KHDPDWRSD\FKH 6WRPD SODWHV RI HLJKWK VHJPHQW VHSDUDWHG WR EDVH RI VHJPHQW ILJr r &KHXPDWRSV\FKH r 6WHUQDO SODWHV RI HLJKWK VHJPHQW VHSDUDWHG RQO\ WZR}WKLUGV GLVWDQFH WR EDVR RI VHJPHQW ILJ +\GURSV\RKH ,QFRPRGD

PAGE 64

f} ',3/6675*+$ :HVWZRRG 'OSOHFWURQD DJRVWD 6DQLHV %DQJVL %DVWHUD DQG VRXWKHUQ VWDWHV 'HVRUOSWORQL %RVVr r %HPDUNDr 'OSOHFWURQD PRGHVWD GRHV QRW RFFXU WR $ODFKXD &RXQW" DQG PRVW SUREDEO\ LV OLPLWHG WR WKH QRUWKZHVWHUQ SDUW RI )ORULGD )UHG FXV IORULGD 5HFRUGVr %RVV f OLVWV WKLV VSHFLHV DV RFFXUr ULQJWR )ORULGD EXW GRHV QRW FLWH WKH ORFDOLW\r 6SHFLPHQV %UDJ$QHGr ‘ 6L[ ODUYDH IRUUH\D 6WDWH 3DUNr OLEHUW\ &Rr 6 WRUYDr &UHVWHLHZ 2NDORRVD &R}r r %rr r

PAGE 65

? ),* +\GURSV\FKH LQFRPRGD ),* +\GURSV\FKH LQFRPPRGH $3(; 2) $('($*867 $ /$7(5$/ $63(&7 9(175$/ $63(&7 ),* ;f§+\GURSV\FKH LQ FRP ROD +($' 2) ,, '(6&3,' /$59$ ),* +\GURSV\FKH LQFRPRGD )(0$/( *(1,7$/$

PAGE 66

+('5236<&+( 3LFWHW 6KH JHQXD ,IRGURSV\FKH FRQWDLQV WUXHU ILIW\ VSHFLHH RI FDGGLH IOLHV EXW RQO\ RQH +\GURSV\FKH LQFRPRGD LV NQRZQ WR RFFXU LQ $ODFKXD &RXQW\ 7KH ODUYDH SUHIHU FOHDQ IDVWIORZLQJ FRRO ZDWHU f .H\ 6R 6KH 6SHFLHV 2I +\GURSV\RKR ‘ /DUYDH f } +HDG DV LQ ILJr r f ‘ %\GURSV\RKH LQFRPRGD +HDG DV LQ ILJ $r +\GURSV\FKH HSr & $GXOWV n *HQLWDOLD RI UDOHV DV LQ ILJr V JHQLWDOLD RI IHPDOHV DV LQ ILJ r +\GURSV\ RKH LQFRPRGD +\GURSV\FKH OQFRPQRGD +DJHQ 5DQJHr 5HFRUGHG IURP )ORULGD *HRUJLDr 1RUWK &DUROLQD DQG ,OOLQRLV 'HVFULSWLRQr 5RVV 5HPDUNVr 6KH LPPHQVH QXPEHUV RI FDGGLV IO\ ODUYDH VZDUPLQJ RYHU WKH URFNV DQG OHDYHV RI HHO JUDVV 9DOOOVQHUOD VSf DW WKH URRN GDP QHDU 3RH 6SULQJV LV FHUWDLQO\ VWULNLQJ )RU VKHHU QXPEHUV WKHUH LV QR RWKHU SODFH LQ $ODRKXD &RXQW\ ZKLFK HYHQ DSSUR[LPDWHV LW

PAGE 67

tPb R0HHULHVW PWtU PHWHV FPU WKH UHVW V} mWWE kmcVOIF$HUtOVO mSHHGr FQ" WKH WDUJH} JURWH NP RI -_} LIWHFVZHIR IRUP t HDQHJUL8PHrr kORDWVW RI W7P IFR0KVWr WKH WHUUHH EXLOG URWURDWV ,Q HQG DUPDG WUXWK DQG 0WV RI GHKUWH WRRWK RQ IHRWHV mHQG kHO JURVVr OD URQr HI IKW WHIHQPW IWHI 0O k VHW WH mWURWH IHHG IUHVD WKH $HHWQV PWmI WRXW ImU SLZWWp WWHM VSLQ W} ZH HRHRR}r HHVRGWIWWG WKH SUHUDORXHO\ mQWHHWHV LDQtWXUH VWDJHV RLWK WWHLI DGQOW IHV} b PUtQJW IFPWYHU} HV WKH WHUUHH ZP! ZU ZPr QHWRDLOVWOH Pt KHG R WRD kDHLHiLkmnO nWHLWDUDL4R} HKWDLLWHG WHVW UHVROWH WDNLQJ mVHOO JWPSD HW SUSRH P ImHWHIHJ IKHD OD PR HRWWHP 6PPIDWP RGWOWJ mDRUJHG IURVW mHDU 6 SHSHH mDG R GHIOQr ,WH kVVRDLDWOHp mQH Pp LKUDXL mWRDG\ RI WKH WHP DRORULWRHr LVIFOHK PWZ SRWHHG LQWH LWH SRVWHULRU SRUWL} RI WDV PHH: SRSHO kDVHr $ WDUJH PDWWHU RI ODPH mVG S}SEm GLHG RKIWH WHWHV WULVDV} SRUWHG OD PWHU WHHWRWHJ WKHP WH mW mHV} mr kHJHWHWLLP IRU WUZV} SHUIHRWWRQ mm b IDU WW} WHVW SUkkH£rUk R VHG %tP kDGGOH IWORV RQW‹O m[W£HLPWVU WR WH\ WKHLU HJJVr IHf mWHD\ IKH RIIVHW RI WKH mDWRVZDHQHH P IV£HOWV WHWH ,OHRr HLW£W HMRRWHZWV RI __r WHHDDDRIOR HDG SOHRHG WKH} LWVGHPWHU 6KH KDLUVmD WKH IFRW\ DQG rWQJH SURSRQWH WKRUQ IUD JHWWLQJ mRW m WKH kIW0LR ILOHp P UHOHQWH WHWWH WH WIFH VRUIHHH HHVLO\ WHHWk WKUHRJW WKH

PAGE 68

f VXUIDFH ILOP DQG IOHZ DZD\r &RPSOHWH VXEPHUJHQFH GLG QRW VHHP WR DIIHFW WKHP ,Q WKH OHDVW} 3UHYLRXV )ORULGD 5HFRUGVr 5RVV f OLVWV WKLV VSHFLHV DV RFFXUrr ULQJ LQ )ORULGD KXW GRHV QRW VSHFLI\ WKH ORFDOLW\} 6SHFLPHQV ([DPLQHGr 7ZR PDOHV IHPDOHV IDYRUHV /DNH &R} )} ,} g} Vr ODUYDH 6ZHHWZDWHU &UHHN /LEHUW\ &R} /} } ,6$Rr ODUYDH 6KRDO 5LYHU 2NDORRVD &R} / %} $Or ODUYDH 6DQWD )H 5LYHU 6 5} $r ODUYDH +LOOVERUR 5LYHU / 0} $6r IHPDOH 6DQWD )H 5LYHU /r %} $rO PDOH 6DQWD )H 5LYHU r IHPDOHV %OXH 6SULQJV &URRN -DFNVr VRQ &R} /} %} r ODUYDH 3RH 6SULQJV ,$" ODUYDH SXSDH 3RH 6SULQJV 0 ,I +} iI IHPDOHV %LJ +DWFKHW &URRN DW OLJKW 0 : +} J$VER r PDOH IHPDOHV +RJWFZQ &UHHN DW OLJKW 0r : ,} H$A62M ODUYDH 3RH 6SULQJV 0 : 5} r PDOH 3RH 6SULQJV VZHHSLQJ ,,r 77r 5m r PDOHV DQG IHPDOHV 3RH 6SULQJV DW OLJKW ,,} 77 5} r 6 ODUYDH HQG SXSDH VWUHDP } PLOH 6} RI *XOI +DPPRFN /HY\ &R} ,,r 7} .r r PDOHV IHPDOHV 3RH 6SULQJHr DW OLJKW 0 : +} V2M DSSUR[} ODUYDH DQG SXSDH 3RH 6SULQJV 0r :} 1} r PDOHV mDLG IHPDOHV 3RH 6SULQJV DW OLJKW 7}? +}

PAGE 69

m } +\GURSV\RKR VSr $ ),6r 4$mf§}m-O\DURSD\FKH VSr $r +$' 2) /:$ 7KH ODUYD ILJr $f RI WKLV VSRRORV LV XQGRVDULERG VDG KDYH SRW\HW EHHQ DEOH WR DVVRFLDWH LW fSLWK DQ DGXOW IRUUDV LQGHHG QR DGXOWD RI WKH JHQXV +\GURSH\RKH RWKHU WKDQ +r LQRRPPRGD KDYH EHHQ FROOHFWHG LQ WKH VWDWHr KDYH QRW IRXQG WKRVH ODUYDH LQ $ODFKXD &RXQW\r 6SHFLPHQV ([DPLQHGr WZR ODUYDHr -DVSHU +DPLOWRQ *Rr /m %r JV6M ODUYDH /DPHQW 0DGLVRQ &Rr /r 6r A ODUYD 'ULIWRQ -HIIHUVRQ &Rr /r %r V ODUYDH *ROGHQ +HDG 6WDWH 3DUN &OD\ &Rr 0r : 1r $Vpr

PAGE 70

* &+t736<&6 :DOOHQJUHQ 0RVW RI WKH VPDOOr EURZQ 7ULFKRSWRUD ODUYDH ZLWK EXVK\ DEr GRUDOUWDO JLOOV EHORQJ WR WKLV JHQXVr %RWK ODUYDH DQG DGXOWV DUH fYHU\ VLPLODU LQ DSSHDUDQFH DQG EHKDYLRU WR WKH ODUYDH DQG DGXOWV RI +\GURSV\RKH $FFRUGLQJ WR :LOOLDP %RRNr GUr RI WKH IORULGD 6WDWH %RDUG RI +HDOWK SHUVRQDO FRPPXQLFDWLRQfr &KHXPDWRSV\FKLG ODUYDH ZLOO WROHUDWH SROOXWLRQ RI D PLQRU GHJUHH ZKLOH PRVW RWKHU FDGGLV IOLHV ZLOO QRW 3HUVRQDO REVHUYDWLRQ KHDUV WKLV FXW IRU H[DPSOH ,Q WKH VXPPHU RI WKH (DVW %UDQRK RI +RJWRZQ &UHHN KDG D FDGGLV IO\ IDXQD FRPSRVHG DOPRVW HQWLUHO\ RI &KHXPDWRSV\FKLG ODUYDHr ZKLOH WKH :HVW %UDQFK KDG D PRUH YDULHG IDXQD 0DQ\ ROG HPSW\ /HSWRRHOOD DQG 2HRHWLV FDVHV ZHUH IRXQG LQ WKH %DVW %UDQFK VKRZLQJ WKDW RWKHU VSHFLHV KDG OLYHG WKHUHr 6LQFH LW LV NQRZQ IHDW WKH %DVW %UDQRK RFFDVLRQDOO\ EHFRPHV SROOXWHG LW ZRXOG VHHP OLNHO\ WKDW WKH FUHHN ZDV VOLJKWO\ SROOXWHG LQ WKH VXPPHU RI DQG WKDW RQO\ WKH &KHXPDWRSV\FKLG ODUYDH FRXOG ZLWKVWDQG WKH SROOXWLRQr FROOHFWHG PDQ\ ODUYDH LQ $ODFKXD &RXQW\r IRU WKLV JHQXV LV DEXQGDQWO\ UHSUHVHQWHG %R VWUXFWXUDO FKDUDFWHUV KDYH \HW EHHQ IRXQG WR VHSDUDWH WKH ODUYDH WR VSHFLHV" WKHUHIRUH WKHVH UHFRUGV ZLOO QRW EH JLYHQ /DUYDH RI &KHXPDWRSV\HKH DUH YDU\ FRPPRQ DQG RFFXU LQ PRVW RI WKH VWUHDPV LQ WKH FRXQW\r

PAGE 72

%H\ W 7KH 6SHFLHV 2I &KHXPDWRSD\RKH /DUYDHRW .H\HGr 6HH ILJ ,26 $GXOWV n r 6HQLWDOLF RI PROHV DV LQ ILJ I JHQLWDOLD RI IHn PDOHV DV LQ ILJr nr‘n &KHXPDWRSV\RKH EXUOHV r *HQLWDOLD RI PDOHV DV LQ ILJr JHQLWDOLD RI IHn PDOHV DV LV ILJr &KRXDDWRSV\FKH DQDOLD r *HQLWDOLD RI PDOHV DV LQ ILJr JHQLWDOLD RI IHn POHV DV LQ ILJr & KHXUQDW RS D\ RKH DSKDQWD r *HQLWDOLD RI PDOHV DV LQ ILJr f &KHXPDWRSV\RKH SLQDHD *KRXUPWRSV\RKH EXULDO 5RVV r 5DQJH} )ORULGD DQG ,OOLQRLVr 8QGRXEWHGO\ IXUWKHU FROOHFWLQJ ZLOO ILOO LQ WKH JDSV ,Q RXU NQRZOHGJH UHJDUGLQJ WKH GLVWULEXWLRQ RI WKLV VSHFLHVr 'HDRUOSWORQ} ORVV} r 5HPDUNV} DVVRFLDWHG WKH SUHYLRXVO\ XQGpVFULEHG ODUYD ZLWK LWV DGXOW IRUP b UHDULQJ SXSDH LQ GDPS RRWWRQr .R PRUSKRORJLFDO FKDUn DFWHUV ZHUH IRXQG KRZHYHUr WH GLVWLQJXLVK WKLV VSHRORV IURP WKH RWKHUV LQ WKH JHQXVr

PAGE 73

$ % ),* &KHXPDWRSV\FKH EXUNVL )(0$/( *(1,7$/,$ $ /$7(5$/ $63(&7 2) 1,17+ $IL' 7(17+ 7(5*,7(6 % '256$/ $63(&7 ),* & ),* DQDOLV )(0$/( DSKDQWD )(0$/( *(1,7$/,$} n*(1,7$/,$

PAGE 74

KRDH ODUYDH RFFXU LQ LPPHQVH QXPEHUV RQ OHDYHV RI HHO JUDVV 9DOOLVQHULD VSrf DQG URRNV DW WKH GDP OD WKH 6DQWD 5H 5LYHU QHDU 3RH 6SULQJVr 7KH ODUYDH DUH YHU\ VLPLODU WR +\GURSV\ RKLG ODUYDH DQG DUH FRPPRQO\ IRXQG DVVRFLDWHG ZLWK WKHPr r WKH ODUYDO QHWV RI ERWK &KHXPWRSV\HKH EXUNVO DQG +\GURSV\ FKH LQFRPPRGD DUHn HDVLO\ DQG ‘ RIWHQ VRRQ RQ WKH VXEPHUJHG URFNV DQG YHJHWDWLRQr 3UHYLRXV )ORULGD 5HFRUGDW 5RVH f URRRUGV WKLV VSHFLHV IURP IDYDUDHr nf‘‘‘ 6SHRLPHQV ([DPLQHGr ‘ 6LQFH R[WUDUGLQDU\ QXPEHUV RI ODUYDk FDQ EH IRXQG DW 3RH 6SULQJV DQ\ WLQR RI WKH \HDU WW RPLW V\ UHFRUGV DV WKH\ DUH QRW LQGLFDWLYH RI WKH QXPEHUV SUHVHQWr 2QH PDOH :ODND 3XWQDP &Rr 5r %r} VHG*M PDOHV DQGnIHPDOHV)RH6SULQJV DW OLLW ,,r LIr ,, M UDOR 6 IHPDOHV :RUWKLQJWRQ 6SULQJV DW OLJKW ,,r Z L IHPDOHV 5LYHU 6W\[ DW OLJKW ,,r :r ,r PDOHV IHPDOHV 3RH 6SULQJV DW OLJKW +r : 2 PDOHV DQG IHPDOHV 3RH 6SULQJV DW OLJKW + :r VVL &KRXPDWRSV\RKH VQDLOV %DQNVf +\GURSV\RKR DQHOOV %DQNV E OL\GURSV\FLKnH %DQNV Efn 5DQJHr :LGHVSUHDG RFFXUULQJ RYHU PRVW RI WKH 8QLWHG 6WDWHV ZLWK WKH H[FHSWLRQ RI WKH 6RXWKZHVWr

PAGE 75

'HVFULSWLRQr 5RVV 5HPDUNVr &KHXPDWRSV\RKH DQDOOD LV D UDUH FDGGLV IO\ ,Q $ODFKXD &RXQW\ $FFRUGLQJ WR 5RVV f WKH ODUYDH ,QKDELW VPDOO VWUHDPV EXW DOVR RFFXU LQ ODUJHU ULYHUVr 7KH\ KDYH D ZLGH HFRORJLFDO WROHUn DQFH DQG DUH RIWHQ IRXQG LQ VWUHDPV FDUU\LQJ FRQVLGHUDEOH SROOXWLRQr 3UHYLRXV )ORULGD 5HFRUGVr WKLV VSRROHV KDV QRW SUHYLRXVO\ EHHQ WDNHQ LQ )ORULGDr 6SHFLPHQV ([DPLQHGr 2QH PDOH (EUR :DVKLQJWRQ &Rr Wr %r 66L PDOH *DLQHVYLOOH QR GDWH} PDOR IHPDOH +RJWRZQ &UHHN DW OLJKW 0 : +} } PDOHV 6 IHPDOHV +RJWRZQ &UHHN DW OLJKW 0 :r +r $r &KHXPWRSV\HKH DSKVQWD 5RVV 5DQJHr WKH UDQJH RI WKLV VSHFLHV LV SRRUO\ GHOLQHDWHGr LW RFFXUV LQ ,OOLQRLV ,QGLDQD $UNDQVDV DQG SRVVLEO\ )ORULGD 'HVFULSWLRQ} 5RVV r 5HPDUNVr WKH LGHQWLILFDWLRQ RI WKLV VSHFLHV LV EDVHG XSHQ WZR VSHFn LPHQV ERWK RI :KLFK ZHUH IHPDOHVr 7KHVH VSHFLPHQV GLG QRW TXLWH DJUHH ZLWK WKH GHVFULSWLRQ RI WKH VSHFLHV JLYHQ E\ 5RVV f VR VHQW WKHP WR 'Ur 5RVV IRU FRQILUPDWLRQ RI LGHQWLILFDWLRQr +H VDLG WKH\ ZHUH FHUWDLQO\ YHU\ FORVH WR &KHXPDWRSV\RKH DSKDQWD EXW DOVR

PAGE 76

rr VXJJHVWHG WKDW WKH\ VLJKW UHSUHVHQW D GLIIHUHQW VSHFLHV SUHVHQW LQ WKLV ORFDOLW\r ,W WKHUHIRUH VHHPV DGYLVDEOH WR UHFRUG WKLV VSHFLHV DV TXHVWLRQDEOH XQWLO PDOHV DUH VFRXUHG ZKLFK ZRXOG WKHQ FRUURERUDWH WKH UHFRUGr 3UHYLRXV IORULGD 5HFRUGV} ORQHr 6SHFLPHQV ([DPLQHGr 7ZR IHPDOHV 3RH 6SULQJV DW OLJKW 0
PAGE 77

0HPRUDQ %XUPHLVWHU 0DRURQHUDXP SDUROLQD %DQNVf 5DQJH} 6RXWKHUQ VWDWHV 3HVRULSWOHQr 5RHV} 5HJDUOHVr 7KH DGXOWV DUH DPRQJ WKH ODUJHVW FDGGLV IOLHV IRXQG LQ )ORULGD mDG DUH YHU\ VWULNLQJ ZLWK WKHLU H[WUHPHO\ ORQJ DQWHQQDH DQG SROLVKHG EULJKWO\rFRORUHG ZLQJV ILJ f 7KLV VSHFLHV LV RQO\ RFFDVLRQDOO\ IRXQG LQ $OHRKXD &RXQW\ +R ODUYDH ZHUH FROOHFWHG KRZHYHU WKH ODUYDH SUREDEO\ LQKDELW WKH GHHSHU SRUWLRQV RI WKH 6DQWD IH 5LYHU IRU 5RVV f VD\V WKDW WKH VSHFLHV IUHTXHQWV ODUJH UDSLG ULYHUV 3UHYLRXV )ORULGD 5HFRUGVr 5RVV f OLVWV WKLV VSHFLHV DV RFFXUr ULQJ LQ )ORULGD EXW GRHV QRW VSHFLI\ WKH ORFDOLW\ %HWWHQ SHUVRQDO FRPDPLRDWLRQf KDV WDNHQ VSHFLPHQV DW /DNH :HZDKLWHKNDr 6SHROPHQH ([DPLQHGr 2QH PDOH (EUR :DVKLQJWRQ &R /m t PDOH WDOOHV :r RI :DVKLQJWRQ &R OLQH DW +H\r :DOWRQ &R /} % PDOHV %D\RX 0DUTXLV (VFDPELD &Rr / %f *OpL PDOH 3RH 6SULQJV DW OLJKW 0 9, 5 "L6 VDOH 9ORUWKLQJWRQ 6SULQJH DW OLJKW 0 : + O]4W PDOH 3UDULH &UHHN DW OLJKW 0r : +A

PAGE 79

f HWGURSWLOLGDE 7KLV IDPLO\ FRPSULVHV PRVW RI WKH PLFURr FDGGLV IOLHV 7KH DGXOWV DUH H[WUHPHO\ PLQXWHO VRPH KDYLQJ D WRWDO OHQJWK RI RQO\ RQH DQG RQHKDOI PLOOUDHWHUV $ JRRG GHDO RI ZRUN KDV UHRHQWO\ EHHQ GRQH DQ WKH +\GURSWOOLGDH RI )ORULGD 'HQQLQJ DQG f VWXGLHG WKH PLRUR FDGGLH IO\ IDXQD RI VRXWK DQG FHQWUDO )ORULGD LQ VRPH GHWDLO DQG GHVFULEHG D QXPEHU RI QHZ VSHFLHV IURP WKHUH 5RVV fn KDV UHFHQWO\ GHVFULEHG VRPH QHZ VSHFLHV RQ WKH EDVLV RI PDWHULDO VHQW WR KLP E\ D QXPEHU RI HQWRPRORJLVWV FROOHFWLQJ LQ WKH VWDWH 0DQ\ +\GURSWOOLGDH KDYH D YHU\ ZLGH JHRJUDSKLF GLVWULEXWLRQ EXW VHHP WR RFFXU RQO\ LQ FHUWDLQ OLPLWHG ORFDOLWLHV ZLWKLQ LWV URQJHW IRU LQVWDQFHr 0D\DWUOFKLD D\ DPD RFFXUV IURP WKH H[WUHPH VRXWKHUQ SRUWLRQ RI 0H[LFR DQG )ORULGD WR +HZ
PAGE 80

r $QDO OHJV GLVWLQFWO\ SURMHFWLQJ IURP WRG\ PDVV ILJr rrfrLrr}rrrr}rrrrrr}r}r frr}rrrrrA}frrff $QDO OHJV DSSDUHQWO\ FRPELQHG ZLWK ERG\ PVV DQG RQO\ WKH FODQV SURMHFWLQJrrrrfArfrrrfrrffrfrrrf r 7KRUDFLF LHUJLWHV FORWKHG ZLWK ORQJ VOHQGHU HUHFW LQFRQVSLFXRXV VHWDH ILJr ` FDVH RI VDQG JUDLQVr HYHQO\ WDSHUHG DQG ZLWKRXW SRVWHULRU VOLWr .HRWULRKLD UDQHD 7KRUDFLF WHUJLWHV FORWKHG ZLWK VKRUWHU VWRXW EODFN VHWDH ZKLFK DUH FRQVSLFXRXVr ILJr r FDVH WUDQVn OXFHQW HYHQO\ WDSHUHG DQG ZLWK GRUVDO VLGH HLWKHU ULQJHG RU IOXWHG ZLWK UDLVHG ULGJHV ILJr r 8D\DWUOFKLD D\DUDD &DVH ORQJ VPRRWK DQG URXQG LQ FURVV VHFWLRQ WDSHUHG DW HDFK HQG DQG ZLWK DQ LQGHQWHG VOLW DW ERWK HQGV 2UWKRWULFKLD &DVH SXUVHOLIRV ZRPDQV FKDQJH SXUVHfr +\GURSWOOD $GXOWV 2FHOOL DEVHQW 2FHOOL SUHVHQW r 0HWDVRXWHOOXP DOPRVW UHFWDQJXODU ILJr 2UWKRWULFKLD 0HWDVRXWHOOXP SHQWDJRQDO WR WULDQJXODU ILJr +\GURSWOOD +LQG WLELDH ZLWK RQO\ SURDSLRDO VSXUr +HRWULRKOD UDQHD +LQG WLELDH ZLWK SUHDSORDO VSXUVrr ‘

PAGE 81

),* f§f§&[\HWKLUD IORULGD $ +$/( &(1,7L/, $ % $('($*7-6 & )(0$/( *(1,7$/,$ % ),* 2[\HWKLUD LDQHOOD 0$/( *(1,7$/,$ $ /$7(5$/ $63(&7 M % 9(175$/ $63(&7 2) 1,17+ 67(51,7(

PAGE 82

NU \ f ),* &[\HWKLUD OXPRDD /,$/( *(1,7$/,$ $n /$7(5$/ $63(&7n % &/$6)656 ? Y $ % ),* f§&[\HWKLUD YHUQD +$/( *(1,7$/,$ $63(&7n% 9(175$/ $63(&7 & $('($*/6 $ /$7(5$/ ? ? L ?9 n ?9? ),* 2[\HWKLUD ZDLWHUL 0$/( *(1,7$/,$ $ *(1,7$/,$ 6+277,1* &/$63(56 % $('($*/f6

PAGE 83

!"mr f} 0LGGOH WLELDH ZLWKRXW D SURDSLFDO VSXU 0D\DWUORKOD D\DUDD 0LGGOH WLELDH ZLWK D SUHDSLRDO VSXU 2[\HWKLUD 2;<%7+,0 (DWRQ 6L[ VSHFLHV RI WKLV JHQXV £UH UHSRUWHG IURP )ORULGD" KRZn HYHU RQO\ RQH MDQHODZDV IRXQG LQ $ODFKXD &RXQW\r +R HKDU DRWHUD KDUH EHHQ IRXQG ZKLFK FDQ EH XVHG WR GHWHUPLQH WKH VSHFLHV RI WKH ODUUDVr .H\ 7R I KH 6SHROHV 2I 2[\HWKLUD ODUYDHf§}f§RW WHH\HG $GXOWV r 0DOH JHQLWDOLD DV LQ ILJr IHPDOH JHQLWDOLD DV LQ ILJr 2[\HWKLUD IORULGD r 0DOH JHQLWDOLD DV LQ ILJr r ‘ trtrr tVP n S 6r +DOH JHQLWDOLD DV LQ ILJr r 2[\HWKLUD ODQHOOD r 0DOH JHQLWDOLD DV LQ ILJr 2[\HWKLUD OXDLRVD r 0DOH JHQLWDOLD DV LQ ILJr r 2[\HWKLUD UHPD

PAGE 84

‘rf} 0DOk JHQLWDOLD DV LQ ILJr r &EF\HWKOUD mDOWHU L 2[\HWKLUD MDQVOOD 'HQQLQJ fLL 5DQJH" )ORULGD UDLG /mDWV_DLLDr 'HVFULSWLRQ" 'HQQLQJ r 5HPDUNV" 2[HWKOUD ODQHOOD fQDJ GHVFULEHG E\ 'HQQLQJ LQ RQ WKH EDVLV RI WZR PDOH VSHFLPHQV FDWH IURP :LQWHU 3DUN )ORULGD DQG WKH RWKHU IURP 5RZ 2UOHDQV /RXLVLDQDr 7KLV VSHFLHV LV WKH RQO\ UHS} UHVHQWDWOYH RI WKH JHQXV 2[HWKOUD WKDW IRXQG LQ $ODFKXD &RXQW\r 6LQFH QDOHV RI er MDQROOD ZHUH FROOHFWHG DORQJ ZLWK IHPDOHV DW ERWK 3RH 6SULQJV DQG :RUWKLQJWRQ 6SULQJV ,W HDQ EH DVVXPHG WKDW WKH IHPDOHV DUH WKH XQGFVFULEHG IRUUDV RI WKLV VSHFLHVr 0DQ\ RWKHU IHPDOHV RI 2[\HWKLUDr FROOHFWHG DW WKH +LUHU 6W\[ DQG %LJ +DWRKHW &UHHN FRXOG QRW EH VSHFLILFDOO\ LGHQWLILHG GXH WR WKH IDFW WKDW QR PDOHV ZHUH SUHVHQW OD DOO SUREDELOLW\ WKHVH IHPDOHV EHr ORQJ WR WKH VSHFLHV er MDDHOODW KRZHYHU EHFDXVH RI D ODFN RI FRPn SDUDWLYH PDWHULDO GR QRW IHHO WKDW FDQ SODFH D QDPH RQ WKHP DW WKLV WLPHr $OWKRXJK DOPRVW DOO FDGGLV IOLHV WKDW DUH DWWUDFWHG WR OLJKW RRUDH GLUHRWO\ WR WKH VRXUFH RI WKH OLJKW QRWLFHG WKDW ef MDQHOOD FDUDR WR WKH PRUH GLPO\ LOOXPLQDWHG SRUWLRQV RI WKH VKHHW VXFK DV

PAGE 85

WKk EDFN RI WKH VKHHW LQGLFDWLQJ WKDW WKR\ DUH OHVV VWURQJO\ SKRWR WURSOR WKDQ PRVW RWKHU VSHFLHVr 3UHYLRXV )ORULGD 5HFRUGVr +RORW\SH PDORf§f§m:LQWHU 3DUN )ORULGDn 0D\ + Ir )HPQOGf r 3DUDW\SHf§f§.Jr 2UOHFQV /RXLVLDQD 2FWREHU r 'HQQLQJf PDOHr 'HQQLQJ f 6SHFLPHQV %[DDGQHGW 2QHPDOH +RJWRVP &UHHNn DW OLJKW 0 : ,, PDOHV IHPDOHV 3HF 6SULQJV DW OLJKW 0r : 1 OO]WL*L PDOH IHPDOHV :RUWKLQJWRQ 6SULQJV DW OLJKW 0 :r + OVV2L PDOHV IHPDOHV 3RH 6SULQJV DW OLJKW 0 :r 2[HWKUD IORULGD 'HQQLQJ b )DQJHW 6RXWK )ORULGD 'HVFULSWLRQr 'HQQLQJ } 5HPDUNV 2[\HWKOUD IORULGD PV GHVFULEHG E\ 'HQQLQJ f RQ WKH EDVLV RI VSHFLPHQV FROOHFWHG LQ 0LDPL KDYH QRW IRXQG WKLV VSHFLHV OD $ODFKXD &RXQW\ DQG WKHUHIRUH DVVXPH WKDW LW GRHV QRW RFFXU Dp IDU QRUWK DV *DLQHVYLOOH 3UHYLRXV )ORULGD 5HRRUIWVr )ORORW\SH PDOH}}f§0LDPL )ORULGD )HE } 'HQQLQJ $OORW\SH IHPDOHf§m0LDPL 2FW} '} } 'HQQLQJr 3DUDW\SHV ‘ IRXU PDOHV}f§f§0LDPL )ORULGD +R\ r

PAGE 86

/LJKW WUDSr 'r 'HQQLQJ 3HUDW\SHV WKUHH PDOHV HOHYHQ IHPDOHV 0LDPL )ORULGD 2FWr /LJKW WUDS 'r *r 'HQQLQJr 3DUDW\SHV ILYH PLHV V-EF IHPDOHV 0LDPL )ORULGD 2FW /LJKW WUDS 'HQQLQJ 'DWDW\SHV ILYH VDOHV QLQH IHPDOHV 0LDPL )ORULGD 0DUFK 'r 'HQQLQJ 3DUDW\SHV VHYHQn WHHQ PDOHV WZHQW\QLQH IHPDOHV 0LDPL )ORULGD )HE /LJKW WUDS *r 'HQQLQJr r 'HQQLQJ f 6SHFLPHQV ([DPLQHGW 'HQH 2D\HWKOUD JODVD 5RVH IODQJHr 2NODKRPD )ORULGD *HRUJLD DQG /RXLVLDQD 'HVFULSWLRQr IORVV 5HPDUNVr 'HQQLQJ f IRXQG e JODVD WR ER DEXQGDQW LQ VRXWKHUQ )ORULGD EDW LW KDV KRW DV \HW EHHQ FROOHFWHG LQ $ODRKXD &RXQW\r 6LQHk WKLV VSHFLHV GRHV RFFXU LQ *HRUJLD HQG /RXLVLDQD LW PLJKW EH DVVXPHG WKDW LW GRHV LQKDELW VRPH SDUW RI QRUWKHUQ +HULGD 3UHYLRXV )ORULGD 5HFRUGVr f)ORULGDr 0LDPLr )HEUXDU\ OLJKW WUDS *r 'HQQLQJ PDOHV )HEUXDU\ 'r 'HQQLQJ PDOHV )HEUXDU\ 'HQQLQJ PDOHVr 0DUFK OLJKW WUDS 'HQQLQJ UDOHV 1RYHPEHU n OLJKW WUDS % 'HQQLQJ PDOHVr 'HFHPEHU 'r 'HQQLQJ PDOHVr 'HFHPEHU r OLJKW WUDS %r 'HQQLQJ

PAGE 87

r}} PLHVr ‘ 6SHFLPHQV ([DPLQHGr OLPHr 2D\HWKOUD OLPRVD 5RVH %DQ JHW )ORULGDr 'HVFULSWLRQr 5RVH} r 5HPDUNV} 2D\HWKLUD OXPRVD ZDV GHVFULEHG E\ 5RVV RQ +LH EDVLV RI PH PDOH FROOHFWHG DW 'D\WRQD %HDFK ,W KDV QRWr WR D\ NQRZOHGJHr ERRQ FROOHFWHG VLQHp 3UHYLRXV )ORULGD 5HFRUGVr A%RORW\SH PDOH f§f§f§f§'D\W RFD %HDFKr )ODr} $XJXVW } W 5LHJHOf 5RVV f 6SHFLPHQV ([DPLQHG} ORQHr 2[\RWKLUD YHUQD 5RVV 5DQJH} ORZ %UXQVZLFNr ,OOLQRLV )ORULGD DQG /RXLVLDQDr 'RVRULQWOPW 5RVVr Dr 5HPDUNVr $FFRUGLQJ WR 'HQQLQJ f 2[\RWKLUD \HUQD LV WKH PRVW DEXQGDQW VSHFLHV RI .\GLnRSWLOLGDH LQ VRXWKHUQ )ORULGD" KRZHYHU ,

PAGE 88

KDYH QRW FROOHFWHG LW LQ $ODFKXD &RXQW\ ,W DSURDUH WR KDYH D ZU\ ZLGH JHRJUDSKLF GLVWULEXWLRQ EXW RQO\ RFFXUV WR FHUWDLQ DUHDV ZLWKLQ LWV RYHUDOO UDQJRr 3UHYLRXV )ORULGD 5HFRUGV" A)ORULGDr 0LDPLr )HEUXDU\ /LJKW WUDS %r *r 'HQQLQJ QDOHV IHPDOHVr )HEUXDU\ *r 'HQQLQJ PDOHV )HEUXDU\ 'r *r 'HQQLQJ PLHVr 0DUFK 'r *r 'HQQLQJ PLHV $SULO 'r *r 'HQQLQJ PDOHVr 2FWREHU } /LJKW 7UDS 'm 'HQQLQJ PLHV IHPDOHVr 2FWREHU /LJKW 7UDS 'r 'HQQLQJ PDOHV IHPDOHVr 1RYHPEHU /LJKW 7UDS *r 'HQQLQJ PDOHVr 'HFHPEHU /LJKW 7UDS 'm *r 'HQQLQJ PDOHVr 'HFHPEHU /LJKW 7UDS %r 'HQQLQJ PDOHVr 'HFHPEHU /LJKW 7UDS %HDPLQJ PDOHVrZ 'HQQLQJ f 6SHFLPHQV ([DPLQHGr 1RQHr 2[\HWKOUD ZDLWHU 'HQQLQJ 5DQJHr )ORULGD *HRUJLD DQG /RXLVLDQDr 'HVFULSWLRQr 'HQQLQJ r 5HPDUNVr 'HQQLQJ f FROOHFWHG ZDLWHU LQ 0LDPLM KRZHYHU KDYH QRW IRXQG LW WR $ODFKXD &RXQW\r 6LQHH WKLV VSHFLHV RFFXUV WR *HRUJLD RQH PLJKW VXUPLVH WKDW LW FRQ EH IRXQG VRPHZKHUH WR QRUWKHUQ )ORULGDr

PAGE 89

L $ % ),* 2UWKRWULFKLD LQVWDELOLV 9$/( *(1 ,7$/,$ $ 9(175$/ $63(&7 % $('($*86

PAGE 90

f} 3UHYLRXV )ORULGD 5HRHUGVW ,ORORW\SH PROH}}}f§}})ORULGDW 0LDU£ W ‘‘f‘ ORYHPEHU 62 /LJKW WUDS %r 'HQQLQJr 3DUDW\SHVW 0LDPLr 0DUFK 'r n*r 'HQQLQJ PLHV} 0D\ r r 'HQQLQJ PDOHVr 0RYHPEHU 'r 'HQQLQJ PROHVr 'HFHPEHU 'r 'HQQLQJ PDOH 'RQQLQJ f 0+75&+,$ %DWRQ nL 6REp IHPDOHV RI WKLV JHQXV IRXQG DW VHYHUDO ORFDOLWLHV 5LYHU 6W\[ :RUWKLQJWRQ 6SULQJV 'HYLO D 0LOOKRSSHU HQG 3P 6SULQJVf FRXOG QHW EH LGHQWLILHG VSHFLILFDOO\ GXH WR ODFN RI RRUDSDUDWLYR PDWHULDOr $ ODUYD IRXQG LQ /DNH $OLFH DOVR FRXOG QRW EH LGHQWLILHG WR HSRGRV .H\ 7R 7KH 6SHFLHV 2I 2UWKRWULFKLD /DUYDH}}}}}}f§r} RW NH\HG $GXOWV r 0DOH JHQLWDOLD DV LQ ILJ ` IHPDOH JHQLWDOLD DV LQ ILJr r 2UWKRWULFKLD DPHULFDQD r 0DOH JHQLWDOLD DV LQ ILJr IHPDOH JHQLWDOLD DH LQ ILJ r 2UWKRWULFKLD RUVWDWD 6L 0DOH JHQLWDOLD DV LQ ILJr IHPDOHV QRW IFV\HGr 2UWKRWULFKLD LQVWDELOLZ

PAGE 91

m6"mr I MM?R Z ). f n ‘ D n 9 $ $ ` ; L U 9-U f§3B DPHULFDQD )67$ /( 3,& FU [ / VLS,U rfr & $$n$/@ 2UWKRWUORKOD DPHULFDQD %DQNV 0DQJHr 7KLV VSHFLHV KDV D ZLGH UDQJH HQFRPSDVVLQJ DQ DUHD IUHVD 7H[DV DQG )ORULGD LQ WKH 6RXWK WR +RQ
PAGE 92

f§f§ PDOH IHPDOHr )HEUXDU\ /LJKW WUDS 'HQQLQJ LQDOHV IHPDOHVr 0DUFK r /LJKW WUDS 'r 'HQQLQJ PDOH 0D\ 'HQQLQJ PDOHV IHPDOHVf 'HQQLQJ f 6SHFLPHQH ([DPLQHG} )RXU PDOHV IHPDOHV VKRUH RI WKH 6Wr -RKQfV 5LYHU DW OLJKW + WOKP 2UWKRWULRKLD RULVWDWD 0RUWHQ 5DQJH} 0RVW RI HDVWHUQ DQG SDUW RI ZHVWHUQ 8QLWHG 6WDWHVr 'HVFULSWLRQ" 5RVVr r 5HPDUNV} 'HQQLQJ f FROOHFWHG RQH PDOH DQG RQH IHPDOH LQ 0LDPLr KDYH QRW IRXQG WKLV VSHFLHV LQ $ODFKXD &RXQW\ 3UHYLRXV )ORULGD 5HFRUGV} )ORULGD} 0LDPL}‘$SULO r 'HQQLQJ PDOH IHPDOHf 'HQQLQJ f 6SHHOPDQV ([DPLQHG" +RQH

PAGE 93

),* +\GURSWLOD ZDNXOODA $ 0$/( *(1,7$/,$ % )(0$/( *(1,7$/,$

PAGE 94

‘ 2UWKRWUOFKOD LQVWDELOLV 'RPLQJ 5DQJHr &HQWUDO IORULGDr 'HVFULSWLRQ} 3HQQLQJ} Dr 5HPDUNV} 3HQQLQJ Df GHVFULEHG WDVWDELOOD RQ WKH EDVLV RI QLQH PDOHD FROOHFWHG LQ :LQWHU 3DUNr KDYH QRW IRXQG WKLV DSHOHV LQ $ODFKXD &RXQW\ DQG RDQ JLYH QR IXUWKHU GDWD DERXW LWr 3UHYLRXV )ORULGD 5HFRUGV} +RORW\SHr PDOH}}}f§:LQWHU 3DUNr )ORULGDr 0D\ r +r 7r )HUQDOGff 3DUDW\SHVmmaa)ORULGDr VDPR GDWD DV IRU KRORW\SH PDOHVr 'HQQLQJr Df ‘ r 6SHFLPHQV ([DPLQHG} ,PHr III3523IP 3DOPDQ 7KLV JHQXV HPEUDFHV DERXW IRUW\ (HDURWLR DSHORV FRPSULVLQJ FQHWKLUG RI WKH +\GURSWOOOGDHr 2QO\ WZR VSHFLHV +r EHUQHUL HQG -8 PNXOOD KDYH EHHQ WDNHQ LQ )ORULGDr .H\ IR IKH 6SHHLHV RI +\GURSWOOD /DMUP0f§:RW NH\HG $GXOWV r 0DOH JHQLWDOLD DV LQ ILJr $ DQG %I IHPDOH JHQLWDOLD DV LQ ILJr r +\GURSWOOD EHUQHUL

PAGE 95

r r 0XLk JHQLWDOLD DV LQ ILJr ,62 $V IRQDOk JHQLWDOLD DV LQ ILJr ,62 % %\GURSWLOD ZDNXOOD II\GURSWLOD EHUQRUL %RVV %DQJHW IORULGDr 'HDRUOSWOFPW %RVVr r 5HPDUNVr 7KLV VSHFLHV ZDV GHVFULEHG E\ 5RVV f RQ WKH EDVLV RI WZR PLHV DQG HQH IHPDOH FROOHFWHG DW )RH 6SULQJV E\ 2Ur /HZLV %HUQHUr L ZDV DEOH WR FROOHFW WRSRW\SLRHO PDWHULDO DQG PV DOVR DEOH WR FROOHFW WKH XQGRDRULERG ODUUDr 6KLV ODUYD :KLFK LV IDLUO\ RRPRQ DW WKH URRN GDP QHDU 3RR 6SULQJV PDNHV D SXUVHVKDSHG FDVH RI VDQG JUDLQVr 7KH RDVHV DUH DWWDFKHG WR VXEPHUJHG YHJHWDWLRQ DQG URRNV LQ WKH VORZHU PRYLQJ SRUWLRQV RI WKH ULYHU DURXQG WKH GDPr 7KH DGXOWV DUH DWWUDFWHG WR OLJKW OXW VHHP WR FDVH WR WKH OLJKW D OLWWOH ODWHU LQ WKH HYHQLQJ WKDQ PRVW RI WKH RWKHU FDGGLV IOLHVr 3UHYLRXV )ORULGD 5HFRUGVr 7ZR PDOHV IHPDOH 3RR 6SULQJV DW OLJKW FROOHFWHG E\ /HZLV %HUQHU V6 IURP %RVV f 6SHFLPHQV 7L[DDOQRGr )RXU PDOHV IHPDOHV 3RR 6SULQJV DW OLJKW ,,r 7I ,, $PDOH %LJ +DWHKHW *UHHN DW OLJKW +r :r +f $2 PDOH 3RH 6SULQJV DW OLJKW r :r .r r PDOHV

PAGE 96

IHPDOHV 3RH 6SULQJV DW OLJKW f 77 ,7r ODUYDH 3RH 6SULQJV 0m :r + Vr 5\GURSWOOD mDODOLD 'RQQLQJ 5DQJH} )ORULGDr 'HVFULSWLRQr 'HQQLQJ r 5HPDUNV} +\GURSWOOD PDNXOOD mDV GHVFULEHG E\ 'HQQLQJ f RQ WKH EDVLV RI VSHFLPHQV FROOHFWHG DW :DNXOOD 6SULQJVr KDYH QRW IRXQG WKLV VSRROHV LQ $ODFKXD &RXQW\ HQG KDYH IRXQG QR RWKHU GDWD FRQFHUQn LQJ LW LQ WKH OLWHUDWXUHr 3UHYLHQH IORULGD 5HFRUGVr +ROHW\SH PDOHf§f§)ORULGDr :DNXOOD 6SULQJVr 2FWREHU 6 'HQQLQJr $OORW\SH IHPDOHf§f§ 6DPH GDWD DV IRU KRORW\SRr 3DUDW\SHVf§f§6DPp GDWD DV IRU KRORW\SRr PDOH IHO%DOHVr 'HQQLQJr f 6SHFLPHQV ([DPLQHGr IIDDHr

PAGE 97

f}a +(275,*+,$ 0RUWRD +HRWUORKLD UDQHD 3HQQLQJ +DQJHW *HRUJLD DQG )ORULGD} 'HVFULSWLRQ 'HQQLQJ f 5HDDUNVW .HRWUOHKOD UDQHD OH XQGRXEWHGO\ WKH VPDOOHVW FDGGLH IO\ fIHDW RRRXUV ,Q $ODFKXD &RXQW\r D IXOOJURZQ PDOH LV RQO\ RQH DQG RQHr KDOI PLOOLPHWHUV ORQJ 7KLV VSHROHV ZDV GHVFULEHG E\ 3HQQLQJ f P WKH EDVLV RI WZR PDOHV RQH IURP )ORULGD IHH RWKHU IURP *HRUJLD KDUH RtOHRWHG WKH LPGHVRULEHG IHPDOH RI WKH VSHFLHVr 3UHYL FP J )ORULGD 3HRRUGDr f2QH PDOH 0LDPLr 0D\ 3 'HQQLQJ 'HQQLQJ f

PAGE 99

6SHFLPHQV 6[DDOQHGr 7ZR PDOHDr IHPDOHVr :RUWKLQJEFP 6SULQJVr DW OLJKW} 0r : }r} OL]PW IHPDOHr 3RR 6SULQJVr DW OOWr +r :r + V2L PDORr IHPDOHr 3RR 6SULQJVr DW OLJKWr r : (rW Afm 0t<$75,&+;$ 0RHHO\ 7KLV JHQXD FRQWDLQV WKUHH .RUWK $PHULFDQ DSHOHV} RI ZKLFK RQO\ HQH} 0r D\ DPD} KDV EHHQ WDNHQ LQ )ORULGDr 0D\DWUOR0D D\DDD +RVHO\ 5DQJHW 7RU\ ZLGHVSUHDG RYHU PRVW RI WKH HDVWHUQ VWDWHVr 5DQJHV IURP H[WUHPH VRXWKHUQ 0H[LRR WR +HZ
PAGE 100

6SHFLPHQV 6[DDLQHGW PV 3+57*$.('$6 %$,,.%,2,$ 0DUW\QRY %DQNVLROD FRQFDWHQDWH :DONHUf :DOWHU f GHVFULEHG WKLV VSHFLHV P WKH EDVLV RI VSHFLn PHQV RDXJEW DW 6W} -RKQnV %OXII %DVW )ORULGD ZKLFK LV QHDU WKH PRXWK RI WKH 6Wr -RKQnV 5LYHUr KDYH QRW FROOHFWHG WKLV VSHFLHV EXW DP LQFOXGLQJ LW IRU WKH VDNH RI FRPSOHWHQHVVr ,,,+(3+,/,'$, U;&.23672+% %DWWOHV 7KH IDWDOO\ /LPQHSKLOLGDH LV D YHU\ ODUJH RQH FRQWDLQLQJ QXPHURXV VSHFLHV VFDWWHUHG WKURXJKRXW WKH 8QLWHG 6WDWHV DQG WKXV LW ,V UDWKHU VXSULVLQJ WR ILQG RQO\ RQH UHSUHVHQWDWLYH RFFXUULQJ LQ )ORULGDr

PAGE 101

),* 3\RQRSJ\RKH VS $ &DVWr

PAGE 102

3\FQRSV\FKR VSr $ 7KLV ODUYD LV FXH RI WKH ODUJHVW FDGGLV IOLHV IRXQG LQ $ODFKXD &RXQW\r 7KH HDVH ILJr ,66f LV FRPSRVHG RI D KEGJHSRGJF RI VWLFNV DQG LV YHU\ ZHOO HDUDFIOHPJFG GLG QRW FROOHFW WKLV VSHFLHV LG W GR QRW NQRZ LI LW RFFXUV DW SUHVHQW LQ $ODFKXD &RXQW\r +R DGXOWV RI WKLV JHQXV KDYH EHHQ FROOHFWHG LQ )ORULGDr DQG VLQFH QR FKDUDFWHUV KDYH EHHQ IRXQG WR VHSDUDWH WKH ODUYDH RI WKH YDULRXV VSHFLH} WKLV ODUYD FDQQRW EH LGHQWLILHG IXUWKHU WKDQ JHQXV 7KH PHPEHUV RI WKLV IDPLO\ OD\ WKHLU HJJV DQ YHJHWDWLRQ RYHUKDQJLQJ ZDWHU UDWKHU WKHQ LQ WKH ZDWHU DQG GHSHQG XSHp UDLQIDOO WR ZDVK WKH HJJV LQWR WKH ERG\ RI UDWHU 6SHFLPHQV ([DPLQHGr 2QH ODUYD PLOHV (r RI *DLQHVYLOOH %r $ %r ,r ODUYD (RJWRYQ &UHHN $r + JOJG6r G ODUYDH +RJr WRP &UHHN LQ OHDI GULIWf 3r < VL"V ODUYD i PLOHV : RI *DLQHVYLOOH =!r %m r ODUYD k PLOHV :r RI *DLQHVn YLOOHr % $ %f $$

PAGE 103

PXPN &XUWLV 0RORQQD WU\SKHQD %DWWHQ 7KLV LV D 0HZ VWDWH UHFRUGr ; KDYH QRW FROOHFWHG 0r WU\SKHQD ,Q $ODFKXD &RXQW\ WXW %DWWHQ SHUVRQDO HRQHDXQLRDWLDRf IRXQG ,W LQ )ORULGD ORFDOLW\ QRW VSHFLILHGfr

PAGE 105

mOmr W(372&%5,'$( 3URSRUWLRQDOO\ EHOLHYH WKHUH LV D ODUJHU SHUFHQWDJH RI VSHFLHV EHORQJLQJ WR WKH IXVVLO\ /HSWRHRULGDR LQ )ORULGD WKDQ WKHUH LV LQ QRUWKHUQ VWDWHV 7KH PHPEHUV RI WKLV IDPLO\ FRQVWLWXWH DSn SUR[LPDWHO\ IRUW\ SHUFHQW RI WKR WRWDO QXPEHU RI VSHFLHV IRXQG WKXH IDU LQ )ORULGD $OO WKH ODUYDH LQ WKLV IDPLO\ PDNH RDVHV RI PDQ\ VKDSHV ILJVr DQG f ZKLRK DUH FRQVWUXFWHG RI D YDULHW\ RI PDWHULDOV VXFK DV VDQG YHJHWDWLRQ DQG ELWV RI GHEULVr 7KH DGXOWV DUH FKDUDFWHUVWLHDOO\ VOHQGHU DQG KDYH ORQJ WKLQ DQWHQQDHr 7KURXJKRXW WKH IDPLO\ WKH SXSDO FKDPEHU KDV D VOLW HQG QRW D PHVK LQ WKH FORVLQJ FDS DW ERWK HQGVr 7KURXJK WKHVH VOLWV WKH SXSD SXVKHV RDW DOO WKH ODUYDO VROHULWHV VR WKDW LW LV LPSRVVLEOH WR JHW DVVRFLDWLRQV RI DGXOW VWUXFWXUHV DQG ODUYDO VFOHULWHV LQ WKH m VDPH FDVHr )RU WKLV UHDVRQ LW LV QHFHVVDU\ WR UHDU ODUYDH LQ RUGHU W DVVRFLDWH LPPDWXUH DQG DGXOW VWDJHVr .H\ 7R 7KR *HQHUD 2I /HSWRFHUOGDH ODUYDH r 0LGGOH OHJV ZLWK FODQ VWRXW DQG KRRNVKDSHGr WDUVXV EHQW ILJr r /HSWRRHUXV DPHUOFDQXH 0LGGOH OHJV ZLWK FODZ VOHQGHU VOLJKWO\ FXUYHG WDUVXV VWUDLJKW ILJr

PAGE 107

,*/8 J 0D[LOODU\ SDOSL QHDUO\ DV ,RQV DV VWLSHVr ILJr UHQGLEOHV ORQJr VKDUS DW DSH[r WKH WHHWK FRQVLGn HUDEO\ EHORZ DSH[r 2HFRWLV 0D[LOODU\ SDOSL VKRUW DERXW KDOI OHQJWK RI DWLSHVr ILJr PDQGLEOHV VKRUWHUr EOXQW DW DSH[ WKH WHHWK QHDU RU DW DSH[rrrrrr}rrr}rrrrrmrrrrrr}rrr}}mrrmrr 6r +HDG ZLWK D VXWXUHOLW} OLQH SDUDOOHOLQJ WKH HSLFUDQLDO DUPDr ILJr r $WKULSHRGRV +HDG ZLWKRXW D VXWXUROLNR OLQH SDUDOOHOLQJ WKH HSLFUDQLDO DUPVrrrrr r 0HHRQRIXQ PHPEUDQRXV ZLWK D SDLU RI VFOHURWLVHGr QDUURZr FXUUHG RU DQJOHG EDUHr ILJr Jr $WKULRVRGHV OORVDQRWXP ZLWKRXW VXFK D SDLU RI HROHURWLVHG EDUVrmrmmfm r $QDO VHJPHQW GHYHORSHG LQWR D SDLU RI HROHURWLVHG FRQFDYH SODWHVr ZLWK DSLVH GRUVRODWHUDO DQG PHVDO FDULQDH HQG DQ RYHUKDQJLQJ YHQWUDO IODSr ILJrn r 6HWRGHV IORULGDQD $QDO VHJPHQW FRQYH[ DQG ZLWKRXW FDULQDH EHWZHHQ DQDO KRRNV ILJr rr}rrrfrffrr r }ffffffr frfmrrfrffrfffr r +LQG WLELDR HQWLUHO\ HROHURWLVHG 7GWKRXW D IUDFWXUH LQ PLGGOHr ILJr DEGRPHQ ZLWKRXW JLOOVr /HSWRRHOOD +LQG WLELDH ZLWK D IUDFWXUH QHDU PLGGOH ZKLFK DSSHDUV WR GLYLGH WLELDR LQWR WZR VHJPHQWV ILJr DEn GRPHQ ZLWK DW OHDVW D IHZ JLOOVr IULDRQRGHV

PAGE 108

DPHULFDQXV 0$/( *(1,7$/,$ DPHULFDQXV )(0$/( *(1,7$/,$

PAGE 109

0XOWD )URQW mLQJD ZLWK DWRD RI ,, DWURSKLHG} OHDYLQJ RQO\ WZR PLQ YHLQV ‘nEHWZHHQ FRQYH[ 5MB nDQG FRQYH[ &XAr WULDHQRGHV )URQW ZLQJV ZLWK VWHP RI ,, SUHVHQWn VR WKDW WKUHH PDLQ YHLQV DUH SUHVHQW KH WZHHQ FRQYH[ (M DQG FRQYH[ &X ILJr f!rffrfmff 0 DSSDUHQWO\ QRW EUDQFKHG ILJ r 2HFHWLD REYLRXVO\ EUDQFKHG ILJ rrrr frfrmfffrmmrfrff}fffrfffrf (SLFUDQLDO VWHP GLVWLQFW ODWHUDO VXWXUHV DEVHQW RU LQGLVWLQFW ODWHUDO VXWXUHV DEVHQW RI LQn GLVWLQFW ILJr 6HWRGRV IORUOGHQD (SLFUDQLDO VWHP DEVHQW RU LQGLVWLQFWn ODWHUDO VXWXUHV ZHOO QDUNHG ILJr }}r}}}r}rr}r}}r}}rr rrrrrrrrrfrrf r fOLQJV ZKLWH XVXDOO\ VSRWWHGr f /FSWRRROOD :LQJV QRW ZKLWH DQG VSRWWHG fffrfrffrffmrrrffrffffffrmfrrr r )URQW WLELDH ZLWK DSLFDO VSXUV $WKULSVRGHV )URQW WLELDH ZLWKRXW DSLFDO VSXUVr /FSWRRHUXD DUDHUORUDXD /()I2&(+86 /HDFK /HSWRRRUXV DPHUORHQXD %DQNVf 6HVWRGRV DPHULFDQD 6DQLD 6HDWRGHD JUDQ£LV %DQNVf Df

PAGE 110

f*} 5DQJHr 5HFRUGHG IURP ,OOLQRLV 5H}
PAGE 112

r 63&&6//$ %DQNV f KH DGXOWV RI WKLV JHQXV DUH HORQJDWH VOHQGHU LQVHFWVr ‘n‘ KDYLQJ ORQJ DQWHQQDH FDG HQHP\ ZKLWR ZLQJV IOHFNHG ZLWK EODFN RU EURZQ 6RVDp RI WKH VSHFLHV DUR YHU\ EHDXWLIXO DQG VKRZ\r ,W LV UDWKHU GLIILFXOW WR LGHQWLI\ WKH VSHFLHV RI KHSWRFROOD DV RXU ,PRWLOHGJH RI WKH JHQXV LV LQFRPSOHWH DQG PDQ\ R6 WKH ,GHQWLF I\LQJ FKDUDFWHUV DUH GHSHQGHQW XSRQ WKH HDVLO\ GHVWUR\HG SDWWHUQ RI KDLUV RQ WKH ZLQJVr FROOHFWHG PDQ\ VSHFLPHQV ZKLFK FRXOG QRW EH VSHFLILFDOO\ LGHQWLILHG EHFDXVH WKH KDLUV FQ WKH ZLQJV OLDG UXEEHG RIIr ,W LV HVVHQWLDO WR KDYH ERWK DOFRKROLF VSHFLPHQV DQG GULHGr SLQQHG VSHFLPHQV IRU LGHQWLILFDWLRQ KF VSHFLPHQV WR EH SLQQHG ZHUH NLOOHG D WP DW D WLPH LQ D MDU FRQWDLQLQJ VWURQJ F\DQLGHr WKH\ ZHUH WKHQ SLQQHG YHU\ FDUHIXOO\r DV VDWLVIDFWRU\ UHVXOWV ZDUH REWDLQHG WKURXJK JHKWOH KDQGOLQJr ‘‘ KDSWRFHOOD LV WKH RQO\ JHQXV RI FDGGLV IOLHV ,Q ZKLFK SLQQHG PDWHULDO LV GHVLUDEOH .H\ IR 7KH 6SHFLHV 2I /RSWRRROOD /DUYDH +HDG DV LQ ILJr r /HSWRRHOOD SDYOGD r +HDG DV ,Q ILJ /HSWRRHOOD DOELGD

PAGE 114

QR} r +HDG &* LQILJrr /RSWRFROOD FDQGLGD r +RDG DV LQ ILJr ,62r /HQWRFHOOD H[TXLVLWD $GXOWV r IDOH JHQLWDOLD DV LQ ILJ ` ZLQJV DV LQ ILJ /HSWRRROOD SDYLGD :LQJDV LQILJr r /HSWRFHOOD DOEOGD 0DOR JHQLWDOLD DV LQ ILJr ` nW£QJ QV LQ ILJr 6 /HSWRFHOLD FDQGLGD 0DOH JHQLWDOLD DV LQ ILJr ` ZLQJ DV LQ ILJ /RSWRFROOD H[TXLVLWD 0DOH JHQLWDOLD DV LQ ILJ r OHSWRFHOOD WDVDUD 0DOH JHQLWDOLD DV LQ ILJr V ZLQJ DV LQ ILJr /RSWRFROOD JSLORDD

PAGE 115

f ),* f§f§/ SDY LG D :,1* 3$77(51 f ),* / DOELGD :,1* 3$77(51 ),* / R DQGLGD} ),* f§/ H[TXLVLWD :OOIWn f3D77(57 9LOWO* 3$77(5A ),* f§/ VSLORUDD :LQJ SDWWHU7

PAGE 116

f /HSWRRHOOD RDQGOGD +DJDQ 6HWRGHV FDQGLGD +DJHQ f 3,2 f§f§/HSWRRHOOD JDQGLGD &$66 5DQJH} &HQWUW DQG VRXWKHUQ VWDWHV 'HVFULSWLRQr 5RVV 5HPUNVr 7KH GHVFULSWLRQ RI WKLV DSHOHV QHHGV UHYLVLRQ IRU ,W ,V

PAGE 117

DLLY LPSRVVLEOH WR WHOO ZKDW IRUP HDUOLHU DXWKRUV KDG EHIRUH WKHP LQ XVLQJ WKH YDULRXV QDPHV DSSOLHG WR /r FDQGLGD} FROOHFWHG WKLV VSHFLHV PH ODUYD DQG PH DGXOWf RQ RQO\ WZR RRPHORQV} ERWK WLPHV DW 3RH 6SULQJVr ,KH ODUYD ZDV IRXQG WR D VKDOORZ} VKHOWHUHG VSRW QHDU WKH URFN GDP ZKHUH WKH ZDWHU ZDV RQO\ DERXW RQH IRRW GHHS DQG WKH FXUUHQW ZDV FRQVLGHUDEO\ VORZHGr ORVV f IRXQG LW ,Q D ZLGR YDULHW\ RI VWUHDPV DQG ULYHUV DQG DOVR LQ PDUVKHV} 3UHYLRXV )ORULGD 5HFRUGV} +DJHQ f OLVWV WKLV VSHFLHV IURP )ORULGD EXW GRHV QRW VSHFLI\ WKH ORFDOLW\r 6SHFLPHQV ([DPLQHGr 2QH ODUYD} 3P 6SULQJVr 0r :r ,7r} VVOVRr PDOH} 3RH 6SULQJV DW OLJKW 0r : ,7 EIDr WRSWRRROOD H[TXLVLWD :DONHUf WHSWRFHUXV H[TXLVLWD :DONHUr f 5DQJHr (DVWHUQ VRXWKHUQ DQG FHQWUDO VWDWHVr 'HVFULSWLRQr 5RVVr r 5HPDUNV} ‘ EHOLHYH WKDW WKLV VSHFLHV PXVW EH UDUH VLQFH RQO\ WZR VSHFLPHQV RI Kr H[TXLVLWD ZHUH IRXQG LQ $ODFKXD &RXQW\r ,W PD\ OLYH WR WKH 6Wr -RKQfV bYHU DV WKLUW\IRXU PDOHV ZHUH FROOHFWHG ZKLOH OLJKWLQJ RQ WKH VKRUH RI WKDW ULYHU RQH QLJKWr 5RVV f IRXQG LW

PAGE 118

a8a RQO\ LQ ODLFDVr 3UHYLRXV )ORULGD 5HFRUGV} 5RVV f UHFRUGV /r kVHSLODOWD IUHVD )ORULGD WDW GRHV QRW VSHRLI\ WKR ORFDOLW\ 6SHFLPHQV ([DPLQHGr 2QH PDOHr 3RH 6SULQJV DW OLJKW 0r : ,7r /26 PDORV 6Wr -RKQrV 5LYHU 3XWQDP &Rr DW OLJKW -r +r ƒr EHSWRRHOOD SDYOGD +DJHQf 5DQJHW 2FFXUV PDLQO\ LQ WKR HDVWHUQ DQG VRXWKHUQ VWDWHVr 'HVFULSWLRQr 5RVV r 5HPDUNVr ; IRXQG / SDYLGD WR ER WKH PRVW DEXQGDQW UHSUHVHQWDWLYH RI WKH JHQXV /HSWRRHOOD LQ $ODRKXD &RXQW\r 7KH VRPHZKDW VPDOOHU VLVH RI WKH LQVHFW PP DV FRPSDUHG ZLWK PP RI RWKHU PHPEHUV RI WKLV JHQXVf LV D XVHIXO FKDUDFWHULVWLF IRU LGHQWLI\LQJ WKH VSHFLHV LQ WKH ILHOGr 5RVV f DVVRFLDWHG WKH ODUYDk DQG WKH DGXOWV RQ WKR EDVLV RI D JUDVS RI QDWXUH SXSDH FROOHFWHG DW 3RR 6SULQJV E\ -r 6r 5RJHUV LQ r ; IRXQG WKH VSHFLHV WR EH IDLUO\ FRPPRQ DW WKH VDPH SODFH DQG ; KDYH DOVR EHHQ DEOH WR UHDU WKH VSHFLHVr 3UHYLRXV )ORULGD 5HFRUGVW 5RVV f UHFRUGV D FROOHFWLRQ RI ODUYDH DQG SXSDH PDGH DW 3RR 6SULQJV E\ m-r r 5RJHUVr %HWWHQ f

PAGE 119

UHFRUGV ,} SHYLGD IUHVD WKH &KLSOD 5LYHU 6SRROUDRQV ([DPLQHG} 2QH IHPDOH 7RUUH\D 6WDWH 3DUN /LEHUW\ &R} / % M ƒ6, IHPDOH (EUR :DVKLQJWRQ mR / %f VVRP IRQDOHV +RJWRWP &UHHN DW OLJKW r :r %ORV2L SXSD 3Rk 6SULQJV ,, : ,, VO62L IUQDOH} VORZ VWUHDP PLOHV OL : RI *DLQHVn YLOOH RQ 8m 6 L : 2 IHPDOH *DLQHVYLOOH DW OLJKW ,7 9L Lf J` PDOR IHPDOHV 3RH 6SULQJV DW OLJKW 9L O OO]62L IHPDOHV YRUWKLQJWP 6SULQJV DW OLJKW 0 ,I ,r ` PDOH IHPDOHV 6Wr -RKQfV 5LYHU 3XWQDP &R DW OLJKW +f ` PDOHV IHPDOHV 3RH 6SULQJV DW OLJKW 0 9 } VR` VDOHV IHPDOHV 3Rk 6SULQJV DW OLJKW 0 : Lr A$L ‘ ‘ ‘ /HSWRRHOOD JSOORPD 5RVV 5DQJH} IR[DV .DQVDV 0LVVRXUL ,OOLQRLV DQG )ORULGD 'HVFULSWLRQr 5RVV 5HPDUNV} WKH ODUYD RI / JSOORPD ,V WPNQRPL DQG FROOHFWHG RQO\ RQH VSHFLPHQ RI WKLV VSHFLHVr D PDOH LQ $ODFKXD &RXQW\ 6LQH WKLV PDOH PV IRXQG DW OLJKW LQ WKH FLW\ RI *DLQHVYLOOH QR JXHVV FDQ ER YHQWXUHG DV WR LWV KDELWDW WKH ODUYDH RI /HSWRRHOOD VS $ DU SUREDEO\ HLWKHU WKH WD[ GHVFULEHG ODUYDH RI / DSLOPH RU / WDYDUD IRU WKHVH WZR VSHFLHV

PAGE 120

mILn DUH WKH POM VSHFLHV RI WKLV FRQXV WKXV IDLUnIRXQG LQ )ORULGD KDZLQJ LPGHDFULEHG ODUUDk 3UHYLRXV )ORULGD 5HFRUGVr +HQk 6QHHLPHQV %UDPOQHGW 2QH PDOHr *DLQHVYLOOH DW OLJKW ,, IW ," HJVVR /HSWRRHOOD DOEOGD IWDOIFHUf !Y‘ fn r R ),* f§rf§r/RSWRRHOOD DOELGD} /$,LL $2' 2$6W %HWWHQ SHUVRQDO RRPPLRDWLHQf IRXQG WKLV VSHRLHV LQ WKH YLRLQLW\ RI /DLVk 3ODROG KDYH QRW FROOHFWHG ,W LQ $ODFKXD &RXQW\ HQG WKHUH DUH QR SUHYLRXV )ORULGD UHFRUGV RI LW LQ WKH OLWHUDWXUHr

PAGE 121

f /HSWRFHOOD WDOD\D 5RVV 5DQJHV &HQWUDO )ORULGDr 3HVRUOSWORSW %RVV r 5HPDUNVW WKHUH DUR QLQH VSHFLPHQV LQ UL\ FROOHFWLRQr ZKLFK ZHUH WDNHQ FP WKH VKRUH RI WKH 6Wr -RKQr +LUHU 3XWQDP &RXQW\r WKDW PD\ KH WKLV VSHFLHV KLW VLQFH WKH KDLUV FP WKH ZLQJV DUH PRVWO\ JRQH DQG KDUH QR VXSSOHPHQWDU\ DOFRKROLR PDWHULDO WKH VSHFLILF GH} WHUPLQDWLRQ LV TXHVWLRQDEOHr EROOHUR IXUWKHU FROOHFWLQJ ZLOO VKRZ WKDW /r WDUDUD GRHV RFFXU LQ $ODFKXD &RXQW\r /HSWRRROOD VSr $ LV SUREDEO\ WKH WPGRVFULEHG ODUUD RI HLWKHU / WDUDUD RU /r VSLORPD )XUWKHU FROOHFWLRQV HVSHFLDOO\ WKRVH IURP RHQWPO )ORULGD ZLOO PDNH LGHQWLILFDWLRQ RI WKLV ODUUD SRVVLEOHr )URULRXV )ORULGD 5HFRUGV} IKm IROORZLQJ UHFRUGV DUH IURP WRVV fr 6RUHQ PDOHVr IHPDOHV &KLHIODQG 3HU\ *R FROOHFWHG E\ gr 6WHKU O6V VDOH :LQWHU 3DUN *UDQJH &R FROOHFWHG E\ 6r ,, 3DULV V" 6 PDOHV :LQWHU 3DUNr FROOHFWHG E\ (r ,, 3DULV VVV"r PDOH :LQWHU 3DUN FROOHFWHG E\ (r 0 3DULV F"W PDOHV 7DUDUHV /DNH &Rr RROOHFWRG E\ ) 5
PAGE 123

ZDV FROOHFWHG b 0Ur %LOOV /DQTXLVW ,Q %HY\ &RXQW\r ,W XQGRXEWHGO\ LV WKH ODUYD RI HLWKHU /r JSOORDD RU / WDUDUDr IRU WKRVH WZR VSHFLHV DUH WKH RQO\ VSHFLHV RI WKLV JHQWV WKXV IDU IRXQG LQ )ORLO Gp KDULQJ XQGHVFULEHG ODUUDH &ROOHFWLRQV IURP RWKHU SDUWH RI )ORULGD DUH QHHGHG WR GHWHUPLQH WKH WUXH VWDWXV RI WKHVH ODUUDHr KDUH QRW EHHQ DEOH WR LOOXVWUDWH WKLV ODUUD EHFDXVH WKH PH VSHFLPHQ KDG LQDGURUWHQWO\ GLVDSSHDUHG 7KLV ODUUD} KRZHYHU ZDV FROOHFWHG LQ D VDQGKLOO ODNH &RVSHO 3RQG /RU\ &RXQW\ LQ WKH VSULQJ RI $7LL5O3FD'66 %L8EHUJ n 7KH ODUYDH RI WKLV JHQXV DUH VKRUW HQG EXLOG VRPH XQXVXDO RDVHV ILJVr DQG fr $ ODUJH QXPEHU RI VSHFLHV KDUH EHHQ GHVRUOEHG IURP 1RUWK $PHULFD RI ZKLFK IRXU KDUH EHHQ FROOHFWHG LQ )ORULGD .H\ 7R 7KH 6SHFLRH 2I $WKULSVRGHV /DUUDH +HDG DV LQ ILJr r M£WRODDIOIFD IUXDNPVtWH r +HDG DVOQ ILJr r $WKULSVRGHV FDQRFOODWXD r +HDG DV LQ ILJr r $WKULSVRGHV VS $

PAGE 125

r +HDG DV LQ ILJ M HDVH DV LQ ILJ $WKULSVRGHV HSm % $GXOWV 0DOHVffffffrffffmf 3HUQDOHV}rr *HQLWDOLD DV LQ ILJr $WKULSVRGHV FDQFHOODWXV 6r *HQLWDOLD DV LQ ILJr r $WKULSVRGHD WDUVLSXQHWDWXV *HQLWDOLD DV LQ ILJ $WKULSVRGHV VRORVVRQDH 'HVFULSWLRQ JLYHQ XQGHU GLVFXVVLRQ RI VSHFLHV $WKULSVRGHV IORULGDQXV *HQLWDOLD DV LQ ILJr r $WKULSVRGHV FDQRROLDWXV r *HQLWDOLD DV LQ ILJr r $WKULSVRGHV WDUVLSXQRWDWXD $WKULSVRGHD ORULGDQXV %DQNVf /HSWRRHUXV IORULGDQXV %DQNV $WKULSVRGHV IORULGDQXV 0LOQH f 5DQJHr )ORULGDr 'HVFULSWLRQr KDYH QRW VHHQ WKLV VSHFLHVr HQG WKHUH DUH QR SXE

PAGE 126

OOVKHG LOOXVWUDWLRQV RI DQDWRPLFDO VWUXFWXUHV E\ QDDQV RI ZKLFK HQ LGHQWLILFDWLRQ FDQ EH QDGHV VH IRU WKH VDNH RI FRQMOHWQHVV WKH RULJLQDO GHVFULSWLRQ LV LQFOXGHGr r+HWWGn\HOORZLVK FORWKHG ZLWK ORQJ WIWtWH KDLUL SURQRWXP 7LOWK ORQJ ZKLWH KDLUV UHVW RI WKRUD[ \HOORZLVK ZLWK VKRUWHU DQG QRUk VSDUVH :KLWH KDLUV DQWHQQDH :KLWH QDUURZO\ DQQXODWH WLOWK GDUN EURZQV OHJV\HOORZ ZLWK VKRUW ZKLWp KDLU WDUVL EDQGHG RQ WLSV ZLWK EURZQV ZLQJV SDOH EURZQ UDWKHU GHQVHO\ FORWKHG ZLWK ZKLWH KDLU PRVWO\ LQ HPDLO SDWFKHV JLYLQJ WKH ZLQJ D UDPRUDWF DSSHDUDQFHV DSLFDO SDUW VOLJKWO\ LQIXVFDWHGV rf /HQJWK WR WLS RI ZLQJV Pf %DQNV Ef 0LOQH f SUHVHQWV D NH\ E\ PRDQV RI ZKLFK WKH IHPDOHV FDQ EH LGHQWLILHGr $WKUOSVRGDV IORULGDQXV LV LGHQWLILHG E\ QHJDWLYH FKDUDFWHUV ODFN RI DQDWRPLFDO IHDWXUHVf UDWKHU WKDQ E\ SRVLWLYH FKDUDFWHUV WKHUHIRUH WKH NH\ LV RI OLWWOH XVH LQ WKLV LQVWDQFHr 5HPDUNV $WKULSVRGHV IORULGDQXV ZDV GHVFULEHG E\ %DQNV Ef RQ WKH EDVLV RI FDVH VSHFLPHQ D IHPDOH FROOHFWHG E\ 6,RVQDQ QHDU %LVFD\QH %D\r 7KLV VSHFLHV KDV QRW WR P\ NQRZOHGJH EHHQ WDNHQ VLQFHr 3UHYLRXV )ORULGD 5HFRUGVr 2QH VSHFLPHQ IURP %LVFD\QH %D\ )ORULGD 6ORVVRQfrf %DQNV Ef 6SHFLPHQV ([DPLQHGr %RQHr

PAGE 127

rr $WKULSVRGHV VORVVRQDH %DQNV n IKLV VSHFLHV XQV GHVFULEHG E\ %DQND f LURVD VSHFLPHQV FROOHRWFG DW %HOODLUH )ORULGD DQG +DUULVEXUJ 3HQQV\OYDQLDr ; KDYH QRW FROOHFWHG LW LQ $ODFKXD &RXQW\ DQG WKHUH DUH QR RWKHU UHFRUGV SXEOLVKHG LQ WKH OLWHUDWXUHr ; EHOLHYH WKDW $WKULSHHGHV VSr $ RU VSr % LV WKH XQGHVFULEHG ODUYD RI $ VORVRRQDH &ROOHFWLRQV LURQ RWKHU SDUWH RI )ORULGD DUH QHHGHG WR GHWHUPLQH WKH DIILQLW\ RI WKHVH ODUYDH $WKULSVRGHV FDQHHOODWXD %HWWHQf KHSWRRHUXV FDQFHOODWXV %HWWHQ f 5DQJHr (DVWHUQ DQG VRXWKHUQ VWDWHV WUHVWPUG WKURXJK WKH 2VDUNV WR 2OGDKRPr ‘ 'HVFULSWLRQr %RVV 5HPDUNVr $WKULSVRGHV FDQFHOODWXV ,V UDUHO\ IRXQG LQ PRVW RI $ODFKXD &RXQW\ EXW FDQ EH WDNHQ RFFDVLRQDOO\ DW 3RH 6SULQJVr ; FROOHFWHG D PDOH DQG D IHPDOH WKHUH DQG IRXQG HOHYHQ HPSW\ ODUYDO FDVHV LQ WKH 6DQWD )H %LYHU XKOFK EHOLHYH EHORQJ WR WKLV VSHFLHVr 5HSHDWHG FROOHFWLQJ DW WKLV HQG RWKHU DGMDFHQW VLWHV VHUH IUXLWOHVVr %RVV Sr f JLYHV D JRRG GHVFULSWLRQ RI WKH FDVH RI $ FDQFHOODWXVr

PAGE 128

fKH ODUYDO FDVH LV DERXW LQ ORQJr KRUQ VKDSHGr DQG WKH PDLQ ERG\ LV FRPSRVHG RI IDLUO\ UHJXODU VDQG JUDLQV ZLWK D IH} ODUJHU JUDLQV DUUDQJHG DORQJ WKH VLGHr JLYLQJ YHU\ VOLJKWO\ WKH DSSHDUDQFH RI D ODWHUDO H[WHQVLRQf 3UHYLRXV )ORULGD 5HRRUGVW 7KLV VSHFLHV KDV QRW SUHYLRXVO\ EHHQ UH} SRUWHG IURP )ORULGD %DWWHQ SHUVRQDO FRPPXQLFDWLRQf KDV FROOHFWHG LW LQ WKH VWDWH EXW GLG QRW VSHFLI\ WKH ORFDOLW\ 6SHFLPHQV ([DPLQHGr 2QH PDOHr IHPDOH 3RH 6SULQJVr DW OLJKW ,,r
PAGE 129

$WKULSDRGHV DQ $ ),*} f§f§f§$WKUOSVRGDD VS $ /$59$ $1' &$6( 7KHDH XQGDDRULEHG ODUYDH ILJ ZLWK WKHLU SHFXOLDU IODQJH W\SH RDDHD PDGH RI DVQG JUDLQD ILJ ZHUH RROOHFWHG LQ WKH 6DQWD )H OLYHU VRPH \HDU DJR 5HSHDWHG VHDUFKHD LQ DQG KRZHYHU IDLOHG WR EULQJ WR OLJKW D VLQJOH VSHFLPHQ 7KH ODUYDH PRDW SUREDEO\ DUH WKH XQGHVFULEHG LUDUDDWXUHV RI HLWKHU $ IORULGDQX%

PAGE 130

RU $r VORVDRQDH IRU WKHVH WZR VSHFLHV DUH WKH RQO\ VSHFLHV WKXV IHU IFXQG LQ )ORULGD KDYLQJ XQGHVFULEHG ODUYDH 6SHFLPHQV ([DPLQHG} 7ZR ODUYDH} 6DQWD )H 5LYHU M ODUYD 6DQWD )H 5LYHU 6 5 $ $WKULQVRGHV VS % ),* }f§$WKULSVRGHV VS % &$6(

PAGE 132

r 7KHVH XQGHVFULEHG ODUYDH ILJ KDYH EHHQ FROOHFWHG RQO\ LQ 6ZLP 3RQG LQ 0DULRQ &RXQW\r 7KH FDVH ILJr LV PDGH RI ELWV RI OHDYHV HQG YHJHWDWLRQ UDWKHU WKDQ VDQG JUDLQVr 7KH ODUYDH PRVW SUREDEO\ DUH WKH XQGHVRULEHG LPPDWXUHV RI HLWKHU $r IORUOGDQXD RU $ DORDDRQDHr 6SHFLPHQV ([DPLQHG} 7ZR ODUYDH 6WULD 3RQG 0DUORQ &R 6$F66I ODUYDH 6WULD 3HQG 0DULWD &R 6 2(&67,6 0R/DRKODQ 7KH JHQXV 2HFHWOV LV ZLWKRXW GRXEW WKH ODUJHVW DQG SUREDEO\ DOVR WKH PRVW DEXQGDQW JHQXV RI RDGGLV IOLHV LQ )ORULGDr 2I WKH IRXUWHHQ VSHFLHV SUHVHQW LQ WKH 8QLWHG 6WDWHV HLJKW KDYH EHHQ FROn OHFWHG LQ $ODFKXD &RXQW\ DQG RI WKHVH WKUHH 2HRHWOV VS $ 2 GD\WDQD DQG 2 SDUYD RRFXU RQO\ LQ )ORULGDr 7KH ODUYDH DQ} SUHGDFLRXV DQG KDYH HORQJDWH JUDVSLQJ PRXWKSDUWVr 6RPH VSHHG DV KDYH ZLGH HFRORJLFDO WROHUDQFH DQG RFFXS\ PDQ\ KDELWDWV :KLFK LQFOXGH ODNHV ULYHUV VWUHDPV DQG SHQGVr .H\ 7R 7KH 6SHHOHV 2I 2HRHWOV /DUYDH r +HDG DV LQ ILJ L ORJFDELQ W\SH FDVHr 4RRHWLV FLHUDVHHQV

PAGE 134

,OHDG DV LQ ILJr r 2HRHWLV LQRFQVSORXD r +HDG DV LQ ILJ HDVH DV LQ -LJr 2RRHWLD VS % +HDG DV LQ ILJ M HDVH DV LQ ILJ 2HFHWLV VSr & $GXOWV 0HV )HPDOHVrrr rr *HQLWDOLD DV LQ ILJ 2HRHWLV ,QHFSVSOHXD r *HQLWDOLD DV LQ ILJr 2HRHWLV VS $ *HQLWDOLD DV LQ ILJ r 2HRHWLV GD\WHDDD r *HQLWDOLD DV LQ ILJ r 2HRHWLV RVWHQL *HQLWDOLD DV LQ ILJ r 2HRHWLV DYDUD r *HQLWDOLD DV LQ ILJr r 2HRHWLV JHRUJOD r *HQLWDOLD DV LQ ILJr 2HRHWLV HLQHUDVHHQV r *HQLWDOLD DV LQ ILJ 2HRHWLV SDUYD

PAGE 136

r *HQLWDOLD JH LQ ILJr r 2HRHWOJ OQFRQHSLFXD r *HQLWDOLD DV LQ ILJr r 2HHHWV RVWHDO r *HQLWDOLD DV LQ ILJr } 2HFHWLV DYDUD 6r *HQLWDOLD DV OD ILJr r 2HRHWOV HLQHUDVRHQD 2HHHWV LQRRQVSLRXD :DONHUf FRPSOH[ 2HRHWOV LQFRQVSORQD LV PH RI WKH PRVW FRPPRQ FDGGLH IOLHV LQ ,7RUWK $PHULFDr $W WKH SUHVHQW WLPHr WKHUH DUH WKUHH FORVHO\ UHODWHG VSHFLHV LQ 0O WHUP WKH 2HHHWLV LQRRQVSLRXD FRPSOH[r LQRRQVSLRXD :DOWHU f eA SRUWDUL %RDV "f DQG r SUDWHOLD 'HQQLQJ Efr WKLV FRPSOH[ GHVHUYHV FDUHIXO VWXG\ IRU LW SRVHV D QXPEHU RI KLJKO\ LQWHUHVWLQJ WD[RQRPLF SUREOHPVr 2HRHWOV SRUWHU %RVV DQG r SUDWHOLD 3HQQLQJr ERWK RI 3KLRK UHVHPEOH LQRRQHSLHXDr ZHUH GHVFULEHG ZLWKLQ D IHZ PRQWKV RI HDFK RWKHU IURP IORULGD VSHFLPHQV DQG PRVW SUREDEO\ DUH H\QPRPRX% +RZ} HYHU WKH\ GLIIHU IUHVD -2r LQRRQVSLRXD LQ D QXPEHU RI ZD\V ,QFOXGLQJ VLVH ZLQJ PDHXODWLFQ DQG JHQLWDOLD VR WKH\ PLJKW DUELWUDULO\ EH WKRXJKW RI DV D VSHFLHV GLVWLQFW IURP r LQRRQVSLRXD DQG IRU WKH SXUSRVH RI WKLV GLVFXVVLRQ PD\ EH FDOOHG VSHFLHV $r 6SHFLHV $ LV D KLJKO\ YDULDEOH FRQJORPHUDWH ERWK DGXOWV DQG ODUYDHf DQG PD\

PAGE 137

f§LVVr} ,WVHOI EH VXEGLYLGHG LQWR RWKHU XQLWV XSRQ IXUWKHU VWXG\ %DQNV GHVFULEHG WZR VSHFLHV RQ WKH VDPH SDJH RI KLV SDSHUf§f§2HRRWODD IODYOGD IURP .LVVLPPHH HQG 2HRHWLQD IORULGDQD WUDP %LVRD\QH %D\f§f§ZKLFK KDYH ERWK EHHQ H\QFQFUDLVHG WR LQFRQVSLRXD EXW ZKLFK UHDOO\ PD\ EH HTXLYDOHQW WR VSHFLHV $ +DJDQ f GHVFULEHG 6HVWRGHV VDJOWWD IURP )ORULGD DQG WKLV ZDV DOVR V\QRQRPLVHG WR ef ,QFRQVSLRXD} )XUWKHUPRUH ,QFRQVSLRXD ZDV ILUVW GHVFULEHG E\ :DONHU f DV /HSWRRHUXV OQFFQVSORXXV RQ WKH EDVLV RI WKUHH VSHFLPHQV FROOHFWHG LQ *HRUJLD E\ $EERW DQG VSHFLHV $ FRPHV FORVH WR WKH GHVFULSWLRQ EDVHG RQ :DONHUrV W\SHV JLYHQ E\ %DWWHQ HQG 0RVFO\ fr ,I WKLV LV WUXH VSHFLHV $ ZRXOG EH V\QRQRPOVVHG WR ,QRRQVSOFXD DQG WKH QRUWKHUQ VSHFLHV ZRXOG EH V\QRQRVQLVHG WR WKH QH[W VSHFLHV KDYLQJ SUHFHGHQFH IODYHRODWDr KDYH H[DPLQHG VSHFLPHQV RI 2Ir LQFRQVSLRXD IURP QRUWKn ZHVWHUQ )ORULGD ZKLFK DUH TXLWH GLIIHUHQW VXFK ODUJHU HWFrf IURP WKH PDWHULDO FROOHFWHG LQ $ODFKXD &RXQW\ VSHFLHV $f EXW DUH QHYHUn WKHOHVV FORVHO\ UHODWHG WR VSHFLHV $} DOVR H[DPLQHG RQH VSHFLPHQ RI VSHFLHV $ D IHPOH IURP QRUWKZHVWHUQ )ORULGD 6DQWD +RVD &RXQW\f %RWK VHRP WR H[LVW LQ )ORULGD} 7KH VROXWLRQ RI WKLV SUREOHP UHTXLUHV DQ H[WHQVLYH FROn OHFWLRQ RI VSHFLPHQV IURP GLIIHUHQW SDUWV RI WKH 8QLWHG 6WDWHV SOXV D FDUHIXO SHUXVDO RI WKH YDULRXV W\SHV DQG DP QRW LQ D SRVLWLRQ WR RIIHU HQ\ GHIQDWH FRQFOXVLRQV DW WKLV WLPHr ZRXOG

PAGE 138

KHHUZU r :P WR FDOO DWWHQWLRQ WR WKLV FRQIXVLQJ VLWXDWLRQ mLG mJ} JR LW WKH IROORZLQJ PH mWLOR K RFFXU UHD WR }W ,f &ORRWLH RHUWHUO rQG r QUFWHOOH RUk H\QHQHQRWW6M 6f WKH 2VDHWLH ORFHQJROFP kk%Spr ,W UHDOO\ 5 f"kU\ ZLGHO\ GLVWULEXWHG WSWROHW ZLWK KLJKO\ GWLWOQHW HHKHSHHOHH f WEk kHDLSOH[ ,W D JUDVS RI GLVWLQFW HSHDtHH f D HRPIHLIVDWORD RI SRLQWV RUG H[LVWV DQG f LI GRIOULWR kUHFLRV DUW SUHVHQWr mSHVLHV $ ZRXOG EH YAPRQHVtJHG WR ef ,IWRRQHHORXDr Z0HK WPV SUHFHGHQRR DLG WKH QRUWKHUQ VSHGHD ZRXOG EH WPPPr $ JUDSKk mSWHSVOp RI WKH V\QHRRRI WKDW V}\ H[LVW IHOO RZHrr KHQWRRHUXD WUHRQRAHXXD :DOWHU f *R DW RFLR VDJWWWD +DQVQ f RHHWLQD +DELGD %DHIHH f D r ,QRRQDQORXD m IW 7%ZHIH 0D %HQWV f r 9WL6cLa f AZRWLHQRUWHUO 5RVD Ef :A:V 77UDWRnOLfD 3HQQLQJ Ef W3r $ m )RUWKRUD IHUQ kI er f +r "f )ORULGD f er IOQHHRODWk LQHPWWQWPD :DOWHUf IHUDH f rf IRU WKH SDLSDLr RI WKLV SDSHU VKHOO WUHDW WKRVH HSHHORYRR HROOHRWHG LQ HQG DURXQG $LDRKXH &RXQW\ mk 2RHHWOV RSr HQGn Z}W RI WKRVH HROORRWHG LQ QRUWKZHVWHUQ )ORULGD DV ef WDRFRDROPP}

PAGE 139

2HFHWLH VSr $ 5DQJ}r )ORULGD DQG *HRUJLD} 'HVFULSWLRQ} 5RDV} E} 5HPDUNV} )RU WKH SXUSRVH RI WKLV SDSHU 4} SRUWHU 5RVV Ef er SUDWHOLD 'HQQLQJ Ef ZLOO DUELWUDULO\ EH FRQVLGHUHG DV V\QRQRUDRXV HQG ZLOO EH FDOOHG 2HFHWLV VS} $ 7KH VSHRLHV ZHUH GHVFULEHG ZLWKLQ D IHZ PRQWKV RI HDFK RWKHU RQ WKH EDVLV RI )ORULGD 6SHFLPHQV 2 SRUWHU IURP 0LDPL +HZ 6P\UQD DQG 'D\WRQD %HDFK DQG SUDWHOLD IURP /D %HOOHf DQG WKH\ DSSHDU WR EH PRUSKRORJLFDOO\ YHU\ VLPLODU} 7KH GHJUHH RI YDULDELOLW\ ZDV QRW UHFRJQL]HG E\ %RVV Ef ,Q KLH GHVFULSWLRQ RI SRUWHU} %HFDXVH RI DGGLWLRQDO LQIRUPDWLRQ EHIRUH PH LW DSSHDUV WKDW WKH RULJLQDO GHVFULSWLRQ QRW DGHTXDWH DQG ZLOO QHHG UHYLVLRQ FROOHFWHG WKH SUHYLRXVO\ XQGHVFULEHG ODUYD DQG LW DOVR LV KLJKO\ YDULDEOH UDQJLQJ IURP D OLJKW VKDGp ZLWK YHU\ LQGLVWLQFW PDUNLQJV WR D GDUN FRORUDWLRQ ZLWK KLJKO\ GLVWLQFWLYH PDUNLQJVr 7KH ODUYD VKRZV D VLPLODULW\ WR WKH GUDZLQJ LQ 5RVVrV SDSHU S f DQG WKLV WKHVLV ILJ f EXW LW LV GLIIHUHQW QHYHUWKHOHVV} 2HFHWLV VS $ ,V WKH RQO\ UHSUHVHQWDWLYH RI WKH 2HFHWLV LQ FRQVSLFXD FRPSOH[ IRXQG LQ $ODFKXD &RXQWVnr DOVR H[DPLQHG PH VSHROPHQ ZKLFK ZDV FROOHFWHG E\ 'U /HZLV %HUQHU IURP QRUWKZHVWHUQ

PAGE 140

)ORULGD 6DQWD 5RVD &RXQW\f GR QRW EHOLHYH WKDW FRQFOXVLRQV FDQ EH GU DXQ KRZHYHU XQWLO IXUWKHU FROOHFWLRQV DUH QDGHr ,Q $ODFKXD &RXQW\ WKH ODUYDH RFFXS\ PDQ\ KDELWDWVr DQG HPHUJHQFH WDNHV SODFH WKURXJKRXW WKH \HDU ZLWK WKH SUHSRQGHUDQW SRUWLRQ RI DGXOWV HPHUJLQJ GXULQJ WKH ZDUPHU SDUWV RI WKH \HDUr 3UHYLFPV )ORULGD 5HFRUGV 6LQFH WKH V\QRQRP\ KDV QRW EHHQ GHILQLWHO\ SURYHQr WKH URRRUGV ZLOO QHW EH LQFOXGHGr 6SHFLPHQV ([DPLQHGW %LJKW ODUYDHr .LQJVOH\ /DWHr &OD\ &Rr /OHQDQ 'UHGJH VDPSOH IHHW GHHS EHWZHHQ 0DLGHQ &DQH -r 6r %r DQG $r ) &r OV=W IHPDOH 6DQWD 5RVD &R / %r O PDOHV IHPDOHV 7DYDUHV /DWH &R ) +
PAGE 141

f} XVDV URDUHG IURP SXSDH IRXQG LQ VWUHDP r PLOHV "nf RI *DLQHVYLOOH RQ 6r ,7 66OV2I PDOHV IHPDOHV %LJ +DWFKHW &UHHN DW OLJKW ,7 PDOHV IHPDOHV 5LYHU 6W\[ DW OLJKW 0r
PAGE 142

fe6r ZHVWpr} )ORULGD VSHFLPHQV KHUR VKRUWHU VWRXWHU FODVSHUV DQG RWKHU PLQRU GLIIHUHQFHVf 7KH ODUUD RI 2HRHWLV VS $ LV YHU\ VLPLODU WR DQG PD\ HDVLO\ EH FRQIXVHG ZLWK WKH ODUUD RI r LQFRQVSLFXDr 3UHYLRXV )ORULGD 5HRRUGVr 2DRHWLD LQRDQVSOFXD LV GWHG E\ 5RVV f DV RFFXUULQJ LQ )ORULGD EXW GR QRW NQRZ ZKHWKHU %RDV KDG VSHFLPHQV RI 2HRHWLV VS $ RU LQFRQVSWFXD EHIRUH KLP DW WKH WLPH 6SHFLPHQV 6VDPLQRGr 7ZHQW\rIRDU PDOHV DQG IHPDOHV (EUR :DVKLQJWRQ &Rr / %f 2HRHWLV GHWRQD %RVV Df 5DQJHr )ORULGDr 'HVFULSWLRQr 5RVV Dr 5HPDUNVr 2HRHWLV GD\WRQD DSSHDUV WR EH UDUH LQ $ODFKXD &RXQW\ IRU KDUH RQO\ RQH VSHFLPHQ LQ D\ FROOHFWLRQr 7KH ODUYD RI WKLV VSHFLHV LV XQNQRZQ DQG PD\ EH HLWKHU 2HRHWLV VS % RU VS & 3UHYLRXV )ORULGD 5HFRUGVr 7KUHH PDOHV IHPDOHV 'D\WRQD %HDFK DW OLJKW FROOHFWHG E\ 7 5LHJHO "J! PDOHV IHPDOHV 'D\r WRQD %HDRK DW OLJKW FROOHFWHG E\ 7 5LHJHO PDOH 'D\WRQD %HDFK DW OLJKW FROOHFWHG E\ 7 5LHJHO 7KHVH UHFRUGV ZHUH WDNHQ IURP 5RVV Df

PAGE 143

6SHFLPHQV %[DPOQHGW 2QH PDOH} 'HYLOnV 0LOOKRSSHU DW OLJKW} 0 :r 1r DVR 2HRHWOV RVWHQO 0LOQH 5DQ JHW 7KH UDQJH RI WKLV VSHFLHV IRUPV D EDQG WKURXJK WKH 1RUWKr HDVW IURP 0LQQHVRWD HDVWZDUG WR 5HP %UXQVZLFNr DOVR FROOHFWHG LQ )ORULGDr 2HRHWOV RVWHQO KDG QRW SUHYLRXVO\ EHHQ UHSRUWHG IURP )ORULGD WKHUHIRUH HVWDEOLVKLQJ WKLV ORFDOLW\ UHFRUG LQGLFDWHV WKDW LW FDQ EH IRXQG LQ WKH LQWHUYHQLQJ WHUULWRU\r 'HVFULSWLRQ} 5RVH r 5HPDUNV} 7KH ODUYD RI r RVWHQO ,V XQNQRZQr KRZHYHU IXUWKHU VWXG\ PD\ VKRZ D UHODWLRQVKLS EHWZHHQ 2HRHWOV VSr % RU VSr & DQG WKLV DSHOHVr 5RVV f LQ ,OOLQRLV FROOHFWHG WKH DGXOWV PDLQO\ DURXQG JODFLDO ODNHV EXW VLVR IRXQG WKHP RQ WKH VKRUHV RI ULYHUVr 7KHVH FDGGLV IOLHV DUH FRPPRQ LQ $ODRKXD &RXQW\ DQG ZHUH IRXQG DVVRFLDWHG ZLWK PDQ\ KDELWDWV VXFK DV WKH 5LYHU 6W\[ (HZQDQfV /DNH WKH FLW\ RI *DLQHVYLOOH %LYHQ r D $UP 'HYLOfV 0LOOKRSSHU 3RH 6SULQJV 3RQG % DQG %LJ +DWFKHW &UHHNr +R FOXH DV WR WKH KDELWDW RI WKH ODUYD RHQ EH GHGXFHG IURP WKHVH UHFRUGV 3UHYLRXV )ORULGD 5HRRUGV} %HWWHQ SHUVRQDO FRPPXQLFDWLRQf FROOHFWHG

PAGE 144

RDWHQO LQ )ORULGD EXW GLG QRW VSHFLI\ WKH ORFDOLW\ 6SHFLPHQV ([DPLQHGr 7ZR PDOHD} IHPDOHVr 5LYHU 6W\[} DW OLJKWr 0r : f O" PDOHr +HZQHQrV /DNH DW OLJKWr 0r : 1f } IHPDOHr *DLQHVYLOOHr DW OLJKW 0 : +rr VRV2M IHPDOH %LYHQfV $UPr DW OLJKW 0 : } IHPDOHV *DLQHVYLOOHr DW OLJKW 0 : ,} IHPDOHr 'HYLOrV LOOOOKRSSHU DW OLJKW 8r : ,,} D6L IHPDOH 3RH 6SULQJVr DW OLJKW 0 : ,7r 2 PDOHr IHPDOH *DLQHVYLOOH DW OLJKW 0 : +f VVLL PDOH IHPDOH (EUR :DVKLQJWRQ *R / % } IHPDOH} *DLQHVYLOOH DW OLJKW 0 : 1f 62 IHPDOH +HZQDQr /DNH DW OLJKW 0 : 62r IHPDOHV 3RQG % DW OLJKWr 0r : + $62 IHPDOHV %LJ +DWFKHW &UHHN DW OLJKW 0 : ,, 62 PDOHV DQG IHPDOHVr *DLQHVYLOOH DW OLJKW ,I : +f H2 r M ‘ ‘ 7LLr ff 2HFHWOV DYDUD %DQNVf 6HWRGHV DYDUD %DQNV f U 5DQJH} 0RVW RI WKH 8QLWHG 6WDWHV VRXWKHUQ &DQDGD HQG 0H[LFR 'HVFULSWLRQr 5RVV 5HPDUNVr 2HRHWLH DYDUD ZDV FROOHFWHG RQO\ LQ WKH 6HQWD )H 5LYHU DW 3RH 6SULQJV LQ $ODFKXD &RXQW\ ZKHUH LW WKULYHVr 7ZR GLVWLQFW FRORU SDWWHUQ SKDVHV ZHUH IRXQG DW WKLV ORRDOLW\r RQH EURZQ ZLWK PDQ\ GDUN VSRWV RQ WKH ZLQJV HQG WKH RWKHU OLJKWHU ZLWK QR VSRWV RQ WKH ZLQJV

PAGE 145

f ZKDWVRHYHUr +HUH VSRWWHG ,QGLYLGXDOV ZHUH IRXQG WKDQ XQVSRWWHG RQHVr +REV f VXJJHVWV WKDW DQ XQVSRWWHG DSHOHV ZKLFK RFFXUV LQ &DOL} IRUQODr } GOVOXQHWD} P\ VLPSO\ EH D FRORU YDULDQW RI 2r DYDUDr 7KH FRORU YDULDQW DW 3RH 6SULQJVr KRZHYHU r GLG QRW DJUHH ZLWK WKH GHVFULSWLRQ RI r GLVMXQFW}r 7KH PLQ HPHUJHQFH RI DYDUD SUREDEO\ RFFXUV GXULQJ WKH HDUO\ SDUW RI WKH VXPPHUr 3UHYLRXV )ORULGD 5HFRUGV} 7KLV VSHFLHV KDV QRW SUHYLRXVO\ EHHQ UHn SRUWHG IURP )ORULGDr 6SHFLPHQV ([DPLQHGr 7ZRKXQGUHG PDOHV HQG IHPDOHV VSRWWHGfr 3RH 6SULQJVr DW OLJKWr 0r : +rr O=62W PDOHV DQG IHPDOHV XQVSRWWHGfr 3RH 6SULQJVr DW OLJKWr 0r :r ,7r 9O]IML2W 6 PDOHVr IHPDOHV VSRWWHGfr 3RH 6SULQJVr DW OLJKWr +r : ,7rr 62L ZDIHU IHPDOHV 3RH 6SULQJVr DW OLJKW + : ,7 VVL 2HFHWLV JHRUJLD %RVV 5DQJHU *HRUJLD DQG )ORULGDr 'HVFULSWLRQr 5RVV r 5HPDUNV} 2HFHWLV VSr % RU VSr & PD\ EH WKH XQGHDRULEHG ODUYD RI 2HFHWLV JRRUJLDr KDYH FROOHFWHG WKH XQGHVFULEHG IHPDOHV RI WKLV VSDGHV LQ DGGLWLRQ WR WKH PDOHV

PAGE 146

ORWKLQJ LV NQRZQ UHJDUGLQJ WKH KD0WD HQG KDELWDWV RI r JWRUJLD ‘ ‘ 3UHYLRXV )ORULGD 5HFRUGVr +RQH 6SHFLPHQV ([DPLQHGW 2QH PDOH *DLQHVYLOOH DW OLJKW 0 : 1 62, PDOH IHPDOHV 3RH 6SULQJV DW OLJKW 0 : 1 IHPDOHV +RJWRVQ &UHHN DW OLJKW : : 8 $6M b IHPDOH +RJWRZQ &UHHN DW OLJKW 0 : 5 O62 2HRHWLV ROQHUDVFHQD +DJHQf 6HWRGHV FLHUDVFDQD +DJHQ GHHHWOLD: IXPRVD %DQNV f 5RQ JRW :LGHO\ GL VWUL EDWHG WKURXJKRXW WKH HDVWHUQ HFX WKHP DQG FHQWUDO VWDWHV 'HVFULSWLRQr 5RVV 5HPDUNV} IKH ORJFDELQ } FDVH RI 4 ROQHUDVRHQV LV RIWHQ VHHQ LQ PDQ\ W\SHV RI KDELWDWV VFDWWHUHG WKURXJKRXW $ODFKXD &RXQW\ IRU H[DPSOH LW KDV EHHQ IRXQG LQ WKH 6DQWD )H 5LYHU +RJWRZQ &UHHN D VLQNKROH SHQG 5DNH m7DXEHUJ DQG 5DNH $OLFH IKH FDVHV DUH KDUG WR GLVWLQJXLVK IRU WKH\ DUH RIWHQ IDVWHQHG WR VXEPHUJHG ORJV DQG WKH\ EOHQG LQ WUDLO ZLWK WKHLU EDFNJURXQG IKH DGXOW FDQ XVXDOO\ EH VHSDUDWHG IURP WKH RWKHU VSHFLHV RI 2HRHWLV DW D JODQFH IRU ROQHUDVRHQV RYHUDJHV WR PLOOO

PAGE 147

QHWRUm LQ OHQJWK HQG LV WKH ODUJHVW VSHFLHV LQ WKLV JHQXV ZKLFK RFFXUV LQ $ODFKXD &RXQW\ 3UHYLRXV )ORUO£Q 5HFRUGVr 7KHUH LV QR SXEOLVKHG UHFRUG RI WKLV VSHFLHV EHLQJ IRXQG LQ )ORULGDr %HW WHQ SHUVRQDO FRPPXQLFDWLRQf FROOHFWHG r FLQHUDVRRQV LQ WKH VWDWH EXW GLG QRW VSHFLI\ WKH ORFD WLRUX 6SHFLPHQV ([DPLQHGW 2QH ODUHV 6DQWD )H 5LYHU $r SXSDHr -RKQVRQ /DNHr *ROGHQ 5HDG 6WDWH 3DUNr &OD\ &R 0 : LWr O]62W PDOHV IHPDOHV 5LYHU 6W\[r DW OLJKW 0 :r ,W $r ODUYDr /DNH $OLFHr 0 :r +f %ILR6OL PDOHV HQG IHPDOHVr 6W -RKQfV 5LYHU DW OLJKW %r $` PDOH %OYHQfV $UP DW OLJKW 0 : ,r r PDOHr %OXH 6SULQJV &UHHNr -DFNVRQ &R /r %f nODUYDr /DNH $OLFHr ,,r 0r r IHPDOH 'HYLOfV 0OOOKRSSHUr DW OLJKW 0 gr K" IHPDOHV 3RQG %r DW OLJKWr 0 : +m $R = ODUYDHr +RJWRZQ &UHHN 0 : ,, 62" ODUYDH VLQN}KROH SRQGr $ODFKXD &Rr $r +r /r V6 ODUYD 3RH 6SULQJV DL ODUYDHr 6DQWD )H 5LYHU 6 5 ODUYDH /DNH :DXEHUJ 5r 3r 7r QR GDWH" IHPDOHr *DLQHVYLOOH DW OLJKWr 0 : ,,r r PDOHVn IHPDOHr 3RH 6SULQJVr DW OLJKWr ,W :r r IHPDOHr :RUWKLQJWRQ 6SULQJV DW OLJKW ,r : ,7r O]PW QDOHr *DLQHVYLOOH DW OLJKWr :  2

PAGE 148

2RRHWOV SDUUD %DQNDf 6HWRGLQD SDUUD 6DQLHV Df 5DQJHW )ORULGDr n 3HVHUOSWOHQW 5RDV Dr 5HPDUNVW 7KLV UDUD FDGGLH IO\ ZDV GHVFULEHG RQ WKH EDVLV RI WKUHH 6SHFLPHQV IUHVD .LVVLPPHH LQ r IR P\ NQRZOHGJH EHVLGH WKH WZR VSHFLPHQV W FROOHFWHG LW KDV QHW EHHQ WDNHQ VLQFHr QRWKLQJ LV NQRZQ UHJDUGLQJ WKH KDELWV RU ODUUD RI WKLV VSHFLHVr 3UHYLRXV )ORULGD 5HFRUGV} 7KUHH VSHFLPHQV .LVVLPPHH 1RYHPEHU IURPf %XQNV Dr 6SHFLPHQV ([DPLQHGr 2QH PDOH 3RH 6SULQJV DW OLJKW +r r 5m 9V2M PDOH *DLQHVYLOOH DW OLJKW +r :r 2r 2HFFWOH VS % 7KLV XQGHVFUOEHG ODUYD ILJVr DQG f PV QRW \HW EHHQ DVVRFLDWHG ZLWK WKH DGXOW VWDJHr ,W PRVW SUREDEO\ ZLOO WXUQ RXW WR ER WKH XQGHVRULWHG ODUYD RI HLWKHU r GH\WRQD er RDWHQ JRRUJLDr RU eA SDUYD} 0Ur %LOOV ;DQTXLVW FROOHFWHG WZR ODUYDH LQ D VDQGKLOO ODNH LQ %HY\ &RXQW\ EXW DVLGH IURP WKLV LWV KDELWDW UHPDLQV DQ HQLJPDr

PAGE 149

),* f§f§f§2RRHWLD Sr /$)9$/*$66 6SHFLPHQV ([DPLQHGr RXU ODUYDH $ODFKXD &Rr :r 0 % r ODUYDH *RVSHO 3RQG cN WDOOHV : RI $UFKHU /HY\ &Rr (r /r r aL

PAGE 150

2HRHWOJ VS & )72 f§2HFHWLV VR R WW6) 7KLV XQGHVRULEHG ODUYD ILJV DQG f DOVR KDV QRW EHHQ DVVRFLDWHG ZLWK WKH DGXOW VWDJH 7KH ODUYDO FDVH VRPHWLPHV KDV ODUJH VDQG JUDLQV IDVWHQHG WR WKH VLGHV JLYLQJ LW WKH DSSHDUDQFH RI KDYLQJ ODWHUDO IODQJHV 2HRHWLD VS & PRVW SUREDEO\ ZLOO WXUQ RXW WR EH WKH XQGHVFULEHG ODUYD RI HLWKHU GD\WRQD r RDWHQ JDRUJLD RU SDUYD

PAGE 152

6SHROPHQD ([DPLQHGr 6L[ ODUHDH QR GDWDV ODUUDr *RVSHO 3RQG DOLHV :r RI $UFKHU /RU\ &Rr % /} 62L ODUUDp %LJ +DWRKHW &UHHN ERWWRP VDPSOH 0 :1 ORVVRr 75,$1'6 0F/DFKODQ .H\ JR 7KH 6SHFLHV 2I IULDHQRGHV /DUUDV 6HHG DV LQ ILJ HDVH DV LQ ILJ IULDHQRGHV VSr $ +HDG DV ,Q ILJr =L HDVH HV LQ ILJr IULDHQRGHV VSr % $GXOWV r 0DOH JHQLWDOLD DV LQ ILJ IULDHQRGHV SHUQD 0DOH JHQLWDOLD DV LQ ILJr IULDHQRGHV IORULGD ‘ U L IULDHQRGHV IORULGD 5RVV n 5DQJHW )ORULGDr 'HVFULSWLRQr 5RVV r 5HPDUNV IULDHQRGHV IORULGD ZDV GHVFULEHG E\ 5RVV RQ WKH EDVLV RI ILUH PDOHV VHQW WR 0P E\ 'Ur /HZLV %HUQHU KDZ FROOHFWHG WKH

PAGE 154

f,62n OO XQGRVFULEHG IHPDOH RI WKLV VSHFLHVL DQG EHOLHYH WKDW WKH ODUYD YLOOL SURYH WA EH HLWKHU 7ULDFQRGV HS $ RU VSr %r ‘P f 7KS DGLOWV DUH UDWKHU VWULNLQJ LQ DSSHDUDQFH} IRU WKH\ DUH ‘ ODUJR FDF£LV +LHV} JROGHQ WDQ ,Q FRORU} DQG WKH\ KDYH H[WUHPHO\ ORQJ n‘ ‘n DQWHQQDHr f 3UHYLRXV )ORULGD 5HFRUGV} 7ZR PDORVr *DLQHVYLOOHr FROOHFWHG E\ /HZLH WDPHU 9VVAMn6 PDOHVr 6EUR 9LD VKLQ JW FHD *R FROOHFWHG E\ /HZLV %HUQHU VDIHIW2r 7KLV UHFRUG LV IURP 6RVD fr 6SHFLPHQJJ[DQLQHGr 2QH IHPDOHr %LJ +DWFKHW &UHHN DW OLJKWr ,, 97 }r LHEL PDOHr IHPDOH *DLQHVYLOOH DW OLJKWr 0} : ,,r n V&2 LQFOHV IHPDOH *DLQHVYLOOHr DW OLJKWr + : .f V"" n, PDOWV nDQG IHPDOHV *DLQHVYLOOH DW OLJKW 0r : ,7 PDOH &DLQHVYLLOR DW OLJKW 0 97 ,, ROL IHPDOHVr )RH 6SULQJV} DW OL^W A :r ,I OJ" PDOHV IHPDOHVr *DLQHVYLOOH DW OLJKW 0r-Z +rr PDOH} IHPDOHVr 3RH 6SULQJV DW OLJKWr :r r L L 7UODHQRGHV SHPD 5RVV L L e6p" RQO\ UHFRUGV RI 7 SHUQD HUH PDOH DQG IHPDOHV I IURP ,OOLQRLVr PDOH IURP 2KLR DQG IHPDOH IURP 2NODKRPDr 7KLV VSRRLHV DV LQGLFDWHG E\ LWV RFFXUUHQFH LQ )ORULGD KDV D PXFK PRUH ZLGHVSUHDG GLVWULEXWLRQ HYHU WKH HDVWHUQ SDUW RI WKH 8QLWHG 6WDWHVr

PAGE 155

(O )XUWKHU FROOHFWLQJ LQ WKH LQWHUYHQLQJ WHUULWRU\ ZLOO XQGRXEWHGO\ n I ‘ ILOO LQ WKH JDSV ,Q RXU NQRZOHGJH UHJDUGLQJ LWV GLVWULEXWLRQr 'HVFULSWLRQr 5RVV r 5HPDU NJr LOM EHOLHYH WKR ODUYD RI HLWKHU 7ULDRQRGRH VSr $ RU HSm % LV DFWXDOO\ WKH XQGHVRULEHG ODUYD RI Ir SHUUVDr f IULVHQRGHJ SHUQD DSSHDUV WR EH UDUH LQ $ODFKXD &RXQW\ IRU RQO\ WZR VSHFLPHQV ZHUH FROOHFWHGr r f f n‘ L O 3UHYLRXV )ORULGD 5HFRUGVr 5RQHrn 6SHFLPHQV ([DPLQHGr 7ZR PDOHV 3RH 6SULQJV DW OLJKW 0 : : $2 7UVHQRGHV VSr $ DQG VSr % n f r 7KHVH ODUYDH ^ILJV HQG f DUF XQGRXEWHGO\ WKH XQ GHVFULEHG ODUYDH RI Ir SHUQV DQG 7r IORULGDr IRU KDYH UHFRUGV RI a a RQO\ WZR VSHRLHV RI WKLV JHQXV RFFXUULQJ LQ )ORULGD ERWK VSHFLHV KDYH XQGHVRULEHG ODUYDH HQG FROOHFWHG WKHVH WZR XQGRVRULHRG HSHFLHD RI ODUYDH )XUWKHU FROOHFWLQJ DQG UHDULQJ H[SHULPHQWV DUH QHFHVVDU\ WR VKRZ WKH WUXH DIILQLWLHV RI WKRVH ODUYDHr 3XSDO GLVn VHFWLRQ FDQQRW EH XVHG WR DVVRFLDWH WKH VWDJHV RI 7ULDHQRGHV IRU WKH ODUYDO VFOHULWHV RI WKLV JHQXV DORQJ ZLWK WKR RWKHU JHQHUD RI /HSWRFHULGDH DUH HMHFWHG IURP WKH SXSDO FDVH

PAGE 156

JVYS L[P f\ }GV mXLHV%MRMMVf§ rIO0

PAGE 157

6RHHPFQV %[DQtQHGW VSr $f§f§2QH ODUYD 6ZLP 3RQGr 0DULRQ &Rr &" ODUYDp VWUHDP ]N PLOFR RI *DLQHVYLOOH / % 6O4PW ODUYDr +RJWRZQ *UHHN 0 ,7 +I ZV2r VS rQH ODUYDr 6DQWD )H 5LYHUr f 7} VJVVLr 6(W23( 5DPEXU 6HWRGHV IORULGDQD %DQNV 7KLV VSHFLHV ZDV GHVFULEHG E\ %DQNV Ef RQ WKH EDVLV RI RQH VSHFLPHQ FROOHFWHG QHDU %LVFD\QR %D\r ,W KDV QRW WR P\ NQRZr OHGJHERRQ FROOHFWHG VLQFH %5$&+<&(+75,'$% ,+&5IW6(DP .F/DRIDOQQ +ORUDHRDD VS $ 0DQ\ OFUQVRP ODUYDH ZHUH FROOHFWHG DW WKH URRN GDP QHDU 3RH 6SULQJV" KRZHYHU DV WKHVH ODUYDH GR QRW ILW WKH GHVFULSWLRQ RI DQ\ NQRZQ IRUPV DP GHVLJQDWLQJ %\ VSHFLPHQV DV 0O RU DVRPD RS $ ILJH DQG f

PAGE 158

f 3,*r f§rf§PRUDUDQr rS +(0f 2)0(WI$r n F f f 3,*r f§%UDRK\RHQWUXD VSr $ +%$' 2)f/$59$

PAGE 159

3,* mfm‘r} /DUYDO FDVH f%UDRK\ HQWUD} VS $

PAGE 160

LVH 7KH DGXOWD PD\ KH QHJDWLYHO\ SKRWRWURSLF IRU DmH FDQH WR OLJKW $ VLQJOH IHPDOH VSHFLPHQ ZKLRK FRXOG QRW KH VSHFLILFDOO\ ,GHQWLILHG ZDV WDNHQ E\ VZHHSLQJ ‘ 7KH ODUYD EXLOGV D KLJKO\ FKDUDFWHULVWLF F\OLQGULFDO FDVH ZKLFK LV RQO\ IRXQG LQ WKH VZLIWHVW RI FXUUHQWV WULHG WR UHDU WKLV VSHFLHV LQ WKH ODERUDWRU\ EXW IDLOHG HDFK WLPH IRU LW ZDV UDWKHU GLIILFXOW WR VLPXODWH WKH QDWXUDO FRQGLWLRQV QHFHVVDU\ IRU WKH FRQWLQXHG H[LVWHQFH RI WKLV FDGGLV IO\ 6SHFLPHQV ([DPLQHGr 7KLUWHHQ ODUYDH 3RV 6SULQJVr $r 0r ,m ]LVIDKL ODUYDH 3RH 6SULQJH O"M ODUYD 3RH 6SULQJV VW6M SXSD 3RH 6SULQJV 0 : +r 62M IHPDOH 3RH 6SULQJV VZHHSLQJ 0 9} ,, V6M ODUYDH 6DQWD )H 5LYHU / OO6 ODUYDH DQG SXSDH 3RH 6SULQJV 0 : ,, ODUYDH 3RH 6SULQJV OL 9 "L 6 ODUYDH 3RH 6SULQJV / % /2ODUYDH UDYLQH VWUHDP *ROGHQ +HDG 6WDWH 3DUN &OD\ &Rr 0 9L Q Vc/6r %3$&+<&J%75,66 &XUWLV 6UDFK\FHQWUHV VS $ $ 9 ‘ ‘ n 7KLV XQGHVFULEHG ODUYD ZDV FROOHFWHG LQ QRUWKZHVW )ORULGD E\ 'U /HZLV %HUQHU} KRZHYHU QR DGXOW RI WKLV JHQXV KDV DV \HW EHHQ FROOHFWHG LQ WKH VWDWHr )XUWKHU FROOHFWLQJ LQ WKH QRUWKZHVWHUQ SRUWLRQ RI WKH VWDWH VKRXOG VROYH WKH SUREOHP RI WKH UHODWLRQVKLSV

PAGE 161

RI WKH ODUYDr 6SHRUDSDV ([DPLQDGr IQR ODUYDHr r UDOORH :r RI WKH :DOWRQ &Rr OLQHr 2NDORRVD &Rrr r %r_ A 6P&*67&+IW6,'--% VHULRRV\FDP %HUWKRLD 6DUL FRVWRUP FUDVVLFRUDOV KDnV FRW ERRQ FROOHFWHG LQ $ODFKXD &RXQW\r EXW LW GRHV RFFXU LQ WKD QRUWKZHVWHUQ SDUW RI WKH VWDWHr IRU RQH DSHRLUDHQ ZDV FROOHFWHG LQ IRUUH\D 6WDWH 3DUL E\ 'Ur OHZLV %HUQHUr WKH ODUYD RI WKLV VSHFLHV LV XQOPRUDLr 3UHYLRXD )ORULGD 5HFRUGVW +RQHr 6SHFLPHQV ([DPLQHGr 2QH PDOHr ORUUD\D 6WDWH 3DUOHr /r %rr R$Rr +(/,&236I&(,'$6 +(/,&236<&+( +DJHQ

PAGE 162

DVV +HOORRSV\FKH fERUHDOLV +DJHQf 1RWLGREOD ERUHDOLV +DJHQ} +HOO FRSV\RKH FD
PAGE 163

n 5HPDUOHVW 7KH FXULRXV VQDLOOLNH FUVR RI + r ERUHDOLV ILJr f LV D XQLTXH IHDWXUH RI FRROr IDVWIORZLQJ FDOFDUHRXV ZDWHUV VXFK DV LV IRXQG DW WKH URFN GDP QHDU 3RH 6SULQJV %HWK ODUFDk DQG DGXOWV ILJVr 6, HQG f DUH H[WUHPHO\ FRPPRQ DW WKLV ORFDOLW\ DQG nFDQ EH FROOHFWHG E\ WKRXVDQGVr 7KH ODUYDk RUH HQFUXVWHG P WKH PDWV RI 9HJHWDWLRQ ZKLFK FOLQJ WR VXEPHUJHG URRNVr IRUKLHV f UHDUHG DQG GHVFULEHG DOO VWDJHV YHU\ FRP SOHWHO\r ZDV DOVR DEOH WR URDU WKLV VSHFLHV 7KH DGXOWV DUH DWWUDFWHG WR OLJKWr DQG OLWHUDOO\ WKRXVDQGV RI VSHFLPHQV ZHUH FROOHFWHG E\ OLJKWLQJ QHDU WKH URFH GDP IRU D IHZ KRXUV 7KH VSHFLHV LV VR DEXQGDQW DW WKLV ORFDOLW\ WKDW D FROOHFWRUr ZRUNLQJ DW D OLJKW FDQ FRQWLQXRXVO\ EUXVK WKR LQVHFWV ,QWR DQ RSHQ MDU RI DOFRKRO (PHUJHQFH WDNHV SODFR WKURXJKRXW WKH \HDU DV LV LQGLFDWHG E\ WKH FROOHFWLQJ UHFRUGVr 3UHYLRXD )ORULGD 5HFRUGVr 5RVV f OLVWV WKLV VSHFLHV DV RFn FXUULQJ LQ IORULGD KXW GRHV QRW VSHFLI\ WKH ORFDOLW\r 6SHFLPHQV ([DQLQRGW IZRWKRXVHQG PLHV mDLG IHPDOHVr 3RH 6SULQJVr DW OLJKW ,, : "OJ6 6 ODUYDHr 3RR 6SULQJV 6 5f VOM PDOHV IHQROHV} 3RH 6SULQJV VZHHSLQJ +r :r +r VPVR" ODUYDH 3RH 6SULQJV 9 ,,r J2 ODUYD 6DQWD )R (OYHU ,} % $ PDOHr 3RH 6SULQJVr VZHHSLQJ 0r :r ,7 FVO62I IHPDOH +RJWRZQ &UHHN DW OLJKW 0r gr +} OVL ODUYDH VWUHDP r

PAGE 164

PLOH 6 RI *XOI +DPPRFN /HW\ &R +r :r % VRV2 SXSD 3RH 6SULQJV 0r : +r *]L62I PDOHV DQG IHPDOHV 3RH 6SULQJV DW OLJKW 0 : ,,} V2L PDOHV HQG IHPDOHV 3RH 6SULQJV DW OLJKW 0r 9L IHPDOH :RUWKLQJWRQ 6SULQJV DW OLJKW 0 : r r

PAGE 165

W6762&76' 3(23/(n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f VWDWHV %5HH[DPLQDWLRQ RI D ODUJH VHULHV RI VRGD f§f§f§ LQGLFDWHVf D ZLGH HDVWHUQ HQG QRUWKHDVWHUQ UDJJH IRU VRGD DQG D VPDOO UDQJH IRU QHULHXD ZKLFK LV SHULSKHUDO RQ WKH VRXWKHUQ DQG ZHVWHUQ SRUWLRQV RI WKH UDQJH RI VRGDf $ FULWLFDO H[DPLQDWLRQ RI ERWK ODUYDH DQG DGXOWV LV GHILQLWHO\ LQ RUGHU

PAGE 166

3RO\WWHQWURQWWV VS $ ZKLFK KDV D ODUUD JUHDWO\UHVHPEOLQJ WKH ODUYD RI 3 UHDS WHVW LWV XQDVVRFLDWHG D[HO PD\ SRVVLEO\ KH WKH XQ GHVFULEHG ODUYDRI 3 FPVVLFRUQLV $GXOWV RI 3 UHQRWXV KDYH QHYHU EHHQ WDNHQ LQ )ORULGD EXW UD\ QHYHUWKHOHVV RFFXU LQ WKH VWDWH IOKH ODUYD RI 3V\HKRVJULLG 3HQQV $ ,V XQDVVRFLDWHG ZLWK DQ DGXOW IRUD IKH ODUYDH RI WKH HQWLUH JHQXV &HUQRWLQD DQG WKH ODUYD RI 8\FWLR[KYOVQ YHVWWXJ DUH XQNQRZQ DQG UD\ DFWXDOO\ EH WKH DGXOW IRUP RI WKH XQDVVRFLDWHG ODUYD RI )V\HKRP\LOG 3HQQV $} K IObH ODUYDH RI WKH IROORZLQJ VSHFLHV DUH VWLOO XQNQRZQ %HIRUH RXU NQRZOHGJH RI WKH FDGGLV IO\ IDXQD RI )ORULGD &DQ EH SXW RQ D ILUP EDVLV LW LV LPSRUWDQW WKDW WKH\ EH GLVFRYHUHG DQG GHVFULEHG .\tURSQ\FKH VS $ 2[\HWKLUD IORULGD JODVV -IL%6%} O66Ltr =ee0} ZDLWHU 2UWKRWULFKOD LQVWDEOOLV 7O\XURXWLOD ZHNQOOD 3HQW ULFK D PHD} KHSWRFHOOD HQ8DDD WUYDUD $WKMLMMSFMHV IORULGDQXV JM/RJJDDt 2HFHWLU GD\WRQX RVWHQL JHRUJLD UDP JULDHQR$HV SHUQD IORULGD DQG 6H0FRVWRPD FUDVVOFRUDOV JKH IROORZLQJ DUH XQGHVFULEHG ODUYDH` KRZHYHU QR DGXOWV ZKLFK FRXOG EH DVVRFLDWHG ZLWK WKHP KDYH EHHQ FROOHFWHG LQ )ORULGD +YGURXVYFKH VS $ 3\FQRQV\FKH VS $ 0LHUDVHPD VS $ DQG %UD&K\} JDDWHDL }r!fn D KHQWRFHOOD VS $ LV DQ XDGWVFULEHG ODUYD DQG LW LV H[WUHPHO\ SUREDEOH WKDW WKLV LV WKH XQGHVFULEHG ODUYD RI HLWKHU / VQOORDD

PAGE 167

mWN RU ,f WDYDUD EHFDXVH WKHVH DUH WKH RQO\ VSHFLHV RI WKLV JHQXV ZKLFK RFFXU LQ )ORULGD nDQG ZKLFK KDYH XQGHVFULKHG ODUYDH 7YP VSHFLHV RI WKH HPXV $WKULQVRGHV IORULIODQXV DQD $ VORVVRQDH RFFXU LQ )ORULGDr DQG ERWK KDYH XQGHVFULKHG ODUYDHr KDYH H[DPLQHG WZR XQGHVFULKHG VSHFLHV RI ODUYDH $WKULQVRGHV VW! $ HQG $WKULW\ VRGHV VS 6 ZKLHKDOVR RFFXU LQ )ORULGD 7KH SUREOHP LV ZKLFK ODUYD EHORQJV WR ZKLFK VSHFLHV KDYH WZR XQGHVFULKHG ODUYDH 4HFHWLV VS DQG 4HFHWLV VS ZKLFK KDYH QRW EHHQ DVVRFLDWHG ZLWK WKHLU DGXOW VWDJHV 7KHUH DUH IRXU VSHFLHV RI WKLV JHQXV ZKLFK RFFXU LQ )ORULGD DQG nZKLFK KDYH XQGHVFULKHG ODUYDH 7KHUH DUH WZR XQGHVFULKHG ODUYDH RI WKH JHQXV 7ULDHQRtm 7ULDH QRGHV VS $ DQG 7ULDHQRGHV VS ZKLFK RFFXU LQ )ORULGD DQG WKHUH DUH WZR VSHFLHV RI WKLV JHQXVr 7 QHPD DQG 7 IORULGD ZKLFK RFFXU LQ )ORULGD DQG KDYH XQGHVFULKHG ODUYDH :KDW DUH WKH SK\VLRORJLFDO RU JHQHWLF GLIIHUHQFHV EHWZHHQ WKH VSRWWHG DQG XQVSRWWHG IRUPV RI 4HFHWLV DYDUD" 7KH 4HFHWLV LQFRQVXLFWWDa}2RFFWLV VS $ FRPSOH[ LV DQ LQWULJXLQJ SUREOHP ,Q EULHI WZR VSHFLHVr XRUWHUL HQG QUDWHOLD PD\ EH V\D RQRPLVHG WR LQFRQVXOFXD DQG WKH VSHFLHV ZKLFK QRZ EHDUV WKH DV} QLQFRQVW"OFXDQ PD\ EH V\QRQRPL]HG WR WKH QH[W QDPH KDYLQJ SUHFHGHQFH IODYHRODWIH 6HH WKH DQQRWDWHG OLVW IRU D VDFUH H[WHQGHG GLVFXVVLRQ RI WKLV SUREOHP

PAGE 168

!} 6W-.+$.7 3;: &27&0-6,216 &DGGLV IOLHV ERWK DGXOWV DQG ODUYDV ZHUH FROOHFWHG WKURXJKRXW $ODFKXD &RXQW\ DQG ZHUH ,GHQWLILHG 6SHFLPHQV FROOHFWHG E\ 'UV %HUQHU
PAGE 169

/6 .RQ\ KLJKO\ LQWHUHVWLQJ WD[RQRPLF SUREOHPV ZHUH EURXJKW WR OLJKW r $ NH\ ZLWK LOOXVWUDWLRQV ZDV FRPSLOHG IRU WKH LGHQWLILFDWLRQ RI DOO WKH FDGGLV IO\ ODUYDH DQG DGXOWV NQRZQ WR RFFXU LQ )ORULGD r 2Q WKH EDVLV RI LQIRUPDWLRQ JDWKHUHG GXULQJ WKH FRXUVH RI WKLV LQYHVWLJDWLRQ )ORULGD FDQ EH GLYLGHG LQWR :R VRRJHRJUDSKLF mUHDV KDYLQJ IDLUO\ GLVWLQFW FDGGLV IO\ IDXQDVW Of QRUWKZHVWHUQ )ORULGD ZKLFK FRQWDLQV FDGGLV IOLHV KDYLQJ QRUWKHUQ DIILQLWLHV VDG f SHQLQVXODU )ORULGD ZKLFK FRQWDLQV WZHOYH HQGHPLF VSHFLHV ZKRVH RWKHU FDGGLV IOLHV KDYH VRXWKHDVWHUQ DIILQLWLHVr (YLGHQFH LV SUHVHQWHG ZKLFK ZRXOG LQGLFDWH WKDW FDGGLV IOLHV DUH KDUGO\ DV LPSRUWDQW LQ WKH DTXDWLF IRRG FKDLQ LQ )ORULGD ^H[FHSW LQ VFDWWHUHG ORFDOLWLHVf DV WKH\ DUH LQ WKH n1RUWK 7KH IXQGDPHQWDO LPSRUWDQFH RIFDGGLV IOLHV LQ )ORULGD KDV WR D ODUJH H[WHQW EHHQ RYHUORRNHG 7KH\ DSSHDU WRn EH KLJKO\ VHQVLWLYH LQGLFDWRUV RI VWUHDP SROOXWLRQ DQG FDQ EH XVHG WR VKRZ FRVFDUDWLYH GHJUHVV RI SROOXWLRQ

PAGE 170

mr OUD"&7-p %DQND ODWKV} ‘ } +HZ QHXURSWHURLG LQVHFWV $P6DWr 6RF n3UDQJ +HZ IRUWK $PHULFDQ QHXRSWHUROG LQVHFWV $UW 6LW 6RF 7UDQV }O 'HVFULSWLRQV RI QHZ QRUWK $PHULFDQ QHXURSWHURLG LQ ‘ VHFWV $Q 6LW 6RF 7UDQV } E 6RPH QHZ QHXURSWHURLG LQVHFWV 7 6LW 6RF -RXU  Ktm $ OLVW RI QHXURSWHURLG LQVHFWV H[FOXVLYH RI 2GRQDWD IURP WKH YLFLQLW\ RI :DVKLQJWRQ % & :DVK %XW 6RF 3URF f D 'HVFULSWLRQV RI QHZ VSHFLHV RI +HDUFWOF QHXURSWHURLG LQVHFWV IURP WKH 6ODFN 0RXQWDLQV ,7 & $P 0DV IDW +LVW %XO 8 E 'HVFULSWLRQV RI QHZ +HDUFWOF QHXURSWHURLG ,QVHFWV $P %LWr RF 7UDQV SLV Dr 'HVFULSWLRQV RI QHZ 7ULFKRSWHUD :DVK %LW 6RF %URV f},, SLV

PAGE 171

m-" %DQNV LIHWKDQFRQWLQXHGf f +HXURSWHURLG LQVHFWV QRWHV DQG GHVFULSWLRQV $FW OLQW 6RF "UDQV SLV O" *?R QHW FDGGLHH IOLHV (DW OHZV r r 'HVFULSWLRQV RI QHZ VSHFLHV RI ,7RUIFK $QHULFDQ QHXURSr WHURLG LQVHFWV $D (DW 6RH 6LUHQVr frr} SLV $PHULFDQ 7ULFKRSWHUD QRWHV DQG GHVFULSWLRQV &DQ (QW r SLV } +HZ QDWLYH QHXURSWHURLG LQVHFWV 3V\FKH fr} ILJV QRWHV HQG GHVFULSWLRQV RI OHDUFWLF IULFKRSWHUD +DUY 8QLY +XV &RLDS RRO 'DO r SLV %HUQHU /HZLV IKH DD\IOLHV RI )ORULGD RI )ORULGD 3UHVV fL [ ILJV QDSV SODWHV %HWWHQ &RUQHOLXV ,GOH FDGGLV IOLHV RI IULFKRSWHUD RI +HZ
PAGE 172

r %DWWHQ &RUQHOLXV DQG n0DUWLQ 0RVHO\ 7KH ,UDQFLV :DONHU W\SHV RI 7ULFKRSWHUD LQ WKH %ULWLVK 0XVHXP SS ILJV /RQGRQ &DUSHQWHU 9 WW 7ULFKRSWHUD IURP WKH PRXQWDLQV RI OORUWK&DUROLQD DQG 7HQQHVVHH 3V\FKH ILJV ,rr"r 'HQQLQJ 'RQDOG r 7KH ELRORJ\ RI VRQp 0LQQHVRWD 7ULFKRSWHUD $P 6DW 6RF 7UDQV ILJV 7KH .\GURSV\FKLtDH RI 0LQQHVRWD 7ULFKRSWHUDf (QW $P r ILJV +\GURSWOLtDH IURP VRXWKHUQ 8QLWHG 6WDWHV &DQ (QW ILJV D +HZ VSHFLHV RI 7ULFKRSWHUD 6RW 6RF $P $QQr OL ILJV 'HVFULSWLRQV RI HLJKW QHZ VSHFLHV RI 7ULFKRSWHUD %URRNO\Q (QW 6RF %ROO fr ILJV (ONLQV :LQVWRQ $r 7KH LPPDWXUH VWDJHV RI VRPD 0LQQHVRWD 7ULFKRSWHUD (QW 6RF $P $QQ SLV

PAGE 173

DH )ULVRQ 7KHRGRUH + 7KH VWRQHIOLHVRU 3OHFRSWHUD RI ,OOLQRLV ,OO 0DW +LVW 6XUY +DO ILJV +DJHQ +HUPDQ $ ,, 6\QRSVLV RI WKH +HQURSWHUD RI +RUWK $PHULFD ZLWK D OLVW RI WKH 6RXWK $PHULFDQ VSHFLHVr 6PLWKVQ} ,QVW 0LVH &ROOHFW SS 7ULFKRSWHUD SS r /OR\G -RKQ 7LORPDV K :RRGERULQJ 7ULFKRSWHUD 3V\FKH SL ILJV 7KH ELRORJ\ RI +RUWK $PHULFDQ FDGGLV IO\ ODUYDH /OR\G /LEUDU\ RI %RWDQ\ 3KDUPDF\ DQG 0DWHULD 0HGLFD %XO ILJR r 0LFNHO &ODUHQFH DQG +HUEHUW 6 0LOOLURQ r %HDULQJ WKH FDGGLV IO\ 7GUPFQKOOXV LQGLYLVDV :DONHU DQG LWV K\PHQRSWHURXV SDUDVLWH +HDOWHOHV ELDQQDOUWQD *UDY 6QW 6RF $P $QQ fr 0LOQH /RUDV -r r 6WXGLHV LQ +RUWK $PHULFDQ 7ULFKRSWHUD 3W 3W r 3W ZLWK SLV &DPEULGJH 0DVV

PAGE 174

n 0LOQH 0DUJHU\ DQG /RUDV 0LODV r (YROXWLRQDU\ WUHQGV OD FDGGLV ZRUP FDVH FRQVWUXFWLRQ %DWn6RF $Q $QQ frA ILJ 5HLG &HRUJH , } )RRG RI WKH fEODFN FUDSSLH 3RPR[MV QOJURPDFXODWXV 5H6HXHUf LQ 2UDQJH /DNH )ORULGD $P )LVK 6RF n 7UDQV r ILJV n n n 5RVV} +HUEHUW+ D 'HVFULSWLRQV RI +HDUFWLF FDGGLV IOLHV 7ULFKRSWHUDf ZLWK VSHFLDO UHIHUHQFH WR WKH ,OOLQRLV VSHFLHV ,OO +DW +LVW 6XUY 6XO fc ILJV Km 'HVFULSWLRQV RI QHZ OHSWRFHULG 7ULFKRSWHUDr (DW 6RF $P $QQ OfILJVr F 5HFWRW\SHV RI +RUWK $PHULFDQ FDGGLV IOLHV LQ WKH 0XVHWDV RI &RPSDUDWLYH =RRORJ\ 3V\FKH fr SLV G 'HVFULSWLRQV RI QHZ )RUWK $PHULFDQ 7ULFKRSWHUD +DVK (QW 6RF 3URF fr SLV E 'HVFULSWLRQV DQG UHFRUGV RI )RUWK $PHULFDQ 7ULFKRSWHUD $P %DW 6RF 7UDQV fr SLV 7KH FDGGLV IOLHV RU 7ULFKRSWHUD RI ,OOLQRLV %XOO +DW +LVW 6XUY fr ILJV

PAGE 175

f"nD 'HVFULSWLRQV "Qt UHFRUGV RI 0RUWK $PHULFDQ 7UOFKRS WHUD} n:LWK V\QRSWLF QRWHV $UD 66LW 6RF *UDWLV fV AE 0RWHV DQG GHVFULSWLRQV RI OHDUFWLF .\tURSWLOOGHH 7ULFKRSWHUDf 0DVK (QW 6RF GRXU fILJV ;rr %HVr -7HDURWOH5K\QFRSKLOO£DH DQG )KLORSRWDUOGDH %LWr 6RF $Q $QQ A ILJR 6LEOH\ &KDUOHV K 7UOFKRSWHUD LQ $ SUHOLPLQDU\ ELRORJLFDO VXUYH\ RI WKH /OR\G2RUQHOO 5HVHUYDWLRQ OOR\G OLEUDU\ RI %RWDQ\ 3KDUQDF\ DQG 0DWHULD +HIWOFD %DO (QW VHULHV fL SLV 9RUKLHQ &KDUOHV 7 6WXGLHV RQ WKH 7UOFKRSWHUD RI :LVFRQVLQr 0LV $F"G GHO 7UDQV A SLV

PAGE 176

‘ &+(&. /,67 23 7+( &$'',6 3/,(6 23 )/25,'$ $1' ,1'(; } 3KLORSRWDPOGDHr ffffffffrfffffffffffffffffff"f &KOPDUUD}rrrrrrrrrr}rfrfrr}frrffmrAr}ff}}mrfrArrrrrrr &KOPDUUD IORULGD 5RDV}}mrmffffrrrm66 $ &KOPDUUD DWHUUOPD +DJHQrfff} r &KOPDUUD SHUOJXD 5RVHAfA r n 3D\RKRIIO\LOGDD fffffffffffffff 1HXUDHOOSHOD FUHSWWDHQODUOD :DOORHUf rrr‘r 3K\ORFHQWURSXD frr 3K\ORRHQWURSXD SODRLGXD %DQ5Hfrrmrmrr} f n f f A 6 ‘‘ V W 3RO\RHQWURQXD }rfr 3RL\FHQWURSXD FUDDVLRRUQOD :DONHUrfAf 3RO\RHQWURSXD DSm $rrfff .\FWLRSK\ODVf}fffm}fmffrfffmfffrrffffrrrffrffffff .\RWORSK\OD[ \HDWOWXD +DJDQfr &ZQRWLQD ffffff &DUQRWODD RDORHD 5RVDrrffrrfm}mffmfffm &HUQRWOQD WQPFRQD 5RVHmrAA}Afmrr &HUQRWOQD VSLRDWD 5RVV rfffffffffffrffrfr 3V\RKRUD\OLG 2HQWLD $r f /\S}r r /\SF GLYHUVD %DQNDf ffff62 3D\RKRP\ODrffff 3V\RKRP\LD IODYOGD +DJHQ ffff

PAGE 177

&\PROOSD} &\PHOOQV PDUJLQDOLD %DQNVf rrrrrrrA } +\GURSV\FKOGDRfmmff}rmfffffffffffmffmf!ffffmmffmffmmr 'LSORRWURQD 3OSOHRWURQD PRGHVWD %DQNVm +\GURSV\RKH +\GURSV\ RKR LQRRPRGD +DRQ fmfffmfff +\GURSV\ RKR DS $ &KRRWWWtW RSV\ RKR}ffffffffffmfffffffmffffffrf!rr}mfffmf &KRXPDWRSV\RKH KDUNV +RVV &KRXPDWRSH\RKH HPDLOV %RQNVffmffffffffm &KVXPDWRSD\FKR DSKDQWD 5RVV &KV0LDDWRSD\RKR SOQDRD %RVVr} 0DRURQHPXLD 0DRURQRPPQ &DUROLQD %DQNVfff} r ,O\GURSWOOOGDRf f}rffffff}ffrrrfmrfmr 2J\HWKOUD 2DW\RW+/UD MDQHOOD 'HQQOQS 4DJDWKOUD IORULGD 3DQQLQJ n IR\HUWKLUD JODVV 5RVVrrffffff &KW\HWKLUD ,WQDRVD ORVVr 2[\VWKOUD YRPD 5RVVr r}}}}}r 2D\JWKOUD mDOWHU 3DQQLQJrrr 2\WKRWULFKOD}}}f}r}}f}mfr}ffffmf}f}rf}r}fffr}frfrf n c 2IWKRWULFKOD DPHULFDQD %DQND}r}r}mr

PAGE 178

f nn 2UIHK2WIOHKWDn RU J W DWD 0RU WRD mA m 2UWKRWUOFKOD WDVWDELOOH 3HQQLQJ}mr +\GURSWOOD} +\G}2IWWOD EHUQRUO 5RVVmm +\GURSWLOD WWDNROOD 'HQQLQJ rrrrrr +HRWULRKOD} 6 IIHRWULRKOD UDQHD 'HQQLQJ 0D\DWUORKOD 0D\DWUORKOD D\ DPD ORHHO\ mrrr}r}m } fr )KU\JDQHLGDHr %DQNVLROD rrfArfrrrffr}mf}r}}}f}fm} r %DQNVROD FRQRDWDQDWD :DONHUfmr /OLDDHSKLOLGDSm}rrr 3\ RQ RSV\ RKH } rrrrr 3\HRRSV\RKH VSr $rr r 0RODQQOGDHr +RLDQQDr mrr +RODQQD WU\SKHQD %HWWHQrrrmrrrmr r /HSWRHHULGDHr ffffffffffffrfff /HSWRHDPV ,26 /HSWRRHUXV DVLHUORDQQV %DQN}`r r} A rr‘r /HSWRRHOOD /HSWRRHOOD RDQGLGD +HJHQfrrrrmrr /HSWRRHOOD H[TXLVLWD :DONHUf /HSWRRHOOD QDYLGD +DJHQf rrAfrrrA r /HSWRRHOOD VSOORPD (RVJr

PAGE 179

ORSWRFROOD DO0GD IILGLFH"f}m}‘m WHSIURRHOOD WDFDUD %RDVrr WWSWRRWOOIW VS $r rfr}rff}r}}}}rr r m ,WKULSDRG0r }rrrrmr}mr rrff}rmrrm rrrrrrAfmm}frrr $WKULSDRGHV IORUOGDQSD %DQNDfmr $WN\OSVHGHD DORVJRQDH %LPNDrrrrrrrOJ6 $WKULSDRGHV RDQRROODWXD %HWWHQfmr $WK\LSDRGHV WV\JLmSXQFWDWW} 9RUKOHHf mr $WK\ L SD RGD D VS $}} $WK\MSDRGHD VSr % 2HHHWLDr} ffm 2HHHWLD DSr $r 2HRHWLD OQRRQSLFWP:DONHU 2VVHWLD GD\WRQD 5RV}}mr}P}}}r 2HRDWLV RDWHQ 0LOQH}}rrr 2HRDWLV DYDUD %DQNDf r 2VHHWOV JHR\JOD 5RVH 2HHHWLD FOQHUDVFHQD +DJHQf rfffmm}mmrr 2HRDWLV SDUUD %DQNDf r 2HHHWOV VSr %rmffffffmff 2HRDWLV VS &rrrrmm}fffm 7\ODHQRGHD 7\ODHQRGDV IORULGD %RJVr rfrrr} rr}f IULWWHQRGHV SHPD 5RVV rrrrrrr}frfr}r r 7UODHQRGHD DSr $ 7ULQHQRGHV VS %} fm

PAGE 180

rr 6J_ERGkrr}}m ffff}rrfmm r rrr PLPLPL }!6 6HW RGHV IORUOGH%5 %HDNVrf }frrfmfr rrri } %UDFK\RHQWULGDHrrrr m OFUDL&L5!W}m ,G RUDUHD} HSr $rmrmrrr}r6 %UDHK\RHQWUXVr mmrr %UDHK\ FHQ WUDV VSr $mm ff r 6HULRRVWRUDDWOGDHfrrfrff r r 6HUORRHWRQLD !Q}}m frrfmfrr}rrr}f rrfrf}frfmr rmm}}f} rr 6HUORRVWRPD FUDVVORRPO% :DONHUfr r +HOOFRSV\HKLGDk 6 +HOOFRSV\FKH +HOOHRSD\FKH ERURDOOV +DJHQfr r}

PAGE 181

%,2*5$3+,&$/ +2p 0DUVKDOO +LUHKEHUJ YDV KRUQ ,Q +DZ
PAGE 182

7KLV WKHVLV ZDV SUHSDUHG XQGHU WKH GLUHFWLRQ RI WKH &KDLUPDQ RI WKH FDQGLGDWHnV 6XSHUYLVRU\ &RVQLWWHH DQG KDV EHHQ DSSURYHG E\ DOO PHPEHUV RI WKH &RPPLWWHHr ,W ZDV VXEPLWWHG WR WKH *UDGXDWH &RXQFLO DQG ZDV DSSURYHG DV SDUWLDO IXOILOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 0DVWHU RI 6FLHQFHr )HEUXDU\ 6%)%2776&%7 &200,II%+r &KDLUPDQ

PAGE 183

$0 f r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c81,9(56,7< RI )/25,'$ 7KH )RXQGDWLRQ IRU 7KH *DWRU 1DWLRQ ,QWHUQHW 'LVWULEXWLRQ &RQVHQW $JUHHPHQW ,Q UHIHUHQFH WR WKH IROORZLQJ GLVVHUWDWLRQ RU WKHVLV $87+25 1LUHQEHUJ 0DUVKDOO 7,7/( 7KH &DGGLV IOLHV RI $ODFKXD &RXQW\ ZLWK QRWHV RQ WKRVH RI )ORULGD UHFRUG QXPEHU f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f DV ZHOO DV WR WKH PDLQWHQDQFH DQG SUHVHUYDWLRQ RI D GLJLWDO DUFKLYH FRS\ 'LJLWL]DWLRQ DOORZV WKH 8QLYHUVLW\ RI )ORULGD WR JHQHUDWH LPDJH DQG WH[W EDVHG YHUVLRQV DV DSSURSULDWH DQG WR SURYLGH DQG HQKDQFH DFFHVV XVLQJ VHDUFK VRIWZDUH 7KLV JUDQW RI SHUPLVVLRQV SURKLELWV XVH RI WKH GLJLWL]HG YHUVLRQV IRU FRPPHUFLDO XVH RU SURILW % 6LJQDWXUH RI &RS\ULJKW +ROGHU 3ULQWHG RU 7YQHG 1DPH RI &RQYULHKW +ROGHU/LFHQVHH 3HUVRQDO LQIRUPDWLRQ EOXUUHG PKWPOPDLQ 3DJH RI


xml record header identifier oai:www.uflib.ufl.edu.ufdc:UF0008998200001datestamp 2009-02-24setSpec [UFDC_OAI_SET]metadata oai_dc:dc xmlns:oai_dc http:www.openarchives.orgOAI2.0oai_dc xmlns:dc http:purl.orgdcelements1.1 xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.openarchives.orgOAI2.0oai_dc.xsd dc:title The caddis flies of Alachua County, with notes on those of Floridadc:creator Nirenberg, Marshall Warrendc:publisher Marshall Nirenbergdc:date 1952dc:type Bookdc:identifier http://www.uflib.ufl.edu/ufdc/?b=UF00089982&v=00001000546271 (alephbibnum)13213009 (oclc)dc:source University of Floridadc:language English