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o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ew whose members live primarily in the Stʼatʼimc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o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o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agwediẑk’an gwaneŝ gangu ch’inidẑed ganexwilagh: The fires awakened us 0DQ RI WKH FKDOOHQJHV WKLV UHSRUW GHVFULEHV SRLQW WR KRZ SRRUO GHILQHG IHGHUDO DQG SURYLQFLDO GLYLVLRQ RI M ULVGLFWLRQ LV ZKHQ LW FRPHV WR HPHUJHQF VHUYLFHV DQG )LUVW 1DWLRQV 7KUR JKR W ZLGHVSUHDG VRFLDO HFRQRPLF VSLULW DO DQG SK VLFDO LPSDFWV H[SHULHQFHG E 7VLOKTRW LQ SHRSOH DUH GHVFULEHG LQ WKLV UHIOHFWLYH DQG SURDFWLYH GRF PHQW ,WV ILQDO FKDSWHU OLVWV FDOOV WR DFWLRQ ZKLFK R WOLQH LQIUDVWU FW UH UHT LUHPHQWV SUH GLVDVWHU DJUHHPHQWV ODQG EDVHG VWDELOL]DWLRQ PHDV UHV DQG GHGLFDWHG ILQDQFLDO UHVR UFHV WKUR JK DOO VWDJHV RI HPHUJHQF PDQDJHPHQW 9HUKDHJKH )HOWHV 6WDFH SJ Nagwediẑk’an gwaneŝ gangu ch’inidẑed ganexwilagh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o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oRLV /DNH DUH JHRJUDSKLFDOO LVRODWHG LW EHFDPH H[WUHPHO FKDOOHQJLQJ WR GHOLYHU YLWDO V SSOLHV WR WKRVH ZKR VWD HG 7KH IHUU VHUYLFH ZKLFK RSHUDWHV RQ )UDQo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adleh Whut’en and the Shovel Lake Fire, 2018 6KDUS LQ UHVSRQVH WR FRPP QLW LPSDFWV IHOW DV D UHV OW RI WKH UHOHDVHG WKH UHSRUW 7ULDO E )LUH .UHEV 7KLV UHSRUW ZDV ZULWWHQ 6KRYHO /DNH ZLOGILUH DQG V PPDUL]HV WKH HYHQWV DQG FKDOOHQJHV IURP D FRPP QLW SHUVSHFWLYH 2QH RI WKH PDMRU FKDOOHQJHV 7ULDO E )LUH LGHQWLILHG LV GHVFULEHG DV IROORZV 3DJH RI ,W V QDFFHSWDEOH WKDW M ULVGLFWLRQDO M JJOLQJ FRQWLQ HV WR OHDG WR WKH LPSRYHULVKLQJRI )LUVW 1DWLRQV 7KH ZLOGILUHV LQ WKH FHQWUDO LQWHULRU RI %& FOHDUO GHPRQVWUDWHG WKHUH LV D GLIIHUHQFH LQ LQYHVWPHQW WRZDUG VHUYLFHV DQG UHFRYHU EHWZHHQ QRQ LQGLJHQR V SHRSOHV DIIHFWHG E ZLOGILUH DV ZDV VHHQ LQ DQG LQGLJHQR V SHRSOHV DIIHFWHG E ZLOGILUH LQ 6KDUS DQG .UHEV SJ 7KH ZLOGILUHV E UQW RYHU RI 1DGOHK :K W HQ WUDGLWLRQDO WHUULWRU 6KDUS .UHEV 7ULDO E )LUH GHWDLOV KRZ FKDOOHQJLQJ LW KDV EHHQ WR VHF UH UHFRYHU I QGLQJ DQG DOVR H[SODLQV KRZ HYDF DWLRQV S W ILQDQFLDO VWUDLQ RQ LQGLYLG DOV ZKR DOVR IDFHG LQVWDQFHV RI WDUJHWHG UDFLVP G ULQJ WKH WLPH WKH ZHUH HYDF DWHG LQ 3ULQFH HRUJH 7ULDO E )LUH GHVFULEHV WKH SURFHVV IRU SURYLGLQJ SURYLQFLDO HPHUJHQF PDQDJHPHQW LQIRUPDWLRQ WR )LUVW 1DWLRQV DV LQFRQVLVWHQW DQG QFOHDU :KLOH VHFWLRQ PHULFD FW RI RI WKH %ULWLVK 1RUWK ODLG R W )HGHUDO M ULVGLFWLRQ RYHU ,QGLDQV DQG ODQGV UHVHUYHG IRU ,QGLDQV %ULWLVK 1RUWK PHULFD FW V FKDQJHV WR WKLV FW LQ ZKLFK FDPH LQ WKH IRUP RI D VHULHV RI 1DW UDO 5HVR UFH 7UDQVIHU JUHHPHQWV EUR JKW ODQGV DQG QDW UDO UHVR UFHV IRU WKH IR U ZHVWHUQ SURYLQFHV QGHU 3URYLQFLDO M ULVGLFWLRQ +DOO &RQVWLW WLRQ FW V ,Q WKLV WHQVLRQ EHWZHHQ P OWLSOH OHYHOV RI M ULVGLFWLRQDO FRQWURO RYHU ODQGV DQG HPHUJHQF VHUYLFHV H[SRVHG KRZ )LUVW 1DWLRQV FRQWLQ H WR EH D KRW SRWDWR WRVVHG EHWZHHQ SURYLQFLDO DQG IHGHUDO DJHQFLHV 6KDUS .UHEV SJ ,Q WKH )UDVHU /DNH ZLOGILUH FRPSOH[ RI ZKLFK WKH 6KRYHO /DNH ZLOGILUH ZDV D SDUW 7ULDO E )LUH GHVFULEHV KRZ FRPP QLFDWLRQV ZLWK )LUVW 1DWLRQV ZHUH SDVVHG RII WR WKH 5HJLRQDO 'LVWULFW HDUO RQ E WKH ,QFLGHQW &RPPDQGHU DQG WKDW PHHWLQJV ZHUH KDSKD]DUGO FRPP QLFDWHG GGLWLRQDOO DVV PSWLRQV PDGH ZKHQ VFKHG OLQJ WKHVH PHHWLQJV ZHUH SUREOHPDWLF IRU 1DGOHK JLYHQ WKDW %&:6 %ULWLVK &RO PELD :LOGILUH 6HUYLFH DVV PHV WKDW DOO )LUVW 1DWLRQV LQ WKH DUHD ZLOO PHHW LQ DQRWKHU )LUVW 1DWLRQV FRPP QLW 6KDUS .UHEV SJ 7ULDO E )LUH OD V R W FRPP QLW GULYHQ UHFRPPHQGDWLRQV IRU LQFUHDVLQJ FRPP QLW VDIHW DQG UHVLOLHQFH SRVW ILUH 7KHVH GHPRQVWUDWH WKH LQFUHDVLQJ QHHG IRU DOO OHYHOV RI JRYHUQPHQWV WR ZRUN FROODERUDWLYHO WRZDUG VRO WLRQV 3DJH RI 2Q D SROLF IURQW )HEU DU WKH 7VLOT RW LQ 1DWLRQDO RYHUQPHQW WKH RYHUQPHQW RI &DQDGD DQG WKH 3URYLQFH RI %ULWLVK &RO PELD VLJQHG D &ROODERUDWLYH (PHUJHQF 0DQDJHPHQW JUHHPHQW 7VLOKTRW LQ 1DWLRQ &DQDGD %ULWLVK &RO PELD :KLOH SROLF VRO WLRQV DUH QRW ZLWKLQ WKH VFRSH RI WKLV UHVHDUFK H[LVWLQJ DJUHHPHQWV DUH VHI O WRROV WR KHOS QGHUVWDQG WKH VKLIWLQJ QDW UH RI IHGHUDO SURYLQFLDO DQG ,QGLJHQR V JRYHUQPHQW UHODWLRQVKLSV 7KH &ROODERUDWLYH (PHUJHQF 0DQDJHPHQW JUHHPHQW LV WKH ILUVW RI LWV NLQG LQ &DQDGD DQG LOO VWUDWHV D IUDPHZRUN IRU ZRUNLQJ FROODERUDWLYHO RQ HPHUJHQF PDQDJHPHQW EHWZHHQ HYHU OHYHO RI JRYHUQPHQW LQ D FURVV M ULVGLFWLRQDO ZD 8QLT H SROLF VRO WLRQV DUH GLUHFWO LQIRUPHG E SUHVV UH UHV OWLQJ IURP WKH HYHQWV DQG H[SHULHQFHV LQ 7VLOTRW LQ 7KLV WDQJLEOH SROLWLFDO R WFRPH LV VHI O WR UHLPDJLQH ZKDW NLQGV RI RSSRUW QLWLHV H[LVW DW WKH SROLWLFDO OHYHO WR DGGUHVV )LUVW 1DWLRQV FRPP QLW FRQFHUQV 6 PPDU )LQDOO ORRNLQJ EDFN RQ WKH DQG VHDVRQV DQG IRUZDUG WR WKH HYHU LQFUHDVLQJ HIIHFWV RI FOLPDWH FKDQJH ZLOGILUH UHODWHG UHVHDUFK LV F UUHQW :KLOH K PDQ FD VHG VW FHQW U WKUHDWV LQWHUVHFW ZLWK WKRVH SRVHG E 0RWKHU 1DW UH LW LV LQFUHDVLQJO FOHDU WKDW QR VLQJOH VRO WLRQ FDQ RU ZLOO DGGUHVV WKH Y OQHUDELOLW IDFHG E FRPP QLWLHV ODUJH DQG VPDOO DFURVV WKH SURYLQFH EERW &KDSPDQ SJ V WKH IUHT HQF DQG VHYHULW RI ZLOGILUHV LQFUHDVHV VR GRHV WKH UJHQF RI ILQGLQJ VRO WLRQV 7KLV FKDSWHU SUHVHQWV VFKRODUVKLS VLQJ JRYHUQPHQWDOLW WKHRU 7KUR JK WKLV OHQV WLPHV RI FULVLV KDYH SURYRNHG DQG IDFLOLWDWHG WKH FHQWUDOLVDWLRQ RI GRPHVWLF SROLWLFDO SRZHU LQ WKH KDQGV RI VWDWH DSSDUDW V SJ DFWLYLWLHV 5RVH DQG 0LOOHU )RU FRPP QLWLHV ZKR H[SHULHQFH ZLOGILUHV DQG WKHLU UHODWHG V SSUHVVLRQ K RZ D ZLOGILUH LV S W R W PDWWHUV WR ORFDO UHVLGHQWV WKDW WKH ZLOGILUH LV S W R W PDWWHUV PRVW WR WKH IHGHUDO DJHQF &DUROO HW DO SJ ' ULQJ ZLOGILUH UHVSRQVH RSHUDWLRQV JRYHUQPHQWV ILUVW UHVSRQGHUV DQG FRPP QLWLHV DUH 3DJH RI EUR JKW LQWR GHHSHU UHODWLRQVKLSV ZLWK WKH ODQG ZKLOH FROOHFWLYHO IRUFHG LQWR GHHSHU UHODWLRQVKLSV ZLWK RQH DQRWKHU V , VHHN WR QGHUVWDQG WKH VSHFLILF H[SHULHQFHV RI WKH ZLOGILUH VHDVRQ LQ WKH 6R WKVLGH , QRWH WKDW UHODWLRQVKLS LW UHSUHVHQWV :LOVRQ SJ HYHU WKLQJ QHHGV WR EH VHHQ LQ WKH FRQWH[W RI WKH 8VLQJ D UHODWLRQDOLW OHQV WR LQWHUSUHW OLWHUDW UH SURYLGHV D IUDPHZRUN WR QGHUVWDQG WKH YDULR V FRPSRQHQWV RI WKLV UHVHDUFK WRSLF DQG WKHLU FRQWULE WLQJ IDFWRUV , EHOLHYH WKDW FRPP QLW VDIHW LV D FRQFHSW WKDW QLWHV SHRSOH DQG WKDW ZLOGILUH UHVLOLHQF LV D F UUHQW DQG HYROYLQJ LVV H LQ %ULWLVK &RO PELD ,Q RUGHU WR QGHUVWDQG SODFH EDVHG DQG H[SHULHQWLDO NQRZOHGJH UHODWLQJ WR WKH HYHQWV IURP WKH ZLOGILUH VHDVRQ LQ WKH 6R WKVLGH , GUDZ RQ WKH VWRULHV DQG UHIOHFWLRQ RI WKH SHRSOH ZKR OLYHG WKUR JK LW ,Q WKLV QH[W FKDSWHU , ZLOO GHWDLO P PHWKRGRORJ IRU JDWKHULQJ DQG LQWHUSUHWLQJ WKLV LQIRUPDWLRQ 3DJH RI DSWHU 0HW RGRORJ ,QWURG FWLRQ , EHOLHYH LQ WKH SRZHU RI VWRULHV , EHOLHYH LQ WKH ZLVGRP RI OLYHG H[SHULHQFH , EHOLHYH WKDW LQGLYLG DO DQG FROOHFWLYH KHDOLQJ UHT LUHV GHHS OLVWHQLQJ 7KHVH YDO HV VKDSH P DSSURDFK WR UHVHDUFK DQG WKH PHWKRGV RI P LQT LU 6SHFLILFDOO , VH D T DOLWDWLYH FDVH VW G PHWKRGRORJ WR DGGUHVV WKH UHVHDUFK T HVWLRQV WKLV VW G SRVHV %HFD VH T DOLWDWLYH FDVH VW G UHVHDUFK VHHNV DQ LQ GHSWK QGHUVWDQGLQJ RI D VSHFLILF HYHQW &UHVZHOO WKLV PHWKRG RI LQT LU ILWV ZLWK P YDO HV DQG P VSHFLILF UHVHDUFK JRDOV 3URIHVVRU D WKRU DQG T DOLWDWLYH UHVHDUFK H[SHUW -RKQ &UHVZHOO ZULWHV W KH GHFLVLRQ WR IRF V RQ T DOLWDWLYH FDVH VW GLHV VWHPV IURP WKH IDFW WKDW WKLV GHVLJQ LV FKRVHQ SUHFLVHO EHFD VH UHVHDUFKHUV DUH LQWHUHVWHG LQ LQVLJKW GLVFRYHU DQG LQWHUSUHWDWLRQ UDWKHU WKDQ K SRWKHVLV WHVWLQJ EHWWHU QGHUVWDQG KRZ WKH &UHVZHOO SJ 7KLV SDUWLF ODU VW G DLPV WR ZLOGILUHV LPSDFWHG ODQGV LQGLYLG DOV DQG FRPP QLWLHV DV ZHOO DV WKH UHODWLRQVKLSV EHWZHHQ WKHP V , VHHN WR QGHUVWDQG WKH LQGLYLG DO DQG FROOHFWLYH H[SHULHQFHV RI SHRSOH OLYLQJ DQG ZRUNLQJ ZLWKLQ &KHVODWWD &DUULHU 1DWLRQ V WHUULWRU G ULQJ WKH ZLOGILUH VHDVRQ LQVLJKW DQG GLVFRYHU LV SUHFLVHO WKH JRDO RI WKLV ZRUN 7KH UHVHDUFK SURFHVV LV DQ H[HUFLVH LQ NQRZOHGJH FUHDWLRQ LQKHUHQWO EULQJLQJ ZLWK LW D VSHFLILF KLVWRU DORQJ ZLWK WKH UHVHDUFKHU V DVV PSWLRQV ELDVHV DQG ZRUOGYLHZV 6PLWK DJDLQ GUDZ RQ WKH FRQFHSW RI UHODWLRQDOLW &HUHPRQ , DV H[SODLQHG E 6KDZQ :LOVRQ LQ 5HVHDUFK LV WR QGHUVWDQG WKH GHSWK RI LQWHUFRQQHFWHGQHVV EHWZHHQ NQRZOHGJH FUHDWLRQ DQG WKH SK VLFDO ODQGVFDSH LQ ,QGLJHQR V ZRUOGYLHZV :LOVRQ SRLQWV WR WKH UHVHDUFKHU V UHODWLRQV ZLWK SHRSOH UHODWLRQV ZLWK WKH HQYLURQPHQW ODQG UHODWLRQV ZLWK WKH FRVPRV DQG UHODWLRQV ZLWK LGHDV WR GHPRQVWUDWH WKH GHSWK DQG LQWHUFRQQHFWHGQHVV EHWZHHQ LGHDV YDO HV DQG DFWLRQV , FKRVH WR VH D T DOLWDWLYH FDVH VW G EHFD VH LW DOORZV IRU VWRU WHOOLQJ DQG LQVLJKW 7KLV PHWKRGRORJLFDO DSSURDFK DORQJ ZLWK WKH VSHFLILF PHWKRGV , VH GHPRQVWUDWH WKH UHVSHFW DQG 3DJH RI UHFLSURFDO REOLJDWLRQ , KDYH WR WKH FRPP QLW DQG WR WKH ODQG , EHOLHYH WKDW U DWKHU WKDQ YLHZLQJ R UVHOYHV DV EHLQJ LQ UHODWLRQVKLS ZLWK RWKHU SHRSOH RI WKLQJV ZH DUH WKH UHODWLRQVKLSV WKDW ZH KROG DQG DUH D SDUW RI :LOVRQ SJ ,QWHJUDWLQJ UHFLSURFLW DW HYHU VWHS RI WKH UHVHDUFK GHVLJQ LQWHJUDWHV UHODWLRQDOLW DQG GHPRQVWUDWHV WKH HWKLFV , VWULYH WR HPERG 7R GR WKLV , HQV UHG P SURFHVV DQG SURG FW UHIOHFWHG WKH H[SHFWDWLRQV RI &KHOVDWWD &DUULHU 1DWLRQ WKUR JKR W , UHJ ODUO FKHFNHG LQ ZLWK FRPP QLW UHSUHVHQWDWLYHV PDNLQJ V UH WKDW ZH VKDUHG WKH VDPH QGHUVWDQGLQJ RI P UROH DQG WKLV SURMHFW V JRDOV , UHPDLQHG IOH[LEOH ZLWK P SURFHVV DQG P WLPHOLQHV DOORZLQJ SDUWLFLSDQWV WKH WLPH DQG VSDFH WR FRQVLGHU WKLV ZRUN DQG WKHLU SDUWLFLSDWLRQ LQ LW , DOVR DFNQRZOHGJHG WKH YDO H RI OLYHG H[SHULHQFH WKUR JKR W E JLYLQJ WKDQNV WR WKRVH ZKR VKDUHG WKHLU VWRU DQG E WUHDWLQJ HDFK VWRU ZLWK UHVSHFW , GHPRQVWUDWHG UHFLSURFLW LQ FRQFUHWH ZD V DFNQRZOHGJLQJ DQG VKDULQJ WKH UHVHDUFK EHQHILWV EDFN ZLWK &KHVODWWD &DUULHU 1DWLRQ DQG DOO RI WKH UHVHDUFK SDUWLFLSDQWV 7KR JK FDVH VW G UHVHDUFK QDUURZV WKH VFRSH RI LQT LU DQG GHILQHV LWV ER QGDULHV GHILQLQJ WKH ER QGDULHV RI WKLV SDUWLF ODU FDVH VW G LV GHFHSWLYHO FRPSOH[ 3URIHVVRU DQG D WKRU 6KDUDQ 0HUULDP VWDWHV WKDW WKH FDVH PLJKW EH VHOHFWHG EHFD VH LW LV DQ LQVWDQFH RI VRPH FRQFHUQ LVV H RU K SRWKHVLV SJ :KLOH , KDYH GHILQHG WKH WHPSRUDO IRF V RI WKLV VW G WR WKH ZLOGILUH VHDVRQ DQG GHILQHG LW JHRJUDSKLFDOO E WKH ER QGDULHV RI &KHVODWWD &DUULHU 1DWLRQ V WUDGLWLRQDO WHUULWRU , UHFRJQL]H WKDW LQGLYLG DOV DQG FRPP QLWLHV PD RIIHU GLIIHULQJ SHUVSHFWLYHV RQ ZKHUH WKH ER QGDULHV RI WKLV FDVH VKR OG EH GUDZQ EDVHG RQ WKHLU GLYHUVH KLVWRULHV ZRUOGYLHZV DQG UHODWLRQVKLSV 7R KRQR U WKLV LQWHUYLHZV ZHUH FRQG FWHG VLQJ D VHPL VWU FW UHG IRUPDW 3DUWLFLSDQWV ZHUH IUHH WR V JJHVW DGGLWLRQDO WRSLFV DQG WR HODERUDWH RQ WKHP ,W LV WKUR JK WKH T HVWLRQV , V JJHVW WKDW , PDLQWDLQHG P RULJLQDO UHVHDUFK IRF V 3DJH RI 0DRUL VFKRODU /LQGD 7 KLZDL 6PLWK H[SODLQV WKDW GLIIHUHQW RULHQWDWLRQV WRZDUG WLPH DQG VSDFH GLIIHUHQW SRVLWLRQLQJ ZLWKLQ WLPH DQG VSDFH DQG GLIIHUHQW V VWHPV RI ODQJ DJH IRU PDNLQJ WLPH DQG VSDFH UHDO QGHUSLQ QRWLRQV RI SDVW DQG SUHVHQW RI SODFH DQG RI UHODWLRQVKLSV WR ODQG 6PLWK /LYLQJ WKUR JK D ZLOGILUH PD EULQJ S SUHYLR V PHPRULHV RU WULJJHU SJ LQGLYLG DOV DQG FRPP QLWLHV ZKR H[SHULHQFH WKHVH HYHQWV WR PDNH DVVRFLDWLRQV EHWZHHQ RWKHU SODFHV DQG VSDFHV 0 GHILQLWLRQV RI ZKDW IDOOV ZLWKLQ WKH VFRSH RI WKLV VW G PD YDU IURP WKRVH RI WKH UHVHDUFK SDUWLFLSDQWV 7KLV SRWHQWLDO GLVFUHSDQF EO UV WKH GLVFUHHW QDW UH RI D ZHOO GHILQHG FDVH , FKRVH WR GUDZ ER QGDULHV DUR QG WKLV SDUWLF ODU FDVH IRU SUDFWLFDO UHDVRQV WKR JK , QGHUVWDQG WKHP WR EH SHUPHDEOH DQG URRWHG LQ P RZQ SDUWLF ODU SRLQW RI YLHZ %HFD VH P T DOLWDWLYH UHVHDUFK GHVLJQ LQFO GHV ZRUNLQJ ZLWK D FRPP QLW , KDG WR UHPDLQ H[WUHPHO IOH[LEOH LQ P SURFHVV 1RW RQO ZDV , ZRUNLQJ WRZDUG FRPSOHWLQJ DQ 0 WKHVLV E W , ZDV E LOGLQJ D QHZ UHODWLRQVKLS EDVHG RQ WU VW DQG P W DO UHVSHFW ZLWK D FRPP QLW , DP QRW D SDUW RI 7KLV FKDSWHU GHVFULEHV P UHVHDUFK SURFHVV IURP VWDUW WR ILQLVK , GHVFULEH HDFK VWHS , WRRN IURP UHDFKLQJ R W WR &KHVODWWD WR E LOGLQJ D UHODWLRQVKLS WR LQYLWLQJ SDUWLFLSDQWV IRU LQWHUYLHZV WR FRQG FWLQJ LQWHUYLHZV DQG ILQDOO WR LQWHUSUHWLQJ WKHP 7KUR JKR W WKLV ZRUN P SURFHVV VKLIWHG PDQ WLPHV , IR QG WKDW , KDG WR EH H[WUHPHO DGDSWLYH DQG FUHDWLYH G H ODUJHO E W QRW H[FO VLYHO WR WKH ZRUOGZLGH &29,' SDQGHPLF ZKLFK HPHUJHG FRQF UUHQW WR WKLV SURMHFW 7KUR JKR W , UHOLHG KHDYLO RQ P IDPLO P SHHUV DQG P H[WHQGHG VRFLDO DQG DFDGHPLF QHWZRUN IRU ZKRVH V SSRUW , DP HWHUQDOO JUDWHI O R , PHW &KHVODWWD 7KH FKRLFH WR DSSURDFK &KHVODWWD &DUULHU 1DWLRQ ZDV RQH , PDGH HDUO RQ LQ P UHVHDUFK SURFHVV :KLOH , NQHZ WKDW , ZDQWHG WR ZRUN ZLWK DQ ,QGLJHQR V 1DWLRQ ZKRVH WHUULWRU KDG EHHQ DIIHFWHG E WKH ZLOGILUHV , DOVR ZDQWHG WR PDNH V UH WKDW , FR OG YLVLW WKH FRPP QLW ZLWK ZKRP , ZRUNHG UHDVRQDEO T LFNO E YHKLFOH 3DJH LYHQ WKDW , ZR OG EH ZRUNLQJ I OO WLPH RI WKUR JKR W WKH G UDWLRQ RI WKLV UHVHDUFK WKH ORJLVWLFV RI EHLQJ SUHVHQW LQ FRPP QLW WR V SSRUW WKH GHYHORSPHQW RI SHUVRQDO UHODWLRQVKLSV PDGH S D ODUJH SDUW RI P FKRLFH WR DSSURDFK D 1DWLRQ JHRJUDSKLFDOO FORVH WR PH , ZDV KRSLQJ WR FRQG FW DOO LQWHUYLHZV LQ SHUVRQ WK V ZDQWHG WR ZRUN LQ FORVH SUR[LPLW WR P KRPH ZKLFK ZDV WKHQ 9DQGHUKRRI %HFD VH RI WKHLU ORFDWLRQV , LGHQWLILHG D KDQGI O RI ,QGLJHQR V FRPP QLWLHV HDUO RQ G ULQJ P SODQQLQJ SKDVH , PDGH SODQV WR I UWKHU UHILQH WKLV OLVW EHIRUH UHDFKLQJ R W WR SURSRVH WKH UHVHDUFK FROODERUDWLRQ V SDUW RI WKLV LQLWLDO SODQQLQJ SURFHVV , UHYLHZHG PDSV RI WKH ZLOGILUH SHULPHWHUV QRWLFLQJ WKH ORFDWLRQ RI )LUVW 1DWLRQV FRPP QLWLHV ,PSDFWV WR WKH DUHD VR WK RI )UDQoRLV /DNH ZHUH LPPHGLDWHO HYLGHQW 7KLV JHRJUDSKLF DUHD WKH 6R WKVLGH LV KRPH WR D GLYHUVH SRS ODWLRQ RI UDQFKHUV 0HQQRQLWH FRPP QLWLHV WKUHH GLVWLQFW )LUVW 1DWLRQV DQG YDULR V U UDO UHVLGHQWV ,W LV D UHPRWH DUHD LV VHUYLFHG E D IHUU ZKLFK SURYLGHV YHKLFOH DFFHVV DFURVV )UDQo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rKLêDZ DQG 6D OWHD [ D WKRU 0DUJDUHW .RYDFK WKHUH P VW EH WU VW .RYDFK SJ VWDWHV I RU VWRU WR V UIDFH %HFD VH RI WKLV P LQLWLDO LQWHQWLRQ ZLWK WKLV UHVHDUFK SURMHFW ZDV WR VSHQG D VLJQLILFDQW DPR QW RI WLPH SK VLFDOO SUHVHQW LQ WKH FRPP QLW , ZDV KRSHI O WKDW VSHQGLQJ WLPH DQG EHFRPLQJ IDPLOLDU ZLWK FRPP QLW PHPEHUV ZR OG JLYH PH WKH FKDQFH WR GHYHORS UHODWLRQVKLSV DQG WR E LOG WU VW , DP QRW D 6R WKVLGH FRPP QLW PHPEHU V DQ R WVLGHU DQG D QHZ UHVHDUFKHU P DELOLW WR LQWURG FH P VHOI DQG WR LGHQWLI SDUWLFLSDQWV ZDV QRW VWUDLJKWIRUZDUG 1DYLJDWLQJ WKLV SURFHVV EHFDPH D VR UFH RI DQ[LHW DQG IHOW GD QWLQJ , KDG PDQ DSSUHKHQVLRQV LQFO GLQJ :KR ZLOO EH LQWHUHVWHG LQ WKLV VW G FRPP QLW DQG LV WKLV RI YDO H WR WKH %HFD VH RI WKHVH VWU JJOHV , FKRVH WR VHHN GLUHFWLRQ IURP 0LNH 5REHUWVRQ DW WKH UHVHDUFK GHVLJQ SKDVH 7KH J LGDQFH KH SURYLGHG ZDV LQVWU PHQWDO LQ E LOGLQJ P FRQILGHQFH DV D UHVHDUFKHU DQG LQ PRYLQJ WKH FRPP QLW SRUWLRQ RI P ZRUN IRUZDUG ,Q GHVLJQLQJ WKLV VW G LQ DGGLWLRQ WR HWKLFDO SURFHVVHV ODLG R W E 81%& V 5HVHDUFK 3DJH RI (WKLFV %RDUG , DOVR DGKHUHG FORVHO WR P RZQ VHW RI HWKLFDO SULQFLSOHV %ULWLVK UHVHDUFKHUV 3LSHU DQG 6LPRQV H[SODLQ WKLV LGHD DV WKH ZULWH DER W VLW DWHG HWKLFV :KLOH HWKLFDO SULQFLSOHV DUH D IUDPH RI UHIHUHQFH IRU GHFLVLRQ PDNLQJ H WKLFDO SUDFWLFH GHSHQGV RQ KRZ WKH SULQFLSOHV DUH LQWHUSUHWHG DQG HQDFWHG LQ WKH SUHFLVH VRFLR SROLWLFDO FRQWH[W RI WKH UHVHDUFK S 3LSHU 6LPRQ %HFD VH WKLV VW G ZDV D FROODERUDWLRQ ZLWK &KHVODWWD &DUULHU 1DWLRQ DQG H[DPLQHG HYHQWV ZKLFK WRRN SODFH LQ WKH 6R WKVLGH , FKRVH WR UHO RQ 0LNH 5REHUWVRQ WKUR JKR W IRU FRPP QLW EDVHG DGYLFH DQG SHUVSHFWLYH , ZDV LQWHQWLRQDO DQG GHOLEHUDWH ZLWK HDFK VWHS RI WKLV SURMHFW V GHVLJQ DQG UHFHSWLYH WR WKH IHHGEDFN WKDW 0LNH 5REHUWVRQ SURYLGHG ,I VRPHWKLQJ GLG QRW IHHO ULJKW WR PH , SD VHG IRU UHIOHFWLRQ WR DVN P VHOI ZK W WKH GHVLJQ VWDJH RQH RI P LQLWLDO UHIOHFWLRQV KDG WR GR ZLWK P FKRLFH RI WRSLF 7KH ZLOGILUH VHDVRQ RI ZDV UHFRUG EUHDNLQJ LQ %ULWLVK &RO PELD 0DQ SHRSOH ZHUH GLVSODFHG DQG &KHVODWWD &DUULHU 1DWLRQ DQG WKH 6R WKVLGH ZHUH DW WKH KHDUW RI VRPH RI WKH ODUJHVW DQG PRVW DFWLYH ZLOGILUHV LQ WKH SURYLQFH RYHUQPHQW RI %ULWLVK &RO PELD Q G G V V FK P UHVHDUFK WRSLF H[SORUHG VRPH SRWHQWLDOO WUD PDWLF PRPHQWV DQG PHPRULHV :KHQ DVNLQJ DQG ZULWLQJ DER W HYHQWV VR VLJQLILFDQW , UHPDLQHG DZDUH RI WKH SRWHQWLDO WR UH WUD PDWL]H SDUWLFLSDQWV 3ULRU WR LQWHUYLHZLQJ SDUWLFLSDQWV , FRQQHFWHG ZLWK D FRPP QLW PHQWDO KHDOWK FOLQLFLDQ ZKR ZRUNV LQ WKH 6R WKVLGH IRU WKH &DUULHU 6HNDQL )DPLO 6HUYLFHV 7KLV LQGLYLG DO RIIHUHG WR EH D FRQWDFW IRU &KHVODWWD PHPEHUV ZKR QHHGHG V SSRUW WKUR JKR W P VW G GGLWLRQDOO , FRPSLOHG D OLVW RI DFFHVVLEOH FRPP QLW PHQWDO KHDOWK VHUYLFHV ZKLFK VHUYH ERWK ,QGLJHQR V DQG QRQ ,QGLJHQR V SHRSOH WR VKDUH ZLWK SDUWLFLSDQWV SRVW LQWHUYLHZ 7KLV VWHS ZDV LPSRUWDQW IRU PH WR HQV UH WKDW DQ PHQWDO KHDOWK ULVNV SDUWLFLSDQWV PLJKW H[SHULHQFH G ULQJ WKH LQWHUYLHZ ZHUH PLQLPL]HG DQG WKDW SHRSOH IHOW VDIHU WKUR JKR W WKH G UDWLRQ RI WKH VW G 3DJH RI 5HGHVLJQ DQG LPSOHPHQWDWLRQ 2QH FDQ QHYHU SODQ IRU WKH HPHUJHQFH RI D JOREDO SDQGHPLF ZKHQ GHVLJQLQJ D UHVHDUFK SURFHVV %HFD VH WKH WLPLQJ RI P ILHOG ZRUN FRLQFLGHG ZLWK WKH HPHUJHQF RI &29,' DQG LWV UHODWHG UHVWULFWLRQV , ZDV IRUFHG WR FKDQJH P PHWKRGV LQ RUGHU WR DGKHUH WR ERWK %& 3 EOLF +HDOWK DQG 81%& J LGHOLQHV , KDG WR FDQFHO P WUDYHO SODQV DOWHU P FRPP QLW HQJDJHPHQW VWUDWHJ DQG KDOW DOO LQ SHUVRQ UHVHDUFK 7KLV ZDV GLIILF OW DQG HPRWLRQDO VLQFH WKH GHVLJQ RI WKLV SURMHFW VSHFLILFDOO LQFRUSRUDWHG H[WHQGHG WLPH LQ FRPP QLW DQG IDFH WR IDFH UHODWLRQVKLS E LOGLQJ , EHOLHYH LQ WKH SRZHU RI K PDQ FRQQHFWLRQ DQG ZLWKR W WKH DELOLW WR SHUVRQDOO JUHHW RQH DQRWKHU DQG ORRN LQWHUYLHZ SDUWLFLSDQWV LQ WKH H H WKLV SRUWLRQ RI P UHVHDUFK GHVLJQ ZDV VHYHUHO FRPSURPLVHG ' ULQJ WKH VSULQJ DQG V PPHU RI , ZDV IDFHG ZLWK VRPH GLIILF OW FKRLFHV DER W ZKHWKHU WR FRQWLQ H ZLWK WKLV ZRUN LQ D FRPSOHWHO DOWHUHG ZD RU WR S W WKLV SURMHFW RQ KROG LQGHILQLWHO DV , DZDLWHG WKH JOREDO SDQGHPLF UHVWULFWLRQV WR OLIW ,Q FRQYHUVDWLRQ ZLWK P WKHVLV V SHUYLVRU DQG FRPP QLW PHPEHUV , FKRVH WR FRQWLQ H ZLWK P UHVHDUFK DQG DGDSW P PHWKRGV %HFD VH , KDG DOUHDG PDGH D FRPPLWPHQW WR &KHVODWWD &DUULHU 1DWLRQ , FKRVH QRW WR SRVWSRQH RU FDQFHO WKLV SURMHFW , UHFRJQL]H WKDW WKLV ZRUN KDV EHHQ LPSDFWHG EHFD VH RI &29,' E W , EHOLHYH WKDW WKUR JK WKHVH WLPHV ZH DOO P VW ILQG D ZD WR DGDSW WR DGYHUVH FRQGLWLRQV - VW DV LQWHUYLHZ GDWD UHYHDOHG VWRULHV RI UHVLOLHQFH FUHDWLYLW DQG VWUHQJWK , S W P IDLWK LQ WKH SURFHVV DQG LQ P FUHDWLYH VSLULW WR FDUU RQ ZLWK WKLV ZRUN 7R FRQWLQ H ZLWK WKLV SURMHFW , NQHZ , ZR OG KDYH WR LGHQWLI SDUWLFLSDQWV , GLG QRW DOUHDG NQRZ DQG ZDV QRW OLNHO WR PHHW :LWK WKH DELOLW WR EH SUHVHQW LQ FRPP QLW DQG QHWZRUN LQ SHUVRQ QDYDLODEOH , EHJDQ E LQWHUYLHZLQJ SDUWLFLSDQWV ZLWK ZKRP , ZDV DOUHDG IDPLOLDU , IR QG LW PRVW VWUDLJKWIRUZDUG WR VWDUW ZLWK WKHVH LQGLYLG DOV LQ RUGHU WR E LOG FRQILGHQFH DQG JDLQ VRPH H[SHULHQFH FRQG FWLQJ LQWHUYLHZV ' ULQJ LQWHUYLHZV , DVNHG 3DJH RI SDUWLFLSDQWV LI WKH KDG DQ V JJHVWLRQV IRU ZKR HOVH , VKR OG WDON WR 7KLV WHFKQLT H LV FDOOHG WKH VQRZEDOO HIIHFW WNLQVRQ )OLQW DQG FDQ KHOS UHVHDUFKHUV ILQG LQWHUYLHZ SDUWLFLSDQWV LQ KDUG WR UHDFK SRS ODWLRQV DQG FLUF PVWDQFHV , IR QG WKLV PHWKRG WR EH WKH PRVW V LWDEOH ZD RI FRQQHFWLQJ ZLWK SDUWLFLSDQWV EHFD VH RI WKH FORVH NQLW QDW UH RI WKH 6R WKVLGH DQG WKH UHODWLYHO VPDOO SRS ODWLRQ VL]H , NQHZ WKDW HDFK LQWHUYLHZ SDUWLFLSDQW ZDV OLNHO WR NQRZ PDQ GLYHUVH LQGLYLG DOV ZLWK VWRULHV WKDW FR OG FRQWULE WH WR WKLV VW G 7KH ILUVW WKUHH LQWHUYLHZ SDUWLFLSDQWV SURYLGHG QDPHV DQG SKRQH Q PEHUV RI SRWHQWLDO DGGLWLRQDO SDUWLFLSDQWV VRPH RI ZKRP HQGHG S EHLQJ LQFO GHG LQ WKLV VW G GGLWLRQDOO 0LNH 5REHUWVRQ VHQW R W DQ HPDLO WR YDULR V FRPP QLW PHPEHUV LQWURG FLQJ PH DQG P SURMHFW , JRW DQ H[FHOOHQW UHFHSWLRQ EDVHG RQ WKLV LQWURG FWLRQ DQG , DWWULE WH WKH PRPHQW P P VW G JDLQHG WR KLV LQWURG FWLRQ , FKRVH WR UHDFK R W WR LQGLYLG DOV ZKR UHSUHVHQWHG D GLYHUVH JUR S WDNLQJ FRPP QLW UROH F OW UH JHRJUDSKLF ORFDWLRQ DQG SURIHVVLRQ LQWUR FRQVLGHUDWLRQ :KHWKHU WKH LQGLYLG DO KDG UHVSRQGHG WR 0LNH V LQLWLDO LQWURG FWLRQ HPDLO DQG WKH DPR QW RI WLPHV WKHLU QDPHV ZHUH PHQWLRQHG LQ SUHYLR V LQWHUYLHZV DOVR FRQWULE WHG WR P FKRLFH IRU ZKLFK LQGLYLG DOV , LQYLWHG WR SDUWLFLSDWH 2QFH , LGHQWLILHG D VPDOO Q PEHU RI SRWHQWLDO SDUWLFLSDQWV , VHQW R W HPDLO LQYLWDWLRQV , ZDLWHG WR HLWKHU KHDU EDFN IURP WKHVH SHRSOH RU QWLO D IHZ ZHHNV KDG SDVVHG ZLWKR W UHVSRQVH EHIRUH LQYLWLQJ DGGLWLRQDO SDUWLFLSDQWV ,I , KHDUG EDFN IURP WKH LQGLYLG DO , VHQW D FRS RI P LQIRUPHG FRQVHQW IRUP DQG D OLVW RI V JJHVWHG T HVWLRQV WR KHOS HDFK SHUVRQ GHFLGH LI WKH ZR OG OLNH WR GR WKH LQWHUYLHZ ,Q SURYLGLQJ D VSDFH RI FRPIRUW IRU SDUWLFLSDQWV , RIIHUHG WKH FKRLFH WR HLWKHU EH LQWHUYLHZHG DORQH RU ZLWK DQRWKHU SHUVRQ RI WKHLU FKRRVLQJ V V FK WKUHH RI WKH LQWHUYLHZV , FRQG FWHG KDG WZR SDUWLFLSDQWV %HFD VH WKH FRPP QLW RI WKH 6R WKVLGH LV VPDOO DQG PRVW SHRSOH DUH IDPLOLDU WR RQH DQRWKHU , IR QG LW KHOSI O WR DVN SHRSOH , DOUHDG NQHZ WR FRQQHFW ZLWK SRWHQWLDO SDUWLFLSDQWV DQG LQWURG FH PH DQG P SURMHFW ,I DQ LQWHUYLHZHH V JJHVWHG VRPHRQH IRU PH WR UHDFK R W WR , 3DJH RI DVNHG WR KDYH WKHP LQWURG FH WKH SURMHFW DQG P ZRUN SULRU WR PH FRQWDFWLQJ WKDW SHUVRQ , IR QG WKDW KDYLQJ D VKDUHG SHUVRQDO FRQQHFWLRQ ZDV NH WR E LOGLQJ WU VW ZLWK FRPP QLW PHPEHUV DQG VHF ULQJ LQWHUYLHZV 7KLV WHFKQLT H LV FDOOHG FKDLQ UHIHUUDO WNLQVRQ )OLQW DQG FDQ KHOS UHVHDUFKHUV GHYHORS D VKDUHG FRQQHFWLRQ ZLWK SRWHQWLDO SDUWLFLSDQWV WK V LQFUHDVLQJ WU VW , FKRVH QRW WR VHQG R W D ODUJH Q PEHU RI LQYLWDWLRQV DW RQFH JLYHQ WKH SRVVLELOLW WKDW HDFK LQWHUYLHZ ZR OG UHYHDO DGGLWLRQDO SRWHQWLDO LQWHUYLHZ SDUWLFLSDQWV DQG FKDQJH P QH[W FR UVH RI DFWLRQ 1RWDEO RQH SDUWLFLSDQW UHVSRQGHG WR DQ HPDLO LQWHUYLHZ LQYLWDWLRQ WKUHH PRQWKV DIWHU , VHQW LW 7KLV ZDV D ZHOFRPH DGGLWLRQ DQG EHFDPH WKH ILQDO LQWHUYLHZ IRU WKLV SURMHFW , HQGHG LQWHUYLHZLQJ WKLUWHHQ LQGLYLG DOV UHSUHVHQWHG LQ WHQ LQWHUYLHZV 7KH SDUWLFLSDQW JUR S ZDV PDGH S RI )LYH LQGLYLG DOV ZRUNLQJ IRU &KHVODWWD LQFO GLQJ RQH RI &KHVODWWD V WZR HOHFWHG %DQG &R QFLO 0HPEHUV WKUHH E VLQHVV RZQHUV ZKR UHSUHVHQW WZR VHSDUDWH E VLQHVVHV LQ WKH 6R WKVLGH WZR UDQFKHUV DQG WUDSSHUV WKH SUHVLGHQW RI D ORFDO FRPP QLW IRUHVW DVVRFLDWLRQ ZKR DOVR ZRUNHG ZLWK %& :LOGILUH 6HUYLFH V ,QFLGHQW &RPPDQG WHDP WKUR JKR W WKH ZLOGILUH VHDVRQ D 0HQWDO +HDOWK &OLQLFLDQ ZLWK &DUULHU 6HNDQL )DPLO 6HUYLFHV DQG RQH DQRQ PR V &KHVODWWD &DUULHU 1DWLRQ PHPEHU 2 W RI WKHVH WKLUWHHQ LQWHUYLHZ SDUWLFLSDQWV WKUHH DUH ,QGLJHQR V DQG WZR DUH &KHVODWWD PHPEHUV GDSWLQJ P UHVHDUFK PHWKRGV WR UHVSHFW &29,' UHVWULFWLRQV KDG DQ LPSDFW RQ WKLV SURMHFW , IR QG LW FKDOOHQJLQJ WR LGHQWLI SDUWLFLSDQWV DQG GHYHORS D UDSSRUW ZLWKR W WKH DELOLW WR PHHW FRPP QLW PHPEHUV DQG EH YLVLEOH LQ WKH 6R WKVLGH 7KR JK , GLG QRW H[SHULHQFH D VKRUWDJH RI LQWHUYLHZ SDUWLFLSDQWV IRU WKLV VW G WKH GHPRJUDSKLF VKLIWHG IURP P RULJLQDO IRF V , GLG QRW JHW WKH FKDQFH WR LQWHUYLHZ DV PDQ ,QGLJHQR V SDUWLFLSDQWV DV SODQQHG P VHFRQG UHVHDUFK T HVWLRQ +RZ GLG WKH PHPEHUV UHODWLRQVKLSV WR ODQG V V FK ZLOGILUHV LPSDFW &KHVODWWD &DUULHU 1DWLRQ ZDV QRW I OO H[SORUHG 'HVSLWH WKHVH OLPLWDWLRQV WKLV UHVHDUFK SURMHFW GLG SURG FH PDQ LQ GHSWK LQWHUYLHZV DER W WKH RWKHU WKUHH UHVHDUFK T HVWLRQV ZLWK D GLYHUVH UDQJH RI SDUWLFLSDQWV 3DJH RI 7R FRQG FW LQWHUYLHZV , VHG UHFRUGHG SKRQH FRQYHUVDWLRQV DV ZHOO DV YLGHR FRQIHUHQFLQJ WHFKQRORJ , IR QG WKDW PRVW SDUWLFLSDQWV ZHUH PRUH FRPIRUWDEOH ZLWK D SKRQH FDOO UDWKHU WKDQ D YLGHR FDOO 7KLV YDULHG EDVHG RQ HDFK LQGLYLG DO V SUHYLR V H[SHULHQFHV ZLWK WHFKQRORJ DQG WKHLU IDPLOLDULW ZLWK WKH VSHFLILF RQOLQH SODWIRUP , ZDV VLQJ , V VSHFW WKDW DQRWKHU FRQWULE WLQJ IDFWRU QLT HO DIIHFWLQJ SDUWLFLSDQWV ZKR UHVLGH LQ WKH 6R WKVLGH ZDV WKH ODFN RI FRQQHFWLYLW 0DQ DUHDV LQ WKH 6R WKVLGH GR QRW HW KDYH FHOO VHUYLFH DQG LQWHUQHW FRQQHFWLYLW LV DOVR VSDUVH 7KH ODFN RI FRQQHFWLYLW ZDV D FRPPRQ WKHPH WKDW HPHUJHG IURP LQWHUYLHZ GDWD DQG ZR OG KDYH SUHYHQWHG VHOHFW LQGLYLG DOV IURP WDNLQJ D YLGHR FDOO LQ WKHLU SULYDWH UHVLGHQFH ,Q P LQLWLDO LQWHUYLHZ LQYLWDWLRQ , RIIHUHG ERWK RI WKHVH WZR RSWLRQV , GLG QRW S VK IRU RQH RYHU WKH RWKHU E W UDWKHU RIIHUHG SDUWLFLSDQWV WKH FKRLFH ZLWKR W M GJHPHQW V SDUW RI WKH LQLWLDO LQYLWDWLRQ , SURYLGHG SRWHQWLDO LQWHUYLHZ SDUWLFLSDQWV ZLWK D FRS RI P LQIRUPHG FRQVHQW IRUP E HPDLO 7KLV IRUP ODLG R W DOO RI WKH VWHSV , ZR OG WDNH WR VDIHJ DUG WKHLU SULYDF 0RVW SDUWLFLSDQWV VLJQHG VFDQQHG DQG UHW UQHG WKLV IRUP WR PH SULRU WR R U LQWHUYLHZ 6HOHFW LQGLYLG DOV RSWHG WR UHYLHZ LW WRJHWKHU DW WKH EHJLQQLQJ RI R U LQWHUYLHZ DV , UHFRUGHG WKHLU YHUEDO FRQVHQW 7UDGLWLRQDOO T DOLWDWLYH UHVHDUFK KDV UHT LUHG SHUVRQDO LGHQWLWLHV DQG LGHQWLILHUV WR EH FKDQJHG IRU FRQILGHQWLDOLW 5HLG UHDYHV .LUE 7KLV SUDFWLFH DOORZV IRU WKH SURWHFWLRQ RI SDUWLFLSDQWV E W GRHV QRW DOORZ IRU WKHLU NQRZOHGJH WR EH DWWULE WHG WR WKHP ,Q HFRORQL LQJ PHWKRGRORJLHV /LQGD 7 KLZDL 6PLWK ZULWHV DER W WKH ODFN RI D WRQRP LQ UHSUHVHQWDWLRQ DV D VWU JJOH ,QGLJHQR V 3HRSOHV IDFH JOREDOO DV D GLUHFW UHV OW RI FRORQL]DWLRQ NLQ WR 6PLWK , EHOLHYH WKDW JLYHV WKH LPSUHVVLRQ RI WKH WU WK U HSUHVHQWDWLRQ LV LPSRUWDQW DV D FRQFHSW EHFD VH LW 6PLWK SJ %HFD VH , UHFRJQL]H WKDW DOO NQRZOHGJH LV V EMHFWLYH DQG HPEHGGHG LQ LWV F OW UDO DQG VRFLDO FRQWH[W , RIIHUHG SDUWLFLSDQWV WKH RSWLRQ WR KDYH WKHLU QDPH S EOLVKHG , EHOLHYH WKDW UHT LULQJ VWRULHV DQG NQRZOHGJH WR EH GLYRUFHG IURP WKHLU VR UFH UHPRYHV P FK RI WKH VRFLDO DQG IDPLOLDO FRQWH[W ZKLFK JLYHV WKHP PHDQLQJ 3DJH RI OO E W WZR SDUWLFLSDQWV ZDQWHG WKHLU QDPH LQ P WKHVLV JDLQ , GLG QRW DWWDFK DQ VWLJPD WR WKLV SHUVRQDO GHFLVLRQ QRU DVN IRU DQ RQH WR H[SODLQ WKHLU FKRLFH V V FK WZR RI WKH SDUWLFLSDQWV KDYH EHHQ DVVLJQHG D SVH GRQ P %HFD VH WKH SRS ODWLRQ RI WKH 6R WKVLGH LV VR VPDOO DOWHULQJ LGHQWLILDEOH IHDW UHV LQ DQ LQGLYLG DO V VWRU LV QRW HDV 7KH SURFHVV RI DQRQ PL]LQJ WKHVH WZR LQWHUYLHZV ZDV DQ RQJRLQJ FRQYHUVDWLRQ EHWZHHQ P VHOI DQG WKH SDUWLFLSDQWV JLYHQ WKDW PDQ HOHPHQWV RI WKH LQIRUPDWLRQ WKH VKDUHG KDG SRWHQWLDO WR UHYHDO WKHLU LGHQWLWLHV 2QFH WKH ZHUH VDWLVILHG ZLWK WKH VWHSV , ZDV WDNLQJ WKH FRQVHQWHG WR KDYH WKHLU VWRULHV LQFO GHG /LQGD 7 KLZDL 6PLWK ZR OG OLNH ,QGLJHQR V 3HRSOHV ZKDW LV YLHZHG DV D I QGDPHQWDO ULJKW WKDW LV WR UHSUHVHQW R UVHOYHV WR EH DEOH WR H[HUFLVH 6PLWK SJ :KLOH , DP VWLOO D WKRULQJ WKLV WKHVLV DQG KDYH D JUHDW DPR QW RI FRQWURO RYHU UHSUHVHQWDWLRQ WKHVH LQWHQWLRQDO VWHSV ZHUH LQFO GHG LQ UHFRJQLWLRQ RI WKH LQKHUHQW ULJKW HDFK SDUWLFLSDQW KDV RYHU WKHLU RZQ UHSUHVHQWDWLRQ , VHG D VHULHV RI VHPL VWU FW UHG LQWHUYLHZV WR JDWKHU GDWD 3ULRU WR HDFK LQWHUYLHZ , SURYLGHG D OLVW RI RSHQ HQGHG T HVWLRQV WR SDUWLFLSDQWV ZLWKR W WKH H[SHFWDWLRQ RI LQWHUYLHZV ULJLGO DGKHULQJ WR WKHLU VSHFLILF ZRUGLQJ RU RUGHU VHPL VWU FW UHG IRUPDW LV SDUWLF ODUO VHI O LQ T DOLWDWLYH VW GLHV DV LW DOORZV LQWHUYLHZHUV WKH IOH[LELOLW WR UHVSRQG DQG DGDSW WR WKH ZRUOGYLHZ DQG QLT H SHUVSHFWLYH RI HDFK SDUWLFLSDQW 0HUULDP 7KH WRSLFV RI WKHVH LQWHUYLHZ T HVWLRQV IRF VHG RQ HYHQWV WKDW WRRN SODFH G ULQJ WKH ZLOGILUH VHDVRQ ZLWKLQ &KHVODWWD &DUULHU 1DWLRQ WHUULWRU LQFO GLQJ WKHLU SRVW DUHD RI IRUFHG UHORFDWLRQ ,Q FUHDWLQJ WKH V JJHVWHG T HVWLRQV IRU HDFK LQWHUYLHZ SDUWLFLSDQW , FDUHI OO FRQVLGHUHG HDFK LQGLYLG DO V UROH WKHLU JHRJUDSKLF ORFDWLRQ DQG DQ VWRULHV , KDG KHDUG G ULQJ SUHYLR V LQWHUYLHZV , SURYLGHG HDFK SDUWLFLSDQW RU SDLU RI SDUWLFLSDQWV LQ WKUHH LQVWDQFHV EHWZHHQ HLJKW DQG WZHOYH LQGLYLG DOL]HG RSHQ HQGHG T HVWLRQV LQ RUGHU IRU WKHP WR QGHUVWDQG WKH QDW UH RI WKH FRQYHUVDWLRQ , ZDV KRSLQJ WR KDYH , OHW HDFK SDUWLFLSDQW NQRZ WKDW WKHVH T HVWLRQV ZHUH PHUHO V JJHVWLRQV DQG WKDW WKH FR OG SDVV RQ DQ RI WKHP 6RPH RI P T HVWLRQV ZHUH FRPPRQ WR 3DJH RI HYHU LQWHUYLHZ SDUWLFLSDQW IRU H[DPSOH P RSHQLQJ T HVWLRQ SOHDVH LQWURG FH R UVHOI DQG WHOO PH DER W R U UROH LQ WKH FRPP QLW ZKLOH VRPH ZHUH QLT H WR HDFK LQGLYLG DO 0 JRDO ZDV WR KDYH LQWHUYLHZ SDUWLFLSDQWV WHOO WKHLU VWRU IURP WKH ZLOGILUH VHDVRQ DQG WKHQ WR UHIOHFW EDFN RQ WKH FRQWULE WLQJ IDFWRUV WKDW VKDSHG WKHLU H[SHULHQFHV , HQGHG E DVNLQJ HDFK SDUWLFLSDQW DER W WKHLU YLVLRQ DQG JRDOV IRU WKH I W UH 7KR JK WKH T HVWLRQV , DVNHG ZHUH QLT H WR HDFK LQWHUYLHZ SDUWLFLSDQW , KDYH LQFO GHG D OLVW RI VDPSOH T HVWLRQV EHORZ IRU ZKLFK DOO RI P T HVWLRQV VKDUHG WKHPHV • • • • • • • • • •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‘Community’ redefined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ember checking 2QFH , KDG FRPSLOHG DOO RI WKH D GLR YHUVLRQV RI WKH LQWHUYLHZ GDWD , FKRVH WR WUDQVFULEH HDFK RQH LQWR D ZULWWHQ GRF PHQW %HFD VH WKH WHQ LQWHUYLHZV UDQJHG LQ G UDWLRQ IURP IRUW ILYH PLQ WHV WR WZR KR UV DQG WZHQW VHYHQ PLQ WHV , KDG RYHU IR UWHHQ KR UV RI UHFRUGHG GDWD WR ZRUN WKUR JK , FKRVH WR VH D WUDQVFULSWLRQ VRIWZDUH WR VDYH WLPH DQG PD[LPL]H SURG FWLYLW 7KH WUDQVFULSWLRQ VRIWZDUH ZDV YHU KHOSI O 'HVSLWH VLQJ WKLV WRRO , VWLOO KDG KR UV RI HGLWLQJ WR HQV UH WKDW WKH ZULWWHQ YHUVLRQV RI LQWHUYLHZV PDWFKHG WKH D GLR UHFRUGLQJV PRUH SUHFLVHO 7KLV SURFHVV ZDV SDUWLF ODUO FKDOOHQJLQJ IRU WKH WKUHH LQWHUYLHZV WKDW KDG PRUH WKDQ RQH SDUWLFLSDQW ' ULQJ WKRVH LQWHUYLHZV SHRSOH RIWHQ WDONHG RYHU RQH DQRWKHU DQG WKH T DOLW RI WKH UHFRUGLQJ ZDV ZHDNHQHG , DOVR IR QG WKDW VRPH RI WKH LQWHUYLHZV ZHUH FKDOOHQJLQJ DQG HPRWLRQDO WROLVWHQ WR DJDLQ 1RW RQO ZDV , FULWLFDO RI P RZQ LQWHUYLHZ WHFKQLT HV E W VRPH RI WKH VWRULHV VKDUHG ZLWK PH ZHUH YHU LPSDFWI O /LVWHQLQJ WR WKHVH , ZDV VWU FN ZLWK WKH ZHLJKW RI P SHUVRQDO UHVSRQVLELOLW , ZRQGHUHG KRZ , ZDV JRLQJ WR SURSHUO KRQR U WKHVH LPSRUWDQW DQG HPRWLRQDO VWRULHV )LQGLQJ ZD V WR HQDFW UFKLEDOG V IR U 5 V UHVSHFW UHVSRQVLELOLW UHFLSURFLW DQG UHYHUHQFH ZDV DW WKH IRUHIURQW RI WKLV HPRWLRQDO UHVSRQVH , WRRN D VHFRQG UR QG RI REVHUYDWLRQDO QRWHV G ULQJ P HGLWLQJ SURFHVV UHIOHFWLQJ RQ WKHVH LGHDV WKUR JKR W , VHQW D FRS RI WKH WUDQVFULSWLRQV EDFN WR HDFK LQWHUYLHZ SDUWLFLSDQW YLD HPDLO DQG RIIHUHG HDFK SDUWLFLSDQWV D FKDQFH WR UHYLHZ WKH GRF PHQW ' ULQJ WKLV SURFHVV LW ZDV EUR JKW WR P DWWHQWLRQ WKDW P RULJLQDO LQIRUPHG FRQVHQW SURFHVV GLG QRW DFFR QW IRU WKH VH RI DQ RQOLQH WUDQVFULSWLRQ VHUYLFH 7R UHPHG WKLV RYHUVLJKW , V EPLWWHG DQ DPHQGPHQW WR WKH 81%& V 5HVHDUFK (WKLFV %RDUG ZKLFK DGGUHVVHG WKLV ODSVH LQ SURFHVV IWHU UHT HVWLQJ D VHF UH GHOHWLRQ RI WKH GDWD IURP WKH WUDQVFULSWLRQ VHUYLFH V VHUYHU , HPDLOHG HDFK SDUWLFLSDQW ZKRVH LQWHUYLHZ ZDV SORDGHG WR WKH WUDQVFULSWLRQ VHUYHU GHWDLOLQJ WKH DPR QW RI WLPH LW ZDV WKHUH DQG DOO SRWHQWLDO DVVRFLDWHG ULVNV , DVNHG IRU WKHLU ZULWWHQ FRQVHQW WR FRQWLQ H VLQJ WKHLU LQWHUYLHZV LQ WKLV SURMHFW %HFD VH RI WKLV RYHUVLJKW RQH SDUWLFLSDQW QRW OLVWHG DV SDUW RI WKH DERYH JUR S 3DJH RI ZLWKGUHZ IURP WKH VW G 7KR JK , UHJUHW PLVVLQJ WKLV VWHS LQ P RULJLQDO DSSOLFDWLRQ DQG LQIRUPHG FRQVHQW SURFHVV , EHOLHYH WKDW WKH WU VW , KDG DOUHDG HVWDEOLVKHG ZLWK LQWHUYLHZ SDUWLFLSDQWV FDUULHG R U UHODWLRQVKLS WKUR JK 7KLV SURFHVV KLJKOLJKWHG WKH RQJRLQJ DQG UHODWLRQDO QDW UH RI LQIRUPHG FRQVHQW ZKLFK , QRZ QGHUVWDQG WR EH D FRQYHUVDWLRQ RYHU WLPH 5HDIILUPLQJ SDUWLFLSDQWV FRQWLQ HG LQIRUPHG FRQVHQW ZDV VRPHWKLQJ , H[HUFLVHG LQ P OWLSOH VWDJHV WKUR JKR W P GDWD FROOHFWLRQ SURFHVV , FKHFNHG EDFN ZLWK SDUWLFLSDQWV ZKR FRQVHQWHG WR KDYH WKHLU QDPH VHG ZKHQ , VKDUHG WKHLU LQWHUYLHZ WUDQVFULSW , ZDQWHG WR SURYLGH DQRWKHU RSSRUW QLW IRU SDUWLFLSDQWV WR KDYH WKHLU LGHQWLW DQRQ PL]HG RQFH WKH ZHUH DEOH WR UHYLHZ WKH FRQWHQWV RI WKHLU LQWHUYLHZ ,I SDUWLFLSDQWV KDG DQ DSSUHKHQVLRQ DER W P UHSUHVHQWDWLRQV RI WKHP RU WKHLU VWRU , RIIHUHG WKH RSWLRQ WR UHYLHZ SRUWLRQV RI P ILQGLQJV FKDSWHU LQ ZKLFK WKHLU VWRU LV HLWKHU PHQWLRQHG RU WKH DUH T RWHG ,PSOHPHQWLQJ WKH )LUVW 1DWLRQV 3ULQFLSOHV RI 2& 3 2ZQHUVKLS FRQWURO DFFHVV DQG SRVVHVVLRQ )LUVW 1DWLRQV ,QIRUPDWLRQ RYHUQDQFH &HQWUH Q G ZDV DQ LWHUDWLYH SURFHVV E ZKLFK , H[HUFLVHG WUDQVSDUHQF DW DOO VWDJHV DQG FKHFNHG LQ UHJ ODUO ZLWK SDUWLFLSDQWV DQG P WKHVLV FRPPLWWHH ,QWHJUDWLQJ FRPP QLW UHSUHVHQWDWLRQ 0LNH 5REHUWVRQ LQWR P WKHVLV FRPPLWWHH ZDV D GHOLEHUDWH VWHS WR HQV UH WKDW FRPP QLW DFFHVV DQG FRQWURO RI GDWD ZHUH WKRUR JKO DGGUHVVHG 7R DGGUHVV RZQHUVKLS DQG SRVVHVVLRQ P UHVHDUFK QRWHV ZLWK WKH H[FHSWLRQ RI WKRVH LQWHUYLHZV ZKLFK UHT HVWHG DQRQ PLW ZHUH JLYHQ WR &KHVODWWD &DUULHU 1DWLRQ IRU VWRULQJ LQ WKH FRPP QLW DUFKLYHV 7KH UHFRUGLQJV RI LQWHUYLHZV ZHUH RIIHUHG WR HDFK SDUWLFLSDQW DWD DQDO VLV 2QFH , KDG DOO RI WKH LQWHUYLHZV WUDQVFULEHG , PRYHG WR GDWD DQDO VLV DQG EHJDQ ZRUNLQJ WKUR JK D WKHPDWLF DQDO VLV SURFHVV , FKRVH QRW WR VH VRIWZDUH IRU WKLV , OLVWHQHG WR HDFK LQWHUYLHZ DJDLQ ZKLOH UHDGLQJ LWV WUDQVFULSW DQG WDNLQJ QRWHV LQ WKH PDUJLQ , UHFRUGHG HPHUJLQJ WKHPHV ZKLOH ORRNLQJ IRU FRPPRQDOLWLHV EHWZHHQ LQWHUYLHZV DORQJ ZLWK H[DPSOHV DQG T RWHV , 3DJH RI WKHQ JUR SHG WKHVH WKHPHV LQWR EURDGHU FDWHJRULHV ZKLFK UHIOHFWHG VKDUHG H[SHULHQFHV DQG PHVVDJHV , DVNHG P VHOI UHIOHFWLYH T HVWLRQV WKUR JKR W WKH DQDO VLV SKDVH 7KHVH T HVWLRQV LQFO GHG ,V WKHUH DQRWKHU ZD , FDQ LQWHUSUHW WKLV WKLV HYHQW +RZ GRHV WKLV LPSDFW P ,V WKHUH D UHDVRQ WKLV PHVVDJH LV EHLQJ FRQYH HG LQ WKLV ZD QGHUVWDQGV WKDW QGHUVWDQGLQJ RI 0DUJDUHW .RYDFK D UHVHDUFKHU DVV PHV D UHVSRQVLELOLW WKDW WKH VWRU VKDUHG ZLOO EH WUHDWHG ZLWK WKH UHVSHFW LW GHVHUYHV LQ DFNQRZOHGJHPHQW RI WKH UHODWLRQVKLS IURP ZKLFK LW HPHUJHV SJ .RYDFK ,Q DOLJQLQJ WKLV SURFHVV ZLWK P HWKLFDO LQWHQWLRQV , H[HUFLVHG UHIOH[LYLW WKUR JKR W WKH DQDO VLV SKDVH 5HIOH[LYLW LV D SURFHVV E ZKLFK UHVHDUFKHUV UHSHDWHGO W UQ WKHLU JD]H LQZDUG WR H[DPLQH DQG FRQVLGHU WKHLU RZQ SRVLWLRQDOLW WKUR JKR W WKHLU LQWHUSUHWDWLRQ RI GDWD 3D QH 3D QH ,W LV WKUR JK OLVWHQLQJ WR WKH YRLFHV RI WKH LQGLYLG DOV DQG WKUR JK FULWLFDO VHOI DZDUHQHVV WKDW , ZDV DEOH WR KDYH FRQILGHQFH LQ WKH PHDQLQJV , PDGH R W RI LQWHUYLHZ GDWD 6RFLDO ZRUNHUV DQG DQWL RSSUHVVLYH UHVHDUFKHUV .DUHQ 3RWWV DQG /HVOLH %URZQ GHVFULEH WKHLU RZQ LQIRUPDWLRQ JDWKHULQJ SURFHVV DV SROLWLFDO OLVWHQLQJ , OLVWHQHG UHSHDWHGO , OLVWHQHG GHHSO WKDW QG , OLVWHQHG ZLWK DZDUHQHVV , UHFRJQL]H WKUR JK WKLV GLOLJHQW SURFHVV NQRZOHGJH LV VRFLDOO FRQVWU FWHG WKDW NQRZOHGJH GRHVQ W H[LVW R W WKHUH E W LV HPEHGGHG LQ SHRSOH DQG WKH SRZHU UHODWLRQV EHWZHHQ V 3RWWV DQG %URZQ SDUWLFLSDQWV VWRULHV UHIOHFWHG WKH WKHPH RI GLVHPSRZHUPHQW SJ 0DQ V V FK WKLV UHVHDUFK SURMHFW SURYLGHG D SODWIRUP IRU SDUWLFLSDQWV WR WHOO WKHLU YHUVLRQ RI HYHQWV G ULQJ WKH ZLOGILUH VHDVRQ RI V , LQWHUSUHWHG DQG PDGH PHDQLQJ R W RI SDUWLFLSDQWV VWRULHV , OLVWHQHG IRU WKH VWUHQJWK DQG D WRQRP RI LQGLYLG DOV DQG FRPP QLWLHV 3DUW RI P RZQ SROLWLFDO OLVWHQLQJ SURFHVV ZDV WR QRW RQO WHOO D WU H VWRU E W WR WHOO D VWRU WKDW LV IRUZDUG ORRNLQJ DQG SURG FWLYH IRU WKH I W UH RI UHODWLRQVKLSV EHWZHHQ YDULR V SROLWLFDO RUJDQL]DWLRQV DQG WKH FRPP QLW 3DJH RI (WKLFDO &RQFHUQV DQG OLPLWDWLRQV 7KUR JKR W WKH UHVHDUFK SURFHVV QRW RQO GLG , QHHG WR UHPDLQ GLOLJHQW LQ WU WKI OO UHSUHVHQWLQJ LQWHUYLHZ SDUWLFLSDQWV E W , DOVR GLG QRW ZDQW WR FUHDWH WHQVLRQ EHWZHHQ WKH FRPP QLW DQG SURIHVVLRQDO HPHUJHQF UHVSRQVH RUJDQL]DWLRQV 7KH UHODWLRQVKLS EHWZHHQ )LUVW 1DWLRQV FRPP QLW PHPEHUV DQG HPHUJHQF UHVSRQVH RUJDQL]DWLRQ LV LPSRUWDQW 0DLQWDLQLQJ JRRG UHODWLRQV FDQ EHFRPH D PDWWHU RI S EOLF VDIHW :KLOH PDQ LQGLYLG DOV H[SUHVVHG GLVVDWLVIDFWLRQ ZLWK WKH ZD WKLQJV ZHUH PDQDJHG G ULQJ WKH ZLOGILUH VHDVRQ ZLWKR W KDYLQJ SDUWLFLSDQWV IURP WKRVH RUJDQL]DWLRQV UHSUHVHQWHG LQ WKLV VW G , GLG QRW IHHO HT LSSHG WR HLWKHU SDVV M GJHPHQWV RU WR V JJHVW UHFRPPHQGDWLRQV DER W WKHLU DFWLRQV 7KR JK , ZKROHKHDUWHGO WU VW WKH H[SHULHQFHV DQG UHIOHFWLRQV RI SDUWLFLSDQWV ZKR FULWLT HG WKH SURIHVVLRQDO UHVSRQVH P JRDO ZLWK WKLV SURMHFW ZDV WR F OWLYDWH D GHHSHU QGHUVWDQGLQJ WKUR JK WHOOLQJ WKH VWRULHV RI SHRSOH ZKR OLYHG WKHVH HYHQWV 7KLV UHVHDUFK LQFO GHV LQWHUYLHZV ZLWK RQO WZR &KHVODWWD &DUULHU 1DWLRQ PHPEHUV ,W LV EDVHG RQ LQWHUYLHZV ZLWK D GLYHUVH JUR S RI ,QGLJHQR V DQG QRQ ,QGLJHQR V SDUWLFLSDQWV V V FK LW LQFO GHV WKH SHUVSHFWLYHV RI WKRVH LQGLYLG DOV DQG QRW &KHVODWWD &DUULHU 1DWLRQ DV D ZKROH 7KLV WKHVLV DOVR ODFNV WKH YRLFHV RI HPHUJHQF PDQDJHPHQW SURIHVVLRQDOV ZKR ZHUH HQJDJHG LQ UHVSRQGLQJ WR WKH ZLOGILUHV LQ WKH 6R WKVLGH , ZR OG KDYH OLNHG WR LQFO GH LQWHUYLHZV ZLWK %& :LOGILUH 6HUYLFH VWDII 5&03 SHUVRQQHO DQG RWKHU ILUVW UHVSRQGHUV E W ZDV QDEOH WR VHF UH SDUWLFLSDWLRQ IURP WKRVH DJHQFLHV , DFNQRZOHGJH WKH FKDOOHQJLQJ FRQGLWLRQV DQG SROLWLFDO QDW UH RI WKHLU ZRUN DQG DP JUDWHI O IRU WKH SHUVRQDO DQG SURIHVVLRQDO VDFULILFHV ILUVW UHVSRQGHUV PDNH WR SURWHFW S EOLF VDIHW SURSHUW DQG LQIUDVWU FW UH 7KHLU SHUVSHFWLYHV DUH DQ DGGLWLRQDO DUHD RI UHVHDUFK ZKLFK ZR OG EH DQ H[FHOOHQW WRSLF IRU DQRWKHU WKHVLV RU UHVHDUFK SURMHFW WR H[SORUH V D I OO WLPH 0DVWHU V VW GHQW ZKR DOVR ZRUNHG I OO WLPH WKUR JKR W WKH G UDWLRQ RI WKLV UHVHDUFK VRPH RI WKH PRVW VLJQLILFDQW OLPLWDWLRQV RI WKH VW G UHODWH WR P RZQ SHUVRQDO 3DJH RI OLPLWDWLRQV ,Q DGGLWLRQ WR WKH OLPLWDWLRQV WKDW WKH &29,' SRVHG , DOVR ZRUNHG SDQGHPLF DQG LWV UHODWHG UHVWULFWLRQV KR UV ZHHNO IRU WKH %& 3 EOLF 6HUYLFH WKUR JKR W P FR UVH ZRUN DQG WKLV UHVHDUFK 7KH DPR QW RI SHUVRQDO HIIRUW DQG HQHUJ WKLV SURMHFW WRRN ZDV WUHPHQGR VO FKDOOHQJLQJ WR QDYLJDWH DQG DIIHFWHG P SHUVRQDO VHQVH RI ZHOOEHLQJ DQG WKDW RI P IDPLO VD UHV OW RI WKHVH OLPLWDWLRQV WKHUH DUH PDQ DGGLWLRQDO FRPP QLW YRLFHV QRW UHSUHVHQWHG LQ WKLV VW G , FKRVH WR OLPLW WKH SDUWLFLSDQW JUR S V VL]H WR DOLJQ ZLWK P SHUVRQDO FDSDFLW NQRZLQJ WKDW WKHUH DUH NH SHUVSHFWLYHV QRW UHSUHVHQWHG , WKDQN P IDPLO P VRFLDO QHWZRUN DQG WKH 81%& DFDGHPLF FRPP QLW IRU KHOSLQJ PH WKUR JK DQG ZR OG OLNH WR DFNQRZOHGJH WKHLU V SSRUW DV LQWHJUDO WR WKH FRPSOHWLRQ RI WKLV WKHVLV 3DJH RI DSWHU L GL JV ,QWURG FWLRQ 7KLV UHVHDUFK VHHNV WR QGHUVWDQG D VSHFLILF ZLOGILUH HYHQW IURP P OWLSOH SHUVSHFWLYHV WKUR JK D T DOLWDWLYH FDVH VW G PHWKRGRORJ ,WV IRFDO SRLQW LV KRZ WKH ZLOGILUH VHDVRQ RI DQG UHODWHG HPHUJHQF PDQDJHPHQW HIIRUWV LPSDFWHG &KHVODWWD &DUULHU 1DWLRQ DQG WKH EURDGHU FRPP QLW RI WKH 6R WKVLGH ,Q DQDO ]LQJ DQG LQWHUSUHWLQJ LQWHUYLHZ GDWD DORQJ ZLWK UHOHYDQW OLWHUDW UH DQG WKHRU , KDYH PDGH FRQQHFWLRQV EHWZHHQ VWRULHV DQG OLQNHG WKHP WR EURDGHU WKHPHV WKDW KHOS WR GHVFULEH LQGLYLG DO DQG FRPP QLW H[SHULHQFHV ,Q WDONLQJ WR LQGLYLG DOV , JDLQHG LQVLJKW LQWR PDQ RI P RULJLQDO UHVHDUFK T HVWLRQV ZKLFK DUH DV IROORZV +RZ GLG &KHVODWWD &DUULHU 1DWLRQ PHPEHUV DQG SHRSOH ZRUNLQJ LQ &KHVODWWD WHUULWRU H[SHULHQFH ZLOGILUH HYHQWV DQG HPHUJHQF PDQDJHPHQW HIIRUWV G ULQJ WKH ZLOGILUH VHDVRQ +RZ GLG WKH ZLOGILUHV LPSDFW &KHVODWWD &DUULHU 1DWLRQ PHPEHUV UHODWLRQVKLSV WR ODQG :KDW DUH WKH ODVWLQJ LPSDFWV IURP WKH ZLOGILUH VHDVRQ :KDW FR OG LQGLYLG DOV FRPP QLWLHV DQG JRYHUQPHQWV OHDUQ IURP WKLV H[SHULHQFH WR PDQDJH IRU I W UH ZLOGILUHV GLIIHUHQWO ' H WR RQO LQWHUYLHZLQJ RQO WZR &KHVODWWD &DUULHU 1DWLRQ PHPEHUV , FR OG QRW I OO H[SORUH UHVHDUFK T HVWLRQ 'HVSLWH WKLV OLPLWDWLRQ , KDYH OHIW WKLV T HVWLRQ LQ EHFD VH SRUWLRQV RI P ILQGLQJV VSHDN WR WKLV WRSLF 7KUR JK LQWHUYLHZLQJ ,QGLJHQR V DQG QRQ ,QGLJHQR V 6R WKVLGHUV DQG FRPP QLW PHPEHUV , KDYH FRPH WR NQRZ WKH 6R WKVLGH DV D FRPP QLW ZLWK DQ LQFUHGLEOH UHVLOLHQFH 7KH KLVWRU RI WKH ODQG DQG RI WKH SHRSOH EULQJV ZLWK LW D VWRU RI VWU JJOH DQG RI UHVR UFHI OQHVV , KDYH FRPH WR QGHUVWDQG WKH LQFO VLYH QDW UH RI &KHVODWWD &DUULHU 1DWLRQ DV D WUHPHQGR V VWUHQJWK RI ZKLFK WKH PDMRULW RI LQWHUYLHZ SDUWLFLSDQWV VSRNH 7KH IROORZLQJ GLVF VVLRQ LV RUJDQL]HG LQWR VL[ WKHPHV ZKLFK KHOS DUWLF ODWH WKH GHSWK DQG EUHDGWK RI LQIRUPDWLRQ WKDW WKHVH 3DJH RI LQWHUYLHZV UHYHDOHG 7KHVH WKHPHV LQFO GH SK VLFDO DQG SROLWLFDO ODQGVFDSH ,PSDFWV WR WKH ODQG DQG WR WKH SHRSOH WKH ILUH DV D VLWH RI SHUVRQDO DQG FROOHFWLYH VWU JJOH WKH OLPLWDWLRQV RI SK VLFDO LQIUDVWU FW UH WKH LPSRUWDQFH RI ORFDO NQRZOHGJH DQG ILUH DV D FDWDO VW IRU FKDQJH , KDYH GHVFULEHG HDFK WKHPH DQG EURNHQ LW GRZQ LQWR LWV YDULR V FRPSRQHQWV V SSRUWHG E VSHFLILF H[DPSOHV IURP LQWHUYLHZ GDWD ,PSDFWV WR WKH ODQG DQG WR WKH SHRSOH (YHU LQWHUYLHZ SDUWLFLSDQW WDONHG DER W WKH ODQG DQG WKHLU UHODWLRQVKLS ZLWK LW 7KR JK WKH IRF V RI HDFK LQGLYLG DO YDULHG IURP DQ HFRQRPLF IRF V WR DQ HPRWLRQDO RU D VSLULW DO RQH WKH FRPPRQ WKHPH WKDW HPHUJHG ZDV WKDW EHLQJ FORVH WR WKH ODQG LV SDUW RI WKH IDEULF RI WKH 6R WKVLGH 1RW RQO GLG WKH ,QGLJHQR V SDUWLFLSDQWV H[SUHVV D GHHS FRQQHFWLRQ WR ODQG WKUR JK WKHLU DQFHVWU E W WKH FRQQHFWLRQ PDQ UDQFKHUV DQG KRPHVWHDGHUV KDYH LQ WKH 6R WKVLGH JRHV EDFN VHYHUDO JHQHUDWLRQV DV ZHOO ,QGLJHQR V DQG QRQ ,QGLJHQR V SDUWLFLSDQWV DOLNH H[SUHVVHG UHVSHFW IRU RQH DQRWKHU V KLVWRULHV DQG JUDWLW GH IRU WKH EHQHILWV RI OLYLQJ LQ D SODFH ZKHUH WKH ODQG SURYLGHV IRU WKHP DQG WKHLU IDPLOLHV ,Q WKH 6R WKVLGH WKHVH WZR JUR SV DUH QRW GLVFUHWH FDWHJRULHV 0DQ IDPLOLHV DUH EOHQGHG RU LQWHUPDUULHG DQG FDUU ERWK D VHWWOHU DQG DQ ,QGLJHQR V OLQHDJH 7KR JK QRW HYHU LQWHUYLHZ SDUWLFLSDQW ZDV ERUQ DQG UDLVHG LQ WKH 6R WKVLGH D VHQVH RI SULGH DQG D ILHUFH VHQVH RI LQGHSHQGHQFH ZDV D FRPPRQ WKUHDG FRQQHFWLQJ HDFK LQGLYLG DO WR WKLV SODFH DQG WR WKH EURDGHU FRPP QLW ' ULQJ P LQWHUYLHZ ZLWK QJHOD ZKR LV D &KHVODWWD &DUULHU 1DWLRQ PHPEHU VKH H[SODLQHG KRZ KHU FRQQHFWLRQ WR SODFH VKDSHV KHU GDLO OLIH QJHOD VD V , WKLQN SUREDEO EHLQJ UDLVHG &DUULHU DQG )LUVW 1DWLRQV D VHQVH RI EHORQJLQJ DQG WKDW JUR QGLQJ WR ZKHUH R U DQFHVWRUV DUH IURP KDV EHHQ LQVWU PHQWDO LQ P OLIH 6KH EHOLHYHV WKDW KDYLQJ D FRQQHFWLRQ WR KHU WUDGLWLRQDO WHUULWRU KDV LQIO HQFHG PDQ DVSHFWV RI KHUVHOI LQFO GLQJ KHU FKRLFH RI FDUHHU DQG 3VH GRQ P 3DJH RI KHU SROLWLFDO R WORRN ,W LV EHFD VH RI WKLV FRQQHFWLRQ DQG IHOW VHQVH RI EHORQJLQJ WKDW WKH ZLOGILUH VHDVRQ LPSDFWHG KHU QRW RQO SK VLFDOO DQG HFRQRPLFDOO E W DOVR HPRWLRQDOO DQG VSLULW DOO %HFD VH QJHOD NQRZV WKDW HYHU WKLQJ KDV VDFUHGQHVV HYHU WKLQJ KDV YDO H VKH IHHOV WKH LPSDFWV RI WKHVH ILUHV YHU GHHSO QJHOD H[SODLQHG WKDW WKH GHYDVWDWLRQ WKDW R DUH WU LQJ WR FRPSUHKHQG DV WKRVH IDVW ILUHV DUH PRYLQJ WKUR JK LV KRZ P FK ZLOGOLIH WKH DUH DFW DOO NLOOLQJ +HU ZRUU H[WHQGV EH RQG LPSDFWV WR SHRSOH V KRPHV DQG OLYHOLKRRGV E W WR WKH FUHDW UHV ELJ DQG VPDOO ZKR DOVR ORVH WKHLU KRPHV ZKHQ D ILUH RI WKLV PDJQLW GH SDVVHV WKUR JK )RU QJHOD DQG , WKLQN PRVW ,QGLJHQR V 3HRSOH DQG SHRSOH IURP U UDO DUHDV R U KHDUWDFKH DQG R U ZRUU DQG R U HPRWLRQV ,W V KDUG ,W V ORVV RQ VR PDQ OHYHOV V , OLVWHQHG WR QJHOD GHVFULEH KHU GHHS VHQVH RI ORVV P RZQ HPRWLRQV ZHOOHG S +HU GHVFULSWLRQ RI WKH VDFUHGQHVV RI ODQG DQG LWV LQKDELWDQWV KHOSHG PH WR QGHUVWDQG WKH GHSWK RI V IHOW LPSDFWV IRU DOO WKRVH ZLWK IDPLOLDO DQG VSLULW DO WLHV WR WKH 6R WKVLGH :KHQ QJHOD WDONHG DER W KRZ GLVRULHQWLQJ LW LV WR JR EDFN WR E UQW DUHDV SRVW ILUH VKH VDLG ,W V M VW D UHDOO V UUHDO WKLQJ WKDW R U EUDLQ M VW GRHVQ W UHDOO HYHU ZDQW WR FRPH EDFN IURP EHFD VH LW V IRUHYHU FKDQJHG DU DQG - OLH %ODFNZHOO OLYH RQ WKH VKRUHV RI 2RWVD /DNH 7KH KDYH EHHQ PDUULHG IRU HDUV DQG DU V FRQQHFWLRQ WR WKH 6R WKVLGH JRHV EDFN WKUHH JHQHUDWLRQV WR WKH V ZKHQ KLV JUDQGIDWKHU FDPH RYHU IURP (QJODQG WR KRPHVWHDG WKH DUHD 7KH PDNH WKHLU OLYLQJ DV UDQFKHUV IDUPHUV WUDSSHUV K QWLQJ J LGHV DQG DOVR SDUWLFLSDWH LQ WKH IRUHVW LQG VWU WZR ZRRGORWV ZKLFK ZHUH ERWK E UQHG E WKH 1DGLQD ZLOGILUH LQ LPSDFW WR WKHLU OLYHOLKRRGV DQG WKH ODQG ZD LW ZDV :H ORVW VR PDQ MREV IRU V KH UHIOHFWHG DER W WKH DU WROG PH WKDW LW ZLOO WDNH HDUV WR JHW LW EDFN WR WKH ORW RI WKH VPDOO JDPH E UQW WRR KHFWDUHV ,W ZDV D KRW E UQ 7KH RZQ OO RI WKDW LV JRQH OO RI WKH VT LUUHOV UDEELWV ORW RI WKH PDUWHQ DQG DOO RI WKH I U EHDULQJ DQLPDOV DORQJ ZLWK LW ,W WDNHV D ORQJ WLPH IRU LW WR FRPH EDFN 7KH %ODFNZHOOV H[SODLQHG M VW KRZ P FK RI DQ HFRQRPLF LPSDFW WKHVH ILUHV KDYH RQ WKHP ,Q D SODFH ZLWK PRVWO ODQG EDVHG RSSRUW QLWLHV IRU HPSOR PHQW LPSDFWV WR ODQG DUH GHHSO IHOW E DOO WKRVH ZKRVH 3DJH RI OLYHOLKRRG UHO RQ WKH ODQG V DU H[SODLQHG LW V JRLQJ WR WDNH D ORQJ WLPH WR KHDO %HFD VH RI LPSDFWV WR WKH ODQG WKH %ODFNZHOOV DORQJ ZLWK PDQ RWKHU 6R WKVLGHUV KDYH ORVW WKHLU SULPDU ORQJ WHUP VR UFH RI HPSOR PHQW QJHOD H[SODLQHG WKDW EHFD VH DQ LQFUHDVH LQ SRYHUW PRUH SHRSOH DUH K QWLQJ 7KLV LV LQFUHDVLQJ WKH SUHVV UH RQ ZLOGOLIH SRS ODWLRQV HYHQ WKR JK WKH VDPH ZLOGOLIH SRS ODWLRQV DUH VWU JJOLQJ WR UHFRYHU ZLWK D ORVV RI KDELWDW 6KH H[SODLQV 3HRSOH QHHG WR HDW 7KH FRVW RI OLYLQJ ZHQW S 7KH FRVW RI GRPHVWLF PHDW ZHQW S 6R SHRSOH DUH IHHOLQJ OLNH WKH KDYH WR K QW %HFD VH RI WKH HFRQRPLF LPSDFWV 6R WKVLGHUV DUH IRUFHG WR PDNH WR JK FKRLFHV LQ RUGHU WR ILOO WKHLU IUHH]HUV DQG IHHG WKHLU IDPLOLHV ' ULQJ WKH ZLOGILUH VHDVRQ PDQ KRPHV ORVW SRZHU IRU H[WHQGHG SHULRGV RI WLPH 7KLV UHV OWHG LQ SHRSOH FRPLQJ KRPH WR IUHH]HUV I OO RI VSRLOHG PHDW ,Q WKH 6R WKVLGH KR VHKROGV RIWHQ UHO RQ ZKDW V LQ WKH IUHH]HU DV WKHLU SULPDU IRRG VR UFH WKUR JKR W WKH ZLQWHU VHDVRQ :LWK WKH DELOLW WR U Q D JHQHUDWRU G ULQJ WKH SRZHU R WDJH FRPSURPLVHG G H WR ZLOGILUH HYDF DWLRQV IUHH]HU FRQWHQWV ZHUH OHIW WR URW &DQGDFH ZKR ZRUNV IRU &KHVODWWD H[SODLQHG WKDW PDQ RI WKH IRRGV WKDW ZHUH ORVW KDG EHHQ SDUW RI IDPLOLHV WUDGLWLRQDO KDUYHVW 7KHVH ZHUH UHSODFHG E GROODU JLIW FDUGV F UWHV RI WKH 5HG &URVV :KLOH WKLV JHVW UH SURYLGHG IRU WKH SK VLFDO QHHGV RI FRPP QLW PHPEHUV VWRUH ER JKW IRRGV GLIIHU IURP WUDGLWLRQDO IRRGV 7KHVH IRRGV DUH QDEOH WR SURYLGH IRU WKH F OW UDO SK VLFDO DQG VSLULW DO QHHGV RI ,QGLJHQR V FRPP QLW PHPEHUV LQ WKH VDPH ZD &DQGDFH LV JUDWHI O IRU WKLV ILQDQFLDO DLG DV ZHOO DV WKH FRPP QLW V LQFUHGLEOH DELOLW WR EDQG WRJHWKHU DQG V SSRUW RQH DQRWKHU E W VWLOO H[SUHVVHG WKH GHHS VHQVH RI ORVV V QJHOD H[SODLQHG WR PH WKH ILUH H[SRVHG D ORW 1RW RQO GLG LW H[SRVH WKH SK VLFDO ODQG WKR JK WKH ORVV RI SODQWV DQG FDQRS FRYHU E W LW DOVR H[SRVHG VRFLDO HPRWLRQDO DQG VSLULW DO LPSDFWV ZKLFK DUH IHOW YHU GHHSO 3VH GRQ P 3DJH RI &DQGDFH DOVR WDONHG DER W WKH LPSDFWV WKDW ODUJH DQG DJJUHVVLYH ZLOGILUHV KDG RQ WKH ODQG DQG WKH ZLOGOLIH &DQGDFH ZDV ZRUNLQJ IRU D QHLJKER ULQJ )LUVW 1DWLRQ G ULQJ WKH V PPHU RI DQG GHVFULEHG VRPH RI WKH LPSDFWV VKH REVHUYHG LQ WKDW DUHD SRVW ILUH 7KHUH ZDV QR ILVK 1RERG JRW PRRVH EHFD VH WKHUH ZDV QR PRRVH DUR QG 1RERG JRW FDULER NQRZ WKH GHHU ZHUH JRQH QRERG R QG ZKDW ZDV WKHUH RU ZKDW R GLG VHH ZHUH LQM UHG :KHQ OLVWHQLQJ WR KHU VSHDN , QGHUVWRRG WKDW WKH KHDOWK RI WKH ODQG DQG WKH KHDOWK RI WKH SHRSOH DUH FRQQHFWHG EHIRUH G ULQJ DQG DIWHU WKH ILUHV :KHQ , DVNHG DER W ZKHWKHU WKH ZLOGILUHV FKDQJHG SHRSOH V DELOLW WR KDUYHVW IRRG DQG HQJDJH LQ ODQG EDVHG DFWLYLWLHV &DQGDFH UHVSRQGHG WKDW LW DIIHFWHG LW LQ HYHU ZD 6KH GHVFULEHG WKH ODVWLQJ WUD PD WKDW ,QGLJHQR V FRPP QLWLHV IHHO DV D UHV OW RI WKH GLVSODFHPHQW DQG GLVU SWLRQ RI PDMRU ZLOGILUH HYHQWV ,Q &KHVODWWD SHRSOH ZHUH QGHU DQ HYDF DWLRQ RUGHU IRU WKUHH ZHHNV 7KH ZHUH KR VHG LQ YDULR V ORFDWLRQV QRUWK RI )UDQoRLV /DNH DQG FR OG QRW UHW UQ KRPH QWLO DOO HYDF DWLRQ RUGHUV ZHUH OLIWHG RQ 6HSWHPEHU 3OHDVH VHH WKH WLPHOLQH RQ SDJH DQG IRU D FRPSUHKHQVLYH GHVFULSWLRQ RI VSHFLILF HYHQWV %HFD VH SDUWLFLSDQWV H[SUHVVHG V FK D FRQQHFWLRQ WR ODQG WKHUH ZDV DOVR D UHFRJQLWLRQ WKDW KLVWRULFDO HYHQWV RI GLVSODFHPHQW DUH YHU P FK F UUHQW DQG UHOHYDQW WR KRZ PDQ LQGLYLG DOV H[SHULHQFHG WKH ZLOGILUH VHDVRQ QJHOD H[SODLQHG KRZ GLVSODFHPHQW G H WR HYDF DWLRQ DQG ZLOGILUH LPSDFWV WR F OW UDO VLWHV DQG ODQG M VW EULQJV S D ORW RI UDZQHVV SROLWLFDOO DUR QG VRPH RI WKRVH WKLQJV WKRVH KLVWRULFDO WUD PDV 7KRVH DUH VWLOO KHUH 7KH UH WKH UH SDUW RI ZKR ZH DUH )HHOLQJV RI GLVSODFHPHQW DUH QRW QHZ WR &KHVODWWD &DUULHU 1DWLRQ EHFD VH RI WKHLU KLVWRU ,Q UHIHUHQFH WR WKH ZLOGILUH HYDF DWLRQV 0LNH 5REHUWVRQ H[SODLQHG WKDW WKLV LV ZKDW KDSSHQHG WKUHH JHQHUDWLRQV DJR DW &KHVODWWD /DNH %DVLFDOO D NQRFN RQ WKH GRRU VD LQJ R JRW WZR GD V WR JHW WKH KHOO R W RI KHUH 7KH SHRSOH KDG WR OHDYH 7KH ZHUH IRUFHG WR OHDYH 7KH ZHUH HYDF DWHG 2Q 6HSWHPEHU &KLHI &RUULQD /HZHHQ ZHOFRPHG FRPP QLW PHPEHUV EDFN WR 3DJH RI WKHLU KRPHV DIWHU WKH HYDF DWLRQ RUGHU ZDV OLIWHG +HU ZHOFRPH VSHHFK UHFDOOHG KRZ WKH SDVW VKDSHV WKH SUHVHQW DQG KRZ WKH KLVWRULF UHPRYDO RI &KHVODWWD SHRSOH IURP WKHLU ODQGV LV VWLOO YHU P FK DOLYH LQ WKH FROOHFWLYH PHPRU W D FRPP QLW JDWKHULQJ KHOG WR ZHOFRPH HYDF HHV EDFN WR WKH 6R WKVLGH &KLHI &RUULQD /HZHHQ VDLG PDQ WLPHV G ULQJ R U HYDF DWLRQ , ZDV UHPLQGHG WKDW P DQFHVWRUV R U DQFHVWRUV V IIHUHG WKH OWLPDWH HYDF DWLRQ LQ 7KH ZHUH HYLFWHG RQ VKRUW QRWLFH RQO WRRN ZKDW WKH FR OG FDUU RQ WKHLU EDFNV DQG OHIW WKHLU KRPHODQG IRUHYHU 7KHLU KR VHV ZHUH LQWHQWLRQDOO E UQW GRZQ DQG DOO RI WKHLU OLIH V SRVVHVVLRQV ZHUH GHVWUR HG 2 U HYDF DWLRQ ODVWHG DER W ZHHNV DQG QRZ ZH DUH EDFN LQ R U KRPHV 7KHLU HYDF DWLRQ KDV ODVWHG HDUV &KLHI &RUULQD /HZHHQ VKDUHG ZLWK PH YLD SHUVRQDO FRPP QLFDWLRQ IURP 0LNH 5REHUWVRQ 7KH WUD PD RI IRUFHG UHORFDWLRQ ZDV D PDMRU IDFWRU VKDSLQJ LQGLYLG DO DQG FROOHFWLYH H[SHULHQFHV G ULQJ WKH ZLOGILUH VHDVRQ RI 7KHVH ODVWLQJ IHHOLQJV RI GLVSODFHPHQW DQG GLVSRVVHVVLRQ IURP ODQG HPHUJHG DV D FRPPRQ WKHPH WKUR JKR W LQWHUYLHZ GDWD 7KLV KLVWRU LV YHU P FK D SDUW RI WKH SUHVHQW IRU &KLHI &RUULQD /HZHHQ DV LW LV IRU QJHOD 7KH FRQQHFWLRQ WR D KLVWRU RI IORRGLQJ DQG WR &KHVODWWD V UHORFDWLRQ VKDSHG WKH ZD ERWK ,QGLJHQR V DQG QRQ ,QGLJHQR V SDUWLFLSDQWV IHOW DER W D WKRULW DQG DER W JRYHUQPHQW UHVSRQVH %HFD VH RI WKLV KLVWRU PDQ LQWHUYLHZ SDUWLFLSDQWV GHVFULEHG KDYLQJ D UHO FWDQFH WR WU VW JRYHUQPHQW SROLFLHV DQG UHSUHVHQWDWLYHV 7KR JK WKHVH KLVWRULFDO H[SHULHQFHV GLIIHU VLJQLILFDQWO EHWZHHQ ,QGLJHQR V DQG QRQ ,QGLJHQR V 6R WKVLGHUV LPSDFWV WR ODQG ZKLFK LV D SLOODU RI LGHQWLW DQG HFRQRPLF SURVSHULW ZDV D FRPPRQ WKUHDG FRQQHFWLQJ DOO LQWHUYLHZ SDUWLFLSDQWV VWRULHV DQG H[SHULHQFHV 7KH SK VLFDO DQG SROLWLFDO ODQGVFDSH &KHVODWWD &DUULHU 1DWLRQ LV FKDUDFWHUL]HG E LWV WHQDFLW DQG LWV LQFUHGLEOH DELOLW WR WKULYH LQ WKH IDFH RI DGYHUVH FRQGLWLRQV 7KUR JK KLV KDV VHHQ D ORW RI FKDQJHV +H VD V QRQVHQVH ZD RI GRLQJ WKLQJV HDUV ZRUNLQJ IRU &KHVODWWD 0LNH 5REHUWVRQ W KH VSLULW RI WKH SHRSOH LV ZKDW , OLNHG DQG WKHLU QR R NQRZ WKH YH EHHQ WKUR JK WKH ZRUVW D K PDQ FDQ LQIOLFW RQ 3DJH RI DQRWKHU JUR S RI SHRSOH 7KH UH WR JK DQG WKH UH DEVRO WHO IHDUOHVV 1RWKLQJ VFDUHV WKHP 7KUR JK P FRQYHUVDWLRQV ZLWK &KHVODWWD &DUULHU 1DWLRQ PHPEHUV DQG DER W &KHVODWWD &DUULHU 1DWLRQ ZLWK QRQ PHPEHUV WKH WKHPH RI UHVLOLHQFH ZDV LPSRVVLEOH WR LJQRUH 0DQ LQWHUYLHZ SDUWLFLSDQWV FUHGLWHG WKH V FFHVV DQG WKH UHVLOLHQW VSLULW RI &KHVODWWD WR WKHLU FRQVLVWHQW DQG IRUZDUG WKLQNLQJ OHDGHUVKLS +D]HO % UW RQH RI &KHVODWWD V WZR HOHFWHG &R QFLO PHPEHUV JDYH DQ H[DPSOH RI WKLV DV VKH GHVFULEHG WKH V SSRUW WKDW &KLHI &RUULQD /HZHHQ SURYLGHG WR &KHVODWWD PHPEHUV WKUR JKR W WKH ZLOGILUH VHDVRQ RI &KLHI /HZHHQ FKHFNHG RQ HDFK FRPP QLW PHPEHU LQGLYLG DOO ZKHWKHU WKH ZHUH OLYLQJ LQ WKH 6R WKVLGH RU LQ D QHLJKER ULQJ FRPP QLW 6KH GLG WKLV WR HQV UH WKH ZHOOEHLQJ RI HYHU PHPEHU DQG WR KHOS WDNH FDUH RI WKHLU VSHFLILF SHUVRQDO QHHGV +HU GLOLJHQFH DQG FRQVLVWHQF DV D OHDGHU ZDV PHQWLRQHG E PDQ SDUWLFLSDQWV DV D PDMRU VR UFH RI SULGH DQG D SLOODU RI VWUHQJWK IRU WKH FRPP QLW %HQ :LOVRQ ZKR ZRUNHG DV &KHVODWWD V IRUHVWU FRRUGLQDWRU IRU HLJKW DQG KDOI HDUV GHVFULEHG &KHVODWWD &DUULHU 1DWLRQ V OHDGHUVKLS SKLORVRSK WR PH :KHQ WKH &KLHI DQG OHDGHUVKLS WHDP PDNH GHFLVLRQV RQH RI WKH NLQG RI PDQWUDV LV WKDW LW V JRW WR EHQHILW WKH HQWLUH FRPP QLW DQ WKLQJ WKDW &KHVODWWD GRHV HDK LW KDV WR EHQHILW &KHVODWWD E W VKR OG EHQHILW WKH 6R WKVLGH DV ZHOO DQG LW VKR OG EHQHILW LQG VWU SDUWQHUV 7KH FROODERUDWLYH VSLULW DQG JHQHURVLW RI &KHVODWWD &DUULHU 1DWLRQ VKLQHV WKUR JK LQ WKH UHODWLRQVKLSV WKH KDYH E LOW ZLWK QHLJKER ULQJ )LUVW 1DWLRQV ZLWK WKH 3URYLQFLDO JRYHUQPHQW DQG ZLWK LQG VWU SDUWQHUV LQFO GLQJ 5LR 7LQWR IRUPHUO OFDQ %HQ ZHQW RQ WR GHVFULEH WKH HFRQRPLF EHQHILWV WKDW IRUHVWU EULQJV WR WKH 6R WKVLGH DORQJ ZLWK &KHVODWWD V WUDMHFWRU WR EHFRPLQJ HFRQRPLF GULYHUV WKUR JK WKHLU IRUHVWU HQGHDYR UV +H H[SODLQHG WKDW &KHVODWWD KROGV D FRPP QLW IRUHVW WHQ UH DQG LV D SDUW RI WKH % UQV /DNH 1DWLYH 'HYHORSPHQW &RUSRUDWLRQ ZKLFK LQ W UQ RZQV D SDUW RI %DELQH )RUHVW 3URG FWV DQG 'HFNHU /DNH )RUHVW 3URG FWV %HQ GHVFULEHG IRUHVWU DQG RQH RI WZR PDMRU HFRQRPLF GHYHORSPHQW SURMHFWV IRU WKH 1DWLRQ WKH RWKHU EHLQJ ZRUNLQJ ZLWK 5LR 7LQWR +H R WOLQHG KRZ WKH 1DWLRQ 3DJH RI VHF UHG WKHLU RZQ WHQ UHV DIWHU FRQFHUQ DUR QG KDUYHVWLQJ SUDFWLFHV LQ WKH V 7KLV ZDV D ZD IRU &KHVODWWD WR JDLQ JUHDWHU FRQWURO RYHU WKH KDUYHVWLQJ RI WLPEHU LQ WKHLU WUDGLWLRQDO WHUULWRU DQG WR LQYHVW LQ WKHLU HFRQRPLF I W UH DQG WKDW RI WKH UHJLRQ %HQ H[SODLQHG WR PH WKDW KDYLQJ DFFHVV WR D YRO PH RI WLPEHU QGHU WKHLU RZQ WHQ UH DFWV DV D VRUW RI F UUHQF IRU &KHVODWWD 7KH DUH DEOH WR VH WKHLU WHQ UH WR OHYHUDJH RWKHU OLFHQVHHV DQG LQG VWU SDUWQHUV DQG WR IRUP SDUWQHUVKLSV DQG DJUHHPHQWV ZKLFK DUH P W DOO EHQHILFLDO V ZH GLVF VVHG WKH WRSLF RI IRUHVWU DQG LQQRYDWLRQ 0LNH 5REHUWVRQ GHVFULEHG KRZ &KHVODWWD V ULVH WR HFRQRPLF V FFHVV DOVR FRQWULE WHG WR FRPP QLW FRKHVLRQ LQ WKH 6R WKVLGH V SUHYLR VO PHQWLRQHG WKH 6R WKVLGH LV DQ H[WUHPHO LQWHJUDWHG FRPP QLW ,QGLJHQR V DQG QRQ ,QGLJHQR V SHRSOH DOLNH FDOO WKH 6R WKVLGH KRPH DQG OLYH DV QHLJKER UV DQG IDPLO PHPEHUV WKUR JKR W WKH UHJLRQ :KHQ 0LNH EHJDQ ZRUNLQJ IRU &KHVODWWD HDUV DJR KH REVHUYHG VRPH QHJDWLYH G QDPLFV ZLWKLQ WKH 6R WKVLGH LQFO GLQJ D ORW RI UDFLVP D ORW RI G VI QFWLRQ V &KHVODWWD &DUULHU 1DWLRQ V HFRQRPLF VLW DWLRQ EHJDQ WR VKLIW WKUR JK WKHLU IRUHVWU H[SHUWLVH DQG HFRQRPLF GHYHORSPHQW SURMHFWV WKH EURDGHU FRPP QLW LQFUHDVHG WKHLU UHVSHFW IRU WKH 1DWLRQ 3UHVHQWO &KHVODWWD LV WKH PDLQ GULYHU RI WKH HFRQRP LQ WKH 6R WKVLGH DQG WKHLU HQWHUSULVHV HPSOR PHPEHUV DQG QRQ PHPEHUV DOLNH 0LNH GHPRQVWUDWHG &KHVODWWD V LQFO VLYH YDO HV DQG FROODERUDWLYH VSLULW DV KH WDONHG DER W HPSOR LQJ LQGLYLG DOV ZKR RQFH GLVSOD HG UDFLVP DQG SUHM GLFH +H H[SODLQHG WKDW GHVSLWH WKHLU KLVWRU RI EHLQJ QNLQG ZH DUH UHDG DQG DEOH WR KLUH WKRVH VDPH SHRSOH 7KUR JKR W P MRLQW FRQYHUVDWLRQ ZLWK 0LNH 5REHUWVRQ DQG -DPHV 5DNRFK ZKR KDV KHOG WKH WLWOH RI &KHVODWWD V /DQG DQG 5HVR UFH 0DQDJHU IRU WZHQW RQH HDUV WKDW , QGHUVWRRG WKH V FFHVV RI &KHVODWWD &DUULHU 1DWLRQ WR EH D VKDUHG V FFHVV IRU WKH 6R WKVLGH 7KH H[SUHVVHG D VHQVH RI SULGH LQ WKH ZRUN WKDW WKH KDYH GRQH ZLWK DQG IRU WKH 1DWLRQ DQG D GHVLUH WR VKDUH WKDW V FFHVV ZLWK WKH EURDGHU FRPP QLW RI WKH 6R WKVLGH 7KR JK &KHVODWWD V V FFHVV LQ IRUHVWU LV QGHQLDEOH YDULR V LQWHUYLHZ SDUWLFLSDQWV H[SUHVVHG FRQFHUQHG DER W KRZ ZLOGILUH UHODWHG LPSDFWV WR WKH WLPEHU V SSO ZLOO DIIHFW 3DJH RI &KHVODWWD V DELOLW WR WKULYH HFRQRPLFDOO -DPHV H[SODLQHG WKDW SULRU WR WKH ILUHV &KHVODWWD KDG M VW JHDUHG S DQG S UFKDVHG ORJJLQJ HT LSPHQW DQG VHW S D FRPSDQ :H VWDUWHG ORJJLQJ DER W D PRQWK EHIRUH WKH ILUHV QG KHUH ZH DUH ZLWK EUDQG QHZ HT LSPHQW DQG ELOOV WR SD DQG ZH ORVH SHUFHQW RI R U OLFHQFH WKDW ZDV V SSRVHG WR IHHG WKHVH J V 6R LW KDV PDGH LW KDUG WR UHFRYHU IURP WKDW %HFD VH LPSDFWV WR &KHVODWWD V WHQ UH DUHD KDV DQG ZLOO QGR EWHGO DIIHFW WKHLU HFRQRPLF RSSRUW QLWLHV -DPHV H[SUHVVHG FRQFHUQ DER W WKH ZHOOEHLQJ RI FRPP QLW PHPEHUV DQG &KHVODWWD V HFRQRPLF SDUWQHUVKLSV OWKR JK IRUHVWU LV FHQWUDO WR WKH HFRQRPLF ZHOOEHLQJ RI WKH FRPP QLW SDUWLFLSDQWV GLVF VVHG WKHLU IU VWUDWLRQV ZLWK VSHFLILF IRUHVWU SUDFWLFHV PDQ LQWHUYLHZ DU %ODFNZHOO VSHQW ZHHNV ILJKWLQJ WKH 1DGLQD ZLOGILUH ZLWK KLV QHLJKER UV +H REVHUYHG WKDW LW ZR OG UHDOO E LOG S VWHDP ZKHQ LW JRW WR WKH IUHVK ORJJLQJ /LNH EORFNV WKDW ZHUH S WR PD EH HDUV ROG 7KH OHDYH VR P FK VODVK RQ WKH EORFNV QRZDGD V ZKHQ LW KLW WKRVH LW ZR OG M VW DEVRO WHO H[SORGH DQG ZKHQ LW JRW WR WKH VWDQGLQJ JUHHQ WLPEHU LW ZR OG VORZ GRZQ WKDW ZDV D ELJ SUREOHP 7KH VKR OG EH PDGH WR FOHDQ LW S ,W LV WKUR JK GLUHFW REVHUYDWLRQ WKDW DU QGHUVWDQGV ZKDW W SHV RI I HO FRPSRVLWLRQ EHFRPH KLJKO IODPPDEOH ZKHQ ZLOGILUHV SDVV WKUR JK OVR FULWLFDO RI SDUWLF ODU IRUHVWU SUDFWLFHV QJHOD EHOLHYHV WKDW SROLFLHV DQG SUDFWLFHV RI WKH SDVW FUHDWH WKH YRODWLOH FRQGLWLRQV ZH VHH RQ WKH ODQG WRGD QJHOD ZR OG OLNH FRPP QLW PHPEHUV H[SHULHQFHV IURP WR PDNH VRPH DFW DO SROLWLFDO FKDQJH DUR QG SROLF DQG SUDFWLFH LI ZH GRQ W WKHUH LV M VW JRLQJ WR EH FRQWLQ HG GHYDVWDWLRQ 6KH GHVFULEHG WR PH VRPH RI KHU IU VWUDWLRQV ZKLFK LQFO GH WKH ZD WKDW WKH SLQH EHHWOH HSLGHPLF ZDV PDQDJHG WKH ODFN RI FRQWUROOHG E UQLQJ LPSOHPHQWHG WR OLPLW I HO ORDGLQJ DQG WKH VH RI SHVWLFLGHV WR V SSUHVV OHVV FRPPHUFLDOO YLDEOH OHDI EHDULQJ VWDQGV RI WUHHV ZKLFK DFW DV QDW UDO ILUH EUHDNV 2Q WKHVH SDUWLF ODU WRSLFV KHU IU VWUDWLRQV DUH HFKRHG E RWKHU FRPP QLW PHPEHUV LQFO GLQJ 0LOHV ) OOHU 0LOHV ) OOHU KDV OLYHG LQ WKH )UDQo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p -RKDQVHQ DQG 'DYLG U HQ RZQ WKH WKULYLQJ E VLQHVV RI 7DN VLH /DNH 5HVRUW ,W LV D VPDOO ODNH VLGH UHVRUW ZLWK D FDPSJUR QG DQG URRPV IRU UHQW ,WV VWRUH JDV VWDWLRQ DQG UHVWD UDQW SURYLGH VWDSOHV WR ORFDOV DQG YDFDWLRQHUV DOLNH ,W LV D FDWFK DOO FRPP QLW K E ZLWK D ZKROH ORW RI FKDUDFWHU ,Q 5LVp V ZRUGV KHU E VLQHVV LQFO GHV D SV FKLDWULF DGYLFH UHVRUW VWRUH UHVWD UDQW EDU V , WDONHG ZLWK 5LVp DQG 'DYLG DER W WKH VHDVRQ , OHDUQHG WKDW PDQ RI WKH LQWHUDFWLRQV WKH KDG ZLWK SURIHVVLRQDO UHVSRQVH SHUVRQQHO ZHUH FKDUDFWHUL]HG E PLV QGHUVWDQGLQJ DQG D ODFN RI WU VW 7KH GHVFULEHG WKH PHVVDJLQJ WKH UHFHLYHG IURP 5&03 DQG ILUVW UHVSRQGHUV DV VFDUH WDFWLFV ZKLFK LQFO GHG RYHUW VWDWHPHQWV DER W KRZ WKHLU VWRUH DQG ZKROH FRPP QLW ZDV OLNHO WR E UQ 7R 5LVp DQG 'DYLG WKHVH VWDWHPHQWV ZHUH WRROV WR IRUFH WKHP WR HYDF DWH % FKRRVLQJ WR VWD 5LVp WROG PH WKDW VKH DQG 'DYLG ZHUH QRW WU LQJ WR EH KHURHV 7KH VWD HG LQ RUGHU WR VDYH WKHLU SURSHUW DQG WR NHHS WKHLU VWRUH RSHQ WR V SSRUW WKH 3DJH RI FRPP QLW V QHHGV 7KLV UROH HYHQW DOO VKLIWHG LQWR KHOSLQJ ZLWK HPHUJHQF UHVSRQVH DV WKH V SSOLHG I HO IRU UHVSRQGHUV DQG KR VHG DQG IHG ILUHILJKWHUV 7KUR JKR W WKH ZLOGILUH VHDVRQ 5LVp DQG 'DYLG ZRUNHG WLUHOHVVO WR SURYLGH VHUYLFHV DQG V SSRUW IRU ERWK FRPP QLW PHPEHUV DQG ILUVW UHVSRQGHUV GHVSLWH WKH RQJRLQJ HIIRUWV WR JHW WKHP WR OHDYH V 'DYLG H[SODLQHG WR PH LI 5&03 VH FRPPRQ VHQVH DQG WKH KDG WKH LQIRUPDWLRQ WKH QHHGHG WKH ZR OGQ W EH DVNLQJ V WR OHDYH EHFD VH WKH NQHZ WKDW ZH ZHUH V SSO LQJ HYHU ERG DOO WKH WU FNV ZLWK I HO DQG JDV IRU WKH ILUH S PSV DQG IHHGLQJ SHRSOH DQG ORRNLQJ DIWHU SHRSOH ,QFRQVLVWHQF LQ PHVVDJLQJ DQG ODFN RI DSSUHFLDWLRQ IRU WKHLU HIIRUWV FKDUDFWHUL]HG 5LVp DQG 'DYLG V LQWHUDFWLRQV ZLWK HPHUJHQF UHVSRQVH RUJDQL]DWLRQV %HFD VH RI KRZ WKH ZHUH WUHDWHG 5LVp GHVFULEHG ORVLQJ WU VW LQ WKH 5&03 ZKR ZHUH VWDWLRQHG LQ WKH 6R WKVLGH VWDWLQJ WKDW RQH RI WKHVH GD V ZH PLJKW DFW DOO QHHG R SHRSOH DQG ZH ZRQ W FDOO R EHFD VH ZH GRQ W WU VW R 7KR JK WKLV VHQWLPHQW ZDV QRW QLT H WR 5LVp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p 6KH KDV DQ QZDYHULQJ IDLWK LQ RG DQG LQ WKH SRZHU RI KHU FRPP QLW 7KH RSWLPLVP VKH FRQYH HG G ULQJ R U FRQYHUVDWLRQ QHDUO EUR JKW PH WR WHDUV ' ULQJ WKH ZLOGILUH VHDVRQ )DLWK DOVR FKRVH QRW WR HYDF DWH 7KUR JKR W LWV G UDWLRQ VKH SURYLGHG GDLO PHDOV DQG VDIHW FKHFN LQV IRU ORFDO SHRSOH ZKR GLGQ W HYDF DWH DQG ZHUH ZRUNLQJ WKH ILUHV 7KLV HIIRUW JUHZ WR LQFO GH PHDOV IRU SURIHVVLRQDO UHVSRQGHUV IRU SLORWV IRU WKH 5&03 DQG IRU DQ RQH ZKR QHHGHG GLQQHU O QFK DQG D ERWWOH RI ZDWHU )DLWK DQG KHU WHDP RI FRPP QLW YRO QWHHUV GLG WKLV IRU IUHH ZLWKR W WKH H[SHFWDWLRQ RI SD PHQW 7KUR JK WKLV VHUYLFH )DLWK ZDQWHG WR EULQJ SHRSOH WRJHWKHU DQG V SSRUW WKH VDIHW DQG ZHOOEHLQJ RI UHVLGHQWV DQG UHVSRQGHUV 6KH KDG D JRRG UHODWLRQVKLS ZLWK HYHU RQH VKH VHUYHG E W DOVR GHVFULEHG H[SHULHQFLQJ LQFRQVLVWHQW PHVVDJLQJ IURP HPHUJHQF UHVSRQVH SHUVRQQHO )DLWK GHVFULEHG EHLQJ DVNHG E VRPH 5&03 RIILFHUV WR VWD RSHQ DQG WKHQ UHT HVWV IURP WKH QH[W RQHV IRU KHU GHQWDO UHFRUGV VR WKDW ZKHQ R JHW E UQHG ZH ZDQW WR ILJ UH R W ZKHUH R UH R NQRZ ZKR R DUH 1RWDEO VL[ LQWHUYLHZ SDUWLFLSDQWV GHVFULEHG EHLQJ DVNHG WR SURYLGH D WKRULWLHV ZLWK HLWKHU WKHLU GHQWDO UHFRUGV RU SHUPLVVLRQ WR DFFHVV WKHP 7KLV UHT HVW VWRRG R W WR PRVW DV GLVUHVSHFWI O DQG QQHFHVVDU :KHQ WDONLQJ DER W WKH UHT HVW IRU KHU GHQWDO UHFRUGV )DLWK GHVFULEHG LW DV UHDOO KDUG RQ R U FR UDJH ,QWHUYLHZ SDUWLFLSDQWV ZKR FKRVH WR VWD LQ WKH 6R WKVLGH DQG WKRVH ZKR HYDF DWHG ERWK FKDUDFWHUL]HG WKH HYDF DWLRQV DV IHHOLQJ OLNH D ORVV RI FRQWURO 6RPH RI WKRVH ZKR HYDF DWHG VWDWHG WKDW LQ WKH I W UH WKH ZR OG QRW FKRVH WR OHDYH DJDLQ 7KH IHOW GLVHPSRZHUHG E WKH ODFN RI LQIRUPDWLRQ DER W FRQGLWLRQV LQ WKH 6R WKVLGH 7KH EHOLHYHG WKDW RQFH WKH FURVVHG WKH IHUU WR % UQV /DNH WKH ZR OG EH QDEOH WR UHW UQ WR WKHLU KRPHV +D]HO % UW ZKR LV DQ HOHFWHG %DQG &R QFLO PHPEHU IRU &KHVODWWD &DUULHU 1DWLRQ FKRVH QRW WR HYDF DWH 6KH ZDV JUDQWHG 3DJH RI SHUPLVVLRQ WR FURVV EDFN DQG IRUWK RQ WKH IHUU +D]HO GHVFULEHG WKH H[SHULHQFH RI YLVLWLQJ (OGHUV ZKR ZHUH HYDF DWHG DQG VWD LQJ LQ % UQV /DNH DV SDUWLF ODUO WR JK EHFD VH WKH KDG QRWKLQJ WR GR 7KR JK WKH FRPP QLW RI % UQV /DNH ZDV LQVWU PHQWDO LQ PHHWLQJ WKH SK VLFDO QHHGV RI HYDF HHV WKH PHQWDO DQG HPRWLRQDO WROO WKDW HYDF DWLRQV KDG (OGHU SRS ODWLRQV ZDV PHQWLRQHG E VHYHUDO SDUWLFLSDQWV 7KHVH LPSDFWV DIIHFWHG ERWK ,QGLJHQR V DQG QRQ ,QGLJHQR V (OGHUV 2QH SDUWLFLSDQW PHQWLRQHG KRZ WKH GLVU SWLRQ WR GDLO UR WLQH SRVHV D PDMRU FKDOOHQJH IRU (OGHUV 7ZR LQWHUYLHZ SDUWLFLSDQWV PHQWLRQHG KRZ FKDQJHV WR WKH ODQGVFDSH DIIHFWHG (OGHU SHRSOHV DELOLW WR UHPHPEHU 7KHVH VWRULHV GHPRQVWUDWH WKH OLQNDJH EHWZHHQ SODFH DQG PHPRU ZKLFK LV SDUWLF ODUO SRLJQDQW IRU (OGHUV /DUVHQ DQG -RKQVRQ V ZULWLQJV DER W WKH DJHQF RI SODFH DUH KHOSI O UHIOHFWLRQV ZKLFK UHPLQG PH WKDW SODFH LV ERWK QHFHVVLW DQG YHKLFOH IRU WKH H[SUHVVLRQ RI &UHDWLRQ LQWR PDQ IRUPV RI OLIH DQG ZH FRPH WR NQRZ WKLV R WVLGH ZRUOG WKUR JK R U IRUPDWLYH UHODWLRQVKLS ZLWK SODFH /DUVHQ -RKQVRQ SJ V YDULR V SDUWLFLSDQWV H[SUHVVHG FRQFHUQ IRU (OGHU SHRSOH V PHQWDO DQG SK VLFDO ZHOOEHLQJ LQ WKH DIWHUPDWK RI WKH ILUHV LPSDFWV WR ODQG EHFDPH PDMRU IDFWRUV ZKLFK VKDSHG WKHVH H[SHULHQFHV &RPP QLW 0HQWDO +HDOWK &OLQLFLDQ IRU &DUULHU 6HNDQL )DPLO 6HUYLFHV 1 UHH +D]HOWRQ ZRUNV LQ WKH 6R WKVLGH ZLWK &KHVODWWD &DUULHU 1DWLRQ 6NLQ 7 HH )LUVW 1DWLRQ DQG 1HH 7DKL % KQ %DQG PHPEHUV 1 UHH H[SODLQHG KRZ WKUR JK KHU ZRUN DQG UHODWLRQVKLSV VKH KDV FRPH WR NQRZ KRZ HPRWLRQDOO UHVLOLHQW &KHVODWWD SHRSOH DUH 6KH WROG PH WKDW &KHVODWWD SHRSOH KDYH EHHQ WKUR JK VR P FK KDUGVKLS DQG VKH GUDZV D GLUHFW FRQQHFWLRQ EHWZHHQ WKHLU KLVWRU DQG KRZ LQGLYLG DOV DUH WRGD 'HVSLWH WKLV UHVLOLHQFH 1 UHH GHVFULEHG WKH KDUGHVW SDUW RI V SSRUWLQJ FRPP QLW PHPEHUV G ULQJ DQG DIWHU WKH ZLOGILUHV RI ZDV KHOSLQJ SHRSOH ZRUN WKUR JK IHHOLQJV RI KHOSOHVVQHVV 1RW NQRZLQJ LI R U KRPH ZDV JRLQJ WR E UQ QRW EHLQJ WKHUH DQG QRW EHLQJ DEOH WR GR DQ WKLQJ DER W LW ZDV H[WUHPHO FKDOOHQJLQJ IRU FRPP QLW PHPEHUV WR QDYLJDWH 3DJH RI 7KUR JKR W WKH ZLOGILUH VHDVRQ 1 UHH GLG QRW WUDYHO WR WKH 6R WKVLGH 6KH VWD HG DW KHU KRPH QRUWK RI )UDQo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o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p DQG 'DYLG GHVFULEHG ZRUNLQJ SZDUGV RI KR UV D GD U QQLQJ RQ QR VOHHS DQG WU LQJ WR SURYLGH IRU WKH FRPP QLW DV ZHOO DV IRU ILUVW UHVSRQGHUV 'DYLG GHVFULEHG KRZ ZRUNLQJ VR P FK DQG EHLQJ QGHU VR P FK VWUHVV PDGH KLP IHHO OLNH D SLQEDOO LQ D SLQEDOO PDFKLQH %HFD VH WKHUH ZDV DOZD V D GHPDQG IRU WKHLU VHUYLFHV DV ZHOO DV DQ RQJRLQJ WKUHDW WR WKHLU VWRUH IURP WKH ILUH LWVHOI 5LVp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oRLV /DNH WR WKH QRUWK DQG WR WKH VR WK E 2RWVD /DNH DQG &KHVODWWD /DNH 3OHDVH VHH PDSV RQ SDJH DQG 5HVLGHQWV RI WKH 6R WKVLGH UHO RQ D HDU UR QG IHUU VHUYLFH IRU FRQVLVWHQW YHKLFOH DFFHVV WR HVVHQWLDO JRRGV DQG VHUYLFHV ' ULQJ WKH ZLOGILUH VHDVRQ WKLV SLHFH RI FULWLFDO LQIUDVWU FW UH ZDV VHG DV D FRQWURO SRLQW WR OLPLW WKH S EOLF V DFFHVV WR DUHDV DIIHFWHG E ILUHV ZKLFK ZHUH QGHU HYDF DWLRQ DOHUWV DQG RUGHUV FFHVV WR WKH 6R WKVLGH IHUU ZDV FRQWUROOHG E D SHUPLW V VWHP DQG UHVWULFWHG WR RQO HVVHQWLDO WUDYHO DQG ILUVW UHVSRQGHUV 5LVp -RKDQVHQ H[SODLQHG WR PH KRZ WKHUH ZDV QR FOHDU 3DJH RI SURFHVV RU FULWHULD FRPP QLFDWHG IRU WKH LVV LQJ RI IHUU SHUPLWV 6KH DQG 'DYLG U HQ KDG RQJRLQJ VWU JJOHV DFFHVVLQJ IHUU SDVVDJH GHVSLWH WKHLU SLYRWDO UROHV SURYLGLQJ IRRG I HO DQG ORGJLQJ WR FRPP QLW PHPEHUV DQG ILUVW UHVSRQGHUV 5LVp H[SODLQHG WR PH WKDW ZKHQ DVNLQJ IRU D FOHDU H[SODQDWLRQ RI WKH IHUU SHUPLWWLQJ SURFHVV R NHSW JHWWLQJ GLIIHUHQW VWRULHV DER W ZKR ZDV LQ FKDUJH ZKR PDNHV WKH GHFLVLRQV 6KH DQG VHYHUDO RWKHU LQWHUYLHZ SDUWLFLSDQWV GHVFULEHG KRZ WKH FULWHULD WKDW WKH 5HJLRQDO 'LVWULFW VHG WR LVV H IHUU SHUPLWV ZDV LQFRQJU HQW ZLWK WKH FRPP QLW V HVVHQWLDO WUDYHO QHHGV %HFD VH PDQ ORFDO SHRSOH KDG QRW HYDF DWHG WKH IHOW DV WKR JK WKH IHUU UHVWULFWLRQV GHQLHG WKHP DFFHVV WR HVVHQWLDO JRRGV LQFO GLQJ DFFHVV WR IRRG DQG I HO 7KLV G QDPLF I UWKHUHG PDQ ORFDO SHRSOHV PLVWU VW RI WKH QRQ ORFDO 5&03 SHUVRQQHO ZKR ZHUH WDVNHG ZLWK HQIRUFLQJ WKH SHUPLW V VWHP V SDUW RI KLV LQG VWU OLDLVRQ UROH 0LOHV ) OOHU DUUDQJHG WR KDYH D ORFDO SHUVRQ VLW ZLWK WKH 5&03 DW WKH QRUWKHUQ VLGH RI WKH IHUU WR DVVLVW LQ GHWHUPLQLQJ ZKR ZDV D ORFDO DQG ZKR ZDV QRW %HFD VH RI KLV UHODWLRQVKLS ZLWK WKH %& :LOGILUH 6HUYLFH SHUVRQQHO 0LOHV ZDV SULY WR VRPH RI WKH VWRULHV DQG OHVVRQV WKDW WKH KDG OHDUQHG LQ WKH :LOOLDPV /DNH DUHD G ULQJ WKH E V ZLOGILUH VHDVRQ +H LQIRUPHG PH WKDW LQ HYDF DWLRQV ZHUH VHG DV D FRQYHQLHQW FRYHU QGHU ZKLFK QRQ ORFDO SHRSOH FR OG FOHDQ R W YDO DEOHV IURP WKH YDFDQW KRPHV RI HYDF HHV +H H[SODLQHG WKDW WKLV ZDV SDUW RI WKH UHDVRQ IRU OLPLWLQJ DFFHVV WR WKH 6R WKVLGH 7KR JK WKH WKUHDW RI SRWHQWLDO ORRWLQJ RU WKHIW GLG QRW FRQFHUQ 0LNH 5REHUWVRQ KH DOVR GHVFULEHG KDYLQJ D VRUW RI ORFDO DPEDVVDGRU DW WKH VR WKHUQ HQG RI WKH IHUU LQ FDVH ORFDO SHRSOH QHHGHG DQ DGYRFDWH WR VHF UH IHUU SDVVDJH RU D VDIH UHW UQ 'HVSLWH WKHVH HIIRUWV ZKLFK LQFRUSRUDWHG ORFDO SHUVSHFWLYHV LQWR WKH 6R WKVLGH IHUU UHJ ODWLRQ LQWHUYLHZ SDUWLFLSDQWV GLVF VVHG WKH IHUU SHUPLW V VWHP DV D PDMRU VR UFH RI IU VWUDWLRQ 0DQ LQGLYLG DOV ZKR GLG QRW HYDF DWH PDGH WKHLU FKRLFH SDUWO EHFD VH WKH NQHZ WKDW WKH ZR OG QRW EH DOORZHG EDFN WR WKH 6R WKVLGH RQFH WKH FURVVHG WKH IHUU QRUWKER QG 3DJH RI 7KH ZD V LQ ZKLFK WKH VSRNH DER W WKLV LVV H LQGLFDWHG D ODFN RI WU VW LQ WKH V VWHP DQG D ODFN RI FRQVLVWHQW PHVVDJLQJ DER W IHUU SHUPLW FULWHULD DQG SURFHVVHV 7KLV JHRJUDSKLF IHDW UH EHFDPH D PDMRU LVV H WKDW ZDV WKH VR UFH RI VLJQLILFDQW IULFWLRQ EHWZHHQ HPHUJHQF UHVSRQVH RUJDQL]DWLRQV DQG ORFDO SHRSOH QRWKHU SLHFH RI FULWLFDO LQIUDVWU FW UH LPSDFWHG G ULQJ WKH ILUHV ZDV WKH 7KUHH 1DWLRQV :DWHU 3ODQW 7KLV IDFLOLW LV D VWDWH RI WKH DUW ZDWHU ILOWUDWLRQ DQG GLVWULE WLRQ V VWHP ZKLFK V SSOLHV ZDWHU WR WKH SHRSOH RI 6NLQ 7 HH 1DWLRQ 1HH 7DKL % KQ %DQG DQG &KHVODWWD &DUULHU 1DWLRQ DV ZHOO DV D VLJQLILFDQW Q PEHU RI QRQ ,QGLJHQR V FOLHQWV %RWK &DQGDFH DQG +D]HO % UW UHFR QWHG KRZ WKH LQFUHDVHG GHPDQG IRU ZDWHU DOPRVW S W WKLV FULWLFDO SLHFH RI LQIUDVWU FW UH DW ULVN &RPP QLW PHPEHUV HIIRUWV WR SURWHFW WKHLU KRPHV GURYH LQGLYLG DOV WR RYHU VH WKLV V VWHP GHVSLWH ZDUQLQJV WKDW GDPDJH ZR OG RFF U LI WKH UHVHUYRLU UDQ GU ' ULQJ WKH ILUHV WKH SODQW KDG WR EH VK W GRZQ ZKHQ LWV WDQNV ZHUH GUDLQHG LQ RUGHU WR SURWHFW WKH V VWHP DQG SUHYHQW SHUPDQHQW GDPDJH 7KR JK WKH 7KUHH 1DWLRQV :DWHU 3ODQW ZDV QRW GHVLJQHG WR ZLWKVWDQG WKH NLQG RI GHPDQG SODFHG SRQ LW WKH FRPP QLW PDQDJHG WR DYRLG SHUPDQHQW GDPDJH WR LW ' ULQJ KHU LQWHUYLHZ &DQGDFH VSRNH DER W KHU H[SHULHQFHV WU LQJ WR HQFR UDJH Y OQHUDEOH SHRSOH WR HYDF DWH IURP WKH UHPRWH ,QGLJHQR V FRPP QLW ZLWK ZKRP VKH ZDV WKHQ ZRUNLQJ %HFD VH WKH DLU T DOLW ZDV VR SRRU SDLUHG ZLWK GHWHULRUDWLQJ OLYLQJ FRQGLWLRQV &DQGDFH V FRQFHUQ IRU WKH ZHOOEHLQJ RI FRPP QLW PHPEHUV DOVR H[WHQGHG WR UHVSRQGHUV DQG FRPP QLW OHDGHUV 6KH DVNHG +RZ DUH R JRLQJ WR KHOS LI R FDQ W KHOS R UVHOI /LNH KRZ ,I R FDQ W EUHDWKH LI R FDQ W ORRN DIWHU R UVHOI KRZ GR R KHOS WKH UHVW RI R U PHPEHUV &DQGDFH ZDV ZRUNLQJ LQ D FRPP QLW PRUH UHPRWH WKDQ WKH 6R WKVLGH ZKHUH URDG DFFHVV ZDV SUHFDULR V DQG KDG WKH SRWHQWLDO WR EH F W RII FRPSOHWHO E ZLOGILUHV 0DQ (OGHUV UHI VHG WR HYDF DWH 8QDEOH WR FRQYLQFH WKHVH (OGHUV WR OHDYH FRPP QLW PHPEHUV DQG OHDGHUV V SSRUWHG WKHLU SK VLFDO DQG HPRWLRQDO QHHGV GHVSLWH RQJRLQJ HIIRUWV WR FKDQJH WKHLU PLQGV &DQGDFH V H[SHULHQFHV DQG UHIOHFWLRQV IURP WKLV QHLJKER ULQJ FRPP QLW ZHUH T LWH 3DJH RI GLIIHUHQW IURP WKH VWRULHV , KHDUG DER W WKH 6R WKVLGH 1R RWKHU LQWHUYLHZ SDUWLFLSDQW PHQWLRQHG ZKHWKHU FRPP QLW PHPEHUV WKHPVHOYHV HQFR UDJHG LQGLYLG DOV WR HYDF DWH E W GHVFULEHG WKH RQJRLQJ SUHVV UH WR HYDF DWH DV FRPLQJ VROHO IURP HPHUJHQF UHVSRQVH SHUVRQQHO 3DUWLFLSDQWV DOVR GHVFULEHG WKH V SSRUW &KHVODWWD &DUULHU 1DWLRQ SURYLGHG IRU DOO RI WKRVH ZKR VWD HG ZLWKLQ WKH HYDF DWLRQ DUHD WR SURYLGH HVVHQWLDO VHUYLFHV SURWHFW SURSHUWLHV DQG ODQG I HO JHQHUDWRUV KDUYHVW JDUGHQV DQG WHQG WR OLYHVWRFN 7KUR JKR W WKH ZLOGILUH UHVSRQVH HIIRUWV &KHVODWWD V SSRUWHG ERWK ,QGLJHQR V DQG QRQ ,QGLJHQR V UHVLGHQWV LQ WDQJLEOH ZD V 0LNH 5REHUWVRQ GHVFULEHG KRZ WKH 1DWLRQ ER JKW DQG V SSOLHG I HO IRRG DQG HVVHQWLDO JRRGV IRU WKHVH LQGLYLG DOV WR DFFHVV 7KH GLVWULE WHG WKHVH JRRGV WR DQ RQH ZKR QHHGHG WKHP UHJDUGOHVV RI WKHLU LGHQWLW WKHLU UROH RU WKHLU SDVW KLVWRU :KHQ 0LNH H[SODLQHG WKLV DFW RI V SSRUW , ZDV RQFH DJDLQ UHPLQGHG RI WKH LQFO VLYH DQG FRKHVLYH QDW UH RI WKH 6R WKVLGH DQG WKH JHQHURVLW RI &KHVODWWD &DUULHU 1DWLRQ -DPHV 5DNRFK ZDV FURVVLQJ WKH IHUU GDLO WR FKHFN RQ KLV VWDII DQG WR HQV UH WKH VDIHW RI WKRVH LQGLYLG DOV ZKR ZHUH R W ZRUNLQJ LQ UHPRWH DUHDV -DPHV H[SODLQHG WKDW KLV VWDII ZHUH R W LVRODWHG 1R FHOO SKRQH FRYHUDJH QR QRWKLQJ 6R LW PDGH PH YHU WHQVH DQG ZRUULVRPH 7KH 6R WKVLGH LV DQ DUHD RI WKH SURYLQFH ZLWK YHU OLPLWHG FHOO VHUYLFH 7KH ODFN RI FRQQHFWLYLW ZDV EUR JKW S E PDQ SDUWLFLSDQWV DV D PDMRU FRQWULE WLQJ IDFWRU WR WKH GDQJHUR V FRQGLWLRQV ORFDOV DQG UHVSRQGHUV DOLNH IDFHG ZKHQ ZRUNLQJ LQ WKH E VK RU RQ UHPRWH URDGV 7KHUH ZHUH PDQ ORFDO LQGLYLG DOV R W ZRUNLQJ WKH IURQW OLQHV DORQH ZLWKR W SKRQHV UDGLRV RU DQ LPPHGLDWH PHDQV RI FKHFNLQJ LQ %HFD VH WKH SRZHU ZDV R W LQ WKH PDMRULW RI WKH 6R WKVLGH IRU D ODUJH SRUWLRQ RI WKH ZLOGILUH VHDVRQ HOHFWURQLF PHDQV RI FKHFNLQJ RQ UHVLGHQWV DQG ORFDOV ZHUH OLPLWHG , KHDUG D KDQGI O RI VWRULHV DER W QHDU PLVVHV RQ WKH IURQW OLQHV G ULQJ ZKLFK ORFDO SHRSOH S W WKHLU OLYHV DW ULVN WR HQV UH WKH VDIHW RI WKHLU IULHQGV QHLJKER UV DQG IDPLO PHPEHUV :KLOH LQGLYLG DOV ILJKWLQJ WKH ILUHV ZHUH R W LVRODWHG ZLWKR W DQ WDQJLEOH ZD RI VWD LQJ 3DJH RI FRQQHFWHG FRPP QLW PHPEHUV ZKR KDG HYDF DWHG WR % UQV /DNH DOVR KDG QR DFFHVV WR UHOLDEOH DQG S WR GDWH LQIRUPDWLRQ 5LVp -RKQDVHQ OHIW KHU VWRUH IRU WZR KR UV QGHU G UHVV WKH DIWHUQRRQ RI J VW DV D IODPH IURQW ZDV DGYDQFLQJ :KHQ VKH DQG 'DYLG UHW UQHG WKH VDZ WKDW WKHLU QHLJKER U V KR VH KDG EHHQ E UQW WR WKH JUR QG 5LVp GHVFULEHG WKH LPSDFWV RI UHW UQLQJ WR 7DN VLH /DNH 5HVRUW DIWHU WKH ILUH KDG SDVVHG WKUR JK DV OLNH UPDJHGGRQ DQG OLNH D ZDU ]RQH V VKH DQG 'DYLG SLFNHG S WKH SLHFHV DQG V SSUHVVHG OLQJHULQJ ILUHV LQ WKH YLFLQLW RI FDELQV I HO WDQNV DQG YHKLFOHV 5LVp GLVFRYHUHG WKDW ZDV QR IRUPDO SURFHVV VHW S WR QRWLI HYDF HHV ZKR KDYH ORVW WKHLU KRPHV 1 UHH +D]HOWRQ DOVR GHVFULEHG WKH ODFN RI S WR GDWH DQG UHOLDEOH LQIRUPDWLRQ DV D FKDOOHQJH DQG WDONHG DER W KRZ WKLV DEVHQFH WLPHO DQG DFF UDWH LQIRUPDWLRQ FUHDWHG DQ HQYLURQPHQW IRU PLVLQIRUPDWLRQ WR SUROLIHUDWH 6KH H[SODLQHG WKDW EHFD VH RI WKLV YRLG RI LQIRUPDWLRQ WKDW LW V QRW HYHQ M VW WKDW LW V DQ DFW DO WKUHDW R VHH E W WKHQ WKHUH V DOVR WKLV DVSHFW RI LW EHLQJ DQ LQYLVLEOH WKUHDW PLVLQIRUPDWLRQ LV VRPHWKLQJ WKDW NLQG RI EHFDPH D ZLOGILUH RI LWV RZQ ,Q WKH DEVHQFH RI D IRUPDO SURFHVV 5LVp WRRN LW SRQ KHUVHOI WR LQIRUP WKLV FORVH QHLJKER U DER W WKH ORVV GGLWLRQDOO VKH VWDUWHG D )DFHERRN SDJH WR ILOO WKH LQIRUPDWLRQ YRLG 5LVp EHFDPH WKH H HV DQG HDUV IRU HYDF HHV SRVWLQJ WKLQJV VKH VDZ RU KHDUG WR WU DQG D JPHQW WKH LQIRUPDWLRQ SGDWHV FRPLQJ IURP HPHUJHQF UHVSRQVH RUJDQL]DWLRQV ZKLFK VKH GHVFULEHG DV EHLQJ LQIUHT HQW DQG VWDOH 7KUR JK KHDULQJ WKH VWRULHV DQG WKH YLVFHUDO H[SHULHQFHV RI LQWHUYLHZ SDUWLFLSDQWV , KDYH FRPH WR QGHUVWDQG WKDW WKH SK VLFDO LQIUDVWU FW UH RI WKH 6R WKVLGH SOD HG D ODUJH UROH LQ KRZ WKH FRPP QLW H[SHULHQFHG ZLOGILUH HYHQWV LQ 7KR JK WKH UHPRWHQHVV RI WKH 6R WKVLGH LV SDUW RI ZKDW VKDSHV LWV F OW UH DQG LWV KLVWRU WKLV VDPH UHPRWHQHVV DQG ODFN RI DPHQLWLHV SRVHG FKDOOHQJHV G ULQJ V SSUHVVLRQ HIIRUWV 7KHVH EHFDPH VR UFHV RI IULFWLRQ EHWZHHQ FRPP QLW PHPEHUV DQG UHVSRQVH RUJDQL]DWLRQV DW YDULR V SRLQWV WKUR JKR W WKH V PPHU 3DJH RI The importance of local knowledge 7KR JK PDQ RI WKH LQWHUDFWLRQV EHWZHHQ UHVSRQVH SHUVRQQHO DQG ORFDO SHRSOH GHVFULEHG WR PH ZHUH FULWLFDO WKHUH ZDV DOVR DQRWKHU VWRU OLQH ZKLFK LQFO GHG VWRULHV RI FRRSHUDWLRQ P W DO V SSRUW DQG K PR U ,Q DGGLWLRQ WR WKH PDQ PRPHQWV RI IU VWUDWLRQ VKH GHVFULEHG 5LVp DOVR WROG PH WKDW WKHUH DUH VRPH UHDO JORULR V PRPHQWV WRR WKR JK WKDW R FDQ W IRUJHW DER W 7KH SRVLWLYH LQWHUDFWLRQV WKDW VKH GHVFULEHG LQFO GHG PRPHQWV RI K PR U DQG JUDWLW GH , QRWLFHG WKDW DOO RI WKH WLPHV SDUWLFLSDQWV H[SUHVVHG SRVLWLYH VHQWLPHQWV DER W WKH DFWLRQV RI HPHUJHQF UHVSRQGHUV WKHVH LQWHUDFWLRQV ZHUH FKDUDFWHUL]HG E D UHFRJQLWLRQ RI VKDUHG K PDQLW DQG D UHVSHFW IRU WKH F OW UH RI WKH 6R WKVLGH , KDYH FKHULVKHG WKH SRVLWLYH VWRULHV WKDW ZHUH WROG WR PH WKUR JKR W WKH LQWHUYLHZ SURFHVV DQG QGHUVWDQG WKHVH PHVVDJHV WR EH SDUW RI LQGLYLG DO DQG FROOHFWLYH KHDOLQJ SURFHVVHV 0LNH 5REHUWVRQ V PPHG S D VHQWLPHQW WKDW FRQQHFWHG PDQ RI WKH LQWHUYLHZ SDUWLFLSDQWV R WORRN WRZDUG HPHUJHQF UHVSRQVH LQ WKH 6R WKVLGH ZLWK KLV VWDWHPHQW ORFDO NQRZOHGJH LV DV LPSRUWDQW DV ZDWHU LQ D ILUH LW V OLNH FRPLQJ WR D QHZ DUHD FRPSOHWHO EOLQGIROGHG 7KH RQO SHRSOH WKDW FDQ WDNH WKDW EOLQGIROG RII LV WKH ORFDO H[SHUWV 7R DGGUHVV WKH ODVWLQJ IHHOLQJV PDQ SDUWLFLSDQWV KDG ZKHUH WKHLU ORFDO NQRZOHGJH ZDV GLVUHVSHFWHG RU LJQRUHG 0LNH ZR OG OLNH IRU D ORFDO H[SHUW WR EH GHS WL]HG LQWR WKH ,QFLGHQW &RPPDQG VWU FW UH LQ WKH I W UH 7KLV VHQWLPHQW ZDV VKDUHG E RWKHU LQWHUYLHZ SDUWLFLSDQWV ZKR H[SUHVVHG D GHVLUH IRU PRUH UHFRJQLWLRQ RI WKHLU H[SHUWLVH DORQJ ZLWK LQFUHDVHG GHFLVLRQ PDNLQJ SRZHU 0LOHV ) OOHU V UROH DV ,QG VWU /LDLVRQ SDUWLDOO ILOOHG WKLV ORFDO NQRZOHGJH UROH ZLWKLQ WKH ,QFLGHQW &RPPDQG 7HDP LQ 7KR JK KH DGYLVHG WKH %& :LOGILUH 6HUYLFH WKH 5&03 DQG RWKHU UHVSRQVH DJHQFLHV RQ WKH F OW UH WKH ODQG DQG WKH SHRSOH RI WKH 6R WKVLGH 0LOHV EHOLHYHV WKDW WKHUH DUH OLPLWV WR ZKDW ORFDO SHRSOH VKR OG EH DVNHG WR WDNH RQ G ULQJ ZLOGILUH HYHQWV %HFD VH RI WKH FORVH FRQWDFW KH KDG ZLWK WKH ,QFLGHQW &RPPDQG WHDP WKUR JKR W WKH WR JK GHFLVLRQV WKH KDG WR PDNH KH ZDV SULY WR VRPH RI V V FK 0LOHV KDV D GHHS UHVSHFW IRU WKH OHYHO RI H[SHUWLVH 3DJH RI SURIHVVLRQDO ZLOGILUH SHUVRQQHO EULQJ ZLWK WKHP 0LOHV GHVFULEHG ZDWFKLQJ D ORFDO UHVLGHQW ZKR KHOG D KLJK UDQNLQJ GHFLVLRQ PDNLQJ UROH JR WKUR JK D PHQWDO KHDOWK FULVLV DV D UHV OW RI WKH VWUHVV KH ZDV S W QGHU 0LOHV DWWULE WHV WKLV WR WKH DPR QW WKLV SHUVRQ NQHZ DQG FDUHG DER W WKH FRPP QLW DQG LWV PHPEHUV 0LOHV EHOLHYHV WKDW ZKHQ ORFDOV DUH LQ FKDUJH RI PDNLQJ RSHUDWLRQDO GHFLVLRQV G ULQJ ZLOGILUH HYHQWV WKH IDPLOLDULW WKH KDYH ZLWK WKH FRPP QLW FDQ EH H[WUHPHO HPRWLRQDOO WD[LQJ +H WROG PH WKDW DV ORFDOV R NQRZ LQGLYLG DOV WKDW OLYH RQ WKH JUR QG R W WKHUH R YH EHHQ WR WKHLU KR VH R YH KDG WHD ZLWK WKHP RQ WKHLU SRUFK DQG ZKHQ LW FRPHV GRZQ WR GUDZLQJ D OLQH ZKHUH R QHHG WR S W D ILUHJ DUG ZKHUH R UH JRLQJ WR PDNH D VWDQG DW R UHDOO GRQ W QHHG WR NQRZ ZKR DV LQGLYLG DOV OLYH RQ HLWKHU VLGH RI WKDW OLQH 7KR JK DOO SDUWLFLSDQWV ZHUH DGDPDQW DER W WKH QHHG WR YDO H DQG VH ORFDO NQRZOHGJH WKHLU H[SHFWDWLRQV UHJDUGLQJ WKH GHJUHH WR ZKLFK ORFDO SHRSOH VKR OG EH LQWHJUDWHG LQWR GHFLVLRQ PDNLQJ VWU FW UHV ZDV QRW FRQVLVWHQW +RZHYHU RQH WKLQJ WKDW GLG UHPDLQ FRQVLVWHQW EHWZHHQ HYHU SDUWLFLSDQW ZDV YDO LQJ WKH LQWHJUDWLRQ RI ORFDO VNLOOV DQG NQRZOHGJH 7KH GHVLUH WR LQFUHDVH UHVSRQVH RUJDQL]DWLRQV NQRZOHGJH DQG UHVSHFW IRU WKH QLT H F OW UH RI WKH 6R WKVLGH ZDV D FRPPRQ WKUHDG FRQQHFWLQJ HYHU LQWHUYLHZ GGUHVVLQJ WKH ODFN RI ORFDO YDO HV UHIOHFWHG LQ S EOLF SROLF &DQGDFH VSRNH DER W WKH FKDOOHQJHV VKH IDFHG WU LQJ WR FRPP QLFDWH ,QGLJHQR V .QRZOHGJH DQG YDO HV WR HPHUJHQF UHVSRQVH SHUVRQQHO &DQGDFH ZDV LQ D OHDGHUVKLS UROH G ULQJ WKH IRU D )LUVW 1DWLRQ LPSDFWHG E ZLOGILUHV ZLOGILUH VHDVRQ ZRUNLQJ V SDUW RI WKLV UROH VKH ZDV OLDLVLQJ ZLWK QHLJKER ULQJ FRPP QLWLHV DQG ZLWK HPHUJHQF UHVSRQVH RUJDQL]DWLRQV RQ EHKDOI RI WKH 1DWLRQ :KHQ ZH WDONHG DER W VRPH RI WKH PDMRU FKDOOHQJHV VKH IDFHG &DQGDFH GHVFULEHG WU LQJ WR FRPP QLFDWH WKH 1DWLRQ V SULRULW DUHDV IRU V SSUHVVLRQ WR HPHUJHQF UHVSRQGHUV 6KH WROG PH WKDW LQ WKH PLGVW RI KLJK ILUH DFWLYLW DQG RQJRLQJ ZLOGILUH V SSUHVVLRQ DFWLYLWLHV 3DJH RI KDOI R U WHUULWRU ZDV DOUHDG E UQW DW WKDW WLPH ZR OG FDUH WKDW IWHU ZH ZHUH H PDLOLQJ SKRQLQJ FRPSODLQLQJ WHOOLQJ ZKRHYHU R NQRZ ZKDW R U WUDS OLQHV DOO RI R U WKHUH V VLWHV WKDW DUH F OW UDO VLWHV OLNH JUDYH DUGV 7KH UH JRLQJ WR E UQ LI R GRQ W JHW LQ WKHUH &DQGDFH GHVFULEHG WKLV FRQYHUVDWLRQ DV KDSSHQLQJ WRR ODWH DIWHU WKH ILUHV KDG DOUHDG LPSDFWHG LPSRUWDQW VLWHV ZKLFK ZHUH QRW VHHQ DV SULRULWLHV WR HPHUJHQF UHVSRQVH RUJDQL]DWLRQV &DQGDFH DOVR H[SODLQHG KRZ PDQ )LUVW 1DWLRQV FRPP QLW PHPEHUV H[SHULHQFH EDUULHUV ZKHQ WKH DSSO IRU ILUVW UHVSRQGHU MREV 6KH H[SODLQHG WKDW WKHUH V VR PDQ WKLQJV FULWHULD WKDW R YH JRW WR JR WKUR JK WKDW R UH QRW JRLQJ WR JHW WKUR JK 6R R UH D WRPDWLFDOO QRW T DOLILHG 7KR JK &DQGDFH ZDV WKH QLT H LQWHUYLHZ SDUWLFLSDQW WR PHQWLRQ WKLV LVV H WKH JRYHUQPHQW RI %ULWLVK &RO PELD KDV UHFHQWO LPSOHPHQWHG D VHUYLFH DYDLODEOH WR ,QGLJHQR V DSSOLFDQWV VHHNLQJ WR ZRUN LQ WKH %& 3 EOLF 6HUYLFH 7KH ,QGLJHQR V SSOLFDQW G LVRU 6HU LFH RYHUQPHQW RI %ULWLVK &RO PELD Q G E VHHNV WR LQFUHDVH ,QGLJHQR V UHSUHVHQWDWLRQ LQ WKH %& 3 EOLF 6HUYLFH 7KR JK QRW DQ RYHUW DFNQRZOHGJHPHQW RI V VWHPLF ELDV WKLV LQLWLDWLYH ZR OG EH DYDLODEOH IRU ,QGLJHQR V DSSOLFDQWV VHHNLQJ HPSOR PHQW ZLWK %& :LOGILUH 6HUYLFH V &DQGDFH H[SODLQHG WKH ODFN RI ,QGLJHQR V 3HRSOH PDQDJLQJ DQG ZRUNLQJ DV SDUW RI UHVSRQVH RUJDQL]DWLRQV I UWKHU GLVWDQFHV )LUVW 1DWLRQV YDO HV IURP ZKDW LV SULRULWL]HG IRU V SSUHVVLRQ G ULQJ ZLOGILUH HYHQWV &DQGDFH ZR OG OLNH WR VHH PRUH .QRZOHGJH +ROGHUV LQWHJUDWHG LQWR HVWDEOLVKLQJ HPHUJHQF UHVSRQVH SULRULWLHV VR WKDW WKHUH LV OHVV GLVFRQQHFW EHWZHHQ FRPP QLW YDO HV DQG UHVSRQGHU SULRULWLHV )LUH DV D FDWDO VW IRU FKDQJH ,Q WKH DIWHUPDWK RI WKH ZLOGILUH VHDVRQ WKH 6R WKVLGH LV VWLOO KHDOLQJ 0DQ SDUWLFLSDQWV H[SUHVVHG IHHOLQJV RI ORVV IHHOLQJ GLVRULHQWHG DQG DQ LQFUHDVH LQ GHSUHVVLRQ DPRQJ FRPP QLW PHPEHUV ' ULQJ R U LQWHUYLHZ QJHOD GHVFULEHG WKH RQJRLQJ LPSDFWV WR KHU FRPP QLW 6KH WROG PH WKDW IRU FRPP QLW PHPEHUV WKHUH V D ORW RI PR UQLQJ DQG WKHUH LV D 3DJH RI ORW RI JULHI DQG ORVV QG LW V D YHU HPRWLRQDO WKLQJ 7KHUH V D ORW RI DQJHU 7KHUH V M VW D ORW RI KRSHOHVVQHVV WKDW SHRSOH IHOW QG LW V JRLQJ WR WDNH , WKLQN D Q PEHU RI HDUV WR UHFRYHU IURP WKDW 7KH RYHUDUFKLQJ PHVVDJH , WRRN DZD IURP R U FRQYHUVDWLRQ ZDV WKDW WKH ODQG WKH VSLULW RI WKH SHRSOH DQG WKH ZHOOEHLQJ RI DOO FUHDW UHV DUH LQWHUFRQQHFWHG DQG WKDW DOO KDYH V IIHUHG DV D UHV OW RI WKH ILUHV :KHQ VKH ZDONV FHUWDLQ DUHDV RI WKH WHUULWRU QJHOD GHVFULEHG IHHOLQJ OLNH KHU VR O FULHV DQG DFKHV 7KDW V KRZ , FDQ GHVFULEH LW EHVW 'HVSLWH WKHVH LQWHQVH HPRWLRQDO LPSDFWV QJHOD LV RSWLPLVWLF WKDW PRUH FRQYHUVDWLRQV ZLWK FRPP QLWLHV ZKR KDYH EHHQ WKUR JK VLPLODU H[SHULHQFHV DQG PRUH GLDORJ H EHWZHHQ FRPP QLW PHPEHUV FDQ EULQJ DER W SRVLWLYH FKDQJH 6KH NQRZV WKDW ZKHQ ORFDO SHRSOH UHVSRQG WR HPHUJHQFLHV LQ WKHLU RZQ EDFN DUG LW V QRW M VW D SD FKHT H IRU WKHP ,W V WKHLU FRPP QLW LW V WKHLU KRPHV DQG LW V WKHLU OLYHOLKRRGV WKDW DUH DW VWDNH 6R , WKLQN PDNLQJ WKHP D SDUW RI WKH VRO WLRQ LV UHDOO LPSRUWDQW DQG RSHQLQJ S GLDORJ H IRU WKDW PRYLQJ IRUZDUG , WKLQN LV UHDOO LPSRUWDQW 9DULR V 6R WKVLGH FRPP QLW LQLWLDWLYHV KDYH VSU QJ S DV D UHVSRQVH WR WKH ZLOGILUHV DV D ZD IRU WKH FRPP QLW WR UHJDLQ D VHQVH RI FRQWURO DQG WR EH PRUH SUHSDUHG VKR OG DQRWKHU ODUJH ILUH VHDVRQ KDSSHQ 5LVp -RKDQVHQ LV WKH FKDLUSHUVRQ RI WKH &KLQRRN (PHUJHQF 5HVSRQVH 6RFLHW 7KLV FRPP QLW VRFLHW ZDV FUHDWHG DIWHU ZLWK WKH JRDO RI LQFUHDVLQJ GLDORJ H ZLWKLQ WKH FRPP QLW DQG ZLWK RWKHU HPHUJHQF UHVSRQVH DJHQFLHV ,W DLPV WR LPSURYH FRPP QLW UHVSRQVH WR HPHUJHQFLHV LQ WKH I W UH 6LQFH FRQYHUVDWLRQV ZLWK WKH %& :LOGILUH 6HUYLFH DER W SUHSDUHGQHVV DER W FRPP QLW SULRULWLHV DQG DER W H[SHUWLVH ZLWKLQ WKH FRPP QLW KDYH LQFUHDVHG 5LVp GHVFULEHG WKLV DV D SRVLWLYH VWHS WRZDUG D UHQHZHG UHODWLRQVKLS 6KH WROG PH WKDW ZH UH ERWK UHDOO WU LQJ WR PDNH WKLQJV EHWWHU WR EH EHWWHU SUHSDUHG DV IDU DV UHVLGHQWV JR )RU WKHP WR QGHUVWDQG WKH NQRZOHGJH DQG VNLOO VHW R W KHUH WKDW FDQ KHOS WKHP 'HVSLWH FKDOOHQJLQJ G QDPLFV RI WKH SDVW LQWHUYLHZ SDUWLFLSDQWV H[SUHVVHG RSWLPLVP DQG SRVLWLYH FKDQJH KDYLQJ HPHUJHG LQ WKH DIWHUPDWK RI ' ULQJ D KDQGI O RI LQWHUYLHZV , ZDV LQIRUPHG WKDW WKH ILUHV EUR JKW WR OLJKW DQG VKLIWHG 3DJH RI VRPH RI WKH PRUH GLIILF OW FRPP QLW G QDPLFV -DPHV 5DNRFK DQG 0LNH 5REHUWVRQ GHVFULEHG LQVWDQFHV ZKHUH UHVLGHQWV ZKR ZR OG KDYH QHYHU DFFHSWHG KHOS IURP &KHVODWWD ZHUH LQ QHHG RI DVVLVWDQFH ZLWK WKHLU UDQFKHV RU SURSHUWLHV &KHVODWWD SURYLGHG V SSRUW WR DOO FRPP QLW PHPEHUV UHJDUGOHVV RI WKHLU LQGLYLG DO RU FROOHFWLYH DWWLW GH WRZDUG WKH 1DWLRQ &KHVODWWD V ZHOFRPLQJ DQG JHQHUR V DSSURDFK WUDQVIRUPHG KLVWRULFDOO WHQVH G QDPLFV DV WKH RIIHUHG WDQJLEOH DQG PDWHULDO KHOS WR HYHU RQH ZLOOLQJ WR DFFHSW LW -DPHV GHVFULEHG SRVLWLYH LQVLJKWV LQWR QHZ SRVVLELOLWLHV IRU KLVWRULFDOO EDG UHODWLRQVKLSV :KHQ VSHDNLQJ DER W LQWHUDFWLRQV &KHODWWD KDG ZLWK FRPP QLW PHPEHUV ZKR KDG RQFH GLVSOD HG SUHM GLFH -DPHV VDZ D EULHI SHULRG RI WLPH ZKLFK ZDV G ULQJ WKH ILUH DQG SUREDEO DER W VL[ PRQWKV DIWHU WKDW WKDW UDFLVW DWWLW GH ZHQW DZD (YHQ WKR JK 0LNH DQG -DPHV ERWK GHVFULEHG WKLV FKDQJH DV WHPSRUDU LW ZDV VLJQLILFDQW WR WKHP ERWK )DLWK 0DUWLQ V VHUYLFH WR WKH FRPP QLW VWRRG R W IRU PDQ LQWHUYLHZ SDUWLFLSDQWV DV DQ H[DPSOH RI VHOIOHVVQHVV DQG UHVLOLHQFH 6KH ZDV RQH RI WKH ODVW SHRSOH , LQWHUYLHZHG DQG , IHOW DV WKR JK , NQHZ D ORW DER W KHU HYHQ EHIRUH ZH JRW WKH FKDQFH WR WDON (YHQ DIWHU KHU VWULQJ RI EDG O FN ZLWK ILUHV ZKLFK SODJ HG KHU SRVW WKLQJV WR EH EHWWHU RU ELWWHU )DLWK WROG PH WKDW ZH FDQ FKRRVH RQH RI WZR QG , FKRRVH WR EH EHWWHU 7KH IRUWLW GH )DLWK GLVSOD HG RYHUFRPLQJ DGYHUVLW DQG VHHNLQJ R W RSSRUW QLWLHV IRU LPSURYHPHQW ZDV HFKRHG E PDQ RWKHU SDUWLFLSDQWV DV WKH UHFR QWHG HYHQWV DQG PDGH PHDQLQJ RI WKHLU H[SHULHQFHV WZR HDUV DIWHU WKH PDMRU ZLOGILUHV RI , RIWHQ ZRQGHU KRZ WKHVH UHIOHFWLRQV ZR OG KDYH EHHQ GLIIHUHQW LQ RU ZKHWKHU WLPH KDV EHHQ D PDMRU FRQWULE WLQJ IDFWRU WRZDUG WKH SHUVRQDO DQG FROOHFWLYH JURZWK WKDW SDUWLFLSDQWV GLVSOD HG WKUR JK WKHLU VWRULHV 6LQFH 7DN VLH /DNH V 'DYLG U HQ KDV ER JKW KLPVHOI D ILUH WU FN +H LQWHQGV WR VH LW WR ILJKW ILUHV RQ WKH 6R WKVLGH DQG SUHYHQW DQRWKHU HDU OLNH IURP KDSSHQLQJ HYHU DJDLQ +H KDV LQYHVWHG LQ WKLV SLHFH RI HT LSPHQW QRW RQO IRU KLV IDPLO DQG E VLQHVV E W IRU WKH 3DJH RI FRPP QLW DV D ZKROH 'DYLG LV KRSHI O WKDW UHQHZHG FRQYHUVDWLRQV IURP WKH R WFRPHV RI ZLOO EULQJ DER W FRRSHUDWLRQ EHWZHHQ FRPP QLW PHPEHUV DQG HPHUJHQF UHVSRQVH RUJDQL]DWLRQV +H VDLG WKDW KRSHI OO ZH M VW NHHS LPSURYLQJ DORQJ WKH ZD DQG JHW PRUH RQ ERDUG VR WKDW ZH DUH DOO S OOLQJ LQ WKH VDPH URSH JRLQJ LQ WKH VDPH GLUHFWLRQ , DP DOVR KRSHI O DV , OLVWHQ WR VWRULHV IURP LQWHUYLHZ SDUWLFLSDQWV WKDW VKRZFDVH WKH VWUHQJWK RI WKH FRPP QLW DQG WKH SRVLWLYH FKDQJH WKDW LV DOUHDG KDSSHQLQJ &RQFO VLRQ 7KH PDJQLW GH RI ZKDW KDSSHQHG LQ WKH 6R WKVLGH WKH V PPHU RI LV VRPHWKLQJ WKDW HDFK DQG HYHU LQWHUYLHZ KLJKOLJKWHG ,Q GHVFULELQJ ZKDW ZDV E UQW E WKH 1DGLQD ILUH DORQH DU %ODFNZHOO VDLG , VWLOO GRQ W WKLQN WKH JRYHUQPHQW UHDOL]HV ZKDW WKH FRPP QLW ORVW :LWK DOO RI WKH ZRRGORWV DQG KHFWDUHV RI IRUHVW E UQHG 7KH WKLUWHHQ FRPP QLW PHPEHUV UHSUHVHQWHG LQ WHQ LQWHUYLHZV HDFK VKDUHG FRPSHOOLQJ DQG HPRWLRQDO DFFR QWV RI WKHLU H[SHULHQFHV 7KHLU LQYHVWPHQW DQG FRQQHFWLRQ WR SODFH JDYH PHDQLQJ WR KRZ WKH WLPHOLQH RI HYHQWV GHVFULEHG RQ SDJH DQG DUH IHOW E LQGLYLG DOV DQG FRPP QLWLHV V 5LVp DQG 'DYLG VWDWHG LI 7DN VLH /DNH 5HVRUW ZHUH WR E UQ ZH UH QRW M VW ORVLQJ R U KRPH ZH DUH ORVLQJ R U MRE ZH DUH ORVLQJ HYHU WKLQJ ZH KDYH 7KH LQYHVWPHQW 6R WKVLGHUV KDYH LQ WKH ODQG ZDV D FRPPRQ WKUHDG )RU ,QGLJHQR V SDUWLFLSDQWV DQ DQFHVWUDO FRQQHFWLRQ WR SODFH ZDV LQKHUHQW WKUR JK F OW UDO WHDFKLQJV SDVVHG GRZQ JHQHUDWLRQDOO )RU QRQ ,QGLJHQR V SDUWLFLSDQWV , KHDUG DER W KRZ WKH ODQG SURYLGHV IRU WKHP DQG WKHLU IDPLOLHV 7KH OLYHOLKRRGV RI WKHLU DQFHVWRUV GHSHQGHG RQ WKH ODQG DQG WKHLU FRQQHFWLRQ WR SODFH LV VWUHQJWKHQHG ZLWK HDFK JHQHUDWLRQ ZKR JURZV S LQ WKH 6R WKVLGH 7KH LQVLJKWV , JDLQHG WKUR JK LQWHUYLHZLQJ WKLUWHHQ SDUWLFLSDQWV G ULQJ WHQ LQWHUYLHZV DUH RUJDQL]HG LQWR VL[ WKHPHV ZKLFK LQFO GH SK VLFDO DQG SROLWLFDO ODQGVFDSH ,PSDFWV WR WKH ODQG DQG WR WKH SHRSOH WKH ILUH DV D VLWH RI SHUVRQDO DQG FROOHFWLYH VWU JJOH WKH 3DJH RI OLPLWDWLRQV RI SK VLFDO LQIUDVWU FW UH WKH LPSRUWDQFH RI ORFDO NQRZOHGJH DQG ILUH DV D FDWDO VW IRU FKDQJH 7KUR JK FRQG FWLQJ WKLV UHVHDUFK , KDYH E LOW QHZ UHODWLRQVKLSV DQG VWUHQJWKHQHG H[LVWLQJ RQHV , DP JUDWHI O WR KDYH EHHQ SULY WR WKHVH VWRULHV 3DJH RI DSWHU R FOXVLR 6 QWKHVLV 7KH ZLOGILUH VHDVRQ VDZ ILUHV LQ %ULWLVK &RO PELD ZKLFK FRQV PHG RYHU PLOOLRQ KHFWDUHV RI ODQG DQG V USDVVHG HYHU RWKHU HDU RQ UHFRUG &RO PELD Q G G ,Q RYHUQPHQW RI %ULWLVK WKH 6R WKVLGH ZDV DW WKH KHDUW RI WKH ODUJHVW DQG PRVW DJJUHVVLYH ZLOGILUHV LW KDV HYHU VHHQ DQG &KHVODWWD &DUULHU 1DWLRQ ZRUNHG KDUG WR V SSRUW WKH FRPP QLW DQG LWV PHPEHUV WKUR JKR W 0 RULJLQDO LQWHQWLRQ ZLWK UHVHDUFKLQJ DQG ZULWLQJ WKLV WKHVLV ZDV WR QGHUVWDQG P OWLSOH VLGHV RI D VLQJOH HYHQW 7KUR JK UHYLHZLQJ OLWHUDW UH DQG WKHRULHV DQG E LQWHUYLHZLQJ FRPP QLW PHPEHUV DQG LQWHUSUHWLQJ WKHLU VWRULHV , ZDV DEOH WR JDLQ LQVLJKW LQWR IR U RULJLQDO UHVHDUFK T HVWLRQV ZKLFK UHDG DV IROORZV +RZ GLG &KHVODWWD &DUULHU 1DWLRQ PHPEHUV DQG SHRSOH ZRUNLQJ LQ &KHVODWWD WHUULWRU H[SHULHQFH ZLOGILUH HYHQWV DQG HPHUJHQF PDQDJHPHQW HIIRUWV G ULQJ WKH ZLOGILUH VHDVRQ +RZ GLG WKH ZLOGILUHV LPSDFW &KHVODWWD &DUULHU 1DWLRQ PHPEHUV UHODWLRQVKLSV WR ODQG :KDW DUH WKH ODVWLQJ LPSDFWV IURP WKH ZLOGILUH VHDVRQ :KDW FR OG LQGLYLG DOV FRPP QLWLHV DQG JRYHUQPHQWV OHDUQ IURP WKLV H[SHULHQFH WR PDQDJH IRU I W UH ZLOGILUHV GLIIHUHQWO V WKLV SURMHFW SURJUHVVHG DQG HYROYHG FRQF UUHQW WR WKH &29,' SDQGHPLF DQG UHODWHG UHVWULFWLRQV P DELOLW WR WKRUR JKO DGGUHVV T HVWLRQ ZDV LPSDFWHG G H WR WKH GHPRJUDSKLF RI LQWHUYLHZ SDUWLFLSDQWV 'HVSLWH WKLV DOO UHVHDUFK T HVWLRQV EUR JKW DER W VLJQLILFDQW GLVF VVLRQ DQG UHIOHFWLRQ ERWK RQ P SDUW DQG ZLWK LQWHUYLHZ SDUWLFLSDQWV :LWK LWV RULJLQDO JRDO RI EHWWHU QGHUVWDQGLQJ D FRPSOH[ HYHQW IURP P OWLSOH SHUVSHFWLYHV WKLV WKHVLV ZDV DEOH WR SURYLGH D SODWIRUP IRU WKH FRPP QLW YRLFHV DQG VWRULHV ZKLFK LQIRUP LW 7KUR JK H[DPLQLQJ DQG LQWHUSUHWLQJ OLWHUDW UH DQG WKHRULHV , GHPRQVWUDWHG WKDW WKH KLVWRU RI D SODFH DQG D SHRSOHV VKDSHV LWV SUHVHQW 6WRULHV VKDUHG E LQWHUYLHZ SDUWLFLSDQWV 3DJH RI GHVFULEHG VL[ WKHPHV ZKLFK IRUP D FRKHVLYH PHVVDJH DQG FRQWULE WH WR D GHHSHU QGHUVWDQGLQJ RI WKH FROOHFWLYH FRPP QLW H[SHULHQFH , KDYH VKRZQ WKDW WKH KLVWRU RI WKH ODQG DQG LWV PDQDJHPHQW FUHDWH ERWK SK VLFDO DQG VRFLDO HQYLURQPHQWV ZKLFK SOD D SDUW LQ KRZ FRPP QLWLHV H[SHULHQFH HYHQWV V V FK WKH OLWHUDW UH WKDW , SUHVHQWHG DOO UHODWHG WR &KHVODWWD &DUULHU 1DWLRQ DQG LWV KLVWRU WR WKH ODQGVFDSH RI WKH 6R WKVLGH DQG WR WKH UHODWLRQVKLSV EHWZHHQ FRPP QLWLHV DQG HPHUJHQF UHVSRQVH RUJDQL]DWLRQV , LQWHUSUHWHG WKLV OLWHUDW UH WKUR JK WZR WKHRUHWLFDO OHQVHV ZKLFK LQFO GH 0LFKHO )R FD OW V JRYHUQPHQWDOLW WKHRU DQG 6KDZQ :LOVRQ V UHODWLRQDOLW WKHRU 7KHVH WKHRULHV KHOSHG WR UHODWH WH[W DO VR UFHV WR RQH DQRWKHU WR WKH VWRULHV SDUWLFLSDQWV VKDUHG DQG WR P RYHUDUFKLQJ WKHVLV WRSLF ,Q GHVFULELQJ WKH SROLWLFDO FRQWH[W RI FRORQLDO VHWWOHPHQW DQG WKH SUROLIHUDWLRQ RI ZLOGILUH V SSUHVVLRQ , SUHVHQWHG OLWHUDW UH ZKLFK GHPRQVWUDWHG KRZ FRQWHPSRUDU ODQG PDQDJHPHQW LV D F OW UDO FRQVWU FW &RQVLGHULQJ WKH ORQJ KLVWRU RI ,QGLJHQR V VWHZDUGVKLS LQ FRQWHPSRUDU 1RUWK PHULFD WKUR JK WKH LQWHQWLRQDO VH RI ILUH IRU UHVR UFH LQWHQVLILFDWLRQ %HUNHV 0LOOHU 'DYLGVRQ + QW 7 UQHU %R G /HZLV , KDYH VKRZQ WKDW F UUHQW ZLOGILUH V SSUHVVLRQ PDQGDWHV DUH URRWHG LQ D VSHFLILF YDO H V VWHP .LPPHUHU 6 WKHUODQG , VHG 0LFKHO )R FD OW V JRYHUQPHQWDOLW WKHRU /DNH WR LOO VWUDWH WKH LGHRORJLFDO DQG SROLWLFDO IR QGDWLRQ SRQ ZKLFK WKH SUDFWLFH RI ZLOGILUH V SSUHVVLRQ UHVWV 7KUR JK SROLFLHV DQG SUDFWLFHV ZKLFK DUH HQDFWHG G ULQJ WLPHV RI FULVLV WKUR JK HPHUJHQF PDQDJHPHQW DFWLRQV WKH YDO HV RI JRYHUQPHQW EHFRPH ERWK F OW UDO QRUPV DQG LPSHUDWLYHV , KDYH GHPRQVWUDWHG KRZ HPHUJHQF PDQDJHPHQW SUDFWLFHV ZKLFK LQFO GH UROHV IRU FLWL]HQV WR SOD LQ SKROGLQJ WKHLU YDO HV 5RVH 0LOOHU UHLQVFULEH GRPLQDQW F OW UDO YDO HV 2SKLU ZKLFK PD QRW EH FRQJU HQW ZLWK WKRVH KHOG E U UDO DQG ,QGLJHQR V FRPP QLWLHV 7KH SURIHVVLRQDOL]DWLRQ RI HPHUJHQF UHVSRQVH RUJDQL]DWLRQV I UWKHU GLYRUFHV WKHVH RUJDQL]DWLRQV IURP WKHLU SROLWLFDO JRDOV DQG QDW UDOL]HV WKHLU H[LVWHQFH 2SKLU :KHQ ZLOGILUH HPHUJHQFLHV RFF U LQ U UDO DQG ,QGLJHQR V FRPP QLWLHV WKH FRQWHVWHG 3DJH RI M ULVGLFWLRQ RI ODQGV WKH FKURQLF ODFN RI LQIUDVWU FW UH DQG WKHLU RIWHQ UHPRWH JHRJUDSKLHV PDNH V SSUHVVLRQ RI WKHVH ILUHV FKDOOHQJLQJ &KULVWLDQVRQ HW DO 0RWWHUVKHDG HW DO 3DLUHG ZLWK RQJRLQJ HFRQRPLF LQM VWLFHV WKHVH FRPSOH[LWLHV REVF UH WKH RULJLQDO GLVDVWHU RI FRORQL]DWLRQ LQ IDYR U RI DQ DF WH FULVLV / IW ' ULQJ WLPHV RI FULVLV WKLV G QDPLF LV I UWKHU FRPSOLFDWHG E FRPSHWLQJ DQG FRQWUDGLFWRU M ULVGLFWLRQDO D WKRULWLHV RQ ,QGLJHQR V ODQGV 6KDUS .UHEV 9HUKDHJKH )HOWHV 6WDFH 7KH VSHFLILF H[DPSOH RI KRZ V HYDF DWLRQ RUGHUV SOD HG R W LQ 7O HWLQTR[ GHPRQVWUDWHV KRZ OD HUV RI FRORQLDOLVP ZLWKLQ WKLV FRPSOH[ V VWHP FDQ OHDG WR GLVS WHV DER W WKH SROLWLFDO D WRQRP RI ,QGLJHQR V 1DWLRQV LYHWDVK 7K V G ULQJ WLPHV RI FULVLV WKH VRYHUHLJQW RI ,QGLJHQR V 1DWLRQV KDV SRWHQWLDO WR EH FRPSURPLVHG WKUR JK HPHUJHQF PDQDJHPHQW DFWLRQV DQG SROLFLHV %HFD VH ZDV V FK D VLJQLILFDQW ILUH VHDVRQ WKH ILUHV ZKLFK E UQHG LQ WKH 6R WKVLGH DIIHFWHG DOO FRPP QLW PHPEHUV SURPSWLQJ ZLGHVSUHDG HYDF DWLRQ RUGHUV DQG D 3URYLQFLDO 6WDWH RI (PHUJHQF RYHUQPHQW RI %ULWLVK &RO PELD Q G G 5HJLRQDO 'LVWULFW RI % ONOH 1HFKDNR Q G 7KHVH VDPH ILUHV LPSDFWHG 6R WKVLGHUV DQG WKHLU SURSHUWLHV ZKLFK LQFO GH &KHVODWWD &DUULHU 1DWLRQ V FRPP QLWLHV DQG ODQGV 7R QGHUVWDQG WKH QDW UH RI WKLV LPSDFW , VR JKW LQIRUPDWLRQ UHODWLQJ WR WKH KLVWRU RI WKH ODQG DQG WKDW RI WKH SHRSOH , VHG D OHQV RI UHODWLRQDOLW :LOVRQ WR LQWHUSUHW OLWHUDW UH ZKLFK QDUUDWHV WKH VWRU RI D SHRSOH LQ SODFH , SUHVHQWHG VHYHUDO DFDGHPLF WH[WV :LQNOHU % KOHU 'DZVRQ ZKLFK DIILUPHG FRPP QLW YRLFHV GHVFULELQJ KRZ OFDQ DQG %ULWLVK &RO PELD V FRQVWU FWLRQ RI WKH .HQQH 'DP DORQJ ZLWK LWV UHODWHG IRUFHG UHORFDWLRQ RI &KHVODWWD SHRSOH DQG GHVWU FWLRQ RI WKHLU YLOODJHV UHPDLQV D SULPDU DQG RQJRLQJ LPSDFW WR FRPP QLW PHPEHUV 5REHUWVRQ % O 5REHUWVRQ 7KUR JKR W DOO SKDVHV RI WKLV UHVHDUFK , ZDV UHPLQGHG RI WKH GHYDVWDWLRQ WKDW IORRGLQJ KDV FD VHG WR WKH SHRSOH DQG WR WKH ODQG :KLOH WKLV KLVWRULFDO LPSDFW LV VWLOO IHOW YHU GHHSO WKH LQWHUYLHZV , FRQG FWHG ZLWK FRPP QLW PHPEHUV GUHZ VWURQJ SDUDOOHOV EHWZHHQ WKH 3DJH RI GLVSODFHPHQW RI &KHVODWWD SHRSOH LQ DQG WKH FRQWHPSRUDU GLVSODFHPHQW RI SHRSOH DV D UHV OW RI ZLOGILUHV LQ %HFD VH UHODWLRQVKLSV DUH FHQWUDO WR PDQ ,QGLJHQR V ZRUOGYLHZV &DMHWH /LWWOH %HDU WKH LPSDFW RI WKH :LOVRQ ILUHV RQ WKH ODQG LV LQH[WULFDEO OLQNHG WR WKH KHDOWK DQG ZHOOEHLQJ RI WKH SHRSOH ZKR FDUH IRU LW V V FK , GUHZ RQ WKH ZRUN RI ,QGLJHQR V VFKRODUV WR GHVFULEH KRZ ,QGLJHQR V ODQG PDQDJHPHQW WHFKQLT HV DUH HPEHGGHG LQ FRPSOH[ NQRZOHGJH V VWHPV .RYDFK .LPPHUHU /DNH 6LPSVRQ &DMHWH :KLOH UHFRJQL]LQJ WKH YDO H RI WKHVH V VWHPV LV LWVHOI D SRZHUI O DFW RI DFNQRZOHGJHPHQW WKHUH UHPDLQ RQJRLQJ WHQVLRQV LQ FRQWHPSRUDU DWWHPSWV WR PHUJH :HVWHUQ DQG ,QGLJHQR V NQRZOHGJH V VWHPV 6 WKHUODQG 1HDOH HW DO /HZLV &KULVWLDQVRQ 6SLQNV &DUUROO HW DO 7KHUH UHPDLQV D VWHHS F OW UDO LPEDODQFH LQ KRZ WKHVH NQRZOHGJH V VWHPV DUH JLYHQ YDO H EHFD VH ZHVWHUQ VFLHQFH KDV ORQJ EHHQ D WRRO RI FRORQL]DWLRQ DQG FRQWURO RI ,QGLJHQR V ODQGV DQG SHRSOHV 6LPSVRQ 7KLV LPEDODQFH KDV OHIW D OHJDF RI H[SORLWDWLRQ DQG PLVWU VW LQ D V VWHP ZKLFK VWLOO WUHDWV WKH (DUWK DQG LWV LQKDELWDQWV DV UHVR UFHV IRU H[WUDFWLRQ DQG SURILW 6LPSVRQ )LQDOO 6PLWK 6 WKHUODQG WR EHWWHU QGHUVWDQG KRZ ZLOGILUHV LPSDFW DQG VKDSH OLYHG H[SHULHQFHV , VR JKW LQIRUPDWLRQ IURP QHLJKER ULQJ ,QGLJHQR V FRPP QLWLHV &RPP QLW GULYHQ S EOLFDWLRQV IURP ERWK 1DGOHK :K WHQ DQG 7VLOKTRW LQ 1DWLRQ KLJKOLJKW KRZ M ULVGLFWLRQDO FKDOOHQJHV FUHDWHG FRQIOLFW DQG D ODFN RI FODULW DER W HDFK OHYHO RI JRYHUQPHQW V D WKRULW DQG UHVSRQVLELOLW G ULQJ ZLOGILUH HYHQWV 6KDUS .UHEV 9HUKDHJKH )HOWHV 6WDFH 7KHVH UHSRUWV ERWK LQFO GH D VHULHV RI WDQJLEOH UHFRPPHQGDWLRQV IRU LPSURYLQJ HPHUJHQF UHVSRQVH DQG LQFUHDVLQJ FRPP QLW VDIHW DQG UHVLOLHQFH SRVW ILUH GGLWLRQDO WR FRPP QLW GULYHQ S EOLFDWLRQV %ULWLVK &RO PELD V SURYLQFLDO JRYHUQPHQW DOVR FRPPLVVLRQHG LWV RZQ UHSRUW 0D UHHQ &KDSPDQ V GGUHVVLQJ WKH QH QRUPDO 3DJH VW FHQW RI HRUJH EERW DQG U GLVDVWHU PDQDJHPHQW LQ ULWLVK FRQWDLQHG &RO PELD UHFRPPHQGDWLRQV ZKLFK DGGUHVV V VWHPLF DQG JHQHUDWLRQDO LVV HV LQ HPHUJHQF UHVSRQVH 0DQ RI WKHVH SHUWDLQ VSHFLILFDOO WR WKH H[SHULHQFHV RI )LUVW 1DWLRQV DQG U UDO FRPP QLWLHV 7KLV DE QGDQFH RI LQIRUPDWLRQ UHIOHFWV VKDUHG H[SHULHQFHG EHWZHHQ FRPP QLWLHV DQG OLQNV PDQ RI WKH LVV HV ZKLFK SODJ HG WKH 6R WKVLGH DQG &KHVODWWD &DUULHU 1DWLRQ LQ WR D ODUJHU QDUUDWLYH ' H WR WKH RQJRLQJ LPSDFWV DQG SUHFD WLRQV UHODWHG WR WKH &29,' SDQGHPLF , KDG WR DGM VW P UHVHDUFK PHWKRGV 0 RULJLQDO SODQ WR VSHQG WLPH LQ WKH 6R WKVLGH JHWWLQJ WR NQRZ FRPP QLW PHPEHUV KDG WR VKLIW DV , IR QG QHZ ZD V RI UHVHDUFKLQJ UHPRWHO ZKLOH UHVSHFWLQJ 81%& DQG %ULWLVK &RO PELD V HYROYLQJ S EOLF KHDOWK J LGHOLQHV 0 RULJLQDO UHVHDUFK JRDO ZDV WR EHWWHU QGHUVWDQG D VLQJOH HYHQW IURP P OWLSOH SHUVSHFWLYHV E PHDQV RI D T DOLWDWLYH FDVH VW G 0RUJDQ 6DQWROR &UHVZHOO .RYDFK DQG VLQJ DQ ,QGLJHQR V PHWKRGRORJ 6PLWK :LOVRQ UFKLEDOG %HFD VH RI WKH ZDUP ZHOFRPH , UHFHLYHG IURP &KHVODWWD &DUULHU 1DWLRQ DQG IURP WKH EURDGHU FRPP QLW RI WKH 6R WKVLGH P UHVHDUFK DFKLHYHG WKLV JRDO , DGM VWHG P PHDQV RI FRPP QLFDWLRQ DQG ZDV DEOH WR FRQG FW WKLV VW G FROODERUDWLYHO GHVSLWH SK VLFDO OLPLWDWLRQV DQG WUDYHO UHVWULFWLRQV 7KUR JK WKH FR UVH RI WKLV WKHVLV UHVHDUFK , FKHFNHG LQ UHJ ODUO ZLWK P 6R WKVLGH FRPP QLW FRQQHFWLRQV DQG KHHGHG WKHLU GLUHFWLRQ DER W KRZ WR HQJDJH UHVSHFWI OO DQG V FFHVVI OO ZLWK FRPP QLW PHPEHUV %HFD VH RI WKHLU J LGDQFH , ZDV DEOH WR VHF UH LQWHUYLHZV ZLWK WKLUWHHQ ,QGLJHQR V DQG QRQ ,QGLJHQR V LQGLYLG DOV G ULQJ WHQ LQWHUYLHZV ZKR UHSUHVHQW D SURIHVVLRQDOO F OW UDOO DQG JHRJUDSKLFDOO GLYHUVH JUR S (DFK RI WKHVH LQWHUYLHZ SDUWLFLSDQWV OLYHG WKUR JK WKH ZLOGILUH VHDVRQ DQG H[SODLQHG WKHLU QLT H H[SHULHQFH DQG SHUVSHFWLYH WR PH , ILUVW LQWHUYLHZHG LQGLYLG DOV ZKR , DOUHDG NQHZ WKUR JK P H[LVWLQJ FRPP QLW FRQQHFWLRQV ' ULQJ HDFK LQWHUYLHZ , DVNHG SDUWLFLSDQWV ZKR HOVH , VKR OG LQFO GH LQ WKH VW G DQG WLOL]HG D FKDLQ UHIHUUDO WHFKQLT H 3DJH WNLQVRQ RI )OLQW ZKHUHLQ LQWHUYLHZ SDUWLFLSDQWV V JJHVW DQG LQWURG FH PH WR DGGLWLRQDO LQWHUYLHZ FDQGLGDWHV 7KLV PHWKRG DOORZHG PH WR GHYHORS D VKDUHG FRQQHFWLRQ ZLWK SRWHQWLDO SDUWLFLSDQWV DQG ZDV KHOSI O LQ VHF ULQJ LQWHUYLHZV DV , QDYLJDWHG ZRUNLQJ UHPRWHO ZLWK D FRPP QLW IRU ZKLFK , DP QRW D PHPEHU 7KUR JKR W WKLV SURFHVV P LQLWLDO DVV PSWLRQV RI ZKR WKLV VW G ZR OG LQFO GH VKLIWHG DV P QGHUVWDQGLQJ RI WKH 6R WKVLGH GHHSHQHG , EURDGHQHG P LQFO GH ERWK QRQ ,QGLJHQR V DQG ,QGLJHQR V UHVLGHQWV QGHUVWDQGLQJ RI FRPP QLW WR V , OHDUQHG PRUH DER W WKH LQWHJUDWHG DQG FROODERUDWLYH VSLULW ZKLFK FKDUDFWHUL]HV 6R WKVLGHUV , ZDV DEOH WR DGM VW P VFRSH 7KUR JK KHDULQJ WKH SHUVRQDO UHIOHFWLRQV RI SDUWLFLSDQWV DQG DVNLQJ T HVWLRQV DER W WKHLU H[SHULHQFHV , ZDV DEOH WR EHWWHU QGHUVWDQG KRZ HDFK RI WKHLU VWRULHV ILW WRJHWKHU +DYLQJ DFFHVV WR V FK GLYHUVH DQG ULFK H[SHULHQWLDO LQIRUPDWLRQ DOORZHG PH WR EHWWHU QGHUVWDQG DQG SUHVHQW WKH FROOHFWLYH VWRU RI D FRPP QLW , LQWHJUDWHG P RZQ HWKLFDO SULQFLSOHV LQWR P UHVHDUFK PHWKRGV ZLWK WKH JRDO RI EDODQFLQJ SRZHU EHWZHHQ P VHOI DQG WKH UHVHDUFK SDUWLFLSDQWV V SDUW RI WKLV , RIIHUHG SDUWLFLSDQWV WKH RSWLRQ WR EH QDPHG LQ RUGHU WR DOORZ LQGLYLG DOV JUHDWHU FRQWURO RYHU WKHLU RZQ UHSUHVHQWDWLRQ , RIIHUHG WKH RSWLRQ WR UHYLHZ D WUDQVFULSW RI WKH LQWHUYLHZ GDWD DV ZHOO DV D GUDIW RI P ILQGLQJV FKDSWHU ZKLFK PDGH VH RI WKHLU VWRULHV 7KUR JKR W LQIRUPHG FRQVHQW EHFDPH DQ LWHUDWLYH SURFHVV PDGH SRVVLEOH WKUR JK RQJRLQJ FRUUHVSRQGHQFH EHWZHHQ UHVHDUFK SDUWLFLSDQWV DQG P VHOI 7R LQWHUSUHW WKH LQIRUPDWLRQ FRQWDLQHG LQ HDFK LQWHUYLHZ , LGHQWLILHG D VHULHV RI WKHPHV IURP HDFK UHFRUGLQJ RU VHW RI LQWHUYLHZ QRWHV , FROOHFWHG DOO RI WKHVH WKHPHV WRJHWKHU VHDUFKLQJ IRU FRPPRQDOLWLHV DQG GLYHUJHQFHV EHWZHHQ WKHP V , RUJDQL]HG WKLV LQIRUPDWLRQ , IR QG ZD V WR GHVFULEH RYHUDUFKLQJ PHVVDJHV LQ WKHLU FROOHFWLYH VWRU EDVHG RQ WKHVH LGHQWLILHG WRSLFV ,Q GRLQJ VR , ZDV OHIW ZLWK VL[ V PPDWLYH WKHPHV ZKLFK LQFO GH WKH IROORZLQJ ODQG DQG WR WKH SHRSOH WKH SK VLFDO DQG SROLWLFDO ODQGVFDSH 3DJH RI ,PSDFWV WR WKH ILUH DV D VLWH RI SHUVRQDO DQG FROOHFWLYH VWU JJOH NQRZOHGJH DQG WKH OLPLWDWLRQV RI SK VLFDO LQIUDVWU FW UH WKH LPSRUWDQFH RI ORFDO ILUH DV D FDWDO VW IRU FKDQJH , EHOLHYH WKDW FRPP QLW YRLFHV VKR OG UHPDLQ FHQWUDO WR GHILQLQJ WKHVH WKHPHV %HFD VH RI WKLV , VHG T RWHV IURP SDUWLFLSDQWV WKUR JKR W WKH ILQGLQJV FKDSWHU WR GHVFULEH WKH VHQWLPHQWV DQG H[SHULHQFHV ZKLFK VKDSHG WKHP V , OLVWHQHG UHIOHFWHG DQDO ]HG DQG GHVFULEHG WKH VWRULHV VKDUHG G ULQJ LQWHUYLHZV WKH RYHUDUFKLQJ PHVVDJH , WRRN DZD LV WKDW WKH 6R WKVLGH DQG 6R WKVLGHUV KDYH D QLT H F OW UH DQG ZD RI EHLQJ ZKLFK LV VKDSHG E WKHLU KLVWRU DQG F OW UDO PDNH S 7KR JK WKH HYHQWV RI H[SRVHG PDQ WHQVLRQV DQG RIWHQ EUR JKW DER W IU VWUDWLRQ DQG FRQIOLFW WKH DOVR H[SRVHG WKH WUHPHQGR V UHVLOLHQFH DQG V SSRUW QHWZRUN RI WKH FRPP QLW DQG LWV QHLJKER UV W YDULR V WLPHV WKLV FULVLV EUR JKW GLYHUVH FRPP QLW PHPEHUV DQG JUR SV WRJHWKHU LQ QHZ ZD V )RU ,QGLJHQR V DQG QRQ ,QGLJHQR V FRPP QLW PHPEHUV DOLNH WKH H[SHULHQFH RI ZDV D IRUPDWLYH RQH DQG ZLOO UHPDLQ D VLJQLILFDQW HYHQW WKDW LPSDFWHG YDULR V DVSHFWV RI WKHLU OLYHV DQG UHODWLRQVKLSV %DVHG RQ VRPH RI WKHLU PRUH FKDOOHQJLQJ LQWHUDFWLRQV PDQ H[SUHVVHG WKH GHVLUH IRU ILUVW UHVSRQGHUV WR UHVSHFW FRPP QLW H[SHULHQFHV DQG VNLOOV DW ERWK D SHUVRQDO DQG LQVWLW WLRQDO OHYHO 6R WKVLGHUV DUH D SUDJPDWLF SHRSOH DQG JRLQJ IRUZDUG ZR OG OLNH WR EH SDUW RI WKH VRO WLRQ WR HQKDQFH FRPP QLW VDIHW DQG UHVLOLHQFH 6HOHFW SDUWLFLSDQWV GHVFULEHG KRZ DQ LQFUHDVH LQ GLVF VVLRQV EHWZHHQ 6R WKVLGH UHVLGHQWV &KHVODWWD &DUULHU 1DWLRQ DQG SURYLQFLDO HPHUJHQF UHVSRQVH RUJDQL]DWLRQV LV DOUHDG KDSSHQLQJ ,W LV WKR JK WKHVH SDUWQHUVKLSV WKDW HPHUJHQF UHVSRQVH RUJDQL]DWLRQV DQG FRPP QLW PHPEHUV DUH VWUHQJWKHQLQJ WKHLU UHODWLRQVKLSV DQG UHE LOGLQJ WU VW ,W LV DORQJVLGH DQG LQ V SSRUW RI WKHVH FROODERUDWLYH FRQYHUVDWLRQV WKDW WKLV UHVHDUFK DLPV WR GHHSHQ R U FROOHFWLYH QGHUVWDQGLQJ RI KRZ 6R WKVLGHUV H[SHULHQFHG WKH ZLOGILUH VHDVRQ 3DJH RI 5HVHDUFK LQWR FWLRQ %HFD VH WKH JRDO RI WKLV ZRUN LQFO GHV GHFRORQL]DWLRQ DQG VRFLDO FKDQJH WKH ILQGLQJV RI WKLV WKHVLV VKR OG DOVR EH D FDWDO VW IRU DFWLRQ V D S EOLF VHUYDQW ZKR VWLOO HQJDJHV UHJ ODUO ZLWK U UDO DQG ,QGLJHQR V FRPP QLWLHV G ULQJ WLPHV RI FULVLV , KDYH FROOHFWHG VRPH OHVVRQV ZKLFK KDYH EHFRPH P RZQ SHUVRQDO HWKLFDO J LGHOLQHV IRU WKLV ZRUN 7KR JK , UHFRJQL]H WKDW FKDQJH KDSSHQV DW DQ LQVWLW WLRQDO OHYHO , EHOLHYH HDFK 3 EOLF 6HUYDQW DQG HPHUJHQF UHVSRQGHU KDV D JUHDW GHDO RI LPSDFW ZKHQ HQJDJLQJ ZLWK FRPP QLWLHV G ULQJ ZLOGILUH HYHQWV 0DQ LQWHUYLHZ SDUWLFLSDQWV FLWHG VSHFLILF LQWHUDFWLRQV ZLWK LQGLYLG DO HPHUJHQF UHVSRQVH SHUVRQQHO ZKLFK WKH SHUFHLYHG DV GLVUHVSHFWI O DQG FRQWULE WHG WR WKHLU PLVWU VW RI WKHVH RUJDQL]DWLRQV V V FK , KDYH GHYLVHG WKUHH U OHV ZKLFK DFW DV HWKLFDO SLOODUV IRU LQGLYLG DOV HQJDJLQJ ZLWK U UDO DQG ,QGLJHQR V FRPP QLWLHV 7KHVH DUH V JJHVWLRQV IRU DOO DJHQFLHV DQG LQGLYLG DOV ZLWK UROHV LQ HPHUJHQF PDQDJHPHQW VVXPH W DW RX GR W N R :KHQ DSSURDFKLQJ FRPP QLWLHV DQG FRPP QLW PHPEHUV LQ D SODFH R DUH QRW IURP DVV PH WKDW WKHUH DUH PDQ WKLQJV R GR QRW NQRZ DER W WKHP ,I FRPP QLWLHV DUH WU O JRLQJ WR EHFRPH UHVLOLHQW WR ZLOGILUH FRPP QLW PHPEHUV DQG OHDGHUV QHHG WR EH SDUW RI HPHUJHQF UHVSRQVH HIIRUWV DQG SODQQLQJ EHIRUH WKH FULVLV KDSSHQV 7UHDW HDF FRPPX LW DV X LTXH 7KR JK R PD KDYH H[SHUWLVH LQ R U UROH DQG SURIHVVLRQDO VNLOO HDFK FRPP QLW KDV H[SHUWLVH LQ LWV RZQ KLVWRU DQG H[SHULHQFH %H F ULR V DER W WKLV DQG ILQG ZD V WR KRQR U LW 5HVSHFW ORFDO FXOWXUH N R OHGJH D G VNLOOV ,Q ZRUNLQJ ZLWK ORFDO SHRSOH VHHN R W WKH NHHSHUV RI ,QGLJHQR V .QRZOHGJH U UDO NQRZOHGJH DQG JHRJUDSKLF NQRZOHGJH 7KH KDYH WKH DELOLW WR PDNH R U HIIRUWV PRUH HIIHFWLYH LI R FDQ ZRUN WRJHWKHU DQG LGHQWLI FRPPRQ JRDOV :KLOH WKHVH V JJHVWLRQV DUH QHLWKHU VSHFLILF QRU SUHVFULSWLYH LW LV P EHOLHI WKDW FKDQJH UHT LUHV HDFK RI V WR E LOG JHQ LQH UHODWLRQVKLSV ZKLFK DUH URRWHG LQ P W DO UHVSHFW DQG F ULRVLW DER W RQH DQRWKHU V F OW UHV DQG FRPP QLWLHV :KLOH HPHUJHQF PDQDJHPHQW LV RIWHQ 3DJH RI QHFHVVDULO KLHUDUFKLFDO LQ QDW UH ZLWK ULJLG SURWRFROV DQG GHFLVLRQ PDNLQJ VWU FW UHV WKH FRPP QLWLHV WKDW WKHVH RUJDQL]DWLRQV VHUYH DUH GLYHUVH DQG FRPSOH[ :KDW WKLV UHVHDUFK KDV UHYHDOHG LV D QHHG IRU LQFUHDVHG LQIRUPDWLRQ VKDULQJ VWRU WHOOLQJ DQG FROODERUDWLRQ EHWZHHQ FRPP QLWLHV JRYHUQPHQWV DQG SURIHVVLRQDO HPHUJHQF UHVSRQVH RUJDQL]DWLRQV &RQFO VLRQ 7KUR JKR W WKH FR UVH RI WKLV UHVHDUFK , FR OG QHYHU KDYH LPDJLQHG KRZ WKH SURFHVV ZR OG WUDQVIRUP PH 0DQ RI WKH SHUVRQDO UHIOHFWLRQV , UHFRUGHG G ULQJ WKLV SURFHVV KDYH HQULFKHG P VHQVH RI SHUVRQDO IRUWLW GH DQG UHVLOLHQFH 7KH DFW RI DVNLQJ WR EH WROG D SHUVRQDO VWRU DER W D WUD PDWLF HYHQW E D VWUDQJHU PDGH PH DF WHO DZDUH RI WKH UHVSRQVLELOLW , FDUU DV D UHVHDUFKHU 7KH LQWHUDFWLRQV , KDG ZLWK FRPP QLW PHPEHUV ZHUH ERWK HQOLJKWHQLQJ DQG DW WLPHV HPRWLRQDO DQG FKDOOHQJLQJ 3DUWLFLSDQWV ZLOOLQJQHVV WR HQWU VW LQ PH ZLWK WKHLU VWRULHV WD JKW PH DER W WKH UHFLSURFDO G W , RZH WR WKHVH VWRULHV 7KLV UHVSRQVLELOLW LQFO GHV WHOOLQJ WKH VWRU DFF UDWHO DQG GRLQJ P EHVW WR ILQG SODWIRUPV ZKLFK KRQR U DQG DPSOLI WKH VWRU WHOOHUV 7KH FKRLFHV , PDGH WKUR JKR W WKLV UHVHDUFK ZHUH RQHV , GLG ZLWK FDUH DQG LQWHQWLRQ V D UHV OW RI WKLV ZRUN , DP D PRUH FRQILGHQW K PEOH DQG WU VWLQJ SHUVRQ 7KH ZLOGILUH VHDVRQ RI ZDV QSUHFHGHQWHG DQG DIIHFWHG PDQ FRPP QLWLHV LQ %ULWLVK &RO PELD &KHVODWWD &DUULHU 1DWLRQ DQG WKH EURDGHU FRPP QLW RI WKH 6R WKVLGH ZDV SRVLWLRQHG DW WKH KHDUW RI VRPH RI WKH PRVW DJJUHVVLYH ZLOGILUHV WKDW HDU 7KH S USRVH RI WKLV UHVHDUFK ZDV WR LQFUHDVH DZDUHQHVV DQG QGHUVWDQGLQJ WKUR JK WHOOLQJ VWRULHV DQG VKHGGLQJ OLJKW RQ WKH OLYHG H[SHULHQFHV RI FRPP QLW PHPEHUV :KLOH , EHOLHYH , KDYH DFKLHYHG WKLV JRDO WKUR JK UHVHDUFK , KDYH DOVR FRPH WR D GHHSHU QGHUVWDQGLQJ P RZQ H[SHULHQFHV RI ZLOGILUH DW WKDW WLPH DQG KRZ WKH ILW LQ ZLWK D EURDGHU QDUUDWLYH ,Q FRQVLGHULQJ WKLV , P VW KHHG P RZQ DGYLFH DQG WUHDW HDFK FRPP QLW DV QLT H , QGHUVWDQG WKLV VW G WR EH D UHIOHFWLRQ RI D VSHFLILF SODFH D VSHFLILF WLPH DQG RI VSHFLILF YRLFHV 7KR JK LWV WKHPHV DQG PHVVDJHV PD 3DJH RI WUDQVFHQG WKLV VLQJOH H[DPSOH HDFK QHZ ZLOGILUH HYHQW DQG FRPP QLW ZLOO EULQJ ZLWK LW LWV RZQ GLVWLQFW KLVWRU DQG OHVVRQV 3DJH RI 6RXUFHV EERW &KDSPDQ 0 GGUHVVLQJ WKH QH QRUPDO VW FHQW U GLVDVWHU PDQDJHPHQW LQ ULWLVK &RO PELD 9LFWRULD %& UFKLEDOG - /HH 0RUJDQ - 6DQWROR - (GV storywork as methodology. /RQGRQ 8. WNLQVRQ 5 )OLQW - HFRORQL LQJ UHVHDUFK ,QGLJHQR V HG ERRNV FFHVVLQJ KLGGHQ DQG KDUG WR UHDFK SRS ODWLRQV 6QRZEDOO UHVHDUFK VWUDWHJLHV 6RFLDO 5HVHDUFK SGDWH %DL]HU . J VW %DELQH FRPSOH[ ZLOGILUH EHWWHU PHDV UHG E WKH %& :LOGILUH 6HUYLFH My Bulkley Lakes Now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ournal of Forestry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azards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volume 3 SS KR VVR E 0 J VW ,Q )D ELRQ - (G Power: The essential works of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he perception of the environment: Essays on livelihood, dwelling and skill. 5R WOHGJH 3DJH RI -RQHV -HQNLQV . 5HWKLQNLQJ FROODERUDWLRQ :RUNLQJ WKH LQGLJHQH FRORQL]HU K SKHQ ,Q 'HQL]HQ /LQFROQ 6PLWK (GV 0HWKRGRORJLHV SS 7KR VDQG 2DNV 6 Handbook of Critical and Indigenous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uman Ecology, 38 0LOOHU &DQDGLDQ ERUHDO IRUHVW ILUHV 0 OWL F OW UDO SHUVSHFWLYHV ,Q - 2DNHV 5 5LHZH 5 %U JJHQFDWH 01 &RJVZHOO (GV 6DFUHG DQGVFDSHV SS :LQQLSHJ ERULJLQDO ,VV HV 3UHVV 0RWWHUVKHDG . 0F HH 7 &KULVWLDQVRQ (YDF DWLQJ D )LUVW 1DWLRQ G H WR ZLOGILUH VPRNH 7KH FDVH RI 'HQH 7KD )LUVW 1DWLRQ ,QWHUQDWLRQDO MR rnal of disaster risk VFLHQFH 1D ORU % 7 UQV J VW &DUHI O :LWK 7KRVH %LUWKGD &DQGOHV 6PRNH 135 5HWULHYHG IURP KWWSV ZZZ QSU RUJ 3DJH RI %HORYHG %HDU FDUHI O ZLWK WKRVH ELUWKGD FDQGOHV VPRNH EHORYHG EHDU W UQV 1HDOH 7 &DUWHU 5 1HOVRQ 7 %R UNH 0 :DONLQJ WRJHWKHU GHFRORQLVLQJ H[SHULPHQW LQ EU VKILUH PDQDJHPHQW LQ 'MD 'MD : UU QJ FR QWU & OW UDO JHRJUDSKLHV 1HFKDNR )LVKHULHV &RQVHUYDWLRQ 3URJUDP Q G Nechako 5L HU 5HWULHYHG IURP KWWS QIFS RUJ QHFKDNR ULYHU 2SKLU 'LVDVWHU DV D SODFH RI PRUDOLW 7KH VRYHUHLJQ WKH K PDQLWDULDQ DQG WKH WHUURULVW 4 L SDUOH 2IILFLDOV PLVFDOF ODWLRQV FD VHG FKDRV G ULQJ ZLOGILUHV ORFDOV VD 2FWREHU & ORFDO QH V 5HWULHYHG IURP KWWSV ZZZ EFORFDOQHZV FRP QHZV RIILFLDOV PLVFDOF ODWLRQV FD VHG FKDRV G ULQJ ZLOGILUHV ORFDOV VD 3DWWHUVRQ ' J VW 'LVWUHVVHG FRPP QLW WDNHV WKLQJV LQWR WKHLU RZQ KDQGV DV ZLOGILUH WKUHDWHQV WKHLU OLYHOLKRRG .HOR QD1R 5HWULHYHG IURP KWWSV ZZZ NHORZQDQRZ FRP ZDWHUFRROHU QHZV QHZV :LOGILUH 'LVWUHVVHGBFRPP QLW BGLVKH DUWHQHGBE BODFNBRIB RYHUQPHQWBZLOGILUHBV SSRUW IVB 3DYHJOLR 7 &DUUROO 0 -DNHV 3 OWHUQDWLYHV WR HYDF DWLRQ SURWHFWLQJ S EOLF VDIHW G ULQJ ZLOGODQG ILUH -R UQDO RI )RUHVWU 3D QH 3D QH - .H FRQFHSWV LQ VRFLDO UHVHDUFK 6 KWWSV G[ GRL RUJ 3DJH RI ( 3 EOLFDWLRQV 3LSHU + 6LPRQV + /HZLQ (GV (WKLFDO UHVSRQVLELOLW LQ VRFLDO UHVHDUFK ,Q % 6RPHNK 5HVHDUFK PHWKRGV LQ WKH VRFLDO VFLHQFHV SS & /RQGRQ 8. 6DJH 3 EOLFDWLRQV 3RWWV . %URZQ / %HFRPLQJ DQ QWL 2SSUHVVLYH 5HVHDUFKHU ,Q / %URZQ 6 6WUHJD (GV 5HVHDUFK DV 5HVLVWDQFH &ULWLFDO ,QGLJHQR V DQG QWL RSSUHVVL H SSURDFKHV SS &DQDGLDQ 6FKRODUV 3UHVV 3 QH 6 7KH SHULOV RI SUHVFULEHG ILUH 5HDG & UHDYHV / PHWKRGV UG (G 5HJDQ 3 .LUE 6 UHFRQVLGHUDWLRQ 1DW UDO 5HVR UFHV -R UQDO ( SHULHQFH 5HVHDUFK 6RFLDO &KDQJH &ULWLFDO 7RURQWR 21 8QLYHUVLW RI 7RURQWR 3UHVV QVHWWOLQJ WKH 6HWWOHU LWKLQ ,QGLDQ UHVLGHQWLDO VFKRROV WU WK WHOOLQJ DQG UHFRQFLOLDWLRQ LQ &DQDGD 9DQFR YHU %& 8%& 3UHVV 5HJLRQDO 'LVWULFW RI % ONOH 1HFKDNR Q G :LOGILUH (YDF DWLRQ OHUWV DQG 2UGHUV 5HWULHYHG IURP KWWSV ZZZ UGEQ EF FD PHGLD VWDW V SGDWHV HYDF DWLRQ DOHUWV DQG RUGHUV 5REHUWVRQ 0LNH 7KH VWRU RI WKH V UUHQGHU RI WKH &KHVODWWD UHVHUYHV RQ SULO UDVV 3ODLQV &KHVODWWD %DQG 5RVH 0LOOHU 3ROLWLFDO SRZHU EH RQG WKH 6WDWH 3UREOHPDWLFV RI JRYHUQPHQW 7KH ULWLVK MR UQDO RI VRFLRORJ 3DJH RI 6KDUS . .UHEV 7ULDO E )LUH 1DGOHK :K t’en and the Shovel Lake Fire, 2018. 1DGOHK :K W HQ %& 6PLWK &RQT HVW &DPEULGJH 0 6LPSVRQ / 6R WK HQG SUHVV /LVWHQLQJ WR R U DQFHVWRUV 5HE LOGLQJ ,QGLJHQR V 1DWLRQV LQ WKH IDFW RI HQYLURQPHQWDO GHVWU FWLRQ ,Q - :DLQZULJKW (G SHUVSHFWL HV RQ HFRORJ DQG HQ LURQPHQW SS ( HU JUDLQ RI VDQG &DQDGLDQ :DWHUORR 21 :LOIUHG /D ULHU 3UHVV 6PLWK / HFRORQL LQJ PHWKRGRORJLHV 5HVHDUFK DQG ,QGLJHQR V SHRSOH /RQGRQ 8. HG ERRNV 6 WKHUODQG & 5HPHPEHULQJ DQG OLJKWLQJ ILUHV SUHVFULEHG ILUH DV PHPRU ZRUN 5&& SHUVSHFWL HV 7UDQ%& The story of the Francois Lake ferry during the 2018 wildfire emergency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agwediẑk’an gwaneŝ gangu ch’inidẑed ganexwilagh: The fires awakened us. 7KLOKTRW LQ %& :HEHU 3LOOZD[ & ,QGLJHQR V UHVHDUFK PHWKRGRORJ ([SORUDWRU GLVF VVLRQ RI DQ HO VLYH V EMHFW 7KH -R UQDO RI (G FDWLRQDO 7KR JKW -(7 :LNOHU 0 5HPHPEHULQJ IRU DUG 1D LJDWLQJ WKH H HU GD RI IRUFHG GLVSODFHPHQW LWK the Cheslatta T’en 0DVWHU V WKHVLV 8QLYHUVLW RI %ULWLVK &RO PELD 8%& 2SHQ &ROOHFWLRQV KWWSV RSHQ OLEUDU EF FD F,5FOH FROOHFWLRQV EFWKHVHV 3DJH RI LWHPV :LOGILUH FODLPV KR VHV QHDU 7DN VLH /DNH LQ 1RUWKHUQ % & J VW IURP KWWSV ZZZ FEF FD QHZV FDQDGD EULWLVK FRO PELD ZLOGILUH FODLPV & & 5HWULHYHG KR VHV QHDU WDN VLH ODNH LQ QRUWKHUQ E F :LOVRQ 6 5HVHDUFK LV FHUHPRQ ,QGLJHQR V UHVHDUFK PHWKRGV %ODFN 3RLQW 16 )HUQZRRG 3 EOLVKLQJ :RRG - Home to the Nechako: The river and the land. 9DQFR YHU %& +HULWDJH +R VH 3 EOLVKLQJ 3DJH RI