Word-Formation in Context: Pragmatic Excursions in the Realm of English Morphology 152751823X, 9781527518230

Table of contents :
Dedication
Contents
Introduction
The Text Spectrum
Appendix A
Appendix B
References

Citation preview

Word-Formation in Context



Word-Formation in Context: Pragmatic Excursions in the Realm of English Morphology By

Manoochehr Tavangar

Word-Formation in Context: Pragmatic Excursions in the Realm of English Morphology By Manoochehr Tavangar This book first published 2019 Cambridge Scholars Publishing Lady Stephenson Library, Newcastle upon Tyne, NE6 2PA, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2019 by Manoochehr Tavangar All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-5275-1823-X ISBN (13): 978-1-5275-1823-0

 'HGLFDWHG  WR  WKHHYHUODVWLQJPHPRU\  RI 'U6DPXHO-RKQVRQ                

 &217(176   $FNQRZOHGJHPHQWVYLLL  ,QWURGXFWLRQ  7KH7H[W6SHFWUXP  $SSHQGL[$&OXH:RUGV  $SSHQGL[%7DUJHW:RUGV  5HIHUHQFHV                

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

 ,1752'8&7,21 

  ,WLVQRZD[LRPDWLFWKDWXQGHUWDNLQJH[SORUDWLRQVZLWKLQWKHGRPDLQRI PRUSKRORJ\LVERWKFKDOOHQJLQJDQGUHZDUGLQJ7KHFKDOOHQJHUHVLGHVLQ WKHIDFWWKDWDQ\RQHZKRHQGHDYRXUVWRLQYHVWLJDWHWKHPXOWLIDFHWHGQDWXUH RIWKLVVXEILHOGRIOLQJXLVWLFVLVERXQGWRFRPHXSDJDLQVWSUREOHPV HPDQDWLQJIURPLWVLQWULQVLFFRPSOH[LWLHV$VMXVWO\SRLQWHGRXWE\%DXHU ;LLL ZRUGIRUPDWLRQFDQEHVDLGWRFRQVWLWXWH³VXFKDFRQIXVHG DUHDRIVWXG\DWWKHPRPHQWWKDWLWZRXOGQRWEHSRVVLEOHWRZULWHDQ  XQFRQWURYHUVLDOLQWURGXFWLRQWRWKHVXEMHFW´ 7KHUHZDUGE\FRQWUDVWVWHPVIURPWKHFLUFXPVWDQFHWKDWFDUU\LQJRXW UHVHDUFKLQWKLVUHDOPSURYLGHVLQYDOXDEOHLQVLJKWLQWRWKHVWUXFWXUHRI ODQJXDJHLWVHOI7KLVFODLPLVFRUURERUDWHGE\WKHSOHWKRUDRIVFKRODUO\ ZRUNFRQGXFWHGVRIDUVHHIRUH[DPSOH$GDPV$OJHR $QGHUVRQ$URQRII%DUHĞ%DXHUDDQG %D]HOO%HDXJUDQGHDQG'UHVVOHU%UHVQDQ%\EHH &DOORZ&DUUROO&KDSPDQ&ODUNDQG&ODUN &RDWHV'RZQLQJ'UHVVOHU)OHLVKPDQ *UHHQEHUJ*XQWHU+DOOH+DPPRQGDQG1RRQDQ +DUGHU+DUULV+DVSHOPDWK+DWFKHU +HQ]HQ+LOO+RFNHWW+RXJKWRQ+XGVRQ -DVNHQGRII-HVSHUVHQ.DVWRYVN\.DWDPED .LSDUVN\.ROLQ.R]LRO/MXQJ/\RQVDQG 0DONLHO0DUDQW]0DUFKDQG0DWWKHZV 0D\HUWKDOHU0H\V1HZPH\HUDQG1LGD 3HQQDQHQ3HVHWVN\6HONLUN6KRSHQ6LHJHO 6ORDWDQG7D\ORU6SHQFHU6SLHJHO6WHLQ 7KRPSVRQ9HQGOHU9HQQHPDQQ:HQWZRUWK :KHHOHUDQG6FKXPVN\:KRUI:LOOLDPVE=LPPHU  DQG=ZLFNH\DQG3XOOXP  ,QDVHQVHWKLVVLWXDWLRQWHQGVWREHGLVKHDUWHQLQJVLQFHLWJLYHVWKH LPSUHVVLRQWKDWJLYHQWKHKXJHEXONRIOLWHUDWXUHDOUHDG\DYDLODEOHWKHUH KDUGO\H[LVWVDJHQXLQHPRWLYDWLRQIRUHPEDUNLQJRQDQHZHQWHUSULVH 1RQHWKHOHVVIXUWKHULQTXLU\LQWRWKHILHOGRIPRUSKRORJ\UHYHDOVWKDWDORW RIIUHVKJURXQGVWLOOUHPDLQVWREHEURNHQ



,QWURGXFWLRQ 

2QHIDVFLQDWLQJDUHDRIVWXG\LQWKLVUHVSHFWLVSURYLGHGE\WKHWHWUDLF UHODWLRQVKLSKROGLQJEHWZHHQPRUSKRORJ\V\QWD[VHPDQWLFVDQG SUDJPDWLFV,QWHUHVWLQJO\HQRXJKWKHUHOHYDQFHRIVXFKLQYHVWLJDWLRQVKDV DOUHDG\EHHQERUQRXWE\VRPHWUDLOEOD]HUVVHH%DXHU'RZQLQJ  )OHLVKPDQ.DVWRYVN\ 

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

 :RUG)RUPDWLRQLQ&RQWH[W



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doctrine ĺ doctrinal $SDUWIURPWKLV FKDUDFWHULVWLFGHULYDWLRQDODIIL[HVRIWHQQHFHVVLWDWHDVKLIWLQWKH JUDPPDWLFDOFODVVRIIRUPVWRZKLFKWKH\KDSSHQWREHDWWDFKHGHJ. mildewĺ mildew\ +RZHYHUWKHUHPD\ZHOOEHFDVHVZKHUHWKLVVKLIW GRHVQRWRFFXUHJstar ĺstardom ,WLVSUHFLVHO\IRUWKLVUHDVRQWKDW GHULYDWLRQDODIIL[HVFDQEHVDLGWREHHLWKHU FODVVFKDQJLQJ RU FODVV PDLQWDLQLQJ VHH%DXHU  $VXEGLYLVLRQRIZRUGIRUPDWLRQUHIHUUHGWRDVFRPSRXQGLQJRU FRPSRVLWLRQGHDOVZLWKWKHZD\LQZKLFKQHZOH[HPHVHJVNLQIOLQW ĺVNLQIOLQW DUHIRUPHGIURPWZRRUPRUH SRWHQWLDOVWHPV$VWKLVW\SHLV IDLUO\VWUDLJKWIRUZDUGDQGSRVHVQRVHULRXVSUREOHPVRIDQDO\VLVWKHUHLV  QRSRLQWLQHODERUDWLQJRQLWDQ\IXUWKHU )LQDOO\WKHUHUHPDLQVRQHPRUHPRUSKRORJLFDOSURFHVVZKLFKGHVHUYHV DWWHQWLRQLQWKDWLWRFFXUVVSRUDGLFDOO\LQWKHWH[WVXQGHULQYHVWLJDWLRQ7KLV SURFHVVZKLFKLVGHVLJQDWHGFRQYHUVLRQRU]HURGHULYDWLRQ LVFRQFHUQHG ZLWKWKHFKDQJHLQIRUPFODVVRIDIRUPZLWKRXWDQ\FRUUHVSRQGLQJ FKDQJHRIIRUP%DXHU &KDUDFWHULVWLFDOO\ZRUGVSURGXFHGE\ FRQYHUVLRQDUHQRXQVYHUEVRUDGMHFWLYHVHJ. an escapea fingerprint  DQGchiefUHVSHFWLYHO\ 



,QWURGXFWLRQ 

*LYHQWKHSUDJPDWLFRULHQWDWLRQRIWKHSUHVHQWERRNLWLVQHFHVVDU\WR SURYLGHDEULHIDFFRXQWRIWZRIXQGDPHQWDOFRQFHSWVWH[WDQGGLVFRXUVH W\SH$FFRUGLQJWR%HDXJUDQGHDQG'UHVVOHU DWH[WLV GHILQDEOHDVDFRPPXQLFDWLYHRFFXUUHQFHZKLFKPXVWPHHWVHYHQ VWDQGDUGVRIWH[WXDOLW\ࡳ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

 :RUG)RUPDWLRQLQ&RQWH[W



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

 2UJDQL]DWLRQDQGVFRSHRIWKLVERRN 7KHSUHVHQWERRNFRQVLVWVRIWZRWKRXVDQGDQGILYHKXQGUHGQDWXUDOO\ RFFXUULQJWH[WVࡳUDWKHUWKDQDQDVVHPEODJHRISUHIDEULFDWHGVHQWHQFHV GHYRLGRIFRQWH[WXDOYDOXHࡳZKLFKKDYHEHHQFXOOHGZLWKWKRURXJK PHWLFXORXVQHVVDQGRYHUDJHVWDWLRQSHULRGRIWZHOYH\HDUVIURPDQ H[FHSWLRQDOO\YDVWVSHFWUXPRIDXWKHQWLFVRXUFHV(DFKWH[WKDVDEODQN



,QWURGXFWLRQ 

VSDFHLQWRZKLFKWKHXVHULVVXSSRVHGWRLQVHUWDPRUSKRORJLFDO FRQILJXUDWLRQGHVLJQDWHGDWDUJHWZRUG RQWKHEDVLVRIJXLGDQFHSURYLGHG E\DFOXHZRUGJLYHQZLWKLQEUDFNHWVXQGHUWKDWWH[W$VKDVEHHQSRLQWHG RXWDERYHWKHEHQHILWDFFUXLQJIURPWKLVW\SHRIZRUGࡳ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

 $XGLHQFHRIWKLVERRN 7KHSUHVHQWZRUNZDVXQGHUWDNHQZLWKOLQJXLVWVSUHGRPLQDQWO\LQPLQG 7KHUHDVRQIRUWKLVSULRULWL]DWLRQLVWUDFHDEOHWRWKHFLUFXPVWDQFHWKDW OLQJXLVWVDQGSDUWLFXODUO\PRUSKRORJLVWVEHLQJHTXLSSHGZLWKDWKHRUHWLFDO EDFNJURXQGDQGUHTXLVLWHDQDO\WLFDOWRROVDUHLQDIDUEHWWHUSRVLWLRQWKDQ

 :RUG)RUPDWLRQLQ&RQWH[W



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ࡳDSUHGLFDPHQWW\SLFDOO\ DVVRFLDWHGZLWKKLJKO\DEVWUDFWILHOGVRIHQTXLU\$VDUHVXOWLQWHUHVWHG  OLQJXLVWVDUHDGYLVHGWRFDXWLRQDJDLQVWIDOOLQJLQWRKLGGHQSLWIDOOV $SDUWIURPOLQJXLVWVZKRDUHLQWKHYDQJXDUGDVIDUDVPRUSKRORJLFDO UHVHDUFKLVFRQFHUQHGLWLVWKHDXWKRU VFRQYLFWLRQWKDWDQ\RQHZKRLVWUXO\ HQWKXVLDVWLFDERXWKRZ(QJOLVKZRUGVDUHGHSOR\HGLQDFWXDOFRQWH[WVRI XVHLVZHOFRPHWRKDYHDQH[FXUVLRQWKURXJKWKLVERRN)RUWKHOHDVWKHRU VKHFDQKRSHWRKDYHDFKLHYHGDWWKHHQGLVIDPLOLDULW\ZLWKDKXJHDUUD\RI  ZRUGVQRWHDVLO\DFFHVVLEOHDQ\ZKHUHHOVH

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



,QWURGXFWLRQ 

 &KHFNWKHUHVXOWDQWWDUJHWZRUGDJDLQVW$SSHQGL[%WRDVFHUWDLQKRZ  IDU\RXKDYHVXFFHHGHGLQ\RXUHIIRUWV  *RRGOXFNWR\RXDOO   

7+(7(;763(&7580    ,IFKDUDFWHULVDZHEDQGZHDUHZHDYHUVZHFDQQRWRXUVHOYHVSUHSDUHZKLWH FOHDQWKUHDGVRIWKRXJKWDQGSXUSRVHDQGORYHIRURXUKHDUWVDUHXQFOHDQQRUFDQ ZHZHDYHWKHWKUHDGVLQWRDSXUH«««««««««ZHEIRURXUKDQGVDUH  VWDLQHG 62,/ 7RGD\WKHUHLVDZLGHPHDVXUHRIDJUHHPHQWZKLFKRQWKHSK\VLFDOVLGHRI VFLHQFHDSSURDFKHVDOPRVWWR««««««««««««WKDWWKHVWUHDPRI NQRZOHGJHLVKHDGLQJWRZDUGVDQRQPHFKDQLFDOUHDOLW\WKHXQLYHUVHEHJLQVWR  ORRNPRUHOLNHDJUHDWWKRXJKWWKDQOLNHDJUHDWPDFKLQH 81$1,0286 ,QWKHFDWKHGUDODOOEHFDPHJUH\PXUN\DQG««««««««DQGWKH FUDFNHGPRQRWRQRXVPXWWHUZHQWRQOLNHDG\LQJYRLFHXQWLOWKHRUJDQDQGWKH  FKRLUEXUVWIRUWKDQGGURZQHGLWLQDVHDRIPXVLF 6(38/&+5( $KHDY\XQEURNHQFUXVWRIFORXGVWUHWFKHGDFURVVWKHVN\VKXWWLQJRXWHYHU\ VSHFNRIKHDYHQDQGDGLVWDQWKDORZKLFKKXQJRYHUWKHWRZQZDVYLVLEOHDJDLQVW WKHEODFNFRQFDYHWKH««««««««««DSSHDULQJWKHEULJKWHUE\LWVJUHDW  FRQWUDVWZLWKWKHFLUFXPVFULELQJGDUNQHVV /80,1286 /HLJK+XQWZDVRQHRIWKHJUHDW««««««««RI(QJOLVKOLWHUDWXUHࡳD FULWLFZKRDVIDUDVWKHPHUHO\DSSUHFLDWLYHSDUWRIKLVEXVLQHVVLVFRQFHUQHGKDV KDGIHZVXSHULRUVDQGDZULWHURIWKHSXUHO\JHQHUDOHVVD\WKHDUWLFOHZKLFK ZDVPRUHDQGPRUHKLWWLQJSRSXODUWDVWHDQGZKLFKKDVQHYHUORVWLWVLQFHDIWHUD IDVKLRQZKLFKRZHGOLWWOHWRDQ\IRUHUXQQHUVDQGKDVWDXJKWPXFKWRVFRUHV  DOPRVWWRKXQGUHGVRIIROORZHUV  0,6&(//$1< 7KHERZZDVMXVWRYHUKHUIRUHKHDGRUPRUHSUHFLVHO\DWWKHSRLQWZKHUHWKH RUJDQRIFRPSDULVRQPHUJHVLQWKDWRIEHQHYROHQFHDFFRUGLQJWRWKH ««««««««««WKHRU\RI*DOO\HW-RKQHQGHDYRUHGWRORRNDWWKHERZLQ DVNLPPLQJGXFNDQGGUDNHIDVKLRQVRDVWRDYRLGGLSSLQJKLVRZQJODQFHDVIDU  DVWRWKHSODQHRIKLVLQWHUURJDWRU VH\HV  3+5(12*,=(



7KH7H[W6SHFWUXP 

$VKHVDQNEDFNZHDNO\DJDLQVWWKHFDUYHGSRVWRIWKHSRUFKKHVDZWKHED\ OHDSDIHQFHDQGUHDUEHVLGHDSDUWO\XVHGULFNRIEDUHO\VWUDZZKLOHLWVULGHUOHDQHG RXWRIWKHVDGGOHDQGKHZHGZLWKFURVVVWURNHVDWDZULWKLQJ  ««««««««««« 5(48,6,7,21 ,PPHQVHTXDQWLWLHVRIHDUWKDQGVWRQHV«««««««««IURPWKHFRDVW  FOLIIVE\WKHVHYHUHIURVWRIWKH$UFWLFZLQWHUIDOOXSRQWKHLFHIRRW  /2'*( 7KHUHDOIDXOWVRI$QJOR6D[RQSRHWU\IURPWKHIRUPDOSRLQWRIYLHZOLHLQDQG LQGHHGDUHLQVHSDUDEOHIURPLWVVWDSOHRIDFFHQWHGDOOLWHUDWLYHYHUVHLWPD\EH «««««««««««LWPD\EHTXLWHFDUHIXOO\DQGFXQQLQJO\DUUDQJHGDVWR  V\OODEOHVEXWGLYLGHGE\DKDUGDQGIDVWVHFWLRQRUPLGGOHSDXVH  ',6&5(7,21  ,IHYHU\RX\LHOGWRWKHWHPSWDWLRQWRPHHWWKHXWWHUDQFHVRIDSDUW\RSSRVHGWR \RXURZQE\DSROLF\RI VKRXWLQJGRZQ DQG«««««««««\RXDUH  PRYLQJDZD\IURPFLYLOL]DWLRQWRZDUGVVDYDJHU\  58)),$1 7KHFRXQWU\KHUHKDGWKHFKDUDFWHULVWLFVRIDOOWKHRSHQOHYHOSDUWVRI$OVDFH DQGZHURGHE\DSOHDVDQWIRRWSDWKWKURXJKWKHPHDGRZVVRRQUHDFKHG6HVHQKHLP OHIWRXUKRUVHVDWWKHWDYHUQDQGZDONHGOHLVXUHO\WRZDUGVWKHUHFHQWO\EXLOW  «««««««« 3$5621  6LOHQFHIHOORQWKHVHOLWWOHSHRSOHDWWKHDUULYDORIWKHVRXSDQGWKH ««««««««««««««QDWXUDOWR,FHODQGHUVHYHQLQFKLOGKRRG  UHVXPHGLWVVZD\  7$&,7851 7R«««««««««DVHQWHQFHZHSHUIRUPWZRRSHUDWLRQV ZH FKDQJHLWIURPDIILUPDWLYHWRQHJDWLYHRUYLFHYHUVDDQG ZHQHJDWHWKH  SUHGLFDWHWHUP  2%9(56,21 7KHFRPPRQFROGLVDEHQLJQLQIODPPDWLRQRIWKHPXFRXVPHPEUDQHVRIWKH XSSHU««««««««««WUDFWFDXVHGE\DQ\RIVHYHUDONQRZQYLUXVHV LQIOXHQ]DDGHQRYLUXVUKLQRYLUXV DQGWKHP\FRSODVPDRUJDQLVP  5(63,5(

 :RUG)RUPDWLRQLQ&RQWH[W



$ERYHDOO6FRWLVRQHRIWKRVHSRHWVWKHUDUHVWRIDOOZKRVHUYHDVFKDQQHOVWR FRQYH\WKHHQMR\PHQWRIZKDWLVUHDOSRHWU\WRWKRVHYDVWQXPEHUVRIWKHKXPDQ UDFHWKHPDMRULW\E\VRPHWKLQJOLNHQLQHW\QLQHWRRQHZKRDUHLQWROHUDQWRI  SRHWLFDOTXLQWHVVHQFHLQ«««««GUDXJKWV $'8/7(5$7(  +HZDVDPDQRIKLJKUDQNDQGSRVLWLRQZHDOWK\DQGRIDULVWRFUDWLFGHVFHQW VWRXWDQGLQJRRGKHDOWKDJUHDWWDONHUZKRHYHQKDGWKHUHSXWDWLRQRIEHLQJD GLVFRQWHQWHGSHUVRQWKRXJKRIFRXUVHLQWKHPRVWOR\DOVHQVHRIWKHZRUG D ««««««««PDQEXWHYHQWKLVZDVDJUHHDEOHLQKLP ZLWKWKH PDQQHULVPVRIDQ(QJOLVKDULVWRFUDWDQGZLWK(QJOLVKWDVWHVDVUHJDUGVIRU LQVWDQFHXQGHUGRQHURDVWEHHIKDUQHVVIRRWPDQHWF  &+2/(5 ,PDJLVPLVDQ$QJOR$PHULFDQSRHWLFPRYHPHQW ««««««««««««EDVHGRQWKHSKLORVRSK\RI7(+XOPHLQVSLUHG E\FODVVLFDODQGRULHQWDOO\ULFDQGUHDFWLQJDJDLQVWH[FHVVLYHURPDQWLFLVPDQG  YDJXHO\HPRWLYHYHUVH  $92: 7KHUHKDGEHHQDQ«««««««DSUHGLFWLRQRIVRPHNLQGWKDWDFKDQFH  RIVHFXULQJKLVHQHP\ZRXOGEHWKURZQLQ'DYLG VZD\  $8*85 :KHQDPDQ VDUPLVUDLVHGWKHPRWLRQJLYHQWRLWLV «««««««««««SDUWO\E\JUDYLW\DQGSDUWO\E\WKHLQWHUQDOUHVLVWDQFHV  FRQVHTXHQWRQVWUXFWXUH  $17$*21,60 $GGLVRQ VWHQGHQF\WKRXJKKHZDVXQIOLQFKLQJO\RQYLUWXH VVLGHZDVUDWKHU WRZDUGVDYHU\PHOORZDQGQRW««««««««««EXWVWLOOGLVWLQFWO\F\QLFDO F\QLFLVP±DVPLOHWRRGHPXUHHYHUWREHDJULQEXWVRPHWLPHVH[FHSWRQ  UHOLJLRXVVXEMHFWVIDLQWO\DQGGLVWDQWO\DSSURDFKLQJDVQHHU  ,1'8/*( :ULWHUVDUHSDVVLRQDWHUHVXVFLWDWRUVRIEXULHGRUVSHFWUDOZRUGVWR ««««««««IDGHVDIWHUWKHHDUO\VHYHQWHHQWKFHQWXU\EXWSURYHVWREH  H[DFWO\ZKDW7HQQ\VRQUHTXLUHVWREOXQW 7KHVKDUSQHVVRIWKDWSDLQ   ('*( 



7KH7H[W6SHFWUXP 

7KHIDPLO\SDUW\RIIRXURQO\ ZHUHVHDWHGURXQGWKHWDEOHLQWKHGDUN ««««««««««SDUORXUZLWKWKH6XQGD\GHVVHUWEHIRUHWKHPRIIUHVK ILOEHUWVDSSOHVDQGSHDUVGXO\RUQDPHQWHGZLWKOHDYHVE\1DQF\ VRZQKDQG  EHIRUHWKHEHOOVKDGUXQJIRUFKXUFK :$,16&27 %\DFFXUDWHO\PHDVXULQJWKHFRORXURIZHOOGHILQHG ««««««««««««OLQHVWKHDVWURQRPHULVDEOHWRGLVFRYHUZKHWKHUWKH ERG\HPLWWLQJWKHPLVDSSURDFKLQJXVRUUHFHGLQJIURPXVDQGFDQHVWLPDWHWKH  VSHHGRIWKHPRWLRQ  63(&7580  6KHFUHSWLQWRDVWRUHURRPZKLFKZDVRYHUWKHDSDUWPHQWLQWRZKLFKWKH\KDG JRQHIRUE\ORRNLQJWKURXJKDNQRWKROHLQWKHIORRULWZDVHDV\WRFRPPDQGD YLHZRIWKHURRPEHQHDWKWKLVEHLQJ««««««««ZLWKPRXOGHGEHDPV DQGUDIWHUV  &(,/  7KHEHDPVIURPRXUODPSVUHIOHFWHGE\WKHWLQ\IDFHWVRIWKHURFN\PDVVFULVV FURVVHGLQDOOGLUHFWLRQVVRWKDW,IHOWDVLI,ZHUHZDONLQJWKURXJKDKROORZ GLDPRQGLQVLGHZKLFKWKHUD\VZHUHVKDWWHULQJDJDLQVWHDFKRWKHULQFRXQWOHVV  ««««««««««  &2586&$7( $PRQJELUGVIRRGIRUWKH\RXQJKDVLQPRVWFDVHVWREHEURXJKWIURPD GLVWDQFHDQGPXFKDVVLGXLW\LVUHTXLUHGWRFROOHFWLWLQVXIILFLHQWTXDQWLW\WKH  «««««««««RIQHVWOLQJVEHLQJDOPRVWLQVDWLDEOH  925$&,286 7KHLQLTXLW\RIREOLYLRQEOLQGO\VFDWWHUVKHUSRSS\DQGGHDOVZLWKWKHPHPRU\  RIPHQZLWKRXWGLVWLQFWLRQWRPHULWRI«««««««««««  3(53(78$7( :LWKWLPHDQGODERXUWKHFUDJWRRNKXPDQVKDSHDQGWKHUHLWVWDQGV «««««««««GDUNDQGIURZQLQJKDOIVWDWXHKDOIURFNLQWKHIRUPHU VHQVHWHUULEOHDQGJREOLQOLNHLQWKHODWWHUDOPRVWEHDXWLIXOIRULWVFRORXULQJLVRI DPHOORZJUH\DQGPRRUODQGPRVVFORWKHVLWDQGKHDWKZLWKLWVEORRPLQJEHOOV  DQGEDOP\IUDJUDQFHJURZVIDLWKIXOO\FORVHWRWKHJLDQW VIRRW  &2/26686

 :RUG)RUPDWLRQLQ&RQWH[W



7KHFRPPRQFULSSOHZRXOGGHVSLVHKLVRZQ««««««««««YLHZLQJ  WKHKDOHVWRXWQHVVDQGKHDUW\KHDUWRIWKLVKDOIOLPEHGJLDQW  386,//$1,0286 6RPHRIRXU\RXQJZRPHQKDGRQO\WRFXWWKHLUKDLUVKRUWSXWRQEOXH VSHFWDFOHVDQGFDOOWKHPVHOYHV««««««««««WRSHUVXDGHWKHPVHOYHVDW RQFHWKDWKDYLQJSXWRQWKHLUVSHFWDFOHVWKH\KDYHLPPHGLDWHO\DFTXLUHG  FRQYLFWLRQV RIWKHLURZQ  1,+,/ 7KHORQJHVW«««««««««ZRUGVLQ(QJOLVKDUHUHGLYLGHUPHDQLQJ

VRPHWKLQJWKDWGLYLGHVDJDLQ DQGURWDYDWRURULJLQDOO\DWUDGHQDPHIRUWKH  PHFKDQLFDOGLJJHUEXWQRZDFFHSWHGDVDQRUGLQDU\ZRUG  3$/,1'520( :KHQ8O\VVHVFDPHWRORRNDIWHUKLVFUHZEHFDXVHWKH\KDGQRWUHWXUQHGKH IRXQGWKHPEUXWHVURRWLQJLQWKHPLUHJUXQWLQJDQGVOHHSLQJLQ  ««««««««««FRQWHQW  6:,1( 6KHWXUQHGKHUKHDGࡳWKHJDWHPDQ VFDQGOHVKLPPHULQJXSRQKHUTXLFNFOHDU H\HVDVVKHGLGVRࡳSDVVHGWKURXJKWKHJDWHDQGZDVVRRQZUDSSHGLQWKH  ««««««««««VKDGHVRIP\VWHULRXVVXPPHUERXJKV %2:(5 (QJODQGZLWKRWKHUQRUWKHUQFRXQWLHVZDVGHWHUPLQHGWREHLQGHSHQGHQWRI IRUHLJQGRPLQDWLRQWRDFFHSWQR«««««««««««WRWKURZRIIWKH YHVWLJHVRIDQFLHQWVXEMHFWLRQZKLFKKDG\HWFUDGOHGWKHPDQGWXWRUHGWKHPLQ  WKHLUFKLOGKRRG 787(/$5 3UHVVLQJDQGVTXHH]LQJWKHPDWHULDOVZLWKLWVRZQEUHDVWWLOOLWPDNHVWKHP ««««««««««WKHELUGWZLQHVWKHPDQGZRUNVWKHPLQWRWKHJHQHUDO  SODQ  3/,$1&< $QDQDWRPLVWHYHQDPHUH««««««ࡳZRXOGKDYHVHHQWKDWWKHGHIRUPLW\ RI3KLOLS VVSLQHZDVQRWDFRQJHQLWDOKXPSEXWWKHUHVXOWRIDQDFFLGHQWLQ LQIDQF\EXW\RXGRQRWH[SHFWIURP+HQU\DQ\DFTXDLQWDQFHZLWKVXFK  GLVWLQFWLRQVWRKLP3KLOLSZDVVLPSO\DKXPSEDFN 3+