Enochian Magick

(QRFKLDQ0DJLFN5HIHUHQFH

%HQMDPLQ5RZH

(QRFKLDQ0DJLFN5HIHUHQFH &RS\ULJKWE\%HQMDPLQ5RZH $OOULJKWVUHVHUYHG &UHGLWV 7KDQNVWR0U&OD\+ROGHQDQGWKH-RKQ'HH3XEOLFDWLRQ3URMHFWIRUWKHLOOXVWUDWLRQVRI WKHVHYHQ(QVLJQVRI&UHDWLRQIRUWKHLOOXVWUDWLRQRIWKHVLJLOVRIWKH3DUWVRQWKH*UHDW 7DEOHDQGIRUWKH(QRFKLDQW\SHIDFHXVHGLQYDULRXVRWKHULOOXVWUDWLRQV 7KDQNVWR6FRWW0IRUVFDQVRIWKHVHYHQWDEOHVIURPZKLFKWKH7DEXOD%RQRUXPLV IRUPHG

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

0LVFHOODQHRXV,VVXHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  5HODWLRQRI(QRFKLDQWRWKH1HFURQRPLFRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODWLRQRI(QRFKLDQWRWKHELEOLFDO%RRNRI(QRFK BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (QRFKLDQPDJLFNDQGWKHDSRFDO\SVH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$SSHQGL[$7KH6LJLORI$PHWKDQGLWV+RO\1DPHV BBBBBBBBBBBBBBBBBBBBBBBBBB  $SSHQGL[%7KH6HYHQ(QVLJQVRI&UHDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  $SSHQGL[& BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  7KH6HYHQ7DEOHVIURPZKLFKWKHQDPHVRIWKH*RRG$QJHOVDUHGHULYHG BBBBBBBB

$SSHQGL[' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )RUPDWLRQRIWKH1DPHVRIWKH+HSWDUFKLF´0LQLVWHUVRIWKH+RXUVµ BBBBBBBBBBBBBBBB

$SSHQGL[( BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  7KH7ZHOYHE\6HYHQ7DEOHLQLWV7ZR)RUPV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%LEOLRJUDSK\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  'HH0DQXVFULSWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3XEOLVKHGYHUVLRQVRIWKH'HH'LDULHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7KH*ROGHQ'DZQV\VWHPRI(QRFKLDQ0DJLFN BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2WKHUPDWHULDOUHODWHGWR(QRFKLDQDQG+HSWDUFKLF0DJLFNBBBBBBBBBBBBBBBBBBBBBBBB +DOORI6KDPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

(QRFKLDQ0DJLFN5HIHUHQFH

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·V OLEUDU\ E\ 5REHUW &RWWRQ 7KLV SDUW ZDV SXEOLVKHG LQ &DVDXERQ·V $ 7UXH DQG )DLWKIXO 5HODWLRQ 7KH HDUOLHU SRUWLRQV FRQFHUQLQJ WKH +HSWDUFK\ DQG /LEHU /RDJDHWK FDPH WR OLJKW E\ D PRUH URXQGDERXWPHDQV ,QWKHODWHU\HDUVRIKLVOLIH'HHDSSDUHQWO\GHFLGHGWRFRQFHDOKLVPDJLFNDOUHFRUGV LQ D KLGGHQFRPSDUWPHQWRIDODUJHFHGDUFKHVWKHSRVVHVVHG$IWHUKLV GHDWK WKH FKHVW ZDVSXUFKDVHGIURPKLVHVWDWHDQGSDVVHGWKURXJKVHYHUDORZQHUV7KHKLGGHQGRFXPHQWV ZHUH QRW GLVFRYHUHG XQWLO DURXQG  DQG IRXQG WKHLU ZD\ LQWR WKH KDQGV RI (OLDV $VKPROHLQ0U$VKPROH·VFROOHFWLRQSDVVHGHYHQWXDOO\WRWKH%ULWLVK/LEUDU\ $FFRUGLQJWR$VKPROHDERXWKDOIRIWKHKLGGHQUHFRUGVZHUHPLVWDNHQO\GHVWUR\HG E\ WKH GLVFRYHUHU·VPDLGEHIRUHHIIRUWVZHUHPDGHWRSUHVHUYHWKH UHVW 'HVSLWH WKLV WKH UHFRUGVIRUWKHRSHUDWLRQVDSSHDUDOPRVWHQWLUHO\LQWDFW 7KHUHFRUGRIWKHVHRSHUDWLRQVLVYHU\GHWDLOHGVRPXFKVRWKDWLWWDNHVFDUHIXOVWXG\ WR VHSDUDWH WKH VSLULWXDO ZKHDW IURP WKH FKDII 0XFK RI WKH FRPPXQLFDWLRQ ZDV LPSRUWDQWZLWKLQWKHFRQWH[WRIWKHRSHUDWLRQVEXWKDVQRGLUHFWEHDULQJRQWKHV\VWHPV RIPDJLFNEHLQJSUHVHQWHG2IWKHUHVWWKHUHDUHORQJSHULRGVRIFRPPXQLFDWLRQVWKDWLQ UHWURVSHFWVHHPWRKDYHQRSXUSRVHEXWWRKROGWKHPDJLFLDQV·DWWHQWLRQRQFRQWLQXLQJ WKHRSHUDWLRQV'XULQJWKHVHSHULRGVWKHDQJHOVZRXOGSUHVHQWFRORUIXOYLVLRQVSRUWHQWRXV SURSKHVLHVDQGDQJHOLFJRVVLSEXWYHU\OLWWOHLQWKHZD\RIVROLGLQIRUPDWLRQ$GGLWLRQDOO\ WKH UHDGHUPXVWGHDOZLWKVLGHH[FXUVLRQVLQWRDSRFDO\SWLFUHOLJLRQ (OL]DEHWKDQ SROLWLFV



(QRFKLDQ0DJLFN5HIHUHQFH 'HH DQG .HOO\·V SHUVRQDO SUREOHPV DQG YDULRXV LUUHOHYDQW TXHULHV WKDW 'HH LQVLVWHG RQ LQVHUWLQJLQWRWKHZRUN &KURQRORJLFDOO\ 'HH DQG .HOO\·V ZRUN GLYLGHV LQWR WKUHH KLJKO\ SURGXFWLYH SHULRGV VHSDUDWHG E\ PRQWKV LQ ZKLFK QRWKLQJ RI SDUWLFXODU YDOXH ZDV UHFHLYHG 7KH PDWHULDO UHFHLYHGLQHDFKSHULRGJHQHUDOO\VWDQGVRQLWVRZQDQGLVRQO\ORRVHO\UHODWHGWRWKDWLQ WKHRWKHUSHULRGV,QWKHVWULFWHVWLQWHUSUHWDWLRQRQO\WKHPDWHULDOIURPWKHWKLUGSHULRG TXDOLILHVDV(QRFKLDQEXWWKHWHUPLVRIWHQDSSOLHGWRDOORIWKHZRUN



(QRFKLDQ0DJLFN5HIHUHQFH

3HULRGRQH7KH+HSWDUFKLD0\VWLFD 7KH ILUVW V\VWHP RI PDJLFN JLYHQ WR 'HH ZDV WKH +HSWDUFKLD 0\VWLFD 7KLV LV D VHOI FRQWDLQHG DQG PRGHUDWHO\ FRPSOH[ SODQHWDU\ DQJHO PDJLFN VLPLODU LQ VW\OH EXW QRW LQ FRQWHQW WRYDULRXV6RORPRQLFJULPRLUHVRIWKHGD\7KHIXOOUHFRUGRILWV SUHVHQWDWLRQ FDQ EH IRXQG LQ 'HH·V 0\VWHULRUXP /LEUL 4XLQWL D ZRUNLQJ JULPRLUH FRPSRVHG RI 'HH·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



(QRFKLDQ0DJLFN5HIHUHQFH

´7UXHµ+HSWDUFKLF/DPHQLQ(QJOLVKDQG$QJHOLF9HUVLRQV 7KH+RO\7DEOHRU7DEOHRI&RYHQDQWZDVWKHFHQWHUSLHFHRIWKH+HSWDUFKLFPDJLFN ,WV SXUSRVH ZDV WR EH DQ LQVWUXPHQW RI FRQFLOLDWLRQ WKDW LV WKH PHDQV E\ ZKLFK WKH SRZHUVLWV\PEROL]HVDUHEURXJKWLQWRKDUPRQ\ZLWKWKHPDJLFLDQ$VZLWKWKHODPHQWKH LQLWLDOYHUVLRQRIWKHWDEOHZDVODWHUVDLGWREHLQFRUUHFWDQGDQHZGHVLJQSURYLGHG 7KHWDEOHZDVWREHWZRFXELWVVTXDUHURXJKO\WRLQFKHV DQGWZRFXELWVKLJK 7KHOHJVHQGHGLQRUUHVWHGXSRQKROORZFRQWDLQHUVXQGHUZKLFKVPDOOFRSLHVRIWKH6LJLO RI$PHWKZHUHSODFHG,WKDGDRQHLQFKERUGHULQZKLFKFHUWDLQOHWWHUVZHUHGUDZQ WRDVLGH,QVLGHWKHERUGHUD6WDURI'DYLGZDVGUDZQDQGLQWKHFHQWHURIWKHVWDUD LQFKVTXDUHGLYLGHGLQWRDE\JULGFRQWDLQLQJPRUHOHWWHUV2QWRSRIWKHWDEOHZHUH SODFHGVHYHQSODQHWDU\WDOLVPDQVFDOOHGWKH(QVLJQVRI&UHDWLRQ,QWKHFHQWHUDODUJH YHUVLRQ RI WKH 6LJLO RI $PHWK :KHQ LQ XVH WKH WDEOH 6LJLO DQG WDOLVPDQV ZHUH WR EH FRYHUHG ZLWK D UHG VLON FORWK 7KH VFU\LQJVWRQH ZDV WKHQ SODFHG RQ WRS RI WKH FORWK GLUHFWO\RYHUWKH6LJLO 7KHOHWWHUVDURXQGWKHHGJHRIWKHWDEOHDQGLQWKHFHQWUDOJULGDUHWDNHQIURPWKH VDPHE\WDEOH$SSHQGL[( XVHGWRIRUPWKHODPHQ7KH\DUHLQWHQGHGWRGLJQLI\ WKHWDEOHWRFRQVHFUDWHLWWRWKH+HSWDUFKLFZRUNLQWKHVDPHZD\WKHODPHQGLJQLILHV WKHPDJLFLDQ7KHUHLVQRLQGLFDWLRQLQWKHUHFRUGWKDWWKH\ZHUHLQWHQGHGWREHZRUGV FRQYH\LQJPHDQLQJDV*HUDOG6FKXHOHUKDVDOOHJHG 0DQ\ PDJLFLDQV KDYH DVVXPHG WKDW WKH +RO\ 7DEOH LV DOVR QHFHVVDU\ WR RSHUDWLRQV LQYROYLQJWKH&DOOVDQG7DEOHWVJLYHQWR'HHDQG.HOO\LQ,WLVWUXHWKDWWKH\PDGH XVHRIWKHWDEOHIRURSHUDWLRQVWKDWREWDLQHGWKDWPDWHULDO+RZHYHUWKHWDEOHLVFOHDUO\ GHVLJQHGVSHFLILFDOO\IRUXVHZLWKWKH+HSWDUFKLFSRZHUVLWVHHPVXQOLNHO\WKDWLWZRXOGEH VXLWDEOHIRUWKHTXDVLHOHPHQWDOQDWXUHRIWKH7DEOHWSRZHUV



B

I

O

U

L

R

L

R

L

E

O

O

o a e s p m i b b n a a u l o a y n n l a

o s o n s s l g e n o e e o o f o d g g n

B

l l r l n a n e e o o e z o g l p p s a g

B

n a m s r l e r f t i o a g o e u l r r a

T

B

(QRFKLDQ0DJLFN5HIHUHQFH

7KH+RO\7DEOHRI3UDFWLFHRU7DEOHRI&RYHQDQW 5HFRQVWUXFWHGDFFRUGLQJWRWKH$QJHOV·GLUHFWLRQV (TXLSPHQW7KH6LJLORI$PHWK 7KH6LJLORI$PHWKRU6LJLOOXP'HLLVDODUJHZD[GLVNRQZKLFKDUHLQVFULEHGYDULRXV QDPHVRI*RGDQGDQJHOVZLWKLQDGHVLJQRIKHSWDJRQVDQGKHSWDJUDPV7KLVVLJLOZDVWR EHSODFHGLQWKHFHQWHURIWKH+RO\7DEOHXQGHUQHDWKWKHVFU\LQJVWRQH6PDOOHUYHUVLRQV ZHUHWREHSODFHGXQGHUQHDWKWKHFXSOLNHHQGVRIWKHWDEOH·VOHJVDSSDUHQWO\WRLQVXODWH WKHWDEOHIURPHDUWKO\LQIOXHQFHV 7KH6LJLOLVWKHRQO\SDUWRI 'HH·V ZRUN WKDW KDV D GLUHFW FRUUHVSRQGHQFH LQ HDUOLHU PDJLFNDOV\VWHPVYHUVLRQVDSSHDULQ/LEHU-XUDWLVDQGLQ(RGLSXV$HJ\SWLFXVDPRQJRWKHU YROXPHV'HHZDVLQLWLDOO\LQVWUXFWHGWRFRS\WKHVLJLOIURPDERRNLQKLVOLEUDU\EXWIRXQG FRQIOLFWLQJYHUVLRQVDQGFRXOGQRWGHFLGHEHWZHHQWKHP:KHQKHTXHVWLRQHGWKHDQJHOV WKH\SURFHHGHGWRJLYHKLPWKHGHVLJQIRUDQHZPRUHGHWDLOHGYHUVLRQ7KHUHVXOWDQWVLJLO LV VXEVWDQWLDOO\ GLIIHUHQW IURP WKRVH HDUOLHU YHUVLRQV VKDULQJ RQO\ WKH RYHUDOO JHRPHWULF GHVLJQZLWKWKHP



(QRFKLDQ0DJLFN5HIHUHQFH :KLOHPRVWRIWKHQDPHVRQWKH6LJLODUHQRWLPPHGLDWHO\UHFRJQL]DEOHQHDUO\DOORI WKHP DUH GHULYHG IURP WZR VHWV RI IDPLOLDU DQJHOLF QDPHV 7KH ILUVW VHW DUH WKH DQJHOV $JULSSDOLVWVDVWKHVHYHQZKLFKVWDQGLQWKHSUHVHQFHRI*RG 7KH JRGQDPHV LQ WKH RXWHUPRVWKHSWDJRQDUHIRUPHGE\WUDQVSRVLWLRQRIWKHOHWWHUVRIWKHVH QDPHV IROORZLQJ DQHODERUDWHEXWFRQVLVWHQWPHWKRG7KHVHFRQGVHWDUHWKHSODQHWDU\$UFKDQJHOVZKRVH QDPHV DUH VKRZQ DW WKH FHQWHU RI WKH 6LJLO 7KHVH DUH XVHG WR IRUP WKH IRXU JURXSV RI VHYHQ DQJHOLF QDPHV ZLWKLQ WKH KHSWDJUDP FDOOHG WKH 6RQV RI /LJKW 'DXJKWHUV RI /LJKW6RQVRIWKH6RQVDQG'DXJKWHUVRIWKH'DXJKWHUV$GGLWLRQDOO\WKH\DUHXVHG WRIRUPWKHJRGQDPHVZULWWHQLQWKHVSDFHEHWZHHQWKHKHSWDJRQDQGWKHKHSWDJUDP,W LVLQWHUHVWLQJWRQRWHWKDWWKHGHULYHGQDPHVZHUHJLYHQILUVWDQGRQO\DIWHUZDUGVZDVWKH PHDQVRIGHULYDWLRQVKRZQ)RUDSLFWXUHRIWKH6LJLODQGGHWDLOVRQWKHIRUPDWLRQRILWV GLYLQHDQGDQJHOLFQDPHVVHH$SSHQGL[$7KH6LJLORI$PHWKDQGLWV+RO\1DPHV (TXLSPHQW7KH(QVLJQVRI&UHDWLRQ ,PPHGLDWHO\ IROORZLQJ WKH SUHVHQWDWLRQ RI WKH 6LJLO RI $PHWK WKH DQJHOV SURYLGHG VHYHQFRPSOH[WDOLVPDQVFDOOHGWKH(QVLJQVRI&UHDWLRQ7KHVHZHUHWREHHQJUDYHGRQ SODWHVRISXULILHGWLQDQGDUUD\HGRQWKHVXUIDFHRIWKHKRO\WDEOHHLWKHULQDFRQWLQXRXV ULQJ DURXQG WKH 6LJLO RI $PHWK RU LQ D URZ GLUHFWO\ LQ IURQW RI WKH PDJLFLDQ $V DQ DOWHUQDWLYH WR WKH SODWHV WKH DQJHOV DOORZHG WKDW WKH\ FRXOG EH SDLQWHG GLUHFWO\ RQ WKH WDEOH 'XULQJ WKH 6SULQJ  FRUUHFWLRQV WKH DQJHOV VSHFLILHG WKDW WKH OHWWHUV RQ WKH HQVLJQV ZHUH WR EH FRQYHUWHG LQWR WKH DQJHOLF DOSKDEHW EXW WKLV ZDV DSSDUHQWO\ QHYHU GRQH $V ZLWK WKH WDEOH LWVHOI WKH HQVLJQV ZHUH LQWHQGHG DV LQVWUXPHQWV RI FRQFLOLDWLRQ EHWZHHQ WKH PDJLFLDQ DQG WKH +HSWDUFKLF SRZHUV (DFK HQVLJQ ZDV DVVRFLDWHG ZLWK D VSHFLILF+HSWDUFKLF.LQJDQGWKHUHIRUZLWKDVSHFLILFSODQHWDQGGD\RIWKHZHHN)XOOVL]H LOOXVWUDWLRQVRIWKH(QVLJQVFDQEHIRXQGLQ$SSHQGL[%7KH6HYHQ(QVLJQVRI&UHDWLRQ 7KH YHUVLRQV VKRZQ LQ WKH DSSHQGL[ ZHUH SUHSDUHG IURP VFDQV RI WKH GLDULHV XQDOWHUHG EXWFOHDQHGXSWRUHPRYHWKHGLUWDQGVPXGJLQJIURPIRXUFHQWXULHVRIDJLQJ 7ZRODWHUYHUVLRQVRIWKH(QVLJQVKDYHFLUFXODWHGLQPRGHUQSXEOLFDWLRQV7KHILUVWRI WKHVHZDVFUHDWHGE\WKHSVHXGRQ\PRXV'U5XGGDFHQWXU\RUPRUHDIWHU'HH·VWLPH 5XGG·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´EµVRQWKH(QVLJQVDUH GUDZQLQDFRQVLVWHQWO\GLVWLQFWPDQQHU 1HLWKHURIWKHVHODWHUYHUVLRQVKDVDQ\MXVWLILFDWLRQLQWKHGLDULHV,IWKHUHLVDORJLF EHKLQGWKHV\PEROVRQWKH(QVLJQVLWLVQRWH[SODLQHGDQ\ZKHUHLQWKHUHFRUG



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

g

e

n

B a l i g o n Bor no g Ba o p ni B es do B g em B lu m e m a a p m o g a l

o b i l a a B ab un d B s f g e Bu n i B l t f o r B a r Bamnode

T

a

a

b a d o e s in i g B a r o n o f B n g o B i ld a B a sen Bnap B r a l g e s B o r m i l a Bu s c nab B m i n p B a o l B r t i r B l i i o g a n

lu

m

Q

.1:

R

.6

:

B

o

f g

e

l

s f e a B e f lo B me s Ba e n o l r e B B r a n g l o o

b

.5:

W

B r i s f l i B n a g o l e B a b a Bu l e l tm B o a no B zp l a i m n a to m

.2:

U

.3:

S

:

.4

r

s

.3:

a

p o i g le a a r m n B er fo e B or on B ep n n By s d o B l i o r B a l c e B e l m a r a Benp agi Ba r Bm nafa i B l g es B na s p ol

B

V

o

p

r

a

l

g e s

.5:

o

.4:

.6:

a

s

d

:

.7:

le

.2

z

.7

:

o

l

.1:

7KH7DEXOD%RQRUXP



(QRFKLDQ0DJLFN5HIHUHQFH (DFKRIWKHRULJLQDOVHYHQWDEOHVZDVDVVRFLDWHGZLWKSRZHURYHUDSDUWLFXODUDVSHFWRI H[LVWHQFHLWIROORZVWKDWHDFKDQJHO·VQDPHFRQWUROVVRPHSDUWRIHDFKRIWKRVHDVSHFWV 7KHSRZHUVDVFULEHGWRHDFKWDEOHRUOHWWHUDUH • • • • • • •

:LWDQGZLVGRP 7KHH[DOWDWLRQDQGJRYHUQPHQWRI3ULQFHV 3UHYDLOLQJLQFRXQVHODQGRYHUWKHQRELOLW\ 7KHJDLQDQGWUDGHRIPHUFKDQGLVH/DWHUFKDQJHGWR:DWHUE\'HHIRUQRFOHDU UHDVRQ 7KHTXDOLWLHVRI(DUWKDQGRI:DWHU .QRZOHGJHRIWKH$LUDQGWKRVHWKDWPRYHLQLW 7KHJRYHUQPHQWRIILUH

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·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·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

(QRFKLDQ0DJLFN5HIHUHQFH

3ODQHW 6XQ

.LQJ %RERJHO

.LQJ·VSRZHU :LVGRP6FLHQFH

3ULQFH %RUQRJR

0DUV -XSLWHU

%DEDOHO %\QHSRU

%HIDIHV %XWPRQR

0HUFXU\

%QDVSRO

%OLVGRQ

OLIH

6DWXUQ

%QDSVHQ

%URUJHV

ILUH

9HQXV 0RRQ

%DOLJRQ %OXPD]D

:DWHUVEDWWOH OLIHRIDOO WKLQJV HDUWKDQGLWV FRQWHQWV FDVWLQJRXW ZLFNHGVSLULWV SRZHUVRI$LU QRWPHQWLRQHG

3ULQFH·VSRZHU PHWDOVDOWHULQJ QDWXUH VHDV HDUWK

%DJHQRO %UDOJHV

QRWVKRZQ $LULQYLVLEOH VSLULWV

7KH  PLQLVWHUV DVVLJQHG WR HDFK .LQJ DUH GLYLGHG LQWR VL[ JURXSV ZKRVH VHYHQ PHPEHUVKDYHQDPHVIRUPHGIURPWKHVDPHOHWWHUV(DFKJURXSUXOHVDIRXUKRXUVHFWLRQ RIWKHGD\EHJLQQLQJDWPLGQLJKW7KHILUVWJURXSLVW\SLFDOO\UHSUHVHQWHGDVH[SUHVVLQJD SXUHUIRUPRIWKH.LQJ·VSRZHUWKDQWKHUHPDLQLQJILYHJURXSV $V ZDV WKH FDVH ZLWK WKH ODPHQ DQG KRO\ WDEOH WKH QDPHV RI WKH PLQLVWHUV DUH GHULYHGIURPWKHWDEOHRIWKHDQJHOV)RUWKHPLQLVWHUVDGLIIHUHQWPHWKRGZDVXVHGWR H[WUDFW WKH QDPHV IRU HDFK .LQJ·V VHW $OVR DV SUHYLRXVO\ WKH QDPHV ZHUH JLYHQ WR WKH PDJLFLDQV EHIRUH WKH PHWKRG RI H[WUDFWLRQ ZDV H[SODLQHG )RU DGGLWLRQDO GHWDLOV VHH $SSHQGL[' $0LVVLQJ3LHFH 6HYHUDO SODFHV LQ WKH UHFRUG UHIHUHQFH LV PDGH WR D *UHDW *OREH DSSDUHQWO\ D GLDJUDPRIVRPHVRUWZKLFKLVQRWDPRQJWKHSDSHUVWKDWKDYHEHHQORFDWHGWRGDWH)URP FRQWH[WLW VHHPV WKDW LW PLJKW EH DQ DGGLWLRQDO YDULDWLRQ RQ WKH 7DEXOXP %RQRUXP RU WKHWDEOHVIURPZKLFKWKH%RQRUXPZDVPDGH$V'HHGHVFULEHVLW«WKHUHDUHFDSLWDO OHWWHUV XQGHU WKH .LQJ·V QDPHV DQG FKDUDFWHUV DQG DOVR WKHUH DUH RWKHU OHWWHUV ZLWK QXPEHUV « DQG PRUHRYHU RI WKHVH OHWWHUV VRPH DUH DYHUVHG DQG VRPH HYHUVHG $SSDUHQWO\ .HOO\ UHFHLYHG WKLV GLDJUDP DW VRPH WLPH ZKHQ 'HH ZDV QRW SUHVHQW 'HH UHIHUV WRLWVHYHUDOWLPHVDV KDYLQJ EHHQ ´EURXJKW WRµ KLPE\ .HOO\ 7KH DQJHOV DIILUPHG QRQHWKHOHVVWKDWLWZDVLPSRUWDQWWRWKHXVHRIWKHPDJLFN 7KLVWDEOHZDVWREHXVHGLQWKHFUHDWLRQRIWDOLVPDQVIRULQYRFDWLRQVRI+HSWDUFKLF DQJHOV$QH[DPSOHRIVXFKDWDOLVPDQVKRZVWKHVLJLORIRQHRIWKH6RQVRI/LJKWLQLWV FHQWHU ZLWK WKH 1DPH RI DQ +HSWDUFKLF .LQJ LQ D FLUFOH DURXQG LW $Q RXWHU FLUFOH RI UHYHUVHG DQG QRUPDO OHWWHUV IURP WKLV PLVVLQJ GLDJUDP IRUPV WKH FLUFXPIHUHQFH RI WKH WDOLVPDQ



(QRFKLDQ0DJLFN5HIHUHQFH 0HWKRGRI8VH ,QWKHVSULQJVHVVLRQVWKHDQJHOVLQGLFDWHGWKDWDVHVVLRQZDVSODQQHGLQZKLFK GHWDLOHGLQVWUXFWLRQVZRXOGEHJLYHQIRUWKHXVHRIWKH+HSWDUFKLFPDJLFN,IWKLVVHVVLRQ WRRNSODFHLWLVQRWLQWKHVXUYLYLQJUHFRUGVEXWVRPHLGHDRIWKHJHQHUDOWHFKQLTXHFDQ EHJDWKHUHGIURPFRPPHQWVLQRWKHUSDUWVRIWKHUHFRUG 7KH PDJLFLDQ ZRXOG EH VHDWHG DW WKH KRO\ WDEOH ZHDULQJ WKH ULQJ DQG ODPHQ 7KH (QVLJQ RI WKH .LQJ EHLQJ LQYRNHG LV SODFHG RQ WKH WDEOH EHIRUH KLP +H ZRXOG KROG D WDOLVPDQRIWKHDSSURSULDWH+HSWDUFKLF.LQJLQRQHKDQGZLWKDWDOLVPDQRIWKH.LQJ·V PLQLVWHU·VQDPHVSODFHGXQGHUKLVIHHW7KHPDJLFLDQZRXOGWKHQFDOOXSRQWKH.LQJE\ SHWLWLRQDQGSUD\HUIROORZHGE\SHWLWLRQVWRKLV3ULQFHDQGLQYRFDWLRQVRIWKHVL[PDMRU PLQLVWHUV 7KH\ ZRXOG DSSHDU LQ WKH VKHZVWRQH ZKHUHXSRQ WKH PDJLFLDQ ZRXOG FKDUJH WKHPWRSHUIRUPWKHWDVNKHGHVLUHG



(QRFKLDQ0DJLFN5HIHUHQFH

3HULRGWZR/LEHU/RDJDHWKDQGWKH$QJHOLF$OSKDEHW /LEHU/RDJDHWKLVWKHPRVWP\VWHULRXVSDUWRI'HHDQG.HOO\·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·VKHDGWKLV OLJKWZDVVHHQE\ERWKRIWKHP2QFHWKHOLJKW HQWHUHG.HOO\KLVFRQVFLRXVQHVVZDVWUDQVIRUPHGVRWKDWKHFRXOGFRPSUHKHQGWKHWH[WDV KHUHDGLW+HZDVILUPO\RUGHUHGQRWWRSURYLGHDWUDQVODWLRQZLWKWKHH[SODQDWLRQWKDW *RGZRXOGVHOHFWWKHWLPHIRULWWREHUHYHDOHG+HQHYHUWKHOHVVSURYLGHGWUDQVODWLRQVRID IHZRIWKHZRUGVEXWLQVXIILFLHQWWRJDWKHUWKHPHDQLQJRIWKHWH[WDVDZKROH



(QRFKLDQ0DJLFN5HIHUHQFH

:KHQ WKH OLJKW ZDV ZLWKGUDZQ IURP .HOO\·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



(QRFKLDQ0DJLFN5HIHUHQFH ,WVRRQEHFDPHDSSDUHQWWKDWWKHPHWKRGXVHGZDVWRRVORZ7KHDQJHOVZHUHXQGHU VRPHWLPHFRQVWUDLQWLQSUHVHQWLQJWKHERRNDQGDUUDQJHGWKDW.HOO\ZRXOGEHDEOHWRVHH WKHERRNDWDQ\WLPH+HZDVWRGLUHFWO\UHFRUGZKDWKHVDZUDWKHUWKDQUHDGLQJLWWR'HH 'XULQJWKLVODWWHUSDUWRIWKHZRUN.HOO\DSSDUHQWO\GLGQRWKDYHWKHGHHSXQGHUVWDQGLQJ RIWKHERRN·VPHDQLQJEXWRQO\DYLVXDODSSHUFHSWLRQRILWVOHWWHUV 7KH ILUVW OHDI VKRZQ WR 'HH DQG .HOO\ FRQWDLQHG WKH DQJHOLF DOSKDEHW GLVSOD\HG DERYHWKHJULG7KHWZRZHUHJLYHQWKHQDPHVDQG(QJOLVKHTXLYDOHQWVRIWKHOHWWHUVDQG WROGWR PHPRUL]HWKHPEHIRUHFRQWLQXLQJ:KHQ'HHGLGQRWGRVRDQGFRPSODLQHG RI WKHRWKHUGHPDQGVRQKLVWLPHWKHDQJHOVVWURQJO\UHEXNHGKLP7KHWH[WRIWKHOHDYHV ZDVGUDZQLQWKHFKDUDFWHUVRIWKLVDOSKDEHWDQGDWWKHDQJHOV·LQVWUXFWLRQWKH\ZHUHDOVR DSSOLHGWRWKHODPHQDQGKRO\WDEOHRIWKH+HSWDUFKLFPDJLFN % & * ' ) $ (

3D% 9HK& *HG* *DO' 2U) 8Q$ *UDSK(

0 7DO0 , *RQ, + 1D+ / 8U/ 3 0DOV3 4 *HU4 1 'UX[1 7KH$QJHOLF$OSKDEHW

; 2 5 = 8 6 7

3DO; 0HG2 'RQ5 &HSK= 9DQ8 )DP6 *LVJ7

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



(QRFKLDQ0DJLFN5HIHUHQFH

3HULRGWKUHH(QRFKLDQD 7KH WKLUG VHFWLRQ RI WKH ZRUN LV WKH RQO\ SRUWLRQ WKDW LV SURSHUO\ FDOOHG (QRFKLDQ 7KLVQDPHZDVQRWDFWXDOO\XVHGE\'HHDQG.HOO\WKH\FDOOHGWKHV\VWHPDQJHOLF7KH (QRFKLDQODEHOGHULYHVIURPWKHRULJLQP\WKWKHDQJHOVVXSSOLHGIRUWKLVSRUWLRQRIWKH PDJLFN $FFRUGLQJWRWKHP\WKWKLVPDJLFNZDVJLYHQWR WKH SDWULDUFK (QRFK E\ *RG DQG ZDVWKHPHDQVZKHUHE\(QRFKZRUNHGKLVPLUDFOHV7KHPDJLFNZDVSUHVHUYHGSDVWWKH WLPHRI(QRFK·VDVFHQVLRQEXWLQODWHUJHQHUDWLRQVXQZRUWK\SHRSOHEHJDQWRPDNHXVHRI LW *RG FDXVHG WKH ERRNV WR EH ORVW DQG VHQW ZLFNHG VSLULWV WR VSUHDG IDOVH PDJLFNDO V\VWHPVDPRQJWKHSHRSOH$PXVLQJO\WKHVHIDOVHV\VWHPVDUHEDVHGRQWKHXVHRIVLJLOVRU FKDUDFWHUV OLNH PRVW RI WKH RWKHU PDJLFNDO V\VWHPV RI 'HH·V WLPH RU OLNH PRGHUQ &KDRVPDJLFN 'HH·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• • • • • • • • •

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

7KHWUDQVODWLRQVRIWKHILIWKWKURXJKHLJKWHHQWK&DOOVZHUHQRWJLYHQXQWLOVL[ZHHNV DIWHUWKHDQJHOLFYHUVLRQV7KHFRQVLVWHQF\RIWKHVHWUDQVODWLRQVWKDWLVWKHVDPHZRUGV 

(QRFKLDQ0DJLFN5HIHUHQFH JLYHQWKHVDPHPHDQLQJLQGLIIHUHQW&DOOVDWOHDVWVHUYHVWRHVWDEOLVKWKDWWKHPHDQLQJV ZHUHQRWLQYHQWHGRQWKHVSRW 7KHQDPHVRIWKH3DUWVDUHGHULYHGIURPWKH(OHPHQWDO7DEOHWVDQGWKHLUVLJLOVDUHWR EHIRXQGE\FRQQHFWLQJWKHOHWWHUVRIWKHLUQDPHVRQWKH7DEOHWV7KHVLJLOVZHUHVKRZQ GUDZQRQWKH7DEOHW·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

h

c

r

u

d l a o v m z

z

s

i r

g v

a o r

b d

n a

f

a

z

i

a l

i

a s

i d r

h c

s

a

s

o e

a

s

b

r

d

i

a

n

g

7KH7DEOHWRI*RG



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

1DPH +LJKHVW/LIH

0RWWR ,DPWKHMR\RI*RG

&KRLUVRI$QJHOV -R\ 3UHVHQFH 3UDLVLQJ

/RZHUOHIW

/LIHRU6HFRQG /LIH

7KHPRYLQJSRZHURI*RG RU*RG·VSRZHULQPRWLRQ

3RZHU 0RWLRQ 0LQLVWHULQJ

8SSHUULJKW

/RZHUULJKW

/LIHQRWQRZ 7KHUHVXOWRI*RG·VDFWLRQ GLJQLILHGZKLFK ZLOOEHGLJQLILHG

$FWLRQ (YHQWV

/LIHZKLFKLV DOVR'HDWK

/DPHQWDWLRQ

7KHGLVFRUGDQG ODPHQWDWLRQRI*RG

(VWDEOLVKLQJ 'LVFRUG &RQIXVLQJ

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·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


(QRFKLDQ0DJLFN5HIHUHQFH 7KH WK &DOO WLWOHG WKH &DOO RI WKH $HWK\UV LV H[SOLFLWO\ DVVRFLDWHG ZLWK WKH  $HWK\UVRI/LEHU6FLHQWLDHLWVZRUGLQJFOHDUO\PDNHVLWDQLQYRFDWLRQIRUWKH3DUWVRI WKH(DUWKLQWKDWERRN)ROORZLQJWKHTXRWHDERYHWKHUHPDLQLQJ&DOOVDUHDVVXPHGWR FRQQHFWZLWKWKHKLHUDUFKLHVRIWKHHOHPHQWDO7DEOHWVEXWWKHZRUGLQJRIWKH&DOOVLVWRR SRHWLF DQG DPELJXRXV IRU VSHFLILF DVVRFLDWLRQV WR EH PDGH ZLWK FHUWDLQW\ :KLOH FRQILUPLQJ WKH FRUUHFW VHTXHQFH RI WKHVH &DOOV WKH DQJHO ,OHPHVH VWDWHG WKDW HDFK &DOO KDVLWVSURSHU7DEOHEXWGRHVQRWVWDWHZKDWWKHVHWDEOHVDUH ([SHULPHQWVE\VHYHUDOPDJLFLDQVVHHPWRHVWDEOLVKWKDWWKH)LUVWDQG6HFRQG&DOOVLQ VRPHZD\GHILQHWKHSROHVZLWKLQZKLFKWKHUHPDLQLQJ&DOOVZRUN7KH)LUVW&DOOXVXDOO\ SURGXFHV D JHQHULF PDQLIHVWDWLRQ RI 6SLULW D JHQHUDO SXOO WRZDUGV KLJKHU OHYHOV 7KH UHFRUGLPSOLHVLQDYDJXHZD\WKDWLWLVWREHXVHGZKHQLQYRNLQJWKH(OHPHQWDO.LQJVDQG WKHLUPLQLVWHUVWKH6HQLRUVSRVVLEO\LQFRPELQDWLRQZLWKRWKHU&DOOV7KH6HFRQG&DOOLV VWUDQJHU ,W GRHV QRW DSSHDU WR GHILQH D PDWHULDO SROH DV VXFK UDWKHU LW GHILQHV D IUDPHZRUN RU RYHUDOO IRUP LQWR ZKLFK WKH SRZHUV RI WKH V\VWHP FDQ EH SRXUHG DQG FRQWDLQHG 7KHXVXDODVVXPSWLRQE\ODWHUPDJLFLDQVQRWXQLYHUVDOO\DFFHSWHG KDVEHHQWKDWWKH UHPDLQLQJ &DOOV UHIHU WR WKH /HVVHU $QJOHV ZLWKLQ WKH 7DEOHWV 7KH *ROGHQ 'DZQ·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·VSRZHULQWKHFHQWHURIWKH(DUWKLQWKH(LJKWHHQWK&DOO $QRWKHU DOWHUQDWLYH KDV EHHQ VXJJHVWHG LQ ZKLFK WKH &DOOV DUH DFWXDOO\ FRQQHFWHG ZLWKWKH´OHDYHVµRI/LEHU/RDJDHWK7KLVYLHZDUJXHVWKDWWKH*UHDW7DEOHFDQQRWEH VXEGLYLGHGLQDQ\ZD\WKDWSURGXFHVRUWDEOHWVRUVPDOOHUWDEOHVZKLOH/RDJDHWKLV PRUH FOHDUO\ FRQQHFWHG ZLWK WKRVH QXPEHUV +RZHYHU WKH GHILQLWH FRQQHFWLRQ EHWZHHQ WKHWK&DOODQGWKH$HWK\UVDQG3DUWVLVDVWURQJDUJXPHQWDJDLQVWWKLVSRVLWLRQ )RUWKHFRPSOHWHWH[WRIWKH&DOOVLQ$QJHOLFDQG(QJOLVKVHH7KH(QRFKLDQ&DOOV SXEOLVKHGVHSDUDWHO\



(QRFKLDQ0DJLFN5HIHUHQFH r Z a r c z T o S i f m o r c N O i A b N a o c S h m o d o o l OP a p s c V a o i p s S i d a d i O o r g

i d o i g o o a i a o a i t n o a l m r P u o l x D o

l a Za n s T x a s n d i b b r i t m o c O nm a l i b p a a G m n s T i o s G t e a n d a t T o m p z a n

f i a o o a A V T o T a r

A d r t m T h i p o t g a

T e o e o d a c o d o i n

d o O d n L a r i n n A P

u t p a o Y P a r b d i a o x g a l a C n p o t pm a t a n o b Gm e c Am b r p D Z i n r a d s i p a AC

l L a c z a z a O v r r z n V a d a l i o r z i o n r

p a am u b o C n h r i p i z d a i c a a T o i o x a n a a v a nm o p o x a p c e Za f m r e s p l i a r

e b O u N x a i a o r r r s p i z MO h R O A r c O p o d O m r x a a x n a a T a a a m T o o n h c p a h S a m p p Ma o l r p a a n d x i i e x r

a n g p O i r c b a l p t n O b g o t a h m a L a d i

Z a a x r a m n n i n r d i a n i z n a o P a o i r t a Ad c o c o d D A x i x a r g l a D c o z N P o n h

R o n i z C a c m a i c V

o P o n i z l h i L n s a

u o n i i a s o a i x n t

p r x a o a l i g d i s a

p h S o om g b r l i a h C i a i l mS i a i z s t b i t D om ma l e V s r V g a n L a T x P V a d A r n

7KH*UHDW7DEOHDV3UHVHQWHGLQ

7KH7DEXOD5HFHQVD



a n a e e M t s p m n i r t n e l a P r i i a a a s d

R a d n g g a l mu h l G a om i z a L b a x p i m o m i m b b Gm o c s N o i o l r x p a c n s a p i i L

(QRFKLDQ0DJLFN5HIHUHQFH 7KH*UHDW7DEOH 7KH *UHDW 7DEOH LV D ODUJH JULG RI OHWWHUV  VTXDUHV ZLGH DQG  KLJK 7ZR PDMRU YHUVLRQVRIWKH7DEOHH[LVW7KHILUVWZDVSURGXFHGGXULQJWKHZRUNLQ7KUHH\HDUV ODWHU.HOO\ZRUNLQJDORQH UHFHLYHGDUHYLVHG7DEOHQRZFDOOHGWKH´7DEXOD5HFHQVDµ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·V YHUVLRQ  7KH IRXU WDEOHWV DUH DVVRFLDWHG ZLWK WKH IRXU WUDGLWLRQDO HOHPHQWV IROORZLQJ WKH VDPH SRVLWLRQV DV WKH ´FRQWLQHQWVµ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



(QRFKLDQ0DJLFN5HIHUHQFH 7KHIRXUVTXDUHVRIWKHWRSURZDJDLQLJQRULQJWKHFHQWUDOFROXPQ IRUPIRXUDQJHOLF QDPHVZKLFKDUHQRWUXOHGE\WKHJRGQDPHVIURPWKHFDOYDU\FURVV,QVWHDGDGLIIHUHQW JRGQDPHLVIRUPHGE\DGGLQJDOHWWHUIURPWKH&URVVRI8QLRQWRWKHILUVWDQJHO·VQDPH 7KHVHIRXUDQJHOVDUHVSHFLILFDOO\DVVRFLDWHGZLWKWKHOHWWHUV,15,ZULWWHQDERYHWKHFURVV RI -HVXV·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

/HVVHU$QJOHV 8SSHUOHIW$LU 8SSHUULJKW(DUWK /RZHUOHIW)LUH /RZHUULJKW:DWHU 8SSHUOHIW 8SSHUULJKW /RZHUOHIW /RZHUULJKW

3RZHU 0HGLFLQH 0HWDOVDQG6WRQHV 7UDQVIRUPDWLRQ /LYLQJFUHDWXUHV 0L[LQJRIQDWXUHV &KDQJLQJRISODFH 0HFKDQLFDODUWV 8QGHUVWDQGLQJVHFUHWV

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« $IROORZLQJSDUDJUDSKLQ/DWLQFODULILHVWKDWLWLVWKH$QJHOVRIWKH7ULEHVZKRDUHWKH JRYHUQRUV DQG WKDW WKH  DUH DFWXDOO\ UHJLRQV RU WHUULWRULHV RI WKH PDJLFNDO UHDOP



(QRFKLDQ0DJLFN5HIHUHQFH FRUUHVSRQGLQJWRYDULRXVHDUWKO\WHUULWRULHV(DFK$QJHOUXOHVDYDU\LQJQXPEHURIWKHVH UHJLRQV

7KH3DUWVRIWKH(DUWKRQWKH*UHDW7DEOH ,QDGGLWLRQWRLWVUHJXODUKLHUDUFKLHVWKH*UHDW7DEOHFRQWDLQVWKHQDPHVDQGVLJLOVRI WKH  3DUWV RI WKH (DUWK DV LPSRVHG E\ *RG RI /LEHU 6FLHQWLDH :KHUH WKH DQJHOLF KLHUDUFKLHV GHVFULEHG SUHYLRXVO\ DUH GHULYHG IURP WKH 7DEOHWV E\ IROORZLQJ XQLIRUP GLYLVLRQVWKHQDPHVRIWKH3DUWVDUHGHULYHGLQVXFKDZD\WKDWHDFKFRYHUVDXQLTXHO\ VKDSHGDUHD7KHQDWXUHVRIWKH3DUWVDUHHTXDOO\KHWHURJHQHRXVQRQHRIWKHPLVOLNHDQ\ RWKHULQVFRSHTXDOLW\RUSRZHU )URPWKHDQJHOV·GHVFULSWLRQVLWFRXOGEHVDLGWKDWWKHUHJXODU7DEOHWKLHUDUFKLHVDQG WKH  3DUWV UHSUHVHQW FRPSOHPHQWDU\ YLHZV RI WKH ZRUOG WKDW WKH\ ERWK FRYHU 7KH UHJXODU 7DEOHW QDPHV UHSUHVHQW WKH RUGHULQJ RI WKH ZRUOG DFFRUGLQJ WR WKH LGHDO SODQ RI *RG WKH ZD\ LQ ZKLFK WKH ZRUOG FRQQHFWV ZLWK GLYLQH DUFKHW\SHV DQG SDWWHUQV 7KH 3DUWV RQ WKH RWKHU KDQG UHSUHVHQW WKH WUDQVIRUPDWLRQ RI WKH GLYLQH SODQ LQWR WKH HQGOHVVO\FKDQJLQJHQGOHVVO\GLVVLPLODUHYHQWVRIPDQLIHVWH[LVWHQFH



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·V DUHDLQWKH*UHDW7DEOHLQWKHVHTXHQFHRIWKHOHWWHUVLQLWVQDPH,QWKHSUHVHQWDWLRQWR 'HHDQG.HOO\WKHVLJLOVZHUHSUHVHQWHGEHIRUHWKH7DEOHWVZHUHILOOHGLQZLWKOHWWHUVVR WKDWZKHQWKHOHWWHUVZHUHDGGHGWKH\FRXOGFKHFNEDFNDJDLQVWWKHQDPHVRIWKH3DUWVDV SUHYLRXVO\JLYHQ7KHFRUUHODWLRQEHWZHHQWKHWZRVHWVZDVUHPDUNDEO\KLJKRQO\DIHZRI WKHQDPHVKDGGLIIHUHQWVSHOOLQJVLQWKH7DEOHWV1RQHRIWKHPZHUHFRPSOHWHO\GLVVLPLODU ,WVKRXOGEHQRWHGWKDWWKHUHLVRQH3DUWZKRVHVLJLOLVVKRZQLQWKH*UHDW7DEOHEXW ZKLFK LV QRW OLVWHG LQ /LEHU 6FLHQWLDH ,I DOO WKH QDPHV LQ WKH ERRN DUH YDOLG WKHUH DUH DFWXDOO\  3DUWV QRW  6RPH PDJLFLDQV KDYH VSHFXODWHG WKDW WKLV H[WUD 3DUW VKRXOG UHSODFHWKHVL[W\ILIWK3DUWZKRVHQDPHLVIRUPHGXVLQJWKHWZROHIWRYHUQRQFRQWLJXRXV VTXDUHVLQHDFK7DEOHW 2ULJLQDOO\ WKH DQJHOV WULHG WR JLYH 'HH DQG .HOO\ WKH PXQGDQH HTXLYDOHQWV RI WKH 3DUWVE\GLVSOD\LQJWKHLUUHJLRQVRQDJOREHRIWKHZRUOG'HHFXWWKLVPHWKRGRIIEHIRUHLW VWDUWHGFRPSODLQLQJWKDWWKH\RXJKWWRJLYHKLPWKHUHJLRQVLQORQJLWXGHDQGODWLWXGHRU E\UHIHUHQFHWRWKHPDSVLQKLVSRVVHVVLRQ7KHUHLVQRREYLRXVUHDVRQZK\'HHEHFDPH VWXEERUQRQWKLVSRLQWFHUWDLQO\KHZDVDZDUHWKDWKLVPDSVGLGQ·WFRYHUWKHHQWLUHZRUOG 7KHDQJHOVUHEXNHG'HHVD\LQJWKDWWKH\GLGQ·WVHHWKHZRUOGLQWHUPVRIDUELWUDU\ PDWKHPDWLFDOGHVLJQDWLRQVQRU LQ WKH FRQLF SURMHFWLRQV RI 'HH·V PDSV %XW UDWKHU WKDQ UHWXUQWRWKHLULQWHQGHGPHWKRGWKH\FKRVHWRDVVRFLDWHWKH3DUWVZLWKWKHUHJLRQVRIWKH ZRUOGOLVWHGE\3WROHP\ 5RELQ&RXVLQVKDVJRQHWRJUHDWHIIRUWWRLGHQWLI\WKHPRGHUQUHJLRQVUHSUHVHQWHGE\ WKH3WROHPDLFQDPHV+LVGHVFULSWLRQVDQGPDSVFDQEHIRXQGDVDSSHQGLFHVLQ7XUQHU·V (OL]DEHWKDQ 0DJLFN ,W LV DSSDUHQW IURP 0U &RXVLQV·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·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·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·V SUD\HUV WKDW ZLOO SURGXFH HIIHFWLYHFRQWDFWQRWWKHIRUPRIWKHSUD\HUV



(QRFKLDQ0DJLFN5HIHUHQFH +LVWRU\RI8VH *LYHQ WKH EDUHERQHV QDWXUH RI WKH RULJLQDO (QRFKLDQ PDWHULDO PDJLFLDQV KDYH WR LPSURYLVHH[WHQVLYHO\WRPDNHLWLQWRDQHIIHFWLYHJHQHUDOSXUSRVHPDJLFNDOV\VWHP7KH KLVWRU\ RI WKH V\VWHP·V XVH LV D KLVWRU\ RI LQQRYDWLRQ (YHU\ PDJLFLDQ RU JURXS WKDW KDV XVHGLWH[WHQVLYHO\KDVDGGHGWKHLURZQGLVWLQFWFKDUDFWHUWRLWWDNLQJLWLQDGLUHFWLRQDW OHDVWVOLJKWO\GLIIHUHQWIURPDQ\RQHHOVH,WKDVHYROYHGDVWKHYLHZSRLQWVRILWVXVHUVKDYH HYROYHGDQGVHHPVSHUIHFWO\FDSDEOHRIDGDSWLQJWRPDQ\YLHZSRLQWVZLWKRXWVWUHVV 7KHRQHSRLQWRQZKLFKDOOWKHVHXVHUVDJUHHLVWKDWWKH&DOOVDQGWKH7DEOHWQDPHV DUH WRROV RI UHPDUNDEOH SRWHQF\ SRVVLEO\ XQPDWFKHG E\ DQ\ RWKHU PDJLFNDO V\VWHP QRZ NQRZQ(YHQDFRPSOHWHO\LQH[SHULHQFHGXVHUZLWKDVPDOOHIIRUWLVYLUWXDOO\JXDUDQWHHG WRJHWVRPHVRUWRIUHVSRQVH %H\RQG WKLV LW LV GLIILFXOW WR JDWKHU D FRKHUHQW SLFWXUH RI WKH PDJLFN :KLOH WKH DQJHOVKDYHGLVWLQFWQDWXUHVWKH\SUHVHQWWKHPVHOYHVWRHDFKPDJLFLDQLQDPDQQHUWKDWLV FRQVRQDQW ZLWK KLV RZQ QDWXUH DQG WUXH ZLOO DQG ZKLFK LV  WR D OHVVHU H[WHQW  LQ DFFRUG ZLWK KLV H[SHFWDWLRQV DQG FRQVFLRXV LQWHQW 7KH SUREOHP RI WKHLU FRQIRUPLW\ WR H[SHFWDWLRQVFDQEHRYHUFRPHZLWKSUDFWLFH7KHIRUPHUOLPLWDWLRQVHHPVWREHDEVROXWH WKH\ZLOOQRWLQWHUIHUHZLWKWKHWUXHZLOORIWKHPDJLFLDQ%XWZLWKLQWKDWOLPLWWKH\ZLOOGR HYHU\WKLQJWKH\FDQWRWDNHWKHPDJLFLDQDVIDUDQGDVKLJKDVKHFDQJR )RU D YDULHW\ RI UHDVRQV RQO\ D IHZ UHFRUGV RI (QRFKLDQ ZRUNLQJV KDYH EHHQ SUHVHUYHG 0RVW VXFK UHFRUGV KDYH EHHQ VDYHG EHFDXVH WKH SHRSOH ZKR SHUIRUPHG WKH ZRUN ZHUHLQWHUHVWLQJWRVFKRODUV IRURWKHUUHDVRQVDVDQ REVFXUH EUDQFK RI DQ REVFXUH VXEMHFWLWKDVQRWUDWHGDJUHDWGHDORIDWWHQWLRQIURPVFKRODUVDQGSXEOLVKHUV*LYHQWKLV ODFNRILQIRUPDWLRQDQGWKHOLPLWDWLRQVPHQWLRQHGDERYHWKHDYDLODEOHUHFRUGVKDYH WR EH FRQVLGHUHG WR EH VSRWOLJKWV LOOXPLQDWLQJ DUHDV ZLWKLQ D YDVW ILHOG PRVW RI ZKLFK VWLOO UHPDLQVGDUNDQGXQNQRZQ Dee & Kelly $V IDU DV LV VKRZQ LQ WKH VXUYLYLQJ UHFRUGV QHLWKHU 'HH QRU .HOO\ HYHU PDGH VLJQLILFDQWXVHRIWKH$QJHOLFPDJLFN'XULQJWKHWKUHH\HDUVIROORZLQJWKHUHFHLSWRIWKH PDJLFN WKH\ DSSDUHQWO\ LJQRUHG LW HQWLUHO\ ,I WKH\ GLG DQ\WKLQJ ZLWK LW EH\RQG WKDW SHULRGWKHUHFRUGKDVEHHQORVW Elias Ashmole 6ORDQH0DQXVFULSWVFRQWDLQWKHUHFRUGRIH[WHQVLYHVSLULWDFWLRQVZLWKWKH (QRFKLDQ PDJLFN EHJXQ LQ WKH ·V DQG FRQWLQXLQJ IRU RYHU VHYHQWHHQ \HDUV 7KUHH PDJLFLDQV DQG D VFU\HU LQYRNHG SUDFWLFDOO\ HYHU\ DQJHO DQG HQWLW\ FRQQHFWHG ZLWK WKH (QRFKLDQV\VWHP6RPHVFKRODUVEHOLHYHWKDW(OLDV$VKPROHDQG:LOOLDP/LOO\DUHWZRRI WKHPDJLFLDQVLQYROYHG+RZHYHU&OD\+ROGHQEHOLHYHVWKDWWKLVLVQRWWKHFDVHEDVHGRQ WKH KDQGZULWLQJ WKH UHFRUG LV LQ D FUDEEHG DQG DOPRVW XQUHDGDEOH KDQG YHU\ XQOLNH $VKPROH·VHOHJDQWVFULSW 

(QRFKLDQ0DJLFN5HIHUHQFH )URP&OD\+ROGHQ $VKPROHDSSHDUVWRKDYH EHHQ ODUJHO\ FRQWHQW WR PDNH SODQHWDU\ WDOLVPDQV WR EDQLVK UDWVIURPKLVKRXVHDVQHDUDV,FDQGHWHUPLQHIURPKLVGLDULHV,ZRXOGGHDUO\ORYHWRILQG VRPHVROLGHYLGHQFHWRWKHFRQWUDU\EXWIHDUWKDWP\DVVXPSWLRQWKDW$VKPROHZDVRQHRI WKHKDQGVEHKLQGWKHVH6SLULW'LDULHVZDVZLVKIXOWKLQNLQJ 7KH GLDULHV DUH PDVVLYH DQG KDYH QRW EHHQ H[DPLQHG FORVHO\ DW WKLV WLPH EXW SUHOLPLQDU\LQGLFDWLRQVDUHWKDWWKH\GRQRWFRQWDLQDQ\UHVXOWVRIVSHFLDOVLJQLILFDQFH Golden Dawn 7KHRULJLQDO*ROGHQ'DZQPDJLFNDOVRFLHW\RSHUDWHGIURPWKH·VLQWRWKH·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·V /LEHU/;;;,;YHO&KDQRNK *ROGHQ'DZQPDJLFLDQVH[SORUHWKHVTXDUHVDVWUDOO\XVLQJDWHFKQLTXHLQYROYLQJWKH YLVXDOL]DWLRQ RI D WUXQFDWHG S\UDPLG (DFK VLGH RI WKH YLVXDOL]HG S\UDPLG LV FRORUHG DQG HPEOD]RQHG ZLWK WKH V\PEROV RI WKH VTXDUH·V DWWULEXWHV 7KH PDJLFLDQ UHFLWHV WKH DSSURSULDWH &DOOV DQG YLEUDWHV UHOHYDQW GLYLQH DQG DQJHOLF QDPHV DQG FRQFHQWUDWHV WKH LQYRNHGSRZHULQWKHS\UDPLG7KHSRZHULVWKHQVHHQULVLQJXSWKHVLGHVRIWKHS\UDPLG DQGVKRRWLQJRXWLQWRPDJLFNDOVSDFHLQWKHIRUPRIDEHDPRIOLJKW7KHPDJLFLDQHQWHUV 

(QRFKLDQ0DJLFN5HIHUHQFH WKLVEHDPDQGULVHVZLWKLWWKURXJKWKHSODQHVXQWLOKHFRPHVWRDODQGVFDSHRUVSDFHWKDW H[SUHVVHVWKHLQYRNHGSRZHU7KLVWHFKQLTXHKDVSURYHQWREHKLJKO\HIIHFWLYHLQSUDFWLFH $WOHDVWRQH*ROGHQ'DZQRIIVKRRWKDVDSSOLHGWKHS\UDPLGPHWKRGWRWKHDQJHOVRI WKH+HSWDUFKLD Aleister Crowley $OHLVWHU &URZOH\·V ZRUN ZLWK WKH (QRFKLDQ PDJLFN JHQHUDOO\ IROORZV WKH *ROGHQ 'DZQV\VWHP+HLVNQRZQSULPDULO\IRUKLVH[SORUDWLRQVRIWKH$HWK\UVSXEOLVKHGLQ 7KH9LVLRQDQGWKH9RLFH7KLVZRUNHVWDEOLVKHGWKHLGHDWKDWWKH$HWK\UVPLJKWUHSUHVHQWD PHDQVRILQLWLDWLRQDQGVHWDVWDQGDUGIRUPHWKRGLFDOH[SORUDWLRQWKDWIHZKDYHHTXDOHG ,WDOVRIL[HG&URZOH\·VSHFXOLDUSHUVSHFWLYHRQWKHSURFHVVRIWUDQVFHQGHQFHLQWKHPLQGV RIPDQ\VWXGHQWVRIWKHRFFXOW &URZOH\HQYLVLRQHGWKH$HWK\UVDVEHLQJFRQQHFWHGZLWKWKHVHSKLURWKRIWKH7UHHRI /LIHLQJURXSVRIWKUHH+HDOVRPHQWLRQVWKDWHDFK$HWK\UIROGVXSLQWRWKHQH[WKLJKHU $HWK\ULQVRPHZD\VRWKDWDVRQHSURJUHVVHVWKURXJKWKH$HWK\UVIURPWKHODVWWRWKH ILUVWRQHLVDOVRZLWKGUDZLQJRQH·VEHLQJIURPWKHORZHUDOUHDG\H[SHULHQFHGOHYHOV7KLV LV SDUDOOHO WR WKH WHFKQLTXH KH GHVFULEHV LQ /LEHU
(QRFKLDQ0DJLFN5HIHUHQFH HIIHFWV6LQFHWKH\KDYHQRWSXEOLVKHGDQ\PDJLFNDOUHFRUGVXVLQJWKHLUPHWKRGVWKHUHLV QRZD\WRGHWHUPLQHKRZZHOOWKHLUV\VWHPZRUNVLQSUDFWLFH ,Q FRQWUDVW WKHLU XVH RI WKH UHJXODU 7DEOHW KLHUDUFKLHV DSSHDUV WR EH IDLUO\ FRQYHQWLRQDOLQOLQHZLWKWKH*ROGHQ'DZQPHWKRGVEXWQRWXVLQJWKH*'·VHODERUDWH V\VWHPRIDWWULEXWHV The Church of Satan and the Temple of Set 4XRWLQJ,VUDHO5HJDUGLHIURPKLVLQWURGXFWLRQWR $OHLVWHU &URZOH\·V 7KH 9LVLRQ DQG WKH9RLFH 2QH DGYLVRU «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

(QRFKLDQ0DJLFN5HIHUHQFH LW LV QRW D FDVH RI P\ FRUUXSWLQJ 'HH EXW UDWKHU RI P\ XQFRUUXSWLQJ VRPHWKLQJ ZKLFK SUHGDWHG 'HH V RZQ H[LVWHQFH DQG ZKLFK ZDV DIWHU DOO QRW RI KLV >RU .HOOH\ V@DXWKRUVKLS 0U$TXLQRGRHVQRWSURYLGHDQ\H[SODQDWLRQRIKRZWKH:RUGRI6HWFDPHWREH GHOLYHUHGE\DQJHOVHVSRXVLQJDQHPSKDWLFDOO\&KULVWLDQZRUOGYLHZ Order of the Cubic Stone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enjamin Rowe %HQMDPLQ 5RZH LV DQ DFWLYH PDJLFLDQ ZRUNLQJ H[FOXVLYHO\ ZLWK (QRFKLDQ PDJLFN NQRZQ IRU PHWKRGLFDO WKRURXJK ZRUNLQJV DQG IRU GHYHORSLQJ XQXVXDO QRQWUDGLWLRQDO WHFKQLTXHVDQGYLHZSRLQWV+HKDVPDGHDQHIIRUWWRH[SRVHKLVZRUNWRSXEOLFVFUXWLQ\ DQG FULWLFLVP EHOLHYLQJ WKDW WKH VWDWH RI WKH DUW FDQ RQO\ EH DGYDQFHG WKURXJK RSHQ FRPPXQLFDWLRQV+HLVFXUUHQWO\ LQYROYHGLQDORQJWHUPSURMHFWH[SORULQJDOORI WKH3DUWVRI/LEHU6FLHQWLDHLQVHTXHQFH 7KHPRVWQRWHGRI5RZH·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

(QRFKLDQ0DJLFN5HIHUHQFH

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



(QRFKLDQ0DJLFN5HIHUHQFH

$SSHQGL[$7KH6LJLORI$PHWKDQGLWV+RO\1DPHV

l

8

St im D m cul Es al Ile eme me li I 2 se

8 1

OR

C

E B 26 M

k

I

a

a

E

G

C

e

AHEL OG

H

Azdobn l Stimcu i Madime l Hagon

r

e

Ake le Il Eki r Roc e i le

H og y 13 12 1 5 r t 7 11 XE 21 G h d m h i a i D E I M O30A

k

n

T

10 b

1

o8

2 l6

Iana ia g Bei Ized a Lib

N

16

6

el

NA

A

VA

14

LE

a 30l H u 9 E p I n D E N h E r

30

EDE KI

Ese Ih Ath Ave

I

Z

B

a e i

e M oa e He b A An

Z IEL AB

20 n a h a 22 o 14 6 b p H m a c C a S E30 a Z KA BTZ

I S

EMELIEL

14h

G M 21 l A8 l A e RL IH

ADI M IEL

11 A

5

M

n 6 A o A 2 10 5 4 i e G e I LA O l l I 281 V N l

n7 t Z 9 l OG 22 SA l R h A I 21 H 8 E ME i a 8 El

L EI

8

G

A

15

9

T

n

e

5

2

4

6

w

S

o17

a5

a4

8

21e

o

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

(QRFKLDQ0DJLFN5HIHUHQFH PDQ\OHWWHUVFORFNZLVHWRILQGWKHQH[WOHWWHURIWKHQDPHZKHUHWKHQXPEHUZDVEHORZ WKHOHWWHUKHZDVWRFRXQWFRXQWHUFORFNZLVH(DFKQDPHHQGHGZKHQKHUHDFKHGRQHRI WKHVL[OHWWHUVZLWKRXWDQXPEHU 7KXVVHYHQQDPHVZHUHSURGXFHG 7KDDRWK *DODDV *HWKRJ +RUORQWKHVHFRQGRLVDFWXDOO\DORZHUFDVHRPHJD ,QQRQ $DRWK *DOHWKRJ 'HHZDVLQVWUXFWHGWRVWULNHRXWWKHILUVWDRIWKHGRXEOHD VLQWKHILUVWWZRQDPHV WR SURGXFH WKH QDPHV 7KDRWK DQG *DODV :KHQ WKLV LV GRQH WKH VHYHQ QDPHV FRPSULVHIRUW\OHWWHUVWKHVDPHDVWKHQXPEHURIOHWWHUVLQWKHRXWHUULQJRIWKH6LJLO 2I WKHVH VHYHQ QDPHV WKH DQJHO 8ULHO VDLG HYHU\ OHWWHU FRQWDLQLQJ DQ $QJHO RI %ULJKWQHVVFRPSUHKHQGLQJWKHLQZDUGSRZHUVRI*RGNQRZQWRQRQHEXWKLPVHOIDVXIILFLHQW %21'WRXUJHDOOFUHDWXUHVWROLIHRUGHDWKRUDQ\WKLQJHOVHFRQWDLQHGLQWKLVZRUOG 1RPHQWLRQLVPDGHRIWKHUHPDLQLQJOHWWHUVLQWKHRXWHUULQJQRWXVHGWRIRUPWKHVH QDPHV 2QO\ WKH ODVW RI WKHVH QDPHV DSSHDUV RYHUWO\ LQ WKH VLJLO LQ WKH DUFV LPPHGLDWHO\ LQVLGHWKHRXWHUULQJ7RHDFKOHWWHURI*DOHWKRJDFURVVZDVDSSHQGHGWRSURGXFHDVHW RIVLJLOOLNHLPDJHV

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



(QRFKLDQ0DJLFN5HIHUHQFH

Z a p h k i e

l Z a d k i e

l C u m a e l

R a p h a e l

H a n i e l M

i c h a e l G

a b r l e l X

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

S

A

A

I21 8. E

M

E8.

B

T

Z

K

A

S

E30

H

E

I

D

E

N

E

D

E

I

M

O

30 .

A

I

M

E

G

C

B

E

I

L

A

O

I 21 8. V

N

I

H

R

L

A

21 8.

. 26



A

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

S

A

A

I21 8. E

M

E8.

S

A

A

I21 8. E

M

E8.

B

T

Z

K

A

S

E30

B

T

Z

K

A

S

E30

H

E

I

D

E

N

E

H

E

I

D

E

N

E

D

E

I

M

O

30 .

A

D

E

I

M

O

30 .

A

I26 M

E

G

C

B

E

I26 M

E

G

C

B

E

I

L

A

O

I 21 8. V

N

I

L

A

O

I 21 8. V

N

I

H

R

L

A

21 8.

I 

H

R

L

A

21 8.

.

A

.



A

(QRFKLDQ0DJLFN5HIHUHQFH

$SSHQGL[%7KH6HYHQ(QVLJQVRI&UHDWLRQ 7KDQNVWR0U&OD\+ROGHQDQGWKH-RKQ'HH3XEOLFDWLRQ3URMHFWIRUWKHVHVFDQVRIWKH RULJLQDOUHFRUG

(QVLJQRI9HQXV

(QVLJQRI6RO



(QRFKLDQ0DJLFN5HIHUHQFH

(QVLJQRI0DUV

(QVLJQRI-XSLWHU



(QRFKLDQ0DJLFN5HIHUHQFH

(QVLJQRI0HUFXU\

(QVLJQRI6DWXUQ



(QRFKLDQ0DJLFN5HIHUHQFH

(QVLJQRI/XQD



(QRFKLDQ0DJLFN5HIHUHQFH

$SSHQGL[& 7KH6HYHQ7DEOHVIURPZKLFKWKHQDPHVRIWKH*RRG$QJHOVDUH GHULYHG

7KHDUUDQJHPHQWRIWKH6HYHQ7DEOHV 1RWHWKDWHDFKDQJHO VQDPHIRUPVDQRXWZDUGVSLUDOLQWKLVDUUDQJHPHQW7KHFLUFOH VXUURXQGLQJWKHWDEOHVZDVGHVFULEHGDVYHU\EULJKWZLWKQRWKLQJLQLW 7KLUW\OHWWHUVLQWKHVHFRQGDQGWKLUGWDEOHVEHORZDUHPLVVLQJLQWKHRULJLQDOVGXHWR GDPDJH7KHYHUVLRQVVKRZQDUHUHFRQVWUXFWHGIURPLQIRUPDWLRQFRQWDLQHGHOVHZKHUHLQ WKHUHFRUGVDQGSUREDEO\DUHQRWLGHQWLFDOWRWKHRULJLQDOVLQDOOUHVSHFWV

7KH)LUVW7DEOH /HWWHUVLQWKLVWDEOHJLYH:LWDQG:LVGRP



(QRFKLDQ0DJLFN5HIHUHQFH

7KH6HFRQG7DEOH /HWWHUVLQWKLVWDEOHDUH3RZHUIXOLQWKH([DOWDWLRQRI3ULQFHV

7KH7KLUG7DEOH /HWWHUVLQWKLVWDEOHJLYHSRZHULQFRXQVHOLQJDQGLQLQIOXHQFLQJWKHQRELOLW\



(QRFKLDQ0DJLFN5HIHUHQFH

7KH)RXUWK7DEOH /HWWHUVIURPWKLVWDEOHJLYHSRZHULQZRUNVRI7UDGH RULQWKLQJVUHODWLQJWR:DWHU

7KH)LIWK7DEOH /HWWHUVIURPWKLVWDEOHJLYHSRZHURYHUWKLQJVRI(DUWK



(QRFKLDQ0DJLFN5HIHUHQFH

7KH6L[WK7DEOH /HWWHUIURPWKLVWDEOHJLYHSRZHURYHUWKLQJVRIWKH$LU

7KH6HYHQWK7DEOH /HWWHUVIURPWKLVWDEOHJLYHSRZHURYHUWKLQJVRI)LUH



(QRFKLDQ0DJLFN5HIHUHQFH

$SSHQGL[' )RUPDWLRQRIWKH1DPHVRIWKH+HSWDUFKLF´0LQLVWHUVRIWKH+RXUVµ

3DWWHUQVIRUWKH)RUPDWLRQRI(DFK.LQJ·V´0LQLVWHUVRIWKH+RXUVµ 7KH0LQLVWHUV·QDPHVIRUILYHRIWKH+HSWDUFKLF.LQJVDUHIRUPHGE\VHOHFWLQJFHUWDLQ OHWWHUVRXWRIVL[RIWKHVHYHQVHFWRUVRIWKH7DEXOD%RQRUXPEHJLQQLQJZLWKWKHVHFWRU UXOHGE\.LQJ%RERJHODQGJRLQJFORFNZLVHDURXQGWKHWDEOH1RQDPHVDUHIRUPHGIURP WKHILUVWVHFWRUUXOHGE\.LQJ%DOLJRQDND&DUPDUD 7KHJUHHQOLQHVLQWKHLOOXVWUDWLRQ DERYHVKRZKRZWKHILUVW0LQLVWHUIRUHDFKRIWKHVH.LQJVLVIRUPHGWKHVDPHOLQHVDUH DSSOLHGWRWKHQH[WILYHVHFWRUVWRIRUPWKHQDPHVRIWKH.LQJ·VRWKHU0LQLVWHUV ,QWKHFDVHVRI.LQJV%DOLJRQDQG%QDSVHQGLIIHUHQWPHWKRGVDUHXVHG)RU%DOLJRQ WKHQDPHVRIWKHVHYHQ.LQJVDUHOLVWHGLQWKHLURUGHURQWKH7DEXOD%RQRUXP,JQRULQJ WKHLQLWLDO´%µVRIWKHLUQDPHVOLQHVDUHGUDZQGRZQWKHFROXPQVWRSURGXFHWKHQDPHVRI WKH0LQLVWHUV7KLVLVLGHQWLFDOWRWKHPHWKRGXVHGWRJHWWKHOHWWHUVRQWKHERUGHURIWKH +RO\7DEOHRI3UDFWLFHVRWKH0LQLVWHUV·QDPHVDOVRDSSHDULQWKDWERUGHU



(QRFKLDQ0DJLFN5HIHUHQFH ,Q %QDSVHQ·V FDVH RQO\ D SRUWLRQ RI WKH PLQLVWHUV· QDPHV GHULYHV IURP WKH 7DEXOD %RQRUXP 7KH QDPHV RI WKH .LQJV DUH OLVWHG LQ VHTXHQFH EHJLQQLQJ ZLWK %RERJHO WKH QDPHRIWKHWKDQGODVWDQJHO%DPQRGHLVVXEVWLWXWHGIRU%DOLJRQ7KHQGLDJRQDOVDUH GUDZQ DV VKRZQ LQ WKH LOOXVWUDWLRQ WR REWDLQ WKH SDUWLDO QDPHV /HWWHUV IURP VRPH XQVSHFLILHGVRXUFHSRVVLEO\MXVWUDQGRPOHWWHUV DUHXVHGWRILOORXWWKHQDPHVWRDOHQJWK RIVHYHQOHWWHUVHDFK 6LQFH%QDSVHQLVJLYHQSRZHURYHU´ZLFNHGVSLULWVµ,VSHFXODWHWKDWWKHOHWWHUVWKDW DUH QRW IURP WKH 7DEXOD %RQRUXP LQWURGXFH DQ HOHPHQW RI FKDRV WKDW SHUPLWV WKH KRO\ .LQJWRPDNHFRQWDFWZLWKWKHXQKRO\EHLQJVKHFRQWUROV



(QRFKLDQ0DJLFN5HIHUHQFH

$SSHQGL[( 7KH7ZHOYHE\6HYHQ7DEOHLQLWV7ZR)RUPV

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

6HFRQG)RUP



(QRFKLDQ0DJLFN5HIHUHQFH $ VHFRQG YHUVLRQ RI WKLV WDEOH XVHV WKH VDPH QDPHV EXW ZULWHV WKHP IURP OHIW WR ULJKW7KHQDPHVRIWKH.LQJVDQG3ULQFHVDUHZULWWHQLQWKHQXPHULFDOVHTXHQFHLQZKLFK WKH\DSSHDULQWKH7DEXOXP%RQRUXPUDWKHUWKDQJURXSLQJWKHPE\WKHGD\WKH\UXOH 7KLV YHUVLRQ RI WKH 7DEOH LV XVHG WR IRUP WKH OHWWHUV IRXQG RQ WKH +RO\ 7DEOH RI 3UDFWLFH7KH+HDUWLVH[WUDFWHGDQGURWDWHGQLQHW\GHJUHHVFRXQWHUFORFNZLVHWRIRUP WKHE\WDEOHWLQWKHFHQWHURIWKH+RO\7DEOH7KHOHWWHUVDURXQGWKHHGJHRIWKH+RO\ 7DEOHDUHIRXQGE\UHDGLQJWKHOHWWHUVGRZQWKHFROXPQVRIWKLVWDEOHIURPWKHULJKWVLGH WRWKHOHIW7KHOHWWHUVDUHDSSOLHGWRWKH+RO\7DEOHWRDVLGHEHJLQQLQJDWWKHXSSHU ULJKWFRUQHUDQGJRLQJFRXQWHUFORFNZLVH 7KH VL[ FROXPQV RQ WKH OHIWKDQG VLGH RI WKLV YHUVLRQ DOVR IRUP WKH QDPHV RI WKH ´0LQLVWHUVRIWKH+RXUVµIRU.LQJ%DOLJRQ&DUPDUD



(QRFKLDQ0DJLFN5HIHUHQFH

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
+DOORI6KDPH 6FKXHOHU *HUDOG (QRFKLDQ 0DJLFN $GYDQFHG *XLGH WR (QRFKLDQ 0DJLFN (QRFKLDQ


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