7KH +RQRUDEOH :LOOLDP - +D\QHV 

IRU WKH 0LGGOH 'LVWULFW RI 7HQQHVVHH VLWW





7KH +RQRUDEOH 1DWKDQLHO 5 -RQHV

PHPEHU RI WKH LQLWLDO SDQHO UHWLUHG IUR0DUFK   DQG GLG QRW SDUWLFLSDUHKHDULQJ



5(&200(1'(' )25 )8//

3XUVXDQW WR 6L[WK &LUF

(/(&7521,& &,7$7,21  )

)LOH 1DPH D

	


	





1,7(' 	7$7(6 2) 0(5,&$

	






+20$6  	$1'/,1

	



 !"

%%#& !'"
(	

 !"-)!*)!+ 

001.#')*((

!$,(2+3

*+((#(&(2*+

5 !26!+,.,($

.,($


 
 






	5!,+
9! :5

-
9
86'%"))) !%%&&##''	'%) 		
	 

* 		 8.#+/))) ! %%&&
5!,+ 


9! :5

-
9
86'%"))) 	%" 5 	"#/'#   *; 
5;
 **   -	*
	
  		 6'%") )) !%%&&#  #''  	'%) 		
	 

*		8.#+/))) !%%&&




	





6* (#%%&&#"'#)	#(&

<=	#(&>? @#) +"#!$( # ,!+,(+'"
( 	#) *)!+ ,! ! " -)! *)!+  ))@"A#!,)(!,$!&#(+,)	#(&%&#(($,&:" !)+, "(+''#, #+,!$#(#'%$  '#, #+,!  B+))    : $!#')  '"#'%"#'A&# 
	CD<#?<?#(" !'#$ +,) @! ()'))( %,!),#  "$A!'E)'&",$""#%%&+#3&)+$!#$ !")+,@#)&:  :)B:"!'")"()!++,!)+(	#(&":#!'#(#!:'',',(!
	CD<3?<?<?<A? !#A&#  C D<#?<? =A&A$  $!#') ! '!  '"#'%"#'>  	#(& @ #%%#&) ") )+#!$,$"#"()!++,!!!()+$"'"'#(#!:'','3+#,)"$A!'((%!A"#"$#$(#:)$&#+ '#, #+,!$"#%!(,+(  :!'!$!#') '"#'%"#'!"!#)))#(3&@@	
		#(&E))+#( 	 ! !)+$ @" " #%%&+#3&

$,(&)!#$
 

	


 6#:  000 	#(& +

	&'! )) %&+ ('#, #+,!("!3#+") '",:))(,!$"%!6#!+"000)#("#""   : $!#')   '"#'%"#'3#+") '"#'%"#'#))'   @"# " '#( #( $#A%%&"#'"#&)()+%!+))3:@"+""'#('"#'

&&@$	#(&E)+ ))

 (!#&$!#(F,!:!,!(# ,!"'"(+'+"#!$(	#(#'%$  '#, #+,!  '"#'%"#'  A&#  %))))@"()!3,'"#'%"#'  A&#  '#, #+,!$ #( #'%$),3)#++!#$#),3)##&!)A&# 
	C#("'#, #+,! #+!&&(),
	CG6#:0	%&# "#!$ 3 ! " ()!+ (+''#, #+,!$#(#B+))   :$!#') '"#'%"
	CD<#?<?

"%!3# +!),3)H,

%! <=	>?"	 )#(%&+"#""#('#, #+,!('"#'%"#'")#',&A&   @:)B #( @" # #++%#+   !)%)3&: "+#&+,&#( #@:"! 	#(+#$!:   

 !),&$  # )
( 	#) 	+$ 9,(&"!'")"'#(#!:'
D 
 


	 C D<3?<?<?<A? ! # A&#   C D<#?<?=A&A$$!#')!'! '"#'%"#'>"@A!@#):#!)6#:	#(& &(#%)%#%!  @"+" " 3F+(  '%)   " :#!'#(#!:'',')+#!$,$"#"'#(#!:'',')+#%%&)&: " )A&A("'#, #+,!    : $!#') ! '!   =%,!>'"#'%"#'!'!"#$!#')  # ),3)#++#$'"#'%"#'5+#,)""#(%!(,+(%,! '"#'%"#' 	#(& #!$,( "# " )",&( 3)+( ! "#A$ %!(,+( &)) "#  $!#')   #),3)#+ +#$ '"#'%"#' !#"! "# !%!(,+$'!"#  :$!#') %,!'"#'%"#'	#(&((3F+"@A!" #$$!$# "#',)'#, #+,!(""!3#+") !%,!%)) !#+"$ " "!)"&( #', !$$!$ " :#!'#(#!:'',')+

 " )+$ "#!$ @"+" @#) "&(  6#: 

"$A!'%!)(")': #(!,$#)/ !+ #$ @" !A@( 	#(&  " (#:   ")+ ))"#$) ("#	#(&@#)+"!"#"#%%#!(,(!)#("#$E)H,))#("#")+ ))#%%#!(3A&,#!:"#$) ("# 	#(&  !'( "' "# " "#( '#('"#'%"#'6+#!:,: "!++#))#( "# 	#(& %!A(( "  +! @" # )%3:)%%!+(,!   " '#!  @"+" " '#, #+,!('"#'%"#'"$A!'#&)%!)()': # !)++"')@"B#'(	#(&E))#'"#$#(")'"#'%"#'!+%5#)(,%")': ") +"')"()!+ +,! ,("#"#',   '"#'%"#' '#, #+,!(  " "!3#+")@"+"	#(&"#(#('(=#)&:!#+"I(J"#',@"+"@,&($A,)#:#!)#,!:'','>#(",))+(	#(&"'#(#!:'',' :#!).%%(B<=.>?#D")#%%#& &&@(

 '#, #+,!( 3@ D #'"#'%"#'.#DD0#!+)(!((A(,#&&:"!A!'#, #+,!(#)$&3#+ '"#'%"#'

- ,!"!++&,("#!& )

!!!)#(#!( !A@*)%"	#(&"#)(')!#("#"!!! "# " !!! @#) %&# ),3)##&!$")!),&$ #+#) &$ #) " #%%&+#3& $,(&+!+,')#+))#%%!%!#"#$!#$	#(&"!& "#"	#(&E))+#(!'#( !

#A$$!#(!& ")3#

@""!"'%) "'#A&#(	

"%!)+




! " !$$ !#)) @

)+#(	 ! ,!"@"")%-#&)	
")'#!)),(%!&D<#?<D?
 
 

A(+ !(3:"$A!'"( (#"#($!@'!"#'#!F,##%&#)#(",))+("!"'#(#!:'',')+ !"#A$'#, #+,!('!"#%&#)#D0-!A!)("&($"#"

+, +A+&:+A!(004#("#"!+!(((()+&)A(+="#&&+,&A#('#!F,###+,,)3#))>#D0=#"!&&E)00#(004'#!F,##+!%)@!"%!(,+) ()+$!@$)#)) )%#!#( 3: )A!#& '")  @"+" &&#%%#!&:(($!@#:%&#)>


!#+"$")++&,)@((%!A(#=B#+

( >  "!' =# A&#>"'#, #+,!$+B3,(+#("#)'+#))'#, #+,!$@&&A&A#$$!=+,$>%!+))",) "

( (#"#($!@'#!F,##%&#):#!!,( !)A!#&:#!))"+,&("#A3)+( !"#$$!$#,'3!   %&#) A! " @"& %!(  5, @"! "$!@$)#))"#+) '#, #+,!$@!()+": "#(  3 !#( #) ()+ A&#)    
	C D<#?<? #( ",) ": +,&(  3 #$$!$#( !%,!%))   " '#(#!: '',') !H,!( 3: "#%!A)


 " %!) +#) " !+!( (+#) "# 	#(&

'#, #+,!("'"#'%"#'#)),"!3#+")A!#%!( #&')"!'")6#!+""!,$"6#:000"!+!(()(+#"@A!"#	#(&'#, #+,!( ") 3#+")  #:"$ !)'3&$ #=+,$>3#))#("$A!'((%!(,+#:A(+  "#  +  -", # )%+ + ($ @"!)%+"))),"()!++,!!!(#$$!$#$"H,#) '"#'%"#'"#	#(&'#, #+,!( !)+$ %,!%))  5#)(   #(  "

()!+ +,! )",&( "#A )#( !#( #+" 3#+"  '"#'%"#'#)#)%#!#=A&#> CD<#?<?+)(!$ @""! 	#(& "#( %!(,+( ), +H,#)   '"#'%"#'  !$$! " '#(#!:'',' %!A)  " $A!' %!)( A(+"##$$!$#$""!3#+")#',	#(&

 

		

#%%#&	#(&!#))@#!

<?"#"()!++,!!!()"'#(#!:'','3+#,)@"!"H,#:H,)@##+   '#, #+,!$7 #( <? 	


4
	()!+F,($(!'("(!,$H " '#(#!:'',' )%!%(!#+ "A(+)#") +"#&&$)@#) !#)(3&@!!!
<G"!00?=-"!#+!'3F+3&@"!)"',)('%&# #) ( ( 3: (!'B!+),!()+!+!!+

 !	#(&3#!& "',)"#"!!!@#)%&##("#!$")
 !!00D?A #&& ") #+ !' !A ,&)) " !!$!:!%,3&+!%,# "

- !)+)(!	#(&E)+

!!('%)$"'#(#!:'" H,#:   (!,$) "# " #(	#(&@#!$,)"#"()!+"! #+)   '#, #+,!$ #) C D<#?<?  +#&+,&#$ (!,$ @""!#%%&:"'#(#!:'CD<3?<?<?<A?
),%%!	
44(4<G"!

G4(D0<G"!00#'#(#!:'',')+%#%%&) &:  # ( (# @"A&# CD<#?<?A&A$#', (!,$)!H,!(3:CD"()!++,!!!(#$$!$#"# " #('( "#A$ %!(
G 
 

7KH *RYHUQPHQW DUJXHV LQ LWV SHWLWLRQ IRU UHKHDULQJ WKDW XQGHU WKH

OLQH RI FDVHV EHJLQQLQJ ZLWK 7ROOHWW Y +HQGHUVRQ  86  

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

:LWKRXW D ZULWWHQ SOHD DJUHHPHQW ZH DUH OHIW WR UHO\ RQ WKH

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

&LU  ZKLFK ZH GLVFXVV LQIUD 7KXV WKH 3DJUHHPHQW ́ KHUH QHLWKHUDOOHJHV WKDW WKH ILIW\ JUDPV ZHUH PDQXIDFWXUHG LQ D VLQJOH RIIHQVH QRU WKDW6DQGOLQ ZRXOG EH VXEMHFW WR WKH SHQDOWLHV RI  86&  E$RQO\ WKDW KH YLRODWHG  D DQG PDQXIDFWXUHG LQ WRWDO RYHU VRPH

SHULRG ILIW\ JUDPV 6HH DOVR 8QLWHG 6WDWHV Y )LWFK  )G  WK &LU  3$PELJXLWLHV LQ D SOHD DJUHHPHQW PXVW EH FRQVWUXHGDJDLQVW WKH JRYHUQPHQW ́

7KLV XQGHUVWDQGLQJ RI WKH DJUHHPHQW LV EROVWHUHG E\ WKH DFWLRQV RI

ERWK WKH SDUWLHV DQG WKH GLVWULFW FRXUW SULRU WR DQG GXULQJ WKH VHQWHQFLQJKHDULQJ ZKHQ DOO DSSHDUHG WR DFNQRZOHGJH WKDW TXDQWLW\ IRU ZKLFK6DQGOLQ ZRXOG EH VHQWHQFHG KDG QRW \HW EHHQ GHWHUPLQHG %HFDXVH WKHXQGLVSXWHG HYLGHQFH DW VHQWHQFLQJ VKRZV WKDW WKH ILIW\ JUDPV ZHUH

PDQXIDFWXUHG LQ WKUHH VHSDUDWH RIIHQVHV KH FRXOG QRW EH VHQWHQFHG WR WKHPDQGDWRU\ PLQLPXP WHQ\HDU WHUP 7KH GLVWULFW FRXUW VLPSO\ HUUHG ZKHQLW LQIRUPHG 6DQGOLQ WKDW WKH RIIHQVH WR ZKLFK KH ZDV SOHDGLQJ JXLOW\ 2

'#, #+,!$(!'$@""!""#('#, #+,!(B+))   :$!#') '"#'%"#'#(+()"#"!)),%%!"!+!( !"++&,)"##: )$& #+   '#, #+,!$ %!(,+( '! "#  :$!#') '"#'%"#'

 PDQXIDFWXUH RI D FRQWUROOHG VXEVWDQFH ZWKDW 6DQGOLQ KDG PDGH RYHU ILIW\ JUDPV 2 VHQWHQFH RI WHQ \HDUV


"( (#@#)+

 "!)%#!#+,)2#+, B+))   :$!#') +!#+/++#  @:"! $!#')   +!#+/ %)))) "!:)A$!#') "%))))+,)#/(A  +!#+/ ++# &#!$ ,$" '',' )+ #) #+" +A&# 
	CD<#?<?"# "  ( (# +,&'#(#!:!' & '%!)'
 !#+"$ ") ++&,) @ ")!: ")#,#((!'A&#>  C D<3?<?<? '#F! (!,$ (#&!) #( '#, )'#&&'(#&!)#(,)!)@@!+)!,
	C#$$!$# #',)   (!,$) "++#))+,&(3,)(#$#)@"A!%))))'!"## D   ",) )%+ +#&&: %))))+#3#$$!$#( " H,#: +))#!:  !$$)+ !=#A&#> 


5+#,)  A&A

'#, #+,!$)"&($) #+) "+#)"#"!


""&($ "'#( (#%&#(($,&:'#!F,##%&#)@"+")")#(G4(#D00$A!' !(A(+ #+3"00#(004@"+""(#$$!$# '!"#  %&#)

()!+ +,! ++&,(( "# ,(