,W LV QRW XQFRPPRQ WR REWDLQ DSSHOODWHUHYLHZ RI D GLVWULFW FRXUWRUGHU GHQ\LQJ D PRWLRQ WR FRPSHO DUELWUDWLRQ EURXJKW SXUVXDQW WR WKH)$$ SULRU WR WKH GLVWULFW FRXUW¶V DFWXDO GHWHUPLQDWLRQ RI WKH DOOHJDWLRQVJLYLQJ ULVH WR WKH RUGHU6HH &%6 (PSOR\HHV )HG &UHGLW 8QLRQ Y'RQDOGVRQ /XINLQ 	 -HQUHWWH 6HF &RUS )G   WK &LU 37KH GLVWULFW FRXUW FRQFOXGHGWKDW WKHDOOHJDWLRQ RI IUDXG LQ WKLVFDVH LV RQH RI μIUDXG LQ WKH IDFWXP¶ DQG >WKXV@ WKH FDVH LV RQH IRU WKH FRXUWDQG QRW WKH DUELWUDWRU WR GHFLGH ́6DQGYLN $% Y $GYHQW ,QW¶O &RUS )G   G &LU  3>7@KH 'LVWULFW &RXUW FRQFOXGHG WKDW LW FRXOGQRW RUGHU DUELWUDWLRQ XQWLO LW GHWHUPLQHG WKH YDOLGLW\ RI WKH XQGHUO\LQJFRQWUDFW ́&KDVWDLQ Y 5RELQVRQ+XPSKUH\ &R ,QF  )G  WK &LU  ILQGLQJ WKDW WKH GLVWULFW FRXUW¶V GHQLDO RI D PRWLRQ WRFRPSHO DUELWUDWLRQ 3LPSOLFLWO\ ́ UXOHG WKDW WKH )$$ SURVFULEHG FRPSHOOLQJDUELWUDWLRQ XQWLO WKH GLVWULFW FRXUW GHWHUPLQHG WKDW WKH SDUW\ UHVLVWLQJDUELWUDWLRQ ZDV 3FRQWUDFWXDOO\ REOLJDWHG WR VXEPLW WR DUELWUDWLRQ ́


 
!
"
#
#





#






#
  $%#  
&      
'!  
(!)		*+,-'#.*+/012
(
 
 
	






#"
#
#






#
#


 



!!#

 (
3!#7KH +RQRUDEOH7KRPDV $ :LVHPDQ -U 8QLWHG 6WDWHV 'LVWULFW-XGJH IRU WKH 0LGGOH 'LVWULFW RI 7HQQHVVHH VLWWLQJ E\ GHVLJQDWLRQ5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS

	

		45678+9:67/95/*96;;;;;;;;;;;;;;;;;<(9(5/<<85'(1

	/+(&. ,172/$6+ 2)=(178&.< >>/

	
	?	
@

*
+
/
8
=
A!>
&#.
B=+

/
C#
@#
D@#11

D4
1<

D/>@EF9>G@/C#
HI9+8G@C#
1	

	
		
;;;;;;;;;;;;;;;;;<<8
9+G458J+747>>
&#=
A!@
C4G#C>
&#=
A!@


<< 8
 A 6 <
A
 9+G458 J +747>>
&#=
A!@
C4G#C>
&# =
A! 5 @ 
 >4F@674G"+4G9>>85<9><4674G"+4J9+785/
(
 6



 CA > <A +@/74 JI8@K85/#9@


/>@E/ C#
 

/
A 9/=
A! >>/ I @ C
 C 
   
 
!# 

  #


@@-$@@)2.*+/0	
#!"<
(
!<
/
,A!


	
##(

=
A!##

#



 

"

I
	






#"
##









 ! #
 (
3!#	
	

	
	1RWDEO\ KRZHYHU WKH DUELWUDWLRQ DJUHHPHQW LQ6\GQRU XQOLNH WKHDUELWUDWLRQDJUHHPHQWV LQ WKLV FDVH FRQWDLQHG DQ H[SUHVV ZDLYHU RI MXU\WULDO SURYLVLRQ6\GQRU Y &RQVHFR )LQ 6HUYV &RUS  )G  WK &LU #



)!
" 
1	1,,1,-L/12I








!

(





A


!




!##



 
 


 !       I


#


!#


$(
#


&

#
&    
'! 
 
(  !    7 
(

#
(


! 
  
   3  
   
)#	$
,,.,,.,
-L/...2-#.*+/01H$

,

*+L1L2-
'A
2I





!#

 
!

!

"
#
(%	 
'



  

 ! (% 	  @
#
#
(!#


$!







)
	
.	1
	-
H

2@#!

   

! 

    

" 
# 
# 
 
&

 
!  
  #


 
  
  
   
  
   
 L	

	
		



6

((
$

 (
"	

&,L	L
-/..,2@
   " 
 
(
 
(# 
#






"##





 A
!   

# 
 

!   #


  6

 
(
 #
!     
  

  
! ! #  
 
 (
  3!  # A 
!





!##


 *

@@#

!(



  
  ! ! 
 
 (
#


	

			*+-..2I

 
(
"


!
#





#


#
##


@

!


!
#

 # 
 A
  $  (
!
&
(
)'("
)
,*+.
-12@" (
!  #   " 
    /#


#
 (


8
(
/ 

! 



69>@)

'("1LL,L

-/12@




3! (
($

#3!

!!(
'

	
	

	
	,	 !"#"

#
@1
..
  

G!	..
4C!..
"





##(
6>
#@-$69>@)2*+/0	
5A


9

/4#M @ 
 *+/ 0 .	   
(




=
A! 4C
1..


(

!'
 =
A!+

/D 



#
!


A # ! 
 

 3
 =
A!! 4@#1	..



 "   
 
  
!
 
#

'
!
=
A!+

/4C
...
=
A!+

/ 




'
#
A#!

 
 =
A! 5
(
 +
 0 ,	  #
  $
(
 

)  
#  

#

A#


 
A

 
A

! #
 $

) 3

! 
(
0,*	#..+I1L.	-=!...24


..."(



5/("1,-2-2




 (
   
&
  
  
 "4C!1


 
 
 @@  
   # ! "   ! # 
#6




G!11



L	

	
		
"!"<


A!


6
("
 

>
&#=
A!  

 /
A 9 / 
  A!

( "



=
A!

I@C
C3! 
##
/
A9/" 
#
  

 (
 
 
! 



=
A!
6




$
A##


) 
 -
 $ #


)2  *
 
 #




 (
 
 &
N1
&#

A
 N1,
  6
  #


  

  
 N,


$
#
) 
#



$



(


!=
A! 

=5+,-12)-C@L	
2
 


A
!


  !  

A


#


6






#
(
	O  

#


9
!



 
A

  (
 
 
A 

  
  
 (


!!#
$
(
 

)&
#  


 
A
 
  #
A
#
 !


 A  
 (
 
  " 
#
 


 
#(


!

#
 




=
A!$
A)    =! 5
( + @ 0 	LL -<A< ..L26
  #


  
 
  


(



#


 
 D	
	

	
	,:H QRWH WKDW WKH SDUWLFXODU FLUFXPVWDQFHV VXUURXQGLQJ 'HIHQGDQWV¶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
(


#

!()+
!


((
$
 
 
    $
     
 

   
 
	
+ 

	 $ 	 &+$ (
#

(
 #


  
)  .1 1  1-
#26
!
"
#  
 
  #


#  
 #



 " 

 







(



#





..7 
(

 #

A 
11
,	"$


)(#




#




  
  #


  6  
$
"








#
 A#  
  #


  G
(
 
!

"

 

#


 




1	

	
		
-#

2

  
#
 
  
 A  !  
 

),
		-),1

-/.
	2-
2$9






3

)"'
L1,.1.,,-/..
2-'#),./
*.1	,L	,.-	/..122<




(0
! 
!# 

   
 "
#
#
A#
#


 

  
  #


 

 

@# 1$!



P


 
!#$


(


/




#


#



 1$!
M

$
 
 '
  $ 

 /<+  ((
 
 A#  
  
) 1$! .1 1  	  +
! 

 $ (
! 
  
   #





 


# 
   


 

 
 
 





)"

#

 1$!
#


 






7 
(
"
!

 
#
 
 

 ! 



#





#


  @
#  
  #





 




(



$

9
(.111.1

-/..2/

$


#
$ 



 
#
	
	

	
	@5<965@694D6
!
 
   - $)2 # 
 @#




   @#


  

 
&


  

! #
&   
  
  
 
(
 ! 9

!
 
 # 
-2!


  ! 
 
  

 #9

!

   #  
 -2 !  

 
   
 
  #  
     * @ @  

  / 
=
A!=5+LL	

'



-
$@)26


!




!#



 

!/
A9/#


  
 QR  
 

 ! =
A!/((#NL

=
A!//


! 

@#


 #
6

&


#
!

 

 
 
!
QR6
!#


 


@-C@L			
2=
A! * @ @ (
  $QR
 #


   ! 
&# (
!    (  
     ! (
! 


 # 
 

 
(



(
(
#
& 

(!)=!5
(+@0L	-<A< ..L2"



..
#


   
   
  	

	
		

(



#


"




(



 
  
   " ! 
 
  
 
 
 

 
   

6 / 
(
  
    # 



@@	2!11
,.L-/12*
@@

  
  

# 

 
 


(#









'
	*,	+
+
,11111
-,/..26

!
(0
!,
 *
	 		 
 1" #		 /  .1	 1,,.-./..2"
##


#

 

(%	



!


$

	
"/,+,

*+,.	-.2"
#(#







!*

,
@@ 
#

$!




#


  #   ) 
  $!

#






#


)$

,

*+L$Q@R


 !
#




(
()*1	
	
,			
	+

1.-/.
.2-'#,#,$#
,!	L*+1L1	-.
,22*
$


!3



!
	
	

	
	
  

 
   
 )5


-+
2/0,-..2"
#!



#


 "
#

$()
01

..7 
(
A

(0
!

"
#
01

..

 
  
  
  #


   
#! 
@#!

"
#
01

..
#



 
 
&

  
  #


 
 (
    ( 0
!  
#
#"
#
01

L1
#! 


 


#
! 

  

  
  #


  " 
   !  

  
 #


 

(


(

 ( 0
!  
 
# 
01

L1 
"(


 !(0
!
 1$!




#+
"( 


  
 

 

# #


 




##


@#01

L1A

(0
!


'
#! 
'




#!
!



(#I

( 0
! 
'
  
 
#
#

!
(
#

!




"(





(


 
$
 
 
 
#  A#    #


 

  
!#




!
$

,

*+LL$+
&

#





 	

	
		
 -

# 

 #!   
  !2H
	
.	1
	L-

# 

#! 
!

2H(0
!.1	1L-
&# 

#! 
 2H  2 , 1  L-

# 

 #

  #!   
 
#


2H


 $	
!#
3
$/
	1..
-/.
2-#   
#    
   
#  

(
 
  
 2H
,
 	%+"
%,1			-,/.
2-

# 

#! 
!2H-/"

#2	L
1111.-
/.2-
&# 

#! 


#


29


(0
!
 
!




 #
&#$
 
  
#
 

A#  $( 
)
&#D@!
 



"!@ #
 ! < 
     
!<

'

#


#
+!!M
>@#

#  

 ! > @#



'

'


 

(


(


###!( 0
! .1	 1  L  6 
 
 !( 0
!    
  
#

(
!
&


##$



#







'
!(




!(
 6(0
!


'

#!(H


#
 
$


	
	

	
	6HFWLRQ  RI WKH5HVWDWHPHQW SURYLGHV WKDW D 3>L@I EHFDXVH RI DPLVUHSUHVHQWDWLRQ DV WR WKH FKDUDFWHU RU HVVHQWLDO WHUPV RI D SURSRVHGFRQWUDFW D SDUW\ GRHV QRW NQRZ RU KDYH UHDVRQDEOH RSSRUWXQLW\ WR NQRZRI LWV FKDUDFWHU RU HVVHQWLDO WHUPV WKHQ KH QHLWKHU NQRZV QRU KDV UHDVRQWR NQRZ WKDW WKH RWKHU SDUW\ PD\ LQIHU IURP KLV FRQGXFW WKDW KH DVVHQWV WRWKDW FRQWUDFW ,Q VXFK D FDVH WKHUH LV QR HIIHFWLYH PDQLIHVWDWLRQ RI DVVHQW 









#

!$
,

*+L,L6
/$


 

$

)

! 


$




 
)$

,*+L1$9



 


#

#
) 1$!"	3
 4 / 2		  .1 1 	,	-/..2+
(

(
$


!
#
&

4	
$1	,	
	..-/12H 



		11,..  -, / 12H( 0
! .1	 1  LH
	

)%#$!.	1
	-/..12H 2
, +

,1,.L-
/.
26
6/
/

(
!(

&
!$


(
( 

11,H(0
!.1	1L9 /   $
 
 
 
(
 
$(
)4
&$
 

,,1	.1 -	/.
26
(P(


($

!

(A
(
 
(
      6  ( 	

	
		
DQG QR FRQWUDFW DW DOO ́ 5HVWDWHPHQW 6HFRQG RI &RQWUDFWV   FPW D#


 $ 
    
   
  
(
 
&
)
11 , 
@#!$

$


!#
&
#


)@# 
 
#  
 6 +
(
 8#8
(
/

#


 ##
 1$! 

/




P 
 

  
 $
 
  65


 (
  0 ,  

 (



$
%%
&
 
  

! 
 %

)  5


 -+
2/0,-..2

&
$
  
  ! #
   
A 
#



)

 ( 
   
 

 

 

!(
*(4
+!
"L
L*+.,.L-.
2-
27 
(
/<+8!

 

(
 
$
P


!

#

!QR)
$!
   ! 
 (
 
  
) 1$!.11	5
!#$

/

M

$

)$ 

/<+


A##


9

3
9


Q@@R
'




!)I

/ 1$! #
(
'
!(

##

(
'
6
	
	

	
	.$
 
  
  
 
 (% 	'
$




(%	'
9

!# 


$

 

&#
&


(
!

 
#   (  
 
&! 
 '

#
!
#


D 


! 
$
 
 ,

 *+  LL 1 -$6 M
 #


3
#

#


 


(
(

)26
+
(
/

!

 D$ 
)
1	,	.
(


 




'





( 0
!   
  

  
'


6
   
!# ( 0
!  

"
#

#


 
(%	

# 





!

(



/ 


  ( 0
!  
 

 1$!+



 
#"
#
01

..01

L1B! 
 (01

.. (

 





#


B
#(%	

(0
!

/
  
 
    
 
#(


'
(%	  '
  #!  
  

	
+ !
4
567	3 . , 		 		
 - / ..2 -
&#

 
  
&
 

 
  !2H
1	,	..-

# 

#! 
!2H
11,