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

3XUVXDQW WR 6L[WK &LUF

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

)LOH 1DPH D

	


	




$7,21$/ ,)/(

662&,$7,21



/<03,& 506



	

	



 5$'/(<  8&./(6

!" ##$"%""&'(
1,7(' 	7$7(6 2) 0(5,&$



	



	

$'
&	

$!"$/

01+.2-1.3%

#&5,

!"&&&&5
, 
		

	
 **+,-.




7KH +RQRUDEOH &KDUOHV 5 6LPSVRQ ,,, 8QLWHG 6WDWHV 'LVWULFW -XGJH

IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ

 $5!
67&/"#4#&(

	
/8	!"4#&









	  4'   
9 
9		

$:;$/"	%

!		!8/4
	
! $
4'

 
9 
9 		

 $:; 4 <=  /

6 

!	;
 9
 	 9 /" $  /" 	 % />  	 

!		!8/4
	
!$"&9!?8!$'"##







/
6!
67"#4#&

" "  "#@ $  
 $ ;'&9A$"'"$00B"''@$&C'+#'"#A%D 
 A @ %# %@   $"#$#'#$"#&&#'%$&=&##A"'&= $ &# " $ E# " & $ "''""#&""#@&'&"$">$&&">$


		0*0	#B0* F!/"001GA$$'&&=&#
* 
		

	
 **+,-.

@'&#&&@$#"''@ #&  A && @ $ #"#&@=&'&#'%$&#&&+'+#'"A>&A'@%#&$&# # #  '@ A>"'@"#%"$@




 
!"
 	,0B
	2*H2*F0-1GF&# &  C> #  =    ''DG(#	$

%-BH
	BH-BH0F011GFC$''@>'&&$ $  %' A" ' ' "#  = '&DG  I &" $  A"''@#&$"'"=@>A'=@&&A&#$#A=#@""&@$$=$&'=@%#& E#& A00B"=E#"



#%=A""#&'+

#'"#A%A$A :"#   ' :" $ "#@#$"#%"&$@ "#$$=$&&'%=E#"A/J#&'$  &" "#  #''@ J#&'  &$&

**+,-. 
		


$OWKRXJK WKH 15$ LV QR ORQJHU D SD

SODLQWLIIV FRQWLQXH WR EH UHSUHVHQWHG E\ F

6HH 0LFKDHO $ %HOOHVLOHV )LUHD

2YHUYLHZ  &5,0( 	 -867  &'$&=&#&

&$$AA'#$"# & & &"''" "# & E# '&&""#&&$&'"'

$$A%&

" %# "'  ""'$$ #@&$ '='$$'A$#@&=&%A&$$'

	




6# #  '" 

I@
"'"

"''"$'$ " &  E'"$0-B'"=&$$"="#+$$">  # A '%# '  & 	$#$02HA"=&$   	 $$"=@ A  %&D  &  02H 
	  ## $ " %"" '$#A$'C#D
B 
		

	
 **+,-.

+HDULQJV ZHUH KHOG E\ FRPPLWWHHV ERWK LQ WKH +RXVH DQG 6HQDWH

6HH  86&&$1   	 Q  OLVWLQJ +RXVH KHDULQJV$VVDXOW :HDSRQV $ 9LHZ )URP WKH )URQW /LQHV +HDULQJ RQ 6  DQG6  %HIRUH WKH 6HQDWH &RPPLWWHH RQ WKH -XGLFLDU\ G &RQJ 'XULQJ WKH KHDULQJV WHVWLPRQ\ RXWOLQLQJ WKH GDQJHUV RI VHPLDXWRPDWLFZHDSRQV ZDV UHFHLYHG IURP D YDULHW\ RI VRXUFHV JXQ H[SHUWV ODZHQIRUFHPHQW RIILFLDOV FRPPXQLW\ DFWLYLVWV PHGLFDO JURXSV HPHUJHQF\URRP GRFWRUV DQG SROLWLFLDQV

)RU D PRUH GHWDLOHG DFFRXQW RI WKH OHJLVODWLYH KLVWRU\ RI WKH VHPL

DXWRPDWLF ZHDSRQ EDQ FKDOOHQJHG LQ WKLV ODZVXLW LQFOXGLQJ WKH UROH

SOD\HG E\ WKH 1DWLRQDO 5LIOH $VVRFLDWLRQ LQ FUDIWLQJ WKH SURYLVLRQV RI WKH

02H

 &'( )H..,&H1HF

0H0G%A&&A#'%$#A
&	=%=%@$&##AA&@#&  "'' $ = "' 
  $= @$A'%&$&&  "#  & %@ '+#'"A 

 
  *,+,B, ,*-

F00GFC'%=$$"=A#'%$'& #A>& "' 
"A='"#&A%''.1L$#A
&	'"'&DG

#$A&%@

'"+'&'+#'"A=%A& %   # & 	  $" $" %@ #  %%@ # 
  $$ "''%AA""##&'+#'"A&&'&$##	!&$"''#&$A#&%#%J"#+A%'&#%A#&   " $' #'& = 2.*A $ ="' = " #& '+#'" # A % A "#&&  ;'&9A$"'"&A	'%-00B%@8&

**+,-. 
		


7KH SODLQWLIIV DUJXH WKDW D %XUHDX RI 

GHFLVLRQ WR QRW FODVVLI\ D VSHFLILF VHPLDXFULPLQDO FDVH LQ 0LFKLJDQ DV D 3FRS\ RU GWKH VWDWXWH FRQVWLWXWHV DQ RIILFLDO DJHQF\ GXSOLFDWH ́ ODQJXDJH LV 3VXUSOXVDJH ́ 6H XQSXEOLVKHG GLVSRVLWLRQ $Q D SURYLVLRQ RI D FULPLQDO VWDWXH LQ DQ LQGD ELQGLQJ DJHQF\ GHWHUPLQDWLRQ WKDW WHQIRUFHDELOLW\"''@#& "''C"&#"D#A &  = '#$"#%@ %@ '@ " A$"&A

$'=&&"AA"''@#""&@@ " #%" $@  ""''@#&$"'#A"''@#&$"'@$"&A$#"     %@$""$%"#CM'&A%"#""#' #	-0.
	B.BH1F + ,&	+,,*
%@$$$$&: " $& & '&A


-

H*2F00.GF&A7>%$"'&"=@''&

$$#

AA'$%"#00B" $# &  &=&# &'A"#'"$&=&##'&
H 
		

	
 **+,-.

"&=&#%'G""&@&=&#" "' $$C'#"=""#=$"A""$"@%&"#&%@%""=&%#%@='&"'>D-
   
) BB* 
	    :& %@ 	#'#+
 
5

#"#&E#8" # '@ &#" =&" #"'/

	+ 

 	+-*B
	BB1-+1BF0-HG@"=    C  =& $'  "&&N#O&$A"A'@>J#&""E#&%%D(1BA=&"%$  # %@ # "$"'@"#=&$'@%@&=&""##A'>

+
 
+ 

 )B00
	B2B/=A

&C#'$=&@D0

 


1*0
	-,-0F00-G

$@'&%@$$

"  A+$&5 FG  = $  A  %&    $#" E#= $ A"$"@"&#&00B"& F,G#@ " #A  #& '+#'"A='='#

$$& #@&#'"@$

"  @ # #A&@#A"&#& # "#&  = % #A& %@ @#="$"@$A&"&">$"''"""$A#A&&@"#'"@$00B "  #'  A# '   $#A&AA&=&%@ "KA

**+,-. 
		
EDQ VHH 0LFKHDO * /HQQHWW 7DNLQJ D %

'$<721 / 5(9  

7KH HQXPHUDWHG IHDWXUHV RXWOLQHG 

L D IROGLQJ RU WHOHVFRSLQJ VWRFNLL D SLVWRO JULS WKDW SURWUXGHV FRQVSRI WKH ZHDSRQLLL D ED\RQHW PRXQWLY D IODVK VXSSUHVVRU RU WKUHDGHG EDUD IODVK VXSSUHVVHU DQGY D JUHQDGH ODXQFKHU

6HH ,G

	"**,FG$00B

'#$"#$#ADH
	P0,,&$ C'#'" # A#'&%@'&#" $  $'D P0,FGF-*GFG
&&"&#"$"'+#'"$&'+#%@  ""  &"% '#'&""A = @ A $ $# C'#'"#AD




	PP0,FGF-*GF G+F!G


"A

'# $ # A  00B""&$"#'" A A$#@ "' $'=
&&@#&$'A"&#

 P0,,F=GF-G(





 $$   

#"# % %"# 
2 
		

	
 **+,-.

A  = $ E# " & %"# ='&'%@#C'="D

E#&&#

'&'"'A"#&&"''&&"'$&"
&&$$I@'$$"#'A'&  %$     &$&I ' $#''@ J#&'      &" "#&"&  #   # ""K  C#&&=&D    # A A#& >A&"=A#%&"#J"


1 	+/



	0,0,&,B*,B-+BBF200G=>:"#A=CA'%=##$#&'@#%""$&"$J#&""&D + 
02-,&H01F200,G"%&%"  "@  =A $  $"   CD""&$$I%$'@"%$"$""=$#&%E#@&A"#&$&$$I$=%&#@#%'&

 '  E# " E# A" 

&#&$'&'I!#8"# &" "# &   "' A +"K%%"#  E# 8" # "  "$" $    %&&%@="#





2
)2,,,&,,2F001GF&A%&&=E#""%"#C$$I"N&O"$"' A  DG( +  
 3 			  +)  #
	 0) 22   B -*,F00HG  "# = &  %"#  =   "$" $   " %"&E#"#&

 
4	
 $)
 ,-BB.,B.0F,***G

	+
 

$
+ 

 )+BB0
	B12F0H*G
&	

**+,-. 
		


0DQ\ VFKRODUV EHOLHYH WKDW WKH 

FRJQL]DEOH EHFDXVH GLVWLQJXLVKLQJ EHWZHZDV HIIHFWLYHO\ GLVWLQJXLVKLQJ EHWZHHQ SURGXFHUV (YHQ WKRXJK WKH &RXUW GLG DPRXQWHG WR HFRQRPLF SURWHFWLRQLVP UHJD OLYHOLKRRG EDVHG RQ VWDWH FLWL]HQVKLS FTXHVWLRQ RI HTXDO SURWHFWLRQ WKDQ GRHV WKH 

HJ 5REHUW & )HUUHOO /HJLVODWLYH 3X5DWLRQDOLW\ 5HYLHZ  9,// / 5(9  

	#'# &  E=A&&%&'>"A"$"&" '#$"#  A=

""&A % A % "'A%@ @&=&##'A#&'=&"

""#&A=%@

=&"#E#A&"&"$E#"&   " 

 
 (	 )B10
	.*.HF"##&=&#$A"#"$ A A  #'  E#AA#&=#'" # A % 'E#'


$%#&$

    #" ""# "#@      ' =!	 1. 
	 2,* *- F002&"K$#&'A'#$"#&A#""


,---&-0BB*,F2,***G