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

3XUVXDQW WR 6L[WK &LUF

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

)LOH 1DPH D

	


	




$5<  &(1=,(

	






(//	287+

(/(&20081,&$7,216 
1&

	 ! "

	



* +!
,	

+-.,-,/+

$%)&223425*6

*68/

./,,87

+8$
	






	:6;-,* < 	"! 7 *	?
 01, 
:6;-
9 




$%%&''()

$ TXL WDP DFWLRQ LV D ZKLVWOHEORZHU FODLP

EURXJKW E\ DQ LQIRUPHU XQGHU D VWDWXWH ZKLFK HVWDEOLVKHV DSHQDOW\ IRU WKH FRPPLVVLRQ RU RPLVVLRQ RI D FHUWDLQ DFW DQGSURYLGHV WKDW WKH VDPH VKDOO EH UHFRYHUDEOH LQ D FLYLO DFWLRQ SDUWRI WKH SHQDOW\ WR JR WR DQ\ SHUVRQ ZKR ZLOO EULQJ VXFK DFWLRQ DQGWKH UHPDLQGHU WR JR WR WKH VWDWH RU VRPH RWKHU LQVWLWXWLRQ

%/$&.¶6/$: ',&7,21$5<  WK HG  4XL WDP LV GHULYHG IURP

WKH 3/DWLQ SKUDVH μTXL WDP SUR GRPLQR UHJH TXDP SUR VL LSVR LQ KDF SDUWHVHTXLWHU¶ PHDQLQJ μ:KR VXHV RQ EHKDOI RI WKH .LQJ DV ZHOO DV IRUKLPVHOI¶ ́ ,G

- :	$ > :	$ ,/,, , +* *<	"!7*$=/$$::> 	?
 01, --  * ;-::	
:
$
*
$	
$*<6,+* 







<
?: 7,/, 76@,,++&* 

"/A, -,-,//B-6+-!!"C6! + .+&*  	/!!,/,-
/DE	FG,/,6,6	--,-/6,1,,+ 1,-,- + -,!- */ DE*FG 4


	HH439%&4342	/,4342DG+* ,,-,,6,-! "-66, //,1,"+ ,1-,6,6 --, + 6,-  
, 	-61!/A,B-H4342DG,,/,!I- +,6, /, 6,6	

/!!,+6,-
,	-61!*+,-,//,-!,--/A,B-/,I,/

I--J"++,!, !, ++ /,6-H4342DG ,,/,!,-,//6-!!"C6!+	
( 




$%%&''()




; 	

  ,-,/ /B- 6 + -!!"

C6!+	+,,6/A,-+,- + 6, ,--- + !, +/ I, - / 	B-I---I-66,/,1,"I,/-"//,*-I-/! ,6-//,

$%%&''() 



,,/,!$I/A,6+-!!"C6!+-++,/, 1,/ 0,- -I-I-/! ,6*-J,"H4342DG

+I,6--I	


6+-!!"C6!+

	


+/-1 , ,

 ,-  " , //A,B- , I-

/A,I-! "+

	 +!./%%9I-+IL !!-+/M	,- /+/! "B-!,- -,, ,/ //! ,- - -  /-,6 -  ,-I/! 

M	N 1,-  

-- /L" *:,-,,-/-!-,/*,". !+,6 --  + ,,-+-1,/M	N!-+/-- /-!- I J- +I,6/,/!-/-8-1,/, ,-  /! "  ,! --, /-  /-,//--,P/,,,-    /-!P   ,+,!+ ,-/
) 




$%%&''()

*//,6/A,B-/! ,M	N

1,1,6!L+-
,	-/-!-+-,+, --,I ,-I ,I,,9)-+0/ ,- ,/A,-"--,- /-,"!,-/--,+, ,--,,-1,/,!,,--1,/I,-I/"+-1,/ -1,/-I,,9)-I,  !,--I,//--,I"I  !,-/--,+,   - - 1,6 ,,, "  M	N ! " I " I/",,,"/-!

/A, 6 /! ,,6   - 1,-- 

M	N- /,/-,%()/,/! ,,-+ -,,,-,,"--  //-, /A, -I  - 1,- I-   ,/ -/,,6  -,!, + ,6  ,,/A,/,!---+/! ,--I---I,,-/6*+-++,6I!,LI-/! " -"/,,- / /A,  !,-,,"1

/A, +, -,   * I,/ I-

,,1,-I,,+!,6,6/!!,--,+ +6,-
,	-,6 -,61!Q- +  /A, - 6 ,, /,!   I +  4 
	H4342DG

 !"


94 4%4'%43&4( DK,%%3G D+-!,G"'99
	233D%%(G

,-,//,-!,--/A,B-/,

+,,6  /A, +,  -  1, /,!   ,-/++,!,-,//B-,-!,--+  /,  1-  !  H 4342DG,,/,!944%)4&)),,6

$%%&''() 



I"!L! "II"

'443)4


  - /- /A,

 --  +-,+" /- /! -, I- ,    ,1-,6,6  ,6-- //A, - 6  1,! "	I-I/-  1,/ -I-  /   */  ;,-,-	!"1/A,B-/! ,-//,/A,-+,-- /  	B- I- /;+,/A,,-,66,,--+!, /,/-I-/*6,-++61

 !" # $%&',-,////

+!,+/!-,6/- + /,1,,- I,/  ,1 I L , /! 6,-! "*B  ! " !- -I !,1  - ,  "  //,1,"F	 (3 $

2%

%(K
	*$'422/,-/6I-E/- 	 I- I + -	B-!,,+!,1" /,-,////"6-!	/A,B-H4342D
K 




$%%&''()

"  - + , ,  /  6, ,-- +!,+/6,6E- --,,,"F+/, -*

. /0'$- * ($1' +  $% )  /0'$- *

$) ) +	),)-


,-/ ,-,//B-,6

,#I,/J,+I,68

*! "!-- "-++,/,+/-+!I,/-C"///! "I-,-/6/-+/,1,,-I,/61! "-,1! "I-/! ,6/,6,-,

944%))DJ,6#((%	 

3'4G

1--!,6/A,66, //,1,"

"+-+-,+" ,/-,-1,/	-,1/,I-

E,-,/ --,,,"F  I- ,6 E/! F "/A,I-  ,//A,6- /	,/+-,!,/, -,,,/,",-/--/-!+,1-,6,",-"6 +,!,,-,16/,- 
,-/--" /A, LI  ,/- +  */, --,,,"-  ,66I," ,6I6,6-!--+-!//,++-/,!-6,-+61!
$.,/,-

 ,,++-,!--I,-! "I-I+,- //,1,""6!,6! "C,--,-+/,6"1,,---,-+" J,!RC- -,- /-, //,1,",+,- /,6+,-,!L 61!,-

$%%&''() 



3DUDJUDSK  RI 0F.HQ]LH¶V FRPS

2Q RU DERXW -DQXDU\   

IDOVLI\ D 7URXEOH 5HSRUW IRU D UHSDLU ZKR KDG PLVVHG D UHSDLU FRPPLWP0F.HQ]LH WR WUDQVIHU KLV FDOO WR 0V (OOD &UXP 0V &UXP WRRN WKH FDO

HPSOR\HH 7HUHVD 'DQLHOV WR PDNH /DWHU 0V &UXP DVNHG 0V 0F.HKDQGOH WKH FDOO 0V 0F.HQ]LH WROG 0UHFRUGV ZDV D VHULRXV PDWWHU 0V 0&UXP D FRS\ RI D QHZVSDSHU DUWLFOH SHUSHWXDWHG LQ )ORULGD

-$ DW 

/A,B- /! ,  E! "I-I-I-  /,   *F -/,!+,,/!,,/,!%)'

 !  ,- 

",6/A,B- ,,1,//-,-+G -,,- //,6 ,,,!,  I-   ,/ /! ,-,-1,-!!"C6!/46 -!!" C6! + /A, 1,1,/! "I-I-I   /,  *,-,//B-6+-!!"C

		

; 1,I  1  ,-,/ 

C6!-,6-!,-,//%"

K 




$%%&''()

&RQFHUQLQJ WKH ODZRIWKHFDVH GRFWULQH  WKLV FRXUW KDV SUHYLRXVO\

VWDWHG WKDW

,W LV FOHDU WKDW ZKHQ D FDVH KDV EHHQ UHPDQGHG E\ DQ

DSSHOODWH FRXUW WKH WULDO FRXUW LV ERXQG WR 3SURFHHG LQ

DFFRUGDQFH ZLWK WKH PDQGDWH DQG ODZ RI WKH FDVH DV HVWDEOLVKHGE\ WKH DSSHOODWH FRXUW ́ 7KH 3ODZ RI WKH FDVH ́ GRFWULQH

4 4K' 432&3 DK , %%%G  	!!" C6! ,-  , I E ,6-  -,,- -I- ,6,-  !,--,-  +, 6 I, ++,1,-,+"-I,-6,,---"!, +/    !1,6 " ,- ,  C6!-!+IF,1@'KD/G*/!-1,I1,/I-,+/-,+1+!1,6 ")(
*+("
)3'
	'3)'(3D%(KG!1,6 "-,,,+!-,6-/+6,,--+!,+/(!("

(")33
	43494&9)D%(KG
+!1,6 "-I-,--/!1,6 "!-/!+II,- /,+,/+/--I,6,-6,,--+,)3'
	'(3!,-!1,6 "!"-!6,-, ,6-,1@'KDGP(!)33
	

49)" 6,6 0,-/+  +/,- ,-,-++,/,+  -!!"C6!!,P !-0,-,/6,,--+!,+/	"
,-".,--.)33
	9)99)3&'2D%(KG

		3

	1$%) 
 

*-  - 6! /A, /-  

,-,//,-/"I&+&&/-/,I,/ /-/-,,+,---/,,-6+/-  
"4(

$%%&''() 



I-  ,/-/,,6-,!

6,-+61!//,1,,-/-,-++-,6LI I , /- - 	 /-!-  *6-,!" -I-  - LI61!/-!	-,-/--"0- /,  *--!,6  /! ,- 1 !,  	B-/-!-I !-/! ,-!+!  --  +-,+"  ,1-,6,,++

/A,-,+,-,-/

%((&(%I,	,,- -I/LI/,6,-+61!/! ,-   -- I-   ,/   -,-+  /  - ,,6,**//, -,- - 66, E H4342DG*6, +-/,!-/+!-,-+ */   ,  ,6 /A,B-/! ,-	-! 0-   *  -,-+ 6+  * /,!" -*/,$'44

9K%/A,-+,-,+/+*/,!P-6 -!!"C6! +,,/,!


 -! I +,  /

+-,+,/,+	B- ,I-  ,/6"-/
) 




$%%&''()

$ OLQH RI FDVHV KDV GLVWLQJXLVKHG EHWZHHQ HPSOR\HHV ZKR

LQYHVWLJDWH JRYHUQPHQW SD\PHQWV RU ELOOLQJV DV D SDUW RI WKHLU MREGHVFULSWLRQV DQG WKRVH HPSOR\HHV ZKR VWHS RXWVLGH RI WKHLU MRE IXQFWLRQVWR LQYHVWLJDWH SRWHQWLDO JRYHUQPHQW IUDXG FODLPV 6HH HJ (EHUKDUGW Y,QWHJUDWHG 'HVLJQ 	 &RQVWU ,QF  )G   WK &LU GLVFXVVLQJ LQYHVWLJDWLRQ RI D TXL WDP FODLP DQG UHTXLUHPHQWV IRU

HPSOR\HHV ZKRVH MRE IXQFWLRQV LQFOXGH LQYHVWLJDWLRQ RI JRYHUQPHQWELOOLQJ RU IUDXG WR HVWDEOLVK D  K UHWDOLDWLRQ FODLP FLWLQJ5DPVH\HU  )G DW  5REHUWVRQ  )G DW 

6,-,,6+ /,/-$'4 4  3)) D,-,6,-,6 &

" +." +-"  +,,6  ,,++ I-  !"/6,6 /! ,/ I, -  + I - ,&

"  /! ,,6 + &/! ,/ , ///I,,-C,--,+."+-"G


,L ,,++,$/A,-L

/, , +/ +    /,   *;/A,6/! ,-,+	,- 1,--6/,I-  -  ,-,/ --,,,"  *6 I-  ,/,-, -"/A,-I-I-- + /-! +  E, +/ +F66J,-!!" ,6I6,6- 1,--)-""K34(K( D,6!"  ,6 //- + !,-/6,6  61! C/,1-,6,6! "B-&/! ,/I,+  - 6,- I- ,-++,/,  /-,E //,1,"F*GP*#4'4%)P$'443)2#
"((%

	 3)K3'4D	.$?%%'GD+,,6 ,,++B--1,,1-,6,-,-/ +! "!/  I, /+,6 ! " I, 1,/ +!,-/6,6,/ ,- I- -++,/, -,-* /,!G  
  - /- /A,B-  +--+-,+" ,/-!-/! ,-- 1,---++,/,"//0 -,6++-/,!-6,-+61!*-

$%%&''() 



SUHFOXGHV D FRXUW IURP 3UHFRQVLGHU3,VVXHV GHFLGHG DW DQ HDUO\ VWDJH H[SOLFLWO\ RU E\ QHFHVVDU\ LQIHUHQFRQVWLWXWH WKH ODZ RI WKH FDVH ́

$V ZH KDYH KHOG KRZHYHU WKLV 

LV 3GLUHFWHG WR D FRXUW¶V FRPPR3LQH[RUDEOH FRPPDQG ́ :H SUHYLRXVWR UHFRQVLGHU D UXOLQJ  ZKHUH VXEVLV UDLVHG RQ VXEVHTXHQW WULDO  ZKYLHZ RI WKH ODZ LV GHFLGHG E\ WKH FZKHUH D GHFLVLRQ LV FOHDUO\ HUURQHRXV LQMXVWLFH

+DQRYHU ,QV &R Y $PHULFDQ (QJ¶J &R

 TXRWLQJ 3HWLWLRQ RI 86 6WHHO &RU



4)%)9&99DK,%%)G/,,-,//,- /I-0 --",! ,"/-/A,/-,--!!"C6!	 ,, !,  - ,,+/--6

,-/-/+,I&

!+1,I,6/B-   ,, ,/  , ,0 %'3 9 9K2 9K9 DK E! F-E- /,+,/ /- /,FG  
 !,,6 /-,!,-/ ,/,-+I&+&&/-!"/-,-,---/," / 1,1"
/"))2
	4494)!- /-,,- /B- !!, -/ +I&,-/
( 




$%%&''()


  ,- / -  E ,-,/ /

,!  " ,-!,-- /A,B- /,! + ,,/- -J"6! "I-I-I-/! ,6 -,6/,*F944%)';--I1EMN,-/1"-1I-6,-/- F     %)'  - I /LI6 /A,B- /-   ,-!,-- + /L + -C/!C,-,/, -9DGDG%4(

;+/LI6,-/1"I1 +/ 6,- +  /! ,     %)'*//,6",6 !,,-!,----,-  I +  /- +  -- + -!!"C6! I  /! , -  - ! ",-/1"(2!
 (((9)

DK , %(%G D,6   , /B- , +  ,!,",C/,,-,-I+/-I, - /   ,-,/ /B- --J -!!"C6!!,,G

 )')$(
'/

 * /- EI,-I-F I - 

,1-,6  I,- /,     /,

0 -,6+6,-
,	-61!4
	HH439%&4342	/,4342DG+*--, , 8

*"! "I,-,-/6!--  --  , "  !,-/,!, 6,- ,  !-  /,,- +! "!",-! "/-+I+/-"! "++! "- , +/ +  /,  ,- -/,,/,6,1-,6,+,,,,+-,!"+--,-/ ,  /, +,    +,  ,--/,-,,+/--"!L! "I

$%%&''() 



)KP  ! "+.("
%24')'99D2(K'  - I !- !L /A,B-/,--++,/,"++,F*/,1,"F


+-!!"C6!

6,,--+!,+//,1,"F+,-/,1,"I  1, * /,   $&

"%4 9K%/I-+E,6,"FE+F%'&'9!--++,/,"6   /,  + 661!


 -/-/A,/

 / /,1," I - ,+-I- 	 ,- , /-*6, //,1,", 61!+-"499K%
&

"$,,/I I -1" -  !61!,,-+/I,,+,6+,6/,* / /,1,"   % 4I1.,/,+!-!!!-1,/,,6 + 6,- , //+61!&! I,  1,/ -,  +, /!I-66*'443)2,1-,"! ",L &

" ,1-,6 + ! "!  I-  !"
9 




$%%&''()

&

"%49K%D%,%%KGP("
 	4%		%(%94)2)KD,%%KGP3
&.0  44 4 (K2 (K) D3, %%)G  -/-, E,+/+F66J, ,,++ E,1-,6,6!- -" /1,-,!-*//-F$'44

 3)2P   &

" % 4  9K% DJ,6 E,

+/+FJ,E ,,++!-,1-,6,6!-I,///-"/1, * /,FG  
 ,, /,/,- 1 JE //,1,"F/-I,//"E,-,/ --,,,"F+-,*("%94)KD-,6

E /,,-1,I+,,6+M+-/,!-N/,",! "61!I- S,-,/ --,,,"B   ,!  --,-/ I-FGP3444(K)D+,,6E,,6,I-,-,/ --,,,"F,!+,1-,6,I ,,++ I6,66/ /-G

,-/-I,,/-E //,1,"FJ,-

0-I,E,+/+F 6+*/,$'443)2
,-/E //,1,"-, "F944  (4%   6,-,1 ,-" ,/,1  E"/-F ,,++B-E //,1,"FI1- ,!,  /--,"   /,-  -"//*I,/I--,6/6 /+I,-I-	(3$

2%%&4)'4'

"
"%(K
	*$'422D/6,6-E!"/-,,60 -,6++!,"/-FG!0! -+E //,1,"F,H4342DG&&E,1-,6,+,,,,+-,!"+--,-/ ,  /,F&&  0-,1P I1 E / /,1,"F !-   E0 -,6 +F E,11!I,+-/,!-,-/-F*! "I10 --"LI*I-/,-+,6,-,! "1 " +, -/  /,   / +!,,H4342DG("%94))&

$%%&''() 



$OWKRXJK WKH )&$ UHWDOLDWLRQ FOD

UHTXLULQJ D WZR SDUW WHVW VHH /XFNH\ Y 

6XSS G   Q 1' ,OO  WKUHH HOHPHQW FRQVWUXFWLRQ RI )&$ UHWDOLDWWKDW D )&$ UHWDOLDWLRQ FODLP PXVW GHPHQJDJHG LQ 3SURWHFWHG DFWLYLW\ ́ ZKLFK LV 

DQ DFWLRQ XQGHU WKLV VHFWLRQ ́ DQG  WKDJDLQVW RU GLVFKDUJHG 3EHFDXVH RI ́ WKDW  K 7KH 3EHFDXVH RI ́ SURQJ KRZ

VKRZ WKDW D 3WKH HPSOR\HU KDG NQRZOHGJSURWHFWHG DFWLYLW\ ́ DQG E 3WKH UHWDOLDWLRE\ WKH HPSOR\HH¶V HQJDJLQJ LQ SURWHFWHG 

DW  UHSULQWHG LQ  86&&$ )G DW  '& &LU 

4
	H4342DG-,- ,,++!- 1G-I/,1,"P9G! "944%))D/,,6+-"
494%)(%'D',%%')D%%'GG
,,

,!+,,/,!1 ,-/6  I,- ! "--+ /

944%))P )-""("K34(K(KKD)

$ 
 &0" 
 '4 %%(GP*#
 "4%%)D),%%3GP 
	%49K9K%D%

<,1,,1,/

/! ,/A,/-,+,,6/,-I* 
 - -	+, /"1,//,1,"   	 I-  //,1,"/*
2 




$%%&''()

4$) ) +	),)-
 /A,B- +,-   ,- / + 

/A,B-/! ,J"6-66,E / /,1,"F L,6  /! ,B- 6,- -944%))DE;//

/,1," 66 , " /A, ,/,6 ,6,6 6+,+- 1,---I,6!  I-   ,/ -/,,6    /, ,

,,11,6-,!,6,-++ //,1,,- I,,  !,6 +  */FG   -J,-E //,1,"FE,+/+/,,--/,,/,6,1-,6,+,,,,+-,!"+--,-/,/,+,+,,--/,F4
	H43492DG6,-,1 ,-"  1,6" /, " ,- / ,--E /,-0"/,,6--I--,--,+"+,,6 - I - - I --,-  <1! ,,6,6  +- /,!- /,  " 
. ""-"
"-".F	 (3 $

2%%&4)'4'

D%(KG"
"%(K
	*$'422D! -,-GP    94 4  %)) DJ,6! -,A 66G  $,6   /,- 0 --"-/, - E / /,1,"F I  0/-,1 ,-/   G /A,B- -I,6 +  I-  ,/,11,6+61!+- 1,--9G,6,6661!+,+  - 1,-- I I,,  !,6 + E //,1,"F*944%))

 !  ,-,/ / +   I-  

,/-/,,/! ,,6+6,- + 61! +    ,,6, + * ,-,/ / +/A,B- -,,-II-  ,/,J-, I,/ --  , - ,1-,6, +	B-/+-,+,/,6,-+/-! ,/,,"/!!,--, +I-I,",- "

$%%&''() 



 ,--!, 6 	++,/!/A,BI-  ,/,-,/I-  E / /,1,"F , -- 1,---!,! ,/ ,/-

/A,/-,-

/B-+,,6-,6,-/ ,6 + +  /-/A,1-,-,//," +I-  ,/-/,,6/-,E //,1,"F.,/,-/,,-/B- 

  -,,E, ,60! + //,1,"F34% D/,,694 

4%'G


+-",+,/,

/- 1 +  H 43I,-I- I    E//+,6%'D/,,6,-,///-- ,+! ,- /! "   ,6,"I+/,1,,-E //,1,"F,   J,!  // -- /E+F61!  ,- /! "  ///--,-+"+,,/,!

	1/,/,-1-/I

+",+,/,,+-"H4342DGJ,!E /,+/+/,,--/,F$'4