Conference Proceedings Living landscapes | Full Papers Section 8 | by Planum n.27 vol. 2/2013

Page 1

8. Living territories/Abitare il territorio edited by!"#$%&%!'()$*+%&,$-!.$)/$%!0$*$1#$*2-!0%33(2!.1%452&&$*2


Introduction

Defining areas for intervention is the first step in planners’ and designers’ activities. The regional approach in selecting problematic frames and design surfaces was the key issue proposed in this call for papers in the session entitled Living in Territories. How and why a region is defined are crucial questions in urban and landscape planning. Three criteria are widely known to delimitate a region: biophysical, political and socio-economical. They are deeply connected to the sustainable development of territories. Energy systems, ecological structures, agricultural activities, settlements and communities are the elements identified in querying the regional concept and finally, regional planning incertitude. When we think about the regional scale in the planning and design process we imagine a specific approach which deals with urban and rural issues together, because a region is never a uniform environment. What elements could help planners and designers hypothesize their research field and interpret their operational ground? What are the analysis methods, planning processes and design tools that should be explored in order more effectively implement regional planning? Although people are more and more involved in the planning processes, this point, as well as the procedure to include stewardship practices in planning, is the most relevant uncertainty for planners and designers. In the call for paper two main questions were asked to be explored: on one hand the regional approach in planning and design concerning methods, procedures and operational knowledge; on the other hand the planners’ and designers’ roles in regional transformations. The papers collected in this section explore several meanings of region in urban and landscape planning since different region conceptualizations are proposed by the authors. Furthermore different interpretation keys emerged in reading the actual problems at the regional scale: soil consumption and water management, people’s actions and planned transformation links and landscape transformations. The regional approach is envisioned from territorial (Fanfani), historical (Rosselli, Piras), ecological (Anguillari, Guerra, Romano et al.) and landscape perspectives (Ciabò, Menstriner, Pè). The regional approach is considered useful in understanding complex phenomena and in achieving innovative solutions to problems. The following papers discuss these topics from different perspectives. Some of these deal with new elements in the planning process: analytical, procedural and operational tools are proposed. The future scenario perspective (Anguillari) is a design-based process and it has become a visual instrument to involve politics, planners and people in regional transformations. The GIS - base index and synthetic indicators are suggested in order to bridge the gap between planners’ knowledge and actual territorial features (Romano et al., Ciabo’). The river contract (Guerra) is described as a practice to engage communities in territorial management. A second group analyses different practices that could be used to begin to examine the relationship between the rural and urban, architecture and nature. The agricultural park is proposed and investigated as a territorial governance tool (Fanfani). Roles of traditional agricultural practices in peri-urban areas are explored in order to manage urbanisation (Rosselli). Sustainability is envisioned as a conceptual medium to use ancient practice in environment construction (Mestriner). Final reflections discuss the role of planners and designers in the regional transformation: they are envisioned as mediators having to manage planning and design processes (Pè). Is this role effective in the regional planning process? How could planners and designers, therefore architects, use planning and design knowledge to allow increasing qualities of territorial transformation?


8. Living territories/Abitare il territorio edited by'4C$,#,'-.+$"),#/$2'3$+>$,':$"$%C$"&2':,88.&'3%,1D&##$"&

Veneto 2100: living with water !"#$%&'(")*$++,#$ Urban settlement sensibility assessment. Morphological-based analysis in italian case studies -.#",#/$"&'0&1,"&2'3.#.",'4$,562'!+.",'7.'3,"8$92':,*#&';,5#$<$&2';#,"%.9%&'=*++& The landscape value: interpretive categories, diagnostic techniques and management rules 3.#.",'4$,56 Disputed or shared territory? The Italian experience of river contract: new relationship between river and its region 3$+>$,'?*.##, Local development and “agri-urban” domain: agricultural park as promotion of an “active ruralship” 7,>$/';,"@,"$ Urban landscape development and rural fringes in Delhi 4+,*/$,'0&9.++$ Some reflections on the relationship between people of the fourteenth century, city and territory ("8&".++,'A$#,9 Minimum living A,&+&':.98#$".# Digital technologies landscape design urban curatorship 0,@@,.++,'AB


!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?,$,5/&<>==@ !"#"$%&A"5B&C'5,0&& I$.2E-(J$G%2""#.2

0$27+.32>K(@0JL(F2(L+$+M2# +$.2E-'#$G%2""#.2NG&#2"'E-&(

:KDW LV WKH IXWXUH RI WKH 9HQHWR UHJLRQ JLYHQ WKH WKUHDWV SRVHG E\ ULVLQJ VHD OHYHOV KHDY\ UDLQIDOO ÁRRGV DQG GURXJKW" :KDW ZLOO LW ORRN OLNH LQ " $Q LQWHUGLVFLSOLQDU\ JURXS IRUPHG E\ XUEDQ SODQQHUV DQWKURSRORJLVWV DQG YLVXDO GHVLC G$+.34(*#3(2&#G2$+F(*-<(>*.++(F2//+.+$>(>+..2>-.2+3(&2G*>(1+(>.#$3/-.&+F(1O(#($%&1+.(-/ (<#>+.(>*.+#>3(#$F(=-33212"2>2+3'( :LGHQLQJ WKH ULYHUEHGV HVWDEOLVKLQJ VSDWLDO FRUULGRUV WR EXIIHU SHDNV RI ZDWHU ÁRZ UHSOHQLVKLQJ WKH JURXQGZDWHU >*.-%G*(>*+(%3+(-/ ($+<(1#32$34(3>-.2$G(<#>+.(>-(E-%$>+.#E>(=+.2-F3(-/ (F.-%G*>4(.+#E>27#>2$G(>*+($#>%.#"(.+"#>2-$3*2=( 1+><++$(>*+(.27+.3(#$F(>*+(3+#4(#$F(#EE-&&-F#>2$G(>*+(.232$G(3+#(<#>+.("+7+"3(#.+(3>.#>+G2+3(>*#>(3*-%"F(<-.P(*#$F(2$( *#$F(<2>*($+<(=.-E+33+3(-/ (%.1#$2M#>2-$(#$F(F+7+"-=&+$>'(@$(2&="+&+$>2$G(3%E*(3>.#>+G2+34(<#>+.(1+E-&+3(>*+(3>#.C >2$G(=-2$>(/-.(.+>*2$P2$G4(.+3*#=2$G(#$F(.+3>.%E>%.2$G(>*+(>+..2>-.2+3(-/ (>*+(L+$+>-(2$(#$(+//-.>(>-(F+32G$(&-.+(.+32"2+$>( E2>2+3'


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Á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À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

9(4(::

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$"%&'()*+,-.'#+'&&)+/&0 ;*2"+( <*+( 8"-1#"( =.-6+33( -/ ( %.1#$2>#<2-$( 6-$<2$%+3?( 8"-1#"( 6"2&#<+( 6*#$8+( .+3%"<3( 2$( &-.+( /.+@%+$<( #$7( PRUH LQWHQVH ÁRRGLQJ DQG GURXJKW 7KHVH WZR SKHQRPHQD FODVK DV XUEDQL]DWLRQ FRQWLQXHV HVSHFLDOO\ LQ IRUPHU ÁRRGSODLQV QHDU ULYHUV DQG FRDVWDO DUHDV DQG ZDWHU XVH LV LQFUHDVLQJ )*+(A+$+<-(.+82-$(2$(B<#"C(23($-(+D6+=<2-$?(1+6#%3+(-/ (2<3(*28*(7+$32<C(#$7(<*+(*28*(=.-7%6<2E2<C(-/ (2<3(F#<+.G 3+$32<2E+("#$736#=+'(H+.+?(<*+(2&=#6<(-/ (<*+(+$E2.-$&+$<(23(&#$2/+3<2$8(2<3+"/ (F2<*(2$6.+#32$8"C(F-..C2$8( HIIHFWV 'XH WR WKH GLVSHUVHG FKDUDFWHU RI LWV XUEDQL]DWLRQ ² !"##$%&"''()*I(%.1#$(=#<<+.$3(2$<+8.#<+(72E+.3+( SURJUDPV DQG ZDWHU XVHV WKDW UHVXOW LQ ZLGHVSUHDG HSLVRGHV RI ÁRRGLQJ GURXJKW DQG SROOXWLRQ ,Q WKH 9HQHWR KHDY\ Á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ÀFLW RI QHDUO\ EHORZ WKH VHDVRQDO DYHUDJH RI WKH ODVW C+#.3'()*+.+(F#3(#$(#==.-D2&#<+(#13+$6+(-/ (JOM("2<+.3(-/ (F#<+.(=+.(3@%#.+(&+<+.(-/ ("#$7'(V$(<*+(-$+(*#$7( <*+(7.-%8*<(#88.#E#<+7(<*+(6-$72<2-$3(-/ (#$(#8.26%"<%.#"(+6-$-&C(#".+#7C(2$(<.-%1"+?(-$(<*+(-<*+.(*#$7(2<( UHVXOWHG LQ D UHGXFWLRQ RI HQHUJ\ SURGXFWLRQ IURP K\GURHOHFWULF VRXUFHV E\ FRPSDUHG WR WKH KLVWRULFDO DYHUDJH IRU WKH SHULRG JHQHUDWLQJ D ZDU RI VRUWV RYHU ZDWHU EHWZHHQ (QHO DQG &ROGLUHWWL 7KH GUDPDWLF ÁRG -73(-.(<*+(+3<.+&+(7.-%8*<3(<*#<("+7(<*+(.+82-$#"(8-E+.$&+$<(<-(7+6"#.+(<*+(3<#<%3(-/ (F#<+.(6.2323?(#.+(+E+$<3( <*#<(*28*"28*<(<*+(%.8+$6C(-/ (3<%7C2$8(<*+(.+"#<2-$(1+<F++$(%.1#$2>#<2-$(#$7(F#<+.(7C3/%$6<2-$3(2$(-$+(-/ ( <*+(&-3<(=.-7%6<2E+(B<#"2#$(<+..2<-.2+3'(V$(<*+(-$+(*#$7?(*+.+(#3(+"3+F*+.+?(<*+(&+33#8+(-/ (6"2&#<+(6*#$8+( 23(=.+3+$<+7(#3(#(&+33#8+(-/ (/+#.(#$7(%$6+.<#2$<CW(Q"(X-.+Y3(SPMMZU([B$6-$E+$2+$<().%<*Y(=.+3+$<3(<*+(.23N( RI ELJ Á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ÀJKWLQJ WKH HQHP\ DQG WKH UHVXOW DV D YLFWRU\ RI HQJLQHHULQJ 7KH ¶ZDWHU ZROI · RXU HQHP\ VKRXOG EH <#&+7'(B$(<*23(E2+F?(/+#.(8+$+.#<+3(<*+($++7(/-.(32&="+(#$7(3#/+(3-"%<2-$3'(B<(23(7.+#&2$8(-/ (6-$<.-"?(-/ (1+2$8( <*+(&#3<+.(-/ ($#<%.+'()*23(#<<2<%7+(*#3(#("-$8(<.#72<2-$(2$(<*+(*23<-.C(-/ (&#$N2$7(#$7(2<(F#3(<*+(7-&2$#$<( #<<2<%7+(-/ (&-7+.$23<(7+328$(#/<+.(<*+(\+6-$7(;-."7(;#.(S)`#""2$822?(PMJPU' ,Q WKH ODVW WKLUW\ \HDUV VLQFH WKH SXEOLFDWLRQ RI WKH %UXQGODQG UHSRUW :&(' KRZHYHU PDQ\ SHRSOH *#E+(3<#.<+7(<-(6.2<262>+(<*23(1#326(#<<2<%7+'(\+E+.#"(F#E+3(-/ (+$E2.-$&+$<#"(#F#.+$+33(*#E+(&#7+(2<(6"+#.(<*#<( 1+327+3(<*+(3%66+33+3(-/ (#(<+6*$-6.#<26(#==.-#6*(F+(*#E+(#"3-(3++$(&#$C(/#2"%.+3'(_-<*(<*+($#<%.#"(F-."7( DQG RXU VRFLHW\ DUH IDU WRR FRPSOH[ WR ÀW LQWR D VLPSOH FRPPDQG DQG FRQWURO VFKHPH 0RVWDIDYL HW DO PMJMU' 3+72&+$<(<-(6-$3<.%6<(#($+F?(&-.+(.+32"2+$<(7+"<#' :KDW LI WKH 3LDYH 5LYHU ZRXOG EHFRPH D ULYHU DJDLQ" 7KH GU\ SODLQV RI WKH 3LDYH 5LYHU DUH XQGHU WKUHDW IURP DQ HYHU LQFUHDVLQJ ULVN RI ÁRRGLQJ GXH WR ERWK WKH H[WHQGHG GLVSHUVHG XUEDQL]DWLRQ RI WKH ODVW GHFDGHV DQG WKH ULYHU·V GUDPDWLF ÁXFWXDWLRQ GXULQJ WKH UDLQ\ VHDVRQV 7KH DJULFXOWXUDO DFWLYLWLHV RI WKH DUHD DOVR GHSHQG XSRQ WKH QXPHURXV 72E+.32-$3(-/ (<*+(!2#E+?(#(.2E+.(<*#<(23(#".+#7C(#<(.23N(1+6#%3+(-/ (<*+(+D="-2<#<2-$(%=3<.+#&'()*+(36+$#.2-(=.-=-3+7( *+.+(6-$327+.3(82E2$8(<*+(.2E+.(&-.+(3=#6+(#$7(.+7%62$8(F#<+.(F2<*7.#F#"3(/.-&(<*+(-<*+.(F#<+.(3C3<+&3'(B$(PJMM?( <*+(!2#E+(^2E+.(=+.2-726#""C(+D=#$7(-E+.(#(F27+.(=-.<2-$(-/ (2<3(#""%E2#"(7.C(="#2$'(\#$71#$N3?(&#.3*"#$73?(&+#7-F3( DQG GLIIHUHQW ÁRR GDEOH DUHDV RIIHU D YDULHW\ RI FRQGLWLRQV IRU OLYLQJ DQG RWKHU ODQG XVHV LQ UHVSRQVH RI WKH UK\WKP RI WKH ULYHU·V ÁRZ 'U\ IRUHVWV FRORQL]H WKH DUHDV RI WKH GU\ SODLQ WKDW DUH QRW LPSDFWHG E\ WKH G\QDPLFV RI WKH ULYHU·V ÁRZ 3HDNV LQ WKH ULYHU·V ÁRZ DQG WKH UXQRII FRPLQJ IURP WKH UHJLRQ·V XUEDQ VSUDZO DUH SUHFLRXV UHVRXUFHV WR EH FROOHFWHG DQG WR LUULJDWH WKH IHZ UHPDLQLQJ DJULFXOWXUDO ÀHOGV

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9(4(::


:KDW PDGH WKH UHFHQW ÁRRGV VR GDPDJLQJ LV WKH FRPELQHG HIIHFWV RI KXPDQ FRQWURO LQ GLIIHUHQW SDUWV RI ;*+( <#""+=3>( 7+/-.+3;#;2-$?( 2$6.+#32$8( @#<+7( 3%./#6+3( #$7( 6*#$$+""2$8( 3;.+#&3'A2""( /%.;*+.( 6-$;.-"( 1+( ;*+( VROXWLRQ" &RQWDLQHG EHWZHHQ KLJKHU GLNHV WKH ÁRRGV ZLOO EH KLJKHU DQG WKH ULYHUV ZLOO Á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

!"#$%&'((4(I"--7+7(T9(*28*C#=(2$(W-$;+/-.;+(7ET"@-$+?(N$7(-/ (X-<+&1+.(NPOP' !"#$%&')(4(Y-#<+?(W-$;+/-.;+?(Y#$(U-$2/#62-J'

!"#$%&'"'($)* +RZ GR ZH PDNH D FLW\" $QG KRZ GR ZH GHSOR\ PDNLQJ D FLW\ LQ UHVSRQGLQJ WR SUHVVLQJ HFRORJLFDO DQG VRG FLRHFRQRPLF LVVXHV" :LWK WKHVH TXHVWLRQV WKH ¶ WK ,$%5· FDOOHG RQ HYHU\RQH LQYROYHG SXEOLF RIÀFLDOV SROLF\ &#B+.3?(@-"2;262#$3?(7+328$+.3(#$7(62;2Z+$3'([%.(/%;%.+(23(;*+(/%;%.+(-/ (-%.(62;2+3?(3-("+;(%3(#6;2<+"=(.+6-$327+.( ;*+(/%;%.+(-/ (62;2+3(1=(\-2$2$8(;-8+;*+.(;-(7+<+"-@($+C(C#=3(-/ (62;=&#B2$8'(DW#B2$8(52;=E(3;#.;+7(/.-&(;*+( SURSRVLWLRQ WKDW WKH FXUUHQW FLUFXPVWDQFHV PDGH HYHQ PRUH SUHVVLQJ E\ WKH À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ÁRRGLQJ %XW WKLV FDQ DOVR EHFRPH D FKDQFH WR UHWKLQN ;*+(6.-332$8(#$7(;*+(6-$$+6;2-$(1+;C++$(;*+(X(#$7(Y(327+3(-/ (;*+(7+$3+(6-..27-.'I#62"2;2+3(#$7($+C(1#32$3(/-.(@26B( 3;-.#8+(#$7(2..28#;2-$?(#3(C+""(#3(;*+(-$+3(/-.(;*+(6-&@+$3#;2-$(-/ (;*+(2$7%3;.2#"(#.+#3(#.+(3-&+(-/ (;*+(B+=(#6;2-$3( WKDW FDQ EH SXUVXHG WR UHDOL]H ÁXLG SDVVDJHV IRU ZDWHU DQG SHRSOH $QRWKHU VWUDWHJLF SURMHFW LV WKH GLYHUVLRQ RI ERWK ;*+().#&28$#(#$7(;*+(5*2#&@-(6.++B3'()*#$B3(;-(;*#;?(;*+(6.2;26#"(@-2$;(C*+.+(;*+(;*+(5*2#&@-(\-2$3(;*+(T"@-$+( 6"-3+(;-(W-$;+/-.;+(R(C*26*(23(C*+.+(;*+(7=B+(1.-B+(7-C$(2$(NPOP(R(6#$(1+(#""+<2#;+7(1=(.+.-%;2$8(#(6-$327+.#1"+( #&-%$;(-/ (C#;+.(1+"-C(Y#$(U-$2/#62-(#$7(&++;2$8(;*+(T"@-$+(7-C$3;.+#&?(#/;+.(;*+(7+$3+(3+;;"+&+$;3'

9(4(::

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


DFKHV ZKLFK OLQN QHZ SODQQLQJ VWUDWHJLHV WR QHZ DOOLDQFHV URRWHG LQ VSHFLÀ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Á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Á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À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ÁLFWV DQG WR LQYHVWLJDWH WKH VRFLDO G\QDPLFV ZH ZRUNHG WRJHWKHU ZLWK #$>*.-I-"-823>3(#$7(6-&&%$26#>2-$(7+328$+.3U ,Q IDFW WKH WZR GLVFLSOLQHV ÀQG D FRPPRQ SRLQW LQ ¶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ÀF XUEDQ 3I#>2#"(#$7(3-62#"(233%+3(>*#>(1+6-&+(/%$7#&+$>#"(A*+$(A+(#2&(#>(7+328$2$8B(I"#$$2$8(-.(32&I"?(7+#"2$8(A2>*( >*+(62>?(&#=2$8(I.-6+33'

7KH PRVW VXEVWDQWLDO SKDVHV RI ÀHOG DQDO\VLV WRRN SODFH GXULQJ WZR GLGDFWLF DFWLYLWLHV FRQGXFWHG E\ WKH UHVHDUFK JURXS DW WKH ,8$9 LQ 9HQLFH 6SHFLÀFDOO\ GXULQJ WKH (UDVPXV ,3 3URJUDP RQ WKH 3R 'HOWD FRRUGLQDWHG E\ <#.2#(5"#.#()-32B(#$7(7%.2$8(>*+(/#""QA2$>+.(3+&+3>+.(EFGG(#>(W%.-I+#$(!-3>8.#7%#>+(<#3>+.(2$(0.1#$23&B("+7(1?( !#-"#(O28#$X'()*+(.+3%">3(#.+(I%1"23*+7(.+3I+6>2K+"?(2$R(W'(Y$8%2""#.2(+>(#"'(C+73HB(EFGE(#$7(2$R(W'(Z2#$$->>2B(!'(O28#$X( C+73HB(EFGE'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9(4(::


!"#$%&'((4(;72-&3(#$7(#6<-.3=(>+.6+2?+7(>.-1"+&3' !"#$%&')'_ ,QKDELWHG 'U\ :RRGODQG @

!"#$%&'()*+&,)*-&.*+*-/0 )RU WKH 8QHVFR ,+( ,QVWLWXWH IRU :DWHU (GXFDWLRQ VRFLHWLHV DUH YXOQHUDEOH WR ÁRRGV GXH WR WKUHH PDLQ /#6<-.3A(+B>-3%.+=(3%36+><212"2<C(#$7(.+32"2+$6+'()*#<(23(<*+(+B<+$<(<-(D*26*(#(3C3<+&=(#(<+..2<-.C=(#(>->%"#<2-$( <*#<(23(+B>-3+7(#3(3%36+><21"+(<-(#$(+?+$<(#$7(2<3(#12"2<C(E-.(2$#12"2<CF(<-(6->+(-.=(&-.+(>.+623+"C=(<-(#7#><(<-( <*#<(+?+$<'(;3(+B>.+33+7(1C(<*+(/-.&%"#A(G%"$+.#12"2<C(H(IB>-3%.+(J(K%36+><212"2<C(L(M+32"2+$6+(EN#"26#(+<(#"'=( OPQOF' 7RGD\ PRVW RI WKH YXOQHUDELOLW\ VWXGLHV ZKLFK LQYHVWLJDWH DUHDV ZLWK KLJK ÁRRG ULVNV IRFXV RQO\ RQ VRPH RI <*+(#3>+6<3(<*#<(6*#.#6<+.2R+(?%"$+.#12"2<C(#$7(>.->-3+(#(?+.C(3+6<-.#"(E<+6*$26#"F(#$#"C323(-/ (<*+(<+..2<-.2+3( DQG WKHLU XUEDQLW\ )ROORZLQJ WKH 8QHVFR ,+( GHÀQLWLRQ ZH FDQ QRWLFH WKDW PDQ\ ÁRRG YXOQHUDELOLW\ VWXGLHV WKDW LQYHVWLJDWH VSHFLÀ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À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

9(4(::

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


)*+(2$:+3;28#;2-$(#2&3(#;(6-$3;.%6;2$8(#($+<(3+;(-/ (="#$$2$8(;--"3>(%32$8(6#3+(3;%72+3(2$(;*+(?+$+;-(.+82-$'( ,Q GRLQJ VR LW XQGHUOLQHV WKH LPSRUWDQFH RI ORFDO VWDNHKROGHUV DQG WKH VRFLDO DVSHFWV WKDW LQÁXHQFH WKH UH@ 82-$A3(:%"$+.#12"2;B' )*+(;*.++(6#3+(3;%72+3(<+.+(6*-3+$(1+6#%3+(;*+B(=#.#728&#;26#""B(=+.;#2$(;-(;*+(.+"#;2-$3*2=(1+;<++$(*B7.-@ "-826#"(:%"$+.#12"2;B(#$7(=+.6+=;2-$(-/ (;*+(=.-1"+&(1B(;*+("-6#"(=-=%"#;2-$' C;(-$+(+D;.+&+>(;*+("#$7(1+;<++$(;*+(E+332$2(#$7(;*+(="#2$(-/ (;*+(F2:+.(C728+(G1+;<++$(?+.-$#(#$7(?2@ 6+$H#I>(.+=.+3+$;3(;*+("-33(-/ (;*+(*23;-.26(.+"#;2-$3(1+;<++$(;*+(3+;;"+&+$;3(#$7(-/ (+6-$-&2+3(<2;*(.2:+.3'( 0RQWHIRUWH G·$OSRQH ZDV RQH RI WKH DUHDV KLW KDUGHVW E\ WKH Á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Á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À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ÁRRGDEOH DUHDV VWRUDJH EDVLQV PHDGRZV ÁR@ RGSODLQV HWF FDQ DFWXDOO\ À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ÁHFWLQJ RQ SRVVLEOH VROXWLRQV UHÀQLQJ LGHDV ,Q WKLV VHQVH WKH VFHQDULR LV #(&+72#(#$7($-;(#(=.-7%6;Y(2;3(:#"%+(23(;-(;.#6+(#("2$+>($-;(;-(1%2"7(#(3;.++;' 7KH \HDU UHSUHVHQWV D KRUL]RQ VXIÀFLHQWO\ ORQJ HQRXJK WR VWUHQJWKHQ WKH DUJXPHQW HODERUDWLQJ SUR@ =-3#"3(<*26*(#.+(#;(;2&+3(7.#3;26(<2;*(.#726#"(2&#8+3'()*23(23(1+6#%3+(;*+(36+$#.2-3>(#3(;*+B(*#:+(1++$(%$@ 7+.3;--7(2$(;*23(<-.J>(7-($-;($+6+33#.2"B(<23*(;-(=.-=-3+(#(7+32.#1"+(/%;%.+(#$7(#.+($-;(;*+(.+3;2;%;2-$(-/ (#(

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9(4(99


WHUULWRULDO SURMHFW RU DV ZLWK WKH PRGHUQ FLW\ WKH ¶GHVLJQ RI D 'HVLJQ· $VFKHU 9:(1%;(#2&(;-(1.2$8(;-(;*+( +<;.+&+(6-$3+=%+$6+3(;*+(2$2;2#"(*>?-;*+323+3(#$7(;*+$:(+@+$;%#"">:(.+@23+(-1A+6;2@+3(#$7(;--"3'(5-&?#.+7(;-( D SODQ RU WR D SURMHFW WKH VFHQDULR LV EDVHG RQ JXLGHOLQHV PRUH UHÁHFWLYH DQG DGDSWDEOH WR DQ XQFHUWDLQ IXB WXUH DUWLFXODWLRQV D FRQVWDQW DQG GLYHUVLÀHG ´FRPLQJ DQG JRLQJµ WKH ORQJ WHUP DQG VKRUW WHUP ODUJH VFDOH #$7(3&#"":(;*+(8+$+.#"(2$;+.+3;3(#$7(3?+62#"(-$+3' ,Q WKLV VHQVH ¶/LYLQJ :LWK :DWHU· LV ERWK D TXHVWLRQ DQG D UHVSRQVH KRZ GR ZH OLYH ZLWK ZDWHU" 6KRXOGQ·W ZH OHDUQ KRZ WR FR H[LVW ZLWK ÁRRG YXOQHUDELOLW\ GHYHORSLQJ D PRUH ÁH[LEOH DQG FRPSUHKHQVLYH ZD\ RI OLYLQJ XUEDQ PRGHO" /DWXWXGH

!"#$%&'((4(C$@2.-$&+$;#"(?.+33%.+3'D !"#$%&')'4(E3"#$73'

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ÁRZ DQG XSVWUHDP VHGLPHQW WUDSSLQJ WKH 3R ULYHU GHOWD LV XQGHUJRLQJ D SURJUHVVLYH HURVLRQ RI LWV FRDVWOLQHV 'XH WR WKH PHWKDQH JDV H[WUDFWLRQ WKH 3R GHOWD IDFHV VLJQLÀFDQW ODQG VXEVLGHQFH DQG VDOLQL]DWLRQ %HFDXVH RI WKDW DQG WKH H[WLPDWHG VHD OHYHO ULVLQJ D ODUJH SDUW RI WKH 3R GHOWD WHUULWRU\ UXQV ULVN RI ÁRRGLQJ 7KH YLOODJH RI %RFFDVHWWH EHFRPHV DQ LVODQG PDLQWDLQLQJ SDUW RI WKH RI WKH UHFODPDWLRQ ODQGVFDSH 1HZ FRQVWUXFWLRQV #.+(723?-3+7(#"-$8(;*+(7>V+3(-$(#(7.>(.2@+.1+7'(N(*#.1-.(.+3+.@+(;*+(6-$$+6;2-$(G2;*2$(;*+("#8--$3(#$7(#(6-&?"+<( V\VWHP RI ORZ LVODQGV HPHUJHG E\ WKH ÀVK IDUPV VKDOORZ ZDWHU

_

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#"$"%&"' ;$8%2""#.2(<'=(>-$2$2(?+332$8(<'=(@#$A#B-(C'=()-32(C'5'(D+73E=(DFGHFE'(!"#$%&'%()*+%,"&-.//=().+$B-=(I.-/+332-$#"7.+#&+.3' ;36*+.(J'=(DFGGHE'(?+3($-%K+#%L(I.2$62I+3(7+("M%.1#$23&+=(<72B2-$3(7+("M;%1+' >#"26#(N'(J'=(O.28*B(P'(Q'=(K#$(7+.(C+%"+$(J'=(DFGHFE'($ Á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ÀFLQD )`#""2$822(N'=(DFGHFE'('UHDPV DQG 'RRPV 'HVLJQ ZLWK ZDWHU LQ WKH 9HQHWR UHJLRQ RI ,WDO\=(2$(;$8%2""#.2(<'=(>-$2/#62-(X'=( ?-&1#.7-()'=(C#362#$B-$2-(;'=(@#$A#B-(C'=(X#$2$(J'(D+73E'(X+$+B-(FHGG(V(?2K2$8(O2B*(O#B+.(.+3+#.6*(.+I-.B'(HT'(( :&(' :RUOG &RPPLVVLRQ RQ (QYLURQPHQW DQG 'HYHORSPHQW 2XU &RPPRQ )XWXUH=( \L/-.7=( \L/-.7( 0$2K+.32Ba(!.+33'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9(4(::



!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?04'$&@,551,A,$5&@,$)"4"1"5:&3)),))A,$5 B/0+C/1/%"*'1-D'),(&3$'1:)")&"$&E5'1"'$&6'),&@59(",)&& I+.$#.F2$-(J-&#$-

',&($$ ² 8QLYHUVLW\ RI /·$TXLOD 1+.$#.F2$-'.-&#$-K%$27#L'2>

A+.+$#(M2#1N(

OPAQRS(0$27+.32>T(-/ (UVRL%2"# 3+.+$#E2#1-K+E-72+<'2>

(OHQD 'H 6DQWLV

',6,0 ² 8QLYHUVLW\ RI /·$TXLOD P"+$#'F+3#$>23K%$27#L'2>

O#%.-(W#1.2X2-(

O-$>+(Y+$X#$#CR">-(Y2X2-(B#>%.#"(J+3+.7+ &#%.-/#1.2X2-K+E-72+<'2>

W.#$E+3E-(Z%""-(

',&($$ ² 8QLYHUVLW\ RI /·$TXLOD /.#$E+3E-'X%""-K%$27#L'2> )*+(=.-=-3+F(.+3+#.E*(F+3E.21+3(#$(2$F+[(<*2E*(&+#3%.+3(>*+("#$F(3+$3212"2>T(1T(%.1#$23#>2-$'()*23(2$F+[(*#3(1++$( F+7+"-=+F(/.-&(#(.+>.-3=+E>27+(#$#"T323(-/ (>*+(F+7+"-=&+$>(-/ (3+>>"+&+$>3(<*+.+(G+-G.#=*2E#"(&-.=*-"-GT(7#.2+3(32C JQLÀFDQWO\ 7KH SUHOLPLQDU\ VWXG\ DLPV DW JDXJLQJ KRZ PRUSKRORJLFDO IDFWRUV VORSH DOWLWXGH JUDGLHQW DQG DVSHFW KDYH LQÁXHQFHG FXUUHQW XUEDQLVDWLRQ LQ WKH VWXG\DUHDV WKH ,WDOLDQ UHJLRQV RI 8PEULD 0DUFKH $EUX]]R /D]LR DQG 0ROLVH &DOFXODWLQJ WKLV LQGH[ KDV LGHQWLÀHG WKH PDLQ PRUSKRORJLFDO IDFWRUV OLQNHG WR ODQG XSWDNH DQG KLJKOLJKWV DUHDV WKDW DUH &-.+(7%"$+.#1"+(>-(%.1#$23#>2-$4(#33%&2$G(%.1#$23#>2-$(E-$>2$%+3(#EE-.F2$G(>-(>*+(&-F+"(#F-=>+F(-7+.(>*+(=#3>(32[>T( T+#.3'(@>V3(E"+#.(>*#>((%.1#$(3+>>"+&+$>(3+$3212"2>T(F+=+$F3(/.-&(#("->(-/ (=#.#&+>+.3(#3(&-.=*-"-GT4(2$/.#3>.%E>%.+(#$F( HFRQRPLF DQG VRFLDO DVSHFW EXW LQ D ORQJ WHUP SHUVSHFWLYH WKH PRUSKRPHWULF FKDUDFWHULVWLFV LQÁXHQFH DOO RWKHU LQ F+>+.&2$2$G(>*+(3=#>2#"(-.G#$2X#>2-$(-/ (3+>>"+&+$>'


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ÀFLHQF\ RI WUDQVSRUW ,18 ,QGRN A2$#B(9FFRM(X#&12$-B(9FFGM(I$7-A2$#(P(Q#A2$-B(9FFFM(5#&#8$2B(X21+""2(P(Y28#&-$>2B(:RR:H'(W%.>*+.&-.+B( &2$2&#"(7#>#(#.+(#A#2"#1"+(>-(-%>"2$+($#>2-$#"(%.1#$((8.-@>*(7C$#&263(32$6+(>*+(+$7(-/ (Z-."7(Z#.(IIB(#$7( 2$(=#.>26%"#.(2$(>*+(=#3>(>*2.>C(C+#.3(D!2"+.2B(:R9RM(Y-&#$-(P([%""-B(:R9:HB(@*26*(23(%$7-%1>+7"C(>*+(=+.2-7( ZKHQ XUEDQ VSUDZO KDV RFFXUUHG ZLWK VLJQLÀFDQWO\ KLJKHU LPSDFW RQ ODQG HVSHFLDOO\ LQ WKH ÁDWWHU DUHDV RI >*+(6-%$>.C(D#3(2$(W28%.+(9H' E-.+(.+6+$>"CB(.+3=-$3212"2>C(>-@#.73(>*+(="#$$2$8(#$7(>-@#.73(>*+(=#>*-"-8C(-/ ("#$7(%=>#?+(23(1+6-&2$8( &-.+(#$7(&-.+(2&=-.>#$>(/-.(>*+(=%1"26(-=2$2-$'()*+.+/-.+(@+(>*2$?(>*#>(>*+(/%>%.+(="#$$2$8(>--"3(3*-%"7( 8#>*+.(>*+3+(>+$7+$62+3B(1C(2&=-32$8(.%"+3(>-(6-$>.#3>(-.(&2>28#>+(>*+("#$7(%=>#?+'()*+(6-$>.-"(#6>2-$(3*-%"7( EH HIIHFWLYH PDLQO\ ZKHQ WKH XUEDQ VSUDZO LV UHODWLYH WR ZLGH DJULFXOWXUDO Á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ÀFLHQW OHYHO RI GHWDLO H[SUHVVHG E\ WKH QRPLQDO VFDOH RI 9HQHWR 0DUFKH 8PEULD <#^2-B(\1.%^^-(#$7(E-"23+H'()*+(2$7+V(*#3(1++$(6#"6%"#>+7(1C(2&="+&+$>2$8(#$(#%>-&#>26(XIQ(&-7+"(>*#>( %3+3(6-&&+.62#"(8+-N=.-6+332$8(/%$6>2-$3'

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"'&! !"'%!

7/89:)-/)95)2

!"'$! !"'#! !"'!! !"!&! !"!%! !"!$!

:"*(&*#).#*&'*1

2%',$"1+&*%+)6%##(

:"*(&*#)%("#*&',)0'#%'9

E.'+).#*&'*1

F"&&"$)4*##'5).#*&'*1

D$*##)%(#*+,(

<+&'0$"1+&*%+).#*&'*1

:*0;"+*&%-).#*&'*1

<+&'0$"1+&*%+);*(%+

C%4'0).#*&'*1

@"#-*+%-).#*&'*1)*+,)6%##(

:*0;"+*&%-)6%##(

@"#-*+%-)$"1+&*%+);#"-=

7'00%8'+"1()6%##)#*+,(-*.')B%&6)&".).#*&'*1

A'&#*+,(

:#*5'5)6%##(

<("#*&',)6%##()#*+,(-*.'

2"0.650%&%-)$"1+&*%+(

/0*+%&%-)6%##(

7'00%8'+"1()6%##(

@"#-*+%-)$"1+&*%+(

!"#"$%&%-)$"1+&*%+(

?'&'"0"8'+'1()6%##)#*+,(-*.'

>*4%-)9#*&(

3'&*$"0.6%-)$"1+&*%+(

>*=');'#&(

<("#*&',)0"-=)0'#%'9

:*0;"+*&%-)$"1+&*%+(

7'00%8'+"1()0'#%'9

7'00%8'+"1()$"1+&*%+(

3"1+&*%+)4*##'5

3'&*$"0.6%-)6%##(

2#*&'*1)#*+,(-*.')%+)$"1+&*%+)*0'*(

/#*-%*#)#*+,(-*.'

/0*+%&%-)$"1+&*%+(

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

!"!!!

?'&'"0"8'+'1()6%##)#*+,(-*.')B%&6)&".).#*&'*1

!"!#!

()*+,-)./0)-123)45/6-+*2

!"#$%&'( _ 3HUFHQWDJH RI XUEDQLVDWLRQ RQ GLIIHUHQW NLQGV RI QDWLRQDO ODQGVFDSH XQLWV LGHQWLÀHG LQ E\ $3$7 1D! "#$%&'()*+%,-($. (/%0#1$%2+%"(&%3(4+,5%#,&'(6+10#,+789

<*=(3+>>"+&+$>(.23?(@ 7KLV SDSHU UHIHUV WR ´VHWWOHPHQW ULVNµ DV RSSRVHG WR QDWXUDO ULVNV H J VHLVPLF K\GUR JHRORJLFDO ÀUH HWF ,W PD\ DSSHDU WKDW XUEDQ FRQWURO RYHU IHDWXUHV DQG IXQFWLRQV LV WRWDO DV GHVFULEHG E\ D VSHFLÀ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ÁDW DUHDV RU HQ! ,1$&,5(=:$%(5#''-(7+,"$179(6$2+($. ("5+7+(.&,"$17(5&0+(&'1+&3-(?++%(,$%7#3+1+3($%(&"(0&1#$=7(:$#%"7(#%(7:&"#&'( 3+,#7#$%!2&N#%*(3#7,#:'#%+7(AO&11+3$<(P&7&%N$<(Q,R$12#,N(F(M&0&''+<(CDDS89 $OO WKHVH DVSHFWV LPSDFW PDQ\ FRXQWULHV ZRUOGZLGH ZLWK DOWHUQDWLQJ SHULRGV RI LQWHQVLÀFDWLRQ DQG VORZGRZQ AT&22+1<(6"+@&1"<(U#%@'+1<(B&3+'$.. (F(V$77<(CDDI8(&%3(&1+(3+1#0+3(.1$2("5+(=%3#7:="+3(+,$%$2#,(&%3( TXDOLWDWLYH EHQHÀWV ZKLFK FRPPXQLWLHV H[SUHVV WR ORFDO JRYHUQPHQWV 7UDGLWLRQDOO\ WKHUH ZDV QR UHDVRQ WR RSSRVH WKLV VRFLDO UHTXHVW EXLOGLQJ RQ ÁDW ODQG HVSHFLDOO\ IRU EXLOGLQJ IDFWRULHV DQG FRPPHUFLDO VWUXFWXUHV ,$7"7(.&1('+77(.$1("+,5%#,&'(1+&7$%79(M#N+@#7+<('$,&"#%*(?=#'3#%*7(&%3(=1?&%(7+10#,+7(&'$%*(+>#7"#%*(1$&37(5+':7( "5+('$,&'(+,$%$2-<(3=+("$(&(?+""+1(&,,+77("$("5+("+11#"$1-9(T#''7(&1+(:1+.+11+3(.$1(1+7#3+%"#&'(.=%,"#$%7<(&7("5+( J=&'#"-($. ('#.+(#7(*+%+1&''-(,'#2&"#,&''-(?+""+1(&%3(5#''7(&'7$(:1$0#3+(?+""+1(:1$"+,"#$%(&*&#%7"(5-31$*+$'$*#,&'( ULVNV H J Á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

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


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

7DEOH 4()+..2>-.2#"(6*#.#6>+.23>263(-/ (>*+(3>%7G(.+82-$3(@&-.F*-K "-826#"(6*#.#6>+.23>263(7+.2?+7(/.-&(>*+(IT)J)(7#>#1#3+(@[#>2-$#"( 5+$>.#"(I$3>2>%>+(-/ (T>#>23>263D'

1DWLRQZLGH GDWD RQ XUEDQ JURZWK RYHU WKH SDVW \HDUV DUH ODFNLQJ 'DWDEDVHV RI UHJLRQV DUH LQFUHDVLQJ 1->*(2$(>+.&3(-/ (`%#$>2>G(#$7(`%#"2>G(#>(#(/#3>(F#6+(#$7<(2$(#(/+=(G+#.3(>2&+<(2&F-.>#$>(2$/-.&#>2-$(=2""(1+( #?#2"#1"+'(T-&+(.+6+$>(3>%72+3<(1#3+7(-$(PIT(F.-6+332$8(-/ (%.1#$(8.-=2$8(/.-&(9Q]^<(*#?+(F.-7%6+7(3-&+(

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


2$<+.+3<2$8(.+3%"<3'(=-.(+>#&?"+@(<*+(A-"23+(.+82-$@(-$+(-/ (<*+(3&#""+3<(2$(B<#"C(D2<*(#(3%./#6+(#1-%<(EEF@GGG( NP KDV VHHQ LWV XUEDQ DUHDV JURZLQJ IURP KD LQ WR DOPRVW KD LQ D ULVH LQ À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ÀQDQFH SXEOLF VHUYLFHV EXW WKHUH 23(#"3-(#(<+$7+$6C(/-.(?+-?"+(<-(2$I+3<(2$(.+#"(+3<#<+(D*+$(2$<+.+3<(.#<+3(*#3(1++$("-D(2$(B<#"C(%$<2"(C+#.(OG9G'( XUEDQLVDWLRQ PD\ VHHP KDUGO\ DODUPLQJ EXW WKH PRVW FRQFHQWUDWHG DUHDV RI EXLOGLQJV DQG WKHLU VXUH .-%$73(J3%6*(#3@(?#.Q2$8("-<3@(3+.I26+3@(&#$-+%I.2$8(#$7(#$62""#.C(#.+#3P(#.+(I+.C("2&2<+7'(B$(#(6-%$<.C("2Q+( ,WDO\ ZKHUH PRXQWDLQ DUHDV RFFXS\ DSSUR[LPDWHO\ DQG KLOO\ DUHDV RYHU XUEDQ VHWWOHPHQW GHQVLÀH FDWLRQ LV TXLFNO\ VDWXUDWLQJ WKH ÁDW DUHDV ZKLFK RFFXS\ RQO\ RI QDWLRQDO WHUULWRU\ 7KH QHJDWLYH HIIHFWV RI PDNLQJ ODQG LPSHUPHDEOH DUH DOUHDG\ YHU\ VLJQLÀ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ÀFXOWLHV LGHQWLW\ ORVV DQG KLJKHU HFRQRPLF DQG VRFLDO FRVWV

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ÀFDWLRQ ,67$7 ZKLFK LQ B<#"C(23(<*+(/-""-D2$8\ *(](TGG(&(#'3'"'( J6-#3<#"(1+"<3(#$7("-D(*2""3P TGG(^(FGG(&(#'3'"'( J*2""3P ² P D V O KLJK KLOOV DQG ORZ PRXQWDLQV

² P D V O PLGGOH PRXQWDLQV

_(9GGG(&(#'3'"'( J&-%$<#2$3P

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


)*+(8.#72+$<(6"#33+3(7+.2=+7(1>(?#$7(5#@#12"2<>(A+<*-73(BC8.26%"<%.+(5#$#7#(DE@+.<(5-&&2<<++(-$(F-2"( 6XUYH\ &RVWDQWLQL ZKHUH ODQG FDSDELOLW\ LV HYDOXDWHG IRU DJULFXOWXUDO DQG VHWWOHPHQW XVHV EDVHG -$(72//+.+$<(6*#.#6<+.23<263G(3%6*(#3(<*+(3"-@+(8.#72+$<'()*+(<*.+3*-"73(#.+(<*+(/-""-H2$8I S S S S S!

ÁDW DUHDV

VOLJKW VORSH

PLGGOH VORSH

KLJK VORSH

YHU\ KLJK VORSH

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ÀQHG DV IROORZV

H*+.+I(( F%2O(R(3%&(-/ (<*+(%.1#$(#.+#3(/#""2$8(H2<*2$(<*+(6"#33(O(-/ ((6#<+8-.>(2V ( F2O(R(3%&(-/ (<*+(#.+#3(1+"-$82$8(<-(<*+(6"#33(O(-/ (6#<+8-.>(2'(

6LQFH RXU JRDO LV WKDW RI GHÀQLQJ D VHWWOHPHQW ULVN LQGH[ 6L[ ZKLFK WDNHV LQWR DFFRXQW WKH VHQVLWLYLW\ LQGLFHV /-.(#""(<*+(6#<+8-.2+3G(2<(23(.+#3-$#1"+(<-(#33-62#<+(<-((#$(#.+#(6*#.#6<+.2W+7(1>(<*.++(6"#33(#<<.21%<+3G(-$+(/-.( +#6*(6#<+8-.>G(#(3+<<"+&+$<(.23J(2$7+E(H*26*(23(<*+(H+28*<+7(3%&(H2<*(.+3@+6<(<-(2(-/ (<*+(6-..+3@-$72$8(F3E2O( 2'+'

6V[2O"!_2

6L[ !!

H*+.+(_#X$G(/-.(#$>(2(#$7(_%Y_&Y_'R%'(

7KH FRHIÀFLHQW _# LV D PHDVXUH RI WKH LQÁXHQFH RI FDWHJRU\ #(-=+.(<*+(3+<<"+&+$<(723<.21%<2-$(#$7(23(/%$6<2-$( -/ (<+6*$26#"(#3@+6<3(B+'8'(H+(+E@+6<(<*#<(<*+(3+<<"+&+$<(@+.6+$<#8+(23(W+.-(H*+$(<*+(3"-@+(23(-=+.(#(82=+$(<*M .+3*-"7QG(-/ (6"2&#<26G(*23<-.26(#$7(3-62-M+6-$-&26(/#6<-.3'(Z%.(27+#(23(<*#<(-/ (6-$327+.2$8(<*+(=#.2#$6+ Y#!-/ ( 2$726+3(F3E2OG(M F# ,Q IDFW WKH KLJKHU LV WKH YDULDQFH WKH KLJKHU LV WKH LQÁXHQFH RI FDWHJRU\ #'(N*+$(=#.2#$6+( 23($ WKHQ WKHU LV QR LQÁXHQFH 7KH FRHIÀFLHQW _# LV GHÀQHG DV _2(RYL Y Y Y

H*+.+(H+(#33%&+(<*#<(Y% Y& Y'X$(#$7(3-(<*+(=#"%+(-/ (F2E(23(1+<H++$($(#$7(%'

)*+(<*.+3*-"73(1+<H++$(6#<+8-.2+3(#$7(6"#33+3(23(3*-H$(2$()#1"+(S' A-.@*-"-826#"(6#<+8-.2+3(B52Q 59

9:(4(;;

( ( C"<2<%7+(B&(#1-=+(3+#("+=+"Q( ( (

5"#33+3(B52OQ [(T\\(((((((( 1+<H++$(T\\(#$7(:\\ EHWZHHQ DQG EHWZHHQ DQG X9\\\

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


5;

( <66"2=2>?(@3"-A+B( (

5C

( <3A+6>( (

EHWZHHQ DQG EHWZHHQ DQG EHWZHHQ DQG ! DEFDG DGFHG HGFHE HEFDE

7DEOH 4(5#>+8-.2+3(#$7(6"#33+3

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ÀFLHQW ORQJ >2&+(*-.2K-$(@#>("+#3>(CP(?+#.3B'(5-$327+.2$8(>*+(.+#"(=#"%+3(-1>#2$+7(#AA"?2$8(>*+(&+>*-7-"-8?(>-(>*+(3>%7?( UHJLRQV WKH ÀQDO LQGH[ KDYH EHHQ UDQNHG DV IROORZ H2O(Q(PJPR(( ( PJPR(Q(H2O(Q(PJ9P((( PJ9P(Q(H2O(Q(PJ;R((( H2O(T(PJ;R( (

@"-M(.23SB @&+72%&(.23SB @*28*(.23SB @=+.?(*28*(.23SB

7KLV UDQNLQJ LV DOVR UHIHUUHG WR WKH QDWLRQDO DYHUDJH RI XUEDQ UDWH LQ ,WDO\ WKDW LV HVWLPDWH DERXW $V DOUHF #7?(.+&#.S+7(2$(->*+.(3+6>2-$3(-/ (>*23(A#A+.J(%.1#$23#>2-$(A*+$-&+$#(#.+(#"3-(7+>+.&2$+7(1?(->*+.(/#6>-.3J( #3(2$/.#3>.%6>%.+3(#$7(A.-O2&2>?(>-(->*+.(%.1#$(#.+#3'(H2$6+(>*+3+(/#6>-.3(6#$(1+(7+328$+7(1?(>*+(A"#$$2$8( WRROV WKH NQRZOHGJH RI 6L[ JLYHV DQ LPSRUWDQW WRRO WR LQFUHDVH RU GHFUHDVH WKH XUEDQLVDWLRQ SUHVVXUH GHÀF $+7(-$(>*+(1#323(-/ (&-.A*-"-826#"(/#6>-.3' !"#$%%&

5(4-6&#)-/

!"#$#%&'

!()'*#

("+)'

*(#+,-

*&.)/-

01"#)(

2-3-4&

M-#+-34(6-8&N8$#"(3)/-O8(#-(/8P-#8+.(//8QK)R)ST

5.(//-/ 789::818(;/;.; 9::AB::818(;/;.; B::A=::818(;/;.; =::A>:::818(;/;.; E8>:::818(;/;.; F.(4 HIAHJ HJAKJ KJAKI KIAHI :A@L @A>:L >:AD:L D:A@:L E@:L

'(%)&

:<:=

:<>9

:<:=

:<:9

:<:?

:<>@

:<:C

:<:@

:<:9

:<:D

:<:9

:<:=

:<:B

:<:D

:<:>

:<:9

:<:>

:<:C

:<:D

:<:>

:<:>

:<:>

:<:>

:<:C

:<::

:<::

:<::

:<::

:<::

:<:>

:<:@

:<:G

:<:B

:<:9

:<:C

:<>:

:<:9

:<:B

:<:C

:<:9

:<:9

:<:D

:<:C

:<:C

:<:B

:<:D

:<:9

:<>>

:<:9

:<>D

:<:C

:<:D

:<:D

:<>D

:<:D

:<:=

:<:D

:<:D

:<:D

:<:C

:<>?

:<>@

:<>D

:<:@

:<:B

:<>D

:<:B

:<:=

:<:?

:<:9

:<:C

:<>C

:<:D

:<:D

:<:9

:<:>

:<:D

:<:B

:<:>

:<::

:<:>

:<:>

:<::

:<:>

:<::

:<::

:<:>

:<::

:<::

:<::

7DEOH (4(0.1#$(3+$3212"2>?(-/ (&-.A*-"-826#"(6"#33+3

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(::


!"#$%%&

'(%)&

*(#+,-

*&.)/-

01"#)(

2-3-4&

78::

789=

?&#1(.)/-@A2(#)(3+-AB-#A+(4-6&#)-/AC23)D

5(4-6&#)-/ !"#$#%&'

7897

78:;

78:<

787=

787:

7879

787:

787<

789>

789>

789<

789=

!"$#

!"$#

!"$#

!"$#

!"$!

!"$!

!"$!

!"$!

!"$!

!"$!

!"!#

!"!#

!"!#

!"!#

!"!#

!"!#

!"!!

!"!!

!"!!

!"!!

!"!!

!"!!

.(1/-

!"$#

'./-0)

!"$#

'()*)+,-

!"%!

.(1/-

!"%!

'./-0)

!"%!

'()*)+,-

!"%!

.(1/-

!"%!

'./-0)

!"%!

'()*)+,-

!"%#

.(1/-

!"&!

!"%#

'./-0)

!"&!

!"%#

'()*)+,-

!"&!

!"%#

.(1/-

!"&!

!"%#

'./-0)

!"&!

!"%#

'()*)+,-

!"&!

7DEOH (4(0.1#$(3+$3212"29:(-/ (&-.;*-"-826#"(6#9+8-.2+3

!"#$%&'((4(0.1#$23#92-$(3+$3212"29:(#"-$8(9<-(&-.;*-"-826#"(9.#$3+693(-/ (5+$9.#"(=9#":(+>;.+33+7(1:(?2>(=$7+>

_

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

.(1/-

787: 789;

'./-0)

787: 78:;

'()*)+,-

!()'*# ("+)'


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ÀFDWLRQ RI VHWWOHPHQWV WKDQ LQ $EUX]]R DQG 0ROLVH *HQHUDOO\ VORSH DVSHFWV KDV OLPLWHG LQÁXHQFH RYHU VHWWOHPHQWV LQ DOO VWXG\ FDVHV VKRZLQJ WR EH D WHUULWRULDO DVSHFW WKDW GRHV QRW KDYH D VLJQLÀFDQW LPSDFW RQ WKH GLVWULEXWLRQ RI XUEDQ VWUXFWXUHV )*+(#&-%$=(-/ (2$/-.&#=2-$(-1=#2$+7(2$(6#"6%"#=2$8(=*+(3+=="+&+$=(.23>(2$7+A(/-.(#""(=*-3+(I#.=3(-/ (=*+(=+.S .2=-.G(F*26*(*#H+(=*+(3#&+(/+#=%.+3(#$7(I.-H+$(=-(1+(1+==+.(3%2=+7(=-(%.1#$(3+=="+&+$=D(3*-F3(=*#=(F+(6#$( DVFULEH VHWWOHPHQW ULVN WR WKHVH IHDWXUHV DV H[SUHVVHG LQ )LJXUH ,Q WKLV ÀJXUH ZKLFK VKRZV DGMDFHQW VWXG\ .+82-$3(2$(6+$=.#"(O=#"G(-$"GD(=*+(&#A2&%&("+H+"3(-/ (=*+(.23>(-/ ("#$7(6-$3%&I=2-$(7%+(=-(%.1#$23#=2-$(#.+( FRQFHQWUDWHG LQ WKH ÁDW DUHDV DQG DORQJ WKH FRDVWDO OLQHV RU DORQJ ULYHU YDOOH\ ÁRRUV EXW DOVR LQ WKH EURDGHU H#""+G3(-/ (2$"#$7(#.+#3'(O=(23(-$"G(=--(6"+#.(=*#=D(F*+.+(3+=="+&+$=(.23>(23(*28*D(2=("+#73(=-(1%2"72$8(#$7(%.1#$( VDWXUDWLRQ IRU WKH ÁDW PRUSKRORJLHV 7KLV LQ WXUQ OHDGV WR VHYHUH LVRODWLRQ RI PRXQWDLQ DUHDV ZKHUH WKH PRVW 2&I-.=#$=($#=%.#"(+6-3G3=+&3(#.+(6-$6+$=.#=+7D(F*26*("-3+(=*+2.(2$=+.#6=2-$(-II-.=%$2=2+3D(=*%3(7#&#82$8( =*+(/#%$#(-/ (2$=+.$#=2-$#"(6-$3+.H#=2-$(2$=+.+3=(2$(=*+(<I+$$2$+3' $ IXUWKHU FRQVLGHUDWLRQ LV WKH ORVV RI ÁDW ODQG WKDW FRXOG EH XVHG IRU IDUPLQJ 0XFK KDV DOUHDG\ EHHQ ORVW F*2"+(=*+(6%..+$=(=.+$7(23(&#.>+7(1G(%.1#$(+AI#$32-$(2$(*2""G(#.+#3(=--D(I#.=26%"#."G(2$(=*+(6-#3=#"(*2$=+."#$7'(( )*+3+(#.+#3(3%II-.=(2&I-.=#$=(3I+62#"23+7(6.-I3D(3%6*(#3(-"2H+(8.-H+3D(H2$+G#.73(#$7("#.8+(#.+#3(-/ (8.#Q2$8( "#$7(F*26*(/-.&(#("#$736#I+(-/ (*28*(#+3=*+=26(H#"%+'

!"#$%&'('4(T+-8.#I*26#"(.+3%"=(-/ (3+=="+&+$=(3+$3212"2=G(#33+33&+$=(-$(=*+(3=%7G(#.+#3( 2$(5+$=.#"(O=#"G(+AI.+33+7(1G(H#"%+3(-/ (@2A(O$7+A'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


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À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ÀFDQW LI LPSOHPHQWHG LQ DUHDV VXUURXQGLQJ FRQXUEDWLRQV ZKLFK ZH FDQ FODVVLI\ DV ´XUEDQ FRQFHQC =.#=-.3NF(=*#=(23(=-(3#@(&-.+(#==.#6=2>+(/-.($+A(3+=="+&+$=3F(1+2$8(6"-3+(=-(3+.>26+3(#$7(.26*(2$(+&<"-@&+$=( <-33212"2=2+3'( )*+(&-7+"(7+36.21+7(2$(=*23(.+3+#.6*(6-%"7(1+(%3+/%"(2$((=+..2=-.2+3(#.-%$7(=*+(A-."7F(2$(<#.=26%"#.(A*+.+(=*+( %.1#$(<.+33%.+(23(*28*(#$7(=*+(&-.<*-"-8@(*#3(#(3=.-$8(2&<#6='

)*+*,*#$*' $JULFXOWXUH &DQDGD ([SHUW &RPPLWWHH RQ 6RLO 6XUYH\ 7KH &DQDGLDQ V\VWHP RI VRLO FODVVLÀFDWLRQF(U==#A#\( 5#$#72#$(T->+.$&+$=(!%1"23*2$8(5+$=.+ S"2$=(V'F(D9::GL'(7KLV /DQG 7KH %DWWOH 2YHU 6SUDZO DQG WKH )XWXUH RI $PHULFDF(,-*$3([-<?2$3(0$2>+.32=@' I#."-A(,'F(DQRRXL'(7KH 3ROLWLFV RI 8UEDQ *URZWK ´%RRVWHULVPµ DQG ´1XPE\VPµ LQ (XURSHDQ %RRP 5HJLRQVF(O$=+.$#C =2-$#"(,-%.$#"(-/ (0.1#$(#$7(W+82-$#"(W+3+#.6*F(QRDQLFQ9RCQ]]' I#..+7-(,'O'F(^#3#$?-F(K'F(K65-.&26?F(_'(J(Z#>#""+F(5'(D9::`L'(0RGHOOLQJ G\QDPLF VSDWLDO SURFHVVHV VLPXODWLRQ RI XUEDQ IXWXUH VFHQDULRV WKURXJK FHOOXODU DXWRPDWDF(Z#$736#<+(#$7(0.1#$(!"#$$2$8F(G]F(Q]XCQG:' I#==@F(K'F(a2+F(b'(J(c%$F(d'(DQRRRL'(0RGHOOLQJ XUEDQ G\QDPLFV WKURXJK *,6 EDVHG FHOOXODU DXWRPDWDF(5-&<%=+.(e$C >2.-$&+$=(0.1#$(c@3=+&F(9`F(9:XC9``'

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


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¶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´(FRORJLFDO ODQG XVH FRPSOHPHQWDWLRQµ IRU EXLOGLQJ UHVLOLHQFH LQ XUEDQ HFRV\VWHPV>( ( X#$736#T+( #$7( 8UEDQ 3ODQQLQJ 5-3G#$G2$2>(J'B'5'(?9@@QA(/D FODVVLÀFD]LRQH GHOOD FDSDFLWj G·XVR GHOOH WHUUH /DQG &DSDELOLW\ &ODVVLÀ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``aVVV(5-$/+.+$_#(VG#"2#$#(72(K62+$_+(<+82-$#"2' )UHQNHO $ $VKNHQD]L 0 0HDVXULQJ XUEDQ VSUDZO KRZ FDQ ZH GHDO ZLWK LW"(J$M2.-$&+$G(#$7(!"#$$2$8( % 3ODQQLQJ DQG 'HVLJQ ^#&&+.(<'='>(KG+[#.G(K'V'>(W2$["+.(<'V'>(<#7+"-// (a'5'(F(a-33>(!'<'>(?9@@UA(&KDUDFWHUL]LQJ G\QDPLF VSDWLDO DQG WHPSRUDO UHVLGHQWLDO GHQVLW\ SDWWHUQV IURP DFURVV WKH 1RUWK &HQWUDO 8QLWHG 6WDWHV>(X#$736#T+(#$7(0.1#$( 3ODQQLQJ ^+33+(D'>(?9@@;A(7KH 3RO\FHQWULF 0HWURSROLV /HDUQLQJ IURP 0HJD FLW\ 5HJLRQV LQ (XURSH>(J72G+7(1L(^#"">(!'E'(F(!#2$>( . ,QWHUQDWLRQDO -RXUQDO RI 8UEDQ DQG 5HJLRQDO 5HVHDUFK ² ^-""2$8(5'K'>(?:S;IA(5HVLOLHQFH DQG 6WDELOLW\ RI (FRORJLFDO 6\VWHPV $QQXDO 5HYLHZ RI (FRORJ\ DQG 6\VWHPDWLFV>((U>(:C9I' V$7-M2$#(O'(F(K#M2$-(D'>(?:SSSA(1XRYH FLWWj H QXRYL WHUULWRUL OD FLWWj GLIIXVD YHQHWD>("b0$2M+.3->(P>(P;9CPS@' V$7-M2$#(O'(?:SS@A(!"#$%&&'#(%))*+"(V$(O'(V$7-M2$#>(O'(D#G#33-$2>(D'(K#M2$->(D'(K+.$2$2>(D'()-..+3(F(X'(a+GG-C

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


UHWWR /D FLWWj GLIIXVD 'DHVW ,VWLWXWR 8QLYHUVLWDULR GL $UFKLWHWWXUD GL 9HQH]LD 9HQH]LD ,18 ,VWLWXWR 1D]LRQDOH GL 8UEDQLVWLFD ,W 8UE 5DSSRUWR VXOOR VWDWR GHOO·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¶3ODFH·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`^+-6-&W%F#F2-$;(?%3F#2I QDELOLW\ DQG (QYLURQPHQWDO 3ODQQLQJµ 6WXGLHV LQ &RPSXWDWLRQDO ,QWHOOLJHQFH 9RO 6SULQJHU 9HUODJ 0XUJDQWH % /DV &DVDV * 'DQHVH 0 7KH SHULXUEDQ FLW\ JHRVWDWLVWLFDO PHWKRGV IRU LWV GHÀQLWLRQ 2$(>%&-.( 0 &RRUV 9 )HQGHO ( 0 =ODWDQRYD 6 (GV 8UEDQ DQG 5HJLRQDO 'DWD 0DQDJHPHQW SS )#\"-.(#$7([.#$623;(R-$7-$' X#""(!';(ABC:LD(7KH &RQWDLQPHQW RI 8UEDQ (QJODQG;(@""+$(T(0$a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·DPELHQWH'(['(@$8+"2(+7';(J2"#$-' >-&#$-(Q'(T(Z%""-(['(A9GB9D(/DQG XUEDQL]DWLRQ LQ &HQWUDO ,WDO\ \HDUV RI HYROXWLRQ;(,-%.$#"(-/ (R#$7(03+(?62I HQFH '2, ; >-&#$-(Q'((T()#&1%.2$2(^';(A9GGVD(8UEDQ VHQVLELOLW\ RI ODQGVFDSH VWUXFWXUHV LQ ,WDO\ JHQHUDO FKDUDFWHULVWLFV DQG ORFDO !"#$%&';(!.-6++72$83(-/ (E>?@(9GGV(5-$8.+33;(S-"-3;(^.++6+' ]#33&+.;(>']';(A9GGVD(7KH ,QÁXHQFH RI /RFDO 8UEDQ &RQWDLQPHQW 3ROLFLHV DQG 6WDWHZLGH *URZWK 0DQDJHPHQW RQ WKH 6L]H RI 8QLWHG 6WDWHV 8UEDQ $UHDV;(,-%.$#"(-/ (>+82-$#"(?62+$6+(HVABD;(9NMVN'

99(4(::

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?@,&!'$()*'+,&A'19,B& C$5,0+0,5"#,&6'5,%/0",)8&D"'%$/)5"*&?,*@$"E9,)& '$(&F'$'%,G,$5&H91,) A+.+$#(I2#1J

0$27+.32>K(F+G"2(A>%F2(F+""LMN%2"# 3+.+$#E2#1-OG&#2"'E-& &

7KLV UHVHDUFK FRPHV IURP WKH REVHUYDWLRQ WKDW RYHU WKH SDVW ÀIW\ \HDUV WKH ,WDOLDQ ODQGVFDSH KDV EHHQ UDGLFDOO\ DOWHUHG 1P(%.1#$(F+7+"-=&+$>4(-/>+$(E#..2+F(-%>(<2>*-%>(/-.&#"(#$F(/%$E>2-$#"(N%#"2>2+3'()*+.+(23(#(/%$F#&+$>#"(F23E.+=#$EP( 1+><++$("+G23"#>2-$(-$("#$F3E#=+(E-$3+.7#>2-$(#$F(2>3(2&="+&+$>#>2-$4(+3=+E2#""P(2$(E#3+3(-/ (&+#3%.+3(<2>*-%>(#(3=+C FLÀF REMHFW PHDVXUHV WKDW WDNH LQWR DFFRXQW WKH ´HYHU\ZKHUHµ WKH ´UHDO ZRUOGµ )DULQD DQG QRW RQO\ LQGLYLGXDO +"+&+$>3( -/ ( %$N%+3>2-$#1"+( 7#"%+4( #3( 2$F++F( .+N%2.+F( 1P( >*+( &-3>( .+E+$>( I-&&%$2>P( G%2F+"2$+3'( @$( 72+<( -/ ( >*+3+( =.+&23+34(#/>+.(#(3%.7+P(-/ (>*+(F2//+.+$>(E%">%.#"(#==.-#E*+3(>*#>(*#7+(G%2F+F(#$F(3>2""(G%2F+(3>#$F#.F34(3>%F2+3(#$F(=.#EC WLFHV UHODWHG WR WKH ODQGVFDSH WKH XUEDQL]DWLRQ RI VRLOV KDV EHHQ LGHQWLÀHG DV D SDUDPHWHU WKDW FDQ EH XVHG WR HYDOXDWH >*+(3>#>+(-/ (@>#"2#$("#$F3E#=+34(#3(2>(#//+E>(2$F23E.2&2$#>+"P(+7+.P(+Q=.+332-$3(-/ ("#$F3E#=+(7#"%+3'()*23(=#=+.(=.-=-3+3( DOVR RQ WKH EDVLV RI TXDOLWDWLYH DQG TXDQWLWDWLYH WUHQGV RI XUEDQL]DWLRQ WKH LGHQWLÀFDWLRQ RI ´WUHQGLQJ ODQGVFDSHVµ F+.27+F(#"3-(/.-&(R-E#"(A>.#>+G2E(!"#$3(=.-7232-$3'(


!"#$%&'(#)%" )*+(<-"=3+&=(-/ (>*+(6-$6+<>(-/ ("#$736#<+?(.+6-8$2@+7(#"3-(1=("+823"#>2A+(8%27+"2$+3?(>*+(72//+.+$>(72362<"2$B #.=(#<<.-#6*+3(>*#>(8%27+(+C<+.>3(>*#>?(/-.(>*+(.+#3-$(#1-A+?(7+#"?(D2>*(+E%#"(.28*>3?(D2>*(>*+("#$736#<+?(#$7?( ÀQDOO\ WKH ODFN RI JXLGHOLQHV IURP ,WDOLDQ DXWKRULWLHV ZKLFK DUH LQVWHDG SUHVHQW LQ RWKHU (XURSHDQ FRXQWULHV 3%6*(#3(F.2>#2$(#$7(G.#$6+H?(*#A+("+7(>-(#$(+C>.+&+"=(72A+.3+(&+>*-7-"-826#"(/.#&+D-.I(-/ (>+6*$2E%+3(#$7( SDUDPHWHUV XVHG WR GHÀQH DQG DVVHVV ODQGVFDSHV HYHQ LQ WKRVH SURFHGXUHV ZKHUH LW·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ÀFLW\ RI WKH WHUULWRU\ RQ WKH RWKHU LW PDNHV H[WUHPHO\ GLIÀ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ÀHG SDUDPHWHUV /-.(#$=(#6>2A2>=(>*#>(.+"#>+3(>-(>*+("#$736#<+(6-&+3(/.-&(#(7++<(I$-D"+78+(>*#>(6#$(<.-&->+(#6>2-$3(#$7( #33+33&+$>(&+>*-73(>*#>(8%27+(<"#$$2$8?(&#$#82$8(#$7(&#2$>+$#$6+(#6>2A2>2+3(JT#$28"2-(5'?(9UUVH'

*+,-,./0'/#)%"-#,(+")1',2 M(3%.A+=(-/ (>*+(+A#"%#>2-$(>+6*$2E%+3(6-&&-$"=(%3+7(2$("#$736#<+(#$#"=323(3*-D3(>*.++(/%$7#&+$>#"(#<B SURDFKHV HDFK RQH ZLWK D VSHFLÀF FXOWXUDO DQG PHWKRGRORJLFDO SRLQW RI YLHZ WKH DHVWKHWLF DQG SHUFHSWLYH DSSURDFK WKH FXOWXUDO RQH DQG ÀQDOO\ WKH HFRORJLFDO IXQFWLRQDO RQH M&-$8(>*+(>*.++?(>*+(<+.6+<>2A+(#<<.-#6*(23(6+.>#2$"=(>*+(-$+(>*#>(1+3>(8-+3(1+=-$7(2>3(72362<"2$#.=(1-%$7B #.2+3(#3(2>(23(#(<-2$>(-/ (A2+D(#"3-(>#I+$(2$>-(#66-%$>(2$(.+3+#.6*(#$7(#$#"=323(/-6%3+7(-$(>*+(->*+.(<#.#&+>+.3' (YHQ WKH HFRORJLFDO YDOXHV R I WKH ODQGVFDSH DOWKRXJK PHQWLRQHG LQ GHÀQLWLRQV DQG JXLGHOLQHV HVSHFLDOO\ DW 9 2$>+.$#>2-$#"("+A+" ?(#"&-3>($+A+.(#6E%2.+(#(/%$6>2-$#"(&+#$2$8?(<+.323>2$8(D2>*(>*+(27+#?($-D(-13-"+>+?(-/ ( W$#>%.#"(1+#%>=X' 7KLV VKRZV KRZ WKH FXOWXUDO FRQFHSWV RI QDWXUH DUH VWLOO YHU\ GLIIHUHQW IURP WKH VFLHQWLÀF FRQFHSW RI HFRB "-826#"(/%$6>2-$(JY#33#%+.?(SZZ[H' &RPPXQLWLHV VWLOO KDYH GLIÀ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´)RU JRRG SROLFLHV LQ GHIHQVH RI RXU KHULWDJHµ 2$6"%7+7(2$(>*+(9UUZ(`LL(M$$%#"(]+<-.>(+$>2>"+7(WL>#"2#$("#$736#<+3'(F+>D++$($-3>#"82#(#$7(>.#$3/-.&#>2-$X(3>#>+3( >*#>a(´7KHUH LV QR SURWHFWLRQ DQG WKHUHIRUH QR YDORUL]DWLRQ DQG GHYHORSPHQW ZLWKRXW WKH DQDO\WLFDO NQRZOHGJH RI WKH VWUDWLÀHG PRVDLF RI ,WDOLDQ ODQGVFDSHV UHJLRQ E\ UHJLRQ DUHD E\ DUHD VLWH E\ VLWH DQG ZLWKRXW WKH DELOLW\ WR PRQLWRU FRQWLQXRXVO\ WKH ODQGVFDSH DV PRGHUQ WHFKQRORJLHV ZRXOG DOORZ XV WR GR LI WKHUH ZHUH DW DOO OHYHOV WKH ZLOOLQJQHVV WR PRYH WRZDUGV WKLV GLUHFWLRQ µ 9( N%6*(#3(2$(>*+(5-$A+$>2-$(-$(>*+(!.->+6>2-$(-/ (>*+(P-."7(5%">%.#"(#$7(Y#>%.#"(b+.2>#8+(1=(0YKN5Q(JSZ;9H(D*26*( .+6-8$2@+3(>*+(W$#>%.#"(*+.2>#8+X(#$7(2$(>*+(&-.+(.+6+$>(K%.-<+#$(R#$736#<+(5-$A+$>2-$(J9UUUH'

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


ZKHUH VRPHWLPHV WKH HOHPHQWV RI QDWXUDO EHDXW\ DUH QRW FRQVLGHUHG DV VLJQLÀ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ÀFDQFH RI ODQGVFDSH IRU WKH TXDOLW\ RI OLIHµ )*23(23(#(A2=#"(&+33#8+E(82A+$(=*+(.#B27(#$7(8"-1#"("#$736#B+3(7+8.#7#=2-$(#$7(=*+("-33(-/ (=*+2.(12-"-826#"E( 6%"=%.#"(#$7(36+$26(#6=2A2=2+3'

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

7&+0$,-'%2+&'

V-2"(23(#$(+33+$=2#"(+"+&+$=(2$(=*+(.+8%"#=2-$(-/ (=*+($#=%.#"(6D6"+3(-/ (?#=+.E(#2.E(&2$+.#"3 DQG RUJDQLF PDWWHU LW ÀOWHUV SXULÀ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ÀUVW VWHS WRZDUGV ODQGVFDSH FRQVHUYDWLRQ DQG PDQDJHPHQW DV FDOOHG IRU 1D(UX5NE(1#3+7(-$(#(*-"23=26(#$7(6-&B"+S(A2+?(-/ (=*+("#$736#B+(#3(#(6-&&-$(8--7' U6-"-826(/%$6=2-$

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´QDWXUDO FDSLWDOµ PRUH HDVLO\ TXDQWLÀDEOH LQ HFRQRPLF WHUPV (FRV\VWHP VHUYLFHV DUH FXUUHQWO\ RQH RI WKH EHVW ZD\V WR UHODWH =*+(+6-"-826#"(A#"%+(=-("#$736#B+(#33+33&+$='

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


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

!"#$%&'( _ 3URYLQFH RI 7HUDPR XUEDQL]DWLRQ UDWH LQ > @ > @ > @ > @

)*+(3=%7B(-/ (7#=#(-$(%.1#$(=.#$3/-.&#=2-$(-/ ("#$7(82C+(#(@26=%.+(-/ (A*26*(#.+(=*+("#$736#@+3(=B@+3(&#2$"B( #//+6=+7(1B("#$7(%3+(#$7(#1%3+' 7KH DQDO\VLV VKRZV WKDW LQ WKH V XUEDQ DUHDV DERXW ZHUH ORFDWHG PDLQO\ LQ WKH LQWHUPRXQWDLQ 1#32$3(1+=A++$(IJJ(&'(#$7(>JJJ(&'(#1-C+(=*+(3+#("+C+"D(1%=(=*+(*28*+3=(.#=+(-/ (%.1#$2K#=2-$(23(/-%$7(#"-$8( WKH FRDVWOLQH RI ZKLFK LV KHDYLO\ EXLOW FRPSDUHG ZLWK WKH RI WKH LQWHUPRXQWDLQ EDVLQV 7KH &277"+(#$7("-A+.(C#""+B3(-/ (=*+(&#2$(.2C+.3(-/ (L1.%KK-(*#7D(2$(=*+(M2/=2+3D(.+"#=2C+"B("-A(.#=+3(-/ (%.1#$2K#G WLRQ VWDQGLQJ DW WKDW LV WKH RI WKH UHJLRQDO EXLOW ODQG %HWZHHQ WKH V DQG V WRRN SODFH WKH RFFXSDWLRQ RI WKH FRDVWDO DUHDV ERWK KLOO\ DQG Á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ÁRRG SODLQV FRQWLQXHG LQ WKH QH[W WZHQW\ \HDUV DQG LW ZDV DFG

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


FRPSDQLHG E\ DQ LQFUHDVH RI EXLOW DUHDV DOUHDG\ REVHUYDEOH LQ WKH V RI KLOO\ DUHDV DORQJ WKH FRDVW DQG 2$(;*+(2$;+.2-.<(=*26*(2$(;*+(>?@A3(=+.+(#"&-3;(%$;-%6*+7(1B(;*+(7+C+"-D&+$;(-/ ($+=(3+;;"+&+$;3'(E";*-%8*( ORZ LQ DEVROXWH TXDQWLWDWLYH WHUPV WKLV SKHQRPHQRQ KDV D VLJQLÀFDQW YDOXH DV LW LQYROYHV DV PDQ\ DV GLIF /+.+$;(;BD+3(-/ (*2""B("#$736#D+3(#$7(2;(7+;+.&2$+3(/-.(;*+&(#$(2$6.+#3+(2$(;*+(#C+.#8+(%.1#$2G#;2-$(.#;+(/.-&( WR ZLWK SHDNV JUHDWHU WKDQ 7KLV WUHQG UHÁHFWV ZKDW KDSSHQHG DW D QDWLRQDO OHYHO 5RPDQR HW DO DQG LW·V D VLJQ WKDW WKH HQWLUH 6-%$;.B(23(#//+6;+7(1B(32&2"#.(D*+$-&+$#(+C+$(;*-%8*(;*+B(#33%&+(72//+.+$;(;2&2$8(#$7(C#"%+3(#;(#("-6#"( 36#"+' H+2$8(%$7+.3;--7(;*#;(D"#2$3(3;2""(.+;#2$(;*+2.("+#7+.3*2D(#3(/#C-.2;+3(#.+#3(/-.(;*+(+$;2.+(6-$3;.%6;2-$(2$7%3F WU\ WKHUH LV D FOHDU VLJQ WKDW LQ D FRXQWU\ ZKHUH SODLQV FRYHU RQO\ RI WKH VXUIDFH VKRZV D WUHQG RI PDVF VLYH XUEDQL]DWLRQ RQ KLOO\ ODQGIRUPV ZLWK VLJQLÀFDQW ULVNV RI DOWHUDWLRQ RI VRPH RI WKH ÀQHVW DJULFXOWXUDO "#$736#D+3(2$(I%.-D+' 2YHU WKH ÀIW\ \HDUV FRQVLGHUHG SODLQV KDYH EHHQ EXLOW ZLWK VHWWOHPHQWV DW DQ DYHUDJH UDWH RI PRUH WKDQ *#(D+.(7#B<(=*+$(*2""B("#$736#D+3(6#$(J1-#3;K(#(.#;+(-/ (#"&-3;(L(*#(D+.(7#B(1%;(;*23(6-%"7(1+(-$"B(;*+(+#."B( 328$(-/ (#(3%13+M%+$;(#$7(&-.+(+$+.8+;26(7+C+"-D&+$;(NO-&#$-(+;(#"'<(9A>>P' )URP D TXDOLWDWLYH SRLQW RI YLHZ WKH LQFUHDVH RI EXLOW VXUIDFH RQ WKH YDOOH\ ERWWRPV DQG RQ Á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Á\ GHVFULEHG LV H[SHFWHG WR FRQVROLGDWH LWVHOI WDNLQJ LQWR DFFRXQW WKH JHQHUDO IUDPHZRUN 3+;(-%;(1B(;*+(D.-C232-$3(-/ (;*+(Q:(&%$262D#"(D"#$$2$8(2$3;.%&+$;3(#$#"BG+7' /RRNLQJ DW WKH GHWDLOV FRQVLGHULQJ WKH ]RQLQJ IRUHVHHQ E\ WKH '0 DFW WKH JUHDWHU WHQGHQF\ WR DFFHSW UHVLGHQWLDO GHYHORSPHQW LV ORFDWHG LQ WKH ]RQLQJ DUHDV % FDOOHG ´ÀOOLQJ ]RQHVµ RI WKHVH DUHDV LV LQ IDFW ORFDWHG LQ WKH FRDVWDO VWULS WKDW RFFXSLHV RQO\ RI WKH SURYLQFH WRWDO VXUIDFH 8QGHU WKLV ]RQLQJ 6"#33(#.+(#"3-(&#$B(.2C+.(C#""+B3<(/-""-=+7(1B(*2""B(6-#3;#"(#.+#3' )*+3+(3#&+("#$736#D+(%$2;3(#.+(#//+6;+7(1B(#(3;.-$8(723;.21%;2-$(-/ (.+327+$;2#"(+TD#$32-$(#.+#3(<(=2;*(;*+( +T6+D;2-$(-/ (;*+(6-#3;#"(3;.2D<(=*+.+(H(G-$+3(#.+(3;#;23;26#""B(&-.+(.+D.+3+$;+7(;*#$(5(G-$+3(N+TD#$32-$( ]RQHV FRQÀ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ÀYH XUEDQ SODQV FRPSOHWHG DIWHU \HDU RI WKH GDWD DOUHDG\ SURYLGHG )RXU PXQLFLSDOLWLHV RXW RI ÀYH DUH ORFDWHG RQ WKH FRDVW DQG WKH RWKHU RQH LV VLWXDWHG RQ D KLOO DORQJ D ULYHU YDOOH\ ,Q WKH ÀYH WRZQVKLS DQDO\]HG WKH SURGXFWLYH DUHDV XQUHDOL]HG ZLWK WKH SUHYLRXV SODQV DPRXQWHG WR KD RXW RI KD IRU D SHUFHQWDJH RI SLFWXUH X-=+C+.<($-$+(-/ (;*+($+=(D"#$$2$8(2$3;.%&+$;3(6-$327+.+7((+TD+6;+7(#(36#"2$8(7-=$(-/ (;*+3+(#.+#3<(1%;(-$( WKH FRQWUDU\ WKHUH ZDV D GULIW WRZDUGV D IXUWKHU LQFUHDVH PRUH ZKLFK LI LPSOHPHQWHG ZRXOG OHDG WR ;*+(6.+#;2-$(-/ (@:@'9(*#(D.-7%6;2-$(#.+#3' R$(#772;2-$(;-(;*23(;+$7+$6B(;-(-C+.32G+(D"#$$+7(#.+#3<(;*+(#$#"B323(-/ (!OY3(#"3-(*28*"28*;3(#$-;*+.(#"#.&2$8( ,Q WKHVH ULYHU YDOOH\V RI QHZ EXLOGLQJV EHORQJV WR WKLV ODQG XVH FDWHJRU\ DQG UHSUHVHQWV DV PXFK DV RI WKH ;-;#"(2$7%3;.2#"Z6.#/;(#.+#(-/ (;*+(.+82-$' 'HÀQHG DV ´ODQG RFFXSLHG E\ LVRODWHG UHVLGHQWLDO EXLOGLQJV WKDW PDNH XS DUHDV RI GLIIXVH VHWWOHPHQW %XLOGLQJV URDGV DQG RWKHU FHPHQWHG VXUIDFHV FRYHU OHVV WKDQ DQG PRUH WKDQ RI WKH WRWDO DUHD µ :KHUH EXLOGLQJV URDGV DQG RWKHU PDQ PDGH VXUIDFHV FRYHU IURP WR RI WKH WRWDO DPRXQW

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(::


HOHPHQW DERXW KD RI XUEDQL]HG WHUULWRU\ RI WKH WRWDO LW LV QRW HYHQ WRXFKHG E\ WKH SHULPHWHU RI #$9(-:*+.(#.+#(7+.2;+7(/.-&(:*+(<-$2$8(&-3#26'(=:(&+#$3(:*#:(#(>-.:2-$(-/ (:*+(3+::"+&+$:3(8-+3(1+9-$7(:*+( SODQQLQJ FRQWURO 7KLV LV D SURRI RI KRZ GLIÀFXOW LW LV WR FRQWURO WKH XUEDQ VSUDZO WKURXJK SODQQLQJ SROLFLHV "2?+(:*+9(#.+(6%..+$:"9(6-$6+2;+7(#$7(2:(>-3+3(:*+(233%+(-/ (*-@(:-(.+/-.&(>"#$$2$8(&+:*-7-"-82+3A(:--(-/:+$( WUHDWHG DV D PHUH PDQXDOV IDU IURP VSHFLÀF SUREOHPV RI WKH WHUULWRULHV DQG RIWHQ FDOLEUDWHG WR RQO\ PHHW :*+($++73(-/ (6+.:#2$(&%$262>#"(#.+#3' )*+(#$#"9323(3*-@3(:*#:(:*+(<-$2$8(>"#$3(3++&(:-(.+3>-$7(:-(#("-826(6-&>"+:+"9(2$7+>+$7+$:(/.-&(2$>%:3( #..2;2$8A(-.(+B>+6:+7(:-(#..2;+A(/.-&(*28*+.("+;+"3(-.(2$>%:3(:*#:(3*-%"7(6-&+(/.-&(#$#"9323(6-$7%6:+7(-$(:*+( "-6#"(32:%#:2-$'()*+9(#.+A(2$(/#6:A(2$(6-$:.#3:(@2:*(7+&-8.#>*26(:.+$73(C-/:+$(2$(7+6"2$+D(#$7(@2:*(:*+(7+8.++( -/ (2&>"+&+$:#:2-$(-/ (>.+;2-%3(>"#$$2$8(2$3:.%&+$:3A($-:(3#:23/92$8(:*+(79$#&263(:*#:(#.+(#6:%#""9(:#?2$8( >"#6+A(#$7(3+"/E.+/+.+$:2#"(6-&>#.+7(:-(:*+(3%88+3:2-$3(6-&2$8(/.-&(*28*+.E"+;+"(#%:*-.2:2+3(#$7(:-(@*#:( *#>>+$3(2$($+#.19(#.+#3A(+3>+62#""9(.+8#.72$8(32<+(#$7(>"#6+&+$:(-/ (#6:2;2:2+3A(3%6*(#3(2$7%3:.2#"A(1%32$+33( #$7(6.#/:(#.+#3A(@2:*(:*+(*28*+3:(F%#"2:#:2;+(#$7(F%#$:2:#:2;+(2&>#6:(-$(("#$736#>+'

!"#$%&'((4(!.-;2$6+(-/ ()+.#&-G(.#:+(-/ (%$.+#"2<+7(>.-7%6:2;+(#.+#3

$ FODVVLÀFDWLRQ RI ODQGVFDSHV E\ XUEDQ G\QDPLFV )*+(3:%79(-$(32<+(#$7(F%#"2:9(-/ (%.1#$2<#:2-$(:.+$73(&28*:(1+(%3+7(:-(>.-;27+(#(79$#&26(>26:%.+(-/ ("#$E 736#>+3A(#(;2+@(-$(:+$7+$62+3(:*#:(@-%"7(1+(&%6*(&-.+(%3+/%"A(:*#$(#(3:#:26(#>>.-#6*A(:-(:*-3+(@*-(#.+( JRLQJ WR GHÀQH WKH IXWXUH WUDQVIRUPDWLRQV RI WKH WHUULWRU\ WKURXJK WKH PRVW GLVSDUDWH SODQQLQJ SURFHVVHV )HUUDULR 7KLV SDSHU WKHUHIRUH SURSRVHV D ÀUVW GHÀQLWLRQ RI ´WUHQGLQJ ODQGVFDSHVµ EDVHG RQ WKHLU 6%..+$:(7+8.++(-/ (%.1#$2<#:2-$(#$7(-$(:*+(:.+$7(:*#:("#$7(%3+(>.-6+33+3(#.+(/-""-@2$8' ,Q WKH VSHFLÀF FDVH RI $EUX]]R WKLV VWXG\ GLYLGHG ODQGVFDSH XQLWV LQWR IRXU WUHQGV SLFWXUH ‡ H#$736#>+3(:*#:(:+$7(:-(1+(3#:%.#:+7G(#.+#3(2$(@*26*(:*+(+B>"-2:#:2-$(-/ ("#$736#>+3(#$7(+$;2.-$&+$:#"( .+3-%.6+3(23($-@(.+#6*2$8(:*+(6#..92$8(6#>#62:9'()*+9(6-$323:(-/ ("#$736#>+(%$2:3(2$(@*26*(:*+(%.1#$2<#E :2-$(23(#(6-$3:#$:"9(8.-@2$8(>*+$-&+$-$A(1%:(:*+(>+.6+$:#8+(-/ (:-:#"(%.1#$2<+7(3-2"((2$(:*+3+(%$2:3(23(2$( 7+6"2$+I(:*+(#&-%$:(-/ (%.1#$2<+7(3-2"(2$(-:*+.("#$736#>+(%$2:3(23A(2$(-:*+.(@-.73A(2$6.+#32$8(#:(8.+#:+.( .#:+3(6-&>#.+7(:-(:*23(3+6:-.'()*23(23(7%+(:-(:*+("2&2:+7(#;#2"#12"2:9(-/ (3>#6+(:*#:(6#%3+3(#(3"-@7-@$(

_

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


-/ (<*+(1%2"72$8(=.-6+33+3'(>$6"%7+7(2$(<*23(6#<+8-.?(#.+(<*+(6-#3<"2$+(#$7(<*+(.2@+.(@#""+?3(-/ (A1.%BB-' ‡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ÀQH JUDLQHG OD\HUV XS WR P DERYH <*+(3+#("+@+"(#$7(2$<+.&-%$<#2$(1#32$3(E2<*(@-"6#$26(7+=-32<3(#$7(*?7.-"-826(3+72&+$<#<2-$3' ‡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‡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

!"#$%&'( _ $EUX]]R 5HJLRQ FODVVLÀFDWLRQ RI ODQGVFDSHV E\ XUEDQ G\QDPLFV

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


7KLV FODVVLÀFDWLRQ SURSHUO\ GHWDLOHG DQG HQULFKHG ZLWK DGGLWLRQDO FDVH VWXGLHV FRXOG EH XVHG LQ ODQGVFDSH <"#$3(-/ (.+82-$#"(-.(<.-=2$62#"("+=+"(>-(<.-=27+(8+$+.#"(&#$#8+&+$>(8%27+"2$+3(>*#>(6-%"7(1+(2&<"+&+$>+7( #$7(+?<#$7+7(7%.2$8(>*+(<.+<#.#>2-$(-/ (@-6#"(A>.#>+826(!"#$3B(%32$8(3%.=+C3(-$(>*+(3-62#"(6-&<-$+$>(>*.-%D 8*(<#.>262<#>-.C(<.-6+33+3(2$=-"=2$8(#(3&#""(6-&&%$2>C

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q LO SDHVDJJLR" /D SDUWHFLSD]LRQH GHJOL DWWRUL QHOOD LQGLYLGXD]LRQH YDOXWD]LRQH H SLDQLÀFD ]LRQHB(5"+%<B(!#7-=#B(RRRDRHH' W#33#%+.(,'S'B(GRNNXI(!"#$"%&'()*'+,()-.)-'#()*/+(0&'/$%"+$"%&B(@#$736#<+(U6-"-8CB(F&3>+.7#&B(A!Y(F6#7+&26( !%1"23*2$8B(R:B(ZB(HHNDH9;' W#=+*(['B(GRNNZI(,QWHUDFWLRQ RI ODQGVFDSHV DQG FXOWXUHVB(@#$736#<+(#$7(0.1#$(!"#$$2$8B(U"3+=2+.B(9H(GRNNXI(Z9D XZ' T-&#$-(Y'B(!#-"2$+""2(M'B(GH::;I(/·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

(&)%*+","-." S(>*#$](Y+.$#.72$-(T-&#$-B(E#%.-(L#1.2K2-(#$7(E#.8*+.2>#(523#$2(/-.(>*+2.(6--<+.#>2-$'

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?")+95,(&/0&@A'0,(&B,00"5/0:C BA,&D5'1"'$&EF+,0",$*,&/. &G"#,0&6/$50'*5H& I,J&G,1'5"/$)A"+&4,5J,,$&G"#,0&'$(&"5)&G,%"/$&& A2"72#(I%+..#

'LSDUWLPHQWR ,QWHUDWHQHR GL 6FLHQ]H 3URJHWWR H 3ROLWLFKH GHO 7HUULWRULR !-"2>+E$2E-(F2()-.2$-4(+(&#2"(32"72#JG%+..#K*->&#2"'2> 7HO

)*23(=#=+.(=.+3+$>3(>*+(L27+.(M-$>.#E>4(#(>--"(/-.(=#.>2E2=#>+F(="#$$2$G(#$F(/-.(>*+(+"#1-.#>2-$(#$F(2&="+&+$>#>2-$( -/ (<#>+.(.+3-%.E+3(&#$#G+&+$>'()*+(.27+.(1#32$(23(>*+(>+..2>-.2#"(#.+#(-/ (.+/+.+$E+4(#(.+G2-$(<*2E*(-%>3>.2=3(#F&2$2C VWUDWLYH ERXQGDULHV 7KLV WHUULWRULDO JRYHUQDQFH PRGH UHTXLUHV GLDORJXH DW WZR OHYHOV ÀUVWO\ DW DQ LQVWLWXWLRQDO OHYHO #&-$G(N%$2E2=#"2>2+34(!.-72$E+3(#$F(L+G2-$3O(3+E-$F"P4(#>(#(3+E>-.("+7+"4(1+E#%3+(>*+(2$>+.+3>3(#>(3>#Q+(#.+(7#.2-%3(#$F( VRPHWLPHV FRQÁLFWLQJ ,WDOLDQ H[SHULHQFHV VWUXJJOH WR ÀQG WKHLU LGHQWLW\ DQG VKRZ PDQ\ OLPLWDWLRQV DERYH DOO D VXEVWDQWLDO GLIÀFXOW\ IRU SDUWLC E2=#$>3(>*2$Q2$G(#>(#(1#32$(3E#"+(#$F(>.P2$G(>-(-7+.E-&+(#F&2$23>.#>27+(#$F(3+E>-.(F27232-$3'(R(E%">%.#"(E*#$G+(23($++F+F( 2$(-.F+.(>-(1--3>(#($+<(>+..2>-.2#"(7232-$'


!"#$%&'(#)%"*+,)-.$+(%"#$/(# 7KH :DWHU )UDPHZRUN 'LUHFWLYH VDQFWLRQHG E\ WKH (XURSHDQ 3DUOLDPHQW DQG RI WKH &RXQFLO VHWV D IUD< &+=-.>(/-.(?*+(2&@"+&+$?#?2-$(-/ (2$?+8.#?+7(@-"262+3(/-.(=#?+.(.+3-%.6+3(&#$#8+&+$?A ,W LGHQWLÀ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ÀUVW 5& E\ /D 7KXU ZDV VLJQHG LQ : LW LV D WRRO VSHFLÀF IRU ÁXYLDO DUHDV· UHFRYHU\ ,W GHYHORSV D SDWK WKDW OHDGV WR WKH GHÀQLWLRQ RI D FRQWUDFW DQG ZKRVH IXQGDPHQWDO HOHPHQWV #.+(H&LUFXODLUH GX 0LQLVWUH GH O·(QYLURQQHPHQW HW GX &DGUH GH 9LH IpYULHU IR 3*#.2$8(#(6"+#.(-1O+6?2B+S 328$2$8(#$(#8.++&+$?(#&-$8(62?2E+$3J(&%$262@#"2?2+3(#$7(2$7%3?.2#"23?3J(1#3+7(-$(3%6*(#(3*#.+7(-1O+6?2B+S ÀQGLQJ VSRQVRUV ZKR DUH DYDLODEOH WR SURYLGH WKH QHFHVVDU\ UHVRXUFHV WR UHDFK WKH VHW REMHFWLYH ,Q WKH /DZ DERXW ZDWHU HVWDEOLVKHV 6'$*( 6FKpPD 'LUHFWHXU G·$PpQDJHPHQW HW GH *HVWLRQ GHV (DX[J( M.+$6*(/-.R(D$3@2.2$8(T6*+&+(/-.(L#?+.(!"#$$2$8(#$7(U#$#8+&+$?I(#$7(TNVW(H6FKpPDV G·$PpQDJHPHQW HW GH *HVWLRQ GHV (DX[J(M.+$6*(/-.R(T6*+&+(/-.(L#?+.(!"#$$2$8(#$7(U#$#8+&+$?I'()*+(/-.&+.(23(#(7-6%&+$?( RI WHFKQLFDO DQG ÀQDQFLDO SODQQLQJ WKDW VHWV XS JHQHUDO JRDOV IRU WKH ZDWHU JRYHUQDQFH RI HDFK EDVLQ 7KH ODWWHU LV D ORFDO YHUVLRQ RI 6'$*( DQG GHÀQHV JRDOV DQG FULWHULD IRU WKH XVH RI WKLV UHVRXUFH DW VXE EDVLQ "+B+"'(D?(@.-B27+3(72.+6?2-$3(/-.(#(1#"#$6+7(&#$#8+&+$?(-/ (=#?+.(2$(-.7+.(?-(@.+3+.B+(?*+(#K%#?26(+6-3C3?+&( #$7(=+?(#.+#3J(.+#6*2$8(K%#"2?C(#$7(K%#$?2?C(@#.#&+?+.3(-/ (?*+(=#?+.(.+3-%.6+'(D?(#"3-(82B+3(2$726#?2-$3(/-.( ?*+(2&@.-B+&+$?(-/ (=#?+.(#3(#$(+6-$-&26(.+3-%.6+(?--J(=2?*(?*+(#2&(-/ (6-$62"2#?2$8(2?3(72//+.+$?(%3+3(#$7( DFWLYLWLHV 7KH 5LYHU &RQWUDFW EHFDPH D PHDQ WR DSSO\ 6$*( 'RUDWL *XHUUD SS

01.+$)-.$+2/3)"+/3+#.$$)#%$)/4+/$./+%5 +$.5.$."(.+5%$+6%4)().3+%5 +7/#.$+$.3%'$(.3+8/"/9 :.8."#*+)"+5/-%'$+/"&+/:/)"3# )*+(6-$6+@?(-/ (*C7.-8.#@*26(1#32$(*#3(+B-"B+7(7%.2$8(?*+(6-%.3+(-/ (*23?-.C(#$7(2?(*#3(1++$(#33-62#?+7( ?-(72//+.+$?("2$+3(-/ (?*-%8*?(#$7(6-<-@?+7(1C(@-=+.(8.-%@3(2$(-.7+.(?-(3?.+$8?*+$(?*+("+82?2&#6C(-/ (?*+2.( DFWLRQV DQG FODLPV 1RZDGD\V LQ WKH ÀHOG RI LQWHJUDWHG PDQDJHPHQW RI ZDWHU UHVRXUFHV WKH ULYHU EDVLQ 23(6-$327+.+7(#3(#(@"#6+(/-.(2$?+.#6?2-$(1+?=++$(&#$(#$7(+$B2.-$&+$?J(/.-&(#$(+6-3C3?+&26(@+.3@+6?2B+( ?*#?(@%?3(*%&#$(1+2$83(=2?*2$(#(=27+(#$7(6-&@"+X(+$B2.-$&+$?#"(3C3?+&'()*+.+/-.+J(?*+($-?2-$(-/ (*C7.-< 8.#@*26(1#32$(#6K%2.+3(#(@-"2?26#"J(27+-"-826#"(#$7(-@+.#?2-$#"(B#"%+(HU-""+J(:PPYI'(L#?+.J(=*26*(2$(?*+(@#3?( XVHG WR EH PHDQW DV D SK\VLFDO ERG\ WR FDSWXUH GLYHUW VWRUH DQG GHOLYHU DW VSHFLÀF ORFDWLRQV DQG WLPHV QRZ 1+6-&+3(#"3-(#(*#12?#?'( N66-.72$8( ?-( Z2+2""#.7<5-//.+( H:PPAIJ( ?+..2?-.C( &#$#8+&+$?( #?( #( .2B+.( 1#32$( 36#"+( 3++&3( ?-( 1+( ?*+( &-3?( UDWLRQDO RSWLRQ IURP DQ HFRORJLFDO SRLQW RI YLHZ 7KLV LV ERWK EHFDXVH LW·V DQ HDVLO\ LGHQWLÀDEOH DUHD WKDQNV ?-(?*+(7+"2&2?#?2-$(-/ (?*+(.2B+.(#$7(2?3(?.21%?#.2+3J(#$7(1+6#%3+(2?(/-""-=3(?*+($#?%.#"(-.7+.J(2'+'(?*#?(-/ (=#?+.( 7.#2$2$8J(=*+$(2?(6-&+3(?-(/#62$8(@.-1"+&3(6-$$+6?+7(?-(3-2"(@.-?+6?2-$(#$7(*C7.-"-8C'(D$7++7J(N//+"?.#$< 8+.(#$7([#33+..+(H:PP9I(3#CJ(.+8#.72$8(.2B+.(1#32$J(?*+(6-$3+K%+$6+3(-/ (%@3?.+#&(2$?+.B+$?2-$3(-$(3%./#6+( DQG XQGHUJURXQG ÁRZV LQHYLWDEO\ DIIHFW GRZQVWUHDP 7KLV LV WUXH ERWK IRU HQYLURQPHQWDOO\ KDUPIXO DFWLRQV H3%6*(#3(+X6+332B+(=2?*7.#=#"3J(@-""%?2$8(7.#2$3J(1#$>(-.(7#&(1%2"72$8I(#$7(/-.(#6?2-$3(@.-?+6?2$8(?*+(=#?+.( .+3-%.6+(H/-.(+X#&@"+(?*+(6.+#?2-$(-/ (=#3?+=#?+.(?.+#?&+$?(@"#$?3(-.(?*+(7+&#.6#?2-$(-/ (@.-?+6?+7(#.+#3I' +RZHYHU GHÀQLQJ WKH K\GURJUDSKLF EDVLQ DV WKH LGHDO VSDWLDO VFDOH RI PDQDJHPHQW PHDQV LPSRVLQJ D PRGHO ZKLFK GRHVQ·W QHFHVVDULO\ ÀW DOO WKH VLWXDWLRQV SUHVHQW RQ WKH WHUULWRU\ DQG ZKLFK DERYH DOO FDQ·W EH DFFHSWHG 1C(#""(?*+(@-"2?26#"(#$7(+6-$-&26#"(@-=+.3(-/ (?*+(1#32$'(N$C(7+6232-$(.+8#.72$8(=#?+.(.+@.+3+$?3(#(3@#?2#"( 'LUHFWLYH (& *??@R\\+6'+%.-@#'+%\+$B2.-$&+$?\=#?+.\=#?+.</.#&+=-.>\2$7+X]+$'*?&"' :( M-.(&-.+(2$/-.&#?2-$3(R(*??@R\\8+3?+#%'+#%/.#$6+'/.\'

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


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‡ GLIIHUHQW NLQGV RI ZDWHU UHVRXUFHV WKHUH LV WKH ULYHU ZKLFK GHÀQHV WKH EDVLQ DQG LWV WULEXWDULHV WKHB .+(#.+(8.-%$7>#<+.(#J%2/+.3A(>+<"#$73A(3?.2$83A("#K+3A(C+.$#"(?--"3(#$7(8"#62+.3'(L*#<+C+.(&-7+3(#.+( +3<#1"23*+7(/-.(#(3%3<#2$#1"+(&#$#8+&+$<(-/ (<*+(1#32$=3(>#<+.(.+3-%.6+3A(2<=3($+6+33#.@(<-(6-$327+.(<*+( ?*@326#"(6-&?"+M2<@(-/ (3%6*(.+3-%.6+3N ‡ #7&2$23<.#<2C+(1-.7+.3(>*26*(7-$=<(6-..+3?-$7(<-(<*+(>#<+.(.+3-%.6+3=($#<%.#"(1-.7+.3N ‡ C+.@( 72//+.+$<( 6-&&%$2<2+3A( >2<*( 72//+.+$<( 1+*#C2-%.3A( .%"+3( #$7( 7+&#$73( <*#<( #.+( 726<#<+7( 1@( <*+2.( 3-62-B+6-$-&26(#$7(6%"<%.#"(/+#<%.+3(#$7(1@(<*+2.(8+-8.#?*26#"("-6#<2-$(D3-&+(6-&&%$2<2+3(#.+(%?3<.+B #&A(-<*+.3(#.+(7->$3<.+#&N(3-&+(7.#>(>#<+.(/.-&(8.-%$7(7+?-32<3A(-<*+.3(#.+(#7O#6+$<(<-(>+<"#$73N( 3-&+(-<*+.3(#.+(?*@326#""@(#$7(+6-$-&26#""@("2$K+7(<-(6-#3<#"(#.+#3' )*+(6-$6+?<(-/ (*@7.-8.#?*26(1#32$(#3(#(<+..2<-.@(%$2<(7%+(<-(<*+(+M23<2$8($#<%.#"(>#<+.($+<>-.K(23(6.2<262P+7( #"3-(1@(Q#33#.%<<-(DRSSSI(#$7(Q-33(DGHH9I'()*+@(+&?*#32P+(*->A(+C+.(32$6+(#$62+$<(<2&+3(D"+<=3(<*2$K(-/ ( DTXHGXFWV DQG DUWLÀ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ÀHOGV ´WRXFKLQJµ PDQ\ LQWHUHVWV 0DVDUXWWR )*+.+/-.+A(2<(3++&3(&-.+(#??.-?.2#<+(<-(27+$<2/@(<*+(<+..2<-.2+3(D2'+'(<*-3+(?-.<2-$3(-/ (-$+(1#32$A(-.(-/ (<>-(-.( &-.+(1#32$3(<-8+<*+.I(<*#<(#.+(&-3<(2$<+.+3<+7(1@(<*+(?.-1"+&(#<(233%+(+#6*(<2&+A(>*26*(&+#$3(6.+#<2$8(-.8#B QL]DWLRQV RU DG KRF DJUHHPHQWV IRU HDFK REMHFWLYH UDWKHU WKDQ RQO\ RQH SDFW DW EDVLQ VFDOH %ORPTXLVW

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ÀQGLQJ GHYHORSPHQW REMHFWLYHV VHFWRUV DQG ÀHOGV RI 2$<+.C+$<2-$A(2&?"+&+$<#<2-$(<2&2$8A(#C#2"#1"+(.+3-%.6+3(#$7(#7*+.+$6+(&-7+3(/-.(?-3321"+(?.2C#<+(3%1O+6<3'( 5HJLRQDO /DZ Q RI WKH \HDU HVWDEOLVKHV WKH 2XWOLQH $JUHHPHQW IRU 7HUULWRULDO 'HYHORSPHQW $467 $FFRUGR 4XDGUR GL 6YLOXSSR 7HUULWRULDOHI(#3(-$+(-/ (<*+(<--"3(/-.($+8-<2#<+7(?"#$$2$8'()*+(.2C+.(6-$<.#6<(23(*+.+(3*#?+7(#3(#$( $467 DW D VFDOH RI K\GURJUDSKLF EDVLQ RU VXE EDVLQ 6HH /RPEDUG\ 5HJLRQ·V ZHEVLWH RQ 5LYHU &RQWUDFWV *<<?;\\ ZZZ FRQWUDWWLGLÀXPH LW

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

99(4(::


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ÁRRG ULVNµ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·V DLP LV WR SURJUHVVLYHO\ H[WHQG WKH FRQWUDFW WRRO WR DOO K\GURJUDSKLF DUHDV LGHQWLÀHG LQ WKH 37$ LQGHSHQGHQWO\ RI VSHFLÀF SUREOHPV 37$ 5XGHOODW *RYHUQD 'XULQJ WKH ODVW \HDUV DERXW 5&V KDYH GHYHORSHG DOO RYHU WKH QDWLRQDO WHUULWRU\ EXW WKH\ DOO KDYH WKHLU RZQ VSHFLÀ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ÁH[LELOLW\W' >$(8+$+.#"B(@2=+.(5-$<.#6<(23(#$(><#"2#$(#7=#$6+7(+T?+.2&+$<#<2-$(-/ (#$(2$<+8.#<+7(#??.-#6*(.+8#.72$8(A#<+.( .+3-%.6+(&#$#8+&+$<(#$7(2<(6#$(2$6"%7+(*F7.#%"26B($#<%.#"B(+6-"-826#"B(3-62#"(#$7(+6-$-&26(#3?+6<3'(><3(?-2$<( RI UHIHUHQFH LV WKH ULYHU EDVLQ DV D WHUULWRULDO HFRORJLFDO DQG K\GURORJLFDO XQLW &DORUL

!"#$%&'#%$()*&+$&+$,-).&)+$/&'#%$01+-%)2-* >$(X.#$6+(FRQWUDWV GH ULYLqUH(H.2=+.(6-$<.#6<3J(6"#2&(#(<*2.<FLF+#.(<.#72<2-$B(A*26*(23(<-7#F(6-$=+.<+7(2$<-(#(62.L FXODU RI WKH \HDU WKDW GHÀQHV WHUPV DQG REMHFWLYHV RI WKH SDUWLFLSDWHG SURFHVV 3URFHGXUHV DUH FOHDUO\ GHÀQHG 7KH ,WDOLDQ UHDOLW\ HYHQ WKRXJK LQVSLUHG E\ WKH )UHQFK RQH LV YHU\ GLIIHUHQW DFWXDOO\ $OWKRXJK LQ <*+2.(2$<+$<2-$3(2<("--E3("2E+(<*+(?.-&-<2$8(#%<*-.2<2+3(#8.++(2$(6-$6+2=2$8(<*+(@5(#3(#(8-=+.$#$6+(<--"(/-.( ZDWHU PDQDJHPHQW DW D EDVLQ VFDOH WKH\ GLIIHU LQ WKH LPSOHPHQWDWLRQ PRGHV %REELR 6DURJOLD 7KH ÀUVW ,WDOLDQ H[SHULHQFHV VHHP WR FRQÀUP %ORPTXLVW·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·V 0XQLFLSDOLWLHV KDYH VWDUWHG VHYHUDO SURMHFWV IRU WKH UHFRYHU\ RI ÁXYLDO DUHDV VLQFH $ 5LYHU &RQWUDFW SURMHFW XVXDOO\ GHYHORSV IURP D VSHFLÀ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`UC( 2$( CDDWB( +=+$( <*-%8*( <*+.+( 23( $-( +T?"262<( .+/+.+$6+(<-(@2=+.(5-$<.#6<3' )HDVLELOLW\ KDV WR EH ERWK ÀQDQFLDO LW PXVW EH NQRZQ KRZ PXFK WKH IRUHVHHQ LQWHUYHQWLRQV ZLOO FRVW DQG ZKR DQG A2<*(A*#<(<2&2$8(A2""(/%$7(<*+&J(#$7(+6-$-&26(H2'+'(2<(*#3(<-(2$6"%7+(<*+(6-3<3(/-.(<*+(2&?"+&+$<#<2-$(-/ (+=+.F(32$8"+( DFWLRQ DQG DFWLYLW\ HVWLPDWLQJ LWV \HDUO\ DPRXQW DQG WKH FROOHFWLYH DQG VRFLDO EHQHÀWV

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


<#.=(=*#=(23(2$6"%7+7(2$(3-&+(<.->+6=(?*26*("-6#"(2$3=2=%=2-$3(#"-$+(6#$$-=(7+@+"-<'( )*+.+/-.+A(=*+(*B7.-8.#<*26(1#32$(2$(C=#"B(23($-=(#(.+/+.+$6+(%$2=(/-.(=+..2=-.2#"(<-"262+3'(C$(D5(+"#1-.#=2-$A( VXEMHFWV DUH FDOOHG WR EXLOG ZKDW ZH FDQ GHÀQH DV ´D ULYHU FRPPXQLW\µ ZLWKLQ WKH EDVLQ +RZHYHU WKH K\GURE 8.#<*26(1#32$(*#3($-(1-%$7#.B(#6F$-?"+78+7(1B(=*+(<-<%"#=2-$A(2=G3(-/=+$(#("#.8+"B(%$F$-?$(=+..2=-.B(H-.A(#=( "+#3=A(2=G3($-=(=*+(=+..2=-.B(=*+B(#.+(%3+7(=-(=*2$F(-/IA(2=G3(/.#8&+$=+7(2$(=*+(6-""+6=2@+(2&#82$#=2-$'(J-.(+K#&E SOH LQKDELWDQWV UHFRJQL]H WKH WRZQ RU WKH GLVWULFW DV D ORFDO XQLW ZKLOH ÀUPV ORRN DW QHWZRUNV DQG PDUNHWV RI GLIIHUHQW VHFWRUV DFFRUGLQJ WR WKHLU DWWUDFWLYHQHVV IRU SURGXFWLRQ DQG H[FKDQJH À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ÀFHV LQ FKDUJH RI WKH HODERUDWLRQ RI SODQV DQG SURMHFWV DV WKH WHUULWRULDO XQLW RI UHIHUHQFH $ 6*#$8+(-/ (6-%.3+(23(<-3321"+(-$"B(2/ (#(6*#$8+(-/ (<-"262+3(-66%.3' J.-&(=*23(<-2$=(-/ (@2+?A(=?-(2$=+.+3=2$8(+K#&<"+3(#.+(=*+(P/#$=-G3(#$7(=*+(Q-.&27#G3(D2@+.(5-$=.#6=3' 7KH %RUPLGD LV D ULYHU WKDW Á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ÀQDOO\ ÁRZV LQWR WKH $GULDWLF 6HD LQ %DUOHWWD 3URE YLQFH $SXOLD 5HJLRQ 'HOOLVDQWL 7KH SURMHFW RI D 5LYHU 3DFW (?#3(6-$6+2@+7(2$(MNN;A(?2=*(=*+(+3=#E 1"23*&+$=(-/ (=*+(YD2@+.(P/#$=-ZV(<.-=+6=+7(#.+#A(?*-3+(1-.7+.3(/#""(?2=*2$(=*+(R<%"2#$(<#.=(-/ (=*+(1#32$'( )*23(#.+#(8+$+.#=+3(&#$B(=+$32-$3(1+=?++$(/#.&+.3(#$7(#%=*-.2=2+3(1+6#%3+(-/ (=*+(.+3=.26=2-$3(2$=.-7%6+7( ZLWK WKH SDUN·V IRXQGLQJ 'XULQJ WKH IROORZLQJ \HDU WKHUH ZHUH PHHWLQJV DQG QHJRWLDWLRQV IURP ZKLFK WZR QHHGV HPHUJHG WKH ÀUVW RQH LV WR UHGXFH WKH DUHD RI WKH SDUN E\ ONA(?*2"+(=*+(3+6-$7(-$+(23(=-(2$6"%7+(2$( 2=(=*+(?*-"+(.2@+.'()*23(23(1+6#%3+(=*+(P/#$=-G3(<-""%=2-$(23(7%+(1-=*(=-(2=3(=.21%=#.2+3G(?#=+.(#$7(=-(=*+(3+@+.#"( FDWFKPHQWV LQ WKH VWUHWFK RI WKH ULYHU WKDW ÁRZV DFURVV &DPSDQLD DQG %DVLOLFDWD UHJLRQVOO'(C$(R<.2"(MNNV(=*+( !#6=(?#3(<.+3+$=+7!"A(?2=*(=*+(#2&(-/ (+K<+.2&+$=2$8(#(=+..2=-.2#"(7+@+"-<&+$=(&-7+"(#66-.72$8(=-(=*+(12-E .+82-$#"(#<<.-#6*A(?*26*(23(1#3+7(-$(#(3%<+.-.72$#=+(+$@2.-$&+$=#"(3B3=+&(6-$3=2=%=+7(1B(=*+(2$=+..+82-$#"( K\GURJUDSKLF EDVLQ ,W LV WKH ÀUVW DQG VR IDU WKH RQO\ LQWHUUHJLRQDO 5LYHU &RQWUDFW LQ ,WDO\

,QWHUYLHZ WR (OHQD 3RUUR (QYLURQPHQW 'HSDUWPHQW 3LHGPRQW 5HJLRQ -XO\ )RU IXUWKHU LQIRUPDWLRQ RQ Q-.&27#G3(D5X(KWWS ZZZ FRQWUDWWRÀXPHERUPLGD LW ,Q WKLV FDVH WKH 5LYHU &RQWUDFW LV FDOOHG ´3DFWµ 5HJLRQDO /DZ Q 'HFHPEHU ON(YT<#.236-$-(ON&2"#(+==#.2Z(HYP/#$=-A(6%=3(=-(=*+(<#.F'(ON=*-%3#$7(*+6=#.+3(@#$23*Z(I2$(&RUULHUH GHO 0H]]RJLRUQRA(M[( 2FWREHU OOT++(#.=26"+(Y\#("#(.27%]2-$+(7+"(<+.2&+=.-(7+"(!#.6-(7+""GP/#$=-(62(3-7723/#(3-"-(2$(<#.=+ZH(Y^+G.+(-$"B(<#.=2#""B( VDWLVÀHG E\ WKH UHGXFWLRQ RI WKH SDUN·V VL]Hµ /D *D]]HWWD GHO 0H]]RJLRUQR 1RYHPEHU OM()*+(.+3%"=3(-/ (=*+(3+&2$#.(#.+(<%1"23*+7(2$(=*+(<#<+.(0DQLIHVWR GL 0HOÀ SHU LO 3DWWR 9DO G·2IDQWR 'DOOD IUDPPHQWD]LRQH DOOD LQWHJUD]LRQH LO 0H]]RJLRUQR FKH FUHVFH 0HOÀ PDQLIHVWR IRU WKH 2IDQWR 9DOOH\ 3DFW )URP IUDJPHQWDWLRQ WR LQWHJUDWLRQ WKH JURZLQJ 6RXWK RI ,WDO\ A(#@#2"#1"+(#"3-(-$(=*+(?+132=+

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


!"#$%&'("#')*+",-./'*-*0-'(#1'$-%2*-33."-$4 <$(-.7+.(=-(->+.6-&+(=*23(6.%?(#$7(=-(#6*2+>+(#(=+..2=-.2#"(@.-A+6=(=*#=(6#$(2$=+8.#=+(+$>2.-$&+$=#"(#$7( #$=*.-@26(>#"%+3B(C#8$#8*2(3%88+3=3(=-(#7-@=(#D ´ELRUHJLRQDO YLVLRQ WKDW ZRXOG KHOS SODQQLQJ LPDJLQDWLRQ WR UHGHÀ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ÀF JHRJUDSKLFDO IRUPDWLRQV RI ELRUHJLRQ KHOSV WKH PDWHULDO DQG VSLULWXDO GHYHORSPHQW RI *%&#$(6-&&%$2=2+3("2>+(=*+.+' 7KH ULYHU DQG LWV WHUULWRU\ VKRZ IRU WKHLU RZQ QDWXUH D SK\VLFDO HQYLURQPHQWDO W\SH RI FRKHUHQFH VSHFLÀE 6#""GB(#(*G7.-8.#@*26(-$+N(F*26*(#""-F3(=-(->+.6-&+(#(&+.+"G(@-"2=26#"E#7&2$23=.#=2>+(27+#'(<$(/#6=B(F#=+.(23( #(/%$7#&+$=#"(+"+&+$=(1-=*(/-.(=*+(7+>+"-@&+$=(-/ (+6-3G3=+&3(#$7(/-.(=*+(8.-F=*(-/ (#$=*.-@26(3-62+=2+3'( )*+.+/-.+B(=*+(6.%62#"(233%+("2+3(2$(=*+(#12"2=G(=-(.+6-8$2Q+B(#$7(=-(&#R+(-=*+.3(R$-FB(=*+(12-.+82-$(F*-3+( 7+>+"-@&+$=(23(=-(1+(@"#$$+7' 7KH ULYHU FRQWUDFW DLPV DW ÁXYLDO UHFODPDWLRQ DW D EDVLQ VFDOH E\ PHDQV RI LQWHJUDWHG SROLFLHV ZKLFK DUH 7+>23+7( =*.-%8*( @#.=262@#=+7( @.-6+33+3( =*#=( #""-F( /-.( =*+( +?6*#$8+( -/ ( R$-F"+78+'( S-( 2=( 6#$( 1--3=( =*+( 7+>+"-@&+$=(-/ (#(3-62#"(#$7(6%"=%.#"(#F#.+$+33(=*#=(23(72//+.+$=(/.-&(=*+(6-$6+@=(-/ (12-.+82-$(2$(2=3(+$>2E .-$&+$=#"B(=+..2=-.2#"(#$7("#$736#@+(#3@+6=3(JC#8$#8*2B(KLMM1N'(T-F+>+.D U+?@+.2+$6+3(3=#.=+7(=-(=*23(7#G(3*-F(=*+($++7(/-.(#(@.-/-%$7(#6=2-$(-/ (6%"=%.#"(.+-.2+$=#=2-$(#=(=*+("+>+"( -/ (=+6*$26#"(+?@+.=3(#$7(@-"2=26#"(7+6232-$E&#R+.3B(1+/-.+(#7-@=2$8(#$7(32&@"G(3@.+#72$8(=*+(U/.#&+I(-/ ( #(F-.R2$8(&-7+"(3%6*(#3(=*#=(-/ (P2>+.(5-$=.#6=3B(+>+$(2$(=*+2.(U-.282$#"I(#$7(&-3=(@+6%"2#.(/-.&%"#=2-$'( S2&@"G(=*+(@.-@-32=2-$(-/ (#(&+6*#$23&(V(+>+$(#(6-$=.#6=%#"(-$+(V(23($-=(+$-%8*(-$(2=3(-F$(=-(&-72/G(#$7( .+-.2+$=#=+(6-$3-"27#=+7(72362@"2$#.G(@.#6=26+3(F*26*(#.+($-=(#1"+(=-(1+#.(-$(=*+(6#%3+3(/-.(7+8.#7#=2-$(#$7( ZKLFK FRQWULEXWH WR FUHDWLQJ LW LQ PDQ\ ZD\V µ &DORUL S , ,Q DOO OLNHOLKRRG PRUH FODULW\ DERXW ZRUNLQJ PHWKRG WLPLQJ ÀQDQFLQJ DQG HVSHFLDOO\ SUHVFULSWLYH #6R$-F"+78+&+$=(-/ (=*+(P5( 6-%"7(/#62"2=#=+($-=( -$"G( 2=3( 62.6%"#=2-$B( 1%=( #"3-( =*+( 6%"=%.#"( 6*#$8+( =*#=( 23( $+6+33#.G(/-.(@-"2=262#$3B(.+@.+3+$=#=2>+3(#$7(62=2Q+$3(=-(6-$327+.(2=(#(=+..2=-.2#"(36#"+(-/ (.+/+.+$6+(J72//+.+$=( /.-&(=*+(#7&2$23=.#=2>+(-$+N(/-.(=+..2=-.2#"(@-"262+3'(

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#"$"%&"' ;//+"<.#$8+.(=>(?#33+..+(@'(ABCC9D>(/D JHVWLRQ SDU EDVVLQ YHUVDQW GX SULQFLSH pFRORJLTXH j OD FRQWUDLQWH SROLWLTXH ² OH FDV GX 0pNRQJ 9HUWLJR>(?#(.+E%+(+$(362+$6+3(7+("F+$E2.-$$+&+$<>(G-"(H>($'(9'( /XLJL %REELR 3DWUL]LD 6DURJOLD /XQJR LO ÀXPH GHOOH SROLWLFKH FRQWUDWWXDOL]]DWH 'DOO·HVSHULHQ]D IUDQFHVH DO FDVR SLHPRQWHVH I+82-$+(!2+&-$<+>(J33+.E#<-.2-(3%""#(.2/-.&#(#&&2$23<.#<2E#>(*<<KLMMNNN'.+82-$+'K2+&-$<+' LW RVVBULIRUPD GZG OXQJRBÀXPH SGI' &DORUL $ ,O JRYHUQR GHL EDFLQL ÁXYLDOL QHL &RQWUDWWL GL )LXPH SURVSHWWLYH LQQRYDWLYH H OLPLWL GLVFLSOLQDUL>(!+.2-726-( <.2&+3<.#"+(7+""#(O-62+<P(Q<#"2#$#(72(8+-"-82#(;&12+$<#"+>(#$$-(RGQ>($'S' 'HOOLVDQWL 0DULD 5XJJLHUR /H ULVRUVH GHOO·2IDQWR (FRQRPLD H DPELHQWH QHOOD YDOOH GHO )LXPH O<2"-(T72<.26+' U-E+.$#(@'>()-"7-(;'(ABCSSD>(/H OLQHH JXLGD GHL FRQWUDWWL GL ÀXPH LQ 3LHPRQWH>(2$(=#3<2#$2(A+7D>(5-$<.#<<2(72(@2%&+'( 3LDQLÀFD]LRQH VWUDWHJLFD H SDUWHFLSDWH GHL EDFLQL LGURJUDÀFL 'DULR )ODFFRYLR (GLWRUH 3DOHUPR SS ² %ORQTXLVW : 5HODWLQJ SHRSOH DQG WKH HQYLURQPHQW LQ ULYHU EDVLQV D SUHVHQWDWLRQ IRU WKH WK $QQLYHUVDU\ RI WKH ,WDO\ 8 6'(5--K+.#<2-$(2$(<*+(@%"1.28*<' 0DJQDJKL $ , FRQWUDWWL GL ÀXPH XQD OXQJD PDUFLD YHUVR QXRYH IRUPH LQWHJUDWH GL 3LDQLÀFD]LRQH WHUULWRULDOH>(V-W <2X2#.2-(7+""F;.6*2E2-(J3E#"7-(!2#6+$<2$2>($'S>(I+882-(T&2"2#' Y#8$#8*2(;'(ABCSS#D>(&RQWUDWWL GL ÀXPH H SLDQLÀFD]LRQH XQR VWUXPHQWR LQQRYDWLYR SHU LO JRYHUQR GHO WHUULWRULR>(2$(=#3<2#W QL HG &RQWUDWWL GL )LXPH 3LDQLÀFD]LRQH VWUDWHJLFD H SDUWHFLSDWH GHL EDFLQL LGURJUDÀFL 'DULR )ODFFRYLR T72<-.+>(KK'(9S(Z(HH' Y#8$#8*2(;'(ABCSS1D>(,O )LXPH QHO SURJHWWR GL ELRUHJLRQH LQ (UFROLQL HG 4XHVWLRQH DFTXD OXRJKL SDHVDJJL <+..2<-.2>(;.#6$+(+72<.26+>(KK'(B[[(Z(B\\' Y#33#.%<<-(;'(AS]]]D>(/H SROLWLFKH GHOO·DFTXD LQ ,WDOLD OD GLIÀFLOH WUDVIRUPD]LRQH GDOOD SROLWLFD GHOOH LQIUDVWUXWWXUH DOOD SROLWLFD DPELHQWDOH ,O JRYHUQR GHOO·DFTXD WUD SHUFRUVL ORFDOL H JUDQGL VSD]L 4XDGHUQL GHO GLSDUWLPHQWR GL *HRJUDÀD 0$2E+.32<P(72(!#7-E#'( $QWRQLR 0DVVDUXWWR /·DFTXD>(Q"(Y%"2$-' Y-""+(@'(ABCC\D>(3ODQQLQJ DQG PDQDJLQJ ZDWHU UHVRXUFHV DW WKH ULYHU EDVLQ OHYHO (PHUJHQFH DQG HYROXWLRQ RI D FRQFHSW>( 5-"-&1->(O.2(?#$^#>(Q$<+.$#<2-$#"(_#<+.(Y#$#8+&+$<(Q$3<2<%<+(AQ_YQD>(S\(5-&K.+*+$32E+(;33+33&+$<( I+3+#.6*(I+K-.<' Y-33()'(ABCC9D>(6ROYLQJ 3UREOHPV RI ¶)LW· DW WKH ([SHQVH RI 3UREOHPV RI ¶,QWHUSOD\·" 7KH 6SDWLDO 5HRUJDW QLVDWLRQ RI :DWHU 0DQDJHPHQW IROORZLQJ WKH (8 :DWHU )UDPHZRUN 'LUHFWLYH>(A7.#/<D>(K%1"23*+7(1`(<*+( ,QVWLWXWH IRU 5HJLRQDO 'HYHORSPHQW DQG 6WUXFWXUDO 3ODQQLQJ (UNQHU G2+2""#.7W5-//.+(O'(ABCCSD>(*HVWLRQ GH O·HDX HW EDVVLQ YHUVDQW 'H O·pYLGHQWH VLPSOLFLWp G·XQ GpFRXSDJH QDWXUHO j VD FRPSOH[H PLVH HQ SUDWLTXH>(ab.-7-<+>(BCCS>($'(BCS>(K'S9]WS[\'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(::



!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

!/*'1&?,#,1/+@,$5&'$(&A3%0"&-&B04'$C&?/@'"$D& 3%0"*91590'1&2'0E&')&20/@/5"/$& /. &'$&A3*5"#,&F90'1)G"+C 'DYLG )DQIDQL

'LSDUWLPHQWR GL $UFKLWHWWXUD ','$ 0$27+.32>I(F2(J2.+$K+4(L'M2E*+"2(54(N9:5:4(J2.+$K+ H PDLO GDYLG IDQIDQL#XQLÀ LW 7HO ID[ &

0.1#$(F+7+"-=&+$>(=.-E+33+34(1+O-$F(>*+(2&#G+(-/ (&+>.-=-"2>#$(=-"#.2K#>2-$4(>+$F(>-(E.+#>+(#$(2$>+.&+F2#>+(%.1#$C .%.#"(F-&#2$(>*#>4(1+E#%3+(2>3((3=#>2#"(#$F(3-E2-(+E-$-&2E(E-&="+P2>O4((E#""3(/-.($+<(2$E"%327+(#$F(&%">2(3+E>2-$#"((=*O32C FDO SODQQLQJ DQG GHVLJQ DSSURDFK 7KH WRRO RI WKH DJULFXOWXUDO SDUN DSSOLHG LQ PDQ\ (XURSHDQ FRQWH[WV VHHPV WR À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À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´WKLUG VSDFHµ 9DQLHU )DQIDQL FRXOG EH GHÀQHG DV D ´QHZ VRFLR SK\VLFDO IRUPDWLRQµ >*+.+(32$8"+(-%<(#$7(3%@@-.<($+>(3=$+.82+3(1+<>++$(%.1#$(#$7(.%.#"(@.-6+33+3(#$7(/+#<%.+3G(/-.(#$(-A+.#""( ´IRXQGLQJ UHIUDPLQJµ RI WKH VHWWOHPHQW VWUXFWXUH DV D ZKROH 7KDW GHÀ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ÀQLQJ VHWWOHPHQW DVVHWV DQG 7+A+"-@&+$<(6*-26+3T VLQJOH RXW DQG GHYHORSPHQW RI GHVLJQ DQG PDQDJHPHQW WRROV À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

-"#./0#12',+*3&*'13#41'5#16#)06,2%#,%&02'1&0)#1%)#41'&0+,41&,70#&((38#&/0#+160#(9 #&/0# :1'+(#)0331#:,1%1#;,'0%<0=:'1&(" -"!"#./0#4'(>0+&#,%6&,&*&,(%13#9'1?0@('5#1%)#2(70'%1%+0# 7KH ´YLVLRQµ IRU D ZLGH SDUN LQ WKH ÁRUHQWLQH PHWURSROLWDQ RXWVNLUWV DUHD RULJLQV PRUH WKDQ \HDUV DJR LQ <*+(6-$<+R<(-/ (<*+(2$<+.&%$262@#"(@*=326#"(@"#$$2$8(#<<+&@<3(-/ (<*+(@"#2$(#.+#(3<#.<2$8(#<($-.<*K>+3<(1-.7+.( -/ (U"-.+$6+'(C.-%$7(<*+(VI:<*(<*+(@.-6+33(.+#6*+3(#(/-.&#"(#$7(-@+.#<2-$#"(3<#<+&+$<(>2<*(<*+(.+82-$#"(#6<( ´)ORUHQWLQH 0HWURSROLWDQ DUHD VWUXFWXUH VFKHPHµ ,18 'HVSLWH WKLV DFW WKH VFKHPH LV

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


$-<(2&="+&+$<+7(#$7(<*+(=.->+6<(27+#?(2$6"%72$8(#(@27+(6+$<.#"(+$A2.-$&+$<#"(=#.B(#.+#?(%$7+.=2$$+7(-$(#( GLDORJLF LQVWLWXWLRQDO SODQQLQJ DSSURDFK GRHVQ·W ÀQG UHDOL]DWLRQ C$( <*+( DEE;( <*+( =.-6+33( .+3<#.<3?( #$7( )%36#$F( G+82-$( =.-&-<+( #$( 2$3<2<%<2-$#"( #8.++&+$<( =.-<-6-"( @2<*( 3-&+(H%$262=#"2<2+3(-/ (<*+(&+<.-=-"2<#$(#.+#(IJ+3<-(K2-.+$<2$-?(5#&=2(L23+$M2-?(K"-.+$6+N(#$7(!.-A2$6+( RI )ORUHQFH DLPHG WR GHÀ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ÁRUHQWLQH DUHD EXW LV DOVR FRQFHLYHG D NH\ LQVWUXPHQW IRU ORFDO GHYHORSPHQW 7KH 3DUN LV FRQFHLYHG DV D PXOWL VHFWRU DQG LQWHJUDWHG WRRO ZKLFK GHÀQHV DOO SRWHQWLDO XVHV RI WKH FXOWXUDO HQYLURQPHQWDO DQG "#$736#=+(.+"#<+7(/+#<%.+3(-/ (<*+(=#.B(2<3+"/ (#$7(-/ (<*+(3%..-%$72$8(#.+#'()%36#$F(G+82-$(23(7+A+"-=2$8(<*+( =#.B(@2<*2$(<*+(/.#&+@-.B(-/ (<*+(G+82-$#"(!*F326#"(!"#$$2$8(<--"(I!2#$-(G+82-$#"+(72(C$72.2MM-()+..2<-.2#"+N' )RU WKDW UHDVRQ LQ WKH À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À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

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


<$(-.7+.(=-(#6*2+>+(3%6*(#$(#?#.+$+33()%36#$@(A+82-$(/-3=+.+7B(32$6+(=*+(-%=3+=(-/ (=*+(C#.D(6.+#=2-$(C.-E 6+33B(#(.+&#.D#1"+(C.-6+33(-/ (2$/-.&#=2-$(#$7(C%1"26(C#.=262C#=2-$(#7-C=2$8(>#.2-%3(=--"3B(2$2=2#=2>+3(#$7( +FC+.=23+3'(

!"!"#$%&#'()*+,+'(*+-&.,/0012+,(*+-&#')/,&334#*/5()6#(#3%()&6#-+3+/2 )*+(G7+328$H(-/ (=*+(C#.=262C#=2>+(#$7(6-&&%$26#=2>+(C.-6+33(6-$6+.$2$8(=*+(!#.6-(7+""#(!2#$#(C.-I+6=(23B( 32$6+(=*+(-%=3+=B(>+.@(3=.%6=%.+7(#$7(6-$3=2=%=+(#(C2>-=#"(+"+&+$=(-/ (=*+(.+82-$#"(8->+.$#$6+(#6=2-$'()%36#$@( UHJLRQ VLQFH WKH DFFRUGLQJO\ ZLWK WKH UHJLRQDO SODQQLQJ DFW DSSRLQWV D VSHFLÀF ´FRPPXQLFDE =2-$(8%#.#$=++H(?2=*(=*+(=#3D(=-(-.8#$2J+(#$7(C.-&-=+(=*+(2$/-.&#=2-$(#$7(C#.=262C#=2-$(-/ ((=*+(GC%1"26H( 6-$6+.$+7(#$7(3=#D+*-"7+.3'(K-.+->+.(=*+(L%#.#$=++(#6=2>2=@(7+>+"-C3(?2=*(=*+(3%CC-.=(-/ (#(C.2>#=+(6*#.E 8+7( C#.=$+.3*2C( MN-62-"#1EO>>+$=%.#( %.1#$#P( 6*#.8+7( /-.( =*+( C#.=262C#=2>+( C.-6+33( &#$#8+&+$=( #$7( /-.( LQIRUPDWLRQ GHOLYHULQJ $ ZHE VLWH LV FUHDWHG ZHUH LV SRVVLEOH WR ÀQG RXW HYHU\ LQIRUPDWLRQ DQG GRFXPHQWV #1-%=(=*+(C#.D(C.-I+6=(#$7(?*+.+(23(C-3321"+(=-(+FC.+33(-C2$2-$3(#$7(27+#3(M???'C#.6-7+""#C2#$#'-.8P'()*+( #6=2>2=2+3(C.-&-=+7(1@(=*+(L%#.#$=++B(/.-&(:QQ;(%C(=-(:QQRB(#.+(&#$2/-"7(#$7(#CC"@(>#.2-%3(=--"3((-/ (=*+( 6-&&%$26#=2>+(C"#$$2$8(G=--"1-FH'(O&-$8(=*+3+(6-%"7(1+(.+6#""+7S ‡ 52=2J+$3(&++=2$8(*+"7(2$(=*+(>#.2-%3(&%$262C#"2=@(#2&+7(=-(2$=.-7%6+(=*+(C#.D(>232-$(#$7(=-(8+=(6.2=263B( 3%88+3=2-$3(#$7(C.-C-3#"3(-$(1+*#"/ (-/ (3-62#"(#6=-.3T ‡ 8%27+7(>232=3(#$7(?#"D3(2$(=*+(C#.D(7%.2$8(=*+(>#.2-%3(3+#3-$3B(#2&+7(=-(1%2"7(#?#.+$+33(#1-%=(C"#6+3( #$7(-CC-.=%$2=2+3(-/ (=*+(C#.DT( ‡ 3=.%6=%.+7(/-.%&(?2=*(=*+(2$*#12=#$3B(3%6*(#3(=*+((GC"#$$2$8(/-.(.+#"H(3+332-$(-.8#$2J+7(1@()%36#$@( A+82-$(7%.2$8(5.+#=2>2=@(U+3=2>#"(*+"7(2$(U"-.+$6+(2$(:QQRT( ‡ )*+&+(7236%332-$(8.-%C3(M+'8'(-$(?#3=+(=.+#=&+$=(C"#$=3(#$7(&#$#8+&+$=B(#8.26%"=%.+PT ‡ O%72-E>23%#"3(&+72#(#$7(6-&&%$26#=2-$(=--"3(C.-7%6=2-$' U%.=*+.&-.+B(#66-.72$8"@(?2=*(=*+(*28*+.(#==+$=2-$(C#27(=-(=*+(C*@326#"(7+328$(72&+$32-$(-/ (=*+(C#.D(.+E FRUGHG DIWHU DUH KHOG EHWZHHQ -XO\ DQG 'HFHPEHU WZR VKDUHG GHVLJQ ODERUDWRULHV DGRSWLQJ WKH G6*#..+==+H( &+=*-7-"-8@'( )*+( "#1-.#=-.2+3( E=*#=( 3++( +3C+62#""@( =*+( 2$>-">+&+$=( -/ ( +FC+.=3B( .+82-$B( "-6#"( DGPLQLVWUDWLRQ RIÀFHUV DQG WHFKQLFLDQV DVVRFLDWLRQV UHSUHVHQWDWLYHV DQG D ÀQDO SXEOLF GHEDWH LQ DQ RSHQ DVE 3+&1"@E((#""-?(/-.(#$(+//+6=2>+(/-6%3(-$(&#2$(7+328$(=*+&+3((/.#&2$8(=*+(C#.D(C.-I+6=(#$7(=*#=(?2""(%$7+.C2$( =*+(>#.2#=2-$(-/ (=*+(.+82-$#"(C*@326#"(C"#$VM3++(2&#8+(WP'

%HVLGHV VRPH PDSV RI DQDO\WLFDO QDWXUH ODERUDWRULHV DOORZHG IRU WKH GHÀQLWLRQ RI WKUHH SHFXOLDU WKHPHV UHIHUUHG WR ( E(/+#=%.+3(-/ (=*+(/#.&"#$7(#$7($#=%.#"(#.+#3T ( E(+6-"-826#"(G&#=.2FH(-/ (=*+(#.+#3(6-$6+.$+7(1@(=*+(C#.D(C.-I+6=T ( E(3"-?(=.#6D(&-12"2=@($+=?-.D(3=.%6=%.+T(

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$%&'((4()*+(!#.6-(7+""#(!2#$#(!.-<+6=(36+$#.2->()*+(#8.2?+$@2.-$&+$=#"(3A3=+&(B3-%.6+()%36#$A(C+82-$D

)*+(E#.=262E#=2-$(#6=2@2=2+3(E.-&-=+7(#$7(3=.%6=%.+7(-$(1+*#"/ (-/ ()%36#$A(.+82-$(3*-F(3-&+(E-32=2@+(+/? /+6=3(2$(=+.&3(-/ (E.-8.+332@+(.+"+@#$6+(#$7(#F#.+$+33(1%2"72$8G((2$(=*+(E%1"26(#8+$7#G((-/ (=*+(@#"%+(-/ (E+.2%.? 1#$(#.+#3(/-.(#("2@+#1"+G(#==.#6=2@+(#$7(@21.#$=(%.1#$(+$@2.-$&+$=(#$7("#$736#E+'()*#=(+3E+62#""A(E.-E-32$8( #$(H#6=2@+I(#$7(/-%$72$8(.-"+(-/ (=*+3+(#.+#3G(-EE-3+7(=-(=*+(=.#72=2-$#"(#EE.+62#=2-$(-/ (=*+&(#3(F#3=+(#$7( .+327%#"("#$73(=-(%3+G(#=(=*+(1+3=G(/-.(+$@2.-$&+$=#"(6-&E+$3#=2-$9'( J=(23(F-.=*($-=2$8G($+@+.=*+"+33G(=*#=(2$(=*+(E.-6+33(<%3=(7+36.21+7G(=*+(/#.&+.3(2$@-"@+&+$=(#$7(+&E-F+.? &+$=(.+&#2$3(3=2""(F+#K'()*#=(+3E+62#""A(6-$327+.2$8(=*+(E.-3E+6=(/-.(#($+6+33#.A(/%=%.+(<-2$=(6-$3=.%6=2-$( F2=*(=*+&(-/ (3*#.+7(#8.2?(+$@2.-$&+$=#"(E.-<+6=3G(#77.+332$8(=*+(&#$#8+&+$=(#$7(3=+F#.73*2E(-/ (E+.2%.? 1#$(#8.26%"=%.#"(#.+#3G("+@+.2$8(-$(=*+(6-$=+3=%#"(K$-F"+78+G(3K2""3(#$7(#6=2@+(.-"+(-/ (/#.&+.3(=*+&3+"@+3' L%6*(#(&#==+.(23($-=(-$"A(2&E%=#1"+(=-(E.+3%&+7("#6K3(-/ (=*+(E#.=262E#=2@+(E.-6+33G(1%=(2=(23(&#2$"A(7%+(=-(=*+( GLIÀFXOWLHV LQ LQYROYLQJ WKH DJULFXOWXUDO DFWRUV WKDW HVSHFLDOO\ LQ SHULXUEDQ DUHDV KDV \HW DVVXPHG DV H[SHFWHG RU XVXDO D SURÀOH RI QR UHOHYDQFH 7R WKLV IHHOLQJ FRUUHVSRQG RQ EHKDOI RI IDUPHUV ZKDW WKDW RQH FRXOG GHÀQH DV VFDUFH DZDUHQHVV RI WKHLU RZQ VRFLDO DQG HFRQRPLF UROH DQG D FRQVHTXHQWLDO VHQVH RI PLVWUXVW LQ =*+(E-33212"2=A(=-(1.2$8(#$7(.+E.+3+$=(=*+2.(E.-1"+&3(2$((=*+(E%1"26(E-"262+3(#8+$7#(BM#$(7+.(!"-+8*G(NOO9D'(

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

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


!"#$%&#'()*+,-.,)'-#/')0#'1#23..345,/#/)3+&11#36 #13+*'-#432*-*7'.*389# # .%&#&:/&)*&8+&#36 #/&)*,)2'8#')&'#36 #;)'.3 ;<#.<2$8(/.-&(#(.+3+#.6*=>.-?+6<(#6<2@2<A(.+"#<+7(<-(#(B27+.($#<2-$#"(.+3+#.6*(>.-8.#&(-$(#8.26%"<%.#"(>#.C3( OHDGHG E\ 8QLYHUVLW\ RI )ORUHQFH VLQFH D ÀUVW ´FRDOLWLRQµ RI ORFDO DFWRU ZDV HVWDEOLVKHG ZLWK WKH IHD #<%.+(-/ (#$(2$/-.&#"(/-.%&E(B2<*(<*+(#2&(<-(>.-&-<+(#(1-<<-&D%>(7+328$(>.-6+33(/-.(<*+(6.+#<2-$(-/ (<*+( >+.2%.1#$(#8.26%"<%.#"(>#.C(-/ (!.#<-'(F+"#<+7(<-(*23(&#2$(&2332-$(#2&3(-/ (<*+(/-.%&(B+.+G ‡ >.-&-<2-$(#&-$8(62<2H+$3(-/ (#(#B#.+$+33(-/ (<*+(2&>-.<#$6+(-/ ((>+.2%.1#$(#8.26%"<%.#"(#.+#3(2$(<*+( -%<3C2.<3(-/ (!.#<-I ‡ 2$@-"@+&+$<(-/ (/#.&+.3E(B2<*(+$@2.-$&+$<#"(#$7(6%"<%.#"(#33-62#<2-$3E(2$(#(>#.<262>#<2@+(7+328$(>.-6+33E( #2&+7(<-(>.-&-<+(<*+(#8.26%"<%.#"(>#.C(#3(#$(2$<+8.#<+7(>*A326#"(>"#$$2$8E(#3(B+""(#3("-6#"(7+@+"->&+$<( #$7(>.-<+6<2-$(<--"I( ‡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ÀUVW LQVHUWLRQ RI WKH SDUN LGHD LQ WKH VWUDWHJLF YLVLRQ IRU WKH QHZ >"#$$2$8(<--"(-/ (!.#<-(&%$262>#"2<A(K3++(2&#8+3(MENL'

!"#$%&'((4(O2.3<(36+$#.2-(3<%72+3(/-.(<*+(#8.26%"<%.#"(>#.C(-/ (!.#<-(K3-%.6+(P+$8-E(5#"@+""2(MQQRL

99(4(::

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$%&'('4(<%$262=#"2>?(-/ (!.#>-@(A>.%6>%.+(="#$@()*+(36+$#.2-(/-.(>*+(#8.26%">%.#"(=#.B(C3-%.6+D(!.#>-(<%$262=#"2>?E

$IWHU D ÀUVW SKDVH RI ´DZDUHQHVV EXLOGLQJµ DQG SURPRWLRQ IRU WKH SDUN YLVLRQ DFWLYLWLHV OHDGHG GXULQJ #.-%$7(>*.++(?+#.3@(>*+(/-.%&(F#3(+3>#1"23*+7(2$(GHIH(%$7+.(#(/-.&#"(F#?@(F2>*(>*+(6.+#>2-$(-/ (J33-62#>2-$( -/ (3-62#"(=.-&->2-$(K>*+(!#.6-(J8.26-"-(72(!.#>-(J33-62#>2-$K(F2>*(#(&#$#82$8(6-%$62"(-/ (/-%$7+.(&+&K EHUV LQFOXGLQJ UHSUHVHQWDWLYHV RI DVVRFLDWLRQV WKDW IRVWHUHG WKH IRUXP DFWLYLWLHV GXULQJ WKH ÀUVW SKDVH L>M3(F-.>*($->2$8(>*#>(>*+(!#.B(J33-62#>2-$(23(=#2.+7(#$7(3%==-.>+7@(#3(=.-N27+7(1?(2>3(3>#>%>+@(1?(>F-(6-$K VXOWDWLRQ ERGLHV WKDW DUH SLYRWDO LQ GHÀQLQJ LQLWLDWLYHV DQG VKDUHG SURMHFWV ZLWK VWDNHKROGHUV WKH ´6FLHQWLÀ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ÀHOG LV ZRUWK UHFDOO DQ RQJRLQJ LQLWLDWLYH IRU WKH FUHDWLRQ RI D ORFDO ZKHDW VKRUW IRRG VXSSO\ FKDLQ IRU ÁRXU DQG EUHDG =.-7%6>2-$(%$7+.(S%#"2>?(8.-F2$8(.%"+3(C2'+'(#7-=>2-$(-/ (#8.#.2#$(.->#>2-$@(6*+&26#"(=.-7%6>3(%3+(.+7%6>2-$E(( #$7(F*+#>(>.#72>2-$#"(>.#$3/-.&#>2-$(&+>*-7(#66-.72$8"?(F2>*("-6#"(>.#72>2-$'()*#>(36*+&+(2$N-"N+(#>(>*+( PRPHQW PDQ\ IDUPHUV DQG FUDIWVPHQ RI WKH ORFDO IRRG VHFWRU DQG DIWHU WKH ÀUVW VXFFHVVIXO SLORW SKDVH LW LV $-F(72.+6>+7(>-F#.7(#(=*#3+(-/ (+$"#.8+&+$>(#$7(/%""(7+N+"-=&+$>'( 'HVSLWH LWV UHOHYDQW DFWLYLWLHV DQG WKH UHOLDELOLW\ DFTXLUHG E\ WKH DVVRFLDWLRQ WR WKH SXEOLF LQVWLWXWLRQ DQG ORFDO VWDNHKROGHUV WKH DFWLYLW\ DQG WKH 3DUN SURMHFW UHDOL]DWLRQ DUH VWURQJO\ KDPSHUHG E\ WKH GLIÀFXOW\ WR FDUU\ RQ 3%6*(#$(#6>2N2>2+3(F2>*(#(3>.%6>%.+(>*#>(23(1#326#""?(N-"%$>#.?("+#7+7(#$7(1?(>*+(.+"#>+7(=.-1"+&(-/ (#(3>.%6>%.+( WKDW JHW ZHDN ÀQDQFLDO PHDQV DQG D ORZ LQVWLWXWLRQDO SURÀOH HVSHFLDOO\ LQ EDUJDLQLQJ ZLWK SXEOLF SRZHUV

!"#$%&#'()*+,-.,)'-#/')0#'1#-2+'-#3&4&-2/5&6.#/2-*+78# # 529*-*:'.*26#-2+'-#12+*&.7;#12+*'-#+'/*.'-#'63#<.&))*.2)*'-#'33&3#4'-,&=#/)23,+.*26 T-F(=.+N2-%3"?(&+$>2-$+7(>*+(#8.2K%.1#$(7-&#2$(=-3+3(&#>>+.(-/ (=+6%"2#.(2$>+.+3>(#$7(-.282$#"2>?(2$(>*+( SK\VLFDO SODQQLQJ DQG WHUULWRU\ GHVLJQ ÀHOGV 0RUHRYHU WKHVH DUHDV DOORZ IRU D QHZ YLVLRQ DQG VWUDWHJ\ DGK GUHVVLQJ QHZ ´SUR[LPLW\ HFRQRPLHVµ 'DYH]LHV ÀWWLQJ ZLWK HQHUJ\ VXSSO\ WUDQVLWLRQ VFHQDULRV DQG F2>*(&-.+(+S%2>#1"+(#$7(3%3>#2$#1"+(&-7+"3(-/ ("-6#"(7+N+"-=&+$>(#$7(=*?326#"(3+>>"+&+$>3(#33+>3(CU+F&#$( +>'(#"@(GHHVE'( 6XFK PDWWHUV ÀQG DQ FRKHUHQW WKHRUHWLFDO DQG RSHUDWLRQDO UHIHUHQFH IUDPHZRUN RI LQWHUSUHWDWLYH DQG GHVLJQ 6*#.#6>+.(2$(>*+(12-.+82-$#"(&-7+"(#$7(2$(>*+(%.1#$(12-.+82-$(6-$6+=>(C)*#?+.@(GHHWX<#8$#8*2@(GHIHE'(J>(

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


WKH VDPH WLPH WKH FRQÁLFWV WKDW JHQHUDWH LQ WKLV QHZ GRPDLQ FRQFHLYHG DV D QHZ IRUP RI SXEOLF VSDFH FDOO IRU WKH HPSOR\PHQW RI VRFLDO LQFOXVLYH SUDFWLFHV LQ WKH ÀHOG RI SODQQLQJ VXLWDEOH IRU WKH FRQVWUXFWLRQ RI $+<(/-.&3(-/ (#8.++&+$=3(#$7(6-$=.#6=3(/-.(=*+(>.-=+6=2-$?(.+8+$+.#=2-$(#$7(3=+<#.73*2>(-/ (=*+(>+.2%.1#$( /#.&"#$7(#.+#3(@5ABA(CDD9?()+..+3(+$(E2""+3(CDDFG'(!.#6=26+3(+3>+62#""H(/-6%3+7(-$(=*+(/#.&+.3(<2""2$8$+33( 'RQDGLHX 7KH WZR FDVHV EULHÁ\ GHVFULEHG DUH SODFHG LQ WKH SUREOHPDWLF FRQWH[W MXVW UHFDOOHG DQG DOORZ WR GHHSHQ 2$(=*+(I=#"2#$(3-62#"(#$7(2$3=2=%=2-$#"(/.#&+<-.J?(3-&+(-/ (=*+(&#==+.3(.#23+7(=*#=(#.+(>2K-=#"(/-.(=*+(7+K+L "->&+$=(-/ (#$(+//+6=2K+(>"#$$2$8(#$7(7+328$(>-"26H' ,Q WKH À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À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ÀOH RI D VLPSOH WRS GRZQ DQG PDQGDWRU\ WRRO RI GRXEWIXO HIIHFWLYHQHVV DQG %=2"2=HP( L(#8#2$3=(=*+(36#.6+(#==+$=2-$(#$7(%$7+.(.+>.+3+$=#=2-$(-/ (=*+(7+&#$73(3=+&&2$8(/.-&(=*+(#8.26%"=%.#"(3+6L WRU LQ WKH SXEOLF DJHQGD LW VHHPV UHOHYDQW WKH DGRSWLRQ RI D ´UDGLFDO SODQQLQJµ DSSURDFK )ULHGPDQQ DLPHG WR HQKDQFH WKH DZDUHQHVV DQG WKH ´YRLFHµ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ÀOH QRW DV D IXUWKHU ´FRPPDQG DQG FRQWUROµ DGPLQLVWUDWLYH HQWLW\ EXW ÀUVW RI DOO DV D WRRO RI WHUULWRULDO JRYHUQDQFH IRU =*+(Q8.#33(.--=R(>.-&-=2-$(-/ (#$(+//+6=2K+(*+.2=#8+(+$*#$6+&+$=(>-"26H(@E2.#33#&H?(CDDCG?(1#3+7(-$($-=( =.#7#1"+(#$7(=.#$3/+.#1"+(=+..2=-.2#"(K#"%+3'(()*#=(<2=*(=*+(#2&(=-(>%.3%+(#$(+$7-8+$-%3(7+K+"->&+$=(>#=*( IRU WKH JHQHUDWLRQ RI D YHULWDEOH ´WHUULWRULDO DGGHG YDOXHµ 'HPDWWHLV DQG WR KDPSHU ´H[RJHQRXVµ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

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#"$"%&"' ;#.1+.23<(5'(=#(6%.#(72><(=?@@A>(/D ULYLQFLWD GHOOH FDPSDJQH 5RPD 'RQ]HOOL 5-&2B#B-(C6-$-&26-(D-62#"+(C%.-E+-(=5CDC>(=?@@9>(3DUHUH VXO WHPD /·DJULFROWXUD SHULXUEDQD<(;.%F+""+3<(G9( D+BB+&1.+<(H#BIG@9 'DYH]LHV / /D 5pSXEOLTXH HW VHV WHUULWRLUHV /D FLUFXODWLRQ LQYLVLEOH GHV ULFKHVVHV<(D+%2"<(!#.23( 'HPDWWHLV * ´3HU XQD JHRJUDÀD GHOOD WHUULWRULDOLWj DWWLYD H GHL YDORUL WHUULWRULDOLµ LQ %RQRUD 3 D FXUD 72><(6/R7 TXDGHUQR <(;#3J+.K2""+<(;-"-8$# 'RQDGLHX 3 &DPSDJQH XUEDQH XQD QXRYD SURSRVWD GL SDHVDJJLR GHOOD FLWWj 'RQ]HOOL 5RPD CCL<(=?@@M><(8UEDQ VSUDZO WKH LJQRUHG FKDOOHQJH<(#K#2"#1"+(-$"2$+(=@?IGN> (6321 ('25$ (XURSHDQ 'HYHORSPHQW RSSRUWXQLWLHV IRU UXUDO DUHDV<(O2$#"(P+E-.B<(=#%8%3B(?@GG><(#K#2Q "#1"+(-$"2$+(=@?IGN> CD!RH<(=?@GG><(&LWLHV RI 7RPRUURZ &KDOOHQJHV YLVLRQV ZD\V IRUZDUG<( C0PRD)L)<(=?@G@><((XURVWDW UHJLRQDO \HDUERRN<(#K#2"#1"+(-$"2$+(=@?IGN><(=ES(?9@Q?TN> )DQIDQL ' ´,O JRYHUQR GHO WHUULWRULR H GHO SDHVDJJLR UXUDOH QHOOR VSD]LR ´WHU]Rµ SHULXUEDQR ,O SDUFR #8.26-"-(6-&+(3B.%&+$B-(72(E-"2B26*+(+(72(E.-8+BB-U<(2$(5L 9LVWD 5LFHUFKH SHU OD SURJHWWD]LRQH GHO SDHVDJJLR'( D+&+3B.#"+(RQ OLQH GHO 'RWWRUDWR GL 5LFHUFD LQ SURJHWWD]LRQH SDHVLVWLFD '837 )DFROWj GL $UFKLWHWWXUD GL )LUHQ]H Q /XJOLR 'LFHPEUH DYDLODEOH -$"2$+(=@?IGN> )ULHGPDQQ - 3ODQQLQJ LQ WKH SXEOLF GRPDLQ IURP NQRZOHGJH WR DFWLRQ<(!.2$6+B-$(0$2K+.32BV(!.+33<(H+W(,+.3+V X#""2$-(Y'<(=?@G@><()LQDQ]FDSLWDOLVPR /D FLYLOWj GHO GHQDUR LQ FULVL<(C2$#%72<(Z2"#$+LUVKPDQQ $ 2 /HDOWj GHIH]LRQH SURWHVWD<(;-&E2#$2<(Z2"#$H+W&#$(!'<(;+#B"+V()'<(;-V+.(['<(+73<(=?@@A><(5HVLOLHQW FLWLHV 5HVSRQGLQJ WR SHDN RLO DQG FOLPDWH FKDQJH<(\3"#$7( E.+33<(]#3*2$8B-$ \H0( =\3B2B%B-( H#^2-$#"+( 72( 0.1#$23B26#><( =GAA@><( _`+.3-( "a#.+#( &+B.-E-"2B#$#U<( 2$<( 4XDGHUQL GL 8UEDQLVWLFD LQIRUPD]LRQL Q <(\H0(C72^2-$2(P-&# \H0(=\3B2B%B-(H#^2-$#"+(72(0.1#$23B26#><(=GAA?><(_\"(!#.6-(&+B.-E-"2B#$-(7+""a#.+#(O2-.+$B2$#U<(2$<(!"#$%&'() GL 8UEDQLVWLFD LQIRUPD]LRQL<($'(G?<(\H0(C72^2-$2(P-&# 2(&' 5HJLRQDO 7\SRORJ\ *29 7'3& 7, 3DULV 2(&' 2(&' 5HGHÀQLQJ ´8UEDQµ $ 1HZ :D\ WR 0HDVXUH 0HWURSROLWDQ $UHDV 2(&' 3XEOLVKLQJ ( 7-2S(#K#2"#1"+(-$"2$+(=@?IGN> 3ORHJK 9DQ GHU - ' , QXRYL FRQWDGLQL /H FDPSDJQH H OH ULVSRVWH DOOD JOREDOL]]DL]RQH 'RQ]HOOL 5RPD )+..+3(+$(`2""+3(=?@@T><(*XLGH GH OD FR FRQVWUXFWLRQ GHV SROLWLTXHV DJULFROH SpULXUEDLQHV G·DJJORPHUDWLRQ<(#K#2"#1"+((-$"2$+( =@?IGN> )*#V+.(P'(Y'<(=?@@N><(/LIH 3ODFH %LRUHJLRQDO WKRXJKW DQG SUDFWLFH<(0$2K+.32BV(-/ (5#"2/-.$2#(!.+33<(;+.J"+V `#$2+.(Z'(=?@@N><(0pWURSROL]DWLRQ HW WLHUV HVSDFH TXHOOH LQQRYDWLRQ WHUULWRULDOH"<(.+"#^2-$+(E.+3+$B#B#(#"(3+&2$#.2-( bP+$6-$B.+3(7+("a2$$-K#2B-$(B+..2B-.2#"+c<U<(#K#2"#1"+(-$"2$+(=@AI@A> `2.#33#&V(5'=?@@?><(/HV 3ROHV G·HFRQRPLH GX SDWULPRLQH HG '$7$5 3DULV

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(::



!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?04'$&!'$()*'+,&@,#,1/+A,$5& '$(&B90'1&70"$%,)&"$&@,1C"&& I"#%F2#(J-3+""2(

'837 8QLYHUVLWj GL )LUHQ]H 6FKRRO RI 3ODQQLQJ DQG $UFKLWHFWXUH 'HOKL .-3+""2E"#%F2#KG&#2"'E-& 7HO

7KH SDSHU LQWHQGV WR IRFXV RQ WKH FRQWHPSRUDU\ UHDOLW\ RI SHUL XUEDQ DQG UXUDO IULQJHV RI 'HOKL ,QGLD·V FDSLC >#"( E2>L'( !#.>2E%"#."L( 2>( #$#"L3+( >*+( *-%32$G( #"-$G( >*+( M#&%$#4( <*2E*( E#$( 1+( 3++$( #3( #( $+><-.N( -/ ( ( +E-CE-..2F-.3( #$F( %$E%">27#>+F( #.+#34( *-3>2$G( O-$+3( -/ ( >*2.F( "#$F3E#=+'( )*+( 2$-.G#$2E( G.-<>*( -/ ( >*+( &+>.-=-"23( *#3( E#%C 3+F( >*+( 12.>*( #$F( >*+( F+7+"-=&+$>( -/ ( >+..2>-.2+3( >*#>( *#7+( G27+$( .23+( >-( #">+.$#>27+( =.#E>2E+3( -/ ( 3>+<#.F3*2='(( 7KH SHUPDQHQFH RI DJULFXOWXUDO SUDFWLFHV LQ WKHVH VSHFLÀF DUHDV DUH QDWXUDO FRQWLQXDWLRQV RI WKH FODVVLFDO EHKDYLRXUV >*+(@$F2#$(E%">%.#"(>.#F2>2-$(#$F(2>3(3+>>"+&+$>3(E-$323>(-/ (#(*23>-.L(-/ (.%.#"(F+7+"-=&+$>(#$F(#$(+E-$-&L(1#3+F(-$( /#.&2$G(72""#G+3(#$F(-$(#G.2E%">%.#"(&+&-.2+3'(@$(>*+3+(=+.2C%.1#$(O-$+34(1+><++$(>*+(E-%$>.L32F+(#$F(>*+(E2>L4(>*23( $+<(N2$F(-/ (+$E-%$>+.(G+$+.#>+3(#($+<(*L1.2F2O#>2-$(-/ (#.E*2>+E>%.+4(3=#E+3(#$F($#>%.#"(3L3>+&3'


!"#$%&'()(*+,-(%.&$%'&"/"$*&0"1%2(3&

!"#$%&'( _ 5XUDO IULQJHV LQ 'HOKL

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ÀUVW WLPH ,QGLDQV VWDUWHG WR KDYH DFFHVV WR JOREDO PDUNHWV DQG DV D FRQVHTXHQFH ZHUH RIIHUHG #(6"+#.(A+.6+A=2-$(-/ (=*+(72//+.+$6+3(1+=C++$(6%"=%.+3(#$7(1+=C++$("2@2$8(3=>"+3' )*+(C-."7H3(6%..+$=(=+$7+$6>(23(=-C#.73(3%3=#2$#12"2=>(#$7(+6-"-8>?(.+/+..2$8(=-(.%.#"(#$7((%.1#$(1-%$7#.2+3'( )*23(=+$7+$6>(#2&3(=-(82@+(#($+C(3=#.=(=-(=*+(3>3=+&(-/ (%.1#$I#8.26%"=%.+?((&#B2$8(&-.+(.+#"23#1"+(=*+(A-3I 3212"2=>(=-(1%2"7(3%3=#2$#1"+(3>3=+&3(2$(=*+(.232$8(A#.=3(-/ (=*+(62=>'( 5HJDUGLQJ WKH VSHFLÀF FDVH RI ,QGLD LQ 0DUFK LQ 0XPEDL WKHUH ZDV D V\PSRVLXP RUJDQL]HG E\ &RI "%&12#( 0$2@+.32=>(+$=2="+7(J0.1#$( <$72#( K:L:M( *23=-.>?( =+6*$-"-8>( #$7( 6-&&%$2=>( /-.( 3%3=#2$#1"+( %.1#$( /%=%.+3NO 'XULQJ WKH PXOWLSOH FRQIHUHQFHV PDQ\ SDSHUV ZHUH SUHVHQWHG ZLWK WKH JHQHUDO DLP WR ÀQG D ZD\ =-(.+6-$62"+(=*+(8--7(+//+6=3(-/ (8"-1#"2F#=2-$(C2=*(=*+(A.-A+.(%3+(-/ (=+6*$-"-8>(#$7(.+&#2$2$8(#"28$+7(C2=*( WKH KLVWRU\ DQG KHULWDJH RI WKH FLWLHV 7KH ÀQDO JRDO ZDV WR GHYHORS D V\VWHP IRU XUEDQ VXVWDLQDELOLW\ DQG WR #""+@2#=+(A-@+.=>' P&-$8(=*+($%&+.-%3(6-$=.21%=2-$3?(&>(2$=+.+3=(C#3(3A#.B+7(1>(=*+(2$=+.@+$=2-$3(=*#=(C+.+(A.-A-3+7(1>(=*+( O( Q-.+(2$/-.&#=2-$(.+8#.72$8(=*+(3A+#B+.3(#$7(=*+(3>&A-32%&(6#$(1+(/-%$7(*+.+

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


<#$+"(-/ ((=>2?+"2*--73@(*23A-.B(#$7(A.#72A2-$'C()*+(#.8%&+$A3(<.+3+$A+7@(*#?+(7+?+"-<+7(A*+(A*+&+(.+"#A+7( A-(*-D(A*+(<-3321"+(.+#"2E#A2-$(-/ (#(128(#.6*2A+6A%.+@(6#$(1+(A*+(6#%3+(-/ (723<"#6+&+$A3(#$7(/-.6+7(.+&-?#"3( DQG OLQNHG WR LW D UHÁHFWLRQ RQ WKH JOREDOL]DWLRQ LQ LWVHOI WKDW ZLWK LWV HFRQRPLFDO ÁX[HV LV FKDQJLQJ WKH "2?+"2*--7(3A.#A+82+3(-/ (A*+(%.1#$(.+327+$A3@(#6A2$8(#A(A*+(+$7@(A*+($+6+332AB(A-(2$?+$A($+D(F%+3A2-$3(.+"#A+7( A-(A*+(#66+33(-/ (A*+(3-62-G6%"A%.#"(27+$A2A2+3(-/ (A*+(<"#6+3' )*+("-$8GA+.&(8-#"(-/ (A*+3+(#.8%&+$A3(23(A-(7+?+"-<(#($+D(%.1#$(#<<.-#6*(2$A.-7%62$8(2$$-?#A2?+(6-$6+<A( -/ (7+328$(#$7(<-"262+3' )*+(F%+3A2-$(&-.+(*-A@("2$H+7(D2A*(A*+(I$72#$(62AB@(23(A*+(3#&+(/-.(72//+.+$A(#.+#3J(/.-&(A*+(+6-"-82+3(-/ ( HYHU\GD\ DFWLRQ WR WKH UHODWLRQV WKDW QHFHVVLWDWH FUHDWLYLW\ WR À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Á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ÀQG D EHWWHU ZD\ WR SURFHHG LQ WKLV SDUWLFXODU PRPHQW RI GLVSXWH EHWZHHQ UXUDO DQG XUEDQ &#.82$3'(( )RU WKH VSHFLÀF FDVH RI ,QGLD IURP WKHUH ZDV D QHZ SROLWLF LQLWLDWLYH WKDW FOHDUO\ GHÀ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

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


!"#$%&'"(#%)* ,Q 'HOKL WKLV FRQWURYHUVLDO SKHQRPHQRQ RYHU WKH XVH DQG RI WKH DSSURSULDWLRQ RI VSDFH KDV EHFDPH VWURQ< JHU LQ WKH ODVW \HDUV 7KLV PLJKW EH GXH WR WKH XUEDQ PRGLÀFDWLRQ WKDW WKH FLW\ ZDV REOLJHG WR VXSSRUW IRU =*+(5-&&-$>+#"=*(?#&+3'()*23(*#3(#%8&+$=+7(=*+(@+6%"2#.2=A(-/ (/.#8&+$=#=2-$(#".+#7A(=A@26#"(-/ (=*23(62=A'( 'HOKL ZDV IRUPHG RI D PHUJHU RI FRQWLJXRXV YLOODJHV DQG VWLOO WRGD\ D ELJ SDUW RI WKH FLW\ LV RFFXSLHG E\ D >27+(>2"7(/-.+3=B(8.++$(@#.C(#$7(8#.7+$3(=*#=(#.+(&2D+7(>2=*(*-%32$8(+$6"#E+(#$7(6-"-$2+3' 'HOKL KDV RQH RI WKH ELJJHVW RUQLWKRORJLFDO UHVHUYH H[LVWLQJ LQ WKH ZRUOG 2QH RI 'HOKL·V PRVW XQLTXH WUDLWV LV WKH SHFXOLDU FRQÀJXUDWLRQ WKDW FKDUDFWHUL]HV LWV VKDSH DQ XQSUHGLFWDEOH DOWHUQDWLRQ RI DUFKLWHFWXUH JUHHQ VSDFHV FRPPXQLFDWLRQ·V FKDQQHOV Á\RYHUV VWUHHWV DQG QHZ QHLJKERXUKR< RGV JURZQ XS RQO\ IRU UHVLGHQWLDO SXUSRVH 7KH SDWFKZRUN RI XUEDQ ODQJXDJH JHQHUDWHV DQ XQGHÀ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ÀFDWLRQV =*#=(#@@+#.3(#3(#(128(&#33(-/ ((1%2"72$83(>2=*-%=(#$A("-826(-/ (#+3=*+=26'( )*+(@--.(@+-@"+(6#$(1+(3++$(#3(#$2&#"3G("2C+(7-83(=*+A(3@+$7(=*+2.($28*=3(3"++@2$8(#"-$8(=*+(.-#73B(-=*+.3( WDNH UHVW LQ WKHLU ULFNVKDZV RU RQ WKH EHQFK RI WKHLU PRELOH VKRS 'XULQJ WKH GD\ WKH\ DUH DV IDVW DQG ODER< ULRXV DV DQWV RU VTXLUUHOV 7KH FRQWHQW RI WKHLU HPRWLRQV WKH VLJQV RQ WKHLU IDFHV DQG WKH REMHFWV WKDW GHÀ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

+#)"',()%-"&.'(/)%/"0&12 &0)"3('40$%. )*+( >-.7( O3=+>#.73*2@P( 6-&+3( /.-&( =*+( =+.&( 3=+>#.7B( &+#$2$8( =-( =#C+( 6#.+( -/ ( =*+( 72$$+.( #$7( -/ ( =*+( RWKHU GRPHVWLF DIIDLUV RI WKH KRXVHKROG :LWK WKH SDVVLQJ RI WLPH WKH VWHZDUG KDV EHFRPH WKH À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

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


WKH QDWXUH RI WKH FLW\ EXW LQ VDPH FDVHV WKH\ FDQ EH DOVR SURMHFWHG VSHFLÀFDOO\ IRU WKH ZHOOQHVV RI WKH FLW\ <$(=*+(3+6-$7(6#3+(#.+(3=.#=+82+3(7+328$+7(=-(>+.&2=(=-(=*+(?2"7("2/+(=-("2@+(2$(2=3+"/A(6.+#=2$8(1%11"+3(-/ ( $#=%.+A(#(>#33#8+(1+=?++$(=*+(%.1#$(?-."7(=-(=*+($#=%.#"(-$+'((<$(+#6*(6#3+(#($+?(3B3=+&(23(=+3=+7C(/-.(7+D &-$3=.#=+(*-?(%.1#$2=B(6#$(7+@+"->(#($+?(?#B(-/ (1+2$8A(*-3=2$8(2$327+(2=3(1-7B(#"3-(=*+(.%.#"(+"+&+$=3' 7KH RXWORRN IRU 'HOKL LW VHHPV JRRG 7KHUH DUH PDQ\ SURVSHFWV DQG SRVVLELOLWLHV WR HPERG\ WKH QHZ K\EULD 72E#=2-$(#&-$8(=*+(8"-1#"(&+=.->-"23(#$7(=*+($+?(8.++$(%=->26(62=B(/-.(=*+(=*2.7(&2""+$$2%&'

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·V QDWXUDO DUHDV 7KH LQLWLDWLYH ZDV SODQQHG LQ SDUWQHUVKLS ZLWK 'HOKL 1#3+7(+$@2.-$&+$=#"(8.-%>3(#$7(?2=*(#("-6#"(#33-62#=2-$(=*#=(6#.+3(/-.(3=.++=(6*2"7.+$(#$7(=++$#8+.3'

)LJXUH (4(N@+.B7#B("2/+(#"-$8(=*+(F#&%$#

'HOKL *UHHQV RUJDQL]HG WKH 8UEDQ (FRWRXU DORQJ WKH <DPXQD ULYHU DQG WKH ULGJH RI 'HOKL ERWK FRQVWLWXWLRD $#"(+"+&+$=3(-/ (=*+($#=%.#"(#3>+6=(-/ (=*+(62=B' 7KH ULYHU DQG FLW\·V JUHHQ FRUULGRUV ZLOG RU WDPHG DUH VLJQLÀ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ÀFDQW FXOWXUDO DQG VSLULWXDO V\PEROLFDO HOHPHQW 7KHUH LV QRW HQRXJK VSDFH KHUH WR WUHDW WKH VDFUHG YDOXH -/ (=*+(?#=+.(/-.(=*+(<$72#$(>->%"#=2-$(1%=(-/ (6-%.3+(?+(6#$(3#B(8+$+.#""B(=*#=(?#=+.(23(-$+(-/ (=*+(&-.+( 2&>-.=#$=(+"+&+$=3(/-.(=*+(<$72#$(3>2.2=%#"2=B' 7KH <DPXQD KDV D TXRWLGLDQ SUHVHQFH LQ WKH OLYHV RI WKH FLWL]HQV WKH\ SHUIRUP ULWXDOV DQG SUD\HUV SXULÀFDD =2-$(#$7(+@+.B7#B(#6=2-$3("2$I+7(?2=*(=*+(%3#8+(-/ (=*+(?#=+.'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


,W·V QHFHVVDU\ KHUH WR PDNH D UHÁHFWLRQ RQ WKH ULYHU LQ LWV VHOI DQG LQ KLV WRGD\ HFRORJLFDO VWDWXV ( <#&%$#(2=(23(6#""+7(=*+(7+#7(.2>+.(1+6#%3+(23(3++&2$8"?($-("2/+(2$(2=3+"/@(A.-1#1"?(1+6#%3+(=*+.+(23($-(-B?8+$' C$(D#?(EFGE@(=*+(H2$7%3=#$()2&+3@(A%1"23*+7(#$(#.=26"+(+BA"#2$2$8(=*#=(#2.I6-$72=2-$2$8(3?3=+&3(-/ (&+=.-( =.#2$3(#$7(-/ (=*+(A.2>#=+(*-&+3(2$(=*+($-.=*+.$(A#.=(-/ (=*+(62=?:@(*#7(1++$(#//+6=+7(1?(=*+(=-B26(8#3+3(+&2=I WHG E\ WKH ULYHU 7KLV GDPDJH ZDV FDXVHG E\ D VLJQLÀFDQW ORRVH RI SROOXWHG PDWHULDO IURP WKH 6KDKGDUD GUDLQ #//+6=2$8(J5(3?3=+&3@(.+/.28+.#=-.3@(6--"+.3@(8-"7(#$7(32">+.(K+L+".?(#$7(6#.3'(M++7"+33(=-(3#?@(=*23(A-""%=2-$( 23(#"3-(+B=.+&+"?(*#.&/%"(=-(*%&#$3' 5DZL $JDUZDO 7LOO .UDXVH 1LQD .DOHQEDFK FXUDWHG DQ DUW SURMHFW LQ 'HOKL DQG LQ +DPEXUJ ,W ZDV DQ LQLWLDI WLYH WR EULQJ DWWHQWLRQ WR WKLV ÁXYLDO SDUW RI WKH FLW\ DQ DUWLVWLF ZRUN GHVLJQHG WR WKH <DPXQD DQG WKH (OED N2>+.'((()*+(<#&%$#(.2>+.(L#3(-$6+("-$8(#$7(A-L+./%"@(+B=+$72$8(-$(=*-%3#$7(O2"-&+=+.3(/.-&(=*+(!#""#( YLOODJH WR %DGDUSXU ,W SDVVHG WKURXJK WKH FLW\ RI 'HOKL IRU PDQ\ NLORPHWHUV %HIRUH DUULYLQJ WR WKH EDUUDJH RI :D]LUDEDG DORQJ WKH EDQNV LW SDVVHV WKURXJK PDQ\ YLOODJHV DQG FXOWLYDWHG À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ÁRRGV SODLQV WKDW HPEDQN DQG WKH ULYHU 6"+#$'(C=(23($+6+33#.?(=-(+7%6#=+(#=((=*+(+6-"-8?@(=*+(+?+3(-/ (C$72#$3' $IWHU WKH ZRUNV VWRUP SRVW &RPPRQZHDOWK *DPHV WKH FLW\ LV LQ D UHÁH[LYH PRRG WU\LQJ WR GHYHORS D JRRG 3-"%=2-$(=-(.+2$>28-.#=+(*+.(3=.-$8(.+"#=2-$(L2=*($#=%.+'(U(/.-&(#"L#?3(2$327+(=*+(&-"7(-/ (=*23(%$2P%+(62=?V' W2O+(N#>2(J8#.L#"(L.-=+Q((7KH LGHD RI HTXLW\ DQG GHPRFUDF\ DUH GHHSO\ LQWHUODFHG ZLWK WKH LGHD RI HFRORJ\ 7KLV LV WUXH ZKHWKHU ZH VSHDN RI ZDVWH IRUHVW GHVWUXFWLRQ DQG ULYHUV'(UJ8#.L#"@(EFGGV

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Á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

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$%&'((4(0.1#$(8#.7+$(#"-$8(;*+(<#&%$#(2$(=#>$%(?#()2"#(5-"-$@(

!"#"$"%&"' A8#.B#"(C'D(E(FGHH(I(<DPXQD (OEH FRQWHPSRUDU\ ÁRZV ÁXLGV WLPH'(E(#$(#.;D(+6-"-8@(#$7(362+$6+(3+&2$#.(;-(.+J 2&#82$+(6-&&-$(8"-1#"(K%+3;2-$3(6-$/.-$;2$8(.2L+.3(ID((.+M-.;(#L#2"#1"+(-$"2$+((( A8#.B#"(C'D(E(FGHH(I(7KH <DPXQD 8QFHUWDLQ 5LYHUD((.+M-.;(#L#2"#1"+(-$"2$+((((( $URUD 5 DQG 5DMSXW 9 *DVHV GDPDJHG $&V LQ QHDUE\ DUHDV +LQGXVWDQ 7LPHV 1HZ 'HOKL 1RLGD =#@(ND(FGHF((((((((((((( O#;-%6*+(P'DEFGHHI(/D FULVL GHOOD FLWWj VHFRQGR 6HUJH /DWRXFKHD(3%&&#.@(/.-&(;*+(;+Q;(-/ (;*+(6-$/+.+$6+D(R)*+( #.6*2;+6;%.+(-/ (#(B+""(;+&M+.+7(+$L2.-$&+$;S(1@(P+.8+(O#;-%6*+D(-$(HTJFG(=#@(FGHH( U"2L+#%(P'D(E(FGG9(I(3HULXUEDQLVDWLRQ LQ 7DPLO 1DGX D TXDQWLWDWLYH DSSURDFK 3XEOLFDWLRQ RI WKH )UHQFK 5HVHDUFK ,QVWL )$)&*D(#L#2"#1"+(-$"2$+

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

99(4(::



!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

6RPH 5HÁHFWLRQV RQ WKH 5HODWLRQVKLS 4,5?,,$&2,/+1,&/. &5@,&7/905,,$5@&6,$590:8& 6"5:&'$(&A,00"5/0:& I$>-$+""#(!2.#3

8QLYHUVLWj GL )LUHQ]H '837 #$>-$+""#=2.#3J*->&#2"'2> 7HO

!+-="+(-/ (>*+(/-%.>++$>*(E+$>%.K(3*-<+F(>*+2.(#<#.+$+33(-/ (("#$F3E#=+(#$F(>*+2.(#12"2>K(>-(E-$>.-"($#>%.+'()*+(E-$C $+E>2-$(1+><++$(E2>K(#$F("#$F3E#=+(-%>32F+(2>3(<#""34(F+$->+3(#(3+$3+(-/ (1+"-$G2$G(>-(="#E+4(>*+(.-"+(-/ (-=+$(3=#E+34( E#.+/%"(-13+.7#>2-$(-/ ($#>%.+(1K(#.>23>34(<+"/#.+(E-$F2>2-$3(-/ (>*+(+$72.-$&+$>4(>*+(3+$3+(-/ (3+E%.2>K(#$F(3#/+>K(>*#>( >*+(E2>K(-//+.3'( )*+(.+"#>2-$3*2=(1+><++$(=+-="+4($#>%.+(#$F(E2>K(3*-<3(2>3(3>.+$G>*(2$(2>3(32&="2E2>K(G27+$(1K(=+-="+L3(#12"2>K(>-(G.#3=( >*+2.($+<(.-"+(2$(>*+(<-."F(<2>*(#(1.-#F(7232-$'


!"#$%&"'()*#)+,()-./0+((#+,)&(#+/01)+,0./2,)"0+)"#$)3*+(0"+/0( 7KHUH ZH VKDOO KHDU WKH FKDQW RI ELUGV KDYH VLJKW RI YHUGDQW KLOOV DQG SODLQV RI FRUQÀHOGV XQGXODWLQJ OLNH WKH VHD RI 9.++3(-/ (#(9*-%3#$7(3-.93:(9*+.+(#"3-(;+(3*#""(*#<+(#("#.8+.(<2+;(-/ (9*+(*+#<+$3=(;*26*=(*-;+<+.(*#.3*(9-(%3;#.7=(>+9( 7+$>($-9(9*+2.(+9+.$#"(1+#%9>:(9*2$83(/#2.+.(/#.(/-.(+?+(9-(.+39(-$(9*#$(9*+(7+3-"#9+(;#""3(-/ (-%.(629>'(@-.+-<+.=(;+(3*#""( 9*+.+(1.+#9*+(#(/.+3*+.(#2.'(A'HFDPHURQ=(B=(2$9.-7%692-$C

D29*(9*+3+(;-.73(/%""(-/ (1+#%9>(#$7(#7&2.#92-$(/-.(;*#9(3%..-%$73(*2&=(E-66#662-(7+36.21+3=(2$(9*+(2$F WURGXFWLRQ RI WKH ÀUVW GD\ RI WKH 'HFDPHURQ=(9*+(6-%$9.>327+(#.-%$7(9*+(629>(-/ ((G"-.+$6+H(9*+(2&?-.9#$6+( -/ ( $#9%.+( +&+.8+3( 2$( ?+-?"+( -/ ( 9*+( /-%.9++$9*( 6+$9%.>'( G"-.+$6+=( #3( 9-"7( 1>( 9*+( *239-.2#$3( I2""#$2( #$7( E-66#662-=(;#3(3%..-%$7+7(1>(#(.2$8(-/ (*-%3+3(2$(9*+(*2""3(;*+.+(6292J+$3(%3%#"">(3?+$9(9*+(3%&&+.'()*+( 7+36.2?92-$3(-/ (9*+(*239-.2#$3(3*-;(9*+(?#332-$(-/ (9*+(G"-.+$92$+(6292J+$3(/-.($#9%.+'(!+-?"+(&-7+""2$8(9*+( DUHD DURXQG WKH ZDOOV ZLWK D KLJK DHVWKHWLF VHQVH WKH\ FUHDWHG ÀHOGV KRXVHV DQG JDUGHQV HQKDQFLQJ LQ WKLV ;#>=(9*+(+K%2"21.2%&(-/ (#("#$736#?+(6-$9+&?"#9+7(2$(1+#%9>(#$7(2$(.26*$+33=("#$736#?+(2$(;*26*(?+-?"+(#.+(2$( ?+./+69(*#.&-$>(;29*($#9%.+'(L""(9*23(3*-;3(3+$3292<29>(#$7(#99+$92-$(9-(M+9+.$#"(1+#%9>N=(9-(#99#2$(/++"2$83(-/ ( *#??2$+33(/.-&(6-$9#69(;29*(1+#%9>(#$7(9*+(<#.2+9>(-/ (?"#6+3'(O#9%.+(1+6-&+3(#(?"#6+(9*#9(82<+3(;+""F1+2$8( DQG KHDOWK DOO WKH VHQVHV DUH VWLPXODWHG DW DOO WLPHV E\ VSLFHV DQG Á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ÀHOGV IDUPKRXVHV YLOODV DQG FRXQWULHV QH[W WR WKH FLW\ ZDOOV !+-?"+(-/ (9*+(/-%.9++$9*(6+$9%.>(3*-;(#($+;(2$9+.+39(2$(2$72<27%#"29>'(O#9%.+(23$Y9(3++$(#3(#(7#$8+.-%3(?"#6+=( 1%9(#(?+#6+/%"=(32&?"+(#$7(*#.&-$2-%3(?"#6+'(,Q 7KH 0LUDFOH RI WKH VRXUFH=(#(/.+36-(-/ (9*+(Z9-.2+3(-/ (Z9'(G.#$623( LQ WKH 8SSHU &KXUFK LQ $VVLVL ZH FDQ VHH UHIUHVKLQJ ZDWHU WKDW ÁRZV EHWZHHQ URXJK URFNV 1RW RQO\ GLG X2-99-(?#2$9(9*+(3-%.6+(;29*(6"+#.(;#9+.=(;*-3+(/.+3*$+33(3++&3(9-(6-$9.#39(;29*(9*+(#.2729>(-/ (9*+(8-"7+$( .-6R3=(1%9(*+(#"3-(7+?269+7(9*+(;-$7+.(2$(7236-<+.2$8($#9%.+(#3(#(3-%.6+(-/ (.+/.+3*&+$9=(6*#.&=(36*-"#.3*2?=( #$7(.+3+#.6*H(;+(6#$(3++(9*+3+(+&-92-$3(2$(9*+(>-%$8(&#$Y3(+>+3'(

_

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$%&'((4(<2-==->()*+(<2/=(-/ (=*+(6-#=>(?@A:BC@A:9D>(E33232>(F#32"26#(-/ (G='(H.#$623>( 0II+.(5*%.6*

J#=%.+>( &-.+-K+.>( #3( 3-&+( 7-6=-.3( #.8%+7( 2$( =*23( I+.2-7>( L#3( 6-$327+.+7( #( *+#"=*M( I"#6+'( !+-I"+( 3*-L( =*+2.(#12"2=M(=-(7-&2$#=+($#=%.+(1M(2&I.-K2$8(=*+(N%#"2=M(-/ ("2/+>(%=2"2=M(L-.O(#$7(I.-7%6=2-$P(L+(6#$(3++$( WKLV LQ DJULFXOWXUDO WUDQVIRUPDWLRQV LQ FXOWLYDWLRQ LQ WKH XVH RI ZDWHU ZLWK DUWLÀFLDO FDQDOV SRQGV DQG PLOOV 7KH DELOLW\ WR REVHUYH QDWXUH LV UHÁHFWHG LQ WKH FLW\ &LWL]HQV UHDOLVH WKDW WKHLU XUEDQ FUHDWLRQ LV LQÁ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ÁXHQFH RQ ERWK WKH (DVW DQG WKH :HVW WKH VSUHDG RI WKH PRQDVWLF RUGHU WKH &UXVDGHV DQG SLOJULPDJHV WR WKH +RO\ /DQG FRQÁLFWV EHWZHHQ WKH 2WWRPDQ 7XUNV DQG WKH %\]DQWLQHV WKH XQLÀFDWLRQ RI $VLD·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

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


3<26+3(=*#=(6#&+(/.-&(=*+(>#3=?(@=*+.+(A+.+($%&+.-%3(#<-=*+6#.2+3(2$(B2+$#(#$7(2$(C"-.+$6+(=*+.+(A#3(=*+( $UW RI 'RFWRUV DQG 3KDUPDFLVWV ZLQHV VXFK DV 9HUQDFFLD(/.-&(&RUQLJOLD(@'HFDPHURQ?(D?(EF(#$7(G.++H(A2$+( @'HFDPHURQ?(II?(EF'(

!"#$%&'((4(G2-==-?(I$()*+(J2.#6"+(-/ (=*+(3-%.6+?(@KEL:MKELNF?(O332M 32?(P#32"26#(-/ (B='(C.#$623?(0<<+.(5*%.6*

*URZLQJ QHHGV LQÁ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ÀQHPHQW ZHDOWK DQG SRZHU O.=23=3(3*-A+7(=*+2.(<#332-$(/-.(=*+(#.=A-.H(-/ (#(62=QR(=*+(62=Q(A#3(#(3<#6+(-/ (<+-<"+U3(6-$3=.%6=2-$?(62=2V+$3( ZHUH SURXG RI WKHLU FUHDWLRQ ZKLFK GHVFULEHG DQG UHSUHVHQWHG PDJQLÀFHQFH $UWZRUN PDGH UHIHUHQFHV WR .+<-.=3?(=-(=*+(2&<-.=#$6+(-/ (<"#6+3(#$7(=*+2.(.-"+(2$(3-62+=Q?(.+#"23=26(7+36.2<=2-$3(#$7(#.6*2=+6=%.#"(#$7( $#=%.#"( .+<.+3+$=#=2-$3'( O1-W+( #""?( =*+( $++7( /-.( &++=2$8( #$7( 2$=+.#6=2$8( 7%.2$8( A-.H7#Q3( #$7( /+#3=( 7#Q3( +&+.8+3?(#3(7-+3(=*+(2&<-.=#$6+(-/ (3<#6+(2$(=*+(62=Q(#$7(2$(=*+(6-%$=.Q327+(-%=327+(-/ (=*+(A#""3'

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


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À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ÁRZHUV 7KH VXSSO\ RI GULQNLQJ ZDWHU ZDV DOVR D 6-""+6>2B+(/%$6>2-$'(!+-C"+(>--J(D#>+.(/.-&(3>.+#&3@(3C.2$8(D#>+.@(D+""3(#$7(/-%$>#2$3(>*#>(D+.+(#""(2$(3&#""( 3E%#.+3N(>*23(8#B+(>*+(-CC-.>%$2>A(>-(+$6-%$>+.(->*+.3(#$7(3-62#"2H+' )*+(62>A(/-""-D+7(>*+("-826(-/ (3-62#"("2/+(D2>*(+M6+C>2-$#"(#>>+$>2-$(>-(>*+(3+$3+3N(>*+.+(D+.+(36+$>3(-/ (8#.G GHQV RQ WKH JURXQG ÁRRU RI KRXVHV XVH RI IUDJUDQW ÁRZHUV DQG ZLGHO\ FXOWLYDWHG KHUEV VFHQWV RI VSLFHV LQ WKH VWUHHWV DQG WKH VPHOO RI IUHVK FXW KD\ WKDW VSUHDG LQ WKH ÀHOGV LQ HDUO\ VXPPHU 6LJKW DQG KHDULQJ ZHUH JUDWLÀHG E\ SOHDVDQW VRXQGV OLNH ZDNLQJ XS WR WKH FRFNFURZ RU WZLWWHULQJ RI ELUGV RU >*+(3-%$7(-/ (>*+(1+""(+B+.A(*-%.'(R$(>*+(3>.++>3(>*+.+(D#3(6-$>2$%-%3(&%326(82B+$(1A(3>-.A>+""+.3@(1A(6*-2.3( -/ (C.-6+332-$3@(1A(C.#A+.3(-/ (&-$J3@(1A(>*+($-23+(-/ (D#>+.&2""3' 'XULQJ WKH QLJKW WKHUH ZDV VLOHQFH DQG \RX FRXOG VOHHS TXLHWO\ 6RXQGVFDSH RXWOLQHG D JULWW\ VWLPXOXV IRU DFWLG YH GDLO\ OLIH GXULQJ WKH GD\ DQG D VLJQLÀFDQW VLOHQFH GXULQJ WKH QLJKW IRU VOHHS RU IRU PRQDVWLF SUD\HU 'XULQJ WKH GD\ \RX FRXOG JR WR À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

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;


!"#$%&'('_ * %RFFDFFLR 'HFDPHURQ F &RG 3DULJ ,W F <'=(>'?'@'=(!#.282

( )*+3+(3+$A2&+$A3(#.+(+B#"A+7(2$(A*+(8#.7+$3'()*+C(D+.+(1-.$(/.-&(A*+(6-$A#6A(1+AD++$($#A%.+(#$7(6%"A%.+E( *%&#$2AC(D2A*(D237-&=(3A%7C2$8(A*+("#D3(-/ ($#A%.+=(6.+#A+7(1+#%A2/%"(F"#6+3=(3-%.6+3(-/ (F+#6+(#$7(3#"<#A2-$=( D*+.+(F+-F"+(6-%"7(+36#F+(/.-&(*%&#$(F#2$(#$7(A.#8+7C(-/ (A*+(F"#8%+(A#G2$8(.+/%8+(2$(A*+(1+#%AC(-/ ($#A%.+( DV ZH VHH LQ WKH LQWURGXFWLRQ RI WKH ÀUVW GD\ RI WKH 'HFDPHURQ' >-66#662-(3*-D3(#""(A*+(C-%$8(F+-F"+H3(D-$7+.(#A(3++2$8(A*+(1+#%AC(-/ (A*+(8#.7+$E(A*+C(+$A+.(A*+(8#.7+$(#A( #(3"-D(F#6+=(2$(-.7+.(A-(+$I-C(A*+(F"#6+(7-&2$#A+7(1C(+B6+FA2-$#"(*#.&-$CE 7KH DVSHFW RI WKLV JDUGHQ LWV IDLU RUGHU WKH SODQWV DQG WKH IRXQWDLQ DQG WKH ULYXOHWV WKDW ÁRZHG IURP LW VR FKDUPHG WKH ODGLHV DQG WKH WKUHH \RXQJ PHQ WKDW ZLWK RQH DFFRUG WKH\ DIÀUPHG WKDW WKH\ NQHZ QRW KRZ LW 6-%"7(.+6+2<+(#$C(#66+332-$(-/ (1+#%AC=(-.(D*#A(-A*+.(/-.&(6-%"7(1+(82<+$(A-(!#.#723+=(2/ (2A(D+.+(A-(1+(F"#$A+7( -$(+#.A*'(J>-66#662-=('HFDPHURQ=(KKK=(2$A.-7%6A2-$L'( )*.-%8*(A*+3+(D-.73=(A*+(F+-F"+(-/ (A*+(/-%.A++$A*(6+$A%.C(3*-D(*-D($#A%.+(#$7(*%&#$2ACH3(D-.G(6#$(A-8+M A*+.(1+6-&+(+33+$6+(#$7(1+#%AC(2$(F+./+6A(*#.&-$C=(D+#"A*(#$7(#(3-%.6+(-/ (F"+#3%.+(/-.(A*+(&2$7=(6.+#A2$8=( D2A*(3G2""(#$7(#AA+$A2-$(A-($#A%.+=(#(!#.#723+(2$(D*26*(A-("2<+'(

9:(4(;;

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#"$"%&"' <#==23=2(>'?(@ABBCD(,FRQRORJLD HG HFRORJLD GHO JLDUGLQR H GHO SDHVDJJLR?(E2.+$F+?(G"36*H2'( <#I#$7#""(J'?(@KLLCD(*LRWWR H JOL XPDQLVWL?(J2"#$-?(,#6#(<--H' <-66#662-(M'?(@KLLAD('HFDPHURQ?(#(6%.#(72(N2==-.+(<.#$6#?()-.2$-?(>2$#%72' <.#$72(5'?(@ABB9D(7UD 0HGLRHYR H 5LQDVFLPHQWR 6FULWWL VXOO·DUWH?(J2"#$-?(,#6#(<--H' 5#.72$2(E'?(J28"2-(J'?(@ABBAD(1RVWDOJLD GHO SDUDGLVR ,O JLDUGLQR PHGLHYDOH?(O-&#P<#.2?(Q#=+.F#' 5"#.H(R'?(@KL9AD(,O SDHVDJJLR QHOO·DUWH?(J2"#$-?(M#.F#$=2'( 'DYLGVRKQ 5 6WRULD GL )LUHQ]H?(9(S-""'?(E2.+$F+?(T#$3-$2' 'HORUW 5 /D YLWD TXRWLGLDQD QHO 0HGLRHYR?(O-&#P<#.2?(Q#=+.F#' *LRVHIÀ ' *LRWWR $UFKLWHWWR?(J2"#$-?(>72F2-$2(72(5-&%$2=U'( M.-*&#$$(V'?(ABB;D(/D FLWWj PHGLRHYDOH?(O-&#P<#.2?(Q#=+.F#' W#%3+.(V'?(@ABBKD(6WRULD VRFLDOH GHOO·DUWH?(S-"'XX?()-.2$-?(>2$#%72'( Q+(M-// (,'?(@ABB;(#D($OOD ULFHUFD GHO 0HGLRHYR?(O-&#(<#.2?(Q#=+.F#' ( ( (((((@ABB;(1D(,O 0HGLRHYR $OOH RULJLQL GHOO·LGHQWLWj HXURSHD?(O-&#(<#.2?(Q#=+.F#' ( ( (((((@ABB;(6D(/·XRPR PHGLRHYDOH?(O-&#(<#.2?(Q#=+.F#' ( ( (((((@ABB;(7D(,O PHUDYLJOLRVR H LO TXRWLGLDQR QHOO·2FFLGHQWH PHGLRHYDOH?(O-&#(<#.2?(Q#=+.F#' J2"#$2(O'?(@ABBKD(/·DUWH GHO SDHVDJJLR?(<-"-8$#?(X"(J%"2$-' J%&/-.7(Q'?(@ABB;D(!"#$%&'%("#)*&&*#$+'',?()-.2$-?(>2$#%72' ( ( ((((((((@ABBAD(/D FLWWj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ÀYH

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;



!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?"$"@9@&!"#"$%& !#-"-(I+3>.2$+.

'LSDUWLPHQWR GL $UFKLWHWWXUD H 3LDQLÀFD]LRQH 'LDS !-"2>+E$2E-(F2(I2"#$-4(=#-"-'&+3>.2$+.J=-"2&2'2> )+"'(95'5;DDKLD;((C(;59'9:DDL5L

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

)*+( =.-=-3+7( #6>2-$( 2$( >*+( 3>%7T( ;"2?2$8( >*+( >+..2>-.T( U( 2$*#12>+7( "#$736#=+3( V( GA( 23( =#.>( -/ ( #( .+3+#.6*( =.-W+6>(X*26*(#2&3(>-(#$#"T3+(>*+(#.6*2>+6>%.#"(=.-W+6>(-$(#(3&#""+.(36#"+(#3(#(.+"#>2-$#"(=#.#728&(X2>*(>*+( UHIHUHQFH HQYLURQPHQW ´0LQLPDO OLYLQJµ LV WKH GHÀ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ÀUVW VLJKW KRZHYHU FORVH WR WKH WKHPHV VXJJHVWHG E\ WKH VHPLQDU 7KH UHVHDUFK ZKLFK RYHU WKH \HDUV KDV WDNHQ D VFLHQWLÀF QDWXUH ÀQGLQJ LQ OLWHUDWXUH LQVLGH DQG RXWVLGH WKH GLVFLSOLQH UHIHUHQFHV DQG DFNQRZOHGJPHQWV ÀUVWO\ H[SORUHG H[DPSOHV RI VRPH W\SRORJLHV SUHVHQW RQ WKH 6-%$>.T327+("#$736#=+'(Q$(/#6>E(2/ (>*+(36-=+(>-(X*26*(2>(.+/+.3(6-&+3(/.-&(3=-$>#$+-%3(#.6*2>+6>%.+E(-$+(>*#>( [+.$#.7(\%7-/3]T(6#""+7(;^.6*2>+6>%.+(X2>*-%>(#.6*2>+6>3A_(2$(>*+(*23>-.T(-/ (;"+#.$+7A(#.6*2>+6>%.+(>*+.+(#.+( +?27+$6+3(>*#>(3-&+*-X(2>(/-""-X+7(>*23(3#&+(=#>*' Q>( 23E( >*+.+/-.+E( =-3321"+( >-( 7+36.21+( N2$2&%&( `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aQ&#8+(Fb C.-&(>*23(=-2$>(-/ (?2+X(X+(6#$(6-$327+.(&26.-(U(#.6*2>+6>%.+(#(>T=-"-8T(X2>*-%>("2&2>3E(X*+>*+.(1T(>*+( /%$6>2-$#"(-.(>*+(6-$3>.%6>2?+(#3=+6>3'(^(&-7+"(X*26*(6#$(1+(#=="2+7(2$(72//+.+$>("#T-%>3(#3(3*-X$(1T(>*+( &#$T(&#$2/+3>#>2-$3(2$(>*+(>+..2>-.2+3(X*+.+(X+("2?+E(2$(>*+($%&+.-%3(+Y#&="+3(-/ (*23>-.26(#.6*2>+6>%.+E(2$( WKH DUFKLWHFWXUDO GHEDWH DQG LQ WKH FRQWHPSRUDU\ DQG DFDGHPLF ÀHOGV H[SHULPHQWDWLRQV $OO H[DPSOHV RI VPDOO DUFKLWHFWXUH ÀQGLQJ WKHLU RZQ VWUHQJWK LQ WKHLU UHODWLRQVKLS ZLWK WKH PXOWLIDFHWHG FRQWH[W HFRQRPLF VRFLDO WHUULWRULDO DQG FXOWXUDO ,W LV XQGHU WKLV SHUVSHFWLYH WKDW PLQLPXP OLYLQJ PD\ EH XVHIXO WR UHÁ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`--]2$8(#>(>*+($->(&%6*(

99(4(::

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


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´EXLOG OHVV RU EXLOG PRUH"µ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ÀQGV LWV SURSHU VL]H DQG LW LV LQ WKH SK\VLTXH RI VSDFH WKDW KH·V DEOH WR UHDFW WR LQÁXHQFH ;-(1+(#//+6;+7' )*#;V3(C*<(M2$2&%&(U2F2$8(&#<(.+>.+3+$;(#(>-3321"+(C#<(-%;=(+3>+62#""<(2$("28*;(-/ (;*+(;+#6*2$83(-/ (#(;.#72H ;2-$'(G$(/#6;=(2$(*23;-.<=(;*+(.+"#;2-$3*2>(1+;C++$(&#$(#$7(*23(;+..2;-.<(/-%$7+7(2;3(.--;3(-$(&%;%#"(+K6*#$8+'( Q*2"+=(-$(;*+(-$+(*#$7=(;*+(+$F2.-$&+$;(C#3(%3+7(#3(#(.+3-%.6+(/-.(;*+("2F+"2*--7=(-$(;*+(-;*+.(*#$7(H(/-.(

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(::


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ÀUVW FDVH QRQ JRYHUQPHQWDO RUJDQL]DWLRQV DQG SULYDWH DVVRFLDWLRQV HQGHDYRXU WR #77.+33(#$7(3-"@+(3-62#"(#$7(9+..29-.2#"(6.2926#"(329%#92-$3>(2$(9*+(3+6-$7(6#3+>(9*+.+(23(#(8.-?2$8(6-$@2692-$>( +3:+62#""=(2$($-.9*+.$(T%.-:+>(9*#9(9*+(+$*#$6+&+$9(-/ (9*+(+$@2.-$&+$9(6#$(:#33(9*.-%8*(#(3=39+&(-/ ( PLFUR LQIUDVWUXFWXUH VXSSRUWLQJ WRXULVW ÁRZV EXW DOVR ORFDO FRPPXQLWLHV ,Q VRPH FDVHV WKHVH WZR PRGHV &+.8+>(?-.;2$8(#"3-(-$(9*+(.+6-$39.%692-$(-/ (9*+(27+$929=(-/ (#(:"#6+' )*+.+(#.+(#"3-(-9*+.(.+#3-$3(?*=(?+(6#$(9*2$;(#1-%9(9*+($++7(/-.(#(.+$+?#"(#$7(#(:+.:+9%#92-$(-/ (3&#""( 36#"+(#.6*29+69%.+'()*+(9*+&+(-/ (&2$2&%&(#.6*29+69%.+(6-%"7(1+(%$7+.39--7(#3(#(9--"(-/ (6-$6.+9+(.+3:-$3+( WR WKH QHHGV RI D VRFLHW\ LQ ÁX[ 7KH WLPHV ZH OLYH LQ DUH FDXVLQJ D UHWKLQNLQJ RI GHVLJQ DQG FRQVWUXFWLYH VWDQGDUGV DV ZH KDYH OLYHG IRU WKH ODVW WZHQW\ \HDUV 'HVSLWH D JUDGXDO LQFUHDVH RI ODQG HPSOR\PHQW WKH KRX< 32$8($++73(.+"#9+7(9-(+$@2.-$&+$9#"(#$7(3-62#"(+&+.8+$62+3(2$6.+#3+>(9*+("#9+39(-.282$#9+7(/.-&(9*-3+(#9=:26#"( À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

_

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$%&'((4(<#"3=(>?2@A+."#$7=(BCC9

!"#$%&')(4(!%@28$#$-=(D@#"E=((BCFB

!"#"$"%&"' >6*%&#6*+.(G'(H'=(IBCFFJ(3LFFROR q EHOOR=(K2"#$=(08-(K%.32#(G72@-.+(>'L'M' N%7-/3OE(P'=(IF:9QJ(($UFKLWHFWXUH ZLWKRXW DUFKLWHFWV 1HZ <RUN 'RXEOHGD\ &RPSDQ\ ,QF *DUGHQ &LW\ M@@#"2(,'=(IBCC9J(/·XRPR QRPDGH=(K2"#$=()*+(>+6-$7(N+$#233#$6+(3'.'"'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(;;



!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 2',)'%%"&34"5'5" 6/$.,0,$*,&20/*,,("$%) 71/0,$*,8&7,409'0:-;9$,&<=>< !"#$%&'()*+(,-%.$#"(-/ (0.1#$23&4($'(564(7-"'5859:; <<<'="#$%&'$+>(?(@AAB(:65;C9DD; !.-E++F2$G3(=%1"23*+F(2$(HE>-1+.(59:;

?"%"5'1&@,*A$/1/%",)&!'$()*'+,&?,)"%$& B04'$&690'5/0)A"+ I#//#+"+(!J

'LSDUWLPHQWR GL $UFKLWHWWXUD H 3LDQLÀFD]LRQH !-"2>+E$2E-(F2(K2"#$-4(+(&#2"(.#//#+"+'=+L=-"2&2'2> )+"(M;D(95'5;DD'NO998/#P(M;D(95'5;DD'NO;N

@$( >*+( E%..+$>( /.#&+<-.Q( -/ ( F2G2>#"( >+E*$-"-G2+3( /-.( #.E*2>+E>%.+( #$F( %.1#$( F+32G$4( >*+( /-""-<2$G( +33#R( S%+3>2-$3( WKH À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ÀFLHQW %3+(-/ (>*+(#7#2"#1"+(3=#E+4(+3=+E2#""R(>*+(-$+($->(E-$E+=>%#"2V+F(-.("+/>-7+.'()*+(=.-W+E>(1+E-&+3(>*+$(#(E*.-$-G.#=*R( -/ (>*+(F2//+.+$>(>+&=2(-/ (>*+(="#E+34(#""-<2$G(&%">2="+(3E+$#.2-3(-/ (%3+(#$F(E-$7+.32-$(-/ (E*-3+$("-E#>2-$3(E-%="+F( <2>*(=*R32E#"(-=+.#>2-$(-/ ("#$F3E#=+(F+32G$(#$F(>+..2>-.2#"(>.#$3/-.&#>2-$'


!"#$%&'()*'+",7KH FKRLFH WR SURSRVH WKH ZRUG ´FXUDWRUVKLSµ DV D NH\ZRUG IRU WKH UHQHZDO RI WKH SURIHVVLRQDO ÀJXUH RI WKH DUFKLWHFW LQ FXUUHQW WLPHV FRPHV DIWHU D UHÁHFWLRQ RQ WKH SROLWLFDO DQG HFRQRPLF VLWXDWLRQ LQ ZKLFK WKH FDSL; <#"23<26(3=3<+&(#$7(<*+(%.1#$2>+7(?-."7(*#3(3"-?"=(/#""+$(2$(<*+("#3<(6-%@"+(-/ (=+#.3A(/-""-?2$8(#(.+&#.B#1"+( VWDWH RI FULVLV RI WKH PDMRU ÀQDQFLDO VWUXFWXUHV DQG WKH LQHIÀFLHQF\ RI WKH UHODWHG OHJLVODWLYH ERG\ $ QHZ W\SH RI Á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ÀJXUDWLRQ ,I ZH WKLQN DW WKH LQFUHDVLQJ LQWHUHVW WKDW ORFDO DGPL; $23<.#<2-$3(*#D+(3*-?$(/-.(<*+(7+328$(-/ (3&#.<(62<2+3A(-.(/-.(@.-G+6<3(/-.(<*+(7282<#"2>#<2-$(-/ (<*+2.(&#G-.( %.1#$(3+.D26+3A(<*23(@.-D+3(#(.+7%6+7(6#@#62<=(-/ (<*+(%.1#$(3<#B+*-"7+.3(<-(+6-$-&26#""=(3%@@-.<(@*=326#"( <.#$3/-.&#<2-$3(-/ (<*+(1%2"<(+$D2.-$&+$<'( 7KH DUFKLWHFW DV D FUHDWLYH SURGXFHU RI NQRZOHGJH DQG LQWHUSUHWHU RI WKH FLW\ LV LQYROYHG LQ WKH UHGHÀQLWLRQ -/ (<*+(1-%$7#.2+3(-/ (*23(72362@"2$+3(#3(6-$<+$<(3+"+6<-.(#$7(-@+.#<-.A(7236+.$2$8(<*+&+3(#$7(3<.#<+82+3(<-( 7236"-3+(<*+(.+3-%.6+3(*277+$(?2<*2$(<*+(<+..2<-.=(#$7(<*+(<-@-8.#@*=(-/ (-%.(62<2+3(+E@"-2<2$8(7282<#"(<+6*$2; TXHV RI GHVFULSWLRQ DQG FRPPXQLFDWLRQ $FFRUGLQJ WR 5DRXO %XQVFKRWHQ WKH À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ÀW RI WKH XUEDQ HQYLURQPHQW DQG LWV LQKDELWDQWV +LV ÀJXUH EHFRPHV VLPLODU WR WKH RQH RI D GRFWRU ZKR ZRUNV IRU WKH ZHOOEHLQJ RI KLV @#<2+$<3A(1-<*(@*=326#""=(#$7(@3=6*-"-826#""='(S23(&2332-$(2$D-"D+3(#?#.+$+33(#$7(2&@.-D+&+$<(-/ (<*+(1%2"<( +$D2.-$&+$<(#3(?+""(#3(<*+(#12"2<=(<-(6-$D+=(3@#<2#"(6-$6+@<3(#$7(#8+$7#(<-?#.7(%3+.3(#$7(3<#B+*-"7+.3A( 1%2"72$8(6-$3+$3%3(<*.-%8*(6--@+.#<2-$(#$7(+E6*#$8+'(

.$-'*)*%*/$0*'$1&/),-/2$32"(4,*'+ N$/-.&#<2-$(<+6*$-"-82+3(#$7("#$736#@+(7+328$(@.+3+$<(2$<+.+3<2$8(.+"#<2-$3*2@3(2$(<*+(&+<*-7-"-826#"(#@; @.-#6*(<-(<*+(@.-G+6<A($-<#1"=(2$(<*+($+6+332<=(<-(#$#"=>+(#$7(7+D+"-@(6-&@"+E(3=3<+&3(<-(82D+(#$(#$3?+.(<-( <*+($++73(-/ (D#.2-%3(%3+.3A(-D+."#@@+7(6.2<26#"2<2+3A(&%<#1"+(.+T%2.+&+$<3(/.-&(<*+(<+..2<-.=(#$7(<*+(D#.2-%3( HFRV\VWHPV LQYROYHG 7KH LVVXHV UHODWHG WR FRQWHPSRUDU\ FLWLHV DUH RIWHQ GHPDQGV RI GLIÀFXOW LQWHUSUHWDWLRQ #$7(&#$#8+&+$<A(?*26*(#.+($-<($+6+33#.2"=(.+/+.#1"+(<-("-6#"(-.(@-"2<26#"(1-.7+.3A(*-?+D+.(3<.-$8"=("2$B+7( <-(<*+(@*=326#"2<=(-/ (<*+(2$*#12<+7(+$D2.-$&+$<'

9:(4(99

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


;(7+328$(#<<.-#6*(=*#=(#2&3(=-(+&1.#6+(3%6*(6-$72=2-$3>(3*-%"7(.+/+.(=-(=*+(6-$3=.%6=2-$(-/ (#(<.-=-6-"(#3( #(6-$6+<=%#"(3=.%6=%.+(?2=*2$(?*26*(=*+(#.6*2=+6=@6%.#=-.(6#$(3%.A+B(#$7(-.8#$2C+(=*+(1+*#A2-.(-/ (&%"=2<"+( DFWRUV DQG YDULDEOHV LQ D ÁH[LEOH DQG RSHQ ZD\ 7KH SURWRFRO LV D VHTXHQFH RI DFWLRQV UHODWHG WR D FHUWDLQ $%&1+.(-/ (#8+$=3(?*-(+$#6=(=*+2.(1+*#A2-.3(#"-$8(#(=2&+"2$+'()*+(%3+(-/ (<.-=-6-"3(#3(7+328$(8%27#$6+(/-.( VSDWLDO HQYLVDJH DQG FRQÀJXUDWLRQ DOORZV D VPRRWK LQWHUFKDQJH EHWZHHQ WKH WKUHH ZRUOGV FRQFHSWXDOL]HG E\ D.+8-.B(E#=+3-$F(=*+(<.-=-6-"(2$=+$73(=-(2$=+."-6G(=*+(?-."7(-/ (=*+(&#=*+&#=26#"(&-7+"3(H!"+.-&#I>(?2=*( =*+(?-."7(-/ (=*+(+A-"%=2-$(HJK=+.$#"(?-."7I>(=*.-%8*(=*+(L$=+.$#"(?-."7(-/ (27+#3(#$7(6-$6+<=>(=*+(?-."7(-/ ( =*-%8*=3'( JK#&<"+3(-/ (<.-=-6-"3(+K<"-2=+7(2$(%.1#$(#$7(#.6*2=+6=%.#"(<.-M+6=3(#3(#(&+#$3(=-(-<+$(=*+(7+328$(<.-6+33( WR JHQHULF XVHUV DQG VWDNHKROGHUV FDQ EH IRXQG LQ WKH ZRUN RI WKH %ULWLVK À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À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Á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

!"##$%&#'( 5%..+$=( 2$/-.&#=2-$( #$7( 6-&&%$26#=2-$( =+6*$-"-82+3( #&<"2/B( =*+( <-33212"2=B( -/ ( %3#8+( #$7( 72//%32-$( -/ ( <.-=-6-"3(/-.(=*+(62=B(=*.-%8*(7282=#"(2$=+./#6+3(#$7("-6#=2A+(&+72#'(L=(23(=*+$(/-.(=*+(#.6*2=+6=@6%.#=-.(=-( 6#.+/%""B(6*--3+(=*+(+"+&+$=3(*+(?#$=3(=-(2$6"%7+(2$(=*+(<.-=-6-"(/-.(=*-3+(#<<"26#=2-$3>(2$(-.7+.(=-(*#.&-@ QLFDOO\ FRQGXFW WKH XVHUV WRZDUG WKH GLVFRYHU\ RI D VSHFLÀ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

!)*"#"+*&),)*+(6-"-$2C#=2-$(2$(62=2+3(-/ (#A#2"#1"+(3<#6+3U(-/=+$(*#<<+$3(#66-.72$8(=-(=*+(#12"2=B(-/ (<+-<"+(=-(6-$6+<@ =%#"2C+(#$7(.+6-8$2C+(=*+(<"#6+3(=*+B(#.+(#1-%=(=-(-66%<B'(;"3->(=*+(#<<.-<.2#=2-$(-/ (#(3<#6+(?*26*(23(<%1"26( RU VHPL SXEOLF LV FRQFHQWUDWHG LQ VSHFLÀF WLPHV RI WKH GD\ IROORZLQJ D WLJKW VFKHGXOH RI HYHQWV DQG HQJDJH@ )RU D GHÀQLWLRQ RI WKH ´DYDLODEOH VSDFHµ VHH DOVR 5DIIDHOH 3p 2UJDQL]HG 1HWZRUNV DQG WKH LPDJH RI =*+( J%.-<+#$( #.6*2<+"#8-'( )-?#.73( #( $+?( 8+-<-"2=26#"( 36+$#.2-( #$7( 2=3( .+"+A#$6+( 2$( =*+( <+.6+<=2-$( -/ ( =*+( 1%2"=( +$A2.-$&+$=>(^+$26+>(L0;^'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(99


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

!"#$%&'()'*+,",#' 'LJLWDO GDWD DUH LPPDWHULDO LQIRUPDWLRQ ZKLFK FDQ KDYH D UHOHYDQW HIIHFW RQ SK\VLFDO HQYLURQPHQWV LI UHIHUB .+7(;-(;*+(%3+(-/ (&#;+.2#"("#$736#<+3(#$7(3<#6+3'(E66+33212"2;=(#$7(%3#8+(-/ (#(<"#6+(6#$(+$#6;(;*+(/.%2;2-$(-/ ( WKH VSDFH E\ GLIIHUHQW ÁX[HV RI XVHUV RYHU WKH WLPH IRU GLIIHUHQW SXUSRVHV 2Q WKH ORQJ WHUP VXFK ÁX[HV FRQÀ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

-'*%.,(*$)"$'.%'*(/+)(*0")$')(1)2",%*03(4%&",(5)'',670")$ )*+(/-""-?2$8(6#3+(3;%7=(23(#(7.#/;(<.-D+6;(6-$6+2>+7(/-.(;*+(&%$262<#"2;=(-/ (H2"#$(2$(6-""#1-.#;2-$(?2;*( !-"2;+6$26-(72(H2"#$-('$6W8@(;*+(I.++$(52;=(J;#"2#(/-%$7#;2-$K(#$7(;*+("#$736#<+(#$7(#.6*2;+6;%.#"(<.#6;26+( /$1''()*+(<.-<-3#"(#2&3(;-(82>+(;-(;*+(62;=(-/ (H2"#$(#(/.#&+?-.A(/-.(;*+(7+>+"-<&+$;(-/ (3&#.;+.(3;.#B ;+82+3(-/ (%.1#$(.+8+$+.#;2-$(+C<"-2;2$8(7282;#"(;+6*$-"-82+3(#$7(&-$2;-.2$8(3=3;+&3(+&1-72+7(?2;*2$(;*+( 8.++$("#$736#<+(-/ (;*+(1%2";(+$>2.-$&+$;' )*+(<.-<-3#"(23(1#3+7(-$(#(7%#"(#<<.-#6*(?*26*(3++3(2$;+8.#;+7(>2.;%#"(#$7(<*=326#"(-<+.#;2-$3(#3(6-&<"+B &+$;#.=(+$;2;2+3(/-.(;*+(7+328$(-/ (3&#.;(#$7(3%3;#2$#1"+(3;.#;+82+3(-/ (%.1#$(.+6"#2&'()*+(2$;+.7+<+$7+$6=( +3;#1"23*+7(1+;?++$(;*+(;?-(+"+&+$;3(-/ (;*+(6-&<-32;2-$(2$;+$73(;-(+C<.+33(;*+(2$6"%32>+($#;%.+(-/ (;*+(;?-( PRGHOV IRU WKH IXOÀOOPHQW RI WKH SXUSRVHV RI UHJHQHUDWLRQ RI XUEDQ FULWLFDOLWLHV IROORZLQJ D PHWKRG ZKLFK 23(1-;*(2$;+.#6;2>+(#$7(-<+$'

5)'',(70")$(8&", 7KH SURMHFW FRQVLVWV LQ WKH UHDOL]DWLRQ RI D JUHHQ QHWZRUN RI SDUNV DQG RSHQ SXEOLF VSDFHV LGHQWLÀ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

9:(4(99

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


;+6*$-"-82+3(#$7(3+$32$8(3<3;+&3(=2""(1+(+&1+77+7(=2;*2$(;*+(8.++$($+;=-.>(;-(+#3+(;*+(3?#;2#"(?+./-.&#$@ 6+(#$7(;*+(#66+33212"2;<(;-(6.2;26#"("-6#;2-$3'

!"#$%&$"'( ")'(*"%+,"-%.,"/+(.%)*.01*0.$) )*+(&#2$(-1A+6;2B+(-/ (;*+(6-$3;.%6;2-$(-/ (;*+($+;=-.>(=2""(1+(;*+(6-$3-"27#;2-$(-/ (;*+(?%1"26(3?#6+(=2;*2$( ;*+(62;<(-/ (C2"#$D(2$;+.?.+;+7(#3(#(6-""+6;2B+(&++;2$8(3?#6+(-/ (+E6*#$8+(#$7(=+""1+2$8D(#(?"#6+(=*+.+(%.1#$( ?+.&+#12"2;<(#$7(?-.-32;<(6#$(1+(/-3;+.+7D(#$7(#("-6#;2-$(/.-&(=*26*(;*+(62;<(2;3+"/ (6#$(1+(.+@;*-%8*;(#$7( .+8+$+.#;+7'( F%6*(3<3;+&(=2""(1+(6*#.#6;+.2G+7(1<H ‡ I28*(#B#2"#12"2;<(-/ (3?#;2#"(2$/-.&#;2-$(#$7(#=#.+$+33(J;*+(6-$;.21%;2-$(-/ (;*+(;+6*$-"-8<K ‡ !.+7-&2$#$6+(-/ ($#;%.#"(+"+&+$;3(+3?+62#""<(=2;*2$(;*+(1%2";(+$B2.-$&+$;(J;*+("#$736#?+K ‡ ‡ )*+(#6;%#"(2$;+.6-$$+6;2-$(-/ (#""(;*+3+(3?#6+3D(=2""(1+(6.+#;+7(1<(A-2$;3(#$7($-7+3(-/ (#(7-%1"+(#$7( 2$;+8.#;+7($#;%.+H( ‡ L+#"(#$7(?*<326#"(J*#.7(2$/.#3;.%6;%.+K(M(;*+(7+328$+7("#$736#?+D(=2;*(?+7+3;.2#$(.-%;+3(#$7(6<6"+("#@ $+3D(8.++$(3<3;+&3(-/ (B#.2-%3(36#"+(#$7(N%#"2;<D(?#.>3(=2;*(?%1"26(3+.B26+3(=2;*(;+6*$26#"(;--"3(/-.(;*+( ?.-7%6;2-$(-/ (.+$+=#1"+(+$+.8<(J3-"#.(?#$+"3D(=2$7(/#$3KD(12>+(3*#.2$8(?-2$;3D(#.+#3(;-(3;-?(1<(#$7( .+6-8$2G+(;*+(6-&?"+E2;<(-/ (;*+(62;<(#$7(2;3(+$B2.-$&+$;'((( ‡ O2.;%#"(#$7(2$/-.&#;2-$#"(J3-/;(2$/.#3;.%6;%.+K(M(3+$32$8(#$7(&-$2;-.2$8(3<3;+&3(/-.(3+"+6;+7(?#.#&+@ WHUV DQG LQGLFDWRUV À[HG RU PRYDEOH IRU WKH SXEOLF DGPLQLVWUDWLRQ WR DFWXDWH JRYHUQDQFH SURFHVVHV IRU ;*+(.+8+$+.#;2-$(#$7(;*+(;.#$3/-.&#;2-$(-/ (;*+(62;<D(3&#.;(?*-$+(#$7(;#1"+;(#??"26#;2-$(6-$6+2B+7(#3( #$(-?+$(3-%.6+(?"#;/-.&(/-.(;*+(%3+.(;-(+E?.+33(?.+/+.+$6+3(#$7(1+*#B2-.3(#$7(;-(#66+33(3+.B26+3(#$7( 2$/-.&#;2-$(.+"#;+7(;-(;*+(62;<(#$7(/#62"2;2+3(-//+.+7(1<(;*+(?.-A+6;'

23%.*"4$5"/+*$.(%1$" )*+(F&#.;(P+<(2$;+./#6+(=2""(1+(7+328$+7(;-(&#>+(%3+.(/.2+$7"<(#$7(6%3;-&#1"+(#""(;*+(/+#;%.+3(?.+3+$;+7( E\ WKH *UHHQ 6PDUW 3ODQ WKDW WKH XVHUV FDQ EHQHÀW IURP $ FHUWDLQ OHYHO RI LQWHUDFWLYLW\ ZLOO EH DOORZHG IRU ;*+(%3+.3(;-(.+?-.;(?.+/+.+$6+3(#$7(2$;+.+3;3(.+"#;+7(;-(;*+2.(#6;%#"(%3+(-/ (;*+(?%1"26(.+#"&'(Q$/-.&#;2-$(#$7( 7#;#(6-""+6;+7(#$7(72//%3+7(1<(;*+(#??"26#;2-$(=2""(1+(#B#2"#1"+(/-.(/.++(/-.(#""(;*+(3;#>+*-"7+.3(2$B-"B+7(;-( #6;%#;+(;*+(R.++$(F&#.;(!"#$D(/-""-=2$8(7+32.+3(#$7(#&12;2-$3(=*26*(1+"-$8(;-(;*+(%.1#$(6-&&%$2;<'()*+( SODQ ZLOO UHSUHVHQW D VHW RI JHR UHIHUHQFHG JXLGHOLQHV RI SRVVLEOH VSDWLDO FRQÀJXUDWLRQV WKDW ZLOO DVVXPH B#.2-%3(3*#?+3(#$7(;.#A+6;-.2+3D(#7#?;2$8(;*+2.(3;.%6;%.+(#66-.72$8(;-(;*+(/++73(.+6+2B+7(1<(;*+(%3+.3(#$7(;*+( 3;#>+*-"7+.3'(( )*+(#??"26#;2-$(=2""(?.-B27+(#(3+.2+3(-/ (>+<(3+.B26+3(#$7(2$/-.&#;2-$D(/%$7#&+$;#"(;-(7236"-3+(;*+(?-;+$;2#@ "2;2+3(8#;*+.+7(=2;*2$(;*+(62;<(#$7(;*+(R.++$(F&#.;(!"#$H ‡ Q$;+.#6;2B+( &#??2$8( -/ ( ;*+( R.++$( F&#.;( !"#$( J8.++$( 6-..27-.3D( 8.++$( .2$8( #$7( 3&#.;( 62;<( ?-2$;3KD( 6-$;#2$2$8(#""(;*+(2$/-.&#;2-$(.+"#;+7(;-(;*+(#B#2"#1"+(3+.B26+3D(?#;*3(#$7($-7+3(-/ (&-12"2;<'(S#6*(%3+.( =2""(1+(#1"+(;-(/.++"<(2$;+8.#;+(;*+(?"#$(+E?.+332$8(.-%;+3(?.+/+.+$6+3(#$7(#??.+62#;2-$(-/ (;*+(6*-3+$( "-6#;2-$3' ‡ 'DWD DQG LQIRUPDWLRQ UHODWHG WR WKH HQYLURQPHQWDO TXDOLW\ RI WKH SODFHV WKH FRQGLWLRQ RI SHFXOLDULW\ #$7(;*+(?-3321"+(6.2;26#"2;2+3(-/ ($+8"+6;+7(#.+#3D(+E?"-2;2$8(;*+($+;=-.>(-/ (3+$3-.3(#??"2+7(;-(+#6*(3&#.;( 52;<(!-2$;' ‡ I23;-.26#"( #$7( 6%";%.#"( 2$/-.&#;2-$( /-.( ;-%.23&( #$7( ;*+( $#B28#;2-$( -$( ;*+( ;+..2;-.<D( ;*.-%8*( &-$%@ &+$;3(#$7(3<3;+&3(-/ ($#;%.#"23;26(#;;.#6;2-$3(723?+.3+7(2$(;*+(%.1#$(.+82-$(-/ (C2"#$' ‡ 'DWD UHJDUGLQJ DFFHVVLELOLW\ DQG SRVVLELOLW\ RI DSSURSULDWLRQ LQ VSDFH DQG WLPH FKURQRJUDSK\ RI SDUNV .-%;+3D($#;%.#"(+$6"#B+3D(=#;+.=#<3D(%.1#$(#""-;&+$;3(+;6' ‡ T+23%.+(-??-.;%$2;2+3D(2$6"%72$8(6%";%.#"(+B+$;3D(?+.&#$+$;(-.(;+&?-.#.<D(#.;23;26(+E?.+332-$3(.+"#;+7(;-( ;*+(?%1"26(3?#6+3(-/ (+$6-%$;+.(#$7(+E6*#$8+'

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

9:(4(99


'LJLWDO NH\V WR DFFHVV ELNH VKDULQJ DQG JUHHQ SXEOLF WUDQVSRUWV ZL À VSRWV SXEOLF VHUYLFHV !-33212"2;<(-/ (3*#.2$8(2$/-.&#;2-$(=.-7%6+7(1<(;*+(%3+.3(#$7(;*+(3+$32$8($+;>-.?(/-.(#$#"<;26(#$7(=.-@ &-;2-$#"(=%.=-3+3A(1-;*(/-.(/.++(-.(-$(#(/++(6*#.8+A(-$(;*+(1#323(-/ (=%1"26B=.2C#;+(2$;+.+3;' )*+(%3+.(>*-(7->$"-#73(;*+(#=="26#;2-$(>2""(1+(#1"+(;-D( E$;+.#6;(>2;*(;*+(7+328$+7("#$736#=+A(#66+332$8(2;(>2;*(&-.+(#>#.+$+33(-/ (;*+(3-%.6+3(#$7(;*+(.+3-%.6+3( -//+.+7(1<(;*+(F.++$(G&#.;(!"#$A(>2;*(;*+(=-33212"2;<(-/ (=#.;262=#;2$8(2$(7+6232-$(&#?2$8(#$7(%.1#$( ;.#$3/-.&#;2-$(=.-6+33+3' !.-C27+(=.+62-%3(2$/-.&#;2-$(-$(+&+.82$8(=#;;+.$(-/ (%.1#$(.+6"#2&A($+>(6-$;+$;3(#$7(=.+/+.+$6+3A( 2&&+72#;+"<(.+"+C#$;(#$(-=+$(=.-6+33(-/ (8-C+.$#$6+(-/ (;*+(62;<A(#$7(;-(C+.2/<(#$7(.+C23+(;*+(=.-H+6;(2$( 2;3(7+C+"-=&+$;' )*+(-==-.;%$2;<(82C+$(;-(;*+(%3+.3(;-(3*#.+(2$/-.&#;2-$(#$7(6-&&+$;3(-$(;*+(="#$(#$7(-$(2;3(+"+&+$;3A( >2""(#""->(#(6-$3;#$;(.+C232-$(#$7(C#.2#;2-$(-/ (;*+(7+328$+7(3;.%6;%.+A(#66-.72$8(;-(;*+(#&12;2-$3(-/ (+#6*( FRQWULEXWRUV IRU WKH EHQHÀW RI D PRUH KRVSLWDEOH KDELWDW ERWK QDWXUDO DQG DUWLÀFLDO

!"#$%##"&'()'*($&'$+%#"&'# )*+(*277+$(=-;+$;2#"(#$7(;*+(3%66+33(-/ (#(="#6+(23(#">#<3(.+"#;+7(;-(;*+(#12"2;<(/-.(2;3("#$736#=+(;-(+I=.+33( DQG FRPPXQLFDWH LWV TXDOLWLHV WKURXJK YDULRXV FKDQQHOV DFFRUGLQJ WR LWV VSHFLÀF FKDUDFWHULVWLFV ZKDW FRQ@ VWLWXWHV LWV FRQWH[W ZKLFK UHVRXUFHV DUH H[SORLWDEOH DQG DYDLODEOH KRZ ÁH[LEOH DQG KRZ LQWHJUDWHG ZLWK D 8.+#;+.(3;.%6;%.+(-.(3<3;+&(;*+("#$736#=+(23'( )*+(2$;+.>+#C+(-/ (7282;#"(;+6*$-"-82+3(#$7("#$736#=+(7+328$(6#$(8+$+.#;+(#(;<=+(-/ (=.-H+6;(>*-3+(6-&&%@ QLFDELOLW\ LV UHPDUNDEO\ LQWHQVLÀHG DQG DXJPHQWHG 7KH VSUHDG RI LQIRUPDWLRQ DQG GDWD DERXW D SODFH WKH 2&&#;+.2#"(+//+6;(-/ (;*+(%3+(-/ ("-6#;2C+(&+72#(+&1-72+7(>2;*2$(;*+("#$736#=+(6#$(2$6.+#3+(;*+(-==-.;%$2;<( -/ (1%2"72$8(3=#;2#"(#>#.+$+33(#$7(#==.+62#;2-$(#&-$8(2;3(%3+.3' )*+("#$736#=+(23(*+.+(2$;+.=.+;+7(#3(#(12@72&+$32-$#"(;*26?(;+I;%.+(-/ (.+"#;2-$3*2=3(1+;>++$(#8+$;3(-=+.#@ WLQJ LQ FROOLGLQJ FRPSOH[ V\VWHPV $OOHQ DQ RSHQ ÀHOG ZKLFK LV ÁH[LEOH HQRXJK WR UHFHLYH DQG ORFDWH "-$8( =.-6+33+3( -/ ( 3=#;2#"( ;.#$3/-.&#;2-$( #$7( .+8+$+.#;2-$'( )*+( -=+$$+33( -/ ( ;*+( "#$736#=+A( 2;3( 6-$3;#$;( 7<$#&23&A(#$7(;*+(.+C+.321"+($#;%.+(-/ ((2;3(+"+&+$;3(#.+(;*+(/%$7#&+$;#"(=.+&23+3(/-.(2;3(=+./-.&#$6+(#3( =.++&2$+$;(=*<326#"(&+#$3(/-.(%.1#$(.+6"#2&'(J"3-(;*+("#$736#=+(23(#1"+(;-(;.288+.(=.-6+33+3(-/ (+6-"-826( PHWDEROLVP DQG UHJHQHUDWLRQ IRU WKH EHQHÀ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

9:(4(99

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83


!"#$%&'((4(:2"#$-(;.++$(<&#.=(!"#$>(?#882(@+.72(#$7(A$8.#$#882'(B$("#$736#C+(#$7(%.D 1#$(C.-E+6=(F*26*(F2""(1+(=*+(3=#.=2$8(.+/+.+$6+(/-.(7+G+"-C&+$=(-/ (:2"#$(;.++$H<&#.=

!"#"$"%&"' ())*' B""+$(<'>(IJKKKL(3RLQWV /LQHV 'LDJUDPV DQG 3URMHFWV IRU WKH &LW\>(M+F(N-.O>(!.2$6+=-$(B.6*2=+6=%.#"(!.+33' P#=+3-$(;'>(IJK9QL(6WHSV WR DQ (FRORJ\ RI 0LQG'(5*26#8->(0$2G+.32=R(-/ (5*26#8-(!.+33' P+.8+.(B'>(IQSSTL('URVV 6FDSH :DVWLQJ /DQG LQ 8UEDQ $PHULFD>(M+F(N-.O>(!.2$6+=-$(B.6*2=+6=%.#"(!.+33' P%.O+(B'>(IQSS9L(1HWZRUN 3UDFWLFHV (M+F(N-.O>(!.2$6+=-$(B.6*2=+6=%.#"(!.+33' 2EULVW + 8 $ %ULHI +LVWRU\ RI &XUDWLQJ>(U-$7-$>(,!?(?2$82+.' !-.=%8#"2(,'>(IQSSSL(6HOI 2UJDQL]DWLRQ DQG WKH &LW\ (M+F(N-.O>(<C.2$8+.' !.26+(5'>(IQSSTL(5H &3>(V%.26*>(P2.O*W%3+.'( 6KDQH ' * 8UEDQ 'HVLJQ VLQFH D *OREDO 3HUVSHFWLYH>(M+F(N-.O>(X2"+RH<-$3' <*+CC#.7(:'>(IQSJJL'(6HQWLHQW &LW\>(M+F(N-.O>(:A)(!.+33'( X#"7*+2&(5'>(IQSSTL'(7KH /DQGVFDSH 8UEDQLVP 5HDGHU>(M+F(N-.O>(!.2$6+=-$(B.6*2=+6=%.#"(!.+33'( +$,-&."' P%$36*-=+$(?'>(H(B7#&3>(,(IQSJJL'(7RXFKLQJ WKH 6HFRQG 6NLQ *DPH 6HW 0DWFK ,, /"01'-,"' P%""2G#$=(U'>(IQSJQL' + 2 5 7 8 6 D &\EHU JDUGHQ>('RPXVZHE(

2)34$-56,7 )LJXUH E\ $QGUHDV .LSDU /$1' 0LODQR VUO

!"#$%&'()*+(,-%.$#"(-/ (0.1#$23&(4(5-$/+.+$6+(!.-6++72$83

99(4(99



Atti della XV Conferenza Nazionale SIU SocietĂ Italiana degli Urbanisti Pescara, 10-11 maggio 2012

L’Urbanistica che cambia. Rischi e valori

by Planum. The Journal of Urbanism ISSN 1723-0993 | n. 27, vol. 2/2013