Page 1

3. Local housing/Abitare locale edited by !"#$%&'()*%+,#,#-&.#*%&'#/0,,(-&1,2)(%&3%"%2#,#-&45#%)%&3()(,(""#


Introduction

The complex dynamics determined by the forces of globalization in many sectors of human life lead to social transformations which impact on territorial and spatial organization. This affects directly or indirectly our way of life and behavior, from a both perceptive and physical point of view, thus driving us toward new cultures and forms of dwelling, and creating trans-scalar connections among such dynamics. The papers of this section, by exploring the possible ways in which the global changes the local, propose some interpretations on different ways in which the local responds to globalization. The effective role of the local in terms of construction of places lays on its capability to create sense of belonging through the uses of public and private spaces and the consequent physical and cognitive relationships stimulated by people’s activity. This has to do with postmodern spontaneous production and manipulation of globalized forms of living as shown in the paper concerning the Andalusian case study (Bertagnini & Morbidoni). The search for new models of living in a globalized society addresses some authors to suggest models of inhabiting places which can be considered as “alternative” or “new” in respect to the mainstream results characterizing contemporary urban spaces, focused on social experiences in South America (Lonati, Benegiamo). Another paper proposes to upset the meaning of “emptiness” in areas currently considered as “marginal” compared to the prevalent vision of development, highlighting on the contrary their potentiality in terms of spatial planning (Lutzoni). In these mentioned cases what is perceived as new - experimental - and what is considered as traditional – consolidated - in terms of modes and forms of living often overlap, thus creating valid alternatives to the loss of cultural diversity and identity in contemporary societies all over the World. Such process often leads to give a new sense to the living places and to construct innovative systems of values starting from the perception of local community. A central value in terms of local development also in the contemporary city is represented by “resilience”, whose strength, according to some authors, is determined by the recovering of the neighborhood dimension, that is to say the local urban dimension (Ortolani). The relationships between global and local scale of social and economic contemporary transformations also have to do with a changing vision on local resources and in their uses often according to international politics influences local practices. It is the case of water resources among others (Biconne). It is demonstrated that the globalized uses of local fundamental resources such as water determined social exclusion among urban dwellers of the South of the World and building process of social participation means to make local people the real users and managers of their own lands without losing an ecological approach (Tarsi). A central point could hold the different visions of the explored cases together: the role of relational dimension, which is expressed first of all in the connections between the local and the global, the politics and the practices, the social and the ecological, but also, within the local, between people and environment in terms of cognitive and embodied experiences and among people in terms of social and cultural relationships, expressed through people’s activities in places, which some authors indicate as the starting point of a landscape social perception understanding. People’s perception of landscape, at a local scale, that is to say, inside the “inhabited landscapes” is the first step, according to the European Landscape Convention, toward our living places planning and design for a local sustainable development.


3. Local housing/Abitare locale edited by !"#$%&'()*%+,#,#-&.#*%&'#/0,,(-&1,2)(%&3%"%2#,#-&45#%)%&3()(,(""#

Repoliticizing territories. Experiences of popular politics in an urban settlement 6%7)%&'(,(+#%80 Globalised habitats and local cultural patterns. Spontaneous mutations of the andalusian patio in Seville !"#$%&'()*%+,#,#-&6#/5("(&60)9#20,# Empty territory: diversity as a perspective for new territorial and local dimensions Of the project :(0,%)20&:7*;0,# Renewing the idea of living locally: two case studies from latin america <#0=%,,#&:0,%*# Back around the vision. Strengthening the local dimension 45#%)%&>)*0"%,# Discourse and practice on water management in the southern countries .#*%&'#/0,,(& Global challenges and local identity: integrated transformation of informal areas as a basis for social inclusion !"(,%&?%)$#


!"#"$%&!'$()*'+,)&-&!'$()*'+,)&./0&1"#"$% 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"5"*"@"$%&A,00"5/0",) BC+,0",$*,)&/. &2/+91'0&2/1"5"*)& "$&'$&D04'$&E,551,F,$5 I#%.#(J+$+G2#&-

!*'K'(2$(L+G2-$#"(!"#$$2$G(#$F(!%1"2E(!-"2E2+3 0$27+.32>M(@0NO4(&1+$+G2#&-PG&#2"'E-&

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Ã&#x20AC;UVW,ZLOOIRFXVRQ0H[LFDQKRXVLQJSROLFLHVGZHOOLQJRQWKHQHZKRXVLQJ &-F+"(=.-=-3+F(/-.(>*+(=%1"2EC=.27#>+(#""2#$E+'()*+$(@(<2""(F+3E.21+(3-&+(-/ (>*+(=.2$E2=#"(FM$#&2E3(<*2E*(-EE%.(2$(#( =-=%"#.(3+>>"+&+$>(F%.2$G(>*+(1%2"F2$G(=*#3+'(@(<2""(E-$E"%F+(<2>*(E-$32F+.#>2-$3(-$(>*+(.-"+(-/ (>+..2>-.M(2$(#(E-$>+R>( -/ (=-=%"#.(=-"2>2E3(3*#=+F(1M(.+"#>2-$3(-/ (G-7+.$#&+$>#"2>M'


!"#$%&'(#)%" <=(#$#"=323(3>#.>3(?2>*(3>-.2+3(-/ ("#$7(-66%@#>2-$3(1=(>*+(2$*#12>#$>3(-/ (A#"#@#(?*-(1%2"7(>*+2.(-?$(*-B &+3'(C(6#&+(>-("+#.$(#1-%>(>*+3+(3>-.2+3(>*.-%8*(&=(&#3>+.(>*+323(?-.D(?*26*(/-6%3+7(-$(#$(%.1#$(.+$+?#"( @.-E+6>( 6#..2+7( -%>( 1=( 05CFGBGHI( J0$2-$( -/ ( G+.#6.%K#$( F+>>"+.3( L+&#$72$8( M-%32$8N'( 05CFGBGHI( KDVDPLFURFUHGLWSURJUDPWKDWDLPVWRÀQDQFHWKHEXLOGLQJRUWKHLPSURYHPHQWRI SDUWLFLSDQWV·KRPHV O13+.P2$8(>*+(7+P+"-@&+$>(-/ (>*+(@.-8.#&(#""-?+7(&+(>-(3>%7=(>*+(.+#"2>2+3(-/ (>*+(62>=(-/ (A#"#@#(#$7(>*+( @.-7%6>2-$(-/ (%.1#$(3@#6+3Q(6-$327+.2$8(>*+(.+8%"#.(#$7(2..+8%"#.(-$+3'(C(?#3(#"3-(2$(6-$>#6>(?2>*(72//+.+$>( %.1#$(#6>-.3Q(1->*(8-P+.$&+$>#"(.+@.+3+$>#>2P+3(#$7(3R%#>>+.3Q(?*26*(#""-?+7(&+(>-(6-$7%6>(3>.%6>%.+7(#$7( 3+&2B3>.%6>%.+7(2$>+.P2+?3(#$7(>-(2$R%2.+(#1-%>(@+.3-$#"(*23>-.2+3'

*+,)(-"./%'0)"1.2%3)()+0.-"&.#/+."+%3)4+$-3./%'0)"1.2-##+$" :HFDQGLYLGHWKH0H[LFDQKRXVLQJSROLF\LQWZRPDMRUSHULRGVWKHÀUVWRQHVWDUWVLQZLWKWKHEHJLQ -/ (>*+(#66+"+.#>+7(+S@#$32-$(-/ (62>2+3Q(#$7(+$73(2$(>*+(;TTU3'()*+(->*+.(@+.2-7("#3>3(/.-&(>*+(;TTU3(%@(%$>2"( >-7#=' ,QWKHÀUVWSKDVHWKH6WDWHDFWHGDVWKHPDMRUJXDUDQWRURI KRXVLQJULJKWVE\SURPRWLQJWKHSURGXFWLRQ ÀQDQFLQJDQGPDLQWHQDQFHRI WKHKRXVHV,QWKH¶VWKH6LVWHPD1DFLRQDOGH9LYLHQGDZDVIRXQGHGZKLFK 3>2""(+S23>3($-?#7#=3Q(2>3(&2332-$(?#3(>-(.+3@-$7(#$7(>-(6-P+.(>*+(+$>2.+>=(-/ (>*+(*-%32$8(7+&#$73' !#.>(-/ (>*+(F23>+&#(V#62-$#"(7+(G2P2+$7#(#.+(#"3-(/-%.(2$3>2>%>2-$3(>*#>(6-$>.21%>+(2$(@.#6>26#"(>+.&3(>-(>*+( ÀQDQFLQJDQGEXLOGLQJRI KRPHVWKURXJKWKHJUDQWLQJRI ORDQV7KH\GLIIHUDFFRUGLQJWRWKHHFRQRPLFDQG 3-62#"(32>%#>2-$(-/ (>*+2.(6%3>-&+.3' 6WDUWLQJIURPWKHVHFRQGKDOI RI WKH¶VWKHVHÀQDQFLQJDQGSURGXFWLRQPRGHOVRI ORZFRVWKRXVLQJWKH 3-B6#""+7(P2P2+$7#3(7+(2$>+.W3(3-62#"(J3-62#"(2$>+.+3>(*-%32$8NQ(+S@+.2+$6+7(3%13>#$>2#"(6*#$8+3'(C$(@#.>26%B ODUWKHWUHQGDURXQGWKHGHUHJXODWLRQVWDWHOHGWRWKHYLJRURXVLQFUHDVHRI WKHLQÁXHQFHRI SULYDWHDJHQWV IURPERWKWKHÀQDQFLDODQGWKHFRQVWUXFWLRQVHFWRUV7KHVHUHIRUPVDUHVWULFWO\ERXQGWRWKHSROLFLHVRI  >*+(X-."7(Y#$D(#$7(C<ZQ(?*26*(#6>+7(>-(.#23+(>*+($%&1+.(-/ (@.2P#>+(@.-@+.>2+3(@+.>#2$2$8(>-(>*+("#$7(#$7( 32&%">#$+-%3"=(#3D+7(>-(32&@"2/=(.+8%"#>2-$3(-$("#$7(>.#7+'( [66+@>2$8(>*+3+(>+.&3(&+#$>(>*+(>.#$32>2-$(-/ (<+S26#$(@%1"26(*-%32$8(2$3>2>%>2-$3(/.-&(*-%32$8(#7P-6#>+3( WRDZKROHÀQDQFLDODSSDUDWXVZKLFKOHGWRWKHFRQYHUVLRQRI WKH6WDWHLQWRDQDJHQWZKRIDFLOLWDWHGWKH 2$P-"P+&+$>(-/ (>*+(@.2P#>+(3+6>-.(2$(*-%32$8(@.-7%6>2-$' )XUWKHUPRUHWKH6WDWHKDGWRDVVXPHHTXDOWUDGHFRQGLWLRQVRI WKHSULYDWHVHFWRUDQGUHTXLULQJWKHEHQHÀB 62#.2+3(-/ (2>3(@-"262+3(>-(@#=(>*+(&#.D+>(@.26+3(/-.(>*+(3+.P26+3(-//+.+7'()*+.+1=(>*+(@--.+3>(3+8&+$>3(-/ (>*+( @-@%"#>2-$(?+.+(>*+(&-3>(#//+6>+7(1=(>*23(32>%#>2-$' )*+($#>2-$#"(-.8#$2K#>2-$3("23>+7(#1-P+(6*#$8+7(>*+2.(.%"+3(#$7(.+8%"#>2-$3(2$(-.7+.(>-(#6>("2D+(#(&-.>8#8+( 6-&@#$=("+$72$8(#>(>*+(&#.D+>(.#>+3(#$7(-/>+$(>*+(@.2P#>+(3+6>-.(@"#=+7(#3(#$(2$>+.&+72#.=(1+>?++$(>*+( @%1"26(2$3>2>%>2-$(#$7(>*+(@-@%"#>2-$(1=(82P2$8(#("-#$' &RPELQHGWRWKLVSROLWLFDOFKDQJHWKHORVVRI WKHLQÁ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·SODFHVRI ZRUNVLPSOLHVDFDURZQHUSRSXB "#>2-$(#$7(>*+(3>.%6>%.+(-/ (>*+(*#12>#>2-$3(#$7(-/ (>*+(*-%32$8(6-&@"+S(7-($->(#""-?(>*+(2$3>#""#>2-$(-/ (>*+( %3%#"(2$/-.&#"(#6>2P2>2+3Q(>*%3(/#P-%.2$8(>*+($+?(128(3*-@@2$8(&#""3' 7KLVLVWKHUHIRUHDQXUEDQPRGHOWKDWLVQRWDSSURSULDWHWRWKHÀQDQFLDOPHDQVRI PRVWRI LWVLQKDELWDQWV,W 23(2&@-.>#$>(>-(3>.+33(>*23("#3>(@-2$>\(>*+($+?(*-%32$8(6-&@"+S+3Q(+P+$(2/ (>*+=(#.+(#"&-3>(#""(1%2">(1=(@.2P#>+( 6-.@-.#>2-$3Q(#.+(3@-$3-.+7(#$7(@.-&->+7(1=(>*+(F>#>+Q(@#.>26%"#."=(1=(>*-3+(2$3>2>%>2-$3(>*#>(#.+(2$(6*#.8+( -/ (*-%32$8(@-"262+3'()*+3+(*-%32$8(3-"%>2-$3(#.+(3-(7+328$+7(/-.(&27B#$7("-?+.B&277"+(@-@%"#>2-$Q(?*26*( 23(-//+.+7(#(3%13272K+7("-#$(>-(1%=(-$+(-/ (>*+3+(*-%3+3'

9(4(:;

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


!"#$%&'((4(+<'(6-$=%$>-(*#12>#62-$#"

7KHSRSXODUVHWWOHPHQWDEULHÁ\GHVFULSWLRQ ?+"/@1%2"72$8(*-%3+3(#.+(A%#$>2>#>2B+"C(>*+(&-3>(2&D-.>#$>(#$7(+//+6>2B+(E#C3(-/ (D.-7%6>2-$(-/ (>*+(%.1#$( *#12>#>(-/ (F+<26#$(>-E$3(#$7(62>2+3' ,QWKHFLW\RI ;DODSDWKHVHOIEXLOGLQJLVSUDFWLFHGERWKLQDOUHDG\SRSXODWHGFRQWH[WVDQGLQJUHHQÀ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µDVGHÀQHGE\81+$%,7$7 7KDWGHÀQLWLRQFRXOGFHUWDLQO\UHSUHVHQWDVOXPEXWDVOXPLVQRWRQO\WKDW$SRSXODUVHWWOHPHQWFDQDOVR 1+(6-$327+.+7(#3(#(3-.>(-/ (3"%&G(7+3D2>+(>*+(/#6>(>*#>(3-&+>2&+3(>*+C(6#$(1-#3>(>-2"+>3G(#(.--/ (#$7(#(3+E#8+( 3C3>+&(N*#.7"C(-1>#2$+7Q'(I$7++7G(>*+C(#.+(D.-7%6+7(1C(>*+(3#&+("-826(>*#>(6.+#>+3(3"%&3J(3D+6%"#>2-$(-$(D%@ 1"26("#$7G("#6H(-/ (?>#>+(.+8%"#>-.C(.-"+G(>*+(/-.+28$(7+1>G(6*.-$26(%$+&D"-C&+$>(#$7(=-1(2$3+6%.2>C'(S+327+3( >*+C(#"3-(3*#.+(>*+(3#&+(7+8.++(-/ (D.+6#.2-%3$+33' +HQFHZHPXVWH[SDQGWKHGHÀQLWLRQRI VOXPE\HQWHULQJVRFLDODQGHFRQRPLFFRRUGLQDWHVWKDWFKDUDFWHUL]H LWVLQKDELWDQWV·FRQGLWLRQVVXFKDVWKHDELOLW\WRDFFHVVWRFUHGLWWRSURWHFWWKHPVHOYHVDJDLQVWUHDOHVWDWH 3D+6%"#>2-$G(>-(=-2$(>*+(/-.&#"(&#.H+>(#$7(>-(+$=-C(>*+(E-.H(-/ (>*+(3>#>+(2$3>2>%>2-$3(#2&+7(#>(&#H2$8(>*+2.( .28*>3(.+#"' ,QWKLVVHQVHZLWKWKHRIÀFLDOGHÀQLWLRQRI VOXPVDGRSWHGWKH81VWDWHVWKDWRQO\RI 0H[LFDQVOLYHV 2$(D.+6#.2-%3(6-$72>2-$3G(-.(2$(3"%&3G(E*2"+(*-%32$8(2$3+6%.2>C(#$7(D--.(6-$72>2-$3(.+D.+3+$>3(#(&%6*(&-.+( 8+$+.#"(#$7(E27+3D.+#7(D.-1"+&(2$(>*+(6-%$>.C' 4XRWLQJDQ8$0$·VLQYHVWLJDWLRQRQWKHVXEMHFW &RXORPE6FKWHLQJDUW DWWKHGDWHRI  PLOOLRQRI KRXVHVSUHVHQWHGSRRUFRQGLWLRQZKLFKLVHTXLYDOHQWWRRI WKHWRWDOQXPEHURI GZHOOLQJV .+6-.7+7'( $QRWKHUWHUPLQRORJ\ZKLFKLVXVHGWRGHÀQHDSRSXODUVHWWOHPHQWLVVSRQWDQHRXVRULUUHJXODUVHWWOHPHQWV K">*-%8*(>*+(6*#.#6>+.(-/ (2..+8%"#.2>2+3(&#C(1+(#DD.-D.2#>+(2/ (E+(32>%#>+(2$(#("+8#"(6-$>+<>G(2>(1+6-&+3("+33(

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

9(4(:;


DSSURSULDWHZKHQLWLVXVHGWRGHÀ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ÀK 6#$:("+?+"3(-/ (3-62#"(*+:+.-8+$+2:=>(2$6"%72$8($-$K<--.(/#&2"2+3>(&#$=(-/ (G*-&(1+"-$8(:-(:*+(&277"+(6"#33'( L+(6#$(+;<"#2$(:*+(<.+3+$6+(-/ (:*+(&277"+(6"#33(#$7(:*+(6-$3+9%+$:(3-62#"(&2;(1=(:G-(&#2$(.+#3-$3M(:*+( ÀUVWRQHUHIHUVWRWKHHFRQRPLFFRQGLWLRQVQHHGHGLQ0H[LFRWRJHWDEDQNORDQRUWRMRLQWKHJRYHUQPHQW KRXVHVSURJUDPV7KHVHFRQGUHDVRQLVDVLPSRUWDQWDVWKHÀUVWRQHDQGLWFRQFHUQVEHOLHIVDERXWKRXVLQJ #$7(6-&/-.:(G*26*("+#7(:-(.+/%3+(:*+($+G(&-7+"(-/ (:*+(6-$N%$:-(#12:#62-$#">(+?+$(2/ (2:(&+#$3(<.2?2"+82$8( #$-:*+.(J2$7(-/ (<.+6#.2-%3$+33'(

!"#$%$&$'$()*%+,,$%",,QWKHFDVHRI WKH;DODSD·VSRSXODUVHWWOHPHQWVZKRVHLQKDELWDQWVWRRNSDUWLQWKHPLFURFUHGLWSURJUDPRI  05OPQKQRS>(G+(&#=(-13+.?+(:G-(<.-6+33+3(-66%..2$8(-$(:*+(:+..2:-.=(#$7(%<-$(6-$6+2?2$8(:*+(:+..2:-.='( T$+(6-$6+.$3(:*+(<.-7%6:2-$(-/ (<%1"26(3<#6+(#3(#($+8-:2#:+7(#$7(6-""+6:2?+(3<#6+'( $VZHVDLGWKHKRXVLQJFRQVWUXFWLRQUHSUHVHQWVRQO\WKHÀUVWPRPHQWRI WKHXUEDQL]DWLRQSURFHVVLWPXVW 1+(/-""-G+7(1=(:*+("2&2:#:2-$(-/ (:*+(<.2?#:+(+$?2.-$&+$:(G2:*(.+3<+6:(:-(:*+(<%1"26(-$+'()*%3>(<#.6+""2$8K-%:( UHSUHVHQWVWKHÀUVWPRPHQWIRUWKHGHÀ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ÁLFWLQJSURFHVVHVGHSOR\LQJERWKRXWVLGHDVLQVLGHWKHVHWWOHK &+$:>(2$*#12:#$:3("+#.$(3+"/K&#$#8+&+$:(#$7(<#.:262<#:-.=(#<<.-#6*+3(2$(-.7+.(:-(7+?+"-<(#$7(:-(2&<.-?+( WKHLUFROOHFWLYHVVSDFHV7KLVVRFLDOLQWHUDFWLRQUHSUHVHQWVWKHFXOWXUHWKDWÀ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ÁLFWWRRUJDQL]DWLRQDVDZD\IRUVHOIEXK 2"72$8(-/ (6-&&-$(#.+#3(#$7(/-.(3*#<2$8(:*+(72#"-8%+(G2:*(:*+(8-?+.$&+$:'()*23(#""-G+7(:*+(<#33#8+(/.-&( #(6"#2&(/-.(.+6-8$2:2-$(#$7(#3323:#$6+(:-(:*+(#G#.+$+33(-/ (.+<.+3+$:2$8(#$(#":+.$#:2?+(:-(#(7-&2$#$:(%.1#$( GLVFRXUVHDQGWKHFRQVHTXHQWGHVLUHWRLQÁXHQFHWKHGHÀQLWLRQRI SXEOLFSROLFLHV:KLOHWKHSDUWLFLSDWRU\ <.-6+33(23(7+?+"-<2$8>(<+-<"+(#6*2+?+(:-(.+6-8$2H+>(#33+.:(#$7(#.8%&+$:(:*+(3%<+.2-.2:=(-/ (:*+2.(%.1#$(3<#6+( -$(:*+(-$+(-//+.+7(1=(:*+(P:#:+(#$7(7+36.21+7(#1-?+' )*+3+(<.#6:26+3(-/ (&#$#8+&+$:(#$7(3*#.2$8(:*+(:+..2:-.=(#.+(#"3-(3*#<2$8(:*+(#12"2:=(:-(2&#82$+(#3(/+#321"+( #$(27+#(-/ (:+..2:-.2#"(3+"/K8-?+.$&+$:(#3(#(3:.#:+8=(:-(6-$:.#3:(:*+($+G(62:=(<#::+.$(#$7(2:3(+$?2.-$&+$:#"( /+#:%.+3'(

_

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


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ÀJXULQJWKHPHDQLQJ,WWHVWLÀHVWRWKHHPHUJHQFHRI LGHQWLWLHVWKDWFDQQRWEHLQWHUSUHWHGMXVW WKURXJKDQDQDO\VLVEDVHGRQFODVV,QGHHGWKH\LQFOXGHDFWRUVGHÀQHGE\GLIIHUHQWIRUPVRI GRPLQDWLRQ #$7(3%1-.72$#>2-$=(>*%3(>*+2.(%$7+.3>#$72$8(&%3>(2$6"%7+(->*+.(6*#.#6>+.2G#>2-$(3%6*(#3(.#6+=(8+$7+.=(6"#33=( +>*$262><=(8+$+.#>2-$=(3-62#"(.-"+'

!"#$%&'("#) 7DONLQJDERXWWKHFRQÁLFWDERYHODQGKRXVHDQGHQYLURQPHQWWKHFRQFHSWVRI QHRWHPSRUDOLGDGDQGQHRWHUF ULWRULDOLGDG 6DQWRV FDQEHKHOSIXO7KHÀ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ÀHGE\WKHUHQHZHG 2&B-.>#$6+(-/ (8+-8.#B*26#"(#$7(B*<326#"(3B#6+(2$(B-"2>263F+6-$-&26(3>%72+3'(J%>(#"3-(1+6#%3+(&-3>(-/ (>*+( .+323>#$6+(>-(>*23(B.-6+33(B.-6++73(/.-&(.+B.+3+$>#>2-$3(-/ (>+..2>-.<(#$7("-6#"("2?2$8(A*26*(#.+(3>.%6>%.+7(-$( >*+(1#3+3(-/ (#(3-.>(-/ (7+/+$6+(-/ (>*#>(3#&+(>+..2>-.<(A*+.+(>*+(8"-1#"(B.-6+33+3(#.+(2$323>2$8' C$->*+.(#3B+6>(A*26*(23(6#""+7(2$>-(1+2$8(1<(>*+(3>.%88"+3(*+.+(7+36.21+7(23(>*#>(>*+<(#.+(#$(+E#&B"+(-/ ( SRSXODUSROLWLFVDV3DUWKD&KDWWHUMHH  GHÀQHGLWQDPHO\SROLWLFVPDGHE\SHRSOHZKLFKSURGXFHSXEOLF +//+6>(+?+$(2/ (>*+<(#.+(32>%#>+7(-%>327+(2$3>2>%>2-$3(-.(B-"262+3(/.#&+3' 0$7+.3>#$72$8(>*+(B-B%"#.(B-"2>263(2$(>*+(3+$3+(3%88+3>+7(1<(5*#>>+.K++(#""-A+7(%3(>-(7++B"<(2$I%2.+(>*+( B.-6+33(>*.-%8*(A*26*(>*+3+(B.#6>26+3(#.+(3>.%6>%.+7(2$(.+"#>2-$(>-(>*+(8-?+.$&+$>#"(#$7(+6-$-&26(B.-6+33'( 5*#>>+.K++((%3+3((!"#$%&'#()#(*)+,-&#-.*'#()&,(&/01%=(#7#B>2$8(>*+&(>-(>*+(B-"2>263(2$(>*+(B-3>6-"-$2#"(72&+$F 32-$'( H13+.?2$8(>*+(.+"#>2-$(#7-B>+7(1<(2$3>2>%>2-$3(>-A#.73(&#.82$#"(6"#33+3=(>*+(#%>*-.(7+36.21+3(>A-(72&+$F 32-$3(-/ (8-?+.$&+$>#"(#6>2?2>2+3'(@$(-.7+.(>-(%$7+.3>#$7(>*+(B-"2>26#"(3+$3+(-/ ((B-B%"#.(B.#6>26+3(A+(*#?+(>-( 32>%#>+(>*+&(2$(>*+(3B#6+(-/ (!-"2>26(L-62+><(A*+.+(B+-B"+(>#D+(B#.>($->(#3(62>2G+$3=(*-"72$8(.28*>(3#$7(7%>2+3=( #$7(A*26*(72//+.3=(2$(>*23(3+$3+=(/.-&(52?2"(L-62+><(A*26*(23(B-B%"#>+7(1<(62>2G+$3(2$(>*+("+8#"(#$7(>*+-.+>26#"( VHQVHRI WKLVGHÀQLWLRQ&RQYHUVHO\PDUJLQDOSHRSOHDUHZHDNEHDUHUVRI ULJKWVWKH\DUHLQYROYHGLQWKHVSDF 6+(-/ (!-"2>26#"(L-62+><(#3(#(8.-%B(-/ (B-B%"#>2-$=(A*26*(/.-&(>*+(8-?+.$&+$>(3>#$7B-2$>(.+B.+3+$>3(>*+(+&F SLULFDOFDWHJRU\XVDEOHIRUGHÀQLQJDQREMHFWRI SROLF\7KHFRQFHSWRI SRSXODWLRQDVLWLVXVHGLQ&KDWWHUMHH GHÀ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

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

9(4(9:


9+3:2;+(;*+2.(2""+8#"2;<(;*+<(#.+(2$(3-&+(=2$7(-/ (:-"2;26#"(.+"#;2-$3*2:(>2;*(;*+(?;#;+@(#(3;.#;+826#"(-$+' )*.-%8*(;*23(#$#"<323A(>+(#.+(#1"+(;-(%$7+.3;#$7(;*+(1#.8#2$2$8(:.-6+33(;*#;("+#73(#(3;#;+(;-(+$;+.(2$(#$(2"B "+8#"(72&+$32-$(#$7(#66-.7(3+.C26+3(#$7(72#"-8%+(>2;*(3D%#;;+.(:+-:"+'(?-(;*#;(;*23(.+"#;2-$3*2:(23(.+3-"C+7( 2$(#(:-32;2C+(>#<A(;*+(3;.#;+8<(23(7+;+.&2$+7(&#2$"<(1<(;*+(327+(-/ (;*+(8-C+.$+7(:+-:"+(;*.-%8*(;*+2.(#12"2;<( ;-(1+(.+6-8$2E+7(#3(1+"-$82$8(;-(#(:.+623+(8.-%:(-/ (:-:%"#;2-$'(F3(;*+(8-C+.$#&+$;#"2;<(23(3;.%6;%.+7(#3(#( :#.;26%"#.(.+"#;2-$(1+;>++$(8-C+.$&+$;(#$7(:-:%"#;2-$A(2;(7-+3($-;(G%3;(3*#:+(;*+(8-C+.$&+$;#"(#6;(1%;(#"3-( #(:+-:"+(3;.#;+8<(;-(2$;+.#6;(>2;*(;*+(8-C+.$&+$;' 0$7+.3;#$72$8(;*23(:.-6+33(;*+.+/-.+(&+#$3(;-(+H#&2$+(;*+(8-C+.$&+$;#"(:.-6+33+3($-;(-$"<(;*.-%8*(;*+( +<+3(-/ (8-C+.$&+$;A(1%;(#"3-(;-(2$D%2.+(;*+(:.-6+33(#7-:;+7(1<(:+-:"+(;*#;($++7(;-(1+(.+6-8$2E+7(2$(#(:-"26<( GLDORJXHE\ZHDULQJVRPHIXQFWLRQDOFKDUDFWHUL]DWLRQWRPRELOL]HVXSSRUWDQGLQÁXHQFHWKHLPSOHPHQWDWLRQ -/ (8-C+.$&+$;(:-"262+3(2$(;*+2.(/#C-.' +HQFHDUHWKHDFWRUV·VWUDWHJLHVFHQWUDOSDUWLFXODUO\WKDWNLQGRI VWUDWHJ\WKDWPRELOL]HVDQRWLRQRI WHUULB ;-.<(2$;+.;>2$+7(>2;*(;*+("-6#"(72&+$32-$(-/ ("2C2$8'(I->(>+(3*-%"7(6-$327+.(;*+($-B+6-$-&26(72&+$32-$( LQZKLFKLWLVIUDPHG",VWKHHQYLURQPHQWDOGLPHQVLRQVWURQJO\WDNHQDVWKHHQGRZPHQWRI PRUDOFRQÁLFWV ;*#;(#.23+(#3(#(.+3%";(-/ (#(7<3/%$6;2-$(2$(;*+(3:*+.+(-/ (723;.21%;2-$J(9-+3(2;(.+/+.(;-(+6-$-&26(#$7(%.1#$( .+3-%.6+3(&#$#8+&+$;J )LQDOO\WKHQRWLRQRI JRYHUQPHQWDOLW\LQ)RXFDXOWDOVRDOORZVDSRVLWLYHUHDGLQJRI FRQÁ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ÁXHQFHWKHZD\LQZKLFKWKH 8-C+.$+7(>#$;(;-(1+(8-C+.$+7'

!"#"$"%&"' ())*' &KDWWHUMHH3DUWKD  !"#$%&'()(*+$&, $)"#$-&.#/0#1A(N+>(O-.=A(5-"%&12#(0$2C+.32;<(!.+33' &RXORPE5HQp6FKWHLQJDUW0DUWKD HG   20)/#$#'$#+)31&$4$#'$5#/*31&6$73$.(.(#013$#0$#'$589(*&$1#$"&4A(0FPB FA(P+H26-(9QA(P28%+"(R$8+"(!-..S#(T72;-.+3' 9%*#%(T&2"2-A(U28"2#(F$8+"#(VWXXYZ(73+$/#:'3+$1#'$1#+&/1#0;$<3=()3/$'3$5#)/>%&'(A(P+H26-(9QA(?28"-([[K' ?#$;-3(\'(7+(?'(VWXX]Z(73$/#(0.#0*(>0$1#'$2+)31&$4$#'$2+)31&$%'?/(03*(&03'A(^?F_B5_F5?^A(`KKK(a(WW'

+",-'./"' 0NBIF\K)F)(VWXXbZ(!"#$@"3''#0:#$&, $A'?56$-'&=3'$B#%&/)$&0$<?530$A#))'#5#0)+A(T#.;*36#$(!%1"26#;2-$3(_;7A( 0c(+(0?F'(923:-$212"+(3%@((*;;:@dd>>>'%$*#12;#;'-.8d

_

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

?1/4'1"),(&@'4"5'5)&'$(&!/*'1&691590'1&2'55,0$)A& B+/$5'$,/9)&C95'5"/$)& /. &5D,&3$('19)"'$&2'5"/&"$&B,#"11, I"23#(J+.>#G$2$2

K2=#.>2&+$>-(F2(L.E*2>+>>%.# 0$27+.32>M(F+G"2(A>%F2(F2(N2.+$O+4(+(&#2"(+"2O1+.P*->&#2"'E-&

Q2E*+"+(Q-.12F-$2

K2=#.>2&+$>-(F2(L.E*2>+>>%.# 0$27+.32>M(F+G"2(A>%F2(F2(N2.+$O+4(+(&#2"(&2E*+"+&-.12F-$2P*->&#2"'E-&

@$(>*+(I%.-=+(-/ (>*+(59>*(E+$>%.R4(>*+(*-%32$G(=.-1"+&(*#3(1++$(#FF.+33+F(<2>*(#(3>#$F#.F2O+F(=.-F%E>2-$(-/ (*#12C >#>'(K+=+$F2$G(-$(>*+(>2&+34(2>(<#3(2$>+$F+F(>-(&++>(F+&#$F3(-/ (F2//+.+$>($#>%.+(S"#ET(-/ (*-%32$G4(=.-F%E>2-$(E-3>4( PDUNHWDQGLQGXVWULDOQHHGVHWF E\GHÃ&#x20AC;QLQJQHZDUFKLWHFWXUDODQGGZHOOLQJPRGHOVH[SRUWHGRQDJOREDOVFDOH7KH LQWURGXFWLRQRI WKHFRQFHSWRI ¶FXOWXUDOSDWWHUQRI KDELWDW·KHUDOGHGLQWKHUHJLRQDOLVWDUFKLWHFWXUDOWUHQGVDIWHU::,, DQGGHÃ&#x20AC;QLWLYHO\SURSRVHGE\WKHVRFLRORJLFDOFULWLTXHRI WKH¶VKHOSHGWRLGHQWLI\WKHLQKDELWDQWVDVSURPRWHUVRI D QHZFXOWXUDO¶QHHG·RIWHQOHIWRQWKHVLGHOLQHVE\WKHDFWXDOFUHDWRUVRI WKHXUEDQODQGVFDSH6LQFHPLGFHQWXU\ZLWK >*+(2$E.+#32$G"R(G"-1#"2O+F(=.-F%E>2-$(-/ (*#12>#>4(>*+(=*+$-&+$-"-GR(-/ (>*+(E%">%.#"(=#>>+.$3(23(&#2$"R(F%+(>-(>*+( &#$2/+3>#>2-$(-/ ("-E#"(F<+""2$G($++F3(#$F(>-(>*+(.+"#>+F(+U=.+3327+(E#=#12"2>2+3(-/ (>*+(2$*#12>#$>3(2$(>*+(3=-$>#$+-%3( >.#$3/-.&#>2-$(-/ (3=#E+'


!"#$%"%&"'&"&()*%)+"*&,"%%-+. 7KHQRWLRQRI ¶PRGqOHVFXOWXUHOVG·KDELWDW·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À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¶DQRQ\PRXV· #%72+$6+(.+T%2.+3(1+*#C2-%.#"(.%"+3(.+"#=+7(=-(=*+(%3+(-/ (=*+($+<(1%2"72$83R ©'HYDQWODGLIÀFXOWpGHFRQVWUXLUHSRXUXQFOLHQWDQRQ\PHRQDWHQWpGHUpSHUWRULHUGHVEHVRLQV¶PR\HQV·DX[TXHOVOH "-8+&+$=(7+C#2=(3#=23/#2.+@(+$(+3>V.#$=(.V>-$7.+(#2$32(#%M(#3>2.#=2-$3(7+3(*#12=#$=3(W;( +DXPRQW 

,Q©+DELWDWHWPRGHOqVFXOWXUHOVª  1LFROH+DXPRQWDQDO\VHVWKHVLWXDWLRQLQ)UDQFHDIWHUWKHZDU 6*#.#6=+.2Q+7(1A(=*+(3>.+#7(-/ (6-""+6=2C+(1%2"72$83(-$(=*+(-%=3H2.=3(-/ ("#.8+(62=2+3@(#(3-"%=2-$(#7->=+7(2$( UHVSRQVHWRWKHKRXVLQJVKRUWDJH7KHVRFLRORJLVWÀQGVDKLJKGHJUHHRI VDWLVIDFWLRQDPRQJWKHUHVLGHQWV -/ (=*+($+<(*-%32$8'()*+A(6"#2&@(2$(/#6=@(=-(1+(2$(1+==+.(*-%32$8(6-$72=2-$3(=*#$(=*+(>.+C2-%3'(X+C+.=*+"+33@( 2/ (>"#6+7(2$(#(32=%#=2-$(-/ (6*-26+@(=*+(2$*#12=#$=3(=*+&3+"C+3(#33+.=(#(>.+/+.+$6+(/-.(#(72//+.+$=(=A>+(-/ (#6? 6-&&-7#=2-$@(7+&-$3=.#=2$8(*-<(=*+(*-%32$8(T%#"2=A(6#$$-=(1+(G%78+7(-$"A(1A(/%$6=2-$#"(.+T%2.+&+$=3R ©/HORJHPHQWQ·HVWSDVXQH¶PDFKLQHjKDELWHU·VXVFHSWLEOHGHSURFXUHUXQH¶YLHKDUPRQLHXVH·SDUODVDWLVIDFWLRQGH EHVRLQVUpSHUWRULpVXQHIRLVSRXUWRXWHVTXHOTXHVRLWO·LQGLYLGXDXTXHOLOHVWGHVWLQp2QQHSHXWSDVGHPDQGHUjO·KD? ELWDQWGHV·DGDSWHUjXQORJHPHQWTXLOXLHV¶DWWULEXp·VDQVWHQLUFRPSWHGHFHTXHVLJQLÀHSRXUOXLOHIDLWG·¶KDELWHU·ªI( E>'(;9;K'

Y#%&-$=(#"3-(>-2$=3(-%=(*-<(=*+("2C2$8(3>#6+(23($+2=*+.($+%=.#"($-.(*-&-8+$+-%3@(1%=(/%""(-/ (&+#$2$8( 6"-3+"A("2$H+7(=-(=*+(+M23=+$6+(-/ (=*+(7<+""+.'(L=(23(=*+(.+/+.+$6+(6%"=%.#"(>#==+.$(-/ (=*+(7<+""+.@(<*26*(7+=+.? &2$+3(=*+(<#A(2$(<*26*(*+(=#H+3(>-33+332-$(-/ (=*+(3>#6+R

 ´*LYHQWKHGLIÀFXOW\WREXLOGIRUDQDQRQ\PRXVFXVWRPHU>WKHGHVLJQHUV@DWWHPSWHGWRLGHQWLI\WKH´DYHUDJHµQHHGV =*#=(*-%32$8(<-%"7(*#C+(=-(3#=23/A@(2$(*->+3(-/ (&++=2$8(=*%3(=*+(#3>2.#=2-$3(-/ (=*+(>+->"+Z' +RXVLQJLVQRWD¶PDFKLQHIRUOLYLQJLQ·WKDWSURYLGHVD¶EDODQFHGOLIH·E\WKHVDWLVIDFWLRQRI QHHGVLGHQWLÀHGRQFHDQG /-.(#""@(.+8#.7"+33(-/ (=*+(2$72C27%#"(=-(<*-&(2=(23(2$=+$7+7'()*+(7<+""+.(6#$$-=(1+(#3H+7(=-(#7#>=(=-(*-%32$8(<*26*( DUH¶DVVLJQHG·UHJDUGOHVVRI ZKDWLWPHDQVIRUKLPWKHIDFWRI ¶OLYLQJ·µ

9(4(:;

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


©&HOXLFLV·DSSURSULHO·HVSDFHKDELWpSDUXQPDUTXDJHHQUpIpUHQFHjGHVPRGqOHVFXOWXUHOVWUDQVPLVSDUO·pGXFDWLRQ &·HVWO·pWXGHGHFHPDUTXDJHHWGHVDVRFLDOLVDWLRQTXLGHYUDLWSHUPHWWUHGHPLHX[FRPSUHQGUHOHEHVRLQJpQpUDO¶G·KD< ELWHU·HWODVDWLVIDFWLRQTXHOXLDSSRUWHQWGHVPRGHVGHORJHPHQWGLIIpUHQWVª=(>?127'@'

,Q WKH VDPH \HDUV WKH UHVHDUFK RQ WKH WUDQVIRUPDWLRQV &RLQJ  <RXQJ  :LOOPRWW   RQ WKH A-A%"#.(*#12B#B(3%1C+6B(B-(7+&-"2B2-$(#$7(.+&-D#"(-/ (B*+(-.282$#"(A-A%"#B2-$E(7+&-$3B.#B+(-$+(&-.+(B2&+( WKDW©O·KDELWHUQHVHOLPLWHSDVDXORJHPHQWª WKHGZHOOLQJLVQRWOLPLWHGWRWKHKRXVLQJ DQGLQVWHDG©GHV OLHX[GDQVOHVTXHOVOHVJURXSHVGpYHORSSHQWXQHDSSURSULDWLRQGHO·HVSDFHpWUDQJqUHDX[QRUPHVMXULGLTXHV +B(&#.6*#$7+3(F(>A"#6+3(2$(G*26*(8.-%A3(7+D+"-A(#$(#AA.-A.2#B2-$(-/ (B*+(3A#6+(#"2+$(B-("+8#"(#$7(&#.H+B( VWDQGDUGV FDQEHLGHQWLÀHG )LOMDONRZ 7KLVDFWLRQLVQRWOLPLWHGWRWKHSULYDWHVSDFHEXWDOVR 2$D+3B3(6-&&-$(-.(A%1"26(#.+#3' ?&&+72#B+"I(-.(G2B*(B2&+E(B*+("#6H(-/ (27+$B2BI(#$7(3I&1-"26(+"+&+$B3E(6*#.#6B+.2J2$8(B*+(A.-7%6B2-$(-/ (&#33( KRXVLQJFDXVHVWKHUHDFWLRQRI WKHSHRSOHWKURXJKWKHGLUHFWPRGLÀFDWLRQRI WKHEXLOWHQYLURQPHQW7KH #AA.-A.2#B2-$(-/ (B*+("2D2$8(3A#6+(*#3(#3(2B3(&#2$(-1C+6B(B*+(3A#6+3(-/ (2$B+.#6B2-$(<(&#B+.2#"(#$7(3I&1-"26(<( 1+BG++$(8.-%A3(-/ (A+-A"+(#$7(G2B*(B*+(G*-"+(62BI'

!"#$%&'("#)&*#+"',&-#.-#/&0.**&1#23**&2(.0&#('"-453',"(.3-4#35 #(6&#*32"*#6"7.("( )*+(#6B2-$3(-/ (6-""+6B2D+(6%3B-&2J#B2-$(&#7+(1I(B*+(2$*#12B#$B3(-/ (B*+(723B.26B(-/ (K#(L%+.B#(7+"(5#.&+$( LQ6HYLOOHDUHDUHPDUNDEOHFDVH )LJ ,WLVDFRPSOH[RI VRFLDOKRXVLQJEXLOWLQE\WKH5HDO !#B.-$#7-(7+(5#3#3(M#.#B#3(-$(#$(#1-%B($2$+(#6.+3(#.+#(#B(B*+($-.B*+.$(-%B3H2.B3(-/ (B*+(62BI'()*+(-.282$#"( OD\RXWRI WKHDUHDZDVGHÀQHGE\VRPHPDMRUURDGVFRPLQJRXWRI WKHZDOOHGFLW\DQGE\PLQRUEUDQFKHV EHORQJLQJWRWKHUXUDOSDWKV·V\VWHPSHQHWUDWLQJWKHERXQGDULHVRI WKHKXHUWDV7KHWZHQWLHWKFHQWXU\OHG #(36#BB+.+7(%.1#$2J#B2-$(#$7E(32$6+(&27<6+$B%.IE(#(&-.+(2$B+$32D+(-$+(B*.-%8*(B*+(.+#"2J#B2-$(-/ (2$7%3B.2#"( A"#$B3(#$7(B*+(6-$3B.%6B2-$(-/ (G-.H2$8<6"#33($+28*1-%.*--73(>N+.$#$7+J(O#"2$#3E(;99P@' 7KHVHQHLJKERXUKRRGVZKRVHWRSRQ\P\UHÁ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iPHWURVPpWULFRV\XQDHYROXFLyQKDFLDORVWLSRVHGLÀFDWRULRVDELHUWRV\QR -.8#$2J#7-3(+$(B-.$-(#(%$(A#B2-E("#3(/-.&#3(7+(6.+62&2+$B-(B2+$+$(%$#(&23&#(.#YJFE(

726B#B+7(1I(#(3+.2+3(-/ (6"-3+7(6-&A#.B&+$B3(>1+/-.+E(B*+(#$62+$B(1#..2-(#$7(B*+(*%+.B#Z(B*+$(B*+(2$7%3B.2#"( 6-&A-%$73(#$7(B*+(1#..2#7#@(-.8#$2J+7(2$(6"%3B+.3(#.-%$7(B*+(&#2$(3B.++B3'(L+.+E(B*+(&+72#B2-$3(1+BG++$( LQVLGHDQGRXWVLGHSXEOLFDQGSULYDWHPRGXODWHDSURJUHVVLYHVWUDWLÀFDWLRQVWDUWLQJE\DVSRQWDQHRXVRFFX< A#B2-$(-/ (B*+(+78+(-/ (B*+(#8.26%"B%.#"(A"-B3(#$7(+$72$8(G2B*(B*+(A"#$$+7(1%2"72$8(-/ (B*+(1"-6H3'

=( [L+(#AA.-A.2#B+3(B*+(2$*#12B+7(3A#6+(1I(#(&#.H2$8(2$(.+/+.+$6+(B-(6%"B%.#"(A#BB+.$3(B.#$3&2BB+7(B*.-%8*(+7%6#B2-$'( 7KHVWXG\RI WKDWPDUNLQJDQGRI LWVVRFLDOLVDWLRQVKRXOGDOORZWREHWWHUXQGHUVWDQGWKHJHQHUDOQHHGRI ¶GZHOOLQJ· #$7(B*+(3#B23/#6B2-$(82D+$(B-(*2&(1I(D#.2-%3(*-%32$8(&-7+3\'  ´7KHJUHDWVWUXFWXUDOVLPLODULW\EHWZHHQWKHSXEOLFVSDFHWKHVWUHHWLQVLGHWKH:DOOHG&HQWUHLQLWVQRUWKHDVWTXDGUDQW G2B*(B*+(X-.B*+.$(UVB+$32-$E(&#H+3(%3(%$7+.3B#$7(B*#B(<(+V6+AB(/-.(B*+(B2&+(723B#$6+E(.+A.+3+$B2$8(#(6*#$8+(-/ ( 36#"+(2$(#""(&+B.26(A#.#&+B+.3(#$7(#$(+D-"%B2-$(B-G#.7(72//+.+$B(1%2"72$8(BIA+3E(-A+$(#$7($-B(-.8#$2J+7(#.-%$7(#( 6-%.BI#.7(<(8.-GB*(/-.&3(3*#.+(B*+(3#&+(.--B\'

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

9(4(:;


!"#$%&'(_$SHULRGSKRWR DERXW VKRZLQJDQDHULDOYLHZRI /D+XHUWDGHO&DUPHQ

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Ã&#x20AC;FLDOJDUGHQLVGLVSOD\HGWKHIRXQWDLQ >*+(C+""?(>*+(3#6.+7(3@&1-"3?(>*+(1.28*>"@(6-"-%.+7(>2"+3?(>*+("%M%.2#$>(8.++$+.@'()*+(=#>2-(23(>*+(6-$$+6>2-$( ;( XQ>(C-%"7(1+(2&=-3321"+(>-(%$7+.3>#$7(>*23(C#@(>-(#..#$82$8(>*+(=.2A#>+(3=#6+(-/ (>*+(*-%3+(-$(>*+(%.1#$(=%1"26( 3=#6+?(#$7(>*+(6.+#>2-$(-/ (#(3+N%+$>2#"(-.7+.(C*+.+(>*+(*-%3+(23(-=+$(>-(>*+(=#33#8+?(1%>(#>(>*+(3#&+(>2&+(2>(23(#"3-( ERXQGWRWKHXUEDQVFHQHDVDFXOGHVDFWKXVVKRZLQJWKHFRUUDOV·LQWHULRUVSDFHLI LWZHUHQRWDQH[SUHVVLRQRI D 6%">%.+(-/ ("2A2$8?(7++="@(.-->+7(2$(>*+(/-.&#>2-$(-/ (>*+(62>@?(#""-C2$8(>*23(Y2$7(-/ (3+>>"+&+$>3Z

9:(4(;9

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


1+;<++$(;*+(3=#6+(-/ (;*+(=.2>#;+(7-&#2$(#$7(;*+(=%1"26(;*.-%8*(#(=.+623+(3+?%+$6+(-/ (%.1#$(#$7(7-&+3;26( 3=#6+3(#$7(#.6*2;+6;%.#"(+"+&+$;3' ,QWKHUHVLGHQWLDOEORFNVRI /D+XHUWDGHO&DUPHQSHRSOHLQVHUWVLQWRWKHVSDFHVDWWKHJURXQGÁRRUPDQ\ -/ (;*+(723;2$8%23*2$8(+"+&+$;3(-/ (;*+(;.#72;2-$#"(@$7#"%32#$(=#;2-A(;2"+3(-$(;*+(<#""3B(.+C#3(-$(;*+(<2$7-<3B( URRÀ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

!"#$%&'((4(@(=#;2-(-/ (#(1"-6L(2$(;*+(1#..2-(-/ (O#(P%+.;#(7+"(5#.&+$B(Q+>2""+'

@$(2&=-.;#$;(2&=+;%3(;-(;*+(7+>+"-=&+$;(-/ (;*23(1+*#>2-%.(1K(.+327+$;3(23(#"3-("2$L+7(;-(;*+(.+"282-%3(=.-R FHVVLRQVWUDQVLWLQJQHDUWKHEXLOGLQJVDVWURQJH[SUHVVLRQRI 6HYLOODQSRSXODUFXOWXUH,QDOVRLQWKLV #.+#(;*+(.2;%#"(;.#$32;(-/ (*-"K(2&#8+3(R(=#.;26%"#."K(;*#;(-/ (;*+(S2.8+$(7+"(5#.&+$(R(;*.-%8*(;*+(3;.++;3(-/ (;*+( $+28*1-%.*--7(1+82$3B(-.8#$2M+7(1K(;*+("-6#"(Q#$(O+#$7.-(=#.23*'(N;(2$7%6+3(;*+(7<+""+.3(;-(7+6-.#;+(;*+( EORFNV·FRXUW\DUGVLQDPDQQHUGHHPHGPRVWDSSURSULDWHWRWKHWUDGLWLRQE\JRLQJEDFNWKXVWRSUDFWLFHV 723;2$8%23*2$8(;*+(Q+>2""#$(27+$;2;KB(2$(#$(+//-.;(;-(2$;+8.#;+(;*+2.($+28*1-%.*--7' !.--/ (-/ (;*23(#.+(;*+(.+&#.L#1"+(+>+$;3(-66%..+7(#;(#$(+H;.#-.72$#.K(=.-6+332-$(-/ (;*+(S2.8+$(7+("#(T#6#R .+$#B(<*26*(;--L(="#6+(2$(Q+=;+&1+.(FU9U'()*+(;.#$32;(;*.-%8*(;*+($+28*1-%.*--7(#"-$8(#$(%$%3%#"(=#;*(

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

99(4(:9


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

(((

!"#$%&'(_$SDWLR·VHQWUDQFHLQDEORFNRI WKHEDUULRDQGGLIIHUHQWDSSURSULDWLRQH[DPSOHV

)*+(->+$(327+(-$(<*+(?#C(-/ (<*+3+(#66+33(3>#6+3(>"#6+3(<*+&(2$(#$(+=6+><2-$(6-$72<2-$(?*+$(6-&>#.+7(<-( <*+(6-%.<C#.73(6"-3+7(-$(/-%.(327+3@(#$7(2$6.+#3+3(<*+2.(6#>#62<C(-/ (6-&&%$26#<2-$(<-(<*+(-%<327+(#"3-(6-&A >#.+7(<-(<*+(I$7#"%32#$(>#<2-'()*+(72.+6<(2$D-"D+&+$<(-/ (<*+(>+->"+(6#$(.+D+.3+(<*+(-.282$#"(36#"+(-/ (D#"%+3(( RI WKHVHVSDFHVHQKDQFLQJWKHV\PEROLFUROHRI ÀOWHUDFFHVVIURPWKHVWUHHWDQGOHDYLQJLQWKHEDFNJURXQG <*#<(-/ (#66+33( <-(<*+(3<#2.?+""3@(<-(<*+(>-2$<(-/ (72&2$23*(<*+2.(/%$6<2-$#"2<C'  )URPWKHZHEVLWHRI WKH+HUPDQGDG6DFUDPHQWDOGHO6DQWtVLPR&ULVWRGHOD%RQGDG1XHVWUD6HxRUDGHO&DUPHQ\ M#$(N+#$7.-O(PN#3(>.2&+.#3(3#"27#3(#"6#$H#.-$(8.#$(#&12+$<+(>->%"#.(+$<.+("-3(D+62$-3@(E%2+$+3(#7-.$#1#$("-3(>#<2-3( H[WHULRUHVGHVXVPRGHUQRVEORTXHVGHYLYLHQGDVHQXQDVLPSiWLFDLPDJHQTXHSDUHFtDUHÁHMRRHFRUHWURVSHFWLYR GHOD6HYLOODDQWLJXDµ 7KHÀUVWSURFHVVLRQVDFKLHYHGJUHDWSRSXODULW\DPRQJQHLJKERXUVZKRDGRUQHGWKHRXWHU FRXUW\DUGVRI WKHLUPRGHUQDSDUWPHQWEORFNVLQDV\PSDWKHWLFLPDJHWKDWVHHPHGDUHÁHFWLRQRUDUHWURVSHFWLYH +6*-(-/ (-"7(M+D2""+'K'(*<<>OQQ???'6#.&+$7+3#$"+#$7.-'6-&QL23<-.2#'*<&

9:(4(;9

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


)*%3<(=*+(%.1#$(3>#6+(-/ (=*+(3=.++=(#$7(=*+(*-&+"?(6-%.=?#.73(#.+(3%1@+6=(=-(#(6-&&-$(%$A.2==+$(6-7+( RI FRQGXFWWKDWVSHFLÀHVWKHLUXVHDQGPHDQLQJV,QWKLVZD\WKHLPSRUWDQFHIRUWKHLGHQWLÀ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¶XQLYHUVDO·¶PRGHUQ·KRXVLQJPRGHOVSURSRVHGE\SXEOLFSURPRWHUVPDUNHWHFRQRP\DQGLQGXVWULDOL]DWLRQ >.-6+33+3G ©,OV·DJLWDORUVGHPRQWUHUjWUDYHUVOHVXVDJHVTXRWLGLHQVGXORJHPHQWHWGHO·HVSDFHPRGHUQHOHVDIIURQWHPHQWVOHV UpVLVWDQFHVOHVFRH[LVWHQFHV&HOOHVFLDSSDUDLVVHQWVRXVODIRUPHGHWUDQVIRUPDWLRQVGHFUpDWLRQVRXG·HPSUXQWVTXL LQGLTXHQWODSHUVLVWDQFHRXODUHFRPSRVLWLRQGHGLIIpUHQWVPRGqOHVªH 6HJDXG 

!"#$%&'((")*"+$,-.$/&"$(-%'( )*+(3>-$=#$+-%3(=.#$3/-.&#=2-$3(&#7+(1?(=*+(>+->"+(=+$7(=-(+3=#1"23*(#(72//+.+$=(.+"#=2-$3*2>(-/ (%3+(-/ ( "2C2$8(3>#6+3<(#7->=2$8(=*+2.(-%=A#.7(/-.&3(/.-&("-6#"(6%3=-&3'(I$(>#.=26%"#.<(=*+(3=#$7#.72J#=2-$(-/ (=*+( .+"#=2-$3*2>(1+=A++$(>%1"26(#$7(>.2C#=+("2C2$8(3>#6+<(#33%&2$8(=*+(/-.&(-/ (3+>#.#=2-$(-.(6-$=.-""+7(=.#$32B WLRQLWLVQHFHVVDU\RQO\LI WKHLQKDELWDQWVDUHFRQFHLYHGDVK\SRWKHWLFDOVWDQGDUGL]HGDQGXQGHÀQHGDWWKH 3#&+(=2&+(B(8.-%>(-/ (2$72C27%#"3(A*-(7-($-=(K$-A(+#6*(-=*+.3(#$7(7-($-=(1+"-$8(=-(#$?(.+#"(>"#6+<(6%"=%.+( -.(6-&&%$2=?G ©/DVpSDUDWLRQVRXYHQWUDGLFDOHHQWUHO·HVSDFHSULYpVLJQLÀpSDUOHORJHPHQWHWVDIHUPHWXUHHWO·HVSDFHSXEOLFVLJQLB ÀpSDUODUXHQ·DSDVWRXMRXUVH[LVWp>@,OVHPEOHFHSHQGDQWTXHFHVRLWXQHGHVFRQVpTXHQFHVGHO·XUEDQLVDWLRQHW XQHWHQGDQFHGHSOXVHQSOXVJpQpUDOLVpH/·DQWKURSRORJLHGHO·HVSDFHLQGLTXHGHVVRFLpWpVROHVIURQWLqUHVHQWUHSULYp HWSXEOLFGDQVO·HVSDFHVRQWÁRXHVSHXPDWpULDOLVpHVHWVXUWRXWVLJQLÀpHVjWUDYHUVGHVSUDWLTXHVSDUWLFXOLqUHVHWGHV H[SpULHQFHVVLQJXOLqUHVª 6HJDXG

:LWKWKHIDOORI WKHVRFLDOLVWLQVSLUHGPRGHOVRI VWDWHLQWHUYHQWLRQLQWKHÀ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ÀFPRGXB "#=2-$3(-/ (.+"#=2-$3*2>3(2$(=*+(%3+(-/ (3>#6+(#$7(#""-A3(=*+(.+6-8$2=2-$(-/ (1+"-$82$8(=*#=(23(1%2"=("-6#""?(#$7( DWDJLYHQSRLQWLQWLPH7KHJUDGXDOUHVWUXFWXULQJRI WKHSRSXODWLRQV·FRPSRVLWLRQZLOOUHYHDOZKLFKQHZ >#==+.$3(-/ ("2C2$8(#$7<(>+.*#>3<(A*26*($+A(3+=="+&+$=(=.#72=2-$3(A2""(1+(>.-7%6+7(1?(8.+#=+.(2$=+.6%"=%.#"( *#12=#=3'

H( M++(*==>GNN3+C2""#$#7#3'1"-83>-='6-&

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

9:(4(;9


!"#"$"%&"' ())*' 9#..2-$%+:-(;+..+.<(='(>?@@AB(!"#$%%&'(%&)(*+,-&)(."(/,"/$-$"01+(2(/+0)1,3//$40(."(%&(/$3.&.<(C+6.+D#.2#7-(7+(!%1"26#E 62-$+3(7+("#(0$2:+.327#7(7+(C+:2""#<(C+:2""+' &RLQJ+  560+#&1$+0(3,7&$0"("1(/8&09"-"01()+/$&%:(;<=%+1(0>(?(@A&,$)(BC"D/HVeGLWLRQVRXYULq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`%-D#D2-$3(2$(/--D$-D+(#.+(D.#$3"#D+7(1^(D*+(#%D*-.3'

_

!"#$%&'()*+(,-%.$#"(-/ (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+5:B&C,00"5/0:D& E"#,0)"5:&')&'&2,0)+,*5"#,&./0&F,G&C,00"5/0"'1& '$(&!/*'1&E"A,$)"/$)&/. &5H,&20/I,*5&&& I+-$#.F-(I%>J-$2

K#E%">L(-/ (M$G2$++.2$G4(N@OMP(Q(N+=#.>&+$>(-/ (O272"4( O-$3>.%E>2-$(#$F(M$72.-$&+$>#"(M$G2$++.2$G( (RI#(A#=2+$J#S(0$27+.32>L(-/ (T-&+4("+-$#.F-"%>J-$2UG&#2"'E-&  

)*+(E*#$G+3(2$(E-$>+&=-.#.L(E2>2+34(&#.V+F(1L(>*+(=.-E+33+3(-/ (G"-1#"2J#>2-$(#$F(>*+(F+E.+#3+3(2$(/-.&3(-/ (="#$$2$G( #$F(E-$>.-"(<*2E*(#.+($-("-$G+.(#1"+(>-(.+G23>+.(#$F(E-&=.+*+$F(+"+&+$>3(-/ (.+323>#$E+4(>+..2>-.2#"(F27+.32>L4(#$-&#C "2+3(#$F(F+72#>2-$34(23(F.#<2$G(2$E.+#3+F(#>>+$>2-$(>-(>*+(<+2G*>(-/ (&#.G2$#"4(R+&=>LS(>+..2>-.2+3(#$F("-E#"(3L3>+&3'( !#.#F-W2E#""L4(<*2"+(>+..2>-.2+3(#$F(3=#E+3(#==+#.(>-(1+(E*#.#E>+.2J+F(1L(<2F+3=.+#F(G+$+.2E(#$F(*-&-G+$+-%3(/-.&34( WKHTXDOLW\DQGWKHVSHFLÃ&#x20AC;FLW\RI LQGLYLGXDOFRQWH[WVFRQVWLWXWHVWURQJHOHPHQWVRI DWWUDFWLRQDQGUHFRJQLWLRQLQWKH E-$>+&=-.#.L(72+<' H$(>*+(1#323(-/ (>*23(/.#&+<-.V4(>+..2>-.L4(%$F+.3>--F(#3(#(E-&="+W(E-$3>.%E>4(E#$(="#L(#(E+$>.#"(.-"+(2$(#E>27#>2$G(R$+<( IRUPVRI SODQQLQJµIRUSODFHVQHZHFRQRPLHVFDSDFLWLHVWRJHQHUDWHDOWHUQDWLYHFRQÃ&#x20AC;JXUDWLRQVRI ORFDOGHYHORSPHQW #$F($+<(/-.&3(-/ (2$*#12>2$G("-<CF+$32>L(>+..2>-.2+3(>*.-%G*(>*+(.+E-G$2>2-$(-/ (F2//+.+$E+3(#$F(>*+(2$7-"7+&+$>(-/ ( "-E#"(=+-="+(#$F(#E>-.3'


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ÀFDWLRQµ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ÀQLQJWKH´GLYHUVHµFKDUDFWHURI WKLVODQG G-:A2:*3:#$72$8(:*+(/#6:(:*#:(2:(23(#$(23"#$7@(#$7(:*+.+/-.+(*#3(#(6"-3+(.+"#:2-$3*2=(A2:*(:*+(3+#@(>#.7+8$#( 23(#(.+82-$(6-$:#2$2$8(#(;#.2+:<(-/ ("+;+"3@(#$7(:*23(7-%1"+(27+$:2:<(*#3(6-$3:.%6:+7(:*+(*23:-.<(-/ (:*+(:+..2D WRU\DQGLWVHQYLURQPHQW7KHPRXQWDLQVDQGWKHVHDKDYHUHSUHVHQWHGWZRSROHVDURXQGZKLFKSURÀOHV #$7(3:.%6:%.+3(-/ (:+..2:-.2#"(-.8#$2H#:2-$(*#;+(:#E+$(3*#=+I(3+::"+&+$:3@(+6-$-&2+3@(/-.&3(-/ (2$*#12:#:2-$@( NQRZOHGJHRFFXSDWLRQVPXVLFVWRULHVDQGOHJHQGVLPDJLQDU\DQGV\PEROLFZRUOGVDQGÀ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

!"#$%&'((4(5#"#$82#$%3@(0==+.(J#""%.#()+..2:-.<I(#(3++&2$8(C+&=:2$+33K@(=*-:-(1<(M+-$#.7-(M%:H-$2@(NOPO

G#:%.+(2$(:*+3+(="#6+3(&#$2/+3:3(2$(&#$<(/-.&3@(#$7(:*+(&-.=*-"-826#"(3:.%6:%.+(82;+3(.23+(:-("#$736#=+3( -/ (+$-.&-%3(/#362$#:2-$(#$7(8.+#:(3-"2:%7+B(;#3:(+9=#$3+3(-/ (+&=:<(:+..2:-.<@(8.#$2:+(&#33+3(:*#:(*#;+(1++$( SHUIRUDWHGDQGVKDSHGE\WKHZLQGJUHDWYDOOH\VPDUNHGE\WKHÁRZRI ULYHUVWKDWOHDGWRWKHVHDWUDFLQJ 7++=( 6-#3:#"( 6.++E3( E$-A$( #3( %")*@( :*+( Q-$:+( M2&1#.#( &#332/@( A*-3+( 3*#.=( =.-:.%32-$3( #.+( #( 7-&2$#$:( +"+&+$:(#$7(:*+(/-6%3(-/ (:*+(:+..2:-.2#"(3:.%6:%.+'(?:(23(A2:*(:*+3+(+"+&+$:3(:*#:(&#$(*#3(*#7(:-(.+6E-$(-;+.( WLPHZKHQFRQVWUXFWLQJKLVVHWWOHPHQWV7KHHQYLURQPHQWDOFRQWH[WIRUPHGE\KLJKO\GLYHUVLÀHGUHDOLWLHV *#3(2$(/#6:(1++$(2$:+.=.+:+7(2$(#$(-.282$#"(A#<(1<(:*+(3-62+:2+3(:*#:(*#;+(2$*#12:+7(:*23("#$7(:*.-%8*-%:(2:3( *23:-.<(-/ ($+#.(:-:#"(6-&="262:<B(:*+(=-=%"#:2-$3(:*#:(*#;+("2;+7(*+.+(*#;+(A-;+$(#(.+"#:2-$3*2=(-/ (2$+9:.26#D 1"+(6-*+32-$(A2:*(:*+2.(+$;2.-$&+$:'(G+;+.:*+"+33@(:*#:(.+"#:2-$3*2=(*#3($+;+.(1++$(+9=.+33+7(2$(%$#$2&-%3( :+.&3(-.(#66-.72$8(:-(7+:+.&2$23:26(/-.&3@(.#:*+.(2:(*#3(%$7+.8-$+(#(;#.2+:<(-/ (=*#3+3(-/ (-.8#$2H#:2-$(#$7( WHUULWRULDOEDODQFHRIWHQLQYROYLQJFRQÁLFW ?$(/#6:@(2$(:*+(3+6-$7(*#"/ (-/ (:*+(PR:*(6+$:%.<(:*+(J#""%.#(:+..2:-.<(#==+#.+7(:-(1+(C+&=:<K(#"-$8(:*+(6-#3:@(

_

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


#$7(&-.+(2$*#12<+7(<-=#.73(<*+(2$"#$7>(=*+.+(<*+(7-&2$#$<(8+-8.#?*26#"(+"+&+$<(=#3(<*+(@-$<+(A2&1#.#( PDVVLIHQFLUFOHGE\DFRPSDFWQHWZRUNRI LQKDELWHGQXFOHLFRQQHFWHGE\DVSLGHU·VZHERI URDGV%\FRQB <.#3<>(<*+(+C<+.$#"(<+..2<-.D(3%..-%$72$8(<*+3+(%.1#$(6+$<.+3(=#3(6*#.#6<+.2E+7(1D(!"#$$%(6-$$+6<+7(1D(.-%8*( #$7(&2$%<+(.-#7=#D3'()*+3+(!"#$$%DQDUFKLWHFWXUDOW\SRORJ\VSHFLÀ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À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

!"#$%&'()*+,-#$(. $*"#$/#&'*%,#001 )*+(6-$<+&?-.#.D(%.1#$("#$736#?+(23(2$(#(3<#<+(-/ (6-$3<#$<(<.#$3/-.&#<2-$'()*+3+(6*#$8+3(#//+6<(<*+(3?#6+3( 2$(#(62<D(#3(&%6*(#3(<*+(&#$$+.(2$(=*26*(<*+D(#.+(2$*#12<+7'(J5+$<.#"("2F2$8(3?#6+3K(#.+(6*#$82$8>(#3(=+""(#3( *-=(<*+D(#.+(%3+7(#$7(<*+(.+"#<2-$3*2?3(1+<=++$(F#.2-%3(?#.<3'()*23(+F-"%<2-$(#"3-(+C<+$73(<-(F#"%+3>(<-(<*+( 3+$3+(-/ (1+"-$82$8(#$7(27+$<2<D>(#$7(<-(2$<+.?+.3-$#"(.+"#<2-$3*2?3'()*+(2$3<#12"2<D(-/ (<*+(6-$<+&?-.#.D(62<D( DVDWHUULWRU\RI Á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ÁRZQRYHUE\DLUSODQHVDMXQFWLRQRI VWUHHWVFLUFXLWVDQGFKDQQHOVDUHSRVLWRU\ DEDQGRQHGWRDOOPDQQHURI ÁRZVXUEDQDUHDVDUHIDVWFLWLHVZKRVHFHQWUHLVHYHU\ZKHUHDQGZKRVHFLUFXPB IHUHQFHLVQRZKHUH /pY\S  ,QPDQ\SDUWVRI FRXQWU\KRZHYHUSDUWLFXODUO\ZKHUHWKHQHWZRUNVRI Á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

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

9:(4(;9


$#<+7(#$7(6-$$+6<+7(3=#6+>?(@*+.+(-$+(6#$(+A=+.2+$6+(#(B72//+.+$<C(<+&=-.#"2<D("2$E+7(<-(<*+(.*D<*&3(-/ ( $#<%.+(#$7(<*+(1-7D(FG#$H#$2?(IJ99K(='(L9>'()*+(6-$6+=<(-/ (+&=<2$+33(2$(<*+3+(6-$<+A<3(+M-E+3($-<(7+"#D?( 1#6E@#.7$+33(-.(%$7+.7+M+"-=&+$<?(1%<(#(72//+.+$<(E2$7(-/ (&-M+&+$<(#$7(#$-<*+.(E2$7(-/ (="#$$2$8'()*23( HPSWLQHVVLVD´SRVLWLYHHPSWLQHVVµ 'RUÁHVS LWLVWKHSODFHDV3DROLOORKDVVWDWHG´ZKHUHWKH <.#$3/-.&#<2-$(-/ (@*#<(23(/%""(F3*2>(#$7(<*#<(@*26*(*#3(#(&#$2/+3<(+A23<+$6+(-66%.3N(-$"D(1D(27+$<2/D2$8(@2<*( WKHHPSWLQHVVWKURXJKD¶UHWXUQWRRQH·VURRWV·FDQPDQPDVWHUWKHODZVRI FKDQJH>«@)RUPOHVVQHVVLVWKH DQFHVWRURI EHLQJQRWHOHVVLVWKHDQFHVWRURI UHVRQDQFHµ 3DROLOORS  O$(<*+(+&=<2$+33(<*+.+(23(<2&+?(*23<-.D?(&+&-.D?(#$7(<*+(+33+$<2#"'()*+(6-$<+&=-.#.D(72"#<2-$(-/ (<*+(6-$6+=<( -/ (<*+(62<D(@2<*2$(<*+(<+..2<-.D(23(<*+(3+#.6*(/-.(<*+(+&=<2$+33(2$(@*26*(<-(7236-M+.(<*+(*23<-.D?(<*+(7.#&#( #$7(<*+(3<-.D(<-(6-$$+6<(<-(-<*+.(3<-.2+3?(2$(@*26*(<-(7236-M+.(<*+(.+"#<2-$3*2=3(1+<@++$(=+-="+?(@*+.+(+M+P U\DFWLRQLVGLUHFWHGDWRSHQLQJRQH·VH\HVVHQVHVDQGPLQG7KHDWWHQWLRQWRRSHQVSDFHVWKHFROORFDWLRQ -/ (+&=<2$+33(<-(<*+(<+..2<-.D(#<(<*+(6+$<.+(-/ (<*+(62<D(=.-Q+6<?(+A=.+33+3(#(.+$+@#"(-/ (<*+(2$<+.+3<(2$(72//+P .+$6+3?(2$(<*+(72//+.+$<2#"(R%#"2<D(-/ (<+..2<-.D?(3%88+3<2$8(<*#<(+&=<D(3=#6+3(+&1"+&#<26#""D(.+=.+3+$<(2$(<*+( XUEDQWLGH 0DFLRFFRS $V'HFDQGLDKDVDVVHUWHGZHFDQQRWWKHUHIRUHEHFRQWHQWWRVHHRQO\ WKDWZKLFKLVYLHZHGZLWKDÀ[HGJD]HDQGDWDGLVWDQFH WKDWZKLFKDSSDUHQWO\JLYHVXVWKHLPSUHVVLRQRI  +&=<2$+33>K(@+(&%3<(7.#@(6"-3+.'(S+(&%3<(+$<+.(<*+(<+..2<-.D?(.+7236-M+.2$8(2<3(7+$3+(M#.2+<D?(=-=%"#<+7(1D( &%"<2="262<D'(O<(23(#(7+$32<D(<*#<(6#$$-<(1+(%$7+.3<--7(/.-&(#/#.(@*2"+(.+&#2$2$8(2$(<*-3+(<-@+.3(/.-&(@*26*( @+(<*-%8*<(@+(6-%"7(E$-@(<*+(@-."7?(1%<(-$+(<*#<(6#$(1+(+&1.#6+7(-$"D(1D(2&&+.32$8(-$+3+"/ (2$(<*+("2M+( ERG\RI LWVÁHVK 'HFDQGLDS 7KLVDWWLWXGHREOLJHVXVWRRYHUFRPHWKHVXSHUÀFLDODQGDSSUR[LP &#<+(2&#8+(@2<*(@*26*(%.1#$(="#$$+.3(<+$7(<-(.+=.+3+$<(62<2+3(#$7(<+..2<-.2+3?(2$(/#M-%.(-/ (#(3"-@+.?(&-.+( #<<+$<2M+(#$7(#66%.#<+(#==.-#6*?(@*26*(&+#$3?(#3(T.#$6-(5#33#$-(*#3(3<#<+7?(B<-(82M+($#&+3(<-(<*+(<.++3?(<*+( FRUQHUVWKHVWUHHWOLJKWVWRÀQGDEHQFKWRJHWORVWLQRQH·VWKRXJKWVDQGOHWWKHPZDQGHUGHSHQGLQJRQWKH 3<.++<(-$+(23(@#"E2$8?("2E+(1%11"+3(<*#<(3%./#6+(#$7(1%.3<(#$7(&2A(@2<*(<*+(3ED'(O<(23(<-(=.-M-E+(3=-$<#$+-%3( <*-%8*<3(<*#<(7-($-<(="#$(#*+#7?(<*#<(#.+($-<(<*+(.+3%"<(-/ (8-#"3(-.(@2""?(1%<($+6+33#.D(<*-%8*<3?(<*-3+(<*#<( FRPHXSRQWKHLURZQWKDWDULVHIURPDQDJUHHPHQWEHWZHHQWKHPLQGDQGWKHZRUOGµ &DVVDQRS 9L>'()-(6*--3+(<-(3"-@(7-@$?(<-(=#D(&-.+(#<<+$<2-$?(&+#$3(<-(6*#$8+(=#.#728&N(2<(23($-<(#(=.-6+33(-/ (8-2$8( 1#6E@#.73K(.#<*+.(2<(23(<*+(+A=+.2&+$<#<2-$(-/ (#($+@(#$7(2&="262<(<+..2<-.2#"(=.-Q+6<'

!"#$%&'()*++,%-+,*.(/.(/0(100-2/%,2*(3*+.$*4%,2*(-0(35/00,06 BU&=<DC(<+..2<-.2+3(#.+(+A=.+332-$3(-/ (#(72//+.+$<(E2$7(-/ (="#$$2$8?(1%<(#"3-(-/ (#(72//+.+$<(E2$7(-/ ($26*+(6%"P <%.+(<*#<(723<2$8%23*+3(2<3+"/ (/.-&(<*+(6-$/-.&2<D(-/ ($+<@-.E3'()*23(72&+$32-$(-/ (="#$$2$8(23($+M+.(+A6+332P YHO\GHWHUPLQLVWLFUDWKHULWLVLPSOLFLWDQGLVQRWGHÀ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À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´FRQWRXUVRI DZHGJH>«@XQWLOWKH\ORVHVRPHFKDUDFWHULVWLFVDQGDVVXPHRWKHUVXUP

9:(4(;9

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


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ÀFLW\LWVWUDQVIRUPDWLYHHQHUJ\DQGWKHPRYHPHQWRI WKHVXEMHFWVDQGRUFROOHFWLYHVWKDWGHÀQHLWV 6*#.#6?+.' 8VLQJ WKHVH FULWHULD RI  LQWHUSUHWDWLRQ RQH FDQ WKHUHIRUH DIÀUP WKDW ´HPSW\µ WHUULWRULHV HTXLSSHG ZLWK VSHFLÀFWHUULWRULDOUHVRXUFHVWKDWGHÀQHWKHLUFKDUDFWHUVFDQWKDQNVWRWKHLULPSOLFLWSODQQLQJVWUHQJWKDOVR 1+6-&+(*%13(-/ (#7E#$6+7(#6?2E2?=C(2$3+.?+7(2$(?.#$3$#?2-$#"(#$7(8"-1#"($+?>-.N3(?*.-%8*(?*+(#<<+#"(-/ (?*+( %$2O%+(O%#"2?2+3(-/ (?*+(+$E2.-$&+$?C(?*+("#$736#<+(#$7(?*+(?+..2?-.2#"2?=(?*#?(.+$7+.3(?*+&(72E+.3+(#$7(72//+F .+$?'(L(<.-6+33(-/ (?+..2?-.2#"(&-7+.$2P#?2-$(23(?*%3(/#E-%.+7(?*.-%8*(?*+(.+"#?2-$3*2<3(1+?>++$(*23?-.=(#$7( &+&-.=C(?*+(<.+3+$?(#$7(?*+(/%?%.+C("-6#"(#$7(8"-1#"' Q->+E+.C(7+E+"-<2$8(<.-R+6?3(/-.(?*+3+(<"#6+3(7-+3($-?(&+#$("2&2?2$8(-$+3+"/ (?-(<#332E+(6-$3+.E#?2-$(-/ ( ?*+(?+..2?-.2#"(#$7(+$E2.-$&+$?#"(+"+&+$?3(1=(>*26*(?*+=(*#E+(1++$(3?.%6?%.+7C($-.(7-+3(2?(&+#$(+S<-32$8( WKRVHHOHPHQWVWRWKHVSHHGRI JOREDOWUDQVIRUPDWLRQWKDWUHQGHUVWKHPÁ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ÁLFWVDQGFRQWUDGLFWLRQVWKDWVKRXOGEHFDUHGIRU 'HFDQGLD S  $V'HPDWWHLVKDVDVVHUWHGVLQFHSODFHVVKRXOGQRWEHXQGHUVWRRGDVGHÀQHGRUHYHQGHÀQDEOHJHRJUDSKLF #.+#3C($-.(#3(<#332E+(3%<<-.?3(/-.(.+"#?2-$3*2<3(1+?>++$(3%1R+6?3C(1%?(.#?*+.(#3(#(6-&12$#?2-$(-/ (72E+.3+( <-2$?3(-/ (E2+>C(?*+(?+..2?-.2#"(<.-R+6?(3*-%"7($-?(.+<.+3+$?(-1R+6?3C(1%?(3%1R+6?3C(#$7(3*-%"7(1.2$8(?-8+?*+.( YDULRXVSRLQWVRI YLHZWKXVEULQJLQJFRQWUDGLFWLRQVDQGFRQÁLFWVWRWKHIRUHUDWKHUWKDQH[FOXGLQJWKHP ,WVVWURQJSRLQWLVWKHFRQVHUYDWLRQRI FRPSOH[LW\ 'HPDWWHLVS 7KLVUHTXLUHVRQHWRNHHSLQ &2$7(1-?*(?*+(M$+6+332?=B(+&1+77+7(2$(8"-1#"(7=$#&263C(#3(>+""(#3(?*-3+(>*26*(.+8%"#?+(?*+(.+<.-7%6?2-$( -/ ("-6#"(?+..2?-.2#"2?=C(.+2$?.-7%62$8(<+-<"+(#?(?*+(6+$?.+(-/ (?*+(<.-R+6?C(>2?*(?*+2.(72//+.2$8(<-2$?3(-/ (E2+>C( WKHLUFRQYHUJHQFHVDQGWKHLUFRQÁLFWV

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

9:(4(;9


!"#"$"%&"' =+6#>>2$2(?'@(A9::BC(!"#$%&$'()'#*%%"#$%"$@(=-"-8$#@(2"(D%"2$-' &DFFLDUL0  +(',"##-.'/"))('/*%%0,,1"$'2!34@(!#EE2$2' &DVVDQR)  5)'6*&7"*%$'8*%"9"(&$@(F-&#G=#.2@(H#>+.E#'( 'HFDQGLD/  :&"8*'9"')0$;1"@(I.#$6-(J$8+"2@(D2"#$-' K+6#$72#(H'@(A9::LC(3ROLIRQLHXUEDQH2OWUHLFRQÀQLGHOODYLVRQHSURVSHWWLFD@(F-&#@(D+">+&2' K+6#$72#(H'@(A9:<<C(+<(66%*&9"8*&#$',$8*'*76*%"*&=('*7#*#",(>'?&(',$80&"#-'9"'6%(#",1*'"&'(="$&*@(D2"#$-@((I.#$6-( J$8+"2' K+&#>>+23(?'@(A<BB;C(3URJHWWRLPSOLFLWR,OFRQWULEXWRGHOODJHRJUDÀDXPDQDDOOHVFLHQ]HGHOWHUULWRULR@(D2"#$-@((I.#$6-( J$8+"2' K+&#>>+23(?'@(A9::LC(/XRJKLYLVVXWLOXRJKLLQYHQWDWLODGLYHUVLWjJHRJUDÀFRFXOWXUDOHFRPHULVRUVDULQQRYDELOH@(2$(=+.>-$G 62$@(D'@(!#+3+@(J'(A+73C(@%*AB"7"$&"'9"'#*%%"#$%"$@(D2"#$-@(I.#$6-(J$8+"2' 'RUÁHV*  +<"86$%#(&=('9*)'B0$#$@(5-..2+.+(7+""#(M+.#@(9;(#N.2"+(9::;@(9O' I+..#.-(?'@(A<BBLC(!"*90,(%*'())('76*%(&=(>'@(#%",C'D*99*7'@)(&&*%'"&'5&9"(0LODQR-DFD%RRN H#$6+.2$2(P'@(A9::;C(7HUULWRUL/HQWLFRQWULEXWLSHUXQDQXRYDJHRJUDÀDGHLSDHVDJJLDELWDWLLWDOLDQL7HUULWRULR H#$E#$2(J'@(A9:<<C(,QFDPPLQRQHOSDHVDJJLR4XHVWLRQLGLJHRJUDÀDHXUEDQLVWLFD@(F-&#@(5#.-662(+72>-.+' /pY\ 3   +<"&#*))";*&,*' ,$))*,#"B*E' 6$0%' 0&*' (&#1%$6$)$;"*' 90' ,FG*%76(,* 3DULV /D 'HFRXYHUW WUDG LW   /·LQWHOOLJHQ]DFROOHWWLYD3HUXQ·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·,WDOLD V$3+72#&+$>2(+(>+..2>-.2-@()-.2$-@(?2%"2-(P2$#%72(P72>-.+' 5HYHO-  O*0M'9<P,1*))*7>'+('8",%$A(&()F7*'-')<*M6P%"*&,*3DULV(GLWLRQVGX6HXLOWUDGLW  *LRFKLGL VFDOD/DPLFURVWRULDDOODSURYDGHOO·HVSHULHQ]D5RPD9LHOOD(GLWRUH M6#$7%..#(P'@(A9::OC(?&'6(*7*',"'B0$)*>'!"6(%#"%*'9("')0$;1"@().-2$#(AP$C@(52>>W(JN+.>#(P72E-$2(' U2>>-.2$2(P'(A<B;9C(N(%9*;&(',$8*'0&<"&K(&="(@(=-"-8$#@(=-&N2#$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:;

?,$,@"$%&5A,&B(,'&/. &!"#"$%&!/*'11:C& D@/&6'),&E59(",)&.0/F&!'5"$&3F,0"*' I2-7#$$2(J-$#>2 @0KL(L+$+M2#

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

7KHFXUUHQWWUDQVIRUPDWLRQVSURGXFHGE\JOREDOL]DWLRQSURFHVVHVKLJKOLJKWWKHQHHGWRUHGHÀQHWKHFRQFHSWRI ORFDO #$F(>*+(<#N(>-("27+(2$(2>(O-%.("272$G("-E#""NP'(@$>+.+3>2$G(#">+.$#>27+3(>-(>*+(&#2$3>.+#&(3+>>"+&+$>(=#>>+.$3(1#3+F(-$( F-&2$#$>(=#.#F2G&3(-/ (G.-<>*(#$F(F+7+"-=&+$>(+&+.G+(/.-&(7#.2-%3(.+E+$>(J#>2$(K&+.2E#$(=*+$-&+$#(-/ (3-E2#"( VWUXJJOHGHHSO\URRWHGLQORFDOLVVXHV,QWKLVSDSHUDUHEULHÁ\GHVFULEHGWZRRI WKHVHFDVHV 0H[LFRDQG%ROLYLD LQWKH #>>+&=>(>-(3*-<(E*#$E+3(#$F(E*#""+$G+3((+&+.G2$G(/.-&(>*+&(>-(.+$+<(#$F(.+>*2$Q(>*+(<#N3(-/ ("272$G("-E#""N(+7+$(2$( -%.(3-E2#"(E-$>+R>3'


!"#$%&#"'()*(+&,'&(-)&.%"/$%,0$(,"'&)1$ <2=*2$(=*+(6-&>"+?(#$7(*+=+.-8+$+-%3(3+=(-/ (>*+$-&+$#(6#""+7(@8"-1#"2A#=2-$B(2$72C27%#"(#$7(6-""+6=2C+( "2/+(>.#6=26+3(#.+(3%1D+6=(=-(=*+(#6=2-$(-/ (3+C+.#"(>.-6+33+3(-/ (E+#F+$2$8(-/ (3>#6+G=2&+("2$F3'(H$7++7(8"-1#G OL]DWLRQUHIHUVWRD´VWUHWFKLQJSURFHVVµLQZKLFKWKHUHLVDQ´LQWHQVLÀFDWLRQRI ZRUOGZLGHVRFLDOUHODWLRQV E*26*("2$F(723=#$=("-6#"2=2+3(2$(3%6*(#(E#I(=*#=("-6#"(*#>>+$2$83(#.+(3*#>+7(1I(+C+$=3(-66%..2$8(&#$I(&2"+3( DZD\DQGYLFHYHUVDµ *LGGHQV 3KHQRPHQDUHODWHGWRWKLVVWUHWFKLQJSURFHVVDUHVHYHUDODQG *#C+(C#.2-%3(+//+6=3(1-=*(!"#$%&'(()(G32$6+(.+"#=2-$3(-/ (+?6*#$8+(#$7(#%=*-.2=I(2$($#=2-$#"(6-$=+?=3(#.+("+33( 3=.-$8G(#$7(*+#%,+-$'(()(G32$6+(=*+I(8+$+.#"2A+(=*+(2$=+.7+>+$7+$62+3(1+=E++$(&%"=2>"+(3I3=+&3(#$7(3>*+.+3( -/ (#6=2C2=IG(J5+.2K(9LL9M' N"-1#"(>.-6+33+3K(+3>+62#""I(=*-3+(.+"#=+7(E2=*(=*+(6%..+$=($+-"21+.#"(C+.32-$(-/ (6#>2=#"23&K(=+$7(=-(28$-.+( WKHVSHFLÀFLW\RI HYHU\SDUWLFXODUSODFHDQGWHUULWRU\VLQFHWKH\FRQVLGHUZRUOGFLWL]HQVDQGSHRSOHDVDPDVV -/ (3=#$7#.72A+7(6-$3%&+.3'(H$(=*23(>+.3>+6=2C+(=*+(@"-6#"B(3++&3(=*+.+/-.+(=-(1+(=*+(>*I326#"(6-$=+?=(E*+.+( YDULRXVW\SHVRI JOREDOÁRZV SHRSOHLQIRUPDWLRQHQHUJ\FDSLWDOVHWF VXEVWDQWLDWHWKHLUSRVLWLYHDQGDERYH #""($+8#=2C+(+//+6=3'(O-6#"(6-$=+?=(=*%3(1+6-&+3(#//+6=+7(1I(7I$#&263(=*#=(#.+(7+=+.&2$+7(2$(8"-1#"($-$G &#=+.2#"(>"#6+3(=*#=(#.+("#.8+"I(-%=327+(#$I(/-.&(-/ (7+&-6.#=26(6-$=.-"K(#$7(=*23(-/=+$(&#F+3("-6#"(6-&&%G $2=2+3(>#332C+(#6=-.3(/#62$8(8"-1#"(>.-6+33+3'()*23(+?6"%32-$(>#.=26%"#."I(#//+6=3(=*+(>--.+3=(#$7(&#.82$#"2A+7( SDUWVRI SRSXODWLRQWKRVHZKRKDYHOHVVDFFHVVWRJOREDOÁRZVRI PRELOLW\UHVRXUFHVDQGLQIRUPDWLRQ)RU =*+3+(3%1D+6=3K(8"-1#"2A#=2-$(3++&3(=-(1+(#(-$+GE#I(>.-6+33K(2$(E*26*(=*+I(#.+(#//+6=+7(2$(=*+2.("2/+(6-$=+?=( ZLWKRXWEHLQJDEOHWRLQÁ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ÀHVWKHWUDGLWLRQDOFRQFHSWRI ´(%!%-./ (+&'(()µWKDWUHTXLUHVDUHQHZHGGHÀQLWLRQ,WLVHYLGHQWWKDW´ORFDOµFRQWH[WVDUHVXEMHFWWRRQHRI WKHVWURQG 8+3=( @>.+33%.+B( >.-7%6+7( 1I( 8"-1#"2A#=2-$( >.-6+33+3'( SC+$( E2=*-%=( 3%>>-.=( #( 7+=+.&2$23=26( #>>.-#6*( =-( =*+(=*+&+(-/ (8"-1#"G"-6#"(2$=+.#6=2-$3K(2=(&#I(*-E+C+.(1+(#.8%+7(=*#=(8"-1#"2A#=2-$(6#%3+3(2$("-6#"(6-$=+?=3( VHYHUDOSURFHVVHVRI VRFLDODQGVSDWLDOEUHDNXS WKDWLQWXUQFDXVHFRQÁLFWVDQGFRQWURYHUVLHV HVSHFLDOO\LQ 6-$=+?=(2$(E*26*(=*+("2$F(6-&&%$2=IG=+..2=-.I(23(>#.=26%"#."I(3=.-$8' )*23(23(=*+(6#3+(-/ (3+C+.#"(O#=2$(P&+.26#$(6-%$=.2+3K(E*+.+(2$(.+6+$=(I+#.3(=*+.+(*#C+(1++$(C#.2-%3(6#3+3(-/ ( 3-62#"(3=.%88"+(2$(E*26*(#$(2&>-.=#$=(.-"+(E#3(>"#I+7(1I(233%+3(.+"#=+7(=-("-6#"(6-$=+?=3K(+3>+62#""I(=-(=.#72=2-G $#"(E#I3(-/ ("2C2$8(6-&>.-&23+7(-.(+$7#$8+.+7(1I(3-62#"K(+6-$-&26(#$7(+$C2.-$&+$=#"(+?>"-2=#=2-$(>.-6+3G VHVRI QHROLEHUDOJOREDOL]DWLRQ)URPWKHVHFRQÁLFWLQJVRFLRSROLWLFDOSURFHVVHVHPHUJHPDQ\XVHIXOLGHDVWR UHGHÀQHWKHLGHDRI (%!%-./(+&'(()(7%.2$8(6%..+$=(=.#$3/-.&#=2-$3(2$(=*+(.+"#=2-$3*2>(1+=E++$(3>#=2#"(6-$=+?=3( DQGOLIHVW\OHV,QSDUWLFXODUZLWKLQWKHFDVHVRI 0H[LFRDQG%ROLYLDWKDWZLOOEHEULHÁ\H[SRVHGLQWKLVSDSHU WKHORFDODQGWHUULWRULDOGLPHQVLRQLVERWKWKHSK\VLFDOFRQWH[WLQZKLFKWKHFRQÁLFWLQJSKHQRPHQDWDNH SODFHEXWDOVRDQREMHFWRI FRQWHQWLRQ6WDUWLQJIURPVRFLDOFRQÁ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ÀQLWLRQVDQGSRVVLEO\WRH[SHULPHQWQHZZD\VRI OLYLQJORFDOO\

99(4(:;

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


!"#$%&'()*"("+",-$.-(&/ ()*"($.0$-".&12($221" )*+(3=.%88"+(-/ (=*+(>#?#=23=#(&-@+&+$=(2$(5*2#?#3(23(#(?*+$-&+$-$(A27+"B(3=%72+7(#$7(#$#"BC+7(D#&-$8( RWKHUVE\+DUYH\DQG+ROORZD\ 3HODH] 6LQFHWKHXSULVLQJRI DQGIRUWKHQH[W\HDUV RI FRQÁLFW·VHYROXWLRQWKLVVWUXJJOHEHFDPHDV\PERORI PDQ\RWKHUVWUXJJOHVLQ0H[LFRDQGLQWKHUHVW -/ (=*+(A-."7'(E$(/#6=F(=*+(>#?#=23=#(3=.%88"+(*#3(#88.+8#=+7(&%"=2?"+(2$3=#$6+3F(%$2=+7(1B(3*#.2$8F(2$(@#.2-%3( A#B3F(#$=2G"21+.#"23=26(#$7(#$=2G6#?2=#"23=(27+#3'(5"#2&3(/-.(2$7+?+$7+$6+F(H%3=26+F(+7%6#=2-$(D+=6I(-/ (2$728+G QRXVSHRSOHVJRIDUEH\RQGWKHDUPHGFRQÁLFWEHWZHHQWKH!"#$%&'()*+,+'&-'+).#)/&0#$+%&(1)2+%&(1+3<(DJ>KLI( #$7(=*+(M+N26#$(O.&BF(2$#3&%6*(2=(&-12"2C+3(#(1.-#7($#=2-$#"(#$7(2$=+.$#=2-$#"($+=A-.P(-/ (3-"27#.2=B(2$( A*26*(#.+(?#.=(*%&#$(.28*=3(-.8#$2C#=2-$3F(LQR3F(8.#33.--=3(&-@+&+$=3F(+$@2.-$&+$=#"23=(8.-%?3F(/#.G PHUV·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ÀUVWVHOIGHIHQVHDQGDUH JURXSHGLQWRÀYHHWKQLFDUHDVLQLWLDOO\GHÀ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‡ #%=-$-&B(-/ (=*+(6-&&%$2=B(#$7(.+6-8$2=2-$(-/ (2=3(.28*=(=-(8-@+.$(=*+(+$@2.-$&+$=(2$(A*26*(2=(.+327+3V ‡ .+6-8$2=2-$(-/ (=.#72=2-$#"("2/+3=B"+3(1#3+7(-$(#(+6-G6+$=.26(6-3&-"-8B(DM2.+3F(<WW9IV ‡ .+H+6=2-$(-/ (6#?2=#"23=26(3+=="+&+$=(&-7+"(1#3+7(-$(=*+(?.2$62?"+3(-/ (+6-$-&26(8.-A=*(#$7(%.1#$(3?.#A"( D#3(?.-?-3+7(2$(@#.2-%3("-6#"(#$7(.%.#"(7+@+"-?&+$=(?.-H+6=3(-/ (=*+(M+N26#$(8-@+.$&+$=F(%$7+.(=*+( 8%27#$6+(-/ (=*+(X-."7(Y#$P(#$7(X)RI(#$7(?.-?-3#"(/-.(#"=+.$#=2@+(3+=="+&+$=(?#==+.$(=*#=(+$*#$6+3( 2$728+$-%3(6-&&%$#"(A#B3(-/ ("2/+(2$(6-$=.#3=(A2=*(=*+(2$72@27%#"23=26(#$7(6#?2=#"23=26(-$+3V ‡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·WEH 3-"7(-.(1-%8*=(=-(#$B(32$8"+(2$72@27%#"'()*23(P2$7(-/ (6-""+6=2@+(-A$+.3*2?(-/ ("#$7(7#=2$8(/.-&(=*+(OC=+63( 23(-$+(-/ (=*+(&-3=(2&?-.=#$=(#6*2+@+&+$=3(-/ (=*+(M+N26#$(S+@-"%=2-$(#$7(*#3(1++$(7+"+=+7(2$(<WW9(1B( 3UHVLGHQW6DOLQDVGH*RUWDULWRIXOÀOOWKHFRPPLWPHQWVXQGHUWKH1RUWK$PHULFDQ)UHH7UDGH$JUHHPHQW 3URWHVWDJDLQVWWKLVUHIRUPLVRQHRI WKHPDLQUHDVRQVIRUWKH(=/1XSULVLQJLQGXULQJZKLFKRYHU ;[[(#"&.(-(#.+(-66%?2+7(1B(2$728+$-%3(?+-?"+'(Z%.=*+.&-.+(32&2"#.(6"#2&3(=-(=*+(72.+6=(6-$=.-"(-/ (=+..2=-.B( KDYHDOVREHHQUDLVHGE\VHYHUDOORFDOFRQÁLFWVDJDLQVWPHJDSURMHFWVVXFKDVGDPVPLQHVDQGODQGÀOOVLQ -=*+.(?#.=3(-/ (=*+(6-%$=.B(3%6*(#3(=*+(3=.%88"+(#8#2$3=(K#(!#..-=#(7#&(2$(Q%+..+.-(-.(=*+(3=.%88"+(2$(T#$( T#"@#7-.GO=+$6-(#8#2$3=(=*+(6-$3=.%6=2-$(-/ (M+N26-(52=B($+A(#2.?-.=(D\-&2$8%+CF(9[[]I'()*+$(=*23(6-$G <( )*+(^&2"2=#.B(A2$8_(-/ (=*+(>#?#=23=#(&-@+&+$=' 9( 5#.#6-"( &+#$3( 3$#2"( #$7( A2=*2$( M#B#( 26-$-8.#?*B( .+?.+3+$=3( =*+( 6-&&%$2=BF( 2$726#=+3( =*+( .+82-$F( 1%=( #"3-( =*+( ?*B326#"("-6#=2-$(A*+.+(=*+.+(23(=*+(#7&2$23=.#=2-$(3=.%6=%.+3'

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

9:(4(;<


ÁLFWKDVIRUFHGWKHLQGLJHQRXVLVVXHDVDQDWLRQDOSUREOHPEXWDOVROLQNHGWKHFODLPVRI WKH,QGLJHQRXV 9+-9"+(:-(-:*+.(9--.;(7236.2&2$#:+7;($-:(.+9.+3+$:+7(3+6:-.3(-/ (:*+(<+=26#$(3-62+:>' 7KHFRQÁLFWLQ&KLDSDVKDVWKHUHIRUHLPSOLFDWLRQVWKDWJREH\RQGWKHVSHFLÀFORFDODQGQDWLRQDOFRQWH[W WKLVLVFRQÀ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

!"#$%$&'()*&+&',-$'.$/*'"0+(1"%*1*',+2(34"1(,5*(!"##$(,"(,5*(10#,$'&,$"'&#(+,&,* B/ (2$(<+=26-(:*+(2$728+$-%3(233%+(*#3("2C+7(#$(2""+8#"(#$7(2$3%..+6:2-$#.>(9*#3+(:-(+3:#1"23*(2:3+"/ (#3(#($#:2-D $#"(9-"2:26#"(233%+;(2$(G-"2C2#(:*23(9.-6+33(*#3(1++$("#.8+">(9%1"26;(/.-&(:*+(1-::-&(#$7(9+#6+/%"(L#":*-%8*( $-:(H2:*-%:(&-&+$:3(-/ (*#.7(3:.%88"+(#$7(C2-"+$6+(H*26*(*#C+(*-H+C+.($+C+.("+7(:-(#$(#.&+7(8+$+.#"2F+7( FRQÁLFW 7KHSURFHVVWKDWOHGWKH%ROLYLDQQDWLYHPRYHPHQWVWRH[SUHVVLQWKHÀUVWLQGLJHQRXVSUHVLD GHQWLQWKHKLVWRU\RI WKHFRXQWU\EHJLQVZLWKWKHSURWHVWPDUFKHVRI WKHHDUO\¶VVXFKDVWKHPDUFK´IRU :*+(728$2:>(#$7(:*+(:+..2:-.>A(2$(MNNO;(:*+(&#.6*(#8#2$3:(6+"+1.#:2-$3(/-.(:*+(?7236-C+.>(-/ (P&+.26#A2$(MNNQ( DQGWKHFRFDJURZHUV·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·VWUXJJOHDQGWKH´JDVZDUµLQ7KHVHFRQÁLFWVUHYHDOYDULRXVFODLPVRI MXVWLFHGLJQLW\ DQGHPSRZHUPHQWLQZKLFKORFDOLVVXHVLVVWURQJO\SUHVHQWDQGZKHUHLW·VHYLGHQWWKHOLQNEHWZHHQWKHVH "-6#"(9.-1"+&3(#$7(:*+(8"-1#"(7>$#&263'(<#$>(-/ (:*+(8.#33.--:3(&-C+&+$:3(9.-:#8-$23:3(-/ (:*+3+(3:.%88"+3( /-.&(9#.:(-/ (:*+(6#&9#28$(/-.(:*+(6#$727#6>(-/ (UC-(<-.#"+3(2$(:*+(9.+327+$:2#"(+"+6:2-$3(-/ (QOOV;(H*-3+( C26:-.>(&#.I3(:*+(1+82$$2$8(-/ (#(9.-6+33(-/ (7++9(:.#$3/-.&#:2-$(-/ (G-"2C2#$(3-62+:>(#$7(2$3:2:%:2-$3'(U&D EOHPRI WKLVWUDQVIRUPDWLRQSURFHVVLVWKHFDOOLQJRI WKH&RQVWLWXHQW$VVHPEO\LQ RQHRI WKHÀ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ÀQGWKHYDOXHVRI VXVWDLQDELOLW\PXWXDOLW\DQGVROLGDULW\RI WKHHFR FHQWULFLQGLJHQRXVFRVPRORJLHVWKHWHUULWRU\LVQRWVLPSO\DSK\VLFDODQGPDWHULDOFRQWH[WUDWKHULW·VDOLYLQJ +"+&+$:;(#$(2$7239+$3#1"+(9#.:(-/ (:*+(6-&&%$2:>;(9.2&#.2">(1+6#%3+(2:(23(:*+2.(&#2$(3-%.6+(-/ ("2C+"2*--7'( B$(:*23(6-$:+=:(?:*+("-6#"A(23($-:(-$">(:*+(&#:+.2#"(+$C2.-$&+$:(-/ ("2/+;(1%:(#(3-62#"(#$7(6%":%.#"(+"+&+$:( K( \-.(+=#&9"+(2$(B:#">(:*+(723:.21%:2-$(6*#2$(-/ (6-//++(9.-7%6+7(1>(:*+(J#9#:23:#(2$728+$-%3(6-&&%$2:2+3'

_

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


-/ ( 6-""+6<2=+( 27+$<2<>'( )*23( 6-$6+?<2-$( -/ ( <*+( 3-62-@3?#<2#"( .+"#<2-$3*2?( -/ ( <*+( 6-&&%$2<>( A2<*( 2<3( "-6#"( 6-$<+B<C(23(2$6-&?#<21"+(A2<*(<*+(2$3<.%&+$<#"(#$7(2$72=27%#"23<26($+-@"21+.#"(&-7+"D(<*+$C(<*+(!"##$(23($-<( RQO\LQFRPSDWLEOHZLWKWKHFDSLWDOLVWHFRQRPLFJURZWKEDVHGPRGHOEXWLW·VDJDLQVWLW 0LUHV 7KLV 6-&&%$#"(#$7(6--?+.#<2=+(=232-$(-/ ("2=2$8("-6#"">(?.#6<26+3($-<(-$">(3%.=2=+7(2$(<*+(.%.#"(#$7(E$7+#$(#.+#3'( F$(/#6<(2$(3+=+.#"(G-"2=2#$(62<2+3(&#$>(/-.&3(-/ (&%<%#"(3%??-.<(#$7(6-""+6<2=+(7A+""2$8(&-7+"3(3%6*(#3(<*+( <*+($+28*1-.*--7(6-%$62"3(HE.1-$#C(9I;;J(.+?.-7%6+(<*+(#>""%(&-7+"(2$(<*+(%.1#$(6-$<+B<'()*+3+(/-.&3( RI ´PLFURJRYHUQDQFHµ 0DPDQL5DPLUH] KDYHSOD\HGDFHQWUDOUROHLQWKHVRFLDOFRQÁLFWVRI UHFHQW \HDUVLQRSSRVLWLRQWRSULYDWL]DWLRQRI SXEOLFJRRGVOLNHJDVRUZDWHU7KHVHFRQÁ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·V EDVHG RQ FRPPXQDODQGFRRSHUDWLYHOLIHSUDFWLFHVWKDWFDQ·WFRQFHLYHDVHWWOHPHQWSDWWHUQEDVHGRQXUEDQVSUDZO +6-$-&26(8.-A<*(#$7(2$72=27%#"2K+7(#$7(%<2"2<#.2#$(&#.P+<(7.2=+$(3-62#"(.+"#<2-$3'()*+.+/-.+(#"3-(2$(<*23(6#3+( SURFHVVHVRI ERWWRPXSVRFLDOWUDQVIRUPDWLRQDQGFRQÁLFWUHODWHYDULRXVORFDOWKHPHVZLWKDQHZDZDUHQHVV -/ (<*+2.("2$P(A2<*(8"-1#"(?.-6+33+3(<*#<(?.-7%6+3(#"<+.$#<2=+(A#>3(<-(6-$6+2=+(&-7+"3(-/ (L"2=2$8("-6#"">NC(#$7( 82=+3(#(.+$+A+7(3-62#"(#$7(?-"2<26#"(6*#""+$8+3(-$(3+<<"+&+$<(?#<<+.$3'

!"#$%&'(&)#'*+,$-#./"&')01$/".'/#,$-*$2#-"&'3$*+2$4.--#2',$*5 $6&7&')$6*/.668 F$(6-$6"%32-$C(A+(6#$(<*+.+/-.+(3%&&#.2K+(<*+(2$728+$-%3(?.-?-3#"(-/ (L"2=2$8("-6#"">N(#3(/-""-A3Q ‡ ‡ ‡ ‡ ‡ ‡

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

S$+(#(*#$7(8"-1#"2K#<2-$(23(-$+(-/ (<*+(6#%3+3(-/ (<*+(?.-1"+&3(#8#2$3<(A*26*(3-62#"(&-=+&+$<3(*+.+(7+36.2@ 1+7(3<.%88"+C(#$7(-$(<*+(-<*+.(*#$7(?.-6+33+3(-/ (8"-1#"2K#<2-$(H+3?+62#"">(<*-3+(6-$6+.$2$8(6-&&%$26#<2-$( &+72#J(6-$<.21%<+(<-(<*+(3?.+#7(-/ (<*+(2$3<#$6+3(-/ (<*+3+(&-=+&+$<3(#<(#$(2$<+.$#<2-$#"("+=+"'(F$(<*23(?+.@ VSHFWLYHJOREDOÁRZVDUHQRWDRQHZD\SURFHVVVLQFHWKH\DOVRGLIIXVHDOWHUQDWLYHSUDFWLFHVLPDJLQDU\DQG "+B26-$3(<*#<(+&+.8+(/.-&(<*+(+B?+.2+$6+3(-/ (.+323<#$6+(<-(A#>3(-/ ("2=2$8("-6#"">(2&?-3+7(1>(7-&2$#$<C(-%<@ GDWHGVHWWOHPHQWSDWWHUQV7KHVHDOWHUQDWLYHPRGHOVEH\RQGWKHVSHFLÀ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ÀFUHJLRQDOVHWWOHPHQWPRGHOV 9DVDSROOR "

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

9:(4(:;


)*+(&#2$(6-$9.21%92-$(-/ (9*+3+(2$728+$-%3(39.%88"+3(9-(.+/.#&+(-%.("2:2$8("-6#"";(&-7+"3(23(9*+(:#"%+(#9< 9.21%9+7(2$(9*+&(9-(9*+(.+"#92-$3*2=(1+9>++$("-6#"(6-&&%$29;(#$7(9+..29-.;(2$(#$(+6-<6+$9.26?(.#9*+.(9*#$( #$9.-=-6+$9.26?(=+.3=+692:+'()*+(+@=+.2+$6+3(-/ (A-"2:2#(#$7(B+@26-(-//+.(=.#6926#"(7+&-$39.#92-$3(-/ (9*+( /+#3212"29;(-/ (#"9+.$#92:+(>#;3(9-("2:+(9*+(.+"#92-$3*2=(1+9>++$("-6#"(6-&&%$29;(#$7(9+..29-.;?(%$"2C+(#3(=.-< =-3+7(1;(9*+(7-&2$#$9(3+99"+&+$9(=#99+.$3?($->#7#;3(2$(#(8.->2$8(3-62#"(#$7(+$:2.-$&+$9#"(6.2323'(B#;1+( /-.(9*23(.+#3-$(9*+3+(2$728+$-%3(39.%88"+3(6-""+69(9*+(3;&=#9*;(#$7(9*+(3%==-.9(-/ (:#.2-%3(&-:+&+$93(#$7( $+9>-.C3(+:+$(2$(9*+(DE-.9*F(-/ (9*+(>-."7'()*+;(3*->(%3(*->(/-.&3(-/ ("-6#"(.+3239#$6+(9-(%$2$9+$7+7(6-$< VHTXHQFHVRI JOREDOL]DWLRQFDQEHFRQYHUWHGLQRSSRUWXQLWLHVWRUHGHÀQHWKHZD\VWROLYHLQWKHORFDOFRQWH[W #$7(9-(9.;(1%2"72$8(-%.(->$(>#;(9-(!"!"#$%"&''(5+.9#2$";?(-%.(6-%$9.;(23($-9(D2$728+$-%3F(-.(.%.#"(#3(B+@26-( #$7(A-"2:2#?(1%9(9*+(6*#""+$8+3(=-3+7(1;(9*+(6#3+3(7+36.21+7(*+.+(23(=.+623+";(9-(.+7236-:+.(#$7(.+$+>(-%.( "2:2$8("-6#"";(&-7+"3(39#.92$8(/.-&(.+3239#$6+3(#$7(#"9+.$#92:+3(9*#9(+&+.8+(2$(-%.("2:2$8(6-$9+@93?(&-.+(#$7( &-.+(%.1#$?(39#$7#.72G+7?(#$-&26(#$7(%$3%39#2$#1"+'

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`W`_<(0B_H?(R#(!#G' B#.92$+G<H"2+.?(,-#$?(JKLLQN(7KH(QYLURQPHQWDOLVPRI WKH3RRUDVWXG\RI (FRORJLFDO&RQÁLFWVDQGYDOXDWLRQ?((a@/-.7( 0$2:+.329;(!.+33?(E+>(W+"*2' B2.+3(V+.$#$7-?(JM]]KN(C-,+,3".$&$6,+")"-.$"'$B5&#"-.$?.)"'.?(R#(=266-"#?(I-&#' I-$6#"(I+:-""-(!#9.262#(JKLL]N(?.$=.#-".$6&#$"+$)&##"),#",$&$+.$2"3'")W4$"+$5,!"5&'),$-,').2"',7"'2"3&',$%,+"!".',$!&#:,$ +.$-,:)#/X",'&$2&+$Y"!"#$("&'LQ0DUWXÀ5 9DVDSROOR/ HGV )XWXURLQGLJHQR-DFD%RRNSS B2"#$-' b#3#=-""-(R%62#$-?(JKLMMN(8.3+"$B66&''"'"$.++&$B'2&>$J.H,'"$&$A'2",:Z$+G&2/-.X",'&$2&++.$)&##.?(,#6#(A--C?((B2"#$-'

_

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

?'*@&'0/9$(&5A,&B")"/$C& D50,$%5A,$"$%&5A,&!/*'1&E"F,$)"/$&& I*2#.#(H.>-"#$2

J272$G(>*+(E2>K(J#1 L+=#.>&+$>(-/ (I272"4(I-$3>.%E>2-$(#$F(M$72.-$&+$>#"(M$G2$++.2$G A#=2+$N#(0$27+.32>O(F2(P-&#4(E*2#.#'-.>-"#$2Q%$2.-&#:'2> 7HOID[

8UEDQ IRUP VWUXFWXUH RI  SXEOLF VSDFH DQG WKH FLW\·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


!"#$%&'(#)%" *$+,"-.$%/#0 7KHFLW\KDVEHFRPHWKHSODFHZKHUHDODUJHSDUWRI WKHZRUOG·VSRSXODWLRQLVFRQFHQWUDWHG,QURVHWR DERXWDQGLWLVH[SHFWHGWKDWE\WKHSURSRUWLRQRI SRSXODWLRQXUEDQL]HGZLOOEHFRPHWKH =0>(!-?%"#@2-$(A2B232-$C9DDEF'()*23(2$6.+#3+(2$(%.1#$2G+7(?-?%"#@2-$C(*-H+B+.C(+I?"#2$3(-$"J(#(3&#""(?#.@( -/ (@*+(8.-H@*(?.-6+33(6#..J2$8(@-(#$(+$*#$6+&+$@(-/ (@*+(%.1#$(#.+#3C(#$7(.+7%62$8(@*+($#@%.#"(#$7(3+&2K $#@%.#"("#$736#?+3'()*23(+$*#$6+&+$@(7+?+$7(#"3-(H*26*(%.1#$(8.-H@*(&-7+"(6*-3+$'()*+(+I@+$32B+(%3+( RI WKHXUEDQL]HGDUHDVFDQEHGLVWLQJXLVKHGLQWRWZRSKDVHVÃ&#x20AC;UVWO\FRPSDFWXUEDQJURZWKDQGVHFRQGO\ %.1#$(3?.#H"' )*+(3+6-$7(?*#3+(1+8#$(2$(@*+(&27K;D3'(L@(H#3(6*#.#6@+.2G+7(1J("-H(7+$32@J(#.+#3(#$7(1J(+78+(#.+#3(3+?#.#K WHGIURPH[LVWLQJFRUHE\DJULFXOWXUDOHQFODYHV ,QVROHUD$QWURS(($ 'XULQJWKLVVHFRQG SKDVHWKHSRSXODWLRQRI PHWURSROLWDQDUHDVFRQWLQXHGWRJURZXQWLOWKH¶VWKHQGHFUHDVHV (($  DQG IURP WKH ¶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Ã&#x20AC;WVDQGLWPD\PDNHGLIÃ&#x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

9:(4(;<

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


=*+.+(1+2$8(#(6*#$8+(2$(=*+(3*#>+?(3=.%6=%.+(#$7(>.-6+33+3(-/ (=*+(6%..+$=(7+@+"->&+$=(3A3=+&(2$(8+$+.#"?( #$7(-/ (=*+(62=A(2$(>#.=26%"#.'()*23(>#>+.(#2&3(=-(1.2$8(=-("28*=(=*+("2$B#8+(#&-$8(=*+(#6=%#"(3=.%6=%.+(-/ (62=2+3( #$7(2=3(36#.6+(#12"2=A(=-(723=.26=((#3(>.+/+.+$=2#"(36#"+(-/ (#6=2-$(#$7(-13+.@#=2-$(=-(1#"#$6+(#&-$8(=*+(C+28*=( RI ORFDODQGJOREDOUHODWLRQV7KHÃ&#x20AC;UVWDUHUHVLOLHQWUHODWLRQVOLQNHGWRWKHQHHGVDQGFDSDELOLWLHVRI SHRSOH )*+("#==+.3(#.+(.+"#=2-$3(-/ (7+>+$7+$6+?("2$B+7(=-(=*+($++73(-/ (=*+(&#.B+=?(6#%32$8(3A3=+&(@%"$+.#12"2=A(1%=?( #6=%#""A?(=*+3+(#.+(7-&2$#$='(

!"#$%&'(")&$%*&+,"-.,-"/&(' &0-#12.&+0$./ ,Q(XURSHWKHRI WKHWRWDODUHDFRQVLVWVRI DUWLÃ&#x20AC;FLDOODQGFRYHU+RZHYHUGXHWRWKHXUEDQGLVSHUVLRQ DERXWRI WKHHXURSHDQODQGLVUHDOO\DIIHFWHGE\XUEDQVHWWOHPHQWV (($ ,WDO\IDOOVLQWKHDUHD LGHQWLÃ&#x20AC;HGDVWKHEDFNERQHRI WKH(XURSHDQ0HJDORSROLV (($ 6LPLODUO\WR(XURSHWKLVDUWLÃ&#x20AC;FLDOODQG 6-@+.(2$(D=#"A(23(*#>>+$2$8(&-3="A(#=(=*+(+E>+$3+(-/ (#8.26%"=%.#"("#$7?(/#@-%.2$8(7236-$=2$%-%3(3+=="+&+$=3( #=("-C(7+$32=A?(3+>#.#=+7(#&-$8(=*+&(#$7(/.-&(=*+(6-&>#6=(62=A(=*.-%8*(#8.26%"=%.#"(+$6"#@+(-/ (>--.(6-$F VLVWHQF\7KHQRWSHUPHDEOHDUHDRI 5RPHEHWZHHQDQGLVLQFUHDVHGRI WKH,WLVPRYHG IURPWRDFUHV ,635$ *UHDWSDUWRI WKLVXUEDQL]HGDUHDZDVFKDUDFWHULVHGE\ORZGHQF VLWLHV 6DOYDWLHWDO )URPWKHKDYHEHHQGHYHORSHGHVSHFLDOO\WKH´Ã&#x20AC;QHJUDLQHGUHWLFXODUWLVVXHVµ ORZGHQVLW\UHVLGHQWLDODUHDV DQGWKH´RSHQIRUPVµ &DSSXFFLWWL  7DE  3$#45&6&7$#"2.+&,80/+&$%*&,9/2"&/:,/%+2(%&

D$=.26#=+(6-&>#6=(/#1.263

3(,$1&+-"'$./&$"/$& =9$> 

?&(' &,9/&,2++-/&,(,$1& $"/$ G'H

5HWLFXODUÃ&#x20AC;QHJUDLQIDEULFV

G::9'G

G<':

2UJDQLFÃ&#x20AC;QHJUDLQIDEULFV



<'<

I+=26%"#.(&+72%&F8.#2$(/#1.263



<G'G

J.8#$26(&+72%&F8.#2$(/#1.263

;9:'K



I+=26%"#.(6-#.3+(8.#2$(/#1.263

K<;'K

;'K

J.8#$26(6-#.3+(8.#2$(/#1.263



<K'G

L#1.26(/.#8&+$=3(#$7(6-&>-32=+(/#1.263



H'G

J>+$(/-.&3









:9P'K



;()(</%/(-+&$"/$+

M%2"72$83(#$7(6-&>"+E+3(3>+62#"2N+7(/-.("#.8+( +O%2>&+$= !.-7%6=2-$(#$7(6-&&+.62#"(1%2"72$83(#$7(6-&F >"+E+3

Q+(6#$((6-&>#.+(=*23(=A>+(-/ (*-&-8+$+-%3(#.+#3?(1%2"=(#=(=*+(+$7(-/ (RR(6+$=%.A(C2=*(-$+(6-$323=2$8(-/ ( UHWLFXODUWLVVXHPHGLXPJUDLQHGDQGEXLOWLQÃ&#x20AC;UVWKDOI RI WKH;;FHQWXU\:HDQDO\]HGWKHIROORZLQJGLVWULFWV S2""#882-(!.+$+3=2$-(TL2$+FU.#2$(L#1.26(TLLV?("-6#=+7(P(B&(#C#A(/.-&(=*+(UIW?(X+C(!-$=+(72(X-$#(TJ>+$( )RUP 2) NPRXWVLGHWKH*5$DQG0RQWHYHUGHGLVWULFWVLWXDWHGLQVLGHWKH*5$7KHÃ&#x20AC;UVWWZRDUHIURP =*+("#=+(9H=*(6+$=%.A?(C*2"+(=*+(&#2$(3=.%6=%.+(-/ (=*+(.-#73(-/ (Y-$=+@+.7+(C#3(>"#$$+7(C2=*(=*+(Y#3=+.( !"#$(-/ (<:H:'()*23(23(6*#.#6=+.2N+7(1A(#(Y+72%&(U.#2$(L#1.26(TYLV(C*26*(23(#$-=*+.(=A>+(-/ (/#1.26(=*#=?(2$( =*+(62=A(-/ (I-&+?(*#3(#(.+"+@#$=(6-$323=+$6A'(W$(#$#"A323(.+8#.72$8(=*+(&-.>*-"-8A(#$7(3=.%6=%.+(C#3(6-$F

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

9:(4(;<


GXFWHGFRQVLGHULQJDPDFURDUHDZLWKVLGHRI P &DSSXFFLWWL LQHDFKRI WKHWKUHHDUHDV !"#$%&'&()*+&,- &./+&01".)"2&+2+3+4.0&,- &./+&.)005+0&"46&,- &./+&01"7+&50+6&-,8&./+&.8"6+ ==

>=

?=

)-@#"(#.+#(A&BC



9D<E;DF;G';F



H%2"@(6-.+(A&BC

<DG::D<GE'FG





I@.++@3(A&"C(

FEG'J<



<DF:E'J:

K%&1+.(-/ (2$@+.3+6@2-$3





<G

!%1"26(3L#6+(A&BC M+*26"+(3L#6+(AIL#6+(7+726#@+7(@-(L#.N2$8(#$7(&-O+P &+$@(-/ (O+*26"+3CA&BC 5-&&+.62#"(1%2"72$83(P(6-O+.+7(3%./#6+((A&BC



9:D;<E'FJ

G;D<;9':9



G;D9:<'9;



:



:

I*-L3(A&"C





FD<FG'F:

!"#$9:&;".),&"3,4<&./+&01".)"2&+2+3+4.0&,- &./+&.)005+0& ==

>=

?=

%XLOWFRUH7RWDODUHD 

;G



<::

9HKLFOHVVSDFH3XEOLF6SDFH 



JGDE



>=

?=

!"#$@&'&A8+0+47+&"46&+657".),4"2&6+<8++&,- &07/,,2&#5)26)4<0 == !.+3+$6+(-/ (N2$7+.8#.@+$3

<

G

;

!.+3+$6+(-/ (+"+&+$@#.Q(36*--"3

G

<

;

!.+3+$6+(-/ ((&277"+(36*--"3

<

<

G

!.+3+$6+(-/ ((3+6-$7#.Q(36*--"3

:

:



R@(23(+O27+$@(#3(2$(>'='(#$7(='='D(6-&L#.+7(@-(?'='D(@*+(2$@+.3+6@2-$3(-/ (.-#7($+@S-.N(#.+(.+7%6+7(A)#1'GC'(R$( 2)WKHYHKLFOHVSDFHLVKLJK 7DE  EHFDXVHWKHSDUNLQJVSDFHDQGWKHURDGVHFWLRQLVJUHDWHU,QWKH ))WKHYHKLFOHVSDFHLVKLJK 7DE  EHFDXVHWKHSHGHVWULDQDUHDVDUHDOPRVWDEVHQW 7DE  6KRSV 6-&&+.62#"(1%2"72$83(#$7(36*--"(1%2"72$83(#.+(@*+(/%$6@2-$#"(3+.O26+3(@*#@(&-3@(#//+6@(@*+(7#2"Q("2/+(-/ (@*+( LQKDELWDQWV,Q2)WKHFRPPHUFLDOIURQWVDUHUHGXFHGWREHQHÃ&#x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Ã&#x20AC;FLHQWDQGSV\FKRORJLFDOO\SRVLWLYH %.1#$(+$O2.-$&+$@3(7%+(@-(@*+("#6N(-/ (%.1#$(6-$323@+$6QD(1-@*(/-.&#"(#$7(3@.%6@%.#"(AI#"2$8#.-3DG:::C'()*23( GHÃ&#x20AC;FLHQF\LVH[WUHPHO\HYLGHQWLQWKHURDGQHWZRUNZKLFKDOVRDIIHFWHGWKHPRUSKRORJ\RI WKHWRWDOLW\RI  L%1"26(3L#6+(#$7(@*+(1%2"@(+$O2.-$&+$@'

9:(4(;<

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


!"#$%&'('4(<-6#=2-$(-/ (36*--"(1%2"72$83'(>?(@A+$(B-.&(C(@BD(E?(F+72%&CG.#2$(B#1.26(C(FBD(5?(B2$+CG.#2$(B#1.263(CBB(

!"#$%$"&'()"%*'$+&#,$-#(*&.(."-"&.$&/(+&"# )*+3+(233%+3(6#$(1+(+HA"-.+7(=*.-%8*(3I3=+&26(=*2$J2$8(=*#=(#33%&+3(=*+("2K2$8(L-."7(#3(#($+=L-.J(-/ (.+C ODWLRQVKLSV &DSUD 7KHHVVHQWLDOSURSHUWLHVRI WKHFRPSOH[V\VWHPV (GPRQGV GHULYHIURPD FRQÃ&#x20AC;JXUDWLRQRI RUGHUHGUHODWLRQVKLSV &DSUD DQGWKLVLPSOLHVDFHUWDLQIRUPDZHOOGHÃ&#x20AC;QHGVWUXFWXUH ZLWK LWV VFKHPD  DQG D VSHFLÃ&#x20AC;F SURFHVV 6DPDQLHJR  )XQGDPHQWDO SURSHUW\ RI  WKH VWUXFWXUH RI  D FRPSOH[V\VWHPLVWKHFRQQHFWLYLW\WKDWLVPDQLIHVWHGE\DUHWLFXODURUJDQL]DWLRQ &DSUD 7KHKLJKHU WKHFDSDFLW\RI LQWHUFRQQHFWLRQEHWZHHQFRPSRQHQWVRI DV\VWHPWKHJUHDWHULVWKHGLIÃ&#x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Ã&#x20AC;FIRUPDQGUHODWHGVWUXFWXUHGHULYHIURPDVSHFLÃ&#x20AC;FSURFHVVZHFDQDFWRQWKH\ =-(6*#$8+(=*+(A.-6+33'(O-(2=(23(A-3321"+(=-(6*#$8+(=*+(%.1#$(3=.%6=%.+(=-(6.+#=+(6-$72=2-$3(/-.(#(.+6-$$+6=2-$( -/ (=*+(1.-J+$(.+"#=2-$3*2A3'(>(6-&A"+H(3I3=+&(23(#($+3=+7($+=L-.J(-/ ($+=L-.J3(-$+(=*%3(L+(6#$(#6=(#=(K#C ULRXVOHYHOV6WHDGHWDO  LGHQWLÃ&#x20AC;HGWKUHHOHYHOVVWUDWHJLFORFDODQGQHLJKERXUKRRGOHYHO

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

9:(4(;:


!"#$%&'(_5HODWLRQVKLSVJUDSKLQDFRPSOH[LQWDFWV\VWHP6RXUFH&DSUDS !"#$%&')(4(=+"#>2-$3*2?3(8.#?*(2$(#(6-&?"+@(3A3>+&(B2>*(.+7%6+7(3A3>+&26(6#?#62>A

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ÀQGDUHODWLRQVKLSRI JUHDWHU SUR[LPLW\DQGLQFUHDVHGHIÀ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ÀHFWLYHPHDQVDORZOHYHORI HQWURS\RI WKHV\VWHP7KHHQWURS\GHÀ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Á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À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ÀFLHQF\RI WKHQHWZRUNZHKDYHPRUHHQHUJ\FRQVXPSWLRQ

9:(4(;<

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


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

!"#"$"%&"' ())*' %URZQ- :HVW*  !"#$%&'(%&()%*$*'+,(OP/-.7(0$2N+.32=>(!.+33 &DSSXFFLWWL$  -.//01%(.(".&12#$%13(&.$$#(4*25*$*'%#(02)#&#(6%(7*4#'(Q.#6$+(+72=.26+(M'.'"'A(R-&# &DSUD)  -8.(9.)(*5 (:%5.A(S-%1"+7#>FQ$6*-.(G--BA(T'U'V(@='(=.#$3"'(D;WWXK'(Y#(.+=+(7+""#(N2=#A(R5M( Y21.2A(Z2"#$5#3=+""3(Z'(D;WWXK(-8.(;*<.2(*5 (%6.&1%1+%ODFNZHOO2[IRUG,WWUDQVO  ,OSRWHUHGHOO·LGHQWLWj8QLYHUVLWj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`'(M#882-(3%""+(&+=.-?-"2(#&+.26#$+'(\72]2-$2(72(5-&%$2=`A()-.2$R-7.28%+(,F!'A(5-&=-23(5'A(M"#6B(G'(DHIIWK(-8.(F.*'2#;8+(*5 (-2#&/;*21(!+/1.4/A(M+6-$7(\72=2-$A(T+<(U-.Ba( R-%="+78+ M#33+$(M'(D;WWXK(:.("%113(&.$$D."*&*4%#('$*)#$.A(3-62+=`(+72=.26+(@"(Z%"2$-A(G-"-8$# 0TFEQG@)Q)(DHIIWK(H$#&&%&'(!0/1#%&#)$.(=%1%./A(^"-1#"(R+?-.=(-$(E%&#$(M+=="+&+$=3 +$,-&."' $QWURS0  :#&6/"#;.("8#&'.(#&6(18.(02)#&%I#1%*&(;2*".//(%&(@02*;./DQGVFDSHDQG8UEDQ3ODQQLQJ ² %URZQ - *LOORRO\ - $OOHQ $ 6DYDJH 9 :HVW *   -*<#26( #( 4.1#)*$%"( 18.*2+( *5 ( ."*$*'+'( \6-"-8>A( J:A( ;XX;b;XJW G#$#N#.(,'(R'A(Z#.2=#$(Q'A(R2$#"7-(Q'D;WWWK(6L]HDQGIRUPLQHIÃ&#x20AC;FLHQWWUDQVSRUWDWLRQQHWZRUNVA(T#=%.+A(9WWA(;9Ib;9H \7&-$73(G'DHIIIK(&RPSOH[LW\DQGVFLHQWLÃ&#x20AC;FPRGHOLQJA([-%$7#=2-$3(-/ (M62+$6+(:A(9XWb9WI E#&2"=-$FG#""2+(G'DHIIJK(6KDUHG6SDFH5HFRQFLOLQJ3HRSOH3ODFHVDQG7UDIÃ&#x20AC;F%XLOW(QYLURQPHQW9ROXPH1XPF EHUSS 6DPDQLHJR+ 0RVHV0(  =%1%./(#/(*2'#&%/4/J(G$$*4.12%"(/"#$%&'(*5 (02)#&(2*#6(&.1<*2K/A(,-%.$#"(-/ ( ).#$3?-.=(#$7(Y#$7(03+A(??'(H;b9W M#"N#=2(Y'A(Z%$#/c(Z'A(Z-.+""2(_'(^'A(M#112(Q'DHI;HK(:*<(6.&/%1+(/.11$.4.&1/(#&6($#&6(0/.("8#&'./(%&(#(L.6%1.22#&.#&( 02)#&(2.'%*&/DQGVFDSHDQG8UEDQ3ODQQLQJ M#"2$8#.-3(Q'DHIIIK(=*4;$.>%1+(#&6(A2)#&(=*8.2.&".B(M*02&#$(*5 (A2)#&(E./%'&9ROXPH,VVXH 6WHDG' 0DUVKDOO6  -8.(7.$#1%*&/8%;/().1<..&(A2)#&(N*24(#&6(-2#?.$(H#11.2&/B(G&(O&1.2&#1%*&#$(7.?%.<(#&6( @?#$0#1%*&%DUWOHWW6FKRRORI 3ODQQLQJ8QLYHUVLW\&ROOHJH/RQGRQ(-7,5QRSS L+3=(^'(G'A(G.-<$(,'(E'A(\$C%23=(G'(,'D;WWXK(G('.&.2#$(4*6.$(5*2(18.(*2%'%&(*5 (#$$*4.12%"(/"#$%&'($#</(%&()%*$*'+(M62+$6+A( ²

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

99(4(:;


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`#(0$2O+.32:I(-/ ([-&+=(/-.(*23(%3+/%"(6-&&+$:3( #$7(3%HH-.:'

_

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

?")*/90),&'$(&20'*5"*,&/$&@'5,0&A'$'%,A,$5& "$&5B,&C/95B,0$&6/9$50",) I2>#(J2E-$$+

K2=#.>2&+$>-(F2(L.E*2>+>>%.# 0$27+.32>M(F+G"2(3>%F2(F2(N2.+$O+ .2>#'12E-$$+PG&#2"'E-& 

!.-G.#&3(.#$G+(#$F(2$>+.$#>2-$#"(=.-Q+E>3(-$(<#>+.(&#$#G+&+$>(2$(E-%$>.2+3(-/ (>*+(A-%>*(-/ (R-."F(#.+(E-$32F+.#1"+S( WKHLUIXOÃ&#x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·UROH


,Q WKH YDULDEOH FRQÀ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¶ZDWHUEXURFUDFLHV· 0ROOHHWDO IAAGJ(2$6"%7+(8.#7%#""9($#;2-$#"(:-"2;262#$3=(B#;+.(1%32$+33(6-&:#$2+3=(7+<+"-:&+$;(1#$M3(#$7(2$;+.$#;2-$#"( DJHQFLHVWKDW´DUHRIWHQWLJKWO\DVVRFLDWHGLQ¶V\QHUJHWLFUHODWLRQVKLSV·ZKHUHE\WKHZD\VWKHÁRZVRI ZDWHU DUHFUHDWHGRUPRGLÀHGE\ZDWHULQIUDVWUXFWXUHDUHLQWHUWZLQHGZLWKÁRZVRI SRZHUDQGLQÁXHQFHRIWHQ PDQLIHVWHGLQWKHIRUPRI SROLWLFDORUÀQDQFLDOEHQHÀWVZKHWKHUSULYDWHRUFROOHFWLYHµ 0ROOHHWDO  6RQDWLRQDOLQWHUHVWVWRJHWKHUWRGHYHORSPHQWDJHQFLHVDGGLWLRQDOLQWHUHVWVKROGSURPLVHVRI FRQFUHK WHDQGODUJHVFDOHFKDQJHVWKDQNVWRODUJHZDWHUSURMHFWVPD[LPLVLQJDLGÁRZXQGHUWKHGULYLQJIRUFHRI  GHYHORSPHQW +RZH 'L[RQ DQGLQFUHDVLQJLQWHUQDWLRQDOGRQRUV·LQWHUHVWVRQORDQVDQGGLVEXUVLQJ PRQH\7KLVIUDPHZRUNKDVJLYHQZD\WRZKDWQRWHGDV¶WKHOHQGLQJFXOWXUH·IRVWHULQJZDWHULQIUDVWUXFWXUDO 7+<+"-:&+$;(#3(#$(+$7(2$(2;3+"/=(.#;*+.(;*#$(#(&+#$3(;-(#$(+$7(FN-""+(+;(#"'=(IAAGJ(B2;*(2$#7+O%#;+(6-$327+K .#;2-$(-/ (;*+(6%";%.#"=(3-62#"=(+$<2.-$&+$;#"(#$7(:.-7%6;2<+(2&:#6;3(2$(72//+.+$;(:"#6+3'

!"#$%"&#'("&)*+((,$%&#'("*("*-&#$%.*&*+%'#'+&)*(/$%/'$7KHLQWHUQDWLRQDOFRRSHUDWLRQ·VZRUNGXULQJWKHSDVWGHFDGHVLQGHHGKDVEHHQFULWLFL]HGIRULPSRVLQJDQG DVVLVWLQJJRYHUQPHQWVRI WKH6RXWKLQWKHGHÀQLWLRQDQGLPSOHPHQWDWLRQRI ZDWHUSROLF\UHIRUPVDQGLQWHUK <+$;2-$3=(6#..2+7(-%;(%$7+.(;*+(%&1.+""#(-/ (<#.2-%3(1%PPB-.73(#$7(3"-8#$3'( %\ZD\RI LOOXVWUDWLRQLQWKHVDQGVWKHSHULRGRI WKHHFRQRPLFJURZWKDQGPRGHUQL]DWLRQ 6WDDW]  (LFKHU LQWHUQDWLRQDOFRRSHUDWLRQ·VDFWLRQZDVPRVWO\DUHVXOWRI HPHUJHQFLHV,QWKHVHFDVHVPDMRU #8+$62+3( #$7( -.8#$2P#;2-$3( /-6%3+7( ;*+2.( +//-.;3( ;-( :.-<27+( #( &2$2&%&( "+<+"( -/ ( B#;+.( #$7( 3#$2;#;2-$( ;-( %.8+$;(#$7(2&&+72#;+(*%&#$($++73'(Q;(B#3(2$(;*+(RA3=(B*+$(;*+(7+<+"-:&+$;(#27(/-6%3+7(-$(2$6-&+(723;.2K 1%;2-$=(+&:"-9&+$;(#$7($%;.2;2-$=(+3:+62#""9(2$(.%.#"(6-$;+L;3(-/ (;*+(C-%;*=(2;(B#3(;*+(1--&(-/ (#$(2$;+.K YHQWLRQLVWDSSURDFKLPSOHPHQWHGÀUVWRI DOOE\WKH:RUOG%DQN 7DEOH, 'XULQJPDFURHFRQRPLFDQGLQK VWLWXWLRQDOUHIRUPVSHULRG V %UHWWRQ:RRGV,QVWLWXWLRQVLPSRVHGVWULFWFRQGLWLRQDOLW\RQ¶EHQHÀFLDULHV· FRXQWULHVWKURXJKWKH6WUXFWXUDO$GMXVWPHQW3URJUDPPHVKDYLQJHPEUDFHGWKHHIÀFLHQF\·VFDXVH2QZDWHU 233%+3=(;*23(:.-6+33(*#3(1++$(;.#$3"#;+7(2$;-(;*+(2$;.-7%6;2-$(-/ (&+6*#$2P+7(393;+&3(/-.(B#;+.(+L;.#6;2-$(2$( -.7+.(;-(+$*#$6+(;*+(#8.26%";%.#"(3+6;-.=(;*+(&-3;(:.-7%6;2<+(3+6;-.(2$(6-%$;.2+3(2$<-"<+7' )*+.+/-.+=(+"2;+3(#$7(8-<+.$&+$;3(-/ ($+B"9(2$7+:+$7+$;(6-%$;.2+3(-/ (;*+(C-%;*(B+.+(3%::-.;+7(19(E+3;+.$( 6-%$;.2+3(#$7(#8+$62+3=(B*26*(*#7(1-;*(+6-$-&26(#$7(8+-:-"2;26#"(2$;+.+3;3'(E-.M2$8(%$7+.(&-7+.$2;9(#$7( GHYHORSPHQWLFRQVLQ¶K\GUDXOLFPLVVLRQ·WKH\´ZHUHSUHVVHGWRGHOLYHU¶WKHIUXLWVRI GHYHORSPHQW·WRWKHLU 6-$3;2;%+$62+3(#$7(19(;*+($+6+332;9(;-(3;.+$8;*+$($#;2-$(1%2"72$8(#$7(;*+("+82;2&#;2-$(-/ (;*+2.(:-B+.S(FN-"K OHHWDO  )*23(393;+&(*#3("+7(;-(:+.3+<+.+=(B2;*(#(7-%1"+(62.6%2;(-/ (6-+.62-$=(#;(2$;+.$#;2-$#"(#$7(3;#;+("+<+"'(T$(-$+( *#$7=(2$;+.$#;2-$#"(#8+$62+3(&#9(6-$<+9(;*+($#;2-$#"(:-"262+3(-/ (6-%$;.2+3(6-$3;.#2$+7(19(.#232$8(/%$72$8=( XQWLOWRSURPRWHUHFHQWO\VWUDWHJLHVRI ZDWHU·VOLEHUDOL]DWLRQDVDGULYHUIRUVHFWRULPSURYHPHQWDQGHIÀK 62+$69(F52+.<-=(IA?AJ'(T$(;*+(-;*+.(*#$7=(;*23(*97.#%"26(&2332-$(#""-B3(;*+(6+$;.#"(8-<+.$&+$;(;-(&#.M(2;3( :.+3+$6+(2$(.+"+<#$6+(#.+#3(/-.(;*+2.(2$;+.+3;3(;*.-%8*(;#$821"+(2&:.2$;(-$(;*+(;+..2;-.9U(2;(#""-B3(;-(6.+#;+( #::.-<#"(#$7(6-$3+$3%3(-/ (3+;;"+7(6-&&%$2;9=(#3(B+""(#3(#$(-::-.;%$2;9(;-(.#23+(#(1%"B#.M($+B(2$3;2;%;2-$3( %$7+.(;*+(6+$;.#"2P+7(3;.%6;%.+'

_

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


!"#$%&'(&)*+#%,&-. &/-,$0&1")2&3,-4%567&-)&8,,89"68-)&")0&:"6%,&7*33$; !"#$%!"&'

!"&!%!"$'

!! "# =-%.6+>(?-."7(@#$AB(CCC'C-."71#$A'-.8

!"$!%!"('

!"(!%!""'

!""!%)'''

$%%

$&#

'("

,QGLIIHUHQWDVVLVWDQFHIRUPVÀQDQFLDO WKURXJKWUDQVIHURI FUHGLW PDWHULDO LQWKHFDVHRI KXPDQLWDULDQDQG /--7(#27(1D(3+$72$8(6-&&-72E2+3(-/ (F#.2-%3(A2$73GB(#$7(E+6*$26#"(HE*+(E.#$3/+.(-/ (-I+.#E2-$#"(6#I#12"2E2+3(1D( +JI+.E3(#$7(+K%2I&+$EGB(1+327+3(&#L-.(2$E+.$#E2-$#"(2$3E2E%E2-$3(#$7(8-F+.$&+$E3(#3(&#2$(#6E-.3(-/ (12"#E+.#"( DQGPXOWLODWHUDOFRRSHUDWLRQFRH[LVWDQGFROODERUDWH1RQ*RYHUQPHQWDO2UJDQL]DWLRQV)URPWKHUHVXOWV· UHYLHZRI WKHÀUVWVHDVRQRI LQWHUYHQWLRQWKHVHQHZHQWLWLHVIRFXVWKHLUHIIRUWVRQDSHUVSHFWLYHFKDQJH C*26*(/-6%3+3(-$(E*+($++73(#$7(E*+(.-"+(-/ (3+EE"+7(6-&&%$2ED' M"E*-%8*("#.8+N36#"+(C#E+.(I.-L+6E3(6-$E.21%E+7(3-&+*-C(E-(2&I.-F2$8("2/+(K%#"2EDB(C+"/#.+(#$7(C+""N1+2$8B( LQFOXGLQJHQHUJ\DQGIRRGJHQHUDWLRQÁRRGSURWHFWLRQDQGZDWHUVXSSO\WKH\FDQQRORQJHUEHH[SHFWHG E-(I.-F27+(E*+(#$3C+.(E-(&-3E(C#E+.(I.-1"+&3'(O#L-.($+C(I.-L+6E3($-C(6-&I+E+(C2E*(2$$-F#E2F+(3&#""+.N 36#"+B("-6#""D(&#$#8+7(E+6*$26#"B(2$3E2E%E2-$#"(#$7(+6-$-&26(3-"%E2-$3B(C#E+.N6-$3+.F2$8("#$7(&#$#8+&+$E( &+E*-73(#$7(.#2$C#E+.(*#.F+3E2$8(#II.-#6*+3(HP"+26AB(QRRRS(T+$-EB(QR<<G' 7KH¶FHQWUDOLW\RI WKHORFDO·JUDGXDOO\PDNHVLWVZD\LQWKHVWUDWHJLHVRI LQWHUQDWLRQDODJHQFLHVDQGPRVW .+6+$E"D(5-&&%$2EDN1#3+7(C#E+.(&#$#8+&+$E(23(#(.+6%..2$8(.+K%2.+&+$E(1D(7-$-.3(2$(E*+(7+F+"-I&+$E( SURJUDPV+RZHYHUWKLVDFKLHYHPHQWWXUQVRXWWREHRIWHQSRRUO\IXOÀOOHG/RRNLQJDWWKHSUREOHP'XQN 6#$(O2""+.(-/ ((UV5W(W+F+"-I&+$E(5+$E.+(*28*"28*E+7(E*#E(E*+.+(#.+(EC-(A+D(I-2$E3(E*#EB(3-&+*-CB(C+#A+$( WKHXVHRI SUHGHÀ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ÀWVRI ZLGHSDUWLFLSDWLRQPDWXUHRYHUWLPHDQGVSDFHµ '0LOOHUFLWLQ ?#.7B(QRR9>(<<<G'

)*+(723#II.-F#"(-$(E*+(2$E+.$#E2-$#"(%3+3(-/ (I#.E262I#E-.D(#II.-#6*+3(#$7(6-$$+6E+7(1%ZZC-.73(#.+(E*#E( WKHVHEHFRPHRIWHQDPHUHLQVWUXPHQWRI  FRQVHQVXVDQG OHJLWLPDF\DV ¶!"#"$%&'"(')!*+,-,.(')/*· 6\HWDO  UDWKHUWKDQDUHDOLPSOHPHQWDWLRQSURFHVVIRUORFDOHPSRZHUPHQW HPHUJHGLQWKH¶V DQGSDUN WLFLSDWLRQ LQWKHQH[WGHFDGH WKHFULWLTXHVKLJKOLJKWWKHFRQQHFWHGULVNRI KLWWLQJWKHDWWLWXGHRI ¶0-(-#'"(')!*+ 1*)+'1%*)·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ÀFXOWFRH[LVWHQFHRI GLIIHUHQWFRQÀ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

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

9:(4(;<


¶KXPDQDQGVRFLDOFDSLWDO·DVZHOODVSK\VLFDODQGPDWHULDOIHDWXUHVWKLVDSSURDFKDOORZVDJUHDWHUSURMHFWLRQ WRZDUGVORFDOGHYHORSPHQW &LHUYR*XHVQLHU0DNNDRXL 'XERLV(WLHQQH6KLYD =>>9?(@#.7A(=>>9B'()*+.+/-.+A(8.#7%#""C(D#E+3(3*#F+(#(7-2$8(G#C(-D*+.(D*#$(D*+(6+$D.#"2H+7(2$D+.I+$D2-$3(-/ ( PDVVLYHK\GUDXOLFDUWHIDFWVZKLFKFHUWDLQO\SURGXFHWKHEHQHÀWVRI LQQRYDWLRQWHFKQRORJ\EXWQRWDGGUHVV D*+(*C7.-"-826#"(#$7(+$I2.-$&+$D#"(2&F#6D3A($-.(2D3(3-62#"A(6%"D%.#"(#$7(+6-$-&26(2&F"26#D2-$3' $ERXW&RPPXQLW\EDVHGZDWHUUHVRXUFHPDQDJHPHQW'LRS 'LDRIIHUVRPHUHÁ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ÀQLWLRQRI VWUDP D+82+3A(F-"262+3(#$7(-1J+6D2I+3(-$(G#D+.A(#$7(D*+2.(6-$D#6D(-$(D*+(6-$D+QD(-/ (2$D+.I+$D2-$'(R+D(%3A(D*+.+/-.+A( D-(*28*"28*D(&#2$(#6D%#"(8"-1#"($#..#D2I+3(6-&F-$+$D3A(2$(G*26*(2$D+.$#D2-$#"(6--F+.#D2-$(7.#G3(3%3D+$#$6+A( #$7(D-(G*26*($#D2-$#"(3D.#D+82+3(&%3D(&++D(S2$(D*+(N-%D*(6-%$D.2+3A(#3(G+""(#3(2$(D*+(T-.D*B'

!"#$#%&"'$(%'%)*+,-$%.)$/.0&1."#2$3%*45'"7KHJOREDOGLVFRXUVHRQZDWHULVVWUHQJWKHQHGVLQFHWKHVIURPDQLQWHQVLÀ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ÁRRGSURWHFWLRQDQGK\GURSRZHU  )-7#CA(8"-1#"(-.8#$23&3(.+6-8$2H+(V@WX9(#FF.-#6*(D-(#77.+33(6-$D+&F-.#.C(G#D+.(6*#""+$8+3'(UC(G#C(-/ ( LOOXVWUDWLRQLQWKH&KDOOHQJH¶0HHWLQJEDVLFQHHGV·´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ÁRZ,WUHFRJQLVHVWKHLPSRUWDQFHRI ZDWHU L%#"2DC(233%+3'(V$(D*23A(3F+62#"(#DD+$D2-$(3*-%"7(1+(F#27(D-(D*+(F--.A(D-(D*+(.-"+A(3E2""3(#$7($++73(-/ (G-&+$(#$7(D-( YXOQHUDEOHDUHDVVXFKDVVPDOOLVODQGVWDWHVODQGORFNHGFRXQWULHVDQGGHVHUWLÀHGDUHDVµ 0LQLVWHULDO'HFODUDWLRQRQ @#D+.A(=>>>^(=B'  7KH!"#"$%&'"()*+&,)('(%"-#*-. */0&*1(23&*-#*4(%&'*5&,3'"%6*"#*%0&*78$%*9&#%3'6(23(D*+(F-"2D26#"(-%D6-&+(-/ (D*+(=$7(@-."7( @#D+.(O-.%&(S=>>>B'()*+(7-6%&+$D(27+$D2/C(3+I+$(8"-1#"(6*#""+$8+^(<B(X++D2$8(1#326($++73A(=B(N+6%.2$8(D*+(/--7( VXSSO\ 3URWHFWLQJHFRV\VWHPV 6KDULQJZDWHUUHVRXUFHV 0DQDJLQJULVNV 9DOXLQJZDWHU *RYHUQLQJZDWHU G23+"C'

9:(4(;<

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


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ÀUPHGLQYDULRXV:RUOG:DWHU)RUXPVZLWKWKHSURJUHVVLYHDFTXLVLWLRQRI QHZSXUSRVHVDQG REMHFWLYHV XQWLO WKH 0LOOHQQLXP 'HYHORSPHQW *RDOV 7KH PRVW UHFHQW WK :RUOG :DWHU )RUXP UHSRUW .+"#>+3H( N)*+(K#>+.(6.2323(>*+(K-."7(6-&&%$2>L(/#6+3(>-7#L(23("#.8+"L(#(8-?+.$#$6+(6.2323'(Q+6%.2$8(K#>+.(/-.(#""@(+3=+62#""L(?%"D QHUDEOHSRSXODWLRQVLVRIWHQQRWRQO\DTXHVWLRQRI K\GURORJ\ ZDWHUTXDQWLW\TXDOLW\VXSSO\GHPDQG DQGÀQDQFLQJ EXWHTXDOO\DPDWWHURI JRRGJRYHUQDQFH0DQDJLQJZDWHUVFDUFLW\DQGZDWHUUHODWHGULVNV ÁRRGVQDWXUDOGLVDVWHUVHWF  .+T%2.+3(.+32"2+$>(2$3>2>%>2-$3@(6-""#1-.#>2?+(+//-.>3(#$7(3-%$7(6#=#62>L(#>(#""("+?+"3'(O--7(K#>+.(8-?+.$#$6+(23(>*+.+/-.+( DNH\FRQGLWLRQRI VXFFHVVWRHQVXUHHYHU\RQH·VZHOOEHLQJFRQWULEXWHWRHFRQRPLFGHYHORSPHQWDQGNHHSWKHSODQHW EOXHEXWDOVRWRIRVWHUSHDFHDQGVWDELOLW\µ :RUOG:DWHU&RXQFLO 

J>( 23( >*+.+/-.+( ?#"27#>+7( #K#.+$+33( >*#>( K#>+.( 36#.62>L( 23( 6"-3+"L( "2$P+7@( 1+L-$7( >*+( =*L326#"D8+-8.#=*26#"( /+#>%.+3@(#>(>*+(&#$#8+.2#"@(2$3>2>%>2-$#"@(=-"2>26#"(72&+$32-$3'(J$(>*23(/.#&+K-.P@(*-K+?+.@(>*+(6-$>.-?+.3L( EHWZHHQWZRRSSRVLQJFXUUHQWVLVDPSOLÀHGJOREDODVVXPSWLRQVDUHEDVHGSULPDULO\RQWKHLGHDWKDWZDWHU 23(#$(+6-$-&26(8--7U(->*+.K23+@(K#>+.(#3(#(%$2?+.3#"(*%&#$(.28*>(#$7(#(6-&&-$(8--7(23(3%==-.>+7(1L(72/D /+.+$>(72362="2$#.L(6-$>.21%>2-$3(#$7@(+3=+62#""L@(#3(&-.+(#$7(&-.+(7+/+$7+7(1L(62?2"(#$7(3-62#"(&-?+&+$>3( 2$(2$>+.D(#$7(2$>.#D$#>2-$#"($+>K-.P3'()*+(723#==.-?#"(#1-%>(>*+(3>.#>+826(#$7(-=+.#>2-$#"(/+#>%.+3(-/ (JSVC( #$7(S#>+.(O-?+.$#$6+(=.-&->+7(1L(2$>+.$#>2-$#"(#8+$62+3(#$7(7-$-.3(#.+(72.+6>+7(>-(>*+2.3(+6-$-&26(#$7( ÀQDQFLDOQDWXUHWKDWDLPHGWRLQFUHDVHSULYDWL]DWLRQDQGFRPPHUFLDOL]DWLRQRI UHVRXUFH;'(M.@(#3(%$7+."2$+7( 2OLYLHU'H6DUGDQWKHLUQRUPDWLYHPHDQLQJVVWURQJO\¶SROOXWHG·RI QHROLEHUDOLGHRORJ\ $OUHDG\DWLQLWLDODSSHDURI WKHQHZSDUDGLJP-HQNLQV  DUJXHVWKDW¶JRYHUQDQFH·DVXVHGLQWKHPDLQD 3>.+#&( 2$>+.$#>2-$#"( 7+?+"-=&+$>( 7236-%.3+( -/ ( >*+( 2$>+.$#>2-$#"( 7+?+"-=&+$>( /%$72$8( #8+$62+3U( 2>( >+$73( WREHFRPHD¶WHFKQLFDO·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ÀQDQFLDOVXSSRUWIRULWVLPSOHPHQWDWLRQ>«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

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

9:(4(;<


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ÀQDQFLDOLQVWLWXWLRQVHFRQRPLVWVDQGSROLWLFDOVFLHQWLVWVWDNHWKHGLIIHUHQFHODUJHO\DVJLYHQ:HDYHU  FDOOV LWWKH¶,2+\SRFULV\·DQG*XWQHU  WKH¶JDSEHWZHHQPDQGDWHDQGSHUIRUPDQFH·µ +DUWMH 

7KHPDLQ¶OLQHRI GHIHQFH·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

!"#$"%&'#(()*+ N+/+..2$8(<-(<*23(/.#&+G-.@B(O-""2$8#(3%88+3<3(<*#<E ´WKHDGGLWLRQRI ¶JRYHUQDQFH·WRWKHZDWHUUHVRXUFHVSROLF\YRFDEXODU\PD\EHFRQVLGHUHGDVWHSIRUZDUG>«@ ,W  VLJQLÀHVDOHVVH[FOXVLYHO\VHFWRUIRFXVHGXQGHUVWDQGLQJRI ZDWHUUHVRXUFHVPDQDJHPHQWWKDWLVUHFRJQLWLRQRI LWVHPM 1+77+7$+33(2$(1.-#7+.(3-62-¹SROLWLFDOVWUXFWXUHV>«@DQGHFRORJLFDOGLPHQVLRQV>«@7KHREMHFWFDOOHG¶ZDWHUUHVRXUFHV PDQDJHPHQW·LVDKHWHURJHQHRXVREMHFW,WVFRPSRVLWHHOHPHQWVLQFOXGHZDWHUWHFKQLFDODUWHIDFWVSHRSOHLQVWLWXWLRQV #$7(3-62#"(.+"#<2-$3(-/ (72//+.+$<(@2$73B(#(;*A326#"("#$736#;+B(#$7(&-.+'()*-%8*<(-/ (#3(#(3A3<+&(2<(23(#(6-&;"+:(3A3<+&B( ZLWKVSHFLÀFWLPHDQGVSDFHFKDUDFWHULVWLFVWKDWLQÁXHQFHWKHVRFLDOLQWHUDFWLRQWKDWLVSDUWRI LWµ 0ROOLQJD 

O-.+(<*#$(;#.<(-/ (2<B(<*23(23(<*+(+$82$+(<*#<(#""-G3(2<3(;+./-.&#$6+E(F2<(23(<*+(3-62#"(#$7(+H+$(6%"<%.#"(/+#<%.+3( <*#<B(%"<2&#<+"AB(G2""(7+<+.&2$+(G*+<*+.(-.($-<(G+(#1"+(<-(.+#6*(#(32<%#<2-$(G*+.+(G#<+.(8-H+.$#$6+(6#$(1+( "#1+""+7(#3(F3%3<#2$#1"+P(!/XQGTYLVWFLWLQ*ULOORWWL %HUQDUGLQR/;;, 6RPHÀQDOUHPDUNVDUH <*+.+/-.+($+6+33#.A'( :DWHUFRPSOH[LW\UHTXLUHVFDUHIXODWWHQWLRQWRORFDOVSHFLÀFLWLHVWKDWJOREDOSDUDGLJPVDQGDSSURDFKHVFDQ *#.7"A( 8.#3;( G2<*-%<( <.#$3&%<+( <*+&( 2$<-( #( &+6*#$26#"( 3+=%+$6+( -/ ( #6<3'( F)*23( 23( 1+6#%3+( $+:<( <-( <*+( DFKLHYLQJWKHUHLVD¶FRPELQDWLRQ·WKDWQRWRQO\SUHVXSSRVHVDUHODWLRQVKLSEXWFODLPVWRTXDOLI\LW$QGWKH .+"#<2-$3*2;B(+H+.A(.+"#<2-$3*2;B(23($+H+.(82H+$(-$6+(#$7(/-.(#""B(1%<(6*#$8+3E(G2<*(<*+(6*#$82$8(-/ (<*+(#6<-.3B( FLUFXPVWDQFHVSODFHVLQIRUPDWLRQµ 7XUFR '( )*+( $++7( <-( -H+.6-&+( <*+( .#<2-$#"2<A( 7+3;-<23&B( -/<+$( +:-8+$-%3B( ;.-&-<+7( 1A( <+6*$-6.#<26( 3<.%6<%.+3( *28*"A(6+$<.#"2L+7(#$7(-/<+$(#%<-M.+/+.+$<2#"(Q+#32"A(+:;-3+7(<-(2$<+.$#"(6.2323(-.R#$7(/#2"%.+(;%<(2$(6-$<#6<( G2<*(<*+(6-$<+:<S(-;+$3(<*+(7--.(<-(#(;+.3;+6<2H+(6*#$8+'(T<($-<(&+#$3($%""2/A(<*+(H#"%#1"+(6-$<.21%<2-$(-/ ( JOREDOVFLHQWLÀFDQGWHFKQLFDODGYDQFHPHQWEXWUDWKHURSHQWRVFLHQWLÀFFXULRVLW\DQGLPDJLQDWLRQWHFKQLM =%+B(6-&;#<21"+(G2<*("2/+(2$(<*+(<+..2<-.2+3(#<(*%&#$(36#"+(QJ%+3$2+.B(UVWVSB(&#2$<#2$2$8(<*+(#G#.+$+33(<*#<( WKH¶ORFDO·PXVWEHFHQWUDOLQDOOWKHSKDVHVRI ZDWHUPDQDJHPHQWIURPHDFKGHFLVLRQPDNLQJVWHSWRHDFK -;+.#<2H+(#6<2-$' $FKDQJHRI SHUVSHFWLYHWKDWWXUQVWKHVORJDQ¶WKLQNJOREDOO\DFWORFDOO\·LQWRWKHIRUPXODWLRQ¶WKLQNORFDOO\ DFW ORFDOO\DQG JOREDOO\·DVWRPRUHDSWO\FDSWXUHWKHQHHGIRUDJUHDWHUHPSDWK\ZLWKORFDOOLIHH[SHULHQFH T$(<*23(3+$3+B(<*+(.+"#<2-$3*2;(-/ (%$723;%<+7(#$7($+6+33#.A(.+"+H#$6+(#&-$8(72//+.+$<(3;#<2#"(36#"+3(&#A(#.+(  7UDQVODWLRQE\WKHDXWKRU

_

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


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

!"#"$"%&"' 5#39.-(,'@(IJKKLM(:DWHUJRYHUQDQFHLQWKHWZHQWLHWKÃ&#x20AC;UVWFHQWXU\LQ$PELHQWH 6RFLHGDGHYROQR 52+.=-(N'@(IJKOKM(!"#$#%&'()*+"%%,)(-.)@(P-&#@(5#.-662(+729-.+' &RVJURYHDQG5LMVEHUPDQ  :RUOG:DWHU9LVLRQ/·HDXO·DIIDLUHGHWRXWOHPRQGH/RQGRQ(DUWKVFDQ !%1"26#92-$3(Q97'(ZZZZRUOGZDWHUFRXQFLORUJLQGH[SKS"LG  / IÃ&#x20AC;O( &RXUDGH*   HG /,012&-."*+"3*&+4"3*2"5."3'(!#.23@(R+"2$' S2-<(N'@(S2#(T'U'@(IJKOOM(641#27"3*+"3*3"28&("3*+,").*"9*7&%&".*2.2)%*)12&()&9*:*"9;".<*"'*%&7&'"3*+.*7#9')="*&93'&'.'&#99"%* +"*="3'&#9@(0$+(V9%7+(7+(6#3(#%(EV$V8#"@(2$(N-$7+3(+$(7V=+"-<<+&+$9@(=-"'W($-'OXX@(WL;XY' 'LQDU$6DOHWK50  >?"*@93'&'.'&#9)%*A(#9#7&(3*#1 *B)'"2*0*C2#33DC#.9'2E*09)%E3&3*#1 *@93'&'.'&#93*)9+* F"21#27)9("@(I5-;<%1"26#92-$(>29*(Z-."7(1#$HM'(5*+"9+$*#&@(B-.9*#&<9-$'([7>#.7(["8#.(!%1"23*2$8' S2$#.(U'@(E#"+9*(P'N'@(IJKKXM(B)'"2*&93'&'.'&#9)%*2"1#273:*'?"#2E*)9+*$2)('&("@(2$(Z#9+.(!-"26?($-'L@(O\O] [26*+.(5'^'@(E9##9G(,'N'@(IO]]YM(@9'"29)'&#9)%*0=2&(.%'.2)%*G"8"%#$7"9'@(Q-$7-$@()*+(,-*$3(T-<H2$3(0$2=+.329?( !.+33' [92+$$+(,'@(IJKKWM(A).*"'*)33)&9&33"7"9':*(2#E)9("3H*7#+"3*"'*7#+I%"3JJJ@(2$(U/.2_%+(6-$9+&<-.#2$+@(O($-(JKX@(<'(OKW; OOL'(*99<`aa>>>'6#2.$'2$/-a.+=%+;#/.2_%+;6-$9+&<-.#2$+;JKKW;O;<#8+;OKW'*9&( C"+26H(!'T'@(IJKKKM(7KH&KDQJLQJ:DWHU3DUDGLJP$ORRNDWWZHQW\Ã&#x20AC;UVWFHQWXU\ZDWHUUHVRXUFHVGHYHORSPHQW'(F$(Z#9+.( F$9+.$#92-$#"@(=-"'JX@($-'O@(OJL;OWY' C%+3$2+.(R'@(IJKOKM(/,").*"'*%"*+48"%#$$"7"9'*+.2)K%":*.9*(#.$%"*"9*2.$'.2"*3)93*=#.8"29)9("*3#(&"')%"*"'*(##$42)'&#9*+4("9D '2)%&34"'(2$(SV=+"-<<+&+$9(7%.#1"+(+9(9+..29-2.+3@(=-"'O@($-'O( (((((((((KWWSGHYHORSSHPHQWGXUDEOHUHYXHVRUJ +RPHU'L[RQ7)  A98&2#97"9')%*3()2(&'EH*7)33*8&#%"9("H*)9+**'?"*%&7&'3*'#*&9="9.&'EH*&9*C.22"9'*L&3'#2E@(WX];  T->+(,'U@(S2A-$@(,'U'@(IO]]WM(,QHIÃ&#x20AC;FLHQFLHVLQZDWHUSURMHFWGHVLJQDQGRSHUDWLRQLQWKH7KLUG:RUOG$QHFRQRPLFSHUD 3$"('&8"LQ:DWHU5HVRXUFHV5HVHDUFKYROQR *ULOORWWL'L*LDFRPR0*0DVWUREHUDUGLQR/  *HRJUDÃ&#x20AC;HGHOO·DFTXD/DJHVWLRQHGLXQDULVRUVDIRQGDPHQWDOH $"2*%)*(#3'2.M&#9"*+"%*'"22&'#2&#@(C+$-=#@(R.28#92' T#.9b+(c'@(IJKKYM(>?"*B#2%+*N)9O,3*B)'"2*P"('#2*F#%&(E*6"1#273@(2$(E6*+%&#$$(Z'@(B+%1+.9(E'@(^2<<2$8(N'(I[73'M( Z#9+.(!-"29263@(!-"262+3(#$7(S+=+"-<&+$9(5--<+.#92-$`(Q-6#"(!->+.(!"#?3(#$7(C"-1#"(C-=+.$#$6+'(R+.; "2$@(E<.2$8+.' ,+$H2$3(P'@(IJKKOM(Q&3')O&9=*R=#8"29)9("S*1#2*R$#%&'&(3S:*T#2"&=9*)&+H*+"7#(2)(E*)9+*'?"*(#93'2.('&#9*#1 *(&8&%*3#(&"'E@((F$( ^#=2.#b(E'@(^*2"$#$2(E'@(I[73M(52=2"(3-62+9?`(T239-.?(#$7(<-33212"292+3@(5#&1.278+@(5#&1.278+(0$2=+.329?( 3UHVV Q#33+..+(d'@(S+36.-2A(Q'@(IJKKXM(A).<*"'*'"22&'#&2"3J*>"93&#93H*(##$"2)'&#93*"'*="#$#%&'&-."3*+"*%,").@(e%+1+6@(!.+33+3( GHO·8QLYHUVLWpGX4XHEHF Q+(N-28$+(C'@(R#.8*-%92(E'@(d+7+.(C'@(C#.1%3(Q'@(f2+(N'@(IO]]JM(I+73M'(C#.9'2E*A<$"2&"9("3*U&'?*B)'"2*6"3#.2("3* Q)9)="7"9':*A(#9#7&(H*@93'&'.'&#9)%H*>"(?9#%#=&()%*)9+*A98&2#97"9')%*@33."3@(Z-."7(R#$H()+6*$26#"(!#<+.(B-`( OLX@(Z-."7(R#$H@(Z#3*2$89-$@(S5' Q+>23(S'@(R+112$89-$(U','@(R#99+.1%.?(E'!','@(E*#*(U'@(D"3-$(['@(E2772_2(N'E'@(S%=#""(E'@(IJKKWM(F2)('&("H*$#U"2* )9+*7")9&9=:*12)7"U#2O3*1#2*3'.+E&9=*#2=)9&M)'&#9)%*(.%'.2"*&9*7.%'&D)="9(E*2.2)%*+"8"%#$7"9'*$2#;"('3@(2$(,-%.$#"(-/ ( ,QWHUQDWLRQDO'HYHORSPHQWYRO>>>'2$9+.362+$6+'>2"+?'6-&(

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

_


9#::#-%2(;'<(=%1-23(,'>'<(?@ABAC(!"#$%&&%'()"*+%'(,%(-"#$%*./.0%(,/.'(&%(,"+/1.%(,%(&2%/#3(455"*6'(%6(&1+16%'(,%(&/( 0""57*/61".(,70%.6*/&1'7%(,/.'(&%'(8/9'(%.(,7$%&"55%+%.6<(2$(=DE+"-FF+&+$G(7%.#1"+(+G(G+..2G-2.+3<(E-"'B<($-'B'( KWWSGHYHORSSHPHQWGXUDEOHUHYXHVRUJ 92$23G+.2#"(=+6"#.#G2-$'(?@AAAC(:/6%*(;%0#*169(1.(6<%(=>'6(?%.6#*9<()*+(H#8%+<(@$7(I-."7(I#G+.(J-.%&'(*GGFKLL ZZZZRUOGZDWHUFRXQFLORUJÀOHDGPLQZZF/LEUDU\2IÀFLDOB'HFODUDWLRQV7KHB+DJXHB'HFODUDWLRQ F7/ 9-""+(J'<(9-""2$8#(!'!'<(I+3G+.(!'(?@AAMC(+\GUDXOLFEXUHDXFUDFLHVDQGWKHK\GUDXOLFPLVVLRQ)ORZVRI ZDWHUÁ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ÀJXUD]LRQLGHOODWHUULWRULDOLWj<(92"#$-<(J.#$6-P$8+"2' 81(6&2  :"*&,(:/6%*(4''%''+%.6(8*"-*/++%3(:/6%*A(/(;</*%,(D%'5".'1M1&1693(O<%(P.16%,(!/61".'(:"*&,( :/6%*(D%5"*6(=3(!#.23(#$7(]+^(_-.:<(0]TX5S(#$7(V+.8*#*$(V--:3' Z+$-G(,'!'<(?@ABBC(:</6(?"++".'K(D%6<1.H1.-(8/*61015/61".(1.(6<%('#MG;/</*/.(4)*10/.(:/6%*(;%06"*'(5S]JT;T]O 5T(!P!T;<(BRG*(V2+$$2#"(5-$/+.+$6+(-/ (G*+(W$G+.$#G2-$#"(P33-62#G2-$(/-.(G*+(XG%7U(-/ (G*+(5-&&-$3( ?WPX5C`(HU7+.#1#7OW$72#'( I#.7(5'<(?@AARC(40J#/(%(0"+#.16Q3(?*1'1(1,*10/(%(*%'5".'/M1&16Q('"01/&%0LODQR(OqXWKHUDHGLWULFH :HKU.  $PHULFD·VÀJKWRYHUZDWHU7KHHQYLURQPHQWDODQGSROLWLFDOHIIHFWVRI ODUJHVFDOHZDWHUV\VWHPV<(]+^(_-.:( #$7(>-$7-$<(;-%G"+78+'( I2GG/-8+"(a'P'<(?BMbQC(R*1%.6/&(,%'5"61'+B(4(0"+5/*/61$%('6#,9(") (6"6/&(5"@%*3(!%@(S/$%.<(_#"+(0$2E+.32GU(!.+33' I-."7(I#G+.(5-%$62"<(?@AB@C(O1+%()"*('"&#61".'3(T&"M/&(:/6%*(F*/+%@"*H3(F"*#+('9.6<%'1'(") (U6<(:"*&,(:/6%*(F"G *#+<(9#.3+2""+' I-.3G+.(='<(?BMN@C(S9,*/#&10('"01%69(1.(?/&1)"*.1/B(4.(%0"&"-10/&(1.6%*5*%6/61".LQ$JULFXOWXUDO+LVWRU\YROQR bARObBb

!"#$%&'" ^^^'^-."71#$:'-.8 *GGFKLL^^^'[-*#$$+31%.83%&&2G'-.8L*G&"L1#326c2$/-L%$6+7'*G&"

_

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

?1/4'1&6@'11,$%,)&'$(&!/*'1&A(,$5"5:B A$5,%0'5,(&C0'$)./0D'5"/$&/. &A$./0D'1&30,') ')&'&E')")&./0&F/*"'1&A$*19)"/$ I"+$#()#.32

J+$>.-(F+(I3>%F-3(A-E2#23 0$27+.32F#F+(F+(J-2&1.#4( +"+$#K>#.32LM#*--'2> 7HO7HOID[

)*+(E-..+E>(&#$#G+&+$>(-/ (<#>+.(.+3-%.E+34(#1-7+(#""(2$(%.1#$(+$72.-$&+$>34(23(#(=.+.+N%232>+(/-.(1->*(G%#.#$>++2$G( >*+(.2G*>(>-(<#>+.(#$F(2&=.-72$G(+$72.-$&+$>#"(N%#"2>M'(H$(>*+(E-$>.#.M4(>*+(=.-E+33+3(-/ (%.1#$23#>2-$(#$F(%$="#$$+F( -EE%=#>2-$(-/ (E2>2+34(3%E*(#3(2$(O.#P2"(#$F(>*+(&#Q-.2>M(-/ (>*+(G"-1#"(3-%>*4(*#7+(E-&=.-&23+F(+R23>2$G(<#>+.(.+3-%.E+3( #$F(>*+(+$72.-$&+$>4(>*+.+1M4(#EE+$>%#>2$G(3-E2#"(233%+3("2$S+F(>-(=-7+.>M(#$F(+RE"%32-$'()*+($++F(>-(.+3-"7+(=.-1"+&3( "2$S+F(>-(>*+(#13+$E+(-/ (1#32E(2$/.#3>.%E>%.+3(TF.2$S2$G(<#>+.4(3+<+.34("#$F(F.#2$#G+4(+>E'U(1+E-&+3(1->*(#$(-==-.>%C QLW\WRUHÁ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


!""#$$%&'%()&#*%)+,%$'"-).%#/".0$-'+% 9-62#"(+:6"%32-$(2$(;*+(&+;.-<-"23+3(-/ (;*+(8"-1#"(3-%;*(23(&#$2/+3;+7(2$(&#$=(/-.&3>(;*+(&-3;(+?27+$;(1+2$8( GLIÃ&#x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Ã&#x20AC;IW\SHUFHQWRI  A*26*(23($-;(3+.?+7(1=(#$=(;=<+(-/ (3+A#8+(A#;+.(723<-3#"(#$7(;.+#;&+$;(3=3;+&F'(G+=-$7(;*+(+$?2.-$&+$;#"( 723#3;+.(;*#;(;*23(32;%#;2-$(23(6#%32$8>(A*#;(23(&-.+(A-..=2$8(23(;*+("#6H(-/ (2$;+.?+$;2-$3(;*#;(1-;*(&-?+(2$( WKHGLUHFWLRQRI LPSURYLQJLQIUDVWUXFWXUDODVSHFWVDQGWKDWXVHDQLQWHJUDWHGDSSURDFKLQWKHGHÃ&#x20AC;QLQJRI  ;.#$3/-.&#;2-$3($++7+7(;-(2&<.-?+(;*+(D%#"2;=(-/ ("2/+(-/ (2$*#12;#$;3(2$(;*+(<+.2<*+.2+3(BG#.1-3#(IJJK>()+2E :+2.#(L%+..#(IJFFC'()*+(6.+#;2-$(-/ (3-62#"(2$6"%32-$(<-"262+3(23(6%..+$;"=(;*+(&-3;(6-&<"+:(6*#""+$8+(2$(;*+( PDQDJHPHQWRI %UD]LOLDQPHWURSROLVHV 0LQLVWU\RI &LWLHV EHJLQQLQJZLWKWKHGLIÃ&#x20AC;FXOW\RI GHÃ&#x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Ã&#x20AC;FDWLRQDFWLRQDQGHQYLURQPHQWDOPDE $#8+&+$;(;*#;(A23*+3(;-(1+(+//+6;2?+N(BG#.1-3#(IJJK>(O-"$2H(IJJPC'

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·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`PI'

_

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


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ÀFNLQJZKLFKFDQHDVLO\LQYROYHWKHORI FDO\RXWK7KHUHVXOWLVZLGHVSUHDGYLROHQFHZLWKIUHTXHQWVKRRWLQJVEHWZHHQWKHSROLFHDQGGUXJWUDIÀFNHUV RI ZKLFKWKHGLVWULFW·VSRSXODWLRQLVRIWHQWKHYLFWLP 9:(23(2&@-.:#$:(:-(%$7+."2$+(:*+(@.+3+$6+(-/ (#.+#($+#.(:*+(3+::"+&+$:(:*#:(23(%$-66%@2+7(7%+(:-(2:(1+2$8(+$:2I .+"A(6-?+.+7(1A(7+$3+(?+8+:#:2-$=(>*26*(23(:*+("#3:(3%.?2?2$8(3:#$7(2$(:*+(+$:2.+(#.+#(-/ (5#;#<+2.#3U'([#.2-%3(  7KH PDLQ HOHPHQWV WKDW FKDUDFWHULVHG WKH XUEDQ H[SDQVLRQ RI  6DOYDGRU EHWZHHQ WKH V DQG V ZHUH WKH !"#$%#&"'(()*+&),+"#)+'=(>*26*(>+.+("#.8+(*-%32$8(6-&@"+S+3(6.+#:+7(:-(.+3@-$7(:-(#(&#332?+("#6T(-/ (*-%32$8(6#%3+7( E\DQLQFUHDVHLQWKHFDSLWDOFLW\·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ÁXHQFHGE\DQWKURSRJHQLFDFWLRQVDQGFRQVHTXHQWO\PDQ\RI WKHUDLVHGIRUPVDUHWKHUHVXOWRI  +&1#$T&+$:3=(+S6#?#:2-$3=(7+&-"2:2-$3(#$7(-:*+.(>-.T3(-/ (+$82$++.2$8(JX%.26A(7+(W1.+%(EFGFQ'  7KHUH DUH QR SUHFLVH GDWD UHJDUGLQJ WKH VRFLRHFRQRPLF VLWXDWLRQ RI  WKH LQKDELWDQWV RI  2$6,6 7KH RQO\ GDWD #?#2"#1"+(#.+(:*-3+(6-""+6:+7(1A(:*+(@%1"26(*+#":*(3A3:+&(:*.-%8*(:*+(C0C(^(-+'&./)01#+,"02.0-)%2.=(>*26*(3+$:(#(*+#":*( DJHQWWRGRSHULRGLFYLVLWVWRIDPLOLHVDQGÀOORXWIRUPVZLWKWKHLUGDWD U( 7KHUHDUHWZRPDLQUHDVRQVIRUWKHVXUYLYDORI WKHQDWXUDODUHD7KHÀUVWLVOLQNHGWRWKHSUHVHQFHRI DQROGOHSURV\VDQDWRULXP :*#:(6-?+.+7(#("#.8+(@#.:(-/ (:*+(#.+#=(>*26*(23($->(#(.+$->$+7(6+$:.+(/-.(3T2$(723+#3+3'()*+(3+6-$7(23(.+"#:+7(:-(:*+(7A$#&26( -/ (:*+(2$/-.&#"(-66%@#:2-$(-/ (5#;#<+2.#3=(>*26*(>#3(6-$6+$:.#:+7(2$(@.-S2&2:A(:-(:*+(&#2$(3:.++:3("+#?2$8(:*+(6+$:.#"(#.+#3("2T+( 5#;#<+2.#([("+33(7+$3+'

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

_


VSHFLHVRI ÁRUDDQGIDXQDDUHDEOHWRVXUYLYHWKLVDUHDWKDQNVWRWKHSUHVHQFHRI DULYHUZLWKDVHULHVRI  9#:+./#""3'(;<+$(:*-%8*(:*+(9#:+.6-%.3+3(#.+(6-&="+:+">(=-""%:+7?(:*23(#.+#(23(-/ (2$+3:2&#1"+(2&=-.:#$6+( :*#$@3(:-(2:3(+$<2.-$&+$:#"(3>3:+&(#$7(2:3(3-62#"(<#"%+'(

!"#$%&'((4(A#323

!"#$%#&#'()"*+),-./$0(.)#&&$1-,"$,"#$-/"'2-,'/,& )*+(B+8%"#:-.>(!"#$(-/ (C#"<#7-.(D!EE0F(6-$327+.3(AGCHC(:-(1+(#(I;HC(J()*+,'-&'./0&1",2'3+4&%&//&'5*1",2( >$UHDRI 6SHFLDO6RFLDO,QWHUHVW@²ZKLFKLVDQXUEDQSODQQLQJLQVWUXPHQWWKDWDOORZVIRUWKHUHTXDOLÀFDK WLRQRI DUHDVWKDWKDYHEHHQLGHQWLÀHGDVEHLQJSDUWLFXODUO\SUREOHPDWLF 306 7KHLQVWLWXWLRQRI  :*+(I;HC(23(=#.:(-/ (:*+(%.1#$(=-"26>(=.-&-:+7(1>(:*+(./4,4$-*'-,'6"-,-&?(:*+(/-.&%"#:2-$(-/ (9*26*(1+8#$( 7%.2$8( 7236%332-$3(#:( :*+(L-.%&( /-.( 0.1#$( B+/-.&( #$7( 6-$:2$%+7( 92:*( :*+( 7+&-6.#:23#:2-$( =.-6+33( -/ ( :*+(6-%$:.>(:*#:(1+8#$(2$(MNOP(#$7(9#3(#==.-<+7(2$(QRRM(92:*(:*+(-1S+6:2<+(:-(6-$3:.%6:(&-.+(3%3:#2$#1"+( #$7(/#2.(62:2+3'()*+(/#6:(:*#:(AGCHC(*#3(1++$(.+6-8$23+7(#3(#(I;HC(=.-<27+3(/-.?(#&-$83:(-:*+.(:*2$83?(:*+( FRPPXQLW\SDUWLFLSDWLQJLQWKHFUHDWLRQRI WKHDUHD·VUHTXDOLÀFDWLRQSURMHFWZKLFKVKRXOGEHSURYLGHGIRU LQWKHPXQLFLSDOLW\·VKRXVLQJSROLF\RI VRFLDOLQWHUHVW8QIRUWXQDWHO\WKHLQWHUYHQWLRQVSURPRWHGZLWKWKHVH FKDUDFWHULVWLFVKDYHEHHQIHZDQGKDYHQRWKDGDFRKHVLYHYLVLRQ7KHUHIRUHWKHÀHOGZRUNFRQFHQWUDWHGRQ LQYROYLQJWKHLQKDELWDQWVLQWKHVWXG\RI WKHGLVWULFWDQGWKHGHÀ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ÀUVWLQKDELWDQWVRI  2$6,6WRUHFRQVWUXFWWKHKLVWRU\RI WKHSODFHDQGLWVLQKDELWDQWV7RVWLPXODWHWKHWHHQDJHUV·DWWHQWLRQWRK 9#.73(:*+(:*+&+3(-/ (+6-"-8>(#$7(.+3=+6:(/-.(:*+(+$<2.-$&+$:?(#(<232:(9#3(-.8#$23+7(:-(:*+(U;$<2.-$&+$:#"( (GXFDWLRQ&HQWUHµ²3$1*($LQ6DOYDGRUZKHUHWKDQNVWRDQH[FXUVLRQLQWKH8UEDQ3DUNRI 3LWXDo :*+(:++$#8+.3(9+.+(&#7+(#9#.+(-/ (9*#:(6-$3:2:%:+3(#$(+$<2.-$&+$:#"(6-$3+.<#:2-$(#.+#'()*+(=.-6+33(-/ ( WKH5HVHDUFK$FWLRQEHJDQZLWKKDYLQJWKHWHHQDJHUVUHÁHFWRQKRZWKH\ZLVKHGWKDWWKHLUGLVWULFWFRXOGEH :.#$3/-.&+7'()-(9*26*(:*+>(.+3=-$7+7(1>(=.-=-32$8(:*+(6.+#:2-$(-/ (#$(+6-"-826#"(=#.@(2$(:*+(#.+#(#7S#6+$:( :-(:*+(2$:#6:(<+8+:#:2-$'()*+.+/-.+?(:*+(#6:2<2:2+3(9+.+(:*+$(-.2+$:#:+7(:-9#.73(:*+(3:%7>(-/ (AGCHC(#$7(2:3(

_

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


3%..-%$72$8(#.+#(#$7(9*+(6.+#92-$(-/ (#(:.-;+69(9*#9(<-%"7(1-9*(2&:.-=+(9*+(>%#"29?(-/ (9*+(3+99"+&+$9(#$7( 6-$3+.=+(#$7(=#"-.23+(+$=2.-$&+$9#"(>%#"29?' )*+(39%7?(<-.@(<29*(9*+(?-%$8(:+-:"+(-/ (ABCDC(<#3(#"3-(/%$7#&+$9#"(2$(2$=-"=2$8(#(8.-%:(-/ (#7%"93(2$( 9*+(7236%332-$(#$7(#$#"?323(:.-6+33(.+8#.72$8(9*+(:-9+$92#"(#$7(9*+(:.-1"+&3(-/ (9*+(7239.269'(B6*2+=2$8(9*#9( W\SHRI FRQWDFWDQGWUXVWZDVQRWDVLPSOHSURFHVVIRUPDQ\UHDVRQV7KHÀUVWEHLQJWKHLQKDELWDQWV·VWURQJ /++"2$8(-/ (723#::-2$9&+$9(.+8#.72$8(9*+(:.-&23+3(-/ (6*#$8+(#$7(9.#$3/-.&#92-$'()*+(9.%392$8(.+"#92-$3*2:( HYROYHGJUDGXDOO\WKURXJKWKHVXSSRUWRI WKHSDUHQWVRI WKHWHHQDJHUVLQWKHJURXSDQGWKURXJKWKHÀHOG =23293(#$7(9*+(2$9+.=2+<3'(B(3+.2+3(-/ (&++92$83(<+.+(3+9(%:(9-(7236%33(3%6*(9-:263(#3(9*+(&#$#8+&+$9(-/ ( 9*+(#.+#(#$7(9*+(6-..+3:-$72$8("+823"#92-$(#$7(9-(6.+#9+(#(3*#.+7(9.#$3/-.&#92-$(:.-;+69'(03+(-/ (9*+(E:#:+.( #$7(:"#3926F(&#9+.2#"3(6.+#9+7(1?(9*+(9++$#8+.3(#""-<+7(/-.(#(32&:"+(=23%#"23#92-$(9*+(#.+#(#$7(/#62"29#9+7(9*+( 6.2926#"(7236%332-$'

!"#$%&'((4(!#.9262:#9-.?(&-7+"(-/ (9*+(7239.269

!"#$%&'()*+&,'%-+($./'($0$'($#1+/+2-1'/$3456768 7KHODVWSKDVHRI WKHSDUWLFLSDWRU\SURFHVVZDVWRGHÀQHDQLQWHUYHQWLRQSURMHFWWRWUDQVIRUPWKHDUHD <*26*(*#7(9*+(7%#"(:%.:-3+(-/ (392&%"#92$8(9*+(:-:%"#92-$(<29*(.+3:+69(9-(2&:.-=2$8(9*+2.(*#129#9(#$7(-/ ( 1+2$8(#(3*#.+7(1#323(/-.(#(:-9+$92#"(2$9+.=+$92-$(:.-;+69(<29*(3%::-.9(/.-&(D9#"2#$(:#.9$+.(2$3929%92-$3'()*+( :.-;+69(1+8#$(/.-&(9*+($++7(9-(7+#"(<29*(9*+(:.-1"+&3(7+9+.&2$+7(1?(9*+(39%7?(#$7(:#.9262:#9-.?(#692=292+3( ZLWKWKHSRSXODWLRQDQGIURPWKHNQRZOHGJHRI WKHSRWHQWLDOEHQHÀWVRQERWKDVRFLDODQGHQYLURQPHQWDO "+=+"'()*+(-1;+692=+(-/ (9*+(2$9+.=+$92-$3(<#3(9-(392&%"#9+(9*+(=#"-.23#92-$(-/ (9*+(+$=2.-$&+$9#"(>%#"29?(392""( SUHVHQWDQGDWWKHVDPHWLPHWRLPSURYHWKHLQIUDVWUXFWXUDODQGVRFLRHFRQRPLFVLWXDWLRQRI 2$6,6·VLQG KDELWDQWV7KHSURSRVDOZDVWKHUHIRUHFRPSRVHGRI IRXULQWHUYHQWLRQVRI YDU\LQJW\SHVWKDWUHÁHFWHGDQ 2$9+8.#9+7(#::.-#6*(9-(9*+(9.#$3/-.&#92-$(-/ (9*+(#.+#(#$7(9*+(=#"-.23#92-$(-/ (293(%$2>%+$+33' 7KH2$6,6UHTXDOLÀFDWLRQSODQ :DWHULVVXSSOLHGWRDOPRVWDOORI WKHKRXVHVLQ2$6,6WKURXJKWKH(0%$6$>%DKLD:DWHUDQG6DQLWDWLRQ &RPSDQ\@ ZKLFK LV 6DOYDGRU·V ZDWHU PDQDJHPHQW FRPSDQ\ +RZHYHU WKHUH LV DQ LPSRUWDQW DVSHFW RQ <*26*(9-(2$9+.=+$+H(&#$?(/#&2"2+3(#.+(*--@+7(%:(2""+8#""?(9-(9*+(7239.21%92-$(3?39+&(9*.-%8*(<*#9(23(6-&G &-$"?(6#""+7(#(#)*+I(<*26*(23(#$(2&:.-=23+7(#$7(%$.+8%"#9+7(6-$$+692-$(9-(9*+($+9<-.@(3+9(%:(72.+69"?(1?(9*+(

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

_


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·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Ã&#x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Ã&#x20AC;UVWRFFXSDQWVZDVVWLOODQXQFRQWDPLQDWHGSODFHXSWRWKHHDUO\V7KHZDWHUIDOO =*26*(23(.+#6*#1"+(1@(#("-$8(9.#2"(9*#9("+#73(%;(/.-&(9*+(.2G+.(#$7(=2$73(9*.-%8*(7+$3+?(3*#7@(G+8+9#92-$?(23( +#32"@(#66+3321"+(#$7(6.-33#1"+(9*#$<3(9-(&#$@(.-6<@(-%96.-;;2$83(#"-$8(293(%;;+.(;#.9(-$(9*+(*2""9-;'(N$(9*+( G#""+@(1+"-=?(9*+.+(23(#("#.8+?(7++;($#9%.#"(;--"?(=*26*(23(#66+3321"+(/.-&(3&#""("#9+.#"(1+#6*+3'()*+(6#%3+3( RI WKHDEDQGRQPHQWRI WKHZDWHUIDOOZHUHÃ&#x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Ã&#x20AC;FLHQWIXQGLQJIRUWKHPDWHULDOVQHHGHGIRUVHYHUDORI  9*+3+( 39#2.=#@3( 9*.-%8*( 9*+( 3%;;-.9( -/ ( 3+G+.#"( 629@( 6-%$62""-.3'( I*2"+( 9*23( 2&;.-G+7( 9*+( ;*@326#"( 6-$7292-$3( -/ ( 9*+(7239.269?(29(=#3(9*+(.+3%"9(-/ (#(6"2+$9>9@;+(#9929%7+?(=*26*(7-+3($-9(+$6-%.#8+(9*+(6-&&%$29@(9-(&-12"23+(/-.( UHFRJQLWLRQDQGDIÃ&#x20AC;UPDWLRQRI WKHLUULJKWV RS%UD]LOLDQIHGHUDOOHJLVODWLRQSURYLGHVIRUWKHLQVWLWXWLRQRI 3HUPDQHQW3URWHFWLRQ$UHDVZKLFKDUHGHÃ&#x20AC;QHGLQWKH !"#$%&'()&*+,-.)' /DZRI 6HSWHPEHU DV´)RUHVWVDQGRWKHUIRUPVRI QDWXUDOYHJHWDWLRQORFDWHGDORQJ =#9+.6-%.3+3(%;(9-(9*+2.(*28*+39("+G+"3?(9*+(=279*(-/ (=*26*(=2""(1+(#(&2$2&%&(-/ (9*2.9@(&+9.+3(#$7(#(&#O2&%&(-/ (

_

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


!"#$%&'((4()*+(9:;<;(=.->+6?

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路VUHVRXUFHV 32H(*%$7.+7(&+?.+3(7+=+$72$8(-$(?*+(B27?*(-/ (?*+(.2@+.3'I

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

_


!"#"$%&'"()*%+ *),-.(.(/*-0).#.)."1*+%,*2%'"(*-(3*04.$3,"(*-(3*15&&%,)*+%,*)4"*0,"-).%(*%+ *2%,6* 0%%&",-).#"1 )URPDVRFLDOSRLQWRI YLHZWKHJUHDWHVWGLIÀFXOWLHVDUHIDFHGE\\RXWKDQGZRPHQ7KHIRUPHUDUHUDUHO\ #1"+(<-(6-$<2$%+(<*+2.(3<%72+3(-.(*#=+(-<*+.(->>-.<%$2<2+3(<-(7+=+"->(<*+2.(#12"2<2+3?(@*2"+(<*+("#<<+.(1+#.(<*+( @+28*<(-/ (>-=+.<A(@*2"+(6#.2$8(/-.(<*+2.(6*2"7.+$?(2$(&-3<(6#3+3(#3(32$8"+(&-<*+.3?(#$7?(<*+.+/-.+?(*#=+(8.+#<( GLIÀFXOW\HQWHULQJWKHODERXUPDUNHW7KHHFRQRPLFDVSHFWLVDOVRIXQGDPHQWDOLI WKHUHLVWREHDQHIIHFWLYH 2$<+.=+$<2-$(2$(<*+(7+=+"->&+$<(#$7(2&>.-=+&+$<(-/ (<*+("2=2$8(6-$72<2-$3(-/ (<*23(6-&&%$2<A'()@-(.+#3-B $#1"+(3-"%<2-$3(/-.(<*+(723<.26<(@-%"7(1+(<-(7+328$(<.#2$2$8(/-.(<*+(@-&+$(#$7(6*2"7.+$(#$7(<-(+$6-%.#8+(<*+( -.8#$23#<2-$(-/ (3&#""(>.-7%6<2-$(6-->+.#<2=+3(<*.-%8*(&26.-6.+72<(>.-8.#&&+3'

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ÀFDWLRQRI WKHSHULSKHULHVZLWKSDUWLFXODUDWWHQWLRQWRHQYLURQPHQWDOLVVXHV7KH .+6-8$2<2-$(1A(<*+(I%.->+#$(0$2-$(-/ (<*+(=#"%+(-/ (#(1-<<-&B%>(#>>.-#6*(2$(<*+(6-$3<.%6<2-$(-/ (2$$-=#<2=+( SROLFLHVZDVDVXFFHVVIRUWKHUHVHDUFKDQGFRQÀUPHGWKHLPSRUWDQFHRI LQYROYLQJLQKDELWDQWVLQWKHFUHDB <2-$(-/ (&+<*-7-"-82+3(<*#<(1-<*(>+.&2<(+//+6<2=+(#$7(@27+"A(3*#.+7(%.1#$(<.#$3/-.&#<2-$(>.-C+6<3(#$7(6-$B <.21%<+(<-(1%2"72$8(3-62#"(2$6"%32-$'(I=+$(<*-%8*(<*+(I0(7+&-$3<.#<+7(2$<+.+3<(2$(<*+(>.-C+6<(1A(1+3<-@2$8( /%$72$8(8.#$<3;VWKHORFDOJRYHUQPHQWZKLFKZDVWKHRIÀFLDOSURMHFWOHDGHUGLGQRWNHHSLWVFRPPLWPHQW <-(<*+(-<*+.(>#.<$+.3(#$7(<-(<*+(6-&&%$2<A(72.+6<"A(2$=-"=+7(2$(<*+(>.->-3+7(@-.R3'(G$(/#6<?(<*+(72.+6<-.( -/ ( <*+( 2$3<2<%<+( @*-( 3*-%"7( *#=+( 6--.72$#<+7( <*+( >.-C+6<( 7+627+7( %$2"#<+.#""A?( #$7( @2<*-%<( 3*#.2$8( <*+2.( FKRLFHRUUHDVRQVWRUHIXVHWKHIXQGLQJ7KHIDLOXUHRI WKLVH[SHULHQFHRIIHUVDQRSSRUWXQLW\WRUHÁHFWRQ WKHLPSRUWDQFHRI SROLWLFDOZLOOLQRYHUFRPLQJWKHFRPSOH[FKDOOHQJHRI ÀJKWLQJXUEDQH[FOXVLRQ/RFDODGB &2$23<.#<2-$3(&%3<(&-=+(#@#A(/.-&(<*+2.(/-6%3(-$(>-"2<26#"(>-@+.(#$7(+"+6<2-$3(#$7(1+82$(#6<2$8(+//+6<2=+"A( IRUWKHJRRGRI VRFLHW\LQRUGHUWRÀQGVXVWDLQDEOHDOWHUQDWLYHVDQGDERYHDOOWRYDORULVHDQGVXSSRUWORFDO <#"+$<3(2$(<*+2.(=232-$(-/ (<*+(/%<%.+?(2$(S.#T2"(#3(2$(<*+(.+3<(-/ (<*+(@-."7'

;;(( W-6#"( E%<*-.2<2+3( 2$( K+=+"->&+$<( B( D1C+6<2=+( ;X( E6<2-$3( 2$( !#.<$+.( 5-%$<.2+3( L&%"<2B6-%$<.AP'( Y+/+.+$6+X( I%.->+E27Z;V[V::Z5ZE5)Z)!F ;V()*+(<*.++BA+#.(>.-C+6<(+$<2<"+7(\)RUWDOHFLPHQWRGDVFDSDFLGDGHVGH*HVWmRGH3ROtWLFDVGH5HTXDOLÀFDomR,QWHJUDGDH6DQHDPHQWR !"#$%&'()*+(,'$-$.('$/01*!23%4*+$)0'0*&0*5,(4$)*%*6%&%7()](-1<#2$+7(;'9(&2""2-$(+%.-3(2$(/%$72$8(/.-&(<*+(I0(2$(V:;:'()*+( >.-C+6<(6--.72$#<-.(@#3(<*+(GUME(B(8&4'$'9'0*:%*;%4'<0*:(4*=79(4*%*>)$"(>,QVWLWXWHRI :DWHUDQG&OLPDWH0DQDJHPHQW@ B(-/ (<*+(M-=+.$&+$<(-/ (<*+(F<#<+(-/ (S#*2#'

9:(4(9;

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


!"#"$"%&"' ;#.1-3#(<'=(>-.8'?(>@AAB?(Ã&#x2021;QJXORVGDÃ&#x2030;JXD'HVDÃ&#x20AC;RGD,QWHJUDom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p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`#E+.=(>@AAB?(E*/\6.+1!*!X6$)*6!3#.-.-D!0+'&#+*'.$+*6!]&*#!$[ !>*+.'*'.$+!^__O=(0P(`#E+.'

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

9:(4(9:


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

Lâ&#x20AC;&#x2122;Urbanistica che cambia. Rischi e valori

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

Conference Proceedings Living Landscapes | Full Papers Section 3 | by Planum n.27 vol 2/2013  

Right to Housing The complex dynamics determined by the forces of globalization in many sectors of human life lead to social transformation...

Read more
Read more
Similar to
Popular now
Just for you