Conference Proceedings Living Landscapes | Full Papers Section 7 | by Planum n.27 vol. 2/2013

Page 1

7. Living the changing city / Abitare la cittĂ in trasformazione edited by !"#"$%"#&'()*)+$,-)"#"$%.()*/"#0)+$12*"$3456)()'+$ 127"$3)$8)/()"+$9"&&.'$!7"6:'##)*'


Introduction

The new scenarios of economic, social and cultural sphere as well as forming new planning paradigm and of new theories for urban design have led to a change in the way of thinking and intervening on both the existing city structure and on new expansion areas. Compact city is affected by several transformations, for example: divestment processes have set many areas free. These areas are often located in the heart of the city, where their strategic importance and their potentialities in contemporary city planning are clear, both at urban, metropolitan and global level. In this transformation two kinds of areas acquire a strategic role: disused areas (former industrial areas, military areas, areas occupied by disused infrastructures...) and public property areas (former Peep, ERP and others). Alongside big transformations there also are arising transformations, occupation processes, self-recycling of empty spaces, and/or artistic experimentations. In “Wasting Away” (1990) Kevin Lynch talked about the strategic role of dismantled areas where experimentation and manipulation are easier. The redevelopment of these areas is usually led by the public system; through forecasts included in structured plans and carried out by privates or through public-private agreements; but sometimes the rethinking of these spaces are promoted directly from spontaneous initiatives of citizens (bottom-up). Overcoming the distinction between factory town and company town (zooning), the functional mixité allows new uses and new economies to find space in the urban fabric and to make them accessible areas previously closed or isolated; so, through this approach, it is possible to experiment with a new idea of the quality of life. Papers discussed in this session have examined the city transformations from several points of view: social and cultural, physical, up to the exploration of borders between artificial and natural environments, the edges of port cities and waterfronts. The Physical transformation of the city, through reverberation dynamics, activates processes of change that go beyond the area of intervention and that radically affect economic life and social belonging. In this logic, the contributions of this session examine inside and out the arising changes in contemporary city. It’s not only the city that changes, but society too, and it progressively becomes multicultural; that’s because in urban transformation activities, as shown in Cancellieri’s contribution, public space gains centrality as it becomes relational field for different people and cultures. The direct connection between social and physical transformation is efficaciously highlighted by Bertagnini, who describes demolition and substitution interventions in big residential districts in France, from the point of view of the citizens. Always with a vision focalised on social changes, Bartolini presents cases of spontaneous regeneration made by inhabitants and users in the city of Prato; Sabatino too tell a bottom up process, speaking about Eindhoven regeneration, a mix of planning and spontaneous transformations to construct a creative and innovative region; Scandurra wonders about the repercussions that migratory flows have on city changes in a context in which a factory town is turned into a multicultural city. The contemporary city shows very obstacles in the process of integrating of different populations, in fact in the cases described by Cremaschi (Buenos Aires, Kolkata and Rome), under the pressure of globalization, urban transformations often follow policies of social splintering. Setti focus on regeneration of industrial areas to construct new productive scenarios; this city’s ruins representing post-industrial landscapes and are an opportunity to create contemporary production district inside the city. The current historical period is underlining the fragility of those “urban paradigms” that ruled the recent past. In this perspective the need to address city development toward new scenarios is clear; many papers, indeed, try to explore “Recycling City” theory of as a new strategic approach: a transforming city that recovers the existing and intervenes on abandoned areas without consuming new land and new environmental resources. Menzietti focuses her attention on unfinished contemporary architecture works, designed by big names of Italian architecture. De Girolamo illustrates the potentialities of temporary reuse for lost spaces, which she calls “Gap Areas”. Spinelli and Roccastrada try to clearly describe the concept of “acupuncture planning”: that is intervening on single areas or architectural elements in order to encourage processes of urban requalification. Di Figlia uses the metaphor of puzzle, borrowed from George Perec, to analyse reciprocal exchange relationships between adjacent or different zones of a city, encouraging to think about quality and consistency of a single intervention as a part of a complex combination, affected by changes and consequences. In the end, among several environment of urban planning, the theme of waterfronts emerges, and it is handled in an unexpected way: the waterfront is no more a “urban backstage”. Urban renewal are reread by Caldini with the sensibility of a landscape architect, who understands the qualifying contribution of planning open and green spaces along the urban littoral zone; Luca Di Figlia and Scamporrino examine the relationship/contrast between port and city in the particular insular realities, where the requalification of waterfront entails a cross-scale strategic vision.


7. Living the changing city/ Abitare la cittĂ in trasformazione edited by !"#"$%"#&'()*)+$,-)"#"$%.()*/"#0)+$12*"$3456)()'+$127"$3)$8)/()"+$9"&&.'$!7"6:'##)*'

Urban ethnographies and differences. Resource and routes of an italian new wave ;0#)"*'$,"*7.(().#) The French banlieues, between appropriation and demolition 5()<"$%.#&"/*)*)$ Spontaneous regeneration in Prato city !"#"$%"#&'()*) ‘Innovation economy’ and urban renewal !&.="*'$!">"&)*' Urban studies and periphery ?)2<.::.$!7"*02##" The politics of splintering: research notes on immigrants and urban developments in Rome, Kolkata and Buenos Aires 9"#7'$,#.6"<7-) New ways of reusing abandoned industrial architectures ?)2()"$!.&&) Remains, fragments and relics: the new materials of the contemporary urban design ?)2()"$9.*@).&&) Time and regeneration: temporary reuse in lost spaces 8("A)"$3.$?)#'("6'$ Mind the gap: smart infill designing ?)2<.::.$B'77"<"(A"+$;*&'*)'$!:)*.(() Disused sites in the re-composition of the urban puzzle 127"$3)$8)/()" Landscape project role along the boundary between city and sea A case: urban seafront parks ,.7)()"$,"(0)*) City-port of Island: urban relations in changing 127"$3)$8)/()"+$9"&&.'$!7"6:'##)*'


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

?04'$&@5A$/%0'+A",)&'$(&B"..,0,$*,C& D,)/90*,)&'$(&D/95,)&/. &'$&E5'1"'$&F,G&H'#, &

IF.2#$-(J#$E+""2+.2

0$27+.32>K(@0IL(-/ (L+$2E+ #E#$E+""2+.2M2%#7'2> )+"8/#N(O;D(9P:'5Q65;:R89P:'Q5P9P9;

@$(.+E+$>(K+#.34(<*+$(&#$K(#%>*-.3(3=+#S(#1-%>(>*+(+$F(-/ (>*+(E2>K(#$F(>*+(F+#>*(-/ (=%1"2E(3=#E+34(F-T+$3(-/ (@>#"2#$( .+3+#.E*+.3(#.+(+$G#G+F(2$(-13+.72$G(#$F(#$#"KT2$G(>*+(>.#$3/-.&#>2-$(-/ (E2>2+3(#$F(-/ (>*+2.(=%1"2E(3=#E+3'()*23(2$>+.C GLVFLSOLQDU\ WUHQG RI UHVHDUFK KDV EHHQ FUHDWLQJ D QHZ ÀHOG RI XUEDQ VFKRODUV )*+(#2&(-/ (>*23(<-.S(23(>-(+&=*#32T+(>*+(U%#$>2>#>27+(#$F(U%#"2>#>27+(2&=-.>#$E+(-/ (>*+(&#2$(-%>E-&+3(-/ (>*23($+<( UHVHDUFK OLWHUDWXUH 7KLV DWWHPSW LV WZRIROG WKH ÀUVW REMHFWLYH LV WR H[DPLQH VL[ GLVWLQFW \HW LQWHUUHODWHG FRQFHSWV ZKLFK *#7+(F.#<$(E-$32F+.#1"+(#>>+$>2-$(<2>*2$(>*23(G.-<2$G(.+3+#.E*'()*+(3+E-$F(-$+(23(>-(*2G*"2G*>(3-&+("2&2>3(-/ (>*23($+<( >.+$F(#$F(>*.++(=-3321"+(.-%>+3(>-(+$*#$E+(2>3(#$#"K>2E#"(=->+$>2#"2>K(#$F4(2$(3-&+(3+$3+4(2>3(3-E2-C+E-$-&2E(2&=#E>'


!"#$%&'()%*+"$,)-./&$%0&1-22.".%3. <$(.+6+$=(>+#.3?(@*+$(&#$>(#%=*-.3(3A+#B(#1-%=(=*+(+$7(-/ (=*+(62=>(#$7(=*+(7+#=*(-/ (A%1"26(3A#6+?(7-C+$3(-/ ( <=#"2#$(.+3+#.6*+.3(#.+(+$8#8+7(2$(-13+.D2$8(#$7(#$#">C2$8(=*+(=.#$3/-.&#=2-$(-/ (62=2+3(#$7(-/ (=*+2.(A%1"26( VSDFHV 7KLV WUHQG RI UHVHDUFK IHG E\ VHYHUDO GLVFLSOLQHV KDV EHHQ FUHDWLQJ D QHZ ÀHOG RI XUEDQ VFKRODUV E#$>(-/ (=*+&(#.+(+=*$-8.#A*+.3(got the seat of their pants dirty LQ WKH VDPH À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ÀUVW VXJJHVWLRQ RI WKLV SDSHU LV WR H[SOLFLWO\ UHFRJQL]H WKLV QHZ ÀHOG RI UHVHDUFK DQG WR VXSSRUW WKH LQWHUX 72362A"2$#.>(72#"-8%+(#&-$8(.+3+#.6*+.3(@*-(#.+(#77.+332$8(=*+2.(2$=+.+3=(=-(32&2"#.(=-A263'()*+(#2&(-/ (=*23( @-.B(23(2$(A#.=26%"#.(=-(+&A*#32C+(=*+(V%#$=2=#=2D+(#$7(V%#"2=#=2D+([@+28*=\(-/ (=*+(&#2$(-%=6-&+3(-/ (=*23($+@( UHVHDUFK OLWHUDWXUH 7KLV DWWHPSW LV WZRIROG ÀUVW , H[DPLQH VL[ GLVWLQFW \HW LQWHUUHODWHG FRQFHSWV ZKLFK KDYH 7.#@$(6-$327+.#1"+(#==+$=2-$(@2=*2$(=*23(8.-@2$8(.+3+#.6*'(N+6-$7?(<(*28*"28*=(3-&+("2&2=3(-/ (=*23($+@(=.+$7( #$7(=*.++(A-3321"+(.-%=+3(=-(+$*#$6+(2=3(A-=+$=2#"2=2+3'

4-5&.6."+-%+&3*%3.,(/ 7KH ÀUVW FRQFHSW XQGHUOLQHG E\ WKLV QHZ ZDYH RI UHVHDUFK LV WKH !"#$%$#!&'$#(&%) 1HZ PLJUDWLRQ ÁRZV WKDQNV =-($+@(=+6*$-"-826#"(7+D26+3?(#.+(8+$+.#=2$8(8.-@2$8(=.#$3$#=2-$#"("2$B#8+3(1+=@++$(72//+.+$=(6-%$=.2+3(#$7( 6-$=2$+$=3'(E#$>(.+3+#.6*+.3(#.+(/-6%32$8(-$(=*23(3-62#"(7>$#&26F(-$(=.#$3$#=2-$#"(N+$+8#"+3+(&28.#=2-$( HT2662-?(9;;ML?(-$(R-"2D2#$(=.#$3X"-6#"(3A#6+3(HE#.C#7.-?(9;;WL?(-$(T-&#$2#$(#$7(U6%#7-.2#$(=.#$3$#=2-$#"( 3-62#"(A.#6=26+3(H52$8-"#$2?(9;;OK(R-66#8$2?(9;;OL(#$7(-$(=*+(.*2C-&#=26(.+A.-7%6=2-$(-/ (=*+(]#=2$(^2$83( _#=2-$(H`%+2.-"-(!#"&#3?(9;;PL'()*+3+(@-.B3(3*-@(=*+(6-$$+6=2-$3(#$7(+Y6*#$8+3(#&-$8(A"#6+3(=*#=(+$X JHQGHU D WUDQVQDWLRQDO ÀHOG DQG D SDUDOOHO JHRJUDSK\ 7KH\ UHYHDO WKDW FXOWXUDO LGHQWLWLHV DFW DV D UKL]RPH =*+>(#.+(=.#$3/-.&+7(1>(=*+("-6#"(6-$=+Y=3(#$7(=*+>(=.#$3/-.&(=*+&?(6.+#=2$8([-$(=*+(8.-%$7\($-7+3(#$7( $+@("-6#"(=+..2=-.2+3'()*+3+3(.*2C-&#=26(27+$=2=2+3(/++7?(2$(3%6*(#(@#>?(1-=*(.-%=+3(#$7(H$+@L(.--=3?(1.2$82$8( #1-%=(3=.-$8(=.#$3/-.&#=2-$3(2$(<=#"2#$(62=2+3' )*+(3+6-$7(&#2$(6-$6+A=(+&+.82$8(/.-&(=*23($+@(+=*$-8.#A*26(.+3+#.6*(23(*+*",-#,.)/(!&0/(!/"#(&%)(H5-"-&X 1-?(9;;9K(5-"-&1-(#$7(N+&2?(9;;ML'()*23(=+.&?(3=.+332$8("2D+7(+YA+.2+$6+3(-/ (&%"=26%"=%.#"23&(2$(3A#6+3(-/ ( +D+.>7#>("2/+?(/-6%3+3(=*+(#==+$=2-$(-$(+$6-%$=+.3(#$7(2$=+.#6=2-$3'(<$(.+6+$=(>+#.3?(&#$>(3=%72+3(+&A*#32X C+7(=*23(6-$6+A=(2$(#(&-.+(-.("+33(+YA"262=(@#>(HN+&2?(9;;SK(5#$6+""2+.2?(9;;OK(E#.C-.#=2?(9;:;L(A.-A-32$8(#( 6-$362-%3(6-$3=.%6=2-$23=(#AA.-#6*'(T+3+#.6*(-$(+D+.>7#>(&%"=26%"=%.#"23&(A%==2$8(2$=-(V%+3=2-$(=*+(/#"3+( 726*-=-&>(1+=@++$(+33+$=2#"23&(#$7(#$=2X+33+$=2#"23&?(*28*"28*=2$8(*-@(&%"=26%"=%.#"(3=.%88"+3(/-.(%.1#$( VSDFHV RIWHQ DUH FRQÁLFWV DERXW WKH XVH DQG WKH VHQVH RI SODFHV 5RVVLQL HW DO 6FDQGXUUD ,W #"3-(1.-%8*=(=-("28*=(=*+(#&12D#"+$6+(-/ (72//+.+$6+(+&A*#32C2$8(*-@(72//+.+$=2#=2-$(A.-6+33+3(6#$(1+(1-=*( XVHG WR UHTXHVW VRFLDO MXVWLFH DQG LQFOXVLRQ DQG WR JHW SULYLOHJHV DQG IRUPV RI H[FOXVLRQ &RORPER UD+$=%#"">?(=*23(A+.3A+6=2D+(/-6%3+7(=*+(#==+$=2-$(-$(=*+("-6#"(#$7(&26.-($+8-=2#=2-$3(@2=*(72//+.+$6+(=*#=( 6-$3=2=%=+(=*+(3-62#"(-.7+.'

9(4(:;:

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


<(72//+.+$=(#&-%$=(-/ (.+3+#.6*(*#3(+>#&2$+7(#(=*2.7(6-$6+?=@(=*+(JHQWULÀFDWLRQ'()*+(=+.&(.+/+.3(=-(=*+(6*#$A 8+3(.+3%"=2$8(B*+$(B+#"=*2+.(?+-?"+(#$7(.232$8(&277"+(6"#33+3(C+'8'(D-%$8(#.=23=3(#$7(?.-/+332-$#"3E(#6F%2.+( -.(.+$=(?.-?+.=D(2$("-B(2$6-&+(#$7(B-.G2$8(6"#33(#.+#3'()*23(7+&-8.#?*26(=.#$3/-.&#=2-$(-/=+$(?.-7%6+3( LQFUHDVHG UHQWV RU KRXVH SULFHV DQG WKH FUHDWLRQ RI QHZ XUEDQ VSDFHV FKDUDFWHUL]HG E\ FODVV VSHFLÀF OLIHA 3=D"+3(C#66-.72$8(=*+(H-%.72+%32#$(723=2$6=2-$(2$(=*+(%3+(-/ (3?#6+E'(I$(I=#"D(=*23(.+3+#.6*(6#$(1+(=.#6+7(1#6G( =-(=*+(B-.G(-/ (J+&2(CK;;LE(2$()%.2$(2$(=*+(MN%#7.2"#=+.-(O-&#$-P@(=.#$3/-.&+7(/.-&(7+6#D(Q-$+(=-(=*+( MN%#.=2+.("#=2$P(-/ (=*+(62=D(6+$=.+'(<(8.-B2$8($%&1+.(-/ (3=%72+3(CJ6#$7%..#@(K;;RS(T+.Q/+"7@(K;;UE(#$#"DQ+7( DW QHLJKERXUKRRG OHYHO WKH GHPRJUDSKLF WXUQRYHU LQYROYLQJ GLIIHUHQW VRFLDO FODVVHV 5HVHDUFK RQ JHQWULÀA 6#=2-$(6-$323=+$="D(3*-B(*-B(%.1#$(.+8+$+.#=2-$(?.-8.#&3(6#$(*27+(+>6"%32-$#.D(3-62#"(?.-6+33+3(#$7(=*+( +>?%"32-$(-/ (B+#G+.(2$*#12=#$=3'(I$(6-$6"%32-$@(=*23(6-$6+?=(.+V+#"3(=*+(2$=+.=B2$+&+$=(1+=B++$(.+327+$=2#"( 7D$#&263(#$7(7+&-8.#?*26@(+6-$-&26(#$7(%.1#$(/#6=-.3' <(&+#$2$8/%"(#&-%$=(-/ (3=%72+3(*#3(+>#&2$+7(#(/-%.=*(6-$6+?=W(=*+(!"#$"!!%$&!%'(%)'$%&*'()*+(=+.&@(6-&2$8( IURP 'HOHX]H DQG *XDWWDUL DQG À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ÀF FRQWH[WV 7KH À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`E(&+72#=+3@(2$7++7@(2$=+.6%"=%.#"(.+"#=2-$3*2?3(#$7( =*+(?-33212"2=2+3(=-("--3+$(3-62#"(1-%$7#.2+3'(a+V+.=*+"+33(=*+(.+3+#.6*(-$("2&2$#"(3?#6+3(+&?*#32Q+7(=*+( 7D$#&26(#$7(-$8-2$8($#=%.+(-/ (%.1#$(3?#6+3(#$7(*28*"28*=+7(=*+(.+3-%.6+3(#V#2"#1"+(2$(3-&+(3?#6+3(=-(+#3+( "+#.$2$8(=-("2V+(B2=*(72//+.+$6+(C]#"+$=2$+@(K;;`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

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

9(4(:;:


<*+3+(3=#6+3(#3(*-<(3=-<3(/-.(&28.#$<3>(#3(3=#6+3(<-(&++<(+#6*(-<*+.(#$7(<-(6-""+6<(&+#$2$8/%"(2$/-.&#<2-$'( ?%.<*+.&-.+(<*+3+(3<%72+3(-$(3=#<2#"(+@6"%32-$(3%88+3<+7(<*#<(<*+3+(=-"262+3(=-A+./%""B(6-$<.21%<+7(<-(<.#$C 3/-.&(<*+(3=#<2#"(=.#6<26+3D(*+<+.-8+$+2<B(2$(#(=.-1"+&(-/ (=%1"26(-.7+.(#$7(%.1#$(#+3<*+<26'()*23(E2$7(-/ ( .+3+#.6*(*#3(1++$(&-3<"B(2$6232F+(A*+$(2<(8#F+(F-26+(<-(<*+(G-<*+.$+33D(#F-272$8(3-62#"(7+<+.&2$23&3(#$7(#( F262-%3(62.6"+(-/ (F26<2&2H#<2-$'

!"#$$%&'(()*+$%#',-$( I$(=.+F2-%3(6*#=<+.>(I(J%26E"B(-%<"2$+7(32@(.+=.+3+$<#<2F+(6-$6+=<3(-/ (<*23($+A(A#F+(-/ (I<#"2#$(%.1#$(+<*$-C 8.#=*B'(I$(<*23(3+6-$7(=#.<(I(A-%"7(2$<.-7%6+(3-&+("2&2<3(-/ (<*23(<.+$7(#$7>(2$(=#.<26%"#.>(<-(3%88+3<(<*.++( =-3321"+(.-%<+3(<-(+$*#$6+(2<3(#$#"B<26#"(=-<+$<2#"2<B(#$7>(2$(3-&+(3+$3+>(2<3(3-62-C+6-$-&26(2&=#6<' 7KH À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· DQG WR IRFXV WKH DWWHQWLRQ RQ ERGLHV· SHUIRUPDQFHV DV VRFLDO ÀHOGV ZKHUH LGHQWLW\ =.-7%6<2-$3(<#E+3(="#6+'(S*+(3%88+3<3(<-(=%<(2$<-(J%+3<2-$(<*+(.+"#<2-$3*2=3(1+<A++$(3=#<2#"2<B>(27+$<2<B(#$7( =-A+.'( O+"282-%3(72//+.+$6+3>(#3(A+"">(#.+(<.#72<2-$#""B(/-.8-<<+$(2$(<*+3+(3<%72+3(-.(6-$/%3+7(A2<*(<*+(+<*$26(72&+$C VLRQ ,QVWHDG UHOLJLRQ SOD\ D VSHFLÀF DQG JURZLQJ UROH LQ WKH SURFHVVHV RI HYHU\GD\ PDUNLQJ RI WKH FLWLHV HPC 1-72+7(.+"282-%3(=+./-.&#$6+3(2$(72#3=-.#(#$7(<*+(3#6.#"23#<2-$(-/ ($+A(%.1#$(3=#6+3(#.+(6.+#<2$8(="%.#"(#$7( "2F+"B(.+"282-%3("#$736#=+3(L5#$6+""2+.2(#$7(S#2$<CP"#$6#<>(Q;:QM'(S%6*(#(/-6%3(-$(.+"282-$(8-+3(1+B-$7(<*+( 3%==-32<2-$(-/ (&%6*(%.1#$(<*+-.B(<*#<(2<(23(=+.2=*+.#"(<-(<*+(7236%332-$3(-$(<*+(%.1#$(6-$72<2-$'(I7+$<2<B( UHOLJLRQV DUH Á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ÀQHG LQ VSHFLÀF 3=-.<( #$7( .+6.+#<2-$#"( 3=#6+3( 7+328$+7( /-.( <*+&'( )*.-%8*( <*23( %.1#$( 8+-8.#=*B>( 7-&2$#<+7( 1B( =#.+$<#"( /+#.3>(6*2"7.+$("-3+(<*+(=-33212"2<B(<-(="#B(2$(%.1#$(3=#6+3(#3(#(L<+&=-.#.BM(/-.&(-/ (#==.-=.2#<2-$(-/ (<*+(62<B'( 6HFRQG WKH HOGHUO\·V JD]H WKDW LV WKH VSHFLÀF V\PEROLF DQG PDWHULDO OLPLWV DQG UHVRXUFHV HOGHUO\ SHRSOH FDQ ÀQG LQ FLW\ VSDFHV 1RWZLWKVWDQGLQJ WKH GHPRJUDSKLF UROH RI HOGHUO\ SHRSOH LV JUDGXDOO\ LQFUHDVLQJ 3LFFROL Q;::M>(<*+B(.+&#2$(2$F2321"+(2$(+<*$-8.#=*26(.+3+#.6*'( )*+(3+6-$7(#$#"B<26#"(.-%<+(I(A-%"7(3%88+3<(<-(+&=*#32H+(23(<*+(&('!(,&-)#!)*./!)*$'#!''(S=#6+(23($-<(#(6-$<#2$+.( RU D VLPSOH UHÁ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

9(4(:;:

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


#$7(3-&+<2&+3(<-(<*+(#1%3+=(-/ (3>#<2#"(&+<#>*-.3(#$7(3>#<2#"(.*+<-.26?(<-(#$(+@6+33(-/ (.+>.+3+$<#<2-$3(A-/ ( 3>#6+B(<*#<(%$7+.&2$+3(<*+(#$#"C<26#"(%$7+.3<#$72$8(-/ (<*+(3-62-D3>#<2#"(72#"+6<26'(E>#6+=(2$7++7=(23(#(3+$321"+( PDQLIHVWDWLRQ RI WKLQJV DQG DGRSWLQJ D VSDWLDO SHUVSHFWLYH PHDQV WR DGRSW D VSHFLÀF VHQVLELOLW\ WR WKH ¶PXOD <2D(3+$3-.2#"2<CF(#$7(<-(<*+(&#<+.2#"(#$7(#//+6<2G+(6-&>-$+$<3(-/ (3>#6+3(#$7(3-62#"(#6<2-$3'(H%.<*+.&-.+=(2<( PHDQV WR UHFRJQL]H WKDW VSDFH LV D SOXUDO DQG RQJRLQJ ÀHOG RI VWUXJJOHV DQG HQFRXQWHUV $ WKLUG URXWH WKLV SDSHU ZDQWV WR RXWOLQH LV WKH QHHG WR ÀQG !"#$%!&'( &"')*+*$!(AI.2#<#=(J;::B'()--(-/<+$(+<*$-D 8.#>*26(.+3+#.6*(82G+3(.23+(<-(272-8.#>*26(-.(&+.+"C(+&>2.26#"(K-.L3=("#6L2$8(-/ (<*26L(<*+-.+<26#"(6-$6+><2-$3( #$7(+@6++72$8(2$(#(7+6-$3<.%6<2-$23<(>+.3>+6<2G+'()*23(>#>+.(2$G2<+3(<-(8-(/%.<*+.(#$7(.+3+#.6*2$8(.+3-%.6+3=( ERQGV DQG SRVVLELOLWLHV RI VXEMHFW·V HPSRZHUPHQW )RU H[DPSOH LGHQWLI\LQJ SUDFWLFHV SROLFLHV DQG LQ IRUPDO +G+.C7#C(1-<<-&D%>(/-.&3(-/ (>"#$$2$8=(#3(.+6+$<"C(.+&#.L+7(1C(5+""#&#.+(AJ;;MB'()*23(7-+3($-<(&+#$(<*#<( +G+.C(2$/-.&#"(1-<<-&D%>(3-62#"(>.#6<26+(*#3(<-(1+(.+6-8$2N+7(#$7(3%>>-.<+7O(<*+(.+6-8$2<2-$(-/ (72//+.+$6+( LV QRW RYHUODSSHG ZLWK VRFLDO MXVWLFH EHFDXVH WKH H[SUHVVLRQ RI GLIIHUHQFH FDQ EH XVHG WR FUHDWH SULYLOHJHV DQG VRFLDO H[FOXVLRQ 7KH ¶RWKHUQHVV· KDV QRW D SUH GHÀ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j GHL PLJUDQWL 6WRULH GL YLWD H SLDQLÀFD]LRQH XUEDQD=(W2"#$-=(,#6#I--L' I#.1+.23(X'=(5#$6+""2+.2(S'=(AJ;:JB(L0=*7'MN&E'""*&8/0*&#*&8#06*7*&3%*&3*!+0%++*&*73/!+0*#)*=(2$(\3<2(T'=(Z+$<%.#(H'( A+73'B=(Z2G+.+(7#(3<.#$2+.2(2$(#.++(/.#82"2=(]#>-"2=(^28%-.2' I-66#8$2(!'=(AJ;;RB(,0#$$%&+0#7!7#H*'7#)*;&>*+%&*7&?+#)*#&%&"0'*%H*'7*&>%0!'&$#!#&+0#&*&8*60#7+*&%$/#3'0*#7*'(W2"#$-=(S$8+"2' I-.8*2(P'=(AJ;:;B(O%7%0*&/0=#7*N&C#&$*++I&%+%0'7'08#+#=(2$(I#.1+.2(!'(A+7'B=(_(3%66+33-(`%#"6-3#(#""#(62<<a=(P-&#=( [-$N+""2' I.2#<#(!'=(AJ;::B('DOO·LPPLJUD]LRQH FRPH ULVRUVD DOOH ULVRUVH GHL TXDUWLHUL PXOWLHWQLFL 3LDQLÀFD]LRQH H ´FLWWj GHOOH GLIIHP 0%7H%Q=(!#>+.(/-.(<*+(X3>#$+<(5-$/+.+$6+(bQ$$-G#.+(2"(K+"/#.+'(!+.6-.32(72(<.#3/-.&#N2-$+(2$(Q<#"2#(+(2$( X%.->#c(W2"#$-=(JR(E+<<+&1.+(d(:(\<<-1.+(J;::' I.26-6-"2(W'=(AJ;:JB(R'08%&%&!'!+#7H#&3%))#&$*++IN&C:*8"0'7+#&3%*&)/'6-*&!/))%&"0#+*$-%=(2$(5#$6+""2+.2(S'=(E6#$7%..#(T'=( A+73'B=().#66+(%.1#$+'(S""#(.26+.6#(7+""#(62<<a=(W2"#$-=(H.#$6-(S$8+"2' I.26-6-"2(W'=(E#G-"72(!'=(AJ;:;B(A*)#7'&E'D7+'D7N&SH*'7%&"/==)*$#&%&)/'6-*&3%)):#=*+#0%=(W2"#$-=(+<(#"'(X72N2-$2' I.28*+$<2(S'=(W#<<2%662(5'=(AJ;:JB(G*!/#)*!*76&+-%&0*>%0=#7TN(52<C=(A:=:eB' I.-66-"2$2(S'=(AJ;:;B(*HQHUL XUEDQL /D ´FLWWj GHOOH GRQQHµ WUD ÁkQHXULH HVFOXVLRQH HG (WQRJUDÀD=(2$(I#.1+.2(!'=(A+7B=( XF(3%66+33-(`%#"6-3#(#""#(62<<a'(W#$%#"+(72(#$<.->-"-82#(%.1#$#=(P-&#=([-$N+""2' 5#$6+""2+.2(S'=(AJ;:;#B(&RPH VRSUDYYLYHUH DOOD GLIIHUHQ]D (WQRJUDÀD GHL FRQÀQL VRFLDOL LQ XQR VSD]LR PXOWLFXOWXUDOH=(X<D

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

9(4(:;:


QRJUDÀD H ULFHUFD TXDOLWDWLYD 5#$6+""2+.2(<'=(>?;:?@(!"#$%&!"'($)&*+",$((-"./%0+$/1$+(=().+$A-(>/-.A*6-&2$8@' 5#$6+""2+.2(<'=(>?;;B@(+RWHO +RXVH ,Q XQ SDOD]]R LO PRQGR &RQÀ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j *HRJUDÀFD ,WDOLDQD 5+""#&#.+(5'=(>?;;P@(?/+$&3-##58&*+/#-3@$&'+7/.$&$&(#"+-$&0-&%'"4@-'(E2"#$-=(Q"+%A*+.#' 52$8-"#$2(!'=(>?;;B@(A</:-&'+7/.-&$&-11-4+/:-".$&-.&B#/%-/ LQ &RUWL 3 6DQÀOLSSR 0 HGV $QQDOL GHOOD 6WRULD 7HIA#"2#=()-.2$-=(Q2$#%72' 52$8-"#$2=(!'=(>?;;9@(/·LPSUHYHGLELOH IDPLOLDULWj GHOOD FLWWj OXRJKL H SHUFRUVL VLJQLÀFDWLYL GHL PLJUDQWL QLJHULDQL D 7RULQR=(2$( R+62&-(O'=(K62-.A2$-(C'(>+73'@=(KA.#$2+.2(2$(IA#"2#'(S+A2(&28.#$A2'(M-"-8$#=(I"(E%"2$-' 5-8$+AA2(O'=(>?;;T@(B%&C'/+#-$+$&B("%/&D&/:-".$&3"%%$##-=/&$&<+"(<$##-=$&0-&3/17-/1$.#"=(E2"#$-=(O.#$6-(<$8+"2' 5-"-8$#(R'=(>?;;?@(/D &LQD VRWWR FDVD &RQYLYHQ]D H FRQÁLWWL WUD FLQHVL HG LWDOLDQL LQ GXH TXDUWLHUL GL 0LODQR=(E2"#$-=( O.#$6-(<$8+"2' 5-"-&1-(Q'=(>?;;?@(2$&("3-$#5&1'%#-3'%#'+/%-=(S-&#(5#.-662' 5-"-&1-(Q'=(>?;;9@(0XOWLFXOWXUDOLVPR TXRWLGLDQR 9HUVR XQD GHÀ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`' E#$D-(F'a'5'=(>?;;B@(9LD GD 3DROR 6DUSL )LOP PDNLQJ H ULFHUFD HWQRJUDÀFD QHOOD &KLQDWRZQ GL 0LODQR=()+32(72(F#%L .+#=(O#6-"A#H(72(K62+$D+(!-"2A26*+(7+""H0$2W+.32A#H(7+8"2(KA%72(72(E2"#$-'( E#.D#7.-(E'=(>?;;P@(*+"3$(("&1-4+/#"+-"&#+/.(./:-"./%$&"&,"+1/:-".$&0-&(</:-"&0-&=-#/&#+/.(%"3/%$L&B%&3/("&0$-&G"3@/R 7/17-.-&0-&;$+4/1" WHVL GL GRWWRUDWR LQ ´3LDQLÀFD]LRQH 7HUULWRULDOH H 3ROLWLFKH 3XEEOLFKH GHO 7HUULWRULR 0$2W+.32AN(I0<G(72(G+$+D2#' E#.D-.#A2(S'=(>?;:;@(J".&3F$.#+/."&.-$.#$&3".&%/&=-/8&I/<<+$($.#/:-".-&0$%%/&0-,,$+$.:/&$&-11/4-./+-&'+7/.-&.$%%/&#+/(,"+R 1/:-".$&3"11$+3-/%$&0-&0'$&C'/+#-$+-&/&E-%/."'(S#33+8$#(IA#"2#$#(72(K-62-"-82#=(V' b3A#$+"(Q'=(>?;:?@'(?"+1$&0-&@"1$R1/S-.4&#+/&<+/#-3@$&0-&+$(-(#$.:/&$&<"%-#-3@$&0-&0-(<$+(-".$8&B%&3/("&0-&O-/&9.$%%-&/& */0"=/8(F-(Kc%#7+.$-=(T=(?V !#^^#"#.7-(E'F'=(E#.#DD2$2(!'=(>?;::@(B%&T3@-%"1$#+"&4/HU&D&./(3-#/&$0&$="%':-".$&0$%&<+-1"&C'$$+&(</3$&-#/%-/."&D&6"++$& 0$%&2/4"&*'33-.-&-.&O$+(-%-/ %ROOHWWLQR GHOOD 6RFLHWj JHRJUDÀFD LWDOLDQD

9(4(:;:

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


!266-"2(<'=(>?;::@(!"#$%&'#%&#$&(""%$)*+#(,-$.(""/#&+(0,(''%1$"%$2#,%$#&$+#,,-$,0%$#&.#2#.3%"#)4*$($0#+(0+%$.#$+*43&#,-=(A2"#$-=( <.#$6-B$8+"2' !-&C+-(<'=(>+73'@=(>?;::@(3LJQHWR %DQJODWRZQ 0LJUD]LRQL H FRQÁ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À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·HWQRJUDÀD IXRUL OH PXUD GL 5RPD /H VWRULH OH YRFL H OH UDSSUHVHQWD]LRQL GHL VXRL %9#,%&,#=(!#7-F#=(5"+%C' Q6#$7%..#(T'=(>?;;L@(/D SURGX]LRQH GL FRQÁLWWL ,O FDVR GL 3LD]]D 9HUGL D %RORJQD=(2$(H"#.72(A'(>+7@=(H"(C-E+.+(7+""+( &2$-.#$O+=(A2"#$-V072$+=(A2&+323' Q6#.C+""2(<'=(>?;;L@(I"$0#*&($#&+*47#3,*=$K&,0*7*"*6#%$309%&%$.(""/@):3#"#&*=(D-&#=(5HQ0' Q6#.C+""2(<'=(D-&#$-(B'=(>?;::@(E*+#$.(""%$+#,,-=(D-&#=(5#.-662' Q+&2(T'=(>?;;N@(,O TXDUWLHUH FKH VL GLVWLQJXH 8Q FDVR GL ¶JHQWULÀFDWLRQ· D 7RULQRµ=(QE%72(6%"E%.#"2=(:' Q+&2(T'=(>?;;L@((WQRJUDÀ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ÁHFWLRQV RQ *HRJUDSK\ RI (QFRXQWHU=(!.-8.+33(2$(Y%&#$(T+-8.#C*Z=( R?' X2#$+""-(<'=(>?;;K@(K#$4%06#&#$.(""%$+#,,-?(D-&#=(5#.-662' X2#$+""-(<'(B'=(>?;;L@(N#60%&.*$)*"(=$F(6%4#$,0%&)&%'#*&%"#$,0%5+0%#&%$($I,%"#%=(A2"#$-=(<.#$6-(B$8+"2' [-"+EE-(U'=(>?;:;@(I"$6#*+*$.30*$.(""/#&,(60%'#*&(=$F/#&,(0+3",30%$)3#$+%47#$.%$6#*+*=(A2"#$-=(D#//#+""-(5-.E2$#'

!"#$%&'()*+($,)*23(6*#CE+.(23(1#3+7(-$(#(C#C+.(\*26*(\#3(C.+F2-%3"Z(C%1"23*+7(2$(]J-(Q^%#7+.$-_($'(?N=(?;:?'(H(#&(8.#V WHIXO WR WKH HGLWRU RI WKH MRXUQDO WR JLYH SHUPLVVLRQ WR UHSURGXFH WKLV HGLWHG YHUVLRQ RI LW

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

9(4(:;:



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

?@,&70,$*@&A'$1",9,)& 4,5B,,$&3++0/+0"'5"/$&'$(&C,D/1"5"/$& I"23#(J+.>#G$2$2

'LSDUWLPHQWR GL 8UEDQLVWLFD H 3LDQLÀFD]LRQH GHO 7HUULWRULR &5+ /$98( 0$27+.32>K(F+G"2(A>%F2(F2(L2.+$M+8(0$27+.32>N(!#.23(H%+3>(B#$>+..+(O#(P+/N$3+ +"2M1+.Q*->&#2"'E-&

R&-$G( >*+( %.1#$( E*#$G+3( >*#>( #//+E>( >*+( E2>S4( F+&-"2>2-$( 23( #( >--"( 2$E.+#32$G"S( %3+F( 1S( G-7+.$&+$>3( #3( #( F.272$G( /-.E+(/-.(>*+(.+*#12"2>#>2-$(#$F(.+E-7+.S(-/ (%.1#$(#.+#3T(2$(=#.>2E%"#.4(2>(23(#=="2+F(=.+/+.+$>2#""S(>-(>*+(3-E2#"(*-%32$G( GLVWULFWV 7KH XUEDQ SROLFLHV XQGHUWDNHQ LQ )UDQFH DUH D VLJQLÀFDQW H[DPSOH 7KHVH SROLFLHV LPSOHPHQWHG E\ WKH FLW\·V JRYHUQPHQWDO ERGLHV RIWHQ DUH DW RGGV ZLWK WKH KRSHV DQG IRUFHV ÀHOGHG E\ WKH VXEXUEDQ LQKDELWDQWV ZKR SURSRVH #">+.$#>27+3(/-.(>*+(.+F+7+"-=&+$>4(+U=.+33+F(>*.-%G*(#E>3(-/ (=+.3-$#"2M#>2-$(#$F(>.#$3/-.&#>2-$(-/ (>*+2.(*#12>#>(#$F( >*.-%G*(=.#E>2E+3(-/ (#==.-=.2#>2-$(-/ (3=#E+'()*+(F+&-"2>2-$(3++&3(>*+$(>-(1+(%$F+.>#V+$(#3(#$(#%>*-.2>#.2#$(#E>(>-(.2F( WKH ÀHOG IURP D WRR FRPSOH[ LQKHULWDQFH DQG PDNH ZD\ IRU D QHZ SKDVH RI OLIHVW\OHV· KRPRORJDWLRQ WKURXJK D PRUH E-$>+&=-.#.S(/-.&(-/ (3>#$F#.F2M#>2-$(-/ (>*+(=.2$E2="+3(-/ ("272$G4(#$F(1S(2$>+.7+$2$G(>-(.+F%E+(>*+(E-&="+U2>S(-/ (>*+( E*#$G2$G(E2>S'(


!"#$%&'(#)%" ;$(<%.-=+>(3+?+.#"($#@2-$#"(=.-8.#&&+3(/-.(@*+(.+*#12"2@#@2-$(-/ (=+.2=*+.#"(.+327+$@2#"(=%1"26($+28*1-%.*-A -73(1%2"@(32$6+(9BC:(*#?+(1++$(+3@#1"23*+7(#$7(#.+(-=+.#@2-$#"' 7KHVH SURJUDPV DLP WR SURYLGH LQFLVLYH VROXWLRQV WR WKH LGHQWLÀ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ÀFDWLRQ DQG HFRQRPLF DWWUDFWLYHQHVV WKH KRPRJHQHLW\ RI WKH UHVLGHQA @2#"(-//+.2$8(2$@+$7+7(@-(6-$6+$@.#@+(@*+(=--.+3@(3+8&+$@3(-/ (@*+(=-=%"#@2-$' ,Q )UDQFH WKH GHEDWH RQ WKHVH NLQG RI RSHUDWLRQV UHDFKHG D GHÀQLWLRQ RI QDWLRQDO LPSRUWDQFH DQG WKH\ DUH #@(@*+(*+#.@(-/ (@*+(%.1#$(.+$+H#"(=-"26E(-/ (@*+(6-%$@.EI(@*+(!"#$"%&&'()%*+#,%-(.'(/0,#1%*+#,(2"3%+,'(J!KL0M>( GHÀ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ÀHG #3(<#,':(7"3%+,':(:',:+3-':(JU0VM>(2&=.-?2$8(@*+(D%#"2@E(-/ ("2/+(@*.-%8*(%.1#$(.+8+$+.#@2-$(-=+.#@2-$3'(;$(@*23( FRQWH[W WKH WRRO ZLWK VWURQJHU PHGLD LPSDFW DQG JUHDWHU ÀQDQFLDO FRPPLWPHQW LV WKH WRWDO RU SDUWLDO GHPRA "2@2-$(-/ (*-%32$8(6-&="+W+3>(#1"+(@-(+.#3+(2$(#(?+.E(3*-.@(@2&+(@*+(&-.=*-"-8E(-/ (+$@2.+(3%1%.1#$(3+6@-.3( WR RSHQ WKH ÀHOG WR DOWHUQDWLYH KRXVLQJ VROXWLRQV

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ÀHG GHVLJQ PRGHOV DQG W\SHV UHIHU WR IHDWXUHV RXWOLQHG DW WKH @2&+( -/ ( @*+2.( -.282$>( #""-H2$8( #( H27+( 7233+&2$#@2-$( J^%/#%W( _( X-%.6#%@>( N::`M'( V-&+( a1%GGH-.73b( #.+( LGHQWLÀHG VXFK DV ¶ORZ FRVW· ¶PDVV SURGXFWLRQ· ¶KRXVLQJ IRU DOO· ZKLFK KDYH LQVSLUHG WKH FRQFHSW IURP D =.-8.#&&#@26(#$7(27+-"-826#"(=-2$@(-/ (?2+H>(7+@+.&2$2$8(@*+(%$2?+.3#"(a3%66+33b(-/ (@*+(=.-=-3+7(*-%32$8( &-7+"3(#$7(2$@.-7%62$8(@*+(27+#(-/ (a3@#$7#.72G#@2-$(-/ (*-%32$8(&-7+"3b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c("#(3+6-$7#(8%+..#(&-$72#"+(+(72?+$@+.c(2"(?+.1-(7+""#(&-7+.$2GA G#G2-$+(7#(#=="26#.+(#(@%@@-(2"(&-$7->(6-&+(6-$7#$$#(7+""b*#12@#@(@.#72G2-$#"+(+(6-3@.%G2-$+(72(%$#(3-62+@c( .#G2-$#"+(+(/%$G2-$#"+9T(J[#(5+6"#>(N::\F(='OOM' 9( (R)*23(H2$7(-/ (6*#$8+(H2""(-?+..27+(@*+(]-."7(]#.(;;(#$7(1+6-&+(@*+(?+.1(-/ (&-7+.$2G#@2-$(@-(1+(#=="2+7(@-(@*+( H*-"+(H-."7>(#3(#(6-$7+&$#@2-$(-/ (@*+(@.#72@2-$#"(*#12@#@(#$7(#(6-$3@.%6@2-$(-/ (#(.#@2-$#"(#$7(/%$6@2-$#"(3-62+@ET'

9:(4(9:9

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


)*+(#7-;<+7(&-7+"3(#.+(6-&&-$(=-."7=27+>(2$(%.1#$(32<%#<2-$3(/#.(#=#?(/.-&(@.#$6+>(#$7(&-.+(8+$+.#""?( /.-&(A%.-;+>(*28*"28*<2$8(<*+(2$<.%32B+(#12"2<?(<-=#.73(<*+(<.#72<2-$#"(=#?3(-/ ("2B2$8(1+"-$82$8(<-(72//+.+$<( 3-62-C6%"<%.#"(&2"2+%' AD#&;"+3(/.-&(<*+(<+..2<-.2+3(-/ (<*+(/-.&+.(@.+$6*(6-"-$2+3(#.+(+D+&;"#.?(2$(*28*"28*<2$8(<*+(;*+$-&+$#( <#E2$8(;"#6+(7%.2$8(<*+(6-$3<.%6<2-$(-/ (<*+(!"#$%&'($&()*+(& ORFDO OHDGHUV LQÁ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ÀFDWH GHL SDHVL GHOO·(VW GRSR OD FDGXWD GHO PXUR TXHVWD HQRUPH UHDOWj RPRJHC $+#>(6-&;#<<#>(6*+(/#(3T(6*+(%$-($-$(3#;;2#(2$(6*+(62<<U(32(<.-B#>(P%+3<#(;+.2/+.2#(6*+(.+$7+(2"(;+.7+.32("H#<<2B2<U( %$26#(+(;.+B#"+$<+(7+"(62<<#72$-(&#.82$#"+>(32(36#.26#(82-.$-(;+.(82-.$-(72(3+$3-MV(IW#(5+6"#>(M::XY(;'ZGN'

!"#$%&'()%')%*")*'+','-#%&'()&()%*")./0,&$)1/0/201 [3(3*-=$(1?(<*+(B+.$#6%"#.(3<%72+3(I\#;-;-.<>(9]^^Y(\%7-/3E?>(9]X_N>(2&;-.<(#$7(+D;-.<(-/ (;.+7+<+.&2$+7( XUEDQ PRGHOV EUHDNV GHÀQLWLYHO\ WKH FRQQHFWLRQ HVWDEOLVKHG EHWZHHQ VHWWOHG FXOWXUH EXLOW HQYLURQPHQW DQG <*+(.-"+(-/ (<*+(6-&&%$2<?(-/ (2$*#12<#$<3(2$(<*+(;.-7%6<2-$(-/ (#(3%3<#2$#1"+(*#12<#<(C(+$B2.-$&+$<#""?>(+6-C $-&26#""?(#$7(3-62#""?(C(#$7(+$7-=+7(=2<*(*28*(;+.6+;<2-$(P%#"2<?' ,Q WKHVH SURMHFWV WKH GLVWLQFWLRQ EHWZHHQ SRWHQWLDO VSDFH DQG UHDO VSDFH VHW LQ WKH ODWH ¶ V DQG HDUO\ ¶ V 1+6-&+3(-1B2-%3R L+<=++$(<*+(;*?326#"(+$B2.-$&+$<(#$7(+&;2.26#""?(-13+.B#1"+(*%&#$(1+*#B2-%.(<*+.+(+D23<+7(#(3-62#"(3?3<+&(#$7(#(3+<( RI FXOWXUDO QRUPV ZKLFK GHÀQHG DQG HYDOXDWHG SRUWLRQV RI WKH SK\VLFDO HQYLURQPHQW UHOHYDQW WR WKH OLYHV RI SHRSOH 2$B-"B+7(#$7(3<.%6<%.+7(<*+(=#?(;+-;"+(=-%"7(%3+(#$7(.+#6<(<-(<*23(+$B2.-$&+$<(2$(<*+2.(7#2"?("2B+3(I`#$3>(9]X^>(9]^_Y( ;'GN'

7KH DFWLRQV PDGH E\ WKH LQKDELWDQWV WR PHHW WKH QHHGV OHIW XQPHW E\ WKH SURMHFW WKH VSDWLDO SUDFWLFHV RI #;;.-;.2#<2-$(C(<*.-%8*(=*26*(;+-;"+(#<<+&;<(<-(&-72/?>(#"<+.>(.+7+328$(<*+(3;#6+(2$(#(&-.+(3%2<#1"+(=#?( C(S.+#"2QQ#$-("#(B2<#(6*+(#$2&#("#(/-.&#(;.-8+<<#<#(C(+7(a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ÀFXOW EULQJLQJ WRJHWKHU LQ DQ RYHUDOO SHUVSHFWLYH WKH PDQ\ SUREOHPV WKDW DIÁLFW WKHVH UHDOLWLHV RQ D JOREDO VFDOH WKH %.1#$(;*+$-&+$-$>(*-=+B+.>(*#3(6-$3<#$<(/#6<-.3(=*26*(6.-33(6-$<2$+$<3(#$7(<*+(&-3<(72B+.3+(8+-8.#;*2+3( Ib%/#%D>(@-%.6#%<>(M::_N' M( (S)*+(8.#$73(+$3+&1"+3>("2E+(<*+(3%1%.13(-/ (3-62#"(*-%32$8(2$(O<#"?(#$7(<*-3+(-/ (c;#2$>(`.++6+>(!-.<%8#">(<*+(.+%$2<+7( `+.&#$?3>(<*+(6-%$<.2+3(-/ (A#3<+.$(A%.-;+(#/<+.(<*+(d#""H3(@#""Y(<*23(+$-.&-%3>(*-&-8+$+-%3>(#$7(6-&;#6<(.+#"2<?( =*26*(7-+3(3-(#3(<*#<(-$+(7-+3($-<(E$-=(2$(=*26*(62<?(23("-6#<+7>(<*23(;+.2;*+.?(=*26*(&#E+3(<*+("-32$8(*2&3+"/ (<*+( %$2P%+(#$7(;.+B#2"2$8(#6<2B2<?(/-.(<*+(&#.82$#"(62<2Q+$>(7#?(1?(7#?(2<H3("-32$8(3+$3+V' Z( ©7KH\ UHDOL]H WKH OLIH WKDW DQLPDWHV WKH GHVLJQHG IRUP DQG LW LV RQO\ WKURXJK WKLV SURFHVV WKDW WKLV IXOÀOOV LWV UDLVRQ 7He<.+V'

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

99(4(9:9


7R UHDOL]H WKHLU SURMHFWV DQG PHHW WKHLU DVSLUDWLRQV QRW DOZD\V SHRSOH SXW LQ SODFH VWUDWHJLHV OHDGLQJ WR "#<"+33$+33(#$7( /-.62$8( =*+( 2$*#12=#$=3( =-( 62.6%&>+$=( =*+( .%"+3'( ?$( =*+( +@#&A"+3( -/ ( =*+( B.+$6*( 723=.26=3( 6->+.+7(1C(=*23(2$>+3=28#=2-$D(=*+(+@A.+332-$3(-/ (.+E#AA.-A.2#=2-$(-/ ("2>2$8(3A#6+3(#.+($-=(3-(3=.-$8(#3(<+( FDQ À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ÀFDWLRQ DQG VLJQLÀFDWLRQ RI WKH WUDFHV DLPLQJ WR UH HQDFW WKH EHKDYLRXUDO FLUFXLWV DQG GHWHFW QHHGV RI WKH LQKDELWDQWV HVSHFLDOO\ WKH XQVDWLVÀHG RQHV LV D SRVVLEOH WRRO WR EH LQWHJUDWHG LQ WKH RSHUDWLRQV RI XUEDQ UHQHZDO ,QVWHDG HQYLURQPHQWDO FOXHV DUH LJQRUHG DW À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©LPSOLTXHU OH SOXV W{W SRVVLEOH OHV KDELWDQWV GDQV OH GpYHORSSHPHQW GHV SURMHWV HVW XQH FOp 7+("#(.Y%332=+(7+(6+%@(62(Z(6-%.=(6-&&+(Z("-$8(=+.&+[\' O-<+>+.D(=*+(=+.&(0!1*0$%'# LV XVHG ZLWKRXW WKH PHDQLQJ RI WKH ZRUG LV FODULÀHG $V FDQ EH VHHQ LQ WKH QXE &+.-%3(+@#&A"+3(2$(B.#$6+D(=*+(=+.&(+&1.#6+3(&#$C(72//+.+$=(A.-6+7%.+3D(2$6"%72$8(#"3-(A.#6=26+3(<*+.+( =*+(2&A"26#=2-$(-/ (=*+(A-A%"#=2-$(23(#"&-3=($-$E+@23=+$=(FL2""#$->#(7+D(:;9:K'()*23(-66%..+7(2$(=*+(6#3+(-/ ( G+3(P%.+#%@](#$7(#3(A-2$=+7(-%=(1C(^+1-%"+=(F:;99X(A'JK(#/=+.(3+>+.#"(2$>+3=28#=2-$3(2$(#.+#3(#//+6=+7(1C( %.1#$(.+$+<#"(A.-8.#&&+3_ `"#(6-$6+.=#=2-$(+3=(+$(/#2=(3-%>+$=(7+($#=%.+(6-$3%"=#=2>+(3#$3(a=.+(7Y"21Y.#=2>+D(+""+(+3=(2$>-6#=2-$(A"%=b=( c%+(A.#=2c%+'(d=("+3(Y6*#$8+3(.Y+""+&+$=(+$8#8Y3("#233+$=(#%@(.Y327+$=3(2&A"2c%Y3(-%(2$>2=Y3(%$(8-e=(#&+.(7+( GpFLVLRQV GpMj SOLpHV HQ DPRQW (Q HIIHW SOXV HQFRUH GDQV OHV GLVSRVLWLIV $QUX TX·DLOOHXUV OD SULVH GH GpFLVLRQ $+(.+"f>+(A#3(c%+(7+3(Y"%3(+=(Yc%2A+(7+(.Y$->#=2-$("-6#"+(-%(&a&+(7+3(1#2""+%.3(3-62#%@(&#23(7+(723A-32=2/3( G·pYDOXDWLRQ HW G·DSSUREDWLRQ j GLVWDQFH GDQV OHVTXHOOHV OD GpPROLWLRQ IDLW ÀJXUH G·LPSpUDWLIJ\' ©7R LQYROYH DV VRRQ DV SRVVLEOH SHRSOH LQ SURMHFW GHYHORSPHQW LV D VXFFHVV NH\ DW WKH VKRUW DQG ORQJ WHUPª ]( )*+(=-<$(-/ (G+3(P%.+#%@(23(32=%#=+7(2$(=*+(>#""+C(-/ (=*+(g+2$+D(#1-%=(/-.=C(N2"-&+=+.3(<+3=(-/ (!#.23X(2=(*#3(#1-%=( h:D;;;( 2$*#12=#$=3'( )*+( A+.2&+=+.( -/ ( =*+( 2#"/3+ 4#.5'(+ 3'+ 67/.8"(0./+ 9#)"0/'( Fi!S0K( 2$>-">+3( 3+>+$( 723=.26=3( =*#=( 6-""+6=(#1-%=(9]D;;;(2$*#12=#$=3D(&-.+(=*#$(#(=*2.7(-/ (=*+(&%$262A#"(A-A%"#=2-$(#$7(#(c%#.=+.(-/ (=*+(%.1#$2j+7(#.+#( -/ (=*+(&%$262A#"2=C'()*+(A#.=$+.3*2A(#8.++&+$=(<#3(328$+7(2$(:;;J(#$7(=*+(A.-8.#&&+(2$6"%7+3(=*+(7+&-"2=2-$(-/ ( 9D;IJ(*-%32$8(#$7(.+*#12"2=#=2-$(-A+.#=2-$3(#$7(#7,03'/(0"*0,"(0./,(2$>-">2$8(#(=-=#"(-/ ([D9]I(%$2=3'()*+(-13+.>#=2-$3( LQ WKLV SDSHU PDLQO\ UHODWH WR ÀYH GLVWULFWV RI WKH FLW\ :;-<'80**'D+="+>0(7+6'/"%*(?+="+@0&/'+:*"/-<'?+=',+:.%&0!./(,?+=',+ A%,0-0'/, 7KH UHVHDUFK LV EDVHG RQ D ÀHOG VWXG\ EHJDQ LQ ZLWKLQ WKH SURMHFW ´6'/.%8'*'#+*',+1#"(0$%',+3'+-./-'1(0./+ 3%+1#.5'(+%#)"0/B+#'/C.#-'#+*D7-.%('+'(+*"+-..17#"(0./+'/(#'+*',+1#.C',,0.//'*,+3'+*"+80**'?+*',+",,.-0"(0./,+'(+*',+-0(.E'/,+'/+F*'+3'+G#"/-'H+ F!.-8.#&&+(!?5S?(E(!"#('/"#0"(+F/,(0(%(0./,+>0(.E'/,+1.%#+*"+6'-<'#-<'+'(+1.%#+*DF//.8"(0./KD(6--.72$+7(1C(Q8$f3(^+1-%"+='( )LUVW LQYHVWLJDWLRQV RQ WKH ÀHOG ZHUH FDUULHG RXW ZLWK WKH KHOS RI WKH DQWKURSRORJLVW 5RVHO\QH GH 9LOODQRYD J( (`)*+($#=%.+(-/ (=*+($+8-=2#=2-$(23(2$(/#6=(-/=+$(#7>23-.C(#$7($-=(7+"21+.#=2>+X(2=(23(#$(2$>-6#=2-$(.#=*+.(=*#$(#(A.#6=26+'(

9:(4(9;9

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


()*+(7+6232-$(<-(2$=+3<(2$(#($+28*1-%.*--7(>2<*(#$(%.1#$(.+8+$+.#<2-$(23(8+$+.#""?(#8.++7(%@-$(1?(#(6-$=+$A WLRQ ZKLFK HVWDEOLVKHV WKH SODQ RI PHDVXUHV VLJQHG RQO\ E\ HVWDEOLVKPHQW ÀJXUHV VXFK DV $158 WKH 6WDWH UHSUHVHQWHG E\ WKH 3UHIHFW WKH &LW\ LQ ÀJXUH RI WKH PD\RU DQG WKH !"#$$%&'()(*+#"&,)B2'+'(<*+(->$+.3(-/ (<*+( UHDO HVWDWH DIIHFWHG E\ WKH SURMHFW ZLWKRXW DQ\ SULRU FRQVXOWDWLRQ RI WHQDQWV· DVVRFLDWLRQV FRPPLWWHHV RI FLWL]HQV QHLJKERXUKRRG DVVRFLDWLRQV RU ZKR PLJKW LQ VRPH ZD\ UHSUHVHQW WKH PRVW GLUHFW EHQHÀFLDULHV RI WKHVH RSHUDWLRQV 7KH VLWH DQDO\VLV SULRU WR WKH GUDIW RI WKH XUEDQ UHQHZDO SURMHFW DUH PDGH E\ WHFKQLFLDQV #$7(3@+62#"23<3C(1?(.+"?2$8(-$"?(-$(+D@+.<(E$->"+78+(#$7(28$-.2$8(7#2"?(+D@+.2+$6+(#$7(6-$<+D<%#"(E$->"+7A 8+' )*+( 2&#8+( -/ ( <*+( 723<.26<3( <*#<( +&+.8+3( /.-&( @%1"26( 3<#<+&+$<3( #$7( /.-&( @.+33( .+"+#3+3( .+"#<2$8( <-( <*+( RSHUDWLRQV LV EXLOW RQ ZKDW LV VWDWHG E\ ¶H[WHUQDO·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ÀQHG E\ &KRD\ ©O·DMXA 3<+&+$<(.K62@.-L%+(7H%$+(/-.&+(7+(<233%(%.1#2$(+<(7H%$+(/-.&+(7+(6-$=2=2#"2<KMN(B5*-#?C(9OOPQ(@'RSI'()*+( *23<-.2#$(>#.$3(#8#2$3<(>*#<(3*+(6#""3(<*+(3-@*23&(-/ (6.+#<2-$(%,)/#5#$*C(#$7(2$726#<+3(<*+(@-33212"2<?(-/ (<*+( 7+&-"2<2-$(#3(#(>#?(-/ (.+$+>#"(A(2$3<2<%<2-$#"(-.(&#<+.2#"(A(-$(6-$72<2-$(-/ (1+2$8(#1"+(<-(1%2"7($+>(/-%$7#A <2-$3C(1#3+7(-$(<*+(2$<+..+"#<2-$(>2<*(<*+(+$=2.-$&+$<(#3(#(6-$72<2-$(-/ (<*+(7+=+"-@&+$<(-/ (&+#$2$8J ©OD GHPROL]LRQH FKH VL SUHWHQGH GL JLXVWLÀFDUH RJJL LQ QRPH GHOOD QHFHVVLWj VWRULFD QRQ q RUPDL TXHOOD GHOOD WUDGL]LRQH QRQ FRVWLWXLVFH SL LO URYHVFLR GHOO·HGLÀFDUH /D VXD QHJDWLYLWj QRQ q FRPSHQVDWD GD DOFXQD SRVLWLYLWj /D WDEXOD UDVD XQD =-"<#(.2-66%@#<#(7#(-88+<<2($%-=2C(.2$$-=#<#(+(G.26-3<.%2<#H(TUV($-$(WC($-$-3<#$<+(L%+3<-C($K(#.6*2<+<<%.#($K(.26-3<.%X2-A $+(7+""H%.1#$-J(.2&#$+(<#1%"#(.#3#(@+.(3+&@.+SN(B5*-#?C(R;;SQ(@'(SYI'

,Q WKH SUROLIHUDWLRQ RI GHPROLWLRQ DQG VXEVHTXHQW UHFRQVWUXFWLRQ ZKDW RIWHQ VHHPV WR RFFXU DV WKH À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`1-%<(7+&-"2<2-$a.+6-$3<.%6<2-$C(>+(6#$(<*+$(#3E(>*+<*+.C(2$(/#6<C(<*+.+(23(#(.23E(-/ (/#""2$8(1#6E(2$<-(#( 3<#"+&#<+C(#3(>#3(<*+(6#3+(/-.(<*+(*-@+3(6-$$+6<+7(>2<*(<*+(6.+#<2-$(-/ (4'"/-()%/(%1!$%(C(#3(2<(23(>-$7+.+7(1?( b-$#.7(#$7(^#<<*+?(BR;9;I(#1-%<(<*+(3%@@-3+7(=2.<%+3(-/ (<*+(2$6.+#32$8"?(@-@%"#.(+6-A723<.26<3J )*+(.+#""?(%$7+.<#E+$(+D6*#$8+3("+#=+(#(12<<+.(<#3<+(<-(<*+(2$=-"=+7(-.(2$=2<+7(.+327+$<3C(#3(7+6232-$3(#".+#7?(<#E+$( ")9'#*'#:(F$7++7C(&-.+(3<2""(2$(<*+(`$.%(7+=26+3(<*#$(+"3+>*+.+C(7+6232-$(&#E2$8(7-+3($-<(6-$6+.$(-$"?(<*+(+"+6<+7( RIÀFLDOV DQG WHDP RI ORFDO UHQHZDO RU HYHQ WKH VRFLDO OHVVRUV EXW WKH HYDOXDWLRQ DQG UHPRWH DSSURYDO GHYLFHV LQ >*26*(<*+(7+&-"2<2-$("--E3("2E+(#(.+L%2.+&+$<'N ©7KH PXWXDO DGMXVWPHQW EHWZHHQ D IRUP RI XUEDQ WLVVXH DQG D IRUP RI FRQYLYLDOLW\ª ©7KH GHPROLWLRQ WRGD\ SUHWHQWLRXVO\ MXVWLÀHG LQ WKH QDPH RI KLVWRULFDO QHFHVVLW\ LV QRW ORQJHU WKDW RI WKH WUDGLWLRQ 2<(23($-("-$8+.(<*+(-<*+.(327+(-/ (1%2"72$8'(F<3($+8#<2=2<?(23($-<(6-&@+$3#<+7(1?(#$?(@-32<2=2<?'()*+(2"!&$")'"("C(-$6+( UHRFFXSLHG E\ QHZ REMHFWV UHQHZHG DQG ¶UHFRQVWUXFWHG· > @ LV QRW LQ VSLWH RI WKLV QHLWKHU DUFKLWHFWXUH QRU XUEDQ .+6-$3<.%6<2-$J(2<(.+&#2$3(2"!&$")'"("(/-.+=+.N'

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

9:(4(9;9


<7+3(2&=#33+3("2>+3(?(%$(-%1"2(6*.-$2@%+(7+(@%-A272+$$+A>(7+3(A+..2A-2.+3B(7+(6+(@%+(C26*+"(7+(5+.A+#%(#==+"#2A("#(D2""+(?( ¶ÁHXU GH VRO· HW TX·RQ QRPPHUDLW DXMRXUG·KXL XQ VRXFL GX FRQWH[WH XQ LQWpUrW SRXU OH OLHX GH O·RSpUDWLRQEF' G3(H#(5+6"#(IJ;;KL(='MJN(3%88+3A3B(A-(<6%.#.+("+(=+.2/+.2+F(IA-(A#O+(6#.+(-/ (A*+(3%1%.13N(P+(3*-%"7(A.Q(A-(&-D+(#P#Q( /.-&(A*+(#13A.#6A2-$(#$7(#$-$Q&2AQ(A*#A(2$/-.&+7(A*+(-.282$#"(7+328$(-/ (A*+(=%1"26(=+.2=*+.Q(#$7(A*#A(3A2""(2$/-.&(A*+( SURMHFW SURSRVDOV RI WRGD\ GHVLJQHG DV D UHPHG\ IRU D VSUHDG GLVHDVH 7KLV FDQ EH DFKLHYHG ©FRPLQFLDQGR GDOOD ULFFKH]R S#(7+""+(3A-.2+(7+""T#12A#.+(6*+(6-&%$@%+(+($-$-3A#$A+(A%AA-(32(3-$-(3D2"%==#A+(2$(@%+3A2("%-8*29;F'

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©RQ SHXW YRLU TXH O·KDELWDQW HVW FDSDEOH GH UHVWLWXHU O·LPDJH FRPSOH[H GH VRQ TXDUWLHU DYHF VHV GLIÀFXOWpV HW VHV TXDOLWpV 6RQ GLVFRXUV SOHLQ GH FRQWUDGLFWLRQV UHÁqWH OD FRPSOH[LWp GH OD UpDOLWp HW OD PDQLqUH GRQW LO GRLW MRXHU GH O·LPDJH TX·LO 7-$$+(6-&&+(7+(3#(=.-=.+(.+=.>3+$A#A2-$(7+("%2R&]&+99F(I./0)'L(='JY;N'

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©HQ GLYHUVLÀDQW OHXUV FRPSpWHQFHV OHV PLOLWDQWV OHV SOXV LPSOLTXpV VRQW GHYHQXV GHV UHODLV LQGLVSHQVDEOHV GHV ORFDWDLUHV +$(&#A2_.+(7T>D#"%#A2-$(7+3(@%#"2A>3(7%("-8+&+$AB(7+3(+3=#6+3(2$A+.&>72#2.+3(+A(7+3(=-33212"2A>3(7+(.>#&>$#8+&+$A(7+3( "2+%\9JF(I^+1-%"+AB(J;99L(='WN'

U$(A*+(+\#&2$+7(723A.26A3B(A*+(6-$3A.%6A2-$(-/ (10,23(44(,-(6#$(1+(#77.+33+7(#3(#$(#AA+&=A(A-(.+R#==.-=.2#A2-$( -/ (A*+(="#6+3(-/ ("2/+(&#.O+7(1Q(#(&-.+(-.("+33(-1D2-%3(+\=.-=.2#A2-$L(#3(#($+P(P2""2$8$+33(-/ (=+-="+(A-( =#.A262=#A+(2$(A*+(6-$3A.%6A2-$(-/ (-.72$#.Q(*#12A#A' E( (<(U&=#33+3(.+"#A+7(A-(#(6*.-$26(/-.8+A/%"$+33(-/ (A*+(+D+.Q7#Q(-/ (A*+(A+..2A-.2+3B(-/ (P*#A(C26*+"(7+(5+.A+#%(6#""+7( WKH ¶ÁXVK ÁRRU· FLW\ DQG ZRXOG EH FDOOHG WRGD\ WKH FRQFHUQ IRU WKH FRQWH[W WKH FDUH RI WKH SODFH RI WKH RSHUDWLRQª 9;(( <Z+82$$2$8(/.-&(A*+(P+#"A*(-/ (3A-.2+3(-/ ("2D2$8(A*#A(#$7(7+3=2A+(+D+.QA*2$8(A*+Q(*#D+(1++$(7+D+"-=+7(2$(A*+3+( ="#6+3F' 99 ©:H FDQ VHH WKDW WKH LQKDELWDQW LV DEOH RI UHSURGXFLQJ WKH FRPSOH[ LPDJH RI KLV QHLJKERXUKRRG ZLWK LWV GLIÀFXOWLHV DQG LWV TXDOLWLHV +LV VSHHFK IXOO ZLWK FRQWUDGLFWLRQV UHÁHFWV WKH FRPSOH[LW\ RI UHDOLW\ DQG WKH ZD\ LQ ZKLFK KH PXVW +\="-2A(A*+(2&#8+(*+(82D+3(#3(P+""(#3(*23(-P$(3+"/R.+=.+3+$A#A2-$F' 9J(( <ZQ( 72D+.32/Q2$8( A*+2.( 6-&=+A+$6+3B( A*+( &-3A( 2$D-"D+7( #6A2D23A3( 1+6#&+( +33+$A2#"( .+/+.+$6+3( /-.( A+$#$A3( 2$( A*+( #33+33&+$A(-/ (@%#"2AQ(*-%32$8B(2$A+.&+72#A+(3=#6+3(#$7(-==-.A%$2A2+3(/-.(.+7+D+"-=&+$A(-/ (A*+(32A+3F'

9:(4(9;9

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


7KLV FDSDFLW\ RI XQGHUVWDQGLQJ DQG LQWHUYHQWLRQ LQ WKH GHÀQLWLRQ RI WKHLU OLYLQJ VSDFH KRZHYHU UHPDLQV .+"+8#<+7(<-(3+6-$7#.=(/-.&3(-/ (>?#.<262?#<2-$@'(A$(3-&+(6#3+3(<*+=(#.+(1++$(2&?"+&+$<+7(<*.-%8*(3-62#"( ?-"262+3(-/ (<*+(62<=(7%.2$8(<*+(?.+B2-%3(.+7+B+"-?&+$<(?*#3+3(-/ (CDE(723<.26<3F(G*26*(#.+($-G(7+$2+7(1=( GHPROLWLRQ RSHUDWLRQV :KLOH UHPDLQLQJ ZLWKLQ WKH OLPLWV SUHVFULEHG E\ WKH DGPLQLVWUDWLYH RIÀFLDO WKHUH DUH PDQ\ H[DPSOHV RI KRZ SHRSOH FDQ LQWHUYHQH LQ WKH GHÀ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À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

!"#"$"%&"' S&+$7-"#(X'F(M9YZ[P'(0-&2$2(+(6#3+'(A(?.+3%??-3<2(3-62-"-8262(7+""#(?.-8+<<#K2-$+(#.6*2<+<<-$26#'(\#.2F(]72R K2-$2(^+7#"-' \+.<#8$2$2(]'F(E-.127-$2(E'F(MN;9NP'(A&?#6<(-/ (^+6-$3<.%6<2-$(-$(A3"#&26(_#1.26'(A$/-.&#"2<=(#$7().#72R <2-$(2$(<*+(A3"#&26(E+<.-?-"23`(<*+(5#2.-(5#3+F(2$`(E#$7-%.(E'(S'F(!%<.2+F(a'(]'F(M+73'PF(5-$<+&?-.#.=( S.6*2<+6<%.+(-/ (A3"#&26(b-62+<2+3(\+<G++$(X"-1#"2K#<2-$(#$7().#72<2-$3F(E#"#$8F(0AcRE#"2H2(!.+33' \-$#.7(a'F(E#<<*+=(D'F(MN;9;P'(D+3(V6-RQ%#.<2+.3`("#1-.#<-2.+3(7+("#(B2""+(7%.#1"+F(5=1+.8+-'(]%.-?+#$(,-%.$#"( -/ (X+-8.#?*=d-$("2$+e'(^V1#<3F(f%#.<2+.(7%.#1"+(-%(V6-RQ%#.<2+.gF(#B#2"#1"+(-$`(*<<?`hh6=1+.8+-'.+B%+3' -.8hNON;N 5*2+32(D'F(MN;9;P'(A"(7-??2-(3?#K2-(7+""@#.6*2<+<<%.#`(.26+.6#(3-62-"-826#(+(?.-8+<<#K2-$+'(c#?-"2F(D28%-.2' 5*-#=(_'F(M9YY[P'(D+(.i8$+(7+("@%.1#2$(+<("#(&-.<(7+("#(B2""+F(2$(^+<*+2.(,'F(X%2*+%I(S'F(M+73'PF(D#(B2""+F(#.<(+<( #.6*2<+6<%.+(+$(]%.-?+(9Zj;R9YYOF(!#.23F(k72<2-$3(7%(5+$<.+(!-&?27-%' 5*-#=(_'F(MN;;ZP'(^+"(7+3<2$-(7+""#(62<<W'(_2.+$K+F(S"2$+#' 'HERXOHW $ FRRUG /D UpQRYDWLRQ XUEDLQH HQWUH HQMHX[ XUEDLQV HW HQJDJHPHQWV FLWDGLQV 5DSSRUW .+$7%(#%(!05SF(SB.2"(N;9;'(kQ%2?+`(\+..=R5*2H*#-%2(A'F(l2""#$-B#(m'(M7+PF(X#.62#(b#$6*+K(!'F(X21#$7( ^'F(C-77V(m'F(n+""+$1+.8+.(b'F(E+72$#Rc26-"#3(D'F(o.#K2-(S'(M7@PF(E2.#$7#(S' ^+1-%"+<(S'F(MN;99P'(]$8#8+&+$<3(62<-=+$3(+<(#$6.#8+3(?#.<262?#<2/3(7#$3("+3(Q%#.<2+.3(?-?%"#2.+3(+$(.V$-R B#<2-$F(5-&&%$26#<2-$(W("#(,-%.$V+(7@V<%7+3(3%.("+3(+//+<3(7+("#(?#.<262?#<2-$F(k6-"+(7+3(C#%<+3(]<%7+3( +$(b62+$6+3(b-62#"+3(7+(!#.23F(N9(-6<-1.+(N;99(d-$("2$+e(#B#2"#1"+(-$`(*<<?`hhGGG'?#.<262?#<2-$R+<R7+&-R 6.#<2+'/.h/.h$-7+hZZp ^%/#%I(_'F(_-%.6#%<(S'F(M+73'PF(MN;;[P'(D+(&-$7+(7+3(8.#$73(+$3+&1"+3'(_.#$6+F(S""+&#8$+F(!-"-8$+F(m%3R 32+F(mV?%1"2Q%+(<6*iQ%+F(\%"8#.2+F(S"8V.2+F(5-.V+(7%(b%7F(A.#$F(A<#"2+F(S/.2Q%+(7%(b%7'(!#.23F(k72<2-$3( 5.V#?*23' X#$3(C'F(M9YpZP'(!+-?"+(#$7(?"#$3`(+33#=3(-$(%.1#$(?.-1"+&3(#$7(3-"%<2-$3'(c+G(a-.HF(\#326(\--H3' D#(5+6"#(_'F(MN;;pP'(D#(?+.2/+.2#(&2$#662#(2"(6+$<.-'(A$`(0$27+#(R(0$25.+72<(_-%$7#<2-$(MN;;pP'(m#??-.<-( #$$%#"+(N;;:'(S112#<+8.#33-F(!.+33(!-2$<' D+(X#..+6(b'F(m2662(E'F(MN;;pP'(D#(?-"2<26#(72(.+$-%B+""+&+$<(2$(_.#$62#(+("#("+88+(\-."--F(2$(SS'll'F(^+&-R

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

9:(4(9;9


OLUH H ULFRVWUXLUH LQ (XURSD 3URJUDPPL D FRQIURQWR 5RPD 2IÀFLQD (GL]LRQL <+/+1=.+(>'?(@9AB:C'(<#(D.-7%E2-$+(7+""-(3D#E2-'(F2"#$-?(F-2EE2(G72H-.+' 0DJQDJKL $ /H SURMHW ORFDO 6SULPRQW 3LHUUH 0DUGDJD pGLWHXU F#HH*+I(<'?(J#"H*+.(K'?(@L;;MC'(0$(NO-%=+"(*I82P$23&+QR(<+(1.%2H?("Q-7+%.(+H("QP&+.8+$6+(7Q%$+($+S(&277"+( 6"#33'(,-%.$#"(-/ (0.1#$(T+3+#.6*?(9?((U-$("2$+V(#=#2"#1"+(-$W(*HHDWXX#.H26%"-'.+=%+3'-.8XAY9 F+12.-%Z(>'?([+8*26*+(\'?(]-%Z*+&23(^'?(@L;;MC'(\DD.-D.2#H2-$3(7+("Q+3D#6+(D%1"26(7#$3("+3(+$3+&1"+3(7+( "-8+&+$H3(6-""+6H2/3?(/-.&+(7Q#7#DH#12"2HP(-%(6-$H-%.$+&+$H(7+($-.&+3R(O-.-23?(9AM(@LC(U-$("2$+V(#=#2_ "#1"+(-$W(*HHDWXX$-.-23'.+=%+3'-.8XM9Y T#D-D-.H(\'?(@9A``C'(aD-$H#$+-%3(3+HH"+&+$H3(#3(=+.$#6%"#.(7+328$?(2$(!#HH-$(5'(b'?(@+7'C?(aD-$H#$+-%3(3*+"_ H+.W(2$H+.$#H2-$#"(D+.3D+6H2=+3(#$7(D.-3D+6H3?(!*2"#7+"D*2#?()+&D"+(0$2=+.32HI(!.+33' T%7-/3ZI(]'?(@9A:cC'(\.6*2H+6H%.+(J2H*-%H(\.6*2H+6H3W(#(3*-.H(2$H.-7%6H2-$(H-($-$_D+728.++7(#.6*2H+6H%.+'( \"1+d%+.d%+?(0$2=+.32HI(-/ (O+S(F+e26-(!.+33' 9HVFKDPEUH 9 7UDFHV HW PpPRLUHV XUEDLQHV (QMHX[ VRFLDX[ GH OD SDWULPRQLDOLVDWLRQ HW GH OD GpPR_ "2H2-$'(T+$$+3?(!.+33+3(0$2=+.32H#2.+3(7+(T+$$+3' 9LOODQRYD GH 5 5HJDUG SDUWDJp VXU OH SURMHW XUEDLQ XQH UHODWLRQ SURGXFWLYH LQ 9LOODQRYD GH 5 f%#.H+(5'(T'?(@+73'C?(O-%=+#%e(.+8#.73(3%.("Q*#12H+.'(K%H2"3(+H(&PH*-7+3?(7+("Q#.6*2H+6H%.+(#%e(362+$6+3( 3-62#"+3?(!#.23?(g72H2-$3(<+(F#$%36.2H'

!"#$%&'()* *HHDWXXSSS'#$.%'/.X2$7+e'D*DX/.+X\OT0

9:(4(9;9

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

?+/$5'$,/9)&@,%,$,0'5"/$&"$&20'5/&6"5: I#.>-"2$2(A#.#

'LSDUWLPHQWR GL XUEDQLVWLFD H SLDQLÀFD]LRQH WHUULWRULDOH (#.E*'1#.>-"2$2JG&#2"'E-& K;D(;;;L699M6:

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ÀFLQD *LRYDQL &DQWLHUL &XOWXUDOL VNCW#E+""2(-=+.#>-.3((-.(H33+.7#>-.2-(#1-%>(P-%>*(=%1"2E(=-"2EP' )*+(=#=+.(F+3E.21+(#(!.#>-(/.#&+<-.R(#$F(>.P(>-(F-(3-&+(=.+"2&2$#.P(E-$32F+.#>2-$3(-$(>*+(.-"+(>*#>(>*+3+(>.+$F3(2$( E%">%.#"(#$F(1%32$+33(E#$(="#P(2$>-(#($+<(%.1#$("#$F3E#=+'


!"#$%&'(#)%" )*+($+<(=.+$7(6*#.#6=+.2>2$8(!.#=-(23(?#.=(-/ (#(?*+$-&+$-$(=*#=(*#3(2$@+3=+7(A%.-?+#$(62=2+3(/.-&(#("-$8( =2&+3(B+3?+62#""C(2$($-.=*+.$(A%.-?+(DE(=*#=(<+(%3+7(=-(6#""(F%.1#$(6.+#=2@2=CG'(A6-$-&2+3(.+"#=+7(=-(6%"=%.+( #.+(1+6-&2$8(2$(H=#"C((&-.+(2&?-.=#$=((=*#$(2$(=*+(?#3=(B-$"C(2$(I2"#$E(=*+(?*+$-&+$-$(23(.--=+7("-$8(#8-DE( 6*#$82$8(6*#.#6=+.23=263(#$7(#=(=*+(3#&+(=2&+(#??+#.#$6+(-/ (3-&+(?#.=(-/ (=*+(62=2+3'()*+(2$6.+#32$8"C(328$2J À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ÀF KLVWRULFDO DQG JHRJUDSKLFDO FRQWH[W FUHDWLYH LQGXVWULHV QHHG D VXEVWUDWH DQG D VSHFLÀF SODFH FRQGLWLRQV DUH GLIÀFXOW WR UHSURGXFH LQ GLIIHUHQW FRQWH[W DQG LW LV GLIÀFXOW WR H[SRUW WKHP IURP WKHLU VSHFLÀ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ÀFXOW WR FUHDWH LQ RWKHU FRQWH[WV FRPELQDWLRQV -/ (/#6=-.3(=*#=(*#@+(&#7+(?-3321"+(=*+(.+#"2>#=2-$(-/ (3-&+(?#.=26%"#.(6%"=%.#"(?.-7%6=E(&#R+3(=*+(?.-7%6J WLRQ OLQNHG ZLWK FUHDWLYLW\ À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ÀUVW ZLWQHVVHV RI DQ HQWUHSUHQHXULDO IHUYRU WKDW =C?2/C(=*+(62=C'

9( P#=#(1C((VA](A%.-?+#$(]//#2.3(/-.(A%.-?+#$(5-&&2332-$(2$(K;;L

9:(4(9;9

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


!"#$%&'(")*"+%,-) !.#<-( 23( #$( 2$<+.+3<2$8( 3<%7=( 6#3+( <*#<( 6#$( *+">( %3( <-( 7+36.21+( 7=$#&263( -/ ( #( ?6%"<%.#"( $+28*1-.*--7@( FRQVWUXFWLRQ DQG WUDQVIRUPDWLRQ %HIRUH JHWWLQJ LQWR VSHFLÀFV LV QHFHVVDU\ WR SRLQW RXW WKDW DFWXDOO\ FLW\·V #<<+$<2-$(2$(6%"<%.+(#$7(6-$<+&>-.#.=(#.<(23(6*#.#6<+.2A+7(1=(+>23-726(2$<+.+3<' B>>+#.#$6+(-$(<*+("-6#"(36+$+(-/ (#(=-%<*(6%"<%.+(23(#(.+6+$<(>*+$-&+$-$(#$7(<*+.+/-.+(2<3(+C-"%<2-$(23(3<2""( #<(#$(+&1.=-$26(3<#8+D(#"<*-%8*(2$(.+6+$<(=+#.3(<*+(>*+$-&+$-$(*#3(%$+E>+6<+7(#66+"+.#<+7F(->+$2$8(3>#G FHV VSHFLÀFDOO\ GHGLFDWHG WR \RXWK FXOWXUH OLNH ´2IÀFLQD *LRYDQLµ WKH SURPRWLRQ RI \RXWK SURMHFWV DQG WKH ->+$2$8(-/ (#(%$2C+.32<=(<*#<(-//+.3(#(6-%.3+(3>+62#"2A+7(2$(H+328$(#$7(I#$#8+&+$<(-/ (B.<3(JC+$<3(K!LMG NJBOP(*#C+(3>#.Q+7(<*+(2$<+.+3<(-/ (&#$=(62<2A+$3(<-(<*+(6%"<%.+(#$7(+3>+62#""=(-$(+$<.+>.+$+%.2#"(6%"<%.+'( )*+(27+#(<-(1+6#&+(#(6%"<%.+(62<=(23(3"-R"=(+&+.82$8'(S+(<#"Q+7(#1-%<(2<(R2<*(3-&+(3<#Q+*-"7+.3("2Q+(5+$<.+( IRU <RXWK 3ROLF\ DFFRXQWDEOH DQG ´2IÀFLQD *LRYDQLµ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ÀOOHG DOORZLQJ XV WR IXUWKHU ZLGHQ RXU ÀHOG RI LQYHVWLJDWLRQ DQG SURPSWLQJ XV WR D À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¶0DFURORWWR W+.-UD(#$(#.+#(R*+.+(5*2$+3+(2&&28.#$<(>->%"#<2-$(23(6-$6+$<.#<+7' JC+$(*+.+(-$(#(32$8"+(6-%.<(/#62$8(3+C+.#"(3>#6+3(R2<*(72//+.+$<(/%$6<2-$3F(#.<(8#""+.=D(&%326(.+*+#.3#"(#$7( UHFRUGLQJ PXVLF DUW ZRUNVKRSV RIÀFHV DQG DVVRFLDWLRQV DOVR VPDOO FUDIWV DQG WUDGLWLRQDO LQGXVWULDO SURGXFG <2-$'(X+.+(+C+.=<*2$8(+C-Q+(*23<-.=(#$7(#<&-3>*+.+(-/ (2$7%3<.2#"(62<=F(1%2"72$83D(6*2&$+=(#$7(+C+$(&-.+( 6-%.<3' Y2#(N+$-C#(23(#6<%#""=(-$+(-/ (<*+(&-3<(7=$#&26(3>#6+(-/ (<*+(62<=F(2<(23(<-(%$7+."2$+(<*#<(2$(<*+(3*-.<(>+.2-7( R+(6-$7%6<+7(2$<+.C2+R3(<*23(23(<*+(#.+#(R*+.+($+R(3>#6+3(#$7($+R(#6<2C2<2+3(#.+(1-.$(' $OVR LQ WKLV FRXUW DV LQ RWKHU QHDUE\ WKH\ KDYH HVWDEOLVKHG DQG VWLOO UHPDLQ WKRVH WKDW FDQ EH LGHQWLÀHG DV .+%3+(&-.+(*23<-.262A+7D("2Q+(<*-3+(.+"#<+7(<-(&%326(>.-7%6<2-$'(Z$(<*+(62<=(<*+(#6<2C2<2+3(.+"#<+7(<-(<*+(#.<23<26( #$7(6%"<%.#"(>.-7%6<2-$(#.+(.+6+$<"=(>"#$<+7D(R*2"+(<*-3+(.+"#<+7(<-(&%326(>.-7%6<2-$(-66%>=(3>#6+3(#1#$G

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

9:(4(9;9


GRQHG E\ WKH LQGXVWU\ IRU WKH ORQJHVW WLPH LQGHHG PXVLF DW À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ÀUVW DVSHFW WKDW ELQGV HYHU\RQH LQ WKH GLVXVHG LQGXVWULDO VSDFHV RI WKH FLW\ LV WKH PRWLYDWLRQ WKDW OHG >*+&(>-(6*--3+(>*+3+(<"#6+3' 6XUHO\ WKH PXOWLWXGH RI EURZQÀHOG VLWHV DYDLODEOH LQ WKH FLW\ HYHQ DW ORZ SULFHV KDV ERRVWHG HPSOR\PHQW 1@(@-%$8(<+-<"+(MB-&+$(#$7(&+$N(B2""2$8(>-(-<+$($+B(1%32$+33+3'(P%>(>*+(+#3+(-/ (.+>.2+?#"(#$7("-B(6-3>( 3<#6+3(#.+($->(>*+(-$"@(.+#3-$3(/-.(>*23(6*-26+'

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

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ÀQGLQJ IUHH VSDFHV IRU UHQW SUR[LPLW\ WR WKH 6+$>+.'(O$(#$->*+.(62>2+3(#(3<#6+("2K+(B+(*#?+(23($->(#""-B+7'(=%.(6-""+#8%+3(B*-(6-&+(/.-&($+#.1@(>-B$3(>+""(%3(>*#>( WKH\ FDQQRW ÀQG VSDFHV VR 7KH SULFHV KHUH DUH TXLWH FRQWHQW DQG D \RXQJ PDQ ZKR KDV WR VWDUW D EXVLQHVV GRHV QRW #"B#@3(*#?+(>*+(-<<-.>%$2>@(>-(&#K+(128(2$?+3>&+$>3T Q'''(>*+(6*-26+(-/ (3<#6+(23($->(#(.#$7-&(6*-26+A(>*+3+(B+.+(>*+(3@&1-"(-/ (>*+(>+F>2"+(#.+#3(2$(-%.(62>@(Q QO(#&($->(/.-&(!.#>-(#$7(1+/-.+(O(*#7(#(>.#72>2-$#"(3>-.+(>*+$(O(/+""(2$("-?+(B2>*(>*+3+(3<#6+3A(/-.(>*+(6*#.&(>*+@(*#?+'T

'XULQJ WKH LQWHUYLHZV LW HPHUJHG RQ VHYHUDO RFFDVLRQV DQ XUEDQ WUDQVIRUPDWLRQ SURMHFW VWDII WKDW WKH DUWLVWV *#?+(6"+#.(2$(>*+2.(&2$7'

9:(4(;:;

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


)*+2.(2$<+$<2-$(23(<-(.#726#""=(<.#$3/-.&(/.-&(#(6%"<%.#"(>-2$<(-/ (?2+@(<*+(62<=(-/ (!.#<-A(1%<(#<(<*+(3#&+(<2&+( <-(&#2$<#2$(#$(#.6*2<+6<%.#"(#3>+6<(#$7(#.+(&2$7/%"(-/ (<*+(%.1#$(2$7%3<.2#"(*23<-.='()*+(3>#6+3(6*-3+$(#.+( .+"+?#$<(/.-&(<*23(>-2$<(-/ (?2+@A(#$7(<*+2.(7+32.+(<-(.+6.+#<+(.+#"(#.<23<26(#$7(6%"<%.#"(723<.26<3(#.+(&-?2$8( LQ WKLV GLUHFWLRQ 7KH LGHD RI PDQ\ RI WKHP HVSHFLDOO\ RI WKRVH ZKR À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ÀQDO DUHD RI WKH FRXUW , KDYH DOZD\V EHOLHYHG LQ WKLV SURMHFW -/ (6-%.<(#.<A(#$7(/-.(K(=+#.3(I(*#?+(3<2&%"#<+7(<*+(12.<*(-/ (<*23(+L>+.2+$6+A(I(*#?+(82?+$(<-(>+->"+(@*-(3++&+7(2$<+.+C 3<2$8(<-%6*(-/ (<*-3+(@*-(&#$#8+(<*+3+(3>#6+3(#.+(#""(-/ (#$(-@$+.'(M+<J3(3#=(<*#<(*+.+(<*+($+28*1-.*--7(23(6*-3+$A(A(@+( <.=(<-(3*#.+(#3(&%6*(#3(>-3321"+(1%<(<*+(->2$2-$3(#$7(72//+.+$<(27+#3(.+&#2$3(D

&HUWDLQO\ WKH HDVH RI À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ÀOO WKHLU RULJLQDO IXQFWLRQ D)*+(6-$6+><(-/ (2$7%3<.2#"(6-%.<(23(@*#<(@+("2H+(<-(7+?+"->(&-.+A(>#.<(-/ (<*+(*23<-.=(-/ (<*+(62<=A(<*+(>"#6+(@*+.+(<*+=( >#33+7(<*+(2$/-.&#<2-$A(@*+.+(@+(&+<'(O(62<=(@2<*2$(#(62<='()*+(/#6<(<*#<(#""(-/ (-%.(>"#6+3(#.+(->+$2$8(-$(<*+(6-%.<( /#62"2<#<+3(6-""#1-.#<2-$(#$7(+$6-%.#8+3(%3(<-(&++<(D D)*+(6-%.<(23(#$(->+$(3>#6+(#$7(#"3-(-%.(>"#6+3(#.+(->+$($-<(-$"=(<-(+L*212<2-$3(-.(+?+$<3A(2$(>#.<26%"#.(@+(@#$<(<-( 1+6-&+(<*+(>"#6+3(->+$(<-(27+#3R ´ ZH KDYH GLVWRUWHG WKH VHQVH RI VSDFH 7KH GLVWULEXWLRQ RI WKH DUW VWXGLHV UHÁHFWV WKDW WKH VSDFH LQ ZKLFK ZH DUH WZR @-.H3*->3(#$7(#(6-&&-$(3>#6+(<*#<(/%$6<2-$3(#3(#8-.S(E'''F(<*+(->+$(3>#6+(2$?2<+(=%-(<-(6-&+(2$(#$7(1.-@3+R

)*+(6-%.<3("2?+(9K(*-%.3(9KT(7%.2$8(<*+(7#=(<*+(8%=3(@-.H2$8(2$(<*+2.("#1-.#<-.2+3A(&++<A(6-$/.-$<A(.+6+2C YH RXWVLGH YLVLWRUV DWWUDFWHG E\ WKH FKDUP RI EURZQÀHOGV LQ WKH HYHQLQJ WKH SUHPLVHV RYHUORRNLQJ WKH FRXUW\DUG RUJDQL]H FRQFHUWV À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µ

)*.-%8*(<*+3+(->+.#<2-$3(<*+.+(23(#(>+.6+><2-$(<*#<(<*+(2$7%3<.=(-/ (<*+(62<=(C(/#6<-.=(.+"2?+(-"7(<2&+3A(2$( 72//+.+$<(@#=3' )*+(=-%$8(#.<23<(#$7(6.#/<+.3(<*.-%8*(<*+2.(@-.H3(#$7(<*+2.(>.-7%6<2-$3(6*#.#6<+.2Q+(<*+3+(3>#6+3(#$7(<.=(<-( &#H+(<*+&(#3(6-&/-.<#1"+(#3(>-3321"+'

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

9:(4(:;:


<3(&+$=2-$+7(=*+(->+$2$8(&-&+$=3(=-(=*+(62=?(#.+(#"3-(->>-.=%$2=2+3(=-(>.-&-=+(=*+2.(@-.A'()*+(&%"=2>"262B W\ RI IXQFWLRQV WKDW RYHUORRN WKH FRXUW PDNHV WKHVH DUHDV D ELW ¾RI WKH JUHDW JOREDO VKRS ZKHUH \RX FDQ À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ÀFXOWLHV 6RPHWLB &+3(=*+(6-""#1-.#=2-$(23($#..-@(#$7(=*+(?-%$8(#.+(3%>>-.=+7(2$(=*+2.(+//-.=3(1?(-=*+.(-66%>#$=3D(-=*+.(=2&+3( LW LV GLIÀFXOW DQG FRQÁLFWXDO FRH[LVWHQFH K'''L+.+(=*+$(=*+(6-""#1-.#=2-$(/-.(=*+(.+#"2F#=2-$(-/ (+C+$=3D(=*+.+(#.+(#"3-(8.-%>3(=*#=(#.+($-=(3=.26="?(.+"#=+7(=-(#.=D(=*+( A$2=@+#.(/#6=-.?($+#.(*+.+(+$6-%.#8+3(%3(#$7(>.-C27+3(%3(@2=*(+C+$(3>#6+3D(+C+$(=*+(6-&12$#=2-$(-/ (3#2"2$8('''(@+(=.?( WR LQYROYH RWKHUV EXW IURP VRPHRQH LV GLIÀFXOW WR DFFHSW WKDW D ZRUN RI DUWLVWLF W\SH FDQ ELQG WR RWKHU W\SHV RI ZRUN #$7(6-""#1-.#=2-$(=*#=(@2""(1+(%3+/%"(=-(#""M

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ÀUVW DQG RXU +H>+.2+$6+(23($-=(-.282$#"D(1%=(=*+(>*+$-&+$-$(23(+&+.8+$=(#$7(>%.>-3+(-/ (?-%$8(>+->"+(#.+(&-.+(-.("+33(=*+(3#&+'''M

)*+(6-""#1-.#=2-$3(#"3-(7-($-=(-66%.(-$"?(#&-$8(#.=23=3(1%=(#"3-(&-C+(2$(3+#.6*(-/ (6-$=#&2$#=2-$(@2=*( RWKHU DUHDV VXFK DV UHVHDUFK LQ WKH À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

)*+(2$=+.$#"(-.8#$2F#=2-$(-/ (?-%=*(8.-%>3(23(#7C#$6+7(#$7(6-""#1-.#=2-$3D(#3(=*+?(7+36.21+D(#.+($%&+.-%3' S$+(-/ (=*+(8-#"3($-@(=*#=(=*+(8.-%>3(#.+(#3A2$8(23(=-(3+$32=2F+(=*+(>%1"26(#7&2$23=.#=2-$(2$6+$=2C+3(=-(.+%3+( =*23(72//+.+$=(3>#6+3' )*+(1-?3(6.+#=+7(/-.(=*23(#33-62#=2-$(/-.(=*+(>.-&-=2-$(-/ (6%"=%.+D(=*+(.+%3+(-/ (2$7%3=.2#"(#.+#3(#$7(@-.A( WRJHWKHU RQ PDQ\ SURMHFWV ZLWK WKH LQVWLWXWLRQV HVSHFLDOO\ WKURXJK GLDORJXH DQG FROODERUDWLRQ ZLWK 2IÀFLQD T2-C#$2( #$7( =*+#=+.( U+=#3=#32-( J3-&+( -/ ( =*+( +H>+.2+$6+3D( &-.+( +3=#1"23*+7D( @+( *#C+( +$6-%$=+.+7D( #.23+( /.-&(#(3=2&%"%3(1-.$(/.-&(=*+(.+"#=2-$3*2>(@2=*(=*+(6%"=%.#"(2$3=2=%=2-$(-/ (=*+(62=?D(>#.=26%"#."?(=*+(=*+#=+.( U+=#3=#32-V

99(4(:;:

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


2IÀFLQD *LRYDQL FDQWLHUL FXOWXUDOL H[ PDFHOOL =(>+6%"2#.2?@(-/ (>%1"26(6%"?%.#"(>-"26@(2$(?*+(62?@(-/ (!.#?-(23(>.+623+"@(?*+(6-$6+>?2-$(#$7(2&>"+&+$?#?2-$(-/ ( D SURMHFW IRU WKH \RXWK FXOWXUH DV 2IÀFLQD *LRYDQL 7KH GUDIW 2IÀFLQD *LRYDQL ZDV IRXQGHG LQ DQG DW WKH VDPH WLPH 7R IDFH WKH FLW\ RI WKH À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·V 2IÀFLQD *LRYDQL VSUHDGV LQ WKH FLW\ DV DQ LGHD DQG WKHQ DOVR RFFXS\ D SK\VLFDO VSDFH 7KH ÀUVW ZRUNVKRSV >.-&-?+7(?--B(>"#6+(2$(72//+.+$?(>"#6+3(-/ (?*+(62?@' ,Q WKH RIÀFHV RI FXOWXUH GHSDUWPHQW PRYHG LQWR 2IÀFLQD *LRYDQL·V VSDFH DQG LW LV IURP WKLV PRPHQW ?*#?(#(>.-8.#&(8.-D2$8(B26B3(-//' )*+(#2&(-/ (+F>"-.2$8(@-%?*(6%"?%.+(#?(:J<(K(23(#6*2+E+7(1@(>.-8.#&&2$8(+E+$?3(L#"3-(-//+.+7(1@(2$72E27%#"3A( @-%$8(#$7(#33-62#?2-$3MA("#1-.#?-.2+3A(D-.B3*->3A(#2&+7(#?(1+82$$+.3A(1%?($-?(/-.(>.-/+332-$#"3'(N%.?*+.&-O .+A(?*+(E#.2-%3(6-%.3+3A(#3(#""(#6?2E2?2+3(#.+(6-&>"+?+"@(/.++' )*+(6"-3+(.+"#?2-$3*2>(?*#?(?*+(#7&2$23?.#?2-$(#$7(2?3(3?#// (6#$(?28*?+$(D2?*(?*+(@-%?*(-/ (?*+(#.+#(23(7+&-$O VWUDWHG E\ PDQ\ HYHQWV RU ZRUNVKRSV DW 2IÀFLQD *LRYDQL UHDOL]HG WRJHWKHU WKH VSDFH LV D SODFH WKDW LV RSHQ ?-(6-$?#&2$#?2-$3A(6#$(3*#>+7(27+#3A(#$7(?*+.+(#.+(3?2""(#("-?(-/ (%$+F>.+33+7(>-?+$?2#"' P'''D+(#.+(>"+#3+7(?-(6-""#1-.#?+(2$(D-.B3*->(D2?*(@-%$8(#.?23?A(#$7(D+(*->+(?-(*#E+(&-.+(#$7(&-.+(6-""#1-.#?2-$( D2?*(?*+&Q PR+(6-$3?#$?"@(D-.B2$8(6-%"7(&#B+(2?(+E+$(&-.+(E2?#"(3>#6+(#$7(*+">(/-.(#(?.%"@(+//+6?2E+(6-&&%$26#?2-$Q

'HVSLWH 3UDWR LV QRW D FDSLWDO RI FRQWHPSRUDU\ FXOWXUH 2IÀ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ÀFLQD *LRYDQL DQG WKDW PDNHV LW DQ LQWHUHVWLQJ SODFH LQ WKH XUEDQ "#$736#>+(23(?*+(7+32.+(?-($-?(-$"@(&#B+(#.?(1%?(?-(6-$E+@(?*+(27+#(-/ ((#( .?(#3(#(>.-/+332-$(#$7($-?(#3(#(*-11@( -.(>#3?2&+A(?-(>.->-3+(#3(-$+(-/ (&#$@(>-3321"+(#$7(%.1#$(+6-$-&2+3' P5%"?%.+(23(D-.BA(?*+(#.?23?3(#.+(>.-/+332-$#"3A(2?(23($-?(/%$Q

7KLV LGHD RI DUW UHSUHVHQWV D XQLW RI LQWHQW EHWZHHQ 2IÀFLQD *LRYDQL DQG UHVSRQGHQWV ZKR ZRXOG OLNH WR GR D2?*(?*+2.(#.?(#$7(?*+2.(27+#3(#(>.-/+332-$' ´6R PDQ\ WLPHV ZKHQ , WDON WR DGXOWV DQG XQIRUWXQDWHO\ RIWHQ ZLWK P\ SHHUV , ZRQGHU LI , KDYH D MRE LQ DGGLWLRQ WR P\ KREE\ )RU WKHP WR EH DQ DFWRU RU PXVLFLDQ LQ JHQHUDO LV QRW D MRE LI RQH GRHV QRW SURGXFH VRPHWKLQJ WDQJLEOH ZKLFK 2&&+72#?+"@(82E+3(#$(+6-$-&26(.+?%.$(7-+3($-?(D-.B(U'''V(?*23(23(/.%3?.#?2$8(/-.(&+'(P

)*+(.+"#?2-$3*2>(D2?*(?*+(?*+#?+.(T+?#3?#32-A(#$-?*+.(2&>-.?#$?(6%"?%.#"(2$3?2?%?2-$A(23($-D("+33(3?.-$8(#$7( 3?+#7@'

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

9:(4(;<;


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À RQH RI WKH VSDFHV LQ WKH FLW\ UHFRYHUHG WKDQNV WR WKH ZRUNVKRS ´ F'''A#3(#(6+$?+.(-/ (+7%6#?2-$(#$7(/.++7-&(-/ (+K>.+332-$'(L'''M(=$(?*-3+(C+#.3(A#3(#6*2+E+7(%?->2#@(#(3-.?(-/ (62?C(?*+#?+.'N

!"#$%&'()&$&*+,-+)#&'+-+)# O3(&+$?2-$+7(3-&+(-/ (?*+(+K>+.2+$6+3(2$(?*+(62?C(&-.+(+3?#1"23*+7(A+.+(1-.$(1+6#%3+(-/ (?*+(3?2&%"%3(82E+$( 2$(6-""#1-.#?2-$(A2?*(?*+(?*+#?+.'(=$(>#.?26%"#.@(#6?2E2?2+3(.+"#?+7(?-(?*+#?+.@(7#$6+(#$7("2?+.#?%.+(A*26*(#.+( &#2$"C(6-$6+$?.#?+7(2$(?*+(723?.26?(-/ (J#$?#(5*2#.#' )*+(->+$2$8(2$(?*+(2&&+72#?+(E262$2?C(-/ (?*+(3>#6+(%3+7(1C(#33-62#?2-$3(#$7(8.-%>3(-/ (?*+()+K?2"+(G%3+%&( #$7(?*+($+A(62?C("21.#.C(6-%"7(/%.?*+.(?.#$3/-.&(?*+(#>>+#.#$6+(-/ (?*23(>#.?(-/ (?*+(62?C(A*26*(23("-6#?+7( 1+?A++$(?*+(6#3?"+@(#$7(?*+(A#""3(?-(?*+(6#233-$(P.#36#?2(7--.' Q+.+@(#3(2$(E2#(R+$-E#(3>#6+3(-E+."--D(#$(2$?+.$#"(6-%.?C#.7(?*#?(8#?*+.3($+A(#6?2E2?2+3(.+"#?+7(?-(#.?(#$7( 6%"?%.+(#$7(3&#""(1%32$+33+3(?+K?2"+3' J%6*(#3(3>#6+3@(#"3-(.+3+&1"+(?*+(2$?+$?2-$3(-/ (?*-3+(A*-(S"2E+3T' )*+(7+32.+(?-(?.#$3/-.&(?*+2.(>#332-$(/-.(#.?@(?*+#?+.(#$7(6%"?%.+(2$(#(>.-/+332-$(23(3?.-$8(#$7(?*+(&-E+&+$?( 23(?.C2$8(?-(8+?(&-.+(#$7(&-.+(62?2+3' =$(?*+(3*-.?(>+.2-7(2$(A*26*(?*+C(A+.+(6-$7%6?+7(?*+(2$?+.E2+A3(=TE+(3++$(->+$(?A-(6-$?+&>-.#.C(#.?(8#"H OHULHV D ORFDO UHKHDUVDO URRPV ÀOOLQJ HPSW\ VSDFHV EHIRUH QHZ FRQWHQW 7KLV IHUYRU OLQNHG WR WKH SUHVHQFH RI PRUH HVWDEOLVKHG XUEDQ UHDOLW\ DV SUHFLVHO\ 2IÀFLQD *LRYDQL 0HWDVWDH 32-(#$7(?*+(G%3+-(!+662(#$7($+A(.+#"2?2+3(3%6*(#3(?*+(0$2E+.32?C(A2?*(?*+(!IURVOJ@(3%88+3?(#(6*#$8+(2$( WKH FLW\ FHUWDLQO\ RI LPDJH IRU PDQ\ EURZQÀ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

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:;

?@$$/#'5"/$&A*/$/B:C&'$(&D04'$&E,$,F'1 A>+/#$-(A#1#>2$-

I@J!(I+=#.>&+$>(K(J.E*2>+E>%.#"(#$F(0.1#$(I+32G$(!*I(!.-G.#& !-"2>+E$2E-(F2(L2"#$-4(3#1#>2$-'3>+/#$-MG&#2"'E-& ;N9966NO6O(

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ÀQHG SURMHFW EXW RQ D ZKROH RI PRUH ÁH[LEOH ERWWRP XS SUDFWLFHV DQG VWHS E\ VWHS DFWLRQV LQ FRRSHUDWLRQ ZLWK VHYHUDO SDUWQHUV V.#2$=-.>(P2$F*-7+$(23(#(=#.#F2G&#>2E(&-F+"(>*#>(%3+F($->(-$"R(>*+(=*R32E#"(2$F%3>.2#"(*+.2>#G+(1%>(#"3-(>*+(S$-<C*-<( >*#>(!*2"2=3(*#3("+/>(1+*2$F4(<2>*(>*+(#&12>2-$(>-(1+E-&+(>*+(&-3>(E.+#>27+(#$F(2$$-7#>27+(.+G2-$(2$(P%.-=+'


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ÀFLHQW XUEDQ SROLF\ WRROV DV >+""' 5-&A#.+7(?-(?*+(A#3?B(?*+(&#??+.(-/ (6-&A+?+$62+3($++73(?-(1+(.+@23+7'(J#$#82$8(?*+(62?F(#$7(2?3(A*F326#"( ?.#$3/-.&#?2-$3(23($-("-$8+.(#$(233%+(6-$6+.$2$8(-$"F(A-"2?262#$3(#$7(A%1"26(#7&2$23?.#?2-$3B(#$7(3+@+.#"( C%.-A+#$(+EA+.2+$6+3(#".+#7F(3*->(?*#?(?*+(.+3A-$3212"2?F(/-.(.+2$@+$?2$8(?*+(>#F(>+(&#H+(62?2+3("2+3(>2?*( #""(?*+(62?FK3(3?#H+*-"7+.3B(1-?*(A%1"26(#$7(A.2@#?+' 0RUHRYHU SODQQLQJ WLPHV KDYH QRZ PRUH Á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

LX"->(%.1#$23&K(#$7(L-.8#$26(7+@+"-A&+$?K(#.+("2$H+7(?-(-?*+.(6%..+$?(&#??+.3(3%6*(#3(L.+6F6"+KB(L3%3?#2$#D 12"2?FK(#$7(L3&#.?(62?FK'(=3(#(&#??+.(-/ (/#6?B(?*+(.+6F6"+(3+?3(2?3+"/ (?*+(?#.8+?(-/ (-A?2&2Y2$8(?*+(>*-"+(%.1#$( VSDFH DFFRUGLQJ WR D FLW\ PRGHO ZKLFK GRHV QRW SHUPLW SURÁLJDF\ DQG ZKLFK JURZV E\ WUDQVIRUPLQJ LWVHOI ZLWKLQ LWV ERUGHUV DQG UHVWRULQJ LWV DYDLODEOH GLVXVHG VSDFHV 7KLV NLQG RI HIÀ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ÀQGLQJ VWUDWHJLHV DQG ZD\V RI GHYHORSPHQW RI WKH VSHFLÀF VRFLDO HFRQRPLF DQG FXOWXUDO FLW\ SRWHQWLDOLWLHV )*#?(82@+3(?*+(-AA-.?%$2?F(?-(A.-A-3+($+>(%3+3(-/ (3A#6+(#$7($+>(+6-$-&2+3(2$(#1#$7-$+7(#.+#3(-/ (?*+( %.1#$(/#1.26(#$7(A+.&2?3(?-(&#H+(/-.&+.(23-"#?+7(A#.?3(-/ (#(62?F(#66+3321"+(?*.-%8*(+EA+.2&+$?#"(.+D%3+( SURMHFWV WKDW SURPRWH D QHZ LGHD RI OLIH TXDOLW\ X-&+(A%1"26(#7&2$23?.#?2-$3(#$7(#%?*-.2?2+3(*#@+(6#%8*?(?*-3+(6*#$8+3'()*+F(3?2""(*#@+(?*+(A-"2?26#"(A->+.( WR RSHUDWH RQ WKH FLW\ EXW WKH\ QR ORQJHU KDYH ÀQDQFLDO UHVRXUFHV WR WUDQVIRUP LW ZLWK DOO HQFRPSDVVLQJ PDD 3?+.A"#$3(#$7(3-(?*+F(#.+(&-.+(#$7(&-.+(2$?+.+3?+7(?-(2$2?2#?2@+3(#7@#$6+7(1F("-6#"(#6?-.3(#$7(#33-62#?2-$3' =3(N"#%3(M-$$+1+.8+.(3#F3\(

9:(4(;<;

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


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À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`(#$7(B-(&#$C("#CF-//3(2$(!*2"2D3'(S3(#(6-$3+W%+$6+J(2$( WKH FRPSDQ\ GHFLGHG WR PRYH WR $PVWHUGDP E\ OHDYLQJ LWV KHFWDUH GLVWULFW ² QDPHG 6WULMS 6 ² LQ B*+($-.B*FE+3B(327+(-/ (]2$7*-A+$(6+$B.#"(6-.+'(L`28%.+(;P 7KH DEDQGRQ IURP WKH JLDQW HOHFWURQLF ZKLFK LQÁXHQFHG WKH RI (LQGKRYHQ HFRQRP\ VKRXOG KDYH "+7(B-(#(.#D27(7+6"2$+(-/ (B*+(62BC(1%B(B*23(+A+$B(E#3(*#$7"+7(#3(#$(-DD-.B%$2BC(B-(.+FB*2$I(#$7(.+F2$A+$B(B*+( E*-"+(%.1#$(+6-$-&C'(S3(#(&#BB+.(-/ (/#6B(=723%3+(D.-6+33+3($-B($+6+33#.2"C(6-2$627+(E2B*(B*+(.+6+332-$J( 1%B(E2B*(B*+(2$6.+#3+(-/ (#(3-62#"(+6-$-&C(3+"/FD.-7%6+.(-/ (.+3+#.6*(#$7(2$$-A#B2-$K(LZ.#$Q2J(9<<NO(D'(YaP' V$(;bba(!*2"2D3(.+D"#6+7(2B3($#B2-$#"(.+3+#.6*(c(7+A+"-D&+$B(#6B2A2B2+3(2$(#(U-%B*+.$(#.+#(-/ (]2$7*-A+$J( FORVH WR $ KLJKZD\ HVWDEOLVKLQJ WKH +LJK 7HFK &DPSXV DQG ÀQDOO\ LW VROG LWV RULJLQDO VLWH WR WKH PXQLFLF D#"2BC' R2B*(B*+(2$2B2#B2A+(-/ (B*+(BE+$BCF-$+(]2$7*-A+$(52BC(d+82-$(&%$262D#"2B2+3J("-6#"(#6B-.3(#$7(B*+($#B2-$#"(8-F A+.$&+$BJ(#(6--D+.#B2-$(E#3(3+B(%D(2$(-.7+.(B-(D%B(B*+(.+82-$#"(+6-$-&26(3B.%6B%.+(1#6I(-$(2B3(/++BJ(8+BB2$8( /%$73(1C(B*+(]%.-D+#$(0$2-$(E2B*2$(B*+(eUB2&%"%3(!.-8.#&&+f' 7KH DLP ZDV WR SURSRVH D QHZ XUEDQ GLVWULFW LQ WKH 6WULMS 6 LQ RUGHU WR LQWHJUDWH DW ODVW WKLV VWUDWHJLF DUHD ZLWK B*+(62BC(6+$B.+J(-//+.2$8($+E(/-.&3(-/ (&2G+7(%3+(7+A+"-D&+$B' S3(#(&#BB+.(-/ (/#6BJ(#"B*-%8*(B*+(/-.&+.(!*2"2D3(5#&D%3(*#3(1+8%$(D#.B(-/ (]2$7*-A+$(%.1#$("#$736#D+( -A+.(B*+(C+#.3J(B*23(D#.B(-/ (B*+(62BC(*#3(#"E#C3(1++$(#(3-.B(-/ (/-.B.+33J(#(B+6*$-"-826#"(+$6"#A+J(2$#66+3321"+( E\ WKH FLWL]HQV LQVRPXFK DV LW ZDV QDPHG ¶IRUELGGHQ FLW\· :LWK WKDW LQLWLDWLYH WKH 6WULMS 6 DUHD VKRXOG KDYH "+/B(2B3(1#..2+.3J(1+6-&2$8(#(723B.26B(2$B+8.#B+7(B-(B*+(%.1#$(/#1.26(#$7(-D+$(B-(E+"6-&+(#(A#.2-%3(B#.8+B(-/ ( D+-D"+(/.-&(#""(-A+.(B*+(E-."7' ,QLWLDOO\ LQ WKH XUEDQ SODQQHU 5LHN %DNNHU ZDV FKRRVHQ LQ RUGHU WR GHYHORS D PDVWHUSODQ IRU 6WULMS 6

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

9:(4(;<;


EXW KLV SURSRVDO ZDV UHMHFWHG EHFDXVH LW ZDV OLWWOH SUHVHUYDWLYH WRZDUGV H[LVWLQJ EXLOGLQJV 7ZR \HDUV ODWHU /DQGVFDSH DUFKLWHFW $GULDDQ *HX]H DQG KLV RIÀFH :HVW ² FKDUJHG IRU DQ DOWHUQDWLYH SODQ ² SURSRVHG D SURMHFW WKDW FRPELQHV UH XVHG H[LVWLQJ SDYLOLRQV ZLWK QHZ EXLOGLQJV $FFRUGLQJ WR *HX]H·V JXLGHOLQHV WKH À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ÀUVW EXLOGLQJ UHQRYDWLRQV 6WULMS 6 KDV DOUHDG\ FKDQJHG LWV LPDJH DQG LW LV EHFRPLQJ D OLYHO\ GLVWULFW ?-?%"#>+7(1C(6.+#>2B+(?+-?"+(3%6*(#3(7+328$+.3A(#.>23>3A(&%3262#$3(#$7(>*+#>.+(&#J+.3'( U%>(>*+(?%.?-3+(23($->(>-(*#B+(#($+=(3?+62#"2K+7(+$6"#B+(=*+.+(?+-?"+(32&?"C(=-.J(#$7A(#3(#(&#>>+.(-/ (/#6>3A( LQ VRPH FDVHV LW LV SRVVLEOH WR ÀQG D FRPELQDWLRQ RI ZRUNLQJ DQG OLYLQJ VSDFHV P#$C(#6>2B2>2+3(*#B+(#".+#7C(-66%?2+7(3-&+(3?#6+3(2$(>*+(VW"-J8+1-%=X(Y5"-6J(1%2"72$8ZA(-$+(-/ (>*+(&-3>( HPEOHPDWLF EXLOGLQJV RI WKH FRPSOH[ DQG VHYHUDO FUHDWLYH ÀUPV KDYH UHQWHG D VWXGLR WKHUH DW DQ DGYDQD >#8+-%3(?.26+(EF28'(NG'(R&-$8("+23%.+(3?#6+3A(#(%.1#$(3J#>+(?#.JA(3?-.>3(/#62"2>2+3(3%6*(#3(6"2&12$8(*#""(#$7( 6-$6+.>(3>#8+(=+.+(#".+#7C("-6#>+7(2$(>*+(#.+#(#$7(&#$C(6%">%.#"(+B+$>3(>#J+(?"#6+(*+.+A(3%6*(#3(>*+(M%>6*( M+328$([++J(#$7(F"%@DT' +LJK 7HFK &DPSXV 8QLYHUVLW\ RI 7HFKQRORJ\ 6WULMS 6 DQG 'HVLJQ $FDGHP\ DUH WKH IRXU VWURQJKROGV RQ =*26*(>*+(&-3>(?#.>(-/ (L2$7*-B+$(+6-$-&C(23(/-%$7+7(>-7#CQ(M+328$(#$7(O28*()+6*$-"-8C(#.+(>*+(>=-( ÀHOGV WKDW KDYH DOZD\V EHHQ SDUW RI WKH '1$ RI WKLV FLW\ ² VSHFLDOO\ RZLQJ WR 3KLOLSV SUHVHQFH ²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² WKH RQJRLQJ UH XVH RI 3KLOLSV SDYLOOLRQV LQ 6WULMS 6 DV VSDFHV IRU PLFUR HQD >+.?.23+3(23(>*+("#3>(%.1#$(-?+.#>2-$(-.2+$>+7(>-(+3>#1"23*(>*+(U.#2$?-.>(L2$7*-B+$(`+82-$A(#(>-?(>+6*$-"-8C( 723>.26>(=*26*(3>.2B+3(/-.(1+6-&2$8(-$+(-/ (>*+(3&#.>+3>(.+82-$(2$(>*+(=-."7' $FWXDOO\ %UDLQSRUW LV PRUH WKDQ MXVW D UHJLRQ LW LV SDUW RI D QHWZRUN RI RUJDQL]DWLRQV WKDW H[WHQGV EH\RQG

9:(4(;<;

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


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ÀFDWLRQ RI D VLQJOH DUHD DQG FRQVHTXHQWO\ WKH HVWDEOLVKPHQW RI DQRWKHU H[FOXVLYH 3&#.=(2$6%1#=-.(6"-3+7(=-A#.73(=*+(62=B("2/+F(=*+(27+#(A#3(D%==2$8(=*+($+A(3=.-$8*-"73(2$(72//+.+$=(D"#6+3(-/ ( =*+(62=B' N*2"+(=*+(?28*()+6*(5#&D%3(A#3(1-.$(#3(#$(*28*E3D+62#"2M+7(723=.26=(#$7(2=(A#3("-6#=+7(2$(#(3%1%.1#$(#.+#( O(A+""(3+.C+7(1B(=*+(.-#7(2$/.#3=.%6=%.#"(3B3=+&(O(=*+(.+D"#6+&+$=(-/ (=*+(K+328$(P66#7+&B(2$(=*+(QN2==+( 'DPH· VWDUWHG WKH 3KLOLSV KHULWDJH UH XVH SURFHVV LQ WKH UHDO FLW\ FRUH 7KH 6WULMS 6 UH XVH ZDV FRQFHLYHG LQ -.7+.(=-(=#@+(=*+(&#R2&%&(#7C#$=#8+(-/ (2=3(6+$=.#"(D-32=2-$(#$7F(A*+$(2=(23(6-&D"+=+7(2$(9<9<F(2=(A2""(82C+( S2$7*-C+$(#(/%.=*+.("2C+"B(%.1#$(6+$=.#"2=B' )*%3F(=*+(S2$7*-C+$(T.#2$D-.=(23(#(%$2U%+(6#3+(2$(A*26*(A*#=(P$7.+#(T.#$M2(6#""3(V2$$-C#=2-$(+6-$-&BW( %UDQ]L S ÀWV SHUIHFWO\ ZLWK D XUEDQ UHQHZDO LQ WKH VDPH ZD\ LQ ZKLFK HQWHUSULVH ÀWV ZLWK VRFLDO /#1.26F(1B(6-$3=2=%=2$8(=*+(/%$7#&+$=#"(2$8.+72+$=3(-/ (#$(+RD+.2&+$=#=2-$(A*26*(23(D.-7%62$8(#($+A(3=.-$8( LGHQWLW\ RI ZKDW ZH FDQ GHÀQH D ¶XUEDQ VFDOH FUHDWLYH LQFXEDWRU·

!"#$%&'('_ 7KH 6WULMS 6 DUHD DQG LWV VXUURXQGLQJV LQ WKH QRUWK ZHVW RI (LQGKRYHQ

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

9:(4(;<;


!"#$%&'( _ 6WULMS 6 DUHD LQ WKH VFHQDULR RI WKH PL[HG XVH GHYHORSPHQW

!"#$%&') _ 7KH ¶.ORNJHERXZ· KDV DOUHDG\ EHHQ UHQRYDWHG DQG RFFXSLHG E\ VHYHUDO \RXQJ FUHDWLYH ÀUPV

9:(4(;:;

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


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ÀFKH ,WDOLDQH 52-..#(!'>(R#.2$2(H'>(?@;::B(?.I=4=(.5&0-"$-.*).&B."&(C$"=;)-.--7"$G&($&=)--@&.&)(&B)$%.-$>(R2"#$->(M"+6=#

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

9:(4(:;:



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

?04'$&@59(",)&'$(&2,0"+A,0:& I2%3+==+(AE#$F%..#

J2=#.>2&+$>-(F2(A>%F2(0&#$23>2E2 0$27+.32>K(F2(L+..#.#4((G2%3+==+'3E#$F%..#M%$2/+'2> 9N;55D;N;N

2YHU WKH SDVW WZHQW\ \HDUV GLYHUVH À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´ZRUOG IDFWRU\µ DQG WKH DUULYDO RI ODUJH PLJUDWLRQ ÁRZV" 7KH DLP RI WKLV SDSHU LV WR SUHVHQW #&-$G(>*+3+(&-$-G.#=*34(>*+(&-3>(2$>+.+3>2$G'


!"#$%&'()*+,-&$%*&.,"+/0,"1 =$>*.-?-"-823>(@+.72$#$7-(@#A#B(C*-(*#3(6-$7%6>+7(#$(+D>+$32A+(+>*$-8.#?*26(.+3+#.6*(-$(>*+(E+$($+2F 8*1-.*--7(2$(!#"+.&-(G@#A#B(H<<I1JB(C.->+(#$(2$>+.+3>2$8(+33#K(>2>"+7(L).#(2?+.8*+>>2(+(1#$"2+%+3B("#($%-A#( &#.82$#"2>M(%.1#$#N(GLOK?+.F8*+>>-3(#$7(1#$"2+%+3B($+C(%.1#$(&#.82$#"2>KNJ'( ©&KLFDJR·V JKHWWRHV 3DULV· EDQOLHXHV %DUFHORQD·V 3ROLJRQR $PVWHUGDP·V 3UREOHHPVWDQGZLM 0RVFRZ·V +UXVKHEL /RV =$8+"+3P( *--7'( =""( Q+3>+.$( 62>2+3( *#A+( >*+2.( -C$( C-.73( >-( 7+36.21+( >*+2.( &#.82$#"B( 6%.3+7( $+28*1-.*--73'R( G@#A#B( H<<I#J'

=>(>*+(*+#.>(-/ (>*23(+33#K("2+3(#(S%+3>2-$(>*#>(&-3>(-/ (>*+3+(#%>*-.3B(.+3+#.6*+.3(2$(72//+.+$>(72362?"2$+3B( 3-%8*>(>-(#$3C+.T(*-C(727(-%.(3%1%.13(>.#$3/-.&+7(2$(>*+("28*>(-/ (>*+(+$7(-/ (#(?.-7%6>2-$(&-7+(F(>*+( ´ZRUOG IDFWRU\µ DQG WKH DUULYDO RI ODUJH PLJUDWLRQ ÁRZV" 7KH DLP RI WKLV SDSHU LV WR SUHVHQW DPRQJ WKHVH &-$-8.#?*3B(>*+(&-3>(2$>+.+3>2$8' ,Q WKH ODVW WZHQW\ \HDUV GLYHUVH ÀHOGV RI FXOWXUDO DQWKURSRORJ\ VXFK DV WKRVH UHODWLQJ WR XUEDQ VWXGLHV DQG %.1#$(&#.82$#"2>KB(*#A+(-/>+$(6-$$+6>+7(C2>*(+#6*(->*+.(2$(C*#>(C+(&28*>(6#""(L3>.++>(+>*$-8.#?*2+3N(GQ#6F S%#$>(B(H<<HJ'(U$(-%.(6-%$>.KB(C*+$(2>(6-&+3(>-(%.1#$(&#.82$#"2>KB(6#$(&+$>2-$(-$"K(#(/+C(&-$-8.#?*3( 6-$7%6>+7(>*.-%8*(+>*$-8.#?*26(?.#6>26+(GV-$#7-$$#B(H<<;W(V#.$#-B(H<<:W()-32(5#&12$2B(H<<XW(Y6#$7%..#B( :KHQ LW FRPHV WR XUEDQ HWKQRJUDSK\ WKH VFHQDULR FKDQJHV PDQ\ DQWKURSRORJLVWV KDYH GHÀQHG ERXQGDULHV PHWKRGRORJ\ KDYH UHFRQVWUXFWHG WKH KLVWRU\ RI WKLV ÀHOG RI VWXG\ 6REUHUR 6LJQRUHOOL ;ZZ[W(5#""#.2(\#""2B(H<<]W(V#.1+.2B(H<;<W(5#$6+""2+.2(#$7(Y6#$7%..#(H<;HJB(1%>(>*+.+(#.+(/+C(&-$-8.#?*3(>*#>( #6>%#""K(?.#6>26+(%.1#$(+>*$-8.#?*KT(#&-$8(>*+("#3>B(/-.(+D#&?"+B(>*+(C-.^(-/ (=3*+.(5-"-&1-(2$(_2"#$( G5-"-&1-B(;ZZIJB(>*#>(-/ (\2-A#$$2(Y+&2(2$()%.2$(GY+&2B(H<<:JB(>*-3+(-/ (`%6#(a%+2.-"-(!#"&#3(#$7(="+3F 3#$7.-(b#"(`#8-(#$7(c&2"2-(a%#7.+""2(2$(\+$-#(Gb#"(`#8-(#$7(a%#7.+""2B(H<<9W(a%+2.-"-(!#"&#3B(H<<[JB( >*+(C-.^(-/ (=7.2#$-(5#$6+""2+.2(2$(!-.>-(d+6#$#>2(G5#$6+""2+.2B(H<<ZB(H<;HJB(1K(@.#$6+36-(@+7+.26-(Y6#.?+""2( #$7(@.#$6+36-(!-&?+-(2$(d-&+(G!-&?+-B(H<;;B(H<;HW(Y6#.?+""2B(H<;HJ(#$7(_#%.2e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ÀUVW VXEXUE QRUWK RI %RORJQD %RORJQLQD FKDUDFWHUL]HG E\ WKH PDMRU SUHVHQFH RI LPPLJUDQWV LQ WKH FLW\ ² DFFRUGLQJ WR VWDWLVWLFV WKH QXPF 1+.(-/ (62>2e+$3(-/ (/-.+28$(-.282$(2$(3-&+(#.+#3(-/ (>*23(%.1#$($+28*1-.*--7(*#3(.+#6*+7(#"&-3>(HXf(-/ (>*+( .+327+$>3'()*#$^3(>-(#$(+>*$-8.#?*26(.+3+#.6*(U(C-.^+7(-$>-(1+>C++$(@+1.%#.K(H<<:(#$7(@+1.%#.K(H<<[B( #(3>%7K(#1-%>(>*+(?.#6>26+3B(2&#82$#>2-$3B(.+?.+3+$>#>2-$3(1K(#(8.-%?(-/ (*-&+"+33(.+327+$>3(2$(#(6-&&%$#"( 7-.&2>-.K("-6#>+7(1+*2$7(>*+(5+$>.#"(Y>#>2-$B(U(C#3(#1"+(>-(3++(*-C(V-"-8$2$#(*#3(1++$(/-.(&#$K(K+#.3( .#726#""K(.+7+328$+7(/.-&(#(%.1#$(?-2$>(-/ (A2+C'()*+(7-.&2>-.K(C#3(7+&-"23*+7(2$(b+6+&1+.(H<<X(>-(#""-C( *28*F3?++7(.#2"B(#($+C(6+$>.#"(3>#>2-$B(>*+(?.-6+33(-/ (#7&2$23>.#>2A+(7+6+$>.#"2e#>2-$B(C*26*(-66%..+7(2$("#>+( H<<IB(&-.+(8+$+.#""KW(>*23(C#3(#(6-""#>+.#"(.+3%">(-/ (#$(+D>+$32A+(?.-6+33(-/ (%.1#$(.+8+$+.#>2-$(2$(#$(#.+#( 3#$7C26*+7(1+>C++$(>*+(@#2.(#$7(>*+(3>#>2-$(#$7(23(>*+.+/-.+(-/ (8.+#>(6-&&+.62#"(2$>+.+3>(GY6#$7%..#B(H<<XJ' `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

9:(4(;<;

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


VXUHV WRRN SODFH DW WKH HQG RI WKH HLJKWLHV ZKHQ PDVVLYH PLJUDWLRQ ÁRZV FRQWULEXWHG DV ZHOO WR H[DFHUEDWH =*+(/++"2$8(-/ (723-.2+$=#=2-$(-$(=*+(>#.=(-/ (&#$?(.+327+$=3'(@"-$8(A2=*(=*+(+$7(-/ (=*23(>.-7%6=2-$(&-7+"(A+( *#B+(3=%72+7(#"3-(=*+(+$7(-/ (6+.=#2$(>"#6+3(#$7(3-62#"(3>#6+3(A2=*2$(=*+(=+..2=-.?(C!2#$-(1D(E<<FG' )LQDOO\ D SODFH HPHUJHG DV VLJQLÀFDQW IURP P\ À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´7UDFFH XUEDQHµ 2QH RI WKH PDLQ REMHFWLYHV RI WKLV JURXS RI VFKRODUV LV SUHFLVHO\ WR LGHQWLI\ DQDO\]H DQG XQGHUVWDQG ZKDW LV WKH VSHFLÀFLW\ RI WKHVH XUEDQ SURFHVVHV :H IRUPHG WKLV JURXS RI LQWHUGLVFLSOLQDU\ VFKRODUV GHDOLQJ ZLWK FLW\ EHFDXVH ZH ÀUPO\ EHOLHYH WKDW HWKQRJUDSKLF SUDFWLFH LV DEOH WR LQWHJUDWH GLVFLSOLQHV HYHQ PRUH WKDQ WKDW MXVW VWDUWLQJ IURP WKH VSHFLÀF XUEDQ DUHD LW LV SRVVLEOH WR EXLOG D ÀHOG RI WUDQV GLVFLSOLQDU\ VWXGLHV Q$(=*+(1--W(N).#66+(0.1#$+'(@""#(.26+.6#(7+""#(62==[O(C5#$6+""2+.2(#$7(M6#$7%..#(E<;EG(A+(6-""+6=+7(A.2=2$83( 1?(.+3+#.6*+.3(A*-(&-3=(2$=+.+3=2$8"?(=.2+7(=-(#$3A+.(=*+(>.-1"+&(%$7+."?2$8(=*+(>.+3+$=(+33#?P(#$=*.->-"-H 823=3(I+.72$#$7-(I#B#(#$7(!#-"-(S#.1+.2D(*23=-.2#$(@"26+(M-=82#(#$7(3-62-"-823=(@"/.+7-(@"2+==2' \]-+3( #( =+.&( 3%6*( #3( N>+.2>*+.?O( 3=2""( &#W+( 3+$3+^'''_`( U-A( =-( N&#W+( 3+$3+O( -/ ( #( A-.7( =*#=( 3=2""( 3%.B2B+3( 2$( -%.( +B+.?7#?("#$8%#8+(1%=(1+8#$(=-("-3+(2=3(&+#$2$8(2$(=*+(6-&&%$2=?(-/ (2$=+.>.+=+.3(-/ (%.1#$(3>#6+(3-&+(?+#.3(#8-`a( CI#B#D(E<;EG'

Q$(*23("#=+3=(+33#?(6-""+6=+7(2$(N0.1#$().#6+3O(C5#$6+""2+.2(#$7(M6#$7%..#(E<;EGD(I#B#(&-B+3(/.-&(=*+(*2H VWRULF RXWVNLUWV RI 3DOHUPR QDPHG =HQ ² VXEMHFW RI KLV PRQRJUDSK )DYD E ² DQG FRPSDUHV LW WR WKH N*%&#$2=#.2#$(3>#6+3O(3%6*(#3(.+/%8++3(+$6#&>&+$=D(3+"/H3+=="+7(6#&>3(#$7(-=*+.(&#.82$#"(3>#6+3(-/ (6-$H =+&>-.#.?(3-62+=?(=*#=(*+(.+#73(=*.-%8*(L26*+"(@82+.(CE<<ED(E<;EGP(NU-A(7-+3(2=(*#>>+$(=*#=(1%2"=(3>#6+( #$7(3-62#"(3>#6+(6-&12$+(=-(>.-7%6+(#(>"#6+(-/ (%.1#$(+K6"%32-$`O(CI#B#D(E<;EG' )-(#$3A+.(=*23(Y%+3=2-$D(I#B#(7.#A3(#==+$=2-$(-$(=*+(2&>-.=#$6+(-/ (6-&>#.2$8(3-62#"(+$6"#B+(A2=*(3-H6#""+7( *%&#$2=#.2#$(3>#6+D(#$7(>-3+3(=*+(/-""-A2$8(Y%+3=2-$P(NV*#=(23(=*+(>-2$=(-/ (6-&>#.2$8(%.1#$(#.+#3D(1+327+3( &#.82$#"(#.+#3`(Q3(2=("+82=2&#=+`(@$7(2/ (3-(2$(A*26*(A#?D(#$7(%$7+.(A*#=(6-$72=2-$3`O(CI#B#D(E<;EG' Q$(#$(+#."2+.(+33#?(I#B#(*#7(6-&>#.+7(=*+(b+$(A2=*(=*+(2>+.8*+==-(#$7(=*+(7+6"2$2$8(1#$"2+%+P((V2=*(=*+3+( 3+==2$83(=*+(b+$(3*#.+3(-$"?(2=3(N3=28&#O(CI#B#D(E<<F#G'()*23(6-&>#.23-$("+7(*2&(=-(3=%7?(=*+(*23=-.?(-/ ( =*+(%.1#$(+6-$-&?D("#1-%.(&#.W+=(#$7(*-%32$8D(A+"/#.+(#$7(=*+2.(=.#$3/-.&#=2-$3(2$(=*+(62=?(-/ (!#"+.&-' ,Q KLV QHZ DQG DPELWLRXV FRPSDUDWLYH SURMHFW )DYD IRFXVHV RQ ´SROLWLFDO ORJLFµ )DYD 7KH ORJLF ZLWK A*26*(%.1#$(L26*+"(@82+.(#$#"?3+3(=*+(*%&#$2=#.2#$(3>#6+D(3*-A3(I#B#D(2=(23(#"3-(%3+/%"(=-(.+#7(=*+(*23=-.?( -/ (b+$P

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

9:(4(;<;


=>$"?(#@(@*+(+$7(-/ (2@3(*23@-.?(@*+(.-"+(-/ (A-"2@26#"(2$3@2@%@2-$3(2$(@*+(2$@+.B+$@2-$3(A.-8.#&&+3C(#(/#6@-.(@*#@(3++&3(@-( 1+(#13+$@(#@(@*+(-.282$3C(D-%"7(#AA+#.(#3(#(7+@+.&2$#$@(233%+'(E+(&%3@(7++A+$(@*23(.-"+'F(GH#B#C(I<;IJ'

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´*UDQG 3DULVµ KDV EHHQ ERUQ $FFRUGLQJ WR 6RWJLD WKHVH SURMHFW =3*-%"7($-@(1+(%$7+.3@--7(-$"?(#3(A.-A+.(#6@2-$C(1%@(.#@*+.(#3(#(3+@(-/ (7236-%.3+3(&#7+(1?(#$7(#.-%$7(@*+(62@?(@*#@( *#B+(#(O1%2"72$8P(6#A#62@?(@*#@(8-+3(1+?-$7(@*+2.(#6@%#"(A*?326#"(@.#$3"#@2-$(2$(3A#6+'F(GQ-@82#(I<;IJ'

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`23(D-.L(23(&#7+(-/ (2&#8+3(+U@.#A-"#@+7(/.-&(@*+(B23%#"(6*.-$26"+3(-/ ( QHZVUHHOV RI WKH 7KLUWLHV %DUEHUL DQDO\]HV WKH ODQJXDJH RI ÀOPLF UHSUHVHQWDWLRQV PRYLQJ IURP KLVWRULFDO QHZVUHHOV SDVVLQJ E\ WKH ÀUVW ÀOPV WKDW UHODWH WR WKHVH ODQGV VXFK DV WKRVH E\ -RVHSK )HUUDUD XQWLO FRPLQJ WR WKH SUHVHQW GD\ WKH ÀOP E\ 5REHUWD 7RUUH N$(*23(+33#?C(^#.1+.2(#"3-(.+&2$73(%3(-/ (#$-@*+.(3@-.?'(N$(;ab<(@*+(1--L(-/ (H.#$6-(H+..#.-@@2(O_-&#C(7#( FDSLWDOH D SHULIHULDµ )HUUDURWWL ZDV SXEOLVKHG SURYLGLQJ IRU WKH ÀUVW WLPH DQ RYHUYLHZ RI WKH SKHM $-&+$-$(-/ (@*+(!1-,")&(3%AA-.@+7(1?(#(7+&-8.#A*26(#$#"?323'()*+(.+3%"@(23C(#66-.72$8(@-(^#.1+.2C(#$(%.1#$( 3-62-"-8?(@*#@(%3+3(+@*$-8.#A*26(A.#6@26+(@-(7+36.21+(@*+(A-2$@(-/ (B2+D(-/ (@*+(2$*#12@#$@3(-/ (@*+(_-&#$( VXEXUEV )UDQFR )HUUDURWWL·V ERRN GURYH PDQ\ VWXGHQWV RI YDULRXV GLVFLSOLQHV WR GR UHVHDUFK LQ WKH ÀHOG ©7KHVH UHVHDUFKHUV DUH HTXLSSHG ZLWK WKH ÀUVW DXGLR YLVXDO GHYLFHV WKDW DUH VSUHDGLQJ RQ WKH PDUNHW WKH WDSH UHFRUGHUV #$7(@*+("28*@+.(#$7("28*@+.(6#&+.#3(;:(&&(#"-$8327+(@*+(3%A+.(c'F(G^#.1+.2C(I<;IJ'

9:(4(;<;

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


=$(>*-3+(?+#.3@(#"3-(3>.+33+3(A#.1+.2@(%.1#$(B.-"+>#.2#>(6-$C%+.3(>*+(3B#6+(-/ (>*+(62>?(1?(3?&1-"26#""?(-6D 6%B?2$8(2>'(E*2"+@(2$(>*+(B#3>@(2$3>2>%>2-$3(%3+7(>-(&#.F(>*+(3B#6+(6-$6+#"2$8(>*-3+(3-62#"(+"+&+$>3(G*-(6-%"7( QRW RU GLG QRW ZDQW WR MRLQ D SUHGHÀ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Á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ÀFDWLRQ ,Q UHFHQW \HDUV WKHVH XUEDQ DUHDV KDYH EHHQ WKH GHVWLQDWLRQ RI QHZ LQWHUQDWLRQDO PLJUDWLRQ DQG #.+(2$6.+#32$8"?(.+/+..+7(>-(#3(H+>*$26(3B#6+3I(JO"2+>>2@(M<;MN' W#?1+(.+#72$8(>*23("2>+.#>%.+(2$(#(>.#$372362B"2$#.?(U2+G(6-%"7(*+"B(>-(#$3G+.(>*+(C%+3>2-$(#>(>*+(*+#.>(-/ ( >*23(+33#?@(%32$8(>*+(>--"(-/ (6-&B#.23-$(2$(-.7+.(>-(#$#"?V+(*-G(-%.(>+..2>-.2+3(#$7(-%.(3%1%.13(#.+(>.#$3/-.D PLQJ LQ WKH OLJKW RI WKH HQG RI D SURGXFWLRQ PRGHO DQG RI WKH LQFUHDVLQJ PLJUDWLRQ ÁRZV

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

9:(4(;<;


!"#"$"%&"' =82+.(>'?(@A<<AB(!"#$""%&'()&(%*&+,#-.&/0$()*1&(%&2)3(%&4%#5)060708-&09 &:"9;8""1&+(<61?(CD*$-8.#E*F?(9G(9;HI 9JJ' =82+.(>'?(@A<;AB(=;&)"9;8"&%(,#&7"&85"##0.&>,8;)"1&?0%#"<60)(,%"1&*"&7@5A#")0#06,"?(2$(K%D6*23-$(L'(#$7(K#F$+3(M'N'?( @+73'B?()*+(O*+DD-(L+#7+.?(P+3DQ2+RS!+.3+%3(M--T?(@2$(E.+33B' ="2+DD2(='?(@A<;AB(6WLJPDWL]]D]LRQH WHUULWRULDOH VWDWR GL HFFH]LRQH H TXDUWLHUL PXOWLHWQLFL XQD ULÁHVVLRQH FULWLFD D SDUWLUH GDO ?(10&*,&B,7(%0?(2$(5#$6+""2+.2(='?(U6#$7%..#(O'(@+73B?().#66+(0.1#$+'(=""#(.26+.6#(7+""#(62DDV?(>2"#$-?(W.#$6-( =$8+"2' =$D-$+""2(W'?(U6#$7%..#(O'?(@A<;<B(7UDQYLHUL (WQRJUDÀ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·HWQRJUDÀD GHOOD FLWWj?(L2&2$2?(O%#.#"72' 5#$6+""2+.2(='?(@A<<ZB(+RWHO +RXVH ,Q XQ SDOD]]R LO PRQGR &RQÀQL VRFLDOL H XVR TXRWLGLDQR GL XQR VSD]LR PXOWLHWQLFR?(2$( 5#$6+""2+.2(='?(O#XX-"#(!'?(>+$2$(['?(@+73B?(K07#,&*,&;%@F#(7,(&<;7#,"#%,?(?()-.2$-?([\K#.&#DD#$(]D#"2#' 5#$6+""2+.2(='?(@A<;AB(L0#"7&L0;1"M&N)09"11,0%(7*)"(<")1?().+$D-?(@/-.D*6-&2$8B' 5#$6+""2+.2(='?(U6#$7%..#(O'(@+73'B?(@A<;AB(/)(??"&2)3(%".&477(&),?")?(&*"77(&?,##E?(>2"#$-?(W.#$6-(=$8+"2'((( 5-"-&1-(='?(@;ZZ:B((WQRJUDÀD GL XQ·HFRQRPLD FODQGHVWLQD ,PPLJUDWL DOJHULQL D 0LODQR?(M-"-8$#?(]"(>%"2$-' N#"([#8-(='?(^%#7.+""2(C'?(@A<<9B(O(&?,##E&"&7"&0<3)".&+),<,%,M&?),<,%(7,M&?,##(*,%,?(>2"#$-?(W+"D.2$+""2'( W#Q#(W'?(@A<<:#B(/)(&,6")85"##0&"&3(%7,";"1M&7(&%;0G(&<()8,%(7,#E&;)3(%(I&,7&?(10&*"770&P"%&*,&N(7")<0'(_2D#(+(!+$32+.-?( AG(9;I9`'( W#Q#(W'?(@A<<:1B(O0&P"%&*,&N(7")<0.&4%#)060708,(&*"77@"1?7;1,0%"?(>2"#$-?(W.#$6-(=$8+"2'( W#Q#(W'(@A<;AB(+0<6()()"&7@,%?0<6()(3,7"I&16(J,&;<(%,#(),M&"%?7(G"&10?,(7,&"&7@")<"%";#,?(&*"77"&6"),9"),"?(2$(5#$6+""2+.2(='?( U6#$7%..#(O'(@+73'B?().#66+(0.1#$+'(=""#(.26+.6#(7+""#(62DDV?(>2"#$-?(W.#$6-(=$8+"2' W+..#.-DD2(W'?(@;ZH<B(:0<(&*(&?(6,#(7"&(&6"),9"),(?(L-&#?([#D+.X#'( !2#$-(M'?(@A<<:B(O(&9(33),?(&"&,7&*)(80%"?(>+D.-$-&2+?(9YS9`' !-&E+-( W'( @+7'B?( @A<;;B( 3LJQHWR %DQJODWRZQ 0LJUD]LRQL H FRQÁLWWL GL FLWWDGLQDQ]D LQ XQD SHULIHULD VWRULFD URPDQD?( L-&#?(>+D2(C72X2-$2' !-&E+-(W'(@+7'B?(@A<;AB(N("1(88,&*"77@"1?7;1,0%".&N07,#,?5"&*"87,&16(J,M&)"Q,%*,8"%,JJ(J,0%"&"&(7#)"&<(7(##,"&*"7&#")),#0),0& )0<(%0?()-.2$-?(0D+D' ^%+2.-"-(!#"&#3(['?(@A<<JB(N)0G"&*,&1"?0%*"&8"%")(J,0%,?(>2"#$-?(W.#$6-(=$8+"2' U6#$7%..#(O'?(@A<<`B(7XWWL D FDVD ,O &DUUDFFL XQ·HWQRJUDÀD GHL VHQ]D ÀVVD GLPRUD D %RORJQD?(L2&2$2?(O%#.#"72' U6#$7%..#(O'?(@A<<HB(,O 3LJQHWR 8Q·HWQRJUDÀD IXRUL OH 0XUD GL 5RPD?(!#7-Q#?(5"%+E' U6#.E+""2(W'(@+7'B?(@A<;<B(F7&),0%"&,%?0<6,;#0.&4%#)060708,(&;)3(%(&*"77@C1D;,7,%0?(W2.+$X+?(523% U+&2(O'?(@A<<YB(,O TXDUWLHUH FKH VL GLVWLQJXH 8Q FDVR GL ¶JHQWULÀFDWLRQ· D 7RULQR?(UD%72(6%"D%.#"2?(;G(:9I;<H' U28$-.+""2(='?(@;ZZJB(4%#)060708,(&;)3(%(.&F%#)0*;J,0%"&(77(&),?")?(&,%&F#(7,(?(>2"#$-?(O%+.2$2' U-1.+.-(='?(@;ZZAB(4%#)060708,(&*"77(&?,##E?(L-&#?(a23' U-D82#(='?(@A<;AB(="%#)0&"&9;0),&,7&R)(%*&N(),1M(2$(5#$6+""2+.2(='?(U6#$7%..#(O'(@+73B?().#66+(0.1#$+'(=""#(.26+.6#( 7+""#(62DDV?(>2"#$-?(W.#$6-(=$8+"2' )-32(5#&12$2(U'?(@A<<`B(R"%#"&*,&1"%#,<"%#0I&6")&;%@(%#)060708,(&*"77"&6")10%"&?5"&G,G0%0&,%&1#)(*(?(L-&#?(523%' P#6b%#$D( ['?( @A<<AB( H?);#,%,J,%8& #5"& H#)""#I& N0G")#-M& B0)(7,#-M& (%*& #5"& N,#9(771& 09 & 2)3(%& C#5%08)(65-?( =&+.26#$( ,-%.$#"(-/ (U-62-"-8F?(;<H?(JG(;YJ:I;`9A'

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:;

?@,&2/1"5"*)&/. &A+1"$5,0"$%B&C,),'0*@&D/5,)& /$&EFF"%0'$5)&'$(&G04'$&H,#,1/+F,$5)& "$&C/F,8&I/1J'5'&'$(&K9,$/)&3"0,) I#.E-(J.+&#3E*2

K2=#.>2&+$>-(F2(L.E*2>+>>%.# 0$27+.32>M(F+G"2(A>%F2(N-&#().+4(&#.E-'E.+&#3E*2O%$2.-&#;'2> 9PQ6;;DPQ9(

)*23(=#=+.(3++R3(>-(&#R+(#(E-&=#.23-$(-/ (%.1#$(E*#$G+(2$(>*.++(F23>#$>(E2>2+34(=.+3+$>2$G(#(=.+"2&2$#.S(.+72+<(-/ (E%.C UHQW SODQQLQJ SUDFWLFHV WKDW GHQ\ RU HUDVH SUR[LPLW\ LQ WKH ZDNH RI ZDYHV RI LPPLJUDQWV WKDW DUH ÁRRGLQJ WKHVH FLWLHV 7KH WKUHH FDVHV DUH VWXGLHG IURP WKH SRLQW RI YLHZ RI XUEDQ GHYHORSPHQW SROLFLHV 7KHVH SROLFLHV UHÁHFW ORFDO LVVXHV 1%>(#.+(#"3-(*+#72"S(#//+E>+F(1S(=-"2>2E#"(+T=+E>#>2-$34(>*+($+-"21+.#"(>%.$(#$F(+7-"72$G(>+E*$2E#"(&2$FC3+>3'(L""(>*+3+( E-&=-$+$>3(#.+(&-.+(2$>+.><2$+F(>*#$(-$+(+T=+E>3(#$F(-$"S(F2.+E>(2$U%2.2+3(#$F(.2G-.-%3(E-&=#.23-$3(E#$(#F7#$E+( >*+(%$F+.3>#$F2$G(-/ (>*+(E-&12$#>2-$3(=.+3+$>+F(1S(+#E*(E#3+'(V-<+7+.4(#(G+$+.#"(=-2$>(#.23+3(E-$E+.$2$G(>*+($#>%.+( RI XUEDQ FLWL]HQVKLS LQ WKH WZHQW\ ÀUVW FHQWXU\


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ÀUVW WLPH SROLF\ RSWLRQV DUH EHLQJ IRUFHG WR EH UHGHÀQHG #3(#(=*2.7(@-26+(3%./#6+3(2$((=*+(=.#72=2-$#"(?-"2=26#"(?-"#.23#=2-$'

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ÀFXOW .+"#=2-$3*2?(C2=*(&-7+.$2=AU((+&+.82$8(#3(=*+A(#.+(/.-&(=*+(7#.D(327+(-/ (6-"-$2#"23&(H#$7B(2$(#(/+#./%"(3A&Q &+=.AB(/#3623&(2$(L-&+JB(=*-%8*(%$7+.(=*+(-@+.C*+"&2$8(12#3(-/ (#$(K%.-6+$=.26($#..#=2@+'(5-$=+&?-.#.A( SODQQLQJ WHFKQLTXHV DUH PHDQW WR PRGHUQLVH FLWLHV &RORQLDO FLWLHV VKRXOG EH UDWLRQDOO\ DQG HIÀFLHQWO\ UH EXLOW WR IXOÀO WKLV DLP )*+.+(*#3(1++$(3%13=#$=2#"(.+3+#.6*(-$(%.1#$23#=2-$(=*#=(*#3(?-2$=+7(-%=(=*+(?.-6+33(-/ (V/.#8&+$=#=2-$W(2$( M%+$-3(<2.+3(H!2.+E(I::IJB(=*+(2$6.+#32$8(3+8.+8#=2-$(-/ (X-"D#=#(H5*+$(+=(#"'((I::SU(#$7(Y#$8(+=(#"'((I:;:JB( #$7(=*+(8.-C2$8(23-"#=2-$(-/ ($+C(?+.2?*+.#"($+28*1-%.*--73(2$(L-&+(H5.+&#36*2(I:;I1J'( 1HZ GHYHORSPHQWV KDYH DFFRPPRGDWHG JOREDO DFWLYLWLHV DQG DIÁXHQW UHVLGHQWV GLVUXSWLQJ WKH VRFLDO IDEULF -/ (-"7($+28*1-%.*--73'(Z-.6+7(.+"-6#=2-$(-/ (=*+(?--.(2$(/#.#C#A(3+=="+&+$=3(*#3("+7(=-(?--.(3#$2=#=2-$(-/ ( 6+$=.#"(3"%&3(-.(2$/-.&#"(#.+#3'([+C(*-%32$8(+3=#=+3B(-/=+$(+$6"-3+7(#$7(?.2@#=+B(?.-@27+(7+6+$=(*-%3+3(/-.( =*+(&277"+(6"#33(2$(=*+(-%=+.(.2$8(-/ (=*+(62=2+3'(M-=*(=*+3+(7+@+"-?&+$=3(#$$2*2"#=+(=*+(1#326(.+\%2.+&+$=(-/ ( RQH·V MRE DUHQD EHLQJ FORVH WR RQH·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ÀHOGV KDYH EHHQ WKH VRXUFH RI VRFLDO FRQÁ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ÁXHQFHG GHYHORSPHQW FKRLFHV LQ VXEVHTXHQW GHFDGHV FDQ EH 7236+.$+7' 7KH ÀUVW FRQVLVWHQW SDUDGLJP FKDQJH KDV EHHQ WKH ¶UHFRJQLWLRQ· RI LQIRUPDO KRXVLQJ DV DQ DUHD WKDW QHHGV

9:(4(;:;

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


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ÀFDWLRQ RI IRUPHU SRSXODU $+28*1-%.*--73(GQ$$%$E2#=#(R;::I' S2$#"">?( 7+F+"-@&+$=( @-"262+3( *#F+( +&1.#6+7( 3@#=2#"( /.#8&+$=#=2-$( #$7( *-%32$8( 3+8.+8#=2-$( #3( #( =--"( -/ ( 8.-B=*?(#$7(#(B#>(-/ (#66-&&-7#=2$8(72F+.8+$=(6"#2&3(-$(@%1"26(3@#6+'(S-.(+K#&@"+?(=*+(+&+.8+$=(&277"+( FODVV·V NHHQQHVV IRU XUEDQLVP LV UHÁ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

!"#$%&'()*#&' )*+(62=>(-/ (V%+$-3(Q2.+3(23(Q.8+$=2$#T3(6#@2=#"(#$7(#"3-(2=3("#.8+3=(62=>'(Q=(=*+(=%.$(-/ (=*+(=B+$=2+=*(6+$=%.>( #(*-.7+(-/ (+&28.#$=3(/.-&(W%.-@+?(+3@+62#"">(J=#">(#$7(U@#2$?(6#&+(=-(Q.8+$=2$#(#$7(&#7+(=*+(6-%$=.>( =*+2.(*-&+'(()*+($#=2-$#"(6%"=%.+(@-3=%"#=+7(=*#=(Q.8+$=2$#(B#3(=-(1+(6-$3=.%6=+7(-%=(-/ (=*+(N&+"=2$8(@-=( RI UDFHVµ 7KH VHOHFWLRQ RQ WKH SURÀ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ÀFDQW UHVWUXFWXULQJ RI WKH 3-62#"(8+-8.#@*>(-/ (=*+(62=>(#$7(=*+(Q[VQ'(( `+&-6.#=26(8-F+.$&+$=3(*#F+(=.2+7(=-(#77.+33(=*+(233%+(-/ (2$/-.&#"(*-%32$8(1>("#>2$8(7-B$(3-&+(3-62#"( .28*=3(=*#=(*#F+(1++$(2$6"%7+7(2$(=*+(62=>T3(6-$3=2=%=2-$'()*+(.+=%.$(-/ (=*+(F2""#3(B#3(2$(@#.=(3%@@-.=+7(1>(

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

9:(4(:;:


DFWLYLVWV DQG FLYLO VHUYDQWV DV D ZD\ RI RIIHULQJ D KRXVLQJ VROXWLRQ LQ DUHDV FORVH WR MREV WR WKRVH ZLWKRXW #"=+.$#=2>+3(?@+*=&#$(:<<AB'(C3(#(&#==+.(-/ (/#6=D(E-"262+3(-/ (.+8%"#.2F#=2-$(G+.+("+33(+//+6=2>+D(#$7(=*+(+6-H $-&26(6.2323(E%=(E#27(=-(&-3=(+//-.=3(-/ (2&E.->+&+$='(I-G+>+.D(E"#6+H1#3+(3-62#"(3=.%88"+3(*#>+(32$6+(=*+$( VLJQHG WKH GHYHORSPHQW RI PRYHPHQWV LQ WKH FLW\ *DWWL 5HJXODUL]DWLRQ SROLFLHV PHDQW ÀUVW GHOLPLH WLQJ WKH ERXQGDULHV RI WKH VHWWOHPHQWV WKHQ SURYLGLQJ HQWLWOHPHQW WR ODQG RZQHUVKLS DQG À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ÀFDWLRQ RI WRXULVW SODFHV DQG WKH JHQWULÀ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´PHOWLQJ SRW RI UDFHVµ 7KH VHOHFWLRQ RQ WKH SURÀ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

9:(4(;<;

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


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ÀUVW GHOLPLWLQJ WKH ERXQGDULHV RI WKH VHWWOHPHQWV WKHQ SURYLGLQJ HQWLWOHPHQW WR ODQG RZQHUVKLS DQG À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ÀFDWLRQ RI WRXULVP SODFHV WKH JHQWULÀ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Á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ÀWV RI SUR[LPLW\ DUH ODUJHO\ H[SORLWHG ZLWKRXW PHQWLRQ WKH DEXQGDQFH

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

9:(4(;<;


RI VHUYLFHV DQG WKH Á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ÁX[ RI PLJUDQWV IURP WKH FRXQWU\VLGH ERWK IURP WKH WZR %HQJDOV WKH VWDWH RI :HVW %HQJDO DQG %DQJODGHVK IRUPHUO\ SDUW RI WKH %ULWLVK 5DM SURYLQFH DQG IURP WKH QHLJKERXULQJ VWDWHV PDLQO\ %LKDU 8WWDU 3UDGHVK DQG 2ULVVD 6XFK FRQVWDQW ÁRZV RI LPPLJUDWLRQ DUH D-A+.+7(1>(=*+(+&D"->&+$=(-DD-.=%$2=2+3(#<#2"#1"+(/-.(3C2""+7(#$7(%$3C2""+7(A-.C+.3(2$(2$7%3=.2+3(2$(H-"C#B =#@(1%32$+33(-%=3-%.62$8@(F)(3+.<26+3@(&+726#"(=.#$36.2D=2-$@(+=6'(U/=+$(&#"+(&28.#$=3(6-&+(A2=*-%=(=*+2.( /#&2"2+3'(H-"C#=#G3("2=+.#6>(.#=+(-/ (VN(D+.(6+$=(+Q6++73(=*+(#""BF$72#(#<+.#8+(-/ (N9(D+.(6+$=' 7KRXJK %HQJDOLV IRUP D PDMRULW\ RI .RONDWD·V SRSXODWLRQ LQ WKH ODVW \HDUV PDVVLYH ZDYHV RI PLJUDQWV *#<+(.+#6*+7(=*+(62=>'(!#.=2=2-$@(A#.3(#$7(6-$=2$%+7(D-"2=26#"(#$7(+6-$-&26(=%.&-2"(2$(W#3=(M+$8#"(*#3(/-.B 6+7(&#$>(M#$8"#7+3*23(=-(3++C(.+/%8+(2$(F$72#@(D#.=26%"#.">(=-(L+3=(M+$8#"(#$7(?33#&'(M+327+3(M#$8"#(.+/%B JHHV 0DUZDULV DQG %LKDULV FRPSULVH WKH RWKHU ODUJH PLQRULWLHV (WKQLF GLYHUVLW\ LV UHÁ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À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ÀHG SODFHV 2Q WKH FRQWUDU\ WKH EHQHÀWV RI SUR[LPLW\ DUH ODUJHO\ H[SORLWHG WKH DEXQGDQFH RI VHUB YLFHV FKHDS ODERXUHUV ÁH[LELOLW\ RI WKH ODERXU PDUNHW« ?3(#(.+3%"=@(6-$=+&D-.#.>(H-"C#=#(23(#$(-77(&-3#26(-/ (3=.27+$=(%.1#$(/.#8&+$=3_(*23=-.26#"(%.1#$(3=.%6=%.+3( #1%==2$8(.28-.-%3">(D"#$$+7($+28*1-%.*--73^(828#$=26(2$/.#3=.%6=%.+($+=A-.C3(6"-3+(=-(D.+6#.2-%3(-.(6-$3-B "27#=+7(3"%&3'(Y-A+<+.@(#""(&+8#(62=2+3(2$(F$72#(8.-A(2$(=*+(D+.2D*+.>(-.(-$(=*+(-%=3C2.=3@(6"-3+(=-(&+72%&( DQG ODUJH OHYHO LQGXVWULDO XQLWV VLQFH D ODUJH PDMRULW\ RI WKH SHRSOH FDQ·W DIIRUG WR VWD\ LQ WKH FRUH RU PDLQ #.+#3(-/ (=*+(62=2+3(7%+(=-(*28*(6-3=3(-/ ("2<2$8'( :( E%6*(#3_(=*+(D.+3+$6+(2$(/-.6+(-/ (=*+(\-.7(\-%$7#=2-$(2$(F$72#(/-.(8"-1#"(D-"2=26#"(.+#3-$3^(=*+(=%.$(=-A#.73(3+"/B*+"D( D-"262+3(2$(`#=2$(?&+.26#^(#(7+6232-$(=-(D.-&-=+($+A(2$3=2=%=2-$#"(#..#$8+&+$=(/-.(D"#$$2$8(2$(M+$8#"^(#(6%.2-%3(&2Q( -/ (=+6*$26#"(6%"=%.+3(#$7(D-"2=26#"(#6=2<23&^(#($-$B-1<2-%3(72#"-8%+(1+=A++$(6-&&2==+7(0E(2$=+""+6=%#"3(#$7(H-"C#=#( LQWHOOLJHQFLMD 2EHUODQGHU DQG 1HZEUXQ

99(4(:;:

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


)*+(62=>?3(32=%#=2-$(*#3(6*#$8+7(6-$327+.#1">(2$(=*+("#3=(=@-(7+6#7+3'(A/=+.(;BB;C(/-""-@2$8(D$72#?3(#66+EF WDQFH RI QHROLEHUDO HFRQRPLF UHIRUPV VLJQLÀ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À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ÁRZ RI SRRU LPPLJUDQWV IURP WKH 6RXWKHUQ FRXQWU\VLGH ,Q WKH SRVW ZDU \HDUV PDQ\ LQIRUPDO VHWWOHPHQWV ZHUH EXLOW E\ ,WDOLDQ LPPLJUDQWV LQ WKH FLW\·V ÀUVW EHOW @*+.+(+G+$=%#"">(*#"/ (#(&2""2-$(E+-E"+(6#&+(=-("2G+'(W-3=(-/ (=*+3+($+28*1-%.*--73(@+.+(3=#.=+7(#3(2$/-.&#"( *#&"+=3(-.(3&#""(=-@$3*2E(L=*+(X1-.8#=+YM(@*+.+(=*+(/#3623=(.+82&+(*#7(.+"-6#=+7(E#.=(-/ (=*+(E--.("2G2$8(2$( =*+(62=>(6+$=.+'()*%3C(=*+("-6#=2-$(@#3(E+.2E*+.#"C(=*+(2$=+$=2-$(1+2$8(=-(3+8.+8#=+(=*+(E-=+$=2#"">(7#$8+.-%3( @-.H2$8(6"#33C(@*2"+(=*+(6+$=.#"(#.+#(*#7(1++$(3#$2=2Z+7(#$7(6"+#$3+7' 7KRXJK WKH ÀUVW FRQVWUXFWLRQV ZHUH SUHFDULRXV DQG ZHUH EDVLFDOO\ VKDFNV PRVW RI WKHVH DUHDV ZHUH SURJUHVF 32G+">(6-$3-"27#=+7(#$7(2&E.-G+7'(A(=@23=+7(2$=+.E"#>(1+=@++$(2$/-.&#"($+=@-.H3(#$7(.+8%"#=-.>(E-@+.3( DOORZHG IRU WKH H[SORLWDWLRQ RI PDUNHW RSSRUWXQLWLHV DQG ÁDZV LQ SODQQLQJ UHJXODWLRQ 0RVW RI WKHVH DUHDV "#6H+7(1#326(%.1#$(3+.G26+3(#$7(2$/.#3=.%6=%.+3'(JG+$=%#"">C("+/=23=3(#$7(5*.23=2#$F3-62#"(#6=2G23=3(3=#.=+7(#( 62G2"(.28*=3(&-G+&+$=(7+&#$72$8(.+$-G#=2-$(-/ (*-%32$8(2$(=*+(62=>'([+$6+/-.=*C(2$/-.&#"($+28*1-%.*--73( EHFDPH WKH REMHFW RI FRQVLVWHQW SROLFLHV RI UHJXODULVDWLRQ DQG XSJUDGLQJ VLQFH WKH V ZKHQ WKH ÀUVW SURF 8.+332G+(6-#"2=2-$(6#&+(=-(E-@+.'( 7KH LQIRUPDOLW\ RI QHZ SROLFLHV DQG WKH PRWLYH WR XSJUDGH LQÁ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·V FDSDFLW\ DQG LW ZDV XQDEOH WR IXOÀO HYHQ WKH RULJLQDO

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

9:(4(;<;


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À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ÁRZV LQ WKH ODVW WKUHH GHFDGHV DQG QRZ KRVWV PRUH WKDQ SHU 6+$=(-/ (=*+(2&&28.#$=3(-/ (=*+(.+82-$'(?-&+O3(@.-A2$6+(*#3(=*+("#.8+3=($%&1+.(-/ (/-.+28$(.+327+$=3(2$(D=#">( DERXW LQ PRVW RI ZKRP OLYH LQ WKH FLW\ D TXDUWHU OLYH LQ WKH VPDOO WRZQV RI WKH À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ÀQLWLRQ KDV QR À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ÀUVW PHWURSROLWDQ EHOWV DOWKRXJK WKH FLW\ UHFHLYHG V<<F<<<( $+B( /-.+28$( 2&&28.#$=3'( D&&28.#$=3( #"3-( "2A+( 2$( =*+( -"7( $+28*1-%.*--73( #.-%$7( =*+( .2$8( .-#7F( DGMDFHQW WR WKH QHZ QHLJKERXUKRRGV EXLOW IRU 5RPDQ IDPLOLHV 7ZHQW\ \HDUV ODWHU ,WDO\ KDV EHFRPH WKH WDUJHW RI D FRQVLVWHQW LQÁ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ÀWDEOH VWUDWHJLHV DQG KDYH IUDPHG WKH QHZ VSDWLDO RUJDQL]DWLRQ RI ODWH $+-"21+.#"(6#@2=#"23&'( 'HÀ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

!"#$%&'()(*+$&, $+%'(-)#.(-/ 7KH JOREDO ORJLF RI ÀQDQFLDO PDUNHWV JHQHUDWHV WKH NQRZQ SKHQRPHQRQ RI VSHFXODWLYH EXEEOHV DV ZHOO DV #$(2$6.+#3+(2$(2$+[%#"2=>'(D$(=*23(@.-6+33F(=*+(@--.(#.+(@"#6+7(-%=327+F($-=(1+2$8(#1"+(=-(2$=+.#6=(B2=*(#(@%.+">( &-$+=#.>(.%3*'( R%=(2=(3*-%"7(1+($-=+7(=*#=(3@"2$=+.2$8(23($-=(-$">(=*+(.+3%"=(-/ (=*+(@.-6+33(-/ ("21+.#"23#=2-$'(D=(23($-=(+\6"%C

9:(4(;<;

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


32=+">(7%+(?-(?*+(.+?%.$(?-(?*+(&#.@+?(-/ (?*+(A.+=2-%3">(#7&2$23?+.+7(3+6?-.3(-/ (%.1#$(7+=+"-A&+$?B(?*-%8*( ÀQDQFLDO PDUNHWV LQFUHDVLQJO\ DIIHFW WKH LQYHVWPHQW GHFLVLRQV ,W GHSHQGV XSRQ D FKDQJH LQ SODQQHUV· SDUDC 728&3(#$7(?+6*$26#"(6%"?%.+3' )*+(?*.++(62?2+3B(#&273?(-1=2-%3(72332&2"#.2?2+3B(3*-D(#(6-&&-$(?.+$7B(#3(2/ (#(8"-1#"(A+$7%"%&(*#7(3*2/?+7'( E26?#?-.3*2A(#$7(6-"-$2#"(A-D+.3B(?*-%8*($+=+.(6-$62"2#?-.>(?-(2$/-.&#"2?>B(#1%$7#$?">(?-"+.#?+7(2$/-.&#"( *-%32$8(#3("-$8(#3(23($-?(=2321"+'(F-&+?2&+3(?*+(A#6+(-/ (+.#726#?2$8(3"%&3(#$7(3*#6@3(#66+"+.#?+7(?*-%8*( GLVSODFHPHQW KDV DOZD\V EHHQ WKH À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´SHRSOHµ ´FODVVHV SRSXODLUHVµ WR JHW VSDWLDOO\ LQVFULEH LQ VRFLHW\ ZKLOH IDFLQJ SUHFDULRXV MRE PDUNHWV LH D*+$(3-62#"(2$36.2A?2-$(/#2"3(?-(D-.@'( (YHQWXDOO\ WKH UHJXODULVDWLRQ RI LQIRUPDO VHFWRUV KDV JLYHQ ZD\ WR PRUH SURÀW OHG GHYHORSPHQW SURMHFWV )*.-%8*(=+.>(72//+.+$?(3A#?2#"(3-"%?2-$3(L$+-"21+.#"(?-D+.3B($+D(?-D$3(-.(A+.2A*+.#"(723?.26?3OB(#(A.-6+33(-/ ( .+3?.%6?%.2$8(-/ (?*+(62?>(-.7+.2$8(D#3(3?#.?+7(M-(>+#.3(#8-'(!#.?(-/ (?*23(A.-6+33(D#3(?*+(.+?%.$(-/ (.+#"(+3?#?+( LQYHVWRUV WR VRPH SDUWV RI WKH FLW\ FHQWUHV 7KLV SURFHVV PD\ HQWDLO WKH WKRURXJK JHQWULÀFDWLRQ RU D VRIWHU .-&#$?2623#?2-$(-/ (A-A%"#.($+28*1-%.*--73B(#772$8(?-(?*+(6-3?3(#$7(3?.+33+3(-/ (?*+(%.1#$(A--.' )*23(23(D*+$(2$?+.$#?2-$#"(2&&28.#$?3(3?#.?(?-(#77(?-(?*+(+P%#?2-$'(Q-?(3%.A.232$8">B(2$?+.$#?2-$#"(2&&2C 8.#$?3(#.+(6#%8*?(1+?D++$(?*+(2$?+..%A?+7(A.-6+33(-/ (.+6-8$2?2-$(#$7("#$7(3+6%.2?>B(-$(-$+(*#$7R(#$7(?*+( WXUQ RI XUEDQ GHYHORSHUV WRZDUGV SURÀW LQYHVWPHQWV LQVLGH WKH FLW\ FRUH ZLWK WKH XVXDO FRQVHTXHQFHV RI GLVSODFHPHQW DQG JHQWULÀFDWLRQ 1RW VXUSULVLQJO\ DJDLQ XUEDQ SROLFLHV LQ IURQW RI LPPLJUDQWV DUH IDU IURP OLQHDU DQG WKH\ À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ÀQDQFH PDUNHWV KDYH WDNHQ RYHU WKH EDODQFH KDV FKDQJHG 1HLWKHU GHQL]HQV QRU FLWL]HQV DQG PRUH 2&A-.?#$?B($-?(#$>&-.+(62?2T+$3(?*.-%8*(*-%32$8'

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

9:(4(;<;


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ÀOLSSLQL PDURFFKLQL G+.%C2#$2(+(.-&+$2(#(Z-&#>(Y2"#$-(>(N.#$6-(=$8+"2' 5+.C+""2(!'>(?@<;<A(K/6$"%+/+(%$"+/$+(*+..+(&%""L(2.68).%:(M6"+(4-..+(76/,+()8%")"%1+(*%().&-$+(&6,-$%"L(%,,%2/)"+()(96,)>((2$( 5#.2D#3(72(Z-&#(?+7'A([33+.C#D-.2-(Z-&#$-(3%""+(Y28.#K2-$2'(Z#GG-.D-(\7-3>(Z-&#>(GG'(@H<J@HH' 5*#M.#C-.DO( L'>( ?@<<<A( N.-&( 6-"-$2#"( 62DO( D-( 8"-1#"( 62DO]( )*+( /#.J/.-&J6-&G"+D+( 3G#D2#"( D.#$3/-.&#D2-$( -/ (5#"6%DD#>(2$(Y#.6%3+(!'>((^+&G+$>(Z'(S#$>(?+73'A>(_"-1#"2K2$8(62D2+3`(#($+W(3G#D2#"(-.7+.]>([a/-.7>( Q"#6MW+"">(GG'(IUbcc'( 5*#%7*%.2(L'>(?;HH<A(C).&-"")0("#+(.%1%$2(C%"'(?N()$*(NN@>(^-"M#D#`([a/-.7(0!' 5*+$(d'>(R#$8(X'>(^%$7%(Z'>(?@<<HA(G6&).%O%$2("#+(;/6*-&"%6$(67 (P.68).(C%"%+40(I(C6,=)/%46$(67 (M+3(563$(Q+1+> .6=,+$"4(I/6-$*(B#)$2#)%()$*(R6.S)")>(52DO(E(5-&&%$2DO>(:`(9FFb9UI' 5.+&#36*2(Y'>(?@<<HA(E/8)$%"L(+(4=)O%6(=-88.%&6T(%$(I/&#%1%6(*%(4"-*%(-/8)$%(+(/+2%6$).%>(5'(Q2#$6*+DD2(?+7'A>(H9' 5.+&#36*2(Y'>(?@<;@#A(!<"/)6/*%$)/'(C).&-"")>(!"#$%&>(,%$'>(\(L+&' 5.+&#36*2(Y'>(?@<;@1A(C6$"+,=6/)/'(*+8)"+(6$(=-8.%&(4=)&+(%$(96,+T(%$(;+/4=+&"%1+4(6$(;-8.%&(B=)&+(%$(96,+>(/.-&( =$D2e%2DO(D-(D*+(!.+3+$D(P#O'(X-$7-$>(=3*8#D+' 5.+&#36*2(Y'>(B6M#.7D(N'>(?+73'A>(?@<;;A(C#)$2%$2(;.)&+4T(E/8)$%"'T(C%"%O+$4#%=T()$*(N*+6.62'(%$("#+($+3(!-/6=+)$( $+%2#86-/#66*4>(Z-DD+.7#&(>()+6*$+' 5.+&#36*2(Y'>(N2-.+DD2(5'(?@<;FA(Q%1+/4%"'()$*(%$"+/&-."-/).%4,T()(&/%"%U-+()$*()(*+7+$&+:(P6%$2("#/6-2#(,-."%+"#$%&( $+%2#86-/#66*4(%$(96,+>(2$()*+(\$D+.6%"D%.#"(52DO`(BaG"-.2$8(#$(B"%32C+(\7+#>(Y'(Q#"1-(+7'(?2$(G.2$DA _#DD2(5'>(?@<;<A(C64"/-+$*6(.V?)-"6@6/2)$%OO)O%6$+("+//%"6/%).+0(F61%,+$"%(+(&%"")*%$)$O)(-/8)$)("/)(4+""6/%(,+*%(+(=6=6.)/%( )(H-+$64(I%/+4>(!*'P'(7233+.D#D2-$>(0$2C+.32Df(Z-&#().+' _-.+"2M(='>(?@<<9A(F%/)*)4(468/+(H-+$64(I%/+4>(L28"-(dd\>(Q%+$-3(=2.+3' _.2&3-$(='>(?;HHcA(9+.)"64(*+(.)(*%7+/+$&%)('(.)(%2-).*)*:(G64(86.%1%)$64(+$(H-+$64()%/+4:(M-+1)(B6&%+*)*>(;9c(B$'JN+1'>( GG'(HUJ;<c' X+-$D27-%(X'>(?;HHFA(;64",6*+/$%4,()$*("#+(C%"'0(F+*%"+//)$+)$(A+/4%6$4:(E/8)$(B"-*%+4>(,%$+>(F<>(U>(GG'(H9HJHUI' Y28$-"-(R'>(?@<<<A(5#+(F)$'(K)&+4(67 (C64,6>=6.%40(H6/*+/(5#%$S%$2()$*(C/%"%&).(C64,6=6.%")$%4,>(!%1"26(5%"D%.+>( ;@>(F>((GG'(c@;Jc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`(;9IJ;I:'( Z-12$3-$(,'>(?@<<UA(_/*%$)/'(C%"%+40(H+"3++$(F6*+/$%"'()$*(Q+1+.6=,+$">(V+W(g-.M>(Z-%D"+78+'

9:(4(;<;

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


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ÀQV GH OD QDWLRQ 3RXU XQH VRFLRORJLH GH OD IURQWLqUH 3DULV /·+DUPDWWDQ V2/>#6*+"(W'@(E-"7*#1+.(X'@((Y%.2+"(X'@(AB<<:C(8UEDQ -XVWLFH DQG 5HFRJQLWLRQ $IÀUPDWLRQ DQG +RVWLOLW\ LQ %HHU 6KH: K"@(2$(D#.6%3+(!'@(5-$$-""H(,'@(Y-GH(,'@(W"2G-(Z'@(!->>+.(5'@(=+#.6*2$8(/-.(>*+(,%3>(52>H@(K+1#>+3(2$(0.1#$( )*+-.H(#$7(!.#6>26+@(J-$7-$@(X-%>"+78+' T#$8(J'@([%$7%(X'@(5*+$(\'@(AB<;<C(B)+.(+-F#D'$#LM"0#"-(#LM'@N#O%L#0'L-#(%K%.'&@%-0#"3#&."--%(#3)1)$1"-+H": 0+'-#+-#PM+-"#"-(#Q-(+"@(2$(5"#L3-$(D'@(]%>6*23-$(X'(A+73'C@(=%1%.1#$2^#>2-$(2$(E"-1#"(=-62+>H@(Q&+.#"7( E.-%L@(LL'(I;:MI9_'

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

9:(4(;<;



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

?,@&@':)& /. &A,9)"$%&34'$(/$,(&B$(9)50"'1&30*C"5,*590,) I2%"2#(A+>>2

J+=#.>&+$>(-/ (K.E*2>+E>%.+(#$F(!"#$$2$G !-"2>+E$2E-(F2(L2"#$-4(+(&#2"M(G2%"2#'3+>>2N*->&#2"'2> )+"M(O;D(;;;(P6Q:RDQ(

7KH DLP RI WKLV UHVHDUFK LV WR IRFXV RQ WKH WKHPH RI WKH UHFRQYHUVLRQ RI GLVXVHG LQGXVWULDO DUFKLWHFWXUHV SUHÀJXULQJ $+<(=.-F%E>27+(3E+$#.2-3'()*.-%G*(#$(+S#&2$#>2-$(-/ (>*+(E-$E+=>(-/ (F23=-3#"(#$F(*-<(>*+(E-$F2>2-$3(#$F(>*+(3E#"+( -/ (2$>+.7+$>2-$(*#7+(E*#$G+F(2$(.+"#>2-$(>-(>*+(2F+#(-/ (%.1#$(7-2F(F+3E.21+F(2$(>*+(T2G*>2+34(<+(.+E-G$2U+(*-<(>*+( #1#$F-$&+$>(-/ (=#.>3(-/ (>*+(E2>V(#$F(2>3(#.>2/#E>3(*#7+(1+E-&+(#(E-&&-$(=.#E>2E+(2$(>*+(>+..2>-.V'()*23(=.-F%E+3( .%2$3(#$F(/.#G&+$>3(<*2E*(.+=.+3+$>(>*+(E-$>+&=-.#.V(=-3>C2$F%3>.2#"("#$F3E#=+'()*+(.+EVE"2$G(-/ (+S23>2$G4(F23%3+F( EXLOGLQJV GHÀQHV D VWUDWHJ\ RI XUEDQ UHZULWLQJ LQ RUGHU WR JLYH QHZ PHDQLQJV DQG XVHV WR WKHVH SODFHV 7KH SURSRVHG 3>.#>+G2+3(#.+(#$(+S=+.2&+$>#"(#==.-#E*(>-(>*+(233%+(-/ (F23=-3#"(#$F(=.-72F+(#(3+>(-/ (1+3>(=.#E>2E+3(/-.(>*+(.+E-7+.V'( 6WUDWLÀFDWLRQ RYHUZULWLQJ JUDIW LQFOXVLRQ PHDVXUH WUDFH DUH H[DPSOHV RI LQWHUYHQWLRQ VWUDWHJLHV RQ WKH EXLOGLQJ DEOH >-(E-$3+.7+(>*+(=.-F%E>27+(2F+$>2>V(#F#=>2$G(2>(>-(>*+($++F3(-/ (E-$>+&=-.#.V(=.-F%E>2-$'


!"#$%&'(#)%"*+,)-.%-/01+#23+(2/"4)"4+%5 +(%"&)#)%"-+/"&+)"#3$63"#)%"+-(/03 =)*+( 27+#( -/ ( 7+36.212$8( >*+3+( 723?+.32-$3( >*+&3+"@+3A( -/ ( 7236-@+.2$8( B*+>*+.C( 1+>B++$( >*+3+( +"+&+$>3C( B*26*( #.+( 6+.>#2$"D($->(-.8#$23+7(#3(#(?.-8.+332@+"D(7+7%6>2@+(3>.%6>%.+C(EFG(-$+(6#$$->(7236+.$(#(.+8%"#.2>DH(#$(-.7+.(2$(>*+2.( 3%66+332@+(#??+#.#$6+I(=(EJ-%6#%">C(:<;;A(?'9:G

7KH FLW\ LV DQ DUWLIDFW LQ FRQWLQXRXV PRGLÀ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´TXHVWLRQ RI EURZQÀHOG VLWHVµ *UHJRWWL S DVVXPHV >*+.+/-.+C(#(3>.#>+826(.+"+@#$6+(#3(#(?-3321"+(-??-.>%$2>D(/-.(2$>+.@+$>2-$(#$7(.+7+328$(-/ (+$>2.+(?#.>3(-/ (>*+( 62>D'(Q$327+(>*+(6-&?#6>(*23>-.26#"(>233%+C(B+(6-%"7(3++(#(3+K%+$6+(-/ (-?+$(/.#6>%.+3C(#13+$6+3C(=2$>+..%?>+7( GUDZLQJVµ DV GHÀQHG E\ %HUQDUGR 6HFFKL 6HFFKL D S ZKLFK VKRZ WKH QHHG IRU WKH DUFKLWHFWXUDO SURMHFW WR JLYH D QHZ PHDQLQJ WR WKHVH SODFHV RI GLVSRVDO )*+(233%+3(+R?.+33+7(2$(S#33+8$#(=)*+(#1#$7-$+7(>+..2>-.2+3I(#$7(5#3#1+""#(=T.6*2>+6>%.+(/-.(!"#$$2$8I;( RQ WKH WKHPH RI LQGXVWULDO GLVPDQWOHPHQW KLJKOLJKW WKH QHFHVVLW\ WR ÀQG UXOHV DQG LQWHUYHQWLRQ PHWKRGV -$(>*+3+(6-$>+R>3C(&+#3%.2$8(>*+(.+"#>2-$3*2?(1+>B++$(>*+(+R23>2$8(#$7(>*+($+BC(1+>B++$(*2+.#.6*2+3(#$7( 2$>+.@+$>2-$( 36#"+3'( )*+( 2$7%3>.2#"( 723&#$>"+&+$>( -66%.3C( >*+.+/-.+C( #3( +R>+$7+7( 6-$72>2-$C( 1->*( /-.( 2>3( PRUSKRORJ\ DQG LWV VSHFLÀFLW\ DQG WKH FKDUDFWHU RI WKH DUWLIDFWV LQYROYHG ,Q WKLV VHQVH LW KDV EHHQ VHHQ DV D /%$7#&+$>#"(>.#$3/-.&#>2-$(-??-.>%$2>D(/-.(>*+(M%.-?+#$(>+..2>-.2+3(2$(>*+(M28*>2+3'(T$(-??-.>%$2>D(>-(>+3>( >*+(27+#(-/ (((%.1#$(7+328$(#3(#(>--"(#1"+(>-(82@+(3*#?+C(3>.%6>%.+(#$7(&+#$2$8(>-(328$3(#$7(&+&-.2+3(B*26*( *#@+(3*#?+7(>*+(2$7%3>.2#"(27+$>2>D'( ´7KH 8UEDQ 3URMHFW PHDQV WDNLQJ WKH JHRJUDSK\ RI D JLYHQ FLW\ ZLWK LWV GHPDQGV DQG VXJJHVWLRQV DV D VWDUWLQJ SRLQW #$7(2$>.-7%62$8C(B2>*(>*+(#.6*2>+6>%.+C(3-&+(+"+&+$>3(-/ (>*+("#$8%#8+(>-(82@+(/-.&(>-(>*+(32>+'I(EU'(7+(L-"V(U-.#"+3C( ;WWWA(?'(X;G

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

$EDQGRQHG SUDFWLFHV IURP EURZQÀHOGV DUHDV WR UHWXUQHG DUFKLWHFWXUHV )*+( ?.#6>26+3( -/ ( #1#$7-$&+$>( -/ ( ?.-7%6>2-$( #6>2@2>2+3( *#@+( ?.-/-%$7"D( 6*#$8+7( >*+( "#$736#?+( -/ ( >*+( 6-$>+&?-.#.D(62>DH(/.#8&+$>3C(B#3>+(#$7(.+327%#"3(6-$3>2>%>+(>*+(?-3>N2$7%3>.2#"("#$736#?+C("+#@2$8(3Y+"+>-$3( #$7(.%2$3(3%6*(#3(/-->?.2$>3(2$(>*+(%.1#$(/#1.26'(=)*+(#1#$7-$&+$>(8+$+.#>+3(B#3>+I(EZD$6*C(;WW<A(?':<9GC( VD\V /\QFK SUHÀ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

9:(4(;<;

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


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ÀJXUHG LQ WKH FRQWH[W RI WKH FRQWHPSRUDU\ FLW\ 5XLQ ZDVWH DQG UHVLGXDO VSDFHV RQ WKH HGJH RI WKH LQGXVWULDO EXLOGLQJ DUH WKH ÀUVW UHÁHFWLRQV DERXW WKH QHFHVVLW\ WR HVWDEOLVK QHZ ZD\V RI .+6E6"2$8(#$7(.+6-B+.2$8(+@23=2$8(1%2"72$83'(Q-?(=-(6-$327+.(#$7(=-(=.+#=(=*+(/.#8&+$=3(-/ (C-3=F2$7%3=.2#"( "#$736#C+3R()*23(23($-=(#$(-C+.#=2-$(=-(/%""E(.+6-B+.(#(1%2"72$8>($-.(=-(2$=+.B+$+(?2=*(#($+?(6-$3=.%6=2-$>( EXW LW LV D ZRUN RI UHJHQHUDWLRQ WKDW DOORZV WKH LGHQWLÀFDWLRQ RI QHZ DUFKLWHFWXUDO ODQJXDJHV DQG PHWKRGV RI LQWHUYHQWLRQ RQ H[LVWLQJ LQGXVWULDO KHULWDJH ,Q WKH ÀUVW SODFH LW LV QHFHVVDU\ WR UHFRJQL]H WKH YDOXH RI ZKDW \RX GHFLGH WR UHFRYHU GLVFDUGLQJ D PDWHULDO PHDQV PDNLQJ D FULWLFDO VHOHFWLRQ RQ WKH YDOXH RI WKH REMHFW S/=+.?#.73>(2=(23(-1"28#=-.E(=-(6*--3+(?*#=(=-(C.+3+.B+(#$7(*-?(=-(=.#$3/-.&(2=3(+33+$6+'(

!"#$#%"&!"'(")*+*,+--".*/0 *,"+1213 )*+(6-$6+C=3(-/ (.+6E6"+(#$7(.+6-B+.E(-/ (723%3+7(&#=+.2#"3(#$7(3=.%6=%.+3(3=#.=(/.-&(=*+(6-$327+.#=2-$(=*#=( HQWLUH SDUWV RI WKH FLW\ DUH EHLQJ SURJUHVVLYHO\ DQG JURZLQJO\ DEDQGRQHG 7KLV OHDGV XV WR UHÁHFW RQ WKH $+6+332=E(=-(.+3=-.+(=*+(.%2$3(#$7(=*+(?#3=+(8+$+.#=+7(1E(=*+3+(C.-6+33+3(-/ (#1#$7-$&+$=>(2$3=+#7(-/ (3=2""( 6.+#=2$8($+?(1%2"72$83'(T+B2$(UE$6*(C.-C-3+7(3-&+(C"#$3(/-.(=*+(7+&-"2=2-$(-/ ($+?(1%2"72$83>(2$6"%72$8( WKH DEDQGRQPHQW LQ WKLV GHVLJQ SKDVH 7KH GLVSRVDO LV GHÀQHG WKHUHIRUH DV D PRPHQW RI WKH OLIH F\FOH RI D 1%2"72$8V(=*+(#.6*2=+6=%.+(&#E(-B+.6-&+(2=3(7+6"2$+>(6*#$82$8(2=3(.+"#=2-$3*2C(?2=*(=*+(6-$=+@='(A$(=*23(3+$3+>( =*+(#.6*2=+6=%.+(23(#(C#"2&C3+3=(K5-.1-P>(M<<;O(-/ (6-$=2$%-%3(.+?.2=2$8G(72//+.+$=(&+#$2$83(-B+.?.2=+(=-(=*+( +@23=2$8(-$+3>(3=.#=2/E2$8(#$7(6.+#=2$8($+?(B#"%+' $ UHDGLQJ RI WKH KLVWRU\ FDQ OHW XV DIÀUP WKDW WKH ´DUFKLWHFWXUH LV LQ LWVHOI D UHF\FODEOH PDWHULDO ZKLFK EHVLF 7+3>(?+(*#B+(#"?#E3(.+6E6"+7J(K52-..#>(M<;;V(C';WO'(U+=X3(=*2$I(-/ (=*+(C.-8.+332B+("#E+.3(#$7(.+?.2=2$8(?*26*( KDYH WUDQVIRUPHG WKH 'LRFOHWLDQ·V 3DODFH LQ WKH ÀUVW KHDUW RI WKH FLW\ RI 6SOLW 7KH IHQFH RI WKH ZDOO IRUWLÀFDF =2-$(?#3(&#2$=#2$+7(#$7>(-$(2=>(=*+(62=E(*#3(8.#7%#""E(8.#/=+7(2=3(%.1#$(=233%+'(Y#362$#=2$8(23(#"3-(=*+(.+?.2=2$8( ?*26*(#//+6=+7(=*+(#&C*2=*+#=+.(-/ (S."+3(?*-3+(/--=C.2$=(*#3(1+6-&+(=*+(=.#6+(/-.(=*+(6-$3=.%6=2-$(-/ (=*+( PHGLHYDO FRUH RI WKH FLW\ DIWHU WKH GHPROLWLRQ RI WKH VXSHUÁXRXV VWUXFWXUHV JHQHUDWHG IURP WKH LQKDELWHG 3+=="+&+$=>(=*+(6-$3=.%6=2-$(*#3(1++$("21+.#=+7(32$6+(;WWM'(L$6+(&-.+>(?+(6#$(3++(?.2=2$8>(.+?.2=2$8(#$7( 7+&-"2=2-$(-/ (=*+(C#.=2+3' )*+(.+%3+(23(%$7+.3=--7>(=*+.+/-.+>(#3(#(C.#6=26+(-/ (.+F6-$3=.%6=2-$(-/ (=*+(+@23=2$8>($-=(-$"E(#3(#(C.-6+33(-/ ( 6-$3+.B#=2-$(1%=(#"3-(#3(#(?-.I(-/ (6.2=26#"(3+"+6=2-$(-$(=*+(#.=2/#6=>(C.+3+.B2$8(=*+(&+&-.E(-/ (=*+(C#3=(#$7( WKH FKDUDFWHUV RI WKH SUHH[LVWHQFHV WRZDUGV WKH GHÀQLWLRQ RI D QHZ DUFKLWHFWXUDO ODQJXDJH 7KH FRQFHSW RI PRGLÀFDWLRQ *UHJRWWL S LQWURGXFHG LQ WKH GHEDWH RQ DUFKLWHFWXUDO FXOWXUH IURP *UHJRWWL GXULQJ WKH (LJKWLHV KDV DOUHDG\ KDG WR GHDO ZLWK WKH LVVXHV RI UHVWRUDWLRQ DQG PRGLÀFDWLRQ RI WKH H[LVWLQJ UHFRJQL]LQJ *-?+B+.>(=*+(.-"+(-/ (=*+3+(3=.#=+82+3(=-(-C+.#=+(#=(=*+(36#"+(-/ (=*+(62=E(#$7(=*+(=+..2=-.E'()*+(=.#$3/-.&#=2-$( C.-6+33+3(-/ (=*+(+@23=2$8(3=.%6=%.+3(?+.+(6"-3+"E("2$I+7(=-(=*+(6-$6+C=(-/ (1+"-$82$8(=-(#(C"#6+>(=*+.+/-.+>( WR WKH UHMHFW RI WKH WDEXOD UDVD EXW NQRZOHGJH DQG XQGHUVWDQGLQJ RI WKH FRQWH[W ZHUH VHHQ DV D SUHFRQGLF WLRQ IRU WKH LQWHUYHQWLRQ SURMHFW 1RZDGD\V WKH FRQFHSWV RI UHXVH PXVW GHDO ZLWK WKH PRGLÀFDWLRQ RI WKH EXLOGLQJ DQG WKH VFDOH RI WKH DUFKLWHFWXUDO REMHFW 7KH LQGXVWULDO GLVPDQWOHPHQW LV WKH LGHDO WHVWLQJ JURXQG /-.(?*#=(?#3(3=#=+7(#1-B+V(=*+(D%+3=2-$(23>(=*%3>(*-?(=-(7+=+.&2$+(#(=.#$36.2C=2-$(-/ (=*+-.+=26#"(#$7(7+328$( 3=.#=+82+3(#1"+(-/ (-C+.#=+(-$(723%3+7(3C#6+3(-/ (C.-7%6=2-$>(3%88+3=2$8($+?(%3+3(#$7(=EC-"-826#"(6*#.#6=+.3'( M( Z+/+.+$6+(=-(=*+(=2="+(-/ (=*+(&#8#P2$+(!"#$%&!'%()**%&+"**,>($'(MMFM:>([#"#(\72=-.2>(M<<]>(^+C#.=&+$=3(A7+#(#$7(^#.=( -/ (!+36#.#'(

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

9:(4(;<;


)*+(.+6-$=+.32-$(-/ (>*+3+(3>.%6>%.+3(23(#2&+7(#>(>*+(6-$3+.=#>2-$(-/ (>*+(?.-7%6>2=+(6-&?-$+$>(2$(-.7+.(>-( GHVLJQ QHZ ÁH[LEOH LQGXVWULDO VSDFHV IRU D ¶OLJKW SURGXFWLRQ· LQWHQGHG IRU VFLHQWLÀ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

!"#$%&"'()"'*+$,-$#. :RUNLQJ RQ WKH GLVPDQWOHPHQW RI LQGXVWULDO DUFKLWHFWXUHV PHDQV LQ WKH ÀUVW SODFH WR UHFRJQL]H WKDW WKH ?.-1"+&(-/ (723?-3#"(23(.+"#>+7(>-(>*+(=#3>(+F>+$32-$(-/ (>*+(?*+$-&+$-$'(G>(23(#(&#>>+.(-/ (&+#3%.+(#$7(#"3-( -/ (.+"#>2-$3*2?(1+>A++$(>*+(6-&?-$+$>3(#>(?"#BC(3-"273(#$7(=-273C(1%2">E%?(#$7(-?+$(3?#6+'( H+.$#.7-(I+66*2(*#3(#".+#7B(>#J+$(2$>-(#66-%$>C(A2>*(6-$6+.$C(>*+(K%+3>2-$(-/ (>*+(.+"#>2-$3*2?(1+>A++$( DEDQGRQHG SODFHV DQG XUEDQ IDEULF VWDWLQJ WKDW ´ RI WKH YRLGV ZH QRWH ÀUVW RI DOO WKH VL]H DQG WKH ORFDE >2-$(#$7(#""(>*#>(23(>*+(6#%3+(-/ (7236-&/-.>L(MI+66*2C(;NO:#P(?';OQ'(R+#3%.2$8(>*+(723?-3#"(&+#$3(>-(3>%7B(>*+( ?.-?-.>2-$3(-/ (>*+3+(#.+#3(A2>*(.+"#>2-$(>-(>*+("#.8+(32D+(-/ (-?+$(3?#6+3(#$7(>-(>*+("#$7&#.J3(-/ (>*+(6-$E 3-"27#>+7(62>BC(#3(#(>+3>2&-$B(-/ (*-A(>*+(8.+#>(+F>+$32-$(-/ (>*+3+(?"#6+3(23($->(#$(%$J$-A$(&+#3%.+(2$327+( >*+(62>B'(G/ (A+(>*2$J(#1-%>(>*+(62>B(-/ (!#.23C(3-&+("#.8+(%.1#$(&+#3%.+3(3%6*(#3(>*+(5*#&?3(7+(R#.3(-.(>*+( #F23(-/ (S+3(G$=#"27+3(#.+(6-&?#.#1"+(A2>*(>*+("#.8+(+F>+$32-$(-/ (2$7%3>.2#"(/#1.263(2$(>*+($-.>*(3%1%.13(-/ ( >*+(62>BC(3%6*(#3(>*+(!"#2$+EI#2$>ET+$23(-.(@%1+.=2""2+.3'()*23(23(#$(+=27+$6+C(>*+.+/-.+C(>*#>(>*+(U"#.8+(36#"+VC( 82=+$(1B(>*+(3B3>+&(-/ (-?+$(3?#6+3C(23($->(#$(%$J$-A$(>*+&+(2$(>*+(6-$3>.%6>2-$(-/ (>*+(62>B' )*+(?.+3+$6+(-/ (2$7%3>.2#"(1%2"72$83(1+6-&+3(#$(2$7+"21"+(&#.J(2$(>*+(%.1#$(/#1.26'(G$7++7C(I+.82-(5.->>2( #.8%+3(>*#>(W>*+(/-->?.2$>(-/ (>*+(#1#$7-$+7(#.+#3(23(2&?.+33+7(2$(>*+(62>B(#$7(?.+3+.=+3(>*+(3>.%6>%.#"(&+E &-.B(A*26*("2$J3(2>(>-(>*+(6-$>+F>'L(M5.->>2C(;NN<Q'()*+.+/-.+C(2>(7-+3($->(3++&(?-3321"+(-.(6-..+6>(>-(*27+( >*+(/-->?.2$>(>*+(2$7%3>.2#"(3>.%6>%.+3("+#=+(-$(>*+(8.-%$7C(1%>(2>(23($+6+33#.B(>-(.+6-8$2D+(>*+(+F6+?>2-$#"( LPSRUWDQFH RI WKHVH REMHFWV UHDO ¶RXW RI VFDOH· ZLWKLQ WKH XUEDQ IDEULF R-.+-=+.C(#>(>*+(2&#8+(-/ (>*+(?.-7%6>2=+(3?#6+3(23(#77+7(#"3-(#(6-$>2$%-%3(.*B>*&C(#(.+?+>2>2=+(36#$(-/ (+"+E &+$>3(A*26*(*28*"28*>3(>*+(?.+3+$6+(-/ (#(&+#3%.+(%$7+."B2$8(>*+(2$7%3>.2#"(#.>2/#6>C(/-.(+F#&?"+(>*+(.*B>*E PLF VXFFHVVLRQ RI VKHGV RI WKH URRI RU RI WKH KLJK FKLPQH\V &DQ ZH WKLQN WKDW DV D UHVXOW RI WKH LGHQWLÀE 6#>2-$(-/ (&+#3%.+3(#$7(.*B>*&3(A*26*(&#.J(>*+(2$7%3>.2#"("#$736#?+C(2>(23(?-3321"+(>-(7+>+.&2$+(#(.*B>*&26( 36#$(2$(>*+("#$736#?+(+"+&+$>3(#1"+(>-(&#J+(>*+(2$7%3>.2#"(1%2"72$83(?.+3+.=2$8(>*+(8.+#>(+F>+$32-$(.+"#>+7( -/ (>*+3+(3?#6+3(U"2=#1"+V(#$7(?.-7%6>2=+X(G$(?#.>26%"#.C(2>(23($+6+33#.B(>-(3>%7B(3-&+(/-.&3(-/ (723>.21%>2-$( DQG VRPH ´JULGV RI VSHFLÀFDWLRQµ )RXFDXOW S DEOH WR GHWHUPLQH D PHDVXUHG UHODWLRQVKLS EHWZHHQ -?+$(#$7(1%2">E%?(3?#6+3C(?%1"26(#$7(?.2=#>+(3?#6+3'()*+(6.%62#"(K%+3>2-$C(A*+$(2>(6-&+3(>-(7+>+.&2$#>+( 7+328$(3>.#>+82+3(-/ (.+6-=+.BC(23(>-(%$7+.3>#$7(*-A(>-(#6>(>*.-%8*(6#?2""#.B(>.#$3/-.&#>2-$3(2$(>*+(2$>+.=#"3( 1+>A++$(>*+(?#.>3(-/ (>*+(%.1#$(/#1.26(#$7(*-A(>*+3+(3>.#>+82+3(6#$(?.-=27+(7+328$(3-"%>2-$3(6-$6+.$2$8(>*+( ODUJH VFDOH GLVSRVDO WR ZKLFK WKH WHUULWRULHV DUH LQFUHDVLQJO\ VXEMHFW

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ÀFDWLRQV WR WKH FLW\ WKH WHUULWRU\ WKH H[LVWLQJ PDWHULDOV ZKLFK LPSOLHV D PRGLÀFDE >2-$(-/ (-%.(7+328$(&+>*-7L(MI+66*2C(;NO:1P(?';ZQ'( )*.-%8*(#(3+K%+$6+(-/ (7+328$(-?+.#>2-$3(2>(23(?-3321"+(>-(*28*"28*>(72//+.+$>(A#B3(-/ (2$>+.=+$>2-$(-$(>*+( LQGXVWULDO EXLOGLQJ ,Q SDUWLFXODU WKUHH GHVLJQ PHWKRGRORJLHV VWUDWLÀFDWLRQV RYHUZULWLQJ JUDIW LQFOXVLRQ PHDVXUH WUDFH DUH LGHQWLÀHG

9:(4(;<;

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


6WUDWLÀFDWLRQV RYHUZULWLQJ 7KH DUFKLWHFWXUDO SURMHFW ZULWHV DQG GHÀQHV D QHZ OH[LFRQ WKH DFW RI RYHUZULWLQJ VRPHWKLQJ RQ WKH H[L< 3=2$8(&+#$3(=-(3=.#=2/>(=*+(328$3(#$7(=*+(&+&-.2+3(-/ (#(?"#6+'(@=(A-.B3(=*.-%8*(#772=2-$3(#$7(3%1=.#6=2-$3C( UHPRYLQJ GLVFDUGLQJ ZKDW KDV QR YDOXH DQG RQ WKH FRQWUDU\ SUHVHUYLQJ WKH HOHPHQWV WKDW GHÀQH WKH FKD< .#6=+.(#$7(=*+(2&#8+(-/ (=*+(?"#6+'(@=(23($+6+33#.>(=-(&#B+(#(6.2=26#"(3+"+6=2-$(-$(&#=+.2#"3C(?#.=3(#$7(328$3( ZKLFK PDNH XS WKH DUWLIDFW LQ WKLV VHQVH WKH SURMHFW RI UHFRYHU\ RI WKH (QWUHS{WV 0DF'RQDOG FDUULHG RXW E\ 20$ LV H[HPSODU\ 7KH ROG 0DF'RQDOG ZDUHKRXVH LV ´OH EkWLPHQW VDQV ÀQµ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ÀFDWLRQ VWUDWHJ\ EHWZHHQ WKH QHZ DQG WKH H[LVWLQJ 7KURXJK RSHUDWLRQV RI VXE< WUDFWLRQ DQG DGGLWLRQ RI GLIIHUHQW SDUWV WKH EXLOGLQJ RSHQV LWVHOI WR WKH FLW\ DQG LW LV FRQÀJXUHG DV DQ XUEDQ FDSDFLWRU DEOH WR GHÀQH D QHZ FHQWUDOLW\ LQ WKH XUEDQ IDEULF 7KH VFDOH RI WKH EXLOGLQJ DOORZV D FRPSDULVRQ ZLWK WKH JUHDW DUFKLWHFWXUDO REMHFWV EXLOW XS GXULQJ WKH (LJKWLHV DQG 1LQHWLHV VXFK DV &RUYLDOH 5RPH DQG R#."(P#.K<S-/ (LT2+$NC(=A-(+K=.+&+(+K#&?"+3(-/ (=*+(?-33212"2=>(-/ (=*2$B2$8(=*+(1%2"72$8(#3(#(?#.=(-/ (#$( #%=-$-&-%3(62=>'( :LWK DQ H[WUHPH VHQVLELOLW\ 20$·V SURMHFW UHFRJQL]HV WKH QHFHVVLW\ WR PDLQWDLQ WKH LGHQWLW\ RI WKH EXLOGLQJ ZRUNLQJ RQ WKH SHUPHDELOLW\ RI WKH DUWLIDFW DQG WUDQVIRUPLQJ WKH ULJLG LQGXVWULDO VWUXFWXUH LQ D ÁH[LEOH RQH -?+$(=-($+A(%3+3(-/ (=*+(%.1#$(3?#6+'

!"#$%&'((4(U+6-G+.>(-/ (V$=.+?W=(P#6X-$#"7'(!.+3+$=(32=%#=2-$C(7+G+"-?&+$=(-/ (=*+(1%2"72$8(32=+

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

99(4(:;:


*UDIW LQFOXVLRQ *UDIW PHDQV WR MRLQ WRJHWKHU WZR SDUWV RI GLIIHUHQW QDWXUH HVWDEOLVKLQJ D UHODWLRQVKLS EHWZHHQ WKHP 7KH #6=2-$(-/ (2$6"%32-$(23(#$(->+.#=2-$(-/ (#772=2-$(=*#=(&%3=(1+(.+"#=+7(?2=*(=*+(+@23=2$8'()*+(7+328$(+@>+.2&+$A WDWLRQ FDUULHG RXW RQ WKH 27( IDFWRU\ 2IÀFLQH 7UDVIRUPDWRUL (OHWWULFL LQ %HUJDPR ,WDO\ LV DQ H[SUHVVLRQ RI WKLV SURFHVV WKH VWUXFWXUH RI VKHG ZDUHKRXVHV LV SUHVHUYHG WKH VWUDWHJ\ FRQVLVWV LQ ZRUNLQJ ZLWK VSHFLÀ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ÀQLQJ QHZ UHODWLRQVKLSV )LJXUH

!"#$%&'('_ 27( 2IÀFLQH 7UDVIRUPDWRUL (OHWWULFL %HUJDPR F+328$(3=.#=+82+3(-$(=*+(1%2"72$8G(8.#/=(#$7(2$6"%32-$

!"#$%&"'(&#)" )*+(233%+(-/ (2$7%3=.2#"(723>-3#"(23(&#2$"C(#(>.-1"+&(-/ (&+#3%.+D(1-=*(-/ (=*+(2$7%3=.2#"(#.=2/#6=3(#$7D(#1-B+( #""D(-/ (=*+(->+$D(-/=+$(.+327%#"D(3>#6+(7+=+.&2$+7(1+=?++$(=*+&'()*+.+/-.+D(2=(23(=*+(/.++(3>#6+(1+=?++$(=*+( LQGXVWULDO EXLOGLQJV WKH SODFH IRU WKH DUFKLWHFWXUDO SURMHFW VWDUWLQJ SRLQW RI WKH UH VLJQLÀ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

*+#)"$,-. ,/0$1-$#+2,&")-34"&$0-3,#3/,&"5&0(0367,81"3,9%"$(0-3$7, 7KH DERYH PHQWLRQHG SUDFWLFHV FDQ RQO\ EH FRQVLGHUHG D ÀUVW H[SHULPHQWDO DSSURDFK WR WKH LVVXH RI LQGXA 3=.2#"(.+%3+'()*+C(2$B2=+(%3(=-(6-$327+.(=*+(.+6-$B+.32-$(-/ (=*+(+@23=2$8(#3(#(?27+3>.+#7(>.#6=26+(-/ (=*+(#.6*2A =+6=%.#"(7+328$D(6#>#1"+(-/ (3*-?2$8D(2$(=*+(3#&+(>"#6+D(=*+(T&+&-.C(-/ (#(>"#6+(#$7(=*+(/%=%.+(%3+U(PV-1+.=D( ;II;W(>'IS'()*+(>.-6+33+3(-/ (#772=2-$D(3%1=.#6=2-$(#$7(8.#/=2$8(6#$(1+(3++$(#3(=--"3(/-.(=*+(=.#$3/-.&#=2-$(

9:(4(;<;

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


-/ (=*+3+(&#6.->%.1#$(3=.%6=%.+3'()*+("#.8+(32?+(-/ (2$7%3=.2#"(1%2"72$83(#""-@3(%3(=-(7+A+"-B(72//+.+$=(.+"#> =2-$3*2B3(1+=@++$(2$=+.2-.(#$7(+C=+.2-.(3B#6+D(1+=@++$(B%1"26(#$7(B.2A#=+'()*%3D(=*+(B.#6=26+3(-/ (.+6E6"2$8D( LOOXVWUDWHG EHIRUH OHDG XV WR UHÁHFW RQ WKH LQFRPSOHWHQHVV RI WKH DUWLIDFWV DQG RQ WKH SRVVLELOLW\ WR UHZULWH $+@(3=-.2+3(/-.(=*+(B"#6+3(-/ (723B-3#"D(2$(-.7+.($-=(-$"E(=-(6-&B"+=+(1%=(#"3-(=-(B#A+(=*+(@#E(=-(-=*+.(/%=%.+( .+@.2=2$8'

!"#$%&'('4(!"#2$+>F#2$=>G+$23'(!.+3+$=(32=%#=2-$'(HA+3(I2-$D(.+6-A+.E(3=.#=+8ED(&#3=+.B"#$D(;JJ;

!"#"$"%&"'( 52-..#(!'D(K#.2$2(F'D(LM<;;N()&*+,-.&/'01%21&#"&'3&%'.42%-5"1&11$%26'.2'-"117'&'".'3"28&12D(O"+6=#D(K2"#$-( 5-.1-?(P'(LM<<;N(9&':&%%"1;"%&'-;<<&'32."<3=&=1&'&1'2$1%&='&==2"=D(!#.23D(O72=2-$(7+("QR&B.2&+%. 5.-==2(F'D(L;JJ<N(9$;#5"'$%>28"'%"1%;?21"D(S#33+8$#D(TMD(UJ>:M'( V-%6#%"=(K'D(LM<;;N(942%-5&;.;#"2'@&.'=23&%&/'A82'<&1;@;.;#"2'3&%'.2'=1;%"2'@&..2'-$.1$%2D(K2"#$-D(S2??-"2 W.+8-==2(X'D(L;JJ<N(B@"1;%"2.D(S#33+8$#D(TMD(T'( W.+8-==2(X'D(L;JYTN(0RGLÀFDWLRQD(5#3#1+""#D(TJY>TJJD(M>:' I#1-.7+(K'(V'D(LM<<ZND(C%-5"1&-1$%&'"8@$=1%"&..&D(!#.23([(#"+$=-%.3D(!#.23D(!#.28.#&&+ IE$6*(\D(L;JJ<N(D2=1"8#'2E2,D(F#$(V.#$6236-D(F2+..#(5"%1(]--^3 _3@#"=(!'D(LM<<UN(C1.2=';F '05%"8G"8#'+"1"&= +DWMH &DQW] 9HUODJ 2VWÀOGHUQ _3@#"=(!D(LM<<UN(05%"8G"8#'+"1"&=/'H;./I'&'J ,QWHUQDWLRQDO 5HVHDUFK +DWMH &DQW] 9HUODJ 2VWÀOGHUQ S-1+.=(!'D(L;JJ;N()&-;8?&%=";8=D(!#.23D(O72=2-$(7%(K-$2=+%. F+66*2(]'D(L;JYTN(H;"@=D(5#3#1+""#D(9<ZD(;Y>MJ'( F+66*2(]'D(L;JYTN(:5&'-;8@"1";8='2%&'8;'.;8#&%'15&'=2<&D(5#3#1+""#D(TJY>TJJD(Y>;Z'( 7+(F-"`(K-.#"+3(K'D(L;JJJN(K%;#&112%&'-"117LM&="#8"8#'+"1"&=D(K2"#$-D(O"+6=#

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

9:(4(;<;



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

?,@'"$)8&70'%@,$5)&'$(&?,1"*)A& 5B,&C,D&E'5,0"'1)& /. &5B,&6/$5,@+/0'0:&F04'$&G,)"%$ I2%"2#(J+$K2+>>2

AE%-"#(F2(L.E*2>+>>%.#(+(M+32G$(L3E-"2(!2E+$-4(0$27+.32>N(F+G"2(3>%F2(F2(O#&+.2$M->>-.#>-(@$>+.$#K2-$#"+(P2""#.F(MQR-$$+E-%.>4(@@(E2E"-4(@0LP4(P+$+K2# G2%"2#'&+$K2+>>2SG&#2"'E-& ;TD(:DD5T;;

@$(>*+(%.1#$(>.#$3/-.&#>2-$3(#(G.-<2$G(#>>+$>2-$(23(G27+$(>-(>*+(233%+(-/ (>*+("#$FCE-$3%&+4(#$F(>*+(F23E2="2$+3(-/ ( %.1#$(="#$$2$G(3++&(>-(=.-G.+3327+"U(&-7+(>-<#.F3(3>.#>+G2+3(-/ (.+%3+(#$F(.+EUE"2$G(-/ (+V23>2$G(E-$3>.%E>2-$3'(@$(>*23( 3E+$#.2-4(>*+($%&+.-%3(#1#$F-$+F("#$F3E#=+3(2$(>*+(E-$>+&=-.#.U(E2>2+3(1+E-&+(#(.+3-%.E+(#$F(#(-==-.>%$2>U(/-.(>*+( %.1#$(F+32G$(=.#E>2E+3'( ,Q ,WDO\ RQH ÀQGV D VSHFLÀF NLQG RI WKHVH GLVPLVVHG ZRUNV WKH UHPQDQWV RI WKH /DWH 0RGHUQ ,WDOLDQ DUFKLWHFWXUHV )*+3+(#.+(=%1"2E(1%2"F2$G3(32G$+F(1U(.+$-<$+F(#%>*-.34(1%2">(2$(@>#"U(1+><++$(:DW9(#$F(:DX9(<*2E*(#.+($-<(#1#$F-C QHG IDOOHQ LQWR GLVXVH QHYHU ÀQLVKHG RU LQ WKH YHUJH RI GHPROLWLRQ 7KH SUHVHQFH RI WKHVH PDWHULDOV UDLVHV WKH LVVXH -/ (>*+(&#$#G+&+$>(-/ (>*+3+(.%2$34(#$F(>*+.+/-.+(>*+(+7#"%#>2-$(-/ (>*+(=-3321"+(2$>+.7+$>2-$(3>.#>+G2+3'()*+3+(.+#"2>2+3( .+7+#"(>*+(.+#"($++F3(>-(2&=.-7+(>*+(.+%3+(#$F(.+EUE"2$G(=.#E>2E+34(1->*(2$(>+.&3(-/ (#<#.+$+33(#$F(<2>*(#($+<("+G23"#C >2-$4(#1"+(>-(.+G%"#>+(>*+(-=+.#>2-$3(-$(>*+(+V23>2$G'


!"#$%&'()*+$,#"&-')$&.)+"/%0'1) -2")&"3)#$-"+%$/')4* )-2")04&-"#54+$+6)7+8$&)."'%,& <.-&( =*+( "#3=( =>+$=?( ?+#.3( =*+( 6-$=+&@-.#.?( 6%"=%.#"( 7+1#=+( 3++&3( =-( 3*->( #( 8.->2$8( #==+$=2-$( =-( =*+( WKHPH RI WKH GLVFDUG WKH ZDVWH DQG WKH DEDQGRQHG ERG\ 7KLV FXOWXUDO WHQVLRQ LQYROYHV DOVR WKH À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

V6-"-8?A(>#3=+(723@-3#"A(=*+(%.8+$6?(=-("2&2=(=*+(1%2"72$8(+B@#$32-$(#$7(=*+(.+"#=2J+(%3+(-/ ("#$7(&#K+3(2=( $+6+33#.?(=-(6-$3-"27#=+(#(6%"=%.+(-/ (.+6?6"2$8A(=*#=(K$->3(*->(=-(-.2+$=(=*+(8.->=*(#$7(=.#$3/-.&#=2-$(-/ ( =*+(62=?A(#$7(6-$=.21%=+(=-(#($+>(#>#.+$+33(-/ (=*+(+B23=2$8(*+.2=#8+'

94&-"#54+$+6)+7%&' W2=*2$(=*+(6-$=+&@-.#.?(62=2+3(#(.+#"("#$736#@+(-/ (#1#$7-$&+$=(+&+.8+3(+J+.(&-.+(6"+#."?L(>+(.+/+.(=-(=*+( @.+3+$6+(-/ (1%2"72$83(2$(723%3+(#$7(7236#.7+7(6-$3=.%6=2-$(2$(=*+(J+.8+(-/ (7+&-"2=2-$'(W2=*2$(=*23(36+$#.2-A( LW DSSHDUV LQ ,WDO\ D VSHFLÀF FRQGLWLRQ RI WKHVH UHDOLWLHV WKH UHPQDQWV RI WKH /DWH 0RGHUQ ,WDOLDQ DUFKLWHFN WXUH 3LFWXUH 0DQ\ RI WKH SURMHFWV UHDOL]HG IURP WKH VL[WLHV WR WKH HLJKWLHV RI WKH WZHQWLHWK FHQWXU\ DUH =*+$(=.#$3/-.&+7(2$=-(#.6*2=+6=%.+3($+J+.(6-&@"+=+7(-.($+J+.(%3+7A(#1#$7-$+7(2$(#(J+.?(3*-.=(=2&+(#$7($->( 2$(#(3+.2-%3(6-$72=2-$(-/ (7+6#?'( ,Q PRVW FDVHV WKH\ DUH UHQRZQHG SURMHFWV UHFRJQL]HG DQG DSSUHFLDWHG E\ QDWLRQDO DQG LQWHUQDWLRQDO FULWLF SXEOLVKHG LQ DUFKLWHFWXUDO ERRNV DQG MRXUQDOV 8QÀQLVKHG RU À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`#&-$aA(=*+()*47"6*(E14/"(Q;XS9U(1?(]2-.82-(].#332(#$7(C$=-$2-(G-$+3=2.-"2A(=*+(>1*3"+( $34+23(2$(]21+""2$#(Q;XT:NF:;:U(1?(_%7-J26-(b%#.-$2A(=*+(F"+<.6,&()'($+./*101+1(Q;XT^N;XTXU(1?(C"7-(I-332( #$7(]2#$$2(c.#8*2+.2A(=*+(@,&,/81+*($,6*G(Q;XTSN;XXFU(1?([2==-.2-(].+8-==2(Q!26=%.+(FU' W*#=(*#3(2$6.+#3+7(=*+(#==+$=2-$(-$(=*23(32=%#=2-$3(*#J+(1++$(=>-(/%$7#&+$=#"(#$7(6-&&-$(#3@+6=3(-/ (#""( =*+(+4.6/(LGHQWLÀHG WKH\ DOO EHORQJ WR WKH VDPH KLVWRULF FXOWXUDO FRQWH[W DQG WKH\ DOO DUH DUFKLWHFWXUHV VLJQHG 1?(.+$->$+7(7+328$+.3'( 7KH ÀUVW IDFWRU UHYHDOV WKDW DOO RI WKH ZRUNV DURVH LQ WKH VDPH \HDUV LQ D VSHFLÀF PRPHQW RI DUFKLWHFWXUDO SURGXFWLRQ FKDUDFWHUL]HG E\ D WKUXVW WR ÀQG DQ LGHQWLW\ DQ ?*,&.,6(;,%(>2=*2$(=*+(6.2323(-/ (=*+("#3=(@*#3+(-/ ( 0RGHUQLVP ,Q WKH UHVHDUFK WZR WHPSRUDO UHIHUHQFHV DUH LGHQWLÀHG WKDW GHÀQH FKURQRORJLFDOO\ DQG FXOWXN .#""?(=*+(@+.2-7(2$(+B#&2$#=2-$L(=*+($%&1+.(FY;(-/ (d5#3#1+""#e(-/ (;X9;(>2=*(=*+(+72=-.2#"(?&(8,//1(7,(0,+"( ;( I+N6?6"+'(`=.#=+82+(@+.("f#.6*2=+==%.#A("#(62==aA(2"(@2#$+=#A(+72=+7(1?(!2@@-(52-..#A(GCHHD(G%3+%&A(I-&+A(E+6+&1+.( F:;;NC@.2"(F:;F

9:(4(;:;

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


1<(=.$+3>-(?#>*#$(@-8+.3A(#$7(!"#$%&'&()"#*&+#$"''",- WKH ÀUVW .&(/0&#1%02/,&0,3%&#4/&(("+&A(6%.#>+7(1<(!#-"-( !-.>-8*+32(2$(:BC;'( )*+(3+6-$7(#3D+6>(6-$6+.$3(>*+(#%>*-.3*2D(-/ (>*+3+(.%2$3A(>*+(/#6>(>*#>(>*+(&#3>+.3(-/ (>*-3+(<+#.3(D.-7%E 6+7(3%6*(5"(63&(#.6*2>+6>%.+'()*23(/#6>-.(.#23+3(>*+(F%+3>2-$(-/ (>*+(G#"%+(-/ (>*+(1+F%+3>(>*#>(>*23(6%">%.#"( &-&+$>A(.+$-H$+7(/-.(2>3(6-$>.21%>2-$3(2$(>*+(2$>+""+6>%#"(3D*+.+A(H#3(#1"+(>-(82G+(>-(/%>%.+(8+$+.#>2-$3(2$( >+.&3(-/ (.+#"(#$7(/%$6>2-$#"(3>.%6>%.+3' 7R WKLV LV DGGHG WKH VKHHU QXPEHU RI UXLQV LGHQWLÀ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ÀQLVKHG )*+(6-$72>2-$(-/ (2$6-&D"+>+$+33A(7%+(>-(G+.<(72//+.+$>(.+#3-$3A(D.+G+$>+7(>*+3+(H-.N3(>-(1+(%3+7(#$7(>-( 1+82$(>*+2.("2/+(6<6"+A(#$7(>*+$(1"-6N+7(#$<(/%.>*+.(7+G+"-D&+$>'(I2>*2$(>*+(3+"+6>+7(#.6*2>+6>%.+3(H2""(#"3-( SODFH WKRVH ZKLFK RQFH ÀQLVKHG VWDUWHG WKHLU OLIH F\FOH EXW YHU\ TXLFNO\ IHOO LQWR GLVXVH 7KH UHDVRQV IRU #1#$7-$&+$>(#.+(G#.2+7A(1%>(2$(&-3>(6#3+3(>*23(6-$72>2-$(H#3(6#%3+7(1<(>*+(/%$6>2-$#"(6-$$->#>2-$(-/ (>*+( EXLOGLQJ ZKLFK LV SURMHFWHG LQ YHU\ ULJLG VWUXFWXUHV ERWK VSDWLDOO\ DQG LQ WKH PDWHULDOV 2QFH VWRSSHG WKH %3+(/-.(H*26*(>*+<(H+.+(7+328$+7A(H-.N3(#3(>*+(>?>!#2-+/*"@#0"57#1<(O+(5#."-(-.(>*+(A"%02/-(*/#B(',/,3,&(1<( 9LJDQz KDYH IDOOHQ LQWR GLVXVH DQG ZHUH DEDQGRQHG LQ WKH OLJKW RI WKH GLIÀFXOW\ RI DGDSWLQJ WKH VWUXFWXUHV >-($+H(%3+3(#$7(->*+.(7+3>2$#>2-$3' I2>*2$(G+.<(72//+.+$>(1#6N8.-%$73A(>*+(3>-.2+3(-/ (>*+3+(H-.N3(*28*"28*>(3-&+(6-&&-$(/+#>%.+3(><D26#"(-/ ( WKH GHVLJQ WKLQNLQJ LQ WKDW PRPHQW WKDW LQ SDUW KDYH LQÁXHQFHG WKH IDWH RI WKHVH IDPRXV DUFKLWHFWXUHV )*+2.(6%..+$>(6-$72>2-$(&-G+3(>-(.+6-$3>.%6>(>*+(6#%3+3(#$7(.+#3-$3(>*#>("+7(>-(3%6*(7+328$(D.-7%6>2-$A( #$7(>-(D"#6+(3%6*(&#>+.2#"3(2$(>*+(6-$>+&D-.#.<(%.1#$(36+$#.2-3'

!"#$%&' %()(*+ )*+3+(.+&#2$3(-/ (#.6*2>+6>%.+3(H+.+(7+328$+7(1<(>*-3+(5"',&%'(H*-(2$3D2.+7(>*+(6%">%.#"(7+1#>+(1+>H++$(>*+( J2P>2+3(#$7(>*+(=28*>2+3'(Q+82$$2$8(2$(>*+(:B9;3(%.8+$6<(/-.(#(8"-1#"(.+$+H#"(3D.+#73(2$(R>#"<A(H*26*(3++N3( >-(&-72/<(>*+(6%..+$>(6-$72>2-$3(2$(D-"2>263A(+6-$-&263(#$7(6%">%.+'(S.6*2>+6>%.+(8#>*+.3(>*+(*-D+3(#$7( LOOXVLRQV RI WKHVH VWURQJO\ XWRSLDQ SURMHFWLRQV 7KH SODQ WKH SURJUDP DQG WKH GHVLJQ EHFRPH GHYLFHV WKDW SUHÀ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Á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ÀFXOW LQ WKH DUFKLWHFWXUH RI WKDW SHULRG 7KHVH ZRUNV PDQLIHVW WKHPVHOYHV DV PRQDGV IRUJRWWHQ REMHFWV LQ WKHLU LVRODWLRQ GLVWDQW IURP WKH ÁRZ RI WUDIÀF DQG RIWHQ IURP WKH FRQVROLGDWHG XUEDQ IDEULF ,Q PRVW FDVHV WKH ZRUNV DUH ORFDWHG RQ WKH RXWVNLUWV

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

9:(4(:;:


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ÁHFWLRQ RQ WKH ODQJXDJH DQG WKH VHPLRWLFV EHFRPHV VWDUWLQJ IURP V WKH FHQWHU RI WKH FXOWXUDO GHEDWH DQG LQYROYHV WKH À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ÀFXOW WR PDLQWDLQ 7KHVH SURMHFWV ZHUH VLJQHG E\ WKH VDPH DXWKRUV WKDW KDYH DQLPDWHG WKH FXOWXUDO GHEDWH DW D VSHFLÀF VHDVRQ -/ (M=#"2#$(#.6*2=+6=%.+(#$7(#=(=*+(3#&+(=2&+(=*+>(#@@+#.(#3(.+&#2$3?(6-$6.+=+(3L+"+=-$3?(.%2$3(B2=*-%=(%3+(#$7( FRQQRWDWLRQ ZKLFK DUH QRZ D GLIÀFXOW SUREOHP WR EH VROYHG LQ WKH PDQDJHPHQW RI FLWLHV N#$>(-/ (=*+(3=.%6=%.+3(*#A+(6-&+(=-(=*+(#==+$=2-$(-/ (=*+(F%@.2$=+$7+$6+?(#$7(=*%3(*#A+(#A-27+7(723=-.=2-$3( #$7(7+&-"2=2-$3'(N#$>(#@@+#"3(#$7(6#&@#28$3(*#A+(1++$(%$7+.=#L+$(=-(1.2$8(#B#.+$+33(=-(=*23(233%+(-1=#2I $2$8?(2$(&#$>(6#3+3?(=*+(@.-=+6=2-$(.+V%+3=+7?(2$(A2.=%+(-/ (=*+(*23=-.26#"(.+6-8$2=2-$(#$7(/#&+(#==.21%=+7(=-(

9:(4(;<;

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


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ÀFDWLRQ RI HYHQWV RQ ZKLFK RQH ZULWHV WKH SUHVHQW KLVWRU\ M2=*(=*+(=#3?(-/ (.+K%3+(23("2&2=+7(2$=+.A+$=2-$3(-$(=*+(+J23=2$8(#$7(>-.?2$8(2$(#$7(#.-%$7(=*+(3=.%6=%.+@( EXLOGLQJ WKH QHWZRUN RI UHODWLRQVKLSV ÁRZV DQG G\QDPLFV WKDW FDQ UHVWRUH D VHQVH RI WKH EXLOGLQJ DQG RSHQ #(72#"-8%+(>2=*(=*+(62=C'()*+(B.-3B+6=(-/ (.+6C6"2$8(>-.?(-B+$3(%B(B.-3B+6=3(/-.(.+6C6"2$8(#$7(.+%3+(-/ (3B#K 6+3@(2/ (B-3321"+@(>2=*(&2$2&#"(#$7("2&2=+7(%3+(-/ (.+3-%.6+3'()*23(?2$7(-/ (-B+.#=2-$(>-.?3(2$(#$7(#.-%$7(=*+( H[LVWLQJ VWUXFWXUH EXLOGLQJ D QHWZRUN RI UHODWLRQV ÁRZV DQG G\QDPLFV RI XVH DEOH WR JLYH D PHDQLQJ WR WKH 1%2"72$8(#$7(B+.&2==2$8(2=(=-(*#A+(#(72#"-8%+(>2=*(=*+(62=C'( N=(=*+(+"+A+$=*(+72=2-$(-/ (=*+(>#$%&02$01#".*?&2((&".(2$(O+$26+@(2$(P<<Q@(#3(B#.=(-/ (=*+(+J*212=2-$(95@0".&"*$2#$"* $"/"@(3=#8+7(#=(=*+(@0".&"(*="A&.&'(@(=*+(3=%72-(>.4'#&(B.+3+$=3(7$';'/0#'*>))';/0&$"0'@(#(.+%3+(B.-B-3#"(/-.(=*+( XQÀ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ÀK $+7@(#$7(=*+.+(23(#(128(%$6+.=#2$=C(-/ (7+#"2$8(>2=*(-.72$#.C(&#=+.2#"3@(=-(1+(-B+.#=+7(1C(.+6C6"2$8(B.#6=26+3( >2=*-%=( =--( &%6*( .+3B+6=( /-.( =*+( -.282$#"@( -.( .#=*+.( 7+#"2$8( >2=*( #1#$7-$+7( #.6*2=+6=%.+@( 2$( 723%3+@( 1%=( 3-&+*->(/#&-%3(#$7(=*+.+/-.+(%$=-%6*#1"+'

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

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

9:(4(;<;


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À[HG REMHFW GHÀQHG DQG UHVROYHG LW LVQ·W D FRQFOXGHG ZRUN ZKLFK EHDUV D VLJQDWXUH WKDW DWE >.21%>+3(&+.2>C(1%>(.#>*+.(1+6-&+3(#(7+=26+C(#$(-$8-2$8(A.-6+33(>*#>(7-+3($->(.+=+#"(>*+(#%>*-.3*2A(-/ (>*+( #.>2/#6>(1%>(>*+(2$>+""28+$6+(-/ (>*+(.+6B6"2$8(#$7(.+%3+(3>.#>+82+3(>*#>(8%#.#$>++(>*+2.(3%.=2=#"' )*+(J>#"2#$(.+&#2$3(-/ (>*+(L#>+(M-7+.$(.+A.+3+$>(#$(+@>.+&+"B(6-&A"+@(#$7(&+#$2$8/%"(A.+3+$6+'(N=2E 7+$6+(-/ (#(.+6+$>(A#3>C(?*26*(3>2""(3%.=2=+3(2$(>*+(A.+3+$>(&-&+$>C(>*+3+(&#>+.2#"3(A.-=27+(.+3-%.6+3(#$7( -AA-.>%$2>2+3(/-.(>*+(A.-6+33+3(-/ (8.-?>*(#$7(>.#$3/-.&#>2-$(-/ (>*+(62>B'()*+2.(#&128%2>B(&#D+3(A#.>26%E "#."B(6-&A"+@(>*+(+=#"%#>2-$(-/ (>*+(A-3321"+(2$>+.=+$>2-$(3>.#>+82+3C(#$7(2>(#"3-(&#D+3(+=+$(&-.+(+=27+$>(>*+( $++7(/-.(A.#6>26+3(-/ (.+%3+(#$7(.+6B6"2$8(-/ (>*23(A#>.2&-$B(2$(723%3+'(O2=+$(>*23(36+$#.2-C(>*+3+(.+&$#$>3( -/ (#.6*2>+6>%.+(*28*"28*>(>*+(%.8+$>($++7(/-.(#(.+=23+7("+823"#>2-$C(>*#>(6#$(.+8%"#>+(#$7(2&A"+&+$>(>*+(>--"3( #$7(D$-?"+78+(2$(>*+(3>.#>+82+3(-/ (>*+(6-$>+&A-.#.B(7+328$(>*#>(?-.D(?2>*(+@23>2$8(&#>+.2#"3'

'#()"%*+(4(M#A(-/ (/#&-%3(#.6*2>+6>%.+3(.+#"2H+7((2($(J>#"B(/.-&(>*+( 32@>2+3(>-(>*+(+28*>2+3(-/ (>*+(>?+$>2+>*(6+$>%.B(#$7($-?(#1#$E 7-$+7(#$7(2$(723%3+'

9:(4(;<;

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


!"#$%&'((4()*+($2$+(#.6*2=+6=%.+3(3+"+6=+7(>2=*2$(=*+(?=#"2#$("#$736#@+(-/ (6-$=+&@-.#.A(.%2$3'

!"#"$"%&"'( 52-..#(!'B(C#.2$2(D'B(EF<;;G()&*+,+-&.'/0%10&#"&'2&%'-31%+4"0&00$%15'-1'+"006B'"-'2"17&01B(C2"#$-B(C-$7#7-.2(H"+6=#' I21+""2(C'5'B(D#"J#$-(H'B(EF<<9G(89':2%1;-<'2&%+4='>'7&+&::1%"9'+970%9--1%&'-1'?":2&%:"97&'$%@171'&'"-'+97:$A9'?"':$9-9B(K2L .+$J+B(M"2$+#' C#.2$2(D'EF<<NG(B%+4"0&00$%1'21%1::"01.'/0%10&#"&'?"'%"+"+-1##"9'2&%'-1'+"006B(C#6+.#=#B(O%-7"21+=' C#.2$2(D'EF<;<G(8$9C&'D&%%&B(C#6+.#=#B(O%-7"21+='

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

9:(4(;<;



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

?"@,&'$(&A,%,$,0'5"/$B& ?,@+/0'0:&A,9),&"$&!/)5&C+'*,) I"#72#(J+(K2.-"#&-

'LSDUWLPHQWR GL $UFKLWHWWXUD H 3LDQLÀFD]LRQH !-"2>+E$2E-(F2(L2"#$-4(+(&#2"(.#//#+"+'=+M=-"2&2'2> )+"(N;D(95'5;DD'OP998/#Q(N;D(95'5;DD'OP;O

@$( >*+( E%..+$>( /.#&+<-.R( -/ ( F2G2>#"( >+E*$-"-G2+3( /-.( #.E*2>+E>%.+( #$F( %.1#$( F+32G$4( >*+( /-""-<2$G( +33#S( T%+3>2-$3( WKH À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ÀFLHQW XVH RI WKH DYDLODEOH VSDFH HVSHFLDOO\ WKH RQH QRW FRQFHSWXDOL]HG RU OHIWRYHU 7KH SURMHFW EHFRPHV WKHQ D FKURQRJUDSK\ -/ (>*+(F2//+.+$>(>+&=2(-/ (>*+(="#E+34(#""-<2$G(&%">2="+(3E+$#.2-3(-/ (%3+(#$F(E-$7+.32-$(-/ (E*-3+$("-E#>2-$3(E-%="+F( <2>*(=*S32E#"(-=+.#>2-$(-/ ("#$F3E#=+(F+32G$(#$F(>+..2>-.2#"(>.#$3/-.&#>2-$'


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À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ÀQLWLRQ RI VXFK DUHDV LV GLVFXVVHG 7KLUGO\ WKH SDSHU SUHVHQWV DQ RYHUYLHZ RI B#.@26%"#.">(2$@+.+3@2$8(+X#&B"+3(-/ (%3+3(#$7(B.#6@26+3(1>(&+#$3(-/ (3-&+(6#3+(3@%72+3(3-(#3(@-(*28*"28*@(@*+( ÁRXULVKLQJ RI WHPSRUDU\ XUEDQLVP

*"&+$,-."./+&,01.(+23,4,56+%$+#)(.7,411$%.(6 6LQFH ZKHQ IRU WKH ÀUVW WLPH 7UDQFLN VWXGLHG D SDUWLFXODU NLQG RI XQGHU PDQDJHG VSDFHV &DUPRQD WKH VR FDOOHG ORVW VSDFH PDQ\ UHVHDUFKHV VWDUWHG WR GHHSHQ WKH VXEMHFW DQG SURYLGHG PDQ\ GHÀQLWLRQV #$7(3%88+3@+7(3+?+.#"(2$@+.B.+@#@2-$3(3%6*(#3("--3+C("2&2$#"C(?#6#$@C(2$K1+@A++$C(@.#$32@2-$#"C(2$7+@+.&2$#@+7C( /.++C($+8"+6@+7(3B#6+3' ,Q PRVW FDVHV ZKLOH DGGLQJ VRPH VOLJKW VHPDQWLF GLIIHUHQFHV WKHVH GHÀQLWLRQV KDYH FRQWULEXWHG WR LQFUHDVH FRQIXVLRQ DERXW WKH VXEMHFW $W WKH VDPH WLPH WKHVH GHÀQLWLRQV KDYH WRXFKHG XSRQ WKH GHWDLOV DQG LQ VRPH A#>3C(*#?+(6-$327+.+7(-$">(@*+(6#%3+3(#$7(6*#$8+3(#@(@*+(1#323(-/ (@*+(B*+$-&+$-$' N-A+?+.C( +&B*#323( 3*-%"7( 1+( B"#6+7( $-@( -$">( -$( @*+( 6#%3+3( A*26*( 8+$+.#@+( "-3@( 3B#6+3'( W-""-A2$8( @*23( +X@+$32?+(#$#">323(-/ (@*+(6#%3+3C(2@(23($-A(%3+/%"(@-(/-6%3(-$(A*#@(6#$(1+(&#7+(-/ (3%6*(3B#6+3C($#&+">(@*+2.( B-@+$@2#"3(#$7(-BB-.@%$2@2+3(/-.(.+8+$+.#@2-$(@*+>(-//+.(@-(@*+(6-$@+&B-.#.>(62@>'( ,Q WKLV ÀUVW SDUW WKH FRQWULEXWLRQ DLPV DW LGHQWLI\LQJ WKH PXOWLIDULRXV GHÀQLWLRQV DQG DW RUJDQL]LQJ WKHP VR @*#@(@*+>(6#$(1+(1+@@+.(%$7+.3@--7(2$(.+"#@2-$(@-(@*+(.+3+#.6*Y3(*>B-@*+323' D(*%8+("2@+.#@%.+(+X23@3(#.-%$7(@*+(B*>326#"(7+6"2$+(-/ (3B#6+3(#$7(?#.2-%3(#%@*-.3(*#?+(7236%33+7(@*+(B.-K 1"+&(-/ (%$7+.(&#$#8+7(3B#6+3' 7UDQFLN ÀUVW XVHG WKH WHUP ORVW VSDFHV WR GHVFULEH ©VSDFHV WKDW DUH LQ QHHG RI UH GHVLJQ DQWL VSDFHV PDNLQJ $-(B-32@2?+(6-$@.21%@2-$(@-(@*+(3%..-%$73(-.(%3+.3Z(F).#$62EC(;H:9I(B'([UI(+X#&B"+3(-/ ("-3@(3B#6+3(#.+P \@*+(1#3+(-/ (*28*K.23+(@-A+.3(-.(%$%3+7(3%$E+$(B"#O#3C(B#.E2$8("-@3C(@*+(+78+3(-/ (/.++A#>C(@*#@($-1-7>(6#.+3(#1-%@( &#2$@#2$2$8C(#1#$7-$+7(A#@+./.-$@3C(@.#2$(>#.73C(?#6#@+7(&2"2@#.>(32@+3C(#$7(2$7%3@.2#"(6-&B"+X+3C(7+@+.2-.#@+7(B#.E3(#$7( PDUJLQDO SXEOLF KRXVLQJ SURMHFWVª 7UDQFLN S

9:(4(;<;

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


!"#$%&'('4(=-&+>(#$(+?#&@"+(-/ ("-3A(3@#6+

(

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ÀOOHG YDFDQW VSDFH ZLWK WUDVK DQG KXPDQ ZDVWHª /RXNDLWRX 6LGHULV S )*+(6-$6+@A(-/ ("-33(E#3(7++@"F(#$#"F3+7(1F(Q.#$6K(#$7(NA+D+$3(HR<<9I'(=+/+..2$8(A-(#(6-$6+@A(7+D+"-@+7( 1F(N-&&+.(H;:STIC(Q.#$6K(#$7(NA+D+$3(#@@"2+7(A*+(6-8$2A2D+(6#A+8-.F(-/ ("--3+$+33(A-(%.1#$(@%1"26(3@#6+3C( GHÀQLQJ WLJKW VSDFHV DV DOORZLQJ D W\SH RI UHJXODU JUDQWHG DQG SODQQHG XVH DQG ORRVH VSDFHV RIIHULQJ SRVM 3212"2A2+3(/-.(72//+.+$A(#6A2D2A2+3C(%$.+"#A+7(A-(A*+(-.282$#"(7+328$+7(@%.@-3+(/-.(#(@#.A26%"#.(3@#6+' 7KLV LQWHUSUHWDWLRQ LQWURGXFHV WKH VRFLDO DFWRUV DQG XVHUV DQG VXJJHVWV D UHÁHFWLRQ RQ WKH DFWLRQ ©,W·V SHRM SOH·V DFWLRQV ZKLFK PDNH D VSDFH ORRVH ZLWK RU ZLWKRXW RIÀ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ÁLFW /RRVH XVH RI XUEDQ VSDFH RIWHQ

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

9:(4(;<;


3*-<3(=+-="+>3(6-$362-%3(.+#6?2-$(#8#2$3?(.%"+3@(+A=+6?#?2-$3(#$7(6-$3?.#2$?3'B(CD.#$6E@(F?+G+$3@(H::IJ(='(HIK'

L66-.72$8"M@(!#8#$-(#$7(N-<&#$(CH:::K(7+36.21+7(?*+("--3+$+33(-/ (G#6#$?("#$7(#3(+$G2.-$&+$?#""M(6-$?#O &2$#?+7("#$7@(?.#3*+7("-?3(#$7(#1#$7-$+7(1%2"72$83P( Q?*+(6-&&-$(7+328$#?2-$(-/ (G#6#$?("#$7(-/?+$(.+/+.3(?-(&#$M(72//+.+$?(?M=+3(-/ (%$%?2"2R+7(-.(%$7+.%?2"2R+7(=#.6+"3( O( =+.2&+?+.( #8.26%"?%.#"( -.( %$6%"?2G#?+7( "#$7J( .+6+$?"M( .#R+7( "#$7J( 7+.+"26?( "#$7J( "#$7( <2?*( #1#$7-$+7( 1%2"72$83( #$7( VWUXFWXUHV EURZQÀHOGV JUHHQ ÀHOGVª 3DJDQR %RZPDQ S

WKH\ DUJXHG WKDW WKH EODPH IRU FUHDWLQJ YDFDQW ODQG OLHV VTXDUHO\ ZLWK WKH LQÁXHQFH RI PDUNHW IRUFHV ZKDW E2$7(-/ (?#A(?*23(3=#6+3(.+"M(-$@(<*+?*+.(=.-=+.?M@(3#"+3@(-.(2$6-&+K' +RZHYHU QRW DOO DXWKRUV DUH FULWLFDO RI WKHVH XQGHU PDQDJHG VSDFHV IRU H[DPSOH +DMHU DQG 5HLMQGRUS ZKHQ GHVFULELQJ WKH LQ EHWZHHQ VSDFHV &OHPHQW LQ GHÀQLQJ WKH GqODLVVq DQG :RUSROH DQG .QR[ LQWURGXFLQJ WKH 3"#6E(3=#6+3@(6"#2&+7(?*#?(?*23(E2$7(-/ (%.1#$(3=#6+3(Q6#$(#"3-(#6?(?-(1.2$8(?-8+?*+.(723=#.#?+(#6?2G2?2+3@(-66%O =2+.3(#$7(6*#.#6?+.3(2$(#(&#$$+.(?*#?(6.+#?+3(G#"%#1"+(+A6*#$8+3(#$7(6-$$+6?2-$3B(C5#.&-$#@(H:;:J(='(SSK' !"#$ ;T9S ;TVI ;TTI ;TTI H::: H::; H::H H::^ H::_ H::_ H::9 H::9

%&'()$ F-&&+. ).#$62E W-%E#2?-%OF27+.23 F-"XOY-.#"+3( !#8#$-([(N-<&#$ +DMHU 5HLMQGRUS ]2+"3+$ W#(Z#..# 5"`&+$? *URWK &RUMLQ c-.=-"+([(d$-A D.#$6E([(F?+G+$3

!"#$%&'(4(L$(-G+.G2+<(-$(%$7+.(&#$#8+7(3=#6+3

'HÀQLWLRQ )28*?(F=#6+@(U#.7(F=#6+ W-3?(F=#6+ 5.#6E3(2$(?*+(52?M )+..#2$(Z#8%+ Z#6#$?(W#$7 \$(N+?<++$(F=#6+ 6XSHUÁRXV /DQGVFDSH !-3?O2?(52?M a`"#233b \$7+?+.&2$#?+7(F=#6+ F"#6E(F=#6+ W--3+(F=#6+

2YHU WLPH WKH VXEMHFW GHYHORSHG PRUH WDVVRQRPLF LQWHUSUHWDWLRQV PDQ\ FULWLFDO DQDO\VLV HODERUDWHG ZLWKLQ ?*+(D.+$6*(3-62-(O(#$?*.-=-"-826#"(.+3+#.6*+3(CL%8b@(H::V@(H::TK(*#G+(6-$?.21%?+7(?-(2$6.+#3+(?*+(2$?+.+3?( 2$(%$7+.(&#$#8+7(3=#6+3' (

*+,"-%./-01#2"7KHVH DQDO\VHV QHHG D EURDGHU GHÀ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ÀQLWLYH WUDQVIRUPDWLRQ LQ VRPHWKLQJ QHZ IURP XQGHU PDQDJHG WR RYHU PDQDJHG /.-&("-3?(?-(/-%$7K' 5HIHUULQJ WR ZKDW WKH 1HZ <RUN 6WDWH 'HSDUWPHQW GHÀQHG DV ´RSSRUWXQLWLHV ZDLWLQJ WR KDSSHQµ "-3?(3=#6+3(2$(?*+(6-$?+&=-.#.M(%.1#$(/.#&+<-.E(6#$(1+(7+36.21+7(#3(/%$6?2-$"+33(#$7(&+#$2$8"+33(3=#6+3P( 2$(-?*+.(<-.73@(+&=?M'()*23("+#73(?-(?*+(/-""-<2$8(*M=-?*+323P(2/ ("-3?(3=#6+3(#.+(e*-"+3f(2$(?*+(&#=3(CZ#33+?@( H::9K@(G-273(<2?*2$(?*+(%.1#$(/#1.26(+&=?M(-/ (&+#$2$8@("#6E2$8(6"+#.(/%$6?2-$3@(<*+.+(?2&+(3++&3(?-(*#G+( 3?--7(3?2""@(?*+M(#.+(3=#6+3(<*26*("2+(2$(<#2?(/-.(3-&+?*2$8'(U-<(6#$(%.1#$(="#$$2$8(C/-.&#"(-.(2$/-.&#"( ="#$$2$8(#6?2-$3K(#==.-#6*(?*23(=+.3=+6?2G+g(Y#M1+(6-$327+.2$8(?*+3+(3=#6+3(#3(-==-.?%$2?2+3(?*#?(="#$$2$8(

9:(4(;:;

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


*#3(<-(.+6-8$2=+(#$7(7+>+"-?@(2$(#$(%.1#$(.+8+$+.#<2-$(?-2$<(-/ (>2+A'(B$(%.1#$(?"#$$2$8(#$7(7+328$(<*+.+( *#3(1++$("2<<"+(#$#"C323(-/ (<*23(#3?+6<D(<+&?-.#.2$+33(#$7(2&?+.&#$+$6+(#.+(.#.+"C(>2+A+7(#3(E+C(6-&?-$+$<3( -/ (8.-A<*(#$7(.+8+$+.#<2-$' 7KH UHVHDUFK DQDO\VHV WZR JDSV WKH ÀUVW EHWZHHQ WKH WLPH EHIRUH DQG WKH WLPH DIWHU WKH FKDQJH DQG WKH 3+6-$7(-$+(1+<A++$(<*+(3?#<2#"(&-.?*-"-8C(#$7(<*+(/%$6<2-$#"(3<#$73<2""' B<F3($-<(#1-%<(/+#.(-/ (+&?<C(3?#6+3@(!"##"#$%&'() RU SHGDQWLF QHHG WR GHVLJQ DQG ÀOO WKH JDSV LQ WKH FLW\ EXW -$"C(#($+A(A#C(<-(<#E+(<*+(6-$<+&?-.#.C(-??-.<%$2<2+3'

!"#$%&'&()"**+,)-+!"#$%&'&.+/0"12*"* G#3+7(-$(<*+(#/-.+&+$<2-$+7(7236%332-$@(<*+(&#2$(.+3+#.6*(H%+3<2-$(23I(J*-A(6#$(<+&?-.#.2$+33(1+6-&+(#$( -??-.<%$2<C(/-.(<*+(.+8+$+.#<2-$(-/ (&#**$)+,*#%&--""µ 7KH WHUP WHPSRUDULQHVV GHQRWHV D ÀQLWH SHULRG RI WLPH ZLWK D GHÀQHG EHJLQQLQJ DQG D GHÀQHG HQG LQ WKLV SHULRG VRPH DFWLYLWLHV DQG VRPH XVHV DUH SHUIRUPHG )*+C(6#$(1+(/-.&#"(-.(2$/-.&#"@("+8#"(-.(2""+8#"@(?"#$$+7(-.(%$?"#$$+7'(G%<(#""(-/ (<*+&(#.+(2&?+.&#$+$<' ©:KDW DUH WKHVH VSDFHV ORFDWLRQV DQG XVHV WKDW DUH GHÀQHG E\ WHPSRUDOLW\" 7HPSRUDU\ VSDFHV RSHQHG XS E\ WHPSRUDU\ SURMHFWV ZKHWKHU WKH\ DUH SURGXFHG E\ HFRQRPLF RU DHVWKHWLF XUEDQ SODQQLQJ FXOWXUDO UHDVRQV RU VLPSO\ E\ D GHVLUH WR XVH VRPHWKLQJ « 7KH\ DUH QRW HPSW\ WKH\ DUH VFUHHQV RQWR ZKLFK VRPHWKLQJ LV SURMHFWHG EXW WKH\ DOUHDG\ FRQWDLK QHG LQIRUPDWLRQ EHIRUHKDQG « 7KH FKRLFH RI ORFDWLRQV LV LQ SDUW UDQGRP DQG LQ SDUW GHOLEHUDWH EXW LW KDV VSHFLÀF +//+6<3(-$(<*+3+(?"#6+3'L(MN#C72$@()+&+"@(O;;9D(?'(PQR

)URP WKLV VSHFLÀF SRLQW RI YLHZ DQG UHIHUULQJ WR %LVKRS DQG /HVOH\ +D\GLQ DQG 7HPHO DQG ,QWL LW LV SRVVLEOH WR GHÀQH WKUHH EURDG DQDO\WLFDO FDWHJRULHV WR XQGHUVWDQG WHPSRUDULQHVV :'( 6%"<%.+(#$7(6-%$<+.6%"<%.+D O'( #6<2>23&(#$7(6-&&%$2<C(%3+D( S'( 723-.7+.(#$7(%$.+3<' 7KH À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ÀQDQFLDO RSSRUWXQLWLHV EHFDXVH 3%??-.<2$8(#.<3(#$7(6%"<%.+(23(3%??-.<2$8("-6#"(+6-$-&26(#$7(3-62#"(.+7+>+"-?&+$<D(<*+(6#3+(-/ (V#(5*#?+""+K W<#"2$8.#7(2$(!#.23(23(#$(+X#&?"+(-/ (6-""#1-.#<2-$(1+<A++$(?%1"26(#7&2$23<.#<2-$(#$7(6.+#<2>+(&2"2+%' V#(5*#?+""+KW<#"2$8.#7(23("-6#<+7(#<(<*+(/.-$<2+.(-/ (<*+(:Y<*(#$7(:Q<*(723<.26<@(+$6"-3+7(1+<A++$(Z#.+(7%( [-.7(.#2"A#C3(#$7(Z#.+(7+("F\3<(-$+3'()*23($+28*1-.*--7@(+>+$(2/ (2<(23(#(?#.<(-/ (<*+(6+$<.#"(62<C@(6-$327+.+7( #3(#$(-%<"C2$8(#.+#@(A#3(6*#.#6<+.2=+7(1C(3+>+.#"(+&?<C(#$7(7+.+"26<(3?#6+3'(]#$C(-/ (<*+&(A+.+(3H%#<<+7(#$7( 1+6#&+(#(.+#"(?.-1"+&(/-.($+28*1-.3@(#%<*-.2<2+3(#$7("#$7"-.73'(N-A+>+.@(3-&+(-/ (<*+(+&?<C(3?#6+3(A+.+( -66%?2+7(1C(#.<23<3'(B$(O;;:(<*+(?%1"26(#%<*-.2<2+3(M2<(23(2&?-.<#$<(<-(%$7+."2$+(<*#<(2$(O;;:(#(?-"2<26#"(3*2/<( -66%..+7(#<(<*+(!#.23(62<C(6-%$62"'(^/<+.(OP(C+#.3(-/ (6-$3+.>#<2>+3(3%?.+&#6C@(<*+($+A(+"+6<+7(&#C-.@(G+.K <.#$7(_+"#$-`@(A#3(#(&+&1+.(-/ (<*+(W-62#"23<(!#.<CD(<*23(?-"2<26#"(<%.$(A#3(<.#$3"#<+7(2$<-(#($+A(%.1#$(?-K OLF\ GHFLGHG WR PDNH D GHDO ZLWK WKH FUHDWLYH PLOLHX RI WKH DUHD WKURXJK D VSHFLÀF DJUHHPHQW RI WHPSRUDU\ XVH 1RQ SURÀW RUJDQL]DWLRQV 1*2V DQG DUWLVWV FRPPXQLWLHV ZHUH DXWKRUL]HG WR VHWWOH GRZQ LQ WKH HPSW\ #.+#3'()*+(-66%?#<2-$@(/.++(-/ (6*#.8+(#$7("+8#"@(A#3(+3<#1"23*+7(1C(#(<+&?-.#.CK.+%3+(6-$<.#6<'(N-A+>+.@( <*23(23($-<(<*+(-$"C(+X#&?"+(A*+.+(<*+("-6#"(#%<*-.2<2+3(6-&12$+7(<+&?-.#.2$+33(#$7(.+8+$+.#<2-$'(B$(V-$K 7-$@(A*+.+(<*+(3"#E+(3?#6+(&->+&+$<(A#3(1-.$@(<*+(^.<(5-%$62"@(<*+(V-$7-$(_+>+"-?&+$<(^8+$6C(#$7( <*+(5B_^(a(5%"<%.#"(B$7%3<.2+3(_+>+"-?&+$<(^8+$6C(#2&(<-(<#E+(<*+(-??-.<%$2<2+3(-/ (<*+(+&?<C(3?#6+3(/-.( 6%"<%.#"(#$7(6.+#<2>+(M.+R%3+3'(^(32&2"#.(+X?+.2+$6+(23(/-%$7(2$(^&3<+.7#&(A2<*(<*+(G%.+#%(G.-+7?"##<3+$@(

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

9:(4(:;:


D SXEOLF RIÀ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

)*+(3+6-$7(6#>+8-.@(.+/+.3(>-(#6>2C23&(#$7(6-&&%$2>@(%3+3'()*23(G2$7(-/ (>+&?-.#.@(%3+3(23(-/>+$(?.-&->+7( 1@(#33-62#>2-$3E(8.-%?3(-/ (62>2U+$3(#$7("-6#"(-.8#$2U#>2-$3(2$(-.7+.(>-(.+%3+("2>>"+(+&?>@(%.1#$(3?#6+3'(F-.( H[DPSOH FRPPXQLW\ JDUGHQV DQG FRPPXQLW\ UHFUHDWLRQ SURMHFWV WU\ WR IXOÀOO SHRSOH·V UHTXLUHPHQWV DQG WR 6-&?+$3#>+(>*+("#6G(-/ (?%1"26(3+.C26+3' )*+3+(1->>-&=%?(?.#6>26+3(?.-C27+(#(6#>#"@3>(/-.($+28*1-%.*--7(#$7(6-&&%$2>@(7+C+"-?&+$>E(3>2&%"#>+( 3-62#"(2$>+.#6>2-$(#$7(6.+#>+(2$6-&+(-??-.>%$2>2+3(#$7(+6-$-&26(7+C+"-?&+$>' F-.(+A#&?"+E(2$(V+I(W-.G(52>@E(32$6+(;X9YE(3-&+(3+"/=-.8#$2U+7($+28*1-%.*--7(8.-%?3(*#C+(1++$(6.+#>2$8( #.+#3(/-.(.+3>(#$7(.+6.+#>2-$(2$($+8"+6>+7(%.1#$($+28*1-.*--73'(P*+$(>*+(>#A(6.2323("+7(V+I(W-.G(52>@(>-( %.1#$(7+6"2$+E(I2>*(6-$3+Z%+$>(#1#$7-$&+$>(-/ ("#.8+(?-.>2-$3(-/ (?%1"26(#$7(?.2C#>+("#$7(6*#.#6>+.2U+7(1@( 7.%8(#$7(6.2&+(?.-1"+&3E(#(3+"/=-.8#$2U+7(8.-%?(6#""+7(B.++$(B%+..2""#3(1+8#$(6"+#$2$8(%?(&#$@(+&?>@( ?.-?+.>2+3(-$(>*+(J-I+.([#3>(\27+(-/ (K#$*#>>#$(#$7(6-$C+.>2$8(>*+&(2$>-(8#.7+$3'(]>*+.(#6>2C23>3(/-""-I+7( WKLV SUDFWLFH LQ DOO RI WKH FLW\·V ÀYH ERURXJKV ,Q WKH FLW\ DXWKRULWLHV ODXQFKHG WKH 2SHUDWLRQ *UHHQ )*%&1T(>*23(6-$>.#6>("+#3+3(3?#6+3(>-(6-&&%$2>@(8#.7+$+.3(/-.(-$+(7-""#.(?+.(@+#.(?.-C27+7(>*#>(>*+@(.+6-= JQL]H WKDW WKH ODQG EHORQJV WR WKH FLW\ DQG QRW WR D VSHFLÀF RZQHU RU WR WKHP &XUUHQWO\ WKHUH DUH DERXW 6-&&%$2>@(8#.7+$3(2$(V+I(W-.G(52>@("+#3+7(I2>*(>+&?-.#.@(6-$>.#6>3' P2>*2$(>*+(>*2.7(6#>+8-.@E(723-.7+.(#$7(%$.+3>E(3Z%#>>2$8(?"#@3(#(G+@(.-"+'(\Z%#>>2$8(23(#(?#.#728&#>26(6#3+( -/ (>+&?-.#.@(.+%3+'()*+(-.282$#"(?%.?-3+(-/ (>*23(2""+8#"(#$7(2$/-.&#"(?.#6>26+(23(1.2$82$8(#$(+&?>@(3?#6+( RU EXLOGLQJ EDFN LQWR EHQHÀFLDO XVH 7KLV XVH FRQVLVWV LQ DQ LOOHJDO RFFXSDWLRQ D SDUDVLWLFDO H[SORLWDWLRQ RI D C-27'(\Z%#>>2$8(*#3(#("-$8(*23>-.@E(+3?+62#""@(2$(B+.&#$@'(^$(D+."2$E(>*+(62>@(.+$+I#"(?.-8.#&&+(Q;X_`=;X_aR( ?"#$$+7(>-(7+&-"23*(&-3>(-/ (>*+($2$+>++$>*=6+$>%.@(1"-6G3'(\-E(?.2C#>+(-I$+.3(727($->(.+?#2.(#$7(G++?(%?( >*+2.(?.-?+.>2+3(#$7("+/>(>*+&(C#6#$>'(O3(#(6-$3+Z%+$6+E(2$(;Xb;(2$(c.+%U1+.8(QI+3>(D+."2$R(>*+.+(I+.+(#1-%>( ;a<(3Z%#>>+7(1%2"72$83'(K-.+-C+.E(>*+.+(I+.+(7+3>.-@+7(3>.%6>%.+3(#/>+.(>*+(\+6-$7(P#.(#$7(>*+(/#""(-/ (>*+( D+."2$(I#""E("2G+(.#2"I#@(7+?->3E(3>#>2-$3(#$7(&#2$>+$#$6+(32>+3E(723%3+7(7-6G3(#$7(.2C+.327+(#.+#3E(&2"2>#.@( >.#2$2$8(8.-%$73E(7+&-"23*+7(*-%3+(+3>#>+E(>*+($-=&#$L3("#$7(#"-$8(>*+(I#""'()*23(62.6%&3>#$6+E(>-8+>*+.( ZLWK WKH HFRQRPLF DQG VRFLDO WUDQVIRUPDWLRQ GXH WR WKH UHXQLÀFDWLRQ RI (DVW DQG :HVW %HUOLQ HQFRXUDJHG ©D VLJQLÀFDQW FRXQWHU ÁRZ RI LQGLYLGXDOV ZKR VDZ WKH SRWHQWLDO RI HDVW %HUOLQ ZLWK LWV FKHDS KRXVLQJ DQG C#6#$>(1%2"72$83(#3(#$(27+#"("-6#"2>@(/-.(#(/.++.E("+33(.+8%"#>+7("2/+3>@"+'S(QD23*-?E(J+3"+@E(:<;:T(?'(;_a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ÁHFWLRQ RQ WKH UROH RI WLPH DQG VSDFH 7KH !"##$%&'#"(!))*$UHYHDO D VLJQLÀFDQW UHODWLRQ EHWZHHQ VSDFH DQG WLPH RIIHULQJ D GLIIHUHQW ZD\ RI LQWHUSUHWLQJ

9:(4(;<;

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


-==-.>%$2>2+3?(@*26*(23(>--(-/>+$(723-.8#$2A+7' +RZHYHU LW LV QHFHVVDU\ WR EULQJ PRUH ÁH[LELOLW\ LQWR WKH SODQQLQJ V\VWHP ZKLFK VRPHWLPHV GHVLJQV JUHDW 3>.#>+826(="#$3(1%>("+#B+3(3-&+(#.+#3(C2$(#(6%.2-%3("2&1-(@*2"+(>*+D(#.+(1+2$8(=.+=#.+7E(FG23*-=?(H+3"+D?( I<;IJ(='(;KL'(0.1#$(="#$$2$8(*#3(>*+(M+D(>-(>#M+(>*+(-==-.>%$2>2+3(@#2>2$8(>-(*#==+$'(N$7(2/ (>+&=-.#.D( .+%3+(@#3(>*+(M+DO

!"#"$"%&"'( N%8P(Q'?((FI<<RL(!"#$%&'&'()*&+$&,'-.'/&%/"'0&.'1&(2"3()-.2$-?(G-""#>2(G-.2$8*2+.2' N%8P(Q'?(F;KK:L(4"%.5"67$?(Q2"#$-?(S"+%>*+.#' %DQHUMHH 7 /RXLNDWRX 6LGHULV $ 8+9)%'0&/$6%':";%1";%<'="&1$*/')%0'=".$1$*/'"> '?"+(?(G+.M+"+D?(0$2B+.T 32>D(-/ (5#"2/-.$2#(!.+33' G23*-=(!'?(H+3"+D(U?(FI<;IL(@7&'1&(2"+)+A'*$1A?(H-$7-$?(V-%>"+78+' 5#.&-$#(Q'?(FI<;<L(&RQWHPSRUDU\ 3XEOLF 6SDFH &ULWLTXH DQG &ODVVLÀFDWLRQ 3DUW 2QH &ULWLTXH?(,-%.$#"(-/ (0.1#$( W+328$?(F;X;L' 5#.&-$#( Q'?( FI<;<L( &RQWHPSRUDU\ 3XEOLF 6SDFH &ULWLTXH DQG &ODVVLÀFDWLRQ 3DUW 7ZR &ODVVLÀFDWLRQ?( ( ,-%.$#"( -/ ( 0.1#$(W+328$?(F;XL' 5"+&+$>(Y'?(FI<<XL(B)%$>&/1"'0&.'@&+C"'2)&/)66$"?(Q#6+.#>#?(Z%-7"21+>' [-.$2(S'?(FI<;<L(D2)C$'=599.$*$<'EF&/2&+$&%C)'G5"1$0$)%)':&..)'H"%IJ$#&%C)'-%'H$11K?(\$(G->>2$2(['?(]=#A2-(=%11"2T 6-'(W+6"2$-?(72/+3#?(.26-$^%23>#?(V-&#?(S72+33+'( [.#$6M(_'?(]>+B+$3(Z'?(FI<<`L(E""/&'/2)*&<'2"//$9$.$1A')%0'0$#&+/$1A'$%'5+9)%'.$>&?(H-$7-$?(V-%>"+78+'( *URWK - &RULMQ ( !&*.)$($%6'8+9)%$1A<'-%0&1&+($%)1&'D2)*&/,'-%>"+().'L*1"+/')%0'8+9)%'L6&%0)'D&11$%6?( 8UEDQ 6WXGLHV DYDLODEOH RQ KWWS XVM VDJHSXE FRP FRQWHQW +DMHU 0 5HLMQRUS$ -%'/&)+*7'"> '4&;'=59.$*':"()$%?(V->>+.7#&?(aN' b#D7$(['?()+&+"(V'?(FI<<9L(@&(2"+)+A'5+9)%'/2)*&?(]>%>>8#.>?(G2.M*#%3+.'( \$>2(\'?(FI<;;#L(H7&'*"/FM'$.'+$5/"'1&(2"+)%&"N?()+..2>-.2-?(FX`L' \$>2(\'?(FI<;;1L(:$/2"/$1$#$'0&.'+$5/"'1&(2"+)%&"?()+..2>-.2-?(FX`L' H#(c#..#(Y'?(FI<<:L(="/1I$1'*$1A<'17&'"17&+'O5+"2&)%'259.$*'/2)*&/3'$%'P"&+$'Q&0R3'D,3'B5.1$2.$*$1A,'8DOI8%*&+1)$%'D1)1&/' "> 'O5+"2&?(Q2"#$-?(]M2.#' H-%2M#>-%T]27+.23(N'?(F;KK`L(H+)*S/'$%'17&'*$1A<'L00+&//$%6'17&'*"%/1+)$%1/')%0'2"1&%1$)./'"> '5+9)%'0&/$6%?((,-%.$#"(-/ ( 0.1#$(W+328$?(F;?;L' 1HZ <RUN 6WDWH 'HSDUWPHQW RI 6WDWH 2IÀFH RI &RDVWDO /RFDO *RYHUQPHQW DQG &RPPXQLW\ 6XVWDLQDELOLW\ FI<<KL(T22"+15%$1$&/';)$1$%6'1"'7)22&%?(#B#2"#1"+(-$"2$+' a2+"3+$()'?(FI<<IL(6XSHUÁXRXV /DQGVFDSHV?(]=#6+(#$7(5%">%.+?(FX?;L'( !#8#$-(Q'?(G-@&#$(N'?(FI<<<L(J)*)%1'E)%0'$%'H$1$&/?(5+$>+.(-$(0.1#$(d(Q+>.-=-"2>#$(!-"26D' ]-"eTQ-.#"+3(V%12f(\?(F;KK`L(=+&/&%1&'A'>515+"/,'E)')+U5$1&*15+)'&%'.)/'*$50)0&/?(2$(NN'(cc'?(!.+3+$>+(D(/%>%.-3'( $UTXLWHFWXUD HQ ODV JUDQGHV FLXGDGHV %DUFHORQD &ROOHJL 2ÀFLDO G·$UTXLWHFWHV GH &DWDOXQ\D &HQWUH GH 5%">%.#(5-$>+&=-.e$2#' ]-&&+.(V?(F;K9RL(@$671'/2)*&/V'7)+0')+*7$1&*15+&')%0'7";'1"'75()%$C&'$1?(g"7()#==#$?(!.+$>26+Tb#""' ).#$62M(V'?(F;Kh`L(?$%0$%6'."/1'/2)*&'<'17&"+$&/'"> '5+9)%'0&/$6%?(a+@(i-.M?(,-*$(U2"+D(d(3-$3' ).#$62M(V'?(FI<<9L(W7)1'$/'."/1'/2)*&N?(2$(5#.&-$#(Q'?()2+37+""(]'?(F+73'L?(0.1#$(W+328$(V+#7+.?(N.6*2>+6>%.#"( !.+33'( 0.1#$(5#>#"D3>?(FI<<9L(8+9)%'2$"%&&+/<'@&(2"+)+A'8/&')%0'8+9)%':&#&."2(&%1'$%'P&+.$%?(G+."2$?(,-B23(c+."#8 c#33+>(!'?(FI<<9L(8%'.$#+&'9.)%*?(!#.23?(H21.#2.2+(N.>*P&+([#D#.7' U-.=-"+(_'?(_$-j(_'?(FI<<9L(@7&'D"*$).'J).5&'"> '=59.$*'D2)*&/3(a+@(i-.M?(,-3+=*(V-@$>.++([-%$7#>2-$'

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

9:(4(;<;



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

0LQG 7KH *DS 6PDUW ,QÀOO 'HVLJQLQJ I2%3+==+(J-EE#3#"7#

KLMC>2=8A2)@(4(!-"2>+E$2E-(F2()-.2$-((C (G2%3+==+'.-EE#3#"7#N=-"2>-'2> )+"(9:::D6O:P9O

L$>-$2-(A=2$+""2

QLQ(!-"2>+E$2E-(F2()-.2$-4 #$>-$2-'3=2$+""2N=-"2>-'2>

B+<(="#$$2$G(=-"2E2+3(#.+(.+R%+3>+F(>-(#$F(3-&+(*-<(2&="+&+$>+F(<2>*(.+3=+E>(>-(>*+(+S="-2>#>2-$(-/ (+S23>2$G(*-%C VLQJ VWRFN :LWK WKH PDMRU XUEDQ H[SDQVLRQV RU UHGHYHORSPHQWV W7KHUH DUH DOVR LQLWLDWLYHV ZKLFK DLPDLPLQJ DW XVLQJ PRUH HIÀ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ÀOO VSDFHV 6RPH H[DPSOHV FRXOG EH OLNH DV WKH UHQRYDWLRQ RI URRÀQJ DQG EXLOGLQJ HQYHORSH ZLWK URRIWRSV DGGLWLRQV DQG UHWURÀW 7KLV SKHQRPHQRQ KDV OHG WR D UHWKLQNLQJ RIQHZ IRUPV RI GHYHORSPHQW VWUDWHJLHV RI WKH XUEDQ IDEULF WRZDUG <*2E*(2>(&2G*>(1+(E#""+F#Y(#E%=%$E>%.+(3>.#>+GTY4(/-E%32$G(-$(<*2E*(/-E%3+3(-$(>*+(G#=(.#>*+.(>*#$(>*+(7-2F3'(@>(23( SURSRVHG D UHÁHFWLRQ DERXW WUDQVIRUPLQJ H[LVWLQJ FLWLHV\ DFFRUGLQJ WR WKLV QHZ D SODQQLQJ DQG GHVLJQ SURFHVV VWUDWHJ\


!"#$%&'(#)%" ==>(?=%.-@+#$(=$A2.-$&+$B#"(>8+$6CD(23(C+#."C(3+$72$8(E#.$2$8(328$#"3(#1-%B(@-"262+3(-/ ("#$7(%3+3(E2B*( .+3@+6B(B-(3-62#"F(+6-$-&26(#$7($#B%.#"(3-%.6+3'()*+(233%+3(#.+(E-."7E27+(72//+.+$B((#$7(6-&@"+G(1%B(2/ (E+( IRFXV RQ WKH PDFUR DVSHFW DQG RQO\ UHJDUGLQJ WKH (XURSHDQ GHYHORSPHQW VFHQDULRV VRPH PDLQ ÀJXUH3(#.+( .+#""C(6*#""+$82$8'(H-.(+G#&@"+F(1+BE++$(;II<(#$7(J<<<F(;KL(-/ ($#B%.#"(=%.-@+#$("#$7(E#3(B.#$3/-.&+7( 2$B-(*-%32$8M2$/.#3B.%6B%.+(7+A+"-@&+$B3(-.(@-"262+3(?E*-3+(N<L(E#3(@#3B%.+3("#$7(#$7(K<L(#8.26%"B%.+( ODQG :LWKLQ WKLV WLPH IUDPH XUEDQ DUHDV EHFRPH À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ÀF IRUHFDVWV DUH UHSRUWLQJ WKDW XUEDQ DUHDV ZLOO 8#B*+.(S<L(-/ (@-@%"#B2-$(1C(J<J<'(=0(6-&&2332-$(*#3(@%1"23*+7(-$(J<<:(B*+(TBT(?T-2"()*+&#B26(TB.#B+8CD( 2$(-.7+.(B-(@.+A+$B(#$7(@.+3+.A+(+6-"-826(/%$6B2-$(-/ (3-2"F(1%B(#"3-(+6-$-&26F(3-62#"(#$7(6%"B%.#"(#3@+6B( .+"#B+7(B-(3-2"'()*23(*#3(82A+$(#(6*#$6+(B-($#B2-$#"(#$7(.+82-$#"(7+B#6*+7(@-"262+3(#$7(&-$2B-.2$8(@.-8.#&3( 2$(QB#"C(?+'8(0.1#$(5--.72$#B2-$(!.-8.#&(-/ ()%.2$(&+B.-@-"2B#$(#.+#(!)5JDF(*-E+A+.($-$+(E#3($#B2-$#""C( E27+3@.+#7(#$7(3*#.+7'((

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ÀQG HIÀFLHQW VXVWDLQDEOH QHZ VWUDWHJLHV $OO WKLV PDFURVFRSLF ÀJXUHV FODLP WR IRFXVLQJ RQ QHZ IRUP RI GHYHORSPHQW VHWWOHPHQWV LQ WKH FLWLHV *DS VSDFHV LQ B*+(62B2+3(#.+(8.-E2$8(2$(B*+("#3B(BE-(7+6#7+3(?+'8(&#2$(QB#"2#$(62B2+3(*#3(8-B($+#."C(\<L(-/ (.+327+$B2#"(3@#6+( %$%3+7(D'(Y!"#$"#%&'()&%*+[(2$(%.1#$(3@#6+3(&+#$3(B-(B*2$V(7++@"C(#B(B*+(@.+3+$B(6-$72B2-$(E2B*($+E(+C+3]( 1+(6-$6+.$+7(#1-%B(E*#B(23(B*+(@.+3+$B(@#BB+.$(-/ (%.1#$(A-273F(%$%3+7(3@#6+3F(.+M%3#1"+(#.+#3'(?H28%.+(;D

8UEDQ LQ À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`+.$+.F(2B(23(@-3321"+(B-(3B%7C((%.1#$(+$A2.-$&+$B(3B#.B2$8(/.-&(%$7+.+3B2&#B+7(3+B( -/ (6.2B+.2#(#3(2$(&+7262$+F(2B(23(@-3321"+(B-("+#.$(2""(328$#"3(/.-&(-%.(1-7C(#$7(.+"+#32$8(B*+(@#2$(1C(@.-A-V2$8( B*+(.28*B(3@-B3(' ,Q D SHULRG RI FULVLV LW LV QHFHVVDU\ WR XVH WKLV NLQG RI VHOHFWLYH SROLFLHV RI H[SORLWDWLRQ WR XVH HIÀFLHQWO\ RXU -E$(3-%.6+3'(Q/ ($-("-$8+.(E+(6#$(.+"C(-$(-%.(3%1327+3(#$7(2$6+$B2A+3(F(E+(&%3B(B*#$(B.C(B-(3#A+(#3(&%6*(#3(

9:(4(;<;

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


<+(6#$(-.(<+(&%3=(+>?"-2=(7++?"@(#$7(3"-<"@(<*#=(<+(*#A+("+/=(1+*2$7(7%.2$8(=*+(1--3=2$8(#$7(/#3=(+6-$-B PLF SHULRG ,W LPSRUWDQW WR ZDWFK DW RXU ODQG ZLWK QHZ H\HV LW LV QHFHVVDU\ WR ÀQG VWLOO DFWLYH VRXUFHV ZKLFK #.+(+>?+.2+$62$8(#(<+"/#.+(%.1#$(6-$72=2-$'(CA+$(&-.+D(2=(23(6.%62#"(=-(&2$7(=*-3+(8#??+7(#.+#3(<*+.+(=*+.+( 23(#(3"28*="@(72//+.+$=(6-$72=2-$(E$-=(#(326F(-$+G'(H=(#(326F(#A-272$8(?-"26@(=*+(-$+(<+(+$6-%$=+.(2$(&-3=(-/ ( ?.+3+$=("2=+.#=%.+(.#=*+.(=*#$(#$(2""3(&+$72$8(EI-66#3#"A#D(J;:JGK((=*23(23($-=(-$"@(=*+(&#2$(6-$6+?=3(-/ (=*23( ?#?+.(1%=(2=(23-$+(-/ (=*+(&-3=(6*#""+$82$8(/-6%3(-/ (-%.(.+3+#.6*(3&#.=(62=@(8.-%?(#=(!-"@=+6*$26(-/ ()%.2$'(

!"#$%&'('4()*+(6#3+(-/ (L28*(M2$+(N+<(O-.FD(#$(+>23=+$=(.#2"( =.#6F(6-$A+.=+7(2$(*28*(?+7+3=.2#$(?#=*(EPQ"+6(R#6M+#$G

!"#$%&'"(&)(*+,&+#(&-./0.(+-)(.% 2QH RI WKH À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

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

99(4(:;:


=.+62=2>#>2-$(+?+$>3(@A3#+7#(+>(#"'(;BBCD'(A$(2&=-.>#$>(6*#""+$8+(.+"#>+7(>-(=+.&+#12"2>E(-/ (3-2"3(23(>*+(&#F $#8+&+$>(-/ (3>-.&G#>+.'(H-&+(62>E(#7&2$23>.#>2-$3(#.+(6-$7%6>2$8(=-"262+3(>-(2&=.-?+(.+32"2+$6+(-/ (%.1#$( "#$7I(+3=+62#""E(-?+.(>*+(1%2"72$8(+$?2.-$&+$>I(2$>.-7%62$8(G+>(3%./#6+3(@3%6*(8.++$(.--/3I(8.++$(#""+E3I(''''D 7RJHWKHU ZLWK WKH KHDWLQJ HQKDQFHPHQW RWKHU FULWHULD FRXOG EH WDFNOHG DQG VSHFLÀF XUEDQ SROLFLHV PLJKW EH 2&="+&+$>+7'

!"#$%&'((4(A$#"E323(-/ (%.1#$(3>#$7#.7(G2>*2$(#(52>E(6-.+(J%#.>+.(@3-%.6+K(+"#1-.#>+7(1EL-66#3#"?#(M<<:D

)*+(!.-?2$6+()%.2$(*#3($+#."E(NOP(-/ ("#$7((-66%=2+7(@&-3>"E(1E(%.1#$(#.+#3D(#$7(2/ (G+(6-$327+.(>*+(&#2$( >-G$(@)%.2$D($+#."E((C<P(-/ (3-2"(23(%$7+.(#(*%&#$(2$>+$32?+(%3+'()*+3+(#.+(>*+(&#6.-(?#"%+3(G2>*2$(+#6*( 6.2>+.2#(#3(>*+(%.1#$(*+#>(23"#$7(&28*>(1+(6-..+"#>+7'(Q/ (G+(&2$7(>*+(?#.2#>2-$(1E(=%>>2$8(2$(6-$>.#3>(3=-2">( #$7(%$3=-2">(#.+#3(G+("-3+(>*+(6*#""+$8+(>-(1%2"7(#(3%3>#2$#1"+(#6%=%$6>%.+(36+$#.2-3'(R+(2$?2>+(362+$>23>(>-( FRQFHQWUDWH RQ ÀQGLQJ VOLJKWO\ GLIIHUHQW JDS LQ ODQG FRQVXPSWLRQ 7KHUH DUH PDQ\ VWXGLHV ZKLFK KDYH GHWHFW DQG PRQLWRUHG GHQVLÀ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ÀQGLQJ D QHZ EDODQFH DQG ZHOIDUH FRQGLWLRQ LQ WKH SUHVHQW VWUXFWXUH RI XUEDQ PHFKDQLVP 7KLV VWUDWHJ\ LV LPSOHPHQWLQJ PDLQO\ E\ VXEVWLWXWLRQ RI IXQFWLRQV RU DGGLQJ VPDOO EXW HIÀFLHQW FKRLFHV WR WKH SUHVHQW 3>-6W(-/ (%.1#$(-==-.>%$2>2+3'(X-.(+T#&="+I(2/ (G+("--W(#>(-$+(-/ (>*+(1288+3>(7+?+"-=&+$>(#.+#(-/ ()%.2$(@$#F &+7()*%"*+,&'(--I($+#."E(;(&2""2-$(3J%#.+(&+>+.(-/ ($+G(7+?+"-=&+$>3D(3-&+(3>.2W2$8(6*-26+3(&%3>(1+(7-$+( G+""(#*+#7'()*+(%.1#$(J%#.>+.(G*26*(23(2$6"%72$8(>*23(>.#$3/-.&#>2-$(#.+#(23(#1-%>(B<'<<<(2$*#12>#$>3(G2>*( #(?+.E(=--.(J%#"2>E(-/ (=%1"26(%.1#$(3=#6+3(@X28%.+((NMD'(A66-.72$8(>-(=.+3+$>(.+8%"#>2-$I(>*23(J%#.>+.(&%3>(

9:(4(;<;

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


*#=+($+#.">(;?(3@%#.+7(&+A+.(-/ (8.++$(3B#6+3(B+.(2$*#12A#$A3(C*2"+(2A(*#3(.#A*+.(-$+(3@%#.+(&+A+.(-/ (B--.( 8.++$(#.+#3(+#6*(;<(62A2D+$3'(E/ (6-%.3+(A*23(23(#(=+.>(3*#""-C(6.2A+.2#(1%A(2A(82=+3(#(.#A*+.(6*#""+$82$8(A#.8+A( /-.(A*-3+(C*-(&%3A(7+=+"-B($+C("#$7(C2A*-%A(6-$327+.2$8(A*+(B--.(%.1#$($+28*1-%.*--7(@%#"2A>(-/ ("2/+'

,Q ÀOO GHVLJQ VWUDWHJ\ F-C#7#>3(1%2"A(+$=2.-$&+$A(8.-CA*(23(6*#$82$8'(G$(H%.-B+(2A(23(B-3321"+(A-(3++(A*+(3++73(-/ ($+C(A.#$3/-.I &#A2-$(3A.#A+8>(#66-.72$8(A-($+C(7+&#$73'()*+(3-62+A>(23(6*#$82$8(#$7(#3J2$8(/-.(#(72//+.+$A(#.6*2A+6A%.+K( PRUH HIÀFLHQW VHFXUH DQG FRPIRUWDEOH :KDW DUH WKH PDLQ DVSHFWV WKDW GHÀQH D VXVWDLQDEOH VSDFH UHODWHG A-(3-62#"(#$7(+$=2.-$&+$A#"(233%+3L(M*#A(#.+(A*+(/+#A%.+(-/ ($+C(3B#6+3((A-(C-.JK(3A%7>(#$7(*#=+(/.++(A2&+L( :KDW LV WKH VFDOH RI QHZ VPDUW XUEDQ VSDFHV" 2XU WDUJHW VWDUWV IURP VSHFLÀ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ÀOO WKH JDSV LQ XUEDQ VSDFHV 7KHVH #BB.-#6*+3(72//+.(2$(A+.&(-/ (%.1#$(#$7(7+328$(.+3+#.6*'(

!"#$%&'('_ ([DPSOHV RI GLIIHUHQW VWUDWHJLHV LQ GHVLJQLQJ LQÀOO VSDFHV LQ XUEDQ DUHDV

!"#$%&""'$()*+"(, *UHHQ URRIV DUH RQH FKDOOHQJLQJ WRSLF ZLWKLQ EXLOGLQJ GHVLJQ VFLHQWLÀF FRPPXQLW\ $PRQJ WKH EHQHÀWV 2A(23(B-3321"+(A-(+$%&+.#A+Q(.+7%6A2-$(-/ (*+#A2$8(#$7(6--"2$8(6-3A3R(&2A28#A2-$(-/ (%.1#$(*+#A(23"#$7(+//+6AR(( +$7%.#$6+(-/ (.--/ (3>3A+&3R(3A-.&(C#A+.(&#$#8+&+$AR(A%.$2$8(6#.1-$(72-O27+(2$A-(8--7(-O>8+$'( P-&+(62A2+3(#.+(B.-&-A2$8(#($+C(=232-$(/-.(7+328$2$8(%.1#$(3B#6+3(S+'8'(F+C(T-.J(C2A*(A*+(!"#FT5(U<V<( &#7+(1>(W"--&1+.8X3(B"#$(#$7(5*26#8-(C2A*(2A3(5"2&#A+(Y6A2-$(!"#$Z'()*+3+(A.#$3/-.&#A2-$3(+$6-%.#8+( A*+(%3+(-/ (8.++$(.--/A-B(A-(.+7%6+(*+#A(23"#$7(+//+6A3(#$7(3A-.&(C#A+.(B.-1"+&3'(G$(H%.-B+K(A*23(#BB.-#6*( LV FDQ EH SDUW RI WKH &RSHQKDJHQ SROLFLHV DJDLQVW FOLPDWH FKDQJH 7KLV ZDV WKH ÀUVW 6FDQGLQDYLDQ WRZQ A*#A(#7-BA+7(62A>(A*23(3A.#A+8>(/-.(#""($+C(1%2"72$83(C2A*(.--/ (3"-B+3("+33(A*#$(V<(7+8.++3'(5-B+$*#8+$(*#3( SUHVHQWO\ VTXDUH PHWHUV RI ÁDW URRIV ,W LV IRUHFDVWHG WKDW QHDUO\ VTXDUH PHWHUV RI QHZ GHYHI "-B&+$A(+#6*(>+#.(C2""(1+(6-=+.+7(C2A*(=+8+A#A2-$'( [-C+=+.K(+=+$(2/ (8.++$(.--/3(#.+(&2$2&#"(6-&B#.+7(C2A*(A*+(8.++$($++7(-/ (8"-1#"(A-C$K(=+8+A#A2-$(-$(A*+( A-B((&28*A(.+B.+3+$A(#($+C(1-%$7#.>(-/ (A*+(7+328$(.+3+#.6*'()*+(\#"3A-$(+OB+.2+$6+(S]28'VK(;ZU(23(-$+(-/ (A*+( +OB+.2+$6+(-/ (A*+3+(8.++$(.--/ (3B#6+'(\#"3A-$K(23(#(A.#$3/-.&#A2-$(#.+#($+#.(A*+(6+$A+.(-/ (^-$7-$K(#(_6%"I U( \#"3A-$(.--/ (!#.J`(CCC'1--A3A.#B6-&B#$>'6-'%J

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

9:(4(;<;


<%.#""=(72>+.3+($+28*1-%.*--7(?*26*(2$6"%7+3(2&&28.#$<(6-&&%$2<2+3@(#.<23<3@(3<%7+$<3(#$7(3<.++<(&#.A+<3( #3(?+""(#3(<*+(#/-.+&+$<2-$+7(/#3*2-$(7+328$+.3B'()*+=(3<#.<+7(<-(<*2$A(<*+(.--/<-C(3C#6+(#3(#(C%1"26(#.+#( /-.(&#A2$8(72//+.+$<(#6<2>2<2+3'(DE*2"+(7+>+"-C+.3(?+.+(F%26A(<-(6-$3<.%6<(*-%32$8(<*#<(7-+3($-<(.+"#<+(<-( WKH ORFDO FRQWH[W D IHZ SURMHFWV KDYH HPHUJHG ZLWKLQ 'DOVWRQ WKDW EXLOG RQ LWV FKDUDFWHU µ 5HGVWRQH G#"3<-$(.--/ (C#.A(?2""(1+(#(8.++$(8#.7+$@(1%<(.+>+#"(3-&+(2$<+.+3<2$8(/+#<%.+3(/-.(-%.(C%.C-3+'()*+(%3+(-/ ( .--/HC#.A(#""(<*+(7#=("-$8(2$(+>+.=(3+#3-$'(I<(23(%3+7(1=(6*2"7.+$(-/ (#(3%&&+.(36*--"(-/ ("#$8%#8+(7%.2$8(<*+( 7#=@(?*2"+(2<(23((#(1#.(@(8#<*+.2$8(=-%$8(C+-C"+(#<($28*<'()*23(1+6-&+(#(&-7+"(/-.(6-&&%$2<=(.+8+$+.#<2-$@( <*23(6#3+(3*-?3(.+"#<2-$3*2C(1+<?++$(C.2>#<+(#$7(C%1"26(/%$6<2-$'

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ÁRZ ZKHQ LW UDLQV *DUGHQ XUEDQ VSDFHV PLJKW ZRUN DV ELJ ÀOWHU E\ GHOD\LQJ WKH WLPH UDLQ WDNHV WR FRPH WR WKH JURXQG 6R WKH SURGXFWLRQ RI JURXQG ÁRRU RQ WKH .--/<-C(-/ (1%2"72$8(6-%"7(2$6.+#3+(0H>#"%+(-/ (<*+(.--/ (C#.<2<2-$@(#$7(.+7%6+(*+#<(23"#$7(#$7(3<-.&(?#<+.( +//+6<3'(( 1RZDGD\V 1HZ <RUN FRXOG EH GHÀ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ÁRRU DUHD OLPLWV

6XVWDLQDEOH UHWURÀW ,Q WKH ODVW \HDUV WKH XVH RI LQÀOO VSDFH ZDV PDLQO\ GHGLFDWHG WR UHVLGHQWLDO EXLOGLQJ &LWLHV EHWZHHQ &2""2-$(-/ (2$*#12<#$<3(?2""(*#>+(#(C-32<2>+(8.-?2$8(<.+$7(2$(<*+($+#.(/%<%.+@(&%6*(*28*+.(<*#$(&+8#"-C-"23( +REDOODK 6PDRXQ 7KXV WKLV LPSOLHV QHZ GHVLJQ SHUVSHFWLYHV WRZDUGV VPDUW DQG HIÀFLHQF\ JXLH 7+"2$+3'(]+3+#.6*+3(3*-?+7(#(6"-3+(.+"#<2-$3*2C(1+<?++$(*28*(%.1#$(7+$32<=(#$7("-?(+$+.8=(6-$3%&C<2-$'( L+?(+$+.8=(.+8%"#<2-$(23(<*+(A+=(/-.(62<=(6*#$82$8'()*+(62<=(-/ (P+$^>+(K_--3+.@(S:;;N(23(#&-$8(<*+(&-3<( LQÁXHQWLDO (XURSHDQ FLW\ IRU VXVWDLQDEOH JURZWK ,W ZDV SURPSWHG D SODQ RI GHQVLÀFDWLRQ WKURXJK URRIWRS DGGLFWLRQ RI OLYLQJ VSDFH (PSW\ RU XQ XVHG URRPV DUH DQRWKHU YHU\ VLJQLÀFDQW SUREOHP LQ ,WDO\ &RZRUNLQJ -.(6-H*-%32$8(#.+(3-&+(C-3321"+(3-"%<2-$(/-.(C.-&-<2$8(<*+(.+H%3+(-/ (1%2"72$83'([(3%66+33/%"(+V#&C"+(-/ ( EXLOGLQJ UHQRYDWLRQ LV WKH .ODUD =HQLW SURMHFW )LJ ,W LV DQ KHDGTXDUWHU ZKLFK ZDV EXLOW LQ WKH · 7KH `F%#<-.(`%.-C+#$(#.6*2<+6<3(*#>+(<--A(<*+(6*#""+$8+(#$7(.+3<-.+7(<*+(1%2"72$8(?2<*(#(&2V+7(/%$6<2-$(#CH 7KLV SURMHFW EHFRPH DQ XUEDQ VSDFH IRU WKH FRPPXQLW\ WUDQVIRUPHG E\ WKH YROXQWDU\ DSSURDFK RI D %RRW 6WUDS 5-&C#$=(#$7(L#<#3*#(M2"72Z &DUURW &LW\ SURMHFWB KWWS ZZZ U\HUVRQ FD FDUURWFLW\ W( (O.--A"=$(P.#$8+(T#.&(a(???'1.--A"=$8.#$8+/#.&'6-&b

9:(4(;:;

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


SURDFK 7KH\ WUDQVIRUP WKH KHDGTXDUWHU LQ D PL[HG VSDFH IRU FRPPHUFLDO DFWLYLWLHV DQG RIÀFHV DQG GHFLGHG WR GHVLJQ D QHZ OLYLQJ YLOODJH RYHU WKH URRI 7KLV SURMHFW ZDV DSSUHFLDWHG E\ FLWL]HQV DQG WKH PXQLFLSDOLW\ .ODUD =HQLW LV RQH RI WKH H[DPSOHV LQ WKH ÀHOG RI UHQRYDWLRQ WKDW FRQYH\ QHZ HPSKDVLV XUEDQ GHYHORSPHQW 3<#.<2$8(/.-&(<*+(=.+3+$<(-==-.<%$2<2+3(><*+(8#=3?'(

!"#$%&'("# )*+(=#=+.(=.-=-3+3(3-&+(.+=.+3+$<#<2@+(6#3+(3<%72+3(#$7($+A(2&="+&+$<#<2-$(3<.#<+82+3(/-.(<*+(+$*#$6+B PHQW RI H[LVWLQJ EXLOGLQJV ,W LV RXWOLQHG D EDVLF VWUDWHJ\ RI LQ À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ÀFDQWO\ UHGXFH HPLVVLRQV DQG DYRLG WKH VRFLDO DQG HFRQRPLF FRVWV #33-62#<+7(A2<*(6"2&#<+(6*#$8+'

)*+*,*#$*' K3#+7#()'G(5#(L')'G(M#N+(K'G(>:OOP?(!"#$%&$'(#)"%'* %+#,"-".$%#./%0$&%"**"1$%'.%$2"%3'4"(%#$-'&+2"("G(K<&-3=*+.26( H$@2.-$&+$<(Q;G(R:QSRTU' V#II#$+""#(W'G(5#$+=#.-(W'G(5-.326-(X'G(Y-66#3#"@#(Z'G(>+73'?G(>T;:T?(52"%67$7("%'* %10$0"&%#./%8")0'.&G([=.2$8+.' V%/#"2$2(,'G(>T;:T?(9030'.0%/0%#:0$#;0'.0%0.,"./7$"<%"++7("%&0%1'&$(70&1"%#.1'(#G(0$2<\G(]-@+&1+.(::G(T;:T' ^+3-&&2+.G(>T;::?(52"%="($01#3%6#(->%6""/0.)%$2"%?'(3/%0.%$2"%@A&$%B".$7(CD%EFGG([<'(_#.<2$`3(!.+33 X-7+.#.-(W'G(>T;:T?()'%60./%60"3/&%$'%6#(-%0.%H"4%I'(J%B0$C<%K7&$%L''J%E+G(]a()2&+3(,%"C(::G(T;:T' Z+.3<(X'G(V%1+$I+.(b'G(_c6*<"+(V'G(>T;::?(B30-#$01%M-+#1$&%'* %E(:#.%F'03%B'.&7-+$0'. (8 3URMHFW 85%$1 [_[(>[-2"(_#$#8+&+$<(3<.#<+8C?' Z.%+$<%6*G( K'G( H.$3<( K'G( >T;;P?( &RQYHUWLEOH &LW\ 0RGHV RI 'HQVLÀFDWLRQ DQG 'LVVROYLQJ %RXQGDULHV %HUOLQG( K.B 6*="%3' d-1#""#*(K'G([&#-%$(['G(>T;:T?(6XVWDLQDEOH UHVRXUFH HIÀFLHQW FLWLHV ²0DNLQJ LW KDSSHQ G(]#2.-12G(0$2<+7(]#<2-$3( H$@2.-$&+$<(!.-8.#&&+' ,+$N3(_'G(V%.<-$(H'G(M2""2#&3(e'G(>:OOP?(52"%B'-+#1$%B0$C>%G%F7&$#0.#:3"%E(:#.%6'(-NG(W-$7-$G()#C"-.(f( X.#$623' e%<<"+.(M'G(>T;;R?(F$#/$J30-#%O%5"03%A>%P(7./;Q)"%7./%E(&#12".DO%E?F6%O%RD%E-4"3$12"-%SJ'$'TD%AUG(:9US:OO W+.$+.(,'G(>T;;Q?(G17+7.$7(#%E(:#.#D%80'%/"%K#."0('G(H72<-.#(Y+6-.7 WC$6*(e'G(>:OO;?(?#&$0.)%#4#CD%EFGG([2+..#(5"%1(V--N3'( _--3+.'(_'G(X-.+3<2+.(_'G(!2<<+<BV#36*%$8(_'G(>T;::?(6XUpOpYDWLRQV HQ ERLV 'HQVLÀHU DVVDLQLU LVROHU /DXVDQQHG( !!0YB(!.g33+(!-"C<+6$2J%+(+<(%$2@+.32<#2.+3(.-&#$7+3' Y+73<-$+(H'G(>T;:;?(L'./'.%7./"()('7./<%V#3&$'.%(".#0&&#.1"G(]a5()2&+3(3<C"+(&#8#I2$+G(K%8%3<(TPG(T;:;' Y+82-$+(!2+&-$<+G(>T;:T?(9'.0$'(#))0'%/"3%1'.&7-'%/0%&7'3'%0.%W0"-'.$"' [-66-(5'G(5#@#"2+.+(K'G(Z%#.2$2(['_'G(_#7+77%(_'G(>T;;T?(B0$$X%&'&$".0:030G()-.2$-G(5+"27' MMXG(>T;::?(8"0.,".$0.)%$2"%10$CG(V-IIf5-&=#$C'(

-(."/,0123 V.--N"C$(Z.#$8+(X#.&((AAA'1.--N"C$8.#$8+/#.&'6-&h 5*26#8-(5"2&#<+(K6<2-$(!"#$(AAA'6*26#8-6"2&#<+#6<2-$'-.8 &DUURW &LW\ SURMHFWB *<<=ihhAAA'.C+.3-$'6#h6#..-<62<Ch ^#"3<-$(.--/ (!#.Nj(AAA'1--<3<.#=6-&=#$C'6-'%N ]a5(!"#$(T;Q;(j(AAA'$C6'8-@h*<&"h="#$C6T;Q;h*<&"h*-&+h*-&+'3*<&"

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

9:(4(:;:



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

?")9),(&@"5,)&"$&5A,&B,-*/C+/)"5"/$& /. &5A,&D04'$&29EE1,& I%E#(J2(K2G"2#

'LSDUWLPHQWR GL 8UEDQLVWLFD H 3LDQLÀFD]LRQH 7HUULWRULDOH '837 8QLYHUVLWj GHJOL 6WXGL GL )LUHQ]H OXFDGLÀJOLD#JPDLO FRP ;;L:M95D5N(

7KH PDLQ YDOXH WKDW LV DVVLJQHG WR D SLHFH RI D SX]]OH GRHV QRW UHVW LQ LWV VKDSH HYHQ LI LW LV SHUIHFW DQG ÁDZOHVV EXW 2$(>*+(E-&="+&+$>#.2>O(<2>*(<*2E*(>*+(3*#=+(-/ (>*+(32$G"+(=2+E+(23(#1"+(>-(E-$$+E>(>-(>*+(->*+.(+"+&+$>3(2$(-.F+.(>-( G+$+.#>+(#$(-7+.#""(F+32G$4(2'+'(>*+(=%PP"+'(QR'''S(>*+((+"+&+$>T3(+U23>+$E+(F-+3($->(=.+E+F+(>*+(+U23>+$E+(-/ ((>*+(<*-"+(R'''S( /-.(>*+(=#.>3(F-($->(F+>+.&2$+(>*+(=#>>+.$4(1%>(>*+(=#>>+.$(F+>+.&2$+3(>*+(=#.>3(R'''SV(W!+.+E4(:D6LX((=.+#&1"+Y' 7KH YDOLGLW\ RI DQ XUEDQ UHQHZDO SODQ WKH VLQJOH SLHFH RI WKH SX]]OH LV FRQÀ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


!"#$%&'(#)%" )*+(=*+&+(-/ (723%3+7(32=+3(+$6-&>#33+3(=*+(6+$=.#"(233%+3(-/ (=*+(7+1#=+(#$7(=*+(.+3+#.6*(-$(=*+(6-$=+&? SRUDU\ FLW\ 5XVVR WKH DVSHFWV DQG LPSOLFDWLRQV WKDW ÁRZ LQWR WKH G\QDPLFV RI FKDQJH LQ WKH H[LVWLQJ XUEDQ DUHDV OHDG WR UHÁ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Á\ LQGLFDWHG DUH GLIÀFXOW WR GLVFXVV LQ D VKRUW DUWLFOH 7KH DLP LV WKHUHIRUH WR H[WUDSRODWH RQH DVSHFW IURP D ZLGHU UHÁHFWLRQ $PRQJ WKH PRVW LPSRUWDQW HOHPHQWV LQ WKH SURFHVVHV DQG SODQV RI XUEDQ UHQHZDO A+(#==+&>=(=-(*28*"28*=(?(=*.-%8*(#$(->+$(>+.3>+6=2B+(#$7($-=(#(>%$6=%#"(?(=*+(2$=+8.#=2-$(-/ (723%3+7(32=+3( DQG WKH SURMHFW ZLWK WKH RWKHU SDUWV RI WKH FLW\ KRZ DEDQGRQHG DUHDV FDQ EH D UDQJH RI DSSOLFDWLRQV LQ RUGHU =-(#6*2+B+(=*+(>.-8.#&&#=26(-/ (8-#"3(6#$(1+(#6*2+B+(1C(=*+(%3+(-/ (=*+(#1#$7-$+7(#.+#3(E(1%=(-$"C(2/ (=*+C( #.+(=.+#=+7(#$7(6-$327+.+7(2$(=*+2.(+$=2.+=C'(

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ÀOPHQW RI VXVWDLQDEOH GHYHORSPHQW $V SDUW RI =*+(8-B+.$&+$=(-/ (=*+(=+..2=-.CE(=*+(>.2$62>"+3(-/ (3%3=#2$#1"+(7+B+"->&+$=(#.+(=.#$3"#=+7(#3(3%3=#2$#12"2=C( -/ ("2B2$8(#(>"#6+(A2=*-%=(2$6.+#32$8(=*+(#&-%$=(-/ ("#$7((-66%>2+7(1C(1%2"72$83E(A2=*(=*+(%$7+.3=#$72$8(=*#=( WKH FRQVWUXFWLRQ RI DUWLÀFLDO VWUXFWXUHV DQG EXLOGLQJV DUH GLIÀFXOW SURFHVV WR UHYHUVH 7KLV SULQFLSDOV DUH +H>.+33+7(2$(3-&+(.+6+$=("#A3(#=(=*+(.+82-$#"(#$7($#=2-$#"("+B+"K

9:(4(;<;

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


‡ )*+(=+82-$#"(>#?(-/ (>-&1#.7@(>.'(A-'(BCD<;D(EA-.&+(F+.("#(G#"-.2HH#H2-$+(7+"(F#I.2&-$2-(+72"2H2-( +323I+$I+(+(#"I.+(723F-32H2-$2(2$(&#I+.2#(%.1#$23I26-J+72"2H2#K;((L1#3+7(-$(I*+(F.2$62F"+3(-/ (+$G2.-$&+$I#"( 3%3I#2$#12"2I@MN(I-8+I*+.(?2I*(I*+(!)=(L(=+82-$#"(!"#$M(#$7(I*+(6+$3%3(-/ (723%3+7(#.+#3'( ‡ )*+(/%$7#&+$I#"("#?(-/ (I*+()%36#$@(.+82-$(>.'(A-'(;C(D<<:'()*+("#?N("2&2I2$8(I*+(%.1#$2H#I2-$(-/ ( ODQG LI LW LV QRW SURSHUO\ MXVWLÀHG LPSOLFLWO\ LW FDOOV RQ FLWLHV WR LGHQWLI\ DUHDV RI GHYHORSPHQW ZLWKLQ I*+2.(1-.7+.3'(O-""-?2$8(I*23(8%27+("2$+3(I*+(.+82-$#"(8-G+.$&+$I(233%+7(I*+(=+82-$#"(>#?(>.'(A-'(D;BC( D<;;EP23F-32H2-$2( %.8+$I2( F+.( "#( 6.+362I#N( "Q+R%2IS( +( 2"( 6-$3-"27#&+$I-( 7+2( 6-$I2( F%11"262KDN( 2$( ?*26*( SURFHGXUHV DUH PRUH VLPSOLÀHG IRU WKH UHGHYHORSPHQW RI GLVXVHG VLWHV RZQHG E\ ORFDO DXWKRULWLHV ‡ )*+(7.#/I("#?(LP7"M(-$(F.-&-I2-$(-/ (#8.26%"I%.#"(#.+#3(#$7(6-$I#2$&+$I(-/ ("#$7(6-$3%&FI2-$(F.+3+$J I+7(1@(I*+(T2$23I.@(-/ (U8.26%"I%.+(2$(,%"@(D<;D'()*+((P7"((23(6-$327+.+7(I-(1+("2&2I+7(L#3(2I(2$I+.G+$+3( RQO\ RQ DJULFXOWXUDO ODQG DQG GRHV QRW IXOO\ UHVROYH WKH SUREOHP %XW LW ZDV ÀUVW LQWHUSUHWHG E\ WKH UHDO +3I#I+(&#.V+I(#3(#$(2$G2I#I2-$(I-(72.+6I(/%I%.+(2$G+3I&+$I(I-?#.73(.+6-G+.@(#$7(.+%I2"2H#I2-$(-/ (+W23I2$8( #33+I3(#"3-(2$(.+"#I2-$(I-(2$6+$I2G+3(/-.(1%2"72$8(.+$-G#I2-$' X-&+(%.1#$(F"#$3(#.+(#77+7(I-(I*+(.+8%"#I-.@(2$2I2#I2G+3N(I*23(F"#$3(#2&(I-(6-$I.#3I(I*+("#$7(6-$3%&FI2-$'( U$(+W#&F"+(23(I*+(XI.%6I%.#"(!"#$(-/ (O"-.+$6+(2$(D<;<'((Y2I*(I*+(3"-8#$(ZH+.-(G-"%&+[\ WKH 3ODQ·V REMHFWLYH 23(I*+(F*@326#"N((+$G2.-$&+$I#"N(3-62#"(#$7(+6-$-&26(.+8+$+.#I2-$] ©,O SULQFLSLR IRQGDQWH LO 3LDQR 6WUXWWXUDOH q TXHOOR GL DIÀGDUH OD WUDVIRUPD]LRQH GHOOD FLWWj DO VROR UHFXSHUR GL DUHH JLj %.1#$2HH#I+(#II.#G+.3-(2$I+.G+$I2(72(3-3I2I%H2-$+(+72"2H2#(+(72(.23I.%II%.#H2-$+(%.1#$23I26#(I+32(#(.+6%F+.#.+(72//%3#&+$I+( R%#"2IS(%.1#$#(+7(#&12+$I#"+(^'''_KB(LXI.%6I%.#"(!"#$(-/ (O"-.+$6+(D<;<`(U.I';M

5HJXODWRU\ H[DPSOHV XQGHUOLQH WKH GLUHFW UHODWLRQDO HTXDWLRQ WKDW DVVRFLDWHV WKH ÀJKW IRU WKH ODQG FRQJ 3%&FI2-$(?2I*(%.1#$(.+$+?#"'(aI(6#$(1+(3#27N(I*+.+/-.+N(I*#I(%.1#$(7+G+"-F&+$I(*#3(1+6-&+(-$+(-/ (I*+(&#2$( .+/+.+$6+3(I-(I*+(.+7%6I2-$(-/ ("#$7(6-$3%&FI2-$(I*.-%8*(1+II+.(-FI2&2H#I2-$(-/ (I*+(%3+(LI*.-%8*(.+%3+M(-/ ( %.1#$2H+7(#.+#3N(+3F+62#""@(-/ (1%2"72$83(#$7(723%3+7(-.(%$%3+7(32I+3'

!"#$%&'()#*+'+,-*$-% $+"#$.-//'0,-*'1$/,+23$ )*+(6-$I+&F-.#.@(62I@N(#3(#(6-&F"+W("#@+.2$8(-/ (#6I2-$3(#$7(I#$821"+(#33+I3(2$(F+.F+I%#"(Z1+6-&2$8[N(23( 82G+$(#(G-6#I2-$(#2&+7(#I(7.2G2$8(6-$I2$%-%3(6*#$8+'()*23(F.+.-8#I2G+(23(+33+$I2#"(I-(&++I2$8(I*+(6-$I+WI%#"( $++73(#$7(.+R%+3I3(-/ (3%F.#$#I2-$#"("+G+"'()*+(6*#$8+(23(2&F"+&+$I+7(I*.-%8*(?-.V3(-/ (%.1#$(I.#$3/-.&#J I2-$(I*#I(2&F#6I("#.8+(#.+#3(-/ (I*+(6-&F#6I(62I@'()*+3+(#6I2-$3N(.+3%"I2$8(2$(#(G+.2I#1"+(.+?.2I2$8(-/ (I*+(F"#6+N( #.+(6*#$8+3(2$(F*@326#"(#FF+#.#$6+(#$7(&-.F*-"-8@(#66-&F#$2+7(1@(I*+(#3328$&+$I(-/ (#(.+$+?+7(/%$6I2-$( RI ERWK WKH LQWHQGHG RI WKH EXLOGLQJ DQG WKH XVDELOLW\ RI RSHQ VSDFHV ,QGLYLGXDO SURMHFWV VSDWLDOO\ OLPLWHG LQ WKHLU JHRJUDSKLFDO ORFDWLRQ DUH LQWHUSUHWHG DV XUEDQ V\QHFGRFKH WKH WUDQVIRUPDWLRQ RI VLJQLÀFDQW SDUWV -/ (I*+(62I@("+#73(I-(3%13I#$I2#"(6*#$8+(2$(I*+(+$I2.+(%.1#$(3I.%6I%.+(L#(F#.I(/-.(I*+(?*-"+M'()*+(6*#$8+N(I*+J .+/-.+N(#II.21%I#1"+(I-(#(82G+$(F"#6+N(1+6-&+3(2&F-.I#$I(#3(#(6*#$8+(2$(.+/+.+$6+(I-(2I3(.+"#I2-$3*2F(I-(3F#6+3( 1+@-$7(I*-3+(I*#I(#.+(6"-3+3I(I-(2I'(a$(.+#72$8(I*+(+G-"%I2-$(-/ (#(F"#6+N(I*+.+/-.+N(2I(23(+33+$I2#"(I-(1.-#7+$( I*+(*-.2H-$(-/ (G2+?3(#$7(I-(/-6%3(I*+(+@+3(-$(I*+(.+"#I2-$#"(7@$#&263(I*#I(6-$3I.%6I(I*+(?*-"+(#$7(1+II+.( GHÀQH WKH VFRSH RI WKHVH WUDQVIRUPDWLRQDO ZRUNV LQ ERWK IXQFWLRQDO DQG SK\VLFDO WHUPV DQG LQ WHUPV RI WKH &+#$2$8(2$7%6+7' ;( E=%"+3(/-.(I*+(+$*#$6+&+$I(-/ (+W23I2$8(1%2"72$83(#$7(-I*+.(F.-G232-$3(-$(F"#$$2$8(#$7(1%2"72$8K'(LI.#$3"#I2-$(1@( #%I*-.M' D( ©8UJHQW PHDVXUHV IRU JURZWK HTXLW\ DQG ÀVFDO FRQVROLGDWLRQª W.#$3"#I2-$(1@(#%I*-.M' \( ,Q IDFW DFFRUGLQJ WR WKH VL]LQJ HVWLPDWH RI WKH SODQ LW ZRXOG EH PRUH FRUUHFW WR VSHDN DV DIÀUPHG E\ 3URIHVVRU 0 T#33#(2$(#$(2$I+.G2+?(2$(D<;;(I-(I*+(,-%.$#"(-/ (U.6*2I+6I%.+N(-/ (#(F"#$(I-(Z.+7%6+(%3+(-/ ("#$7[' B( E)*+(1#326(F.2$62F"+(-/ (I*+(XI.%6I%.+(!"#$(23(I-(+$I.%3I(I*+(I.#$3/-.&#I2-$(-/ (I*+(62I@(-$"@(I-(.+6-G+.@(-/ (#".+#7@J %.1#$2H+7( #.+#3( I*.-%8*( 2$I+.G+$I2-$3( -/ ( 1%2"72$8( .+F"#6+&+$I( #$7( %.1#$( .+3I.%6I%.2$8( 7+328$+7( I-( .+6-G+.( ?27+3F.+#7(%.1#$(#$7(+$G2.-$&+$I#"(R%#"2I@(^'''_K'(LI.#$3"#I2-$(1@(#%I*-.M'

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

9:(4(;<;


=>'''?(@$-A"+78+(-/ (B*+(C#BB+.$(#$7(-/ (2B3("#A3D(-/ (B*+(3+B(#$7(-/ (2B3(3B.%6B%.+D(6-%"7($-B(C-3321"E(1+(7+.2F+7(/.-&(7+G 36.+B+(@$-A"+78+(-/ (B*+(+"+&+$B3(B*#B(6-&C-3+(2B'(>'''?()*+(C2+6+3(#.+(.+#7#1"+D(B#@+(-$(#(3+$3+D(-$"E(A*+$(#33+&1"+7H( LQ LVRODWLRQ D SX]]OH SLHFH PHDQV QRWKLQJ ² MXVW DQ LPSRVVLEOH TXHVWLRQ DQ RSDTXH FKDOOHQJHª ((I!+.+6D(;JK9H(C.+#&1"+L

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ÁHFWLYH YLHZ DW WKH HIIHFWV RI WKH SURMHFW LQ WHUPV RI IXQFWLRQDO UHODWLRQVKLSV WKH GHPDQG IRU LQIUDVWUXFWXUH VHUYLFHV ODQG XVH DQG PRELOLW\ ÁRZV )*+(2$+F2B#1"+(.+C+.6%332-$(B*#B(B*+(B.#$3/-.&#B2-$(-C+.#B2-$3(6.+#B+(23(7%+(B-(#(6-$3+S%+$B2#"(7E$#&23&( LQKHUHQW LQ WKH SURFHVV RI FKDQJH 7KH SUREOHP LV QRW VR WULYLDO DV WR DIÀUP WKDW ´FKDQJH FUHDWHV FKDQJHµ U%B(.#B*+.(B-(#BB+&CB(B-(#6S%2.+(#(3B.%6B%.+7(#A#.+$+33(-/ (B*+(.+"#B2-$#"(&+6*#$23&3(-/ (.+F+.1+.#B2-$(B*#B( "+#7(B-(#(6*#$8+(-/ (1#"#$6+(2$(B*+(7+F+"-C&+$B(-/ (B*+(62BE'()*+(.+#"(6*#""+$8+(23(B-(#1"+(1+(B-(8%27+(#$7( JRYHUQ WKH RXWFRPHV RI WKLV GHYHORSPHQW ´SDUW E\ SDUWµ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ÀFDWR GL WHUUHQR GL RFFDVLRQL H GL FLWWj FKH VL VYLOXSSD LQ PRGR RFFDVLRQDOHª'](IV$7-F2$#D(;JJ^H(C'_`L

7KH RSSRUWXQLWLHV RI XQXVHG XUEDQ FRPSOH[HV LV FRQÀJXUHG DV D DUHD RI LQWHUHVW WKDW LQYROYHV VHYHUDO VHFG B-.3(#$7(&%"B2C"+(2$3B#$6+3'(!*E326#"(#$7(/%$6B2-$#"(.+-.8#$2P#B2-$(-CC-.B%$2BE(-/ (B*+(62BE(2$7%6+3(C.-3C+6B3( IRU HFRQRPLF DQG VRFLDO LPSURYHPHQW EXW WKLV LPSURYHPHQW LV FRQWUDVWHG E\ VSHFLÀF LQWHUHVWV RI DQ H[FOXG VLYHO\ ÀQDQFLDO QDWXUH ,Q OLJKW RI WKH HFRQRPLF VLWXDWLRQ RI UHSHDWHG GLIÀFXOWLHV IRU ORFDO DXWKRULWLHV ZKLFK C"#E(1-B*(#(B+6*$26#"(#$7(C-"2B26#"(.-"+(2$(C.-&-B2$8(-/ (6-""+6B2F+(.+S%+3B3L(B*+(3-62#"(#3C+6B3(#33%&+(#(&2$-.( ZHLJKW LQ FRPSDULVRQ WR WKH ÀQDQFLDO DSSHDO 7KH RSHUDWLRQV RI XUEDQ UHVWUXFWXULQJ FRPPRQO\ WHQG WR RSSRVH WKH SXEOLF LQWHUHVW WR WKDW RI WKH SULYDWH VHFWRU 7KH ÀUVW LV D EHDUHU RI SUHURJDWLYHV DQG FROOHFWLYH EHQHÀWV VXFK DV XUEDQ VRFLDO DQG HQYLURQPHQWDO UHJHQHUDWLRQ LQ WKH JLYHQ XUEDQ FRQWH[W ZKLOH WKH VHFRQG 23(B*+(1+#.+.(-/ (2$2B2#B2F+3(B*#B(#.+(#2&+7(#B(B*+(+6-$-&26(C.-&-B2-$(-/ (B*+(2$F+3B&+$B(3B.26B"E(/.-&(#(.+#"( HVWDWH VWDQGSRLQW ,Q UHDOLW\ WKH GLIÀFXOW\ LQ ÀQGLQJ ÀQDQFHV IRU SXEOLF ZRUNV OHDGV WKHVH SXEOLF DXWKRULWLHV WR DFFHSW SURMHFW SURSRVDOV EHFDXVH SULYDWH LQLWLDWLYH LV WKH RQO\ PHDQV DYDLODEOH WR LQWHUYHQH LQ WKH XUEDQ #.+#3a(B*+(C%1"26(.+7%6+3(B*+(%.1#$2P#B2-$(6-3B(B-(B*+(C.2F#B+D(A*26*(.+#"2P+3(#"3-(B*+(A-.@3(-/ (C%1"26(2$B+G ]( =)*+(62BE(1+6-&+3(#(3B.-$8(C-"#.2BE(-/ (+6-$-&26G6-$3B.%6B2-$(-CC-.B%$2B2+3D(2$(2B3+"/ (#(C.-7%6B(-/ (-CC-.B%$2B2+3'( Z-(-F+.#""(7+328$(6#$(*-"7(2B3(-A$(2/ (B*+(8%272$8(+"+&+$B(23(B*+(-66#32-$'(b+(6#$(B#"@(#1-%B(-66#32-$#"(62BE(A2B*( B*+(7-%1"+(&+#$2$8a(&+#$2$8a("#$7(-/ (-CC-.B%$2B2+3(#$7(62BE(B*#B(+F-"F+3(-$(#$(-66#32-$#"(1#323c'(IB.#$3"#B2-$(1E( #%B*-.L'

9:(4(;<;

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


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À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ÀFD]LRQL IUDPPHQWDULHª (S(TU%33-A(;VV9(='(WWX

C$(>*+(6-$>+@>(-/ (>*23(36+$#.2-A(>*+(6%..+$>(+6-$-&26(6.2323(3++&3(>-(/%.>*+.(.+2$/-.6+((+@>+&=-.#.F(7F$#E &263( -/ ( %.1#$( >.#$3/-.&#>2-$'( C>( #"3-( 3++&3( >-( %$7+.&2$+( >*+( -=+.#>2?+( #6>2-$( -/ ( >+6*$26#"( 3>.%6>%.+3( .+3=-$321"+(/-.(>*+(&#$#8+&+$>(-/ (%.1#$(="#$$2$8(2$3>.%&+$>3:(B*26*(.+=.+3+$>(>*+(=.2$62=#"(&+#$3(>-( JXLGH WKH GHYHORSPHQW RI WKH FLW\ LQ D XQLÀHG DQG KRPRJHQHRXV YLHZ 6LPLODUO\ WKH FULVLV KDV DOVR OHG WR D .+>*2$D2$8(-/ (>*+(6-%.3+(>#D+$(1F(=.2?#>+(#6>-.3(B*26*(#.+$G>("-$8+.(B2""2$8(>-(2$?+3>(/-.(%.1#$(B2>*-%>(3%.+( JXDUDQWHHV RI HQWUHSUHQHXULDO SURÀW PDUJLQ DV LQ WKH SDVW HVSHFLDOO\ IRU ODUJH SURMHFWV XQGHUVWRRG LQ WHUPV RI ERWK TXDQWLW\ DQG YROXPH DQG LQ WHUPV RI ÀQDQFLDO LQYHVWPHQW %\ ZD\ RI LOOXVWUDWLRQ LW LV LQWHUHVWLQJ WR UHÁHFW RQ WKH FDVH RI WKH &LW\ /LIH LQ 0LODQ RQH RI WKH XUEDQ WUDQVIRUPDWLRQ ZRUNV LQ SODFH ZKLFK LV DPRQJ >*+(&-3>(2&=-.>#$>(#$7(7+1#>+7(#>(>*+(C>#"2#$($#>2-$#"("+?+"(T/-.(>*+(#&-%$>(-/ (2$?+3>&+$>3(#""-6#>+7(#$7( WKH XUEDQ DQG DUFKLWHFWXUDO SURMHFW LW LV WKH REMHFW RI ERWK DSSUHFLDWLRQ DQG FULWLFLVP )RU WKH SURMHFW RI >*23(#.+#A(B*26*(=.+?2-%3"F(*-%3+7(>*+(/#2.8.-%$73(-/ (>*+(62>F(#$7(B2""($-B(1+6-&+(#$(#.+#(B*26*(23(&#2$"F( .+327+$>2#"A(>*+(6-$3-.>2%&(-/ (2$?+3>-.3(=.+3+$>+7(>*+(.+R%+3>(>-(>*+(&%$262=#"2>F(>-(8+>(1#6D(Y0U(;Z(&2"E OLRQ UHODWHG WR XUEDQL]DWLRQ FRVWV DOUHDG\ SDLG IRU WKH GRZQVL]LQJ RI WKH SURMHFW9'()*+(*-%32$8(#$7(6-$3>.%6E WLRQ PDUNHW KDV EHHQ GHFOLQLQJ IURP WKH SDVW ÀYH \HDUV JLYHQ WKH VWDJQDQW SRSXODWLRQ JURZWK WKH SXEOLF À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j VXOOD FLWWj HVLVWHQWH PD GL XQD SRVL]LRQH GL ULXVR UDGLFDOH FKH SXz HVVHUH GHÀQLWD LQ HVWUHPD VLQWHVL S( I)*+(2$>+$>2-$(>-(/%3+(&#.D+>(#$7(=-"26F(L'''N(*#3(&#7+(>*+(=-3321"+(/%>%.+(>.#$3/-.&#>2-$(-/ (>*+(62>F(2$6.+#32$8"F( 6"+#.A( B*+.+( &#$F( #6>-.3( &#F( 1+( #1"+( >-( =.-&->+( #$7( 2&="+&+$>( 2$>+.?+$>2-$3A( 1%>( 2>( *#3( #"3-( *28*"28*>+7( >*#>( >*+(B+#D$+33(-/ (/.#&2$8(=.-6+7%.+3(-/ (>*+(2$>+.?+$>2-$3(.23D3(.+7%62$8(#(32$8"+(7+328$(2$>-(#(3+.2+3(-/ (=2+6+&+#"( 6*#$8+3^'(T>.#$3"#>2-$(1F(#%>*-.X' :( 7KH GLIÀFXOW\ IRU ORFDO DXWKRULWLHV LQ UDLVLQJ IXQGV WR GUDZ XS SODQV XVLQJ H[WHUQDO H[SHUWLVH DQG WKH UROH WKDW WKH 8-?+.$&+$>(-/ (>*+(>+..2>-.F(#$7(="#$$+.3(6#$(="#F(2$((>2&+3(-/ (+6-$-&26(723>.+33(#.+(6+$>.#"(>*+&+3(-/ (6-$/+.+$6+3A( VHPLQDUV DQG GHEDWHV RIWHQ WKH WLWOHV RI SXEOLF FRQIHUHQFHV XVH D VWDQGDUG DQG VLPLODU IRUPXOD WKH VSHFLÀF WKHPH -/ (6-$/+.+$6+(#$7(>*+(/-""-B2$8(B-.72$8H(_'''(2$(>2&+3(-/ (6.2323`' 9( )*+($+B3(23(.+=-.>+7(2$(#(3*-.>(1"%.1(2$(>*+($+B3=#=+.(_C"([-"+(Za(b.+`(7#>+7([+=>+&1+.(;<A(Z<;Z(#$7(+$>2>"+7(_)*+( %.1#$(3#/+(23(+&=>F'(J+33(B-.D3A(/++3(>-(.+>%.$`'

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

9:(4(;<;


:;;<(.+6=6"+>?(@A28#$BC(D;::E(F'::DG'()*#H(23(I*=(I+(#.+(#".+#7=(&-J2$8(3-&+(%.1#$(F-"262+3(H*#H(/.#&+(H*+( #6H2-$(-$(723%3+7(32H+3(I2H*2$(#(32$8"+(J2+I(-$(#(.+82-$#"(36#"+'

,Q SHUVSHFWLYH GLVXVHG VLWHV DV D SRWHQWLDO DSSOLFDWLRQ ÀHOG RI XUEDQ SROLFLHV ,I WKH UROH DVVXPHG E\ WKH DEDQGRQHG DUHDV RQ D UHJLRQDO VFDOH DSSHDUV WR EH PRUH FOHDUO\ GHÀQHG OHVV 6"+#.K6%H(23(H*+(3+H%F(#$7(&#$#8+&+$H(-/ (H*+3+(#.+#3C(I2H*(#(J2+I(-/ (H*+(I*-"+(62H=(#3(+J+$H3(I*-3+(3%&( FDQ GHÀQH DQG JXLGH XUEDQ GHYHORSPHQW ,I WKH LQFOLQDWLRQ WR FRQVLGHU GLVXVHG VLWHV DV DQ RYHUDOO XQLW LV 6"+#.(2$(F%.3%2$8(H*+(8-#"(-/ (.+7%62$8(H*+(6-$3%&FH2-$(-/ ("#$7C("+33(-1J2-%3(23(H*+(#I#.+$+33(-/ (H.+#H2$8( WKHVH DUHDV DV D À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ÀJXUH QHZ SHUVSHFWLYHV IRU LQWHUYHQWLRQ LQ WKH FLWLHV IRXQGHG RQ WKH SUDFWLFH RI .+%3+(#$7(.+6=6"2$8P SN#(F.#H26#(7+"(.2626"-(7+8"2(3F#T2(+(7+2(H+33%H2(%.1#$2(U($+6+33#.2#&+$H+(6-$H+3H%#"+(+(#7#HH2J#'(VWX(Y8$2("%-8-(+(-8$2( 6#3-(F.+J+7-$-(%$(F.-8+HH-(72J+.3-'(Z2(F-H.+11+(F#."#.+(72(72J+.3+(H#HH26*+(VWX(6*+(.23F-$7-$-(#(%$#(3-"#C(3H.#H+82#(72( 2$H+.J+$H-()*+(F.#6H26+(-/ (.+6=6"2$8(-/ (3F#6+3(#$7(%.1#$(/#1.263(23($+6+33#.2"=(6-$H+[H%#"(#$7(#7#FH2J+'(V'''X(\J+.=(F"#6+( DQG HYHU\ FDVH LQYROYHV D GLIIHUHQW SURMHFW :H FRXOG WDON DERXW GLIIHUHQW WDFWLFV > @ WKDW UHVSRQG WR D VLQJOH LQWHUYHQK H2-$(3H.#H+8='>(:;(@Q2662C(D;::E(F'(]^G(

7KHUHIRUH WKH SURMHFWV LQ WKHVH DUHDV PD\ FRQVWLWXWH WKH EDFNERQH IRU WKH IXWXUH GHYHORSPHQW RI WKH FLW\ DQG IRU WKH DFKLHYHPHQW RI WKH PDLQ XUEDQ SROLF\ REMHFWLYHV XQGHUVWRRG DV D ©LQVLHPH GHOOH DWWLYLWj SXEEOLK FKH FKH ULJXDUGDQR OH WUDVIRUPD]LRQL ÀVLFKH GHO WHUULWRULR RSHUDWH GD VRJJHWWL VLD SXEEOLFL FKH SULYDWL LQ XQ RWWLFD GL FRRUGLQDPHQWR LQ XQ FRQWHVWR GL SLDQLÀFD]LRQH ORFDOHª ::(@5.-3H#C(:??;E(F'(D_`G(

!"#"$"%&"' 5.-3H#(!'C(@:??;G(!"#$%&'(')"#*+&#$'",%-(a2"#$-C(L.#$6-b$8+"2' 5-&%$+(72(L2.+$T+C(@D;:;G(.'",%#/(01((10"&+-#2%03+#(+),')4+#*'#"((1"5'%,+(VY$"2$+XC(#J#2"#1"+(#HP(*HHFPccF2#$-K VWUXWWXUDOH FRPXQH À LW d$7-J2$#(L'C(@:??^G(/(0"(+6'+#+#7%66+(('#$+0#&"#(0"78%03"5'%,+#109","-#",,'#:;<C(2$(d$7-J2$#(L'(@+7GC(N#(62HHe(-66#32-K $#"+C((a2"#$-C(L.#$6-b$8+"2' !+.+6(R'C(@:?]9G(!"#='+#3%*+#*:+3$&%''(!#.23C(f#6*+HH+'().#$3'((1=(O+""-3(g'(@:?9]:h(+7'C($+I(+7'(D;;9G'(N2/+P(b( 03+.i3(a#$%#"'(N-$7-$C(A2$H#8+' Q2662(a'C(@D;::G(21%='#$"0"*'63'>#0'*100+#0'17"0+#0')')&"0+#&"#)'((?#@+#'#$"+7"66'AC(2$(52-..#(!'C(a#.2$2(Z'(@+73GC(Q+K6=6"+P( 3H.#H+82+(F+.("i#.6*2H+HH%.#C("#(62HHe(+(2"(F2#$+H#C(a2"#$-C(\"+6H#' Q%33-(a'C(@:??9G'(B0++#*'73+77+C#D%03+#+#0'7%07+#*+&&"#E)'((?#+7'7(+,(+: 1DSROL (GL]LRQL 6FLHQWLÀFKH ,WDOLDQH A28#$B(!'C(@D;:DG'(F')')&"0+#)'((?C(2$(52-..#(!'C(a#.2$2(Z'(@+73GC(Q+K6=6"+P(3H.#H+82+(F+.("i#.6*2H+HH%.#C("#(62HHe(+(2"( F2#$+H#C(a2"#$-C(\"+6H#' ?( SdH(23($-H(-$"=C(#3(.+62H2$8(#(3"-8#$(-/ (3-&+(=+#.3(#8-C(H-(1%2"7(H*+(62H=(-$(H*+(+[23H2$8(62H=C(1%H(#(F-32H2-$(-/ (.#726#"( UH XVH ZKLFK FDQ EH GHÀQHG LQ D QXWVKHOO UHF\FOHª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

99(4(:;:

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


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

!'$()*'+,&20/?,*5&@/1,&'1/$%&5A,&B/9$('0:& 4,5C,,$&6"5:&'$(&D,'E 3&6'),F&G04'$&D,'.0/$5&2'0H) I+E2"2#(I#"F2$2

'LSDUWLPHQWR GL 8UEDQLVWLFD H 3LDQLÀFD]LRQH GHO 7HUULWRULR 0$27+.32>J(F+G"2(A>%F2(F2(K2.+$L+ +(&#2"(E+E2"2#'E#"MG&#2"'E-& )+"8/#NO(9PP85QR9:9R

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ÀF LQWHUSUHWDWLRQV RI UROH SOD\HG E\ WKHVH ERUGHU DUHDV XUEDQ VHDIURQW SDUNV 7KH JRDO LV WKDW RI ÀQGLQJ IHDVLEOH SURMHFW FULWHULD LQ RUGHU WR REWDLQ QHZ SXEOLF VSDFHV WKDW VKRXOG IXQFWLRQ DV RSHQ DQG G\QDPLF V\VWHPV ORVLQJ >*+2.(&+.+(V/#W#F+C"2T+X(E-$F2>2-$(1%>(2$3>+#F(G#2$2$G(>*+2.(3>#>%3(-/ (V1-%$F#.S("#$F3E#=+X'


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´QHZµ SDUWV RI WRZQV DQG D FKDQFH WR UHGHÀ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´VHHQ VRPHZKHUH HOVHµA(>*+$(=*+(2$=+.D+$=2-$3(#.+(1#3+7(-$(=*+(6*-26+A(+D+$(=*-%8*(6%3=-&E &#7+(=-(#(6+.=#2$(B"#6+A(/-.(3%66+33(&-7+"3'()*23(#==2=%7+(=+$73(=-(.+#"23+(3=#$7#.7(3B#6+3(-%=E-/E6-$=+L=( /.-&(=*+(62=C(#$7(2=3(.%"+3'( 7KH PDNLQJ RI ´VSHFWDFXODU IDoDGHVµ(>*+$(=*+(#6=2-$(3=.#=+82+3(#.+(&#2$"C(1#3+7(-$(=*+(6-$3=.%6=2-$(-/ (+L=.#E -.72$#.C(3=.%6=%.+3A("2?+(1%2"72$83(&#7+(1C(>-."7E/#&-%3(#.6*2=+6=3'()*23(#==2=%7+A(=-8+=*+.(>2=*(&#.?+=2$8( 3=.#=+82+3A(*#3("2&2=3(2$(2=3(3+"/E(.+/+.+$6+A(#$7(2$(("2=="+(#12"2=C(=-(&#?+(2=3(>#C(2$(=*+(6-$=+L='( 7KH UHDOLVDWLRQ RI ´FORVHG RII LVODQGVµA(=*#=(/%$6=2-$(#3(*#.1-%.3(/-.(128(C#6*=3A(#$7(=*+(.+"#=+7(3=.%6=%.+3(/-.(=*+( /+>(#$7(B.2D2"+8+7'()*23(#==2=%7+A(#2&+7(#=("2/=2$8(=*+("-6#"(+6-$-&C(#$7(#=(2$6.+#32$8(2$=+.$#=2-$#"(D23212"2=CA( =*-%8*(2$(/#6=(6.+#=2$8(6"-3+7E-// (+$6"#D+3(=*#=(6#$(82D+(B"#6+(=-(3=.-$8(3-62#"(6-$=+L=3' 7KH QHHG WR ÀQG RXW QHZ VWUDWHJLHV WR RYHUFRPH WKH IUDJLOLW\ RI PDQ\ FRQWHPSRUDU\ LQWHUYHQWLRQV KDV WKRXJK EHHQ SDUW RI D FXOWXUDO GHEDWH RQ WKH GHÀQLWLRQ RI QHZ GHYHORSPHQW PRGHOV;'

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

9:(4(;:;

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


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ÀHOG LQ ZKLFK ZH FDQ LPDJLQH DFWLRQV DLPHG DW WKH ELUWK RI QHZ UHODWLRQ V\VWHPV UDWKHU WKDQ GHÀQHG IRUPV 7KH SURMHFW WKHPH LV ORRNHG XSRQ VWDUWLQJ IURP WKH SHFXOLDU IHDWXUH RI WKH DUHD LQ TXHVWLRQ DV D !"#$%&'()!*+,**$)+,")%-..*'*$+)/(/+*0/B(#$7(1A(6*+6?2$8(>*+(6-..+6>(/%$6>2-$2$8(>*.-%8*(>*+(3>%7A(-/ (>*+(=-3321"+( 2$>+.#6>2-$(&-7+3(@2>*(>*+("#$736#=+(6-$>+J>'()*23(1-%$7#.A(6-$72>2-$B(>*#>(.+6#""3(#(3+$3+(-/ (3+=#.#>2-$( #$7(#>(>*+(3#&+(>2&+(-/ (%$2-$B(23(2$7++7(#(8--7(+J=.+332-$(-/ (>*+(2$6"2$#>2-$(-/ (>*+3+(#.+#3B(32>%#>+7(2$( EHWZHHQ DQG FRPPXQLFDWLQJ ZLWK G\QDPLF HQWLWLHV WKH GHÀQHG VKDSH RI FLWLHV PRGLÀ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·V .-"+(23(>*+.+/-.+(3>%72+7(2$E7+=>*(#3(#(6*#$6+(>-(%$7+."2$+(>*+(&-.=*-"-826#"(#$7(3+&#$>26(6-&="+J2>A(-/ ( VHDIURQWV DQG WR GHÀQH WKH QHZ UHODWLRQV ERWK ,-+1(#$7(-$/-%*(>*+(6-$>+J>B(-.2+$>++.2$8(>*+.+/-.+(#>>+$>2-$( -$(>*+(.-->+7($#>%.+(-/ (>*+("#$736#=+(#.6*2>+6>%.+(#3(K#$(#.>(-/ (="#6+3L(MN-.2$-B(O;;PQ'

!"#$%&'()$*#+,-&"#.$&/,0"1#(&,2. 0.1#$(=%1"26(3=#6+(-$(3+#/.-$>3(=.+3+$>(>-7#A(*A1.27(/+#>%.+3(6-$$+6>+7(>-(>*+(72//+.+$>(#>>2>%7+3(>*#>(>*+( #.+#3(*#C+(@*+$(7+>+.&2$2$8(#(1#"#$6+(1+>@++$(72C+.3+(/%$6>2-$3'((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((( R/ (>*+(.+"#>2-$(1+>@++$(3+#(#$7(62>A(*#3(&#2$"A(%.1#$(/+#>%.+3B(>*+(/-.&#"(.%"+3(-/ (=%1"26(#.+#3(M+3="#$#7+3B( >+..#6+3B(3+#E327+(=.-&+$#7+3QB(@2""(7+>+.&2$+(>*+(-.8#$2I#>2-$(-/ (>*+(@#>+./.-$>(3A3>+&'(R$(6#3+3(@*+.+( >*+(>@-(+"+&+$>3(#.+(&+72#>+7(1A(>*+(-"7(*#.1-%.(3A3>+&B(1+(2>(/%""A(-.(=#.>2#""A(.%$E7-@$B(#$A(.+$-C#>2-$( @2""(82C+(@#A(>-($+@(6-*#12>#>2-$3(1+>@++$(%.1#$(#$7(*#.1-%.(/%$6>2-$3'()@-(+J#&="+3(&28*>(1+(S+$-#G3( !-.>-(<$>26-(#$7(T#.6+"-$#G3(!-.>(U+""B(>*#>(6-%"7(1+(2$6"%7+7(2$(#(>A=+(-/ (=%1"26(#.+#($#&+7(K*#.1-%.E62>AL( M!.-C+$I#$-(O;;VQ' <(>*2.7(>A=+B(>*#>($++73(/%.>*+.(3>%7A(23(>*#>(-/ (%.1#$(3+#/.-$>(=#.?3'(R$(>*+3+(6#3+3B(>*+(*A1.27(6-&+3(/.-&( >*+(3+#.6*(/-.(#(&-.+(-.8#$26(6-+J23>+$6+(1+>@++$(%.1#$(%3#8+3(#$7(/%$6>2-$3((#$7(/-.&3(-/ (>*+(6-#3>#"( HFRV\VWHPV WKURXJK RSHUDWLRQV WKDW ´SURMHFW ZLWK QDWXUHµ DQG WKDW ZRUN RQ WKH ERXQGDULHV ZLWK WKH LQE >+$>2-$(>-(6.+#>+(#(3>.-$8+.(1-$7#8+(@2>*(>*+(>-=-8.#=*A(#$7($#>%.+(-/ (="#6+3'(T+$+#>*(>*23(#==.-#6*B(>*+( UHVHDUFK FKDQJHV GLUHFWLRQ IURP WKH WUDGLWLRQDO XUEDQ SODQQLQJ FULWHULD ,W GHÀQHV QHZ FRPSRVLQJ FULWHULD -1>#2$+7(>*.-%8*(3>%7A2$8(>*+(=->+$>2#"("2$?+7(@2>*(>*23(1-%$7#.A(6-$72>2-$(1+>@++$(%.1#$(#$7($#>%.#"( 3=#6+'()*+($+@(/+#>%.+3(-/ (>*+3+(="#6+3(#.+(3-(82C+$($->(1A(>*+(W%6"27+#$(8+-&+>.2+3(>A=26#"(-/ (62>2+3B(1%>( 1A(>*+2.($#>%.#"(-.282$#"(#3=+6>B(>*+(6%.CA("2$+3(-/ (>*+2.(-.-8.#=*A(#$7(>*+2.(>-=-8.#=*AB("2?+(>*+(7%$+("#$E 736#=+B(>*+(@+>"#$73B(>*+(.2C+.1+73B(>*+(3#&+(6-#3>"2$+' ,Q WKH ODWH ·V D QXPEHU RI VLJQLÀFDQW H[SHULPHQWV ZHUH FDUULHG RXW LQ WKLV GLUHFWLRQ LQ (XURSH 7KH 3REOHE $-%(!#.?(2$(T#.6+"-$#(MN28(:QB(.+#"2I+7(2$(:99O(23(#(6-$$+6>2-$(=#.?(1+>@++$(>*+(62>A(#$7(>*+(6-#3>B(@*-3+( ÀJXUDWLYH WKHPHV RULJLQDWH IURP WKH 0HGLWHUUDQHDQ ODQGVFDSH·V IHDWXUHV WKURXJK WKH XVH RI IRUPV WKDW .+6#""(>*+(@#C+E"2?+(&-C+&+$>(-/ (>*+(7%$+3(#$7(-/ (X+72>+..#$+#$(C+8+>#>2-$'

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

9:(4(:;:


!"#$%&'((4()*+(!-1"+$-%(!#.=(2$(>#.6+"-$#

)*+3+(#.+(-?+."--=+7(1@(#(/%$6A2-$#"("#@+.(-/ (8+-&+A.26(.-%A+3(32&2"#.(A-(A*+(&#B(-/ (A*+(62A@(6"-3+C1@'()*+( 233%+3(.+"#A+7(A-(1-%$7#.2+3(#.+(*+.+(7236%33+7(%32$8(#(3"28*A(7+328$(?#.2#A2-$D(#"-$8(327+(62A@C3+#(8.#72+$AD( ZKHUH GLYHUVH SURÀOHV FUHDWH SHUVSHFWLYHV WKDW DUH VRPHWLPHV RSHQ DQG VRPHWLPHV PRUH PHGLDWHG VR GHÀC QLQJ D ODUJH À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ÀQLVKHG ,Q LWV RZQ KHWHURJHQHLW\ LW WUDFHV WKH HQYLURQPHQWDO DZDUHQHVV RI D ODQGVFDSH FRPSRVHG RQ D MXPEOH RI VSDWLDO ELRORJLFDO DQG VRFLDO QHWZRUNV µ 9DFFDULQR S-&+(&-.+(.+6+$A(+JB+.2&+$A3(-/ (A*23(A@B+(-/ (#BB.-#6*D(A*#A(3A2""(6#$$-A(1+(3++$(#3(2&B"+&+$A+7D(.+$7(A*+( ?2+G+.(-/ (3-&+(TA#"2#$(-B+.#A2-$3(-/ (A*+(B#3A(/+G(@+#.3'(F&-$8(A*+(&-3A(2$A+.+3A2$8D(#.+(A*+(G#A+./.-$A3( -/ (>#.2(#$7(S#"+.$-(NU28(VO'

!"#$%&') _ WKH 7HMR DQG 7UDQFDR 3DUN LQ /LVERQ

9:(4(;<;

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


%DUL·V SURMHFW RULJLQDWHV IURP WKH EHOLHI WKDW WKH LQWHUYHQWLRQ RQ WKLV ODQGVFDSH VKRXOG JHQHUDWH QHZ IRUPV -/ (( )*+(.%"+3(=+.+($-("-$8+.(>#?+$(/.-&(%.1#$("-8263@(1%>(/.-&($#>%.#"(7A$#&263@(3>#.>2$8(/.-&(>*+(27+#(B-/ ( D ODQGVFDSH WKDW JRHV IURP WKH VHD LQWR WKH FLW\µ 0RUDELWR 7KLV PD\ EH GRQH E\ EXLOGLQJ D ÀOWHU #.+#(>-=#.73(>*+(62>A(=2>*(7+6"2$+7("#A+.3(#$7(6"-3+C?$2>(D+8+>#>2-$@(+$72$8(-$(#(.2827(6-$>#2$&+$>(3A3>+&( WRZDUGV WKH SURPHQDGH +HUH LW PDNHV VPDOO FORVHG RII DUHD RI ´DUWLÀFLDO QDWXUHµ WKDW JRHV LQ OLNH ZDYHV 2$327+(>*+(62>A@(2$>+8.#>2$8(2$(>*+(=*-"+(3A3>+&(-/ (.+62E.-6#"(+F6*#$8+(-/ (/-.&3(#$7(.+"#>2-$3' 7KH 6DOHUQR ZDWHUIURQW SURMHFW EULQJV WR WKH WRS WKH FRQWHPSRUDU\ WHQGHQF\ WRZDUG WKH UHVHDUFK RI D 3>.-$8+.(-.8#$262>A(1+>=++$(%.1#$(7+328$(#$7(+6-"-826#"(2$>+.D+$>2-$@(.+6.+#>2$8($->(-$"A(#(/-.&#"(E.-7%6C WLRQ EXW D UHDO ´PL[ RI IXQFWLRQVµ ,Q WKH VRXWKHUQ SDUW WKH SURMHFW SURYLGHV WKH UHFRQVWUXFWLRQ RI D ZLGH 6-#3>#"(+6-3A3>+&(/%$6>2-$2$8(1->*(#3(#$(%.1#$(E#.?(#$7(#($#>%.#"23>26(#.+#(GH%23#$6*+I(J<<9K'()*+($+=(E#.?( LV FRPSRVHG RQ WKH VHD VLGH E\ D V\VWHP RI ÀOWHUV DQG EDUULHUV IRU WKH QRXULVKPHQW RI WKH EHDFK RQ WKH 2$>+.$#"(327+(2>(23(6*#.#6>+.23+7(1A(#$(#.+#(-/ (7%$+3(#$7(=+>"#$73(=2>*(3#">A(#$7(/.+3*(=#>+.(6-&E-32$8(&26.-( KDELWDWV IRU 0HGLWHUUDQHDQ ÁRUD DQG IDXQD 7URXJK WKH XVDJH RI RSHQ IRUPV ZKHUH WKH DELRWLF IHDWXUHV DQG >*+(D+8+>#>2-$(6*#$8+(*+"E(>*+(7A$#&263(-/ (6-#3>#"(+6-3A3>+&3@(>*23($+=(E#.?@(-$6+(.+#"23+7(=2""(2$6.+#3+( $+=(2$>+.+3>2$8(=#A3(-/ (6-+F23>+$6+(1+>=++$(>*+(%.1#$(%3+3(#$7(>*+($++7(/-.(.+6-D+.2$8(+6-"-826#""A(7+8.#C GHG DUHDV GHÀQLQJ D PRUH VXVWDLQDEOH ZD\ RI ODQGVFDSH GHVLJQ )*+(6%..+$>(/-6%3(-$(>*+3+(2$>+.D+$>2-$(-$(>*+("2&2>(1+>=++$(3+#(#$7(>*+(62>A(E-2$>3(-%>(#$(2$>+.+3>2$8(=#A( >*#>(2>L3(=-.>*(>-(/-""-=M(>*+(+FE+.2+$6+3(-/ (%.1#$(3+#/.-$>(E#.?3(#.+(%3+/%"(+F#&E"+3(/-.(>*+(.+3+#.6*(-/ ( D EHWWHU LQWHJUDWLRQ EHWZHHQ GLIIHUHQW IRUPV DQG IXQFWLRQV WKLV FDQ SURYLGH QHZ ÀHOGV RI PHWKRGRORJLFDO LQWHUHVW IRU WKH ODQGVFDSH GHVLJQ 7KH GHÀQLWLRQ RI WRROV WR UHGHÀQH WKH ODQGVFDSH LQ EHWZHHQ FDQ FRQWULC EXWH WR FUHDWH D QHZ EDODQFH DPRQJ VRFLDO HFRORJLFDO VFHQLF IXQFWLRQDO YDOXHV ÀQGLQJ LQ WKH UHJHQHUDWLYH 6#E#62>A(-/ ($#>%.#"(&#.82$#"(#.+#3(>*+(27+#"(2>+&3(/-.(#($+=("#$736#E+(N%#"2>A'

!"#$%&'( _ 7KH SURMHFWV IRU %DUL DERYH DQG 6DOHUQR EHORZ VHDIURQWV

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

9:(4(;<;


!"#"$"%&"' =.%>>-&+33-(?'@(AB<<CD(1XRYL VFHQDUL XUEDQL SHU OH FLWWj G·DFTXD $WWL GHO &RQYHJQR ´3HUFRUVL G·DFTXDµ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ÀFD]LRQH GHO ZDWHUIURQW GL 6 *LURODPR )HVFD'(=#.2(XY$"2$+Z@(#U#2"#1"+(#>[((*>>V[\\+%.-H SDFRQFRUVL FRP SURMHFWV !.-U+$L#$-(P'@(AB<<OD(!0.10'+&11@:'A"."11#.&99"9&03&'#'4".&"9&03&';*&;#31&1@';&'(3'5"110'(.6"30:'B"31*7.+"3%#)0';&'C08"? %3"@(R#882-"2(+72>-.+' ?%23#$6*+L(R'@(AB<<9D(B")#.30@(F>#"E]3(^#>+./.-$>(XY$"2$+Z@(#U#2"#1"+(#>((*>>V[\\"%1'%V6'+7%\^+1\#6>%#"2>#>_ S0=\#_#V+.2>2%3_?%23#$6*+L_#$8'*>&" 0..E(,'@(A;99<D'D>#'10(.&$1'E"9#2'-#&$(.#'"3;'D."4#)'&3'A031#8/0.".F'B0+&#1F@(S-$7-$@(P#8+' W#66#.2$-@(?'@(A;99ND(!"#$"%%&'.&5"11&'(S->%3@(AOCD' W#""+8#(J'@(A;9O:D(3HU XQD JHRJUDÀD GHO PDUH 7UDVSRUWL PDULWWLPL H ULYROX]LRQL HFRQRPLFKH@(R%.32#@(R2"#$-'( `(5-VE.28*>(-/ (>*+(#%>*-.

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:;

6"5:-2/05&/. &?)1'$(@& A04'$&B,1'5"/$)&"$&6C'$%"$% I%E#(J2(K2G"2#

'LSDUWLPHQWR GL 8UEDQLVWLFD H 3LDQLÀFD]LRQH 7HUULWRULDOH '837 8QLYHUVLW\ RI )ORUHQFH OXFDGLÀJOLD#JPDLO FRP L;DC;;M:N95D5O(

P#>>+-(AE#&=-..2$-(

'LSDUWLPHQWR GL 8UEDQLVWLFD H 3LDQLÀFD]LRQH 7HUULWRULDOH '837 8QLYHUVLW\ RI )ORUHQFH PDWWHR VFDPSRUULQR#XQLÀ LW L;DC;;D55:M:DO(

)*+(.+"#>2-$3*2=(1+><++$(>*+(=-.>(#$F(>*+(E2>Q(*#3(G-$+(.+2$/-.E2$G(-7+.(>2&+(%$>2"(2>(1+E-&+3(%$#7-2F#1"+4(>*+(=-.>( UHÁ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À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ÀFDWLRQ LQ WKH SRUW DUHD LW LV LPSRUE =#$=(=-(+A#"%#=+(=*+(.+"#=2-$#"(7?$#&263(-/ (.+A+.1'(L$(=*+(6#3+(-/ (23"#$7(>-.=3(3%6*(7?$#&263(7-($-=(3=->(#=( EDFN SRUW DUHDV DQG WR WKH FLW\ EXW LQ DQ HVVHQWLDO ZD\ LQÁXHQFH RQ WKH LVODQG VHWWOHPHQW V\VWHP LWVHOI 7KH ,VODQG FDQQRW GLVUHJDUG WKH SUHVHQFH RI WKH SRUW LWVHOI DQG ZLWK LWV HIÀFDF\ DQG HIÀFLHQF\ PHHWV WKH IXQFWLRE $#"(.+D%2.+&+$=3@(1%=(#"3-(F2=*(2=3(3?&1-"26(A#"%+(2=(3%13=#$=2#=+3(=*+(27+$=2=?' ©/D FLWWj LVRODQD SUHVHQWD XQR VWDWXV VSHFLÀFR LQ TXDQWR QRQ SXz SUHVFLQGHUH GD XQ UDSSRUWR VWUHWWR FRQ O·DFTXD FKH >-.=#(3+&>.+(>2M(#""#(.26+.6#(72(#66+33212"2=N(+(>+.&+#12"2=N(#"(/.-$=+(&#.+@(3+$I#("+(6*2%3%.+ +(2(=#8"2(=2>262(7+""+(I-$+(>-.=%#"2(+(.+=.->-.=%#"2'(L$-"=.+@($+""+(.+#"=N(23-"#$+(+&+.8+(6-$(+A27+$I#("#($+6+332=N(72(=.#==#.+( LO WHPD GHOOD ULTXDOLÀFD]LRQH H ULJHQHUD]LRQH DO GL IXRUL GHOOD PHUD DOO·DUHD GHO SRUWRªO(PQ+(R%6#@(R2$8%#@(O<;OS(>';;T'

+%$#,()#-./0/(10"23/%4 /$350#)%"61)76/08%"2/#13/70$#6 L$(.+6+$=(?+#.3@(>-.=(#.+#3(*#A+(%$7+.8-$+(#(.#726#"(6*#$8+@(#3(=*+?(#.+(1+2$8(6-$6+2A+7(#3(3>+62#"(>"#6+3( -/ (%.1#$(+C>+.2&+$=#=2-$(#$7(+"+A#=+7(3=.#=+826(>-=+$=2#"'(U%&+.-%3(#.6*2=+6=%.#"(F-.B3(F+.+(1%2"=(-$(=*+( VHDVLGH LGHQWLI\LQJ D VSHFLÀF ÀHOG RI GHVLJQ LQ WKH LQWHUQDWLRQDO DQG (XURSHDQ SDQRUDPD )*+(=.#$3/-.&#=2-$3(1.-%8*=(#1-%=(1?(>.-&2$+$=(#.6*2=+6=%.#"(F-.B3(*#A+("+7(=-(#(>.-/-%$7(6*#$8+(2$( WKH XUEDQ HQYLURQPHQW DQG VLJQLÀFDQWO\ KDYH OHG WR D FKDQJH LQ UHVLGHQWV· RU WRXULVWV·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©7KH LVODQG FLW\ KDV D VSHFLÀF VWDWXV DV LW LV QRW SRVVLEOH WR GLVUHJDUG LWV FORVH UHODWLRQVKLS ZLWK ZDWHU ZKLFK OHDGV =-(/%.=*+.(.+3+#.6*(/-.(#66+33212"2=?(#$7(>+.&+#12"2=?(=-(F#=+.(F2=*-%=(=*+(6"-3%.+3(#$7(6%=3(=?>26#"(-/ (>-.=(#.+#3(#$7( 6#.8-(3=-.#8+(#.+#3'(Z-.+-A+.@(2$(=*+(23"#$7(=*+(.+#"2=?(+&+.8+3(=*+($++7(=-(#77.+33(=*+(233%+(-/ (.+7+A+"->&+$=(#$7( .+8+$+.#=2-$(1+?-$7(=*+(#.+#(-/ (=*+(>-.=]'(P=.#$3"#=2-$(1?(#%=*-.3T'

9:(4(;<;

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


-/ (%.1#$(3+=="+&+$=3(#66-.72$8(=-(7>$#&263(.+"#=+7(=-(=*+(2$7%3=.2#"2?#=2-$(-/ (@.-7%6=2-$(@.-6+33+3(#$7( ?-$2$8A(@-.=(#.+#3(*#B+(1++$(@.-8.+332B+">(#7#@=+7(=-(2$7%3=.2#"A("-823=26#"(#$7(-@+.#=2-$#"($++73(.+"#=+7(=-( DQ HIÀFLHQW KDQGOLQJ RI JRRGV WKHUHIRUH UHGXFLQJ WKH IUHH XVDELOLW\ E\ UHVLGHQWV 3HRSOH ZHUH IRUELGGHQ WR HUHFW SK\VLFDO EDUULHUV DORQJ YDVW DUHDV RYHUORRNLQJ WKH VHD ,Q RUGHU WR LQFUHDVH LWV RSHUDWLRQDO HIÀFLHQF\ ZKLFK ZDV LQFRPSDWLEOH ZLWK XUEDQ UK\WKPV DQG G\QDPLFV WKH SRUW KDV VLJQLÀFDQWO\ DVVXPHG D FRQWUDGLFWRC U\ FKDUDFWHU DQ XUEDQ ´R[\PRURQµ 7KH SRUW ZDV FRQÀ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´OLTXLG UHODWLRQVKLSµ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`(@'UaF 7KH KDUERXU ZDV WKXV UHYHDOHG E\ LWV VWDWXV RI PDUJLQDOLW\ PDUNHG E\ D VSHFLÀF VSDWLDO LQGHSHQGHQFH DQG D#3(@.+3+$=+7(=-(=*+(62=2?+$3(#3(#(B2=#"(@"#6+(/-.(#(.+$+D+7(%3#12"2=>J(=>@26#"">(%.1#$(/+#=%.+3(D+.+(2$=.-7%6+7( #&-$8(=*+(&-3=(7+6232B+(2$(&+#3%.2$8(=*+(B#"%+(#77+7(A(D*26*(#6b%2.+3(=*+(@%1"26(3@#6+(#3(#(D*-"+'

!"#$%&'#$&( $)"#$*%+",)#+)-%*'$.%&/#+)$0,)",1$)"#$%#1&2*),&1$&( $)"#$.&%) )*+(.+$-B#=2-$(-@+.#=2-$3(D2=*2$(=*+(@-.=(#.+(*28*">(6-&@"+W(2$(=+.&3(-/ (6.+#=2B2=>(#$7(&#$#8+&+$=A(1-=*( /-.(=*+(@"%.#"2=>(-/ (=*+(72B+.3+(3T2""3(#$7(2$=+.+3=3(E@%1"26(#$7(@.2B#=+F(@%=(2$=-(@"#6+(#$7(=*+(@"%.#"2=>(-/ (=*+( DFWRUV LQYROYHG LQ WKH GHFLVLRQ PDNLQJ SURFHVVHV EHIRUH DQG DIWHU LPSOHPHQWDWLRQ 7KLV FRPSOH[LW\ ÀQGV LWV 3>$=*+323(#$7(23(.+#"2?+7(D2=*(=*+(#.6*2=+6=%.#"(D-.TA(D*26*(#6b%2.+3(#(/%$7#&+$=#"(2&@-.=#$6+A(1+6-&2$8( #(3>&1-"(-/ (6*#$8+'()*23(23(+3@+62#"">(=*+(6#3+(D*+$(C#3(*#@@+$3(D2=*(2$6.+#32$8(/.+b%+$6>C(=*+(@.-6+33(-/ ( XUEDQ UHJHQHUDWLRQ ORFDWHV ©QHO SURJHWWR GL $UFKLWHWWXUD OD VXD GLPHQVLRQH ÀVLFD SL UDSSUHVHQWDWLYD TXHOOD D FXL LQ PROWL FDVL YLHQH DWWULEXLWD OD GHÀQLWLYD UHVSRQVDELOLWj GHL VXFFHVVL R GHJOL LQVXFFHVVL GL TXHVWH LQL]LDWLYH ^( X)*+(=.#$3/-.&#=2-$(=*#=(=--T(@"#6+A(-.(1+2$8(2&@"+&+$=+7(2$(=*+(62=2+3(-/ (=*+(3+#Z@-.=(62=2+3(*#B+(82B+$(#$7(#.+( 82B2$8(.23+(=-(#($-B+"(=>@+(-/ (62=>A(!"#$%&'(#(['''\]'(E=.#$3"#=2-$(1>(#%=*-.3F'

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

9:(4(;<;


=>(?@+""AB33-C(D<<:EF'GH' 7KH UROH WKDW WKH DUFKLWHFWXUDO REMHFW WDNHV LV QRW WKHUHIRUH VLPSO\ GHÀ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ÁHFWLRQ RI D ODUJHU VFDOH QRW RQO\ OLPLWHG WR WKH XUEDQ V\VWHP

!"#$%#&#'#()*+#,-$). $-"#$/0-#%.%),-$1,$12(0,&$3),-#4-2 )*+(-F+$2$8(-/ (J*+(F-.J(#.+#3(J-(J*+(%.1#$(7M$#&263(#$7(/%$6J2-$3(23(#(F.+.-8#J2I+(J*#J(.+J%.$3(J*+(F-.JC( #"3-(2$(J*+(6-""+6J2I+(2&#82$#J2-$C(J-(J*+(6-$72J2-$3(-/ (J*+(F#3JC(L*+.+(J*+(3+#/.-$J(L#3(-$+(-/ (J*+(&#2$( SODFHV RI VRFLDO OLIH RI JDWKHULQJV DQG RI FRPPHUFLDO DFWLYLW\ ZLWKLQ WKH FLW\ 7KLV WUHQG LV DOVR UHÁHFWHG LQ J*+(F-.J3(-/ (J*+(23"#$7C(L*+.+(J*+(F.-6+33(-/ (.+7+I+"-F&+$J(#6P%2.+3(#(8.+#J+.(2&F-.J#$6+((.+"#J+7(J-(J*+( 23"#$7A3(6*#.#6J+.(-/ (2J3(-L$(2$3%"#.2JMQ( R(S+(23-"+(2$J+3+(6-&+(.+82-$2(+("+("-.-(.+#"JT(%.1#$+($-$(F-33-$-(7%$P%+(+33+.+(F#.#8-$#J+(#"(P%#7.-(7+""+(62JJT(7+""#( WHUUDIHUPD LQ UDJLRQH GHOOH GLPHQVLRQL GHPRJUDÀFKH ULGRWWH H GL XQ PHUFDWR GL GLPHQVLRQL ORFDOL LQ FXL ULVXOWD GLIÀFLOH 3I2"%FF#.+(+6-$-&2+(72(36#"#(UVW=X(?@+(S%6#(Y(S2$8%#C(D<;DE(F'(D<ZH'

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ÁHFWLRQV SXW IRUZDUG ZLWKRXW GHHSHQLQJ WKH VSHFLÀFLW\ RI WKH FRQWH[WV RU SURMHFWV 6WDUWLQJ IURP WKH DUFKLWHFWXUDO DQG XUEDQ LQWHUYHQWLRQV #$7(J*+$(J-("--N2$8(J-(J*+(62JM(#$7(J+..2J-.MC(J*+(2$J+$J(23(J-(27+$J2/M(J*+(2$J+.#6J2-$3(J*#J(%.1#$(7+328$(*#3( J*+(#12"2JM(J-(7+I+"-F(L2J*2$(J*+(6-$J+KJ'

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`#.1-%.(-/ (G#""+JJ#(L#3("#%$6*+7(2$(D<<Z(L2J*(J*+( 6-&F"+J2-$(-/ (J*+(6.%23+(F-.J(-/ (6#""(aG#""+JJ#(b#J+./.-$Jc'()*+(J*+&+(-/ (J*+(6.%23+(J+.&2$#"(?/-.(2J3(32O+C( DLPHG WR VDWLVI\ IXQFWLRQDO IHDWXUHV SUHVHQWV PDQ\ GHVLJQ GLOHPPDV WR EH VROYHG 7KH GLIÀFXOW EDODQFH ©LQ WKH DUFKLWHFWXUDO SURMHFW D PRUH UHSUHVHQWDWLYH SK\VLFDO GLPHQVLRQ LQ PDQ\ FDVHV WKH UHVSRQVLELOLW\ RI WKH 3%66+33+3(-.(/#2"%.+3(-/ (J*+3+(2$2J2#J2I+3(23(%"J2&#J+"M(#JJ.21%J+7(J-(J*23(72&+$32-$='(?J.#$3"#J2-$(1M(#%J*-.3H' X( R)*+(23"#$73C(3++$(#3(.+82-$3C(#$7(J*+(23"#$7(62J2+3C(3++$(#3((%.1#$(.+#"2J2+3C(6#$$-J(1+(6-&F#.+7(J-(J*+(&#2$"#$7(62J2+3( IRU UHGXFHG GHPRJUDSKLF GLPHQVLRQV DQG D PDUNHW RI ORFDO GLPHQVLRQV LQ ZKLFK LW LV GLIÀFXOW WR GHYHORS HFRQRPLHV -/ (36#"+(UVW='(?J.#$3"#J2-$(1M(#%J*-.3H'

9:(4(;<;

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


1+<=++$(#($+=(3<.%6<%.+(#$7(#(*23<-.26#"(/-.<.+33(=#3(.+3-">+7(1?(#6<%#""?(3<#.<2$8(=2<*(<*+(>#"%+(-/ (<*+(+@2A 3<2$8(+$>2.-$&+$<(=2<*(#$(#.6*2<+6<%.#"(/-.&(<*#<B(8+$+.#<+7(32$6+(<*+(.+3<-.#<2-$(-/ (<*+(C#.-D%+(1%2"72$8( E\ 3LQWR JUHZ WR À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ÁRZ ERWK WRZDUGV WKH ZDWHUIURQW DQG WRZDUGV WKH FHQWHU ZLWK D VLJQLÀFDQW LPSDFW LQ WKH ÀHOG -/ (1%32$+33'()*+(&%"<2/%$6<2-$#"(3<.%6<%.+(-/ (<*+(!-.<#3(7-(O#.(23("-6#<+7(#"-$8(<*+(.-#7(<*#<(3+E#.#<+3(<*+( 6+$<+.(#$7(<*+(-%<3G2.<3B(3-(<*#<(=2<*(<*+($+=(6-$3<.%6<2-$(32<+(-$(<*+(=+3<(327+(U2$6"%72$8(<*+(3*-EE2$8( 6+$<+.(!+.-(7+()+>2+Q(<*+(1#"#$6+(#6*2+>+7(1+<=++$(<*+(E-.<2-$3(-/ (<*+(62<?(&#?(1+(D%+3<2-$+7'()*+(E-3A VLELOLW\ H[LVWV WKDW WKLV DUUDQJHPHQW FUHDWHV WZR FRQÁ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

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

99(4(:;:


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ÀUVW SKDVH RI LQGXVWULDOL]DWLRQ DQG PRGHUQL]DWLRQ -/ (;*+(=-.;(3@3;+&B(>#3(#$(%.1#$(+"+&+$;(2$;+8.#;+7(2$(;*+(62;@(6+$;+.'

!"#$%&'("#' )*+(2$6.+#32$8(;.+$7(-/ (=-.;(.+$-<#;2-$(*#3(2$<-"<+7(<#.2-%3(+6-$-&26(#$7(3-62#"(3+6;-.3B(=%1"26(#$7(=.2<#E WH WKDW VKDUH D VDPH LQWHQW 7KHVH VHFWRUV KDYH IRXQG LWV WDQJLELOLW\ LQ WKH DUFKLWHFWXUDO SURMHFW ,Q PDQ\ RI ;*+(#6;2<2;2+3(%$7+.>#@B(;*+.+(>#3(#(6-..+"#;2-$(1+;>++$(=-.;(="#$$2$8(#$7(#.6*2;+6;%.#"(7+328$B(3=+62/@2$8( WKDW LQVHSDUDEOH OLQN LQ ZKLFK WKH IRUP RI ZKDW LV EXLOW WDNHV WKH IRUP RI WKH ÀQDO DFW RI WKH SODQQLQJ =.-6+33'()-(;*+(.+$+>+7(6-$6+=;2-$(-/ (;*+(*#.1-%.(23(.+62=.-6#;+7B(2$(#(-$+E;-E-$+(&#$$+.B(#(.+/.+3*2$8( 2$;+.=.+;#;2-$(-/ (#.6*2;+6;%.#"(36#"+C( FG2(.26-$-36+(6*+(H(=-33212"+(/#.+(62;;I(2$(&-";2(&-72'(J($-2(3#==2#&-(KLM(6*+(N%#$7-(32(=+$3#(#7(%$#(62;;I(6*+(/%$O2-E QD LQ PRGR GLYHUVR DQFKH O·DUFKLWHWWXUD DVVXPH GLYHUVL VLJQLÀFDWL FDPELD H FDPELDQGR WRUQD D FRQGL]LRQDUH OD VWHVVD -.8#$2OO#O2-$+(%.1#$#PQ(KR-882B(9STSU(='VWM

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ÀVLFD >«@ PD #$6*+(/%$O2-$#"+(+(2&&#;+.2#"+(2$32+&+B(=+.(/#.(.2;.-<#.+(%$($%-<-(6-$;+&=-.#$+-(3+$3-(7X%3-(E(+($-$(3-"-(72(&+.#( WHVWLPRQLDQ]D ² FRQQHVVR D QXRYH UHOD]LRQL LQVLHPH HFRQRPLFKH VRFLDOL H FXOWXUDOL &Lz VLJQLÀFD FKH LO SURJHWWR GHYH #<+.+(%$#(=.-3=+O2-$+(6-&="+33#(+7(2$;+8.#;#B(6-$(%$#(72&+$32-$+(&%";236#"#.+(+(&%";2#;;-.2#"+($-$(2$72//+.+$;+PY( KZ+([%6#B([2$8%#B(V:9VU(='9:M

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ÀQG D QHZ FRQWHPSRUDU\ VHQVH RI XVH LQ FRQQHFWLRQ ZLWK QHZ HFRQRPLF VRFLDO DQG FXOWXUDO UHODWLRQVKLSV 7KLV PHDQV WKDW WKH SURMHFW PXVW KDYH D FRPSOH[ DQG LQWHJUDWHG H[SORUDWLRQ ZLWK SDUWLFXODU DWWHQWLRQ ;-(#(&%";2E36#"+B(&%";2"#;+.#"(72&+$32-$P'(K;.#$3"#;2-$(1@(#%;*-.3M'

9::(4(9:9

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


!"#"$"%&"' ;.%<<-&+33-(='(>+73?@(>A::B?'(C#<+./.-$<(7+""+(23-"+'(D+$+E2#@(52<<F(7GH6I%#' ;.%<<-&+33-(='(>+73?@(>A::J?'(52<<FK!-.<-@(!+.6-.32(+(36+$#.2(72(%$#(3<.#<+82#(L2$6+$<+@(2$(HHDD'(52<<FK!-.<-@( 6#<#"-8-(7+""#(M(&-3<.#(N$<+.$#E2-$#"+(72(H.6*2<+<<%.#(72(D+$+E2#@(O+$-L#@(P#.32"2-(Q72<-.+' R+(S%6#(O'@(S2$8%#(D'@(>+73?@(>A:9A?'($UFLSHODJR 0HGLWHUUDQHR 6WUDWHJLH GL ULTXDOLÀFD]LRQH H VYLOXSSR QHOOH 62<<FKT-.<-(7+""+(23-"+'(U2.+$E+@(H"2$+#' R+(S%6#(O'@(S2$8%#(D'@(>A:9A?'(N$<.-7%E2-$+@(2$(R+(S%6#(O'@(S2$8%#(D'(>+73?'@(H.62T+"#8-(P+72<+..#$+-@( 6WUDWHJLH GL ULTXDOLÀFD]LRQH H VYLOXSSR QHOOH FLWWj SRUWR GHOOH LVROH )LUHQ]H $OLQHD R+(S%6#(O'@(S2$8%#(D'@(>A:9A?'(S+(23-"+(<.#(6-&T+<2<2L2<F(8"-1#"+(+(3<.#<+82+(72(3L2"%TT-("-6#"+@(2$(R+(S%6#(O'@( /LQJXD 9 HGV $UFLSHODJR 0HGLWHUUDQHR 6WUDWHJLH GL ULTXDOLÀFD]LRQH H VYLOXSSR QHOOH FLWWj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

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

9:9(4(9:9



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

L’Urbanistica che cambia. Rischi e valori

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


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.