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nV ODE PHPEHUVSDUWLFXODUO\ 2ZDLQ (GZDUGV ZKR DOVR UHYLHZHG P\ PDQXVFULSWVf -LP 3UHVQDLO 'U -H\ DQG *UHJ LL PAGE 3 0F'HUPRWWKDYH EHHQ LQVWUXPHQWDO LQ DGYDQFLQJ P\ UHVHDUFK HIIRUWV 5HJ &ROHU 6FRWW b@ RI GHWHFWLRQ RI 0VS? YDULDQWV DW ORFXV LQ GURQHV 9DULDQW 6RXWK $IULFD +RQGXUDV 0H[LFR 86$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0r 0 7 0r 0 0 WRWDO 0 WRWDO 0 WRWDO 0 WRWDO 0 WRWDO Q LQGLYLGXDOV FRORQLHV YDULDQWV GHWHFWHG 1RW VKRZQ LQ D ILJXUH 6XP RI WKH IUHTXHQFLHV RI DOO YDULDQWV GHWHFWHG LQ WKH UHVSHFWLYH YDULDQW JURXSV 5DWLR RI WKH QXPEHU RI YDULDQWV FRXQWHG WR WKH WRWDO QXPEHU RI YDULDQWV SRVVLEOH ,>QR GURQHVFRORQ\@ QV D E PAGE 48 6L]H NE NE R R L R 2 R R R R R R &0 ,' NE NE NE NE L r 2NE NE NE NE ’ ’ ’ ’ ’ ’ NE PP ’ ’ PP ’ ’ L ’ ’ )LJXUH 5HVWULFWLRQ IUDJPHQW SDWWHUQV RI 0VS? YDULDQWV GHWHFWHG DW ORFXV 5HVWULFWLRQ IUDJPHQWV GHWHFWHG LQ DOO YDULDQWV ZLWKLQ D JURXS DQG FKDUDFWHULVWLF RI HDFK JURXS DUH LQGLFDWHG E\ f DQG YDULDEOH IUDJPHQWV GHWHFWHG LQ DW OHDVW RQH EXW QRW DOO YDULDQWV ZLWKLQ HDFK JURXS RI 0VS? YDULDQWV DUH GHVLJQDWHG E\ ’f PAGE 49 7DEOH 'LVWULEXWLRQ DQG IUHTXHQFLHV >b@ RI JURXSV RI 0VS? YDULDQWV GHWHFWHG ZLWK SUREH S% LQ ZRUNHU EHHV 9DULDQW 6RXWK &RVWD 5LFD 6R 1R (XURSHDQ $SLV PHOOLIHUD JURXS $IULFDr 9HQ (XU $IU +RQG r 0H[LFRr 0H[LFR 86$r PHOOLIHUD +JXVWLFD FDXF£VLFD 0 0 0 0 0 Q FRORQLHV ZRUNHUV YDULDQWV GHWHFWHG &ROOHFWHG IURP VRPH RI WKH VDPH VRXUFH FRORQLHV DV WKH GURQHV IRU ZKLFK GDWD DUH VXPPDUL]HG LQ 7DEOH A FR PAGE 50 )LJXUH 0VS? UHVWULFWLRQ IUDJPHQW SDWWHUQV GHWHFWHG LQ 2OG DQG 1HZ :RUOG ZRUNHU GLSORLGf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f &0 &2 /2 &2 PAGE 51 NE NE P NE _07 m NE PAGE 52 )LJXUH 0VS? SDWWHUQV IURP WKUHH ZRUNHUV GHPRQVWUDWLQJ SRVVLEOH YDULDQW SDLUV DQ H[DPSOH RI DQ XQHTXLYRFDO LGHQWLILFDWLRQ RI WKH YDULDQWV ZKLFK FRPSRVHG WKH SDWWHUQ RI IUDJPHQWV GHWHFWHG DQG H[DPSOHV GHPRQVWUDWLQJ WKH GLIILFXOW\ HQFRXQWHUHG LQ LGHQWLI\LQJ YDULDQWV LQ ZRUNHUV IURP QHRWURSLFDO DUHDV ZKHUH $IULFDQ EHHV ZHUH HVWDEOLVKHG )UDJPHQWV LQ WKHVH SDWWHUQV FRXOG EH DVVLJQHG WR YDULDQWV LQ PRUH WKDQ RQH YDULDQW JURXS PAGE 53 7DEOH )UHTXHQF\ >b@ RI GHWHFWLRQ RI 'GH, YDULDQWV DW ORFXV LQ GURQHV 9DULDQW 6RXWK $IULFD +RQGXUDV 6R 0H[LFR 86$ ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' WRWDO WRWDO WRWDO WRWDO WRWDO Q LQGLYLGXDOV FRORQLHV YDULDQWV GHWHFWHG D 7RWDO QXPEHU RI GLIIHUHQW YDULDQWV IURP HDFK JURXS GHWHFWHG LQ HDFK SRSXODWLRQ E 1XPEHU RI YDULDQWV FRXQWHGWRWDO QXPEHU RI YDULDQWV SRVVLEOH WZR SHU TXHHQ RU FRORQ\f PAGE 54 6L]H NE NE R R U 4 2 2 &0 4 NE NE NE NE P 2NE E D L L NE NE NE NE )LJXUH 5HVWULFWLRQ IUDJPHQW SDWWHUQV RI JURXSV RI 'GH, YDULDQWV GHWHFWHG DW WKH ORFXV FRUUHVSRQGLQJ WR SUREH S% LQ WKH KRQH\ EHH JHQRPH 5HVWULFWLRQ IUDJPHQWV GHWHFWHG LQ DOO YDULDQWV ZLWKLQ D JURXS DQG FKDUDFWHULVWLF RI HDFK JURXS DUH LQGLFDWHG E\ f DQG YDULDEOH IUDJPHQWV GHWHFWHG LQ DW OHDVW RQH EXW QRW DOO YDULDQWV ZLWKLQ HDFK JURXS RI 'GH YDULDQWV DUH GHVLJQDWHG E\ ’f PAGE 55 )} &' 7DEOH 'LVWULEXWLRQ DQG IUHTXHQFLHV >b@ RI DOOHOHV GHWHFWHG DW ORFXV LQ GURQH EHHV $OOHOH 0VS?,'GH? YDULDQWVf 6RXWK $IULFD +RQGXUDV 6R 0H[LFR 86$ 0'r 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0'r 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0'r 0' PAGE 56 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0 0 0 0' 0' 0' 0'r 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0' 0'r UU LQGLYLGXDOV FRORQLHV DOOHOHV FRXQWHGE GLIIHUHQW DOOHOHV D E 3DLUZLVH FRPELQDWLRQV RI WKH 0VS? 'GH, YDULDQWV GHWHFWHG DW ORFXV LQ LQGLYLGXDO GURQHV 1XPEHU RI DOOHOHV FRXQWHGQXPEHU RI DOOHOHV SRVVLEOH WZR SHU FRORQ\ RU TXHHQf ,QGLFDWHV DQ DOOHOH FRPSRVHG RI DQ H[FOXVLYH SDLUZLVH FRPELQDWLRQ RI YDULDQWV FQ R PAGE 57 WKHVH HDVW DQG ZHVW (XURSHDQ SRSXODWLRQV 7KHUH ZDV OLWWOH YDULDWLRQ LQ WKH UHVWULFWLRQ IUDJPHQW SDWWHUQV ZLWKLQ HDFK (XURSHDQ VDPSOH SRSXODWLRQ ([DPSOHV RI 0VS, IUDJPHQW SDWWHUQV GHWHFWHG LQ $ P +JXVWLFD ZRUNHUV DUH VKRZQ LQ )LJXUH ODQHV 7KH IUDJPHQWV GHWHFWHG FRUUHVSRQGHG WR 0 DQG 0 YDULDQWV ZLWK HVWLPDWHG JURXS IUHTXHQFLHV RI b DQG b UHVSHFWLYHO\ 7DEOH f 7KH PDMRULW\ RI $ P +JXVWLFD ZRUNHUV DSSHDUHG WR KDYH WZR 0 YDULDQWV )LJXUH ODQH f ZKLOH WKH $ P FDXF£VLFD ZRUNHUV H[DPLQHG DOO DSSHDUHG WR KDYH WZR 0 YDULDQWV )LJXUH ODQH f 7KH 'GH, IUDJPHQW SDWWHUQV IRU WKH $ P +JXVWLFD DQG $ P FDXF£VLFD ZRUNHUV H[DPLQHG QRW VKRZQf FRQWDLQHG NE DQG NE IUDJPHQWV FKDUDFWHULVWLF RI YDULDQWV LQ WKH JURXS )LJXUH f ,W LV SRVVLEOH WKDW YDULDQWV ZHUH SUHVHQW EXW FRXOG QRW EH GHWHFWHG GXH WR FRPLJUDWLRQ RI IUDJPHQWV VHH )LJXUHV t f ([DPSOHV RI 0VS? IUDJPHQW SDWWHUQV GHWHFWHG LQ $ P PHLLLIHUD ZRUNHUV DUH VKRZQ LQ )LJXUH ODQHV $OO WKH $ P PHLLLIHUD ZRUNHUV H[DPLQHG DSSHDUHG WR KDYH DW OHDVW RQH 0 YDULDQW 7KH IUHTXHQF\ IRU WKH 0 YDULDQW JURXS ZDV b 7DEOH f 7KH PDMRULW\ RI WKH ZRUNHUV DSSHDUHG WR KDYH WZR 0 YDULDQWV )LJXUH ODQHV t f 7KH UHPDLQLQJ $ P PHLLLIHUD ZRUNHUV DSSHDUHG WR KDYH DQ 0 YDULDQW WRJHWKHU ZLWK DQ 0 RU 0 YDULDQW )LJXUH ODQHV t UHVSHFWLYHO\f $OO 'GH IUDJPHQW SDWWHUQV GHWHFWHG LQ WKH $ P PHLLLIHUD ZRUNHUV FRQWDLQHG D NE IUDJPHQW FKDUDFWHULVWLF RI WKH DQG JURXSV QRW VKRZQf 7KH PDMRULW\ PAGE 58 abf RI WKH SDWWHUQV LQ WKH $ P PHOOLIHUD VDPSOHV FRQWDLQHG NE DQG NE IUDJPHQWV WKH NE IUDJPHQW ZDV QRW GHWHFWHG LQ 6RXWK $IULFDQ GURQHVf DQG ODFNHG D IUDJPHQW DW DSSUR[LPDWHO\ 2NE GHWHFWHG LQ WKH PDMRULW\ RI 6RXWK $IULFDQ GURQHV )LJXUHV t f 7KH $ P PHOOLIHUD 'GH? SDWWHUQV ODFNLQJ WKH NE IUDJPHQW a bf DSSHDUHG WR EH FRPSRVHG RI RQH RU WZR YDULDQWV ,Q D IHZ a bf ZRUNHUV WKH NE DQG 2NE IUDJPHQWV ZHUH SUHVHQW EXW WKH NE IUDJPHQW ZDV DEVHQW LQGLFDWLYH RI DQG YDULDQWV ZKLFK ZHUH QRW GHWHFWHG LQ 6RXWK $IULFDQ GURQHV $ FRPELQDWLRQ RI ' DQG YDULDQWV ZDV LQGLFDWHG LQ WKH ZRUNHUV bf LQ ZKLFK WKH NE NE DQG NE IUDJPHQWV ZHUH GHWHFWHG 1R HYLGHQFH ZDV IRXQG LQ WKH $ P PHOOLIHUD ZRUNHUV IRU 'GH, SDWWHUQV GHWHFWHG LQ 6RXWK $IULFDQ GURQHV )LJXUHV t f $IULFDQ EHHV ,Q 6RXWK $IULFDQ GURQHV WKH 0VS? YDULDQW JURXS ZLWK WKH KLJKHVW IUHTXHQF\ bf ZDV WKH 0 JURXS 7DEOH f 9DULDQWV 0 DQG 0 KDG WKH KLJKHVW LQGLYLGXDO IUHTXHQFLHV b DQG b UHVSHFWLYHO\f (OHYHQ RWKHU 0 YDULDQWV ZHUH IRXQG DW ORZHU IUHTXHQFLHV HDFK LQ RQH RU WZR GURQHV 7KH 0 JURXS IUHTXHQF\ ZDV b YDULDQWV 0 0 DQG 0 ZHUH HDFK GHWHFWHG DW D ORZ IUHTXHQF\ 7KH IUHTXHQF\ IRU WKH 0 JURXS ZDV b YDULDQWV 0 DQG 0 ZHUH HDFK GHWHFWHG LQ D VLQJOH GURQH IURP FRORQLHV LQ GLIIHUHQW ORFDWLRQV LQ WKH 7UDQVYDDO 7DEOH f PAGE 59 ([DPSOHV RI 0VS? IUDJPHQW SDWWHUQV GHWHFWHG LQ 6RXWK $IULFDQ ZRUNHUV DUH VKRZQ LQ )LJXUH ODQHV DQG 7KH HVWLPDWHG JURXS IUHTXHQF\ IRU WKH 0 YDULDQWV LQ 6RXWK $IULFDQ ZRUNHUV ZDV b 7DEOH f WKH PDMRULW\ RI WKHVH ZRUNHUV DSSHDUHG WR FDUU\ RQO\ 0 YDULDQWV )LJXUH ODQH f 7KH 0 DQG 0 JURXS IUHTXHQFLHV ZHUH b DQG b UHVSHFWLYHO\ 6LQFH QR 0 YDULDQWV ZHUH GHWHFWHG LQ 6RXWK $IULFDQ GURQHV LW ZDV DVVXPHG WKDW 0 YDULDQWV SUHGRPLQDWHG LQ ZRUNHUV DV ZHOO 7DEOH 0 YDULDQWV ZRXOG EH GLIILFXOW WR GHWHFW LQ $ P VFXWHOODWD ZRUNHUV GXH WR WKH FRPLJUDWLRQ RI IUDJPHQWVf ,Q 6RXWK $IULFDQ GURQHV WKH PDMRULW\ RI WKH 'GH, YDULDQWV GHWHFWHG ZHUH LQ WKH JURXS 7DEOH f 9DULDQWV DQG ZHUH IRXQG DW WKH KLJKHVW LQGLYLGXDO IUHTXHQFLHV b DQG b UHVSHFWLYHO\f 2QO\ RQH YDULDQW ZDV GHWHFWHG 'f 7KH UHPDLQLQJ YDULDQWV GHWHFWHG ZHUH IURP WKH JURXS 7KH DPELJXLW\ LQ WKH IUHTXHQFLHV IRU DQG ZDV GXH WR WKH VLPLODULW\ RI WKHVH SDWWHUQV ZKLFK ZHUH GLIILFXOW WR GLVWLQJXLVK LI WKH VDPSOHV ZHUH QRW DGMDFHQW RQ D EORW )UHTXHQFLHV ZHUH ORZ IRU WKH PDQ\ DOOHOHV IRXQG LQ 6RXWK $IULFDQ GURQHV 7DEOH f $OOHOHV 0' DQG 0' ZHUH GHWHFWHG DW WKH KLJKHVW IUHTXHQFLHV b DQG b UHVSHFWLYHO\f WZRWKLUGV RI WKH DOOHOHV ZHUH HDFK GHWHFWHG LQ D VLQJOH GURQH HTXLYDOHQW WR RQH DOOHOH LQ WKH TXHHQ IURP D VLQJOH FRORQ\ RU RQH LQ IRUW\VL[f PAGE 60 1RUWK $PHULFDQ EHHV 8QLWHG 6WDWHV ,Q 86$ GURQHV WKH YDULDQW JURXS ZLWK WKH KLJKHVW IUHTXHQF\ ZDV 0 bf DQG WKH 0VS? YDULDQW GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ ZDV 0 b 7DEOH f 9DULDQW 0 ZDV GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ bf LQ WKH 0 JURXS 9DULDQWV 0 DQG 0 ZHUH HDFK GHWHFWHG DW D IUHTXHQF\ RI b ,Q 86$ ZRUNHUV 0VS? IUDJPHQW SDWWHUQV FKDUDFWHULVWLF RI WKH 0 0 DQG 0 YDULDQWV ZHUH GHWHFWHG DW JURXS IUHTXHQFLHV RI b b DQG b UHVSHFWLYHO\ 7DEOH f 7KH PDMRULW\ RI ZRUNHUV DSSHDUHG WR KDYH WZR 0 YDULDQWV )LJXUH ODQH f $OO RWKHU 0VS? IUDJPHQW SDWWHUQV LQ 86$ ZRUNHUV FRUUHVSRQGHG WR KHWHUR]\JRXV JHQRW\SHV )LJXUH ODQHV DQG UHVSHFWLYHO\f ,Q GURQHV IURP WKH 86$ 'GH, YDULDQWV DQG DQG WKH JURXS ZHUH GHWHFWHG DW WKH KLJKHVW LQGLYLGXDO DQG JURXS IUHTXHQFLHV UHVSHFWLYHO\ 7DEOH f )UHTXHQFLHV ZHUH ORZ IRU DOO WKH RWKHU YDULDQWV GHWHFWHG $OOHOH 0' ZDV GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ bf LQ GURQHV IURP WKH 86$ WKH KLJKHVW IUHTXHQF\ RI DOO DOOHOHV LQ DOO 2OG DQG 1HZ :RUOG VDPSOHV H[DPLQHG )UHTXHQFLHV IRU WKH RWKHU DOOHOHV ZHUH UHODWLYHO\ ORZ 7DEOH f +DOI DV PDQ\ DOOHOHV LQ WZLFH WKH QXPEHU RI FRORQLHV ZHUH GHWHFWHG LQ 86$ GURQHV FRPSDUHG WR 6RXWK $IULFDQ GURQHV 1RUWKHUQ 0H[LFR 0VS? IUDJPHQW SDWWHUQV GHWHFWHG LQ IHUDO ZRUNHUV IURP QRUWKHUQ 0H[LFR DUH VKRZQ LQ )LJXUH LQ ODQHV DQG 7KH YDULDQWV PAGE 61 GHWHFWHG ZHUH IURP WKH 0 0 DQG 0 JURXSV DW JURXS IUHTXHQFLHV RI b b DQG b UHVSHFWLYHO\ 2QO\ LQ WKH $ P PHOOLIHUD ZRUNHUV IURP )UDQFH ZDV WKH 0 JURXS IUHTXHQF\ KLJKHU 1HRWURSLFDO EHHV 6RXWKHUQ 0H[LFR 9DULDQWV IURP IRXU RI WKH ILYH 0VS? YDULDQW JURXSV ZHUH GHWHFWHG LQ GURQHV IURP VRXWKHUQ 0H[LFR FROOHFWHG DIWHU $IULFDQ EHHV ZHUH HVWDEOLVKHG 7KH JURXS ZLWK WKH KLJKHVW IUHTXHQF\ ZDV 0 bf 7KH YDULDQW ZLWK WKH KLJKHVW LQGLYLGXDO IUHTXHQF\ ZDV 0 bf $V LQ 86$ GURQHV 0 ZDV WKH RQO\ RWKHU 0 YDULDQW GHWHFWHG )UHTXHQFLHV IRU WKH 0 0 DQG 0 YDULDQW JURXSV ZHUH FRPSDUDEOH WR HDFK RWKHU 7DEOH f 2I WKH 0 YDULDQWV 0 ZDV GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ bf DV LQ WKH 86$ GURQHV )UHTXHQFLHV ZHUH ORZ IRU WKH LQGLYLGXDO 0 DQG 0 YDULDQWV GHWHFWHG 7DEOH f ([DPSOHV RI 0VS, IUDJPHQW SDWWHUQV GHWHFWHG LQ ZRUNHUV IURP VRXWKHUQ 0H[LFR DUH VKRZQ LQ )LJXUH LQ ODQH DQG LQ ODQHV ,Q WKHVH VDPSOHV IUDJPHQWV FKDUDFWHULVWLF RI YDULDQWV IURP DOO ILYH 0VS? YDULDQW JURXSV ZHUH IRXQG 7DEOH f )UHTXHQFLHV IRU WKH 0 0 DQG 0 YDULDQW JURXSV ZHUH b b DQG b UHVSHFWLYHO\ 7KH 0 DQG 0 YDULDQW JURXSV ZHUH GHWHFWHG DW WKH ORZHVW IUHTXHQFLHV 9DULDQWV IURP DOO ILYH 'GH, JURXSV ZHUH GHWHFWHG LQ GURQHV IURP VRXWKHUQ 0H[LFR 7KH 'GH YDULDQWV GHWHFWHG DW WKH KLJKHVW IUHTXHQFLHV ZHUH DQG )UHTXHQFLHV ZHUH ORZ IRU DOO RWKHU YDULDQWV GHWHFWHG 7DEOH f PAGE 62 $OOHOH IUHTXHQFLHV LQ GURQHV IURP VRXWKHUQ 0H[LFR ZHUH LQ JHQHUDO LQWHUPHGLDWH WR WKH IUHTXHQFLHV LQ WKH 86$ DQG 6RXWK $IULFDQ GURQHV 7KH QRWDEOH H[FHSWLRQ ZDV DOOHOH 0' bf ZKLFK ZDV DEVHQW LQ 6RXWK $IULFDQ GURQHV DQG GHWHFWHG LQ D VLQJOH FRORQ\ IURP WKH 86$ VDPSOH FROOHFWLRQ D FRORQ\ IURP )ORULGDf +RQGXUDV 9DULDQWV IURP HDFK 0VS? JURXS ZHUH GHWHFWHG LQ GURQHV IURP +RQGXUDV 7DEOH f 7KH PDMRULW\ RI YDULDQWV GHWHFWHG ZHUH LQ WKH 0 JURXS 7DEOH f :LWK WKH H[FHSWLRQ RI YDULDQW 0 GHWHFWHG DW D IUHTXHQF\ RI b WKH LQGLYLGXDO 0 YDULDQWV ZHUH IRXQG DW ORZ IUHTXHQFLHV >$Q DPELJXLW\ LQ WKH IUHTXHQFLHV RI YDULDQWV 0 DQG 0 UHVXOWHG IURP WKH VLPLODULW\ LQ WKH VL]HV DQG LQWHQVLWLHV RI IUDJPHQWV LQ WKHVH WZR YDULDQWV XQOHVV WKH VDPSOHV EHDULQJ WKHVH YDULDQWV ZHUH DGMDFHQW LQ 6RXWKHUQ EORWV WKH\ ZHUH GLIILFXOW WR GLVWLQJXLVK@ )UHTXHQFLHV RI YDULDQWV LQ WKH 0 JURXS 0b 0 b 0 bf ZHUH FRPSDUDEOH WR WKH IUHTXHQFLHV DW ZKLFK WKHVH YDULDQWV KDG EHHQ GHWHFWHG LQ 6RXWK $IULFD DQG VRXWKHUQ 0H[LFR 7DEOH f $V LQ VRXWKHUQ 0H[LFR DQG WKH 86$ RQO\ 0 DQG 0 ZHUH GHWHFWHG IURP WKH 0 JURXS 9DULDQWV 0 DQG 0 ZHUH GHWHFWHG LQ VLQJOH GURQHV ,W DSSHDUHG WKDW DOO ILYH 0VS? YDULDQW JURXSV ZHUH UHSUHVHQWHG LQ ZRUNHUV IURP +RQGXUDV )LJXUH ODQHV VHH 7DEOH f $V LQ GURQHV WKH YDULDQW JURXS GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ ZDV 0 bf 7KH IUHTXHQF\ IRU WKH 0 JURXS b ZDV WKH KLJKHVW RI DOO WKH 1HZ :RUOG SRSXODWLRQV WHVWHG 7KH 0 JURXS IUHTXHQFLHV b LQ GURQHV b LQ PAGE 63 ZRUNHUVf ZHUH FRPSDUDEOH WR RWKHU QHRWURSLFDO FRORQLHV H[DPLQHG 7KH 0 DQG 0 JURXSV ZHUH GHWHFWHG DW WKH ORZHVW IUHTXHQFLHV b DQG b UHVSHFWLYHO\ 7DEOH f ,Q +RQGXUDV DV LQ 6RXWK $IULFD WKH 'GH, YDULDQW JURXS ZLWK WKH KLJKHVW IUHTXHQF\ bf LQ GURQHV ZDV 7DEOH f ' DQG ZHUH GHWHFWHG DW WKH KLJKHVW LQGLYLGXDO IUHTXHQFLHV b b DQG b UHVSHFWLYHO\f )UHTXHQFLHV ZHUH ORZ IRU DOO RWKHU YDULDQWV GHWHFWHG 7DEOH f ,QGLYLGXDO IUHTXHQFLHV ZHUH ORZ IRU WKH PDQ\ DOOHOHV GHWHFWHG LQ GURQHV IURP +RQGXUDV DV LQ WKH 6RXWK $IULFDQ GURQHV LQ ZKLFK VLPLODU DOOHOHV ZHUH GHWHFWHG 7DEOH f 7KH DOOHOH GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ LQ +RQGXUDV bf ZDV 0' WKH DOOHOH GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ LQ 0H[LFR &RVWD 5LFD ([DPSOHV RI WKH 0VS? UHVWULFWLRQ IUDJPHQW SDWWHUQV GHWHFWHG LQ WKH &RVWD 5LFDQ FRORQLHV PDLQWDLQHG DW P DUH VKRZQ LQ )LJXUH ODQHV DQG SRVVLEO\ ODQH DV ZHOOf ,Q WKHVH FRORQLHV 7DEOH &RVWD 5LFD n(XURSHDQnf WKH JURXS RI 0VS? YDULDQWV ZLWK WKH KLJKHVW IUHTXHQF\ ZDV 0 bf IROORZHG E\ 0 bf 7KH GHWHFWLRQ RI 0 DQG 0 YDULDQWV LQGLFDWHG WKDW $IULFDQ SDWHUQDO LQWURJUHVVLRQ KDG RFFXUUHG LQ WKHVH FRORQLHV 7KH 0 JURXS IUHTXHQF\ PD\ KDYH EHHQ DV ORZ DV b EXW IUDJPHQW FRPLJUDWLRQ FRQIRXQGHG WKH GLIIHUHQWLDWLRQ RI WKH 0 DQG 0 YDULDQWV DQG WKH GHWHUPLQDWLRQ RI WKHLU IUHTXHQFLHV ([DPSOHV RI WKH UHVWULFWLRQ IUDJPHQW SDWWHUQV GHWHFWHG LQ WKH WKUHH &RVWD 5LFDQ FRORQLHV PDLQWDLQHG DW P DUH VKRZQ LQ )LJXUH ODQHV PAGE 64 DQG SRVVLEO\ ODQH DV ZHOOf ,Q WKHVH FRORQLHV 7DEOH &RVWD 5LFD n$IULFDQnf WKH 0VS? YDULDQW JURXS 0 ZDV GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ b 7KH 0 DQG 0 JURXS IUHTXHQFLHV ZHUH VLPLODU WR HDFK RWKHU 7DEOH f 9HQH]XHOD 9DULDQWV IURP DOO ILYH 0VS? JURXSV ZHUH GHWHFWHG LQ ZRUNHUV FROOHFWHG LQ 9HQH]XHOD )LJXUH ODQHV DQG SRVVLEO\ DQG f $V LQ WKH 6RXWK $IULFDQ VDPSOHV WKH YDULDQW JURXS GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ ZDV 0 IROORZHG E\ WKH 0 DQG 0 JURXSV 0 DQG 0 YDULDQWV ZHUH GHWHFWHG DW WKH ORZHVW IUHTXHQFLHV 7DEOH f 7KH 00 JHQRW\SH )LJXUH ODQH f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£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t 6PLWK 6FKLII t 6KHSSDUG f DV ZHOO DV IRU PDODWH GHK\GURJHQDVH 0'+f DOOR]\PHV 1XQDPDNHU :LOVRQ t +DOH\ 6KHSSDUG f 7KH ORZ IUHTXHQF\ bf IRU WKH 0 YDULDQW JURXS LQ EHHV FROOHFWHG PAGE 66 LQ QRUWKHUQ 0H[LFR PD\ EH D FRQVHTXHQFH RI VPDOO VDPSOH VL]H EXW PRUH OLNHO\ UHOHFWV WKH VPDOO HDVW (XURSHDQ FRQWULEXWLRQ WR WKH IHUDO SRSXODWLRQ LQ WKLV DUHD )UHTXHQFLHV IRU WKH 0VS? YDULDQW JURXS 0 LQ WKH 86$ bf DQG LQ QRUWKHUQ 0H[LFR SULRU WR WKH DUULYDO RI $IULFDQ EHHV b WKH KLJKHVW RI DOO WKH 1HZ :RUOG SRSXODWLRQV H[DPLQHGf DUH FRQVLVWHQW ZLWK WKH KLVWRU\ RI WKH LPSRUWDWLRQ RI ZHVW (XURSHDQ EHHV LQ 1RUWK $PHULFD WKHLU OLPLWHG FRPPHUFLDO XVH DQG SHUVLVWHQFH DV IHUDO FRORQLHV 7KH SUHVHQFH RI WKH ZHVW (XURSHDQ YDULDQW 0 LV DOVR LQ DJUHHPHQW ZLWK 0'+ DOOR]\PH IUHTXHQFLHV LQ 86$ EHHV ZKLFK LQGLFDWH $ P PHOOLIHUD QXFOHDU JHQHV SHUVLVW LQ IHUDO FRORQLHV 6KHSSDUG f :HVW (XURSHDQ PLWRFKRQGULDO '1$ ZDV GHWHFWHG DW IUHTXHQFLHV RI b LQ 86$ PDQDJHG FRORQLHV DQG b LQ IHUDO FRORQLHV LQ QRUWKHUQ 0H[LFR SULRU WR WKH DUULYDO RI $IULFDQ EHHV +DOO t 6PLWK f DQG ZDV GHWHFWHG LQ b RI IHUDO FRORQLHV LQ WKH VRXWKFHQWUDO DQG VRXWKHDVWHUQ 86$ 6FKLII t 6KHSSDUG f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f IRU EHHNHHSLQJ LQ 6FKLII t 6KHSSDUG 6KHSSDUG f ZDV UHFHQWO\ VKRZQ E\ WKH GHWHFWLRQ RI QRQVFXWHODWD $IULFDQ PW'1$ DW D IUHTXHQF\ RI b LQ IHUDO EHHV LQ WKH VRXWKFHQWUDO DQG VRXWKHDVWHUQ 86$ 6FKLII t 6KHSSDUG f 9DULDQWV DQG PD\ UHIOHFW $ P ODPDUNLL DQFHVWU\ EXW WKLV SRVVLELOLW\ QHHGV WR EH FRQILUPHG ZLWK VDPSOHV RI WKLV UDFH 2Q WKH EDVLV RI WKH FRQJUXLW\ LQ WKH 0VS? DQG 'GH YDULDQWV GHWHFWHG LQ (XURSH DQG LQ 1RUWK $PHULFD WKH DOOHOHV LGHQWLILHG LQ GURQHV LQ WKH 86$ UHSUHVHQWHG D VXEVHW RI WKH YDULDELOLW\ LQ (XURSHDQ EHHV 7KH DOOHOH GHWHFWHG DW WKH KLJKHVW IUHTXHQF\ bf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t 'H-RQJ /RER 'HO /DPD t 0HVWLQHU f DQG $UJHQWLQD .HUU 'H /HRQ t 'DUGR f $ P FDXF£VLFD DQG $ P FDUQLFD ZHUH DOVR LQWURGXFHG .HQW 5XWWQHU f ,Q FRQWUDVW WR WKH 86$ WKH FRQWULEXWLRQ RI $ P 8JXVWLFD WR WKH WRWDO JHQH SRRO LQ WKH QHRWURSLFV ZDV PLQRU LQ VSLWH RI FRQVLGHUDEOH LPSRUWDWLRQ .HQW f 7KH ,WDOLDQ EHH KDV EHHQ IRXQG FRQFHQWUDWHG LQ FHUWDLQ DUHDV SDUWLFXODUO\ $UJHQWLQD 'LHW] .UHOO t (LVFKHQ .HUU 'H /HRQ t 'DUGR 6KHSSDUG HW D f &RVWD 5LFD +DOO .HQW 6SLYDN f DQG WKH