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ISBN: 978-0-473-39167-6
New Zealand Marine Studies Centre
Waea: (03) 479 5826 5ͲŵĤƌĈŵĂƌŝŶĞͲƐƚƵĚŝĞƐΛŽƚĂŐŽĂĐŶnj
/ƉƵƌĂŶŐŝǁǁǁŵĂƌŝŶĞĂĐŶnj
,ĞŬƃƌĞƌŽŵĈŶŐĈŬĂŝĂŬŽŵĞŶŐĈŵĈƚƵĂ,ĞƉƵŬĂŵĂŚŝƚĤŶĞŝĞǁŚĂŬĂĂƚƵĂŶĂŝŶŐĈŬĂƌĂƌĞŚĞŵĞŶŐĈƟƉƵĞŶŽŚŽĂŶĂŝŶŐĈƚĂŬƵƚĂŝŬƃƌĂŚĂŽŽƚĞĂƌŽĂDĈŶŐĈƉŝŬŝƟĂĞĈƚĂǁŚĂŬĂĂŚƵĂŝŶŐĈǁĈŚŝŶŽŚŽŽĤŶĞŝŬĂƌĂƌĞŚĞĈŵĈŶŐĈƚŽŚƵĞŵƃŚŝŽĂŝƚĈƚŽƵŚĞĂŚĂŶŐĈƚƻŵŽŵŽŬĂƌĂƌĞŚĞĞŶŽŚŽĂŶĂŝƚĞŬĂƌĞƚĂŝŽƚĞŬƃƌĂŚĂ<ĂŬŝƚĞŝŶŐĈƚƻŵŽŵŽǁŚĂŬĂƟŬŝŬĂŝŶŐĈƌĂƵƚĂŬŝŬĂŝŵĞŶŐĈĈŚƵĂƚĂŶŐĂŬŽŚŝŬĂŝŽŝĂŬĂƌĂƌĞŚĞŵĞĈƌĈƚŽƵƌĂƵƚĂŬŝŚĞŝŬĂƌŽŝŶŐĈŬƃŶŝŚŝ,ĞŵĞĂĂŬŝĂŬŝŝŶŐĈƚĂŵĂƌŝŬŝŬŝƚĞǁŚĂŬĂĂŚƵĂŝƃƌĈƚŽƵǁŚĂŬĂĂƌŽŵŽŶŐĈƉŝŬŝƟĂĈŵĞǁŚĂŬĂƵƚƵŚŽŬŝŝŶŐĈƉĈƚĂŝŬĞŝŝĂǁŚĈƌĂŶŐŝ,ĞŬŽŚŝŶŐĂŬƃƌĞƌŽĂŶƃŬĞŝƚĞǁŚĂƌĂŶŐŝǁŚĂŬĂŵƵƚƵŶŐĂŽƚĞƉƵŬĂŵĂŚŝŶĞŝŵƃŶŐĈŬĂƌĂƌĞŚĞƌĞƌĞŬĤDĈƚĞŵĂŚŝŝƚƃƚĂƚĂƵƌĂŶŐĂĂŬĞŵŽƚĞƚĂŬƵƚĂŝŵŽĂŶĂĞŬŝƚĞĂŝŬŽĞŝŶŐĈŬĂƌĂƌĞŚĞĞŶŽŚŽĂŶĂŝŶŐĈƚĂŬƵƚĂŝŽƚƃŚĂƵŬĂŝŶŐĂ;ŚŽŶŽĂƚƵŬŝƚĞǁŚĈƌĂŶŐŝŝƉƵƌĂŶŐŝŽǁǁǁŵŵϮŶĞƚŶnjŵƃŶŐĈƚŽŚƵƚŽŚƵͿ<ŽĤƚĞŚŝǁŚĂŬĂĂƌŽŚĞŝŬƃƌĞƌŽƌĞƌŽŵĈƚĈƚŽƵŬŽŶŐĈĈŚƵĂƚĂŶŐĂŬĂƉĂŶŽŶŝŝƚĞƚĂŝĂŽŽĤŶĞŝŬĂƌĂƌĞŚĞŵĞƚĞƉĈŶŐĂŽƚĤŶĞŝŬŝĂƌĈƚŽƵ<ĂƚĂĞĂĞŶŐĈƚĂŵĂƌŝŬŝƚĞǁĂŝŚĂŶŐĂŝƚĤƚĞŚŝƉĈŶƵŝĞǁŚĂŬĂĂŚƵĂĂŶĂŝƃƌĈƚŽƵǁŚĂŬĂĂƌŽŵŽƚƃƚĈƚŽƵƚĂŝĂŽ
ǁŚĂŬĂĂĞĂŶĂŬŝĂǁŚĂŬĂŵĂŚŝĂŶŐĈƉŝŬŝƟĂŝƚĞƉƵŬĂƉƵŬĂŶĞŝŵŽŶŐĈǁŚĂŬĂĂŬŽƌĂŶŐĂĂŶĂŬĤ
,ĞƉƻƚĞĂƚĈDŽďŝůKŝůEĞǁĞĂůĂŶĚ>ŝŵŝƚĞĚŵŽŶŐĈŬĂƵƉĂƉĂĈͲŚĈƉŽƌŝĞƚĂƵƚŽŬŽĂŶĂŝŶŐĈŵĂŚŝŽƚĞtŚĂƌĞDĈƚĂŝDŽĂŶĂŽŽƚĞĂƌŽĂŶƃƚĞƚĂƵϮϬϬϴ,ĞŵĂŚĂŶŐĈƚƵŚŝŶŐĂƚĂŬƵƚĂŝŵŽĂŶĂŬƵĂƚĂƵƚŽŬŽŶĂĞDŽďŝůŬŽĤƚĞŚŝŽĤŶĞŝƚƵŚŝŶŐĂŬŽŶŐĈWƵŬĂƉƵŬĂƌĂƚĂŬŝŵŽŶŐĈƚĂŬƵƚĂŝŬƃƌĂŚĂŽƚĞZĂŬŝŵĞƚĞdĂŝdŽŶŐĂƚĞƉƵŬĂŵĂŚŝŬĂƵWƃŚĂƚƵŚĂƚƵƚĞƉƵŬĂŵĂŚŝŬĂƵWƃŚĂƚƵŚĂƚƵŬĂŬĂŝĂǁĂŝŝĂǁĂŝŵĞƚĞƉƵŬĂŵĂŚŝEŐĈ<ƃƌĂŚĂDĈŵŝŶŐĂ
<ĂƚĂĞĂĞŬŽĞƚĞƟŬŝĂƚƵŝĤŶĞŝƚƵŚŝŶŐĂŝƚĞŝƉƵƌĂŶŐŝŵŽƚĞŬŽƌĞƵƚƵŚŽŶŽĂƚƵŬŝƚĞǁŚĈƌĂŶŐŝŝƉƵƌĂŶŐŝŽǁǁǁŵĂƌŝŶĞĂĐŶnj
,ĞŬƃƌĞƌŽĂŶƃŵŽŶŐĈŵĂŚŝŽDŽďŝůŬŝƚĞǁŚĈƌĂŶŐŝŝƉƵƌĂŶŐŝŽ ǁǁǁŵŽďŝůĐŽŶnj
<ĂŚŽŶŽĂƚƵƚĞtŚĂƌĞDĈƚĂŝDŽĂŶĂŽŽƚĞĂƌŽĂŬŝƚĞdĞdĂƌŝWƻƚĂŝĂŽdĂŝŵŽĂŶĂŽdĞtŚĂƌĞtĈŶĂŶŐĂŽQƚĈŬŽƵŬĂǁŚĂŬĂĂŚƵĂƌĈƚŽƵŝƚĞŽƌĂŶŐĂƚĂŝŵŽĂŶĂŽŶŐĈǁĂŝŽŽƚĞĂƌŽĂŬŝƚĞdŽŶŐĂĈŬĂǁŚĂŬĂƉƵĂŬŝŝŶŐĈŵĈƚĂƵƌĂŶŐĂĞŚĈŶŐĂŝĂŶĂŬŝƚĞƚĂŝĂŽƚĂŝŵŽĂŶĂŽŽƚĞĂƌŽĂ<ŽƚĞƚĂŬĞŵĂƚƵĂŽƚĞŬĂƵƉĂƉĂŶĞŝŬŝĂŵĈƚĂƚĂƵŶŐĈƚĂŵĂƌŝŬŝŬŝŶŐĈĈŚƵĂƚĂŶŐĂŽƚĞƚĂŝĂŽƚĂŝŵŽĂŶĂtŚĂŬĂƉĈĂƚƵŬŝƚĞtŚĂƌĞDĈƚĂŝDŽĂŶĂŽŽƚĞĂƌŽĂƉĤŶĈŚĞƉĈƚĂŝĂŶƃĂŬŽƵƚŽƵ
/ǁĂŝŚĂŶŐĂƟĂƚĞƉƵŬĂŶĞŝĞŶŐĈŬĂŝŵĂŚŝŽƚĞtŚĂƌĞDĈƚĂŝDŽĂŶĂŽŽƚĞĂƌŽĂ ĈŶĈDĞůŝƐƐĂ^ŶŝĚĞƌƌĈƵĂŬŽdĞƐƐĂDŝůůƐŶŐĈǁŚĂŬĂĂŚƵĂ
EĈZĂŶŐŝŝƌŝĂĂƌĐůĂLJͲ<ĞƌƌŝǁŚĂŬĂŵĈŽƌŝ
ΞEĞǁĞĂůĂŶĚDĂƌŝŶĞ^ƚƵĚŝĞƐĞŶƚƌĞϮϬϭϳ
dƻŚƵƌĂƟĂŶŐĈŬĂƌĂƌĞŚĞĞŶŽŚŽĂŶĂ ŝŶŐĈĈŬĂƵƉƃŚĂƌƵŽŽƚĞĂƌŽĂ
<ŽŚŝŬŽŚŝĂŶŐĈƤǁŚŝƌŝĞƉĈĂŶĂŬŝŶŐĈƚƻŵŽŵŽŬĂƌĂƌĞŚĞĞŶŽŚŽĂŶĂŬŝƚĞŵĂƚĂŽƚĞŬĂƌĞƚĂŝĈŝƌĂƌŽŝŚŽĂŶƃŚŽŬŝƚĂƌĂƉƵŝŶŐĈƚƻŵŽŵŽŬĂŝŬĂŬĂŝŶŐŝĂĞƌĈƚŽƵĈƌĈƚŽƵƌĂƵƚĂŬŝŬŽŚŝŬĂŝŵĞĈƌĈƚŽƵƌĂƵƚĂŬŝŬĂƌŽŬƃŶŝŚŝ
DĂŚŝĂŶŐĈƚƻŵĂŚŝĈŬĂƌĂŬĂƌĂŝŶŐĈƉŝŬŝƟĂŬŝĂǁŚĂŝŵƃŚŝŽƚĂŶŐĂŬŽĞŵŽĤƚĞŚŝŽŶŐĈŵĂŚŝ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
<ŝĂŽƌĂ<ŽZƵďLJĂŚĂƵŚĞdĈƌĈƉƵŶŐĂĂŚĂƵǁŚŝŶĂƟĂĂƵƚĞŚţƌĂƵƌĂƵŝŶŐĈŬƃƌĂŚĂŵĈŵŝŶŐĂ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
ZĂƉƵĂŶŐĈƌƵĂƉĈƉĂŬĂŝƚĞƉĂƉĂŬƃƌĂŚĂƌĂŚĂ ŚĂƵƚŽŬŝĂŶĂƚĞŽŶĞƉƻŵĞƚĞƉĂƌƵŬƵĂŬĞƌŝĂĞ ŶŐĈƉĈƉĂŬĂŝŶŐĈƚŽŵŽŬĂŶŐĂŬŝƃƌĈƚŽƵƌƵĂ
DĈŶŐĈƌƵĂŶŐĈƉĈƉĂŬĂĞĈƌĂŝĞƟĂŬŝŵĂŝŝŶŐĈŬƃŶŝŚŝĈŚĞǁĈŚŝŵĈŬƻŵĈƌĈƚŽƵŝƚĞǁĈŬĂƟŵƵ ƚĞƚĂŝ
/ƚĞǁĈŬĂŚĂƉƻƚĞƉĈƉĂŬĂǁĂŚŝŶĞŚĞƟŶŝŵĞƚĞŵĂŶŽŶŐĈŚĤŬŝŬĂƚĂĞĂĞŝĂƚĞŬĂǁĞŝƚĞǁĈŬƃƚĂŚŝ
ZĂƉƵĂƚĞǁĂŚŝŶĞŝƚĞƉŝŬŝƟĂŶĞŝ<ŝƃǁŚĂŬĂĂƌŽŚĞĂŚĂƚƃŶĂǁŚŝŽƌĞŝŶƵŝĂŬĞŝƚƃƚĞƚĈŶĞǁŚŝŽƌĞ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
whiore o te ƉĈƉĂŬĂǁĂŚŝŶĞ
whiore o te ƉĈƉĂŬĂƚĈŶĞ
ZĂƉƵĂƚĞĂŶŐĂĂŶŐĂŽƚĞŶŐĂƚĂƉĂƌƵƉĂƌƵ/ƚĞŶŐĂƚĂĞǁŚĈŶĂƵƉĤƉŝĂŶĂŬĂŚƵƌŝŝĂŝƌŽƚŽŝƚĞŽŶĞƉƻĈŬĂǁĂŝŚĂŶŐĂŝĂŝƚĤƚĞŚŝƚƻŵŽŵŽŬĂƌĂŝƌŽƚŽŝƚĞŽŶĞƉƻ/ŵƵĂŝƚĞƉĂŬĞŬĞƚĂŶŐĂŽŶŐĈŶŐĂƚĂŬĂŶŽŚŽƌĈƚŽƵŚĞŝƚƻŵŽŵŽƚŽƌŽŶŐƻĞŬĂƵŚŽĞŚĂĞƌĞĂŶĂŝƚĞǁĂŝ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
tŚĂŬĂƌĂƵƉĂƉĂƟĂŶŐĈǁĈŚĂŶŐĂŽƚĞŽƌĂŶŐĂŽƚĞŶŐĂƚĂƉĂƌƵƉĂƌƵ
<ĂƌĂŚĤŬŝ tĈŚĂŶŐĂƚŽƌŽŶŐƻ EŐĂƚĂƌĂŶŐĂƚĂŚŝ EŐĂƚĂƉĂŬĞŬĞ EŐĂƚĂƉĂŬĞŬĞĞǁŚĈŶĂƵ
ŚĤŬŝĂŶĂ
dŝƌŽŚŝĂŶŐĈƚĂƵŶĂŬŝƚĂŶŐĂŽŶŐĈǁĈŚŝŬĂŝĂƚĞŶŐĂƚĂƉĂƌƵƉĂƌƵ<ĂŬĂŝƌĈƚŽƵŝŶŐĈƟƉƵŵĞƌŽǁŚĞƚĂƵŝƚĞŬĂƌĞƚĂŝŽƚĞƉĂƌƵĈŝĂƌĈƚŽƵĞŶĞŬĞŶĞŬĞŚĂĞƌĞĂŶĂŬĂǁĂŝŚƃƟĂĞƌĈƚŽƵƚĤƚĞŚŝĂƵƚƃƟŬŽ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
tŚĂŬĂŝŶŐŽĂƟĂŶŐĈƉŝŬŝƟĂŽŶŐĈŶŐĂƚĂĞŬĂŝĂŶĂ
EŐĂƚĂƉĂƌƵƉĂƌƵ ŶŐĂŬƃƌĂŚƵ EŐĂƚĂŚĈŽŶĂ
,ĞŬĂŝŚĂŵƵŶŐĈŬĂǁĂƌŝŬƃƌĂŚƵŬĂŬĂŝŶŐŝĂĞƌĈƚŽƵŶŐĈƉĈƌƵƌĞŶŐĂŬƵĂŵĂƚĞƉĤŶĈƚŽŶƵŝƚĞƉĈƉĂŬĂŵĞƚĞƚƻĂŶŐŝƚĂƟƟƌŽŵƃƃƌĈƚŽƵŶŐŽŶŐŽƉĂŶŐŽŬĂǁŚĂŬĂŵĂŚŝĂĞƌĈƚŽƵŬŝƚĞŚŽŶŐŝŚĂĞƌĞŝŶŐĈƚƻŵŽŵŽŬĂŝ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
tŚĂŬĂŝŶŐŽĂƟĂƚĤƚĞŚŝŽŶŐĈŶŐŽŶŐŽŬĂŝĂŶĂŶŐĈŶŐĂƚĂŝƚĞĂŚĂ
dŽŬŽŚŝĂŶŐĈŬĂǁĂƌŝĞŚĈŬĂƌŝĂŶĂ
,ĞƉĂƉĂƚĈŬŽƌŽƚĞƉĂƉĂŬƃƌĂŚƵƌĂŚƵŵŽŶŐĈŝŬĂ ƌĂŶŐĂƚĂŚŝ<ĂŚƵŶĂŶŐĈƌŝŵƵƌŝŵƵŝŶŐĈŝŬĂ ŝĂƌĈƚŽƵĞƚĂƚĂƌŝĂŶĂŬŝƃƌĈƚŽƵŬĂŝ
<ĂǁŚĂŬĂŵĂŚŝĂĞŶŐĈŝŬĂŚƻŵĞŶŐĂŽƌĈƚŽƵ ŶŐŽŶŐŽƚƵĂŚĈƉŝƌŝƉŝƌŝŚĞŝǁĞƌŽŝĈƌĈƚŽƵ ƉĈƌƵƌĞŶŐĂŬŝĂƉĂƌĂƌĂŝŚĂƟĂƌĈƚŽƵ
ǁǁǁŵĂƌŝŶĞĂĐŶnj
tŚĂŬĂŝŶŐŽĂƟĂŶŐĈŬĂƌĂƌĞŚĞŵĞŶŐĈƟƉƵŝƚĞƉŝŬŝƟĂŶĞŝ
/ƉĤŚĞĂŝƌŝƌŽĂŝĞƚĞŝŬĂŵŽĂŵŽĂŝƚƃŶĂŝŶŐŽĂ
<ĂŚƵŶĂŶŐĈŝŬĂŵŽĂŵŽĂŝƌĂƌŽŝŚŽŝƚĞƉĂƌƵƉĂƌƵ<ŽƚƃŶĂǁĂŚĂŵĞƃŶĂŬĂƌƵŶŽĂŝŚŽŬĂŬŝƚĞĂŝĂŝĂĞƚĂƚĂƌŝĂŶĂŬŝƚĞŚŽƉƵŝŶŐĈŶŽŬĞŽƚĞŵŽĂŶĂ
,ĞƟŶŽƉƻŬĞŶŐĂƚĞƌĂƉƵŝŬĂƉĈƌĂŚĂƌĂŚĂŝƚĞƉĂƉĂŬƃƌĞŚƵƌĞŚƵ<ĂƉĂŶŽŶŝƌĈƚŽƵŝƃƌĈƚŽƵƚĂĞŬŝĂƌŝƚĞƚŽŶƵŬŝƚĤƌĈŽƚĞƚĂŝĂŽ
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dŽŬŽŚŝĂŶŐĈŝŬĂƉĈƌĂŚĂƌĂŚĂŝƚĞƉŝŬŝƟĂŶĞŝ
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<ŽŶŐĈŵĈƚĂŝƚĂŝƉĤŶĈŝƚĞƉŝƉŝŵĞƚĞŚĂŶŝŬƵƌĂŬĂŬĞƌŝ ŝĂƌĈƚŽƵĂŶƃŝƌĂƌŽŝƚĞŽŶĞƉƻŵĞƚĞƉĂƌƵŬŝƚĞ ŚŽŚŽŶƵƚĂŶŐĂĞƟŬĂĂŶĂŵƃĂƌĈƚŽƵŶŐŽŶŐŽ <ĂƚŽƌŽĂƚƵƌĈƚŽƵŝŶŐĈŶŐŽŶŐŽĞƌƵĂŬŝƚĞ ŬĂƌĞƚĂŝͲŬŽƚĤƚĞŚŝŚĞŝŶŐŽŶŐŽŝƚĞǁĂŝŵĞ ƚĞŬĂŝĈŬŽƚĤƌĈĂƚƵŚĞŝǁŚŝƵŝŶŐĈ ŵĂƌĂŵĂƌĂ
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<ĂǁŚĂŬĂŵĂŚŝŶŐĈŶŽŬĞƌŝŵƵƌĂƉĂŝƃƌĈƚŽƵŬĂǁĞŬĂǁĞŬŝƚĞŬŽŚŝŝŶŐĈŬĂŝƌĞƌĞŬĤŵĂŝŝƚĞƉĂƉĂ
,ĞĂŚĂŶŐĈŬĂƌĂƌĞŚĞŬĂŬĂŝŝŶŐĈŶŽŬĞ
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<ŽŶŐĈƉƵŬĞƉĂƌƵŬĂŬŝƚĞĂŝƚĞŵŽĂŶĂŶŐĈƌƵĂŽŶŐĈŶŐĈƌĂƌĂƉĞŬĞƉĞŬĞƉĂƌƵ,ĞǁŚĈŶĂƵŶŐĂŶŽƚĞŶŐĈƌĂƌĂƉĞŬĞŽŶĞƉƻŽƚĞƚĂŬƵƚĂŝŽŶĞƉƻŚĞƃƌŝƚĞƚĞƚĂĞŽƚĞŬŝƌŝŽƚĞŶŐĈƌĂƌĂŬŝƚĞƉĂƌƵƉĂƌƵĞŶŽŚŽŝĂĂŶĂĞŝĂ
<ĂǁŚĂŬĂŵĂŚŝĂĞŶŐĈŵĂŶƵŶŐĈĈŬĂƵŽŶĞƉƻŵĞŶŐĈĈŬĂƵƉĂƌƵƉĂƌƵŚĞŝƉĂƉĂŬĂŝdŝƌŽŚŝĂƚĞƌĂŚŝŽĂƌĈƚŽƵǁĂŚĂĈŚĞĂŚĂŚŽŬŝƉĞĂĤƚĞŚŝŽŶŐĈŬĂŝŬĂŬĂŝŶŐĂĞƌĈƚŽƵ
DĞǁŚĂŬĂŝŶŐŽĂŵĞǁŚĂŬĂŬĂƌĂŚŽŬŝŝŶŐĈŵĂŶƵŝƚĞƉŝŬŝƟĂ
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ƌŽƚƵƌƵŬŝƟĂŶŐĈƌĞƌĞŬĤƚĂŶŐĂŽƚĞƚĂŝĂŽŽƚĞ ŵŽĂŶĂǁŚĂŬĂŵĂŚŝĂƚĞŬĂƵƉĂƉĂDĂƌŝŶĞDĞƚƌĞ^ƋƵĂƌĞĚŬŝĂǁŚĂŝŵĈƌĂŵĂƚĂŶŐĂŬŽĞŵŽŶŐĈ ĈŚƵƚĂŶŐĂŽƚĞƚĂŝĂŽǁǁǁŵŵϮŶĞƚŶnj
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WĈƉĂŬĂŶĂWĂƌƵƉĂƌƵ WĈƉĂŬĂZƵĂWĂƌƵ ZƵĂEŽŬĞ EŐĂƚĂWĂƌƵƉĂƌƵ ,ƻŵĞŶŐĂWĂƌƵ <ĂǁĂƌĞWĂƌƵƉĂƌƵ dƻĂŶŐŝ
WĈƉĂŬĂĂŶĂƉĂƌƵƉĂƌƵ Ͳ <ŽƃŶĂŬĂƌƵŬĞŝƌƵŶŐĂŝŶŐĈŬĂŬĂƵĞƌƵĂŬŝĂŬŝƚĞŝĂŝǁĂŚŽĂƚƵŽƚƃŶĂƌƵĂEĈƚĞĈŚƵĂŽƚƃŶĂĂŶŐĂƚĤƚĈĞĂƚĞŬŝƚĞŝĂŝĂŝƚĞƉĂƌƵƉĂƌƵ
EŐĂƚĂ,ĈŽŶĂͲ,ĞŝƟŚĞƚƻƉƵŚŝŚĞǁŚĞƵƌŝŚŽŬŝƚƃŶĂƚĂŝ<ĂŬŝƚĞĂƚĞŶŐĂƚĂŶĞŝŝƚĞƉĂƌƵŝǁĂĞŶŐĂŝŶŐĈŬƁŚĂƚƵŚŽŬŝ<ĂŬĂŝ ŝĂ ŝŶŐĈƉƻŬŽŚƵǁĂŝ
EŐĂƚĂWĂƌƵƉĂƌƵͲ<ĂŬĂŝƚĞŶŐĂƚĂŶĞŝ ŝ ƚĞǁĈŬĂƟŵƵƚĞ ƚĂŝĈŬĂŚƵŶĂŝĂŝĂĂŶƃŝƚĞǁĈŬĂƉĂƌŝƚĞƚĂŝ<ĂŬĂŝ ŝĂ ŝŶŐĈƟƉƵ ŝƟŶĞŝĞŶŽŚŽĂŶĂŝƚĞŬĂƌĞƚĂŝ
<ĂǁĂƌŝWĂƌƵƉĂƌƵͲŚĞŬĂŝŚĂŵƵͲŚĂŵƵ ƚĤŶĞŝ ŬĈǁĂƌŝ <Ă ŚƵŶĂ ŝĂŝ ƌĂƌŽ ŝ ƚĞƉĂƌƵĈ ŬĂƉƵƚĂ ŝĂŬŝƚĞŬĂŝŬŝƚĞŚŽŶŐŝŝĂŝƚĤƚĞŚŝŵĞĂƉŝƌĂƵ
EŐĂƚĂ WĂƌƵƉĂƌƵ ŬĂŝŵĂŶŐĂ Ͳ <ĂŬŝƚĞĂ ƚĤŶĞŝ ŶŐĂƚĂ ŬĂŝŵĂŶŐĂ ŝŶŐĈ ƚĂŚĂƚĂŚĂ Ž ƚĞ ƌŝŵƵƌŝŵƵ / ƚĞǁĈŬĂƟŵƵƚĞ ƚĂŝŚĞŬƵĂŚĂƉĂŬƵƉĂŬƵ ŶĞŝ ƚĞ ŚĂŶŐĂ ŬĂŚĂŶŐĂŝĂ Ğ ƚĞ ŶŐĂƚĂ ŶĞŝ Ŭŝ ŬŽƌĞƚƃŶĂŬŝƌŝĞŵĈƌŽŬĞŚĂĞƌĞ
DŽĂŵŽĂͲ,ĞŶƵŝƚƃŶĂŚĂŶŐĂŬĂŚƵŶĂŝĂŝƌĂƌŽŝƚĞƉĂƌƵƌŝƚĞƚŽŶƵŬŝƚĞƉĈƟŬŝ<ĂƟƉƵŝĂŬŝƚĞϰϱĐŵ
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WĈƟŬŝ Ͳ <Ă ŶŽŚŽ ŶŐĈ ŝŬĂƉĈƌĂŚĂƌĂŚĂ ŝ ŶŐĈ ǁĂŝ ƉĂƉĂŬƵĤŶŐĂƌŝ ŚĞ ƵĂƵĂ ŬĂ ŬŝƚĞ ŝ Ă ŝĂŬŝ ƚĞ ŬŽƌĞ ŝĂ Ğ ŶƵŬƵ ŚĂĞƌĞ <ĂƉĂŶŽŶŝƟĂ Ğ ŶŐĈ ƉĈƟŬŝ Ž ƌĈƚŽƵƚĂŝ ŬŝĂ ƃƌŝƚĞ Ŭŝ ƚĞ ƚĂŝĂŽ Ğ ŶŽŚŽĂŶĂĂŝĂ<ĂŚƵŶĂƌĈƚŽƵŝŽƌĈƚŽƵƉĂŝŚĂƵŬŝƌĂƌŽŝƚĞƉĂƌƵŬŝĂŬŽƌĞƌĈƚŽƵĞŬŝƚĞĂĞƚĞƚĂŶŐĂƚĂ
WĂŝŚĂƵ dŽƌƵ Ͳ <Ă ŬŝƚĞĂ ŝĂ ŝ ŶŐĈƉƵŶĂ ŝ ƚĞŬƃƌĂŚĂŬĂƉĂŶŽŶŝ ŝĂ ŝƚƃŶĂŬŝƌŝŬŝĂƌŝƚĞƚŽŶƵƚƃŶĂĈŚƵĂŬŝƚĞƚĂŝĂŽ
EŐĈƌĂƌĂWĞŬĞƉĞŬĞͲ<ĂŶŽŚŽƚĞŶŐĈƌĂƌĂƉĞŬĞƉĞŬĞŝƌĂƌŽŝŚŽŝƚĞŬĂƌĞƚĂŝŬŽƚƃŶĂŬĂŝŚĞƌŝŵƵƌŝŵƵŚĞŝŬĂƉŝƌĂƵƌĈŶĞŝ<ĂƉĞŬĞƉĞŬĞŚĂĞƌĞ ƌĈƚŽƵ ƉĤŶĈ ƌĈƚŽƵ ŬĂǁŚĂŬĂƌĂƌƵĂĞƚĤƚĞŚŝŵĞĂ
<ŽƵƌĂZĂŶŐŝ<ĤŚƵĂͲ<ĂŬĞƌŝŝĂŝƚĤƚĞŚŝ ƌƵĂŚĞϲϬĐŵ ƚĞŚŽŚŽŶƵ<ŽƚĞƚŽŵŽŬĂŶŐĂŚĞƌŝƚĞƚŽŶƵŬŝƚĞƉƵŝĂ
<ŽƵƌĂZĂŶŐŝEƵŝ Ͳ<ĂŬĞƌŝĂĞ ŝĂƚĤƚĞŚŝ ƌƵĂƉŽƵƚƻĈŬĂǁĞŚĞ ŝĂŝƚĞƌƵĂŝƚĞǁĈŬĂƉĂƌŝƚĞƚĂŝ,ĞǁŚĞƌŽ ƚĞ ƻƉŽŬŽ Ž ƚĞ ǁĂŚŝŶĞĈŚĞŬĈŬĂƌŝŬŝ ƚƃŶĂ ƚƵĂƌĂ<Ž ƚĞƚĈŶĞŚĞĈŚƵĂŵĂŶŐƵƚƃŶĂĈŚƵĂ
,ƻŵĞŶŐĂ <ŽƌĂŚĂ Ͳ ,Ğ ŝƟ ƚƃŶĂŚĂŶŐĂ ŚĞ ƉĂƌĂƵƌŝ ƚƃŶĂ ƚĂŝ <ĂƉŝƌŝĂƚƵŝĂŬŝŶŐĈŵĞĂŵĈƌŽƉĤŶĈŝƚĞƚƻĂŶŐŝŬŝĂŬŽƌĞŝĂĞŚŽƌŽŝĂĞƚĞǁĂŝ
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tĈŶĂWĂŶŐŽͲ,ĞŵĂŶƵŵĂŶŐƵŶƃ ŚŝƚĞƌĞŝƌŝĂ ŚĞ ǁŚĞƌŽ ŚŽŬŝƚƃŶĂǁĂŚĂ<ŽƃŶĂŬĂŝŚĞƉĈƟƟŵŽĂŶĂ ŚĞ ƟƉƵ ŚŽŬŝ <Ž ƚƃŶĂŬƃĂŶŐĂŚĞƌĈŬĂƵŚĞƉĈƤƤŚŽŬŝ
<ĂƌŽƌŽ Ͳ ,Ğ ŵĂŚĂ ŶŐĈ ŬĂƌŽƌŽƌĞƌĞŬĤ ŝŽƚĞĂƌŽĂ<Ž ƚĞŬĂƌŽƌŽǁĂŚĂ ƉĂŶŐŽ ƚĞ ŵĞĂ ŶƵŝ ƌĂǁĂŚĞŬƃǁŚĂŝƃŶĂǁĂĞǁĂĞŚĞŵĈƃŶĂ ƌĂƵŬƵƌĂ Ĉ ŚĞ ƉĂŶŐŽ ƃŶĂƉĂƌŝƌĂƵ <Ž ƚĞ dĂƌĈƉƵŶŐĂ ƚĞŬĂƌŽƌŽ ǁŚĞƌŽ ŚĞ ǁŚĞƌŽ ƚƃŶĂǁĂŚĂ ŵĞ ƃŶĂ ǁĂĞǁĂĞ Ĉ ŚĞŬŝǁŝŬŝǁŝƃŶĂƉĂƌŝƌĂƵ
DĂƚƵŬƵtĂŝƚĂŝ Ͳ<ĂŬŝƚĞĂ ƚĤŶĞŝŵĂŶƵ ŝ ŶŐĈ ƚĂƚĂŚĂ Ž ƚĞ ǁĂŝƚĂŝŬŝ ƌĞŝƌĂ ŝĂ ŬŽŚŝ ŬĂŝ Ăŝ <Ž ƚƃŶĂŬƃĂŶŐĂŬĞŝƌƃƌĈŬĂƵ
<ƃƚĂƌĞͲ<ĂŶŽŚŽŝĂŬŝƌƃƌĈŬĂƵŬŝƌƵŶŐĂƌĈŶĞŝ ŝŶŐĈƉŽƵŬŝĂĈƚĂŵĈƚĂŬŝŝĂŝŶŐĈŵĞĂŚĞŝŬĂŝŵƃŶĂ<ŽƚƃŶĂŬƃĂŶŐĂŬĞŝƌƃƌĈŬĂƵŬĞŝŶŐĈƚĂŚĂƚĂŚĂŽƚĞŚŝǁŝƌĈŶĞŝ
dƃƌĞĂ Ͳ ,Ğ ƉĂŶŐŽ ŚĞ ŵĈ ŚŽŬŝƃŶĂ ƚĂĞ ,Ğ ƌŽĂ ƚƃŶĂǁĂŚĂ ŬŝĂŵĈŵĈŶŽĂƚƃŶĂŬŽŚŝŬĂŝ
dƵƌƵƚƵƌƵ WŽƵƌĞǁĂ Ͳ <Ă ŶŽŚŽĤŶĞŝŵĂŶƵŬŝŶŐĈŶŐƵƚƵĂǁĂŬŽƚƃŶĂŬƃĂŶŐĂŚĞƚĂƚĂŬŝƚĞǁĂŝ<ĂŬĂŝŝĂŝŶŐĈŶŽŬĞŶŐĈƉŝƉŝŵĞŶŐĈƟŽŚŽŬŝ
dƻĂŶŐŝ Ͳ ,Ğ ŬĂŝ ŶƵŝ ƚĤŶĞŝ ŽŽƚĞĂƌŽĂ <Ă ƌĂƉƵĂ ƚĞ ƚƻĂŶŐŝŝ ƌĂƌŽ ŝŚŽ ŝ ƚĞŽŶĞƉƻ ŝ ƚĞǁĈŬĂƟŵƵƚĞƚĂŝ
WŝƉŝͲ<ĂŬŝƚĞĂƚĞƉŝƉŝŝŶŐĈǁĈŚŝŽŶĞŽŶĞ ,Ğ ŵĂĞŶĞĞŶĞ ƚƃŶĂĂŶŐĂ
Hanikura Ͳ,ĞƚĂƉĂƚŽƌƵƚĞŚĂŶŐĂŬŝĂ ŵĈŵĈ ŶŽĂ ƚƃŶĂ ƚŽƚŽŚƵŝ ƚƃŶĂ ƌƵĂ <Ž ƚĤƚĞŚŝ Ž ƃŶĂŶŐŽŶŐŽŬĂŶŐŽƚĞŝŶŐĈŬĂŝĈŬĂǁĂŝŚƃŝƚĤƚĞŚŝŵŽŵŽƚĂƉƵǁĂĞŝƚĞŽŶĞƉƻĞƌŝƚĞĂŶĂŬŝƚĤƌĈŽƚĞŵĂŶƵ
EŽŬĞ /ŶĂŶŐĂ Ͳ ,Ğ ŶŽŬĞ ŝƟĞŶŽŚŽ ĂŶĂ ŝ ƌĂƌŽ ŝ ƚĞ ŬĂƌĞƚĂŝĈ ŬƵĂ ŚĂƵŵĂƌƵƟĂ ƚĞ ŶŽŬĞŝŶĂŶŐĂ Ğ ƚĤƚĞŚŝ ŵŽŵŽ ŚƵƉĞ<ŽƚĞƚŽŵŽŬĂŶŐĂŽƚƃŶĂƌƵĂŚĞƉƻŚĂŶŐĂƉĂƌƵƉĂƌƵ
EŽŬĞ ŶƵŝ Ͳ ,Ğ ŶŽŬĞ ŵƃŵŽŶĂŚĞ ƉĂƌĂƵƌŝ ƚƃŶĂ ƚĂŝ <Ă ƚĂŬŽƚŽƉĤƌĈŬŝ ƚĞŚĂŶŐĂŽ ƚĞ ƌĞƚĂhŬŝĞƚĂƚĂ ƚŽŶƵ ƚƃŶĂǁŚŝŽƌĞŵĞƚƃŶĂƻƉŽŬŽŬŝƚĞŬĂƌĞƚĂŝ<ĂŵƃŚŝŽƟĂƚƃŶĂŽƌĂŶŐĂŶĂŶŐĈŶŝŬŽƉĂƌƵ
EŽŬĞZŝŵƵƌĂƉĂ Ͳ<ĂŶŽŚŽ ŝĂŬŝŶŐĈƌƵĂ,ĞƌŝƚĞƚƃŶƵƚƃŶĂŚĂŶŐĂŬŝ ƚĞ ƉĈƌĂŽĂ ƌŝŵƵƌĂƉĂ <Ž ƃŶĂŶŐŽŶŐŽƚƵĂ ĂŵĂŬĤ ŬĂ ŬŝƚĞĂŵĂŶŐĈŶŐŽŶŐŽƚƵĂƃŶĂŬĂŝĞŬŽŚŝ