$NDWDOL]iWRURNNpPLDLiOODSRWDpVIL]LNDLMHOOHP] L
$IpPWDUWDORPKDWiVDDUpV]HFVNHPpUHWHORV]OiVUD5K$O2
$NOyUWDUWDOP~SUHNXU]RUUDOW|UWpQ LPSUHJQiOiVWN|YHW HQDKiURPNO|QE|]
IpPWDUWDOP~ PLQWiW pV 5K KLGURJpQHV UHGXNFLyQDN YHWHWWN DOi $
UHGXNFLy OHIRO\iViUyO K PpUVpNOHWSURJUDPR]RWW UHGXNFLyYDO 735 D NHOHWNH]
PLQWiNUyOSHGLJHOHNWURQPLNURV]NySLiYDO7(0V]HUH]WQNLQIRUPiFLyW
7>.@
7&'MHO>DX@
5K$O 5K$O 5K$O
iEUD$]LPSUHJQiOW5K$OPLQWiND]RQRVUyGLXPPHQQ\LVpJUHQRUPDOL]iOWK PpUVpNOHW SURJUDPR]RWWUHGXNFLyVSURILOMDL
$ iEUiQ D] LPSUHJQiOW PLQWiN 735 SURILOMDL OiWKDWyN $PtJ D 5K$O pV D
5K$O NDWDOL]iWRURN UHGXNFLyMD HJ\ FV~FVEDQ HJ\ NLV HOQ\~Oy YiOODO D PDJDV
K PpUVpNOHWLROGDORQW|UWpQLNPHJDGGLJDOHJQDJ\REEIpPWDUWDOP~PLQWDUHGXNFLyMD
NpWiWODSROyFV~FVRWPXWDW$MyOGLV]SHUJiOWSUHNXU]RUIi]LVYDJ\IL]LV]RUSFLyYDOYDJ\
SHGLJ LRQKRUGR]y N|OFV|QKDWiVVDO NDSFVROyGKDW D KRUGR]yKR] $PLNRU Q|YHOMN D
5K&O + 2 PHQQ\LVpJpW D IL]LV]RUSFLyV UpV] UHODWtY DUiQ\D Q|YHNV]LN pV tJ\ D
SUHNXU]RU pV D KRUGR]y N|OFV|QKDWiViQDN iWODJRV HU VVpJH FV|NNHQ (QQHN
PHJIHOHO HQ QDJ\REE IpPWDUWDORP HVHWpQ D UHGXNFLyV FV~FV DODFVRQ\DEE
K PpUVpNOHWHQ MHOHQLN PHJ $ IHQWL PHJJRQGROiV DODSMiQ D 5K$O HOV FV~FVD D
PiVLN NpW PLQWD HJ\HJ\ FV~FViYDO NRUUHOiOWDWKDWy $ QDJ\ UpV]HFVNpN W|PEL
R[LGiFLyMDUHGXNFLyMD V]NVpJHOWHWL PLQGLJ D OHJV]LJRU~EE N|UOPpQ\HNHW ËJ\ D
5K$O PiVRGLN FV~FViW SHGLJ W|PEL SUHNXU]RU Ii]LV UHGXNFLyMiQDN WXODMGRQtWKDWMXN
+DVRQOyPHJJRQGROiVRNNDOWDOiONR]KDWXQND]LURGDORPEDQLV>@
$ UHGXNFLyW N|YHW HQ + 2 WLWUiOiVVDO PHJKDWiUR]WXN D NDWDOL]iWRURN
GLV]SHU]LWiViW OiVG WiEOi]DW $ YiUWDNNDO My HJ\H]pVEHQ D IpPWDUWDORP Q|YHOpVH
FV|NNHQWHWWHDNDWDOL]iWRURNGLV]SHU]LWiViW
.HPLV]RUSFLyV WHFKQLNiN DONDOPD]iViYDO LQIRUPiFLyW Q\HUKHWQN D IpP
H[SRQiOW KiQ\DGiUyO D]RQEDQ D UpV]HFVNpN PpUHWpU O PpUHWHORV]OiViUyO pV D
KRUGR]yQ W|UWpQ WpUEHOL HORV]OiViUyO QHP (]pUW HOHNWURQPLNURV]NySLiV IHOYpWHOHNHW
NpV]tWHWWQNV]iPRVNDWDOL]iWRUXQNUyO
1L
5pV]HFVNHPpUHW>QP@
iEUD$5K$O+NDWDOL]iWRUUyONpV]OW7(0NpSHNE OHO iOOtWRWWUpV]HFVNHPpUHWHORV]OiV
$]HORV]OiVD]DGRWWPpUHWWDUWRPiQ\~UpV]HFVNpNGDUDEV]iPiEyONpV]OW
1L
5pV]HFVNHPpUHW>QP@
iEUD$5K$O+NDWDOL]iWRUUyONpV]OW7(0NpSHNE OHO iOOtWRWWUpV]HFVNHPpUHWHORV]OiV
$]HORV]OiVD]DGRWWPpUHWWDUWRPiQ\~UpV]HFVNpNGDUDEV]iPiEyONpV]OW
$] pV iEUD D pV UyGLXPRW WDUWDOPD]y NDWDOL]iWRURNUyO IHOYHWW
NpSHNE O NpV]OW UpV]HFVNHPpUHWHORV]OiVW V]HPOpOWHWL $ 5K$O NDWDOL]iWRURQ D
UpV]HFVNpN I OHJ QP WDUWRPiQ\~DN pV QP I|O|WW QHP LJD]iQ WDOiOXQN
UpV]HFVNpNHW$]HORV]OiVPRQRPRGiOLVPRQRGLV]SHU](]]HOHOOHQWpWHVHQD
5K WDUWDOP~ NDWDOL]iWRURQ D UpV]HFVNHPpUHW LJHQ WiJ KDWiURN N|]|WW YiOWR]LN pV D]
HORV]OiVOHJDOiEEELPRGiOLV+DEiULWWLVDQPN|UOLUpV]HFVNpNDOHJJ\DNRULEEDN
D] |VV]IHOOHW MHOHQW V KiQ\DGiW WHV]LN NL D] QPQpO QDJ\REE UpV]HFVNpN pV LJHQ
QDJ\ QPHV UpV]HFVNpNHW LV WDOiOKDWXQN $ OHJNLVHEE IpPWDUWDOP~ PLQWD
HVHWpQQHPWDOiOWXQNQPQpOQDJ\REE5KUpV]HFVNpNHW
$ EHPXWDWRWW UpV]HFVNHPpUHWHORV]OiVRN My HJ\H]pVW PXWDWQDN D PLQWiN 735
J|UEpLUH IHOYi]ROW JRQGRODWPHQHWWHO WHUPpV]HWHVHQ ILJ\HOHPEH YpYH KRJ\ PtJ D
735 D SUHNXU]RU Ii]LVUyO DGGLJ D 7(0 D UHGXNiOW IpPUpV]HFVNpNU O V]ROJiOWDW
LQIRUPiFLyW
5K&H2NDWDOL]iWRURN735pVNHPLV]RUSFLyVYL]VJiODWD
&pULXPGLR[LGKRUGR]yDONDOPD]iVDPHOOHWWDYLV]RQ\ODJLQHUW$O 2 pV6L2
KRUGR]yNKR] YLV]RQ\tWYD D UyGLXPKRUGR]y N|OFV|QKDWiV HU VHEE +DEiU D
N|OFV|QKDWiV PyGMD PpJ QHP WHOMHVHQ WLV]Wi]RWW D] R[LG IHOOHWpQ NLDODNXOy
KLEDKHO\HNpVDKRUGR]yR[LGiFLyViOODSRWDQDJ\PpUWpNEHQEHIRO\iVROKDWMiND]DNWtY
IpPIi]LV PRUIROyJLiMiW pV YHJ\pUWpNiOODSRWiW DPL WHV]WUHDNFLyEHOL YLVHONHGpVpQHN
PHJYiOWR]iViWHUHGPpQ\H]KHWL
+5K25K
5K&H+ 5K&H/ 5K&H+ 5K&H/
735
+ .
+
.
2
+
2&
+&
WiEOi]DW.HPLV]RUSFLyVpV735PpUpVHNFpULXPGLR[LGKRUGR]yVUyGLXPNDWDOL]iWRURNUyO
3RLWLHUVEHQPpUWHUHGPpQ\HN
$WiEOi]DWEDQEHPXWDWRPD735VRUiQPpUWKLGURJpQIRJ\iVRNDWDODFVRQ\
K PpUVpNOHW KLGURJpQNHPLV]RUSFLyVpV+ 2 WLWUiOiVLDGDWRNDW(]HNHW+5KYDJ\
25KpUWpNHNEHQDGRPPHJ$]HOPpOHWLOHJPD[LPiOLVpUWpNHND735QpO+5K
KDFVDNDIpPSUHNXU]RUUHGXNiOyGQDWRYiEEiD+ 2 WLWUiOiVVRUiQ25K+5K
KD FVDN D IpP NHPLV]RUEHiOMD D Ji]RNDW $ iEUiQ D NpW NO|QE|] 5K WDUWDOP~
PLQWD 735 SURILOMDL OiWKDWyN 6]pOHV N|UEHQ HOIRJDGRWW KRJ\ D SUHNXU]RU Ii]LV
UHGXNFLyMD VRUiQ NHOHWNH] IpPUpV]HFVNpN HO VHJtWLN D FpULXPGLR[LG IHOOHWL
UHGXNFLyMiW (QQHN PHJIHOHO HQ D IRO\DPDWEDQ PLQGLJ QDJ\REE D KLGURJpQIRJ\iV
PLQW DPHQQ\L D SUHNXU]RU UHGXNFLyMiKR] V]NVpJHV -yO V]HPOpOWHWLN H]W D
WiEOi]DWEDQ V]HUHSO DGDWRN LV D WLV]WD SUHNXU]RU UHGXNFLyMiQiO W|EEV]|U|V
PHQQ\LVpJ DIRJ\DV]WRWWKLGURJpQ$UyGLXPRWWDUWDOPD]yPLQWD735J|UEpMH
D NpW FV~FV DODNMiYDO pV D PD[LPXPRNKR] WDUWR]y K PpUVpNOHWL pUWpNHNNHO My
HJ\H]pVW PXWDW D 5K$O 735 J|UEpMpYHO 7HUPpV]HWHVHQ LWW D IpP UHGXNFLyMiUD
PLQWHJ\V]XSHUSRQiOyGRWWDKRUGR]yKLGURJpQIRJ\DV]WiVD)LJ\HOHPEHYpYHD5K$O
735 J|UEpMpW D] HJ\VpJQ\L KRUGR]yIHOOHWUH IHOYLWW SUHNXU]RU PHQQ\LVpJH N|]HO
D]RQRV 5K$O pV 5K&H HVHWpQ D 5K&H J|UEpQ . N|UO PHJMHOHQ FV~FV
D]RQRVtWKDWy D SUHNXU]RU UHGXNFLyMiYDO 1\LOYiQYDOyDQ LWW LV OH]DMOLN D &H
&H
iWDODNXOiVGHHUHGXNFLyOHJMHOHQW VHEEKiQ\DGD.I|O|WWMiWV]yGLNOH
7>.@
7&'MHO>DX@
5K&H 5K&H
iEUD$]LPSUHJQiOW5K&HPLQWiND]RQRVUyGLXPPHQQ\LVpJUHQRUPDOL]iOWK PpUVpNOHW SURJUDPR]RWWUHGXNFLyVSURILOMDL
0iV KRUGR]yN HVHWpQ DKRO D NHPLV]RUEHiOW Ji] + 2 VSLOORYHU IRO\DPDWEDQ
QHP YHV] UpV]W + 2 WLWUiOiVVDO KDWiUR]WXN PHJ D IpPUpV]HFVNpN GLV]SHU]LWiViW
0LQWDKRJ\D]DWiEOi]DWEyOOiWV]LNH]DPyGV]HUPRVWQHPDONDOPD]KDWyD+25K
pUWpNHNQpKROMHOHQW VHQPHJKDODGMiND]HOPpOHWLPD[LPiOLVpUWpNHW$IpPH[SRQiOW
KiQ\DGiWH]pUWDODFVRQ\K PpUVpNOHW KLGURJpQNHPLV]RUSFLyYDOPpUWNDPLNRULVD
KLGURJpQ D V]NVpJHV DNWLYiFLy KLiQ\iEDQ VSLOORYHU IRO\DPDWEDQ QHP YHV] UpV]W
FVDN D IpP IHOOHWpQ NHPLV]RUEHiOyGLN /iWKDWy KRJ\ D GLV]SHU]LWiV pUWpNHN
MHOHQW VHQ QHP YiOWR]QDN D UHGXNFLy K PpUVpNOHWH IJJYpQ\pEHQ 0iVIHO O D
VSLOORYHU PpUWpNpW 2 + HU VHQ EHIRO\iVROMD D UHGXNFLy K PpUVpNOHWH pV D IpP
GLV]SHU]LWiVD $] DODFVRQ\ IpPWDUWDOP~ NDWDOL]iWRUQiO +75 KDWiViUD MHOHQW V
FV|NNHQpVWWDSDV]WDOWXQND+5KpV25KpUWpNHNEHQ
$ IpP UpV]HFVNpN PpUHWpQHN Q|YHOpVH QDJ\PpUWpNEHQ FV|NNHQWL D
UpV]HFVNpN|VV]HVNHUOHWpWpVtJ\DNHPLV]RUEHiOWR[LJpQYDJ\KLGURJpQKRUGR]yUD
W|UWpQ iWiUDPOiVD LV HU VHQ OLPLWiOW eUGHPHV PpJ PHJMHJ\H]QL KRJ\ EiU
NOyUWDUWDOP~ IpPVyW KDV]QiOWXQN NDWDOL]iWRUDLQN HO iOOtWiViUD D] LURGDOPL DGDWRNNDO
QpPLOHJHOOHQWpWHVHQQHPWDSDV]WDOWXNDVSLOORYHUIRO\DPDWQDJ\PpUWpN JiWROWViJiW
$NDWDOL]iWRURNIHOOHWLiOODSRWD;36836
$ UyGLXP IHOOHWL YHJ\pUWpNiOODSRWiQDN WDQXOPiQ\R]iViUD HOHNWURQ
VSHNWURV]NySLiW ;36 836 DONDOPD]WXQN 0LQGNpW PyGV]HUW YLV]RQ\ODJRVDQ QDJ\
QpKiQ\QPWPHJKDODGyIpPUpV]HFVNpNHVHWpQDONDOPD]KDWMXNKDWpNRQ\DQ(QQHN
PHJIHOHO HQ D QDJ\ IpPWDUWDOP~ KRUGR]yV pV D KRUGR]yPHQWHV PLQWiQNDW YHWHWWN
UpV]OHWHVYL]VJiODWDOi
$ NH]HOHWOHQ UHGXNFLy XWiQ OHYHJ Q WiUROW KRUGR]yPHQWHV 5K 83 VSHNWUXPD
iEUD QDJ\RQ DODFVRQ\ )HUPLpOW PXWDW DPHO\ HJ\pUWHOP HQ MHO]L KRJ\ D PLQWD
QHP IpPHV iOODSRW~ $]RQEDQ D] H]W N|YHW KLGURJpQHV NH]HOpV XWiQ D VSHNWUXP
QDJ\RQ My HJ\H]pVW PXWDWRWW WLV]WD IpPHV iOODSRW~ UyGLXPRW EHPXWDWy LURGDOPL
IRUUiVRNNDO>@
iEUD5yGLXPNRURP83VSHNWUXPDNH]HOHWOHQDVLVpVUHGXNiOWPLQWiQ
6]iPRWWHY PHQQ\LVpJ R[LJpQ pV V]pQWDUWDOP~ NpS] GPpQ\HN MHOHQOpWpUH
XWDOy FV~FVRNDW WDOiOWXQN D NH]HOHWOHQ PLQWD ;3 VSHNWUXPiEDQ pV iEUD $
NH]HOHWOHQ PLQWD XJ\DQFVDN PHJWDUWRWW QpPL QLWURJpQYHJ\OHWHW D] HO iOOtWiV VRUiQ
DONDOPD]RWW VDOpWURPVDYDV NH]HOpVE O (] KLGURJpQHV UHGXNFLy XWiQ HOW QW $] ;3
VSHNWUXPRN2VpV&VWDUWRPiQ\iQFV~FVIHOERQWiVWKDMWRWWXQNYpJUH>@$]2
V VSHNWUXPEDQ a H9QiO MHOHQW V PHQQ\LVpJ N|]YHWOHQO D IpPKH] N|W|WW
R[LJpQW WDOiOXQN (]W 7ROLD pV PXQNDWiUVDL >@ 5K 2 QDN WXODMGRQtWRWWiN N D]
a H9QiO WDOiOW VSHFLHVW 5K22+NpQW D]RQRVtWRWWiN (] D NRPSRQHQV D
IHOERQWiVXQN XWiQ H9QiO MHOHQW PHJ 7ROLD HW DO D] H9 I|O|WW WDOiOW
KDUPDGLN NRPSRQHQVW V]LOtFLXPR[LG V]HQQ\H] NpQW YDJ\ IHOOHWDODWWL R[LJpQNpQW
D]RQRVtWRWWD 2[LGiOW IHOOHWL V]pQ MHOHQOpWH PLDWW OiVG NpV EE H KDUPDGLN FV~FV
IHOOHWLV]HQHVVSHFLHVHNKH]NDSFVROyGyR[LJpQWLVMHO|OKHW$KLGURJpQHVUHGXNFLyD
OHJW|EE 5K 2 W HOWiYROtWRWWD PHJKDJ\YiQ QpPL 5K22+W pV D OHJQDJ\REE N|WpVL
HQHUJLiQiO PHJMHOHQ FV~FV IHOpW $ NH]HOpV KDWiViUD EHiOOy YiOWR]iVRN MyO
pU]pNHOWHWLNDUHGXNiOWUyGLXPMHOHQOpWpW>@
iEUD 5yGLXP NRURP 2 V ;3 VSHNWUXPD NH]HOHWOHQDVLVpVUHGXNiOWPLQWiQ
iEUD 5yGLXP NRURP & V ;3 VSHNWUXPD NH]HOHWOHQDVLVpVUHGXNiOWPLQWiQ
$&VVSHNWUXPDMyIHOERQWKDWyDWRPRVDQGLV]SHUJiOWV]pQUHH9
JUDILWRV H9 pV SROLPHU V]pQUH H9 WRYiEEi R[LGiOW V]pQ
VSHFLHVHNUH ! H9 > @ .HV KLGURJpQHV NH]HOpV V]LQWH D]
|VV]HV V]pQWDUWDOP~ NpS] GPpQ\W HOWiYROtWRWWD NLYpYH HJ\ NLV JUDILWRV UpV]W D 5K
IHOOHWpU O
iEUD5yGLXPNRURP5KG;3VSHNWUXPD
NH]HOHWOHQDVLVpVUHGXNiOWPLQWiQWRYiEEi
.HVYiNXXPR]iVXWiQ
iEUD 5K$O¡ 2¢ NDWDOL]iWRURN 5K G ;3
VSHNWUXPD NH]HOHWOHQ DV LV pV UHGXNiOW
PLQWiQ
$] 2 V UpJLyEyO V]iUPD]y LQIRUPiFLyN My HJ\H]pVEHQ YDQQDN D iEUiQ
OiWKDWy5KGFV~FVRNNDO$UHGXNiOWpVDNH]HOHWOHQ5KPLQWiEyONpS]HWWNO|QEVpJL
VSHNWUXPYLV]RQ\ODJQDJ\FV~FVRWPXWDWDIpPHViOODSRWKR]NpSHVWaH9Q\LUD(
WDJN|WpVLHQHUJLiMDPHJHJ\H]LND5K 2 LURGDOPLpUWpNpYHO>@$PLQWiQN
yUiV 8+9 N|UOPpQ\HN N|]|WWL NH]HOpVH D] R[LGiOW UyGLXP RV DXWRUHGXNFLyMiW
HUHGPpQ\H]WH
$IHQWLHNHWILJ\HOHPEHYpYHPHJiOODStWKDWMXNKRJ\DUHGXNiOW5KIHOOHWHDPL
PHJHJ\H]LN D UHJHQHUiOW NDWDOLWLNXV PLQWiNpYDO R[LJpQWDUWDOP~ VSHFLHVHNHW
WDUWDOPD] V]pQ VSHFLHVHNHW D]RQEDQ QHP 7HUPpV]HWHVHQ H] D NDWDOLWLNXV UHDNFLy
DODWWIHOOHWLV]pQIHOG~VXOiVDPLDWWHVHWOHJPHJYiOWR]KDW
$KRUGR]yPHQWHVUyGLXPKR]KDVRQOyDQDNO|QE|] KRUGR]yVPLQWiNHVHWpQ
LVPHJiOODStWKDWMXNiEUDKRJ\R[LGiOWIHOOHWLVSHFLHVHNOHYHJ QW|UWpQ WiUROiV
KDWiViUD N|QQ\HQ NLDODNXOKDWQDN YLV]RQW D KLGURJpQHV NH]HOpV D IpP UHGXNiOW
YHJ\pUWpNiOODSRWiWiOOtWMDYLVV]D
$ FpULXPGLR[LG KRUGR]yV NDWDOL]iWRU &H G UpJLyMiEDQ iEUD
PHJILJ\HOKHW YiOWR]iVRN &H
PHJMHOHQpVpYHO PDJ\DUi]KDWyN My HJ\H]pVEHQ D
735PpUpVHNNHOpVLURGDOPLDGDWRNNDO>@
iEUD5K&HNDWDOL]iWRU&HG;3VSHNWUXPDNH]HOHWOHQDVLVpVUHGXNiOWPLQWiQ
$NtVpUOHWLSDUDPpWHUHNKDWiVDDPHWLOFLNORSHQWiQ 0&3UHDNFLyMiEDQ
$NtVpUOHWLSDUDPpWHUHNQHNDUHDNFLyDNWLYLWiViUDpVV]HOHNWLYLWiViUDJ\DNRUROW
KDWiViW D WiEOi]DWEDQ LJ MHO]HWW PLQWiN VHJtWVpJpYHO IRJRP EHPXWDWQL 0LXWiQ
H]HN D PLQWiN DONDOPDVDN D UpV]HFVNHPpUHW pV D] HO NH]HOpV RNR]WD YiOWR]iVRN
V]HPOpOWHWpVpUH LV D N|YHWNH] DOIHMH]HWEHQ W|EEV]|U IRJRN YLVV]DXWDOQL D] LWW
EHPXWDWRWWiEUiNUD
7|UHGpNHNNpS]}GpVH &£ &¤ &¥ L&¦ &¦ L&§ &§ F&§
$URPDWL]iOiV
'HKLGURJpQH]}GpV )}UHDNFLyN
0HOOpNUHDNFLyN
*\UIHOQ\LOiV
iEUD$]0&3NRQYHU]LyMiEDQUyGLXPNDWDOL]iWRURNRQPHJILJ\HOWUHDNFLyN
$] LURGDOPL |VV]HIRJODOyEDQ HPOtWHWWHP KRJ\ D UyGLXP NDWDOL]iWRURN D
PHWLOFLNORSHQWiQ NRQYHU]LyMiEDQ QHP FVDN J\ U Q\LWiVL WHUPpNHNHW KDQHP DNWtY
KLGURJHQROL]iOy NDWDOL]iWRU OpYpQ W|UHGpNWHUPpNHNHW LV V]ROJiOWDWQDN $ iEUiQ
|VV]HIRJODOWDPD]iWDODNXOiVVRUiQWDSDV]WDOWUHDNFLyNDW$NpWI UHDNFLyPHOOHWWNpW
PHOOpNUHDNFLyW LV PHJILJ\HOWQN ~J\PLQW D EHQ]RONpS] GpVW DURPDWL]iOiVW pV D]
HJ\V]HULGHKLGURJpQH] GpVWPHWLOFLNORSHQWpQQp$EHQ]RONHOHWNH]pVHPLQWHJ\
.IHOHWWWHUPRGLQDPLNDLODJNHGYH]PpQ\H]HWWUHDNFLy.LVKLGURJpQIHOHVOHJpVPDJDV
K PpUVpNOHWHO VHJtWLD]0&3NRQYHU]LyMiQDNHUHDNFLy~WV]HULQWLV]HOHNWtY
iEUD$J\ U Q\LWiVLUHDNFLyDNWLYLWiVD±72)HJ\VpJEHQNLIHMH]YH±DKLGURJpQQ\RPiV IJJYpQ\pEHQ.HQ
OHMiWV]yGiViW$EHQ]RONpS] GpVpWPLLVDYi]ROWN|UOPpQ\HNN|]|WW±7RUU
KLGURJpQQ\RPiVRQ pV .HQ ± ILJ\HOWN PHJ 6©«ª(¬ $ V]pQYi]
iWUHQGH] GpVpYHO QHP MiUy PHWLOFLNORSHQWpQ NHOHWNH]pVpW FVDN PDJDV
K PpUVpNOHWHQ.pVQDJ\KLGURJpQIHOHVOHJPHOOHWW7RUUWDSDV]WDOWXN
D]RQEDQLWWLVFVDNQ\RPQ\LPHQQ\LVpJEHQ6:®°¯*±²³®´µ $WRYiEELDNEDQDNpWNLV
V]HOHNWLYLWiV~ UHDNFLyYDO QHP FVDN D V]pQ±V]pQ N|WpVV]DNDGiViYDO MiUy I
UHDNFLyNNDOIRJODONR]RP
$ pV iEUDD J\ U Q\LWiVL pV D W|UHGpNNpS] GpVL UHDNFLyNUD V]iPtWRWW
DNWLYLWiVRNDW PXWDWMD EH D KLGURJpQ Q\RPiViQDN IJJYpQ\pEHQ 0LQGHQ PpUW
K PpUVpNOHWHQ D NpW iEUiQ OiWKDWy KLGURJpQIJJpVW WDSDV]WDOWXN $ IpPHNHQ OH]DMOy
V]pQKLGURJpQUHDNFLyNDKLGURJpQIHOHVOHJQ|YHOpVpYHOPD[LPXPRQiWPHQ DNWLYLWiVW
PXWDWQDN>@$]HJ\LNOHJQDJ\REEKLGURJpQLJpQ\ UHDNFLyD&¶ |VJ\ U
IHOQ\tOiVD DPLNRU LV D PD[LPXPRN QDJ\S+ IHOp WROyGQDN HO (] D PHJiOODStWiV
PLQW OiWKDWy UyGLXPUD PpJ KDWYiQ\R]RWWDEEDQ LJD] XJ\DQLV D] DNWLYLWiV PRQRWRQ
Q|YHNV]LN D PpUpVL N|UOPpQ\HLQN N|]|WW QHP WDOiOWXQNPD[LPXPRNDW$ W|UHGpNHN
NpS] GpVH NLVHEE DNWLYLWiVVDO MiWV]yGLN OH pV D KLGURJpQIJJpV LV NO|QE|] $
5K$O PLQWiNDW NLYpYH D UHDNFLy PHJN|]HOtW HQ QXOODGUHQG D KLGURJpQ
Q\RPiViUD YRQDWNR]yDQ $ NO|QE|] UHDNFLyN KLGURJpQQ\RPiV IJJpVpW
|VV]HKDVRQOtWYDN|YHWNH]WHWpVHNHWYRQKDWXQNOHDUHDNFLyLQWHUPHGLHUHNHJ\PiVKR]
YLV]RQ\tWRWW GHKLGURJpQH] GpVpU O > @ (QQHN PHJIHOHO HQ D W|UHGpNHN
NpS] GpVpWHU VHEEGHKLGURJpQH] GpVHO ]LPHJ
$PHQQ\LEHQ D W|UHGpNNpS] GpV V]HOHNWLYLWiViW iEUi]ROMXN D KLGURJpQQ\RPiV
pV D K PpUVpNOHW IJJYpQ\pEHQ D iEUiKR] MXWXQN ,WW FVDN D 5K$O+ PLQWiUD
YRQDWNR]yDGDWRNDWWQWHWWNIHOD]RQEDQDWHQGHQFLiND]|VV]HVW|EELNDWDOL]iWRUUD
LV KDVRQOyDQ DODNXOQDN 0LQW DKRJ\ D] OiWKDWy D PDJDVDEE K PpUVpNOHW pV D]
DODFVRQ\DEE S+ D PHWLOFLNORSHQWiQ KLGURJHQROt]LVpW D W|EEV]|U|V &±& N|WpV
V]DNDGiViQDN LUiQ\iED WROMD HO $ K PpUVpNOHW KDWiVD Q\LOYiQYDOyQDN W QLN KD
ILJ\HOHPEH YHVV]N KRJ\ PDJDVDEE K PpUVpNOHWHQ D N|WpVHN MREEDQ OD]tWRWWDN $
KLGURJpQ KDWiVD OiWV]yODJ HOOHQWPRQGDQL OiWV]LN D UHDNFLy V]W|FKLRPHWULiMiQDN
XJ\DQLV PLQGHQ HJ\HV &±& N|WpV KDVDGiVD NpW KLGURJpQDWRP IHOYpWHOpW MHOHQWL -yO
WXGMXN D]RQEDQ KRJ\ D V]W|FKLRPHWULiYDO HOOHQWpWHVHQ D IHOOHWL GHKLGURJpQH] GpV
PpUWpNH KDWiUR]]D PHJ D UHDNFLy KLGURJpQIJJpVpW >@ WHKiW ~MUD FVDN D
W|UHGpNWHUPpNHN NHOHWNH]pVpKH] YH]HW LQWHUPHGLHUHN HU VHEE
GHKLGURJpQH] GpVpUHN|YHWNH]WHWKHWQN
6]HOHNWLYLWiV&
· >@
+ PpUVpNOHW>.@ S+¨ >7RUU@
iEUD $ W|UHGpNNpS] GpV V]HOHNWLYLWiVD D K PpUVpNOHW pV D KLGURJpQQ\RPiV IJJYpQ\pEHQ5K$O+NDWDOL]iWRURQ
7.
72)K
¸
¹
&
52
7HOMHV UHDNFLy
iEUD $UUKHQLXV GLDJUDP D 5K$O+ NDWDOL]iWRURQ PpUW J\ U Q\LWiVUD 52
W|UHGpNNpS] GpVUH & pV D] 0&3 IRJ\iViUD WHOMHV UHDNFLy NRQVWDQV
KLGURJpQQ\RPiVRQ7RUU
$ K PpUVpNOHW DNWLYLWiVRNUD YRQDWNR]y KDWiViW $UUKHQLXV GLDJUDPRQ
V]HPOpOWHWHP iEUD $] iEUiEyO Q\LOYiQYDOy KRJ\ D W|EEV]|U|V &±& N|WpV
V]DNDGiVQDN QDJ\REE D] DNWLYiOiVL HQHUJLiMD PLQW D J\ U Q\LWiVQDN $] LV OiWKDWy
KRJ\ PtJ D W|UHGpNNpS] GpVUH pV D WHOMHV UHDNFLyUD MyO LOOHV]WKHW HJ\HQHV DGGLJ D
J\ U Q\LWiV OHKDMOy $UUKHQLXV GLDJUDPRW PXWDW +DVRQOy OHKDMOy GLDJUDPRNNDO
WDOiONR]KDWXQND]LURGDORPEDQLV>@D]RQEDQLWWHKDWiVWQHPDUHDNFLy
KLGURJpQUHQGMpEHQ EHN|YHWNH] YiOWR]iV RNR]]D KLV]HQ D J\ U Q\LWiVUD PLQGHQ
K PpUVpNOHWHQ HU V SR]LWtY UHQGHW PpUWQN 0DJ\DUi]DWNpQW V]ROJiOKDW KRJ\ D
K PpUVpNOHW HPHOpVpYHO D J\ U Q\LWiVL WHUPpNHN PLQWHJ\ N|]WLWHUPpNNpQW
IXQNFLRQiOYDWRYiEELN|WpVKDVDGiVVDOW|UHGpNWHUPpNHNNpDODNXOQDNiW
.RQYHU]Ly>@
6]HOHNWLYLWiV>@
6&
652
iEUD $ NRQYHU]Ly KDWiVD D &±& N|WpVV]DNDGiV PpO\VpJpUH J\ U Q\LWiV YV W|UHGpNNpS] GpV5K$O/NDWDOL]iWRURQ7 .S+º 7RUU
0LHO WW UiWpUQpN D K PpUVpNOHW pV D KLGURJpQ IJJYpQ\pEHQ D] HJ\HV
WHUPpNFVRSRUWRNRQ EHOOL WHUPpN|VV]HWpWHOHN DODNXOiViUD QDJ\RQ IRQWRV
PHJYL]VJiOQLDNRQYHU]LyQDJ\ViJiQDNDKDWiViWQHKRJ\DNO|QE|] NRQYHU]LyNQiO
PpUWDGDWRN|VV]HKDVRQOtWiViQiOKLEi]]XQN$iEUDHJ\WHWV] OHJHVHQYiODV]WRWW
NDWDOL]iWRURQ pV UHDNFLy N|UOPpQ\HN N|]|WW PXWDWMD EH D NpW I UHDNFLy
V]HOHNWLYLWiViQDNDODNXOiViWDNRQYHU]LyIJJYpQ\pEHQ$UHDNFLyNH]GHWLV]DNDV]iW
OHV]iPtWYDDPLNRULVDW|UHGpNHNNpS] GpVHQpPLOHJNHGYH] EEDV]HOHNWLYLWiVRND
NRQYHU]Ly WiJ KDWiUDL N|]|WW iOODQGyDN 0LYHO PHJOHS HQ PDJDV NRQYHU]LyLJ LV
iOODQGy QHP FV|NNHQ D J\ U Q\LWiV V]HOHNWLYLWiVD PHJiOODStWKDWMXN KRJ\ QHP
W|UWpQLN PHJ H]HQ WHUPpNHN ~MUDDGV]RUSFLyMD DPL KR]]iMiUXOKDWQD D]RN WRYiEEL
KLGURJHQROt]LVpKH] 7RYiEEi QHP pV]OHOWQN V]HOHNWtY GH]DNWLYiOiVW DPLW D UHDNFLy
N|]EHQ NHOHWNH] V]HQHV OHUDNyGiVRNQDN WXODMGRQtWKDWQiQN +RJ\ pUWHOPH]QL WXGMXN
D UHDNFLy NH]GHWL V]DNDV]iW ILJ\HOHPEH NHOO YHQQQN KRJ\ PLQGHQ PpUpV HO WW D
NDWDOL]iWRURNDWUHJHQHUiOiVQDNYHWMNDOi$iEUiEyODUUDN|YHWNH]WHWKHWQNKRJ\
H UHJHQHUiOiV OiVG .tVpUOHWL UpV] KDWiViUD D NDWDOL]iWRURN IHOOHWH QDJ\PpUWpNEHQ
HOYHV]WHWWH V]pQWDUWDOPiW 6iUNiQ\ > @ PXQNiL Q\RPiQ WXGMXN KRJ\ D WLV]WD
IpP±KLGURJpQ 0±+ IHOOHWHN D VWDFLRQiULXV IpP±V]pQ±KLGURJpQ 0±&±+
UHQGV]HUKH] YLV]RQ\tWYD QDJ\REE KLGURJHQROL]iOy DNWLYLWiVW PXWDWQDN WRYiEEi D
GHJUDGiFLyYDOQHPMiUyUHDNFLyNV]HOHNWLYLWiVDNLVHEE(]HNXWiQQ\LOYiQYDOyKRJ\D
UHDNFLy NH]GHWL V]DNDV]iEDQ DPtJ NL QHP DODNXO D UHDNFLy N|UOPpQ\HNQHN
PHJIHOHO iOODQGyVXOWIHOOHWLiOODSRWDPHWLOFLNORSHQWiQEyOW|EEW|UHGpNpVNHYHVHEE
&» DONiQNHOHWNH]LN0LXWiQN|]HOVNRQYHU]LyQiOD]HOWpUpVPiUQHPMHOHQW VpV
DGLVV]HUWiFLyEDQEHPXWDWiVUDNHUO HUHGPpQ\HNVNRQYHU]LyLQWHUYDOOXPEyO
V]iUPD]QDNPHJiOODStWKDWMXNKRJ\DNO|QE|] N|UOPpQ\HNN|]|WWPpUWHUHGPp
.RQYHU]Ly>@
03Q+
0303
iEUD$NRQYHU]LyKDWiVDDJ\ U Q\LWiVLWHUPpNHNHORV]OiViUD5K$O/NDWDOL]iWRURQ7
.S+º 7RUU
Q\HN QHP IJJHQHN D NRQYHU]Ly pUWpNpW O $ pV iEUiN H IJJHWOHQVpJHW
V]HPOpOWHWLN D J\ U Q\LWiVL WHUPpNHN pV D W|UHGpNWHUPpNHN HORV]OiViUD LV $ &¼ |V
J\ U &±& N|WpVHLQHN HJ\PiVKR] YLV]RQ\tWRWW UHDNWLYLWiViW PXWDWMD D 03Q+ pV D
0303 DUiQ\ 0LQGNHWW IJJHWOHQ D NRQYHU]Ly PpUWpNpW O $ W|UHGpNWHUPpNHN
HORV]OiViEDQ XJ\DQFVDN IHOIHGH]KHWMN D WLV]WD IpPIHOOHW HU V KLGURJHQROL]iOy
MHOOHJpWPpO\HEEKLGURJHQROt]LVW|EE&½GRPLQiODUHDNFLyNH]GHWLV]DNDV]iEDQ
$ PHWLOFLNORSHQWiQ J\ U Q\LWiVD V]HOHNWtYHQ MiWV]yGLN OH D] iOWDOXQN YL]VJiOW
UyGLXP NDWDOL]iWRURNRQ WHKiW D PHWLOFVRSRUW PHOOHWWL N|WpV D SR]tFLy V]DNDGiVD
HU VHQ JiWROW (QQHN PHJIHOHO HQ I OHJ PHWLOSHQWiQ 03 E SR]tFLy pV
PHWLOSHQWiQ03FSR]tFLyNHOHWNH]HWW$pViEUDDJ\ U Q\LWiVLWHUPpNHN
HORV]OiViUD MHOOHP] 03Q+ DUiQ\W PXWDWMD D K PpUVpNOHW pV D KLGURJpQQ\RPiV
IJJYpQ\pEHQ $] iEUiNEyOPHJiOODStWKDWyKRJ\ D NDWDOL]iWRURN NpWIDMWD YLVHONHGpVW
PXWDWQDN D QDJ\GLV]SHU]LWiV~ 5K$O PLQWiNRQ D 03Q+ DUiQ\ N|]HO iOODQGy NLV
pUWpN D UHDNFLyN|UOPpQ\HNW O IJJHWOHQO (]]HO HOOHQWpWHVHQ D W|EEL PLQWiQ D
J\ U IHOQ\tOiVV]HOHNWtYHEEpVHJ\pUWHOP WHQGHQFLiWIHGH]KHWQNIHODN|UOPpQ\HN
IJJYpQ\pEHQ 1DJ\ KLGURJpQQ\RPiV pV DODFVRQ\ K PpUVpNOHW PHJQ|YHOWH D 03
UHODWtY PHQQ\LVpJpW $] iEUiNEyO D]W D N|YHWNH]WHWpVW LV OHYRQKDWMXN KRJ\ NLV
KLGURJpQ IHOHVOHJ pV PDJDV K PpUVpNOHW DONDOPD]iVD HVHWpQ D NDWDOL]iWRURN
KDVRQOyDQYLVHONHGQHN
7>.@
03Q+
5K$O/
5K$O/
5K$O+
5K$O+
5K$O+
iEUD$03Q+EDDUiQ\DJ\ U Q\LWiVLWHUPpNHNEHQDK PpUVpNOHWIJJYpQ\pEHQ S+º 7RUU
S+¾ >7RUU@
03Q+
5K$O/
5K$O/
5K$O+
5K$O+
5K$O+
iEUD $ 03Q+ ED DUiQ\ D J\ U Q\LWiVL WHUPpNHNEHQ D KLGURJpQQ\RPiV IJJYpQ\pEHQ.HQ
$ NpW NO|QE|] ELV]HNXQGHU &±& N|WpVUH V]iPROW V]DNDGiVL YDOyV]tQ VpJ
03W pV 03W HUHGPpQ\H]YH N|]HO YDQ D VWDWLV]WLNXVKR] D 0303 DUiQ\
N|UOpVN|]|WWDODNXOW$03WHUHGPpQ\H] N|WpVV]DNDGiVYDOyV]tQ VpJH
Q|YHNV]LNDKLGURJpQPHQQ\LVpJpQHNQ|YHOpVpYHOpVDK PpUVpNOHWFV|NNHQWpVpYHO
iEUD
7>.@
0303
5K$O/
5K$O/
5K$O+
5K$O+
5K$O+
iEUD $ 0303 DUiQ\iQDN YiOWR]iVD D K PpUVpNOHW IJJYpQ\pEHQ NO|QE|]
5K$Oº 2¿ NDWDOL]iWRURNUD7RUUKLGURJpQQ\RPiVRQ
$ J\ U Q\LWiV PHOOHWW D UHDNWiQV W|EEV]|U|V KLGURJHQROt]LVH LV OHMiWV]yGLN
DKRJ\ D]W D pV iEUiNEyOLV OiWWXN $ pV iEUD D W|UHGpNWHUPpNHN
HORV]OiViW PXWDWMiN EH D UHDNFLy N|UOPpQ\HLQHN IJJYpQ\pEHQ $ EHPXWDWiVUD
NHUO NDWDOL]iWRUWLWWLV|QNpQ\HVHQYiODV]WRWWDPD]RQEDQPLQGHJ\LNPLQWDKDVRQOy
WHUPpNHORV]OiVWpVKDWiVRNDWPXWDW(O|OMiUyEDQDQQ\LWV]HUHWQpNPHJMHJ\H]QLKRJ\
DGHPHWLOH]pVV]HOHNWLYLWiVDpVN|]|WWPR]JRWWpVDFLNORSHQWiQPHQQ\LVpJHD
W|UHGpNHN N|]|WW VRKD QHP YROW MHOHQW V (PLDWW D FLNORSHQWiQW QHP WQWHWWHP IHO D
W|UHGpNWHUPpNHN HORV]OiViEDQ $ W|UHGpNHN W|EE PLQW D PHWiQ pV D UHODWtY
DUiQ\D D K PpUVpNOHW Q|YHOpVpYHO pV D KLGURJpQIHOHVOHJ FV|NNHQWpVpYHO Q WW $
PiVLN I NRPSRQHQV D] LSHQWiQ PHO\QHN PHQQ\LVpJH D PHWiQpYDO IRUGtWYD
YiOWR]RWW$W|EELW|UHGpNKDVRQOyNLVpVN|]HOiOODQGyV]HOHNWLYLWiVVDONHOHWNH]HWW
iEUD $ W|UHGpNWHUPpNHN HORV]OiVD D] 0&3 NRQYHU]LyMiEDQ 5K$O/ NDWDOL]iWRURQ D K PpUVpNOHWIJJYpQ\pEHQS+º 7RUU
iEUD $ W|UHGpNWHUPpNHN HORV]OiVD D] 0&3 NRQYHU]LyMiEDQ 5K$O/ NDWDOL]iWRURQ D KLGURJpQQ\RPiVIJJYpQ\pEHQ7 .
$ W|UHGpNWHUPpNHN V]HOHNWLYLWiVD WiJ KDWiURN N|]|WW PR]RJ WHKiW D &±&
N|WpVV]DNDGiV PpO\VpJH HU VHQ YiOWR]LN D UHDNFLy N|UOPpQ\HNQHN PHJIHOHO HQ
(KKH]YLV]RQ\tWYDYLV]RQ\ODJNLFVLDYiOWR]iVDKLGURJHQROt]LVPpO\VpJpEHQKDFVDN
D W|UHGpNWHUPpNHN HORV]OiViW Qp]]N 7RYiEEi D] LV PHJOHS KRJ\ RO\DQ
N|UOPpQ\HN PHOOHWW LV DPHO\HN D] HJ\V]HUL J\ U Q\LWiVQDN NHGYH]QHN QDJ\RQ
MHOHQW V D PHWiQ UpV]DUiQ\D D W|UHGpNHN N|]|WW $ W|UHGpNWHUPpNHN HORV]OiViQDN
PDJ\DUi]DWiWD]DOIHMH]HWEHQN|]O|P
D
E
&
E &
F
DE
EF
A
D
A
F DF
D
F
iEUD $] ´D´ pV ³F´ SR]tFLyM~ J\ U IHOQ\tOiV YDOyV]tQ VpJpQHN |VV]HKDVRQOtWiVD &ÁV pV
&ÂVWHUPpNHNUH
$ SHQWiQRN NpS] GpVH D UHDNWiQV PROHNXOD HJ\ WDUWy]NRGiVL LGHM NpW &±&
N|WpVpQHNV]DNDGiViYDOPDJ\DUi]KDWy,O\HQEpVFSR]tFLyM~HJ\LGHM V]DNDGiV
HUHGPpQ\H]KHWLLSHQWiQNpS] GpVpWPtJD]QSHQWiQEpVDSR]tFLyM~V]DNDGiV
HUHGPpQ\HNpQW NHOHWNH]LN $ J\ U Q\LWiVQiO PHJILJ\HOKHWWN KRJ\ D QKH[iQ
PHJMHOHQpVH D HU VHQ JiWROW (]HN XWiQ QHP PHJOHS KRJ\ NHYHVHEE QRUPiO
PLQWLSHQWiQNHOHWNH]LN(]WV]HPOpOWHWLDiEUD7RYiEEiKDDJiWROWViJWHKiWD
N|WpVV]DNDGiVL YDOyV]tQ VpJ PLQG D J\ U Q\LWiV PLQG SHGLJ D W|UHGpNNpS] GpV
HVHWpQQDJ\MiEyOPHJHJ\H]LNDNNRUD03Q+pVD]L&Ã Q&Ã DUiQ\RNQDND]RQRVQDN
NHOOHQHOHQQLN(OYpJH]WNH]WD]|VV]HKDVRQOtWiVWiEUDpVYLV]RQ\ODJRVDQMy
HJ\H]pVWWDOiOWXQNDYiUWDNNDO.LYpWHOWNpSH]QHNDQDJ\GLV]SHU]LWiV~NDWDOL]iWRURNDW
5K$ODPHO\HN±03Q+DUiQ\N|]HONRQVWDQVOpYpQ±QHPPXWDWMiND]HPOtWHWW
NRUUHOiFLyW
L&Ä Q&Ä
03Q+
5K$O+
5K$O+
5K$O/
5K6L FDHOP
iEUD .RUUHOiFLy D J\ U Q\LWiVL 03Q+ pV D W|UHGpNWHUPpNHN L&ÂQ&Â N|]|WW $]
HJ\HQHVYRQDOD]LGHiOLVHVHWHWPXWDWMDDPLNRU03Q+ L&ÂQ&Â
$ &Å RV pV &Ã |V WHUPpNHN NRUUHOiFLyMD D] HJ\V]HUHV pV NpWV]HUHV
W|EEV]|U|V &±& N|WpVV]DNDGiVL UHDNFLy NDSFVROWViJiUD XWDOKDW +DVRQOyNUD
N|YHWNH]WHWKHWWQN D] iEUiQ EHPXWDWRWW $UUKHQLXV GLDJUDPEyO LV (]HNNHO
HOOHQWpWHVHQ D]RQEDQ D] HJ\V]HUHV pV W|EEV]|U|V KLGURJHQROt]LV IJJpVH D
NRQYHU]LyWyO QHP PXWDWRWW NDSFVRODWRW D NpW I UHDNFLy N|]|WW (]HQ HOOHQWpW
IHOROGiViUD pV D J\ U Q\LWiVL WHUPpNHN HORV]OiViEDQ IHOOpS YiOWR]iVRN
PDJ\DUi]DWiUD PHJV]HUNHV]WHWWHP D iEUiW DPHO\ D KiURP J\ U Q\LWiVL WHUPpN
pV D 03W|UHGpNHN V]HOHNWLYLWiViW PXWDWMD PLQG D K PpUVpNOHW PLQG SHGLJ D
KLGURJpQQ\RPiV IJJYpQ\pEHQ 0LQGHQ K PpUVpNOHWHQ QpJ\ Q|YHNY KLGURJpQ
Q\RPiVQiO 7RUU PpUW HUHGPpQ\W N|]O|N /iWKDWy KRJ\ D Q
KH[iQ V]HOHNWLYLWiVD D UHDNFLyN|UOPpQ\HNW O IJJHWOHQO iOODQGy a 6]LQWpQ
N|]HO iOODQGy D Q\LODNNDO MHO]HWW PpUpVHNHW NLYpYH D 03 pV D 03W|UHGpNHN
V]HOHNWLYLWiVD$603MHOHQ VHQYiOWR]LNDKLGURJpQQ\RPiViQDNQ|YHOpVpYHOQ
pVDK PpUVpNOHWHPHOpVpYHOFV|NNHQ0LYHOD03W|UHGpNHNV]HOHNWLYLWiVDN|]HO
iOODQGy H]pUW D W|UHGpNHN V]HOHNWLYLWiVD D 03pYHO IRUGtWRWWDQ YiOWR]LN pV tJ\ D
PHWLOSHQWiQ pV D W|UHGpNHN NpS] GpVH NDSFVROW UHDNFLy $ W|UHGpNWHUPpNHN I OHJ D
´PHWLOSHQWiQEyO´ NHOHWNH]QHN 0LXWiQ OiWWXN KRJ\ D NRQYHU]Ly IJJYpQ\pEHQ PLQG
D J\ U Q\LWiVL WHUPpNHN PLQG SHGLJ D W|UHGpNWHUPpNHN V]HOHNWLYLWiVD iOODQGy
iEUD D 03 pV D W|UHGpNHN NDSFVROWViJD FVDN ~J\ NpS]HOKHW HO KRJ\ D 03 IHOOHWL LQWHUPHGLHU GHV]RUSFLy QpONO ~MDEE &±& N|WpV V]DNDGiVW V]HQYHG $] LV
PHJILJ\HOKHW KRJ\DPLNRUDN|UOPpQ\HNV]LJRURGQDN7Q S+Æ FV|NNHQD03
J\ U Q\LWiVLN|]WLWHUPpNLVUpV]OHJHVHQKR]]iMiUXOW|UHGpNHNNHOHWNH]pVpKH]pVtJ\
D03W|UHGpNHNV]HOHNWLYLWiVDPiUQHPiOODQGyDQ\tOODOMHO]HWWSRQWRNQiO
7>.@
6]HOHNWLYLWiV>@
03)U Q+
03 03
iEUD$]QKH[iQDPHWLOSHQWiQDPHWLOSHQWiQpVDPHWLOSHQWiQW|UHGpNWHUPpNHN V]HOHNWLYLWiViQDN |VV]HKDVRQOtWiVD 5K$O+ NDWDOL]iWRUUD 0LQGHQ K PpUVpNOHWHQ QpJ\
Q|YHNY KLGURJpQQ\RPiVQiOPpUWpUWpNHWWQWHWWHPIHO7RUU7RUU7RUU
7RUU
$]HOPRQGRWWDNDWILJ\HOHPEHYpYHQ\LOYiQYDOyKRJ\D]0&3J\ U MpEHQD]HOV &±
& N|WpVV]DNDGiViQDN SR]tFLyMD QHP IJJ D UHDNFLy N|UOPpQ\HLW O $
WHUPpNHORV]OiVW D] DGRWW J\ U Q\LWiVL N|]WLWHUPpNHN GHV]RUSFLyUD LOOHWYH WRYiEEL
KLGURJHQROt]LVUH YDOy HOWpU PpUWpN NpSHVVpJH KDWiUR]]D PHJ (]HN DODSMiQ D
iEUiNRQ OiWKDWy KDWiVRN MyO PDJ\DUi]KDWyN +D D K PpUVpNOHWHW Q|YHOMN pV D KLGURJpQIHOHVOHJHW FV|NNHQWMN D 03 J\ U Q\LWiVL N|]WLWHUPpNH HJ\UH NHYpVEp
GHV]RUEHiOyGLN HKHO\HWW MHOHQW V PpUWpNEHQ WRYiEEDODNXO $ 03 pV I OHJ D Q+
V]HOHNWLYLWiVD WRYiEEUD iOODQGy PDUDG D 03Q+ pV D 0303 DUiQ\RN
FV|NNHQQHN