( gNROyJLDLP&V]DNLLQWp]NHGpVHNYpJUHKDMWiVD
3URMHNWXWiQLPRQLWRUR]iVDSURMHNWNLpUWpNHOpVH
$ 3URMHNWXWiQLPRQLWRUR]iVW|EEpYHQiW D .OVpVEHOVWiSDQ\DJWHUKHOpV
E .pPLDLpVIL]LNDLDGDWRNJ\&MWpVHD]pOYLOiJYL]VJiODWD
% $]DQDOLWLNXVDGDWRNV]LQWp]LVH
$NH]HOpVLWHUYHNHVHWpEHQIRQWRVDVSHNWXVDYL]HVpOKHO\pVDYt]J\&MWNDSFVRODWD$
NOV WHUKHOpV PHJKDWiUR]y UpV]H D Yt]J\&MWUO V]iUPD]LN D Yt]J\&MWQ YpJ]HWW EHDYDWNR]iVRN MHOHQWVHQ PyGRVtWKDWMiN D WHUKHOpV PpUWpNpW H]pUW pUWHOHPV]HU&HQ D YL]HV pOKHO\ UHKDELOLWiFLyMiKR] V]NVpJHV LQWp]NHGpVHN EHDYDWNR]iVRN MHOHQWV UpV]H D YL]HV pOKHO\HQ NtYO D Yt]J\&MW WHUOHWpQ YpJ]HQG HO %HWWLQHWWL HW DO 5DSSRUW HW DO
g.2/Ï*,$,.2&.È=$7%(&6/e6
$] (3$ (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ 86$ iOWDO NRRUGLQiOW EDQ LQGXOW :HWODQGV 5HVHDUFK 3URJUDP :53 YROW D] HOV DPHO\ YL]HV pOKHO\HN NH]HOpVpUH PHJyYiViUD D] |NROyJLDL NRFNi]DWEHFVOpV HOHPHLW DONDOPD]WD ,QWHJUiOW NH]HOpVL WHUYQHN IRJKDWyIHOKLV]HQD]pOKHO\HNGHJUDGiFLyMDHOHPH]KHWpVpUWpNHOKHWRO\DQPyGRQLVKRJ\
PHJOHY VWUHVV]RURN D]RQRVtWiViW N|YHWHQ D VWUHVV]RUYiODV] NDSFVRODWRN PLQVpJL pV PHQQ\LVpJL PHJKDWiUR]iViW YpJH]]N HO $ NRFNi]DW NH]HOpVpQHN YpJFpOMD D] KRJ\ D YL]HV pOKHO\pUWpNHVIXQNFLyLQDNNiURVRGiViWFV|NNHQpVpWPLQLPDOL]iOQLOHKHVVHQ
$NRFNi]DWEHFVOpVHOHPHL
$ NRFNi]DWEHFVOpV KDJ\RPiQ\RVDQ QpJ\ HOHPEO pSO IHO D YHV]pO\ D]RQRVtWiVD VWUHVV]RUYiODV]NDSFVRODWRNIHOWiUiVDD]H[SR]tFLyEHFVOpVHpVDNRFNi]DWMHOOHP]pVH iEUD
$YHV]pO\D]RQRVtWiVD
$ YHV]pO\ D]RQRVtWiVD D] DGRWW KDWiVYLVHOUH WpQ\OHJHVHQ IHQ\HJHWpVW MHOHQW VWUHVV]RU YDJ\
VWUHVV]RURN IHOWiUiViW MHOHQWL ,WW NHOO PHJKDWiUR]QL PLO\HQ SRWHQFLiOLV NiURV KDWiVW NpSHVHN RNR]QL $] LURGDORPEDQ J\DNUDQ OHKHW D IRUUiV pV VWUHVV]RU IRJDOPDNNDO WDOiONR]QL KDV]QiODWXNQpPLNpSSN|YHWNH]HWOHQ
)RUUiV
$IRUUiVW DODSYHWHQNpWIpOHNpSSHQ OHKHWGHILQLiOQL D] D IL]LNDL KHO\DKRQQDQDVWUHVV]RU HUHGSOHJ\V]HQQ\H]Ji]RNDWNLERFViWyNpPpQ\YDJ\SHGLJD]DWHYpNHQ\VpJDPHO\QHND]
HUHGPpQ\HNpSSHQDVWUHVV]RUOpWUHM|QSOFVDWRUQi]iV
iEUD$NRFNi]DWEHFVOpVWUDGLFLRQiOLVHOHPHL
(ONpS]HOKHW KRJ\ D IRUUiV DPHO\ HUHGHWLOHJ D V]HQQ\H] DQ\DJRW NLERFViWRWWD PiU QHP OpWH]LN YLV]RQW D V]HQQ\H] DQ\DJ RO\DQ QDJ\ PHQQ\LVpJEHQ UDNyGRWW OH YDODPLO\HQ N|]HJEHQKRJ\PiVRGODJRVIRUUiVViYiOLNËJ\SpOGiXOD%DODWRQYt]PLQVpJYpGHOPHNDSFViQ KLiEDW|UWpQWHNHUHGPpQ\HVLQWp]NHGpVHNHJ\HVHXWURIL]iFLyWRNR]yWiSDQ\DJIRUUiVRNNLNV]|
E|OpVpUH YDJ\ FV|NNHQWpVpUH D] OHGpNEHQ PiU PHJN|WG|WW IRV]IRU IRO\DPDWRVDQ ROGyGLN YLVV]D D Yt]EH iOODQGy WiSDQ\DJNtQiODWRW MHOHQWYH (EEHQ D] HVHWEHQ D] OHGpN WHNLQWKHW D IRUUiVQDN
(OIRUGXOKDWKRJ\XJ\DQD]RQVWUHVV]RUW|EEIRUUiVEyOLVV]iUPD]LNHEEHQD]HVHWEHQH]HNHW LVEHNHOOD]RQRVtWDQLpVMHOOHPH]QL$IRUUiVRNN|]|WWOHKHWDQWURSRJpQpVWHUPpV]HWHVLV
$YHV]pO\D]RQRVtWiVD
x 0LO\HQ NiURV KDWiVRNDW NpSHV D YL]VJiOWVWUHVV]RURNR]QL"
x 0LN D OHJIRQWRVDEE MHOOHP]L DPLN|VV]HIJJpVEHKR]KDWyNH]HNNHO
x $ YL]VJiOW N|UOPpQ\HN N|]|WW PHNNRUD H[SR]tFLy iOO IHQQ YDJ\
YiUKDWy"([SR]tFLyDVWUHVV]RUpVD KDWiVW HOV]HQYHG HJ\WWHV HOIRUGXOiVDYDJ\NRQWDNWXVD
$NRFNi]DWMHOOHP]pVH
x $EHFVOWH[SR]tFLypVD]LVPHUW VWUHVV]RUYiODV] NDSFVRODWRN IJJYpQ\pEHQ PHNNRUD D NiURV KDWiVYDOyV]tQ&VpJH"
x 0LO\HQ EL]RQ\WDODQViJL WpQ\H]NOpSWHNIHOD]HO]KiURP OpSpVVRUiQ"
6WUHVV]RURN
'HILQtFLyV]HULQWDVWUHVV]RURO\DQNpPLDLIL]LNDLYDJ\ELROyJLDLHQWLWiV DPHO\ NiURV KDWiVW YiOWNL86(3$
.pPLDLIL]LNDLpVELROyJLDLVWUHVV]RURN
$] |NROyJLDL NRFNi]DWEHFVOpV OHJJ\DNUDEEDQNpPLDL VWUHVV]RURNNDO H]HN PHJOHY YDJ\
SRWHQFLiOLV KDWiViYDO IRJODONR]LN eYUOpYUH W|EE PLOOLy WRQQD WHUPpV]HWHV pV V]LQWHWLNXV YHJ\L DQ\DJ NHUO D N|UQ\H]HWEH (QQHN QDJ\ UpV]H PiV YHJ\OHWHNNp YpJO SHGLJ V]pQ GLR[LGGiDODNXOiWDIL]LNDLNpPLDLpVELROyJLDLIRO\DPDWRNNRPSOH[KiOyMiQNHUHV]WO
$IL]LNDL VWUHVV]RURN N|]|WW PHJ NHOOHPOtWHQL SO D ]DM YDJ\KWHUKHOpVW LOO RO\DQ MHOOHJ&
EHDYDWNR]iVRNDW DPHO\HN D] pOKHO\ V]HUNH]HWpW YiOWR]WDWMiN PHJ ,O\HQHNOHKHWQHN SO HJ\
WHUOHWHQNLDODNtWRWWFVDWRUQiNY|OJ\]iUyJiWDN8J\DQFVDNIL]LNDLVWUHVV]RUQDNWHNLQWKHWKD HJ\|NRV]LV]WpPDHJ\HVpOHOHPHLWN|]YHWOHQOHOWiYROtWMXNSOKDODNDWNLIRJXQN
$]DMpVKWHUKHOpVHOVVRUEDQN|]YHWOHQOKDW$]pOKHO\V]HUNH]HWpWPHJYiOWR]WDWyWpQ\H]N XJ\DQDNNRU HOVVRUEDQ N|]YHWHWW KDWiVRNDW LQGXNiOQDN DPHO\HNHW HOpJ QHKp] EHFVOQL (J\
pOKHO\HW iWV]HO ~M ~W SO RO\DQEDUULHU DNDGiO\OHKHW HJ\HV NRUOiWR]RWW PR]JiVNpSHVVpJ&
iOODWRN V]iPiUD DPHO\HQ QHP WXGQDN iWNHOQL ,O\HQ PyGRQ D SRSXOiFLy V]pWGDUDEROyGLN DPHO\NiURVKDWiVVDOOHKHWW|EEHNN|]|WWDSRSXOiFLyIUDJPHQWXPRNJpQGLYHU]LWiViUDKRVV]~
WiYRQ D] pOHWNpSHVVpJpUH (J\ FVDWRUQD QHPFVDN HJ\V]HU& EDUULHUNpQW IXQNFLRQiO KDQHP PHJYiOWR]WDWMD D] HJpV] WHUOHW Yt]Ki]WDUWiViW DPHO\ WDUWyV KDWiVVDO OHKHW D PDJDVDEE Yt]LJpQ\&Q|YpQ\HNSRSXOiFLyLQDNDODNXOiViUD
(J\HV pO HOHPHN HOWiYROtWiVD HJ\UpV]W N|]YHWOHQ KDWiVVDO MiU PDJXNUD D] pO HOHPHNUH GH QDJ\RQYDOyV]tQ&KRJ\HEEHQD]HVHWEHQDN|]YHWHWWKDWiVOHV]DIRQWRVDEE5DJDGR]yKDODN HOWiYROtWiVD SO HXUySDL WHUPpV]HWHVYt]L UHQGV]HUHNEHQ D SRQW\IpOpN iOORPiQ\DLQDN Q|YHNHGpVpW HUHGPpQ\H]L H]HN YLV]RQW]RRSODQNWRQ IRJ\DV]Wy V]HUYH]HWHN $]RRSODQNWRQ NLIDOiVDD]DOJDV]LQWPHQQ\LVpJLQ|YHNHGpVpKH]YH]HWDPHO\D]HXWURIL]iFLyWJ\RUVtWKDWMD
%LROyJLDL VWUHVV]RURNQDN HJ\ DGRWW WHUOHWUH EHKXUFROW YDJ\ V]iQGpNRVDQ EHWHOHStWHWW ~Q H[yWD V]HUYH]HWHN PLQVOQHN $] DNDUDWODQXO EHKXUFROW iOODWRNDW Q|YpQ\HNHW DGYHQWtYQHN QHYH]]N$V]i]DGN|]HSpUHD]DGYHQWtYIDMRNDUiQ\DRO\DQPpUWpNHW|OW|WWKRJ\QpKiQ\
RUV]iJEDQ NO|Q N|]SRQWRNDW WXGRPiQ\RV pV WHFKQLNDL V]HPpO\]HWWHO HOOiWYD iOOtWRWWDN IHO EHKXUFROiVXN PHJDNDGiO\R]iViUD LOO D] HOOHQN YDOy YpGHNH]pVUH $ WHUYV]HU& V]iQGpNRV EHWHOHStWpVHNPpUWpNHLVLJHQMHOHQWV$V]PiVRGLNIHOpEHQYiOWGLYDWWiKRJ\YDGiV]
HJ\OHWHN WiUVDViJRN YDJ\ pSSHQ JD]GDJ PHFpQiVRN EHWHOHStWpVHNHW V]HUYH]WHN pV YLWWHN YpJKH]
$] H[yWD V]HUYH]HWHN NO|Q FVRSRUWMiW DONRWMiN D JHQHWLNDLODJ PyGRVtWRWW RUJDQL]PXVRN
*02N(]HNMHOHQWVUpV]HDELROyJLDLYpGHNH]pVEHQDONDOPD]RWWV]HUYH]HWËJ\SpOGiXOD
%DFLOOXV WKXULQJLHQVLV VSS LVUDHOHQVLV QHY& EDNWpULXPRW D ELROyJLDL V]~Q\RJLUWiVEDQ DONDOPD]]iN (] HJ\ RO\DQ NULVWiO\RV IHKpUMpW WHUPHO DPHO\ D V]~Q\RJOiUYD HPpV]W UHQGV]HUpEH MXWYD D] HSLWHOLiOLV VHMWHN VWUXNWXUiOLV GHIRUPiFLyMiW RNR]]D tJ\ D OiUYD pKHQ SXV]WXO 7|EE LO\HQ D IHKpUMH WHUPHOpVppUW IHOHOV JpQW VLNHUOW PiU L]ROiOQL H]HN N|]O D]
HJ\LN D FU\,9% JpQ $ EDNWpULXPVSyUiN YLV]RQW HJ\ YL]HV N|]HJEHQ D V]~Q\RJOiUYiN WHUPpV]HWHVpOKHO\pQKDPDUOHOHSHGQHNtJ\PpUJH] KDWiVXNDWFVDN U|YLG LGHLJ IHMWKHWLN NL+DYLV]RQWDNH]HOpVWW~OJ\DNUDQLVPpWOLNPHJIHQQiOODYHV]pO\HDQQDNKRJ\HJ\PiVLN JpQSURGXNWXPDHJ\PDJDVDEEUHQG&HNUHN|]WND]HPEHUHNUHLVKHPROLWLNXVKDWiVVDOEtUy IHKpUMHLVDN|UQ\H]HWEHNHUO$]HJ\LNOHKHWVpJHVPHJROGiVDWR[LQWHUPHOpVpUWIHOHOVFU\,9 JpQHNiWOWHWpVHNpNDOJiNED(]HNPLYHOOHEHJQHNDYt]EHQKRVV]DEELGHLJKR]]iIpUKHWHND V]~Q\RJOiUYiN V]iPiUD pV tJ\ PpUJH] KDWiVXN LV NLIHMH]HWWHEE (] PiU D J\DNRUODWEDQ LV NLYLWHOH]KHWHOMiUiV6ROWHV5DNHWDO
(OVGOHJHVpVPiVRGODJRVVWUHVV]RURN
0iVRGODJRVVWUHVV]RURNIHOOpSKHWQHND]HOVGOHJHVVWUHVV]RUiWDODNXOiViYDOSOHJ\YHJ\OHW ERPOiVDNRU NHOHWNH] PHWDEROLWRN LOO D]iOWDO KRJ\ D] HOVGOHJHV VWUHVV]RU RO\DQ PyGRQ YiOWR]WDWMD PHJD] |NROyJLDLHQWLWiVYDODPHO\ HOHPpW KRJ\ D] D WRYiEELDNEDQVWUHVV]RUNpQW IRJ IHOOpSQL ËJ\ SpOGiXO D %DODWRQED NHUO V]HUYHWOHQ Q|YpQ\L WiSDQ\DJRN 1 pV 3 HOVGOHJHV VWUHVV]RUNpQW HOVHJtWHWWpN D WR[LQWHUPHO NpNDOJiN HOV]DSRURGiViW PiVRGODJRV VWUHVV]RU $ PiVRGODJRV VWUHVV]RURN EL]RQ\RV HVHWHNEHQ D] HOVGOHJHV VWUHVV]RUQiO LV IRQWRVDEEDNOHKHWQHN
6WUHVV]RURNHJ\PiVUDKDWiVD
*\DNRULHVHWKRJ\HJ\LGEHQQHPHJ\KDQHPW|EEVWUHVV]RULVIHQ\HJHWHJ\pO UHQGV]HUW eSSHQH]pUWQHPHOHJHQG HJ\VWUHVV]RUHJ\YiODV]NDSFVRODWRWGHILQLiOQLKDQHPPHJNHOO YL]VJiOQL D] HJ\HV VWUHVV]RURN KRJ\DQ EHIRO\iVROMiN HJ\PiV KDWiViW +DWKDWQDNV]LQHUJLVWD PyGRQD]D]HJ\PiVWIHOHUVtWYHGHOHKHWQHNDQWDJRQLVWiNLV.pWWR[LNXVDQ\DJKDWiViWPpJ NtVpUOHWHVHQLVOHKHWYL]VJiOQL3RO\KRVHWDONpWELRFLGDSHUPHWULQpVDGLHWLOWROXDPLG '((7 KDODNUD J\DNRUROW KDWiViW YL]VJiOWD $ SHUPHWKULQ HJ\LNH D %DODWRQ WpUVpJpEHQ DONDOPD]RWW V]~Q\RJLUWy V]HUHNQHN $ '((7 DPHO\ D 0DJ\DURUV]iJRQ IRUJDOPD]RWW UHSHOOHQVHN KDWyDQ\DJD D OHJ~MDEE YL]VJiODWRN V]HULQW D] gE|OV]LQGUyPiQDN QHYH]HWW WQHWHJ\WWHVIHOWpWHOH]HWWRNR]yMDYROWD]gE|OKiERU~LGHMpQDNDWRQiNQiOpV]OHOWWQHWHN
$ NpW V]HU KDODNQiO HJ\WWHVHQ DONDOPD]YD LJHQ V~O\RV LGHJ pV L]RPUHQGV]HUL NiURVRGiVW RNR]
9pJSRQWRNNLMHO|OpVH
%iU HJ\ VWUHVV]RU YDOyV |NRV]LV]WpPiNEDQ YDOyV N|UQ\H]HWEHQ V]iPWDODQ pO V]HUYH]HWUH KDWiVWIHMWNLH]HNHWQHYH]]NUHFHSWRURNQDNWHUPpV]HWHVHQQLQFVOHKHWVpJQNDUUDKRJ\
YDODPHQQ\LNHWYL]VJiOMXNeSSHQH]pUWV]NVpJYDQ~QYpJSRQWRNNLMHO|OpVpUH
$]|NROyJLDLNRFNi]DWEHFVOpVYpJSRQWMD D QHPKXPiQELyWD RO\DQpUWpNHVQHN WDUWRWW HOHPH DPHO\HW YpOHPpQ\QN V]HULQW D NRFNi]DW pULQW $] pUWpN NLIHMH]HWWHQ DQWURSRFHQWULNXV IRJDORP D] DGRWW HOHPQHN RO\DQ HOUHOiWKDWy KDV]QD DPHO\HW D WiUVDGDORP UHDOL]iO pV IHOLVPHUeSSHQ H]pUW HJ\UpV]W PLYHO D] |NROyJLDL NRFNi]DWEHFVOpV DODSYHWHQ D N|UQ\H]HWL G|QWpVKR]yN V]iPiUD NpV]O PiVUpV]W SHGLJ D NRFNi]DWEHFVOpV VRUiQ DONDOPD]DQGy WHV]WHN NLGROJR]iVDpVHOYpJ]pVHPHJOHKHWVHQUiIRUGtWiVLJpQ\HVDJ\DNRUODWEDQQLQFVOHKHWVpJD]
pO UHQGV]HUHN RO\DQ HOHPHLW N|]YHWOHQO LV ILJ\HOHPEH YHQQL DPHO\HN D WiUVDGDORP V]HPSRQWMiEyOQHPEtUQDNIRQWRVViJJDOWHKiWKDHJ\WR[LNXVKDWiVYt]LV]HUYH]HWHNUHKDWD YpJSRQWQHPPRQGMXNDSODQNWRQLNXV NLVUiNRNDVV]RFLiFLyMDOHV]KDQHPD]NHWIRJ\DV]Wy KDODN DPHO\HN VpUOKHWQHN N|]YHWOHQO D WR[LNXV KDWiV UpYpQ GH N|]YHWHWWHQ D WiSOiOpNV]HUYH]HWHNPHJIRJ\DWNR]iVDPLDWW
$YpJSRQWRNNLMHO|OpVpQpOKiURPV]HPSRQWQDNNHOOpUYpQ\HVOQL
gNROyJLDLODJUHOHYiQVQDNNHOOOHQQLHDUHQGV]HUIRQWRVMHOOHP]LWNHOOWNU|]QLH
eU]pNHQ\QHN IRJpNRQ\QDN NHOO OHQQLH LVPHUW YDJ\ IHOWpWHOH]HWW VWUHVV]RURNUD $ NRFNi]DWEHFVOpV HOV Ii]LViEDQ DPLNRU D VWUHVV]RURN PpJ QHP YDJ\ FVDN UpV]EHQ LVPHUWHND]LO\HQYpJSRQWRNNLYiODV]WiVDQHKp]VpJHWRNR]KDW
$ NRFNi]DWNH]HOpV FpOMiW LV WNU|]QLH NHOO (] LVPpW D] pUWpN IRJDOPiYDO YDQ
|VV]HIJJpVEHQOHJ\HQRO\DQDWiUVDGDORPiOWDOpUWpNHVQHNWDUWRWWHOHPDPHO\PHJpULD EHDYDWNR]iVW
$ NLYiODV]WiVW N|YHWHQ D YpJSRQW PHJKDWiUR]iViQDN DODSYHWHQ NpW HOHPH YDQ (OV]|U LV PHJNHOOKDWiUR]QLD]WD]|NROyJLDLHQWLWiVWDPHO\YHV]pO\EHQYDQ(]MHOHQWNH]KHWDELROyJLDL RUJDQL]iFLy W|EE V]LQWMpQ OHKHW HJ\ IDM SO SLV]WUiQJ W|EE KDVRQOy IXQNFLyW EHW|OW IDM
$NRFNi]DWEHFVOpVYpJSRQWMDD]REMHNWXPRWWHNLQWYHQDJ\YDOyV]tQ&VpJJHOPHJIRJHJ\H]QL D NRFNi]DWNH]HOpV FpOMiYDO LV (] XWyEEL XJ\DQDNNRU PiU PDJiEDQ IRJODOMD D V]NVpJHV WHQQLYDOyNDW LOO D] REMHNWXP NtYiQW iOODSRWiUD LV XWDO D]D] SO YpGHQL D] LOOHW IDMW YDJ\
IDMFVRSRUWRW PHJyYQL YDJ\ UHKDELOLWiOQL D] pOKHO\HW VWE PtJ PDJD D YpJSRQW LO\HQ
FVRSRUWMD SO UDJDGR]y KDODNHJ\N|]|VVpJSOEHQWLNXV JHULQFWHOHQHN HJ\ |NRV]LV]WpPD SO HJ\ Wy YDJ\ YDODPLO\HQ pUWpNHV pOKHO\ SO HJ\ OiSUpW PDJiQDN D] HQWLWiVQDN D GHILQLiOiViQNtYOXJ\DQDNNRUPHJNHOOKDWiUR]QLD]WDMHOOHP]MpWDWWULEXWXPiWDPHO\HWD NRFNi]DWpULQW(]HQPHJIRQWROiVEyOYL]VJiOKDWMXNDPRUWDOLWiVQ|YHNHGpVIHMOGpVYDODPLQW V]DSRURGiVPHJYiOWR]iViW=HHPDQpV*LOIRUG
7|EEVWUHVV]RUHVHWpEHQLVNLMHO|OKHW HJ\RO\DQYpJSRQWDPHO\PHJIHOHOHQUHDJiOD]HJ\HV VWUHVV]RURNUD ,O\HQNRU DUUD NHOO J\HOQL KRJ\ D YpJSRQWRW pUW KDWiVRN XJ\DQDEEDQ D]
HJ\VpJEHQ OHJ\HQHN NLIHMH]KHWN SO DGRWW NRURV]WiO\~ KDODN HJ\HGV]iPiQDN FV|NNHQpVH WR[LFLWiV KDOiV]DW YDJ\ D] pOKHO\ PHJV]&QpVH N|YHWNH]WpEHQ %DUQWKRXVH HW DO
$PLNRUHJ\V]iUD]I|OGLYDJ\Yt]L|NRV]LV]WpPiUDYDJ\pOKHO\UHW|EEVWUHVV]RUKDWiViYDONHOO V]iPROQLQDJ\YDOyV]tQ&VpJJHOW|EERO\DQYpJSRQWRWNHOONLMHO|OQLDPHO\HNDV]yEDQIRUJy UHQGV]HUW pV D EHQQH ]DMOy |NROyJLDL IRO\DPDWRNDW PHJIHOHOHQ NpSYLVHOLN 7|EE YpJSRQW NLMHO|OpVHD]pUWLVFpOUDYH]HWOHKHWPHUWHONpS]HOKHW RO\DQKDWiVDPHO\D]HJ\LNYpJSRQWRW N|]YHWOHQODW|EELWYLV]RQWN|]YHWYHD]DGRWWYpJSRQWPHJYiOWR]WDWiViYDOEHIRO\iVROMD
$ NRFNi]DWEHFVOpV YpJSRQWMiWyO PHJ NHOO NO|QE|]WHWQQN D WHV]W YpJSRQWMiW $ NRFNi]DWEHFVOpVYpJSRQWMDWHKiWDNLYiODV]WRWWN|UQ\H]HWLHOHPUHYRQDWNR]yNRFNi]DWOHKHW HJ\pUWpNHVKDOiV]KDWyKDOIDMiOORPiQ\iQDNFV|NNHQpVHSpOGiXOHJ\KHUELFLGN|YHWNH]WpEHQ
$ NRFNi]DW PpUWpNpQHN PHJKDWiUR]iViUD YDODPLO\HQ LQGLNiWRUW YiODV]WXQN HJ\ RO\DQ WHV]WRUJDQL]PXVW DPHO\HQ ODERUDWyULXPL N|UOPpQ\HN N|]|WW HOYpJH]KHWQN HJ\ PHJIHOHO
|NRWR[LNROyJLDLWHV]WHW(EEHQD]HVHWEHQDWHV]WYpJSRQWMDDWR[LFLWiVUDYRQDWNR]yN|QQ\HQ PpUKHWSDUDPpWHUOHV]D]/&pUWpN
6WUHVV]RUYiODV]NDSFVRODWRN
$VWUHVV]RUYiODV]NDSFVRODWRNIHOWiUiViKR]WHUPpV]HWHVHQHOHQJHGKHWHWOHQDQQDND]LVPHUHWH HJ\ DGRWW VWUHVV]RU PLO\HQ KDWiVW YiOW NL D KDWiVYLVHO UHQGV]HU UHFHSWRU DGRWW V]LQWMpQ
%L]RQ\RV RNRNR]DWL |VV]HIJJpVHN VWUHVV]RUYiODV] UHDNFLyN VSHFLILNXVDN %L]RQ\RV VWUHVV]RURN W|EEIpOH N|]YHWOHQ YiODV]W LV NLYiOWKDWQDN XJ\DQDNNRU HVHWOHJ HJ\ N|]YHWOHQ YiODV] NLYiOWiViYDO RO\DQ OiQFUHDNFLyW LQGtWDQDN HO DPHO\QHN VRUiQ D] pV]OHOW N|]YHWHWW YiODV]RNV]iPDLVPHJVRNV]RUR]yGLN)RUGtWYDLVLJD]DGRWWKDWiVWW|EEVWUHVV]RULVNLYiOWKDW DPHO\HNQDJ\RQJ\DNUDQHJ\PiVVDOV]LQHUJLVWDPyGRQKDWQDN
V]HPSRQWEyOVHPOHJHV
$ VWUHVV]RU YiODV] UHDNFLyN HOVVRUEDQ DNNRU pUWHOPH]KHWN KD YDODPHO\LN VWUHVV]RU GRPLQiQVYDJ\KDPpUWpNHHJ\pUWHOP&HQpVHONO|QtWYHLVPHJiOODStWKDWy%LUNHWWpV5DSSRUW
$] pOYLOiJEDQ KLHUDUFKLNXVDQ HJ\PiVUD pSO RUJDQL]iFLyV V]LQWHNHW NO|QtWKHWQN HO (]HNHQ D V]LQWHNHQ HJ\UH ERQ\ROXOWDEEi YiOy V]DEiO\R]y WHYpNHQ\VpJ pUYpQ\HVO $ V]HUYH]GpVLV]LQWHNHWKiURPIFVRSRUWEDVRUROMXN
HJ\HGDODWWLLQIUDLQGLYLGXiOLVDPROHNXOiULVVHMWHVV]|YHWLpVDV]HUYHNV]LQWMH HJ\HGLLQGLYLGXiOLV
HJ\HG IHOHWWL V]XSUDLQGLYLGXiOLV SRSXOiFLyN SRSXOiFLyNROOHNWtYXPRN WiUVXOiVRN pV D ELRV]IpUDV]LQWMH
$] |NROyJLDL NRFNi]DWEHFVOpV V]HPSRQWMiEyO H]HN D V]LQWHN QHP HJ\IRUPiQ IRQWRVDN $ OHJDODFVRQ\DEEV]LQWDPHO\HWYL]VJiOKDWXQND]HJ\HGEiUDN|UQ\H]HWLKDWiVRNWHUPpV]HWHVHQ MHOHQWNH]KHWQHN D] HJ\HG DODWWL V]LQWHNHQ VHMW pV V]|YHWL NiURVRGiVRNHWF 8J\DQDNNRU PpJLVD]HJ\HGD]D]HJ\VpJDPHO\N|UQ\H]HWpYHON|]YHWOHQNDSFVRODWEDQiOO$J\DNRUODWEDQ DONDOPD]RWW|NRWR[LNROyJLDLWHV]WHNLV]|PPHOD]HJ\HGHNUHDNFLyLWPLQVtWLN
$] HJ\HGHN YLV]RQW pOHWWDUWDPXN U|YLGVpJH PLDWW QHP MHOHQWLN QHP MHOHQWKHWLN D NRFNi]DWEHFVOpVYpJSRQWMiW$SRSXOiFLyNNpSYLVHOLND]WD]|NROyJLDLHJ\VpJHWDPHO\HPEHUL Qp]SRQWEyOLVKRVV]~pOHWWDUWDP~J\DNRUODWLV]HPSRQWEyOPHJYDOyVtWKDWyDYpGHOPHpVH]pUW WpQ\OHJHVHQ YpJSRQWNpQW NLMHO|OKHW $ SRSXOiFLyN XJ\DQDNNRU QHP YDODPLIpOH YiNXXPEDQ pOQHN W|EE PiV SRSXOiFLyYDO HJ\WW WiUVXOiVRNDW ELRF|Qy]LVRNDW DONRWQDN DPHO\EHQ D]
HJ\WWpO SRSXOiFLyNHJ\PiVVDOERQ\ROXOWNDSFVRODWEDQiOOQDNWiSOiONR]iVL pVNRPSHWtFLyV LQWHUDNFLyN UpYpQ 9pJO D WiUVXOiV QHP YRQDWNR]WDWKDWy HO pOKHO\pWO DWWyO D IL]LNDL N|UQ\H]HWWODPHO\EHQpO$]|NRV]LV]WpPDV]LQW& NRFNi]DWEHFVOpVVRUiQQHPFVDND]RNDWD VWUHVV]RURNDWWXGMXNILJ\HOHPEHYHQQLDPHO\HND]pOOpQ\HNHWN|]YHWOHQONiURVtWMiNKDQHP D]RNDW LV DPHO\HN N|]YHWYH D] pOKHO\ YDODPLO\HQ IL]LNDLNpPLDL SDUDPpWHUpQHN PHJYiOWR]WDWiVDUpYpQKDWQDN(UUHD]HJ\LNOHJHJ\V]HU&EESpOGDDWDODMS+YiOWR]iVDVDYDV OHUDNyGiVN|YHWNH]PpQ\HNpSSHQ
$]|NROyJLDLNRFNi]DWEHFVOpVHJ\LNOpQ\HJHWHKiWKRJ\DKXPiQNRFNi]DWEHFVOpVWOHOWpUHQ HJ\ DGRWW VWUHVV]RU KDWiViW QHP HJ\ KDQHP W|EE IDMUD NHOO YL]VJiOQLD =HHPDQ pV *LOIRUG
$VWUHVV]RUYiODV]NDSFVRODWRNIHOWiUiVDQHPNRUOiWR]yGLNDNLYiOWRWWKDWiVOHtUiViUDKDQHPD PHQQ\LVpJLPHJKDWiUR]iVLVIRQWRVHOHPH(]DODWWD]WpUWMNKRJ\OHKHWVpJV]HULQWPHJNHOO
WXGQXQN KDWiUR]QL D VWUHVV]RU NO|QE|] V]LQWMHL pV D NLYiOWRWW KDWiV PpUWpNH N|]|WWL NDSFVRODWRW
$OHJHJ\V]HU&EEHVHWEHQDPpUWKDWiVHJ\SRQWV]HU& pUWpNNpQWMHOHQWNH]LNSO/&DPLQHN D] D] HOQ\H KRJ\ N|]YHWOHQO |VV]HYHWKHW PiV VWUHVV]RURN iOWDO NLYiOWRWW KDWiVRNNDO (OIRUGXOKDW KRJ\ V]NVpJ YDQ VWUHVV]RUYiODV] J|UEpN PHJUDM]ROiViUD H]HNEO HJ\UpV]W EL]RQ\RV NV]|EpUWpNHN KDWiUR]KDWyN PHJ LOO WUHQGHNUH OHKHW N|YHWNH]WHWQL $VWUHVV]RU YiODV] J|UEpN PHJUDM]ROiVD D J|UEH LOOHV]WpVH D NDSRWW PpUpVL DGDWRNUD YLV]RQ\ODJ HJ\V]HU&HQNLYLWHOH]KHW ODERUDWyULXPLDGDWRNHVHWpEHQGHYDGRQpO SRSXOiFLyNQiOYpJ]HWW YL]VJiODWRN VRUiQ HOIRUGXOKDW KRJ\ QLQFV HOHJHQG V]iP~ DGDWXQN (EEHQ D] HVHWEHQ NO|Q|VHQyYDWRVDQNHOOHOMiUQLKDDWpQ\OHJHVPpUpVLWDUWRPiQ\RQNtYODNDUMXND]DGDWRNDW H[WUDSROiOQL6WUHVV]RUYiODV]J|UEpNELROyJLDLVWUHVV]RURNHVHWpEHQQHPpUWHOPH]KHWN$
iEUDNO|QE|]KLSRWHWLNXVVWUHVV]RUYiODV]J|UEpNHWPXWDWEH%DNHU
iEUD+LSRWHWLNXV VWUHVV]RUYiODV] J|UEpN LGEHOL OHIXWiVD $ IXQNFLy LQGLNiWRUD OHKHW SO ELRGLYHU]LWiV YDODPLO\HQ Yt]PLQVpJL SDUDPpWHU WHUOHWHWF $] D iEUiQ DVWUHVV]RU IHQQiOOiVD HVHWpQ D IXQNFLyEDQ URKDPRV FV|NNHQpV N|YHWNH]LN EH $ E pV F iEUiN RO\DQ NDSFVRODWRW PXWDWQDN EH DKRO YDODPLO\HQ SXIIHUKDWiV LOO D UHQGV]HU UH]LOLHQFLiMD PLDWW NH]GHWEHQ QLQFV IXQNFLyFV|NNHQpV YDJ\ SHGLJ FVDN HOKDQ\DJROKDWyPpUWpN&
$]H[SR]tFLyEHFVOpVH
$] H[SR]tFLy D VWUHVV]RU pV D UHFHSWRU HJ\WWHV HOIRUGXOiVD YDJ\ NRQWDNWXVD $] HJ\WWHV HOIRUGXOiV HOVVRUEDQ ELROyJLDL LOO IL]LNDL VWUHVV]RURN HVHWpEHQ EtU MHOHQWVpJJHO +D HJ\
H[yWDIDMUyOLVPHUWKRJ\MyNRPSHWtFLyVNpSHVVpJJHOUHQGHONH]LNYDODPLQWWXGMXND]WLVKRJ\
N|UQ\H]HWL LJpQ\HL DODSMiQ PHO\LN EHQQV]O|WW IDMW V]RUtWKDWMD NL D] pOKHO\pUO D NpW IDM HJ\WWHVHOIRUGXOiVDHVHWpQPiUH[SR]tFLyUyOEHV]pOKHWQNQLQFVV]NVpJN|]|WWNWpQ\OHJHV IL]LNDLpULQWNH]pVUH
$OHJW|EEVWUHVV]RUHOVVRUEDQDYHJ\LDQ\DJRNHVHWpEHQWpQ\OHJHVNRQWDNWXVYDQDVWUHVV]RU pV D UHFHSWRU N|]|WW $ NRQWDNWXV OHKHW NOV LOO EHOV (J\LN ROGDOUyO PHJKDWiUR]]D D VWUHVV]RUQDN D N|]HJEHQ KR]]iIpUKHW PHQQ\LVpJH D PiVLN ROGDOUyO SHGLJ D UHFHSWRU YLVHONHGpVHËJ\SpOGiXOD]pOOpQ\HNHONHUOKHWLND]RNDWDWHUOHWHNHWWiSOiOpNRWYDJ\YL]HW DPHO\HNV]HQQ\H]HWWHN
$] H[SR]tFLyW EHIRO\iVROKDWMiN DELRWLNXV pV ELRWLNXV WpQ\H]N ËJ\ SpOGiXO YL]HNEHQ V]HQQ\H]HWW OHGpN IHOHWW HOIRUGXOKDWQDN DQR[LNXV ]yQiN DELRWLNXV SDUDPpWHU DPLW HONHUOQHND]OHGpNEOWiSOiONR]yKDODN,O\HQ PyGRQNRQWDNWXVXNDV]HQQ\H]HWWOHGpNNHO FV|NNHQ8J\DQDNNRUKDHJ\PHJIHOHOQHPV]HQQ\H]HWWKiERUtWDWODQpOKHO\pUWNRPSHWtFLy IRO\LN ELRWLNXV LQWHUDNFLy D YHV]WHV NLV]RUXOKDW D ERO\JDWRWW V]HQQ\H]HWW WHUOHWUH tJ\
NRQWDNWXVEDNHUOKHWDV]HQQ\H]DQ\DJJDO
$NRFNi]DWMHOOHP]pVH
$NRFNi]DWMHOOHP]pVHNRUD]HO]OpSpVHNVRUiQIHOV]tQUHNHUOWDGDWRNDWpV|VV]HIJJpVHNHW V]LQWHWL]iOMXNDEEyODFpOEyOKRJ\DNRFNi]DWRWPHJIHOHOHJ]DNWViJJDOPHJKDWiUR]KDVVXN 8J\DQFVDN HEEHQ D Ii]LVEDQ NHUO VRU D EL]RQ\WDODQViJL WpQ\H]N pUWpNHOpVpUH D EL]RQ\WDODQViJPHJDGiViUD