3DLV'H]VpOHWP&YpUO
0$*<$51<(/9
3DLV'H]VpOHWP&YpUO
$ KDUPLQF pYYHO H]HOWW HOKXQ\W V PDMGQHP PDWX]ViOHPL NRUW Q\ROFYDQKpW pYHW PHJpOWDNDGpPLNXVQ\HOYWXGyV3 D L V ' H ] VDEXGDSHVWLHJ\HWHPQpKDLPDJ\DUQ\HO YpV]SURIHVV]RUD²DNLWV]HPpO\LVpJpQHNNO|Q|VYDUi]VDPLDWW%yND/iV]OyKDSD[OHJR PHQRQQDNQHYH]HWW²DPDJ\DUViJQ\HOYpQHNVDQ\HOYHQNHUHV]WOP~OWMiQDNP&YHOWVp JpQHNIiUDGKDWDWODQpVNLHPHONHGNXWDWyMDYROW$OH[LNRQRNV]yFLNNHLV]HULQWLURGDORP W|UWpQpV]QHNLQGXOWPDMGKHO\pVV]HPpO\QHYHNNXWDWiViYDOQ\HOYW|UWpQHWWHOQ\HOY HPOpNPDJ\DUi]DWWDOpVP&YHOGpVW|UWpQHWWHOIRJODONR]RWW$NLNLVPHUWpNWYDJ\LVPH ULNP&YHLWWXGMiNHQQpO MyYDO W|EEHW WHWW 5i YDOy U|YLG PHJHPOpNH]pVQN pSSHQ H]pUWV]NVpJV]HU&HQYi]ODWRVOHKHWFVXSiQ
3DLV'H]V=DODHJHUV]HJHQV]OHWHWWEDQeUHWWVpJLYL]VJiWLVRWWWHWW,QQHQ NHUOWDNLHPHONHGWXGyVRNDWQHYHO(|WY|V&ROOHJLXPEDLOOHWOHJDEXGDSHVWLE|OFVpV]
NDUUDDKROPDJ\DU²ODWLQ²J|U|JV]DNRQV]HU]HWWGLSORPiW,VNRODLWDQiULWHYpNHQ\VpJpW EHQDVRSURQLOtFHXPEDQNH]GWHPHJWODSHVWLHJ\HWHPWDQiUDWyOHJ\
NRULDOPDPDWHUpQHND](|WY|V&ROOHJLXPQDNDWDQiUDWOLJSHGLJDIYiURVL HJ\HWHPWDQV]pNYH]HWSURIHVV]RUD.RVVXWKGtMDVWOD]$NDGpPLDOHYHOH]
WOUHQGHVWDJMD
3DLV'H]V|U|NVpJHNHWWV|U|NVpJ%HOHWDUWR]LNHJ\UpV]WPLQGD]DWXGRPiQ\RV HUHGPpQ\DPLWDPDJ\DUQ\HOYW|UWpQHWpQHNVDPDJ\DUViJP&YHOGpVW|UWpQHWpQHNDYL]V JiODWiEDQHOpUW0HJEHFVOpVUHpVHOLVPHUpVUHHJ\DUiQWPpOWyPiVUpV]WWXGyVLpVHPEHUL SpOGDDGiVDDPHO\N|]YHWOHQpVN|]YHWHWW WDQtWYiQ\RN KRVV]~ VRUiUD YROW pV YDQ PD LV PDUDGDQGyKDWiVVDO
3DLV'H]Vt]LJYpULJQ\HOYW|UWpQpV]YROW5iLVDKRJ\SiO\DWiUVDLW|EEVpJpUHD]
YROWMHOOHP]KRJ\DQ\HOYW|UWpQHWWHODPDJ\DUViJP~OWMDP&YHOWVpJHIHOWiUiViQDNV]iQ GpNiYDOpVEX]JDOPiYDOLVIRJODONR]RWW7XGWDKRJ\DQ\HOYQHPFVDNNRPPXQLNiFLyV HV]N|]7XGWDKRJ\P&YHOWVpJKRUGR]ypVN|]YHWtWMHOOHJHV]HUHSHLVIRQWRVVH]D IXQN FLyMDFVXSiQQ\HOYpV]HWLNXWDWiVVDOKR]KDWyIHOV]tQUH$Q\HOYpV]HWLV]HPSRQW~W~OQ\R PyUpV]WDV]yNLQFVpVDWXODMGRQQHYHNW|UWpQHWLHOHP]pVpQDODSXOyVW|UWpQHWLNXWDWiVRN
3DLV'H]VWM~QLXVpQSRV]WXPXV]0DJ\DUgU|NVpJGtMMDOWQWHWWpNNL$]LWWN|
]|OWODXGiFLyDGtMRGDtWpOpVpUOG|QWEL]RWWViJQDNDWDJMDLHOWWKDQJ]RWWHO²$V]HUN
)RUUiVRN%È5&=,*e=$3DLV'H]V,Q%È5&=,*e=$pV%(1./25È1'V]HUN(POpN N|Q\Y 3DLV 'H]VKHWYHQHGLN V]OHWpVQDSMiUD %S ² 3DLV 'H]VE~FV~]WDWiVD 01\²%(1./25È1' 3DLV'H]VE~FV~]WDWiVD0DJ\DU1\HOY²
$ ÄEXGDSHVWL LVNROD´ D PDJ\DU Q\HOYWXGRPiQ\ W|UWpQHWpEHQ ,Q.,66-(1pV 6=%76/È6=/Ï
V]HUN )HMH]HWHN D PDJ\DU Q\HOYWXGRPiQ\ W|UWpQHWpEO %S ² 3DLV 'H]V $ P~OW PDJ\DU WXGyVDL %S .8%Ë1<,/È6=/Ï 3DLV 'H]V E~FV~]WDWiVD 01\
²3DLV'H]VWXGRPiQ\RVHPOpNOpV=DODHJHUV]HJHQ01\7.V]%S
.LVV-HQ
NDOVRNDWWHWWSiO\DWiUVDLYDODKHO\HVQHP]HWWXGDWIRUPiOiVipUWDPiUDNNRULVHUVHQWHUMH GWXGRPiQ\WDODQQp]HWHNpVKDPLVQHP]HWLiEUiQGRNHOOHQpEHQ'HVRNDWWHWWHND]RN QDNDNtVpUOHWHNQHND]HOOHQV~O\R]iViUDLVDPHO\HN7ULDQRQXWiQDPDJ\DUViJpVDPDJ\DU Q\HOY.iUSiWPHGHQFHLP~OWEpOLV]HUHSpQHNFV|NNHQWpVpWYDJ\pSSHQWDJDGiViWFpOR]WiN
$PDJ\DUQ\HOYKRVV]~pVVDMiWRVW|UWpQHWHpVMHOOHJHLOOHWOHJ(XUySiEDQHOIRJODOWKHO\]HWH DQ\HOYW|UWpQHWLYL]VJiODWRNPyGV]HUWDQLNLILQRPRGiViWVDEXGDSHVWLQ\HOYW|UWpQHWLLVNROD NLDODNXOiViWVHJtWHWWHHO3DLV'H]VUpV]SUREOpPiNW|PHJpQHNI|OWiUiViYDO|WOHWJD]GDJ ViJiYDOILOROyJXVLEUDY~URNNDOW&QWNL6RNIHOpWiMpNR]yGRWWpVPLQGHQUHJ\RUVDQUHDJiOW
$]iOWDODKRVV]~pYWL]HGHNHQiWV]HUNHV]WHWW0DJ\DU1\HOYQHNLN|V]|QKHWHQYiOWDPDJ\DU Q\HOYWXGRPiQ\V]HUNHV]WpVLV]HPSRQWEyOLVPLQWDDGyN|]SRQWLRUJiQXPiYi6]LQQ\HL -y]VHIQHPYpOHWOHQOQHYH]WHWHJ\LNGHGLNiFLyMiEDQÄDV]HUNHV]WpVYLOiJEDMQRNi´QDN 3DLV'H]VyULiVLWHUMHGHOP&PXQNiVViJiEDQ~M|VYpQ\HNHWLVYiJRWWVH]HNQHN W|EEVpJHRO\DQDPHO\DPDJ\DUQ\HOYN|]|VVpJHOP~OWpOHWHSRQWRVDEEPHJLVPHUpVpKH]
YH]HWHOEHQQQNHWUHQGV]HUH]WHHOVNpQWDPDJ\DUW|UWpQHWLV]HPpO\QpYNXWDWiVHOPp OHWpW ~J\ KRJ\ PHJWHUHPWHWWH D N|]pSNRUL V]HPpO\QpYDGiV MHOHQWpVWDQiW HJ\V]HU VPLQGPHJKDWiUR]WDWiUVDGDOPLNDSFVRODWDLWLV LQGtWRWWDHODPDJ\DULURGDOPLQ\HOY W|UWpQHWpQHNDQHP]HWWpYiOiVV]HPSRQWMiEyOLVRO\IRQWRVKLVWyULiQDNDNXWDWiViW5pJL Q\HOYHPOpNHLQNW]HWHVVRNROGDO~ PDJ\DUi]DWiYDO D WiUVWXGRPiQ\RN P&YHOL V]iPiUD LVJ\DNUDQNRQ]XOWiOWIRUUiVRNDWpVHOHP]pVHNHWDGRWW$QRQ\PXVQ\HOYLDQ\DJiWW|EE UHQGEHOLDODSRVYL]VJiODWQDNYHWHWWHDOi1HNLN|V]|QKHWMND1pYWHOHQODWLQV]|YHJpQHN SRQWRVIRUGtWiViWpVV]DNV]HU&Q\HOYLWiUJ\LPDJ\DUi]DWDLW-DNXERYLFK(PLOOHON|]|VHQ NLDGRWW ÏPDJ\DU ROYDVyN|Q\YH KRVV]~ pYWL]HGHN yWD IRQWRV N|Q\YH D] yPDJ\DU NRU NXWDWyLQDN+HO\QpYPDJ\DUi]DWDLDWHOHSOpVpVKHO\W|UWpQHWV]yHWLPROyJLiLQDNKRVV]~
VRUDDP&YHOGpVW|UWpQHWV]iPiUDMiUQDNUHQJHWHJWDQXOViJJDO$]VPDJ\DUNRUKLWYLOi JiUyOHOHLQNVYDOOiViUyO3DLVYRQDWNR]yNXWDWiVDLyWDV]iPRWWHYHQW|EEHWWXGXQNPLQW DPHQQ\LWNRUiEEDQWXGKDWWXQN$WHOMHVV]yFVDOiGRNYL]VJiODWiYDO~MP&IDMWWHUHPWHWW (J\HJ\NO|Q|VHQJD]GDJV]yFVDOiGQDNVRNLUiQ\EDQV]pWIXWyV]iODLWN|YHWYHWHUHPWHWW UHQGHWDURSSDQWERQ\ROXOW|VV]HIJJpVHNEHQI|OPXWDWYDQ\HOYpVWiUVDGDORPV]yNpV]
OHWpVNXOW~UDPLQGHQNRUV]RURVNDSFVRODWiW(YRQDWNR]iVEDQKDQJV~O\R]DQGySR]LWt YXPDPXQNiVViJiQDNKRJ\HJ\UpV]WRO\DQP&YHOGpVW|UWpQHWLNpUGpVHNPHJYiODV]ROiVi KR] LV KR]]iVHJtWHWW EHQQQNHW DPHO\HNHW PiV WXGRPiQ\RN ROGDOiUyO QHP YDJ\ DOLJ OHKHWQHPHJN|]HOtWHQLPiVUpV]WSHGLJHUHGPpQ\HLYHON|YHWNH]WHWpVHLYHOWRYiEELWXGR PiQ\N|]L NXWDWiVRNKR] Q\~MW NLLQGXOySRQWRNDW YL]VJiODWL |WOHWHNHW pV OHKHWVpJHNHW 7XGRPiQ\W|UWpQHWL PXQNiVViJD LV NLHPHONHG $ WDQV]pNL XWyG %HQN /RUiQG |VV]H IRJODOypUWpNHOpVHV]HULQW3DLV'H]VÄVDMiWNRUiQDNQ\HOYWXGRPiQ\iWKD]DLYLV]RQ\ODW EDQV]iPRVNXWDWiVLUpV]WHUOHWHQWRYiEEIHMOHV]WHWWH~MLVPHUHWDQ\DJRNNDOpV~MV]HPOp OHWWHOJ\DUDStWRWWDQHPHJ\VW~GLXPEDQNH]GHPpQ\H]V]HUHSHWW|OW|WWEHQiOXQNQHP YDJ\ DOLJ P&YHOW NXWDWiVL WHUOHWHNHQ DGRWW WpQ\OHJHV HUHGPpQ\HNHW KR]y |V]W|Q]pVW RO\DQ KDWDOPDV LVPHUHWDQ\DJRW KDJ\RPiQ\R]RWW D PDJ\DU Q\HOYW|UWpQHWL NXWDWiVRN WR YiEEYLWHOpUHDPHO\MHOHQWVKiQ\DGEDQEL]RQ\XOWLGWiOOyQDN3DLV'H]VDªEXGDSHVWL Q\HOYW|UWpQHWLLVNROi©QDNPLQGHQHVHWUHQHPFVDNMHOHVHJ\pQLVpJHKDQHPNpWVpJWHOHQO WRYiEEIHMOHV]WMHpVWRYiEEpOpVpQHNKDWKDWyVVHUNHQWMHLVYROW´%(1.LP
.RGiO\pV+RUYiWK-iQRVPDJXNKR]YDOyQDNPHJKLWWEDUiWQDNWHNLQWHWWpN3DLV'H ]VW.|]HOLWDQtWYiQ\DLUDMRQJWDNpUWHVPHVWHUNEHQD]ÄHPEHULGROJRNEDQYDOyWUHO PHVpVE|OFVHOLJD]RGiVQDNDPDJ\DUQpSYLVHOWpVMHOHQGROJDLQDNQDJ\WXGyMi´WWLV]
WHOWpN .8%Ë1<, L P 3DLV WDQiU ~U WDQtWYiQ\DLED PpO\HQ EHROWRWWD D] DQ\DQ\HOY V]HUHWHWpWDQ\HOYQNpOHWpQHNPLQpODODSRVDEEPHJLVPHUpVHLUiQWLYiJ\DW1HP]HWpKH]
WDUWR]iViQDNpU]HWHpVWXGDWDHUVYROWPHJLQJDWKDWDWODQK&VpJJHOUDJDV]NRGRWWV]&NHEE pVWiJDEESiWULiMiKR]pVN|]|VVpJpKH]$V]yLJD]LpUWHOPpEHQQHYHOLVYROWWXGRPiQ\
3DLV'H]VpOHWP&YpUO V]HUHWHWUHiOGR]DWYiOODOiVUDPXQNDHUN|OFVUHHPEHUVpJUHQHYHOW7DQiULWHYpNHQ\VpJpQHN KDWiVDHPEHULPDJDWDUWiViQV]HPpO\LVpJpQHNYDUi]ViQQ\XJRGRWWWDQtWYiQ\DLYDOÄD V]HO OHPpVDOpOHNQHPHVHGpVpQHNFpONpQWyKDMWRWWWiYODWiW´.XEtQ\LLKOiWWDWWDPHJ
7XGMXNDWXGRPiQ\QHPHJ\pEPLQWLJD]ViJNHUHVpV(]QHPULWNiQKDUFRNNDOLVMiU Ä3DLVD]|WYHQHVpYHNEHQVRNV]RUQ\RPDV]WyN|UOPpQ\HNN|]|WWQDJ\N]GHOPHWYt YRWWWXGRPiQ\DpUGHNHLQHNYpGHOPpEHQ´%(1.LP7DQiUNpQWD]LJD]DW D]LJD]ViJRWNXWDWYDWDQtWRWWD]pOHWUHÄ$WXGRPiQ\LUiQWLDOi]DWEDQpVD]D]pUWYDOyUDMRQ JiVEDQDOLJKDP~OWDIHOOEiUNLLVV]HUHWHWWQ\HOYWXGRPiQ\iUDD]pOHWpWWHWWHI|O(JpV]
pOHW~WMDEL]RQ\ViJDMHOHVPRQGiVDEHQQHW|NpOHWHVHQPHJYDOyVXOyLJD]ViJiQDNª$WXGR PiQ\D]pOHWpUWYDQ²pVDPLpOHWQNOHJ\HQDWXGRPiQ\pUW©´%(1.LP 3DLV'H]VpOHWHDPDJ\DUQ\HOYpVDPDJ\DUP~OWNXWDWiViQDNV]HQWHOWpOHWYROW 0pOWyDUUDKRJ\SpOGDNpQWIHOPXWDVVXNPpOWyDUUDKRJ\ HPOpNH]HWEH LGp]]N PpOWy DUUDKRJ\WDQXOMXQNEHOOH
.,66-(1
2QWKHRHXYUHRI'H]V3DLV
'H]V3DLV²IRUPHU3URIHVVRURI+XQJDULDQ/LQJXLVWLFVDW%XGDSHVW8QLYHU VLW\ZDVDZDUGHGDSRVWKXPRXV+XQJDULDQ+HULWDJH3UL]HRQ-XQH7KHODXGDWLRQSXE OLVKHGKHUHZDVGHOLYHUHGDWWKHPHHWLQJRIWKHFRPPLWWHHWKDWDZDUGHGWKHSUL]HWRKLP7KHVKRUW SDSHUHYDOXDWHVWKHZRUNRIWKHSUL]HZLQQHU0HPEHURIWKH+XQJDULDQ$FDGHP\OHJHQGDU\IRU PHUHGLWRURI7KH+XQJDULDQ/DQJXDJHERWKLQOLQJXLVWLFVDQGLQFXOWXUDOKLVWRU\DQGUHIHUVWRWKH PRVWLPSRUWDQWOLWHUDWXUHRQKLP
-(1.,66
/H[LNDOL]iOyGiVLpVJUDPPDWLNDOL]iOyGiVLIRO\DPDWRN IUD]HROyJLDLHJ\VpJHNEHQ
, ) R J D O P L W L V ] W i ] i V
+DDFtPEHQMHO]HWWWpPiYDODNDUXQNIRJODONR]QLHOV]|ULVWLV]Wi]QXQNNHOOPLW pUWQNOH[LNDOL]iOyGiVRQJUDPPDWLNDOL]iOyGiVRQLOOHWYHIUD]HROyJLDLHJ\VpJHQ(]PiU FVDND]pUWLVV]NVpJHVPHUWDV]DNLURGDORPPLQGKiURPIRJDOPDWYLV]RQ\ODJRVDQV]pOHV pUWHOHPEHQKDV]QiOMD
$O H [ L N D O L ] i O y G i V WHUPLQXVWW|EEQ\LUHDQQDNDIRO\DPDWQDNDPHJQHYH]pVp UHKDV]QiOMiNDPHO\QHNVRUiQHJ\Q\HOYLHJ\VpJMHOHQWpVHRO\DQLUiQ\EDQIHMOGLNKRJ\
D]~MMHOHQWpVD]HUHGHWLEO²D]iWODJRVQ\HOYKDV]QiOyV]iPiUD²PiUQHPYH]HWKHW OHKDQHPFVDNPHJWDQXOKDWy(QQHNNODVV]LNXVSpOGiLOHKHWQHND]LGLRPDWLNXVIUD]HR OyJLDLHJ\VpJHNPLQWSOPHJWDQtWYNLWNHV]W\&EHGXGiOQLYDJ\QHPHV]LNRO\DQIRUUyQDNi ViW VWE $ OH[LNDOL]iOyGiV WHKiW HEEHQ D] pUWHOHPEHQ iOWDOiEDQ D MHOHQWpVYiOWR]iV EHOHpUWYH
D JUDPPDWLNDOL]iOyGiVVDO HJ\WW MiUy MHOHQWpVYiOWR]iVW LV PHJQHYH]pVpUH V]ROJiO Y|
$6+(5 5(V]HUN7KH(QF\FORSDHGLDRI/DQJXDJHDQG/LQJXLVWLFV²N|W2[
IRUG²1HZ<RUN²6HRXO²7RN\R3HUJDPRQ3UHVV(EEHQGLDNUyQV]HPSRQWEyO UHQGNtYOIRQWRVDGHPRWLYiFLyIRO\DPDWD
* U D P P D W L N D O L ] i O y G i VRQD]LURGDORPEDQW|EEQ\LUHHJ\DXWRQyPQ\HOYLHJ\
VpJQHNIJJQ\HOYWDQLNDWHJyULiYiGHJUDGiOyGiViWpUWLN(QQHNVRUiQHJ\DXWRV]HPDQ