!
( 5 ( ' ( 7 , . ° = / ( 0 £ 1 < ( .
(/7(%»UF]L*XV]W»Y*\ÍJ\SHGDJÍJLDL.DU
.LV/ÃSÃVHN$ODSÇWY»Q\D]$XWL]PXVVDO£OĈ*\HUPHNHNÃUWÃV.ÐUQ\H]HWÖNÃUW
+DP»UFVLQ»ORPDNNRUWXGRPLV"
r$XWL]PXVVSHFLILNXVWHU»SL»NLVPHUHWH DXWL]PXVHOO»W»VEDQGROJR]Í
V]DNHPEHUHNNÐUÃEHQ
67()$1,..5,6=7,1$r965+(/<,15$
NULV]WLQDVWHIDQLN#EDUF]LHOWHKXYDVDUKHO\LQRUL#JPDLOFRP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$EV]WUDNW
.ÃUGĈÇYHVIHOPÃUÃVÖQNEHQD]WYL]VJ»OWXNKRJ\D]DXWL]PXVVDOÃOĈHPEHUHNHWHOO»WÍV]DNHPEHUHNQ WHU»SL»VPÍGV]HU WDQQDO NDSFVRODWRV W»MÃNR]RWWV»JD PHQQ\LEHQ IÖJJ ÐVV]H V]DNPDL WDSDV]WDODWXNNDO NÃS]HWWVÃJÖNNHO YDODPLQW D] ĈNHW IRJODO NR]WDWÍ LQWÃ]PÃQ\V]DNPDL K»WWHUÃYHO7RY»EELFÃOXQNYROW KRJ\ IHOWÃUNÃSH]]ÖNDV]DNHPEHUHND]HJ\HV WHU»SL»VHOM»U»VRN NLY»ODV]W»VDNRUPHQQ\LUHWDUWM»NIRQWRVV]HPSRQWQDNKRJ\D]DGRWWPÍGV]HUHYLGHQFLDDODSÔYDJ\VHP
(UHGPÃQ\HLQN UÃV]EHQ »WIHGQHN D QHP]HWNÐ]L YL]VJ»ODWRN HUHGPÃQ\HLYHO D] DXWL]PXVVDO IRJODONR]Í V]DNHPEHUHN WXG»VD KL»Q\RVD]DXWL]PXVVSHFLILNXVWHU»SL»NUÍOVQHPWDUWM»NNHOOĈNÃSSHQKDQJVÔO\RVQDND]HYLGHQFLDDODSÔV»JV]HPSRQWM»WDWHU»
SLDY»ODV]W»VEDQ $QQDN HOOHQÃUH KRJ\ D] DGRWW LQWÃ]PÃQ\ V]DNPDL PÔOWMD EHIRO\»VROKDWMD D V]DNHPEHUHN IHONÃV]ÖOWVÃJÃQHN V]ÇQYRQDO»W D V]DNPDL V]XSHUYÇ]LÍ YDJ\ D WHDPPHJEHV]ÃOÃVHN O»WV]ÍODJ QLQFVHQHN HUUH KDW»VVDO 8J\DQDNNRU HJ\ÃUWHOPĖHQ ÐVV]HIÖJJÃVWPXWDWDW»MÃNR]RWWV»JÃVDNÃS]ÃVHNHQYDOÍUÃV]YÃWHO7RY»EE»D]RNDV]DNHPEHUHNDNLNKRVV]DEELGĈWWÐOWÐWWHN HODXWL]PXVHOO»W»VEDQLQN»EEUÃV]HVÇWLNHOĈQ\EHQDNRPELQ»OWPHJNÐ]HOÇWÃVHNHW
.XOFVV]DYDN7($&&+$%$)ORRUWLPHDXWL]PXVVSHFLILNXVWHU»SL»NV]DNHPEHUW»MÃNR]RWWV»JHYLGHQFLDDODSÔV»J
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+»WWÃU
1DSMDLQNEDQD]DXWL]PXVLJHQLQWHQ]ÇYHQNXWDWRWWWHUÖOHWDPLQHPPHJOHSĈDQQDNWXGD W»EDQ KRJ\ D OHJIULVVHEE DGDWRN RV HOĈIRUGXO»VL J\DNRULV»JUÍO LV EHV]»PROQDN )20%211($NXWDWÍNYLO»JV]HUWHLJ\HNH]QHNIHOW»UQLD]DXWL]PXVNLDODNXO»V»QDN SRQWRV RN»W ÃV WHUPÃV]HWÃW KRJ\ PLQÃO KDWÃNRQ\DEE EHDYDWNR]»VRNDW IHMOHV]WKHVVHQHN
"
NL6]»PRVEL]RQ\ÇWÃNV]ÍODPHOOHWWKRJ\D]DXWL]PXVELROÍJLDLDODSSDOUHQGHONH]ĈLGHJ UHQGV]HULIHMOĈGÃVL]DYDUPHO\QHNNLDODNXO»V»EDQQDJ\V]HUHSH YDQ EL]RQ\RVJHQHWLNDL HOWÃUÃVHNQHNÃVHOĈIRUGXOKDWKRJ\QÃPHO\HVHWEHQNÐUQ\H]HWLRNRNLVEHIRO\»VROKDWM»N PHJMHOHQÃVÃW<$7(6r/(&287(85
$] DXWL]PXV VSHNWUXP ]DYDU LJHQ W»J VN»O»Q VSHNWUXPRQ PR]JÍ SHUYD]ÇY IHMOĈGÃVL ]DYDU.OLQLNDLNÃSHVRNV]ÇQĖHJ\VÃJHVD]RQEDQDEEDQKRJ\DNRPPXQLN»FLÍPLQĈVÃJL N»URVRG»VDDUHFLSURNV]RFL»OLVLQWHUDNFLÍNN»URVRG»VDYDODPLQWDUXJDOPDVYLVHONHGÃV V]HUYH]ÃV]DYDUD MHOOHP]L67()$1,.ÃVPWVDL $ KHWHURJÃQYLVHONHGÃVHVNÃS PLDWW QHPYDOÍV]ÇQĖKRJ\HJ\EL]RQ\RVLQWHUYHQFLÍVPÍGV]HUKDWÃNRQ\PLQGHQÃULQWHWWV]»
P»UD48,//
6]LQWHPLQGHQHPEHUNÐ]YHWYHYDJ\NÐ]YHWOHQÖOÃULQWHWWD]DXWL]PXVVSHNWUXP]DYDU WÃP»MDNDSFV»QHJ\UHWÐEEHQV]HPEHVÖOÖQNDNÃUGÃVVHOKROÃVPLO\HQPÍGRQDOHJKD WÃNRQ\DEED]DXWL]PXVVSHNWUXP]DYDUUDOÃOĈV]HPÃO\HNHOO»W»VD$]RNWDW»VÃVDWHU»SLD DXWL]PXV HVHWÃQ QHP Y»OLN V]ÃW ÃOHVHQ KLV]HQ D WHU»SL»V HOYHNUH HOHPHNUH D] RNWDW»V VRU»QLVQDJ\KDQJVÔO\WNHOOIHNWHWQL/1<,1£
7HUPÃV]HWHVWHK»WKRJ\QDJ\DQ\RP»VDNXWDWÍNRQÃVDJ\DNRUODWLV]DNHPEHUHNHQ KRJ\DOHKHWĈOHJMREEPÍGV]HUHNHWIHMOHVV]ÃNNLÃVKDV]Q»OM»ND]DXWL]PXVVDOÃOĈHPEH UHNW»PRJDW»V»UD$MÍNH]GHPÃQ\H]ÃVHNWXGRP»Q\RVDQLJD]ROWEHDYDWNR]»VRNPHOOHWW D]RQEDQ V]»PRV RO\DQWHU»SLDLVMHOHQ YDQPHO\HNHW QDJ\ÇJÃUHWHNNHOGH WXGRP»Q\RV EL]RQ\ÇWÃNKL»Q\»EDQSUÍE»OQDNPHJPLQÃOV]ÃOHVHEENÐUEHQQÃSV]HUĖVÇWHQL$IHQWLHN EĈOLVO»WV]LNKRJ\DIULVVLQIRUP»FLÍNDW»MÃNR]RWWV»JHOHQJHGKHWHWOHQDPHJIHOHOĈ IHM OHV]WÃVNLY»ODV]W»V»KR]ÃVEL]WRVÇW»V»KR]-HOHQOHJLLVPHUHWHLQNV]HULQWD]DXWL]PXVVSHNW UXP ]DYDU QHP J\ÍJ\ÇWKDWÍ D FVRG»ODWRV J\ÍJ\XO»VRNUÍO V]ÍOÍ WÐUWÃQHWHN QHP IHGLN D YDOÍV»JRW YDOÍV]ÇQĖOHJ IÃOUHGLDJQRV]WL]»OW HVHWHNUĈO OHKHW V]Í 8J\DQDNNRU HOĈIRUGXO KDWKRJ\PHJIHOHOĈEHDYDWNR]»VVDOO»WY»Q\RVIHMOĈGÃVÃUKHWĈHOÃVD]DXWL]PXVYLVHONH GÃVHVMHJ\HLKDOY»Q\ÇWKDWÍDN6$1'%(5*r635,7=
$QHP]HWNÐ]LDM»QO»VRNLU»Q\HOYHNVHJÇWKHWLNDV]DNHPEHUHNHWV]ÖOĈNHWDW»MÃNR]Í G»VEDQ E»U H]HN WÐEEVÃJH DQJRO Q\HOYHQ ÃUKHWĈ HO SÃOGDNÃQW O»VG 'I(6'+
0,1,675,(6 2)+($/7+ $1'('8&$7,211=$(7°VV]HVVÃJÃEHQHOPRQGKDWÍ KRJ\HJ\MÍDXWL]PXVVSHFLILNXVWHU»SL»VPHJNÐ]HOÇWÃVKDWÃNRQ\V»JDWXGRP»Q\RVYL]VJ»
ODWRNHUHGPÃQ\HLYHOLVDO»W»PDV]WRWWÃSÇWD]DXWL]PXVWHUPÃV]HWÃYHONDSFVRODWRVHGGLJL WXG»VE»]LVUDDWUL»V]WHUÖOHWHLUHIÍNXV]»OÃU]HOPLOHJEL]WRQV»JRVNLV]»PÇWKDWÍDXWL]PXV EDU»WNÐUQ\H]HWEHQPDJDVÍUDV]»PRWEL]WRVÇW)RQWRVKRJ\DEHDYDWNR]»VRNDWPXOWLGLV]
FLSOLQ»ULV WHDPHNEH V]HUYH]ĈGĈ PHJIHOHOĈHQ NÃS]HWW V]DNHPEHUHN YÃJH]]ÃN YDODPLQW KRJ\OHJDO»EED]LGĈHJ\UÃV]ÃEHQIĈNÃQWÔMNÃV]VÃJHNWDQÇW»VDNRUDNOLHQVV]DNHPEHU DU»Q\ OHJ\HQ (*£6=6£*¶*<, 0,1,6=7£5,80 /HJLQN»EE D] »WIRJÍ NRPSUHKHQ ]ÇYLQWHQ]ÇYNRJQLWÇYÃVYLVHONHGÃVWHU»SL»VEHDYDWNR]»VRNDKDWÃNRQ\DN+2:/,1
$ NXWDW»V D J\DNRUODWL PXQND QÃONÖOÐ]KHWHWOHQ IRUU»VD V]LO»UG HPSLULNXV NXWDW»VL HUHG PÃQ\HNUHNHOODODSR]QLDNOLQLNDLWHYÃNHQ\VÃJHW5877(5$]HYLGHQFLDDODSÔEHDYDWNR ]»VRNLU»QWLLJÃQ\HOĈV]ÐUD]RUYRVWXGRP»Q\WHUÖOHWÃQMHOHQWPHJ.ÃVĈEEP»VWXGRP»Q\WH UÖOHWHNHQLVHOWHUMHGWD]HYLGHQFLDDODSÔJ\DNRUODWÇJ\DSV]LFKROÍJLDPDMGDJ\ÍJ\SHGDJÍJLD WHUÖOHWÃQLV$]DXWL]PXVWHU»SL»M»EDQHJ\UHQÐYHNYĈLJÃQ\KRJ\DNLY»ODV]WRWWEHDYDWNR]»VL IRUPDKDWÃNRQ\V»JDWXGRP»Q\RVNXWDW»VRNNDODO»W»PDV]WRWWOHJ\HQ0(6,%29r6+($
#
$]HYLGHQFLDDODSÔJ\DNRUODWRNRO\DQEHDYDWNR]»VRNPHO\HNHWDOHJIULVVHEEOHJÔMDEE WXGRP»Q\RV NXWDW»VRN W»PDV]WDQDN DO» r V]LJRUÔ V]DNPDL V]HPSRQWRN DODSM»Q 1HP HJ\V]HUĖ IHODGDW EL]RQ\ÇWDQL HJ\HJ\ HOM»U»VUÍO KRJ\ KDWÃNRQ\ VĈW KDWÃNRQ\DEE PLQW P»V PÍGV]HUHN .RQWUROOFVRSRUWRNNDO NHOO ÐVV]HKDVRQOÇWDQXQN IRO\DPDWRV REMHNWÇY IHOPÃUÃVL HUHGPÃQ\HLQNHW D OHKHWĈ OHJWÐEE WÃQ\H]ĈW V]HP HOĈWW NHOO WDUWDQXQN DPHO\
EHIRO\»VVDO OHKHW D IHMOĈGÃVUH D NOLQLNDL NÃS MDYXO»V»UD V KD OHKHWVÃJHV dYDNp NÇVÃUOHWL KHO\]HWHNHWNHOOWHUHPWHQÖQN$]HYLGHQFLDDODSÔJ\DNRUODWD]HOÃUKHWĈOHJMREENXWDW»VRN ÃVNOLQLNDLV]DNWXG»VLQWHJU»FLÍMDDNOLHQVMHOOHP]ĈLQHNNXOWÔU»M»QDNÃUWÃNHLQHNÃVSUH IHUHQFL»M»QDNILJ\HOHPEHYÃWHOÃYHO92/.0$5*<ć5,HWDO
$ QHP]HWNÐ]L V]DNLURGDORPEDQ P»U D DV ÃYHNWĈO NH]GĈGĈHQ PHJMHOHQLN D V]DN HPEHU DXWL]PXVWXG»V»QDN D] DONDOPD]RWW EHDYDWNR]»VL WHFKQLN»NNDO NDSFVRODWRV HO NÃS]HOÃVHLQHNIHOWÃUNÃSH]ÃVH$]HJ\LNHOVĈYL]VJ»ODW:HQG\6WRQHQHYÃKH]IĖ]ĈGLNDNL D V]DNHPEHUHN WXG»V»W KDVRQOÇWRWWD ÐVV]H D] HOÃUKHWĈ WXGRP»Q\RV WÃQ\HNNHO 6721(
( YL]VJ»ODW NÃUGĈÇYH D NÃVĈEELHNEHQ V]»PRV WRY»EEL KDVRQOÍ IÍNXV]Ô NXWDW»V DODSM»XO V]ROJ»OW +(/3 HW DO +(,'*(5.(1 HW DO 6(*$// HW DO (]HN HUHGPÃQ\HLWÐVV]HJH]YHPHJ»OODSÇWKDWÍKRJ\D]DXWL]PXVVDONDSFVRODWRV»OWDO»QRVWXG»V NRPRO\KL»Q\RVV»JRNDWPXWDWDV]DNHPEHUHNNÐUÃEHQJ\DNRULDNDIÃOUHÃUWÃVHND]»OWD O»QRVWÃYKLWHNPHO\HNIĈOHJDV]RFL»OLVD]ÃU]HOPLÃVDNRJQLWÇYWXODMGRQV»JRNDWÃULQWLN
%»U HOVĈVRUEDQ QHP J\ÍJ\SHGDJÍJXVRN NÐUÃEHQ YÃJ]HWW YL]VJ»ODWRNUÍO YDQ V]Í D]RQ EDQH]HNEĈOLVIRQWRVNÐYHWNH]WHWÃVHNHWYRQKDWXQNOH
9RONPDUÃVPXQNDW»UVDLDUUDLVU»PXWDWWDNKRJ\DV]ÖOĈNÃVDV]DNHPEHUHNV]»P»UD QDJ\ QHKÃ]VÃJHW RNR]KRJ\ HJ\DGRWWJ\HUPHNQHNKRJ\DQWDO»OM»NPHJDOHJPHJIHOH OĈEEÃVOHJKDWÃNRQ\DEEPÍGV]HUW$]WWDO»OW»NKRJ\DWXG»VNÃS]HWWVÃJKL»Q\DPLDWWVRN V]DNHPEHUD]WKLV]LKRJ\HYLGHQFLDDODSÔEHDYDWNR]»VWYÃJH]PÇJH]YDOÍM»EDQQHPÇJ\
YDQ92/.0$5HWDO&DOODKDQÃVPXQNDW»UVDLNXWDW»VXNEDQDNÖOÐQEÐ]ĈPHJNÐ]H OÇWÃVHNKH] UHQGHOKHWĈ »OOÇW»VRNDW IRJDOPD]WDN PHJ DPHO\HNHW D]W»Q V]DNHPEHUHNNHO ÃUWÃNHOWHWWHN (UHGPÃQ\HLN D]W PXWDWW»N KRJ\ D V]XEMHNWÇY ÃUWÃNHOÃVHN DODSM»Q D V]DN HPEHUHNQHPSUHIHU»OM»NHJ\LNYDJ\P»VLNPHJNÐ]HOÇWÃVWMHOOHP]ĈHQD]RNNRPELQ»FLÍLW DONDOPD]]»N&$//$+$1HWDO6WDKPHUÃVNXWDWÍW»UVDLYL]VJ»ODWXNVRU»QDUUDMXWRW WDN KRJ\ D J\DNRUODWEDQ GROJR]Í V]DNHPEHUHN QLQFVHQHN WLV]W»EDQ D]]DO KRJ\ PHO\
EHDYDWNR]»VHYLGHQFLDDODSÔÃVPHO\LNQHPD]67$+0(5HWDO0LQGH]HQNXWDW»VRN LV MÍO LOOXV]WU»OM»N KRJ\ D] DXWL]PXV WHUÖOHWÃQ GROJR]Í V]DNHPEHUHN NÐUÃEHQ MHOHQWĈV DV]DNPDLNÃS]ÃVHNWRY»EENÃS]ÃVHNV]HUHSH
$KD]DLYL]VJ»ODWRNEDQPÃJQHPMHOHQWPHJD]DXWL]PXVVDOIRJODONR]ÍV]DNHPEHUHN
»WIRJÍ WXG»V»QDN IHOWÃUNÃSH]ÃVH 1HP V]ÖOHWHWW PÃJ RO\DQ WDQXOP»Q\ PHO\ FÃO]RWWDQ YL]VJ»OWD YROQD D KDWÃNRQ\ DXWL]PXVVSHFLILNXV EHDYDWNR]»V MHOOHP]ĈLYHO NDSFVRODWRV LVPHUHWHNHW6DM»WYL]VJ»ODWXQNDWDXWL]PXVVDOIRJODONR]ÍV]DNHPEHUHNNÐUÃEHQYÃJH]WÖN K»URP QHYHVÇWHWW EHDYDWNR]»V YL]VJ»ODW»YDO PHO\HNHW HJ\ NRU»EEL NXWDW»VUD .(6=, ÃV PWVDLW»PDV]NRGYDY»ODV]WRWWXQNNL
$ K»URP HOM»U»V NÐ]ÖO 0DJ\DURUV]»JRQ D OHJLQN»EE HOWHUMHGW QHYHVÇWHWW HYLGHQFLD DODSÔV]HPOÃOHWD7($&&+7UHDWPHQWDQG(GXFDWLRQRI$XWLVWLFDQGUHODWHG&RPPXQL FDWLRQKDQGLFDSSHG&KLOGUHQrDXWL]PXVVDOÃVNRPPXQLN»FLÍVIRJ\DWÃNRVV»JJDOÃOĈJ\H UHNHNNH]HOÃVH ÃVRNWDW»VDPHO\QHNFÃOMDD]ÔMNÃV]VÃJHNWDQÇW»VDPHOOHWWDNÐUQ\H]HW
$
ÃUWKHWĈEEÃ WÃWHOH HJ\ÃQUH V]DERWW YL]X»OLV NÐUQ\H]HWL W»PSRQWRN ÃV HUĈWHOMHVHQ VWUXN WXU»OWNÐUQ\H]HWVHJÇWVÃJÃYHO6$1'%(5*r635,7=$P»VLN0DJ\DURUV]»JRQLVPHJ WDO»OKDWÍQHYHVÇWHWWHYLGHQFL»NNDOPHJHUĈVÇWHWWHOM»U»VD]$%$$SSOLHG%HKDYLRU$QDO\
VLVrDONDOPD]RWWYLVHONHGÃVHOHP]ÃV$]$%$P»UDrVDMQRVrJ\ĖMWĈIRJDORPP»Y»OW(]W D]HOQHYH]ÃVWYLVHOKHWLND]DGRWWJ\HUPHNIHOQĈWWHJ\HGLV]ÖNVÃJOHWHLWNHYÃVVÃV]HPHOĈWW WDUWÍD]DXWL]PXVPÃO\HEEPHJÃUWÃVÃUHQHPW»PDV]NRGÍDKHWYHQHVÃYHNYLVHONHGÃVWH U»SL»M»WDONDOPD]ÍPHJNÐ]HOÇWÃVHNÃVDNRPSUHKHQ]ÇYLQGLYLGXDOL]»OWVRNV]ÇQĖDXWL]PXV VSHFLILNXVHV]NÐ]]HORSHU»OÍPRGHUQLU»Q\]DWRNHJ\DU»QW$0DJ\DURUV]»JRQOHJLQN»EE HOWHUMHGW$%$LU»Q\]DWRO\DQ»WIRJÍYLVHONHGÃVWHU»SL»VNHUHWDPHO\QDJ\RQLQWHQ]ÇYKHWL rÍUDÍUDV]»PRWEL]WRVÇWVDYLVHONHGÃVWHU»SL»VHV]NÐ]W»UDWWRY»EELDXWL]PXVVSHFLIL NXVPÍGV]HUHNNHONRPELQ»OMD$WHU»SLDFÃOMDD]DGDSWÇYYLVHONHGÃVNLDODNÇW»VDNÃSHVVÃ JHNIHMOHV]WÃVHDWUL»V]WHUÖOHWHLWLVV]HPHOĈWWWDUWYDYDODPLQWDSUREOÃP»VYLVHONHGÃVHN PHJHOĈ]ÃVH NRPSHQ]»O»VD $] HPOÇWHWW LU»Q\]DW »WWHNLQWÃVÃKH] O»VG 0$85,&(
.($51(<$KDUPDGLNYL]VJ»OWEHDYDWNR]»VLIRUPDD)ORRUWLPHDPHO\WXGRP»Q\RV HYLGHQFL»NNDONHYÃVEÃDO»W»PDV]WRWWGHD 0DJ\DURUV]»JRQ YLV]RQ\ODJ HOWHUMHGWHEENÐ UÖOKDW»UROKDWÍ PÍGV]HUHN NÐ]ÐWW HPOÇWKHWĈ .(6=, ÃV PWVDL DODSM»Q $ )ORRUWLPH D',5'HYHORSPHQWDO,QGLYLGXDO'LIIHUHQFH5HODWLRQVKLSEDVHGPRGHOORWWKRQLSURJ UDPM»QDN NÐ]SRQWL HOHPH IÍNXV]»EDQ D] ÃU]HOPL NÐWĈGÃV »OO PHO\ DODSMD D] LQWHUDNFL ÍNQDNÃVH]HNUHD]LQWHUDNFLÍNUDÃSÇWLDIHMOĈGÃVW$WHU»SLDFÃOMDDJ\HUPHNWHUPÃV]HWHV ÃUGHNOĈGÃVÃQHNNÐYHWÃVH6$1'%(5*r635,7=
)HOKÇYMXNDILJ\HOPHWDUUDKRJ\DWXGRP»Q\RVWÃQ\HNNHOMREEDQDO»W»PDV]WRWW7($&&+
PHJNÐ]HOÇWÃVÃVD]LQWHJU»OWVRNV]ÇQĖDXWL]PXVVSHFLILNXVV]HPOÃOHWĖ$%$LU»Q\]DWRN»W IRJÍV]HPOÃOHWÖNHWFÃOMDLNDWWHNLQWYHNHYÃVEÃY»OQDNHOHJ\P»VWÍOVRNNDOLQN»EEDWDQÇ W»VL NXUULNXOXPRN ÃV WHFKQLN»N WHUÖOHWÃQ WDO»OXQN HOWÃUÃVHNHW 7HUPÃV]HWHVHQ WRY»EEL V]»PRVMÍGHQHPQHYHVÇWHWWHOM»U»VWDO»OKDWÍPHJKD]»QNEDQLVD]RQEDQMHOHQYL]VJ»
ODWXQNEDQDNÐUÖOKDW»UROKDWÍPÍGV]HUWDQQDOUHQGHONH]ĈHOM»U»VRNUDIÍNXV]»OXQN
0ÍGV]HU
+LSRWÃ]LVHN
$]W Y»UMXN KRJ\ D] LQWÃ]PÃQ\L K»WWÃU QDJ\EDQ EHIRO\»VROMD D] DXWL]PXVWHU»SL»NUÍO YDOÍWXG»VW
$]W IHOWÃWHOH]]ÖN KRJ\ D WRY»EENÃS]ÃVHNHQ YDOÍ UÃV]YÃWHO QÐYHOL D V]DNHPEHUHN
»OWDO»QRVWXG»V»WD]DXWL]PXVVSHNWUXP]DYDUWHU»SL»M»UÍO
$] DXWL]PXV WHUÖOHWÃQ WDSDV]WDOWDEE V]DNHPEHUHN QDJ\REE YDOÍV]ÇQĖVÃJJHO VRUROM»N EHPDJXNDWNRPELQ»OWPHJNÐ]HOÇWÃVHNDO»
)HOWÃWHOH]]ÖNKRJ\DEHDYDWNR]»VRNNLY»ODV]W»VDNRUDV]DNHPEHUHNHOĈQ\EHQUÃV]H VÇWLND]HYLGHQFLDDODSÔPÍGV]HUHNHW
% 5ÃV]WYHYĈN
$YL]VJ»ODWEDQIĈDXWL]PXVVSHNWUXP]DYDUUDOÃOĈV]HPÃOO\HOGROJR]ÍV]DNHPEHUYHWW UÃV]W$PLQW»WQĈÃVIÃUILDONRWWDDNLN»WODJRVÃOHWNRUDÃYYROWÃOHWNRUXNÃV ÃY NÐ]ÐWW V]ÍUÍGRWW $] DXWL]PXV WHUÖOHWÃQ V]HU]HWW WDSDV]WDODW »WODJD ÃY YROW H WDSDV]WDODW ÃV ÃY NÐ]ÐWW PR]JRWW $ PHJNÃUGH]HWW V]DNHPEHUHN WÐEE PLQW IHOH HGGLJL PXQN»MD VRU»Q J\HUPHNQÃO NHYHVHEEHO IRJODONR]RWW KHWL UHQGV]HUHV VÃJJHO $]RQ V]DNHPEHUHN DNLN QÃO WÐEE J\HUHNNHO IRJODONR]WDN EDQ YROWDN MHOHQDPLQW»EDQ
(OM»U»V
$YL]VJ»ODWRUV]»JRVV]LQWHQ]DMORWWÐQNLWÐOWĈVDQRQLPRQOLQHNÃUGĈÇYVHJÇWVÃJÃYHO$NÃU GĈÇY NÃUGÃVW WDUWDOPD]RWW D NÃUGÃVHNHW WHNLQWYH WÐEEVÃJÃEHQ ]»UW NÃUGÃVHNHW DONDO PD]WXQNNLYÃYHD]RNEDQD]HVHWHNEHQDKROSRQWRVÃYHNEHQPÃUWDGDWRNUDYROWV]ÖN VÃJÖQN$NÃUGĈÇYDNÐYHWNH]ĈNÃUGÃVNÐUÐNHWDONDOPD]WDV]RFLRGHPRJU»ILDLDGDWRN V]DNPDLWDSDV]WDODWÃVK»WWÃUIHOWÃUNÃSH]ÃVHLQWÃ]PÃQ\LMHOOHP]ĈNDV]DNHP EHUHN»OWDO»QRVÃVVSHFLILNXVWXG»VDD]DXWL]PXVVSHNWUXP]DYDUWHU»SL»M»UÍODV]DN HPEHUHN WHU»SL»V ÐQEHVRURO»VD YDODPLQW D WHU»SL»V HOHPHN KDV]Q»ODWD D J\DNRUODW EDQ $ NÃUGÃVHN QDJ\ V]»]DOÃNEDQ HJ\V]HUHV Y»ODV]W»VRQ DODSXOÍ NÃUGÃVHN YROWDN GH PHOOHWWÖNQÃK»Q\WÐEEV]ÐUÐVY»ODV]W»VÃV/LNHUWVN»ODLVPHJMHOHQWDKROD]DGRWW»OOÇW»VVDO YDOÍHJ\HWÃUWÃVPÃUWÃNÃWNHOOHWWNLIHMH]QLHDY»ODV]DGÍQDN$]»OOÇW»VRNDWD]HJ\HVPHJ NÐ]HOÇWÃVHN MHOOHP]ĈLW HJ\HJ\ RO\DQ PHJKDW»UR]Í NÐQ\Y DODSM»Q »OOÇWRWWXN ÐVV]H DPH O\HND]DGRWWPÍGV]HUWDQDODSYHWĈWÃ]LVHLWWHNLQWLN»W0(6,%29HWDO*5((163$1HW DO0$85,&(.($51(<
6WDWLV]WLNDLHOHP]ÃV
$]DGDWRN HOHP]ÃVÃKH]D 0LFURVRIW2IILFH ([FHOSURJUDPM»W YDODPLQWD],%06366 VWD WLV]WLNDL SURJUDPFVRPDJ YHU]LÍM»W KDV]Q»OWXN 0LYHO YL]VJ»ODWL PLQW»QN QHP UHSUH ]HQWDWÇYNLVHOHPV]»PÔÇJ\UREXV]WXVDEESUÍE»NDWYÃJH]WÖQNHOOHÇUÍVWDWLV]WLN»NDWDO NDOPD]WXQN »WODJRW V]ÍU»VW J\DNRULV»JL HORV]O»VRNDW V]»PROWXQN D NDSFVRODWRN HOHP ]ÃVÃUHNRUUHO»FLÍWÃVNKLQÃJ\]HWSUÍE»WKDV]Q»OWXQN0LQGH]HNPHOOHWWPHJMHJ\H]]ÖN KRJ\PDJ\DURUV]»JLYLV]RQ\ODWEDQDYL]VJ»ODWLFVRSRUWXQNDWDONRWÍDXWL]PXVV]DNHPEHUHN V]»PDUHODWÇYHQDJ\REEQDNPRQGKDWÍ
&
(UHGPÃQ\HN
,QWÃ]PÃQ\LMHOOHP]ĈN0DJ\DURUV]»JRQ
$ PHJNÃUGH]HWW V]DNHPEHUHN PHJÇWÃOÃVH DODSM»Q IHOWÃUNÃSH]WÖN PLO\HQ PÃUWÃNĖ LQWÃ]
PÃQ\ÖNEHQ D V]DNPDL WHDP D V]XSHUYÇ]LÍ D NXWDWÍ ÃV IHMOHV]WĈ WHYÃNHQ\VÃJ YDODPLQW DSXEOLN»FLÍNDU»Q\D$]»OOÇW»VRNNDOYDOÍHJ\HWÃUWÃVPÃUWÃNÃUHNÃUGH]WÖQNU»D]HJ\»O WDO»QQHPÃVDWHOMHVPÃUWÃNEHQLJD]LOOJ\DNRULUHQGV]HUHVVÃJJHOWHV]L
»EUD,QWÃ]PÃQ\LMHOOHP]ĈNHORV]O»VD
$KRJ\DV]»PRNEÍOLVO»WV]LN»EUDDV]DNPDLWHDPÖOÃVHNYLV]RQ\ODJ»OWDO»QRVDND]LQ WÃ]PÃQ\HNEHQ$Y»ODV]DGÍNDOHJDO»EENÐ]HSHVHQMHOOHP]ĈQHNWDO»OWDH]WD]»O OÇW»VW PXQNDKHO\ÃUH $ V]XSHUYÇ]LÍ D]RQEDQ P»U VRNNDO NHYHVHEE KHO\HQ MHOHQLN PHJ FVXS»QXNY»ODV]ROWDKRJ\MHOOHP]ĈYDJ\WHOMHVPÃUWÃNEHQMHOOHP]ĈH]D]»OOÇW»V
$NXWDWÍÃVIHMOHV]WĈWHYÃNHQ\VÃJHNKDVRQOÍDU»Q\EDQMHOHQQHNPHJPÇJDSXEOLN»FLÍN Q»OD]WY»ODV]ROWDKRJ\HJ\»OWDO»QQHPMHOOHP]ĈDSXEOLN»O»VD]LQWÃ]PÃQ\UH
$]LQWÃ]PÃQ\HNNDSFV»QD]LVNLGHUÖOWKRJ\»WODJRVDQÃYHIRJODONR]QDNDXWL]PXV VSHNWUXP]DYDUUDOÃOĈJ\HUPHNHNNHOIHOQĈWWHNNHOD]DGRWWKHO\HQ
6]DNPDLWRY»EENÃS]ÃVHNHQYDOÍUÃV]YÃWHO
9L]VJ»ODWXQNEÍOD] GHUÖOWNLKRJ\DPHJNÃUGH]HWWV]DNHPEHUHNDP»UUÃV]W YHWW YDODPLO\HQWRY»EENÃS]ÃVEHQÃVFVXS»QXNY»ODV]ROWDKRJ\PÃJQHPYHWWUÃV]W
6]DNPDLWHDP 6]XSHUYÇ]LÍ .XWDWÍÃVIHMOHV]WĈ
WHYÃNHQ\VÃJ 3XEOLN»FLÍN 7HOMHVPÃUWÃNEHQMHOOHP]Ĉ -HOOHP]Ĉ .Ð]HSHVHQMHOOHP]Ĉ .HYÃVVÃMHOOHP]Ĉ (J\»OWDO»QQHPMHOOHP]Ĉ
'
$OHJWÐEEHQrÍU»VNÃS]ÃVHQYHWWHNUÃV]WH]WNÐYHWWHDÍU»Q»OKRVV]DEE WRY»EENÃS]ÃVHQUÃV]WYHYĈFVRSRUWDU»Q\XNYROW
$WRY»EENÃS]ÃVHNKHO\HDNÐYHWNH]ĈLQWÃ]PÃQ\HNNÐ]ÐWWRV]ORWWPHJ%XGDSHVWL.R UDL )HMOHV]WĈ .Ð]SRQW $XWL]PXV $ODSÇWY»Q\ 9DGDVNHUW $ODSÇWY»Q\
(/7(%**<.V]DNLU»Q\ÔWRY»EENÃS]ÃV
$dWXG»VIRUU»VDLp
$UUD LV NÇY»QFVLDN YROWXQN KRJ\ D PDJ\DURUV]»JL V]DNHPEHUHN PLO\HQ IRUU»VRNUD W»
PDV]NRGYDKR]]»NPHJV]DNPDLGÐQWÃVHLNHWKRQQDQV]HU]LND]DXWL]PXVVSHNWUXP]D YDUUDONDSFVRODWRVLQIRUP»FLÍLNDW$V]DNLURGDOPDWPLQWIRUU»VWDY»ODV]DGÍNDPHJ MHOÐOWH (]W NÐYHWWH NDO D NROOÃJ»NWÍO PXQNDKHO\WĈO NDSRWW LQIRUP»FLÍ 7RY»EEL PDJDV DU»Q\W NÃSYLVHOWHN D IĈLVNRODLHJ\HWHPL WDQXOP»Q\RN YDODPLQW D] DXWL]
PXVVSHFLILNXVWRY»EENÃS]ÃVHN$]LQWHUQHWDY»ODV]DGÍN»Q»OMHOHQWPHJ ÃV D OHJNLVHEE V]»]DOÃNRV HUHGPÃQ\W RW D NRQIHUHQFL»UÍO V]HU]HWW WXG»V PXWDWWD D]HJ\ÃENDWHJÍUL»QNÇYÖO$]HJ\ÃEY»ODV]RNNÐ]ÐWWD]DO»EELDNDWWDO»OWXNV]DN PDLQDSRNKRVSLW»O»VÐQNÃQWHVPXQNDPÃGLDWYU»GLÍÃULQWHWWLVPHUĈVV]XSHUYL]RU V]ÖOĈFVRSRUWYDODPLQWVDM»WWDSDV]WDODW
OWDO»QRVÃVVSHFLILNXVWXG»VD]DXWL]PXVVSHNWUXP]DYDUWHU»SL»V OHKHWĈVÃJHLUĈO
$ NÃUGÃVNÐU NDSFV»Q NÖOÐQEÐ]Ĉ MHOOHP]ĈNHW IRJDOPD]WXQN PHJ D V]DNHPEHUHNQHN HJ\HWÃUWÃVÖNV]LQWMÃWNHOOHWWNLIHMH]QLHHJ\WĈOLJWHUMHGĈVN»O»QHJ\»OWDO»QQHPÃUW HJ\HWWHOMHVPÃUWÃNEHQHJ\HWÃUWDMÍDXWL]PXVVSHFLILNXVEHDYDWNR]»VYDODPLQWQH YHVÇWHWW PÍGV]HU MHOOHP]ĈLYHO 7($&&+ $%$ )ORRUWLPH NDSFVRODWEDQ D] ÃUWÃNHOHQGĈ PRQGDWRN NÐ]ÐWW r PHJIHOHOĈ DU»Q\EDQ UDQGRP HOKHO\H]ÃVVHO r IRUGÇWRWW »OOÇW»VRN LV PHJMHOHQWHN
$ W»EO»]DWRW W»EO»]DW DODSRVDQ »WWHNLQWYH O»WKDWMXN KRJ\ D KDWÃNRQ\ DXWL]PXV VSHFLILNXV WHU»SL»NNDSFV»QDOHJPDJDVDEEV]»]DOÃNRW RWDV]ÖOĈNDNWÇY EHYRQ»VD NDSWD (]W NÐYHWWH NDO D] D QÃ]HW PLV]HULQW D WDQDQ\DJRW QHP HJ\EHQ NHOO »WDGQL RWÃUWHODWHOMHVPÃUWÃNĖHJ\HWÃUWÃVDJ\HUPHNIHOQĈWWDU»Q\KH]»OOÇW»VNDSFV»Q
$] DXJPHQWDWÇY ÃV DOWHUQDWÇY NRPPXQLN»FLÍV HV]NÐ]ÐN KDV]Q»ODW»YDO D V]DNHPEHUHN DWHOMHVPÃUWÃNEHQHJ\HWÃUWHWWXNJRQGROMDÔJ\KRJ\IRQWRVDPDJDVÍUDV]»P EL]WRVÇW»VD $ OHJNHYHVHEE V]»]DOÃNRW PLQGÐVV]H RW D] D] »OOÇW»V NDSWD PHO\ ÇJ\
KDQJ]RWWd(YLGHQFLDDODSÔPHJNÐ]HOÇWÃVKDV]Q»ODWDp7RY»EE»D]WLVO»WKDWWXNKRJ\DV]DN HPEHUHNOHJLQN»EED7($&&+MHOOHP]ĈLYHOÃUWHQHNHJ\HWD]WWDUWM»NKDWÃNRQ\QDN
$]»OWDO»QRVWHU»SL»VWXG»VSRQWV]»PDLWÐVV]HDGYDPHJNDSWXNKRJ\DPHJNÃUGH]HWW V]DNHPEHUHNPLO\HQPÃUWÃNEHQYDQQDNWLV]W»EDQDMÍDXWL]PXVVSHFLILNXVWHU»SLD»OWDO»
QRV MHOOHP]ĈLYHO D] (Ö0LQ LU»Q\HOYHL DODSM»Q $ V]DNHPEHUHN MHOHQWĈV UÃV]H ÃVNÐ]ÐWWLSRQWV]»PRWÃUWHODOHKHWVÃJHVEĈO»EUD
(
7XGDWRVDQWHUYH]HWWPHJHUĈVÇWÃVDONDOPD]»VD
$SURPSWRNVHJÇWVÃJDG»VWXGDWRVKDV]Q»ODWD
ÃVDQQDNIRNR]DWRVHOKDOY»Q\ÇW»VD
%L]RQ\RVÃWHOHNNLYRQ»VDD]ÃWUHQGEĈO
9L]X»OLVVHJÃGHV]NÐ]ÐNKDV]Q»ODWD
.RPPXQLN»FLÍVNÐUÐNNLDODNÇW»VD
)DFLOLW»OWNRPPXQLN»FLÍDONDOPD]»VD
7ÃUÃVLGĈVWUXNWXU»O»VD
*\HUHNIHOQĈWWDU»Q\D]D]PLQGHQJ\HUHNUH
MXWHJ\IHOQĈWW
$XJPHQWDWÇYÃVDOWHUQDWÇYNRPPXQLN»FLÍV HV]NÐ]ÐNKDV]Q»ODW»QDNNHUÖOÃVHPLYHOD]RN J»WROM»NDEHV]ÃGNLDODNXO»V»WKDV]Q»ODW»W
+LEDQÃONÖOLWDQÇW»V
$J\HUPHNdNÐYHWÃVHp
0DJDVÍUDV]»PEL]WRVÇW»VD
WÐEEPLQWÍUDKÃW
0XOWLGLV]FLSOLQ»ULVWHDPEHQYDOÍPXQND
$WDQÇWDQGÍDQ\DJHJ\EHQWÐUWÃQĈ»WDG»VD KLV]DQDJ\RQNLVOÃSÃVHNUHERQW»VJ»WROMD D]HJÃV]»WO»W»V»W
$V]ÖOĈNDNWÇYEHYRQ»V»QDNHONHUÖOÃVH
6WUXNWXU»OWWDQÇW»VPXQNDWHYÃNHQ\VÃJ
$NÐUQ\H]HW»OODQGÍY»OWR]WDW»VD
DUXJDOPDWODQV»JPHJHOĈ]ÃVÃUH
0RGHUQNRJQLWÇYYLVHONHGÃVHVPHJNÐ]HOÇWÃVHN
KDV]Q»ODWD
$V]HQ]RURVLJÃQ\HNILJ\HOPHQNÇYÖOKDJ\»VD
(YLGHQFLDDODSÔPHJNÐ]HOÇWÃVDONDOPD]»VD
9LVHONHGÃVSUREOÃP»NPHJHOĈ]ÃVHÃVNH]HOÃVH
7HUYH]HWWÃVDGDSW»OWNRQNUÃWWXG»VWDUWDOPDN
»WDG»VD
6]RURVWHVWLNRQWDNWXVNLDODNÇW»VDPHO\»OWDO DJ\HUPHNPHJWDSDV]WDOMDDV]HUHWHWHW ÃVEL]WRQV»JEDQÃU]LPDJ»W
W»EO»]DW-HOOHP]ĈNKDWÃNRQ\V»J»YDOYDOÍHJ\HWÃUWÃVHORV]O»VD
9LO»JRVV]ÖUNH$%$VÐWÃWV]ÖUNH)ORRUWLPHIHNHWH7($&&+$OLVWDWDUWDOPD]RWWIRUGÇ WRWW»OOÇW»VRNDWLVPHO\HNQHPMHOOHP]ĈHNHJ\MÍDXWL]PXVVSHFLILNXVEHDYDWNR]»VUDH]H NHWDW»EO»]DWEDQGĈOWEHWĖYHOMHOÐOWÖN9DVWDJEHWĖWÇSXVVDOMHOÐOWÖND]DGRWW»OOÇW»VUDOHJ J\DNUDEEDQDGRWWY»ODV]W
»EUDOWDO»QRVMHOOHP]ĈNÐVV]SRQWV]»PD
0HJYL]VJ»OYDD]DXWL]PXVVSHFLILNXVWHU»SL»N»OWDO»Q IRUU»V»QDN NDSFVRODW»W QHP WDO»OWXQN V]LJQLILN»QV H
OHP]ĈNUĈOYDOÍdWXG»VpÐVV]SRQWV]»P»QDNÃVDWRY»EENÃS]ÃVHNNDSFVRODW»QDNY WDNRU D]RQEDQ D]W WDO»OWXN KRJ\ D NHWWĈ NÐ]ÐWW V]L
9 S Q 6]LJQLILN»QV NDSFVRODWRW WDO»OWXQN D] »OWDO»QR DNÐ]ÐWWKRJ\D]LQWÃ]PÃQ\K»Q\ÃYHIRJODONR]LNDXWL]PXVV
9 S Q $NKLQÃJ\]HWSUÍEDÃVNHUHV]WW»EO»NDODSM»QÔJ\WDO»OWXN KRJ\D]RQLQWÃ]PÃQ\HNGROJR]ÍLPHO\HNP»UWÐEEPLQWÃYHIRJODONR]QDN
VDOÃOĈV]HPÃO\HNNHOQDJ\REEDU»Q\EDQÃUWHNHOMÍHUHGPÃQ\WD]»OWDO»QRV G»VVDONDSFVRODWEDQPLQWD]RNDNLNQHND]LQWÃ]PÃQ
H]]HO D WHUÖOHWWHO $ OHJPDJDVDEE HUHGPÃQ\W
HPEHUHNDGROJR]LNRO\DQLQWÃ]PÃQ\EHQDPHO\P»UÃYQÃOUÃJHEEÍWD ]LNDXWL]PXVVDOÃOĈV]HPÃO\HNNHO
ÃV ÃYNÐ]ÐWWIRJODONR]QDN YHOÖN ÃVFVXS»Q NDWHJÍUL»EÍO
$]]DODY»OWR]ÍYDOKRJ\D]DGRWWV]DNHPEHUUÃV]WYHWW J\HQJH V]LJQLILN»QV NDSFVRODWRW &UDPHUnV 9
WDO»QRV MHOOHP]ĈNNHO PHJYL]VJ»OYD $ OHJPDJDVDEE
ÃUWHNNÐ]ÐWWDY»ODV]DGÍNDUÃV]WYHWWYDODPLO\HQWRY»EENÃS]ÃVEHQÃVH]D]D D] HJJ\HO DODFVRQ\DEE NDWHJÍUL»EDQ
D NÃW DOVÍ NDWHJÍUL»EDQ P»U FVDN
HUHGPÃQ\0HJYL]VJ»OYDKRJ\DWRY»EENÃS]ÃVÍUDV]»PDEHIRO\»VRO MHOOHP]ĈNUĈOYDOÍWXG»VWD]WWDO»OWXNKRJ\DOHJP
SRQW SRQW
)
»EUDOWDO»QRVMHOOHP]ĈNÐVV]SRQWV]»PD
0HJYL]VJ»OYDD]DXWL]PXVVSHFLILNXVWHU»SL»N»OWDO»QRVMHOOHP]ĈLUĈOYDOÍWXG»VÃVDWXG»V IRUU»V»QDN NDSFVRODW»W QHP WDO»OWXQN V]LJQLILN»QV HUHGPÃQ\W $] »OWDO»QRV WHU»SL»V MHO
VV]SRQWV]»P»QDNÃVDWRY»EENÃS]ÃVHNNDSFVRODW»QDNYL]VJ»OD WDNRU D]RQEDQ D]W WDO»OWXN KRJ\ D NHWWĈ NÐ]ÐWW V]LJQLILN»QV D NDSFVRODW &UDPHUnV
6]LJQLILN»QV NDSFVRODWRW WDO»OWXQN D] »OWDO»QRV MHOOHP]ĈN ÃV Q\K»Q\ÃYHIRJODONR]LNDXWL]PXVVDOÃOĈV]HPÃO\HNNHO&UDPHUnV QÃJ\]HWSUÍEDÃVNHUHV]WW»EO»NDODSM»QÔJ\WDO»OWXN GROJR]ÍLPHO\HNP»UWÐEEPLQWÃYHIRJODONR]QDNDXWL]PXV QDJ\REEDU»Q\EDQÃUWHNHOMÍHUHGPÃQ\WD]»OWDO»QRVWHU»SL»VWX G»VVDONDSFVRODWEDQPLQWD]RNDNLNQHND]LQWÃ]PÃQ\HHQQÃONHYHVHEELGHMHIRJODONR]LN H]]HO D WHUÖOHWWHO $ OHJPDJDVDEE HUHGPÃQ\W r SRQW NÐ]ÐWW HOÃUĈN NÐ]ÐWW D V]DN
NRO\DQLQWÃ]PÃQ\EHQDPHO\P»UÃYQÃOUÃJHEEÍWDIRJODONR DGROJR]LNRO\DQLQWÃ]PÃQ\EHQDKROQHPUÃJÍWD ÃV ÃYNÐ]ÐWWIRJODONR]QDN YHOÖN ÃVFVXS»Q XNNHUÖOWNLD ÃV ÃYNÐ]ÐWWL OWR]ÍYDOKRJ\D]DGRWWV]DNHPEHUUÃV]WYHWWHWRY»EENÃS]ÃVEHQYDJ\QHP J\HQJH V]LJQLILN»QV NDSFVRODWRW &UDPHUnV 9 S Q WDO»OWXQN D] »O WDO»QRV MHOOHP]ĈNNHO PHJYL]VJ»OYD $ OHJPDJDVDEE r SRQW NÐ]ÐWWL HUHGPÃQ\W HO DUÃV]WYHWWYDODPLO\HQWRY»EENÃS]ÃVEHQÃVH]D]DU»Q\
D] HJJ\HO DODFVRQ\DEE NDWHJÍUL»EDQ r SRQW NÐ]ÐWW LV LJHQ PDJDV r r PÇJ D NÃW DOVÍ NDWHJÍUL»EDQ P»U FVDN r SRQW NÐ]ÐWW ÃV r SRQW NÐ]ÐWWL JYL]VJ»OYDKRJ\DWRY»EENÃS]ÃVÍUDV]»PDEHIRO\»VROKDWMDHD]»OWDO»QRV MHOOHP]ĈNUĈOYDOÍWXG»VWD]WWDO»OWXNKRJ\DOHJPDJDVDEENDWHJÍUL»WHOÃUWV]DNHPEHUHN
SRQW SRQW SRQW
RVMHOOHP]ĈLUĈOYDOÍWXG»VÃVDWXG»V
JQLILN»QV D NDSFVRODW &UDPHUnV V MHOOHP]ĈN ÃV DOÃOĈV]HPÃO\HNNHO&UDPHUnV QÃJ\]HWSUÍEDÃVNHUHV]WW»EO»NDODSM»QÔJ\WDO»OWXN
\HHQQÃONHYHVHEELGHMHIRJODONR]LN
DGROJR]LNRO\DQLQWÃ]PÃQ\EHQDKROQHPUÃJÍWD XNNHUÖOWNLD ÃV ÃYNÐ]ÐWWL HWRY»EENÃS]ÃVEHQYDJ\QHP U»Q\
PÇJ SRQW NÐ]ÐWWL
HD]»OWDO»QRV DJDVDEENDWHJÍUL»WHOÃUWV]DNHPEHUHN
!
D ÍU»V YDJ\ DQQ»O KRVV]DEE LGĈWDUWDPÔ WRY»EENÃS]ÃVHQ YHWW UÃV]W PÇJ D]RQ V]DNHPEHUHNDDNLNXJ\DQUÃV]WYHWWHNWRY»EENÃS]ÃVEHQGHDOHJDODFVRQ\DEEND WHJÍUL»EDHVHWWDSRQWV]»PXNFVXS»QrÍU»VWRY»EENÃS]ÃVHQYHWWHNUÃV]W
7HU»SL»VÐQEHVRURO»V
(UHGPÃQ\HLQND]WPXWDWW»NKRJ\D]HPEHUHNDNRPELQ»OWPHJNÐ]HOÇWÃVDO»VRURO WDPDJ»WÃVD]RQV]DNHPEHUHNDNLNQHP HJ\NRQNUÃW QHYHVÇWHWWPÍGV]HUDO»VRUROW»N EHPDJXNDWEDQÃYQÃOQDJ\REEWDSDV]WDODWWDOUHQGHONH]WHN7HK»WHOPRQGKDWÍ KRJ\ D WDSDV]WDOWDEE V]DNHPEHUHN LQN»EE D NRPELQ»OW PHJNÐ]HOÇWÃVHN KÇYHL V]»PRV PHJNÐ]HOÇWÃVEĈO KDV]Q»OQDN HOHPHNHW ÃV D]RN NRPELQ»FLÍM»W DONDOPD]]»N D J\DNRUODW EDQ£UGHNHVPÃJPHJHPOÇWHQLKRJ\D]HJ\ÃEPHJNÐ]HOÇWÃVHNNÐ]ÐWWD]DO»EELDNV]HUH SHOWHN3(&66RQULVH.DWKOHHQ$QQ4XLOOPXQN»VV»JDDODSR]ÍWHU»SLDÃVÐOHOĈ+ROGLQJ WHU»SLD
7HU»SL»VMHOOHP]ĈNKDV]Q»ODWDDJ\DNRUODWEDQ
$ W»EO»]DWEÍO MÍO O»WV]LN KRJ\ D J\DNRUODWEDQ D PDJDV ÍUDV]»P D OHJNHYÃVEÃ PHJYDOÍVXOÍ MHOOHP]Ĉ $ OHJQDJ\REE KDQJVÔO\W D YLVHONHGÃVSUREOÃP»N PHJHOĈ]ÃVH ÃV NH]HOÃVHYDODPLQWDWÃUÃVLGĈVWUXNWXU»O»VDNDSMD
W»EO»]DW-HOOHP]ĈNKDV]Q»ODWDDJ\DNRUODWEDQ
!!
.ÐYHWNH]WHWÃVHN
(OVĈKLSRWÃ]LVÖQNDPHO\D]LQWÃ]PÃQ\LK»WWÃUÃVD]»OWDO»QRVWXG»VÐVV]HIÖJJÃVÃWIHOWÃWH OH]WHFVDNUÃV]EHQLJD]ROÍGRWWEH0LQÃOUÃJHEEÍWDO»WHODXWL]PXVVDOÃOĈHPEHUHNHWHJ\
DGRWW LQWÃ]PÃQ\ DQQ»O WÐEE WXG»V KDOPR]ÍGRWW IHO EHQQH ÃV H]W D V]DNHPEHUHN HJ\
P»VQDN »WDGYD D WDSDV]WDODWRNEÍO NLLQGXOYD UHIOHNW»OQDN D] HJ\HGL V]ÖNVÃJOHWHNUH
$]RQEDQrPHJOHSĈPÍGRQrDV]DNPDLWHDPPHJEHV]ÃOÃVHNDV]DNPDLV]XSHUYÇ]LÍÃV D] »OWDO»QRV WXG»V NÐ]ÐWW QHP WDO»OWXQN V]LJQLILN»QV NDSFVRODWRW 0LQGHPHOOHWW PHJMH J\H]]ÖN KRJ\ D PLQWD FVDN LJHQ NLV K»Q\DG»EDQ MHOH]WÃN D]W D V]DNHPEHUHN KRJ\V]XSHUYÇ]LÍEDQUÃV]HVÖOQHN)HOPHUÖODNÃUGÃVYDMRQDV]DNPDLV]XSHUYÇ]LÍQDNÃV DWHDPPHJEHV]ÃOÃVHNQHN QHPIHODGDWDHD]HOPÃOHWLJ\DNRUODWLWXG»V»OODQGÍIULVVÇWÃVH"
£UGHPHVYROQDPHJYL]VJ»OQLD]WLVSRQWRVDQPLO\HQPLQĈVÃJĖHNDWHDPÃVV]XSHUYÇ]LÍV NRQ]XOW»FLÍN7RY»EELIHOW»U»VWLJÃQ\HOQHD]LVKRJ\DQOHKHWVÃJHVKRJ\D]RNEDQD]LQ WÃ]PÃQ\HNEHQDKRODV]DNHPEHUHNMHO]ÃVHV]HULQWIRO\LNNXWDWÍPXQNDPLÃUWQHPMHOH QLNPHJSXEOLN»FLÍ
$ NLV HOHPV]»PÔ PLQWD PLDWW WHUPÃV]HWHVHQ FVDN ÍYDWRVDEE NÐYHWNH]WHWÃVHNHW YRQ KDWXQNOHPÃJLVPHJQ\XJWDWÍHUHGPÃQ\ÖQND]KRJ\DNÃS]ÃVHNWRY»EENÃS]ÃVHNHJ\
ÃUWHOPĖHQ PXWDWQDN NDSFVRODWRW D] DXWL]PXVWXG»VVDO KLSRWÃ]LV 0LQÃO PDJDVDEE ÍUDV]»PEDQ UÃV]HVÖOWHN WRY»EENÃS]ÃVEHQ D V]DNHPEHUHN DQQ»O QDJ\REE ÃV IULVVHEE WXG»VVDO UHQGHONH]QHN 7RY»EE »UQ\DOMD D NÃSHW KRJ\ HOVĈVRUEDQ D]RN D V]DNHPEHUHN YDOORWW»NPDJXNDWDNRPELQ»OWWHU»SL»VPHJNÐ]HOÇWÃVHNKÇYHLQHNDNLNQDJ\REEWDSDV]WD ODWWDOUHQGHONH]QHNDXWL]PXVVDOÃOĈHPEHUHNW»PRJDW»V»EDQKLSRWÃ]LV
1HJ\HGLN KLSRWÃ]LVÖQNHW QHP W»PDV]WRWW»N DO» HUHGPÃQ\HLQN $] HYLGHQFLDDODSÔ PHJNÐ]HOÇWÃVHNDONDOPD]»V»YDONDSFVRODWRVYÃOHPÃQ\HND]WPXWDWW»NKRJ\DV]DNHPEH UHNNHYHVHEEPLQWHJ\QHJ\HGHÃUWHWWWHOMHVPÃUWÃNEHQHJ\HWD]]DOKRJ\DWXGRP»Q\RV WÃQ\HNHQDODSXOÍPHJNÐ]HOÇWÃVHNKDWÃNRQ\DN(V]HULQWDWXGRP»Q\RVEL]RQ\ÇWÃNRNQHP WDUWR]QDND]HOVĈGOHJHVV]HPSRQWRNNÐ]ÃDV]DNHPEHUHNWHU»SLDY»ODV]W»V»Q»O1HP]HW NÐ]LWDQXOP»Q\RNLVDUUÍOV]»PROWDNEHKRJ\DJ\DNRUODWLV]DNHPEHUHNQHPIHNWHWQHN NHOOĈ KDQJVÔO\W HUUHDV]HPSRQWUDO»VG SO92/.0$5HWDO 0LYHODV]DNHPEHUHN WÐEE PLQW HJ\KDUPDGD VHPOHJHV Y»ODV]W DGRWW HQQÃO D NÃUGÃVQÃO NÃWVÃJHV OHKHW KRJ\
DY»ODV]DGÍNSRQWRVDQÃUWHWWÃNHD]dHYLGHQFLDDODSÔpNLIHMH]ÃVMHOHQWÃVÃW
$QQDN HOOHQÃUH KRJ\ H] FVXS»Q HJ\HWOHQ HVHWEHQ IRUGXOW HOĈ ÃUGHPHV PHJHPOÇWHQL KRJ\ D] HJ\ÃE DONDOPD]RWW WHU»SL»V PÍGV]HUHN NÐ]ÐWW PHJMHOHQW D] ÔJ\QHYH]HWW dÐOHOĈ WHU»SLDp +ROGLQJ WHU»SLD LV (] D] HOM»U»V PLQG D] DXWL]PXV WHUPÃV]HWÃYHO NDSFVRODWRV WXGRP»Q\RVWÃQ\HNPLQGDPÍGV]HUUHONDSFVRODWRVWXGRP»Q\RVLJÃQ\ĖYL]VJ»ODWRNDODS M»QWHOMHVPÃUWÃNEHQNRQWUDLQGLN»OWN»URVPLQGHQHYLGHQFLDHOOHQHV]ÍO/,/,(1)(/' )HOPHUÖO D JRQGRODW KD PÃJ HJ\ V]DNHPEHU VLQFV WLV]W»EDQ D] DXWL]PXVVDO NDSFVRODWRV WXGRP»Q\RVEL]RQ\ÇWÃNRNNDOÃVHOYÃV]D]LQIRUP»FLÍNNÐ]ÐWWDNNRUHJ\V]ÖOĈQHNPLO\HQ QHKÃ]GROJDOHKHWDPLNRUJ\HUPHNHV]»P»UDDOHJPHJIHOHOĈEEHOO»W»VWNHUHVL
(J\P»VLNLMHV]WĈHUHGPÃQ\KRJ\DV]DNHPEHUHNLJHQQDJ\DU»Q\EDQJRQGROW»NÔJ\
KRJ\DIDFLOLW»OWNRPPXQLN»FLÍdPHJW»PDV]WRWWNRPPXQLN»FLÍpKDWÃNRQ\D]DXWL]PXV VSHFLILNXVEHDYDWNR]»VVRU»Q°VV]HVHQXNÃUWHWWHJ\HWQDJ\YDJ\WHOMHVPÃUWÃNEHQ H]]HO D] »OOÇW»VVDO DQQDN HOOHQÃUH KRJ\ H PÍGV]HU KDWÃNRQ\V»J»W KDV]Q»OKDWÍV»J»W
!"
r KDVRQOÍDQ D +ROGLQJ WHU»SL»KR] r PLQGHQ WXGRP»Q\RV WÃQ\ KDW»UR]RWWDQ F»IROMD 6&+(&+70$1$]HUHGPÃQ\HJ\IHOĈOMHOHQWKHWLKRJ\PÃJPLQGLJVRNDQDONDOPD]
QDN QHPEL]RQ\ÇWRWWPÍGV]HUHNHWDJ\DNRUODWEDQ 0»VUÃV]UĈOD]RQEDQOHKHWVÃJHVD]LV KRJ\DNÃUGĈÇYHWNLWÐOWĈNROOÃJ»NQHPYROWDNWLV]W»EDQD]]DOKRJ\DIRJDORPHJ\NRQN UÃW HOXWDVÇWRWW HOM»U»VW WDNDU V QHP »OWDO»EDQ D NRPPXQLN»FLÍ PHJHUĈVÇWÃVÃW W»PRJDW»
V»W%»UPHO\LNVSHNXODWÇYHONÃS]HOÃVQ\HUPHJHUĈVÇWÃVWDNÃVĈEELYL]VJ»ODWRNVRU»QNÃW VÃJWHOHQKRJ\MHOHQDGDWDLQNDODSYHWĈW»MÃNR]DWODQV»JUÍOWDQÔVNRGQDN
$OHJWÐEEV]DNHPEHUD7($&&+SURJUDPHOHPHLYHODODSHOYHLYHOÃUWHWWHJ\HW(]EL]
WDWÍKLV]HQDNRPSUHKHQ]ÇYHYLGHQFLDDODSÔSURJUDPRNNÐ]ÐWWH]D]HJ\LNOHJHOWHUMHG WHEE8J\DQDNNRUWÃQ\KRJ\H]DSURJUDPÃUKHWĈHODOHJUÃJHEEHQ0DJ\DURUV]»JRQÇJ\
D] DODSIRJDOPDN PÍGV]HUWDQL HOHPHN LV MREEDQ EHÃSÖOWHN P»U D J\DNRUODWED .ÃUGÃV KRJ\PLO\HQPÃO\PHJÃUWÃVYDOÍGLV]DNÃUWĈLWXG»VVHJÇWLDV]DNHPEHUHNHWDEEDQKRJ\
D7($&&+SURJUDPRWNUHDWÇYDQÃVLQGYLGXDOL]»OWDQDONDOPD]]»ND]DXWL]PXVVDOÃOĈJ\HU PHNHNÃVIHOQĈWWHNW»PRJDW»V»EDQLOOHWYHDEEDQKRJ\D]HJ\UHQDJ\REEV]»PEDQHOÃU KHWĈYÃY»OÍY»OWR]DWRVPLQĈVÃJĖHOM»U»VRNHUGHMÃEHQHOLJD]RGMDQDN
(UHGPÃQ\HLQNDODSM»QIHOWÃWOHQÖOIRQWRVFÃOQDNWDUWMXNKRJ\DJ\DNRUODWLV]DNHPEH UHNV]»P»UD0DJ\DURUV]»JRQLVHOÃUKHWĈYÃÃVÃUWKHWĈYÃY»OMDQDNDWXGRP»Q\RVHUHGPÃ Q\HN V KRJ\ H]HNHW IHOKDV]Q»OM»N PLQGHQQDSL PXQN»MXNEDQ D PÍGV]HUHN HOM»U»VRN NLY»ODV]W»V»EDQ0»VIHOĈOHOHQJHGKHWHWOHQKRJ\DJ\DNRUODWEÍOLQGXOÍNÃUGÃVHNIHOYHWÃ VHNEHIRO\»VROM»NLU»Q\ÇWV»NDNXWDW»VRNDW$]dHYLGHQFLDDODSÔEHDYDWNR]»VpIRJDOPDÇJ\
Y»OKDW LQVSLU»OÍY» ÃV QHP LMHV]WĈYÃ D J\DNRUODWL V]DNHPEHUHN V]»P»UD (QQHN D IRO\D PDWQDNrHUHGPÃQ\HLQNNHOLVHUĈWHOMHVHQPHJW»PRJDWRWWrHOHPHDV]DNHPEHUHNNÃS]Ã VH $ WDQXOP»Q\RN VRU»Q V]HU]HWW LVPHUHWHN XJ\DQLV ÍUL»VL VHJÇWVÃJHW Q\ÔMWQDN DKKR]
KRJ\ HOLJD]RGMXQN D WHU»SL»V Y»ODV]WÃNEDQ KRJ\ HOGÐQWVÖN PHO\LN IRUU»V PHJEÇ]KDWÍ KRJ\OHOHSOH]]ÖND]ÖUHVÇJÃUHWHNHWÃVPHJWDO»OMXND]DGRWWDXWL]PXVVDOÃOĈHPEHUV]»
P»UDOHJKDWÃNRQ\DEEEHDYDWNR]»VW
,URGDORPMHJ\]ÃN
$(7:KDWLV*RRG3UDFWLFHLQ$XWLVP(GXFDWLRQ"8.
$] (JÃV]VÃJÖJ\L 0LQLV]WÃULXP V]DNPDL LU»Q\HOYH D] DXWL]PXVUÍODXWL]PXV VSHNWUXP ]DYDUUÍO
&$//$+$1.r6+8./$0(+7$6r0$*((6r:,(0$%$9HUVXV7($&&+7KH&DVHIRU 'HILQLQJ DQG 9DOLGDWLQJ &RPSUHKHQVLYH 7UHDWPHQW 0RGHOV LQ $XWLVP-RXUQDO RI $XWLVP DQG'HYHORSPHQWDO'LVRUGHUVr
'I(6'+$XWLVWLF6SHFWUXP'LVRUGHUV*RRG3UDFWLFH*XLGDQFH8.
)20%211( ( (VWLPDWHG SUHYDOHQFH RI DXWLVP VSHFWUXP FRQGLWLRQV LQ &DPEULGJHVKLUH LV RYHU(YLGHQFH%DVHG0HQWDO+HDOWK
*5((163$16r:,('(56(QJDJLQJ$XWLVP'D&DSR3UHVV&DPEULGJH
*<ć5, 0 r 0,17= - r 67()$1,. . r .$1,=6$,1$*< , r 951$*<77+ =6 (IILFLHQF\
$SSOLFDELOLW\ 8VHU ([SHULHQFH /HVVRQV IURP 7HVWLQJ E\ D &RPSOH[ 0L[HG 0RGH 0HWKRGRORJ\,Q0,17=-r*<ć5,0r$$*$$5'07RXFKLQJWKH)XWXUH7HFKQRORJ\IRU
$XWLVP"/HVVRQVIURPWKH+$1'63URMHFW,263UHVV$PVWHUGDPr
!#
+(,'*(5.(1$r*()).(1*r02',$r)5$.(</$6XUYH\RI$XWLVP.QRZOHGJHLQD+HDOWK
&DUH6HWWLQJ-RXUQDORI$XWLVPDQG'HYHORSPHQWDO'LVRUGHUVr
+(/366r1(:621'$9,6,r&$//,$60$XWLVP7KHWHDFKHUnVYLHZ$XWLVPr +2:/,13$XWLVPUHVHDUFKrKRZIDUKDYHZHFRPHDQGZKHUHGRZHJRQH[W"&RQIH
UHQFH SDSHU1HZ 'LPHQVLRQV IRU $XWLVP ,QWHUQDWLRQDO &RQJUHVV $87,60(8523(
%XGDSHVW
.($51(< $ 8QGHUVWDQGLQJ $SSOLHG %HKDYLRU $QDOV\VLV r $Q ,QWURGXFWLRQ WR $%$ IRU 3DUHQWV7HDFKHUVDQGRWKHU3URIHVVLRQDOV-HVVLFD.LQJVOH\3XEOLVKHUV/RQGRQ
.(6=,5 .,66/3$33*3/-$XWLVWDJ\HUPHNHND PDLPDJ\DU NÐ]RNWDW»VEDQ.DSRFV r
/1<,1£(1*(/0$<(5*\ÍJ\SHGDJÍJLDÃVWHU»SLD,Q*25'261£6=$%$V]HUN*\Í J\ÇWÍSHGDJÍJLD0HGLFLQD%XGDSHVWr
/,/,(1)(/'66FLHQWLILFDOO\ 8QVXSSRUWHG DQG 6XSSRUWHG ,QWHUYHQWLRQV IRU &KLOGKRRG 3V\FKRSDWKRORJ\$6XPPDU\3HGLDWULFVr
0$85,&(&HG%HKDYLRUDO,QWHUYHQWLRQIRU<RXQJ&KLOGUHQZLWK$XWLVPr$PDQXDOIRU 3DUHQWVDQG3URIHVVLRQDOV3UR(G$XVWLQ
0(6,%29*r6+($9r6&+23/(5($]DXWL]PXVVSHNWUXP]DYDURN7($&&+V]HPOÃOHWĖ PHJNÐ]HOÇWÃVH$XWL]PXV$ODSÇWY»Q\.DSRFV.ÐQ\YNLDGÍ%XGDSHVW
0(6,%29 * % r 6+($ 9 7KH 7($&&+ 3URJUDP LQ WKH (UD RI (YLGHQFH%DVHG 3UDFWLFH -RXUQDORI$XWLVPDQG'HYHORSPHQWDO'LVRUGHUVr
0,1,675,(6 2)+($/7+ $1'('8&$7,211HZ =HDODQG $XWLVP 6SHFWUXP 'LVRUGHU *XLGHOLQH
´M=ÃODQG
5(,' ' + r ),7&+ : + 7UDLQLQJ 6WDII DQG 3DUHQWV (YLGHQFH%DVHG $SSURDFKHV ,Q 0$7621 - / r 67850(< 3 HGV,QWHUQDWLRQDO +DQGERRN RI $XWLVP DQG 3HUYDVLYH 'HYHORSPHQWDO'LVRUGHUV6SULQJHUr
5(,1&+2: % 'HYHORSPHQW 3URFHGXUHV DQG $SSOLFDWLRQ RI WKH (YDOXDWLYH 0HWKRG IRU 'HWHUPLQLQJ (YLGHQFH%DVHG 3UDFWLFHV LQ $XWLVP ,Q 92/.0$5 ) 5 r 5(,&+2: % r '2(+5,1* 3 r &,&&+(77, ' 9 HGV(YLGHQFH%DVHG 3UDFWLFHV DQG 7UHDWPHQWV IRU
&KLOGUHQZLWK$XWLVP6SULQJHUr
5877(5 0 $XWL]PXV D NXWDW»V ÃV D NOLQLNXP NÐ]ÐWWL NÃWLU»Q\Ô NÐOFVÐQKDW»V.DSRFV .ÐQ\YNLDGÍ%XGDSHVW
48,//.7(''1£='+$//*$6'021''$XWL]PXV$ODSÇWY»Q\%XGDSHVW
6$1'%(5* ( + r 635,7= % / $ EULHG JXLGH WR DXWLVP WUHDWPHQWV -HVVLFD .LQJVOH\
3XEOLVKHUV/RQGRQ
6&+(&+70$106FLHQWLILFDOO\8QVXSSRUWHG7KHUDSLHVLQWKH7UHDWPHQWRI<RXQJ&KLOGUHQ ZLWK$XWLVP6SHFWUXP'LVRUGHUV3V\FKLDWULFV$QQDOVr
6(*$//0r&$03%(//-)DFWRUVUHODWLQJWRHGXFDWLRQSURIHVVLRQDOVnFODVVURRPSUDFWLFHVIRU WKH LQFOXVLRQ RI VWXGHQWV ZLWK DXWLVP VSHFWUXP GLVRUGHUV5HVHDUFK LQ $XWLVP 6SHFWUXP 'LVRUGHUVr
67$+0(5$&r&2//,1*6 1 0r3$1,.$6/$(DUO\LQWHUYHQWLRQSUDFWLFHVIRUFKLOGUHQ ZLWK DXWLVP 'HVFULSWLRQV IURP FRPPXQLW\ SURYLGHUV )RFXV RQ $XWLVP DQG 2WKHU 'HYHORSPHQWDO'LVDELOLWLHVr
67()$1,..r*<ć5,0r.$1,=6$,1$*<,r6$-(r951$,=6r%$/=6$$]DXWL]PXV VSHNWUXP]DYDURNGLDJQÍ]LVDDNOLQLNXPEDQÃVDNXWDW»VEDQD]$',5ÃVD]$'26HOM»U»
VRNPDJ\DUDGDSW»FLÍM»QDNUÃV]HUHGPÃQ\HL,Q5$&601<0$IHMOĈGÃV]DYDUDLÃVYL]VJ»
OÍPÍGV]HUHL$NDGÃPLDL.LDGÍ%XGDSHVWr
6721(:&URVV'LVFLSOLQDU\SHUVSHFWLYHVRQDXWLVP-RXUQDORI3HGLDWULF3V\FKRORJ\
r
!$
92/.0$5)r5(,&+2:%r'2(+5,1*3(YLGHQFH%DVHG3UDFWLFHVLQ$XWLVP:KHUH:H
$UH 1RZ DQG :KHUH :H 1HHG WR *R 92/.0$5 ) 5 r 5(,&+2: % r '2(+5,1* 3 r
&,&&+(77,'9HGV(YLGHQFH%DVHG3UDFWLFHVDQG7UHDWPHQWVIRU&KLOGUHQZLWK$XWLVP 6SULQJHUr
<$7(6.r/(&287(85$'LDJQRVLQJDXWLVP3DHGLDWULFVDQG&KLOG+HDOWKr
0$*<(LQIRUP»FLÍN
.ÃUMÖNDWDJGÇMDNEHIL]HWÃVÃWD]DO»EELDNV]HULQW
$NWÇYGROJR]Í)WÃY
1\XJGÇMDVQDSSDOLWDJR]DWRVKDOOJDWÍ)WÃY
0$*<(EDQNV]»PODV]»P
0$*<(OHYHOH]ÃVLFÇP%XGDSHVW'DPMDQLFKX
0$*<(KRQODSZZZPDJ\HKX
$WDJGÇMDWEHIL]HWĈND*\ÍJ\SHGDJÍJLDL6]HPOHV]»PDLW LQJ\HQHVHQNDSM»N
$*\ÍJ\SHGDJÍJLDL6]HPOÃWHOĈIL]HWÃVEHQWHUMHV]WLD0DJ\DU3RVWD=UW +ÇUODS¶]OHW»JD
%XGDSHVW2UF]\WÃU
(OĈIL]HWKHWĈYDODPHQQ\LSRVW»QNÃ]EHVÇWĈQÃO HPDLOHQKLUODSHORIL]HWHV#SRVWDKXID[RQ
26)(/$-1/6
A Magyar Gyógypedagógusok Egyesülete céljai között a megalakulásától kezdve szerepel
a Gyógypedagógiai Szemle megjelentetése.
Kérjük olvasóinkat, hogy személyi jövedelemadójuk 1%-ának felajánlásával támogassák az Egyesületet annak érdekében,
hogy a lap folyamatosan meg tudjon jelenni.
$GÍV]»P
!%
6]HJHGL7XGRP»Q\HJ\HWHP1HYHOÃVWXGRP»Q\L'RNWRUL,VNROD
3V]LFKÃVÃVYLVHONHGÃVLSUREOÃP»N
PHJMHOHQÃVHHQ\KÃQÃUWHOPLIRJ\DWÃNRV J\HUPHNHNNÐUÃEHQ
%$1.£9$
EDQNHYD#HGXXV]HJHGKX
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$EV]WUDNW
9L]VJ»ODWRPEDQ HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV ÃV »WODJRV LQWHOOHNWXVÔ J\HUPHN YLVHONHGÃVL ÃV SV]LFKÃV SUREOÃP»UD XWDOÍ WÖQHWHLWKDVRQOÇWRWWDPÐVV]HD]6'40DJ\WDQ»ULY»OWR]DW»YDOPHO\QHNKDV]Q»ODWDKD]»QNEDQHGGLJFVDN»WODJRVLQWHOOHNWXVÔ SRSXO»FLÍUD WHUMHGW NL (UHGPÃQ\HLP V]HULQW D NÃUGĈÇY PHJEÇ]KDWÍDQ DONDOPD]KDWÍ HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPHNHN ÃU]HOPLÃVYLVHONHGÃVLSUREOÃP»LQDNYL]VJ»ODW»UD$WDQ»ULÃUWÃNHOÃVHNDODSM»QDKLSHUDNWLYLW»VWÖQHWHNNLYÃWHOÃYHOV]LJQLILN»Q VDQ WÐEE ÃU]HOPL YLVHONHGÃVL ÃV NRUW»UVNDSFVRODWL SUREOÃP»UD XWDOÍ WÖQHW LOOHWYH ÐVV]HVÇWHWW SUREOÃPD MHOOHP]L D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV WDQXOÍNDW 8J\DQDNNRU D] HUĈVVÃJHNUH IÍNXV]»OÍ SURV]RFL»OLV YLVHONHGÃV VN»OD WHNLQWHWÃEHQ QHP DGÍGRWW V]»PRWWHYĈNÖOÐQEVÃJDUÃV]PLQW»NNÐ]ÐWW
.XOFVV]DYDNHQ\KHÃUWHOPLIRJ\DWÃNRVV»JSV]LFKÃV]DYDURNYLVHONHGÃVLSUREOÃP»N.ÃSHVVÃJHNÃVQHKÃ]VÃJHNNÃUGĈÇY BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%HYH]HWÃV
7DQXOP»Q\RP HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV ÃV »WODJRV LQWHOOHNWXVÔ J\HUPHNHN SV]LFKÃV HUHGHWĖ SUREOÃP»LUÍO Q\ÔMW HPSLULNXV DGDWRNDW $ YL]VJ»ODWRPEDQ KDV]Q»OW .ÃSHVVÃJHN ÃV QHKÃ]VÃJHN NÃUGĈÇY 6'40DJ\ IRQWRV IXQNFLÍMD KRJ\ NÃSHV D SUREOÃP»V HVHWHN HJ\V]HUĖÃVJ\RUVIHOLVPHUÃVÃUH$NÃUGĈÇYWÃWHOHNUHDGRWWWÖQHWSRQWV]»PRNDJ\HUPHNHN ÃU]HOPL ÃV YLVHONHGÃVL MHOOHP]ĈLUĈO KLSHUDNWLYLW»VL WÖQHWHLUĈO ÃV NRUW»UVNDSFVRODWL SURE OÃP»LUÍO Q\ÔMWDQDN LQIRUP»FLÍW $ MHOHQWNH]Ĉ WÖQHWHN IHOLVPHUÃVH IRQWRV IHODGDW PHUW D SUREOHPDWLNXV YLVHONHGÃV K»WWHUÃEHQ J\DNUDQ IHO QHP LVPHUW SV]LFKÃV ÃULQWHWWVÃJ »OO ÇJ\HONHUÖOKHWĈYÃY»OKDWKRJ\DJ\HUPHNHNYLVHONHGÃVÃEHQÃVÃU]HOPLPHJQ\LOY»QXO»VD LEDQ WÖNUÐ]ĈGĈ ]DYDURNDW WÃYHVHQ D] ÃUWHOPL IRJ\DWÃNRVV»J UÃV]HNÃQW PDJ\DU»]]»N
$+8-$r0$57,1r/$1*/(<r7+$3$5 <22r9$/'29,126r6&+52('(5 $ IHO QHP LVPHUW NH]HOHWOHQ SV]LFKÃV SUREOÃP»N D J\HUPHNHN »OWDO»QRV MÍOOÃWH PHOOHWW QHJDWÇYDQ KDWQDN D V]RFL»OLV NDSFVRODWRN ÃV D W»UVDGDOPL EHIRJDG»V DODNXO»V»UD LV (0(5621r +$7721$GHNY»WNRUUHNFLÍVPXQN»YDODSV]LFKÃV]DYDURNDWPXWDWÍHVHWHNMÍUÃ V]ÃEHQ MHOHQWĈV MDYXO»V ÃUKHWĈ HO 9,.5 $ .ÃSHVVÃJHN ÃV QHKÃ]VÃJHN NÃUGĈÇY
!&
WRY»EELHOĈQ\HKRJ\DIHOPHUÖOĈQHKÃ]VÃJHNPHOOHWWDSR]LWÇYDQPHJIRJDOPD]RWW»OOÇW»
VRNÃVDSURV]RFL»OLVYLVHONHGÃVWYL]VJ»OÍVN»OD»OWDODJ\HUPHNHNHUĈVVÃJHLQHNIHOW»U»VD LVEL]WRVÇWRWW
3V]LFKÃV]DYDURNPHJKDW»UR]»VDNLDODNXO»VXNEDQ PHJKDW»UR]ÍWÃQ\H]ĈN
$ J\HUPHNNRUL SV]LFKÃV ]DYDURN NLDODNXO»V»EDQ ELROÍJLDL SV]LFKROÍJLDL ÃV V]RFL»OLV WÃQ\H]ĈN HJ\ÖWWHVHQM»WV]DQDNV]HUHSHW75,1*(5 9(75r.$3251$,$ ]DYD URN OÃWUHMÐWWÃW JHQHWLNDL DGRWWV»JRN IL]LN»OLV N»URVRG»VRN ÃV EHWHJVÃJHN WHPSHUDPHQ WXPEHOL HOWÃUÃVHN YDODPLQW D J\HUPHNHW NÐUÖOYHYĈ NÐUQ\H]HWL WÃQ\H]ĈN EHIRO\»VROM»N
*&6(57ULQJHUV]HULQWD]DYDURNÃUWHOPH]ÃVHVRU»QDQRUP»UDYRQDWNR]Í YDODPHQQ\L PHJNÐ]HOÇWÃVL PÍGRW ILJ\HOHPEH NHOO YHQQL WRY»EE» WHNLQWHWWHO NHOO OHQQL DUUDKRJ\D]HJ\ÃQDSV]LFKÃVHJ\HQVÔO\]DYDU»WEHOVĈOHJÃOLPHJYDJ\D]DYDUNLYHWÖO DNÐUQ\H]HWÃUH$]H[WHUQDOL]»OÍ]DYDURND]RNDWDYLVHONHGÃVEHQPHJMHOHQĈSUREOÃP»NDW IRJODOM»NPDJXNEDDPHO\HNHOVĈVRUEDQDNÐUQ\H]HWV]»P»UD]DYDUÍPDJDWDUW»VEDQQ\LO Y»QXOQDNPHJSOEHLOOHV]NHGÃVLDONDOPD]NRG»VLPDJDWDUW»VL]DYDURN$]LQWHUQDOL]»OÍ ]DYDURN WÐEEQ\LUH D] HJ\ÃQ ÃU]HOPL ÃOHWÃEHQ PXWDWNR]QDN PHJ SO HPRFLRQ»OLV ]DYD URNGHSUHVV]LÍÃVV]RURQJ»VRV]DYDURNDMHOHQWNH]ĈWÖQHWHNLQN»EED]HJ\ÃQV]»P»UD RNR]QDN QHKÃ]VÃJHW DQÃONÖO KRJ\ D] D NÐUQ\H]HW IHOÃ IHOWĖQĈ PÍGRQ PHJMHOHQQH .277/5 75,1*(5 $ NHYHUW ÃU]HOPL ÃV YLVHONHGÃVL ]DYDURN NÐUÃEH WDUWR]LN SÃOG»XOD]DJUHVV]ÇYGLVV]RFL»OLVYDJ\NLKÇYÍPDJDWDUW»VPHO\NRPELQ»OÍGKDWGHSUHV]
V]LÍYDOV]RURQJ»VVDOYDJ\P»VHPRFLRQ»OLV]DYDUUDO(,*1(5
3V]LFKÃVÃVYLVHONHGÃVL]DYDURNHQ\KÃQÃUWHOPL IRJ\DWÃNRVJ\HUPHNHNÃVVHUGÖOĈNNÐUÃEHQ
$ YLVHONHGÃVL SUREOÃP»N ÃV D PÐJÐWWÖN KÔ]ÍGÍ SV]LFKÃV ÃULQWHWWVÃJ PLQÃO KDPDUDEEL IHOLVPHUÃVHIRQWRVIHODGDWPHUWDIHOQĈWWNRULSV]LFKÃVEHWHJVÃJHNFVDNQHPIHOHVHUGÖOĈ NRUEDQJ\ÐNHUH]LN.29$&6r6+$530$7621r%(/9$r+$77,(5r0$7621785,ÃV PWVDL $] H[WHUQDOL]»OÍ LQWHUQDOL]»OÍ YDODPLQW D NHYHUW ÃU]HOPL ÃV YLVHONHGÃVL SUREOÃP»NDWPDJXNEDIRJODOÍ]DYDURNDU»Q\DÍYRG»VNRUÔJ\HUPHNHNNÐUÃEHQV]»
]DOÃNVHUGÖOĈNRUHOĈWWLJ\HUPHNHNNÐ]ÐWWV]»]DOÃNPÇJVHUGÖOĈNRUEDQV]»]DOÃN YLO»JV]HUWH *,1,*(r7(11$.221r:,-(6,1*+(r/,<$1$*(r+(5$7+r%$1'$5$ £UWHOPL IRJ\DWÃNRVV]HPÃO\HNNÐUÃEHQD]DYDURNYDODPHQQ\LWÇSXVDHOĈIRUGXOKDWD]RQEDQD]RN J\DNRULV»JDDN»UK»URPV]RUQÃJ\V]HUQDJ\REEOHKHWPLQW»WODJRVLQWHOOHNWXVÔSRSXO»FL ÍEDQ '(58,7(5r'(..(5r9(5+8/67r.227 +$<1(6r*,/025(r6+2&+(7r&$03%(//r 52%(576 .26.(17$867$,r,,9$1$,1(1r$/049,67 5($5'21r*5$<r0(/9,1 52-$+1r0(,(59(75:$//$1'(5r'(..(5r.227%»UD]DYDURNJ\DNR ULV»JDLVPHUHWHV&VRUED5DGY»Q\LÃV5HJÃQ\LV]HULQWD]LO\HQLU»Q\XOWV»JÔNXWDW»
!'
VRNMHOHQWĈVHOPDUDG»VRNDWPXWDWQDN$]DYDURNSRQWRVSUHYDOHQFL»MDQHKH]HQPHJKDW»
UR]KDWÍ XJ\DQLV D UHOHY»QV HSLGHPLROÍJLDL YL]VJ»ODWRN NÖOÐQEÐ]Ĉ PÃUÃVL HOM»U»VRNNDO NÖOÐQEÐ]Ĉ GLDJQRV]WLNDL NULWÃULXPRN PHQWÃQ HOWÃUĈ DOFVRSRUWRNDW WDQXOP»Q\R]WDN
%(/9$r0$76219(5((122*+(r/$1*'213V]LFKÃV]DYDURNDWIHOW»UÍQHP]HW NÐ]LYL]VJ»ODWRNEDQD]ÃUWHOPLIRJ\DWÃNRVV»JRWVÔO\RVV»JV]HULQWJ\DNUDQQHPGLIIHUHQ FL»OM»N LOOHWYH MHOOHP]Ĉ KRJ\ D] HQ\KH ÃV NÐ]ÃSVÔO\RV ÃUWHOPL IRJ\DWÃNRVV»JRW ÐVV]H YRQW NDWHJÍULDNÃQW NH]HOLN SO %(/9$r0$7621 '( 58,7(5 ÃV PWVDL (0(5621 +(50$16r%((.0($1r(9(1+8,6 0<5%$..r7(7=&+1(55=(3(&.$r0&.(1=,(r 0&&/85(r0853+< 5($5'21r*5$<r0(/9,1 &VRUED 5DGY»Q\L ÃV 5HJÃQ\L V]HULQWD]HJ\HVWÖQHWHNWHUPÃV]HWÖNEHQÃVJ\DNRULV»JXNEDQLVHOWÃUÃVWPXWDWQDN D] HQ\KÃQ NÐ]ÃSVÔO\RVDQ ÃV VÔO\RVDQ ÃUWHOPL IRJ\DWÃNRV V]HPÃO\HN NÐ]ÐWW $]RQEDQ D GLIIHUHQFL»O»V KL»Q\»EDQ D NDSRWW DGDWRN QHP MHOOHP]LN HJ\ÃUWHOPĖHQ D] HQ\KÃQ ÃU WHOPLIRJ\DWÃNRVV]HPÃO\HNSV]LFKÃVVW»WXV]»W
7ULQJHUV]HULQWD]HJ\HV]DYDURNIHOLVPHUKHWĈVÃJHD]ÃUWHOPLIRJ\DWÃNRVV»JVÔ O\RVV»J»QDNPÃUWÃNÃYHO»OOÐVV]HIÖJJÃVEHQHQ\KHÃUWHOPLIRJ\DWÃNRVV»JHVHWÃQDWÖQHW WDQ QHP Y»OWR]LN MHOHQWĈV PÃUWÃNEHQ PHO\ PHJ»OODSÇW»VVDO :DOODQGHU 'HNNHU ÃV .RRW LV HJ\HWÃUW 6]HULQWÖN D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV V]HPÃO\HN SV]LFKÃV ]DYDUUD XWDOÍ WÖQHWHL QDJ\ KDVRQOÍV»JRW PXWDWQDN D] »WODJRV LQWHOOHNWXVÔ SRSXO»FLÍ WÖQHWHLYHO 1HPDMHOHQWNH]ĈÃU]HOPLÃVYLVHONHGÃVLSUREOÃP»NWHUPÃV]HWHKDQHPLQN»EEJ\DNRUL V»JXN NÖOÐQEÐ]LN D] »WODJRV LQWHOOHNWXVÔ ÃV HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPHNHN NÐ ]ÐWW DPL OHKHWĈYÃ WHV]L D]RN ÐVV]HKDVRQOÇW»V»W 0&&$57+< 0,1-$5(=r3+,//,36r )(,167(,1r+$5'$1
$] ÐVV]HKDVRQOÇWÍ YL]VJ»ODWRN KR]]»M»UXOQDN D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPH NHN WÐEELU»Q\Ô DGHNY»W IHMOHV]WÃVÃKH] D FVRSRUWRN NÐ]ÐWWL D]RQRVV»JRN ÃV HOWÃUÃVHN IHOWÃUNÃSH]ÃVÃKH] $] XWÍEEL ÃYHNEHQ D KD]»QNEDQ YÃJ]HWW ÐVV]HKDVRQOÇWÍ YL]VJ»ODWRN
»OWDO HOVĈVRUEDQ D WDQXO»VEDQ DNDG»O\R]RWW ÃV WLSLNXVDQ IHMOĈGĈ J\HUPHNHN NRJQLWÇY ÃV DIIHNWÇY MHOOHP]ĈLUH YRQDWNR]Í LVPHUHWHNNHO JD]GDJRGWXQN $] ÐVV]HKDVRQOÇWÍ YL]VJ»OD WRNNLWHUMHGWHNDNÐ]ÐVGLDJQRV]WLNXVPÃUĈHV]NÐ]ÐNKDV]Q»ODW»QDNNÃUGÃVNÐUÃUH-=6$
-=6$r)$=(.$61£ D -=6$r)$=(.$61£ E D WDQXO»VEDQ DNDG»O\R]RWW ÃV WÐEEVÃJLJ\HUPHNHN WDQXO»VLPRWLY»FLÍM»QDN-=6$r)$=(.$61£ ÃV]HQHLNÃSHVVÃ JHLQHN -$185,.r-=6$ D MHOOHP]ĈLUH 7RY»EE» DGDWRNNDO V]ROJ»OWDN D WDQXO»VEDQ DNDG»O\R]RWW ÃV WÐEEVÃJL J\HUPHNHN UHQGV]HUH]Ĉ NÃSHVVÃJÃQHN =(17$,r)$=(.$61£r -=6$V]ÐYHJÃUWÃVLNÃSHVVÃJÃQHNÃVROYDV»VLPRWLY»FLÍM»QDNIHMOĈGÃVÃUHYRQDWNR ]ÍDQ-=6$r)$=(.$61£r6=(1&=,r6=$%%»UQHP]HWNÐ]LV]LQWHQP»UPHJLQGXOWDN D]HQ\KÃQÃUWHOPLIRJ\DWÃNRVÃV»WODJRVLQWHOOHNWXVÔJ\HUPHNHNSV]LFKÃVVW»WXV]»QDNÐV]
V]HKDVRQOÇW»V»UD IÍNXV]»OÍ YL]VJ»ODWRN LV SO '(..(5r.227r9$1 '(5(1'(r9(5+8/67 '(58,7(5HWDO.$37(,1r-$16(1r92*(/6r5(,-1(9(/'720,&r0,+$-/29,&r -$1.29,&r'-2129,&r-29$129,&0,+$-/29,&r',/,*(16., KD]»QNEDQ D] LO\HQ LU»
Q\XOWV»JÔNXWDW»VRNMHOHQOÃWHPÃJNHYÃVEÃÃUH]KHWĈ
!(
$]DYDURNNLDODNXO»V»QDNNRFN»]DWLWÃQ\H]ĈL
$]DYDURNNLDODNXO»V»QDNNRFN»]DWLWÃQ\H]ĈLWWÐEEHNNÐ]ÐWWDNHGYH]ĈWOHQÃOHWHVHPÃQ\HN EHQJHQHWLNDLYXOQHUDELOLW»VEDQVWLJPDWL]»FLÍEDQ YDODPLQWD]DGDSWÇY YLVHONHGÃVV]LQWMÃ EHQO»WM»N75(0%/$<r5,&+(5r/$&+$1&(r&Ñ7£9(5((122*+(r/$1*'21+HUPDQV ÃV (YHQKXLV V]HULQW D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV V]HPÃO\HN J\DNUDQ P»V ÃOHW KHO\]HWHNNHOV]HPEHVÖOQHNPLQW»WODJRVLQWHOOHNWXVÔHPEHUW»UVDLNDPLQHNRNDD]HOWÃUĈ ÃOHWNÐUÖOPÃQ\HNEHQDVWUHVV]HOYDOÍPHJNÖ]GÃVLNÃSHVVÃJPÍGM»EDQÃVD]ÃOHWÖNIHOHWWL NRQWUROO NRUO»WR]RWWV»J»EDQ NHUHVHQGĈ 5DGY»Q\L V]HULQW D IUXV]WU»FLÍNUD DGRWW Y»ODV]RNHJ\ÃQUHV]DERWWDND]RQEDQDIRJ\DWÃNRVV»JWÃQ\HPLDWWD]DONDOPD]KDWÍPHJ NÖ]GÃVLVWUDWÃJL»NNÐUHHOHYHEHV]ĖNÖOÇJ\DVWUHVV]HOYDOÍFÃOLU»Q\RVPHJNÖ]GÃVQHKH ]ÇWHWWÃY»OLN(PHUVRQÃV+DWWRQIHOKÇYMDDILJ\HOPHWDUUDKRJ\D]ÃU]HOPLÃVYLVHO NHGÃVL ]DYDURNNLDODNXO»V»EDQIRNR]RWW V]HUHSH YDQD] »WODJRVQ»ODODFVRQ\DEE,4QDN PHO\QHN NÐYHWNH]WÃEHQ HOHYH QDJ\REE D] HVÃO\ HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV V]HPÃO\HN SV]LFKÃV SUREOÃP»LQDN PDQLIHV]W»OÍG»V»UD 7RY»EEL UL]LNÍWÃQ\H]ĈNÃQW HPOÇWLN D] DOD FVRQ\V]RFLRÐNRQÍPLDLVW»WXV]WÃVDK»WU»Q\RVKHO\]HWHWDPHO\QDJ\REEV]»PEDQIRUGXO HOĈ HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV V]HPÃO\HN NÐUÃEHQ 7RPLF HW DO HQ\KÃQ ÃUWHOPL IRJ\DWÃNRVJ\HUPHNHNÃU]HOPLÃVYLVHONHGÃVLSUREOÃP»LWYL]VJ»OYDPHJ»OODSÇWRWW»NKRJ\
DV]ÖOĈNLVNRODLYÃJ]HWWVÃJHDFVDO»GDQ\DJLKHO\]HWHÃVV]RFLRÐNRQÍPLDLVW»WXV]DHUĈV ÐVV]HIÖJJÃVWPXWDWDJ\HUPHNHNNÐUÃEHQMHOHQWNH]ĈSV]LFKÃVSUREOÃP»NNDO
3V]LFKÃVÃVYLVHONHGÃVL]DYDURNYL]VJ»ODWDD.ÃSHVVÃ JHNÃVQHKÃ]VÃJHNNÃUGĈÇYYHO
$YLVHONHGÃVLSUREOÃP»NÃVSV]LFKÃV]DYDURNHJ\V]HUĖÃVJ\RUVV]ĖUÃVÃUHDONDOPDVD.Ã SHVVÃJHNÃVQHKÃ]VÃJHNNÃUGĈÇY6'4$*RRGPDQ»OWDONLIHMOHV]WHWWV]ÃOHVNÐU EHQKDV]Q»OWPÃUĈHV]NÐ]OHKHWĈYÃWHV]LDrÃYHVNRUÔJ\HUPHNHNQHKÃ]VÃJHLQHNÃV HUĈVVÃJHLQHNYL]VJ»ODW»W$]ÐWVN»O»EÍO»OOÍNÃUGĈÇYDV]ÖOĈNÃVSHGDJÍJXVRNNLNÃUGH ]ÃVÃYHO ÃYHV NRUWÍO KDV]Q»OKDWÍ ÃYHV NRUWÍO ÐQNLWÐOWĈV IRUP»EDQ LV DONDOPD]KDWÍ 785,ÃVPWVDL$NÃUGĈÇYIRQWRVIXQNFLÍMDKRJ\NÃSHVDSUREOÃP»VHVHWHNJ\RUV V]ĖUÃVÃUHD]ÃU]HOPLWÖQHWHNVN»ODWÐEEHNNÐ]ÐWWDGHSUHVV]LÍYDOIÍEL»YDOV]RURQJ»VVDO D YLVHONHGÃVL SUREOÃP»N VN»OD D YLVHONHGÃVL ]DYDUUDO D KLSHUDNWLYLW»V VN»OD D] $'+' GLDJQÍ]LV»YDO KR]KDWÍ ÐVV]HIÖJJÃVEH D NRUW»UVNDSFVRODWL ÃV SURV]RFL»OLV VN»OD SHGLJ YDODPHQQ\LGLDJQÍ]LVVDONDSFVRODWEDKR]KDWÍ785,r77+r*(59$,
$] 6'40DJ\ KDV]Q»ODW»EÍO V]»UPD]Í HUHGPÃQ\HNHW KD]»QNEDQ FVDN »WODJRV LQWHO OHNWXVÔSRSXO»FLÍQEHOÖOYL]VJ»OWDNSO%,5.6r/$.$726r77+r*(59$,785,ÃVPWVDL 785,r77+r*(59$, $ YL]VJ»ODWRN VRU»Q PHJ»OODSÇWRWW»N KRJ\ D NÃUGĈÇY HJ\HVVN»O»LQDNEHOVĈNRQ]LV]WHQFLDPXWDWÍLWÐEEQ\LUHNLHOÃJÇWĈHNOHJLQN»EEPHJEÇ]KD WÍQDNDWDQ»ULY»OWR]DWWHNLQWKHWĈ$]HUHGPÃQ\HNV]HULQWDO»Q\RNUDIHMOHWWHEESURV]RFL
»OLVYLVHONHGÃVÃVWÐEEÃU]HOPLWÖQHWDILÔNUDWÐEEYLVHONHGÃVLSUREOÃP»UDLOOHWYHKLSHU DNWLYLW»VUDXWDOÍWÖQHWDMHOOHP]Ĉ
!)
£UWHOPLIRJ\DWÃNRVV]HPÃO\HNNÐUÃEHQYÃJ]HWWQHP]HWNÐ]LYL]VJ»ODWRNEDQWÐEEQ\LUH D] 6'4 NÃUGĈÇY V]ÖOĈL ÃVYDJ\ WDQ»UL Y»OWR]DW»W KDV]Q»OW»N 6]»PRV HVHWEHQ D] ÃUWHOPL IRJ\DWÃNRVV»JRW VÔO\RVV»J V]HULQW QHP GLIIHUHQFL»OM»N D] HQ\KÃQ ÃV NÐ]ÃSVÔO\RVDQ ÃU WHOPL IRJ\DWÃNRV V]HPÃO\HNHW WÐEE HVHWEHQ HJ\ÖWW YL]VJ»OW»N $]RQEDQ D] HUHGPÃQ\HN V]HULQWDNÃUGĈÇYD]HJ\HV]DYDURNDWPHJIHOHOĈHQNÃSHVGLV]NULPLQ»OQLHQ\KHÃVNÐ]ÃS VÔO\RVÃUWHOPLIRJ\DWÃNRVV»JHVHWÃQLV(0(5621*/(11r&811,1*+$0r1$1$1,'28r 35$6+(5r*/(1+2/0(6 $ V]RPDWLNXV YDJ\ LGHJUHQGV]HUL EHWHJVÃJHNNHO NÖ]GĈ ÃUWHOPL IRJ\DWÃNRV ILDWDORN HQ\KÃWĈO D VÔO\RV ÃUWHOPL IRJ\DWÃNRVV»JLJ WÐEE ÃU]HOPL ÃV YLVHONHGÃVL WÖQHWHW PXWDWQDN 2(6%85*r-$16(1r*5227+2))r5(,-1(9(/' (Q\KÃQ NÐ]ÃSVÔO\RVDQ ÃV VÔO\RVDQ ÃUWHOPL IRJ\DWÃNRVRN FVRSRUWM»W ÐVV]HKDVRQOÇWYD D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV ILDWDORNUD MHOOHP]Ĉ D OHJWÐEE ÐVV]HVÇWHWW SUREOÃPD %$.$5(r8%2&+,r (%,*%2r2529:,*+2.DSWHLQHWDOÃUWHOPLIRJ\DWÃNRV,4ÃV»WODJRV LQWHOOHNWXVÔ J\HUPHNHN ÃU]HOPL ÃV YLVHONHGÃVL SUREOÃP»LW ÐVV]HKDVRQOÇWYD D]W WDO»OWD KRJ\NÃWV]HUDQQ\LÃUWHOPLIRJ\DWÃNRVJ\HUPHNPXWDWMDYDODPLO\HQSV]LFKÃVYDJ\YLVHO NHGÃVL ]DYDU WÖQHWHLW D]RQEDQ D QHPHN V]HULQWL NÖOÐQEVÃJHN PHJHJ\H]QHN D QRUP»O LQWHOOHNWXVÔILDWDORNNÐUÃEHQYÃJ]HWWYL]VJ»ODWLHUHGPÃQ\HNNHO,4V]HULQWQHPFVRSRUWR VÇWRWW»N D] ÃUWHOPL IRJ\DWÃNRV J\HUPHNHNHW ÇJ\ DUUD YRQDWNR]ÍDQ QHP NÐ]ÐOWHN DGDWR NDWKRJ\D],4PÃUWÃNÃYHOKRJ\DQY»OWR]QDNDWÖQHWSRQWV]»PRN
$YL]VJ»ODWPÍGV]HUHL
&ÃORNKLSRWÃ]LVHN
.XWDW»VRP FÃOMD HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPHNHN YLVHONHGÃVL ÃV SV]LFKÃV SUREOÃ P»LQDNYL]VJ»ODWDYROWD]6'40DJ\WDQ»ULY»OWR]DW»QDNKDV]Q»ODW»YDOYDODPLQWD]HUHG PÃQ\HN ÐVV]HKDVRQOÇW»VD HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV ÃV »WODJRV LQWHOOHNWXVÔ J\HUPHNHN PLQW»MDNÐ]ÐWW
9L]VJ»ODWRP KLSRWÃ]LVHL D NÐYHWNH]ĈN )HOWÃWHOH]HP KRJ\ D] HQ\KÃQ ÃUWHOPL IR J\DWÃNRVWDQXOÍNDWWÐEEYLVHONHGÃVLÃVSV]LFKÃVWÖQHWMHOOHP]LPLQW»WODJRVLQWHOOHNWXVÔ NRUW»UVDLNDW QHPHN NÐ]ÐWWL NÖOÐQEVÃJHN DGÍGQDN D] HJ\HV WÖQHWFVRSRUWRN V]HULQW DNÃUGĈÇYDGLDJQRV]WL]»OWSV]LFKÃV]DYDURNDWPHJIHOHOĈHQGLV]NULPLQ»OMDDFVDO»
GLK»WWÃUY»OWR]ÍNÐVV]HIÖJJÃVWPXWDWQDNDWDQXOÍNSV]LFKÃVWÖQHWHLYHO
0LQWD
$YL]VJ»ODWEDQÐVV]HVHQKÃWLQWÃ]PÃQ\&VRQJU»GPHJ\H%»FV.LVNXQPHJ\HWDQX OÍMDYHWWUÃV]WV]HJUHJ»OÍLQWÃ]PÃQ\EHQWDQXOÍHQ\KÃQÃUWHOPLIRJ\DWÃNRVJ\HUPHN
»WODJÃOHWNRU ÃY YDODPLQW WÐEEVÃJL WDQWHUYĖ LVNRO»EDQ WDQXOÍ »WODJRV LQWHO OHNWXVÔ J\HUPHN »WODJÃOHWNRU ÃY $] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPHNHN NL Y»ODV]W»VD %12 NÍG DODSM»Q WÐUWÃQW ) UÃV]PLQW»MXNEDQ ILÔ ÃV O»Q\ V]HUHSHO
$] »WODJRV LQWHOOHNWXVÔ WDQXOÍN UÃV]PLQW»M»EDQ ILÔ ÃV O»Q\ V]HUHSHO $] HQ\KÃQ
"
ÃUWHOPL IRJ\DWÃNRV J\HUPHNHN D K»WU»Q\RV KHO\]HWĖ »QDN YDQ YDODPLO\HQ WHVWLV]HUYLYDJ\LGHJUHQGV]HULEHWHJVÃJHHSLOHSV]LDDV]WPDPR]J»VV]HUYLUHQGHOOHQHV VÃJEĈUEHWHJVÃJHJ\ÃELGHJUHQGV]HUWÃULQWĈPHJEHWHJHGÃVYDODPLQWGLDJQRV]WL]»OW SV]LFKÃV]DYDUUDONÖ]G$SV]LFKÃV]DYDURNNÐ]ÐWWDNÐYHWNH]ĈNIRUGXOWDNHOĈGHSUHV]
V]LÍV]RURQJ»VKLSHUDNWLYLW»VKLSHUNLQHWLNXVILJ\HOHP]DYDUV]HOHNWÇYPXWL]PXVV]XLFLG KDMODPJ\HUPHNNRULHPRFLRQ»OLV]DYDU$PLQW»EDQFVDNLQWHUQDOL]»OÍ]DYDUUDOYDODPLQW NHYHUW ÃU]HOPL ÃV YLVHONHGÃV]DYDUUDO GLDJQRV]WL]»OW WDQXOÍ V]HUHSHOW SO KLSHUNLQHWLNXV PDJDWDUW»V]DYDU HPRFLRQ»OLV ]DYDUUDO H[WHUQDOL]»OÍ ]DYDURN NÐUÃEH WDUR]Í GLDJQÍ]LV ÐQPDJ»EDQQHPIRUGXOWHOĈ
$]»WODJRVLQWHOOHNWXVÔJ\HUPHNHNDK»WU»Q\RVKHO\]HWĖ»QDNYDQYDODPL O\HQ V]RPDWLNXV EHWHJVÃJH DV]WPD GLDEÃWHV] ÃWHODOOHUJLD 'LDJQRV]WL]»OW SV]LFKÃV UHQGHOOHQHVVÃJHVHWÖNEHQQHPIRUGXOWHOĈD]RQEDQXNQDNYDQYDODPLO\HQWDQXO»VL SUREOÃP»MD%70VW»WXV]YDJ\WDQXO»VL]DYDUDGLV]OH[LDGLV]JU»ILDGLV]NDONXOLD
0ÃUĈHV]NÐ]
.XWDW»VRP VRU»Q D .ÃSHVVÃJHN ÃV QHKÃ]VÃJHN NÃUGĈÇY 6'40DJ\ WDQ»UL Y»OWR]DW»W KDV]Q»OWDP$K»URPIRNÔ/LNHUWVN»O»VNÃUGĈÇYWÃWHOHNHWWDUWDOPD]ÍPÃUĈHV]NÐ]LWHP EĈO»OOÃVÐWDOVN»O»UDERQWKDWÍ$]ÃU]HOPLWÖQHWHNYLVHONHGÃVLWÖQHWHNKLSHUDNWLYLW»VÃV NRUW»UVNDSFVRODWLSUREOÃP»NVN»ODLOOHWYHH]HQVN»O»NÐVV]HYRQ»V»EÍONÃS]HWWÐVV]HVÇWHWW SUREOÃPDVN»ODDODSM»QDJ\HUPHNHNQHKÃ]VÃJHLKDW»UR]KDWÍNPHJ$SURV]RFL»OLVYLVHO NHGÃVVN»ODYDODPLQWD]HJ\HVVN»O»NSR]LWÇYDQPHJIRJDOPD]RWWWÃWHOHL»OWDODJ\HUPHNHN HUĈVVÃJHLUĈO NÃSHVVÃJHLUĈO NDSKDWXQN LQIRUP»FLÍW $ SR]LWÇYDQ PHJIRJDOPD]RWW »OOÇW»
VRNEÍOOÃWUHKR]WDPHJ\NLHJÃV]ÇWĈVN»O»WPHO\SOXV]DGDWRNNDOV]ROJ»OKDWDJ\HUPHNHN HUĈVVÃJHLUH YRQDWNR]ÍDQ $ NÃUGĈÇY PHJEÇ]KDWÍV»J»W &URQEDFKĮ HJ\ÖWWKDWÍ PHJKDW»
UR]»V»YDO HOOHQĈUL]WHP PHO\QHN HUHGPÃQ\HL V]HULQW D] HJ\HV VN»O»N EHOVĈ NRQ]LV]WHQ FL»MD PHJIHOHOĈQHN WHNLQWKHWĈ W»EO»]DW (Q\KÃQ ÃUWHOPL IRJ\DWÃNRV WDQXOÍN HVHWÃQ DSHGDJÍJXVRNÃUWÃNHOÃVHDKLSHUDNWLYLW»VÃVDSURV]RFL»OLVYLVHONHGÃVVN»O»NNLYÃWHOÃYHO QÃPLOHJPHJEÇ]KDWÍEEQDNEL]RQ\XOW(QQHNHJ\LNPDJ\DU»]ÍMDOHKHWKRJ\DJ\ÍJ\SH GDJÍJXVRN WÐEE LGĈW WÐOWHQHN D WDQXOÍNNDO ÇJ\ WÐEE KHO\]HWEHQ LV OHKHWĈVÃJÖN Q\ÇOLN DJ\HUPHNHNYLVHONHGÃVÃQHNPHJILJ\HOÃVÃUH
$NÃUGĈÇYWÃWHOHNUHDGRWWSRQWV]»PRNDODSM»QOHKHWVÃJHVD]DGRWWWÖQHWFVRSRUW»WODJRV KDW»UHVHW ÃV UHQGHOOHQHV NDWHJÍUL»ED VRURO»VD $ NÃUGĈÇY ÃV DQQDN SRQWR]»VL ÔWPXWDWÍMD D] HJ\HV NDWHJÍUL»N ÃV D KR]]»MXN WDUWR]Í SRQWV]»PRN HOÃUKHWĈHN DZZZVGTLQIRFRP KRQODSRQ
$SHGDJÍJXVRND]6'40DJ\WDQ»ULY»OWR]DWDPHOOHWWHJ\K»WWÃUNÃUGĈÇYHWLVNLWÐOWÐW WHN PHO\QHN NÃUGÃVHL D J\HUPHNHN WHVWL ÃV SV]LFKÃV EHWHJVÃJHLUH FVDO»GL K»WWHUÃUH WRY»EE»HQ\KÃQÃUWHOPLIRJ\DWÃNRVJ\HUPHNHNHVHWÃQD],4UDWÐEEVÃJLJ\HUHNHNHVH WÃQSHGLJD]HVHWOHJHVWDQXO»VLNRUO»WRNUDYRQDWNR]WDN
$SRQWR]»VLÔWPXWDWÍDdQRUP»OLVpNLIHMH]ÃVWKDV]Q»OMDDNDWHJÍULDPHJMHOÐOÃVÃUHD]RQEDQDQQDNMHOHQWÃV WDUWDOPDPLDWWLQN»EED]d»WODJRVpV]ÍKDV]Q»ODWDDM»QORWW
"!
6N»OD (Q\KÃQÃUWHOPLIRJ\DWÃNRV
WDQXOÍN
&URQEDFKĮ
WODJRVLQWHOOHNWXVÔ WDQXOÍN
&URQEDFKĮ
°VV]HVÇWHWWSUREOÃPDVN»OD
£U]HOPLWÖQHWHN
9LVHONHGÃVLSUREOÃP»N
+LSHUDNWLYLW»V
.RUW»UVNDSFVRODWL
SUREOÃP»N
3URV]RFL»OLVYLVHONHGÃV
(UĈVVÃJHN
W»EO»]DW$VN»O»NEHOVĈNRQ]LV]WHQFL»MD
$YL]VJ»ODWHUHGPÃQ\HL
$WÖQHWSRQWV]»PRNÐVV]HKDVRQOÇW»VD
$ SHGDJÍJXVRN YDODPHQQ\L WÖQHWFVRSRUW WHNLQWHWÃEHQ WÐEE WÖQHWHW YÃOQHN IHOIHGH]QL D]HQ\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍNRQPLQW»WODJRVLQWHOOHNWXVÔNRUW»UVDLNRQW»E O»]DW6]LJQLILN»QVDQWÐEEÃU]HOPLWÖQHWYLVHONHGÃVLÃVNRUW»UVNDSFVRODWLSUREOÃPDYD ODPLQWÐVV]HVÇWHWWSUREOÃPDMHOOHP]ĈD]HQ\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍNUD$NÃWUÃV]
PLQWD KLSHUDNWLYLW»VWÖQHWHL NÐ]ÐWW YLV]RQW QHP DGÍGRWW VWDWLV]WLNDLODJ MHOHQWĈV NÖOÐQE VÃJ 6]LQWÃQ QHP PXWDWKDWÍ NL V]LJQLILN»QV NÖOÐQEVÃJ D J\HUPHNHN HUĈVVÃJHLW IHOW»UÍ SURV]RFL»OLV VN»OD WHNLQWHWÃEHQ 7HK»W D WDQ»URN V]HULQW KDVRQOÍ SURV]RFL»OLV YLVHONHGÃV MHOOHP]ĈD]HQ\KÃQÃUWHOPL IRJ\DWÃNRVÃVD]»WODJRVLQWHOOHNWXVÔWDQXOÍNUD$SR]LWÇYDQ PHJIRJDOPD]RWWNÃUGĈÇYWÃWHOHNEĈONÃS]HWWHUĈVVÃJHNVN»ODWHNLQWHWÃEHQVHPMHOHQWNH]HWW V]LJQLILN»QVNÖOÐQEVÃJDUÃV]PLQW»NNÐ]ÐWW
1HPHNV]HULQWLÐVV]HKDVRQOÇW»VEDQD]HQ\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍNWÖQHWHLNÐ ]ÐWWHJ\HWOHQVN»ODWHNLQWHWÃEHQVHPDGÍGRWWV]LJQLILN»QVNÖOÐQEVÃJW»EO»]DW$ILÔN UDYDODPLYHOWÐEEÃU]HOPLWÖQHWKLSHUDNWLYLW»VWÖQHWNRUW»UVNDSFVRODWLLOOHWYHÐVV]HVÇWHWW SUREOÃPDMHOOHP]Ĉ$O»Q\RNWÐEEYLVHONHGÃVLSUREOÃP»UDXWDOÍWÖQHWHWPXWDWQDNYDOD PLQWIHMOHWWHEESURV]RFL»OLVYLVHONHGÃVMHOOHP]ĈU»MXNH]HNDNÖOÐQEVÃJHND]RQEDQVWD
WLV]WLNDLODJQHPMHOHQWĈVHN
""
6N»O»N (Q\KÃQÃUWHOPL IRJ\DWÃNRV
WDQXOÍN
WODJRV LQWHOOHNWXVÔ
WDQXOÍN
WODJV]ÍU»V WODJV]ÍU»V )S WS
£U]HOPLWÖQHWHN r
9LVHONHGÃVL
SUREOÃP»N r
+LSHUDNWLYLW»V
.RUW»UVNDSFVRODWL
SUREOÃP»N r
3URV]RFL»OLV
YLVHONHGÃV
°VV]HVÇWHWW
SUREOÃPD r
(UĈVVÃJHN
W»EO»]DW$WÖQHWSRQWV]»PRNÐVV]HKDVRQOÇW»VD
6N»O»N )LÔN /»Q\RN
WODJV]ÍU»V WODJV]ÍU»V )S WS
£U]HOPLWÖQHWHN r
9LVHONHGÃVL
SUREOÃP»N r
+LSHUDNWLYLW»V
.RUW»UVNDSFVRODWL
SUREOÃP»N
3URV]RFL»OLV
YLVHONHGÃV r
°VV]HVÇWHWW
SUREOÃPD
(UĈVVÃJHN
W»EO»]DW(Q\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍNQHPHNV]HULQWLÐVV]HKDVRQOÇW»VD
"#
$]HQ\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍNNDOHOOHQWÃWEHQD]»WODJRVLQWHOOHNWXVÔILÔNÃVO»Q\RN WÖQHWHLNÐ]ÐWWWÐEEWHUÖOHWHQLVV]LJQLILN»QVNÖOÐQEVÃJMHOHQWNH]HWWW»EO»]DW$O»Q\RN UDV]LJQLILN»QVDQWÐEEÃU]HOPLWÖQHWÃVSURV]RFL»OLVDEEYLVHONHGÃVMHOOHP]ĈPÇJDILÔNWÐEE NRUW»UVNDSFVRODWLSUREOÃP»UDXWDOÍWÖQHWHWPXWDWQDN8J\DQDILÔNUDQÃPLOHJWÐEEKLSHU DNWLYLW»VUD XWDOÍ WÖQHW YLVHONHGÃVL ÃV ÐVV]HVÇWHWW SUREOÃPD MHOOHP]Ĉ D NÖOÐQEVÃJHN D NÃW QHPNÐ]ÐWWVWDWLV]WLNDLODJQHPV]»PRWWHYĈHN
6N»O»N )LÔN /»Q\RN
WODJV]ÍU»V WODJV]ÍU»V )S WS
£U]HOPLWÖQHWHN r
9LVHONHGÃVL
SUREOÃP»N
+LSHUDNWLYLW»V
.RUW»UVNDSFVRODWL
SUREOÃP»N
3URV]RFL»OLV
YLVHONHGÃV r
°VV]HVÇWHWW
SUREOÃPD
(UĈVVÃJHN r
W»EO»]DWWODJRVLQWHOOHNWXVÔWDQXOÍNQHPHNV]HULQWLÐVV]HKDVRQOÇW»VD
$WÖQHWSRQWV]»PRNÃUWHOPH]ÃVH
$] HJ\HV VN»O»NRQ HOÃUW ÐVV]SRQWV]»PRN DODSM»Q OHKHWVÃJHV D] DGRWW WÖQHWFVRSRUW »WOD JRVKDW»UHVHWÃVUHQGHOOHQHVNDWHJÍUL»EDVRURO»VD$]HQ\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍN NDWHJÍUL»QNÃQWL V]»]DOÃNRV PHJRV]O»V»W D] W»EO»]DWEDQ IRJODOWDP ÐVV]H D] »WODJRV LQWHOOHNWXVÔWDQXOÍNNDOYDOÍÐVV]HKDVRQOÇW»VEDQ
$WÖQHWSRQWV]»PRNDODSM»QV]LJQLILN»QVDQWÐEE»WODJRVLQWHOOHNWXVÔJ\HUPHNÃUWÃNHL HVQHND]»WODJRVWDUWRP»Q\EDD]ÃU]HOPLWÖQHWHN) SW S D YLVHONHGÃVL SUREOÃP»N ) S W S D NRUW»UVNDSFVRODWL SUREOÃP»N ) S W S YDODPLQW D] ÐVV]HVÇWHWW SUREOÃP»N WHNLQWHWÃEHQ) SW S$NÃWUÃV]PLQWDKDW»UHVHWHLNÐ]ÐWW FVDND]ÃU]HOPLWÖQHWHNV]»P»EDQDGÍGRWWV]LJQLILN»QVNÖOÐQEVÃJD]HQ\KÃQÃUWHOPLIR J\DWÃNRVWDQXOÍNMDY»UD) SW rS 8J\DQDNNRUDWÖQHWSRQW V]»PRN DODSM»Q V]LJQLILN»QVDQ QDJ\REE D UHQGHOOHQHV WDUWRP»Q\ED HVĈ HQ\KÃQ ÃUWHOPL
"$
IRJ\DWÃNRVWDQXOÍNDU»Q\DD]ÃU]HOPLWÖQHWHN) SW rS DYLVHONHGÃVLSUREOÃP»N) SW rS DKLSHUDNWLYLW»V) S W S LOOHWYH D] ÐVV]HVÇWHWW SUREOÃP»N WHNLQWHWÃEHQ ) S W r S $ SURV]RFL»OLV YLVHONHGÃVW MHOOHP]Ĉ WÖQHWSRQWV]»PRN DODSM»QHJ\LNNDWHJÍULDHVHWÃEHQVHPDGÍGRWWVWDWLV]WLNDLODJMHOHQWĈVNÖOÐQEVÃJD]HQ\
KÃQÃUWHOPLIRJ\DWÃNRVÃVD]»WODJRVLQWHOOHNWXVÔWDQXOÍNNÐ]ÐWW
7ÖQHWFVRSRUW
(Q\KÃQÃUWHOPLIRJ\DWÃNRV WDQXOÍN
WODJRVLQWHOOHNWXVÔ WDQXOÍN
WODJRV +DW»U
HVHW
5HQGHO OHQHV
WODJRV +DW»U HVHW
5HQGHOOH QHV
£U]HOPLWÖQHWHN
9LVHONHGÃVL
SUREOÃP»N
+LSHUDNWLYLW»V
.RUW»UVNDSFVRODWL
SUREOÃP»N
3URV]RFL»OLV
YLVHONHGÃV
°VV]HVÇWHWW
SUREOÃPD
W»EO»]DW$WDQXOÍNNDWHJÍUL»QNÃQWLPHJRV]O»V»QDNÐVV]HKDVRQOÇW»VD
$SV]LFKÃV]DYDURNÃVDWÖQHWSRQWV]»PRNNÐ]ÐWWLÐVV]HIÖJJÃVHN
9L]VJ»ODWL PLQW»PEDQ D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV WDQXOÍN Q\ROF V]»]DOÃN»QDN YROW YDODPLO\HQ GLDJQRV]WL]»OW SV]LFKÃV ]DYDUD ÇJ\ OHKHWĈVÃJHP Q\ÇOW PHJYL]VJ»OQL D] HJ\HV ]DYDURNÃVDWÖQHWSRQWV]»PRNNÐ]ÐWWLÐVV]HIÖJJÃVHNHW$SV]LFKÃVEHWHJVÃJHNÃVD]ÃU ]HOPL WÖQHWHN NÐ]ÐWWL ÐVV]HIÖJJÃV J\HQJHrNÐ]HSHVQHN U S PÇJ D NRU W»UVNDSFVRODWL SUREOÃP»NNDO YDOÍ NRUUHO»FLÍ NÐ]HSHVHQ HUĈVQHN WHNLQWKHWĈ U S9DJ\LVDWDQ»URNWÐEEÃU]HOPLWÖQHWHWÃVNRUW»UVNDSFVRODWLSUREOÃP»WYÃOQHN IHOIHGH]QLD]RNRQDJ\HUPHNHNHQDNLNQHNGLDJQRV]WL]»OWSV]LFKÃVEHWHJVÃJHYDQ$]LQ WHUQDOL]»OÍ SV]LFKÃV ]DYDURN ÐVV]HIÖJJÃVW PXWDWQDN D] ÃU]HOPL WÖQHWHWHN V]»P»YDO U S DNRUW»UVNDSFVRODWLSUREOÃP»NNDOU S LOOHWYHD]ÐV]
"%
V]HVÇWHWWSUREOÃP»NV]»P»YDOU S $]LQWHUQDOL]»OÍ]DYDURNÃVDWDQXOÍN SURV]RFL»OLV YLVHONHGÃVH NÐ]ÐWWL J\HQJH QHJDWÇY NDSFVRODW D]W MHOHQWL KRJ\ D WDQ»URN V]HULQWQÃPLOHJNHYÃVEÃSURV]RFL»OLVDND]RNDWDQXOÍNDNLNHPRFLRQ»OLVMHOOHJĖSV]LFKÃV ]DYDUUDO NÖ]GHQHN U r S $] LQWHUQDOL]»OÍ ]DYDURN D UHQGHOOHQHV NRUW»UV NDSFVRODWLSUREOÃP»NNDOPXWDWM»NDOHJV]RURVDEENDSFVRODWRWU S$NH YHUW ÃU]HOPL ÃV YLVHONHGÃVL ]DYDURN V]LQWÃQ ÐVV]HIÖJJÃVW PXWDWQDN D] ÃU]HOPL WÖQHWHN V]»P»YDO U S LOOHWYH D] ÐVV]HVÇWHWW SUREOÃP»N V]»P»YDO U S $ NHYHUW ÃU]HOPL ÃV YLVHONHGÃVL ]DYDURN ÃV D NRUW»UVNDSFVRODWL SUREOÃP»N NÐ]ÐWW QLQFV ÐVV]HIÖJJÃV XJ\DQDNNRU D] LQWHUQDOL]»OÍ ]DYDURNNDO HOOHQWÃWEHQ NRUUHO»O QDNDKLSHUDNWLYLW»VWÖQHWHNV]»P»YDOU S ÃVDYLVHONHGÃVLSUREOÃP»NNDO HJ\DU»QWU S
$SV]LFKÃV]DYDURNÃVDWDQ»URN»OWDOÃV]OHOWWÖQHWHNNÐ]ÐWWLNDSFVRODWRNDNÃUGĈÇYV]Ė UĈNÃSHVVÃJÃW EL]RQ\ÇWM»N $] HJ\HV WÖQHWFVRSRUWRNNDO YDOÍ NRUUHO»FLÍN MÍO »EU»]ROM»N D]LQWHUQDOL]»OÍ]DYDURNUDÃVDNHYHUWÃU]HOPLÃVYLVHONHGÃVL]DYDURNUDMHOOHP]ĈSURILORNDW
$WÖQHWSRQWV]»PRNÃVDK»WWÃUY»OWR]ÍNÐVV]HIÖJJÃVHL
(Q\KÃQ ÃUWHOPLIRJ\DWÃNRVWDQXOÍNHVHWÃQDFVDO»GLK»WWÃUY»OWR]ÍNNÐ]ÖODJ\HUPHNHO KDQ\DJROWV»JDFVDNDYLVHONHGÃVLSUREOÃP»NNDO»OOV]LJQLILN»QVÐVV]HIÖJJÃVEHQU S $] ÃU]HOPL MHOOHJĖ HOKDQ\DJROWV»J YLV]RQW D YLVHONHGÃVL SUREOÃP»N PHOOHWW U SNRUUHO»ODKLSHUDNWLYLW»VWÖQHWHLYHOU S LOOHWYHD]ÐV]
V]HVÇWHWWSUREOÃP»NNDOU S$J\HUPHNÃU]HOPLHOKDQ\DJROWV»JDÃVDSUR V]RFL»OLVYLVHONHGÃVNÐ]ÐWWLQHJDWÇYNDSFVRODWD]WMHOHQWLKRJ\D]ÃU]HOPLOHJHOKDQ\DJROW J\HUPHNHNNHYÃVEÃ YLVHONHGQHNSURV]RFL»OLVDQU rS $SR]LWÇYDQ PHJ IRJDOPD]RWW WÃWHOHNEĈO NÃS]HWW HUĈVVÃJHN VN»OD SRQWV]»PDL V]LQWÃQ QHJDWÇYDQ NRUUHO»O QDND]ÃU]HOPLMHOOHJĖHOKDQ\DJROWV»JJDOU rS ÃVDK»WU»Q\RVKHO\]HWWHO U rS $J\HUPHNHNK»WU»Q\RVKHO\]HWHDKLSHUDNWLYLW»VWÖQHWHLYHOU S D YLVHONHGÃVL SUREOÃP»NNDO U S ÃV D] ÐVV]HVÇWHWW SUREOÃP»N V]»P»YDO»OOV]LJQLILN»QVÐVV]HIÖJJÃVEHQU S
$] HUHGPÃQ\HN V]HULQW D] »WODJRV LQWHOOHNWXVÔ WDQXOÍN ÃU]HOPL WÖQHWHL HJ\HWOHQ K»W WÃUY»OWR]ÍYDOVHP»OOQDNV]LJQLILN»QVNDSFVRODWEDQ$J\HUPHNHNYLVHONHGÃVLSUREOÃP»L ÃVD]DQ\»NLVNRODLYÃJ]HWWVÃJHNÐ]ÐWWJ\HQJHQHJDWÇYDNRUUHO»FLÍU rS
$ WDQ»URN WHK»W YDODPLYHO NHYHVHEE YLVHONHGÃVL SUREOÃP»W O»WQDN D PDJDVDEE LVNRODL YÃJ]HWWVÃJJHOUHQGHONH]ĈDQ\»NJ\HUPHNHLQ$KLSHUDNWLYLW»VWÖQHWHLNRUUHO»OQDNDJ\HU PHN WDQXO»VL ]DYDU»YDO U S ÃV %70 VW»WXV]»YDO U S
$SHGDJÍJXVRNYDODPLYHOWÐEENRUW»UVNDSFVRODWLSUREOÃP»WYÃOQHNIHOIHGH]QLDILÔNNÐ ]ÐWW U r S LOOHWYH D] HJ\V]ÖOĈV FVDO»GEDQ QHYHONHGĈ WDQXOÍN NÐ]ÐWW U r S $ SURV]RFL»OLV YLVHONHGÃV V]LJQLILN»QVDQ ÐVV]HIÖJJ D WDQXOÍN QH PÃYHO U S ÃV QHJDWÇYDQ NRUUHO»O D J\HUPHNHN ÃOHWNRU»YDO U r S 7HK»W D SHGDJÍJXVRN V]HULQW D O»Q\RN ÃV D ILDWDODEE WDQXOÍN SURV]RFL»OL VDEEDN 7XUL 7ÍWK ÃV *HUYDL V]LQWÃQ DUUÍO V]»PROW EH KRJ\ D WDQ»UL ÃUWÃNHOÃV V]HULQWDWDQXOÍNSURV]RFLDOLW»VDD]ÃOHWNRUHOĈUHKDODGW»YDOFVÐNNHQ$WDQXO»VLNRUO»WRN
"&
V]LJQLILN»QVÐVV]HIÖJJÃVEHQ»OOQDNDYLVHONHGÃVLSUREOÃP»NNDOU S DKL SHUDNWLYLW»VWÖQHWHLYHOU SÃVD]ÐVV]HVÇWHWWSUREOÃP»NV]»P»YDOU S 1HJDWÇYDQ NRUUHO»OQDN D SURV]RFL»OLV YLVHONHGÃVVHO U r S YD ODPLQW D SR]LWÇYDQ PHJIRJDOPD]RWW WÃWHOHNEĈO NÃS]HWW HUĈVVÃJHN VN»OD SRQWV]»PDLYDO U rS$]RNDWDWDQXOÍNDWDNLNWDQXO»VLNRUO»WRNNÐUÃEHWDUWR]Í SUREOÃ P»NNDO NÖ]GHQHN WÐEE YLVHONHGÃVHV KLSHUDNWLYLW»VL WÖQHW ÃV ÐVV]HVÇWHWW SUREOÃPD MHO OHP]LWRY»EE»NHYÃVEÃYLVHONHGQHNSURV]RFL»OLVDQDWDQ»ULÃUWÃNHOÃVV]HULQW
°VV]HJ]ÃVNÐYHWNH]WHWÃVHN
9L]VJ»ODWRPVRU»QHQ\KÃQÃUWHOPLIRJ\DWÃNRVÃV»WODJRVLQWHOOHNWXVÔJ\HUPHNHNSV]LFKÃV ÃVYLVHONHGÃVL]DYDURNUDXWDOÍWÖQHWHLWKDVRQOÇWRWWDPÐVV]HD]6'40DJ\WDQ»ULY»OWR]DW»
YDO(UHGPÃQ\HLPV]HULQWDNÃUGĈÇYPHJEÇ]KDWÍDQDONDOPD]KDWÍHQ\KÃQÃUWHOPLIRJ\DWÃ NRVJ\HUPHNHNSUREOÃP»LQDNYL]VJ»ODW»UD$]ÐVV]HKDVRQOÇWÍYL]VJ»ODWRNDODSM»QDKLSHU DNWLYLW»VWÖQHWHNNLYÃWHOÃYHOV]LJQLILN»QVDQWÐEEÃU]HOPLYLVHONHGÃVLÃVNRUW»UVNDSFVRODWL SUREOÃP»UD XWDOÍWÖQHWLOOHWYH ÐVV]HVÇWHWWSUREOÃPDMHOOHP]LD]HQ\KÃQ ÃUWHOPLIRJ\DWÃ NRVWDQXOÍNDW$WÖQHWSRQWV]»PRNDODSM»QV]LJQLILN»QVDQWÐEEDUHQGHOOHQHVWDUWRP»Q\
ED HVĈ ÃUWHOPL IRJ\DWÃNRV WDQXOÍN DU»Q\D D] ÃU]HOPL WÖQHWHN D YLVHONHGÃVL SUREOÃP»N DKLSHUDNWLYLW»VLOOHWYHD]ÐVV]HVÇWHWWSUREOÃP»NWHNLQWHWÃEHQ$]HUĈVVÃJHNHWIHOW»UÍSUR V]RFL»OLV YLVHONHGÃV VN»OD WÖQHWSRQWV]»PDL NÐ]ÐWW QHP DGÍGRWW V]»PRWWHYĈ NÖOÐQEVÃJ DUÃV]PLQW»NNÐ]ÐWW$]HQ\KÃQÃUWHOPLIRJ\DWÃNRVJ\HUPHNHNSURV]RFLDOLW»VDWHK»WQHP PXWDW HOWÃUÃVW D QRUP»O LQWHOOHNWXVÔ NRUW»UVDNÃKR] NÃSHVW PHO\ HUĈVVÃJ DODSNÃQW V]RO J»OKDWDV]RFL»OLVNÃSHVVÃJHNIHMOHV]WÃVÃKH]$WDQ»ULÃUWÃNHOÃVV]HULQWD]»WODJRVLQWHOOHN WXVÔ WDQXOÍN SURV]RFLDOLW»VD D] ÃOHWNRU HOĈUHKDODGW»YDO FVÐNNHQ DPL LOOHV]NHGLN P»V KD]DLYL]VJ»ODWHUHGPÃQ\HLKH]785,r77+r*(59$,(]DWHQGHQFLDD]RQEDQQHP MHOHQWNH]HWWD]HQ\KÃQÃUWHOPLIRJ\DWÃNRVWDQXOÍNÃUWÃNHOÃVÃEHQ$SURV]RFL»OLVYLVHONH GÃVKH]KDVRQOÍDQQHPDGÍGRWWV]LJQLILN»QVNÖOÐQEVÃJDSR]LWÇYDQPHJIRJDOPD]RWW»OOÇ W»VRNEÍO NÃS]HWW HUĈVVÃJHN VN»OD WHNLQWHWÃEHQ VHP $ IHOW»UW HUĈVVÃJHN E»]LVNÃQW V]RO J»OKDWQDNDSUREOHPDWLNXVWHUÖOHWHNUHLU»Q\XOÍIHMOHV]WĈPXQN»EDQ
$MHOOHP]Ĉ QHPLNÖOÐQEVÃJHNPLQWDWÐEEÃU]HOPLWÖQHWDO»Q\RNHVHWÃEHQ ÃVWÐEE YLVHONHGÃVL SUREOÃPD ILÔN NÐUÃEHQ SO .$37(,1 HW DO 785,r77+r*(59$, D] HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPHN HVHWÃEHQ QHP MHOHQWNH]WHN $ WÖQHWSRQWV]»PRN QHPHNV]HULQWLÐVV]HKDVRQOÇW»V»EDQFVDND]»WODJRVLQWHOOHNWXVÔJ\HUPHNHNNÐ]ÐWWDGÍ GRWWV]LJQLILN»QVNÖOÐQEVÃJPHO\HUHGPÃQ\F»IROMDDP»VRGLNKLSRWÃ]LVHP$GLDJQRV]
WL]»OW SV]LFKÃV ]DYDURN ÃV D WÖQHWHN NÐ]ÐWWL NDSFVRODW D NÃUGĈÇY V]ĖUĈNÃSHVVÃJÃW EL]R Q\ÇWMD DPL LOOHV]NHGLN P»V KD]DL ÃV QHP]HWNÐ]L YL]VJ»ODW HUHGPÃQ\HLKH] SO (66$8r 6$6$*$:$r$1$67$66,28r+$'-,&+$5$/$0%286r*8=01r2//(1',&. 785, ÃV PWVDL
$]HJ\HVWÖQHWFVRSRUWRNNDOYDOÍNRUUHO»FLÍNMÍO»EU»]ROM»ND]LQWHUQDOL]»OÍ]DYDURN UD ÃV D NHYHUW ÃU]HOPL ÃV YLVHONHGÃV]DYDURNUD MHOOHP]Ĉ SURILORNDW $] ÐVV]HIÖJJÃVYL]VJ»
ODWRNHUHGPÃQ\HV]HULQWDSHGDJÍJXVRNWÐEEWÖQHWHWYÃOQHNIHOIHGH]QLD]ÃU]HOPLOHJHO KDQ\DJROW ÃV K»WU»Q\RV KHO\]HWĖ HQ\KÃQ ÃUWHOPL IRJ\DWÃNRV J\HUPHNHNHQ $ K»WU»Q\RV KHO\]HWQHNÃVD]DODFVRQ\V]RFLRÐNRQÍPLDLVW»WXV]QDND]HJ\HVYLVHONHGÃVLÃVSV]LFKÃV
