.O|QIpOpN
WK,QWHUQDWLRQDO&RQJUHVVRI'LDOHFWRORJLVWVDQG*HROLQJXLVWV 1HP]HWN|]L'LDOHNWROyJLDLpV*HROLQJYLV]WLNDL.RQJUHVV]XV
5LJDM~OLXV²DXJXV]WXV
,PPiUQHJ\HGLNDONDORPPDOUHQGH]HWWQHP]HWN|]LNRQJUHVV]XVWD'LDOHNWROyJXVRNpV*HR OLQJYLVWiN1HP]HWN|]L7iUVDViJD6,'*$UHQGH]YpQ\V]HUYH]MHpVKi]LJD]GiMDDULJDLHJ\HWHP /HWW1\HOYL,QWp]HWHYROW$UpV]WYHYNRUV]iJEyOpUNH]WHNVD]HXUySDLRUV]iJRNRQNtYO.D QDGDpV-DSiQLVNpSYLVHOWHWWHPDJiW$NRQJUHVV]XVKLYDWDORVQ\HOYHD]DQJROD]RURV]DQpPHWpV DIUDQFLDYROW(]HJ\~WWDOJ\DNRULViJLVRUUHQGLVPLYHODOHJW|EEHODGiVDQJROXOKDQJ]RWWHO XWiQDN|YHWNH]HWWD]RURV]PDMGDQpPHWYpJODIUDQFLD%iUNHYHVHEEUpV]WYHYMH YROWDULJDLNRQJUHVV]XVQDNPLQWD]HO]QHNDPHO\HWM~OLXViEDQ/XEOLQEDQWDUWRWWDNY|
-8+È6='(=601\²QpKiQ\RUV]iJPRVWLVV]pSV]iP~UpV]WYHYYHONpSYLVHOWHWWH PDJiW$Ki]LJD]GDOHWWHNHQNtYOVRNDQYROWDNDV]RPV]pGRVeV]WRUV]iJEyOpV/LWYiQLiEyOGH QDJ\V]iPEDQMHOHQWHNPHJPiVRNLVDKROODQGGLDOHNWROyJXVRNSpOGiXONLOHQFHODGiVVDOV]HUH SHOWHN0DJ\DURUV]iJUyOKpWHODGypUNH]HWWDOXEOLQLKiURPPDOV]HPEHQ|UYHQGHWHVMHOHQVpJUH PpOMNKRJ\DWRYiEELDNEDQLVPHJPDUDGH]DMyUpV]YpWHOLDUiQ\
$PDJ\DUUpV]WYHYNDN|YHWNH]WpPiNUyOWDUWRWWDNHODGiVW(,7/(57$0È6Ä:KDWVKDOO ZHGRZLWKWKHGDWLYHSOXUDO"7KHUHWHQWLRQRIWKHGDWLYHSOXUDOLQIOHFWLRQXPLQWKH1RUWKXPEULDQ GLDOHFW DV DQ 2OG 1RUVH ² 2OG (QJOLVK FRQWDFW SKHQRPHQRQ´ )$5.$6-8',7².1,(=6$9(52
1,.$Ä6RPH3UREOHPVLQWKH0RUSKRORJLFDODQG2UWKRJUDSKLF,QWHUSUHWDWLRQRIWKH6WUHHWQDPHV LQWKH&LWLHVRI<RUNDQG/LQFROQ´+(*('%6$1'5($Ä3RVVLELOLWLHVRI8QLWLQJRIWKH$WODVHVRI WKH+XQJDULDQ5HJLRQV´-8+È6='(=6Ä'LHXQJDULVFKH2QRPDWRGLDOHNWRORJLH(UJHEQLVVH7HQ GHQ]HQ´326*$<,/',.ÏÄ'LDOHFW&RQWDFW:LWKLQ/DQJXDJH&RQWDFW´=(//,*(5(5=6e%(7Ä0DNUR XQG0LNURDVSHNWHGHV6SUDFKZDQGHOVLQGHU'LDVSRUD´
$NRQJUHVV]XVWXGRPiQ\RVSURJUDPMDDV]RNiVRVPyGRQSOHQiULVpVV]HNFLyOpVHNHQ]DMORWW
$SOHQiULVOpVHNDN|YHWNH]NYROWDN+$16*2(%/6DO]EXUJÄ:DVLVWXQGZDV/HLVWHWGLH 'LDOHNWRPHWULH"(LQH3UlVHQWDWLRQDQKDQGURPDQLVFKHU'DWHQXQGHLQHVQHXHQGLDOHNWRPHWULVFKHQ VRIWZDUH3DNHWV 9'0´ 721*2(0$1² %28'(:,-1 9$1 '(1%(5*² 3,(7(5 9$15((1(1
$PV]WHUGDP ² $5-(19(56/227 /HHXZDUGHQ Ä7KH 0RUSKRORJ\ DQG 3KRQRORJ\ RI 'XWFK )OHPLVKDQG)ULVLDQ'LDOHFWV[ VHOHFWHGLWHPVLQQDUURZ,3$WUDQVFULSWLRQRQFRPSX WHU´-2$&+,0+(55*(10DUEXUJÄ2QOLQH'LDOHNWRORJLH'HU'LJLWDOH:HQNHU$WODV´/(0%,7
9$%$ 7DOOLQQ ÄhEHU 3UREOHPH EHL GHU (UIRUVFKXQJ GHU RVWVHHILQQLVFKOHWWLVFKHQ OH[LNDOLVFKHQ
%H]LHKXQJHQ´67()$1:$5&+2à/XEOLQÄ6XUODVRLGLVDQWLQWHUIpUHQFHªLQGLUHFWH©GDQVOHV SDWRLVGHODUpJLRQIURQWDOLqUHSRORQRXNUDLQLHQQH´
$Q\ROFV]HNFLyEDQDN|YHWNH]WpPiNUyOKDOOKDWWXQNHODGiVRNDW,7|UWpQHWLGLDOHNWROyJLD pVDQ\HOYLYiOWR]iVRN,,$Q\HOYMiUiVRNWHUOHWLpVW|U]VLNO|QEVpJHLpVDQHP]HWLQ\HOYHN,,,.pW Q\HOY&VpJ W|EEQ\HOY&VpJ Q\HOYL NRQWDNWXVRN Q\HOYL DQDOyJLiN ,9 ,QWHUIHUHQFLD pV LQWHJUiFLy DKDWiURNPHQWpQOpYQ\HOYHNpVD]HWQLNDLODJD]RQRVQ\HOYHNN|]|WW9$GLDOHNWROyJLDLNXWDWi VRNPDLPyGV]HUHL9,6WUXNWXUDOLVWDYRQiVRNDQ\HOYMiUiVRNEDQpVRV]WiO\R]iVXNEDQ9,,1\HOY MiUiVLDWODV]RNpVV]yWiUDN9,,,$GLDOHNWROyJLDSUREOpPiLRQRPDV]WLNDpVHWQROLQJYLV]WLND$IHQWL FtPHNQDJ\MiEyOD]RQRVDND]HO]NRQJUHVV]XVV]HNFLyHODGiVDLQDNN|]SRQWLWpPiLYDOWDOiQFVDN DWpPiNPHJRV]OiViEDQPXWDWNR]WDNDUiQ\EHOLHOWROyGiVRN0pJQDJ\REEKDQJV~O\WNDSRWWDV]i PtWyJpSHVQ\HOYpV]HWVDKHO\V]tQQHNPHJIHOHOHQV]iPRVHODGiVIRJODONR]RWWD%DOWLNXPQpSHL QHN NO|QE|] Q\HOYYiOWR]DWDLYDO Q\HOYMiUiVL MHOHQVpJHLYHO D VWDQGDUGL]iFLy NpUGpVHLYHO SO
$11$67$)(&.$5LJDDNRQWDNWXVMHOHQVpJHNNHOSO/$,087(%$/2'(5LJD1$7$/,-$$1$
1<(9$0RV]NYD5(*,1$.9$6<7(6LDXOLDL/LWYiQLD(/*$.$*$,1(pV$*5,67,08â.$5LJDD OHWWEHQWDOiOKDWyQ\HOYMiUiVLILQQXJUL]PXVRNDWYL]VJiOWiNVDUUyOWDUWRWWDNHODGiVWKRJ\D]HJ\
.O|QIpOpN
NRUL /LYyQLD 9LG]HPH WHUOHWpQ KRJ\DQ pOQHN WRYiEE Q\HOYMiUiVL V]LQWHQ D OtY Q\HOY OH[pPiL DPHO\HNQHNV]iPDPLQWHJ\UDWHKHW
$NRQJUHVV]XVLGHMHDODWWOpVWWDUWRWWD]$WODV/LQJXDUXP(XURSDH$/(V]HUNHV]WEL]RWW ViJDYDODPLQWWLV]W~MtWyN|]J\&OpVWWDUWRWWD],QWHUQDWLRQDO6RFLHW\RI'LDOHFWRORJLVWVDQG*HROLQ JXLVWVDPHO\HQ~MHOQ|N|WYiODV]WRWWXQN/DUV(ULN(GOXQGV]HPpO\pEHQ$YH]HWVpJQHNHGGLJLV WDJMDYROWV~MUDPHJOHWWYiODV]WYD.LVV-HQ:ROIJDQJ9LHUHFNHGGLJLHOQ|NQHYpKH]I&]GLN DEDPEHUJLNRQJUHVV]XVQDNDV]HUYH]pVHDPHO\HQG|QWpVV]OHWHWWDUUyOKRJ\DQHP]HWN|]L GLDOHNWROyJLDLNRQJUHVV]XVQHYpEHQLVWDUWDOPiEDQLVEYOM|QVOHJ\HQJHROLQJYLV]WLNDLLV$QHP ]HWN|]LGLDOHNWROyJLDLWiUVDViJNLDGYiQ\iQDND'LDOHFWRORJLDHW*HROLQJXLVWLFDQDNV]HUNHV]WEL]RWW ViJD pOpQ WRYiEEUD LV :ROIJDQJ 9LHUHFN PDUDGW 8J\DQH]HQ D] OpVHQ )XPLR ,QRXH 7RNLy OHN|V]|Q DOHOQ|N LQGtWYiQ\iUD V D PDJ\DU NRQJUHVV]XVL UpV]WYHYN DMiQOiViYDO WLV]WHOHWL WDJJi YiODV]WRWWiN%HQN/RUiQGSURIHVV]RUXUDWDPDJ\DUGLDOHNWROyJLiEDQV]HU]HWWpUGHPHLpUW
$WXGRPiQ\RVSURJUDPPHOOHWWHJ\LNQDSDKDQJXODWRVULJDLyYiURVVDO9HFULJDLVPHUNHG KHWWQNPHJDPHO\DYLOiJ|U|NVpJUpV]H$'DXJDYDIRO\ySDUWMiQIHNYIYiURVUpJLEHOYiURVD PHJUL]WHPLQGD]WDKDWiVWDPHOO\HODOHWWHNWDOiONR]WDNW|UWpQHOPNIRO\DPiQDQpPHWDVYpG DOHQJ\HOD]RURV]EHIRO\iVpWDPHO\pSOHWHNEHQLVWHVWHW|OW|WW8J\DQFVDNN|]|VNLUiQGXOiVNH UHWpEHQMXWRWWXQNHOD5LJiKR]N|]HOLV]DEDGWpULIDOXP~]HXPED(WQRJUDILVNDLV%ULYGDEDVPX]HMV DPHO\HJ\V]i]KHNWiURVIHQ\HUGEHQD-XJODWySDUWMiQWDOiOKDWy,QQHQWRYiEEYLWWHNEHQQQNHW D*DXMDIRO\yY|OJ\pEHDPHO\HWÄOHWW6YiMF´QDNLVQHYH]QHN
$NRQJUHVV]XVMyV]HUYH]pVppUWDOpSWHQQ\RPRQWDSDV]WDOKDWyYHQGpJV]HUHWHWpUWDOHWWKi]L JD]GiNQDNNHOON|V]|QHWHWPRQGDQXQNNO|QLVNLHPHOYH D NRQJUHVV]XV V]HUYH]EL]RWWViJiQDN HOQ|NpW$JULV7LPXãNiWDNLQpYV]HULQWGY|]|OWPLQGHQNLWpVIiUDGKDWDWODQQDNEL]RQ\XOWDPLNRU V]HPpO\HVHQLQWp]NHGHWWPLQGHQUO$V]HUYH]NNHGYHVJHV]WXVDYROWKRJ\DNRQJUHVV]XVLNLW&
]N|QPLQGHQRUV]iJDQHP]HWLQ\HOYpQOHWWIHOWQWHWYHtJ\DPDJ\DURNQHPNLVIHOW&QpVWNHOWYH RNR]WDNKRVV]DVIHMW|UpVWDW|EELHNQHND0DJ\DURUV]iJIHOLUDWWDO
/XEOLQKR]KDVRQOyDQ5LJDLVPLQWNRQJUHVV]XVLKHO\V]tQDN|]pSpVNHOHWHXUySDLNLVQpSHN HOLVPHUpVpWMHOHQWHWWHPLQGNXOWXUiOLVPLQGSHGLJWXGRPiQ\RVWpUHQ5HPpOMNKRJ\H]DIRO\D PDWQHPW|ULNPHJVDPDJ\DUGLDOHNWROyJXVRNMHOHQOpWHDQHP]HWN|]LUHQGH]YpQ\HNHQiOODQGy OHV]PpJDNNRULVKDNLFVLWWiYRODEEUDNHOOXWD]QXQNEDQ$WHUYHNV]HULQWXJ\DQLVOHJN|]H OHEEYDJ\3RUWXJiOLiEDQYDJ\0iOWiQOHV]DNRQJUHVV]XV
326*$<,/',.Ï
7 È 5 6 $ 6 È * , h * < ( . -XKiV]-y]VHIQ\ROFYDQpYHV
$-XKiV]-y]VHIHWN|V]|QWNROOpJDQHKp]KHO\]HWEHQYDQ(QQHNRNDNHWWV(J\IHOO-X KiV]WDQiU~UN|]LVPHUWV]HUpQ\VpJHYLVV]DIRJRWWViJDFV|QGHVLQNiEEPiVRNUDILJ\HOEHiOOt WyGiVDWLOWDNR]LNDV]HPpO\pQHNV]yOyPLQGHQIDMWDQQHSOpVHOOHQ$PiVLNRNNLIHMH]HWWHQV]DN PDL WHUPpV]HW& D KD]DL Q\HOYWXGRPiQ\ -XKiV] -y]VHIHW HOVVRUEDQ PDJ\DU Q\HOYpV]NpQW WDUWMD V]iPRQKRORWWMXELOiQVXQNV]ODYLVWDNpQWLVNRPRO\HUHGPpQ\HNHWpUWHO
0XQNiVViJiQDNHNHWWVVpJHWXGRPiQ\V]HUYH]LWHYpNHQ\VpJpEHQLVWNU|]GLNWDJMDD]
07$ÈOWDOiQRV1\HOYpV]HWL%L]RWWViJiQDNpV6]ODYLV]WLNDL%L]RWWViJiQDNLVD0DJ\DU1\HOYWX GRPiQ\L7iUVDViJYiODV]WPiQ\LWDJMDpVUpV]WYHV]D'LVVHUWDWLRQHV6ODYLFDHpVD1\HOYWXGRPiQ\L .|]OHPpQ\HNV]HUNHV]WEL]RWWViJiQDNPXQNiMiEDQLV
$NLPXQNiVViJiQDNPpOWDWiViUDYiOODONR]LNDQQDNNpWQDJ\WXGRPiQ\WHUOHWHWNHOOiWWHNLQ WHQLHKRJ\MXELOiQVXQNWXGRPiQ\RVHUHGPpQ\HLWWiUJ\LODJRVDQPXWDWKDVVDEH$WiUJ\LODJRVViJ
