• Nem Talált Eredményt

A pénzügyi beszámolás jövője az IFRS-ek tükrében. Kockázatok megjelenítése a számvitelben

N/A
N/A
Protected

Academic year: 2022

Ossza meg "A pénzügyi beszámolás jövője az IFRS-ek tükrében. Kockázatok megjelenítése a számvitelben"

Copied!
138
0
0

Teljes szövegt

(1)

9(6=35e0

*$='È/.2'È6e66=(59(=e678'20È1<,'2.725, ,6.2/$

6202*<,&6,=0$=,È1e'5.29È76(5=6e%(7

$3e1=h*<,%(6=È02/È6-g9 -($=,)56(.

7h.5e%(1

$NRFNi]DWRNPHJMHOHQtWpVHDV]iPYLWHOEHQ

3+'e57(.(=e6

7e0$9(=(7 '5',0e1<(5=6e%(7

.DQGLGiWXV

WDQV]pNYH]HW HJ\HWHPLGRFHQV

9(6=35e0

(2)

$3e1=h*<,%(6=È02/È6-g9 -($=,)56(.

7h.5e%(1

$NRFNi]DWRNPHJMHOHQtWpVHDV]iPYLWHOEHQ

eUWHNH]pVGRNWRUL3K'IRNR]DWHOQ\HUpVHpUGHNpEHQ

D9HV]SUpPL3DQQRQ(J\HWHP*D]GiONRGiVpV6]HUYH]pVWXGRPiQ\RN 'RNWRUL,VNROiMiKR]WDUWR]yDQ

6RPRJ\L&VL]PD]LiQpGU.RYiWV(U]VpEHWËUWD 7pPDYH]HW 'U'LPpQ\(U]VpEHW

(OIRJDGiVUDMDYDVORPLJHQQHP «««««««««

DOitUiV

$MHO|OWDGRNWRULV]LJRUODWRQ«RWpUWHO

$]pUWHNH]pVWEtUiOyNpQWHOIRJDGiVUDMDYDVORP

%tUiOyQHYH««LJHQQHP

«««««««««

DOitUiV

%tUiOyQHYH««LJHQQHP

«««««««««

DOitUiV

%tUiOyQHYH««LJHQQHP

«««««««««

DOitUiV

$MHO|OWD]pUWHNH]pVQ\LOYiQRVYLWiMiQ«RWpUWHO

9HV]SUpP.HV]WKHO\ ««««««««««

D%tUiOy%L]RWWViJHOQ|NH

$GRNWRUL3K'RNOHYpOPLQ VtWpVH«

««««««««««

$]('7HOQ|NH

(3)

7$57$/20-(*<=e.

7$57$/20-(*<=e.

7$57$/0,.,921$7

$%675$&7(;75$.7

,%(9(=(7e6

$NXWDWiVFpOMD

$NXWDWiVHO ]PpQ\HL

$NXWDWiVKLSRWp]LVHL

$NXWDWiVYL]VJiODWLWHUOHWHL

$NXWDWiVPyGV]HUWDQD

$]pUWHNH]pVIHOpStWpVH

,,$6=È09,7(/0,17$*$='È/.2'È65Ï/9$/Ï6=È0$'È6e66=È0%$9e7(/

,, 6

,, $ !"# $ %&' !()*$+,$.-$ -))

,, 6% %*$/-)0$%)1$,2*

,,.ODVV]LNXVHOPpOHW

,,3LDFDODS~V]iPYLWHOLPHJN|]HOtWpV

,,3R]LWtYV]iPYLWHOLPHJN|]HOtWpV

,, $ 3-$4$*1%)1$*2 '1$4$ 31$,.4

,, $ '1%$+, % %5$$&$ %

,, $ *60%1$+, 7 '1$4$

,,$V]iPYLWHOLKDUPRQL]iFLyHOWpU WtSXVDLDOWHUQDWtYiL

,,,$3e1=h*<,%(6=È02/È6-g9 -($=,)56(.7h.5e%(1

,,, $ (($%),&''(,2"#1-)%$"89 6 3'+0$(

,,, % !* 1$$%),$-) '1-$$1$/%) 31$*

,,, $ ,$6 %)7' 1 %)2$,:$$ 7&

,,, $$ $*$$$ 3*$% ! Ä(*,$´

,,, )% *2 ,)56*:$*$$ 3$*:0$ -)%

*$*$ 36)6$

Ä(*$,$%),$ ´

,,,$],)56HNDONDOPD]iVLOHKHW VpJHLNLNV]|E|OHQG ÄEXNWDWyL´

,,,$],)56HNUHYDOyiWWpUpVKDWiVDD]XQLyVEDQNRNPpUOHJpUH

,,,$36=È)IHOJ\HOHWHDOiWDUWR]yKLWHOLQWp]HWHNV]iPYLWHOLIHONpV]OWVpJH

,9$.2&.È=$7.(=(/e6e6.25$,),*<(/ 5(1'6=(5$6=È09,7(/,

,1)250È&,Ï.)(/+$6=1È/È6È9$/

,9 $*$1$+*$$$ 2$ 4$ 1%% $$*:*

,9*$53PLQWEHQFKPDUN

,9 .1)%$' %"8 '-4 1$*:2&'-4'&$+1$*1

,9$IHOJ\HOHWLUDWLQJNRFNi]DWpUWpNHOpVLUHQGV]HUHN

,93pQ]J\LPXWDWyV]iPpVSHHUJURXSHOHP]pVLUHQGV]HUHN

,9ÈWIRJyEDQNLNRFNi]DWNH]HOpVLUHQGV]HUHN

,96WDWLV]WLNDLPRGHOOHN

,9 .1$+*$1$*2-)"8; 92-4$%<*

,9 61$*%)2&' *$1$+*$$%)* 3% %5207*$%

,9$NRFNi]DWpUWpNHOpVÄREMHNWtY´UHQGV]HUH

,9$IHOJ\HOWKLWHOLQWp]HWHNUHQGHONH]pVpUHERFViWDQGyPXWDWyNN|UH

(4)

,9.RFNi]DWPHJMHOHQtWpVDEDQNV]iPYLWHOEHQDEHPXWDWRWNRFNi]DWpUWpNHOpVLUHQGV]HUHQ

NHUHV]WO

97È56$6È*,5È1<Ë7È6,5(1'6=(56=(5(3($.2&.È=$72.1<,/9È1266È*5$

+2=$7$/È%$1

9,(5('0e1<(.g66=()2*/$/È6$e57e.(/e6(

9,,g66=()2*/$/È6±$.87$7È6,(5('0e1<(.+$6=126Ë7È6È1$.

/(+(7 6e*(,

,52'$/20e6-2*6=$%È/<2.

$*(,()*$= 31%> !1$-1$1

$? !0 3$%)1$1@A !"#

$%)* 7$*$6%$*$&+ 31$1 "#/

%$ % &'($)*$+,$*

$%)* 7$*$6%$*$&+ 31$1 "#$*$$ 31$*

7È%/È=$7e6È%5$-(*<=e.

7$1$*

È%$*2 B-)%$ *11$*

6=È02=2777e=,632172.

7 &171$*2-4$%(

70$ (7-A 30

)h**(/e.(.

(5)

7$57$/0,.,921$7

$ GLVV]HUWiFLy D UHOHYiQV V]DNLURGDOPDN HOPpOHWL DODSRN EHPXWDWiViW N|YHW HQ D V]iPYLWHOL DGDWRNRQ DODSXOy HO UHMHO]pVHN NRFNi]DWPHJMHOHQtWpVHN J\DNRUODWL DONDOPD]iVDLQDN

|VV]HIJJpVHLW PXWDWMD EH QHP]HWN|]L NLWHNLQWpVEHQ $] HJ\LN DODSYHW NpUGpV KRJ\ D IHOKDV]QiOiV VRUiQ D] DQJROV]iV] YDJ\ D NRQWLQHQWiOLV J\DNRUODWRQ DODSXOy SpQ]J\L NLPXWDWiVRNEHV]iPROyNDODSDGDWDLNpSH]LNHD]HO UHMHO]pVHNLQSXWMDLW

$ NXWDWiV N|]pSSRQWMiEDQ D V]iPYLWHOHQ pV D NRFNi]DWRNUD LUiQ\XOy NRUDL HO UHMHO]pVHNHQ NHUHV]WO D] ,)56HN DONDOPD]iVD pV D NRFNi]DWRN EDQNV]iPYLWHOEHQ W|UWpQ PHJMHOHQtWpVH NRUDLHO UHMHO]pVHiOOWDWiUVDViJLUiQ\tWiVLUHQGV]HUHUUHLUiQ\XOyV]HUHSpQHNKDQJV~O\DPHOOHWW

$ NXWDWiVL PXQND VRUiQ IHOV YH]HW N N|Q\YYL]VJiOyN HJ\HWHPL KDOOJDWyN pV HXUySDL XQLyV ÄKDUPDGLNV]LQW /iPIDOXVV\EL]RWWViJRN´UpV]pUHNpV]OWHNPyGV]HUWDQLpVRNWDWiVLDQ\DJRN P KHO\WDQXOPiQ\RN (O V]|U D] HOPpOHWL |VV]HIJJpVHN WLV]Wi]iVD W|UWpQW PHJ PDMG IHOKDV]QiOYD D V]iPYLWHOL DODSRNUD pSO IXQGDPHQWiOLV HOHP]pV OHKHW VpJHLW NHUOW VRU HPSLULNXVNXWDWiVRNUD

$]pUWHNH]pVI EEPHJiOODStWiVDL

• $ SpQ]J\L NLPXWDWiVRNUD YRQDWNR]y V]iPYLWHOL V]DEiO\R]iV D UpV]OHWV]DEiO\RNEDQWRYiEEUDLVMHOHQW VHOWpUpVHNHWPXWDW

• $] ,)56 DODS~ SpQ]J\L NLPXWDWiVRN LV DNNRU WHNLQWKHW N PHJEt]KDWyQDN pV YDOyVQDN KD D]RN D] ,$6% iOWDO HOIRJDGRWW WHOMHV Ä,)56 FVRPDJ´ HO tUiVDL V]HULQWpV]iUWV]iPYLWHOLUHQGV]HUEHQN|Q\YHOWDODSDGDWRNEyONpV]OQHN

• $ WiUVDViJLUiQ\tWiVL UHQGV]HU KR]]iMiUXO D NRFNi]DWRN pV D]RN NH]HOpVpQHN WUDQV]SDUHQVHEEpWpWHOpKH]

$ NXWDWiVL HUHGPpQ\HN W|EEHN N|]|WW KR]]iMiUXOKDWQDN D QHP]HWN|]L V]iPYLWHOL V]DEiO\R]iV DONDOPD]iViEyO OHYRQKDWy WDSDV]WDODWRNDW KDV]QRVtWy KD]DL V]iPYLWHOL V]DEiO\R]iVKR] DQQDN HOLVPHUpVpKH]KRJ\DV]iPYLWHODWiUVDViJLUiQ\tWiVRQNHUHV]WOPHJYDOyVXOyWUDQV]SDUHQFLD Q\LOYiQRVViJ RO\DQ HV]N|]WiUiW MHOHQWL DPHO\ D PHJEt]KDWyViJRW UHOHYiQVViJRW pV

|VV]HKDVRQOtWKDWyViJRW KLYDWRWW HO PR]GtWDQL pV YpJO GH QHP XWROVy VRUEDQD V]iPYLWHOU O NLDODNXOWJRQGRONRGiVPHJYiOWR]iViKR]DIHOV IRN~RNWDWiVWDQDQ\DJDLQDNHWpPiEDQ W|UWpQ E YtWpVpQNHUHV]WO

$ NXWDWiV VRUiQ W|EEHN N|]|WW HJ\HWHPL RNWDWiVEDQ 3DQQRQ (J\HWHP ± 9HV]SUpP pV D EHIHNWHWpVHOHP] LNpS]pVEHQ())$6±%DQNiUNpS] 5WNpV]OWHNRNWDWiVLDQ\DJRNYDODPLQW D] HONpV]OW EDQNL NRFNi]DW±HO UHMHO] UHQGV]HU DNWXDOL]iOiVRNNDO ´PRQLWRUHV]N|]NpQW´

IXQNFLRQiO

(6)

$%675$&7(;75$.7

7+()8785(2)7+(),1$1&,$/5(3257,1*,15()/(&7,212)7+(,)56V 5HFRJQLWLRQRIULVNVZLWKLQDFFRXQWDQF\

7KH GLVVHUWDWLRQ LQWHQGHG WR H[SORUH IROORZHG E\ WKH UHOHYDQW SURIHVVLRQDO OLWHUDWXUH SUHVHQWDWLRQ RI WKHRUHWLFDO EDVLV LQKHUHQFHV RI SUDFWLFDO DSSOLFDWLRQV RI IRUHFDVWV ULVN UHFRJQLWLRQVEDVHGRQWKHDFFRXQWDQF\GDWD,QWKHFHQWUHRIWKHUHVHDUFKZDVWKHDSSOLFDWLRQDQG SLWIDOOVRI,)56VWKURXJKWKHDFFRXQWDQF\DQGWKHHDUO\ZDUQLQJVEHLQJDLPHGDWWKHULVNVDQG WKHUROHRIWKHFRUSRUDWHJRYHUQDQFHSOD\HGRQWKLVILHOG

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

',(=8.81)7'(6-$+5(6$%6&+/866(6,063,(*(/'(5,)56 'LH'DUVWHOOXQJGHU5LVLNHQLP5HFKQXQJVZHVHQ

'DV 'LVVHUWDWLRQ ZROOWH QDFK GHU 9RUVWHOOXQJ GHQ UHOHYDQWHQ )DFKOLWHUDWXU XQG WKHRUHWLVFKHQ

%DVLV GHQ =XVDPPHQKDQJ GHU SUDNWLVFKHQ $QZHQGXQJ YRQ GHU 5LVLNHQHUVFKHLQXQJ GHU 9RUKHUVDJHGLHDXI5HFKQXQJVOHJXQJVDQJDEHQEDVLHUWHQDXIGHFNHQ,QGHU0LWWHGHU)RUVFKXQJ VWDQGHQGLH$QZHQGXQJXQGGHU1DFKWHLOGHU,)56GXUFK5HFKQXQJVZHVHQXQGGLHIUK]HLWLJHQ 9RUKHUVDJH ]X 5LVLNR VRZLH GLH 5ROOH GHU 8QWHUQHKPHQVIKUXQJ &RUSRUDWH *RYHUQDQFH LQ GLHVHP%HUHLFK

1DFK GHU .OlUXQJ GHU WKHRUHWLVFKHQ .RKlUHQ] NDPHQ GLH HPSLULVFKHQ )RUVFKXQJHQ PLW IXQGDPHQWDOHU $QDO\VH 'LH HLQGHXWLJH )HVWVWHOOXQJ LVW GDVV GLH VLJQLILNDQWHQ 'LIIHUHQ]HQ LQ 'HWDLOVUHJHOXQJHQ LP /DXIH GHU $QZHQGXQJ GHU DXV GHP 5HFKQXQJVZHVHQ JHZRQQHQHQ

$QJDEHQ]XEHUFNVLFKWLJHQVLQG'LH5HVXOWDWHN|QQHQ]XUNRQNUHWHQGHIDFWR7UDQVSDUHQ]

XQG ]XU bQGHUXQJ GHV 'HQNHQV EHU 5HFKQXQJVZHVHQ EHLWUDJHQ ,Q GHP 'LVVHUWDWLRQVWKHPHQEHUHLFKZXUGHQXQWHUDQGHUHQ/HKUVWRIIHIU,QYHVWLWLRQVDQDO\WLNHUXQGIU 8QLYHUVLWlW /HKUVWRIIH ]XVDPPHQJHVWHOOW XQG GDV 5LVLNRYRUKHUVDJHV\VWHP IXQNWLRQLHUW DOV 0RQLWRUVPLWWHO

(7)

,%(9(=(7e6

$NXWDWiVFpOMD

$ EHOI|OGL pV QHP]HWN|]L YHUVHQ\NpSHVVpJ EL]WRVtWiViKR] D M|YHGHOHPWHUPHO WHYpNHQ\VpJHN YHUVHQ\NpSHVVpJpQHN EL]WRVtWiVD PHOOHWW HOHQJHGKHWHWOHQO V]NVpJHV KRJ\ D PHJPpUHWWHWpV D EHV]iPROyNEDQ N|]|OW DGDWRNNDO LV DOiWiPDV]WRWW OHJ\HQ EL]WRVtWYD D] DGDWRN WpUEHOL pV LG EHOL |VV]HKDVRQOtWKDWyViJiW 0LQGH] yKDWDWODQXO NLNpQ\V]HUtWLDV]iPYLWHOLV]DEiO\R]iVYLOiJYLV]RQ\ODWEDQLVPHJMHOHQ U|YLGpVKRVV]~

WiY~NRQYHUJHQFLiMiUDLUiQ\XOyW|UHNYpVHNHW

$SpQ]J\LV]DNPDLYDJ\DNiUNLVEHIHNWHW LEL]DORPPHJWHUHPWpVpQHNpVIRO\DPDWRV IHQQWDUWiViQDN DODSYHW HV]N|]H D V]DEiO\R]RWW NO|QE|] V]LQW HO tUiVRN DODSMiQ UHQGV]HUH]HWW D SpQ]J\LOHJ OH]iUW LG V]DNUD YRQDWNR]y JD]GiONRGiVL WHYpNHQ\VpJ OHNpSH]pVH D M|Y UH Qp]YH SHGLJ G|QWpVHO NpV]tW LQIRUPiFLyNDW LV WDUWDOPD]y EHV]iPROyNN|]]pWpWHOH$]D]IHOKDV]QiOyRULHQWiOWDOHKHWVpJHVNRFNi]DWRNUDLVXWDOy D] DGRWW V]HNWRUEDQ EHW|OW|WW V]HUHSUH W NHHU VVpJUH D]RN YiOWR]iVDLUD IRO\DPDWiEDQ UiPXWDWypVQHP]HWN|]LPpUFpYHO|VV]HKDVRQOtWKDWyEHV]iPROyNWHUHPWLNPHJD]WDIDMWD Q\tOW pV V]LQWH EHPXWDWNR]iVW DPHO\ D Q\LOYiQRVViJ HV]N|]HLYHO |V]W|Q|] D PDJDV V]tQYRQDO~ PXQNiUD pV D] iWOiWKDWyViJ D WUDQV]SDUHQFLD NHWW V V]HUHSpW KLYDWRWWDN EHW|OWHQL

(] D NHWW V V]HUHS QHP PiV PLQW HJ\UpV]W D] pUGHNHOW IHOHN ± OHJ\HQ D] NLERFViWy EHIHNWHW KLWHOH] YDJ\ DNiU D V]pOHVN|U Q\LOYiQRVViJ ± UpV]pUH W|UWpQ LQIRUPiFLy N|]YHWtWpV D]D] D V]DEiO\R]RWW LQIRUPiFLyN Q\LOYiQRVViJUD KR]DWDOD PiVUpV]W D]

|VV]HKDVRQOtWKDWyViJ EL]WRVtWiVD D ÄVWDQGDUGL]iOW´ EHV]iPROyNpV]tWpVHQ NHUHV]WO 0LQGH]HNHJ\WWDV]DNPDLEL]DORPHU VtWpVpWDN|]pUGHNV]ROJiODWiWFpOR]]iNPHJD V]DEiO\R]iVDGWDV]pOHVN|U HV]N|]WiUIHOKDV]QiOiViYDOWHOMHVtWYHDN|]|OWLQIRUPiFLy DGiVVDOHJ\WWMiUypUWKHW VpJN|YHWHOPpQ\pWD]LQIRUPiFLyNSRUODV]WiVRVWHFKQLNiMiQDN

±D]D]D]LQIRUPiFLyNW|EEKHO\U OW|UWpQ |VV]HJ\ MWpVpQHN±PLQLPDOL]iOiViWpVYpJO GHQHPXWROVyVRUEDQDMRJLN|YHWHOPpQ\HNQHNHO tUiVRNQDNYDOyPHJIHOHOpVW

(8)

$NXWDWiVFpOMDKRJ\DGRNWRULpUWHNH]pV

• EHPXWDVVDDV]iPYLWHO]OHWLpOHWEHQEHW|OW|WWV]HUHSpWIHMO GpVpWDV]iPYLWHOL UHQGV]HUHNHW PHJKDWiUR]y HOPpOHWHNHW D QHP]HWL V]iPYLWHOL J\DNRUODWRN EHIRO\iVROyWpQ\H] LWDV]iPYLWHOLLQIRUPiFLyVUHQGV]HUDODSYHW WHUOHWHLWPDMG DV]iPYLWHOQHP]HWN|]LKDUPRQL]iFLyVIRO\DPDWiW

• |VV]HJH]]HD](8YRQDWNR]yMRJUHQGMpWpVG|QWpVLPHFKDQL]PXViWDSpQ]J\L V]iPYLWHOOHOV]HPEHQLEHIHNWHW LHOYiUiVRNDWD],)56HNV]HULQWLEHV]iPROiVUD YDOy iWiOOiV OpSpVHLW pV D VLNHUKH] YH]HW IHOWpWHOHNHW D] ,)56HN pYHW N|YHW DONDOPD]iViQDN OHKHW VpJHLW PDMG D KD]DL EDQNRN QHP]HWN|]L N|YHWHOPpQ\HNQHN PHJIHOHO EHV]iPROy SpQ]J\L NLPXWDWiVRN NpV]tWpVpKH]

V]NVpJHVV]iPYLWHOLIHONpV]OWVpJpWPDMG

• HOPpOHWLDODSRNUDpSOYHNRQNUpWHUHGPpQ\HNHQNHUHV]WOpUWpNHOMHDEDQNV]IpUD iOWDO NpV]tWHWW V]iPYLWHOL DGDWRNUD pSO MHOHQWpVHN EHV]iPROyN NtQiOWD OHKHW VpJHNHW D NRFNi]DWRN NRUDL MHO]pVH IHOWiUiVD D PRQLWRUiOiV NRFNi]DWpUWpNHOpVpVYLVV]DFVDWROiVWHNLQWHWpEHQWRYiEEi

• pULQWVHDWiUVDViJLUiQ\tWiVLUHQGV]HUUHOV]HPEHQPHJIRJDOPD]RWWD]RQDNWXiOLV IHODGDWRNDWPHO\HNDSpQ]J\LEHV]iPROiVUDYRQDWNR]QDNpVDGRNWRULpUWHNH]pV WpPiMiKR] NDSFVROyGQDN D NRFNi]DWRN PHJMHOHQtWpVpW LOOHW HQ pV NLHPHOW V]HUHSHWW|OWHQHNEHDQ\LOYiQRVViJKLWHOHVWiMpNR]WDWiViEDQpVYpJO

• D]HOYpJ]HWWNXWDWyPXQNDNLpUWpNHOpVHDODSMiQDN|YHWNH]WHWpVHNOHYRQiVDNpQWD Wp]LVHN PHJIRJDOPD]iViEDQ NHUOM|Q |VV]HIRJODOiVUD pV HQQHN DODSMiQ N|UYRQDOD]yGMDQDNDNXWDWiVLHUHGPpQ\HNKDV]QRVtWiViQDNOHKHW VpJHL

$]pUWHNH]pV DMRJV]DEiO\LN|UQ\H]HWHWEHPXWDWyOHtUy HOHP] KD]DLpVQHP]HWN|]L NLWHNLQWpVW LV PDJiEDQ IRJODOy |VV]HKDVRQOtWiVRN pUWpNHOpVpQ NHUHV]WO YLOiJtWVRQ Ui D MHOHQOHJL V]DEiO\R]iV |VV]HWHWWVpJpE O DGyGy HJ\VpJHV IHOOpSpV HJ\WWJRQGRONRGiV pV KDUPRQL]iOiV V]NVpJHVVpJpUH $KRJ\ D]W %RUGiQp 5DEyF]NL 0 D S PHJIRJDOPD]WD

Ä«D PXOWLNXOW~UiM~ VRNQ\HOY pV HOWpU MRJL NHUHWHNHW PDJiED IRJODOy HXUySDLN|UQ\H]HWEHQFVDND]HOYHNUHpVNRQFHSFLyNUDpSO FpORULHQWiOW V]DEiO\UHQGV]HUEL]WRVtWKDWMDDV]NVpJHVIOH[LELOLWiVW´

(9)

$NXWDWiVHO ]PpQ\HL

$SpQ]J\LV]iPYLWHOLEHV]iPROyWNpV]tW NV]DNPDLIHONpV]OWVpJHGHPpJLQNiEED]

LGHJHQQ\HOYLVPHUHWKLiQ\DV]iPRVHVHWEHQNRPRO\QHKp]VpJHNHWMHOHQWDPHJEt]KDWypV YDOyVNpSHWWNU|] WUDQV]SDUHQVQHNQHYH]KHW QHP]HWN|]LOHJ|VV]HKDVRQOtWKDWyWHOMHV SpQ]J\LNLPXWDWiVRN,$6VWDQGDUGV]HULQWLN|WHOH] UpV]HLWDVWDQGDUGEHNH]GpVH WDUWDOPD]]D|VV]HiOOtWiVDWHNLQWHWpEHQ$QHP]HWN|]L|VV]HKDVRQOtWiVRNDODSMiWNpSH]

,)56C DODS~ SpQ]J\L NLPXWDWiVRN HONpV]tWpVpKH] PLQG D PDL QDSLJ QHP iOO UHQGHONH]pVUHPDJ\DUQ\HOYUHQDSUDNpV]HQOHIRUGtWRWWNRPSOHWWD],$6%iOWDOPLQGHQ pYHOHMpQNLDGRWWÄVWDQGDUGFVRPDJ´PHO\D](8iOWDONLKLUGHWHWWVWDQGDUGRNRQpV pUWHOPH]pVHNHQ NtYO WDUWDOPD]Qi PLQGD]RNDW D] DQ\DJRNDW PHO\HN D VWDQGDUGRN HJ\VpJHV DONDOPD]iViKR] pUWHOPH]pVpKH] LOOHWYH D SpQ]J\L NLPXWDWiVRN HJ\VpJHV HOYHNHQ W|UWpQ HONpV]tWpVpKH] SUH]HQWiOiViKR] pV N|]]pWpWHOpKH] HOHQJHGKHWHWOHQO V]NVpJHVHN

,O\HQ W|EEHN N|]|WW D Ä.HUHWHOYHN D SpQ]J\L NLPXWDWiVRN HONpV]tWpVpUH pV EHPXWDWiViUD´ FtP DQ\DJ PHO\ D SpQ]J\L NLPXWDWiVRN HONpV]tWpVpQHN pV EHPXWDWiViQDN DODSMiXO V]ROJiO WRYiEEi D] HJ\HV VWDQGDUGRN DONDOPD]iViW VHJtW GH D]RN UpV]pW QHP NpSH] Ä)JJHOpNHN´ Ä.|YHWNH]WHWpVHN DODSMD´ 9pJUHKDMWiVL

~WPXWDWy´Ä6]HPOpOWHW SpOGiN´PHO\HNHJ\iOWDOiQQHPNpSH]LND](8iOWDONLKLUGHWHWW ,$6UHQGHOHWHNUpV]pW

$V]HU] W|EEPLQWHJ\pYWL]HGHVRNWDWyLN|Q\YYL]VJiOyLpVIHOJ\HOHWLPXQNiMDVRUiQ IRO\DPDWRVDQ WDSDV]WDOWD D] HO ] HNEHQ OHtUWDN PLDWWL DQRPiOLiNDW pV PLQG D]

HOPpOHWEHQD PLQGDJ\DNRUODWEDQpVIRO\DPDWRVDQIRJODONR]LNH]]HODNpUGpVN|UUHOpVD]

DGyGySUREOpPiNNDONHUHVYHD]RNUDDPHJROGiVLOHKHW VpJHNHW

E

$pYHO WWLKLYDWNR]iVRNHVHWpQ,$6UHKLYDWNR]iVDMRJV]HU D]WN|YHW HQD],)56UHKLYDWNR]iV HVHWpQD],$6LVEHOHpUWHQG

F$V]HU] yWDD],$6HNPDJ\DUQ\HOY IRUGtWiViWOHNWRUiOyEL]RWWViJ,$6%iOWDOPHJEt]RWW NRRUGLQiWRUDpVLJD](8$5& $FFRXQWLQJ5HJXODWRU\&RPPLWWHH 6]iPYLWHOL6]DEiO\R]y

%L]RWWViJPDJ\DURUV]iJLV]iPYLWHOLV]DNpUW MHD36=È)NpSYLVHOHWpEHQ

(10)

$NXWDWiVKLSRWp]LVHL

$ V]iPYLWHO PLQW D V]DEiO\RNUD pSO HOMiUiVRN PyGV]HUHN WHFKQLNiN ]iUW UHQGV]HUHWpUEHQpVLG EHQW|EEFpOPHJYDOyVXOiViWKLYDWRWWVHJtWHQL

$ SpQ]J\L NLPXWDWiVRNUD YRQDWNR]y V]iPYLWHOL V]DEiO\R]iV D UpV]OHWV]DEiO\RNEDQWRYiEEUDLVMHOHQW VHOWpUpVHNHWPXWDW

$] ,)56 DODS~ SpQ]J\L NLPXWDWiVRN LV DNNRU WHNLQWKHW N PHJEt]KDWyQDN pV YDOyVQDNKDD]RND],$6%iOWDOHOIRJDGRWWÄ,)56FVRPDJ´HO tUiVDLV]HULQWpV ]iUWV]iPYLWHOLUHQGV]HUEHQN|Q\YHOWDODSDGDWRNEyONpV]OQHN

$ SpQ]J\L NLPXWDWiVRN pV D]RN DODSMiW NpSH] V]iPYLWHOL DODSLQIRUPiFLyN QHPFVDN D P~OWUD LUiQ\XOy HOHP]pVHN KDQHP D NRUDL HO UHMHO]pVHN DODSMiW LV NpSH]LN

$ WiUVDViJLUiQ\tWiVL UHQGV]HU KR]]iMiUXO D NRFNi]DWRN pV D]RN NH]HOpVpQHN WUDQV]SDUHQVHEEpWpWHOpKH]

$NXWDWiVYL]VJiODWLWHUOHWHL

$NXWDWiV

• NH]GHWL Ii]LViEDQ D KDQJV~O\ D V]iPYLWHO ]OHWL pOHWEHQ EHW|OW|WW V]HUHSpUH IHMO GpVpUH D V]iPYLWHOL UHQGV]HUHNHW PHJKDWiUR]y HOPpOHWHNUH D QHP]HWL V]iPYLWHOLJ\DNRUODWRNEHIRO\iVROyWpQ\H] LUH

• V]iPYLWHOL LQIRUPiFLyV UHQGV]HU DODSYHW WHUOHWHLUH PDMG D V]iPYLWHO QHP]HWN|]LKDUPRQL]iFLyVIRO\DPDWiUDKHO\H] GLN

• H]W N|YHW HQ NHUOQHN |VV]HJ]pVUH D] (8 YRQDWNR]y MRJUHQGMH pV G|QWpVL PHFKDQL]PXVDDSpQ]J\LV]iPYLWHOOHOV]HPEHQLEHIHNWHW LHOYiUiVRND],)56 HN V]HULQWL EHV]iPROiVUD YDOy iWiOOiV OpSpVHL pV D VLNHUKH] YH]HW IHOWpWHOHN ,)56HN pYHW N|YHW DONDOPD]iViQDN OHKHW VpJHL D KD]DL KLWHOLQWp]HWHN

(11)

QHP]HWN|]L N|YHWHOPpQ\HNQHN PHJIHOHO EHV]iPROy SpQ]J\L NLPXWDWiVRN NpV]tWpVpKH]V]NVpJHVV]iPYLWHOLIHONpV]OWVpJHPDMG

• HOPpOHWLDODSRNUDpSOYHNRQNUpWHUHGPpQ\HNHQNHUHV]WOEHPXWDWiVUDNHUOQHN D EDQNV]IpUD iOWDO NpV]tWHWW V]iPYLWHOL DGDWRNUD pSO NRUDL ILJ\HO UHQGV]HU ÄHDUO\ ZDUQLQJ V\VWHPV´G UpV]pW NpSH] NRFNi]DWIHOWiUiVL pUWpNHOpVL UpV]UHQGV]HUHNWRYiEEiDNXWDWiV

• pULQWL D WiUVDViJLUiQ\tWiVL UHQGV]HUUHO V]HPEHQ PHJIRJDOPD]RWW D]RQ DNWXiOLV IHODGDWRNDWPHO\HNDSpQ]J\LEHV]iPROiVUDYRQDWNR]QDNpVDGRNWRULpUWHNH]pV WpPiMiKR]NDSFVROyGQDNDNRFNi]DWRNPHJMHOHQtWpVpWLOOHW HQpVNLHPHOWV]HUHSHW W|OWHQHNEHDQ\LOYiQRVViJKLWHOHVWiMpNR]WDWiViEDQYpJO

• D NLpUWpNHOpV pV D N|YHWNH]WHWpVHN OHYRQiVDNpQW D Wp]LVHN PHJIRJDOPD]iViEDQ NHUO|VV]HIRJODOiVUDpVHQQHNDODSMiQN|UYRQDOD]yGQDNDNXWDWiVLHUHGPpQ\HN KDV]QRVtWiViQDNOHKHW VpJHL

$NXWDWiVPyGV]HUWDQD

$V]HU] NXWDWyPXQNiMiQDNUpV]pWNpSH]WpND]HOP~OWpYWL]HGEHQ

• D N|]]pWpWHOOHO NDSFVRODWRV V]iPYLWHOL pV N|Q\YYL]VJiODWL RNWDWiVL DQ\DJRN HONpV]tWpVH V]iPYLWHOL V]DNHPEHUHN N|Q\YYL]VJiOyN OHHQG EHIHNWHWpV HOHP] NN|Q\YYL]VJiOyMHO|OWHNpVIHOV IRN~RNWDWiVLLQWp]PpQ\HNKDOOJDWyLQDN HO DGiVRNJ\DNRUODWLIRJODONR]iVRNWDUWiVD

• Q\XJDW pV NHOHW HXUySDL V]iPYLWHOL pV N|Q\YYL]VJiODWL PLQ VpJHOOHQ U]pV NO|Q|VWHNLQWHWWHODEDQNV]IpUDN|Q\YYL]VJiODWDiWIRJyYL]VJiODWD

• QHP]HWN|]L NpUG tYHV IHOPpUpVEHQ YDOy UpV]YpWHO D] ,$6 UHQGHOHW (. YpJUHKDMWiViW LOOHW HQ D] (XUySDL 8QLy (8 pV D] (XUySDL *D]GDViJL 7pUVpJ(($YRQDWNR]iViEDQ

• QHP]HWN|]L NpUG tYHV IHOPpUpVEHQ YDOy UpV]YpWHO D] ,)56HNUH YDOy iWiOOiV EDQNLPpUOHJHNUHpVDVDMiWW NpUHJ\DNRUROWKDWiVDWHNLQWHWpEHQ

H

KWWSZZZXQLVGURUJLVGULQGH[KWPDXJXV]WXV

(12)

• D])6$I iOWDONLDODNtWRWWNRFNi]DWpUWpNHOpVLPyGV]HUWDQWDQXOPiQ\R]iVD

• D V]iPYLWHOL DGDWRN HOHP]pVpE O NLDODNtWKDWy ÄHDUO\ ZDUQLQJ´ NRUDL ILJ\HO UHQGV]HU UpV]pW NpSH] NRFNi]DWIHOWiUiVL pUWpNHOpVL UpV]UHQGV]HUHN WDQXOPiQ\R]iVD

• DEDQNV]IpUDYRQDWNR]iViEDQDNRUDLILJ\HO UHQGV]HUV]HUHSpWLVUpV]EHQEHW|OW V]iPYLWHOL DGDWRNEyO Q\HUW PXWDWyV]iPRNUD pSO NRFNi]DWNH]HOpV NLDODNtWiVDDV]HU] iOWDOYH]HWHWWWHUOHWPXQNDWiUVDLYDO

• D WiUVDViJLUiQ\tWiVL UHQGV]HU V]HUHSpQHN WDQXOPiQ\R]iVD D NRFNi]DWRN Q\LOYiQRVViJUDKR]DWDOiEDQ

• WRYiEEiDKD]DLpVQHP]HWN|]LPDJ\DUpVDQJROQ\HOY UHOHYiQVV]DNLURGDOPL IRUUiVPXQNiNWDQXOPiQ\R]iVDIHOGROJR]iVD

$V]iPYLWHOLLQIRUPiFLyNIHOKDV]QiOiVLOHKHW VpJHLQHN|VV]HWHWWVpJHPLDWWDNXWDWiV EHKDWiUROW WHUOHWH D V]iPYLWHO HV]N|]UHQGV]HUpQHN NRFNi]DWL YRQDWNR]iV~

IHOKDV]QiOiViUDLUiQ\XO

$V]HU] NXWDWiVLHUHGPpQ\HLWD]HOPpOHWLpVPyGV]HUWDQLLVPHUHWHNELUWRNiEDQD]

HOPpOHWLpVD]HKKH]NDSFVROyGyHPSLULNXVNXWDWiVRQDODSXOyWp]LVHNEHQIRJDOPD]WD PHJ DPHO\HNNHO D V]iPYLWHO HV]N|]UHQGV]HUH IHOKDV]QiOiVL OHKHW VpJHLQHN IHMO GpVpKH] V]iQGpNR]LN KR]]iMiUXOQL ,WW MHJ\]L PHJ D V]HU] KRJ\ DKRO D WiEOi]DWRNiEUiNJUDILNRQRNIRUUiVPHJMHO|OpVHQHPV]HUHSHOD]RNDV]HU] VDMiWMDL

$]pUWHNH]pVIHOpStWpVH

$] pUWHNH]pV WDUWDOPLODJ D EHYH]HWpV PLQW HOV IHMH]HW XWiQ WRYiEEL KDW IHMH]HWUH WDJROyGLN

$ PiVRGLN IHMH]HW U|YLG iWWHNLQWpVW DG D V]iPYLWHO ]OHWL pOHWEHQ EHW|OW|WW V]HUHSpU O IHMO GpVpU ODV]iPYLWHOLUHQGV]HUHNHWPHJKDWiUR]yHOPpOHWHNU ODQHP]HWLV]iPYLWHOL J\DNRUODWRN EHIRO\iVROy WpQ\H] LU O D V]iPYLWHOL LQIRUPiFLyV UHQGV]HU DODSYHW WHUOHWHLU OPDMGDV]iPYLWHOQHP]HWN|]LKDUPRQL]iFLyVIRO\DPDWiUyO

J )6$ )LQDQFLDO 6XSHUYLVRU\ $XWKRULW\ 3pQ]J\L 6]HUYH]HWHN )HOJ\HOHWL +DWyViJD D] (J\HVOW .LUiO\ViJEDQ

(13)

$KDUPDGLNIHMH]HW|VV]HJ]LD](8YRQDWNR]yMRJUHQGMpWpVG|QWpVLPHFKDQL]PXViWD SpQ]J\L V]iPYLWHOOHO V]HPEHQL EHIHNWHW L HOYiUiVRNDW D] ,)56HN V]HULQWL EHV]iPROiVUD YDOy iWiOOiV OpSpVHLW pV D VLNHUKH] YH]HW IHOWpWHOHNHW D] ,)56HN pYHW N|YHW DONDOPD]iViQDN OHKHW VpJHLW PDMG D KD]DL KLWHOLQWp]HWHN QHP]HWN|]L N|YHWHOPpQ\HNQHNPHJIHOHO EHV]iPROySpQ]J\LNLPXWDWiVRNNpV]tWpVpKH]V]NVpJHV V]iPYLWHOLIHONpV]OWVpJpW

$QHJ\HGLNIHMH]HWHOPpOHWLDODSRNUDpSOYHNRQNUpWHUHGPpQ\HNHQNHUHV]WOEHPXWDWMD D EDQNV]IpUD iOWDO NpV]tWHWW V]iPYLWHOL DGDWRNUD pSO MHOHQWpVHN EHV]iPROyN NtQiOWD OHKHW VpJHNHWDNRFNi]DWRNNRUDLMHO]pVHIHOWiUiVDDPRQLWRUiOiVNRFNi]DWpUWpNHOpVpV YLVV]DFVDWROiV WHNLQWHWpEHQ $] HOPpOHWL OHKHW VpJHN J\DNRUODWL PHJYDOyVtWiVD HJ\

NRQNUpW ÄHDUO\ ZDUQLQJ´ UHQGV]HU UpV]pW NpSH] NRFNi]DWpUWpNHOpVL PRQLWRUiOiVL UHQGV]HUNLDODNtWiViQNHUHV]WONHUOEHPXWDWiVUD$V]HU] H]]HOV]HUHWQHUiPXWDWQLD V]iPYLWHOLQWHUGLV]FLSOLQiULVIHOKDV]QiOiVLOHKHW VpJHLUH

$]|W|GLNIHMH]HWpULQWLDWiUVDViJLUiQ\tWiVLUHQGV]HUUHOV]HPEHQPHJIRJDOPD]RWWD]RQ DNWXiOLV IHODGDWRNDW PHO\HN D SpQ]J\L EHV]iPROiVUD YRQDWNR]QDN pV D GRNWRUL pUWHNH]pV WpPiMiKR] NDSFVROyGQDN D NRFNi]DWRN PHJMHOHQtWpVpW LOOHW HQ pV NLHPHOW V]HUHSHWW|OWHQHNEHDQ\LOYiQRVViJKLWHOHVWiMpNR]WDWiViEDQ

$ KDWRGLN IHMH]HW WDUWDOPD]]D YDODPHQQ\L KLSRWp]LV LJD]ROiViUD YDJ\ FiIRODWiUD D IHOGROJR]RWW LURGDORP D] HOYpJ]HWW NXWDWyPXQND NLpUWpNHOpVpW D NLpUWpNHOpV pV D N|YHWNH]WHWpVHNOHYRQiVDNpQWDWp]LVHNPHJIRJDOPD]iViW

$ KHWHGLN IHMH]HWEHQ NHUOQHN |VV]HJ]pVUH D NXWDWiVL HUHGPpQ\HN KDV]QRVtWiViQDN OHKHW VpJHL

(14)

,, $ 6=È09,7(/ 0,17 $ *$='È/.2'È65Ï/ 9$/Ï 6=È0$'È6e66=È0%$9e7(/

$ JD]GiONRGy HJ\VpJHN P N|GpVH D P N|GpV VRUiQ KR]DQGy G|QWpVHNKH] V]NVpJHV NO|QE|] G|QWpVL V]LQWHN LQIRUPiFLyV]NVpJOHWpQHN WpUEHQ pV LG EHQ PHJIHOHO PyGRQ YDOy NLHOpJtWpVH IHOWpWHOH]L D V]DEiO\R]RWW V]iPYLWHOL LQIRUPiFLyV UHQGV]HU P N|GWHWpVpWPHO\OHKHW YpWHV]LDJD]GiONRGiVUyOYDOyV]iPDGiVWpVV]iPEDYpWHOW

,,6]iPDGiVpVV]iPEDYpWHOD]]OHWLpOHWEHQ

$]]OHWLYLOiJLQIRUPiFLyLJpQ\HNLHOpJtWpVpQHNHJ\LNOHKHWVpJHVPyGMDDV]iPYLWHOE O Q\HUW HOV GOHJHV pV PiVRGODJRV LQIRUPiFLyN pV D] D]RNEyO NpV]tWHWW EHV]iPROyN MHOHQWpVHN HOHP]pVHN IRUPiMiEDQ PHJWHVWHVO V]iPDGiV D PLQGHQNRUL MRJV]DEiO\L HO tUiVRNV]HULQWLPHJMHOHQtWpVHOV]iPROiVD]D]V]iPEDYpWHOIRO\DPDWiQDNOHKHWVpJHV YpJWHUPpNHL

*UyI6]pFKHQ\L,VWYiQiOWDOEHQIHOWHWWNpUGpV

Ä9ROWDNpSSHQPLpUWYH]HWD]HPEHUV]iPDGiVW"(O V]|UD]pUWKRJ\WLV]WiQOiVVD PLMHYDQD]XWiQPHJKRJ\|QPDJiWHOOHQ UL]KHVVH1HPLJD]"+RJ\XJ\DQLV IRNR]DWRVDQ MREEDQ pV RNRVDEEDQ JD]GiONRGMpN DPL HJ\ IpOLJPHGGLJ RNRV HPEHUQpO EL]RQ\iUD EH LV N|YHWNH]LN KD OiWMD KRJ\ J\DNUDQ PHQQ\LUH KDV]RQWDODQ pV J\HWOHQO GRERWW NL QHPFVDN NUDMFiURNDW GH IRULQWRNDW LV´

6]pFKHQ\LKpVD]DUUDiOWDODDGRWWYiODV]PDD;;,V]i]DGEDQLVWHOMHV PpUWpNEHQKHO\WiOOy

$V]iPYLWHOWXODMGRQNpSSHQIHOIRJKDWy~J\LVPLQWDJD]GDViJLWHYpNHQ\VpJU ONpV]O LQIRUPiFLyN HO iOOtWiVL IRO\DPDWD D]D] D YDJ\RQ D YDJ\RQYiOWR]iV LOOHWYH D WHYpNHQ\VpJ WHOMHVtWPpQ\HLQHN pV HUHGPpQ\pQHN V]iPEDYpWHOH $] LO\HQ WtSXV~ ]OHWL V]iPEDYpWHOLWHYpNHQ\VpJDODSYHW FpOMDD±JD]GiONRGyHJ\VpJYDJ\RQLSpQ]J\LpV M|YHGHOPL KHO\]HWpU O pV D]RNEDQ EHN|YHWNH]HWW YiOWR]iVRNUyO ± WHOMHV SpQ]J\L

L

KWWSPHNRV]NKXSGIV]HSWHPEHU

(15)

NLPXWDWiVRNHONpV]tWpVH$V]iPEDYpWHOHOV GOHJHVYpJWHUPpNHLWiMpNR]WDWMiND]pUGHNHOW IHOHNHW

• D YDJ\RQL KHO\]HWU O D YDJ\RQ |VV]HWpWHOpU O DEEDQ EHN|YHWNH]HWW YiOWR]iVRNUyO

• D] DGRWW EHV]iPROiVL LG V]DN HUHGPpQ\HVVpJpW PHJKDWiUR]y WUDQ]DNFLyNUyO PHO\HNYpJV VRURQDYDJ\RQYiOWR]iVWEHIRO\iVROKDWMiNpVYpJOGHQHPXWROVy VRUEDQ

• DSpQ]iUDPOiVRNUyO

$ V]iPYLWHO PLQW IRO\DPDW PLQW Q\LOYiQWDUWiVL HOV]iPROiVL UHQGV]HU HJ\LG V D]

]OHWV]HU WHYpNHQ\VpJHNNLDODNXOiViYDO8J\DQDNNRUWLV]WiEDQNHOOD]]DOOHQQLKRJ\D V]iPYLWHOQHNQHPIHODGDWDYDODPHQQ\LD]]OHWLWHYpNHQ\VpJKH]NDSFVROyGyIRO\DPDW OHNpSH]pVH0LWLVMHOHQWH]WXODMGRQNpSSHQ"1HPPiVWPLQWKRJ\PLQGHQNLQHNDNLD V]iPYLWHOE OQ\HUWSpQ]J\LDGDWRNIHOKDV]QiOiViYDOKR]]OHWLG|QWpVHNHWWXGQLDNHOO KRJ\ PLQGHQ NRUEDQ D V]iPYLWHO EL]RQ\RV pUGHNN|U|N IHOKDV]QiOyN LJpQ\HLW MREEDQ NLHOpJtWLPLQWPiVRNpW$IHOKDV]QiOyLN|UEHWDUWR]KDWQDNW|EEHNN|]|WWD]iOODPPLQW WXODMGRQRV PDJiQWXODMGRQRVRN EHIHNWHW N KLWHOH] N ]OHWL SDUWQHUHN PDQDJHPHQW PXQNDYiOODOyN DNLNQHN D] pUGHNHL RO\DQ V]HUWHiJD]yDN KRJ\ D PHJIHOHO HJ\HQV~O\

NLDODNtWiVDNL]iUyODJKDWpNRQ\pVUXJDOPDVV]DEiO\R]iVRQNHUHV]WOYDOyVXOKDWPHJ

,,$V]iPYLWHOIHMO GpVHV]HUHSHIXQNFLyLDJD]GDViJEDQ

$;9;9,V]i]DGIHMO G NHUHVNHGHOPHWHWWHV]NVpJHVVpDPDLV]yKDV]QiODWWDOpOYH D N|Q\YYLWHO NLDODNXOiViW $ OHYDQWHL NHUHVNHG N WHYpNHQ\VpJH NO|Q|VHQ IRQWRV V]HUHSHW MiWV]RWW D UHQGV]HU NLDODNXOiViEDQ 0DJiW D UHQGV]HUW OHtUy PXQNiN N|]O NLHPHONHGLND]EHQPHJMHOHQWDYHOHQFHLV]HU]HWHVPDWHPDWLNDSURIHVV]RU/XFD 3DFLROL 6XPPD GH $ULWPHWLFD *HRPHWULD 3URSRUWLRQL 3URSRUWLRQDOLWD D]D] $]

DULWPHWLNiQDN JHRPHWULiQDN PpUWpNHNQHN pV DUiQ\ODWDLNQDN IRJODODWD FtP P YH PHO\ PHJWHUHPWHWWH D PDL pUWHOHPEHQ YHWW NHWW V N|Q\YHOpV DODSMDLW DPL D]WiQ IRNR]DWRVDQ WHUMHGW HO (XUySDV]HUWH $ KLYDWNR]RWW P KDUPDGLN I UpV]H D Ä.HWW V N|Q\YHOpV pV tUiVRV GRNXPHQWXPRN´ V]iPRV WDQXOViJRW WDUWDOPD]QDN D MHOHQNRU D

(16)

YiOODONR]yL V]iPiUD D YDJ\RQL M|YHGHOPL KHO\]HWHW EHPXWDWy PXQNiLNQDN HONpV]tWpVpKH] W|EEHN N|]|WW EHOHpUWYH ÄD EDQNKi]DN WpWHOHLW´ KRJ\DQ NHOO NH]HOQL 3DFLROL IDNV]LPLOH NLDGiV PHOOpNOHWH S pV DÄKRJ\DQ NpV]tWV V]iPDGiV NLYRQDWRW´ DQQDN DNL D]W NpUL I OHJ KD D] ]OHWL NDSFVRODW W|EE pYHV P~OWUD WHNLQW YLVV]D

Ä0LHO WWD]RQEDQEiUPLIpOHV]iPDGiVWNLDGQiODNH]HGE OSRQWRVDQHJ\H]WHWQL NHOOPLQGHQWpWHOOHOD) N|Q\YEHQD1DSOyEDQpVD](POpNH]WHW EHQ0pJSHGLJ PLQGHQWW DKRO OH YDQQDN tUYD KRJ\ HOOHQWPRQGiV QH OHJ\HQ D] HJ\HV UpV]HN N|]|WW´3DFLROLIDNV]LPLOHNLDGiVPHOOpNOHWHS

0LQGH]HND]WEL]RQ\tWMiNKRJ\DNHUHVNHGHOPLN|Q\YYLWHOPLQWDV]iPYLWHOLIHMO GpVW EL]WRVtWy DODS PHJOHKHW VHQ QDJ\ P~OWUD WHNLQW YLVV]D pV KD FVXSiQ D] HO ] HNEHQ OHtUWDNDW YHWMN DOi HJ\ U|YLG HOHP]pVQHN KDPDURVDQ NLW QLN KRJ\ D PRGHUQ NRU V]iPYLWHOL DODSHOYHLQHN J\|NHUHL PLQW D YDOyGLViJ HOYH YDJ\ D] |VV]HPpUpV HOYH KRQQDQHUHGH]WHWKHW HNPiVUpV]WKRJ\DV]iPDGiVRNIHOKDV]QiOyLLUiQWLNRUUHNWVpJD KRVV]DQWDUWypVVLNHUHV]OHWHJ\LNDODSMD

$] LSDUL IRUUDGDORP pV N|]|WWL LG V]DN PHO\ D] iWIRJy WiUVDGDOPL JD]GDViJLpVWHFKQROyJLDLYiOWR]iVRNDWKR]WDPDJiYDODPLD]]HPJD]GDViJWDQEDQLV MHOHQW V YiOWR]iVRNDW HUHGPpQ\H]HWW .LDODNXOW D N|OWVpJ pV |QN|OWVpJV]iPtWiV PpJSHGLJ 1pPHWRUV]iJEDQ D WHUYN|OWVpJV]iPtWiV D] DQJROV]iV] WHUOHWHQ SHGLJ D VWDQGDUGN|OWVpJV]iPtWiV%DULF]WHUMHGWHO(POtWpVUHPpOWyDQpJ\V]iPODVRURV N|Q\YHOpVL HOPpOHW PHJDONRWiVD PHO\QHN FpOMD D N|OWVpJ pV HUHGPpQ\LQIRUPiFLyN EL]WRVtWiVDDYiOODODWYH]HWpVV]iPiUD$]HOPpOHWPHJDONRWyMD(XJHQ6FKPDOHQEDFKDNL EHQWHWWHN|]]pQpJ\V]iPODVRURVHOPpOHWpWDPHO\EHQDV]iPOiNDWHV]N|]pVIRUUiV N|OWVpJpVHUHGPpQ\V]iPOiNUDERQWRWWD$] PXQNiMDNpSH]LDNRQWLQHQWiOLVV]iPYLWHOL UHQGV]HUHN QpJ\V]iPODVRURV HOPpOHWpQHN DODSMiW PHO\ HJ\V]HUUH PXWDWMD D YDJ\RQYiOWR]iVRNDW D WHYpNHQ\VpJL HUHGPpQ\HNHW pV HJ\~WWDO N|OWVpJNDONXOiFLyW LV NpV]tW

$]DVpYHNW OHJ\UHHU WHOMHVHEEHQIRJDOPD]yGLNPHJDV]iPYLWHOLHOV]iPROiVRN pV EHV]iPROyN HJ\VpJHVtWpVH LUiQWL LJpQ\ PHO\QHN W|EE RND LV YDQ (J\UpV]W D SpQ]SLDFRNIHMO GpVHPLDWWPLQGV]NVpJHVHEEpYiOLND]]OHWLWHYpNHQ\VpJEHPXWDWiVD PiVUpV]W D JD]GDViJL NUt]LVHN KDWiVDNpQW IHOJ\RUVXO D WiUVDViJRN NRQFHQWUiFLyMD

(17)

KDUPDGUpV]W SHGLJ PDJiEDQ D WXGRPiQ\RV JRQGRONRGiVEDQ LV PHJMHOHQLN D VWDQGDUGL]iOiV OHKHW VpJH 5LFKDUG (QQHN HUHGPpQ\HNpQW D JD]GDViJL W|UWpQHOPL MRJL pV HJ\pE EHIRO\iVROy WpQ\H] N KDWiViUD D V]i]DGIRUGXOy N|]HSpLJ NLDODNXOQDN D] HJ\HV RUV]iJRN PHJOHKHW VHQ YiOWR]DWRV NpSHW PXWDWy V]XYHUpQ N|Q\YHOpVL pV EHV]iPROiVL V]DEiO\DL $] HOWpUpVHN HOOHQpUH D]RQEDQ YLOiJRVDQ N|UYRQDOD]yGLNDNpWIDMWDLUiQ\]DW±D]HJ\LNDV]DNPDLEHOV V]DEiO\R]iVRQDODSXOy~Q DQJROV]iV] UHQGV]HU QpYHQ YiOW LVPHUWWp DPHO\HNEHQ D V]iPYLWHOL V]DEiO\RN VWDQGDUGRN PHJDONRWiVD V]DNPDL V]HUYH]HWHN NRPSHWHQFLiMD D PiVLN D N|WHOH]

V]DNPDL MRJL HO tUiVRNRQ DODSXOy ~Q NRQWLQHQWiOLV UHQGV]HU ± DPHO\HN D MHOHQOHJL HOWpUpVHNDODSMiWNpSH]L

$]DVHVpYHNW ODJOREDOL]iFLyN|YHWNH]PpQ\HL±W NHSLDFRNHJ\PiVWyOYDOy IJJ VpJH PXOWLQDFLRQiOLV FpJHN PHJMHOHQpVH PHOOHWW D KDWiURNRQ iWQ\~Oy V]ROJiOWDWiVRN EHIHNWHWpVHN HJ\UH ERQ\ROXOWDEE SpQ]J\L P YHOHWHN ± HJ\UH Q\LOYiQYDOyEEi WHV]LN D] HOWpU V]iPYLWHOL V]DEiO\R]iVRNEyO DGyGy KiWUiQ\RNDW

|VV]HKDVRQOtWKDWyViJL JRQGRNDW $ P~OW V]i]DG HV pYHLW O NH]G G HQ HOLQGXO D] D IRO\DPDWPHO\DV]iPYLWHOOHOV]HPEHQWiPDV]WRWWJOREiOLVNLKtYiVRNQDNYDOyQHP]HWL PHJIHOHOpVHNHWKLYDWRWWHOpUQL

$IHMO GpVLV]DNDV]RNHJ\pUWHOP HQpU]pNHOWHWLNKRJ\PDJDDV]iPYLWHO

ÄWiJ pUWHOHPEHQ YDODPHO\ YDJ\RQQDN WHKHUQHN pV D YDJ\RQ WHKHU YiOWR]iVDLQDN PHQQ\LVpJLOHJ pV PLQ VpJLOHJ PLQGHQ LUiQ\EDQ YDOy UHQGV]HUHV Q\LOYiQWDUWiVD DNNpQW KRJ\ ~J\ D JD]GDViJ YLWHOpKH] PLQW D JD]GiONRGiV HOOHQ U]pVpKH] V]NVpJHV V]iPV]HU DGDWRN iOODQGyDQ UHQGHONH]pVUH iOOMDQDN´

5pYDL1DJ\/H[LNRQDS pVDYHOHIRJODONR]yV]iPYLWHOWDQ

ÄUHQGV]HUHV IRJODODWD D]RQ LVPHUHWHNQHN HOYHNQHN HOMiUiVL PyGR]DWRNQDN DPHO\HNV]HULQWDV]iPYLWHOWDOHJFpOV]HU EEHQHOOiWMXNYDJ\LVDPHO\HNV]HULQWD YDJ\RQW WHUKHW pV D] DEEDQ EHN|YHWNH] YiOWR]iVRNDW EHYpWHOHNHW pV NLDGiVRNDW ~J\ WDUWMXN Q\LOYiQ KRJ\ D JD]GDViJ FpOWXGDWRV YLWHOpKH] pV D JD]GiONRGiV HOOHQ U]pVpKH] V]NVpJHV DGDWRN N|QQ\HQ iWWHNLQWKHW DODNEDQ IRO\YiVWUHQGHONH]pVQNUHiOOMDQDN´5pYDL1DJ\/H[LNRQDS

(18)

gVV]HJH]YH D V]iPYLWHO D V]DEiO\RNUD pSO HOMiUiVRN PyGV]HUHN WHFKQLNiN V]DNHPEHUHN iOWDOL P N|GWHWpVpQHN RO\DQ ]iUW UHQGV]HUH DPHO\ PDJiED IRJODOMD D JD]GiONRGy HJ\VpJ YDJ\RQL SpQ]J\L pV M|YHGHOPL KHO\]HWpUH KDWy MHOHQVpJHN WHOMHV N|U V]iPEDYpWHOpWEHOHpUWYHD]D]RQRVtWiVWPHJMHOHQtWpVWpUWpNHOpVWHOOHQ U]pVWpVD PLQGHQNRUL±WpUEHQLpVLG EHQL±N|]]pWpWHOLN|YHWHOPpQ\HNWHOMHVtWpVpWDWUDQV]SDUHQV iWOiWKDWyP N|GpVIHOWpWHOHLQHNIRO\DPDWRVEL]WRVtWiVDYpJHWW

,,6]iPYLWHOUHQGV]HUHNHWPHJKDWiUR]yHOPpOHWHN

$ V]iPYLWHO QHP]HWN|]L KDUPRQL]iFLyV IRO\DPDWD YDODPLQW D KDUPRQL]iFLy HOWpU WtSXVDLDOWHUQDWtYiLYDODPLQWDV]iPYLWHOQHNDNRFNi]DWRNPHJMHOHQtWpVpEHQEHW|OW|WW LOOHWYH EHW|OWKHW V]HUHSH PLQGHQNpSSHQ V]NVpJHVVp WHV]LN D V]iPYLWHOL UHQGV]HUHNHW PHJKDWiUR]y HOPpOHWHN U|YLG iWWHNLQWpVpW KLV]HQ D J\DNRUODWLL ROGDOUyO W|UWpQ KDUPRQL]iOiV DNNRU YiOKDW VLNHUHVVp KD D] HOPpOHWL PHJN|]HOtWpVHN NDUDNWHUL]iOiVD NHOO HQN|UOKDWiUROWpVLVPHUW$YRQDWNR]yV]DNLURGDOPDNDODSMiQN|YHWNH] HOPpOHWL PHJN|]HOtWpVHN N|UYRQDOD]yGQDN NL PHO\HN D] pUWHNH]pV WpPiMD V]HPSRQWMiEyO NO|Q|VHQD,9IHMH]HWEHQUpV]OHWH]pVUHNHUO NRFNi]DWNH]HOpVpVNRUDLILJ\HO UHQGV]HU YRQDWNR]iViEDQPLQGHQNpSSHQHPOtWpVWpUGHPHOQHN

• DNODVV]LNXVHOPpOHWLPHJN|]HOtWpV

• DSLDFDODS~V]iPYLWHOLPHJN|]HOtWpVpV

• DSR]LWtYV]iPYLWHOHOPpOHWV]HULQWLPHJN|]HOtWpV

,,.ODVV]LNXVHOPpOHW

$ NODVV]LNXV HOPpOHW&ODVVLFDO 7KHRU\HJ\ LGHiOLV D PDL YDOyViJEDQ QHP OpWH]

JD]GDViJL YDOyViJ RSWLPiOLV OHNpS]pVpUH W|UHNV]LN $] HOPpOHW N|YHW L D V]iPYLWHOL PyGV]HUHNHW pV HOMiUiVRNDW HUHGHQG HQ DEEyO D V]HPSRQWEyO YL]VJiOMiN KRJ\ D] tJ\

HO iOOtWRWWLQIRUPiFLyPHQQ\LUHN|]HOtWLPHJD]LGHiOLVQDNQHYH]KHW PHJEt]KDWyYDOyV

(19)

pV LJD] NpSHW $] HOPpOHW WXGRPiQ\RV pUWHOHPEHQ YpYH QRUPDWtY MHOOHJ ÄpV HJ\HV V]iPYLWHOLHOMiUiVRNHPSLULNXV~WRQQHKH]HQYDJ\HJ\iOWDOiQQHPWHV]WHOKHW NM ´

$ MHOHQOHJL V]iPYLWHOL V]DEiO\R]iVRN IHOKDV]QiOMiN D OHtUW PHJN|]HOtWpVW pV WiPDV]NRGQDN D NODVV]LNXV HOPpOHW Q\~MWRWWD V]HPOpOHWPyGUD D]D] D JD]GiONRGy HJ\VpJHN YDOyV KHO\]HWpW D NO|QE|] V]iPYLWHOL UHQGV]HUHN NO|QE|] V]HPOpOHWEHQ N|]HOtWLNPHJ8J\DQDNNRUDMHOHQOHJLV]DEiO\R]iVRNHJ\UHLQNiEEILJ\HOHPPHOYDQQDN DV]DEiO\R]RWWSLDFRNRQW ]VGpNHQPHJMHOHQ WiUVDViJRNLQIRUPiFLyVLJpQ\HLUH(]HQ LJpQ\HNQHNHJ\UHHU VHEEKDQJRWDGQDNDNO|QE|] QHP]HWN|]LV]DNPDLV]HUYH]HWHNN LV

,,3LDFDODS~V]iPYLWHOLPHJN|]HOtWpV

$ SLDFDODS~ V]iPYLWHOL NXWDWiV 0DUNHW%DVHG $FFRXQWLQJ 5HVHDUFK N|YHW L D]W YL]VJiOMiN KRJ\ D V]iPYLWHOL HOMiUiVRN HUHGPpQ\HNpQW UHQGHONH]pVUH iOOy V]iPYLWHOL DGDWRNLQIRUPiFLyNLOOHWYHPDJXNDV]iPYLWHOLHOMiUiVRNEHIRO\iVROMiNHD]LQIRUPiFLy IHOKDV]QiOyN G|QWpVL UHDNFLyLW (]HQ HOPpOHWL PHJN|]HOtWpVHN N|]O NLHPHONHG D KDWpNRQ\ SLDFRN HOPpOHWH pV D PRGHUQ SRUWIROLy HOPpOHW KDWiViQDN iWWHNLQWpVH IRQWRV LQIRUPiFLyNNDOEtUDV]iPYLWHOLUHQGV]HUHNV]HPSRQWMiEyO

$KDWpNRQ\SLDFRNHOPpOHWHO (IILFLHQW0DUNHW7KHRU\D]YDOOMDKRJ\DUpV]YpQ\iUDN PiUWDUWDOPD]]iNPLQGD]RNDWD]LQIRUPiFLyNDWDPHO\HNUHQGHONH]pVUHiOOQDNYDJ\LVD M|Y EHOLiUPR]JiVRNYpOHWOHQV]HU HNpVPHJMyVROKDWDWODQRN

$KDWpNRQ\SLDFRNHOPpOHWHV]HULQW+DUU\5REHUWVDSLDFLKDWpNRQ\ViJKiURPJ\HQJH N|]HSHV pV HU V V]LQWMpW NO|QE|]WHWL PHJ DWWyO IJJ HQ KRJ\ PLO\HQ PLNRUUD YRQDWNR]y KRJ\DQ KR]]iIpUKHW pV KRQQDQ EHV]HUH]KHW LQIRUPiFLyN WNU|] GQHN D UpV]YpQ\iUIRO\DPRN YiOWR]iVDLEDQ $] HOV D J\HQJH V]LQW ZHDN PHO\ VRUiQ D]

LQIRUPiFLyIRUUiVFVDND]HOP~OWLG V]DNiUIRO\DPDLUDiUDLUDYRQDWNR]LNDKDWpNRQ\ViJ N|]HSHVV]LQWMHHVHWpQVHPLVWURQJD]iUIRO\DPRNiUDNPLQGHQQ\LOYiQRVDQHOpUKHW LQIRUPiFLyW WDUWDOPD]QDN PtJ D] HU V V]LQW VWURQJ HVHWpQ D] iUIRO\DPRN iUDN D

P

%RVQ\iNS

Q&)$,QVWLWXWHHOYHDSpQ]J\LEHV]iPROiVVDOpVN|]]pWpWHOOHONDSFVRODWEDQ&KDUORWWHVYLOOH9$

2NWREHUR

%UHDOH\0\HUV,N|WHWSS

(20)

JD]GDViJ pV D YiOODODW JRQGRV IXQGDPHQWiOLV HOHP]pVpE O V]iUPD]y LQIRUPiFLyNDW LV WNU|]LN 6]iPRV NXWDWyPXQND HUHGPpQ\HNpQW V]OHWHWW WDQXOPiQ\ EL]RQ\tWMD KRJ\ D N|]]pWHWW V]iPYLWHOL DGDWRN OHJ\HQHN DNiU PHJWpYHV]W N EL]RQ\RV LG HOWHOWpYHO EHIRO\iVVDOYDQQDNDSLDFUD9DQQDNRO\DQ±PRQGKDWQLDV]iPYLWHOLDGDWRNV]HUHSpW IXQNFLyMiWHOW~O]y±YpOHPpQ\HNLVKRJ\DV]iPYLWHOLDGDWRNN|]]pWpWHOHWHV]L±W|EEHN N|]|WW±KDWpNRQQ\iDSLDFRW

$ PRGHUQ SRUWIROLy HOPpOHW 0RGHUQ 3RUWIROLR 7KHRU\ N|YHW L NXWDWiVDLNEDQ D V]iPYLWHOLDGDWRNpVDNRFNi]DWN|]|WWL|VV]HIJJpVHNHWYL]VJiOMiN$]HOPpOHWN|YHW L D] HOWpU V]iPYLWHOL HOMiUiVRN DODSMiQ V]iPtWRWW V]iPYLWHOL M|YHGHOPL DGDWRN SLDFL NRFNi]DWUDJ\DNRUROWKDWiViWLVYL]VJiOMiND]D]KRJ\DNO|QE|] V]iPYLWHOLHOMiUiVRN PHQQ\LUHWNU|]LNYLVV]DDSLDFLpUWpNtWpOHWHW

gVV]HJH]YHDV]HU] YpOHPpQ\HKRJ\DV]iPYLWHOLV]DNHPEHUHNIHOHO VVpJHMHOHQW VD SLDFLKDWpNRQ\ViJN|]HSHVV]LQWMpQpOPLYHOH]HQDV]LQWHQPiUDUpV]YpQ\iUIRO\DPRND Q\LOYiQRVViJUD KR]RWW V]iPYLWHOL LQIRUPiFLyNDW LV WNU|]LN $] HU V V]LQWHQ D WiUJ\LODJRV YDOyV iWOiWKDWy pV D JD]GDViJL HOHP]pVHNKH] QpONO|]KHWHWOHQ V]iPYLWHOL DGDWRNEyO Q\HUW LG VRURN EL]WRVtWiVD N|]]pWpWHOH KD HJ\pUWHOP HQ QHP LV WHV]LN KDWpNRQQ\iDSLDFRWGHPpJLQNiEEKR]]iMiUXOKDWQDNDSLDFLKDWpNRQ\ViJQ|YHOpVpKH]

,,3R]LWtYV]iPYLWHOLPHJN|]HOtWpV

$ SR]LWtY V]iPYLWHOL HOPpOHW 3RVLWLYH $FFRXQWLQJ 7KHRU\ V]HULQW D YiUW YDJ\ D WpQ\OHJHVSLDFLUHDNFLyNKDWiVVDOYDQQDNDV]iPYLWHOLDGDWRNUDD]RNPpUpVLpUWpNHOpVL HOMiUiVDLUD/pQ\HJpEHQD]WSUyEiOMDEL]RQ\tWDQLKRJ\DNO|QE|] V]iPYLWHOLpUWpNHOpVL HOMiUiVRN QHPFVDN OHtUMiN KDQHP EHIRO\iVROMiN LV D] DODSXO V]ROJiOy JD]GDViJL YDOyViJRW%RVQ\iN

:DWWVpV=LPPHUPDQV]HU] SiURV iOOtWRWW IHO HO V]|U WHV]WHOKHW KLSRWp]LVHNHW PHO\HN HJ\ DGRWW V]iPYLWHOL VWDQGDUG NLGROJR]iViUD EHYH]HWpVpUH KDWy WpQ\H] N YL]VJiODWiUD LUiQ\XOWDN:DWWV±=LPPHUPDQ SS (]]HO D NpUGpVN|UUHO IRJODONR]RWW

*RUGRQHOPpOHWHDNLDKDV]RQPD[LPDOL]iOiVDODSHOYpE OLQGXONLpViOOiVSRQWMDV]HULQW D YiOODONR]iVRN YH]HW L DV]HULQW KR]]iN PHJ G|QWpVHLNHW D V]iPYLWHOL DOWHUQDWtYiN YiODV]WiVDNRUKRJ\D]RNDONDOPD]iVDDV]iPYLWHOLHOV]iPROiVRNVRUiQDYiOODONR]iVRN

(21)

V]iPiUD WpQ\OHJHV JD]GDViJL HO Q\W YDJ\ KiWUiQ\W MHOHQWH 5iPXWDW DUUD KRJ\ D V]DEiO\R]yKDWyViJRNQiONLIHMWHWWOREE\WHYpNHQ\VpJPHJMHOHQLNDV]iPYLWHOLVWDQGDUGRN PHJDONRWiVL IRO\DPDWiEDQ YDODPLQW D]RN YiODV]WiVD pV YiOWR]WDWiVD WHNLQWHWpEHQ

*RUGRQSS

gVV]HJH]YH PLQGHQ RO\DQ V]iPYLWHOL V]DEiO\R]iV PHO\ D NO|QE|] pUGHNKRUGR]yN OREE\WHYpNHQ\VpJpQHN UHQGHOL DOi D V]iPYLWHOEHQ D PHJMHOHQtWpVHN HOV]iPROiVRN pUWpNHOpVHN OHKHWVpJHV PyGMiW ± PpJSHGLJ RO\ PyGRQ KRJ\ EL]RQ\RV pUGHNFVRSRUWRN V]iPiUDJD]GDViJLV]HPSRQWEyOHO Q\|VHOV]iPROiVRNNHUOQHNHO WpUEHpVDV]iPXNUD KiWUiQ\RV V]DEiO\R]iVRN NLNV]|E|OpVH DODSYHW V]HPSRQW ± YpJV VRURQ D SpQ]J\L NLPXWDWiVRNUyONLDODNtWDQGyPHJEt]KDWypVYDOyV|VV]NpSWRU]XOiViWHUHGPpQ\H]KHWL

$PL YpJV VRURQ RGD YH]HWKHW KRJ\ XJ\DQDUUyO D YDJ\RQUyO ± D V]DEiO\R]iV iOWDO PHJHQJHGHWW YiODV]WiVL DOWHUQDWtYiN pVV]HU YiODV]WiViQDN HUHGPpQ\HNpQW ± UHQGNtYO HOWpU YDJ\RQNLPXWDWiVRN NpV]OKHWQHN pV MHOHQW V HOWpUpVHN PXWDWNR]KDWQDN D V]iPYLWHOLOHJNLPXWDWRWWYDJ\RQpVDJD]GDViJLODJLQGRNROWYDJ\RQN|]|WW

8J\DQLV D EHIHNWHW N KLWHOH] N HOV VRUEDQ SpQ]J\L pV QHP V]iPYLWHOL V]HPPHO WHNLQWHQHNDSpQ]J\LNLPXWDWiVRNUD

7HKiW HJ\pUWHOP KRJ\ D V]iPYLWHO W|EE FpO PHJYDOyVXOiViW KLYDWRWW VHJtWHQL D]D] D NO|QE|] ± VRNV]RU HJ\PiVVDO HOOHQWpWHV pUGHNHNHW NpSYLVHO ± pUGHNHOWHN PLQW JD]GDViJLV]HUHSO NPHJEt]KDWypVYDOyVLQIRUPiFLyNNDOYDOyHOOiWiViWDPHJDODSR]RWW M|Y EHQLG|QWpVHNPHJKR]DWDODpUGHNpEHQ

,,$QHP]HWLV]iPYLWHOLJ\DNRUODWRNEHIRO\iVROyWpQ\H] L

$ V]iPYLWHO QHP]HWN|]L KDUPRQL]iFLyV IRO\DPDWiQDN OHKHWVpJHV PHJROGiVDL HO WW pUGHPHV iWWHNLQWHQL D QHP]HWL V]iPYLWHOL J\DNRUODWRN EHIRO\iVROy WpQ\H] LW 0LQW DKRJ\DQ D NO|QE|] QHP]HWHN NO|QE|] W|UWpQHOPL KiWWpUUHO pUWpNHNNHO SROLWLNDL UHQGV]HUHNNHOUHQGHONH]QHNXJ\DQ~J\HOPRQGKDWyKRJ\V]LQWHQLQFVNpWRO\DQRUV]iJ DPHO\LND]RQRVV]iPYLWHOLJ\DNRUODWRWN|YHW

(22)

$] iEUD iWWHNLQWpVW DG D V]iPYLWHO N|YHWHWW J\DNRUODWDLW EHIRO\iVROy OHKHWVpJHV WpQ\H] NU O

iEUD

$N|YHWHWWV]iPYLWHOLJ\DNRUODWRNEHIRO\iVROyWpQ\H] L

)RUUiV5REHUWVHWDODODSMiQ

$]HOWpUpVHNUHQGV]HUH]pVHpVRV]WiO\R]iVDHUHGPpQ\HNpQWDNO|QIpOHV]DNLURGDOPDND V]iPYLWHOL J\DNRUODWRNDW D PHJOpY QHP]HWL VDMiWRVViJRN ILJ\HOHPEH YpWHOH PHOOHWW DODSYHW HQ NpW WtSXVPRGHOOEH WDUWR]yDQ RV]WMiN IHO $] tJ\ NLDODNtWRWW IHORV]WiV NO|QE|] HOQHYH]pVHNNHO MHOHQLN PHJ D V]DNLURGDOPDNEDQ DWWyO IJJ HQ KRJ\ D UHQGV]HUIHORV]WiVQiOPLWWHNLQWHWWHNHOV GOHJHVIHORV]WiVLLVPpUYQHN7HUPpV]HWHVHQH]

QHP D]W MHOHQWL KRJ\ D PiVLN PRGHOO MHOOHP] L EL]RQ\RV YRQDWNR]iVRNEDQ QHP IHGH]KHW N IHO V W YDQQDN RUV]iJRN DPHO\HNUH PLQGLQNiEE D NpW DODSWtSXVEyO NLDODNtWRWWÄYHJ\HVUHQGV]HU´HOQHYH]pVIHGLOHDYDOyVV]DEiO\R]iVLpVDQQDNQ\RPiQ NLDODNXOWV]iPYLWHOLJ\DNRUODWRW

$ V]iPYLWHOL J\DNRUODWRN GLYHU]LILNiFLyMD PHQWpQ WHNLQWVN iW D] HJ\HV NODVV]LILNiFLyNDW 1REHV EHQ D V]HULQW KDWiUR]]D PHJ D NpW UHQGV]HU MHOOHP] LW KRJ\D]RNNLDODNXOiViUDPLKDWRWWHOV GOHJHVHQDPDNURYDJ\DPLNURJD]GDViJ(QQHN PHQWpQ YLV]L WRYiEE D JRQGRODWPHQHWHW KRJ\ D PDNURRULHQWiFLyM~ V]DEiO\R]iV

1(0=(7, 6=È09,7(/,

*<$.25/$72.

7 NHILQDQV]tUR]yN N|UH

$Gy]iVLUHQGV]HU -RJLUHQGV]HU

(J\pE EHIRO\iVROy

WpQ\H] N 1HP]HWLNXOW~UD

(23)

DODSYHW HQDV]iPYLWHOW|UYpQ\LKDWyViJLMRJLV]DEiO\R]iViYDODNRGLILNiOWMRJJDOFRGH ODZ YDQ |VV]KDQJEDQ pV DODSYHW HQ D NRQWLQHQWiOLVHXUySDL PRGHOONpQW YiOW LVPHUWWp PtJ D PLNUR RULHQWiFLyM~ V]DEiO\R]iV D] HVHWMRJ FRPPRQ ODZ J\DNRUODWiYDO YDQ

|VV]KDQJEDQpVDQJORVD[RQYDJ\DQJORDPHULFDQPRGHOOQHNQHYH]LN

$] HO ] IHORV]WiV PHQWpQ 1REHV WRYiEEKDODGYD YL]VJiODW WiUJ\iYi WHV]L D SpQ]J\L EHV]iPROiVLUHQGV]HUWDEEyODV]HPSRQWEyOKRJ\D]PLO\HQILQDQV]tUR]yLLQIRUPiFLyV LJpQ\HNHWKLYDWRWWHOV GOHJHVHQNLHOpJtWHQL

$] DV IHORV]WiVD V]HULQW D]RQ RUV]iJRNEDQ DKRO D JD]GDViJ ILQDQV]tUR]iViUD MHOOHP] DUpV]YpQ\HVLROGDOUyOW|UWpQ HU VILQDQV]tUR]iVDQJORVD[RQS RUV]iJRNEDQ RWWVRNNDOLQNiEEDUUDIyNXV]iOQDNKRJ\JD]GiONRGyV]HUYH]HWHNM|Y EHQLIHMO GpVpUH YRQDWNR]yDQiOOMDQDNUHQGHONH]pVUHLQIRUPiFLyNPHO\HNDW NHPRELOL]iOiVWKLYDWRWWDN HO VHJtWHQLQHP]HWN|]LOHJ

(]HQ RUV]iJRNEDQ D V]pOHVN|U N|]]pWpWHOL N|YHWHOPpQ\HN PHOOHWW D SUXGHQFLiOLV HO tUiVRN EL]RQ\RV IDMWD FV|NNHQpVH ILJ\HOKHW PHJ DPL D N|]YHWOHQ KDWyViJL EHDYDWNR]iV PiVRGODJRV V]HUHSpW pU]pNHOWHWL D SLDF HOV GOHJHV V]DEiO\R]y EHIRO\iVD PHOOHWW0tJDNRQWLQHQWiOLVHXUySDLPRGHOOHVHWpEHQDILQDQV]tUR]iVHOV GOHJHVQ\~MWyL D] iOODPL NRUPiQ\]DWL V]HUYHN $ V]DEiO\R]iVÄSDUDJUDIXVRNRQ DODSXOy MHOOHJH´ pV NRQ]HUYDWLYL]PXVD HOV VRUEDQ D KLWHOH] L YpGHOHPUH D WiUVDViJRN KRVV]~ WiY~

VWDELOLWiViUDUHQGH]NHGHWWEHpVDV]iPYLWHOLV]DEiO\R]iVEDQPHJKDWiUR]yD]yYDWRVViJ HOYH

$]HO ] HNEHQOHLUWNDUDNWHUMHJ\HNG|QWLNHODNpWIpOHPRGHOOKR]]iiOOiViWD]DGy]iVL UHQGV]HUKH]LV$]DQJORVD[RQPRGHOODSLDFLV]HUHSO NLQIRUPiFLyYDOYDOyHOOiWiViUD NRQFHQWUiO HEE O DGyGyDQ D] DGy]iVL UHQGV]HU D V]iPYLWHOL N|YHWHOPpQ\HNW O HONO|QOWHQP N|GLN(]]HOV]HPEHQDNRQWLQHQWiOLVHXUySDLPRGHOOQpOV]iPRVHVHWEHQ D] DGyMRJV]DEiO\RN KDWiUR]]iN PHJ D] ]OHWL WUDQ]DNFLyN HOV]iPROiViQDN pV D]

pUWpNHOpVHNQHN D PyGMiW YDODPLQW D EHV]iPROyN SUH]HQWiFLyV N|YHWHOPpQ\HLW $ NpW UHQGV]HUOHJIRQWRVDEEMHOOHP] LQHN|VV]HJ]pVpWD]WiEOi]DWPXWDWMDEH

T

,GHVRURODQGyN8.*$$386*$$3,)56HN

(24)

WiEOi]DW

$NpWUHQGV]HUMHOOHP] LQHN|VV]HIRJODOiVD 0HJKDWiUR]y

MHOOHP] N

$QJRO$PHULNDL PRGHOO

.RQWLQHQWiOLV(XUySDLPRGHOO

-RJLUHQGV]HU • 6]RNiVMRJ

• 0LNURRULHQWiFLyM~

V]DEiO\R]iV

• 6]DEiO\R]iVRNNRUOiWR]RWW V]iPD

• $V]DEiO\R]iV

N|]pSSRQWMiEDQDNO|QE|]

HVHWHNMRJLUHQGH]pVHiOO

• .RGLILNiOWMRJ

• 0DNURRULHQWiFLyM~

V]DEiO\R]iV

• 6]DEiO\R]iVRNNO|QE|]

V]LQW MRJV]DEiO\RNEDQ

• $V]DEiO\R]iV

N|]pSSRQWMiEDQDNRJHQV HO tUiVRNiOOQDN

)LQDQV]tUR]iVL UHQGV]HU

• 5pV]YpQ\HVLGRPLQDQFLD

• (U VDÄW|PHJHV´

NLVEHIHNWHW N|QNHUHV]WOL W NHILQDQV]tUR]iVLV

• ÈOODPLNRUPiQ\]DWLV]HUYHN GRPLQDQFLiMD

6]iPYLWHOL EHV]iPROiVL UHQGV]HU

• 5pV]YpQ\HVLEHIHNWHW L RULHQWiFLyM~EHV]iPROiVL UHQGV]HU

• (OV GOHJHVLJpQ\DW NHD YDJ\RQpVD]RNYiOWR]iVDLUD YRQDWNR]yEHPXWDWiVLUiQW

• +DWyViJLRULHQWiFLyM~

EHV]iPROiVLUHQGV]HU

• (OV GOHJHVLJpQ\D]

yYDWRVViJHOYpQHNpUYpQ\UH MXWWDWiVDKLWHOH] NYpGHOPH SUXGHQFLiOLVHO tUiVRN EHWDUWiViQDNEHPXWDWiVD

$Gy]iVL UHQGV]HU

• gQiOOyEHV]iPROiVLUHQGV]HU

• 6]iPYLWHOOHOYDOyNDSFVRODW HOKDQ\DJROKDWy

• ÈWIHGpVHNDV]iPYLWHOL EHV]iPROiVLUHQGV]HUUHO

• 6]iPYLWHOUHPHJKDWiUR]yD]

HOV]iPROiVpUWpNHOpV EHPXWDWiVWHNLQWHWpEHQ

(25)

,,$V]iPYLWHOLLQIRUPiFLyVUHQGV]HUDODSYHW WHUOHWHL

$V]iPYLWHOYDODPHQQ\LJD]GiONRGyHJ\VpJV]iPiUDDNRPPXQLNiFLyHJ\LNOHKHWVpJHV HV]N|]pOV]ROJiOyJD]GDViJLLQIRUPiFLyNOpWUHKR]iViQDNIRQWRVWHUOHWH0LQGDNOV PLQG D EHOV G|QWpVKR]DWDOKR] V]NVpJHV FpOLUiQ\RVDQ HO iOOtWRWW LQIRUPiFLy LJpQ\HN NLHOpJtWpVpWNHOOKRJ\EL]WRVtWVD$P~OWV]i]DGPiVRGLNIHOpW OHJ\UHLQNiEEQDSLUHQGUH NHUOW PLQG D QHP]HWN|]L PLQG D KD]DL J\DNRUODWEDQ pV D V]DNLURGDOPDNEDQ LV D V]iPYLWHO PLQW LQIRUPiFLyW V]ROJiOWDWy UHQGV]HU SpQ]J\L V]iPYLWHOUH ILQDQFLDO DFFRXQWLQJpVYH]HW LV]iPYLWHOUHPDQDJHPHQWDFFRXQWLQJW|UWpQ IHORV]WiVDPHO\HW DiEUDV]HPOpOWHW

$ V]iPYLWHOL LQIRUPiFLyV UHQGV]HU PLQGNpW HVWEHQ N|]|V DODSEL]RQ\ODWL Ei]LVRQ NHOO KRJ\ OpWUHM|MM|Q pV P N|GM|Q WRYiEEi NL NHOO KRJ\ HOpJtWVH PLQG D NOV ± SLDFL V]HUHSO N±PLQGDEHOV ±NO|QE|] YH]HW LV]LQWHN±LQIRUPiFLyVLJpQ\HLW

iEUD

)RUUiV6DMiWV]HUNHV]WpV

$V]iPYLWHOPLQWDJD]GiONRGiVUyOYDOyV]iPDGiVpVV]iPEDYpWHOIJJHWOHQODWWyO KRJ\PLO\HQHOV GOHJHVNDUDNWHULV]WLNiNKDWRWWDNNLDODNXOiViUDIHODGDWDKRJ\DP~OWUD

33e1=h*<,6=È09,7(/

+DWyViJRN

9iOODONR]iVYH]HW L

(OOHQ U]pV

HOHP]pV '|QWpVHN

3LDFL V]HUHSO N

9(=(7 ,6=È09,7(/

6]iPYLWHOLLQIRUPiFLyVUHQGV]HU

(26)

YRQDWNR]yDQEL]WRVtWVDDJD]GiONRGyHJ\VpJHNWHYpNHQ\VpJpQHNpUWpNHOpVpWpVHJ\~WWDO PHJWHUHPWVH D EHOV Q\LOYiQWDUWiVL UHQGV]HUHQ NHUHV]WO D M|Y EHQL G|QWpVHNKH]

V]NVpJHV PHJEt]KDWy NYDQWLWDWtY DODSLQIRUPiFLyNDW WiPRJDWYD D PHJIHOHO HQ NLDODNtWRWW pV P N|GWHWHWW NRFNi]DWL DUFKLWHNW~UiW 0LQGHQ V]iPYLWHOL UHQGV]HU DNNRU NpSHV EHW|OWHQL D W OH HOYiUWDNDW KD IRO\DPDWRVDQ pV UXJDOPDVDQCVU NpSHV DODNXOQL D PHJYiOWR]RWW NOV pV EHOV LJpQ\HNQHN D]D] UXJDOPDV D] HOYV]HU VpJ PpUWpNpLJ $ YiOWR]WDWiVYH]pUHOYHD]DODSRVIHONpV]OWVpJpVQHDPLQGHQiURQPHJIHOHOQLDNDUiVEyO IDNDGyVLHWVpJOHJ\HQ

,,$V]iPYLWHOQHP]HWN|]LKDUPRQL]iFLyVIRO\DPDWD

$] HO ] JRQGRODWPHQHWHW IRO\WDWYD D V]iPYLWHO W|EE FpO PHJYDOyVXOiViW KLYDWRWW V]HUHSpE ODGyGyDQDNNRUWXGKRVV]~WiYRQHOHJHWWHQQLDVRNV]RUHJ\PiVVDOHOOHQWpWHV pUGHNHNHW NpSYLVHO JD]GDViJL V]HUHSO N PHJDODSR]RWW M|Y EHQL G|QWpVHLQHN PHJKR]DWDOiKR] V]NVpJHV LQIRUPiFLyHOOiWiVL ÄN|WHOH]HWWVpJpQHN´ KD D V]iPYLWHO QHP]HWN|]LOHJ KDUPRQL]iOW $ V]iPYLWHO QHP]HWN|]L KDUPRQL]iFLyMD W|UWpQHOPLCC WiYODWEyO WHNLQWYH MyYDO D] ,$6&C#D DV PHJDODNXOiVD HO WW HONH]G G|WW $ KDUPRQL]iFLyDNFHOHUiFLyVIRO\DPDWDPpJLVLQNiEEDP~OWV]i]DGHVpYHLKH]N|W GLN DPLNRU LV D] HJ\LN ROGDORQ PLQG W|EE WiUVDViJ NH]GHWW NOI|OGL W NpW LJpQ\EH YHQQL JD]GDViJL WHYpNHQ\VpJH IHOOHQGtWpVpKH] pV H]]HO SiUKX]DPRVDQ D EHIHNWHW N UpV]pU O HOLQGXOW EHIHNWHWpVHLN QHP]HWN|]L GLYHU]LILNiFLyV IRO\DPDWD 5|YLG LG Q EHOO NpQ\WHOHQHNYROWDNV]HPEHVOQLD]RNNDODQ|YHNY SUREOpPiNNDOPHO\HNDNO|QE|]

QHP]HWLV]iPYLWHOLPHJMHOHQtWpVLpUWpNHOpVLpVN|]]pWpWHOLN|YHWHOPpQ\HNE ODGyGWDN

$ V]iPYLWHO KDUPRQL]iOiViQDN HOP~OW pYWL]HGHLEHQ NO|QE|] pUWHOPH]pVHN HOWpU WDUWDORPPDOEtUyPHJN|]HOtWpVHNWtSXVRNDOWHUQDWtYiNOiWWDNQDSYLOiJRW,O\HQHNW|EEHN N|]|WW

• DGHMXUHIRUPiOLVMRJV]HULQWLKDUPRQL]iFLy

• DGHIDFWRWpQ\OHJHVKDUPRQL]iFLy

R DN|]]pWpWHOHNUHYRQDWNR]yKDUPRQL]iFLy

EW

,)$&$UWLFOHVRI0HULWS

E#E7KH&RVWDQG0DQDJHPHQW0D\-XQHSS

EF

,$6& ,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV&RPPLWWHH1HP]HWN|]L6]iPYLWHOL6WDQGDUG%L]RWWViJ

(27)

R pUWpNHOpVHNKDUPRQL]iFLyMD

• N|OFV|Q|VHOLVPHUpV

• |VV]HHJ\H]WHWpV|VV]HKDQJROiV

• VWDQGDUGL]iOiV

$V]DNLURGDOPDNV]LQRQLPIRJDOPDNNpQWHPOtWLNDKDUPRQL]iFLyWVWDQGDUGL]iOiVWpVD]

XQLIRUPL]iOiVW,JD]iEyOPLQGHJ\LNHVHWEHQD]HUHGHQG FpOD]KRJ\EL]WRVtWRWWOHJ\HQD KDVRQOyWUDQ]DNFLyNpVHVHPpQ\HNHJ\IRUPiQW|UWpQ V]iPEHYpWHOHEiUKROLVNHUOQHN HOV]iPROiVUDpVEiUKRONpV]OD]D]RNDWWDUWDOPD]yEHV]iPROy

$] HOP~OW N|]HO pY V]iPYLWHOL KDUPRQL]iFLyV IRO\DPDWiEDQ D VWDQGDUGDONRWy WHVWOHWHN±pVNO|Q|VHQD],$6%CXG pVDQQDNHO GMHD],$6&DW|EELV]HUYH]HWWHOHJ\WW PLQGQDJ\REEKDQJV~O\WIHNWHWWHNDKDUPRQL]iFLyPHJYDOyVtWiViUDpVHQQHNpUGHNpEHQ WHV]LN PHJ PD LV D V]NVpJHV OpSpVHNHW (J\pUWHOP KRJ\ D V]iPYLWHOL VWDQGDUGRN QHP]HWN|]LV WPpJLQNiEEJOREiOLVKDUPRQL]iFLyMDpOHWEHYiJyDQIRQWRVDQHP]HWN|]L W NHSLDFL IHMO GpV HO PR]GtWiViKR] pV DKKR] KRJ\ D SpQ]J\L NLPXWDWiVRN HJ\HV WpWHOHLQHN PHJMHOHQtWpVL pV pUWpNHOpVL NULWpULXPDLUD YRQDWNR]y HOWpUpVHN NH]HOpVpUH PHJIHOHO pVHOIRJDGKDWyPHJROGiVRNV]OHVVHQHN8J\DQLVDNO|QE|] pUGHNKRUGR]yN pUGHNHLQHN V]HP HO WW WDUWiViYDO PHJYDOyVXOy V]iPYLWHOL KDUPRQL]iFLy HJ\pUWHOP HQ PXOWLGLPHQ]LRQiOLV HO Q\|NHW KRUGR] PDJiEDQ PLQG D SpQ]J\L NLPXWDWiVRN IHOKDV]QiOyL±D]D]DEHIHNWHW NEDQNRNWXODMGRQRVRNNO|QE|] KDWyViJRN±V]iPiUD PLQGSHGLJDSpQ]J\LNLPXWDWiVRNNpV]tW LV]iPiUDJD]GDViJLG|QWpVHLNPHJKR]DWDOD VRUiQ $ JOREiOLV iOWDOiQRVDQ HOIRJDGRWW V]iPYLWHOL HOYHN DODSMiQ NpV]O SpQ]J\L NLPXWDWiVRN OHKHW VpJHW WHUHPWHQHN D EHV]iPROyN KDWiURNRQ iWQ\~Oy N|QQ\HEE pUWKHW VpJpUH WRYiEEi DUUD KRJ\ D IHOKDV]QiOyN WpQ\OHJHVHQ LV |VV]HKDVRQOtWiVRNDW YpJH]KHVVHQHN RUV]iJRQ EHOO D] D]RQRV V]HNWRUEDQ WHYpNHQ\NHG WiUVDViJRNUD YRQDWNR]yDQ V W PpJ LQNiEE D JOREDOL]iFLy N|YHWNH]PpQ\HNpQW RUV]iJRN N|]|WW LV 0LQGH] HJ\~WWDO DODFVRQ\DEE NRFNi]DWRW pV OpQ\HJHVHQ KDWpNRQ\DEE EHIHNWHWpVL G|QWpVHNHWHUHGPpQ\H]KHW

EH

,$6% ,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUG%RDUG 1HP]HWN|]L6]iPYLWHOL6WDQGDUG7HVWOHW

(28)

5|YLGHQDV]iPYLWHOLKDUPRQL]iFLyPLQWNRQFHSFLyMHOHQWpVVHOEtUyGHILQtFLypVPLQW HJ\IRO\DPDWPHO\NO|QE|] Qp] SRQWRNV]HPV]|JpE OKDWiUR]KDWyPHJ

• &DQLEDQR pV 0RUD V]HULQW DÄKDUPRQL]iFLy´ PDJiEDQ IRJODOMD D NO|QE|]

Qp] SRQWRN iOOiVSRQWRN |VV]HKDQJROiViW pV PHJHQJHGL HOWpU N|YHWHOPpQ\HN pUYpQ\HVOpVpW D] HJ\HV RUV]iJRNEDQ DPHO\HNEHQ D] HJ\VpJHV PyGRQ W|UWpQ EHV]iPROiVEL]WRVtWMDDORJLNDLHOOHQWPRQGiVRNNL]iUiViW

• $ÄKDUPRQL]iFLy´HJ\IRO\DPDWDKDUPyQLDLUiQ\iEDYDOyHOPR]GXOiVD],)56 HNDONDOPD]iViQDNLUiQ\iEDDPLPiUHJ\iOODSRWRWMHOHQW

• :RON pV WiUVDL D V]iPYLWHOL VWDQGDUGRN KDUPRQL]iOiViW D NO|QE|] QHP]HWL V]iPYLWHOL VWDQGDUGRN pV PyGV]HUHN YDODPLQW SpQ]J\L EHV]iPROiVL IRUPiN N|]|WWLHJ\WWP N|GpVYDJ\DKDVRQOyViJHJ\EL]RQ\RVV]LQWMHNpQWpUWHOPH]LN

• $ J\DNRUODWL NO|QE|] VpJHN iOODSRWiEyO YDOy HOPR]GXOiV IRO\DPDWDNpQW LV pUWHOPH]KHW DKDUPRQL]iFLy

0LQGH]HNE O N|YHWNH] HQ D V]iPYLWHO QHP]HWN|]L KDUPRQL]iFLyMD PHJIRJDOPD]KDWy

~J\ LV PLQW D QHP]HWN|]L V]iPYLWHOL VWDQGDUGRN HJ\H]WHWpVpQHN RO\DQ IRO\DPDWD DPHO\QHNHUHGPpQ\HNpQWPHJHJ\H]pVV]OHWLNKRJ\DNO|QE|] RUV]iJRNDSpQ]J\L NLPXWDWiVRNDWD]iOWDOiQRVDQHOIRJDGRWWpUWpNHOpVLpVN|]]pWpWHOLHOYHNDODSMiQNpV]tWLN +DVNLQVHWDO

(29)

,,$V]iPYLWHOLKDUPRQL]iFLyHOWpU WtSXVDLDOWHUQDWtYiL

,,)RUPiOLVKDUPRQL]iFLy

$MRJV]DEiO\RNpVHO tUiVRNKDUPRQL]iOiViUDYRQDWNR]LNDPHO\HOPpOHWLV]HPSRQWEyO KDQJV~O\R]DQGy $ NO|QE|] RUV]iJRN FVRSRUWRN HO tUiVDLQDN pV MRJV]DEiO\DLQDN KDVRQOyViJDL pV HOWpUpVHL iWWHNLQWpVUH NHUOQHN pV H]W N|YHW HQ W|UWpQLN D GH MXUH KDUPRQL]iFLy

,,7pQ\OHJHVKDUPRQL]iFLy

$] DGRWW J\DNRUODWL DONDOPD]iVRN OpQ\HJL KDUPRQL]iOiViW MHOHQWL $ SpQ]J\L EHV]iPROiV YDJ\ D VWDQGDUGRN KDUPRQL]iOiVD YRQDWNR]KDW DNiU D] DONDOPD]RWW V]iPYLWHOL pUWpNHOpVL PyGV]HUHNUH PRGHOOHNUH DNiU D N|]]pWpWHOL N|YHWHOPpQ\HNUH N|UOPpQ\HNUH HQQHN PHJIHOHO HQ EHV]pOKHWQN D N|]]pWpWHOHNUH YRQDWNR]y KDUPRQL]iFLyUyO YDJ\ D] pUWpNHOpVHN KDUPRQL]iFLyMiUyO $ KDUPRQL]iFLyQDN D] D IRUPiMD DPHO\ OpQ\HJLOHJ V]iPV]HU VtWYH LV NLPXWDWKDWy D]D] PLQG W|EE JD]GiONRGy HJ\VpJDONDOPD]]DD]D]RQRVV]iPYLWHOLpUWpNHOpVLPyGV]HUHNHWV]iPYLWHOLPRGHOOHNHW H]iOWDO D KDUPRQL]iFLy MHOHQW V PpUWpNEHQ MiUXO KR]]i D] |VV]HKDVRQOtWKDWyViJKR] $ KDUPRQL]iFLyQDN H]W D WtSXViW QHYH]L D V]DNLURGDORP GH IDFWR YDJ\ OpQ\HJHV D]D]

pUGHPLKDUPRQL]iFLyQDN

$ SpQ]J\L NLPXWDWiVRN |VV]HKDVRQOtWKDWyViJD YpJHWW WRYiEEL DOWHUQDWtYiNDW OHKHW V]iPtWiVEDYHQQLDKDUPRQL]iFLyKR]

,,.|OFV|Q|VHOLVPHUpV

*\DNRUODWLODJ D]W MHOHQWL KRJ\ D QHP]HWL V]DEiO\RN DODSMiQ HONpV]OW SpQ]J\L NLPXWDWiVRN NOI|OG|Q LV HOIRJDGiVUD NHUOQHN DNNRU LV KD D]RN QHP D IRJDGy RUV]iJEDQKDWiO\RVV]iPYLWHOLHOYHNNHO|VV]KDQJEDQNpV]OWHN$N|OFV|Q|VHOLVPHUpV PHJOHKHW VHQNRUOiWR]RWWN|UEHQpVQpKiQ\RUV]iJHVHWpEHQHOIRJDGRWWI OHJRWWDKROD]

DONDOPD]RWW V]iPYLWHOL HOYHN KDVRQOyDN ,O\HQHN SpOGiXO .DQDGD pV D] (J\HVOW

(30)

ÈOODPRN $] DOWHUQDWtYD KiWUiQ\D KRJ\ D SpQ]J\L NLPXWDWiVRN IHOKDV]QiOyLQDN RWWKRQRVDQNHOOPR]RJQLDNO|QE|] RUV]iJRNV]iPYLWHOLHO tUiVDLEDQD]D]LVPHUQLN NHOOD]HJ\HVRUV]iJRNHOWpU V]iPYLWHOLVWDQGDUGMDLWV]DEiO\R]iVDLW7RYiEELNpUGpVNpQW PHUOKHWIHOKRJ\D]HOWpU V]DEiO\R]iVRNHUHGPpQ\HNpQWPHO\LNHUHGPpQ\DNRUUHNWpV PHO\LNUHQGV]HUDMREE"

,,gVV]HHJ\H]WHWpV

0HJHQJHGL D NOI|OGL WiUVDViJRNQDN KRJ\ SpQ]J\L NLPXWDWiVDLNDW VDMiW RUV]iJXN V]iPYLWHOLVWDQGDUGMDLV]HULQWNpV]tWVpNHOGHHPHOOHWWN|WHOHVVpJNDNULWLNXVV]iPYLWHOL V]DEiO\R]iVL WHUOHWHN N|]|WWL |VV]HKDQJROiV EL]WRVtWiVD ± PLQW SpOGiXO D QHWWy M|YHGHOHPYDJ\DVDMiWW NH±pUGHNpEHQDV]iPV]DNLHOWpUpVHNEHPXWDWiVLVDIRJDGy RUV]iJV]DEiO\R]iVDLKR]NpSHVW$]|VV]HHJ\H]WHWpVFpOMDKRJ\Q\LOYiQYDOyYiWHJ\HD V]iPYLWHOL DONDOPD]iVRN N|]|WWL OpQ\HJHV GLYHUJHQFLiNDW &KRL HW DO (O Q\HL KRJ\DEHIHNWHW NV]iPiUDPHJN|QQ\tWLDWiUVDViJRNN|]|WWL|VV]HKDVRQOtWKDWyViJRWpV NHYpVEp GUiJD PLQWKD D NOI|OGL V]iPYLWHOL HOYHN HO tUiVRN V]HULQWL PiVLN NRPSOHWW SpQ]J\LNLPXWDWiVRNDWHONHOOHQHNpV]tWHQL+iWUiQ\DKRJ\D]|VV]HHJ\H]WHWpVFVXSiQ

|VV]HJ]pVW pV QHP WHOMHV NpSHW PXWDW D] DGRWW WiUVDViJUyO H]iOWDO OLPLWiOYD D SLDFL

|VV]HKDVRQOtWKDWyViJRW 7RYiEEi LWW LV IHOYHW GLN D NpUGpV KRJ\ YDMRQ PHO\LN V]DEiO\R]iVV]HULQWLHUHGPpQ\DNRUUHNW"

,,6WDQGDUGL]iOiV

(J\ RO\DQ IRO\DPDW DPHO\QHN VRUiQ YDODPHQQ\L UpV]WYHY KR]]iMiUXO DKKR] KRJ\

V]iPYLWHOL DONDOPD]iVDL pV D N|YHWHWW J\DNRUODWD D]RQRV YDJ\ KDVRQOy DPHO\QHN HUHGPpQ\HHJ\XQLIRUPL]iOWiOODSRWDKROPLQGHQV]DEiO\R]RWWKRPRJpQYDJ\OHJDOiEE HJ\IRUPD $ VWDQGDUGL]iOiV iOWDOiEDQ D]]DO MiU KRJ\ D IRO\DPDW VRUiQ pV DQQDN HUHGPpQ\HNpQW YDODPHQQ\L D VWDQGDUGL]iOiVED |QNpQW EHOpS YDJ\ MRJV]DEiO\L DODSRQ N|WHOH] HQUpV]WYHY RUV]iJDGRSWiOMDHJ\RUV]iJPyGV]HUpW$](8EDQH]DIRO\DPDW ]DMORWWOHN|]|WWLLG V]DNEDQDPLNRULVD](8D],$6,)56HN(8V]LQW N|WHOH] DONDOPD]iViUyOG|QW|WW

(31)

$Q\LOYiQRVDQP N|G WiUVDViJRNV]iPiUDD](.UHQGHOHWM~OLXV FLNNH MDQXiU W O N|WHOH] HQ HO tUMD D] ,$6 DODS~ NRQV]ROLGiOW SpQ]J\L NLPXWDWiVRN NpV]tWpVpW DEEDQ D] HVHWEHQ KD H]HQ WiUVDViJRN WXODMGRQL YLV]RQ\W PHJWHVWHVtW pUWpNSDStUMDLQDNIRUJDOPD]iVDW|UWpQLNYDJ\DIRUJDOPD]iVHQJHGpO\H]HWW YDODPHO\7DJiOODPV]DEiO\R]RWWSLDFiQ$UHQGHOHWLV]LQW MRJV]DEiO\EyODGyGLNKRJ\D WDJiOODPRN DXWRPDWLNXVDQ N|WHOHVHN DGRSWiOQL H]HQ HO tUiVW D VDMiW MRJUHQGMNEH YDOy EHpStWpVQpONO$KDUPRQL]iFLypVDVWDQGDUGL]iOiVHJ\PiVUDpSO IRO\DPDWDLWDV]

iEUDV]HPOpOWHWL

iEUD +DUPRQL]iFLypVVWDQGDUGL]iOiV

)RUUiV)ULW]HWDOS

$ V]iPYLWHO QHP]HWN|]L KDUPRQL]iFLyV IRO\DPDWD PDJiEDQ IRJODOMD D NO|QE|]

QHP]HWLV]iPYLWHOLVWDQGDUGRNWRYiEEiDSpQ]J\LEHV]iPROiVIRUPiMDpVDSpQ]J\L NLPXWDWiVRN HONpV]tWpVpQpO DONDOPD]RWW PyGV]HUHN WHNLQWHWpEHQ D NRRUGLQiFLy YDJ\ D KDVRQOyViJEL]RQ\RVV]LQWMpWD]pUGHNHOWIHOHNHWpULQW HQ8J\DQLVDKDUPRQL]iFLyQHP D]HOWpUpVHNPHJV]QWHWpVpUHNHOOKRJ\IyNXV]iOMRQKDQHPD]HOOHQWpWHVV]DEiO\R]iVRN FV|NNHQWpVpUHPHO\QHNHUHGPpQ\HNpQWYLOiJYLV]RQ\ODWEDQLVMREEDQ|VV]HKDVRQOtWKDWy SpQ]J\L NLPXWDWiVRN HONpV]tWpVpUH Q\tOLN OHKHW VpJ DPHO\ PLQG D SpQ]J\L

+$5021,=È&,Ï

(OWpUpVHN gVV]HKDVRQOtWKDWy

67$1'$5',=È&,Ï

+RPRJpQ

(32)

NLPXWDWiVRNNpV]tW LPLQGD]RNIHOKDV]QiOyLV]iPiUDW|EEV]|U|VHQHO Q\|VpVHJ\EHQ MyOP N|G IHMOHWWW NHSLDFRNNLDODNXOiViKR]YH]HWKHWC#I

$ KDUPRQL]iFLyW KD WRYiEEYLV]LN D] pUGHNHOWHN HOYH]HWKHW HJ\ RO\DQ VWDQGDUGL]iOW iOODSRWKR]PHO\HOYH]HWKHWHJ\PyGV]HUÄVWDQGDUGFVRPDJ´±W|UWpQHWHVHQD],)56HN

±PLQGHQpUGHNHOWiOWDOLDGRSWiOiViKR]DPLD]RQRVpUWpNHOpVLPpUpVLNULWpULXPRNDWD V]DEiO\R]RWWLQIRUPiFLyNQ\LOYiQRVViJUDKR]DWDOiWpV|VV]HKDVRQOtWKDWyViJRWYDODPLQWD NRUDL ILJ\HO UHQGV]HUKH] V]NVpJHV D]RQRV pUWpNHOpVL HOYHNHQ Q\XJYy DGDWVRURNDW EL]WRVtWDVWDQGDUGL]iOWEHV]iPROyNpV]tWpVHQNHUHV]WO

0LQGH]HNHJ\WWDV]DNPDLEL]DORPHU VtWpVpWDN|]pUGHNV]ROJiODWiWFpOR]]iNPHJD V]DEiO\R]iVDGWDV]pOHVN|U HV]N|]WiUIHOKDV]QiOiViYDOWHOMHVtWYHDN|]|OWLQIRUPiFLy DGiVVDOHJ\WWMiUypUWKHW VpJN|YHWHOPpQ\pWD]LQIRUPiFLyNSRUODV]WiVRVWHFKQLNiMiQDN

±D]D]D]LQIRUPiFLyNW|EEKHO\U OW|UWpQ |VV]HJ\ MWpVpQHN±PLQLPDOL]iOiViWpVYpJO GHQHPXWROVyVRUEDQDMRJLN|YHWHOPpQ\HNQHNHO tUiVRNQDNYDOyPHJIHOHOpVW

EJ

KWWSZZZHSOLXVHH[MREEHNLIHN6XVDQQH)ULW]±&KULVWLQD/DPPOH7KHLQWHUQDWLRQDO KDUPRQLVDWLRQSURFHVVRI$FFRXQWLQJ6WDQGDUGVSS

(33)

,,, $ 3e1=h*<, %(6=È02/È6 -g9 -( $= ,)56HN 7h.5e%(1

,,,$](XUySDLXQLyMRJUHQGMHpVG|QWpVLPHFKDQL]PXVD

$](XUySDL8QLyN|]HOIpOpYV]i]DGRVIHMO GpVHUHGPpQ\HDPHO\PiUPHJDODNXOiVDNRU FpOXOW ]WHNLDQpJ\V]DEDGViJMRJ±D]iUXNDV]ROJiOWDWiVRNDV]HPpO\HNPXQNDHU pVDW NHV]DEDGiUDPOiViQDN±EL]WRVtWiViW$]8QLyEDQPLQWQHP]HWN|]LV]HUYH]HWEHQ H V]DEDGViJMRJRN PHJYDOyVXOiVD KRVV]DEE LG WDUWDP HUHGPpQ\HNpQW M|KHWHWW OpWUH LOOHWYH YDOyVXOKDWRWW PHJ D] 8QLy LG N|]EHQL W|EEV]|UL E YOpVH IRO\DPiQ 'H D W|UHNYpVPLQGHQNpSSHQDNRUOiWRNOHERQWiViUDDQpJ\DODSMRJWHOMHVpUYpQ\UHMXWWDWiViUD LUiQ\XO

$ GLVV]HUWiFy V]HPSRQWMiEyO D W NH V]DEDG iUDPOiVD pUGHPHO NLWQWHWHWW ILJ\HOPHW KLV]HQ H]HQ OHKHW VpJJHO YDOy pOQL WXGiVRQ NHUHV]WO NpSHV HJ\ WDJiOODP EiUPHO\

SRWHQFLiOLV EHIHNWHW MH HOG|QWHQL KRJ\ HJ\ PiVLN WDJiOODP YDODPHO\ JD]GiONRGy HJ\VpJpEH KDMODQGyH EHIHNWHWQL W NpW LQYHV]WiOQL D QHP]HWN|]L SLDFRNRQ HOpUKHW KR]DPQ\HUHVpJKDV]RQSLDFLUpV]HVHGpVQ|YHOpVUHPpQ\pEHQ$EEDQD]HVHWEHQKD QHPHO UHHOG|QW|WWFpOSLDFYDJ\FpORUV]iJV]HUHSHODEHIHNWHWpVLV]iQGpNP|J|WWDNNRU DÄV]iPRN´ WNUpEHQ W|UWpQ EHIHNWHW L G|QWpV PHJKR]DWDOiKR] IRQWRV NLLQGXOySRQWXO V]ROJiOKDWQDN D UHQGHONH]pVUH iOOy Q\LOYiQRV LQIRUPiFLyN PHO\HNNHO V]HPEHQ D N|YHWNH] NULWpULXPRN DODSYHW HN PHJEt]KDWyViJ QDSUDNpV]VpJ GH PLQGHQHNHO WW

|VV]HKDVRQOtWKDWyViJPHJOpWH

$EHIHNWHW NG|QWpVHLNHO NpV]tWpVpKH]pVD]HOHP] PXQNiNHUHGPpQ\HNpQWDG|QWpVHN PHJKR]DWDOiKR] HO V]|U D SRWHQFLiOLV FpOWiUVDViJRN SpQ]J\L NLPXWDWiVDLQDN

|VV]HKDVRQOtWKDWyViJiW YL]VJiOMiN 0LpUW HOV UHQG NpUGpV H] D NpV EEL G|QWpVHN V]HPSRQWMiEyO" $]pUW PHUW PLQW DKRJ\ D ,, IHMH]HW ± D WHOMHVVpJ LJpQ\H QpONO ± UiPXWDWRWWDQHP]HWLV]iPYLWHOLV]DEiO\R]iVRNUDKDWyWpQ\H] NVRNIpOHVpJpUHtJ\D]RN QHP]HWL V]LQWHQ EiU |VV]HKDVRQOtWKDWy LQIRUPiFLyNDW EL]WRVtWKDWQDN GH QHP]HWN|]L V]LQWHQNRPRO\pUWpNHOpVLHOV]iPROiVLEHV]iPROiVLHOWpUpVHNPXWDWNR]QDN0LQGH]HND QHP]HWL V]DEiO\R]iVRN KHWHURJHQLWiVD PLDWW D EHIHNWHW L G|QWpVHNHW KD QHP LV

(34)

NRUOiWR]]iN GH PHJQHKH]tWKHWLN +DEiU D] 8QLy HJ\VpJHVtWpVL W|UHNYpVHL D QpJ\

V]DEDGViJMRJ WHNLQWHWpEHQ PHJOHKHW V HON|WHOH]HWWVpJU O WDQ~VNRGLN PpJLV D]W NHOO PRQGDQLKRJ\DQHP]HWN|]LW NHSLDFRQDNWtYDQUpV]WYHY EHIHNWHW NG|QWpVHLNHWQHP HOV GOHJHVHQ D Q\LOYiQRVDQ N|]]pWHWW SpQ]J\L NLPXWDWiVRN SpQ]J\LV]iPYLWHOL EHV]iPROyN |VV]HKDVRQOtWiVD DODSMiQ KR]]iN PHJ DPL J\DNRUODWLODJ D W NH V]DEDG iUDPOiViQDN~WMiEDQiOOyNRUOiWNpQWLVpUWHOPH]KHW (]pUWD](8V]LQW MRJLV]DEiO\R]iV KDUPRQL]iOiVD D] HJ\LN FpO D] HOWpU V]iPYLWHOL EHV]iPROyNEyO DGyGy DNDGiO\RN OHN]GpVHpVDNRUOiWR]yWpQ\H] NPHJV]QWHWpVHYpJHWW

$](8V]DEiO\DLQDNNO|QE|] V]LQWMHLYDQQDNDWWyOIJJ HQKRJ\PHQQ\LUHN|WHOH]

YDJ\ PHJHQJHG MHOOHJ HN pV PLO\HQ N|UUH YRQDWNR]QDN 7HNLQWHWWHO DUUD KRJ\ÄD WDJiOODPRN OHPRQGWDN D .|]|VVpJ MDYiUD EL]RQ\RV MRJDLNUyO H WHUOHWHNHQ N|]|VVpJL MRJV]DEiO\RNV]OHWQHN´

• $N|]|VVpJLMRJHOV GOHJHVIRUUiVDLWD]DODSV]HU] GpVHNpVDKR]]iMXNNDSFVROyGy MHJ\] N|Q\YHNNpSH]LN

• 0tJD](8V]DEiO\R]iVEDQDPiVRGODJRVMRJIRUUiVRNV]LQWMHLDN|YHWNH] NCK

.|WHOH] MRJLQRUPiN

• 5HQGHOHWHNDWDJRUV]iJRNUDiOWDOiQRVpUYpQ\ HNDWDJiOODPRNUDN|WHOH] HNpV N|]YHWOHQO DONDOPD]DQGyN DXWRPDWLNXVDQ pV N|]YHWOHQO UpV]pYp YiOQDN D WDJiOODPRNMRJUHQGMpQHNDNLKLUGHWpVWN|YHW HQ$]HJ\HVQHP]HWLMRJUHQGV]HUHN MRJV]DEiO\DLKR] NpSHVW HOV GOHJHVVpJHW pOYH]QHN D]D] DGRSWiODQGyN N|]YHWOHQOYiOWR]WDWiVQpONODONDOPD]DQGyN

• +DWiUR]DWRNCVPÄV]LQWpQN|]YHWOHQON|WHOH] HNGHNRQNUpWJ\UHYRQDWNR]QDN pV FVDN D]RNUD N|WHOH] HN DNLNUH YRQDWNR]yDQ PHJDONRWWiN´ $ V]iPYLWHOL LQIRUPiFLyNIHOKDV]QiOiViKR]NDSFVROyGyDQLO\HQD(.KDWiUR]DWCN

• ,UiQ\HOYHN NHUHWMRJV]DEiO\RN D] HOpUHQG FpORNDW LOOHW HQ RO\DQ iOWDOiQRV N|WHOH]HWWVpJHNHWtUQDNHO DPHO\HNDQHP]HWLMRJUHQGQHNQHPUpV]HLpVHEE O

EL

$](XUySDL8QLyUyO6DOGRPiMXVSS

EY

$V]HU] iOWDOWDUWRWW1HP]HWN|]L6]iPYLWHOL5HQGV]HUHNNXU]XVHOHNWURQLNXVDQ\DJD3DQQRQ(J\HWHP WDQpY,,IpOpYEQ

$ %L]RWWViJ +DWiUR]DWD GHFHPEHU D QHP]HWN|]LOHJ HOIRJDGRWW V]iPYLWHOL VWDQGDUGRN V]HULQW NpV]tWHWWLQIRUPiFLyNKDUPDGLNRUV]iJEHOLpUWpNSDStUNLERFViWyNiOWDOW|UWpQ +LYDWDORV/DS/

(35)

DGyGyDQ N|WHOH]L D WDJiOODPRNDW DUUD KRJ\ D] LUiQ\HOY WDUWDOPiW WHJ\pN D QHP]HWL MRJ UpV]pYp D PHJDGRWW KDWiULG Q EHOO D]D] DGDSWiODQGyN D UHQGHONH]pVHLNHWiWNHOOOWHWQLDQHP]HWLMRJUHQGEH

1HPN|WHOH] pUYpQ\ MRJIRUUiVRN

• .|]OHPpQ\HNQHPN|WHOH] HNV]DNPDLNpUGpVHNEHQDGQDN~WPXWDWiVW

• $MiQOiVRN QHP N|WHOH] MHOOHJ HN FVHOHNYpVL pV PDJDWDUWiVL HOYiUiVRNDW IRJDOPD]PHJDFtP]HWWHNV]iPiUDPyGV]HUWDQDUUDYRQDWNR]yDQKRJ\ÄPLW KRJ\DQNHOONpV]tWHQL´

6]iPYLWHOLV]DEiO\RNWHNLQWHWpEHQD](8EDQD]pUWpNSDStURNDWQ\LOYiQRVDQIRUJDOPD]y WiUVDViJRNUD EHQ MHOHQW PHJ D] HOV UHQGHOHW $] LG N|]EHQ HJ\UH E YO pV V]LJRURGy D] iWOiWKDWyViJRW EL]WRVtWDQL V]iQGpNR]y MRJV]DEiO\RN D W NHSLDF LUiQWL EL]DORP HU VtWpVpW pV D V]DEDG W NHiUDPOiV IHOJ\RUVXOiViW KLYDWRWWDN HO VHJtWHQL EL]WRVtWDQL

$]XQLyVV]DEiO\RNWyOIJJHWOHQOPiUNRUiEEDQLVPHJMHOHQWDUUDYRQDWNR]yW|UHNYpV LJpQ\ KRJ\ OHJ\HQHN RO\DQ V]iPYLWHOL V]DEiO\RN DPHO\HNHW YLOiJ QHP]HWN|]L YLV]RQ\ODWEDQHOLVPHUQHNHOIRJDGQDNpVDONDOPD]QDN-HOHQOHJD1HP]HWN|]L3pQ]J\L

%HV]iPROiVL 6WDQGDUGRN ,)56CZO W|OWLN EH H]W D V]HUHSHW PHO\HNHW D] EDQ PHJDODNXOW ,$6& 1HP]HWN|]L 6]iPYLWHOL 6WDQGDUG %L]RWWViJCXS pV DQQDN XWyGMD GROJR]RWWNLpVIRO\DPDWRVDQDNWXDOL]iOMDDSLDFLLJpQ\HNHWV]HPHO WWWDUWYD$],)56 HNV]HULQWLSpQ]J\LNLPXWDWiVRNHJ\pUWHOP FpOMDKRJ\D]HO tUiVDLNDODSMiQHONpV]OW SpQ]J\L NLPXWDWiVRN DODSMiQ D JD]GiONRGy HJ\VpJHN EHV]iPROyLQDN NRQNXUHQFLiYDO W|UWpQ |VV]HKDVRQOtWKDWyViJD Q|YHNHGMHQ 3pOGiXO D] ,$6 VWDQGDUG RO\DQ iOWDOiQRV FpO~ SpQ]J\L NLPXWDWiVRN SUH]HQWiOiViUD YRQDWNR]y DODSYHW HO tUiVRNDW WDUWDOPD]

PHO\HNDODSMiQHONpV]OWNLPXWDWiVRNWpUEHQpVLG EHQ|VV]HKDVRQOtWKDWyNNiYiOQDN

$] HJ\VpJHVtWpV LUiQ\iED PpUI|OGN QHN V]iPtWRWW D] (8 D]RQ UHQGHOHWH DPHO\ D QHP]HWN|]L V]iPYLWHOL VWDQGDUGRN N|WHOH] DONDOPD]iViUyO G|QW|WW EL]RQ\RV FpJHNUH

ER

,$6±,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV1HP]HWN|]L6]iPYLWHOL6WDQGDUGRNEHQD]HOQHYH]pV PHJYiOWR]RWW ,)56 ± ,QWHUQDWLRQDO )LQDQFLDO 5HSURWLQJ 6WDQGDUGV 1HP]HWN|]L 3pQ]J\L %HV]iPROiVL 6WDQGDUGRNET

,$6&±,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV&RPPLWWHH1HP]HWN|]L6]iPYLWHOL6WDQGDUG%L]RWWViJ W O,$6%±,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV%RDUG1HP]HWN|]L6]iPYLWHOL6WDQGDUG7HVWOHW

(36)

(.UHQGHOHWD!U (V]HULQWDQHP]HWN|]LV]iPYLWHOLVWDQGDUGRNDWQ\LOYiQRVDQ P N|G WiUVDViJRN |VV]HYRQW NRQV]ROLGiOW pYHV EHV]iPROyMiQDN HONpV]tWpVHNRU NHOO DONDOPD]QL $] ,$6,)56HN EHIRJDGiVL IRO\DPDWiEDQ D] (8 QHP WLWNROW FpOMD KRJ\

QHP]HWN|]LOHJHOIRJDGRWWSpQ]J\LEHV]iPROiVLHO tUiVRNDONDOPD]iViUDNHUOM|QVRU

$EHYH]HWpVQHND]RQEDQYDQQDNpVOHV]QHNLVNRFNi]DWDL,O\HQSpOGiXOKRJ\D]HJ\HV ,)56HNHW DPHQQ\LEHQ D V]DEiO\RN QHP HJ\pUWHOP HQ OHIHNWHWHWWHN YDJ\ HOWpU pUWHOPH]pVHNUH DGQDN OHKHW VpJHW EL]RQ\ IHQQiOO DQQDN YHV]pO\H KRJ\ RUV]iJRQNpQW HOWpU pUWHOPH]pVHNUH NHUO VRU (]W PHJHO ]HQG D N|YHWNH]HWHV pV HJ\VpJHV DONDOPD]iVKR] NL]iUyODJ D] ,$6% iOWDO HOIRJDGRWW pV D] (8 iOWDO UHQGHOHWL ~WRQ EHIRJDGRWW pUWHOPH]pVHN EtUQDN MRJpUYpQQ\HO D WDJiOODPRN V]LQWMpQ $]D] VDMiW RUV]iJRQNpQWL pUWHOPH]pVHN QHP EtUQDN MRJHU YHO V W D] HEE O NHOHWNH] KDUPDGLN IHOHNQHNRNR]RWWNiURNMRJVpUWpVUHYH]HWKHW NYLVV]D

$PHQQ\LEHQDVWDQGDUGRNDONDOPD]iViYDONDSFVRODWEDQpUWHOPH]pVLNpUGpVHNPHUOQHN IHOD]HJ\VpJHVVpJHWEL]WRVtWDQGyD6]iPYLWHOL6]DEiO\R]y%L]RWWViJ $5&DCPHOOHWW P N|G .HUHNDV]WDO PHJEHV]pOpV 5RXQGWDEOH GLVFXVVLRQ NHUHWpEHQ G|QWLN HO D WDJiOODPL V]DNPDL NpSYLVHO N KRJ\ PHO\ VWDQGDUGKR] NDSFVROyGyDQ V]NVpJHOWHWLN pUWHOPH]pV NLGROJR]iVD PHO\HW D] ,$6%KH] WRYiEEtWDQDN DNLQHN NRPSHWHQFLiMD D V]DNPDL NLGROJR]iV pV HOIRJDGiV PDMG H]W N|YHW HQ NHUOKHW VRU D] (8 V]LQW EHIRJDGiVUD UHQGHOHWL ~WRQ $] HJ\UH ERQ\ROXOWDEEi YiOy JD]GDViJL IRO\DPDWRN pV D PLQGNRPSOH[HEEJ\OHWHNYDODPLQWD]HQQHNHUHGPpQ\HNpQWPHJMHOHQ JOREDOL]iFLy V]NVpJHVVp WHV]LN KRJ\ D EHV]iPROyN N|WHOH] PLQLPiOLV LQIRUPiFLyWDUWDOPD pV IRUPiMD V]DEiO\R]RWW D] iWOiWKDWyViJRW EL]WRVtWy MRJLODJ NLNpQ\V]HUtWKHW pV V]DQNFLRQiOKDWyPyGRQNHUOM|QHO tUiVUD

.O|Q HO tUiVRN IRJODONR]QDN D] pUWpNSDStURN W ]VGHL EHYH]HWpVpYHO NDSFVRODWEDQ (.LUiQ\HOYD]pUWpNSDStURNKLYDWDORVW ]VGHLMHJ\]pVUHW|UWpQ EHYH]HWpVpU O pV D] LO\HQ pUWpNSDStURNUyO N|]]pWHHQG LQIRUPiFLyNUyO pV D (. LUiQ\HOY D V]DEiO\R]RWW SLDFUD EHYH]HWHWW pUWpNSDStURN NLERFViWyLYDO NDSFVRODWRV LQIRUPiFLyNUD YRQDWNR]y iWOiWKDWyViJL N|YHWHOPpQ\HN KDUPRQL]iFLyMiUyO pV D (. LUiQ\HOY PyGRVtWiViUyO D WRYiEELDNEDQ WUDQV]SDUHQFLD GLUHNWtYD |VV]HIJJ MRJV]DEiO\L

FXW(.UHQGHOHWDQHP]HWN|]LV]iPYLWHOLVWDQGDUGRNDONDOPD]iViUyO

F[E$5&±$FFRXQWLQJ5HJXODWRU\&RPPLWWHH

(37)

N|YHWHOPpQ\HN WHOMHVtWpVL NULWpULXPDLYDO $ WUDQV]SDUHQFLD GLUHNWtYD EHYH]HW MH WDUWDOPD]]DD]pUWpNSDStUSLDFRNHO Q\HLW

ÄKR]]iMiUXOQDND«N|]|VVpJLHJ\VpJHVSLDFKR]«HO VHJtWLNDQ|YHNHGpVWpVD PXQNDKHO\WHUHPWpVW $] pUWpNSDStU NLERFViWyNUD YRQDWNR]y« LQIRUPiFLyN N|]]pWpWHOHWDUWyVEHIHNWHW LEL]DOPDWpStWNL«pVQ|YHOLDEHIHNWHW NYpGHOPpWpV DSLDFLKDWpNRQ\ViJRW´(.LUiQ\HOYEHYH]HWpVEHNH]GpV

$ WUDQV]SDUHQFLD V]NVpJHVVpJpQHN WRYiEEL RND PpJ D EHIHNWHW N YpGHOPH PHO\UH HJ\UHIRNR]RWWDEELJpQ\MHOHQWNH]LN7RYiEEiD]LVPpUOHJHOHQG KRJ\KDD]LUiQ\HOY EHYiOWMDDKR]]iI ]|WWUHPpQ\HNHWPLQWDQ\LOYiQRVViJV]DEiO\R]yHUHMpQHNQHPFVDN GH MXUH KDQHP GH IDFWR V]HUHSpQHN ]iORJDNpQW LV IXQNFLRQiO DNNRU D V]DEiO\R]RWW W ]VGHLSLDFRNRQNtYOL~MSLDFRNUDLVDONDOPD]KDWyOHV]pVH]iOWDOD]HJ\pESLDFRN EHIHNWHW LQHN D YpGHOPH LV QDJ\REE EL]WRQViJJDO P N|GKHWQH D JD]GDViJL SpQ]J\L pOHWEL]RQ\WDODQViJDLYDOpVNRFNi]DWDLYDOV]HPEHQDD

$WUDQV]SDUHQFLDGLUHNWtYDFpOMD

ÄDMHOHQOHJLiWOiWKDWyViJLN|YHWHOPpQ\HNMDYtWiVDD]pUWpNSDStUNLERFViWyNpVD]

RO\DQ EHIHNWHW N V]iPiUD DNLN D V]DEiO\R]RWW SLDFUD EHYH]HWHWW UpV]YpQ\HN NLERFViWyLEDQ MHOHQW V UpV]HVHGpVHNHW V]HUH]QHN PHJ YDJ\ DGQDN HO´

(.LUiQ\HOYEHYH]HW V]DNDV]EHNH]GpV

7HKiWPLQGDN|]YHWOHQOpUWpNSDStUWYiViUOypVHODGyEHIHNWHW NUHYRQDWNR]LNPLQG SHGLJ D]RNUD DNLN DNiU D] pUWpNSDStU NLERFViWyMiW D WiUVDViJRW PDJiW LOOHWYH DEEDQ EL]RQ\RVUpV]HVHGpVNHWLGHJHQtWLNHOLOOHWYHYiViUROMiNPHJ

$WUDQV]SDUHQFLDGLUHNWtYDWiUJ\D

ÄD YDODPHO\ WDJiOODPEDQ OpY YDJ\ RWW P N|G V]DEiO\R]RWW SLDFUD EHYH]HWHWW pUWpNSDStURN NLERFViWyLYDO NDSFVRODWRV LQIRUPiFLyN LG V]DNRV pV IRO\DPDWRV N|]]pWpWHOpUH YRQDWNR]y N|YHWHOPpQ\HNHW KDWiUR]]D PHJ´ (.

LUiQ\HOYFLNNEHNH]GpV

F#F $ V]HU] HO DGiVD $ SpQ]J\L EHV]iPROiV M|Y MH 7UDQV]SDUHQFLD pV .|]IHOJ\HOHW N|Q\YYL]VJiOyL V]HPPHOFtPPHOD9HV]SUpPL$NDGpPLDL%L]RWWViJNHUHWpEHQ3DQQRQ(J\HWHPGHFHPEHU

(38)

$UpV]OHWHVV]DEiO\RNPHJDONRWiViUDLVVRUNHUOWDEHIHNWHW NPDJDVV]LQW YpGHOPHD SLDFLKDWpNRQ\ViJQ|YHOpVHpVD]HJ\VpJHVDONDOPD]iVPHJWHUHPWpVHpUGHNpEHQ (]D MRJV]DEiO\ D (. LUiQ\HOY D V]DEiO\R]RWW SLDFUD EHYH]HWHWW pUWpNSDStURN NLERFViWyLYDO NDSFVRODWRV LQIRUPiFLyNUD YRQDWNR]y iWOiWKDWyViJL N|YHWHOPpQ\HN KDUPRQL]iFLyMiUyO pV D (. LUiQ\HOY HJ\HV UHQGHONH]pVHLQHN YpJUHKDMWiViUD LUiQ\XOyUpV]OHWHVV]DEiO\RNPHJiOODStWiViUyO

$] LUiQ\HOY P N|GpVpU O D %L]RWWViJ MDQXiU iQ MHOHQWpVW NpV]tW D] (XUySDL 3DUODPHQWQHNpVD7DQiFVQDNDUUyOKRJ\D]LUiQ\HOYDODSMiQD

ÄN|]|OW LQIRUPiFLyN WHOMHVtWLNH D]W D FpONLW ]pVW KRJ\ D EHIHNWHW N WiMpNR]RWW PyGRQpUWpNHOKHVVpNDNLERFViWySpQ]J\LKHO\]HWpW´(.LUiQ\HOY FLNNEHNH]GpV

• $ N|]|VVpJL MRJUHQG KDUPDGLN IRUUiVD D] (XUySDL %tUyViJ MRJpUWHOPH]pVH $ NLDODNtWRWWMRJJ\DNRUODWDN|]|VVpJLMRJpUWHOPH]pVHpVD]tWpOHWHNtJ\iOOQDN|VV]H HVHWMRJJi$N|]|VVpJLMRJDWDJiOODPRNV]iPiUD~J\DONDOPD]DQGyPLQWEHOI|OGL MRJ PLQW D QRUPiN |VV]HVVpJH N|]YHWOHQ KDWiOO\DO $]D] D]RNRQ D WHUOHWHNHQ PHO\HNUH YRQDWNR]yDQ N|]|VVpJL MRJV]DEiO\ OpSHWW pOHWEH D QHP]HWL MRJV]DEiO\RN QHP OHKHWQHN D]]DO HOOHQWpWHVHN YDJ\ DWWyO HOWpU WDUWDOP~DN (] D N|]|VVpJL MRJ HOV EEVpJpQHNHOYH

,,,%HIHNWHW LROGDOUyOPHJIRJDOPD]RWWHOYiUiVRN

$SpQ]J\LV]iPYLWHOV]ROJiOWDWWDLQIRUPiFLyNDNRPPXQLNiFLypVD]]OHWLQ\HOYIRQWRV HV]N|]HL H]pUW KDWiVRVViJD IJJ D V]DYDN D] HO tUiVRN V]DEiO\RN YDODPLQW D EHV]iPROiVUD YRQDWNR]y V]HUNH]HWL IHOpStWpV SRQWRV IRJDOPL PHJKDWiUR]iViWyO $ PHJOpY QHP]HWL pV QHP]HWN|]L NO|QEVpJHN HOLPLQiOiViUD D] HJ\VpJHVtWpV LUiQ\iED PXWDWyW|UHNYpVHNHJ\UHV]pOHVHEEN|UEHQMHOHQWNH]QHNGHQHPV]DEDGPHJIHOHGNH]QL D]HJ\VpJHVtWpVQHKp]VpJHLU OD3G

$ JOREDOL]iFLy IRO\DPDWiQDN HUHGPpQ\HNpQW D V]iPYLWHO HJ\VpJHVtWpVpQHN VLNHUH HOHQJHGKHWHWOHQQp WHV]L QHPFVDN D V]DEiO\R]iVRN N|]HOtWpVpW KDQHP D] |VV]HKDQJROW LQIRUPDWLNDL LQIUDVWUXNW~UD pV D]RQRV WDUWDORPPDO EtUy ± YDJ\ OHJDOiEE D EHIHNWHW N

FXH7KRUHOO3HUDQG:KLWWLQJWRQ*HRIIUH\SS

(39)

V]iPiUD iWOiWKDWyDQ |VV]HKDVRQOtWKDWy ± ;%5/ DODSRQ P N|G SpQ]J\L EHV]iPROiVL WD[RQyPLDDI PHJOpWpWLVIHOWpWHOH]L$WD[RQyPLDD]DIRJDOPLpVGHILQtFLyVJ\ MWHPpQ\

PHO\DUUDKLYDWRWWKRJ\HJ\HJ\WpWHOQpOD]LQIRUPiFLyWDUWDORPD]RQRVViJDEL]WRVtWRWWi YiOMRQ$WD[RQyPLiNNLGROJR]iVDPHO\DNNRUpULHODNtYiQWFpOWKDD]DODSXOV]ROJiOy V]iPYLWHOLVWDQGDUGRNHJ\VpJHVHNYDJ\OHJDOiEELVRO\PyGRQKDUPRQL]iOWDNKRJ\D]

DGDWRNIHOKDV]QiOiViWpVD]RNEyOOHYRQWN|YHWNH]WHWpVHNHW|VV]HKDVRQOtWKDWyYiNpSHVHN WHQQL $] HJ\HV RUV]iJRN D NLGROJR]iV NO|QE|] VWiGLXPDLEDQ YDQQDN $ UHQGV]HU OHJQDJ\REEHON|WHOH]HWWMHD]DPHULNDLeUWpNSDStUIHOJ\HOHWD K DNLV]HSWHPEHUpEHQ HJ\ PLOOLy GROOiURV SURMHNW EHMHOHQWpVpYHO HU VtWHWWH PHJ D] ;%5/ iWYpWHOpQHN IHOJ\RUVtWiViUD LUiQ\XOy V]iQGpNiW (]]HO LV IHOJ\RUVtWYD D] ]OHWL pV SpQ]J\L LQIRUPiFLyNHO iOOtWiViQDN|VV]HVtWpVpQHNpVHOHP]pVLFpORNUDW|UWpQ IHOKDV]QiOiViQDN PHJN|QQ\tWpVpW MDYtWYD D WiUVDViJRN iOWDO IHOKDV]QiOKDWy LQIRUPiFLyPLQ VpJHW LV $]

(J\HVOW ÈOODPRNEDQ V]pW O W|EE PLQW SpQ]J\L LQWp]PpQ\ NpV]tWHWWH HO QHJ\HGpYHV MHOHQWpVpW ;%5/ IRUPiEDQD!P 0LQGHQ EHV]iPROy SpQ]J\L NLPXWDWiV KDV]QD DEEDQ PpUKHW KRJ\ WDUWDOPD PHQQ\LEHQ V]ROJiOMD D] D]W IHOKDV]QiOyN UHiOLV LJpQ\HLW

$SpQ]J\LNLPXWDWiVRNNDOV]HPEHQLEHIHNWHW LLJpQ\HNPHJIRJDOPD]iViYDOpYHNyWD W|EEQHP]HWN|]LV]HUYH]HWLVIRJODONR]LN(]HNN|]OPLQGHQNpSSHQILJ\HOHPUHPpOWyD

&)$ &HQWUHD N ~M MDYDVROW DODSHOYH PHO\ D]W D FpOW V]ROJiOMD KRJ\ YLOiJV]HUWH V]tQYRQDODV SpQ]J\L EHV]iPROiV pV N|]]pWpWHO UpYpQ OHJ\HQ EL]WRVtWRWW D SpQ]J\L HOHP] N pV D EHIHNWHW N D]RQ MRJRV LQIRUPiFLyLJpQ\H PHO\ EHIHNWHWpVL G|QWpVHN HO NpV]tWpVpKH] LOOHWYH D EHIHNWHWpVL G|QWpVHN PHJKR]DWDOiKR] V]NVpJHOWHWLN $ SpQ]J\LNLPXWDWiVRNOHJ\HQHNHJ\pUWHOP HNYLOiJRVDNSRQWRVDNWHOMHVHNpVOpQ\HJUH W|U N pV VRNNDO iWIRJyEEDN DEEDQ D] pUWHOHPEHQ KRJ\ PLQGHQ D EHIHNWHWQL V]iQGpNR]yN V]HPSRQWMiEyO IRQWRV pV UpV]OHWHV LQIRUPiFLy D] iWIRJy SpQ]J\L NLPXWDWiVRNEDQPHJMHOHQtWpVUHNHUOM|Q

F#JD];%5/DM|Y SpQ]J\LEHV]iPROiViQDN]OHWLQ\HOYHH;WHQVLEOH%XVLQHVV5HSRUWLQJ/DQJXDJH .LWHUMHV]WKHW E YtWKHW ]OHWLEHV]iPROiVLQ\HOY

FXL6(& 6WRFN([FKDQJH&RPPLVVLRQ

FXY0RKDL*\9pJK5SS

FXQ&)$,QVWLWXWH&HQWUHIRU)LQDQFLDO0DUNHW,QWHJULW\D&)$,QVWLWXWHUpV]HPHO\EHMHJ\]HWWSpQ]J\L HOHP] NV]DNPDLLQWp]HWH1RQSURILWV]HUYH]HWW|EEPLQWI EHIHNWHWpVLV]DNHPEHUWIRJODO PDJiEDQRUV]iJEDQ

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

ƒ&amp;NDOpVDQDSIpQ\HVyUiNV]iPDLVHOPDUDGWDVRNpYLiWODJWyO$&amp;VLOODV]yMD KR]DPD EDQ QHP PXWDWRWW V]LJQLILNiQV NO|QEVpJHW D NH]HOpVHN N|]|WW $

$ QDJ\EDQL SLDFRN pV WHUPHO L V]HUYH]HWHN V]RURV NDSFVRODWD ILJ\HOKHW PHJ D YL]VJiODWED EHYRQW NOI|OGL SLDFRN pV 7e6] -ek esetében; ez a gyakorlat a hazai nagybani piacoknak

6]DEDG IXQNFLyV FVRSRUWWDO UHQGHONH] V]WHURLGRN HO iOOtWiViUD Q\tOW OHKHW VpJ D W|EE OpSpVE O iOOy UyGLXPNDWDOL]iOW KLGURDPLQRPHWLOH]pVL UHDNFLyN VRUiQ

$ V]iPtWiVWHFKQLND IRNR]DWRV HOWHUMHGpVH V]iPRV SR]LWtY KDWiVVDO YROW D KD ]DL YH]HWpV pV V]HUYH]pVWXGRPiQ\UD PpJ KD FVXSiQ iWWpWHOHVHQ LV $ NO|Q IpOH V]iPtWyJpSHV

$ PHJHO] MHOOHJ&amp; LQWp]NHGpVHNHW V]iPRV V]HUYH]HWL NRUOiW LV JiWROMD PLQW D IHMOHV]WpVUH DONDOPDWODQ LQIUDVWUXNW~UD YDJ\ D] HPEHUL WpQ\H]N PHO\HN N|]p WDUWR]LN D YiOWR]iVRNQDN

$N|UQ\H]HWLMHOHQWpVNLDGiVDPiU|QPDJiEDQLVSR]LWtYDQpUWpNHOKHW KLV]HQDYiOODODWH]]HO Q\LW D Q\LOYiQRVViJ pV D WiUVDGDOPL FVRSRUWRN LUiQ\iED $ MHOHQWpVHNQHN D]RQEDQ VRNNDO QDJ\REE

N¸UQ\«NLKHO\HNV]HUHSH«VMHOHQWēV«JHMµYDOQDJ\REEOHKHWHWWD]RWW«OWODNRVRN V]£P£UD$V]£PRNEµOU£Q«]«VUHPLQGHQSRQWRVDEEV]£P¯WJDW£VRNQ«ON¾OLV NLGHU¾O KRJ\ D Y¯]UDM]L

«V NLGROJR]RWW Q\HOYKDV]Q£ODW¼ £PGH KL£Q\RV IHOHOHWHW SURGXN£Oµ WDQXOµQ£O YROWMHOOHP]ēDNLUēOV]LJQLȴN£QVDQSQDJ\REEDU£Q\EDQIHOW«WHOH]W«N KRJ\ V]HUHWL D Q\HOYWDQ W£UJ\DW PLQW