ÈOODWRUYRVWXGRPiQ\L'RNWRUL,VNROD

6]HQW,VWYiQ(J\HWHP

ÈOODWRUYRVWXGRPiQ\L'RNWRUL,VNROD

.O|QE|]ĘiOODWIDMRNEyOV]iUPD]y 3DVWHXUHOODPXOWRFLGD W|U]VHN MHOOHP]pVHWUDGLFLRQiOLVpVPROHNXOiULVPyGV]HUHNNHO

3K'pUWHNH]pVWp]LVHL

6HOO\HL%RJOiUND

07$ÈOODWRUYRVWXGRPiQ\L.XWDWyLQWp]HWH

6]HQW,VWYiQ(J\HWHP

ÈOODWRUYRVWXGRPiQ\L'RNWRUL,VNROD

7pPDYH]HWĘ

'U0DJ\DU7LERU

0DJ\DU7XGRPiQ\RV$NDGpPLD ÈOODWRUYRVWXGRPiQ\L.XWDWyLQWp]HWH

%HYH]HWpV

$3DVWHXUHOOD PXOWRFLGD D Ki]L pV D YDGRQ pOĘ HPOĘV|N pV PDGDUDN V]pOHV N|UpEHQ HOĘIRUGXOy IHOWpWHOHV IDNXOWDWtY NyURNR]y EDNWpULXP $ JHULQFHVHNEHQ NLIHMWHWW SDWRJpQ KDWiVD W|EE PLQW V]i] pYH LVPHUHWHV $ EDNWpULXP KX]DPRVDQ PHJWHOHSHGKHW D IHOVĘ OpJXWDNDW YDODPLQW D V]iM pV D QHPL XWDNDW EpOHOĘ Q\iONDKiUW\iNRQ PLN|]EHQ D IHUWĘ]pV WQHWPHQWHV PDUDG +DMODPRVtWy WpQ\H]ĘN MHOHQOpWpEHQ D]RQEDQ |QPDJiEDQ HOVĘGOHJHV SDVWHXUHOORVLV YDJ\ HJ\pE NyURNR]yNKR] WiUVXOYD V]|YĘGPpQ\NpQW PiVRGODJRV SDVWHXUHOORVLV NO|QE|]Ę PHJEHWHJHGpVHNHW LGp]KHW HOĘ /HJQDJ\REE JD]GDViJL MHOHQWĘVpJH D V]DUYDVPDUKiN pV ELYDO\RN YpU]pVHV YpUIHUWĘ]pVpQHN D VHUWpV SURJUHVV]tY SURJUHGLiOy WRU]tWy RUUJ\XOODGiViQDN pV D PDGDUDNEDQ HOĘIRUGXOy EDURPILNROHUiQDN YDQ $ PiVRGODJRVIHUWĘ]pVHNN|]ONLNHOOHPHOQLDNpUĘG]ĘNV]DUYDVPDUKDMXKNHFVNHDOypVD VHUWpVHN V]|YĘGPpQ\HV WGĘJ\XOODGiViW YDODPLQW D Q\XODN ÄUDJDGyV QiWKiMiW´ (PEHUL IHUWĘ]ĘGpVHNDEDNWpULXPKRUGR]yiOODWRNNDOYDOyN|]YHWOHQpULQWNH]pVKDUDSiVNDUPROiVD VHEHNQ\iOODOYDOypULQWNH]pVHpVFVHSSIHUWĘ]pV~WMiQV]yUYiQ\RVDQM|KHWQHNOpWUH

$3PXOWRFLGD iOWDO RNR]RWW PHJEHWHJHGpVHN KDWDOPDV JD]GDViJL WHUKHNHW UyQDN D QDJ\]HPL iOODWWHQ\pV]WpVUH tJ\ HJ\UH QDJ\REE D] LJpQ\ D NyURNR]y iOWDOiQRV WXODMGRQViJDLQDN OHtUiViQ IDM EXURNWtSXV V]RPDWLNXV V]HURWtSXV WR[LQWHUPHOpV PHJKDWiUR]iVD W~OPXWDWy GLDJQRV]WLNDL FpORNDW LV V]ROJiOy PyGV]HUHN NLGROJR]iViUD $ PHJIHOHOĘ GLDJQRV]WLNDL HOMiUiVRN YDODPLQW D KDWpNRQ\ YDNFLQiN NLIHMOHV]WpVpKH]

HOHQJHGKHWHWOHQ D W|U]VHNHW MHOOHP]Ę YLUXOHQFLD WpQ\H]ĘN pV D] HVHWOHJHV JD]GDIDM DGDSWiFLyWV]ROJiOyPHFKDQL]PXVRNDODSRVDEELVPHUHWH

$3PXOWRFLGDW|U]VHNHWMHOHQWĘVIHQRpVJHQRWtSXVRVVRNV]tQĦVpJMHOOHP]L(]DIDMRQ EHOOL QDJ\IRN~ YiOWR]DWRVViJ NO|QE|]Ę IHOWHKHWĘOHJ HJ\HGL VDMiWViJRNNDO UHQGHONH]Ę

|VV]HWDUWR]y W|U]VHN W|U]VFVRSRUWRN HJ\WWHV MHOHQOpWpQHN OHKHWĘVpJpW VHMWHWL $ W|U]VFVRSRUWRN N|]|WWL PpJ IHO QHP GHUtWHWW NO|QEVpJHN D W|U]VHN PHJEHWHJtWĘ NpSHVVpJEHQ IHOPHUOĘ HOWpUpVHNUH GH D JD]GDIDMRN YHON V]HPEHQ PXWDWRWW YiOWR]y IRJpNRQ\ViJiUDLVPDJ\DUi]DWXOV]ROJiOKDW

eSSHQ H]pUW YL]VJiODWDLQN iOWDOiQRV FpOMD D] YROW KRJ\ D W|U]VHNHW MHOOHP]Ę YiOWR]DWRVViJRQ EHOO SUyEiOMXQN W|UYpQ\V]HUĦVpJHNHW NLPXWDWQL PLYHO FVDNLV D PHJIHOHOĘ UHQGH]Ę HOY IHOLVPHUpVH WHKHWL OHKHWĘYp D3PXOWRFLGD SRSXOiFLyQ EHOO YDOyEDQ OpWH]Ę pV KDWy W|U]VFVRSRUWRN N|UOKDWiUROiViW PHO\HN PLQG SDWRJHQLWiVXNEDQ PLQG JD]GDIDM VSHFLILFLWiVXNEDQ HONO|QOKHWQHN $ W|U]VFVRSRUWRN FpO]RWW YL]VJiODWiYDO SHGLJ PHJQĘ D]

HVpO\H D3PXOWRFLGD YDOyV YLUXOHQFLD pV JD]GDIDMDGDSWiFLyV WpQ\H]ĘLQHN PLQpO WHOMHVHEE IHOLVPHUpVpQHNpVD]RNFpOV]HUĦGLDJQRV]WLNDLpVROWyDQ\DJIHMOHV]WpVLKDV]QRVtWiViUD

&pONLWĦ]pVHN

$] pUWHNH]pV IĘ FpOMD D KHWHURJpQ 3PXOWRFLGD SRSXOiFLyQ EHOO W|U]VFVRSRUWRN D]RQRVtWiVDpVMHOOHP]pVHYROWD]DOiEELUpV]IHODGDWRNPHJMHO|OpVpYHO

QDJ\V]iP~ VHUWpV Q\~O pV EDURPILHUHGHWĦ 3PXOWRFLGD W|U]V KDJ\RPiQ\RV pV

~MDEEDQ OHtUW IHQRWLSL]iOy PyGV]HUHNNHO YDOy MHOOHP]pVH PHO\ VRUiQ RO\DQ WXODMGRQViJRN PHJKDWiUR]iViUDW|UHNHGWQNPHO\HND]HJ\HVW|U]VFVRSRUWRN|VV]HWDUWR]iViUDXWDOKDWQDN

D W|U]VHN V]ĦNHEE EDURPILEyO L]ROiOW N|UpEHQ YiOWR]DWRV JD]GDIDMLHUHGHW PHOOHWW W|U]VFVRSRUWRNOpWH]pVpWpVYDJ\DJD]GDIDMRNNDOYDOy|VV]HIJJpVpWNtYiQWXNDOiWiPDV]WDQL WHOMHVJHQRPRWpULQWĘ(5,&3&5YL]VJiODWWDO

D N|UOKDWiUROW W|U]VFVRSRUWRN WRYiEEL MHOOHP]pVpW FpOLUiQ\RV JpQYL]VJiODWRNNDO HJpV]tWHWWN NL RO\DQ PROHNXOiULV PDUNHUHN D]RQRVtWiVD FpOMiEyO PHO\HN IHOKDV]QiOKDWyN D PH]HLL]ROiWXPRNMHOOHP]pVpUHLV

$Q\DJRNpVPyGV]HUHN

$IHOKDV]QiOW3PXOWRFLGDW|U]VHN

0DJ\DURUV]iJ NO|QE|]Ę WHUOHWHLUĘO V]iUPD]y VHUWpV Q\~O pV EDURPILHUHGHWĦ Ki]LO~GKi]LNDFVDSXO\NDKi]LW\~NIiFiQSp]VPDUpFH>&DLULQDPRVFKDWD@

W|U]VHNHWYL]VJiOWXQN

0yGV]HUHN

)HQRWtSXVRVMHOOHJHNYL]VJiODWD )HUPHQWiFLyVVDMiWViJRN

$3PXOWRFLGDW|U]VHNIHQRWtSXVRVWXODMGRQViJDLWHOVĘVRUEDQKDJ\RPiQ\RVIHUPHQWiFLyQ DODSXOy ELRNpPLDL WLSL]iOiV VRUiQ YL]VJiOWXN (QQHN NHUHWpQ EHOO PHJKDWiUR]WXN D W|U]VHN R[LGi] NDWDOi] XUHi] RUQLWLQGHNDUER[LOi] DNWLYLWiViW LQGROWHUPHOĘ pV QLWUiWUHGXNiOy NpSHVVpJpW 7RYiEEi D NO|QE|]Ę V]pQKLGUiWRN JONy] ODNWy] V]DFKDUy] GXOFLW V]RUELW WUHKDOy] PDOWy] pV [LOy] IHUPHQWiFLyMiUD YRQDWNR]y VDMiWViJiW $ YL]VJiODWRN HUHGPpQ\HLQHN WNUpEHQ D W|U]VHLQNHW DOIDMRNED VXEVSPXOWRFLGD VXEVSVHSWLFD VXEVS JDOOLFLGDpVELRWtSXVRNEDVRUROWXN9DUJDHWDO

$QWLJpQVDMiWViJRN

$ V]HUROyJLDL WLSL]iOiVD VRUiQ D W|U]VHN SROLV]DFKDULGEXURNWtSXViW PXOWLSOH[3&5 PyGV]HUUHO 6HOO\HL HW DO D D V]RPDWLNXV V]HURWtSXVRNDW SHGLJ DJDUJpOSUHFLSLWiFLyV WHFKQLNiYDOKDWiUR]WXNPHJ

$QWLELRWLNXPUH]LV]WHQFLD

$ W|U]VHN DQWLELRWLNXPpU]pNHQ\VpJL YL]VJiODWiW NRURQJGLII~]LyV PyGV]HUUHO D

&/6,1&&/6 0$ iOODWRNEyO L]ROiOW EDNWpULXPRN DQWLELRWLNXPRNNDO V]HPEHQL pU]pNHQ\VpJpQHN NRURQJGLII~]LyV pV KtJtWiVRV YL]VJiODWiUD YRQDWNR]y DMiQOiVDLQDN PHJIHOHOĘHQYpJH]WNHOpVpUWpNHOWNNL$]DQWLELRWLNXPUH]LV]WHQFLDYL]VJiODWRNHOWpUĘ DQWLELRWLNXP FVRSRUWEDQ $PLQRJOLNR]LGRN ȕODNWiP DQWLELRWLNXPRN .OyUDPIHQLNRORN 4XLQRORQRN 0DNUROLGHN 1DOLGL[VDY V]iUPD]pNRN 7HWUDFLNOLQHN 7ULPHWRSULP V]iUPD]pNRN 3ROLSHSWLG DQWLELRWLNXPRN 6]XOIRQDPLGRN |VV]HVHQ IpOH NO|QE|]Ę DQWLELRWLNXPUD DSUDPLFLQQHRPLFLQSHQLFLOOLQIORUIHQLNRONOyUDPIHQLNROHQURIOR[DFLQIOXPHTXLQHULWURPLFLQ R[ROLQVDY GR[LFLNOLQ WHWUDFLNOLQ V]XOIDPHWR[D]RO WULPHWRSULP FROLVWLQ V]XOIRQDPLGRN WHUMHGWHNNL6HOO\HLHWDO

*HQRWtSXVRVMHOOHJHNYL]VJiODWD

$ JHQRWtSXVRV YL]VJiODWDLQNDW NLVHEE PLQWDV]iP PHOOHWW EDURPILEyO L]ROiOW 3PXOWRFLGDW|U]V|QYpJH]WNHO

7HOMHVJHQRPYL]VJiODW

$ W|U]VHN URNRQViJL YLV]RQ\DLQDN IHOWpUNpSH]pVpUH D] HQWHUiOLV EDNWpULXPRNUD NLGROJR]RWW D JpQHN N|]|WWL QXNOHLQVDY V]DNDV]RNUD MHOOHP]Ę LVPpWOĘGĘ NRQ]HUYDWtY V]HNYHQFLiNRQDODSXOy(5,&3&5WHFKQLNiWDONDOPD]WXN$NDSRWWXMMOHQ\RPDWPLQWi]DWRNDW V]RIWYHUHV )LQJHUSULQWLQJ ,, ,QIRUPDWL[⁷⁰ 6RIWZDUH FVRSRUWiWODJRW IHOKDV]QiOy WiYROViJ RSWLPDOL]iOyPyGV]HUUHO83*0$pUWpNHOWNNL6HOO\HLHWDOE

*pQYL]VJiODWRN

$] (5,&3&5 NLpUWpNHOpVH VRUiQ NLDODNXOW W|U]VFVRSRUWRN WRYiEEL MHOOHP]pVpKH] FpO]RWW JpQYL]VJiODWRNDWWHUYH]WQN

3&55)/3

gW D EDNWHULiOLV VHMWIHOV]tQHQ HOĘIRUGXOy VHMWNRPSRQHQVW NyGROy JpQV]DNDV] K\D'&

RPDRPS+SWI$KRI%RPS$ 3&5 ± UHVWULNFLyV IUDJPHQWKRVV] SROLPRUIL]PXV 5)/3 YL]VJiODWiWYpJH]WQNHO'UD,%VU',3YX,,UHVWULNFLyVHQ]LPHNIHOKDV]QiOiViYDO

6]HNYHQiOiV

1HJ\YHQ NO|QE|]Ę I|OGUDM]L pV W|U]VFVRSRUWHUHGHWĦ YiOWR]DWRV V]HUROyJLDL VDMiWViJRNNDO UHQGHONH]Ę EDURPILHUHGHWĦ W|U]VEĘO IHOHUĘVtWHWW SWI$KRI% JpQV]DNDV]

V]HNYHQiOiViW %LJ'\H 7HUPLQDWRU Y &\FOH 6HTXHQFLQJ .LW $%, 3ULVP *HQHWLF

$QDO\]HU NDSLOOiULV V]HNYHQiOy pV W|EEV]|U|V V]HNYHQFLDLOOHV]WpVpW 0XOW$OLQ 9 YpJH]WNHO

$OOpOVSHFLILNXV3&5

$ V]HNYHQFLD LOOHV]WpV DODSMiQ DSWI$ JpQ ¶YpJL UpJLyMiEDQ PHJPXWDWNR]y V]HNYHQFLD NO|QEVpJHN IHOKDV]QiOiViYDO D JpQ DOOpO WtSXVDLQDN J\RUV NLPXWDWiViUD DOOpOVSHFLILNXV 3&5UHDNFLyWKR]WXQNOpWUH6HOO\HLHWDO$UHDNFLyWW|U]V|QWHV]WHOWN

(UHGPpQ\HN

)HUPHQWiFLyVVDMiWViJRN

$ GXOFLW pV V]RELWIHUPHQWiFLy DODSMiQ PHJKDWiUR]RWW3 PXOWRFLGD DOIDMRN HOĘIRUGXOiVD JD]GDIDMWyO IJJHWOHQO D 3 PXOWRFLGD VXEVS PXOWRFLGD GRPLQDQFLiMiW PXWDWWD D 3PXOWRFLGD VXEVSVHSWLFD I|O|WW DPL D 3 PXOWRFLGD VXEVSPXOWRFLGD DOIDMED WDUWR]y W|U]VHNMHOHQWĘVPpUWpNĦDONDOPD]NRGyNpSHVVpJpUHXWDO$NpWDOIDMHJ\PiVKR]YLV]RQ\tWRWW DUiQ\DPHJN|]HOtWHWWHD]LURGDOPLDGDWRNDWNLYpYHDKi]LO~GHUHGHWĦW|U]VHNHW DKRO N|]HO HJ\HQOĘ V]iPEDQ IRUGXOWDN HOĘ3 PXOWRFLGD VXEVSJDOOLFLGD DOIDMED WDUWR]y W|U]VHNHWNLVV]iPEDQDVHUWpVHUHGHWĦW|U]VHNN|]|WWWDOiOWXQN

$ IHUPHQWiFLyVVDMiWViJRN V]pOHVHEE N|UĦ YL]VJiODWD D W|U]VHN MHOHQWĘV IHQRWtSXVRV VRNV]tQĦVpJpW PXWDWWD D Ki]LNDFVDHUHGHWĦ W|U]VHN NLYpWHOpYHO PHO\HN LJHQ HJ\VpJHVQHN EL]RQ\XOWDN$KiURPJD]GDN|UEHQ|VV]HVHQIHUPHQWiFLyVPLQWi]DWRWELRWtSXVWWXGWXQN NLPXWDWQL .|]ON D OHJJ\DNRULEE D DV RV HV pV D] HV ELRWtSXV YROW $] HJ\HV JD]GDIDMRNEyO V]iUPD]y W|U]VHN GRPLQiQV IHUPHQWiFLyV PLQWi]DWXN DODSMiQ NpW FVRSRUWUD YROWDNRV]WKDWyN(QQHNPHJIHOHOĘHQDW|U]VHNHOVĘVRUEDQYDJ\DDVpVNLVHEEPpUWpNEHQ HVELRWtSXVEDOGKi]LO~GSXO\NDYDJ\D]HVpVRVELRWtSXVEDOGKi]LNDFVDQ\~O WDUWR]WDN1pKiQ\MHOOHP]ĘIHUPHQWiFLyVEpO\HJLOOHWYHELRWtSXVPLQWDHVpVDVELRWtSXV RUQLWLQGHNDUER[LOi]WHUPHOĘNpSHVVpJKLiQ\DHJ\HVHPOĘVHUHGHWĦW|U]VHNUHYDJ\DHV ELRWtSXVODNWy]IHUPHQWiOyWtSXVDGRWWVHUWpVHUHGHWĦW|U]VHNUHYROWMHOOHP]Ę

$QWLJHQLWiVLVDMiWViJRN

9L]VJiODWDLQNVRUiQD3PXOWRFLGDW|U]VHNHWMHOOHP]ĘSROLV]DFKDULGEXURNKiURPWtSXViW

$ ' ) WXGWXN NLPXWDWQL 0LQGKiURP JD]GDN|UEHQ D] $ EXURNWtSXV HOĘWpUEH NHUOpVpW WDSDV]WDOWXNEDURPILQ\~OVHUWpV$'EXURNWtSXV~W|U]VHNDUiQ\DHQQHN N|V]|QKHWĘHQFV|NNHQWDVHUWpVHUHGHWĦW|U]VHNN|]W$]HUHGHQGĘHQSXO\NDHUHGHWĦ W|U]VHNUHMHOOHP]Ę)EXURNWtSXVVDOUHQGHONH]ĘW|U]VHNV]iPDYLV]RQWPHJQ|YHNHGHWWDQ\~O HUHGHWĦW|U]VHNN|]W

$ 3 PXOWRFLGD W|U]VHN DQWLJpQ VDMiWViJDLW D EXURN pV D V]RPDWLNXV V]HURWtSXV HJ\WWHVHQ KDWiUR]]D PHJ $ EDURPILHUHGHWĦ W|U]VHNQpO KpW NO|QE|]Ę V]HURWtSXVW $

$$$))>@)WXGWXQNNLPXWDWQLN|]OND]$pVD]$EL]RQ\XOWD OHJJ\DNRULEEQDN $ IHOWHKHWĘOHJ IRNR]RWW YLUXOHQFLiYDO UHQGHONH]Ę W|U]VHNHW D] $ D PpUVpNHOW YLUXOHQFLiM~DNDW D] $ W|U]VHN NpSYLVHOWpN (J\HGL V]HURWtSXVRN FVDN D SXO\ND HUHGHWĦW|U]VHNN|]|WWIRUGXOWDNHOĘ

$QWLELRWLNXPUH]LV]WHQFLD

$ 3PXOWRFLGD D OHJW|EE DQWLELRWLNXPPDO V]HPEHQ pU]pNHQ\ -HOHQOHJL LVPHUHWHLQN V]HULQWDQWLELRWLNXPUH]LV]WHQFLDFVDNPiVEDNWpULXPIDMWyOIHOYHWWPHFKDQL]PXVRNUpYpQM|Q OpWUHDW|U]VHNEHQ$W|U]VHNDQWLELRWLNXPUH]LV]WHQFLipUWIHOHOĘVPHFKDQL]PXVRNIHOYpWHOpUH YDOy KDMODQGyViJD XWDOKDW D] HJ\HV W|U]VFVRSRUWRN JHQHWLNDL YiOWR]iVRNUD YDOy IRJpNRQ\ViJiEDQ IHQQiOOy NO|QEVpJHNUH $ EDURPILHUHGHWĦ W|U]VHN D UHQGHONH]HWW YDODPLO\HQ DQWLELRWLNXPUH]LV]WHQFLiYDO ( W|U]VHN W|EEVpJH DQWLELRWLNXPPDO V]HPEHQ YROW UH]LV]WHQV /HJJ\DNUDEEDQ D QDOLGL[VDY pV D V]XOIRQDPLG V]iUPD]pNRNNDO V]HPEHQL UH]LV]WHQFLiW WXGWXQN NLPXWDWQL )LJ\HOHPUH PpOWy YROW D QHRPLFLQ YDJ\

WHWUDFLNOLQUH]LV]WHQFLD LV $ODFVRQ\ V]iPEDQ IRUGXOW HOĘ D]RQEDQ GR[LFLNOLQ SHQLFLOOLQ YDODPLQW HQURIOR[DFLQ IORUIHQLNROUH]LV]WHQFLD $ NO|QE|]Ę DQWLELRWLNXPUH]LV]WHQFLiND]LGĘEHQHOĘUHKDODGYDpVHJ\HVJD]GDIDMRNEyOV]iUPD]yW|U]VHN HVHWpQKi]LNDFVDKi]LO~GDKDOPR]yGiVMHOHLWPXWDWWiN$PXOWLUH]LV]WHQVW|U]VHNDD]

$WtSXVEDWDUWR]RWW

$W|U]VHNURNRQViJLYLV]RQ\DL

$] (5,&3&5 iOWDO OpWUHKR]RWW XMMOHQ\RPDWPLQWi]DWRN pUWpNHOpVpQHN HUHGPpQ\HNpQW KDVRQOyViJL LQGH[HQ DODSXOy IHQRJUDPRW NDSWXQN $ IHQRJUDP RV KDVRQOyViJL LQGH[

PHOOHWW D NO|QE|]Ę JD]GDIDMLHUHGHWĦ W|U]VFVRSRUWRN HONO|QOpVpW MHOH]WH 1pJ\ QDJ\

NODV]WHUW OHKHWHWW N|UOKDWiUROQL , ,, ,,, ,9 (QQHN pUWHOPpEHQ D Sp]VPDUpFHHUHGHWĦ W|U]VHN , HJ\pUWHOPĦHQ HOYiOWDN RV KDVRQOyViJL LQGH[ D] HJ\pE UpFHIpOpNEĘO Ki]LNDFVD Ki]LO~G ± ,,, NODV]WHU VĘW D W\~NDONDW~DNEyO Ki]LW\~N IiFiQ SXO\ND ± ,, pV ,9 NODV]WHU V]iUPD]y W|U]VHNWĘO LV $] HJ\HV FVRSRUWRNRQ EHOO I|OGUDM]L PHJRV]WRWWViJ LV NLPXWDWKDWyYROW$W\~NDONDW~PDGDUDNEyOV]iUPD]yW|U]VHNHWPDJXNEDIRJODOyNpWNODV]WHU ,,,9D'XQiWyONHOHWUHpVQ\XJDWUDHVĘRUV]iJUpV]HJ\PiVWyOIJJHWOHQWHUOHWHLWIHGWHOH 0tJ D Ki]LNDFVD pV Ki]LO~GHUHGHWĦ W|U]VHNHW PDJiEDQ IRJODOy NODV]WHUW DONRWy VXENODV]WHUHN,,,DED7LV]DIHOVĘpVN|]pSVĘIRO\iVDYDODPLQWD'XQD7LV]D N|]H PHQWpQ RV]ORWWDN PHJ $ ,,, NODV]WHU DOFVRSRUWMDL UpV]EHQ JD]GDIDML ,,, E ± Ki]LNDFVD ,,, D Ki]LO~G UpV]EHQ I|OGUDM]L PHJRV]WRWWViJRW PXWDWWDN $ NpW GRPLQiQVDQ Ki]LNDFVDHUHGHWĦ W|U]VHNHW WDUWDOPD]y DOFVRSRUW ,,, E WHUOHWLOHJ 'XQD 7LV]DN|]HiWIHGHWW

$IHQRJUDPPRQN|UOKDWiUROWNODV]WHUHNHOVĘVRUEDQDUpFHIpOpNEĘOV]iUPD]y$pV$

W|U]VHNJD]GDIDMIJJHWOHQNRKp]LyMiWPXWDWWD

*pQYL]VJiODWRN

$ FpO]RWW JpQYL]VJiODWRN VRUiQ |W NO|QE|]Ę VHMWIHOV]tQL IHKpUMpW NyGROy JpQ 3&5 5)/3YL]VJiODWiWYpJH]WNHO

$] DGRWW PHJN|]HOtWpVEHQ DK\D'& pV D]RPD JpQV]DNDV] YL]VJiODWD DODSMiQ D W|U]VHN HJ\VpJHVQHN PXWDWNR]WDN D] RPS$ pV D SWI$KRI% JpQV]DNDV] HVHWpEHQ D Sp]VPDUpFHHUHGHWĦW|U]VHJ\DUiQWHONO|QOWD]HJ\pEEDURPILHUHGHWĦW|U]VWĘO

6]iPRWWHYĘ NO|QEVpJHN D] RPS+ JpQV]DNDV] YL]VJiODWDNRU PXWDWNR]WDN PHJ gW NO|QE|]Ę KDVtWiVL WtSXVW , ,, ,,, ,9 9, VLNHUOW D]RQRVtWDQXQN PHO\HN D W|U]VHN DQWLJHQLWiVLVDMiWViJDLYDOHOVĘVRUEDQDNO|QE|]ĘV]HURWtSXVRNNDOPXWDWWDN|VV]HIJJpVW$

NDSRWW KDVtWiVL PLQWi]DWRN D]RQEDQ QHP YROWDN D W|U]VHLQNHW MHOOHP]Ę V]HURWtSXVRNNDO PLQGHQ HVHWEHQ HJ\pUWHOPĦHQ D]RQRVtWKDWyN GH D] $ V]HURWtSXV~ W|U]VHN pV D] HJ\HGL V]HURWtSXVWNpSYLVHOĘSXO\NDW|U]VHNMHOOHJ]HWHVKDVtWiVLPLQWi]DWWDOUHQGHONH]WHN

$ HV WtSXV~ ILPEULD NLVDOHJ\VpJpW NyGROy SWI$ JpQV]DNDV]W pULQWĘ V]HNYHQiOiVL YL]VJiODWRN NpW D JpQ ¶ YpJL UpJLyMiEDQ HJ\pUWHOPĦHQ HONO|QOĘ DOOpOYiOWR]DW OpWH]pVpW MHOH]WpN $ JpQV]DNDV] NRQ]HUYDWtY V]HNYHQFLiOLV HOWpUpVHL D] HJ\HV WtSXVRN $ pV % DOOpO HONO|QtWpVpUHV]ROJiOyDOOpOVSHFLILNXV3&5UHDNFLyNLGROJR]iViWWHWWHOHKHWĘYp6HOO\HLHWDO

$]HPyGV]HUUHDODSR]RWWYL]VJiODWRNHUHGPpQ\HLV]HULQWGRPLQiQVDQD]$WtSXV~

W|U]VHNUHQGHONH]QHNDJpQ$DOOpOWtSXViYDOPtJD]HJ\pEW|U]VHNDJpQ%DOOpOYiOWR]DWiW KRUGR]]iN

)ĘEEHUHGPpQ\HN|VV]HIRJODOiVD

0XQNiQNVRUiQ

|VV]HIJJpVHNHW WXGWXQN NLPXWDWQL D 3 PXOWRFLGD W|U]VHN HJ\HV IHQRWtSXVRV VDMiWViJDLPLQWD]LQGROWHUPHOpVYDJ\D]RUQLWLQGHNDUER[LOi]HQ]LPKLiQ\DpV DODNWy]IHUPHQWiFLyNpSHVVpJHpVDJD]GDIDMLHUHGHWHN|]|WW

(5,&3&5 PyGV]HU VHJtWVpJpYHO 3 PXOWRFLGD W|U]VHN N|]|WW PLQG JD]GDIDM DGDSWiFLyV PLQG I|OGUDM]L HUHGHW WHNLQWHWpEHQ HONO|QOĘ W|U]VFVRSRUWRW VLNHUOW D]RQRVtWDQXQN

D]RPS+ JpQ 3&55)/3 YL]VJiODWDLYDO D KDJ\RPiQ\RV V]HUROyJLDL YL]VJiODWRN HUHGPpQ\HLWNLHJpV]tWĘDW|U]VHNMHOOHP]pVpUHDONDOPDVUHQGV]HUWKR]WXQNOpWUH

PLQG D] (5,&3&5 PLQG D]RPD$ pVKRI% SWI$ JpQV]DNDV] JpQHN 3&55)/3 YL]VJiODWDLYDO NLPXWDWWXN D Sp]VPDUpFHHUHGHWĦ W|U]VHN HONO|QOpVpW D] HJ\pE EDURPILHUHGHWĦW|U]VHNWĘO

V]HNYHQFLiOLVDQ MHOOHPH]WN D SWI$ JpQ HV WtSXV~ ILPEULD NLVDOHJ\VpJ NpW DOOpOYDULiQViWDPDJ\DURUV]iJLEDURPILHUHGHWĦ3PXOWRFLGDSRSXOiFLyQEHOO

D SWI$ JpQ ¶ YpJL UpJLyMiEDQ PHJPXWDWNR]y V]HNYHQFLiOLV NO|QEVpJHN IHOKDV]QiOiViYDOD]DOOpOYDULiQVRN$pV%DOOpOJ\RUVpVHJ\V]HUĦIHOLVPHUpVpUH DONDOPDVDOOpOVSHFLILNXV3&5UHDNFLyWGROJR]WXQNNL

D IHQW HPOtWHWW PyGV]HUHN VHJtWVpJpYHO HONO|QtWHWWN pV MHOOHPH]WN HJ\ D 3PXOWRFLGD W|U]VHNHQ EHOO GRPLQiQVDQ D] $ W|U]VHNHW PDJiEDQ IRJODOy IHOWHKHWĘOHJIRNR]RWWDQYLUXOHQVW|U]VFVRSRUWRW

.|]OHPpQ\HN

&LNNHN

%RJOiUND6HOO\HL.%iQ\DL70DJ\DU&KDUDFWHUL]DWLRQRIWKHSWI$JHQHRIDYLDQ 3DVWHXUHOOD PXOWRFLGD VWUDLQV E\ DOOHOH VSHFLILF SRO\PHUDVH FKDLQ UHDFWLRQ -9HW'LDJQ,QYHVWN|]OpVUHEHQ\~MWYD

,)

%RJOiUND 6HOO\HL (QLNĘ :HKPDQQ / 0DNUDL 7 0DJ\DU &KDUDFWHULVDWLRQ RI 3DVWHXUHOODGDJPDWLVOLNHLVRODWHVUHFRYHUHGIURPWKHIHOLQHRUDOFDYLW\9HW 0LFURELRON|]OpVUHEHQ\~MWYD

,)

=V 9DUJD % 6HOO\HL e ,YDQLFV 7 0DJ\DU 'LVWLQJXLVKLQJ EHWZHHQ3DVWHXUHOOD PXOWRFLGDVWUDLQV UHVSRQVLEOH IRU IRZO FKROHUD DQG SDVWHXUHOORVLV FDVHV LQ JHHVH

,)

%RJOiUND6HOO\HL=VX]VDQQD9DUJD.DWDOLQ6]HQWHVL6DPXeYD.DV]DQ\LW]N\DQG 7LERU 0DJ\DU $QWLPLFURELDO VXVFHSWLELOLW\ RI3DVWHXUHOOD PXOWRFLGD LVRODWHG IURPVZLQHDQGSRXOWU\$FWD9HW

,)

%RJOiUND 6HOO\HL =VX]VDQQD 9DUJD eYD ,YDQLFV7 0DJ\DU &KDUDFWHULVDWLRQ DQG FRPSDULVRQ RI DYLDQ3DVWHXUHOOD PXOWRFLGD VWUDLQV E\ FRQYHQWLRQDO DQG (5,&3&5DVVD\V$FWD9HWE

,)

6HOO\HL %RJOiUND 9DUJD =VX]VDQQD 6DPX 3pWHUQp 0DJ\DU 7LERU1\~OEyO L]ROiOW 3DVWHXUHOODPXOWRFLGDW|U]VHNMHOOHP]pVH&KDUDFWHULVDWLRQRI3DVWHXUHOOD PXOWRFLGDVWUDLQVLVRODWHGIURPUDEELWV0È/D ,)

=VX]VDQQD 9DUJD %RJOiUND 6HOO\HL pV 7 0DJ\DU 3KHQRW\SLF DQG JHQRW\SLF FKDUDFWHULVDWLRQ RI 3DVWHXUHOOD PXOWRFLGD VWUDLQV LVRODWHG IURP SLJV LQ +XQJDU\$FWD9HW

,)

(OĘDGiVRNpVDEV]WUDNWRN

QG&HQWUDO(XURSHDQ)RUXPIRU0LFURELRORJ\RNW.HV]WKHO\

=V 9DUJD % 6HOO\HL e ,YDQLFV 7 0DJ\DU &RPSDULVRQ RI DYLDQ 3DVWHXUHOOD PXOWRFLGDLVRODWHVE\FRQYHQWLRQDOFKDUDFWHULVDWLRQPHWKRGVDQGE\WKHLURXWHU PHPEUDQH SURWHLQ SDWWHUQ $FWD 0LFURELRO ,PP +XQJ 9ROXPH 6XSSOHPHQW3S

0DJ\DU0LNURELROyJLDL7iUVDViJ1DJ\J\ĦOpVHRNW.HV]WKHO\

% 6HOO\HL =V 9DUJD e ,YDQLFV 7 0DJ\DU &KDUDFWHULVDWLRQ RI DYLDQ3DVWHXUHOOD PXOWRFLGDLVRODWHVZLWKVRPHPROHFXODUPHWKRGV$FWD0LFURELRO,PP+XQJ 9ROXPH6XSSOHPHQW3S

0DJ\DU0LNURELROyJLDL7iUVDViJ1DJ\J\ĦOpVHRNW.HV]WKHO\

% 6HOO\HL =V 9DUJD e ,YDQLFV 7 0DJ\DU 7UDGLWLRQDO DQG PROHFXODU FKDUDFWHULVDWLRQRI3DVWHXUHOODPXOWRFLGDVWUDLQVLVRODWHGIURPYDULRXVDQLPDO VSHFLHV LQ +XQJDU\ $FWD 0LFURELRO ,PP +XQJ 9ROXPH 6XSSOHPHQW3S

VW&HQWUDO(XURSHDQ)RUXPIRU0LFURELRORJ\RNW.HV]WKHO\

%6HOO\HL=V9DUJD70DJ\DU&RPSDUDWLYHVWXG\RQ3DVWHXUHOODPXOWRFLGDLVRODWHV XVLQJ WUDGLWLRQDO DQG PROHFXODU GLDJQRVWLF PHWKRG $FWD 0LFURELRO ,PP +XQJ9ROXPH6XSSOHPHQW3S

$NDGpPLDLEHV]iPROyN

6HOO\HL %RJOiUND (QLNĘ :HKPDQQ 0DNUDL /iV]Oy 0DJ\DU 7LERU (J\HGL PDFVND V]iMIOyUD HUHGHWĦ3DVWHXUHOOD GDJPDWLVV]HUĦ L]ROiWXPRN IHQR pVJHQRWLSXVRVMHOOHP]pVH

9DUJD=VX]VDQQD6HOO\HL%RJOiUND,YDQLFVeYD0DJ\DU7LERU/LEiNEyOL]ROiOW HOWpUĘ SDWRJHQLWiV~ 3DVWHXUHOOD PXOWRFLGD W|U]VHN |VV]HKDVRQOtWy YL]VJiODWD

6HOO\HL %RJOiUND 9DUJD =VX]VDQQD D] iR WXG NDQGLGiWXVD ,YDQLFV eYD pV 0DJ\DU 7LERU D] iR WXG NDQGLGiWXVD %DURPIL HUHGHWĦ 3DVWHXUHOOD PXOWRFLGDL]ROiWXPRNPROHNXOiULVMHOOHP]pVH

0DNUDL /iV]Oy 6HOO\HL %RJOiUND 9DUJD =VX]VDQQD D] iR WXG NDQGLGiWXVD /LVDQQH:LOOLP]LQJ -iQRVL .DWDOLQ *\XUDQHF] 0LNOyV pV 0DJ\DU 7LERU D]iRWXGNDQGLGiWXVD.O|QE|]ĘHUHGHWĦ3DVWHXUHOODPXOWRFLGDW|U]VHN DQ\DJFVHUHXMMOHQ\RPDWiQDNYL]VJiODWD

6HOO\HL %RJOiUND 9DUJD =VX]VDQQD D] iR WXG NDQGLGiWXVD ,YDQLFV eYD pV 0DJ\DU 7LERU D] iR WXG NDQGLGiWXVD 0DJ\DURUV]iJL EDURPIL HUHGHWĦ 3DVWHXUHOODPXOWRFLGDL]ROiWXPRN|VV]HKDVRQOtWyYL]VJiODWD

9DUJD =VX]VDQQD D] iR WXG NDQGLGiWXVD 6HOO\HL %RJOiUND -XKiV]Qp .DV]DQLW]N\ eYD 3K' pV 0DJ\DU 7LERU D] iR WXG NDQGLGiWXVD 0DJ\DURUV]iJL VHUWpV pV Q\~OiOORPiQ\RNEyO V]iUPD]y 3DVWHXUHOOD PXOWRFLGDL]ROiWXPRN|VV]HKDVRQOtWyYL]VJiODWD

6HOO\HL%RJOiUND9DUJD=VX]VDQQDD]iRWXGNDQGLGiWXVDpV0DJ\DU7LERUD]

iR WXG NDQGLGiWXVD 0DJ\DURUV]iJL3DVWHXUHOOD PXOWRFLGD L]ROiWXPRN

|VV]HKDVRQOtWy YL]VJiODWD KDJ\RPiQ\RV pV ~MV]HUĦ GLDJQRV]WLNDL PyGV]HUHNIHOKDV]QiOiViYDO

3RV]WHUHN

0('9(71(7 WK $QQXDO 6FLHQWLILF 0HHWLQJ M~Q 6DQ /RUHQ]R GH (O (VFRULDO0DGULG6SDLQ

%6HOO\HL/0DNUDL70DJ\DU&KDUDFWHULVDWLRQRI3DVWHXUHOODGDJPDWLVVWUDLQV^WK

$QQXDO 6FLHQWLILF 0HHWLQJ $EVWUDFW %RRN 3S 0HG9HW1HW -XQH 0DGULG6SDLQ

0('9(71(7WK$QQXDO6FLHQWLILF0HHWLQJM~Q6DQ0DOR)UDQFH

7 0DJ\DU % 6HOO\HL =V 9DUJD (SLGHPLRORJLFDO VWXG\ RQ DYLDQ VWUDLQV RI 3DVWHXUHOODPXOWRFLGDLQ+XQJDU\^WK$QQXDO6FLHQWLILF0HHWLQJ$EVWUDFW%RRN 3S0HG9HW1HW-XQH6W0DOR)UDQFH

WK ,QWHUQDWLRQDO &RQJUHVV RI WKH +XQJDULDQ 6RFLHW\ IRU 0LFURELRORJ\ M~O

%XGDSHVW

%6HOO\HL=V9DUJDe,YDQLFV70DJ\DU'LYHUVLW\RIDYLDQ3DVWHXUHOODPXOWRFLGD LVRODWHV LQ +XQJDU\ $FWD 0LFURELRO ,PP +XQJ 9ROXPH 6XSSOHPHQW3S

.|V]|QHWQ\LOYiQtWiV

( KHO\HQ V]HUHWQpN N|V]|QHWHW PRQGDQL WpPDYH]HWĘPQHN'U 0DJ\DU 7LERUQDN D]

07$ ÈOODWRUYRVWXGRPiQ\L .XWDWyLQWp]HWH LJD]JDWyMiQDN DNL D] iOWDOD YH]HWHWW /pJ]ĘV]HUYL EDNWHULROyJLD WpPDFVRSRUWEDQ KHO\HW EL]WRVtWRWW V]iPRPUD pV H]]HO OHKHWĘYp WHWWH D GLVV]HUWiFLy HONpV]tWpVpW .|V]|QHWWHO WDUWR]RP D WpPDYiODV]WiVEDQ pV NLGROJR]iVEDQ Q\~MWRWWVHJtWVpJppUWV]DNPDLWDQiFVDLpUWYDODPLQWPLQGDGROJR]DWPLQGDPXQNiPVRUiQ HONpV]OWHJ\pESXEOLNiFLyNpUWpNpQHNQ|YHOpVHpUGHNpEHQWHWWpV]UHYpWHOHLpUWpVNULWLNiLpUW

+iOiV N|V]|QHWWHO WDUWR]RP 'U 9DUJD =VX]VDQQD NROOHJDQĘPQHN DNL V]DNPDL V]HPOpOHWHPHWIRUPiOyWDQiFVDLPHOOHWWDODERUDWyULXPLPXQNDVRUiQLVPLQGLJVHJtWVpJHPUH YROWPLQGYpJLJKLWWEHQQHPpVDPXQNiQNVLNHUpEHQ

.|V]|QHW LOOHWL'U :HKPDQQ (QLNĘ NROOHJDQĘPHW DNL D PXQNiP VRUiQ IHOPHUOĘ PROHNXOiULV PyGV]HUHNHW pULQWĘ SUREOpPiN PHJROGiViEDQ pV D] H]]HO NDSFVRODWRV V]iPtWyJpSHVDONDOPD]iVRNHOVDMiWtWiViEDQQ\~MWRWWVHJtWĘNH]HW

7RYiEEiN|V]|Q|PWpPDFVRSRUWXQNW|EELWDJMiQDN+HJHGĦVeYiQDN6FKLKOJUXEHUQp 2U\V]FViN .DWDOLQQDN .KD\HU %HUQDGHWWQHN pV 'U 6]DEy 5pNiQDN KRJ\ V]NVpJ V]HULQWJ\DNRUODWLpVHOPpOHWLNpUGpVHNEHQVHJtWVpJHPUHYROWDN

.|V]|QHWWHO WDUWR]RP'U,YDQLFV eYiQDN-XKiV]Qp 'U .DV]DQ\LW]N\ eYiQDN pV 6DPX 3pWHUQp 'U 6]HQWHVL .DWDOLQQDN D] 0J6]+ .|]SRQW ÈOODWHJpV]VpJJ\L 'LDJQRV]WLNDL ,JD]JDWyViJ PXQNDWiUVDLQDN D] RV]WiO\XNRQ L]ROiOW 3 PXOWRFLGD W|U]VHN UHQGHONH]pVQNUH ERFViWiVipUW pV D] D] DQWLELRWLNXPUH]LV]WHQFLD YL]VJiODWRN HOYpJ]pVH VRUiQ Q\~MWRWW VHJtWVpJNpUW 9pJO GH QHP XWROVy VRUEDQ N|V]|Q|P 'U 1yJUiG\

1RpPLQHND](5,&3&5XMMOHQ\RPDWPLQWi]DWRNV]RIWYHUHVNLpUWpNHOpVpEHQpV'U%iQ\DL .ULV]WLiQQDNDV]HNYHQiOiVEDQpVD]DOOpOVSHFLILNXV3&5NLGROJR]iViEDQQ\~MWRWWV]DNPDL VHJtWVpJpW