$ % $/$721$175232*e16=(11<(=(776e*e1(.-(//(0=e6(
% ,2,1',.È7252.$/.$/0$=È6È9$/
)$5.$6$11$
'2.725,3K'e57(.(=e6
9HV]SUpPL(J\HWHP.|UQ\H]HWWXGRPiQ\L 'RNWRUL,VNROD
7pPDYH]HW 'U6DOiQNL-iQRVDNDGpPLNXV
07$%DODWRQL/LPQROyJLDL.XWDWyLQWp]HW 7 ,+$1<
% ,2,1',.È7252.$/.$/0$=È6$$ % $/$721$175232*e1 6=(11<(=(776e*e1(.-(//(0=e6e5(
eUWHNH]pVGRNWRUL3K'IRNR]DWHOQ\HUpVHpUGHNpEHQ D9HV]SUpPL(J\HWHP.|UQ\H]HWWXGRPiQ\
'RNWRUL,VNROiMiKR]WDUWR]yDQ
ËUWD
)DUNDV$QQD
$MHO|OWDGRNWRULV]LJRUODWRQ«RWpUWHO
9HV]SUpP«
D6]LJRUODWL%L]RWWViJHOQ|NH
$]pUWHNH]pVWEtUiOyNpQWHOIRJDGiVUDMDYDVORP
%tUiOyQHYH««LJHQQHP
«««««««««
DOitUiV
%tUiOyQHYH««LJHQQHP
«««««««««
DOitUiV
$MHO|OWD]pUWHNH]pVQ\LOYiQRVYLWiMiQ«RWpUWHO
9HV]SUpP ««««««««««
D%tUiOy%L]RWWViJHOQ|NH
$GRNWRUL3K'RNOHYpOPLQ VtWpVH«
««««««««««
$]('7HOQ|NH
7 $57$/20-(*<=e.
.LYRQDWRN
% (9(=(7e6e6,52'$/0,È77(.,17e6
)HOV]tQLYL]HNELROyJLDLPHJILJ\HOpVH
%LROyJLDLPHJILJ\HOpVLPyGV]HUHN
)HOV]tQLYL]HNDQWURSRJpQV]HQQ\H]HWWVpJpQHNMHO]pVHELRLQGLNiFLy~WMiQ 9t]WHUHNWR[LNXVV]HQQ\H]HWWVpJpQHNELROyJLDLPRQLWRUR]iVD
$]iOODSRWPRQLWRUR]iVDVWDWLNXVPyGV]HUHN
$YiOWR]iVRNPRQLWRUR]iVDGLQDPLNXVPyGV]HUHN
9pV]iOODSRWRNPRQLWRUR]iVD
3RWHQFLiOLVV]HQQ\H] NODERUDWyULXPLWHV]WHOpVH|NRWR[LNROyJLDLWHV]WHN
$%DODWRQDQWURSRJpQV]HQQ\H]HWWVpJpQHNYL]VJiODWD 1HKp]IpPHNMHOHQOpWHD%DODWRQpVYt]J\ MW MHWHUOHWpQ
$%DODWRQOHGpNpQHNQHKp]IpPWDUWDOPD7HUPpV]HWHVKiWWpUV]LQW
$QWURSRJpQHUHGHW QHKp]IpPNRQFHQWUiFLyN
$%DODWRQYL]pQHNQHKp]IpPNRQFHQWUiFLyMD
%DODWRQLEHIRO\yNQHKp]IpPV]HQQ\H]HWWVpJH
/pJV]HQQ\H]pVV]HUHSHDWyYt]PLQ VpJpEHQ
/pJN|ULDHURV]RORNpVFVDSDGpNYL]HNQHKp]IpPWDUWDOPD
6]HUYHVV]HQQ\H] N
ÏQYHJ\OHWHNHO IRUGXOiVDD%DODWRQpVYt]J\ MW MHWHUOHWpQ 3HV]WLFLGHN±GHOWDPHWULQWR[LFLWiViQDNPHFKDQL]PXViUyO 3ROLNOyUR]RWWELIHQLOHN±3&%DVNRQJHQHUHO IRUGXOiVDD%DODWRQEDQ 3ROLDURPiVV]pQKLGURJpQHN±IHQDQWUpQpVIOXRUDQWpQHO IRUGXOiVDD%DODWRQEDQ
9t]LV]HUYH]HWHNDONDOPD]iVDD%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHN
IHOPpUpVpUH±D]iOODSRWpVDYiOWR]iVRNPRQLWRUR]iVD±
$QWURSRJpQDQ\DJRNKDWiVDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD
±|NRWR[LNROyJLDLWHV]WHN±
& e/.,7 =e6(.
$ 1<$*e60Ï'6=(5
$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNIHOPpUpVpUHLUiQ\XOySDVV]tY
PRQLWRUR]iV
$]iOODWRNJ\ MWpVHDYL]VJiODWRNKHO\HpVLGHMH
$ELROyJLDLPLQWiNQHKp]IpPNRQFHQWUiFLyLQDNPHJKDWiUR]iVDDWRPDEV]RUSFLyV
%LROyJLDLPLQWiNIHOWiUiVDQHGYHVVDYDVURQFVROiVVDO
$P V]HUHVPpUpVWHFKQLNiMD
$PLQWDHO NpV]tWpVpVPpUpVPHJEt]KDWyViJiQDNHOOHQ U]pVHUHIHUHQFLDPLQWiN
DONDOPD]iViYDO
7R[LNXVDQ\DJRNKDWiViQDNYL]VJiODWDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD
/DERUDWyULXPLWHV]WHN
7DYLNDJ\OyNILOWUiFLyVDNWLYLWiViQDNYL]VJiODWiUDNLGROJR]RWWPyGV]HUHN
$SHULyGLNXVDNWLYLWiVUHJLV]WUiOiVD
$V]LIyP N|GpVUHJLV]WUiOiVD
$V] UpVWHOMHVtWPpQ\PHJKDWiUR]iVD
$QWURSRJpQV]HQQ\H] NKDWiVDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD$WHV]WHOpV
NtVpUOHWLN|UOPpQ\HL
$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDSHULyGLNXVDNWLYLWiVUD
$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV]LIyP N|GpVpUH
$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV] UpVWHOMHVtWPpQ\pUH
$]DGDWRNpUWpNHOpVpQpODONDOPD]RWWVWDWLV]WLNDLHOMiUiVRN
( 5('0e1<(.
$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNYL]VJiODWDSDVV]tYELRPRQLWRUR]iVVDO
%DODWRQLiOODWRNQHKp]IpPNRQFHQWUiFLyMD
%DODWRQL]RRSODQNWRQQHKp]IpPNRQFHQWUiFLyMD
%DODWRQLKDODNQHKp]IpPNRQFHQWUiFLyMD
$KDODNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNV]LQWMH )DMLNO|QEVpJHNDQHKp]IpPHNIHOKDOPR]yGiViEDQ eYV]DNRVNO|QEVpJHNDKDODNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNEDQ
$GpYpUNHV]HJV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVHD]
HJ\HGIHMO GpVLVWiGLXPWyO
$GpYpUNHV]HJV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNNRUUHOiFLyMDD]HJ\HGHN
PpUHWpYHOpVNRQGtFLyMiYDO
$GpYpUNHV]HJV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNYiOWR]iVD
D]HJ\HGHNNRUiYDO
$EDODWRQLGpYpUNHV]HJQHKp]IpPWHUKHOpVpQHN|VV]HKDVRQOtWyYL]VJiODWD
D]±N|]|WWLLG V]DNEDQ
7R[LNXVDQ\DJRNKDWiVDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD
ÏQYHJ\OHWHNKDWiVD$QRGRQWDF\JQHDSHULyGLNXVDNWLYLWiViUD
'HOWDPHWULQKDWiVD$QRGRQWDF\JQHDILOWUiFLyVDNWLYLWiViUD
$SHULyGLNXVDNWLYLWiVUDNLIHMWHWWKDWiV
$V]LIyP N|GpVUHNLIHMWHWWKDWiV
3&%DVNRQJHQHUKDWiVD$QRGRQWDF\JQHDILOWUiFLyVDNWLYLWiViUD
$SHULyGLNXVDNWLYLWiVUDNLIHMWHWWKDWiV
$V]LIyP N|GpVUHNLIHMWHWWKDWiV
)HQDQWUpQpVIOXRUDQWpQKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXV
ILOWUiFLyVDNWLYLWiViUD
$SHULyGLNXVDNWLYLWiVUDNLIHMWHWWKDWiV
$V]LIyP N|GpVUHNLIHMWHWWKDWiV
$V] UpVWHOMHVtWPpQ\UHNLIHMWHWWKDWiV
( 5('0e1<(.0(*%(6=e/e6(
%DODWRQLiOODWRNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVH
DIRQWRVDEEELROyJLDLpVN|UQ\H]HWLWpQ\H] NW O
$]LQGLNiWRUV]HUYH]HWHNEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVH
D]RNWiSOiOpNOiQFRQEHOOHOIRJODOWKHO\]HWpW O )DMLVDMiWRVViJRNDQHKp]IpPHNDNNXPXOiFLyMiEDQ
$]LQGLNiWRUV]HUYH]HWHNEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVH
D]HJ\HGHNPpUHWpW OpVNRQGtFLyMiWyO
$]LQGLNiWRUV]HUYH]HWHNEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyN
pYV]DNRVYiOWR]iVD
$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNPHJtWpOpVHDSDVV]tYELRPRQLWRU
YL]VJiODWRNHUHGPpQ\HLDODSMiQ
$QWURSRJpQV]HQQ\H] DQ\DJRNWR[LFLWiViQDNGHWHNWiOiVDYt]LN|]HJHNEHQ
WDYLNDJ\OyNPLQWELRLQGLNiWRUV]HUYH]HWHNDONDOPD]iViYDO
6]HUYHWOHQpVV]HUYHVyQYHJ\OHWHN
'HOWDPHWULQ
3&%DVNRQJHQHU
3ROLDURPiVV]pQKLGURJpQHN±IHQDQWUpQpVIOXRUDQWpQ±
g 66=()2*/$/È6
Ò -(5('0e1<(.
1 (:5(68/76
, 52'$/0,+,9$7.2=È62.
. g6=g1(71<,/9È1Ë7È6
0 (//e./(7 6WDWLV]WLNDLWHV]WHNHUHGPpQ\WiEOi]DWDL
.LYRQDWRN
%LRLQGLNiWRURNDONDOPD]iVDD%DODWRQDQWURSRJpQV]HQQ\H]HWWVpJpQHNMHOOHP]pVpUH
$ %DODWRQ YpGHOPpW V]ROJiOy NXWDWiVRN UpV]HNpQW pV N|]|WW iWIRJy NXWDWiVRN LUiQ\XOWDN D Wy pO YLOiJD QHKp]IpP V]HQQ\H]HWWVpJpQHN IHOPpUpVpUH D WDYDW V]HQQ\H]
DQWURSRJpQ HUHGHW WR[LNXV DQ\DJRN MHOHQOpWpQHN pV D V]HQQ\H]pV PpUWpNpQHN NLPXWDWiViUD WRYiEEi |NRWR[LNROyJLDL WHV]WHN NLGROJR]iViUD pV WRYiEEIHMOHV]WpVpUH $ ODERUDWyULXPL YL]VJiODWRN D WDYL NDJ\OyN pOHWWDQL IXQNFLyLEDQ ± ILOWUiFLyV DNWLYLWiViEDQ ± IHOOpS YiOWR]iVRN pV]OHOpVpQpVPHQQ\LVpJLPHJKDWiUR]iViQDODSXOWDN
$ Wy QHKp]IpP V]HQQ\H]HWWVpJpQHN IHOPpUpVpUH LUiQ\XOy SDVV]tY ELRPRQLWRU YL]VJiODWRNEDQ ELRLQGLNiWRU V]HUYH]HWHNNpQW D &UXVWDFHD SODQNWRQW pV KiURP KDOIDMW GpYpUNHV]HJ IRJDVVOO pVDQJROQDYL]VJiOWXQN$&UXVWDFHDSODQNWRQEDQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNLG pV WpUEHOL DODNXOiViEyO NLW QW KRJ\ H V]HUYH]HWHN NDGPLXP yORP pV Up] V]HQQ\H]HWWVpJH D YL]VJiOW LG V]DNEDQ V]LJQLILNiQVDQ Q WW PtJ D FLQN V]LQWHNEHQ D] EDQ pV]OHOW V]iPRWWHY HQQDJ\REEpUWpNHNW OHOWHNLQWYHQHPPXWDWNR]RWWMHOHQW VLG V]DNRVHOWpUpV$WDYDW EHQpSHVtW KDODN QHKp]IpP V]HQQ\H]HWWVpJpW WHNLQWYH NLW QW KRJ\ D] L]RPV]|YHWEHQ D WR[LNXV QHKp]IpPHN NRQFHQWUiFLyMD OpQ\HJHVHQ NLVHEE D] pOHOPH]pV HJpV]VpJJ\L KDWiUpUWpNHNQpO HO IRUGXOW D]RQEDQ KRJ\ HJ\HV SpOGiQ\RNQiO D] L]RPEDQ PpUW WR[LNXV HOHPHN V]LQWMH PDJDVDEEYROWDQQiO$PHOOHWWKRJ\DKDODNV]HUYHLEHQIHOKDOPR]RWWPLNURHOHPHNPHQQ\LVpJH PLQG D] pYV]DNWyO PLQG D IDML KRYDWDUWR]iVWyO IJJ|WW V]iPRWWHY |VV]HIJJpVW WDOiOWXQN D]
HJ\HGHN PpUHWpYHO NRUiYDO YDODPLQW NRQGtFLyMiYDO 6]yUYiQ\RV HVHWHNW O HOWHNLQWYH D WDYDW EHQpSHVtW KDODNQHKp]IpPV]HQQ\H]HWWVpJpQHNDODNXOiViEDQDYL]VJiOWLG V]DNEDQV]LJQLILNiQV Q|YHNHGpVWYDJ\FV|NNHQpVWQHPWDSDV]WDOWXQN
$] |NRWR[LNROyJLDL WHV]WHN VRUiQ D %DODWRQW SRWHQFLiOLVDQ YHV]pO\H]WHW V]HQQ\H] N ±
GHOWDPHWULQ 3&% DV NRQJHQHU WULPHWLOyQ NORULG pV D SROLDURPiV V]pQKLGURJpQHN N|]O D
IHQDQWUpQ pV IOXRUDQWpQ ± KDWiViQDN YL]VJiODWiEyO NLW QW KRJ\ D WDYL NDJ\OyN ILOWUiFLyV
DNWLYLWiViW PHJKDWiUR]y SHULyGLNXV DNWLYLWiV V]LIyP N|GpV pV V] UpVWHOMHVtWPpQ\ PiU LJHQ NLV
NRQFHQWUiFLyQiO MHO]LN D] DQWURSRJpQ V]HQQ\H] N MHOHQOpWpW $] DQ\DJKDWiV D NDJ\OyNQiO
OHJHU WHOMHVHEEHQ D]RN V] UpV WHOMHVtWPpQ\pEHQ PXWDWNR]RWW DPLW D V]LIyP N|GpV PDMG D
SHULyGLNXVDNWLYLWiVEDQEHN|YHWNH]HWWYiOWR]iVRNN|YHWWHN
8VHRIELRLQGLFDWRUVLQPRQLWRULQJWKHDQWKURSRJHQLFSROOXWLRQRI/DNH%DODWRQ
8VLQJ SDVVLYH ELRPRQLWRULQJ PHWKRGV LQWHUDQQXDO DQG VSDWLDO YDULDWLRQV LQ WKH KHDY\ PHWDO ORDG RI /DNH %DODWRQ ZHUH VWXGLHG LQ WKH &UXVWDFHD SODQNWRQ DQG WKUHH ILVK VSHFLHV FRPPRQ EUHDPHHODQGSLNHSHUFKDVLQGLFDWRURUJDQLVPVEHWZHHQ±6LJQLILFDQWYDULDWLRQV ZHUHREVHUYHGLQWKHKHDY\PHWDOORDGRIRUJDQLVPVUHODWLQJWRWKHLUWURSKLFVWDWXVOLIHF\FOH YDULDELOLW\ LQ VL]H DQG WKHLU SK\VLFDO FRQGLWLRQ 7KH UHVXOWV DOVR UHYHDOHG WKDW WKH KHDY\ PHWDO SROOXWLRQ RI WKH /DNH DQG LWV ELRWD LV UHODWLYHO\ ORZ KRZHYHU VLJQLILFDQW VHDVRQDO DQG VSDWLDO GLIIHUHQFHVFRXOGEHREVHUYHG
7KH HFRWR[LFRORJLFDO WHVWV HODERUDWHG XVLQJ WKH ILOWHULQJ DFWLYLW\ RI IUHVKZDWHU PXVVHOV SURYHG WR EH YHU\ VHQVLWLYH DQG SURSHU IRU WKH TXDOLWDWLYH DQG TXDQWLWDWLYH LQGLFDWLRQ RI WKH DGYHUVHHIIHFWVRIWLQFRPSRXQGVSHVWLFLGHVSRO\FKORULQDWHGELSKHQ\OVDQGSRO\F\FOLFDURPDWLF K\GURFDUERQV
%HQXW]XQJ YRQ %LRLQGLNDWRUHQ LQ GHU .RQWUROOH GHU 8PZHOWYHUVFKPXW]XQJ GHV 3ODWWHQVHHV
'LH ODQJH %H]HLFKQXQJ XQG GLH WHUULWRULDOH 6FKZDQNXQJHQ GHU 6FKZHUPHWDOOEHODVWXQJ GHV 3ODWWHQVHHVZXUGHQ]ZLVFKHQGXUFKSDVVLYH%LRPRQLWRU0HWKRGHQVWXGLHUWPLWGHU
%HQXW]XQJ GHV .UHEVWLHUSODQNWRQV XQG GUHL )LVFKVDUWHQ DOOJHPHLQHQ %UDFKVHQ $DO XQG
=DQGHUDOV,QGLNDWRURUJDQLVPHQ%HGHXWHQGH6FKZDQNXQJHQLQGHU6FKZHUPHWDOOEHODVWXQJGHU 2UJDQLVPHQ ZXUGHQ LQ 9HUELQGXQJ PLW LKUHP WURSKLVFKHQ 6WDWXV /HEHQV]\FOXV 9HUlQGHUOLFKNHLWLQGHU*U|HXQGN|USHUOLFKHP=XVWDQGEHREDFKWHW(VKDWVLFKDXFKHUZLHVHQ GDGLH6FKZHUPHWDOOYHUVFKPXW]XQJGHV6HHVPLWVHLQHU)ORUDXQG)DXQDUHODWLYJHULQJLVW(V WUDWHQMHGRFKEHGHXWHQGHQVDLVRQEHGLQJWHQXQGUlXPOLFKHQ8QWHUVFKLHGHDXI
'LH|NRWR[LNRORJLVFKHQ8QWHUVXFKXQJHQDQGHU)LOWHUDNWLYLWlWGHU6ZDVVHUPXVFKHOQKDEHQ
VLFK DOV VHKU JHHLJQHW XQG HPSILQGOLFK IU GLH TXDOLWDWLYH XQG TXDQWLWDWLYH ,QGLNDWLRQ GHU
:LUNXQJYRQ=LQQPLWWHO3HVWL]LGHQSRO\FKORULHUWHQ%LSKHQ\OHXQGSRO\]\NOLVFKDURPDWLVFKHQ
.RKOHQZDVVHUVWRIIHHUZLHVHQ
% (9(=(7e6e6,52'$/0,È77(.,17e6
) (/6=Ë1,9,=(.%,2/Ï*,$,0(*),*<(/e6(
$ IHOV]tQL YL]HN DQWURSRJpQ V]HQQ\H]HWWVpJpQHN YL]VJiODWiEDQ pYWL]HGHNHQ NHUHV]WO FVDN NpPLDL pV IL]LNDL PyGV]HUHNHW DONDOPD]WDN PHO\HN D]RQEDQ QHP Q\~MWRWWDN HOpJVpJHV LQIRUPiFLyW D] |NRV]LV]WpPiN WpQ\OHJHV YHV]pO\H]WHWHWWVpJpQHN IHOLVPHUpVpKH] $ PpUJH]
DQ\DJRN HPLVV]LyV KDWiUpUWpNHLQHN PHJiOODStWiViEDQ HJ\HGO D NpPLDL pV IL]LNDL V]HPSRQWRN ILJ\HOHPEHYpWHOpYHO FVDN NRUOiWR]RWW V]iP~ WR[LNXV DQ\DJ WHUPpV]HWHV Yt]WHUHNEH W|UWpQ NLERFViWiViW OHKHWHWW V]DEiO\R]QL (]HQ LQWp]NHGpVHN D]RQEDQ QHP EL]RQ\XOWDN HOpJVpJHVQHN D IHOV]tQL YL]HN DQWURSRJpQ V]HQQ\H]pVpQHN KDWpNRQ\ NRUOiWR]iViUD .UDPHU 0LYHO D V]DEiO\R]iVEDQ J\DNUDQ NHUOQHN HO WpUEH HJpV]VpJJ\L YRQDWNR]iV~ KXPiQ WHYpNHQ\VpJHN KDOiV]DW Yt]L VSRUWRN LYyYt] HOOiWiV pUWKHW D Yt]PLQ VpJHW HOOHQ U] KDWyViJRN HOV GOHJHV W|UHNYpVH RO\DQ ELROyJLDL PRQLWRU PyGV]HUHN NLGROJR]iViUD PHO\HNNHO PHJKDWiUR]KDWy D EHIRJDGy YL]HNHW pUW V]HQQ\H]pVHN |NROyJLDL KDWiVD pV PHO\HN HJ\EHQ NLHJpV]tW DGDWNpQW V]ROJiOQDNDIL]LNDLpVNpPLDLPHJILJ\HOpVLPyGV]HUHNKH]
+HOODZHOOEDQPHJIRJDOPD]RWWGHILQtFLyMDV]HULQW+HOODZHOOPHO\HWD81(3LV HOIRJDGRWW Ä$ ÄPRQLWRULQJ´ PHJILJ\HOpV D N|UQ\H]HW HJ\ YDJ\ W|EE HOHPpQHN WpUEHQ pV LG EHQ HO UH PHJKDWiUR]RWW LG EHRV]WiV V]HULQWL pV |VV]HKDVRQOtWKDWy PyGV]HUHNHW DONDOPD]y PHJKDWiUR]RWW FpOODO LVPpWO G D N|UQ\H]HW YiOWR]iVDLQDN pU]pNHOpVH pV IRO\DPDWRV DGDWJ\ MWpVUHLOODNDSRWWHUHGPpQ\HNpUWpNHOpVpUHLUiQ\XOyWHYpNHQ\VpJ´
%LROyJLDLPHJILJ\HOpVLPyGV]HUHN
$ N|UQ\H]HW iOODSRWiQDN YL]VJiODWiW D ELROyJLDL YiOWR]yN EHYH]HWpVpW N|YHW HQ ELRPRQLWRUR]iVQDNYDJ\ELROyJLDLPRQLWRUYL]VJiODWRNQDNQHYH]]N$ELROyJLDLYiOWR]yNYDJ\
ELROyJLDL PHJILJ\HOpVHN MHOOHJpW O IJJ HQ D NO|QIpOH ELRPRQLWRU PyGV]HUHN MyO
PHJNO|QE|]WHWKHW N <DVXQR pV :KLWWRQ $] RUYRVL J\DNRUODWEDQ ELRPRQLWRUR]iVQDN
D]HPEHULWHVWEHQIHOKDOPR]RWWV]HQQ\H] DQ\DJRNNRQFHQWUiFLyLQDNPHJKDWiUR]iViWQHYH]]N
D]D] V]|YHWL NpPLDL PRQLWRUR]iV $ PDJDVDEE ELROyJLDL V]HUYH]HWWVpJL V]LQWHQ SRSXOiFLy
pOHWN|]|VVpJHN |NRV]LV]WpPiN YpJ]HWW YL]VJiODWRN D] pO YLOiJ LQWHJULWiViW PpULN 9pJO D
N|UQ\H]HWWXGRPiQ\EDQPLQGHQQHP ELROyJLDLLUiQ\XOWViJ~YL]VJiODW±DPHQQ\LEHQWHUPpV]HWHV
N|]HJHNELROyJLDLLQWHJULWiViQDNPLQ VpJPHJ U] pVYDJ\MDYtWyHOHP]pVpUHV]ROJiOXJ\DQFVDN
ELRPRQLWRUYL]VJiODWRNN|UpEHWDUWR]LN(QQHNPHJIHOHO HQELROyJLDLLQWHJULWiVQDNÄDN|]|VVpJ
V]HUNH]HWpQHNpVP N|GpVpQHNIHQQWDUWiVD´QHYH]KHW &DLUQVpV'LFNVRQ
(EEHQ D PHJN|]HOtWpVEHQ D ELROyJLDL PRQLWRUR]iV NO|QIpOH DVSHNWXVDLUD D N|YHWNH]
PHJKDWiUR]iVRNDWDGWiN&DLUQV
ELRDNNXPXOiFLy PRQLWRUR]iVD PHO\QHN VRUiQ D ELROyJLDL PLQWiNEDQ IHOKDOPR]RWW DQ\DJNRQFHQWUiFLyNDW PpULN ( YL]VJiODWQDN WHUHSHQ NpW MyO HONO|QO IRUPiMD LVPHUW D SDVV]tYELRPRQLWRUR]iVPHO\QHNVRUiQDYL]VJiOWpOHWWpUDQWURSRJpQV]HQQ\H]HWWVpJpUHD]
W EHQpSHVtW pO OpQ\HN V]HUYH]HWpEHQ IHOKDOPR]RWW V]HQQ\H] N V]LQWMpE O N|YHWNH]WHWQN YDODPLQW D] DNWtY ELRPRQLWRUR]iV DPHO\EHQ YLV]RQ\ODJ V]HQQ\H]HWOHQ pOHWWpUE O V]iUPD]y My DNNXPXOiFLyV NpSHVVpJ Yt]L V]HUYH]HWHNHW KHO\H]QN iW D]
HOHP]pVUHNLMHO|OWN|UQ\H]HWEHPDMGPHJIHOHO DNNRPRGiFLyVLG HOWHOWpYHOPHJPpUMND V]HUYHNEHQIHOKDOPR]RWWV]HQQ\H] NV]LQWMpW
WR[LNXVViJ PRQLWRUR]iVD DPLNRU D] HJ\HGHN IL]LROyJLDL YiODV]UHDNFLyLW N|YHWLN Q\RPRQ PpUJH] DQ\DJRN KDWiViUD VWDWLNXV ÄELRDVVD\´ pV GLQDPLNXV Ä%(:6 ± %LRORJLFDO (DUO\:DUQLQJ6\VWHP´ NRUDLELROyJLDLMHO] UHQGV]HUPyGV]HUHNNHO
V]QELROyJLDL PRQLWRUR]iV DPHO\EHQ D] |NRV]LV]WpPiN pSVpJpW pULQWHWOHQVpJpW YL]VJiOMiN PLQGHQQHP N|UQ\H]HWL EHKDWiV ILJ\HOHPEHYpWHOpYHO IDML |VV]HWpWHO HJ\HGV U VpJ GLYHU]LWiV LQGLNiWRU V]HUYH]HWHN HO IRUGXOiVD DODSYHW |NROyJLDL IRO\DPDWRNPpUpVHVWE
)HOV]tQLYL]HNDQWURSRJpQV]HQQ\H]HWWVpJpQHNMHO]pVHELRLQGLNiFLy~WMiQ
$] DQWURSRJpQ YDJ\LV HPEHUL WHYpNHQ\VpJKH] N|WKHW N|UQ\H]HWV]HQQ\H]pV MHO]pVpEHQ D]
DGRWWN|UQ\H]HWHWEHQpSHVtW pOHWN|]|VVpJHNQHNNXOFVIRQWRVViJ~V]HUHSHYDQ+HOODZHOO
$] pOHWN|]|VVpJHN VWUXNWXUiOLV pV IXQNFLRQiOLV YiOWR]iVDLQ D SRSXOiFLyN WpUEHOL pV LG EHOL PHJMHOHQpVpQ YDODPLQW PLQ VpJL pV PHQQ\LVpJL YLV]RQ\DLQ NHUHV]WO QHPFVDN D WHUPpV]HWHV YiOWR]iVRN GH D] DQWURSRJpQ EHKDWiVRN LV MyO Q\RPRQ N|YHWKHW N (QQHN PHJIHOHO HQ D Yt]L N|]HJHNHW pUW N|UQ\H]HWL WpQ\H] N KDWiVDLQDN IHOPpUpVH D] NHW EHQpSHVtW pO OpQ\HN YDJ\
pO OpQ\WiUVXOiVRNMHO]pVHLQHNDODSMiQDELRLQGLNiFLyVYL]VJiODWRNFVRSRUWMiEDWDUWR]LN
(OYEHQ EiUPHO\LN pO OpQ\HJ\WWHV pV DQQDN EiUPHO\ WXODMGRQViJD IHOKDV]QiOKDWy D Yt]WHUHN ELROyJLDL PLQ VtWpVpUH $ N|UQ\H]HWL YiOWR]iVRN ELROyJLDL KDWiViW IHOWiUy NXWDWiVRN J\DNRUODWL DONDOPD]iVDD]pUWPpJLVDN|YHWNH] LVPHUHWHNW OIJJ
PL D] D KDWiV DPHO\ OiWKDWy LOO HJ\pUWHOP NDSFVRODWED KR]KDWy D] HJ\HG LQGLNiWRU V]HUYH]HWLOODN|]|VVpJYiODV]iYDO
PHQQ\LUHVSHFLILNXVDKDWiVD]D]WRNR]yMHOHQVpJUHV]HQQ\H] DQ\DJUDVWE
PHQQ\LVpJLOHJPpUKHW YDJ\EHFVOKHW HDKDWiVNDSFVRODWDD]RNNDO
9t]WHUHNWR[LNXVV]HQQ\H]HWWVpJpQHNELROyJLDLPRQLWRUR]iVD
$ IHOV]tQL YL]HN PLQ VpJpQHN HOOHQ U]pVH ± KDJ\RPiQ\RVDQ ± HOV VRUEDQ NpPLDL pV IL]LNDL PpUpVHNHQDODSXO(]HNDYL]VJiODWRNDNpPLDLDQ\DJRNKRVV]~WiY~|NRWR[LNROyJLDLKDWiViUDpV N|UQ\H]HWL VRUViUD QHP LQIRUPDWtYDN 6DOiQNL pV PWV $] HJ\HGL DONRWy KDWiViQDN LVPHUHWH QHP V]iPRO D V]HQQ\H] N N|]|WWL N|OFV|QKDWiVRNNDO V]LQHUJL]PXV PLN|]EHQ D]
HPEHUL WHYpNHQ\VpJE O DGyGy V]HQQ\H] N UHQGV]HULQW NRPSOH[ NHYHUpN IRUPiMiEDQ MHOHQWNH]QHN
$ ELROyJLDL Yt]PLQ VtWpV HO Q\H D NpPLDL pV IL]LNDL PyGV]HUHNNHO V]HPEHQ DEEDQ UHMOLN KRJ\ D ELROyJLDL MHOOHP]pV D KRVV]DEE WiY~ Yt]PLQ VpJHW WNU|]L pV D Yt]L V]HUYH]HWHNHW pUW V]HQQ\H] N KDWiVDLW N|]YHWOHQ pV LQWHJUiOW PyGRQ PXWDWMD $ FVDN QHKH]HQ YDJ\ HJ\iOWDOiQ QHP GHWHNWiOKDWy KDWiVRNDW MHOH]QL pV pUWHOPH]QL NL]iUyODJ ELROyJLDL PyGV]HUHNNHO OHKHWVpJHV 6DOiQNLpV2HUWHO6]DNPDLpVN|UQ\H]HWSROLWLNDLV]HPSRQWRNPLDWWDELROyJLDLKDWiVRN YL]VJiODWD QHP IRJMD KHO\HWWHVtWHQL D NpPLDL DQDOt]LVW FV|NNHQWKHW D]RQEDQ D UXWLQ NpPLDL PpUpVHNV]iPDD]]DOKRJ\FVDNDGHWHNWiOWELROyJLDLKDWiVRNXWiQYpJH]QHNPLQGHQUHNLWHUMHG NpPLDLDQDOt]LVWHJ\LQWHJUiOWPRQLWRUR]iVNHUHWpEHQ
9t]L N|]HJHN DQWURSRJpQ V]HQQ\H]pVpUH D J\DNRUODWEDQ D ELRDNNXPXOiFLyV YL]VJiODWRN UHQGNtYO KDWiVRVQDN EL]RQ\XOWDN +HOODZHOO (3$ 6DOiQNL pV PWV ( YL]VJiODWRNEDQ HOV GOHJHV N|YHWHOPpQ\ D My ELRDNNXPXOiFLyV WXODMGRQViJRNNDO UHQGHONH]
pO OpQ\HND]~QÄDNNXPXOiWRUV]HUYH]HWHN´DONDOPD]iVD6HJtWVpJNNHOYDOyEDQDELROyJLDLODJ IHOYHKHW DONRWyN pV D]RN PHJMHOHQpVL IRUPiL GHWHNWiOKDWyN ,G EHOL pV KDWiVW LQWHJUiOy NpSHVVpJNNHO |VV]HWHWW PyGRQ WNU|]LN YLVV]D D N|UQ\H]HWNEHQ OpY V]HQQ\H] N LOO D] D]RN IHOYpWHOpWEHIRO\iVROyN|UQ\H]HWLWpQ\H] NHJ\WWHVKDWiViW
$]iOODSRWPRQLWRUR]iVDVWDWLNXVPyGV]HUHN
$ Yt]L |NRV]LV]WpPD V]HQQ\H]HWWVpJpQHN MHOOHP]pVpW D N|]HJHW EHQpSHVtW pO OpQ\HN V]HUYH]HWpEHQ IHOKDOPR]RWW WR[LNXV DQ\DJRN DODSMiQ VWDWLNXV ELROyJLDL PRQLWRUR]iVQDN QHYH]]N $ PyGV]HU FVDN D SHU]LV]WHQV V]HQQ\H] DQ\DJRN NLPXWDWiViUD DONDOPDV DPHQQ\LEHQ NRQFHQWUiFLyMXN D V]XEOHWiOLV V]LQWHW QHP KDODGMD PHJ 3XV]WXOiVW HO LGp]
NRQFHQWUiFLyN HVHWpQ D] DQ\DJIHOYpWHO LV NiURVRGLN H]pUW D] pO OpQ\HNEHQ NLPXWDWKDWy
NRQFHQWUiFLyQHPUHiOLVPXWDWyMDDN|UQ\H]HWV]HQQ\H]pVPpUWpNpQHN*ROGVPLWK6DOiQNL
pV2HUWHO
$ ELRLQGLNiFLyV PyGV]HUHN J\DNRUODWL DONDOPD]iVD PHJIHOHO ELRLQGLNiWRU V]HUYH]HW NLYiODV]WiViQpVVWDQGDUGL]iOWPpUpVLWHFKQLNDKDV]QiODWiQDODSV]LN$PyGV]HUNLYiODV]WiViQiO D OHJIRQWRVDEE N|YHWHOPpQ\HN D N|YHWNH] N 3KLOOLSV %U\DQ pV PWV 1DJHO pV /RVNLOO
D NLYiODV]WRWW LQGLNiWRU IDM HOWHUMHGW pV UHQGV]HUHVHQ PHJWDOiOKDWy D YL]VJiODQGy N|]HJHNEHQ
OHJ\HQPHJIHOHO PHQQ\LVpJEHQN|QQ\HQJ\ MWKHW MyDNNXPXOiFLyVpVWiUROiVLNpSHVVpJJHOUHQGHONH]]HQ OHJ\HQWROHUiQVDNLVHEEWHUKHOpVUH
KDD]pO OpQ\YDODPHO\V]HUYHELROyJLDLpU]pNHO NpQWV]ROJiOD]MyOL]ROiOKDWyOHJ\HQpVD PpUpVKH]V]NVpJHVPHQQ\LVpJ
$YiOWR]iVRNPRQLWRUR]iVDGLQDPLNXVPyGV]HUHN
$GRWW N|UQ\H]HW DQWURSRJpQ V]HQQ\H]pVpQHN LG EHOL W|EE pYHV DNiU pYV]DNRV YDJ\
YDODPLO\HQHVHPpQ\WN|YHW YiOWR]iViQDNIHOPpUpVHHJ\NLYiODV]WRWWELRLQGLNiWRUV]HUYH]HWEHQ IHOKDOPR]RWW WR[LNXV DQ\DJ NRQFHQWUiFLyMiQDN PHJKDWiUR]iViYDO D GLQDPLNXV ELRPRQLWRU PyGV]HUHN N|UpEH WDUWR]LN $] LG EHOL YiOWR]iVRN PRQLWRUR]iViUD RO\DQ GLQDPLNXV IXQNFLRQiOLV WHV]WHN LV DONDOPD]KDWyN PHO\HN FVDN LG WiYODWEDQ pUWpNHOKHW N pO OpQ\HN HJ\HGIHMO GpVH Q|YHNHGpVH V]DSRURGiVD DQ\DJFVHUH IRO\DPDWDLNDW MHOOHP] NO|QE|]
PXWDWyNDONDOPD]NRGyNpSHVVpJDSRSXOiFLyQDJ\ViJDIDMRNHO IRUGXOiVDELRGLYHU]LWiVIDMRN N|]|WWLDUiQ\RNDODNXOiVD
9pV]iOODSRWRNPRQLWRUR]iVD
$ NRUDL ELROyJLDL MHO] UHQGV]HU %(:6 pO V]HUYH]HWHNHW DONDOPD] MHO] NpQW $ PyGV]HU HOYH D PHJILJ\HOpVUH NLYiODV]WRWW N|UQ\H]HWEHQ EHN|YHWNH] KLUWHOHQ PLQ VpJURPOiV pV]OHOpVH D] LQGLNiWRU V]HUYH]HWHN IL]LROyJLDL LOO YLVHONHGpVL iOODSRWiEDQ EHN|YHWNH]HWW YiOWR]iVRN Q\RPRQ N|YHWpVpYHO $ N|UQ\H]HW iOODSRWiQDN IpOIRO\DPDWRV *UXEHU pV 'LDPRQG .UDPHUpV%RWWHUZHJ%DOGZLQpV.UDPHUYDJ\IRO\DPDWRVHOOHQ U]pVHYDODPHO\
ELROyJLDL YiODV] UHQGV]HUHV PpUpVpYHO pV LG QNpQWL NLpUWpNHOpVpYHO W|UWpQLN 6]LJQLILNiQV
YiOWR]iV VRUiQ D V]HQQ\H] IRUUiV PHJKDWiUR]iVD DQDOLWLNDL YL]VJiODWD pV D NiUHOKiUtWiVL
LQWp]NHGpVHN PHJKR]DWDOD D N|YHWNH] IHODGDW $ PyGV]HU DODSYHW N|YHWHOPpQ\H KRJ\ D
V]HUYH]HWHN YLVHONHGpVpEHQ EHN|YHWNH] YiOWR]iV SDUDPpWHUHL IRO\DPDWRVDQ pV DXWRPDWLNXVDQ
GHWHNWiOKDWyNOHJ\HQHN
3RWHQFLiOLVV]HQQ\H] NODERUDWyULXPLWHV]WHOpVH|NRWR[LNROyJLDLWHV]WHN
$WR[LNXVV]HQQ\H] NODERUDWyULXPLYL]VJiODWDHOV VRUEDQHJ\PHJKDWiUR]RWWLG DODWW RVSXV]WXOiVWHO LGp] NRQFHQWUiFLy/&
PHJKDWiUR]iViUDLUiQ\XODPLDWR[LNXVViJPXWDWyMD
$ V]XEOHWiOLV NRQFHQWUiFLyN KDWiViQDN LVPHUHWH UHQGNtYO IRQWRV PLYHO D V]HQQ\H] DQ\DJRN NLV NRQFHQWUiFLyEDQ LV NiURV KDWiVW IHMWKHWQHN NL D] pOHWWDQL IRO\DPDWRNUD pV H]iOWDO D]
pO OpQ\HN IHMO GpVpW V]DSRURGiViW DONDOPD]NRGyNpSHVVpJpW URQWMiN $ ODERUDWyULXPL WHV]WHN D PiU KDV]QiODWEDQ OpY pV D] |NRV]LV]WpPiEDQ HOWHUMHGW YDJ\ D EHYH]HWpV HO WW iOOy NpPLDL V]HQQ\H] NKDWiViQDNWLV]Wi]iViWFpOR]]iN
$ WDYL pOHWN|]|VVpJHNHW YHV]pO\H]WHW N|UQ\H]HWL KDWiVRN N|]|WW YLOiJV]HUWH QDJ\ ILJ\HOPHW IRUGtWDQDND]RNUDDV]HQQ\H] DQ\DJRNUDDPHO\HNDYt]J\ MW U OYDJ\DOpJN|UE OV]iUPD]QDN pV WR[LNXVDN D] pO V]HUYH]HWHNUH $ WR[LNXV NpPLDL V]HQQ\H] DQ\DJRN HUHGHWN V]HULQW NpW QDJ\ FVRSRUWUD RV]WKDWyN D WHUPpV]HWEHQ HO IRUGXOy DQ\DJRN LSDUL WHYpNHQ\VpJ VRUiQ HO iOOtWRWW YHJ\OHWHN $ QHKp]IpPHN pV HJ\HV YHJ\OHWHLN D] HOV FVRSRUWEDQ pSSHQ ~J\
HO IRUGXOQDN PLQW D PiVRGLNEDQ VRN V]LQWHWLNXVDQ HO iOOtWRWW IRUPiLNNDO pV V]iPRV V]HUYHV V]HQQ\H] YHO PHO\HN N|]|WW D NOyUR]RWW V]pQKLGURJpQHNHW D W|EEJ\ U V DURPiV V]pQKLGURJpQHNHW W|EEV]|U|VHQ NOyUR]RWW ELIHQLOHNHW QLWUR]DPLQRNDW V]HUYHV pV]WHUHNHW OHKHW NLHPHOQL
$WR[LNXVV]HQQ\H]pVHNV]HPSRQWMiEyODWDYL|NRV]LV]WpPiNEDQ±tJ\D%DODWRQHVHWpEHQLV
±DN|YHWNH] VDMiWRVViJRNNDONHOOV]iPROQL
DWDYDNPLQWEHIRJDGyNDYt]J\ MW IHOpQ\LWRWWUHQGV]HUHNDNLIRO\iVKLiQ\DHVHWpQYDJ\
KD D] QHP MHOHQW V D Yt]IRO\iVRNNDO pV D FVDSDGpNNDO pUNH] DQ\DJRN WDUWyVDQ PHJPDUDGQDNDWyEDQ
D Wy QDJ\ViJiWyO IJJ HQ D] iUDPOiVRN D V]pO RNR]WD Yt]PR]JiV D PpO\VpJW O IJJ IHONHYHUHGpVXJ\DQNO|QE|] OHKHWPpJLVDYt]EHMXWyYHJ\OHWHNJ\RUVDQHORV]ODQDNpV QDJ\NRQFHQWUiFLyJUDGLHQVHNQHPDODNXOQDNNL
D QDJ\ NLWHUMHGpV PpO\ WDYDN HVHWpEHQ D V]HQQ\H]HWWVpJ PpUWpNH NHYpVVp IJJ D FVDSDGpNPHQQ\LVpJpW OpVDSiUROJiVVHPNpSH]MHOHQW VNRQFHQWUiFLyQ|YHO WpQ\H] W PLQWKRJ\ D WDYDNEyO D Yt] QDJ\REEUpV]W SiUROJiVVDO pV FVDN NLVHEE UpV]EHQ HOIRO\iVVDO
YDJ\ Yt]NLYpWHOOHOWiYR]LNDEHMXWyQHPERPOyWR[LNXVDQ\DJRN iOODQGyDQKDOPR]yGQDN D]|NRV]LV]WpPiEDQ
)HQWLHNLVPHUHWpEHQYiOWV]NVpJHVVpD%DODWRQDQWURSRJpQV]HQQ\H]HWWVpJpQHNIHOPpUpVHpV
KRVV]~WiY~PRQLWRUR]iVDLVPHO\PDPiUW|EEPLQWNpWpYWL]HGHVP~OWUDWHNLQWYLVV]D0OOHU
6DOiQNLpVPWV9%DORJKpV6DOiQNL/LFVNy6DOiQNLpVPWV
0DVWDODpV9%DORJK
$ %$/$721$175232*e16=(11<(=(776e*e1(.9,=6*È/$7$
$ %DODWRQ pV Yt]J\ MW MpQHN N|UQ\H]HWiOODSRW IHOPpUpVH pV IHOJ\HOHWH D .|]pS'XQiQW~OL .|UQ\H]HWYpGHOPL)HOJ\HO VpJ.'.)D1\XJDW'XQiQW~OL.|UQ\H]HWYpGHOPL)HOJ\HO VpJ 1\'.)pVD'pO'XQiQW~OL.|UQ\H]HWYpGHOPL)HOJ\HO VpJ''.)KDWiVN|UpEHWDUWR]LN$
IHOJ\HOHWHLN DOi WDUWR]y UpJLyNEDQ PLQGKiURP LQWp]PpQ\ IRO\DPDWRVDQ HOOHQ U]L D N|UQ\H]HW iOWDOiQRV MHOOHP] LQHN DODNXOiViW WHOHSOpVL pV WHUPHOpVL N|UQ\H]HWKDV]QiODWRNDW pV LQWp]NHGpVHNHW IRJDQDWRVtWDQDN D N|UQ\H]HWHW NiURVtWy WHYpNHQ\VpJHN HOOHQ YDODPLQW D PHJURPORWW|NROyJLDLiOODSRWRNUHKDELOLWiFLyMiWLVLUiQ\tWMiN7HYpNHQ\VpJNU OpYHQWHUpV]OHWHV MHOHQWpVHNHWNpV]tWHQHNPHO\HNE ON|YHWNH]WHWQLOHKHWD%DODWRQWQDSMDLQNEDQLVpU DQWURSRJpQ HUHGHW QHKp]IpPV]HQQ\H]pVPpUWpNpUH
1HKp]IpPHNMHOHQOpWHD%DODWRQpVYt]J\ MW MHWHUOHWpQ
$ YL]VJiODWRN HOV VRUEDQ D %DODWRQEDQ HO IRUGXOy LOO RGD MXWy DQWURSRJpQ HUHGHW QHKp]IpPHN IRUUiVDLQDN pV LG EHOL YiOWR]iVDLQDN IHOWiUiViUD YDODPLQW D] pGHVYt]L V]HUYH]HWHNEHQEHN|YHWNH] IHOKDOPR]yGiVXNHOHP]pVpUHLUiQ\XOWDND]iOODSRWpVDYiOWR]iVRN ELROyJLDL PRQLWRUR]iVD PHO\HW D WpUVpJEHQ IRO\WDWRWW LSDUL pV PH] JD]GDViJL WHYpNHQ\VpJ LQGRNROW$NXWDWiVRNPiVLNYRQDOiWD%DODWRQEDQHO IRUGXOyWR[LNXVDQ\DJRNYt]LV]HUYH]HWHN pOHWIXQNFLyLUDNLIHMWHWWKDWiViQDNYL]VJiODWDNpSH]WH|NRWR[LNROyJLDLWHV]WHN
$%DODWRQOHGpNpQHNQHKp]IpPWDUWDOPD7HUPpV]HWHVKiWWpUV]LQW
$ EDODWRQL OHGpNHN IL]LNDL pV NpPLDL MHOOHJpQHN PHJLVPHUpVpUH V]iPRV IRUUiVPXQND iOO UHQGHONH]pVUH)UDQFp&VDMiJK\pV7ROQD\0OOHU)UDQNypV3RQ\L 0OOHU pV :DJQHU 'RERO\L /LMNOHPD pV PWV ( PXQNiNEyO NLW QW KRJ\ D
%DODWRQ OHGpNpQHN I MHOOHP] MH D QDJ\ NDOFLXP pV PDJQp]LXP UpV]DUiQ\ (J\HV KHO\HNHQ V]iPRWWHY D V]LOLNiW pV DJ\DJiVYiQ\RN NRQFHQWUiFLyMD pV D V]iUD]DQ\DJUD V]iPtWRWW V]HUYHV V]pQWDUWDORP ± J NJ
pUWpNKDWiURN N|]|WW YiOWDNR]LN $ Q\tOWYt]
W~OQ\RPy UpV]pQ D] OHGpN ± P P
DJ\DJWDUWDOP~ KRPRNOLV]WHV LV]DS DPHO\QHN V]iUD]DQ\DJWDUWDOPDDIHOV]tQW OFPPpO\VpJLJ±PP
N|]|WWOLQHiULVDQYiOWR]LN
$] OHGpN JHRNpPLDL MHOOHJpQHN LVPHUHWH UHQGNtYO IRQWRV D WDYL OHGpNHN QHKp]IpP
V]HQQ\H]HWWVpJpQHN EHFVOpVpEHQ PLYHO HWW O IJJ D] HOHP KiWWpUNRQFHQWUiFLyMD pV D]
DQWURSRJpQ IRUUiVEyO V]iUPD]y HOHPHN IHOG~VXOiViQDN PpUWpNH LV 7XUHNLDQ pV :HGHSRKO /D[HQ
$ %DODWRQ OHGpNpEHQ D JHROyJLDL PiOOiVEyO pV D WDODM NLO~JR]yGiViEyO HUHG QHKp]IpPHN NRQFHQWUiFLyMiUD PHO\HN D Wy WHUPpV]HWHV QHKp]IpP KiWWpU NRQFHQWUiFLyMiW NpSH]LN 0OOHU &]pJpQ\ pV PWV YDODPLQW 9%DORJK pV 0DVWDOD YL]VJiODWDL DODSMiQ N|YHWNH]WHWKHWQN ,VPHUW KRJ\ DQWURSRJpQ QHKp]IpP V]HQQ\H]pVUH XWDOQDN D V]LJQLILNiQVDQ QDJ\REE HOHPNRQFHQWUiFLyN D] OHGpN IHOV UpWHJHLEHQ (OV NpQW 0OOHU pV]OHOW HPOtWpVUHPpOWyQDJ\REE3E=QpV&XNRQFHQWUiFLyNDWD %DODWRQOHGpNpQHNIHOV UpWHJHLEHQ PDMG &]pJpQ\ pV PXQNDWiUVDL D .HV]WKHO\L PHGHQFpE O Yt]N|]pSU O J\ MW|WW
OHGpNRV]ORSRNEDQXJ\DQFVDNDFLQNHVHWpEHQpV]OHOWHNV]iPRWWHY PpO\VpJEHOLFV|NNHQpVW$]
EHQ9%DORJKpV0DVWDODYL]VJiODWLHUHGPpQ\HLDODSMiQPHJiOODStWRWWiNKRJ\D]
OHGpN&G&X+J1L3EpV=QNRQFHQWUiFLyMDFPHVPpO\VpJLJHJ\HQOHWHVHQFV|NNHQW$]
HQQpOPpO\HEEUpWHJHNHOHPNRQFHQWUiFLyMDD]RQEDQPiUQHPYiOWR]RWWV]iPRWWHY HQtJ\QDJ\
EL]WRQViJJDO N|YHWNH]WHWKHWQN DUUD KRJ\ D Wy OHGpNpQHN WHUPpV]HWHV HUHGHW QHKp]IpP NRQFHQWUiFLyMD D N|YHWNH] +J ± &G ± &X 3E 1L pV =Q PJ NJ
V]iUD]W|PHJ
$QWURSRJpQHUHGHW QHKp]IpPNRQFHQWUiFLyN
$ EDODWRQL OHGpN QHKp]IpPWDUWDOPiQDN YL]VJiODWD D] HVHWOHJHV DQWURSRJpQ V]HQQ\H]pV IHOPpUpVHFpOMiEyOFVDNEDQNH]G G|WWPHJ$]HOV YL]VJiODWLHUHGPpQ\HNDODSMiQ 7HKHUDQL pV PWV 0OOHU PDMG &]pJpQ\ pV PWV PHJiOODStWRWWiN KRJ\ D Wy OHGpNpQHN QHKp]IpP V]HQQ\H]HWWVpJH FVHNpO\ PpUWpN pV FVDN HVHWHQNpQW P~OMD IHOO D 7XUHNLDQpV:HGHSRKOiOWDODJ\DJIUDNFLyUDPHJDGRWWKiWWpUV]LQWHNHW
ÒMDEE D Wy HJpV] WHUOHWpUH NLWHUMHG YL]VJiODWRNDW YpJ]HWW N|]|WW D 0LQLV]WHUHOQ|NL+LYDWDO%DODWRQNXWDWiVL3URJUDPMDNHUHWpQEHOOD9HV]SUpPL(J\HWHP)|OGpV .|UQ\H]HWWXGRPiQ\L 7DQV]pNH +ODYD\ pV PWV $ YL]VJiODWRN VRUiQ D Wy |W NHUHV]WV]HOYpQ\HPHQWpQNLMHO|OWPLQWDYpWHOLSRQWUyOOGiEUDJ\ MW|WWOHGpNPLQWiNIHOV ± FPpEHQ KDWiUR]WiN PHJ D )H $O 0Q &X =Q 3E &G 1L &U pV $V NRQFHQWUiFLyNDW 0LQGNpWYL]VJiODWVRUiQD]OHGpNIHOV UpWHJHLE OYHWWpNDPLQWiNDWtJ\D]HUHGPpQ\HNDODSMiQ N|YHWNH]WHWQL OHKHW D EDODWRQL OHGpN QHKp]IpP WDUWDOPiQDN LG EHOL YiOWR]iVDLUD $] DGDWRN
|VV]HYHWpVpE O NLW QW KRJ\ D EDODWRQL OHGpNEHQ D] $V &X pV 3E NRQFHQWUiFLy QHP YiOWR]RWW
V]LJQLILNiQVDQD]HOP~OWpYVRUiQV]iPRWWHY HQFV|NNHQWD&U=QpV&GNRQFHQWUiFLyPtJ
D]OHGpN1LNRQFHQWUiFLyMDMHOHQW VHQPHJQ WW7iEOi]DW
7iEOi]DW$%DODWRQOHGpNpEHQPpUWQHKp]IpPNRQFHQWUiFLyNpUWpNWDUWRPiQ\RN
0pUpVHN PJNJ
V]iUD]W|PHJ
$V &G &R &U &X 1L 3E =Q
&]pJpQ\pV
PWV ± ± ±
+ODYD\pV
PWV ± ± ± ± ± ± ±
$NRUiEELYL]VJiODWRNDODSMiQV]iPRVIpPUHWDOiOKDWyNDGDWRND]pGHVYt]LWDYDNOHGpNpQHN WHUPpV]HWHVHUHGHW HOHPNRQFHQWUiFLyMiUDYRQDWNR]yDQ0HULDQ(]HNN|]OD&G D&UD&XD3ED+JD]$VD1LD=Q PJNJ
V]iUD]W|PHJNRQFHQWUiFLypUWpNHNN|]|WWYiOWR]LN$EDODWRQLOHGpNEHQPpUW QHKp]IpP NRQFHQWUiFLyNDW |VV]HYHWYH H]HQ pUWpNHNNHO NLW QW KRJ\ D Wy OHGpNpEHQ D IpPNRQFHQWUiFLyNiOWDOiEDQDWHUPpV]HWHVKiWWpUNRQFHQWUiFLyQEHOODODNXOWDNNLYpYHDQLNNHOW PHO\ V]iPRWWHY HQ QDJ\REE NRQFHQWUiFLyNEDQ IRUGXOW HO PLQW D] pGHVYt]L WDYDNUD PHJiOODStWRWW WHUPpV]HWHV KiWWpUV]LQW (QQHN DODSMiQ YDOyV]tQ VtWKHW KRJ\ D %DODWRQ
OHGpNpEHQ WDOiOKDWy QHKp]IpPHN QHP IHMWHQHN NL N|]YHWOHQ WR[LNXV KDWiVW D WDYDW EHQpSHVtW pO OpQ\HNUH
$%DODWRQYL]pQHNQHKp]IpPNRQFHQWUiFLyMD
$ %DODWRQ YL]pEHQ D] DONRWyN NRQFHQWUiFLyMiW HOV GOHJHVHQ D EHIRO\yN Yt]PLQ VpJH pV D WyEDQ ]DMOy IL]LNDLNpPLDL IRO\DPDWRN KDWiUR]]iN PHJ +HURGHN pV PWV $ Wy Yt]J\ MW MH G|QW UpV]EHQ PpV]N GRORPLW pV ED]DOW DODSN ]HWHQ WHUO HO H]iOWDO D EHIRO\yN YL]H MHOHQW V PHQQ\LVpJ &D
0J
pV +&2
LRQRNDW V]iOOtW D WyED $ Yt] S+MD iWODJRVDQ DQ\iU IRO\DPiQ D]HU WHOMHVHEE IRWRV]LQWp]LVHUHGPpQ\HNpQWHOpULDpUWpNHNHWLV XJ\DQDNNRU D QiGDVRN N|]HOpEHQ pV QpKiQ\ KHO\HQ D SDUWN|]HOEHQ D S+ pUWpN DOi LV FV|NNHQKHWGHDUHQGV]HUHVPpUpVHNVRUiQD%DODWRQEDQHGGLJPpJQHPPpUWHNDVHPOHJHVS+
DODWWLpUWpNHWQ\tOWYt]QHNV]iPtWyWHUOHWHQ9LUiJ
$ Yt] YLV]RQ\ODJ QDJ\ &D&2
WDUWDOPiEyO pV O~JRV NpPKDWiViEyO DGyGyDQ D QHKp]IpPHN
ROGRWW IRUPiEDQ UHQGNtYO NLV NRQFHQWUiFLyEDQ OHJW|EE HOHP HVHWpEHQ NLPXWDWiVL KDWiU N|UO
YDQQDNMHOHQ7iEOi]DW
7iEOi]DW $%DODWRQYL]pEHQPpUWQHKp]IpPNRQFHQWUiFLyN
0pUpVHN PJO
&G &X =Q 3E +J
7yWK
.RYiFVpVPWV 6DOiQNLpVPWV 1\'.)± ± ± ± ± ,URGDOPLKLYDWNR]iVEDQ1\XJDW'XQiQW~OL.|UQ\H]HWYpGHOPL)HOJ\HO VpJ
$]LURGDORPEyOLVPHUWKRJ\D]pGHVYt]LWDYDNEDQSpOGiXOD&XDNDGPLXPD +JD&UD3ED1LD=QPJO
HVNRQFHQWUiFLy WDUWRPiQ\EDQWDOiOKDWy0HULDQ)HQWLHNDODSMiQPHJiOODStWKDWyKRJ\D%DODWRQYL]pEHQ D N|]YHWOHQ DQWURSRJpQ QHKp]IpP V]HQQ\H]pVUH D Yt]EHQ OpY DONRWyN DODSMiQ QHP OHKHW N|YHWNH]WHWQL
%DODWRQLEHIRO\yNQHKp]IpPV]HQQ\H]HWWVpJH
$ %DODWRQ V]iPRWWHY Yt]KR]DP~ EHIRO\yLQDN Yt]PLQ VpJpW D Yt]J\L LJD]JDWyViJRN UHQGV]HUHVHQ HOOHQ U]LN ''.) .'.) 1\'.) iOWDOiEDQ KDYL J\DNRULViJJDO PpUYH D IRQWRVDEE Yt]NpPLDL SDUDPpWHUHNHW YDODPLQW D V]HUYHV pV V]HUYHWOHQ PLNURV]HQQ\H] N NRQFHQWUiFLyLW tJ\ D IRQWRVDEE QHKp]IpPHN NRQFHQWUiFLyLW LV $ IHOPpUpVHLN DODSMiQNLW QWKRJ\DEDODWRQLEHIRO\yNYL]pEHQD]ROGRWWQHKp]IpPNRQFHQWUiFLyNiWODJpUWpNHL PHJOHKHW VHQV]pOHVWDUWRPiQ\RNN|]|WWYiOWDNR]QDN7iEOi]DW
7iEOi]DW%DODWRQLEHIRO\yNYL]pEHQPpUWQHKp]IpPNRQFHQWUiFLyNiWODJDL
0pUpVHN PJO
&G &X =Q 3E +J
.'.)1\'.)''.) ± ± ± ± ±
$ IRO\yYL]HN LURGDOPL DGDWRNEyO 0HULDQ LVPHUW WHUPpV]HWHV KiWWpU NRQFHQWUiFLyMiW ILJ\HOHPEH YpYH ± &G &X +J 3E =Q PJ O
± HOPRQGKDWy KRJ\ D EDODWRQL EHIRO\yN YL]pEHQ D V]LJRU~ N|UQ\H]HWYpGHOPL NRUOiWR]iVRN HOOHQpUHHVHWHQNpQWDQWURSRJpQHUHGHW QHKp]IpPV]HQQ\H]pVpV]OHOKHW %iUDV]HQQ\H]pVQHP KDODGMD PHJ D] LYyYt]UH pUYpQ\HV HJpV]VpJJ\L KDWiUW HJ\HV IpPHN HVHWpEHQ IRO\DPDWRV WHUKHOpVIRUUiVWMHOHQWHQHND%DODWRQYL]pUHpVDWyEDQpO Yt]LV]HUYH]HWHNUH
/pJV]HQQ\H]pVV]HUHSHDWyYt]PLQ VpJpEHQ
$ %DODWRQ pV Yt]J\ MW MpQHN MHOHQW VHEE OpJN|UL QHKp]IpP V]HQQ\H]pVH D N|]~WL IRUJDORP YDODPLQWD]DHURV]RORNOHSHGpVpE OpVFVDSDGpNYL]HNE OHUHG$N|]~WLIRUJDORPEyOV]iUPD]y NLSXIRJyJi]RN RNR]]iN D YHV]pO\HVHEE LG V]DNRVDQ KDWiUpUWpN IHOHWWL V]HQQ\H]HWWVpJHW PHO\QHNI |VV]HWHY LDV]pQPRQR[LGV]pQKLGURJpQHNQLWURJpQR[LGRNpVyORPYHJ\OHWHN$
Ji]KDOPD]iOODSRW~V]HQQ\H] DQ\DJRNDPHWHRUROyJLDLpVGRPERU]DWLYLV]RQ\RNWyOIJJ HQD]
~WWHQJHO\W O V]iPtWRWW ± PUH LV MHOHQW V NRQFHQWUiFLyEDQ PpUKHW N $ .|]~WNH]HO 7iUVDViJRNIRUJDORPV]iPOiOiVDGDWDL pVD] HJ\HVJpSMiUP WtSXVRNLURGDOPLHPLVV]LyVIDNWRUDL DODSMiQ D N|UQ\H]HWYpGHOPL IHOJ\HO VpJHN MHOHQW V PpUWpN DQWURSRJpQ V]HQQ\H]pVW PXWDWWDN NLDEDODWRQLUpJLyEDQ7iEOi]DW
7iEOi]DW $ EDODWRQL UpJLyEDQ N|]~WL IRUJDORPEyO V]iUPD]y DQWURSRJpQ DQ\DJRN pYHV PHQQ\LVpJH
ÒW5pJLy +RVV] /pJV]HQQ\H] DQ\DJRNWpY
>NP@
6]pQ PRQR[LG
1LWURJpQ R[LGRN
ÏORP .pQ
GLR[LG
NRURP
V]
V]
V]
V]
0
=DODPHJ\HLWHOHS V]
1\'.)''.).'.)
/pJN|ULDHURV]RORNpVFVDSDGpNYL]HNQHKp]IpPWDUWDOPD
7HUPpV]HWHV IRO\DPDWRN pV D] HPEHUL WHYpNHQ\VpJ HUHGPpQ\HNpQW V]iPRV DQ\DJ tJ\ LJHQ NLVNRQFHQWUiFLyEDQQHKp]IpPHNV]HUYHVYHJ\OHWHNWiSDQ\DJRNpVPpUJH] DQ\DJRNNHUOQHN D OHYHJ EH PDMG D OpJiUDPODWRNNDO MHOHQW V WiYROViJRNUD MXWQDN HO YpJO V]iUD] NLOHSHGpV
~WMiQ YDJ\ D FVDSDGpNNDO ~MEyO D I|OGUH pV D WHUPpV]HWHV YL]HNEH NHUOQHN $] HJpV]VpJUH iUWDOPDVDQ\DJRNNRQFHQWUiFLyMDDW|EELV]HQQ\H] DQ\DJKR]NpSHVWLJHQNLFVLQpKiQ\QJP
pVDYHJ\OHWHNW|EEQ\LUHDOpJN|ULDHURV]ROUpV]HFVNpNKH]DGV]RUEHiOyGQDN
$ OpJN|UL DHURV]RORN IpPLRQ WDUWDOPiW D EDODWRQL UpJLyEDQ IRO\DPiQ 7LKDQ\EDQ
.HV]WKHO\HQ pV 6LyIRNRQ KHWL J\DNRULViJJDO J\ MW|WW PLQWiNEDQ PpUWpN HJ\LGHM OHJ
PHJKDWiUR]YD D IpPLRQRN HORV]OiViW D] DHURV]RORN NO|QE|] IUDNFLyLEDQ $ YL]VJiODWL
HUHGPpQ\HNE O NLW QW KRJ\ D EDODWRQL UpJLy DHURV]ROMiEDQ D YL]VJiOW QHKp]IpPHN V]LQWMH QHP
XWDOWDQWURSRJpQV]HQQ\H]pVUH+ODYD\+ODYD\pVPWVXJ\DQLVQHPKDODGWiNPHJ
&G&U&X)H0Q1L3E D=QQJP
6FKURHGHUpVPWVDODSMiQ
$ FVDSDGpNYL]HN IpPLRQ WDUWDOPD HOOHQEHQ V]pOHV WDUWRPiQ\RQ EHOO YiOWDNR]RWW 7iEOi]DW
7iEOi]DW 7LKDQ\L FVDSDGpNYL]HNEHQ PpUW QHKp]IpP NRQFHQWUiFLyNN|]|WW
1HKp]IpPHN 1HKp]IpPNRQFHQWUiFLyN>PJO
@
eUWpNKDWiURN iWODJ
PLQ PD[
)H
$O
0Q
&U
1L
&X
&G
3E
=Q
$V
+ODYD\pVPWV0(+NXWDWiVMHOHQWpV
6]HUYHVV]HQQ\H] N
$] HOP~OW NpW pYWL]HGEHQ HOV VRUEDQ D %DODWRQ pV D WDYDW EHQpSHVtW pO OpQ\HN QHKp]IpP V]HQQ\H]HWWVpJpYHO D QHKp]IpPHN DNNXPXOiFLyMiYDO pV D] pOHWIRO\DPDWRNUD NLIHMWHWW KDWiVDLN WDQXOPiQ\R]iViYDO IRJODONR]WDN PLQGLQNiEE HO WpUEH NHUOW D]RQEDQ D WDYDW pUW V]HUYHV V]HQQ\H]pV IHOPpUpVpQHN V]NVpJHVVpJH LV $ V]HUYHVDQ\DJ V]HQQ\H]pVHN PpUWpNpW pV DODNXOiViW D WDYL |NRV]LV]WpPiNEDQ iOWDOiEDQ DODFVRQ\ ROGpNRQ\ViJXN pV KRVV]~ OHERPOiVL LGHMN KDWiUR]]D PHJ PHO\QHN N|YHWNH]WpEHQ D YLV]RQ\ODJ ODVV~ Yt]IRUJiV~ Yt]WHUHN
OHGpNpEHQ PDJDV DNNXPXOiFLyV IDNWRUUDO UHQGHONH]KHWQHN WRYiEEi UHPRELOL]iFLyV pV ELRDNNXPXOiFLyV NpSHVVpJNE O DGyGyDQ KRVV]~ LG Q NHUHV]WO NRFNi]DWL WpQ\H] W MHOHQWHQHN PLQG D Yt]L YLOiJ pO OpQ\HLUH PLQG D] HPEHUUH ( WpQ\HN LVPHUHWpEHQ PHUOW IHO D %DODWRQ pV Yt]J\ MW MH V]HUYHVDQ\DJ V]HQQ\H]pVpQHN IHOPpUpVH LV PHO\ NO|QE|] YHJ\OHWFVRSRUWRN YL]VJiODWiWYHWHWWHIHO$NXWDWiVRNHOV VRUEDQDUpJLySHV]WLFLGV]HQQ\H]HWWVpJpQHNYL]VJiODWiUD LUiQ\XOWDN DPLW V]pOHV N|U PH] JD]GDViJL DONDOPD]iVXN LQGRNROW $ OHJIRQWRVDEE YHJ\OHWFVRSRUWRN N|]p D NOyUR]RWW V]pQKLGURJpQHN SROLNOyUR]RWW ELIHQLOHN V]HUYHV IRV]IRUVDYpV]WHUHN pV V]LQWHWLNXV SLUHWURLGRN WDUWR]QDN -HOHQOpWNHW D %DODWRQ YL]pEHQ pV
OHGpNpEHQ NpPLDL YL]VJiODWRN NLPXWDWWiN HJ\EHQ D] LV NLW QW KRJ\ UpV]EHQ EHPRVyGiVVDO
UpV]EHQ D NO|QE|] EHIRO\yN YL]pYHO MXWQDN D WyED .iURO\ pV )]HVL )]HVL pV PWV
+ODYD\pVPWV
ÏQYHJ\OHWHNHO IRUGXOiVDD%DODWRQpVYt]J\ MW MHWHUOHWpQ
$ %DODWRQ KDMyIRUJDOPiEyO DGyGyDQ IHOPHUOW D V]HUYHV yQYHJ\OHWHNNHO W|UWpQ WHUKHOpVpQHN IHOPpUpVH LV (]HN XJ\DQLV YpG IHVWpNHN NO|QIpOH FVRPDJROyDQ\DJRN pV PiV LSDULWHUPpNHNNRPSRQHQVHNpQWLOOQ|YpQ\YpG V]HUHNKDWyDQ\DJDNpQWNHUOQHNDN|UQ\H]HWEH
$V]HUYHVyQYHJ\OHWHNPpUJH] KDWiViWHOV GOHJHVHQDV]HUYHVJ\|N|NWHUPpV]HWHpVD]yQKR]
N|W|WWJ\|N|NV]iPDKDWiUR]]DPHJ(YHJ\OHWHNHU WHOMHVIHOG~VXOiViWWDSDV]WDOWiNYLOiJV]HUWH RO\DQ Yt]WHUHNEHQ DKRO KRVV]~ D Yt] WDUWy]NRGiVL LGHMH I OHJ GO |YH]HWHNEHQ $]
yQYHJ\OHWHN KDWiViQDN YL]VJiODWiW pSSHQ H IHOG~VXOiVL NpSHVVpJN LQGRNROWD WRYiEEi D] D WpQ\ KRJ\ V]HUYHV YHJ\OHWL IRUPiL PiU PJ O
NRQFHQWUiFLyEDQ LV HU WHOMHV PpUJH] KDWiVW IHMWHQHN NL D] DOJiNUD NDJ\OyIpOpNUH pV KDOHPEULyNUD %XOWHQ pV 0HLQHPD $ EDODWRQL EHIRO\yN pO OpQ\HLQHN yQ V]HQQ\H]pVUH YRQDWNR]y YL]VJiODWD VRUiQ NLW QW KRJ\ D] HJ\HV EHIRO\yNEyOJ\ MW|WWQDJ\PRFViULFVLJiNOiJ\V]|YHWpEHQD]yQiWODJNRQFHQWUiFLy
PJ NJ
V]iUD]W|PHJ YROW PtJ D 0DUFDOL WiUR]yEyO J\ MW|WW SXKDWHVW HN V]HUYHLEHQ iWODJRVDQ
r PJ NJ
yQ YROW MHOOHP] 6DOiQNL DPL D EHIRO\yNQiO HVHWL SRQWV]HU yQ V]HQQ\H]pVUHHQJHGN|YHWNH]WHWQL
3HV]WLFLGHN±GHOWDPHWULQWR[LFLWiViQDNPHFKDQL]PXViUyO
$ GHOWDPHWULQ pGHVYt]L V]HUYH]HWHNUH NLIHMWHWW KDWiViQDN YL]VJiODWD PLQG HOWHUMHGWHEE PH] JD]GDViJL pV V]~Q\RJLUWyV]HUNpQWL DONDOPD]iVD WHWWH LQGRNROWWi $ URYDURNNDO V]HPEHQL WR[LFLWiVD D] LQJHUOpNHQ\ LGHJL PHPEUiQRNUD NLIHMWHWW KDWiViQ SRQWRVDEEDQ D PHPEUiQ LRQiWHUHV]W NpSHVVpJpQHNPHJYiOWR]iViEDQQ\LOYiQXOPHJ(]W~O]RWWLQJHUOpNHQ\VpJKH]YH]HW PHO\ D J|UFV|V UiQJiVRNRQ PDMG EpQXOiVRQ iW SXV]WXOiVW HUHGPpQ\H] /HDN pV :DONHU 1DUDKDVKL $ GHOWDPHWULQ WR[LNXV KDWiViW SXKDWHVW HN HVHWpEHQ LV NLPXWDWWiN DPL D QHXURQRN QiWULXP pV NiOLXP FVDWRUQiLQDN PRGXOiFLyMiEDQ Q\LOYiQXOW PHJ .LVV D E WRYiEEi KDODN &RDWV pV 2¶'RQQHOO-HIIUH\ 6]HJOHWHV pV PWV pV ]RRSODQNWRQ N|]|VVpJHNHQLV.DXVKLNpVPWV7LGRXpVPWV
3ROLNOyUR]RWWELIHQLOHN±3&%DVNRQJHQHUHO IRUGXOiVDD%DODWRQEDQ
$ SROLNOyUR]RWW ELIHQLOHNHW 3&% NHGYH] IL]LNDLNpPLDL WXODMGRQViJDLN PLDWW D] LSDUEDQ
V]pOHV N|UEHQ DONDOPD]]iN NpPLDL pV WHUPLNXV VWDELOLWiV W ]iOOyViJ QDJ\ GLHOHNWURPRV
iOODQGy NLV J ]Q\RPiV ÈOWDOiEDQ K FVHUpO IRO\DGpNNpQW NRQGHQ]iWRURNEDQ pV
P DQ\DJRNKR] DGDOpNNpQW DONDOPD]]iN 0LyWD IHOIHGH]WpN HU V UiNNHOW KDWiVXNDW 6LOEHUKRUQ pV PWV 6KDZ pV IHOWpWHOH]KHW KRJ\ V]DSRURGiVVDO NDSFVRODWRV IHMO GpVL pV LPPXQUHQGV]HUL UHQGHOOHQHVVpJHW LV RNR]QDN *HRUJH pV PWV DONDOPD]iVXNDW QDJ\PpUWpNEHQ NRUOiWR]]iN (QQHN HOOHQpUH D Yt]L |NRV]LV]WpPiNEDQ V]LQWH PLQGHQWW NLPXWDWKDWyN tJ\ SpOGiXO D 3&%DV NRQJHQHU PHO\ D SROLNOyUR]RWW ELIHQLOHN N|]O D PiVRGLN OHJHOWHUMHGWHEE DQWURSRJpQ V]HQQ\H] EHQ QpKiQ\ EDODWRQL NHV]HJPLQWD L]RP]DWiEDQNLPXWDWiVLKDWiUIHOHWWLNRQFHQWUiFLyEDQLVHO IRUGXOW+ODYD\
3ROLDURPiVV]pQKLGURJpQHN±IHQDQWUpQpVIOXRUDQWpQHO IRUGXOiVDD%DODWRQEDQ
9LOiJYLV]RQ\ODWEDQ Q|YHNY ILJ\HOHP LUiQ\XO QDSMDLQNEDQ D SROLDURPiV V]pQKLGURJpQHNUH PHO\HN D %DODWRQ Yt]pEHQ pV OHGpNpEHQ LV MHOHQ YDQQDN +ODYD\ $ 9HV]SUpPL (J\HWHP )|OG pV .|UQ\H]HWWDQ WDQV]pNH iOWDO EDQ YpJ]HWW IHOPpUpV VRUiQ D %DODWRQ |W NHUHV]WV]HOYpQ\pQ 0 . * $ ( NLMHO|OW PLQWDYpWHOL KHO\U O YHWW Yt] pV OHGpNPLQWiNEDQ SROLDURPiV V]pQKLGURJpQW VLNHUOW D]RQRVtWDQL pV PHJKDWiUR]QL QHYH]HWHVHQ QDIWDOLQ DFHQDIWpQ IOXRUpQ IHQDQWUpQ DQWUDFpQ IOXRUDQWpQ SLUpQ EHQ]>D@DQWUDFpQ NUL]pQ EHQ]>E@IOXRUDQWpQEHQ]>N@IOXRUDQWpQEHQ]>D@SLUpQGLEHQ]>DK@DQWUDFpQ$%DODWRQYt]pEHQD
± J\ U V YHJ\OHWHN NRQFHQWUiFLyMiW ± QJ O NRQFHQWUiFLy WDUWRPiQ\EDQ WDOiOWiN QDJ\ViJUHQGGHOEL]RQ\XOYDQDJ\REEQDNPLQWD]±J\ U VYHJ\OHWHNV]LQWMH$]OHGpNEHQ DSROLDURPiVV]pQKLGURJpQHNNRQFHQWUiFLyMDPLQWDYpWHOLKHO\W OIJJ HQUHQGNtYOYiOWR]yYROW D NLPXWDWiVL KDWiUWyO HJpV]HQ PJ NJ pUWpNLJ $ NLPXWDWiVL KDWiUQiO V]iPRWWHY HQ QDJ\REE NRQFHQWUiFLyWDIHQDQWUpQIOXRUDQWpQpVSLUpQYL]VJiODWDVRUiQWDOiOWDN7iEOi]DW
7iEOi]DW %DODWRQLOHGpNHN±J\ U VDURPiVV]pQKLGURJpQWDUWDOPDEDQ 9HJ\OHW ÈWODJNRQFHQWUiFLyNrV]yUiV>PJNJ
!"
@
7DYDV] 1\iU V]
)HQDQWUpQ r r r
)OXRUDQWpQ r r r
3LUpQ r r r
+ODYD\pVPWV
$ SROLDURPiV V]pQKLGURJpQHN |NRWR[LNROyJLDL YL]VJiODWiW N|]LVPHUW PXWDJpQ pV NDUFLQRJpQ
KDWiVXNPLDWWWDUWMiNLQGRNROWQDNEiUQDSMDLQNLJHOV VRUEDQDEHQ]>D@SLUpQU OWDOiOKDWyE YHEE
LURGDORP1HII%DXPDUGpVPWV
9t]LV]HUYH]HWHNDONDOPD]iVDD%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNIHOPpUpVpUH±D]
iOODSRWpVDYiOWR]iVRNPRQLWRUR]iVD
$ %DODWRQ DQWURSRJpQ HUHGHW QHKp]IpP V]HQQ\H]pVpQHN ELROyJLDL PRQLWRUR]iViEDQ HJ\LN DODSYHW N|YHWHOPpQ\ D OHJKDWpNRQ\DEE ELRLQGLNiWRU V]HUYH]HWHN NLYiODV]WiVD PHO\HN VHJtWVpJpYHOYDOyEDQDELROyJLDLODJIHOYHKHW DONRWyNpVD]RNPHJMHOHQpVLIRUPiLD]RQRVtWKDWyN 2O\DQ V]HUYH]HWHNHW NHOO WDOiOQL PHO\HN LG EHOL pV KDWiVW LQWHJUiOy NpSHVVpJNNHO NRPSOH[
PyGRQ WNU|]LN YLVV]D D N|UQ\H]HWNEHQ OpY V]HQQ\H] N LOO D] D]RN IHOYpWHOpW EHIRO\iVROy N|UQ\H]HWL WpQ\H] N HJ\WWHV KDWiViW H]iOWDO PHJEt]KDWyDQ MHO]LN D YDOyV WHQGHQFLiNDW PLQW D NOV NRQFHQWUiFLyEDQ ± J\DNUDQ KLUWHOHQ ± EHN|YHWNH] YiOWR]iVRNDW GHWHNWiOy NpPLDL PpUpVHN
$ PLQWHJ\ NpW pYWL]HGH IRO\y YL]VJiODWRNEDQ LQGLNiWRU V]HUYH]HWNpQW HOV VRUEDQ D WDYDW EHQpSHVtW KDODNDW DONDOPD]WiN 0LNORYLFV pV PWV 6DOiQNL pV PWV 9tJK pV PWV GH J\DNUDQ PiV LQGLNiWRU V]HUYH]HWHNHW LV IHOKDV]QiOWDN PLQW SpOGiXO D WyEDQ pO NDJ\OyNDWpVSODQNWRQV]HUYH]HWHNHWLV6DOiQNLpVPWV9%DORJKpV6DOiQNL9
%DORJK
$ Yt]L N|]HJHN QHKp]IpP V]HQQ\H]HWWVpJpQHN PRQLWRUR]iViEDQ D KDODN UHQGNtYO My ELRLQGLNiWRU V]HUYH]HWQHN EL]RQ\XOWDN %URZQ pV &KRZ +DPLOWRQ pV 0HKUOH XJ\DQLVDWiSOiOpNOiQFEDQHOIRJODOWFV~FVKHO\]HWNE ODGyGyDQQDJ\ELRNRQFHQWUiFLyVIDNWRUUDO UHQGHONH]QHN pV YLV]RQ\ODJ KRVV]~ pOHWWDUWDPXN PLDWW D] pOHWWHUNHW pUW EHKDWiVRN Q\RPDLW KRVV]~ LG Q NHUHV]WO PHJ U]LN %URZQ pV PWV 6WRHSOHU 9RQ %XUJ pV
*UHHQZRRG 0HLOL $ KDODN V]HUYHLEHQ PpUW QHKp]IpP NRQFHQWUiFLyN V]LQWMH D IpPHN IHOYpWHOH D WiUROiV pV D OHDGiVL IRO\DPDWRN YDODPLQW D] HOHPHN MHOOHJ]HWHV ELROyJLDL IHOH]pVL LGHMpQHN |VV]HWHWW HUHGPpQ\pE O DGyGLN %URZQ pV &KRZ 0DWVXL $ KDODN ELRLQGLNiFLyV DONDOPD]iVDNRU ILJ\HOHPEH NHOO YHQQL KRJ\ D N|]YHWOHQ DQWURSRJpQ V]HQQ\H]pV D Yt] D] OHGpN pV D WiSOiOpNEDQ WDOiOKDWy IpPNRQFHQWUiFLyN YDODPLQW D N|]HJHW MHOOHP] IL]LNDL NpPLDL WpQ\H] N PHOOHWW )|UVWQHU pV :LWWPDQQ *MHVVLQJ 3HQWUHDWK +DUGLVW\ pV PWV D V]HUYH]HWNEHQ IHOKDOPR]RWW DQWURSRJpQ DQ\DJRN V]LQWMH MHOHQW VHQ IJJ D] iOODWRN PpUHWpW O LOO NRUiWyO LV 3KLOOLSV %HXPHU pV %DFKHU
0LQG J\DNUDEEDQ NHUOQHN DONDOPD]iVUD QHKp]IpP V]HQQ\H]pVHN NLPXWDWiViUD D SODQNWRQ
V]HUYH]HWHN PLYHO LJHQ QDJ\ NRQFHQWUiFLyEDQ NpSHVHN IHOKDOPR]QL D QHKp]IpPHNHW pV
DQ\DJFVHUpMN WRYiEEi IJJ OHJHV YiQGRUOiVXN pV D WiSOiOpNOiQFEDQ HOIRJODOW N|]SRQWL
KHO\]HWNUpYpQIRQWRVV]HUHSHWW|OWHQHNEHDIpPHNN|UIRUJiViEDQpVIJJ OHJHVV]iOOtWiViEDQ
$] DQWURSRJpQ V]HQQ\H]pVHN ELROyJLDL PRQLWRUR]iViEDQ NLWQWHWHWW V]HUHSHW W|OWHQHN EH D SXKDWHVW HN LV .LYiOy DONDOPD]KDWyViJXN V] U pV YLV]RQ\ODJ KHO\KH]N|W|WW pOHWPyGMXNEyO DGyGLN 0LYHO WiSOiONR]iVXN VRUiQ LG HJ\VpJUH YRQDWNR]WDWYD QDJ\ PHQQ\LVpJ YL]HW V] UQHN PHJ N|UQ\H]HWN DODFVRQ\ V]HQQ\H]HWWVpJpQpO LV MHOHQW V PHQQ\LVpJ PpUJH] DQ\DJ NHUO D V]HUYH]HWNEH tJ\ D V]HQQ\H]pVW D PpUJH] DQ\DJRN WiUROiVL pV OHDGiVL NLQHWLNiMD YDODPLQW HJ\pQLIHOH]pVLLGHMpW OIJJ HQKRVV]~LG QNHUHV]WONpSHVHNNLPXWDWQLGH.RFNpV%RZPHU 2HUWHO
$QWURSRJpQ DQ\DJRN KDWiVD WDYL NDJ\OyN ILOWUiFLyV DNWLYLWiViUD ± |NRWR[LNROyJLDL WHV]WHN
$ ELRPRQLWRU YL]VJiODWRN PHO\HNEHQ D WR[LNXV YDJ\ WR[LNXVQDN IHOWpWHOH]HWW DQ\DJRN pOHWWDQLIXQNFLyNUDNLIHMWHWWKDWiViQDNPHJiOODStWiVDDFpOD]|NRWR[LNROyJLDLWHV]WHNFVRSRUWMiW NpSH]LN (]HNEHQ D YL]VJiODWRNEDQ D PpUJH] DQ\DJRN V]XEOHWiOLV NRQFHQWUiFLyLQDN KDWiViW V]iPRV LQGLNiWRUV]HUYH]HWHQ WDQXOPiQ\R]]iN EDNWpULXPRN Q|YpQ\HN URYDU OiUYiN NDJ\OyN Yt]L FVLJiN UiNRN KDODN .|]ON D NDJ\OyN DONDOPD]iVD PpUJH] DQ\DJRN V]XEOHWiOLV NRQFHQWUiFLyLQDN WHV]WHOpVpUH YLOiJV]HUWH HOWHUMHGW $ WR[LNXV DQ\DJRN MHOHQOpWpW D] iOODWRN NHPRUHFHSWRUDLNNDOLVpU]pNHOLNpVDNiURVKDWiVWyOIJJ HQPHJYiOWR]QDND]pOHWIRO\DPDWDLNDW PHJKDWiUR]y pOHWWDQL IXQNFLyLN PLQW D SHULyGLNXV DNWLYLWiV pV V]LIyP N|GpV $ NDJ\OyN pOHWWHUpW ]DYDUy NHGYH] WOHQ EHKDWiVRN HJ\EHQ D] iOODWRN V] UpVWHOMHVtWPpQ\pW LV V]iPRWWHY HQ FV|NNHQWKHWLN
$ NDJ\OyN I EE pOHWWDQL IXQNFLyL D KpMPR]JiVVDO YDQQDN V]RURV |VV]HIJJpVEHQ $ KpMDN ]iUiViW LOO Q\LWiViW D ]iUyL]PRN pV D ]iUyV]DODJ HOOHQLUiQ\~ P N|GpVH HUHGPpQ\H]L (]
KDWiUR]]D PHJ D] iOODW ULWPLNXV pV SHULyGLNXV DNWLYLWiViW DPLW D N|]SRQWL LGHJUHQGV]HU V]DEiO\R]
$ NDJ\OyN WiSOiONR]iVXN VRUiQ NLV] ULN D Yt]E O D OHEHJ DQ\DJRNDW GHWULWXV EHQWLNXV pV SODQNWRQLOpQ\HNV]HUYHWOHQDQ\DJLUpV]HFVNpNPHO\HNQHNHJ\UpV]pWDNDJ\OyPHJHPpV]WLpV D]EHpSODWHVWEHpVDKpMED$]HPpV]WHWOHQIi]LVWDNDJ\OyNDN|]YHWOHQN|UQ\H]HWNEHUtWLN
$ NDJ\OyN V] U NpSHVVpJpQHN PpUWpNH D IDM pV D N|UQ\H]HWL WpQ\H] N K PpUVpNOHW R[LJpQWDUWDORP PpUHJDQ\DJRN IJJYpQ\H 6DOiQNL pV /XNDFVRYLFV YDODPLQW IJJ D]
HJ\HGHN PpUHWpW O LV PHUW W|PHJUH YRQDWNR]WDWYD D ILDWDO iOODWRN ILOWUiOy NDSDFLWiVD QDJ\REE
%D\QH pV PWV $ ILOWUiFLy D] iOODWRN DNWtY LG V]DNiEDQ W|UWpQLN tJ\ V] UpV
WHOMHVtWPpQ\N V]iPRWWHY HQ IJJ D] iOODWRN SHULyGLNXV DNWLYLWiViWyO .HGYH] N|UQ\H]HWL
N|UOPpQ\HN N|]|WW D NDJ\OyN pOHWULWPXViEDQ yUiV DNWtY pV yUiV Q\XJDOPL
V]DNDV]RNYiOWDNR]QDN6DOiQNL
$] DNWtY LG V]DN DODWW NpW DODSYHW IRO\DPDW PHJ\ YpJEH D NRQNUpW V] UpV DPLNRU D OHEHJ DQ\DJ NLYiODV]WiV pV EHNHEHOH]pV W|UWpQLN pV D] R[LJpQIHOYpWHOW VHJtW YHQWLOOiFLy SXPSiOiV DPLNRU D Yt] iWiUDPOLN D NDJ\OyN V]HUYH]HWpQ DQpONO KRJ\ D Yt]EHQ WDOiOKDWy OHEHJ DQ\DJRN V] UpVH W|UWpQQH %D\QH pV PWV $ NDJ\OyQ iWiUDPOy Yt] D NDXGiOLVDQ HOKHO\H]NHG EHiUDPOy V]LIyQ OpS EH pV D NLiUDPOy V]LIyQ iW WiYR]LN $ NDJ\OyN N|SHQ\pQHN SHUHPpQ D N|]pSV V]HJpO\V]DODJRQ YDODPLQW D EH pV NLiUDPOy V]LIyN N|UO NHPRUHFHSWRURN KHO\H]NHGQHN HO PHO\HN pU]pNHOLN D Yt] NpPLDL SDUDPpWHUHLW pV D]RN PHJYiOWR]iViW $ NHGYH] WOHQ EHKDWiV HOOHQ D NDJ\OyN NO|QE|] NpSSHQ YpGHNH]QHN $ODFVRQ\ WHUKHOpVQpO FV|NNHQ D WpQ\OHJHV V] UpVL WHOMHVtWPpQ\ pV PHJQ D YHQWLOOiFLy PtJ MHOHQW VHEE WHUKHOpVQpO D NDJ\OyQ\XJDOPLiOODSRWEDWpU
$ N|UQ\H]HWL N|UOPpQ\HN PHJYiOWR]iViWyO IJJ HQ PyGRVXO D NDJ\OyN ILOWUiFLyMiQDN pV KpMPR]JiVVDO |VV]HIJJ YHQWLOOiFLyMiQDN PpUWpNH ( NpW SDUDPpWHUW D Yt]EHQ OHEHJ DQ\DJL UpV]HFVNpN WHUPpV]HWH D V]HPFVpN PpUHWH pV NRQFHQWUiFLyMD KDWiUR]]D PHJ HOV GOHJHVHQ
%D\QH GH MHOHQW VHQ YiOWR]QDN D Yt] K PpUVpNOHWpYHO D] ROGRWW R[LJpQ NRQFHQWUiFLyMiYDOpVDWR[LNXVDQ\DJRNiOWDONLIHMWHWWKDWiVVDOLV$NDJ\OyNULWPLNXVDNWLYLWiVD YDODPLQW D V]LIy P N|GpV YL]VJiODWD KDWiVRV ELRLQGLNiFLyV PyGV]HUQHN EL]RQ\XOW D PpUJH]
DQ\DJRNMHO]pVpUH6DOiQNL.RQWUHF]N\pVPWV)DUNDVpVPWV
$ ILOWUiFLyV WHOMHVtWPpQ\W D] DQ\DJL UpV]HFVNpNW O WHOMHVHQ PHJWLV]WtWRWW Yt] WpUIRJDWiQDN LG HJ\VpJUH V]iPtWRWW pUWpNpYHO IHMH]]N NL PtJ D YHQWLOOiFLy PpUWpNpW D NLiUDPOy V]LIyQ iWKDODGyYt]LG HJ\VpJUHV]iPtWRWWWpUIRJDWDNpSH]L(NpWSDUDPpWHUDODNXOiVDKDWiUR]]DPHJD NDJ\OyNV] UpVpQHNKDWpNRQ\ViJiW0LQGNpWIRO\DPDWDNDJ\OyQ\LWRWWDNWtYV]DNDV]iEDQPHJ\
YpJEH $ NDJ\OyN ILOWUiFLyV pV YHQWLOOiFLyV WHOMHVtWPpQ\pQHN PHJKDWiUR]iViKR] N|]YHWOHQ pV N|]YHWHWW PyGV]HUHN LVPHUWHN $ N|]YHWOHQ HOMiUiVQiO D EH pV NLiUDPOy V]LIyQ iWKDODGy Yt]
iUDPOiViW PpULN PtJ D N|]YHWHWW PyGV]HUUHO D Yt]EHQ OHEHJ DQ\DJL UpV]HFVNpN OHYiODV]WiViW KDWiUR]]iN PHJ $ N|]YHWHWW PyGV]HU YDOyMiEDQ D V] UpV KDWpNRQ\ViJiQDN EHFVOpVpW WHV]L OHKHW Yp D N|]YHWOHQ HOMiUiVVDO SHGLJ D YHQWLOOiFLy PpUWpNH KDWiUR]KDWy PHJ PHO\
V]iPRWWHY HQPHJKDODGKDWMDDILOWUiFLyPpUWpNpW-¡UJHQVHQ2ZHQ
7R[LNXV DQ\DJRN KDWiViUD DGRWW WHUKHOpVL V]LQWQpO V]LJQLILNiQVDQ PHJYiOWR]KDW D NDJ\OyN
ILOWUiFLyVpVYHQWLOOiFLyVWHOMHVtWPpQ\HtJ\DV] UpVKDWpNRQ\ViJDLV
& e/.,7 =e6(.
$ELROyJLDLPRQLWRUR]iVQ\LOYiQYDOyJ\DNRUODWLHO Q\HLQHNLVPHUHWpEHQNXWDWiVDLQNVRUiQD
%DODWRQQHKp]IpPV]HQQ\H]pVpQHNiOODSRWIHOPpUpVpWpVLG EHOLYiOWR]iVDLQDNYL]VJiODWiWW ]WN NL FpOXO ELRLQGLNiFLy ~WMiQ (PHOOHWW RO\DQ WHV]WYL]VJiODWRNDW NtYiQWXQN NLGROJR]QL pV WRYiEEIHMOHV]WHQL PHO\HN DONDOPD]iViYDO LJHQ DODFVRQ\ N|UQ\H]HWL V]HQQ\H]pV LV NLPXWDWKDWy (]HN HUHGPpQ\HNpQW OHKHW VpJ Q\tOLN D V]HQQ\H]pV PpUWpNpQHN EHFVOpVpUH pV D PpUJH]
DQ\DJRNV]XEOHWiOLVNRQFHQWUiFLyNEDQNLIHMWHWWpOHWWDQLKDWiViQDNHOHP]pVpUHLV .XWDWiVDLQNFpOMDL
, )HOPpUQL D %DODWRQ QHKp]IpP WHUKHOpVpW D WDYDW EHQpSHVtW &UXVWDFHD SODQNWRQ pV
KDODN V]HUYHLEHQ IHOKDOPR]RWW QHKp]IpP NRQFHQWUiFLyN PHJKDWiUR]iViYDO PDMG HUHGPpQ\HLQNHW|VV]HYHWQLD]pYHNVRUiQYpJ]HWWKDVRQOyIHOPpUpVHNDGDWDLYDO
,, 7DQXOPiQ\R]QL pV WRYiEEIHMOHV]WHQL D %DODWRQ QHKp]IpP V]HQQ\H]pVpQHN
IHOPpUpVpEHQ HGGLJ DONDOPD]RWW SDVV]tY ELRPRQLWRU PyGV]HUHN VWUDWpJLDL UpV]OHWHLW PHO\HN OHKHW VpJHW Q\~MWDQDN D Wy QHKp]IpP WHUKHOpVpQHN WpU pV KRVV]~ WiY~ LG EHOL YiOWR]iVDLQDN PHQQ\LVpJL |VV]HKDVRQOtWiViUD ( WpPiEDQ D EDODWRQL GpYpUNHV]HJ V]HUYHLEHQ IHOKDOPR]RWW QHKp]IpP V]LQWHN pYV]DNRVViJiQDN YDODPLQW NRU PpUHW pV NRQGtFLyIJJ DODNXOiViQDNUpV]OHWHVHOHP]pVpWWHUYH]WN
,,, gNRWR[LNROyJLDL WHV]WHN NLGROJR]iVD pV WRYiEEIHMOHV]WpVH D PpUJH] DQ\DJRN
MHOHQOpWpQHN NLPXWDWiViUD pV D V]HQQ\H]pV PpUWpNpQHN EHFVOpVpUH $ ODERUDWyULXPL YL]VJiODWRN D WDYL NDJ\OyN pOHWWDQL IXQNFLyLEDQ ± ILOWUiFLyV DNWLYLWiViEDQ ± IHOOpS YiOWR]iVRN pV]OHOpVpQ pV PHQQ\LVpJL PHJKDWiUR]iViQ DODSXOQDN $ NtVpUOHWHN VRUiQ D
%DODWRQW SRWHQFLiOLVDQ YHV]pO\H]WHW V]HUYHV V]HQQ\H] N ± GHOWDPHWULQ 3&% DV NRQJHQHU WULPHWLOyQ NORULG pV D SROLDURPiV V]pQKLGURJpQHN N|]O D IHQDQWUpQ pV IOXRUDQWpQ ± NDJ\OyN SHULyGLNXV DNWLYLWiViUD D V]LIyP N|GpVUH pV D] iOODWRN V] UpVWHOMHVtWPpQ\pUHJ\DNRUROWNRQFHQWUiFLyIJJ KDWiViWYL]VJiOWXN
$ 1<$*e60Ï'6=(5
$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNIHOPpUpVpUHLUiQ\XOySDVV]tYPRQLWRUR]iV
$ %DODWRQ QHKp]IpP WHUKHOpVpQHN IHOPpUpVpW D] pV N|]|WWLLG V]DNEDQ YpJH]WN
$IHOKDOPR]RWWQHKp]IpPHNV]LQWMpWD]RRSODQNWRQWHOMHVW|PHJpEHQYDODPLQWKiURPKDOIDMD]
DQJROQD $QJXLOOD DQJXLOOD IRJDVVOO 6WL]RVWHGLRQ OXFLRSHUFD / pV GpYpUNHV]HJ $EUDPLV EUDPD/L]RPV]|YHWpEHQNRSROW\~MiEDQpVPiMiEDQKDWiUR]WXNPHJ
$]iOODWRNJ\ MWpVHDYL]VJiODWRNKHO\HpVLGHMH
$ ]RRSODQNWRQW PRWRUFVyQDNNDO YRQWDWRWW [ FPHV NHUHW pV P O\XNE VpJ SODQNWRQKiOyYDO J\ MW|WWN (] D PyGV]HU IDML |VV]HWpWHOpW WHNLQWYH YHJ\HV UiNSODQNWRQ pV 5RWDWRULD iOORPiQ\W HUHGPpQ\H]HWW $ PLQWiNDW P DQ\DJ HGpQ\EH KHO\H]WN K W WiVNiEDQ V]iOOtWRWWXN D ODERUDWyULXPED PDMG D IHOGROJR]iVLJ IDJ\DV]WYD WiUROWXN $ PLQWDYpWHOHN KHO\pW D] iEUiQ WQWHWWN IHO 0LQGHQ PLQWDYpWHOL KHO\ DQ\DJiEyO KiURP SiUKX]DPRV PLQWiW NpV]tWHWWQN PHO\HNE O HOWiYROtWRWWXN D] HVHWHQNpQW HO IRUGXOy LGHJHQ DQ\DJRNDW UR]VGD IHVWpN Q|YpQ\L UpV]HN VWE $ J\ MWpVHNHW D %DODWRQ |W NHUHV]WV]HOYpQ\pQ 0 . * $ ( NLMHO|OW PLQWDYpWHOL KHO\HQ YpJH]WN NO|QE|] pYV]DNRNEDQ KRJ\ D QHKp]IpP V]HQQ\H]HWWVpJ WpU pV LG EHOL YiOWR]iVDLW WDQXOPiQ\R]KDVVXN WRYiEEi D] HUHGPpQ\HLQNHW
|VV]HKDVRQOtWVXND]HOP~OWNpWpYWL]HGKDVRQOyMHOOHJ IHOPpUpVHLQHNHUHGPpQ\HLYHO
iEUD 0LQWDYpWHOLKHO\HND%DODWRQEDQ
$KDODNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIDMLVDMiWRVViJDLQDNHOHP]pVpUHpV D WHUKHOpV pYV]DNRV pV WHUOHWL NO|QEVpJHLQHN WLV]Wi]iViUD D %DODWRQ QpJ\ PHGHQFpMpE O .HV]WKHO\L , 6]LJOLJHWL ,, 6]HPHVL ,,, pV 6LyIRNL ,9 PHGHQFpN iEUD NLIRJRWW KDOiV]]ViNPiQ\EyO V]iUPD]y GpYpUNHV]HJ pV IRJDVVOO PLQWiNDW KDV]QiOWXN $ KDODNDW WDYDVV]DOQ\iURQpV VV]HOD%DODWRQL+DOJD]GDViJ5W%+57W|EEpYHQNHUHV]WOERFViWRWWD UHQGHONH]pVQNUH$]DQJROQiNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNDODNXOiViWDWy .HV]WKHO\L pV 6LyIRNL PHGHQFpMpE O HOHNWURPRV KDOiV]JpSSHO J\ MW|WW PLQWiNEDQ HOHPH]WN
$ KDODNDW PLQGHQ PLQWDYpWHOL KHO\HQ IDMRQNpQW SpOGiQ\EDQ J\ MW|WWN 0LQGHQ HJ\HV SpOGiQ\QDNPHJPpUWND]|VV]W|PHJpWpVWHOMHVWHVWKRVV]iWYDODPLQWPHJKDWiUR]WXNDNRUiW$
GpYpUNHV]HJpVIRJDVVOO PLQWiNHVHWpEHQDNRUPHJKDWiUR]iVWSLNNHO\PLQWiNDODSMiQYpJH]WN PtJ DQJROQiN HVHWpEHQ D NRUW D] HJ\HGHN WHOMHV WHVWKRVV]iEyO EHFVOWN %tUy %tUy pV
*DUiGL3DXORYLWVpV%tUy
$ KDODN V]HUYHLEHQ IHOKDOPR]RWW QHKp]IpPHN NRU PpUHW pV NRQGtFLyEHOL IJJpVpQHN DODNXOiViW D EDODWRQL GpYpUNHV]HJHN QDJ\REE SpOGiQ\V]iP~ PLQWDiOORPiQ\DLQ YL]VJiOWXN $ KDODNDW D %DODWRQ .HV]WKHO\L pV 6LyIRNL PHGHQFpLQHN Q\tOWYt]L WHUOHWHLQ J\ MW|WWN PLQWHJ\
PUH D SDUWWyO pV PPHV V]HPE VpJ W|EE SDQHOHV NRSROW\~KiOyN DONDOPD]iViYDO (J\NpW yUiV KDOiV]DWRW N|YHW HQ D EHJ\ MW|WW KDODNDW K W WiVNiEDKHO\H]YHD]RQQDOODERUDWyULXPEDV]iOOtWRWWXN0LQGHQHJ\HVSpOGiQ\QDNDNRUiWH]
HVHWEHQLVSLNNHO\PLQWiNDODSMiQKDWiUR]WXNPHJYDODPLQWPHJPpUWND]|VV]W|PHJpWpVWHOMHV WHVWKRVV]iW
$ ELROyJLDL PLQWiN QHKp]IpP NRQFHQWUiFLyLQDN PHJKDWiUR]iVD DWRPDEV]RUSFLyV VSHNWURPHWULiYDO
$ Yt]L V]HUYH]HWHN V]|YHWPLQWiLEDQ &UXVWDFHD SODQNWRQ KDODN D NDGPLXP Up] yORP pV FLQN NRQFHQWUiFLyNDW 3HUNLQ (OPHU 3& DWRPDEV]RUSFLyV VSHNWURIRWRPpWHUUHO HOHNWURWHUPLNXV ]HPPyGEDQ +*$ JUDILWDWRPL]iWRU DONDOPD]iViYDO KDWiUR]WXN PHJ PtJ D PLQWiN KLJDQ\ NRQFHQWUiFLyMiW 0+6 DV KLJDQ\PHJKDWiUR]y HJ\VpJ DONDOPD]iViYDO PpUWN+DWFKpV2WW$NpV]OpNGHXWpULXPKiWWpUNRPSHQ]iFLyYDOUHQGHONH]HWW
%LROyJLDLPLQWiNIHOWiUiVDQHGYHVVDYDVURQFVROiVVDO
$ IpPNRQFHQWUiFLyN PHJKDWiUR]iViW QHGYHV VDYDV URQFVROiVVDO IHOWiUW PLQWiNEDQ YpJH]WN .ULVKQDPXUW\ HW DO 3DXV )DUNDV $ NDGPLXP Up] yORP pV FLQN PHJKDWiUR]iViKR] J QHGYHV DQ\DJRW yUiV V]iUtWiVW
#
&RQ N|YHW HQ
#
&RV
J ]IUG Q URQFVROWXQN (OV Ii]LVEDQ D PLQWiNDW KiURP yUiQ iW PO RV VDOpWURPVDY
KR]]iDGiViYDONH]HOWNPDMGPORVKLGURJpQSHUR[LGDGDJROiVXWiQ~MDEEKiURPyUiQ NHUHV]WOURQFVROWXN$ KDE]iVPHJDNDGiO\R]iVDFpOMiEyODIHOWiUiV HO WWPLQGHQPLQWiKR]
FVHSS QRFW\O DONRKROW DGDJROWXQN $ KLJDQ\ PHJKDWiUR]iVKR] D PLQWiNDW WHIORQ ERPEiEDQ WiUWXN IHO PO VDOpWURPVDY pV PO NpQVDY KR]]iDGiViYDO HOHNWURPRV I ] ODSRQ PHOHJtWYH +iURP yUiV URQFVROiVW N|YHW HQ D ERPEiNDW V]REDK PpUVpNOHWUH K W|WWN PDMG PLQGHQ PLQWiKR] WRYiEEL PO RV KLGURJpQSHUR[LGRW DGDJROWXQN $ NLK OW PLQWiNDW PLQGNpW HVHWEHQ XOWUDWLV]WDViJ~ Yt]]HO POUH KtJtWRWWXN pV D PpUpVLJ SROLHWLOpQ HGpQ\EHQ WiUROWXN
$P V]HUHVPpUpVWHFKQLNiMD
$ PpUpVHNHW HOHPW O IJJ HQ NO|QIpOH PiWUL[ PyGRVtWy MHOHQOpWpEHQ YpJH]WN ± &G 3E PJ 1+
$ %32
$PJ 0J12
& %=Q PJ 0J12
& %3HUNLQ(OPHU $ NpV]OpN NDOLEUiFLyMiKR] |W SRQWEyO iOOy NRQFHQWUiFLyVRUW DONDOPD]WXQN PHO\KH] D W|U]VROGDWRNDW J IpPLRQ O
'(
W|PpQ\VpJ KLWHOHVtWHWW VWDQGDUG ROGDWEyO PLQGHQ DONDORPPDO IULVVHQ NpV]tWHWWN 0LQGHQ PLQWiEDQ NpW SiUKX]DPEDQ KDWiUR]WXN PHJ D IpPNRQFHQWUiFLyNDW NO|QE|]
PpUpVVRUR]DWRNEDQPLQGHQHVHWEHQNO|QNDOLEUiFLyWDONDOPD]YD
$ PLQWDHO NpV]tWpV pV PpUpV PHJEt]KDWyViJiQDN HOOHQ U]pVH UHIHUHQFLD PLQWiN DONDOPD]iViYDO
$PLQWDHO NpV]tWpVWpVDPpUpVW'250KDOL]RPYDODPLQW'2/7KDOPiMKLWHOHVtWHWW UHIHUHQFLD PLQWiN DONDOPD]iViYDO HOOHQ UL]WN 0LQGHQ PpUpVVRUR]DWQiO PLQGNpW UHIHUHQFLD DQ\DJEyO QpJ\ SiUKX]DPRV PLQWiW LV EHYL]VJiOWXQN $ UHIHUHQFLD PLQWiNEyO YLVV]DPpUW QHKp]IpPNRQFHQWUiFLyNDWDHVV]7iEOi]DWWDUWDOPD]]D
7iEOi]DW 5HIHUHQFLD PLQWiN QHKp]IpP NRQFHQWUiFLyLQDN iWODJD pV D V]yUiV PJ IpP NJ
'(
V]iUD]W|PHJ
)pP 0pUWNRQFHQWUiFLy
'250Q
%L]RQ\ODWROW NRQFHQWUiFLy
'250
0pUWNRQFHQWUiFLy
'2/7Q
%L]RQ\ODWROW NRQFHQWUiFLy
'2/7
&G
&X
+J
3E
=Q
$PLQWiNEDQPpUWQHKp]IpPHNNRQFHQWUiFLyLWV]iUD]W|PHJUHV]iPtWYDPJNJ EDQIHMH]WN NL pV D] HVHWOHJHV NO|QEVpJHN V]LJQLILNDQFLiMiW S RV YDOyV]tQ VpJL V]LQWHQ 6WXGHQW W WHV]WWHOHOOHQ UL]WN
7R[LNXVDQ\DJRNKDWiViQDNYL]VJiODWDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD /DERUDWyULXPLWHV]WHN
$ WDYL NDJ\OyN V] UpV WHOMHVtWPpQ\pQHN YL]VJiODWiKR] $QRGRQWD F\JQHD/ pV8QLR WXPLGXV 3K ± FP KpMKRVV]~ViJ~ IHOQ WW HJ\HGHLW DONDOPD]WXN $] iOODWRNDW D 0DUFDOL WiUR]yEyO J\ MW|WWN pV D NtVpUOHWHNLJ ± P
+
HV PHGHQFpNEHQ WiUROWXN iWIRO\y %DODWRQYt]EHQ pYV]DNWyO IJJ HQ
,
&RQ 7iSOiOpNXNDW PLQG D] DNNOLPDWL]iFLyV PLQG D NtVpUOHWL LG V]DNEDQDV] UHWOHQiWIRO\y%DODWRQYt]EHQWDOiOKDWyOHEHJ DQ\DJRNNpSH]WpN
7DYLNDJ\OyNILOWUiFLyVDNWLYLWiViQDNYL]VJiODWiUDNLGROJR]RWWPyGV]HUHN
$SHULyGLNXVDNWLYLWiVUHJLV]WUiOiVD
$ NDJ\OyN ]iUyL]RP P N|GpVH D KpMPR]JiVEDQ YDOyVXO PHJ pV W|EE IRQWRV pOHWIRO\DPDW N|]WNDV] UpVDODSPHFKDQL]PXViWEL]WRVtWyPDJDWDUWiVUHDNFLyQDNWHNLQWKHW 6DOiQNL
$ KpMDN PR]JiViW NDJ\Oy DNWRJUiIIDO UHJLV]WUiOWXN 9pUy pV 6DOiQNL )DUNDV pV 6DOiQNL iEUDIRO\DPDWRVV]iPtWyJpSHVDGDWU|J]tWpVVHO
$ NtVpUOHWHNHW OHV UDJDV]WRWW YHJ DNYiULXPRNEDQ YpJH]WN iWIRO\y UHQGV]HUEHQ 0LQGHQ NtVpUOHW VRUiQ Q\ROF NDJ\Oy KpMPR]JiViW UHJLV]WUiOWXN HJ\ KpWHQ iW V] UW %DODWRQ Yt]EHQ DPL D NRQWUROO DNWLYLWiVW NpSH]WH PDMG D WR[LNXV DQ\DJ KR]]iDGiViW N|YHW HQ ~MDEE HJ\KHWHVUHJLV]WUiOiVN|YHWNH]HWWEL]WRVtWYDPLQGYpJLJD]HJ\HQOHWHVNH]HOpVLNRQFHQWUiFLyW$
NH]HOpVL LG V]DNRW HJ\KHWHV NLPRViV N|YHWWH V] UW %DODWRQYt]]HO KRJ\ PHJYL]VJiOMXN D NRQWUROODNWLYLWiVWHOMHVYLVV]DiOOiViQDNOHKHW VpJpW
$ UHJLV]WUiOy EHUHQGH]pV OHJIRQWRVDEE UpV]H D PR]JiVpU]pNHO HV]N|] YROW DPHO\ D NDJ\OyKpMDNNOV ROGDOiQKHO\H]WQNHOpVPHJIHOHOWHJ\RO\DQLQGXNWtYDWWHQXiWRUQDNDPHO\
NpW D]RQRV IUHNYHQFLiUD KDQJROW SiUKX]DPRV UH]J N|UW WDUWDOPD] $ SULPHU pV V]HNXQGHU UH]J N|U LQGXNWtY FVDWROiVEDQ iOOW HJ\PiVVDO pV D N|]WN OHY FVDWROiV D NDJ\OyKpMDN HJ\PiVKR]YLV]RQ\tWRWWWiYROViJiWyOIJJ|WW
iEUD+pMPR]JiVUHJLV]WUiOiVDNDJ\OyDNWRJUiIIDO
DE±Yt]SHUI~]LyF±LQGXNWtYDWWHQXiWRUG±RV]FLOOiWRUHLQGXNiOWIHV]OWVpJ IV]iPtWyJpSJ±UHJLV]WUiWXP
$WR[LNXVDQ\DJRNNDJ\OyNUDNLIHMWHWWKDWiViWD]DNWtYpVQ\XJDOPLV]DNDV]RNLG WDUWDPiEDQ EHN|YHWNH]HWW YiOWR]iVVDO IHMH]]N NL D NRQWUROOKR] PpUWHQ 8J\DQDNNRU D NLPRViV VRUiQ pV]OHOWUHJHQHUiFLyPpUWpNHLVIRQWRVMHOOHP] D]DQ\DJKDWiVPHJtWpOpVpEHQ6DOiQNL$
NH]HOpVpVDNLPRViVVRUiQWDSDV]WDOWYiOWR]iVRNDWPLQGHQNDJ\OyUDHJ\pQLOHJpUWpNHOWNPDMG D NDSRWW HUHGPpQ\HNHW D Q\ROF NDJ\OyUD iWODJROWXN $] HOWpUpVHN V]LJQLILNDQFLiMiW WSUyEiYDO HOOHQ UL]WN
$V]LIyP N|GpVUHJLV]WUiOiVD
6WDWLNXV UHQGV]HUEHQ QHP iWIRO\y DNYiULXP UHJLV]WUiOWXN D NDJ\OyN NLiUDPOy V]LIyMiQDN
DNWLYLWiViW DNXW WHUKHOpV VRUiQ D ODERUDWyULXPXQNEDQ H FpOUD NLIHMOHV]WHWW pV EHYH]HWHWW
Yt]iUDPOiV GHWHNWRUUDO 7XUSDMHY pV PWV .RQWUHF]N\ pV PWV )DUNDV pV 6DOiQNL
iEUD $ NLiUDPOy V]LIy P N|GpVpEHQ NpW PRPHQWXP pV]OHOKHW D] DNWtY LG V]DN
DPLNRU IRO\DPDWRV Yt]NLERFViWiV W|UWpQLN pV D Q\XJDOPL LG V]DN DPLNRU D NLiUDPOy V]LIyQ
NHUHV]WOQLQFVYt]iWiUDPOiV$Yt]iUDPOiVLQWHQ]LWiVDYDODPLQWD]DNWtYpVQ\XJDOPLV]DNDV]RN
LG WDUWDPDDIHQWHPOtWHWWPyGV]HUUHOPpUKHW $Yt]NpPLDLWXODMGRQViJDLQDNPHJYiOWR]iVDNRU
PLQG D] iUDPOiV LQWHQ]LWiViEDQ PLQG D] DNWtY pV Q\XJDOPL V]DNDV]RN LG WDUWDPiEDQ pV
DUiQ\iEDQMHOHQW VPyGRVXOiVN|YHWNH]LNEH
iEUD.LiUDPOyV]LIyP N|GpVpWU|J]tW EHUHQGH]pV
D±NLiUDPOyV]LIyE±Yt]NLERFViWiVUDHOPR]GXOyHUQ\ F±PR]JiVpU]pNHO G±HU VtW H
±UHJLV]WUiOyNpV]OpNI±UHJLV]WUiWXP±Yt]NLERFViWiViWODJLG WDUWDPD±Q\XJDORP LG WDUWDPD±NLiUDPOyYt]LQWHQ]LWiVD
$YL]VJiODWKR]DNDJ\OyNDWOLWHUHVDNYiULXPEDKHO\H]WNWDODS]DWKR]U|J]tWHWWiOODSRWEDQ pV D NpV]OpN pU]pNHO MpW D NLiUDPOy V]LIy Q\tOiViUD LUiQ\tWRWWXN DWWyO PLQWHJ\ PPUH 0HJIHOHO DGDSWiFLyVLG HOWHOWpYHOQHJ\YHQSHUFLJUHJLV]WUiOWXNDV]LIyP N|GpVWV] UW%DODWRQ Yt]EHQPDMGDWR[LNXVDQ\DJKR]]iDGiVDXWiQ~MDEEQHJ\YHQSHUFHVUHJLV]WUiOiVN|YHWNH]HWW
$WR[LNXVDQ\DJKDWiViWDYt]iUDPOiVLQWHQ]LWiViQDNYDODPLQWDV]LIyDNWtYpVQ\XJDOPLLG L iWODJDLQDN V]i]DOpNRV HOWpUpVpYHO IHMH]WN NL D NRQWUROOKR] PpUWHQ $] HOWpUpVHN V]LJQLILNDQFLiMiWWSUyEiYDOHOOHQ UL]WN
$V] UpVWHOMHVtWPpQ\PHJKDWiUR]iVD
$ NDJ\OyN V] UpV WHOMHVtWPpQ\H ± U ± D] DQ\DJL UpV]HFVNpNW O WHOMHVHQ PHJWLV]WtWRWW Yt]
WpUIRJDWiQDN LG HJ\VpJUH V]iPtWRWW pUWpNH PHO\HW N|]YHWHWW PyGV]HUUHO VWDWLNXV UHQGV]HUEHQ KDWiUR]WXQNPHJD]iOWDOXQNHFpOUDNLGROJR]RWWHOMiUiVVDO$Yt]EHQOHEHJ DQ\DJLUpV]HFVNpN OHYiODV]WiViQDNKDWpNRQ\ViJiWD]DOiEELNpSOHWDONDOPD]iViYDOiOODStWRWWXNPHJ%D\QHpVPWV
U &
-&
.9&
-1
/013254W
DKRO U DV] UpVWHOMHVtWPpQ\>POJ
67
K
67
@
&
8D]DOJDV]XV]SHQ]LyNORURILOODNRQFHQWUiFLyMDDV] UpVNH]GHWpQ>PJO
67
@
&
9D]DOJDV]XV]SHQ]LyNORURILOODNRQFHQWUiFLyMDDV] UpVÄW´LG SRQWMiEDQ
>PJO
67
@
9 DNtVpUOHWLDNYiULXPEDQEL]WRVtWRWWYt]WpUIRJDWD> PO@
1
:;=<?>5@D]HJ\HGHNW|PHJH>J@
W DV] UpVYL]VJiODWLG WDUWDPD> yUD@
$ NtVpUOHWHNKH] D 6HOHQDVWUXP FDSULFRUQXWXP ]|OGDOJD $&7 W|U]VpW KDV]QiOWXN PHO\HW D] HO tUW 1D12
A.
B+32
CpV PLNURHOHP PHQQ\LVpJ IHOpW WDUWDOPD]y %* $&R WiSROGDWEDQ 5LSSND ]iUW ORPELN WHQ\pV]HWEHQ V]DSRUtWRWWXQN $] DOJDNXOW~UiW NOtPDEHUHQGH]pVVHOr&RQWHPSHUiOWV]REiEDQPROIRWRQP
DB
V
DE
LQWHQ]LWiV~IHKpU IpQQ\HO FLNOXVRVDQ PHJYLOiJtWYD KK WDUWRWWXN IHQQ $ IHOOHWWpUIRJDW DUiQ\ Q|YHOpVH FpOMiEyO PO WiSROGDWRW WDUWDOPD]y POHV (UOHQPH\HU ORPELNRNDW KDV]QiOWXQN DPHO\HNEH VWHULO N|UOPpQ\HN N|]|WW ROWRWWXN D] LQRNXOXPRW $ NtVpUOHWHNKH] D V]DSRURGiV ORJDULWPLNXVIi]LViQDNYpJpQOHY WHQ\pV]HWHNHWKDV]QiOWXN
$] DOJDV]XV]SHQ]LyN NRQFHQWUiFLyMiW IOXRUHV]FHQV VSHNWURIRWRPpWHU +LWDFKL ) DONDOPD]iViYDO EHFV OWN $ PyGV]HU D] DOJiN NORURILOO SLJPHQWMHL QPHQ JHUMHV]WHWW IOXRUHV]FHQFLiMiQDN LQ YLYR PHJKDWiUR]iViQ DODSV]LN QPHQ $ PpUpVHN VRUiQ D] pO DOJDV]XV]SHQ]LyKR]
DC
0 '&08 ^GLFKORURSKHQLOGLPHWK\OXUHD` IRWRV]LQWp]LV LQKLELWRUW DGWXQN PDMG D IOXRULPHWULiV PpUpV SHUFHV V|WpW LQNXEiFLy XWiQ N|YHWNH]HWW 7iORV pV 9|U|V $ P V]HUHV PpUpV SRQWRVViJiW HO NtVpUOHWHNEHQ IRUGtWRWW SODQNWRQ PLNURV]NySSDOYpJ]HWWDOJDV]iPPHJKDWiUR]iVVDOHOOHQ UL]WN8WHUP|KO
$QWURSRJpQ V]HQQ\H] N KDWiVD WDYL NDJ\OyN ILOWUiFLyV DNWLYLWiViUD $ WHV]WHOpV NtVpUOHWL N|UOPpQ\HL
/DERUDWyULXPL NtVpUOHWHNEHQ WDQXOPiQ\R]WXN D GHOWDPHWULQ NpW yQYHJ\OHW yQNORULG WULPHWLOyQNORULGD3&%DVNRQJHQHUYDODPLQWNpWSROLDURPiVV]pQKLGURJpQ±IHQDQWUpQpV IOXRUDQWpQ ± KDWiViW $QRGRQWD F\JQHD pV 8QLR WXPLGXV ILOWUiFLyV DNWLYLWiViUD 0LQGNpW IDM HVHWpEHQ±FPKpMKRVV]~ViJ~HJ\HGHNHWDONDOPD]WXQN
$ NtVpUOHWHNHW D YL]VJiODW MHOOHJpW O IJJ HQ YiOWR]y WpUIRJDW~ YHJ DNYiULXPRNEDQ YpJH]WN
0LQGHQ NtVpUOHWEHQ V] UW %DODWRQYL]HW DONDOPD]WXQN DPHO\KH] D WHV]WDQ\DJRW W|U]VROGDWRNEyODGDJROWXN
$GHOWDPHWULQpVD]yQYHJ\OHWHNDGDJROiVDYL]HVW|U]VROGDWRNEyOW|UWpQW
$ 3&%DV NRQJHQHU YDODPLQW D IHQDQWUpQ pV IOXRUDQWpQ HVHWpEHQ RV PHWDQRO DODS~ W|U]VROGDWRNDW DONDOPD]WXQN PHO\HNHW RO\PyGRQ iOOtWRWWXQN HO KRJ\ D NtVpUOHWL NiGEDQDPHWDQRONRQFHQWUiFLyWHV]WNRQFHQWUiFLyWyOIJJHWOHQOPJO
DE
OHJ\HQ
0LQGHQ DQ\DJKDWiV YL]VJiODW VRUiQ DPHO\QpO PHWDQRO DODS~ W|U]VROGDWRW DONDOPD]WXQN HO NtVpUOHWHNEHQ WHV]WHOWN D] ROGyV]HU KDWiViW LV PJ O
FG
NRQFHQWUiFLyEDQ PLQG D NDJ\OyNSHULyGLNXVDNWLYLWiViUDPLQGD]iOODWRNV]LIyP N|GpVpUHpVV] UpVpUH
$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDSHULyGLNXVDNWLYLWiViUD
(J\KHWHV NtVpUOHWHNEHQ YL]VJiOWXN D YHJ\OHWHN NRQFHQWUiFLy IJJ KDWiViW D NDJ\OyN SHULyGLNXV DNWLYLWiViUD $] DQ\DJKDWiVW D KpMDN Q\LWRWW DNWtY pV ]iUW Q\XJDOPL iOODSRWDLQDN LG WDUWDPiEDQEHN|YHWNH]HWWYiOWR]iVVDOEHFVOWNDNRQWUROOKR]PpUWHQHJ\EHQDNLPRViVDODWW PXWDWNR]y PDJDWDUWiVW LV HOHPH]WN $ NH]HOpV pV D NLPRViV VRUiQ WDSDV]WDOW YiOWR]iVRNDW PLQGHQ NDJ\OyUD NO|Q pUWpNHOWN PDMG D NDSRWW HUHGPpQ\HNHW D Q\ROF HJ\HGUH iWODJROWXN $ N|]pSpUWpNHNN|]|WWLNO|QEVpJHNV]LJQLILNDQFLiMiWWSUyEiYDOHOOHQ UL]WN
$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV]LIyP N|GpVpUH
$ YHJ\OHWHN KDWiViW D NDJ\OyN V]LIyP N|GpVpUH D V]HUHN MHOOHJpW O IJJ HQ W|EE NRQFHQWUiFLyEDQ YL]VJiOWXN 0LQGHQ NH]HOpVL NRQFHQWUiFLy WHV]WHOpVpW OHJNHYHVHEE SiUKX]DPEDQ YpJH]WN NO|QE|] HJ\HGHN DONDOPD]iViYDO $ V]LIyP N|GpVEHQ pV]OHOW YiOWR]iVRN V]LJQLILNDQFLiMiW D NRQWUROOYLVHONHGpVKH] PpUWHQ XJ\DQFVDN WWHV]W DONDOPD]iViYDO HOOHQ UL]WN
$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV] UpVWHOMHVtWPpQ\pUH
$YL]VJiODWRNDWDWHV]WNLGROJR]iViQDNLG SRQWMiEyODGyGyDQFVDNDIHQDQWUpQpVIOXRUDQWpQ HVHWpEHQYpJH]WNHOpVPJO
FG
NH]HOpVLNRQFHQWUiFLyEDQ$NtVpUOHWHNVRUiQWDYLNDJ\OyN LVPHUW W|PHJ SpOGiQ\DLW KHO\H]WN PO DOJD V]XV]SHQ]LyED PHO\QHN NORURILOO NRQFHQWUiFLyMD ± PJ O
FG
pUWpNWDUWRPiQ\EDQ YiOWDNR]RWW 0LQGHQ NH]HOpVL NRQFHQWUiFLy WHV]WHOpVpW HNNRU LV OHJNHYHVHEE SiUKX]DPEDQ YpJH]WN NO|QE|] HJ\HGHN DONDOPD]iViYDO$NO|QEVpJHNV]LJQLILNDQFLiMiWH]HVHWEHQLVWWHV]WWHOHOOHQ UL]WN
(O NtVpUOHWHNEHQPJO
FG
PHWDQROMHOHQOpWpEHQHOOHQ UL]WND]DOJDV]XV]SHQ]LyNLOHSHGpVL
WHQGHQFLiMiW pV WHV]WHOWN D NDJ\OyN V] UpV WHOMHVtWPpQ\pW LV PHO\ HJ\EHQ D WR[LNXV DQ\DJRN
KDWiViQDNYL]VJiODWiEDQDNRQWUROOiOODSRWRWNpSYLVHOWH
$]DGDWRNpUWpNHOpVpQpODONDOPD]RWWVWDWLV]WLNDLHOMiUiVRNN
.|]pSpUWpNHNVWDWLV]WLNDLSUyEiL
9LV]RQ\ODJ NHYpV DGDWEyO iOOy NpW DODSVRNDViJ 1 N|]pSpUWpNHLQHN
|VV]HYHWpVpW WSUyEiYDO YpJH]WN $ N|]pSpUWpNHN N|]|WWL NO|QEVpJHN V]LJQLILNDQFLiMiW D V]iPtWRWW LOO D 6WXGHQWIpOH WWiEOi]DW S KLEDYDOyV]tQ VpJL V]LQW pV D] DGRWW V]DEDGViJIRN PHOOHWW PHJDGRWW NULWLNXV WpUWpNpQHN D]
|VV]HKDVRQOtWiViEyOiOODStWRWWXNPHJ
6RN DGDWEyO 1 ! iOOy NpW DODSVRNDViJ N|]pSpUWpNHLQHN |VV]HYHWpVpW 0DQQ :KLWQH\ 8 WHV]WWHO YpJH]WN $ NO|QEVpJHN V]LJQLILNDQFLiMiW H] HVHWEHQ S KLEDYDOyV]tQ VpJLV]LQWHQiOODStWRWWXNPHJ
.HWW QpO W|EE DODSVRNDViJ N|]pSpUWpNHLQHN |VV]HYHWpVpW YDULDQFLD DQDOt]LVVHO YpJH]WNSKLEDYDOyV]tQ VpJLV]LQWHQ
.YDQWLWDWtYYiOWR]yN|VV]HIJJpVYL]VJiODWD
(UHGPpQ\HLQN NLpUWpNHOpVpQpO HO IRUGXOW KRJ\ PpUpVL DGDWDLQN DODNXOiViW IJJ YiOWR]y HJ\ PiVLN WXODMGRQViJ DODNXOiVD MHOHQW VHQ EHIRO\iVROWD IJJHWOHQ YiOWR]y $PHQQ\LEHQ D YL]VJiODWL DGDWVRURN N|]|WW NDX]iOLV |VV]HIJJpV YROW IHOWpWHOH]KHW D NDSFVRODW V]LJQLILNDQFLiMiW 3 KLEDYDOyV]tQ VpJL V]LQWHQ UHJUHVV]LyDQDOt]LVVHOHOOHQ UL]WN
DPHQQ\LEHQ D] |VV]HYHWpVUH NHUOW PpUpVL DGDWVRURN DODNXOiViW IJJHWOHQ NYDQWLWDWtYYiOWR]yNV]iPRWWHY HQEHIRO\iVROWiNDNO|QEVpJHNV]LJQLILNDQFLiMiW3 KLEDYDOyV]tQ VpJLV]LQWHQNRYDULDQFLDDQDOt]LVVHOHOOHQ UL]WN
.YDQWLWDWtY YiOWR]y KDWiViQDN YL]VJiODWD NLNV]|E|OpVH D KLEiEyO pV D N|]pSpUWpNHN NRUUHNFLyMDNRYDULDQFLDDQDOt]LVVHO
DONDOPD]iVD N|]pSpUWpNHN NO|QEVpJpQHN YL]VJiODWD VRUiQ YiOW V]NVpJHVVp 6YiE DPLNRU D PHJILJ\HOW pUWpNHNNHO SO KDODN V]HUYHLEHQ D QHKp]IpP NRQFHQWUiFLyN RO\DQ NYDQWLWDWtY WpQ\H] NRUUHOiO DPHO\ D N|]pSpUWpNHN NO|QEVpJpW EHIRO\iVROMD $ NO|QEVpJHN V]LJQLILNDQFLiMiW 3 RV KLEDYDOyV]tQ VpJL V]LQWHQ HOOHQ UL]WN
( 5('0e1<(.
$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNYL]VJiODWDSDVV]tYELRPRQLWRUR]iVVDO
%DODWRQLiOODWRNQHKp]IpPNRQFHQWUiFLyMD
$WyQHKp]IpPWHUKHOpVpQHNIHOPpUpVpUHNLYiODV]WRWWLQGLNiWRUV]HUYH]HWHNEHQDIHOKDOPR]RWW HOHPHNNRQFHQWUiFLyMiEDQMHOHQW VHOWpUpVHNPXWDWNR]WDNPLQGDIDMRNN|]|WWPLQGWHUOHWLpV pYV]DNRVIHOERQWiVEDQ
%DODWRQL]RRSODQNWRQQHKp]IpPNRQFHQWUiFLyMD
$ %DODWRQ Q\tOWYt]L UiNSODQNWRQ N|]|VVpJpW MHOHQW VHEE W|PHJV]i]DOpNEDQ D &ODGRFHUD UHQGEH WDUWR]y 'DSKQLD JDOHDWD WDYDV] Q\iU V] 'DSKQLD FXFXOODWD WDYDV] Q\iU V]
%RVPLQDORQJLURVWULVWDYDV]pV'LDSKDQRVRPDPRQJROLDQXPQ\iU V]DONRWMD$&RSHSRGD UHQGE O D &\FORSV YLFLQXV WDYDV] V] WpO pV D] (XGLDSWRPXV JUDFLOLV PLQGHQ pYV]DNEDQ D GRPLQiQVV]HUYH]HWHN3RQ\L*7yWK
$ ]RRSODQNWRQ PLQWiNEDQ D NDGPLXP Up] yORP pV FLQN NRQFHQWUiFLy V]pOHV WDUWRPiQ\EDQ KDWiUR]WXN PHJ $ KLJDQ\ pV QLNNHO NRQFHQWUiFLyN HOOHQEHQ QpKiQ\ NLYpWHOW O HOWHNLQWYH D P V]HUHV PpUpV pU]pNHQ\VpJL KDWiUD N|UO DGyGWDN tJ\ D] HUHGPpQ\HNHW H NpW IpPQpO QHP WXGWXNpUGHPEHQpUWpNHOQL7iEOi]DW
7iEOi]DW %DODWRQL ]RRSODQNWRQ ELRPDVV]D QHKp]IpP NRQFHQWUiFLyMD D] ± N|]|WWLLG V]DNEDQ
*\ MWpV 0LQWiN V]iPD
PJNJ
HJI