%(9(=(7e6
$WpPDMHOHQW VpJHHO ]PpQ\HN
'RNWRUL pUWHNH]pVHPHW D 9HV]SUpPL (J\HWHP MRJHO GMpQpO D 3DQQRQ
$JUiUWXGRPiQ\L (J\HWHP *HRUJLNRQ 0H] JD]GDViJWXGRPiQ\L .DU 1|YpQ\YpGHOPL ,QWp]HWpQHN 1|YpQ\YpGHOPL ÈOODWWDQL 7DQV]pNpQ .HV]WKHO\HQNpV]tWHWWHPHO
0LYHO D QHYH]HWW WDQV]pN D URYDU|NROyJLDL NtVpUOHWHNKH] V]NVpJHV LQIUDVWUXNW~UiYDO±PDJ\DURUV]iJLYLV]RQ\RNN|]|WW±MyOIHOYDQV]HUHOYH H]pUWHVHWWWpPDYiODV]WiVRPDURYDUWDQRO\DQWHUOHWpUHDPHO\HWDWDQV]pN ODERUDWyULXPiEDQ PHJ WXGWDP ROGDQL $ URYDU DPHOO\HO NtVpUOHWHNHW YpJH]WHP D NiSRV]WDOHSNH 3LHULV EUDVVLFDH / YROW (UU O D URYDUUyO N|]WXGRWWKRJ\ODERUDWyULXPEDQYLV]RQ\ODJN|QQ\HQWHQ\pV]WKHW H]pUW YiUKDWyYROWKRJ\DPXQNDWHUYHPEHQNLW ]|WWFpORNDWHOWXGRPpUQL
$ 1|YpQ\YpGHOPL ÈOODWWDQL 7DQV]pNHQ UpJyWD YpJH]QHN NO|QE|]
NiUWHY NNHO RO\DQ MHOOHJ |NROyJLDL NtVpUOHWHNHW DPHO\HNEHQ D K PpUVpNOHW pV D IRWRSHULyGXV HJ\WWHV KDWiViW YL]VJiOMiN D] HJ\HV SRSXOiFLyNQ\XJDOPLiOODSRWiUDGRUPDQFLD
$ 3 EUDVVLFDH UpJyWD LVPHUW W|EEQHP]HGpNHV NiUWHY 0DJ\DURUV]iJRQ GH UpV]OHWHV ELRQyPLiMiYDO PLQGH] LGHLJ QHP IRJODONR]RWW VHQNL $ QHP]HWN|]L LURGDORPEDQ W|EE DGDW WDOiOKDWy H URYDUUDO NDSFVRODWEDQ GH H]HN D] DGDWRN PiVPiV I|OGUDM]L V]pOHVVpJHQ pO SRSXOiFLyN IHMO GpVPHQHWpU O DGQDN WiMpNR]WDWiVW WHKiW QHP DGDSWiOKDWyNDPDJ\DURUV]iJLYLV]RQ\RNUD
$ PXQNiP D] |NROyJLiQ EHOO D] DXW|NROyJLiKR] WDUWR]LN +D YpJLJQp]QN D] HOP~OW K~V] HV]WHQG Q|YpQ\L NiUWHY NNHO IRJODONR]y LURGDOPiQ D]W OiWMXN KRJ\ D]RN W~OQ\RPy W|EEVpJNEHQ V]Q|NROyJLDL WHUPpV]HW HN PiV V]yYDO FVDN D Q|YpQ\iOORPiQ\RNRQ pO URYDU SRSXOiFLyN pOHWN|]|VVpJHLYHO IRJODONR]QDN 9pOHPpQ\HP V]HULQW D]
pOHWN|]|VVpJHNEHQ WDSDV]WDOKDWy NDSFVRODWUHQGV]HUHNHW VHP WXGMXN pUWHOPH]QL KHO\HVHQ DGGLJ DPtJ QHP LVPHUMN H N|]|VVpJHNHW DONRWy HJ\HV IDMRN SRSXOiFLyMiQDN ELRQyPLiMiW (]pUW YiODV]WRWWDP ± SURJUDPYH]HW P MDYDVODWiYDO pV LUiQ\tWiViYDO ± WpPiXO HJ\
0DJ\DURUV]iJRQ HGGLJ DXW|NROyJLDL V]HPSRQWEyO NHYpVVp LVPHUW IDM UpV]OHWHV|NROyJLDLYL]VJiODWiWDNtVpUOHWHVURYDU|NROyJLDPyGV]HUHLYHO
$ GROJR]DW D 3 EUDVVLFDHUyO NpV]O PRQRJUiILD UpV]pQHN LV WHNLQWKHW H]pUWU|YLGHQOHtUWDPDIDMUHQGV]HUWDQLEHRV]WiViWyONH]GYHD I|OGUDM]L HOWHUMHGpVpQ pV D] HJ\HV IHMO GpVL DODNRN OHtUiViQ pV IHMO GpVPHQHWpQ YDODPLQW YLVHONHGpVpQ iW D WXODMGRQNpSSHQL K PpUVpNOHWL pV IRWRSHULyGLNXV YLV]RQ\RN WiUJ\DOiViLJ V]LQWH PLQGHQ YRQDWNR]iViW 6 W PpJ D SDUD]LWRGRNNDO NDSFVRODWRV HUHGPpQ\HNHW LV IHOYHWWNU|YLGHQD]pUWHNH]pVEH
$V]DNLURGDORPEyOFVDNDOHJV]NVpJHVHEELQIRUPiFLyNDWpStWHWWHPEH D] DQ\DJED HQQpO VRNNDO E YHEE D 3 EUDVVLFDHUD YRQDWNR]y LVPHUHWDQ\DJ
ÒJ\ YpOHP KRJ\ PXQNiP I EE SRQWMDL ~M HUHGPpQ\HNNHO E YtWLN D PDJ\DURUV]iJL3EUDVVLFDHYDO|VV]HIJJ LVPHUHWHNHW
$NXWDWiVFpOMD
9L]VJiODWDLPPDO D] DOiEEL NpUGpVHN PHJYiODV]ROiViKR] NtYiQWDP KR]]iMiUXOQL
x +RJ\DQ DODNXO D NO|QE|] K PpUVpNOHWHQ pV IRWRSHULyGXVRQ IHOQHYHOW3EUDVVLFDHOiUYiNOiUYDIHMO GpVLLGHMH"
x 0LNpQW EHIRO\iVROMiN D OiUYiNDW pU HOWpU K PpUVpNOHWL pV IRWRSHULyGXVYLV]RQ\RNDGLDSDX]iOyEiERNDUiQ\iW"
x 0LO\HQPRUWDOLWiVL pUWpNHN MHOHQWNH]QHN NO|QE|] K PpUVpNOHWHQ pVIRWRSHULyGXVRQQHYHOWOiUYDSRSXOiFLyHVWpEHQ"
x 2NR]QDNH pUWpNHOKHW ± D OiUYiN IHMWRNV]pOHVVpJpEHQ PHJPX WDWNR]y ± PRUIROyJLDL NO|QEVpJHW D OiUYDNRUL K PpUVpNOHWL pV IRWRSHULyGXVYLV]RQ\RN"
x +DWiVVDOYDQHDOiUYiNDWpU HOWpU K PpUVpNOHWpVIRWRSHULyGXVD]
LPiJyNIHNXQGLWiViUD"
x +RJ\DQDODNXODNiSRV]WDOHSNHpYLIHMO GpVPHQHWHDGRWWNOLPDWLNXV YLV]RQ\~pYEHQ"
,52'$/0,È77(.,17e6
(O|OMiUyEDQ HPOtWHP KRJ\ H]HQ IHMH]HWEH QpKiQ\ RO\DQ VDMiW PHJILJ\HOpVHPHW LV EHpStWHWWHP DPHO\HN HOV GOHJHVHQ D NiSRV]WDOHSNH V]DEDGEDQLQV]HNWiULXPEDQW|UWpQ QHYHOpVHJ\ MWpVHNiSRV]WDI|OG|Q N|]EHQ V]OHWWHN pV D SiU]iVUD WRMiVUDNiVUD EiER]yGiVUD VWE YRQDWNR]QDN
$NiSRV]WDOHSNHUHQGV]HUWDQLKHO\HpVI|OGUDM]L HOWHUMHGpVH
$ 3 EUDVVLFDH D OHSNpN /HSLGRSWHUD UHQGMpEH H]HQ EHOO D V]DEDGV]iUQ\~ OHSNpN'LWU\VLD (OHQWKHURSWHUDH DOUHQGMpEH WDUWR]LN $ IDMD]LJD]LIHKpUOHSNpN3LHULGDHFVDOiGMiQDNMHOOHJ]HWHVNpSYLVHO MH
$QQDN LGHMpQ /LQQDHXV LQ )HOWZHOO YDODPHQQ\L OHSNH HOQHYH]pVpUH D 3DSLOLR JHQXV QHYHW KDV]QiOWD H]pUW PXQNiMiEDQ D NiSRV]WDOHSNpW 3DSLOLR EUDVVLFDHQDN QHYH]WH HO 6FKUDQN LQ )HOWZHOODNiSRV]WDOHSNpWD3LHULVJHQXVEDWHWWHiW/DWUHLOOH LQ )HOWZHOO WD[RQyPLDL PXQNiMiEDQ D3DSLOLR EUDVVLFDH / IDMW D 3LHULV WtSXViQDN WHNLQWHWWH $ 1HP]HWN|]L =RROyJLDL 1yPHQNODW~UD
%L]RWWViJDNiSRV]WDOHSNHWXGRPiQ\RVQHYpW3LHULVEUDVVLFDH/IDMNpQW HOIRJDGWD
$ 3 EUDVVLFDH I|OGUDM]L HOWHUMHGpVpYHO HO V]|U .XUHQW]RY IRJODONR]RWW 0HJiOODStWRWWD KRJ\ SDOHDUNWLNXV IDM tJ\ (XUySiEDQ D
)|OGN|]LWHQJHU PHOOpNL RUV]iJRNEDQ D .|]HO pV .|]pS.HOHWHQ pV ,QGLD pV]DNL UpV]pQ IRUGXO HO 3DNLV]WiQEDQ D +LPDOiMD N|UQ\pNpQ pV .tQiEDQD3EUDVVLFDHQHNDOIDMDWDOiOKDWyDPHO\QHNQHYH3EUDVVLFDH QHSDOHQVLV
$ 'pO$PHULNiEDQ YDOy HOWHUMHGpVpU O *DUGLQHU LQ )HOWZHOO NpV]tWHWWHOWHUMHGpVLWpUNpSHW
$NiSRV]WDOHSNHIHMO GpVLDODNMDLQDNU|YLGOHtUiVD
$]LPiJy
,URGDOPL DGDWRN V]HULQW )URKDZN D Q VWpQ\ OHSNpN iWODJRVDQ DKtPHNSHGLJPPV]pOHVHN%HM%LHQNRHWDODQ VWpQ\HN HVHWpEHQiWODJRVDQDKtPHNpEHQPPV]pOHVVpJHWiOODStWRWWPHJ
$ V]iUQ\DN WHMIHKpU YDJ\ HQ\KpQ ViUJiV V]tQ HN $] HOOV V]iUQ\DN FV~FViQ pV D KiWXOVy V]iUQ\DN HOOV SHUHPpQ HJ\HJ\ IHNHWH V]tQ NHUHNGHG IROW OiWKDWy $ Q VWpQ\HN HOOV V]iUQ\DLQ HJ\PiV P|J|WW NpW IHNHWHNHUHN DODN~ IROWWDOiOKDWy$KiWXOVyV]iUQ\ V]tQH IHKpU FVXSiQ D FV~FVLUpV]pQHQ\KpQViUJiV$V]iUQ\N|]HSpQNpWIHNHWHIROWOiWKDWy$
KtPHNHOOV V]iUQ\DLQDNEHOV ROGDOiQNpWIHNHWHIROWYDQDPHO\DNOV ROGDORQPDMGQHPPLQGLJKLiQ\]LN
$ 3LHULGDH FVDOiGED WDUWR]y W|EEL IDMpKR] KDVRQOyDQ D FViSt]HN ODWHUiOLV UpV]H FVXSDV] QLQFVHQHN UDMWD SLNNHO\HN GH pU]pNHO VHUWpN UHFHSWRURNWDOiOKDWyN
$ SRQWV]HPHN RFHOOXV pV D] |VV]HWHWW V]HPHN D FViSW P|J|WW KHO\H]NHGQHNHO
$]DMDNWDSRJDWyNSDOSXVODELDOLVDKDVLROGDORQWDOiOKDWyN.|]|WWN KHO\H]NHGLNHODS|G|UQ\HOYDPHO\QHNKRVV]D3RQWLHUV]HULQW PP 0XNHUML LQGLDL SRSXOiFLy HJ\HGHLQ PP KRVV]~QDN WDOiOWDDS|G|UQ\HOYHW
$WRURQD]HOV OiESiUHU VHQIHMOHWWDNpWN|YHWNH] OiESiURQHJ\HJ\
SiUWVNHV]HU VDUNDQW\~WDOiOKDWy
$WRMiV
1DJ\V]iP~ WRMiVRQ YpJ]HWW PpUpVHLP V]HULQW D WRMiVRN iWODJRV KRVV]~ViJDPPV]pOHVVpJHPP(]HND]DGDWRN PHJHJ\H]QHN D] LURGDORPEDQ WDOiOKDWy PpUpVL DGDWRNNDO %DUWHOO LQ )HOWZHOO $ODNMXN tYHOW N~SUD HPOpNH]WHW 6]tQN D OHUDNiVW N|YHW yUiNEDQ ]|OGHV PDMG yUD HOWHOWpYHO FLWURPViUJD V]tQ UH YiOWR]LN $ WRMiVRN IHOOHWpW FKRULRQ KRVV]DQWL V]DEDG V]HPPHO LV MyOOiWKDWyNLHPHONHG ERUGDGtV]tWL8J\DQFVDNERUGDPHJOpWpU OtUD]
RURV] 6FVHJROHY YLV]RQW KD]iQNEDQ %HF]QHU HW DO YDODPLQW%RJQiUpV+X]LiQV]HULQWFVDNERUGDWDOiOKDWy
$OiUYD
$ OiUYiN DODSV]tQH NpNHV LOO ViUJiV]|OG 'RU]iOLV pV ODWHUiOLV UpV]HNHQ ViUJD V]tQ ViY K~]yGLN YpJLJ $ OiUYDWHVWHQ IHNHWH V]tQ NLVHEEQDJ\REEIROWRNDWYLVHO
$ OiUYiQDN |W IHMO GpVL IRNR]DWD YDQ / / $] / KRVV]D N|]YHWOHQODNLNHOpVXWiQPP)HMWRNMDDUiQ\WDODQXOQDJ\V]tQH
IpQ\O IHNHWH$IHMWRNRQSRQWV]HPRFHOOXVWDOiOKDWy$]/ WHVWKRVV]D PP D V]HP|OFV|N PiU IHOW Q EEHN UDMWXN VHUWHV] U|NNHO $ IHMWRN V]tQH PpJ D] / VWiGLXPEDQ LV IpQ\O IHNHWH PDMG D KDUPDGLN YHGOpV XWiQ D] / VWiGLXPEDQ D IHMWRN KRPORNL UpV]pQHN N|]HSpQ IHKpU IROW MHOHQLN PHJ $] XWROVy VWiGLXPEDQ / D IHMWRN KiWXOVy ROGDOiQ V]UNpVIHNHWHSRQWRNW QQHNHO
$ OiUYDWHVW PiVRGLN pV KDUPDGLN V]HOYpQ\pQHN WDOiONR]iVL KHO\pQ D ODWHUiOLVUpV]HQDNXWLNXODV]tQWHOHQiWWHWV] H]pUWDP|J|WWHVKHO\HQIXWy LGHJHN pV L]PRN V]DEDG V]HPPHO LV OiWKDWyN )HOWZHOO V]HULQW D OiUYDWHVWH]HQUpV]HLQHNDIpQ\pU]pNHOpVpEHQLVV]HUHSHOHKHWPiVV]yYDO IRWRUHFHSWRURNDWP N|GWHW
1pKiQ\ V]yEDQ PpJ D OiUYiQ WDOiOKDWy V] U|]HWU O tURN XJ\DQLV H]HNQHN ± PLQW D]W PiV OHSNHKHUQ\yN HVHWpEHQ LV NLPXWDWWiN 'DQLOHYV]NLM 0OOHU V]HUHSH OHKHW HVHWOHJ D QDSSDOKRVV]~ViJpU]pNHOpVpEHQ
$OiUYDIHMHQWDOiOKDWyV] U|]HW+LQWRQV]HULQWHU VHQIHMOHWW$
KRVV]~ V] U|N iOWDO IHGHWW IHOOHW PLQGLJ QDJ\REE PLQW D V] UWHOHQ UpV]
$KRJ\KDODGDOiUYiNIHMO GpVHHO UH~J\U|YLGODV] U|NKRVV]~ViJDD WHVWV]pOHVVpJKH] NpSHVW $] / VWiGLXPEDQ PpJ D V] U|N KRVV]~ViJD D]RQRV D OiUYDWHVW V]pOHVVpJpYHO $] / VWiGLXPEDQ PiU FVDN IHOH RO\DQ KRVV]~DN PLQW D WHVWV]pOHVVpJ )HOWZHOO V]HULQW D] / VWiGLXPEDQ NpWIpOH V] UWtSXVW OHKHW PHJNO|QE|]WHWQL KRVV]~ HQ\KpQ J|UEOW IHKpU V] U|N DPHO\HN D QDJ\ IHNHWH NLWLQ IROWRNEyO V]HP|OFV|N HUHGQHN YDODPLQW U|YLG pV KRVV]~ IHNHWH V] U|N DPHO\HN D IHNHWH NLWLQ IROWRN V]pOHLQ HUHGQHN (]HQ NtYO WDOiOKDWyN NLVHEE IHNHWH NLWLQ IROWRN LV DPHO\HNE OV] U|FVNpNQ QHNNL
$ NO|QE|] IHMO GpVL IRNR]DW~ OiUYiN V] U|]|WWVpJpYHO YDQ
|VV]HIJJpVEHQ D 3 EUDVVLFDH HJ\LN OHJJ\DNRULEE SDUD]LWRLGMiQDN D]
$SDQWHOHV JORPHUDWXVQDN D]RQ WXODMGRQViJD KRJ\ PLQGLJ D] / HV OiUYiNEDKHO\H]LHOWRMiVDLW
$ NLIHMO G|WW EiER]yGiV HO WW iOOy OiUYiN KRVV]D V]pOHVVpJH PP
$EiE
$EiERNKRVV]~ViJDPP$ODNMDIHOW Q HQV]|JOHWHVDGRU]iOLV pV ODWHUiOLV UpV]pQ IHNHWH SRQWRNNDO 6]tQH D N|UQ\H]HWW O IJJ HQ YiOWR]y pV HU V V]iOODO D] DOM]DWKR] N|W|WW $] HJ\PiVW N|YHW NpW QHP]HGpNKH]WDUWR]yEiERNN|]|WWQDJ\ViJEHOLpVPRUIROyJLDLNO|QEVpJ YDQ $] HOV QHP]HGpNKH] WDUWR]y EiERN QDJ\REEDN pV D KiWXNRQ OHY NLWLQWVNpNH]iOWDOMREEDQOiWKDWyN
-RKDQVRQ D] 2VOy N|UQ\pNpQ J\ MW|WW EiERN DODSMiQ OHtUWD KRJ\ D EiE KiWiQ OpY WVNHSiU DPHO\ D SRWURK KDUPDGLN V]HOYpQ\pQ GRU]RODWHUiOLVDQ KHO\H]NHGLN HO FVDN D GLDSDX]D QpONO IHMO G EiERNRQ MHOHQWNH]LN .tVpUOHWpEHQ GLDSD]XiOy EiERQ QHP WDOiOW HJ\HWOHQ HVHWEHQ VHP WVNpNHW $ QHP GLDSDX]iOy EiE D HJ\pE MHOOHP] NDODSMiQDNpWHOWpU PRUIROyJLiM~FVRSRUWN|]pHVHWW
)HOWZHOO V]HULQW D EiEWVNpN PHJOpWpW N|UQ\H]HWL RNRNNDO PDJ\DUi]]D QHYH]HWHVHQ ~J\ JRQGROMD KRJ\ H] EL]WRVtWMD D EiERN V]iPiUDDSUHGiWRURNNDOV]HPEHQLYpGHOPHWSOJ\tNRNNDOV]HPEHQ
$ EiERN LYDUL GLPRUIL]PXViW -DFNVRQ LQ )HOWZHOO WDQXOPiQ\R]WD UpV]OHWHVHQ pV D]W WDOiOWD KRJ\ D KtPHNQpO D GXFWXV
HMDFXODWRULVQ\tOiVDVRNNDONLVHEEPLQWDQ VWpQ\HNNpWLYDUQ\tOiVD
$NiSRV]WDOHSNHpYLQHP]HGpNV]iPDpVIHMO GpVPHQHWH
0DJ\DURUV]iJRQ iOWDOiEDQ pYL NpW QHP]HGpNH IHMO GLN %DOiV pV 6iULQJHU +D NRUiQ WDYDV]RGLN pV KRVV]~ PHOHJ V] YDQ LO\HQ pYHNEHQKiURPQHP]HGpNLVHO IRUGXOKDW0DQQLQJHU
$ QHP]HGpNHN V]iPD |VV]HIJJ D]]DO KRJ\ PLO\HQ I|OGUDM]L V]pOHVVpJ RUV]iJEDQ IHMO GLN D SRSXOiFLy $ I|OGUDM]L V]pOHVVpJ EHIRO\iVROMDDK PpUVpNOHWLpVIRWRSHULyGLNXVYLV]RQ\RNDW0LQGNHWW QHN G|QW EHIRO\iVDYDQDQHP]HGpNV]iPNLDODNXOiViUD
,URGDOPL DGDWRN DODSMiQ .OHLQ eV]DN(XUySiEDQ 6NyFLiEDQ eV]DNËURUV]iJEDQ 2URV]RUV]iJEDQ /HQLQJUiG ± 6]HQWSpWHUYiU pV 1pPHWRUV]iJEDQ %HUOLQ pYHQWH FVDN HJ\ QHP]HGpN IHMO GLN (O IRUGXOKDW KRJ\ H]HNEHQ D IHOVRUROW RUV]iJRNEDQ H[WUpP PHOHJ pYMiUDW HVHWpQ NpWQHP]HGpN D IDM IHMO GpVH .pWQHP]HGpN VpJHW ILJ\HOW PHJ %HOJLXPEDQ 'iQLiEDQ ËURUV]iJEDQ +ROODQGLiEDQ 1RUYpJLiEDQ 6NyFLiEDQpV6YpGRUV]iJEDQ.OHLQ
6SLW]HU LQ )HOWZHOO V]HULQW &VHKRUV]iJEDQ KiURP QHP]HGpN ULWNiQ IRUGXO HO +D PpJLV PHJILJ\HOKHW DNNRU D]
0RUYDRUV]iJWHUOHWpUHNRUOiWR]yGLN6]ORYiNLD0DJ\DURUV]iJJDOKDWiURV DOI|OGLWHUOHWHLQLVUHJLV]WUiOWDNpYLKiURPQHP]HGpNHW
2ODV]RUV]iJEDQ +RIIVEHUJHU LQ )HOWZHOO +ROODQGLiEDQ (LWVFKEHUJHU LQ )HOWZHOO D VNDQGLQiY RUV]iJRN GpOL YLGpNHLQ+DQJXPLQ)HOWZHOOV]LQWpQpYLKiURPQHP]HGpN UDM]iViUyOWHV]HPOtWpVW
$] pYL K PpUVpNOHWL YLV]RQ\RNWyO IJJ HQ DODNXO D] HJ\HV QHP]HGpNHN UDM]iVD .HGYH] pYHNEHQ D] HOV QHP]HGpN PiMXVEDQ pV M~QLXVEDQ UDM]LN $ PiVRGLN QHP]HGpN M~OLXV pV DXJXV]WXVEDQ D KDUPDGLNSHGLJDXJXV]WXVYpJpQV]HSWHPEHUEHQUHSO
6WDUHJD V]HULQW /HQJ\HORUV]iJEDQ D] HOV QHP]HGpN UDM]iVD iSULOLVYpJpQNH]G GLNpVM~QLXVN|]HSpQpUYpJHW$PiVRGLNQHP]HGpN M~OLXV N|]HSH pV V]HSWHPEHU HOHMH N|]|WWL LG V]DNEDQ NHGYH] pYEHQ D KDUPDGLNQHP]HGpNV]HSWHPEHUN|]HSpW OUDM]LN
2O\DQRUV]iJRNEDQDKRODQ\iUPLQGLJPHOHJPLQWSO)UDQFLDRUV]iJ GpOLUpV]pQ0iOWDV]LJHWpQ/X[HPEXUJEDQ2ODV]RUV]iJGpOLUpV]pQQpJ\
QHP]HGpNHO IRUGXOiVDVHPULWND
6KDSLUR V]HULQW D YROW 6]RYMHWXQLy GpOL WHUOHWHLQ $VWUDNDQ 7DVNHQW %DNX WRYiEEi 7|U|NRUV]iJEDQ 7XQLV]EDQ /tELiEDQ 1HSiOEDQ pV eV]DN,QGLiEDQ QpJ\ LOOHWYH |W QHP]HGpN UDM]iViW LV PHJILJ\HOWpN
.OHLQ V]HULQW D .|]HO.HOHWHQ -DIID NpW QHP]HGpN LV NLIHMO GKHW (]HNEHQ D] RUV]iJRNEDQ HJ\HJ\ QHP]HGpN NLIHMO GpVpKH]
QDSUD YDQ V]NVpJ iWODJK PpUVpNOHW & 'DYLG pV *DUGLQHU ODERUDWyULXPL N|UOPpQ\HN N|]|WW KDVRQOy N PpUVpNOHWHQ V]LQWpQiWODJRVDQQDSDODWWQHYHOWIHOHJ\QHP]HGpNHW
'DYLG pV *DUGLQHU YpJ]HWW UpV]OHJHV YL]VJiODWRNDW D QHPHN DUiQ\iQDN PHJiOODStWiVD FpOMiEyO pV D]W WDOiOWD KRJ\ D Q VWpQ\HN QDJ\REEV]iPEDQIRUGXOWDNHO PLQWDKtPHN
:LOOLDPV N|]OpVH V]HULQW D PLJUiOy3 EUDVVLFDH HJ\HGHN N|]|WWDQ VWpQ\HNKiURPV]RURVDQJ\DNRULEEDQYROWDNPLQWDKtPHN
$]LPiJyNYLVHONHGpVH
$NLUDM]iVPyGMD
$OHSNpNNLE~MiVDDEiELQJE O1LFROVRQV]HULQWNEHJ\SHUFHW YHV] LJpQ\EH $ IULVVHQ NLE~MW LPiJy U|YLG LG Q EHOO DONDOPDV KHO\HW NHUHV DKRO V]iUQ\DLW NLERQWMD PLN|]EHQ PiU PHJLQGXO D V]iUQ\DN V]iUDGiVD $ V]iUQ\DN V]iUDGiViQDN J\RUVDViJD D N|UQ\H]HW N PpUVpNOHWHPHOOHWWDOHYHJ QHGYHVVpJWDUWDOPiWyOLVIJJ9L]VJiODWDLP V]HULQW & N|UOL K PpUVpNOHWHQ V]iUD] N|UQ\H]HWEHQ PLQWHJ\
SHUFHOWHOWpYHOPHJPHUHYHGWHNDV]iUQ\DN1HGYHVKHO\HQH]D]LG DNiU SHUFLJLVHOWDUWKDW
0HJHPOtWHQG KRJ\ ODERUDWyULXPL PHJILJ\HOpVHLP V]HULQW D EiELQJE O NLE~My LPiJyN HJ\ UpV]H VpUOW V]iUQ\DNNDO M|Q D YLOiJUD .OI|OGL V]HU] *DUGLQHU PHJILJ\HOWH KRJ\ D3 EUDVVLFDH DE FRHOHD KtP OHSNpN HJ\PiVW N|YHW NpW QHP]HGpNEHQ D NpV EEL QHP]HGpNHNEHQ SHGLJ UHQGHOOHQHV V]iUQ\DNNDO V]OHWHWW $]
HPOtWHWW V]HU] YpOHPpQ\H V]HULQW D] LO\HQ HJ\HGHN QDJ\REE DUiQ\iW D Q\iUL PDJDV K PpUVpNOHW RNR]]D 9pOHPpQ\HP V]HULQW D OHYHJ QHGYHVVpJWDUWDOPD LV KR]]iMiUXOW D QDJ\V]iP~ VpUOW V]iUQ\~ HJ\HG NLIHMO GpVpKH]
$SiU]iVpVDWRMiVUDNiV
$ V]DEDGED MXWRWW PHJNHPpQ\HGHWW V]iUQ\~ OHSNpN U|YLGHVHQ SiU]DQDN DPHO\ VRUiQ D KtP D SRWURKiW DOXOUyO D Q VWpQ\ |VV]HFVXNRWW
V]iUQ\DL N|]p D JHQLWiOLD IHOp KDMOtWMD $] DNWXV OpWUHM|WWH XWiQ D KtP HOOHQNH] LUiQ\ED IRUGXOYD KHO\H]NHGLN HO 'DYLG pV *DUGLQHU 0XNHUML
%HQ]PHJILJ\HOpVHV]HULQWDQ VWpQ\IHOHPHOWSRWURKDpVQ\LWRWW V]iUQ\D D KtP YLVV]DXWDVtWiViW MHOHQWL PiV V]HU] N NRUiEEDQ H]W D WHVWWDUWiVWÄHOIRJDGiVNpQW´pUWpNHOWpN
$SiU]iV±ODERUDWyULXPLN|UOPpQ\HNN|]|WWYpJ]HWWPHJILJ\HOpVHLP V]HULQW ± pV &RQ W|UWpQLN $ & DODWWL K PpUVpNOHWHQ D SiU]iV V]QHWHO &KRYHW PHJILJ\HOWH KRJ\ D] DODFVRQ\DEE K PpUVpNOHWL WDUWRPiQ\EDQ D SiU]iV NE yUiQNpQW LVPpWO GLN PHJ PDJDVDEE K PpUVpNOHWHNHQD]RQEDQyUiQNpQWLVHO IRUGXONRSXOiOiV
$SiU]iVVDONDSFVRODWEDQ'DYLGpV*DUGLQHUD IpQ\PLQ VpJpW LV YL]VJiODW WiUJ\iYi WHWWpN 1pJ\ NO|QE|] IpQ\IRUUiVW KDV]QiOWDN pV PHJiOODStWRWWiNKRJ\DKDJ\RPiQ\RVYLOODQ\pJ NPHOOHWWDWWyOIJJ HQ KRJ\PLO\HQYROWDNLERFViWRWWIpQ\LQWHQ]LWiVDOX[pUWpNHNO|QE|]|WW DSiU]iVLLG 1DJ\REEOX[pUWpNHNPHOOHWWJ\DNRULEESiU]iVWILJ\HOWPHJ
$ KLJDQ\J ]OiPSD D N|]|QVpJHV IpQ\FV|YHN pV QiWULXPOiPSD KDV]QiODWDNRUV]QHWHOWDSiU]iV6DMiWODERUDWyULXPEDQpVV]DEDGI|OG|Q YpJ]HWWNtVpUOHWHLPV]HULQWDSiU]iVUDOHJMHOHQW VHEEKDWiVDDWHUPpV]HWHV QDSVXJiU]iVQDNYROW
$ SiU]iVW N|YHW PiVRGLNKDUPDGLN QDSRQ EHOO NH]G GLN D WRMiVFVRPyN OHUDNiVD 6FVHJROHY 9L]VJiODWDL V]HULQW D Q VWpQ\HN GERVFVRPyNEDQKHO\H]LNHODWRMiVDLNDWDOHYpOIRQiNLUpV]pUH$
WRMiVRNQHPWDSDGQDNV]RURVDQHJ\PiVKR]
$UUDYRQDWNR]yODJKRJ\DWRMiVFVRPyNDWPLO\HQQ|YpQ\UHKHO\H]LHO D] LURGDORPEDQ HOWpU DGDWRN WDOiOKDWyN +HYLWW V]HULQW D 3
EUDVVLFDHNL]iUyODJD&UXFLIHUDHFVDOiGEDWDUWR]yQ|YpQ\HJ\HGHNUHUDNMD OHDWRMiVFVRPyLW =HOWZHOOLQ)HOWZHOOYLV]RQWD]WN|]|OWH KRJ\ PHJILJ\HOWH D 7URSDFHRODFHDH pV&DSSHUDFHDH Q|YpQ\FVDOiGED WDUWR]yIDMRNRQLVDWRMiVFVRPyNDW
6DMiW NpW pYHQ iW YpJ]HWW V]DEDGI|OGL PHJILJ\HOpVHLP D]W EL]RQ\tWRWWiN KRJ\ FVDN D &UXFLIHUDH FVDOiGED WDUWR]y IDMRNRQ IRUGXOKDWHO WRMiVFVRPy
$NiSRV]WDOHSNHOiUYiNIHMO GpVHpVYLVHONHGpVH
$&RVODERUDWyULXPLK PpUVpNOHWHQD]HPEULRQiOLVIHMO GpV QDSLJWDUWRWW$NLNHOWILDWDOOiUYiN/ DNLNHOpVXWiQDOLJPR]RJQDN HJ\WW PDUDGQDN D] UHV WRMiVFVRPyQ 7DOiOWDP RO\DQ WRMiVFVRPyW LV DPHO\HW D IULVV OiUYiN UpV]EHQ PHJHWWHN GH D WRMiVFVRPy FKRULRQMiQDN HOIRJ\DV]WiVDQHPYROWiOWDOiQRV
$ NLNHOW OiUYiN yUiLJ HJ\WW PDUDGQDN PDMG V]pWV]pOHGYH PHJNH]GLN D OHYpO IRQiNL ROGDOiQ D KiPR]JDWiVW (J\ QDS HOWHOWpYHO PiU HJ\PiVWyO WiYRO QHP WHOMHVHQ |QiOOy pOHWHW pOQHN KDQHP QpJ\HV|W|V FVRSRUWRNEDQDNiSRV]WDOHYpOIRQiNiQpVDV]tQpQWiSOiONR]QDN$KRJ\D OiUYDIHMO GpV HO UHKDODG ~J\ D KiPR]JDWiV DSUy PDMG HJ\UH QDJ\REE O\XJJDWiVED PHJ\ iW $] / pV / HV IHMO GpVL VWiGLXPEDQ OpY OiUYiN WHOMHVHQ|QiOOypOHWHWpOQHNDNiSRV]WDQ|YpQ\HQ
$ OiUYiN IHMO GpVN VRUiQ QpJ\V]HU YHGOHQHN WHKiW |W IHMO GpVL VWiGLXPXNYDQ
$ OiUYiN IHMO GpVL IRNR]DWDLQDN V]iPD WHNLQWHWpEHQ D] iOWDOiEDQ WDSDV]WDOW |W IHMO GpVL IRNR]DWWDO QHP HJ\H] DGDWRN LV WDOiOKDWyN D]
LURGDORPEDQËJ\.OHLQ3DOHV]WLQiEDQDNNRUPpJQHPYROW,]UDHO iOODP XWyEEL EDQ DODNXOW &RV K PpUVpNOHWHQ WDUWRWW WHQ\pV]HWHLEHQ LQJDGR]y IHMO GpVL VWiGLXPV]iPRW ILJ\HOW PHJ 1HYH]HWHVHQ D]W tUMD KRJ\ KiURP pV |W N|]|WW YiOWR]RWW D IHMO GpVL VWiGLXPRN V]iPD (]]HO V]HPEHQ *DUGLQHU NtVpUOHWHLEHQ D] pQ YL]VJiODWDLPKR] KDVRQOyDQ PLQGHQ HVHWEHQ |W IHMO GpVL VWiGLXPRW iOODStWRWW PHJ $] RURV] 6FVHJROHY pV D PDJ\DU 8EUL]V\ pV 5HLFKDUWV]LQWpQ|WOiUYDVWiGLXPUyOWHV]QHNHPOtWpVW
$NiSRV]WDOHSNHEiER]yGiVDpViWWHOHOpVH
0HJILJ\HOpVHLP V]HULQW D NLIHMOHWW WiSOiONR]iVXNDW EHIHMH]HWW OiUYiN HOKDJ\MiNDQ|YpQ\HNHWpVD]RNN|]YHWOHQN|]HOpEHQDOHJNO|QE|] EE IDMRNKR] WDUWR]y Q|YpQ\HN V]iUDLQ KD D N|]HOEHQ YDQ NHUtWpVHN OpFHLQ V W Ki]DN IDOiQ LV EHEiER]yGQDN 1DJ\RQ ULWND HVHWEHQ I OHJ D Q\iUL QHP]HGpNHN OiUYiL D NiSRV]WD OHYHOHLQ EiER]yGWDN EH $] RURV]
6FVHJROHY DODSYHW PXQNiMiEDQ LV KDVRQOy EiER]yGiVL KHO\HNHW HPOtW
$],QGLiEDQYpJ]HWWYL]VJiODWRNDODSMiQ0XNHUMLD]WtUMDKRJ\
D 3 EUDVVLFDH D WDODMEDQ LV EiER]yGLN (KKH] KDVRQOy DGDWRW D 3 EUDVVLFDHYDOIRJODONR]yLURGDORPEDQQHPWDOiOWDP
*DUGLQHU PHJiOODStWiVD V]HULQW PHJHJ\H] HQ VDMiW PHJILJ\HOpVHLPPHOD]RNDOiUYiNDPHO\HNE OiWWHOHO EiERNIHMO GQHN J\DNUDEEDQKHO\H]NHGQHNHOYt]V]LQWHVHQPLQWIJJ OHJHVHQ9pOHPpQ\H V]HULQW D] LO\HQ KHO\]HWEHQ iWWHOHO EiERNQDN QDJ\REE HVpO\N YDQ D]
iWWHOHOpVUH
$NiSRV]WDOHSNHOiUYD D EiER]yGiVHO WWDSXSD FLQJXODWDUpV]pUHNLV IRQDOSiUQiWpVDWRURQiWYHWHWWKXUNRWNpV]tW
$ EiEiOODSRW LGHMH D Q\iUL QHP]HGpNHNLJ EH]iUyODJ HOV VRUEDQ D K PpUVpNOHWIJJYpQ\H6]DEDGI|OGLLQV]HNWiULXPEDQWDUWRWWEiERNEyO QDSLEiEiOODSRWXWiQNLNHOWHNDOHSNpN
$ Q\iU YpJpQ EiER]yGy HJ\HGHN PiU iWWHOHOQHN ~J\QHYH]HWW Q\XJDOPL GRUPDQFLD iOODSRWEDQ DPHO\ D QDSSDORN U|YLGOpVpYHO PiV V]yYDODIRWRSHULyGXVVDOiOO|VV]HIJJpVEHQ(UU OE YHEEHQDN|YHWNH]
IHMH]HWHNEHQOHV]V]y
$NiSRV]WDOHSNHWHUPpV]HWHVHOOHQVpJHL
$SDUD]LWRLGRNQDN ± NO|Q|VHQ D+\PHQRSWHUD UHQGEH WDUWR]yNQDN
± QDJ\ MHOHQW VpJH YDQ D NiSRV]WDOHSNH SRSXOiFLy GLQDPLNiMiQDN DODNXOiViEDQ $ NiSRV]WDOHSNHSDUD]LWRLGRN SROLIiJRN QHP LVPHUHWHV FVDNHUUHDURYDUIDMUDVSHFLDOL]iOyGRWWSDUD]LWRLG
$ 3 EUDVVLFDH OHJLVPHUWHEE WRMiVSDUD]LWRLGMD D 7ULFKRJUDPPD HYDQHVFHQV:(67:22' 0XVWDWDpV$QGULHVFX LQ)HOWZHOO PHJiOODStWRWWD KRJ\ D JD]GDiOODW WRMiVDLEDQ WRMiVRQNpQW 7 HYDQHVFHQVHJ\HGIHMO GKHWNL0iUDHVpYHNN|]HSpQHUHGPpQ\HVHQ KDV]QiOWiNH]WDWRMiVSDUD]LWRLGRWDELROyJLDLYpGHNH]pVEHQ0RLVHHYDHW DO
$V]DNLURGDOPLPHJiOODStWiVRNV]HULQWDNiSRV]WDOHSNHOHJMHOHQW VHEE OiUYDSDUD]LWRLGMD D]$SDQWHOHV JORPHUDWXV / ( IDM Q VWpQ\H D] HOV VWiGLXP~NiSRV]WDOHSNHOiUYiEDWHV]LDWRMiVDLW2UPHURG*DXWLHU *DWHQE\ LQ )HOWZHOO $]$ JORPHUDWXV /
KDWpNRQ\ViJDDWHUPpV]HWEHQN|]|WWPR]RJ)HOWZHOO$]
HPOtWHWW V]HU] H]HQ PHJiOODStWiViW NO|QE|] RUV]iJRNEyO pV HOWpU pYHNE OV]iUPD]yDGDWRNUDDODSR]WD
0DVOHQQLNRYD LQ 9LNWRURY GLDSDX]D YL]VJiODWDL VRUiQ D]W iOODStWRWWD PHJ KRJ\ D NiSRV]WDOHSNH OiUYiMiEDQ IHMO G $ JORPHUDWXVIRWRSHULyGXVYiOWR]iVUDDGRWWUHDNFLyMDFVDN&RQHJ\H]LN PHJ D JD]GDiOODWpYDO $ODFVRQ\DEE & LOO PDJDVDEE &
K PpUVpNOHWHQ D SDUD]LWRLG pV D 3 EUDVVLFDH GLDSDX]D EDQ PHJQ\LOYiQXOyIRWRSHULyGXVUHDNFLyMDQDJ\RQNO|QE|]LNHJ\PiVWyO
$ NiSRV]WDOHSNH OiUYDSDUD]LWRLGMDL N|]p WDUWR]LN D +\SRVRWRU HEHQLPXV *5$9(1+2567 LV (] D SDUD]LWRLG D JD]GDiOODWRQ EHOO EiER]yGLNV]HPEHQD]$JORPHUDWXVV]DO
$NiSRV]WDOHSNHEiESDUD]LWRLGRNN|]ODOHJJ\DNRULEED3WHURPDOXV SXSDULXP /,11$(86 QHY IDM $ 3 SXSDULXP Q VWpQ\H D IULVVHQ EiER]yGRWW3 EUDVVLFDHED UDNMD WRMiVDLW 7XUQHU LQ )HOWZHOO HJ\ DONDORPPDO HJ\ SDUD]LWiOW3 EUDVVLFDH EiEEyO KtP pV Q VWpQ\3SXSDULXPLPiJyHO M|YHWHOpWUHJLV]WUiOWD
$ NiSRV]WDOHSNH EiESDUD]LWRLGMDL N|]p WDUWR]LN PpJ D +HPLWHOHV PHODQDULXV *5$9(1+2567 D 3LPSOD LQVWLJDWRU )$%5 pV D 3LPSOD WXULRQDOODH/
$ 'LSWHUD UHQGEH WDUWR]y 3 EUDVVLFDH SDUD]LWRLGRN |W URYDUFVDOiGEyO 'URVRSKLOLGDH 3KRULGDH 6DUFRSKDJLGDH 6\USKLGDH 7DFKLQLGDH NHUOQHN NL $ OHJMREEDQ LVPHUW IDM D7DFKLQLGDH FVDOiGKR]
WDUWR]y&RPSVLOXUDFRQFLQQDWD0(,*(1
$ 1HPDWRGD RV]WiO\ED WDUWR]y HQGRSDUD]LWRLG IRQiOIpUHJ D 1HRDSOHFWDQD IHOWLDH SLHULGXP NiSRV]WDOHSNHJ\pUtW V]HUHSpU O 6WDQXV]HNLQ)HOWZHOOV]iPROWEH
$ NiSRV]WDOHSNH URYDUSUHGiWRUDL N|]O D +\PHQRSWHUD UHQGKH]
WDUWR]y KDQJ\D pV GDUi]VIDMRN QpKiQ\ SRORVND +HWHURSWHUD LOO D
&ROHRSWHUDUHQGKH]WDUWR]yQpKiQ\OHYpOERJiUpUGHPHOILJ\HOPHW
$ PDGDUDN N|]O )HOWZHOO KDUPLQF RO\DQ IDMW VRURO IHO DPHO\HNSXV]WtWMiNDNiSRV]WDOHSNHOiUYiNDW
0iV iOODWFVRSRUWED WDUWR]y SUHGiWRURN N|]O pUGHNHV 5RHU LQ )HOWZHOOKi]LHJpUUHYRQDWNR]yPHJILJ\HOpVHPHO\V]HULQWD]PHJ WXGMDNO|QE|]WHWQLDSDUD]LWiOWLOODQHPSDUD]LWiOWNiSRV]WDOHSNHEiERW pVFVDNDSDUD]LWiOWDNDWIRJ\DV]WMDHO$J\tNRNQDNpVEpNiNQDNLVNHGYHOW WiSOiOpNDDNiSRV]WDOHSNHOiUYD
$ URYDUHY Q|YpQ\HN N|]O :LOOLDPV LQ )HOWZHOO PHJILJ\HOpVHLV]HULQWHJ\D'URVHUDJHQXVEDWDUWR]yQ|YpQ\IDMD](VVH[
V]LJHWHQ W|EE PLOOLy PLJUiOy 3 EUDVVLFDH LPiJyW HMWHWW FVDSGiED KHNWiURQNpQW
$URYDUSDWRJpQEDNWpULXPRNYtUXVRNpVJRPEiNN|]OILJ\HOHPUH PpOWyD%DFLOOXVWKXULQJLHQVLV%(5/,1(5EDNWpULXP3EUDVVLFDHOiUYiNUD J\DNRUROW SXV]WtWy KDWiVD $ EDNWHULiOLV NpV]tWPpQ\HN SO 'LSHO
%DFWXFLGVWEHUHGPpQ\HVHQKDV]QiOKDWyND3EUDVVLFDHHOOHQLELROyJLDL YpGHNH]pVEHQ
$ NiSRV]WDOHSNH OiUYiNDW PHJEHWHJtW YtUXVRN N|]O D NpW OHJJ\DNRULEEWtSXVDJUDQXORVLVYLUXV*9pVDF\WRSOD]PDWLFSROLHGURVLV YLUXV&39
$URYDUSDWRJpQJRPEiNN|]OD%HDXYHULDEDVVLDQDWKDV]QiOWiNIHO HO V]|U D NiSRV]WDOHSNH HOOHQL YpGHNH]pVEHQ $UQDXG 3RVSHORY LQ)HOWZHOO)LQQRUV]iJEDQ.DQHUYLQ)HOWZHOO D3EUDVVLFDHHOOHQMHOHQW VVLNHUUHOKDV]QiOWDIHOD](QWRPRSKWRUD VSKDHURVSHUPD QHY JRPEiW %XUJHV V]HULQW QpPHO\ OHSNHIDM HVHWpEHQ HUHGPpQ\HV OHKHW D URYDUSDWRJpQ JRPEiN IHOKDV]QiOiVD D NiSRV]WDOHSNHHVHWpEHQD]RQEDQNpWVpJEHYRQWDHQQHNVLNHUpW
$URYDURNQ\XJDOPLiOODSRWD
$Q\XJDOPLiOODSRWiOWDOiQRVLURGDOPLiWWHNLQWpVH
$] pO V]HUYH]HWHN pOHWN IRO\DPiQ IHMO GpVN PHJKDWiUR]RWW IHMO GpVL V]DNDV]iEDQ Q\XJDOPL iOODSRWEDQ NpSHVHN PDUDGQL (] D WXODMGRQViJXN D] iOODQGyDQ YiOWR]y N|UQ\H]HW KDWiViUD DODNXOW NL D W|U]VIHMO GpVVRUiQ
$ Q\XJDOPL iOODSRWRN N|]|WW QDJ\ NO|QEVpJHN YDQQDN HOV GOHJHVHQ D Q\XJDOPL iOODSRWRW HO LGp] RNRN NO|QE|] VpJpEHQ pV D Q\XJDOPL iOODSRW PpO\VpJpEHQ (] NpSH]L D] DODSMiW D Q\XJDOPL iOODSRWRN RV]WiO\R]iViQDN
ÈEUDKiP NpW FVRSRUWRW iOOtW V]HPEH D] DNWtY pOHWHW V]HPEHW Q pOHWMHOHQVpJHN D ODWHQV pOHWWHO QLQFVHQHN pV]UHYHKHW pOHWMHOHQVpJHN
.HLOLQ LQ 6iULQJHU NpW QDJ\ FVRSRUWRW iOOtW IHO HJ\LN D FU\SWRELR]LV D V]HUYH]HW QHP PXWDW DQ\DJFVHUpW D PiVLN D GRUPDQF\
D]DQ\DJFVHUHHU VHQOHFV|NNHQW$GRUPDQF\QpYHQHPOtWHWWQ\XJDOPL
iOODSRWKR] VRUROMD D KLEHUQiFLyW D] HV]WLYiFLyW D NYLHV]FHQFLiW pV D GLDSDX]iW
9DUMDV ~MDEE FVRSRUWRVtWiViEDQ MDYDVROMD KRJ\ D GRUPDQF\
iOODSRWRQ EHOO NO|QtWVN HO D SULPHU GRUPDQF\ FVRSRUWRW PLQGD]RQ Q\XJDOPL iOODSRWRN DPHO\HNHW N|]YHWOHQO YDODPLO\HQ NHGYH] WOHQ WpQ\H] ± KLGHJ V]iUD]ViJ WiSOiOpNKLiQ\ ± YiOW NL pV D V]HUYH]HWHN pOHWpQHN EiUPHO\LN LG V]DNiEDQ IHOOpSKHWQHN pV D V]HNXQGHU GRUPDQF\
FVRSRUWRW PLQGD]RQ Q\XJDOPL iOODSRWRN DPHO\HN D WHUPpV]HWEHQ iOWDOiEDQDV]HUYH]HWpOHWFLNOXViQDNUpV]HNpQWMHOHQWNH]QHN
$ URYDURN Q\XJDOPL iOODSRWiUD YRQDWNR]y HOV LJD]L NtVpUOHWHNHW 'XFODX[ LQ %RQQHPDLVRQ YpJH]WH D VHO\HPOHSNpYHO
%RPE\[PRUL/
$ Q\XJDOPL iOODSRWRN RV]WiO\R]iViQDN pV QHYH]pNWDQiQDN YLWiMiED D]
DXV]WUiOLDL $QGUHZDUWKD LV EHNDSFVROyGYD NpW WtSXVW NO|QE|]WHWHWW PHJ ~J\PLQW D NYLHV]FHQFLiW pV D GLDSDX]iW $ QHYH]HWW V]HU] RV]WiO\R]iViW V]HUWH D YLOiJRQ HOIRJDGWiN pV D KD]DL V]DNLURGDORPEDQ LV D] $QGUHZDUWKDIpOH QHYH]pNWDQ KDV]QiODWRV 6iULQJHU
.YLHV]FHQFLDLOOHWYHPHUHYVpJDNHGYH] WOHQNOV WpQ\H] NKDWiViUD M|Q OpWUH pV D] H KDWiVRNQDN NLWHWW IHMO GpVL DODNRN V]LQWH D]RQQDO Q\XJDOPL iOODSRWED NHUOQHN $ NHGYH] WOHQ WpQ\H] N HOP~OWiYDO D Q\XJDOPL iOODSRW PHJV] QLN pV D IHMO GpVL DODN WRYiEE IRO\WDWMD pOHWWHYpNHQ\VpJpW &]HQF] D D NiSRV]WDPRO\ 3OXWHOOD PDFXOLSHQQLV &857 WHOHOpVL MHOOHJ]HWHVVpJHLW YL]VJiOYD DUUD D N|YHWNH]WHWpVUH MXWRWW KRJ\ H IDM WpOL Q\XJDOPL iOODSRWD LV NYLHV]FHQFLiQDNWHNLQWKHW
$GLDSDX]DLOOHWYH Q\XJYiV D Q\XJDOPL iOODSRWQDN D] D] HVHWH DPL DNNRU LV IHOOpS KD D N|UQ\H]HWL WpQ\H] N HVHWOHJ NHGYH] HN $] iOODW V]HUYH]HWpEHQ PpO\UHKDWy IL]LROyJLDL iWDODNXOiV PHJ\ YpJEH H]pUW PHJV] QpVpKH] IDMRQNpQW YiOWR]y KRVV]~ViJ~ LG UH YDQ V]NVpJ DEEDQ D] HVHWEHQ LV DPLNRU D WpQ\H] N RSWLPiOLVDN $ GLDSDX]D NpWIpOH OHKHW REOLJiW YDOyGL pV IDNXOWDWtY IHOWpWHOHV (] XWyEEL FVRSRUWRVtWiV 6WHLQEHUJpV.DPHQVN\LQ6iULQJHUQHYpKH]I ] GLN
2EOLJiWLOOHWYHYDOyGLGLDSDX]DDN|UQ\H]HWLYLV]RQ\RNWyOIJJHWOHQO OpS IHO pV |U|NOHWHVHQ GHWHUPLQiOW $] pYL HJ\QHP]HGpNHV XQLYROWLQ IDMRNQiO IRUGXO HO SO PXVWiUERJiU &RODSKHOOXV VRSKLDH 6&+$//
PiNWRNRUPiQ\RV &HXWRUK\QFKXV PDFXODDOED +(5%67 UHSFHV]iU RUPiQ\RV&TXDGULGHQV3$1=(5PLQWD]W6iULQJHULVLJD]ROWD
)DNXOWDWtY YDJ\ IHOWpWHOHV GLDSDX]iW D N|UQ\H]HWL WpQ\H] N N|]O HOV VRUEDQ D IRWRSHULyGXV YiOWMD NL (UUH D Q\XJDOPL iOODSRWUD MHOOHP]
KRJ\ D GLDSDX]iOy IHMO GpVL DODN PLQGLJ PiV PLQW D GLDSDX]iW PHJKDWiUR]y IRWRSHULyGXVUD pU]pNHQ\ IHMO GpVL DODN (] D Q\XJDOPL iOODSRW D] pYL W|EEQHP]HGpNHV PXOWLYROWLQ IDMRNQiO pUYpQ\HVO PLQW SO D EXUJRQ\DERJiU /HSWLQRWDUVD GHFHPOLQHDWD 6$< YDJ\ D] DPHULNDL IHKpU V]|Y OHSNH +\SKDQWULD FXQHD '585< HVHWpEHQ LV LVPHUHWHV -HUP\pV6iULQJHU
$ IRWRSHULyGXV MHOHQW VpJpW D URYDURN pOHWpEHQ HO V]|U 0DUFKRYLWFK LQ 6iULQJHU PXWDWWD NL OHYpOWHW YHO YpJ]HWW NtVpUOHWHLEHQPHO\V]HULQWD]$SKLVIRUEHVL:(('HOHYHQV]O DODNMDLQDN NLDODNXOiVD D QDSSDORN KRVV]iWyO IJJ .RJXUH LQ /HHV PHJiOODStWRWWDKRJ\D%RPE\[PRUL/HPEULRQiOLVGLDSDX]iMiWD]DQ\DL V]HUYH]HWHW pUW IRWRSHULyGXV YiOWMD NL /HHV PRQRJUiILiMiEDQ D
IRWRSHULyGXV pV GLDSDX]D N|]|WWL |NROyJLDL YRQDWNR]iVRNRQ W~OPHQ HQ IL]LROyJLDL NpUGpVHNHW LV WiUJ\DOW $ KD]DL IRWRSHULyGXV pV GLDSDX]D NXWDWiVRN -HUP\ pV 6iULQJHU YH]HWpVpYHO EHQ NH]G GWHN HO 'DQLOHYV]NLMPRQRJUiILiEDQIRJODOWD|VV]HD]iOWDODYH]HWHWW NXWDWyFVRSRUW PiVRGLN YLOiJKiERU~W N|YHW HQ HONH]GHWW PpO\UHKDWy GLDSDX]D pV IRWRSHULyGXV NXWDWiVDLQDN HUHGPpQ\HLW pV D] LGHYRQDWNR]y YLOiJLURGDOPDW$URYDURNDW'DQLOHYV]NLM±DIRWRSHULyGXVUDDGRWW YiODV]XN DODSMiQ ± KRVV]~ pV U|YLGQDSSDORV YDODPLQW iWPHQHWL WtSXVED MDYDVROWDVRUROQL
$ KRVV]~QDSSDORVIDMRN IHMO GpVH KRVV]~ QDSSDORQ yUiQiO KRVV]DEE QDSL PHJYLOiJtWiV GLDSDX]D QpONO W|UWpQLN 5|YLG QDSSDORQ yUiQiO U|YLGHEE QDSL PHJYLOiJtWiV D] HJ\HV IDMRN IHMO GpVH QHP PXWDW HJ\VpJHV NpSHW ËJ\ SO D *UDSKROLWDPROHVWD %86& GLDSDX]D V]i]DOpND PiU QDSL /' yUiV IRWRSHULyGXV DODWW HU VHQ FV|NNHQ D]
$FURQ\WDUXPLFLV/IDMQiOSHGLJFVDN/'yUDLIRWRSHULyGXVRQiOOEH KLUWHOHQFV|NNHQpV
1DJ\RQ pUGHNHV D /HSWLQRWDUVD GHFHPOLQHDWD 6$< YLVHONHGpVH +RVV]~QDSSDORQ D SRSXOiFLyQDN NE FVDN D D IHMO GLN GLDSDX]D QpONO D W|EEL GLDSDX]iO 5|YLG QDSSDORQ D] HJpV] EXUJRQ\DERJiU SRSXOiFLyGLDSDX]iO
$KRVV]~QDSSDORVURYDURNJ|UEpLQYpJLJWHNLQWYHiEUDOiWKDWyHJ\
UHQGNtYO PHUHGHN V]DNDV] PHO\HW NULWLNXV IRWRSHULyGXVQDN YDJ\
NULWLNXVPHJYLOiJtWiVLV]DNDV]QDNLOOHWYHLG QHNQHYH]QN
$ PpUVpNHOW pJ|YEHQ D PL V]pOHVVpJL IRNXQNRQ D URYDURN IHMO GpVpUH DONDOPDV LG V]DNEDQ PiUFLXVWyO V]HSWHPEHU YpJpLJ QDJ\MiEyO pV yUD N|]|WW YiOWR]LN D QDSSDOKRVV]~ViJ pV D
IRWRSHULyGXV iOWDO LQGXNiOW GLDSDX]DJ|UEpNE O J\DNRUODWL V]HPSRQWEyO FVDNH]DV]DNDV]pUGHNHVV]iPXQNUD
/DVSH\UHVLDPROHVWD% &RQ'LFNVRQQ\RPiQ 3LHULV EUDVVLFDH / &RQ 'DQLOHYV]NLM pV *HLVSLWV Q\RPiQ $FURQ\FWD UXPLFLV / &RQ 'DQLOHYV]NLM Q\RPiQ /HSWLQRWDUVD GHFHPOLQHDWD 6 &RQ 'H :LOGH HWDOQ\RPiQ
iEUD1pKiQ\KRVV]~QDSSDORVIDMUDMHOOHP] GLDSDX]DJ|UEH
$ U|YLGQDSSDORVIDMRNKR] WDUWR]y URYDUIDMRN U|YLG QDSSDORQ PHJV]DNtWiV QpONO IHMO GQHN pV KRVV]~QDSSDORQ OpSQHN GLDSDX]iED (QQHND FVRSRUWQDNOHJLVPHUWHEENpSYLVHO MH D%RPE\[ PRUL /ELYROWLQ UDVV]D .RJXUH $ iEUiQ OiWKDWy KRJ\ HQQpO D IDMQiO D KRVV]~QDSSDORQ VHP OpS IHO GLDSDX]D EDQ FVDN PLQWHJ\
EDQ$%PRULWRMiViOODSRWEDQGLDSDX]iO
yUD
'LDSDX]D
yUD
'LDSDX]D
6WHQRFUDQXVPLQXWXV)0OOHUQ\RPiQ%RPE\[PRUL/
.RJXUHQ\RPiQ
iEUD$U|YLGQDSSDORVIDMRNMHOOHJ]HWHVGLDSDX]DJ|UEpMH
yUD
'LDSDX]D
/HXFRPDVDOLFLV/(XSURFWLVVLPLOLV) *HLVSLWV Q\RPiQ 2VWULQLD QXELODOLV + pV]DNL IRUPD 'DQLOHYV]NLM Q\RPiQ
iEUD$]iWPHQHWLLQWHUPHGLHUWtSXVKR]WDUWR]yIDMRN GLDSDX]DJ|UEpMH
$] iWPHQHWL LQWHUPHGLHU WtSXVKR] WDUWR]y IDMRN GLDSDX]D QpONOL IHMO GpVH FVDN HJ\ V] N IRWRSHULyGXV LQWHUYDOOXPRQ EHOO PHKHW YpJEH /'yUDLIRWRSHULyGXV$U|YLGQDSSDORNKDWiVDDODWWYL]VJiOW IDMRNEDQGLDSDX]iOQDNDPLDiEUiQOiWKDWy$]HEEHDWtSXVED WDUWR]yIDMRNQHPHJ\VpJHVHQUHDJiOQDNDIRWRSHULyGXVUD
$ 'DQLOHYV]NLM iOWDO MDYDVROW IHQWHEEL KiUPDV FVRSRUWRVtWiV HOpJWHOHQQHNEL]RQ\XOW/HHVLQ6iULQJHUPXQNiMiEDQPiUD NpW V]pOV FVRSRUW U|YLG± pV KRVV]~QDSSDORV PHOOHWW U|YLGKRVV]~
QDSSDORVpVKRVV]~U|YLGQDSSDORVFVRSRUWRWLVPHJNO|QE|]WHW
$NiSRV]WDOHSNHQ\XJDOPLiOODSRWiUDYRQDWNR]yLURGDOPL iWWHNLQWpV
$ 3 EUDVVLFDH Q\XJDOPL iOODSRWiQDN YL]VJiODWiYDO pUGHPEHQ OHJW|EEHW RURV] QpPHW pV IUDQFLD NXWDWyN IRJODONR]WDN 0DHUFNV pV .R]KDQFKLNRY ODERUDWyULXPL N|UOPpQ\HN N|]|WW PHJiOODStWRWWD KRJ\ D3 EUDVVLFDH GLDSDX]D K PpUVpNOHWL NV]|EpUWpNH WHOMHV V|WpWVpJEHQ pV & N|]|WW LQJDGR]LN 'DQLOHYV]NLM RV]WiO\R]iVD V]HULQW D 3 EUDVVLFDH D KRVV]~QDSSDORV URYDUIDMRNKR]
WDUWR]LN
'DQLOHYV]NLM pV *RU\VLQ PHJiOODStWiVD V]HULQW D KRVV]~QDSSDORV URYDUIDMRNQiO D PDJDV K PpUVpNOHW NpSHV IHOROGDQL D IRWRSHULyGXV KDWiViW $ U|YLG QDSSDORQ GLDSDX]iOy HJ\HGHN Q\XJDOPL iOODSRWiW D & N|UOL K PpUVpNOHW NpSHV PHJ]DYDUQL 7HOMHV yUiV V|WpWVpJEHQ pV & I|O|WW NLQHYHO G|WW3 EUDVVLFDH EiESRSXOiFLy QHP GLDSDX]iOWGHDK PpUVpNOHWFV|NNHQpVpYHOPiU &RQD3EUDVVLFDH
SRSXOiFLyQDN D GLDSDX]iOW 7RYiEEi PHJiOODStWRWWiN KRJ\ D yUiV PHJYLOiJtWiV PHOOHWW QHYHOW3 EUDVVLFDH OiUYDSRSXOiFLy EiE XWyGDL PpJD &RVK PpUVpNOHWHQVHPGLDSDX]iOWDN
'DQLOHYV]NLM pV *OLQMDQDMD PHJiOODStWiVDL V]HULQW D WHOMHV V|WpWVpJEHQ QHYHO G|WW URYDURN MREEDQ pU]pNHOLN D K PpUVpNOHW YiOWR]iVDLW
'DQLOHYV]NLM V]HULQW D IRWRSHULyGXV KDWiVD D 3 EUDVVLFDH HXUySDL UDVV]iQDN IHMO GpVPHQHWpUH OHJMREEDQ pV & N|]|WW pUYpQ\HVOW ( K PpUVpNOHWL KDWiURQ EHOO D NULWLNXV PHJYLOiJtWiV KRVV]~ViJiQDNpUWpNHJ\DNRUODWLODJQHPYiOWR]RWWPtJ &pV &RQ DIRWRSHULyGXVGLDSDX]iWLQGXNiOyKDWiVDQHPpUYpQ\HVOW
*RUVLQPHJILJ\HOWHKRJ\D]DODFVRQ\pMV]DNDLK PpUVpNOHWHN QHP YiOWR]WDWWiN D NULWLNXV IRWRSHULyGXV pUWpNpW GH D PDJDV pMV]DNDL K PpUVpNOHWHN~J\ROGRWWiNIHODGLDSDX]DKDWiViWPLQWKDD]RNyUiQ iW KDWRWWDN YROQD (EE O D] DGDWEyO PHJiOODStWKDWy KRJ\ D NULWLNXV IRWRSHULyGXV pUWpNpUH QDJ\REE KDWiVVDO YDQ D] pMV]DNDL PLQW D QDSSDOL K PpUVpNOHW V]LQWMH $ K PpUVpNOHWQHN QDJ\ KDWiVD YDQ D IHQROyJLDL YLV]RQ\RN DODNXOiViUD DPHO\ IJJ D IRWRSHULyGXVWyO (] LV PDJ\DUi]]D KRJ\ D WHUPpV]HWEHQ D GLDSDX]D EHN|YHWNH]pVpQHN LGHMH D NO|QE|]
K PpUVpNOHW pYHNEHQ MHOHQW VHQ YiOWR]LN 0iVLN ROGDOUyO SHGLJ N|]LVPHUW KRJ\ D QDSSDO KRVV]~ViJD EHIRO\iVROKDWMD D GLDSDX]D K PpUVpNOHWLNV]|EpUWpNpW
'DQLOHYV]NLMD]WWDSDV]WDOWDKRJ\D6]HQW3pWHUYiUN|UQ\pNL3 EUDVVLFDH SRSXOiFLy HOV QHP]HGpNH ± DPHO\ D M~QLXVL KRVV]~ QDSSDORQ IHMO GLN±VRKDVHPGLDSDX]iOSHGLJDK PpUVpNOHWQHPULWNiQ &QiO LV DODFVRQ\DEE $ PiVRGLN V]L QHP]HGpN U|YLG QDSSDORQ IHMO GLN
DPLNRU LV HO IRUGXO KRJ\ D K PpUVpNOHW PDJDVDEE PLQW D] HOV QHP]HGpNIHMO GpVpQpOYROW & &pVDKHUQ\yNPpJLVGLDSDX]iOy EiERNNiDODNXOQDNiW
'XPRUWLHUpV%UXQQDULXVPHJiOODStWRWWiNKRJ\&NO|QEVpJ
± D & K PpUVpNOHW LQWHUYDOOXPRQ EHOO ± KDWiVRV D GLDSDX]D LQGXNFLyPHJYiOWR]WDWiViEDQ
$] HGGLJL YL]VJiODWL HUHGPpQ\HN D]W PXWDWMiN KRJ\ D IRWRSHULyGXV UHDNFLyKDWpNRQ\K PpUVpNOHWLLQWHUYDOOXPRSWLPXPDRO\DQK PpUVpNOHWL pUWpNHNHQ WDOiOKDWy DPHO\HN D IRWRSHULyGXVUD pU]pNHQ\ VWiGLXPRN IHMO GpVpKH]DOHJNHGYH] EEHN
6RN EiEDODNEDQ GLDSDX]iOy URYDUIDM LVPHUHWHV LGH VRUROKDWy D3 EUDVVLFDHLV(]HNDIDMRNHJ\NRUiEELIHMO GpVLVWiGLXPEDQpU]pNHOLND]W DIRWRSHULyGXVWDPHO\PHJKDWiUR]]DSXSiOLVGLDSDX]iMXNDW'DQLOHYV]NLM PHJiOODStWiVDL V]HULQW D3 EUDVVLFDH OiUYiN IpQ\pU]pNHQ\VpJH D]
HJpV] IHMO GpVPHQHW DODWW iOODQGy $3 EUDVVLFDH SRSXOiFLyN RV GLDSDX]iMiKR] & PHOOHWW yUiV U|YLG IRWRSHULyGXV KDWiVD V]NVpJHV
$ IUDQFLD &ODUHW LQ %HFN V]HULQW D3 EUDVVLFDHEiE GLDSDX]iMD D NpW XWROVy IHMO GpVL IRNR]DW / / IRWRSHULyGXV YLV]RQ\DLWyO IJJ GH D GLDSDX]D EHN|YHWNH]WpW PHJ OHKHW DNDGiO\R]QL KRVV]~QDSSDORNKDWiViYDOEiUPHO\LNOiUYDVWiGLXPEDQHJpV]HQD]|W|GLN OiUYDVWiGLXPNH]GHWpLJ
6SLHWK PHJiOODStWRWWD KRJ\ D3 EUDVVLFDH HVHWpEHQ D IpQ\ pV V|WpWVpJFLNOXVUDYDOypU]pNHQ\VpJDPiVRGLNOiUYDVWiGLXPEDQNH]G GLN pVDOHJpU]pNHQ\HEEDYHGOpVXWiQLPiVRGLNQDSRQ(]D]pU]pNHQ\VpJD]
|W|GLN OiUYDVWiGLXPLJ WDUW D]XWiQ URKDPRVDQ FV|NNHQ pV D EiER]yGiV
HO WW PHJV] QLN 9pOHPpQ\H V]HULQW H] D IRWRSHULyGXVpU]pNHQ\VpJ IDMVSHFLILNXV pV NO|QE|] SRSXOiFLyNUD YRQDWNR]WDWYD LV iOODQGy )LJ\HOHPUH PpOWy PHJILJ\HOpV KRJ\ D 3 EUDVVLFDH HVHWpEHQ ± HOOHQWpWEHQDW|EELIDMMDO±DIRWRSHULyGXVUHDNFLyEDQNHYpVEpOiWV]DQDND NO|QEVpJHN D NO|QE|] I|OGUDM]L SRSXOiFLyN N|]|WW 'DQLOHYV]NLM
%QQLQJ pV -|UUHQV YDODPLQW 'DQLOHYV]NLM PHJiOODStWiVDL V]HULQW OpWH]LN HJ\ QDSKRVV]~ViJL NV]|EpUWpN DPHO\
VHJtWVpJpYHO D3 EUDVVLFDHNpSHV PHJNO|QE|]WHWQL D U|YLG pV D KRVV]~
QDSSDORN FLNOXViW (] D ÄPLQ VpJL´ pU]pNHOpVH D U|YLG pV KRVV]~
IRWRSHULyGXVRNQDNDURYDURNW|EEVpJpQpOpVQpKiQ\DWNDIDMQiOLVLVPHU V 7\VKHQNR pV*RU\VKLQYDODPLQW9RONRYLFVpV*RUVKLQLV PHJHU VtWHWWpN H]W D] iOOtWiVW D3 EUDVVLFDH HVHWpEHQ 6SLHWK LQ 6SLHWKDQG6DXHUNpV EELNtVpUOHWHLD]RQEDQNpWVpJEHYRQWiND]WD WpQ\ KRJ\ D3 EUDVVLFDH GLDSDX]D LQGXNFLyEDQ P N|GLN H] D NV]|E DPHO\ D IRWRSHULyGXV KRVV]~ViJiW U|YLG LOOHWYH KRVV]~ QDSRNUD RV]WiO\R]]D
9HHUPDQpVPWVV]HULQWHJ\U|YLGQDSpUWpNHQHPPLQGLJIHOHO PHJ HJ\ LQGXNiOy HVHPpQ\QHN pV YiOWR]KDW LV D PHQQ\LVpJH $ PHQQ\LVpJL ~WRQ W|UWpQ IRWRSHULyGXVPpUpVW =DVODYV]NL\ pV )RPHQNR PHJHU VtWHWWpN
=DVODYVNL\NLGROJR]WDDIRWRSHULyGXVpVK PpUVpNOHWIL]LROyJLDL KDWiViQDN PRGHOOMpW 0XQNiMiEDQ PiVNpSSHQ RV]WiO\R]]D D URYDURNDW D IRWRSHULyGXVUD DGRWW YiODV]XN DODSMiQ ~J\ KRJ\ D 'DQLOHYV]NLM IpOH RV]WiO\R]iVW NLE YtWL $ 3 EUDVVLFDHQpO D IRWRSHULyGXVUD DGRWW YiODV]W ~J\ KDWiUR]]D PHJ PLQW PLQ VpJL D IRWRSHULyGXV KDWiVD D
GLDSDX]iOy pV WRYiEE IHMO G HJ\HGHN V]i]DOpNiEDQ Q\LOYiQXO PHJ KRVV]~QDSSDORV NV]|E|V D KRVV]~QDSSDORV iOODWRN J|UEpLQ YpJLJWHNLQWYH D IRWRSHULyGXVVNiOD V] N V]DNDV]iEDQ OiWKDWXQN HJ\
UHQGNtYO PHUHGHN XJUiVW QHPOpSFV V D IRWRSHULyGXV YiOWR]iVDLUD DGRWW YiODV]W ± D GLDSDX]D J|UEpN DODSMiQ ± PHJ OHKHW HO UH KDWiUR]QL
$]XWROVyQHPOpSFV VWtSXV~YiODV]QHPPLQGLJYiOLNEHLJD]iQ
$QQDN HOOHQpUH KRJ\ D3 EUDVVLFDH pV]DNL UDVV]iQDN IRWRSHULyGXV NV]|EH QDJ\RQ VWDELO ± H]W D ODERUDWyULXPL NRQVWDQV K PpUVpNOHWHQ NOtPDNDPUiEDQ pV WHUPpV]HWL N|UOPpQ\HN N|]|WW YpJ]HWW NtVpUOHWHN HUHGPpQ\HL HJ\DUiQW LJD]ROWiN ± 'DQLOHYV]NLM YDODPLQW *RUVLQ pV 7VFVHQNR NO|QE|] pYHNEHQ YpJ]HWW NtVpUOHWHL D]W PXWDWWiN KRJ\ D WHUPpV]HWEHQ OpY SRSXOiFLyN MyYDO NRUiEEDQ YRQXOQDN GLDSDX]iED PLQW H]W D IRWRSHULyGXV NV]|E LQGRNROQi *RUVLQ pV
*HLV]SLF H]W D] HVHWHW D3 EUDVVLFDH UHJJHOL pV NRUDHVWL yUiNEDQ pV]OHOWFV|NNHQWIpQ\pU]pNHQ\VpJpYHOPDJ\DUi]WiNDPLD]WMHOHQWLKRJ\
D] DNWtY IRWRSHULyGXV U|YLGHEE DQQiO PLQW DPHQQ\L 'DQLOHYV]NLM NtVpUOHWHLEHQV]HUHSHO
$ 3 EUDVVLFDHQpO NRUiEEDQ HONH]G G GLDSDX]D D] V]L QDS IRNR]DWRVU|YLGOpVpYHOPDJ\DUi]KDWy
+DVRQOy HVHWU O 6iULQJHU YDODPLQW 'HVH pV 6iULQJHU *UDSKROLWKD IXQHEUDQDUyO tUW PXQNiLEDQ ROYDVKDWXQN .tVpUOHWL HUHGPpQ\HLN V]HULQW yUiV IRWRSHULyGXVRQ OHJKRVV]DEE 0DJ\DURUV]iJRQ D V]LOYDPRO\ KHUQ\ySRSXOiFLyQDN D GLDSDX]iOW
$1<$*e60Ï'6=(5
0HJILJ\HOpVHLPHW D .HV]WKHO\L 0H] JD]GDViJWXGRPiQ\L .DU 1|YpQ\YpGHOPL,QWp]HWpEHQYpJH]WHPEHQ
$PHJILJ\HOpVHNKHO\V]tQHLpVWtSXVDLU|YLGHQD]DOiEELDNYROWDN
.OtPDNDPUiVPHJILJ\HOpVHNIRWRER[RNEDQ
iEUD.OtPDNDPUDIRWRER[RNNDODOHYHWWDMWDM~ER[RNEDQD KLJURV]WiWRNOiWKDWyN
/iUYDQHYHOpVKLJURV]WiWRNEDQ/ W ODEiEiOODSRWLJ D &RQyUiVPHJYLOiJtWiVPHOOHWW E&RQyUiVPHJYLOiJtWiVPHOOHWW F&RQyUiVPHJYLOiJtWiVPHOOHWW
$ IRWRSHULyGXVRNDW V]iPWDQL KDODGYiQ\ V]HULQW YiODV]WRWWXN D K PpUVpNOHWHNHWYLV]RQWQ|YHNY OpSWpNEHQ
&pO D NO|QE|] K PpUVpNOHWHQ pV IRWRSHULyGXVRQ QHYHOW KHUQ\y SRSXOiFLyN HVHWpEHQ PHJKDWiUR]QL D OiUYDIHMO GpVL LG W VWiGLXPRQNpQW D PRUWDOLWiVL V]i]DOpNRW WRYiEEi PHJiOODStWDQL D GLDSDX]DV]i]DOpNRWLV
,QV]HNWiULXPRVPHJILJ\HOpVHN
7HUPpNHQ\VpJYL]VJiODW
(J\HGIHMO GpVLYL]VJiODWQHP]HGpNV]iPPHJiOODStWiVD /iUYDLOOHWYHEiESDUD]LWiOWViJLYL]VJiODWRN
0LNURV]NySRVYL]VJiODWRNPRUIROyJLDLPHJILJ\HOpVHN
$]HJ\HVPRUIROyJLDLDODNRNOHtUiVD
$NO|QE|] IHOWpWHOHNN|]|WWIRWRSHULyGXVK PpUVpNOHWQHYHO G|WW NiSRV]WDOHSNHOiUYiNIHMWRNV]pOHVVpJpQHNPpUpVH
/ |V VWiGLXPEDQ OpY OiUYD WRU pV SRWURKV]HOYpQ\HLQHN YDODPLQW IHMWRNFKDHWRWD[LiMiQDNHONpV]tWpVH
.OtPDNDPUiVPHJILJ\HOpVHN
$ NOtPDNDPUiV PHJILJ\HOpVHNHW M~QLXV iQ NH]GWHP HO HOV NtVpUOHWVRUR]DW D] ,QWp]HW 5RYDU|NROyJLDL /DERUDWyULXPiEDQ DPHO\HNKH] D NiSRV]WDOHSNH WRMiVRNDW D] 07$ 1|YpQ\YpGHOPL .XWDWyLQWp]HWpE O GU 9DUMDV /iV]OyWyO NDSWDP $ PHJILJ\HOpVHN D WRMiVRNEyONLNHOW/ HVVWiGLXP~OiUYiNUDDODSR]yGWDNiEUD
iEUD.iSRV]WDOHSNHWRMiVFVRPypV/ HVVWiGLXP~OiUYiN
$ NLNHOW OiUYiNDW WHUPpV]HWHV WiSQ|YpQ\HQ KLJURV]WiWRNEDQ HOKHO\H]HWW IHMHV NiSRV]WD %UDVVLFD ROHUDFHD FRQYDU FDSLWDWD YDU DOED OHYHOHNHQ QHYHOWHP IHO &RV NOtPDNDPUiEDQ /' PHJYLOiJtWiV~ IRWRER[RNEDQ + PpUVpNOHWHQNpQW pV
IRWRSHULyGXVRQNpQW PLQGHQ YL]VJiODWEDQ OiUYiW QHYHOWQN IHO +LJURV]WiWRQNpQW HJ\HJ\ OiUYiW $ KLJURV]WiWRN FP iWPpU M Yt]]HO IpOLJ W|OW|WW NHUHN YHJHGpQ\E O iOOWDN DPHO\HNHW YiV]RQQDO IHGWHP OH
$ YiV]RQUD V] U SDStU NRURQJRW KHO\H]WHP PDMG HUUH NHUOW D] FP PDJDV 3HWULFVpV]pKH] KDVRQOy YHJERUtWy (] XWyEELDN KHO\pUH D EiELG YpJpQ ± D OHSNpN V]iPiUD QDJ\REE KHO\HW EL]WRVtWy ± FP PDJDVL]ROiWRUKHQJHUHNNHUOWHN
$PiVLNODERUDWyULXPLNtVpUOHWVRUR]DWRNWyEHUiQNH]G G|WW /'&RQ pV PHJYLOiJtWiVRQ 0LYHO D NOtPD NDPUiNEDQ HJ\V]HUUH FVDN IRWRER[ YROW KDV]QiOKDWy D pV yUiV PHJYLOiJtWiV FVDN LVPpWHOW NtVpUOHW EHiOOtWiViYDO YROW OHKHWVpJHV (QQHN PHJYDOyVtWiViWQHKH]tWHWWHDWRMiVRNEHJ\ MWpVHDNpV V]LLG V]DNEDQ$
QHYHOpVVRUiQIHOMHJ\H]WHPDOiUYiNSXV]WXOiViWH]DONDORPPDONHUOWVRU DNiSRV]WDOHYHOHNFVHUpMpUHLVWRYiEEi±ILQRPHFVHWWHO±NLJ\ MW|WWHPD OHYHGOHWW IHMWRNRNDW K PpUVpNOHWHQNpQW pV IRWRSHULyGXVRQNpQW HONO|QtWYH$PHJILJ\HOpVHNIRQWRVUpV]pWNpSH]WHDGLDSDX]iOyEiERN LOODWRYiEEIHMO G HJ\HGHNV]iPiQDNIHOMHJ\]pVHLV
$ IRWRSHULyGXVQDN pV D K PpUVpNOHWQHN D NiSRV]WDOHSNH HJ\HGIHMO GpVpUHLOOHWYHGLDSDX]DYLV]RQ\iUDJ\DNRUROWKDWiViWEHQ WRYiEE YL]VJiOWXN $] DOiEELDNEDQ LVPHUWHWpVUH NHUO YL]VJiODW PyGV]HUH D] HO ] pYLKH] KDVRQOy YROW D K PpUVpNOHWL pUWpNHN PHJYiOWR]WDWiViYDO
$] pYL HOV ODERUDWyULXPL NtVpUOHWVRUR]DW PiMXV pQ NH]G G|WW $ NiSRV]WDOHSNH WRMiVDLEyO NLNHOW OiUYiNDW WHUPpV]HWHV WiSQ|YpQ\HQ±KLJURV]WiWRNEDQHOKHO\H]HWWNiSRV]WDOHYHOHNHQ±QHYHOWN IHO &RV NOtPDNDPUiEDQ /' PHJYLOiJtWiV~
IRWRER[RNEDQ LOOHWYH &RV NOtPDNDPUiEDQ /' PHJYLOiJtWiV~ IRWRER[RNEDQ $ PiVRGLN NtVpUOHWVRUR]DW DPHO\
M~OLXV pQ NH]G G|WW &RQ pV /' IRWRSHULyGXVRQ W|UWpQW
,QV]HNWiULXPRVPHJILJ\HOpVHN
$IHNXQGLWiVYL]VJiODWD
$ WHUPpNHQ\VpJL YL]VJiODWRN W|EEVpJpW D 1|YpQ\YpGHOPL ,QWp]HW .HV]WKHO\ NHUWMpEHQ iOOy IiNWyO iUQ\pNROW GH V]pOMiUWD V]DEDGI|OGL LQV]HNWiULXPEDQ YpJH]WHP $] LPiJyN QpJ\ FP PDJDV FP V]pOHVVpJ pV PpO\VpJ EDUDFNPRO\ WHQ\pV]WpVpUH KDV]QiOW NHWUHFHNEH NHUOWHN NHWUHFHQNpQW Q VWpQ\ pV KtP $] L]ROiWRURNED D] LPiJyN V]iPiUD YLUiJ]y J\RPQ|YpQ\HNHW pV P YLUiJKR] KDVRQOy HGpQ\HNEH Pp]HV YL]HW WHWWQN LOOHWYH D WRMiVUDNy Q VWpQ\HNQHN FVHUHSHV NiSRV]WDQ|YpQ\HNHW EL]WRVtWRWWXQN $] V]L LG V]DNEDQ D WHUPpNHQ\VpJL YL]VJiODWRW ODERUDWyULXPEDQ IRO\WDWWXN KDVRQOy WiSOiONR]iVL pV WRMiVUDNiVLIHOWpWHOHNNHOPLQWD]LQV]HNWiULXPEDQ$SiU]iVpVWRMiVUDNiV PHJILJ\HOpVH D ODERUDWyULXP &RV iWODJK PpUVpNOHW KHO\LVpJpEHQHOKHO\H]HWWFPKRVV]~FPV]pOHVpVFPPDJDV IDYi]DV WOOHO ERUtWRWW pV NpW NLV DMWyYDO HOOiWRWW NHWUHFEHQ W|UWpQW $ PHJIHOHO PHJYLOiJtWiVWW|EEPLQW/X[±/X[PpU YHONRQWUROOiOYD D]L]ROiWRUIHOHWWLQHRQFV|YHNLOOHWYHQpKiQ\DV]WDOLOiPSDEL]WRVtWRWWD$
PyGV]HUQN D 'DYLG pV *DUGLQHU iOWDO OHtUW QHYHOpVL PyGV]HUKH]KDVRQOtW
(J\HGIHMO GpVpVQHP]HGpNV]iPPHJiOODStWiVD
$ V]DEDGI|OGL LQV]HNWiULXPEDQ YpJ]HWW NtVpUOHWHN VRUiQ PHJILJ\HOpVHNHW YpJH]WHP D3EUDVVLFDH HJ\HGIHMO GpVpUH YRQDWNR]yDQ LV $ 3|O|VNHL )DMWDNtVpUOHWL ÈOORPiV NiSRV]WDSDUFHOOiLQ URYDUKiOy VHJtWVpJpYHO EHJ\ MW|WW NiSRV]WDOHSNH LPiJyNDW ÄEDUDFNPRO\ NHWUHFEH´
KHO\H]WHP $] LPiJyN V]iPiUD D PiU HO ] HNEHQ OHtUWDNKR] KDVRQOyDQ WiSOiONR]iVL pV WRMiVUDNiVL IHOWpWHOHNHW EL]WRVtWRWWXQN $ NHWUHFHN IDOiQ ULWNiEEDQDQ|YpQ\HNHQNLDODNXOWEiERNDWLYDUV]HULQWNO|QYiORJDWWDP KRJ\ ± D] HO ] HNEHQ HPOtWHWW ± WHUPpNHQ\VpJL YL]VJiODWRNKR] D QHPHN DUiQ\RVDQ NHUOMHQHN D NHWUHFHNEH 0LYHO D EiERN PHJEt]KDWy HONO|QtWpVH QHKp] D QHPHN ÄSRQWRVtWiVD´ D] LPiJyN IHOW Q PLQWi]DWNO|QEVpJHDODSMiQDNLUDM]iVXWiQW|UWpQWPHJ
$ OpWUHM|WW ~M JHQHUiFLyW KDVRQOy PyGRQ QHYHOWHP WRYiEE D NLUDM]RWW OHSNpNWRMiVDLUDDODSR]YD
/iUYDLOOHWYHEiESDUD]LWiOWViJLYL]VJiODWRN
$ NiSRV]WDOHSNH OiUYD pV EiESDUD]LWiOWViJiYDO NDSFVRODWRV PHJILJ\HOpVHLPHW V]LQWpQ D V]DEDGI|OGL LQV]HNWiULXPEDQ YpJH]WHP $ 3|O|VNHL )DMWDNtVpUOHWL ÈOORPiV NiSRV]WDSDUFHOOiLQ |VV]HJ\ MW|WW / pV /|V VWiGLXP~ OiUYiNDW ÄEDUDFNPRO\ NHWUHFHNEHQ´ KHO\H]WHP HO OiUYiW NHWUHFHQNpQW 0LQGHQ NHWUHFEHQ FVHUHSHV NiSRV]WDQ|YpQ\
EL]WRVtWRWWD D OiUYiN WiSOiOpNiW 0HJILJ\HOWHP D OiUYiN YLVHONHGpVpW HJpV]VpJLiOODSRWiWWRYiEEiPHJKDWiUR]WDPDSDUD]LWiOWHJ\HGHNDUiQ\iW
0LNURV]NySRVYL]VJiODWRN
$KHUQ\yNIHMWRNV]pOHVVpJLYL]VJiODWD
$ K PpUVpNOHW pV IRWRSHULyGXV PRUIROyJLDL KDWiViQDN pUWpNHOpVpKH]
IRO\DPDWRVDQ|VV]HJ\ MW|WWIHMWRNRNV]pOHVVpJpW ELQRNXOiULVPLNURV]NyS LOO RNXOiU PLNURPpWHU VHJtWVpJpYHO PpUWHP PHJ )HMWRNDGDWDLQNDW HOOHQ UL]YH PHJQp]WN KRJ\ pUYpQ\HVH D NiSRV]WDOHSNpUH LV D '<$5 V]DEiO\ '\DU LQ -HUP\ pV 6iULQJHU V]HULQW D KHUQ\yN HJ\PiVW N|YHW OiUYDIRNR]DWDLQDN IHMWRNV]pOHVVpJL YLV]RQ\iW NLIHMH]
LQGH[V]iP/ / / / VWEiOODQGy
6DMQiODWRV PyGRQ D] XWROVy IHMWRNRN pUWpNHOKHWHWOHQHN YROWDN PLYHO D]RN D EiEEi YHGOpV VRUiQ V]pWW|UHGH]WHN D] / |V OiUYiN IHMWRNMiQDN HO ]HWHVOHPpUpVHYLV]RQWDOiUYiNSXV]WXOiViWRNR]KDWWDYROQD
$NiSRV]WDOHSNHOiUYDNOWDNDUyMiQDNPRUIROyJLDLOHtUiVD FKDHWRWD[LD
0RUIROyJLDLYL]VJiODWRNVRUiQDOiUYiNFKDHWRWD[LiMiWLVHONpV]tWHWWHP 0LYHO D] DGRWW OiUYDV]iP~ NOtPDNDPUiV WHQ\pV]HWE O QHP YHKHWWHP HO HJ\HGHNHW H]pUW D FKDHWRWD[LiV YL]VJiODWKR] D V]DEDGEDQ J\ MW|WWHP /
|V OiUYiNDW (EE O N|YHWNH] HQ ± PLYHO QHP WDUWR]LN V]RURVDQ D FtPDGy WpPiKR] ± D NiSRV]WDOHSNH OiUYiUyO IHMWRN WRU pV SRWURK NpV]tWHWW UDM]
ÄIJJHOpN´NpQWNHUOWDGROJR]DWED
$ OiUYiN HO NpV]tWpVpQHN PHQHWH D N|YHWNH] YROW OiUYiN NLI ]pVH GHV]WLOOiOWYt]EHQSHUFH]WN|YHW HQELQRNXOiULVPLNURV]NySDODWWD
KDVL ROGDO IHOPHWV]pVH D] HJ\LN OiEVRU N|]HOpEHQ D IHOPHWV]HWW OiUYiN LVPpWHOWI ]pVHRV.2+EDQPDMGOHPRViVGHV]WLOOiOWYt]]HOYpJOD OiUYiNNLWHUtWpVHWiUJ\OHPH]UHNXWLNXOiYDOOHIHOp$OiUYDE UU ODI ]pV XWiQ PpJ PHJPDUDGW V]|YHWUpV]HN HOWiYROtWiVD $ PHJIRUGtWRWW OiUYDE U HOLJD]tWiVD PDMG QDJ\RQ NHYpV JOLFHULQ UiFVHSSHQWpVH $ PyGV]HUW pV D V] UNpSOHWHN QyPHQNODW~UiMiW V]DNLURGDOPL KLYDWNR]iVVDO *HUDVLPRY :HUQHU D NiSRV]WDPRO\ OiUYiN 3OXWHOOD PDFXOLSHQQLV
&857,6 FKDHWRWD[LiMiQDN OHtUiViW WDUWDOPD]y SXEOLNiFLyEyO &]HQF]
EYHWWHPiW$QHYH]pNWDQQiO±HOV GOHJHVHQDIHMWRNUDYRQDWNR]yDQ
± +LQWRQ /HSLGRSWHUD OiUYiNNDO IRJODONR]y PXQNiMiUD LV WiPDV]NRGWDP
$VWDWLV]WLNDLHOHP]pVPyGV]HUHL
$ PpUpVL DGDWRN VWDWLV]WLNDL IHOGROJR]iVD JUDILNXV pV QXPHULNXV HOMiUiVRN |WY|]pVpYHO W|UWpQW 8WyEELDN KLEDV]iPtWiVRNUD pV ÄKDJ\RPiQ\RV´ |VV]HIJJpVYL]VJiODWRNUD pSOWHN D] DONDOPD]RWW PyGV]HUI NpQWYDULDQFLDDQDOt]LVYROW$PRUWDOLWiVRN|VV]HKDVRQOtWiViQiO NKtQpJ\]HW VWDWLV]WLNiNDW D IHMO GpVL LG pV D IHMWRNV]pOHVVpJ NDSFVRODWiUD SHGLJ NRUUHOiFLyV HJ\WWKDWyNDW V]iPtWRWWXQN $ NLXJUy DGDWRN NL]iUiViQDN pV DGDWWUDQV]IRUPiFLyN V]NVpJHVVpJpQHN HOOHQ U]pVH D YpJV IHOGROJR]iV HO WW PHJW|UWpQW $] DONDOPD]RWW PyGV]HUHN OHtUiVD ELRPHWULDL Np]LN|Q\YHNEHQ PHJWDOiOKDWy OiVG SO 6YiE
(5('0e1<(.
/DERUDWyULXPLPHJILJ\HOpVHNNOtPDNDPUiNEDQ
)HMO GpVLLG HOHP]pVH
K PpUVpNOHW pV IRWRSHULyGXV KDWiVD D NiSRV]WDOHSNH OiUYiN IHMO GpVLLGHMpUH
$] HUHGPpQ\HNHW D] D E pV F WiEOi]DWRN IRJODOMiN |VV]H $ YDULDQFLDWiEOi]DWRNEpVFMREEDOVyiUQ\pNROWVDUNiEDQV]HUHSHOD + PpUVpNOHW î )RWRSHULyGXV î /iUYDiOODSRW PiVRGUHQG N|OFV|QKDWiV H] NpSH]L D KLEDNRPSRQHQVW D] )SUyEiNQiO VSHFLiOLVDQ D] 6]' pUWpNHNNpS]pVpQpO
.RPELQiFLyNK PpUVpNOHWpVIRWRSHULyGXVHJ\WWHVKDWiVD
$ OiUYDIHMO GpV WHOMHV LGHMpUH YRQDWNR]yDQ V]LJQLILNiQV HOWpUpVW WDOiOWXQN D NRPELQiFLy N|]|WW HEEHQ D] / OiUYDVWiGLXP MiUXOpND GRPLQiO D] HOV QpJ\ VWiGLXP N|]O FVDN D] / EHQ OiWV]LN HQ\KH S RVKLEDV]LQWHQV]LJQLILNiQVKDWiVOiVGDWiEOi]DWpVD]EpVF WiEOi]DWRNWDOMHO|OWVRUD
+ PpUVpNOHWKDWiVDDOiUYiNIHMO GpVLLGHMpUHDpVEWiEOi]DW 7HOMHVOiUYDIHMO GpVLLG
$ IRWRSHULyGXVRN iWODJiEDQ D K PpUVpNOHWQHN QHP YROW NLPXWDWKDWy KDWiVD D NRPELQiFLyN YDULDELOLWiViEyO PLQG|VV]H RW PDJ\DUi]
J\DNRUODWLODJVHPPLW
0iV D NpS D IRWRSHULyGXVRQNpQWL ERQWiVEDQ $] |W /' V]LQWHQ D K PpUVpNOHW |VV]HVHQ RW PDJ\DUi] D NRPELQiFLyN N|]|WWL YDULDELOLWiVEyOH]S RVKLEDV]LQWHQV]LJQLILNiQVOiVGEWiEOi]DW Ä|VV]HVHQ´VRUD$KLiQ\]yD]FWiEOi]DWVRUiEDQMHO]HWWD IRWRSHULyGXV iWODJRV KDWiVD )RWRSHULyGXVRQNpQWL ERQWiVEDQ HOWpU WHQGHQFLiNPXWDWNR]QDN$]/'pVD]/'V]LQWHNQpODWHOMHV IHMO GpVL LG D &RV K PpUVpNOHWQpO V]LJQLILNiQVDQ FV|NNHQ XJ\DQDNNRUD]/'QpOHQ\KpQV]LJQLILNiQVHPHONHGpVWDSDV]WDOKDWy (] D MHOHQVpJ D PDJDV K PpUVpNOHW pV D KRVV]~ PHJYLOiJtWiV HJ\WWHV KDWiViYDOPDJ\DUi]KDWy$OiEEUpV]OHWH]HPD]/ pV/VWiGLXPRNDW
/ VWiGLXP
$ IRWRSHULyGXVRN iWODJiEDQ HQ\KH KDWiV YROW NLPXWDWKDWy 66 06 S D K PpUVpNOHW HPHONHGpVpYHO D IHMO GpVL LG QpPLOHJ FV|NNHQ $ IRWRSHULyGXVRNRQ EHOO D K PpUVpNOHW |VV]HV KDWiVDSHKKH]D]/'RWDGSD]
/'KR]]iMiUXOiVDS$]/'IRWRSHULyGXVQiO DIHMO GpVLLG KDWiUR]RWWDQU|YLGOHPHONHG K PpUVpNOHWWHO
/ VWiGLXP
$ IRWRSHULyGXVRN iWODJiEDQ D K PpUVpNOHWKDWiV HOPRVyGLN 66 PLQG|VV]HQHPV]LJQLILNiQV$]|VV]HVK PpUVpNOHWKDWiVYLV]RQW HU V 66 S H]HQ EHOO D] /' IRWRSHULyGXVEDQ D OHJHU VHEE D K PpUVpNOHW KDWiVD S KDWiUR]RWW FV|NNHQ WHQGHQFLD WDSDV]WDOKDWy *\HQJH pV WHQGHQFLiW QHP PXWDWy K PpUVpNOHWKDWiVOiWV]LNPpJD]/'V]LQWHQ
DWiEOi]DW+ PpUVpNOHWpVIRWRSHULyGXVKDWiVDDNiSRV]WDOHSNH KHUQ\yNIHMO GpVLLGHMpUH
$OiUYiNIHMO GpVLLGHMHQDSRNEDQ + P
)RWRSH ULyGXV
/' / / / / / // |VV]
&
&
&
6]'
+PpUVpNOHWHN iWODJiEDQ
6]'
+ PpU
VpNOHW
&
&
)RWRSHULyGXVRN iWODJiEDQ
&
6]'
(OWpUpVD/
iOODSRWRN N|]|WWD
06
6]DEIRN
gVV]H VHQ
±
06
6]DEIRN
06
/EHQ
66
06
/!EHQ
66
06
/"EDQ
66
06
/#EHQ
66
06
/$EHQ
66
06
7HOMHVOiU YDIHMO GpVLJ
66
6]DEIRN
EWiEOi]DW9DULDQFLDDQDOt]LV+ PpUVpNOHWKDWiVDDNiSRV]WDOHSNHOiUYiNIHMO GpVLLGHMpUH
+ PpVIRWRS NRPELQiFLyN )RWRSHULyGXVRN iWODJiEDQ /'QpO
/'QpO /'QpO
/'QiO
/'QpO gVV]HVHQ
(OWpUpVDIRWRSHUL yGXVRNN|]|WW D
-HOPDJ\DUi]DW333366HOWpUpVQpJ\]HW|VV]HJ06EHFVOWYDULDQFLDDN|OFV|QKDWiVRN
)RWRSHULyGXVKDWiVDDOiUYiNIHMO GpVLLGHMpUHDpVFWiEOi]DW 7HOMHVOiUYDIHMO GpVLLG
$ K PpUVpNOHWHN iWODJiEDQ D IRWRSHULyGXV D NRPELQiFLyN YDULDELOLWiViEyO RW V]LJQLILNiQV KiQ\DGRW PDJ\DUi] H] ]|PPHO D]/% VWiGLXPUDtUKDWy
+ PpUVpNOHWHNUH ERQWiVEDQ D KiURP K PpUVpNOHW V]LQW |VV]HVHQ RWPDJ\DUi]DNRPELQiFLyNN|]|WWLYDULDELOLWiVEyOH]S RV KLEDV]LQWHQ V]LJQLILNiQV OiVG F WiEOi]DW Ä|VV]HVHQ´ VRUD $ KLiQ\]y D]EWiEOi]DWVRUiEDQMHO]HWWDK PpUVpNOHWiWODJRVKDWiVD$
RV |VV]HV KDWiV QDJ\MiEyO HJ\HQO HQ RV]OLN PHJ D K PpUVpNOHWL V]LQWHN N|]|WW PLQGKiURP V]LQWHQ V]LJQLILNiQV D IRWRSHULyGXV KDWiVD $ NpW DODFVRQ\DEE K PpUVpNOHWQpO D PHJYLOiJtWiV LG WDUWDPiYDO FV|NNHQ D WHOMHV IHMO GpVL LG PtJ &QiO D] /' V]LQWHQ D PpUW pUWpN IHOXJULN
$ OiUYDiOODSRWRN N|]O LWW /& pV /% PHOOHWW /' UyO LV V]yOQL NHOO PHUW HEEHQLVWDOiOXQNV]LJQLILNiQVNRPSRQHQVW
/( VWiGLXP
$ K PpUVpNOHWHN iWODJiEDQ D IRWRSHULyGXVQDN QLQFV KDWiVD GH D
&RVK PpUVpNOHWQpOS RVV]LQWHQKDWiVWDSDV]WDOKDWyDOiUYiN IHMO GpVLLGHMHPHJQ\~OLNDPLQWDPHJYLOiJtWiVWDUWDPDQ
/) VWiGLXP
$ K PpUVpNOHWHN iWODJiEDQ FVDN S RV V]LQWHQ V]LJQLILNiQV D IRWRSHULyGXV KDWiVD GXUYiQ FV|NNHQ WHQGHQFLD OiWV]LN $ NRPELQiFLyN N|]|WWLPpUVpNHOWYDULDELOLWiVV]LQWHWHOMHVHQ66 DIRWRSHULyGXV KDWiViQDN WXODMGRQtWKDWy H] D]RQEDQ FVDN D & K PpUVpNOHWQpO
V]LJQLILNiQV S LWW FV|NNHQ WHQGHQFLiW OiWXQN D PHJYLOiJtWiV WDUWDPiQDNQ|YHNHGpVpYHO
/* VWiGLXP
$K PpUVpNOHWHNiWODJiEDQLJHQHU VKDWiVWDSDV]WDOKDWyMyOOiWKDWyD FV|NNHQ WHQGHQFLD + PpUVpNOHWL V]LQWHNUH ERQWiVEDQ D IRWRSHULyGXV
|VV]HV KDWiVD S RV KLEDYDOyV]tQ VpJJHO V]LJQLILNiQV 0LQGH] I OHJ D &RV K PpUVpNOHWL V]LQW MiUXOpND 66 S DKRO D IRWRIi]LV Q|YHNHGpVpYHO KDWiUR]RWWDQ FV|NNHQW D OiUYiN IHMO GpVLLGHMH
.|OFV|QKDWiVRN
$ IHQWLHNEHQ PiU XWDOWDP DUUD KRJ\ D K PpUVpNOHW KDWiVD HOWpU D]
HJ\HVIRWRSHULyGXVRNQiOXJ\DQ~J\DIRWRSHULyGXVKDWiVDHOWpU D]HJ\HV K PpUVpNOHWHNQpO(]HND+ PpUVpNOHWî)RWRSHULyGXVN|OFV|QKDWiVRND WHOMHV IHMO GpVL LG QpO pV D OiUYDVWiGLXPRQNpQWL ERQWiVQiO HJ\DUiQW WDSDV]WDOKDWyN ( N|OFV|QKDWiVRN HU VVpJH pV V]LJQLILNDQFLiMD D YDULDQFLDDQDOt]LVWiEOi]DWDLQDNXWROVyVRUDLEDQROYDVKDWyNOHDOJHEUDLODJ D]VRURN|VV]HJpQHNpVDVRUQDNDNO|QEVpJH
$+ PpUVpNOHW î /iUYDiOODSRW N|OFV|QKDWiV D] /' V]LQWQpO V]LJQLILNiQV OiVG E WiEOi]DW XWROVy RV]ORSiW $ )RWRSHULyGXV î /iUYDiOODSRW N|OFV|QKDWiV & K PpUVpNOHWQpO HQ\KpQ S KLEDV]LQWHQ V]LJQLILNiQV OiVG F WiEOi]DW XWROVy RV]ORSiW ( N|OFV|QKDWiVRN WDUWDOPiUyO LV YROW V]y D IHQWHEELHNEHQ D] HJ\HV OiUYDVWiGLXPRNEDQPiVPiVPpUWpN KDWiVRNUyOWDQ~VNRGQDN
(OWpUpVD/
iOODSRWRN N|]|WWD
06
6]DEIRN
gVV]H VHQ
±
06
6]DEIRN
06
/+EHQ
66
06
/,EHQ
66
06
/-EDQ
66
06
/.EHQ
66
06
//EHQ
66
06
7HOMHVOiU YDIHMO GpVLJ
66
6]DEIRN
FWiEOi]DW9DULDQFLDDQDOt]LV)RWRSHULyGXVKDWiVDDNiSRV]WDOHSNHOiUYiNIHMO GpVLLGHMpUH
+ PpVIRWRS NRPELQiFLyN + PpUVpNOHWHN iWODJiEDQ
&QiO
&QiO
&QiO
gVV]HVHQ
(OWpUpVDK PpU VpNOHWHNN|]|WW D
-HOPDJ\DUi]DW333366HOWpUpVQpJ\]HW|VV]HJ06EHFVOWYDULDQFLDDN|OFV|QKDWiVRN
/iUYDPRUWDOLWiVHOHP]pVH
K PpUVpNOHW pV IRWRSHULyGXV KDWiVD D NiSRV]WDOHSNH OiUYiN PRUWDOLWiViUD
0LHO WW D NtVpUOHWQNQpO DONDOPD]RWW NO|QE|] K PpUVpNOHW pV IRWRSHULyGXVpUWpNHN±EiEVWiGLXPEDQpV]OHOKHW ±GLDSDX]DUHDNFLyLQDN EHPXWDWiViUD VRU NHUOQH OiVG IHMH]HW LQGRNROW LVPHUWHWQL D OiUYDQHYHOpVVRUiQHOSXV]WXOWSRSXOiFLyKiQ\DGQDJ\ViJiWLV
$] DOiEELDNEDQ D WHOMHV OiUYDIHMO GpVL LG YpJpUH HOSXV]WXOW HJ\HGHN DEV]RO~W pV UHODWtY pUWpNV]iPiQ W~OPHQ HQ D] HJ\HV OiUYDVWiGLXPRNEDQ WDSDV]WDOWPRUWDOLWiVLVEHPXWDWiVUDNHUOWiEOi]DW
$ WiEOi]DW DGDWDLW HOHPH]YH DKRO HOSXV]WXOW HJ\HG RV PRUWDOLWiVL DUiQ\W MHOHQW OiWKDWy KRJ\ D ILDWDO /0 OiUYiN V]iPiUD D]
DODFVRQ\DEE & K PpUVpNOHWWHO SiURVXOy yUiV PHJYLOiJtWiV NHGYH] WOHQHEE QHYHOpVL N|UOPpQ\W WHUHPWHWW PLQW XJ\DQH]HQ YDJ\
KRVV]DEE PHJYLOiJtWiV PDJDVDEE & K PpUVpNOHWWHO SiURVXOYD
$] HO EELHNHW GHPRQVWUiOy JUDILNRQ iEUD D]W LV MHO]L KRJ\ D]
DODFVRQ\ K PpUVpNOHW pV U|YLGHEE PHJYLOiJtWiV HJ\WWHV KDWiVD D] ± /1 NLYpWHOpYHO±DW|EELOiUYDIHMO GpVLV]DNDV]EDQVHPYROWNHGYH]
WiEOi]DW .iSRV]WDOHSNHOiUYiNPRUWDOLWiVDHOWpU K PpUVpNOHWHQpV IRWRSHULyGXVRQ>HVHWV]iPpVHJ\HGE O@
+ P)RWR SHULyGXV
/'
/2 /3 /4 /5 /6 /2 /6
|VV]HVHQ
&
|VV]
&
|VV]
&
|VV]
+PpUVpNOHWHNUH |VV]HVtWYH
|VV]
+ PpUVpNOHWHNN|]|WWLHOWpUpVUH > @
77
NKt
S)RWRSHULyGXVRNN|]|WWLHOWpUpVUH > @
78
NKt
S
9:;=<
9?>
9?@
;=<
;=<
0RUWDOLWiVL
/iUYDVWiGLXP
iEUD$NiSRV]WDOHSNHKHUQ\yNPRUWDOLWiVLDD]HJ\HVOiUYD VWiGLXPRNIJJYpQ\pEHQ/'IRWRSHULyGXVRQNO|QE|]
K PpUVpNOHWHQ
7RYiEEHOHPH]YHDWiEOi]DWDGDWDLWPHJiOODStWKDWyKRJ\DIHMO GpV HO UHKDODGWiYDO D] /A HV VWiGLXPLJ D QHYHOpVL N|UQ\H]HW K PpU VpNOHWpQHN&UDW|UWpQ Q|YHOpVHEiUPHO\QDSSDOKRVV]~ViJPHOOHWWD PRUWDOLWiVWHOMHVHOPDUDGiViWHUHGPpQ\H]WH
/iWKDWy YLV]RQW KRJ\ D K PpUVpNOHW WRYiEEL &UD W|UWpQ Q|YHOpVHNRU D OiUYDIHMO GpV HO UHKDODGWiYDO Q WW D OiUYDKDODQGyViJ HOV GOHJHVHQ D pV yUiV PHJYLOiJtWiVRNRQ .O|Q|VHQ pU]pNHQ\QHN PXWDWNR]WDN D PDJDV K PpUVpNOHWWHO SiURVXOy KRVV]~
PHJYLOiJtWiVUD D] /B|V VWiGLXP~ OiUYiN $ MHOHQVpJ HVHWQNEHQ D]]DO LV PDJ\DUi]KDWyKRJ\HEEHQDQHYHOpVLN|UQ\H]HWEHQWiSOiOpNIRJ\DV]WiVXN V]HPPHOOiWKDWyDQOHFV|NNHQW
(OV GOHJHVHQ H]HQ OiUYDSRSXOiFLyEyO NLDODNXOW EiERN N|]|WW WDOiOWXQN HOSXV]WXOW HJ\HGHNHW EHV]iUDGW Q\iONiV LOOHWYH PLFpOLXPPDO IHGHWW
EiERNDW (]HN D WQHWHN YtUXV YDJ\ EDNWpULXPIHUW ]pVUH XWDOWDN LOOHWYH QpKiQ\ HVHWEHQ URYDUSDWRJpQ JRPED SO3DHFLORP\FHV VS 0RQLOLDFHV UHQGMHOHQOpWHLVNLPXWDWKDWyYROW
eUGHNHVQHNW QLNKRJ\DOHJDODFVRQ\DEEKDODQGyViJRWDpV&
RV K PpUVpNOHWHQ PLQG D] |W YL]VJiOW IRWRSHULyGXVRQ D] /C VWiGLXP~
OiUYiNPXWDWWiN
$ YL]VJiOW IRWRSHULyGXVRN |VV]HVtWpVpEHQ iEUi]ROYD D] DGRWW QHYHOpVL K PpUVpNOHWHNHQ WDSDV]WDOW OiUYDPRUWDOLWiVW iEUD PHJiOODStWKDWy KRJ\ ± NtVpUOHWQNQpO ± D OHJNHGYH] EE OiUYDQHYHOpVL IHOWpWHOHNHW D
&NDOSiURVXOy/'pVIRWRSHULyGXVWHUHPWHWWHPHJ
iEUD$NiSRV]WDOHSNHKHUQ\yNPRUWDOLWiVLDNO|QE|]
IRWRSHULyGXVpVK PpUVpNOHWHVHWpEHQ
$ OiUYDiOODSRWRN |VV]HVtWpVpEHQ /D/B YL]VJiOYD D PRUWDOLWiVL HVHWV]iPRNDW NKt
E
SUyED PHJiOODStWKDWy KRJ\ D K PpUVpNOHWQHN LJHQ /' /' /'/' /'
FHGJILK
FNM
FNO ILK
ILK
0RUWDOLWiVL
HU V PtJ D IRWRSHULyGXVQDN YDODPLYHO J\HQJpEE V]HUHSH YDQ D OiUYDSXV]WXOiVEDQ0LQGNpWKDWiVV]LJQLILNiQV
'LDSDX]DNpUGpVHOHP]pVH
D K PpUVpNOHW pV IRWRSHULyGXV KDWiVD D NiSRV]WDOHSNH GLDSDX]D YLV]RQ\iUD
(J]DNW N|UOPpQ\HN N|]|WW W|UWpQ NiSRV]WDOHSNH OiUYD QHYHOpVHLQN VRUiQDQHYHOpVLN|UQ\H]HWK PpUVpNOHWpVIRWRSHULyGXVYLV]RQ\DLHOWpU GLDSDX]DLQGXNFLyWMHOHQWHWWHNDSRSXOiFLyNV]iPiUD
$ WHQ\pV]WpV VRUiQ D OiUYDQpSHVVpJ EL]RQ\RV V]i]DOpND HOSXV]WXOW HUU O UpV]OHWHVHQ D] HO ] IHMH]HWEHQ V]iPROWXQN EH tJ\ D OiUYiNDW pU HOWpU K PpUVpNOHW pV IRWRSHULyGXV ± GLDSDX]iOy EiERN DUiQ\iEDQ PHJPXWDWNR]y ± KDWiVD FVDN D WHQ\pV]WpV YpJpLJ pOYH PDUDGW HJ\HGHN HVHWpEHQYiOWpUWpNHOKHW YpWiEOi]DW
$ WiEOi]DW DGDWDLW HOHPH]YH PHJiOODStWKDWy KRJ\ D] iOWDOXQN YL]VJiOW OHJDODFVRQ\DEE K PpUVpNOHWHQ &RQ YDODPLQW yUiV QDSSDOKRVV]RQ QHYHOW OiUYDSRSXOiFLyN HVHWpEHQ D EiERN EDQ GLDSDX]iEDQ PDUDGWDN (] D RV GLDSDX]D DUiQ\ DNNRU VHP YiOWR]RWW DPLNRU D QHYHOpVL N|UQ\H]HW K PpUVpNOHWH &NDO &UD Q|YHNHGHWW
$ PHJYLOiJtWiV LG WDUWDPiQDN yUiYDO W|UWpQ Q|YHOpVH UyO yUiUD & PHOOHWW RV GLDSDX]D DUiQ\ FV|NNHQpVW & PHOOHWW SHGLJ PiU RV GLDSDX]D QpONOL WRYiEEIHMO GpVW HUHGPpQ\H]HWW $ OHJPDJDVDEE QHYHOpVL K PpUVpNOHW & PHOOHWWL yUiV PHJYLOiJtWiVQiO D GLDSDX]iOy EiERN DUiQ\D YROW (]HQ D
K PpUVpNOHWHQ±V]HPEHQDLOO&RVN|UQ\H]HWWHO±D]/' IRWRSHULyGXVPiUQHPLQGXNiOWGLDSDX]iWDPDJDVK PpUVpNOHWIHOROGRWWD DIRWRSHULyGXVKDWiViW
+RVV]DEE PHJYLOiJtWiVQiO pV yUD PLQGKiURP K PpUVpN OHWHQ D SRSXOiFLy EDQ GLDSDX]D QpONO IHMO G|WW WRYiEE -yO V]HPOpOWHWLDPHJILJ\HOpVHLQNQpOUHJLV]WUiOWGLDSDX]DpUWpNHNHWDiEUD
WiEOi]DW)RWRSHULyGXVpVK PpUVpNOHWKDWiVDDNiSRV]WDOHSNHGLDSDX]D V]i]DOpNiUD
+ P )RWRSHULyGXV /'
$WHQ\pV]WpVYpJpLJpOYH PDUDGWOiUYiNV]iPD
'LDSDX]iOyEiERN DUiQ\D
&
&
&
iEUD$IRWRSHULyGXVpVDK PpUVpNOHWKDWiVDDGLDSDX]iOy NiSRV]WDOHSNHEiERNiUD
)HMWRNV]pOHVVpJHOHP]pVH
K PpUVpNOHW pV IRWRSHULyGXV KDWiVD D NiSRV]WDOHSNH OiUYiN IHMWRNV]pOHVVpJpUH
0HJILJ\HOpVHLQN H]HQ V]DNDV]iEDQ DUUD D NpUGpVUH NHUHVWN D YiODV]W KRJ\ D QHYHOpVL N|UQ\H]HW K PpUVpNOHW pV IRWRSHULyGXV pUWpNHLQHN YDQH KDWiVD D NiSRV]WDOHSNH OiUYiN IHMWRNV]pOHVVpJpQHN DODNXOiViUD $]
(XVFHOLV SOHEHMXV )$// NDEyFDIDM HVHWpEHQ 0OOHU IRWRSHULyGXV KDWiVQDN WXODMGRQtWRWW NOV pV EHOV PRUIROyJLDL NO|QEVpJHNU O V]iPRO EHIHMWRNV]pOHVVpJpVJHQLWiOLDDODNXOiVYRQDWNR]iViEDQ
PQSRHTVURR
PQWRYXURHZ
P[QWRN\ U]
P[QWRN^ U_
P[QWRN` U`
a
ba c[a da e a f a g[a h a ia ja baa
klmnmopm
q
rtstuLsvxwJy{z|~}[
IRN&HOVLXV IRN&HOVLXV IRN&HOVLXV
$ IHMWRNV]pOHVVpJL PpUpVHN HUHGPpQ\HLW D D E F pV D]
WiEOi]DWRN IRJODOMiN |VV]H $ VWDWLV]WLNDL HOHP]pV VpPiMD PHJHJ\H]LN D IHMO GpVLLG HOHP]pVpQpODONDOPD]RWWVpPiYDO$]HOWpUpVDQQ\LKRJ\LWW D OiUYDiOODSRWRN |VV]HJpQHN RV]ORSDL pUWHOHPV]HU HQ QHP V]HUHSHOQHN D WiEOi]DWRNEDQ$]HOHP]pVWNLHJpV]tWHWWHPD'<$5LQGH[HNDODNXOiViQDN YL]VJiODWiYDOWiEOi]DW
.RPELQiFLyNK PpUVpNOHWpVIRWRSHULyGXVHJ\WWHVKDWiVD
$IHMWRNV]pOHVVpJUHYRQDWNR]yDQV]LJQLILNiQVHOWpUpVPXWDWNR]RWWD NRPELQiFLy N|]|WW |VV]HVHQ H]HQ EHOO /C EDQ HU V /A EHQ HQ\KH PHJEt]KDWyViJ~ NDSFVRODW OiWV]LN OiVG D WiEOi]DW pV D E pV F WiEOi]DWRN WDO MHO|OW VRUD $] DOiEELDNEDQ FVDN D NpW OiUYDiOODSRWRW YL]VJiOMXNPHJUpV]OHWHVHEEHQ
+ PpUVpNOHWKDWiVDDOiUYiNIHMWRNV]pOHVVpJpQHN DODNXOiViUD DpVE WiEOi]DW
/ VWiGLXP
$ IRWRSHULyGXVRN iWODJiEDQ D K PpUVpNOHWQHN HU V KDWiVD YROW 66 06 D K PpUVpNOHW HPHONHGpVpYHO D IHMWRNV]pOHVVpJ KDWiUR]RWWFV|NNHQpVWPXWDW
)RWRSHULyGXVRQNpQWL ERQWiVEDQ D] |W /' V]LQWHQ D K PpUVpNOHW
|VV]HVHQRWPDJ\DUi]DNRPELQiFLyNN|]|WWLYDULDELOLWiVEyO H] S RV KLEDV]LQWHQ V]LJQLILNiQV OiVG E WiEOi]DW Ä|VV]HVHQ´ VRUD $ KLiQ\]y D F WiEOi]DW VRUiEDQ MHO]HWWDIRWRSHULyGXViWODJRVKDWiVD(EE OV]LJQLILNiQVKiQ\DGRN HVQHND] /'66 D] /'66 pVD]
/' 66 IRWRSHULyGXVRNUD 0LQGKiURP HVHWEHQ
FV|NNHQWDIHMWRNV]pOHVVpJQ|YHNY K PpUVpNOHWPHOOHWW
DWiEOi]DW .O|QE|] K PpUVpNOHWHQpVIRWRSHULyGXVRQQHYHOW
NiSRV]WDOHSNHOiUYiNIHMWRNV]pOHVVpJHOiUYDVWiGLXPRQNpQW)HMWRNV]pOHVVpJLpUWpNHNPP + P
)RWR SHULyGXV
/' / / / /
&
&
&
6]'
+PpUVpNOHWHN iWODJiEDQ
6]'
+ PpU
VpNOHW
&
&
)RWRSHULyGXVRN iWODJiEDQ
&
6]'
(OWpUpVD/
iOODSRWRN N|]|WWD
06
6]DEIRN
gVV]HVHQ
±
06
6]DEIRN
06
/EHQ
66
06
/EDQ
66
06
/EHQ
66
06
/EHQ
66
6]DEIRN
+ PpUVpNOHWpVIRWRS NRPELQiFLyN
)RWRSHULyGXVRN
iWODJiEDQ
/'QpO
/'QpO
/'QpO
/'QiO
/'QpO
gVV]HVHQ
(OWpUpVDIRWRSHUL yGXVRNN|]|WWD
-HOPDJ\DUi]DW333366HOWpUpVQpJ\]HW|VV]HJ06EHFVOWYDULDQFLDDN|OFV|QKDWiVRN
/ VWiGLXP
$ IRWRSHULyGXVRN iWODJiEDQ D K PpUVpNOHWQHN HU V KDWiVD YROW 66 06 D K PpUVpNOHW HPHONHGpVpYHO D IHMWRNV]pOHVVpJ IRNR]DWRVDQFV|NNHQW
)RWRSHULyGXVRQNpQWL ERQWiVEDQ D] |W /' V]LQWHQ D K PpUVpNOHW
|VV]HVHQ RW PDJ\DUi] D NRPELQiFLyN N|]|WWL YDULDELOLWiVEyO H]
S RV KLEDV]LQWHQ V]LJQLILNiQV $ KLiQ\]y D IRWRSHULyGXV iWODJRVKDWiVDOiVGFWiEOi]DW(EE OFVDND]/'IRWRSHULyGXVUD MXWHQ\KpQV]LJQLILNiQVKiQ\DG66 06 S,WWD FV|NNHQ WHQGHQFLiW PHJERQWMD D &RV K PpUVpNOHWQpO WDOiOW IHOXJUy pUWpN
)RWRSHULyGXVKDWiVDDOiUYiNIHMWRNV]pOHVVpJpQHNDODNXOiViUDDpVF WiEOi]DW
/ VWiGLXP
$ K PpUVpNOHWHN iWODJiEDQ D IRWRSHULyGXVQDN YROW KDWiVD
66 06 S D OHJHU VHEE IRWRIi]LVLJ D
IHMWRNV]pOHVVpJHQ\KpQFV|NNHQW
+ PpUVpNOHWHNUH ERQWiVEDQ D KiURP K PpUVpNOHWHQ D IRWRSHULyGXV HJ\WWHVHQRWPDJ\DUi]DNRPELQiFLyNN|]|WWLYDULDELOLWiVEyOH]
S RV KLEDV]LQWHQ V]LJQLILNiQV $ KLiQ\]y D K PpUVpNOHW iWODJRV KDWiVD $ OHJDODFVRQ\DEE K PpUVpNOHWUH HV NRPSRQHQV MHOHQWpNWHOHQ &QiO J\HQJpQ V]LJQLILNiQV D IRWRSHULyGXV KDWiV Q|YHNY IHMWRNV]pOHVVpJHW MHOH] /HJHU VHEE D IRWRSHULyGXV KDWiVD&RVK PpUVpNOHWQpOSGHDWHQGHQFLDQHP W|UHWOHQD]/'NLXJULN