• Nem Talált Eredményt

0RUIpPDUHQGV]HUH]pVQNYLWiVNpUGpVHLU O

N/A
N/A
Protected

Academic year: 2022

Ossza meg "0RUIpPDUHQGV]HUH]pVQNYLWiVNpUGpVHLU O"

Copied!
16
0
0

Teljes szövegt

(1)

$]~J\DKRJ\HOKDQ\DJROWVWtOXVW|UWpQHWV]HPSRQWMiEyOIRQWRVNpUGpVWNLIHMW WD QXOPiQ\HJ\UpV]WNRUiEELYL]VJiODWRNHUHGPpQ\HLQHNDWpPiQNV]HPSRQWMiEyOYDOy|V]

V]HJH]pVHpV~MDWMHOHQWV]LQWp]LVHPiVUpV]WSHGLJNRUiEELNH]GHPpQ\H]pVHNIRO\WDWiVD NLHJpV]tWpVHNLWHOMHVtWpVH(]]HOIJJ|VV]HD]LVKRJ\YL]VJiODWXQNQDNHJ\DUiQWYDQHO PpOHWLpVJ\DNRUODWLLUiQ\XOWViJDYDODPLQWOHtUypVW|UWpQHWLMHOOHJH

6=$%Ï=2/7È1 5HIOHFWLRQVRQFRPSDUDWLYHKLVWRULFDOVW\OLVWLFV

7KHDLPRIWKLVSDSHULVWRGLVFXVVWKHVWDWXVRIFRPSDUDWLYHKLVWRULFDOVW\OLVWLFVWKHFRP SDUDWLYHEUDQFKRIWKHKLVWRULFDOVWXG\RIOLWHUDU\VW\OH,WVREMHFWLYHVPHWKRGRORJ\DQGLQWHUGLVFL SOLQDU\FRQQHFWLRQVDUHSUHVHQWHGDQGDQXPEHURIUHODWHGLVVXHVVXFKDVLWVSRVVLELOLWLHVDUHDVRI FRPSHWHQFHDQGMXVWLILFDWLRQDUHGHPRQVWUDWHG7KHDXWKRU¶VLQWHQWLRQLVWROD\WKHIRXQGDWLRQVRI WKDWGLVFLSOLQHDQGWRPDNHUHFRJQLVHGLWRQDZLGHUVFDOH± 7KHUHOHYDQWLVVXHVDUHSUHVHQWHGLQ WKHIROORZLQJILYHVHFWLRQV7KHFRPSDUDWLYHGRPDLQRIWKHKLVWRU\RIOLWHUDU\VW\OHDQGFRPSD UDWLYHVW\OLVWLFV7KHRUHWLFDOHOXFLGDWLRQRIWKHQRWLRQRIFRPSDULVRQ7RSLFVRIWKHGLVFLSOLQH DSUHYLHZ&RPSDUDWLYHH[SORUDWLRQVLQLQWHUOLWHUDU\UHODWLRQVKLSVDQGWKRVHEHWZHHQOLWHUDWXUH DQGRWKHUEUDQFKHVRIDUW&RPSDULVRQVZLWKLQDVLQJOHOLWHUDWXUH ± 2QWKHEDVLVRIWKHUHVXOWV REWDLQHGLQHDFKRIWKHWRSLFVWKHIROORZLQJFRQFOXVLRQFDQEHGUDZQFRPSDUDWLYHKLVWRULFDOVW\

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

=2/7È16=$%Ï

0RUIpPDUHQGV]HUH]pVQNYLWiVNpUGpVHLU O

,(O|OMiUyEDQPHJMHJ\H]QpPKRJ\D 0DJ\DU1\HOYUEHQW|EEtUiVRPLVIRJODONR ]LNHWpPiYDO$]LQNRUSRUiFLyNpUGpVpUODPDJ\DUEDQ±$V]yNpS]pV NRPSR]LFLRQiOLVMHOOHJpUO±$V]yV]HUNH]HWLpVGHULYiFLyVHOHP]pVH

±+iQ\HVHWNYDQDPDJ\DUIQHYHNQHN"±$PRUIpPD~MUDGHILQLi OiViQDNV]NVpJHVVpJH±=pUyNpVQHP]pUyNNLVSURNpVQDJ\352N DPDJ\DUEDQ±-HOHQFLNNHPEHQ± 7203$-Ï=6()KH]KDVRQOyDQ5DJR ]iVWDQXQNYLWDWRWWNpUGpVHLpVQ\HOYWDQLRNWDWiVXQN1\U±± PRUIpPDUHQG V]HUH]pVQNOHJiOWDOiQRVDEENpUGpVHLUHNHUHVHPDYiODV]W76202*<,0$*'ÈKR]FVDWOD NR]YD7ROGDOpNUHQGV]HUH]pVQNYLWiVNpUGpVHL>%S@pQLVYDOORPKRJ\ÄQ\HOYQNHW QHP|QPDJiEDQKDQHPPiUDPHJOpYiOWDOiQRVQ\HOYpV]HWLWDSDV]WDODWRNHUHGPpQ\HN LVPHUHWpEHQ FpOV]HU& YL]VJiOQXQN ~J\ KRJ\ PLQGLJ NHOOHQ pUYpQ\HVOMHQHN D PDJ\DU Q\HOYVDMiWRVVSHFLILNXVYRQiVDLLV´LP/$'È1<,0È5,$01\7.%S 6202*<,0$*'$N|Q\YpUOtUWLVPHUWHWUHFHQ]LyMiWD]]DO]iUMDKRJ\DV]HU]

HUHGPpQ\HLÄD]~MPDJ\DUQ\HOYWDQLOODVWUXNWXUiOLVPDJ\DUQ\HOYWDQN|WHWPHJRO GiVDLKR]iOOQDNN|]HO(]PLQGNpWLUiQ\EDQPHJQ\XJWDWyKLV]HQD]HPOtWHWWNpWN|WHW V]HU]LUpV]EHQ76202*<,0$*'ÈpWOHOWpUpUYHNDODSMiQMXWQDNKDVRQOyYpJHUHGPp

(2)

Q\HNUHpVH]PHJHUVtWLDV]HU]N|YHWNH]WHWpVHLQHND]HOIRJDGKDWyViJiW´(QJHPD]RQ EDQQHPFVDN6202*<,0$*'$PHJROGiVDLKDQHPDÄ0DJ\DUJUDPPDWLND´0*UD]

ÄÒM PDJ\DU Q\HOYWDQ´ Ò01\W pVDÄ6WUXNWXUiOLVPDJ\DUQ\HOYWDQ´YRQDWNR]yN|WHWH 6WU01\WLVYLWiUD|V]W|Q|]WHNHGGLJLVpVNpV]WHWQHNPRVWLV7ROGDOpNDLQNUHQGV]H UH]pVpWFVDNDPRUIpPiNiOWDOiQRVUHQGV]HUH]pVHNHUHWpEHQYpOHPPHJYDOyVtWKDWyQDN$I SUREOpPiWpQDEEDQOiWRPKRJ\DNO|QE|] V]HPSRQW~pVV]LQW& UHQGV]HUH]pVHNQHP KDWiUROyGQDNHOHJ\PiVWyO.,()(5)(5(1&$NpWIpOHLJHPyGRVtWyUyO,Q01\7.

%SSpOGiXO~J\YpOLKRJ\D]~MViJRWROYDVI|OGUHV]iOOiVWtSXV~V]HUNH]HWHN ÄNRPSOH[LJHLMHOHQWpVW´KRUGR]QDNÄD]LJHPyGRVtWypVD]LJHV]HPDQWLNDLHJ\VpJHWDO NRWQDN´Ä|VV]HWpWHONpQWYLVHONHGQHNDV]HUNH]HWNpWHOHPHQHPYiODV]WKDWyHOHJ\

PiVWyO´$3pWHU¶~MViJRWNOI|OGLXWD]iVDLDODWW Q H P ROYDV)|OGUHpVWHQJHUUH V]iOOiVV]HUNH]HWHNHOIRJDGKDWyViJDD]RQEDQNpWVpJHVVpWHV]LHQQHND]HOPpOHWQHND]pOHW EHQWDUWKDWyViJiW

,,$V]yHOHPWDQPRUIHPLNDKHO\HDV]yDODNWDQEDQPRUIROyJLiEDQ.,()(5 )(5(1&Ò01\WKDQJV~O\R]]DKRJ\D]DODNWDQKHO\HHJ\HJ\VpJHVQ\HOYOHtUiVEDQ NO|QE|]OHKHW$0*UEDQ±D/$&=.Ï.5,6=7,1$pV.(6=/(5%25%È/$iOWDO tUWÄ$ODNWDQ´FtP&UpV]EHQDN|YHWNH]IFtPHNHWWDOiOMXNÄ$]DODNWDQWiUJ\DpVDODSND WHJyULiL´ Ä$ WWtSXVRN´ Ä$ WROGDOpNRN´ Ä$ PRUIpPDV]HUNH]HWHN´ 75Ï19,.725 )HMN|]SRQW~ IUi]LVVWUXNW~UDQ\HOYWDQ %S W|EEGLPHQ]LyVQDN QHYH]HWW Ki URPGLPHQ]LyVPRUIROyJLiUyOtUDPHO\DNOLWLNXPPHJMHOHQpVWSODQJGRQ¶WDV]yLQI OH[LyVRV]WiO\iWpVD]DGRWWV]yDODNOH[pPDSDUDGLJPiMiWKDWiUR]]DPHJ.,()(5)(5(1&

6WU01\WPHJiOODStWMDKRJ\ÄDPRUIROyJLiQDNDV]LQWD[LVVDOpVDIRQROyJLiYDO V]HPEHQQLQFVDPRUIROyJLDLMHOHQVpJHNHJpV]pWIHO|OHO HOPpOHWH´)HOVRUROKDWRO\DQ HOPpOHWHWDPHO\V]HULQWHDPDLPRUIROyJLDNXWDWiVEDQIRQWRVV]HUHSHWMiWV]LN(]HNDWHPS OiWXPPRUIROyJLDDV]yV]LQWD[LVDUDJRNPLQWIXQNFLRQiOLVNDWHJyULiNDNLWHUMHV]WHWW ÄV]ypVSDUDGLJPD´PRGHOO([WHQGHG:RUG±DQG±3DUDGLJP(:3HV]HULQWDUDJR]iV EDQQLQFVV]NVpJDPRUIpPDIRJDOPiUDDPRUIROyJLDV]LJRU~DQV]yDODS~DUDJRNDWpV NpS]NHWPRUIRV]LQWDNWLNDLV]DEiO\RNYH]HWLNEHDPHO\HNKHO\WHOHQDODNRNDWLVJHQHUiO QDNDV]yNpS]pVDV]yWiUEDQW|UWpQLNDPRUIpPDLOOHWYHD]DIIL[XPIRJDOPiQDNIHOKDV]

QiOiVDQpONOÄDNpS]HWWV]DYDNQDNQLQFV|VV]HWHYVV]HUNH]HWNPLYHOLO\HQ|VV]HWHYV V]HUNH]HWUH VHP D IRQROyJLiQDN VHP D V]LQWD[LVQDN VHP SHGLJ D V]HPDQWLNiQDN QLQFV V]NVpJH´DV]pWRV]WRWWPRUIROyJLD'LVWULEXWHG0RUSKRORJ\'0DWHUPpV]HWHVPRU IROyJLD

$PRUIROyJLDWiUJ\iUDYRQDWNR]yMDYDVODWRPHJ\V]yHOHPWDQEyOPRUIHPLNiEyOpV V]yIDMWDQEyOiOOyNpWIUpV]HVV]yDODNWDQ$V]yHOHPWDQRQEHOODN|YHWNH] IIHMH]HWHW NO|QE|]WHWHPPHJPRUIpPDUHQGV]HUH]pVV]yDODNNpS]pVV]yNpS]pVpVV]y

|VV]HWpWHO$V]yIDMWDQEDQD]DQ\DJHOUHQGH]pVHV]yIDMRNV]HULQWW|UWpQLN

,,, 0 R U I p P D U H Q G V ] H U H ] p V ± $ PRUIHPLNiQDN HEEHQ D UpV]pEHQ D NpW OHJIRQWRVDEEIHODGDWDPRUIpPiNPHJKDWiUR]iVDYDODPLQWDJ\|NpUPRUIpPiNUDGL[RN D WROGDOpNPRUIpPiN DIIL[RN pV D WROGDOpNV]HU& J\|NpUPRUIpPiN DIIL[RLGRN V]pWYi ODV]WiVDRV]WiO\R]iVXNV]HPSRQWMDLQDNDPHJiOODStWiVD

$ P R U I p P i N P H J K D W i U R ] i V D D]HXUySDLQ\HOYHNQ\HOYWDQDLEDQDODS MiEDQYpYHD]RQRV9|$V]yHOHPYPRUIpPDDQ\HOYOHJNLVHEEMHOHQWpVKRUGR]yHJ\

VpJH0RUSKHPLVWGLHNOHLQVWHEHGHXWXQJVWUDJHQGH(LQKHLWGHU6SUDFKH0RUSKHPHLVWKH VPDOOHVWPHDQLQJIXOXQLWLQDODQJXDJH0Rjn_fZ±wlhfbfbfZevgZyagZqbfZyqZklv yaudZ$PRUIpPDGHILQtFLyPyGRVtWiViUDYRQDWNR]yMDYDVODWRPDN|YHWNH] 1\U

(3)

$ P R U I p P i N D V ] D Y D N p V V ] y D O D N R N V ] H U N H ] H W p Q H N E i U P L O \ H Q M H O H Q W p V V H O Y D J \ I X Q N F L y Y D O E t U y O H J N L V H E E D V ] L P P H W U L N X V I R U P D L H J \ V p J H L

(]DPHJKDWiUR]iVDPRUIpPiNDWHJ\pUWHOP&HQDV]DYDNKR]N|WLDV]DYDNHJ\PRU IpPiVV]HUNH]HW&HNLVOHKHWQHN$WDUWDOPLpVDIRUPDLROGDOYLV]RQ\iEDQDPRUIpPiWHO VVRUEDQIRUPDLV]HUNH]HWLHJ\VpJQHNWHNLQWLYDJ\LVD]HJ\PiVVDOIRUPDLWHNLQWHWEHQ VHPPLIpOHNDSFVRODWEDQQHPOpYPRUIpPiNSOD]DQJROIQHYHNW|EEHVV]iPiWNpSH]

VHQVWEPRUIpPiNV]LQRQLPMHOHQWpV& NO|QE|] PRUIpPiNVHJ\PRUIpPDW|EEMH OHQWpV& LVOHKHW$YiU‘LJHDODNHJ\]pUyMDSpOGiXOMHO|OKHWLDMHOHQLGWD]HJ\HVV]i PRWDKDUPDGLNV]HPpO\WDNLMHOHQWPyGRWVQHPV]NVpJHVKiURPVWQpJ\"]pUyW IHOWQWHWQQNDKRJ\H]WSOD0*UEDQpV71\WEDQOiWMXN(PHJ KDWiUR]iVNLV]pOHVtWLDWDUWDOPLROGDO,QKDOWVVHLWHpUWHOPH]pVpWDPHO\QHNEiUPHO\WtSXV~

MHOHQWpVHYDJ\IXQNFLyMDLVOHKHW$PRUIpPiNGHILQtFLyMiEDQD]DV]LPPHWULNXVMHOOHP]pV QHPFVDND]WMHOHQWLKRJ\DIRUPiMXNpVWDUWDOPXNN|]|WWLPHJIHOHOpVDUiQ\DWiYROUyOVHP KDQHPD]WLVKRJ\YDQQDNQHPFVDNUHQGV]HUHVHQLVPpWOGKDQHPHJ\HGLXQLNiOLV PRUIpPiN LVK H Q W HV N X U D ILDPHO\HN FVDN HJ\HWOHQ V]yEDQ IRUGXOQDN HO V]HJ PHQWiOKDWyViJXNDW D YHON KDV]QiODWRVPRUIpPDPiVV]DYDNEDQW|UWpQ LVPpWOGpVHV PHJMHOHQpVHEL]WRVtWMD$PRUIpPiNRV]WKDWDWODQViJDVHP]iUNLEHpNHOGpVLFVRQNtWiVL EYtWpVLKHO\YiOWR]WDWiVLOHKHWVpJHNHWPLYHOHJ\VpJNHWV]HPDQWLNDLRV]WRWWViJHVHWpQ IRUPDLHJ\VpJNIRUPDLRV]WRWWViJHVHWpQSHGLJV]HPDQWLNDLHJ\VpJNWRYiEEpOpVHEL]

WRVtWMD%DODWRQl%DOFVLIDJ\ODOWlIDJ\LHOYDQV]DNDGYD(QQHNWNUpEHQQHPIR JDGKDWyHO.,()(5QHND]DYpOHNHGpVHKRJ\DQpYHOWOHQWiUJ\DVV]HUNH]HWHNQHPQRPL QDOL]iOKDWyDN ÄPLYHO D WiUJ\UDJW|UOpVHHOPpOHWLOHJQHPLJD]ROKDWy´LP

~MViJRWROYDVo~MViJRWROYDViVY|ÒMViJROYDViVDOHJNHGYHVHEELGW|OWpVHV]DEDG ViJDLGHMpQ

$KLiQ\ROWHOPpOHWLPDJ\DUi]DWRWWDOiQpSSHQ.,()(5)(5(1&QpO8 V]HUN$PD J\DUQ\HOYNp]LN|Q\YH%SWDOiOMXNPHJDNLLJHQKHO\HVHQPHJiOODStWMDKRJ\

ÄDPDJ\DUQ\HOYQHNYDQQDNDJJOXWLQiOyWXODMGRQViJDLPpJVHPQHYH]KHW DJJOXWLQiOy Q\HOYQHNPLYHOVHPDIQpYVHPSHGLJD]LJHUDJR]iVQHPWHOMHVHQDJJOXWLQiOyMHOOHJ&´

.LHJpV]tWKHWMND]]DOKRJ\DWiUJ\DVV]HUNH]HWHNQRPLQDOL]iFLyMDVHPD]VWPpJORJL NiWODQYDJ\NpWpUWHOP& NpS]GPpQ\HNLVOHKHWVpJHVHNPLQWSpOGiXOiUYt]YpGHOHPQHP D]iUYL]HWYpGMN-y]VHI$WWLODV]DYDOiVD¶-y]VHI$WWLODV]DYDO¶YDJ\¶-y]VHI$WWLODYHU VHLWV]DYDOMiN¶.,()(5XJ\DQLV~J\YpOLKRJ\D]DJJOXWLQiOyQ\HOYHNEHQÄPLQGHQPRU IpPiQDNHJ\pVFVDNLVHJ\PRUIIHOHOPHJpVPLQGHQPRUIHJ\pVFVDNHJ\PRUIpPiW WHVWHVtWPHJ´eQWLV]WiQDJJOXWLQiOyQ\HOYHWQHPLVPHUHN$PDJ\DUSpOGiLQHPV]HUHQ FVpVHNPLYHOQHPLJD]ROMiND]HOEELMHOOHP]pVW$IHOLVPHUKHWHWOHQVpJLJV]yDODNEDQ H]WDODN]DWQDNQHYH]LD]~QPRUIpPiNpVNRQNUpWPHJYDOyVXOiVDLND]~QPRUIRN N|]|WWN|OFV|Q|VHQHJ\pUWHOP&PHJIHOHOpVWWDOiOPHJIHOHGNH]YHDViJDWODQKDWPRU IRNUyO $ IQpYUDJR]iVEDQ YLV]RQW ÄD ELUWRNRV V]HPpO\UDJRN NpW PRUIpPiW IHMH]QHN NL HJ\V]HUUHDV]HPpO\WpVDV]iPRWSODKi]DGV]yDODNEDQH]PiUQHPDODN]DWD]DG WROGDOpNDV]HPpO\WpVD]HJ\HVV]iPRWDKi]DWRNV]yDODNEDQD]DWRNWROGDOpNDV]H PpO\WpVDW|EEHVV]iPRWMHO|OL´.,()(5LQ$PDJ\DUQ\HOYNp]LN|Q\YH%S +DHOIRJDGMXNDW|EEMHOHQWpV&V]DYDNNpS]NHONpS]NOpWH]pVpWDNNRUPLpUWWD JDGMXNH]WPHJDUDJRNWyO"&VDNHSLGLJPDWLNDLV]LQWHQ3(7(1\U±WpWH OH]KHWQNIHONpWPRUIpPiWV]LQWDJPDWLNDLpVSDUDGLJPDWLNDLV]LQWHQDV]HPpO\UDJRNHJ\

W|EEMHOHQWpV&PRUIpPiEDQIHMH]LNNLDELUWRNRVV]HPpO\pWpVV]iPiWpVHJ\PiVLNPRU IpPiEDQDELUWRNV]iPiW$ViJVpJWROGDOpNQDND]e.V]MHOHQWpVpWWQWHWLIHOY|

3(7(1\U

(4)

$ V ] y J \ | N p U p V D W R O G D O p N R N V ] p W Y i O D V ] W i V D ± $]HJ\pU WHOP&pVN|YHWNH]HWHVKDV]QiODWpUGHNpEHQV]NVpJHVQHNWDUWRPD]DEV]RO~WWHOQHYH]pV KHO\HWWDQJROQpPHWIUDQFLDpVRURV]VWEPLQWiUDDV]yJ\|NpUURRW:XU]HOUDFLQH dhj_gvP&V]yKDV]QiODWiQDNPHJKRQRVtWiViW$]e.V]EDQDV]yJ\|NUpJLHVMHOHQWpV EHQ¶RO\DQI|OWpWHOH]HWWVL>V]yHOHP@DPHO\EOPiVV]DYDNYWROGDOpNRNNHOHWNH]WHN¶

DJ\|NV]ySHGLJDV]yIHMWpVEHQD]HWLPRQWYDODPHO\V]yVpW>SULPDU\IRUPDWLRQ@MHO|OL DPHO\EODV]yV]iUPD]LN$WROGDOpNODWLQHUHGHW& QHYHDIIL[XP$PDJ\DUQ\HOYWXGR PiQ\EDQD]LO\HQODWLQRVDODNRNKRQRVRGWDNPHJ-DYDVORPKRJ\KHO\HWWND]DQJROEDQ QpPHWEHQRURV]EDQLVKRQRVDIIL[VWEU|YLGHEEYiOWR]DWRWKDV]QiOMXN0LQGH]HNQHNDP&

V]DYDNQDNDKDV]QiODWDFVDNPHJV]RNiVNpUGpVH

$ $ V ] y J \ | N p U P H J K D W i U R ] i V D ± .(1(6(,,679È16WU01\W DUUDPXWDWUiKRJ\DPDJ\DUQ\HOYEHQD]XUDONRGyÄV]yDODS~PRUIROyJLDPHOOHWWDPHO\

EHQDV]yNpS]pVpVUDJR]iVV]yQDJ\ViJ~HOHPHNHQP&N|GLNOpWH]LNDªWDODS~PRUIR OyJLiQDN©LVHJ\NLVHEEV]HOHWHDPHO\D]|QiOOyV]yNpQWQHPHOHPH]KHWQ\HOYLHOHPH NHQKDMWMDYpJUHHP&YHOHWHNHW´J\yJ\tWN|Q\|U|JSDWWRJ7QHN FVDNH]HNHWD]

iOWDODIpOV]yNQDNYDJ\IpOV]ySUyEiWWHOMHVtWHQLQHPNpSHVN|W|WWIRUPiNQDNQHYH]HWWV]y HOHPHNHWQHYH]LDPHO\HNQiODD]Ä~QSDVV]tYILNWtYYDJ\IDQWRPW|YHNDPHO\HNKH]IHO LVPHUKHWNpS]NMiUXOQDNSOIHV]OIHV]tWIHV]HQJIHV]HVIHV]pO\H]VWE´LP (]HNHWDW|YHNHWDIJJHWOHQpVIJJV]DYDNNDOiOOtWMDV]HPEH+DQLQFVDV]yJ\|NpUQHN DWROGDOpNRNWyOQpPLNpSSIJJHWOHQ|QiOOyPHJKDWiUR]iVDDNNRUD]LVHOIRUGXOKDWKRJ\

QHPWXGMXNPHO\LNUpV]HDV]yQDNDJ\|NpU76202*<,0$*'$LPSpOGiXOMR JRVNULWLNiYDOLOOHWL+9$5*$*<8/ÈWDNLDJ\yJ\WpYN|W|WWJ\|NHUHNHWSUHIL[HNQHN WHNLQWL$Q\HOYHNW|EEVpJpEHQ± DJJOXWLQiOyYDJ\IOHNWiOyYROWXNWyOIJJHWOHQO± D]RQ EDQ OHKHWVpJHV D V]yJ\|NpU pV D WROGDOpNRN N|OFV|Q|V IJJVpJpQ HJ\PiVUDXWDOWViJiQ DODSXOyPHJKDWiUR]iV$ V ] y J \ | N p U DURNRQV]DYDNWRYiEELPRUIpPiNUDQHPRV]W KDWyN|]|VUpV]HDPHO\HJ\V]yFVDOiGMHOHQWpVPDJYiWIHMH]LNL(J\HJ\HGLV]yJ\|NHUp QHNQLQFVNO|QpOMHOHQWpVHK H Q W HV

$ V ] y J \ | N H U H N W t S X V D L K D V ] Q i O D W X N V ] H U L Q W ± $Q\HOYpV]HWL V]DNLURGDORPEDQSO+(,'5813(/= /LQJXLVWLNIU$QIlQJHU$XIO+DPEXUJ PiUHOpJUpJHQPHJNO|QE|]WHWQHNV]DEDGpVN|W|WWPRUIpPiNDWIUHLHXQGJHEXQ GHQH0RUSKHPHIUHHDQGERXQGPRUSKHPHk\h[h^gZyb k\yaZggZyfhjn_fZ$V]y J\|NHUHNiOWDOiEDQ|QiOOyKDV]QiODWRWLVPHJHQJHG V]DEDGPRUIpPiNGHVRNNDOJ\DN UDEEDQ OHKHWQHN N|W|WWHN PLQW D WROGDOpNRN V]DEDGDN$] L ] P X V R N W|UWpQHWH D IHVWpV]HWEHQ$.HQHVHLIpOHSDVV]tYILNWtYIDQWRPW|YHNHOQHYH]pVHNKHO\HWWDN|W|WWWP&

V]yVRNNDOWDOiOyEEpVXJ\DQDNNRUiOWDOiQRVQ\HOYpV]HWLV]HPSRQWEyOLVNRPSDWLELOLV$

IHQWL PHJKDWiUR]iV V]HPV]|JpEO OpQ\HJWHOHQ KRJ\ D J\|NpUPRUIpPD |QiOOy iOWDOi EDQD]YDJ\SHGLJN|W|WWPRUIpPD$NO|QEVpJN|]WNFVXSiQD]KRJ\DN|W|WWJ\|

NpUQHNQLQFVYDODPLO\HQWtSXV~WROGDOpNQpONOLDODNMD9|

DV]WDO LWW tU ± ±

DV]WDOL LWWHQ EHtU IHV]O SDWWRJ

DV]WDORV LWWHQL tUiV IHV]HV HOSDWWDQ

DV]WDOND OHtUiV PHJIHV]tW SDWWLQW

$]HJ\HGLXQLNiOLVV]yJ\|NHUHNYDJ\|QiOOyDQKDV]QiOWV]DYDNNLPLpVYDJ\

SHGLJD]LVPpWOG WROGDOpNRNDODSMiQHJ\pUWHOP&HQV]HJPHQWiOKDWyDNKHQWHV± NpVHV EpUHVG~YDG± YDGDV-HOHQWpVNFVDNDWiUVPRUIpPiNNDOHJ\WWKDWiUR]KDWyPHJ

/ H K H W H N p W N | W | W W J \ | N p U H J \ V ] y E D Q "± $17$//È6=/Ï$IRU PiOLVQ\HOYLHOHP]pV6WXGLXPN|Q\YHN%S±D]tJ\~J\LWWRWWKRJ\

(5)

KROLGHRGDNLPLV]DYDNDWNpWN|W|WWPRUIpPiUDWDJROMD$]HWLPROyJLDLHOHP]pVEHQH]

DWDJROiVKHO\WiOOy/HtUyV]HPSRQWEyOPLQGH]DWLV]WiQIRUPiOLVHOHP]pVHOpJWHOHQVpJpW EL]RQ\tWMD

9 D Q H J \ | N p U Y D J \ V ] y H O H P D P H O \ Q H P P R U I p P D Y D J \ P R U I " ± .(1(6(,,679È16WU01\W~J\YpOLKRJ\D]~QLNHUV]DYDV|VV]HWpWHOHN LVPpWOpVYDJ\UtPHOWDJMDLWPpJPRUIpPiNQDNVHPWHNLQWKHWMNPLYHOQHPFVDN|QiOOy V]yQDNPHJIHOHOKDV]QiODWXNQLQFVGHYDOyMiEDQMHOHQWpVNVHP$]RQEDQDJLUEHJ|UEH V]yEDQ D JLUEH DJ|UEHV]yJ\|NpU YDULiQVD PRUIMD $ N|W|WW V]yJ\|NHUHNQHN D YD ULiQVRNQDNiOWDOiEDQQLQFV|QiOOyKDV]QiODWXNKyKDYDVERNRUERNURN$V]DEO\D J|UEHNDUG (]DJLUEHJ|UEHNDUGPpJMiWpNQDNVHPMy|VV]HYHWpVHD]WPXWDWMDKRJ\D]

XWyEELNDUGNLVHEEQDJ\REEJ|UEOHWHNHWWDUWDOPD]yNDUGDPHO\EHQDJLUEHHOHPDNL VHEE J|UEOHWHNHW MHO|OL $] LJHL LNHUV]DYDN PLQGNpW |VV]HWHYMpW UDJR]KDWMXN KDVRQOy NpS]NHWWHKHWQNKR]]iMXN0LQGQ\iMDQL]HJWQNPR]RJWXQN(JpV]QDSOyWIXW$KLYD WDOEDQQDJ\YROWDOyWiVIXWiV$IQpYLLNHUV]DYDNQDND]RQEDQiOWDOiEDQFVDND]XWROVy WDJMiWUDJR]]XN7HPpUGHNOyWiVIXWiVVDOMiUDGRORJ

7 U D Q V ] I L [ H N ± $ PDJ\DU |VV]HWHWW IQHYHNEHQ DV]yJ\|NHUHNQpKDHJ\

PiVVDOIHOFVHUpOKHWWUDQV]IL[HNDPHO\IHOFVHUpOpVD]RQEDQPHJYiOWR]WDWMDDV]ypUWHOPpW pSSHQH]pUWWUDQV]IL[pVQHPDPELIL[PXQNDEpU± EpUPXQNDYHJV]HP± V]HPYHJYL OiJKtU± KtUYLOiJN|UWiQF± WiQFN|UQiGFXNRU± FXNRUQiGGtV]NDSX± NDSXGtV]VWE$ELU WRNUpV]YDJ\RQUpV]pVDUpV]ELUWRNUpV]YDJ\RQN|]|WWYLV]RQWpQQHPpU]HNMHOHQWpVEHOL NO|QEVpJHW9|D]DQJROEDQFRPHRXW¶NLM|Q¶±RXWFRPH¶HUHGPpQ\NLPHQHWHO¶,WW MHJ\]HPPHJKRJ\DUDJR]RWWV]yDODNRNUDJMDLD]~QKLSRV]Wi]LV¶V]yDODNRNV]yIDMLiW FVDSiVD¶IRO\DPDWiEDQWUDQV]IL[NpQWV]yNpS] PRUIpPiYiYiOKDWQDNWpOHQVV]HOWD YDVV]DOGpOEHQRURV]XO

$ ] | V V ] H W H W W L J p N D P E L I L [ p V Q H P D P E L I L [ V ] y J \ | N H U H L ± e.,66.$7$/,1 6WU01\W KDQJV~O\R]]D KRJ\ ÄHJ\ |VV]HWHWW YDJ\

NpS]HWWV]yHOHPHLQHPYiOKDWQDNHOHJ\PiVWyO´$UpJHEELPDJ\DU|VV]HWHWWLJpNPHQQ\G|

U|JKHO\WiOOMyWiOOHJ\HWpUWOpWUHKR]HOOHQWPRQGOpWUHKtYOpWUHM|QKHO\EHQKDJ\MyYitU MyYiKDJ\ MyYiWHV] VtNUDV]iOO YpJKH]YLV] YpJUHKDMW DOiEEKDJ\ DOiEEV]iOOHOWDJMDL HJ\LNKHO\HVtUiVLV]yWiUEDQVHPNDSQDN¶LJHN|W¶PLQVtWpVW(]HNDV]DYDNWHKiW|VV]H WHWW LJpN DPHO\HNQHN D] HOV HOHPHL KDV]QiODWXN V]HULQW KHO\NHW YiOWR]WDWKDWy DPELIL[HN 9|/pWUHM|WW D PHJiOODSRGiV ± 1HP M|WW OpWUH D PHJiOODSRGiV9DQQDN D]RQEDQRO\DQ|VV]HWHWWLJpLQNLVDPHO\HNQHNV]yJ\|NHUHLQHPDPELIL[MHOOHJ&HNYDJ\LV QHP YiOQDN HO $] LO\HQHNQHN D] HOV J\|NHUH WROGDOpN QpONOL IQpY YHQGpJV]HUHSHO NiUSyWRO V]DNGROJR]LN KDQJV]LJHWHO KV]LJHWHO WiYLUiQ\tW YpJNLHOpJtWYpJUHQGHONH]LN V]DNIHOJ\HOEpUHOV]iPRO±1iOXQNQHPYHQGpJV]HUHSHOWHN0,1<$.È52/<$]HOYR QiVVDONHOHWNH]HWW|VV]HWHWWLJHPLQWQHRORJL]PXV1\U±PHJiOODStWMDKRJ\

H]HND]|VV]HWHWWPRUIpPDV]HUNH]HW& LJpNQHP|VV]HWpWHO~WMiQKDQHPNpS]HWW|VV]HWHWW IQHYHNEOYHQGpJV]HUHSOpVYpJUHQGHONH]pVKV]LJHWHOpVNiUSyWOiVVWEHOYRQiV~W MiQNHOHWNH]WHN(EEOpQDUUDN|YHWNH]WHNKRJ\PLYHODIQHYHNPHOOpNQHYHN|VV]HWHWW HOHPHLQHPYiOQDNHOtJ\DEHOONNpS]HWWLJpN|VV]HWHYLVHP$]DODQ\LMHOHQWpV&HO WDJDPHQQ\G|U|J|VV]HWHWWLJpEHQXQLNXPD]HJpV]PDJ\DUQ\HOYEHQ(QQHND]LJpQHND WDJMDLLVHOYiOQDNHOYiOiVNRUD]RQEDQDPHQQ\HOWDJPLQGLJKDWiUR]RWWQpYHOYHOKDV]

QiODWRV YDJ\LV D]|VV]HWpWHOV]pWHVLNHJ\IQpYUHpVHJ\LJpUH0iUHUVHQPHQQ\G|U J|WW DPLNRU HOLQGXOWXQN± '|UJ|WW D PHQQ\ DPLNRU HOLQGXOWXQN 0pJ QHP G|UJ|WWD PHQQ\DPLNRUHOLQGXOWXQN$]pQQ\HOYpU]pNHPV]HULQWD0pJ¶QHPPHQQ\G|UJ|WWDPL NRUHOLQGXOWXQNYiOWR]DWLVHOIRJDGKDWy

$]|VV]HWHWWLJpNVWiWXViWLOOHWHQ.,()(5)(5(1&IHQWHPOtWHWWEDQPHJMHOHQW tUiVDPHOOHWWW|SUHQJpVUHNpV]WHWHWW)25*È&67$0È6Ä*UDPPDWLFDOLVDWLRQDQGSUHYHUEV´

(6)

$/+ ± FtP& WDQXOPiQ\D LV ( NpW FLNN V]HU]MpQpO IHO VHP PHUO D]

|VV]HWHWWLJpNOpWH]pVpQHNDOHKHWVpJHY|)25*È&6Ä&HUWDLQDGYHUELDOHOHPHQWVXVHG DXWRQRPRXVO\ DW ILUVW ZHUH VXEVHTXHQWO\ GHJUDGHG LQWR LWHPV RI D ERXQG JUDPPDWLFDO FDWHJRU\´LP1iOXNPLQGHQKDWiUR]yV]yV|VV]HWpWHOLJHN|WVLJHDKRJ\H]OpQ\H JpEHQD]EHQPHJMHOHQW'(0(/È6=/ÏpV)È%,È13È/iOWDOV]HUNHV]WHWWÄ+HO\HV tUiVLWDQiFVDGyV]yWiU´YDODPLQWHV]yWiU'(0(/È6=/Ï )È%,È13È/pV7Ï7+(7(/.$

V]HUNHV]WHWWHÄ0DJ\DUKHO\HVtUiVLV]yWiU´%SNLVVpiWGROJR]RWW~WPXWDWi VDLEDQpVV]yMHJ\]pNHLEHQLVWDOiOKDWy$HVNLDGiVEDQSpOGiXODWRYiEEIHMOHV]WLJH N|WVLJHDWRYiEENpSH]WRYiEEV]ROJiOV]yV]HUNH]HWGHDWRYiEENpS]pVWRYiEEV]ROJi OyYDULiQVRNYLV]RQW PiU HJ\EHtUW V]y|VV]HWpWHOHN $YpJLJKDWiUR]yV]y $ PDJ\DU Q\HOYWXGRPiQ\ MHOHQOHJLIHOIRJiVDV]HULQWKDWiUR]yV]DYDV|VV]HWHWWLJpNQHPOHKHWVpJH VHNFVDNLJHN|WVLJpNDQQDNHOOHQpUHKRJ\D]LJHN|WQHPHJ\Q\HOYWDQXQNEDQNO|Q iOOyV]yIDM$YpJLJiOOLJHN|WVLJHDYpJKH]YLV]YpJEHPHJ\LJpNYLV]RQWPiUQHPD]RN DQQDNHOOHQpUHKRJ\PLQGDKiURPV]yHOVHOHPHD]|QiOOyDQLVKDV]QiOWYpJIQpYHVHW UDJRVYiOWR]DWDLYpJFpO(]KiWDYpJ$YRQDWYpJpUHpUWQNgVV]HWHWWLJpNQHNpQD]R NDWD]LJHLMHOHQWpV& V]DYDNDWWHNLQWHPDPHO\HNEHQOHJDOiEENpWWPRUIpPDYDJ\D]RN YiOWR]DWDLV]yIDMLKRYDWDUWR]iVXNWyONpS]pVNSURGXNWLYLWiViWyOpVHOYiOKDWyViJXNWyO IJJHWOHQONLPXWDWKDWyDN(OOHQWPRQGiVWyOPHQWHVOHtUiVUDFVDN~J\MXWKDWXQNKDSpO GiXODYpJNLHOpJtWYpJUHQGHONH]LNYpJLJiOOYpJLJKDUFROYpJEHPHJ\YpJEHYLV]YpJKH]

YLV]YpJDNDUDWV]DYDNV]HUNH]HWNHWWHNLQWYHPLQG|VV]HWHWWV]DYDN+DYDQDEEDDEEDQ DEEyON|]|VV]yJ\|NpUUHOUHQGHONH]V]yFVDOiGXQNN|]|VV]WROGDOpNQpONOLV]yJ\|NH UQNN|]MyOpWN|]t]OpV|VV]MiWpN|VV]EHYpWpO|VV]EHQ\RPiV DNNRUD]DEEDKDJ\DEED PDUDGN|]EHV]yON|]pWHV]N|]pFVDS|VV]HiOOW|VV]HEHV]pOV]DYDNPRUIpPDV]HUNH]HWHLV

|VV]HWHWWLJH1HKH]HQPDJ\DUi]KDWyKRJ\DWRYiEEKDODGPLpUWLJHN|WVLJHD]|VV]pEE K~]SHGLJPLpUWQHPOHKHWD]"

% $ W R O G D O p N R N P H J K D W i U R ] i V D ± 0LQGHQ RO\DQ PRUIpPD DPHO\

QHPWDUWR]LNDV]yJ\|NpUKH]WROGDOpNDIIL[9(/&6290È57211e001\PHJ MHJ\]LKRJ\DWROGDOpNRNÄQHPDONRWQDNV]yWiUR]KDWyHJ\VpJHWFVDNDJUDPPDWLNDWDUWMD V]iPRQNHW´$]e.V]V]iPRVWROGDOpNRWV]yWiUR]$QpPHWEHQD'8'(1pUWHOPH]

V]yWiUD V]LQWpQ V]yWiUR] WROGDOpNRNDW(J\HWpUWHN/$&=.Ï.5,6=7,1ÈYDO 0*U±DNLDPRUIpPiNRV]WiO\R]iVDVRUiQPHJiOODStWMDKRJ\DWPRUIpPiNpV DWROGDOpNRNÄFVDNHJ\PiVKR]NpSHVWpUWHOPH]KHWNYDJ\LVDWPRUIpPD>D]D]DJ\|NpU PRUIpPD@D]DPHO\KH]D]DIIL[XPRNMiUXOQDND]DIIL[XPSHGLJD]DPLDWPRUIpPiKR]

>J\|NpUPRUIpPiKR]@MiUXO(]D]HJ\PiVKR]YDOypUWHOPH]KHWVpJDODSYHWDPHJNO|Q E|]WHWpVEHQGHQHP]iUMDNLD]WKRJ\D]RNDWDQ\HOYLHOHPHNHWPHO\HNQHPiOOKDWQDN PiVQ\HOYLHOHPHNNHONLUHNHVV]NDPRUIROyJLDLWLSL]iOiVEyO´$QHPWROGDOpNROKDWy IRUPiNQiOÄRO\DQW|YHNUOEHV]pOKHWQNDPHO\HNQpOEiUPLO\HQDIIL[XPPHJMHOHQpVHWL ORV´$PDJ\DUEDQQHPWROGDOpNROKDWyJ\|NpUPRUIpPiWV]LQWHOHKHWHWOHQWDOiOQXQN$MDM SpOGiXO PRUIpPiNUD QHP ERQWKDWy J\|NpUV]y GH WROGDOpNROKDWyMDMJDW IHOMDMGXO 2K QHPKDOORGHDQpSMDMiW"0DGiFK6WPpJDUFKDLNXVIRNR]iVDLVHOIRUGXOMDMDEE DQQDNPHO\VLQ\HOYpWOIRV]WDWRWWPHJ.|OFVH\$QHPpVD]LJHQJ\|NpUV]yNLVWRO GDOpNROKDWyN1HPHW,JHQWPRQGRWWLJHQOpVLJHQOQHPOHJHV9|PpJiWyO]p LJYFHWWLJ$NLiWPRQGPRQGMRQEpWLV0HWDQ\HOYLKDV]QiODWEDQSHGLJEiUPHO\V]yW WROGDOpNROKDWXQNËUMLGHHJ\pVW

& $ W R O G D O p N R N R V ] W i O \ R ] i V D ± 76202*<,0$*'$LPV]H ULQWÄD¶WROGDOpN¶Q\HOYWDQDLQNEDQV]LQWHPLQGLJV]XIIL[XPpUWHOP&´$NpVEELHNEHQD]W ROYDVVXNQiODKRJ\ÄD001<5PHJMHOHQpVHyWDNLDGRWWQ\HOYWDQRNEDQHJ\DUiQWPHJ WDOiOMXND N p S ]N D M H O H N p V D U D J R N HONO|QtWpVpW´(]D]RV]WiO\R]iVD]RQ EDQFVDND]XWyWROGDOpNRNDWSRV]WIL[HNHWYHV]LILJ\HOHPEH$]iOWDOiQRVQ\HOYpV]HWEHQ

(7)

DWROGDOpNRNRV]WiO\R]iVDHQQpOERQ\ROXOWDEE2V]WiO\R]KDWMXNNHWDV]yJ\|NpUKH]YL V]RQ\tWRWWKHO\]HWNKDV]QiODWXNIXQNFLyMXNMHOHQWpVNJ\DNRULViJXNSURGXNWLYLWiVXN pVV]iUPD]iVXNV]HULQW

$ W R O G D O p N R N S R ] L F L R Q i O L V R V ] W i O \ R ] i V D ± $ WROGDOpNRN D V]yJ\|NpUKH] YLV]RQ\tWRWW KHO\N V]HULQW OHKHWQHN HOWROGDOpNRN SUHIL[HNNLMiU NL MiUDWNLMiUiVLJ\|NHUHNN|]WLLQWHUIL[HNEDURJUiIRFHDQRJUiILDXWyWROGDOpNRN V]XIIL[RN ¶V]yNpS]N¶ MHOHN ¶IRUPDNpS]N¶ XQLIL[HN ¶MHOHN pV UDJRN N|WKDQJ]yL¶ pV UDJRN >IOH[LyN@ YDODPLQW WROGDOpNRN IHOHWWL SUR]yGLDL HJ\VpJHN V]XSHUIL[HNYDMDVNLIOL

¶YDMMDOVW|WWNLIOL¶±YDMDVNLIOL¶YDMMDOPHJNHQWNLIOL¶RUYRVIHOHVpJ¶RUYRVIHOHVpJH¶±RU YRV IHOHVpJ¶RO\DQ IHOHVpJ DNL RUYRV¶GpOIHOp HEpGHOQN± GpO IHOp PHQWHN *\|NpUEH pNHOWLQIL[pVJ\|NpUHQEHOOLIRUPDYDJ\V]yNpS]pUWpN&KDQJ]yYiOWR]iVDPDJ\DUEDQ QLQFV$]QPPRUIpPDLQIL[NpQWHOpJJ\DNUDQV]HUHSHODODWLQEDQYLQFR¶J\]|N¶

YLQFHUH¶J\]QL¶DODNEDQGHPiUQLQFVDYLFLÄJ\]WHP´YLFWXP¶OHJ\]|WW¶DODNEDQ 9|PpJUXPSRUXSLUXSWXP¶HOW|U¶$W|EEHVV]iPMHOHHJ\HVDQJRO|VV]HWHWWI QHYHNEHQD]HOVWDJUDNHUOORRNHURQ¶Qp]¶oORRNHUVRQ*\|NpUHQEHOOLKDQJ]y YiOWR]iVVDO NpSH]KHWMN D] DQJROEDQ HJ\HV IQHYHN W|EEHV V]iPiWPDQ± PHQ IRRW±

IHHWHJ\HVLJpNP~OWLGHMpWGULQN± GUDQN± GUXQN

$ W R O G D O p N R N K D V ] Q i O D W V ] H U L Q W L R V ] W i O \ R ] i V D ± $WROGD OpNRNKDV]QiODWXNV]HULQWV]LQWHPLQGLJN|W|WWPRUIpPiNLJHQULWNiQV]DEDGKDV]QiODW~DN LV OHKHWQHN$] L ] P X V R NW|UWpQHWH D IHVWpV]HWEHQ $]X O W U i NWHUURUFVHOHNPpQ\HL

%HM|VV]"±%H$SUHIL[HNDPDJ\DUEDQKHO\NHWYiOWR]WDWKDWyDPELIL[HNULWNiQNpS]YHO SiUEDQKDV]QiOWNRQIL[HN0HJiOODSRGWDN± 1HPiOODSRGWDNPHJ%HGXW\L]PHJViQWXO

$QpPHWEHQDKDQJV~O\RVLJHLSUHIL[HNPLQGLJHOYiOKDWQDNDPDJ\DUEDQYLV]RQWDPiU HOYiOWSUHIL[HNDORJLNDLKDQJV~O\WHNLQWHWpEHQW|EEQ\LUHKDQJV~O\WDODQRN9|D]DQJRO EDQ'LG\RXVD\GLVLQWHUHVWHGRUXQLQWHUHVWHG"± 'LV6</9,$&+$/.(5± ('081' :(,1(57KH2[IRUG'LFWLRQDU\RI(QJOLVK*UDPPDU2[IRUG

$ ] H OW R O G D O p N R N L O O H W Y H S U H I L [ H N S U R E O H P D W L N i M D ±

$0*UEDQÄDSUHIL[XPRO\DQWROGDOpNDPHO\DWHOWWKHO\H]NHGLNHO´(EEHQ DP&EHQFVDNNpWSUHIL[YDQDIHOVIRNOHJpVDW~O]yIRNOHJHVOHJMHOH$V]HU]NYDOD KRJ\PHJIHOHGNH]WHND]LGHJHQHUHGHW&V]DYDNEDQWDOiOKDWyUHQGV]HUHVHQLVPpWOGV]y NpS] SUHIL[HNUODPRUiOLVDV]LPPHWULDGHIRUPiOyGLNUHLQIHNFLyUHLQNDUQiFLyUH SURGXNiOXOWUDKDQJXOWUDPRGHUQXQV]LPSDWLNXVXQSUDNWLNXV

$] LJHN|WNUO tUWiN VLNHUHVHQ PHJYpGHWW NDQGLGiWXVL pUWHNH]pVNHW +9$5*$

*<8/$$PDJ\DUQ\HOYSUHIL[XPWtSXV~HOHPHLNO|Q|VWHNLQWHWWHOD]LJHN|WNUH pV6=,/,.$7$/,1$]LJHN|WUOpVD]LJHN|WVLJpUO8WyEELV]HU]DWp]LVHNEHQ D]LJHN|WNpUWHOPH]pVpQHNWtSXViWNO|QE|]WHWLPHJ|QiOOyOH[pPDNpS]NNHO URNRQIpOLJN|W|WWPRUIpPDLJHLDIIL[XPKHO\]HWpWWHNLQWYHNpS]LWXODMGRQViJRNNDO UHQGHONH] SUHIL[XP $ 0*UEDQ ± D] LJHN|W D KDWiUR]yV]yNNDO URNRQ GH DYLV]RQ\V]yN|QiOOyFVRSRUWMiEDWDUWR]y|QiOOyV]yIDMDPHO\%$/2*+-8',7MHOOHP]pVH V]HULQW HJ\UpV]W SUHIL[XP MHOOHJ& MHOHQWpVPyGRVtWy V]yHOHP PiVUpV]W KDWiUR]yV]yV]HU&

|VV]HWpWHOL HOWDJ KDUPDGUpV]WPRUIROyJLDLWHUPpV]HW& V]HUNH]HWDONRWiViUDNpSHVYL V]RQ\V]y.,()(5)(5(1&pV/$'È1<,0È5,$6WU01\W±MHOOHP]pVH DODSMiQÄD]LJHN|WNDPDJ\DUEDQQHPSUHIL[XPRNPLYHOD]LJpYHOQHPDONRWQDNV]pWYi ODV]WKDWDWODQHJ\VpJHWD]HOG|QWHQGNpUGpVHNUHDGRWWYiODV]EDQ|QiOOyDQV]HUHSHOQHN´

LP$PHJROGiVWDV]HU]NDEEDQOiWMiNKRJ\D]LJHN|WNHWLJHPyGRVtWyNQDN SUHYHUEXPRNQDN QHYH]LN $ 6WU01\WEDQ HJ\ V]LQWDNWLNDL HOHP]pV VRUiQ HOV]|Ue.,66.$7$/,1QHYH]LD]LJHN|WNHW± DKRJ\PDJDLVHOLVPHULÄQpPLOHJSRQWDW ODQXO´± LJHPyGRVtWyNQDN8J\DQLWWD.,()(5)(5(1&iOWDOtUWUpV]EHQNpWDOIHMH]HWFtPp EHQ LV WDOiONR]XQN LGKDWiUR]yW MHO|O LGPyGRVtWyP&V]yYDO e.,66

(8)

6WU01\WV]HULQWÄD]LJHN|WPRQGDWWDQLODJ|QiOOyKLV]HQ|QiOOyDQPR]RJKDW´

+DJ\RPiQ\DLQNV]HULQWPRQGDWWDQLODJHJ\YDJ\W|EEPRUIpPiEyOiOOyV]yDNNRU|QiOOy KDHJ\PDJDYDODPLO\HQIPRQGDWUpV]YDJ\EYtWPpQ\IXQNFLyMiEDQNpSHVPHJMHOHQQL

$*iERUPHJROGRWWDDQHKp]IHODGDWRW± *iERUQHPROGRWWDPHJDQHKp]IHODGDWRWPRQ GDWRNiOOtWPiQ\DXJ\DQD]pVDSUHIL[HVLJHMHOHQWpVEHOLpVV]LQWDNWLNDLHJ\VpJHLVPHJPD UDG e .,666WU01\W KDUPDGLNOHKHWVpJNpQWD]LJHN|WW~J\WHNLQWLPLQW HJ\HW D] LJH YRQ]DWDL N|]O ÄD IHOWpWHOH]HWW PRQGDWWDQL KDQJV~O\R]iVL pV V]HPDQWLNDL V]DEiO\RNSRQWRVDQ~J\pULQWLND]LJHN|W|WPLQWD]LJHW|EELYRQ]DWiW´$N|WHWV]HU NHV]WMH.,()(5)(5(1& MyWt]pYYHONpVEEYLV]RQW± LJHQKHO\HVHQ± ~J\YpOLKRJ\

ÄDSXV]WDQpYV]yLLJHPyGRVtWyPLQGLJYRQ]DWDD]LJpQHND]LJHN|WQHPD]´$NpWIpOH LJHPyGRVtWyUyO01\7.%S

0LQGH]HNKH]W|EEPHJMHJ\]pVNtYiQNR]LN/HtUyUHQGV]HUH]pVQNV]HULQWD]LJp EONpS]HWWIQHYHNPHOOpNQHYHNQHPYHUEXPRNVH]HNEHQDV]DYDNEDQD]ÄLJHN|WN´

QHPHOYiOyPRUIpPiNNLMiUDWEHMiUDWiWMiUiViWMiUyNLMiUiVLWLODORP$]LJHN|WV LJpNV]yWiULDODSIRUPiMDDSUHIL[HVDODN$V]HU]N|VV]HNHYHULNDWROGDOpNRNSR]L FLRQiOLVpVKDV]QiODWXNV]HULQWLRV]WiO\R]iViW(]XWyEELV]HPSRQW~RV]WiO\R]iVQHPtU KDWMDIHOODNRUUHOiFLyVIJJVpJLHOYV]HULQWLDWROGDOpNRNJ\|NpUPRUIpPiNWyOIJJ SR]LFLRQiOLVRV]WiO\R]iViW(OIRJDGKDWDWODQQDNWDUWRPDPRUIpPDHOHP]pVQHNDV]LQWDN WLNDLHOHP]pVVHOYDOy|VV]HWpYHV]WpVpW(J\pENpQWDWROGDOpNRNQDNV]LQWHPLQGHJ\LNHtJ\

YDJ\~J\PyGRVtWMDDV]yJ\|NpUYDJ\DV]yWMHOHQWpVpWIXQNFLyMiWOHKHWYpWHV]L~MV]y YDJ\V]yDODNNpS]pVpW7|EEQ\LUHQHPV]HUHQFVpVKDYDODPHO\PiVQ\HOYQ\HOYWXGR PiQ\iEyO iWYHV]QN HJ\ P&V]yWPiVWtSXV~MHOHQVpJHNMHO|OpVpUHNO|Q|VHQDNNRUKD WHNLQWHWWHOYDJ\XQND]LGHJHQQ\HOYHNRNWDWiViUDLV$]DQJROEDQDPRGLILHU¶PyGRVtWy¶

P&V]y V]LQWDNWLNDL WHUPLQXV DPHO\QHN D PDJ\DU KDJ\RPiQ\RV Q\HOYWDQ V]HULQWL PHJ IHOHOMHDEYtWPpQ\ 9|Ä0RGLILFDWLRQLVDJHQHUDOWHUPQRXQVDUHW\SLFDOO\PRGLILHG E\DGMHFWLYHVDGMHFWLYHVDQGDGYHUEVE\DGYHUEVDQGVRRQ´Ä0RGLILHU$GHSHQGHQW HOHPHQWQRUPDOO\DZRUGWKDWDIIHFWVWKHPHDQLQJRIDQRWKHUHOHPHQWQRUPDOO\WKH KHDGZRUG´&+$/.(5±:(,1(5LP$QQDNNHYpVpUWHOPpWOiWRPKRJ\D]

HGGLJLN|]pUWKHWÄQpYHOWOHQWiUJ\´HOQHYH]pVWIHOYiOWVXND]DQJROQ\HOYpV]HWEHQMiUDWODQRN V]iPiUD~MHOPpOHWWDUWR]pNiQDNW&QÄSXV]WDLJHPyGRVtWy´WHUPLQXVVDODPHO\WRYiEELHO PpONHGpVHNDODSMiXOLVV]ROJiOKDWQHYH]HWHVHQDQpYHOVWiUJ\HVHWEHQiOOyIQHYHNPLpUW QHPYRQ]DWDLD]LJpQHN$SUHIL[HNPHJYiOWR]WDWKDWMiNHJ\LJHYRQ]DWiWYiODV]RODNpUGpV UH± PHJYiODV]ROMDDNpUGpVWDSUHIL[HNQHPYRQ]DWDLD]LJpQHNDQpYHOVpVQpYHOWOHQ WiUJ\SHGLJHJ\IRUPiQYRQ]DWD$KDWiUR]RWWQpYHOVWiUJ\YLV]RQWPHJYiOWR]WDWMDD]LJHUD JR]iVLWtSXViWLV$]DODQ\WYLV]RQWQHPWHNLQWHPD]LJHYRQ]DWiQDNPHUWDIQpYLLJHQpY YHOQHPNpUGH]KHWQND]DODQ\UDLVPHUNHGQLYNLYHO± LVPHUNHGQLNL

eQDQQDN|UOQpNKDD]ÄLJHN|WSUHYHUEXP´HOQHYH]pVWDÄUpJLHV´V]DYDNN|]p VRUROQiQNHOV]DNDGQiQNFVDND]LJpNNHONDSFVRODWRVYL]VJiODWXNWyOpVOHPRQGDQiQND]

LJHN|W LO\HQRO\DQV]yIDMNpQWYDOyEHPXWDWiViUyOPLYHOD]KHO\pWYiOWR]WDWKDWyDPELIL[

KDV]QiODW~V]yHOHP76202*<,0$*'$~J\YpOLKRJ\D]LJHN|WNÄFVDNDWROGDOpNRN UHQGV]HUpQNtYOKHO\H]KHWNHO´LPGHKDQJV~O\R]]DKRJ\ÄQ\HOYWDQtUiVXQNQDN PLQGHQNpSSHQ~MUDNHOOJRQGROQLDDSUHIL[XPRNNDONDSFVRODWRViOOiVSRQWMiW´LP (]HQHOJRQGRONRGYDDPHJROGiVWDEEDQOiWRPKRJ\DMHOHQOHJLÄLJHN|WNHW´V]pWNHOOYi ODV]WDQXQN SUHIL[HNUH pV YDODPLO\HQ V]yFVDOiGED WDUWR]y KDWiUR]yV]yNUD DPHO\HN

|QiOOyPRQGDWUpV]NpQWLVV]HUHSHOKHWQHNYDJ\SHGLJ|VV]HWHWWV]DYDNNRPSRQHQVHL3UH IL[HNKH]WDOiQFVDNDW|EEQ\LUHHJ\V]yWDJ~UDJWDODQV]yFVDOiGGDOQHPUHQGHONH]PRU IpPiNDWOHQQHMyVRUROQXQNYDJ\LVD]RNDWDPHO\HNQHNV]yJ\|NpUYROWDYDJ\KDWiUR]y V]yL KDV]QiODWD OHtUy V]HPSRQWEyO HJ\ V]yFVDOiGRQ EHOO QHP EL]RQ\tWKDWy $] RURV]

SUHIL[HN W|EEVpJH D] HO|OMiUyV]yNNDO URNRQ (]HN UHQGV]HUHVHQ HOIRUGXOQDN LJpNEHQ

(9)

IQHYHNEHQpVPHOOpNQHYHNEHQY|YDQNLIHOYDQHOYDQOHYDQGH~MUDHOPHQW

~MUD LWW YDQ $]~MUDYiODV]W ~MUDpOHV]W ~MMiV]HUYH] ~MMiDODNtWV]DYDLQN WHKiW OHJ\HQHN

|VV]HWHWWLJpN$]~MpY~MERU~MJyWLND~MJD]GDJ~MKROGV]DYDLQN|VV]HWHWWYROWiWVHQNL VHPWDJDGMDJRQGRORPQHPFVDND]pUWPHUWQHPLJHLV]yIDMUyOYDQV]y

e.,66.$7$/,16WU01\WPHJMHJ\]LKRJ\ÄD]LJHN|WVLJHMHOHQWpVWDQL ODJJ\DNUDQQHPLVERQWKDWyHOHPHNUH´3pOGiMDDEHU~JLJH$]e.V]

DEHSUHIL[QHNMHOHQWpVpWV]yWiUR]]D$MHOHQWpVH¶YDODPHO\pWHOEOLWDOEyOQDJ\

IRNRWHOpUYHIRJ\DV]W¶HEEHQDMHOHQWpVEHQ|QPDJXNEDQQHPKDV]QiOWLJpNNHOLVHOIRUGXO EHHEpGHOEHV|U|]EHFVLFFVHQWEHNiIROEHV]HV]HOEHV]tYEHV]RSEHU~J(EEHQDV]yWiU EDQDU~JLJpQHNQpJ\MHOHQWpVHYDQMHOHQWpVH¶EL]RQ\RVPHQQ\LVpJHWNLWHV]¶$¶OHUp V]HJHGLN¶MHOHQWpVHEEODMHOHQWpVEOiJD]KDWRWWHO$3pWHUEHU~JRWWQHPU~JRWWEH|V]

V]HYHWpVHSHGLJHQQHND]LJpQHNDWDJROKDWyViJiWEL]RQ\tWMDe.,66IHOWHV]LDNpUGpVW ÄKDVHPPLNO|QEVpJQHPYROQDSpOGiXODNLYHV]pVDNLYpWHOH]LJpNV]HUNH]HWHN|]|WW KRJ\DQPDJ\DUi]QiQNPHJHOWpU PRQGDWWDQLYLVHONHGpVNHW"9|.LYHWWNLYDODPLW"

.LNLYpWHOH]HWWYNLYHO"´ $NLYHV]pVDNLYpWHOH]LJHPRUIpPDV]HUNH]HWHN|]|WWDPRUIpPiN V]iPiEDQYDOyEDQYDQNO|QEVpJGHH]QHPDGPDJ\DUi]DWRWDUUDKRJ\DNLYpWHOH]LJH LJHN|WMHPLpUWQHPYiOLNHOVPLpUWYiOLNHODYHOHWHOMHVHQHJ\H] PRUIpPDV]HUNH]HW&

IHOYpWHOH]LJHLJHN|WMHSpOGiXOD.LYpWHOH]LIHODNHQ\HUHWDV]i]DGV]iPiUD"PRQGDW EDQ VPLpUWQHPYiOLNHOD](EEHQD]pYEHQNLIHOYpWHOL]LND]HJ\HWHPHQ"PRQGDWEDQ

$PDJ\DUi]DWURSSDQWHJ\V]HU&D]RQEDQQHPD]LJpNPRUIpPDV]HUNH]HWpEHQUHMOLNKD QHPD]RNNpS]pVpEHQ$YpWHOH]LJHDNDWRQDLQ\HOYEHQKDV]QiOWV]yVHEEONpSH]WpN DIHOYpWHOH]LJpW$NLYpWHOH]LJHDNLYpWHODIHOYpWHOL]LNYLV]RQWDIHOYpWHOIQpYEONpS]

G|WW$IQHYHNPHOOpNQHYHNSUHIL[HLSHGLJ± PLQWOiWWXN± QHPYiOQDNHO

$ W R O G D O p N R N D I I L [ R N p V D J \ | N p U V ] H U& W R O G D O p N R N D I I L [ R L G R N P H J N  O | Q E | ] W H W p V H ± $Q\HOYpV]HWLV]DNLURGDORPDIIL[RLGRN QDNDQJVHPLDIIL[D]RNDWDJ\|NpUPRUIpPiNDWQHYH]LDPHO\HNDV]yNpS]NK|]KDVRQ OyDQ V]iPRV ~M V]y NpS]pVpEHQ YHV]QHN UpV]W 9|G<<:KBEV?<:b ^jDjZldbc keh\Zjvebg]\bklbq_kdbol_jfbgh\Fhkd\ZÄ:nnbdkhb^Dhjg_\Zyfhjn_fZ

\uklmiDxsDy \ khklZ\_jy^Zkeh\\ jhebZnnbdkZ±kmnnbdkZbebij_nbdkZ´

$ 3 U H I L [ R L G ± 1pP3UlIL[RLG+DOESUlIL[SUlIL[lKQOLFKHU:RUWEHVWDQG WHLOSO+DXSWVWDGW+DXSWJHZLQQRUij_nbdkhb^3UHIL[RLGQDNYDJ\SUHIL[V]HU&HO WROGDOpNQDN76202*<,0$*'ÈQiOSUHIL[XPV]HU&HOWDJ D]RQEDQQHPKDWiUROMDHO DSUHIL[HNHWDSUHIL[RLGRNWyOOLPQHYH]HPD]RO\DQW|EEQ\LUHHJ\V]yWDJ~UDJWD ODQJ\|NpUPRUIpPiWDPHO\DIRUPDLODJYHOHHJ\H]V]yJ\|NpUWONLVVpHOWpUMHOHQWpVEHQ UHQGV]HUHVHQ V]iPRV V]yEDQ HJ\ J\|NpUPRUIpPD HOWW KDV]QiODWRVIYiURV IQ\HUH PpQ\IRUYRVIKDGQDJ\ILJD]JDWyI~WIEHMiUDW$]~MUDpOHGWtSXV~UDJRVHOWDJ~

NpS]GPpQ\HNHWMREEOHQQHLQNiEE|VV]HWHWWV]DYDNQDNWHNLQWHQQNNO|Q|VHQDNNRUKD D]LO\HQV]DYDNHOVHOHPH|QiOOyPRQGDWUpV]NpQWLVKDV]QiODWRV~MUD¶LVPpW¶GROJR]LN

~MUDYiODV]WDQDN$OitUGDQHYHGQHPHOOpDOiQp]DOiG~FRODOipUWpNHODOiEHFVOWR YiEEiOO7RYiEEiOOKRORWWOHOKHWQH$]DJ\RQUDGROJR]]DPDJiWDJ\RQGROJR]]DPD JiWDW|QNV]pOpQiOOIDW|QNW|QNUHWHV]W|QNUHWpWHOV]DYDNpVV]HUNH]HWHN|VV]HYHWpVH D]WEL]RQ\tWMDKRJ\YDQHJ\DJ\RQpVHJ\W|QNV]yJ\|NHUQN$]DJ\RQYHUW|QNUHWHV]

WtSXV~NpS]pVHNJ\DNRULViJDDODSMiQD]LO\HQV]yJ\|NHUHNHWLVWHNLQWKHQpQNSUHIL[RLGRN QDNSUHIL[HNQHND]RQEDQQHP

% 6 ] X I I L [ R L G R N ± $V]XIIL[RLGRNQpP+DOEVXIIL[H6XIIL[RLGHRUkmn nbdkhb^NpS]V]HU&V]yJ\|NHUHN1DJ\Q p NpWI p O H VRNIpOHNO|QIpOHFpOV ] H U&IH KpUQ H P&QQ H P&IDOXE H O L VRNU p W&VWE9|DQpPHWEHQVLQQYROOEHGHXWXQJV YROOJHKDOWYROO%DXVWRII*UXQGVWRII%LOGXQJVVWRIIVWE

(10)

,9 $ V ] y D O D N N p S ] p V H O H P ] p V ±$V]DNLURGDORPEDQV]LQWHWLNXVDQDOL WLNXVpVV]XSSOHWtYV]yDODNNpS]pVWNO|QE|]WHWQHNPHJ

6 ] L Q W H W L N X V V ] y D O D N N p S ] p V ± 6]LQWHWLNXVV]yDODNNpS]pVHVHWpQDV]y WWKDJ\RPiQ\RVHOQHYH]pVHUHODWtYV]yWDQJVWHPQpP6WDPPIUWKqPHRUhkgh\Z pV D V]yDODNNpS] WROGDOpNRNDWDIIL[RNDW D MHOHW >D IRUPDNpS]W@ D UDJRW D IRUPDNpS]

SUHIL[HWYiODV]WMXNHOHJ\PiVWyO

$ $ V ] y W QpP6WDPPDQJVWHPIUWKqPHRUhkgh\ZHJ\V]yDODNQDNMHOHN IRUPDNpS]NUDJRNpVV]yDODNNpS]SUHIL[HNQpONOLUpV]HDPHO\D]DGRWWV]yOH[LNDL MHOHQWpVpWIHMH]LNL$V]yWHJ\EHHVKHWDV]yJ\|NpUUHODV]WDOWDV]WDOKR]PHJtUWD GH OHKHW V]yNpS] WROGDOpNRNDW WDUWDOPD]y NpS]HWWV]yLVDV]WDORVVDOOHtUQiHOiOOGR JiOWDP

% $ V ] y D O D N N p S ] W R O G D O p N R NPRUIROyJLDLNDWHJyULiNDWNLIHMH]V]y DODNRNDW NpSH]QHN 7tSXVDL D N|YHWNH]N IRUPDNpS] SUHIL[HN IRUPDNpS] V]XIIL[RN MHOHNUDJRNXQLIL[HN¶N|WKDQJ]yN¶V]XSSOHWtYV]yJ\|NpUMHO

$ I R U P D N p S ] S U H I L [ H NIHOV pV W~O]yIRNRWOHJDOVy OHJHVOHJDOVy YDODPLQWEHIHMH]HWWV]HPOpOHW&LJpNHWNpSH]QHNtUoPHJtUROYDVoHOROYDV$PHOOpN QHYHN IHOVIRNiW iOWDOiEDQ D N|]pSIRNEyO W~O]yIRNiW SHGLJ D IHOVIRNEyO NpSH]]N DKRJ\H]UpV]EHQSpOGiXODV]HUEEHQLVW|UWpQLNklZj¶|UHJ¶oklZjbMb¶|UHJHEE¶o gZMklZSbMb¶OHJ|UHJHEE¶

$ SUHIL[HN D PDJ\DUEDQ D] HVHWHN W|EEVpJpEHQ W|EEIXQNFLyVDN V]LQNUHWLNXVDN QHPFVDN EHIHMH]HWW LJHSiURNDW NpSH]QHN KDQHP D EHIHMH]HWWVpJ NLIHMH]pVH PHOOHWW V]y NpS] IXQNFLyMXNLVYDQWiUJ\DWODQLJpWWiUJ\DVViWHV]QHNEHXWD]WDD] RUV]iJRWPHJ YiOWR]WDWMiNDPR]JiVWMHO|OFVHOHNYpVHNLUiQ\iWVWE$PR]JiVWMHO|OEHIHMH]HWWLJpNIR O\DPDWRVSiUMiWDSUHIL[SRV]WSR]tFLyMDNpSH]L9|/HM|WWHPDOpSFVQpVPHJERWORWWDP

± -|WWHPOHDOpSFVQpVPHJERWORWWDP3(7(1\U±

$ I R U P D N p S ] V ] X I I L [ R N D W D PDJ\DUEDQ MHOHNQHN QHYH]LN $ MHOHN YDODPHO\V]yIDMDODNWDQLNDWHJyULiLWYDJ\SHGLJHJ\DODNWDQLNDWHJyULiQEHOOLDONDWHJyUL iWNpSH]QHNGHD]DGRWWV]yDODNUDJR]iVDNRU± KDD]UDJR]KDWy± DUDJR]iVLSDUDGLJPi EDQDNpS]NK|]KDVRQOyDQYpJLJPHJPDUDGQDN(QQHNDPHJKDWiUR]iVQDNDN|YHWNH ]MHOHNIHOHOQHNPHJDW|EEHVV]iPNMHOHHUGNDELUWRNW|EEHVtWLMHOHUGL D] iOOtWPiQ\Lp ELUWRNRV MHO3pWHUp OiQ\DLPp |YpN D N|]pSIRN MHOHMREE LGVE.LVV3pWHUDP~OWLGWWWMHOHtUWROYDVRWWDIHOV]yOtWyPyGMMHOHPD UDGMDIHOWpWHOHVPyGQDQHpVQiQpMHOHOiWQDHQQHPHJOiWQiPHJHQQpDI QpYLLJHQpYQLMHOHROYDVQLDPHOOpNQpYLLJHQHYHNyWWWDQGyHQGMHOHLRO YDVyQ\HUPHJtUWHOKDJ\RWWHOROYDVDQGyEHIL]HWHQGDKDWiUR]yLLJHQHYHN MHOHLYDYHYiQYpQROYDVYDPHQYHHOROYDVYiQEHHVWHOHGYpQ

$PDJ\DUQ\HOYWXGRPiQ\EDQpOpQNYLWiNIRO\WDNpVIRO\QDNDMHOHNWHUMHGHOPpUO (OVVRUEDQD]WNHOOHQHHOG|QWHQQNKRJ\PHO\HNDNULWpULXPDLHJ\~MV]yQDN$V]yNpS ]V]XIIL[RNpVDV]yDODNNpS]MHOHNIRUPDNpS]NHOKDWiUROiVDWDOiQQHPRO\DQQHKp]

KDNpSHVHNYDJ\XQNDV]DYDNpVDODNMDLNPHJNO|QE|]WHWpVpUH

D $ ] L J H Q H Y H N S U R E O H P D W L N i M D ±$]DQWLNQ\HOYHNQ\HOYWDQDLEDQUD JR]RWWpVQHPUDJR]RWWLJHDODNRNDWYHUEXPILQLWXPpVYHUEXPLQILQLWXPNO|QE|]WHWQHN PHJ.(6=/(5%25%È/$1\UpUGHNHVQHNWDOiOWDÄKRJ\D]LJHQHYHNHW HJ\HWOHQHXUySDLJUDPPDWLNDVHPWDUWMDNO|QV]yIDMLNDWHJyULiQDNKDQHPPLQGHQWWD]

LJpYHOHJ\WWWiUJ\DOMDNHW9DOyV]tQ&OHJD]pUWPHUWD]LQGRHXUySDLQ\HOYHNEHQD]LJH QpYVRNNDOIRQWRVDEEV]HUHSHWW|OWEHD]LJHUDJR]iVEDQPLQWDPDJ\DUEDQ´(V]HUHSQHN DIRNDD]RQEDQD]HJ\HVQ\HOYHNEHQHOWpU$]RURV]LJHQHYHNKDV]QiODWDSpOGiXOW|EE YRQDWNR]iVEDQPHJHJ\H]LNDPDJ\DUUDO$]LJpN|VV]HWHWWM|YLGHMpWDMHOHQOHJXUDONRGy IHOIRJiVV]HULQWDPDJ\DUEDQNpWNO|QV]yIDMEDWDUWR]yV]yYDONpSH]]NDPLLJD]iQXQLNXP

(11)

D]HXUySDLQ\HOYHNQ\HOYWDQDLEDQNpWNO|QV]yIDMNpSH]LHJ\KDUPDGLNV]yIDMV]yDODN MiW$]RURV]EDQH]HJ\LGEHOLVHJpGLJpYHOpVDIQpYLLJHQpYYHOW|UWpQLNGHDQpPHWEHQ LVtJ\YDQ$]RURV]EDQDV]HQYHGV]HUNH]HWHNEHQPHOOpNQpYLLJHQHYHNHWKDV]QiOXQN DPDJ\DUEDQKDWiUR]yLLJHQHYHNHW$PDJ\DUEDQGHD]RURV]EDQVHPPRQGKDWMXNSpOGi XOKRJ\$]XQRNiNHOPHQYpQPHJYDFVRUi]WXQN$UDJR]RWWLJHDODNRNDWpVD]LJHQHYH NHW D] D]RQRV V]yIDML NDWHJRULiOLV MHOHQWpV DPHO\ D] LJHQHYHN HVHWpEHQ NLHJpV]O D]

D]RQRVYRQ]DWDSUHIL[HNQHNPHOOpNQpYLpVKDWiUR]yLLJHQHYHNEHQW|UWpQHOYiOKDWyViJD ÄWDUWMD |VV]H´(] D IHODGDW QHP ROGKDWy PHJQHP PHJROGRWW +HO\QNUO IHO QHP iOO YDQHPIHOiOOYDWDSVROWXQN

E $ K D W K H W P R U I p P D S U R E O H P D W L N i M D ± 76202*<,0$*'$L PLGp]L(/(.),/È6=/ÏW 0DJ\DUV]DYDNUDJR]iVLSDUDGLJPiLpVDUDJR]iVLV]yWiU 0&KHO\PXQNiN%SDNLV]HULQWDKDWKHWNpS]MHOHQWpVpQpOIRJYDN|]HO iOODPyGMHOHNKH](]WDQQ\LEDQSRQWRVtWRPKRJ\DKDWyLJpNHOVVRUEDQDIHOWpWHOHVPyG MHOpKH]pVDOHKHWPyGEHOLVHJpGLJpKH]± HUHGHWLOHJDYDQpVDOHV]KDWyLJpMH± iOOQDNN|

]HO$]yUiQDNYpJHNLPHKHWWHNNLOHKHWPHQQLNLPHKHWQpWHNNLPHQQpWHNPiU$KDW KHWPRUIpPDNpS] YROWDPHOOHWWW|EEpUYV]yOe.V].(6=/(5 1\U3(7(

1\U(]HND]pUYHNDN|YHWNH]N$KDWyLJpNEODPyGEHOLVHJpGLJpNKH]

KDVRQOyDQQHPNpSH]KHWQNN|]YHWOHQOiVpVNpS]YHOIQHYHNHWY|PHJROGKDWiV NHOOpVLOOpV.,()(5)(5(1&QHNLPYDQHJ\MHOHQWVQHNW&QpUYH ÄDPHQQ\LEHQHJ\WROGDOpNROWNpS]GPpQ\VRKDVHPOH[LNDOL]iOyGLNDNNRUD]QHPV]ypU WpN&KDSHGLJQHPV]ypUWpN&DNNRUDWROGDOpNQHPKR]RWWOpWUH~MV]yWVH]pUWQHPOHKHW NpS]H]D]HVHWiOOIHQQSpOGiXODKDWKHWHVHWpEHQ´$YDQpVDOHV]LJpNKDWyLJpMHD OHKHWHEEONpS]GLNDOHKHWVpJHVPHOOpNQpYDMHOHQLGHM&PHOOpNQpYLLJHQHYpEOSHGLJ D OHKHWVpJ IQpY 7RYiEEi (QQHN D IHODGDWQDN D PHJROGKDWyViJD NpUGpVHV

$EHWHJDOWDWKDWyViJDSUREOpPiWMHOHQW9|0HKHWQpNHPYDQ%DMEDMXWRWW~UKDWQiPVi JDPLDWW(J\JUDPPDWLNDLNDWHJyULiWNLIHMH] V]yDODNLJD]LOH[LNDOL]iFLyMDDNHOMIHOMDQ FVLQHIHOHMFVOpJ\RWWQHEiQFVYLUiJHV]HPLV]RP$PyGEHOLVHJpGLJpNKH]KDVRQOyDQD KDWyLJpNQHNQLQFV|VV]HWHWWM|YLGHMNKDWiUR]yLLJHQHYNP~OWLGHM&PHOOpNQpYLLJH QHYN)QpYLLJHQHYNNRUOiWR]RWWKDV]QiODWLOHKHWVpJHPHJHJ\H]LNDPyGEHOLVH JpGLJpN |QiOOy KDV]QiODWiYDO.HOOHQL NHOO D] HV GH QHP PRVW ,OOHQL LOOLN QHNL H]

DIDUPHUQDGUiJGHQHPHUUHD]DONDORPUD$OKDWQLDOKDWV]QiOXQNGHFVHQGUHQHV]i PtWV/HKHWQLOHKHWGHQHPN|WHOH]$KDWyLJpNQHNYDQIHOWpWHOHVpVIHOV]yOtWyPyG MXNeQLVHOPHKHWQpNDEROWED1\XJKDVVPiU$V]HQYHGUDJR]iVEDQDKDWyLJpNQHN QHPDKDWiUR]yLLJHQHYpWKDQHPD]yNpS]VPHOOpNQpYLLJHQHYpWKDV]QiOMXN(]DIHO DGDWPHJOHV]ROGYD± (]DIHODGDWPHJROGKDWy$KDWKHWPRUIpPiWDWODQHWOHQ NpS] N|YHWKHWL(]DIHODGDWPHJROGKDWDWODQ(]DOHYHVHKHWHWOHQ$KDWKHWWHKiW V]yNpS]PRUIpPDGHFVDNDOHKHWLJHPyGEHOLVHJpGLJHPHUWFVDNYHOHUDJR]KDWMXNDI QpYLLJHQHYHW.LOHKHWPHQQLPHQQHWHN

F $ N | ] p S I R N M H O p Q H N D S U R E O H P D W L N i M D ±$N|]pSIRNEEMHOpW 76202*<,0$*'$LP.È52/<6È1'25pV%(55È5-2/È1YpOHPpQ\pYHOHJ\H ]HQDNpS]NN|]pVRUROMDPHUWÄDEEHOWWMHOHNQHPiOOKDWQDNFVDNXWiQDNpS]N N|YHWKHWLN(]HNDSR]LFLRQiOLVWXODMGRQViJDLHOKDWiUROMiNDW|EELMHOWO´9|MREEo MREEDQMREEDFVNDMREEtW(]DIHOIRJiV|VV]HNHYHULDV]yDODNNpS]pVWDV]yNpS]pVVHO

$ IRNMHO SR]LFLRQiOLV WXODMGRQViJDLYDO VHPPL SUREOpPD QLQFV PLYHO D MHO D V]yJ\|NpU XWiQiOOySRV]WIL[HNHJ\LNIDMWiMD$P~OWLGDIHOWpWHOHVPyGMHOHDW|EEHVMHOHNHOWW V]iPRVHVHWEHQV]LQWpQQLQFVHJ\PiVLNMHOtUWtUQDtUMKDMyNKDMyL$0*UEDQ IRNMHOOHOWDOiONR]XQN(]IHOHOPHJDWHUPpV]HWHVQ\HOYLORJLNiQDNPLYHODIRNR]iVVRUiQ

~MV]DYDNQHPNpS]GQHN$9ROJDKRVV]DDIRNR]iVVRUiQSpOGiXOHJ\ILNDUFQ\LWVHP YiOWR]LN$9ROJDKRVV]~IRO\y(XUySiEDQ± $9ROJDKRVV]DEEIRO\yPLQWD'XQD±

(12)

$9ROJD(XUySDOHJKRVV]DEEIRO\yMD$0DKLGHJHEEYDQPLQWWHJQDSpVD0DYDQD]

pY OHJKLGHJHEE QDSMDPRQGDWRNEDQ D]RQEDQ D KPpUVpNOHW IRND YiOWR]KDW PHUW QHP XJ\DQD]WD]LGMiUiVWKDVRQOtWMXN|VV]H$](ULNDV]pSOiQ\± (ULNDV]HEEOiQ\PLQWeYD

± (ULNDDOHJV]HEEOiQ\PRQGDWRNEDQDYLWDWKDWDODQV]pSVpJHWD]DODSIRNMHO|OL$]|UHJ

±|UHJHFVNHD0iULD± 0DULND± 0DULVNDVWEYiOWR]DWRNYLV]RQWPiU|QiOOyV]DYDN G $ ] p N Ä K H W H U R J p Q W | E E V p J U H X W D O y ´ M H O ± 1\HOYWDQDLQNEDQ SO0*UWDOiOKDWyPpJD]pNMHOV]RPV]pGpN6]DEypN3pWHUpNDQ\iPpN(]

DPRUIpPDD]e.V]EDQW|EEHVV]iP~IQpYNpS]$PDJ\DUEDQDFVDN W|EEHV V]iPEDQ KDV]QiOW IQHYHN PLQGJ\&MW MHOHQWpV&HN$OSRNYpJHN¶D]RUV]iJQDN DW|U|NELURGDORPPDOKDWiURVV]pOHLYiUDL¶$ÄKHWHURJpQW|EEVpJ´QHKH]HQpUWHOPH]KHW HOQHYH]pVY|(EEHQDV]HNUpQ\EHQN|Q\YHNYDQQDNDPiVLNEDQUXKiN$]pNDEHV]p O V]HPpO\HV LVPHUHWVpJpW IHOWpWHOH] URNRQViJL |VV]HWDUWR]iVW MHO|O J\&MW MHOHQWpV&

FVDNW|EEHVV]iPEDQKDV]QiODWRVIQHYHNNpS]MH9|.iUSiWRN¶D.iUSiWRNQHY& KH J\HN |VV]HVVpJH¶ ± 6]DEypN¶D 6]DEy FVDOiGKR] WDUWR]yN |VV]HVVpJH¶ ± SDUDV]WViJ

¶DSDUDV]WRN|VV]HVVpJH¶$PDJ\DUEDQD]LO\HQNpS]NXWiQiOOKDWiOOtWPiQ\LpELUWRNMHO (]DV]pNKi]DSDUDV]WViJp±(]DKi]6]DEypNp9DQPpJHJ\(J\HVOWÈOODPRNWtSXV~

J\&MWMHOHQWpV&IQHYQNDPHO\QHNDW|EEHVNRQFHSWXiOLVMHOHQWpVHHJ\HGLGHQRWDWtYMH OHQWpVW IHMH] NL (]W MyO WNU|]L D] iOOtWPiQ\L HJ\H]WHWpV D PDJ\DUEDQ pV D] DQJROEDQ DQpPHWEHQpVD]RURV]EDQYLV]RQWD]iOOtWPiQ\W|EEHVV]iP~7KH8QLWHG6WDWHVK D V VXSSRUWHGWKHQHZZRUGLQJ± 'LH9HUHLQLJWHQ6WDDWHQK D E H Q GLHQHXH)RUPXOLHUXQJ XQWHUVW]W9|6]DEypNHOXWD]WDNGROJRVDN± 6]DEypND]HJ\LNV]RPV]pGRP3LURVpN DPiVLN

H $ ] L N N L H P H O Ä M H O ´ V]LQWpQQHPNpSH]PRUIROyJLDLNDWHJyULiWKDQHP EL]RQ\RVV]yIDMRNRQEHOONRUOiWR]RWWJ\DNRULViJ~V]yNpS] PRUIpPD.pSH]VRUV]iP QHYHNHWQHJ\HGLNKDWRGLNQpYPiVRNDWHJ\LNPiVLNPHO\LNN|]pSIRN~PHOOpN QHYHNEOKDWiUR]RWWQpYHOYHOKDV]QiODWRVIQHYHNHWDPHO\HNPHOOpNQpYNpQWLVKDV]QiO KDWyN$QDJ\REELNDWDQDJ\REELNDOPiWDGRPQHNHG

5 D J R N ± .,()(5)(5(1&QHNLPD]DQp]HWHKRJ\ÄDMHOpV DUDJN|]|WWLPHJNO|QE|]WHWpVWFVDNDPDJ\DUQ\HOYJUDPPDWLNiMDLVPHUL´DV]HU]

iOWDOiQRVQ\HOYpV]HWLWiMpNR]RWWViJiQDNHJ\ROGDO~ViJiWWNU|]L(FLNNHOHMpQPHJQHYH ]HWWPXQNiLPEDQQHPHJ\V]HUKDQJV~O\R]WDPKRJ\D]RURV]Q\HOYpV]HWEHQPiUD]LVNRODL WDQN|Q\YHNEHQPHJNO|QE|]WHWQHNV]yNpS]NHWpVIRUPDNpS]NHWH]XWyEELDNDWDPD J\DUEDQMHOHNQHNQHYH]LNYDODPLQWUDJRNDWG<<:KBEV?<:b ^j LPÄKeh

\hbaf_gbl_evguckmnnbdkkem`bl^eyh[jZah\Zgbynhjfkeh\ZdjZkb\__g_keZ g_kmsbc.,()(5QHND]DYpOHPpQ\HKRJ\ÄDMHOpVDUDJPHJNO|QE|]WHWpVHQ\HOY WDQtUiVLKDJ\RPiQ\RQDODSV]LNFVXSiQDNHWW N|]|WWIXQNFLRQiOLVNO|QEVpJHNQHPiOOD StWKDWyNPHJ´D]DQJROQ\HOYpV]HWKDJ\RPiQ\DLWWNU|]LPLYHOHQ\HOYEHQOHKHWHWOHQDMHOpV DUDJPHJNO|QE|]WHWpVH$UDJD V]yQDNUDJR]iVNRUYiOWDNR]yUpV]HDPHO\HJ\V]yIDM SDUDGLJPDWLNXV DODNWDQL NDWHJyULiQ EHOOL YDODPHQQ\L RSSR]tFLyV PRUIpPiKR] N|W|WW JUDPPDWLNDLMHOHQWpVHNHWIHMH]NL$PDJ\DUEDQDUDJR]iVLWtSXVRNQDNPHJIHOHOHQHVHW UDJELUWRNRVV]HPpO\UDJpVV]HPpO\UDJYDQ$]|VV]HVW|EELV]yDODNNpS]PRUIpPDMHO YDJ\IRUPDNpS]DPHO\HJ\DGRWWNDWHJyULiQEHOODQQDNFVDNHJ\LNRSSR]tFLyVMHOHQ WpVpWNpSH]L$W|EEHVV]iPNMHOHSpOGiXOFVDNDW|EEHVV]iPEDQW|UWpQUDJR]iVNRUMH OHQWNH]LNGHDNNRUPLQGHJ\LNHVHWEHQMHOHQYDQD]HVHWUDJRNYLV]RQWHVHWHQNpQWYiOWR]

QDN,JHUDJR]iVNRUDP~OWLGMHOHFVDNDP~OWLGEHQYDQMHOHQDV]HPpO\UDJRNYLV]RQW PLQGHJ\LN V]HPpO\EHQ V]iPEDQ pVLGEHQYiOWDNR]QDN$V]pSHQV]HEEHQPDJ\DUXO NLFVLEHQKDWiUR]yV]yL NDWHJRULiOLV MHOHQWpV& V]DYDNQDN QLQFV UDJR]iVL SDUDGLJPiMXN H]pUWHV]DYDNHJ\NRULUDJMDLDPDLQ\HOYLUHQGV]HUEHQNpS]N

(13)

D $ Q p Y V ] y N Y L V ] R Q \ U D J R ] i V D ± $ PDL QDSLJ YLWDWRWW KRJ\ KiQ\

HVHWNYDQDPDJ\DUIQHYHNQHN$0*U±WLSL]iOMDD]HVHWUDJRNPHJtWpOpVpQHN DV]HPSRQWMDLW$YiODV]EHIRO\iVROMDDNpS]pVDUDJHOKDWiUROiViW$QpPHWIQHYHNUD JR]iVDQHNHPD]WD]|WOHWHWDGWDKRJ\DPDJ\DUEDQLVDPHJV]iPOiOKDWyWiUJ\DWMHO|O IQpYHNPLQGHQHVHWpWWXGQXQNNHOOHJ\HVpVW|EEHVV]iPEDQLVKDWiUR]RWWQpYHOYHO KDV]QiOQXQN(QQHNDODSMiQDPDJ\DUIQHYHNQHNDN|YHWNH] HVHWNYDQ3(7(

+iQ\HVHWNYDQDPDJ\DUIQHYHNQHN1\U±DODQ\HVHWQRPLQDWLYXV

$Ki]IHOpSOWWiUJ\HVHWDFFXVDWLYXV$Ki]DWIHOpStWHWWpNELUWRNRVHVHWJHQLWL YXV$Ki]QDNDIDODLDKi]IDODLPDJDVDNUpV]HVHVHWGDWLYXV$Ki]QDNDGWiN DSiO\i]DWLSpQ]WHV]N|]pVWiUVKDWiUR]yLHVHWLQVWUXPHQWDOLV$Ki]]DOHJ\WWYHWWH PHJDWHONHW± % H O Y L V ] R Q \ W M H O | O H V H W H N KRYi"LOODWLYXV(EEHDKi]

EDPHQWEHKRO"LQHVVLYXV(EEHQDKi]EDQODNLNKRQQDQ"HODWLYXV(EEO DKi]EyOM|WWNL± ) H O V ] t Q L Y L V ] R Q \ W M H O | O H V H W H N KRYi"VXEODWtYXV (UUHDKi]UDV]iOOWDJyO\DKRO"VXSHUHVV]LYXV(]HQDKi]RQOiWWDPHJ\JyO\iW KRQQDQ"GHODWLYXV(UUODKi]UyOV]iOOWIHOHJ\JyO\D± . | ] H O V p J H W M H O | O H V H W H N KRYi"DOODWLYXV$KKR] D Ki]KR] V]DODGW D UHQGUKRO"

DGHVVLYXV$QQiODKi]QiOYiUWiNDUHQGUWKRQQDQ"DEODWLYXV$WWyODKi]WyO V]DODGWHODWROYDMYpJSRQWRWMHO|O HVHWWHUPLQDWLYXV$GGLJDKi]LJYH]HWWpNHO D YLOODQ\W FpOW pV RNRW MHO|O HVHWILQDOLVFDX]DOLV(]pUWDKi]pUWGROJR]RWWpMMHO QDSSDOiWIRUPiOyHVHWWUDQVODWLYXV(]HNHWDNDOLEiNDWKi]DNNipStWLNiW

$HVHWKDWiUR]RWWQpYHOYHOQHPKDV]QiODWRVGHDIQpYiOOKDWW|EEHVV]iPEDQ

$WRYiEELÄHVHWHNHW´DKDWiUR]yV]yNKR]VRURORPDPHO\HNQHNPiUNpS]LYDQQDN$QDJ\

EDQNLFVLEHQVWEKDWiUR]yV]yNEDQDNRUiEELUDJRNKRPRQLPNpS]N$]|VV]HWpWHOHN HOWDJMDLEDQVWXWyWDJMDLEDQLVYDQQDNPHJPHUHYHGHWWQHPYiOWDNR]yUDJRNDPHO\HN DJ\|NpUUHOHJ\WWD]|VV]HWpWHOHNHJ\LN|VV]HWHYMpWDONRWMiNMyWiOOOpWUHKR]SDUW UDV]iOOiVVRUEDiOOiVQHPV]HUHWHPGRORJQHPVRNiUDPHJM|QVWE

E $ Q p Y V ] y N E L U W R N R V V ] H P p O \ U D J R ] i V D ± 1\HOYWXGRPiQ\XQN EDQDNRUiEELELUWRNRVV]HPpO\UDJRNDWD]XWyEELLGEHQELUWRNRVV]HPpO\MHOQHNQHYH]LN PHUWJ\]|WWD]DQp]HWKRJ\DUDJQDNV]yDODN]iUyQDNNHOOOHQQLHÄDUDJXWiQ~MDEEWRO GDOpN QHP N|YHWNH]KHW´ WRYiEEi HJ\ V]yDODNEDQ FVDN HJ\ UDJ OHKHW $ EHVRUROiV I V]HPSRQWMDD]RQEDQD]KRJ\DELUWRNRVV]HPpO\UDJPLQGHQV]HPpO\EHQYiOWR]LNDW|E EHVELUWRNMHOD]RQEDQPLQGHQV]HPpO\EHQPHJPDUDG(]DMHOIRUPDNpS]pVDUDJI NO|QEVpJHPLQGHQQ\HOYEHQ$]RURV]|VV]HWHWWV]iPQHYHNUDJR]iViEDQNpWHJ\IRUPD UDJPHJMHOHQpVHLVOHKHWVpJHVRdhehiylb^_kylb khe^Zl$]H]HUQpOLVMyYDOW|EE RURV]YLVV]DKDWyLJHV]HPpO\UDJR]iViEDQmqmkv±mqbrvkyD KDWiUR]DWODQQpYPi VRNUDJR]iViEDQdh]hgb[m^vSHGLJD]HVHWUDJRNDWWROGDOpNN|YHWL$PDJ\DU0LQG Q\iMDQL]HJWQNPR]RJWXQNUDJR]RWWDODNRNEDQLVNpWD]RQRVV]HPpO\UDJYDQ0LW L]HJV]±PR]RJV]"$EHOHV]HUHWEHOHDNDGEHOHN|WEHOHHUOWHWEHOHNDUROVWELJpNUDJR ]iVDNHWWVLUiQ\XOWViJ~V]HPpO\&DODQQ\DODEHOpSUHIL[RLGRWUDJR]KDWMXNPLQGHQ V]HPpO\EHQ3pWHUEHOpPEHOpGEHOpEHOpQNEHOpWHNEHOpMNV]HUHWH]D]LJHV]yWiUL DODNMDGHUDJQpONOLUDJR]RWWDODNLV1HPV]HPpO\&DODQQ\DOPLQGNpWWDJRWUDJR]]XN )pOHNKRJ\EHOpGV]HUHWHNWHSHGLJQHPV]HUHWV]EHOpP$EHOHKDOEHOHI~OEHOHIXO ODGLJpNHW FVDN HJ\IpOHNpSSHQ UDJR]KDWMXN PLYHO HJ\LUiQ\XOWViJ~DNEHOHKDORN EHOH KDOV]EHOHKDOYPLEH$OiEV]iUOiEQ\RPNp]IHMOiEIHM|VV]HWHWWV]DYDNQDNLVUDJR]

KDWMXN D] HOV pV PiVRGLN WDJMiW LV&VDN D OiED V]iUiQ FVDSNRGMD D OHJ\HNHW 9DVNRV OiEQ\RPiWyOPHVV]HUHQJDSDUODJ$UDQ\±$OiEDQ\RPiWLVPHJFVyNROKDWRG$OiEIH MHPHQDOiEDPIHMpQYDQHJ\VHE

F 8 Q L I L [ H N ± 8QLIL[HNQHNDMHOHNHWpVUDJRNDWDV]yJ\|NpUKH]YDJ\DV]yW K|]NDSFVROyGQLVHJtWN|WKDQJ]yNDWQHYH]HP9HONDÄ=pUyNpVQHP]pUyNNLVSURN

(14)

pVQDJ\352NDPDJ\DUEDQ´FtP&FLNNHPEHQIRJODONR]RP1\U±(QQHN DOpQ\HJHKRJ\D]XQLIL[HNQHNV]yIDMRNKR]N|WGNDWHJRULiOLVKDV]QiODWXNYDQ$W|E EHVLELUWRNMHO|QiOOyV]HJPHQWiOKDWyViJDOHKHWHWOHQQpWHV]LD]XQLIL[HNQHNHOKDQJ]yYi W|UWpQiWPLQVtWpVpWN|Q\YHLPEHQ.LNQHNDW\~NMDLWORSWiNHO"± $V]RPV]pGDLP pLW$+%IHOH\PSpOGiMDQHPEL]RQ\tWMDD]DLHLPRUIpPDYiOWR]DWPHJMHOHQpVpW

$UDQ\-iQRVQiOpVPiVRNQiOLVQHPHJ\V]HUWDOiONR]XQNDW|EEHVLELUWRNMHO|QiOOyKDV]

QiODWiYDO-|MMHQHNHOOHQVpJLKDYROWDN $PDJiQKDQJ]yNXWiQL|QiOOyKDV]QiODWSHGLJ HJ\HQHVHQWDJDGMDD]DLHLPRUIpPDYiOWR]DWNLDODNXOiViQDNDOHKHWVpJpW$NpS]N HVHWpEHQYLV]RQWD]WHV]LNHYpVEpERQ\ROXOWWiDQ\HOYOHtUiViWKDHOKDQJ]yXQLIL[QpO NOLNpS]YDULiQVRNDWWDUWXQNV]iPRQ

G $ ] p U y M H O H N p V U D J R N S U R E O H P D W L N i M i Y D O D] HOEE HPOtWHWW FLNNHPEHQIRJODONR]WDPPRVWHUUHDNpUGpVUHQHPWpUHNNL

$ Q D O L W L N X V V ] y D O D N R N NpS]pVHIRUPDV]yNVHJpGV]DYDNVHJtWVpJpYHO W|UWpQLN$QDOLWLNXVV]yDODNDPDJ\DUEDQNHYpVYDQ$WXODMGRQViJRWMHO|OPHOOpNQHYHN OHIHOp IRNR]iVD QHP HJ\ Q\HOYEHQ ± tJ\ D PDJ\DUEDQ LV ± DQDOLWLNXVDQ W|UWpQLN Y|

SRVLWLYHXQGQHJDWLYH*UDGXLHUXQJDVFHQGLQJDQGGHVFHQGLQJJUDGXDWLRQ0DJ\DU

$%DOWLWHQJHUEHQDYt] N H Y p V E p V y V PLQWD)HNHWHWHQJHUEHQDQJRO7KHZDWHULQ WKH%DOWLF6HDLV O H V V V D O W \ WKDQLQWKH%ODFN6HDQpPHW,QGHU2VWVHHLVWGDV :DVVHUZ H Q L J H U V D O ] L J DOVLP6FKZDU]HQ0HHURURV]< ;Zelbckdhffhj_\h^Z f _ g _ _k h e z g Z yq_f\ Qzjghf

$ PDJ\DUEDQ DQDOLWLNXVDQ NpSH]]N D] LJpN |VV]HWHWW M|Y LGHMpW pV D] LJpN P~OW LGHM&IHOWpWHOHVPyGMiW+DPDURVDQHOIRJRNPHQQLKR]]iWRN(OPHQWHPYROQDKR]]iWRN KD QHP EHWHJHGWHP YROQDPHJ (]]HO NDSFVRODWEDQ IHOKtYRP D] ROYDVyN ILJ\HOPpW .,()(5)(5(1&YpOHPpQ\pUHLPDPHO\V]HULQWÄDM|YLGpVDIHOWpWHOHV PyGYDJ\V]LQWDNWLNDLYDJ\PRUIROyJLDLNDWHJyULiQDNWHNLQWKHW´eQDM|Y LGWpV DIHOWpWHOHVPyGRWLVPRUIROyJLDLNDWHJyULiQDNWDUWRP SHGLJHNDWHJyULiNPRUIROyJLDL NH]HOpVHHOOHQW|EEpUYHWVRUDNR]WDWIHO$]RQRVQDNYpOLDIRJLGEHOLVHJpGLJpWDNHOO V]DEDGPyGEHOLVHJpGV]DYDNDWDPHO\HNNHODPDJ\DUEDQDIQpYLLJHQHYHWUDJR]KDWMXN DJ\DNRUtWyFVHOHNYpVPyGRWNLIHMH]V]RNRWWLJpWWRYiEEiDWXGDWRVFVHOHNYpVWMHO|O

|QiOOyMHOHQWpV&DNDULJpWDPHO\QHND]DQJROPHJIHOHOMHHOVVRUEDQDZDQWpVDZLVK LJpN PLYHO H]HN LV NLIHMH]KHWQHN M|Y LGW $] DQJRO pV D QpPHW EHV]pOW Q\HOYEHQ D]

¶DNDU¶MHOHQWpV& PyGEHOLVHJpGLJHYDOyEDQNLIHMH]KHWM|Y LGWPDJ\DUPHJIHOHOMN D]RQEDQDIRJLGEHOLVHJpGLJH:LUZROOHQPRUJHQNRPPHQ:HZLOOFRPHWRPRUURZ

¶)RJXQNKROQDSM|QQL¶3(7($Q\HOYLPRGDOLWiVKiURPIWtSXVD01\±

7RYiEELpUYHDM|YLGpVDIHOWpWHOHVPyGDODNMDLQDNPRUIROyJLDLNDWHJyULDNpQWYDOy IHOIRJiVDHOOHQD]ÄDODN]DWRN´VRUUHQGMpQHNDPHJYiOWR]WDWKDWyViJDpVPiVHOHPHNQHND EHpNHOKHWVpJHtUQLIRJtUWYROQD±tUQLD]WiQVRKDVHPIRJIRJQHNHGPpJtUQLtUWLV YROQDÈOWDOiQRVQ\HOYpV]HWLpVPDJ\DUQ\HOYLLVPHUHWHLQND]RQEDQQHPHUVtWLNPHJD]W DYpOHNHGpVWKRJ\HJ\V]yYDJ\HJ\|VV]HWHWWV]yDODNKDQJDODNMiQDNIRO\DPDWRVQDNNHOO OHQQLH$QpPHWEHQSpOGiXOPLQGHQVHJpGLJpVDQDOLWLNXVLG pVPyGDODNRWHJ\YDJ\W|EE V]yV]DNtWKDWPHJ7XGRPiVXONHOOYHQQQNKRJ\DPDJ\DUHYRQDWNR]iVEDQWLSROyJLDL ODJ QHP D] DQJRO KDQHP D QpPHW Q\HOY FVRSRUWMiED WDUWR]LN 9|,FK KDEH PHLQHQ 6FKOVVHOYHUORUHQ± ,KDYHORVWP\NH\¶(OYHV]WHWWHPDNXOFVRPDW¶0iVYRQDWNR]iVEDQ PpJD]DQJROEDQLVPHJV]DNtWKDWyHJ\V]y9|+HGURSSHGKLVERRNDQGEHQWWRSLFNLW XS¶(OHMWHWWHDN|Q\YpWpVOHKDMROWKRJ\D]WIHOYHJ\H¶.|YHWNH]pUYH$]DQDOLWLNXV M|Y LGpVIHOWpWHOHVPyGDODNMDLEyOQHPNpSH]KHWQNV]DYDNDW1LQFVSpOGiXOtUQLIR JiVtUWYROQiV$]RQEDQVHPDV]LQWHWLNXVVHPD]DQDOLWLNXVV]yDODNRNiOWDOiEDQQHP DODSV]DYDLHJ\NpS]HWWV]yQDNHV]HPpVtURNiV

(15)

6]XSSOHWtYV]yJ\|NpUYiOWiVMHOYDJ\UDJVRNoW|EEYDQOHV]oOHQQLPLo EHQQQNHWV]yJ\|NpUNLHJpV]OpVUDJHQJHPWpJHGPLQNHWWLWHNHWV]yJ\|NpUHOKD J\iVpVYLV]RQ\UDJRNpVQpYXWyNV]HPpO\UDJR]iVDpQQHNHPoQHNHPpQYHOHPoYH OHPpQPHOOHWWHPoPHOOHWWHPLVHOIRUGXODPDJ\DUEDQ

9$ V ] y N p S ] p V P R U I H P D W L N i M D ± $V]yNpS]pVDQJGHULYDWLRQQpP :RUWELOGXQJRUkeh\hijhba\h^kl\h VRUiQV]yIDMWDUWyYDJ\V]yIDMYiOWR]WDWy~MV]DYD NDWNpS]QNDPHO\HNQHNDOH[LNDLV]HPDQWLNDLYDJ\SUDJPDWLNDLMHOHQWpVHPyGRVXO YDJ\PHJYiOWR]LN$V]yNpS]pVHOHP]pVD]DODSV]yWDQJEDVHIRUPQpP*UXQGZRUWRU fhlb\bjmxsZyhkgh\Z pVDMiUXOpNRNDWDQJIRUPDQWQpP)RUPDQVRUnhjfZgl KDWiUR]]DPHJ(WpPDNDSFViQD]ROYDVyNILJ\HOPpEHDMiQORPÄ$V]yNpS]pVNRPSR]L FLRQiOLVMHOOHJpUO´FtP&FLNNHPHWpVD] RWWWDOiOKDWyLURGDOPDW3(7(1\U±

9,$ V ] y | V V ] H W p W H O U HYRQDWNR]yWXGQLYDOyNDW.,()(5)(5(1&LP

±NLYiOyDQ|VV]HIRJODOMDHJ\NpWNLMHOHQWpVHD]RQEDQNDWHJRULNXVQDNW&QLN$]

HO]HNEHQ PiU RSSRQiOWDP D]W D PHJKDWiUR]iViW DPHO\ V]HULQW ÄDV]yRO\DQ NpS]G PpQ\DPHO\V]LQWDNWLNDLV]HPSRQWEyOHJ\HJ\VpJNpQWYLVHONHGLNUpV]HLN|]pPiVHOHP QHPpNHOGKHWEHUpV]HLQHNVRUUHQGMHQHPFVHUpOKHWIHO´LK0LQGH]DPDJ\DU EDQD]|VV]HWHWWLJpNHJ\UpV]pUHDSUHIL[HVLJpNUHQHPpUYpQ\HV$]|VV]HWHWWIQHYHN UpV]HLQHNDVRUUHQGMHHOpJVRNV]RU± DMHOHQWpVPHJYiOWR]iViYDO± IHOFVHUpOKHW$PD J\DU±RURV]V]yWiUQHPXJ\DQD]PLQWD]RURV]±PDJ\DUV]yWiU$]DQJROEDQLVOHKHWVpJH VHNKDVRQOyWUDQV]IL[HVIHOFVHUpOpVHNRXWEUHDN± EUHDNRXWRXWIDOO± IDOORXWVWE$Yt]

YH]HWpNV]HUHO |VV]HWHWWV]yEDLVEHpNHOGKHWHJ\PiVLNWYt]pVJi]YH]HWpNV]HUHO Ä$]|VV]HWHWWV]yV]HUNH]HWHELQiULV´LKNLWpWHOWtJ\PyGRVtWDQiPDV]y|VV]HWpWHO ELQiULVGHD]|V]HWHWWV]yPRUIpPDV]HUNH]HWHQHPPLQGLJD]ODYt]YH]HWpN±V]HUHO V]yPRUIpPDV]HUNH]HWpW$KRJ\DV]yNpS]pVW~J\DV]y|VV]HWpWHOWVHPV]DEDGD]RQRVt WDQXQNDPRUIpPDHOHP]pVVHO

3(7(,679È1 6\VWHPDWL]DWLRQRIPRUSKHPHVLQ+XQJDULDQ

0RUSKHPLFVLVDEUDQFKRIPRUSKRORJ\GHDOLQJZLWKWKHPRUSKHPLFDQDO\VLVRIZRUGVURRW oDIIL[HVZLWKIRUPEXLOGLQJVWHPoLQIOHFWLRQDODIIL[HVZLWKZRUGEXLOGLQJEDVHIRUPo IRUPDQWVDQGZLWKFRPSRVLWLRQWZRRUPRUHZRUGVoFRPSRXQGZRUG7KHURRWRIDZRUGLV WKHVPDOOHVWVKDUHGPRUSKHPHZLWKLQDIDPLO\RIZRUGVZKLFKFDUULHVWKHPDLQOH[LFDOPHDQLQJRI UHODWHGZRUGVDV]WDO± DV]WDOLDV]WDORV$FFRUGLQJWRWKHLUXVHURRWVDUHXVXDOO\IUHHPRUSKHPHV FDQVWDQGDORQHDVFRPSOHWHZRUGV%RXQGURRWVFDQQHYHUVWDQGDORQHWRPDNHDZRUGKHQWHV IHV]OSDWWDQJ\yJ\tW,QVRPHFRPSRXQGZRUGVWZRURRWVFDQEHXVHGDVWUDQVIL[HVXVXDOO\LQ GLIIHUHQWPHDQLQJVYDJ\RQUpV]± UpV]YDJ\RQPXQNDEpU± EpUPXQND7KHURRWVRIROGFRPSRXQG YHUEV DUH XVHG LQ +XQJDULDQ DV DPELIL[HV/pWUHKR]WiNDPHJiOODSRGiVW± 1HPKR]WiNOpWUH DPHJiOODSRGiVW$IIL[HVDUHPRUSKHPHVWKDWFDQEHDGGHGWRDURRW7KH\DUHJHQHUDOO\FODVVLILHG LQWRYDULRXVW\SHVGHSHQGLQJRQWKHLUSRVLWLRQZLWKUHVSHFWWRWKHURRWXVHIXQFWLRQ PHDQLQJIUHTXHQF\SURGXFWLYLW\DQGRULJLQ ± $FFRUGLQJWRWKHLUSRVLWLRQZLWKUH VSHFWWRWKHURRWDIIL[HVIDOOLQWRFODVVHVDVIROORZVDQDIIL[DGGHGEHIRUHWKHURRWRIDZRUGLV DSUHIL[DPRUiOLVNLMiUDWDIIL[HVDIWHUWKHURRWDUHSRVWIL[HVNLMiUDWL$QDIIL[EHWZHHQWZR URRWVLVDQLQWHUIL[EDURJUiIRFHDQRJUiILD$XQLIL[LVDQDIIL[EHWZHHQDURRWRUVWHPDQG DSRVWIL[DGRWW$VXSHUIL[DOVRFDOOHGVXSUDIL[LVDVXSUDVHJPHQWDOVWUHVVRUWRQHGLVWLQFWLRQ GpOIHOpPHQWQN±GpOIHOpHEpGHOQN7KHUHLVQRLQIL[DQGQRLQWHUQDOIOH[LRQLQ+XQJDULDQ$F

(16)

FRUGLQJWRWKHLUXVHDIIL[HVDUHDOPRVWDOZD\VERXQGPRUSKHPHV7KH+XQJDULDQYHUEDOSUHIL[HV DUH XVHG DV DPELIL[HV 7KH FRQIL[ DOVR FDOOHG FLUFXPIL[LV DQ DIIL[ WKDW LV UHDOLVHG DV D FRPELQDWLRQRIDSUHIL[DQGDVXIIL[VXFKDVEHGXW\L]$FFRUGLQJWRWKHLUIXQFWLRQDIIL[HVPD\

EH GHULYDWLRQDO LQIOHFWLRQDO RU V\QFUHWLF 7KH +XQJDULDQ SRVWIL[HV DUH GLYLGHGLQWR GHULYDWLRQDO VXIIL[HV LQIOHFWLRQDO VXIIL[HV FDOOHGMHO LQ +XQJDULDQ OLNH SDVWWHQVH WLQtUW DQG IOH[LRQDO HQGLQJVRIFDVHVSHUVRQVRUSRVVHVVLYHHQGLQJV

,679È13(7(

$N|WV]yLIHMNHWWVMHOOHJH DPHOOpUHQGHO IQpYLV]HUNH]HWHNEHQ

$ P H O O p U H Q G H O N | WV ] y N H W WV I X Q N F L y M D p V D N Y D Q W R U R V V ] i P Q H Y H V V ] H U N H ] H W ± $ $PHOOpUHQGHOWWDJRNV]HPpO\MHJ\HLQHND]

|VV]HHJ\H]WHWpVpW pV D V]HUNH]HW LQWHUSUHWiFLyMiQDN ¶W|EEHVVpJ¶ MHJ\pW D N|WV]y SUR QRPLQiOLV LOOHWYH NYDQWRU ROGDOiYDO KR]WXN |VV]HIJJpVEH %HPXWDWWXN OpWH]QHN RO\DQ HO]HWHV|VV]HIRJODOySURQRPLQiOLVRNPHO\HN± DPHOOpUHQGHOV]HUNH]HWUHYRQDWNR]YD±

YHOHOiWKDWyDQHJ\H]WHWHWWHNY|DDEYHO

NLMN>%pODL0DULMpV(U]VLN@PHJYHWWpND]DMiQGpNRNDW

$IHQWL,,,pV,,,WtSXV~NYDQWRURVV]iPQHYHVV]HUNH]HWHN± DPHQQ\LEHQPHOOp UHQGHOV]HUNH]HWKH]WiUVtWRWWDN± WNU|]LNDPHOOpUHQGHOpVHPOtWHWWVDMiWRVViJDLW$NYDQ WRURVV]iPQHYHVV]HUNH]HWpVDPHOOpUHQGHOV]HUNH]HWN|]WLUHOiFLyQDNYDQQDNNO|QOH JHVYRQiVDL+iURPPHJNO|QE|]WHWVDMiWRVViJRWWDOiOXQN

$ ] Ä H O N Y D Q W L I L N i F L y ´ p V D ] Ä X W y N Y D Q W L I L N i F L y ´ O H K H WV p J H ± $]$WtSXV~ NYDQWRURVV]iPQHYHV V]HUNH]HW FVDNLV DSSR]LWtY V]HUNH ]HWQHNOHKHWDWDJMDH]WQHYH]WNÄXWyNYDQWLILNiFLyQDN´+DHJ\ÄWHOMHV´'3SODJ\H UHNHN pV HJ\ PiVLN '3W NLW|OW NYDQWRURVV]iPQHYHV V]HUNH]HW SOPLQG D QpJ\

V R U U H Q G M p W WHNLQWMNDNNRUD]WWDOiOMXNKRJ\D]HJ\H]WHWYpJ]GpVWQ H P WDUWDOPD ]yNYDQWRURVV]iPQHYHVV]HUNH]HWFVDNXWyNYDQWLILNiFLyEDQJUDPPDWLNXVIRUGtWRWWVRU UHQGEHQ QHP $] HJ\D]RQ '3WIRUPiOyPLQGDQpJ\J\HUHN‘V]HUNH]HWQHPHEEH DSDUDGLJPiEDWDUWR]LN$ U|YLGV]QHWHWMHO|O

D$J\HUHNHNPLQGDQpJ\SURPHJNHUOW E0LQGDQpJ\SURDJ\HUHNHNPHJNHUOW

F>$UDGtUDWROODFLJDUHWWDPHJDPDJQy@PLQGDQpJ\SURPHJNHUOW G"0LQGDQpJ\SUR>DUDGtUDWROODFLJDUHWWDPHJDPDJQy@PHJNHUOW

$NYDQWRURVV]iPQHYHVV]HUNH]HWHN,,WtSXVDV]iPiUDD]ÄHONYDQWLILNiFLy´LVOH KHWVpJHV(]QHPDV]WHQGHUGNYDQWRU13VRUUHQGHWMHOHQWLKDQHPD]HO]HWHV|VV]HIRJ ODOyHJ\H]WHWpVKH]KDVRQOtW$NYDQWRURVV]iPQHYHVV]HUNH]HWH]~WWDOV]iPEHOLHJ\H]WHW YpJ]GpVWWDUWDOPD]HQDQDPHO\¶pO¶¶W|EEHV¶MHJ\& IQpYUHYRQDWNR]LN%iUD]

HJ\V]HU&IQpYLV]HUNH]HWPHOOHWWD]XWyNYDQWLILNiFLyJUDPPDWLNXVDEEDED]RQEDQ

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

T¨ or¨ olj¨ uk a tranzakci´ o azon elemeit, melyek nem elemei egyetlen olyan jel¨ oltnek sem, amit a tranzakci´ o tartalmaz. Ugyanis, ezek az elemek nagyobb m´ eret˝ u

U Baladama, na- ime, nije simptomatično otkrivanje toga da je tu zapravo riječ o djelu u kojemu se specifični bitak književnosti prepoznaje u primarnosti estetskog oblikovanja

Az eg´ esz´ ert´ ek˝ u programoz´ as f˝ o neh´ ezs´ ege abban rejlik, hogy a lehets´ eges megold´ asokb´ ol ´ all´ o poli´ edernek esetleg nem eg´ esz koordin´ at´ aj´

$] iOWDODP NLGROJR]RWW VWUHVV]WHV]W VHJtWVpJpYHO Qp]WHP D Q\DNV]tMMDO pV PĦWpWWHO JiWROW YDODPLQW D QHP JiWROW OHYHJĘQ\HOĘ pV NRQWURO ORYDN VWUHVV]NH]HOpVL VWUDWpJLDEHOL

$] ,.5 5W V]DNHPEHUHLW PiU UpJyWD IRJODONR]WDWWD D JRQGRODW KRJ\ D YLOiJEDQ SR]LWtY WDSDV]WDODWDLUyO LVPHUW pV HJ\UH QpSV]HU EE SUHFt]LyV JD]GiONRGiVW DGDSWiOMiN KD]DL

E gondolatok jegyében és az alábbiakban részletesen LVPHUWHWHWW NpQ\V]HUtW WpQ\H] N KDWiViUD IRJWDN |VV]H EHQ D] iOODWWHQ\pV]W N D VHJtWVpJO KtYRWW Q\HOYpV]HNNHO $] ÈOODWWHQ\pV]W

répából mintegy 60%-kal, burgonyából több mint IOO%—kal magasabb: a termésátlag, mint az előző évben.. A más'odnövények vetésterülete kétszerese az

Maximális klikk (maximal clique): nem b ˝ovíthet ˝o teljes részgráf Maximális méret ˝ u klikk: (maximum size clique) a legnagyobb méret ˝u klikk (ezt ugyse használjuk)..