Professional Documents
Culture Documents
'(76(0%(5
0$$17(($0(7,9b/-$$11(
)RWRG(9DKWHU
.DDQHSLOGLO6DNXOllQHSRROVHVLVVHV}LGXULVWPLN6DNXYDOODYDQHP$UYR3lUQLVWH6DNXWHHGHDYDPLVHO9WON
.HVNHO-RRVX±.||ELWHHO}LN9}UX3}OYDPDDQWHHODYDWL9WON3DUHPDO6lUHYHUHULVWPLNXO9WON
6LVXNRUG
;;9,%DOWLPDDQWHHODVWHNRQYHUHQWV
0DDNDVXWXVHMDWHHGHY}UJX
SODQHHULPLQH5DXO9LER
3}OHYNLYLWXKDJDVWDELOLVHHULWXGNDWHWH
XXULQJXVW0DUHN7UXX
)LEUHGHFNLXGOLVDQGSLQGDPLQH
&RODV6$
9LD%DOWLFD0DUWWL0LHWWLQHQ
:ODGLPLU6HJHUFUDQW]
9DOPLVVDDQXGDDVWDO
0}MXVYLLVSLQQDVHVWDELOLVHHULPLVHNV
,17(567$7(NLLUWHHGHY}UJXHKLWD
PLQH$PHHULNDVDOJDVDDVWDW
WDJDVL0DUWWL0LHWWLQHQ
3DUWQHUVIRU5RDGV
9lLODGMDOLLNOXV
³7DOOLQQ7DUWXPDDQWHHQHOMDUHD
OLVHNV´3UHVVLNRQYHUHQWV3XXUPDQLV
.URRQLND
,QPHPRULDP
0LOODX¶YLDGXNWWRLPLEHIHNWLLYVHOW
$MDNLUL³5RDGDQG%ULGJH
(QJLQHHULQJ´
6XPPDU\
+HWNL%DOWLPDDQWHHODVWH;;9,NRQYHUHQWVLOWODOW
5LKR6}UPXVDYDEQlLWXVHDVVLVWHHULE.DGUL-}HUW
$65HLVLHNVSHUW
1DWKDQ7}QQLVVRQYDV$OJLUGDV%XWNHYLþLXV9LUJDXGDV
3XRGåLXNDV
3HHS6UMHYDV.ULãMƗQLV3HWHUV7RRPDV.DVHPDDMD
.RLW7VHIHOV
.RQYHUHQWVLO}SXKHWNHG7DOLV6WUDXPHVDDE5LKR6}UPXVHOW
HQGDOHYDOLWVHMD}XQDMlUJQHYDNVNROPHNVDDVWDNV
.XUHVVDDUHVSRUGLKRRQHNXVWRLPXVLGNRQYHUHQWVLLVWXQJLG
MDVHNWVLRRQLGHW||ON
)RWRG$QGL5RRVW
(QQR9DKWHU
15
,OPXEQHOLNRUGDDDVWDV
0$$17(($0(7,
9b/-$$11(
;;9,5DKYXVYDKHOLQH%DOWLPDDQWHHODVWHNRQYHUHQWV
±DXJXVW.XUHVVDDUH(HVWL
%DOWLPDDQWHHODVWH;;9,NRQYHUHQWVLSHDPLVHGVQGPX 7DDYL7}QWV0DDUDGDULNDVXWDPLQHWHHNDWWHNYDOLWHHGL
VHGQDJXSOHQDDULVWXQJLGMDWHKQLOLVHGLVWXQJLGHWWHNDQQHWH NRQWUROOLPLVHOMDDOXVHJHRORRJLOLVHOXXULPLVHO
HVLWOXVHGWRLPXVLGDYDOPLQXGXXHV.XUHVVDDUH $QQHOL.HVNOO7HH.DDUW 7HHNDDUW
VSRUGLKRRQHVhNVRVDKHDJVHOWNRQYHUHQWVLJDNRUUDOGDWXG 0lUW3XXVW7HUDVY}UNNXLHIHNWLLYQHDELQ}XWHHNDWWH
WHHGHPDVLQDWHMDWHKQRORRJLDQlLWXVHHNVSRQDDWLGHVWVDL SLNLSUDJXGHYlOWLPLVHNV
NRKDVDPDVVSRUGLKRRQHMXXUHVWHLQHRVDDJD.XUHVVDDUH $OODU.DXJH0DUHN7UXX.DVS}OHYNLYLWXKNRQ
63$KRWHOOLGHMXXUHV SHUVSHNWLLYLNDVPDWHUMDONDWHQGLHKLWDPLVHNV"
.RQYHUHQWVLOROLGN}LJHDUYXNDPDOWHVLQGDWXG/lWL 0DLUR5llVN7DOOLQQD±1DUYDPDDQWHHQGDWHDDVWDWH
GHOHJDDWL(HVWLMD/HHGXNHOOHWDUYLV O}SXOMD6DNVDV}MDYDQJLG
QHLGNRQYHUHQWVHHHVNlWWNRUUDOGDWDNVH3HDOHQHQGHROL 9HLNR7LNDV6LOGDGHKDOGXVSURJUDPPL³3RQWLV´NDVXWDPLQH
RVDY}WMDLG6RRPHVW1RUUDVW6DNVDPDDOW7DDQLVW (HVWLV
,VODQGLOW9HQHPDDOWMD5RRWVLVWNXPPDVWNL3RRODVW $QGUXV$DYLN3LQQDVHWLKHQGDPLVHHULPHHWRGLWHY}UGOXV
+ROODQGLVW6XXUEULWDQQLDVW)llULVDDUWHOWMD3UDQWVXVPDDOW 5DXO9LER0XXWXVHGPDDNDVXWXVHVMDPDDQWHHY}UJX
7ãHKKLVW$XVWUDDOLDVW$XVWULDVW%HOJLDVWMD86$VW SODQHHULPLQH
.RNNX%DOWLPDDQWHHODVWHGHOHJDWVLRRQLGHHHVRWVDVROLG $QGUXV$DYLNMD0DDQR.RSSHO/LLNOXV}QQHWXVWHVWWXOHQHY
5LKR6}UPXV(HVWL7DOLV7UDXPH/lWLMD9LUJDXGDV NDKMX(HVWLV
3XRGåLXNDV/HHGX1lLWXVHOHVLWOHVLGRPDWRRGDQJXW 3HHWHU9DKWHUMD9DOGHNR/DDWV3VLOLLNOXVPlUJLGQ}XGHG
¿UPDWHNVSRQHQWL1HQGHKXOJDVROLHNVSRQHQWL(HVWLV MDUHDDOVXV
SDLNQHYDVW¿UPDVW Y}L YlOLV¿UPD (HVWL RVDNRQQDVW ,OPDU3LKODNMD'DJR$QWRY/LLNOXVRKXWXVHHULQHYXVHG
.XUHVVDDUHOLQQDSHD8UYH7LLGXVMD6DDUHPDDYDQHP /llQHPHUHUHJLRRQLWHHGHO
7RRPDV.DVHPDDROLGNRQYHUHQWVLDXNODOLVHG 6DDUHPDDSVLKHQGXVHOHSHHWXGVHPLQDUL2ULVVDDUHV
(HVWLWHVLQGDVLGHWWHNDQQHWHJD MXKDWDVMDWHJLVHDOHWWHNDQGH+LOODU9DULNHWWHNDQGH9lLNHVH
hOOH.DUMDQH0DDQWHHGHDUHQJXSURJUDPPLNRRVWDPLVH YlLQDWDPPLVDDPLVHDMDORRVWQLQJ6DDUHPDDSVLKHQGXVH
S}KLP}WWHG(HVWLV LGHHVWOlELDHJDGHHVLQHVVDPDV(HVWLPHUHDMDORRODQH
2WW.RSSHO0DDQWHHMDUDXGWHHHKLWXV¿UPDGH %UXQR3DR
¿QDQWVROXNRUUD DQDOV (HVWL QlLWHO .RQYHUHQWVLRUJDQLVHHULPLVNRPLWHHGMXKWLV0DDQWHHDPHWL
$QGUXV.URVV-DDQ,QJHUPDD(HVWLPDDQWHHGHDQGPHEDDV SHDGLUHNWRULDVHWlLWMD.RLW7VHIHOVNRQYHUHQWVLODGXVD
$OHNVDQGHU.DOGDV0DDQWHHGHWDDVWXVUHPRQGLWVNOL WHKQLOLVHNRUUDOGXVHWDJDV$65HLVLHNVSHUW.RUUDOGDMDWH
VDJHGXV(HVWLQlLWHO N}UYXNRVWQXGKLQQDQJXGNRQYHUHQWVLNRUUDOGXVHNRKWD
8UPDV.RQVDS(XURRSD/LLGXKWHNXXOXYXVIRQGLSURJUDP ROLGYlJDN}UJHGPLVODVHYDGSLGDGDVHGDVHQLSHHWXWHVW
PLWlLWPLQH(HVWLPDDQWHHGHO }QQHVWXQXLPDNV
'(76(0%(5 ''.'*615
/LLGXWHJHYXVHS}KLHHVPlUJLNVRQNRRUGLQHHULGD%DOWL
PDDQWHHDODDVMDWXQGMDWHWHJHYXVWPLVRQVXXQDWXGUHJLRRQL
WHHGHDODVHOHWHKQLOLVHOHDUHQGXVHOHMDNRRVW||OH%5$
MXKWLPLQHEDVHHUXENROPHDDVWDVHOURWDWVLRRQLS}KLP}WWHO±LJD
UDKYXVOLNVHNWVLRRQMXKLEDVVRWVLDWVLRRQLWHJHYXVWNROPDDVWDW
$ODWHVDDVWDDXJXVWLVWRQ(HVWLUDKYXVOLNVHNWVLRRQ
ROQXGDVVRWVLDWVLRRQLWHJHYXVHMXKLNV-XKWLPLVSHULRRGL
O}SHWDEWUDGLWVLRRQLOLVHOWNRQYHUHQWVPLVVLLVDDVWDO
SHHWL.XUHVVDDUHVYLLPDWLNRUUDOGDV(HVWL0DDQWHHDPHW%DOWL
NRQYHUHQWVL3lUQXVDDVWDOMDVHOOHOHHHOQHYDNRQYHUHQWVL
7DOOLQQDVDDVWDO9DVWDYDOWURWDWVLRRQLS}KLP}WWHOH
DQWL%5$HHVLVWXMDPDDNRKXVWXVHG.XUHVVDDUHVOH/lWL
PDDQWHHODVWHOHQLQJ;;9,,%DOWLPDDQWHHODVWHNRQYHUHQWV
WRLPXE±DXJXVWLO5LLDV
3lUDVW%DOWL0DDQWHHOLLGXPRRGXVWDPLVWDDVWDOMD
VHRVHVSROLLWLOLVWHMDPDMDQGXVOLNHPXXWXVWHJD%DOWLULLNLGHV
PXXWXVLGNRQYHUHQWVLGUDKYXVYDKHOLVWHNV5DKYXVYDKHOLQH
NRRVW||HULWLNRRVW||3}KMDPDDGHJDRQROXOLVHOWW}VWQXG
%DOWLPDDQWHHODVWHNRQYHUHQWVLGHVLVXOLVWMDNRUUDOGXVOLNNX
WDVHWPLVRPDNRUGDRQP}MXQXGSRVLWLLYVHOWWlLHQGDYDOH
NRRVW||OH
.ROPHSlHYDMRRNVXONXXODWLHWWHNDQQHWQHQGHVW
%DOWLULLNLGHVWPLVMDJXQHVLGNXXHNRQYHUHQWVLS}KLWHHPD
YDKHO
6WUDWHHJLOLQHKDOGXV6WUDWHJLF0DQDJHPHQW±HWWH
NDQQHWPLVNlVLWOHVLG
WHHGHY}UJXDUHQJXSURJUDPPH
WHHHKLWXVHMDWHHGHNRUUDVKRLX¿QDQWVHHULPLVW
KLVNRQGOLNXMDHUDVHNWRULNRRVW||GSXEOLFSULYDWH
SDUWQHUVKLS±333
3URI'U$QGUXV$DYLN
$OOMlUJQHYDOWRQUHIHUHHULWXGNRQYHUHQWVLWHDGXVNRPLWHH
MXKDWDMD7DOOLQQD7HKQLNDOLNRROLWHHGHLQVWLWXXGL
GLUHNWRULSURIGRNWRU$QGUXV$DYLNXNRNNXY}WYDWDUWLNOLW
;;9,5DKYXVYDKHOLVHVW%DOWLPDDQWHHODVWHNRQYHUHQWVLVW
.RQYHUHQWVLNRUUDOGDMDNVROL%DOWL0DDQWHHOLLW%DOWLF
5RDG$VVRFLDWLRQ±%5$HHVRWVDV(HVWL0DDQWHHDPHWLJD
2VDOHMDLGROLNDKHNPQHVWULLJLVWPLOOHKXOJDVW
Y}LNVQLPHWDGDNDXJHPDLGQDJX$XVWUDDOLDMD86$QLQJ
HNVRRWLOLVHPDLGQDJX)llULVDDUHGMD,VODQG.ODOLVWHQD
Y}WVLGNRQYHUHQWVLVWRVD/lWLWUDQVSRUGLPLQLVWHU.ULãMƗQLV
3HWHUVMD/HHGXWUDQVSRUGLMDNRPPXQLNDWVLRRQLPLQLVWHU
$OJLUGDV%XWNHYLþLXV(HVWL0DMDQGXVMD.RPPXQLNDW
VLRRQLPLQLVWHHULXPLHVLQGDVNRQYHUHQWVLODVHNDQWVOHU
1DWKDQ7}QQLVVRQ7DOOLQQD7HKQLNDOLNRROLSRROWODXVXV
NRQYHUHQWVLOWHUYLWXVV}QDGUHNWRU3HHS6UMH
0LVSXXGXWDEQLPHWDWXGULWXVHDMDOXJXVLLVRQ%DOWL
PDDQWHHODVHGNRUUDOGDQXGKLVHLGNRNNXVDDPLVLMXED
SHDDHJXDDVWDW$OXVSDQGLHVLPHVH%DOWLWHHGHLQVHQHULGH
NRRVROHNXJDDDVWDO5LLDV6HOOHVWDMDVWNXQLDDVWD
Q}XNRJXGHRNXSDWVLRRQLQLMDXXHVWLDODWHVDDVWDVWRQ
%DOWLPDDQWHHODVWHNRQYHUHQWVLGWRLPXQXGUHJXODDUVHOWLJD
NROPHDDVWDWDJDQW
%DOWL0DDQWHHOLLW%5$RQ%DOWLULLNLGHUHJLRQDDOQH
WHHGHRUJDQLVDWVLRRQPLVDVXWDWLDDVWDO%5$OLLNPHWHNV
RQ%DOWLPDDGHWHHGHRUJDQLVDWVLRRQLGDVXWXVHGMDHWWHY}WWHG
''.'*615 '(76(0%(5
3LOWLGHOON
hODOYDVDNXO6DDUHPDDSVLKHQGXVHVHPLQDULO
2ULVVDDUHVPLGDMXKDWDVMDNXVWHJLHWWHNDQGH+LOODU9DULN
SDUODO
7HLVWHKXOJDVVHNWVLRRQLHWWHNDQGHLGNXXODPDVhOOH.DUMDQH
NHVNHOMD7DDYL7}QWV1HLVWDOXPLVHOSLOGLO$OHNVDQGHU.DOGDV
YDVMD-UL.LURWDPIRWRGYDVNHVNHO
)RWRG$QGL5RRVW
(QQR9DKWHU
'(76(0%(5 ''.'*615
WHHGHWHJHOLNXOVHLVXNRUUDOS}KLQHYDLG (VLQGDWXGROLGSHDDHJXN}LNWHHGHDODWHHPDG
KRROGHOHSLQJXLG NDDVDHJQHWHHGHHKLWXV
WHHNRQVWUXNWVLRRQLGHNDWVHWDPLVWMDNYDOLWHHGL VLOGDGHMDWHHGHKRROGHWHKQLNDMDOLVDVHDGPHG
WDJDPLVW HKLWXVPDWHUMDOLG
WHHGHMDVLOGDGHSURMHNWHHULPLQH
7HHGHKDOGXV5RDG0DQDJHPHQW±HWWHNDQQHWWHHGH
ODERUDWRRULXPLGMDQHQGHVLVXVWXV
HKLWXVWMDNRUUDVKRLGXNlVLWOHYDWHVWHULDVSHNWLGHVW
OLLNOXVMDWHHNDWWHPlUJLVWXV
HULWLYDVWXSLGDYDGWHHNDWHQGLG
WHKQLOLQHNLUMDQGXV
DVIDOWNDWHWHNRUUDVKRLG
YlOMD}SHMSP
NUXXVDWHHGHNRUUDVKRLGMDWROPXW}UMH
.RQYHUHQWVLUDDPHVWRLPXQXGWHKQLOLVWHOULQJV}LWXGHO
SLQQDVWHVWDELOLVHHULPLQHHQVPLGHMD
WXWYXVWDWLNRQYHUHQWVLVWRVDY}WMDWHOHVDDUHWHHGHY}UNXWHH
S}OHYNLYLWXKDJD
HKLWXVMDUHPRQGLREMHNWHQLQJYDDWDPLVYllUVXVLhNV
WHHGHWDOYLQHNRUUDVKRLGMDMllWXPLVYDVWDVWH
ULQJV}LWXGHVWYLLVNODOLVHGND+LLXPDDWHHGHOH
NHPLNDDOLGHP}MXNHVNNRQQDOH
(VLWDWXGHWWHNDQQHWHS}KMDOWHJLNRQYHUHQWVLWHDGXVOLN
WHHSURMHNWLGHWXWYXVWXV
NRPLWHHMlUJPLVHGMlUHOGXVHG
.RRVW||KDOGXV&RRSHUDWLRQ0DQDJHPHQW±HWWH 7HHGHY}UJXDUHQJXSODQHHULPLQHSHDES}KLQHPD
NDQQHWPLVKDDUDVLG VRWVLDDOVHWHOMDUHJLRQDDOVHWHODUHQJXSURJQRRVLGHO
WHKQRORRJLDVLLUGHNVLPXVL 7HHGHSURMHNWHHULPLQHHKLWDPLQHUHNRQVWUXHHULPLQH
HULQHYDLGSDUWQHUOXVVXKWHLGQLLNRGXNXLND MDNRUUDVKRLGSHDYDGROHPDYlOMDDQWXGWHHGH
YlOLVPDDO WHJHOLNXOVHLVXNRUUDOS}KLQHYDWHOHSLQJXWH
WHHGHLQVHQHULGHWlLHQGXV}SHW DOXVHO/DLDOGDVHPDOWWXOHENDVXWDGDS}KLP}WHW
ÄSURMHNWHHUL±HKLWD±KRROGD³HKNNVHWWHY}WMD
6LOGDGHKDOGXV%ULGJH0DQDJHPHQW±HWWHNDQQHW
WHJHOHEN}LJLQLPHWDWXGHWDSSLGHJD
WHHPDGHO
,QIUDVWUXNWXXULDUHQGDPLVHOHWXOHEKLVNRQQDMD
VLOGDGHKDOGXVVVWHHPLG%DOWLULLNLGHV
HUDVHNWRULNRRVW||333S}KLP}WWHONDDVDWD
HULVLOODNRQVWUXNWVLRRQLGHWHKQLOLVHGDVSHNWLG
DNWLLYVHPDOWHUDVHNWRULUDKD
7||YDKHQGLWHKDOGXV7RRO0DQDJHPHQW±HWWH .DVYDYDWHOLLNOXVNRRUPXVWHWLQJLPXVWHVWXOHE
NDQQHW VXXUHPDWWlKHOHSDQXS||UDWDHULWLYDVWXSLGDYDWH
SLQQDVWHWLKHQGDPLVHVW WHHNDWHQGLWHDUHQGDPLVHOH%DOWLULLNLGHVNDVXWDWDYDG
W||VWXVMllWPHWHWHUDVHVXODWXVDKMXUlEXMDSXUXVWDWXG WHHNDWHQGLWHSURMHNWHHULPLVPHWRRGLNDGWXOHEOH
EHWRRQLNDVXWDPLQHWHHHKLWXVHV YDDGDWDMDY}LPDOLNXOWKWOXVWDGDDUYHVWDGHV
NRKDOLNNHWLQJLPXVL
/LLNOXVHKDOGXV7UDI¿F 0DQDJHPHQW±HWWHNDQQHW
7HHGHHKLWXVHNVVRELYDWHSLQQDVWHGH¿WVLLGL
WHHPDGHO
WLQJLPXVWHVWXOHEVXXUHPDWWlKHOHSDQXS||UDWD
%DOWLPHUHUHJLRRQLOLLNOXVRKXWXVDQDOV
ROHPDVROHYDWHSLQQDVWHHULQHYDWHOHVWDELOLVHHUL
OLLNOXVNRUUDOGXVYDKHQGLGMDWHHllUQHUHNODDP
PLVWHKQRORRJLDWHOHPLOOHJDSDUDQGDWDNVHQHQGH
OLLNOXV}QQHWXVWHNDKMXGMPW
VWUXNWXXUVHLGRPDGXVL6DPXWLSHDEHULQHYDWH
JHRVQWHHWLGHNDVXWDPLQHWHHGHHKLWXVHMDUHPRQGL
6DPXWLSHHWLNRQYHUHQWVLUDDPHVVHPLQDUNROPH
HULQHYDWHOHWDSSLGHOPXXWXPDLJDSlHYDVHNVUDKDOLVWH
HWWHNDQGHJDWHHPDOÄ6DDUHPDDSVLKHQGXV³$ODWHV
YDKHQGLWHMDPDWHUMDOLGHNRNNXKRLXWDJDMDNV
DDVWDVWRQ6DDUH0DDYDOLWVXVHHHVWYHGDPLVHOPRRGXVWDWXG
7XOHEXXULGDHULQHYDWHMllWPHWHQWSXUXVWDWXG
W||UKPXXULQXGY}LPDOXVLSDUHQGDGDKHQGXVW(HVWL
EHWRRQMPWNDVXWXVY}LPDOXVLWHHGHHKLWXVHV
PDQGULRVDJDMXVWSVLKHQGXVHORRPLVHJD0XKXMDPDQGUL
DUYHVWDGHVWHLVWHULLNLGHQDJX+ROODQG-DDSDQ
YDKHO3VLKHQGXVHODYGDNVUHJLRRQLPDMDQGXVHOXOXXHV
6XXUEULWDQQLD1RUUDYDVWDYDWNRJHPXVW
EDDVLWXULVPLDUHQGDPLVHNVPLVMXEDSUDHJXRPDEWlKWVDW
7XOHEW}KXVWDGDWHKQRORRJLDVLLUHW%DOWLULLNLGHYDKHO
UROOLVDDUHWUDQVSRUGLLQIUDVWUXNWXXULVMDWHHQLQGXVVIllULV
NDDVDWHVNDWHLVLY}LPDOLNNHSDUWQHUHLG
1DJXY}LEWlKHOHSDQQDVLVDOGXEN}LJLVNRQYHUHQWVL %DOWLULLNLGHVDUHQGDWXGVLOGDGHKDOGXVVVWHHPLG
S}KLWHHPDGHVV}QDKDOGXVPDQDJHPHQW,OPVHOW WXOHEY}WWDSUDNWLOLVHOHNDVXWXVHOHMDNDVXWDGDQHLG
LVHORRPXVWDEVHH%DOWLULLNLGHWUDQVSRUGLVHNWRULSUDHJXVW UHPRQWLY}LDVHQGXVWYDMDYDWHVLOGDGHY}LQHQGH
DUHQJXHWDSSL±(XURRSD/LLGXJDOLLWXPLQHDDVWDODYDV HOHPHQWLGHYlOMDVHOJLWDPLVHNVMDVHOOHEDDVLOYDMDOLNH
QHLOHY}LPDOXVHNDVXWDGDRPDLQIUDVWUXNWXXULDUHQGDPLVHNV ¿QDQWVLGH NLQGOXVWDPLVHNV
(XURRSD/LLGXVWUXNWXXULMDDUHQJXIRQGLGHYDKHQGHLG %DOWLULLNLGHOLLNOXV}QQHWXVWHWDVHPH
7lQXVHOOHOHRQ%DOWLULLJLGOlELQXGRPDDUHQJXVNURRQLOLVH YlKHQGDPLVHNVWXOHELJDVULLJLVVHOOHNVRWVWDUEHNV
¿QDQWVYDKHQGLWH SXXGXVH HWDSL MD VLLUGXQXG Y}LPDOLNH MXEDYlOMDW||WDWXGSODDQLGHOOXYLLD
YDKHQGLWHVWUDWHHJLOLVHKDOGDPLVHIDDVLPLOOHWXOHPXVHNVRQ
HIHNWLLYQHWHHGHVLOGDGHMDOLLNOXVHKDOGDPLQH .}LJLNRQYHUHQWVLOHVLWDWXGHWWHNDQQHWHJDRQY}LPDOLN
7UDGLWVLRRQLOLVHOWNRUUDOGDWDNVHNRRVNRQYHUHQWVLJD WXWYXGD%DOWL0DDQWHHOLLGXNRGXOHKHNOMHOLQWHUQHWLV±
NDQlLWXV6HHNRUGVHOQlLWXVHOÄ7HHG³RVDOHVRPD KWWSZZZEDOWLFURDGVHX
YlOMDSDQHNXWHJDHNVSRQHQWL/LVDNV%DOWLULLNLGHOHRVDOHVLG VDPXWL0DDQWHHDPHWLLQWHUQHWLNRGXOHKHNOMHO±
QlLWXVHO3}KMDPDDGH6DNVDPDDMD3UDQWVXVPDDHWWHY}WMDG KWWSZZZPQWHHWRLPŶ
''.'*615 '(76(0%(5
0$$.$68786
-$
7(('(9®5*8
3/$1((5,0,1(
5DXO9LER
0DDQWHHDPHWLSODQHHULQJXWHRVDNRQQDMXKDWDMD
(WWHNDQQHVHPLQDULO
6DPDOWHHPDOHVLQHVDXWRUHWWHNDQGHJD%DOWLPDDQWHHODVWHNRQYHUHQWVLO
±.XUHVVDDUHV
7HHGHROHPDVROXRQPDDNDVXWXVHHHOGXVHNV6HGDWHDELJD OLQQXDOHYLNHJDMD
NLQQLVYDUDPDDNOHUMDKLQGDMDQLQJMXXUGHSllVXROHPDVROX ± N}UYDOPDDQWHHGHNVPLVKHQGDYDGWXJLPDDQWHLG
MDVHOOHNYDOLWHHWRQNLQQLVDVMDKLQGDPLVHOROXOLQHQlLWDMD DOHYLNHJDMDDOHYLNNHRPDYDKHO
.XLXXHWHHSODQHHULPLVHONDDVQHEVHOOHJDDODWLPDDRPDQLNH /LQQDWlQDYDWHMDNRKDOLNHWHHGHOLLJLWXVWHLROHVHDGXVHV
YDVWXROXQLQJYlLGHWDNVHHWWHHHKLWDPLQHYLLEPDDYllUWXVH ODKWLNLUMXWDWXGNXLGRQROHPDV(HVWLVWDQGDUGLV/LQQDWlQDYDG
DOODVLLVWHJHOLNNXVHVOGMXKXOWHHOlKHGXVW}VWDEPDD (96/LQQDWlQDYDGMDJXQHYDGPDJLVWUDDOLGHNV
YllUWXVW S}KLWlQDYDGMDRWXVWlQDYDGMDMXXUGHSllVXGHNV
.RUGDQHWOGMXKXO N}UYDOWlQDYDGYHRWlQDYDGHOXMDlULWlQDYDG
7HHGHHKLWDPLQHRQNXOXNDVMDNHVNNRQGDROXOLVHOW 0DDQWHHGHMDPDJLVWUDDOLGHSODQHHULPLQHMDHKLWDPLQH
P}MXWDYWHJHYXV(VLPHVHOS}KMXVHOSDYDGDUHQGDMDGVHGD RQWlQDSlHYDOUHHJOLQDVHRWXGWDJDMlUJHGHOLNYLGHHULPLVHJD
PDNVLPDDOVHOWYlOWLGDMDRWVLWDNVHDUHQGDPLVHNVPDDWNNH 7HHGHY}UJXWLKHGXVRQWHJHOLNXOWSLLVDYHWWDJDGDN}LJLOH
ROHPDVROHYDWHWHHGHOlKHGXVHVbULSLQGDGHNDYDQGDPLVHO LQLPHVWHOHOLLNXPLVY}LPDOXVN}LJLVVXXQGDGHV6LLVNLWXOHE
QlKDNVHWHHOOLLNXMDWHVSRWHQWVLDDOVHLGNXQGHVLG.DVVHHRQ SURMHNWHHULGDMDHKLWDGDXXVLWHLG0LNV"
P}LVWOLN"
3ODQHHULQJXWHJDVHRWXGSUREOHHPLG
0XQDY}LNDQD" 0DDNDVXWXVWODLHPDOWMDHKLWXV}LJXVWNLWVDPDOWNDYDQGDWDNVH
7HHGHHKLWDPLVHYDVWXY}LWOHYDG³URKHOLVHG´YlLGDYDGHW SODQHHULQJXWHJD'HWDLOSODQHHULQJXWHHHVPlUNRQHKLWXVY}L
XXWHWHHGHHKLWDPLQHMDROHPDVROHYDWHODLHQGDPLQHHLROH PDOXVHVHOJLWDPLQHHKNHKLWXV}LJXVHVHDGPLQH3ODQHHULQJX
ODKHQGXVOLLNOXVSUREOHHPLGHOHSLJHPYDVWXSLGL±VHOOLQH WHOY}LEROODNDPLWPHLGWHLVLHHVPlUNHNXLGSODQHHULPLVVHD
WHJHYXVVRRGXVWDEDXWRVWXPLVW6HHYlLGHRQ}LJHNXLG GXVHO}LJHPllUDWOHEKHVHOWSODQHHULQJXWHYDMDGXVH±
WHJHPLVWHLROHDEVROXXWVHMDO}SOLNXW}HJDhKWHJLWHHGHL VHHRQKRRQHWHHKLWXVY}LPDOXVHVHOJLWDPLQH6}OWXYDOWVHOOHVW
ROHWHNNLQXGHJDHKLWDWXGVHOOHSlUDVWHWNHOOHOHJLPHHOGLNV NHVRQSODQHHULQJXWHOOLMDDVMDVWKXYLWDWXGLVLNRQWHJHPLVW
WHHGHKLWDGDY}LQLLVDPDV}LWD7HHGRQDODWLHKLWDWXGPLQJLO HULQHYDWHKXYLGHMDHHVPlUNLGHJD3ODQHHULPLQHRQSODQHHUL
S}KMXVHOPLVOGMRRQWHVRQVHRWXGHOOXMllPLVLQVWLQNWLJD PLVVHDGXVHNRKDVHOWULLJLMDRPDYDOLWVXVH}LJXVMDNRKXVWXV
7HHHKLWDPLVHOHHHOQHEDODWLPLQJLVXJXQHOLLNXPLVYDMDGXV 3ODQ6OJ.DKMXNVRQVHDGXVDQGQXG
2OXOLQHRQP}MXWDGDOLLNOHMDWWHJHPD}LJHWYDOLNXW Y}LPDOXVHGHWDLOSODQHHULQJXNRRVWDPLVH}LJXVHDQGDDVMDVW
OLLNXPLVYLLVLRVDV-XEDDMDORROLVHOWRQLJDOWHHOROQXG KXYLWDWXGLVLNXOH3ODQ6OJ0DDRPDQLNXY}LDUHQGDMD
RPDVHOJHOHVDQQH1LLWHDPH5RRPDDHJVHLGV}MDWHLGMD SHDPLQHKXYLRQHKLWXV}LJXVHMDDNWLLYVHPDDNDVXWXVHJDPDD
KLOLVDHJVHLGSRVWLWHLG7lQDSlHYDORQWHHGHY}UNllUPLVHOW lULWRRWPLVY}LHODPXPDDRVDNDDOXPDNVLPHHULPLQH
NHHUXOLQHMDPLWPHSDOJHOLQHVVWHHP(ULQHYDWHOWHHGHORQ $UHQGDMDMDRNVRQN}LNWHLVHGVLKWRWVWDUEHGQlLWHNVVRWVLDDO
HULQHYDGOLLNXPLVWLQJLPXVHGMDNXMXQGXVHKNOLLNOXVNHVNNRQG Y}LWUDQVSRUGLPDDPLWWHOLNYLLGVHGMDVHHW}WWXYDVWXQlLGXVWD
/LQQDWLQJLPXVWHVUllJLPHWlQDYDUXXPLVWPLVRQ}LJH WXG6HHRQSHDPLQHS}KMXVPLNVSODQHHULPLV}LJXVWHLWRKLNV
SODQHHULPLVHNVV}OPNVLPXVL HGDVWDGDHUD}LJXVOLNXOHLVLNXOH3ODQHHULQJXGRQQDJXOLLYD
.LLUWHHMD}XHDODRQWlLHVWLYDVWDQGOLNXGOLLNOXVNHVNNRQQDG NDVWLPlQJNXVRQVHOJHOWSLLULWOHWXGNDVWVHOOHVVLVDOGXYDWH
1HQGHYDKHOHMllEHULQHYDWHHHVPlUNLGHJDWHLGMDWlQDYDLG UHVVXUVVLGHJD.DVWLVHHVWRLPHWDYDGODSVHGRPDQLNDUHQGD
7HHVHDGXVHJDRQVHOJHOWHULVWDWXGULLJLPDDQWHHGMDNRKDOLNXG MDSODQHHULMDPlQJXDVMDGHJDNKYHOGDYDGOLLYDKHVWKXQ
WHHG5LLJLPDDQWHHGRPDNRUGDMDJXQHYDG QLNXVWWHLVH9lOMDVSRRONDVWLVHLVDYDGNlHGSXXVDVYDQHPDG
± S}KLPDDQWHHGHNVPLVKHQGDYDGSHDOLQQDWHLVWH RPDYDOLWVXVPDDYDOLWVXVMDMlOJLYDGHWOLLYDOHNDVWLVHUYD
VXXUHPDWHOLQQDGHJDQHLGRPDYDKHOMDWlKWVDPDWH HLW}VWHWDNV/LVDNVHVLWDWDNVHODVWHOHWLQJLPXVLPLOOLVHVWNDVWL
VDGDPDWHQLQJSLLULSXQNWLGHJD VHUYDVWQDGY}LYDGOHNlLDMDNXVWOLLYDNDVWPLVHNVYHHMXKH
± WXJLPDDQWHHGHNVPLVKHQGDYDGS}KLPDDQWHLGQLQJ WXXD1DDEHUOLLYDNDVWLRPDQLNHORQDVMDVWRPDDUYDPXV
'(76(0%(5 ''.'*615
7HKQRSDUJLW||WDMDWH³YDOJXPLQH´OHULLJLS}KLPDDQWHH
.XLJLPHLHSODQHHULPLVVHDGXVHLHULQHROXOLVHOWQDDEHUPDD 3ODQHHULQJXWHWDJDMlUMHG
GHYDVWDYDWHVWVHDGXVWHVWRQROXOLVHNVHULQHYXVHNVHUD}LJXV 8XHGHKLWDWDYDGSLQQDGNlWNHYDGHQGDVNDVW||Y}LHOXNRKWL
OLNHOHLVLNXWHOHSODQHHULPLV}LJXVHHGDVLDQGPLVHY}LPDOXVMD 1HQGHVVHUlQGDYDGLQLPHVHGWHLVWHVWHOXNRKWDGHVWY}LHWWH
VHOOHVWWXOHQHYDGSUREOHHPLG6DPDVHLROHN}LNSODQHHULQJX Y}WWHGWHLVWHOWSLQGDGHOW0}OHPDOMXKXONDDVQHYDGPXXWXVHG
WHJDVHRWXGSUREOHHPLGDLQXOWPHLHHULSlUD LQLPHVWHOLLNXPLVWUDMHNWRRULGHVMDQHQGHSLNNXVHV1lLWHNV
$UYHVWDGHVDVMDROXHWLQLPHVWHDUY(HVWLVMDHQDPLNXV .DOHYLNRPPLYDEULNXNROLPLVHJDPXXWXVKHWNHJDOLJL
(XURRSDULLNLGHVSLJHPYlKHQHENXLNDVYDERQMlUMHVWXXWH LQLPHVHLJDSlHYDQHPDUVUXXWNRGX±W||±NRGX.DOHYLNRP
DODGHWlLVHKLWDPLVHS}KMHQGDWXVNVLWDY.XLSODQHHULQJXWH PLYDEULNSLGLRPDW||WDMDWHOHSDQHPDNlLPDHULEXVVLHW7DO
SXKXOUllJLWDNVHDUHQJXVWDUHQGXVWHJHYXVVLLVUHHJOLQD OLQQDOLQQDVHODYDGW||WDMDGVDDNVLG5DHYDOGD3}UJXYlOMDOH
WRLPXEVHHQQDUHQJKHVSLLUNRQQDVWHLVHSLLUNRQQD W||OH
WDDQGDUHQJXDUYHO(HVWLVVXOHWLDDVWDONRROL6RRPHV 6DPDODMDONROLVLG7DOOLQQDOLQQDSROLWVHLQLNXGHQGLVHNRP
VXOHWLVDPDODMDOOHNRROL PLYDEULNXKRRQHWHVVH.}LJLP}MXWDWXGLQLPHVWHRVDVY}LPH
8XWHPDDDODGHWlLVHKLWDPLVHJDDJDNDROHPDVROHYDWH VXPPDDUVHOWUllNLGDWlLHQGDYDNLORPHHWUL
WLKHQGDPLVHJDNDDVQHEPLWPHLGQlKWXVLPLVDYDOGXYDG OlELPLVYDMDGXVHVWSlHYDV/LVDNVXXHOHPDUVUXXGLOHNDDVQH
W}VLVWHWDJDMlUJHGHJDWUDQVSRUGLNRUUDOGXVHVMDWHHGHY}UJXV YDGVHOOHJDXXHGNRQÀLNWLG OLLNOXVUXXPLV 7lQQDVVLOPDWHK
NXLQHLGQlKWXVLHLRVDWDHJDSWDJLSODQHHULQJXWHV QRSDUN6DNXYDOODWHUULWRRULXPLOUHNODDPLEHQQDVWW||NRKWD
HQQHWDGD7lQDHLROHQlKDHW(HVWLVNHHJLSDNVNLP}LVWD GHORRMDQD7}HSRROHVWNlLE7HKQRSDUJLVDVXYDWHVVHHWWHY}WH
OLLNOXVSROLLWLNDYDMDGXVWMDVHOOHMlUJLPLVWSODQHHULQJXWHV WHVVHW||OHOLJLLQLPHVW'HWDLOLGHVVHVYHQHGHVVHOJXE
/RHWOHNVLQOLLNOXVSROLLWLNDVHLVXNRKDOWSHDPLVHG HWN}LNQHHGHWWHY}WWHGRQ³YDQDG´HWWHY}WWHGPLVRQNROLQXG
SODQHHULQJXWHJDVHRWXGSUREOHHPLG HULQHYDWHOS}KMXVWHOHHOGDWDYDOWPDMDQGXVOLNHOOLQQDVWYlOMD
KXYLWDWXGLVLNXKXYLSXXGXVPLVWDKHVDYDOLNXKXYL 6XXURVDLQLPHVLNlLEWHKQRSDUNLW||OHDXWRJDVXXUHQGDGHV
VHDOKXOJDVOLLNOXVHMDOLLNOXVRKXWXVHYDVWX VHOOHJDOLQQDVWYlOMDOLLNXYDWOLLNOXVYRRJX(WWHKQRSDUNDVXE
SODQHHULQJXWHUDQJHSLLULWOHWXVMDSODQHHULWDYDWHDODGH OLQQDOLLQLEXVVLQUO}SSSHDWXVHOlKHGXVHVVLLVNDVXWDE
VXXUXVWlSVHPDOW±YlLNVXV VXXURVDLQLPHVLW||OHNlLPLVHNVVHGDY}LPDOXVW,VHHQHVHVW
DXWRNHVNVXVNQGLPDWXVDUYHVWDGDN}LNLY}LPDOLNNH RQSRVLWLLYQHHWN}LNHLROHVXQQLWXGYDOLPDW||ONlLPLVHNV
OLLNXPLVYLLVH DXWRWNXLGDQWXGMXKXOROHNVVHHLVHJLRKXWXP.XQDWHKQR
YDVWXWDPDWXVSODQHHULMDWHOSXXGXEVLVXOLVHOWYDVWXWXV SDUJLUDMDPLVHJDHLROHNDDVQHQXGPXXGDWXVLKLVWUDQVSRUGL
SODQHHULQJXWHS}KMXVWDWXGWHKQLOLVWHMDVRWVLDDOVHWH NRUUDOGXVHVVLLVRQLQLPHVHGVXQQLWXGLJDSlHYOHWDPDVXXUH
WDJDMlUJHGHHHVW OLLNOXVHJDOHDXWR||SlHYDVQHOMDUHDOLVWPDDQWHHG
P}WOHPDWXV±RPDYDOLWVXVHGNHOOHORQSODQHHULQJXWH $UYHVWDGHVHWWHJHPLVWRQULLJLS}KLPDDQWHHJDNXVDQWXG
PHQHWOHPLVHONDDOXWOXV}LJXVDOJDWDYDGMDNHKWHVWDYDG
SODQHHULQJXLGPLVRQNDUMXYDVYDVWXROXVDYDOLNNXVH 7||WDMDWHDUY$6.DOHYNRGXOHKHDQGPHWHO
KXYLGHJD KWWSZZZNDOHYHH
''.'*615 '(76(0%(5
O}LJXOOXEDWXGV}LGXNLLUXVHNVRQNPKVLLVNRNNXS}UNHOHL PLOMRQLWNURRQL3LLUDWXGlULKXYLGHVUDMDWXGREMHNWLWDJD
ROHMDODNlLMDOORRWXVWHOXJDSllVHGD MlUMHGRQPDVHQGDYDG6SHWVLDOLVWHDQWXGMXKXOHLOODWDPDDQ
/LQQDOlKHGDVHPDDKLQGRQYlLNVHPNXLOLQQDNHVNXVHV WHHOMXKWXQXG}QQHWXVHGNXLGSDUNODVWRLPXQXG}QQHWXVWH
6DPDVRQPDDQWHHGHQlROROHPDVKHDMXXUGHSllV0DDKLQG VXXUDUYMDNVYLJDVWDWXYLLWDYDGHULWLKDOYDOHSODQHHULPLV
MDMXXUGHSllVXROHPDVROXRQSHDPLVHGS}KMXVHGPLNVHWWH SUDNWLNDOH/LLNOXVNDKMXGHNRJXVXPPDHLSLLUGXDQWXGMXKXO
Y}WWHGNROLYDGOLQQDVWYlOMD6DPDODMDOSHDENHHJLY}WPDYDV DLQXOW}QQHWXVWHVWWXOHQHYDWHNDKMXGHJD.XQDRVWXNHVNXVH
WXWXVHOLLNOXVNRUUDOGXVHMDWUDQVSRUGLNVLPXVWHODKHQGDPLVH ULVWPLNXUDMDPLVHJDWXOLWHHO}LJXOUDKXOGDYDOLLNOXVRKXWXVWDVH
RVDV5LLNMDRPDYDOLWVXVHGSHDYDGPDNVPDVXXULVXPPDVLG PHWDJDPLVHNVYlKHQGDGDOXEDWDYDWV}LGXNLLUXVWY}LEDUYHV
WUDQVSRUGLSUREOHHPLGHODKHQGDPLVHNV%XVVLOLLQLSLNHQGDPL WDGDOLLNOHMDWHDMDNDRVWWXOHQHYDNVOLLNOXVNDKMXNVFD PLO
VHHHVW7lQQDVVLOPDWHKQRSDUNLNVLV7DOOLQQD7UDQVSRUGLDPHW MRQLWNURRQLDDVWDV7DOOLQQD±3lUQX±,NODPDDQWHHllUVHG
6DNXYDOODOWPLOMRQLWNURRQLDDVWDV6HOOLVWHNXOXGHJDHLROH PDDNDVXWXVHPXXWXVHGRQW}VLVHOWKDOYHQGDQXGOLLNOXVRKXWXVW
YDOGDUYHVWDQXGMDWHKQRSDUJLHWWHY}WHWHPDNVXGVHGDVDPXWL VXXUHOLLNOXVHJDPDDQWHHO
HLNDWD9DOODVHODYDLGMDNRKDOLNNXHHODUYHVVHPDNVXPDNV (HOQHYDWHQlLGHWHYDUDORQQlKDHWPDDQWHLGPLVRQP}HO
YDLGNRGDQLNNHRQN}LJLVWWHKQRSDUJLW||WDMDWHVWDOOD GXGOLQQDGHMDNDULLNLGHYDKHOLVWHKHQGXVWHWDJDPLVHNV
SURWVHQGL NDVXWDWDNVHYllUDOWMDHEDRWVWDUEHNDOWNVLNLVLNXWHlULKXYLGHV
6XXUHNVSUREOHHPLNVSODQHHULQJXWHMXXUHVRQDXWRNHVNQH 6HHRQPDDNDVXWXVHRKMDPLVHSXXGXMllN7HHRPDQLNHLVDD
SODQHHULPLQH(HOPLVHVWQlLWHVWQlKWXEHW7lQQDVVLOPDWHK ROHPDVROHYDV}LJXVUXXPLVNHHODWDVHOOLVWSODQHHULPLVWNXLG
QRSDUJLSODQHHULQJXJDHLROHSWXGODKHQGDGDKLVWUDQVSRUGL Y}LESLLUDWDWHHOQRUPLGHJDNRRVN}ODVULVWPLNHMDPDKDV}L
NVLPXVW7}VLNOOSODQHHULQJXVRQHWWHQlKWXGEXVVLSHDWXVWH WXGHWLKHGXVW3UDNWLNDQlLWDEVLLVNLHWNRKDWLODXVDNRUUXSW
DVXNRKDGNXLGHLROHODKHQGDWXGPDUVUXXWLQLQJKLVWUDQVSRU VLRRQLPDLJXOLVHNlLWXPLVHJDYLLDNVHVHOOLVHGYDLGOXVHGYlJD
GLUDKDVWDPLVWhKLVWUDQVSRUGLVHDGXVHO}LJHQ}XDEN}LJL N}UJHOHWDVHPHOHVHVWHUDHWWHY}WOXVRQSKD.DQQDWDMDNVRQ
WDVDQGLWHSODQHHULQJXWHOWKLVWUDQVSRUGLMDVHOOHOLLQLY}UJX N}LNOLLNOHMDG3HDQYDMDOLNXNVU}KXWDGDHWSODQHHULPLVVHDGX
DUHQGDPLVHYDMDGXVHJDDUYHVWDPLVWOlKWXYDOWO}LNHVORHWOH VHO}LJHQ}XHYLLGDWDNRRVN}ODVWDPLVHOYDVWXROXOLVHOH
WXGHHVPlUNLGHVW VHDGXVHOHRQDQWXGMXKXODYDOLNHKXYLGHYDVWDQHHKNNRQN
UHVVXUVVLGHNDVXWDPLVHVRWVLDDOQHMDPDMDQGXVOLN UHHWVHPDOWODXVDHOXRKWOLN.}LNLSODQHHULQJXWHJDWHNNLGD
RWVWDUEHNXV Y}LYDLGNRQÀLNWH HL ROH Y}LPDOLN VHDGXVWH MD PllUXVWHJD NLU
KLVV}LGXNLWHHHOLVNDVXWDPLVHVRRGXVWDPLQH MHOGDGDQLQJVHDGXVSHDNVMlWPDY}LPDOXVHNRRVN}ODVWDPLVHVW
KLVNRQQDNXOXWXVWHYlKHQGDPLQHWUDQVSRUGLOHMDHQHUJLDOH NHHOGXPLVHNVPRWLYHHULWXGVHLVXNRKWDGHJD
.}LJHGUDVWLOLVHPDQDP}MXYDGDJDRVWXNHVNXVWH
0DDQWHHGNXL³DUHQJX´PRRWRU
SODQHHULQJXGOLQQDVHUYDGHVbULLGHHPLVRQVXXQDWXGOLQQDVW
.XLJLY}LEWXQGXGDHWWHHGHHKLWDMDGRQODLDGHWHHGHQlRO
YlOMDVXXQGXYDWHOLLNOHMDWHUDKDNRWLWKMHQGDPLVHOHP}MXWDE
ORRQXGY}LPDOXVHOLLNOXVHNDVYXNVHLROHWHHLVHHQHVHVW
NDXEDQGXVWMDOLQQDPLOM||GNXQLOLQQDVGDPHQLVLVXOLVHOW
S}KMXVPLNVDXWRGHJDV}LGHWDNVH6XXUHPDWHOLQQDGH
HEDY}UGVHNRQNXUHQWVLQlROQLQJRQHULWLOLLNOXVRKWOLN
MXXUHVWRLPXYOLLNOXVSODKYDWXVRQRPDYDOLWVXVWHYDKHOLVH
/DDJUL0DNVLPDUNHWLUDMDPLVHJD3lUQXPDDQWHHllU
MDVLVHVHROHOXVY}LWOXVHMDVHOJURRWXSODQHHULPLVSROLLWLND
GHRQDQWXGPDDQWHHO}LNPXXWXQXGYlJDRKWOLNXNV6HGD
WXOHPXV.XQLNVULLNHLVHNNXM}XOLVHOWSODQHHULPLVPDKWXGH
QlLWDELOPHNDOWOLLNOXVNLQGOXVWXVIRQGLVWDWLVWLND2WVLVLPH
RKMDPLVHJDMllEORRWDDLQXOWNLQQLVYDUDPXOOLO}KNHPLVHOHMD
/.)DQGPHEDDVLVWLQIRW}QQHWXVWHNRKWDNXVPDLQLWL/DDJUL
UDKDGH¿WVLLGLOH
0DNVLPDUNHWLW$DVWDLORQWRLPXQXGNRNNX
3lUQXPDDQWHHQlLWHOHYDVWXNDDOXNVY}LEWXXDQlLWHLG
OLLNOXV}QQHWXVWQHLVWPDDQWHHOMD0DNVLPDUNHWLSDUNODV
/}XQD6DNVDPDDOWNXVDVXPLGRQNRPSDNWVHGMDMllYDG
1HLV}QQHWXVWHVKXNNXVLQLPHQHDPDDQWHHOMDVDL
VXXUHVWPDDQWHHVWVHOJHOWHUDOGL0DDQWHHOHPDKDV}LWHHLROH
YLJDVWDGDPDDQWHHOSDUNODV$UYHVWXVOLNOLLNOXVNDKMX
MDNRKDOLNOLLNOXVVDDEOHPDDQWHHDLQXOWHULWDVDQGLOLVWHULVWHWH
}QQHWXVWHVWRQPLOMRQLWNURRQLPDDQWHH}QQHWXVWHVWMD
NDXGX.ODVWNOODV}LWPLVHNVHLROHYDMDNDVXWDGDNLLUWHHG
PLOMRQLWNURRQLSDUNODVWRLPXQXG}QQHWXVWHVW.RJXNDKMX
VDPXWLPLWWHLJDSlHYDVWHRVWXGHVRRULWDPLVHNV1HHGRQQHHG
6DNVDPDDWHHGPLGDPHLHWHHNDVXWDMDGDODO}SPDWDNLLGDYDG
*UDD¿NXO DOO -DODNlLMD HOOXMllPLVH W}HQlRVXV DXWR RWVDV}LGXO 3ODQHHULQJXWHNRRVWDPLVHOWXOHEVHDGDHHVPlUJLGPLWWH
V}OWXEDXWRNLLUXVHVW(HUR3DVDQHQ³6}LGXNLLUXVHGMDMDODNlLWMD DLQXOWKRRQHVWXVHOHYDLGNRJXNXMXQGDWDYDOHNHVNNRQQDOH
WXUYDOLVXV´ VHDOKXOJDVDNWLLYVHLPDOWKLVNDVXWDWDYDWHWHHGHMDWlQDYDWH
UXXPLOH6LLQVRELEWXXDHHVNXMXNV7DPSHUHXXHOLQQDRVD
9XRUHVHNDYDQGDPLVWRVDOGSODQHHULQJXJDMDGHWDLOSODQHHULQ
JXWHJDNRRVW||V/HPSllOlYDOODJD-XEDRVDOGSODQHHULQJX
NRRVWDPLVHOVHDWLVHOJHGHHVPlUJLGOLLNOXVNHVNNRQQDOH
± N}UJHOLLNOXVRKXWXVHWDVH
± MXXUGHSllVSODQHHULWDYDOHDODOHY}UGVHOWN}LJL
OLLNXPLVYLLVLGHJD
± HIHNWLLYVHKLVWUDQVSRUGLNRUUDOGXVHWDJDPLQH
± DXWRYDEDHODPLVVWLLOLY}LPDOGDPLQH
± WDNLVWXVWHWDllUHNLYLGHWDOLLNXPLVY}LPDOXV
NHUJOLLNOHMDWHOH
/lKWXYDOWVHDWXGHHVPlUNLGHVWNHKWHVWDWLOLLNOXVVWDQGDUG
NXVWHHGHKLHUDUKLDVDQWLHULOLLNLWHHGHOHVLKWYllUWXVHG
'(76(0%(5 ''.'*615
7lQDYDY}UNMDJDWLQHOMDNODVVLHOXWlQDYDGNRJXPLVWlQDYDG OlELOLLNOXVRKXWXVDXGLW.RJXSODQHHULPLVSURWVHVVLVDDGDE
SHDNRJXPLVWlQDYMDSLLUNRQQDSHDYlLOOLQQDPDJLVWUDDO DUXVDDPLQHHWSODQHHULQJXWHJDWHKWXGRWVXVHGPllUDYDG
9DVWDYDOWWlQDYDNODVVLGHOHNHKWHVWDWDNVHSLLUNRQGOLNNLLUXV VXXUHPDOWMDROWSLLUNRQQDOLLNOXVRKXWXVWDVHPH/LVDNVY}LE
SLLUDQJXWHVVWHHPPLVWRHWXEWlQDYDOLLNOXVOHVDQGHOHMD PlUNLGDHW9XRUHVHSODQHHULQJXVWNRRVWDWLNDNVDOWHUQDWLLYL
WlQDYDMDPDDNDVXWXVHVXKWHOH(ULWLRQU}KXWDWXGNHUJOLLNOXVH (HVWLVNXVSODQHHULQJXGNDMDVWDYDGNVLNLVLNXWHNLQQLVLGHLG
MDDXWROLLNOXVHULVWXPLVWHRKXWXVW RQVHOOLQHDYDWXGP}WWHYLLVWDYDWX
(WVHDWXGHHVPlUNHVDDYXWDGDHLROHUDKXVWDWXGOLLNOXVHJD 7lSVHPDOWY}LE9XRUHVHSODQHHULQJXWHVWOXJHGD,QWHUQHWLVW
WlQDYDWHOHSODQHHULWXGVLUJHLGO}LNH0DGDODWHNLLUXVWH KWWSZZZWDPSHUH¿WLHGRWXVBYYXRUHV
WDJDPLVHORQROXOLQHUROON}LJHOPLVOLLNOXVNHVNNRQGD
PEULWVHE.HVNNRQGSHDEDQGPDOLLNOHMDOHVLJQDDOLVRELYDVW 7DJDMlUJHGHOLNYLGHHULPLQHWHHGHY}UJXNRUULJHHULPLVHJD
OLLNXPLVNLLUXVHVW0RRWRUV}LGXNLWHOHSODQHHULWDNVHWlSVHOWQLL /LLNOXVORHQGXVWHDHJULGDQlLWDEVHGDHW7DOOLQQDOlKLPE
SDOMXUXXPLNXLOLLNXPLVHNVYDMD6HHHLWlKHQGDVDPDVVHGD UXVHVNDVYDYDGOLLNOXVLQWHQVLLYVXVHGN}LJLOWHHGHOOH
HWWlQDYDUXXPLVHLSHDNVROHPDUXXPLWHLVWHOHOLLNOHMDWHOH DDVWDVQLQJDDVWDVHNDVYXQXPEULGXODWXYDGQL6HOOLQH
7lKHOHSDQXRQS||UDWXGNDYDOJXVWXVHSDLJXWDPLVHOHPLOOH DUHQJRQVHOJHOWHEDQRUPDDOQHMDQlLWDEKHNOJVHWSODQHHUL
N}UJXVMDWLKHGXVP}MXWDEOLLNXPLVNLLUXVW PLVSUDNWLNDW
.}LJLVSODQHHULPLVMDSURMHNWHHULPLVHWDSSLGHVYLLDNVH 7HHVHDGXVHJDRQ0DDQWHHDPHWLOHSDQGXGNRKXVWXVHG
9lOMDY}WH-XXOLNX±7DEDVDOXKHQGXVWHHWUDVVLGHHHOYDOLNXDUXDQGHVW$QWXGO}LJXVROLNDDOXPLVHONRNNXHULQHYDWWUDVVLPLOOHVWHHOYDOLNXJD
HGDVLVHNVGHWDLOVHPDNVW||NVVHOJLWDWLY}LPDOLNXWUDVVLNRULGRUL
''.'*615 '(76(0%(5
9lOMDY}WH0lRP||GDV}LGXHHOSURMHNWLNHVNNRQQDP}MXGHDUXDQGHVW0UDNDDUWHHOLVWDWXGPDDQWHHDOWHUQDWLLYLMDSURMHNWHHULWXG
PUDW}NNHYDOOLGHNRUUDO
0DDQWHHDPHWSHDEWDJDPDULLJLPDDQWHHGHORKXWXMDWRLPLYD WHHGOlELYDGPLWPHLGRPDYDOLWVXVLMDQHQGHSODQHHULPLQH
OLLNOXVH.LLUHOWNDVYDYDWHOLLNOXVLQWHQVLLYVXVWHJDY}LWOHPLVHNV RPDYDOLWVXVNVXVWHNDXSDHLROHY}LPDOLN.XLSODQHHULQJXLG
RQPLWPHLGPHHWRGHLGNXLG0DDQWHHDPHWVDDENDVXWDGDVLVX NRRVWDWDNVHNRQNUHHWVHOHPDDDODOHNXVRQWlSVHOWWHDGDLJD
OLVHOWDLQXOWKWH±WHHGHY}UJXIVLOLVWNRUULJHHULPLVW5HHJOL PDDNVXVWSXXGXWDYLQIRUPDWVLRRQVLLVWHHGNDYDQGDGHVRQ
QDWlKHQGDEVHHWHHGHODLHQGDPLVWULVWPLNHPEHUHKLWDPLVW DODWLSDOMXHULQHYDLGDOWHUQDWLLYHMDHQQHDOWHUQDWLLYLGHOlEL
+HDOMXKXORQWDJDVLKRLGOLNHYDKHQGLWHJDY}LPDOLN W||WDPLVWQLQJY}UGOHPLVWHLROHWHDGDNXKXPDDQWHHGOGVH
NRUULJHHULGDOLLNOXVNRUUDOGXVWNXLG7DOOLQQDPEUXVH RQY}LPDOLNUDMDGD0DDQWHHGHSURMHNWHHULPLVHHWDSSHRQ
OLLNOXVPDKWXGHMXXUHVHLROHVHHHQDPNXLJLHIHNWLLYQH(LVDD NlVLWOHWXG0DDQWHHGHSURMHNWHHULPLVQRUPLGHV6HRVHVVXQG
OXEDGDWHNNLGDROXNRUUDONXVXPPLNXGWHHGHOHLY}LPDOGD Y}}UDQGDPLVVHDGXVHPXXWPLVHJDDDVWDOWRRGLNDWHH
NLLUDELOY}LSllVWHDXWRGHOSllVHGDDELYDMDMDWHQL VHDGXVHVVHVLVVHHHOSURMHNWLP}LVWH(HOSURMHNWRQYDKHQGWHH
0DDQWHHDPHWRQNDYDQGDPDVPLWXWVXXUHPDKXOLVWULL RSWLPDDOVHOHN}LJHOlKHPDDOWHUQDWLLYLOHLGPLVHNVDUYHVWDGHV
JLPDDQWHHUHNRQVWUXHHULPLVW1HQGHHVLPHQHHHVPlUNRQ QLLWHKQLOLVLPDMDQGXVOLNNHNXLNDNHVNNRQQDOLVLDVSHNWH
OLLNOXVRKXWXVHSDUDQGDPLQH/}LJXWLRQMXEDWlQDQlKDYDMD 0lRP||GDV}LGXSURMHNWHHULPLVHOROLHVPDVHONDDOXPLVHO
GXVWNDOlELODVNYXVHSDUDQGDPLVHNV.}LJHVXXUHPDWPXUHW QHOLDOWHUQDWLLYLPLOOHVWNRJXNHVNNRQQDP}MXGHKLQGDPLVHMD
WHHE7DOOLQQDULQJWHHPLVRQROXOLQHKHQGXVWlKWVDPDWH YDOLNXSURWVHVVLOlELVLGNROP7UDVVLYDOLNXNVOHSLWLHHOQHYDOW
S}KLPDDQWHHGHMDNDKHVXXUHNDXEDVDGDPDYDKHO6DPDODMDO NRNNXYDOLNXNULWHHULXPLGPLVVLVDOGDVLGWHKQLOLVLQlLWDMDLG
WRLPXENRJXULQJWHHXODWXVHVYlJDDNWLLYQHPDDNDVXWXVHSOD PDMDQGXVOLNNXWDVXYXVWMDKXOJDOLVHOWNHVNNRQQDDVSHNWH
QHHULPLQHMDHKLWDPLQHPLVRKXVWDEKHOWSRROWNDXEDYHGXGH NDMDVWDYDLGNULWHHULXPH
HIHNWLLYVXVWWHLVDOWRQVXXUHNVRKXNVNRKDOLNXOHOLLNOXVHOH 7HHGHHKLWDPLQHRQNLQGODOWN}LJHNDOOLPODKHQGXV
/LLNOXV}QQHWXVWHVWDWLVWLNDY}LEMlWWDSHWOLNXPXOMHOLLNOXV WUDQVSRUGLYDMDGXVWHUDKXOGDPLVHNV$XWRWUDQVSRUW
RKXWXVHSDUDQHPLVHVWNXLYDDWDPHDLQXOWKXNNXQXWHDUYX RQNRQNXUHQWVLWXOWRKWOLNHPWUDQVSRUGLYLLV(XURRSD
/LLNOXV}QQHWXVWHMDQHQGHVYLJDVWDWXWHDUYRQYLLPDVHOYLLHO 7UDQVSRUGL2KXWXVH.RQVLLOLXPLDQGPHWHORQWHHGHO
DDVWDOKRRJVDOWNDVYDQXGMDVDDYXWDQXGDDVWDWDVHPH WRLPXYDWH}QQHWXVWHRVDNDDOMDNDKMXGHRVDNDDO
DDQGPHGQlLWDYDG}QQHWXVWHMDYLJDVWDWXWHDUYXNDVYX N}LJLVWWUDQVSRUGLJDVHRWXG}QQHWXVWHVW
MlWNXPLVWQLQJNXXO}LNHVRQKXNNXQXWHDUYY}UUDVXXUHP $XWRNHVNQHSODQHHULPLQHRQ(HVWLPDMDQGXVHOHHULWL
NDKMXOLNVHVW(HVWLOSXXGXERPDDXWRW||VWXVVDPXWLWXOHE
0DDQWHHGHNDYDQGDPLQH DXWRNWXVHGMDWHHGHHKLWXVPDWHUMDOLGLPSRUWLGD.XLJLSODQHH
0DDQWHHGHMDNDWHLVWHWUDVVLGHOLLQLUDMDWLVWHNDYDQGDPLQH ULPLVVHDGXVHHHVPlUNRQP}LVWOLNWXOHEQHQWLGDHWWlQDVHG
MDSURMHNWHHULPLQHHULQHENDUGLQDDOVHOWKRRQHVWXVHNDYDQGD SODQHHULQJXGHLYDVWDVHDGXVHVSVWLWDWXGHHVPlUNLGHOHQ
PLVHVWMDSURMHNWHHULPLVHVW.XLSODQHHULQJXLGNRRVWDYDGMD
PHQHWOHYDGRPDYDOLWVXVHGRPDKDOGXVDODSLLULGHVVLLVPDDQ KWWSZZZHWVFEH
'(76(0%(5 ''.'*615
3®/(9.,9,78+$*$
67$%,/,6((5,78'
.$7(7(885,1*867
0DUHN7UXX
6LVVHMXKDWXV 8XULQJXWHNlLJXVNRJXWLLQIRWQLLREMHNWLONXLSURMHNWGRNX
/LJL(HVWLULLJLPDDQWHHGHY}UJXVWHKNWHLVLV}QXXPEHV PHQWDWVLRRQLVWMDPDDQWHHUHJLVWULVWDQGPHGVVWHPDWLVHHULWL
NPRQWROPDYDGNUXXVDWHHG6DPDVWHNLES}OHYNLYL MDDQDOVLWLKLOMHP
W||WOHPLVHOLJDODDVWDOMXXUGHPLOMRQHLGWRQQHW||VWXVMllNH
±S}OHYNLYLWXKNDMDDKHUDLQHW3}KLP}WWHOLVHOWRQVHOOLVHLG $MDORRVW
W||VWXVMllNHY}LPDOLNNDVXWDGDWHHGHHKLWXVHV 3}OHYNLYLWXKDJDVWDELOLVHHULPLVWDOXVWDWLDDVWDO0DVVLOL
7HHUHJLVWULNRKDVHOWRQ(HVWLVWlQDXPEHVNPS}OHY VHOWDOXVWDWLS}OHYNLYLWXKDJDVWDELOLVHHULWXGWHHNDWHWHMDDOXVWH
NLYLWXKDJDVWDELOLVHHULWXGNDWWHJDWHLG.}QHDOXVHGNDWWHGRQ HKLWDPLVWQGDWHDDVWDWHDOJXO%DOWLMD(HVWL6RRMXVHOHNW
YDOGDYDOWUDMDWXGHHOPLVHOVDMDQGL±QGDWHODDVWDWHO2VD ULMDDPDGHNlLNXDQGPLVHJDVXXUHQHVS}OHYNLYLOHQGWXKDNXL
QHLVWRQYlJDKDOYDVVHLVXNRUUDVQLQJP}QHGWHHGRQMXED W||VWXVMllJLNRJXVHQDPNXLNXXHPLOMRQLWRQQLQLDDVWDV
NDPEHUHKLWDWXGNXLGVXXURVDVHOOLVWHVWNDWHWHVWRQVLLDQL 3}OHYNLYLWXKNWHNLES}OHYNLYLWROPXS}OHWDPLVHOWHPSHUD
W||NRUUDV6DPXWLRQWHDGDHWYLLPDVWHODDVWDNPQHWHOHLROH WXXULO±&/LJL±NRJXWXKDVWPRRGXVWDYDG
ULLJLOROQXGM}XGXNUXXVDWHHGHRVDNDDOXROXOLVHOWYlKHQGDGD RVLVHGVXXUXVHJDDOODPLNURQLPLGDQLPHWDWDNVHOHQG
9}WWHVDUYHVVH(HVWLULLJLNLLUHWDUHQJXWPLVRPDNRUGD WXKDNV/HQGWXKDNRPSRQHQWLGHVWVXXULPDN}LNXPLVHJDYD
WRRENDDVDDXWRGHDUYXPlUNLPLVYllUVHNDVYXVXXUHQHEOlKL KHPLNXV±RQYDEDOXELROHQHGHVS}OHWDWDYDS}OHYNLYL
DDVWDWHONUXXVDWHHGHPEHUHKLWDPLVHYDMDGXVNDWWHJDWHHGHNV OXEMDNLYLVLVDOGXVHVWMDS}OHWDPLVWHPSHUDWXXULVW.LSVDQKG
6HOOLVHOHVDQGHWlLWPLVHNVWXOHEXXULGDPLWPHLGDOWHUQDWLLYH ULLGLVLVDOGXVMllE±SLLULGHVVH.ODDVLVDUQDVWIDDVLRQ
VKS}OHYNLYLW||VWXVHMllNSURGXNWLGHQDJXDKHUDLQHMDS}OHY WXKDV±PLOOHNRRVWLVVHNXXOXYDGS}KLOLVHOWHULQHYDG
NLYLWXKDNDVXWDPLVHY}LPDOXVLNUXXVDWHHGHUHQRYHHULPLVHO RNVLLGLG6L2$O2)H2&D20J2.2MD1D2
NDVXWDGHVVHOOHNVXXVLWHKQRORRJLDLGPRRGVDLGWHHGHHKLWXV .HHPLOLVHOWNRRVWLVHOWRQS}OHYNLYLOHQGWXKNYlJDVDUQDQH
PDVLQDLGQLQJWHDGPLVLMDNRJHPXVLYDUHPWHKWXVW WDYDOLVHSRUWODQGWVHPHQGLJDYlOMDDUYDWXGVXXUHYDEDOXEMDMD
NLSVDQKGULLGLVLVDOGXV9DEDOXELDJDKGUDWLVHHUXEROHQHYDOW
8XULQJXNlLJXVW NHVNNRQQDWHPSHUDWXXULVW±NRUGDDHJODVHPDOWNXLHKL
+LOMXWL$67HHGH7HKQRNHVNXVHSRROWOlELYLLGXGYDVWDYDVLVX WXVOXEL7HHGHHKLWXVH.HVNODERUDWRRULXPLXXULQJXWHVWVHOJXV
OLVHVXXULQJXVY}HWLYDDWOXVHMDLQVSHNWHHULPLVHDOODS}OHYNL HWWHHGHVWDELOLVHHULPLVHNVRQVRELYDLPS}OHYNLYLOHQGWXKN
YLWXKDJDVWDELOLVHHULWXGNUXXVDVWWHKLVNUXXVDVWMDV}HOPHWHVW PLOOHYDEDOXEMDVLVDOGXVRQDOODMDHULSLQGOH FPJ
NDWWHGQHOMDVPDDNRQQDV/llQH9LUXPDD+DUMXPDD5DS (WVHOOLVWHRPDGXVWHJDWXKNDNDVXWDWLMDNDVXWDWDNVHNDWlQD
ODPDDMD9}UXPDD8XULPLVW||VSGVLPHVHOJLWDGDNDVMD S}OHYNLYLWXKNSRUWODQGWVHPHQGLWRRWPLVHOWXOLWHHNDWHWHVWD
PLOOLVWHOWLQJLPXVWHOS}OHYNLYLWXKDNDVXWDPLQHNDWHWHVWDEL ELOLVHHULPLVHNVNDVXWDGDS}KLOLVHOWWXKNDPLOOHYDEDOXEMDVL
OLVHHULPLVHNVRQWHKQLOLVHOWMDPDMDQGXVOLNXOWS}KMHQGDWXGMD VDOGXVROLLVHJLNXQLMDHULSLQGN}LJHVW±FPJ
NDVVHOOLVWHNDWHWHUDMDPLQHRQRWVWDUEHNDVQLQJHWWHYDOPLVWD $DVWDVNDVXWDWLWHHGHHKLWXVHVNRNNX±WXKDWWRQQL
GDVRRYLWXVHGHGDVLVWHNVXXULQJXWHNVMDSURRYLO}LNXGHUDMDPL WXKND
VHNV$DVWDWHO±YLLV$67HHGH7HKQRNHVNXVHHHONlLMD 7HHNDWHWHNRQVWUXHHULPLVHOMDGLPHQVLRQHHULPLVHOMXKLQGXWL
7HHGHHKLWXVH.HVNODERUDWRRULXPOlELPLWPHLGXXULQJXLG 961PHWRRGLNDWHVW7XKNNDWWHGSURMHNWHHULWLMDHKL
S}OHYNLYLWXKDNDVXWDPLVHY}LPDOXVWHNRKWDWHHGHHKLWXVHV WDWLSDNVXVHJD±FP+||YOLJDSUR¿OHHULWXG NUXXVDNLKLOH
NDKMXNVRQQHLVWXXULQJXLVWVlLOLQXGMDNDVXWDWDYNlHVROHYD ODRWDWLWXKDWVLVWHUQLGHVWVSHWVLDDOVHMDRWXVWRUXDELOS}OHYNL
XXULQJXUDDPHVDLQXOWYlLNHRVD YLWXKND±YDKHOLVHJLNXQL6HJDPLQHWRLPXV
8XULPLVHREMHNWLNVYDOLWLS}OHYNLYLWXKDJDVWDELOLVHHUL NXOWLYDDWRULY}LVRRUDQGDDOLJDQLQJYHWWOLVDWLNDVWPLVDXWRGH
WXGWHHO}LNXOH(HVWL7HHO}LNXGHYDOLNXOOlKWXWLPLWPHWHVW Y}LJXGURQDDWRULWHJD±6HJXSUR¿OHHULWL K||YOLJD
NULWHHULXPLGHVWQDJXSURMHNWHHULPLVLQIRMDYDUDVHPDWHXXULQ WLKHQGDWLSQHXPRUXOOLGHJDMDYlOMDNXLYDPLVHYlOWLPLVHNVQLQJ
JXWHDQGPHWHROHPDVROXOLLNOXVVDJHGXVWHHULQHYDGYDKH NUXQWLPLVHNVNDHWLSHDOWYHGHODS}OHYNLYLNWWH}OLJD±OP
PLNXGHULQHYDGNLYLPDWHUMDOLGVWDELOLVHHULPLVHOWHHO}LNXGH 6WDELOLVHHULWXGNDWWHQ}XWXGWXJHYXVHVDDYXWDPLVHONDWHSLQ
SDLNQHPLQHHULQHYDWHVPDDNRQGDGHVMDYDDGHOGDYDWHWHHO}L QDWL.}LNQHHGW||GWHKWLOLLNOXVWVXOJHPDWD
NXGHPLQLPDDOQHSLNNXV 3}OHYNLYLOHQGWXKDN}UJHDNWLLYVXVHW}WWXSLNDDHJVHONLYL
.}LJLOWHHO}LNXGHOYLLGLOlELYLVXDDOVHGYDDWOXVHGMDV QHPLVHOOlKHQHVLGNDWHWHMDDOXVWHVXUYHWXJHYXVHG03D
GDPLNSXXULPLVHGQLQJSURRYLNHKLNDWVHWDWLWHHGHODERULV PLVW}WWXNDWWHGPXXWXVLGMlLNDGHNVMDKDNNDVLGW||OHVDUQDVHOW
''.'*615 '(76(0%(5
SUDRGPLWXVHQWLPHHWULW3}OHYNLYLWXKDNXLVLGHDLQHNDVXWD
PLQHY}LPDOGDVUDNHQGDGDYlJDSDLQGOLNNXVHDOKXOJDVND
DOJHOLVWWHKQRORRJLDWWXOHQHYDOWVLGHDLQHDHJODVHVWNLYLQHPLVH
NLQHHWLNDVW6DPXWLVDLY}LPDOLNXNVWHHGHHKLWXVHVOLLYDGHMD
NUXXVDGHNDVXWDPLQHPLVPXXGHVVHVHJXGHVVHHLVRELQXG(W
YlOLVWHPSHUDWXXULGHODOOD&SHDWXVS}OHYNLYLWXKDVHJXGH
KGUDXOLOLQHDNWLLYVXVROLY}LPDOLNNDNDWWHVHJXP}QLQJDQH
HWWHWRRWPLQH
8XULQJXWXOHPXVHGMDMlUHOGXVHG
6WDELOLVHHULWXGNDWWHGPLVRQHKLWDWXGSDNVXVHJDOH
PP5RHOD±$QJXVH±PP+DUNX±5DQQDP}LVD
±PP9DVWVHOLLQD±/RRVLPP7VRRUX±.DQJVWL
±PPMQHRQKHDVY}LYlJDKHDVWHKQLOLVHVVHLVXQGLV
8XULPLQHQlLWDVHWVWDELOLVHHULWXGNDWHWHOSDNVXVHJDPP
MDDOODVHOOHRQNDWHWHVWUXNWXXU±MXKWXGHVWSXUXQHQXG
MDNDQGHY}LPHROXOLVHOWYlKHQHQXG7XOHYLNXVWXOHEWDJDGD
+DUNX5DQQDP}LVDS}OHYNLYLWXKDJDVWDELOLVHHULWXGMDSLQQDWXGWHH SURMHNWHHULPLVHOMDHKLWDPLVHOPLQLPDDOVHGSDNVXVHG
PLVRQYHHOSUDHJXKHDVNRUUDV YlKHPDOWFP$.g/±FP
$.g/«MD±FP$.g/«NRUUDO
8XULPLVW||NlLJXVSURRYLNHKDGHOPllUDWXGVXUYHWXJHYXVWH
HULQHYXVPLLQLPXPLMDPDNVLPXPLYDKHOROLNRUGD
hKWODVHWXJHYXVHJDNLKLVDDYXWDPLVHNVWXOHYLNXVWXOHE
VXXUHPDWWlKHOHSDQXS||UDWDGRVHHULPLVWlSVXVHOH±NDVX
WDGDVXXUWWlSVXVWY}LPDOGDYDLGVHDGPHLGQWNDDOGRVDDWR
ULJDYDUXVWDWXGWVHPHQGLODRWXUHLGQLQJVHJDPLVIUHHVLYHH
OLVDPLVHNV
6HOJXVHWS}OHYNLYLWXKDJDVWDELOLVHHULWXGNDWHWHWXJHYXVH
NDVYRQROQXGHWWHDUYDPDWXOWVXXUPLOOHRQS}KMXVWDQXG
OLLDOWVXXUS}OHYNLYLWXKDNXLVLGHDLQHVLVDOGXV7XKDNR
JXVWWXOHNVSGDYlKHQGDGD±QLMDVHOOHNVDOXVWDGD
XXULPLVW|LGQLQJNDWVHWDPLVWPDGDODYDEDOXEMDVLVDOGXVHMD
VXXUHHULSLQQDJDWXKDVHJXGHJD
$DVWDWHMRRNVXOWHKWXGSLQGDPLVWHVWRQVWDELOLVHHULWXG
NDWWHOHPRRGXVWXQXGSLQGDPLVYDLSSDNVXVHJD±PP
NXLGSLQGDPLVHMDNDWWHYDKHOSXXGXVHQDPDVWLQDNH
)RWRODO6DJHGDQHQlKHNXVSLQGDPLVNLKWHLROHSLLVDYDOW PLVW}WWXN}LNNDWWHGHIHNWLGHLSHHJHOGXOlELSLQGDPLVNLKL
QDNNXQXGVWDELOLVHHULWXGNLKLJD 8XULGDWXOHNVWHKQLOLVLY}LPDOXVLMDNDDVDHJVHLGWHKQRORR
JLDLGYDVWXSLGDYDWHSLQGDPLVNLKWLGHHKLWDPLVHNVQWNODDV
)RWRDOO3XXUSURRYLNHKDGWXKDJDVWDELOLVHHULWXGNDWWHVW NLXJDDUPHHULWXGSLQGDPLVNLKLGY}L}KXNHVHGOHNDWWHG
3}OHYNLYLW||VWXVHKHMllNSURGXNWL±DKHUDLQH
PDNVLPDDOVHlUDNDVXWDPLVHKXYLGHVWXOHEXXULGDVHOOH
NDVXWDPLVHY}LPDOXVLS}OHYNLYLWXKDJDVWDELOLVHHULWXG
VHJXGHWlLWHPDWHUMDOLQD2QROHPDVQlLWHLGIUHHVLWXG
SDHNLYLYDKHNLKWLGHPDWHUMDOLSXUXVWDPLVHVWMDVHOOHVW
WRRGHWXG,,,MD,9NODVVLNLOOXVWLNXVW
.RNNXY}WWHNV
.RNNXY}WWHNVY}LE|HOGDHWHHOPLVHVDMDQGL±QGDWHO
DDVWDWHOHKLWDWXGNDWWHGRQOGLVHOWKlVWLYDVWXSLGDQXGQLQJ
JDUDQWHHULQXGUDKXOGDYDGOLLNOHPLVWLQJLPXVHGDDVWDWHNV7lQX
WHKQRORRJLOLVWHOHXXHQGXVWHOHMDNDDVDHJVHWHOHPDWHUMDOLGHOHRQ
WlQDROHPDVKHDGY}LPDOXVHGYlOWLGDS}OHYNLYLWXKDJDVWDELOL
VHHULWXGNDWHWHSURMHNWHHULPLVHOMDHKLWXVHO±DDVWDWWDJDVL
WHKWXGYLJX/LVDGHVVLLDMXXUGHORRGXVNHVNNRQQDVllVWPLVH
SRVLWLLYVHP}MXWDVXENLQGODVWLMlWNDWDXXULQJXLGS}OHYNLYLWX
KDMDDKHUDLQHNDVXWDPLVHY}LPDOXVWHVWWHHGHHKLWXVHV
WVHPHQWEHWRRQNDWHWHJD6HOOHJDNDDVQHVLGYlOLVWHPSHUDWXXUL
PXXWXVWHVWS}KMXVWDWXGPDKXPXXWXVHGPLOOHWDJDMlUMHOWHNNL 8XULQJXPDWHUMDOLGHS}KMDONRNNXNLUMXWDQXG
VLGS}OHYNLYLWXKDJDVWDELOLVHHULWXGNDWHWHVVHMDDOXVWHVVHS}LN 0$5(.7588
SUDRGVDPPXJD±P0DGDODWHOWHPSHUDWXXULGHODYDQHVLG $67HHGH7HKQRNHVNXVMXKDWXVHHVLPHHV
'(76(0%(5 ''.'*615
(HOPLVHV7HHOHKHVQUROLOKLV}QXPVHOOH
NRKWDHW¿UPD&RODV/WG6XXUEULWDQQLDVWNlLV±MXXOLO
(HVWLVWHJHPDVNLXGDLQHOLVDQGLJDSROPHHUELWXXPHQHPXO
VLRRQLJDSLQGDPLVHNDWVHW|LG3LQGDPLVWWHKWL-}HOlKWPH±
.HPED(OODQGLYDKHWHHO/DJHGL±-ULMD$VVDNX±-UL
WHHO+DUMXPDDNRQQDV5DNYHUH±9lJHYDWHHO/llQH9LUX
PDDNRQQDVQLQJ.XNUXVH±7DPPLNXWHHO,GD9LUXPDDNRQQDV
NRNNXPVHDOKXOJDVRQROHPDVROHYDNDWWHNDKH
NRUGVHWSLQGDPLVWPQLQJ$VVDNX±-ULWHHONP±
NUXXVDWHHNDKHNRUGVHWSLQGDPLVWP)LUPD&RODV/WG
&ROD/WGNLXGSLQGDPLVPDVLQMXXOLO
DQGPHWHONXOXESLQGDPLVHONLXGXYDKHPLNXV±JP
-}HOlKWPH.HPEDWHHOW||V)RWR(9DKWHU
NHVNPLVHOWDJDJP.LXWRQQLKLQGRQOLJLNDXGX
NURRQL0DDQWHHDPHWLSHDGLUHNWRULDVHWlLWMD.RLW7VHIHOVL
KLQQDQJXOYllULEN}QHDOXQHWHKQRORRJLDVXXUWWlKHOHSDQXMD
VHOOHNDVXWXVHOHY}WPLQH(HVWLVRWVXVWDWDNVHSlUDVWNDWVHW||GH
WXOHPXVWHKLQGDPLVWNXLRQVHOJXQXGNXLGDVNLXGOLVDQGLJD
WHKWXGSLQGDPLVNLKWRQDMDMRRNVXONlLWXQXG
1LPHWDWXG¿UPD&RODV/WGPJLHVLQGDMD$UWKXU
7KRPSVRQWHJLN}QHDOXVHWHKQRORRJLDNRKWDHWWHNDQGH%DOWL
PDDQWHHODVWH;;9,NRQYHUHQWVLO.XUHVVDDUHV)LUPDRQ
PDDLOPDVNVVXXUHPDLGWHHHKLWXVMDPDWHUMDOL¿UPDVLG
PLOOHHWWHY}WWHGDVXYDGN}LJLVPDDLOPDMDJXGHVNRNNX
ULLJLVMDPLOOHDDVWDNlLYHRQOLJLPOG¼
(WWHNDQGHVRVXWDWDNVHHW)LEUHGHFWHKQRORRJLDVXXUHQGDE
SLQGDPLVNLKLW}PEHWXJHYXVWMDDQQDEVHOOHNDXGXSLQGDPLV
NLKLOHSUDJXVLGNDWYDMDQHQGHWHNHWW}UMXYDY}LPH1DJXLNND
SLQGDPLVHORQYDMDOLNXGELWXXPHQHPXOVLRRQMDNLYLPDWHU
MDOQGWlLHQGDYDOWVLLVNDNLXGDLQH3LQGDPLVSURWVHVVLVWHHE
HULOLVHOWNLXVLVHVWDPLVHNVNRQVWUXHHULWXGJXGURQDDWRUKH
NRUUDJDlUDW||PLVRQNXMXWDWXGMRRQLVHOODRWDGHVROHPDV
ROHYDOHUHPRQGLWDYDOHNDWWHOHELWXXPHQHPXOVLRRQLELQGHU
NRRV±FPSLNNXVWHNVQLLWLGHNVKHNVHOGDWXGNODDVNLXJD
9LD%DOWLFDLGHHVQGMDLGHHHOOXYLLPLQHRQDMDMRRNVXOLNND
ROQXGVXXUHPDNVY}LYlLNVHPDNVN}QHDLQHNV6XXUHPDNV
VLLVNXLOLLNOXVXPPLNXG/HHGX±3RRODSLLULOHWDPLVHO
lKYDUGDVLGLGHHHOOXYLLPLVHQXUMDWDY}LNDXDNVHGDVL
ONDWDY}LNXL3RRODHLLOPXWDQXGWDKHWRPDWHUULWRRULXPLO
NXOJHYDW9LD%DOWLFDRVDQLLSHDKDNDWDDUHQGDPD6LLVNL
RQDMDSLNNX9LD%DOWLFDVWVDDQXGDVMDMDWHHPDKWDHJX
DYDOLNXVWNlVLWOXVHVWNDGXQXG6HOOHSlUDVWRQKHDY}WWD
9LD%DOWLFDNRUUDNVMlOOHN}QHDOODMDYDDGDWDPLVRQ
WRLPXQXGMDWRLPXPDV6HGDWHJLG%DOWL0DDQWHHODVWH
;;9,NRQYHUHQWVLO0DUWWL0LHWWLQHQ7UDQV\V/WG+HOVLQJL
MD:ODGLPLU6HJHUFUDQW]$QVHUL*URXS+HOVLQJLNHOOH
HWWHNDQQHWNRNNXVXUXWXOWUHIHUHHULPH
9,$%$/7,&$
$UHQJXIDDVLG
$DVWDG±3URMHNWLHGHQGDPLQH
$DVWDG±(WWHYDOPLVWDYIDDV
$DVWDG±(VLPHQHUDNHQGXVIDDV
$ODWHVDDVWDVW7HLQHUDNHQGXVIDDV
(VLPHQHLQYHVWHHULPLVSURJUDPP±
,QYHVWHHULQJXWHNRJXPDKWROLPLOMRQLWHXURWVHOOH
UHDOLVHHULPLVHJD
HKLWDWLNPXXWWHHG
WDDVWDWLY}LXXHQGDWLNPROHPDVROHYDWWHHG
OLJLNDXGX9%NRJXSLNNXVHVW
HKLWDWLUHPRQGLWLY}LWXJHYGDWLVLOGD XODWXVOLNXVHKLWDPLVHV
DOJDWDWLOLLNOXVRKXWXVHSURJUDPPH 7HLVWHKXYLWDWXGRVDSRROWHW}PEDPLQHHULRPDVWHVVH
NRUUDVWDWLOLLNOXVPlUJLG( WHJHYXVWHVVHWXULVPLDUHQGXVSURJUDPPLGQLQJNRRVW||
/LVDNVVHOOHOHNlLYLWDWLY}LUHQRYHHULWLWHHllUVHWWHHQLQ ULLNOLNXKDOGXVHMDUHJLRRQLGHYDKHO
GXVDVXWXVWMDN}LJLOSLLULGHOHKLWDWLSLLULOHWXVSXQNWLG3KDUH 3LGHYWHHSDUHQGDPLQHHWWDJDGDYDVWDYXVNDVYDYD
OLLNOXVQ}XGOXVHJD
7HLQHLQYHVWHHULPLVSURJUDPP±
(HVWLV 9LD%DOWLFDPLVRQWDJDQXGHGX"
$DVWDNVROL9%S}KLRVDUHPRQGLWXG 3ROLLWLOLQHWDKHVDDYXWDGDWXOHPXVL
.ROPVSHWVLL¿OLVWHKLWXVSURMHNWLO}SHWDWDNVHDDVWDNV 0LWPHSRROQHSKHQGXPLQH
/lWLV 3DLQGOLNMDSUDJPDDWLOLQHW||NRUUDOGXV
(OOXYLLPLVHORQODLDXODWXVOLNWDDVWXVMDUHQRYHHULPLV 5DKYXVYDKHOLVWH¿QDQWVDVXWXVWHDNWLLYQHNDDVDPLQH
SURJUDPPPLOOHPDKWRQPLOMRQLWHXURW DOJXVHVWSHDOH
$DVWDLO±UDNHQGDWDNVHYLLVSURMHNWL $NWLLYQHMlUHONRQWUROOLPHKKDQLVPVHLUHNRPLVMRQLQlRO
/HHGXV (/LVXXUHQHY¿QDQWVWRHWXV
9%LQYHVWHHULPLVSURJUDPPO}SHWDWXG
8XHSURJUDPPLSODQHHULPLQHDDVWDWHNV±
3RRODV
7DDVWXVMDXXHQGXVW||GRQWHRVWDPLVMlUJXV
7lKHOHSDQXRQNRRQGDWXGPEHUV}LWXGHOH2VWURZLP
EHUV}LWYDOPLVDDVWDOMD:\V]NRZLPEHUV}LGXHKLWD
PLVHJDDOXVWDWLDDVWDO
3HDPLVHGVDDYXWXVHG
2OHPDVROHYDWHHMDVLOGDGHODJXQHPLVHSHDWDPLQH
9LD%DOWLFDWXQQXVWDPLQHWUDQVSRUGLWUDVVLQDOHHXURRSDOL
VHNRULGRULVWDDWXVMD(
3LLULOHWXVSXQNWLGHHKLWDPLQH
0XXGHWUDVVLOHVLQHYDWHNLWVDVNRKWDGHNDRWDPLQHXXWH
WHHO}LNXGHMDPEHUV}LWXGHHKLWDPLVHNDXGX
7HHRKXWXVMDWHHPlUJLVWXVSURJUDPPLGHUDNHQGDPLQH
(UDVHNWRULNDDVDPLQHWHHllUVHWHWHHQLQGXVDVXWXVWH
'(76(0%(5 ''.'*615
6JLVRQO}LNXVDHJNDWHHHKLWXVHV
.lHVROHYDQXPEULNRNNXSDQHNXDMDNV
YDOPLVVDDQXGUHQRYHHULPLVREMHNWLGHVW
SXXGXWDPHVLLQNROPH7DPPHPlH±6DNX±
-lOJLPlH±7lQDVVLOPDMDNROPHVWWHHO}LJXVW
±6lUHYHUH±7DLNVH6lUHYHUH±3DUDVLMD
3DLGH±.ULLOHYlOMD±NRNNXSDQGXGREMHNWL
-lUYDPDDO3DLGHMD7ULOlKLVWHOQLQJ
.||EL±-RRVXPDDQWHHO}LNX9}UX±3}OYD
YDKHO
9$/0,66$$18'
$$67$/
VHSWHPEULOO}SHWDWL6DNXNHVNXVH
ULQJULVWPLNXMXXUHVSLGXOLNXOW6DNXMD.RKLOD
YDOODWHUULWRRULXPLO+DUMXPDDODVXYDWHULLJLPDDQWHHGHVXX
UHPDKXOLVHGWHHUHPRQGLW||GMDNHUJOLLNOXVWHHGHHKLWXV
7DOOLQQD±6DNX±/DDJULPDDQWHHOUHPRQGLWLWHHG7DPPH
PlH±6DNX±-lOJLPlH±7lQDVVLOPDO}LJXONRNNXNP
MD6DNX±7}GYDPDDQWHHO6DNX±.DVHPHWVDO}LJXONP
XODWXVHV7}GYD±+DJHULPDDQWHHOUHPRQGLWLNPSLNNXQH
.LLVD±5RREXND±$HVSDO}LNMD.DVHPHWVD±.LLVDPDDQWHH
NRJXSLNNXVHVNP7DOOLQQD±5DSOD±7ULHKNQQ9LOMDQGL
PDDQWHHOWHKWLUHPRQW5DSODPDDNRQQDVDVXYDOHNPSLN
NXVHOH7UDNVL±.RKLODO}LJXOH7||GHNlLJXVHKLWDWLXXHGNDW
WHMDDOXVNLKLGQLQJXXHQGDWLVXXUHVXODWXVHVPXOGNHKD.RN
NXUHPRQGLWLNDKHVPDDNRQQDVHQDPNXL NPDVIDOWWHLG
/LLNOXVHUDKXVWDPLVHNVHKLWDWLULQJULVWPLNNXUDMDWLULVWPL
NXMDWlQDYDYDOJXVWXVWSDLJDOGDWLXXHGOLLNOXVNRUUDOGXVYD
KHQGLGMDWHKWLPDKXNDLGKDOMDVWXVW|LG/LLNOXVHRKXWXPDNV
PXXWPLVHNVNDDVQHENDSLWDDOVHWHWHHHKLWXVW||GHJDUHHJOLQD
NHUJOLLNOXVWHHGHUDMDPLQHMDOJUDWWXULWHMDMDODNlLMDWHWDUYLVHW
QHLGDXWROLLNOXVHVWHHPDOKRLGD1HLGREMHNWHHKLWDGHVUDMDWL
QLLVXJXVHLGWHLGNRNNXNPhKWDHJXVDLWROPXVWYDEDNV
NPOlKLNRQQDVDVXYDWNUXXVDWHHGPLVYDQDDVIDOWNDWWH
OHVIUHHVLPLVHOVDDGXGIUHHVSXUXJDNDHWL
1HQGHW||GHWXOHPXVHOPXXWXV7DOOLQQDNXLVXXUHOLQQD
OlKHGDQHW||OHMDWDJDVLV}LWPLQHYlJDKHDNV
5HPRQGLW||GHSHDW||Y}WMDNVROL7DOOLQQD±6DNX±/DDJUL
MD6DNX±7}GYDPDDQWHHO$67HHGH5(9QLQJOHMllQXG
O}LNXGHO$6$VSLSURMHNWLDXWRULNVRQ5HDDOSURMHNW2h
7||GWHRVWDWL$67HORUD(MD$67HHGH7HKQRNHVNXVHMlUH
OHYDDWDMDWHYDOYVDSLOJXDOO0DDQWHHDPHWLSRROW¿QDQWVHHULWXG
WHHW||GHPDNVXPXVHNVNXMXQHVPLOMRQLWNURRQL7||GH
WHOOLMDNVROL3}KMD5HJLRQDDOQH0DDQWHHDPHW
7HHGHPHKHGWlQDYDGNRRVW||HHVW6DNXYDOODYDOLWVXVW
MDNRJXSLLUNRQQDHODQLNNHNHVYDDWDPDWDDDVWDDHJDNHVWQXG
WHHW||GHOHQlLWDVLGOHVP}LVWPLVWMDNDQQDWOLNXVW
$OOLNDVZZZPQWHH
6LVVHV}LGXWHH6DNNXOllQHSRROVHOWP||GDV}LGXOW
6DNXNHVNXVHULQJULVWPLNXO)RWRG(9DKWHU
'(76(0%(5 ''.'*615
6HSWHPEULNXXSlHYDOSHHWL6lUHYHUH
VLOODOSLGXOLNNRRVROHNHWWlKLVWDGD3lUQX±5DNYHUH±6}
PHUXS}KLPDDQWHHMD7UL±$UNPDWXJLPDDQWHHULVWXPLVNR
KDVW6lUHYHUHVWDOJXVHVDDYDWHWHHO}LNXGHUHQRYHHULPLVW||GH
O}SXOHYLLPLVWMDWUDGLWVLRRQLOLVHOWO}LJDWDOlELOLQWhKWODVL
SHHWLVLOPDVNDNROPDQGDWWHHHKLWXVREMHNWLPLVRQ3DLGHOLQ
QDPEHUV}LGXWHHRVDMDDVXEN}UYDOWlKWVXVHJD3DLGH±0Q
GL±0lHNODPDDQWHH3DLGH±.ULLOHYlOMDO}LJXO(KLWXVW||G
WHJL7LHOLLNHODLWRVHWWDUHWWHY}WH$67XUJHO*UXSS
2EMHNWLKDOGDMD3}KMD5HJLRQDDOVH0DDQWHHDPHWLMD
VHOOH-lUYDRVDNRQQDN}UYDOROLGNRRVROHNXOHVLQGDWXG-lUYD
PDDNRQG7ULYDOGMDSDOMXGWHLVHGNHOOHHVLQGDMDGNLLWVLG
VXXUHSlUDVHLGPXXGDWXVLOLLNOXVROXGHV3}KMD5HJLRQDDOVH
0DDQWHHDPHWLGLUHNWRU(QQ5DDGLNHLROQXGNLLWXVHJD
NLWVLW}GHGHVHWW||GHYDVWXY}WXNRPLVMRQMlLHKLWXVW||GH
NYDOLWHHGLJDYlJDUDKXOHHJDWXYDVWDQXGKWNLSXXGXVW
.RRVROHNXWMXKDWDV%UXQR/LOO7LHOLLNHODLWRVHVW
$6OH7XUJHO*UXSSROLVHHNRUGQHW||HUDNRUGQHVHOOH
SRROHVWHWNRJXW||GHNRPSOHNVDODWHVPXOODW||GHVWMDO}
SHWDGHVDVIDOWEHWRRQNDWWHHKLWXVHQLQJYLLPLVWOXVW||GHJD
WHKWLRPDM}XGXGHMDUHVVXUVVLGHJD8XHDMDNRKDVH7DLNVH
UDXGWHHOHV}LGXSDDUNPPHQGPHHWULWYDQDVWHHPDOHHKLWDV
(GHODUDXGWHH9DQDVWOHV}LGXVWPLVROLDXWROLLNOXVHOHRPD
SLLUDWXGYDDWHYlOMDMDSHDOHV}LGXJDLVHlUDQLVRKWOLNVDLLJDWL
RKXWXOHNlLNNHUJOLLNOXVHOHMDNlLMDWHOH1LLW}XVLVOLLNOXVRKX
WXVND(GHODUDXGWHHKDOODWDYDO7DLNVHOHV}LGXNRKDO.}LJLOH
WHHO}LNXGHOHHKLWDWLN}UYDOHNHUJOLLNOXVWHH6lUHYHUHVW3lU
QXSRROHUHQRYHHULWLWHHGNP6HHROLMlWNXNVP}QLDDVWD
YDUHPUHQRYHHULWXG3DUDVL±5DHO}LJXOH6lUHYHUHVW$UNPD
SRROHHKLWDWLPEHUNPWHHGPLVOLVDVYlJDJLROXOLVHRVD
7DOOLQQD±5DSOD±7UL±$UNPD±9LOMDQGLOLLNOXVNRULGRULV}LGH
WDYXVHSDUDQHPLVVHNRRV7UDNVL±.RKLODHKLWDMD$6$VSLMD
2LVX±$UNPDHKLWDMD$66NDQVNDO}LJXJDNlHVROHYDODDVWDO
/LLNOXVHMlUVNHODYQHPLQHVHDOKXOJDVUDVNHYHRNLWHOLLNOXVH
NDVYSlUDVWQHQGHWHHO}LNXGHUHPRQWLOXEDEHHOGDGDHWVLLQ
NXMXQHENLLUHOWYlOMD(HVWLPDVWDDELVVXXUHRVDNDDOXJDOLLN
OXVYRRJS}KMDO}XQDVLKLV7HHHKLWXVREMHNW3DLGHNOMHDOO
3DLGH±.ULLOHYlOMDWHHOHKLWDWLPEHUNPXODWXVHV.RNNX
ROL$67XUJHOHKLWDWXGREMHNWLGHSLNNXVNPDVIDOWEHWRRQ
NDWWHJDPDDQWHHGVHOOHN}UYDOVDPDSDOMXDVIDOWNDWWHJD
NHUJOLLNOXVWHHG
$KWR9HQQHU
''.'*615 '(76(0%(5
0DUHW-HQWVRQLIRWRPRQWDDå9}UX3}OYDPDDQWHHUHQRYHHULPLVHVW
0®-869,,63,11$6(
67$%,/,6((5,0,6(.6
7HHHKLWXVHWUDGLWVLRRQLOLVHGWHK
QRORRJLDGQ}XDYDGVXXULNXOXWXVL
NDOOLWHOHPDWHUMDOLGHOHMDQHQGH
WUDQVSRUGLOHVDPXWLOlKHEYDMD
SDOMXDHJDW||WHJHPLVHNV6HH
MXXUHVHL}QQHVWXPLWWHDODWL
VDDYXWDGDQ}XWDYDWNYDOLWHHWL
(XURRSDVWHJHOGDNVHVHOOHSUREOHHPLJDMXEDDPPXMDQDJX
QlLWDESUDNWLNDYlJDJLHGXNDOW(QWNRJXVDODGXVVHLVQHE
VHOOHVHWHXURRSODVHGHLNDUGDNXOXWDGDUDKDXXWHWHKQRORR
JLDWHYlOMDW||WDPLVHOH1LLRQ6DNVDWHDGODVHGYlOMDW||WDQXG
XQLNDDOVHPDWHUMDOL5536SHFLDOWHHGHNLLUHPDNVMDRGD
YDPDNVHKLWDPLVHNVPLOOHJDNDDVQHEN}UJHNYDOLWHHWMDPLV
NXMXWDEHQGDVWHIHNWLLYVHWSLQQDVHVWDELOLVDDWRULW
7RRGH5536SHFLDORQYHGHOLRQLVHHULMDPLVVRR
GXVWDESLQQDVHPDNVLPDDOVHWWLKHQHPLVWMDWHHEY}LPDOLNXNV
VHOOHSLGHYDWXJHYQHPLVH3LQQDVHW||WOHPLVHOPDWHUMDOLYHVL
ODKXVHJDPXXWXESLQQDVHRVDNHVWHMDYHHYDVWDVWLNXQHWRLPH
PLVRQS||UGXPDWXSURWVHVV6HOOHWXOHPXVHQDSHDWDWDNVH
SLQQDVHVPDNVLPDDOVHOWNDSLOODDUYHHOLLNXPLQHMDSLQQDVHRVD
NHVWHOWHHPDOGDWDNVHYHHNLOH6HHOlELVDDESLQQDVY}LPDOXVH
WLKHQHGDYlJDN}YDNV9HVLMDSLQQDVHNOPXPLQHHLP}MXWD
HQDPSLQQDVHVHLVXQGLWOLVDNVVHOOHOHHLROHVHOYLLVLOW||GHO
GXGSLQQDVXKWXPLVRKWOLN
/DERULNDWVHGMDHKLWXVSUDNWLNDNLQQLWDYDGVHGDVDPXWL
WRRWHSURWVHQGLOLVWVRELYXVWNHVNNRQGD0DWHUMDOLNDVX
WDPLQHRQ|NRORRJLOLVHOWWlLHVWLRKXWXPLGDNLQQLWDYDGQLL
(XURRSDNXLND9HQHVHUWL¿NDDGLG
0DWHUMDOL5536SHFLDONDVXWDWDNVHWHHHKLWXVHPDDLO
PDSUDNWLNDVOHDDVWDPLVY}LPDOGDEKLQQDWDVHOOHNDVXWD
PLVHPDMDQGXVOLNNXHIHNWLMDXVDOGXVYllUVXVW0DWHUMDOLNDVX
WDWDNVHOGNDVXWDWDYDWHYHRMDV}LGXDXWRGHSDUNLPLVSODWVLGH
UDXGWHHWDPPLGHOHQQXYlOMDGHMDVWDUGLQLQJPDDQGXPLVUDGD
GHODRSODWVLGHKRRQHWHHKLWXVSODWVLGHMXXUGHV}LGXWHHGHMQH
DOXVNLKLUDMDPLVHO1lLWHNV/XGZLJVWDGWLV%DLHULV6DNVDPDD
NDVXWDWLPDWHUMDOL5536SHFLDO¶LWHHHKLWXVHODDVWDO
.PPHDDVWDWKLOMHPNLQQLWDVOLQQDYDOLWVXVHWWHHRQWlLHVWL
KHDVVHLVXQGLV9HRDXWRSDUNODHKLWDPLVHO8OPLOLQQDVNDVWXWD
WLVDPDPDWHUMDOL.XXVWHLVWDDVWDWKLOMHPRQVHOOHNDWWHVHLVX
NRUGYlJDKHD6DPDY}LE|HOGDDDVWDYDQXVHWDQNLWHHNRK
WD}SSHSROJRRQLONXVVHOOHDMDMRRNVXOHLROHNRUGDJLWDUYLV
ROQXGWHKDUHPRQWLKRROLPDWDWHHLQWHQVLLYVHVWNDVXWDPLVHVW
6DPXWLRQW}HQGHLGKHOWPHWVDYDOLWVXVHOWPHWVDVSXXGHYDKHO
NXOJHYDWHPHWVDWHHGHVHLVXQGLNRKWDPLOOHUDMDPLVHNVRQND
VXWDWXGWRRGHW5536SHFLDO7DROLVHPHWVDWHHPDNVXPXV
PRRGXVWDEDLQXOWNROPDQGLNXVXPPDVWPLVRQYDMDOLNWUDGLW
VLRRQLOLVHHKLWXVYLLVLNRUUDO
6HHMXXUHVRQ5536SHFLDONDVXWXVHOPXMDOJLNXL
(XURRSDV6HGDRQSURRYLWXG,QGRQHHVLDVNXVYDOGDYDGRQ
NXLYDGSLQQDVHG%DONDQLPDDGHVNXVNOLLPDWLVHORRPXVWDYDG
)RWRON0DUJXV.HOGHU7HHGH5(9SURMHNWLMXKWSLOGLONHVNHO NHVWYDGYLKPDG,LVUDHOLV7UJLV$OåHHULDV9LHWQDPLVMDWHLV
RVXWXV9}UXMD3}OYDWDDVKHQGDPLVHOY}WPHLVLNXNV7HPDVW WHVPDDGHV9HQHPDDORQVHGDPDWHUMDOLSURRYLWXGWHHHKLWXV
YDVDNXO9}UXPDDYDQHPhOR7XOLNSDUHPDO3}OYDPDDYDQHP W||GHO1LåQL1RYJRURGLVDMD0RVNYDVQlLGLVWHHO}LJX
8UPDV.ODDV )RWR(9DKWHU HKLWDPLVHO
'(76(0%(5 ''.'*615
0DWHUMDO5536SHFLDODVHQGDEWUDGLWVLRRQLOLVWHWHHGH 3LQQDVHVWDELOLVDDWRUL5536SHFLDOW||SULQWVLLSVHLVQHE
NUXXVDOXVWNXVMXXUHVNVVLOLQGULOLQHNRQWHLQHUPDKXJD SURMHNWHHULWXGWHHORRGXVOLNXSLQQDVHIVLNDOLVWHMDPHKDDQL
OLLWULWKRLDENRNNXDXWRNRRUPDWNUXXVD6HHRPDNRUGD OLVWHRPDGXVWHPXXWPLVHVVHOOHOHSLKXVWDWXGYHVLODKXVP}MX
WlKHQGDEPDNVXPXVHMDHKLWXVHDMDNXOXROXOLVWYlKHQHPLVW WDEYDVWDYDOWWHHSURMHNWLOHHHOQHYDOWWDVDQGDWXGORRGXVOLNNX
7UDGLWVLRRQLOLVHHKLWXVYLLVLNRUUDORQWHHWDPPLSLQQDVWYDMD SLQQDVWNHHPLOLVHOW(QLPVRELYDGVHOOLVHNVW||WOHPLVHNVN}LN
YDKHWDGDNXQLPVJDYXVHQL7RKXWXKXONSLQQDVWWXOHE NRKHVLLYVHGDLQHVLVHVHOWW}PEXYDGVDYLGMDOLLYVDYLGPLOOHV
YlOMDNDHYDWDMDlUDYHGDGD7LKWLRQYlOMDNDHYDWDYSLQQDVVHO RQWROPVHLGRVLOlELP}}GXJDDOODPP«VDPXWL
OLQHPLGDWXOHEXWLOLVHHULGDYDVWDYDOWHULQ}XHWHOHPLVVDPXWL YHHJDNOODVWXQXGSLQQDVHG(QW9HQHPDDOQDJXWHDGDRQ
ROXOLVHOWW}VWDESLQQDVHlUDYHRPDNVXPXVW7HHXXVDOXVNLKW WDROLVLSLQQDVHLGKXOJDQLVWL0DWHUMDO5536SHFLDOVRELE
PRRGXVWDWDNVHNLKWLGHQDNUXXVDVWMDNLOOXVWLNXVWPLVSHDYDG LGHDDOVHOW9HQHPDDWHHGHWDUYLV
WDJDPDDOXVHNDQGHY}LPH.RJXVHHSURWVHVVQ}XDEPLWWH 5536SHFLDORQNLQGHOYDKHQGPLOOHORQWRRWMDYLLH
DLQXOWVXXULPDVLQDMDW||M}XNXOXWXVLYDLGNDSDOMXDHJD1LL DDVWDQHJDUDQWLLVHOOHNDVXWDPLVHKHWNHVWDODWHVMDPLVRQ
HLROHJLLPHNVSDQQDHWLQLPHVHGNHVRVNDYDGOXJHGDUDKD NLQGOXVWDWXG5DKYXVYDKHOLVHV.LQGOXVWXVJUXSLVVXPPDVNXQL
KLQQDWDDHJDMDNYDOLWHHWLRWVLYDGDOWHUQDWLLYVHLGODKHQGXVL-D (85DJDNDWlLHQGDYDOWNLQGOXVWDWXGJDUDQWLLDMDNV
QHLGOHLWDNVH 9HQH)|GHUDWVLRRQLWHUULWRRULXPLO
7DROLVHNVDOWHUQDWLLYLNVWHHHKLWXVHORQ5536SHFLDO (ULQHYDGPDDGHULQHYNOLLPDHULQHYDGORRGXVWLQJLPXVHG
$QWXGMXKXOSLQQDVWHLNDHYDWDVJDYDOWYlOMDHHPDOGDWDNVH VDMDGWHHGMDPLWWHKWHJLSUHWHQVLRRQLPLVROHNVVHRWXGVHOOH
YDLGKXXPXVNLKW6HHMlUHONREHVWDWDNVHSHDOLVSLQGMDW|| PDWHUMDOLNDVXWDPLVHJD
GHOGDNVHVHGDYDVWDYDOWWHHSURMHNWLOHWRRWHYHVLODKXVHJDPLV .RPSDQLL222©ɗɋɌȺ±ɊȿɁȿɊȼªRQDLQXVVHOOHPD
LPHQGXESLQQDVHVVHMDP}MXWDEVHGDHULOLVHOPRHO.XLSLQQDVH WHUMDOL5536SHFLDOWDUQLMD9HQH)|GHUDWVLRRQLVMD65h
QLLVNXPLVHRSWLPDDOQHWDVHRQVDDYXWDWXGWLKHQGDWDNVHSLQQDVW ULLNLGHVPDWHUMDOLYDOPLVWDE6DNVD¿UPD 553*PE+
UXOOLJDPLOOHPLLQLPXPNDDORQWRQQL3lUDVWVHGDNDHWDNVH 2VWMDDELVWDPLVHNVDQQDENRPSDQLLWlLHQGDYDWWDVXQ}XG
WLKHQGDWXGSLQQDVNDQGHY}LPHOLVHMDNXOXPLVNLQGODNDWHQGLJD PDWDWHKQRORRJLOLVWNRQVXOWDWVLRRQLPDWHUMDOLNDVXWDPLVHNV
5536SHFLDO¶LNDVXWDPLQHDQQDEMlUJPLVW DODWHVYDMDOLNXPDWHUMDOLNRJXVHYlOMDDUYHVWDPLVHVWNXQLHKLWX
± YlKHQHYDGPDWHUMDOLMDW||M}XNXOXGORRGXVOLNXSLQQDVH VHWHKQLOLVHMlUHOHYDOYHQL
DVHQGDPLVPDKXYlKHQHPLVHVWYlOMDNDHYDPLQHlUDYHGX 0HLHNRPSDQLLDQQDENDSURJUHVVHHUXYDWKLQQDDODQGXVW
XWLOLVHHULPLQHNUXXVDVWY}LOLLYDVWDOXVHWHJHPLQH PLVROHQHERVWHWDYDPDWHUMDOLKXOJDVWMDPLVDUXWDWDNVHPDWHU
± SLNHQHEDOXVHYDVWXSLGDYXVDHJYlKHQHEWUDGLWVLRRQLOLVH MDOLWDUQHOHSLQJXV}OPLPLVHOLJDRVWMDJDHUDOGLOlEL
UHPRQGLPDKW 9DVWDPHPHHOVDVWL5536SHFLDO¶LNDVXWDPLVWMDRVWX
± ||NHVWXVOKHQHEY}UUHOGHVWUDGLWVLRRQLOLVHWHKQRORRJLDJD SXXGXWDYDWHOHNVLPXVWHOHVDPXWLROHPHYDOPLVVDDWPD
NHVNPLVHOWNDNVNRUGD WlLHQGDYDWLQIRWWHLGKXYLWDYDWHVNVLPXVWHV
hKWODVLVDDYXWDWDNVHOLVDHIHNW±QLLVNXQXGSLQQDVWHNXLYHQ
GDPLQH $MDNLUMDVWȺɜɬɨɦɨɛɢɥɶɧɵɟɞɨɪɨɝɢQU
,17(567$7(
NLLUWHHGHY}UJXHKLWDPLQH$PHHULNDVDOJDV
DDVWDWWDJDVL
0DUWWL0LHWWLQHQ
7UDQV\V2<
2 VDULLNLGHYDKHOLVWHNLLUWHHGHHKLWDPLQHRQROQXG$PHHULND SLNDOHYHQLQXGSURWVHVVLVPLVDOJDVMXEDQGDWHODDVWDWHO
DMDORRN}LJHVXXUHPMDNDOOLPLQIUDVWUXNWXXULSURJUDPPPLOOH MDS}KMXVWDVNLUJOLNNHYDLGOXVLVHOOHOHNXLGDVSHDNVWHLG
DUHQJXHWDSSHMDP}MXVLGRQPHHQXWDWXGMDXXULWXG86$V HKLWDPDMDNXLGDVQHQGHUDKDVWDPLVW86$VNRUUDOGDGD
HULWLSDOMXMXVWNlHVROHYDODDVWDO7lQDSlHYDOK}OPDEVVWHHP
1DWLRQDO6\VWHPRI,QWHUVWDWHDQG'HIHQVH+LJKZD\VK}O ,GHHGNULVWDOOLVHHUXVLG7HLVHPDDLOPDV}MDNQQLVHO
PDENPNLLUWHLGPLOOHS}KLRVDRQHKLWDWXGQHOMDNP .XLDXWRGHNDVXWXV$PHHULNDVQGDWHDDVWDWHO}SXODLQD
QHDDVWDMRRNVXO3URJUDPPLNRJXPDNVXPXVHNVRQKLQQDWXG ODLHQHVVLLVVXUYHNRJXPDQGULWKDDUDYDKHDWHHGHY}UJX
PLOMDUGLWGROODULWYDVWDYDOWDKLQQDWDVHPHOH HKLWDPLVHNVVXXUHQHV3ROLLWLNXGOlKWXVLGHHON}LJHW||K}LYH
3UHVLGHQW'ZLJKW'(LVHQKRZHUNLUMXWDVDOOD$PHHULND NRUUDOGDPLVHYDMDGXVWHVWNXLGRVDULLNLGHMDI|GHUDWVLRRQL
,QWHUVWDWH¶LNLLUWHHGHY}UJX¿QDQWVHHULPLVVHDGXVHOH MXXQLO WHHGHDPHWQLNXGU}KXWDVLGOLLNOHPLVHYDMDGXVL1HQGHDUYDWHV
6HOOHOHVHDGXVHOHDOODNLUMXWDPLQHROLS||UGHSXQNWLNV WHHGPLGDHLHKLWDWDWUDQVSRUGLYDMDGXVWHVWOlKWXGHVRQUDKD
''.'*615 '(76(0%(5
UDLVNDPLQH WHHGHHKLWDMDGHKLWDVLGNLLUWHHGWHDGOLNXOWKRRQHVWDWXG
DDVWDOSDOXVSUHVLGHQW5RRVHYHOWWROODVHOWHHGH DODGHVWP||GD-DVLLVMXKWXVNLVHHPLGD%35ROLRRGDQXG
DPHWNRQQDO%XUHDXRI3XEOLF5RDGV%35SUDHJX)HGHUDO SDOMXGWHHGHLVXXWQXGNDWWDWHHPDNVXGHVWRPDNXOXVLG6HH
+LJKZD\$GPLQLVWUDWLRQXXULGDNRQJUHVVLVWHHGHY}UJXNRKWD NRJHPXVQlLWDVVHOJHVWLHWWDVXOLVHGWHHGHLROHOHOGLVHOW
WHKWXGHWWHSDQHNXLG6HOOHXXULPXVHO}SSDUXDQGHVW³7DVXOL VRELYODKHQGXVWHHGHHKLWDPLVHNVNLLUHVWLNDVYDYDDXWROLLNOXVH
VHGWHHGMDYDEDGWHHG´³7ROO5RDGVDQG)UHH5RDGV´VDL YDMDGXVWHUDKXOGDPLVHO
$PHHULNDWHHGHDMDORRNVWlKWVDPDLGGRNXPHQWH$UXDQQH
7HHGHSURJUDPPLNlLYLWDPLQH
VRRVLVN}UJHNYDOLWHHGLOLVHWHHGHY}UJXHKLWDPLVWNXLGP}LVWLV
9DVWXVWUDKYXVOLNXWHHGHSURJUDPPLNlLYLWDPLVHOHSLGLRRWD
VHOJHOWKXNNDWDVXOLVHGWHHG$UXDQGHOHOLVDNVNRRVWDV%35
PDSROLLWLOLVWHVWULQJNRQGDGHVW6XXUHVRVDVRQMXVWSUHVLGHQW
YHHONDDUGL NPSLNNXVHWHHGHY}UJXNRKWDPLGDROHNV
(LVHQKRZHULWHHQHNVVHHHWO}SOLNSROLLWLOLQHSURWVHVVVHOOHV
ROQXGY}LPDOLNHKLWDGDROHPDVROQXG¿QDQWVHHULPLVY}LPDOXV
DVMDVOGVHDOJDV3UHVLGHQGLOlKLNRQGMDVSHWVLDDOQHNRPLV
WHSLLULGHV3ODDQLQLPHNVSDQGL³9DEDGWHHG´)UHH5RDGV
MRQXXULVLGWHHGHSUREOHHPLDDVWDWHO±1}XDQGMDG
$UXDQQHS||UDVHULOLVWWlKHOHSDQXWHHGHHKLWDPLVHYDMDGXVHOH
M}XGVLGMlUHOGXVHOHHWI|GHUDWVLRRQWHUYLNXQDSHDEYDVWXWDPD
OLQQDGHVMDQHQGHOlKLSLLUNRQGDGHVPLVW}LNDDVDQHQGHREMHN
,QWHUVWDWH¶LSURJUDPPLHOOXYLLPLVHHHVWNXLGVLLVNLODKXV
WLGHWHHGH¿QDQWVHHULPLVH VXXUHQGDPLVH Q}XGH RVDULLNLGHV 6HH
WROODVHVWI|GHUDWVLRRQLWHHGH¿QDQWVHHULPLVSURJUDPPLVW 3}K
P}WHHLPHHOGLQXG5RRVHYHOWLOHNHVWDKWLVYlOWLGDVXXULNXOX
MHQGXVWHNVWRRGLHWYlOMDSDNXWXGNLLUWHHGHY}UNRQUDKYXVOLNX
WXVLOLQQDVLVHVWHOHNLLUWHHGHOHD1HZ<RUJLVWRLPXQXG
WlKWVXVHJDMDHWSURJUDPPLHOOXYLLPLQHRQSDOMXW}KXVDPKW
PDDLOPDQlLWXVHOHVLWOHV1RUPDQ%HO*HGGHVL)XWXUDPD
VHNHVNVHMXKWLPLVHDOO1}XDQGMDGVRRYLVLGVLLVNLHWWHHPDN
DDVWDNVYDOPLYDWYLVLRRQLWXOHYLNXOLLNOXVVVWHHPLNRKWDNXV
VXVWVDDGDYWXOXNDWDNVWHHNXOXG.}LJHSHDOWSODDQLWLNRJXGD
DXWRGHNDVXWXVHVROHNVLGROQXGKHOWUDQQLNXOWWHLVHQLYLLYDG
PDNVHWHHNDVXWDMDWHOWNXLGKLOMHPRWVXVWDWLULLJLY}ODNLUMDGH
NLORPHHWULVHWXQQLNLLUXVHJDV}LGHWDYDGVXSHUWHHG(VLWOXV
NDVXNVPLVOXQDVWDWDNVHNLLUHOWNDVYDYDWHNWXVHPDNVXGHVW
lUDWDVVXXUWWlKHOHSDQXQLQJ,QWHUVWDWH¶LYLVLRRQVDLDYDOLNNXVHV
VDDGDYDWHWXOXGHDELO-lWNXYDOWROGLDUYDPXVHOHW,QWHUVWDWH¶L
WXQWXNVQLQJRPDQGDVSROLLWLOLVHVSODDQLVVXXUHP}MXM}X.XLG
WHLGOLQQDGHVVHHLSURMHNWHHULWD
VSHWVLDOLVWLGHLROQXG%HO*HGGHVLYLVLRRQLVWYDLPXVWXVHV
.RQJUHVVY}WWLVYDVWXVSHWVLDDOVHVHDGXVHO}LNH,QWHUVWDWH¶L
(WDVMDGHLHGHQHQXGVLLVKDNNDVLG%35LMDSROLLWLNXWH
VVWHHPL¿QDQWVHHULPLVHNV NXLG HKLWXVOLNXG SUREOHHPLG HL
N}UYDONDWHLVHGRWVLPDY}LPDOXVLXXWHWHHSURMHNWLGHHOOXYLL
NDGXQXG3URWVHVVNXOPLQHHUXVDDVWDLO±YlJDSLQ
PLVHNV3HQQV\OYDQLDWHHGHDPHWQLNXGM}XGVLGHVLPHVWHQD
JHOLVHVWHHGH¿QDQWVHHULPLVW SXXGXWDYDV SROLLWLOLVHV Y}LWOXVHV
DOXVWDGDPRGHUQVHWHWDVXOLVWHWHHGHHKLWXVW3LWWVEXUJK¶LVWLWWD
NXVNHVNVHVSRVLWVLRRQLVROLGWUDQVSRUGL¿UPDG 0LWPH HWDSL
I|GHUDWVLRRQLOWVDDGXGODHQXGHDELO7HHQLPHNVVDL3HQQV\O
MlUHORWVXVWDV.RQJUHVVDDVWDMXXQLVO}SXNVMlUJPLVW
YDQLDWXUQSLNH%35LVSHWVLDOLVWLGHQQXVWDVLGRPDYDUDVH
-lUJPLVHDDVWDMRRNVXONDVXWDWDNVH,QWHUVWDWH¶LY}UJX
PDWHOHWDVXOLVWHWHHGHYDVWDVWHOHS}KMHQGXVWHOHWXJLQHGHVHW
HKLWDPLVHNVPLOMDUGLW
HWWHY}WPLQHNXNXEPDMDQGXVOLNXOWOlEL7DVXOLQHWHHDYDWLOLLN
,QWHUVWDWH¶LVVWHHPLHKLWDPLVHNVNDVXWDWDNVHDLQXOW
OXVHOHMDWHHPDNVXGHVWVDDGXGWXOXOHWDVN}LNRRWXVHG
PDNVXGHVWODHNXYDLGVXPPDVLGMDODHQHHLY}HWD6HHW}WWX
7HHNDVXWDMDGKDNNDVLGSHDDHJXNRKHQ}XGPDWHHSLNHQGD
WHHGHNDVXWDPLVWHLVDDPDNVXVWDGD
PLVWMDQlLWDVLGVHHOlELRPDQ}XVROHNXWPDNVWDV}LGXNLLUXVH
)|GHUDWVLRRQLMDRVDULLNLGHSDQXVHGRQYDVWDYDOW
MDPXJDYXVHOLVDQGXPLVHHHVW
9DUHPHKLWDWXGWDVXOLVHGNLLUWHHGVLOODGMDWXQQHOLG
NDDVDWDNVHXXGHVVWHHPLQLLHWXXVLWHLGHLROHOLVDNVQHLOH
0DDLOPDV}MDO}SSHGHVNDVYDVOLLNOXVNLLUHVWL
YDMDUDMDGD
3lUDVW7HLVWPDDLOPDV}GDNDVYDVDXWRGHOlELPNDDVWDDDV
9}UJXNRJXSLNNXVRQNPPLOOHVWNPY}LE
WDOWUHNRUGQXPEULWHQL$DVWDWHO±NDVYDVPRRWRU
HKLWDGDOLQQDGHVVH
V}LGXNLWHKXONKSSHOLVHOWPLOMRQLOWOH7DROLQHNDVY
7HHGHSURMHNWHHULPLVHONDVXWDWDNVHKWVHWVWDQGDUGLW
WRLPXVORRPXOLNXOWNDWHHGHNDVXWXVHV7KRPDV0F'RQDOG
$$6+2
%35LNDXDDHJQHMXKWP||QLV´,JDNV86$VNHOOHORQ
7HHGWXOHESURMHNWHHULGDDDVWDOLLNOXVHMDRNV+LOMHP
YDMDNXKXJLPLQQDKDQJLEHQGDOHDXWR´3lUDVWV}GDNlLYLWXV
VVWHHPLPXXGHWLMlUJPLVHNDKHNPQHDDVWDYDMDGXVWH
WHHGHHKLWXVVLLVNLDHJODVHOW$LQXOWYlKHVHGRVDULLJLGVXXWVLG
WDUYLV
DOXVWDGD,QWHUVWDWHSURMHNWHPLVROLGVLVVHOOLWDWXG
,QWHUVWDWHLVVWHHPLUDKDVWDPLVWNRUUDOGDWDNVHXXH
DDVWDWHHHKLWXVH¿QDQWVHHULPLVVHDGXVHVVH 6HDGXV HL JDUDQ
WHHGHIRQGL+LJKZD\7UXVW)XQGNDXGXNXKXVXXQDWDNVH
WHHULQXGDJDXXWI|GHUDWVLRRQLSRROVHW¿QDQWVHHULPLVW 6HDGXVH
PRRWRUV}LGXNLWHOLLNOXVHVWVDDGXGVXXUHQGDWXGPDNVXGH
NRKDVHOWQ}XWLRVDULLJLOWRPD¿QDQWVHHULPLVW XODWXVHV
OLVDWXOX0RRWRULNWXVWHPDNVXGW}XVLGVHQGLOWVHQGLQL
NXLGHQDPLNXORVDULLNLGHVWHLROQXGVHOOHNVUDKD86$.RQJ
JDOORQLOWMDUDVNHWHOLLNOXVYDKHQGLWHPDNVXVVWHHPL
UHVVVDWWXVVXUYHDOODHWVHOOHOHUDKDVWDPLVSUREOHHPLOHOHLWDNV
XXHQGDWLY}WWHVPDNVXDOXVHNVOLLNOXVYDKHQGLNDDOX
ODKHQGXVNXLGQGDWHDOJXVDDVWDWHOWDNHUGXWL.RQJUHVVLV
3UHVLGHQW(LVHQKRZHUNLUMXWDVDDVWDMXXQLVVHDGXVHOH
SLNDDMDOLVVHWHHGH¿QDQWVHHULPLVW SXXGXWDYDVVH GHEDWWL
DOODMDSlUDVWVHGDDOJDV86$VHQQHQlJHPDWXWHHGHHKLWXVH
6DPDODMDORVDULLJLGNXVROLGWXJHYDGWHHGHDPHWNRQQDG
SHULRRG
RWVXVWDVLGODKHQGDGDSUREOHHPLLVHVHLVYDOW3HQQV\OYDQLD
HHVNXMXMlUJLGHVKDNNDVLGQDGSURMHNWHHULPDMDHKLWDPD 9LLVNPPHQGDDVWDWKLOMHP
WDVXOLVLWHLGDDVWDO}SXOROLRVDULLJLVMXEDNP ,QWHUVWDWH¶LNLLUWHHY}UJXHKLWDPLVHP}MX$PHHULNDOHRQWR
WDVXOLVLNLLUWHLGOLLNOXVHOHDYDWXGMDNPYDOPLPDV1HHG KXWXMDWXQGXEHWO}SOLNNHP}MXVLGRQSUDHJXJLUDVNHPll
WHHGSDUDQGDVLGWXQGXYDOWOLLNOXVROXVLGSLNNDGHYDKHPDDGH UDWOHGD6LLVNLRQVHOJHHWNRJXULLNLK}OPDYNLLUWHHY}UNRQ
SXKXONXLGHLSDUDQGDQXGOLQQDWHHGHROXNRUGD2VDULLNLGH VJDYDOWP}MXWDQXGVHGDNXLGDVDPHHULNODVHGHODYDGMDW||G
'(76(0%(5 ''.'*615
WHHYDG6VWHHPRQPXXWQXGND$PHHULNDPDDVWLNNXhKLQH 3URJUDPP
NLLUWHHGHY}UNRQW}VWQXGHHON}LJH$PHHULNDUDKYDPDMDQGXVH
WRRWOLNNXVW2QDUYHVWDWXGHWSURJUDPPLHVLPHVWHODDVWDNP
QHWHORQWHHGDQGQXGOH$PHHULNDWRRWOLNNXVHNDVYXVW 3$571(56
MDVDMDQGLYLLPDVWHODDVWDNPQHWHOYlKHPDOW
9lKHPROODNVHWHDGOLNXGVHOOHVWHW,QWHUVWDWHLSURJUDPP
RQP}MXWDQXGVXXUHVXODWXVHVVHGDNXLGDVWHLGMDVLOGXSUR
)2552$'6
MHNWHHULWDNVHOHNRJXPDDLOPD3URJUDPPLNHVWHORQNDVX W||V
WDWXGYlJDSDOMXYDKHQGHLGWHHGHHKLWXVDODVWHNVXXULQJXWHNV 7HHSURMHNWLGHNHVNNRQQDP}MXKLQGDPLQHDYDOLNNXVH
MDDUHQGDPLVHNV.}LJHWXQWXPXXULPLVSURJUDPPRQROQXG NDDVDPLQHMDNRRVW||NRKDOLNHRPDYDOLWVXVWHJD
$$6+2WHHWHVWPLVYLLGLOlELDDVWDWHO±6HOOHXOD ±VHSWHPEULOWRLPXVSURJUDPPL3DUWQHUVIRU
WXVOLNXXXULPXVHWXOHPXVHGRQKLOMHPPRRGXVWDQXGEDDVL 5RDGVUDDPHVVLWHYLVLW(HVWLMD/lWL9DEDULLNLPLOOHVWY}WVLG
WlQDSlHYDVWHWHHNDWHWHMDVLOGDGHSURMHNWHHULPLVHOHPLGDVXX RVDYDVWDYDDODVSHWVLDOLVWLG+ROODQGLVW/lWLVW/HHGXVWMD
UHVRVDVNDVXWDWDNVHYHHOVLLDPDDQL (HVWLVW(HVWLSRROHOWRVDOHVLG0DDQWHHDPHWLSODQHHULQJXWH
3UHVLGHQW(LVHQKRZHUW}GHVRPDODMDOHWWRRQDVHG RVDNRQQDMXKDWDMD5DXO9LERMDNHVNNRQQDVSHWVLDOLVW0HULNH
OLLNOXV}QQHWXVRKYULWDDVWDVRQHULWLKHDS}KMHQGXV,QWHUVWDWH¶L /DLGYHHHXURSURJUDPPLGHRVDNRQQDSHDVSHWVLDOLVW3HHWHU
SURJUDPPLNlLYLWDPLVHNV1GYLLVNPPHQGDDVWDWKLOMHP .UXVWHQMD3lUQX7HHGHYDOLWVXVHDUHQJXVSHWVLDOLVW.DOHY
VXUHE$PHHULNDVLNNDYHHOOLLNOXVRKYULWDDVWDVNXLG 5HSS
PDDORQYLLVNRUGDHQDPDXWRVLGQLQJNDOLLNOXVNRRUPXVRQ hULWXVHHHVPlUJLNVROLYDKHWDGDNRJHPXVLPDDQWHHGH
YLLVNRUGDVXXUHP0}QHGHDUYDWHVYLLHNPQHDDVWDMRRNVXO DUHQGDPLVHOMDUHJLRQDDODUHQJXYDOGNRQQDVOGLVHOW3}KLWHH
VllVWHWXGLQLPHOXGRQJL,QWHUVWDWH¶LVVWHHPLWlKWVDLPDQG PDGHNVROLG(HVWLMD/lWLYDVWDYDWHULLNOLNHLQVWLWXWVLRRQLGH
MDDXDQGPLQHQHLOHLVLNXWHOHNHVYLVLRQHHULVLGSODQHHULVLGMD HGDVSLGL(5$/65NRRVW||NRKDOLNHRPDYDOLWVXVWHMD
YLLVLGHOOXVHOOHDXDKQHSURJUDPPL WHLVWHKXYLWDWXGLVLNXWHJDQWPDDRPDQLNXGMDYDOLWVXVYlOLVHG
RUJDQLVDWVLRRQLGSODQHHULPLVSURWVHVV(HVWLVMD/lWLVNHVN
,17(567$7(¶,.,,57(('( NRQQDP}MXKLQGDPLVHSURWVHGXXUMD(5$/65UROOVHOOHV
352-(.7((5,0,61®8'(' SURMHNWLGHWDVXYXVHDQDOVLDOXVHGNRQNUHHWVHGNHVNNRQQD
,QWHUVWDWH¶LWHHGHSURMHNWHHULPLVMXKLVWHNRRVWDPLQHDQWL DODVHGOHHYHQGXVPHHWPHG1DJXVHOJXVULWXVHNRNNXY}WYDO
$$6+2OHVDQGHNV2OXOLVHPDGQ}XGHGRQDOOMlUJQHYDG DUXWHOXOROLOLVDNVHHOWRRGXOHHHVPlUJLNVYlOMDVHOJLWDGDQHHG
.LLUWHHGRQWHHGPLOOHORQYlKHPDOWNDNVV}LGXUDGD YDOGNRQQDGPLGDY}LNVNlVLWOHGDSURJUDPPL3DUWQHUVIRU
KHVVXXQDVMDPLOOHULVWNPLNHYDKHOLQHNDXJXVRQ 5RDGVKHNVO}SSHHVPlUJLNVROHYDVNlVLUDDPDWXVPLOOHV
YlKHPDOWPLLOLNP/LQQDGHVRQOXEDWXGULVWPLNH LGHHNRKDVHOWWXOHNVNlVLWOHPLVHOHSUREOHHPVHGYDOGNRQQDG
YDKHNDXJXVHNVYlKHPDOWPLLONP PDDQWHHSODQHHULPLVHHKLWDPLVHSURWVHVVLVMDMXKLVHGQHQGH
3ODQHHULWXGNLLUXVRQPSKNPKNXLGOLQQDGHVMD ODKHQGDPLVHNV
PlHVWLNXVYlKHPDOWPSKNPK
7HHGHOSHDEROHPDYlKHPDOWNDNVMDOJDP (HVWLV
V}LGXUDGDVXXQDNRKWD 3URJUDPPLVLVVHMXKDWXV0DDQWHHDPHWLV
9lOLVSHHQDURQMDOJDPMDVLVHSHHQDUMDOJD hOHYDDGHSODQHHULPLVVVWHHPLVW(HVWLVNHVNNRQQDP}MXKLQ
P GDPLVHVWWHHSURMHNWHHULPLVHO.RRV-XXOLNX±7DEDVDOX
6}LGXVXXQGDGHYDKHOLQHHUDOGXVULEDRQYlKHPDOWMDOJD -X7DKHQGXVWHHSURMHNWLMXKL5HLQ.DVHOHKHJDOKLNHOH
PNXLGY}LEROODMDOJDPOLQQDGHVMD YDDGHSURMHNWLVWMDWHKQLOLQHHNVNXUVLRRQ-X7DKHQGXVWHHO
PlHVWLNXV 7HKQLOLQHHNVNXUVLRRQ6DNXYDOODlVMDUHPRQGLWXGULLJL
3LNLVXXQDOLQHNDOOHRQN}LJHHQDPNXLGPlHVWLNXV PDDQWHHGHOMDNRKWXPLQHYDOODHVLQGDMDJD
Y}LEROODHUDQGHLG (HVWL±/lWL
7XQQHOLN}UJXVRQMDOJDPOLQQDGHVRQOXEDWXG .RKWXPLQH3lUQX/LQQDYDOLWVXVHHVLQGDMDWHJDMDWHKQLOLQH
MDOJDP HNVNXUVLRRQ3lUQXPEHUV}LGXWHHPDO
6}LW/lWL9DEDULLNLP||GD9LD%DOWLFDW
7lKHOHSDQXDDVWDSURMHNWHHULPLVMXKLVWHVROLGYlLNHVH ±/lWL
OLLNOXVHJDWHHO}LNXGHOOXEDWXGNDUDMDOLVHGWHHGVDPDWDVH .RKWXPLQH6DXONUDVWLOLQQDYDOLWVXVHVOLQQDYDOLWVXVHOLLNPHWHJD
PHOLVHGULVWPLNXGMDVDPDWDVHPHOLVHGUDXGWHHOHV}LGXG$DV 7HKQLOLQHHNVNXUVLRRQHKLWXVMlUJXVROHYDO6DXONUDVWLP||GD
WDONHHODWLQHHGWlLHOLNXOW V}LGXO
/LVDLQIRW (PDDQWHH5LLDSRROVHVLVVHV}LGX(DVWHUQ(QWUDQFH5LJD
hODOHVLWDWXGWHNVWS}KLQHESHDPLVHOW75%1(:60D\±-XQH SURMHNWLDUXWHOX2JUHOLQQDV
QULOPXQXGDUWLNOLWHO86$VRQNlHVROHYDODDV 6}LW-HNDESLOVLP||GD(
WDOORRGXGPLWPHLGLQWHUQHWLOHKHNOJLNXVRQWXWYXVWDWXG ±/lWL
,QWHUVWDWH¶LSURJUDPPLHULQHYDLGNOJLMDP}MXVLGQLLYDUHP .RKWXPLQH-HNDESLOVLOLQQDSHDMDOLQQDYDOLWVXVHOLLNPHWHJD
NXLSUDHJXVHODMDO6XXULPDGQHQGHOHKHNOJHGHKXOJDVWRQ 7HKQLOLQHHNVNXUVLRRQWHHPDNVXXVVLOGOH'DXJDYDMD
)HGHUDO+LJKZD\$GPLQLVWUDWLRQLMD$$6+72OHKHNOMHG -HNDESLOVLPEHUV}LW
ZZZIKZDGRWJRYLQWHUVWDWHKRPHSDJHFIPQLQJ
LQWHUVWDWHWKRUJ (VWRQLDQ5RDG$GPLQLVWUDWLRQ±(5$
$MDNLUMDVW7LHMD/LLNHQQHQU /DWYLDQ6WDWH5RDG±/65
''.'*615 '(76(0%(5
-X7DWHKQLOLVHHNVNXUVLRRQLNlLJXVNODVWDVLPHWlQDVHLG /LLNOXVNRUUDOGXV/lWLVRQOGVHNVKXYLWDYWHHPD7lLHVWL
SUREOHHPVHLGNRKWLS}KLOLVHOW+DUNX6DXHMD6DNXYDOODV QRUPDDOQHWXQGXVROHYDWHM}HJDSRROLWDWXGOLQQDDLQVDVLOOD
PLVSHDNVLGVHOOHSURMHNWLJDVDDPDODKHQGXVH7XWYXVLPH NVV}LGXVXXQGVXOJHGDYlKHPDOWROLVHHVHOSlHYDOQLLNXL
OLLNOXVRKWOLNHULVWPLNHJD7DEDVDOXVMD+DUNXVVDPXWL PHLHVHDOROLPHMDW||NlLVVHDOYDQDOQ}XNDDHJVHOPHHWRGLO
3lUQXPDDQWHHSLLUNRQQDSUREOHHPLVWLNXJDPLVRQVHRWXG HKNVLLVPHKHVWSXKNDYDGMDMXKHQGDEQHLG-DN}LN
³DUHQGDMDWH´KHNOJVHMDKRROLPDWXWHJHYXVHJD/lWODVWHOH QlLVLGROHYDWUDKXOVHDOKXOJDVNDOLQQDMXKWNRQG-9DDWDPDWD
MDOHHGXODVWHOHHLROQXGVHOOLQHROXNRUGOODWXVHNVKROODQGODVL KHWNHOLVHOHUDKXOROXOHRQOLQQDOSODDQLVUDMDGDNDXXVVLOG
SDQLVHHSHDGYDQJXWDPDHWNDVPHLOVLLVULLNLHLROHJL" PLOOHDVXNRKDOHKHWNHODUXWHOXGYHHONlLYDG6DPDVNDKH
(UDOGLS||UDVLPHWlKHOHSDQXNHVNNRQQDNVLPXVWHOH DOWHUQDWLLYVHVLOODDVXNRKDOlKHGXVVHPLVP}OHPDGROHYDWND
QDJXOLLNOXVPUDMDHODPXDODGOXEMDNLYLROHPDVROHYDGMD VQDDUYHVWDWDYDGUDMDWDNVHKRRJVDOWXXVLHODPXLG6HGDND
SODQHHULWDYDGPDDUGODGQLQJORRGXVOLNXOWYllUWXVOLNXGDODG MXEDDDVWDWWDJDVLJHQHUDDOSODDQLJDSDLNDSDQGXGWUDVVLOH
3lHYDWHLVHOSRROHONODVWDVLPH6DNXYDOODlVMD (VLWHNVQlLWDVVHHV}LWHWNHVNNRQQDP}MXKLQGDPLQHMD
UHPRQGLWXGWHLGNXVOLVDNVXXHOHWHHNDWWHOHRQHKLWDWXGND QHQGHP}MXGHJDDUYHVWDPLQHRQPHLOROXOLVHOWSDUHPDVVHLVXV
PDDQWHHJDSDUDOOHHOVHOWNXOJHYDGNHUJOLLNOXVWHHG/LLNOXVH NXL/lWLVUllJLPHVLLQNRKDOVLLVNLDLQXOWWHHSURMHNWLGHVWPLGD
UDKXVWDPLVHHHVPlUJLOUDMDWXGPLWPHGULQJWHHG6DNX DUHQGDEULLN-DPHLHWHHGHOGVHLVXQGVDPXWL
DOHYLNXVMDVHOOHOlKLPEUXVHVRQRPDHHVPlUNLWlLWPDV 7HLVHNVHUDKXYLMDDYDOLNXKXYLNRQÀLNW RQ N}LNMDO
VLOPDWRUNDVYDLGDXWRMXKWLGHRVNDPDWXVQHLGNDVXWDGD VDUQDQHVHGDQLL/lWLV/HHGXV(HVWLVNXLND+ROODQGLV
0HLHJDKLQHQXGDELYDOODYDQHP.DOOH3XQJDVUllNLV 6HLVXNRKWHWWHHWXOHEHKLWDGDPLQXPDDVWY}LPDOLNXOW
ND6DNXYDOODHGXPHHOVHWHVWSODDQLGHVWNHUJOLLNOXVHMD NDXJHOHRQOGOHYLQXG6DPDVVRRYLWDNVHROHPDVROHYDOH
KLVWUDQVSRUGLDUHQGDPLVHO9DOODVRRYRQHQDPlUDNDVXWDGD Y}LNDXXHOHWHHOHHKLWDGDY}LPDOLNXOWOlKHGDOH2PDQGL
VRRGVDWDVXNRKWDUDXGWHHllUHVQLQJVLGXGDURQJLOLLNOXV }LJXVHVRQVLLVNLSDOMXYHHOVHOJHNVUllNLGD+ROODQGLNRQVXO
EXVVLOLLNOXVHJD WDQGLGHLSLGDQXG}LJHNVDUXVDDPDHWHKLWXV}LJXVY}LNVROOD
3lUQX/LQQDYDOLWVXVHHVLQGDMDWHJDNRKWXPLVHOLOPQHV S}KL}LJXVY}LRPDQGL}LJXVHNDDVDVQGLQXGRVD
³YDQDKHD´W}VLDVLHWWHHGHSODQHHULPLQHWDNLVWDENRKDOLNNX 3URMHNWLGHWDVXYXVHSDUDQGDPLVHNVRQNVY}LPDOXV
DUHQJXW6DPDVWHHGHYDMDGXVWDNWVHSWHHULWL±KHDPlUNVHHJL ROHPDVROHYDVOLLNOXVNHVNNRQQDVWlLHQGDYDWHSLLUDQJXWH
7XWYXVLPH3lUQXULQJWHHWlQDVHROXNRUUDJDMDDUXWDVLPH NHKWHVWDPLQHPLOOHWXOHPXVHQDVDDESURMHNWLWXOXGHSRROHO
Y}LPDOLNNHSHUVSHNWLLYHhNVKXYLWDYDPDLGYDDWDPLVYllUVXVL QlLGDWDVXXUHPDLGDMDVllVWH
ROL6DXJDM}HOHDDVWDOUDMDWXGDMXWLQHHUDVLOGPLV 0(5,.(/$,'9((
WlQDVHQLRQNDVXWXVHO1LPHOWSLGLMXEDDDVWDODOJDPD 5$8/9,%2
OllQHSRROVHP||GDV}LGXWHHHKLWDPLQH-lOOHJLNVKRLDWDY
QlLGHDMXWLVWHDVMDGHNDOGXYXVHVWDODOLVHNVPXXWXGD
6}LGXOP||GD9,$%DOWLFDWPLGD/lWLSLLULGHVPLWPHV /LLNOXVRKXWXVDODQHWUHHQLQJVHPLQDU
NRKDVUHPRQGLWDNVHMDUHNRQVWUXHHULWDNVHMlLVLOPDPLWPHLG
DUXVDDPDWXLGDVMX1lLWHNVXXHWHHO}LJXUDMDPLVHOSDUDOOHHO ±VHSWHPEULOWRLPXV+ROODQGLWHHGHHNVSHUWLGHNDDVDELO
VHOWROHPDVROHYDJDY}HWDNVHYDQDWHHOHVMDNDHWDNVHSLQQD OLLNOXVRKXWXVHDODQHWUHHQLQJVHPLQDUPLVRQRVDSURJUDP
VHJDPLOOHOHKLOMHPNOYDWDNVHPXUXVDPDVNXLVHGDY}LNV PLVW3DUWQHUVIRU5RDGV
HGXNDOWNDVXWDGDSDUDOOHHOWHHQDNRKDOLNXOHMDNHUJOLLNOXVHOH (VLPHVWNRUGDYLLGLVHPLQDUOlEL(HVWLV0HLHP}QH
6HHJDMlHWDNVHNDVXWDPDWDY}LPDOXVROXOLVHOWSDUDQGDGDOLLN DDVWDSLNNXQHOLLNOXVDODQHNRRVW||+ROODQGL7UDQVSRUGLPL
OXVRKXWXVWS}KLWHHOWPDKDV}LWXGHYlKHQGDPLVHJD0DKDV}LWX QLVWHHULXPLJDODLHQHE0DDQWHHDPHWMDWHLVHG%DOWLPDDGH
GHURKNXVKDNNDVVLOPDNDV}LGXO5LLDSRROW-HNDESLOVLVXX WHHGHDVXWXVHGRQ+ROODQGLWHHGHHNVSHUWLGHJD+ROODQGL
QDV/LVDNVSXXGXVLGVHDONDOGMXKXOOLVDUDMDGS||UHWHMDRNV 7UDQVSRUGLPLQLVWHHULXPLSRROWMXKLWDYDUDKYXVYDKHOLVH
-DYDDWDPDWDVHOOHOHHWWHHRQUDMDOLQHVDLLVHJLPHLH SURJUDPPL3DUWQHUVIRU5RDGVUDDPHVNRJHPXVLMDWHDGPLVL
OKLNHVHYLLELPLVHDMDOVHOWHHOVHOJHNVHWWHJHPLVWRQRKWOLNX YDKHWDQXGMXEDDDVWDVW
ODKHQGXVHJDNXVQQNLLUHOWUDMDOWVRRULWDWDNVHYDVDNMDWDJD 3URJUDPPRQVXXQDWXG(XURRSD/LLGXXXWHOLLNPHVULLNLGH
VLS||UGHLG/LLNOXVRKWOLNROXNRUGWHNNLVNDVLLVNXLPHLHHHV LQIUDVWUXNWXXULSDUHQGDPLVHNVQLQJK}OPDEHQGDVPLWPHLG
OLLNXQXGOLLQLEXVVRRWDPDWXOWKHPDKDV}LGXMXXUHVSHDWXV NRRVW||VHNWRUHLGhNVQHLVWVHNWRULWHVW6DIH5RDG'HVLJQ
VHGDFDPHQQHWDVNXJDEXVVLSHDWXVW NlVLWOHERKXWXPDWHWHHGHSODQHHULPLVWSURMHNWHHULPLVW
.ODVWDVLPHHKLWXVMlUJXVROHYDW6DXONUDVWLP||GDV}LWX OLLNOXVHNRUUDOGDPLVWMPV1LPHWDWXGVHNWRULWHJHYXVWHUDDPHV
PLVRQVXXUHMRRQHOLQHSURMHNWQLLXODWXVHOWNXLUDKDOLVHV NRUUDOGDWDYWUHHQLQJVHPLQDULNDYDK}OPDE+ROODQGLSUDNWLNDO
P}WWHVhOODWDYROLHWDYDOLNNXVHJDKDNDWLVXKWOHPDVLLVNXL UDMDQHYDWWHRUHHWLOLVWVHPLQDULRVDMDSUDNWLOLVW}SSXVWNXV
SURMHNWROLVLVXOLVHOWYDOPLVMDNHVNNRQQDP}MXKLQQDWLYDLG WXOHEUDNHQGDGDWHRRULDWWHJHOLNHOLLNOXVROXNRUGDGHSDUHQGD
RVDOLVHOWVDPXWLSlUDVWSURMHNWLYDOPLPLVWQLQJDYDOLNNXVH PLVHO
Q}XGHO6DPDV±SURMHNWLUDKDVWDE(/3URMHNWLPDNVXPXV 6HPLQDUROLP}HOGXGSHDDVMDOLNXOWSURMHNWHHULMDWHOHNHV
0¼SDQHEVDPXWLP}WOHPDNXLGDVRQOlWODVWHO RPDLJDSlHYDW||VSXXWXYDGNRNNXPLWPHVXJXVWHOLLNOXVOD
}QQHVWXQXGVHGDY}UGNDOOLSURMHNWLWDVXYXVWW}HVWDGDVDPDV KHQGXVWHYlOMDW||WDPLVHJDVDPXWLOLLNOXVRKXWXVHYDOGNRQQD
NXLPHROHPHUDVNXVWHVPLWPHSURMHNWLWDVXYXVHJDNXV VSHWVLDOLVWLGHOH
OLLNOXVVDJHGXVHGRQWXQGXYDOWVXXUHPDG
7XWYXVLPHND5LLDLGDSRROVHVLVVHV}LGXWUDVVLNRULGRULGH /lKHPDOWSURJUDPPLVW3DUWQHUVIRU5RDGVDDGUHVVLO
YDOLNXJD3URMHNWLMXKLV}QXORQVHDOVXXUHGYDVWXVHLVXG KWWSZZZSDUWQHUVIRUURDGVQO
±HHON}LJHPXLGXJLPDDRPDQLNXGDUHQGDMDG 5(,*28'(
'(76(0%(5 ''.'*615
9b,/$'-$
/,,./86 ±7DPSHUHWDOR
6RRPH
9DDWHLGHKLWDWDYDVW7DPSHUHPEHUV}LGXWHHVWRNWRREHU
''.'*615 '(76(0%(5
UXPLQHN}LJLVLQIUDVWUXNWXXULYDOGNRQGDGHV.}LNLGHLQI UDXGWHHGHVDPXWLVDGDPDWHMWLQIUDVWUXNWXXULSURMHNWLGHWDUYLV
UDVWUXNWXXULGHDPHWLWHMXKLGW}GHVLGHWDDVWDNVQHQGH 6HHDQQDNVPlUJDWDYDWNRNNXKRLGXQ}XHWHYlOMDW||WDPLVHO
KDOODWDYLQIUDVWUXNWXXULKXONYlKHQHEVDGDPDWHMDOHQQXMDD YHHOJLHQDPQHQGHNDVXWDPLVHO
PDGHDUYQLQJPDDQWHHGHMDUDXGWHHGHSLNNXV6HOOLVHVXXQD
(WWHY}WWHOLLNOXVRKXWXVNDYD6XRPHQ3RVWL
SHDPLVHNVS}KMXVHNVRQDVXVWXVHNRQWVHQWUHHUXPLQH6RRPH
.OODOWXXGVHNVY}LESLGDGDHWWHY}WWHOLLNOXVRKXWXVHMXKWLPLVH
O}XQDRVVDMDWHLVDOWNDVXXUWHREMHNWLGHODOSLGDPLVHNDOOLGXV
NDYDYlOMDW||WDPLVWMDUDNHQGDPLVWhKHVWVHOOLVHVWUllJLWL
6HHW}WWXRQHGDVSLGLYDMDOLNYDDGHOGDNRJXLQIUDVWUXNWXXUL
6RRPHSRVWLHWWHY}WWHQlLWHYDUDO/LLNOXV}QQHWXVHGY}LYDG
YDOGNRQGDVVWHHPVHPDOW
W||DQGMDOHROODYlJDNXOXNDGPLWPHOPRHO/LVDNVRWVHVHOH
hKHVHWWHNDQGHVWRRGLYlOMDHWSLGHYDOWWXOHEMXXUGHWHLG NXOXOHPLVRQVHRWXGHWWHY}WMDOHNXXOXYDYDUDULNQHPLVHJDMD
NXVOLLNOXVVDJHGXVRQDOODD||SVHGDSHHWDNVHDJDSLLULNV W||WDMDKDLJXVSlHYDGHJDY}LYDGNDDVQHGDPLWPHGNDXGVHG
PLOOHVWPDGDODPDOLLNOXVHJDWHHGHLSHDNVNXXOXPDULLJLPDDQ NXOXGQlLWHNVLPDJRODQJHPLVHQlRO
WHHY}UNX±VHOOLVWHWHHGHKXONRQ6RRPHVYLLPDVHNPQHDDV
3HWHUEXULOLLNOXVRKXWXVSURMHNW
WDJDNDVYDQXGOLJHPDOHSDDULWXKDQGHNLORPHHWULY}UUD6XXUW
6RRPHOLLNOXVVSHWVLDOLVWLGHORQYDOPLQXG3HWHUEXULP}QHGH
U}KNXSDQQDNVHNDROHPDVROHYDLQIUDVWUXNWXXULSDUHPDOHlUD
OLQQDPDJLVWUDDOLGH(6NDQGLQDDYLDWHHMD3HWHUEXULOllQH
NDVXWDPLVHOHVHGDHHON}LJHWHOHPDDWLNDUDNHQGXVWHDELO1lL
SRROVHULQJWHHNPVHOOHVWVLOGDGHOOLLNOXVRKXWXVDX
WHNVRQSODDQLVSDLJDOGDGDVXXUHPDOLLNOXVHJDWHHGHOHMDULVW
GLW7||VRQYlOMDWRRGXGPHHWPHWHPDNVXPXVHGREMHNWLGH
PLNHOHDQGXULGPLVYLLVNRUGDVHNXQGLVHGDVWDYDGDQGPHLG
NDXSDMDWDVXYXVWDVXYXVDHJDGHNVKLQQDWXG±NXXG
PLOOHDOXVHONRUULJHHULWDNVHOXEDWXGVXXULPDWV}LGXNLLUXVWMD
VRRYLWDWDNVHY}LPDOLNNHPEHUV}LGXPDUVUXXWH7HHGHRVDV 7HHSURMHNWLGHNHVNNRQQDP}MXGHWXWYXVWDPLQH
SHHWLWXOHYLNXVXXQDNVNDNHUJOLLNOXVWHHGHDUHQGDPLVW6HGD 3ODQHHULQJXWHMDWHHSURMHNWLGHWXWYXVWXVWHUDDPHVNRUUDOGD
VHRVHVQLLKHDROXKLVNRQQDRRWXVWHJDNXLNDVHRVHVDVXVWXVH WDNVHNODVWXVLSURMHNWHHULWDYDOHREMHNWLOHY}LWUDVVLOH3URMHN
NRRQGXPLVHVWMDW||PDWNDGHOKHQHPLVHVWWXOHQHYDWlLHQGDYD WHHULMDMXKLEPDWNDMDYDVWDENRKDOLNHLQLPHVWHNVLPXVWHOH
Q}XGOXVHJD NRKDSHDO7UDVVLNODVWXVHNRKWDWHKDNVHDMDSODDQQLLHWLQL
PHVHOROHNVY}LPDOLNRVDOHGDWXWYXVWXVHOYDLGWHGDKXYLWDYDV
,QIUD5</ SXQNWLV0DWNDO}SXOWRLPXENRNNXY}WWHYNRRVROHN6HGDVL
$DVWDODOXVWDV6RRPH5DNHQQXVWLHWR(KLWXVLQIRNHVNXV YlOGLWDNVHVXXUWHPDVVLGHNRJXQHPLVWMDHPRWVLRRQLGHYDOODQ
,QIUD5</NYDOLWHHGLMXKWLPLVKDQJHW,QIUD5</WlKHQGDELQI GXPLVW
UDVWUXNWXXULHKLWDPLVHOGLVHLGNYDOLWHHGLQ}XGHLG.XLVLLDQL 5DSDO2\RQNRRVW||VVXXUHLQIUDVHNWRULWHOOLMDJD6RR
ROLLJDVYDOGNRQQDVNDVXWXVHORPDWHKQLOLVWHW||NLUMHOGXVWHMD PH0DDQWHHDPHWMD5DXGWHHDPHWQLQJOLQQDYlOMDW||WDQXG
NYDOLWHHGLQ}XHWHVVWHHPVLLVQGRQQHHGKHQGDWXGKHNV HHODUYHVWXVSURJUDPPL.RQVXOWDQWDQDOVLEWHOOLMDWHOWVDDGXG
WHUYLNXNV,QIUD5</LVWRQLOPXQXGHVLPHQHRVDNDKHVW³9lL DQGPHLGSDNNXPLVKLQGDGHNRKWDQLLSURMHNWLGHHWWHYDOPLVWX
ODGMDDODG´(UDOGLRQWRRGXGYlOMDIXQNWVLRQDDOVXVQ}XGHG VHHHODUYHGNXLHKLWXVW||GHHHODUYHGZZZLQLQIUDQHW
WRLPLYXXVYDDWLPXNVHWMDWHKQLOLVHGQ}XGHGPLVY}LPDOGD
.LUMDSDQLG
YDGHGXNDOWNDVXWDGDQHLGWDYDSlUDVWHVHKLWXVKDQJHWHVNXL
$1'5(6%5$.0$11
NDSURMHNWHHULPLVHKLWXVKDQJHWHV2OXOLQHRQNDVHHHWNRRV
7®1,67$**(5
Q}XHWHJDRQORRGXGNDYDVWDYHOHNWURRQLOLQHLQIRVVWHHP
5$8/9,%2
5RKNHPLQIRWZZZUWV¿LQIUDU\O
.DPHLOWXOHNVP}HOGDM}XGXGHKHQGDPLVHOHQLQJRWVLGD
YlLO±OlELV}LGXWHHKHVWRRNHDQLVWWHLVHVXXUNHVNOLQQDVW
Y}LPDOXVLKLVWHNYDOLWHHGLQ}XHWHYlOMDW||WDPLVHNVWHHGHMD P||GDYLLYOLLNOXVWHH
/LVDNVS}UNHIXQNWVLRRQLOHRQPDDSLQQDVWDOJDYDOS}UNHSLLUGHOYHHOOHVDQQHW}NHVWDGDPUDMDDXWRGHYDOJXVYLKNHPLVVHJDNVLGWHHllUVHLG
HODQLNNH )RWRG5DXO9LER
³7DOOLQQ±7DUWXPDDQWHHQHOMDUHDOLVHNV´
0DDQWHHDPHWLSUHVVLNRQYHUHQWV3XXUPDQLVQRYHPEULO
QRYHPEULONXWVXV0DDQWHHDPHWHQGLVHVVH3XXUPDQLP}L hKWHNXXOXYXVIRQGXODWXVHVSURMHNWLNRJXPDNVXPXVHVW
VDKRRQHVVHNXVSUDHJXDVXE3XXUPDQL*PQDDVLXPDMDNLU 3URMHNWLUDDPHVHKLWDWDNVHPEHUROHPDVROHYOLLNOXVRKWOLN
MDQLNNH3XXUPDQLOLLNOXVV}OPHHKLWXVHDOJXVHWlKLVWDPLVHNV WHHO}LNNP±NPXXHOHWHHWUDVVLOHOH3HGMD
NRUUDOGDWXGNRKWXPLVHOHPLOOHJDNDDVQHVSUHVVLNRQYHUHQWV M}HHKLWDWDNVHPSLNNXQHNDDUVLOGWHHGHULVWPLNXOHP
NXVDQWLWHDGD0DDQWHHDPHWLO}SSHYDDDVWDWHHW||GHWXOHPXV SLNNXQHYLDGXNW2OHPDVROHYUDXGEHWRRQVLOGUHPRQGLWDNVH
WHVWhULWXVWMXKDWDVMDGLVNXVVLRRQLVRVDOHV0DDQWHHDPHWL NRKDOLNXOLLNOXVHWDUEHNV/LVDNVHKLWDWDNVHNPNHUJ
SHDGLUHNWRU5LKR6}UPXV6}QDY}WXJDHVLQHVMDYDVWDV OLLNOXVWHLGMDNPQQNRJXMDWHLG(KLWXVW||GNHVWDYDG
DUYXNDWHOHNRKDOROQXWHNVLPXVWHOHGLVNXVVLRRQLNRUUDVPD NXQLNXVMXXUHVS}KLWHHRVD7DOOLQQ±
MDQGXVMDNRPPXQLNDWVLRRQLPLQLVWHU(GJDU6DYLVDDU 7DUWXNRJXMDWHHGHYLDGXNWLMDNDDUVLOODHKLWXVWRLPXEDMD
.RKWXPLVHOODXVXVWHUYLWXVV}QDG3XXUPDQLYDOODYDQHP YDKHPLNXO±MDROHPDVROHYD3XXUPDQL
5DXQR.XXV VLOODUHPRQW±
3XXUPDQLOLLNOXVV}OPRQNVRVD7DOOLQQD±7DUWXPDDQWHH 5LKR6}UPXVDQGLVNRKWXPLVHO0HUNR(KLWXVH$NWVLDVHOWVL
PEHUHKLWDPLVHNDYDVW0DDQWHHDPHWMD$60HUNR(KLWXV MXKDWXVHHVLPHKHOH7}QX7RRPLNXOHOHHKLWXVORD3XXUPDQL
V}OPLVLGQRYHPEULOHKLWXVHW||Y}WXOHSLQJX3XXUPDQL OLLNOXVV}OPHHKLWDPLVHNV
OLLNOXVV}OPHHKLWXVHNV/HSLQJXKLQGRQPLOMRQLWNURRQL 0DDQWHHDPHWLHXURSURJUDPPLGHRVDNRQQDSHDVSHWVLDOLVW
PLOOHOHOLVDQGXENlLEHPDNV3URMHNWLWRHWDE(XURRSD/LLGX 3XXUPDQLOLLNOXVV}OPHHKLWXVHSURMHNWLMXKW7}QLV7DJJHU
3XXUPDQLOLLNOXVV}OPHSODDQ
WXWYXVWDVNRKDOROLMDLOHUHNRQVWUXHHULPLVSURMHNWLMDNDYDQGDWXG DUHQGXVYDMDGXVhOHYDDWH7DOOLQQD±7DUWX±9}UX±/XKDPDD
HKLWXVHNlLNX PDDQWHHDUHQGDPLVHNDYDVWWHJL0DDQWHHDPHWLSODQHHULQJXWH
0LWPHGNRKDOROQXGGLVNXWHHULVLG7DOOLQQD±7DUWXPDDQWHH RVDNRQQDMXKDWDMD5DXO9LER
HVLPHVHNODVVLPDDQWHHNVPEHUHKLWDPLVHNDYDHKLWXVMlUMH hOHYDDWHP||GXYDDDVWDWHHW||GHVWWHJL0DDQWHHDPHWL
NRUGDGHHKLWXVWHPSRPDNVXPXVHMDSUDHJXVWHOLLNOXVROXGH SHDGLUHNWRULDVHWlLWMD0lUW3XXVWQLQJOLLNOXVRKXWXVDODVHVW
OH3ROLLWLOLVHY}LWOXVHPDLJXDQGLVNRKWXPLVHOHVHLNHWNR ROXNRUUDVW(HVWLWHHGHOSHDGLUHNWRULDVHWlLWMD+DUUL.XXVN
KDOHROLWXOQXGNDVRWVLDDOGHPRNUDDWOLNXHUDNRQQDSLNHWWSOD 0HHQXWDJHPHW3XXUPDQLP}LVRQNRKWNXVOHLWQDQW
NDWLWHJDPLVNXWVXVLGOHVHKLWDPD7DOOLQQDMD7DUWXYDKHOLQH -XOLXV.XSHUMDQRYDDVWDOIRUPHHULV9DEDGXVV}WWD
PDDQWHHQHOMDUHDOLVHNV(QWVDPDPHHOWROLGNDNRKWXPLVH PLQHNXNVWHPDMXKLWXGSDUWLVDQLGHSDWDOMRQL6HGDNLQQLWDYDG
NRUUDOGDMDGQLQJPLQLVWHURVXWDGHVVDPDVNULWHHULXPLGHOH WDKYHOKRRQHYlOLVVHLQDOMDIRWRGJPQDDVLXPLVDDOLV
PLOOHVWWXOHERWVXVWHWHJHPLVHOMXKLQGXGDQDJXOLLNOXVLQWHQ
VLLYVXVQLQJVHOOHJDVHRWXGHKLWXVNXOXWXVWHWDVXYXVUDKDV $KWR9HQQHU
WDPLVY}LPDOXVHGNDWHLVWH(HVWLPDDQWHHGHVDPDDHJQH $OOLNDV0DDQWHHDPHWLNRGXOHKHNOJZZZPQWHH
'(76(0%(5 ''.'*615
Ɣ.5221,.$ƔƔ.5221,.$Ɣ
$ODWHVVHSWHPEULVWRQ$67HHGH7HKQR
NHVNXVMXKDWXVHHVLPHHV0DUHN7UXX
0DUHN7UXXRQVQGLQXGQRYHPEULO
/}SHWDVD7DOOLQQD7HKQLNDOLNRROL77h
HKLWXVWHDGXVNRQQDYLLHDDVWDVHWlLVPDKXV}SSHNDYD
VSHWVLDOLVHHUXPLVHJDWHHHKLWXVHOHRPDQGDGHVLQVH
QHULNYDOL¿NDWVLRRQL
3lUDVW77hO}SHWDPLVWDVXVW||OH0DDQWHHDPHWL
7HKQRNHVNXVVHMDW||WDVVHDONXQLDO}SXQL
6HHMlUHOW||WDVWDKHDDVWD0DDQWHHDPHWLVWHKHV
SHDVSHWVLDOLVWLQDW||GYlOLVDELMDODHQXEURRV
1DDVHVHHOPLVHVVHW||NRKWDVLLVMXED$NWVLDVHOWVL
7HHGH7HKQRNHVNXVDDVWDMDDQXDULNXXVNXV
W||WDVDUHQGXVGLUHNWRULQDNXQLMXKDWXVHHVLPHKHNV
QLPHWDPLVHQLVHSHPEULO
$ELHOXVSHUHVNDNVODVW
0DUHN7UXXDVXVDPHWLNRKDOHNXVVHQLW||WDV
+LOODU9DULN9LLPDQHVLLUGXVW||OH$NWVLDVHOWVL
5DPEROO(VWRQLD
$ODWHVRNWRREULVWWlLGDE0DDQWHHDPHWL
SHDGLUHNWRULDVHWlLWMDNRKXVHLG0lUW3XXVW
0lUW3XXVWRQVQGLQXGVHSWHPEULO7D
}SSLVDDVWDLO±7DOOLQQD7HKQLNDOLNRROL
DXWRWHHGHMDVLOGDGHHKLWXVHHULDODOMDRPDQGDVVHDO
WHHWHKQLNDLQVHQHULNYDOL¿NDWVLRRQL
0DDQWHHDPHWLVVHWXOL0lUW3XXVWGHWVHPEULV
DVXGHVW||OHOLLNOXVVHNWRULLQVHQHULQD
W||WDGHVVHHMlUHOSHDVSHWVLDOLVWLQDOLLNOXVRKXWXVH
MDNRUUDOGXVHQLQJWHHKRLXDODO7HPDMXKWLPLVHO
RQ(HVWLULLJLPDDQWHHGHOYlOMDDUHQGDWXG
WHHLOPDMDDPDGHY}UNMDPDDQWHHLQIRVVWHHP
$ODWHVPlUWVLNXXVWMXKDWDV0lUW3XXVW
YlOLVRVDOXVHJDSURMHNWLGHEURRGKLOMHPRVDNRQG
QLQJODHQXSURJUDPPLGHMDYlOLVRVDOXVHJD
SURMHNWLGHRVDNRQGDVHHMlUHONXQLRNWRREULQL
UHJLRQDDOSURMHNWLGHRVDNRQGD9DOGDENROPH
Y}}UNHHOWVDDQXGS}KMDOLNXNRROLWXVHDUYXWLRVNXVHV
QLQJODLDOGDVHWlLHQGXVNRROLWXVH(HVWLVMDYlOMDVSRRO
$ELHOXVSHUHNRQQDVNDNVSRHJD
0lUW3XXVWDVXVDPHWLNRKDOHNXVVHQLW||WDV
3HHWHUâNHSDVW9LLPDQHVLLUGXVW||OH$NWVLDVHOWVL
5DPEROO(VWRQLD
Ɣ.5221,.$ƔƔ.5221,.$Ɣ
''.'*615 '(76(0%(5
.RNNXY}WHYlLWHNLUMDVW
Ɣ.5221,.$Ɣ
(HVWLOLLNOHMDWH
KRLDNXG
OLLNOXVRKXWXVH
VXKWHV
'DJR$QWRY
-XKHQGDMDG
3URI7}QX2MD7DUWXhOLNRRO
3URI6LLP6||W,OOLQRLVLhOLNRRO&KLFDJRV
86$
/LLNOXVRKXWXVNXMXWDEHQGDVWKWHN}LJHROXOLVHPDW
VRWVLDDOVHWMDKLVNRQGOLNXWHUYLVHSUREOHHPLSDOMX
GHVPDDLOPDPDDGHVhNVSHDPLVLY}LPDOXVLOLLN
OXVRKXWXVHSDUDQGDPLVHORQOLLNOHMDWHKLVNRQGOLNX
DUYDPXVHPXXWPLQHPLGDVDDEP}MXWDGDPHHGLD
KRLDNXWHQLQJOLLNOXVRKXWXVHLQIRUPDWVLRRQLMDNDP
SDDQLDWHDELO
Ɣ
7||VQlLGDWLHWOLLNOHMDWHKRLDNXLGVDDEMDSHDE
DUYHVWDPDQLLSODQHHULPLVHVNXLNDLQIRUPDWVLRRQLWH
JHYXVHVPLOOHHHVPlUJLNVRQDUHQGDGDRKXWXWOLLNOH
PLVWhKLVNRQGOLNHOKRLDNXWHOMDWHJHOLNXONlLWXPLVHO
OLLNOXVHVWlKHOGDWLROXOLVLODKNXPLQHNXLGVHVWHQD
PLNV}LGXNLMXKWHSHDEHQQDVWNHVNPLVHVWSDUHPDWHNV
MXKWLGHNVQLQJOHLDEHWOLLNOXV}QQHWXVVHVDWWXPLVH
W}HQlRVXVRQYlLNH
RNWRREULONDLWVHV7DUWXhOLNRROLVWHDGXVWH
GRNWRULYlLWHNLUMDWHHPDO³(HVWLOLLNOHMDWHKRLDNXG Ɣ
OLLNOXVRKXWXVHVXKWHV´2h6WUDWXPMXKDWXVHHVLPHHV 2OXOLQHWXOHPXVW||VRQNDVHHHWROHPDVROHYLQIUD
MDSURMHNWLMXKW'DJR$QWRYQLQJWDOOHRPLVWDWLWHD VWUXNWXXUQlLWHNVOHNlLJXUDGDGHWHKQLOLQHODKHQGXV
GXVWHGRNWRULJHRJUDD¿DV NUDDG 9lLWHNLUMD MXKHQ HLDLWDNDDVDV}LGXNLLUXVHDODQGDPLVHOHMDVHHW}WWX
GDMDGROLGSURI7}QX2MD7DUWXhOLNRROLVWMDSURI RQSRWHQWVLDDOVHWHOLLNOXV}QQHWXVWHUDVNXVDVWHYlJD
6LLP6||W,OOLQRLVLhOLNRROLVW&KLFDJRV N}UJH6LLWWXOHQHEYDMDGXVUHNRQVWUXHHULGDOHNlLJX
UDMDGWlQDSlHYDVHOMDRKXWXOPRHO0}QHGOHNlLJXG
9lUVNH3K'RQVQGLQXGMXXOLO7DOOLQ
WXOHEDJDOLNYLGHHULGDY}LUHJXOHHULGDIRRULGHJDHULWL
QDVRPDQGDQXGGLSORPLLQVHQHULNYDOL¿NDWVLRRQL
QHLVNRKWDGHVNXVRKXWXVPHHWPHLGHLROHNLLUXVH
DXWRWHHGHHULDODO7DOOLQQD3ROWHKQLOLVHV,QVWLWXXGLV DODQGDPLVHNVY}LPDOLNNDVXWDGDHJDPXLGNDLWVH
7DOOLQQD7HKQLNDOLNRRO±MDPDJLVWUL PHHWPHLGUDNHQGDGD
NUDDGL06FJHRLQIRUPDDWLNDMDNDUWRJUDD¿D HULDODO
Ɣ
7DUWXhOLNRROLV±
3UDHJXVHOW||NRKDOW||WDEDDVWDVW9DUHP 7||VRQVDPXWLQlLGDWXGHWPlUJDWDYDWRVDOLLNOXV
W||WDQXG7DOOLQQD3ROWHKQLOLVHV,QVWLWXXGLV }QQHWXVWHVWUHJXOHHULPDWDOHNlLJXUDGDGHOVDDNVlUD
KRLGDNXLV}LGXNLWHNLLUXVOHNlLJXNRKDYDKHWXVOl
KHGXVHVROHNVYlLNVHP,VHJLVXKWHOLVHOWWDJDVLKRLGOLN
NLLUXVHODQJXVDQQDEROXOLVHSDQXVH}QQHWXVWHDUYX
Ɣ.5221,.$Ɣ YlKHQGDPLVVHQLQJYLJDVWXVWHJDO}SSHQXGOLLNOXV}Q
QHWXVWHWDJDMlUJHGHNHUJHQGDPLVVH
'(76(0%(5 ''.'*615
,10(025,$0
MDODNRRQLOLQHV}QDVWXVWHDGDROHYDOWURKNHPNXLKHVDOOXYDV
N}KHGDLGWXQGHLG
1DJXW||DVMXQLLY}WWLV$DGX/XXNDVVGDPHJDND
WHHGHVVWHHPLVWRLPXYDWKLVWHJHYXVW7DMlOJLVKXYLJD
PDDQWHHODVWHLJDDDVWDVWHVSRUGLPlQJXGHNXWVHY}LVWOXVWHMD
WDLGOXVNRQNXUVVLGHNRUUDOGDPLVWOLVDGHVRPDSRROVHLGLGHLGMD
VRRYLWXVL7DLGOXVNRQNXUVVPLVWHDWXGDMDOROLWHHGHHKLWDMDWH
KXOJDV}LJHSRSXODDUQHULWXVVQGLVNL}LJXSRROHVWWHPD
DOJDWXVHO
$DGX/XXNDVHQLPHJDVHRVWXYDGWHHGHPDMDQGXVH
WRRWPLVEDDVLGHMDDELWRRWPLVHYlOMDDUHQGDPLQHHVLPHVHG
YlOLVNRQWDNWLGNRRVNRJHPXVWHYDKHWDPLVHJDQLQJNRJX
VVWHHPLPEHUNRUUDOGDPLVHDOXVWDPLQH7HPDROLPXXVHDV
NDNVQHLVWNHVDW}VWVLGHVLPHVWNRUGDODLQHKDUMDOH
7DUWXPDDQWHHUHNRQVWUXHHULPLVH
$$'8/88.$6 0$$17(($0(7
±
2NWRREULNXXVPHLHKXOJDVWODKNXQXGPHKDDQLNDLQVHQHU
$DGX/XXNDVROL(HVWLWHHGHPDMDQGXVHWLSSMXKW±QGVH
0DDQWHHDPHWLHHONlLMD7HHGH5HPRQGLMD(KLWXVH7UXVWL
MXKDWDMDDDVWDWHO±hOHWRRGXGDVXWXVVH
7DOOLQQD$VIDOWEHWRRQLWHKDVHSHDLQVHQHULDPHWLNRKDOWDVXV
WDHVLDOJXW||OHWUXVWLMXKDWDMDDVHWlLWMDQDNHOOHOHVDQGHNVROL
WHJHOGDYDUXVWDPLVHMDDELWRRWPLVHJD(HVNlWWWlKHQGDVVHH
YDVWDYDKDUXNRUUDVWDPLVWY}L}LJHPLQLDOOHVVHOOHVVWHHPVHW
ORRPLVW
3HDJLVHOJXVHW$DGX/XXNDVHQlRORQWHJHPLVW
DNWLLYVHY}LPHNDMDQ}XGOLNXLQLPHVHJDWlQDVHVP}LVWHV
W||QDUNRPDDQLJD.LLUHVWLWHNNLVLGWXOHPXVOLNXGW|LVHGVXKWHG
WROOHDMDYlJDROXOLVWHYDOLWVXVDVXWXVWH3ODDQLNRPLWHHMD
9DUXVWXVNRPLWHHJDMDVHGDPLWWHDLQXOW(HVWLV9DMDGXVHNRUUDO
Y}WWLV$DGX/XXNDVLVHHWWHWHHNRQQD0RVNYDVVHY}LYROLWDV
VLQQDV}LWPDVRELYDW||WDMDWUXVWLDSDUDDGLVW1}XGPLQH
ROLVHOSXKXOHWWDJDVLWXOHEWXOODNDVWXOHPXVHJDY}LVHOJH
YDVWXVHJDPLNVNDYDQGDWXHL}QQHVWXQXG
0DWHUMDOLGHJDYDUXVWDPLQHDELMDN}UYDOWRRWPLQH
QLQJXXWHWRRWPLVEDDVLGHNDYDQGDPLQHMDUDMDPLQHMlLG
$DGX/XXNDVHPHHOLVDODNVNDVLLVNXLWDROLOHY}WQXG
NRJXWUXVWLMXKWLPLVH6HDOMXXUHVVHNNXVWDDJDKXYLNRUUDO
VHOOLVWHJLRWVXVWHWHJHPLVVHPLGDWHPDDPHWLSRVWHLQ}XGQXG
Y}LWXQGXVLGWHKQLOLVHOWY}}UDG.XLGHQQHNDWHJRRULOLVW
VHLVXNRKDY}WWXWHJL$DGX/XXNDVDODWLNRGXW||GXXULGHV
RPDONlHOWHDGDROHYDLGIDNWHMDNLUMDQGXVWQLQJNRQVXOWHHULGHV
PLWPHDVMDWXQGOLNXNROOHHJLJD
0||GXQXGVDMDQGLQGDWHODDVWDWHOROLWHHGHVVWHHPL $/%(570(6&+,1
DOODVXWXVLYHHOJLURKNHPNXLSUDHJXVHVPDDQWHHDPHWLV ±
HQQHUHIRUPL.}LJLODVXWXVWHOMDWUXVWLRVDNRQGDGHOROLG
ORRPXOLNXOWDUXNDGMDRWVXVWXVY}LPHOLVHGMXKLGNHOOHVWQLL 9HLGLHQQHNDKHNVDNPQHQGDWVQQLSlHYDODKNXVMllGDYDOW
P}QHJLVHLVXNRKDGHLOlLQXGDODWLNRNNXOHPXVHRPDGHJD WHHQHNDVWHHGHLQVHQHU$OEHUW0HVFKLQ
2OOHVNOOQ|³SHKPHDXWRNUDDW´NXLGVDPDVVLOPDSDLVWHY $OEHUW0HVFKLQVQGLVGHWVHPEULO9DOJDPDDNRQ
HQHVHYDOLWVHMDWDMXV$DGX/XXNDVVXKWOHPLVHOKlVWLYLLVDNXVH QDV.DDJMlUYHODDVWDVHQRRUXNLQDDVXVWD}SSLPDWROOH
SLLUH7HPDJDROLY}LPDOLNYDLHOGDQLQJWHGDPEHUYHHQGD DHJVHVVH7DOOLQQD3ROWHKQLOLVVH,QVWLWXXWLPLOOHO}SHWDV
NXLGVHOJLWXVHGSLGLGROHPDORRJLOLVHGMDDUJXPHQGLG DDVWDODXWRPDJLVWUDDOLGHMDOLQQDWHHGHHULDODOWHHGHLQVH
YlJHYDG6LLVNLWHNLWDVLGWHPDWDVDQHKllOUHVROXXWQHWRRQ QHULNYDOL¿NDWVLRRQLJD
''.'*615 '(76(0%(5
-XED}SLQJXWHDMDOW||WDVWDWROOHDHJVHV7DOOLQQD7HHGHMD
6LOGDGH7UXVWLV3lUDVWGLSORPLVDDPLVWVXXQDWLWDW||OH9LO
0LOODX¶
MDQGL7HHGHYDOLWVXVVHNXVW||WDVDOJXOLQVHQHULQDMDDODWHV
DDVWDVWSHDLQVHQHULQDDVXV$OEHUW0HVFKLQW||OH
7HHGHHKLWXVH9DOLWVXVVHQUW||GHMXKDWDMDQD6HOOHNVDMDNV
YLDGXNW
ROLWDONXMXQHQXGRPDQlJHPXV(HVWLWHHGHHKLWXVHWXOHYLNXVW
QLQJY}LPDOXVRPDLGHHGHUHDOLVHHULPLVHNVDYDQHV
DDVWDOWROOHDHJVH3URMHNWHHULPLV8XULPLVNRQWRULWHDGXVOLNX
WRLPLE
VHNWRULMXKDWDMDQDNXLPRRGXVWDWL$XWRWUDQVSRUGLMD
0DDQWHHGH0LQLVWHHULXPLMXXUGH7HHGHHKLWXVH.HVNODER
UDWRRULXPROLWDDOJXOVHOOHMXKDWDMDDVHWlLWMDDDVWDVW
HIHNWLLYVHOW
MXKDWDMDNRKXVHWlLWMDQLQJDODWHVDDVWDVWNXQLSHQVLRQLOH
MllPLVHQL±MXKDWDMD3LNDMDOLQHW||WDPLQH7HHGHHKLWXVH 0LOODX¶YLDGXNWLOH3UDQWVXVPDDSllVHPLVHNVRQ
.HVNDODERUDWRRULXPLMXKDWDMDNRKXVHWlLWMDQDROLS}KMXVWDWXG MXXUGHUDMDWXGQHOLWROOLYlUDYDWHWKDNNDPDVDDGD
WHPDDSROLLWOLVHVWPDDLOPDYDDWHVWVHVWHOXO}SXQLMlLWDWUXXNV VXXUWHYDULDWVLRRQLGHJDYLDGXNWLOHWDYDWHV}LGXNLWH
YHHQGXPXVHOHHWKHDLQVHQHUHLWDUYLWVHROODKHDSROLLWLNMD KXOJDV/LLNOXVRQYLDGXNWLOVXYHSXKNXVWHDMDOPlU
YDVWXSLGL JDWDYDOWNDVYDQXGVHVWPDDQWHHPLOOHOYLDGXNWDVXE
7HPDMXKWLPLVHONXMXQHV7HHGHHKLWXVH.HVNODERUDWRR RQNVSHDPLVLKHQGXVWHLG3UDQWVXVPDDO}XQDUDQ
ULXPLVW(HVWLVXXULPWHHGHDODVWHXXULPLVW||GHNHVNXVNXV QLNXJD.DNVXXWWROOLNDELLQLPLVWRLPLYDGP}OHPDO
HHVPlUJLNVSROQXGWHDGXVOLNHNUDDGLGHMDDXUDKDGHVDDPLQH V}LGXVXXQDOY}LPDOGDYDGSDLQGOLNXOWWRLPHWXOOD
YDLGSUDNWLOLVHGMDNRKHVHOWHOOXUDNHQGDWDYDGXXULPLVW||G OLLNOXVYRRPXXWXVWHJD
(HVWLWHHGHHKLWXVHVHLROQXGKWHJLPDWHUMDOLMDWRRGHWPLGD )LUPD&RPSDJQLH(LIIDJHGX9LDGXFGH0LOODX
SROHNVNDWVHWDWXG7HHGHHKLWXVH.HVNODERUDWRRULXPLV7HPD NRQWVHVVLRQllULGRQXXHNVLQYHVWHHULQJXNVNXOXWDQXG
MXKHQGDPLVHOWRRGHWLS}OHYNLYL}OLVWELWXXPHQLWMDNRKDQGDWL POQGROODULW
WROOHDHJVHGELWXXPHQLNDWVHPHHWRGLGNDS}OHYNLYLELWXXPH 0LOODX¶YLDGXNWLHKLWDPLVWDOXVWDWLGHWVHPEULO
QLWHOHDOXVWDWLDVIDOWVHJXGHMDRNVDNWLYHHULWXG¿OOHUL WRRWPLVW MDYLDGXNWVDLYDOPLVQLQJDYDWLOLLNOXVHOH
MDNHKWHVWDWLVHOOHWHKQLOLVHGQ}XGHGWlLXVWDWLDVIDOWEHWRRQMD GHWVHPEULO
PXVWVHJXGHNRRVWLVLMDSDUDQGDWLQHQGHVWHKLWDWXGNDWHWH 9WND7HHOHKWQUQRYHPEHUON
LOPDVWLNXNLQGOXVW
$OOLNDV
/RRGXVWDUPDVWDYDMDVHGDVllVWYDQLQJPDMDQGXVOLNXOW
%ULGJH'HVLJQ (QJLQHHULQJ
P}WOHYDLQVHQHULQDQlJLWDW||VWXVMllNLGHWHHGHHKLWXVHV VHSWHPEHU
NDVXWDPLVHOVXXUWWXOHYLNNX6HOOHVWNDHULOLQHKXYLS}OHY
NLYLWXKNDGHXXULPLVHMDNDVXWDPLVHYDVWX$DVWDLGNHVWQXG
XXULPLVW||GHWXOHPXVHQDW||WDWLYlOMDS}OHYNLYLOHQGWXKD
NDVXWDPLVHMXKHQGWHHNDWHQGLDOXVNLKWLGHMDWHHNDWHWHVWDELOL
VHHULPLVHNVQLQJNRRVWDWLYDVWDY$PHWNRQGOLN(KLWXVQRUP
7HHS}OHYNLYLWXKDNDVXWDPLVHNVWHHGHHKLWXVHVROLDYDWXG
$DVWDWHONXQLNDVXWDWL±WXKDWWRQQLS}OHY
NLYLOHQGWXKNDDDVWDVPLOOHVWHKLWDWLWHHNDWHWHDOXVHLGQLQJ
OLJLNPWHHNDWWHLG(QDPLNWROODOHKLWDWXGS}OHYNLYL
OHQGWXKDJDWHHNDWWHLGQDJXQlLWDEDOlELYLLGXGXXULQJ
RQKHDVVHLVXNRUUDVWlQDVHQL3}OHYNLYLWXKDNDVXWDPLVWWHHGH
HKLWXVHVKLQQDWLWROOHDHJVH(HVWL169SUHHPLDQLQJ169
/LLGX5DKYDPDMDQGXVH6DDYXWXVWH1lLWXVHK}EHPHGDOLJD
$OEHUW0HVFKLQLOROLPLWPHLGWHHHKLWXVDODVHLGDXWRULWXQ
QLVWXVLMDSDWHQWHVKNDWDDVLVHVLVYXQXG(HVWLSDWHQGLG3DOMX
LOPXVWHPDVXOHVWWHHGHHKLWXVDODVWNLUMDQGXVW.XQLNlHVROHYD
DMDQLRQKLQGDPDWXYllUWXVHJDWHPDMXKHQGDPLVHONRRVWDWXG
7HHGHHKLWDMD.lVLUDDPDW
9DDWDPDWDKDOYHQHYDOHWHUYLVHOHROLWDNDSHQVLRQLS}OYHV
KXYLWDWXGWHHGHHKLWXVHDUHQJXVWMDHODVNDDVDVHOOHPDMDQ
GXVKDUXDUJLPXUHGHOHROLDELNVRPDSUDNWLOLVWHNRJHPXVWHJD
QRRUHPDWHOHNROOHHJLGHOH
7HHQHNDWHHGHLQVHQHUL$OEHUW0HVFKLQLHOXW||RQWHKWXG
0lOHVWXVWHPDVWMllENHVWPD(HVWLPDDWHHGHV
0$$17(($0(7
'(76(0%(5 ''.'*615
.DVWHLORQWHOOLWXGDMDNLUL
³7KH%DOWLF-RXUQDORI5RDGDQG%ULGJH(QJLQHHULQJ´"
$MDNLULLOPXE7DOOLQQD5LLDMD9LOQLXVHWHKQLNDOLNRROLQLQJ
%DOWL0DDQWHHOLLGXNRRVW||VQHOLNRUGDDDVWDV
$MDNLULNDMDVWDEMlUJPLVLWHDGXVYDOGNRQGLWHHGHMDVLO
GDGHDODVHGXXULQJXGQLQJQHQGHUDMDWLVWHSURMHNWHHULPLQH
WHHHKLWXVPDWHUMDOLGMDWHKQRORRJLDGVLOODHKLWXVPDWHUMDOLGMD
WHKQRORRJLDGWHHGHMDVLOGDGHUHPRQWOLLNOXVRKXWXVWHHGHMD
VLOGDGHJDVHRWXGLQIRWHKQRORRJLOLVHGODKHQGXVHGNHVNNRQ
QDNVLPXVHGWHHGHNOLPDWRORRJLDYlLNHVHOLLNOXVHJDWHHG
QRUPDWLLYGRNXPHQGLGNYDOLWHHGLMXKWLPLQHMDVHOOHNLQGOXVWD
PLQHWHHGHLQIUDVWUXNWXXUMDVHOOHKLQGDPLQHYDUDGHKDOGXV
WHHMDVLOODHKLWXVH¿QDQWVHHULPLQHW||OHDVXYDWHVSHWVLDOLVWLGH
HWWHYDOPLVWDPLQHMDMXEDW||WDYDWHHQHVHWlLHQGXV
$MDNLUMDSHDWRLPHWDMDRQ'RQDWDVý\JDV9LOQLXVH
*HGLPLQDVHQLP7HKQLNDOLNRROWRLPHWDMDG$OIUHGDV
/DXULQDYLþLXV9LOQLXVH*HGLPLQDVHQLP7HKQLNDOLNRRO
$LQDUV3DHJOLWLV5LLD7HKQLNDOLNRROMD$QGUXV$DYLN
7DOOLQQD7HKQLNDOLNRRO
.RQWDNWLDMDNLUMDWRLPHWXVHJDVDDEY}WWDDDGUHVVLO
'DLYDäLOLRQLHQp9LOQLXV*HGLPLQDV7HFKQLFDO8QLYHUVLW\
6DXOpWHNLR$YHQXH9LOQLXV/7/LWKXDQLD
DDVWDDOJXVHVWLOPXPDKDNDQXGDMDNLUMDVW³7KH%DOWLF HPDLOGDL]LO#DSYWXOW
-RXUQDORI5RDGDQG%ULGJH(QJLQHHULQJ´RQWlQDVHNV $MDNLUMDWHOOLPLVEODQNHWL2UGHU)RUPOHLDWHDMDNLUMD
LOPXQXGMXEDNROPQXPEULW6HHRQ%DOWLULLNLGHKLQH YHHELOHKHOWKWWSZZZEMUEHYJWXOWNXVRQNDDQGPHG
WHHGHMDVLOODHKLWXVWNlVLWOHYLQJOLVNHHOQHWHDGXVDMDNLUL WHOOLPLVKLQQDNRKWD
6XPPDU\
7KHOHDGLQJDUWLFOHRI7HHOHKWGLVFXVVHVWKHWK,QWHUQDWLRQDO%DOWLF5RDG&RQIHUHQFHKHOGLQ.XUHVVDDUH6DDUHPDD(VWRQLDIURP$XJXVW
±
7HHOHKWSXEOLVKHVWKHUHSRUWRI5DXO9LERKHDGRIWKH(VWRQLDQ5RDG$GPLQLVWUDWLRQSODQQLQJGLYLVLRQ³/DQGXVH&KDQJHVDQG3ODQQLQJ
RI5RDG1HWZRUN´7KHDXWKRUGLVFXVVHGWKHVDPHLVVXHDWWKHWK,QWHUQDWLRQDO%DOWLF5RDG&RQIHUHQFH
7HHOHKWSXEOLVKHVDQDUWLFOHE\0DUHN7UXXWKHFKDLUPDQRIWKHERDUGRIWKH7HFKQLFDO&HQWHURI(VWRQLDQ5RDGV/WGRQWKHSUDFWLFDELOLW\
RIRLOVKDOHDVKHVLQWKHFRQVWUXFWLRQRIURDGV7KHDXWKRUGLVFXVVHGWKHVDPHLVVXHDWWKHWKHWK,QWHUQDWLRQDO%DOWLF5RDG&RQIHUHQFHDQG
WKH$VSKDOW'D\RIWKH(VWRQLDQ$VSKDOW3DYHPHQW$VVRFLDWLRQLQ1RYHPEHU
7HHOHKWJLYVLQIRUPDWLRQDERXWWKH)LEUHGHFWHFKQRORJ\RIWKH¿UP&RODV/WGDQGLWVWHVWLQJLQ(VWRQLDWKLVVXPPHU$UWKXU7KRPSVRQ
&RODV/WGDGGUHVVHGWKHWK,QWHUQDWLRQDO%DOWLF5RDG&RQIHUHQFHRQWKHVDPHVXEMHFW
7HHOHKWEULHÀ\VXPPDULVHVWKHUHSRUWE\0DUWWL0LHWWLQHQDQG:ODGLPLU6HJHUNUDQW]RQWKHGHYHORSPHQWRI9LD%DOWLFDDWWKHWK
,QWHUQDWLRQDO%DOWLF5RDG&RQIHUHQFH
7HHOHKWGHVFULEHVWKHWKUHHPDMRUURDGPDQDJHPHQWSURMHFWVLQWKH(VWRQLDQQDWLRQDOURDGVZKLFKZHUHFRPSOHWHGLQ
7HHOHKWLQIRUPVDERXWWKHRSSRUWXQLWLHVRIXVLQJWKHJURXQGVWDELOLVDWLRQPDWHULDO553±6SHFLDOLQURDGFRQVWUXFWLRQ
7HHOHKWSXEOLVKHVDQDUWLFOHE\0DUWWL0LHWWLQHQRQWKHFRQVWUXFWLRQRIWKH86,QWHUVWDWHURDGQHWZRUNZKLFKEHJDQ\HDUVDJR
7HHOHKWSXEOLVKHVDQDUWLFOHE\5DXO9LER0HULNH/DLGYHHDQG5HLJR8GHRQWKHHYHQWVLQ(VWRQLDZLWKLQWKH3DUWQHUVIRU5RDGV
SURJUDPPH
7HHOHKWSXEOLVKHVDUHSRUWE\$QGUHV%UDNPDQQ7}QLV7DJJHUDQG5DXO9LERRQWKHUHJXODU1DWLRQDO7UDQVSRUW,QIUDVWUXFWXUH
&RQIHUHQFHKHOGLQ7DPSHUH)LQODQGRQ0D\
7HHOHKWSURYLGHVDEULHIVXPPDU\RIWKH5RDG$GPLQLVWUDWLRQUHJXODUSUHVVFRQIHUHQFHRI1RYHPEHUZKLFKGLVFXVVHGWKH
GHYHORSPHQWRIWKH7DOOLQQ7DUWX5RDGLQWRD¿UVWFODVVURDGURDGPDQDJHPHQWZRUNLQDQGWUDI¿FVDIHW\VLWXDWLRQ
7HHOHKWLQIRUPVWKDWWKHDFWLQJGHSXW\GLUHFWRURIWKH5RDG$GPLQLVWUDWLRQDVRI2FWREHULV0lUW3XXVWWKHERDUGFKDLUPDQRIWKH
7HFKQLFDO&HQWHURI(VWRQLDQ5RDGV/WGDVRI6HSWHPEHULV0DUHN7UXXDQG'DJR$QWRYGHIHQGHGKLVGRFWRU¶VWKHVLVRQWUDI¿FVDIHW\RQ
2FWREHUDWWKH8QLYHUVLW\RI7DUWX
7HHOHKWSXEOLVKHVWKHRELWXDULHVWRHQJLQHHUV$OEHUW0HVFKLQ±DQG$DGX/XXNDV±ZKRKDYHPDGHDUHPDUNDEOH
FRQWULEXWLRQWRWKHGHYHORSPHQWRI(VWRQLDQURDGPDQDJHPHQW
+HWNL%DOWLPDDQWHHODVWH;;9,NRQYHUHQWVLOW
.XUHVVDDUHV±DXJXVWLO