You are on page 1of 66

*(1(52/2-212(0$,,2

/,(78926.$52$.$'(0,-$

*HGLPLQDV'XEDXVNDV

),1$16$,,5$36.$,7$
0RNRPRMLNQ\JHO

9LOQLXV

8'. 
'X

*HQHUROR-RQRHPDLLR/LHWXYRVNDURDNDGHPLMRV9DG\ERVNDWHGURV
G VW\WRMRGRFGU*HGLPLQR'XEDXVNRSDUHQJWDPRNRPRMLNQ\JHO )LQDQVDL
LUDSVNDLWDVNLULDPD$NDGHPLMRVNDUL QDPVLUNODXV\WRMDPVNUDWRDSVDXJRV
VLVWHPRVNDULDPV
$WVDNLQJDVLVUHGDNWRULXVGRFGU9\WDXWDV*ULJXOLV
5HFHQ]DYRGRFGU$OJLUGDV-DNXWLV

*HQHUROR-RQRHPDLLR
/LHWXYRVNDURDNDGHPLMD




785,1<6
3LQLJDLLUM IXQNFLMRV 
)LQDQV ULQNRV9HUW\ELQL SRSLHUL SLUN M LUOHLG M WLNVODL
%DQNLQLQN\VW NDLSYHUVODV 
9DOVW\E VILQDQVDLLUPRNHVLDL 
7DUSWDXWLQ YDOLXW ULQND 
0RN MLP EDODQVDV 
3HUNDPRVLRVJDOLRVSDULWHWDVLUNLQWDQW\VYDOLXW NXUVDL
0DNURHNRQRPLNRVSROLWLNDLUDWYLURVLRVHNRQRPLNRVDOLV 
,6/0%3PRGHOL SXVLDXVY\UD 
(PSLULQ NHLWLPRNXUV SDWLUWLV 
YDGDV YLVXRPHQLQLXVILQDQVXV 
/LWHUDW UD 

3,1,*$,,5- )81.&,-26
3UDGHGDQW QDJULQ WL SLQLJXV LU M  IXQNFLMDV UHLN W  DSWDUWL SLQLJ
GHILQLFLMRV UHLNP  3LQLJDL  WDL YLVXRWLQLV YHUW V HNYLYDOHQWDV DWOLHNDQWLV
PDLQ NDXSLPRYHUW VPDWRFLUNXOLDFLMRVLUPRN MLPRSULHPRQ VIXQNFLMDV
7XRSRL ULXNDLQRV\UDSLQLJ DWVSLQG\V-DXQXRVHQLDXVL ODLN HPSLULNDL
EXYRVXYRNWDNDGPDLQ HNYLYDOHQWXLODELDXVLDLWLQNDWDXULHMLPHWDODL.RG O
WDXULHMLPHWDODLWRNLHSULLPWLQLDLN MDLL M VDY\EL 

PDRV

,VNLUWLQ VWDXUL M PHWDO VDY\E V


WYLUWLLUQHSUDUDQGDVDYRIL]LQL VDY\EL 
\UDYLHQRVU LHV
JDOLE WLGDORPLLUY OVXO\GRPL
\UDUHWLLU N QLMDGLGHO YHUW 
M  ODLN\PR LU WUDQVSRUWDYLPR LODLGRV SDO\JLQWL VX M  YHUWH \UD

7U NVWDQW WDXUL M  PHWDO  EHL G O QHSDWRJXPR WUDQVSRUWXRWL GLGHO


YHUW WXULQLXVGLGHOLXVNLHNLXVPRQHW NDLNXULRVHDO\VHVXVLIRUPDYREDQN
LGXRGDP SDVLWLN MLPRHQNO DUEDEDQNQRW LQVWLWXFLMD
%DQNQRWDLV YDGLQDPL QHSURFHQWLQLDL HPLVLMRV EDQN  LOHLGLDPL
VLSDUHLJRMLPDL  NUHGLWLQLDL SLQLJLQLDL HQNODL .LWDLS WDULDQW WDL EDQN
SDVLDG MLPDLVXPRN WLEDQNQRW SDWHLN MXLMXRVHSD\P W SLQLJ VXP 
'HNUHWLQLDLSLQLJDL ILDWPRQH\ SRSLHULQLDLSLQLJDLNXULHQ UDQHL
SDGHQJWL WDXULDLVLDLV PHWDODLV QHL NRQYHUWXRMDPL  MXRV EHW \UD WHLV WD
PRN MLPRSULHPRQ QHVWDLSWYLUWLQDY\ULDXV\E 
3DULWHWDV  YLHQRV DOLHV SLQLJLQLR YLHQHWR VDQW\NLV VX NLWRV DOLHV
SLQLJLQLX YLHQHWX SDJDO MLHPV QXVWDW\W  DXNVR NLHN  DUED SDJDO M  SHUNDP M
JDOL 
'DU EDLJLDQWLV ,, SDVDXOLQLDP NDUXL -$9 PLHVWHO\MH %UHWWRQ
:RRGV VXVLULQN  SDJULQGLQL  LQGXVWULQL  DOL  NDUR YDGDL LU HNRQRPLVWDL
VXVLWDU  G O E VLP M  SDVDXOLR YDOLXW  VLVWHPRV %XYR DWVLVDN\WD
NLHNYLHQRV YDOLXWRV DXNVR VWDQGDUW  Y\UDYXVL  LNL ,, SDVDXOLQLR NDUR LU
SHUHLWD SULH ILNVXRW  NHLWLPR NXUV  3DJULQGLQH YDOLXWD EXYR SDVLULQNWDV
-$9 GROHULV NXULV LU EXYR SDGHQJWDV DXNVX 7  L GDOLHV QXO P  WDV
IDNWDVNDGGLGLDXVLDGDOLVSDVDXOLQL DXNVRDWVDUJ EXYRVXNDXSWD-$9
.DUWX YLVRV NLWRV YDOLXWRV EXYR V O\JLNDL SDGHQJWRV DXNVX QHV WXU MR
ILNVXRW NHLWLPRNXUV VX-$9GROHULX%UHWWRQ:RRGVLVWHPDJDOLRMRQXR

LNLP6Y\UXRMDQLRYDOLXWRVNXUVRVLVWHPD VLJDOLRMRQXR
PHW 
3DJULQGLQ VSLQLJ VDY\E V
VWDELOXPDV
SRUWDW\YXPDV
WYDUXPDV
YLHQDU LNXPDV
GDOXPDV
DWSDLQLPDV
6XSUDQWDPD NDG MDX SDW\V SDYDGLQLPDL SDURGR NRNLD L  VDY\EL
HVP LUG ONRMRVVYDUELRVQDXGRMDQWSLQLJXV
3LQLJ IXQNFLMRV
PDLQ SULHPRQ 
YHUW VPDWDV
WHLV WDPRN MLPRSULHPRQ 
YHUW\EL WDXS\PRSULHPRQ 
NDSLWDORMXG MLPRWDUSLQLQNDV
3LQLJLQLV YLHQHWDV  WDL VWDQGDUWLQLV YDOLXWRV YLHQHWDV NXULV VXGDUR DOLHV
YLGDXVSLQLJ NLHNLRSDJULQG 
3LQLJ YHUW 3DVL ODLUSDNODXVD
3LQLJ  SDNODXVD PRQH\ GHPDQG   WDL SLQLJ  NLHNLV UHLNDOLQJDV
NLQLDPVVDQGRULDPVY\NG\WLW\WDUSLQLQNDXWLYLV SDWHLNW SDUGXRWLSUHNL
LUSDVODXJ PDLQDPV
3LQLJ  SDVL OD PRQH\ VXSSO\  DUED SLQLJ  PDV   WDL IDNWLNDV
SLQLJ NLHNLVQDXGRMDPDVPDLQDPV3LQLJ PDLQ O\JWLV
09 34
LD 0 SLQLJ  SDVL OD 9  SLQLJ  FLUNXOLDFLMRV JUHLWLV 3 YLGXWLQ  SUHNL  LU
SDVODXJ NDLQD4SDUGXRW YLHQHW NLHNLV
3LQLJ  YHUW  OHPLD YLVXPLQ V SUHNL  SDVL ORV LU YLVXPLQ V SLQLJ
SDVL ORV VDQW\NLV 3LQLJ  YHUW  NHLLDVL SULHLQJDL EHQGURMR NDLQ  O\JLR
NLWLPXL7DLJLSLQLJDPV\UDE GLQJD
YLGLQLVNRQYHUWDYLPDV
LRULQLVNRQYHUWDYLPDV


9DOLXWD DUED JU\QLHML SLQLJDL  WDL SLQLJLQLV YLHQHWDV YDOVW\E MH


SULLPWDVNDLSWHLV WDPRN MLPRSULHPRQ 
'HSR]LWDV LQG OLV WDLPDWHULDOLQ YHUW\E DWLGXRWDVDXJRWLNUHGLWR
VWDLJDLSDO NDQRPVJDXWL
HNLQ  V VNDLWD  WDL EDQNR V VNDLWD NXULDL LQG OLQLQNDV WXUL WHLV
LUDLQ WLHNLXV
,QG OLV LNL SDUHLNDODYLPR  WDL QHWHUPLQXRWDV LQG OLV VX WHLVH EHW
NXULXRPHWXSDUHLNDODXWLYLVRDUGDOLHVLQG OLR
3LQLJDLWDLYLVNDVNDVYLVXRWLQDLSULLPDPDLUYDUWRMDPDPDLQXRVH
DWVLVNDLWDQW X SUHNHV LU SDVODXJDV W\ HNLDL NHOLRQL  HNLDL NUHGLWR
NRUWHO VYHNVHOLDL
9DOLXW NXUVDLLUXVLHQLRYDOLXW ULQND

OHQWHO

/LQ HNVSRUWDV

/LHWXYD
$XJLQDLUHNVSRUWXRMDOLQXV

/LHWXYRV
HNVSRUWXRWRMXLPRNDPDOLWDLV

'%ULWDQLMD
,PSRUWXRMDOLQXV

$QJOLMRV
LPSRUWXRWRMDVWXULVYDU NXULDLV
VXPRNDXOLQXV


8VLHQLRYDOLXW ULQND
/LQ LPSRUWXRWRMDVSDUGXRGDVYDUXVPDLQDLV OLWXV
9DOLXWRV NXUVDV  H[FKDQJH UDWH  WDL YLHQRV DOLHV SLQLJ  NDLQD
LUHLNWDNLWRVDOLHVSLQLJDLV
8VLHQLR YDOLXWD IRUHLJQ H[FKDQJH   WDL NLWRV DOLHV SLQLJDL NXULH
ILQDQVXRMDQW WDUSWDXWLQ  SUHN\E  LU XVLHQLR LQYHVWLFLMDV NHLLDPL  YLHWLQ
DOLHVYDOLXW 
$UELWUDDV  WDL VDQGRULDL NXULDLV VLHNLDPD JDXWL SHOQR G O
QHSDVWRYL  NDLQ  7DL SUHNL  SLUNLPDV DUED SDUGDYLPDV VLHNLDQW SHOQLQJDL
SDVLQDXGRWLNDLQ VNLUWXPDLV

1RPLQDOLRML YHUW  QRPLQDO YDOXHV   WDL HNRQRPLQL  VXVXPXRW


URGLNOL  PDWDV HVDP M  NDLQ  SRL ULX 5HDOLRML WLNURML  YHUW   WDL
VXVWDPELQWRHNRQRPLQLRURGLNOLRPDWDYLPDV YHUWLQDQWNDLQ O\JLRSRN\W W\
YHUW V LUDLND HVDQW WRPV SDLRPV NDLQRPV 1RPLQDOXVLV YDOLXWRV NXUVDV
QRPLQDO H[FKDQJH UDWH   WDL SDSUDVLDXVLDL YLHQRV YDOLXWRV NDLQD LUHLNWD
NLWDYDOLXWD
%DLJLDQWL WHP JDOLPDE W SDFLWXRWLLQRPRDPHULNLHL UD\WRMR
2+HQULRPLQW NDG1HYHUWLQDPHQDP NROM QHSDOLHNDPHRSLQLJ NRO
M QHSUDUDQGDPH

),1$16 5,1.269(57<%,1, 323,(5,


3,5. - ,5/(,'- 7,.6/$,
)LQDQV  ULQNRV ILQDQFLDO PDUNHWV   WDL YLHWD NXU SUHNLDXMDPD
ILQDQVLQLXWXUWX
)LQDQVLQLV WXUWDV ILQDQFLDO FDSLWDO   WDL SLQLJDL SLQLJLQLDL
VLSDUHLJRMLPDL LU YHUW\ELQLDL SRSLHULDL )LQDQV  ULQNRV WLNVODV  HIHNW\YLDL
SDVNLUVW\WLVDQWDXSDVJU\Q M SLQLJ YDUWRWRMDPV
)L]LQLRNDSLWDORLUILQDQVLQLRNDSLWDORULQNRV
)L]LQLR NDSLWDOR ULQND  SUHN\ED QHNLOQRMDPXRMX WXUWX UHQJLPDLV
EHL WHFKQLNRV UDQJD 7HLV   WXUW  ILQDQVLQLR NDSLWDOR ULQNRVH URGR DNFLMRV
REOLJDFLMRVYHNVHOLDLKLSRWHNRVLUWW
'LHQRV VDQGRUL  ULQND VSRW PDUNHW   SHUNDPDV DU SDUGXRGDPDV
WXUWDVSULVWDWRPDVQHGHOVLDQW
% VLP M  VDQGRUL  LDQNVWLQ  ULQND IRUZDUG PDUNHW   SLUNLPDV DU
SDUGDYLPDVDWHLW\MH
)LQDQV ULQNDVXVLGHGDLWUXPSDODLNL O ULQNRVSLQLJ ULQNRV
LU LOJDODLNL  O  ULQNRV  NDSLWDOR QXRVDY\E V  ULQNRV 9LVRV LRV ULQNRV
Q UDVXSUDQWDPRVNDLSNRNLRMHQRUVNRQNUHLRMHYLHWRMHHVDQWLULQND$ELLRV
ULQNRVWDLVXVLMXVL HPHVQLRO\JLRULQN  VXEULQN VLVWHPD
3LQLJ  ULQND PRQH\ PDUNHW   WDL WUXPSDODLNL  Y\ULDXV\E V EHL
NRUSRUDFLM SDVNRO LUYHUW\ELQL SRSLHUL ULQND3DVDXOLRSLQLJ ULQN VXGDUR
YLVRSDVDXOLRWUXPSDODLN VSLQLJ LQYHVWLFLMRV7DL\UD
LQG OLDL GHSR]LWDL YLHQDLQDNLDL


WDUSEDQNLQLDLLQG OLDL
YDOVW\E VLGRYHUW\ELQLDLSRSLHULDL 7ELOOV 
LQG OLDLSDJDO JDOLRMLPXV
.DSLWDORULQND FDSLWDOPDUNHW WDLLOJDODLNL SDVNRO LUYHUW\ELQL SRSLHUL
ULQND .DSLWDOR ULQN  VXGDUR VLVWHPD ELU  NXULRVH \UD SUHNLDXMDPD YHUW\
ELQLDLVSRSLHULDLV
LGRLUNLWRPLVREOLJDFLMRPLV
SDSUDVWRVLRPLVLUSULYLOHJLMXRWRVLRPLVDNFLMRPLV
NLWDLVLOJDODLNL VNRO SRSLHULDLV
+LSRWHN  ULQND PRUWJDJHV PDUNHW  RSHUXRMD SDVNRORPLV XVWDWDQW
J\YHQDP M  NRPHUFLQ  LU SUDPRQLQ  QHNLOQRMDP M  WXUW  EHL HP V NLR
PRQHV  YDUWRWRM  NUHGLWR ULQN  HLQD SDVNRORV DXWRPRELOLDPV DU EXLWLHV
WHFKQLNDLSLUNWLVWXGLMRPVDSPRN WLLUWW3URFHVDVNDL DS\YDUW LOHLGLDPL
YHUW\ELQLDL SRSLHULDL JDUDQWXRWL KLSRWHNRPLV YDGLQDPDV DSVDXJD VHFXULWL
]DWLRQ 
8VWDWDV PRUWJDJH   WDL DNW\YDL NXULXRV SDVNRORV JDY MDV
XVWDW\WRMDV SHUGXRGDNUHGLWRULXL XVWDWLQLQNXL NDLSJDUDQWLM XSDVNRO 
3DVLEDLJXV NDLWLQHVXWDUWLPLQXVWDW\WLHPV VLSDUHLJRMLPDPVSDVNRORV
JDY MDV XVWDW\WRMDV WXULWHLV DWJDXWLDNW\YXVLNUHGLWRULDXVYLVLNDLVXMXR
DWVLVNDLW V
*HRJUDILQ  ULQN  YHLNLPR VULWLV  QXR YLHWLQ V EHQGUXRPHQ V LNL
SDVDXOLRPDVWR
5LQNRVVNLUVWRPRV SLUPLQHVLUDQWULQHV
3LUPLQ  ULQND SULPDU\ PDUNHW   WDL YHUW\ELQL  SRSLHUL  ULQND NDL
SDMDPRV X SDUGXRWXV SRSLHULXV WLHVLRJLDL DWLWHQND HPLWHQWXL 3LUPLQ MH
ULQNRMH YHUW\ELQLXV SRSLHULXV SDUGXRGD M  OHLG MDV GDQLDXVLDL SHU
WDUSLQLQNXV
$QWULQ  ULQND VHFRQGDU\ PDUNHW   WDL FLUNXOLXRMDQL  YHUW\ELQL
SRSLHUL SDUGDYLPDVLYLHQRVDYLQLQNRNLWDP
$QWULQ VH ULQNRVH JDOL IXQNFLRQXRWL LU NLW  WLS  ILQDQVLQLV WXUWDV
9HUW\ELQLDL SRSLHULDL QHQXVLG YL LU QLHNDV QHPDQR NDG QHJDUELQJD SLUNWL
NLHQR QRUV UDQNRVH EXYXV  YHUW\ELQ  SRSLHUL  $QWULQ V ULQNRV RSHUDFLM
PDVWDV \UD GDXJ GLGHVQLV QHL SLUPLQ V ULQNRV 'DU \UD LU WUHWLQ V EHL
NHWYLUWLQ VULQNRV
$NFLM  LU REOLJDFLM  ULQNRV VNLULDVL QXR NLW  SUHNL  ULQN  3HUNDQW
SDSUDVW M  DNFLM  L WLNU M  \UD SHUNDPD DWHLWLHV SHUVSHNW\YD NXUL G O
LQIRUPDFLMRVWU NXPR\UDQHLNLJDORVXSUDQWDPDLUVXQNLDLSURJQR]XRMDPD
3HUNDQW REOLJDFLM  SDSUDVLDXVLDL VLJ\MDPDV SDDG  ULQNLQ\V NXU
SDWHLN REOLJDFLM OHLG MDL


(LOLQLDPV LQYHVWXRWRMDPV \SD VYDUEL LQIRUPDFLMD DSLH YHUW\ELQLXV


SRSLHULXV LOHLGLDQLRV ILUPRV YHLNO  7RNLRV LQIRUPDFLMRV SULHLQDPXP
UHJXOLXRMDYHUW\ELQL SRSLHUL NRPLVLMD
1RUV LU WXU GDPL LQIRUPDFLM  DSLH PRQ  SRWHQFLDO V YHUW\ELQL
SRSLHUL SLUN MDLWXULVXGHULQWLWULVWLNVOXV
SHOQLQJXP 
UL]LN 
OLNYLGXP 
3HOQLQJXPDV \UD DWO\JLQLPDV X LQYHVWLFLMDV DSVNDLLXRMDPDV
SURFHQWLQH LUDLND 3HOQLQJXPDV LUHLNLDPDV SURFHQWLQLX PHWLQL
LPRN MLP  SDMDP  LU YHUW\ELQLR SRSLHULDXV NDLQRV VDQW\NLX 3Y] MHL
REOLJDFLMDSDUGXRWDXOLW VXWHLNLDOLW PHWLQL SDO NDQ WDGDMRV
SHOQLQJXPDVSULO\JVWDSURFHQW 
3HOQLQJXPDV JDOL E WL WLQNDPDV EHYHLN YLV  SDVDXOLR HNRQRPLNRMH
LQRP LQYHVWLFLM URGLNOLV
%HW NRNLR YHUW\ELQLR SRSLHULDXV SDJHLGDXMDPD SHOQR QRUPD
UHTXLUHG UDWH RI UHWXUQ   WDL LQYHVWXRWRMR QDXGRV VDQW\NLQLV URGLNOLV NXULV
VXWHLNLD JDOLP\E  DQDOL]XRWL LU O\JLQWL LQYHVWLFLMDV 3HOQR QRUPD 
SDJHLGDXMDPDV SHOQLQJXPDV -  DSWDUVLPH QHDWVLYHOJGDPL  UL]LN  VLJ\MDQW
YHUW\ELQLXVSRSLHULXV
3HOQLQJXPDV ^SLQLJLQLDL GLYLGHQGDL`^DNFLMRV SLUNLPR NDLQD`  ^ DNFLMRV
SDUGDYLPRNDLQD  DNFLMRVSLUNLPRNDLQD `^DNFLMRVSLUNLPRNDLQD`
3DSUDVW M  DNFLM  SHOQR QRUPD \UD QXVWDWRPD SDVLQDXGRMDQW
IRUPXOHDNFLM HVDPDL GDEDUWLQHL YHUWHLDSVNDLLXRWL
9 ' LDJ 
,LRVIRUPXO V
LD '9J
LD9HVDPRML GDEDUWLQ DNFLMRVNDLQD
'SODQXRMDPDVYLHQRVDNFLMRVGLYLGHQGDV' ' J 
LDSDJHLGDXMDPDSHOQRQRUPD SHOQLQJXPDV 
JGLYLGHQG DXJLPR SULHDXJLR SURFHQWDV
'GDEDUWLQLVYLHQRVDNFLMRVGLYLGHQGDV
,LRVIRUPXO VPDW\WLNDGSDSUDVW M DNFLM SHOQDV\UDXGLUEDPDV
L GYLHM  DOWLQL   GLYLGHQG  '9 LU QXRVDY\E V SDGLG MLPR J NXULV JDOL
E WLLUGLYLGHQG SULHDXJLVLUDNFLM NDLQ SDGLG MLPDV


3DY\]G\V.RNV\UDDNFLMRVSHOQLQJXPDVMHLJXGDEDUMLSDUGXRGDPD
XOLW RNLWDLVPHWDLVSODQXRMDPL/WGLYLGHQGDLLUQXPDWRPDNDGMLH
SDGLG VSURFHQWDLV
LD '9J   
3ULYLOHJLMXRWRVLRV DNFLMRV WXUL L DQNVWR QXVWDW\W  GLYLGHQG  LU WRG O
LXRDVSHNWX\UDSDQDLRV QLHNDGDQHLSHUNDPDVREOLJDFLMDV-HLPRN MLPDL
\UD EHJDOLQLDL HPLVLMRV ODLNDV QHULERWDV WDL M  YHUW  DSVNDLLXRMDPD
GLVNRQWXRMDQWGLYLGHQGRVXP SDJHLGDXMDPRSHOQLQJXPRWDULIX
9SD 'SDLSD
,LRVIRUPXO VSDJHLGDXMDPDSHOQRQRUPDDSVNDLLXRMDPDWDLS
LSD 'SD9SD
LD'SDQXVWDW\WDVPHWLQLVSULYLOHJLMXRWRVLRVDNFLMRVGLYLGHQGDV
9SDSULYLOHJLMXRWRVLRVDNFLMRVYHUW 
LSDSDJHLGDXMDPDSHOQRQRUPD
3DY\]G\V .RUSRUDFLMRV  OLW  QRPLQDOLRVLRV YHUW V SULYLOHJLMXRW M
DNFLM  NXUL  PHWLQLV GLYLGHQGDV \UD  SURFHQWDL ULQNRV NDLQD  /W .RNLD
\UDLRVDNFLMRVSHOQRQRUPD"
LSD 'SD9SD    
2EOLJDFLM SHOQRQRUPDLNLM LSLUNLPRSDURGRNRNLRSHOQRJDOLPD
WLN WLV L REOLJDFLMRV MHLJX M  ODLN\VLPH LNL LSLUNLPR GLHQRV 9LGXWLQ
SHOQLQJXP JDOLPDDSVNDLLXRWLWRNLXE GX
9LGSHOQLQJXPDV ^YLGPHWLQLVSHOQDV`^YLGNDLQD` ^, 09 Q`^ 09 `

LD,PHWLQLVSDO NDQ PRN MLPDVSDJDONXSRQ  , 0LG 0REOLJD


FLMRVQRPLQDODVDUEDYHUW SDVLEDLJXVPRN MLPRWHUPLQXLQPRN MLPRWHUPLQDV
PHWDLVLGYLV E VLP M SLQLJ VUDXW GLVNRQWRQRUPD9REOLJDFLM GDEDUWLQ
YHUW 
3DY\]G\V2EOLJDFLMRVQRPLQDOLRMLYHUW \UD/WHVDPRML GDEDU
WLQ ULQNRVNDLQD/WPHWLQLVSDO NDQ WDULIDVSURFLNLLSLUNLPR
PHW .RNVYLGXWLQLVREOLJDFLMRVSHOQLQJXPDV"
LR ^  `^  ` 


5L]LND ULVN UHLNLDQHSDJHLGDXMDPR Y\NLRJDOLP\E W\JDOLP\E


SDWLUWLVXQNLDLQXPDWRP QXRVWRO (NRQRPLNRMHUL]LNRVWHUPLQXDSLE GLQDPD
LUJDOLP\E LORWLLUJDOLP\E SUDORWL.XRGDXJLDXIDNWLNDVLVSHOQLQJXPDV
QXNU\SVWDQXRSODQXRWRWXRUL]LNLQJHVQLV\UDYHUW\ELQLVSRSLHULXV
5L]LN  JDOLPD DSLE GLQWL NDLS SHOQLQJXPR QXNU\SLP  QXR SODQXRWR
G\GLR7LNLP\E  SUREDELOLW\ WDLDWVLWLNWLQLR Y\NLRSDVLURG\PRJDOLP\E V
VNDLWLQ FKDUDNWHULVWLND
$WVLWLNWLQLV Y\NLV WLNLP\EL  WHRULMRMH HYHQW   WDL Y\NLV NXULV
YLHQRGRPLV V O\JRPLV JDOL Y\NWL DUED QH Y\NWL -HL Y\NLV NDUWRMDVL GDXJ
NDUW  MR Y\NLPDV DSLE GLQDPDV WLNLP\EH $WVLWLNWLQLR Y\NLR SDVLURG\PR
WLNLP\E PDWXRMDPDVNDOHQXRQXOLR  LNLYLHQHWR  
$WVLWLNWLQLR Y\NLR WLNLP\E   WDL JDOLP\E  Y\NLXL Y\NWL NXUL
GDQDLYHUVOHLUHLNLDPDSURFHQWDLV
'LVNUHLRMRDWVLWLNWLQLRG\GLRSDVLVNLUVW\PRG VQLVNDL Y\NLDPVDU
UH]XOWDWDPV SULVNLULDPRV DWVNLURV L]ROLXRWRV UHLNP V 7RO\GLDMDP
DWVLWLNWLQLDP G\GLXL NXULR JDOLPRV UHLNP V XSLOGR YLV  GXRW M  LQWHUYDO 
SDVLVNLUVW\PRG VQLV\UDLUHLNLDPDVWDQNLRIXQNFLMD WLNLP\E VWDQNLV 
7DLWHRULQLVSDVLVNLUVW\PRWDQNLVURGDQWLVODXNLDP GDQXP NXULXR
YLGXWLQLNDLJDOLY\NWLWDPWLNUDVDWVLWLNWLQLV Y\NLV
'LVNUHWXVLV WLNLP\EL  SDVLVNLUVW\PDV DSLPD EDLJWLQ  Y\NL
VNDLL  .LHNYLHQDL HNRQRPLNRV E NOHL SULVNLULDPD WDP WLNUD MRV
VXVLGDU\PR WLNLP\E  LU SHOQR QRUPD -HL Y\NL  \UD EH JDOR GDXJ WDL
SDVLVNLUVW\PDV ODLNRPDV EHJDOLQLX R SDWV G\GLV SUDNWLNDL JDOL E WL
WUDNWXRMDPDVNDLSWRO\GXVLVDWVLWLNWLQLVG\GLV
-HL QDJULQ MDPR G\GLR UHLNPHV YHLNLD GDXJHOLV QHSULNODXVRP
YHLNVQL  NLHNYLHQR L NXUL  SRYHLNLV Q UD \PXV WDL QDJULQ MDPR G\GLR
SDVLVNLUVW\PDV\UDDUWLPDVQRUPDOLDMDPSDVLVNLUVW\PXL
5L]LNLQJR YHUW\ELQLR SRSLHULDXV 93  SHOQLQJXP  OHPLD WLNLP\E 
NDG NDLQRV VXPD V 5L]LNLQJR 93 SHOQLQJXPR SURFHQWDV JDOL E WL
VXSUDQWDPDVNDLSW SURFHQW WLNLP\EL VNODLGDWDPWLNUXODLNRWDUSLX
7LNLP\EL  VNODLGD DSLE GLQDPD GYLHP SDUDPHWUDLV SODQXRMDPX
SHOQLQJXPXLUVWDQGDUWLQLXQXNU\SLPX
7UDGLFLQLV UL]LNRV PDWR URGLNOLV \UD SHOQR QRUPRV YLGXWLQLV NYDGUD
WLQLVQXRNU\SLV



%$1.,1,1.<67.$,39(56/$6
%DQNLQLQN\VW V YHUVOR UDLG  JHULDXVLDL LOLXVWUXRMD EDODQV  OHQWHO
EDODQFHVKHHW NXUL VXGDUR
)LUPRVWXUWDV DVVHW W\WDLNDVSULNODXVRILUPDL
 VLVNROLQLPDL OLDELOLWLHV W\ILUPRVVNRORV
)LUPRVQXRVDYDVNDSLWDODV HTXLW\ W\JU\QDVLVWXUWDV
1XRVDYDVNDSLWDODV 7XUWDV VLVNROLQLPDL
7XUWDV  VLVNROLQLPDL1XRVDYDVNDSLWDODV
%DODQVDV EDODQFH VKHHW   WDL ILUPRV DU NLWR NLR HNRQRPLQLR
YLHQHWRILQDQVLQ DWDVNDLWDDSLEHQGULQDQWLILUPRVDU NLRHNRQRPLQLRYLHQHWR
WXUW VNROLQWRM LUVDYLQLQN NDSLWDO 
%DODQVDV  WDL WDUVL ILUPRV VYHLNDWRV E NO V QXRWUDXND NXUL SDURGR
EHQGU WXUWR VLVNROLQLP  VLSDUHLJRMLP LUVDYLQLQN QXRVDY\E VYHUW WDP
WLNUXILNVXRWXODLNRPRPHQWX
%DODQVLQ MHDWDVNDLWRMH\UDLYDUGLMDPLYLVLILUPRVDNW\YDL WXUWDV LU
SDV\YDL VLVNROLQLPDL LU VDYLQLQN  QXRVDY\E  %DODQV  OHQWHO MH WXUWDV
UDRPDVYLHQRMHSXV MH NDLU MH R VLVNROLQLPDLLUQXRVDYDVNDSLWDODVNLWRMH
GHLQ MH %DODQV OHQWHO VDELSXV VWXULE WLO\JLRVW\VXEDODQVXRWRV
$XNVDNDOLREDODQVDV

7XUWDV
$XNVLQ VPRQHWRV/W
1DPDV/W
,YLVR/W

OHQWHO
VLVNROLQLPDLLUQXRVDYDVNDSLWDODV
,QG OLDLLNLSDUHLNDODYLPR/W
1XRVDYDVNDSLWDODV/W
,YLVR/W

-HL DXNVDNDOLXL SDOLNWRV PRQHWRV E W  WLN VDXJRPRV VDQG O\MH


YLHQLQWHOLVSDMDP DOWLQLVE W DWO\JLQLPDVXDXNVRSLQLJ VDXJRMLP 3HU
GDXJPHW EXYRSDVWHE WDNDGDXNVDVMXGDWLHNLVDQG OLRWLHN M %HQGUDV
DXNVR QDRG\GLVVY\UXRGDYRWDLDXVDQG O\MHMROLNGDYRSDNDQNDPDLGDXJ


PRQ V PDLDX DXNVR SDVLLPGDYR QHJX QHGDYR VDXJRWL 7XRPHW LU NLOR
PLQWLVVNROLQWLGDO LQG OLQLQN DXNVRWDPNDGE W XGLUEWDSDO NDQ 7DLS
DXNVDNDOLVSUDG MRHNVSHULPHQWXRWLVXSDVNRORPLV, SUDGL  MLV ODLN  GLGHO
UH]HUY  NLHN  NDG JDO W  VXPRN WL NOLHQWDPV MHL MLH SDUHLNDODXW  6DN\NLP
WDLEXYR  /WUH]HUYDV/LNXVLXV  /WEXYRJDOLPDSDVNROLQWL8
SDVNRO  EXYR LPDPDV UDWLNDV VNROLQLQNR SDVLDG MLPDV  YHNVHOLV NXULDPH
LV SDVLUD\GDYR VLSDUHLJRMLP  PRN WL SDO NDQDV LU SR NXULR ODLNR JU LQWL
SUDGLQ VXP 7XRPHWEDODQVDVDWURGRWDLS
$XNVDNDOLRWDPSDQLREDQNLQLQNXEDODQVDV
7XUWDV
$XNVLQL PRQHW UH]HUYDV
/W
3DVNRORV/W
1DPDV/W

OHQWHO
VLVNROLQLPDLLUQXRVDYDVNDSLWDODV
,QG OLDLLNLSDUHLNDODYLPR
/W
1XRVDYDVNDSLWDODV/W

,YLVR/W

,YLVR/W

6NROLQGDPDV DXNVDNDOLV VDQG OLDYLPR IXQNFLMDV SDNHLW   GDOLQL


UH]HUY  EDQNLQLQN\VW  ,OJDLQLXL JLM  SDVLWLN MLP  DXNVDNDOLDL SUDG MR
PDLQWL EDQNR UH]HUYXV QHV NLHNYLHQDV L UH]HUY  SDLPWDV LU SDVNROLQWDV
SLQLJLQLV YLHQHWDV JDO MR XGLUEWL SDSLOGRP  SDO NDQ  .DUWDLV UH]HUYH
E GDYR WLN  SURF LU QHW PDLDX YLV  LQG OL  LD JDOLRMD WDLV\NO   NXR
PDHVQLV UH]HUYR O\JLV WXR GDXJLDX EDQNDV JDOL VNROLQWL SLQLJ  EHW LU WXR
GLGHVQ EDQNRUL]LND
8VLLPGDPL GDOLQL  UH]HUY  EDQNLQLQN\VWH DXNVDNDOLDLEDQNLQLQNDL
NOHVW MR7DLDXLPGDPLHVLQDXMRYHUVORMLHVPDUNLDLUL]LNXRGDYR
- SDVNRORVJDO MRQHSDVLWHLVLQWL7DLUHLNLDNDGNLWLYHUVOLQLQNDL
DU EDQNDL JDO MR E WL QHPRN V 7RG O WRNLRV NUHGLWLQ V UL]LNRV YHUWLQLPDV
WDSRVYDUELDEDQNLQLQN\VW VGDOLPL
 /DLN\GDPL UH]HUYXV DWLWLQNDQLXV WLN GDO  LQG OL  LNL
SDUHLNDODYLPR EDQNLQLQNDL JDO MR NOLDXWLV WLN VWDELOLRPLV LQG OLQLQN
SODXNRPLVLUDWVL PLPDLV7LNHNRQRPLNDLJHUDLVODLNDLVLVSURFHVDVE GDYR
EHYHLN VWDELOXV -HL LQG OLQLQNDL LVLJ VW  MLH PDVLNDL DWHLW  DWVLLPWL VDYR
LQG OL 3UDVLG W UHLNDODYLP DQWSO GLVWDL\UDEDQNRSXROLPDV UXQRQD
EDQN  7DLS LQG OLQLQNDL NXULH YLHQX PHWX UHLNDODXGDYR LQG OLR SDW\V VDX
LVLNDVGDYR GXRE  7RNV SXROLPDV VWXPGDYR EDQNXV  EDQNURWXV 7DL


VXSDSUDVWLQWD EDQN  LVWRULMRV YHUVLMD LR DPLDXV SUDGLRMH EXYXVL


GHFHQWUDOL]XRW  EDQN  VLVWHP  NDL NLHNYLHQDV EDQNDV OHLGR  DS\YDUW
EDQNQRWXV WDL \UD SRSLHULQLXV SLQLJXV LU ODEDL PHQND EXYR SLQLJ  SDVL ORV
NRQWURO  UHLN MR UHRUJDQL]XRWL 3DVDXOLQ  EDQN  UDLGRV SUDNWLND VX
SHULRGLNRPLV NUL] PLV  SDURG  NDG E WLQD FHQWUDOL]DFLMD LU Y\ULDXV\E V
NRQWURO  9LVRVH QHSULNODXVRPRVH YDOVW\E VH GLGHO VH LU PDRVH \UD
QXRVDYDV FHQWULQLV EDQNDV NXULV UHJXOLXRGDPDV SLQLJ  SDVL O  LU
NRQWUROLXRGDPDV NUHGLWDYLP  VLHNLD VXGDU\WL V O\JDV HNRQRPLNDL VWDELOLDL
SO WRWLV
&HQWULQLV EDQNDV Q UD NRPHUFLQ  PRQ  LU MR WLNVODV  QH SHOQDV R
SLQLJ  SDVL ORV UHJXOLDYLPDV PRQHWDULQ  SROLWLND  7DL YDOVW\E V JDOL
QDXGRMLPDV UHJXOLXRWL NUHGLWDPV VLHNLDQW YHLNWL DOLHV HNRQRPLN  \SD
NRQWUROLXRWL LQIOLDFLM  LU VNDWLQWL HNRQRPLNRV DXJLP  %DQNDV QHWXU W  E WL
SDYDOGXV Y\ULDXV\EHL NDG JDO W  JLQWL QH Y\ULDXV\E V R QDFLRQDOLQ V
HNRQRPLNRVLQWHUHVXV
9LVD LXRODLNLQ  EDQNLQLQN\VW  \UD SDJU VWD GDOLQLR UH]HUYDYLPR
SULQFLSX7DLUHLNLDNDGEDQNDLQHJDOLVNROLQWLYLV WXULP O WXULSDOLNWL
WDP WLNUDV DWVDUJDV -DX DXNVDNDOL  SDOLXGLMLPDL EXYR WDP WLNUD SRSLHULQL
SLQLJ IRUPDGLGLQDQWLSLQLJ SDVL O 
$WLG M GDO LQG OL NDLSUH]HUYXVEDQNDLVXNXULDSLQLJXVVNROLQ
GDPL OLNXVLXV 7DL EDQNDL GDUR SHU LQG OLXV LNL SDUHLNDODYLPR DUED HNLQHV
V VNDLWDV
LXRODLNLQLDL NRPHUFLQLDL EDQNDL \UD YHUVOR PRQ V ODELDXVLDL SDQD
LRV  VDYR SLUPWDNXV  DXNVDNDOLXV -LH DWOLHND GYL SDJULQGLQHV EDQNLQLQNR
DXNVDNDOLR IXQNFLMDV SULLPD LQG OLXV W\ VNROLQDVL L J\YHQWRM  EHL ILUP
SLQLJXVPRNDMLHPVSDO NDQDVLUVNROLQDSLQLJXVYHUVOLQLQNDPVILUPRPVEHL
LQGYLGXDOLHPV DVPHQLPV $WOLNGDPL LDV RSHUDFLMDV EDQNDL VLHNLD JDXWL NXR
GLGHVQ SHOQ 
%DQNDL QHJDOL SDVNROLQWL YLV  MXRVH GHSRQXRW  ORW GHSRQHUH 
DWLGXRWL VDXJRWL  SLQLJ  QHV LQG OLQLQNDL WXUL WHLV  EHW NDGD MXRV SDVLLPWL
7DLDX SDWLUWLV SDURG  NDG MLH JDOL L WLHV  SDVNROLQWL EHYHLN YLVXV VDYR
LQG OLXV LU NDUWX SDWHQNLQWL VDYR LQG OLQLQN  UHLNDODYLPXV 9LV G OWR NDG
DSVLGUDXVW  YLVL EDQNDL ODLNR WDP WLNU  ILNVXRW  LQG OL  GDO  QHMXGDP   WDL
UH]HUYLQLDL LQG OLDL LRV O RV YDGLQDPRV EDQN  UH]HUYDLV 5H]HUY  GDOLV
NXUL EDQNDLSULYDORODLN\WLYDGLQDPDUH]HUYRQRUPD
%DQNR UH]HUYDV  ILNVXRWD EDQNR GHSR]LW  GDOLV NXULRV QHJDOLPD
VNROLQWLWDLSLQLJ NLHNLVNXU E WLQ MDWYDUNDSULYDORWXU WLEDQNDV



% WLQLHML UH]HUYDL UHTXLUHG UHVHUYHV   WDL UH]HUYDL NXULXRV EDQNDV


SULYDOR ODLN\WL QXVWDW\WD WYDUND WDP NDG JDO W  Y\NG\WL VDYR WHLV WXV
ILQDQVLQLXV VLSDUHLJRMLPXV
% WLQLHMLUH]HUYDL 5H]HUYRQRUPD,QG OLDL
% WLQRMRUH]HUYRQRUPD UHTXLUHGUHVHUYHUDWLR EDQNRGHSR]LWLQL
VLVNROLQLP  GDOLV SURFHQWDLV  NXUL  EDQNDV SULYDOR LODLN\WL E WLQXRVLXRVH
UH]HUYXRVH
%DQNDLWXULGYLHM U L UH]HUY 
LQG OLXVFHQWULQLDPHEDQNH
YDOLXW  WDL\UDJU\QXRVLXVSLQLJXV 
.RN  SURFHQW  LQG OLR EDQNDV SULYDOR SDG WL   UH]HUY  QXVWDWR
FHQWULQLV EDQNDV LU WDL \UD VYDUEXV MR SLQLJ  SROLWLNRV UDQNLV .DG E W
LYHQJWD ILQDQVLQ V SDQLNRV NRPHUFLQLDL EDQNDL LU NLWRV GHSR]LWLQ V
LQVWLWXFLMRVSULYDORODLN\WLE WLQXRVLXVUH]HUYXVFHQWULQLDPHEDQNH6YDUELDP
UHLNDOXL HVDQW NRPHUFLQLDL EDQNDL JDOL L FHQWULQLR EDQNR VNROLQWLV W\
FHQWULQLVEDQNDVYHLNLDNDLSSDVNXWLQLVVNROLQWRMDV
7DLJLE WLQ M UH]HUY WLNVODVULERWLSLQLJ NXULXRVJDOLVXNXUWL
EDQNDVNLHN 
3LQLJ  SDVL O  VXGDUR EHQGUD FLUNXOLXRMDQL  SLQLJ  PDV  7DL \UD
JU\QLHMLSLQLJDLHVDQW\VSDVJ\YHQWRMXVLUEDQN GHSR]LWDL%DQN GHSR]LWDL
\UDSLQLJDLQHVHNLDLLUD\WLWLHPVSLQLJDPV\UDPRN MLPRSULHPRQ 7DGD
3LQLJ SDVL OD JU\QLHMLSLQLJDLFLUNXOLDFLMRMHGHSR]LWDLEDQNH
'HSR]LWDL \UD EDQNR VNROD LU VXGDUR GDO  EDQNR ILQDQVLQLR WXUWR
%DQNR SDVNROD SDGLGLQD SLQLJ  PDV  .DL EDQNDV VXWHLNLD SDVNRO  G O WR
JU\Q M  SLQLJ  NLHNLV GDU QHVLNHLLD .DL VNROLQLQNDV L SDVNRORV DSPRND
JU\QDLVWXRPHWSDGLG MDFLUNXOLXRMDQL SLQLJ NLHNLV
3LQLJ NLHNLV JU\QLHMLSLQLJDLFLUNXOLDFLMRMHEDQNRSDVNROD
3LQLJ  SDVL OD GLG MD GLG MDQW EDQNR SDVNRODL 3LQLJ  NLHN  NXU
EDQN VLVWHPDJDOLVXNXUWLULERMDE WLQRMRUH]HUYRQRUPD9DOVW\E MHY\NVWD
QHSHUWUDXNLDPDV SLQLJ  MXG MLPDV NXULV DSWDUQDXMD SUHNL  SLUNLP 
SDUGDYLP  LU NLWXV UHLNDOLQJXV PRN MLPXV 1DJULQ MDQW SLQLJ  FLUNXOLDFLM 
UHLNLD DWVDN\WL  NODXVLP  NLHN UHLNLD SLQLJ  NDG MLH SDWLNLPDL DWOLNW
PRN MLPRSULHPRQ VIXQNFLM "


3DJULQGLQLV SLQLJ  SDVL ORV HOHPHQWDV \UD YDGLQDPLHML SLUPLHML


SLQLJDL 0 DU 3  7DLS SLQLJ  PDV  DSLE GLQDPD VLDXU MD SUDVPH LXRV
SLQLJXV WXRM SDW JDOLPD SDYHUVWL NLWX WXUWX 1HVLOHLGLDQW  VPXONPHQDV
JDOLPD SDVDN\WL NDG VLPEROLX 0 \UD LUHLNWD WDL N  HNRQRPLVWDL
GDQLDXVLDLWXULRPHQ\MHNDLNDOEDDSLHSLQLJXV
0 JU\QLHMLSLQLJDL YDOLXWD HNLQLDLLQG OLDL GHSR]LWDL NHOLRQLQLDL
HNLDL
HNLQLDL LQG OLDL GHSR]LWDL  \UD SDWL GLGLDXVLD VXGHGDPRML SLQLJ
PDV V 0 GDOLV %DQNDV VNROLQGDPDV SLQLJXV SDGLGLQD FLUNXOLXRMDQL
SLQLJ NLHN QHVEHQGUDEDQNRSDVNRODYLULMDJU\Q M SLQLJ UH]HUY 
1HVDQW SDSLOGRP  SODXN  JU\QDLVLDLV EDQNDV VXWHLNLD SDVNRO
J\YHQWRMDPV LU ILUPRPV SHUYHVGDPDV SLQLJXV  EHVLVNROLQDQLRMR HNLQ
HLQDP M  V VNDLW  DUED DWLGDUR QDXMDV HNLQL  GHSR]LW  V VNDLWDV 7RPV
VXPRPVVNROLQLQNDLJDOLLUD\WLHNLXVLUSDLPWLLEDQNRJU\QXRVLXVSLQLJXV
7DLJLSDGLG MXVHNLQHLV VNDLWDLSDGLG MDLUSLQLJ SDVL ODDO\MH
7DUS YLV  NRPHUFLQL  EDQN  DWOLHNDP  RSHUDFLM  \SDWLQJR G PHVLR
QXVLSHOQR E WHQW M  JDOLP\E  NXUWL SLQLJXV 'DXJHOLV PRQL  PLJORWDL
VLYDL]GXRMDL EDQN VDY\E LUYHUWLQDSULHLNDLLVSURFHVDV\UDLQRPDV
NDLSGDXJNDUWLQLVEDQNRLQG OL LSO WLPDV
.DLSSDVLNHLLDSLQLJ NLHNLVNDLLHSDGHGDPL EDQN "$WVDN\PDV
E W QLHNDLS-HLOLW SDGHGDPL EDQN WDLSDVLNHLLDSLQLJ SRE GLV
JU\QLHMLSLQLJDLWDPSDHNLQLXLQG OLX
1DJULQ MDPXV 0 SLQLJXV VXQNX WLNVOLDL DSLEU WL .DL
DSVNDLLXRMDPDV SLQLJ  NLHNLV SLQLJDL LU HNLQLDL LQG OLDL VNDLLXRMDPL WLN
WDGD NDL MDLV GLVSRQXRMD J\YHQWRMDL DUED ILUPRV W\ NDL MXRV WXUL IL]LQLDL
DVPHQ\V LU QHEDQNLQ V LQVWLWXFLMRV 9\ULDXV\E V LGR FHQWULQLR EDQNR DU
LQG OLXV SULLPDQL  EHL LPRNDQL  LQVWLWXFLM  SY] NRPHUFLQL  EDQN
WXULPRV SLQLJLQ V O RV QH WUDXNLDPRV  SLQLJ  PDV  QHV LRV LQVWLWXFLMRV
NXULDSLQLJXV
3LQLJDL J\MD UHLNP  LU WDPSD SLQLJDLV WLN WXRPHW NDL MLH SDWHQND L
FHQWULQLR EDQNR  J\YHQWRM  LU ILUP  UDQNDV .RPHUFLQLDPV EDQNDPV
VXUHQNDQWLQG OLXVDWVLUDQGDSHUWHNOLQLDLUH]HUYDL
3HUWHNOLQLDLUH]HUYDL H[FHVVUHVHUYHV WDLJU\Q M SLQLJ DULQG OL
SDYLGDOX VDXJRPL EDQNR UH]HUYDL NXULH YLULMD MXULGLNDL E WLQXRVLXV
UH]HUYXV



3(57(./,1,$,5(](59$,

%(1'5,(-,5(=(59$,%

7,1,(-,5(=(59$,

%DODQVDVNDLEDQNDVSULLPDLQG O
7XUWDV
*U\Q M SLQLJ UH]HUYDL/W
E WLQLHMLUH]HUYDL/W
SHUWHNOLQLDLUH]HUYDL/W
BBBBBBBBBBBBB
,YLVR/W

VLVNROLQLPDL
HNLQLDLLQG OLDL/W

OHQWHO

BBBBBBBBBBBBB
,YLVR/W

.DL EDQNDV SULLPD  W NVW /W WDL MR WXUWDV LU VNROD SDGLG MD  W NVWDQL
OLW 
%DODQVDVNDL$EDQNDVVXWHLNLDSDVNRO
7XUWDV
*U\Q M SLQLJ UH]HUYDL/W
3DVNROD/W

VLVNROLQLPDL
HNLQLDLLQG OLDL
M V /W
YHUVOLQLQNR/W

OHQWHO

BBBBBBBBBBBBB
BBBBBBBBBBBBB
,YLVR/W
,YLVR/W
.DL EDQNDV SDVNROLQD  OLW  HNLQLDL LQG OLDL SDGLG MD  OLW  7DL UHLNLD NDG
EHQGUDSLQLJ PDV SDGLG MR

HNLQLRNOLULQJRSRYHLNLV$EDQNXL
7XUWDV
5H]HUYDL/W
E WLQLHMLUH]HUYDL/W
SHUWHNOLQLDL/WBBBBBBBBBBBB
,YLVR/W

OHQWHO

VLVNROLQLPDL
- V HNLQLDLLQG OLDL GHSR]LWDV 
/W
BBBBBBBBBBBBB
,YLVR/W
$WVLVNDLW VHNLDLVEDQNDV$QHEHWXULSHUWHNOLQL UH]HUY 



'DXJNDUWLQLVEDQNRLQG OL LSO WLPDV


*UDQGLQLQ UHDNFLMD
%DQNDV

$
%

&
'
(

0DNV
VXPD

J\WLHML
UH]HUYDLLU
HNLQLDL
LQG OLDL/W


% WLQLHML
UH]HUYDL/W
 [ 

 M V

8$%;

8$%<

8$%=

8$%:



3HUWHNOLQLDLUH]HUYDL
SDVNRORV/W
   


































3RYHLNLVYLV EDQN EHQGUDPEDODQVXL


HVDQWPDNVLPDOLDLOHLGLDPDPLSO WLPXL
7XUWDV
5H]HUYDL/W
E WLQLHML/W
SHUWHNOLQLDL/W
3DVNRORV/W

OHQWHO
3LQLJ
PDV V
SRN\LDL/W
 

OHQWHO

VLVNROLQLPDL
HNLQLDLLQG OLDL GLGPHQLQ VED] V
HNLQLDLLQG OLDL /W
BBBBBBBBBBBBB
,YLVR/W

BBBBBBBBBBBBB
,YLVR/W

.DL EDQN  VLVWHPRMH UH]HUYDL SDSLOGRPDL SDGLG MD  /W WDL
HNLQLDL LQG OLDL SDGLG MD  /W HVDQW  SURF E WLQ M  UH]HUY
UHLNDODYLPXL 
%DQNLQLQN\VW MHNDLSLUEHWNXULDPHNLWDPHYHUVOHJHUDLWLQNDULQNRV
V O\JDV DWVSLQGLQWL IUD]  -HL PHV QHVLU SLQVLPH NOLHQWX MXR SDVLU SLQV NDV
QRUVNLWDV% W SXLNXNDGWDLSE W LU/LHWXYRMH
.UHGLWDV FUHGLW   WDL SDVNRORV LU NLWRNLH DWLGHGDPRMR PRN MLPR
PHWRGDL JDOLQDQW\VYDUWRWRMXVLUILUPDVSLUNWLSUHNHVDUSDVODXJDVDOLDYDVLU


GDOLV RGLV NUHGLWDV NLO V L ORW\Q  NDOERV RGLR FUHGR  WLNLX .UHGLWX
YDGLQDPDV SDVLWLN MLPDV NXU  SDUHLNLD YLHQDV DVPXR YDGLQDPDVLV
VNROLQWRMDV OHQGHU  DUED NUHGLWRULXV DQWUDP DVPHQLXL YDGLQDPDMDP
VNROLQLQNXL DUED GHELWRULXL  .UHGLWLQLV VXVLWDULPDV FUHGLW LQVWUXPHQW   WDL
UDWLNDV SDVLDG MLPDV JU LQWL NUHGLW  WDP WLNUX PHWX DWHLW\MH .UHGLWR
VXWDUWLHVHOHPHQWDL\UDLHNUHGLWDVREMHNWDVODLNDVSDO NDQ QRUPD

9$/67<%6),1$16$,,502.(6,$,
0RNHVLDL WD[HV   WDL YDLU V PRN MLPDL  YDOVW\E V ELXGHW  W\
YDOVW\E V DUED YLHRVLRV YDOGLRV QXVWDW\WD SULYDORPD PRND X NXUL  MRNLD
VSHFLDOLDSDVODXJDLQGLYLGXLQ UDDWO\JLQDPD
0RNHVLDLQ UDEDXGRVVNLULDPRVXDOLHV VWDW\P SDHLGLPXVMXRV
WDLSSDWUHLNLDVNLUWLQXRSDMDP NXULDVYDOVW\E JDXQDLNRNLRVQRUV NLQ V
YHLNORV DU X VSHFLDOLDV SDVODXJDV WHLNLDPDV DVPHQLPV SDY\]GLXL
Y\ULDXV\E V SDMDPRV L YDOVW\E V SDWR .LWDLS WDULDQW PRNHVLDL \UD
VXSUDQWDPL NDLS YDOVW\E V DU VDYLYDOG\EL  YDOGLRV VWDW\PLQLDLV DNWDLV
QXVWDW\WL SULYDORPL PRN MLPDL  WDP WLNUR YDOG\PR O\JLR ELXGHW  EHL
QHELXGHWLQLXV IRQGXV -XRV PRND SDYLHQLDL DVPHQ\V ILUPRV LU NLWL DOLHV
WHULWRULMRMH HVDQW\V HNRQRPLQLDL VXEMHNWDL -  VRFLDOLQLV EHL HNRQRPLQLV
YDLGPXRSDVLUHLNLDM IXQNFLMRPLVLNXUL VYDUELDXVLRV\UDGYLILVNDOLQ LU
UHJXOLDYLPR
YDLURNRPV QHJDP\ELQ PV IXQNFLMRPV Y\NG\WL YDOVW\E  NDVPHW WXUL
VNLUWL GDXJ O  5HLNLD SDODLN\WL YLGDXV WYDUN  DSVLVDXJRWL QXR JDOLP
SULH SO WRWLYLHWLP NXOW U PRNVO VYHLNDWRVDSVDXJ PRN WLSHQVLMDVLU
SDO NDQDV X SDVNRODV 9LVLHPV LHPV WLNVODPV NDVPHW YDOVW\E  WXUL LOHLVWL
GLGHOHV VXPDV 9DOVW\E  EDQGR EHW UHWDL NDGD V NPLQJDL DSPRN WL YLVN
QHVLVNROLQGDPD7DLJLUHLNDOLQJLGLGHOLILQDQVLQLDLLWHNOLDLNXUL SDJULQGLQLV
IRUPDYLPR DOWLQLV \UD PRNHVLDL 7XR SRL ULX MLH \UD YDOVW\E V
HNRQRPLQLRJ\YHQLPRSDJULQGDV
0RNHVLDLMDXWDSRDNWXDO V;9;9,DPLXMHNDL(XURSRVYDOVW\
E VH SUDVLG MR SROLWLQ V YDOGLRV FHQWUDOL]DYLPDV LDP WLNVOXL EXYR NXULDPL
DSPRNHVWLQLPR SULQFLSDL 1XR ;,; D DQWURVLRV SXV V SDVLNHLW  PRNHVL
V YRNRV WUDNWDYLPDV NDG PRNHVLDL \UD DWO\JLQLPDV Y\ULDXV\EHL X MRV
SROLWLQ  HNRQRPLQ  LU VRFLDOLQ  YHLNO  0RNHVLDL WDPSD YDOVW\E V SDMDP
DOWLQLXRNDUWXLUJDOLQJDHNRQRPLQHSULHPRQHYDOVW\E VUDQNRVH3ULLPDPL
PRNHVL  VWDW\PDLMDLVUHPLDQWLVY\NGRPDVDOLHVHNRQRPLNRVUHJXOLDYLPDV


VWDW\PLQLDLV DNWDLV QXVWDW\W  PRNHVL  U L  YLVXPD VXGDUR


YDOVW\E V PRNHVL  VLVWHP  WD[ V\VWHP  $SPRNHVWLQLPDV WD[DWLRQ   WDL
YDOVW\E V PRNHVL  SODXNRV L QDP  NLR LU PRQL  ILUP  SDMDP  EHL
LODLG 
3DMDP  PRNHVWLV DSLPD DVPHQLQL  SDMDP  LU EHQGURYL  SDMDP
PRNHVW  LODLG  PRNHVLDL DSLPD SULGHGDPRVLRV YHUW V PRNHVW  LU DNFL] 
$SPRNHVWLQLPDV \UD O  L PLPDV L QDFLRQDOLQL  SDMDP  DS\YDUWRV
0RNHVLDL QDXGRMDPL Y\ULDXV\E V LODLGRPV LU NDLS ILQDQV  SROLWLNRV
SULHPRQ  UHJXOLXRMDQWL YLV  DOLHV NLR LODLG  EHQGURVLRV SDNODXVRV  O\J 
3DJULQGLQLVDSPRNHVWLQLPRWLNVODV\UDSDGLGLQWLYDOVW\E VSDMDPDV
5LQNGDPD PRNHVLXV Y\ULDXV\E  YHLNLD WXRV NXULH VXNXULD
YLVXRPHQ V SURGXNW  0RN GDPL PRNHVLXV PRQ V PDLDX SHUND SUHNL  LU
SDVODXJ 1RUVSDJULQGLQLVPRNHVL WLNVODVDSPRN WLY\ULDXV\E VYDOG\PR
LODLGDVWDLDXMLHQDXGRMDPLLUNLWXU
0RNHVLDL WDLS SDW YHLNLD JDP\E  %H WR PRNHVLDL LPDPL WDP
WLNURPV NLR DNRPV DSVDXJRWL -DX NXU  ODLN  PRNHVLDL SDGHGD DSJLQWL NDL
NXULXRV/LHWXYRVHP V NLRSURGXNW JDPLQWRMXV
0RNHVL  VLVWHPD JDOL GDU\WL WDN  LU SUHNL  JDPLQLPXL EH WR ML
QDXGRMDPDLUWDPWLNUDLQRULPDLYHLNODLVNDWLQWL3Y]PDLQGDPDPRNHVLXV
Y\ULDXV\E JDOLSDVNDWLQWLYHUVOLQLQNXVODELDXPHFKDQL]XRWLJDP\E LUGLGLQWL
GDUERQDXP 
0RNHVLDL WDLS SDW SDGHGD DSVDXJRWL ULQN  QXR NDL NXUL  SUHNL 
NXULDV Y\ULDXV\E  ODLNR DOLQJRPLV SY] PRNHVLDL X WDEDNR LU VSLULWR
JDPLQLXV LD VLHNLDPD YLHQX NDUWX GYLHM  WLNVO   VXULQNWL GDXJLDX O  LU
VXPDLQWLYDUWRMLP 
9\ULDXV\E JDOLSDVLQDXGRWLVDY MDDSPRNHVWLQLPRJDOLDHNRQRPLQ V
YHLNORV DNW\YXPXL UHJXOLXRWL 3ULVLPLQXV QDJULQ WXV PDNURHNRQRPLQLXV
PRGHOLXVLQRPHNDGHNRQRPLNRVO\JLV\UD WLHVLRJLDL VXVLM V VX YDUWRWRM  LU
JDPLQWRM  LODLGRPLV 7DLJL GLGLQGDPD DUED PDLQGDPD PRNHVLXV
Y\ULDXV\E  WLHVLRJLDL YHLNLD LODLGRPV OLHNDQL  SLQLJ  NLHN  .LHNYLHQD
PRNHVL  VLVWHPD \UD WDP WLNUDV YDOVW\E V UDLGRV UH]XOWDWDV 1RUV YLVRVH
PRNHVL  VLVWHPRVH HJ]LVWXRMD GDXJ VSHFLILQL  WLN WDP WLNUDL NLR DNDL
E GLQJ  HOHPHQW  WDLDX SDJULQGLQLDL DSPRNHVWLQLPR SULQFLSDL \UD ODEDL
SDQD V
$SPRNHVWLQLPR SULQFLSDL   WDL VNLUWLQJ  DSPRNHVWLQLPR PHWRG
SDQDXGRMLPRORJLQLVSDJULQGDV
0RNHVL SROLWLND\UDODEDLJODXGLDLVXVLMXVLVXYDOVW\E VELXGHWXLU
VRFLDOLQHSROLWLND7RG OUHQJLDQWPRNHVL VLVWHP UHLNLDDWVLYHOJWL NHOHW
DSPRNHVWLQLPRPRW\Y 


.HWXULVYDUELDXVLDSPRNHVWLQLPRSULQFLSDL
1HXWUDOXPDV
'DXJHOLX DWYLOJLX ODLVYRVLRV ULQNRV VLVWHPD YHLNLD QHSULHNDLWLQJDL
$GDPR 6PLWR DSUD\WD QHPDWRPD UDQND XWLNULQD YDUWRWRMDPV SUHNL  LU
SDVODXJ JDXV 7RG OPRNHVL VLVWHPDWXULE WLQHXWUDOLWDL\UDNXRPDLDX
WUXNG\WLULQNRVM JRPV3Y]MHLGYLJXEDLEUDQJLDXE W DSPRNHVWLQDPLMXRGL
DU DOL DXWRPRELOLDL WDL MLH VDYDLPH LQ\NW  L ULQNRV LV EDQDOXV SDY\]G\V
URGRNDGPRNHVLDLJDOLWXU WLLUWULNGDQW SRYHLN 
0RNHVL  QHXWUDOXPDV   WDL VLWXDFLMD NDL PRNHVLDL QHYHLNLD
VDQW\NLQL  NDLQ  LU WRG O NXR PDLDX WULNGR ULQNRV M JDV 7DL VLWXDFLMD NDL
LYHQJLDPDSDSLOGRPRVPRNHVL QDWRV'LGHOLPRNHVLDLGDQDLVWLPXOLXRMD
QRU M LYHQJWL
0RNHVL YHQJLPDVWDLNRNLRVQRUVPRNHVL PRN WRM SDVWDQJRV
LYHQJWLPRNHVL  YDLULRPLVQHWHLV WRPLVSULHPRQ PLVSY]QXVOHSLDQWVDYR
SDMDPDV DUED QHWHLV WDL UHLNDODXMDQW PRNHVL  OHQJYDW  'HMD NRO EXV
UHQNDPL PRNHVLDL WRO VXQNLDL PDQRPDV DSPRNHVWLQLPR QHXWUDOXPDV
0RNHVLDLYLVWLHNGDUR WDN ULQNDL
1HXWUDOXPRLJQRUDYLPDVWLNVOLQJDVSRYHLNLVVLHNLDQWWDPWLNU
VRFLDOLQL WLNVO 
W\ PRNHVLDLV XNHUWDQW NHOL  YLVXRPHQ V SRL ULX QHSDJHLGDX
WLQLHPVYHLNVPDPV1HXWUDOXPRSULQFLSDVQHWXU W E WLDEVROLXWXVQHVNDUWDLV
ODLVYRVLRVULQNRVYHLNLP UHLNLDVXYDU\WLWXRPHWY\NVWDQHXWUDOXPRSULQFLS
PRGLILNDFLMRVSY]VDXJDQWJDPW DSOLQN WHULDQLRVILUPRV\UDSDSLOGRPDL
DSPRNHVWLQDPRV
7HLVLQJXPDV
'DXJHOLV PRQL  VXWLQND NDG PRNHVLDL E WLQL WDLDX QHPDDL
GLVNXWXRMDPDG OWRNRNLHLUNRNLRG\GLRWLHPRNHVLDLWXULE WL
/\JLQDQWYLHQ LUNLW PRNHVL SULYDOXPXVE WLQDDWNUHLSWLG PHV 
WRNLXVNODXVLPXVNDVWXULPRN WLPRNHVLXVNRNLH\UDPRNHVL WLSDLLUNDV
LWLNU M WXRVPRNHVLXVPRN V"
$SPRNHVWLQLPDV UHLNLD SULHYDUW  3ULUHLNXV PRNHVLDL JDOL E WL
UHQNDPL QDXGRMDQW LU SULHYDUW  7RG O ODEDL VYDUEXV PRNHVL  WHLVLQJXPR
DVSHNWDV NXULV VXSUDQWDPDV NDLS KRUL]RQWDOXV LU YHUWLNDOXV WHLVLQJXPDV EHL
DSPRNHVWLQLPRQDXGLQJXPDV



+RUL]RQWDOXV PRNHVL  WHLVLQJXPDV  NDL DSPRNHVWLQLPR NULWHULMXV


JULQGLDPDV WXR NDG PRNHVL  VXEMHNWDL IXQNFLRQXRMDQW\V YLHQRGRPLV
HNRQRPLQ PLVV O\JRPLVWXULE WLDSPRNHVWLQDPLYLHQRGDL
9HUWLNDOXV PRNHVL  WHLVLQJXPDV   NDL DSPRNHVWLQLPR NULWHULMXV
JULQGLDPDV WXR NDG PRNHVL  VXEMHNWDL IXQNFLRQXRMDQW\V VNLUWLQJRPLV
HNRQRPLQ PLV V O\JRPLV WXUL E WL DSPRNHVWLQDPL VNLUWLQJDL DWVLYHOJLDQW
YLVXRPHQ V QXRVWDWDV 7DLJL YHUWLQDQW PRNHVL  WHLVLQJXP  UHLNLD
YDGRYDXWLV GYLHP SDJULQGLQLDLV SULQFLSDLV JDXQDPRV QDXGRV LU JHE MLPR
VXPRN WLPRNHVLXV PRNXPR 
0RNHVL  QDXGD   WDL PRNHVL  VLVWHPRV WHLNLDPD JDOLP\E  L
VXULQNW PRNHVL ILQDQVXRWLYLVXRPHQLQL SDVODXJ EHLSUHNL JDP\E 
0RNHVL  VLVWHPRMH YHLNLDQWLV JDXQDPRV QDXGRV SULQFLSDV UHLNLD
NDG PRNHVLDLV DWVLO\JLQDPH Y\ULDXV\EHL X MRV WHLNLDPDV SDVODXJDV
9DGLQDVLWLHNXULHQDXGRMDVLYDOVW\ELQLXWXUWXLUSURJUDPRPLVSULYDORXWDL
PRN WL7DLOLHLDGDXJLDXYLVXRPHQLQHVJ U\EHVNXULRPLVPRQ VQDXGRMDVL
QHW QHVXPRN M  $U UHLNDOLQJRV WRNLRV SDVODXJRV" 7DL QXVSUHQGLD
Y\ULDXV\E  JDOLRWD SDUODPHQWR LU ULQN M  -HL WRNLRV SDVODXJRV UHLNDOLQJRV
Y\ULDXV\E UHQJLDSURJUDPDV0HVSULYDORPHUHPWLLDVSURJUDPDVPRN GDPL
PRNHVLXV
-HL DSPRNHVWLQDQW ODLNRPDVL QDXGRV SULQFLSR WDL Y\ULDXV\E  SDWL
YHUWLQD DWVNLU  PRQL  DU M  JUXSL  JDXQDP  QDXG  7XR UHPLDQWLV LU
QXVWDWRPLPRNHVLDL
0RNXPR SULQFLSDV   WDL WHRULMD WHLJLDQWL NDG PRNHVLDL WXUL E WL
QXVWDWRPLSLUPLDXVLDDWVLYHOJLDQW WDLNDVJDOLMXRVVXPRN WLRWLNY OLDX
NDP LH PRNHVLDL GXRV QDXGRV LV PRNXPR DUED JHE MLPR SDM JXPR
VXPRN WLPRNHVLXVSULQFLSDVWHLJLDNDGPRNHVLXVWXULPRN WLWLHNXULHWXUL
L NR PRN WL W\ WXUL XWHNWLQDL O  NDG LU NRNL  MLH JDXW  L WR QDXG 
0RNHVLDL WXU W  E WL LPDPL YHUWLQXV PRNHVL  PRN WRM  JDOLP\EHV W\
YHUWLQXVM JDXQDP SDMDP G\G LUWXULP WXUW  SULQFLS SDUHPLD(UQHVWR
(QJHOLRG VQLV
(QJHOLR G VQLV  WDL SULQFLSDV WHLJLDQWLV NDG HLPRV SDMDPRPV
GLG MDQW VDQW\NLNDL PD MD M  GDOLV LOHLGLDPD E WLQLDXVLRPV SUHN PV
SLUNWLRLODLGRVSUDEDQJRVGDO\NDPVVDQW\NLNDLGLG MD
LV G VQLV WHLJLD NDG YDUWRWRMDL EXV OLQN  LOHLVWL GLGHVQ  EHW NRNL
SDSLOGRP  SDMDP  NLHN  SUDEDQJRV SUHN PV LU PDHVQ  NLHN  
YDUWRMDPRVLRPV UHLNP PV $SPRNHVWLQXV GLGHOHV SDMDPDV WXULQLXV PRQHV
LHQHQXVLSLUNVSUDEDQJRVGDO\N RDSPRNHVWLQXVYDUJLQJXRVLXVVXPD VM
JDOLP\E VDSVLU SLQWLE WLQLDXVLRPLVSUHN PLV



-HLY\ULDXV\E QXVWDWRPRNHVLXVYDGRYDXGDPDVLQDXGRVSULQFLSXML
QHSHUVNLUVWRSDMDP 0RN GDPLPRNHVLXVPRQ VWXULQDXG LY\ULDXV\E V
SURJUDP  Y\NG\PR -HL Y\ULDXV\E  QRUL SHUVNLUVW\WL SDMDPDV WDL
DSPRNHVWLQDQWUHLNLDYDGRYDXWLVJHE MLPRPRN WLSULQFLSX
-HLJX PRNHVL  VLVWHPD SDJU VWD JDXQDPRV QDXGRV SULQFLSX WDL
PRQ V PRNHVLXV PRND SURSRUFLQJDL QDXGDL JDXQDPDL QDXGRMDQWLV
Y\ULDXV\E V SDVODXJRPLV -HLJX PRNHVL  VLVWHPD SDJU VWD JHE MLPR MXRV
PRN WLSULQFLSXWDLGLGHVQLXVPRNHVLXVPRNDWLHNXULHWXULGDXJLDXSDMDP
DUWXUWRLUWRG OSDM JLDGDXJLDXVXPRN WL
0RNHVL  QDXGD NDUWDLV HVWL LU QHWLHVLRJLQ  -HL YLHQD HLPD OHLGLD
YDLNXV  YDOVW\ELQ  PRN\NO  MLH WLHVLRJLDL QDXGRMDVL PRNHVL  UH]XOWDWDLV
%HYDLN HLPDQHMDXLDNDGWXULQDXG LPRN\NORV7DLDXYLVLODLPLL WR
NDG WXULPH LVLPRNVOLQXVL  GDUER M J  (VDQW GLGHVQLDP GDUER QDXPXL YLVL
QDXGRMDVLO RPLVLSDSLOGRP SDMDP 
9\ULDXV\E  DSPRNHVWLQGDPD YDLULDLV PRNHVLDLV YDLULDV SDMDPDV
JDXQDQL  PRQL  JUXSHV JDOL SHUVNLUVW\WL SDMDPDV WDUS WXUWLQJ  LU YDUJ 
7DLDX SDSUDVWDL PRQ V JDXQDQW\V GLGHOHV SDMDPDV VXPRND QH N  GLGHVQ
SURFHQWLQ GDO XQHSDVLWXULQLXV
0RNHVLDL\UDSURSRUFLQJLHMLSURJUHVLQLDLLUUHJUHVLQLDL
3URSRUFLQJDVLVPRNHVWLVWDLSURFHQWLNDLYLHQRGDVQHSULNODXVRPDL
QXRSDMDP G\GLRPRNHVWLV
3URJUHVLQLV PRNHVWLV   WDL PRNHVWLV SDJDO NXU  SURFHQWLNDL
GLGHVQLVPRNHVWLVXGHGDPDVGLGHVQ PVSDMDPRPVLUSURFHQWLNDLPDHVQLV
PDHVQ PVSDMDPRPV
5HJUHVLQLV PRNHVWLV   WDL PRNHVWLV SURFHQWLNDL GLGHVQLV
PDHVQ PVSDMDPRPVLUSURFHQWLNDLPDHVQLVGLGHVQ PVSDMDPRPV
$S\YDUWRV PRNHVWLV VDOHV RU WXUQRYHU WD[   WDL SUHNL  DU SDVODXJ
PRNHVWLV QHSULNODXVDQWLVQXRWRDUMRV\UDWDUSLQLDLDUJDOXWLQLDLSURGXNWDL 
UHQNDPDVMDVSDUGXRGDQW
7DLJLDS\YDUWRVPRNHVWLV\UDQHWLHVLRJLQLVPRNHVWLV VNDLLXRMDPDV
GLGPHQLQHV NDLQDV LU SDLPDPDV JDOLDXVLDL L SDVNXWLQLR SLUN MR $S\YDUWRV
PRNHVWLV\UDNHOL O\JL SULNODXVRQXRSUHN VDUSDVODXJRVSRE GLR3LUPR
E WLQXPR SUHN PV DU SDVODXJRPV MLV QHWDLNRPDV R SUDEDQJRV GDO\NDPV 
JDQ WLQDLGLGHOLV
$S\YDUWRV PRNHVLDL VXU\MD GLGHVQ  PDDV SDMDPDV JDXQDQL
PRNHVL PRN WRM XGDUELRGDO 3Y]OLW DS\YDUWRVPRNHVWLVVXGDUR
SURF  OLW  JDXQDQLRMR SDMDP  LU WLN  SURF  JDXQDQLRMR  OLW 
7DLJLDSPRNHVWLQLPRQDWDSURSRUFLQJDLGLGHVQ PDLDXSDVLWXULQLDLHLPDL
WRG OLVPRNHVWLVQHJDOLE WLODLNRPDVWHLVLQJX


9DGLQDVL QHDLNX NXULH PRNHVLDL \UD WHLVLQJLDXVL 1HGDXJHOLV


WYLUWLQW  NDG UHJUHVLQLDL PRNHVLDL \UD WHLVLQJL *HE MLPR VXPRN WL
PRNHVLXV SULQFLSR DOLQLQNDL UHPV SURJUHVLQLXV LU JDO SURSRUFLQJXRVLXV
PRNHVLXV <UD PDQDQL  MRJ LU SURSRUFLQJLHML PRNHVLDL QHWHLVLQJL
$QDOL]XRMDQW PRNHVL  SRYHLN  DVPHQLPV GDQDL DWVLYHOJLDPD  ODLVY VLDV
SDMDPDV OLNXVLDV SDWHQNLQXV E VWR PDLVWR GUDEXL  WUDQVSRUWR PHGLFLQRV
SDVODXJ LUNLWXVSRUHLNLXV
/DLVYRVLRVSDMDPRV GLVFUHWLRQDU\LQFRPH WDL SLQLJDL NXULH OLHND
SDWHQNLQXVE WLQLDXVLXVSRUHLNLXV
3Y]SRQXL<DSPRN MXVYLVDVE WLQ VLDVLODLGDVLMR/WGDU
OLHND8G GDPDMDP/WPRNHVW YDOVW\E SDVLLPDSURFSRQR<
SDMDP .LWDVSRQDV;XGLUEDOLW % WLQLDXVLHPVUHLNDODPVMDPUHLNLD
OLW -DPGDUOLHND/WODLVY SDMDP 9DOVW\E LMRDWVNDLWR
/W 7DLJL SRQXL ; GDU OLHND  /W SUDEDQJRV SUHN PV DU SDVODXJRPV
VDQWDXSRPVLULQYHVWLFLMRPV7DLS YHUWLQ ODLVY VLDVSDMDPDVJDOLPHSDGDU\WL
LYDG  NDG SURSRUFLQJLHML PRNHVLDL L WLNU M  \UD UHJUHVLQLDL 9HUWLQDQW
PRNHVLXVVYDUEXLQRWLNDVLWLNU M WXU VMXRVPRN WLDUEDUHLNLDQXVWDW\WL
PRNHVL YHLNLPRVULW 
$SPRNHVWLQLPR PRNHVL YHLNLPR VULWLVWDLJDOXWLQLVPRNHVLR
PRN WRMDV WDL NDV L WLNU M  WXU V PRN WL W  PRNHVW  $SPRNHVWLQLPR VULWLV
SDURGR NDP LU NRNLD PRNHVL  QDWRV GDOLV WHQND SY] SDURGR NLHN
FLJDUHL  DNFL]R PRNHVWLV SDGLGLQD NDLQ  NXUL  PRND SLUN MDL LU NLHN
VXPDLQDJU\Q M SDUGDY M JDXQDP NDLQ 
$NFL]RPRNHVWLV H[FLVHGXW\ WDLSUHN\ERVPRNHVWLVXWDPWLNURV
SUHN V DU SDVODXJRV SDUGDYLP  $NFL]R PRNHVWLV \UD QHWLHVLRJLQLV PRNHVWLV
NXU XGHGDY\ULDXV\E WDPWLNURPVSUHN PV
$NFL]R PRNHVWLV QXVWDWRPDV NDLS SUHN V DU SDVODXJ  NDLQRV
SURFHQWLQ GDOLV'DQLDXVLDLDNFL]RSULHGDVSULHJDPLQWRMRNDLQRVVNLULDPDV
SUDEDQJRV SUHN PV DU SDVODXJRPV QHV M  SDNODXVD QHSULNODXVR QXR NDLQ
ODQNVWXPR HODVWLQJXPR 7DLJLLRPRNHVLRSDGLGLQLPDVNXULV\UDYDOVW\E V
LGRSROLWLNRVGDOLVQHWLNSDGLGLQDY\ULDXV\E VSHOQ EHWLUVXPDLQDSLUN M
LJDOHVSLUNWLNLWDVSDVODXJDVDUSUHNHV
0RNHVL SDVNLUVW\PDVWDLPRNHVL PRN WRM QXVWDW\PDV3Y]
DVPHQLQL  SDMDP  PRNHVLXV PRND NDLS WLN NRQNUHW V PRNHVL  PRN WRMDL
IL]LQLDL DVPHQ\V  )LUPRV MXULGLQLDL DVPHQ\V  XGHGDP  GDUER XPRNHVLR
PRNHVW ODLNRLODLG SDGLG MLPXLUG OWRWLHNSDWSDGLGLQDNDLQDV7DGDMHL
SUHNL SDUGXRGDPDPDLDXNDLSWLNSLUN MDPVLUWHQNDL PRNHVL QDWD
0RNHVL  QDWD   WDL PRNHVL  QDWRV GDOLV WHQNDQWL YDLULHPV
DVPHQLPV DU M  JUXS PV .LWDLS VDNDQW PRNHVL  QDWD \UD DSPRNHVWLQLPR


NLHNLVNXU PRNDDOLHVSLOLHLDL9LVDVPRNHVL NLHNLVNDLS%13GDOLVLHN


WLHNQXVDNRYLV PRNHVL QDW 
0RNHVL  QDWRV JDOLPD LYHQJWL MHLJX WDV NDV LUDR PRNHVL
PRN MLPR HN  SHUNHOV WXRV PRNHVLXV NDP QRUV NLWDP LH SURFHVDL
YDGLQDPLPRNHVL SHUN OLPX
0RNHVL SHUN OLPDV SDVLNHLWLPDV WDLWRNLD HNRQRPLQ  VLWXDFLMD
NDL SUDGLQLV PRNHVL  PRN WRMDV SHUNHOLD YLVXV DUED GDO  VDYR PRNHVL
NLWLHPV 7DLJL WDL WRNV PRNHVL  SDVNLUVW\PDV NDL MXRV JDOLDXVLDL PRND QH
WLNUDVLVPRN WRMDVEHWNDVQRUVNLWDV)LUPRVJDOLQXVSU VWLODLN\WLPRNHVLR
SDGLG MLP  VDYR JDP\ERV LODLG  SDGLG MLPX LU DWLWLQNDPDL SDNHOWL VDYR
SURGXNFLMRV NDLQDV .DL G O NDLQ  SDGLG MLPR QHVXPD MD SDUGDYLPDV NDLS
WLNYDUWRWRMDVRQHILUPRVVXPRNDPRNHVW 
.DLPRNHVLDLJDOLE WLSHUNHOWLYDUWRWRMDPVVDNRPDNDGPRNHVLDL
SHUNHOWL  SULHN  IRUZDUG  $QDORJLNDL PRNHVLXV JDOLPD SHUNHOWL LU DWJDO
EDFNZDUG   SY] NDL MXRV WXUL PRN WL WLHN MDL DUED GDUELQLQNDL SDJDPLQ
SURGXNFLM  $U PRNHVLDL JDOL E WL SHUNHOWL SLUP\Q DU DWJDO DU LYLV QHEXV
SHUNHOWL ODELDXVLDL SULNODXVR QXR SDNODXVRV LU SDVL ORV ODQNVWXPR
HODVWLQJXPR 
3DNODXVRV HODVWLQJXPDV URGR NDLS QRULDL SLUN MDL SHUND NRQNUHL
SUHN DUSDVODXJ SULNODXVRPDLQXRWRDU\UDMRVSDNDLWDO DUQ UDDUEDQXR
WRNDLSODEDLMLHPVUHLNDOLQJDWDSUHN 
3DVL ORVHODVWLQJXPDVURGRNDLSOHQJYDLSDUGDY MDVJDOLGLGLQWLDUED
PDLQWL WLHNLDP  SUHNL  DU SDVODXJ  NLHN  .DL SDNODXVD SDNDQNDPDL
QHHODVWLQJDSDUGDY MDPVOHQJYLDXSHUNHOWLPRNHVLXVDQWSLUN M  YDUWRWRM
SHL  .DL SDVL OD SDO\JLQWL HODVWLQJD PRNHVL  QDWD XJXOV SDUGDY MXV
JDPLQWRMXV 
3DSUDVWXPDVLUDLNXPDV
.LHNYLHQDV DVPXR SLOG\GDPDV SDMDP  PRNHVLR IRUP  JHUDL
VXSUDQWD NDLS VYDUEX NDG PRNHVL  VLVWHPD E W  SDSUDVWD LU DLNL 3R
GHLPWPHLXV Y\NXVL  NRUHJDYLP  YDLUL  DOL  PRNHVL  VLVWHPRV \UD
VXG WLQJRVLUSDLQLRV
/LHWXYD SHUHLQDPXRMX ODLNRWDUSLX WXUL WLNUDL VXG WLQJ  LU SDLQL
PRNHVL  VLVWHP  %HW LU LVLY\VLXVLRVH ODLVYRVLRV ULQNRV DO\VH SY] -$9
PRNHVL VLVWHPRVVXG WLQJXPDVQHOHLGLDYLHWLQHLPRNHVL LQVSHNFLMDL ,56
,QWHUQDO5HYHQXH6HUYLFH DWVDN\WLWHLVLQJDLQHW WUHGDO PRQL NODXVLP
G O PRNHVL  PRN MLPR /LHWXYRV PRNHVL  VWDW\P  N U MDL LUJL GDUR GDXJ
NODLG  LU NDUWDLV VXQNX SHUSUDVWL SDLQL  PRNHVL  VLVWHP  LDPH HNRQRPLNRV
HWDSH


$SLEHQGULQDQW JDOLPD WHLJWL NDG PRNHVL  VLVWHPRV VXGDURPRV


UHPLDQWLVLDLVSDJULQGLQLDLVSULQFLSDLV
1HXWUDOXPDVSDJULQGLQLVWLNVODV
7LNVOLQJDVSRYHLNLVYHQJLDQWQHSDJHLGDXWLQ ULQNRVUHLNLQL 
3DSUDVWXPDVLUDLNXPDV
7HLVLQJXPDVSDJU VWDVDUEDQDXGDDUEDPRNXPX
1XVWDWDQW PRNHVLXV DWVLYHOJLDPH  LXRV WULV SDJULQGLQLXV
DNFHQWXVNDVWXULPRN WLPRNHVLXVNRNL WLS PRNHVLDLEXVQXVWDW\WLNDV
LWLNU M WXRVPRNHVLXVPRN V"
GRPLDLPRNHVL PRN MLP LQWHUSUHWDYR;9,,,DSUDQF ] SROLWLNDV
DQDV%DWLVWDV.ROEHUWDVNXULVVDN NDG$SPRNHVWLQLPDVWDLPHQDVWDLS
QXSHWL V NDGS N E W NXRGDXJLDXRJDJHQLPRNXRPDLDX

7$537$87,19$/,87 5,1.$
9DOLXW  \P MLPR VDQWUXPSRV 86' '(0 6(. ),0 /7/ /9/
((. LU WW .DL NXULRV YDOLXW  ULQNRMH GDQLDXVLDL QDXGRMDPRV VDQWUXPSRV
993  Y\ULDXV\E V YHUW\ELQLDL SRSLHULDL 93  YHUW\ELQLDL SRSLHULDL 79)
7DUSWDXWLQLV YDOLXWRV IRQGDV (53%  (XURSRV UHNRQVWUXNFLMRV LU SO WURV
EDQNDV(6(XURSRV6 MXQJD
.HLWLPRNXUVRDSLEU LPDV
9DOLXWRVNHLWLPRNXUVDV YDOLXWRVNXUVDV   WDL SDSUDVLDXVLDL YLHQRV
YDOLXWRVNDLQDLUHLNWDNLWDYDOLXWD<UDGXPHWRGDLYDOLXWRVNXUVXLQXVWDW\WL
3LUPDV  WDL VDYRV DOLHV YDOLXWRV YLHQHW  VNDLLXV PRNDPDV X XVLHQLR
DOLHV YDOLXWRV YLHQHW  SY] OLWDL X YLHQ  -$9 GROHU  $QWUDV PHWRGDV  WDL
XVLHQLR YDOLXWRV YLHQHW  VNDLLXV PRNDPDV X VDYR DOLHV YDOLXWRV YLHQHW 
SY]WDPWLNUDVNLHNLV86'O\JXOLWXL
'DQLDXVLDL QDXGRMDPDV PHWRGDV  NLHN X VDYR DOLHV SLQLJLQ  YLH
QHW PRNDPDXVLHQLRYDOLXWRVSY]NLHNPRNDPDXOLW PDUNL NURQ LUWW
3DVDXOLRULQNRVHGDQLDXVLDLQXURGDPDNLHNPRNDPDXYLHQ GROHU 
,LPWLV\UDEULW VYDUDVVWHUOLQJ LDQXURGRPDNLHNPRNDPDXYLHQ VYDU 



7DUSWDXWLQ VYDOLXW ULQNRVGDO\YLDL


7DUSWDXWLQ  YDOLXW  ULQND \UD SDVDXOLQ  ULQND LU M  VXGDUR
NRPHUFLQLDLEDQNDLXVLHQLRYDOLXWRVSDUGDYLPRPDNOHULDLEHLNLWRVRILFLDOLDL
SDWYLUWLQWRV LQVWLWXFLMRV SUHNLDXMDQLRV GDXJHOLX SDVDXOLR YDOLXW  9LVRV LRV
JUXS V \UD JODXGLDL VXVLM  -RV SDODLNR WDUS VDY V QXRODWLQ  NRQWDNW 
QDXGRGDPRVPRGHUQLDXVLDVU\L LUNRPXQLNDFLMRVSULHPRQHV
9LHQLLVYDUELDXVL WDUSWDXWLQ VYDOLXW ULQNRVFHQWU \UD/RQGRQDV
1LXMRUNDV 7RNLMDV &LXULFKDV LU )UDQNIXUWDV 3DJULQGLQLDL VDQGRULDL GDURPL
NDLS WLN LXRVH FHQWUXRVH .DVGLHQLQ  VDQGRUL  VXPD VY\UXRMD DSLH PLOLMDUG
-$9GROHUL LUGDXJLDXLXRPHWXDWVLUDQGDLU9LGXULR(XURSRVDOL WXULQL
WDPWLNU  WDN WDUSWDXWLQ VHYDOLXW ULQNRVH
6XSUDQWDPD NDG ODELDXVLDL SUHNLDXMDPD YDOLXWD \UD -$9 GROHULV
NXULV GDU YDGLQDPDV YDOLXW  ULQNRV YDULNOLX 'DXJXPD WDUSWDXWLQL  SUHN\ERV
VDQGRUL  \UD GHQRPLQXRMDPL -$9 GROHULDLV 1DIWD LU NLWL VYDUE V SURGXNWDL
SY]DXNVDVPHWDODLNDYD\UD NDLQRWL-$9GROHULDLV' OWRNLRGLGHOLR-$9
GROHULR SDSOLWLPR GDQDL (XURSRV YDOLXWRV PDNOHULXL SDSUDVLDX VDQGRULXV
GDU\WLWDUSLQLXSLUNLPX
7DUSWDXWLQ VYDOLXW ULQNRVRUJDQL]DYLPDV
&HQWULQLVEDQNDV

0DNOHULDL.RPHUFLQLDLEDQNDL%DQN NOLHQWDL

%DQN NOLHQWDL0DNOHULDL.RPHUFLQLDLEDQNDL

0DNOHULDL%DQN NOLHQWDL.RPHUFLQLDLEDQNDL
3DJULQGLQLDL WDUSWDXWLQ V YDOLXW  ULQNRV GDO\YLDL JDO W  E WL
VXJUXSXRWLWDLS
6PXON V PDPHQLQLDL  SLUN MDL  WDL YHUVOLQLQNDL WDUSWDXWLQLDL
LQYHVWXRWRMDLPXOWLQDFLRQDOLQ VNRPSDQLMRVLUNLWLNXULHPVUHLNLDYDOLXWRVM
YHUVOR UHLNDODPV 3DSUDVWDL MLH SDW\V QHSHUND YDOLXWRV EHW QDXGRMDVL
NRPHUFLQL  EDQN  SDVODXJRPLV SDWHLNGDPL YDOLXWRV SLUNLPR LU SDUGDYLPR
XVDN\PXV
.RPHUFLQLDLEDQNDLWDLEDQNDLNXULHDWOLHNDVDYRNOLHQW YDOLXWRV
SLUNLPRLUSDUGDYLPRXVDN\PXVSHUNDLUSDUGXRGDYDOLXWDVVDYRV VNDLWRVH
WDLSNDGNHLVW VDYRDNW\Y LUSDV\Y VWUXNW U  YDLULRPLVYDOLXWRPLV%DQNDL


DWOLHND RSHUDFLMDV VX NLWDLV EDQNDLV EHW GDQLDX QDXGRMDVL WDUSWDXWLQLDLV


PDNOHULDLV
8VLHQLR YDOLXWRV PDNOHULDL .RPHUFLQLDL EDQNDL GDQDL QDXGRMDVL
XVLHQLR YDOLXWRV SLUNLPR LU SDUGDYLPR PDNOHUL  SDVODXJRPLV 7DL QDXGLQJD
EDQNDPV QHV PDNOHULDL WXUL GDXJLDX QDXMRV LQIRUPDFLMRV DSLH YDOLXWRV
SLUNLPR LU SDUGDYLPR NXUV  .LHNYLHQDV ILQDQV  FHQWUDV SDSUDVWDL WXUL
RILFLDOLXVLUNYDOLILNXRWXVYDOLXWRVNHLWLPRPDNOHULXVSHUNXULXRVNRPHUFLQLDL
EDQNDLY\NGRYDOLXWLQHVRSHUDFLMDV
&HQWULQLDL EDQNDL 3DSUDVWDL DOLHV SLQLJ  SROLWLN  WYDUNDQLRV
LQVWLWXFLMRVQ UDDEHMLQJRVM DOL YDOLXWRVYHUW VSRN\LDPV\SDSRPHW 
NDLEXYRSDQDLNLQWDILNVXRWRYDOLXWRVNXUVRSROLWLND&HQWULQLDLEDQNDLGDQDL
QDXGRMD YDLULXV LQVWUXPHQWXV VWHQJGDPLHVL SDODLN\WL DOLHV YDOLXWRV
VWDELOXP  1DFLRQDOLQ V YDOLXWRV SLUNLPDV DU SDUGDYLPDV \UD YLHQDV L WRNL
LQVWUXPHQW (VDQWILNVXRWDPNHLWLPRNXUVXLFHQWULQLVEDQNDV\UD SDUHLJRWDV
VXSLUNWLYDOLXWRVSHUWHNOL LUSDUGXRWLYDOLXW MRVWU NVWDQW
$UELWUDDVWDUSWDXWLQ MHYDOLXW ULQNRMH
9LHQDV L VYDUELDXVL  WDUSWDXWLQ V YDOLXW  ULQNRV HIHNW\YL  U\L  LU
JODXGDXVEHQGUDYLPRUH]XOWDW \UD EHYHLN PRPHQWLQLV DUELWUDDV WDUS YDLUL
YDOLXW LUVNLUWLQJ ILQDQV FHQWU $UELWUDDVWDLQHUL]LNLQJDVLUJDUDQWXRWDV
NDLQ  VNLUWXPR SDQDXGRMLPDV SHOQXL JDXWL 7HRULNDL GDURPD SULHODLGD NDG
RSHUDFLM  NDWDL Q UD UHLNPLQJL 'DU YLHQD VYDUEL SULHODLGD  SLUNLPR LU
SDUGDYLPR NDLQ  VNLUWXPDL WDLS SDW Q UD UHLNPLQJL ' O LRV SULHODLGRV
NDUWDLVJDOLPDLUVXDEHMRWL
3DJULQGLQLDLDUELWUDDL\UDWRNLH
7DUSWDXWLQL ILQDQVLQL FHQWU DUELWUDDVUHLNLDNDGSY]VYDUDV
VWHUOLQJ  \UD SDUGXRGDPDV X WLHN SDW GROHUL  /RQGRQH LU 1LXMRUNH /DLNR
SRL ULXWDLQ UDILNVXRWD'DQLDXVLDL\UDWDPWLNUDVVNLUWXPDVEHWDUELWUDDV
LUUHLNLDNDGWDVVNLUWXPDVODEDLJUHLWDLLVLO\JLQD
9DOLXW  WDUSXVDYLR DUELWUDDV UHLNLD NDG NHLLDQW SY] PDUNHV
VYDUXVLUSRWRVYDUXV GROHULXVJDOLPDJDXWLGDXJLDXQHJXNHLLDQWWLHVLRJLDL
PDUNHV GROHULXV5HLN W SD\P WLNDGLDSDSUDVWDLYDOLXWRV\UD9RNLHWLMRV
PDUN V'LGLRVLRV%ULWDQLMRVVYDUDLVWHUOLQJ LU-$9GROHULDL
(LQDPLHMLLULDQNVWLQLDLYDOLXW NXUVDL VSRWDQGIRUZDUGH[FKDQJHUDWHV
(LQDPDVLV VSRW  YDOLXWRV NXUVDV  WDL GYLHM  YDOLXW  NHLWLPR VDQW\NLV LXR
NRQNUHLX NHLWLPR PRPHQWX WDL \UD UHDOLX ODLNX 7DL WLHVLRJLQLV YDOLXWRV


NXUVDV NRQNUHLX ODLNX %DQNXRVH VXGDULXV VDQGRU  SDSUDVWDL OHLGLDPD GYL


GLHQDVWYDUN\WLGRNXPHQWXV
,DQNVWLQLV IRUZDUG NXUVDV   PDQRPDNDGHNRQRPLQLDLDJHQWDLVXWLQND
NHLVWL VXWDUWX NXUVX SR WDP WLNUR ODLNR GDQLDXVLDL SR YLHQR P QHVLR 
GLHQ  WULM  P QHVL   GLHQ  LU WW 7DL E W  YDGLQDPDVLV LDQNVWLQLV
IRUZDUG NXUVDV
1RPLQDOXVLVUHDOXVLVLUYHLNVPLQJDVNXUVDV
3ROLWLNDPV LU HNRQRPLVWDPV GDXJ SUREOHP  VXNHOLD NHLWLPR NXUVR
SRN\L  WDNDDOL HNRQRPLNDLLUPRN MLP EDODQVXL3DWVNHLWLPRNXUVDVL
HVP V QHVXWHLNLD GDXJ LQIRUPDFLMRV 3ODWHVQHL NHLWLPR NXUVR DQDOL]HL
HNRQRPLVWDL YDUWRMD QRPLQDOLRMR UHDOLRMR LU YHLNVPLQJRMR NXUVR V YRNDV
/DELDXVLDL SDSOLWXVL LUDLND  NLHN XVLHQLR YDOLXWRV WHQND YLHQDP
QDFLRQDOLQ V YDOLXWRV YLHQHWXL 7RG O QRPLQDOLRMR UHDOLRMR LU YHLNVPLQJR
NXUVRGLG MLPDVUHLNLDQDFLRQDOLQ VYDOLXWRVYHUW VDXJLP 
1RPLQDOXVLVNXUVDV
LDQGLHQ YDLULXRVH DOWLQLXRVH GRPLQXRMDQWLV \UD NDLS WLN
QRPLQDOXVLV NXUVDV 7DL SDY\]GLXL  -$9 GROHULR X YLHQ  OLW  
YHGLMRV NURQRV X OLW   9RNLHWLMRV PDUN V X YLHQ  -$9 GROHU  LU WW
/LHWXYRMH ODELDX SUDVWD QDXGRWL VDQW\N  NLHN PRNDPD OLW  X XVLHQLR
YDOLXWRV YLHQHW   OLWDL X  GROHU    /W  86'  OLWR X  9RNLHWLMRV
PDUN /W'(0
5HDOXVLVNXUVDV
5HDOXVLV NXUVDV  WDL QRPLQDOXVLV NXUVDV SDNRUHJXRWDV SDJDO
DWLWLQNDP  DOL  NDLQ  LQGHNVXV 5HDOXVLV  NXUVDV PDWHPDWLNDL JDOL E WL
LUHLNWDVWDLS
3
6W 6 
3
LD 6W  UHDOLRMR NXUVR LQGHNVDV 6  QRPLQDOXVLV NXUVDV XVLHQLR
YDOLXWRVNLHNLVXYLHWLQ VYDOLXWRVYLHQHW LQGHNVRIRUPD3YLHWLQLVNDLQ
LQGHNVDV3 XVLHQLRDOLHVNDLQ LQGHNVDV
9HLNVPLQJDVNXUVDV
'DXJXPD DOL  SUHNLDXMD LU WXUL HNRQRPLQLXV U\LXV VX YDLULRPLV
DOLPLV WRG O GDXJHOLXL SROLWLN  LU HNRQRPLVW  VYDUEX NDLS NLQWD M  DOLHV


YDOLXWRVNXUVDVSDO\JLQWLVXNLW DOL YDOLXW NUHSHOLX7DLNLHNYLHQRVDOLHV


SUHN\ERV LU NLWRNL  HNRQRPLQL  PDLQ  VYHUWLQL  G\GL  YHUWLQLPDV
9HLNVPLQJDV NXUVDV  WDL WDP WLNUD PDWDYLPR SULHPRQ  YHUWLQDQWL NDLS
DOLHVYDOLXWRVYHUW N\ODDUNUHQWDODLNR DWYLOJLX SDO\JLQWL VX NLW  XVLHQLR
DOL  YDOLXWRPLV 3Y] /LHWXYRMH YHLNVPLQJR NXUVR VNDLLDYLPDV 9RNLHWLMRV
PDUN VDWYLOJLXE W OLWRLUPDUN VNXUV VDQW\NLVLHPHWSDO\JLQWLVXSHUQDL
PHW  NXUV  VDQW\NLX R YLVD WDL SDGDO\WD L PHWLQLR NDLQ  LQGHNV  SRN\LR
/LHWXYRMHLU9RNLHWLMRMH
1RPLQDO M YDOLXWRVNXUV JDOLPDOHQJYDLVNDLLXRWLNDVGLHQRUHDO M
WLNWXULQWDOL NDLQ LQGHNVXVNXULHVNDLLXRMDPLNDVP QHV 1RPLQDOXVLV
YDOLXWRV NXUVDV SDWHLNLD SDNDQNDP  NDVGLHQLQ  DOLHV HNRQRPLNRV NRQNXUHQ
FLQJXPR YHUWLQLP EHWQHDWVLYHOJLD NDLQ SRN\LXV
1RULQWJHULDX YHUWLQWLDOLHVYDOLXWRVNRQNXUHQFLQJXP QDXGRMDPDVL
UHDOLXRMX YHLNVPLQJX NHLWLPR NXUVX W\ VYHUWLQLX UHDOLXRMX YDOLXWRV NXUVX
SDVLULQNW SUHN\ERVSDUWQHUL DWYLOJLX

02.-,0 %$/$16$6
1DJULQ VLPH YLHQ  UHLNPLQJLDXVL  PDNURHNRQRPLQL  YDOVW\E V
LQGLNDWRUL  W\ DOLHV PRN MLP  EDODQV  3RN\LDL PRN MLP  EDODQVH GDQDL
E QD VYDUELDXVL  DOLHV QDXMLHQ  DQWUDW VH *HUL DU EORJL PRN MLP  EDODQVR
VNDLLDL JDOL WXU WL OHPLDP  WDN  DOLHV YDOLXWRV NXUVXL JDOL SULYHUVWL NHLVWL
YDOVW\E V HNRQRPLQ  SROLWLN  0RN MLP  EDODQVR GHILFLWDV JDOL SULYHUVWL
SDGLGLQWL SDO NDQ  QRUPDV DU VXPDLQWL Y\ULDXV\E V LODLGDV 0RN MLP
GHILFLWDV JDOL QHW SULYHUVWL DSULERWL LPSRUW  DUED QXVWDW\WL GLGHOLXV WDULIXV
LPSRUWXRMDPRPV SUHN PV 7ROLDX QXRGXJQLDX DSWDUVLPH PRN MLP  EDODQVR
HVP 
.DV\UDPRN MLP EDODQVDV
0RN MLP  EDODQVDV \UD YLV  DOLHV J\YHQWRM  DWOLNW  SUHNL  PDLQ 
YDLUL  SHUYHGLP  HNRQRPLQL  PDLQ  VX YLVRPLV NLWRPLV SDVDXOLR DOLPLV
DSLEU WX ODLNR WDUSX VWDWLVWLQ  VXPD 3DSUDVWDL ODLNR SHULRGDV \UD YLHQHUL
PHWDL7UXPSLDXVLDVSHULRGDVNDL/LHWXYRVEDQNDVSDWHLNLDPRN MLP EDODQVR
DWDVNDLWDV\UDWU\VP QHVLDL.DLNXULRVHDO\VHPRN MLP EDODQVRDWDVNDLWRV
SDWHLNLDPRV QHW NDV P QHV  %H DEHMR PRN MLP  EDODQVDV \UD EHW NXULRV
DOLHV VYDUELDXVLDV NLQ V LU HNRQRPLQ V YHLNORV VWDWLVWLQL  UH]XOWDW
NRQVWDWDYLPDV -LV SDURGR NLHN SUHNL  LU SDVODXJ  DOLV HNVSRUWXRMD LU


LPSRUWXRMDNLHNDOLVVNROLQDVLDUVNROLQDSLQLJ NLWRPVSDVDXOLRDOLPV%H
WR DOLHV PRQHWDULQ V SROLWLNRV Y\NG\WRMDV GDQLDXVLDL FHQWULQLV EDQNDV
PRN MLP EDODQVRDWDVNDLWRMHSDWHLNLDXVLHQLRYDOLXWRVUH]HUY SRN\LXV
9LHQDV HVPLQJLDXVL  GDO\N  G O NXULR UHLNLD VXVLWDUWL MDX SDLRMH
SUDGLRMH \UD WRNV  N  ODLN\WL VDYR DOLHV LU N  XVLHQLR YDOVW\E V DVPHQLX
UH]LGHQWX LU QHUH]LGHQWX  5HLN W  SD\P WL NDG SLOLHLDL DU J\YHQDQW\V
DO\MH DVPHQ\V PRN MLP  EDODQVR VWDWLVWLNRMH QHE WLQDL UHLNLD W  SDW 
7HUPLQDV DVPHQ\V DSLPD LQGLYLGXDOLXV SLOLHLXV QDP  YDOG  J\YHQWRMXV
EHQGURYHVLUYDOVW\ELQHV VWDLJDVLDLUN\ODSUREOHP G ODVPHQVGHILQLFLMRV
VXYRNLPR7DUSWDXWLQ VNRUSRUDFLMRVSDJDODSLEU LP \UDOHJDO VUH]LGHQWDL
MXULGLQLDL DVPHQ\V  GDXJHO\MH DOL  ' O PRN MLP  EDODQVR DWDVNDLWRV
DLNXPRPXOWLQDFLRQDOLQL NRUSRUDFLM ILOLDODL\UD WUDXNLDPL M UHJLVWUDFLMRV
DOLHV PRN MLP  EDODQV  NDLS W  DOL  MXULGLQLDL DVPHQ\V 7DLS GDURPD QHW
WDGD NDL NRUSRUDFLM  DNFLMRV SULNODXVR NLWRV DOLHV DVPHQLPV .LWDV SDQDXV
QHDLNXPDVN\ODYHUWLQDQWWRNLDVWDUSWDXWLQHVRUJDQL]DFLMDVNDLS7DUSWDXWLQLV
YDOLXWRV IRQGDV -XQJWLQL  7DXW  2UJDQL]DFLMD (XURSRV UHNRQVWUXNFLMRV LU
SO WURVEDQNDVLUNLWRV7RNLRVLQVWLWXFLMRV\UDODLNRPRVXVLHQLRUH]LGHQWDLV
QHW NDL M  SDJULQGLQ V E VWLQ V \UD PRN MLP  EDODQVR DWDVNDLWRV DO\MH
3DQDLDLWXULVWDL\UDODLNRPLXVLHQLRDVPHQLPLVQHWMHLLOJ ODLN J\YHQDWRMH
DO\MH
(VPLQ  V O\JD SUHN PV LU SDVODXJRPV  PRN MLP  EDODQV  WUDXNWL
\UDWDLNDG LV YHLNVPDV WXUL E WL DWOLNWDV WDUS DWVLVNDLWDQLRV DOLHV OHJDODXV
DVPHQV UH]LGHQWR LUEHWNXULRVNLWRVSDVDXOLRDOLHVOHJDODXVDVPHQV9LGDXV
SLUNLPDLLUDWVLVNDLW\PDLWDUSWRVSDLRVDOLHVDVPHQ QLHNDGDQ UD WUDXNLDPL
PRN MLP EDODQV 
0RN MLP EDODQVRGXRPHQ ULQNLPDVDSGRURMLPDVLUSULVWDW\PDV
0RN MLP  EDODQVR VWDWLVWLND VXUDR YLVXV Y\NXVLXV VDQGRULXV WDUS
DOLHV LU XVLHQLR OHJDOL  DVPHQ  WUDXNLDPL YLVL SUHNL  DU SDVODXJ
SDUGDYLPDL EHL SLUNLPDL ILQDQVLQL  DNW\Y  W\ 993 EHL PRQL  DNFLM
SLUNLPDL EHL SDUGDYLPDL LU NRPHUFLQL  EDQN  SHUYHGLPDL 9LVL UHJLVWUXRMDPL
PRN MLPDL\UDSDWHLNLDPLQDFLRQDOLQHYDOLXWD$NLYDL]GXNDGYLV  PDQRP
SHUYHGLP  LU PRN MLP  UHJLVWUDYLPDV \UD SUDNWLNDL QH PDQRPD XGXRWLV
9\ULDXV\E UHQNDNDSLWDORLUSUHNL MXG MLPRVUDXW GXRPHQLVLPXLWLQL L
WXULVWLQL FHQWU LGUDXGLPRNRPSDQLM LNRPHUFLQL EDQN LWDUSWDXWLQL
NRUSRUDFLM  LU NLW  YDLULDXVL  DOWLQL  6WDWLVWLQLDL GXRPHQ\V DWUHQNDPL
QDXGRMDQWLV YDLULDXVLRPLVPHWRGRORJLMRPLV.DUWDLVVXGDURPLPRGHOLDLNXULH
DWVSLQGL YLVXRPHQ V VOXRNVQL  VWUXNW U  LU LQIRUPDFLMD UHQNDPD WXR


SDY\]GLX 7XRPHW SDVLQDXGRMDPD SDNODLG  LU SUDOHLGLP  V YRNRPLV %HW


GDXJLDXVLDLQIRUPDFLMDUHQNDPDLRULJLQDOL GXRPHQ DOWLQL 
1 UDNRNLRQRUVXQLILNXRWRPRN MLP EDODQVRSDWHLNLPRSDY\]GLR
.LHNYLHQD DOLV WDL GDUR SDJDO VXVLNORVLXVLDV WUDGLFLMDV 7RG O PDQRPL
YDLU V LRV LQIRUPDFLMRV SDWHLNLPR YDULDQWDL 'DQLDXVLDL UHPLDPDVL WRNL
WDUSWDXWLQL  RUJDQL]DFLM  NDLS 79) VWDQGDUWDLV L RUJDQL]DFLMD NDVPHW
VNHOELD SDVDXOLR DOL  GXRPHQLV OHLGLQLXRVH 0RN MLP  EDODQV  VWDWLVWLNRV
PHWUDWLVLU7DUSWDXWLQ ILQDQV VWDWLVWLND
-XQJWLQ VH $PHULNRV YDOVWLMRVH L  VWDWLVWLN  UHQND -$9 NRPHUFLMRV
GHSDUWDPHQWDV 'LGLRMRMH %ULWDQLMRMH  3UHN\ERV LU LQGXVWULMRV
GHSDUWDPHQWDV/LHWXYRMH/LHWXYRVEDQNDVLUWW
0RN MLP EDODQVRGXRPHQ DSVNDLWDLUV VNDLWRV
9LHQDV VYDUELDXVL  DOLHV PRN MLP  EDODQVR VWDWLVWLNRV DVSHNW  \UD
WDLNDGDSVNDLWRVSRL ULXYLVXRPHWWXULE WLJDXQDPDVEDODQVDV7DLSDJU VWD
GYLJXERV EXKDOWHULMRV SULQFLSDLV .LHNYLHQDV VDQG ULV WDUS VDYR LU XVLHQLR
DOLHV DVPHQ  PRN MLP  EDODQVH \UD GX NDUWXV UHJLVWUXRMDPDV 9DOLXWRV
SODXNRVLNLW DOL DVPHQ \UDILNVXRMDPRVNDLSNUHGLWRVWUDLSVQLV EDODQVH
\PLPDSOLXVRHQNOX WXRSDWPHWXEHWNRNVPRN MLPDVNLW DOL DVPHQLPV
\UD ILNVXRMDPDV NDLS GHEHWR VWUDLSVQLV VX PLQXVR HQNOX EDODQVH  3ULH
QDJULQ GDPLNDLNXULXRVVNLUWLQJ HNRQRPLQL YHLNVP WDUSYLHWRVLUXVLHQLR
DVPHQ  SDY\]GLXV WXULPH DSVYDUVW\WL YDLULDV WDUSLQHV DSVNDLWDV NXULRV
VXGDURPRN MLP EDODQV 7UDGLFLNDLPRN MLP EDODQVDV\UDVNLUVWRPDV GYL
SDJULQGLQHVGDOLVHLQDPRMLV VNDLWDLUNDSLWDORV VNDLWDLRVGDO\VWROLDX\UD
GDU VPXONLDX VNDLGRPRV 'DOLMLPR  GYL SDJULQGLQHV GDOLV HVP  \UD WDL NDG
HLQDPRML V VNDLWD SDURGR SDMDP  VUDXWXV R NDSLWDOR V VNDLWD UHJLVWUXRMD
DNW\Y LUSDV\Y SRN\LXV
/DEDL VXSDSUDVWLQWDV DOL  PRN MLP  EDODQVR SDY\]G\V SDWHLNWDV 
OHQWHO MH(XURSRVPRN MLP EDODQVDV
0RN MLP EDODQVRVXGHGDP M GDOL DSYDOJD
3UHN\ERVEDODQVDV
3UHN\ERV EDODQVDV GDQDL YDGLQDPDV PDWRPXRMX EDODQVX QHV MLV
SDURGR VNLUWXP  WDUS SUHNL  HNVSRUWR LU SUHNL  LPSRUWR DSLPWLHV LH
GXRPHQ\V JDOL E WL SDNDQNDPDL JHUDL VXUHQNDPL L PXLWLQL  LU YDOVW\E V
VLHQRV SHU MLPR SXQNW  SODXNRV X HNVSRUW  \UD UHJLVWUXRMDPRV NDLS


PRN MLP  EDODQVR NUHGLWDV R LODLGRV X LPSRUW  \UD ILNVXRMDPRV NDLS


GHEHWDV.DGDSUHN\ERVEDODQVDV\UDWHLJLDPDVWDLUHLNLDNDGDOLVXGLUER
GDXJLDXXSUHNL HNVSRUW QHLVXPRN MRXSUHNL LPSRUW 
(XURSRVPRN MLP EDODQVDV
OHQWHO
(LQDPRMLV VNDLWD











3UHNL HNVSRUWDV
3UHNL LPSRUWDV
3UHN\ERVEDODQVDV
3DVODXJ HNVSRUWDV
3DVODXJ LPSRUWDV
*DXWDVSHOQDVSDO NDQRVLUGLYLGHQGDL
,PRN WDVSHOQDVSDO NDQRVLUGLYLGHQGDL
.LWRVWLHVLRJLQ V SODXNRV
.LWRVWLHVLRJLQ VLPRNRV
(LQDPRVLRVV VNDLWRVEDODQVDVVXPXRWL



  






    

.DSLWDORV VNDLWD












,QYHVWLFLMRVXVLHQ\MH
7UXPSDODLN VSDVNRORV
9LGXWLQ VLULOJDODLN VSDVNRORV
8VLHQLRLQYHVWLFLMRV
7UXPSDODLNLV VLVNROLQLPDV
9LGXWLQLVLULOJDODLNLVVNROLQLPDVLV
.DSLWDORV VNDLWRVEDODQVDV
6WDWLVWLQLDLQHDWLWLNLPDL
6 ^        `
%HQGULYDOLXWRVVUDXWDL
5H]HUY GLG MLPR  LUPD MLPR 
SRN\LDL
79)VNROLQLPDVLV  LULPRNRV 









  
    

(LQDPRVLRVV VNDLWRVEDODQVDV
(LQDPRVLRVV VNDLWRVEDODQVDVWDLDLNLDLPDWRPRSUHN\ERVEDODQVR
LUQHPDWRP WUDQVDNFLM  W\VDQGRUL EDODQVRVXPD1HPDWRPDVLVEDODQVDV
SDURGRVNLUWXP WDUSSHOQRJDXWRXSDVODXJ HNVSRUW LUPRN MLP DWOLNW
X SDVODXJ  LPSRUW  3DVODXJ  V YRND DSLPD PRQL  LU SUHNL  SHUYHLPXV
WXUL]P  YDLUL  U L  GUDXGLP  NRPHUFLQ  EDQNLQLQN\VW  LU WW %HMH
SDO NDQ  SODXNRV LU LPRNRV GLYLGHQGDL LU NLWRNV SHOQDV \UD UHJLVWUXRMDPL
QHPDWRPRMRMHEDODQVRGDO\MHQHVMLHSDURGRDWO\J XLQYHVWDYLP  XVLHQLR
EHQGURYHV  Y\ULDXV\E V YHUW\ELQLXV SRSLHULXV  DNFLQ  NDSLWDO  ,PRNRV
SDURGR DWO\J  XVLHQLR DVPHQLPV X M  LQYHVWLFLMDV  NUDWR HNRQRPLN 
3DSUDVLDX VDNDQW WDL SODXNRV LU LPRNRV X SDVODXJDV WR NDSLWDOR NXULV
XGLUEDLUNDUWXNDLQXRMDNDLSHNVSRUWDVLULPSRUWDV
, OHQWHO V (XURSRV PRN MLP  EDODQVDV PDW\WL NDG \UD GDU YLHQDV
VWUDLSVQLV HLQDPRVLRV V VNDLWRV QHPDWRPRMRMH GDO\MH  NLWRV WLHVLRJLQ V
SODXNRVLULPRNRV7DLWRNLRVLPRNRVLU SODXNRVNXULRVQHWXULWLHVLRJLQLR
TXLG SUR TXR YLHQDV YLHWRM NLWR  W\ SDQDDXV LU WLNVODXV SDMDP  LU LODLG
VWUDLSVQL  DWLWLNLPR 7RNLR WLSR SODXNRV LU LPRNRV JDOL E WL PLJUDQW
GDUELQLQN  SHUODLGRV VDYR DUWLPLHVLHPV OLNXVLHPV QDPLH SHQVLM  LPRNRV
XVLHQ\MHJ\YHQDQWLHPVSLOLHLDPVSDJDOEDXVLHQLRDOLPVDUXVLHQLRDOL
SDJDOEDLUODEGDUD
7RNLRV SODXNRVLULPRNRVSDURGRSDMDP SHUVNLUVW\P WDUSVDYRVLU
XVLHQLRDOL DVPHQ 7LHVLRJLQ VLPRNRVJDOLE WLWUDNWXRMDPRVNDLSVDYR
DOLHV SODXN DUSDMDP VXPD MLPDVG OPRN MLP XVLHQLRDOL DVPHQLPV
WRG OUHJLVWUXRMDPRVNDLSGHEHWDV2WLHVLRJLQ V SODXNRV\UDYHUWLQDPRVNDLS
DOLHV SDMDP  SDGLG MLPDV G O O  JDXQDP  L XVLHQLHL  WRG O
UHJLVWUXRMDPRVNDLSNUHGLWDV
.DSLWDORV VNDLWRVEDODQVDV
.DSLWDORV VNDLWRVEDODQVH\UDUHJLVWUXRMDPLYLVLVDQGRULDLOLHLDQW\V
ILQDQVLQLR NDSLWDOR MXG MLP   DO  LU L DOLHV .DSLWDODV DWHLQD  DO
VNROLQDQWLVSDUGXRGDQWNLW DOL DNW\YXVLUXVLHQLHLDPVLQYHVWXRMDQWYLHWRV
DO\MHLHVWUDLSVQLDL\UDNDSLWDOR SODXNRVLUPRN MLP EDODQVHUHJLVWUXRMDPL
NDLS NUHGLWDV .DSLWDOR SODXNRV L HVP V \UD DOLHV WXULP  XVLHQLR DNW\Y
VXPD MLPDV DUED DOLHV SDV\Y  W\ VLSDUHLJRMLP  XVLHQLXL SDGLG MLPDV
7DV IDNWDV NDG NDSLWDOR SODXNRV  DO  \UD WUDNWXRMDPRV NDLS NUHGLWDV  L
SUDGL JDOLE WLVXQNLDLVXYRNLDPDV7DLJDOLPDVXSUDVWLNDLSVNROLQLP VLL
XVLHQLR PDLQDLV  VNROLQLQNR VLSDUHLJRMLPR UDW  HNVSRUW  .DLS XVLHQLR
DVPHQ LQYHVWLFLMRV\UDLU993DUDNFLM HNVSRUWDVLNLW DOL .LWDYHUWXV
NDSLWDODVSDOLHNDDO G OVNROLQLPRXVLHQLRDOL 993DNFLM LUNLW DNW\Y


SLUNLPR WDLS SDW VDYR DO\MH HVDQL  XVLHQLR DVPHQ  YDOGRP  DNW\Y
SLUNLPRLHVDQGRULDLDWVSLQGLNDSLWDORLYHLP LU\UDSULVNLULDPLSULHGHEHWR
VWUDLSVQL  NDSLWDOR V VNDLWRMH .DSLWDOR LPRNRV L HVP V \UD DOLHV WXULP
DNW\Y  SDGLG MLPDV DUED VLSDUHLJRMLP  XVLHQLXL SDV\Y  VXPD MLPDV LH
VWUDLSVQLDL\UDUHJLVWUXRMDPLNDLSGHEHWDV
6WUDLSVQLDL NDSLWDOR V VNDLWRMH SDSUDVWDL \UD VNLULDPL DWVLYHOJLDQW
WDL L NRNL  DOWLQL  NDSLWDOR SHUYHGLPDL \UD NLO  DU MLH L SULYDWDXV DU L
YLVXRPHQLQLRVHNWRULDXVDUMLHWUXPSDODLNLDLDULOJDODLNLDL6XPLQLVNDSLWDOR
SODXN LUSHUYHGLP UHJLVWUDVLU\UDNDSLWDORV VNDLWD
%HQGUDVYDOLXWRVVUDXWDV
.DG NUHGLWDV LU GHEHWDV PRN MLP  EDODQVH E W  O\J V E WLQDV
VWDWLVWLQL  QHDWLWLNLP  VWUDLSVQLV  NXU  LU WUDXNLDPL WLH QHDWLWLNLPDL WDUS
NUHGLWRLUGHEHWRLHQHDWLWLNLPDL\UDG ONHOHWRSULHDVL 9LHQDLM \UDWDL
NDG QLHNXRPHW QH PDQRPD VXUHJLVWUXRWL YLV  DOLHV LU XVLHQLR YDOVW\EL
DVPHQ DWOLHNDP PRN MLP LUSHUYHGLP .LWRVSULHDVW\VVXVLM VXWXRNDG
QHPDD VWDWLVWLQL  GXRPHQ  \UD SDJU VWL DSLEHQGULQWDLV PDWHPDWLQLDLV
PRGHOLDLV LU WDP WLNURV SDNODLGRV LD QHLYHQJLDPRV 6YDUEL SUREOHPD \UD
JDQD SDSOLW V QRUDV YHQJWL PRNHVL  WRG O NDL NXULH NDSLWDOR MXG MLPDL \UD
NDLS UHLNLDQW QH YHUWLQWL 0DD WR NDL NXULRV QHV LQLQJRV ILUPRV JDOL
WHQGHQFLQJDL QXYHUWLQWL VDYR HNVSRUW  LU SHUYHUWLQWL LPSRUW  NDG GLUEWLQDL
VXPDLQW  SHOQ  3UREOHPD \UD LU YDLU V SHUYHGLP  XODLN\PDL 0RN MLP
EDODQVH \UD UHJLVWUXRMDPRV YLVRV SODXNRV LU LPRNRV GDURPRV VDYR LU NLW
DOL DVPHQ EHWGDQDLDWJDEHQXVSUHNHVSHUYHGLPDLY OXRMDLUDWYLUNLDL
7RG O PRN MLP  EDODQVH JDOL DWVLVSLQG WL YLHQDV YHLNVPDV SY] HNVSRUWDV
EHW GDU JDOL E WL QH VNDLW\WL SHUYHGLPDL X M  7DL UHLNLD NDG GYL WR SDLR
YHLNVPRSXV V\UDQH WUDXNWRV W SDL DSVNDLW 
6XG MXV HLQDPRVLRV V VNDLWRV EDODQV  NDSLWDOR V VNDLWRV EDODQV  LU
VWDWLVWLQLXV QHDWLWLNLPXV JDXQDPH EHQGU  YDOLXWRV VUDXW  LRV V VNDLWRV
EDODQVDV \UD VYDUEXV QHV MLV SDURGR SLQLJXV NXULDLV JDOLPD GLVSRQXRWL
GLGLQDQWDOLHVRILFLDOLXVUH]HUYXVDULPRNDQWDOLHVVNRODV
2ILFLDODXVILQDQVDYLPREDODQVDV
DOLHVFHQWULQLVEDQNDVSDSUDVWDLWXULVDYRUH]HUY IRQG VXGDU\W L
NRQYHUWXRMDPRV XVLHQLR YDOLXWRV XVLHQLR DOL  993 LU NLWRNL  SDWLNLP
DNW\Y  7RNLH UH]HUYDL ODLNRPL GDXJLDXVLD WDP NDG FHQWULQLV EDQNDV JDO W
SLUNWL VDYR YDOLXW  DSVDXJRGDPDV M  QXR QXYHUW MLPR %HW NRN  GLGHVQ
YDOLXWRVQXWHN MLP LDOLHVSDGHQJLDYDOGLRVLQVWLWXFLMRVLRILFLDOL UH]HUY
DUED VNROLQGDPRVL SLQLJXV L NLW  FHQWULQL  EDQN  DU 79) NDL EDODQVR


V VNDLWRVH \UD UDRPL SOLXVDL  .LWD YHUWXV MHLJX  DO  SODXNLD GLGHO V


YDOLXWRV VXPRV SHUWHNOLXV SHUYHGDPDV  RILFLDOLXV UH]HUYXV DUED JU LQDPRV
VNRORV 79) DU NLWLHPV XVLHQLR DOWLQLDPV PLQXVDV V VNDLWRVH QHV SLQLJDL
SDOLHNDDO 
7DV IDNWDV NDG PRN MLP  EDODQVR V VNDLWRMH DOLHV RILFLDOL  UH]HUY
SDGLG MLPDV \UD XUDRPDV NDLS PLQXVDV R UH]HUY  VXPD MLPDV  NDLS
SOLXVDV GDQDL VXNHOLD SDLQLDY  VWXGLMXRMDQW ILQDQVXV .LHN SDOHQJYLQD
SDDLNLQLPDV NDG DOLV GLGLQD UH]HUYXV SLUNGDPD XVLHQLR YDOLXW  WDGD NDL
QDFLRQDOLQ  YDOLXWD \UD VWLSUL 7DL UHLNLD NDG NXRPHW NLWL VWUDLSVQLDL
PRN MLP  EDODQVH \UD SHUWHNOLQLDL WXRPHW UH]HUY  SDGLG MLPDV WXUL E WL
XUHJLVWUXRWDV NDLS GHEHWDV QRULQW XWLNULQWL EHQGU  EDODQV  3ULHLQJDL
UH]HUYDLPD MDNDLYDOGLDVWHQJLDVLSDODLN\WLDOLHVYDOLXW NXUL\UDVLOSQD
7XRPHW NLWL EDODQVR VWUDLSVQLDL SULGHGDPL SULH GHILFLWR LU UH]HUY  PD MLPDV
UHJLVWUXRMDPDVNDLSSOLXVDVQRULQWJDUDQWXRWLEHQGU EDODQV 
0RN MLP EDODQVRVWUDLSVQL  UDDL
1RULQW WLNVOLDL VXSUDVWL NRG O NUHGLWR LU GHEHWR VXPD PRN MLP
EDODQVH WXUL E WL O\JL QXOLXL SDQDJULQ VLPH NHOLV HNRQRPLQL  YHLNVP  WDUS
YLHWLQL  LU XVLHQLR DOL  DVPHQ  SDY\]GLXV <UD SHQNL SDJULQGLQLDL WDUS M
PDQRP HNRQRPLQL YHLNVP WLSDL
 $SVLNHLWLPDV SUHN PLV LU SDVODXJRPLV X ILQDQVLQLXV SHUYHGLPXV
DWVLVNDLW\PXV 
 $SVLNHLWLPDV SUHN PLV LU SDVODXJRPLV 7DL YDGLQDPD QDW ULQLDLV
SUHNL PDLQDLV
$SVLNHLWLPDVILQDQVLQLDLVSHUYHGLPDLV
 1HDWO\JLQWLQDV SUHNL  DU SDVODXJ  SHUYHGLPDV  PDLVWR SUHN V
PHGLFLQLQ DUNDULQ SDJDOED 
 1HDWO\JLQWLQDV ILQDQVLQLV SHUYHGLPDV SLQLJLQ V GRYDQRV DU
PLJUDQW SHUYHGLPDLVDYRHLPRPV 
3DQDJULQ VLPHNDLSNLHNYLHQDVSHUYHGLPDV\UDGXNDUWXV UDRPDV
NDLS NUHGLWDV LU GHEHWDV 3DWHLNWRMH OHQWHO MH QDJULQ MDPL YDLU V SHUYHGLPDL
WDUS GYLHM  DOL   /LHWXYRV LU 9RNLHWLMRV /LHWXYD HNVSRUWXRMD SUHNL 
9RNLHWLM  X  POQ /W 8 MDV PRND 9RNLHWLMRV LPSRUWXRWRMDV  QXR MR
V VNDLWRV/LHWXYRVEDQNHQXUDRPDWRNLDSDWVXPD



0RN MLP EDODQVRDSVNDLWRVSDY\]G\V


OHQWHO
9RNLHWLMRVPRN MLP EDODQVDV

/LHWXYRVPRN MLP EDODQVDV

(LQDPRMLV VNDLWD
3UHNL LPSRUWDV
POQ'(0
.DSLWDORV VNDLWD
9RNLHWLMRVDVPHQ DNW\Y
VXPD MLPDV/LHWXYRVEDQNR
V VNDLWRMH
POQ'(0

(LQDPRMLV VNDLWD
3UHNL HNVSRUWDV
POQ/7/
.DSLWDORV VNDLWD
6XPD M /LHWXYRVEDQNRSDV\YDL
9RNLHWLMRVDVPHQLPV
POQ/7/

6XUHJXOLDYLPRV YRND
6XUHJXOLDYLPR V YRND SDJU VWD RSHUDFLMRPLV NXUL  PRQHWDULQ V
SROLWLNRV Y\NG\WRMDL WXUL LPWLV NDG JDO W  ILQDQVXRWL EHW NRN  QHVXEDODQ
VXRWXP HLQDPRMRMHLUNDSLWDORV VNDLWRVH



0RN MLP EDODQVRSDJULQGLQL V YRN VDQWUDXND


OHQWHO
3UHN\ERVEDODQVDV













3UHNL HNVSRUWDV
3UHNL LPSRUWDV
3UHN\ERVEDODQVDV
(LQDPRMLV VNDLWD
3UHN\ERVEDODQVDV
3DVODXJ HNVSRUWDV
*DXWDVSHOQDVSDO NDQRVLUGLYLGHQGDL
.LWRVWLHVLRJLQ V SODXNRV
3DVODXJ LPSRUWDV
,PRN WDVSHOQDVSDO NDQRVGLYLGHQGDL
.LWRVWLHVLRJLQ VLPRNRV
(LQDPRVLRVV VNDLWRVEDODQVDV
3DJULQGLQLVEDODQVDV
(LQDPRVLRVV VNDLWRVEDODQVDV
,OJDODLNLRNDSLWDORV VNDLWRVEDODQVDV
3DJULQGLQLVEDODQVDV
6XUHJXOLXRWDVEDODQVDV
3DJULQGLQLVEDODQVDV
7UXPSDODLNLRNDSLWDORV VNDLWRVEDODQVDV
6WDWLVWLQLDLQHDWLWLNLPDL
6XUHJXOLXRWDVEDODQVDV



3(5.$026,26*$/,263$5,7(7$6,5
.,17$17<69$/,87 .856$,
-DX QDJULQ MRPH NDL NXULXRV YDOLXW  NXUV  PRGHOLXV 'DEDU
SDQDJULQ VLPH SDLXV SDSUDVLDXVLXV LU DQNVW\YLDXVLXV 9LHQDV WRNL  LU \UD
SHUNDPRVLRV JDOLRV SDULWHWR 3*3  WHRULMD -  SHUSUDVWL \UD WLHVLRJ E WLQD
VWXGLMXRMDQW WDUSWDXWLQLXV ILQDQVXV 3*3 WHRULMD SDNDQNDPDL SXLNXV PRGHOLV
QRULQW SDDLNLQWL GDXJHO  YDOLXW  NXUV  -  UHPGDPLHVL JDOLPH QXVWDW\WL NDLS
JHUDLYHLNLDQRPLQDOXVLVNLQWDQWLVYDOLXWRVNXUVDVSRPHW 'HMD3*3WHRULMD
QH YLVXRPHW JDOL DGHNYDLDL SDDLNLQWL UHDOLXV SURFHVXV LU NDL NXULH MRV
WU NXPDLEXVQDJULQ MDPLWROLDX
3HUNDPRVLRVJDOLRVSDULWHWRWHRULMD
3*3 WHRULMD \UD SDJU VWD *XVWDYR &DVVHOOLR PHW  UDWDLV 3DQDL
LG M  \UD SDWHLN V LU ;,; DPLDXV JDUVXV PRNVOLQLQNDV 'HLYLGDV 5LNDUGDV
3*3WHRULMDSDJU VWDWXRMRJDUELWUDRM JRVVXNHOLDSUHNL NDLQ LVLO\JLQLP
WDUSWDXWLQLXPDVWXMHLNDLQRV\UDQXVDNRPRVWDSDLDYDOLXWD7RNLDWHRULMDLU
\UDSUDGLQ YLHQRVNDLQRVG VQLRLUDLND
9LHQRVNDLQRVG VQLV
9LHQRVNDLQRVG VQLVSDJU VWDVWXRNDGHVDQWNRQNXUHQFLQHLWDUSWDX
WLQ V ULQNRV VWUXNW UDL LU QHHJ]LVWXRMDQW WUDQVSRUWDYLPR NDWDPV EHL NLWLHPV
SUHN\ERV EDUMHUDPV LGHQWLNL SURGXNWDL NXULH \UD SDUGXRGDPL VNLUWLQJRVH
ULQNRVH EXV SDUGXRGDPL WRNLD SDW NDLQD NXUL \UD LUHLNWD EHQGUD YDOLXWD
$XNVRVWDQGDUWDVEXYRJHUDVEHQGURVYDOLXWRVSDY\]G\V
9LHQRV NDLQRV G VQLV SDJU VWDV LGHDODXV DUELWUDR LG MD $UELWUDDV
DWVLUDQGD NXRPHW HNRQRPLQLDL DJHQWDL DWUDQGD WRN  SUHNL  NDLQ  VNLUWXP 
NXULV VXWHLNLD QHUL]LNLQJ  SHOQ  3DY\]GLXL MHL DXWRPRELOLV NDLQXRMD
$QJOLMRMHVYDU RO\JLDLWRNVSDWPRGHOLV-$9GROHUL WXRPHW
SDJDOYLHQRVNDLQRVG VQ YDOLXW NHLWLPRNXUVDVWXULE WLVYDU GDO\WLL
 GROHUL  R WDL VXGDUR  VYDUR X YLHQ  -$9 GROHU  6DN\NLP NDG
NHLWLPRNXUVDVEXYRGLGHVQLVQHLLVWDL\UDVYDURXGROHU WXRPHW-$9
UH]LGHQWXL DSVLPRND SLUNWL DXWRPRELO  $QJOLMRMH QHV MLV  VYDU  JDO V
SLUNWLWLNXGROHUL LUDXWRPRELOLVMDPNDLQXRVGROHUL SLJLDXQHL
$PHULNRMH 6XWLQNDPDL VX YLHQRV NDLQRV G VQLX -$9 UH]LGHQWDV VXUDV L
DUELWUDRJDOLP\E LUSUDG VSLUNWLVYDUXVLUSDUGXRWLGROHULXV7RNVSURFHVDV


Y\NVWRONROVYDURYHUW SDNLOVLNLVYDUR X GROHU  W\ WRO NRO DUELWUDR


SHOQDVLQ\NVWD$WYLUNLDLMHLNHLWLPRNXUVDV\UDVYDURXGROHU WXRPHW
$QJOLMRVDXWRPRELOLVNDLQXRV$PHULNRVUH]LGHQWXLGROHUL   
R$PHULNRVDXWRPRELOLVNDLQXRV$QJOLMRVUH]LGHQWXL VYDU  [ 
WDLJL VYDUDV \UD SHUYHUWLQWDV ' O WR -$9 UH]LGHQWDL QHSLUNV DQJOLN
DXWRPRELOL  EHW $QJOLMRV SLOLHLDL SLUNV DPHULNLHWLNXV DXWRPRELOLXV LU
VYDUDV WDUSWDXWLQ MH YDOLXW  ULQNRMH QXYHUW V LNL VDYR 3*3 YHUW V WDL \UD 
VYDUR X GROHU  1XRVHNO V 3*3 U P MDL QHWJL WYLUWLQD MRJ YLHQRV NDLQRV
G VQLVJDOLRMDQHWLNYLHQDLSUHNHLEHWYLVDPLGHQWLN SUHNL NUHSHOLXL
$EVROLXWXVLVLUUHOLDW\YXVLV3*3
3*3 \UD SDWHLNLDPD GYLHM  SDYLGDO  9LHQDV M  SDJU VWDV JULHWX
YLHQRV NDLQRV G VQLR DLNLQLPX LU YDGLQDPDV DEVROLXLXRMX 3*3 .LWDPH
DLNLQLPH PDLDX UHPLDPDVL YLHQRV NDLQRV G VQLR YHLNLPX LU MLV LQRPDV
NDLSUHOLDW\YXVLV3*3
$EVROLXWXVLV 3*3 $EVROLXLRMR 3*3 YHUVLMD WYLUWLQD SUHNL  NUHSHOLR
NDLQDYLHQRMHDO\MHSDO\JLQWLVXLGHQWLNRSUHNL NUHSHOLRSDUGXRGDPR
XVLHQLR DO\MH NDLQD \UD WRNLD SDW NRQYHUWDYXV YDOLXW SDJDO NHLWLPR
NXUVEHQGUDLSULLPWYDOLXW3DY\]GLXLMHLSUHNL NUHSHOLRNDLQD\UD
 VYDU  LU WRNV SDW SUHNL  NUHSHOLV NDLQXRMD  GROHUL  $PHULNRMH
WXRPHWNHLWLPRNXUVDVEXVVYDU XGROW\$OJHEULNDL
WDLJDOLPHLUHLNWL
6 33 
LD6NHLWLPRNXUVDVDSLEU WDVNDLSVDYRDOLHVYDOLXWRVNLHNLVPRNDPDV
X XVLHQLR YDOLXWRV NLHN  3  SUHNL  NUHSHOLR NDLQD LUHLNWD VDYR DOLHV
YDOLXWD3 LGHQWLNRSUHNL NUHSHOLRNDLQDXVLHQ\MHLUHLNWDXVLHQLRYD
OLXWRVYLHQHWDLV
3DJDO DEVROLXW M  3*3 VDYR DOLHV NDLQ  O\JLR DXJLPDV O\JLQDQW VX
XVLHQLR DOL  NDLQRPLV VXNHOV SURSRUFLQJ  VDYR YDOLXWRV QXYHUW MLP 
SDO\JLQWLVXXVLHQLRYDOLXWD3Y]MHLSUHNL NUHSHOLRNDLQD$QJOLMRMHSDNLOV
LNLVYDU VWHUOLQJ NXRPHWLGHQWLN SUHNL NDLQD-$9LOLNVGROHUL 
WXRPHWVYDUDVQXYHUW VLNLVYDU YLHQDPGROHULXL
5HOLDW\YXVLV 3*3 $EVROLXLRMR 3*3 YHUVLMD \UD VXQNLDL SULWDLNRPD
J\YHQLPH LU QHW WRV WHRULMRV GLGLDXVL J\QMDL VX WXR VXWLQND 3UDNWLNDL
YLVXRPHW\UDWUDQVSRUWDYLPRNDWDLSDVLWDLNRQHWLNVOLRVLQIRUPDFLMRVWXUL
WDNRV YDLU V WDULIDL EHL SURWHNFLRQL]PDV %HW QHW HVDQW WRNLHPV



WUXNG\PDPV \UD SULSDLQWD NDG 3*3 YLV WLHN JDOLRMD QRUV LU VLOSQHVQH
IRUPD 7RNV SDULWHWDV YDGLQDPDV UHOLDW\YLXRMX L YHUVLMD WHLJLD NDG
NHLWLPR NXUVDV VDYDLPH VXVLUHJXOLXRV SDJDO LQIOLDFLMRV VNLUWXP HVDQW
GYLHM DOL HNRQRPLNRMH$OJHEULNDLWDLJDOLPDLUHLNWLWDLS
'6 '3'3 
LD '6  SURFHQWLQLV NHLWLPR NXUVR SRN\WLV '3  VDYR DOLHV LQIOLDFLMRV
NRHILFLHQWDV'3 XVLHQLRDOLHVLQIOLDFLMRVNRHILFLHQWDV
3DJDOUHOLDW\YLRMR3*3YHUVLM MHLJXLQIOLDFLMRVNRHILFLHQWDV$QJOLMRMH
\UDSURFHQW NDL-$9WLNSURFHQWDLJDOLPDODXNWLNDGVYDURVWHUOLQJR
SDO\JLQWL VX GROHULX NHLWLPR NXUVDV QXYHUW V PDGDXJ  SURFHQWDLV
$EVROLXWXVLV3*3QHDWVLYHOJLD WRN DWYHM 
$SLEHQGULQWRML 3*3 YHUVLMD 3*3 WHRULMD WHLJLD MRJ 3*3 JDOLRMD YLV  U L
SUHN PV %H DEHMR \UD NHOHWDV ODELDX DSLEHQGULQW  3*3 YHUVLM  NXULRV
QXPDWR VNLUWXPXV WDUS PDLQRP  LU QHPDLQRP  SUHNL  (NVSRUWXRMDPRV
SUHN V \UD WRV NXULRV WXUL GDO\YDXWL DULRMH WDUSWDXWLQ MH NRQNXUHQFLMRMH LU
GDXJLDXVLD WDL LQGXVWULQ V SUHN V 1HHNVSRUWXRMDPRV DU QHNHLLDPRV SUHN V
\UDWRNLRVNXULRVQHJDOLE WLOHQJYDLHNVSRUWXRMDPRVDUSDNHLLDPRVLPSRUWX
7DLSDY\]GLXLQDPDLEXWDLUHVWRUDQDLNLUS\NORV
3*3 JDOLRMD GDXJLDXVLD HNVSRUWXRMDPRPV SUHN PV $SLEHQGULQWRML
3*3YHUVLMDDWVLYHOJLD DELHM U L SUHNHVLU\UDSDNDQNDPDLPDWHPDWLNDL
VXG WLQJDWRG OSODLDXMRVQHQDJULQ VLPH

6YDUELDXVLRVLYDGRV
3*3\UDGDXJYHLNVPLQJHVQLVNDLP\QLQ VHDO\VH
.HLWLPR NXUVDL VY\UXRMD GDXJ GDXJLDX QHL DWLWLQNDP  DOL  NDLQ
LQGHNVDL
(PSLULNDL3*3JHULDXJDOLRMDLOJDPSHULRGXLQHLWUXPSDLVODLNRWDU
SDLV
DO\VH NXU ODEDL GLGHO  LQIOLDFLMD JUHLWDL QXYHUW MD YDOLXWD SY]
GHYLQWDMDPHGHLPWPHW\MH$UJHQWLQD%UD]LOLMD,]UDHOLV 7DLURGRNDG3*3
\UDSDNDQNDPDLYHLNVPLQJDV
, SULQFLSR 3*3 JHULDX WLQND PDLQRPRPV SUHN PV QHL QHPDLQR
PRPV 



0$.52(.2120,.2632/,7,.$,5
$79,526,26(.2120,.26$/,6
9LGLQLRLULRULQLREDODQV SUREOHPRV
1RULQW YHUWLQWL SRNDULR PHW  HNRQRPLQ  OLWHUDW U  UHLNLD YLVXRPHW
WXU WLRPHQ\MHNDGQXR,,SDVDXOLQLRNDURSDEDLJRVLNLLROWDUSWDXWLQ YDOLXW
VLVWHPD EXYR SDJU VWD ILNVXRWX NHLWLPR NXUVX 7DGD SDJULQGLQ V SDVDXOLR
YDOLXWRV EXYR VXVLHWRV VX -$9 GROHULX 7LNWDL HVDQW IXQGDPHQWDOLDP
LVLEDODQVDYLPXL PRQHWDULQHL YDOGLDL EXYR OHLVWD VXPDLQWL DU SDGLGLQWL
YDOLXWRVNXUV 7XRPHWX\SDVYDUEXEXYRHIHNW\YLDLSDQDXGRWLILVNDOLQ VLU
PRQHWDULQ V SROLWLNRV VYHUWXV GDUDQW SRYHLN  HNRQRPLNDL 7DLS SDW
HNRQRPLQ V SROLWLNRV Y\NG\WRMDL GDXJ VYDUVW  LU GLVNXWDYR G O PDNURHNR
QRPLNRVWLNVO XWLNULQLPRSHUVSHNW\Y \SDHWXRMXLUVHSWLQWXRMXGHLPW
PHLX
3ULQFLSLQLVWLNVODVEXYRSDVLHNWLYLVLN J\YHQWRM XLPWXP W\LNL
PLQLPXPR VXPDLQWL EHGDUEL  VNDLL  .LWDV HVPLQLV WLNVODV EXYR SDVLHNWL
VWDELO NDLQ O\J W\SUDNWLNDLQHDXJDQL LQIOLDFLM WDLYDGLQDPDYLGLQLX
DOLHV EDODQVX %XYR SULSDLQWD NDG DWYLURV ULQNRV HNRQRPLNRV V O\JRPLV
GLG MDQWL JDP\ED WXUL VYDULRV WDNRV PRN MLP  EDODQVXL 3Y] GLG MDQWL
JDP\ED LU GLG MDQWLV GDUEXRWRM  VNDLLXV DNLYDL]GLDL SDGLGLQD LPSRUWR
YDUWRMLP  LU SDEORJLQD HLQDPRVLRV V VNDLWRV EDODQV  .DGDQJL Y\ULDXV\E V
EXYRVXVLWDUXVLRVODLN\WLVILNVXRWRYDOLXWRVNXUVREXYRODEDLVYDUEXLODLN\WL
PRN MLP EDODQVRSXVLDXVY\U W\VXEDODQVXRW VDYRDOLHVYDOLXWRVSDVL O
LUSDNODXV 7RNVWLNVODVJDOLE WLSDYDGLQWDVLRULQLXDOLHVEDODQVX
)LVNDOLQ V LU PRQHWDULQ V SROLWLNRV SRN\LDL NXULDLV VLHNLDPD
SDYHLNWLYLVXPLQ VSDNODXVRVO\J HNRQRPLNRMHYDGLQDPLLODLGDVNHLLDQLD
SROLWLND3ROLWLNDNXULDQRULPDQXYHUWLQWLDUSDNHLVWLYDOLXWRVNHLWLPRNXUV
QRULQW SDNHLVWL YDUWRMLPR LODLG  YLHWLQ PV LU XVLHQLR SUHN PV VWUXNW U 
YDGLQDPDLODLG SHUVNLUVW\PRSROLWLND
7RPHWRVSDXGRMHGDQDLQDJULQ MDPDNDLSY\ULDXV\E VWXULSDVLHNWL
DEX WLNVOXV W\ SXVLDXVYLUXV YLGLQLXV LU LRULQLXV EDODQVXV 7UHYRUDV 6ZDQDV
WHRULNDL QDJULQ MR LDV SUREOHPDV LU MR WHRULMRV SDJULQGX  SDYHLNVOH
SDWHLNLDPDVLVJUDILNDV
LD NHLWLPR NXUVDV \UD DSLEU WDV NDLS YLHWLQ V DOLHV YDOLXWRV
YLHQHWDL PRNDPL X XVLHQLR YDOLXWRV YLHQHW  WDLJL GLG MLPDV UHLNLD UHDO
QXYHUW MLP RWDLVDYRUXRWXUHLNLDSDGLG MXV WDUSWDXWLQ NRQNXUHQFLQJXP 



+RUL]RQWDOLRMHD\MH\UDSDURG\WDVUHDOLRVYLHWLQ VYLGDXVDEVRUEFLMRVPDVWDV
$EVRUEFLMDLDUHLNLDYDUWRMLPRLQYHVWLFLM LUY\ULDXV\E VLODLG VXP 
,%YLGLQLREDODQVR LQWHUQDOEDODQFH JUDILNDVSDURGRUHDOLRMRNXUVR
LU YLHWLQ V DEVRUEFLMRV GHULQ  HVDQW DOLHV HNRQRPLNRV YLGDXV EDODQVXL W\
YLVLNDMDPXLPWXPXLLUVWDELOLRPVNDLQRPV,%NUHLY NUHQWDHP\QHLQDQWL
NDLU V GHLQ 7DLS\UDWRG ONDGUHDOLRMRNXUVRDXJLPDVVXPDLQVHNVSRUW
LUSDGLGLQVLPSRUW WDLJLQRULQWLODLN\WLYLVLN M GDUERM JRVXLPWXP UHLNLD
SDGLGLQWL DOLHV YLGDXV LODLGDV /LHWXYRMH SDVWDUDLVLDLV PHWDLV OLWR UHDOXVLV
NXUVDV NLOR SDO\JLQWL VX 9RNLHWLMRV PDUNH WRG O LPSRUWDV L 9RNLHWLMRV
DWSLJR 
(LQDQW  GHLQ  QXR ,% NUHLY V DLN MD NDG GLG MD LQIOLDFLMRV WDND
HNRQRPLNRMHQHVHVDPDPNXUVXLYLGDXVLODLGRV\UDGLGHVQ VQHLUHLNDOLQJRV
XWLNULQDQW YLVLN M  GDUER M JRV XLPWXP  (LQDQW  NDLU  DLN MD GHIOLDFLMRV
SR\PLDL QHV YLGDXV LODLGRV \UD PDHVQ V QHL QRULQW LODLN\WL YLVLN M
XLPWXP 
(%LRULQLREDODQVR H[WHUQDOEDODQFH JUDILNDVURGRUHDOLRMRNXUVR
LUDOLHVYLGDXVDEVRUEFLMRVGHULQ NXUHNRQRPLND\UDLRULQLDPHEDODQVHW\
SDVLHNWD HLQDPRVLRV V VNDLWRV SXVLDXVY\UD (% NUHLY  N\OD DXNW\Q HLQDQW L
NDLU V  GHLQ  7DLS \UD WRG O NDG YLHWLQ V YDOLXWRV QXYHUW MLPDV SDGLGLQV
HNVSRUW  LU VXPDLQV LPSRUW  QHSDPLUNLPH NDG NHLWLPR NXUVDV \UD
DSLEU WDVNDLSYLHWLQ VDOLHVYDOLXWRVYLHQHWDLPRNDPLXXVLHQLRYDOLXWRV
YLHQHW  7DLJL QRULQW LYHQJWL HLQDPRVLRV V VNDLWRV SHUWHNOLDXV UHLNLD
SDGLGLQWL YLGDXV LODLGDV LPSRUWR SDGLG MLPXL NRPSHQVXRWL (LQDQW  GHLQ
QXR(%NUHLY VYLGDXVLODLGRV\UDGLGHVQ VQHLUHLNDOLQJRVQRULQW SDODLN\WL
HLQDPRVLRV V VNDLWRV SXVLDXVY\U  WDLJL UH]XOWDWDV \UD HLQDPRVLRV V VNDLWRV
GHILFLWDV 3DQDLDL HLQDQW  (% NUHLY V NDLU  \UD HLQDPRVLRV V VNDLWRV
SHUWHNOLXV SHUPDRVYLGDXVLODLGRV 
7DLJL 6ZDQR GLDJUDPD \UD SDGDO\WD  NHWXULDV ]RQDV SDURGDQLDV
NHWXULDVVNLUWLQJDVHNRQRPLNRVE VHQDV
]RQDQHGDUERWU NXPDVLULQIOLDFLQLVVSDXGLPDV
]RQDQHGDUERWU NXPDVLUGHIOLDFLQLVVSDXGLPDV
]RQDGLGHOLVQHGDUEDVLUGHIOLDFLQLVVSDXGLPDV
]RQDGLGHOLVQHGDUEDVLULQIOLDFLQLVVSDXGLPDV
0DWRPH NDG WLN WDNH $ NXU ,% LU (% NUHLY V VXVLNHUWD DOLHV
HNRQRPLNRVYLGLQLVLULRULQLVEDODQVDL\UDSXVLDXVYLUL3DY\]GLXLVDN\NLPH
NDG DOLHV HNRQRPLND \UD WDNH % ]RQRMH  NXU \UD LQIOLDFLMRV VSDXGLPDV LU
HLQDPRVLRVV VNDLWRVGHILFLWDV-HLY\ULDXV\E WROLDXSDODLNRILNVXRW M NHLWLPR
NXUV  LU EDQGR VXPDLQWL HLQDPRVLRV V VNDLWRV GHILFLW  VPDUNLDL PDLQGDPD
UHDOLDV YLGDXV LODLGDV WDL VXNHOLD HNRQRPLNRV MXG MLP   WDN  & 1RULQW


SDVLHNWL LRULQLR EDODQVR SXVLDXVY\U  WDLNDQW WLN LODLG  PDLQLPR SROLWLN 


UHLN VWLHNVXPDLQWLDEVRUEFLM NDGHNRQRPLNDEXVQXEORNWD GHSUHVLM VX
LWRLSODXNLDQLXQHGDUEX
9\ULDXV\E  JDOL HQHUJLQJDL EDQG\WL PDLQWL GHILFLW  QXYHUWLQGDPD
YDOLXWRV NXUV  7DL QXOHPV HNRQRPLNRV SRVOLQN   WDN  ' HVDQW  DQW (%
NUHLY V 7RNV YDOLXWRV QXYHUWLQLPDV VXPDLQV HLQDPRVLRV V VNDLWRV GHILFLW 
EHW WDL EXV SDVLHNWD G O LQIOLDFLMRV GLG MLPR 7DL SDWYLUWLQD WDV IDNWDV NDG
HNRQRPLNDWROVWDQXRYLGLQLREDODQVRNUHLY V
3DJULQGLQ  PRGHOLR LG MD \UD WRNLD NDG QDXGRMDQW YLHQ  VYHUW  DU
ILVNDOLQL  LODLG  GLGLQLP  DU YDOLXWRV NXUVR QXYHUWLQLP  QH PDQRPD
SDVLHNWLGYLHM WLNVO WDL\UDLUYLGLQLRLULRULQLRSXVLDXVYLU EDODQV 1RULQW
SDMXG WL L WDNR %  WDN  $ Y\ULDXV\E  WXUL QDXGRWL LNDUW NHOLV VYHUWXV
5HLNLD NDUWX PDLQWL LQIOLDFLM  LU SDODLSVQLXL QXYHUWLQWL DOLHV YDOLXW
GHIOLDWLRQ DQG GHYDOXDWLRQ  'HIOLDFLMD NRQWUROLXRV NDLQ  DXJLP  R YDOLXWRV
NXUVR VXPDLQLPDV SDJHULQV HLQDPRVLRV V VNDLWRV EDODQV  7DLS GX WLNVODL
JDO VE WLSDVLHNWL6YDUEL PLQW NDGDOLVWXULWXU WLWLHNSDWVYHUW NLHN\UD
HNRQRPLNRVXGXRL VXIRUPXODYRRODQG HNRQRPLVWDV-DQDV7LQEHUJHQDVLU
X WDL JDYR 1REHOLR SUHPLM  3RSXOLDULDL LV PRGHOLV YDGLQDPDV 7LQEHUJHQR
VYHUW LUXGXRL WDLV\NOH
6ZDQR GLDJUDPD SDWHLNLD ODEDL QDXGLQJ  NRQFHSFLQ  PRGHO  WROHV
Q PV GLVNXVLMRPV PDNURHNRQRPLNRV WHPD WDLDX ML SDNDQNDPDL SDSUDVWD LU
DLNLDL QHDWVNOHLGLD VXG WLQJ  HNRQRPLQL  UHLNLQL  HVP V %H WR LRMH
VFKHPRMH Q UD SDNDQNDPDL QXYLHLDPL YLV ODELDX VYDUE V WDUSWDXWLQLDL
NDSLWDOR MXG MLPDL 'DU UHLN W  SDPLQ WL NDL NXULDV SUREOHPDV VNLULDQW
PRQHWDULQ V LU ILVNDOLQ V SROLWLNRV WDN  YLVXPLQHL SDNODXVDL LU YLVXPLQHL
JDP\EDL HNRQRPLNRMH LQRPDV 0XQGHOOR  )OHPLQJR PRGHOLV GDXJLDX
VXVLM VVXYLVDLVLDLVNODXVLPDLV
0XQGHOOR)OHPLQJRPRGHOLV
LVPRGHOLV\UDDSUD\WDVRULJLQDOLXRVH-DPHVR)OHPLQJR LU 5REHUWR
0XQGHOORVWUDLSVQLXRVH3DJULQGLQ M LG MDEXYR WUDXNWLNDSLWDORMXG MLPXV
IRUPDO  PDNURHNRQRPLNRV PRGHO  SDJU VWD .HLQVR ,6/0 VFKHPD SXEOLNDFLMRV QXPDW  ODEDL HIHNW\YLDL WDLN\WL PRQHWDULQ  LU ILVNDOLQ  SROLWLN
YLGLQLDPLULRULQLDPEDODQVDPVSDVLHNWL
7UXPSDLDSYHOJVLPHYDGLQDP M ,6/0%3PRGHO  USDY
S 



,6VFKHPRVLYHVWLQ DWYLURVLRVULQNRVHNRQRPLNDL
,6 VFKHPRMH  U  SDY  SDURG\WL YDLULDXVL JDP\ERV O\JLR <  LU
SDO NDQ QRUPRVGHULQLDLWXULQW\VQXRW NLXVLULODLGDVLPSRUWXL 60 LUWDL
O\JX LQMHNFLMRPV W\ LQYHVWLFLM  Y\ULDXV\E V LODLG  LU HNVSRUWR VXPDL
,*; 
$WYLURMRMHHNRQRPLNRMHPHVWXULPHO\JW 
< &,*;0 
LD<QDFLRQDOLQ VSDMDPRV&YLGDXVYDUWRMLPDV,YLGDXVLQYHVWLFLMRV*
Y\ULDXV\E VLODLGRV;LODLGRVHNVSRUWXL0LODLGRVLPSRUWXL
 O\JWLV JDOL E WL SHUUD\WD VXO\JLQDQW QXRW NLXV OHDNDJH  LU
LQMHNFLMDV LQMHFWLRQV  NDGDQJL <&6 NXU 6 \UD WDXS\PDV PHV JDOLPH
SDUD\WLWDLS
60 ,*; 
3DSUDVWXPR G OHL GDURPD SULHODLGD NDG JDOLRMD WRNLRV WLHVLQ V
SULNODXVRP\E V
6 6DV< 
L O\JWLV QXURGR NDG WDXS\PDV \UD O\JXV VXPDL QHSULNODXVRPR
VDYDLPLQLR WDXS\PR6DLUWDXS\PRNXULV\UDWHLJLDPDSDMDP IXQNFLMD
LD V  QDXMD V YRND LDPH NXUVH NXU  DSLE GLQVLPH NDLS ULELQ  SROLQN
WDXS\WL
0 0DP< 
  O\JWLV URGR NDG LPSRUWDV \UD O\JXV VXPDL QHSULNODXVRPR
VDYDLPLQLR LPSRUWR0DLULPSRUWRNXULV\UDWHLJLDPDSDMDP IXQNFLMD
LDPULELQLVSROLQNLVLPSRUWXRWL
, , U G,GU 
L O\JWLV UHLNLD SULHODLG  MRJ LQYHVWLFLMRV ,  \UD DWYLUNLDL
SURSRUFLQJRVSDO NDQ QRUPDLU%HWR ODLNRPD NDG Y\ULDXV\E V LODLGRV LU
HNVSRUWDV\UDQHSULNODXVRPLQXRSDO NDQ QRUPRV
,6 PRGHOLXL SDYDL]GXRWL \UD QDXGRMDPDV NHWXUL  JUDILN  ULQNLQ\V
.DLS PDWRPH ,6 NUHLY  \UD NUHQWDQWL HP\Q L NDLU V  GHLQ  SDO NDQ
QRUP LUSDMDP HUGY MH7DLS\UDWRG ONDGDXNWHVQLSDMDP O\JLDLVXNHOLD
GLGHVQLXV QXRW NLXV UHLNDODXMDQLXV PDLQWL SDO NDQ  QRUPDV QRULQW
SULWUDXNWL GLGHVQHV LQYHVWLFLMDV LU SDODLN\WL SXVLDXVY\U  WDUS QXRW NL  LU
LQMHNFLM 



/0VFKHPRVLYHVWLQ DWYLURVLRVULQNRVHNRQRPLNDL
/0 USDY VFKHPDURGR YDLULDXVLXVGHULQLXVWDUSSDMDP O\JLR
LU SDO NDQ  QRUP  NXULHPV HVDQW SLQLJ  ULQNRPV E GLQJD SXVLDXVY\UD 7DL
\UD WXRPHW NDL SLQLJ  SDNODXVD \UD O\JL SDVL ODL 6XSDSUDVWLQWDPH PRGHO\MH
ODLNRPD NDG SLQLJ  SDVL OD N\OD WLN G O GYLHM  SULHDVL  VDQGRUL  LU
VSHNXOLDFLMRV 6DQGRULDPV PRQ V ODLNR SLQLJXV QHV SDSUDVWDL QH YLVDGD
VXWDPSDSLQLJ JDYLPDVLULOHLGLPDV0DQRPDNDGHVDQWGLGHVQ PVDVPHQV
SDMDPRPV GLGHVQ  GDOLV SLQLJ  ODLNRPD WLN VDQGRULDPV LV SRVWXODWDV
SDUHPWDV SULHODLGD NDG HVDQW GLGHVQ PV DVPHQV SDMDPRPV \UD SDVWHELPDV
QRUDV ODLN\WL VWDPEHVQHV SLQLJ  VXPDV WLN SHUYHGLP  LU VDQGRUL  UHLNDODPV
7DLJLDLNXNDGSLQLJ SDNODXVDVDQGRULDPV\UDWHLJLDPDLUWLHVLRJLQ SDMDP
IXQNFLMD$OJHEULNDLWDLJDOLPHLUHLNWLWDLS
0W 0W <  
LD0WSLQLJ SDNODXVDVDQGRULDPV
.LWD SULHDVWLV ODLN\WL SLQLJXV \UD VSHNXOLDFLQLV PRW\YDV 'DURPD
SULHODLGD NDG EHW NRNLH SHUWHNOLQLDL SLQLJDL ODLNRPL QH VDQGRULDPV \UD
ODLNRPL VSHNXOLDFLQLDPV EDODQVDPV ILQDQVXRWL -HLJX SDO NDQ  QRUPD DXJD
WDL WRNLD SLQLJ  ODLN\PR JDOLP\E  MDX WXUL NDWXV 3DY\]GLXL MHL PHWLQ
SDO NDQ  QRUPD \UD  SURF WDL WRNLD  GROHUL  ODLN\PR JDOLP\E  MDX
NDLQXRMDGROHULXVSHUPHWXV%HWMHLJXPHWLQ SDO NDQ QRUPDLDXJDLNL
SURF WDL SLQLJ  ODLN\PR JDOLP\E  MDX NDLQXRMD  GROHUL  7DGD  SRUHLNLV
ODLN\WLVSHNXOLDFLQLXVSLQLJ  EDODQVXV PD MD NDL SDO NDQ  QRUPD DXJD LV
DWYLUNLDL SURSRUFLQJDV U\\V WDUS SRUHLNLR VSHNXOLDFLQLDPV EDODQVDPV LU
SDO NDQ QRUPRVDOJHEULNDL\UDLUHLNWDVWDLS
0VS 0VS <  
LD0VS\UDVSHNXOLDFLQ SLQLJ SDNODXVD
.DL\UD SXVLDXVY\UD YLVXPLQ  SLQLJ  SDNODXVD 0'  \UD VXGDU\WD L
VDQGRUL LUVSHNXOLDFLQL EDODQV LUO\JLYLVXPLQHLSLQLJ SDVL ODL 06 
0DWHPDWLNDLWDLJDOLE WLSDUD\WDWDLS
0' 0VS0W 0V 
/0VFKHPDSDURGRPDWDLSSDWNHWXULDLVJUDILNDLVNDLSLU,6VFKHPD
3DJULQGLQ /0VFKHPRVLYDGD\UDWDNDGHVDQWSDO NDQ QRUPDLULU
SDMDP O\JLXL<SLQLJ SDNODXVDVSHNXOLDFLQLDPVLUVDQGRUL EDODQVDPV\UD
O\JLSLQLJ SDVL ODL7DL\UDSLQLJ ULQNRVSXVLDXVY\UD/0NUHLY \UDDXNW\Q
N\ODQWL L NDLU V  GHLQ  7DLS \UD WRG O NDG GLGHOL SDMDP  O\JLDL UHLNDODXMD
SDNDQNDPDLGLGHOL VDQGRUL  EDODQV  NXULH HVDQW GXRWDL SLQLJ  SDVL ODL JDOL



E WL SDODLNRPL WLN VXPDLQXV VSHNXOLDFLQLXV EDODQVXV LU HVDQW UHOLDW\YLDL


DXNWDLSDO NDQ QRUPDL
%3VFKHPRVLYHVWLQ DWYLURVLRVULQNRVHNRQRPLNDL
0RN MLP EDODQVRVFKHPD USDY URGR YDLULDXVLXVGHULQLXVWDUS
SDO NDQ  QRUP  LU SDMDP  LU WDL SDO\JLQDPD VX PRN MLP  EDODQVR
SXVLDXVY\UD 0RN MLP  EDODQVDV GDOLMDPDV  GYL GDOLV HLQDP M  LU NDSLWDOR
V VNDLWDV 'DURPD SULHODLGD NDG HNVSRUWDV QHSULNODXVR QXR QDFLRQDOLQL
SDMDP  O\JLR LU QXR SDO NDQ  QRUPRV EHW LPSRUWDV WHLJLDPDL SULNODXVR QXR
SDMDP LUPDWHPDWLNDLWDLDWURGRWDLS
0 0DP< 
%HQGUDVLPSRUWDV\UDDXWRQRPLQLRLPSRUWRLUSDMDP O\JLRIXQNFLMD
NXUP\UDULELQLVSRUHLNLVLPSRUWXRWL
3ULVLPLQNLPHHVPLQHVPRN MLP EDODQVRGDOLVWDLHLQDPRMLV VNDLWD
&$  NDSLWDOR V VNDLWD .  LU RILFLDOL  UH]HUY  SRN\WLV G5  3DODLNDQW
VXEDODQVXRW  YDOLXWRV SDVL O  LU SDNODXV   W\ LRULQ  EDODQV  Y\ULDXV\EHL
Q UD WLNVOR NHLVWL VDYR UH]HUY  G\G  7DG JDOLPD QXPDQ\WL NDG HVDQW
HLQDPRVLRVV VNDLWRVGHILFLWXL\UDE WLQDVNRPSHQVXRMDQWLVNDSLWDORV VNDLWRV
SHUWHNOLXVQHVY\ULDXV\E QHWXU W NHLVWLVDYRUH]HUY ,UDWYLUNLDLNDOEDQW
DSLH&$SHUWHNOL 
.DGDQJLHNVSRUWDV\UDDSLEU WDVNDLSLRULQLVNLQWDPDVLVLULPSRUWDV
\UD WHLJLDPD SDMDP  IXQNFLMD WXRPHW GLG MDQW QDFLRQDOLQL  SDMDP  O\JLXL
PD MD HLQDPRVLRV V VNDLWRV SHUWHNOLXV DU GLG MD HLQDPRVLRV V VNDLWRV
GHILFLWDV*U\QRMRNDSLWDORVUDXWDL.\UDYLHWLQL SDO NDQ QRUPRVWHLJLDPD
IXQNFLMD
'DUDQW SULHODLG  NDG OLNXVLDPH SDVDXO\MH SDO NDQ  QRUPD \UD ILNVXRWD
JDOLPD VDN\WL NDG NXR GLGHVQ V YLHWLQ V SDO NDQ  QRUPRV WXR GLGHVQ V
NDSLWDOR SODXNRV DO DUPDHVQ VNDSLWDORLSODXNRVLDOLHV7DVU\LV\UD
DSUDRPDVWDLS
. . U  
.DGDQJL PRN MLP  EDODQVR VFKHPD SDURGR YDLULDV SDMDP  O\JLR LU
SDO NDQ QRUP NRPELQDFLMDVNXULRPVHVDQW\UDEDODQVRSXVLDXVY\UDWDGD
;0.  
LD WHLJLDPDV . URGR JU\QRMR NDSLWDOR IRQG  SODXNDV  DO  R
QHLJLDPDV.SDURGRJU\QRMRNDSLWDORIRQG LSODXN LDOLHV
%3 NUHLY  \UD DXNW\Q N\ODQWL QHV DXNWHVQL SDMDP  O\JLDL VNDWLQD
HLQDPRVLRV V VNDLWRV PD MLP  R WDL VXNHOLD PDHVQHV NDSLWDOR LSODXNDV LU
GLGHVQHVMR SODXNDVGLG MDSDO NDQ QRUPD.LHNYLHQDVWDNDV%3NUHLY MH


SDURGR WRN  YLGDXV SDMDP  LU SDO NDQ  QRUPRV GHULQ  NDL YLVXRPHW \UD
PRN MLP  EDODQVR SXVLDXVY\UD .DLU MH QXR %3 NUHLY V PRN MLP  EDODQVDV
YLVXRPHW \UD SHUWHNOLQLV QHV HVDQWLHPV NDSLWDOR VUDXWDPV HLQDPRML V VNDLWD
\UDGLGHVQ QHLUHLNDOLQJDSXVLDXVY\UDLNDGDQJLSDMDP O\JLV\UDPDHVQLV,U
SULHLQJDL GHLQ MH QXR %3 NUHLY V PRN MLP  EDODQVDV \UD GHILFLWLQLV QHV
HLQDPRMLV VNDLWDQHLJLDPDLUWDLVXVLM VXPDHVQLXSDMDP O\JLX
6YDUEX SD\P WL NDG %3 NUHLY V SDOLQNLPR NDPSDV \UD DSLEU WDV
WDUSWDXWLQLR NDSLWDOR MXGUXPR ODLSVQLX .XR GLGHVQLV NDSLWDOR MXGUXPR
ODLSVQLVWXRPDHVQLVNDPSDV 7DLJL NDL HVDQW GLGHVQLDP NDSLWDOR MXGUXPXL
SDGLG MD SDMDPRV LU SDEORJ MD HLQDPRVLRV V VNDLWRV EDODQVDV UHLNLD PDLDX
GLGLQWL SDO NDQ  QRUP  NDG SODXNW  SDNDQNDPDL NDSLWDOR L XVLHQLR
.XRPHWWDUSWDXWLQLVNDSLWDODV\UDDEVROLXLDLMXGUXVWXRPHWQHWLUPDLDXVLDV
SDO NDQ  QRUPRV SDGLG MLPDV VXNHOW  PDVLN  XVLHQLR NDSLWDOR DQWSO G 
7RNLX DWYHMX %3 NUHLY  \UD KRUL]RQWDOL LU SDO NDQ  QRUPD DWLWLQND SDVDXOLR
SDO NDQ  QRUP  .LWDV SULHLQJDV HNVWUHPXPDV \UD WXRPHW NDL XVLHQLR
NDSLWDODV \UD DEVROLXLDL QHMXGUXV 7XRPHW %3 NUHLY  E W  YHUWLNDOL WLHV WXR
SDMDP O\JLXNXULVXWLNULQW HLQDPRVLRVV VNDLWRVEDODQV 3DO NDQ QRUPRV
NLWLPDV MDX QHWXU W  UHLNP V NDSLWDOR SODXNRPV 5HDOLDL %3 JUDILNDV \UD
DXNW\QN\ODQWLNUHLY YLGXU\MHWDUSL GYLHM HNVWUHPXP 



,6/0%302'(/, 386,$869<5$
%HQGUDV MXQJWLQLV YLV  L  WULM  PRGHOL  JUDILNDV ,6/0%3 U 
SDY S   \UD SDO NDQ  QRUPRV LU SDMDP  HUGY MH LD %3 NUHLY  \UD
VWDWHVQ  QHL /0 NUHLY  .HLLDQW L  GYLHM  NUHLYL  SROLQNLR NDPS 
JDXQDPRV YLVDL VNLUWLQJRV HNRQRPLQ V SROLWLNRV 9LVRV WU\V NUHLY V NHUWD
WDN $NXULVDWLWLQNDYLGDXVSDO NDQ QRUP ULUSDMDP O\J <3DMDP
O\JLV<\UDPDHVQLVQHLYLVLNRMRGDUERM JRVXLPWXPRO\JLV<I7DLURGR
NDG LDPH PRGHO\MH DOLHV HNRQRPLNRMH \UD WDP WLNUDV EHGDUEL  VNDLLXV
7DLJL Q UD HNRQRPLNRV YLGLQ V SXVLDXVY\URV EHW \UD PRN MLP  EDODQVR
SXVLDXVY\UDQHV/0LU,6OLQLMRVVXVLNHUWDWDNHDQW%3NUHLY V
3DDLNLQLPDV NRG O ,6/0 NUHLY V QHVXVLNHUWD WLHV YLVLNRMR
XLPWXPR O\JLX <I E W  WRNV WLHV <I SODQXRMDPL QXRW NLDL WDXS\PDV LU
LODLGRV LPSRUWXL  EXV GLGHVQL QHJX SODQXRMDPRV LQMHNFLMRV Y\ULDXV\E V
LODLGRV HNVSRUWDV LU LQYHVWLFLMRV  7DL VNDWLQV SUHNL  JDP\E  VDQG OLXL LU
JDPLQWRMDLLOJDLQLXLWXU W VXPDLQWLJDP\ERVPDVWXV7LNHVDQWSURGXNFLMRV
SDMDP O\JLXL<SODQXRMDPLQXRW NLDL\UDO\J VSODQXRMDPRPVLQMHNFLMRPV
WDLJLQHE WLQDVSUHNL VDQG OLDYLPDV
.HOHWDVYDULDQW NDL\UD%3SHUWHNOLXVLUGHILFLWDV USDYSLU
  .DL ,6/0 VXVLNHUWD %3 NDLU MH \UD PRN MLP  EDODQVR SHUWHNOLXV 7DL
DWVLUDQGDWRG ONDGSDMDP O\JLV\UDSHUHPDVLU DUED SDO NDQ QRUPDSHU
DXNWD QRULQW SDVLHNWL YLVLN  SXVLDXVY\U  .DL ,6 LU /0 VXVLNHUWD GHLQ MH
\UDPRN MLP EDODQVRGHILFLWDV7DLUHLNLDNDGSDMDP O\JLV\UDSHUDXNWDV
LU DUED  SDO NDQ  QRUPD SHU PDD R WDL VXNHOLD EHQGU  PRN MLP  EDODQVR
GHILFLW 
9HLNVQLDLNHLLDQW\V,6/0%3JUDILNXV
6YDUEX LQDJULQ WL NDLS NHLWLPR NXUVR PRQHWDULQ V LU ILVNDOLQ V
SROLWLNRVSRN\LDLNHLLDL NUHLYL SDG W 
9HLNVQLDLNHLLDQW\V,6JUDILN
,6 NUHLY  SDVLVOHQND  GHLQ  MHL SDGLG MD LQYHVWLFLMRV Y\ULDXV\E V
LODLGRV DU HNVSRUWDV 7DLS Y\NVWD WRG O NDG SDGLG MXV LRPV LQMHNFLMRPV
UHLNDOLQJDVDXNWHVQLVQDFLRQDOLQL SDMDP O\JLVQRULQWSDVNDWLQWLDWLWLQNDP
SDGLG MLP QXRW NLXRVHLUHLNWXRVHWDXS\PXLULPSRUWX
.LWDV VYDUEXV YHLNVQ\V VXNHOLDQWLV ,6 NUHLY V SRVW P   GHLQ  \UD
YDOLXWRV NHLWLPR NXUVR QXRVPXNLV DU YDOLXWRV QXYHUW MLPDV 7DLS \UD WRG O


NDGSDGLG M VXVLHQLRYDOLXWRVNXUVDVVXNHOLDLPSRUWRLODLG VXPD MLP LU


HNVSRUWRSDUGDYLP SDGLG MLP WDLJLWXRPHWLQMHNFLMRVYLULMDQXRW NLXVRWDL
VXNHOLD SDMDP  O\JLR SDGLG MLP  7RNV SDMDP  SDGLG MLPDV SDGLGLQD
QXRW NLXVLUY OJU LQD,6 SUDGLQ SXVLDXVY\URVSDG W 
9HLNVQLDLNHLLDQW\V/0JUDILN
/0 NUHLY  SDVLVOLQNV  GHLQ  MHL YLGDXV ULQNRMH SDGLG V SLQLJ
SDVL OD (VDQW SDVLULQNWDL SDO NDQ  QRUPDL SDGLG MXVL SDVL OD EXV PDQRPD
WLNWDGDNDLSDGLG VSDMDPRVRWDLVDYDLPHVXNHOVSLQLJ VNLUW VDQGRULDPV
SDNODXV  7DV VXNHOV LQIOLDFLM  3DEUDQJV LU LPSRUWDV (LQDPRVLRV V VNDLWRV
GHILFLWDVVXPD V3DGLG VSLQLJ SDNODXVD3DWHQNLQWLL SDNODXV JDOLPDWLN
VXPDLQXVVDQGRULDPVVNLUWXVSLQLJXV6XPD VSDMDP O\JLVRWDLVWXPWHO V
/0NUHLY  NDLU 
9HLNVQLDLNHLLDQW\V%3JUDILN
6DYDLPLQLVHNVSRUWRSDGLG MLPDVDUVDYDLPLQLVLPSRUWRVXPD MLPDV
SDGLGLQV HLQDPRVLRV V VNDLWRV EDODQV  %3 NUHLY  SDVLVOLQNV  GHLQ 
0RN MLP  EDODQVR SXVLDXVY\UDL LODLN\WL E WLQD SDGLGLQWL LPSRUW  .LWDV
YHLNVQ\VSDVWXPLDQWLV%3NUHLY  GHLQ \UDNHLWLPRNXUVRVXPD MLPDVDU
QXYHUW MLPDV WXRPHW HNVSRUWDV LDXJV LU LPSRUWDV VXPD V 7DLJL QRULQW
LODLN\WLPRN MLP EDODQVRSXVLDXVY\U EHOLHNDSDNHOWLYLGDXVSDMDP O\J 
9LGLQLVLULRULQLVEDODQVDL
,6ZDQRGLDJUDPRVPDW PHNDGY\ULDXV\E WXULWXU WLWLHNSROLWLNRV
LQVWUXPHQW  NLHN \UD VLHNLDPD WLNVO  5HLNLD GHULQWL LODLGDV NHLLDQL
SROLWLN LULODLG SHUVNLUVW\PRSROLWLN 
7DLS SDW DNLYDL]GX NDG ILVNDOLQ  LU PRQHWDULQ  \UD YLVDL VNLUWLQJRV
SROLWLNRV7DLSSDWQDXGRMDPLVNLUWLQJLLQVWUXPHQWDLLODLG SHUVNLUVW\PRSROL
WLNDLY\NG\WL7DLJLN\ODNODXVLPDVDUJDOLPDSDVLHNWLYLGLQ LULRULQ EDODQ
VXVQDXGRMDQWWLNILVNDOLQ DUPRQHWDULQ YDOGL LUQHNHLLDQWYDOLXWRVNXUVR
7UXPSDLDSYHOJVLPHN UHLNLDLRVSROLWLNRV ULUSDYSLU 
9\ULDXV\E Y\NGRHNVSDQVLQ PRQHWDULQ SROLWLN VXSLUNGDPD993
L J\YHQWRM  7DL VXNHOLD 993 NDLQ  DXJLP  LU YLHWLQL  SDO NDQ  QRUPRV
NULWLP  3DO NDQ  QRUPRV PD MLPDV VWLPXOLXRMD LQYHVWLFLMDV WDLJL LU
JDP\ERVDXJLP 0RN MLP EDODQVXRVHSDMDP DXJLPDVVXNHOLDHLQDPRVLRV
V VNDLWRV GHILFLWR GLG MLP  R PDRV SDO NDQRV VNDWLQD NDSLWDOR LYHLP  L
DOLHV 7DL UHLNLD NDG PRN MLP  EDODQVDV EXV GHILFLWLQLV ,U DWYLUNLDL
JULHWD PRQHWDULQ  SROLWLND UHLNLD NDG YDOGLD SDUGXRGD 993 7DL VXNHOLD


993 NDLQ  PD MLP  LU SDGLGLQD SDO NDQ  QRUP  'LGHVQ  SDO NDQ  QRUPD
UHLNLD PDHVQHV LQYHVWLFLMDV LU JDP\ERV VXPD MLP  0RN MLP  EDODQVDV
SDJHU VQHVLPSRUWDVVXPD VLUG OJHU SDO NDQ NDSLWDOR SODXNRVLDXJV
9\NG\GDPD HNVSDQVLQ  ILVNDOLQ  SROLWLN  Y\ULDXV\E  GLGLQD VDYR
LODLGDVHVDQWJU\QDLILVNDOLQHLSROLWLNDLSDUGXRGDPL993LUSLQLJDLJDXWLX
MXRV QDXGRMDPL YDUWRMLPR LODLGRPV 7RNLRV SROLWLNRV UH]XOWDWDL PRN MLPR
EDODQVDPV Q UD LNL JDOR LWLUWL 9\NGDQW JULHW  ILVNDOLQ  SROLWLN  LODLGRV
PDLQDPRV



(03,5,1.(,7,02.856 3$7,57,6
1DJULQ MRPH NHLWLPR NXUV  SDY\]GLXV LU OLWHUDW U  WLN WHRULNDL
7DLDXNHLWLPRNXUV LUHPSLULQL W\ULP VULW\MHSDWLUWLV\UDEHJDORWXUWLQJD
%H HPSLULQL  W\ULP  VXVLMXVL  VX 3*3 WHRULMD GDU \UD GX VYDUELDXVL
NODXVLPDLNXULXRVQDJULQ MDSUDNWLNDL$UXVLHQLRYDOLXW ULQND\UDHIHNW\YL"
.XULVPRGHOLVJDOLJHULDXVLDLQXPDW\WLNHLWLPRNXUV SRN\LXV"
$WVDN\PDV  LXRV DEX NODXVLPXV \UD EH JDOR VYDUEXV LU SROLWLQLX
SRL ULX -HL JDOLPD SDURG\WL NDG XVLHQLR YDOLXW  ULQND \UD YHLNVPLQJD
WXRPHWY\ULDXV\E VLQWHUYHQFLMRV XVLHQLRYDOLXW ULQN JDOLE WLV NPLQJDL
NULWLNXRMDPRV LU UHJXOLXRMDPRV .DUWX MHL JDOLPH UDVWL PRGHO  NXULV
V NPLQJDLSDDLNLQVNHLWLPRNXUV DSLEU LP WXRPHWY\ULDXV\E VJDO VUDVWL
JHULDXVLXV NHOLXV NDLS LYHQJWL NHLWLPR NXUV  GLGHOL  SRN\L  1HJDQD WR
DOWHUQDW\YLRV HNRQRPLQ V SROLWLNRV SDVHNPL  YHUWLQLPDV ODELDX DWVNOHLGLD
NHLWLPRNXUVRHVP 
.DV\UDYHLNVPLQJRMLULQND"
&LWXRMDQW ( )DP  YHLNVPLQJRML ULQND JDOL E WL VXWDUWLQDL DSLEU WD
NDLS WD NXULRMH NDLQRV YLVXRPHW DWVSLQGL SULHLQDP  LQIRUPDFLM  (XJHQH
)DPD  6SHFLILNDL WDLNDQW XVLHQLR YDOLXW  ULQNDL WDL UHLNLD NDG ULQNRV
GDO\YLDL YLV  SULHLQDP  LQIRUPDFLM  WXULQL  UHLNP V XVLHQLR YDOLXW
NXUVDPVQDXGRMDWDPNDGJDO W QXVWDW\WLNHLWLPRNXUV VHULM HLQDPXRVLXV
LUE VLPXRVLXVNXUVXV7DLDXWDLQHVXWHLNLDJDOLP\E VJDXWLSHOQ LDQNVWR
QH SUDVWDL .LWDLS WDULDQW QH SUDVW  SHOQ  QHJDOL JDXWL VSHNXOLDQWDL
SURJQR]XRMDQW\VNHLWLPRNXUV SDJDOSDQDL LQIRUPDFLM 
<UD LQRPD NHOHWDV WHVW  SDGHGDQL  QXVWDW\WL XVLHQLR YDOLXW
ULQNRV HIHNW\YXP  9LHQDV L WRNL  WHVW  E W  VWHE MLPDL DU LDQNVWLQLV
IRUZDUG  NHLWLPR NXUVDV VLVWHPLNDL QXPDWR PDHVQ  DU GLGHVQ  E VLP M
UHDO M  IXWXUH VSRW  NHLWLPR NXUV  -HL WDLS \UD YDGLQDVL XVLHQLR YDOLXW
ULQNDQ UDHIHNW\YL
7DUNLPH NDG LDQNVWLQLV NXUVDV VLVWHPLNDL QXYHUWLQD E VLP M
UHDO M NXUV 7DGDYDOLXWRVVSHNXOLDQWDPVE W ODEDLSDSUDVWDSLUNWLLDQGLHQ
NLHN PDQRPD GDXJLDX YDOLXWRV SDJDO LDQNVWLQLXV VDQGRULXV LQDQW MRJ EXV
JDOLPDW YDOLXW SDUGXRWLGDXJEUDQJLDX3DY\]G\VJDOJHULDXDWVNOHLVHVP 
6DN\NLP NDG WULM  P QHVL  LDQNVWLQLV NHLWLPR VDQGRULV IRUZDUG UDWH  WDUS
VYDURLU GROHULR \UD *%3 X 86' EHW VSHNXOLDQWDL LQR NDG LDQNVWLQLV
NXUVDV VLVWHPLNDL QXYHUWLQD WLNU  E VLP M  HLQDP M  NXUV   SURFHQWDLV 7DL


UHLNLDNDGWLNUDVE VLPDVLVHLQDPDVLVNXUVDVXWULM  P QHVL  EXV GLGHVQLV


W\ QH *%3 X 86' EHW *%3 X 86' 7DLJL SLUNGDPDV GROHULXV
LDQNVWLQLXVDQGRULXLDQGLHQNXUVX*%3X86'VSHNXOLDQWDVLQRNDG
SUD MXVWULPVP QHVLDPVNDGDMDPUHLN VPRN WL*%3X 86' MLV WXRM
SDWJDO VJDXWL*%3X86'SDUGXRGDPDVGROHULXV
7DLDX SDJDO YHLNVPLQJRVLRV ULQNRV KLSRWH]  95+  DSUD\WDV
VFHQDULMXV QHJDO V HJ]LVWXRWL QHV JDOLP\E  JDXWL WRNLXV QHQRUPDOLXV SHOQXV
VXNHOV PDVLQ  GROHUL  SLUNLP  LDQNVWLQLDLV VDQGRULDLV 7DL OHPV E VLPRMR
SLUNLPR NXUVR GLG MLP  LNL *%3 X 86' W\ LNL WRNLR O\JLR NXRPHW
SHOQDVQH PDQRPDV
%H DEHMR LD VO\SL YLHQD L SDJULQGLQL  XVLHQLR YDOLXW  ULQNRV
HIHNW\YXPR QXVWDW\PR SUREOHP  1HW MHL NDNDV DWUDV NDG LDQNVWLQL
NHLWLPR VDQGRUL  NXUVDV VLVWHPLNDL SHUYHUWLQD DU QXYHUWLQD WLNU  E VLP M
NHLWLPRNXUV LVSULHWDUDYLPDVQHE WLQDLUHLNLDNDGXVLHQLRYDOLXW ULQNRV
\UDQHYHLNVPLQJRV7DLJDOLE WLYDGLQDPDVLVUL]LNRVPRNHVWLVHJ]LVWXRMDQWLV
XVLHQLR YDOLXW  ULQNRVH -HL LDQNVWLQLV NHLWLPR VDQGRUL  NXUVDV VLVWHPLNDL
QXYHUWLQDWLNU E VLP M NXUV WDLJDOLE WLSR]LW\YXVUL]LNRVPRNHVWLVVXVLM V
VXLDXVLHQLRYDOLXWD*U WDQWSULHP V SDY\]GLRNDGLDQNVWLQLVNXUVDV
*%3X86'LUWLNUDVE VLPDVLVHLQDPDVLVNXUVDV*%3X86'
JDOLP  SDGLG MLP   *%3 WUDNWXRWL NDLS UL]LNRV PRNHVW  X GROHU  W\
VSHNXOLDQWDL WLN WDGD SLUNV GROHULXV LDQNVWLQLDLV VDQGRULDLV NDL QXPDW\V
JDOLP\E  JDXWL  *%3 SHOQR X NLHNYLHQ  GROHU  DWHLW\MH 7RNV SHOQDV
SDURGR NRNLRV NRPSHQVDFLMRV UHLNDODXMD VSHNXOLDQWDL X M  UL]LN  SLUNGDPL
GROHULXV LDQNVWLQLX VDQGRULX %H WR WDL SDURGR MRJ LDQNVWLQLV GROHUL
SLUNLPDVLWRPLVV O\JRPLV\UDODELDXUL]LNLQJDVQHLVYDU VWHUOLQJ SLUNLPDV
, LD LHLQD NDG EHW NRNLH ODXNLDPL SHOQDL JDXQDPL SHUNDQW
XVLHQLR YDOLXW  LDQNVWLQLDLV VDQGRULDLV JDOL E WL SDSUDVLDXVLDL WUDNWXRMDPL
NDLS NRPSHQVDFLMD UHLNDOLQJD YHLNVPLQJRVLRPV YDOLXW  ULQNRPV QRULQW
DWVYHUWLUL]LN VXVLMXVL VXLDQNVWLQLDLVXVLHQLRYDOLXWRVSLUNLPDLVLDQGLHQ
,UDWYLUNLDLMHLLDQNVWLQLVXVLHQLRYDOLXWRVSLUNLPRNXUVDV\UDVLVWHPLNDL
SHUYHUWLQDPDV SDO\JLQWL VX WLNUX HLQDPXRMX E VLPXRMX NXUVX WDL YDGLQDPD
QHJDW\YLX UL]LNRV PRNHVLX VXVLMXVLX VX XVLHQLR YDOLXWD 7DL \UD XVLHQLR
LQYHVWXRWRMDL\UDSDVLUXR JDXWLPDLDXXXVLHQLRYDOLXW DWHLW\MHQHLJDO W
JDXWLXYLGDXVYDOLXW GDEDUQHVMLHPDQRNDGXVLHQLRYDOLXWD\UDVDXJHVQLV
DNW\YDV QHL YLHWLQ  DOLHV YDOLXWD 3R]LW\YXV UL]LNRV PRNHVWLV X XVLHQLR
YDOLXW DWLWLQNDQHJDW\Y UL]LNRVPRNHVW XYLGDXVYDOLXW LUDWYLUNLDL



9DOLXW ULQNRVYHLNVPLQJXPRWHVWDV
5DFLRQDOL  O NHVL  KLSRWH]  JDOL E WL ODEDL YHUWLQJD QDJULQ MDQW
YDOLXW  ULQNRV YHLNVPLQJXP  7DL \UD WRG O NDG SDQDLDL NDLS LU 95+ L
KLSRWH] QXPDWRNDGULQNRVGDO\YLDLQHGDURVLVWHPLQL NODLG NDGDQXPDWR
VDYR SURJQR]HV 3DJDO UDFLRQDOL  O NHVL  KLSRWH]  5/+  HNRQRPLQLDL
DJHQWDL DUULQNRVGDO\YLDL JHUDLQXVLPDQRDSLHHNRQRPLQ PRGHO LUQLHNDGD
QHSHUYHUWLQDDUQHQXYHUWLQDQXPDWRPRE VLPRMRNLQWDPRMRG\GLR
3DVLQDXGRMDQWUDFLRQDOL O NHVL LG MDLDQNVWLQLDPNXUVXLQXPDW\WL
JDOLPHSDUD\WL
VW (VWXW 
LDVWWLNURHLQDPRMR DFWXDOVSRW NHLWLPRNXUVRORJDULWPDVWDPWLNUXODLNR
SHULRGXDSLEU WDVNDLSYLGDXVYDOLXWRVYLHQHWDLPRNDPLXXVLHQLRYDOLXWRV
YLHQHW  (VW  ODXNLDPR NHLWLPR NXUVR ORJDULWPDV WDP WLNUX ODLNR SHULRGX
XW  DWVLWLNWLQ V SDNODLGRV QDU\V WXULQWLV QRUPDO M  SDVLVNLUVW\P  LU QXOLQ
YLGXUN 
  O\JWLV VDNR NDG WLNUDV E VLPDVLV NHLWLPR NXUVDV DWLWLQND WDL N  QXPDWR
HNRQRPLQLDL DJHQWDL SOLXV DU PLQXV WDP WLNUDV DWVLWLNWLQ V SDNODLGRV G\GLV
.LWDVLQJVQLVE W SULHODLGDNDGLQYHVWXRWRMDL\UDQHXWUDO VUL]LNRVSRL ULX
WDL UHLNLD Q UD MRNLR UL]LNRV PRNHVLR DU SUHPLMRV  ' O WR MLH QXVWDWR
LDQNVWLQ  NHLWLPR NXUV  WRNLX O\JLX NXULV DWLWLQND E VLPXRVLXV HLQDPXRVLXV
NHLWLPRNXUVXV7DGDJDOLPDSDUD\WL
IW (VW 
LD IW  WLNUR E VLPRMR NHLWLPR NXUVR ORJDULWPDV ODLNR W SHULRGX DSLEU WDV
NDLSYLGDXVYDOLXWRVYLHQHWDLPRNDPLXXVLHQLRYDOLXWRVYLHQHW 
,O\JL   LU  JDXQDPH
VW IWXW 
  O\JWLV SDURGR NDG HNRQRPLQ MH ULQNRMH HVDQW\V GDO\YLDL WXUL
UDFLRQDOLXVO NHVLXVLUNDGQ UDUL]LNRVPRNHVLRDUUL]LNRVSUHPLMRVXVLHQLR
YDOLXW  ULQNRMH 7XRPHW E VLPDVLV HLQDPDVLV NHLWLPR NXUVDV WXUL E WL O\JXV
LRV GLHQRV QXVWDW\WDP NXUVXL SOLXV DWVLWLNWLQ  SDNODLGD .LWDLS WDULDQW
YLGXWLQLNDL LDQNVWLQLV NHLWLPR NXUVDV QHWXUL QHL QXYHUWLQWL QHL SHUYHUWLQWL
WLNURE VLPRMRHLQDPRMRNXUVRYLHQDPODLNRSHULRGXL


5HDOXVLVNHLWLPRNXUVDV

(%
 'LGHO
LQIOLDFLMD
'LGHOLV
QHGDUEDV 

 0DDLQIOLDFLMD

'

%
&

,%

 1HGDUERWU NXPDV

9LGDXVVXJHUWLV
&,*
SDY6ZDQRJUDILNDV



9$'$69,6820(1,1,86),1$1686
*U\QDVYLVXRPHQLQLVSURGXNWDVE W WRNVNXULV \UD YDUWRMDPDV YLV
EHQGUXRPHQ V QDUL   MHL MLV Q UD VXNXUWDV NRQNUHLDP YLVXRPHQ V QDULXL
9DUWRWRMDL MXR JDOL QDXGRWLV EH NRQNXUHQFLMRV LU EH MRNL  LVNLUWLQL  WHLVL 
7RNLR SURGXNWR SDVL OD ULQNRMH QDXGLQJD YLVLHPV EHQGUXRPHQ V QDULDPV
7RG O LR SURGXNWR QDXGD \UD YDUWRMDPD NROHNW\YLDL LU EHW NRNLR
EHQGUXRPHQHVQDULRDWVN\ULPDVQXRLRYDUWRMLPRQDXGRV\UDODEDL EUDQJXV
*U\QDV YLVXRPHQLQLV SURGXNWDV \UD WRNV NXULR JDP\ED LU YDUWRMLPDV
QHVXNHOLDMRNL QXNU\SLP DUSRN\L 
(IHNW\YXPR G OHL E WLQD NDG SDSUDVW  YLVXRPHQLQ  SURGXNW  JDPL
QDQW E W  VLHNLDPD SXVLDXVY\URV NXU ULELQ V SULYDLRV QDXGRV VXPD \UD
WLNVOLDL O\JL ULELQLDPV VRFLDOLQLDPV JDP\ERV NDWDPV 9LVXRPHQLQ V SUHN V
ULQNRMH WLHVLRJLQLDP DVPHQLQLDP QDXGRMLPXL QHWLQND 7DL OHPLD WHLJLDPL
SRN\LDL ULQNRMH VXVLM  VX DSU SLQLPX WRNLRPLV SUHN PLV $VPHQ\V GDQDL
QRUL QDXGRWL NLW  SHUNDP  JU\Q  YLVXRPHQLQ  SURGXNW  QHPRN GDPL X WDL
SDW\V 7RNLH PRQ V SDQD V  YLVXRPHQLQLR WUDQVSRUWR ]XLNLXV LU WDPSD
VYHWLPRJHURYDUWRWRMDLV
,GHDOLX DWYHMX JU\QR YLVXRPHQLQLR SURGXNWR HIHNW\YL LHLJD E W
SDVLHNWDMHLNLHNYLHQDVDVPXR QHW VDYRGDO NXULE W O\JLULELQHLQDXGDL
JDXWDL L YLVXRPHQLQLR SURGXNWR YLHQHWR 7DL E W  YDGLQDPRML /LQGKDOR
YHG  HNRQRPLVWR  SXVLDXVY\UD HTXLOLEULXP  6XSUDQWDPD NDG DWVNDO Q
]XLNL  SUREOHPRV VNDWLQD YDUWRWRMXV DWVNOHLVWL VDYR SLUPXPR WHLV 
YLVXRPHQLQ SURGXNW EHWWDLVXQNX J\YHQGLQWL
3UDNWLNDL GDXJHOLV SUHNL  LU SDVODXJ  EDODQVXRMD WDUS JU\QR
YLVXRPHQLQLR SURGXNWR LU JU\QR SULYDWDXV SURGXNWR NUDWXWLQXP  9HUWLQDQW
Y\ULDXV\E VLUULQNRVSDVL ORVDOWHUQDW\YDVWDUSLQLDPDWYHMXLLRULQ SURGXNW
QDXGD LU LVN\ULPR HIHNW\YXPR DOWHUQDW\Y V PHWRGDL WDLS SDW WXU W  E WL
QDJULQ MDPL
-$9J\Q\ERVLODLGRVLUWDLNRVGLYLGHQGDL
7DXWLQ DUQDFLRQDOLQ J\Q\ED\UDNODVLNLQLVYLVXRPHQLQLVSURGXNWDV
*\Q\ERVWDUQ\ED WHLNLD QHNRQNXUHQFLQ  QDXG  YLVLHPV SLOLHLDPV QHVYDUEX
DU  PRND MLH PRNHVLXV DU QHPRND M  'HYLQWDMDPH GHLPWPHW\MH J\Q\ERV
LODLGRV -$9 DXJR ODEDL VPDUNLDL PDGDXJ  SURF SHU PHWXV DWPHWXV
LQIOLDFLQ  SDEUDQJLP  1XR  LNL  P IHGHUDOLQ V Y\ULDXV\E V O RV


J\Q\ERV UHLNP PV SDGLG MR QXR   LNL  SURF SDO\JLQWL VX YLVRPLV
IHGHUDOLQ PLVLODLGRPLV'DXJXPDLRODLNRWDUSLRLODLG VNLUWDSLUNWLQDXMDL
NDUR WHFKQLNDL VNDLWDQW QDXMDXVLDV HOHNWURQLQL  VWHEXNO  VLVWHPDV
SDQDXGRWDV'\NXPRVDXGURVRSHUDFLMRMHPJ\Q\ERVLODLGRVVXGDU
SURFEHQGURQDFLRQDOLQLRSURGXNWR %13 
1DFLRQDOLQ VJ\Q\ERVULELQ VRFLDOLQ QDXGDNLQWDSULNODXVRPDLQXR
SDYRMDXV QDFLRQDOLQLDP VDXJXPXL ,Q\NXV VRYLHW  JU VPHL 5\W  (XURSRMH
QDFLRQDOLQ VJ\Q\ERVLODLG ULELQ VRFLDOLQ QDXGD HQNOLDL VXPD MR 
P LODLGRV J\Q\EDL VXPD MR LNL   %93 LU WROLDX PD V DWHLW\MH QHV
6RYLHW 6 MXQJRVLQ\NLPDVVXPDLQREUDQGXROLQ VDWDNRVJU VP *\Q\ERV
LODLGRV \UD ODEDL NUXRSLDL QDJULQ MDPRV L GDOLHV G O WR NDG IHGHUDOLQ
Y\ULDXV\E  WXU MR SUREOHP  VXEDODQVXRMDQW VDYR ELXGHW  %LXGHWR VXWDUWLV
WDUS %DOW M  5 P  LU .RQJUHVR  P JHURNDL DSNDUS  J\Q\ERV LODLGDV
 PHWDLV NDG WLN E W  VXPDLQWDV ELXGHWR GHILFLWDV *\Q\ERV LODLGRV
PVXGDU WLNDSLH%13
3DDQDOL]XRNLPHNDLSEXYRVXPDLQWRVJ\Q\ERVLODLGRV$SNDUS\WRV
J\Q\ERV LODLGRV UHLNLD -$9 NDULXRPHQ V SDM JXPR VXPDLQLP  3HU 
PHWXV -$9 NDULXRPHQ  VXPD MR   NDUL  (XURSRMH ML VXPDLQWD 
 NDUL  'HLPWXRMX GHLPWPHLX GDXJHOLV -$9 NDULQL  ED]L  XGDU\WD LU
J\Q\ERVLODLGRVVXPD MRDSLHSURFHQW 
-HL WDUSWDXWLQLDL VDQW\NLDL VX EXYXVLDLV SULHLQLQNDLV WROLDX EXV
JHULQDPL WDL DLNX NDG EXV QRULPD VXPDLQWL M U  SDM JDV LU EUDQGXROLQ
DUVHQDO  % W  JDQD QHQDXGLQJD LODLN\WL GLGHOHV EUDQGXROLQHV SDM JDV
QXWDLN\WDV MDXLPRQWXRWXVEXYXVLRVVRYLHW LPSHULMRVJLQNOXV7DLSSDWEXV
SDQDLNLQWRV WRNLRV EUDQJLRV J\Q\ELQ V VFKHPRV NDLS ERPERQHLV %
VWUDWHJLQ V J\Q\ERV LQLFLDW\YD SRYDQGHQLQLDL ODLYDL VXNXUWL DSVLJLQWL QXR
VRYLHW ODLY\QR$UNWLNRVYDQGHQ\QHLUNW



60

1827 .,$,

60

>@

>@

/

/

3$-$026

>@

U

3/$8.26
,*;

>@

,6

U
<

<

,Q
3$-$026

SDY,6JUDILN LYHVWLQ


,Q

,Q

3/$8.26
,*;

0W

0W

1827 .,$,

>@

>@
0W

0W
0VS

3$-$026

/0

>@

U

>@
U

3$-$026
<

<

0VS
0VS

SDY/0JUDILN LYHVWLQ


0VS

0VS

(LQDPRML
VVNDLWD

>@

(LQDPRMLVVNDLWD

>@

&$

3HUWHNOLXV
&$

SODXNRV

1XRWNLDL


7U NXPDV
&$
3$-$026

>@

%3



.

.

.$3,7$/2

66.$,7$

>@

U
.$3,7$/266.$,7$

U
<

<

3$-$026

SODXNRV

SDY%3 PRNMLP EDODQVR JUDILN LYHVWLQ




1XRWNLDL

/0

U

,6


<

<I

<

SDY,6/0%3PRGHOL SXVLDXVY\URVVFKHPD
<IQDFLRQDOLQL SDMDP O\JLVDWLWLQNDQWLVYLVLNXLPWXPW\GDUERULQNRMHEHGDUEL QUD
3DMDP O\JLV<\UDPDHVQLVXUHLNDOLQJYLVLNDPXLPWXPXL



%3

E
/0

U
,6

<

<

SDY0RN MLP EDODQVRSHUWHNOLXVLUGHILFLWDV E GHILFLWDV




/0

%3

/0

U
U
,6

<

<

SDY0RQHWDULQHNVSDQVLMDHVDQWSDVWRYLDPNHLWLPRNXUVXL



<

/0

%3

/0
&

U

U
$

,6
,6

<

<I

<

SDY9LGLQLVLULRULQLVEDODQVDLHVDQWSDVWRYLDPNHLWLPRNXUVXL



/,7(5$7 5$
*UDEEH-2UOLQ,QWHUQDWLRQDO)LQDQFLDO0DUNHWV(OVHYLHU
,VDFKVHQ$-+DPLOWRQ&(NRQRPLNRVSDJULQGDL9$OPDOLWWHUD
0D\HU7'XHVHQEHUU\-6$OLEHU5=3LQLJDLEDQNDLLUHNRQRPLND
9$OPDOLWWHUD
3LOEHDP.HLWK,QWHUQDWLRQDO)LQDQFH0DFPLOODQ3UHVV/RQGRQ
 'XEDXVNDV *HGLPLQDV &ODV :LKOERUJ DQG 7KRPDV :LOOHWW 7KH %DOWLF
6WDWHV$OWHUQDWLYH5RXWHVWR&UHGLELOLW\:HVWYLHZ3UHVV
LOLQVNDV90DUWLQNXV%(NRQRPLNRVSDJULQGDL.DXQDV7HFKQRORJLMD




*(1(52/2-212(0$,,2
/,(78926.$52$.$'(0,-$
*HGLPLQDV'XEDXVNDV
),1$16$,,5$36.$,7$
0RNRPRMLNQ\JHO
5HGDJDYR(6WDQNHYLLHQ
6/
OHLG\EDSVN7LUDDVHJ]8VDN\PDV
,OHLGR*HQHUROR-RQRHPDLLR/LHWXYRVNDURDNDGHPLMD
LORJ$/79LOQLXV
6SDXVGLQR/HLG\ERVFHQWURSULH.UDWRDSVDXJRVPLQLVWHULMRV
6(1$0,(6,263$86789 
7RWRUL J/79LOQLXV



You might also like