Yg 

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

,QWURGXFWLRQ We 
x[}ix[TTh r[

qiT bsl li kU w ) 5 +HOPHUW UxT }ix[ Vlc
  Ujg`T
6DWHOOLWH  YwUpT iUT Ujg` iW[x[

ZUscT YriL x[ h YriT YWhU` `iUfT cT

ZU[ }M[[ Utc Tis[XifT ZTlT~ YpUf Uw Lis [T Y]gcT xT *HRGHV\

 YWi YwUp iULWLO Yg ZUlU Tgf[lUW Yjg`T SUlT cW

 bl[[T VUlcT kUT

qiTV

*HRGHWLF

YwUpTiUTUjg`~YlUlTSUlT

TY`igTYjg`sU] cgUw[lwgUxWTY]]sUgx[

&RQWURO

3UHFLVH*HRLG gS`gx[]cTThYsfvWT[YriTYWhU`Tcx[

XinT n[
qiT Tig 3RODU 0RWLRQ VsT Yic ] YUg` iTt ZgUx gU`O kU 

YriT

wUpT iT YicYxlTYlUlLY~ixLYWl ZUWs[Ujg`T~YwUpT iUT Tgf[lOO

iUsO ~ YriT gpiT ZUsc YwUpT iUT vT x[ YUO h Xi]NT T Y~U i]M[ Zc[

YcU %DVLF 6FLHQFHV YlUlT xT U` O xT Th p[  gx h Y`[ S x`i
xT Zc[ }p[
E
YwUpT iUTUjg`P~
Yw[
SUl c
 YwUp iUL ZUlU gf[l[ UgwifL

Y``TxTZc[Up[Y`UxTSUlTYxWsiUW[wUWhfTUc~ $SSOLHG6FLHQFHVYWs[T

(QJLQHHULQJ 6FLHQFHV YlgTxTL *HRVFLHQFHV

%DVLF&RQFHSW

lUlTLgWT

YU[TZTiUW[wT[M[Ujg`T~wUpTiTYLO

Yg[T UT uUWE[PW YxlT ZU~UlU[Ni YUw XiU l }TgM YwUpT iUT Ux[lO  

Yjg` YWnL kUT XiW Yjg` YWn rY[WU]sUiUT iUW[wO qiUW YscT ZUWn

iUTZTiUlU gx~Y[fYriLgpTiTj[nWiUTgpi[ThO

gUxWTY]]YUw

g[ Y[cWT YlgT ZTiUW[wT h Uw uU[iPWU~TgLiUT YpUfs~

G gf[l[ U YWhU`YxrUf
]YisThZ
G W s  n*HRPHWULFDO0HWKRG YwUpT iUT YslTWUjg` YlgT YisTO

 n  UwWTiU%& YslTWYgTYWnT~

Uw}gwUpTiTYlgTYisT  n


Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

gg c[ [TsSUlT ZTi|[
iUlT Yic gpi[A YriT YWhU`T c~ 6HQVRU k` iT iUW[wO  

w icT iUlT ZU~TicO YriT YWhU`T csSUl W YxT XiE]NTTw pcT }gW
MWwU
E
pT iT YLU of[[
E  Xi~ iWT YTU U YU]T .HSOHULDQ 0RWLRQiW Yic
YwUpTiUT YslTWUjg`YUgTYisTO g[ XitTh YriT YWhU`T c~ ic[
l`
p[T[ iUl~igWYpUfT[U]TgcOcwUpTiTLiUW[wO '\QDPLFDO0HWKRG

YisYisTh UrLl[ YwUpTiUY~ixTZTiUlT UsOYriTgpiTYscZU]Tgc

 n2UELWDO0HWKRG iUlT

x[U]TgcOc YriTYWhU`Tc~k
` wUpTiTiUlTYis  n
+LVWRULFDO'HYHORSHPHQWRI6DWHOOLWH*HRGHV\

YwUpTiUTUjg`fiU[Tis[T

ih` O
 eiU[W 63870,. wUp i L sPWYwUpT iUTUjg` jT

is[TLgW
YUgT YisT P~ iT V qi xWsT iT Ux[lO UiW[wO ThO ITiT O gx[ is[T Th
I  qiT bs[ /DSODFH kW w
 Uw~ inwvlU[TiT~Xg` ZUwL XihT

+HOPHUW  I  +DPVHQ  I  gxWU~ZitifLc iT Yic UsO

+LOO I 

iT gU[wPW UWUl *HRPHWULFDO 0HWKRG YwUpT iUT Ujg` YlgT YisT Ws[ UrL [ iT h
Y~ix *HRFHQWULF&RRUGLQDWHVYji`ZU]TgcOhlg}giTiW[x YisTh~ xWsT
[

Yji`ZU]TgcOwpcT[ hW XiU``OYWlZUlUgpTiTiTWZUU`[Tx[
 Xi~qiTY[jiULgWgUxWTY]]ZU]TgcOY`~ gpTi

YwUpT iUT eiTpT STL sO gxW _SU[ w pcT T  U g~ is[T Th ih` Tit
63871,.

(;3/25(5 iTZUlUhI  qiTbs[ZU

G
_SU[TSTLgcO XinUW
 UxYcT\TgcTL

x[  (;3/25(5 iTsO I YwUpTiUTZUsxqiTbs[VUlc 

 YwUpT iUT Yic Yit ST[lT [l YWlUW TitU[ k YpU `U cT qiT n
%URXZHU

.DXODYwUpT iUTZTiUlYitis[(&+2 75$16,7% iTsO 



Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

,QVWLWXW*HRJUDSKLTXH1DWLRQDO,*1 iSTj`TYli~Wjg`TsWiT$11$% sO 

YUSUlXgwY`Ux [
 Uw[c
qiTbs[YgYggwYggc[
UxTgS`UxTnTx[

r P YEgWYUxTY]TgcT`TLW

ZUsUW[iTx[

YlSiUlLY]]OYwUpTiUTUjg`is[cTil[
 TcYU|  

XiUYslTWZUU`[Tx[WXi[ThZj [ U[TiTgc[ZUWUlciUTgpiYlUlTisTis[
qiTYgUx YriTYWhU`TcZUWi
E ZUlUqiTZgUxLiTgpOU_SU[TL ip[
1$6$

W  *(0 YgUxT 6$2 6( ,6( ,,, 6LPSWKRQLDQ $VWURSK\VLFDO 2EVHUYDWRU\ W  YUtT

ZUlUW YwUpT iUT gU[wPW XgcT YlgT YUxT YWnT klM[ [

*RGGDUG 6SDFH )OLJKW &HQWHU

3$*(26 wUpTi  n%& XiUYslTW

 Tc[c  

iT O ijUW ZU~UlT kU Ut YpUf Uc[ Y]gc kU is is[ [
YxT \UcWT Yci
iUTYslTWZUwU[iTkUYish6$7(//,7( /$6(5 5$1*,1* 6/5 YwUpTiUTxWsT
'233/(5

iWgYisWsUjg` x[ 75$16,7 Ut Tgf[lO[

6$7(//,7($/7,0(75< YwUpT

YgO YriTYWhU`TZUlU_SU[ *(0 *5,0qiYlc

ZgUxOp[T[

 Xi~
YriT XinT ZUn[ VsT Yic qiT Tig YUg` iTt ZUlU  ZE XgTj[T gpiT

 Xi~

 UwTiUW[wO 

Ytc  Xi[T h ~ YcUlT Ug`T Ujg`T ~ YwUpT iUT ZU[  XgU[lT Xi[~
oUfnWU[T`T

gxW Th LgW Yg[T isT w Urw jg`T cUlT W  gTj[ nW YwUpT iUT Tgf[lO 

 p~*36 1$967$5*OREDO3RVLWLRQLQJ6\VWHP Ut_SU[TLwpcT

TigVsTYicYWTiYTkUTis UWi[UgW[[hY`[ kUTYggTj[TuU[iT 

Y]gcTisUWqiT

$SSOLFDWLRQILHOGVRI6DWHOOLWH *HRGHV\

YwUpT iUTUjg`ZUWs[

UsO ZUWUlcTXj`TYZUUTYjTYgTwg[x[Yjg`TYwUpTiUTisZUWs[O

YTZUWs[Tw Ypf^TigO XiT~XihTYlUlTSUlT

*OREDO*HRGHV\

YUxTUjg`T

YWhU`TcqiTnUxTT
riT_YslgUxWL

YUwYriLZU]TgcOYtLIUnO

icWTqiTwx`i bslp
gS`


Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

Y[f ZU]TgcOYtLsWi

*OREDO UwZU]TgcOUtWYsZU]TgcOYtLsWi
*HRGHWLF&RQWURO

Yjg`Yx`isU

YsTZUWn Yx`iYjg`UsUklM[
gUxWTY]] YlU`[ ZUWnIUnO

Xg`TYriTZUWnTlc[c[

YlWUTvLij`TYw`WYjg`YsWiLklM[
XipZU~Ul[cXg`TZUWnT}][
*HRG\QDPLFV

Ug`

YriTXinTYicYWTisU
qiTTigVsTYic

$SOOLHGDQG3ODQH*HRGHV\

Y[lTYWs[TUjg`T

ssf[*,6 Y~Ti|` ZUxYtLYlTUTrTiT bliUw `l Yp[ Y[l YcUl 

g

YlgTZUYpUfYx`isUZUWnIUnL

5HPRWH6HQVLQJ gxWw iUxn[lT3KRWRJUDPPHWU\ `Tip[YriLYx`isU

`Tip[TZTiURULHQWDWLRQ `[v

&DUWRJUDSK\ sSTifTlixYriLYx`isU

1DYLJDWLRQDQG0DULQH*HRGHV\

YicWTUjg`TYcT

Y`TYicWTYiWTZUWixYgTYcT

li+\GURJUDSK\ YicWTYcUlT([SORUDWLRQ }Un[lT0DULQH0DSSLQJ YicWTsSTifT~gvr[



IUj~`T2FHDQRJUDSK\ ZUscT
ij`TgwU[iOUt

gc[

5HODWHGILHOGV

YWUnifLZUWs[c

ls|T blT *UDYLPHWULF YriT YU]T kU YSUj~` ZUlU `L  ZUwil vrT x[ 

`TicWT~ 0DJQHWLFDQG6HLVPLF6XUYH\LQJ `T

ZUscTliw~W`TVsTYlTigg`TYicggc[

UWi[Xggci{U[UWs[ZUUOP~Ygf[lTYwUpTiUTggwgUgjPW
2EVHUYDEOHVDQG%DVLF&RQFHSWV

YwUpTiUTUjg`~Y[fTkUTis

 YSUr~ZUlUwg[x[iswUpiOYriLYsc  YriL ZUlUwg[x[isU

UrLl[ ifJOwUpi Y[cWYSUr~ZUlUwg[x[ifL is qiTOwUpTiT

TsL xU U ZUU`[O xU U~ XgpiT ZUlUT ZUw Vlc YwUpT iUT Ujg` is
^hU]Uix[U~^igL TsTi~x[ifLis



Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

'HWHUPLQDWLRQRI'LUHFWLRQV

ZUU`[Ox[

v Ugw iT YNi qiT  ip[ XiU YslTW f YxTT `T wUpT iT ip[ [
[ ip[TYxW /DVHUSXOVHV ijYxnLZUrW LwXigUpYSrZUrYslTWLknTYxnLZc[
 n YWlUTiUip[T[lwiTiUl`TsUlO

YwUpTiUTZTiU~ZUU`[TTgf[lO  n

[  \ Y[lTY[iUgTZU]TgcTkU[A
ZUU`[O ZU]TgcOOc[ip[T[l~iTvT`
A

n &,6 ST[lTUtT `TZU]TgcOTg`~g[xTx`iTUtTk~wUpTiTgpTiTW

gpi  YisT h w U] YW{iT Y]TgcT Y`T O ZU]TgcT c[ Yw ITi`O UgxW [ 
1DWLRQDO 

YiT 1*6 T W  n %& XiU YslTW (&+2 (&+2 3$*(26 iUT

\cifTY]gcTisYWlUWYxrYisTYgiW[x[   Uw W h *HRGHWLF 6XUYH\

[YlU`[i{gpiZUscUfgPWifLXiYWnTZlV r P igMsfWY]]ZU]TgcOZswL

P qfLYgwpcT

%& TiU  n

sx[YisTh wUpiw XigUpYlsU|i[TZU`c[wg[x[ZUU`[OkUifLYis

[YgTYUxT YHU\ORQJEDVHOLQHLQWHURIHUHPHWU\9/%, Tg`XgxWTgwTTwfTg[TYis YYg

 n4XDVDU XgxWTZTi`TYUlTUl`Tw XigUpTZU`Tc[WZUU`[Tx[W



Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

9/%, Tg`XgxWTgwTTwfTg[TYisLgW  n

gxW[ U` Zl U T [c brT nW Y~ix i{ XgxWT TXDVDU YUlT Ul`T [ YU

O

ZU`UliigpN[ULjg`T U YSrT lT  ZTiU Tc zW[ YxlUn ZU~Ul

ZUlUhNP Y~Ulwr FP YisTYgZ|W qiTsU}[f~YjT[U[UU`[OiUW[wO
1$6$

YiTIUrTYU\UcWLYslTWYUwZUg UrLp[T[ YwUl  UigZUlUZTi[Xii[

iTgWYriTXinTYicZUwil}Un[OOp[T[ggpiYsc  TinPWZTl  ZTg[T

YlUWZTi[

'HWHUPLQDWLRQ RI5DQJHV

TsLx[

j
[ gpTiTiTWYlsU|i[TY`TiUn[OjkU[gpTiYwUpiULWZU~UlTx[

Ygf[lTZTggi[TVlc[is

}itUWYsW[iU Xg`YwXiUnOXwpcijTIrx[l[ YSiT YipWTYtT 

Y`T

i[lgTLi[[lTggcWZU`TsLUx[l[Y`T}itUWYsW[ii{
A
iTgTiTYtL

[[f[isUrLUiTgpTiTWTsTkU

kUT gpTiT gw Yg YwUl YslTW XiUnT iUn[O j kU WZR ZD\V PHWKRGV U`[O ZTh is 

F Y`TiUn[OYwil Tgf[lPWUgxWY~UlTVlc[ VUOVUh 'W XiUnTiUn[TjTlSiT

6DWHOOLWHV/DVHU5DQJLQJ6/5





YwUpTiUTOijTYxnMWTsTkUYisYisT[wU]
 n

6DWHOOLWHV/DVHU5DQJLQJ6/5 YwUpTiUTOijTYxnMWTsTkU  n

/$*(26 iTw 02%/$6 jU`YslTW PP YisTh~ gckU sTkUYgZ|W

[gXi[ ZUlUWPP

Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

[Lqi[ [TgpTiTYwUlYslTWXiUnTiUn[Oj kU RQH ZD\ PHWKRGV U`[TXgcis 

YisThw U] VUlcTYwIU]LTj[TMsfx[L wUpTiTYwUlvYgWYTj[

 Xi~*36*OREDO3RVLWLRQLQJ6\VWHP UxTvr[TUt

Ut~USKDVHV ZU`TiTsLYiUWL 6/5 Ut~USXOVH YrWTkUWUOUkUTis[

YcrTYrWj[gwXiUnTXgwj`l[[YrWTYis~ *36

[[ Xi~ XgSUxTY`Tis ~i|[TkU

U`[OZThYisTZUThOiTsTYiUYis~

XiUnT is iU gcTT U`[T ZTh YisT Uc ~ Ys[T sT w XigUpT [`T is YiU
kUTY[[ihT[UcT~ sT~Xg
E YpTXiUnTYflisviTYgUT

WYwsTZU`TTsTggxT  Xi~Y`TsIj` 'O s~TT ') isTi~

YslTW YWUlc U Y[f isW q|T x[ [ $PELJXLW\ q|T wg ` W gpTiT iT

 Xi~ Yx[lTXj`UWU{Y~Ti_TiW

'HWHUPLQDWLRQRI5DQJH'LIIHUHQFHV

TsLZUi~x[

gpTiTWY~UlTi|[w Y`[UTggi[TZTi |[ZU~UlTZUi~x

[ 'RSSOHU iWgYis UrLwg[
 n iTiWwXi[~f XiUnT\Wigp wUpTiT

XiUnTigpgpTiTWY[fZU~Ul`LiWgZUciWgLgW  n

YUcT]  cT gpTiTU`[PWic[TXiUnTigpw gxWgpTiTYUc]   UcT

igpiUlwg`gpTiTYUc] cTXiUnTUliOigp wUpigpTiYg[T

wUpTiTiTgw] XiUnT

iWgYisSUjTLgWTain[YU[TYxT


IV \c
iTWYWlTYicTVWlWjTvi|[Ts[Tggi[TIUW iTli
 T}ixTggi[T


g YisT h U]  g` 75$16,7 ZlTi[ YcT Ut GVGW qiT w gpTiT wUpT

x[Yg r P WqiTws~sTx[TYgaTi[[  Uw h YgT qTi{ W s

A

rP ggcWYWl



Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

6DWHOOLWH$OWLPHWU\

iTgTiUWuU[iTkU

iTYslTWZUwU[iTx[YisYwUpTiUTYslTWZU~UlT kU ifL YpUf Yis U

kSU iT c icWT bsl w wUpT iT uU[iO x
YisT h ~ 6DWHOOLWH $OWLPHWU\ wUpT
YslTWD scTbslw jU`TuU[iOx
YriLgpiYscg`[UDGDUDWOLPHWHU iTgTiTZU~UlT

x[[iTiUlY~ixW icWTbslYlxTiTYliTiTgTiTYrWXgwVUhjkU
 n gS`TuU[iOOUWi[UlUTh 0 g[xT_TicWslTbslTWiT

6DWHOOLWH$OWLPHWU\ iTgTiUWuU[iTkU  n

i[TgS`Tx[Yg Z|W YWlU ZUccp[gU[wOgxW ZUscTwgS`Tx[YisT[x[l[

kUXgcT U{ P*DO YgWYriTYWhU`TcZU~TicOkU UrL[iUThZUlUXgwUlW gcTT

iUT \gcL  7RSH[3RVHLGRQ iT iW[x  U{ UxT O YWl FPVHF YriT YWhU`T uiUl[
qi|TThYgf[lT

'HWHUPLQDWLRQRI5DQJHVDQG5DQJHGLIIHUHQFHV

TsLi~TsLZUlU

YxilTZTi|[TYWTigf[lA[ L n 6DWHOOLWHWR6DWHOOLWHWUDFNLQJ iigpi UrLwg[

ZTi |[ TsL  U kUT qiT bsl w ZTiTgT uU[iO i|p Tit YriT YWhU`T c
~wLYgwY]gcTYisT hWpcTv[ wLwT 'RSSOHU iWgLgWwXg[xTsT

YriTYWhU`Tcx[YlTig

*36 T iUMWYUx[lTv6DWHOOLWHWR6DWHOOLWHWUDFNLQJ iigpi  n

IUrT \UcWL YU W  *HRSRWHQWLDO 5HVHDUFK 0LVVLRQ qi U]T cT \cW Y h w U]
YlUTYT NP uU[iPW YiSTgYWsZTiTgw *50 *50 iUTYslTW 1$6$ YiT

iTWYWlTYwilT



Yg

*36 UxTvr[TUt6DWHOOLWH*HRGHV\ YwUpTiUTUjg`

]  YwUpT iUT Yic YSUjT QgUW Yg[ w ip[L }l VU[T Th ~ YcT pT ~
Ux[lOYl[gUtTThvilT[Tis[Tith*36 UxTvr[TUtUxl
UcinqiwL

ZUlUlT qxWW ih[UW L LgW YgT ZU`T ~ YpUf brT nW [UWs[ ZU` uUl[O [Ux~
Ujg` ~ Ygf[lT YjT YtUW }ix[ h Y[fT Yx`iT ZU]TgcT YtL qixW YrUiT
*36 T Ut~YpUfisT[~i`TigTUL\cYwUpTiUT