You are on page 1of 237

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK

.G\VHHNQHSRtWDRYiVt" 
=iNODGQtIRUP\SHQRV$ 
3DUDOHOQtDVpULRYSHQRV3DUDOOHODQGVHULDOWUDQVPLVVLRQ
6pULRYDV\QFKURQQtSHQRV6HULDODV\QFKURQRXVWUDQVPLVVLRQ
6pULRYV\QFKURQQtSHQRV6HULDOV\QFKURQRXVWUDQVPLVVLRQ 
3DULWD3DULW\
=DEH]SHHQtGDWSLSHQRVHFK 
3RGpOQiSDULWDORQJLWXGLQDOSDULW\
.RQWUROQtVRXHWFKHFNVXP
0RGXODFH
tNDSiVPDDMHMtG OHQt
.DQiORNUXKVSRMSHQRVRYiFHVWD
.ODVLILNDFHRNUXK$ 
'DWRYpRNUXK\DVSRMH
9HHMQiWHOHIRQQtVt"
7HOHIRQQtPRGHP\ 
9\XLWtYHHMQpWHOHIRQQtVtW 
%XOOHWLQ%RDUG6\VWHPV%%6
)DNVLPLOQtSHQRV 
)DNVLPLOQtSHQRVDSRtWDH 
3&0DVSRMH7
6P URYiQtY7&3,3VtWtFK9
7DNRYU$VWQHHNDOL 
3RGVtW DMHMLFKDGUHV\ 
6P URYiQtYStSDG SRGVtWt
3UR[\$53 
-PpQDY7&3,3VtWtFK, 
-PpQDYV,3DGUHV\ 
)ODWQDPHVSDFH 
+LHUDUFKLFNiMPpQD
6\VWpPGRPpQRYFKMPHQ
9HFKQRSRGOH,QWHUQHWX
-PpQDY7&3,3VtWtFK,, 
-DNMHWRPXYHVNXWHQRVWL
3RXLWtY\URYQiYDFtFKSDP Wt FDFKLQJ 
3URWRNRO,3 
,3QHEROL,QWHUQHW3URWRFRO 
,3GDWDJUDPDMHKRIRUPiW 
0D[LPiOQtGpOND,3GDWDJUDPX 
'REDLYRWD 
)UDJPHQWDFHGDWDJUDP$
1HSRYLQQpiVWL,3GDWDJUDP$
7UDQVSRUWQtSURWRNRO\7&3,3,
6SROHKOLYRVWYVU\FKORVW
.DGVLP$HY\EUDWViP
6SRMRYDQYVQHVSRMRYDQFKDUDNWHUWUDQVSRUWQtFKVOXHE
3URXGYVEORNRY RULHQWRYDQSHQRV 
7UDQVSRUWQtSURWRNRO\7&3,3,,
$GUHV\SURFHV$" 
3URWRNRO8'3
3URWRNRO7&3,
3URWRNRO7&3,,
$GDSWLYQtFKRYiQt 
3URWRNRO7&3,,, 
3URWRNRO7&3,9
7UDQVSRUWQtUR]KUDQt
-DNMHWRY8QL[X
'Y Y WYH8QL[X
7UDQVSRUWQtUR]KUDQt%6'6RFNHWV 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9\WYiHQtVRFNHW$
7UDQVSRUWQtUR]KUDQt6WUHDPVD7/,
&RMVRXSURXG\" 
$SOLNDQtYUVWYD7&3,3 
.OLHQWYVVHUYHU
,PSOHPHQWDFHNOLHQWDDVHUYHUXYSURVWHGt8QL[X 
7HUPLQiORYpUHODFHDY]GiOHQpSLKODRYiQt 
2GGiYNRYpKR]SUDFRYiQtNLQWHUDNWLYQtPX
7HUPLQiO\DWHUPLQiORYpUHODFH
9]GiOHQpWHUPLQiORYpUHODFH 
9LUWXiOQtWHUPLQiO\ 
7HUPLQiORYiHPXODFH 
7HOQHW,
7HOQHW,,
7(/1(7,,,
3HQRVDVGtOHQtVRXERU$
)73, 
)73,,
&RSRWHEXMtEH]GLVNRYpVWDQLFH
$QRQ\PQt)73VHUYHU\ 
7UDQVSDUHQWQtVGtOHQtVRXERU$ 
8QL[PRQWXMH
'26WUYiQDORJLFNFKMHGQRWNiFK
1)6, 
1)6,,
1)6,,, 
53&,
53&,,
(OHNWURQLFNiSRWD, 
(OHNWURQLFNiSRWD,, 
(OHNWURQLFNiSRWD,,, 
 (OHNWURQLFNiSRWDYSURVWHGt7&3,3VtWt
5)& 
6073 


 &RMHtPYSRtWDRYFKVtWtFK

6RXERU\VWH[W\DREUi]N\VHULiOX&RMHtPYSRtWDRYFKVtWtFKPRKRX
EWYROQ NRStURYiQ\SRNXGVHWDNG MHSURVWXGLMQt~HO\DQDQHYG OHQp
Ei]L9HNHUpMLQpY\XLWtMHQVHVRXKODVHPDXWRUD
7H[WRYpVRXERU\MVRXYHIRUPiWXWH[WRYpKRHGLWRUX7H[WYHU]HREUi]N\Y
QHNRPSULPRYDQpPIRUPiWX7,)

GULQJ-Lt3HWHUND

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NDWHGUDVRIWZDURYpKRLQHQUVWYt
0DWHPDWLFNRI\]LNiOQtIDNXOWD8.
0DORVWUDQVNpQiP VWt
3UDKD0DOi6WUDQD
(PDLO3(7(5.$#..,060))&81,&=
'&,7VUR
&'06-0DUWtKR
3UDKD9HOHVODYtQ
(PDLO3(7#'&,7&=



.G\VHHNQHSRtWDRYiVt"
3RGSRMPHPSRtWDRYiVt"VLVQDGNDGGRNiHSHGVWDYLWVRXVWDYXY]iMHPQ
SURSRMHQFKSRtWD$-DNMHDOHUR]GtOPH]LORNiOQtDUR]OHKORXSRtWDRYRXVtWt"
/RNiOQtSRtWDRYiVt" /$1/RFDO$UHD1HWZRUN 
5R]OHKOiSRtWDRYiVt" :$1:LGH$UHD1HWZRUN 
2SHVQpIRUPiOQtY\PH]HQtW FKWRGYRXSRMP$VHUDG MLQHEXGHPHSRNRXHW-GH
WRWLRGY NDWHJRULHGRNWHUFKVHGQHVSRtWDRYpVtW UR]G OXMtVStHLQWXLWLYQtP
]S$VREHPQHER"PH]LQLPLQHH[LVWXMtSHVQ GHILQRYDQpKUDQLFH6RXVWHGtPHVH
SURWRVStHQDW\SLFNpRGOLQRVWLRERXNDWHJRULt
+ODYQtPUR]OLXMtFtPNULWpULHPMDNRVWDWQ QDSRYtGDMtVORYtNDORNiOQtDUR]OHKOi
MHSHGHYtPJHRJUDILFNiREODVWQDNWHUpMVRXMHGQRWOLYpX]ORYpSRtWDHUR]PtVW Q\
/RNiOQtSRtWDRYiVt"VHQHMDVW MLUR]NOiGiYMHGLQpPtVWQRVWLYQ NROLND
PtVWQRVWHFKYMHGQpEXGRY StSDGQ YUiPFLQ NROLNDVRXVHGQtFKEXGRYLQDSY
UiPFLDUHiOXXQLYHU]LW\9]GiOHQRVWPH]LMHGQRWOLYPLX]ORYPLSRtWDLORNiOQtVtW
MHWHG\QHMDVW MLYiGXMHGQRWHNDVWRYHNPHWU$YKRGQPLWHFKQLFNPLSURVWHGN\
MLDOHO]H]YLWLQDSQDQ NROLNNLORPHWU$1DSURWLWRPXX]ORYpSRtWDHUR]OHKOp
VtW EYDMtUR]PtVW Q\YHY WtPUHJLRQXQDSYU$]QFKP VWHFKLGRNRQFHQD
U$]QFKNRQWLQHQWHFK
'DOtRGOLQRVWtPH]LORNiOQtDUR]OHKORXSRtWDRYRXVtWtEYiWDNpGUXKX]ORYFK
SRtWD$8ORNiOQtFKVtWtMGHREY\NOHRRVREQtSRtWDHDW]YSUDFRYQtVWDQLFHWHG\R
SRtWDHNWHUpMVRXXUHQ\YHVP VSURMHGLQpKRXLYDWHOHDMVRXYSURYR]XMHQWHKG\
NG\MHXLYDWHOVNXWHQ SRWHEXMH1DRSDNX]ORYPLSRtWDLUR]OHKOFKVtWtEYDMt
QHMDVW MLSRtWDH]NDWHJRULHW]YVWHGLVNRYFKStSDGQ PLQLSRtWDHWHG\VWURMH
Y\EDYHQpVtWtWHUPLQiO$VFKRSQpVORXLWY WtPXSRWXXLYDWHO$VRXDVQ DSUDFXMtFt
QHSHWULW 6WtPWDNpVRXYLVtRGOLQRVXG]SUiYNWHUpQHO]HYVtWLLKQHGSHGDWMHMtP
DGUHViW$P9UR]OHKOpVtWLMH]SUiYDGRUXHQDDGRStVOXQpKRX]ORYpKRSRtWDH
NWHUMHWUYDOHYSURYR]X D]GHVHXFKRYiYiDGRGRE\QHVLMHMtDGUHViWVHGQHN

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WHUPLQiOXSLKOiVtVHGRV\VWpPXD]SUiYXVLSHYH]PH1DRSDNYORNiOQtVtWLVH
]SUiYD SRXSR]RUQ QtMHMtKRRGHVLODWHOH REY\NOH]WUiFtQHER"SRtWDQDNWHUE\
P ODEWGRUXHQDQHQtSUiY YSURYR]X
5R]GtOEYiWDNpYH]S$VREXMDNPMVRXX]ORYpSRtWDHORNiOQtDUR]OHKOpSRtWDH
SURSRMHQ\8ORNiOQtFKVtWtVLYHNHUKDUGZDUHSRWHEQNSURSRMHQtSRtWD$ WM
NDEHOiUR]ERRYDHDSRG NXSXMHPDMLWHOUHVSSURYR]RYDWHOVtW 9HOPLDVWRMVRX
YHFKQ\X]ORYpSRtWDHSLSRMHQ\QDMHGLQpVSROHQpNRPXQLNDQtPpGLXP NWHUp
SDNIXQJXMHMDNRW]YVE UQLFH (IHNWMHWDNRYHNDGX]ORYSRtWDP$HPtW
StPpVSRMHQtVNWHUPNROLMLQPSRtWDHPYORNiOQtVtWLDREDSRtWDHWDNPRKRX
NRPXQLNRYDWStPREH]MDNFKNROLSURVWHGQtN$1DRSDNXUR]OHKOFKVtWtMVRX
MHGQRWOLYpX]ORYpSRtWDHUR]PtVW QpYHY WtFKY]GiOHQRVWHFKRGVHEHSURSRMHQ\
SRPRFtSHQRVRYFKNDQiO$NWHUpVLPDMLWHOUHVSSURYR]RYDWHOVtW QHMDVW MLSRX]H
SURQDMtPiRGVSRMRYFKRUJDQL]DFtDQHMVRXWHG\MHKRPDMHWNHP3URQiMHPEYi
]QDQ QiNODGQSURWRXUR]OHKOFKVtWtQHQt~QRVQpSURSRMRYDWMHGQRWOLYpSRtWDH
WDNDE\NDG]QLFKPRKOPtWStPpVSRMHQtVNWHUPNROLMLQP'YDX]ORYpSRtWDH
UR]OHKOpVtW WHG\PRKRXEWSURY]iMHPQRXNRPXQLNDFLRGNi]iQ\QDQ NROLN
SURVWHGQtN$WMQDQ NROLNPH]LOHKOFKX]ORYFKSRtWD$
'DOtRGOLQRVWtPH]LORNiOQtDUR]OHKORXVtWtEYiWDNp~HONHNWHUpPXMHVt"
]L]RYiQD9StSDG ORNiOQtFKVtWtFKMGHREY\NOHRPRQRVWVGtOHQtQiNODGQFK
SHULIHULt QDSNYDOLWQtFKWLVNiUHQYHONRNDSDFLWQtFK]iORQtFKSDP Wt DRPRQRVW
VGtOHQtVRXERU$DStVWXSGRVSROHQFKGDWDEi]t8UR]OHKOFKVtWtEYiKODYQtP
FtOHPXPRQLWSHQRV]SUiYDGDWRYFKVRXERU$QDY WtY]GiOHQRVWLPRQRVW]tVNDW
StPStVWXSQDY]GiOHQSRtWDY\XLWtYSRHWQtNDSDFLW\MLQpKRSRtWDHYVtWL
QDSVXSHUSRtWDH PRQRVWStVWXSXGRUR]ViKOFKFHQWUiOQtFKGDWDEi]tDSRG
=SRKOHGXXLYDWHOHYDNUR]OLRYiQtPH]LORNiOQtDUR]OHKORXVtWtSRVWXSQ ]WUiFt
Y]QDP6WiOHDVW MLWRWLGRFKi]tNY]iMHPQpPXSURSRMRYiQtUR]OHKOFKDORNiOQtFK
VtWt-HGQtP]PHFKDQLVP$NWHUPVHWDNG MHMHY]iMHPQpSURSRMRYiQtMHGQRWOLYFK
ORNiOQtFKVtWtSURVWHGQLFWYtPVtWtUR]OHKOFKORNiOQtVtW ]GHYODVWQ ]DtQDMt
Y\VWXSRYDWYUROL NRQFRYFK X]ORYFKSRtWD$UR]OHKOFKVtWt1DY]iMHPVHYDN
SURSRMXMtLMHGQRWOLYpUR]OHKOpVtW DY]QLNiFHONRQJORPHUiWY]iMHPQ SURSRMHQFK
VtWtYHNWHUpPVHSURXLYDWHOH]FHOD]WUiFtUR]GtOPH]LORNiOQtDUR]OHKORXVtWt
YHFKQ\SURSRMHQpSRtWDHVHSURXLYDWHOHVWiYDMt]KOHGLVNDStVWXSXNVtWL
URYQRFHQQpDQDEt]tPXVWHMQpPRQRVWLY\XLWtYHFK]GURM$VOXHEDSURVWHGN$
NWHUpVt"UHVSFHONRQJORPHUiWVtWtQDEt]t

=iNODGQtIRUP\SHQRV$
9SRtWDRYFKVtWtFKVHP$HPHVHWNDWVQHMU$]Q MtPLIRUPDPLSHQRVXVLJQiO$
NWHUpPRKRXEWQDYtFU$]QP]S$VREHPPRGXORYiQ\NyGRYiQ\DNMHMLFKSHQRVX
VHPRKRXSRXtYDWSHQRVRYpNDQiO\U$]QFKYODVWQRVWtDFKDUDNWHULVWLN=DQ PH
WHG\SUiY XPRQFKIRUHPSHQRVXVLJQiO$
3DUDOHOQtDVpULRYSHQRV3DUDOOHODQGVHULDOWUDQVPLVVLRQ
3LSDUDOHOQtPSHQRVXMVRXGDWDSHQiHQDSRYtFHELWHFKQDMHGQRXW\SLFN\SR
FHOFKE\WHFK.WRPXMHRYHP]DSRWHEtStVOXQSRHWVRXE QFK SDUDOHOQtFK
YRGL$FRMH~QRVQpMHQQDNUiWNpY]GiOHQRVWL W\SLFN\PHWU$ 6SDUDOHOQtP
SHQRVHPVHP$HPHVHWNDWQHMDVW MLPH]LSRtWDHPDWLVNiUQRX Y\EDYHQRXW]Y

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SDUDOHOQtPUR]KUDQtPFRMHVWDQGDUGQtStSDG YREODVWLSRtWDRYFKVtWtSDNMHQ
]FHODY\MtPHQ XQ NWHUFKH[SHULPHQWiOQtFKORNiOQtFKVtWt
3LVpULRYpPSHQRVXMVRXGDWDSHQiHQDSRVWXSQ ELWSRELWXQHMQLtP SHVQ ML
QHMPpQ Y]QDPQP SRtQDMH9GUWLYpY WLQ VtWtMHSHQRVGDWVpULRY1HMPHQt
SRORNDGDWSHQiHQiVpULRY MHR]QDRYiQDMDNR]QDN FKDUDFWHU DPiREY\NOH
UR]VDKQHERELW$=QDNY\MiGHQStPRYHIRUP SRVORXSQRVWLGYRMNRYFKELW$
NWHUpVHVNXWHQ SHQiHMtVHSDNR]QDXMHMDNR]QDND
6pULRYDV\QFKURQQtSHQRV6HULDODV\QFKURQRXVWUDQVPLVVLRQ
3LDV\QFKURQQtPVpULRYpPSHQRVXPRKRXEWMHGQRWOLYp]QDN\ SHVQ ML]QDN\
SHQiHQ\VOLERYROQPLDVRYPLRGVWXS\PH]LVHERX3tMHPFHSDNRYHPQHP$H
SHGHPY G WNG\]DtQiGDOt]QDNDSURWRPXVtEWVFKRSHQMHKRStFKRGSRGOH
YKRGQpKRSt]QDNXUR]SR]QDW7tPWRSt]QDNHPMHW]YVWDUWELW WpUR]E KRY
SUYHNYL]REUi]HN NWHUP]DtQiNDGDV\QFKURQQ SHQiHQ]QDN3tFKRG
VWDUWELWXMHSURStMHPFHVRXDVQ LPRQRVWtVSUiYQ VLQDVWDYLWVYpP tWNRDVX
SHVQ MLVYRXDVRYRX]iNODGQX 7RMHQXWQpSURWRDE\StMHPFHVSUiYQ XULO
DVRYpRNDPLN\NG\PiY\KRGQRFRYDWVWDYMHGQRWOLYFKGDWRYFKELW$NWHUpSR
VWDUWELWXQiVOHGXMt
=DYODVWQtPLGDWRYPLELW\P$HQiVOHGRYDWMHGHQW]YSDULWQtELW YL]GiOH D
NRQHQ W]YVWRSELW Wp]iY UQSUYHN MHKRGpONDREY\NOHRGSRYtGiGpOFH
MHGQRKRQHERGYRXGDWRYFKELW$6WRSELWYVRE QHQHVHiGQRXLQIRUPDFLMHKR
VP\VOHPMHSRX]H]DMLVWLWXULWPLQLPiOQtRGVWXSPH]LMHGQRWOLYPL]QDN\Y\VOiQt
QiVOHGXMtFtKR]QDNXP$H]DtWQHMGtYHSRRGY\VtOiQtFHOpKRSHGFKR]tKR]QDNX
WHG\YHWQ MHKRVWRSELWX
$V\QFKURQQtPX]S$VREXSHQRVXVHQ NG\tNiWDNpVWDUWVWRSQtSHQRV
3,2%5B7,)

6pULRYV\QFKURQQtSHQRV6HULDOV\QFKURQRXVWUDQVPLVVLRQ
3LV\QFKURQQtPSHQRVXMVRXREY\NOHSHQiHQ\FHOpEORN\]QDN$'DWRYpELW\
MHGQRWOLYFK]QDN$SLWRPQiVOHGXMtW VQ SRVRE EH]MDNFKNROLDVRYFKRGVWXS$
DQHMVRXSURNOiGiQ\iGQPLVWDUWLVWRSELW\ PRKRXYDNEWGRSOQ Q\MHGQtP
SDULWQtPELWHP =DiWHNEORNXMHLQGLNRYiQMHGQtPQHERQ NROLNDVSHFLiOQtPL
V\QFKURQL]DQtPL]QDN\ W]Y]QDN\6<1 MHMLFKKODYQtPVP\VOHPMH]DMLVWLW
SRWHEQRXDVRYRXV\QFKURQL]DFLRGHVLODWHOHLStMHPFHWHG\SRPRFLStMHPFLSHVQ
VWDQRYLWDVRYpRNDPLN\YHNWHUFKPiY\KRGQRFRYDWMHGQRWOLYpGDWRYpELW\%ORN
]QDN$MHSDNRS W]DNRQHQV\QFKURQL]DQtPL]QDN\NWHUpPRKX DOHQHPXVt EW
QHSHWULW Y\VtOiQ\DGR]DiWNXQiVOHGXMtFtKRGDWRYpKREORNX
6\QFKURQQtSHQRVMHREHFQ U\FKOHMtQHDV\QFKURQQtQHER"QHQt]DWtHQUHLt
SLSDGDMtFtQDVWDUWELW\DVWRSELW\-HKRWHFKQLFNiDSURJUDPRYiUHDOL]DFHYDNEYi
SRQ NXGVORLW MtQHXSHQRVXDV\QFKURQQtKR
3,2%5B7,)

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3DULWD3DULW\
3LVpULRYpPLSDUDOHOQtPSHQRVXGDWP$HGRFKi]HWNFK\EiPMHMLFKG$VOHGNHPMH
SLMHWtRSDQpKRGQRW\MHGQRKRLQ NROLNDELW$QHMDNpE\O\S$YRGQ Y\VOiQ\
1HMMHGQRGXtDOHVRXDVQ WDNpQHMPpQQ ~LQQ]S$VRE]DEH]SHHQt]QDNXNWHU
XPRXMHQiVOHGQpUR]SR]QiQtYVN\WXFK\E\MHGRSOQ QtGDWRYFKELW$MHGQtP
GDOtPELWHPWDNDE\FHONRYSRHWMHGQLHNYH]QDNXE\O SLRGHVtOiQt OLFKSDN
MGHRW]YOLFKRXSDULWX RGGSDULW\ QHERQDRSDNVXGSDNMGHRW]YVXGiSDULWD
HYHQSDULW\ 3tMHPFHPXVtY G W]GDPXRGHVLODWHOSRVtOi]QDN\VHVXGRXLOLFKRX
SDULWRX3RNXGSRHWMHGQLNRYFKELW$QHVRXKODVtVRHNiYDQRXSDULWRXP$HVL
StMHPFHGRYRGLWHGRORNFK\E SLSHQRVXMHGQRKR QHERWtS WLREHFQ OLFKpKR
SRWX ELW$0iOLSLMDW]QDNRHNiYDQRXSDULWXQHQtWRMHW VWRSURFHQWQt]iUXNRX
MHKREH]FK\EQRVWLSRPRFtMHGLQpKRSDULWQtKRELWXQHO]HUR]SR]QDWFK\E\YVXGpP
SRWXELW$=DEH]SHHQtSRPRFtMHGQRKRSDULWQtKRELWXMHWHG\YKRGQpSRXtYDWMHQ
WDPNGHMHSUDYG SRGREQRVWYVN\WXFK\EYMHGQRWOLYFKELWHFKPDOiD
SUDYG SRGREQRVWYVN\WXFK\EYHYtFHELWHFKVRXDVQ ]DQHGEDWHOQi
9SUD[LVHO]HVHWNDWWDNpVWtPHVHSDULWQtELWQDVWDYXMHYG\QD UHVSYG\QD
YDQJOLWLQ VHWRPXtNiVSDFHSDULW\ UHVSPDUNSDULW\ 6P\VOMHQDSWHQDE\
RGHVLODWHOPRKOY\VtODWVHGPLELWRYp]QDN\GRSOQ QpWtPWRNRQVWDQWQtPSDULWQtPELWHP
NWHUpStMHPFHSLMPHMDNRRVPLELWRYp]QDN\EH]SDULW\ tPVHRYHP]WUiFt
PRQRVWGHWHNRYDWSHQRVRYpFK\E\ 
=DEH]SHHQtGDWSLSHQRVHFK
3LSHQRVHFKGDWP$HGRFKi]HWNFK\EiPDYMHMLFKG$VOHGNXP$HStMHPFH
SLMPRXWMLQp]QDN\QHMDNpPXRGHVLODWHOS$YRGQ Y\VODO-HGQtPPRQP
SURVWHGNHPSURQiVOHGQRXGHWHNFLY]QLNOFKFK\EMHSLGiQtSDULWQtKRELWXNH
NDGpPXSHQiHQpPX]QDNX MDNMVPHVLQD]QDLOLPLQXOWGHQ WRMHYDNMHQ
QHMMHGQRGXt DWDNpQHMPpQ ~LQQ StSDGSRXLWtW]YEH]SHQRVWQtFKNyG$
=iNODGQtP\OHQNDSRXLWtEH]SHQRVWQtFKNyG$MHYHOPLMHGQRGXFKiS$YRGQt
]QDN\VHSRGOHSHVQ GHILQRYDQFKSUDYLGHOWUDQVIRUPXMtQD]QDN\MLQpKRW\SX QDS
RVPLELWRYp]QDN\VHSLGiQtPMHGQRKRSDULWQtKRELWXSHYHGRXQDGHYtWLELWRYp 
7HSUYHW\VHSDNVNXWHQ SHQHVRXDStMHPFHVLMHSHYHGH]S WGRMHMLFKS$YRGQtKR
WYDUX1 NWHUp]QDN\RQRKRMLQpKRW\SXYDNQHPRKRX]S$YRGQtFK]QDN$iGQP
]S$VREHPQLNG\Y]QLNQRXW QDSSLSRXtYiQtOLFKpSDULW\E\FKRPQHP OLQLNG\
]tVNDW]QDNVHVXGRXSDULWRX 3RNXGSDNStMHPFHSLMPHWDNRY]QDNNWHUSL
GDQFKSUDYLGOHFKWUDQVIRUPDFHQHPiiGQY]RUP$HMHMRSUiYQ Q SRYDRYDW]D
FK\EQ SHQHVHQ]QDN
%H]SHQRVWQtNyG\MVRXY]iVDG GYRMtKRW\SXDWR
GHWHNQtNyG\HUURUGHWHFWLRQFRGHV
NWHUpXPRXMtSRX]HUR]SR]QDW GHWHNRYDW HSLMDW]QDNMHFK\EQD
VDPRRSUDYQpNyG\VHOIFRUUHFWLQJFRGHV
NWHUpNURP GHWHNFHFK\E\XPRXMtLRSUDYXFK\EQ SHQHVHQpKR]QDNXWDNHMHM
QHQtQXWQpSHQiHW]QRYX FRXGHWHNQtKRNyGXREHFQ QXWQpMH 
3RXLWtEH]SHQRVWQtFKNyG$YG\]QDPHQiHVHYUiPFLNDGpKR]QDNXYH
VNXWHQRVWLSHQitYtFHELW$QHNROLNE\E\ORNY\MiGHQtYODVWQtKR]QDNXQH]E\WQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QXWQp=DEH]SHHQtSURWLFK\EiPQHQtQDYtFQLNG\VWRSURFHQWQtMHKR~LQQRVWYDN
URVWHVSRWHPELW$QDYtF1HMMHGQRGXtGHWHNQtNyG ]DEH]SHHQtVXGRXQHER
OLFKRXSDULWRX SLGiYiNGDWRYPELW$PMHGHQGDOtELWDGRNiHGHWHNRYDWFK\EXY
MHGQRPELWX6DPRRSUDYQNyGNWHUXPRXMHQiVOHGQRXRSUDYXFK\E\YMHGLQpP
ELWX W]YUR]tHQ+DPPLQJ$YNyG SLGiYiNHNDGpPXELWRYpPXE\WXQDYtFS W
ELW$ UHVSELW$NHNDGpPXELWRYpPXVORYX 
9SUD[LMHYKRGQ MtQH]DEH]SHRYDWSURWLFK\EiPMHGQRWOLYp]QDN\DOHFHOp
SRVORXSQRVWL]QDN$UHVSFHOpSHQiHQpEORN\GDW'RGDWHQpELW\SRXtYDQpN
GHWHNFLFK\EVHSDNQHSLGiYDMt]QRYXNHNDGpPX]QDNXDOHMHQMHGQRXNFHOpPX
EORNXGDW DSHQHVRXVHVSROXVQtP -HOLSDNFK\EDGHWHNRYiQDQHO]HMLYUiPFL
EORNXORNDOL]RYDWDQDMHGQRWOLYp]QDN\0tVWRWRKRPXVtEWFHOEORNSURKOiHQ]D
FK\EQDSHQHVHQ]QRYX7RRYHPQHPXVtEWY$EHFQD]iYDGXVWDtVLXY GRPLW
HSHQRV\GDWWpP YG\SUREtKDMtSRFHOFKEORFtFKDQHMPHQtMHGQRWNRXGDWMHMt
RSDNRYDQpY\VOiQtVLP$HStMHPFHY\iGDWMHSUiY FHOEORNDQLNROLMHGQRWOLYp
]QDN\
3RGpOQiSDULWDORQJLWXGLQDOSDULW\
MHMHGQtPPRQP]S$VREHP]DEH]SHHQtFHOpKREORNXGDWFKiSDQpKRMDNR
SRVORXSQRVWMHGQRWOLYFK]QDN$=GHVHQHNRQWUROXMHVXGUHVSOLFKSRHW
MHGQLNRYFKELW$YMHGQRWOLYFK]QDFtFKDOHVXGUHVSOLFKSRHWMHGQLNRYFK
ELW$YHVWHMQROHKOFKELWRYFKSR]LFtFKYHFK]QDN$YEORNX YL]REU -HOLWHG\
EORNGDWWYRHQQDSRVPLELWRYPL]QDN\SLGiVHNFHOpPXEORNXRVPSDULWQtFKELW$
WHG\YODVWQ MHGHQ]QDNQDYtF DNDG]QLFKVHQDVWDYtWDNDE\E\ODGRGUHQDVXGi
UHVSOLFKiSDULWD
3RXLWtSRGpOQpSDULW\VHQ NG\NRPELQXMHLVH]DEH]SHHQtPMHGQRWOLYFK]QDN$
SRPRFtVXGpUHVSOLFKpSDULW\NWHUiVHSDNSURRGOLHQtRGSRGpOQpSDULW\R]QDXMH
MDNRStQiL]QDNRYiSDULWD WUDQVYHUVDOODWHUDOSDULW\ 2E YDULDQW\LOXVWUXMH
REUi]HN
3,2%5B7,)
.RQWUROQtVRXHWFKHFNVXP
'DOtPRQRVWt]DEH]SHHQtFHOpKREORNXGDWMHVRXHWMHGQRWOLYFK]QDN$YEORNX
NWHUpMVRXSURWHQWR~HOFKiSiQ\MDNRFHOiGYRMNRYitVODEH]]QDPpQND.RQWUROQt
VRXHWVHW\SLFN\SURYiGtMDNRVRXHWPRGXORQHERWMYVOHGNHPMHNRQWUROQt
VRXHWRGpOFHMHGQRKRQHERGYRXE\W$
.RQWUROQtVRXHWLSRGpOQRXSDULWXO]HY\KRGQRFRYDWSU$E Q SLSLMtPiQt
MHGQRWOLYFK]QDN$EORNX9StSDG NRQWUROQtKRVRXWXVHNDGQRY SLMDW]QDN
SLtWiNHVWiYDMtFtPXPH]LVRXWX]DWtPFRYStSDG SRGpOQpSDULW\VHSURYiGt
RSHUDFH(;25 WMQRQHNYLYDOHQFH MHGQRWOLYFKELW$QRYpKR]QDNXVHVWiYDMtFtP
PH]LYVOHGNHP
1HM~LQQ MtIRUPX]DEH]SHHQtEORNXGDWYDNSHGVWDYXMHSRXLWtW]Y
F\NOLFNFKNyG$&5& &\FOLF5HGXQGDQF\&KHFN 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7DNp]GHVHSRGREQ MDNRXYSRWXSRGpOQpSDULW\LNRQWUROQtKRVRXWXSU$E Q QD
]iNODG MHGQRWOLYFK]QDN$EORNX SHVQ MLMHGQRWOLYFKELW$W FKWR]QDO$ SU$E Q
Y\SRtWiYi]DEH]SHRYDFt~GDM7HQVHQDNRQFLFHOpKREORNXSRURYQiVH
]DEH]SHRYDFtP~GDMHPNWHUSRGOHVWHMQFKSUDYLGHOY\SRtWDORGHVLODWHODSLSRMLON
RGHVtODQpPXEORNXGDW3RNXGVHRED~GDMHVKRGXMtO]HSHQHVHQEORNVY\VRNRX
SUDYG SRGREQRVWtSRYDRYDW]DVSUiYQ]DEH]SHHQtSRPRFtHVWQiFWLELWRYpKR
F\NOLFNpKRNyGXWRWLGRNiHVSROHKOLY RGKDOLWYHFKQ\FK\E\DYHVWQiFWLSRVRE
MGRXFtFKELWHFKDFK\E\YHY WtPSRWXELW$VSHVQRVWt
)RUPiOQtG$ND]Y\QLNDMtFt~LQQRVWL]DEH]SHHQtSRPRFtF\NOLFNpKRNyGXVLFH
Y\DGXMHGRVWLSRNURLOPDWHPDWLFNDSDUiWYODVWQt]S$VREYSRWX
]DEH]SHRYDFtKR~GDMHMHYDNDQHXY LWHOQ MHGQRGXFK ERKXHOYDN]GHML
QHPiPHSRWHEQSURVWRUNWRPXDE\FKRPWXWRMHGQRGXFKRVWPRKOLSDWLQ
Y\FKXWQDW 6WDtNQ PXMHGQRGXFKSRVXYQUHJLVWUXPRXMtFtSURYpVWRSHUDFL
(;25 WMQRQHNYLYDOHQFLMHGQRWOLYFKELW$ VSHYQ GDQRXPDVNRX+RGQRWDWpWR
PDVN\MHMHGQR]QDQ XUHQDW]YJHQHUXMtFtPSRO\QRPHP JHQHUDWLQJ
SRO\QRPLDO QDNWHUpPPXVtEWStMHPFHLRGHVLODWHOSHGHPGRKRGQXWL
3RXLWHOQFKWYDU$W FKWRSRO\QRP$MHYtFHYREODVWLNRPXQLNDFtVHQHMDVW ML
SRXtYiSRO\QRP[[[GRSRUXHQRUJDQL]DFt&&,77

0RGXODFH
3RWHEXMHPHOLSHQiHWGYRMNRYiGDWDSRVLJQiORYFKYRGLtFKP$HPHRE PRQp
KRGQRW\DUHSUH]HQWRYDWSRPRFt~URYQtQDS WtQDYRGLLQDSSRGOHREUD
MHGQRXQXORYRXDMHGQRXQHQXORYRX~URYQtLSRGOHREUEMHGQRX]iSRUQRXD
MHGQRXQH]iSRUQRX~URYQt3RXtYDMtVHRYHPLVORLW Mt]S$VRE\Y\MiGHQt
ORJLFNFKKRGQRWSRPRFt~URYQtQDS WtStNODGHPP$HEWW]YNyG0DQFKHVWHU,,
YL]REUF NWHUVHSRXtYiXORNiOQtFKVtWt(WKHUQHWD]DML"XMHXULW
PLQLPiOQtSRHW]P QSHQiHQpKRVLJQiOXLYStSDG HPiEWSHQiHQDGHOt
SRVORXSQRVWELW$VWHMQpKRGQRW\ QDSGORXKiDGDQXO 9HFKQ\W\WR]S$VRE\
SHQRVXMVRXVRXKUQQ R]QDRYiQ\MDNR
SHQRV\Y]iNODGQtPSiVPXEDVHEDQGWUDQVPLVVLRQV
3UREOpPMHYDNYWRPHPQRKpSHQRVRYpFHVW\ QDSE QpWHOHIRQQtRNUXK\
DSRG MVRXY]KOHGHPNHVYPI\]LNiOQtPYODVWQRVWHPSURSHQRVY]iNODGQtPSiVPX
SUDNWLFN\QHSRXLWHOQp]DWtPFRMLQiPpGLD QDSNRD[LiOQtNDEHO\ VLFHSURSHQRVY
]iNODGQtPSiVPXP$HPHY\XtWDOHQLNROLVPD[LPiOQtPRQRXHIHNWLYLWRX
3,2%5B7,)
$OWHUQDWLYRXNSHQRVXY]iNODGQtPSiVPXMH
SHQRVYSHORHQpPSiVPXEURDGEDQGWUDQVPLVVLRQ
SLNWHUpPMHSHQiHQWDNRYVLJQiONWHUVHGDQPSHQRVRYPPpGLHPttQHMOpSH
VQHMPHQtPL]WUiWDPL 7\SLFN\MGHRSUDYLGHOQ VHP QtFtVLJQiOVLQXVRYpKR
SU$E KX W]YKDUPRQLFNVLJQiO NWHUXND]XMHREUi]HND8LWHQiLQIRUPDFHVH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SDNSHQitSURVWHGQLFWYtP]P QYSU$E KXWRKRWRVLJQiOX/]HVLSHGVWDYLWH
KDUPRQLFNVLJQiOMHMDNPVLQRVLHP SURWRVHPXWDNptNiQRVQVLJQiOUHVS
QRVQiDQJOLFN\FDUULHU DXLWHQiLQIRUPDFHVHQDQ MQDQitSRVWXSHP
R]QDRYDQPMDNR
PRGXODFHPRGXODWLRQ
3,2%5B7,)
([LVWXMtU$]QpPRQRVWLPRGXODFHQRVQpKRVLJQiOX
DPSOLWXGRYiPRGXODFHDPSOLWXGHPRGXODWLRQ $0 
SLNWHUpMVRXMHGQRWOLYpORJLFNpKRGQRW\Y\MiGHQ\U$]QPLKRGQRWDPLDPSOLWXG\
UR]NPLWX KDUPRQLFNpKRVLJQiOXYL]REUE
IUHNYHQQtPRGXODFHIUHTXHQF\PRGXODWLRQ )0 
SLNWHUpMVRXMHGQRWOLYpORJLFNpKRGQRW\Y\MiGHQ\U$]QPLIUHNYHQFHPL NPLWRW\
KDUPRQLFNpKRVLJQiOXYL]REUF
Ii]RYiPRGXODFHSKDVHPRGXODWLRQ 30 
SLNWHUpMVRXMHGQRWOLYpORJLFNpKRGQRW\Y\MiGHQ\U$]QRXIi]t SRVXQXWtP
KDUPRQLFNpKRVLJQiOXYL]REUG
1RVQVLJQiOSRXtYDQSLSHQRVHFKYSHORHQpPSiVPXMHYG\
DQDORJRYPVLJQiOHPDQDORJVLJQDO
WHG\VLJQiOHPNWHUP$HQDEYDWVSRMLWpPQRLQ\U$]QFKKRGQRWWMP QLWVH
VSRMLW 3tNODGHPP$HEWSUiY KDUPRQLFNVLJQiOGOHREU1DSURWLWRPX
tVOLFRYGLVNUpWQtVLJQiOGLJLWDOVLJQDO
P$HQDEYDWMHQNRQHQ PQRKDU$]QFKKRGQRW QDSMHQGYRXMDNRQDREUi]NX
 DP QtVHVNRNHP
0RGXODFtY]QLNi]DQDORJRYpKRQRVQpKRVLJQiOXRS WDQDORJRYVLJQiO0XVtYDN
EWPRQpXQ KRUR]OLLWSRWHEQSRHWQDY]iMHPU$]QFKVWDY$NWHUpPRKRX
UHSUH]HQWRYDWGLVNUpWQtORJLFNpKRGQRW\3RNXGPRGXODFtY]QLNDMtMHQGYDQDY]iMHP
UR]OLLWHOQpVWDY\QRVQpKRVLJQiOX MDNRQDSSLIi]RYpPRGXODFLSRVXQXWtPVLJQiOX
RVWXS$DRVWXS$ MGHRPRGXODFLW]YGYRXVWDYRYRXNWHUiQHVHSRX]H
MHGQRELWRYRXLQIRUPDFLQHER"GYDUR]OLLWHOQpVWDY\QRVQpKRVLJQiOXPRKRX
UHSUH]HQWRYDW]DVHMHQGY GLVNUpWQtORJLFNpKRGQRW\3RXtYiVHYDNLPRGXODFHV
Y WtPSRWHPQDY]iMHPUR]OLLWHOQFKVWDY$QRVQpKRVLJQiOX1DSSLW\VWDYRYp
Ii]RYpPRGXODFLVSRVXQXWtPIi]HQRVQpKRVLJQiOXRDVWXS$P$H
MHGHQVWDYQRVQpKRVLJQiOXUHSUH]HQWRYDWMHGQX]HW\PRQFKORJLFNFKKRGQRWD
WHG\QpVWGYRXELWRYRXLQIRUPDFL9SUD[LVHMHGQRWOLYp]S$VRE\PRGXODFHQDY]iMHP
NRPELQXMtQDSYWHOHIRQQtFKPRGHPHFKSURY\tSHQRVRYpU\FKORVWLVH
NRPELQXMHIi]RYiPRGXODFHVPRGXODFtDPSOLWXGRYRX&tOHPMHWRWL]Y WLWSRHW
UR]OLLWHOQFKVWDY$QRVQpKRVLJQiOXNWHUWDNP$HQpVWYtFHELWRYRXLQIRUPDFL
1\QtVLMLP$HPHVQDGQRY\VY WOLWUR]GtOPH]LPRGXODQtDSHQRVRYRXU\FKORVWt
0RGXODQtU\FKORVWPRGXODWLRQVSHHG

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
Y\MDGXMHSRHW]P QQRVQpKRVLJQiOX]DMHGQRWNXDVX VHNXQGX DP t]HY
%DXGHFK ]NUDWNRX%G 0RGXODQtU\KORVWMHW QHtNiQLFRWRPMDNpPQRVWYt
LQIRUPDFHQRVQVLJQiOSHQit
3HQRVRYiU\FKORVWWUDQVPLVVLRQVSHHG
QDRSDNXGiYiREMHPLQIRUPDFHSHQHVHQ]DDVRYRXMHGQRWNX9\MDGXMHVHY
ELWHFK]DVHNXQGX ELWVSHUVHFRQG]NUDWNRXESV 3HQRVRYiU\FKORVWQDRSDNQHtNi
QLFRWRPMDNU\FKOHVHP QtQRVQVLJQiO
0RGXODQtU\FKORVWP$HEWURYQDU\FKORVWLSHQRVRYpDWRSUiY YStSDG
GYRXVWDYRYpPRGXODFH3RNXGDOHSRXtYiPHQDSPRGXODFLW\VWDYRYRXY\MDGXMH
MHGHQVWDYQRVQpKRVLJQiOXGYRXELWRYRXLQIRUPDFLDSHQRVRYiU\FKORVWMHSDNtVHOQ
GYRMQiVREQiRSURWLU\FKORVWLPRGXODQt

tNDSiVPDDMHMtG OHQt
3LSHQRVXLQIRUPDFtMHMHGQtP]UR]KRGXMtFtFKDVSHNW$REMHPGDWNWHUMH
SRXtYDQSHQRVRYNDQiOVFKRSHQSHQpVW]DXULWDV2EY\NOHVHYWpWR
VRXYLVORVWLPOXYt VStHQHIRUPiOQ RSHQRVRYpNDSDFLW LSURSXVWQRVWLSHQRVRYp
FHVW\6SUiYQPP tWNHPMHYDNSRX]HSHQRVRYiU\FKORVW YELWHFK]DVHNXQGX 
NWHURXMVPHVH]DEYDOLPLQXOWGHQ
'RVDLWHOQiSHQRVRYiU\FKORVWMHDOHYG\GiQDVRXKUQHPI\]LNiOQtFKYODVWQRVWt
SHQRVRYpKRPpGLD YRGL$NDEHO$DSRG DYODVWQRVWPLGDOtFKWHFKQLFNFK
SURVWHGN$NWHUpSHQRVRYNDQiOVSROXY\WYiHMt QDSPRGHP$PXOWLSOH[RU$DSRG 
.DGSHQRVRYNDQiOMHYG\VFKRSHQSHQiHWMHQVLJQiO\RIUHNYHQFL]XULWpKR
RPH]HQpKRLQWHUYDOX3HVQ MLVLJQiO\VMLQRXIUHNYHQFtSHQitWDNSDWQ  VWDN
YHONP~WOXPHP]NUHVOHQtPDSRG HQHQt~QRVQpMHMSURSHQRVW FKWRVLJQiO$
Y$EHFSRXtYDW1DStNODGE QpWHOHIRQQtRNUXK\MVRXVFKRSQpSHQiHWVLJQiO\V
IUHNYHQFtSLEOLQ RGGR+]
tNDLQWHUYDOXIUHNYHQFtNWHUpMHSHQRVRYNDQiOVFKRSHQSHQpVWSHGVWDYXMHW]Y
tNXSiVPDEDQGZLGWK
-HGQRWNDtN\SiVPDMHVWHMQiMDNRMHGQRWNDIUHNYHQFHWM+]9StSDG E QFK
WHOHIRQQtFKRNUXK$VFKRSQFKSHQiHWIUHNYHQFHRG+]GR+]MHWHG\
tNDSiVPD+]WMN+]
2EHFQ SODWtHtPY WtMHtNDSiVPDSHQRVRYpKRNDQiOXWtPY WtMH
SHQRVRYiU\FKORVWNWHURXQDQ PO]HGRViKQRXW
3HVQRX]iYLVORVWPH]LGRVDLWHOQRXSHQRVRYRXU\FKORVWtDGRVWXSQRXtNRXSiVPD
YDNQHO]HMHGQRGXHVWDQRYLWYHOPLWRWL]iOHtQDNRQNUpWQtUHDOL]DFL([LVWXMtYDN
WHRUHWLFNpYVOHGN\NWHUpSRVN\WXMtKRUQtRGKDGWpWR]iYLVORVWL.RQNUpWQ VWDQRYXMt
PD[LPiOQtWHRUHWLFN\GRVDLWHOQRXPRGXODQtLSHQRVRYRXU\FKORVWSLGDQptFH
SiVPDSHQRVRYpKRNDQiOX9StSDG PRGXODQtU\FKORVWL WHG\SRWX]P QQRVQpKR
VLJQiOX]DMHGQRWNXDVXYL]PLQXOWGHQ MHY]iMHPQi]iYLVORVWYHOPLMHGQRGXFKi
PD[LPiOQtPRGXODQtU\FKORVWMHtVHOQ GYRMQiVRENHPtN\SiVPD7DNpPD[LPiOQt
GRVDLWHOQiSHQRVRYiU\FKORVWMHtVHOQ StPR~P UQitFHSiVPDNRQVWDQWD
~P UQRVWLMHYDN]iYLVOiQDNYDOLW SHQiHQpKRVLJQiOX SHVQ MLQDRGVWXSX
XLWHQpKRVLJQiOXRGXPX 1DStNODGSURRGVWXSVLJQiOXPG% FR]QDPHQi
HXLWHQVLJQiOMHNUiWVLOQ MtQHXP PiNRQVWDQWD~P UQRVWLKRGQRWX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SLEOLQ 3LtFHSiVPDWHOHIRQQtKRRNUXKXN+]E\WR]QDPHQDOR
PD[LPiOQtSHQRVRYRXU\FKORVWSHVELW$]DVHNXQGX7XWRKRGQRWXMHRYHP
QXWQpFKiSDWVNXWHQ MHQMDNRWHRUHWLFNKRUQtOLPLWNWHUVHYSUD[LDQL]GDOHND
QHGRVDKXMH1DStNODGSUiY QDE QFKWHOHIRQQtFKRNUX]tFKVHGQHVV
QHMNYDOLWQ MtPLPRGHP\GRVDKXMtSHQRVRYpU\FKORVWLNROHPELW$]DVHNXQGX
9HGOHWHOHIRQQtFKRNUXK$VDPR]HMP H[LVWXMtLMLQpGUXK\SHQRVRYFKNDQiO$
MHMLFKtNDSiVPDMHYUD]Q Y\tDY\tMHSDNWDNpSHQRVRYiU\FKORVWNWHUiMH
QDQLFKUHiOQ GRVDLWHOQi YGDOtFKSRNUDRYiQtFKVHRQLFK]PtQtPHSRGUREQ ML 
=GHSDNP$HEWRWi]NRXMDNFHONRYRXSHQRVRYRXNDSDFLWXVNXWHQ Y\XtW
SRWHEXMHPHOLQDStNODGMHQXULWRX iGRY PHQt SHQRVRYRXU\FKORVW]DWRDOHSUR
Y WtSRHWQDVRE QH]iYLVOFKXLYDWHO$
([LVWXMHWHFKQLNDNWHUpVHYDQJOLWLQ tNi
PXOWLSOH[LQJ
DNWHUiXPRXMHUR]G OLWMHGHQSHQRVRYNDQiOVYHONRXtNXSiVPDQDQ NROLN
XtFK ORJLFNFKVXENDQiO$NWHUpVHRYHPMHYtMDNRVDPRVWDWQpQDVRE QH]iYLVOp
SHQRVRYpNDQiO\7HFKQLFNp]Dt]HQtNWHUpWDNRYpWRORJLFNpUR]G OHQtQDQ NROLN
VXENDQiO$]DML"XMHVHQD]Yi
PXOWLSOH[RUPXOWLSOH[HU
([LVWXMtGYD]iNODGQt]S$VRE\G OHQtMHGQRKRSHQRVRYpKRNDQiOXQDYtFHVXENDQiO$
3UYQtP]QLFKMHW]Y
IUHNYHQQtPXOWLSOH[IUHTXHQF\GLYLVLRQPXOWLSOH[LQJ )'0 
3,2%5B7,)
=GHVLO]HSHGVWDYLWHMHGQRWOLYpVXENDQiO\MVRXQDYUHQ\QDVHEHYSHQRVRYpP
SiVPXVNXWHQ H[LVWXMtFtKRSHQRVRYpKRNDQiOXDNDGpPX]QLFKMHSLG OHQD
WDNRYiiVWFHONRYptN\SiVPDMDNRXSRWHEXMH WMMDNiMHMHKRtNDSiVPD YL]
REU6LJQiOSHQiHQYUiPFLXULWpKRVXENDQiOXPXVtPXOWLSOH[RUQHMSUYH
IUHNYHQQ SRVXQRXWGRiVWLSiVPDSLG OHQpGDQpPXVXENDQiOXDQDGUXKpVWUDQ
VSRMHMHM]DVHYUiWLW]S WGRS$YRGQtIUHNYHQQtSRORK\&HOPHFKDQLVPXVMH
SLWRPSOQ WUDQVSDUHQWQtWMXLYDWHOpMHGQRWOLYFKNDQiO$VLPRKRXP\VOHWHPDMtN
GLVSR]LFLVDPRVWDWQpQDVRE QH]iYLVOpSHQRVRYpNDQiO\
'UXKRX]iNODGQtPRQRVWtSURG OHQtMHGQRKRSHQRVRYpKRNDQiOXQDYtFHVXENDQiO$
MHW]Y
DVRYPXOWLSOH[WLPHGLYLVLRQPXOWLSOH[LQJ 7'0 
=GHMHYODVWQtSHQRVRYNDQiOSUDYLGHOQ SLG ORYiQVFHORXVYRXtNRXSiVPDQD
NUiWNpDVRYpLQWHUYDO\MHGQRWOLYPVXENDQiO$P1HMVQi]HVHWDWRSHGVWDYDLOXVWUXMH
QDStNODGXNDQiOXNWHUSHQitStPRtVOLFRYiGDWD0XOWLSOH[RUQHMSUYHY\EHUH
QDStNODGSRMHGQRPELWXRGNDGpKRVXENDQiOXD]HYHFKW FKWRELW$VHVWDYt
YtFHELWRY]QDNNWHUSHQHVHNDQiOHP1DRSDQpVWUDQ NDQiOXSDNGUXK
PXOWLSOH[RU Q NG\R]QDRYDQMDNRGHPXOWLSOH[RU UR]HEHUHSLMDW]QDNQD
MHGQRWOLYpELW\DW\SHGiStVOXQPVXENDQiO$PYL]REU
3,2%5B7,)FS

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3LDVRYpPLIUHNYHQQtPPXOWLSOH[XVDPR]HMP PXVtSODWLWHVRXHWtHNSiVPD
MHGQRWOLYFKVXENDQiO$PXVtEWPHQtQHFHONRYitNDSiVPDH[LVWXMtFtKR
SHQRVRYpKRNDQiOXDVRYPXOWLSOH[MHREHFQ ~LQQ MtYWRPVP\VOXHVRXHW
tHNSiVPDVXENDQiO$P$HEWEOtHWHRUHWLFNpKRUQtKUDQLFLWHG\FHONRYptFH
SiVPDH[LVWXMtFtKRNDQiOX

.DQiORNUXKVSRMSHQRVRYiFHVWD
0LQXOWGHQMVPH]DDOLRSHURYDWVSRMP\NDQiODRNUXKDQLMVPHVLMH
SHVQ MLY\PH]LOL-GHRSRMP\NWHUpLQWXLWLYQ DVWRVSOYDMtDYSUD[LVH
PQRKRNUiWH]DP XMtLVGDOtPLWHUPtQ\MDNRQDSSHQRVRYiFHVWDL
VSRMDQLE\WtPVUR]XPLWHOQRVWSRSXOiUQ ODG QFKWH[W$YUD]Q MLXWUS OD
-LVW DOHQHXNRGtNG\VHSRNXVtPHRUR]OLHQtREVDKXW FKWRSRMP$LGDOtFK
VRXYLVHMtFtFKWHUPtQ$WtPVLVRXDVQ QD]QDtPHGDOt]DMtPDYpVRXYLVORVWL
3RWHEXMHPHOLRGQ NXGQ NDPSHQpVWQ MDNiGDWDP$HPHWRXG ODWWDNpWDNHMH
QDKUDMHPHQDSQDGLVNHW\LQDPDJQHWLFNpSiVN\DW\SDNI\]LFN\SHQHVHPH]
MHGQRKRPtVWDQDGUXKp3DNMHDVLVSUiYQ MtKRYRLWVStHRSHSUDY GDWQHR
MHMLFKSHQRVX0H]L]GURMHPGDWDPtVWHPMHMLFKXUHQtWDNY]QLNiYD]EDNWHUpVL
]DVORXtStYODVWHN
QHVSDHQiRIIOLQH
Y\VWLKXMtFtSUiY WXVNXWHQRVWHY]iMHPQiNRPXQLNDFHVHXVNXWHXMHI\]LFNP
SHQRVHPYKRGQFKQRVL$GDW
([LVWXMHOLYDNPH]L]GURMHPDStMHPFHPPRQRVWSHQRVXHOHNWURQLFNRXFHVWRX
SDNMHQDPtVW POXYLWRSHQRVXGDWDSRXtYDWSURQ MStYODVWHN
VSDHQRQOLQH
1XWQRXSRGPtQNRXSHQRVXHOHNWURQLFNRXFHVWRXMHYKRGQ
NDQiOFKDQQHO
tPVHFKiSHVRXKUQSURVWHGN$NWHUpY\WYitWHOHNRPXQLNDQtVSRMHQtGYRXPtVW
.DGNDQiOMHFKDUDNWHUL]RYiQXULWRXtNRXSiVPDSHQRVRYRXU\FKORVWt~URYQt
XPXFK\ERYRVWtDWG
.DQiOMHDOHREY\NOHFKiSiQMDNRMHGQRVP UQ9StSDG PRQRVWLRERXVP UQpKR
VSRMHQtVHSRXtYiVStHWHUPtQ
RNUXKFLUFXLW
SRGNWHUPVLP$HPHSHGVWDYLWGYRMLFLMHGQRVP UQFKNDQiO$
3URY\WYRHQtNDQiOXLRNUXKXPXVtH[LVWRYDWYKRGQi
SHQRVRYiFHVWDWUDQVPLVVLRQSDWK
NWHUi]DML"XMHYODVWQtSHQRVVLJQiO$P$HMtWQDSRU$]QpGUXK\NDEHO$L
VY WORYRG$ RSWLFNFKYOiNHQ SDNMGHROLQNRYp UHVSGUiWRYp SHQRVRYpFHVW\
QHERWDNpSURVWHGN\NUiWNRYOQQpUDGLRUHOpRYpGUXLFRYpDSRGSDNMGHR
SHQRVRYpFHVW\UDGLRYp UHVSEH]GUiWRYp 
6FKRSQRVWNDGpSHQRVRYpFHVW\SHQiHWVLJQiO\UHVSGDWDFKDUDNWHUL]XMHMHMttND
SiVPD7DP$HEWY\XLWDSURMHGLQNDQiO RVWHMQptFHSiVPD QHERP$HEW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UR]G OHQDPH]LQ NROLNNDQiO$LRNUXK$ RPHQtFKtNiFKSiVPD QDStNODGSRPRFt
DVRYpKRLIUHNYHQQtKRPXOWLSOH[XMDNMVPHVLXND]RYDOLPLQXOWGHQ3tNODGHP
PRKRXEWGUXLFRYpVSRMHNWHUpXPRXMt]tGLWYUiPFLMHGLQpSHQRVRYpFHVW\
iGRY WLVtFHWHOHIRQQtFKRNUXK$
-HRYHPPRQLRSDQStSDGSRNXGMHWHEDY\WYRLWNDQiOLRNUXKRY WttFH
SiVPDQHMDNRXPDMtMHGQRWOLYpGRVWXSQpSHQRVRYpFHVW\O]HSRPRFtYKRGQFK
WHFKQLFNFKSURVWHGN$Y\WYRLWMHGHQNDQiOLRNUXKSRPRFtYtFHSHQRVRYFKFHVW
.DQiODRNUXKSHGVWDYXMtVSRMHQtGYRXPtVW3RNXGPH]LW PLWRGY PDPtVW\YHGH
YKRGQiSHQRVRYiFHVWDMHPRQpY\WYRLWNDQiOLRNUXKSRPRFtWpWRMHGLQp
SHQRVRYpFHVW\9RSDQpPStSDG MHQXWQpY\WYRLWNDQiOLRNUXKSRPRFtYtFH
SHQRVRYFKFHVWNWHUpQDVHEHQDYD]XMt1DStNODGNDQiOLRNUXKVSRMXMtFtGY
PtVWDQDU$]QFKNRQWLQHQWHFKP$HEWYHGHQSRVRXLQDSSRG]HPQtPLNDEHO\ WM
OLQNRYPLSHQRVRYPLFHVWDPL DSHVRFHiQQDSSHVGUXLFL WHG\EH]GUiWRYRX
SHQRVRYRXFHVWRX 8LYDWHOYDNWXWRVNXWHQRVWQHSR]QiQHER"Y\XtYiNDQiOUHVS
RNUXKDWHQVHPXMHYtMDNRStPpVSRMHQtRERXPtVW
3HQRVRYiFHVWDMHWHG\SRMPHPNWHUVHWNiVStHVWUXNWXU\WUYDOHH[LVWXMtFtFK
VSRMRYFKSURVWHGN$]DWtPFRSRMP\NDQiODRNUXKYVRE ]DKUQXMtLMHMLFK
RUJDQL]DFLWHG\]S$VREMHMLFKY\XLWt-DNXYLGtPHStW NDQiO\LRNUXK\PRKRXEW
]L]RYiQ\LGRDVQ WHSUYHWHKG\DVNXWHQ Y]QLNQHSRWHEDVSRMHQtGYRXPtVWD
SRWp]DVH]DQLNDW3URSHQRVRYpFHVW\WDWRPRQRVWMLQHSODWt
6DPRWQpNDQiO\DRNUXK\YDNMHW QHMVRXVFKRSQ\SRVN\WRYDWSRWHEQpSHQRVRYp
VOXE\1DSWHOHIRQQtRNUXKMHVLFHVFKRSHQSHQiHWWHOHIRQQtVLJQiO\DOHNMHKR
SUDNWLFNpPXY\XLWtSRWHEXMHPHQXWQ LWHOHIRQQtStVWURMHNWHUpSHYiGtOLGVNKODV
QDWHOHIRQQtVLJQiODQDRSDN7HSUYHWHOHIRQQtRNUXKY\EDYHQQDRERXNRQFtFK
WHOHIRQQtPLStVWURMLY\WYitW]Y
VSRMOLQN
YWRPWRStSDG WHOHIRQQtVSRM3RGREQ QDSWHOHJUDIQtRNUXK]DNRQHQQDRERX
NRQFtFKWHOHJUDIQtPLGiOQRSLVQPStVWURMHPY\WYitWHOHJUDIQtVSRM
([LVWXMtYDNLSHQRVRYpFHVW\NWHUpMVRXVRXDVQ LVSRML-GHQDSRUDGLRUHOpRY
VSRMNWHUMLMHY\EDYHQNRQFRYP]Dt]HQtPXPRXMtFtPEH]GUiWRYSHQRVQHER
GUXLFRYVSRMY\EDYHQNRQFRYPLSR]HPVNPLVWDQLFHPLDPH]LOHKORXGUXLFRYRX
VWDQLFt
9REODVWLSRtWDRYFKVtWtMVRXVDPR]HMP QHM]DMtPDY MtWDNRYpVSRMHNWHUpVORXt
NSHQRVXGDW3DNMGHRW]Y
GDWRYpVSRMHGDWDOLQNV
NWHUPLVHEXGHPHMHW ]DEYDWSRGUREQ ML
1D]iY UVLYDNXYHGHPHMHW MHGHQQHIRUPiOQtSRMHPNWHUVHE Q SRXtYiY
UR]KRYRUHFKPH]LOLGPLDYSRSXOiUQtFKWH[WHFK-GHRSRMHP
OLQND
SRGNWHUPVHREY\NOHVNUYiWRFRE\P OREWSHVQ MLR]QDHQRMDNRRNUXK
StSDGQ MDNRNDQiO9DQJOLWLQ VHSRGREQP]S$VREHPSRXtYiWHUPtQ
OLQH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NWHUYXtPVORYDVP\VOX]QDPHQiVStHOLQNRYRXSHQRVRYRXFHVWX

.ODVLILNDFHRNUXK$
3RtWDRYpVtW ]YOiW SDNVtW UR]OHKOpSRXtYDMtNHVYpLQQRVWLU$]QpGUXK\
RNUXK$
-HGQtPPRQPNULWpULHPSURNODVLILNDFLSRXtYDQFKRNUXK$P$HEWY]WDKPH]L
MHMLFKYODVWQtNHPDMHMLFKXLYDWHOHP3RNXGVLXLYDWHO]tGtSRWHEQRXSHQRVRYRX
FHVWXViP QDSQDWiKQHLSRORtSRWHEQpYHGHQtPH]LGY PDEOt]NPLX]ORYPL
SRtWDL DQDQtVL]tGtRNUXKMGHR
VRXNURPRNUXKSULYDWHFLUFXLW
9NDGpPVWiW YG\H[LVWXMHVSRMRYiRUJDQL]DFHNWHUi]L]XMH
YHHMQpRNUXK\SXEOLFFLUFXLWV
NWHUpP$H]DSDWLQSRSODWHN DSLGRGUHQtStVOXQFKWHFKQLFNFKSRGPtQHN
SRXtYDWNDGStNODGHPP$HEWYHHMQiWHOHIRQQtVt"
6SRMRYpRUJDQL]DFH VSUiY\VSRM$ PDMtREY\NOHQHMOHStSRGPtQN\SUREXGRYiQtD
SURYR]RYiQtQHMU$]Q MtFKSHQRVRYFKFHVWDVSRMRYFKSURVWHGN$ DREY\NOHL
OHJLVODWLYQ Y\WYRHQPRQRSROQDWXWRLQQRVW 3URYR]RYDWHOpSRtWDRYFKVtWt
NWHtSRWHEXMtPtWYKRGQRNUXKWUYDOHNGLVSR]LFLDMHQSURVHEHVLMHMSDNPXVt
QHFKDWRGVSRMRYpRUJDQL]DFH]DSDWLQSRSODWHN]tGLW Y\WYRLW DSURQDMPRXW-GH
SDNR
SURQDMDWRNUXKOHDVHGFLUFXLW
NWHU]$VWiYiPDMHWNHPVSRMRYpRUJDQL]DFH VSUiY\VSRM$ DOHYKUDGQtSUiYRQD
MHKRY\XLWtPiWHQNGRVLMHMSURQDMDO1DHVSUiYDVSRM$QD]YiWHQWRGUXKRNUXK$
St]QDQ SURS$MHQPLRNUXK\
'DOtPPRQPNULWpULHPSURG OHQtVSRM$MHMHMLFKWUYDOiLGRDVQiH[LVWHQFH
9H]P PHVLMDNRStNODGYHHMQRXWHOHIRQQtVt"=GHVLMLVW NDGGRNiHSHGVWDYLW
H]NDGpKRWHOHIRQQtKRStVWURMHYHGHGYRMLFHYRGL$ WHG\OLQNRYiSHQRVRYiFHVWD
MHQGRQHMEOLtWHOHIRQQt~VWHGQ\&KFHPHOLVHVSRMLWVMLQPWHOHIRQQtP
~DVWQtNHPNWHUMHREGREQP]S$VREHPSLSRMHQNWpHWHOHIRQQt~VWHGQ PXVt
XYQLWWpWR~VWHGQ\GRMtWNGRDVQpPXSURSRMHQtRERXYHGHQtWDNDE\PH]LRE PD
~DVWQtN\Y]QLNQXOSRWHEQWHOHIRQQtRNUXK3RXNRQHQtKRYRUXSDNWHQWRGRDVQ
RNUXK]DQLNiDYUiPFL~VWHGQ\VHRE SHQRVRYpFHVW\PRKRXUR]SRMLW2EGREQ MH
WRPXLYStSDG HRED~DVWQtFLWHOHIRQQtKRVW\NXMVRXSLSRMHQLNU$]QP
~VWHGQiP]GHVHSURY\WYRHQtGRDVQpKRWHOHIRQQtKRRNUXKXPXVtYKRGQP
]S$VREHPY\XtWMHW LSHQRVRYpFHVW\YHGRXFtPH]LRE PD~VWHGQDPLYG\
RYHPGRDVQ MHQSRGREXNRQiQtKRYRUX
7DNRYpWRVSRMHQtPH]LGY PDPtVW\NWHUpQHH[LVWXMHWUYDOHYDVHDOHMHSRX]H
GRDVQ VHVWDYRYiQRDYStSDG VNXWHQpSRWHE\SHGVWDYXMHW]Y
NRPXWRYDQRNUXKVZLWFKHGFLUFXLWGLDOXSFLUFXLW
.RPXWRYDQSURWRHSURFHVXSHSRMRYiQtXYQLW~VWHGQ\VHRGERUQ tNi
NRPXWDFH
1DRSDNVSRMNWHUH[LVWXMHWUYDOH LYGRE NG\QHQtStSDGQ Y\XtYiQ VHQD]Yi

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SHYQRNUXKQRQVZLWFKHGFLUFXLWGLUHFWFLUFXLW
2NUXK\NWHUpVLXLYDWHOpSURQDMtPDMtRGVSRMRYFKRUJDQL]DFt WMSURQDMDWpRNUXK\ 
MVRXYG\SHYQPLRNUXK\=t]HQtSHYQpKRRNUXKXREY\NOH]QDPHQiHYUiPFL
WHOHIRQQt~VWHGQ\VHQDSHYQRSURSRMtYKRGQpMLH[LVWXMtFtSHQRVRYpFHVW\ UHVSQD
QLFKY\WYRHQpRNUXK\ 3HYQRNUXKSLWRPP$HSURFKi]HWSHVYtFHWHOHIRQQtFK
~VWHGHQYNDGp]QLFKMVRXYDNStVOXQpSHQRVRYpFHVW\UHVSRNUXK\YG\
VSRMHQ\QDSHYQR3HYQRNUXKWDNREFKi]tSHSRMRYDFt]Dt]HQtYWHOHIRQQtFK
~VWHGQiFKNWHUiMVRXREY\NOH]GURMHPQHMU$]Q MtFKSRUXFKDUXHQtQD
NRPXWRYDQFKRNUX]tFK7RMHMHGQtP]G$YRG$SURPRKRXEWSHYQpRNUXK\
NYDOLWQ MtQHRNUXK\NRPXWRYDQp DYG$VOHGNXWRKRPRKRXXPRRYDWGRVDHQt
Y\tFKSHQVRRYFKU\FKORVWt 'DOtPG$YRGHPSURY\tNYDOLWXSHYQFKRNUXK$MH
PRQRVWY\EUDWSURQ GRVWDWHQ NYDOLWQtSHQRVRYpFHVW\MLSLMHMLFK]L]RYiQt
6SRMRYpRUJDQL]DFH]L]XMtSHYQpRNUXK\YG\DQD]iNODG SRDGDYN$XLYDWHO$
3RGOHVYFKWHFKQLFNFKPRQRVWtSURWDNRYpSHQRVRYpU\FKORVWLMDNpVLXLYDWHO
REMHGQi DVDPR]HMP WDNp]DSODWt 3URUR]OHKOpSRtWDRYpVtW VHGQHVYHVY W
SRXtYDMtSURQDMDWpSHYQpRNUXK\QHMDVW MLVSHQRVRYRXU\FKORVWtNELWVHNXQGXD
Y\t9QDLFKSRGPtQNiFKMVRXYDN]DWtPE Q MtVStHVSRMHVQLtPL
SHQRVRYPLU\FKORVWPL
'DOtPRQpKOHGLVNRSURNODVLILNDFLRNUXK$MHWR]GDMVRXXUHQ\SURSHQRV
DQDORJRYFKVLJQiO$ QDSWHOHIRQQtFKUR]KODVRYFKLWHOHYL]QtFKVLJQiO$ WMMGHOL
R
DQDORJRYpRNUXK\DQDORJFLUFXLWV
FS
QHERMVRXOLXUHQ\SURSHQRVtVOLFRYFKVLJQiO$WMMGHOLR
tVOLFRYpRNUXK\GLJLWDOFLUFXLWV
-HGREUpVLXY GRPLWHMHGQRWOLYiNULWpULDNODVLILNDFHVHQDY]iMHPQHPXVt
Y\OXRYDW9HHMQpNRPXWRYDQpDQDORJRYpRNUXK\VLDVLGRNiHSHGVWDYLWNDG
StNODGHPP$HEWSUiY YHHMQiWHOHIRQQtVt"3URQDMDWpRNUXK\EYDMtSHYQp QLNROL
NRPXWRYDQp DOHPRKRXEWMDNDQDORJRYpWDNLtVOLFRYp9HVY W GQHVH[LVWXMtL
tVOLFRYpRNUXK\NWHUpMVRXYHHMQpDNRPXWRYDQp

'DWRYpRNUXK\DVSRMH
8ORNiOQtFKSRtWDRYFKVtWtVLSRWHEQpSURVWHGN\SURY]iMHPQpSURSRMHQt
X]ORYFKSRtWD$]DML"XMHDSURYR]XMHQHMDVW MLXLYDWHOViP9]KOHGHPN
ORNDOL]DFLFHOpVtW  QDSYUiPFLMHGLQpEXGRY\NWHUiMHYODVWQLFWYtPXLYDWHOH WtP
WRWLQHSRUXXMHREY\NOPRQRSROVSRMRYFKRUJDQL]DFt VSUiYVSRM$ QDYODVWQLFWYt
SHQRVRYFKFHVW\DSRVN\WRYiQtSHQRVRYFKVOXHENWHUVHREY\NOHWNiMHQ
Y WtFKY]GiOHQRVWtDYHHMQFKREMHNW$DSURVWUDQVWYt3URYR]RYDWHOpUHVS]L]RYDWHOp
ORNiOQtFKVtWtVLWHG\PRKRXVDPL]YROLWD]UHDOL]RYDWWDNRY]S$VRESURSRMHQtVYFK
X]ORYFKSRtWD$MDNMLPQHMOpSHY\KRYXMHQHMDVW MLSRPRFtNURXFHQpGYRXOLQN\
NRD[LiOQtKRNDEHOXLGRNRQFHSRPRFtRSWLFNFKYOiNHQWHG\YHVP VSRPRFt
OLQNRYFKSHQRVRYFKFHVWVFKRSQFKStPRSHQiHWtVOLFRYpVLJQiO\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9StSDG UR]OHKOFKSRtWDRYFKVtWtMVRXMHMLFK]L]RYDWHOpYSRQ NXGMLQpSR]LFL
QHER"WHFKQLFNpSURVWHGN\SURSURSRMHQtVYFKX]ORYFKSRtWD$VLPXVt
SURQDMPRXWRGStVOXQFKVSRMRYFKRUJDQL]DFt-HFHONHPSRFKRSLWHOQpHW\WR
VSRMRYpRUJDQL]DFHSLWRPEXGRXXURYDWSUDYLGODKU\WHG\SHVQpWHFKQLFNpLGDOt
SRGPtQN\NWHUpPXVtXLYDWHOGRGURYDWFKFHOLSURQDMDWPDMHWHNVSUiY\VSRM$
SRXtYDW
6SRMRYiRUJDQL]DFH VSUiYDVSRM$ XLYDWHOLSRVN\WXMHWHOHNRPXQLNDQtNDQiOL
RNUXKVXULWPLWHFKQLFNPLSDUDPHWU\NWHUpGHILQXMtMDNpVLJQiO\MHVFKRSHQ
SHQiHW8LYDWHORYHPP$HPtWMLQpSRDGDYN\QDSHQRVRYpVFKRSQRVWLRNUXKX
SRNWHUpPSRWHEXMHSHQiHWVLJQiO\MLQFKSDUDPHWU$3URWRVHQDREDNRQFHRNUXKX
SLSRMXMH]Dt]HQtNWHUpSRWHEQp~SUDY\VLJQiOX]DML"XMH YL]REU 7RWR
]Dt]HQtIXQJXMtFtMDNRP QLVLJQiOXVHYRGERUQpWHUPLQRORJLLQD]Yi
XNRQXMtFtP]Dt]HQtPGDWRYpKRRNUXKX 8=' GDWDFLUFXLWWHUPLQDWLQJ
HTXLSPHQW '&( 
8YDXMPHQiVOHGXMtFtW\SLFNStNODGSHQRVRYRNUXKQHFK"MHE QP
NRPXWRYDQPWHOHIRQQtPRNUXKHPWHG\RNUXKHPDQDORJRYPVFKRSQPSHQiHW
DQDORJRYpVLJQiO\YUR]PH]tD+]0\KRRYHPSRWHEXMHPHY\XtYDWSUR
SHQRVtVOLFRYFKGDWWHG\MDNRRNUXKtVOLFRY-LGtYHMVPHVLXNi]DOLH
WDNRYWRSRVWXSMHPRQSRPRFtPRGXODFH0tVWRGLVNUpWQtKRtVOLFRYpKRVLJQiOX
WHG\EXGHPHSHQiHWYKRGQDQDORJRYVLJQiONWHUMHWHOHIRQQtRNUXKVFKRSHQ
SHQpVWDNWHUEXGHPHPRGXORYDW WMP QLWMHKRSU$E K SRGOHWRKRMDNiGDWD UHVS
tVOLFRYVLJQiONWHUMHY\MDGXMH FKFHPHSHQpVW3RWHEXMHPHNWRPXDOHWDNRYp
]Dt]HQtNWHUpMHVFKRSQR]DMLVWLWMHGQDNSRWHEQRXPRGXODFLDQDORJRYpKRVLJQiOX
MHGQDNLRSDQSURFHVW]YGHPRGXODFLWHG\]S WQp]tVNiQttVOLFRYpKRVLJQiOX]H
VLJQiOXDQDORJRYpKR7RWR]Dt]HQtVHQD]Yi
PRGHP
FRMH]NUDWNDRG02GXOiWRU'(0RGXOiWRU
8NRQXMtFtP]Dt]HQtPGDWRYpKRRNUXKX ]Dt]HQtP8=' EYiQHMDVW MLSUiY
PRGHPYQDHPNRQNUpWQtPStSDG PRGHPWHOHIRQQtXUHQSURNRPXWRYDQp
WHOHIRQQtRNUXK\
3,2%5B7,)3,2%5B7,)
=DSRMtPHOLQDREDNRQFHDQDORJRYpKRRNUXKX REHFQ WHOHNRPXQLNDQtKRRNUXKX
YL]REU YKRGQpPRGHP\Y]QLNQHWtPRNUXKXPRXMtFtSHQRV tVOLFRYFK
GDWDWXGtR]QDRYDQMDNRW]Y
GDWRYRNUXKGDWDFLUFXLW
6SRMRYpRUJDQL]DFHNWHUpMVRXYODVWQtN\WHOHNRPXQLNDQtFKRNUXK$NODGRXStVQp
SRDGDYN\QD]Dt]HQt8='NWHUiMHPRQRNMHMLFKRNUXK$PSLSRMLW9NDGpP
StSDG PXVtEWWRWR]Dt]HQtVSRMRYRXRUJDQL]DFtSRWHFKQLFNpVWUiQFHVFKYiOHQR
W]YKRPRORJRYiQR1 NWHUpVSRMRYpRUJDQL]DFHGRNRQFHQD]iNODG VYpKR
PRQRSROXY\DGXMtDE\L]Dt]HQt8='E\ORMHMLFKPDMHWNHPDXLYDWHOLE\ORSRX]H
SURQDMtPiQR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
.GDWRYpPXRNUXKX SHVQ MLQDMHKRXNRQXMtFt]Dt]HQt VHSDNMLSLSRMXMtWDNRYi
]Dt]HQtNWHUiMVRX]GURMHPLStMHPFHP tVOLFRYFK GDW7HG\QHMU$]Q Mt
WHUPLQiO\DSRtWDH
9QHStOLLQWXLWLYQtRGERUQpWHUPLQRORJLLVHWDWR]Dt]HQtVRXKUQ R]QDXMtMDNR
NRQFRYi]Dt]HQtSHQRVXGDW .=' GDWDWHUPLQDOHTXLSPHQW '7( 
'DWRYRNUXKRVD]HQQDRERXNRQFtFK]Dt]HQtPL.='SDNY\WYit
GDWRYVSRMGDWDOLQN
1HMU$]Q MtWHUPLQiO\LSRtWDHVHYDNQHPXVtSLSRMRYDWStPRQDXNRQXMtFt
]Dt]HQtGDWRYpKRRNUXKX ]Dt]HQt8=' 0$H]GHH[LVWRYDWMHW PH]LVWXSHQDS
NRQFHQWUiWRUWHUPLQiO$NWHUGRYROXMHYtFHMHGQRWOLYPWHUPLQiO$PVGtOHWMHGLQ
GDWRYRNUXK-LQStNODGHPPRKRXEWU$]QpGUXK\NRPXQLNDQtFKDGL$NWHUpVH
]DSRMXMtPH]LSRtWDD]Dt]HQt8='DSHEtUDMtQDVHEHY WLQXLQQRVWtVSRMHQFKV
SRXtYiQtPGDWRYpKRRNUXKXNWHUpE\MLQDNPXVHOY\NRQiYDWSRtWD

9HHMQiWHOHIRQQtVt"
9HHMQiWHOHIRQQtVt"MHSURSRtWDRYpVtW YHOPLDWUDNWLYQt1HVQDGSURWRHE\
E\ODWtPRSWLPiOQtPSHQRVRYPNDQiOHPSURSHQRVGDW'$YRGMHPQRKHP
SUR]DLW MtYHHMQiWHOHIRQQtVt"H[LVWXMHMHGRVWXSQi WpP  RGNXGNROLDXPRXMH
VQDGQRY\WYRLWGRDVQpVSRMHQtVNWHUPNROLMLQPPtVWHPYHVYpPGRVDKX
=DVWDYPHVHXQtSURWRSRQ NXGSRGUREQ ML
% QWHOHIRQQtStVWURMYWHUPLQRORJLLQDLFKVSRM$~DVWQLFNp]Dt]HQtMH
SLSRMHQQDW]Y
~DVWQLFNStSRMQRNUXK~DVWQLFNRXStSRMNX
ORFDOORRSVXEVFULEHUORRS
NWHUWYRtWpP YG\GYDYRGLHYHGRXFtGRQHMEOLt
PtVWQt WHOHIRQQt~VWHGQ\FHQWUDORIILFH HQGRIILFHH[FKDQJHRIILFH 
9HHMQiWHOHIRQQtVt"MHREY\NOHHHQDKLHUDUFKLFN\DPtVWQtWHOHIRQQt~VWHGQ\MVRX
SRX]HQHMQLtPOiQNHPWpWRKLHUDUFKLH9\tPLOiQN\MVRXSDN
X]ORYpWHOHIRQQt~VWHGQ\WDQGHPRIILFHVD
WUDQ]LWQtWHOHIRQQt~VWHGQ\WROORIILFHV
-HGQRWOLYpWHOHIRQQt~VWHGQ\MVRXPH]LVHERXSURSRMHQ\SRPRFtW]Y
VSRMRYDFtFKYHGHQtWUXQNVLQWHUH[FKDQJHFKDQQHOV ,;& 
=Dt]HQtNWHUpYUiPFLWHOHIRQQt~VWHGQ\]DML"XMHSHSRMRYiQt NRPXWDFL
WHOHIRQQtFKRNUXK$VHYDQJOLWLQ R]QDXMHMDNR
VZLWFKVZLWFKERDUG
9ODVWQtSHSRMRYDFt]Dt]HQtVLPRKRXLQVWDORYDWLU$]QpXLYDWHOVNpRUJDQL]DFHSUR
VYRXYODVWQtQHYHHMQRXWHOHIRQQtVt"3DNVHMHGQiRW]Y

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SRERNRYRX~VWHGQXSULYDWHEUDQFKH[FKDQJH 3%; 
NWHUiEYiREY\NOHQDSRMHQDLQDYHHMQRXWHOHIRQQt~VWHGQXWDNHNURP VSRMRYiQt
KRYRU$PH]LWHOHIRQQtPLVWDQLFHPLYUiPFLStVOXQpRUJDQL]DFHXPRQXMHLVSRMHQtV
~DVWQtN\YHHMQpWHOHIRQQtVtW 9DQJOLWLQ VHSURSRERNRYp~VWHGQ\SRXtYiWDNp
R]QDHQt
SULYDWHDXWRPDWLFEUDQFKH[FKDQJH 3$%; UHVS
FRPSXWHUL]HGEUDQFKH[FKDQJH &%; 
MHOLStVOXQpSHSRMRYDFt]Dt]HQtSRERNRYp~VWHGQ\SOQ DXWRPDWL]RYiQRUHVS
UHDOL]RYiQRSRPRFtSRtWDRYpWHFKQLN\
&KFHPHOLVHQ NRPXWHOHIRQHPGRYRODWPXVtPHQHMSUYH]DGDW Y\WRLW MHKR
WHOHIRQQt W]Y~DVWQLFNp tVOR7tPYODVWQ SRVN\WXMHPHDXWRPDWLFNpWHOHIRQQt
~VWHGQ LQIRUPDFLSRWHEQRXNW]YVHVWDYHQtWHOHIRQQtKRRNUXKXDNSRDGRYDQpPX
~DVWQtNRYL
3UR]DGiQtWHOHIRQQtKRtVODWHG\W]Y
YROEXGLDOLQJ
H[LVWXMtGYDRGOLQpPHFKDQLVP\8QiVVHSRXtYiW]Y
SXOVQtYROEDSXOVHGLDOLQJ
SLNWHUpMVRXMHGQRWOLYptVOLFH~DVWQLFNpKRtVODY\MiGHQ\SRWHPLPSXOV$
SHQiHQFKGRWHOHIRQQt~VWHGQ\SR~DVWQLFNpPStSRMQpPRNUXKX7HQWR
PHFKDQLVPXVS$YRGQ Y]QLNOSURWHOHIRQQtStVWURMHY\EDYHQpURWDQttVHOQLFtX
NWHUFKMHSRHWLPSXOV$GiQGRERXSRWHEQRXNRWRHQttVHOQLFHSRMHMtPY\FKOHQt
]S WGRYFKR]tSRORK\7RRYHP]QDPHQiHY\WRHQtU$]QFKWHOHIRQQtFKtVHO
WUYiU$]Q GORXKR6QDGLWRE\OG$YRGSURQDSY86$]DYHGOLW]Y
WyQRYRXYROEXWRQHGLDOLQJ
SLNWHUpMVRXMHGQRWOLYptVOLFHY\MiGHQ\QLNROLSRWHPLPSXOV$DOHWyQHP WM
IUHNYHQFt LPSXOVX
=DVWDYPHVHQDFKYtOLSUiY XYHHMQpWHOHIRQQtVtW Y86$7DVHWRWLOLtRG
HYURSVNFKWHOHIRQQtFKVtWtLYGDOtFKDVSHNWHFK
9(YURS LYHY WLQ GDOtFK]HPtSRFHOpPVY W SURYR]XMtYHHMQpWHOHIRQQtVtW
VSRMRYpRUJDQL]DFH VSUiY\VSRM$ NWHUpSDWtVWiWXMVRXMtPStPRt]HQ\DQDVYRX
LQQRVWPDMtStPR]H]iNRQDVWDQRYHQPRQRSRO
986$MVRXYODVWQtN\DSURYR]RYDWHOLVSRMRYFKSURVWHGN$ YHWQ YHHMQpWHOHIRQQt
VtW U$]QpYG OHQpRUJDQL]DFHNWHUpSRVN\WXMtVSRMRYpVOXE\QDNRPHUQtP
]iNODG 3RGVWDWQpSLWRPMHHW\WRRUJDQL]DFHR]QDRYDQpMDNR
FRPPRQFDUULHUV
QHMVRXVWiWQtPLLQVWLWXFHPLDOHRUJDQL]DFHPLVRXNURPpKRVHNWRUX6WiWVLSRX]H
]DFKRYiYiSUiYRUHJXODFHDWHFKQLFNpKRGR]RUXQDGW PLWRRUJDQL]DFHPLDXUXMH
PD[LPiOQtYHWDULI$ SRSODWN$]DSRVN\WRYDQpVSRMRYpVOXE\ NWHUpVLW\WR
RUJDQL]DFHPRKRX~WRYDW=DWtPWR~HOHPE\O]t]HQMHGHQRUJiQVFHORIHGHUiOQt
S$VREQRVWt
)HGHUDO&RPPXQLFDWLRQV&RPPLVVLRQ )&& 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GRMHKRNRPSHWHQFHVSDGDMtNRPXQLNDFH]GR]DKUDQLtDNRPXQLNDFHPH]L
MHGQRWOLYPLVWiW\YUiPFL86$DYNDGpP]W FKWRVWiW$SDNRUJiQQD]YDQ
3XEOLF8WLOLWLHV&RPPLVVLRQ 38& 
NWHUPiPtVWQtS$VREQRVW
3RVN\WRYDWHO$VSRMRYFKVOXHE FRPPRQFDUULHUV MHYVRXDVQpGRE Y86$NROHP
0H]LQHMY WtSDWtILUP\$7 7VHGPVSROHQRVWt%HOO2SHUDWLQJ&RPSDQLHV
%2& 0&,&RPPXQLFDWLRQV866SULQWD*HQHUDO7HOHSKRQHDQG(OHFWURQLFV
([LVWHQFHYtFHSRVN\WRYDWHO$VSRMRYFKVOXHE]QDPHQiMHMLFKY]iMHPQRX
NRQNXUHQFLDYG$VOHGNXWRKRLH[LVWHQFLU$]QFKWDULI$]DVSRMHQtPH]LVWHMQPL
PtVW\=L]RYDWHOpDSURYR]RYDWHOpSRtWDRYFKVtWtVLWDNPRKRXY\EtUDWRGNRKRD
]DMDNRXFHQXVLREMHGQDMtSRWHEQpVSRMRYpVOXE\D"MLMGHRSHYQpRNUXK\L
NRPXWRYDQpRNUXK\YHHMQpWHOHIRQQtVtW 

7HOHIRQQtPRGHP\
-DNMVPHVLMLXYHGOLE QNRPXWRYDQWHOHIRQQtRNUXKMHHHQWDNDE\E\O
VFKRSHQSHQiHWIUHNYHQFHYUR]VDKXRGGR+]FRMHSURE QpKRYRU\
WHOHIRQQtFK~DVWQtN$YFHONXGRVWDWHQp-DNMVPHMLWDNpGtYHQD]QDLOLtNDSiVPD
+]WRKRWRWHOHIRQQtKRRNUXKXE\P ODXPRRYDWGRViKQRXWSHQRVRYFK
U\FKORVWtWHRUHWLFN\DNROHPELW$]DVHNXQGX3UDNWLFN\GRVDKRYDQpU\FKORVWL
MVRXRYHPPQRKHPQLt
$E\FKRPPRKOLSHQiHWGDWDSRWHOHIRQQtFKRNUX]tFKD"MLSHYQFKQHER
NRPXWRYDQFKWHG\DE\FKRP]WHOHIRQQtKRRNUXKXY\WYRLOLRNUXKGDWRY
SRWHEXMHPHPRGHP
([LVWXMHFHOiDGDWHOHIRQQtFKPRGHP$QHMU$]Q MtFKW\S$DQHMU$]Q MtFKYODVWQRVWt
.DG]QLFKMHYDNYG\NRQVWUXRYiQSURXULWRXPD[LPiOQtSHQRVRYRXU\FKORVW
PRGHP\SURSHQRVRYpU\FKORVWLELW$VHNXQGX ESVELWVSHUVHFRQG MVRXGQHVML
SUDNWLFN\PLQXORVWtU\FKOH]DVWDUiYDMtLPRGHP\SURESV1DNRPXWRYDQFK
RNUX]tFKVHGQHVSRXtYDMtQHMDVW MLPRGHP\SURSHQRVRYRXU\FKORVWESV
6WiOHYtFHVHYDN]DtQDMtSURVD]RYDWLPRGHP\SURLELW$VHNXQGX
XUHQpWDNWpSURNRPXWRYDQpRNUXK\NWHUpGQHVSHGVWDYXMtWHFKQRORJLFNRXSLNX
3URSHYQpRNUXK\VHSRXtYDMtVSHFLiOQtPRGHP\SURWDNRYpSHQRVRYpU\FKORVWL
NWHUpO]HQDStVOXQpPSHYQpPRNUXKXGRViKQRXW
6DPR]HMPPSRDGDYNHPQDNDGPRGHPMHWRDE\VHGRNi]DOGRPOXYLWV
GUXKPPRGHPHPNWHUMH]DSRMHQQDRSDQpPNRQFLWHOHIRQQtKRRNUXKX7R
]QDPHQiHREDPRGHP\PXVtSRXtYDWVWHMQ]S$VREPRGXODFHVWHMQRXSHQRVRYRX
DPRGXODQtU\FKORVWDWGSLHPQHPXVtQXWQ MtWRPRGHP\VWHMQpKRW\SXL
PRGHP\RGVWHMQFKYUREF$0XVtWHG\H[LVWRYDWVSROHQVWDQGDUGNWHUSRWHEQRX
NRPSDWLELOLWXPRGHP$XPRQt7DNRYPLWRVWDQGDUG\MVRXYREODVWLPRGHP$
GRSRUXHQtPH]LQiURGQtRUJDQL]DFH&&,77 RNWHUpVLMHW SRYtPHSRGUREQ ML 7DN
QDStNODGYODVWQRVWLPRGHP$SURNRPXWRYDQpRNUXK\XPRXMtFtSOQ GXSOH[Qt
SURYR]SHQRVRYRXU\FKORVWtESVXUXMHGRSRUXHQt9ELVREGREQp
GRSRUXHQtSURPRGHP\ESVPiR]QDHQt93URQLtSHQRVRYpU\FKORVWL
YDNH[LVWXMtLNRQNXUHQQtVWDQGDUG\QDSSURU\FKORVWLESVGRSRUXHQt
&&,779DDPHULFNiQRUPD%HOO$NWHUpQHMVRXY]iMHPQ VOXLWHOQp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
'QHVY\UiE QpWHOHIRQQtPRGHP\PDMtREY\NOHPQRKRXLWHQFKYODVWQRVWtD
VFKRSQRVWt9 WLQD]QLFKMHQDSVFKRSQDSRGRKRG VPRGHPHPQDRSDQpPNRQFL
RNUXKXSHMtWQDQLtSHQRVRYRXU\FKORVWYStSDG HWHOHIRQQtRNUXKMHQHNYDOLWQt
PiQDSStOLPQRKRSRUXFK DSHQRVS$YRGQtU\FKORVWtQHQt~QRVQ
6WDUtPRGHP\REY\NOHQHE\O\VFKRSQpVLVDP\Y\WRLWSRDGRYDQpWHOHIRQQt
~DVWQLFNp tVOR.WRPXWR~HOXPXVHOEXWREWSRXLWE QWHOHIRQQtStVWURM
NWHUSDNSHGDOWHOHIRQQtRNUXKPRGHPX QHERVSHFLiOQtY\WiHFt]Dt]HQt
REY\NOHVSROHQpYtFHPRGHP$P'QHQtPRGHP\VLMLXPtY\WRLWSRWHEQp
WHOHIRQQttVORVDP\WMPDMtVFKRSQRVW
DXWRPDWLFNpYROE\DXWRGLDOLQJ
-VRXWHG\VFKRSQpVDP\LQLFLRYDWDQDYi]DWVSRMHQtSRNRPXWRYDQpWHOHIRQQtVtWL
SUDFXMtOLYW]Y
UHLPXYROiQtRULJLQDWHPRGH
DOHXPtWDNpVDP\]YHGQRXWWHOHIRQWMRGSRY G WQDSLFKi]HMtFtYROiQtMVRXOLY
W]Y
UHLPXRGSRY GLDQVZHUPRGH
'tN\WRPXMHPRQpDE\PRGHP\QDYD]RYDO\VSRMHQtDSHQiHO\GDWDSRYHHMQp
NRPXWRYDQpVtWLLEH]StPpOLGVNpREVOXK\UHVS~DVWL.DGPRGHPYDNPXVtEW
PRQpYKRGQP]S$VREHPRYOiGDWQDSSLQXWLWMHMY\WRLWSRDGRYDQpWHOHIRQQt
tVOR
'tYHVHPRGHP\RYOiGDO\SRPRFtU$]QFKtGtFtFKVLJQiO$SHStQD$DSURSRMHN
7RYDNE\ORStOLNRPSOLNRYDQpDQHSUXQp5$]QtYUREFLPRGHP$SURWRSLFKi]HOL
VYODVWQtPLPHFKDQLVP\RYOiGiQtQDSILUPD+D\HVXVYpKRSt]QDQ
SRMPHQRYDQpKRPRGHPX6PDUWPRGHP GRVODYDFK\WUPRGHP ]DYHGODNRQFHSFL
SOQ SURJUDPRYDWHOQpKRPRGHPX9HNHUpMHKRRYOiGiQtVH]DML"XMH
SURVWHGQLFWYtPtGtFtFKStND]$NWHUpVHPRGHPX]DVtODMtQDSURVWRVWHMQP
]S$VREHPMDNRYODVWQtGDWDXUHQiNSHQRVX7\WRStND]\MVRXQDYtFYH]QDNRYpP
WYDUXWDNHMVRXYStSDG SRWHE\VUR]XPLWHOQpLSURORY ND PiOLNUXFHMHMLFK
WDEXONX 1DStNODGStND]SURY\WRHQtWHOHIRQQtKRtVODVSRXLWtPSXOVQt
YROE\VH]DGiStND]HP
$7'3
NGH$7MHQiY Wt XYR]XMtFtNDGStND]PRGHPX ' RG'LDO SRDGXMHY\WRHQt
YROEX tVODD3 RG3XOVH VSHFLILNXMHSXOVQtYROEX0RGHPQDSLMtPDQpStND]\
RGSRYtGiRS W]QDNRY QDS~VS QpSURYHGHQtStND]XSRWYUGtODNRQLFNP2.
=S$VRERYOiGiQt]DYHGHQILUPRX+D\HVVHXNi]DOEWQDWROLNSUXQDHIHNWLYQtH
MHMSHY]DOLLRVWDWQtYUREFLPRGHP$DVWDOVH ]DWtPQHSVDQPDOHGRGURYDQP
VWDQGDUGHPR]QDRYDQPMDNR
+D\HVVWDQGDUG
0RGHP\MHMLFKRYOiGiQtRGSRYtGiWRPXWRVWDQGDUGXVHR]QDXMt]D+D\HV
NRPSDWLELOQt-VRXWRSUDNWLFN\YHFKQ\GQHVY\UiE QpPRGHP\
3tND]RYMD]\NSRPRFtNWHUpKRVHRYOiGDMt+D\HVNRPSDWLELOQtPRGHP\VH
R]QDXMHWDNpMDNR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
 tGtFt MD]\N$7$7 FRPPDQG ODQJXDJH
NY$OLFKDUDNWHULVWLFNpPXSUHIL[XNWHUNDGStND]XYR]XMH
3RPRFttGtFtKRMD]\ND$7MHPRQpQHMHQStPRtGLWEH]SURVWHGQtLQQRVW
PRGHPXDOHMHWDNpPRQpQDVWDYRYDWQHMU$]Q MtMHKRSDUDPHWU\ NWHUFKEYi
QHPiOR QDSNROLNUiWPiYUHLPXRGSRY GLQHFKDW]D]YRQLWWHOHIRQQHMHM
]YHGQH9 WLQDGQHQtFKPRGHP$MHY\EDYHQDQHYRODWLOQtSDP WtSURWHQtL]iSLV
WMWDNRYRXGRNWHUpO]H]DSLVRYDWDNWHUiVLVY$MREVDKSRGUtLSRGREXNG\QHQt
QDSiMHQD 'tN\WRPXVLPRGHP\GRNitSDPDWRYDWVYpQDVWDYHQtLSRVYpP
Y\SQXWt

9\XLWtYHHMQpWHOHIRQQtVtW
9HHMQiWHOHIRQQtVt"PiSURNRPXQLNDFHVY\XLWtPSRtWD$DSURSRtWDRYpVtW
REURYVNY]QDP9ODVWQtWHOLSRtWDYKRGQPRGHP NWHUVSOXMHYHFKQ\
SRDGDYN\StVOXQpVSUiY\VSRM$ DWDNpNRPXQLNDQtSURJUDPVFKRSQSUDFRYDWV
WtPWRPRGHPHPRNDPLW VHYiPRWHYtUiFHOiDGDPRQRVWt
0$HWHVHQDSGRPOXYLWVMLQP"DVWQPYODVWQtNHPSRGREQpVHVWDY\SRtWD
PRGHPNRPXQLNDQtSURJUDPHPXYXUHQRXGREX]DYROiWH9ODVWQ HYi
PRGHPRYOiGDQYDtPNRPXQLNDQtPSURJUDPHP MHW RQLFKEXGHHSRGUREQ ML
ViPY\WRtMHKRWHOHIRQQttVORDQDQ PVHPtVWRYDHKRNROHJ\R]YHRS WPRGHP
SLSRMHQNMHKRSRtWDL-DNPLOHREDPRGHP\QDYitVSRMHQtYVWRXStGRKU\
NRPXQLNDQtSURJUDP\E tFtQDRERXSRtWDtFK-HMLFKSURVWHGQLFWYtPSDNP$HWH
NRPXQLNRYDWVWtPNGRGUXKSRtWDREVOXKXMH9DHNRPXQLNDQtSURJUDP\YiP
REY\NOHQDEtGQRXDOHVSRPRQRVWSHQRVXVRXERU$ ILOHWUDQVIHU DPRQRVW
Y]iMHPQ VLSRSRYtGDWSURVWHGQLFWYtP]SUiYNWHUpY\StHWHQDVYpPSRtWDLDNWHUp
VHVRXDVQ REMHYXMtLQDPRQLWRUXYDHKRSURW MNXYDQJOLWLQ VHWRPXWR]S$VREX
SRtWDRYpKRUR]KRYRUXtNiFKDW
8SURW MtKRW]YY]GiOHQpKRSRtWDH UHPRWHFRPSXWHU YDNQHPXVtQXWQ VHG W
ORY N.RPXQLNDQtSURJUDPNWHUSUiY E tQDY]GiOHQpPSRtWDLP$HEW
HHQWDNDE\VHVYiPLGRNi]DOGRUR]XP WViPLEH]OLGVNpREVOXK\6P\VOHPP$H
EWQDStNODGWRDE\VWHY\]HVYpKRSRtWDHXNWHUpKRSUiY VHGtWHPRKOLQDGiONX
RYOiGDWY]GiOHQSRtWDSURKOtHWVLMHKRGLVNRYpDGUHViHVSRXW WSHQRVVRXERU$
YNWHUpPNROL]RERXPRQFKVP U$DSRGDWRYHEH]OLGVNp~DVWLQDSURW Mt
VWUDQ 3DNMGHRW]YGiONRYpRYOiGiQt UHPRWHFRQWURO NWHUpMLVW GRFHQtNDG
NGRVLNG\]DSRP OSLRGFKRGXGRSUiFH]NRStURYDW]HVYpKRGRPiFtKRSRtWDHQD
GLVNHWXG$OHLWVRXERU0RQRVWSRKUDEDWVHQDGiONX QDS]SRtWDHYNDQFHOiL
YHVYpPGRPiFtPSRtWDLSURVWHGQLFWYtPPRGHP$DYHHMQpWHOHIRQQtVtW SDNP$H
EWVNXWHQ NQH]DSODFHQt
2YOiGiQtSRtWDHQDGiONXYDNVNWiMHW FHORXDGXGDOtFKPRQRVWt1DStNODG
U$]QpSRUDGHQVNpDNRQ]XOWDQtILUP\YSRtWDRY Y\VS OFK]HPtFKGQHVLQVWDOXMtQD
SRtWDtFKVYFK]iND]QtN$YKRGQPRGHPDNRPXQLNDQtSURJUDPSURGiONRYp
RYOiGiQt9StSDG MDNFKNROLSUREOpP$SDNVWDtNG\SUDFRYQtNSRUDGHQVNpILUP\
]HVYpKRSRtWDH]DYROiSRtWD]iND]QtND3URJUDPNWHUE tVRXDVQ QDRERX
SRtWDtFKSDNXPRQtDE\SRUDGFHQDGiONXSUDFRYDOVSRtWDHP]iND]QtNDYLG O
MHKRREUD]RYNXPRKOQDGiONXPDNDWNOiYHV\QDMHKRNOiYHVQLFL]NUiWND
SURYiG OYHFRMHWHEDDE\LGHQWLILNRYDOStLQX]iND]QtNRYFKSUREOpP$DWDNpPX
PRKOQDGiONXQi]RUQ SHGYpVWFRDMDNPiVSUiYQ G ODW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3URVWHGQLFWYtPYHHMQpWHOHIRQQtVtW P$HWHWDNp]tVNDWStVWXSNQHMU$]Q MtP
LQIRUPDQtP]GURM$PDGDWDEi]tPNWHUpPDMtSRYDKXW]YRQOLQHVOXHE RQOLQH
VHUYLFHV -GHRS WRVDPRVWDWQpSRtWDHY\EDYHQpPRGHPHPDYKRGQP
NRPXQLNDQtPSURJUDPHPNWHUpHNDMtDMH]DYROiMLQSRtWD3UDFXMtY
EH]REVOXQpPUHLPXDXLYDWHOLYRODMtFtKRSRtWDHQDEt]tQHMU$]Q MtVOXE\RG
HOHNWURQLFNpSRW\SHVSRVN\WRYiQtLQIRUPDFtQDSRSRDVtKRGQRWiFKDNFLtQD
EXU]iFKLOHWRYFKiGHFKOHWHFNFKVSROHQRVWtDSRGDWDEi]HQHMU$]Q MtFK
SUiYQtFKSHGSLV$DQRUHPLYWDK\OiQN$]QiPFKDVRSLV$1DYtFMHPRQpVHN
W PWRVOXEiPGRVWDWVNXWHQ RGNXGNROL]OLERYROQpKRPtVWDYGRVDKXYHHMQp
WHOHIRQQtVtW 6DPRWQpVH]QDP\W FKWRRQOLQHVOXHEY\FKi]tMDNRGRVWLREVDQp
NQLK\
3tYODVWHNRQOLQH HVN\VSDHQp PDMtW\WRVOXE\]WRKRG$YRGXHMHMLFK
XLYDWHOMHQDQ VHVYPSRtWDHPQDSRMHQStPR SURVWHGQLFWYtPPRGHPXD
YHHMQpWHOHIRQQtVtW DEH]SURVWHGQ NRPXQLNXMHVSURJUDPHPQDY]GiOHQpP
SRtWDLNWHUStVOXQpVOXE\]SURVWHGNRYiYi-GHYHVP VRLQWHUDNWLYQt]S$VRE
Y]iMHPQpNRPXQLNDFHSLNWHUpPRQOLQHVOXEDSHGNOiGiQDEtGNXPRQFKDNFt]H
NWHUpVLXLYDWHOY\EtUiDRQOLQHVOXEDSDNUHDJXMHSRGOHYVOHGNXMHKRYROE\6QDG
QHMSRSXOiUQ MtIRUPRXRQOLQHVOXHEMVRXGQHVW]Y%XOOHWLQ%RDUG6\VWHPV %%6 
NWHUPVWRMt]DWRY QRYDWVDPRVWDWQGtOQDHKRVHULiOX
'DOtPRQRVWtY\XLWtYHHMQpWHOHIRQQtVtW MHSLSRMHQtW]YY]GiOHQFKWHUPLQiO$
UHPRWHWHUPLQDOV NY WtPSRtWD$P=GHVLO]HSHGVWDYLWHMHGQR~HORY
WHUPLQiO W\SLFN\YVHVWDY PRQLWRUDNOiYHVQLFH Y\EDYHQPRGHPHP]DYROi
YHONSRtWD REY\NOHW]YVWHGLVNRYUHVSViORYSRtWDDQJOLFN\PDLQIUDPH 
-DNPLOHREDPRGHP\QDYitVSRMHQtP$HWH]HY]GiOHQpKRWHUPLQiOXSUDFRYDWV
YHONPSRtWDHPREGREQ MDNR]W]YPtVWQtKRWHUPLQiOX ORFDOWHUPLQDO NWHU
MHYHI\]LFNpEOt]NRVWLSRtWDH
3LSRMHQtY]GiOHQpKRWHUPLQiOXSURVWHGQLFWYtPYHHMQpWHOHIRQQtVtW MHVDPR]HMP
YKRGQpWDPNGHMHWHUPLQiOY\XtYiQVStHStOHLWRVWQ DMHKRSLSRMHQtSRPRFt
SHYQpKRRNUXKXE\E\ORQHHNRQRPLFNp
9]GiOHQWHUPLQiOYDNQHPXVtQXWQ EWVNXWHQPWHUPLQiOHP W]YGHGLNRYDQP
WHUPLQiOHP GHGLFDWHGWHUPLQDO WHG\MHGQR~HORYP]Dt]HQtPVFKRSQPSOQLW
SRX]H~ORKXWHUPLQiOX0$HMtWWDNpRSOQRKRGQRWQSRtWDQDSSRtWDW\SX
3&NWHUVHGtN\YKRGQpPXNRPXQLNDQtPXSURJUDPXSRX]HFKRYiMDNR
MHGQR~HORYWHUPLQiOW]YMHMHPXOXMHUHVSY\VWXSXMHMDNRHPXORYDQWHUPLQiO
HPXODWHGWHUPLQDO -HOLY\EDYHQPRGHPHPP$HVHSURVWHGQLFWYtPYHHMQp
WHOHIRQQtVtW GRYRODWQDYHONSRtWDDSRGREXH[LVWHQFHVSRMHQtY\VWXSRYDWYUROL
Y]GiOHQpKRWHUPLQiOXWRKRWRSRtWDH
1HVPtPHYDN]DSRPtQDWDQLQDSRtWDRYpVtW YSUDYpPVORYDVP\VOX,SURQ Pi
YHHMQiWHOHIRQQtVt"YHONY]QDP1HQtWRWLiGQPSUREOpPHPDE\VL
SURVWHGQLFWYtPYHHMQpWHOHIRQQtVtW NG\NROL]DYRODO\GYDX]ORYpSRtWDHDY
EH]REVOXQpPSURYR]XVLQDY]iMHPSHGDO\YHNHUiGDWDNWHUiVLSHGDWSRWHEXMt-H
WRVLFHSRPDOHMtDPpQ VSROHKOLYpQHNG\E\PH]LRE PDX]ORYPLSRtWDL
H[LVWRYDOSHYQRNUXKXPRXMtFtWUYDOpVSRMHQtDOHQDGUXKpVWUDQ WRPiLVYp
YHONpYKRG\3HYQRNUXKP$HEWGRVWLQiNODGQRX]iOHLWRVWtDQHQtOLGRVWDWHQ
Y\XLWP$HMtWR]QDQ QHHIHNWLYQtLQYHVWLFL7DNpMHKRSRXKp]t]HQtP$HWUYDW
GRVWLGORXKR1DSURWLWRPXVSRMHQtSRNRPXWRYDQFKOLQNiFKYHHMQpWHOHIRQQtVtW MH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
RNDPLW NGLVSR]LFLDQiNODG\QDQ MMVRXStPR~P UQpSURYR]X=iOHtYG\QD
FKDUDNWHUXNRQNUpWQtSRtWDRYpVtW ]GDY\DGXMHWUYDOpVSRMHQtPH]LX]ORYPL
SRtWDLYHONRXSHQRVRYRXU\FKORVWDGRVWDWHQRXVSROHKOLYRVWFRO]HVSOQLWSRX]H
SRPRFtSHYQpKRRNUXKXQHER]GDY\VWDtVHVSRMHQtPSURVWHGQLFWYtPYHHMQp
WHOHIRQQtVtW NWHUpMHQXWQ SRPDOHMtPpQ VSROHKOLYpDPiGiYNRYFKDUDNWHU
3RtWDRYpVtW SRVN\WXMtFtVOXE\LQWHUDNWLYQtSRYDK\QXWQ Y\DGXMtWUYDOpVSRMHQt
SRPRFtSHYQFKRNUXK$1DRSDNVtW NWHUpQDEt]tSHYiQ MHQHOHNWURQLFNRXSRWXD
SHQRVVRXERU$WHG\VOXE\VStHGiYNRYpSRYDK\PRKRXY\VWDLWVHVSRMHQtP
SRPRFtNRPXWRYDQFKOLQHNYHHMQpWHOHIRQQtVtW 3tNODGHPPRKRXEWVtW (XQHWD
)LGRQHWRNWHUFKVLEXGHPHSRYtGDWSR]G ML

%XOOHWLQ%RDUG6\VWHPV%%6
6QDGQHMREOtEHQ MtIRUPRXRQOLQHVOXHEGRVWXSQFKSURVWHGQLFWYtPYHHMQp
WHOHIRQQtVtW MVRXGQHVW]Y%XOOHWLQ%RDUG6\VWHPV]NUiFHQ %%60tVWR
SRNXVXRHVNSHNODGVLUDG MLY\VY WOHPHRFRVHMHGQi
%XOOHWLQ%RDUG6\VWHPUHVS%%6QHQtQLFMLQpKRQHSRtWDVMHGQtPQHERQ NROLND
PRGHP\NWHUSUDFXMHYEH]REVOXQpPUHLPXDHNiDMHMSURVWHGQLFWYtPYHHMQp
WHOHIRQQtVtW Q NGR]DYROi9ODVWQtIXQNFHVWDQLFH%%6Y\NRQiYiSURJUDPNWHUQD
WRPWRSRtWDLE tMDNPLOHVHQ NWHUXLYDWHO]HVYpKRSRtWDHQDVWDQLFL%%6
GRYROi]DQHVWtPWRSURJUDPHPStPRNRPXQLNRYDWDP$HY\XtYDWVOXE\
NWHUpVWDQLFH%%6QDEt]t
3UYQtVWDQLFH%%6VH]DDO\SRXtYDW]KUXEDSHGOHW\DVORXLO\YOXQ SUR
SHGiYiQt]SUiYPH]LVYPLXLYDWHOL.GRNROLNGRP OSRtWDY\EDYHQYKRGQP
PRGHPHPD]QDOSRWHEQpWHOHIRQQttVORVHPRKOQDVWDQLFL%%6GRYRODWD]DQHFKDW
]GHVYRX]SUiYXLY]ND]NWHUVLSDNPRKOLRVWDWQtXLYDWHOpSHtVW6WDQLFH%%6WDN
IXQJRYDODMDNRMDNiVLQiVW QND DQJOLFN\EXOOHWLQERDUG FRGDORY]QLNQRXWMHMtPX
Qi]YX
6FKRSQRVWLVWDQLF%%6VDVHPURVWO\DVQLPLVHVDPR]HMP Y\YtMHOLUHSHUWRiU
SRVN\WRYDQFKVOXHE
'QHVMHVQDGQHMSRSXOiUQ MtVOXERXVWDQLF%%6GLVWULEXFHQHMU$]Q MtFKSURJUDP$
-HOLNRGRYRODWVHQDVWDQLFL%%6P$HYSRGVWDW NDGPXVtMtWRSURJUDP\NWHUp
O]HOHJiOQ UR]LRYDWWHG\SURJUDP\]NDWHJRULHSXEOLFGRPDLQNWHUpO]HSRXtYDWD
tLW]FHODYROQ QHERSURJUDP\]NDWHJRULHIUHHZDUHNWHUpO]HWDNpYROQ tLWDOHNH
NWHUPVLMHMLFKDXWRLXGUXMtVYiDXWRUVNiSUiYDDXLYDWHOHY\Et]tNSRVN\WQXWt
GREURYROQpKRStVS YNXQDMHMLFKGDOtYYRM'iOHP$HMtWRSURJUDP\]NDWHJRULH
VKDUHZDUHNWHUpVL]iMHPFHP$HViPQHMSUYHY\]NRXHWDVKOHGiOLMH~HOQPLD
FKFHOLMHY\XtYDWWUYDOHMHY\]YiQDE\VH]DSODFHQtPSHGHSVDQpKRSRSODWNX
UHJLVWURYDOXMHMLFKDXWRUD6NRPHUQtPLSURJUDP\WHG\W PLNWHUpVHE Q
SURGiYDMtE\FKRPVHQDVWDQLFtFK%%6QHP OLVHWNDW.GLVSR]LFLYDNQDVWDQLFtFK
%%6EYDMtLMLQpGUXK\VRXERU$QDSWH[WRYpVRXERU\VU$]QRXGRNXPHQWDFt
]GURMRYpWYDU\Q NWHUFKSURJUDP$DSRG
3URJUDP\UHVSVRXERU\NWHUpVWDQLFH%%6QDEt]tVLXLYDWHOP$HSHQpVWGRVYpKR
SRtWDHSRVWXSHPNWHUVHR]QDXMHMDNRGRZQORDG([LVWXMHLRSDQiPRQRVWWHG\
SHQRVVRXERU$RGXLYDWHOHQDVWDQLFL%%6R]QDRYDQMDNRXSORDG,WHQPiVY$M
Y]QDPVWDQLFH%%6WDNPRKRXSLMtPDWVRXERU\RGVYFKXLYDWHO$NWHtMHFKW Mt
MHMLFKSURVWHGQLFWYtPGiOHtLWPH]LRVWDWQtPLXLYDWHOL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2NDGRXVWDQLFL%%6VHQ NGRPXVtVWDUDWXGURYDWXULWiGYQDEtGFHVRXERU$
RHWRYDWU$]QpQHVWDQGDUGQtVLWXDFH YSDGN\DSRG D]DML"RYDWPQRKpGDOt
LQQRVWLQH]E\WQpNSURYR]XVWDQLFH%%6.DGiVWDQLFHPiSURWHQWR~HOVYpKR
V\VWpPRYpKRRSHUiWRUDNWHUEYiR]QDRYiQ]NUiFHQ MDNRV\VRS
'DOtVOXEDNWHURXVWDQLFH%%6REY\NOHSRVN\WXMtVSDGiGRREODVWLHOHNWURQLFNp
SRW\8LYDWHOP$HQDVWDQLFL%%6SRVODWWH[WYHIRUP ]SUiY\ PHVVDJH NWHUi
P$HEWDGUHVRYiQDEXQ NWHUpPXMLQpPXXLYDWHOLQHERYHPXLYDWHO$P
2GHVLODWHOPiPRQRVWSURKOiVLWRGHVtODQRX]SUiYX]DVRXNURPRXSDNVLMLP$H
SHtVWMHQMHMtDGUHViW3RNXGWDNQHXLQtPRKRXVLMHSHtVWDUHDJRYDWQDQ L
RVWDWQtXLYDWHOp-HGHQXLYDWHOWDNP$HIRUPRX]DVODQp]SUiY\YHHMQ Y\VORYLW
VY$MQi]RUQDXULWRXY FGDOtXLYDWHOpQDWRUHDJXMtVYPLQi]RU\DQiP W\YH
IRUP ]SUiYMHW GDOtVHSLSRMXMtDWDNY]QLNDMtGLVNXVHQDXULWiWpPDWDNWHUP
VHYWHUPLQRORJLLVWDQLF%%6tNiNRQIHUHQFH0RKRXVORXLWQHMHQMDNRGLVNXVQt
IyUXPDOHLMDNR]GURMQRYFKNRQWDNW$DLQIRUPDFtMHGQRWOLYp]SUiY\UHVS
StVS YN\GRNRQIHUHQFtPRKRXVDPR]HMP PtWIRUPXU$]QFKGRWD]$LiGRVWtR
SRPRF]SURVWHGNRYiQtNRQWDNWXDSRG
.RQIHUHQFHPRKRXEWORNiOQtWHG\RGHKUiYDWVHMHQQDGDQpVWDQLFLQHERVHGRQLFK
P$H]DSRMLWYtFHVWDQLF%%6QDMHGQRX7\VLSDNMHGQRWOLYpStVS YN\VDP\
DXWRPDWLFN\SHGiYDMtPH]LVHERXMDNR]YOiWQtGUXKSRW\W]YHFKRPDLO.DG
XLYDWHOVHWDNP$H]DSRMLWGRGLVNXVH]NWHUpNROLVWDQLFH%%6NWHUiVHNRQIHUHQFH
~DVWQtDPiQDWpWRVWDQLFLNGLVSR]LFLYHFKQ\StVS YN\NWHUpE\O\GRNRQIHUHQFH
]DVOiQ\
0RQRVWY]iMHPQpKRSHGiYiQtStVS YN$PH]LVWDQLFHPL%%6GiYiWXLWHW\WR
EYDMtQ MDNP]S$VREHPY]iMHPQ SURSRMHQ\9HVP VRS WSURVWHGQLFWYtPYHHMQp
WHOHIRQQtVtW H[LVWXMHGRNRQFHYHREHFQ GRGURYDQVWDQGDUGWDNRYpKRWR
SURSRMRYiQtVWDQLF%%6GRMHGQRWQpVtW ),'21(7NWHUiPiGQHVMLFHORVY WRY
GRVDK
.DGiVWDQLFH%%6NWHUiMH]DSRMHQDGRVtW ),'21(7P$HVYPXLYDWHO$P
]SURVWHGNRYiYDWVRXNURPRXHOHNWURQLFNRXSRWXQD]YDQRXQHWPDLO-HMtP
SURVWHGQLFWYtPPRKRXXLYDWHOpVWDQLF%%6NRPXQLNRYDWVXLYDWHOLMLQFKVWDQLF
%%6SUDNWLFN\SRFHOpPVY W ([LVWXMtWDNpW]YEUiQ\ JDWHZD\V PH]LVtWt
),'21(7DGDOtPLSRtWDRYPLVtW PL QDSVtWt,QWHUQHW NWHUpXPRXMtSHQRV
HOHNWURQLFNpSRW\GRD]GDOtFKSRtWDRYFKVtWt
6WDQLFH%%6MVRXDVWRSURYR]RYiQ\SRtWDRYPLQDGHQFLQDQHYG OHQpP
]iNODG MVRXStVWXSQpNDGpPXD]DVYpY\XLWtVLQH~WXMtQLFQHERMHQQHYHON
SRSODWHNQDNU\WtYODVWQtFKQiNODG$([LVWXMtYDNLPQRKpVWDQLFH%%6NWHUpMVRX
SURYR]RYiQ\U$]QPLILUPDPLRUJDQL]DFHPLLLQVWLWXFHPLDPRKRXSOQLWWDNpU$]Qp
UHNODPQtLMLQpVSHFLILFNpIXQNFH.DGiVWDQLFH%%6WRWLNURP ]SUiYDVRXERU$
REY\NOHQDEt]tLGDOtLQIRUPDFHYU$]QFKIRUPiFK0$HWHG\VORXLWLMDNRYHOPL
~LQQ]S$VREUHNODP\SURVYpKRSURYR]RYDWHOHNWHUMHMtPSURVWHGQLFWYtPP$H
QDEt]HWVYpYUREN\VOXE\DSRG'DOtPRQRVWtY\XLWtMHQDSSRVN\WRYiQt
SRUDGHQVNFKVOXHE6RIWZDURYpILUP\MHGQHVQDEt]tQHMDVW MLSRPRFtW]YKRUNFK
OLQHN KRWOLQHV MHMLFKSURVWHGQLFWYtPVHP$HWHGRYRODWNWHFKQLN$PStVOXQp
ILUP\6WiOHDVW MLYDNVRIWZDURYpILUP\NURP KRUNFKOLQHN]L]XMtL
VSHFLDOL]RYDQpVWDQLFH%%6MDNRGRSONRYRXIRUPXSRVN\WRYiQtSRUDGHQVNFK
VOXHE8LYDWHOpILUHPQtFKSURGXNW$VHPRKRXMHMLFKSURVWHGQLFWYtPREUDFHWQD

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
ILUPXVHVYPLGRWD]\LSUREOpP\DILUPDMLPP$HQHMHQRGSRYtGDWDOHL
SRVN\WRYDWQHMU$]Q MtGRGDWHQpLQIRUPDFHQiYRG\GRGDWN\GRSRUXHQt]NXHQRVWL
MLQFKXLYDWHO$GHPRQVWUDQtYHU]HVYFKQRYFKYUREN$DSRG

)DNVLPLOQtSHQRV
'DOtPGQHVYHOPLURtHQP]S$VREHPY\XLWtYHHMQpWHOHIRQQtVtW NWHUMHQ
]GiQOLY QHPiVSRtWDLDSRtWDRYPLVtW PLPQRKRVSROHQpKRMHIDNVLPLOQt
SHQRV]NUiFHQ ID[RYSHQRVLSRX]HID[-DNiMHYODVWQ MHKRSRGVWDWD"
)DNVLPLOQtUHVSID[RYSHQRVMHYSULQFLSXSHQRVJUDILN\9WDNRYpIRUP MDNiMH
GQHVQHMUR]tHQ MtSHGVWDYXMHSHQRVMDNpNROLSHGORK\ QDSWLW QpKRLUXQ
SVDQpKRGRNXPHQWXREUi]NXDSRG YtVOLFRYpIRUP SRDQDORJRYFKOLQNiFK
YHHMQpNRPXWRYDQpWHOHIRQQtVtW SURVWHGQLFWYtPVSHFLDOL]RYDQFKID[RYFK
StVWURM$
3LRGHVtOiQtQ MDNpKRGRNXPHQWXSURVWHGQLFWYtPID[RYpKRSHQRVXMHQHMSUYHQXWQp
SHYpVWSHGORKX WMRGHVtODQGRNXPHQWFKiSDQMDNRJUDILFNREUi]HN GR
tVOLFRYpIRUP\3RVWXSNWHUPVHWDNG MHVHQD]YiRSWLFNPVQtPiQtP RSWLFDO
VFDQQLQJ D]Dt]HQtNWHUpMHMSURYiGtMHW]YVQtPD VFDQQHU ]DEXGRYDQGR
ID[RYpKRStVWURMH
3URQi]RUQRVWVLO]HSHGVWDYLWHRSWLFNVQtPDVHSLVQtPiQtGtYiQDSHGORKX
SHVKXVWRXVt"WDNHPtVWRVRXYLVOpKRURYLQQpKRREUi]NXYLGtMHQMHGQRWOLYp
L]RORYDQpERG\1HMMHGQRGXtRSWLFNpVQtPDHY\KRGQRFXMtNDGERGEXWRMDNR
HUQQHERMDNREtO]DWtPFRGRNRQDOHMtVQtPDHUR]H]QiYDMtXMHGQRWOLYFKERG$
XULWSRHWRGVWtQ$HGL([LVWXMtVDPR]HMP WDNpEDUHYQpVQtPDHNWHUpMVRX
VFKRSQpUR]H]QiYDWLEDUHYQpRGVWtQ\'QHVSRXtYDQIDNVLPLOQtSHQRVYDN
QHSUDFXMHDQLVEDUYRXDQLVRGVWtQ\HGL3LVQtPiQtYHID[RYpPStVWURMLMHWHG\
NDGERGSHGORK\FKiSiQEXWRMDNRHUQQHERMDNREtO.Y\MiGHQtMHKRVWDYX
SDNVWDtMHGHQMHGLQGYRMNRYELW
2EMHPGDWNWHUY]QLNQHQDVQtPiQtPFHOpSHGORK\MHVDPR]HMP ]iYLVOQD
KXVWRW QDHKRSRP\VOQpKRVtWDSHVQ MLQDUR]OLHQt UHVROXWLRQ VHNWHUPVQtPD
ID[RYpKRStVWURMHSUDFXMH7RWRUR]OLHQtMHGQHVXIDNVLPLOQtFKSHQRV$VWDQGDUGQ
ERG$QDSDOHFYHYRGRURYQpPVP UXDERG$QDSDOHFYHVYLVOpPVP UX-HQ
SURSHGVWDYXMHGQDVWUiQNDE QpKRIRUPiWX$PiUR]P U\SLEOLQ [
SDOF$SLUR]OLHQt[ERG$WRSHGVWDYXMHFHONHP[[[QHEROL
ERG$-HOLNDG]QLFKY\MiGHQMHGQtPELWHPMHWR0HJDELW$UHVS
FFDNLORE\W$$WRMHW GQHQtID[RYpStVWURMHREY\NOHQDEt]tLW]YILQH MHPQ
UHLPSLNWHUpPMHUR]OLHQtYHVYLVOpPVP UXGYRMQiVREQpWHG\ERG$QDSDOHF
3HQpVWWYUWPHJDE\WXE\WUYDORQH~P UQ GORXKRSURWRGQHQtID[RYpStVWURMH
SRXtYDMt]YOiWQtWHFKQLNXNRPSUHVHGDW GDWDFRPSUHVVLRQ NWHUiGRNiHMHMLFK
REMHPVQtLWDSLEOLQ NUiW7tPVHREMHPGDWUHSUH]HQWXMtFtMHGQXVWUiQNX$
GRVWiYiQDKRGQRW\iGRY GHVtWHNNLORE\WH
tVOLFRYiGDWDNWHUiY]QLNQRXRSWLFNPQDVQtPiQtPSHGORK\VHSDNSHQitSR
DQDORJRYFKOLQNiFKYHHMQpNRPXWRYDQpWHOHIRQQtVtW SURVWHGQLFWYtPPRGHP$
0RGHP\]DEXGRYDQpYHID[RYFKStVWURMtFKREY\NOH]YOiGDMtSHQRVU\FKORVWt
ELW$VHNXQGXYWDNRYpPStSDG WUYiSHQRVMHGQpVWUiQN\IRUPiWX$SRGS$O

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PLQXW\3LKRUtNYDOLW OLQHNMHVNXWHQiSHQRVRYiU\FKORVWQLtDGREDSHQRVX
MHGQpVWUiQN\VH~P UQ VWtPSURGOXXMH
)D[RYStVWURMStMHPFHQDGUXKpVWUDQ WHOHIRQQtOLQN\P$HSRQH]E\WQp
GHNRPSUHVLSLMDWFKGDW]S WQ VHVWDYLW]MHGQRWOLYFKERG$S$YRGQtSHGORKX
9]QLNiWDNRS WJUDILFNREUi]HNNWHUY\WLVNQHERGRYiWLVNiUQD]DEXGRYDQiGR
ID[RYpKRStVWURMH
'QHQtYHONRXREOLEXDLURNpQDVD]HQtID[$O]HY\VY WOLWSHGHYtPWtPHXPRXMt
SHQpVW WpP  MDNRXNROLSHGORKXNDPNROLYGRVDKXYHHMQpWHOHIRQQtVtW DWR
SUDNWLFN\RNDPLW DSL~QRVQFKQiNODGHFK1DYtFREVOXKDID[RYFKStVWURM$MH
REY\NOHWDNMHGQRGXFKiHMHGRNiHRYOiGDWVNXWHQ NDG)D[RYpStVWURMHEYDMt
YHOPLDVWRNRPELQRYiQ\VE QPLWHOHIRQQtPLStVWURMLDREY\NOHQDEt]tLU$]Qp
GDOtXLWHQpIXQNFHMDNRMHQDSDXWRPDWLFNpSRGiYiQtMHGQRWOLYFKOLVW$SHGORK\
PRQRVWQDSURJUDPRYDWRGHVOiQtQDXUHQRXGREXDSRG
)DNVLPLOQtSHQRVYHVYpGQHQtSRGRE PiYDNLVYpHWQpQHGRVWDWN\)D[RYp
StVWURMHQLtFKDVWHGQtFKNDWHJRULtMVRXY\EDYRYiQ\]DEXGRYDQRXWLVNiUQRXNWHUi
QHWLVNQHQDE QSDStUDOHSRX]HQDVSHFLiOQtWHSORWQ FLWOLYSDStU7DNpVDPRWQi
NYDOLWDWLVNXQHEYiQHMOHSt5R]OLHQt[UHVS[ERG$QDWYHUHQt
SDOHFMHGRVWDWHQpQDSSURE QRXREFKRGQtNRUHVSRQGHQFLDOHSURU$]QpWHFKQLFNp
YNUHV\LSRGUREQiVFKHPDWDMLQLNROL7DNpQHVFKRSQRVWSHQiHWEDUYXLDOHVSR
RGVWtQ\HGLP$HEWDVWRQD]iYDGX3LSUDNWLFNpPSRXtYiQtID[XP$HEWYHOPL
QHStMHPQiLVNXWHQRVWHSHQiHQiGDWDQHMVRXQLMDN]DEH]SHRYiQDSURWLFK\EiP
SLSHQRVX1HMU$]Q MtSRUXFK\NWHUFKEYiYHYHHMQpWHOHIRQQtVtWLDVWRYtFHQH
E\E\OR~QRVQpVHSDNSURMHYXMt]NUHVOHQtPSLMDWpKRREUi]NX=iOHtVDPR]HMP QD
LQWHQ]LW W FKWRSRUXFKDPtH]NUHVOHQtNWHUpY\YRODMt]GDSHQHVHQREUi]HNEXGH
MHW VUR]XPLWHOQLQLNROL
9KRGRXIDNVLPLOQtKRSHQRVXMHWDNpMHKRUHODWLYQ GREUiVWDQGDUGL]DFH'UWLYi
Y WLQDGQHQtFKID[RYFKStVWURM$SUDFXMHSRGOHGRSRUXHQtPH]LQiURGQtRUJDQL]DFH
&&,77SURIDNVLPLOQtSHQRVW]YVNXSLQ\,,, *URXS,,, FRMHSUiY WHQGUXK
IDNVLPLOQtKRSHQRVXNWHUMVPHVLGRSRVXGSRSLVRYDOL1RY MtVWDQGDUGVNXSLQ\,9
*URXS,9 NWHU]DWtPMHW QHQtWDNUR]tHQMLSUDFXMHVUR]OLHQtPD[
ERG$QDSDOHFSHGSRNOiGiSHQRVSRSHYQFKRNUX]tFK WHG\MLQLNROL
SURVWHGQLFWYtPYHHMQpNRPXWRYDQpWHOHIRQQtVtW DSHQRVMHGQpVWUiQN\$
]YOiGQHSLEOLQ ]DS WVHNXQG

)DNVLPLOQtSHQRVDSRtWDH
-DNMVPHVLMLQD]QDLOLPLQXOHXPRXMHIDNVLPLOQt ID[RY SHQRVSHQiHW
SURVWHGQLFWYtPYHHMQpWHOHIRQQtVtW SVDQpLWLW QpGRNXPHQW\REUi]N\
REHFQ MDNpNROLJUDILFNpSHGORK\
3HGVWDYPHVLDOHQ\QtHMVPHSURVWHGQLFWYtPIDNVLPLOQtKRSHQRVXSLMDOLRGVYpKR
VSROXSUDFRYQtNDVWUiQNXWH[WXNWHURXSRWHEXMHPHGiOH]SUDFRYDWQHMOpSHSRPRFt
VYpKRREOtEHQpKRWH[WRYpKRHGLWRUX3UREOpPMHQ\QtYWRPHWRFRMVPHSLMDOLMHYH
VNXWHQRVWLREUi]HNVJUDILFNPY\REUD]HQtPWH[WX NWHUPP$HEWQDStNODGL
UXNRXSVDQWH[W DQLNROLWH[WRYVRXERUNWHUE\PRKOQiWH[WRYHGLWRU
]SUDFRYiYDW0iPHSURWRYSRGVWDW GY PRQRVWLFHOWH[WUXQ SHSVDWQHER
Y\XtWSURVWHGN$SURW]YRSWLFNpUR]SR]QiYiQt]QDN$ RSWLFDOFKDUDFWHU
UHFRJQLWLRQ2&5 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
ORY NNWHUWHSVDQWH[WY\KOHGiYiYSHGOR]HJUDILFNpWYDU\NWHUPSLVX]XMH
Y]QDPMHGQRWOLYFKStVPHQ]QLFKVLSDNVNOiGiFHOiVORYD]QLFKY W\DWG3L
RSWLFNpPUR]SR]QiYiQt]QDN$WXWRLQQRVWORY NDY\NRQiYiSURJUDPWDNpRQVH
VQDtY\KOHGiYDWQDREUi]NXWDNRYpJUDILFNpWYDU\NWHUpPXSLSRPtQDMtStVPHQD
WDVNOiGiYFHOiVORYDY W\DWGDYVOHGQWH[WSURGXNXMHYHIRUP WH[WRYpKR
VRXERUXNWHUMLMHREHFQ ]SUDFRYDWHOQWH[WRYPLHGLWRU\$NROLSURORY NDMH
WHQtVStHUXWLQQt]iOHLWRVWtSURSURJUDPMHWRQHRE\HMQ W Ni~ORKD'QHV
VDPR]HMP H[LVWXMtPQRKpSURJUDPRYpEDOtN\SURRSWLFNpUR]SR]QiYiQt]QDN$ W]Y
2&5SURJUDP\ -VRXSRXLWHOQpMHQQDWLW QpStVPRQLNROLQDUXNRSLV\D
SHGHYtPMHMLFK~LQQRVWUHVSVSROHKOLYRVWQHEYi]GDOHNDVWRSURFHQWQt-H]QDQ
]iYLVOiQDPQRKDIDNWRUHFKMDNRQDSQDUR]OLHQtVHNWHUPE\ODSHGORKD
QDVQtPiQDQDQDWRHQtSHGORK\DSRG1DYtFMGHRYHOPLGUDKpSURJUDP\REY\NOH
]DKUDQLQtSURYHQLHQFHNWHUpPRKRXPtWQHSHNRQDWHOQpSUREOpP\VHVNRXD
VORYHQVNRXGLDNULWLNRX3URWH[W\MHWHG\IDNVLPLOQtSHQRVYKRGQVStHYStSDG 
HWH[WQHSRWHEXMHPHGiOH]SUDFRYiYDWQDSRtWDL
)DNVLPLOQtSHQRVYDNQHQtYi]iQMHQQDMHGQR~HORYpID[RYpStVWURMH-HGREUpVL
XY GRPLWHNDGID[RYStVWURMVHYODVWQ VNOiGi]HWt]Dt]HQtRSWLFNpKR
VQtPDHPRGHPXDWLVNiUQ\UHDOL]RYDQFKMDNRMHGLQNRPSDNWQtFHOHN7LVNiUQ\
QDYtFYHVP VNYDOLWQ MtQHXE QFKID[RYFKStVWURM$MVRXE QPLSHULIHULHPL
GQHQtFKRVREQtFKSRtWD$DWDNpRSWLFNpVQtPDHMLSHVWiYDMtEWY]iFQRVWt7R
FRMHW ]EYiDE\FKRPPRKOLRGHVtODWDSLMtPDWID[\QDSRtWDLMHYODVWQ MLMHQ
WDNRYPRGHPMDNVH]DEXGRYiYiGRID[RYFKStVWURM$9SULQFLSXMGHRREGREQ
PRGHPMDNVHSRXtYiSLE QFKGDWRYFKSHQRVHFKSRX]HNRQNUpWQtWHFKQLND
DSDUDPHWU\SHQRVXVHOLt Y\FKi]t]MLQpQRUP\UHVSGRSRUXHQtSURIDNVLPLOQt
SHQRV 1DYtFMH]GHMHW RWi]NDNRPSUHVHDGHNRPSUHVHGDWSHGVWDYXMtFtFK
tVOLFRYWYDUSHQiHQpSHGORK\YL]PLQXOH
3RNXGPiEWSRtWDSRXtYiQYUROLID[RYpKRStVWURMHPXVtEWY\EDYHQ
VSHFLiOQtPStGDYQP]Dt]HQtPNWHUpMHVFKRSQpIXQJRYDWMDNRPRGHPSUR
IDNVLPLOQtSHQRV9StSDG RVREQtFKSRtWD$MHWRWR]Dt]HQtWpP YG\
NRQVWUXNQ SURYHGHQRMDNRNDUWDUHVSGHVNDNWHUiVHLQVWDOXMHGRMHGQp]
UR]LXMtFtFKSR]LFW]YVORW$ VORWV -GHWHG\RID[RYRXNDUWX ID[FDUG 'DOt
IXQNFHVSRMHQpVSLMtPiQtPDRGHVtOiQtPID[$VHSDNML]DML"XMtSURJUDPRYPL
SURVWHGN\-GHPMWDNpRNRPSUHVLDGHNRPSUHVLGDWUHVSSHYRGGDW]GRWDNRYpKR
WYDUXYMDNpPVHSDNVNXWHQ SHQiHMt9HGOHID[RYpNDUW\WHG\PXVtEWQDSRtWDL
LQVWDORYiQLSRWHEQVRIWZDUHNWHUW\WRIXQNFH]DML"XMHDVRXDVQ LRYOiGiYODVWQt
ID[RYRXNDUWX
3RWHEXMHPHOL]SRtWDHRGHVODWSURVWHGQLFWYtPID[RYpKRSHQRVXQ MDNWH[W
NWHUPiPHNGLVSR]LFLYHIRUP WH[WRYpKRVRXERUXQHSRWHEXMHPHNWRPXQXWQ PtW
RSWLFNVQtPD VFDQQHU 3HYpVWWH[WRYVRXERUGRJUDILFNpSRGRE\SHVQ MLY\URELW
]WH[WRYpKRVRXERUXJUDILFNVRXERUQHQtiGQPSULQFLSLiOQtPSUREOpPHPP$H
WR]DMLVWLWStPRREVOXQSURJUDPNWHURYOiGiID[RYRXNDUWXD]DML"XMHRGHVtOiQt
3RGREQ MHWRPXYStSDG HSRWHEXMHPHRGHVODWREUi]HNNWHUPiPHNGLVSR]LFL
YHIRUP YKRGQpKRJUDILFNpKRVRXERUX1DStNODGWDNRYREUi]HNNWHUMVPH
Y\WYRLOLSRPRFtQDHKRREOtEHQpKRSURJUDPXSURPDORYiQt QDS3DLQWEUXVK&RUHO
'UDZDSRG ]GHPiID[RYVRIWZDUHMHW OHKtSUiFLQHXWH[WRYFKVRXERU$
2SWLFNVQtPDYODVWQ SRWHEXMHPHMHQYStSDG HPiPHRGHVODWREUi]HNNWHU

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PiPHMHQQDSDStH7HQPXVtPHVSRPRFtVQtPDHQDVQtPDWWtPMHM]tVNiPHYH
IRUP JUDILFNpKRVRXERUXDWHQE\MLQDHID[RYiNDUWDP ODXP WRGHVODW
6FKRSQRVWLQ NWHUFKID[RYFKNDUHW]GHPRKRXNRQLWH[LVWXMtWRWLID[RYpNDUW\
XUHQpMHQSURRGHVtOiQt
)D[RYpNDUW\VFKRSQpWDNpSLMtPDWSURGXNXMtSLMDWpID[\RS WYHIRUP JUDILFNFK
VRXERU$7\O]HY\WLVNQRXWQHERMHGiOH]SUDFRYDW MDNRREUi]N\ YKRGQP
JUDILFNPSURJUDPHP-GHOLRWH[W\MHSULQFLSLiOQ PRQpMHSHYpVWGRIRUP\
WH[WRYpKRVRXERUXSRPRFtUR]SR]QiYiQt]QDN$ 2&5 -HWDNpPRQpMHSRX]H
XVFKRYDWSURSR]G Mt]SUDFRYiQtDOH]GHMHGREUpVLXY GRPLWHYH
]NRPSULPRYDQpPIRUPiWXSHGVWDYXMHMHGLQiVWUiQNDYHOLNRVWL$W\SLFN\Q NROLN
GHVtWHNNLORE\WHGDWDYQH]KXW QpPWYDUX YHIRUP JUDILFNpKRVRXERUX iGRY
VWRYN\NLORE\WH
.YDOLWQtID[RYStVWURMP$HEWViPRVRE YHOPLGUDKQDSMHOLPtVWRPiOR
NYDOLWQt]DEXGRYDQpWLVNiUQ\Y\EDYHQWLVNiUQRXODVHURYRXGtN\NWHUpP$HSLMDWp
ID[\WLVNQRXWNYDOLWQ QDE QNDQFHOiVNSDStU.YDOLWQtID[RYStVWURMWDNP$H
EWW\SLFNPStNODGHPSRP UQ QiNODGQpSHULIHULHNWHURXVHY\SODWtVGtOHWYORNiOQt
SRtWDRYpVtWL9WDNRYp~SUDY DE\PRKOEWYVtWLSRXtYiQSDNSOQtIXQNFLW]Y
ID[RYpKRVHUYHUX=NDGpKRX]OXVtW MHPRQpMHKRSURVWHGQLFWYtPRGHVODWWH[WRY
LJUDILFNVRXERUMDNRID[VWHMQP]S$VREHPMDNRNG\E\ORRID[RYRXNDUWX
LQVWDORYDQRXStPRYX]ORYpPSRtWDL3RGREQ P$HID[RYVHUYHUVORXLWLSUR
StMHPID[$=GHYDNQDVWiYiPDOSUREOpPNWHUpPXX]OXYVtWLPiEWSLMDWID[
SHGiQ")D[\VHRGHVtODMtYG\QDXULWpWHOHIRQQttVORNGHMHQ NGRSURKOpGQHDSDN
StSDGQ SHGiGiO-DNWRDOHG ODWYStSDG ID[RYpKRVHUYHUXNWHUVORXtQDS
ORNiOQtVtWLVHVWRYNDPLX]ORYFKSRtWD$"

3&0DVSRMH7
.G\YURFHSHGVWDYLO6DPXHO0RUVHYHHMQRVWLVY$MWHOHJUDIYHVYpSRGVWDW
GLJLWiOQtSHGE KOWtPRSOQFKOHW$OH[DQGUD*UDKDPD%HOODNWHUSLHOVHVYP
DQDORJRYPWHOHIRQHPDYURFH$QDORJRY]S$VRESHQRVXYDNRGSRiWNXY
REODVWLWHOHNRPXQLNDFt]FHODSHYOiGODWHSUYHYKLVWRULFN\QHGiYQpGRE VH]DDO
SURVD]RYDWSHQRVGLJLWiOQt6Y$MQHPDOSRGtOQDWRPPDMtLtVOLFRYpSRtWDHD
SRtWDRYpVtW 
3HQRVGDWStPRYMHMLFKtVOLFRYpP GLJLWiOQtP WYDUXWHG\GLJLWiOQtSHQRVPi
RSURWLSHQRVXDQDORJRYpPXHWQpYKRG\'LJLWiOQtSHQRVRYpFHVW\GQHVXPRXMt
GRVDKRYDWPQRKHPY\tFKSHQRVRYFKU\FKORVWtGLJLWiOQtVLJQiOVHPQRKHPVQi]H
]SUDFRYiYiQHVLJQiODQDORJRYDSt]QLY MtMVRXLHNRQRPLFNpXND]DWHOH1HQt
SURWRGLYXHWpP YXGHVHSHFKi]tQDGLJLWiOQtSHQRVDWRQDStNODGLYREODVWL
YHHMQFKWHOHIRQQtFKVtWt0RGHUQtWHOHIRQQt~VWHGQ\MVRXGQHVMLYKUDGQ GLJLWiOQt
DMVRXQDY]iMHPSURSRMRYiQ\SRPRFtGLJLWiOQtFKSHQRVRYFKFHVW
-DNDOHSHQiHWDQDORJRYVLJQiOQDSWHOHIRQQtKRYRUSRGLJLWiOQtFKSHQRVRYFK
FHVWiFK"=Dt]HQtNWHUpSHYiGtDQDORJRYWHOHIRQQtVLJQiOGRtVOLFRYpKRWYDUXVH
R]QDXMHMDNRFRGHFFRMH]NUDWNDGR&2GHU'(&RGHU-GHYSRGVWDW RRSDN
PRGHPXNWHUQD]iNODG SRVORXSQRVWLtVOLFRYFKGDWJHQHUXMHVSRMLWDQDORJRY
VLJQiO&RGHFQDRSDNQD]iNODG DQDORJRYpKRVLJQiOXJHQHUXMHSRVORXSQRVW
tVOLFRYFKGDW' OiWRWDNHSUDYLGHOQ Y]RUNXMHVWDYDQDORJRYpKRVLJQiOXDMHKR
RNDPLWRXKRGQRWXDSUR[LPXMHMHGQRX]HUHVS~URYQtNWHUpUR]H]QiYiYL]

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
REUDNWHURXSDNY\MiGtMDNRMHGQRELWRYpUHVSELWRYptVOR$QDORJRY
WHOHIRQQtVLJQiOVHSLWRPSRYDXMH]DVLJQiORtFHSiVPD+]]HKRSO\QHH
MHMVWDtY]RUNRYDWNUiW]DVHNXQGX WMNDGFKPLNURVHNXQG &RGHFWHG\
JHQHUXMHFHONHP[ELW$WMNELW$]DVHNXQGXUHVS[ELW$WM
NELW$]DVHNXQGX3URSHQRVMHGQRKRWHOHIRQQtKRKRYRUXYGLJLWiOQtIRUP MHSDN
QXWQiSHQRVRYiU\FKORVWUHVSNELWVHNXQGX
3UiY SRSVDQiWHFKQLNDSHYRGXDQDORJRYpKRVLJQiOXGRtVOLFRYpKR GLJLWiOQtKR
WYDUXVHR]QDXMHMDNRLPSXOVRYiNyGRYiPRGXODFH 3XOVH&RGH0RGXODWLRQ 
]NUDWNRX3&0-HYHOPLURtHQRXQLNROLYDNMHGLQRXPRQRXWHFKQLNRXGLJLWDOL]DFH
H[LVWXMtGDOtMDNRQDSDGDSWLYQtGLIHUHQFLiOQtLPSXOVRYiNyGRYiPRGXODFH
$GDSWLYH'LIIHUHQWLDO3XOVH&RGH0RGXODWLRQ$'&30 QHERW]YGHOWD
PRGXODFHNWHUpSURSHQRVKODVRYpKRNDQiOXYGLJLWiOQtIRUP Y\VWDtVPHQt
SHQRVRYRXU\FKORVWt
9GRE NG\VHGLJLWiOQtSHQRVDQDORJRYFKVLJQiO$]DDOVWiYDWUHiOQ SRXLWHOQRX
WHFKQRORJLtE\OQHMY\tDVY\SUDFRYDWSURQLMHGQRWQVWDQGDUGOHQRYp
PH]LQiURGQtRUJDQL]DFH&&,77NWHUiMHNWRPXStVOXQiYDNQHE\OLVFKRSQLVH
YDVGRKRGQRXWDWDNY]QLNORQ NROLNQDY]iMHPQHNRPSDWLELOQtFKVWDQGDUG$
3,2%5B7,)
2EU3HGVWDYDLPSXOVRYpNyGRYpPRGXODFH 3&0
986$VHGLJLWiOQtSHQRVRYpFHVW\SRXtYDO\MLRGHGHViWFKOHW6SROHQRVW
$7 7NWHUiYWpGRE GtN\VYpPXPRQRSROQtPXSRVWDYHQtSURYR]RYDODSHV
YHFKWHOHIRQQtFKVtWtY86$MHSRXtYDODNSURSRMRYiQtVYFKWHOHIRQQtFK~VWHGHQ
3R]G MLYDN]DDODW\WRVSRMHR]QDRYDQpMDNRVSRMH7 7&LUFXLWV SURQDMtPDW
WDNpMLQPRUJDQL]DFtP
9GQHQtGRE H[LVWXMHFHOiKLHUDUFKLHW FKWRVSRM$RGVWXSRYDQFKSRGOH
SHQRVRYFKU\FKORVWtYL]WDEXOND-HGQiVHRGYRXERGRYpGLJLWiOQtSHQRVRYp
FHVW\NWHUpO]HSRXtYDWEXMDNRMHGLQGLJLWiOQtNDQiOQHERMHUR]G OLWQDQ NROLN
SRGNDQiO$7\SLFN\VHSRXtYDMtSURSHQRVWHOHIRQQtFKKRYRU$YGLJLWiOQtIRUP 9
WDNRYpPWRStSDG MVRXUR]G OHQ\QDSRGNDQiO\VSHQRVRYRXU\FKORVWt
NELWVHNXQGXDDQDORJRYWHOHIRQQtVLJQiOMHSURSRWHE\SHQRVXNyGRYiQSRPRFt
LPSXOVRYpNyGRYpPRGXODFH3RHWWHOHIRQQtFKKRYRU$NWHUpO]HSRMHGQRWOLYFK
YDULDQWiFK7VSRM$SHQiHWXYiGtWDEXOND
)LUPD$7 7Y\WYRLODWDNpFHORXKLHUDUFKLLVWDQGDUG$R]QDRYDQFKMDNR1RUWK
$PHULFDQ'LJLWDO+LHUDUFK\NWHUpGHILQXMt]S$VRESHQRVXKODVRYFKNDQiO$SR
MHGQRWOLYFKYDULDQWiFKVSRM$7YL]WDEXOND
7VSRM3RHWKODVRYFKNDQiO$3HQRVRYiU\FKORVW
 SLNyGRYiQt3&0  ELW$VHNXQGX
7

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7&
7
7
7
7DEXOND6SRMH7
)RUPiW3RHW(NYLYDOHQWQt3HQRVRYiU\FKORVW
KODVRYFKSRHWVSRM$7 ELW$VHNXQGX
NDQiO$
'6
'6
'6&
'6
'6
'6&
'6(
'6
7DEXOND1RUWK$PHULFDQ'LJLWDO+LHUDUFK\
8NDPHVLSRGUREQ MLMDNWRY\SDGiYStSDG VSRM$7NWHUpMVRXVWiOHMHW
QHMUR]tHQ Mt)RUPiWSHQiHQFKGDWGHILQXMHSURWHQWRW\SVSRM$7VWDQGDUG'6
3HGSRNOiGiHKODVRYFKNDQiO$MHVWtGDY SHStQiQR PXOWLSOH[RYiQR QDYVWXS
MHGLQpKR]Dt]HQtFRGHFNWHUpY]RUNXMHKRGQRWXDQDORJRYpKRVLJQiOXDY\MDGXMHML

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MDNRELWRYptVOR.W PWRVHGPLGDWRYPELW$PVHSDNSLGiYiMHW MHGHQtGtFtELW
WDNHNDGKODVRYNDQiOSLVStYiSLNDGpPVYpPY]RUNRYiQtGRSHQiHQFKGDW
FHONHPRVPLELW\9]KOHGHPNSUDYLGHOQpPXSHStQiQtPH]LMHGQRWOLYPLKODVRYPL
NDQiO\MVRXW\WRELWRYpSRORN\RGMHGQRWOLYFKNDQiO$D]HQ\]DVHEH
RVPLELWRYFKSRORHNRGMHGQRWOLYFKKODVRYFKNDQiO$GRSOQ QFKMHW MHGQtP
tGtFtPELWHPSDNWYRtW]YUiPHF IUDPH 7HQPiFHONHP    ELW$
YL]REU-HGQRWOLYpKODVRYpNDQiO\VHY]RUNXMtNUiW]DVHNXQGXFR
RGSRYtGiUiPF$]DVHNXQGX0iOLNDGUiPHFELW$MH]DSRWHEt
SHQRVRYiU\FKORVW  UHVS0ELW$]DVHNXQGXFRMHSUiY
SHQRVRYiU\FKORVWVSRM$7
3,2%5B7,)
2EU3HQRVRYUiPHFVSRM$7
8LYDWHOpY86$VLGQHVPRKRXSURQDMtPDWVSRMH7YWDNRYpYDULDQW NWHUiRGSRYtGi
MHMLFKSRWHEiPSHQRVRYFKU\FKORVWt1HYG\YDNGRNitSOQ Y\XtWPRQRVWtLWp
QHMSRPDOHMtYDULDQW\VSRM$73URYR]RYDWHOpVSRM$7MHGQHVSURWRSURQDMtPDMt
MLWDNpSRMHGQRWOLYFKSRGNDQiOHFK MDNRW]YIUDFWLRQDO7 QHMDVW MLSUR
QHERNLORELW$]DVHNXQGXSLHPVDPL]DML"XMtSRWHEQpG OHQt
SHQRVRYpKRSiVPD PXOWLSOH[LQJ 
.G\RUJDQL]DFH&&,77NRQHQ GRVS ODNMHGQRWQpPXVWDQGDUGXSURSHQRV
KODVRYFKNDQiO$SRGLJLWiOQtFKSHQRVRYFKFHVWiFK]GiORVHMtHMHGHQtGtFtELWQD
NDGFKVHGPGDWRYFKELW$MDNRMHWRPXXVSRM$7LSHVQ MLXVWDQGDUGX'6
MHStOLYHONRXUHLt6WDQGDUG&&,77SURWRSHGSRNOiGiNyGRYiQtRNDPLWpKRGQRW\
DQDORJRYpKRVLJQiOXGRELW$PtVWRGRELW$MDNRYStSDG VWDQGDUGX'60tVWR
NDQiO$MLFKSHGSRNOiGiFHONHP]WRKRKODVRYFKDGYDSRPRFQptGtFt
9]RUNRYiQtVHSURYiGtRS WNUiW]DVHNXQGXSRWHEQiSHQRVRYiU\FKORVWWXGt
Y\FKi]t[[ WM0ELW$]DVHNXQGX3tVOXQVWDQGDUG
&&,77VHVSUiYQ MPHQXMH*DOHDVWRVHR]QDXMHWDNpMDNRHYURSVN7
VSRMQHERWpMDNRVSRM(([LVWXMtWDNpDQDORJLFNiGRSRUXHQt&&,77SURVSRMHV
SHQRVRYPLU\FKORVWPLD0ELW$VHNXQGX
,6'1
7HOHIRQQtVt"E\ODSRYtFHQHVWROHWKODYQtNRPXQLNDQtLQIUDVWUXNWXURXY\WYRHQRX
VRKOHGHPQDSRWHE\DQDORJRYpKRSHQRVXOLGVNpKRKODVX8LYDWHOpYDNGQHV
SRDGXMtQHMHQY\tNYDOLWXKODVRYFKSHQRV$QHSURMDNpMHVWiYDMtFtWHOHIRQQtVt"
NRQFLSRYiQDDOHWDNp]DOHQ QtGDOtFKQRYFKVOXHE-DNE\VHYiPOtELOQDStNODG
WHOHIRQNWHUE\NURP Y\]YiQ QtXND]RYDOWDNpQDStVORWRKR~DVWQtNDNWHUYiV
SUiY YROi"1HERU\FKOHMtDNYDOLWQ MtIDNVLLPLOQtSHQRV VNXSLQ\,9YL]GtO
QDHKRVHULiOX NWHU]YOiGQHSHQRVMHGQpVWUiQN\$GRS WLVHNXQG"&RWDNKOH
PRQRVWQRUPDOL]RYDQpKRSLSRMHQtWHUPLQiOXQHERSRtWDHStPRQDYHHMQRX
SHQRVRYXVt""
-DNMVPHVHML]PtQLOLPLQXOHVSRMRYpRUJDQL]DFHVDP\]WHFKQLFNFKG$YRG$
SHFKi]tQDGLJLWiOQtWHOHIRQQt~VWHGQ\DMHMLFKY]iMHPQpSURSRMHQtSRPRFt
GLJLWiOQtFKSHQRVRYFKFHVW9HQD]QDHQpSRDGDYN\XLYDWHO$WHQWRSHFKRGRWR
YtFHPRWLYXMtSRDGXMtMHKRUR]tHQtDNHNRQFRYPXLYDWHO$PDSLGiYDMtMHW
SRDGDYHNGDOtFKQRYFKVOXHE9VOHGNHPMHVQDKDRSHP QXFHOpQ\Q Mt
DQDORJRYpWHOHIRQQtVtW QDVt"GLJLWiOQtNWHUiE\LQWHJURYDODMDNKODVRYpWDNLGDOt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SHQRVRYpVOXE\1RYMHGQRWQV\VWpPNHNWHUpPXE\P OWHQWRYYRMVP RYDWVH
QD]Yi,6'1 ,QWHJUDWHG6HUYLFHV'LJLWDO1HWZRUNUHVS'LJLWiOQt
WHOHNRPXQLNDQtVt"VLQWHJURYDQPLVOXEDPL DMHNRRUGLQRYiQPH]LQiURGQt
RUJDQL]DFt&&,77IRUPRXMHMtFKGRSRUXHQt
.RQFHSFH,6'1SHGSRNOiGiHEXGHVYPXLYDWHO$PSRVN\WRYDWU$]QpGUXK\
SHQRVRYFKNDQiO$UHVSRNUXK$([LVWXMHSURQ LMHGQRWQpR]QDHQt
$DQDORJRYWHOHIRQQtNDQiOVtNRXSiVPDN+]
%GLJLWiOQtNDQiOVSHQRVRYXU\FKORVWtNELWVHNXQGXSURSHQRVKODVX V
NyGRYiQtP3&0 QHERGDW
&GLJLWiOQtNDQiOVSHQRVRYRXU\FKORVWtQHERNELWVHNXQGX
'GLJLWiOQtNDQiOSURVOXHEQt~HO\VSHQRVRYRXU\FKORVWtQHER
NELWVHNXQGX
(GLJLWiOQtNDQiOVSHQRVRYRXU\FKORVWtNELWVHNXQGXSURLQWHUQtSRWHE\,6'1
+GLJLWiOQtNDQiOVSHQRVRYRXU\FKORVWtQHERNELWVHNXQGX
.RQFHSFH,6'1YDNQHSHGSRNOiGiOLERYROQRXVNODGEXW FKWRNDQiO$'RSRUXHQt
&&,77]DWtPVWDQGDUGL]XMHWLU$]QpNRPELQDFHW FKWRNDQiO$R]QDRYDQpMDNR
%DVLFUDWH NDQiO\%DNDQiO' 
3ULPDU\UDWH Y86$D-DSRQVNXNDQiO$%DNDQiO'Y(YURS NDQiO$%D
NDQiO' 
+\EULG NDQiO$DNDQiO& 
6P\VOHPSRVOHGQt]XYHGHQFKNRPELQDFt K\EULG MHXPRQLWSLSRMHQtVWiYDMtFtFK
DQDORJRYFKWHOHIRQ$QDVt",6'1-GHYDNVStHRMDNpVLQRX]RYpHHQt0QRKHP
]DMtPDY MtMVRX]EYDMtFtGY PRQRVWL3UYQt]QLFK %DVLFUDWH MH]DPOHQDMDNR
QiKUDGDVWiYDMtFt~DVWQLFNpWHOHIRQQtStSRMN\GRGRPiFQRVWtPDOFKNDQFHOitQHER
QDSNSUDFRYQtPVWRO$PMHGQRWOLYFK]DP VWQDQF$YUiPFLY WtFKRUJDQL]DFt
.DG]RERXNDQiO$%MHVFKRSHQSHQiHWMHGHQWHOHIRQQtKRYRUVNyGRYiQtP3&0
YL]PLQXOH QHERGDWDU\FKORVWtNELWVHNXQGXSLHPSURYHNHUpt]HQt QDS
Y\WiHQtKRYRU$SHQRV~GDM$R~DVWQLFNpPtVOHYRODMtFtKRRSRSODWFtFK]D
VSRMHQtDSRG VORXtVOXHEQtNDQiO'VSHQRVRYRXU\FKORVWtNELWVHNXQGX
0\OHQNDSRVN\WQRXW~DVWQtNRYLGYDGDWRYpSHQRVRYpNDQiO\PtVWRMHGQRKRMH
VDPDRVRE ]DMtPDYi9SR]DGt]HMP VWRMtG$YRG\VQDtKRSURVD]HQtDPDUNHWLQJX
WpWRQRYpWHFKQRORJLHNWHUiVYPLGY PDSHQRVRYPLNDQiO\QDEt]tMLQDSUYQt
SRKOHG]HMPpY\OHSHQtRSURWLVWiYDMtFtPXVWDYX7\SLFNP]S$VREHPY\XLWtPiEW
MHGHQWHOHIRQQtKRYRUPH]LGY PD~DVWQtN\ SRMHGQRP]RERXNDQiO$% NWHU
P$HEWGRSOQ QQDSSHQRVHPGDWPH]LVWHMQPL~DVWQtN\SRGUXKpPNDQiOX%
3HGVWDYWHVLQDStNODGHVHVYPNROHJRXSLSUDYXMHWHVSROHQOiQHN9DH
SRtWDHQDNWHUFKGRNXPHQWSLSUDYXMHWHMVRXQDY]iMHPSURSRMHQ\MHGQtP
GDWRYPNDQiOHPDREDYLGtWHStPRSHGVHERXVWHMQRXYHU]LGRNXPHQWXGRNWHUpVH
YiPLKQHGSURPtWDMtYHFKQ\SU$E Q SURYiG Qp]P Q\'tN\SUYQtPXNDQiOX%VH
P$HWHVHVYPNROHJRXGRPORXYDWYHGOHWRKRMHW LKODVHPFRYtFHVLSiW"
'YDNDQiO\%DMHGHQNDQiO'WRMH  NELW$]DVHNXQGXVUHLt
NELWVHNXQGXQDPXOWLSOH[YHFKWtNDQiO$SDNFHONHPNELWVHNXQGX2Wi]NRXMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NGHY]tWWDNWRU\FKORXSHQRVRYXFHVWXRGNRQFRYpKRXLYDWHOHDNWHOHIRQQt
~VWHGQ "2GSRY MHMHGQRGXFKiO]HY\XtWMLH[LVWXMtFt~DVWQLFNpStSRMN\SUR
VWiYDMtFtDQDORJRYRXWHOHIRQQtVt"3LEOLQ SURFHQW~DVWQLFNFKStSRMHNMHWRWL
NUDWtFKQHNLORPHWU$DO]HQDQLFKGRViKQRXWSHQRVRYpU\FKORVWLD
0ELW\VHNXQGX1DW FK]EYDMtFtFKSDNRQ FRPpQ 
DVWQLFNiStSRMND ~DVWQLFNStSRMQRNUXK YHGRXFtRGNRQFRYpKRXLYDWHOHN
WHOHIRQQt~VWHGQ MHVDPDRVRE MHGLQPSHQRVRYPRNUXKHPNWHUMHPH]L
NDQiO\%D'UR]G OHQSRPRFtDVRYpKRPXOWLSOH[X YL]GtOQDHKRVHULiOX 1D
NRQFLWpWR~DVWQLFNpStSRMN\SDNPXVtEWXPtVW QRXNRQXMtFt]Dt]HQtY
WHUPLQRORJLL,6'1R]QDRYDQpMDNR17 1HWZRUN7HUPLQDWLRQ YL]REU
7RWRXNRQXMtFt]Dt]HQtY\WYitWDNpVWDQGDUGQtUR]KUDQt,6'1NHNWHUpPXO]H
SLSRMLWD]Dt]HQtY\KRYXMtFtFKVWHMQpPXVWDQGDUGXWHG\QDSWHOHIRQQtStVWURM
SUR,6'1,6'1WHUPLQiODSRG
3,2%5B7,)
2EU-HGQRGXFKiStSRMND,6'1
3,2%5B7,)
2EU3tSRMND,6'1VSRERNRYRX~VWHGQRX
3URW\XLYDWHOHNWHUPQHVWDt,6'1StSRMNDW\SX%DVLFUDWH QDSSUR
RUJDQL]DFH MHXUHQDStSRMND3ULPDU\UDWHVY\tPSRWHPGDWRYFKNDQiO$%D
VOXHEQtPNDQiOHP'VSHQRVRYRXU\FKORVWtNELWVHNXQGX3HGSRNOiGiVHH
NRQFRYXLYDWHO RUJDQL]DFH VLNWpWRStSRMFHSLSRMtYODVWQtGLJLWiOQtSRERNRYRX
~VWHGQXSUR,6'1NHNWHUpVLSDNP$HSLSRMRYDWY WtSRHWU$]QFK]Dt]HQtVH
VWDQGDUGL]RYDQP,6'1UR]KUDQtPDSHVYKRGQpDGDSWpU\L]Dt]HQtVMLQP
UR]KUDQtPQDS56&9WHUPLQRORJLL,6'1MHWDWR~VWHGQDR]QDRYiQDMDNR
]Dt]HQt17DSLSRMXMHVHNXNRQXMtFtPX]Dt]HQL17YL]REU
2GOLQRVWYSRWXNDQiO$%Y86$DY(YURS MHXStSRMN\3ULPDU\UDWHGiQD
RGOLQPVWDQGDUGHPSURVSRMH7NWHUpVHSURW\WRStSRMN\SRXtYDMtQHMDVW ML
NDQiO$%DMHGHQNDQiO'SHGVWDYXMHFHONHP  NELWVHNXQGXFR
VHSUiY YHMGHQDMHGHQVSRM7GOHVHYHURDPHULFNpKRVWDQGDUGXNWHUPi
SHQRVRYRXU\FKORVW0ELWVHNXQGX YL]PLQXOH ]DWtPFRHYURSVNVSRM7
QDEt]t0ELWVHNXQGXDNURP MHGQRKRNDQiOX'SRQ PO]HWHG\SHQpVWMHW
NDQiO$%]QLFKMHRYHPMHGHQY\KUDHQSURSRWHE\t]HQtDVSUiY\
=iNODGQtGRSRUXHQtN,6'1E\ODRUJDQL]DFt&&,77Y\GiQDMLYURFHGR
SUDNWLFNpKRLYRWDVHYDNWDWRQRYiWHFKQRORJLHSURVD]XMHUHODWLYQ SRPDOX
5R]KRGQ SRPDOHMLQHMHMt]DVWiQFLS$YRGQ SHGSRNOiGDOL6QDG]DWRP$HL
SHWUYiYDMtFtQHGRVWDWHQiLQIRUPRYDQRVWDQHY\MDVQ QRVWQ NWHUFKNRQFHSQtFK
RWi]HN9GRE Y]QLNXFHOpNRQFHSFH]OpMD]\N\WYUGLO\H,6'1VSUiYQ ]QDPHQi,
6XUH'RQ
WN1RZWHG\GRVORYDRSUDYGXQHYtP]DWtPFRGQHVWRSU]QDPHQi,
6WLOO'RQ
WN1RZQHEROLVWiOHMHW QHYtP-LQpSUDPHQ\]DVHXYiGtHMGHR
]NUDWNX,6XUH'RQ
W1HHGLWQHEROLRSUDYGXWRQHSRWHEXML.GRYt
9HHMQpGDWRYpVtW SHSRMRYiQtRNUXK$DSHSRMRYiQtSDNHW$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9UR]OHKOFKSRtWDRYFKVtWtFKVHX]ORYpSRtWDHSURSRMXMtSRGYRMLFtFKPH]L
VHERXSRPRFtW]YGYRXERGRYFKVSRM$ SRLQWWRSRLQWOLQHV YL]REUD
1LNROLRYHPNDGVNDGPWDNHVSRMHQtPH]LGY PDSRtWDLP$HYpVWSHV
Q NROLNPH]LOHKOFK9WRPWRStSDG VLSRtWDRYiVt"PXVtVDPD]DMLVWLWYHFRMH
WHEDDE\VHSHQiHQiGDWDGRVWDODDGRFtORYpKRX]OXQDSYROEXQHMYKRGQ Mt
FHVW\ NWHUiQHPXVtEW]GDOHNDMHQMHGQD SLMHWtGDWYPH]LOHKOpPX]OXDMHMLFK
QiVOHGQpRGHVOiQtGiOHNFtORYpPXX]OXDWG
3,2%5B7,)
2EU3URSRMHQtX]O$SRtWDRYpVtW
DSRPRFtGYRXERGRYFKVSRM$
ESRPRFtYHHMQpGDWRYpVtW
6SRMRYpRUJDQL]DFH VSUiY\VSRM$ YDNPRKRXQDEt]HWMHW MLQRXDOWHUQDWLYXSL
NWHUpQDVHEHSHEtUDMtYHFKQ\SUiY QD]QDHQpSRYLQQRVWLVSRMHQpVGRUXHQtPGDW
DNMHMLFKVNXWHQpPXDGUHViWRYL-DNRGDOtVOXEXYHHMQRVWLPRKRXQDEt]HWYODVWQt
Vt"SURSHQRVGDWW]YYHHMQRXGDWRYRXVt" 3XEOLF'DWD1HWZRUN3'1 QD
NWHURXVLPRKRXXLYDWHOpSLSRMRYDWVYpSRtWDHWHUPLQiO\DSRG
=SRKOHGXVYFKXLYDWHO$VHYHHMQiGDWRYiVt"MHYtMDNRMHGQDYHONiHUQiVNtNDV
XULWPSRWHPStVWXSRYFKERG$NHNWHUPVHSRPRFtGYRXERGRYFKVSRM$
StSRMHN QDSRMXMtXLYDWHOVNpSRtWDHYL]REUE3URQ SDNYHHMQiGDWRYi
Vt"IXQJXMHMDNRMHGQRYHONpSURSRMRYDFtSROHGRNiHSHQpVWGDWD]NWHUpKRNROL
VYpKRStVWXSRYpKRERGXGRNWHUpKRNROLMLQpKR
9QLWQtVWUXNWXUDYHHMQpGDWRYpVtW QHQtSURXLYDWHOHUHOHYDQWQtDDVWRVHDQL
QH]YHHMXMH&RYDNPXVtEWYHOPLSHVQ GHILQRYiQR]YHHMQ QRDGRGURYiQR
MVRXSHVQiSUDYLGODKU\SLSLSRMRYiQtHKRNROLQDYHHMQRXGDWRYRXVt"WHG\
UR]KUDQtPH]LYHHMQRXGDWRYRXVtWtDSLSRMHQPSRtWDHP
3,2%5B7,)
2EU3HGVWDYDVtW VSHSRMRYiQtPRNUXK$
3URYODVWQtWUDQVSRUWGDWP$HYHHMQiGDWRYiVt" WDNMDNRREHFQ NDGiVt" SRXtYDW
U$]QpPHFKDQLVP\-HGQRX]PRQRVWtMHW]YSHSRMRYiQtRNUXK$ FLUFXLW
VZLWFKLQJ NWHUpO]HQHMOpSHSLURYQDWNPHFKDQLVPXLQQRVWLYHHMQpWHOHIRQQtVtW 
7DNp]GHWRWLGRFKi]tNSURSRMRYiQtSHQRVRYFKFHVWWDNDE\PH]LGY PD
StVWXSRYPLERG\NYHHMQpGDWRYpVtWLY]QLNQXOMHGLQSHQRVRYRNUXKYWRPWR
StSDG GDWRYRNUXKYL]REU7HQWRGDWRYRNUXKPXVtEWQHMSUYHVHVWDYHQ
QDiGRVWWRKRNGRVSRMHQtSHVYHHMQRXGDWRYRXVt"LQLFLXMH DSDNH[LVWXMHDGRWp
GRE\QHMHRS WQ UR]SRMHQ2ED~DVWQtFLVSRMHQtWDNPDMtSRFHORXGREXVYp
Y]iMHPQpNRPXQLNDFHNGLVSR]LFLDYOXQ SURVHEHGDWRYRNUXKSRNWHUpPVL
PRKRXY\P RYDWGDWDYSRGVWDW MDNPNROL]S$VREHP0RKRXVLSRVtODWOLERYROQ
YHONpEORN\GDWQHERWDNpQDSVSRMLWSURXGE\W$
'DOtPRQRVWtMHW]YSHSRMRYiQtSDNHW$ SDFNHWVZLWFKLQJ 7RMH]DORHQRQD
P\OHQFHHSHQiHQiGDWDVHUR]G OtQDVWHMQ YHONpEORN\DNQLPVHGRSOQt
Q NWHUpGDOt~GDMH PMDGUHVDRGHVLODWHOHDDGUHVDStMHPFH 7tPY]QLNDMtW]Y
SDNHW\ SDFNHWV NWHUpVHSDNSHQitGDWRYRXVtWtMDNRGiOHQHG OLWHOQpFHON\
1HY]QLNi]GHRYHPiGQVNXWHQGDWRYRNUXKPH]LRGHVLODWHOHPDStMHPFHP

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SDNHWX0tVWRWRKRVLMHGQRWOLYpYQLWQtX]O\YHHMQpGDWRYpVtW SHGiYDMtSDNHW\PH]L
VHERXGRNXGMHQHGRUXtDNStVWXSRYpPXERGXQDNWHUMHQDSRMHQDGUHViWSDNHWX
0HFKDQLVPXVSHSRMRYiQtSDNHW$P$HEWUHDOL]RYiQGY PDRGOLQPL]S$VRE\
3UYQt]QLFKSHGSRNOiGiHNDGYQLWQtX]HOGDWRYpVtW NWHUSLMPHQ MDNSDNHW
VHYG\]QRYXUR]KRGXMHRWRPNXG\KRPiSRVODWGiO-GHRDQDORJLLE QpOLVWRYQt
SRW\YHNWHUpGDWRYSDNHWRGSRYtGiGRSLVQtREiOFHRSDWHQpDGUHVRXStMHPFHD
YQLWQtX]HOGDWRYpVtW KUDMHUROLSRWRYQtKR~DGXNWHUPXVtUR]KRGQRXWRWRPNDP
REiONXSHGiGiO$QDORJLLVOLVWRYQtSRWRXV\PEROL]XMHLQi]HYWpWRYDULDQW\
SHSRMRYiQtSDNHW$NWHUpVHtNiGDWDJUDPRYiVOXEDDGDWRYPSDNHW$P
GDWDJUDP\ GDWDJUDPV 9KRGRXMHPRQRVWDE\GDWRYiVt"SLSHQRVXGDWDJUDP$
SU$E Q UHDJRYDODQDVYpRNDPLWp]DWtHQtDYStSDG SRWHE\YROLODU$]Qp
DOWHUQDWLYQtFHVW\SHQRVX9G$VOHGNXWRKRSDNGDWRYiVt"QH]DUXXMHVSUiYQpSRDGt
GRUXRYiQtMHGQRWOLYFKGDWDJUDP$P$HVHWRWLVWiWHGtN\SRXLWtDOWHUQDWLYQtFK
WUDVXYQLWGDWRYpVtW Q NWHUpGDWDJUDP\SHGEtKDMtYL]REUi]HN
3,2%5B7,)
2EU3HGVWDYDVtW VGDWDJUDPRYRXVOXERX
1HYKRGRXGDWDJUDPRYpVOXE\MHUHLHVSRMHQiVUR]KRGRYiQtPRGDOtPVP UX
SHQRVX7XVHVQDtPLQLPDOL]RYDWDOWHUQDWLYQt]S$VREUHDOL]DFHPHFKDQLVPX
SHSRMRYiQtSDNHW$R]QDRYDQMDNRPHFKDQLVPXVYLUWXiOQtFKVSRM$ Wp
YLUWXiOQtFKVSRMHQtYLUWXiOQtFKRNUXK$YLUWXDOFDOOVYLUWXDOFLUFXLWV $E\VH
NDGYQLWQtX]HOGDWRYpVtW QHPXVHOSURNDGQRYSDNHW]QRYXUR]KRGRYDWNXG\
KRSROHGiO]YROtVHMHW SHGYODVWQtPSHQRVHPGDWMHGQDSHYQiFHVWDRG
RGHVLODWHOHNStMHPFLDSRFHORXGREXSHQRVXVHSDNSRXtYiSUiY DSRX]HWDWR
FHVWDYL]REU&HOPHFKDQLVPXVIXQJXMHWDNHQHMSUYHVHRGRGHVLODWHOH
Y\OH]YOiWQtSDNHWNWHUY\W\tPRPHQWiOQ QHMYKRGQ MtFHVWXPH]LRE PD
~DVWQtN\DLQIRUPDFHRQt]DQHVHGRNDGpKRYQLWQtKRX]OXNWHUQDWpWRFHVW OHt
9]QLNiWDNDQDORJLHGDWRYpKRRNUXKXNWHURYHPH[LVWXMHSRX]HMDNRNRQYHQFHR
WRPNXG\VHPDMtSDNHW\SHQiHWSURWRStYODVWHNYLUWXiOQt9ODVWQtSDNHW\NWHUp
VHRGHVtODMtYLUWXiOQtPVSRMHPQHMVRXRSDWRYiQ\DGUHVRXVYpKRStMHPFHDOH
R]QDHQtPYLUWXiOQtKRVSRMHNWHUNMHMLFKStMHPFLYHGH.DGYQLWQtX]HOGDWRYp
VtW NWHUWDNRYSDNHWSLMPHVHSRX]HSRGtYiGRVYFKWDEXOHNNXG\StVOXQp
YLUWXiOQtVSRMSRNUDXMHGiODWtPVP UHPSLMDWSDNHWRS WSHGi
3,2%5B7,)
2EU3HGVWDYDVtW VYLUWXiOQtPLVSRML
9LUWXiOQtVSRMHVHWHG\]L]XMtDYRNDPLNXSRWHE\SHQRVXGDWDSRMHKR
GRNRQHQtVH]DVHUXt([LVWXMHRYHPLMLQiPRQRVWW]YSHYQpYLUWXiOQtVSRMH
WpSHYQpYLUWXiOQtRNUXK\SHUPDQHQWYLUWXDOFDOOVSHUPDQHQWYLUWXDO
FLUFXLWV 9WRPWRStSDG MVRXSRWHEQpLQIRUPDFHRWUDVHYLUWXiOQtKRVSRMH
XFKRYiYiQ\YHYQLWQtFKX]OHFKGDWRYpVtW WUYDOH7tPRGSDGiSRWHED]L]RYiQtD
QiVOHGQpKRUXHQtYLUWXiOQtKRVSRMHNWHUWDNH[LVWXMHLYGRE NG\QHQtY\XtYiQR
.YHHMQPGDWRYPVtWtPNWHUpSRXtYDMtPHFKDQLVPXVSHSRMRYiQtSDNHW$ VtWtP
363'13DFNHW6ZLWFKHG3XEOLF'DWD1HWZRUNV O]HVDPR]HMP SLSRMRYDWMHQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WDNRYi]Dt]HQtNWHUiMVRXVFKRSQDVSDNHW\SRDGRYDQpKRIRUPiWXSUDFRYDW([LVWXMH
RYHPLMLQiPRQRVWVY LWVHVWDYRYiQtGDWGRSDNHW$DMHMLFK]S WQpY\EtUiQt
VSHFLDOL]RYDQpPX]Dt]HQtNWHUpSDNP$HVORXLWSRWHEiPYtFHMHGQRGXtFK
NRQFRYFK]Dt]HQt QDSWHUPLQiO$ NWHUpVSDNHW\SUDFRYDWQHXP Mt-HGQiVHRW]Y
]Dt]HQt3$' 3DFNHW$VVHPEOHU'LVDVVHPEOHU 
9HHMQpGDWRYpVtW MVRXGQHVYHVY W ]QDQ UR]tHQpDWRSHYiQ YSRGRE VtWtV
SHSRMRYiQtPSDNHW$DVYLUWXiOQtPLVSRML-VRXEXGRYiQ\SRGOHGRSRUXHQt;
RUJDQL]DFH&&,77NWHUpMHGQHVVWDQGDUGHPSURWHQWRGUXKYHHMQFKGDWRYFKVtWt D
P\VLRQ PEXGHPHMHW SRYtGDWSRGUREQ ML 
3RGOHPtVWQtFKOHJLVODWLYQtFKSRGPtQHNMVRXYHHMQpGDWRYpVtW EXPDMHWNHP
StVOXQpVSUiY\VSRM$NWHUiPiQDMHMLFK]L]RYiQtPRQRSROQHERPRKRXEW
SURYR]RYiQ\LMLQPLRUJDQL]DFHPL9G\YDNQDNRPHUQtP]iNODG 8LYDWHOSODWt
]DY\XLWtYHHMQpGDWRYpVtW EXSDXiOQ QHERSRGOHREMHPXSHQHVHQFKGDW
QHMDVW MLYDNNRPELQDFtRERX]S$VRE$
3URSURYR]RYDWHOHSRtWDRYFKVtWtMHYHHMQiGDWRYiVt"OiNDYRXPRQRVWtMDN
SURSRMLWMHGQRWOLYpX]ORYpSRtWDHVYpVtW 0LQLPDOL]XMHMHGQRUi]RYpSRiWHQt
QiNODG\QD]t]HQtNRPXQLNDQtLQIUDVWUXNWXU\DSU$E QpQiNODG\QDMHMtVSUiYX
9]KOHGHPNREY\NOp]iYLVORVWLSRSODWN$]DSHQRVQDREMHPXGDWYDNY\ND]XMHY\t
SURYR]QtQiNODG\=iOHtWHG\YG\QDNRQNUpWQtWDULIQtSROLWLFHDREMHPXSURYR]XY
SRtWDRYpVtWLNG\VHMHW Y\SODWtY\XtYDWVOXHEYHHMQpGDWRYpVtW DNG\MH
YKRGQ MtVL]tGLWYODVWQtNRPXQLNDQtLQIUDVWUXNWXUX
0LNURYOQQpDGUXLFRYpVSRMH
5R]OHKOpSRtWDRYpVtW Y\XtYDMtNSURSRMHQtVYFKX]ORYFKSRtWD$QHMDVW ML
SHYQpRNUXK\SURQDMDWpRGVSRMRYFKRUJDQL]DFt7\WRRNUXK\MVRXREY\NOH
Y\WYiHQ\SRPRFtGUiWRYFKSHQRVRYFKFHVW U$]QFKGiONRYFKNDEHO$DSRG 
([LVWXMtYDNLMLQpPRQRVWL NURP YHHMQFKGDWRYFKVtWt QDStNODGPLNURYOQQpD
VDWHOLWQtVSRMH
3tYODVWNHPPLNURYOQQp PLFURZDYH VHR]QDXMtHOHNWURPDJQHWLFNpYOQ\R
H[WUpPQ NUiWNpYOQRYpGpOFHUHVSYHONpIUHNYHQFLNWHUiMHYOQRYpGpOFHQHStPR
~P UQi9SUD[LVHSRXtYDMtIUHNYHQFHRGGR*+] WMYOQRYpGpON\SLEOLQ 
DFP 9OQ\RWDNWRY\VRNpIUHNYHQFLMLO]HSRPRFtYKRGQFKSDUDEROLFNFK
Y\VtODFtFKDQWpQVRXVWHGLWGR~]NpKRSDSUVNXDWHQQDVP URYDWQDSLMtPDFtDQWpQX
]FHVRXVWHG QSDSUVHNY\ND]XMHPLQLPiOQtUR]SW\OGRYROXMHSRXtYDWUHODWLYQ
PDOYNRQY\VtODHDMHYHOPLRGROQY$LUXHQt1DQLtFKIUHNYHQFtFKQHO]H
GRViKQRXWSRWHEQpKRVRXVWHG QtDQDY\tFKIUHNYHQFtFKVHML]DtQi]QDWHOQ
SURMHYRYDWQHSt]QLYYOLYDWPRVIpULFNFKMHY$MDNRQDSPOK\DGHW 
3,2%5B7,)
2EU0LNURYOQQpVSRMH
9]KOHGHPNStPRDUpPXtHQtVRXVWHG QpKRSDSUVNXHOHNWURPDJQHWLFNFKYOQMH
GRVDKPLNURYOQQFKVSRM$RPH]HQQDStPRXYLGLWHOQRVWY\VtODHDSLMtPDH7DMH
XURYiQDNRQNUpWQtPLJHRJUDILFNPLSRGPtQNDPLDVDPR]HMP WDNp]DNLYHQtP
=HP /]HMLXP OHSURGOXRYDWXPLV"RYiQtPY\VtODFtFKDSLMtPDFtFKDQWpQQDFR
QHMY\tY H9URYLQ NGHVHXSODWXMHSRX]HYOLY]DNLYHQt]HPVNpKRSRYUFKXMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
REY\NOGRVDKNROHPNP3URSHNOHQXWtY WtFKY]GiOHQRVWtMHQXWQpEXGRYDWVt"
UHWUDQVODQtFKVWDQLFYL]REU
'RVDLWHOQiSHQRVRYiU\FKORVWQDPLNURYOQQFKVSRMtFKMH]iYLVOiQDSRXLWpP
IUHNYHQQtPSiVPXDPRQRVWHFKSLMtPDHDY\VtODH0$HGRVDKRYDWKRGQRWD
0ELWVHNXQGX
3URSRtWDRYpVtW PRKRXEWPLNURYOQQpVSRMHYKRGQpQDStNODGYP VWVNFK
DJORPHUDFtFKYW FKPtVWHFKNGHQHH[LVWXMtYKRGQpGUiWRYpSHQRVRYpFHVW\D
LQVWDODFHQRYFKQHSLSDGiY~YDKX QDSYKLVWRULFNFKMiGUHFKP VW 
3tPiYLGLWHOQRVWPH]LSLMtPDHPDY\VtODHPMHVDPR]HMP ]QDQ RPH]XMtFtP
IDNWRUHP-HGQRX]PRQRVWtMDNVHPXY\KQRXWMHQHFKDWRGUD]LW~]FHVP URYDQ
SDSUVHNRGKRUQtFKYUVWHYWURSRVIpU\ YHYFHFFDNP YL]REU1HYKRGRX
W FKWRW]YWURSRVIpULFNFKVSRM$MHQXWQRVWSRXtYDWYHONYNRQY\VtODH GHVtWN\
N: SLHPSLMtPDQVLJQiOEYiYHOPLVODEMHQDVLQ:
3,2%5B7,)
2EU7URSRVIHULFNVSRM
6GDOtPRQRVWtY\XLWtPGUXLFHSRSUYpSLHO]QiPVSLVRYDWHOVFLIL$UWKXU&
&ODUNHDWRMLYURFHWHG\OHWSHGY\SXW QtPSUYQtKRVSXWQLNX
'QHVVHSURGUXLFRYpVSRMH VDWHOOLWHOLQNV SRXtYDMtSHYiQ W]YJHRVWDFLRQiUQt
GUXLFHQ NG\R]QDRYDQpWpMDNRW]YV\QFKURQQtGUXLFH NWHUpVHSRK\EXMtYH
YFHSLEOLQ NPQDG]HPt9WpWRYFHMHGREDMHMLFKREOHWXNROHP=HP
URYQDGRE RWRHQt]HP NRXOHNROHPMHMtRV\FR]QDPHQiHVHQDFKi]HMtYG\QDG
VWHMQPERGHP]HPVNpKRSRYUFKXY WLQRXVHWDNWRXPLV"XMtQDGURYQtN
'UXLFHP$HIXQJRYDWMHQMDNRSRXKRGUDHVLJQiOXSDNMGHRW]YSDVLYQt
GUXLFH9KRGQ MtMVRXYDNW]YDNWLYQtGUXLFH7\REVDKXMtYG\Q NROLNW]Y
WUDQVSRQGpU$ WUDQVSRQGHUV NWHUpIXQJXMtMDNRQDVRE QH]iYLVOpUHWUDQVODQt
VWDQLFH3LMtPDMtVLJQiOY\VtODQ]H=HP  W]YXSOLQNVLJQDO SHYiGtMHMGRMLQpKR
IUHNYHQQtKRSiVPD]HVLOXMtMHMDY\VtODMt]S WVP UHPN=HPL MDNRW]YGRZQOLQN
VLJQDO YL]REU
3,2%5B7,)
2EU'UXLFRYVSRM
3URGUXLFRYpVSRMHVHSRXtYDMtU$]QiIUHNYHQQtSiVPD9W]&SiVPX &EDQG
VH]H=HP NGUXLFLY\VtOiYSiVPX*+]DYRSDQpPVP UXYSiVPX*+]-VRX
NWRPX]DSRWHEtUHODWLYQ YHONpSDUDEROLFNpDQWpQ\7]Y.8SiVPR .8EDQG
SUDFXMHVY\tPLIUHNYHQFHPL *+] FRXPRXMHSRXtYDWUR]P URY PHQt
DQWpQ\ RSU$P UXFFDFP 
3RPRFtGUXLFRYFKVSRM$O]HY\WYRLWSHQRVRYpNDQiO\DRNUXK\LURNpKRVSHNWUD
SHQRVRYFKU\FKORVWt DGHVtWHNDVWRYHNPHJDELW$]DVHNXQGX NWHUpVHVYPL
YODVWQRVWPLSOQ Y\URYQDMtSR]HPQtPNDEHORYPVSRM$PDYPQRKpPMHLSHGt
'UXLFRYpVSRMHYDNPDMtLVYpQHYKRG\7RXQHMYUD]Q MtMH]SRG QtNWHUpSL
SHQRVXY]QLNi
=H=HP QDJHRVWDFLRQiUQtGUXLFLD]S WGRUD]tVLJQiOSLEOLQ ]DDPV
SRGOHPtVWDQD=HPLRGNXGE\OY\VOiQDYHNWHUpPE\OSLMDW %XGHPHOLHNDWMHW
QDSRWYU]XMtFtRGSRY QHP$HWDWRSLMtWGtYHQHQDFFDPLOLVHNXQG$WR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MHYHOPLGORXKiGRED1HDQLWDNSURORY NDMDNRSURSHQRVRYpSURWRNRO\NWHUp
HNDMtQDSRWYU]HQtStMPXRGSURW MtVWUDQ\7\PXVtEWYKRGQ X]S$VREHQ\DE\
YHONp]SRG QtSRWYU]XMtFtRGSRY GLQHLQWHUSUHWRYDO\FK\EQ DQHVQDLO\VHStOL
EU]\RRS WRYQpY\VOiQtMLGtYHSHQHVHQFKEORN$GDW
'UXLFRYpVSRMHO]HY\XtWSURUHDOL]DFLGYRXERGRYFKVSRMHQt9]KOHGHPNHVYp
SRYD]HYDNXPRXMtLSHQRV\RGMHGQRKR]GURMHNYtFHStMHPF$P W]Y
EURDGFDVWLQJNWHUY\XtYDMtQDSU$]QpVDWHOLWQtWHOHYL]H DRGYtFH]GURM$N
MHGLQpPXStMHPFL W]YYtFHQiVREQStVWXSPXOWLSOHDFFHVV 
3,2%5B$7,)3,2%5B%7,)
2EU'DWRYiVt"96$7
DEURDGFDVWLQJ
EYtFHQiVREQStVWXS
7\WRGY YODVWQRVWLVHV~VS FKHPY\XtYDMtYGDWRYFKVtWtFKY\WYiHQFKSRPRFt
GUXLFRYFKVSRM$3RXtYDMtWDNY\VRNpIUHNYHQFHHY\VWDtMHQVUHODWLYQ PDOPL
SR]HPQtPLDQWpQDPLUHVSVYHOPLPDOP~KOHPY\]DRYiQt-HGQRWOLYpX]ORYpERG\
WpWRVtW MVRXR]QDRYiQ\MDNRWHUPLQiO\96$7 9HU\6PDOO$SHUWXUH7HUPLQDO 
'DWRYiVt"96$7 96$7'DWD1HWZRUN SHGSRNOiGiH[LVWHQFLMHGQRKR
FHQWUiOQtKRERGX W]YKXE DY WtKRSRWXWHUPLQiO$96$7SLHPNRPXQLNDFHMH
PRQiMHQPH]LWHUPLQiOHPDFHQWUiOQtPERGHPQLNROLStPRPH]LGY PDWHUPLQiO\
YL]REU'$YRG\MVRXSHGHYtPWHFKQLFNpDY\SOYDMt]HVDPRWQpSRGVWDW\
GUXLFRYFKVSRM$0QRKPDSOLNDFtPNWHUpVtW 96$7Y\XtYDMtYDNWDNRYiWR
FHQWUDOL]RYDQiNRQFHSFHSOQ Y\KRYXMHQHER"MGHRDSOLNDFHNWHUiXPRXMt
YHONpPXSRWXXLYDWHO$StVWXSNMHGQRPXFHQWUDOL]RYDQpPXLQIRUPDQtPX]GURML
QDSYHONpGDWDEi]LUH]HUYDQtPXV\VWpPXDSRG
2EHFQRXYKRGRXYHFKGUXLFRYFKVSRM$MHMHMLFKQH]iYLVORVWQDSR]HPQt
NRPXQLNDQtLQIUDVWUXNWXHPRQiPRELOLWDSR]HPQtFKVWDQLFPRQRVWUHDOL]RYDW
VSRMHQtLGRMDNNROLRGOHKOFKDQHStVWXSQFKPtVWDYQHSRVOHGQtPtHWDNpY\VRNp
SHQRVRYpU\FKORVWLNWHUFKO]HSRPRFtGUXLFRYFKVSRM$GRViKQRXW
.RD[LiOQtNDEHODNURXFHQiGYRXOLQND
-HGQRX]RGOLQRVWtORNiOQtFKDUR]OHKOFKSRtWDRYFKVtWtMHY]WDKMHMLFK
SURYR]RYDWHO$NSURVWHGN$PNWHUpVORXtNSURSRMRYiQtX]ORYFKSRtWD$9
StSDG UR]OHKOFKVtWtMGHYHVP VRSHQRVRYpFHVW\UHVSRNUXK\LNDQiO\SRX]H
SURQDMDWpRGVSRMRYpRUJDQL]DFHNWHUiMHMHMLFKYODVWQtNHP
9StSDG ORNiOQtFKSRtWDRYFKVtWtVLQH]E\WQpSURVWHGN\SURSRMHQt]L]XMt
SURYR]RYDWHOpVtW VDPLDW\WRSDN]$VWiYDMtMHMLFKPDMHWNHP1HMDVW MLMGHRU$]Qp
GUXK\GUiWRYFKSHQRVRYFKFHVW NDEHO$ YSRVOHGQtGRE VHYDNVWiOHYtFH
SURVD]XMtWDNpRSWLFNpNDEHO\
0RQRVWLY\XLWtMHGQRWOLYFKGUXK$NDEHO$MVRXXUHQ\SHGHYtPMHMLFK
NYDQWLWDWLYQtPLSDUDPHWU\.QHMG$OHLW MtPSDWt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SHQRVRYiU\FKORVWNWHURXO]HQDGDQpPNDEHOXGRViKQRXWXGUiWRYFK
SHQRVRYFKFHVWVHSRK\EXMHYiGXMHGQRWHNDGHVtWHN0ELW$]DVHNXQGXX
RSWLFNFKNDEHO$MHMHW Y\t
~WOXP DWWHQXDWLRQ SHGVWDYXMH]HVODEHQtSHQiHQpKRVLJQiOX-H]S$VREHQ
RGSRUHPNWHUNDEHONODGHSHQiHQpPXVLJQiOXEYiY WtSURY\tIUHNYHQFH
SHQiHQpKRVLJQiOX DWHG\SURY\tSHQRVRYpU\FKORVWL DURVWHWDNpVH
]PHQRYiQtPSU$P UXNDEHOX&HONRYiKRGQRWD~WOXPXMHStPR~P UQiGpOFH
NDEHOXDMHMHGQtP]UR]KRGXMtFtFKIDNWRU$NWHUpXUXMtPD[LPiOQtSRXLWHOQRXGpONX
VRXYLVOpKR~VHNX VHJPHQWX NDEHOX
RGROQRVWY$LUXHQt LQWHUIHUHQFH YRNROtNDEHOXP$HGRFKi]HWNU$]QP
MHY$PNWHUpPDMtQHSt]QLYYOLYQDSHQiHQVLJQiOMGHQDSRSURYR]U$]QFK
HOHNWULFNFKVSRWHEL$DSRG.DGGUXKNDEHOXY\ND]XMHREHFQ MLQRXRGROQRVW
Y$LUXHQt
-HGQRX]HVSHFLILFNFKIRUHPUXHQtMHW]YSHVOHFK FURVVWDON NG\VLJQiO
SHQiHQMHGQtPNDEHOHPRYOLYXMHSU$E KVLJQiOXYMLQpPNDEHOXQHMDVW MLVH
SURMHYXMHXVRXE Q YHGHQFKYRGL$
9G$VOHGNX~WOXPXDUXHQtSDNGRFKi]t]NUHVOHQt GLVWRUWLRQ SHQiHQpKRVLJQiOX
NWHUpVHXGDWRYFKSHQRV$YNRQHQpSRGRE SURMHYXMHStMPHPMLQFKGDWQHMDNp
E\O\VNXWHQ Y\VOiQ\
'QHV]HMP QHMSRSXOiUQ MtGUiWRYRXSHQRVRYRXFHVWRXMHW]YNRD[LiOQtNDEHO
FRD[LDOFDEOH 7YRtMHMYQLWQtYRGL P G QQHERSRVWtEHQ NROHPNWHUpKRMH
QDQHVHQDL]ROXMtFtYUVWYDGLHOHNWULNDYL]REU1DWpWRYUVWY MHSDNQDQHVHQR
YRGLYpRSOHWHQtNWHUpMHVDPRSHNU\WRGDOtL]ROXMtFtYUVWYRXYQ MtPSOiW P
3,2%5B7,)
2EUDNRD[LDOQtNDEHO
ENURXFHQiGYRXOLQND
9RGLYpRSOHWHQtSHGVWDYXMHUR]SURVWHQYRGLMHKRSRGpOQiRVDMHVKRGQiV
RVRXYQLWQtKRYRGLHSURWRR]QDHQtNRD[LiOQt WMVRXRV NDEHO
+ODYQtHIHNWYRGLYpKRRSOHWHQtVSRtYiSHGHYtPYRGVWtQ QtYQLWQtKRYRGLHRG
YOLYXYQ MtKRUXHQtNRD[LiOQtNDEHO\MVRXSURWRY$LUXHQtGRVWLRGROQp9\UiEtVH
YU$]QFKSURYHGHQtFKNWHUpVHOLtUR]P U\PHFKDQLFNPSURYHGHQtPLKRGQRWRX
W]YLPSHGDQFHNWHUiY\MDGXMHRGSRUNODGHQVWtGDYpPXVLJQiOX
.RD[LiOQtNDEHO\VHSRXtYDMtQDSYORNiOQtFKVtWtFK(WKHUQHW=GHMH]iNODGQtP
W\SHPNRD[LiOQtNDEHORYQ MtPSU$P UXPPVHW\QiVREQPRSOHWHQtPD
LPSHGDQFt2KP$6RXYLVOVHJPHQWWRKRWRNDEHOXP$HPtWGpONXDPHWU$
QDY WtY]GiOHQRVWLMHSDNQXWQpY]iMHPQ VSRMRYDWYtFHVHJPHQW$SRPRFtW]Y
RSDNRYD$ RQLFKVLEXGHPHSRYtGDWSR]G ML )RUPiOQtR]QDHQtWRKRWRNDEHOXMH
5*YSUD[LMHDOHR]QDRYiQVStHMDNRWOXVW(WKHUQHW 7KLFN(WKHUQHW QHER
WDNpMDNROXWNDEHO <HOORZ&DEOH Y]KOHGHPNHVYpPXYHONpPXSU$P UXUHVS
VYpFKDUDNWHULVWLFNpEDUY -HKRYKRGRXMHSHGHYtP]QDQGRVDKDYHONiRGROQRVW
SURWLUXHQtQHYKRGRXSDNY\VRNiFHQDDPDOiRKHEQRVW
FS

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9PQRKDNRQNUpWQtFKDSOLNDFtFKYDNQHMVRXNYDOLW\WOXVWpKR(WKHUQHWXGRVWDWHQ
Y\XLW\DWDNVH]GHSRXtYiW]YWHQN(WKHUQHW 7KLQ(WKHUQHW RVWHMQp
LPSHGDQFL 2KP$ SRORYLQtPSU$P UX PP MHQVHGYRMLWPRSOHWHQtPD
SLEOLQ [ODFLQ MtQHERW]Y&KHDSHUQHWNWHUPiMHQMHGQRGXFKpRSOHWHQt9\t
~WOXPW FKWRNDEHO$DMHMLFKPHQtRGROQRVWY$LUXHQtGRYROXMtY\WYiHWVRXYLVOp
VHJPHQW\MHQGRFFDPHWU$9HONRXUROLKUDMHDVWRWDNpYUD]Q Y WtRKHEQRVW
WHQNpKR(WKHUQHWXIRUPiOQ R]QDRYDQpKRMDNR5*9HFKQ\WLGRVXGXYHGHQp
GUXK\NRD[LiOQtFKNDEHO$VHYVtWtFK(WKHUQHWVWDQGDUGQ SRXtYDMtSURSHQRVRYp
U\FKORVWL0ELWVHNXQGX
9VtWtFK$UFQHWVHSRXtYiMLQGUXKNRD[LiOQtKRNDEHOXRLPSHGDQFL2KP$
R]QDRYDQMDNR5* NWHUVHSRXtYiWDNpXViORYFKSRtWD$,%0SUR
SLSRMRYiQtWHUPLQiO$NWHUPLQiORYPDGL$P.URP WRKRVHSRXtYiWDNpNRD[LiOQt
NDEHORLPSHGDQFL2KP$SHY]DW]WHOHYL]QtWHFKQLN\ R]QDRYDQMDNR&$79
NDEHO 
9HGOHNRD[LiOQtFKNDEHO$SLSDGDMtY~YDKXSURSURSRMRYiQtX]ORYFKSRtWD$WDNp
GYRMLFHE QFKMHGQRLORYFKYRGL$$E\VHFRPRQiQHMYtFHPLQLPDOL]RYDOYOLY
UXHQtSRXtYiVHSURW\WRYRGLHW]YGLIHUHQFLiOQtEX]HQtFR]QDPHQiH
SHQiHQRXLQIRUPDFLY\MDGXMHUR]GtOVLJQiO$QDRERXYRGLtFK'RMGHOLSDNYOLYHP
YQ MtKRUXHQtNHVWHMQp]P Q VLJQiOXQDRERXYRGLtFKQDUR]GtOXRERXVLJQiOXVH
WRQHSURMHYt
'YDSDUDOHOQ YHGRXFtYRGLHYDNYG\IXQJXMtMDNRMHGQRGXFKiDQWpQD3L
VRXE QpPYHGHQtYtFHWDNRYFKWRGYRMLFSDNP$HPH]LQLPLGRFKi]HWN
QHiGRXFtPXSHVOHFKXWHG\NHY]iMHPQpPXRYOLYRYiQtSHQiHQFKVLJQiO$/]H
MHMYUD]Q RPH]LW]NURXFHQtPMHGQRWOLYFKGYRMLFYRGL$FRPLQLPDOL]XMHMHMLFK
FKRYiQtMDNRDQWpQ\WDNY]QLNiW]YNURXFHQiGYRXOLQND 7ZLVWHG3DLU YL]REU
E
-HW Y WtRGROQRVWLSURWLUXHQtO]HGRViKQRXWVWtQ QtPGYRMLFHYRGL$SDNMGHR
W]YVWtQ QRXNURXFHQRXGYRXOLQNX 6KLHOGHG7ZLVWHG3DLU NWHUiMHSDNRYHP
GUDtQHS$YRGQtQHVWtQ QiNURXFHQiGYRXOLQND 8QVKLHOGHG7ZLVWHG3DLU 
.URXFHQiGYRXOLQNDVHSRXtYiPMWDNpYWHOHIRQQtWHFKQLFHE QpWHOHIRQQt
StSRMN\MVRXYHVP VUHDOL]RYiQ\SUiY WtPWR]S$VREHP3RPRFtNURXFHQFK
GYRXOLQHNMVRXHHQ\LWHOHIRQQtUR]YRG\YUiPFLEXGRYRGSRERNRYp~VWHGQ\
KY ]GLFRYLW GRMHGQRWOLYFKE\W$NDQFHOitDSRG9UiPFLH[LVWXMtFtFKWHOHIRQQtFK
LQVWDODFt]YOiW W FKNWHUpE\O\SURYiG Q\YQHGiYQpGRE PRKOR]$VWDWPQRKR
QHY\XLWFKSiU$S$YRGQ ]DPOHQFKMDNRUH]HUYD7RMHY]YDNWHURXWY$UFL
ORNiOQtFKVtWtQHPRKOLQHFKDWEH]RGH]Y\
9VRXDVQpGRE MLO]HVWtQ QRXGYRXOLQNXSRXtYDWYU$]QFKW\SHFKORNiOQtFKVtWt
3URVtW (WKHUQHWE\OYQHGiYQpGRE SLMDWVWDQGDUGGHILQXMtFt]S$VRESRXLWt
NURXFHQpGYRXOLQN\WHOHIRQQtKRW\SXSURSHQRV\U\FKORVWt0ELW]DVHNXQGX7HG\
VWHMQ U\FKOHMDNRSRNRD[LiOQtPNDEHOX5R]SUDFRYiQMHWDNpVWDQGDUGSUR)'',
SHQRVSURNURXFHQpGYRXOLQFHU\FKORVWt0ELW]DVHNXQGX R]QDRYDQWDNpMDNR
VWDQGDUG&'',QHER&RSSHU'LVWULEXWHG'DWD,QWHUIDFH 
2SWLFNpNDEHO\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-DNMVPHVLMLXYHGOLYGtOXQDHKRVHULiOXMHGRVDLWHOQiSHQRVRYiU\FKORVW
]iYLVOiSHGHYtPQDtFHSiVPDSHQRVRYpKRNDQiOXWHG\QDUR]VDKXIUHNYHQFt
NWHUpMHWHQWRNDQiOVFKRSHQSHQpVW
&KFHPHOLGRVDKRYDWYHOPLYHONFKSHQRVRYFKU\FKORVWtPXVtPHVDPR]HMP YROLW
WDNRYp]S$VRE\SHQRVXNWHUpPDMttNXSHQiHQpKRSiVPDFRPRQiQHMY Wt-H
SLWRPYFHONX]HMPpHYHONptN\SHQiHQpKRSiVPDO]HGRViKQRXWQHMVQi]HWDP
NGHMVRXIUHNYHQFHSHQiHQFKVLJQiO$YHOPLY\VRNp
=WRKRWRSRKOHGXMHYHOPLOiNDYpSRXtYDWSURSHQRVGDWQDSYLGLWHOQpVY WORNWHUp
PiIUHNYHQFLSLEOLQ 0+]DY]KOHGHPNWRPXVNWiRSUDYGXQHEYDOp
PRQRVWL
3HQiHQitVOLFRYiGDWDP$HPHUHSUH]HQWRYDWSRPRFtVY WHOQFKLPSXOV$
StWRPQRVWLPSXOVXP$HSHGVWDYRYDWQDSORJLFNRX]DWtPFRMHKRQHStWRPQRVW
ORJLFNRX3URSUDNWLFNRXUHDOL]DFLSRWHEXMHPHRYHPFHORSWLFNSHQRVRY
V\VWpPVORHQ]H]GURMHSHQRVRYpKRPpGLDDSLMtPDHYL]REUD
3,2%5B7,)
2EUD2SWLFNSHQRVRYV\VWpP
E1XPHULFNiDSHUWXUD
9ODVWQtP]GURMHPVY WODP$HEWRE\HMQiHOHNWUROXPLQLVFHQQtGLRGD GLRGD/('
/LJKW(PLWWLQJ'LRGH QHERQiNODGQ MtODVHURYiGLRGD ODVHUGLRGH NWHUpHPLWXMt
VY WHOQpSXOV\QD]iNODG SLYiG QpKRSURXGX'HWHNWRUHPQDVWUDQ SLMtPDHSDN
EYiIRWRGLRGD SKRWRGLRGH NWHUiQDRSDNSHYiGtGRSDGDMtFtVY WHOQpLPSXOV\QD
HOHNWULFNpVLJQiO\
NROHPSHQRVRYpKRPpGLDMHGRSUDYLWVY WHOQSDSUVHNRGMHKR]GURMHNGHWHNWRUX
VFRPRQiQHMPHQtPL]WUiWDPL.WRPXWR~HOXVHSRXtYiWHQNpRSWLFNpYOiNQR
RSWLFDOILEHU WYRHQpMiGUHP FRUH DSOiW P FODGGLQJ -iGURPiQHMDVW ML
SU$P UYiGXMHGQRWHNDGHVtWHNPLNURPHWU$DMHY\UREHQpQHMDVW ML]U$]QFK
GUXK$VNODHYHQWXHOQ L]SODVWX
3URSRFKRSHQt]S$VREXMDNPMHVY WHOQSDSUVHNRSWLFNPYOiNQHPYHGHQMH
QXWQpVLQHMSUYHXY GRPLWMHGHQ]iNODGQtSR]QDWHN]REODVWLI\]LN\
GRSDGiOLVY WHOQSDSUVHNQDUR]KUDQtGYRXSURVWHGtVU$]QPLRSWLFNPL
YODVWQRVWPL QDSQDUR]KUDQtPH]LMiGUHPDSOiW P YREHFQpPStSDG VHiVW
WRKRWRSDSUVNXRGUit]S WGRS$YRGQtKRSURVWHGtDiVWSURVWXSXMHGRGUXKpKR
SURVWHGt=iOHtYDNQD~KOXSRGMDNPSDSUVHNGRSDGiQDUR]KUDQt P HQpPRG
NROPLFHQDPtVWRGRSDGX -HOLWHQWR~KHOY WtQHXULWPH]Qt~KHO P HQRG
NROPLFHQDPtVWRGRSDGXDGDQRSWLFNPLYODVWQRVWPLRERXSURVWHGt GRFKi]tN
~SOQpPXRGUD]XSDSUVNX]S WGRS$YRGQtKRSURVWHGtYL]REUE
9G$VOHGNXRSDNRYDQFK~SOQFKRGUD]$NWHUpSUREtKDMtEH]MDNFKNROL]WUiWSDN
VY WHOQSDSUVHNVOHGXMHGUiKXMiGUDRSWLFNpKRYOiNQDMHWtPWRMiGUHPYHGHQ
5R]PH]t~KO$SRGNWHUPLP$HVY WHOQSDSUVHNGRSDGDWQDRSWLFNpYOiNQRWDN
DE\E\OYHGHQGHILQXMHW]YQXPHULFNRXDSHUWXUXYL]REUE
=S$VREMDNPRSWLFNpYOiNQRSDSUVHNYHGH]iOHtWDNpQDWRPMDNVHP QtRSWLFNp
YODVWQRVWL NRQNUpWQ W]YLQGH[ORPXUHIUDFWLRQLQGH[ QDSHFKRGXPH]LMiGUHP
YOiNQDDMHKRSOiW P0 QtOLVHVNRNHPDMHOLSU$P UMiGUDGRVWDWHQ YHON 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PLNURPHWU$ MGHRYOiNQRVFKRSQpYpVWU$]QpYOQ\VY WHOQFKSDSUVN$W]Y
YLG\ PRGHV -GHWHG\RPQRKRYLGRYpYOiNQR PXOWLPRGHILEHU YWRPWRStSDG
VHVWXSRYLWPLQGH[HPORPX VWHSLQGH[ILEHU YL]REUD
3RNXGVHLQGH[ORPXQDSHFKRGXPH]LMiGUHPYOiNQDDMHKRSOiW PQHP Qt
VNRNHPDOHSO\QXOHMGHRPQRKRYLGRYpYOiNQRVW]YJUDGLHQWQtPLQGH[HPORPX
JUDGHGLQGH[ILEHU NWHUpSHQiHQpYLG\RKEiYL]REUE
9KRGRXPQRKRYLGRYFKYOiNHQMHUHODWLYQ Qt]NiFHQDVQDtVSRMRYiQtYHONi
QXPHULFNiDSHUWXUDDPRQRVWEX]HQtOXPLQLVFHQQtGLRGRX
3,2%5B7,)
2EU
D0QRKRYLGRYpYOiNQRVHVWXSRYLWPLQGH[HPORPX
E0QRKRYLGRYpYOiNQRVJUDGLHQWQtPLQGH[HPORPX
F-HGQRYLGRYpYOiNQR
1HMY\tFKSHQRVRYFKU\FKORVWt D*LJDELW\VHNXQGXQDY]GiOHQRVWLGRNP O]H
GRViKQRXWQDW]YMHGQRYLGRYFKYOiNQHFK VLQJOHPRGHILEHU NWHUpSHQitMHQ
MHGLQYLGYL]REUF6FKRSQRVWLYpVWMHGLQYLGEH]RGUD]$LRK\E$VH
GRVDKXMHEXWRYHOPLPDOPSU$P UHPMiGUD iGRY MHGQRWN\PLNURPHWU$ QHER
YHOPLPDOPSRP UQPUR]GtOHPLQGH[$ORPXMiGUDDMHKRSOiW 9NDGpPStSDG
MVRXMHGQRYLGRYiYOiNQDGUDtQHPQRKRYLGRYiO]HMHRYHPSRXtWSURSHQRV\QD
GHOtY]GiOHQRVWL DNPEH]RSDNRYDH QHYOiNQDPQRKRYLGRYi3URVYp
EX]HQtYDNMLY\DGXMtODVHURYpGLRG\
2SWLFNiYOiNQDMVRXYHOPLFLWOLYiQDPHFKDQLFNpQDPiKiQtDRK\E\-HMLFKRFKUDQX
SURWRPXVt]DEH]SHRYDWVYPNRQVWUXNQtPHHQtPRSWLFNNDEHONWHUNURP
MHGQRKRLYtFHRSWLFNFKYOiNHQREY\NOHREVDKXMHLYKRGQRXYSO]DML"XMtFt
SRWHEQRXPHFKDQLFNRXRGROQRVW
.URP YHONpSHQRVRYpU\FKORVWLMHGDOtYHONRXYKRGRXRSWLFNFKYOiNHQMHMLFK
QDSURVWiQHFLWOLYRVWY$LHOHNWURPDJQHWLFNpPXUXHQt FRMHYHOPLG$OHLWpQDSY
SU$P\VORYFKDSOLNDFtFK 9KRGRXMHWDNpYHONiEH]SHQRVWSURWLRGSRVOHFKXPDO
SU$P UDPDOiKPRWQRVWRSWLFNFKNDEHO$3RQ NXGSUREOHPDWLW MtMHVSRMRYiQt
MHGQRWOLYFKYOiNHQWHFKQRORJLHMHMLFKOHSHQtLVYDRYiQtYDNMLMVRXYSUD[L
GRVWDWHQ ]YOiGQXW\
3URSRtWDRYpVtW MVRXRSWLFNiYOiNQDDWUDNWLYQtSHGHYtPSURY\VRNRXSHQRVRYRX
U\FKORVWNWHURXXPRXMtGRViKQRXWVSRP UQ Qt]NPLQiNODG\-GHWHG\R
WHFKQRORJLLYHOPLSHUVSHNWLYQt DWRQHMHQSURSRtWDRYpVtW 9VRXDVQpGRE ML
H[LVWXMtGYDVWDQGDUG\NWHUpVHWNDMtSRXLWtRSWLFNFKYOiNHQYSRtWDRYFKVtWtFK
)'', )LEHU'LVWULEXWHG'DWD,QWHUIDFH SURORNiOQtVtW W\SXWRNHQULQJVSHQRVRYRX
U\FKORVWt0ELWVHNXQGXD'4'% 'LVWULEXWHG4XHXH'XDO%XV SURW]Y
PHWURSROLWQtVtW VSHQRVRYRXU\FKORVWtD0ELWVHNXQGX
6WDQGDUGQRUPDGRSRUXHQt
9UREFLYSRHWQtWHFKQLN\VHGORXKRXGREXVQDLOLSURVDGLWQDWUKXVHVWUDWHJLt
NWHURXO]HFKDUDNWHUL]RYDWMDNRVQDKXEWSURYHFKQ\YtP6QDLOLVHGRViKQRXW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WRKRDE\VL]iND]QtNNXSRYDOYHFKQRRGQLFKMDNKDUGZDUHVHYHPLSRWHEQPL
GRSON\WDNLQH]E\WQVRIWZDUHNROHQtXLYDWHO$VHUYLVDWG
9GRE ViORYpYSRHWQtWHFKQLN\E\ODWDNRYiWRVWUDWHJLHMHW UHDOL]RYDWHOQiQHER"
]iMP\RGE UDWHO$QHE\O\WDNGLYHUVLILNRYDQpDVSHFLILFN\]DP HQpMDNRGQHVDWDNp
SRDGDYN\QDY]iMHPQRXVSROXSUiFLMHGQRWOLYFKSRtWD$QHE\O\StOLYHONp
9UREFLNWHtVHStOLQHRKOtHOLQDVHEHQDY]iMHPVLPRKOLGRYROLWNRQFLSRYDWVYp
SURGXNW\YKUDGQ SRGOHVYFKYODVWQtFKSHGVWDYDXSODWQLWYQLFKWDNRYiHHQt
NWHUiVDPLSRYDRYDOL]DQHMYKRGQ MtNHNWHUPGRVS OLQD]iNODG YODVWQtFK
]NXHQRVWtWUDGLFtYODVWQtKRY]NXPXDYYRMHDNWHUiMHLQLODQHVOXLWHOQPLD
QHVFKRSQPLVSROXSUiFHVSURGXNW\MLQFKYUREF$
7tPRYHPY]QLNODVSHFLILFNiIRUPDYi]DQRVWLQDMHGLQpKRYUREFHGDQiQLNROLMHKR
PRQRSROQtPSRVWDYHQtPDOHQHVOXLWHOQRVWtMtPSRXtYDQpKRWHFKQLFNpKRHHQtV
WtPNWHUpSRXtYDMtMLQtYUREFL9DQJOLWLQ VHWDNRYpWRHHQtR]QDXMHStYODVWNHP
SURSULHWDU\VWHMQ WDNMDNRSURGXNW\NWHUp]WRKRWRHHQtY\FKi]HMt
3URVDGLWYODVWQtHHQtDWRMHW VH]LVNHPVLYDNYGORXKRGREpPYKOHGXPRKO\
GRYROLWMHQW\QHMY WtILUP\0HQtILUP\NWHUpQHPRKO\QpVWVWiOHY WtQiNODG\QD
YYRMDPDUNHWLQJYODVWQtFKHHQtVHYHYODVWQtP]iMPXPXVHO\SL]S$VRELWW P
HHQtPNWHUpVL]YROLO\YHONpILUP\1HORSLWRPDQLWDNRSHY]HWtWHFKQRORJLtL
YUREQtFKSRVWXS$ NWHUpMVRXDVWRSHOLY FKUiQ Qp MDNRVStHRSHY]HWtNRQYHQFt
SDUDPHWU$DSURWRNRO$VFtOHP]DMLVWLWNRPSDWLELOLWX VOXLWHOQRVW YODVWQtFKSURGXNW$
VSURGXNW\MLQFKYUREF$1i]RUQPStNODGHPP$HEWDUFKLWHNWXUDRVREQtFK
SRtWD$3&]GHVHSUDNWLFN\YLFKQLYUREFLSL]S$VRELOLHHQtNWHUpVLSRGOH
VYpKR]YROLODMHGLQiPDPXWtILUPD,%0
HHQtNWHUpPXVHSL]S$VREXMtU$]QtYUREFLDNWHUpWDNSHGVWDYXMHXULWRX
VSROHQRXNRQYHQFL]DMLWXMtFtY]iMHPQRXNRPSDWLELOLWXSURGXNW$RGU$]QFK
YUREF$VLML]DVORXtStYODVWHNVWDQGDUGQtMDNRSURWLSyODQJOLFNpKRSURSULHWDU\
6DPRWQREVDKUHVSSRGVWDWDWRKRWRHHQtVHSDNYLUtPVORYDVP\VOXR]QDXMH
MDNRVWDQGDUG
6WDQGDUGQtHHQtUHVSVWDQGDUGP$HYQLNQRXWWDNHVH]SRGQ WXLSRG]iWLWRX
XULWpLQVWLWXFHNWHUiMHNWRPXStVOXQiVHMGHVNXSLQDRGERUQtN$DY\SUDFXMHQiYUK
StVOXQpKRHHQt7HQMHSRVOp]HNRGLILNRYiQ WMGRVWDQHIRUPXRILFLiOQtKR
GRNXPHQWXStVOXQpLQVWLWXFH DSDNMHSURVD]RYiQGRSUD[H3RGVWDWQpSLWRPMHH
]PtQ QpVWDQGDUGL]DQtLQVWLWXFHREY\NOHQHUHSUH]HQWXMtStPRMHGQRWOLYpYUREFH L
NG\WLWRVHQDMHMLFKSUiFLPRKRXY]QDPQ SRGtOHW 
6WDQGDUGNWHUMHNRGLILNRYiQMHVWDQGDUGHPGHMXUH-HKR]iYD]QRVWSURYUREFHL
XLYDWHOHMHRYHPU$]QiSRGOHWRKRMDNPiSUiYQtVWDWXWUHVSMDNMHVWDWXWWRKR
NGRMHMIRUPiOQ Y\GiYi
1DStNODGVWDQGDUG\Y\SUDFRYDQpDY\GiYDQpPH]LQiURGQtPLVWDQGDUGL]DQtPL
LQVWLWXFHPLPDMtDVWRSRX]HIRUPXGRSRUXHQtDSRIRUPiOQtVWUiQFHQHMVRXSUiYQ
]iYD]Qp3UiYQt]iYD]QRVWSDNPtYDMtDQiYUK\YHIRUP QRUHPNWHUpYUiPFL
MHGQRWOLYFK]HPtY\SUDFRYiYDMtNWRPXRSUiYQ QpLQVWLWXFHDVWRQD]iNODG
GRSRUXHQtSLMDWFKPH]LQiURGQtPLRUJDQL]DFHPL
6DPRWQtYUREFLQHPDMtPRQRVWY\GiYDWVWDQGDUG\GHMXUHQHER"REY\NOHQHPRKRX
Y\GiYDWRILFLiOQtGRSRUXHQtLGRNRQFHQRUP\]iYD]QpSURMLQpYUREFH3RNXG

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MHMLFKYODVWQtHHQtVSRQWiQQ DQDGREURYROQpP]iNODG SHEtUDMtLMLQtYUREFLVWiYi
VHWRWRHHQtVWDQGDUGDUGHPGHIDFWR3tNODGHPWDNRYpKRWRVWDQGDUGXP$HEW
MD]\NSURRYOiGiQtPRGHP$ W]YtGtFtMD]\N$7YL]GHViWGtOQDHKRVHULiOX NWHU
XVYFKSURGXNW$]DYHGODILUPD+D\HVDRVWDWQtYUREFLVHPXSL]S$VRELOL
-VRXRYHPLStSDG\NG\VHYODVWQt SURSULHWDU\ HHQtXULWpKRYUREFHP$HVWiW
RILFLiOQtPVWDQGDUGHP VWDQGDUGHPGHMXUH -GHRWDNRYiHHQtNWHUiVHXNitEW
QDWROLNLYRWDVFKRSQiHVHQHMSUYHVWDQRXVWDQGDUG\GHIDFWRDSRVOp]HMHStVOXQp
VWDQGDUGL]DQtLQVWLWXFHSHYH]PRXMDNRVYpVWDQGDUG\EXEH]MDNFKNROL]P Q
QHERVXULWPL~SUDYDPL3tNODGHPP$HEWNRQFHSFHVtWt(WKHUQHWNWHUiS$YRGQ
Y]QLNODMDNRYODVWQtHHQtILUP\;HUR[]iK\VHVWDODVWDQGDUGHPGHIDFWRDSRVOp]H
VHVGUREQPL~SUDYDPLVWDODLVWDQGDUGHPGHMXUH VWDQGDUGHP,((( 
-HVWOLHYREODVWLSRtWD$PDMtVWDQGDUG\QHRE\HMQY]QDPYREODVWLNRPXQLNDFtD
SRtWDRYFKVtWtMVRXStPRLYRWQ G$OHLWp8PRXMtY]iMHPQRXVSROXSUiFL
QHMU$]Q MtFKNRPXQLNDQtFKLYSRHWQtFKSURVWHGN$RGU$]QFKYUREF$VWHMQ WDN
MDNRMHMLFKYD]EXQDSHQRVRYpSURVWHGN\VSRMRYFKRUJDQL]DFtDMHMLFKY\XLWt
7NDMtVHSUDNWLFN\YHFKDVSHNW$NRPXQLNDFtDLQQRVWtVtWtRGW\SXSRXtYDQFK
NRQHNWRU$DMHMLFK]DSRMHQtSHV]S$VREPRGXODFHSHQiHQFKVLJQiO$DQDSSR
IRUPiW]SUiYHOHNWURQLFNpSRW\
.GRMHNGRYHVY W VWDQGDUG$
0H]LQiURGQtRUJDQL]DFHNWHUpVH]DEYDMtWYRUERXVWDQGDUG$ VWDQGDUG$GHMXUHYL]
PLQXOH REY\NOHVSDGDMtGRGYRXNDWHJRULtMVRXWRMHGQDNRUJDQL]DFHY\WYRHQpQD
]iNODG PH]LYOiGQtFKGRKRG]~DVWQ QFKVWiW$DMHGQDNGREURYROQpRUJDQL]DFH
Y\WYRHQpQDMLQpP]iNODG 9REODVWLSRtWDRYFKVtWtMGHSHGHYtPRGY
RUJDQL]DFH&&,77D,62SRMHGQp]NDGpNDWHJRULH
3URNRRUGLQDFLWHOHNRPXQLNDFtYFHORVY WRYpPP tWNXE\ODYUiPFL261Y\WYRHQD
0H]LQiURGQtWHOHNRPXQLNDQtXQLH ,78,QWHUQDWLRQDO7HOHFRPPXQLFDWLRQV
8QLRQ MDNRRGERUQiPH]LQiURGQtRUJDQL]DFH0iWLVORN\GY VH]DEYDMtREODVWt
UR]KODVRYpKRDWHOHYL]QtKRY\VtOiQt]DWtPFRWHWtPiQDVWDURVWLRWi]N\WHOHIRQLHD
NRPXQLNDQtFKV\VWpP$SURSHQRVGDW7RXWRWHWtVORNRXMH0H]LQiURGQtSRUDGQt
VERUSURWHOHJUDIDWHOHIRQ]QiP MtVStHSRG]NUDWNRX&&,77 &RPPLWp
&RQVXOWDWLI,QWHUQDWLRQDOGH7pOHJUDSKLTXHHW7pOpSKRQLTXH 
OHQ\&&,77MVRXSHGHYtPVSRMRYpRUJDQL]DFHNWHUpYMHGQRWOLYFKOHQVNFK
]HPtFKRGSRYtGDMt]DREODVWWHOHNRPXQLNDFt DPDMtQDWRYHVP V]H]iNRQD
PRQRSRO 9Q NWHUFK]HPtFKWRMVRXSRGQLN\t]HQpVWiWHPYMLQFK]HPtFKWRMVRX
StPRYOiGQtLQVWLWXFHR]QDRYDQpVRXKUQQRX]NUDWNRX377 3RVW7HOHJUDSK
7HOHSKRQH .URP WRKRPRKRXEWOHQ\&&,77LGDOtRUJDQL]DFHRYHPMLEH]
KODVRYDFtKRSUiYD
6WDQGDUG\NWHUpRUJDQL]DFH&&,77Y\GiYiPDMtIRUPXGRSRUXHQt QLNROLQRUHP D
MVRXVFKYDORYiQ\QDSOHQiUQtFK]DVHGiQtFKNWHUiVHNRQDMtMHGQRX]DW\LURN\]
WRKRWRG$YRGXMVRXMHGQRWOLYiGRSRUXHQtY\GiYiQDYHW\OHWFKF\NOHFK MXELOHMQt
GHViWpSOHQiUQt]DVHGiQtVHEXGHNRQDWSUiY YOHWRQtPURFH 
3tSUDYRXQiYUK$MHGQRWOLYFKGRSRUXHQtVHYUiPFL&&,77]DEYDMtWHPDWLFN\
]DP HQpVWXGLMQtVNXSLQ\ 6*6WXG\*URXS 9ODVWQtGRSRUXHQt&&,77VH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
R]QDXMtStVPHQHPDtVOHPSLHPStVPHQRRGSRYtGiVWXGLMQtVNXSLQ NWHUiQiYUK
GRSRUXHQtSLSUDYLODDWtPVRXDVQ LWHPDWLFNpPX]DP HQtGRSRUXHQt3HKOHG
VWXGLMQtFKVNXSLQUHOHYDQWQtFKSURREODVWSRtWDRYFKVtWtXYiGtWDEXOND
0H]LQHM]QiP MtVWDQGDUG\YREODVWLSRtWDRYFKVtWtNWHUpSRFKi]tRGRUJDQL]DFH
&&,77SDWtQDSGRSRUXHQt;SURYHHMQpGDWRYpVtW GRSRUXHQt99
9ELVDGDOtSURPRGHP\DWG
FS
6NXSLQD7HPDWLFNp]DP HQt'RSRUXHQt
6*9,,'DWRYpVtW ;QQQ
6*9,,,.RQFRYi]Dt]HQtWHOHPDWLFNFKVOXHE6QQQ7QQQ
6*,;7HOHJUDIQtVtW DNRQFRYi]Dt]HQt5QQQ:QQQ
6*;9,,3HQRVGDWSRWHOHIRQQtVtWL9QQQ
6*;9,,,tVOLFRYpVtW *QQQ
7DE1 NWHUpVWXGLMQtVNXSLQ\&&,77
5HSUH]HQWDQWHPGUXKpVNXSLQ\VWDQGDUGL]DQtFKRUJDQL]DFtQHYOiGQtKRFKDUDNWHUXMH
0H]LQiURGQtRUJDQL]DFHSURVWDQGDUGL]DFL ,62,QWHUQDWLRQDO6WDQGDUGV
2UJDQL]DWLRQIRUPiOQ VSUiYQQi]HYYDN]Qt,QWHUQDWLRQDO2UJDQL]DWLRQIRU
6WDQGDUGL]DWLRQ 
,62MHGREURYROQRXQHYOiGQtRUJDQL]DFt-HMtPLOHQ\MVRXQiURGQtRUJDQL]DFH
]DEYDMtFtVHVWDQGDUGL]DFtYMHGQRWOLYFK]HPtFK6YpVWDQGDUG\Y\GiYiRUJDQL]DFH
,62VLFHIRUPiOQ MDNRQRUP\W\YDNVWHMQ MDNRGRSRUXHQt&&,77QHPXVtEWSUR
MHGQRWOLYpOHQVNp]HP ]iYD]Qp-HMLFKQHGRGURYiQtMHDOHVStHYMLPNRX
9UiPFLRUJDQL]DFH,62H[LVWXMHSLEOLQ WHFKQLFNFKNRPLVt 7&7HFKQLFDO
&RPPLWWHH NWHUpVHGiOHOHQtQDSRGNRPLVH 6&6XEFRPPLWWHHV NWHUpVH
VNOiGDMt]SUDFRYQtFKVNXSLQ :*:RUNJURXSV 
9ODVWQtQiYUK\VWDQGDUG$MVRXSLSUDYRYiQ\YSUDFRYQtFKVNXSLQiFK :* NWHUp
QHMSUYHY\WYRtNRQFHSWQiYUKX '3'UDIW3URSRVDO 7HQMHUR]GiQYHP
]~DVWQ QPRUJDQL]DFtPNWHUpSDNPDMtHVWP VtF$QDMHKRSLSRPtQNRYiQt3RNXG
NRQFHSWQiYUKX]tVNiSRGSRUXVYFKSRVX]RYDWHO$MHSR]DSUDFRYiQtSLSRPtQHN
Y\WYRHQNRQFHSWQRUP\ ',6'UDIW,QWHUQDWLRQDO6WDQGDUG NWHUMHRS W
UR]GLVWULEXRYiQDVWiYiVH]iNODGHPSURKODVRYiQtRVYpPSLMHWt9StSDG ~VS FKX
SDNY]QLNiQRUPD ,QWHUQDWLRQDO6WDQGDUG 
9REODVWLSRtWDRYFKVtWtMHVQDGQHM]QiP MtPVWDQGDUGHPRUJDQL]DFH,62MHMtW]Y
UHIHUHQQtPRGHO26, RNWHUpPVLEXGHPHSRYtGDWSRGUREQ ML 
2EODVWNWHURXSRNUYDMtVWDQGDUG\UHVSQRUP\,62MHYHOPLLURNiD]DKUQXMHL
QHSRtWDRYRXWHPDWLNX9REODVWLWHOHNRPXQLNDFtVHSHNUYiVHVIpURX]iMPX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
&&,77RE RUJDQL]DFH]GHQDW VWtGRNitVSROXSUDFRYDWDOHVSRQDWROLNDE\VH
Y\KQXO\H[LVWHQFLY]iMHPQ QHVOXLWHOQFKVWDQGDUG$2UJDQL]DFH,62MHGRNRQFH
OHQHP&&,77 RYHPEH]KODVRYDFtKRSUiYD 
FS
9HOPLY]QDPQpMVRXRYHPLQ NWHUpQiURGQtRUJDQL]DFHNWHUpVH]DEYDMt
VWDQGDUGL]DFtYMHGQRWOLYFK]HPtFK986$MVRXWDNRYpWRRUJDQL]DFHKQHGWL3UYQt
MH1,67 1DWLRQDO,QVWLWXWHRI6WDQGDUGVDQG7HFKQRORJ\GtYH1%6UHVS
1DWLRQDO%XUHDXRI6WDQGDUGV NWHUiMH~HORYPRUJiQHPPLQLVWHUVWYDREFKRGX
86$DY\GiYiQRUP\SURREODVWS$VREQRVWLIHGHUiOQtYOiG\9(YURS ]QiP MtMH
QHYOiGQtQHYG OHQiRUJDQL]DFH$16, $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH 
MHMtPLOHQ\MVRXYUREFLSRVN\WRYDWHOpVSRMRYFKVOXHEDGDOt]DLQWHUHVRYDQp
RUJDQL]DFH]86$2UJDQL]DFH$16,MHUHSUH]HQWDQWHP86$Y,62DPQRKp$16,
VWDQGDUG\MVRXRUJDQL]DFt,62SHMtPiQ\DVWiYDMtVHPH]LQiURGQtPLVWDQGDUG\ WM
QRUPDPL,62 1HM]QiP MtPVWDQGDUGHPNWHUSRFKi]tRGRUJDQL]DFH$16,MH
EH]HVSRUX]QDNRYNyG$6&,,
7HWtQiURGQtVWDQGDUGL]DQtRUJDQL]DFtY86$MH(,$ (OHFWURQLF,QGXVWULHV
$VVRFDWLRQ VGUXXMtFtYHVYFKDGiFKSHGHYtPYUREFH]Dt]HQtSUR
WHOHNRPXQLNDFH6QDGQHM]QiP MtPVWDQGDUGHPNWHUSRFKi]tRGWpWRRUJDQL]DFHMH
VWDQGDUG56&SURVHULRYpUR]KUDQtPH]LWHUPLQiOHPDPRGHPHPSHY]DWV
PLQLPiOQtPL~SUDYDPLLMDNRVWDQGDUG&&,77SRGR]QDHQtP9
6WDQGDUG\YDNPRKRXSRFKi]HWLRGU$]QFKSURIHVQtFKVGUXHQt3tNODGHP]GH
P$HEWSUHVWLQtDPHULFNiVSROHQRVWHOHNWURWHFKQLFNFKDHOHNWURQLFNFKLQHQU$
,((( ,QVWLWXWHRI(OHFWULFDODQG(OHFWURQLFV(QJLQHHUV NWHUiNURP Y\GiYiQt
RGERUQFKDVRSLV$DSRiGiQtNRQIHUHQFtPiLYODVWQtRUJiQ]DEYDMtFtVHWYRUERX
VWDQGDUG$3URREODVWORNiOQtFKSRtWDRYFKVtWtMH]QLFKQHMY]QDPQ MtSHGHYtP
VNXSLQDVWDQGDUG$,(((SHY]DWiLRUJDQL]DFt,62MDNRQRUPD,62
9UVWY\YUVWYRYpPRGHO\SURWRNRO\
HLWXULWSUREOpPMDNRFHOHNMHREY\NOHPRQpMHQSRXULWRXKUDQLFLGRNXG
UR]VDKSUREOpPXUHVSMHKRVORLWRVWQHSHViKQHVFKRSQRVWLHLWHOHLHLWHO$D
PRQRVWLQiVWURM$DPHWRGNWHUpSLWRPSRXtYDMt
-DNPLOHVHXULWSUREOpPVWiYiStOLVORLWPMHYKRGQpSURYpVWMHKRGHNRPSR]LFL
UR]G OLWMHMQDQ NROLNGtOtFKSUREOpP$NWHUpE\E\ORPRQpHLWVDPRVWDWQ D
QH]iYLVOHQDVRE 
'REUPStNODGHPSUREOpPXNWHUMHStOLYHONQDWRDE\E\OR~QRVQpMHMHLW
MDNRMHGLQYHONSUREOpPMHRWi]ND]DMLW Qt]iNODGQtFKIXQNFtSRtWDRYpVtW -LVW
VLO]HVQDGQRSHGVWDYLWHVHMHGQiSHGHYtPRRWi]NX]iNODGQtKRSURJUDPRYpKR
Y\EDYHQtVtW NWHUpEH]SURVWHGQ RYOiGiWHFKQLFNpSURVWHGN\VtW Vt"RYKDUGZDUH
WMQHMU$]Q MtNRPXQLNDQtY\EDYHQtX]ORYpSRtWDHDWGDMHMLFKSURVWHGQLFWYtP
]DML"XMHFKRGFHOpVtW MDNRWDNRYp
3,2%5B7,)
2EU3HGVWDYDY]iMHPQpKRY]WDKXPH]LYUVWYDPL
9]KOHGHPNFKDUDNWHUXSRtWDRYFKVtWtDNSRYD]H~NRO$NWHUpMHWHED]DMLVWLWVH
MDNRQHMYKRGQ MtXNi]DODEWGHNRPSR]LFH]iNODGQtKRSURJUDPRYpKRY\EDYHQtVtW
QDKLHUDUFKLFN\XVSRiGDQpYUVWY\ OD\HUV .DGiYUVWYDPiQDVWDURVWL]DMLW Qt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SHVQ Y\PH]HQpKRRNUXKX~NRO$0HFKDQLVP\SRPRFtNWHUFKW\WR~NRO\]DML"XMH
SDNQDEt]tNY\XLWtMDNRVYpVOXE\YUVWY EH]SURVWHGQ Y\t1DStNODGYUVWYD
NWHUi]DML"XMHSHQRVMHGQRWOLYFKELW$P$HQDEt]HWVYpVOXE\EH]SURVWHGQ Y\t
YUVWY NWHUiVMHMLFKSRPRFtSHQitFHOpEORN\GDWDSRG9REHFQpPStSDG  YL]REU
 WHG\NDGiYUVWYDQDEt]tXULWUHSHUWRiUVOXHEYUVWY EH]SURVWHGQ Y\tDN
UHDOL]DFLW FKWRVOXHEVDPDY\XtYiVOXHEYUVWY\EH]SURVWHGQ QLt
3HGVWDYDRWRPNROLNVDPRVWDWQFKYUVWHYY\PH]LWDMDNpMLPVY LW~NRO\WYRtW]Y
YUVWYRYPRGHO OD\HUHGPRGHO 1i]RU$QDWRMDNE\WDNRYYUVWYRYPRGHOP O
Y\SDGDWP$HEWVDPR]HMP FHOiDGD3tVW VHVH]QiPtPHVMHGQtP]QLFKNWHUP
MHW]YUHIHUHQQtPRGHO,6226,
5R]G OHQtQDKLHUDUFKLFNpYUVWY\YUiPFLYUVWYRYpKRPRGHOXMHW VDPRRVRE
QH]DML"XMHKODYQtHIHNWGHNRPSR]LFHMHGQRKRYHONpKRSUREOpPXQDQ NROLNGtOtFK
SUREOpP$PRQRVWHLWW\WRGtOtSUREOpP\VDPRVWDWQ DQH]iYLVOHQDVRE .WRPX
MHQXWQpMHW VWDQRYLWSHVQiSUDYLGODY]iMHPQpVRXLQQRVWLVRXVHGQtFKYUVWHYWHG\
GHILQRYDWSHVQiUR]KUDQt LQWHUIDFH PH]LMHGQRWOLYPLYUVWYDPL6RXiVWtWpWR
GHILQLFHPXVtEWQDSSHVQpY\PH]HQtMHGQRWOLYFKVOXHE]S$VREMHMLFKYROiQt
SRW\SDUDPHWU$DWG
-DNPLOHMVRX]QiP\~NRO\NWHUpPiXULWiYUVWYDHLWDMHWDNpSHVQ GHILQRYiQR
MHMtUR]KUDQtVRE PDVRXVHGQtPLYUVWYDPLMHPRQp]DtWXYDRYDWR]S$VREXMDN
]DMLVWLWW\~NRO\NWHUpE\O\YUVWY VY HQ\=GHMHGREUpVLXY GRPLWHNDGiYUVWYD
VLFHY\XtYiVOXE\YUVWY\EH]SURVWHGQ QLtDVDPDQDEt]tVYpVOXE\YUVWY
EH]SURVWHGQ Y\tMHMtPSDUWQHUHPSLNRPXQLNDFLYVtWLMHDOHWDYUVWYDNWHUiVHQD
MLQpPX]ORYpPSRtWDLQDFKi]tQDVWHMQp~URYQLKLHUDUFKLHYUVWHY YDQJOLWLQ VHSUR
WDNRYRXYUVWYXSRXtYiR]QDHQtSHHU 7\WRVWHMQROHKOpYUVWY\PXVtEWVSROX
GRPOXYHQ\QDVSROHQFKSUDYLGOHFKY]iMHPQpNRPXQLNDFHNWHUpWDNpPXVtG$VOHGQ
GRGURYDW3RXLMHPHOLMLGtYHFLWRYDQStNODGYUVWY\NWHUi]DML"XMHSHQRV
FHOFKEORN$GDWMHMtPSDUWQHUHPMHVWHMQROHKOiYUVWYDMLQpKRX]ORYpKRSRtWDHVH
NWHURXPXVtEWGRKRGQXWDPMQDIRUPiWXEORN$NWHUpVLQDY]iMHPSRVtODMtQDMHMLFK
GpOFH]S$VREX]DEH]SHHQt]S$VREXUHDNFHQDStMHPSRNR]HQpKREORNXDSRG
6RXERUSUDYLGHONWHUpVWHMQROHKOpYUVWY\YUVWYRYpKRPRGHOXSRXtYDMtSUR
Y]iMHPQRXNRPXQLNDFLWYRtW]YSURWRNRO
.HNDGpYUVWY YUiPFLXULWpKRYUVWYRYpKRPRGHOXVHWHG\Y]WDKXMHXULWSURWRNRO
SRGOHNWHUpKRStVOXQiYUVWYDSUDFXMH3URMHGQXDWXWpYUVWYXYDNP$HSLSDGDWY
~YDKXYtFHU$]QFKSURWRNRO$VWHMQp~NRO\WRWLPRKRXEWDVWR]DML"RYiQ\
U$]QPL]S$VRE\
FS
.XULWpPXYUVWYRYpPXPRGHOXNWHUGHILQXMH]S$VREUR]OHQ QtQDYUVWY\WHG\
P$HH[LVWRYDWFHOiVRXVWDYDSURWRNRO$ SURWRFROVXLWH YUiPFLNWHUpP$HSUR
Q NWHUpYUVWY\SLSDGDWY~YDKXQ NROLNY]iMHPQ DOWHUQDWLYQtFKSURWRNRO$1DStNODG
SURQDHGY FLWRYDQpYUVWY\ ]DML"XMtFtSHQRVELW$UHVSFHOFKEORN$ EXGHREY\NOH
H[LVWRYDWYtFHU$]QFKSURWRNRO$SRGOHWRKR]GDMVRXNSHQRVXY\XtYiQ\QDS
NRPXWRYDQpOLQN\YHHMQpWHOHIRQQtVtW SHYQpWHOHIRQQtRNUXK\YHHMQiGDWRYiVt"
RSWLFNiYOiNQDGUXLFRYpVSRMHDWG

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-DNPLOHMHSURNDGRXYUVWYXY\EUiQMHGHQNRQNUpWQtSURWRNROY]QLNiW]YVHVWDYD
SURWRNRO$ SURWRFROVWDFN NWHUiSHVQ RGSRYtGiKLHUDUFKLFNpPXOHQ QtQD
MHGQRWOLYpYUVWY\
1DYUKQRXWUR]OHQ Qt]iNODGQtKRSURJUDPRYpKRY\EDYHQtQDMHGQRWOLYpYUVWY\
Y\PH]LW~NRO\NWHUpE\W\WRYUVWY\P O\Y\NRQiYDWDVWDQRYLWSURWRNRO\NWHUpE\VH
SLWRPP O\SRXtYDWWRYHMLGiYiGRVWLXFHOHQRXSHGVWDYXRWRPMDNE\
SRtWDRYiVt"P ODY\SDGDWDMDNE\P ODIXQJRYDW1D]iNODG WpWRXFHOHQp
SHGVWDY\NWHUiWYRtDUFKLWHNWXUXVtW  QHWZRUNDUFKLWHFWXUH MHMLPRQp
XYDRYDWRNRQNUpWQtLPSOHPHQWDFL
5R]G OHQt]iNODGQtKRSURJUDPRYpKRY\EDYHQtVtW QDYUVWY\DMHMLFKVDPRVWDWQiD
QH]iYLVOiUHDOL]DFHPiYHGOHUR]G OHQtMHGQRKRYHONpKRSUREOpPXQDQ NROLPHQtFK
VQi]H]YOiGQXWHOQFKiVWtMHW MHGQXYHOPLY]QDPQRXYKRGX7RXMHPRQRVW
VQDtKRSL]S$VREHQt]P QiPVWDtYG\Y\P QLWMHQW\YUVWY\NWHUFKVH]P QD
WNiDRVWDWQtSRQHFKDWQH]P Q Qp
5HIHUHQQtPRGHO,6226,MHKRY]QLN
9VHGPGHViWFKOHWHFKVH]DtQDMtREMHYRYDWSUYQtY]QDPQ MtUR]OHKOpSRtWDRYp
VtW 9HGOHH[SHULPHQWiOQtFKVtWt MDNRQDS$53$1(7D&<&/$'(6 WRE\O\
SHGHYtPVtW EXGRYDQpSRGOHYODVWQtFKNRQFHSFtSHGQtFKYUREF$SRtWD$ QDS
VtW 61$ILUP\,%0'1$ILUP\'(& =DWtPFRH[SHULPHQWiOQtVtW E\O\RG]DiWNX
KHWHURJHQQtDStPRWHG\SRtWDO\VH]DSRMRYiQtPSRtWD$U$]QFKW\S$RGU$]QFK
YUREF$PRQRVW]DSRMHQtGRRVWDWQtFKVtWtE\ODYi]iQDQDYODVWQLFWYtSURGXNW$
StVOXQpKRYUREFHNWHUVLYUiPFLYODVWQtVt"RYpDUFKLWHNWXU\Y\WYiHOVYp
VSHFLILFNpNRQYHQFHDSURWRNRO\
1HQtSURWRGLYXH]iK\Y\YVWDODQDOpKDYiSRWHEDMHGQRWQpKRVWDQGDUGXSUR
Y]iMHPQpSURSRMRYiQtSRtWDRYFKV\VWpP$U$]QFKW\S$DNRQFHSFtSRFKi]HMtFtFK
RGU$]QFKYUREF$3RWHEXY\WYRHQtWDNRYpKRWRVWDQGDUGXVLEU]\XY GRPLODL
PH]LQiURGQtRUJDQL]DFH,62NWHUiVHYURFHUR]KRGODSHY]tWWHQWR~NROQDVYi
EHGUD
9\WYRLODVLNWRPXQRYRXSRGNRPLVL 6& YUiPFLVYpWHFKQLFNpNRPLVHSUR
]SUDFRYiQtGDW 7&YL]GtOQDHKRVHULiOX DWXSRY LODStSUDYRXQRYpKR
VWDQGDUGX7HQWDNpMLGRVWDOSUYQtSUDFRYQtQi]HY2SHQ6\VWHPV$UFKLWHFWXUH WM
DUFKLWHNWXUDRWHYHQFKV\VWpP$ 3tYODVWHNRWHYHQ RSHQ ]GHP O]G$UD]QLWH
V\VWpPY\KRYXMtFt]DPOHQpPXVWDQGDUGXEXGHSLSUDYHQSURY]iMHPQpSURSRMHQt
VHYHPLRVWDWQtPLV\VWpP\QDFHOpPVY W NWHUpEXGRXY\KRYRYDWWpPXVWDQGDUGX
3UYQtSUDFRYQtVFK$]NDSRGVNXSLQ\6&VHNRQDODYEH]QX9LFKQL
]~DVWQ QtVHU\FKOHVKRGOLQDYUVWYRYpNRQFHSFLNWHUiQHMHQGRNiHY\KRY WYHP
VWiYDMtFtPQiURN$PQDY]iMHPQpSURSRMRYiQtRWHYHQFKV\VWpP$DOHMHVFKRSQiL
SR]G MtKRUR]LRYiQtWDNDE\PRKODY\KRY WLEXGRXFtPSRDGDYN$P3RGVNXSLQD
6&VHSURWR]DDODRNDPLW ]DEYDWRWi]NRXNROLNYUVWHYEXGHQHMYKRGQ Mt
XYDRYDWDMDNp~NRO\W PWRYUVWYiPVY LW
3URSRWHE\VYpKRUR]KRGRYiQtVLSRGVNXSLQD6&]IRUPXORYDODFHONHP
SULQFLS$NWHUpVHSDNVQDLODDSOLNRYDW/]HMHVKUQRXWGRQiVOHGXMtFtFKP\OHQHN
VDPRVWDWQiYUVWYDE\P ODY]QLNQRXWYXGHWDPNGHMH]DSRWHEtMLQVWXSH
DEVWUDNFH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NDGiYUVWYDE\P OD]DML"RYDWSHVQ Y\PH]HQpIXQNFH7\WRIXQNFHE\P O\EW
YROHQ\WDNDE\SURMHMLFKUHDOL]DFLPRKO\EWY\WYRHQ\VWDQGDUGL]RYDQpSURWRNRO\V
PH]LQiURGQtS$VREQRVWt
UR]KUDQtPH]LYUVWYDPLE\P ODEWYROHQDWDNDE\E\OPLQLPDOL]RYiQWRNGDWSHV
WDWRUR]KUDQt
SRHWYUVWHYE\P OEWWDNYHONDE\Y]iMHPQ RGOLQpIXQNFHQHPXVHO\EW
]DD]RYiQ\GRVWHMQpYUVWY\DVRXDVQ VWtPWDNPDODE\FHOiDUFKLWHNWXUD]$VWDOD
GRVWDWHQ SHKOHGQi
9VOHGNHPDSOLNDFHW FKWRSULQFLS$E\ORY\PH]HQtVHGPLYUVWHYDVSHFLILNDFH~NRO$
NWHUpE\W\WRYUVWY\P O\]DML"RYDW 3RGUREQ MLVHMLPEXGHPH]DEYDWYGDOtFK
SRNUDRYiQtFK
-HW YSU$E KXSUiFHQDSLSUDYRYDQpPVWDQGDUGX]P QLODSRGVNXSLQD6&LMHKR
SUDFRYQtQi]HY]2SHQ6\VWHPV$UFKLWHFWXUHQD2SHQ6\VWHPV,QWHUFRQQHFWLRQ
$UFKLWHFWXUHGRVORYDWHG\DUFKLWHNWXUDY]iMHPQpKRSURSRMRYiQtRWHYHQFK
V\VWpP$'$YRGHPE\OD]HMP VNXWHQRVWHVHFHOiSUiFHVNXSLQ\]DP LODSRX]H
QDRWi]N\SURSRMRYiQtDYQ MtKRFKRYiQtY]iMHPQ SURSRMHQFKV\VWpP$DQLMDN
QHHLODWRMDNPDMtW\WRV\VWpP\IXQJRYDWXYQLW
9ODVWQtQiYUKVWDQGDUGXE\OGRNRQHQ]DQHFHOFKP VtF$9HUYHQFLURNX
E\OSHGiQMDNRNRQFHSWQiYUKX GUDIWSURSRVDOYL]GtOQDHKRVHULiOX QDGt]HQp
WHFKQLFNpNRPLVL7&NWHUiMHMNRQFHPURNXSLMDOD]D]iNODGSURGDOtYYRM
QDYD]XMtFtFKVWDQGDUG$SURY]iMHPQpSURSRMRYiQtRWHYHQFKV\VWpP$YUiPFL
RUJDQL]DFH,62
1DSRVOHGQtFKYtOLYDNE\OMHW MHGQRX]P Q QVORYQtQi]HYVWDQGDUGX]EOtH
QH]QiPFKG$YRG$E\ORY\SXW QRVORYR$UFKLWHFWXUHDQDRSDNE\ODSLGiQDGY
QRYiVORYD5HIHUHQFH0RGHOQHEROLUHIHUHQQtPRGHO7DPDMt]G$UD]QLWHFHO
VWDQGDUGQHQtMHGQtPNRQNUpWQtPQiYUKHP]S$VREXMDNHLWY]iMHPQpSURSRMRYiQt
DOHVStHVSROHQPUiPFHPLY]RUHP UHIHUHQQtPPRGHOHP SRGOHNWHUpKRE\
P OREWY]iMHPQpSURSRMRYiQtV\VWpP$HHQR
6SUiYQQi]HYFHOpKRVWDQGDUGXMHWHG\5HIHUHQFH0RGHORI2SHQ6\VWHPV
,QWHUFRQQHFWLRQ 5HIHUHQQtPRGHOSURSRMRYiQtRWHYHQFKV\VWpP$ DMDNRQRUPD
,62PitVOR9SUD[LVHREY\NOHR]QDXMH]NUDWNRX5026,QHERMHQ
,6226,FRVRXDVQ ]G$UD]XMHMHKRY]WDKNRUJDQL]DFL,62 E\OYDNVRXDVQ
SHY]DWLRUJDQL]DFt&&,77MDNRMHMtVWDQGDUG; 
=G$UD]Q PHVL]QRYXHVRXiVWtUHIHUHQQtKRPRGHOX,6226,MHVNXWHQ SRX]H
Y\PH]HQtMHGQRWOLYFKYUVWHYDVSHILILNDFH~NRO$NWHUpE\W\WRYUVWY\P O\HLW
5HIHUHQQtPRGHOQHVSHFLILNXMHiGQpNRQNUpWQtSURWRNRO\SRPRFtNWHUFKE\IXQNFH
MHGQRWOLYFKYUVWHYP O\EWUHDOL]RYiQ\1HGHILQXMHGRNRQFHDQLSHVQpUR]KUDQt
PH]LMHGQRWOLYPLYUVWYDPLWHG\NRQNUpWQtVOXE\NWHUpYUVWY\EH]SURVWHGQ QLt
SRVN\WXMtEH]SURVWHGQ Y\tPYUVWYiP
FS
3URWRNRO\DVOXE\SURMHGQRWOLYpYUVWY\Y]QLNDO\DGRGDWHQ DWRMDNRVDPRVWDWQp
VWDQGDUG\ UHVSQRUP\ ,62QHERMDNRSHY]DWpVWDQGDUG\MLQFKRUJDQL]DFt QDS
&&,77L,((( -HOLNRRUJDQL]DFH,62VWULNWQ UR]OLXMHPH]LSURWRNROHPDVOXERX
QDUR]GtORGRVWDWQtFKVWDQGDUGL]DQtFKRUJDQL]DFtMDNRQDS&&,77NWHUpWDNRYpWR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UR]OLRYiQtQHSRXtYDMt Y]QLNDO\S$YRGQtVWDQGDUG\,62YG\YHGYRMLFtFKMHGHQ
VWDQGDUGSURSURWRNRODGUXKSURVOXE\SRVN\WRYDQpSURVWHGQLFWYtPWRKRWR
SURWRNROX3RVWXSQ WDNY]QLNDO\UHVSVWiOHY]QLNDMtLMVRXSHMtPiQ\SURWRNRO\
GHILQXMtFtPRQp]S$VRE\IXQJRYiQtMHGQRWOLYFKYUVWHY,6226,PRGHOX
5HIHUHQQtPRGHO,6226,VHGPYUVWHY
-DNMVPHVLXYHGOLYSHGFKi]HMtFtPGtOXQDHKRVHULiOXGRVS OLWY$UFLUHIHUHQQtKR
PRGHOX,6226,SLVYFK~YDKiFKN]iY UXHRSWLPiOQtSRHWYUVWHYVt"RYpKR
VRIWZDUXEXGHVHGP-DNpYUVWY\WRMVRXDMDNp~NRO\PDMtHLW"9H]P PHWR
SRVWXSQ ]GRODQDKRUXRGQHMQLtYUVWY\NQHMY\t
)\]LFNiYUVWYD 3K\VLFDO/D\HU
NROWpWRYUVWY\MH]GiQOLY YHOPLMHGQRGXFK]DMLVWLWSHQRVMHGQRWOLYFKELW$PH]L
StMHPFHPDRGHVLODWHOHPSURVWHGQLFWYtPI\]LFNpSHQRVRYpFHVW\NWHURXWDWRYUVWYD
EH]SURVWHGQ RYOiGi.WRPXMHRYHPWHEDY\HLWPQRKRRWi]HNSHYiQ
WHFKQLFNpKRFKDUDNWHUXQDSMDNRX~URYQtQDS WtEXGHUHSUH]HQWRYiQDORJLFNi
MHGQLNDDMDNRXORJLFNiQXODMDNGORXKRWUYiMHGHQELWNROLNNRQWDNW$DMDNWYDU
PDMtPtWNRQHNWRU\NDEHO$MDNpVLJQiO\MVRXW PLWRNDEHO\SHQiHQ\MDNMHMHMLFK
Y]QDPDVRYSU$E KDSRG3UREOHPDWLNDI\]LFNpYUVWY\SURWRVSDGiVStHGR
S$VREQRVWLHOHNWURLQHQU$DWHFKQLN$
/LQNRYiYUVWYD 'DWD/LQN/D\HU
)\]LFNiYUVWYDSRVN\WXMHMDNRVYpVOXE\SURVWHGN\SURSHQRVMHGQRWOLYFKELW$
%H]SURVWHGQ Y\tOLQNRYiYUVWYD Q NG\QD]YDQiWpVSRMRYiYUVWYDLYUVWYD
GDWRYpKRVSRMH SDNPi]D~NRO]DMLVWLWSRPRFtW FKWRVOXHEEH]FK\EQSHQRV
FHOFKEORN$GDW YHOLNRVWLiGRY VWRYHNE\W$ R]QDRYDQFKMDNRUiPFH IUDPHV 
-HOLNRI\]LFNiYUVWYDQLMDNQHLQWHUSUHWXMHMHGQRWOLYpSHQiHQpELW\MHQDOLQNRYp
YUVWY DE\VSUiYQ UR]SR]QDOD]DiWHNDNRQHFUiPFHLMHKRMHGQRWOLYpiVWL
1DSHQRVRYpFHVW P$HGRFKi]HWNQHMU$]Q MtPSRUXFKiPDUXHQtYMHMLFK
G$VOHGNXMVRXSLMDW\MLQpKRGQRW\ELW$QHMDNpE\O\S$YRGQ Y\VOiQ\-HOLNR
I\]LFNiYUVWYDVHQH]DEYiY]QDPHPMHGQRWOLYFKELW$UR]SR]QiWHQWRGUXKFK\ED
OLQNRYiYUVWYD7DNRQWUROXMHFHOpUiPFH]GDE\O\SHQHVHQ\VSUiYQ  SRGOHU$]QFK
NRQWUROQtFKVRXW$YL]GtOQDHKRVHULiOX 2GHVLODWHOLSRWYU]XMHSLMHWtEH]FK\EQ
SHQHVHQFKUiPF$]DWtPFRYStSDG SRNR]HQFKUiPF$VLY\iGiMHMLFKRS WRYQp
Y\VOiQt
6t"RYiYUVWYD 1HWZRUN/D\HU
/LQNRYiYUVWYD]DML"XMHSHQRVFHOFKUiPF$RYHPSRX]HPH]LGY PDX]O\PH]L
NWHUPLYHGHStPpVSRMHQt&RDOHG ODWNG\VSRMHQtPH]LStMHPFHPDRGHVLODWHOHP
QHQtStPpDOHYHGHSHVMHGHQLYtFHPH]LOHKOFKX]O$"3DNPXVtQDVWRXSLWVt"RYi
YUVWYDNWHUi]DMLVWtSRWHEQpVP URYiQt URXWLQJ SHQiHQFKUiPF$R]QDRYDQFK
Q\QtMLMDNRSDNHW\ SDFNHWV 6t"RYiYUVWYDWHG\]DML"XMHYROEXYKRGQpWUDV\UHVS
FHVW\ URXWH SHVPH]LOHKOpX]O\DWDNpSRVWXSQpSHGiYiQtMHGQRWOLYFKSDNHW$SR
WpWRWUDVHRGS$YRGQtKRRGHVLODWHOHDNHNRQHQpPXStMHPFL
6t"RYiYUVWYDVLWHG\PXVtXY GRPRYDWNRQNUpWQtWRSRORJLLVtW  WM]S$VRE
Y]iMHPQpKRStPpKRSURSRMHQtMHGQRWOLYFKX]O$ 
7UDQVSRUWQtYUVWYD 7UDQVSRUW/D\HU

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
6t"RYiYUVWYDSRVN\WXMHEH]SURVWHGQ Y\tYUVWY VOXE\]DML"XMtFtSHQRVSDNHW$
PH]LOLERYROQPLGY PDX]O\VtW 7UDQVSRUWQtYUVWYXSURWR]FHODRGVWLXMHRG
VNXWHQpWRSRORJLHVtW DY\WYitMtWDNLOX]LHNDGX]HOVtW PiStPpVSRMHQtV
NWHUPNROLMLQPX]OHPVtW 
7UDQVSRUWQtYUVWY GtN\WRPXVWDt]DEYDWVHMLMHQNRPXQLNDFtNRQFRYFK
~DVWQtN$ W]YHQGWRHQGNRPXQLNDFt WHG\NRPXQLNDFtPH]LS$YRGQtP
RGHVLODWHOHPDNRQHQPStMHPFHP
3LRGHVtOiQtGDW]DML"XMHWUDQVSRUWQtYUVWYDVHVWDYRYiQtMHGQRWOLYFKSDNHW$GR
NWHUFKUR]G OXMHSHQiHQiGDWDDSLStMPXMH]DVH]SDNHW$Y\MtPiDVNOiGiGR
S$YRGQtKRWYDUX'RNiHWDN]DMLVWLWSHQRVOLERYROQ YHONFK]SUiYSHVWRH
MHGQRWOLYpSDNHW\PDMtRPH]HQRXYHOLNRVW
5HODQtYUVWYD 6HVVLRQ/D\HU
NROHPWpWRYUVWY\MHQDYD]RYiQtXGURYiQtDUXHQtUHODFt VHVVLRQV PH]L
NRQFRYPL~DVWQtN\9UiPFLQDYD]RYiQtUHODFHVLWDWRYUVWYDY\iGiQDWUDQVSRUWQt
YUVWY Y\WYRHQtVSRMHQtSURVWHGQLFWYtPNWHUpKRSDNSUREtKiNRPXQLNDFHPH]L
RE PD~DVWQtN\UHODFH3RNXGMHWHEDWXWRNRPXQLNDFLQ MDNtGLW QDSXURYDW
NGRPiNG\Y\VtODWQHPRKRXOLWRG ODWRED~DVWQtFLVRXDVQ ]DML"XMHWRSUiY
WDWRYUVWYDNWHUiPiWDNpQDVWDURVWLYHFRMHSRWHEDNXNRQHQtUHODFHD]UXHQt
H[LVWXMtFtKRVSRMHQt
3UH]HQWDQtYUVWYD 3UHVHQWDWLRQ/D\HU
'DWDNWHUiVHSURVWHGQLFWYtPVtW SHQitPRKRXPtWPMSRYDKXWH[W$tVHOL
REHFQ MtFKGDWRYFKVWUXNWXU-HGQRWOLYpX]ORYpSRtWDHYDNPRKRXSRXtYDW
RGOLQRXYQLWQtUHSUH]HQWDFLW FKWRGDWQDSVWHGLVNRYpSRtWDHILUP\,%0
SRXtYDMt]QDNRYNyG(%&',&]DWtPFRY WLQDRVWDWQtFKSUDFXMHVNyGHP$6&,,
3RGREQ MHGHQSRtWDP$H]REUD]RYDWFHOitVODYGRSONRYpPNyGX]DWtPFRMLQ
SRtWDYStPpPNyGXDSRGSRWHEQpNRQYHU]HSHQiHQFKGDWPiQDVWDURVWL
SUiY WDWRSUH]HQWDQtYUVWYD
9UiPFLWpWRYUVWY\EYiWDNpUHDOL]RYiQDStSDGQiNRPSUHVHSHQiHQFKGDW
HYHQWXiOQ LMHMLFKLIURYiQt
$SOLNDQtYUVWYD $SSOLFDWLRQ/D\HU
.RQFRYtXLYDWHOpY\XtYDMtSRtWDRYpVtW SURVWHGQLFWYtPQHMU$]Q MtFKVt"RYFK
DSOLNDFtV\VWpP$HOHNWURQLFNpSRW\SHQRVXVRXERU$Y]GiOHQpKRSLKODRYiQt
UHPRWHORJLQ DSRG=DOHRYDWYHFKQ\W\WRU$]QRURGpDSOLNDFHStPRGRDSOLNDQt
YUVWY\E\SURMHMLFKYHONRXU$]QRURGRVWQHE\ORUR]XPQp3URWRVHGRDSOLNDQtYUVWY\
]DKUQXMtMHQiVWLW FKWRDSOLNDFtNWHUpUHDOL]XMtVSROHQpUHVSREHFQ SRXLWHOQp
PHFKDQLVP\8YDXMPHMDNRStNODGSUiY HOHNWURQLFNRXSRWXWDMHMtiVWNWHUi
]DML"XMHYODVWQtSHGiYiQt]SUiYYVtWLMHVRXiVWtDSOLNDQtYUVWY\1DYHFK
X]ORYFKSRtWDtFKNWHUpSRXtYDMtWHQWV\VWpPHOHNWURQLFNpSRW\MHWDWRiVW
VWHMQi8LYDWHOVNpUR]KUDQtV\VWpPXHOHNWURQLFNpSRW\WHG\WDMHKRiVWVHNWHURX
XLYDWHOEH]SURVWHGQ SUDFXMHDMHMtPSURVWHGQLFWYtPWHGROp]SUiY\RGSRYtGiQD
Q SLSUDYXMHQRYp]SUiY\D]DGiYiMHNRGHVOiQtMLQHQtSRYDRYiQD]DVRXiVW
DSOLNDQtYUVWY\QHER"VHP$HYNDGpPNRQNUpWQtPX]OXGRVWLYUD]Q OLLWQDS
YH]S$VREXVYpKRRYOiGiQt iGNRYPLStND]\LSRPRFtU$]QFKPHQXVRNpQN\L
EH]QLFKDSRG -LQPQi]RUQPStNODGHPP$HEWHPXODFHWHUPLQiO$SRWHEQi
QDSSURY]GiOHQpSLKODRYiQt UHPRWHORJLQ 9HVY W GQHVH[LVWXMHQHSHEHUQp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PQRVWYtU$]QFKWHUPLQiO$DUHDOL]RYDWSRWHEQpSL]S$VREHQtPH]LOLERYROQPL
GY PDW\S\WHUPLQiO$MHYSRGVWDW QHPRQp3URWRVH]DYiGtMHGLQUHIHUHQQt
WHUPLQiOW]YYLUWXiOQtWHUPLQiODSURNDGNRQNUpWQtW\SWHUPLQiOXVHSDNY\WYRt
MHQMHGLQpSL]S$VREHQtPH]LWtPWRYLUWXiOQtPWHUPLQiOHPDWHUPLQiOHPVNXWHQP
3URVWHGN\SURSUiFLVYLUWXiOQtPWHUPLQiOHPSLWRPMVRXVRXiVWtDSOLNDQtYUVWY\
QHER"MVRXYXGHVWHMQp ]DWtPFRSURVWHGN\SURMHKRSL]S$VREHQtNRQNUpWQtPX
WHUPLQiOXMLVRXiVWtDSOLNDQtYUVWY\QHMVRX
5HIHUHQQtPRGHO,6226,SHQRVGDW
9HGtOXQDHKRVHULiOXMVPHVLQD]QDLOL]iNODGQtP\OHQNXQDNWHUpMH
]DORHQDIXQNFHYHFKYUVWYRYFKPRGHO$HNDGiYUVWYDY\XtYiVOXHEYUVWY\
EH]SURVWHGQ QLtDVDPDQDEt]tVYpVOXE\YUVWY EH]SURVWHGQ Y\t
8SHVQ PHVLQ\QtWXWRREHFQRXSHGVWDYXSUiY QDStNODGXUHIHUHQQtKR
PRGHOX,6226,DMHKRWHUPLQRORJLHDXNDPHVLMDNVHSURMHYXMHSLSHQRVX
GDW
7HQNGRYXULWpYUVWY ,6226,PRGHOXQ FRDNWLYQtKRY\NRQiYiMHR]QDRYiQ
MDNRHQWLWD HQWLW\ %YiWRQHMDVW MLREMHNWSURJUDPRYpSRYDK\ QDSXULW
SURFHV YQHMQLtFKYUVWYiFKWRYDNP$HEWLKDUGZDURYFHOHN QDS99DGL
DSRG 1D~URYQLDSOLNDQtYUVWY\MGHRDSOLNDQtHQWLW\ DSSOLFDWLRQHQWLWLHV QD
~URYQLSUH]HQWDQtYUVWY\RSUH]HQWDQtHQWLW\ SUHVHQWDWLRQHQWLWLHV DWG(QWLW\QD
VWHMQp~URYQLUHVSYHVWHMQROHKOFKYUVWYiFKVHYDQJOLWLQ R]QDXMtStYODVWNHP
SHHU WMMDNRSHHUHQWLWLHV 
(QWLW\YHYUVWY 1LPSOHPHQWXMtVOXE\NWHUpMVRXY\XtYiQ\YUVWYRX1UHVS
HQWLWDPLWpWRYUVWY\9UVWYD1]GHWHG\Y\VWXSXMHMDNRSRVN\WRYDWHOVOXE\ VHUYLFH
SURYLGHU ]DWtPFRYUVWYD1MHYUROLXLYDWHOHVOXE\ VHUYLFHXVHU 9UVWYD1MH
YDNVRXDVQ LYUROLXLYDWHOHVOXHEY$LYUVWY 1QHER"Y\XtYiMHMtVOXE\
%H]SURVWHGQtPLSRVN\WRYDWHOLDXLYDWHOLVOXHEYDNQHMVRXYUVWY\MDNRWDNRYpDOH
MHMLFKHQWLW\.DGiHQWLWDNWHUiFKFHQ MDNpVOXE\Y\XtYDWYDNPXVtY G WNDPVH
PiSURQ REUiWLW0XVtWHG\H[LVWRYDWMHGQR]QDQ LGHQWLILNRYDWHOQiPtVWDYUiPFL
UR]KUDQtPH]LMHGQRWOLYPLYUVWYDPLMHMLFKSURVWHGQLFWYtPMVRXVOXE\
SRVN\WRYiQ\UHVSY\XtYiQ\9WHUPLQRORJLL,6226,PRGHOXVHWDWRPtVWDQD]YDMt
ERG\SRVN\WRYiQtVOXE\ 6HUYLFH$FFHVV3RLQWV]NUDWNRX6$3 DMVRXRSDWHQD
MHGQR]QDQPLDGUHVDPL3URVQD]tSHGVWDYXMHGREUpY\XtWDQDORJLLVWHOHIRQQtVtWt
ERGSRVN\WRYiQtVOXE\QHEROL6$3MHDQDORJLt]iVXYN\E QpWHOHIRQQtStSRMN\GR
NWHUpO]H]DSRMLWWHOHIRQQtStVWURM RGSRYtGDMtFtHQWLW YUVWY\1 &KFHPHOLVHSDN
GRYRODWQDWHQWRWHOHIRQQtStVWURM SRVN\WQRXWVOXEXHQWLW YUVWY\1 PXVtPH]QiW
StVOXQpWHOHIRQQttVOR DGUHVXERGX6$3 
.DGERG6$3VORXtYG\Y]iMHPQpNRPXQLNDFLSUiY GYRXHQWLW]HVRXVHGQtFK
YUVWHY1HP$HEWWHG\VGtOHQYtFHHQWLWDPL.DGiHQWLWDYDNP$HSRVN\WRYDWVYp
VOXE\YtFHHQWLWiPSURVWHGQLFWYtPYtFHERG$6$3DVWHMQ WDNNDGiHQWLWDP$H
Y\XtYDWVOXE\YtFHU$]QFKHQWLWSHVYtFHERG$6$36LWXDFLLOXVWUXMHREUi]HN
FS
3,2%5B7,)
2EU3HGVWDYDHQWLWDERG$SRVN\WRYiQtVOXE\ 6$3

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
.DGiHQWLWDNWHUiFKFHY\XtYDWVOXEXMLQpHQWLW\EH]SURVWHGQ QLtYUVWY\PXVt
]QiWQHMHQSRWHEQERG6$3SHVNWHUMHMtWDWRVOXEDQDEt]HQDDOHPXVtWDNp]QiW
SHVQ]S$VREYROiQtStVOXQpVOXE\7HQMHVDPR]HMP SURU$]QpVOXE\U$]Q
YG\YDNY\DGXMHDE\YRODMtFtSHGDOYRODQpPXXULWREMHPtGLFtFKLQIRUPDFt
NWHUpMHKRSRDGDYHNVSHFLILNXMt9WHUPLQRORJLL,6226,PRGHOXMHWDWRtGLFt
LQIRUPDFHR]QDRYiQDMDNR,QWHUIDFH&RQWURO,QIRUPDWLRQ ,&, 6RXiVWt
SRDGDYNXSDNEYDMtMHW U$]QiXLWHQiGDWDR]QDRYDQiMDNR6HUYLFH'DWD
8QLW 6'8 9RODMtFtHQWLWDWHG\YREHFQpPStSDG SHGiYiYRODQpHQWLW SHV
StVOXQERG6$3QDUR]KUDQtPH]LQLPLGY VNXSLQ\LQIRUPDFt WM,&,D6'8 NWHUp
GRKURPDG\WYRtW]YGDWRYRXMHGQRWNXUR]KUDQt ,QWHUIDFH'DWD8QLW]NUDWNRX
,'8 YL]REU
(QWLWDNWHUiMHSRVN\WRYDWHOHPVOXE\DNWHUiMHStMHPFHPMHGQRWN\,'8VL
SHYH]PHtGLFtLQIRUPDFHREVDHQpY,'8 WMiVW,&, =QtVHGR]YtFRMHRGQt
SRDGRYiQRDSRGOHWRKRGiOHQDORtVGDWRYRXiVWt iVWL6'8 
-HGQtP]QHMDVW MtFKSRDGDYN$HQWLW\YHYUVWY 1MHiGRVWRSHQRVGDW
VWHMQROHKOpHQWLW  WMHQWLW YUVWY\1 QDMLQpPX]ORYpPSRtWDL(QWLWDYUVWY\1
NWHUiMHRWXWRVOXEXSRiGiQDQDOH]QHStVOXQiGDWDYiVWL6'8SLMDWpMHGQRWN\
,'8DVQDtVHMHSHGDWVYpSDUWQHUVNpHQWLW QDStVOXQpPX]ORYpPSRtWDL6WRXWR
VWHMQROHKORXHQWLWRXNRPXQLNXMHSRGOHXULWpKRSURWRNROX YL]GtOQDHKRVHULiOX 
3,2%5B7,)
2EU3HGVWDYDSHGiYiQtGDWPH]LYUVWYDPL
7HQWRSURWRNROPLPRMLQpXUXMHMDNYHONpNXV\GDWVLPRKRXRE YUVWY\SRVtODWD
MDNPLGRGDWHQPLLQIRUPDFHPLtGLFtSRYDK\PXVtEWWDWRXLWDQiGDWDGRSOQ QD
2GHVtODFtHQWLWDYUVWY\1SURWRUR]G OtGDWD]MHGQRWN\6'8QDWDNYHONpiVWLMDNpMt
SURWRNROXPRXMHSHQiHWDSLSRMtNQLPSRWHEQptGLFtLQIRUPDFH7tPY]QLNiW]Y
SURWRNROiUQtGDWRYiMHGQRWND 3'83URWRFRO'DWD8QLW WYRHQiNURP
XLWHQFKGDW WMVORN\6'8 WDNpVORNRX3&, 3URWRFRO&RQWURO,QIRUPDWLRQ 
NWHUREVDKXMHLQIRUPDFHtGLFtSRYDK\SHGHSVDQpSRXLWPSHQRVRYP
SURWRNROHPYL]RS WREUi]HN
3DUWQHUVNpHQWLW\VWHMQROHKOFKYUVWHYVLWHG\Y]iMHPQ ]DVtODMtMHGQRWN\3'8 YH
IRUP ]SUiYSDNHW$UHVSUiPF$ 9HVNXWHQRVWLWRDOHGRRSUDYG\G ODMtMHQHQWLW\
I\]LFNpYUVWY\SURNWHUpMVRXFHOPLMHGQRWNDPL3'8MHGQRWOLYpELW\DNWHUpMVRX
VFKRSQpVLMHQDY]iMHPVNXWHQ SHGiYDW9HFKQ\RVWDWQt WMY\t YUVWY\VL
MHGQRWN\3'8Y\P XMtSURVWHGQLFWYtPHQWLWEH]SURVWHGQ QLtFKYUVWHYSL
RGHVtOiQtVH]FHOpMHGQRWN\3'8VWiYDMtXLWHQiGDWD VORND6'8 .QLPVHSLGi
SRWHEQitGLFtLQIRUPDFH VORND,&, DWtPY]QLNiGDWRYiMHGQRWNDUR]KUDQt
MHGQRWND,'8 NWHUiMHSHVERG6$3SHGiQDHQWLW EH]SURVWHGQ QLtYUVWY\D
YHVHRSDNXMHDGR~URYQ I\]LFNpYUVWY\
FS
3U$FKRGXLYDWHOVNFKGDWYHPLYUVWYDPL,6226,PRGHOXXND]XMHREUi]HN=
Q MMHQi]RUQ YLG WMDNVLNDGiYUVWYDQDVWUDQ RGHVLODWHOHY]iYLVORVWLQDSRXLWpP
SURWRNROXSLGiYiNXLWHQPGDW$P MHGQRWNiP6'8 VYptGLFtLQIRUPDFH VORN\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3&, REY\NOHYHIRUP KODYLN\NWHURXVLSDNVWHMQROHKOiSDUWQHUVNiYUVWYDQD
VWUDQ StMHPFH]DVHRGHEtUi
3,2%5B7,)
2EU3U$FKRGSHQiHQFKGDWYUVWYDPL,6226,PRGHOX
5HIHUHQQtPRGHO,6226,GUXK\VOXHE
1DUHIHUHQQtPPRGHOX,6226,VHVLOQ SURMHYLODVNXWHQRVWHSLMHKR
NRQFLSRYiQtP OLKODYQtVORYROLGpVStHRGVSRM$QHRGSRtWD$&HOPRGHOMH
WRWLSURGFKQXWVSRMDVNRXPHQWDOLWRXDSRKOHGHPQDVY WFRVHSURMHYLORQDStNODG
YHYKUDGQtSRGSRHW]YVSRMRYDQFKVOXHEQD~NRUVOXHEQHVSRMRYDQFKDY
SHGVWDY R]S$VREXUHDOL]DFHW FKWRVOXHE
6OXE\NWHUpSRVN\WXMtYUVWY\U$]QFK~URYQtPRKRXPtWFKDUDNWHUVSRMRYDQFKL
QHVSRMRYDQFKVOXHE6SRMRYDQiVOXED &RQQHFWLRQRULHQWHG6HUYLFH SUDFXMHQD
REGREQpPSULQFLSXMDNRWHOHIRQQtV\VWpP&KFHWHOLVQ NPKRYRLWSRWHOHIRQX
PXVtWHQHMSUYHY\WRLWMHKRtVORDRQPXVtQDYDHYROiQtRGSRY G W]YHGQXWtP
WHOHIRQX7tPPH]LYiPLY]QLNiVSRMHQtSURVWHGQLFWYtPNWHUpKRVSROXNRPXQLNXMHWH
DNWHUpQDNRQFLKRYRUX]DQLNi SRORHQtPVOXFKiWND $QDORJLFN\MHWRPXLYStSDG
GYRXHQWLWQDVWHMQFK~URYQtFKNWHUpVSROXFKW MtNRPXQLNRYDWQHMSUYHPXVtEW
PH]LQLPLQDYi]iQRVSRMHQt-DNPLOHMHWRWRVSRMHQtQDYi]iQRFKRYiVHYMLVWpP
VP\VOXMDNRURXUDY\VtODMtFtGRQtQDMHGQpVWUDQ YNOiGiWRFRVLSHMHRGHVODWD
StMHPFHVLWRQDGUXKpVWUDQ YHVWHMQpPSRDGtRGHEtUi
1HVSRMRYDQRXVOXEX &RQQHFWLRQOHVV6HUYLFH O]HQDRSDNSLURYQDWNE Qp
OLVWRYQtSRW 7DQHSRtWiVH]t]HQtPVSRMHQtPH]LRGHVLODWHOHDStMHPFHPDOHPtVWR
WRKRSRYDXMHMHGQRWOLYpiVWLSHQiHQFKGDW ]SUiY\ ]DVDPRVWDWQpFHON\RSDWHQp
DGUHVRXVYpKRNRQHQpKRStMHPFHDGRUXXMHMHQH]iYLVOHQDRVWDWQtFK]SUiYiFK
-HGQRWOLYp]SUiY\WHG\PRKRXEWYSULQFLSXSHQiHQ\U$]QPLFHVWDPLWDNHVH
P$HLVWiWHSLStMPXQHEXGH]DFKRYiQRMHMLFKVSUiYQpSRDGtFRVHX
VSRMRYDQpVOXE\VWiWQHP$H
6SRMRYDQ FRQQHFWLRQRULHQWHG FKDUDNWHUPDMtMDNWHOHIRQQtVtW WDNLQDSY WLQD
YHHMQFKGDWRYFKVtWtDMLQFKWHOHNRPXQLNDQtFKV\VWpP$]DWtPFRQDSY
ORNiOQtFKVtWtFKPDMtSHQRV\REY\NOHQHVSRMRYDQ FRQQHFWLRQOHVV FKDUDNWHU
3$YRGQtYHU]HUHIHUHQQtKRPRGHOX,6226,YDNSRtWDODSRX]HVHVSRMRYDQPL
FRQQHFWLRQRULHQWHG VOXEDPLDSURWRNRO\D]DYHGHQtQHVSRMRYDQFKE\OR
SURYHGHQRDGRGDWHQ 
6SRMRYDQpVOXE\MVRXYREHFQpPStSDG YKRGQ MtSURSHQRVY WtFKREMHP$GDW
0DMtVLFHY WtMHGQRUi]RYRXSRiWHQtUHLL QDQDYi]iQtVSRMHQt DOHQDGUXKpVWUDQ
Y\ND]XMtPHQtUHLLQDYODVWQtSHQRVGDW1DRSDNQHVSRMRYDQpVOXE\QHPDMt
SUDNWLFN\iGQRXMHGQRUi]RYRXUHLLPDMtYDNUHODWLYQ Y\tUHLLQDYODVWQtSHQRV
MHGQRWOLYFKiVWtSHQiHQFKGDW-VRXSURWRQDRSDNYKRGQ MtSURSHQRVPHQtFK
REMHP$GDW WMNUDWtFK]SUiY 
-HGREUpVLXY GRPLWHVSRMRYDQUHVSQHVSRMRYDQFKDUDNWHUPRKRXPtWVOXE\
YHFKYUVWHYRGDSOLNDQtSROLQNRYRX ]DWtPFRQD~URYQLI\]LFNpYUVWY\ML
UR]OLRYiQtPH]LRE PDYDULDQWDPL]WUiFtVP\VO 9GtOXQDHKRVHULiOXYHNWHUpP
MVPHVH]DEYDOLYHHMQPLGDWRYPLVtW PLMVPHVLXND]RYDOLStNODG\WDNRYFKWR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VOXHEQD~URYQLVt"RYpYUVWY\SHSRMRYiQtRNUXK$DYLUWXiOQtFKRNUXK$ NWHUpPDMt
VSRMRYDQFKDUDNWHU DGDWDJUDPRYpVOXE\ NWHUiPiQHVSRMRYDQFKDUDNWHU 9
GDOtFKSRNUDRYiQtFKQDHKRVHULiOXVLXNiHPHHVOXE\VSRMRYDQpKRD
QHVSRMRYDQpKRFKDUDNWHUXH[LVWXMtPMLQD~URYQLWUDQVSRUWQtYUVWY\DHQDS
QHVSRMRYDQiWUDQVSRUWQtVOXEDP$HEWLPSOHPHQWRYiQDSURVWHGQLFWYtPVOXE\
Vt"RYpYUVWY\NWHUiPiQDRSDNVSRMRYDQFKDUDNWHU
.URP UR]G ORYiQtVOXHEQDVSRMRYDQpDQHVSRMRYDQpMHPRQpLMLQpUR]G OHQtQD
VSROHKOLYpDQHVSROHKOLYp
6SROHKOLYiVOXED 5HOLDEOH6HUYLFH MHWDNRYiNWHUiQLNG\QH]WUiFtiGQiGDWD
2EY\NOHMHWDWRVOXEDUHDOL]RYiQDSURVWHGQLFWYtPYKRGQpKRPHFKDQLVPX
SRWYU]RYiQt NG\StMHPFHSRWYU]XMH~VS QpSLMHWtUHVS]QRYXiGiRY\VOiQtGDW
NWHUpE\O\SLMDW\FK\EQ 6WtPMHRYHPVSRMHQDXULWiUHLHNWHUiQHPXVtEWYG\
iGRXFtSHGVWDYPHVLQDSSHQRVGLJLWDOL]RYDQpKR]YXNX=GHMHMLVW YKRGQ Mt
UDG MLREDVSLMPRXWFK\EQiGDWD WMSRQ NXG]NUHVOHQ]YXN QHSLSXVWLW
YSDGN\]S$VRERYDQpSRWYU]RYiQtPUHVSRSDNRYDQPSHQRVHPFK\EQ SLMDWFK
GDW
3URWRPDMtVYpRSRGVWDWQ QtLQHVSROHKOLYpVOXE\ 8QUHOLDEOH6HUYLFHV FRMH
RYHPSRQ NXG]DYiG MtFtR]QDHQtMHYKRGQpFKiSDWMHVStHMDNRVOXE\NWHUp
PDMtY\VRNRXPtUXVSROHKOLYRVWLQHSRVN\WXMtYDNVWRSURFHQWQt]iUXNX~VS QRVWL
SHQRVX-HOLNRDOHQHSRXtYDMtPHFKDQLVP\SRWYU]RYiQt VSRMHQpVXULWRXUHLt 
PRKRXEWU\FKOHMtQHREGREQpVSROHKOLYpVOXE\
3UDNWLFN\MHGLQPPRQP]S$VREHPMDN]DMLVWLWVSROHKOLYRXVOXEXMHYKRGQ
PHFKDQLVPXVSRWYU]RYiQt' OHQtVOXHEQDSRWYU]RYDQp FRQILUPHG D
QHSRWYU]RYDQp XQFRQILUPHG SURWRREY\NOHVSOYiVMHMLFKG OHQtPQDVSROHKOLYp
UHVSQHVSROHKOLYp
-DNMVPHVLMLXYHGOLGtYHVDPRWQUHIHUHQQtPRGHO,6226,QHREVDKXMHSHVQp
Y\PH]HQtVOXHENWHUpMHGQRWOLYpYUVWY\SRVN\WXMtYUVWYiPEH]SURVWHGQ
QDGt]HQP=DYiGtSRX]HGRVWLREHFQRXSHGVWDYXRWRPMDNP]S$VREHPE\P OR
EW]SURVWHGNRYiQRY\XLWtW FKWRVOXHEQDUR]KUDQtPH]LMHGQRWOLYPLYUVWYDPL
SURVWHGQLFWYtPW\GUXK$W]YVOXHEQtFKSULPLWLY VHUYLFHSULPLWLYHV YL]WDEXOND
7\MHPRQpVLSHGVWDYLWMDNRSRDGDYN\QDSURYHGHQtXULWFKNRQNUpWQtFK
DNFtQHERQDRSDNMDNRVLJQDOL]DFLXULWFKVLWXDFtKRGQFK]HWHOH
'UXKSULPLWLYD9]QDP
5HTXHVW iGRVW (QWLWDSRDGXMHQDVOXE SURYHGHQtXULWpLQQRVWL
,QGLFDWLRQ LQGLNDFH (QWLWDPiEWLQIRUPRYiQDRXULWpXGiORVWL
5HVSRQVH 2GH]YD (QWLWDUHDJXMHQDXULWRXXGiORVW
&RQILUP 3RWYU]HQt (QWLWDMHLQIRUPRYiQDRYVOHGNXY\t]HQtVYpKRSRDGDYNX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK

7DEXOND'UXK\VOXHEQtFKSULPLWLY,6226,PRGHOX
8YDXMPHMDNRStNODGSRWYU]RYDQRXVOXEXQDS]t]HQtVSRMHQtPH]LGY PD
SDUWQHUVNPLHQWLWDPLVWHMQROHKOFKYUVWHYYL]WpREUi]HN3RVN\WRYDWHOHP
VOXE\MHHQWLWDEH]SURVWHGQ QLtYUVWY\NWHUpPXVtDGDWHOR]t]HQtVSRMHQtSHGDW
VYRXiGRVWYHIRUP SULPLWLYDW\SXSRDGDYHN UHTXHVW (QWLW VHNWHURXPiEW
VSRMHQtQDYi]iQRVHSRDGDYHNSURMHYtMDNRLQGLNDFH LQGLFDWLRQ NWHUiMHGDOtP
W\SHPVOXHEQtKRSULPLWLYD-GHOLRVOXEXSRWYU]RYDQRXQiVOHGXMHRGH]YD
UHVSRQVH NWHUiSDNY\YROiSRWYU]HQt FRQILUPDWLRQ 
3,2%5B7,)
2EU6OXHEQtSULPLWLYDSURVWRURYiSHGVWDYD

=DP\VOHPHVHDOHMHW MHGQRXQDGWtPFRYODVWQ MVRXRQDSRQ NXGYiJQtVOXHEQt
SULPLWLYDDWR]SRKOHGXSURJUDPRYpUHDOL]DFHMHGQRWOLYFKVOXHE-VRXVOXHEQt
SULPLWLYDSURFHGXU\NWHUpY\tYUVWYDYROiDEH]SURVWHGQ QLtYUVWYDY\NRQiYi"9
StSDG SRDGDYNXDRGH]Y\MHWRDVLSHGVWDYDGRVWLYKRGQiFRDOHYStSDG
LQGLNDFHDSRWYU]HQtNWHUpPDMtStMHPFHXSR]RUQLWQDXULWRXVNXWHQRVWDNWHURX
ViPQHPXVtY$EHFRHNiYDW"=GHMLSHGVWDYDH[SOLFLWQ YRODQpSURFHGXU\VHOKiYi
9KRGQ MtE\E\ODVStHSHGVWDYDDV\QFKURQQtKRSHUXHQtStMHPFHFRDOHMHQ
YHOPLPiORY\KRYXMHGQHQtPY\tPSURJUDPRYDFtPMD]\N$PDMH]FHODYHVSRUXVH
YHPL]iVDGDPLVWUXNWXURYDQpKRSURJUDPRYiQt=LVW VSRMDVNpKRSRKOHGXQDVY W
MHWRDOHSHGVWDYDYHOPLSLUR]HQiQDSRE\HMQWHOHIRQYG$VOHGNXLQGLNDFH
]DQHYHVHOH]YRQLW
3,2%5B7,)
2EU6OXHEQtSULPLWLYDSU$E KYDVH
)\]LFNiYUVWYD
-DNMVPHVLXYHGOLMLGtYH~NROI\]LFNpYUVWY\YUiPFLUHIHUHQQtKRPRGHOX
,6226,MH]GiQOLY YHOPLMHGQRGXFK]DMLVWLWSHQRVMHGQRWOLYFKELW$PH]L
StMHPFHPDRGHVLODWHOHP
9SHGFKR]tFKGtOHFKQDHKRVHULiOXMVPHVLWDNpQD]QDLOLHPRQFKSURVWHGN$
SURYODVWQtSHQRVGDWMHFHOiDGDRGQHMU$]Q MtFKNDEHO$WHOHIRQQtFKRNUXK$SHV
YHHMQpGDWRYpVtW DQDSSRVDWHOLWQtVSRMHDHW\WRVHYtFHLPpQ OLtYH
]S$VREXSHQRVXGRVDLWHOQFKSHQRVRYFKU\FKORVWHFK]S$VREXRYOiGiQtLY
GDOtFKDVSHNWHFK-HSUiY ~NROHPI\]LFNpYUVWY\DE\VHSL]S$VRELODNRQNUpWQtP
SHQRVRYPSURVWHGN$PY\WYRLODSRWHEQpUR]KUDQtSURMHMLFKSLSRMHQtNX]ORYpPX
SRtWDLVtW DSURVWHGQLFWYtPWRKRWRUR]KUDQtMHWDNpRYOiGDOD
)\]LFNpYUVWY\VHSURWRWNDMtVWDQGDUG\NWHUpGHILQXMtHOHNWULFNpPHFKDQLFNp
IXQNQtDSURFHGXUiOQtYODVWQRVWLUR]KUDQtSURSLSRMHQtU$]QFKSHQRVRYFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SURVWHGN$D]Dt]HQt WMNDEHO$PRGHP$DSRG WHG\HOHNWULFNpSDUDPHWU\
SHQiHQFKVLJQiO$MHMLFKY]QDPDDVRYSU$E KY]iMHPQpQiYD]QRVWLtGtFtFKD
VWDYRYFKVLJQiO$]DSRMHQtNRQHNWRU$DPQRKRGDOtFKSDUDPHWU$WHFKQLFNpKRL
SURFHGXUiOQtKRFKDUDNWHUXNROHPHQWLWI\]LFNpYUVWY\MHSDNQD]iNODG W FKWR
VWDQGDUG$REVOXKRYDWSHQRVRYpSURVWHGN\SLSRMHQpNStVOXQPUR]KUDQtPD
MHMLFKSURVWHGQLFWYtP]DML"RYDWSHQRV\MHGQRWOLYFKELW$
=S$VRESLSRMRYiQtPRGHP$NSRtWD$PDWHUPLQiO$PGHILQXMHVWDQGDUG56&
5HFRPPHQGHG6WDQGDUGQRUHYLVLRQ& SRFKi]HMtFtRGDPHULFNp
VWDQGDUGL]DQtRUJDQL]DFH(,$ YL]GtOQDHKRVHULiOX 7HQY\PH]XMHSHVQp
UR]KUDQtPH]LGY PDGUXK\]Dt]HQtNWHUpVHYWHUPLQRORJLLWRKRWRVWDQGDUGXR]QDXMt
MDNR'7( 'DWD7HUPLQDO(TXLSPHQWYSHNODGX.='QHEROL.RQFRYp=Dt]HQt
SHQRVX'DW D'&( 'DWD&LUFXLW7HUPLQDWLQJ(TXLSPHQWYSHNODGX8='QHEROL
8NRQXMtFt=Dt]HQt'DWRYpKRRNUXKXYL]GtOQDHKRVHULiOX =Dt]HQtP'7(MH
QDSSRtWDQHERWHUPLQiO]DWtPFR]Dt]HQtP'&(MHPRGHP6WDQGDUG56&
GHILQXMHQHMHQSRHWDY]QDPMHGQRWOLYFKVLJQiO$UR]KUDQtPH]L]Dt]HQtPL'7(
'&(]DSRMHQtNRQHNWRU$DOHWDNpHOHNWULFNpSDUDPHWU\SHQiHQFKVLJQiO$ PM
QDS "RYp~URYQ NWHUpY\MDGXMtMHGQRWOLYpVWDY\W FKWRVLJQiO$ 3UDNWLFN\VKRGQ
VWDQGDUGUHVSGRSRUXHQtVR]QDHQt9SRFKi]tRGRUJDQL]DFH&&,77 OLtVHMHQY
Q NROLNDPiOR]tGNDSRXtYDQFKVLJQiOHFK 'RSRUXHQt9YDNQDUR]GtORG
VWDQGDUGX56&QHGHILQXMHSHVQpHOHNWULFNpSDUDPHWU\SHQiHQFKVLJQiO$ Y
WHUPLQRORJLLGRSRUXHQt9REYRG$ W\VSHFLILNXMHDGRSONRYpGRSRUXHQt
9
$NROLE\O\REDW\WRSUDNWLFN\HNYLYDOHQWQtVWDQGDUG\Y\YLQXW\SUiY SURSLSRMRYiQt
PRGHP$NSRtWD$PDWHUPLQiO$SRXtYDMtVHGQHVLNMLQP~HO$PQDSSUR
SLSRMRYiQtWLVNiUHQLMLQFKSHULIHULt VHVpULRYPUR]KUDQtP NSRtWD$PDWDNpNH
Y]iMHPQpPXSURSRMRYiQtSRtWD$ WMNSURSRMRYiQtGYRX]Dt]HQt'7( 9QDHP
VHULiOXVHEXGHPHRE PDW PLWRVWDQGDUG\MHW ]DEYDWSRGUREQ ML
1HYKRGRXVWDQGDUG$56&D9 9 MHPD[LPiOQtGRVDKSLEOLQ 
PHWU$DPD[LPiOQtSHQRVRYiU\FKORVWGRNELWVHNXQGX9 WtKRGRVDKXDY\tFK
SHQRVRYFKU\FKORVWtO]HREHFQ GRViKQRXWMHQVHOHNWULFNPLVLJQiO\MLQFK
SDUDPHWU$3URWRE\O\Y\WYRHQ\GDOtVWDQGDUG\ GRSRUXHQt&&,77 9D9
NWHUpMVRXDOWHUQDWLYRXNGRSRUXHQt9 WMGHILQXMtSUiY DSRX]HHOHNWULFNp
SDUDPHWU\SHQiHQFKVLJQiO$ 3HGSRNOiGDMtSRXLWtYNRQQ MtFKEXGL$D
SLMtPD$ SRDG QHV\PHWULFNFKUHVSV\PHWULFNFKWMWDNRYFKNWHUpSHQiHQ
ORJLFNVLJQiOY\MDGXMtQDS WtPPH]LMHGQtPVLJQiORYPYRGLHPD]HPtUHVS
UR]GtOHPQDS WtPH]LGY PDVLJQiORYPLYRGLL DXPRXMtGRVDKRYDWSHQRVRYp
U\FKORVWLD0ELWVHNXQGX YL]WDEXOND 'RSRUXHQt9D9PDMtVYp
HNYLYDOHQW\YGRSRUXHQtFK&&,77;UHVS;DWDNpYGRSRUXHQtFK(,$
NRQNUpWQ 56$UHVS56$ 
6WDQGDUG'RSRUXHQt0D[LPiOQt/RJLFNi/RJLFNi
(,$&&,772EYRG\GRVDK XY\VtODH  XY\VtODH
56&9QHV\PHWULFNpNELWVHNXQGXGRPD9D9

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
56$9 ; QHV\PHWULFNpNELWVHNXQGXGRPD9D
9
NELWVHNXQGXGRP
56$9 ; V\PHWULFNp0ELWVHNXQGXGRPD9D
9
NELWVHNXQGXGRP
7DEXOND(OHNWULFNpSDUDPHWU\DGRVDKVLJQiO$
6WDQGDUG56&MHMLSRP UQ VWDUpKRGDWD E\OSRSUYpSXEOLNRYiQYURFH 
.RQFHPOHWVHMHMRUJDQL]DFH(,$UR]KRGODQDKUDGLWQRY MtPVWDQGDUGHP56
7HQ]DYiGtQ NWHUpQRYpVLJQiO\ SHGHYtPSURSRWHE\WHVWRYiQt D
SHGSRNOiGiSRXLWtMLQFKNRQHNWRU$QDUR]GtORGVYpKRSHGFK$GFHYDNML
QHGHILQXMHHOHNWULFNpFKDUDNWHULVWLN\SHQiHQFKVLJQiO$SURQ SHMtPiVWDQGDUG\
56$D56$
1RYVWDQGDUG56VHYDNSHVYHONRXVQDKXRUJDQL]DFH(,$YSUD[LQHXMDO
]HMP SURStOLQRXNRPSOLNRYDQRVWRSURWLVYpPXSHGFK$GFL 3URWR(,$SRiWNHP
URNXSLODVQRYRXYHU]t UHYL]t' VWDQGDUGX56Q\QtWHG\VR]QDHQt56
'NWHUiRSURWLYHU]L56&SLGiYiGYDQRYpVLJQiO\ SURWHVWRYiQt
PRGHP$ 
=S$VRESLSRMRYiQtSRtWD$NGLJLWiOQtPRNUXK$PDNYHHMQPGDWRYPVtWtP
GHILQXMHGRSRUXHQt;&&,77]URNX7RVLFH]DVDKXMHDGRVt"RYpYUVWY\
QHER"REVDKXMHSRSLVt]HQtLQQRVWLYVtWLVSHSRMRYiQtPRNUXK$ QD~URYQLI\]LFNp
YUVWY\YDNGHILQXMHSRHWDY]QDPSHQiHQFKVLJQiO$L]DSRMHQtNRQHNWRU$
1HGHILQXMHYDNMLHOHNWULFNpYODVWQRVWLSHQiHQFKVLJQiO$NWRPXWR~HOXSHMtPi
GRSRUXHQt9;D9;.URP GRSRUXHQt;H[LVWXMHLDOWHUQDWLYQt
GRSRUXHQt; ELV NWHUpMHSRGPQRLQRXVWDQGDUG$56&9GHILQXMH
]S$VRESLSRMRYiQtNDQDORJRYPSHQRVRYPVtWtPDMH]DPOHQRMDNRGRDVQ
VWDQGDUGSURGREXNG\GLJLWiOQtVtW MHW QHMVRXYHREHFQ UR]tHQp
)\]LFNRXYUVWYXSRNUYDMtWDNpVWDQGDUG\DG\SRFKi]HMtFtRGVGUXHQt,(((
NWHUpMVRXXUHQpSURORNiOQtVtW  DP\VHMLPLVDPR]HMP EXGHPH]DEYDW
SRGUREQ ML 1HM]DMtPDY MtMH]WRKRWRSRKOHGX]HMP VWDQGDUG,(((SUR
VE UQLFRYpORNiOQtVtW VStVWXSRYRXPHWRGRX&60$&' R]QDRYDQpSRQ NXG
QHSHVQ MDNRVtW W\SX(WKHUQHW 7HQWRVWDQGDUGWRWLYHVYpS$YRGQtYHU]L ]URNX
 SHGSRNOiGDOSRX]HSRXLWtW]YWOXVWpKRNRD[LiOQtKRNDEHOX 7KLFN(WKHUQHW
YL]GtOQDHKRVHULiOX 3RP UQ EU]\YDNE\ORSLMDWRQ NROLNGRSON$VWDQGDUGX
,(((NWHUpXPRQLO\Y\XtWLMLQiSHQRVRYiPpGLDRGW]YWHQNpKR
(WKHUQHWXSHVNRD[LiOQtNDEHOVSHQRVHPYSHORHQpPSiVPXDSRE QRX
NURXFHQRXGYRXOLQNXDRSWLFNiYOiNQD-HGQRWOLYpGRSONRYpVWDQGDUG\ YHWQ
S$YRGQtKR SDNGRVWDO\LYVWLQiR]QDHQtNWHUiVKUQXMHWDEXOND2EGREQ
YYRMMDNRX,(((O]HSR]RURYDWLXRVWDWQtPVWDQGDUG$DG\
7\S0D[SHQRVRYi3HQRVRYp7RSRORJLH'UXKSHQRVX0D[GpOND

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
U\FKORVWPpGLXPVtW MHGQRKRVHJPHQWX
%$6(0ELWVHNXQGXWOXVW(WKHUQHWVE UQLFHY]iNODGQtPSiVPXGR
P
%$6(0ELWVHNXQGXWHQN(WKHUQHWVE UQLFHY]iNODGQtPSiVPXGR
P
%52$'0ELWVHNXQGXNRD[LiOQtNDEHO%VE UQLFHYSHQHVHQpP
SiVPXGRP
%$6(0ELWVHNXQGXNURXFHQiGYRXOLQNDKY ]GDY]iNODGQtPSiVPXGR
P
%$6(70ELWVHNXQGXNURXFHQiGYRXOLQNDKY ]GDY]iNODGQtPSiVPX
GRP
%$6()0ELWVHNXQGXRSWLFNiYOiNQDKY ]GD
7DEXOND3HKOHGVWDQGDUG$,(((
9ODVWQtVSHFLILFNpHHQtQD~URYQLI\]LFNpYUVWY\Y\DGXMtWDNpQ NWHUpQRY Mt
SHQRVRYpWHFKQRORJLHDSURVWHGN\)\]LFNRXYUVWYXSURWRSRNUYDMtLVWDQGDUG\UHVS
GRSRUXHQtNWHUpSRXLWtW FKWRSURVWHGN$UHVSWHFKQRORJLtGHILQXMtQDStNODG
SURRSWLFNpSHQRV\GRSRUXHQt,62NWHUpGHILQXMHVWDQGDUG)'', )LEHU
'LVWULEXWHG'DWD,QWHUIDFH 
SURVtW ,6'1GRSRUXHQt&&,77, NWHUpVHWNiYKUDGQ I\]LFNpYUVWY\
/LQNRYiYUVWYD,
)\]LFNiYUVWYD,6226,PRGHOX]DML"XMHSHQRVMHGQRWOLYFKELW$PH]LGY PD
X]ORYPLSRtWDLPH]LNWHUPLH[LVWXMHStPpVSRMHQt WMYKRGQNRPXQLNDQtNDQiO
UHVSRNUXK /LQNRYiYUVWYDSDNY\XtYiW FKWRSURVWHGN$SURSHQRVY WtFKEORN$
GDWR]QDRYDQFKMDNRUiPFH IUDPHV DSHQRVW FKWRUiPF$SDNVDPDQDEt]tMDNR
VYRXVOXEXEH]SURVWHGQ Y\tYUVWY YUVWY Vt"RYp
)\]LFNiYUVWYDYDNQLMDNQHUR]OLXMHMHGQRWOLYpELW\NWHUpSHQit-HSURWRQD
OLQNRYpYUVWY DE\VDPD]DMLVWLODMHMLFKVSUiYQRXLQWHUSUHWDFLDE\GRNi]DOD
UR]SR]QDWNWHUpELW\UHVSVNXSLQ\ELW$SHGVWDYXMttGtFtLQIRUPDFH QDSVLJQDOL]XMt
]DiWHNLNRQHFEORNXXGiYDMtMHKRGpONXDSRG DNWHUpELW\SHGVWDYXMtYODVWQt
XLWHQiGDWD
9StSDG DV\QFKURQQtKRSHQRVXYL]GtOQDHKRVHULiOXMVRXSHQiHQiGDWD
OHQ QDQD]QDN\ VWHMQ YHONpVNXSLQ\ELW$ 7\WRMVRXSDNSURSRWHE\SHQRVX
REDOHQ\W]YVWDUWDVWRSELW\NWHUpStMHPFLXPRXMtVSUiYQ UR]SR]QDW]DiWHND

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NRQHF]QDNX3RWHEXMHPHOLSDNSHQiHWGDWDWYRHQiSRVORXSQRVWPLE QFK WM
WLVNQXWHOQFK $6&,,]QDN$MHQHMMHGQRGXtPHWRGRXYORLWFHOEORN]QDN$PH]L
GYRMLFLVSHFLiOQtFK WMQHWLVNQXWHOQFK]QDN$ 67; 6WDUWRI7H;W]DiWHNWH[WX D
(7; (QGRI7H;WNRQHFWH[WX NWHUpMVRXSURVYRXIXQNFLR]QDRYiQ\MDNRtGtFt
]QDN\SHQRVX WUDQVPLVVLRQFRQWUROFKDUDFWHUV 7tPVHGRViKQHSRWHEQp
V\QFKURQL]DFHQD~URYQLUiPF$ IUDPHV\QFKURQL]DWLRQ QHER"]QDN\67;D(7;
XPRXMtStMHPFLVSUiYQ UR]SR]QDW]DiWHNDNRQHFUiPFH ]DWtPFRMHGQRWOLYp
]QDN\UiPFHUR]SR]QiYiSLDV\QFKURQQtPSHQRVXGtN\]PtQ QPVWDUWDVWRSELW$P
YL]REUD
3UiY QD]QDHQ]S$VRERYHPQHO]HSRXtWYStSDG NG\SRWHEXMHPHSHQpVW
MDNRGDWD LQ NWHUptGtFt]QDN\QHERYStSDG NG\PtVWR]QDN$SHQitPHREHFQi
ELQiUQtGDWD7DVLFHP$HPHUR]G OLWQDVWHMQ YHONpVNXSLQ\ELW$DFKiSDWMHMDNR
NyG\MHGQRWOLYFK]QDN$VWiOHVHQiPYDNP$HVWiWHQiPWDNWRY\MGHSUiY
Q NWHU]H]PtQ QFKtGtFtFK]QDN$3DNMHQXWQp]DMLVWLWW]YWUDQVSDUHQFLGDW
GDWDWUDQVSDUHQF\ WHG\XPRQLWDE\PH]LSHQiHQPLGDW\PRKO\EWLtGtFt
]QDN\DW\WRQHE\O\LQWHUSUHWRYiQ\MDNRtGtFtDOHMDNRXLWHQiGDWD3RXtYiVHN
WRPXWHFKQLNDW]YYNOiGiQt]QDN$ FKDUDFWHUVWXIILQJ NG\MHSHGtGtFt]QDN\
67;D(7;YORHQMHW MLQtGtFt]QDN]QDN'/( 'DWD/LQN(VFDSH]P QD
Y]QDPXQiVOHGXMtFtKR]QDNX 7HQVHRYHPP$HY\VN\WRYDWLPH]LYODVWQtPLGDW\
DSURWRVH]GHNDGMHKRYVN\W]GYRMXMHYL]REU3tMHPFHVHSDNYG\SR
SLMHWt]QDNX'/(UR]KRGXMHSRGOHQiVOHGXMtFtKR]QDNXMHOLMtPGDOt]QDN'/(
MHGQRGXHMHMY\SXVWt DSLMPHSHGFKR]t]QDN'/(MDNRXLWHQiGDWD -HOL
QDRSDNGDOtP]QDNHP]QDN(7;StMHPFHVL]WRKRRGYRGtHVHGRVWDOQDNRQHF
EORNX YL]REUE
3,2%5B7,)
2EU6\QFKURQL]DFHQD~URYQLUiPF$SLDV\QFKURQQtPSHQRVX
DSURWH[WRYiGDWD
ESURELQiUQtGDWD
-HGQRX]QHYKRGDV\QFKURQQtKR]S$VREXSHQRVXMHYNOiGiQtQH]E\WQFKVWDUWD
VWRSELW$tPVHGRVWLSRGVWDWQ VQLXMHHIHNWLYQtSHQRVRYiU\FKORVW3URY\t
SHQRVRYpU\FKORVWLVHSURWRSRXtYiVStHSHQRVV\QFKURQQt YL]GtOVHULiOX 
6\QFKURQQtSHQRVVLO]HSHGVWDYLWMDNRVSRMLWSURXGELW$ EH]VWDUWDVWRSELW$ YH
NWHUpPStMHPFHPXVtVSUiYQ UR]SR]QiYDWKUDQLFHPH]LMHGQRWOLYPL]QDN\ FR
SHGVWDYXMHV\QFKURQL]DFLQD~URYQL]QDN$FKDUDFWHUV\QFKURQL]DWLRQ 7pVH
GRVDKXMHSRPRFtVSHFLiOQtFK]QDN$6<1 YL]RS WGtOQDHKRVHULiOX NWHUpXYR]XMt
NDGV\QFKURQQ SHQiHQEORN]QDN$YL]REU
6\QFKURQL]DFHQD~URYQLUiPF$ WMVSUiYQpUR]SR]QiQt]DiWNXDNRQFHUiPFH VHSL
V\QFKURQQtPSHQRVXP$HGRVDKRYDWVWHMQ MDNRSLSHQRVXDV\QFKURQQtP
SRPRFttGtFtFK]QDN$SHQRVX3DNMGHRW]Y]QDNRY RULHQWRYDQSHQRV
FKDUDFWHURULHQWHGWUDQVPLVVLRQ 
9NOiGiQtFHOFKtGtFtFK]QDN$GRSHQiHQFKGDWDMHMLFKQH]E\WQp]GYRMRYiQtSL
SHQRVXELQiUQtFKGDWDOHRS WSLQitVQtHQtHIHNWLYQtSHQRVRYpU\FKORVWL3URWRVH
GQHVVWiOHYtFHXSODWXMHELWRY RULHQWRYDQSHQRV ELWRULHQWHGWUDQVPLVVLRQ -H

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
]DORHQQDP\OHQFHLQGLNRYDW]DiWHNDNRQHFUiPF$QLNROLtGtFtP]QDNHPDOH
VNXSLQRXELW$2]QDHQtELWRY RULHQWRYDQSLWRP]G$UD]XMHVNXWHQRVWH
SHQiHQiGDWDMVRXY\KRGQRFRYiQDELWSRELWXGRNXGQHQtQDOH]HQDKOHGDQiVNXSLQD
ELW$LQGLNXMtFt]DiWHNUiPFHUHVSMHKRNRQHF3RHWELW$NWHUpWYRtYODVWQtREVDK
UiPFHSDNQHPXVtQXWQ EWQiVRENHPRVPL
3,2%5B7,)
2EU6\QFKURQQt]QDNRY RULHQWRYDQSHQRV
DIRUPiWUiPFH
EV\QFKURQL]DFHQD~URYQL]QDN$
-HGQRX]PRQRVWtSURELWRY RULHQWRYDQSHQRVMHSRXtWVWHMQRXVNXSLQXELW$W]Y
NtGORYRX]QDNX IODJ SURXYR]HQtL]DNRQHQtUiPFHYL]REUD7DWR
NtGORYi]QDNDVHSDNRYHPQHVPtY\VN\WRYDWXYQLWYODVWQtKRUiPFH2EY\NOHMH
NtGORYi]QDNDWYRHQDSRVORXSQRVWtDSRWHEQiWUDQVSDUHQFHGDWVH
]DML"XMHYNOiGiQtPELW$ ELWVWXIILQJ SLNWHUpPMH]DNDGFKS WSRVRE
MGRXFtFKMHGQLNRYFKGDWRYFKELW$DXWRPDWLFN\YORHQMHGHQQXORYELW NWHU
StMHPFH]DVHDXWRPDWLFN\RGVWUDXMH YL]REUE
'DOtPRQRVWtMHXYR]HQtFHOpKRUiPFH SRW]YSUHDPEXOLQHEROLV\QFKURQL]DQtP
SROL W]YSt]QDNHP]DiWNXUiPFH VWDUWRIIUDPHGHOLPLWHU ]DNWHUP
QiVOHGXMHKODYLND KHDGHU SHGHPVWDQRYHQpKRIRUPiWXD~GDMRGpOFHUiPFHYL]
REUF7DWRYDULDQWDVHSRXtYiSHGHYtPXORNiOQtFKVtWt
3,2%5B7,)
2EU6\QFKURQQtELWRY RULHQWRYDQSHQRV
DIRUPiWUiPFHVNtGORYRX]QDNRX
ESHGVWDYDYNOiGiQtELW$
FIRUPiWUiPFHVSt]QDNHP]DiWNXD]DGDQRXGpONRX
3RGOHSRXtYDQpKR]S$VREXSHQRVXO]HSURWRNRO\SRXtYDQpQD~URYQLOLQNRYp
YUVWY\,6226,PRGHOXUR]G OLWGRGYRXYHONFKVNXSLQQD]QDNRY RULHQWRYDQp
SURWRNRO\ FKDUDFWHURULHQWHGSURWRFROV DELWRY RULHQWRYDQpSURWRNRO\ ELW
RULHQWHGSURWRFROV 
0H]L]QDNRY RULHQWRYDQpSURWRNRO\SDWtSHGHYtPSURWRNROY\YLQXWILUPRX,%0
SRGR]QDHQtP%LQDU\6\QFKURQRXV3URWRFRO]NUiFHQ QD]YDQ%LV\QFLMHQ
%6&9SRVOHGQtGRE VHYDNVWiOHYtFHSURVD]XMtVStHELWRY RULHQWRYDQpOLQNRYp
SURWRNRO\1HMY]QDPQ MtPSHGVWDYLWHOHPWpWRVNXSLQ\MHRS WSURWRNROY\YLQXW
ILUPRX,%0SURMHMtVt"RYRXDUFKLWHNWXUX61$SURWRNRO6'/& 6\QFKURQRXV'DWD
/LQN&RQWURO 2GWRKRWRSURWRNROXMVRXSDNRGYR]HQ\WpP YHFKQ\RVWDWQt
SRXtYDQpELWRY RULHQWRYDQpSURWRNRO\+'/& +LJK/HYHO'DWD/LQN&RQWURO 
SRFKi]HMtFtRGRUJDQL]DFH,62/$3 /LQN$FFHVV3URFHGXUH DMHKRU$]QpYDULDQW\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
RG&&,77L$'&&3 $GYDQFHG'DWD&RPPXQLFDWLRQV&RQWURO3URFHGXUH 
NWHUMHVWDQGDUGHP$16,
/LQNRYiYUVWYD,,
6SUiYQpUR]SR]QiQt]DiWNXDNRQFHNDGpKRUiPFHLMHKRMHGQRWOLYFKiVWtQHQt
]GDOHNDMHGLQP~NROHPNWHUHtOLQNRYiYUVWYDUHIHUHQQtKR,6226,PRGHOX
6OXE\NWHUpOLQNRYiYUVWYDSRVN\WXMHYUVWY Vt"RYpPRKRXPtWFKDUDNWHU
VSROHKOLYFKLQHVSROHKOLYFKVOXHE YL]GtOQDHKRVHULiOX 3URUHDOL]DFL
VSROHKOLYFKVOXHESDNOLQNRYiYUVWYDPXVtPtWNGLVSR]LFLPHFKDQLVP\SUR]DMLW Qt
WRKRHStMHPFHVNXWHQ SLMPHYHFKQ\Y\VODQpUiPFHDWREH]FK\E YStSDG
VSRMRYDQpVOXE\MHW YHVSUiYQpPSRDGt 
0RQp]S$VRE\MDNWHQWRSRDGDYHN]DMLVWLW]iYLVtQDFKDUDNWHUXVSRMHQtPH]L
Y\VtODMtFtPDStMHPFHP=iOHtQDWRP]GDWRWRVSRMHQtMHVYRXSRYDKRXVLPSOH[Qt
VLPSOH[ WMXPRXMtFtSRX]HMHGQRVP UQSHQRVRGY\VtODMtFtKRNStMHPFLQHER
W]YSRORGXSOH[Qt KDOIGXSOH[ XPRXMtFtVLFHRERXVP UQSHQRVDOHQLNROL
VRXDVQ QHERSOQ GXSOH[Qt IXOOGXSOH[ XPRXMtFtVRXDVQSHQRVRE PD
VP U\
6LPSOH[QtVSRMHQHXPRXMtY\WYRLW]S WQRXYD]EXPH]LY\VtODMtFtPDStMHPFHP
3tMHPFHSDNQHPiPRQRVWY\iGDWVLQRYpY\VOiQtW FKUiPF$NWHUpSLMDOMDNR
SRNR]HQpDVHYHPLStSDGQPLFK\EDPLVHPXVtY\URYQDWViP9\VtODMtFtPXY
WRPP$HSRPRFLWtPHSRXLMHYKRGQVDPRRSUDYQNyG YL]GtOQDHKR
VHULiOX GtN\NWHUpPXSDNStMHPFHGRNiHQ NWHUpFK\E\YSHQHVHQFKGDWHFK
RSUDYLWViP7\WRNyG\MVRXYDNVSRMHQ\VH]QDQRXUHGXQGDQFtNY$OLNWHUpYUD]Q
NOHViHIHNWLYQtSHQRVRYiU\FKORVWXLWHQFKGDW6WHMQiVLWXDFHQDVWiYiWDNpX
WDNRYFKVSRM$NWHUpVLFHQHMVRXVLPSOH[QtDOHSUDFXMtVWDNGORXKPLGREDPL
SHQRVXHVHQD~URYQLOLQNRYpYUVWY\QHY\SODWtHNDWQD]S WQRXYD]EXRGStMHPFH
GDW StNODGHPPRKRXEWGUXLFRYpVSRMHYL]GtOQDHKRVHULiOX 
9StSDG SRORGXSOH[QtFKDSOQ GXSOH[QtFKVSRM$MHPRQpY\VWDLWMLMHQVH
]DEH]SHHQtPSHQiHQFKGDWSRPRFtGHWHNQtFKNyG$ YL]GtOVHULiOX =QLFK
MVRXQHM~LQQ MtW]YF\NOLFNpNyG\ YL]RS WGtOQDHKRVHULiOX NWHUpO]HSRXtWN
]DEH]SHHQtUiPFHMDNRFHONX3LRGHVtOiQtVHNREVDKXUiPFHSLGiNUiWN
]DEH]SHRYDFt~GDM W\SLFN\YUR]VDKXELW$ DStMHPFHMHSDNQD]iNODG WRKRWR
]DEH]SHRYDFtKR~GDMHVFKRSHQVH]QDQRXSUDYG SRGREQRVWtUR]SR]QDW]GDSLMDO
UiPHFEH]FK\E\LQLNROL9GUXKpPStSDG SDNP$HY\XtW]S WQpYD]E\NWHURX
PXQDEt]tSRORGXSOH[QtDGXSOH[QtVSRMHQtVY\VtODMtFtPDY\iGDWVLQDQ PQRYp
Y\VOiQtFHOpKRFK\EQ SLMDWpKRUiPFH
3UiY QD]QDHQPHFKDQLVPXVMHREY\NOHLPSOHPHQWRYiQYSRGRE W]YSRWYU]RYiQt
DFNQRZOHGJHPHQW SHVQ MLSRWYU]RYDFt]S WQpYD]E\NWHUiSHGSRNOiGiH
StMHPFH]NRQWUROXMHEH]FK\ERYRVWNDGpKRSLMDWpKRUiPFHDRYVOHGNXLQIRUPXMH
Y\VtODMtFtKR9DQJOLWLQ MHSDNWDWRWHFKQLNDR]QDRYiQDWDNpMDNR$54 $XWRPDWLF
5HWUDQVPLVVLRQUH4XHVW 
0RQRVWtUHDOL]DFHPHFKDQLVPXSRWYU]RYiQtH[LVWXMHFHOiDGD9SUYQtPSLEOtHQt
MHO]HUR]G OLWQDGY YHONpVNXSLQ\QDW]YMHGQRWOLYpSRWYU]RYiQt LGOH54
VWRS ZDLW54 DNRQWLQXiOQtSRWYU]RYiQt FRQWLQXRXV54 9StSDG
MHGQRWOLYpKRSRWYU]RYiQtY\VtODMtFtRGHOHUiPHFDSDNHNiQDUHDNFLStMHPFH'DOt
UiPHFSDNY\OHWHSUYHSRWpNG\PXStMHPFHVLJQDOL]XMH~VS QpSLMHWtS$YRGQtKR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UiPFH9RSDQpPStSDG  NG\MHPXVLJQDOL]RYiQRQH~VS QpSLMHWtQHER
QHGRVWDQHOLGRXULWpKRDVRYpKROLPLWXiGQRXRGSRY  Y\OHS$YRGQtUiPHF
]QRYX.RQNUpWQtLPSOHPHQWRYDQPHFKDQLVPXVSDNP$HY\FKi]HW]WRKRH
StMHPFHSRWYU]XMHSRX]HEH]FK\EQ SLMDWpUiPFH ]DWtPFRSLMHWtFK\EQFKUiPF$
QHVLJQDOL]XMHY$EHFDW\WRUiPFHMHGQRGXHLJQRUXMH QHERQDRSDN]WRKRH
StMHPFHY\VtOiMHQ]iSRUQiSRWYU]HQt QHJDWLYHDFNQRZOHGJHPHQWV UHVS
RGPtWQXWt UHMHFWLRQV NWHUiVLJQDOL]XMtSLMHWtUiPFHVFK\EDPLDH[SOLFLWQ iGDMtR
MHKRRS WRYQpY\VOiQt1HMHIHNWLYQ MtMHRYHPWDNRYiYDULDQWDSLNWHUpStMHPFH
H[SOLFLWQ VLJQDOL]XMHRE PRQpVLWXDFHSRPRFtNODGQpKRL]iSRUQpKRSRWYU]HQtYL]
REU
3,2%5B7,)
2EU-HGQRWOLYpSRWYU]RYiQt
2EHFQRXQHYKRGRXYHFKYDULDQWMHGQRWOLYpKRSRWYU]RYiQtMHQXWQRVWHNDWSHG
RGHVOiQtPGDOtKRUiPFHQDUHDNFLSURWLVWUDQ\9StSDG GHOtFKGRESHQRVXWDN
PRKRXY]QLNDWQH~QRVQ YHONpDVRYp]WUiW\NWHUpPLQLPDOL]XMHDSRWYU]RYiQt
NRQWLQXiOQt7RMH]DORHQpQDP\OHQFHHY\VtODMtFtEXGHY\VtODWQRYpUiPFHEH]
WRKRHE\VLE\OMLVW~VS QPSLMHWtPSHGFKR]tFKUiPF$3RRGHVOiQtXULWpKR
UiPFHWXGtY\VtODMtFtQHHNiQD]SUiYXR~VS QpPLQH~VS QpPSLMHWtUiPFHDOH
P$HLKQHGSRNUDRYDWY\VOiQtPGDOtKRUiPFH.ODGQiUHVS]iSRUQiSRWYU]HQt
MHGQRWOLYFKUiPF$SDNGRVWiYiVXULWP]SRG QtPDUHDJXMHQDQ VDPR]HMP D
YRNDPLNXNG\MHVNXWHQ GRVWDQH=GHMHRS WQ NROLNPRQFKYDULDQWY\VtODMtFt
P$H]QRYXY\VODWMHQWHQUiPHFRNWHUpPVHGR]Y G OHQHE\O~VS Q SHQHVHQ
SDNMGHRW]YVHOHNWLYQtRSDNRYiQtVHOHFWLYHUHSHDWYL]REU QHER]QRYX
Y\VODWFK\EQ SHQHVHQUiPHFDSRQ P]QRYXLYHFKQ\QiVOHGXMtFtUiPFHNWHUpML
PH]LWtPPRKO\EWWDNpRGY\VtOiQ\ SDNMGHRW]YRSDNRYiQtVQiYUDWHPY
DQJOLWLQ RW]Y*REDFN1WHFKQLNXYL]REU 
3,2%5B7,)
2EU.RQWLQXiOQtSRWYU]RYiQtVHVHOHNWLYQtPRSDNRYiQtP
2SDNRYiQtVQiYUDWHPMHREHFQ PpQ HIHNWLYQtQHVHOHNWLYQtRSDNRYiQtQHER"
P$H]S$VRELWRSDNRYDQpY\VOiQtUiPF$NWHUpMLE\O\SLMDW\EH]FK\EQ 6HOHNWLYQt
RSDNRYiQt]DVHY\DGXMHNHVYpLPSOHPHQWDFLSRP UQ YHONRXNDSDFLWX
Y\URYQiYDFtFKSDP WtDWRMDNQDVWUDQ StMHPFHWDNLQDVWUDQ Y\VtODMtFtKR
3,2%5B7,)
2EU.RQWLQXiOQtSRWYU]RYiQtVQiYUDWHP
3LQDLFK~YDKiFKRPHFKDQLVPHFKSRWYU]RYiQtMHGREUpVH]DP\VOHWWDNpQDGWtP
MDNRXNRQNUpWQtSRGREXPDMtNODGQiL]iSRUQiSRWYU]HQtNWHUiStMHPFHGDWRYFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UiPF$YUDFtMHMLFKRGHVLODWHOL0RKRXWREWVDPRVWDWQpUiPFH]YOiWQtKRW\SXNWHUp
QHQHVRXiGQiXLWHQiGDWDDOHPDMtSRX]HtGtFtFKDUDNWHU3DNMGHRW]Y
VDPRVWDWQpSRWYU]RYiQtNWHUpRYHPVYPLtGtFtPLUiPFL]DW XMHSHQRVRYpFHVW\
QD~NRUGDWRYFKUiPF$VXLWHQPLGDW\(IHNWLYQ MtDOWHUQDWLYRXSRXLWHOQRX
YDNMHQYStSDG RERXVP UQpKRWRNXXLWHQFKGDWMHYNOiGDWSRWYU]XMtFt
LQIRUPDFHStPRGRGDWRYFKUiPF$WpWRWHFKQLFHVHYDQJOLWLQ tNiSLJJ\EDFNLQJ
'DOtPYHOPLY]QDPQP~NROHPOLQNRYpYUVWY\,6226,PRGHOXMH]DMLVWLWDE\
Y\VtODMtFtVYPLGDW\QH]DKOWLOStMHPFH/LQNRYiYUVWYDVHWHG\PXVt]DEYDWWDNpW]Y
t]HQtPWRNX IORZFRQWURO NWHUpPi]DMLVWLWDE\Y\VtODMtFtVNXWHQ Y\VtODOMHQ
WHKG\NG\MHSLMtPDMtFtY$EHFVFKRSHQQ MDNiGDWDSLMtPDWDQHQDSWHKG\NG\
StMHPFHQHPiNGLVSR]LFLGRVWDWHQ YHONREMHPY\URYQiYDFtSDP WLSURXORHQt
SLMtPDQFKGDWQHERMH]DQHSUi]GQ QMLQRXLQQRVWt REVOXKRXQDOpKDYpKRSHUXHQt
]SUDFRYiQtPGtYHSLMDWFKGDWDSRG 
8UXMtFtPLMVRXSLWRPPRQRVWLStMHPFHWHQPXVtPtWPRQRVWGRDVQ SR]DVWDYLW
Y\VtODQtGDWDSR]G MLMH]DVHREQRYLW1D~URYQLOLQNRYpYUVWY\MHQHMMHGQRGXt
GRDVQ SR]DVWDYRYDWY\VtOiQtFHOFKUiPF$9StSDG MHGQRWOLYpKRSRWYU]RYiQt YL]
YH NWRPXStMHPFLVWDtQHSRWYUGLWSRVOHGQ SLMDWUiPHF QHERQDQ MUHDJRYDW
]iSRUQPSRWYU]HQtP 9StSDG NRQWLQXiOQtKRSRWYU]RYiQtQHQtVLWXDFHRQLF
VORLW MtY\VtODMtFt]GHWRWLY\VtOiGRSHGX WMEH]SRWYU]HQt YG\MHQXULW
PD[LPiOQtSRHWUiPF$9VRXODGXVREUi]NHPWDNY]QLNiRNpQNRML
Y\VODQFKDOHGRVXGQHSRWYU]HQFKUiPF$NWHUpSURVWHGQLFWYtPVYFKSRWYU]HQt
SRVRXYiSUiY StMHPFHUiPF$'tN\WRPXPiLWRPWRStSDG PRQRVWSRGOHVYFK
SRWHEGRDVQ SR]DVWDYLWY\VtOiQt WMSRVXQRNpQND DSR]G MLMHM]DVHREQRYLW
.Y$OLFKDUDNWHULVWLFNpSHGVWDY ]PtQ QpKRRNpQNDVHPHWRGDNRQWLQXiOQtKR
SRWYU]RYiQtDVWRR]QDXMHWDNpMDNRPHWRGDRNpQND VOLGLQJZLQGRZPHWKRG 
3,2%5B7,)
2EU3HGVWDYDPHWRG\RNpQND VOLGLQJZLQGRZ
/LQNRYiYUVWYD,,,
9PLQXOFKGYRXGtOHFKQDHKRVHULiOXMVPHVH]DEYDOLSRVWDYHQtPDIXQNFt
OLQNRYpYUVWY\YUiPFLUHIHUHQQtKRPRGHOX,6226,1D]QDLOLMVPHVLH
OLQNRYiYUVWYDPXVt]DML"RYDWSRWHEQRXV\QFKURQL]DFLQD~URYQLMHGQRWOLYFK
]QDN$LFHOFKUiPF$DVWDUDWVHREH]FK\EQpGRUXHQtYHFKUiPF$RG
RGHVLODWHOHNMHMLFKStMHPFL3URLQQRVWOLQNRYpYUVWY\MHYDNYHOPLG$OHLW
WDNpNRQNUpWQt]S$VREY]iMHPQpKRSURSRMHQtMHGQRWOLYFKX]O$PH]LNWHUPL
PiSHQRVUiPF$]DML"RYDW3RGtYHMPHVHSURWRQ\QtMDNpMVRXPRQRVWL
WDNRYpKRWRSURSRMHQtDMDNpG$VOHGN\Y\SOYDMt]MHGQRWOLYFKDOWHUQDWLY
'YDX]ORYpSRtWDHPRKRXEWSURSRMHQ\SRPRFtGYRXERGRYpKRVSRMH SRLQWWR
SRLQWFRQQHFWLRQ SRGOHREUi]NX'YRXERGRYVSRMP$HEWUHDOL]RYiQQDS
SRPRFtNURXFHQpGYRXOLQN\NRD[LiOQtKRLRSWLFNpKRNDEHOX YL]REUD QHER
WDNpSURVWHGQLFWYtPYHHMQpWHOHIRQQtVtW  MDNRVtW VSHSRMRYiQtPRNUXK$ YL]REU
E3RGVWDWQiMHSLWRPVNXWHQRVWHPH]LRE PDX]O\H[LVWXMH DOHVSRSRGREX
SHQRVX StPSHQRVRYNDQiODSURWRNROOLQNRYpYUVWY\SDN]DML"XMHStPRX
NRPXQLNDFLRERXNRQFRYFK~DVWQtN$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3,2%5B7,)
2EU3HGVWDYDGYRXERGRYpKRVSRMH
3RQ NXGMLQiVLWXDFHYDNQDVWiYiYStSDG NG\MVRXGYDX]O\SURSRMHQ\
SURVWHGQLFWYtPVtW VSHSRMRYiQtPSDNHW$QDStNODGSRPRFtYHHMQpGDWRYpVtW QD
Ei]L; YL]GtOQDHKRVHULiOX 6tW WRKRWRW\SXVLWRWLVDP\]DML"XMtYHFRMH
SRWHEDSURLQWHUQtSHQRVSDNHW$ WMDGR~URYQ Vt"RYpYUVWY\YHWQ /LQNRYi
YUVWYD]GHSDNPiQDVWDURVWLMHQSHQRVUiPF$PH]LNRQFRYPX]OHPDPtVWHPMHKR
SLSRMHQtQDGDWRYRXVt"YL]REUi]HN
3,2%5B7,)
2EU'RVDKSURWRNRO$OLQNRYpYUVWY\YStSDG SURSRMHQtSURVWHGQLFWYtP
YHHMQpGDWRYpVtW
'DOtPRQRVWtW\SLFNRXVStHSURSURSRMHQtQDNUDWtY]GiOHQRVWLMHSRXLWtW]Y
PQRKRERGRYpKRVSRMH PXOWLSRLQWFRQQHFWLRQ NWHUY]iMHPQ SURSRMXMHYtFHX]O$
QDStNODGSRGOHREUi]NXDXPRXMHSHQRVGDWPH]LNWHUPLNROLGY PD
X]O\8PRXMHGRNRQFHLSHQRVGDW]MHGQRKRX]OX YUROLY\VtODMtFtKR VRXDVQ GR
YtFHX]O$ YUROLSLMtPDMtFtFK SURWXWRVYRXVFKRSQRVWVHYDQJOLWLQ WHQWRGUXK
SURSRMHQtR]QDXMHWDNpMDNRW]YEURDGFDVWFKDQQHO GRVORYDSHQRVRYNDQiO
XPRXMtFtUR]HVtOiQt 
3URPQRKRERGRYVSRMMHYDNSRGVWDWQiVNXWHQRVWHMGHRVGtOHQSURVWHGHN
NWHUQHXPRXMHYtFHQiVREQpSLG OHQtYUROLY\VtODMtFtKRP$HEWYG\QHMYH
MHGHQX]HO3RNXGWHG\GRMGHNVLWXDFLHR]tVNiQtWRKRWRVGtOHQpKRSURVWHGNX WM
SUiYDY\VtODWSRPQRKRERGRYpPVSRML EXGHXVLORYDWYtFHX]O$VRXDVQ PXVt
H[LVWRYDWPHFKDQLVPXVNWHUPH]LYHPLDGDWHOLXPRQtY\EUDWMHGQRKRDWRPXSDN
SURVWHGHNSLG OLW WMQHFKDWMHMY\VtODW 
0RQRVWtUHDOL]DFHMHRS WYtFH-HGQRX]QLFKMHH[LVWHQFHFHQWUiOQtKRDUELWUDNWHU
ViPUR]KRGXMHRY\XLWtVGtOHQpKRSURVWHGNXMHGQRWOLYPDGDWHO$PSLG OXMHSUiYR
Y\VtODWSRPQRKRERGRYpPVSRML0$HWDNLQLWQD]iNODG H[SOLFLWQtFKiGRVWt
MHGQRWOLYFKDGDWHO$FRRYHP]QDPHQiHSURW\WRiGRVWLMHQXWQpY\KUDGLW
XULWRXiVWSHQRVRYpNDSDFLW\PQRKRERGRYpKRVSRMHQHERY\WYRLWGDOtYKRGQp
SURSRMHQtPH]LFHQWUiOQtPDUELWUHPDRVWDWQtPLX]O\SURSHQRVW FKWRiGRVWt9SUD[L
VHYDNSRXtYiVStHW]YPHWRGDY]Y\ SROOLQJ SLNWHUpVHFHQWUiOQtDUELWUViP
SRVWXSQ REUDFtQDMHGQRWOLYpSRWHQFLiOQtDGDWHOHD]ML"XMH]GDFKW MtQ FRY\VODW
3,2%5B7,)
2EU3HGVWDYDPQRKRERGRYpKRVSRMH
=QDNRY LELWRY RULHQWRYDQpSURWRNRO\OLQNRYpYUVWY\RNWHUFKMVPHVH]PLRYDOL
YHGtOXQDHKRVHULiOXREY\NOHXPRXMtSRXtYDWMDNGYRXERGRYpWDNL
PQRKRERGRYpVSRMH9StSDG PQRKRERGRYFKVSRM$SDNSRtWDMtSUiY VH[LVWHQFt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
FHQWUiOQtKRDUELWUDWtPMHXW FKWRSURWRNRO$MHGQD]HVWDQLFNWHUiPiSRVWDYHQtW]Y
tGtFtVWDQLFH VXSHUYLVRU\PDVWHU ]DWtPFRRVWDWQtVWDQLFHY\VWXSXMtYUROL
SRGt]HQFK VODYH VWDQLFtGtFtVWDQLFHSLG OXMHMHGQRWOLYPSRGt]HQPVWDQLFtP
SUiYRY\VtODWQD]iNODG MHMLFKNODGQpUHDNFHQD]DVODQRXY]YX SROO 6WDQLFHNWHUi
YXULWpPRNDPLNX]tVNiSUiYRY\VtODWVHGRVWiYiGRSRVWDYHQtW]YKODYQtVWDQLFH
SULPDU\ DVDPDVLYROtNRPXFKFHVYiGDWDY\VODWSURVWHGQLFWYtP]YOiWQtY]Y\
SURYHGHW]YYE U VHOHFWLRQ MHGQpQHERQ NROLNDGDOtFKVWDQLFNWHUpEXGRXMHMt
GDWDSLMtPDWDEXGRXWHG\Y$LQtY\VWXSRYDWMDNRW]YYHGOHMtVWDQLFH VHFRQGDU\
3UiY QD]QDHQPHFKDQLVPXVYVRE VNWiMHGQRSRWHQFLiOQtQHEH]SHtYStSDG
YSDGNXFHQWUiOQtKRDUELWUD tGtFtVWDQLFH VHFHOiVt"QDEi]LPQRKRERGRYpKRVSRMH
VWiYiQHSRXLWHOQRX
([LVWXMtYDNLMLQpDOWHUQDWLY\NWHUpH[LVWHQFLFHQWUiOQtKRDUELWUDQHSHGSRNOiGDMt
-VRX]DORHQ\QDP\OHQFHHYLFKQLDGDWHOpRSUiYRY\VtODWSRPQRKRERGRYpP
VSRMLVHGRNitPH]LVHERXGRKRGQRXWDY\EUDW]HVYpKRVWHGXMHGQRKRNWHUSDN
VNXWHQ ]DQHY\VtODW-GHYODVWQ RMDNRXVLVRXW GRNWHUpVHPXVtSLKOiVLWNDGi
VWDQLFHNWHUiFKFH]tVNDWSUiYRY\VtODWSURPQRKRERGRYpPVSRML WMVWiWVHVWDQLFt
KODYQt 7DWRVRXW PXVtVDPR]HMP PtWSHVQ VWDQRYHQiSUDYLGODNWHUiYLFKQL
VRXW tFtPXVtGRGURYDWMVRXGHILQRYiQDYHIRUP W]YStVWXSRYpPHWRG\ DFFHVV
PHWKRG 
'HFHQWUDOL]RYDQ]S$VREt]HQtPQRKRERGRYpKRVSRMH]DORHQQDU$]QFK
StVWXSRYFKPHWRGiFKMHFKDUDNWHULVWLFNKODYQ SURORNiOQtVtW 1HMUR]tHQ Mt
MVRXGQHVGY StVWXSRYpPHWRG\PHWRGD&60$&'NWHUiVHSRXtYiYORNiOQtFK
VtWtFKW\SX(WKHUQHWDPHWRGD7RNHQSDVVLQJ W]YSHGiYiQtSRY HQtUHVSSHND 
NWHUiVHSRXtYiYVtWtFK7RNHQ5LQJD7RNHQ%XV2RERXPHWRGiFKVLVDPR]HMP
EXGHPHSRYtGDWSRGUREQ MLSRNXVPHVHMHYDNMHW ]DDGLWGRNRQWH[WX
VHGPLYUVWYpKRUHIHUHQQtKRPRGHOX,6226,
3tVWXSRYiPHWRGD]DML"XMtFtNRUHNWQtStVWXSNHVGtOHQpPXPQRKRERGRYpPXVSRML
PXVtEWLPSOHPHQWRYiQDQDGI\]LFNRXYUVWYRXQHER"VDPDY\XtYiVOXHEWpWR
YUVWY\SURSHQRVMHGQRWOLYFKELW$/LQNRYiYUVWYDNWHUi]DEH]SHXMHSHQRVFHOFK
UiPF$E\DOHMLP ODPtWSRWHEQStVWXSNHVGtOHQpPXPQRKRERGRYpPXVSRML
]DMLW Q3tVWXSRYiPHWRGDE\WXGtP ODEWLPSOHPHQWRYiQDPH]LI\]LFNRXD
OLQNRYRXYUVWYRXFRE\RYHP]QDPHQDORYVXQXWt]FHODQRYpYUVWY\GR
UHIHUHQQtKRPRGHOXNWHUiMHQDYtF]DSRWHEtMHQYStSDG W FKORNiOQtFKVtWtNWHUp
SRXtYDMtVGtOHQpPQRKRERGRYpVSRMHEH]FHQWUiOQtKRDUELWUD&HOiVLWXDFHVHY\HLOD
WDNHVHXW FKWRVtWtS$YRGQtOLQNRYiYUVWYDUR]G OXMHQDGY iVWLUHVSSRGYUVWY\
QLtSRGYUVWYX0$& 0HGLD$FFHVV&RQWUROVXEOD\HUSRGYUVWYDt]HQt
StVWXSXNSHQRVRYpPXPpGLX YHNWHUpMHLPSOHPHQWRYiQDStVOXQiStVWXSRYi
PHWRGDDY\tSRGYUVWYX//& /LQN/D\HU&RQWUROSRGYUVWYXt]HQtORJLFNpKR
VSRMH NWHUi]DML"XMHYHFKQRWRFRMVPHGRVXGSLVX]RYDOLOLQNRYpYUVWY MDNR
WDNRYpYL]REUi]HN
3tVWXSRYpPHWRG\SURGQHVQHMUR]tHQ MtORNiOQtVtW MVRXGHILQRYiQ\YH
VWDQGDUGHFK,(((DG\RNWHUFKMVPHVHML]PLRYDOLYVRXYLVORVWLVI\]LFNRX
YUVWYRX,6226,PRGHOXYHGtOXQDHKRVHULiOX9]WDKW FKWRVWDQGDUG$N
,6226,PRGHOXDMHMLFKSRNU\WtQi]RUQ XND]XMHREUi]HN
3,2%5B7,)

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2EU9]WDKVWDQGDUG$,(((D,6226,
6t"RYiYUVWYD,
&KW MtOLVSROXNRPXQLNRYDWGYDX]O\SRtWDRYpVtW PH]LNWHUPLQHH[LVWXMH
StPpVSRMHQtMHQXWQpSURQ QDMtWDOHVSRVSRMHQtQHStPpWHG\YKRGQRX
FHVWXYHGRXFtSHVPH]LOHKOpX]O\RGMHGQRKRNRQFRYpKRX]O\NHGUXKpPX
0RQFKFHVWP$HEWVDPR]HMP YtFHQ NGRMHYDNPXVtQDMtWMHGQX]QLFK
Y\EUDWDSDNWDNp]DMLVWLWVSUiYQpSHGiYiQtGDWSRWpWRFHVW 9HFKQ\W\WR
~NRO\PiYUHIHUHQQtPPRGHOX,6226,QDVWDURVWLVt"RYiYUVWYD
8YDXMPHStNODGSRtWDRYpVtW QDREUi]NXDDVLWXDFLNG\MHSRWHEDSHQpVW
XULWiGDWD]X]OX$GRX]OX'=GURMHPW FKWRGDWQHFK"MHXLYDWHOVNSURFHVE tFt
QDSRtWDL$ P$HWREWQDStNODGSURJUDPSURSUiFLVHOHNWURQLFNRXSRWXDMtP
JHQHURYDQiGDWD]SUiYRXXUHQRXSUR~DVWQtNDQDX]OXUHVSSRtWDL' 
8LYDWHOVNSURFHVQDSRtWDL$SHGiVYiGDWDNRGHVOiQtDSOLNDQtYUVWY NWHUiMH
]DVHSHGiYUVWY SUH]HQWDQtDWG YL]REUi]HN .G\VHStVOXQiGDWD
GRVWDQRXDQD~URYHVt"RYpYUVWY\PXVtWDWRUR]KRGQRXWNXG\MHVNXWHQ RGHVODW
9QDHPNRQNUpWQtPStSDG  YVtWLGOHREUi]NXD MHWRWRUR]KRGQXWtYHOPL
MHGQRGXFKpMHGLQiFHVWDYHQ]GHWRWLYHGHSHVX]HO('DWDXUHQiNGRUXHQtGR
X]OX'SURWRVt"RYiYUVWYDX]OX$SHGiVYpEH]SURVWHGQ QLt OLQNRYp YUVWY V
SRDGDYNHPQDMHMLFKRGHVOiQtGRX]OX(
3,2%5B7,)
2EU3tNODGWRSRORJLHVtW
-HOLNRPH]LX]O\$D(H[LVWXMHStPpVSRMHQtGRNiHO,QNRYiYUVWYDX]OX$SHGDW
EORNGDW QD~URYQLOLQNRYpYUVWY\R]QDRYDQMDNRUiPHF VYpSDUWQHUVNpOLQNRYp
YUVWY QDX]OX(-DNMLDOHYtPHYHVNXWHQRVWLWDNLQtSURVWHGQLFWYtPI\]LFNp
YUVWY\
/LQNRYiYUVWYDQDX]OX(SHGiSLMDWUiPHFVYpEH]SURVWHGQ Y\tYUVWY WM
YUVWY Vt"RYp7DPXVt]REVDKXUiPFHSR]QDWHMGHRGDWDXUHQiNGRUXHQtGRX]OX
'1D]iNODG ]QDORVWLWRSRORJLHVtW  WM]S$VREXSURSRMHQtMHGQRWOLYFKX]O$ WDWR
YUVWYD]MLVWtHFHVWDGRX]OX'YHGHGiOHEXSHVX]HO*QHERSHVX]HO)0XVtVH
UR]KRGQRXWSURMHGQX]RERXPRQRVWtSHGSRNOiGHMPHHVHUR]KRGQHSURFHVWX
SHVX]HO*'DWDNWHUiSHY]DODRGOLQNRYpYUVWY\SURWRVt"RYiYUVWYDX]OX(YUiWt
VYpEH]SURVWHGQ QLtYUVWY VSRDGDYNHPQDRGHVOiQtGRX]OX*
9X]OX*VHVLWXDFHRSDNXMH/LQNRYiYUVWYDSHGiSLMDWUiPHFVt"RYpYUVWY NWHUi
MHMYUiWtOLQNRYpYUVWY ]S WVSRDGDYNHPQDRGHVOiQtGRX]OX'NDPML]X]OX*
YHGHStPpVSRMHQt
9X]OX'VHGDWDGRVWDQRXDQDORJLFNP]S$VREHPDQD~URYHVt"RYpYUVWY\7D
UR]SR]QiHMGHRGDWDXUHQiSUiY GDQpPXX]OXDSURWRMHMLQHYUDFtYUVWY
OLQNRYpDOHSHGiMHVYpEH]SURVWHGQ Y\t WMWUDQVSRUWQt YUVWY 2GWXGMVRXSDN
SRVWXSQ SHGiYiQDVP UHPNY\tPYUVWYiPDVHGRVWDQRXNWpHQWLW UHVS
SURFHVXNWHUiMHMHMLFKNRQHQPStMHPFH&HOSRVWXSQi]RUQ XND]XMHREUi]HN

3,2%5B7,)
2EU3HGVWDYDSU$FKRGXGDWYUVWYDPL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NRO\Vt"RYpYUVWY\
3RNXVPHVHQ\QtQD]iNODG YHXYHGHQpKRStNODGXR]REHFQ Qt~NRO$NWHUpY
UHIHUHQQtPPRGHOX,6226,SOQtVt"RYiYUVWYD
.G\NROLWUDQVSRUWQtYUVWYDSHGiYiYUVWY Vt"RYpQ MDNiGDWDNRGHVOiQtSLSRMXMHN
QLPSRX]HLQIRUPDFLRWRPNGRPiEWMHMLFKNRQHQPStMHPFHP3URNDG
VDPRVWDWQ SHQiHQEORNGDWNWHUVHQD~URYQLVt"RYpYUVWY\R]QDXMHMDNRSDNHW
]DWtPFRQD~URYQLOLQNRYpYUVWY\MDNRUiPHF SDNPXVtVt"RYiYUVWYDUR]KRGQRXW
NWHUPVP UHPMHMPiVNXWHQ RGHVODW-DNPLOHWRWRUR]KRGQXWtXLQtSHGi
StVOXQSDNHWYUVWY OLQNRYpVSROXV~GDMHPR]YROHQpPVP UX
1HMG$OHLW MtP~NROHPVt"RYpYUVWY\MHWHG\W]YVP URYiQt URXWLQJ NWHUp
SHGVWDYXMHSUiY RQR]PtQ QpUR]KRGRYiQtRVP UXRGHVtOiQtMHGQRWOLYFKSDNHW$
1HQtMLVW WHED]G$UD]RYDWHNWRPXVt"RYiYUVWYDSRWHEXMHDOHVSR]iNODGQt
LQIRUPDFHRWRSRORJLLFHOpVtW .RQNUpWQtFK]S$VRE$VP URYiQtLVStHSRVWXS$
UHVSDOJRULWP$YROE\YKRGQpKRVP UXSLWRPH[LVWXMHFHOiDGD2GMHGQRGXFKFK
VWDWLFNFKPHWRGNWHUpQHMVRXVFKRSQ\UHDJRYDWQDG\QDPLFNp]P Q\YVtWLDSR
DGDSWLYQtPHWRG\NWHUpVHGRNitSL]S$VRELWDNWXiOQtPXVWDYXVtW MHMtPX]DWtHQt
StSDGQPYSDGN$PQ NWHUFKX]O$LVSRM$DSRG
0HWRGiPVP URYiQtVHEXGHPHSRGUREQ MLY QRYDWYGDOtFKSRNUDRYiQtFKQDHKR
VHULiOX9UD"PHVHYDNMHW N~NRO$PVt"RYpYUVWY\NURP YODVWQtKRVP URYiQt
FKiSHPHOLMHMMHQMDNRUR]KRGRYiQtRGDOtPVP UX PXVtVt"RYiYUVWYD]DML"RYDWL
MHKRVNXWHQRXUHDOL]DFL7HG\YPH]LOHKOFKX]OHFK]DML"RYDWSRWHEQpSHGiYiQt
MHGQRWOLYFKSDNHW$QDFHVW NMHMLFKNRQFRYpPXStMHPFL
6WtPGRVWL~]FHVRXYLVtLGDOt~NROVt"RYpYUVWY\SHGFKi]HWSHWtHQtLGRNRQFH
]DKOFHQtiVWtVtW tGLWWRNGDWDGEiWRFRPRQiQHMURYQRP UQ MtY\XLWtYHFK
SHQRVRYFKSURVWHGN$DNDSDFLW
3LY]iMHPQpPSURSRMHQtGYRXLYtFHVtWtSDNSLEYiVt"RYpYUVWY MHW MHGHQ
G$OHLW~NRO]DML"RYDWQH]E\WQpSHGiYiQtSDNHW$PH]LMHGQRWOLYPLVtW PL
2GOLQpSRKOHG\QDVY W
8G OHMPHVLQ\QtPDOpVKUQXWtWRKRMDNSRKOHGQDFHORXVt"DY]iMHPQpSURSRMHQt
MHGQRWOLYFKX]O$PiWUDQVSRUWQtVt"RYiDOLQNRYiYUVWYD,6226,PRGHOXXPRQt
QiPWRVQi]HSRFKRSLWSRVWDYHQtDY]QDPVt"RYpYUVWY\WUDQVSRUWQtYUVWYDYNDGpP
X]OXVtW Y\FKi]t]SHGVWDY\HPH]LMHMtPX]OHPDNRQFRYPStMHPFHPGDWH[LVWXMH
StPpVSRMHQtDSURWRDGUHVXMHVYiGDWDStPRWRPXWRNRQFRYpPXStMHPFL6t"RYi
YUVWYDVLMLXY GRPXMHVNXWHQRXWRSRORJLLVtW DYtHSHGVWDYDWUDQVSRUWQtYUVWY\
QHPXVtEWVSUiYQi LQtYDNYHSURWRDE\WUDQVSRUWQtYUVWY MHMtLOX]L]DFKRYDOD 
3UROLQNRYRXYUVWYXSDNMLQHQtWRSRORJLHFHOpVtW UHOHYDQWQtWpVWDt]QiWMHQW\
X]O\VHNWHUPLPiMHMtX]HOStPpVSRMHQt1H]QiGRNRQFHDQLNRQFRYpKRStMHPFH
GDWREVDHQFKYUiPFtFKNWHUpVDPDSHQit
3,2%5B7,)
2EU3RKOHGWUDQVSRUWQtVt"RYpDOLQNRYpYUVWY\QDVt"
.RPXQLNDQtSRGVt"DKRVWLWHOVNpSRtWDH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3tNODGWRSRORJLHVtW XYHGHQQDREUi]NXQD]QDXMHQHMREHFQ MtVLWXDFLNG\
YHFKQ\X]ORYpSRtWDHVtW PDMtVWHMQpSRVWDYHQtDPRKRXY\VWXSRYDWMDNYUROL
]GURM$DNRQFRYFKStMHPF$GDWWDNLYUROLPH]LOHKOFKX]O$
9SUD[LYDNP$HDVWRGRFKi]HWNWRPXHPH]LX]O\QHMVRXSOQRKRGQRWQPLX]O\
SRtWDRYpVtW DOHSRX]HMHGQR~HORYPLSHSRMRYDLNWHUpY\WYitSRWHEQRX
NRPXQLNDQtLQIUDVWUXNWXUXSURSURSRMHQtRVWDWQtFKSOQRKRGQRWQFKX]O$3UiY V
WDNRYRXWRSHGVWDYRXSRtWDOWDNpUHIHUHQQtPRGHO,6226,YHVYpS$YRGQtYHU]L
NG\XYDRYDOMHQW]YVSRMRYDQpVOXE\YL]GtOQDHKRVHULiOX 3RGOHWpWR
SHGVWDY\MHRGG OHQDLVW NRPXQLNDQtIXQNFHVtW DMHVY HQiW]YNRPXQLNDQt
SRGVtWL FRPPXQLFDWLRQVXEQHWVXEQHWZRUN ]DWtPFRYODVWQtDSOLNDQtIXQNFH
]DML"XMtW]YNRQFRYpV\VWpP\ HQGV\VWHPV 6SRGREQRXSHGVWDYRXSUDFRYDOD
QDStNODGLMHGQD]SUYQtFKUR]OHKOFKVtWt$53$1(7MHMtWHUPLQRORJLHVHQHMYtFH
SURVDGLODGRSUD[H.RQFRYpV\VWpP\QDNWHUFKMVRXSURYR]RYiQ\XLYDWHOVNp
DSOLNDFHR]QDXMHMDNRKRVWLWHOVNpSRtWDH KRVWFRPSXWHUVKRVWV ]DWtPFR
MHGQRWOLYpSHSRMRYDFtX]O\YUiPFLNRPXQLNDQtSRGVtW R]QDXMHMDNR,03
,QWHUIDFH0HVVDJH3URFHVVRU YL]REUi]HND9OLWHUDWXHVHYDNDVWR
SRXtYDMtWDNpWHUPtQ\X]HOSHSRMRYiQtSDNHW$ 3DFNHW6ZLWFKLQJ1RGH L
PH]LOHKOV\VWpP ,QWHUPHGLDWH1RGH QHERGDWRYi~VWHGQD 'DWD6ZLWFKLQJ
([FKDQJH 
6t"RYiYUVWYD,,
2Wi]NDYROE\PH]LVSRMRYDQPLDQHVSRMRYDQPLVOXEDPL FRQQHFWLRQRULHQWHG
YVFRQQHFWLRQOHVVVOXEDPLYL]GtOQDHKRVHULiOX MHVQDGQHMNRQWURYHU]Q Mt
SUiY QD~URYQtVt"RYpYUVWY\.G\Y]QLNDOUHIHUHQQtPRGHO,6226,PH]L
MHKRWY$UFLP OL]QDQRXSHYDKX]DVWiQFLVSRMRYDQFKVOXHE3URWRWDNp
UHIHUHQQtPRGHOS$YRGQ SRtWDOMHQVWtPWRGUXKHPVt"RYFKVOXHE=DVWiQFL
GUXKpDOWHUQDWLY\YDNDOHVSRGRGDWHQ SURVDGLOLGRUHIHUHQQtKRPRGHOXL
VOXE\VSRMRYDQp9HPMHDOHVNXWHQpMiGURVSRUXPH]LRE PDWHQGHQFHPL"
3LSRPHPHVLQHMSUYHHVSRMRYDQiVOXEDIXQJXMHREGREQ MDNRYHHMQiWHOHIRQQt
Vt"SHGSRNOiGiQHMSUYHQDYi]iQtVSRMHQtPH]LRE PD~DVWQtN\SDNYODVWQtSHQRV
GDWSURVWHGQLFWYtPWRKRWRVSRMHQtNWHUpVHYMLVWpPVP\VOXFKRYiMDNRURXUDNWHURX
VHYODVWQtGDWDSURWODXMtDQDNRQHFY\DGXMHXNRQHQt UR]Yi]iQt VSRMHQt1DRSDN
QHVSRMRYDQiVOXEDIXQJXMHREGREQ MDNRE QiOLVWRYQtSRWDNDGMHGQRWOLY
SDNHW UHVSGDWDJUDP GRUXXMHVDPRVWDWQ DQH]iYLVOHQDRVWDWQtFKEH]WRKRHE\
VHQDYD]RYDORVSRMHQtPH]LStMHPFHPDRGHVLODWHOHP'DOtDQDORJLtVOLVWRYQtSRWRX
MHUR]GtOPH]LVSROHKOLYRXDQHVSROHKOLYRXQHVSRMRYDQRXVOXERXVSROHKOLYiYDULDQWD
MHREGRERXGRSRUXHQp]iVLON\NWHUiVHQHP$H DOHVSRWHRUHWLFN\ ]WUDWLW]DWtPFR
QHVSROHKOLYiYHU]HMHREGRERXRE\HMQp]iVLON\XNWHUpSRWDQHJDUDQWXMHMHMt
GRUXHQtDNWHUiVHP$HEH]HVWRS\]WUDWLW
=DVWiQFLVSRMRYDQFKVOXHEUHNUXWXMtFtVHSHGHYtP]NUXK$VSRMRYFKRUJDQL]DFt
]DVWiYDMtQi]RUHXLYDWHOpUHVSY\tYUVWY\SRWHEXMtPD[LPiOQ VSROHKOLYRXD
MHGQRGXHSRXLWHOQRXVOXEXSURSHQRVGDWNWHUiE\MH]EDYLODYHFKVWDURVWtVH
]DEH]SHHQtPYODVWQtKRSHQRVXGDW QDSVSRWHEQPt]HQtPWRNXRSUDYRXFK\E
]DMLW QtPVSUiYQpKRSRDGtMHGQRWOLYFKGRUXRYDQFKSDNHW$DWG 7HG\
VSROHKOLYRXVSRMRYDQRXVt"RYRXVOXEXSURSHQRVSDNHW$
'UXKiVWUDQDUHSUH]HQWRYDQiSHGHYtPOLGPLNROHPVtW ,QWHUQHWDUJXPHQWXMHVYRX
GORXKRGRERX]NXHQRVWtVSURYR]RYiQtPYHONpSRtWDRYpVtW YUHiOQFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SRGPtQNiFK3RGOHQtMHQXWQpSRYDRYDWNRPXQLNDQtLQIUDVWUXNWXUX SRGVt"YL]
PLQXOGtOQDHKRVHULiOX ]DQHVSROHKOLYRXEH]RKOHGXQDWRMDNMHQDYUHQD WHG\L
YStSDG HVHVDPDVQDtEWVSROHKOLYRX .RQFRYpV\VWpP\ KRVWLWHOVNpSRtWDH
YL]PLQXOH PXVtSRtWDWVWtPHSDNHW\VHPRKRXYSRGVtWL]WUiFHWDYHSRWHEQpN
]DMLW QtVSROHKOLYRVWLVLWXGtPXVtUHDOL]RYDWVDPLWHG\GHWHNFLDRSUDYXFK\E
t]HQtWRNXDWG7RRYHPYHGHQDSRDGDYHNSRXtYDWQD~URYQLVt"RYpYUVWY\MHQW\
QHMU\FKOHMtDQHMMHGQRGXtVOXE\ QD~URYQLRSHUDFtW\SXY\OLSDNHWDSLMPL
SDNHW DVSROHKOLYRVW]DMLVWLWDYEH]SURVWHGQ Y\tWUDQVSRUWQtYUVWY 7DWRGUXKi
VWUDQDWHG\SRDGXMHQD~URYQLVt"RYpYUVWY\MHQMHGQRGXFKRXQHVSROHKOLYRX
QHVSRMRYDQRXVOXEX
1DFHOVSRUPH]LRE PDWiERU\MHPRQpVHGtYDWL]SRQ NXGMLQpKR~KOX6SRMRYp
RUJDQL]DFHMDNR]DVWiQFLVSRMRYDQFKVOXHEFKW MtSRVN\WRYDWXLYDWHO$PFR
QHMNRPSOH[Q MtDQHM~SOQ MtVOXE\MHWRDVLSLUR]HQpQHER"SUiY ]DQ MVRX
SODFHQ\'UXKiVWUDQDQDRSDNWYUGtHYSRHWQtNDSDFLWDMHGQHVWDNODFLQiHQHQt
QHMPHQtSUREOpPDE\VLFRQHMYtFHIXQNFt]DML"RYDO\DMHGQRWOLYpKRVWLWHOVNp
SRtWDH REY\NOHYHYODVWQLFWYtXLYDWHO$ 'DOtPVLOQPDUJXPHQWHPWpWRVNXSLQ\
MHSDNWRHFKDUDNWHUQ NWHUFKVt"RYFKDSOLNDFt MDNRQDSSHQRV
GLJLWDOL]RYDQpKR]YXNXDVE UGDWYUHiOQpPDVH XSHGQRVWXMHU\FKOSHQRVSHG
SHQRVHPVSROHKOLYP
5R]SRUPH]LVSRMRYDQPLDQHVSRMRYDQPLVOXEDPLQD~URYQLVt"RYpYUVWY\MHWHG\
YHVYpSRGVWDW VSRUHPRWRNDPXPtVWLWYHNHURXVORLWRVWWHG\IXQNFHVSRMHQpVH
]DMLW QtPVSROHKOLYRVWLNWHUpWDNMDNRWDNPXVtEWQ NGHUHDOL]RYiQ\=DVWiQFL
VSRMRYDQFKVOXHEMHFKW MtXPtVWLWGRVt"RYpYUVWY\]DWtPFR]DVWiQFLQHVSRMRYDQFK
VOXHESRDGXMtMHMLFKXPtVW QtDGRYUVWY\WUDQVSRUWQt ]DWtPFRRGYUVWY\Vt"RYp
SRDGXMtMHQQHMMHGQRGXtQHVSROHKOLYRXQHVSRMRYDQRXVOXEX 
&216L&/16
&HOVSRUE\OQDNRQHFY\HHQWDNHDNWXDOL]RYDQiYHU]HUHIHUHQQtKRPRGHOX
,6226,MLSRtWiQD~URYQLVt"RYpYUVWY\VPRQRVWtSRVN\WRYiQtRERXGUXK$VOXHE
VSRMRYDQFKVt"RYFKVOXHE &216&RQQHFWLRQ2ULHQWHG1HWZRUN6HUYLFHV L
QHVSRMRYDQFKVt"RYFKVOXHE &/16&RQQHFWLRQ/HVV1HWZRUN6HUYLFHV 
6OXE\YVMHMLFKUHDOL]DFH
'UXKVOXHENWHUpVt"RYiYUVWYDSRVN\WXMHVYpEH]SURVWHGQ Y\t WMWUDQVSRUWQt
YUVWY QHVPtPHPHFKDQLFN\]WRWRRYDWVWtPMDNVt"RYiYUVWYDVNXWHQ IXQJXMH
XYQLW=iNODGQtPRQRVWLMVPHVLQD]QDLOLMLYGtOXQDHKRVHULiOXNG\MVPHVL
SRYtGDOLRYHHMQFKGDWRYFKVtWtFK3RPLQHPHOLPRQRVWW]YSHSRMRYiQtRNUXK$
NWHUiY\WYitStPpI\]LFNpVSRMHQtPH]LRE PDNRQFRYPL~DVWQtN\MGHRGY
]iNODGQtYDULDQW\SUYQt]QLFKMVRXW]YYLUWXiOQtRNUXK\ WpYLUWXiOQtVSRMH
YLUWXDOFDOOVYLUWXDOFLUFXLWV MDNRPHFKDQLVPXVVSRMRYDQpKRFKDUDNWHUXNWHUSHG
YODVWQtPSHQRVHPGDWRYFKSDNHW$SHGSRNOiGiY\W\HQtORJLFNpFHVW\ YLUWXiOQtKR
RNUXKX PH]LRE PDNRQFRYPL~DVWQtN\
'UXKRXDOWHUQDWLYRXMHSDNSHQRVGDWDJUDP$NWHUPiQHVSRMRYDQFKDUDNWHU
NDGMHGQRWOLYSDNHW Q\QtQD]YDQGDWDJUDP GRUXXMHVDPRVWDWQ QH]iYLVOHQD
RVWDWQtFKSDNHWHFKDQHSHGSRNOiGiiGQpY\W\HQtFHVW\RGRGHVLODWHOHNMHMLFK
StMHPFL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-HMLVW ]HMPpHVSRMRYDQpVt"RYpVOXE\ &216 VHREY\NOHUHDOL]XMt
SURVWHGQLFWYtPNRPXQLNDQtSRGVtW NWHUiSRXtYiPHFKDQLVPXVYLUWXiOQtFKRNUXK$
]DWtPFRQHVSRMRYDQpVt"RYpVOXE\ &/16 VHUHDOL]XMtSURVWHGQLFWYtPSRGVtW NWHUp
SUDFXMHQDEi]LSHQRVXMHGQRWOLYFKGDWDJUDP$1HQtWRDOHMHGLQiPRQRVW
6SRMRYDQpVt"RYpVOXE\O]HEH]Y WtFKSUREOpP$SRVN\WRYDWLSRPRFtSRGVtW NWHUi
SUDFXMHVSHQRVHPMHGQRWOLYFKGDWDJUDP$ MHVWOLHVHNDGSDNHWPtVWRYLUWXiOQtP
RNUXKHPYHVNXWHQRVWLSHQitVDPRVWDWQ MDNRGDWDJUDP 7HRUHWLFN\MHPRQiL
RSDQiNRPELQDFHQHVSRMRYDQpVOXE\YSRGVtWLNWHUiSUDFXMHVYLUWXiOQtPLRNUXK\
3tOLHIHNWLYQtWRDOHQHQtSURSHQRVNDGpKRMHGQRWOLYpKRGDWDJUDPXMHQXWQp
QHMSUYH]tGLWDSDN]DVH]UXLWSRWHEQYLUWXiOQtRNUXK3RNXGMHDOHNGLVSR]LFLMHQ
SRGVt"VYLUWXiOQtPLRNUXK\QLFMLQpKRQH]EYi
1D]QDPHVLQ\QtSRQ NXGSRGUREQ MLMDNMVRXLPSOHPHQWRYiQ\DMDNIXQJXMt
PHFKDQLVP\YLUWXiOQtFKRNUXK$DSHQRVXGDWDJUDP$3RP$HQiPWROpSHSRFKRSLW
SRGVWDWXVSRUXPH]L]DVWiQFLVSRMRYDQFKDQHVSRMRYDQFKVOXHE
9LUWXiOQtRNUXK\YVGDWDJUDP\
0HFKDQLVPXVYLUWXiOQtFKRNUXK$SHGSRNOiGiHPH]L]GURMHPGDWDMHMLFK
NRQFRYPStMHPFHPMHYUiPFLQDYD]RYiQtVSRMHQtQHMSUYHY\W\HQDORJLFNiFHVWD
YLUWXiOQtRNUXK SRNWHUpMVRXSDNSRVWXSQ SHQiHQ\MHGQRWOLYpSDNHW\
9\W\LWFHVWXYHVNXWHQRVWL]QDPHQiHVHSUiY MHGQRX YUiPFLQDYD]RYiQt
VSRMHQt QDMGHWDNRYiSRVORXSQRVWPH]LOHKOFKX]O$ UHVSX]O$,03YL]PLQXOH 
NWHUiYHGHRG]GURMHGDWDNMHMLFKNRQFRYpPXStMHPFLDMHYGDQPRPHQW
SRYDRYiQD]DRSWLPiOQtGDMHRWpWRFHVW  YLUWXiOQtPNDQiOX VHSDNXFKRYiYDMtY
MHGQRWOLYFKPH]LX]OHFKMDNRSRORN\VSHFLiOQtWDEXON\YL]REUE
-HGQRWOLYpGDWRYpSDNHW\NWHUpMVRXSDNVNXWHQ SHQiHQ\QHMVRXR]QDHQ\
DGUHVRXVYpKRNRQHQpKRStMHPFH NWHUiP$HEWUHODWLYQ GORXKi DOHSRX]H
R]QDHQtPStVOXQpKRYLUWXiOQtKRNDQiOX6t"RYiYUVWYDYNDGpPPH]LX]OXSDN
SRGOHWRKRWR~GDMH]MLVWtYHVYpWDEXOFHNWHUPVP UHPPiSDNHWSHGDWGiOHDXLQt
WDN

3,2%5B7,)
2EU3HGVWDYDLPSOHPHQWDFHPHFKDQLVPXYLUWXiOQtFK
RNUXK$
DWRSRORJLHVtW
EWDEXON\Vt"RYpYUVWY\YMHGQRWOLYFKX]OHFK
1DSURWLWRPXSLSHQRVXGDWDJUDP$VHSHGSRNOiGiHPH]L]GURMHPGDWDMHMLFK
NRQFRYPStMHPFHPQHQtQDYD]RYiQRStPpVSRMHQtDMHGQRWOLYpGDWRYpSDNHW\
GDWDJUDP\ MVRXY\VtOiQ\QDVOHSRYGREUpYtHHMHMLFKStMHPFHY$EHFH[LVWXMHD
EXGHVFKRSHQMHSLMPRXW.DGGDWDJUDPMHSLWRPGRUXRYiQQH]iYLVOHQD
RVWDWQtFK WDNMDNRQDSE QGRSLVYStSDG OLVWRYQtSRW\ WR]QDPHQiHY
NDGpPPH]LX]OXPXVtVt"RYiYUVWYDYG\]QRYXUR]KRGQRXWNWHUPVP UHPPiEW
GDWDJUDPSRVOiQGiOH9MHGQRWOLYFKPH]LX]OHFKVLSURWRVt"RYiYUVWYDQHY\WYit
REGREXWDEXON\SRSLVXMtFtYLUWXiOQtRNUXK\0tVWRWRKRSUDFXMHVWDEXONRXYHNWHUp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PiDOHVSR]iNODGQtLQIRUPDFHRWRSRORJLLVtW  QDStNODGMDNRQDREUi]NXREU 
DSRGOHQtSLMtPiVYiUR]KRGQXWtRQHMYKRGQ MtPVP UXGDOtKRSHQRVXNDGpKR
MHGQRWOLYpKRGDWDJUDPX
+ODYQtYKRGRXYLUWXiOQtFKRNUXK$MHVNXWHQRVWHUR]KRGRYiQtRGDOtPVP UX
SHQRVXSDNHW$VHYNDGpPPH]LX]OXSLMtPiMHQMHGQRXDQLNROLSRNDGp]QRYX
MDNRMHWRPXYStSDG GDWDJUDP$1HYKRGRXMHQDRSDNVWDWLFNFKDUDNWHUWRKRWR
UR]KRGQXWt DWtPL]YROHQpFHVW\UHVSYLUWXiOQtKRRNUXKX NWHUpQHQtPRQp
G\QDPLFN\SL]S$VRERYDWRNDPLWpPXVWDYXVtW FRMHQDRSDNPRQpYStSDG
SHQRVXGDWDJUDP$
3,2%5B7,)
2EU3HGVWDYDLPSOHPHQWDFHPHFKDQLVPXGDWDJUDP$
DWRSRORJLHVtW
EWDEXON\Vt"RYpYUVWY\YMHGQRWOLYFKX]OHFK
9LUWXiOQtRNUXK\Y\ND]XMtY WtMHGQRUi]RYRXSRiWHQtUHLL QDQDYi]iQtVSRMHQt
UHVSY\WYRHQtORJLFNpKRRNUXKX DPHQtUHODWLYQtUHLLQDSHQRVMHGQRWOLYFK
SDNHW$]DWtPFRYStSDG GDWDJUDP$MHWRPXSHVQ QDRSDN6URYQiQtGDOtFKDVSHNW$
QDEt]tWDNpWDEXOND
2EHFQ O]HtFLHPHFKDQLVPXVYLUWXiOQtFKRNUXK$MHYKRGQ MtYStSDG SHQRVX
PHQtFKSDNHW$ MDNRMHWRPXQDSSLLQWHUDNWLYQtFKDSOLNDFtFK ]DWtPFRYDULDQWDV
SHQRVHPGDWDJUDP$MHYKRGQ MtSURPHQtSRW\UHODWLYQ Y WtFKSDNHW$DYH
YHU]LQHVSROHKOLYp UHVSQHSRWYU]RYDQp GDWDJUDPRYpVOXE\WDNpWDPNGHMGH
SHGHYtPRU\FKORVW

YLUWXiOQtRNUXK\GDWDJUDP\

QDYD]RYiQtDQRQH
DXNRQRYiQtVSRMHQt
DGUHVRYiQtNDGSDNHWREVDKXMHMHQNDGGDWDJUDPREVDKXMHDGUHVX
tVORYLUWXiOQtKRRNUXKX]GURMHLStMHPFHGDWDJUDPX
VP URYiQtFHVWDYROHQDMHQMHGQRXNDGGDWDJUDPMHVP URYiQ
YUiPFLQDYD]RYiQtVSRMHQtVDPRVWDWQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
DYHFKQ\SDNHW\MVRX
SHQiHQ\SRWpWRMHGLQp
FHVW
GHWHNFHDRSUDYDFK\EUHDOL]RYiQDYVt"RYpYUVWY UHDOL]RYiQDYWUDQVSRUWQtYUVWY
VSUiYQpSRDGtSDNHW$]DMLW QRQHQt]DMLW QR
t]HQtWRNXGDWPH]LDQRQH
NRQFRYPL~DVWQtN\
HIHNWYSDGNXPH]LX]OX]DQLNDMtYHFKQ\]t]HQp]WUiFtVHMHQSUiY SHQiHQp
YLUWXiOQtNUXK\GDWDJUDP\
VORLWRVWVRXVWHG QDVt"RYpYUVWY\GRWUDQVSRUWQtYUVWY\
GR
YKRGQpSURUHDOL]DFLVSRMRYDQFKVt"RYFKVOXHEVSRMRYDQFKLQHVSRMRYDQFK
 &216 Vt"RYFKVOXHE &216L&/16

7DEXOND6URYQiQtYLUWXiOQtFKRNUXK$DGDWDJUDP$
6t"RYiYUVWYDVP URYiQt
1HH[LVWXMHOLYSRtWDRYpVtWLStPpVSRMHQtPH]LRGHVLODWHOHPGDWDMHMLFK
NRQFRYPStMHPFHPMH~NROHPVt"RYpYUVWY\QDOp]WPH]LQLPLDOHVSRWDNRYRX
FHVWXNWHUiYHGHSHVQ NWHUpMLQpX]O\VtW =SHGFKR]tFKGtO$QDHKRVHULiOXML
YtPHHYStSDG W]YYLUWXiOQtFKRNUXK$VHWDNRYiWRFHVWDKOHGiMHQMHGQRXD
WRQD]DiWNXNRPXQLNDFHRERXNRQFRYFK~DVWQtN$ YUiPFLQDYD]RYiQt
VSRMHQtUHVS]L]RYiQtYLUWXiOQtKRRNUXKX ]DWtPFRXW]YGDWDJUDPRYpVOXE\
VHYKRGQiFHVWDKOHGiSURNDGMHGQRWOLYSDNHW UHVSGDWDJUDP SRNDGp
]QRYX9tPHMLWDNpHSUREOHPDWLNDKOHGiQtFHVWYVtWLVHREHFQ R]QDXMHMDNR
VP URYiQt URXWLQJ &RYDNMHW QHYtPHMHMDNVHWDNRYiFHVWDYODVWQ KOHGi
3URQDOH]HQtYKRGQpFHVW\RGRGHVLODWHOHDNHNRQFRYpPXStMHPFLH[LVWXMHFHOiDGD
DOJRULWP$VP URYiQt URXWLQJDOJRULWKPV NWHUpMVRX]DORHQ\QDU$]QFK
P\OHQNiFKDSULQFLSHFKDY\DGXMtU$]QpVWXSQ ]QDORVWLVtW MHMtWRSRORJLHDGDOtFK
SDUDPHWU$VWDWLFNpKRLG\QDPLFNpKRFKDUDNWHUX9HFKQ\DOJRULWP\VP URYiQtE\
RYHPP O\EWNRUHNWQtWHG\GiYDWMHQWDNRYpYVOHGN\NWHUpMVRXVSUiYQpD
SRXLWHOQpP O\E\EWFRPRQiQHMMHGQRGXtQHMVQi]HLPSOHPHQWRYDWHOQpDMHMLFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UHLHE\P ODEWPLQLPiOQt6RXDVQ VWtPE\DOHDOJRULWP\VP URYiQtP O\EWL
W]YUREXVWQtWHG\VFKRSQpY\URYQDWVHVQHSHGYtGDQPLYSDGN\SRUXFKDPLL
MLQPLQHVWDQGDUGQtPLVLWXDFHPL0 O\E\WDNpXVLORYDWRRSWLPiOQtY\XLWtFHOpVtW D
MHMtSHQRVRYpNDSDFLW\DSLWRPQLNRKRQHGLVNULPLQRYDWWHG\Q NRPXKOHGDWOHSt
FHVW\DQ NRPXKRUt
9VOHGQPHIHNWHPDSOLNDFHDOJRULWP$VP URYiQtE\P OREWWRDE\Vt"RYiYUVWYD
YNDGpP]X]O$VtW Y G ODNXG\SRVODWGiOHWDNRYSDNHWNWHUQHQtXUHQStPR
MHMtPXX]OX.RQNUpWQtSRN\Q\SURVP URYiQtSDNHW$UHVSGDWDJUDP$NWHUpY]QLNDMt
QD]iNODG DSOLNDFHDOJRULWP$VP URYiQtVHSDNYMHGQRWOLYFKX]OHFKXFKRYiYDMtYH
IRUP W]YVP URYDFtFKWDEXOHN URXWLQJWDEOHV 
$GDSWLYQtDQHDGDSWLYQtVP URYiQt
9SUYQtPSLEOtHQtVLP$HPHUR]G OLWDOJRULWP\VP URYiQtQDGY YHONpVNXSLQ\
'RSUYQt]QLFKEXGRXSDWLWWDNRYpNWHUpVHVQDtSU$E Q UHDJRYDWQDVNXWHQ
VWDYVtW DEUiWMHMGR~YDK\SLVYpPKOHGiQtQHMYKRGQ MtFHVW\'RNitVHWHG\
SL]S$VRELWRNDPLWpPXVWDYXVtW DSURWRVHREHFQ R]QDXMtMDNRDGDSWLYQt
DOJRULWP\ DGDSWLYHDOJRULWKPV 1DSURWLWRPXQHDGDSWLYQtDOJRULWP\
QRQDGDSWLYHDOJRULWKPV QHY\XtYDMtiGQpLQIRUPDFHG\QDPLFNpKRFKDUDNWHUX
QDS~GDMHRRNDPLWpP]DWtHQtMHGQRWOLYFKSHQRVRYFKFHVWYSDGFtFKGpONiFK
HNDFtFKIURQWYMHGQRWOLYFKX]OHFKDSRG6YiUR]KRGQXWtVWDYtSRX]HQDLQIRUPDFtFK
VWDWLFNpKRFKDUDNWHUXNWHUpMVRXSHGHP]QiP\'tN\WRPXO]HQHDGDSWLYQtDOJRULWP\
SRXtWNQDOH]HQtYHFKSRWHEQFKFHVWMHW SHGXYHGHQtPVtW GRSURYR]XD
SRWHEQpLQIRUPDFHSDNMHGQRUi]RY ]DQpVWGRVP URYDFtFKWDEXOHNMHGQRWOLYFKX]O$
VtW .Y$OLVWDWLFNpPXFKDUDNWHUXYFKR]tFK~GDM$VHSRXLWtQHDGDSWLYQtFKDOJRULWP$
Q NG\R]QDXMHWDNpMDNRW]YVWDWLFNpVP URYiQt VWDWLFURXWLQJ -HYKRGQpWDP
NGHWRSRORJLHVtW MHVNXWHQ QHP QQiNGHSUDNWLFN\QHGRFKi]tNYSDGN$PDNGH
VHStOLQHP QtDQLLQWHQ]LWDSURYR]XUHVS]iW VtW 
&HQWUDOL]RYDQpVP URYiQt
$GDSWLYQtDOJRULWPXVP$HEWNRQFLSRYiQWDNHYHNHUpLQIRUPDFHRDNWXiOQtP
VWDYXFHOpVtW VHSU$E Q VKURPDXMtYMHGLQpPFHQWUiOQtPERG W]YVP URYDFtP
FHQWUX 5&&5RXWLQJ&RQWURO&HQWHU NWHUpSDNQDMHMLFK]iNODG VDPRSLMtPi
YHFKQDSRWHEQiUR]KRGQXWtDRVWDWQtPX]O$PMHR]QDPXMH3DNMGHRW]Y
FHQWUDOL]RYDQpVP URYiQt FHQWUDOL]HGURXWLQJ -HKRYKRGRXMHPRQRVW
RSWLPiOQtKRUR]KRGRYiQtQD]iNODG ]QDORVWLVNXWHQpKRVWDYXFHOpVtW 3UREOpPMH
RYHPYWRPHPiOLEWFHQWUDOL]RYDQpVP URYiQtRSUDYGXDGDSWLYQtWHG\PiOL
SU$E Q UHDJRYDWQDDNWXiOQtVWDYVtW PXVtEWY\KOHGiYiQtQHMYKRGQ MtFKFHVW
SURYiG QRGRVWDWHQ DVWR9ODVWQtKOHGiQtFHVWMHVDPRRVRE RSHUDFt]QDQ
QiURQRXQDYSRHWQtNDSDFLWXDPiOLVHDVWRRSDNRYDWGRNiHSOQ ]DP VWQDWL
YHOPLYNRQQSRtWD-VRX]GHYDNMHW LGDOtSUREOpP\FRQDStNODGG ODWY
StSDG YSDGNXVP URYDFtKRFHQWUD"1H]DQHGEDWHOQiQHQtDQL]iW SHQRVRYFK
FHVWNWHURXSHGVWDYXMHQHXVWiOStVXQDNWXiOQtFKLQIRUPDFtRVWDYXVtW GR
VP URYDFtKRFHQWUDVWHMQ WDNMDNR]S WQiGLVWULEXFHYVOHGN$
,]RORYDQpVP URYiQt
$OWHUQDWLYRXNFHQWUDOL]RYDQpPXVP URYiQtMHW]YL]RORYDQpVP URYiQt LVRODWHG
URXWLQJ ]DORHQpQDP\OHQFHHUR]KRGRYDWRQHMYKRGQ MtFHVW VLEXGHNDG
X]HOViP]DVHEHDWRQD]iNODG WDNRYFKLQIRUPDFtNWHUpGRNiH]tVNDWViPEH]

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VSROXSUiFHVRVWDWQtPLX]O\-HGQRX]PRQRVWtUHDOL]DFHMHDOJRULWPXVQD]YDQ
St]QDQ DOJRULWPHPKRUNpEUDPERU\ KRWSRWDWRDOJRULWKP -DNMHKRQi]HY
GiYiWXLWVQDtVHX]HO]EDYLWNDGpKRSDNHWXUHVSGDWDJUDPXFRPRQiQHMU\FKOHML
6OHGXMHSURWRSRHWSDNHW$NWHUpHNDMtYHIURQW QDRGHVOiQtMHGQRWOLYPLVP U\D
QRYSDNHW]DDGtGRWpIURQW\NWHUiMHPRPHQWiOQ QHMNUDWt8]HOVHWHG\
QHUR]KRGXMHSRGOHDGUHV\DQLQHKOHGiQHMNUDWtFHVWXSURSHQRVSDNHWXSRX]HVHMHM
VQDtFRQHMU\FKOHML]EDYLWYHYtHHSRMLVWpGRE SHFLMHQGRMGHNHVYpPXFtOL9
SUD[LVHRYHPDOJRULWPXVKRUNpEUDPERU\VStHNRPELQXMHVMLQPLDOJRULWP\UHVS
PHWRGDPLQHMDVW MLMHSRXtYiQMDNRMHMLFKGRSOQ NNWHUVHXSODWQtDYRNDPLNX
NG\SRHWSDNHW$YQ NWHUpIURQW SHNURtXULWRX~QRVQRXPH]
=S WQpXHQt
-LQPStNODGHPL]RORYDQpKRVP URYiQtMHW]YPHWRGD]S WQpKRXHQt EDFNZDUG
OHDUQLQJ 3HGSRNOiGiHNDGX]HOVLGRVYFKVP URYDFtFKWDEXOHNSU$E Q
SR]QDPHQiYi]HNWHUpKRVP UXGRVWiYiSDNHW\SRFKi]HMtFtRGMLQFKX]O$7tPVH
SRVWXSQ XtYHNWHUpPVP UXVHW\WRX]O\QDOp]DMt.G\SDNViPSRWHEXMHRGHVODW
Q MDNSDNHWMLQpPXX]OXY\OHMHMWtPVP UHP]HNWHUpKRGtYHSLMDOSDNHW
SRFKi]HMtFtRGWpKRX]OX
3UREOpPHPMHRYHPYUR]HQRSWLPLVPXVPHWRG\]S WQpKRXHQt'RMGHOLN
YSDGNXXULWpSHQRVRYpFHVW\NWHURXVHMHGQRWOLYpX]O\MLQDXLO\Y$EHFML
QH]D]QDPHQDMt3UDNWLFN\MHGLQPPRQPHHQtPMHSDNSUDYLGHOQp]DSRPtQiQt
=iSODYRYpVP URYiQt
([WUpPQtIRUPRXL]RORYDQpKRVP URYiQtMHW]Y]iSODYRYpVP URYiQt IORRGLQJ 
3HGSRNOiGiHSLMDWSDNHWMH]QRYXRGHVOiQYHPLVP U\NURP WRKRRGNXGViP
SLHO
=HMPRXYKRGRXMHPD[LPiOQtUREXVWQRVWGtN\NWHUpVH]iSODYRYpVP URYiQt
GRNiHY\URYQDWSUDNWLFN\VMDNPNROLYSDGNHP=DUXXMHWDNpHNDGSDNHWMH
YG\GRUXHQWRXQHMNUDWtPRQRXFHVWRX1HYKRGRXMHDOHY]QLNYHONpKRPQRVWYt
GXSOLFLWQtFKSDNHW$NWHUpYUD]Q ]Y\XMt]iW H[LVWXMtFtFKSHQRVRYFKFHVWDNWHUp
MHWHEDQiVOHGQ UXLW
9SUD[LVHSURWRSRXtYiVStHW]YVHOHNWLYQt]iSODYRYpVP URYiQt VHOHFWLYH
IORRGLQJ SLNWHUpPQHQtNDGSDNHW]QRYXY\VtOiQYHPLVP U\DOHSRX]HW PL
NWHUpMVRXDOHVSRSLEOLQ RULHQWRYiQ\NHNRQHQpPXStMHPFLSDNHWX
'LVWULEXRYDQpVP URYiQt
0HWRG\L]RORYDQpKRVP URYiQtVWDYtQDSHGSRNODGXHMHGQRWOLYpX]O\QHEXGRX
]DW RYDWSHQRVRYpFHVW\Y]iMHPQRXYP QRXLQIRUPDFtRVWDYXVtW 7RMHDOHQ NG\
]E\WHQ StVQPRPH]HQtP
3RNXGMHMRGVWUDQtPHGRVWDQHPHW]YGLVWULEXRYDQpVP URYiQt GLVWULEXWHG
URXWLQJ 7RSHGSRNOiGiHMHGQRWOLYpX]O\VLSUDYLGHOQ Y\P XMtLQIRUPDFHR
VWDYXVtW DSRGOHQLFKVLSDNVDP\YROtStVOXQpFHVW\
-DNPLOHXPRQtPHYP QXVWDYRYFKLQIRUPDFtPH]LMHGQRWOLYPLX]O\VtW 
P$HPHYFHONXHIHNWLYQ LPSOHPHQWRYDWGLVWULEXRYDQRXYHU]LDOJRULWPXKOHGiQt
QHMNUDWtFKFHVWYVtWLNWHUE\FKRP]HMP SRXtYDOLYStSDG FHQWUDOL]RYDQpKR
VP URYiQtDMHGLQpKRVP URYDFtKRFHQWUD1D]QDPHVLQ\QtP\OHQNXWRKRWR
GLVWULEXRYDQpKRDOJRULWPX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1HMSUYHVLYDNPXVtPHXMDVQLWFRYODVWQ EXGHSURQiVP tWNHPGpON\Q MDNp
FHVW\0$HWREWQDStNODGSRHWPH]LX]O$NWHUPLFHVWDSURFKi]t7tPYDN
GiYiPHNDGpPXH[LVWXMtFtPXVSRMLPH]LGY PDX]O\VWHMQRXMHGQRWNRYRXYiKXUHVS
GpONX5HDOLVWLW MtMHSLDGLWYKRGQpRKRGQRFHQt GpONX NDGpPXStPpPXVSRML
PH]LGY PDX]O\DGpONXYVOHGQpFHVW\SDNFKiSDWMDNRVRXHWGpOHNMHMtFK
MHGQRWOLYFKiVWt'pONDVSRMHSLWRPP$HRGUiHWMHKRSHQRVRYRXU\FKORVWFHQX
]DMHGQRWNXSHQHVHQFKGDW]SRG QtSLSHQRVXGpONXYVWXSQtFKIURQWDSRG
3HGVWDYPHVLQ\QtVt"GOHREUi]NXDYHWQ GpOHNMHGQRWOLYFKStPFK
VSRM$.DGX]HOSHGHP]QiVYRXY]GiOHQRVWRGYHFKVYFKVRXVHG$DWDNVLML
YHVYpVP URYDFtWDEXOFHY\]QDt6YRXY]GiOHQRVW GpONXQHMNUDWtFHVW\ RG
RVWDWQtFKX]O$YDNMHW QH]QiDWDNML]DWtPSRYDXMH]DQHNRQHQRX QDREUi]NX
QD]QDHQRY\UDIRYiQtP 3RiWHQtVWDYWDEXOHNXND]XMHREUi]HNE
9ODVWQtDOJRULWPXVGLVWULEXRYDQpKRYSRWXSDNSUREtKiYRSDNXMtFtFKVHNURFtFK9
NDGpP]QLFKVHNDGX]HOGRWiHVYFKEH]SURVWHGQtFKVRXVHG$MDNpMVRXMHMLFK
Y]GiOHQRVWLRGRVWDWQtFKX]O$DSRGOHWRKRVLSDNRGYR]XMHLVYpYODVWQtY]GiOHQRVWL
RGW FKWRX]O$
8YDPHStNODGX]OX(7HQVHYSUYQtPNURNXRGVYpKRVRXVHGD&GR]YtHMHKR
Y]GiOHQRVWRGX]OX%MH.QtVLX]HO(SLSRWHVYRXY]GiOHQRVWRGX]OX&WMD
GRVYpVP URYDFtWDEXON\VLSR]QDtHFHVWDGRX]OX%YHGHSHVX]HO&DPiGpONX
=DWtPYDNQH]QiYHFKQ\PRQpFHVW\GRX]OX%DWDNQHYt]GDMHWRFHVWD
QHMNUDWt3URWRVHEXGHYGDOtFKNURFtFK]QRYXSWiWYHFKVYFKVRXVHG$]GHSHVQ
QHYHGHFHVWDMHW NUDWt
2EHFQ VLNDGX]HOYG\YROtPLQLPXP]WRKRFRMLXPtRQViP WM]FHVW\
NWHURXMLPiSR]QDHQXYHVYpVP URYDFtWDEXOFH DFRXPtMHKRVRXVHGp
VDPR]HMP VXYiHQtPVYpY]GiOHQRVWtRGW FKWRVRXVHG$ 3tNODGHPP$HEWRS W
X]HO(NWHUVLMLQDSRiWNXGRVYpVP URYDFtWDEXON\]DQHVHHMHKRY]GiOHQRVWRG
X]OX'MH FRMHGpONDMHMLFKStPpKRVSRMHQtYL]REUD -LYSUYQtPNURNX
YDNRGVYpKRVRXVHGD&]MLVWtHMHKRY]GiOHQRVWRGX]OX'MHMHQ.G\VLNWRPX
SLSRtWiVYRXY]GiOHQRVWRGX]OX& WM Y\MGHPXHFHVWDGRX]OX'YHGHQiSHV
X]HO&MHNUDWt7XWRVNXWHQRVWVLSDNSR]QDtGRVYpVP URYDFtWDEXON\ YL]
REUi]HNEDFWDEXONDX]OX(SRORND' 
3,2%5B7,)3,2%5B7,)
2EU3HGVWDYDGLVWULEXRYDQpKRYSRWXVP URYDFtFKWDEXOHNDWRSRORJLHVtW D
GpON\VSRM$
ESRiWHQtVWDYVP URYDFtFKWDEXOHN
FVWDYVP URYDFtFKWDEXOHNSRSUYQtPNURNX
GXVWiOHQVWDYVP URYDFtFKWDEXOHN
1DREUi]NXGMHSDNVWDYWDEXOHNSRQ NROLNDNURFtFKGLVWULEXRYDQpKR
DOJRULWPXNG\MLQHGRFKi]tNiGQP]P QiPYHVP URYDFtFKWDEXONiFK=GHE\
DOJRULWPXVPRKONRQLWYSUD[LVHYDNEXGRXMHKRNURN\QHXVWiOHRSDNRYDWDE\
REVDKVP URYDFtFKWDEXOHNPRKOUHDJRYDWQDSU$E Qp]P Q\YVtWL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3UiY QD]QDHQDOJRULWPXVGLVWULEXRYDQpKRVP URYiQtE\OSRXtYiQYVtWL$53$
]iNODGXGQHQtVtW ,QWHUQHW DMHGQRWOLYpNURN\DOJRULWPX]GHSUREtKDO\VLQWHUYDOHP
PLOLVHNXQG8Ni]DORVHYDNHUHLHMHSHFLMHQStOLY\VRNiHY]iMHPQp
SHGiYiQtLQIRUPDFtPH]LVRXVHGQtPLX]O\ NWHUpYODVWQ SHGVWDYXMHSHGiYiQtFHOFK
VP URYDFtFKWDEXOHN QH~QRVQ ]DW RYDORGRVWXSQpSHQRVRYpFHVW\QD~NRU
XLWHQFKGDW3URWRE\OXYHGHQDOJRULWPXVGLVWULEXRYDQpKRVP URYiQtYVtWL
$53$QDKUD]HQMLQPRQ PVLDOHEXGHPHSRYtGDWSR]G ML
7UDQVSRUWQtYUVWYD
+ODYQtP~NROHPWUDQVSRUWQtYUVWY\UHIHUHQQtKRPRGHOX,6226,MHSRVN\WRYDW
HIHNWLYQtSHQRVRYpVOXE\VYpEH]SURVWHGQ Y\t WMUHODQt YUVWY 7\WR
VOXE\SLWRPPRKRXPtWVSRMRYDQ FRQQHFWLRQRULHQWHG LQHVSRMRYDQ
FRQQHFWLRQOHVV FKDUDNWHU6WHMQFKDUDNWHUDVWHMQRXSRGVWDWXYDNPDMtL
VOXE\Vt"RYpYUVWY\NWHUpWUDQVSRUWQtYUVWYDVDPDY\XtYi'R]QDQpPtU\
DQDORJLFNpMVRXYRERXYUVWYiFKLPHFKDQLVP\DGUHVRYiQtDt]HQtWRNXGDW
=iNRQLW VHSDNQDEt]tRWi]NDSURMHYODVWQ QXWQiVDPRVWDWQiWUDQVSRUWQt
YUVWYDNG\DOHVSRQDSUYQtSRKOHGQHQDEt]tQLFSULQFLSLiOQ MLQpKRQHYUVWYD
Vt"RYi"
2GSRY QDWXWRRWi]NXMHVNU\WDYREUi]NXNWHUMVPHVLXNi]DOLMLYHGtOXD
NWHUQ\QtSRXLMHPH]QRYXMDNRREUi]HN8ND]XMHWRWLHNRPXQLNDFHGYRX
3,2%5B7,)
2EU3HGVWDYDSU$FKRGXGDWYUVWYDPL
NRQFRYFK~DVWQtN$VHWUDQVSRUWQtYUVWYD]~DVWXMHMHQQDRERXNRQFRYFK
SRtWDtFK]DWtPFRYMHGQRWOLYFKPH]LX]OHFKVHQDSHQRVXSRGtOtMHQWLQHMQLt
YUVWY\I\]LFNiOLQNRYiDVt"RYi9StSDG UR]OHKOFKVtWtMVRXW\WRPH]LOHKOpX]O\
WpX]O\,03YL]GtO DVWRMHQSHSRMRYDFtPLX]O\YUiPFLNRPXQLNDQtSRGVtW 
DY\tYUVWY\XQLFKQHPXVtEWY$EHFUHDOL]RYiQ\7DNMHWRPXQDStNODGXY WLQ\
YHHMQFKGDWRYFKVtWtNWHUpMVRXSURYR]RYiQ\QHMU$]Q MtPLVSRMRYPL
RUJDQL]DFHPL$]GHMHSUiY NiPHQ~UD]XMHOLNRPXQLNDQtSRGVt"PDMHWNHP
VSRMRYpRUJDQL]DFHPXVtXLYDWHOpDMHMLFKNRQFRYp KRVWLWHOVNp SRtWDHY\VWDLWV
WtPFRMLPNRPXQLNDQtSRGVt"SURVWHGQLFWYtPVYpVt"RYpYUVWY\QDEt]t&KW MtOL
Q FRMLQpKRQDStNODGVSROHKOLYRXSHQRVRYRXVOXEXPtVWRQHVSROHKOLYp
VSROHKOLY MtPtVWRPpQ VSROHKOLYpVSRMRYDQRXPtVWRQHVSRMRYDQpDSRGPXVtVL
YHSRWHEQp]DMLVWLWVDPL$WRSUiY YWUDQVSRUWQtYUVWY 
.HPXVORXtWUDQVSRUWQtYUVWYD"
7UDQVSRUWQtYUVWYDMHWHG\YUHIHUHQQtPPRGHOX,6226,SHGHYtPSURWRDE\
Y\tPYUVWYiPSRVN\WRYDODNYDOLWQ MtSHQRVRYpVOXE\QHMDNpYHVNXWHQRVWL
GRNiHSRVN\WRYDWYUVWYDVt"RYi6RXDVQ VWtPSDNP$HXLYDWHOHUHVSY\tYUVWY\
RGVWLRYDWRGNRQNUpWQtFKVSHFLILNSRXtYDQpNRPXQLNDQtSRGVtW RGMHMtSHQRVRYp
WHFKQRORJLHDSHGHYtPSDNRGYHFKQHGRNRQDORVWtSRGVtW 7UDQVSRUWQtYUVWYDMH
WHG\YODVWQ UR]KUDQtPPH]LSRVN\WRYDWHOLSHQRVRYFKVOXHE NRPXQLNDQtSRGVtWt
DMHMLFKXLYDWHOL QHMY\tPLWHPLYUVWYDPL -HWDNpSRVOHGQtLQVWDQFtNWHUiP$H
]P QLWQHVSRMRYDQFKDUDNWHUSRVN\WRYDQpSHQRVRYpVOXE\QDVSRMRYDQDQDRSDN
7RMHPRQpXG ODWWDNpQD~URYQLVt"RYpYUVWY\ MDNMVPHVLQD]QDLOLYHGtOX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QDHKRVHULiOX QLNROLYDNMLQD~URYQLY\tFKYUVWHYNWHUpMVRXXLYDWHOLW FKWR
VOXHE YL]WpREUi]HN
3,2%5B7,)
2EU6SRMRYDQpDQHVSRMRYDQpVOXE\Y,6226,PRGHOX
6t"RYpYVWUDQVSRUWQtVSRMHQt
.OHStPXSRFKRSHQt~ORK\WUDQVSRUWQtYUVWY\QiPSRP$HEOLtSLEOtHQtUR]GtOX
PH]LWUDQVSRUWQtPDVt"RYPVSRMHQtP7UDQVSRUWQtVSRMHQt WUDQVSRUWFRQQHFWLRQ
MHVSRMHQtNWHUpY]QLNiPH]LGY PDHQWLWDPLWUDQVSRUWQtYUVWY\ YStSDG
VSRMRYDQFKVOXHE 9HVNXWHQRVWLMHYDNUHDOL]RYiQRSURVWHGQLFWYtPQLtFK
YUVWHYWHG\SURVWHGQLFWYtPVt"RYFKVSRMHQt QHWZRUNFRQQHFWLRQV MDNRVSRMHQt
PH]LGY PDHQWLWDPLQD~URYQLVt"RYpYUVWY\6WDQGDUGQ VHNDGpMHGQRWOLYp
WUDQVSRUWQtVSRMHQtUHDOL]XMHSURVWHGQLFWYtPMHGQRKRVt"RYpKRVSRMHQt3RNXGDOH
WUDQVSRUWQtVSRMHQtSRDGXMHY\tSHQRVRYRXNDSDFLWXQHMDNRXGRNiH]DMLVWLW
MHGQRVt"RYpVSRMHQtP$HEWMHGQRWUDQVSRUWQtVSRMHQt]DML"RYiQRSRPRFtYtFH
VSRMHQtVt"RYFK7UDQVSRUWQtYUVWYDVHSDNVWDUiRUR]G OHQtSHQiHQFKGDWPH]L
MHGQRWOLYiVt"RYiVSRMHQtWDNDE\WRSURY\tYUVWY\E\ORWUDQVSDUHQWQt WM
QHYLGLWHOQp 
0$HYDNQDVWDWLRSDQStSDG3RNXGMH]DSRWHEtY\WYRLWYtFHWUDQVSRUWQtFK
VSRMHQtVUHODWLYQ PDOPLQiURN\QDSHQRVRYRXNDSDFLWXP$HEWYG\Q NROLN]
QLFKUHDOL]RYiQRSURVWHGQLFWYtPMHGLQpKRVt"RYpKRVSRMHQt7DNRYiWRSRWHED
QDVWiYiQDSSLSRXLWtYtFHWHUPLQiO$]QLFKNDGY\DGXMHVDPRVWDWQp
WUDQVSRUWQtVSRMHQtVHY]GiOHQFKSRtWDHP-VRXOLDOHW\WRWHUPLQiO\SRXtYiQ\
VStHStOHLWRVWQ DMVRXOLI\]LFN\EOt]NRVHEHP$HEWGRVWLQHHNRQRPLFNp]L]RYDW
SURNDG]QLFKVDPRVWDWQpVt"RYpVSRMHQt3RWHEQpSHStQiQt PXOWLSOH[RYiQt
MHGQRKRVGtOHQpKRVt"RYpKRVSRMHQtPH]LYtFHWUDQVSRUWQtFKVSRMHQtSDN]DML"XMHRS W
WUDQVSRUWQtYUVWYD
.YDOLWDVOXHEVt"RYpYUVWY\
3URWUDQVSRUWQtYUVWYXMHYHOPLSRGVWDWQpMDNRXNYDOLWXP$HSHGSRNOiGDWXVOXHE
NWHUpMtSRVN\WXMHVt"RYiYUVWYD7pWRNYDOLW SDNPXVtEWSL]S$VREHQ\SHQRVRYp
SURWRNRO\WUDQVSRUWQtYUVWY\PDMtOLY\tYUVWY\RGVWLRYDWRGYHFKVSHFLILND
QHGRNRQDORVWtNRPXQLNDQtSRGVtW UHVSVt"RYpYUVWY\
6OXE\Vt"RYpYUVWY\VHYWpWRVRXYLVORVWLUR]G OXMtQDWLNDWHJRULHYL]WDEXOND
'RNDWHJRULH$SDWtVt"RYpVOXE\NWHUp]WUiFtLSHQitVFK\ERXMHQ]FHOD
]DQHGEDWHOQpSURFHQWRSDNHW$DXNWHUFKSUDNWLFN\QHGRFKi]tNYSDGN$PML
MHGQRXQDYi]DQFKVSRMHQt7DNRYpWRVt"RYpVOXE\O]HSRYDRYDW]D WpP 
GRNRQDOpDWUDQVSRUWQtYUVWYDSDNPiSLMHMLFKSRXLWtQHMPpQ SUiFH.YDOLW\
NDWHJRULH$GRVDKXMtVt"RYpVOXE\Q NWHUFKORNiOQtFKVtWt]DWtPFRYStSDG
UR]OHKOFKVtWtMHNDWHJRULH$Y]iFQ MtQHDIUiQ
.DWHJRULH9ODVWQRVWL
$EH]FK\ESLSHQRVXSDNHW$D

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
EH]YSDGN$VSRMHQt
%EH]FK\ESLSHQRVXSDNHW$
VYSDGN\VSRMHQt
&VFK\EDPLSLSHQRVXSDNHW$
VYSDGN\VSRMHQt
7DEXOND.DWHJRULHSHQRVRYFKVOXHEQD~URYQLVt"RYpYUVWY\
'RNDWHJRULH%VSDGDMtVt"RYpVOXE\NWHUpMVRX]KOHGLVNDSHQRVXMHGQRWOLYFK
SDNHW$VWHMQ VSROHKOLYpMDNRNDWHJRULH$DOHXNWHUFKGRFKi]tDVW MLNYSDGN$P
VSRMHQt7HG\NVLWXDFtPNG\]U$]QFKG$YRG$ SHWtHQtSRUXFK\KDUGZDUXFK\E\
YVRIWZDUXDSRG GRFKi]tNSHGDVQpPXXNRQHQt YSDGNX GtYHQDYi]DQpKR
VSRMHQt7UDQVSRUWQtYUVWYDVHVWtPGRNiH~LQQ Y\URYQDW RS WRYQPQDYi]iQtP
QRYpKRVt"RYpKRVSRMHQt DH[LVWHQFLYSDGN$SHGY\tPLYUVWYDPLVNUW0iVWtP
YDNVDPR]HMP YtFHSUiFHQHYStSDG Vt"RYFKVOXHENDWHJRULH$'R
NDWHJRULH%VSDGiREY\NOHY WLQDYHHMQFKGDWRYFKVtWtQDEi]LGRSRUXHQt;
'RNDWHJRULH&SDNSDWtYHFKQ\RVWDWQtVt"RYpVOXE\7UDQVSRUWQtYUVWYDMHPXVt
SRYDRYDW]DQHVSROHKOLYpDSRWHEQRXVSROHKOLYRVW]DMLVWLWVDPD3URWRNRO\
WUDQVSRUWQtYUVWY\NWHUpPXVtY\XtYDWVOXE\WpWRNDWHJRULHMVRXSDNVDPR]HMP
QHVORLW MtDQHMNRPSOLNRYDQ Mt
7tG\WUDQVSRUWQtFKSURWRNRO$
5HIHUHQQtPRGHO,6226,VHY\URYQiYiVRGOLQRXNYDOLWRXVOXHEQD~URYQLVt"RYp
YUVWY\]DYHGHQtS WLU$]QFKWtGSHQRVRYFKSURWRNRO$QD~URYQLWUDQVSRUWQtYUVWY\
WUDQVSRUWQtFKSURWRNRO$ YL]WDEXOND
'RWtG\ 737UDQVSRUW3URWRFROFODVV SDWtWUDQVSRUWQtSURWRNRO\NWHUp
Y\XtYDMtVt"RYpVOXE\NDWHJRULH$-VRXMHGQRGXFKRXREiONRXQDGStVOXQPL
Vt"RYPLSURWRNRO\DQDYtF]DML"XMtSUDNWLFN\MHQQH]E\WQpQDYD]RYiQtDUXHQt
WUDQVSRUWQtFKVSRMHQt
7tGD 73 SHGSRNOiGiSRXLWtVt"RYFKVOXHENDWHJRULH%DPXVtVHWHG\XP W
Y\URYQDWVStSDGQPLYSDGN\VSRMHQtQD~URYQLVt"RYpYUVWY\
7tGD 73 SHGSRNOiGiRS WSRXLWtVt"RYFKVOXHENDWHJRULH$WHG\WDNRYFK
NWHUpP$HSRYDRYDW]DGRVWDWHQ VSROHKOLYpVWHMQ MDNRYStSDG WtG\
7UDQVSRUWQtSURWRNRO\WtG\MVRXYDNQDYtFVFKRSQp]DMLVWLWSRWHEQpPXOWLSOH[RYiQt
MHGQRKRVt"RYpKRVSRMHQtPH]LYtFHVSRMHQtWUDQVSRUWQtFK YL]YH 
7tGD 73 MHNRPELQDFtWtGD3HGSRNOiGiVt"RYpVOXE\NDWHJRULH%D
GRNiHMHPXOWLSOH[RYDWPH]LYtFHVSRMHQtWUDQVSRUWQtFK
7tGD 73 MHXUHQDSURSRXLWtQDGVt"RYPLVOXEDPLNDWHJRULH&7UDQVSRUWQt
SURWRNRO\WpWRWtG\PXVt
SRtWDWVQHMKRUtPDMVRXWHG\]HYHFKWUDQVSRUWQtFKSURWRNRO$QHMVORLW MtD
QHMNRPSOLNRYDQ Mt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7tGD.DWHJRULH
WUDQVSRUWQtFKVt"RYFK)XQNFH
SURWRNRO$VOXHE
73$MHGQRGXFKiREiOND
Vt"RYFKSURWRNRO$
73%]RWDYHQt]YSDGN$
Vt"RYFKVSRMHQt
73$PXOWLSOH[RYiQtMHGQRKR
Vt"RYpKRVSRMHQtPH]LYtFH
WUDQVSRUWQtFKVSRMHQt
73%PXOWLSOH[RYiQtD]RWDYHQt
]YSDGN$
73&GHWHNFHDRSUDYDFK\E
]RWDYHQt]YSDGN$
7DEXOND7tG\WUDQVSRUWQtFKSURWRNRO$
5HODQtYUVWYD
-DNMVPHVLMLQD]QDLOLGtYHW\LQHMQLtYUVWY\UHIHUHQQtKRPRGHOX
,6226,MVRX]DP HQ\SHGHYtPQDYODVWQtSHQRVGDWPH]LMHGQRWOLYPL
X]ORYPLSRtWDL.DGi]QLFKSLWRPSRVN\WXMHRQ FRYtFHQHYUVWYD
EH]SURVWHGQ QLtWYUWi WMWUDQVSRUWQt YUVWYDSDNQDEt]tSURVWHGN\SUR
WDNRYRXNRPXQLNDFLGYRXNRQFRYFKSRtWD$UHVS~DVWQtN$NWHUiMHQH]iYLVOi
QDNRQNUpWQtNRPXQLNDQtSRGVtWLQDMHMtWRSRORJLLLQDGDOtFKVSHFLILNiFK
9\tYUVWY\UHIHUHQQtKRPRGHOX,6226,MVRXSDNMLRULHQWRYiQ\VStHQD
SRWHE\Vt"RYFKDSOLNDFt6DP\Y\XtYDMtSHQRVRYpVOXE\WUDQVSRUWQtYUVWY\
DSLGiYDMtNQLPWDNRYpIXQNFHDVFKRSQRVWLNWHUpE\P O\EWXLWHQpSUR
Y WLQXDSOLNDFt7DNRYMHWHG\VP\VOH[LVWHQFHSiWp UHODQt HVWp
SUH]HQWDQt DYODVWQ LVHGPp DSOLNDQt YUVWY\,6226,PRGHOX
5HIHUHQQtPRGHO,6226,WHG\Y\FKi]t]SHGVWDY\HMHGQRWOLYpDSOLNDFHE\P O\
PtWNGLVSR]LFLDP O\E\Y\XtYDWMHW GRNRQDOHMtDREHFQ MtVOXE\QHMDNp
QDEt]tWUDQVSRUWQtYUVWYD-HMLFKUHDOL]DFLSDNUHIHUHQQtPRGHOVY XMHUHODQt
VHVVLRQ DSUH]HQWDQt SUHVHQWDWLRQ YUVWY 0ON\WtPRYHPSHGSRNOiGiHMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
EXGRXY\XtYDWYHFKQ\DSOLNDFHQHERDOHVSRY WLQD]QLFKMHQSDNWRWLPi
UR]XPQVP\VOUHDOL]RYDWMHSURYHFKQ\DSOLNDFHVSROHQ ([LVWXMHDOHYHONp
PQRVWYtDSOLNDFtNWHUpWHQWRSHGSRNODGQHVSOXMtDNWHUpSOQ Y\VWDtVWDNRYPL
VOXEDPLMDNpQDEt]tMLWUDQVSRUWQtYUVWYD9WRPWRRKOHGXQHQtMLVW EH]]DMtPDYRVWL
HNRQNXUHQQtVRXVWDYDSURWRNRO$7&3,3Y\FKi]t]SHVQ RSDQp~YDK\QH
UHIHUHQQtPRGHO,6226,VYPDSOLNDFtPQDEt]tSRX]HSHQRVRYpVOXE\QD~URYQL
WUDQVSRUWQtYUVWY\3RWHEXMHOLQ NWHUiDSOLNDFHUHVSVOXEDDSOLNDQtYUVWY\VOXE\
REHFQ MtKRFKDUDNWHUXPXVtVLMHUHDOL]RYDWVDPDYODVWQtPLVLODPL7RMHWDNpG$YRG
SURVRXVWDYDSURWRNRO$7&3,3QDNWHUpMHY\EXGRYiQDQDSVt"$53$1(7UHVS
GQHQt,QWHUQHWVH[LVWHQFtUHODQtDSUH]HQWDQtYUVWY\Y$EHFQHSRtWi
5HODQtYUVWYXVWDNRYPLIXQNFHPLMDNpMtSLVX]XMHUHIHUHQQtPRGHO,6226,
QHP ODYGRE MHKR]DYHGHQtiGQiVt"VQDGVYMLPNRXVtW 61$ILUP\,%0NWHUi
PiREGREQpIXQNFHUHDOL]RYiQ\YHYtFHU$]QFKYUVWYiFK
3LY\WYiHQtVDPRWQpKRUHIHUHQQtKRPRGHOX,6226,E\ODNROHPUHODQtYUVWY\D
MHMtFK~NRO$YHONiGLVNXVH1 NWHUpDOWHUQDWLYQtQiYUK\NWHUpVHYWpGRE REMHYLO\V
UHODQtYUVWYRXGRNRQFHY$EHFQHSRtWDO\1DNRQHFVHYDNUHODQtYUVWYDGR
UHIHUHQQtKRPRGHOXSHFLMHQSURVDGLOD6SROXVHVYRXEH]SURVWHGQ QDGD]HQRX WM
SUH]HQWDQtYUVWYRX YDNE\ODDQDGiOHMHUHODWLYQ QHMPpQ SURSUDFRYDQRXYUVWYRX
FS
&RMHYODVWQ UHODFH"
3URVSUiYQpSRFKRSHQtVP\VOXUHODQtYUVWY\MHGREUpVLQHMSUYHR]HMPLWRQHQ
SRQ NXGYiJQtWHUPtQUHODFH VHVVLRQ 1HMQi]RUQ MtEXGH]HMP DQDORJLHV
WHOHIRQQtPKRYRUHPWHQMHWHEDQHMSUYHY\WRLW tPY]QLNiDQDORJLHWUDQVSRUWQtKR
VSRMHQt DSDNMHPRQpMHKRSURVWHGQLFWYtPYpVWUR]KRYRU UHODFL GYRX~DVWQtN$
5HODFLWHG\P$HPHSRYDRYDW]DVSRMHQtPH]LGY PDNRQFRYPL~DVWQtN\QD
~URYQLEH]SURVWHGQ Y\tQHMHYUVWYDWUDQVSRUWQt2EY\NOHMHNDGpWDNRYpWR
VSRMHQt UHODFH ]DML"RYiQRSURVWHGQLFWYtPMHGQRKRWUDQVSRUWQtKRVSRMHQt WMVSRMHQt
QD~URYQLWUDQVSRUWQtYUVWY\ NWHUpMH]L]RYiQRDUXHQRSL]L]RYiQtUHVSUXHQt
UHODFHYL]REUD-HRYHPPRQLWDNRYStSDGNG\MHGQRWUDQVSRUWQt
VSRMHQt]DML"XMHGY QHERYtFHSRVRE MGRXFtFKUHODFtYL]REUE3RXLMHPHOL
RS WDQDORJLLVWHOHIRQQtPKRYRUHPRGSRYtGiWDWRVLWXDFHWRPXHGYD~DVWQtFL
WHOHIRQQtKRKRYRUXVY$MUR]KRYRUGRNRQtDOHPtVWR]DY HQtSHGDMtWHOHIRQMLQp
GYRMLFLNWHUiVHP$H]DtWEDYLWRQ HP]FHODMLQpPWHG\]DKiMLWQRYUR]KRYRU
UHODFL 
3,2%5B7,)
2EU9]WDKUHODFHDWUDQVSRUWQtKRVSRMHQt
DMHGQDUHODFHMHGQRWUDQVSRUWQtVSRMHQt
EYtFHUHODFtMHGQRWUDQVSRUWQtVSRMHQt
FMHGQDUHODFHYtFHWUDQVSRUWQtFKVSRMHQt
3RGREQ MDNRVHWUDQVSRUWQtYUVWYDVQDt]DNUWStSDGQpYSDGN\VSRMHQtQD~URYQL
Vt"RYpYUVWY\P ODE\VHLUHODQtYUVWYDGRNi]DWY\URYQDWVStSDGQPYSDGNHP
WUDQVSRUWQtKRVSRMHQtD]DMLVWLWSRNUDRYiQtUHODFHSURVWHGQLFWYtPQRY ]t]HQpKR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WUDQVSRUWQtKRVSRMHQtYL]REUF9QDtWHOHIRQQtDQDORJLLWRRGSRYtGi
VLWXDFLNG\YSU$E KXUR]KRYRUXGYRX~DVWQtN$MHMHMLFKKRYRUSHUXHQDRQLVL
PXVt]DYRODW]QRYXDE\VY$MUR]KRYRUGRNRQLOL
=DMtPDYRXRGOLQRVWtUHODFHRGWUDQVSRUWQtKRVSRMHQtMHL]S$VREMHMtKRXNRQHQt9
StSDG WUDQVSRUWQtKRVSRMHQtQDEt]tUHIHUHQQtPRGHO,6226,MHQSURVWHGN\SUR
MHGQRVWUDQQpGLUHNWLYQtXNRQHQtVSRMHQtNWHUpPXGUXKiVWUDQDQHPiPRQRVW
]DEUiQLW1D~URYQLUHODQtYUVWY\VHYDNSHGSRNOiGiVStHXNRQHQtQD]iNODG
Y]iMHPQpGRKRG\RERX]~DVWQ QFKVWUDQ3HVQ MLQDQiYUKMHGQpVWUDQ\NWHUDOH
GUXKiVWUDQDPiPRQRVWRGPtWQRXD]DMLVWLWVLWDNSRNUDRYiQtUHODFH
t]HQtGLDORJX
-HGQtP]KODYQtFK~NRO$UHODQtYUVWY\MHt]HQtGLDORJXPH]LRE PDNRQFRYPL
~DVWQtN\7DNMDNRSLWHOHIRQQtPUR]KRYRUXQHQtPRQp LDOHVSRVOXQp DE\RED
~DVWQtFLPOXYLOLVRXDVQ H[LVWXMtLYSRtWDRYFKVtWtFKWDNRYpDSOLNDFHNWHUp
Y\DGXMtNRRUGLQRYDQpVWtGiQtRERX]~DVWQ QFKSLY\VtOiQt QDStNODGU$]Qp
DSOLNDFHWUDQVDNQtKRFKDUDNWHUXDSRG 
5HODQtYUVWYDWHQWRSRDGDYHN]DML"XMHREY\NOHSRPRFtPHFKDQLVPXSHGiYiQt
SRY HQtNSHQRVXGDW GDWDWRNHQ Y\VtODWGDWDVPtYG\MHQWHQNGRYODVWQtWHQWR
SRP\VOQWDIHWRYNROtN SRY HQtUHVSWRNHQ YL]REUi]HNE5HODQtYUVWYD
SLWRPQDEt]tSURVWHGN\SRPRFtNWHUFKO]HSRY HQtSHGDWQHERVLMHMQDRSDN
Y\iGDW
2EHFQ VHQD~URYQLUHODQtYUVWY\UR]OLXMtWL]S$VRE\YHGHQtGLDORJXSOQ
GXSOH[Qt YWHUPLQRORJLL50,6226,7:6UHVS7ZR:D\6LPXOWDQHRXV 
SRORGXSOH[Qt 7:$UHVS7ZR:D\$OWHUQDWH DVLPSOH[Qt 2QH:D\ 
0HFKDQLVPXVSHGiYiQtSRY HQtVHSLWRPWNiVDPR]HMP MHQSRORGXSOH[QtKR
GLDORJX=G$UD]Q PHVLYDNH]S$VREYHGHQtGLDORJXQHPiQLFVSROHQpKRV
GXSOH[QtPSRORGXSOH[QtPLHYVLPSOH[QtPFKDUDNWHUHPSHQRVRYpKRNDQiOX
9HFKQDVSRMHQtYUHIHUHQQtPPRGHOX,6226,MVRXREHFQ SOQ GXSOH[QtD
XPRXMtWHG\VRXDVQSHQRVGDWRE PDVP U\5$]QpDSOLNDFHYDN]U$]QFK
G$YRG$QHPXVtWpWRPRQRVWLY\XtYDWDSRSOQ GXSOH[QtPVSRMLPRKRXYpVWMHQ
SRORGXSOH[QtGLDORJ
FS
3,2%5B7,)
2EU3HGVWDYDY]iMHPQpNRPXQLNDFHYUiPFLUHODFH
DSOQ GXSOH[QtGLDORJ
ESRORGXSOH[QtGLDORJ
6\QFKURQL]DFH
'DOtPG$OHLWP~NROHPUHODQtYUVWY\MHW]YV\QFKURQL]DFH V\QFKURQL]DWLRQ
WpFKHFNSRLQWLQJ .MHMtPXSRFKRSHQtVLQHMSUYHSHGVWDYPHQiVOHGXMtFtVLWXDFL
StMHPFHPGDWYUiPFLXULWpUHODFHQHFK"MHSRtWDNWHUVLSLMtPDQiGDWDSU$E Q
]DSLVXMHQDGLVNStSDGQ MHLKQHGWLVNQHQDWLVNiUQ 'RMGHOLQiKOHNSRUXHGLVNXL
WLVNiUQ\ QHERMtQDSGRMGHSDStUWRQHUDSRG P$HStMHPFHSLMtWRXULWREMHP

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GDWNWHUpMLQDNYSRiGNXSLMDO WMNWHUpE\O\WUDQVSRUWQtYUVWYRXEH]FK\EQ
GRUXHQ\ 
&RMHSDN]DSRWHEtMHPRQRVWYUiWLWVHRNRXVHN]S WD]WUDFHQiGDWDSHQpVW
]QRYX7HG\]QRYXGRViKQRXWSRWHEQpV\QFKURQL]DFH Y]iMHPQpKRVRXODGX 5HODQt
YUVWYDHtWHQWRSUREOpPPRQRVWtYNOiGDWGRSHQiHQFKGDWNRQWUROQtERG\
V\QFKURQL]DWLRQSRLQWVFKHFNSRLQWV 3tMHPFLSDNXPRXMHDE\VLQDY\VtODMtFtP
Y\iGDOQiYUDWN]DGDQpPXNRQWUROQtPXERGXDQRYpY\VOiQtW FKGDWNWHUiOHt]D
WtPWRERGHP
1HQtRYHP~NROHPUHODQtYUVWY\SDPDWRYDWVLSHQiHQiGDWDWDNDE\E\OPRQ
QiYUDWNH[LVWXMtFtPNRQWUROQtPERG$P7DWRGDWDVLPXVtSDPDWRYDWViPMHMLFK
RGHVLODWHONWHUVOXHEUHODQtYUVWY\Y\XtYi$E\VLDOHQHPXVHOXFKRYiYDW]E\WHQ
YHONpREMHP\GDWUR]OLXMHUHODQtYUVWYDGYDGUXK\NRQWUROQtFKERG$KODYQt
PDMRU DYHGOHMt PLQRU 5R]GtOPH]LQLPLMHWHQHSHVYHGOHMtNRQWUROQtERGVH
YUDFHWO]H]DWtPFRSHVKODYQtNRQWUROQtERGMLQLNROL3URY\VtODMtFtKR]WRKRSDN
Y\SOYiHVLPXVtSDPDWRYDWSHQiHQiGDWDMHQRGSRVOHGQtKRKODYQtKR
NRQWUROQtKRERGXYL]REU
3,2%5B7,)
2EU3HGVWDYDNRQWUROQtFKERG$
3UH]HQWDQtYUVWYD
3 WQHMQLtFKYUVWHYUHIHUHQQtKRPRGHOX,6226,G OiYHSURWRDE\
SHQiHQiGDWDYG\GRUD]LODNHVYpPXNRQFRYpPXStMHPFLSHVQ YWDNRYp
SRGRE YMDNpE\ODY\VOiQD6WHMQiSRGREDYDNMHW QH]DUXXMHHSUR
StMHPFHQHEXGRXMHGQDDWDWiGDWDSHGVWDYRYDWQ FRMLQpKRQHSURMHMLFK
RGHVLODWHOH
2EDY\]U$]QpLQWHUSUHWDFHSHQiHQFKGDWQHMVRX]GDOHNDEH]G$YRGQp6WDtVL
XY GRPLWHQDSVWHGLVNRYpSRtWDHILUP\,%0SRXtYDMtSURNyGRYiQt]QDN$NyG
(%&',&]DWtPFRGUWLYiY WLQDRVWDWQtFKSRXtYiNHVWHMQpPX~HOXNyG$6&,,.H
]Qi]RUQ QtFHOFKtVHOVH]QDPpQNHPSRXtYiY WLQDSRtWD$W]YGYRMNRY
GRSONRYNyGDOHQDSSRtWDH&'&&\EHUSUDFXMtVW]YMHGQLNRYP
GRSONRYPNyGHP0LNURSURFHVRU\[ILUP\,QWHOtVOXMtMHGQRWOLYpE\W\ YH
VORYHFKGYRMVORYHFKDWG MHGQtPVP UHP]DWtPFRQDStNODGPLNURSURFHVRU\DG\
0ILUP\0RWRURODtVOXMtMHGQRWOLYpE\W\SHVQ RSDQ 9HOPLDVWpMVRXSDN
WDNpRGOLQRVWLQDStNODGYHIRUPiWXtVHOYSRK\EOLYpiGRYpiUFHRGOLQpUR]VDK\
]REUD]LWHOQFKFHOFKtVHO GDQpSRWHPNWRPXY\KUD]HQFKELW$ DSRG
5$]QpSRtWDHWHG\YREHFQpPStSDG SRXtYDMtU$]Qp]S$VRE\YQLWQtUHSUH]HQWDFH
GDW0DMtOLVLWDNRYpSRtWDHVYiGDWDNRUHNWQtP]S$VREHPY]iMHPQ SHGiYDWPXVt
EWYKRGQP]S$VREHP]DMLW Q\MHMLFKQH]E\WQpNRQYHU]H$W\PiYUHIHUHQQtP
PRGHOX,6226,QDVWDURVWLSUiY SUH]HQWDQtYUVWYD SUHVHQWDWLRQOD\HU 
3UH]HQWDQtYUVWYDVHWHG\VWDUiRWRDE\QDStNODGFHOptVOREH]]QDPpQNDV
KRGQRWRXE\ORSLMDWRRS WMDNRFHOptVOREH]]QDPpQNDVKRGQRWRXDQH
QDSMDNRFHOptVORVH]QDPpQNHPVKRGQRWRX1HQtYDNML~NROHPSUH]HQWDQt
YUVWY\]DEYDWVHWtPFRWRWRtVOR]QDPHQi=GDMGHQDSRSRHWRVRERtVOR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VWUiQN\YNQL]HRSURFHQWXiOQtYLLQIODFHLQ FRGRFHODMLQpKR7RStVOXtD
YODVWQtPDSOLNDFtPNWHUpMVRX]GURMHPUHVSStMHPFHPW FKWRGDW
3UR]DMLW QtQH]E\WQFKNRQYHU]tQD~URYQLSUH]HQWDQtYUVWY\VHQDEt]tGY ]iNODGQt
PRQRVWLNWHUpQD]QDXMHREUi]HN3UYQt]QLFKSHGVWDYXMHY]iMHPQpStPp
SL]S$VREHQtVW\OXNDGVNDGPSLNWHUpPMVRXSHQiHQiGDWDNRQYHUWRYiQD
MHQMHGQRXMVRXOLRYHPNGLVSR]LFLQH]E\WQpNRQYHU]QtUXWLQ\SUROLERYROQRX
GYRMLFLNRPXQLNXMtFtFKX]O$9HGUXKpPStSDG MVRXSHQiHQiGDWDNRQYHUWRYiQD
GYDNUiW]HWYDUXVHNWHUPSUDFXMHRGHVLODWHOMVRXQHMSUYHSHYHGHQDGRVSROHQpKR
PH]LWYDUXD]Q MSDNGRWDNRYpKRWYDUXVMDNPSUDFXMHMHMLFKStMHPFH
1HYKRGDGYRMtNRQYHU]HMH]GHNRPSHQ]RYiQDWtPHSURNDGRXNRQNUpWQt
UHSUH]HQWDFLGDWVHNWHURXSUDFXMHQ MDNSRtWDVWDtMHGLQiNRQYHU]QtXWLOLWDSUR
MHMLFKSHYRG]GRVSROHQpKRPH]LWYDUX
3,2%5B7,)
2EU0RQRVWLNRQYHU]H
DW\SXNDGVNDGP
EVHVSROHQPPH]LWYDUHP
5HIHUHQQtPRGHO,6226,SHGSRNOiGiSUiY WXWRGUXKRXYDULDQWXVHVSROHQP
PH]LWYDUHP3RGtYHMPHVHSURWRQDMHMtSRGVWDWXSRQ NXGSRGUREQ ML
&KW MtOLY]iMHPQ VSROXSUDFRYDWGY U$]QpVt"RYpDSOLNDFHPXVtVHQHMSUYH
GRPOXYLWQDVSROHQFKGDWRYFKVWUXNWXUiFKNWHUpEXGRXSRXtYDWWHG\QDStNODG
QDWRPHGDWXPEXGRXUHSUH]HQWRYDWMDNR]i]QDP UHFRUG WYRHQWHPLSRORNDPL
'(10(6,&D52. NWHUpMVRXVDP\RVRE FHOPLtVO\EH]]QDPpQND7\WR
GDWRYpVWUXNWXU\MHRYHPQXWQpY\MiGLWWDNDE\MHMLFKSRSLVE\OSURRE VWUDQ\
VUR]XPLWHOQDRE VWUDQ\VLMHMWDNpVWHMQ Y\NOiGDO\.G\E\E\O\YHFKQ\Vt"RYp
DSOLNDFHSViQ\YMHGLQpPY\tPSURJUDPRYDFtPMD]\NXVWDLORE\SRXtWSUiY WHQWR
MD]\N3HGSRNODGSRXLWtMHGLQpKRSURJUDPRYDFtKRMD]\NDYDNQHE\OQHQtD]HMP
QLNG\QHEXGHYSUD[LVSOQ QDWDNE\ORQXWQpY\WYRLWSURSRWHE\IRUPiOQtKRSRSLVX
GDWDGDWRYFKVWUXNWXU]YOiWQtMD]\NNWHUE\OQD]YiQ$61 $EVWUDFW6\QWD[
1RWDWLRQ 8PRXMHGHILQRYDWMHGQRWOLYpGDWRYpSRORN\VWDQRYLWMHMLFKW\S WM
XULW]GDMGHQDSRFHOptVORVH]QDPpQNHP]QDNRYHW ]HFLORJLFNRXKRGQRWX
DSRG SLG OLWMLPMPpQR LGHQWLILNiWRU DWDNpVHVWDYLW]MHGQRGXFKFKGDWRYFK
SRORHNREHFQ MtGDWRYpVWUXNWXU\W\SX]i]QDPSROHVH]QDPPQRLQDDSRG
FS
-D]\N$61NWHUY]GiOHQ SLSRPtQiMD]\N3DVFDOMHWHG\MD]\NHPSURIRUPiOQt
SRSLVGDWFRVHYWHUPLQRORJLL,6226,PRGHOXR]QDXMHMDNRDEVWUDNWQtV\QWD[H
DEVWUDFWV\QWD[ $EVWUDNWQtSURWRHMHW QHXUXMHiGQNRQNUpWQt]S$VRE
UHSUH]HQWDFHW FKWRGDW3URSRWHE\YODVWQtKRSHQRVXMHDOHVDPR]HMP QXWQp
YHNHUiGDWDYKRGQP]S$VREHP]DNyGRYDW=S$VRENyGRYiQtGDWRYFKVWUXNWXU
MD]\ND$61SURSRWHE\MHMLFKSHQRVXSDNXUXMHVDPRVWDWQiQRUPDRUJDQL]DFH
,62 ,6 )RUPiWVNXWHQ SHQiHQFKGDWVHSLWRPYWHUPLQRORJLL,6226,
PRGHOXR]QDXMHMDNRSHQRVRYiV\QWD[H WUDQVIHUV\QWD[ -HMtNRQNUpWQtWYDUMH
]DORHQQDP\OHQFHHNDGiMHGQRWOLYiSRORNDGDWE\P ODEWVDPRLGHQWLILNXMtFt
WHG\P ODE\VHERXQpVWLLQIRUPDFLRYODVWQtPW\SX.DGiGDWRYiSRORNDSURWRPi

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SLSHQRVXWLiVWLNWHUpSRDG XUXMtMHMtW\SGpONXDYODVWQtREVDK YL]REUi]HN
 
3,2%5B7,)
2EU3HGVWDYDIXQJRYiQtSUH]HQWDQtYUVWY\
=S$VREIXQJRYiQtSUH]HQWDQtYUVWY\Qi]RUQ LOXVWUXMHREUi]HN.G\NROLFKFH
Q MDNiHQWLWDDSOLNDQtYUVWY\]DVODWXULWiGDWDVYpSDUWQHUVNpHQWLW QDMLQpPX]ORYpP
SRtWDLSHGiVYpSUH]HQWDQtYUVWY MHGQDNYODVWQtGDWDNWHUiVLSHMHRGHVODWD
MHGQDNMHMLFKSRSLVYMD]\FH$61 NWHUGHILQXMHMHMLFKDEVWUDNWQtV\QWD[L 
3UH]HQWDQtYUVWYDQD]iNODG WRKRWRSRSLVXGRNiHVSUiYQ LQWHUSUHWRYDWMHGQRWOLYp
SRORN\GDW XULWPMMHMLFKW\SDYHOLNRVW DQD]iNODG WRKRMHSDN]DNyGRYDWGR
WDNRYpKRWYDUXNWHUMHYKRGQSURSHQRVDNWHUVLVHERXQHVHSRWHEQpLQIRUPDFH
RW\SXDIRUPiWXSHQiHQFKGDW WMSHYpVWMHGRSHQRVRYpV\QWD[H 3UH]HQWDQt
YUVWYDQDVWUDQ StMHPFHSDNGtN\WRPXGRNiHVSUiYQ XULWW\SDIRUPiWSLMDWFK
GDWDYStSDG SRWHE\SURYpVWQH]E\WQpNRQYHU]H-HVWOLHQDStNODGSHQRVRYi
V\QWD[HSRtWiVY\MiGHQtPFHOFKtVHOVH]QDPpQNHPYHGYRMNRYpPGRSONXDOH
StMHPFHSRXtYiNHVWHMQpPX~HOXMHGQRWNRYGRSOQ NP$HSUH]HQWDQtYUVWYD
StMHPFHSURYpVWQH]E\WQpNRQYHU]HMHW GtYHQHSLMDWiGDWDSHGiVYp
EH]SURVWHGQ Y\t WMDSOLNDQtYUVWY 
3UH]HQWDQtYUVWY\StMHPFHDRGHVLODWHOHVHYDNQHMSUYHPXVtVKRGQRXWQDWRPMDNp
GDWRYpVWUXNWXU\VLYODVWQ EXGRXSHGiYDWDMDNRXEXGRXSURQ SRXtYDWSHQRVRYRX
V\QWD[L3URWRVHPXVtRE VWUDQ\QD]DiWNXY]iMHPQpKRVSRMHQt SHVQ MLSL
]DKDMRYiQtUHODFH QHMSUYHGRKRGQRXWQDMHGQRPQHERQ NROLNDW]YNRQWH[WHFKMDN
VHYWHUPLQRORJLL,6226,PRGHOXQD]YiSLD]HQtSHQRVRYpV\QWD[HNV\QWD[L
DEVWUDNWQt9SU$E KXUHODFHVHSDNPRKRXPH]LW PLNRQWH[W\QDNWHUFKVHRED
GRKRGOLGRNRQFHSHStQDW
3,2%5B7,)
2EU3HGVWDYDSHNODGDHMD]\ND$61
9VRXDVQpGRE MHSUDNWLFNpSRXtYiQtMD]\ND$61]QDQ XVQDGQ QRH[LVWHQFt
SHNODGD$]WRKRWRMD]\NDGRREY\NOFKY\tFKSURJUDPRYDFtFKMD]\N$QDSGR
3DVFDOXLMD]\ND&-DNQi]RUQ XND]XMHREUi]HNMHYVWXSHPWRKRWRSHNODGDH
SRSLVGDWRYFKVWUXNWXUYMD]\NX$61DYVWXSHPMHGQDNHNYLYDOHQWQtSRSLVY
StVOXQpPFtORYpPMD]\NX WHG\QDSY&LY3DVFDOX NWHUSDNO]HSLOLQNRYDWNH
]GURMRYpPXWYDUXYODVWQtDSOLNDFHDGiOHWDNpNyGRYDFtDGHNyGRYDFtUXWLQ\ XUHQp
SURSRWHE\SUH]HQWDQtYUVWY\ NWHUpSHYiGtGDWRYpVWUXNWXU\]StVOXQpKRFtORYpKR
MD]\NDStPRGRMHMLFKSHQRVRYpV\QWD[HUHVSREUiFHQ 
+ODYQtP~NROHPSUH]HQWDQtYUVWY\MHWHG\]DMLW QtQH]E\WQFKNRQYHU]t
SHQiHQFKGDW1HQtWRRYHP~NROMHGLQQD~URYQLSUH]HQWDQtYUVWY\P$HEW
QDStNODGHHQRWDNp]DEH]SHHQtSHQiHQFKGDWSRPRFtLIURYiQt HQFU\SWLRQ 
NWHUpRYHPO]HUHDOL]RYDWLQD~URYQLI\]LFNpQHERWUDQVSRUWQtYUVWY\3UR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PLQLPDOL]DFLREMHPXSHQiHQFKGDWSDNP$HEWQD~URYQLSUH]HQWDQtYUVWY\
]DML"RYiQDLMHMLFKNRPSULPDFH FRPSUHVVLRQ 
$SOLNDQtYUVWYD
%\ORE\MLVW QRHQtPGtYtGROHVDWYUGLWHSRtWDHMVRX]GHSURWRDE\G ODO\Q FR
XLWHQpKRDY\MPHQRYiYDWFRYHFKQRWRP$HEW3HVWRQHXNRGtSHVQ ML
Y\PH]LWSRMHPDSOLNDFH DSOLNDQtKRSURJUDPXDSOLNDQtKRSURFHVXDSOLNDQt
~ORK\ MDNRWpiVWLSURJUDPRYpKRY\EDYHQtNWHUi]DML"XMHRQ\XLWHQpIXQNFH
NY$OLNWHUPVHSRtWDHY$EHFSRXtYDMt3URWLSyOHPMHSDN]EYDMtFtiVW
SURJUDPRYpKRY\EDYHQtNWHUi]DML"XMHIXQJRYiQtSRtWDHMDNRWDNRYpKRD
MHGQRWOLYPDSOLNDFtPY\WYitWDNRYpSURVWHGtYHNWHUpPPRKRX~VS Q SUDFRYDW
-GHOLRVDPRVWDWQSRtWDMVRXDSOLNDFHPLMHGQRWOLYpXLYDWHOVNpSURJUDP\D
]EYDMtFtiVWtSURJUDPRYpKRY\EDYHQtMHRSHUDQtV\VWpPNWHUXLYDWHOVNP
SURJUDP$P]SURVWHGNRYiYiY\XLWtQHMU$]Q MtFK]GURM$DSURVWHGN$GDQpKR
SRtWDHGLVN$RSHUDQtSDP WLNOiYHVQLFHGLVSOHMHGDOtFK99]Dt]HQtDSRG9
StSDG X]O$SRtWDRYpVtW MHSDNRGOLQRVWSRX]HYWRPHVt"RYRSHUDQtV\VWpP
NWHUYVRE LPSOHPHQWXMHMHGQRWOLYpYUVWY\YUVWYRYpKRVt"RYpKRPRGHOX
]SURVWHGNRYiYiDSOLNDFtPQDYtFMHW YHFKQRWRFRYODVWQtVt"QDEt]tWHG\
SHGHYtPPRQRVWNRPXQLNDFHVDSOLNDFHPLE tFtPLQDMLQFKX]ORYFKSRtWDtFK
StSDGQ LStVWXSNWHFKQLFNPSURVWHGN$PMLQFKX]ORYFKSRtWD$DWG
1\QtMLVLP$HPHSHVQ MLY\PH]LWIXQNFLDSOLNDQtYUVWY\ DSSOLFDWLRQOD\HU Y
UiPFLUHIHUHQQtKRPRGHOX,6226,9SUYQtPSLEOtHQtO]HtFLHMHXUHQDNWRPX
DE\DSOLNDFtPSRVN\WRYDODStVWXSGRSURVWHGtVtW QDEi]L,6226,PRGHOXWHG\DE\
IXQJRYDODMDNRMDNpVLRNQR LEUiQD PH]LDSOLNDFHPLQDU$]QFKX]ORYFK
SRtWDtFKNWHUpVLFKW MtY]iMHPQ Y\P RYDWQ MDNpLQIRUPDFH
3HGVWDY\RSRGVWDW DPHFKDQLVPXIXQJRYiQtDSOLNDQtYUVWY\VHYDNYSU$E KX
H[LVWHQFHUHIHUHQQtKRPRGHOX,6226,Y\YtMHO\D]QDQ ]SHVRYDO\3$YRGQt
SHGVWDYXNWHUiVHREMHYLODYSUYQtYHU]LUHIHUHQQtKRPRGHOXXND]XMHREUi]HN
=GHVHSHGSRNOiGDORHMHGQRWOLYpXLYDWHOVNpDSOLNDFHEXGRX]DVDKRYDWDGR
YODVWQtDSOLNDQtYUVWY\SHVQ MLW\iVWLDSOLNDFtNWHUpVHEH]SURVWHGQ WNDMtVtW D
MHMtKRY\XLWtEXGRXStPRXVRXiVWtDSOLNDQtYUVWY\ YWHUPLQRORJLL,6226,
PRGHOXVHW\WRiVWLDSOLNDFtR]QDRYDO\MDNRDSOLNDQtHQWLW\UHVSDSSOLFDWLRQ
HQWLWLHV =EYDMtFtiVWLDSOLNDFtMLQHE\O\SRYDRYiQ\]DVRXiVWVt"RYpKR
SURVWHGt,6226,PRGHOX
7DWRSHGVWDYD]QDPHQDODHMHGQRWOLYpDSOLNDFH UHVSW\MHMLFKiVWLNWHUpWYRLO\
DSOLNDQtHQWLW\ VLPXVHO\VDP\]DML"RYDWYHFKQ\VOXE\SRWHEQpQD~URYQL
DSOLNDQtYUVWY\ DWRSRPRFtVOXHESRVN\WRYDQFKUHVS]SURVWHGNRYDQFK
SUH]HQWDQtYUVWYRX 5HIHUHQQtPRGHO,6226,W\WRVOXE\QD~URYQLDSOLNDQt
YUVWY\QLMDNSRGUREQ MLQHVSHFLILNRYDOSRX]HMHY\PH]LOMDNRWDNRYpNWHUpMVRX
SRWHEDSURY]iMHPQRXNRPXQLNDFLPH]LRWHYHQPLV\VWpP\DQHMVRX]DML"RYiQ\QD
QLtFK~URYQtFK1HVSHFLILNRYDOVDPR]HMP DQLiGQpSURWRNRO\SURVWHGQLFWYtP
NWHUFKE\VOXE\DSOLNDQtYUVWY\P O\EWUHDOL]RYiQ\
3,2%5B7,)
2EU3$YRGQtSHGVWDYDDSOLNDQtYUVWY\,6226,

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-HGQRWOLYpSURWRNRO\SURDSOLNDQtYUVWYXY]QLNDO\DGRGDWHQ YSU$E KXSUiFHQD
LPSOHPHQWDFLVt"RYFKDSOLNDFtU$]QpKRW\SX3LWRPVHDOHXNi]DORHY WLQDW FKWR
DSOLNDFtPiPQRKRVSROHQpKRDWXGtVHQHY\SODWtDE\VLNDGi]QLFKYG\]QRYX
LPSOHPHQWRYDODWRFRQD~URYQLDSOLNDQtYUVWY\SRWHEXMH3URWRVHS$YRGQt
SHGVWDYDUHIHUHQQtKRPRGHOX]P QLOD]DMLW QtVOXHEQD~URYQLDSOLNDQtYUVWY\
E\ORVY HQRDSOLNDQtPHQWLWiPNWHUpDOHMLQHMVRXVRXiVWtMHGQRWOLYFKDSOLNDFt
DOHMVRXQDRSDNVRXiVWtVt"RYpKRSURJUDPRYpKRY\EDYHQt
'LIHUHQFLDFHQD~URYQLDSOLNDQtYUVWY\SDNSRNUDRYDODMHW GiOH=MLVWLORVHWRWL
HWDNWRNRQFLSRYDQpDSOLNDQtHQWLW\MHQHMYKRGQ MtVHVWDYRYDW]MHW PHQtFK
VWDYHEQtFKEORN$NWHUp]DML"XMtMHGQRWOLYpGtOtIXQNFHUHVSVOXE\7\WRVWDYHEQt
EORN\VHYVRXDVQpWHUPLQRORJLLUHIHUHQQtKRPRGHOX,6226,R]QDXMtMDNRSUYN\
$6( $SSOLFDWLRQ6HUYLFH(OHPHQWV -VRXY]iVDG GYRMtKRGUXKXWDNRYpNWHUp
]DML"XMtVOXE\SRWHEQpSURSRGSRUXDSOLNDFtU$]QFKW\S$ SDNMGHRW]YSUYN\
&$6(&RPPRQ$SSOLFDWLRQ6HUYLFH(OHPHQW DNRQHQ WDNRYpNWHUpUHDOL]XMt
VSHFLILFNpVOXE\SRWHEQpMHQSURMHGHQNRQNUpWQtW\SDSOLNDFt R]QDRYDQpMDNR
SUYN\6$6(6SHFLILF$SSOLFDWLRQ6HUYLFH(OHPHQW YL]REUD
3,2%5B7,)
2EU6RXDVQiSHGVWDYDDSOLNDQtYUVWY\,6226,
3,2%5B7,)
2EU3UYN\6$6(D&$6(
9H]P PHVLMDNRStNODGRWi]NXY]iMHPQpNRPXQLNDFHGYRXDSOLNDFt7DP$HEW
UHDOL]RYiQDEXMDNRVSRMRYDQiSURVWHGQLFWYtP ORJLFNpKR VSRMHQtPH]LGY PD
DSOLNDQtPLHQWLWDPLQHERMDNRQHVSRMRYDQi]DML"RYDQiMHGQRGXFKRXYP QQRX
]SUiY/RJLFNpVSRMHQtQD~URYQLDSOLNDQtYUVWY\YWHUPLQRORJLL,6226,PRGHOX
R]QDRYDQpMDNRDVRFLDFH DVVRFLDWLRQ YDNPXVtQ NGRQDYi]DWXGURYDWMHMD
SRVOp]H]DVH]UXLW7RPiQDVWDURVWLMHGHQ]PRQFKSUYN$$6(NRQNUpWQ $&6(
$VVRFLDWLRQ&RQWURO6HUYLFH(OHPHQW NWHUSDWtPH]LSRGS$UQpSUYN\$6(WM
PH]LSUYN\&$6(
1HVSRMRYDQiNRPXQLNDFHQD~URYQLDSOLNDQtYUVWY\UHDOL]RYDQiMDNRYP QD
NUiWNFK]SUiYPiYHVP VFKDUDNWHUY]GiOHQpKRYROiQtSURFHGXU UHPRWH
SURFHGXUHFDOOYWHUPLQRORJLL,62Y]GiOHQFKRSHUDFtUHPRWHRSHUDWLRQ SL
NWHUpPSHQiHQp]SUiY\iGDMtRSURYHGHQtXULWpDNFH SURYHGHQtUHVSYROiQt
SURFHGXU\ UHVSYUDFtMHMtYVOHGN\3UR]DMLW QtWDNRYpKRWR]S$VREXNRPXQLNDFHMH
SDNXUHQMLQGUXKSRGS$UQpKRSUYNX SUYNX&$6( DWR526( 5HPRWH
2SHUDWLRQV6HUYLFH(OHPHQW 
'DOtPStNODGHPSRGS$UQpKRSUYNXMHSUYHN&&5 &RPPLWPHQW&RQFXUUHQF\
DQG5HFRYHU\ NWHUMHXUHQSHGHYtPSURNRRUGLQDFLY]iMHPQpVRXLQQRVWLYtFH
X]O$DSURLPSOHPHQWDFLWUDQVDNQtKR]SUDFRYiQtYVtWtFK8PRXMHGRViKQRXWWRKR
DE\SRVORXSQRVWRSHUDFtY\iGDQiMHGQtPX]OHPDSURYiG QiQDMLQpPX]OXVHYG\
SURYHGODEXWRFHOiQHERVHQHSURYHGODY$EHFEH]RKOHGXQDStSDGQpYSDGN\
SRUXFK\DSRG
0H]LVSHFLILFNpDSOLNDQtVOXE\NWHUpPDMtQDVWDURVWLSUYN\&$6(SDWtQDStNODG
SHQRVVRXERU$HOHNWURQLFNiSRWDY]GiOHQpWHUPLQiORYpUHODFHDSRG5HIHUHQQt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PRGHO,6226,SLWRPSHGSRNOiGiHW\WRVOXE\EXGRXLPSOHPHQWRYiQ\WDNDE\VH
Y$LYODVWQtPDSOLNDQtPSURFHV$PWYiLO\YG\VWHMQ MDNRMHGLQpYLUWXiOQt
]Dt]HQt YLUWXDOGHYLFH 1HMPDUNDQWQ MtMHWHQWRStVWXSQD]S$VREXMDNPVH
PRGHO,6226,Y\URYQiYiVH]QDQRXU$]QRURGRVWtSRXtYDQFKWHUPLQiO$OLtFtFKVH
VYPLSDUDPHWU\]S$VREHPRYOiGiQtDSRG0HFKDQLVPXVXPRXMtFtWHUPLQiOX
MHGQRKRX]ORYpKRSRtWDHY\VWXSRYDWYUROL ORNiOQtKR WHUPLQiOXMLQpKRSRtWDH
SRtWiVH[LVWHQFtW]YYLUWXiOQtKRWHUPLQiOX-GHYODVWQ RDEVWUDNFLRK\SRWHWLFN
WHUPLQiONWHUQHPXVtYHVNXWHQRVWLY$EHFH[LVWRYDWDOHNWHUVHYG\FKRYiVWHMQ 
8]ORYSRtWDSDNP$HSHGSRNOiGDWHSUDFXMHYG\MHQVWtPWRMHGLQPW\SHP
YLUWXiOQtKR WHUPLQiOX]DWtPFRYHVNXWHQRVWLSUDFXMHVWHUPLQiOHPMLQP3RWHEQp
SL]S$VREHQtPH]LYLUWXiOQtPWHUPLQiOHPDVNXWHQ SRXtYDQPWHUPLQiOHPSDN
]DML"XMHDNRQNUpWQtDSOLNDQtSURFHVNWHUVY$MWHUPLQiOGREH]QiDGRNiH
RYOiGDW
3RGREQ MHWRPXLYStSDG SHQRVXVRXERU$PH]LRGOLQPLDY]iMHPQ
QHVOXLWHOQPLVRXERURYPLV\VWpP\ NWHUpVHPRKRXOLLWQDStNODGYHYQLWQt
RUJDQL]DFLVRXERU$DDGUHVi$YNRQYHQFtFKSURMHMLFKMPpQDDSRG =GDVHRS W
]DYiGtVSROHQPH]LWYDUYSRGRE YLUWXiOQtKRV\VWpPXVRXERU$VHNWHUP
DSOLNDQtHQWLW\GRNitSUDFRYDW
3RNXGVt"RYiDSOLNDFHSRWHEXMHMLQpVOXE\QHMDNpMVRXMtQDEt]HQ\YVRXYLVORVWLV
SHGVWDYRXYLUWXiOQtKR]Dt]HQtPXVtVLMHVDPDSRGOHVYFKNRQNUpWQtFKSRWHE
XSUDYLW9UiPFLY WLQ\DSOLNDFtO]HSURWRMHW Y\PH]LWYUVWYXNWHUi]DML"XMH
SRWHEQpSL]S$VREHQtUHVS]DPDSRYiQtYLUWXiOQtKR]Dt]HQt]GRVNXWHQpKRWHG\
QDSPDSRYiQtYLUWXiOQtKRWHUPLQiOXGRNRQNUpWQtKRUHiOQpKRWHUPLQiOX
PDSRYiQtUHiOQpKRV\VWpPXVRXERU$GRYLUWXiOQtKRDSRG9WHUPLQRORJLL,6226,
PRGHOXVHWDWRYUVWYDR]QDXMHMDNR XLYDWHOVN SUYHN8( 8VHU(OHPHQW YL]
REUi]HN
3URVSHFLILFNpVOXE\QD~URYQLDSOLNDQtYUVWY\ SRVN\WRYDQpSUYN\6$6(YL]
YH E\O\DMVRXSRVWXSQ Y\WYiHQ\SRWHEQpSURWRNRO\9 WLQD]QLFKGQHVMLPi
IRUPXPH]LQiURGQtFKVWDQGDUG$UHVSQRUHP ,6,QWHUQDWLRQDO6WDQGDUGV MLQpMVRX
]DWtPMHW YHVWiGLXQiYUK$QRUHP ',6'UDIW,QWHUQDWLRQDO6WDQGDUG -HMLFKVWUXQ
SHKOHGREVDKXMHWDEXONDNWHUiXYiGtWDNpREGREQ ]DP HQpDSOLNDQt
SURWRNRO\YNRQNXUHQQtVRXVWDY SURWRNRO$7&3,3
]NUDWNDQi]HYSURWRNROMHXUHQSUR]DP HQ
SURWRNRO
7&3,3
979LUWXDO7HUPLQDOYLUWXiOQtWHUPLQiO\7HOQHW
)7$0)LOH7UDQVIHUSHQRVDVGtOHQtVRXERU$)73
$FFHVVDQG0DQDJHPHQW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
027,60HVVDJH2ULHQWHG7H[WHOHNWURQLFNRXSRWX6073
,QWHUFKDQJH6WDQGDUG
&0,3&RPPRQ0DQDJHPHQWVSUiYXVtWt6103
,QIRUPDWLRQ3URWRFRO
-70-RE7UDQVIHUDQG]DGiYiQt~ORKQDGiONX
0DQLSXODWLRQ
0060DQXIDFWXULQJSHQRV]SUiYYSURVWHGtYURE\
0HVVDJLQJ6HUYLFH
5'$5HPRWH'DWDEDVH$FFHVVStVWXSGRY]GiOHQFKGDWDEi]t

7DEXOND3URWRNRO\DSOLNDQtYVUWY\,6226,
9]iMHPQpSURSRMRYiQtVtWt,
3LQDHPSRYtGiQtRUHIHUHQQtPPRGHOX,6226,MVPHDGRSRVXGXYDRYDOL
SRX]HYGLPHQ]tFKMHGLQpSRtWDRYpVtW DQHXYDRYDOLMHMtPRQpYD]E\QDVtW
MLQp8LYDWHOpYDNGQHVVWiOHQDOpKDY MLYRODMtSRY]iMHPQpPSURSRMRYiQt
H[LVWXMtFtFKVtWtNWHUpE\E\ORFRPRQiQHMXQLYHU]iOQ MtDOHVRXDVQ LFR
QHMPpQ YLGLWHOQpWDNDE\RQ PPXVHOLY G WFRQHMPpQ 9LGHiOQtP
StSDG E\P OD]FHOD]DQLNQRXWMDNiNROLVSHFLILNDMHGQRWOLYFKVtWtDE\VH
XLYDWHOPRKOGRPQtYDWHSUDFXMHYMHGQpMHGLQpYH]DKUQXMtFtVtWL3RGtYHMPH
VHSURWRQ\QtMDNpMVRXSULQFLSLiOQtPRQRVWLY]iMHPQpKRSURSRMRYiQtVtWt9
GDOtFKGtOHFKVLSDNXNiHPHMDNNWpWRSUREOHPDWLFHSLVWXSXMHUHIHUHQQt
PRGHO,6226,LQ NWHUpGDOtVt"RYpDUFKLWHNWXU\
9]iMHPQPSURSRMHQtPGYRXLYtFHVtWtVWHMQpKRLU$]QpKRW\SXY]QLNiY WtFHOHN
SURNWHUPiDQJOLWLQDYHOPLYVWLQpR]QDHQtLQWHUQHWZRUNQHERMHQLQWHUQHW
]DWtPFR,QWHUQHWVYHONP,MHMPpQRFHORVY WRYpSRtWDRYpVtW UHVS
NRQJORPHUiWXVtWtNWHUY]QLNOY86$]H]iURGHQpVtW $53$1(7YL]QDS&:
VWU HWLQDYDNYKRGQWHUPtQSURR]QDRYiQtY]iMHPQ SURSRMHQFKVtWt
WHSUYHKOHGiYL]UXEULND&R QH QDMGHWHYHVORYQtNX 
3UREOHPDWLNDY]iMHPQpKRSURSRMRYiQtVtWtDMHMLFKVRXLQQRVWL YDQJOLWLQ 
LQWHUQHWZRUNLQJ MHVDPDRVRE ]QDQ UR]ViKOiU\FKOHVHY\YtMtDMHGQHVYHOPL
SRSXOiUQt9VRXDVQpGRE H[LVWXMHDGDU$]QFKNRQFHSFtWRKRMDNSRtWDRYpVtW
QDY]iMHPSURSRMRYDW3URMHMLFKSRFKRSHQtMHDOHNOtRYPPRPHQWHPSR]QiQtWRKR
HY]iMHPQpSURSRMHQtMHPRQpUHDOL]RYDWQDU$]QFK~URYQtFKYUVWYRYpKRVt"RYpKR
PRGHOXRGI\]LFNpDSRDSOLNDQtYUVWYX


,62YHU]HVWDQGDUGX&&,77;SURHOHNWURQLFNRXSRWX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
=iNODGQtP\OHQNDY]iMHPQpKRSURSRMHQtMHQDSURVWRWULYLiOQtGY QHERYtFHVtWtVH
SURSRMtSURVWHGQLFWYtPNWRPXXUHQFK]Dt]HQtREHFQ R]QDRYDQFKMDNRUHOD\Y
WHUPLQRORJLL,62Wp,QWHUPHGLDU\6\VWHPUHVS,6StSDGQ ,QWHUQHWZRUNLQJ
8QLWUHVS,:8
2SDNRYDH
=PtQ QpSURSRMXMtFt]Dt]HQtSLWRPP$HEWSRXKP]HVLORYDHPHOHNWULFNFK
VLJQiO$NWHUpMVRXYVtWLSHQiHQ\7DNMHWRPXQDStNODGYORNiOQtFKVtWtFKW\SX
(WKHUQHWNWHUpXPRXMtGRViKQRXWFHONRYpGpON\NDEHOiHDNLORPHWUXDOH
MHGQRWOLYpSLSRMRYDFtREYRG\ W]YWUDQVFHLYHU\ MVRXVFKRSQpJHQHURYDWHOHNWULFNp
VLJQiO\VGRVDKHPMHQDVLPHWU$3DNMHQXWQpVHVWDYRYDWFHOpNDEHORYpYHGHQt]H
VHJPHQW$ VRXYLVOFK~VHN$NDEHO$ GpON\PD[LPiOQ PHWU$ YStSDG W]Y
WOXVWpKR(WKHUQHWXYL]GtOQDHKRVHULiOXUHVSPHWU$YStSDG W]YWHQNpKR
(WKHUQHWX -HGQRWOLYpVHJPHQW\VHSDNPXVtVSRMRYDWSRPRFt]Dt]HQtNWHUiVHY
WRPWRStSDG QD]YDMtRSDNRYDH UHSHDWHUV DIXQJXMtSUiY DSRX]HMDNR
]HVLORYDHHOHNWULFNFKVLJQiO$2SDNRYDHWHG\SUDFXMtQD~URYQLI\]LFNpYUVWY\ YL]
REUD QHER"Y]KOHGHPN]HVLORYiQtHOHNWULFNFKVLJQiO$YQtPDMtMHQ
MHGQRWOLYpSHQiHQpELW\DOHQLNROLMLFHOpEORN\ UiPFH GDW
3,2%5B7,)
2EU3HGVWDYDRSDNRYDH D DPRVWX E
0RVW\
1HYKRGRXRSDNRYD$MHVNXWHQRVWHSURSRXWtYHNHUSURYR]]MHGQRKR
VHJPHQWXGRGUXKpKRLNG\E\WRY$EHFQHE\ORQXWQp9KRGQ MtE\MLVW E\O
StSDGNG\E\SURSRMRYDFt]Dt]HQtGRNi]DORVSUiYQ UR]SR]QDWNWHUiGDWDPRKRX
]$VWDWXYQLWStVOXQpiVWLVtW  VHJPHQWX DQH]DW RYDWMLPLSURYR]YRVWDWQtFK
VHJPHQWHFK.WRPXMHDOHQXWQpDE\SURSRMRYDFt]Dt]HQtYQtPDORFHOpSHQiHQp
UiPFHD]QDORMHMLFKIRUPiWQDWROLNDE\GRNi]DOR]MLVWLWI\]LFNRXDGUHVXMHMLFK
RGHVLODWHOHDStMHPFH DSRGOHWRKRMHSDNSURSXVWLWGRVRXVHGQtKRVHJPHQWXL
QLNROL 7RRYHP]QDPHQiHWDNRYpWRSURSRMRYDFt]Dt]HQtNWHUpVHSDNQD]Yi
PRVW EULGJH PXVtSUDFRYDWQD~URYQLOLQNRYpYUVWY\ UHVSQD~URYQLSRGYUVWY\
t]HQtStVWXSXNPpGLX YUVWY\0$& YStSDG ORNiOQtFKVtWtGOHVWDQGDUG$,(((
 NGHMLO]HI\]LFNpDGUHV\StMHPFHDRGHVLODWHOHUR]SR]QDW
5R]GtOPH]LRSDNRYDHPDPRVWHPVSRtYiGiOHLYPHFKDQLVPXMHMLFKIXQJRYiQt
=DWtPFRRSDNRYDQHPiSDP "DSHQiHQiGDWDUHVSVLJQiO\]SUDFRYiYiSU$E Q
MHSURQ YODVWQ SU$FKR]t PRVWMLSUDFXMHQDSULQFLSXVWRUHDQGIRUZDUG
SLMPLDSHGHMGiO 0RVWWHG\]NDGpVWUDQ\SU$E Q SLMtPiMHGQRWOLYpGDWRYp
UiPFHDSRGOHDGUHVYQLFKVHUR]KRGXMH]GDMHSHGiQDRSDQRXVWUDQXLQLNROL
([LVWXMHSLWRPYtFHNRQNUpWQtFKSRVWXS$DDOJRULWP$NWHUpPRKRXPRVW\YWpWR
VRXYLVORVWLSRXtYDW
-HGQRX]QHMMHGQRGXtFKYDULDQWMHWDSLNWHUpPRVWSU$E Q Y\KRGQRFXMH
RGHVLODWHOHMHGQRWOLYFKUiPF$DSRGOHWRKR]HNWHUpKRVP UXStVOXQUiPHFSLMDO
VLSDNViPRGYR]XMHXPtVW QtMHGQRWOLYFKX]O$=iK\VHWDNViPGRNiHQDXLW
WRSRORJLLVtW 9GRE NG\MLMHW QH]QiMHGQRGXHSHGiYiYHFKQ\UiPFHGRYHFK
RVWDWQtFKVHJPHQW$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7DWRPHWRGDMHYHOPLDWUDNWLYQtSURWRHQHY\DGXMHiGQpNRQILJXURYiQtPRVWX
NWHUVHYHFKQRSRWHEQpQDXtViP -HGQRWOLYpX]O\YVtWLSLWRPQHPXVtRMHKR
H[LVWHQFLY$EHFY G WSURWRVHWDNpWDNRYWRW\SPRVWXR]QDXMHMDNRW]Y
WUDQVSDUHQWQtPRVW WUDQVSDUHQWEULGJH /]HMHMRYHPSRXtWMHQYWDNRYFK
VtWtFKNWHUpPDMtStVQ VWURPRYLWRXVWUXNWXUXNG\PH]LNDGPLGY PDX]O\H[LVWXMH
YG\MHQMHGQDMHGLQiFHVWD3URREHFQ MtWRSRORJLHMVRXSDNQXWQpMLQpVORLW Mt
DOJRULWP\SUiFHPRVW$
3RNXGMGHRWHFKQLFNpSURYHGHQtPRKRXEWRSDNRYDHLPRVW\NRQVWUXRYiQ\WDN
DE\Y]iMHPQ SURSRMRYDO\MHQGYDVHJPHQW\QHERWDNpYtFHVHJPHQW$QDMHGQRXYL]
REUE3DNMGHRW]YYtFHYVWXSRYpRSDNRYDH PXOWLSRUWUHSHDWHU UHVS
YtFHYVWXSRYpPRVW\ PXOWLSRUWEULGJH 
3,2%5B7,)
2EU9DULDQW\PRVW$
DGYRXYVWXSRYPRVW EULGJH
EYtFHYVWXSRYPRVW PXOWLSRUWEULGJH
FY]GiOHQPRVW UHPRWHEULGJH
0RVW\VHY\UiEtLYHYDULDQW W]YY]GiOHQFKPRVW$ UHPRWHEULGJH 2GVWDQGDUGQt
YDULDQW\PRVW$ R]QDRYDQFKSURRGOLHQtWDNpMDNRPtVWQtPRVW\UHVSORFDO
EULGJHV VHY]GiOHQpPRVW\OLtYWRPHMGHYODVWQ RGY UHODWLYQ VDPRVWDWQp
SRORYLQ\PRVWXSt]QDQ QD]YDQpS$OPRVW\ KDOIEULGJH YL]REUFNWHUp
MVRXPH]LVHERXYKRGQ SURSRMHQ\QDSSHYQPWHOHIRQQtPRNUXKHPRSWLFNP
NDEHOHPDSRG8PRXMtSURSRMLWGYDVHJPHQW\VtW NWHUpQHMVRXI\]LFN\EOt]NRVHEH
7DNWRO]HQDStNODGSURSRMLWGYDVHJPHQW\ORNiOQtVtW YHGYRXREMHNWHFKQDRSDQFK
VWUDQiFKP VWDSLHPYVOHGQHIHNWMHWDNRYHREDVHJPHQW\WYRtMHGLQRX
ORJLFNRXVt" ]SRKOHGXVt"RYpYUVWY\DYHFKY\tFKYUVWHYMHWRWLH[LVWHQFH
PtVWQtFKLY]GiOHQFKPRVW$WUDQVSDUHQWQt 
1 NWHUpPRVW\SDNPRKRXPtWLVFKRSQRVWVHOHNWLYQtKRILOWURYiQtQ NWHUFKUiPF$Y
]iYLVORVWLQDMHMLFKRGHVLODWHOLLStMHPFLGHQQtGRE LQWHQ]LW SURYR]XDSRG3DNMGH
RW]YURXWLQJEULGJHVNWHUpVSUiYF$PVtWtXPRXMtUHJXORYDWSHQRV\PH]L
MHGQRWOLYPLVHJPHQW\XPRXMtQDStNODG]DNi]DWYGRE SLN\StVWXS]
MHGQRKRVHJPHQWXGRMLQpKRDSLSRNOHVXLQWHQ]LW\SURYR]XMHMSDN]DVHQiVOHGQ
SRYROLW
3,2%5B7,)
2EU3HGVWDYDSiWHQtVtW
0RVW\LRSDNRYDHVHWHG\SRXtYDMtSURVSRMRYiQtMHGQRWOLYFKVHJPHQW$ORNiOQtFK
VtWt2SDNRYDHMDNRMHGQRGXtDODFLQ Mt DVRXDVQ LU\FKOHMt VHSDNYROtVStH
WDPNGHLQWHQ]LWDSURYR]XQHQtYHONi3RXLWtPRVW$ REHFQ VORLW MtFKGUDtFKD
WDNpSRPDOHMtFKQHRSDNRYDH MHQDRSDNYKRGQpWDPNGHMHSRWHEDY]iMHPQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SURSRMLWVHJPHQW\VY WtLQWHQ]LWRXSURYR]XWDNDE\VHQDY]iMHPQH]DW RYDO\YtFH
QHMHVNXWHQ QH]E\WQ QXWQp
9HOPLDVWRXDREOtEHQRXWRSRORJLtORNiOQtFKVtWtVE UQLFRYpKRW\SX(WKHUQHWMH
]DSRMHQtVW]YSiWHt EDFNERQH FRMHVHJPHQWXUHQSHGHYtPSURY]iMHPQp
SURSRMHQtRVWDWQtFKVHJPHQW$YL]REU9KRGRXWpWRWRSRORJLHMHVNXWHQRVWH
VSRMHQtPH]LNWHUPLNROLGY PDERG\VtW SURFKi]tYG\QHMYHSHVGYDPRVW\
1DStNODGYEXGRY RYtFHSDWUHFKMHPRQpYpVWMHGQRWOLYpVHJPHQW\KRUL]RQWiOQ SR
SDWUHFKDSRPRFtPRVW$MHSLSRMLWQDYHUWLNiOQ YHGHQRXSiWHNWHUiSURFKi]tYHPL
SDWU\
9]iMHPQpSURSRMRYiQtVtWt,,
9PLQXOpPGtOXQDHKRVHULiOXMVPHVLQD]QDLOLHSRtWDRYpVtW MHPRQp
Y]iMHPQ SURSRMRYDWQDU$]QFK~URYQtFKYUVWYRYpKRVt"RYpKRPRGHOX
3RGUREQ MLMVPHVHSDN]DEYDOLRSDNRYDL UHSHDWHUV DPRVW\ EULGJHV NWHUp
UHDOL]XMtSURSRMHQtQD~URYQLI\]LFNpUHVSOLQNRYpYUVWY\'QHVEXGHPH
SRNUDRYDWPRQRVWPLSURSRMRYiQtQDY\tFK~URYQtFK
9UD"PHVHYDNMHW QDFKYLONXNPRVW$P-DNMVPHVLMLXYHGOLSRXtYDMtVHW\WRY
ORNiOQtFKVtWtFKSURVSRMRYiQtMHGQRWOLYFKVHJPHQW$SUDFXMtQD~URYQLOLQNRYpYUVWY\
SHVQ MLQD~URYQLSRGYUVWY\0$& DSLVYpLQQRVWLY\FKi]tSRX]H]I\]LFNFK
DGUHVVNXWHQpKRRGHVLODWHOHDStMHPFHMHGQRWOLYFKUiPF$9ODVWQtGDWRYREVDK
MHGQRWOLYFKUiPF$SLWRPQLMDNQHLQWHUSUHWXMtDQLQHP Qt7tPMVRXSURQ
QHYLGLWHOQpYHNHUpLQIRUPDFHNWHUpGRREVDKXYODVWQtKRUiPFH]DNyGRYDO\SURWRNRO\
Y\tFKYUVWHYRGVt"RYpSRtQDMH-HMLPRYHPWDNpMHGQRNWHUpNRQNUpWQtSURWRNRO\
WRE\O\-LQPLVORY\PRVW\MVRX]FHODWUDQVSDUHQWQtSURSURWRNRO\Y\tFKYUVWHY
'RNitWHG\VSROXSUDFRYDWVMDNPLNROLVt"RYPL DY\tPL SURWRNRO\DSHQiHW
MHMLFKSDNHW\EH]WRKRHE\MHMDNNROLWUDQVIRUPRYDO\LP QLO\-HGQRWOLYp
VHJPHQW\NWHUpMVRXY]iMHPQ SURSRMHQ\SURVWHGQLFWYtPPRVW$WYRt]SRKOHGX
Vt"RYpYUVWY\ LYHFKY\tFK MHGLQORJLFNFHOHNNWHUPiWDNpMHGLQRXVSROHQRX
Vt"RYRX DGUHVX
6P URYDDMHKRIXQNFH
-DNPLOHYDNEXGHPHSRDGRYDWDE\VLMHGQRWOLYpVHJPHQW\ORNiOQtFK]DFKRYDO\
UHODWLYQtVDPRVWDWQRVW QDStNODGYODVWQtVt"RYRXDGUHVXPRQRVWVDPRVWDWQpVSUiY\
DSRG QHERNG\SRWHEXMHPHY]iMHPQ SURSRMLWORNiOQtVtW U$]QFKW\S$
VSRMXMHPHOLGY ORNiOQtVtW SHVVt"UR]OHKORXQHERY\WYitPHOLY]iMHPQpSURSRMHQt
VtWtVHVORLW MtWRSRORJLtPXVtPHNWRPXSRXtWREHFQ MtHHQtQHMDNpQDEt]t
PRVW\3RWHEXMHPHSURSRMRYDFt]Dt]HQtNWHUpMLSUDFXMHQD~URYQLVt"RYpYUVWY\D
QD]YiVHVP URYD URXWHU YL]REUD7HSUYHWDNRYpWR]Dt]HQtWRWL
YQtPiYODVWQtREVDKMHGQRWOLYFKUiPF$ QD~URYQLOLQNRYpYUVWY\ GRNiHVSUiYQ
UR]SR]QDWIRUPiWMHGQRWOLYFKSDNHW$NWHUpMVRXYUiPFtFKSHQiHQ\DY\XtW
LQIRUPDFHNWHUpMVRXYQLFKREVDHQ\
+ODYQt~NROVP URYD$MHYODVWQ VKRGQV~NROHPVt"RYpYUVWY\WHG\SRVWDUDWVHR
GRUXHQtSDNHW$RGMHMLFKS$YRGQtKRRGHVLODWHOHDNHNRQHQpPXStMHPFL YL]GtO
QDHKRVHULiOX 6P URYDHWHG\PXVtSLMtPDWUR]KRGQXWtRWRPNXG\PDMtGiOH
RGHVODWNDGMHGQRWOLYSDNHWWDNDE\VHGRVWDONHVYpPXFtOLWHG\]DML"RYDWWR
HPXVHE Q tNiVP URYiQt URXWLQJ 0XVtQXWQ SRXtYDWQ MDNDOJRULWPXV
VP URYiQtQD]iNODG NWHUpKRVYiUR]KRGQXWtSLMtPDMt-DNMVPHVLMLWDNpXYHGOLYH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GtOXP$HPtWWHQWRDOJRULWPXVD]Q KRY\FKi]HMtFtVP URYiQtVWDWLFNRXSRYDKX
WMEWQH]iYLVOpQDRNDPLWpPVWDYXVtW QHERP$HPtWQDRSDNG\QDPLFNRX
SRYDKX DUHDJRYDWQDSU$E QRXVLWXDFL 9WRPWRGUXKpPStSDG NWHUMHGQHV
QHMDVW MtSDNMHW SRWHEXMHYKRGQRXPHWRGXUHVSSURWRNROSURVWHGQLFWYtP
NWHUpKR]tVNiYiSRWHEQpLQIRUPDFHRVWDYXVtW 
3,2%5B7,)
2EU3HGVWDYDVP URYDH D DEUiQ\ E
'DOtFKDUDNWHULVWLFNRXRGOLQRVWtVP URYD$RGPRVW$MHWRHMVRXSURRVWDWQtHQWLW\
QD~URYQLVt"RYpDOLQNRYpYUVWY\YLGLWHOQp0DMtVYpDGUHV\DSDNHW\NWHUpMLPLPDMt
SURMtWMLPMVRXH[SOLFLWQ DGUHVRYiQ\ ]DWtPFRPRVW\]DFK\FXMtYHNHUSURYR]Y
NDGpP]SLSRMHQFKVHJPHQW$ 3URWRWDNpVP URYDH]SUDFRYiYDMtPpQ UiPF$QH
PRVW\RYHPMHMLFK]SUDFRYiQtMH]DVHRWRQiURQ Mt
-HGREUpVLXY GRPLWHSURIXQNFLVP URYDHMHQXWQpDE\Y]iMHPQ SURSRMRYDQp
VtW SRXtYDO\VWHMQSURWRNROQD~URYQLVt"RYpYUVWY\SRGOHQ MWRWLVP URYD
UR]SR]QiYiRGHVLODWHOHLDGUHViWDMHGQRWOLYFKSDNHW$DUR]KRGXMHRWRPNXG\MHGiOH
RGHVODW1HQtRYHPQXWQpDE\WRWpSODWLORLQD~URYQLOLQNRYpDI\]LFNpYUVWY\=GH
VHMLNRQNUpWQtSURWRNRO\DSHQRVRYpWHFKQRORJLHPRKRXOLLW6P URYDHMVRXGQHV
REY\NOHNRQVWUXRYiQ\WDNDE\P O\YtFHU$]QFKUR]KUDQt W]YSRUW$ DE\ORMH
PRQpY]iMHPQ SURSRMLWQDStNODGSRPRFtSHYQFKRNUXK$YHHMQFKGDWRYFKVtWt
RSWLFNFKSHQRVRYFKFHVWDSLSRMLWNQLPU$]QpORNiOQtVtW GOHVWDQGDUG$,(((
DSRG1DREUi]NXMHSDNGRVWLW\SLFNStNODGPRQpKRSURSRMHQtORNiOQtFK
SRtWDRYFKVtWtYHW\HFKREMHNWHFK EXGRYiFK 9UiPFLEXGRYMVRXMHGQRWOLYp
VHJPHQW\SLSRMHQ\QDSiWHQtVt"SRPRFtPRVW$]DWtPFRSiWHHMVRXY]iMHPQ
VSRMHQ\SURVWHGQLFWYtPVP URYD$ SURSRMHQFKRSWLFNPNDEHOHPUHVSSHYQP
RNUXKHP
3,2%5B7,)
2EU3tNODGSURSRMHQtORNiOQtFKVtWtSRPRFtPRVW$DVP URYD$
0XOWLSURWRNRORYpVP URYDH
3RDGDYHNVWHMQpKR DWXGtMHGLQpKR SURWRNROXYVt"RYpYUVWY MHRYHPYHOPL
RPH]XMtFt]YOiW YGQHQtGRE NG\YHGOHVHEHNRH[LVWXMHFHOiDGDVRXVWDY
SURWRNRO$ NURP ,6226,Wp7&3,361$'(&QHW63;,3;DGDOt DXLYDWHOp
YRODMtSRMHMLFKFRQHMW VQ MtLQWHJUDFLYUiPFLW]YKHWHURJHQQtFKVtWt WMVtWtMHMLFK
X]O\SRXtYDMtU$]QpVRXVWDY\SURWRNRO$ 
3UREOpPKHWHURJHQQtFKVtWtO]HHLWYSULQFLSXGY PD]S$VRE\NRQYHU]tSURWRNRO$
DVP URYiQtPYtFHSURWRNRO$VRXDVQ HHQtSURVWHGQLFWYtPNRQYHU]tVHXNi]DOR
EW]QDQ QiURQpDQHVSROHKOLYpDSURWRVHSURVDGLODSHGHYtPGUXKiPRQRVW
3HGQtYUREFLGQHVQDEt]tW]YPXOWLSURWRNRORYpVP URYDH PXOWLSURWRFRO
URXWHUV VFKRSQpSUDFRYDWVRXDVQ VYtFHU$]QPLSURWRNRO\0XOWLSURWRNRORY
VP URYDPXVtEWVFKRSHQUR]SR]QDWW\SSDNHWXNWHUGRVWDQHRGOLQNRYpYUVWY\D

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SRGOHWRKRSDNDSOLNRYDWWHQVP URYDFtDOJRULWPXVNWHUNStVOXQpPXVt"RYpPX
SURWRNROXStVOXt
%URXWHU
9GQHQtGRE NG\GRFKi]tNHVWiOHW VQ MtPXSURSRMRYiQtUR]OHKOFKLORNiOQtFK
VtWtMHSRXLWtPRVW$LVP URYD$YHOPLUR]tHQp5R]KRGQXWtPH]LWtP]GDYXULWp
VLWXDFLSRXtWPRVWLVP URYDQHPXVtEWYG\RNDPLW ]HMPp]YOiW SDNX
ORNiOQtFKVtWtVHVORLW MtWRSRORJLtDY WtPSRWHPSRXtYDQFKSURWRNRO$9GQHQt
GRE YDNMLH[LVWXMtWDNp]Dt]HQtNWHUiYVRE NRPELQXMtIXQNFHRERXW FKWR
]Dt]HQt9DQJOLWLQ VHSURMHMLFKR]QDHQtSRXtYiQHMDVW MLWHUPtQEULGJHURXWHU
Q NG\WpEURXWHU-GHR]Dt]HQtNWHUpVHVQDtIXQJRYDWMDNRVP URYDDWHSUYHY
RNDPLNXNG\SURQ MDNSDNHWQHXPtDSOLNRYDWVP URYDFtDOJRULWPXVSHGi
S$YRGQtUiPHFGiOWDNMDNRE\WRXG ODOPRVW9KRGRXWDNRYpKRWR]Dt]HQtMHSDNL
WRHVHGRNiHY\URYQDWVWDNRYPLSURWRNRO\NWHUpY$EHFQHO]HVP URYDW QHER"
QHSRtWDMtVHVt"RYRXYUVWYRXMDNRQDStNODGSURWRNRO\'(&/$7 '(&/RFDO$UHD
7UDQVSRUW /8ILUP\,%0DSURWRNRO\1HW%,26 
%UiQD
3RNXGMHSRWHEDY]iMHPQ SURSRMLWVtW ]FHODRGOLQFKNRQFHSFtSRXtYDMtFt]FHOD
MLQpVRXVWDY\SURWRNRO$MHQXWQpSRXtWSURSRMRYDFt]Dt]HQtVFKRSQpSURYiG W
QH]E\WQRXNRQYHU]LSURWRNRO$7DNRYpWR]Dt]HQtR]QDRYDQpQHMDVW MLMDNREUiQD
JDWHZD\Q NG\WpSURWRFROFRQYHUWHU SDNSUDFXMHQDWDNRYp~URYQLQDNWHUpMH
PRQpStVOXQRXNRQYHU]L]DMLVWLWWHG\QDStNODGDQD~URYQLDSOLNDQtYUVWY\YL]
REUi]HNE
3R]QDPHQHMPHYDNMHW HSRMHPEUiQDUHVSJDWHZD\VHDVWRSRXtYiLSUR
SURSRMRYDFt]Dt]HQtQDQLtFK~URYQtFK1DStNODGYVRXYLVORVWLVSURWRNRO\7&3,3
MHWHUPtQJDWHZD\SRXtYiQNR]QDHQtVP URYDH URXWHUX 
9]iMHPQpSURSRMRYiQtVtWtD50,6226,
9PLQXOFKGYRXGtOHFKQDHKRVHULiOXMVPHVH]DEYDOLPRQRVWtY]iMHPQpKR
SURSRMRYiQtSRtWDRYFKVtWtQDU$]QFK~URYQtFKYUVWYRYpKRVt"RYpKRPRGHOX
8NDPHVLQ\QtMDNVHNWpWRSUREOHPDWLFHVWDYtUHIHUHQQtPRGHO,6226,
5HIHUHQQtPRGHO,6226,VDPR]HMP SRtWiVPRQRVWtY]iMHPQpKRSURSRMRYiQt
MHGQRWOLYFKVtWtYHHMQFKLSULYiWQtFKUR]OHKOFKLORNiOQtFKDYG$VOHGNXWRKRLV
WtPHVSRMHQtPH]LGY PDNRQFRYPL~DVWQtN\P$HYHVNXWHQRVWLSURFKi]HWSHV
MHGQXLYtFHPH]LOHKOFKVtWt NWHUpVHYWHUPLQRORJLL,62R]QDXMtMDNRSRGVtW 
VXEQHWZRUNV 3URWUDQVSRUWQtYUVWYXNWHUi]DML"XMHStPRXNRPXQLNDFLNRQFRYFK
~DVWQtN$E\DOHWHQWRIDNWQHP OEWY$EHFYLGLWHOQSURWRUHIHUHQQtPRGHO
,6226,VY XMHYHNHURXDJHQGXVSRMHQRXVHY]iMHPQPSURSRMHQtPSRGVtWtYUVWY
Vt"RYp YL]WpREUi]HN 
3,2%5B7,)
2EU3HGVWDYDY]iMHPQpKRSURSRMRYiQtVtWtYUHIHUHQQtPPRGHOX,6226,
6t"RYiYUVWYDUHIHUHQQtKRPRGHOX,6226,VHSDNOHQtQDWLSRGYUVWY\DWR YL]
REU 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SRGYUVWYXStVWXSXNSRGVtWL VXEQHWDFFHVVVXEOD\HU SRXtYDMtFtSURWRNRO
61'$3 6XE1HWZRUN'HSHQGHQW$FFHVV3URWRFRO 
SRGYUVWYXSL]S$VREHQtSRGVtW  VXEQHWHQKDQFHPHQWVXEOD\HU VSURWRNROHP
61'&3 6XE1HWZRUN'HSHQGHQW&RQYHUJHQFH3URWRFRO 
SRGYUVWYXt]HQtY]iMHPQ SURSRMHQFKSRGVtWt LQWHUQHWVXEOD\HU VSURWRNROHP
61,&3 6XE1HWZRUN,QGHSHQGHQW&RQYHUJHQFH3URWRFRO
3,2%5B7,)
2EUOHQ QtVt"RYpYUVWY\,6226,QDSRGYUVWY\
3RGYUVWYDStVWXSXNSRGVtWLNWHUiMH]W FKWRWtSRGYUVWHYQHMQLtPiQDVWDURVWLWR
FRMVPHDGRSRVXGSLVX]RYDOLFHOpVt"RYpYUVWY MDNRWDNRYpWHG\SHGHYtP
VP URYiQtMHGQRWOLYFKSDNHW$LGDWDJUDP$RYHPSRX]HYUiPFLMHGQpNRQNUpWQt
SRGVtW  YL]REUi]HN NGHSODWtVWHMQiSUDYLGODSURVP URYiQtNGHVHSRXtYDMt
VWHMQpDGUHV\NGHMVRXNGLVSR]LFLVWHMQpSHQRVRYpVOXE\DWG
6tW RGOLQpKRW\SXVDPR]HMP Y\DGXMtU$]QpSRGYUVWY\StVWXSXNWHUpRYHP
SRVN\WXMtQHVWHMQpVOXE\Y\SOYDMtFt]RGOLQpKRFKDUDNWHUXPHFKDQLVP$DSULQFLS$
QDNWHUFKMVRXW\WRVtW ]DORHQ\-HGQRWOLYpSRGYUVWY\StVWXSXNSRGVtWLSURWRMHW
QHQtPRQpPH]LVHERXY]iMHPQ SURSRMLW0tVWRWRKRMHQXWQpQHMSUYHSL]S$VRELW
MLPLSRVN\WRYDQpVOXE\MHGQRWQpPXVWDQGDUGXFRPi]D~NROSURVWHGQt]HWt
]PtQ QFKSRGYUVWHYSRGYUVWYDSL]S$VREHQtSRGVtW  YL]RS WREUi]HN 
3URQHMY\tSRGYUVWYXVHSDNYHFKQ\SRGVtW WYitVWHMQ 3RGYUVWYDt]HQt
Y]iMHPQ SURSRMHQFKVtWtSDNMLP$H]DML"RYDWYHFRMHSRWHEDNGRUXRYiQt
MHGQRWOLYFKSDNHW$DNMHMLFKNRQHQpPXStMHPFLYHWQ MHMLFKSU$FKRGXVNU]
MHGQXLQ NROLNPH]LOHKOFKVtWtSURVWHGQLFWYtPH[LVWXMtFtFKSURSRMRYDFtFK]Dt]HQt
,6,QWHUPHGLDU\6\VWHP 
3,2%5B7,)
2EU3U$FKRGGDWSURSRMRYDFtPL]Dt]HQtPL ,6,QWHUPHGLDU\6\VWHP
3URVSUiYQpSRFKRSHQtVP\VOXSURVWHGQtSRGYUVWY\WHG\SRGYUVWY\SL]S$VREHQt
SRGVtW MHYKRGQpVLSRQ NXGXSHVQLWYHPPRKRXVSRtYDWRGOLQRVWLMHGQRWOLYFK
VtWtUHVSSRGVtWtDMDNVHSURMHYXMt
3HGVWDYPHVLMDNRStNODGGY ORNiOQtVtW SURSRMHQpSURVWHGQLFWYtPYHHMQpGDWRYp
VtW QDEi]LGRSRUXHQt;-HGQtP]QHMPDUNDQWQ MtFKUR]GtO$]GHEXGHML
VDPRWQiSRYDKDSHQRVRYFKVOXHEQD~URYQLVt"RYpYUVWY\=DWtPFRORNiOQtVtW
EXGRXQHMVStHSRXtYDWQHVSRMRYDQp FRQQHFWLRQOHVV VOXE\Vt"QDEi]L;
SRXtYiVSRMRYDQ FRQQHFWLRQRULHQWHG PHFKDQLVPXVYLUWXiOQtRNUXK$3LSHQRVX
MHGQRWOLYFKGDWDJUDP$]MHGQpORNiOQtVtW GRGUXKpMHSDNQXWQpSURNDG]QLFK
YG\]QRYX]tGLWQRYYLUWXiOQtRNUXKDSRSHQHVHQtGDWDJUDPXMHM]DVHLKQHG]UXLW
StSDGQ MHW FKYtOLSRNDW]GDQHEXGH]iK\SRDGRYiQSHQRVGDOtKRGDWDJUDPX
SURNWHUE\VHMLY\WYRHQYLUWXiOQtRNUXKGDOMHW Y\XtW -GHWHG\YODVWQ R

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
HPXODFLPHFKDQLVPXGDWDJUDPRYpVOXE\SURVWHGQLFWYtPPHFKDQLVPXYLUWXiOQtKR
RNUXKXNWHURX]DML"XMHSUiY SRGYUVWYDSL]S$VREHQtSRGVtW 
'DOtPRQRXRGOLQRVWtMHPD[LPiOQtYHOLNRVWGDWRYFKSDNHW$UHVSUiPF$Y
MHGQRWOLYFKSRGVtWtFK1DStNODGVtW QDEi]L;XPRXMtDE\GDWRYUiPHFP O
DELW$]DWtPFRVtW W\SX(WKHUQHW UHVS,((( SLSRXWtUiPFHMHQGR
YHOLNRVWLELW$DOHQDStNODGVtW W\SX7RNHQ%XV UHVS,((( PRKRX
SHQiHWUiPFHYHOLNRVWLDELW$
3UREOpPQDVWiYiYRNDPLNXNG\SRWHEXMHPHSHQpVWSDNHW\UHVSUiPFHXULWp
YHOLNRVWLSRGVtWtNWHUiMHVFKRSQDSUDFRYDWMHQVPHQtPLSDNHW\UHVSUiPFL
QDStNODGSLSHQRVX]MHGQpVtW 7RNHQ%XVGRMLQpVtW 7RNHQ%XVSHVYHHMQRX
GDWRYRXVt"QDEi]L;=HMPPDYSRGVWDW MHGLQPPRQPHHQtPMHUR]G OLW
S$YRGQtYHONSDNHWQDQ NROLNPHQtFKSDNHW$W]YIUDJPHQW$DW\SHQpVWMDNR
VDPRVWDWQpFHON\2Wi]NRXRYHPMHNGRDNG\PiSURYpVW]S WQpVHVWDYHQt
MHGQRWOLYFKIUDJPHQW$GRS$YRGQtKRFHONX=GHMVRXPRQpGYD]iNODGQtStVWXS\
3UYQt]QLFKR]QDRYDQMDNRWUDQVSDUHQWQtIUDJPHQWDFH WUDQVSDUHQW
IUDJPHQWDWLRQQ NG\WpLQWUDQHWIUDJPHQWDWLRQ SHGSRNOiGiHYHFKQ\
IUDJPHQW\ GtOtSDNHW\ MVRX]S WQ VHVWDYHQ\GRS$YRGQtKRWYDUXQDYVWXSX]Wp
SRGVtW NWHUiIUDJPHQWDFLY\YRODOD2SDQStVWXSR]QDRYDQMDNR
QHWUDQVSDUHQWQtIUDJPHQWDFH QRQWUDQVSDUHQWIUDJPHQWDWLRQQ NG\WpLQWHUQHW
IUDJPHQWDWLRQ SRtWiQDRSDNVWtPHMHGQRWOLYpIUDJPHQW\VLGRS$YRGQtKRWYDUX
SRVNOiGiDMHMLFKNRQFRYStMHPFH2EDStVWXS\LOXVWUXMHREUi]HN
3,2%5B7,)
2EU3HGVWDYDIUDJPHQWDFH
DWUDQVSDUHQWQt
EQHWUDQVSDUHQWQt
'DOtRGOLQRVWLPH]LMHGQRWOLYPLSRGVtW PLVHWNDMtQDStNODGRGOLQpKR]S$VREX
DGUHVRYiQtDIRUPiWXDGUHVSRXtYDQFKYMHGQRWOLYFKSRGVtWtFKPHFKDQLVPXt]HQt
WRNXGDWDSHGFKi]HQtVWDYX]DKOFHQt]DML"RYiQtVSUiY\KOiHQtQHVWDQGDUGQtFK
VLWXDFtDWG
3RGYUVWYDt]HQtY]iMHPQ SURSRMHQFKVtWtQHMY\t]HWtSRGYUVWHYVt"RYpYUVWY\
P$HEWNRQFLSRYiQDWDNDE\VYpEH]SURVWHGQ Y\t WMWUDQVSRUWQt YUVWY
SRVN\WRYDODVOXE\EXVSRMRYDQpKRQHERQDRSDNQHVSRMRYDQpKRFKDUDNWHUX9
VRXDVQpGRE VHYDNLYUiPFLUHIHUHQQtKRPRGHOX,6226,S$YRGQ
RULHQWRYDQpKRYKUDGQ QDVOXE\VSRMRYDQpKRFKDUDNWHUXSURVD]XMHVStH
QHVSRMRYDQiYDULDQWD2UJDQL]DFH,62SLMDODGRNRQFHQRUPX,62GHILQXMtFt
SURWRNROSRGYUVWY\t]HQtY]iMHPQ SURSRMHQFKSRGVtWt SURWRNRO61,&3YL]YH 
7HQWRSURWRNRO]QiPWpMDNR,62,QWHUQHW3URWRFROLMHQ,62,3WRWL
SHGSRNOiGiSUiY QHVSRMRYDQFKDUDNWHUSRVN\WRYDQFKSHQRVRYFKVOXHE-H
QH]iYLVOQDNRQNUpWQtPFKDUDNWHUXSRGVtW DMHVFKRSHQ]DMLVWLWMDNWUDQVSDUHQWQtWDN
LQHWUDQVSDUHQWQtIUDJPHQWDFLVP URYiQtt]HQtWRNXDWG-HGR]QDQpPtU\
LQVSLURYiQREGREQPSURWRNROHP,3 ,QWHUQHW3URWRFRO ]HVRXVWDY\SURWRNRO$
7&3,3
6t"RYPRGHO7&3,3

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
5HIHUHQQtPRGHO,6226,NWHUPMVPHVHYQDHPVHULiOXGRVXG]DEYDOLMH
YHREHFQ SRYDRYiQ]DNRQFHSFLUHVSVt"RYRXDUFKLWHNWXUXNWHUiGREXGRXFQD
SHYOiGQHDVWDQHVHGRPLQXMtFt1HQtDOH]GDOHNDNRQFHSFtMHGLQRXDVYp
EXGRXFtSRVWDYHQtVLPXVtWHSUYHY\ERMRYDW9VRXDVQpGRE MHQHMY WtP
ULYDOHPUHIHUHQQtKRPRGHOX,6226,VRXVWDYDSURWRNRO$7&3,3
HNQHOLVHGQHV7&3,3MHWRREY\NOHFKiSiQRMHQMDNRR]QDHQtGYRXSHQRVRYFK
SURWRNRO$SRXtYDQFKYSRtWDRYFKVtWtFKVSRtWDLQDEi]L8QL[XNRQNUpWQ
SURWRNRO$7&3 7UDQVPLVVLRQ&RQWURO3URWRFRO UHVS,3 ,QWHUQHW3URWRFRO 9H
VNXWHQRVWLDOH]NUDWND7&3,3R]QDXMHFHORXVRXVWDYXSURWRNRO$QHQXWQ Yi]DQRX
QDRSHUDQtV\VWpP8QL[SLHP7&3D,3MVRXVLFHQHM]QiP MtSURWRNRO\WpWR
VRXVWDY\DOH]GDOHNDQHSURWRNRO\MHGLQp6SUiYQ MtMHDOHSRYDRYDW7&3,3]D
XFHOHQRXVRXVWDYXQi]RU$RWRPMDNE\VHSRtWDRYpVtW P O\EXGRYDWDMDNE\
P O\IXQJRYDW=DKUQXMHWRWLLYODVWQtSHGVWDYXRWRPMDNE\P OREWVt"RYp
SURJUDPRYpY\EDYHQtOHQ QRQDMHGQRWOLYpYUVWY\MDNp~NRO\E\W\WRYUVWY\P O\
SOQLWDWDNpMDNP]S$VREHPE\MHP O\SOQLWWHG\MDNpNRQNUpWQtSURWRNRO\E\QD
MHGQRWOLYFK~URYQtFKP O\EWSRXtYiQ\9HVP\VOXGHILQLFHNWHURXMVPHVL]DYHGOL
YHGtOXQDHKRVHULiOXMHWHG\7&3,3Vt"RYRXDUFKLWHNWXURX
3RKOHGGRKLVWRULH
3RiWN\7&3,3VHGDWXMtGRNRQFHOHWDMVRX~]FHVSRMHQ\VLQQRVWt~HORYp
DJHQWXU\$53$ $GYDQFHG5HVHDUFK3URMHFWV$JHQF\ PLQLVWHUVWYDREUDQ\86$
NWHUiVLQRYpSURWRNRO\QHFKDODY\YLQRXWSURVYRXSRtWDRYRXVt"$53$1(71D
YYRMLFHOpVRXVWDY\SURWRNRO$ILQDQFRYDQpPSURVWHGQLFWYtPW]YJUDQW$
PLQLVWHUVWYDREUDQ\ ~HORYFKGRWDFtQDY]NXP VHSDNSRGtOHODSRtWDRY
RULHQWRYDQiSUDFRYLW SHGQtFKXQLYHU]LW86$6YRXGQHQtSRGREX]tVNDO\QRYp
SURWRNRO\]KUXEDYOHWHFKDEU]\SRWpQDQ ]DDODSRVWXSQ SHFKi]HWL
YODVWQtVt"$53$1(7NWHUiVHSRVOp]HVWDOD]iURGNHPDSiWHtFHOpKRNRQJORPHUiWX
VtWtQD]YDQpKRGQHVSt]QDQ ,QWHUQHW
$JHQWXUD$53$ PH]LWtPSHMPHQRYDQiQD'$53$ VHSDNVQDLODSURVDGLWQRY
Y\WYRHQpSURWRNRO\ DYODVWQ LFHORXXFHOHQRXVt"RYRXDUFKLWHNWXUX GRSUDNWLFNpKR
LYRWDLPLPRVt"$53$1(7SHGHYtPSDNGRDNDGHPLFNpKRSURVWHGt9 WLQD
XQLYHU]LWQtFKSRtWDRYFKSUDFRYL"Y86$YWpGRE SURYR]RYDODQ MDNRXYHU]LW]Y
%6'8QL[XSRFKi]HMtFt]HVWHGLVND%HUNHOH\6RIWZDUH'LVWULEXWLRQ %6' QD
8QLYHUVLW\RI&DOLIRUQLDY%HUNHOH\$JHQWXUD'$53$VLSURWRQHFKDODXSHGQt
DPHULFNpILUP\%ROW%HUDQHNDQG1HZPDQ %%1 QD]DNi]NXY\YLQRXW
LPSOHPHQWDFL7&3,3SURWRNRO$SRGRSHUDQtV\VWpP8QL[DXQLYHU]LW Y%HUNHOH\
SLVS ODY]NXPQPLJUDQW\QD]DOHQ QtW FKWRSURWRNRO$GRXQLYHU]LWRX
GLVWULEXRYDQFKSURGXNW$7tPVHSURWRNRO\7&3,3SURVDGLO\GR%6'8QL[XD
SRVOp]HSDNLGRRVWDWQtFKYHU]t8QL[XEXStPRMDNRMHMLFKVWDQGDUGQtVRXiVWQHER
MDNRYROLWHOQGRSOQ N RSWLRQ 'tN\VYpSRSXODULW VHYDN]iK\GRVWDO\LQDMLQp
SODWIRUP\DGQHVMVRXLPSOHPHQWRYiQ\VQDGYHYHFKYSRHWQtFKSURVWHGtFKRG
RVREQtFKSRtWD$3&VRSHUDQtPV\VWpPHP06'26DQDSSRViORYpSRtWDH
PDLQIUDPHV ILUP\,%0DRSHUDQtV\VWpP90
3URVY$M~]NY]WDKNVtWL,QWHUQHWMHVRXVWDYDSURWRNRO$7&3,3Q NG\R]QDRYiQD
WDNpMDNR,QWHUQHWSURWRFROVXLWH GRVORYDVRXVWDYDSURWRNRO$,QWHUQHWX QHERWp
'HSDUWPHQWRI'HIHQVH 'R' SURWRFROVXLWHFRQDRSDN]G$UD]XMHY]WDKN
PLQLVWHUVWYXREUDQ\86$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
)LORVRILH7&3,3
+ODYQtRGOLQRVWLPH]LUHIHUHQQtPPRGHOHP,6226,D7&3,3Y\SOYDMtSHGHYtP
]UR]GtOQFKYFKR]tFKSHGSRNODG$DSRVWRM$MHMLFKWY$UF$-DNMVPHVLMLQD]QDLOLY
SHGFKR]tFKGtOHFKQDHKRVHULiOXSLNRQFLSRYiQtUHIHUHQQtKRPRGHOX,6226,
P OLKODYQtVORYR]iVWXSFLVSRMRYFKRUJDQL]DFt7LSDNQRY Y]QLNDMtFtPXPRGHOX
YWLVNOLVYRXYODVWQtSHGVWDYXSHGHYtPVSRMRYDQDVSROHKOLYFKDUDNWHUVOXHE
SRVN\WRYDQFKYNRPXQLNDQtSRGVtWL WMDGR~URYQ Vt"RYpYUVWY\YHWQ -LQPL
VORY\,6226,PRGHOSRtWiVHVRXVWHG QtPFRPRQiQHMYtFHIXQNFtYHWQ
]DMLW QtVSROHKOLYRVWLSHQRV$MLGRNRPXQLNDQtSRGVtW NWHUiYG$VOHGNXWRKR
EXGHPXVHWEWSRP UQ VORLWi]DWtPFRNQtSLSRMRYDQpKRVWLWHOVNpSRtWDHEXGRX
PtWUHODWLYQ MHGQRGXFKRX~ORKX3R]G MLVHDOHXNi]DORHQDStNODGSUiY YRWi]FH
]DMLW QtVSROHKOLYRVWLWRQHQtQHM"DVWQ MtHHQtHWRWLY\tYUVWY\QHPRKRX
SRYDRYDWVSROHKOLYRXNRPXQLNDQtSRGVt"]DGRVWDWHQ VSROHKOLYRXSURVYpSRWHE\
DWDNVHVQDt]DMLVWLWVLSRDGRYDQRXPtUXVSROHKOLYRVWLYODVWQtPLVLODPL9G$VOHGNX
WRKRVHSDN]DML"RYiQtPVSROHKOLYRVWLGRXULWpPtU\]DEYiYODVWQ NDGiYUVWYD
UHIHUHQQtKRPRGHOX,6226,
7Y$UFLSURWRNRO$7&3,3QDRSDNY\FKi]HOL]SHGSRNODGXH]DMLW QtVSROHKOLYRVWL
MHSUREOpPHPNRQFRYFK~DVWQtN$NRPXQLNDFHDP ORE\WHG\EWHHQRDQD
~URYQLWUDQVSRUWQtYUVWY\.RPXQLNDQtSRGVt"SDNSRGOHWpWRSHGVWDY\QHPXVt
]WUiFHWiVWVYpSHQRVRYpNDSDFLW\QD]DML"RYiQtVSROHKOLYRVWL QDSRWYU]RYiQt
RS WQpY\VtOiQtSRNR]HQFKSDNHW$DWG DP$HMLQDRSDNSOQ Y\XtWSURYODVWQt
GDWRYSHQRV.RPXQLNDQtSRGVt"WHG\SRGOHWpWRSHGVWDY\QHPXVtEW]FHOD
VSROHKOLYiP$HYQtGRFKi]HWNH]WUiWiPSHQiHQFKSDNHW$DWREH]YDURYiQtD
EH]VQDK\RQiSUDYX.RPXQLNDQtVt"E\RYHPQHP OD]DKD]RYDWSDNHW\
EH]G$YRGQ 0 ODE\QDRSDNY\YtMHWPD[LPiOQtVQDKXSHQiHQpSDNHW\GRUXLW Y
DQJOLWLQ VHYWpWRVRXYLVORVWLSRXtYiWHUPtQEHVWHIIRUW D]DKD]RYDWSDNHW\D
WHKG\NG\MHVNXWHQ QHP$HGRUXLWWHG\QDSNG\GRMGHNMHMLFKSRNR]HQtSL
SHQRVXNG\SURQ QHQtGRVWDWHNY\URYQiYDFtSDP WLSURGRDVQpXORHQtYStSDG
YSDGNXVSRMHQtDSRG1DUR]GtORGUHIHUHQQtKRPRGHOX,6226,WHG\7&3,3
SHGSRNOiGiMHGQRGXFKRX DOHU\FKORX NRPXQLNDQtSRGVt"NHNWHUpVHSLSRMXMt
LQWHOLJHQWQtKRVWLWHOVNpSRtWDH
'DOtRGOLQRVWRGUHIHUHQQtKRPRGHOX,6226,VSRtYiYQi]RUXQDWRMDNPi
NRPXQLNDQtVt"YODVWQ IXQJRYDW=DWtPFRPRGHO,6226,SRtWiSHGHYtPVH
VSRMRYDQPSHQRVHPWHG\VPHFKDQLVPHPYLUWXiOQtFKRNUXK$7&3,3QDRSDN
SHGSRNOiGiQHVSRMRYDQFKDUDNWHUSHQRVXYNRPXQLNDQtSRGVtWLWHG\
MHGQRGXFKRXGDWDJUDPRYRXVOXERXFRRVWDWQ Y\SOYiL]SHGVWDY\FRPRQi
QHMMHGQRGXtNRPXQLNDQtSRGVtW 
W\LYUVWY\7&3,3
=DWtPFRUHIHUHQQtPRGHO,6226,Y\PH]XMHVHGPYUVWHYVt"RYpKRSURJUDPRYpKR
Y\EDYHQt7&3,3SRtWiMHQVHW\PLYUVWYDPLYL]REUi]HN
3,2%5B7,)
2EUW\LYUVWY\Vt"RYpKRPRGHOX7&3,3YV50,6226,

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1HMQLtYUVWYDYUVWYDVt"RYpKRUR]KUDQt 1HWZRUN,QWHUIDFH/D\HU  Q NG\Wp
OLQNRYiYUVWYDUHVS/LQN/D\HU PiQDVWDURVWLYHFRMHVSRMHQRVRYOiGiQtP
NRQNUpWQtSHQRVRYpFHVW\UHVSVtW DVStPPY\VtOiQtPDStMPHPGDWRYFK
SDNHW$9UiPFLVRXVWDY\7&3,3QHQtWDWRYUVWYDEOtHVSHFLILNRYiQDQHER"MH
]iYLVOiQDSRXLWpSHQRVRYpWHFKQRORJLL
9UVWYXVt"RYpKRUR]KUDQtP$HWYRLWUHODWLYQ MHGQRGXFKRYODGD GHYLFHGULYHU 
MHOLGDQX]HOStPRSLSRMHQQDStNODGNORNiOQtVtWLLNHGYRXERGRYpPXVSRMLQHER
P$HWDWRYUVWYDSHGVWDYRYDWQDRSDNYHOPLVORLWVXEV\VWpPVYODVWQtPOLQNRYP
SHQRVRYPSURWRNROHP QDS+'/&DSRG 9]KOHGHPNYHOPLDVWpPXSLSRMRYiQt
MHGQRWOLYFKX]O$QDORNiOQtVtW W\SX(WKHUQHWMHYUVWYDVt"RYpKRUR]KUDQtYUiPFL
7&3,3DVWRR]QDRYiQDWDNpMDNR(WKHUQHWRYiYUVWYD (WKHUQHW/D\HU 
%H]SURVWHGQ Y\tYUVWYDNWHUiMLQHQt]iYLVOiQDNRQNUpWQtSHQRVRYpWHFKQRORJLL
MHYUVWYDVt"RYiYWHUPLQRORJLL7&3,3R]QDRYDQiMDNR,QWHUQHW/D\HU YROQ ML
YUVWYDY]iMHPQpKRSURSRMHQtVtWt QHERWp,3YUVWYD ,3/D\HU SRGOHWRKRHMH
UHDOL]RYiQDSRPRFtSURWRNROX,3NROWpWRYUVWY\MHYSUYQtPSLEOtHQtVWHMQMDNR
~NROVt"RYpYUVWY\YUHIHUHQQtPPRGHOX,6226,VWDUiVHRWRDE\VHMHGQRWOLYp
SDNHW\GRVWDO\RGRGHVLODWHOHDNHVYpPXVNXWHQpPXStMHPFLSHVStSDGQp
VP URYDHUHVSEUiQ\9]KOHGHPNQHVSRMRYDQpPXFKDUDNWHUXSHQRV$Y7&3,3MH
QD~URYQLWpWRYUVWY\]DML"RYiQDMHGQRGXFKi WMQHVSROHKOLYi GDWDJUDPRYiVOXED
7HWtYUVWYD7&3,3MHR]QDRYiQDMDNRWUDQVSRUWQtYUVWYD 7UDQVSRUW/D\HU 
QHERWpMDNR7&3YUVWYD 7&3/D\HU QHER"MHQHMDVW MLUHDOL]RYiQDSUiY
SURWRNROHP7&3 7UDQVPLVVLRQ&RQWURO3URWRFRO +ODYQtP~NROHPWpWRYUVWY\MH
]DMLVWLWSHQRVPH]LGY PDNRQFRYPL~DVWQtN\NWHUPLMVRXYStSDG 7&3,3
StPRDSOLNDQtSURJUDP\ MDNRHQWLW\EH]SURVWHGQ Y\tYUVWY\ 3RGOHMHMLFK
QiURN$DSRDGDYN$P$HWUDQVSRUWQtYUVWYDUHJXORYDWWRNGDWRE PDVP U\
]DML"RYDWVSROHKOLYRVWSHQRVXDWDNpP QLWQHVSRMRYDQFKDUDNWHUSHQRVX YVt"RYp
YUVWY QDVSRMRYDQ
3HVWRHMHWUDQVSRUWQtYUVWYD7&3,3QHMDVW ML]DML"RYiQDSUiY SURWRNROHP7&3
QHQtWR]GDOHNDMHGLQiPRQRVW'DOtPSRXtYDQPSURWRNROHPQD~URYQLWUDQVSRUWQt
YUVWY\MHQDStNODGSURWRNRO8'3 8VHU'DWDJUDP3URWRFRO NWHUQDUR]GtORG7&3
QH]DML"XMHPMVSROHKOLYRVWSHQRVXVDPR]HMP SURWDNRYpDSOLNDFHNWHUpVLWR QD
~URYQLWUDQVSRUWQtYUVWY\ QHSHMt
1HMY\tYUVWYRX7&3,3MHSDNYUVWYDDSOLNDQt $SSOLFDWLRQ/D\HU -HMtPL
HQWLWDPLMVRXMHGQRWOLYpDSOLNDQtSURJUDP\NWHUpQDUR]GtORGUHIHUHQQtKRPRGHOX
,6226,NRPXQLNXMtStPRVWUDQVSRUWQtYUVWYRX3tSDGQpSUH]HQWDQtDUHODQt
VOXE\NWHUpYPRGHOX,6226,]DML"XMtVDPRVWDWQpYUVWY\VL]GHPXVtMHGQRWOLYp
DSOLNDFHYStSDG SRWHE\UHDOL]RYDWVDP\
7&3,3DY]iMHPQpSURSRMRYiQtVtWt
=S$VREMDNPMHYUHIHUHQQtPPRGHOX,6226,HHQDRWi]NDY]iMHPQpKR
SURSRMRYiQtVtWtMVPHVLQD]QDLOLYHGtOXQDHKRVHULiOX=QHMU$]Q MtFK
PDWHULiO$RUHIHUHQQtPPRGHOXYDNO]HY\FtWLWHWDWRSUREOHPDWLNDGRQ M
E\OD]DSUDFRYiQDVStHDQDSRVOHGQtFKYtOLDUR]KRGQ QHSDWtPH]LQHMVLOQ Mt
VWUiQN\FHOpKRUHIHUHQQtKRPRGHOX,6226,9StSDG 7&3,3MHWRPXMLQDN
Y]iMHPQpSURSRMRYiQtVtWtVWHMQpKRLRGOLQpKRW\SXE\ORMHGQtP]YFKR]tFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SHGSRNODG$FHOpVRXVWDY\SURWRNRO$7&3,3DMHYQtWDNpHHQRPQRKHP
V\VWHPDWLW MLQHYUHIHUHQQtPPRGHOX,6226,
)LORVRILH7&3,3RG]DiWNXXVLOXMHRFRQHMXQLYHU]iOQ MtSURSRMHQtVtWtU$]QFK
W\S$RGORNiOQtFKVtWtW\SX(WKHUQHW7RNHQ5LQJDSRGSHVYHHMQpGDWRYpVtW D
SRUR]OHKOpVtW FHORVY WRYpKRGRVDKX.ODGHVLSLWRP]DFtOXPRQLWNDGpPX
SRtWDLNRPXQLNRYDWVNWHUPNROLMLQPSRtWDHEH]RKOHGXQDWR]GDPH]LQLPL
H[LVWXMHStPpVSRMHQtQHER]GDMVRXQDStNODGREDX]O\U$]QFKVtWtNWHUpMVRX
Y]iMHPQ SURSRMHQ\MHGQRXQHERQ NROLNDGDOtPLVtW PL9VOHGNHPMHSDNMHGLQi
VRXVWDYDY]iMHPQ SURSRMHQFKVtWtYWHUPLQRORJLL7&3,3R]QDRYDQiREHFQ MDNR
LQWHUQHW VPDOPLYL]WpGtOQDHKRVHULiOX =SRKOHGXXLYDWHOHE\YDN
YQLWQtVWUXNWXUDWpWR
3,2%5B7,)
2EU9]iMHPQ SURSRMHQpVtW YVt"RYpPPRGHOX7&3,3
D]SRKOHGXXLYDWHOH UHVSDSOLNDQtDWUDQVSRUWQtYUVWY\
EVNXWHQiWRSRORJLH
VRXVWDY\VtWtP ODEWLUHOHYDQWQtXLYDWHOpUHVSMHMLFKDSOLNDQtSURJUDP\VH
PRKRXQDFHOLQWHUQHWGtYDW SRGOHREUi]NXD MDNRQDMHGLQRXYHONRXVt"NH
NWHUpMVRXSLSRMHQ\MHGQRWOLYpNRQFRYpSRtWDHYWHUPLQRORJLL7&3,3R]QDRYDQp
MDNRKRVWLWHOVNpSRtWDH KRVWFRPSXWHUVKRVWV 
%UiQ\LOL,3VP URYDH
9HVNXWHQRVWLMHRYHPYVOHGQiVRXVWDYDLQWHUQHWVWiOHMHQNRQJORPHUiWHP
GtOtFK VtWtVWHMQpKRLU$]QpKRW\SXY]iMHPQ SURSRMHQFKSRPRFtSURSRMRYDFtFK
]Dt]HQt7DWRSURSRMRYDFt]Dt]HQtVHSLWRPYWHUPLQRORJLL7&3,3R]QDXMtMDNR
EUiQ\ JDWHZD\ YL]REUi]HNE3RGREQ MDNRUHIHUHQQtPRGHO,6226,
SHGSRNOiGDMtLSURWRNRO\7&3,3HSURSRMHQtMHGQRWOLYFKGtOtFKVtWtEXGH
UHDOL]RYiQRQD~URYQLVt"RYpYUVWY\3RGOHREY\NOFKGHILQLFNWHUpMVPHVLXYHGOLYH
GtOXQDHKRVHULiOXMVRXSDNDOHEUiQ\ YWHUPLQRORJLL7&3,3 YHVNXWHQRVWL
VStHVP URYDL URXWHUV 7HQWRGRVWLQHStMHPQWHUPLQRORJLFNNRQIOLNWVHQ NWHUp
QRY MtRGERUQpSUDPHQ\VQDtHLW]DYHGHQtPYVWLQ MtKRWHUPtQX,3URXWHU WM
,3VP URYD 
ORKDVt"RYpYUVWY\
-HWRWHG\SUiY Vt"RYiYUVWYD UHVSW]Y,3YUVWYDUHDOL]RYDQiSURWRNROHP,3YL]
PLQXOH NWHUiYVt"RYpPPRGHOX7&3,3]DML"XMHSRWHEQpVP URYiQtPH]L
MHGQRWOLYPLGtOtPLVtW PLDY\tPYUVWYiPWDNY\WYitLOX]LMHGLQpKRPRJHQQtVtW
GOHREUi]NXD6DPDYDNPXVtSUDFRYDWVHVNXWHQRXYQLWQtVWUXNWXURXUHVS
]S$VREHPY]iMHPQpKRSURSRMHQt VDPDWHG\SUDFXMHVSHGVWDYRXGOHREUi]NX
E 
6t"RYiYUVWYDVHYDNPXVtY\URYQiYDWLVNRQNUpWQtPLRGOLQRVWPLMHGQRWOLYFK
GtOtFKVtWtQDStNODGVRGOLQPFKDUDNWHUHPDGUHVVU$]QRXPD[LPiOQtYHOLNRVWt
SHQiHQFKSDNHW$UHVSUiPF$DMHMLFKIRUPiWHPVRGOLQPFKDUDNWHUHP
SRVN\WRYDQFKSHQRVRYFKVOXHE VSRMRYDQFKLQHVSRMRYDQFK DSRG3UR
NDGRXVt"LNDGSHQRVRYNDQiOQDNWHUMHEUiQDSLSRMHQDPiVDPRVWDWQ
RYODGDQD~URYQLYUVWY\Vt"RYpKRUR]KUDQt YL]REUi]HN 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2YODGDQD~URYQLYUVWY\Vt"RYpKRUR]KUDQtGRNiHRGVWtQLWVt"RYRXYUVWYXRG
NRQNUpWQtKR]S$VREXRYOiGiQtStVOXQpVtW DSHVQpKRIRUPiWXGDWRYFKUiPF$
1HQtRYHPMLYMHKRVLOiFK]DVWtWSHGVt"RYRXYUVWYRXUR]GtOYSRXtYDQpP
PHFKDQLVPXDGUHVRYiQtUHVS]DMLVWLWSRXtYiQtMHGQRWQFKDGUHVYHYHFKGtOtFK
VtWtFK7HQWRMHGQRWQ]S$VREDGUHVRYiQtP$H]DMLVWLWDVt"RYiYUVWYD
FS
3,2%5B7,)
2EU3HGVWDYDEUiQ\DRYODGD$QD~URYQLYUVWY\Vt"RYpKRUR]KUDQt
-HGQRWQiDEVWUDNFH
6t"RYiYUVWYDUHVSSURWRNRO,3NWHUVHSURMHMtUHDOL]DFLSRXtYiY\WYitMHGQRWQRX
DEVWUDNFLYHFKGtOtFKVtWtNWHUiXPRXMHSUDFRYDWVMHGLQPW\SHPYLUWXiOQtVtW 
QDPtVWRVYtFHLPpQ RGOLQPLGtOtPLVtW PL7DWRMHGQRWQiDEVWUDNFHVSRtYi
QHMHQY]DYHGHQtMHGQRWQpKR]S$VREXDGUHVRYiQtDOHWDNpYMHGQRWQpPIRUPiWX
GDWRYFKSDNHW$SRXtYDQFKQD~URYQLVt"RYpYUVWY\W]Y,3GDWDJUDP$ ,3
GDWDJUDPV DYSRVN\WRYiQtMHGQRWQpSHQRVRYpVOXE\QHVSROHKOLYpQHVSRMRYDQp
GDWDJUDPRYp VOXE\
,3DGUHV\
$GUHV\NWHUpSURWRNRO,3]DYiGt DNWHUpMVRXSURWRR]QDRYiQ\MDNRW]Y,3DGUHV\ 
MVRXELWRYp=SRKOHGXWUDQVSRUWQtDDSOLNDQtYUVWY\MHO]HLQWHUSUHWRYDWMDNR
OLQHiUQt UHVSMHGQRVORNRYp DGUHV\FRRGSRYtGiSHGVWDY MHGLQpKRPRJHQQtVtW
GOHREUi]NXD1D~URYQLVt"RYpYUVWY\VHDOHLQWHUSUHWXMtMDNRGYRXVORNRYp
WYRHQptVOHPUHVSDGUHVRXKRVWLWHOVNpKRSRtWDHDtVOHPUHVSDGUHVRX GtOt VtW 
YHNWHUpVHWHQWRKRVWLWHOVNSRtWDQDFKi]t WDWRLQWHUSUHWDFHSDNRGSRYtGiSHGVWDY
Y]iMHPQ SURSRMHQFKGtOtFKVtWtGOHREUi]NXE 3HVQpPXIRUPiWXDY]QDPX
,3DGUHVVHEXGHPHMHW Y QRYDWYVDPRVWDWQpPGtOXQDHKRVHULiOX
-HGREUpVL]QRYX]G$UD]QLWH,3DGUHV\MVRXSRX]HDEVWUDNWQtPLDGUHVDPLNWHUp
PXVtEWSRVOp]HSHYHGHQ\QDVNXWHQpI\]LFNpDGUHV\.G\NROLWRWLRYODGDQD
~URYQLYUVWY\Vt"RYpKRUR]KUDQtGRVWDQHQ MDNiGDWDNRGHVOiQtPXVtVSROXVQLPL
GRVWDWLNRQNUpWQtI\]LFNRXDGUHVXQDNWHURXMHPiRGHVODW6iPWRWLV,3DGUHVDPL
QHSUDFXMH-GHOLQDStNODGRORNiOQtVt"W\SX(WKHUQHWGRVWDQHVt"RYiYUVWYD RG
YUVWY\WUDQVSRUWQt DGUHVXFtORYpKRKRVWLWHOVNpKRSRtWDHYHIRUP ELWRYp,3
DGUHV\DOHStVOXQRYODGDYUVWY\Vt"RYpKRUR]KUDQtPXVtGRVWDWELWRYRX
(WKHUQHWRYRXDGUHVX.PHFKDQLVPXNWHUPVHY7&3,3VtWtFK]ML"XMH
NRUHVSRQGHQFHPH]L,3DGUHVDPLDNRQNUpWQtPLVSHFLILFNPLDGUHVDPLVH
VDPR]HMP YUiWtPHMHW SRGUREQ ML
,3GDWDJUDP\
3RGREQ MDNRMHGQRWQIRUPiWDGUHVD]S$VREDGUHVRYiQt]DYiGtSURWRNRO,3L
MHGQRWQIRUPiWSHQiHQFKGDWQD~URYQLVt"RYpYUVWY\MLYH]PtQ Qp,3
GDWDJUDP\-GHRGDWRYpSDNHW\R]QDRYDQpMDNRGDWDJUDP\SURWRHMVRXSHQiHQ\
SRPRFtQHVSRMRYDQp WpGDWDJUDPRYp Vt"RYpSHQRVRYpVOXE\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1D~URYQLYUVWY\Vt"RYpKRUR]KUDQtMVRXW\WRGDWDJUDP\SHQiHQ\SRPRFtWDNRYFK
UiPF$VHNWHUPLStVOXQiGtOtVt"SUDFXMH7\WRVHRYHPYREHFQpPStSDG Vt"RG
VtW OLt
3,2%5B7,)
2EU3HQRVGDWSLH[LVWHQFLEUiQ\PH]LVtW PL
FS
9]QDPSHQiHQFKGDWQD~URYQLMHGQRWOLYFKYUVWHYLOXVWUXMHREUi]HN
]DWtPFRDSOLNDQtDWUDQVSRUWQtYUVWY\Y$EHFQHYtRH[LVWHQFLMHGQRWOLYFKGtOtFK
VtWt DMDNRNRQFRYt~DVWQtFLSHQRVXVLWDNSHGiYDMtYG\SHVQ VWHMQWYDUSDNHW$
UHVS]SUiY QD~URYQLYUVWY\Vt"RYpKRUR]KUDQtVHSHQitLGHQWLFNpUiPFHMHQY
MHGQRWOLYFKGtOtFKVtWt9NDGp]QLFKMHSDNSHQiHQ,3GDWDJUDPYG\VWHMQpKR
IRUPiWXNWHUVHRYHPSHFLMHQYQ HPOLtQDStNODGYKRGQRW tWDHNWHU
Y\MDGXMHLYRWQRVWSDNHWX FRMHVRXiVWPHFKDQLVPXNWHUPi]DEUiQLWStSDGQpPX
]DF\NOHQt 
$GUHVRYiQtY7&3,3VtWtFK,
9PLQXOpPGtOXQDHKRVHULiOXMVPHVLQD]QDLOLHVt"RYPRGHO7&3,3]DYiGt
QD~URYQLVt"RYpYUVWY\MHGQRWQRXDEVWUDNFLYHFKGtOtFKVtWtNWHUpWYRt
YVOHGQRXVRXVWDYXY]iMHPQ SURSRMHQFKVtWtW]YLQWHUQHW3RGVWDWDWpWR
DEVWUDNFHVSRtYiPMLYSRXLWtMHGQRWQFKELWRYFKDGUHVDWREH]RKOHGX
QDVNXWHQp I\]LFNp DGUHV\SRXtYDQpYMHGQRWOLYFKGtOtFKVtWtFK3RGtYHMPH
VHQ\QtQDRWi]NX,3DGUHVSRQ NXGSRGUREQ ML
-DNMVPHVLMLWDNpXYHGOLPLQXOHELWRYpDGUHV\SRXtYDQpQD~URYQtVt"RYp
YUVWY\ W]Y,3DGUHV\ PRKRXEWFKiSiQ\MDNRMHGQRVORNRYp OLQHiUQt DGUHV\
Y\MDGXMtFtSUiY DSRX]HDGUHVXMHGQRKRKRVWLWHOVNpKRSRtWDH3URVt"RYRXYUVWYXMH
DOHELWRYi,3DGUHVDYG\GYRXVORNRYiWYRHQitVOHPUHVSDGUHVRX GtOt VtW D
tVOHPUHVSDGUHVRXKRVWLWHOVNpKRSRtWDHNWHUVHYWpWRVtWLQDFKi]tYL]REU
D7DWRSHGVWDYDSDNRGSRYtGiOHQ QtYVOHGQpVRXVWDY\VtWt LQWHUQHWX QD
MHGQRWOLYpGtOtVtW  YL]PLQXOHREUD NWHUPLPRKRXEWQDStNODGMHGQRWOLYp
ORNiOQtVtW W\SX(WKHUQHW7RNHQ5LQJDSRGDSRYHONpUR]OHKOpVtW VYHONP
SRWHPKRVWLWHOVNFKSRtWD$
3,2%5B7,)
2EU3HGVWDYD,3DGUHV\
DEH]OHQ QtQDSRGVtW
EVHOHQ QtPQDSRGVtW  W]YVXEQHWWLQJ
FS
3RGVWDWDVP URYiQtY7&3,3VtWtFK
'$YRGSURVt"RYiYUVWYDSUDFXMHSUiY VWDNRYRXWRSHGVWDYRXDQLNROLV
SHGVWDYRXMHGQROLWpGiOHQHVWUXNWXURYDQpYVOHGQpVtW MHYHVNU]HSUDNWLFNY
]iMPXPLQLPDOL]DFHREMHPXVP URYDFtFKWDEXOHNMHVP URYiQtY7&3,3VtWtFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
]DORHQRMHQQDDGUHViFK GtOtFK VtWtDQLNROLQDDGUHViFKMHGQRWOLYFKKRVWLWHOVNFK
SRtWD$YUiPFLW FKWRVtWt
3UiY Y\VORYHQpWYU]HQtVL]DVORXtSRQ NXGXSHVQLW.DGKRVWLWHOVNSRtWD
NWHUFKFHRGHVODWQ MDN,3GDWDJUDPMLQpPXKRVWLWHOVNpPXSRtWDLGRNiH],3
DGUHV\StMHPFHVQDGQRUR]SR]QDW]GDWHQWROHtYHVWHMQpGtOtVtWLLQLNROL3RNXG
DQR QDFKi]tOLVHQDStNODGYWpHVtWLW\SX(WKHUQHW SROHPXRGHVLODWHOVY$M
GDWDJUDPStPR3RNXGVHDOHStMHPFHQDFKi]tYMLQpVtWLSROHRGHVLODWHOVY$M
GDWDJUDPQHMEOLtEUiQ  UHVS,3VP URYDLYL]PLQXOH YHVYpVtWL1DQtMHSDN
UR]KRGQRXWNXG\GDWDJUDPSRVODWGiOH3RGVWDWQpSLWRPMHHSLVYpPUR]KRGRYiQt
Y\FKi]tEUiQDSRX]H]WpiVWL,3DGUHV\NRQHQpKRStMHPFHNWHUiY\MDGXMH
StVOXQRXFtORYRXVt"9SUYQtPSLEOtHQtVLO]HSHGVWDYLWHNDGiEUiQDPiVYp
VP URYDFtWDEXON\YHIRUP VH]QDPXGYRMLFVt"EUiQD!DSRGOHFtORYpVtW StMHPFH
VLYQLFKQDMGHNWHUpEUiQ PiStVOXQGDWDJUDPSRVODWGiOH=EYDMtFtiVW,3
DGUHV\StMHPFHNWHUiY\MDGXMHDGUHVXKRVWLWHOVNpKRSRtWDHYUiPFLFtORYpVtW SDN
Y\XLMHDWDEUiQD SRVOHGQtYHW ]FL NWHUiMLOHtYStVOXQpFtORYpVtWLDNWHUiSDN
GDWDJUDPSROHStPRMHKRNRQHQpPXDGUHViWRYL
7tG\,3DGUHV
ELW$Y\KUD]HQFKSUR,3DGUHV\MHWHG\QXWQpYKRGQP]S$VREHPUR]G OLWQDGY
iVWLWDNDE\W\WRPRKO\Y\MDGRYDWDGUHVXVtW DDGUHVXKRVWLWHOVNpKRSRtWDHY
UiPFLWpWRVtW 2Wi]NRXRYHPMHMDNWRWRUR]G OHQtSURYpVW)LORVRILHVt"RYpKR
PRGHOX7&3,3WRWLSHGSRNOiGiHMHGQRWOLYPLGtOtPLVtW PLPRKRXEWMDN
PDOpVtW VQ NROLNDPiORX]O\ KRVWLWHOVNPLSRtWDL WDNLYHONpVtW VWLVtFLL
GHVtWNDPLWLVtFX]O$7LFHWGYDELW$NWHUpMVRXNGLVSR]LFLSDNQHO]HUR]G OLWMHGLQP
]S$VREHPNWHUE\SDPDWRYDOQDVtW VYHONPSRWHPX]O$DVRXDVQ P OL
GRVWDWHQ YHONRXUH]HUYXSURU\FKOHURVWRXFtSRHWMHGQRWOLYFKGtOtFKVtWt
HHQtXSODWQ QpX,3DGUHVSDNVSRtYiY]DYHGHQtWtU$]QFK]S$VRE$UR]G OHQt
ELW$QDGY iVWLUHVSY]DYHGHQtWtU$]QFKIRUPiW$,3DGUHVMHGQRKRSURGtOt
VtW VYHONPSRWHPX]O$UHVSKRVWLWHOVNFKSRtWD$MHGQRKRSURVWHGQ YHONp
VtW DMHGQRKRSURPDOpVtW VUHODWLYQ PDOPSRWHPX]O$7\WRIRUPiW\
R]QDRYDQpMDNRWtG\$%D& FODVV$%DQG& XND]XMHREUi]HN
3,2%5B7,)
2EU7tG\,3DGUHV
$GUHV\WtG\$PDMtSURDGUHVXVtW Y\KUD]HQRELW$DSURDGUHVXKRVWLWHOVNpKR
SRtWDHELW$$GUHVWpWRWtG\MHWHG\UHODWLYQ YHOPLPiORSRtWDMtYDNVYHOPL
YHONPSRHWX]ORYFKSRtWD$-VRXXUHQ\SURYHONpUR]OHKOpVtW MDNRQDSVt"
$53$QHW YL]GtOVHULiOX NWHUiVHVWDOD]iURGNHPVtW ,QWHUQHWSURYHONpYHHMQp
VtW StSDGQ LYHONpSRGQLNRYpVtW $GUHV\WtG\%NWHUpSLSRXWtDX]O$
KRVWLWHOVNFKSRtWD$ MVRXXUHQ\SURVWHGQ YHONpVtW QDSSURXQLYHU]LWQtVtW 
SRGQLNRYpVtW DSRGDSRXtYDMtVHWpYVRXYLVORVWLVW]YVXEQHWWLQJHP SRGVtW PL
YL]GiOH $GUHV\WtG\&NWHUpSRtWDMtMHQVHX]O\MVRXSDNXUHQ\SURYHFKQ\
RVWDWQtVtW 
6\PEROLFN]iSLV,3DGUHV
ELWRYp,3DGUHV\MHVDPR]HMP PRQpY\MDGRYDWMDNRFHOiGYRMNRYitVOD3UR
ORY NDWRDOHQHQtStOLVUR]XPLWHOQpDWDNVHSURV\PEROLFN]iSLV,3DGUHV]DYHGOD
YKRGQiNRQYHQFHR]QDRYDQiMDNRWHNRYDQiGHVtWNRYiQRWDFH GRWWHGGHFLPDO

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QRWDWLRQ 6SRtYiYWRPHELW$,3DGUHV\VHUR]G OtQDW\LiVWLSRRVPLELWHFK
RNWHW\ DNDGi]W FKWRiVWtVHSDNY\MiGtMDNRFHOpGHVtWNRYptVOREH]]QDPpQND
VSRXLWtPWHN\MDNRRGG ORYDHMHGQRWOLYFKiVWt 1DStNODGQHStOLPQHPRQLFN
WYDUWDNGRVWiYiSHKOHGQ MtSRGREX
9]QDPGHVtWNRYpQRWDFHLOXVWUXMHWpWDEXOND
SUYQtDGUHVDDGUHVDPD[LPiOQtSRHW
RNWHWVtW KRVWLWHOVNpKRKRVWLWHOVNFK
SRtWDH SRtWD$
WtGD$STUV
WtGD%STUV
WtGD&STUV
 -HOLSTUVREHFQWYDU,3DGUHV\
7DEXOND'HVtWNRYiWHNRYDQiQRWDFHD,3DGUHV\
-DNYROLW,3DGUHV\"
9SULQFLSXMHPRQpYROLW,3DGUHV\GOHYODVWQtKRXYiHQt-HRYHPQXWQpGEiWQD
GRGUHQtMHGQp]iVDGQtSRGPtQN\DWRXMHMHGQR]QDQRVW1HVPtVHWRWLVWiWDE\VHY
MDNpPNROLNRQJORPHUiWXY]iMHPQ SURSRMHQFKVtWtDGUHV\GYRXU$]QFKVtWt
VKRGRYDO\ SHVQ MLW\iVWL,3DGUHVNWHUpY\MDGXMtDGUHVXVtW MLQDNWRWLEXGHPtW
PHFKDQLVPXVVP URYiQtYHONpSUREOpP\
8NDGpSRtWDRYpVtW LVRXVWDY\VtWtEXGRYDQpSRPRFtSURWRNRO$7&3,3MHYDN
SUDNWLFN\MHQRWi]NRXDVXNG\MHMHMLFKSURYR]RYDWHOpEXGRXFKWtWSLSRMLWGRGQHV
MLFHORVY WRYpVtW ,QWHUQHW YL]QDS&: 7DNp]GHVDPR]HMP SODWt]iVDGD
MHGQR]QDQRVWLDGUHVWDNHYHFKQ\QRY SLSRMRYDQpVtW PXVtPtWGRVXGQHSRXLWp
DGUHV\9,QWHUQHWXSURWRH[LVWXMHFHQWUiOQtDXWRULWD NRQNUpWQ ''11HWZRUN
,QIRUPDWLRQ&HQWHU65,,QWHUQDWLRQDO5DZHQVZRRG$YHQXH0HQOR3DUN
&DOLIRUQLD NWHUiVHVWDUiRKRVSRGDHQtV,3DGUHVDPLDSLG OXMHMHYHP
SRWHQFLiOQtP]iMHPF$P^SHVQ MLSLG OXMHWXiVW,3DGUHVNWHUiSHGVWDYXMHDGUHVX
VtW ]DWtPFR]EYDMtFtiVW,3DGUHVVLYROtDGDWHO9HVNXWHQRVWLWDNSLG OXMH
YODVWQ FHOpVNXSLQ\,3DGUHVVHVKRGQRXSUYQtiVWt 6NXWHQpSLSRMHQtNVtWL
,QWHUQHWSLWRPY$EHFQHQtSRGPtQNRXSURSLG OHQtDGUHV\WDNHMHQDRSDNGREUpVL
SLG OHQtDGUHV\Y\iGDWFRQHMGtYHSRNXGPRQRMHW SHG]SURYR]Q QtPMDNpNROL
VtW QDEi]L7&3,3 DWtPVHY\KQRXWSR]G Mt]P Q ,3DGUHVNWHUiMHVDPR]HMP
PRQiDOHREY\NOH]QDQ SUDFQi 
9QDLFK]HP SLVQFKtNiFKYDNQHQtQXWQpVHSURSLG OHQt,3DGUHV\REUDFHWD
GR86$''11,&NWHUiDGUHV\VSUDYXMHWRWLGHOHJRYDODVYRXSUDYRPRFY
SLG ORYiQt,3DGUHVSURREODVW6)5YSRHWQtPXFHQWUXSUDVNp9&+7
7HFKQLFNi3UDKD 
FS

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
6XEQHWWLQJ
-DNMVPHVLMLQD]QDLOLYHSLVP URYiQtY7&3,3VtWtFKVHY\FKi]tSRX]H]Wp
iVWL,3DGUHV\NWHUiSHGVWDYXMHDGUHVX GtOt VtW 9KRGRXMVRXQHVNRQDOHPHQt
VP URYDFtWDEXON\QHMDNpE\PXVHO\EWYStSDG VP URYiQtSRGOHFHOFK,3DGUHV
3HVWRVHDOHYVtWL,QWHUQHW]iK\XNi]DORHLWDNY\FKi]tVP URYDFtWDEXON\Y Wt
QHE\E\ORYKRGQp3URWRVH]S WQ GR7&3,3SURVDGLOPHFKDQLVPXVR]QDRYDQY
DQJOLWLQ MDNRVXEQHWWLQJNWHUVHVQDtGDOtQiU$VWVP URYDFtFKWDEXOHNRPH]LW
3,2%5B7,)
2EU3HGVWDYDOHQ QtQDSRGVtW  W]YVXEQHWWLQJ
0\OHQNXWRKRWRPHFKDQLVPXVLP$HPHXNi]DWQDStNODGXRUJDQL]DFHSLSRMHQpN
VtWL,QWHUQHWNWHUiSURYR]XMHYtFHGtOtFKVtWtDSURNDGRX]QLFKPiSLG OHQX
VDPRVWDWQRXDGUHVX QHMVStHWtG\& .DGi]W FKWRGtOtFKVtWtMHSDNRYHP
VDPRVWDWQ YLGLWHOQiL]YQ StVOXQpRUJDQL]DFHDMDNRVHVDPRVWDWQRXMHVQtWDNp
QDNOiGiQRYHVP URYDFtFKWDEXONiFKNDGi]DEtUiVDPRVWDWQRXSRORNX.G\E\VH
RYHPStVOXQiRUJDQL]DFHVDPDSRVWDUDODRSRWHEQpVP URYiQtPH]LVYPLVtW PLD
QDYHQHNY\VWXSRYDODMDNRMHGLQFHOHNPRKODE\PtWSLG OHQXMHQMHGQXVt"RYRX
DGUHVX QDStNODGWtG\%PtVWRYtFHVt"RYFKDGUHVWtG\& DYHVP URYDFtFK
WDEXONiFKE\WDN]DEtUDODMHQMHGQXSRORNX9HFKQ\GtOtVtW SDWtFtStVOXQp
RUJDQL]DFLE\WDNQDYHQHNY\VWXSRYDO\MDNRVt"MHGLQiVMHGLQRXVSROHQRXDGUHVRX
SHVQ MLV,3DGUHVDPLNWHUpVHVKRGXMtYiVWLY\MDGXMtFtDGUHVXVtW 6NXWHQp
YQLWQtOHQ QtWpWRQDYHQHNMHGQRWQpVtW E\SDNE\ORSOQ YNRPSHWHQFLStVOXQp
RUJDQL]DFH7DE\WDNpPXVHOD]P QLWSHVQ]S$VREMDNPVDPDLQWHUSUHWXMH,3
DGUHV\VYFKKRVWLWHOVNFKSRtWD$DWRSRGOHREUi]NXEWXiVWNWHUi]
YQ MtKRSRKOHGXSHGVWDYXMHtVORUHVSDGUHVXKRVWLWHOVNpKRSRtWDHE\SURVHEH
PXVHODUR]G OLWQDGY iVWLtVORUHVSDGUHVXVYpGtOtVtW  SRGVtW QHEROLVXEQHW
RGVXGVXEQHWWLQJ DQDtVORUHVSDGUHVXKRVWLWHOVNpKRSRtWDHYUiPFLWpWRSRGVtW 
9QHMMHGQRGXtPStSDG DGUHV\WtG\%WDNHWHWtRNWHWEXGHSRYDRYDW]DtVOR
SRGVtW DWYUW]DtVORX]OX KRVWLWHOVNpKRSRtWDH YL]REUi]HN9REHFQpP
StSDG SDNSRGOHW]YPDVN\SRGVtW  VXEQHWPDVN YL]REUi]HNDNWHUiRE
iVWL,3DGUHV\QRY GHILQXMH
$GUHVRYiQtY7&3,3VtWtFK,,
9PLQXOpPGtOXQDHKRVHULiOXMVPHVHSRGUREQ ML]DEYDOL,3DGUHVDPL9tPH
MLHSHGVWDYXMtMHGQRWQpDGUHV\NWHUpSRXtYiOLERYROQNRQJORPHUiW
Y]iMHPQ SURSRMHQFKVtWtQDEi]LVRXVWDY\SURWRNRO$7&3,3-VRXYDNVWiOH
MHQDEVWUDNFtQD~URYQLVt"RYpYUVWY\NWHUiRGSRYtGiSHGVWDY MHGQRWQp
YLUWXiOQtVtW 7DMHDOHYHVNXWHQRVWLUHDOL]RYiQDGtOtPLVtW PLYtFHLPpQ
RGOLQpKRW\SXNWHUpSRXtYDMtVYpYODVWQtPHFKDQLVP\DGUHVRYiQtDIRUPiW\
DGUHV3URWRWDNp,3DGUHV\PXVtEWSHYiG Q\QDWDNRYpNRQNUpWQt I\]LFNp
DGUHV\MDNpStVOXQiGtOtVt"VNXWHQ SRXtYi QD~URYQLYUVWY\Vt"RYpKR
UR]KUDQt 2Wi]NRXRYHPMHMDNWDNRYWRSHYRGY$EHFUHDOL]RYDW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3HGVWDYPHVLGYDKRVWLWHOVNpSRtWDH$D%NWHUpPDMtSRDG ,3DGUHV\,$D,%
3HGSRNOiGHMPHGiOHHMGHRX]O\WpH GtOt VtW NWHUpGtN\WRPXPRKRX
NRPXQLNRYDWPH]LVHERXStPR UHVSQHMVRXRGNi]iQ\QDEUiQXUHVS,3VP URYD
SURSRMXMtFtU$]QpGtOtVtW 9UiPFLVYpGtOtVtW SLWRPPDMtREDX]O\I\]LFNp
DGUHV\)$D)%-HVWOLHQ\QtVt"RYiYUVWYD ,3YUVWYD SRtWDH$GRVWDQHRGVYp
WUDQVSRUWQtYUVWY\]D~NROSHQpVWXULWiGDWDSRtWDLV,3DGUHVRX,% WMSRtWDL% 
PXVtEWVFKRSQD]DMLVWLWSHYRG,3DGUHV\,%QDI\]LFNRXDGUHVX)%7XWRWL
SRWHEXMHStVOXQRYODGDYEH]SURVWHGQ QLtYUVWY  YUVWY Vt"RYpKRUR]KUDQt 
DE\PRKOSHQiHQiGDWDVNXWHQ GRUXLW3RGREQ SRtWD%MDNPLOHEXGHFKWtW
SRtWDL$RGSRY G WPXVtY G WMDNiI\]LFNiDGUHVD )$ RGSRYtGi,3DGUHVH
SRtWDH$ ,$ 
3UREOpPWUDQVIRUPDFHDGUHVDMHKRHHQt
3UREOpPWUDQVIRUPDFHDGUHVY\t~URYQ QDDGUHV\QLt~URYQ NRQNUpWQ QDOH]HQt
RGSRYtGDMtFtI\]LFNpDGUHV\N,3DGUHVHVHR]QDXMHMDNRDGGUHVVUHVROXWLRQ
SUREOHP-HPRQpMHMHLWQDStNODGIRUPRXWDEXON\REVDKXMtFtVH]QDPY]iMHPQ VL
RGSRYtGDMtFtFKDGUHV-HWRRYHPVSRMHQRVHWQPLSUREOpP\NGRDMDN]DMLVWt
SRiWHQtQDSOQ QtWDEXON\NGRMLEXGHXGURYDWDSL]S$VRERYDWPRPHQWiOQtPX
VWDYXVtW NGR]DMLVWtDE\MHMtYHOLNRVWQHSHViKOD~QRVQRXPH]DWG
7DPNGHMHWRMHQWURFKXPRQpVHSURWRSRXtYDMtVStHMLQiHHQtNWHUiMVRX
RYHP]iYLVOiQDNRQNUpWQtSRYD]H GtOt VtW DMtPSRXtYDQpPPHFKDQLVPX
DGUHVRYiQt
HHQtSRPRFtStPpKRSHYRGX
9HOPLMHGQRGXFKiP\OHQNDNWHUpVHYWpWRVRXYLVORVWLVDPDQDEt]tMHQHHLWSHYRG
YWHP WMSRPRFtWDEXON\ DOHSRPRFtYKRGQpWUDQIRUPDQtIXQNFH Y]RUHNXSUR
SHYRG 7RMHDOHPRQpMHQWDPNGHVLXLYDWHOUHVS]L]RYDWHOVtW P$HI\]LFNp
DGUHV\MHGQRWOLYFKX]ORYFKSRtWD$YROLWViPSRGOHYODVWQtFKSRWHE7DNMHWRPX
QDStNODGYVtWtFK$5&QHWLSUR1(7NGHVLXLYDWHOSLLQVWDODFLVt"RYpNDUW\GR
VYpKRSRtWDHViPYROtMHMtI\]LFNRXDGUHVX DWtPLI\]LFNRXDGUHVXSRtWDH
SLSRMHQpKRSURVWHGQLFWYtPWpWRVt"RYpNDUW\ 0iOLQDStNODGYROLWHOQiI\]LFNi
DGUHVDUR]VDKELW$ MDNRMHWRPXSUiY XVtWt$5&QHWLSUR1(7 MHQHMMHGQRGXt
YROLWMLVKRGQ VSRVOHGQtPRNWHWHP SRVOHGQtPLRVPLELW\ ,3DGUHV\7UDQVIRUPDFH
,3DGUHV\QDI\]LFNRXVHSDNVWiYi]FHODWULYLiOQt
HHQtSRPRFtG\QDPLFNpYD]E\
0RQRVWYROLWI\]LFNRXDGUHVXStPRQDVt"RYpPDGDSWpUXSLMHKRLQVWDODFLMHYSUD[L
~QRVQiMHQSURDGUHV\PDOpKRUR]VDKX3HGHYtPMHDOHVSRMHQDVSRWHQFLiOQtP
QHEH]SHtPOLGVNFKFK\ENWHUpPRKRXY\~VWLWYH[LVWHQFLGYRXDGDSWpU$UHVSX]O$
VHVWHMQRXI\]LFNRXDGUHVRXYMHGQpVtWL-LQpVt"RYpWHFKQRORJLHVHSURWRNFHOpPX
SUREOpPXVWDYtRSDQ XLYDWHOLQHGiYDMtiGQRXPRQRVWRYOLYQLWI\]LFNRXDGUHVX
Vt"RYpKRDGDSWpUX7HQMLPiYVRE MHGQRXSURYG\SHYQ ]DEXGRYiQX
7DNWRMHWRPXQDStNODGXORNiOQtFKVtWtW\SX(WKHUQHW7\SRXtYDMtI\]LFNpDGUHV\Y
UR]VDKXELW$NWHUpYStVOXQFKVt"RYFKDGDSWpUHFKQDVWDYXMHStPRMHMLFK
YUREFH$E\VH]DMLVWLODMHGQR]QDQRVWDGUHVLPH]LVt"RYPLDGDSWpU\U$]QFK
YUREF$PXVtVLNDG]QLFKQHFKDWSLG OLWXULWUR]VDKDGUHVRGFHQWUiOQtDXWRULW\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NWHUi(WKHUQHWRYVNpDGUHV\VSUDYXMH DNWHURXMHYWRPWRNRQNUpWQtPStSDG DPHULFNp
VGUXHQt,((( 
-DNPLOHMHDOHSRWHEDWUDQVIRUPRYDWELWRYp,3DGUHV\QDELWRYp(WKHUQHWRYVNp
LMLQpYHONpDGUHV\NWHUpQHQtPRQpSRGOHSRWHE\YROLW QH]EYiQHYUiWLWVH
]S WNSHYRGQtPWDEXONiPGHILQXMtFtPY]iMHPQRXYD]EXPH]LMHGQRWOLYPL
DGUHVDPL3RNXGPRQRDOHQLNROLNHVWDWLFNPWDEXONiPDOHQDRSDNNWDEXONiP
G\QDPLFNPNWHUpVHY\WYitDPRGLILNXMtSU$E Q SRGOHRNDPLWpKRVWDYXVtW 
3URWRNRO$53
9VRXVWDY SURWRNRO$7&3,3MH]DKUQXWYHOPLHOHJDQWQtPHFKDQLVPXVG\QDPLFNpKR
EXGRYiQtDXGURYiQtSHYRGQtFKWDEXOHNPH]L,3DGUHVDPLDI\]LFNPLDGUHVDPL
]DORHQQDSURWRNROX$53 $GGUHVV5HVROXWLRQ3URWRFRO 7HQY\XtYiVFKRSQRVWL
YHVP URYpKRY\VtOiQt W]YEURDGFDVWLQJX YQ NWHUFKVtWtFKNWHUpXPRXMt
DGUHVRYDWGDWRYUiPHFYHPX]O$PGDQpORNiOQt UHVSGtOt VtW VRXDVQ EH]
QXWQRVWL]QiWMHMLFKNRQNUpWQtDGUHV\1DStNODGYVtWtFKW\SX(WKHUQHWO]HY\VODW
GDWRYUiPHFQDMHGQXSHGHP]QiPRXVSHFLiOQtDGUHVXQDNWHURXVO\tYHFKQ\
Vt"RYpDGDSWpU\EH]RKOHGXQDVYRXNRQNUpWQtI\]LFNRXDGUHVX3URWRNRO$53WpWR
PRQRVWLY\XtYiWDNHVLMHMtPSURVWHGQLFWYtPQHFKiQDMtWPDMLWHOHStVOXQp,3
DGUHV\
3HGVWDYPHVLVLWXDFLNG\MHGHQX]ORYSRtWDFKFH]DVODWQ MDNiGDWDMLQpPX
SRtWDLYWpHGtOtVtWL=QiYDNSRX]HMHKR,3DGUHVXQLNROLMHKRI\]LFNRXDGUHVX
3URWRNRO$53SUYQtKRSRtWDHSURWRY\XLMHPRQRVWLYHVP URYpKRY\VtOiQtD
YHPX]O$PGDQpGtOtVtW SROH]YOiWQtUiPHFUHVSSDNHWVGRWD]HP.GRPi,3
DGUHVX" YL]REUD 7HQWRUiPHFSLMPRXYHFKQ\X]O\DYHFKQ\WDNp
Y\KRGQRWtSDNHWNWHUMHYQ PREVDHQ3RX]HX]HO%YDNUR]SR]QiHREVDKXMH
MHPXXUHQGRWD]DWDNQDQ MRGSRYt]DVOiQtPVYpI\]LFNpDGUHV\ RS W
SURVWHGQLFWYtPVSHFLiOQtKRSDNHWXMHKRIRUPiWGHILQXMHSURWRNRO$53 2VWDWQt
X]O\SLWRPQDS$YRGQtGRWD]QHRGSRYtGDMtYL]REUE
3,2%5B7,)
2EU=MLW QtI\]LFNpDGUHV\SRGOH,3DGUHV\ SURWRNRO$53
1HE\ORE\DOH~QRVQpVHWDNRYPWR]S$VREHPSWiWSLNDGpPMHGQRWOLYpPSHQRVX
YG\]QRYX.DGX]ORYSRtWDVLSURWRViPSU$E Q Y\WYitSRWHEQRXSHYRGQt
WDEXONXPH]L,3DGUHVDPLDI\]LFNPLDGUHVDPL YHYKRGQpY\URYQiYDFtSDP WL D
SUiY QD]QDHQPHFKDQLVPXVY\XtYiDYStSDG NG\MLSRWHEXMHGRSOQLWL
DNWXDOL]RYDW
FS
3URWRNRO5$53
3URWRNRO$53XPRXMHDE\NDGKRVWLWHOVNSRtWD X]HO SRVYpPVSXW Qt
Y\VWDLOMHQVH]QDORVWtVYpYODVWQtI\]LFNpDGUHV\DVYpYODVWQt,3DGUHV\ NWHURXVL
REY\NOHSHWH]NRQILJXUDQtKRVRXERUXQDVYpPSHYQpPGLVNX 1DI\]LFNpDGUHV\
YHFKRVWDWQtFKX]O$YHVYpGtOtVtWtVHSDNYKRGQ GRSWi2Wi]NRXRYHPMHMDN

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WRPXEXGHYStSDG EH]GLVNRYFKVWDQLFNWHUpVLVYRX,3DGUHVX]YODVWQtKRSHYQpKR
GLVNXSHtVWQHPRKRX
3RVYpPVSXW QtVLNDGiEH]GLVNRYiVWDQLFHPXVtVYRXYODVWQt,3DGUHVXQHMSUYH
Y\iGDWQDMLQpPX]ORYpPSRtWDLNWHUY$LQtY\VWXSXMHYUROLVHUYHUX,3DGUHV
=S$VREMDNPVHQDQ MEH]GLVNRYiVWDQLFHREUDFtMHDQDORJLFNYHQD]QDHQpPX
PHFKDQLVPXSURWRNROX$53SURVWHGQLFWYtPYHVP URYpKRY\VtOiQtEH]GLVNRYi
VWDQLFHUR]HOHYHPRVWDWQtPX]O$PGRWD]W\SX-DNiMHPRMH,3DGUHVD"6HEHVDPD
SLWRPVWDQLFHLGHQWLILNXMHSURVWHGQLFWYtPI\]LFNpDGUHV\NWHURXPi]DEXGRYiQXYH
VYpPVt"RYpPDGDSWpUXYL]REUi]HND
3,2%5B7,)
2EU=MLW QtYODVWQt,3DGUHV\SUREH]GLVNRYRXVWDQLFL SURWRNRO5$53
.RQNUpWQtSURWRNROSURVWHGQLFWYtPNWHUpKRVLEH]GLVNRYiVWDQLFHP$HVYRX,3
DGUHVXY\iGDWY\FKi]t]SURWRNROX$53DMHR]QDRYiQMDNR5$53 5HYHUVH
$GGUHVV5HVROXWLRQ3URWRFRO 
6P URYiQtY7&3,3VtWtFK,
'DOt]DVSHNW$G$OHLWFKSURSRFKRSHQtFHONRYpILORVRILHVRXVWDY\SURWRNRO$
7&3,3MHRWi]NDVP URYiQtYHY]iMHPQ SURSRMHQFKVtWtFK=QtMVPHVLQ FR
QD]QDLOLMLYHGtOXQDHKRVHULiOXQ\QtVHYDNWRXWRSUREOHPDWLNRXEXGHPH
]DEYDWSRGUREQ ML
1HMSUYHVLDOHSLSRPHPHMDNP]S$VREHPVHSURWRNRO\7&3,3GtYDMtQD
Y]iMHPQ SURSRMHQpVtW  W]YLQWHUQHW SHGSRNOiGDMtHMHGQRWOLYp GtOt VtW MVRX
SURSRMHQ\SURVWHGQLFWYtPEUDQ JDWHZD\V R]QDRYDQFKWDNpMDNR,3VP URYDH
,3URXWHUV YL]REUi]HN VURYQHMVREUi]NHP 9]iMHPQpSURSRMHQtMH
SLWRPWDNRYpHPH]LOLERYROQPLGY PDGtOtPLVtW PLYG\H[LVWXMHDOHVSRMHGQD
FHVWDNWHUiRYHPP$HYpVWLSHVYtFHMLQFKGtOtFKVtWtUHVSSURFKi]HW
SRVORXSQRVWtEUDQSURSRMXMtFtFKPH]LOHKOpVtW 
3,2%5B7,)
2EU3HGVWDYDY]iMHPQ SURSRMHQFKVtWt
.DGiEUiQDMHYG\SLSRMHQDQHMPpQ GRGYRXGtOtFKVtWtDVORXtSRX]HSRWHEiP
VP URYiQt DQLNROLNSURYR]RYiQtXLYDWHOVNFKDSOLNDFt 7tPVHEUiQ\RGOLXMtRG
GUXKpKRW\SXX]O$NWHUpQDRSDNVORXtSHGHYtPNSURYR]RYiQtDSOLNDQtFK
SURJUDP$DNWHUpVHYWHUPLQRORJLL7&3,3R]QDXMtMDNRKRVWLWHOVNpSRtWDH KRVWV
KRVWFRPSXWHUV 7DNpKRVWLWHOVNpSRtWDHYDNPRKRXEWSLSRMHQ\GRGYRXLYtFH
GtOtFKVtWtVRXDVQ  SDNMGHRW]YPXOWLKRPHGKRVWV DPRKRXWHG\IXQJRYDWL
MDNREUiQ\3HVWRHVHWRWRHHQtYSUD[LREDVSRXtYi KODYQ YDNDGHPLFNpP
SURVWHGt QHQtYG\EH]SUREOpPRYp)LORVRILH7&3,3YDNYHOPLRVWHUR]OLXMH
PH]LKRVWLWHOVNPSRtWDHPDEUiQRXDSURWRLP\VHSLGUtPHSHGVWDY\GYRX
I\]LFN\U$]QFK]Dt]HQt
3tPpDQHStPpVP URYiQt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2EHFQ O]HtFLHQDVP URYiQtMDNRWRUR]KRGRYiQtRWRPNXG\GiOHSRVODWGDWRY
SDNHWVHSRGtOtREDGUXK\X]O$7&3,3VtWtWHG\MDNEUiQ\WDNLKRVWLWHOVNpSRtWDH
=iP UMHRYHPWDNRYDE\VHKRVWLWHOVNpSRtWDH]DEYDO\VP URYiQtPMHQY
PLQLPiOQtPRQpPtHDPD[LPXPSUiFHQDWRPWRSROLSHQHFKDO\EUiQiP
3HGVWDYPHVLVLWXDFLQDREUi]NXNG\KRVWLWHOVNSRtWD$FKFHRGHVODW,3
GDWDJUDPKRVWLWHOVNpPXSRtWDL%=,3DGUHV\SRtWDH%MHGQRGXFKP]S$VREHP
UR]SR]QiHOHtYWpHGtOtVtWt YL]GtOQDHKRVHULiOX DWDNPX,3GDWDJUDP
SROHStPR7HQWRStSDGMHYWHUPLQRORJLL7&3,3R]QDRYiQMDNRW]YStPp
VP URYiQt GLUHFWURXWLQJ -HKRUHLHMHPLQLPiOQtY]KOHGHPNIRUPiWX,3DGUHV
YL]REUYHGtOX MHWULYLiOQtUR]SR]QDW]GDStMHPFHOHtYWpHGtOtVtWLD
SRNXGDQRGtOtVt"XPRXMHRGHVODWStVOXQGDWDJUDPMHKRNRQFRYpPXDGUHViWRYL
StPR
3,2%5B7,)
2EU3HGVWDYDStPpKRVP URYiQt
1\QtVLDOHSHGVWDYPHVLWXDFLQDREUi]NXNG\KRVWLWHOVNSRtWD$FKFH
RGHVODW,3GDWDJUDPKRVWLWHOVNpPXSRtWDL&-HOLNR]MHKR,3DGUHV\UR]SR]QiH
OHtYMLQpGtOtVtWLSROHGDWDJUDPEUiQ * YHVYpGtOtVtWL 7tP~ORKD
KRVWLWHOVNpKRSRtWDH$MDNRRGHVLODWHOHNRQtDGDOtMHMLQDEUiQ *UHVSQDFHOp
VWUXNWXHEUDQNWHUpPXVtEWVFKRSQpVLGDWDJUDPSRVWXSQ SHGiYDWWDNGORXKR
GRNXGVHQHGRVWDQHGRFtORYpGtOtVtW NGHSDNP$HEWSURVWHGQLFWYtPStPpKR
VP URYiQtRGHVOiQKRVWLWHOVNpPXSRtWDLNWHUMHMHKRNRQHQPDGUHViWHP3UiY
QD]QDHQStSDGRGSRYtGiW]YQHStPpPXVP URYiQt LQGLUHFWURXWLQJ NH
NWHUpPXQDUR]GtORGVP URYiQtStPpKRGRFKi]tWHKG\MHVWOLHDGUHViWQHQtYWpH
GtOtVtWLMDNRRGHVLODWHODWHQSURWRSRVtOiGDWDJUDPEUiQ 
3,2%5B7,)
2EU3HGVWDYDQHStPpKRVP URYiQt
9ROEDPH]LYtFHEUiQDPL
9]KOHGHPNWRPXHY]iMHPQ SURSRMHQpVtW WYRtVRXYLVOFHOHNPXVtEWYNDGp
GtOtVtWLYG\DOHVSRMHGQDEUiQD1HPXVtRYHPEW]GDOHNDMHQMHGQD3HGVWDYPH
VLMHGQRGXFKStNODGQDREUi]NXNGHPiKRVWLWHOVNSRtWD$QDYE UGY
EUiQ\*D*.DGi]QLFKE\VLFHP ODEWVFKRSQDGRUXLW,3GDWDJUDPNDPNROL
MHWHEDDOHiGQi]QLFKQHEXGH]HMP RSWLPiOQtSURYHFKQ\PRQpFtOHN
Q NWHUPYHGHNUDWtFHVWDSHVEUiQX*NMLQP]DVHSHVEUiQX*=QDORVWWRKR
NG\MHYKRGQ MtSRVODWGDWDJUDPEUiQ *DNG\EUiQ *E\DOHP OPtWML
KRVWLWHOVNSRtWD$-HVDPR]HMP PRQpDE\WHQWRKRVWLWHOVNSRtWDP O
SRWHEQpLQIRUPDFHSHYQ ]DEXGRYiQ\YHVYFKNRQILJXUDQtFKVRXERUHFKSRGOH
QLFKVLSDNY\WYitVYpVP URYDFtWDEXON\9HY]iMHPQ SURSRMHQFKVtWtFKPDOpKR
UR]VDKXDVPLQLPHPG\QDPLFNFK]P QWRMHUR]XPQpHHQtYStSDG Y WtFKD
DVW MLVHP QtFtFKNRQJORPHUiW$VtWtMLQLNROL=GHMLMHQXWQMLQPHFKDQLVPXV
XPRXMtFtSURYiG WG\QDPLFNRXDNWXDOL]DFLVP URYDFtFKWDEXOHNKRVWLWHOVNFK
SRtWD$SRGOHRNDPLWpVLWXDFH
)LORVRILHVP URYiQtY7&3,3DOHY\FKi]t]WRKRH]QiWQHMYKRGQ MtFHVW\D
SU$E Q UHDJRYDWQDVNXWHQRXVLWXDFLMH~NROHPEUDQDQLNROLKRVWLWHOVNFK

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SRtWD$9VRXVWDY SURWRNRO$7&3,3MHSURWR]DEXGRYiQPHFKDQLVPXVSRPRFt
NWHUpKRMHFHOSUREOpPYHOPLHOHJDQWQ HHQNG\NROLQ MDNiEUiQD]MLVWtHQ NWHU
KRVWLWHOVNSRtWDSRXtYiQHRSWLPiOQtFHVWXXSR]RUQtMHMQDWXWRVNXWHQRVW
8NDPHVLWRQDStNODGX YL]RS WREUi]HN QHFK"KRVWLWHOVNSRtWD$YGtOt
VtWL;SROHEUiQ *,3GDWDJUDPXUHQSRtWDL&YGtOtVtWL<%UiQD*]Qi
RSWLPiOQtFHVWXDYtH]HVtW ;GRVtW <MHYKRGQ MtSRXtWEUiQX*2GRUXHQt
SLMDWpKRGDWDJUDPXVHEUiQD*MHW SRVWDUiDOHVRXDVQ VWtPXSR]RUQtKRVWLWHOVN
SRtWD$HGDOtGDWDJUDP\VP XMtFtGRVtW <MLPiSRVtODWSHVEUiQX*
+RVWLWHOVNSRtWD$VLWXWRLQIRUPDFL]DQHVHGRVYFKVP URYDFtFKWDEXOHNDQDGiOH
VHSRGOHQttGt
3,2%5B7,)
2EU3tNODGGtOtVtW VHGY PDEUiQDPL
3UiY QD]QDHQPHFKDQLVPXVPiMHGHQYHOPLStMHPQHIHNWMHGQRWOLYp
KRVWLWHOVNpSRtWDHY\VWDtQDSRiWNX WMSLVYpPVSXW Qt VH]QDORVWtMHGQpMHGLQp
EUiQ\YHVYpGtOtVtWL'DOtEUiQ\VHSDNQDXtSRXtYDWGtN\SUiY SRSVDQpPX
PHFKDQLVPX7HQMHYSUD[L]DML"RYiQSURVWHGQLFWYtPSURWRNROX,&03 ,QWHUQHW
&RQWURO0HVVDJH3URWRFRO NWHUMHSRYLQQRXVRXiVWtSURWRNROX,3DVORXtREHFQ
SURSHGiYiQttGtFtFKLQIRUPDFtD]SUiYRFK\EiFKDQHVWDQGDUGQtFKVLWXDFtFK
FS
3LSRPHPHVLYDNMHW MHGQXY]QDPQRXVNXWHQRVWNWHURXMVPHVLXYHGOLMLYH
GtOXQDHKRVHULiOXNY$OLPLQLPDOL]DFLUR]VDKXVP URYDFtFKWDEXOHNMHYHNHUp
VP URYiQtY7&3,3VtWtFK]DORHQRMHQQDGtOtFKVtWtFKMDNRWDNRYFKDQLNROLQD
MHGQRWOLYFKKRVWLWHOVNFKSRtWDtFK SHVQ MLQDWpiVWL,3DGUHVNWHUpSHGVWDYXMt
DGUHV\GtOtFKVtWt 9QDHPNRQNUpWQtPStSDG RGSRYtGDMtFtPREUi]NXWR
]QDPHQiHKRVWLWHOVNSRtWD$VLYHVYFKVP URYDFtFKWDEXONiFKEXGHSDPDWRYDW
SRX]HWRHQHMYKRGQ MtFHVWDGRVtW <YHGHSHVEUiQX*DQLNROLHN
KRVWLWHOVNpPXSRtWDL&VHGRVWDQHQHMOpSHSHVEUiQX*
6P URYiQtY7&3,3VtWtFK,,
9PLQXOpPGtOHMVPHVH]DDOLSRGUREQ ML]DEYDWSUREOHPDWLNRXVP URYiQtY
7&3,3VtWtFKHNOLMVPHVLHQDVP URYiQtVHSRGtOtMDNEUiQ\WDNL
KRVWLWHOVNpSRtWDHDEOtHMVPHVH]DEYDOLSUiY UROtKRVWLWHOVNFKSRtWD$
'QHVVHSRGUREQ ML]DVWDYtPHXWRKRMDNP]S$VREHPVHQDVP URYiQtSRGtOt
EUiQ\ ,3VP URYDH 
9UD"PHVHYDNMHW MHGQRXNKRVWLWHOVNPSRtWD$PMHMLFK~ORKDSLVP URYiQt
NRQtWtPHGDWDJUDPEXSRORXStPRMHKRNRQFRYpPXDGUHViWRYL YStSDG W]Y
StPpKRVP URYiQtYL]PLQXOHNG\VHStMHPFHQDFKi]tYWpHGtOtVtWL QHERWtPH
GDWDJUDPSHGDMtQ NWHUp]EUDQ YRSDQpPStSDG 2SRVWXSXKRVWLWHOVNpKR
SRtWDHYSUYQtPStSDG MVPHVLMLSRYtGDOLYVRXYLVORVWLVSUREOHPDWLNRX
DGUHVRYiQtDWUDQVIRUPRYiQt,3DGUHV YHGtOX 3URGUXKStSDGPXVtPtW
KRVWLWHOVNSRtWDSUiY WROLNLQIRUPDFtDE\GRNi]DO]YROLWMHGQX]EUDQYHVYpGtOt
VtWLDWpGDWDJUDPSRVODW7\WRLQIRUPDFHVLKRVWLWHOVNSRtWDXFKRYiYiYHVYFK
VP URYDFtFKWDEXONiFKMHMLFKSHGVWDYXLOXVWUXMHREUi]HN
3,2%5B7,)

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2EU3HGVWDYDREVDKXVP URYDFtFKWDEXOHN
%UiQDYUROLXLWHOH
9PLQXOpPGtOXMVPHVLQD]QDLOLH]QiWQHMYKRGQ MtFHVW\DW\WR]QDORVWLVL
SU$E Q DNWXDOL]RYDWMH~NROHPEUDQ ,3VP URYD$ DQLNROLKRVWLWHOVNFKSRtWD$
7\PRKRX]SRiWNXSRVtODWYHNHUpGDWDJUDP\MHGQpMHGLQpEUiQ YHVYpGtOtVtWLDWD
MHYG\XSR]RUQtYStSDG HE\SURVWHGQLFWYtPMLQpEUiQ\E\ODFHVWDGDWDJUDPX
YKRGQ Mt8NDPHVLQ\QtMDNHIHNWPiWHQWRPHFKDQLVPXVQDVP URYDFtWDEXON\
KRVWLWHOVNFKSRtWD$ YL]REU SRVSXW QtKRVWLWHOVNpKRSRtWDHPXVtMHKR
VP URYDFtWDEXONDREVDKRYDWLQIRUPDFHDOHVSRRMHGQpEUiQ 7DWREUiQD UHVSMHGQD
]EUDQMHOLYHVP URYDFtWDEXOFHXYHGHQR MHSLWRPSURKOiHQD]DLPSOLFLWQt
GHIDXOW DKRVWLWHOVNSRtWDMt]SRiWNXSRVtOiYHFKQ\GDWDJUDP\NWHUpVP XMt
GRMLQpGtOtVtW -DNPLOHWDWRLPSOLFLWQtEUiQD]MLVWtHE\KRVWLWHOVNSRtWDP O
SRXtWMLQRXYKRGQ MtFHVWX YHGRXFtSHVMLQRXEUiQX XSR]RUQtMHMQDWR
+RVWLWHOVNSRtWDVLQD]iNODG WpWRH[SOLFLWQtLQIRUPDFHXSUDYtVYRXVP URYDFt
WDEXONX YL]REUi]HN ]DYHGHVLYQtQRYRXSRORNXDYQtVLSR]QDtH
GDWDJUDP\VP XMtFtGRStVOXQpGtOtVtW PiSRVtODWSHVWXDWXEUiQX.G\NROLDOH
PiRGHVODWGDWDJUDPGRGtOtVtW SURNWHURXMHW QHPiYHVYpVP URYDFtWDEXOFH
XYHGHQXNRQNUpWQtFHVWXSROHGDWDJUDPWpEUiQ NWHUiMHYMHKRVP URYDFtWDEXOFH
XYHGHQDMDNRLPSOLFLWQt7DNRYiWRRUJDQL]DFHVP URYDFtFKWDEXOHNYHOPLGREH
RGSRYtGiVWURPRYLWPNRQILJXUDFtP MDNRQDSQDREUi]NX NWHUpMVRXX
ORNiOQtFKVtWtGRVWLDVWpDSLNWHUFKVDPRVWDWQpFHVW\ Y\MiGHQpYHVP URYDFt
WDEXOFHH[SOLFLWQ YHGRXMHQNQ NROLNDPiORGDOtPGtOtPVtWtP]DWtPFRNH]E\WNX
VY WDYHGHFHVWDMHGLQi ]StVWXSQ QiLPSOLFLWQtEUiQRX 
3,2%5B7,)
2EU3HGVWDYDSU$E QpKRGRSORYiQtVP URYDFtWDEXON\KRVWLWHOVNpKR
SRtWDH
FS
LQQRVWEUDQ
3RQHFKPHMHW VWUDQRXRWi]NXMDNP]S$VREHP]tVNiYDMtMHGQRWOLYpEUiQ\SRWHEQp
LQIRUPDFHRFHVWiFK NWRPXVHGRVWDQHPHStW DSRGtYHMPHVHMDNEUiQ\SRVWXSXMt
SLYODVWQtPVP URYiQt
3UDYLGODSURVP URYiQtGDWDJUDP$VHXEUDQSULQFLSLiOQ QHOLtRGKRVWLWHOVNFK
SRtWD$=MLVWtOLEUiQDHSLMDWGDWDJUDPMHXUHQDGUHViWRYLYGtOtVtWLGRNWHUpMH
EUiQDSLSRMHQD DWDNRYpPXVtEWDOHVSRGY PiOLMtWY$EHFREUiQX SROHPX
GDWDJUDPStPRYUiPFLStPpKRVP URYiQt YL]REUD -HOLGDWDJUDPXUHQ
DGUHViWRYLYMLQpGtOtVtWLGRNWHUpQHQtEUiQDStPRSLSRMHQDPXVt]YROLWMLQRX
YKRGQRXEUiQXDWpGDWDJUDPSHGDW YL]REUE 3RVWXSXMHSLWRPREGREQ
MDNRKRVWLWHOVNSRtWDSRNXGYHVYpVP URYDFtWDEXOFHQDMGHH[SOLFLWQt~GDMRWRP
HSURGDQRXFtORYRXVt"PiGDWDJUDPSHGDWWpDWpEUiQ XLQtWDN3RNXGRGDQp
FtORYpVtWLQHPiYHVYpVP URYDFtWDEXOFHiGQp~GDMHSRXLMHWXEUiQXNWHURX
SRYDXMH]DLPSOLFLWQtSRNXGRYHPPiYHVYpVP URYDFtWDEXOFHLPSOLFLWQtEUiQX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
Y$EHFGHILQRYiQX3RNXGQHQHQtGDQiEUiQDVFKRSQDVP URYiQtGDWDJUDPX]DMLVWLWD
PXVtWRR]QiPLWMDNRFK\EX
3,2%5B7,)
2EU6P URYiQtEUiQRX
DStPpVP URYiQt
EQHStPpVP URYiQt
 GDOtVNRNQH[WKRS 
2EVDKVP URYDFtFKWDEXOHN
9UD"PHVHMHW MHGQRXNREVDKXVP URYDFtFKWDEXOHN-DNMVPHVLMLQ NROLNUiW
QD]QDLOLMH]G$YRGXPLQLPDOL]DFHMHMLFKUR]VDKXYHNHUpVP URYiQt]DORHQRMHQQD
DGUHVHFtORYpVtW UHVSQDWpiVWL,3DGUHV\NWHUiWXWRFtORYRXVt"Y\MDGXMH
6P URYDFtWDEXON\MVRXSDNYHVYpSRGVWDW YODVWQ VH]QDPHPGYRMLFVt"EUiQD!
NGHVt"SHGVWDYXMHFtORYRXGtOtVt"DEUiQDMHWD]EUDQSHVNWHURXGRFtORYpVtW
YHGH QHMYKRGQ Mt FHVWD-GHSLWRPREUiQXNWHUiMHW QHQtNRQHQPStMHPFHP
GDWDJUDPXDOHMHQMHKRGDOtSHVWXSQtVWDQLFtQDFHVW NFtOL9DQJOLWLQ VHR]QDXMH
MDNRQH[WKRSGRVORYDGDOtVNRN
%UiQRXSURGDOtVNRNYDNPXVtYG\EWEUiQDNWHUiMH]GDQpKRPtVWD
GRVDLWHOQiStPRWHG\WDNRYiEUiQDNWHUiVHQDOp]iYHVWHMQpGtOtVtWLMDNRGDQ
KRVWLWHOVNSRtWDUHVSYQ NWHUp]GtOtFKVtWtGRNWHUFKMHStPRSLSRMHQDGDQi
EUiQD
$GUHV\EUDQNWHUpMVRXREVDHQ\YHVP URYDFtFKWDEXONiFKMVRX]iVDGQ ,3DGUHV\
DNROLE\VHQDSUYQtSRKOHGPRKOR]GiWYKRGQ MtSRXtYDW]GHStPRI\]LFNp
DGUHV\tPE\VHXHWLODRSDNRYDQpWUDQVIRUPDFH,3DGUHV\QDI\]LFNRXDGUHVX
EUiQ\ YL]GtOVHULiOX '$YRGHPSURSRXLWt,3DGUHVMHPRQRVWY\XtYDWYH
YHFKX]OHFKVWHMQRXSURJUDPRYRXUHDOL]DFLVP URYDFtKRPHFKDQLVPXQH]iYLVOHQD
NRQNUpWQtFKI\]LFNFKDGUHViFK'DOtPYHOPLG$OHLWPG$YRGHPMHPRQRVW
SU$E QpDNWXDOL]DFHVP URYDFtFKWDEXOHNDWDNpPRQRVWStSDGQpKRODG QtGRMGHOL
NFK\E LMLQPQHVWDQGDUGQtPVLWXDFtPSLVP URYiQt9QHSRVOHGQtDG SRXLWt,3
DGUHVYHVP URYDFtFKWDEXONiFKY\FKi]tL]FHONRYpNRQFHSFHVt"RYp ,3 YUVWY\D
SURWRNROX,3XVLOXMtFtRY\WYRHQtMHGQRWQpDEVWUDNFHYHFKGtOtFKVtWt
9MLPND]SUDYLGOD
1HE\ORE\WRVQDGDQLiGQpSUDYLGORNG\E\QHP ORWDNpVYpYMLPN\9StSDG
SUDYLGODRVP URYiQtMHQQD]iNODG DGUHVGtOtFKVtWtMHWRXWRYMLPNRXPRQRVW
]DYpVWGRVP URYDFtFKWDEXOHNH[SOLFLWQ WDNp~GDMHRFHVWiFKNHNRQNUpWQtP
KRVWLWHOVNPSRtWD$PQLNROLMHQGRFHOFKGtOtFKVtWt$NROL]DE QpKRSURYR]X
E\WDWRPRQRVWP ODEWY\XtYiQDVStHY\MtPHQ MHYHOPLXLWHQiSURVSUiYFH
VtWtSLODG QtDVSUiY VtW REHFQ =GHP$HEWNQH]DSODFHQtPRQRVWSHVP URYDW
WRNVOXHEQtFKGDWVP XMtFtFKNSUDFRYQtVWDQLFLVSUiYFHWDNDE\VHY\KQXO
SHWtHQpPXL]FHODQHSU$FKRGQpPXPtVWXNWHUpMH]GURMHPSUREOpP$
6P URYiQtY7&3,3VtWtFK,,,

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9PLQXOFKGYRXGtOHFKMVPHVH]DEYDOLNRQNUpWQtPSRVWXSHPKRVWLWHOVNFK
SRtWD$DEUDQ ,3VP URYD$ SLVP URYiQt,3GDWDJUDP$8Ni]DOLMVPHVL
MDNP]S$VREHPNWRPXREDGUXK\X]O$7&3,3VtWtY\XtYDMtVYpVP URYDFt
WDEXON\DQD]QDLOLMVPHVLWDNpHXGURYiQtVSUiYQpKRREVDKXVP URYDFtFK
WDEXOHNKRVWLWHOVNFKSRtWD$PDMtYODVWQ QDVWDURVWLEUiQ\'QHVVHML
GRVWDQHPHNWRPXMDNVLVYpVP URYDFtWDEXON\Y\WYitDXGUXMtVDPRWQp
EUiQ\
3tVWXSKRVWLWHOVNFKSRtWD$MH]DORHQQDP\OHQFHHGRNit~VS Q VP URYDW
GDWDJUDP\LYStSDG NG\PDMtNGLVSR]LFLMHQiVWHQRX]QDORVWQHMYKRGQ MtFKFHVW
YFHOpPNRQJORPHUiWXY]iMHPQ SURSRMHQFKVtWt LQWHUQHWX 7\GtOtVtW GRNWHUFK
MVRXYHVP URYDFtWDEXOFHH[SOLFLWQ GHILQRYiQ\FHVW\RGSRYtGDMtWpiVWLLQWHUQHWX
NWHURXYODVWQtNVP URYDFtWDEXON\]Qi=EYDMtFtiVWLQWHUQHWXMHSDNSURPDMLWHOH
VP URYDFtWDEXON\UHSUH]HQWRYiQDLPSOLFLWQt GHIDXOW EUiQRXUHVSLPSOLFLWQtFHVWRX
NWHUiSHVWXWREUiQXYHGH
+ODYQtYKRGRXVP URYiQtVY\XLWtPLPSOLFLWQtFKFHVWMH]QDQiUHGXNFHUR]VDKX
VP URYDFtFKWDEXOHNDVWtPVRXYLVHMtFtPHQtUHLHQDMHMLFKDNWXDOL]DFLDXGURYiQt
NRQ]LVWHQWQtKRVWDYX1HYKRGRXMHSDNSRWHQFLiOQtQHHIHNWLYLWDVP URYiQtFHVWD
YHGRXFtSHVLPSOLFLWQtEUiQXVDPR]HMP QHPXVtEWQHMNUDWt
$QLEUiQ\QHPXVt]QiWYHFKQR
3RGREQ MDNRYStSDG KRVWLWHOVNFKSRtWD$QHE\ORE\DQLYStSDG EUDQ~QRVQp
DE\NDGi]QLFK]QDODYG\FHOLQWHUQHWWHG\DE\MHMtVP URYDFtWDEXOND
REVDKRYDODH[SOLFLWQt~GDMRRSWLPiOQtFHVW GRNDGpMHGQRWOLYpGtOtVtW 7DNp]GHVH
WRWLEU]\XNi]DORHMLSURQHStOLYHONpVRXVWDY\Y]iMHPQ SURSRMHQFKVtWt
Y\FKi]t~SOQpVP URYDFtWDEXON\]QDQ UR]ViKOp-HMLFKUR]VDKE\YDNMHW QHE\O
WDNYHONPSUREOpPHPMDNPVHQiKOHVWiYiXGURYiQtY]iMHPQpNRQ]LVWHQFHD
SU$E QiDNWXDOL]DFHVP URYDFtFKWDEXOHNMHGQRWOLYFKEUDQ.WRPXMHWRWLQXWQ
SUDYLGHOQSHQRVYHOPLYHONpKRREMHPXGDWNWHUP$HEU]\]FHOD]DKOWLWGRVWXSQp
SHQRVRYpFHVW\
3URWRVHLYStSDG EUDQDSOLNRYDODVWHMQiP\OHQNDMDNRXKRVWLWHOVNFKSRtWD$
Y\EDYLWY WLQX]QLFKMHQiVWHQRX]QDORVWtQHMNUDWtFKFHVWGRYHFKPRQFK
FtORYFKVtWtDY\XtYDWLPSOLFLWQtVP URYiQt.RQNUpWQtUHDOL]DFHVHSDNY\YtMHODQD
]iNODG WRKRMDNVH7&3,3SURWRNRO\SURVD]RYDO\GRQRY Y]QLNDMtFtKR,QWHUQHWX
3RGtYHMPHVHSURWRMDNVHVLWXDFHY\YtMHOD]GH
1DSRiWNXE\O$53$1(7
9GRE NG\Y86$]DSRDO\SUYQtH[SHULPHQW\VHVtWt,QWHUQHWMHMt]iURGHQi
Vt" $53$1(7 MLH[LVWRYDODDE\ODYSURYR]X9$LSUiY Y]QLNDMtFtPX
,QWHUQHWXVHSDNWDWRUR]OHKOiVt"FKRYDODMDNRSiWHQtVt" EDFNERQH NHNWHUp
E\O\SRVWXSQ SLSRMRYiQ\MHGQRWOLYpORNiOQtVtW LFHOpVNXSLQ\ORNiOQtFKVtWt
YL]REU
3,2%5B7,)
2EU3HGVWDYDY]QLNX,QWHUQHWX
3RNXGVHMHGQDORMHQRMHGQXORNiOQtVt"E\ODWDWRQDSRMHQDQDSiWHQtVt"
SURVWHGQLFWYtPMHGLQpEUiQ\3RNXGORRYtFHORNiOQtFKVtWt QDStNODGR
VNXSLQXORNiOQtFKVtWtYUiPFLDUHiOXXQLYHU]LW\DSRG E\O\W\WRQDY]iMHP

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SURSRMHQ\GDOtPLEUiQDPLDOHQDSiWHQtVt"E\O\MDNRFHOHNSLSRMHQ\RS WMHQ
YMHGQRPERG UHVSSURVWHGQLFWYtPMHGLQpEUiQ\ YL]REUi]HN 7DWR
EUiQDSDNY$LRVWDWQtPY\VWXSRYDODMDNRLPSOLFLWQtEUiQDSHVNWHURXE\O
VP URYiQYHNHUSURYR]XUHQPLPRQRY SLSRMHQRXVNXSLQXGtOtFKVtWt
+ODYQt FRUH DYHGOHMt QRQFRUH EUiQ\
3LSRMRYiQtFHOFKVRXVWDYGtOtFKVtWtQDSiWHQtVt"YG\MHQSHVMHGQXEUiQX
GiYDORY]QLNQRXWVWUXNWXHYHNWHUpVHVYKRGRXXSODWQLORLPSOLFLWQt
VP URYiQtWHG\VP URYiQtVY\XLWtPLPSOLFLWQtFHVW\9HPEUiQiPYXULWp
VNXSLQ GtOtFKVtWtVWDLORNHIHNWLYQtPXVP URYiQt]QiWRSWLPiOQtFHVW\MHQY
UiPFLGDQpVNXSLQ\VtWtDYHNHURVWDWQtSURYR]VP URYDWSHVLPSOLFLWQtEUiQX
GRSiWHQtVtW 7\WREUiQ\WHG\PRKO\SUDFRYDWMHQViVWHQRX]QDORVWtFHOpKR
,QWHUQHWXFR]QDQ UHGXNRYDORUR]VDKMHMLFKVP URYDFtFKWDEXOHND
XPRRYDORWDNpXULWRXDXWRQRPLLSL]DML"RYiQt]P QYPtVWQtP
VP URYiQt1HHIHNWLYLWDY]QLNDMtFtYG$VOHGNXLPSOLFLWQtKRVP URYiQtVH]GH
Y]KOHGHPNHVNXWHQpWRSRORJLLQHPRKODXSODWQLW
3,2%5B7,)
2EU3HGVWDYDKODYQtFKDYHGOHMtFKEUDQSLSLSRMHQtVNXSLQ\GtOtFK
VtWt
3URW\EUiQ\NWHUpE\O\StPRSLSRMHQ\QDSiWHQtVt"YDNMLVWHMQi~YDKD
QHSODWLOD9UiPFLSiWHQtVtW  NWHUiP ODYHVNXWHQRVWLGRVWLVORLWRXYQLWQt
VWUXNWXUX E\SLLPSOLFLWQtPVP URYiQtMLGRFKi]HORNYUD]QP
QHHIHNWLYLWiP7Y$UFL,QWHUQHWXVHSURWRUR]KRGOLSRVN\WQRXWYHPEUiQiP
SLSRMHQPStPRQDSiWHQtVt"~SOQRX]QDORVWFHOpKR,QWHUQHWXDXPRQLW
MLPWDNY\XtYDWVNXWHQ RSWLPiOQtFKFHVWYUiPFLSiWHQtVtW .DGi]W FKWR
W]YKODYQtFKEUDQ FRUHJDWHZD\V WHG\]QDODRSWLPiOQtFHVWXGRYHFKGRVWXSQFK
FtORYFKVtWtYFHOpP,QWHUQHWX9HFKQ\KODYQtEUiQ\VLSDNQDY]iMHP
SUDYLGHOQ SHGiYDO\QH]E\WQpVP URYDFtLQIRUPDFHSRPRFtNWHUFKVL
DNWXDOL]RYDO\DY]iMHPQ NRRUGLQRYDO\VYpVP URYDFtWDEXON\7YRLO\WDN
XFHOHQV\VWpPNWHUPRKOIXQJRYDWGRVWDWHQ VSROHKOLY GtN\WRPXHYHFKQ\
KODYQtEUiQ\VSUDYRYDODMHGLQiFHQWUiOQtLQVWLWXFH ,QWHUQHW1HWZRUN2SHUDWLRQV
&HQWHU 
9HFKQ\RVWDWQtEUiQ\NWHUpQHE\O\StPRQDSRMHQ\QDSiWHQtVt" W]YYHGOHMt
EUiQ\QRQFRUHJDWHZD\V SDNMLVSDGDO\SOQ GRNRPSHWHQFHSURYR]RYDWHO$
MHGQRWOLYFKGtOtFKVtWtLVNXSLQGtOtFKVtWt7LWRSURYR]RYDWHOpYDNP OLMHW
MHGQXG$OHLWRXSRYLQQRVWV\VWpPXKODYQtFKEUDQPXVHOLYKRGQ ]YHHMQLW,3
DGUHV\YHFKVYFKGtOtFKVtWt'tN\Y]iMHPQpPXSHGiYiQtVP URYDFtFK
LQIRUPDFtVHSDNMLKODYQtEUiQ\GRNi]DO\VDP\SRG OLWR]QDORVWW FKWRGtOtFK
VtWtNWHUpVHWDN]iK\VWDO\GRVWXSQp]FHOpKRUR]ViKOpKR,QWHUQHWX
1LFQHY\GUtY Q
3UiY QD]QDHQpVFKpPDVHYDN]iK\XNi]DOREWQHSUDNWLFNpDWRKQHG]
Q NROLNDG$YRG$-HGQtP]QLFKE\OQHRHNiYDQ YHONU$VW,QWHUQHWX-HKR
S$YRGQtVWUXNWXUDVRXVWHG QiNROHPMHGLQpSiWHQtVtW VH]iK\VWDOD]QDQ
VORLWRXDVWHMQ WDNVH]QDQ QHWULYLiOQtPLVWDO\LPHFKDQLVP\XGURYiQt
VP URYDFtFKWDEXOHNKODYQtFKEUDQYHY]iMHPQ NRQ]LVWHQWQtPVWDYX7DNpUHLH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
W FKWRPHFKDQLVP$VHSLVWiOHURVWRXFtPSRWXKODYQtFKEUDQQH~P UQ
]Y\RYDOD.URP WRKRY]QLNO\SUREOpP\LVHVDPRWQPLKODYQtPLEUiQDPL
]GDOHNDQHYHFKQ\ORNDOLW\P O\PRQRVW]tGLWSURVYpSRWHE\KODYQtEUiQXD
SLSRMLWMLStPRQDSiWHQtVt"
6LWXDFHVLSRP UQ EU]\Y\QXWLODDGX]P QDOHRQLFKVLSRYtPHDStW 
6P URYiQtY7&3,3VtWtFK,9
9PLQXOpPGtOXMVPHGRVS OLNSHGVWDY WRKRH,QWHUQHWY]QLNDODSRVWXSQ VH
UR]LRYDOSLSRMRYiQtPMHGQRWOLYFKGtOtFKVtWtLFHOFKVNXSLQGtOtFKVtWt
StPRQD]iURGHQRXSiWHQtVt"9UiPFLW FKWRVNXSLQE\O\MHGQRWOLYpGtOtVtW
SURSRMHQ\W]YYHGOHMtPLEUiQDPL QRQFRUHJDWHZD\V ]DWtPFRQDSiWHQtVt"
E\ODFHOiVNXSLQDSLSRMHQDMHGLQRXW]YKODYQtEUiQRX FRUHJDWHZD\ 7DWR
KODYQtEUiQDSLWRPSUDYLGHOQ NRPXQLNRYDODVHYHPLRVWDWQtPLKODYQtPL
EUiQDPL,QWHUQHWXDY\P RYDODVLVQLPLSRWHEQpVP URYDFtLQIRUPDFH'tN\
WRPXPRKO\YHFKQ\KODYQtEUiQ\SUDFRYDWV~SOQRX]QDORVWtFHOpKR,QWHUQHWX
WM]QiWQHMNUDWtFHVWXGRNWHUpNROLGtOtVtW 1DSURWLWRPXYHGOHMt QRQFRUH
EUiQ\Y\VWDLO\MHQVH]QDORVWtVYpKREH]SURVWHGQtKRRNROt UHVSStVOXQp
VNXSLQ\VtWtVGtOHMtFtFKVWHMQRXKODYQtEUiQX DSURYHFKQ\RVWDWQtFtOH
SRXtYDO\LPSOLFLWQtVP URYiQtSHVKODYQtEUiQX
-LPLQXOHMVPHVLDOHWDNpHNOLHYHGOHMtEUiQ\VSDGDO\SOQ GRNRPSHWHQFH
SURYR]RYDWHO$StVOXQFKVNXSLQVtWtNWHUpW\WREUiQ\SURSRMRYDO\ ]DWtPFRYHFKQ\
KODYQtEUiQ\VSUDYRYDODMHGLQiFHQWUiOQtDXWRULWD 7LWRSURYR]RYDWHOpSDNP OL]D
~NROYKRGQ ]YHHMQLWLQIRUPDFHRGRVWXSQRVWLVYFKGtOtFKVtWtV\VWpPXKODYQtFK
EUDQNWHUVHRQ MLGRNi]DOViPSRG OLW2Wi]NRXRYHPE\ORMDNWRWR]YHHMQ Qt
]DMLVWLW
3RNXGE\ODSHVKODYQtEUiQXSLSRMHQDNSiWHQtVtWLMHQMHGLQiGtOtVt"E\ODVLWXDFH
WULYLiOQtDVW MLDOHE\O\NSiWHQtVtWLSLSRMRYiQ\Y WtFHON\FHOpVNXSLQ\GtOtFK
VtWtY]iMHPQ SURSRMHQFKYHGOHMtPLEUiQDPL=GHMLE\O]DSRWHEtYKRGQ
PHFKDQLVPXVNWHUE\NURP YODVWQtKRMHGQRUi]RYpKR]YHHMQ QtXPRQLOWDNp
QH]E\WQRXSU$E QRXDNWXDOL]DFLVP URYDFtFKLQIRUPDFtYHY]WDKXNKODYQtPEUiQiP
3UREOpPHPYDNQHE\ODDQLWDNWHFKQLFNiVWUiQNDY FLMDNRVStHVWUiQND
RUJDQL]DQtNWHUi]YHGOHMtFKEUDQPiSHGiYDWSRWHEQpVP URYDFtLQIRUPDFH
VRXVWDY KODYQtFKEUDQ"
.URP WRKR]GHE\OMHW MHGHQG$OHLWDVSHNW1RY SLSRMRYDQpVNXSLQ\Y]iMHPQ
SURSRMHQFKVtWtE\O\DVWRVDP\RVRE UR]ViKOpNRQJORPHUiW\NWHUpGtYHIXQJRYDO\
MDNRVDPRVWDWQpLQWHUQHW\ VPDOPL DP O\WHG\MLY\EXGRYiQ\D
LPSOHPHQWRYiQ\YODVWQtPHFKDQLVP\DSURVWHGN\t]HQtDVSUiY\-HMLFK
SURYR]RYDWHOpVLVDPR]HMP FKW OLLQDGiOHXGUHWNRQWUROXQDGVYPLVtW PLDOH
VRXDVQ VWtP]tVNDWWDNpYHFKQ\YKRG\SO\QRXFt]StPpKRQDSRMHQtQD,QWHUQHW
HHQtPSDNE\ORSLMHWtNRQFHSFHW]YDXWRQRPQtFKV\VWpP$ DXWRQRPRXV
V\VWHPV -HMLFKP\OHQNDMHYHOPLMHGQRXFKiY]iMHPQ SURSRMHQpVtW NWHUpVSDGDMt
SRGVSROHQRXVSUiYXEXGRXWYRLWMHGLQDXWRQRPQtV\VWpP]DNWHUEXGHSOQ
RGSRYtGDWMHKRSURYR]RYDWHO6RXDVQ VWtPYDNEXGHH[LVWRYDWMHGQRWQ]S$VRE
Y]iMHPQpKRSHGiYiQtVP URYDFtFKLQIRUPDFtPH]LMHGQRWOLYPLDXWRQRPQtPL
V\VWpP\NWHUEXGRXYLFKQLSRYLQQLGRGURYDW-LQPLVORY\YUiPFLVYpKR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
YODVWQtKRV\VWpPXPiNDGPRQRVW]DMLVWLWVLSHQRVDDNWXDOL]DFLVP URYDFtFK
~GDM$SRGOHVYpKRDOHQDYHQHNPXVtYLFKQLSRVWXSRYDWMHGQRWQ 
$E\WRWRHHQtE\ORG$VOHGQpVWDODVHDXWRQRPQtPV\VWpPHPWDNpS$YRGQtSiWHQt
Vt"UHVSFHOiVRXVWDYDKODYQtFKEUDQ7tPVHFHOiVWUXNWXUD,QWHUQHWXORJLFN\
]MHGQRGXLODQDMHGLQVWURPMHKRNRHQHPMHSUiY DXWRQRPQtV\VWpPWYRHQ
VRXVWDYRXKODYQtFKEUDQYL]REUi]HNVURYQHMVREUD
3,2%5B7,)
2EU3HGVWDYDDXWRQRPQtFKV\VWpP$
3URY]iMHPQRXNRPXQLNDFLPH]LDXWRQRPQtPLV\VWpP\SDNE\OQDYUHQSRWHEQ
SURWRNRO(*3 ([WHULRU*DWHZD\3URWRFRO 7HQY\FKi]t]SHGVWDY\HYUiPFL
NDGpKRDXWRQRPQtKRV\VWpPXMHMHGQDEUiQDSRY HQDSHGiYiQtPVP URYDFtFK
LQIRUPDFtQDYHQHN7DWREUiQDMHMtYE UMHSOQ YPRFLVSUiYFHStVOXQpKR
DXWRQRPQtKRV\VWpPXMHSDNR]QDRYiQDMDNRH[WHUQtEUiQD H[WHULRUJDWHZD\ 
3URVWHGQLFWYtPSURWRNROX(*3SDNWDWREUiQDNRPXQLNXMHVH[WHUQtPLEUiQDPLMLQFK
DXWRQRPQtFKV\VWpP$YL]REUi]HN
3,2%5B7,)
2EU3$VREQRVWSURWRNRO$(*3D,*3
3URWRNRO(*3XPRXMHDE\VHMHGHQDXWRQRPQtV\VWpPQHMSUYHGRKRGOVMLQPH
VLVP URYDFtLQIRUPDFHY$EHFEXGRXY\P RYDW QHERVLMHWDNpPRKRXRGPtWQRXW
SHGiYDW 'iOHXPRXMHDE\MHGQRWOLYpDXWRQRPQtV\VWpP\SUDYLGHOQ WHVWRYDO\
GRVWXSQRVWGUXKFKDXWRQRPQtFKV\VWpP$ WMWHVWRYDO\]GDVSRMHQtVQLPLMH
SU$FKRGQp +ODYQtP~NROHPSURWRNROX(*3YDNMHSUDYLGHOQSHQRVVP URYDFt
~GDM$DLQIRUPDFtRSU$E QFK]P QiFK
3URWRNRO(*3MHWHG\SURVWHGNHPSRPRFtNWHUpKRP$HDXWRQRPQtV\VWpP
LQIRUPRYDWMLQpDXWRQRPQtV\VWpP\RGRVWXSQRVWLGtOtFKVtWtYUiPFLYODVWQtKR
DXWRQRPQtKRV\VWpPXDQDRSDN]tVNiYDWLQIRUPDFHRFHVWiFKGRGtOtFKVtWtYMLQFK
DXWRQRPQtFKV\VWpPHFK9,QWHUQHWXDOHY]KOHGHPNMHKRNRQNUpWQtVWURPRYLWp
WRSRORJLLVWDtNG\MHGQRWOLYpDXWRQRPQtV\VWpP\SHGiYDMtSRWHEQpVP URYDFt
LQIRUPDFHVRXVWDY KODYQtFKEUDQ NWHUiMHVDPDRVRE DXWRQRPQtPV\VWpPHP 
.DGDXWRQRPQtV\VWpPYDNVPt]YHHMRYDW~GDMHRGRVWXSQRVWLSRX]HSURW\GtOt
VtW NWHUpVSDGDMtSRGMHKRVSUiYXWHG\MHQSURGtOtVtW YUiPFLYODVWQtKR
DXWRQRPQtKRV\VWpPX1HVPtIXQJRYDWMDNRSURVWHGQtNNWHUE\ViP]YHHMRYDO
~GDMH]tVNDQpRGMLQpKRDXWRQRPQtKRV\VWpPX
-HGQRX]H]DMtPDYFKYODVWQRVWtSURWRNROX(*3MHVNXWHQRVWHVLFHSHQit~GDMHR
GpONiFKFHVWGRMHGQRWOLYFKGtOtFKVtWtDOHSDNMHMLQHSRXtYi9G$VOHGNXWRKR
YODVWQ SUDFXMHMHQLQIRUPDFLRWRP]GDFHVWDGRStVOXQpGtOtVtW H[LVWXMHLQLNROL
7RPi]DMtPDYG$VOHGHNNG\E\GRQ NWHUpGtOtVtW H[LVWRYDORYtFHPRQFKFHVW
StVOXQpEUiQ\E\QHP O\SRGOHHKRPH]LQLPLY\EtUDW3URWRMVRXSLY]iMHPQpP
SURSRMRYiQtDXWRQRPQtFKV\VWpP$]DNi]iQ\WDNRYpWRSRORJLHNWHUpE\SLSRXW O\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
YtFHPRQFKFHVWGRVWHMQFKFtORYFKVtWt3URWRNRO(*3WHG\SRtWiSRX]HVH
VWURPRYLWRXVWUXNWXUXFRDOHYStSDG ,QWHUQHWXSOQ SRVWDXMH
3RNXGMGHRSHQRVVP URYDFtFKLQIRUPDFtYUiPFLMHGQRWOLYFKDXWRQRPQtFK
V\VWpP$]GHPDMtMHMLFKSURYR]RYDWHOpPRQRVWYODVWQtKRYE UX0H]LPRQRVWL
NWHUpVHMLPQDEt]tSDWtWDNpVDPRWQSURWRNRO(*3NWHUO]HSRXtYDWLXYQLW
DXWRQRPQtFKV\VWpP$ SRYLQQMHSRX]HYQ PH]LDXWRQRPQtPLV\VWpP\ 'DOt
GRVWLUR]tHQRXPRQRVWtMHSURWRNRO5,3 5RXWLQJ,QIRUPDWLRQ3URWRFRO 
SURVWHGQLFWYtPNWHUpKRVLMHGQRWOLYpYQLWQtEUiQ\DXWRQRPQtKRV\VWpPXSHGiYDMt
~GDMHRWRPGRNWHUFKFtORYFKVtWtYHGH]NWHUpEUiQ\FHVWDDMDNMHGORXKi P HQR
YSRWXPH]LOHKOFKVtWt .DGi]EUDQVLSDNQD]iNODG W FKWR~GDM$VDPD
GRSRtWiYiQHMNUDWtFHVW\GRYHFKGRVWXSQFKGtOtFKVtWt]S$VREHPNWHUMVPHVL
QD]QDLOLMLYGtOXQDHKRVHULiOX1DSRGREQpPSULQFLSXMH]DORHQDOWHUQDWLYQt
SURWRNRO+HOORNWHUYDNP tGpON\MHGQRWOLYFKFHVWQLNROLYSRWXPH]LOHKOFK
VtWtDOHYGpOFH]SRG QtSLSHQRVXSRWpWRFHVW 6SROHQRXQHYKRGRXW FKWR
DOJRULWP$NWHUpSUDFXMtVGpONRXFHVW DMVRXSURWRR]QDRYiQ\MDNRYHFWRUGLVWDQFH
DOJRULWKPV MHMHMLFKYHONiUHLHNWHUiQDYtFSL]Y WRYiQtSRWXEUDQYHOPLU\FKOH
URVWH=WRKRWRSRKOHGXMVRXSDNYKRGQ MtDOJRULWP\R]QDRYDQpVSROHQ MDNR
OLQNVWDWHL63) 6KRUWHVW3DWK)LUVW DOJRULWP\7\SHGSRNOiGDMtHNDGiEUiQD
]QiWRSRORJLLFHOpKRNRQJORPHUiWXY]iMHPQ SURSRMHQFKVtWtDSUDYLGHOQ WHVWXMH
SU$FKRGQRVWSHQRVRYFKFHVWNHVYPEH]SURVWHGQtPVRXVHG$P'YRXKRGQRWRYp
LQIRUPDFHRWpWRGRVWXSQRVWLSDNUR]HVtOiYHPRVWDWQtPEUiQiPNWHUpVLQDMHMLFK
]iNODG SRGOHW]Y'LMNVWURYDDOJRULWPXVDP\Y\KRGQRFXMtQHMNUDWtFHVW\GRYHFK
GtOtFKVtWt9HVURYQiQtVSHGFKR]tVNXSLQRXY\ND]XMtW\WRDOJRULWP\YUD]Q QLt
UHLLNWHUiSL]Y WRYiQtSRWXEUDQQDYtFQHURVWHWDNU\FKOH
=DMtPDYMH]WRKRWRSRKOHGXWDNp]S$VREMDNPVLSRWHEQpVP URYDFtLQIRUPDFH
Y\P RYDODVRXVWDYDKODYQtFKEUDQQ\QtWYRtFtMHGHQDXWRQRPQtV\VWpP3$YRGQ
W\WRKODYQtEUiQ\SRXtYDO\SURWRNRO**3 *DWHZD\WR*DWHZD\3URWRFRO NWHU
SDWtGRVWHMQpVNXSLQ\MDNRSURWRNRO\5,3D+HOORWHG\PH]LSURWRNRO\SHQiHMtFt
~GDMHRGpOFHMHGQRWOLYFKFHVW YStSDG SURWRNROX**3P HQpYSRWX
SHVWXSQtFKEUDQ 9]KOHGHPNYHONpUHLL YL]]iY UPLQXOpKRGtOX YDNE\OWHQWR
SURWRNROQDKUD]HQSURWRNROHP635($' SDWtFtPH]LSURWRNRO\63) QDNWHU
VRXVWDYDKODYQtFKEUDQSHODYURFH
9HFKQ\SURWRNRO\SRXtYDQpSURSHQRVVP URYDFtFKLQIRUPDFtPH]LMHGQRWOLYPL
EUiQDPLXYQLWDXWRQRPQtFKV\VWpP$VHVRXKUQQ R]QDXMtMDNRSURWRNRO\,*3
,QWHULRU*DWHZD\3URWRFRO YL]WpREUi]HN

6P URYiQtY7&3,3VtWtFK9
9PLQXOFKGtOHFKQDHKRVHULiOXMVPHVHSRGUREQ ML]DEYDOLRWi]NRX
VP URYiQtY7&3,3VtWtFK.RQNUpWQtPHFKDQLVP\NWHUpMVPHVLYWpWR
VRXYLVORVWLSRSLVRYDOLYDNY\FKi]HO\]XULWpVWUDWHJLHSURSLG ORYiQt,3DGUHV
NWHURXMVPHVLXNi]DOLMLYHGtOX7DWRVWUDWHJLHVHDOHVYYRMHP,QWHUQHWX
WDNpSRVWXSQ Y\YtMHODDWDNPXVHORQXWQ GRMtWNXULWPPRGLILNDFtPLYH
]S$VREXVP URYiQt
2]P Q VWUDWHJLHSLSLG ORYiQt,3DGUHVMVPHVHML]PtQLOLYHGtOXNGHMVPHVL
R,3DGUHViFKSRYtGDOLSRGUREQ ML3LSRPHPHVLSURWRYHPW\WR]P Q\VSRtYDMt
DKODYQ tPMVRXPRWLYRYiQ\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3$YRGQt]iP UE\OWDNRYDE\NDGiGtOtVt"P ODYODVWQtVDPRVWDWQRXVt"RYRX
DGUHVX$E\WRE\ORPRQpYSURVWHGtNGHVHGtOtVtW PRKRXYHOPLYUD]Q OLLWFR
GRSRWXVYFKNRQFRYFKX]O$ KRVWLWHOVNFKSRtWD$KRVWV ]DYHGO\VHWLU$]Qp
IRUPiW\,3DGUHVDGUHV\WtG\$%D& YL]GtO $GUHV\WtG\$E\O\XUHQ\SUR
VtW VYHOPLYHONPSRWHPKRVWLWHOVNFKSRtWD$DGUHV\WtG\%SURVWHGQ YHONp
VtW DDGUHV\WtG\&SURVtW VPD[LPiOQ KRVWLWHOVNPLSRtWDL'OXQRRYHP
SRGRWNQRXWHWDWRVWUDWHJLHY]QLNODMHW YGRE NG\VY WXYOiGO\YHONpVWHGLVNRYp
SRtWDHDPLQLSRtWDH]DWtPFRpUDRVREQtFKSRtWD$DPDOFKORNiOQtFKVtWtP OD
QDVWDWSLEOLQ RGHVHWOHWSR]G ML

7DNRYU$VWQHHNDOL
7Y$UFLVt"RYpKRPRGHOX7&3,3MLVW SHGSRNOiGDOLQiU$VWYQDVD]HQtYSRHWQt
WHFKQLN\DOHVtPMLSRtWDOLPpQ MHVNXWHQRVWHWHQWRQiU$VWEXGHWDNSUXGND
HVHEXGHXEtUDWFHVWRXPDOFKSRtWD$DYHONpKRPQRVWYtUHODWLYQ PDOFK
ORNiOQtFKVtWt=DWtPFR]iVRED,3DGUHVWtG\&MHW ]GDOHNDY\HUSiQDQHQt~]NP
PtVWHPVHXNi]DODEWMHGQDNDJHQGDVSRMHQiVSLG ORYiQtP,3DGUHVDSHGHYtP
UR]VDKVP URYDFtFKWDEXOHNVQtPSDNVRXYLVtLY\VRNiUHLHQDXGURYiQtMHMLFK
SU$E QpNRQ]LVWHQFH
-DNMVPHVLMLQ NROLNUiWXNi]DOLVQDtVH7&3,3SURWRNRO\PLQLPDOL]RYDWUR]VDK
VP URYDFtFKWDEXOHNDUHLLQDMHMLFKDNWXDOL]DFLGY PD]S$VRE\VP URYiQtPMHQQD
]iNODG DGUHV\GtOtVtW DSRXtYiQtPLPSOLFLWQtKRVP URYiQt UHVSLPSOLFLWQtFK
FHVW YW]YYHGOHMtFKEUiQiFK QRQFRUHJDWHZD\V $QLWRYDNQHVWDtDWDNVH
XNi]DORMDNRQH]E\WQpXVLORYDWRUHGXNFLSRWXU$]QFK,3DGUHVFHOFKVtWt-LQPL
VORY\XVLORYDWRWRPDE\YtFHGtOtFKVtWtP ORSLG OHQXDVGtOHORVWHMQRXVt"RYRX
DGUHVX SHVQ MLWXiVW,3DGUHV\NWHUiSHGVWDYXMHDGUHVXVtW DYHVP URYDFtFK
WDEXONiFKWDN]DEtUDORMHQMHGQXSRORNX3LORVHVDPR]HMP QDYtFHPRQRVWtMDN
WRKRGRViKQRXWWRXQHMHIHNWLYQ MtVHXNi]DODEWWHFKQLNDW]YSRGVtWt VXEQHWV 
NWHURXMVPHVLQD]QDLOLMLYHGtOXQDHKRVHULiOXDNWHUiMHGQHVMLSRYLQQRX
VRXiVWt7&3,3SURWRNRO$=RSDNXMPHVLSURWRMHMt]iNODGQtP\OHQNX

3RGVtW DMHMLFKDGUHV\
8ULWiVNXSLQDGtOtFKVtWtNWHUpE\EH]SRXLWtWHFKQLN\SRGVtWtP O\VDPRVWDWQp
DGUHV\PiQDRSDNMHGQXVSROHQRXDGUHVXDY$LVYpPXRNROtY\VWXSXMHMDNRMHGLQ
FHOHNWMMDNRMHGLQiGtOtVt" YL]REU 
3,2%5B7,)
2EU3HGVWDYDSRGVtWt
9UiPFLStVOXQpVNXSLQ\VtWtMHDOHMHMLFKVSROHQi,3DGUHVDGiOHOHQ QDSHVQ ML
WDMHMtiVWNWHUiQDYHQHNSHGVWDYXMHtVOR DGUHVX KRVWLWHOVNpKRSRtWDHVHQ\Qt
UR]SDGiQDGY iVWLtVOR DGUHVX GtOtVtW UHVSW]YSRGVtW  VXEQHW YUiPFL
VNXSLQ\DQDtVOR DGUHVX KRVWLWHOVNpKRSRtWDHYUiPFLWpWRSRGVtW YL]REUi]HN

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2WRPMDNNRQNUpWQ PiEW,3DGUHVDWDNWROHQ QDUR]KRGXMHW]YPDVND
SRGVtW  VXEQHWPDVN 
3RGVWDWQiMHSLWRPVNXWHQRVWHWDWRPDVNDQHPiiGQSRYLQQWYDU9ROtVH
VDPRVWDWQ SURNDGRXMHGQRWOLYRXSRGVt"FRSDNDOH]QDPHQiHLYUiPFLMHGQp
VNXSLQ\SRGVtWtPRKRXEWSRXtYiQ\U$]QpPDVN\3tVOXQVWDQGDUGWRVLFH
XPRXMHDOHQHGRSRUXXMHQHER"WDNPRKRXVQDGQRY]QLNDWQHMHGQR]QDQRVWLY,3
DGUHViFK2EY\NOHVHWHG\VHWNiPHVStHVWtPHYUiPFLMHGQpVNXSLQ\SRGVtWtMH
SRXtYiQDVWHMQiPDVND
3,2%5B7,)
2EU0DVNDSRGVtW DMHMtY]QDP

6P URYiQtYStSDG SRGVtWt
-DNPLOHMHDOHSRXtYiQDWHFKQLNDSRGVtWtMHQXWQpSRQ NXGXSUDYLWNRQNUpWQt
DOJRULWPXVVP URYiQtNWHUMVPHVLSRSVDOLYGtOXQDHKRVHULiOX'RSRVXGMVPH
WRWLSHGSRNOiGDOLHYHVP URYDFtFKWDEXONiFKMVRXGYRMLFHFtORYiVt"EUiQD
SRSLVXMtFtMHGQRWOLYpGtOtVtW DHDOJRULWPXVVP URYiQtYQLFKKOHGiQD]iNODG
DGUHV\FtORYpVtW YStVOXQpPGDWDJUDPX1\QtMHDOH]DSRWHEtDE\YHVP URYDFtFK
WDEXONiFKE\O\WURMLFHPDVNDSRGVtW FtORYiVt"EUiQDSRSLVXMtFtLMHGQRWOLYp
SRGVtW DPRGLILNRYDQDOJRULWPXVVP URYiQtPXVtYWDNRYFKWRWDEXONiFKKOHGDW
RS WSRGOHDGUHV\FtORYpVtW VWHQWRNUiWQDYtFVXYiHQtPNRQNUpWQtPDVN\SRGVtW
SURNDGRXMHGQRWOLYRXSRORNX]YOi"
7HQWRPRGLILNRYDQDOJRULWPXVPiMHGQXYKRGXGRNiH]REHFQLWLRE VLQJXODULW\
NWHUpVHY\VN\WXMtXS$YRGQtKRDOJRULWPX YL]RS WGtO DWRVP URYiQtQD]iNODG
DGUHVMHGQRWOLYFKKRVWLWHOVNFKSRtWD$DSRXLWtLPSOLFLWQtFKFHVW9SUYQtP
StSDG VWDtYROLWWDNRYRXPDVNXGtN\NWHUpEXGHMDNRDGUHVDVtW LQWHUSUHWRYiQDFHOi
,3DGUHVDStVOXQpKRKRVWLWHOVNpKRSRtWDH ]DWtPFRiVWSHGVWDYXMtFttVOR
KRVWLWHOVNpKRSRtWDHEXGHSUi]GQi 9StSDG LPSOLFLWQtFKFHVWSDNVWDtSRXtW
RSDQH[WUpPPDVNXNWHUi]FHOD]DPDVNXMHDGUHVXVtW 
2Wi]NRXRYHPMHNGRPiWDNWRPRGLILNRYDQDOJRULWPXVVP URYiQtSRXtYDW.G\E\
MHMWRWLPXVHO\SRXtYDWYHFKQ\EUiQ\]FHODE\VHWtPQHJRYDOYVOHGQHIHNW
SRXLWtWHFKQLN\SRGVtWtVSRtYDMtFtYGDOtUHGXNFLVP URYDFtFKWDEXOHN
0RGLILNRYDQDOJRULWPXVVP URYiQtPXVtYNDGpPStSDG SRXtYDWYHFKQ\EUiQ\D
KRVWLWHOVNpSRtWDHYMHGQRWOLYFKSRGVtWtFK3RNXGMGHRRVWDWQtEUiQ\DKRVWLWHOVNp
SRtWDH]GHSODWtMHGQRGXFKpWHRUHWLFNpSUDYLGORPRGLILNRYDQDOJRULWPXV
VP URYiQtMHWHEDSRXtWWDPRGNXGPRKRXYpVWU$]QpRSWLPiOQtFHVW\GRU$]QFK
SRGVtWtVHVWHMQRXVt"RYRXDGUHVRX
7RWRSUDYLGORO]HMHGQRGXHDSOLNRYDWYStSDG HGRFHOpVNXSLQ\SRGVtWtVHVWHMQRX
DGUHVRXYHGHMHQMHGLQYVWXSQtERG MDNRQDStNODGQDREUi]NX 9RVWDWQtFK
StSDGHFKMHVLWXDFHPQRKHPNRPSOLNRYDQ Mt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3UR[\$53
-DNMVPHVLMLQD]QDLOLYHWHFKQLNDSRGVtWt VXEQHWWLQJ QHQtMHGLQP]S$VREHP
MDNP$HYtFHGtOtFKVtWtVGtOHWWXWpDGUHVX'DOtPRQRVWtMHPHFKDQLVPXV
R]QDRYDQMDNRSUR[\$53LSURPLVFXRXV$53QHERWDNp$53KDFN7HQMH
RYHPSRXLWHOQMHQWDPNGHMHY\XtYiQSURWRNRO$53SURWUDQVIRUPDFL,3DGUHVQD
DGUHV\I\]LFNp WMQDStNODGYORNiOQtFKVtWtFKW\SX(WKHUQHWYL]GtOVHULiOX 
0\OHQNDSUR[\$53MH]DORHQiQDMHGQRGXFKpPWULNXNWHULOXVWUXMHREUi]HN
3,2%5B7,)
2EU3HGVWDYD3UR[\$53
DSLUHDNFLQDiGRVWRI\]LFNRXDGUHVX
ESLYODVWQtPSHQRVXGDW
EUiQD*VHVQDtSHGVWtUDWVtWL$HMHWtPKRVWLWHOVNPSRtWDHP YVtWL% VH
NWHUPFKFHSUiY NRPXQLNRYDWQ NWHU]X]O$VtW $' OiWRWDNHNG\NROLMH
SRPRFtSURWRNROX$53Y\VOiQYVtWL$GRWD]QDI\]LFNRXDGUHVXQ NWHUpKR
KRVWLWHOVNpKRSRtWDHYVtWL%EUiQD*QDWHQWRGRWD]RGSRYtDYUiWtVYRXI\]LFNRX
DGUHVX9HFKQ\GDWDJUDP\XUHQpStVOXQpPXSRtWDLMVRXSDNSRVtOiQ\QDWXWR
I\]LFNRXDGUHVXWHG\YHVNXWHQRVWLEUiQ *NWHUpMHSDNSURVWHGQLFWYtPVtW %GiOH
SHGiYiMHMLFKNRQHQpPXDGUHViWRYL9VOHGQHIHNWMHWHG\WDNRYMDNRNG\E\Vt"%
VSOYDODVHVtWt$DP ODVQtWXGtVWHMQRXVt"RYRXDGUHVX
3UREOpPMHRYHPYRPH]HQpSRXLWHOQRVWL MHQWDPNGHMHSRXtYiQSURWRNRO$53 
DGiOHWDNpYWRPHQ NWHUpLPSOHPHQWDFHSURWRNROX$53VHVQDtGHWHNRYDWDKOiVLW
VSUiYFLVtW W]YVSRRILQJMDNVHR]QDXMHVLWXDFHNG\MHGQR]Dt]HQtSHGVWtUiHMH
MLQP]Dt]HQtP QDStNODGSURWRDE\PRKORQHRSUiYQ Q RGSRVORXFKiYDW
SHQiHQiGDWD 

-PpQDY7&3,3VtWtFK,
9PLQXOFKGtOHFKQDHKRVHULiOXMVPHVLXNi]DOLHYVtWtFKQDEi]LSURWRNRO$
7&3,3 DVDPR]HMP WDNpY,QWHUQHWX VHSRXtYDMtMHGQRWQp,3DGUHV\
tVHOQpKRFKDUDNWHUXDHWDNpYHNHUpVP URYiQtMH]DORHQRSUiY QDW FKWR
DGUHViFK-DNNROLMVRXDOHW\WRtVHOQpDGUHV\YKRGQpSURStVOXQVt"RY
VRIWZDUHSURXLYDWHOHStOLYVWLQpQHMVRX/LGpUDG MLSUDFXMtVHVQi]H
]DSDPDWRYDWHOQPLV\PEROLFNPLMPpQ\QDStNODGDYLLRQPIIFXQLFVQHV
PiORPQHPRQLFNPLtVHOQPLDGUHVDPLW\SX-DNMHWRDOHVPRQRVWt
SRXtYDWWDNRYiWRV\PEROLFNiMPpQDY7&3,3VtWtFK"
=DP\VOHPHVHQHMSUYH]QRYXQDGWtPFRMHYODVWQ ,3DGUHVD9HGtOXMVPH
GRVS OLNWRPXH,3DGUHVDMHGYRXVORNRYiDHMHMtGY VORN\UHSUH]HQWXMtMHGQDN
DGUHVXGtOtVtW MHGQDNDGUHVXKRVWLWHOVNpKRSRtWDH UHVSEUiQ\ YWpWRGtOtVtWL
+RVWLWHOVNpSRtWDHYDNPRKRXEWStPRSLSRMHQ\LGRGYRXLYtFHGtOtFKVtWt
SDNMVRXYDQJOLWLQ R]QDRYiQ\MDNRPXOWLKRPHGKRVWV DEUiQ\GRNRQFHPXVt
EWWDNWRSLSRMHQ\QHMPpQ GRGYRXVtWtPDMtOLY$EHFIXQJRYDWMDNREUiQ\3DN
RYHPPDMtWDNpGY LYtFHU$]QFK,3DGUHV'RP\VOtPHOLWXWRVNXWHQRVWGR
G$VOHGNXMHSHVQ MtFKiSDW,3DGUHVXQLNROLMDNRDGUHVXSRtWDHUHVSEUiQ\MDNR
WDNRYpDOHMDNRUR]KUDQtPH]LVtWtDKRVWLWHOVNPSRtWDHPUHVSEUiQRX1DYtF
GRMGHOLNSHPtVW QtSRtWDHLEUiQ\MHMLFK,3DGUHV\VH]P Qt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-PpQDYV,3DGUHV\
6\PEROLFNiMPpQDEUDQDKRVWLWHOVNFKSRtWD$NWHUiVNXWHQ O]HY7&3,3VtWtFK
SRXtYDWYDNQHMVRXSHVQPV\PEROLFNPHNYLYDOHQWHPtVHOQFK,3DGUHV-PpQD
VHY]WDKXMtNSRtWD$PUHVSEUiQiPMDNRWDNRYPDQLNROLNMHMLFKUR]KUDQtP-HGHQ
KRVWLWHOVNSRtWDWHG\P$HPtWMHGLQpMPpQRDOHVRXDVQ YtFH,3DGUHV MHRYHP
WDNpPRQpDE\P OMPHQQ NROLN 'RMGHOLNSLWRPNSHPtVW QtSRtWDHMHKR
MPpQR LMPpQD VHP QLWQHPXVt ]DWtPFRMHKR,3DGUHVDUHVSDGUHV\DQR 
2Wi]NRXRYHPMHMDNWYDUE\P ODV\PEROLFNiMPpQDPtWNGRMHRSUiYQ QMH
SLG ORYDWDMDN]W FKWRMPHQ]tVNiYDWMLPRGSRYtGDMtFt,3DGUHV\NWHUpMVRXSRWHED
SURYODVWQtNRPXQLNDFL
)ODWQDPHVSDFH
-HOLWHEDSLG OLWV\PEROLFNiMPpQDUHODWLYQ PDOpPXSRWXKRVWLWHOVNFKSRtWD$D
EUDQMHYHMHGQRGXFKpVWDtY\P\VOHWGRVWDWHQSRHWQDY]iMHPU$]QFKMPHQD
W\MHGQRWOLYPSRtWD$PDEUiQiPSLG OLW1DV\QWDNWLFNWYDUW FKWRMPHQSLWRP
QHQtWHEDNOiVWQ MDNp]YOiWQtSRDGDYN\VDPR]HMP NURP MHMLFKMHGQR]QDQRVWL
DQHQtDQLQXWQpWDWRMPpQDMDNNROLVWUXNWXURYDWLOHQLWQDiVWL9HFKQDWDNRYiWR
V\PEROLFNiMPpQDMVRXSDNSRYDRYiQD]DGiOHQHG OLWHOQi YDQJOLWLQ VHtNiH
WYRtIODWQDPHVSDFHGRVORYDSORFKSURVWRUMPHQ 8GUHWWDNRYWRV\VWpPGiOH
QHG OLWHOQFKMPHQYNRQ]LVWHQWQtPVWDYXYDNY\DGXMHH[LVWHQFLFHQWUiOQtDXWRULW\
NWHUiEXGHGEiWQDStSXVWQRVWQRY SLG ORYDQFKMPHQKODYQ SRGOHWRKRMHVWOL
QHNROLGXMtVQ NWHUPMLSLG OHQPMPpQHP6H]Y\RYiQtPSRWXSLG ORYDQFK
V\PEROLFNFKMPHQYDN]DQHQDU$VWDWDGPLQLVWUDWLYQtLWHFKQLFNi]iW WpWRFHQWUiOQt
LQVWLWXFHDSUREOHPDWLFNpVHVWiYiLKOHGiQtQRYFKGRVXGQHSRXLWFKV\PEROLFNFK
MPHQ9WDNRYFKNRORVHFKMDNRMH,QWHUQHWVHSUiY QD]QDHQpHHQtVWDORYHOPL
EU]\QH~QRVQp
+LHUDUFKLFNiMPpQD
-HDOHY$EHFPRQpREHMtWVHEH]FHQWUiOQtLQVWLWXFHNWHUiE\GEDODQDNRQ]LVWHQWQRVW
FHOpKRV\VWpPXV\PEROLFNFKMPHQ"2GSRY MHNODGQiDVSRtYiYWRPHSUiYR
SLG ORYDWQRYiMPpQDEXGHGHFHQWUDOL]RYiQRDVQtPLVRXYLVHMtFtRGSRY GQRVW]D
MHMLFKMHGQR]QDQRVW
=S$VREWpWRGHFHQWUDOL]DFHE\OLQVSLURYiQYHONPLRUJDQL]DFHPLNWHUpMVRX
KLHUDUFKLFN\OHQ Q\QDU$]QpRUJDQL]DQtVORN\DYHNWHUFKY\tVORN\GHOHJXMt
Q NWHUpSUDYRPRFLVORNiPQLtP3RGREQ MVRXQDYtFHVORHNOHQ QDLV\PEROLFNi
MPpQDDW\WRMHMLFKVORN\MVRXKLHUDUFKLFN\XVSRiGiQ\RGQHMY\tDSRQHMQLt
=DQHMY\tVORNXVWiOH]RGSRYtGiMHGLQiFHQWUiOQtDXWRULWDDOH]DVORN\QLt~URYQ
MLPRKRXRGSRYtGDWMLQpVXEMHNW\NWHUPFHQWUiOQtDXWRULWDGHOHJXMHStVOXQRX
SUDYRPRF
8NDPHVLWRQDK\SRWHWLFNpPStNODGXVtW SURSRMXMtFtY\VRNpNRO\Y3UD]HDQD
StNODGXMPHQRWHFKVORNiFKNWHUpY\MDGXMtY\VRNRXNROXMDNRWDNRYRXIDNXOWXY
UiPFLWpWRY\VRNpNRO\DMPpQRStVOXQpKRSRtWDHQDWpWRIDNXOW $GUHV\WRKRWR
W\SXE\PRKO\Y\SDGDWQDStNODGWDNWR
DYLLRQPIIFXQL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SRtWDVHMPpQHPDYLLRQQD0DWHPDWLFNRI\]LNiOQtIDNXOW  PII 8QLYHU]LW\.DUORY\
FXQL QHER
YD[IHOFYXW
WMSRtWDVHMPpQHPYD[QD(OHNWURWHFKQLFNpIDNXOW SUDVNpKR987 
FS
-HGQRWOLYpVORN\W FKWRKLHUDUFKLFNFKMPHQMVRXSLWRP]DSLVRYiQ\WDNHVORND
QHMY\t~URYQ MHQHMYtFHYSUDYRDMHGQRWOLYpVORN\MVRXRGG ORYiQ\WHNDPL
3URWHQWRQiPL]YROHQStNODGE\VWiOHMHW PXVHODH[LVWRYDWFHQWUiOQtDXWRULWDNWHUi
E\YDNRGSRYtGDODMHQ]DMPpQDUHVSVORN\QHMY\t~URYQ Y\MDGXMtFtMPpQD
MHGQRWOLYFKY\VRNFKNRO WMFYXWFXQLDWG .DGiQRYiY\VRNiNRODNWHUiE\VH
FKW OD]DSRMLWGRWRKRWRV\VWpPXMPHQE\VHPXVHODREUiWLWQDWXWRFHQWUiOQtDXWRULWX
SURSLG OHQtQRYpKRMPpQD UHVSMHKRQHMY\tVORN\ &HQWUiOQtDXWRULWDSDN
SLG OHQtPNDGpKRQRYpKRMPpQDQHMY\t~URYQ YODVWQ Y\WYitVDPRVWDWQSURVWRU
V\PEROLFNFKMPHQNWHUpPXVHREY\NOHtNiGRPpQD YQDHPStSDG MGHQDSR
GRPpQ\FYXWFXQL 7tPYDNRGSRY GQRVWFHQWUiOQtDXWRULW\NRQtQHER"VSUiYX
NDGpGRPpQ\WMRGSRY GQRVW]DSLG ORYiQtGDOtFKVORHNMPHQGHOHJXMH
MHGQRWOLYPY\VRNPNROiPNWHUpVHVWiYDMtVSUiYFLStVOXQFKGRPpQ7LVLSDN
VDPLYROtMPpQD VORN\ GUXKp~URYQ YQDHPStSDG RGSRYtGDMtFtMHGQRWOLYP
IDNXOWiP WMQDStNODGPIIIHO 7tPY]QLNDMtGDOtGRPpQ\QLt~URYQ
VXEGRPpQ\ NWHUpRS WPDMtVYpVSUiYFHYQDHPStSDG MHGQRWOLYpIDNXOW\NWHUp
VL]DVHVDP\YROtMPpQDWHWt~URYQ $MHOLNRMVPHVHYQDHPK\SRWHWLFNpPStNODGX
RPH]LOLMHQQDWL~URYQ MGHMLRMPpQDNRQNUpWQtFKSRtWD$QDStVOXQFK
IDNXOWiFK9SUD[LRYHPQHQtSRHW~URYQt UHVSVORHN RPH]HQ
6\VWpPGRPpQRYFKMPHQ
0HFKDQLVPXVNWHUY7&3,3VtWtFKLPSOHPHQWXMHSUiY QD]QDHQV\VWpP
KLHUDUFKLFNFKMPHQVHMPHQXMH'16 'RPDLQ1DPH6\VWHP 7HQPiGY iVWL
SUYQt]QLFKSHGHSLVXMHV\QWD[LKLHUDUFKLFNFKMPHQ R]QDRYDQFKQ\QtMDNR
GRPpQRYiMPpQD DSUDYLGODSURGHOHJRYiQtSUDYRPRFtDRGSRY GQRVWL]DMHMLFK
SLG ORYiQt'UXKiiVWSDNXUXMH]S$VRELPSOHPHQWDFHGLVWULEXRYDQpKRV\VWpPX
NWHUXPRXMHHIHNWLYQ SHYiG WGRPpQRYiMPpQDQDMLPRGSRYtGDMtFt,3DGUHV\ R
WRPVLEXGHPHSRYtGDWStW 
9HFKQRSRGOH,QWHUQHWX
6WDQGDUG'16QHSHGHSLVXMHiGQSRYLQQWYDUMHGQRWOLYFKVORHNGRPpQRYFK
MPHQ1HSHGHSLVXMHDQLHOHQ QtQDGRPpQ\U$]QFK~URYQtPXVtRGSRYtGDW
RUJDQL]DQtPXOHQ QtVWHMQ WDNGREHP$HWRWROHQ QtY\FKi]HWQDStNODG]
~]HPQtKROHQ Qt
.DGNRQJORPHUiWY]iMHPQ SURSRMHQFKVtWt LQWHUQHW QDEi]L7&3,3VLWHG\P$H
YROLW]S$VREOHQ QtQDMHGQRWOLYpGRPpQ\LMHMLFKMPpQD]FHODSRGOHVYpKR YL]Qi
K\SRWHWLFNStNODG 9SUD[LVHDOHWpP YHFKQ\WDNRYpWRNRQJORPHUiW\
SL]S$VREXMtWRPXMDNMVRXGRPpQRYiMPpQDRUJDQL]RYiQDY,QWHUQHWXPML]WRKR
SURVWpKRG$YRGXDE\QDQ MPRKO\EWFRQHMVQi]HSLSRMHQ\ SRNXGMHW QHMVRX 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
6\VWpPGRPpQRYFKMPHQSRXtYDQYVtWL,QWHUQHWPiMHGHQSLNDQWQtU\VY]QLNO
WRWLYGRE NG\MHKRDXWRLY$EHFQHXYDRYDOLRWRPHE\VHY$EHFQ NG\UR]tLO
PLPR~]HPt86$3URWR]DYHGOLGRPpQ\QHMY\t~URYQ  W]YWRSOHYHOGRPDLQV
YL]WDEXOND NWHUpY\MDGXMtFKDUDNWHUStVOXQFKRUJDQL]DFtDOHMVRX
SRXLWHOQpMHQSURWDNRYpRUJDQL]DFHNWHUpVtGOtY86$ DYiVWL.DQDG\ -DNPLOHVH
DOH,QWHUQHWGRVWDOLPLPR6SRMHQFKVWiW$PXVHO\VH]DYpVWMHW GDOtGRPpQ\
QHMY\t~URYQ RGSRYtGDMtFtMHGQRWOLYPVWiW$P-PpQDW FKWRGRPpQQHMY\t
~URYQ WYRtGYRXStVPHQRYpQiURGQtNyG\ &RXQWU\&RGH NWHUpGHILQXMHVWDQGDUG
,62SURHVNRVORYHQVNRSDNFV7DNHQDStNODG
[LQXFVSXUGXHHGX
MHSRtWD [LQX QDNDWHGHFRPSXWHUVFLHQFH FV QD3XUGXH8QLYHUVLW\ SXUGXH 
NWHUiMHY]G OiYDFtLQVWLWXFt HGX Y86$1DRSDN
DYLLRQPIIFXQLFV
MHSRtWD DYLLRQ QD0DWHPDWLFNRI\]LNiOQtIDNXOW  PII 8QLYHU]LW\.DUORY\ FXQL
YHVNRVORYHQVNX FV 
1iK\SRWHWLFNStNODGWHG\QHE\OWDNGDOHNRRGVNXWHQRVWL3RX]HMVPHYQ P
QHXYDRYDOLHFHOpHVNRVORYHQVNRWYRtYUiPFL,QWHUQHWXMHGQXGRPpQXQHMY\t
~URYQ  GRPpQXFV MHMtPVSUiYFHPMHSUDVNi9&+78QtSDNPXVtEW
UHJLVWURYiQ\YHFKQ\GRPpQ\GUXKp~URYQ 
GRPpQDY]QDP
FRPYG OHQpRUJDQL]DFH
HGXY]G OiYDFtLQVWLWXFH NRO\
JRYYOiGQtLQVWLWXFH
PLOYRMHQVNpLQVWLWXFH
QHWSURYR]QtDVSUiYQtVWHGLVNDVtWt
RUJRVWDWQtRUJDQL]DFH
LQWPH]LQiURGQtRUJDQL]DFH
QiURGQtNyGVWiW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7DEXOND'RPpQ\QHMY\t~URYQ YVtWL,QWHUQHW

-PpQDY7&3,3VtWtFK,,
9PLQXOpPGtOXMVPHVH]DEYDOLRWi]NRXV\PEROLFNFKMPHQSRtWD$DEUDQY
7&3,3VtWtFKDGRVS OLMVPHNWRPXMDNP]S$VREHPVHSLG OXMtGRPpQRYi
MPpQDY,QWHUQHWX1\QtVHEXGHPHY QRYDWRWi]FHMDNQD]iNODG V\PEROLFNFK
MPHQ]tVNiYDWRGSRYtGDMtFt,3DGUHV\
3LSRPHPHVLMHW MHGQRXHRWi]NXGRPpQRYFKMPHQY7&3,3VtWtFKHt
VWDQGDUG'16 'RPDLQ1DPH6\VWHP NWHUPiGY ]iNODGQtiVWLSUYQt]QLFK
XUXMHV\QWD[LGRPpQRYFKMPHQDSUDYLGODSURGHOHJRYiQtSUDYRPRFLDRGSRY GQRVWL
]DMHMLFKSLG ORYiQt]DWtPFRGUXKiiVWVHWNiLPSOHPHQWDFHPHFKDQLVPXSUR
SHYRGGRPpQRYFKMPHQQDMLPRGSRYtGDMtFt,3DGUHV\
-HVWOLHSUDYRPRFDRGSRY GQRVW]DSLG ORYiQtGRPpQRYFKMPHQMHGLVWULEXRYiQD
QDMHGQRWOLYpGRPpQ\DVXEGRPpQ\MHYFHONXSLUR]HQpRHNiYDWHWDNp
PHFKDQLVPXVSURSHYRGW FKWRGRPpQRYFKMPHQQD,3DGUHV\EXGHREGREQ
GLVWULEXRYiQHEXGHWYRHQVRXVWDYRXY]iMHPQ VSROXSUDFXMtFtFKiVWtQD]YDQFK
VHUYHU\MPHQ QDPHVHUYHUV MHMLFKXVSRiGiQtEXGHRGUiHWKLHUDUFKLFNRX
VWUXNWXUXGRPpQDVXEGRPpQ=iNODGQtP\OHQNDWDNRYpKRWRHHQtMH]DORHQDQD
WRPHVNDGRXGRPpQRXDVXEGRPpQRXEXGHVSRMHQSURVWHGHN ]PtQ QVHUYHU
MPHQ NWHUYHFKQDMPpQD]StVOXQpGRPpQ\LVXEGRPpQ\EXXPtSHYpVWViP
QHERDOHVSR]QiMLQVHUYHUMPHQNWHUWRGRNiH
3,2%5B7,)
2EUiVWDGUHVRYpKRSURVWRUXGRPpQRYFKMPHQ
3HGVWDYPHVLStNODGQDREUi]NXNWHUXND]XMHPDORXiVWDGUHVRYpKR
SURVWRUXGRPpQRYFKMPHQ,QWHUQHWXVHWHPLGRPpQDPLQHMY\t~URYQ HGX SUR
Y]G OiYDFtLQVWLWXFHY86$ FRP SURNRPHUQtLQVWLWXFHY86$ DFV SURFHOp
HVNRVORYHQVNR VQ NWHUPLMHMLFKVXEGRPpQDPL'iOHVLSHGVWDYPHVWHMQ
VWUXNWXURYDQV\VWpPVHUYHU$MPHQSURMHGQRWOLYpGRPpQ\DVXEGRPpQ\GOHREUi]NX
DSHGSRNOiGHMPHHQ NWHUKRVWLWHOVNSRtWDSRWHEXMHRGHVODW]SUiYX
SRtWDLVDGUHVRXDYLLRQPIIFXQLFV2EUiWtVHSURWRQHMSUYHQDVHUYHUMPHQGRPpQ\
FVNWHUMHMRGNiHQDVHUYHUMPHQGRPpQ\FXQLFVDWHQSDN]DVHQDVHUYHUMPHQ
GRPpQ\PIIFXQLFV7HQMLMHVFKRSHQRGSRY G WQDGRWD]MDNiMH,3DGUHVD
SRtWDHDYLLRQPIIFXQLFV
3,2%5B7,)
2EU3UYQtSHGVWDYDVWUXNWXU\VHUYHU$MPHQ

-DNMHWRPXYHVNXWHQRVWL
3UiY QD]QDHQStNODGMHVDPR]HMP GRVWL]MHGQRGXHQDOHMLQDNGREHY\VWLKXMH
FHONRYRXILORVRILLSHYRGXV\PEROLFNFKGRPpQRYFKMPHQQD,3DGUHV\
3UYQtPSUDNWLFNSUREOpPY\YVWiYiKQHGYRNDPLNXNG\MHWHEDVHREUiWLWQD
VHUYHUMPHQGRPpQ\QHMY\t~URYQ NDGSRWHQFLiOQtWD]DWHOE\WRWLPXVHO]QiW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
DGUHV\VHUYHU$MPHQYHFKGRPpQQHMY\t~URYQ 3URWRVHYHPW PWRVHUYHU$P
QHMY\t~URYQ QDGD]XMHMHW MHGHQW]YNRHQRYVHUYHU URRWVHUYHU DSRX]H
WHQWRNRHQRYVHUYHUPXVtEW]QiPYHPSRWHQFLiOQtPDGDWHO$PRSHYRG
GRPpQRYFKDGUHV9SUD[LMHWHQWRNRHQRYVHUYHUQ NROLNDQiVREQ ]iORKRYiQ
'DOtRGOLQRVWtVNXWHQpUHDOL]DFHRGQDtLGHiOQtSHGVWDY\MHKORXENDYVOHGQpKR
VWURPXVHUYHU$MPHQYMHKRNRHQLMHSUiY ]PtQ QNRHQRYVHUYHU-HGQRWOLYp
VHUYHU\MPHQWRWLPRKRXREVDKRYDWSRWHEQpLQIRUPDFHRGRPpQRYFKMPpQHFKSUR
YtFHU$]QFKGRPpQDVXEGRPpQYHOLFHDVWRWRWLU$]QpRUJDQL]DFHVRXVWHXMt
LQIRUPDFHRMPpQHFK]HYHFKVYFKVXEGRPpQYMHGLQpPVHUYHUXMPHQ.RHQRY
VHUYHUQDRSDNREVDKXMHLQIRUPDFHLRYHFKGRPpQiFKQHMY\tFK~URYQtFKWDNH
YVOHGQVWURPVHUYHU$MPHQEYiYSUD[LPQRKHPP Ot YL]REU QHQDH
S$YRGQtSHGVWDYDQDREUi]NX
3,2%5B7,)
2EU5HDOLVWLW MtSHGVWDYDVWUXNWXU\VHUYHU$MPHQ
5HNXU]LYQtDLWHUDWLYQtSHYRG
,QLFLiWRUHPSHYRGXGRPpQRYpKRMPpQDQD,3DGUHVX DQJOLFN\QDPHUHVROXWLRQ MH
YG\SURJUDPRYiHQWLWDKRVWLWHOVNpKRSRtWDH W]YQDPHUHVROYHU NWHUiY$LFHOp
VRXVWDY VHUYHU$MPHQY\VWXSXMHMDNRNOLHQW6HVYPSRDGDYNHPQDSHYRG
GRPpQRYpKRMPpQDVHWDWRHQWLWDREUDFtQDQ NWHU]HVHUYHU$NWHUP$HSRVWXSRYDW
GYRMtP]S$VREHPSRNXGQHQtVFKRSHQSHYRG]DMLVWLWViPVHREUiWtQDMLQVHUYHU
MPHQNWHUSHYRG]DMLVWtYVOHGHNYUiWtSUYQtPVHUYHUXDWHQMHMSDNYUiWt
S$YRGQtPXDGDWHOL3DNMGHRW]YUHNXU]LYQtSHYRG UHFXUVLYHUHVROXWLRQ 
$OWHUQDWLYRXMHW]YLWHUDWLYQtSHYRG LWHUDWLYHUHVROXWLRQ SLNWHUpPGRWi]DQ
VHUYHUMPHQEXSURYHGHSHYRGViPQHERSRX]HYUiWtDGUHVXMLQpKRVHUYHUXMPHQ
QDNWHUVHSDNPXVtDGDWHORSHYRG]QRYXREUiWLWViP
=DMtPDYRXRWi]NRXMHWRNDPVHPiDGDWHORSHYRGREUiWLWQHMSUYH]GDPi]DtW
VKRUDDREUiWLWVHQDNRHQRYVHUYHUQHERPiQDRSDNSRVWXSRYDWQDRSDNRGVSRGXD
REUiWLWVHQHMSUYHQDPtVWQtVHUYHUMPHQ"9HSURVS FKGUXKpPRQRVWLKRYRtKQHG
Q NROLNVNXWHQRVWtNG\E\VHYLFKQLREUDFHOLStPRQDNRHQRYVHUYHUWHQWRE\E\O
EU]\]DKOFHQ1DYtFSRDGDYN\QDSHYRGGRPpQRYFKMPHQVHQHMDVW MLWNDMtSUiY
PtVWQtFKMPHQNWHUpGRNiHSHYpVWPtVWQtVHUYHU7HQMHNURP WRKRVFKRSHQ
IXQJRYDWLYStSDG HYHQWXiOQtKRYSDGNXY\tFKYUVWHYFHOpKRVWURPXQDPHVHUYHU$
LNG\WRMHY]KOHGHPNMHMLFK]iORKRYiQtQHStOLSUDYG SRGREQp 
3RXLWtY\URYQiYDFtFKSDP Wt FDFKLQJ
.G\E\VHNDGKRVWLWHOVNSRtWDPXVHOREUDFHWQDVRXVWDYXVHUYHU$MPHQSRNDGp
NG\SRWHEXMHSHYpVWQ NWHUpGRPpQRYpMPpQRQDMHPXRGSRYtGDMtFt,3DGUHVXE\OD
E\WRSURFHORXVt"QH~QRVQ YHONi]iW 3UR]HIHNWLYQ QtFHOpKRPHFKDQLVPX
SHYRGXVHSURWRSRtWiVWtPHKRVWLWHOVNpSRtWDHVLSRXULWRXGREXSDPDWXMt
YVOHGN\GtYHXVNXWHQ QFKSHYRG$.DGKRVWLWHOVNSRtWDVLSURWREXGH
XGURYDWYHYKRGQpY\URYQiYDFtSDP WL SDP WLFDFKH GDWDEi]LV\PEROLFNFKMPHQD
MLPRGSRYtGDMtFtFK,3DGUHV$E\WXWRVYRXGDWDEi]LXGUHOYNRQ]LVWHQWQtPVWDYX
RGSRYtGDMtFtPVNXWHQRVWLEXGHNDGiSRORNDWpWRGDWDEi]H]DVWDUiYDWSRXULWp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GRE ]WUDWtVYRXSODWQRVWDStVOXQSHYRGEXGHPXVHWEWYRNDPLNXSRWHE\
Y\YROiQ]QRYX
3RGREQ SRVWXSXMtLVHUYHU\MPHQ.URP GRPpQRYFKMPHQNWHUpMVRXVFKRSQ\
SHVQ MLRSUiYQ Q\ SHYiG WVDP\VHSLUHNXU]LYQtFKSHYRGHFKGR]YtGDMtL
RGSRYtGDMtFt,3DGUHV\NMLQPGRPpQRYPMPpQ$P7DNpW\VLXGUXMtYHVYp
Y\URYQiYDFtSDP WLDYStSDG iGRVWLRSHYRGMHPRKRXSRVN\WQRXWRYHPV
SR]QiPNRXHQHMVRXNMHMLFKSHYRGXNRPSHWHQWQt WMHMGHRW]YQHDXWRULWDWLYQt
QRQDXWKRULWDWLYH SHYRG 6RXDVQ VWtPSRVN\WQRXDGDWHOLRSHYRGLRGND]QD
WHQVHUYHUMPHQNWHUMHNSHYRGXNRPSHWHQWQt,QLFLiWRUSHYRGXSDNQDORtVWRXWR
LQIRUPDFtSRGOHYODVWQtKRXYiHQt-GHOLPXRU\FKORVWSRXLMHWHQWRQHDXWRULWDWLYQt
SHYRGMGHOLPXQDRSDNRVSROHKOLYRVWREUiWtVHQDStVOXQVHUYHUMPHQNWHUMH
SURGDQSHYRGNRPSHWHQWQt
-HW Y WtKR]HIHNWLYQ QtFHOpKRPHFKDQLVPXSHYRGXGRPpQRYFKMPHQQD,3
DGUHV\O]HSDNGRViKQRXWWtPHMHGQRWOLYpKRVWLWHOVNpSRtWDHVLYRNDPLNXVYpKR
VSXW QtY\iGDMtRGPtVWQtKRVHUYHUXMPHQFHORXMHKRGDWDEi]LGRPpQRYFKMPHQD
MLPRGSRYtGDMtFtFK,3DGUHV=WpSDNY\FKi]tDQDVHUYHUMPHQVHREUDFtMHQSLMHMt
DNWXDOL]DFL SR]DVWDUiQtQ NWHUpSRORN\ LSURMHMtGRSOQ QtRQRYpGRPpQRYp
MPpQRMHKRRGSRYtGDMtFt,3DGUHVDMHW YGDWDEi]LQHQt

3URWRNRO,3
9SHGFKi]HMtFtFKGtOHFKQDHKRVHULiOXMVPHVH]DEYDOLDGUHVDPLD]S$VREHP
DGUHVRYiQtQDU$]QFK~URYQtFKWHG\I\]LFNPLDGUHVDPL,3DGUHVDPLL
V\PEROLFNPLMPpQ\DGiOHRWi]NRXVP URYiQt1\QtVHMLEXGHPHY QRYDW
NRQNUpWQtPPHFKDQLVP$PSHQRV$Y7&3,3VtWtFK
9UD"PHVHYDNMHW MHGQRXNHGtOXYHNWHUpPMVPHVLQD]QDLOLFHONRYRX
ILORVRILLVt"RYpKRPRGHOX7&3,3DVURYQiYDOLMLVILORVRILtUHIHUHQQtKRPRGHOX
,6226,=GHMVPHVLXYHGOLHVt"RYPRGHO7&3,3Y\FKi]t]SHGSRNODGXH
]DMLW QtVSROHKOLYRVWLSLSHQRVXGDWMHVStHRWi]NRXNRQFRYFK~DVWQtN$DQLNROL
RWi]NRXNRPXQLNDQtSRGVtW HHQRMLQPLVORY\Vt"RYPRGHO7&3,3]DD]XMH
PHFKDQLVP\SUR]DMLW QtVSROHKOLYRVWLSHQRV$DGRYUVWY\WUDQVSRUWQtDQLNROLGR
YUVWY\Vt"RYp UHVSW]Y,3YUVWY\ 2GWpWRYUVWY\RHNiYiSRX]HMHGQRGXFKRX
SHQRVRYRXVOXEXQHVSRMRYDQpKR FRQQHFWLRQOHVV FKDUDNWHUXNWHUiE\VLFHQHP OD
VDPRYROQ ]WUiFHWSHQiHQpSDNHW\DOHQDGUXKpVWUDQ ]DVHQHQtSRYLQQDSRGQLNDW
iGQpQiSUDYQpDNFHYStSDG HVHQ NWHUSDNHWVNXWHQ ]WUDWtQHERNG\MHMWDWR
YUVWYDQHQt]REMHNWLYQtFKG$YRG$VFKRSQDGRUXLWQDStNODGNY$OLSHSOQ QP
Y\URYQiYDFtPSDP WHPNY$OLYSDGNXVSRMHQtDWG7DNRYRXWRQHVSROHKOLYRX
QHVSRMRYDQRXVOXEXYDNPXVtVt"RYiYUVWYDSRVN\WRYDWMHGQRWQP]S$VREHPY
UiPFLFHOpVRXVWDY\Y]iMHPQ SURSRMHQFKVtWt WMYUiPFLFHOpKRLQWHUQHWXVPDOP
L EH]RKOHGXQDWR]GDMVRXGDWDYHVNXWHQRVWLSHQiHQDSRORNiOQtVtWLW\SX
(WKHUQHWSRGYRXERGRYpPVSRMLYHHMQRXGDWRYRXVtWtLMLQP]S$VREHP
3,2%5B7,)
2EU6OXE\SRVN\WRYDQpQDMHGQRWOLYFK~URYQtFKVt"RYpKRPRGHOX7&3,3
1DGWRXWRQHVSROHKOLYRXQHVSRMRYDQRXSHQRVRYRXVOXERXQD~URYQLVt"RYpYUVWY\
SDN7&3,3PRGHOEXGXMHVSROHKOLYRXWUDQVSRUWQtVOXEXDQDGQtSDNU$]QpGUXK\
DSOLNDQtFKVOXHEYL]REUi]HN

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
,3QHEROL,QWHUQHW3URWRFRO
9 QXMPHVHQ\Qt]S$VREXMDNPMHY7&3,3PRGHOXLPSOHPHQWRYiQDYH]PtQ Qi
QHVSROHKOLYiDQHVSRMRYDQiSHQRVRYiVOXEDQD~URYQLVt"RYpYUVWY\'HILQXMHML
SURWRNRONWHUVHSOQPMPpQHPQD]Yi,QWHUQHW3URWRFRODOHQHMDVW MLMH
R]QDRYiQ]NUDWNRX,3
,3SURWRNROGHILQXMH]iNODGQtMHGQRWNXGDWNWHUiMHVRXVWDYRX7&3,3VtWtSHQiHQD
QD~URYQLVt"RYpYUVWY\W]Y,QWHUQHWGDWDJUDP]NUiFHQ ,3GDWDJUDPDMHKR
SHVQYQLWQtIRUPiW'HILQXMHWDNp]S$VREMDNPPDMtEWMHGQRWOLYp,3GDWDJUDP\
VP URYiQ\DWRWRVP URYiQtSDNStVOXQ,3VRIWZDUHWDNp]DML"XMH.URP WRKR,3
SURWRNROWDNpSRGUREQ MLGHILQXMHLGDOtDVSHNW\SRVN\WRYDQpQHVSROHKOLYpD
QHVSRMRYDQpSHQRVRYpVOXE\QDStNODGSRGPtQN\]DMDNFKPRKRXEWSHQiHQp
SDNHW\]DKD]RYiQ\NG\PDMtEWJHQHURYiQDFK\ERYiKOiHQtDMDNiWDWRKOiHQtPDMt
EW
3,2%5B7,)
2EU3HGVWDYD,3GDWDJUDP$DGDWRYFKUiPF$

,3GDWDJUDPDMHKRIRUPiW
3RGREQ MDNRNDGMLQGUXKSDNHWXLUiPFHPiL,3GDWDJUDPGY ]iNODGQtiVWL
tGtFtiVWWYRHQRXKODYLNRXGDWDJUDPXDGDWRYRXiVW-DNQD]QDXMHREUi]HN
SLYODVWQtPSHQRVXVHWHQWRGDWDJUDPYNOiGi MDNRGDWD GRGDWRYpiVWL
UiPFHVHNWHUPSUDFXMHEH]SURVWHGQ QLtYUVWYDYUVWYDVt"RYpKRUR]KUDQt9
KODYLFHMVRXSDNU$]QptGtFtLQIRUPDFHSRWHEQpSURGRUXHQtGDWDJUDPXUHVS
UiPFHYStSDG KODYLN\UiPFHMGHPMRI\]LFNRXDGUHVXVNXWHQpKRRGHVLODWHOHD
EH]SURVWHGQtKRStMHPFH]DWtPFRYKODYLFH,3GDWDJUDPXMGHR,3DGUHV\
NRQFRYpKRStMHPFHDS$YRGQtKRRGHVLODWHOH-HOLNRYGDWRYpPUiPFLPRKRXEWY
SULQFLSXSHQiHQ\LMLQpGUXK\SDNHW$PXVt]GHEWY\MiGHQRWDNpWRRMDN
NRQNUpWQtGUXKSDNHWXVHYGDQpPStSDG MHGQi QDStNODGYVtWtFKW\SX(WKHUQHWVH
GUXKSDNHWXXGiYiSRPRFtGYRXE\WRYpSRORN\YKODYLFHUiPFHD,3GDWDJUDP\]GH
PDMtY\KUD]HQNyG+ 3RGREQ MHWRPXLQD~URYQLSDNHWXUHVS,3GDWDJUDPX
WDNpYMHKRKODYLFHPXVtEWY\MiGHQRMDNMHY]QDPREVDKXGDWRYpiVWL9
StSDG ,3GDWDJUDPXMGHRMHGQRE\WRYRXSRORNXXGiYiMtFttVORSURWRNROXQD~URYQL
WUDQVSRUWQtYUVWY\NWHUpPXREVDK,3GDWDJUDPXSDWt SRORND35272&2/YL]REU
 
3,2%5B7,)
2EU)RUPiWKODYLN\,3GDWDJUDPX

0D[LPiOQtGpOND,3GDWDJUDPX
.RQNUpWQtIRUPiWKODYLN\,3GDWDJUDPXXND]XMHREUi]HN=D]PtQNXVWRMt
QDStNODGYHOLNRVWSRORN\727$//(1*7+NWHUiXGiYiFHONRYRXGpONX,3
GDWDJUDPX WMMHKRKODYLN\LGDWRYpiVWL P HQRXYRNWHWHFK WMYRVPLELWRYFK
E\WHFK -HOLNRWDWRSRORNDPiUR]VDKELW$RPH]XMHWtPPD[LPiOQtPRQRX
YHOLNRVW,3GDWDJUDPXQDRNWHW$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
'REDLYRWD
'DOt]DMtPDYRXSRORNRXMHMHGQRE\WRYiSRORND7,0(72/,9(7DXGiYiMDN
GORXKR P HQRYVHNXQGiFK VHGDQ,3GDWDJUDPP$HQDFKi]HWYVRXVWDY
Y]iMHPQ SURSRMHQFKVtWt7DWRSRORNDMHMDNRXVLSRMLVWNRXSURWL
QHNRQ]LVWHQWQRVWHPYHVP URYDFtFKWDEXONiFKGtN\NWHUPE\PRKORGRMtWNVLWXDFL
HE\,3GDWDJUDPE\OVP URYiQYNUXKXDREtKDOYQ PQHNRQHQ GORXKR7RPX
]DEUDXMHSUiY WDWRSRORNDMHMtREVDKMHNDGiPH]LOHKOiEUiQDSRYLQQDVQLRYDW
SRGOHWRKRMDNGORXKRVHYQtStVOXQGDWDJUDP]GUt-DNPLOHGRMGHNY\QXORYiQt
SRORN\7,0(72/,9( GRVORYDGREDLYRWD MHSRGOHSUDYLGHO,3SURWRNROXEUiQD
RSUiYQ QDGDQ,3GDWDJUDP]DKRGLW
)UDJPHQWDFHGDWDJUDP$
6NXWHQRVWH,3SURWRNROPXVtEWVFKRSHQSHQiHWVYpGDWDJUDP\SURVWHGQLFWYtP
U$]QFKGUXK$SHQRVRYFKFHVWPiQ NWHUpY]QDPQpG$VOHGN\1DStNODGYHOLNRVW
GDWRYFKUiPF$SHQiHQFKQD~URYQLYUVWY\Vt"RYpKRUR]KUDQt7&3,3PRGHOXMH
]iYLVOiQDNRQNUpWQtSHQRVRYpWHFKQRORJLLSRPRFtNWHUpMHGDQiGtOtVt"UHDOL]RYiQD
9StSDG ORNiOQtFKVtWtW\SX(WKHUQHWMHWRRNWHW$]DWtPFRQDStNODGVtW 7RNHQ
%XVSLSRXWtUiPFHDGRYHOLNRVWLRNWHW$DYHHMQpGDWRYpVtW QDEi]L
GRSRUXHQt;SUDFXMtVUiPFLDGRYHOLNRVWLRNWHW$1 NWHUpPRGHUQt
SHQRVRYpWHFKQRORJLHYDNSUDFXMtVPQRKHPPHQtPLUiPFLQDStNODGMHQ
RNWHW$LMHW PpQ 3URWRNRO,3VHDOHGRVWGREHQHP$HSL]S$VRELWQHMPHQtPX
PRQpPXIRUPiWXUiPFHDE\GRQ MPRKOYG\YORLWVY$M,3GDWDJUDPFHO3URWR
PXVtSRtWDWVPRQRVWtIUDJPHQWDFH YL]WpGtOQDHKRVHULiOX SLNWHUpSUR
SRWHE\SHQRVXGRFKi]tNUR]G OHQtS$YRGQtKRGDWDJUDPXQDQ NROLNGtOtFK
IUDJPHQW$WDNYHONFKDE\VHMLYHO\FHOpGRW FKUiPF$NWHUpMHStVOXQiVt"
VFKRSQDVNXWHQ SHQpVWYL]REU-DNMVPHVLMLWDNpQD]QDLOLYHGtOXMGH
SLWRPRW]YQHWUDQVSDUHQWQtIUDJPHQWDFLSLNWHUpMHGQRWOLYpIUDJPHQW\VNOiGiGR
S$YRGQtKRFHONXDMHMLFKNRQFRYStMHPFH7HQSDNNWRPXY\XtYiSRORN\
,'(17,),&$7,21)/$*6D)5$*0(172))6(7MHGQRWOLYFKIUDJPHQW$

1HSRYLQQpiVWL,3GDWDJUDP$
3RORND,32SWLRQVNWHUiYKODYLFH,3GDWDJUDPXQiVOHGXMH,3DGUHVXNRQHQpKR
DGUHViWDMHSRORNRXQHSRYLQQRX-HXUHQDSHGHYtPSURSRWHE\WHVWRYiQtDODG Qt
3RPRFtWpWRSRORN\NWHUiPiSURP QQRXGpONXMHQDStNODGPRQp]D]QDPHQiYDW
FHVWXNWHURXMHStVOXQGDWDJUDPSRVWXSQ SHQiHQFRMHQHRFHQLWHOQp]YOiW
SURSRWHE\VSUiY\VtWt.URP ,3DGUHVEUDQNWHUPLGDWDJUDPSRVWXSQ SURFKi]tMH
PRQpYWpWRSRORFH]D]QDPHQiYDWLDVNG\GDWDJUDPMHGQRWOLYPLEUiQDPL
SURFKi]t'DOtPPHFKDQLVPHPYHOPLXLWHQPSURVSUiYXY]iMHPQ SURSRMHQFK
VtWtMHSDNPRQRVWH[SOLFLWQ SHGHSVDWYWpWRSRORFHWUDVXNWHURXPiEW,3
GDWDJUDPGRUXHQ
3,2%5B7,)
2EU3HGVWDYDIUDJPHQWDFH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7UDQVSRUWQtSURWRNRO\7&3,3,
3LVURYQiYiQtFHONRYpILORVRILHVt"RYpKRPRGHOX7&3,3DUHIHUHQQtKRPRGHOX
,6226,MVPHVLMLGtYHXYHGOLHMHGQRX]MHMLFKRGOLQRVWtMHSRDGDYHNQD
VSROHKOLYRVWSHQRVRYFKVOXHEQDMHGQRWOLYFK~URYQtFK5HIHUHQQtPRGHO
,6226, DOHVSRYHVYpS$YRGQtNRQFHSFL MHRULHQWRYiQSHGHYtPQD
VSRMRYDQpVOXE\VSROHKOLYpKRFKDUDNWHUXDSHGSRNOiGiWXGt]DD]HQt
SRWHEQFKPHFKDQLVP$SUR]DMLW QtVSROHKOLYRVWLMLGRYUVWY\Vt"RYp1DSURWL
WRPX7&3,3PRGHOSRYDXMH]DMLW QtVSROHKOLYRVWL]D~NRONRQFRYFK
~DVWQtN$D]DD]XMHSURWRStVOXQpPHFKDQLVP\DGRYUVWY\WUDQVSRUWQt
3URVSUiYQpSRFKRSHQtSRGVWDW\FHOpKRSUREOpPXMHWHEDVLXY GRPLWHUHDOL]DFH
VSROHKOLYFKVOXHEMHVSRMHQDVY WtUHLtQHMDNRXMVRX]DWtHQ\QHVSROHKOLYp
SHQRVRYpVOXE\1HMGHSLWRPMHQRY WtYSRHWQtQiURQRVWDOHWDNpRY Wt
QiURN\QDSHQRVRYRXNDSDFLWX6SROHKOLYRVWSHQRV$SRQH]FHODVSROHKOLYFK
SHQRVRYFKFHVWiFKVHWRWLPXVt]DML"RYDWYKRGQRXIRUPRXSRWYU]RYiQt YL]GtO
VHULiOX FRMHDOHYG\VSRMHQRVSHQRVHPXULWpKRREMHPXVOXHEQtFKGDWNH
NWHUpPXVDPR]HMP GRFKi]tQD~NRUXLWHQFKGDW
-HVWOLHWHG\7&3,3PRGHOSRDGXMHQDVt"RYpYUVWY SRX]HQHVSROHKOLYRX
SHQRVRYRXVOXEX UHDOL]RYDQRXSURWRNROHP,3YL]PLQXOGtO XPRXMHWtP
VRXDVQ DE\Vt"RYiYUVWYDSUDFRYDODVPHQtUHLtDWXGtU\FKOHML

6SROHKOLYRVWYVU\FKORVW
3RYDXMHOLVt"RYPRGHO7&3,3RWi]NX]DMLW QtVSROHKOLYRVWL]D~NRONRQFRYFK
~DVWQtN$NRPXQLNDFH]QDPHQiWRHStVOXQpPHFKDQLVP\SURMHMt]DMLW QtPXVt
EWLPSOHPHQWRYiQ\YHY\tYUVWY QHMHYUVWYDVt"RYi2Wi]NRXRYHPMH]GDWR
VNXWHQ PXVtEWMLYUVWYDEH]SURVWHGQ Y\tWHG\YUVWYDWUDQVSRUWQtMDNMVPH
GRVXGSHGSRNOiGDOL
=DDGLWSRWHEQpPHFKDQLVP\SUR]DMLW QtVSROHKOLYRVWLGRWUDQVSRUWQtYUVWY\Pi
HWQpYKRG\3HGHYtPSDNWXHW\WRSURVWHGN\PRKRXEWYWUDQVSRUWQtYUVWY
UHDOL]RYiQ\SUiY MHGQRXDVGtOHQ\YHPLHQWLWDPLDSOLNDQtYUVWY\3RNXGE\FKRP
QDRSDNW\WRSURVWHGN\XPtVWLOLDGRYUVWY\DSOLNDQtYODVWQ E\WR]QDPHQDORHE\
VLMHPXVHODNDGiHQWLWDDSOLNDQtYUVWY\]DML"RYDWYG\]QRYXDVDPD
0RKORE\VHWHG\]GiWHYHKRYRtYHSURVS FKSUYQtPRQRVWL$OHLWDGUXKi
P$HPtWVYpRSRGVWDWQ QtH[LVWXMtWRWLLWDNRYpGUXK\DSOLNDFtNWHUpEXY$EHF
QHSRWHEXMtVSROHKOLYpSHQRVRYpVOXE\QHERQDRSDNQHSRYDXMtVSROHKOLYRVWQD
~URYQLWUDQVSRUWQtYUVWY\]DGRVWDWHQRXDWDNVLMLPXVt]DML"RYDWVDP\D]QRYX
-LQRXPRWLYDFtPRKRXEWRWi]N\HIHNWLYQRVWLQ NWHUpDSOLNDFHVLGRNit]DMLVWLW
VDP\WDNRYRXPtUXVSROHKOLYRVWLMDNRXVNXWHQ SRWHEXMtDY\ND]XMtSLWRPPHQt
UHLLQHMDNRXQD]DMLW Qt~SOQpVSROHKOLYRVWLY\DGXMHYUVWYDWUDQVSRUWQt
3tNODGHPWDNRYpKRWRGUXKXDSOLNDFtP$HEWGLVWULEXRYDQV\VWpPVRXERU$1)6
1HWZRUN)LOH6\VWHP ILUP\6XQYHOPLREOtEHQD]QDQ UR]tHQYSURVWHGt
RSHUDQtKRV\VWpPX8QL[8PRXMHDE\MHGHQX]ORYSRtWD]FHODWUDQVSDUHQWQ
VGtOHOVRXERU\MLQpKRX]ORYpKRSRtWDHWHG\DE\NQLPSLVWXSRYDOQDSURVWRVWHMQ 
MDNRNHVYPYODVWQtPVRXERU$P1HPiOLDOHGRFKi]HWNYUD]Q MtPDVRYP
UR]GtO$PSLStVWXSXNORNiOQtPDY]GiOHQPVRXERU$PPXVtV\VWpP1)6SUDFRYDW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PD[LPiOQ U\FKOH1HP$HVLSURWRGRYROLWSRXtYDWVSROHKOLYp]DWRDOHSRPDOp
SHQRVRYpVOXE\QD~URYQLWUDQVSRUWQtYUVWY\
3,2%5B7,)
2EU9\XLWtWUDQVSRUWQtFKSURWRNRO$Q NWHUPLSURWRNRO\DSOLNDQtYUVWY\
7&3,3

.DGVLP$HY\EUDWViP
6t"RYPRGHO7&3,3Y\FKi]tYVWtFRE PDVNXSLQiPDSOLNDFtMDNW PNWHUpQD
WUDQVSRUWQtYUVWY SRDGXMtVSROHKOLYSHQRVWDNLW PNWHUpMHMFKW MtPtWFRPRQi
QHMU\FKOHMt6RXiVWtURGLQ\SURWRNRO$7&3,3MVRXWRWLGYDDOWHUQDWLYQtSURWRNRO\
SURWUDQVSRUWQtYUVWYXSURWRNRO7&3 7UDQVPLVVLRQ&RQWURO3URWRFRO NWHU
]DML"XMHVSROHKOLYRXSHQRVRYRXVOXEXDSURWRNRO8'3 8VHU'DWDJUDP
3URWRFRO NWHUQDRSDNQDEt]tVOXEXQHVSROHKOLYRXVYUD]Q QLtUHLtDWXGt
U\FKOHMt-HGQRWOLYpSURWRNRO\DSOLNDQtYUVWY\VLSDNPH]LRE PDSURWRNRO\
WUDQVSRUWQtYUVWY\PRKRXY\EUDWWHQNWHUMLPOpSHY\KRYXMHStSDGQ Y\XtYDWRED
Q NROLNNRQNUpWQtFKStNODG$QD]QDXMHREUi]HN
6SRMRYDQYVQHVSRMRYDQFKDUDNWHUWUDQVSRUWQtFKVOXHE
6SROHKOLYRVWDQHVSROHKOLYRVWQHQtMHGLQPUR]GtOHPPH]LRE PDSURWRNRO\
WUDQVSRUWQtYUVWY\3URWRNRO7&3PiVSRMRYDQ FRQQHFWLRQRULHQWHG FKDUDNWHUNWHU
SUDFXMHVYLUWXiOQtPLRNUXK\ YLUWXDOFLUFXLWV DSHGYODVWQtPSHQRVHPSHGSRNOiGi
QDYi]iQtVSRMHQtPH]LRGHVLODWHOHPDStMHPFHP1DSURWLWRPXSURWRNRO8'3Pi
QHVSRMRYDQ FRQQHFWLRQOHVV FKDUDNWHUDNDGMHGQRWOLYEORNGDWR]QDRYDQY
WRPWRStSDGMDNRXLYDWHOVNGDWDJUDP XVHUGDWDJUDP SHQitVDPRVWDWQ D
QH]iYLVOHQDRVWDWQtFKGDWDJUDPHFK
3URWRNRO8'3WDNYODVWQ SRVN\WXMHQD~URYQLWUDQVSRUWQtYUVWY\VOXE\VWHMQpKR
FKDUDNWHUXMDNpQD~URYQLYUVWY\Vt"RYpSRVN\WXMHSURWRNRO,3 YL]PLQXOH WHG\
QHVSROHKOLYpDQHVSRMRYDQpVOXE\1DSURWLWRPXSURWRNRO7&3LPSOHPHQWXMHSRPRFt
QHVSROHKOLYFKDQHVSRMRYDQFKVOXHEQD~URYQLVt"RYpYUVWY\VSROHKOLYpD
VSRMRYDQpWUDQVSRUWQtVOXE\-DNMVPHVLMLQD]QDLOLYHLQtWDNVSRPRFt
PHFKDQLVPXSRWYU]RYiQt DFNQRZOHGJHPHQW DWXGtLVQH]DQHGEDWHOQRXUHLt

3URXGYVEORNRY RULHQWRYDQSHQRV
'DOtRGOLQRVWtPH]LRE PDSURWRNRO\MHSDNWDNpIRUPDMDNRXVYpSHQRVRYpVOXE\
QDEt]t3URWRNRO8'3NRQFLSXMHVYRXSHQRVRYRXVOXEXMDNRSHQRVFHOFKEORN$
GDW2HNiYiWHG\HHQWLWDDSOLNDQtYUVWY\NWHUiFKFHRGHVODWQ MDNiGDWDMHVDPD
VHVWDYtGREORNXDWHQSDNSURWRNROX8'3SHGiMDNRMHGHQFHOHN3URWRNRO8'3
WHQWREORNYH]PHXPtVWtMHMGRVYpKRXLYDWHOVNpKRGDWDJUDPX YL]YH DSHQHVH
RS WMDNRMHGHQFHOHN1DSURWLWRPXSURWRNRO7&3NRQFLSXMHVYRXSHQRVRYRXVOXEX
MDNRW]YSURXG VWUHDP MHGQRWOLYFKE\W$ SHVQ MLRVPLFE\W$W]YRNWHW$ 
2GHVLODWHOQDMHGQRPX]ORYpPSRtWDLSRVWXSQ SHGiYiSURWRNROX7&3MHGQRWOLYp
E\W\ RNWHW\ DREGREQ SRVWXSXMHLStMHPFHNWHUVLMHQDGUXKpVWUDQ ]DVH
SRVWXSQ RGHEtUi9HNHUpOHQ QtSHQiHQFKGDWQDEORN\DSHQRVFHOFKW FKWR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
EORN$]DML"XMHSURWRNRO7&3SOQ WUDQVSDUHQWQ 8LYDWHOpSHQRVRYFKVOXHE
SURWRNROX7&3WDN]tVNiYDMtLOX]LHSUDFXMtVHVOXERXNWHUiSHQitLQGLYLGXiOQ
MHGQRWOLYpE\W\ RNWHW\ 
6WDYRYYVEH]HVWDYRY]S$VRENRPXQLNDFH
6HVSRMRYDQPUHVSQHVSRMRYDQPFKDUDNWHUHPSURWRNRO$7&3D8'3~]FHVRXYLVt
MHW LGDOtDVSHNWNWHUMHYHOPLSRGVWDWQSURSURWRNRO\DSOLNDQtYUVWY\DSUR
MHMLFKYROEXPH]LRE PDQDEt]HQPLWUDQVSRUWQtPLSURWRNRO\
.DGXLYDWHOVNGDWDJUDP XVHUGDWDJUDP MDNMHR]QDRYiQEORNGDWSHQiHQ
QD~URYQLWUDQVSRUWQtYUVWY\SURWRNROHP8'3MHSRYDRYiQ]DVDPRVWDWQFHOHND
Y]KOHGHPNQHVSRMRYDQpPXFKDUDNWHUXSURWRNROX8'3MHWDNpWDNSHQiHQ
VDPRVWDWQ QH]iYLVOHQDMLQFKXLYDWHOVNFKGDWDJUDPHFKDEH]SHGFKR]tKR
QDYi]iQtVSRMHQtPH]LStMHPFHPDRGHVLODWHOHP6WHMQ WDNLStMHPFHFKiSH
XLYDWHOVNGDWDJUDPMDNRMHGLQFHOHNDQHMDNRVRXiVWY WtKRFHONX7RPXSDN
RGSRYtGiLVNXWHQRVWHStMHPFHQHP QtVY$MVWDYY]iYLVORVWLQDSU$E KX
NRPXQLNDFHSRSLMHWtGDWDJUDPXVHQDFKi]tYHVWHMQpPVWDYXYMDNpPE\OSHGMHKR
SLMHWtP-GHWHG\R]S$VRESHQRVXNWHUMHPRQpFKDUDNWHUL]RYDWMDNREH]HVWDYRY
VWDWHOHVV 
1DSURWLWRPXNDGiVSRMRYDQiVOXEDPiYG\QXWQ VWDYRYFKDUDNWHUQHER"ML
SRXKPQDYi]iQtPVSRMHQtVHStMHPFHGRVWiYiGRMLQpKRVWDYXQHYMDNpPE\O
SHGWtP
%H]HVWDYRY]S$VRENRPXQLNDFHMHY]KOHGHPNHVYpSRGVWDW GREHRGROQY$L
U$]QPQHVWDQGDUGQtPVLWXDFtPSHGHYtPSDNYSDGN$PD]WUiWiPGDW'RMGHOL
QDStNODGNYSDGNXSHQRVRYFKFHVWLNYSDGNXStMHPFH DMHQXWQpMHM]QRYX
VSXVWLWSURYpVWW]YUHERRW QHMVRXQXWQiiGQiVSHFLILFNiRSDWHQtSURREQRYX
S$YRGQtKRVWDYXYSHQRVXGDWVHMHGQRGXHSRNUDXMHGiO1DSURWLWRPXYStSDG
VWDYRYpKR]S$VREXNRPXQLNDFHPRKRXEWXULWpQiSUDYQpDNFH]DSRWHEtPiOLEW
]DFKRYiQDNRQ]LVWHQFHSUiY SUREtKDMtFtFKLQQRVWtD]QRYXQDYi]iQRSHUXHQp
VSRMHQt
6WtPSDNWDNpVRXYLVtLRWi]NDVSROHKOLYRVWL]DWtPFREH]HVWDYRYpSURWRNRO\VL
PRKRXGRYROLWEWQHVSROHKOLYp MDNR8'3 SURMHMLFKVWDYRYpSURW MN\MH
YKRGQ MtSUDFRYDWVGRVWDWHQRXPtURXVSROHKOLYRVWLDWHG\QDEt]HWVSROHKOLYp
SHQRVRYpVOXE\ MDNRSURWRNRO7&3 

7UDQVSRUWQtSURWRNRO\7&3,3,,
9PLQXOpPGtOXQDHKRVHULiOXMVPHVH]DDOL]DEYDWWUDQVSRUWQtYUVWYRX
Vt"RYpKRPRGHOX7&3,36H]QiPLOLMVPHVHVHGY PDDOWHUQDWLYQtPLSURWRNRO\
7&3D8'3NWHUpMVRXQDWpWR~URYQLNGLVSR]LFLD]DEYDOLMVPHVHSHGHYtP
MHMLFKRGOLQRVWPL'QHVVHSRGUREQ ML]DVWDYtPHXWRKRFRPDMtREDWUDQVSRUWQt
SURWRNRO\VSROHQpKR
$GRSRVXGMVPHYQDLFK~YDKiFKSHGSRNOiGDOLHSUYRWQtPLRGHVLODWHOLD
NRQHQPLStMHPFLQHMU$]Q MtFKGDWYSRtWDRYFKVtWtFKMVRXMHGQRWOLYpX]ORYp
SRtWDHMDNRWDNRYp1\QtVLYDNPXVtPHWXWRSHGVWDYXXSHVQLWVNXWHQPL
RGHVLODWHOLDStMHPFLMVRXHQWLW\DSOLNDQtYUVWY\7\WRPRKRXEWR]QDRYiQ\U$]Q 
MDNRSURFHV\ SURFHVVHV ~ORK\ WDVNV DSOLNDQtSURJUDP\ DSSOLFDWLRQSURJUDPV L
MHW MLQDN3RGVWDWQpRYHPMHHYSURVWHGtYtFH~ORKRYFKRSHUDQtFKV\VWpP$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WDNRYFKWRHQWLWP$HEW DWDNpEYi YtFH2EDSURWRNRO\WUDQVSRUWQtYUVWY\SDN
SRWHEXMtSRGOHQ HKRUR]KRGQRXWNWHUpHQWLW DSOLNDQtYUVWY\PDMtSLMDWiGDWD
SHGDW

$GUHV\SURFHV$"
1HMMHGQRGXtE\E\ORDGUHVRYDWMHGQRWOLYiGDWDStPRNRQNUpWQtPSURFHV$P7HG\
SLG OLWSURFHV$PMHGQR]QDQpLGHQWLILNiWRU\DW\SDNSRXtYDWSURXUHQtNRQFRYFK
StMHPF$YUiPFLStVOXQpKRKRVWLWHOVNpKRSRtWDH3UREOpPMHRYHPYWRPH
SURFHV\Y]QLNDMtD]DQLNDMtG\QDPLFN\DRGHVLODWHOREY\NOHQHPiGRVWDWHNLQIRUPDFt
RWRPNWHUpNRQNUpWQtSURFHV\SUiY E tQDFtORYpPSRtWDL.G\E\WRPXWDNP OR
EWSLY]QLNXL]iQLNXNDGpKRSURFHVXE\PXVHOLEWSU$E Q LQIRUPRYiQL
YLFKQLSRWHQFLiOQtRGHVLODWHOpFRQHQtSUDNWLFN\PRQp3URRGHVLODWHOHQDYtF
QHPXVtEWY$EHFSRGVWDWQpNWHUNRQNUpWQtSURFHVEXGHStMHPFHPMHKRGDW'DWD
NWHUiSURFHVQDMHGQRPSRtWDLSRVtOiQDMLQSRtWDWRWLPRKRXSHGVWDYRYDW
SRDGDYHNQDXULWRXVOXEX3DNDOHQHQtUHOHYDQWQtWRNWHUSURFHVSUiY ]DML"XMH
GDQRXVOXEXMDNRVStHWRRMDNRXVOXEXMGH1DYtFMHGRFHODGREHPRQpH
MHGHQDWHQWSURFHV]DML"XMHYtFHMDNMHGQXVOXEXVRXDVQ 
$GUHVRYDWGDWDNRQNUpWQtPSURFHV$PWHG\QHQtStOLUR]XPQp-DNpMVRXDOH
DOWHUQDWLY\"
3RUW\DMHMLFKYODVWQRVWL
'DOtPRQRVWtMHY\WYRLWQDUR]KUDQtPH]LWUDQVSRUWQtYUVWYRXDEH]SURVWHGQ Y\t
YUVWYRXSHFKRGRYpERG\DW\RSDWLWMHGQR]QDQPLLGHQWLILNiWRU\UHVSDGUHVDPL
3HQiHQiGDWDSDNMVRXDGUHVRYiQDW PWRSHFKRGRYPERG$PDVNXWHQP
StMHPFHPGDWMHSDNWHQSURFHVNWHUMHYGDQpPRNDPLNXNWRPXWRSHFKRGRYpPX
ERGXORJLFN\SLSRMHQ
6t"RYPRGHO7&3,3SRXtYiSUiY WHQWRPHFKDQLVPXVDStVOXQpSHFKRGRYp
ERG\R]QDXMHMDNRSRUW\ SRUWV 
=SRKOHGXSURFHVXNWHUMHSUiY SLSRMHQNXULWpPXSRUWXVHWHQWRMHYtMDNR
Y\URYQiYDFtSDP "VUHLPHPIURQW\HQWLWDWUDQVSRUWQtYUVWY\XNOiGiGDWDGRSRUWX]
MHGQpVWUDQ\DHQWLWDDSOLNDQtYUVWY\ WMSURFHV VLMHYHVWHMQpPSRDGt]DVHRGHEtUi
YL]REU$QDORJLFN\LSURRSDQVP USHQRVX6DPRWQSRUWVSUiY
QD]QDHQPLYODVWQRVWPLMHViPRVRE GDWRYRXVWUXNWXURXDMDNRWDNRYP$H
G\QDPLFN\Y]QLNDWL]DQLNDWREGREQ MDNRYODVWQtSURFHV\
3,2%5B7,)
2EU3HGVWDYDSRUW$
$GUHV\SRUW$
9]WDKPH]LSRUWHPDSURFHVHP HQWLWRXDSOLNDQtYUVWY\ MHY]WDKHPG\QDPLFNP
SURFHV\VHG\QDPLFN\SLSRMXMtDRGSRMXMtRGMHGQRWOLYFKSRUW$3URRGHVLODWHOHMH
WHG\SRGVWDWQp]QiWtVOD DGUHV\ MHGQRWOLYFKSRUW$DQHPXVtSURQ EWUHOHYDQWQt
NWHUNRQNUpWQtSURFHVMHNStVOXQpPXSRUWXSUiY SLSRMHQ&KFHOLQDStNODGXULW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SURFHVQDKRVWLWHOVNpPSRtWDL$]tVNDWVRXERUNWHUVHQDOp]iQDSRtWDL%PXVt
VY$MSRDGDYHNQDWHQWRVRXERUDGUHVRYDWSRtWDL% NWHUXUtMHKR,3DGUHVRX D
GRSOQLWMHMDGUHVRXSRUWXQDNWHUpPMH]DML"RYiQDVOXEDSURSHQRVVRXERU$$GUHV\
SRUW$MVRXSLWRPFHOPLtVO\EH]]QDPpQNDYUR]VDKXELW$
2Wi]NRXRYHPMHMDNP$HDSOLNDQtSURFHVQDMHGQRPKRVWLWHOVNpPSRtWDL]MLVWLW
SRWHEQitVODSRUW$QDMLQpPSRtWDLD"MLFKFHY\XtWQ NWHURX]MtP
SRVN\WRYDQFKVOXHEQHERMLQDNNRPXQLNRYDWVQ NWHUP]DSOLNDQtFKSURFHV$QD
WRPWRMLQpPSRtWDL
.HHQtWpWRRWi]N\MVRXY]iVDG GYDPRQpStVWXS\3UYQt]QLFKVSRtYiYWRPH
tVODSRUW$VHQDYHFKKRVWLWHOVNFKSRtWDtFKSLG OtMHGQRXSURYG\DVWHMQ DWRWR
SLG OHQtVH]YHHMQt.DGDSOLNDQtSURFHVSDNPiNGLVSR]LFLLQIRUPDFLRtVOHFK
StVOXQFKSRUW$QDYHFKX]ORYFKSRtWDtFKW PWRSRUW$PVHSDNWDNptNiGREH
]QiPpSRUW\ ZHOONQRZQSRUWV 3UREOpPMHRYHPYWRPHWDWRYDULDQWD
VWDWLFNpKRFKDUDNWHUXVHGiSRXtWMHQSUR]YHHMQ QtWDNRYFKVOXHENWHUpMVRX
SHGHP]QiP\DVMHMLFKH[LVWHQFtO]HSHGHPSRtWDW
$OWHUQDWLYRXMHXPRQLWSURFHV$PQDMLQFKX]ORYFKSRtWDtFK]MLVWLWVLtVORSRUWX
QDGDQpPSRtWDLGRWD]HPVW\OXQDMDNpPSRUWXMHSRVN\WRYiQDVOXEDSHQRVX
VRXERU$"7DWRYDULDQWDVWiOHY\DGXMHDOHVSRMHGHQGREH]QiPSRUW SHVNWHU
E\E\ORPRQpY]QpVWStVOXQGRWD] DMHWDNpVSRMHQDVXULWRXUHLt1DGUXKp
VWUDQ MHDOHPQRKHPSUXQ MtQHER"XPRXMHY\WYiHWSRUW\DSLG ORYDWMLPtVOD
DGUHV\ SRGOHRNDPLWpSRWHE\G\QDPLFN\Y]QLNDMtFtFKD]DQLNDMtFtFKDSOLNDQtFK
SURFHV$DQHQtYi]iQDWtPMDNMVRXREGREQiSLG OHQtUHDOL]RYiQDQDMLQFKX]ORYFK
SRtWDtFK
7Y$UFL7&3,3SURWRNRO$VHUR]KRGOLSURNRPELQDFLRERXYDULDQWSURQHMDVW ML
SRXtYDQpVOXE\SRXLOLSUYQtPRQRVWWHG\SHYQpSLG OHQttVHOGREH]QiPP
SRUW$PD]E\OpDGUHV\SRQHFKDOLYROQpSURG\QDPLFNpSLG ORYiQtSRGOHRNDPLWFK
SRWHE
0XOWLSOH[DGHPXOWLSOH[GDWDJUDP$
9UD"PHVHQ\Qt]S WNRE PDSURWRNRO$PWUDQVSRUWQtYUVWY\VRXVWDY\7&3,3WHG\N
SURWRNRO$P8'3D7&3=H[LVWHQFHYtFHSRUW$PH]LWUDQVSRUWQtDDSOLNDQtYUVWYRX
Y\SOYiHSURWRNROWUDQVSRUWQtYUVWY\QDVWUDQ RGHVLODWHOHPXVtEWVFKRSHQSLMtPDW
GDWDRGU$]QFKDSOLNDQtFKHQWLWDSHGiYDWMHVt"RYpYUVWY  UHDOL]RYDQpSRPRFt
SURWRNROX,3 NSHQRVXWHG\]DML"RYDWMHMLFKPXOWLSOH[RYiQtDQDVWUDQ StMHPFH
SDNSURYiG WMHMLFKGHPXOWLSOH[RYiQtWHG\UR]G ORYiQtGDWSHY]DWFKRGVt"RYp
YUVWY\PH]LU$]QpHQWLW\DSOLNDQtYUVWY\SURVWHGQLFWYtPStVOXQFKSRUW$ YL]
REUi]HN 

3,2%5B7,)
2EU0XOWLSOH[DGHPXOWLSOH[GDWDJUDP$
7DWRSHGVWDYDYHOPLGREHRGSRYtGiNRQFHSFLQHVSRMRYDQpSHQRVRYpVOXE\NWHURX
SRVN\WXMHSURWRNRO8'37HQWRSURWRNROVHQDNDGSRUWGtYiVNXWHQ MDNRQDMHGHQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
ORJLFNREMHNWIURQWXGRNWHUpMVRXSRVWXSQ XNOiGiQ\YHFKQ\GDWDJUDP\
DGUHVRYDQpWRPXWRSRUWXQDGDQpPSRtWDL
3URWRNRO7&3YDNY\FKi]t]SRQ NXGRGOLQpDEVWUDNFH9]KOHGHPNHVYpPX
VSRMRYDQpPXFKDUDNWHUXSUDFXMHVHVSRMHQtPLNWHUiMVRXGHILQRYiQDGY PD
NRQFRYPLERG\NDGNRQFRYERGMHSLWRPXUHQGYRMLFt,3DGUHVDSRtWDH
tVORSRUWX!9tFHU$]QFKVSRMHQtSLWRPP$HVGtOHWWHQWNRQFRYERGWMNRQLW
YHVWHMQpPSRUWX=iNODGQtPW\SHPREMHNWXVHNWHUPSURWRNRO7&3SUDFXMHMHWHG\
VSRMHQtDQLNROLSRUWMDNRWDNRY

3URWRNRO8'3
9SHGFKR]tFKGtOHFKQDHKRVHULiOXMVPHVH]DDOL]DEYDWWUDQVSRUWQtYUVWYRX
Vt"RYpKRPRGHOX7&3,33LWRPMVPHVLQD]QDLOLHSURWXWRYUVWYXSLSDGDMtY
~YDKXGYDDOWHUQDWLYQtSURWRNRO\7&3D8'3'QHVVHSRGUREQ ML]DVWDYtPHX
MHGQRKR]QLFKSURWRNROX8'3
1HMSUYHVLDOH]QRYXSLSRPHPHQ NWHUpREHFQ MtVRXYLVORVWLRNWHUFKMVPH
]PtQLOLMLYGtOXQDHKRVHULiOX=GHMVPHVLHNOLHQDUR]GtORGUHIHUHQQtKR
PRGHOX,6226,SRYDXMHVt"RYPRGHO7&3,3RWi]NX]DEH]SHHQtVSROHKOLYRVWL
SHQRV$]DY FNRQFRYFK~DVWQtN$NRPXQLNDFHD]WRKRWRG$YRGX]DD]XMH
StVOXQpPHFKDQLVP\SUR]DMLW QtVSROHKOLYRVWLDGRWUDQVSRUWQtYUVWY\]DWtPFRQD
~URYQLVt"RYpYUVWY\SHGSRNOiGiSRX]HQHVSROHKOLYRXVOXEXQHVSRMRYDQpKR
FKDUDNWHUX UHDOL]RYDQRXSURWRNROHP,3 HNOLMVPHVLYDNWDNpHVt"RYPRGHO
7&3,3SDPDWXMHLQDWRHSURQ NWHUpGUXK\DSOLNDFtQHPXVtEWVSROHKOLYp
WUDQVSRUWQtVOXE\YKRGQp3URWRMLPQDEt]tMDNRDOWHUQDWLYQtPRQRVWY\XtYDWLQD
~URYQLWUDQVSRUWQtYUVWY\VOXE\VWHMQpSRYDK\DNYDOLW\MDNRXPDMtSHQRVRYpVOXE\
QD~URYQLVt"RYpYUVWY\]DML"RYDQpSURWRNROHP,3WHG\QHVSROHKOLYpSHQRVRYp
VOXE\QHVSRMRYDQpKRFKDUDNWHUX
8'3MDNRMHGQRGXFKiREiONDSURWRNROX,3
0HFKDQLVPHPNWHUHQWLWiP SURFHV$P~ORKiPSURJUDP$P DSOLNDQtYUVWY\
]StVWXSXMHQHVSROHKOLYpDQHVSRMRYDQp]DWRDOHU\FKOpDHIHNWLYQtSHQRVRYpVOXE\
Vt"RYpYUVWY\ SURWRNROX,3 MHSUiY SURWRNRO8'3 8VHU'DWDJUDP3URWRFRO 
0$HPHVLMHMSHGVWDYLWMDNRMHGQRGXFKRXREiONXQDGSURWRNROHP,3NWHUiQLMDN
QHP QtSRYDKXDQLNYDOLWXMHKRSHQRVRYFKVOXHEDOHSRX]HMH]SURVWHGNRYiYiVYp
EH]SURVWHGQ Y\tYUVWY 9SRGVWDW MHGLQpFR8'3]DML"XMHQDYtFMH
PXOWLSOH[RYiQtDGHPXOWLSOH[RYiQtGDWDJUDP$ YL]PLQXOGtOVHULiOX WHG\
UR]OLRYiQtU$]QFKStMHPF$UHVSRGHVLODWHO$YUiPFLWpKRKRVWLWHOVNpKRSRtWDH
SRGOHtVODSRUWX
2GSRY GQRVWSHEtUiDSOLNDFH
.DGDSOLNDQtSURJUDPNWHUVHUR]KRGQHSRXtYDWWUDQVSRUWQtVOXE\SURWRNROX
8'3WDNQDVHEHSHEtUiRGSRY GQRVW]D]DMLW QtWDNRYp~URYQ VSROHKOLYRVWL
SHQRV$MDNRXViPSRWHEXMH6iPVHWDNpPXVtY\URYQiYDWLVGDOtPLG$VOHGN\
NWHUpY\SOYDMt]QHVSROHKOLYpKRDQHVSRMRYDQpKRFKDUDNWHUXSHQRVRYFKVOXHE

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SURWRNROX8'3MDNRMHQDS]DML"RYiQtVSUiYQpKRSRDGtGRUXRYDQFKGDWDJUDP$
HOLPLQDFHGXSOLFLWQtFKGDWDJUDP$DSRG
-DNMVPHVLMLXYHGOLYSHGFKR]tFKGtOHFKMHYROEDQHVSROHKOLYFKWUDQVSRUWQtFK
VOXHESURWRNROX8'3GHWHUPLQRYiQDSHGHYtPFKDUDNWHUHPDSOLNDFHDMHKR
SRDGDYN\QDHIHNWLYLWXSHQRVRYFKVOXHE6YRXUROLSLUR]KRGRYiQtPH]L
QHVSROHKOLYPLDOHU\FKOHMtPLVOXEDPLSURWRNROX8'3DVSROHKOLYPL]DWRDOH
SRPDOHMtPLWUDQVSRUWQtPLVOXEDPLSURWRNROX7&3YDNVHKUiYiLSURVWHGtYH
NWHUpPMVRXW\WRWUDQVSRUWQtVOXE\]DML"RYiQ\1DStNODGYORNiOQtFKVtWtFKNWHUp
MVRXYHOPLU\FKOpDSHGHYtPUHODWLYQ VSROHKOLYpP$HEWSURWRNRO8'3SUR
PQRKpDSOLNDFHYHOPLYKRGQ3LSHFKRGXGRSURVWHGtUR]OHKOFKVtWtNWHUpMVRX
YHVYpSRGVWDW PQRKHPPpQ VSROHKOLYpYDNP$HQDWROLNQDU$VWUHLHNRQNUpWQtKR
DSOLNDQtKRSURJUDPXQD]DMLW QtSRWHEQpVSROHKOLYRVWLHVHSURQLVWDQHSURWRNRO
8'3PpQ YKRGQQHVSROHKOLYSURWRNRO7&3QHERVHSRXLWtSURWRNROX8'3
VWDQHGRNRQFH]FHODQH~QRVQp
3,2%5B7,)
2EU8'3GDWDJUDP\YV,3GDWDJUDP\
)RUPiW8'3GDWDJUDPX
-DNMVPHVLMLWDNpXYHGOLYGtOXSURWRNRO8'3GRVWiYiRGVYpEH]SURVWHGQ
Y\tYUVWY\EORN\GDWNWHUpVHVQDtYNOiGDWFHOpGRMHGQRWOLYFKGDWDJUDP$Vt"RYp
YUVWY\ ,3GDWDJUDP$ YL]REU3URWRVHWDNpW PWREORN$PQD~URYQLWUDQVSRUWQt
YUVWY\tNiXLYDWHOVNpGDWDJUDP\ XVHUGDWDJUDPV QHERWp8'3GDWDJUDP\
8'3GDWDJUDPV -HMLFKIRUPiWMHXYHGHQQDREUi]NX

+ODYLNX DQJOLFN\KHDGHU 8'3GDWDJUDPXWYRtSRORN\YUR]VDKXELW$NWHUp
SRDG Y\MDGXMttVORSRUWXRGHVLODWHOHDStMHPFHGpONX8'3GDWDJUDPXDNRQWUROQt
VRXHWYL]REU
3,2%5B7,)
2EU)RUPiW8'3GDWDJUDPX
tVORSRUWXStMHPFH SRORND8'3'(67,1$7,213257 MH]iNODGQtLQIRUPDFt
SRGOHNWHUpVHSURWRNRO8'3QDVWUDQ StMHPFHUR]KRGXMHNRPXPiSLMDWGDWDJUDP
GRUXLWSHVQ MLSHVNWHUSRUWPiSLMDWGDWDJUDPSHGDWHQWLW DSOLNDQtYUVWY\
tVORSRUWXRGHVLODWHOH YSRORFH8'36285&(3257 MHQHSRYLQQpY\SOXMHVHY
StSDG NG\MHSRDGRYiQDRGSRY  YRSDQpPStSDG VHWDWRSRORND]DSOXMH
QXODPL 
3RORND/(1*7+Y\MDGXMHGpONX8'3GDWDJUDPXP HQRXYRNWHWHFK WM
RVPLFtFKELW$ YHWQ YODVWQtKODYLN\0LQLPiOQtGpOND8'3GDWDJUDPXMHSURWR
FRMHSUiY YHOLNRVWKODYLN\VSUi]GQRXGDWRYRXiVWt
.RQWUROQtVRXHW
.RQWUROQtVRXHW SRORND&+(&.680 MHSRtWiQYUR]VDKXELW$YDULWPHWLFH
NWHUiSURY\MiGHQitVHOVH]QDPpQNHPY\XtYiW]YMHGQLNRYGRSOQ N RQH
V

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
FRPSOHPHQW -HGQRX]H]DMtPDYFKYODVWQRVWtWpWRQHStOLSRXtYDQpDULWPHWLN\MH
VNXWHQRVWHPiGYDPRQp]S$VRE\]Qi]RUQ QtQXO\W]YNODGQRXQXOXWYRHQRX
GYRMNRY VDPPLQXODPLDW]Y]iSRUQRXQXOXNWHUiPiQDRSDNYHFKQ\ELW\
QDVWDYHQ\QDMHGQLNX9StSDG HNRQWUROQtVRXHWY\FKi]tQXORYMHSRXLWD
SUiY WDWRGUXKiPRQRVWWHG\W]Y]iSRUQiQXOD3RXLWtNRQWUROQtKRVRXWXYDN
QHQtSRYLQQp-HVWOLHVHNRQWUROQtVRXHWQHSRXLMHMHSRORND&+(&.680
Y\QXORYiQDRYHPW]YNODGQRXQXORXFRMHGtN\YODVWQRVWHPMHGQLNRYpKR
GRSONXPRQpRGOLLWRGQXORYpKRGQRW\NRQWUROQtKRVRXWX
=YOiWQRVWtSURWRNROX8'3MHVNXWHQRVWH]PtQ QNRQWUROQtVRXHWMHOLSRXLW
QHQtSRtWiQ]8'3GDWDJUDPX NWHUMHQDREUi]NX DOH]Y WtGDWRYpVWUXNWXU\
YL]REU NWHUiY]QLNQHSRP\VOQPSLSRMHQtPGDOtKODYLN\W]Y
SVHXGRKODYLN\ SVHXGRKHDGHU NYODVWQtPXGDWDJUDPX3RP\VOQPSLSRMHQtPY
WRPVP\VOXHWDWRSVHXGRKODYLNDQHQtYHVNXWHQRVWLSHQiHQDRGRGHVLODWHOHN
StMHPFLDOHMHEUiQDY~YDKXSRX]HSURYSRHWNRQWUROQtKRVRXWX
3,2%5B7,)
2EU8'3GDWDJUDPDSVHXGRKODYLND
-DNY\SOYi]REUi]NXMHYSVHXGRKODYLFHREVDHQDPM,3DGUHVDStMHPFHD
RGHVLODWHOH NWHUiQDRSDNYHYODVWQtP8'3GDWDJUDPXUHVSMHKRKODYLFHREVDHQD
QHQt 3URWRNRO8'3QDVWUDQ StMHPFHNRQWUROXMHEH]FK\ERYRVWYHFKSLMDWFK
GDWDJUDP$QRYPYSRWHPNRQWUROQtKRVRXWXDMHKRSRURYQiQtPVREVDKHP
SRORN\&+(&.6808LYDWHOVNGDWDJUDPVLFHSLMPHEH]MHKRSVHXGRKODYLN\
DOHSURSRWHE\NRQWUROQtKRVRXWXVLMLSURWRNRO8'3]QRYXY\WYRtD]DKUQHMLGR
QRYpKRYSRWXNRQWUROQtKRVRXWX9]KOHGHPNWRPXHSVHXGRKODYLND8'3
GDWDJUDPXREVDKXMHPML,3DGUHVXStMHPFHMGHRPHFKDQLVPXVNWHUNURP
SRNR]HQFKGDWDJUDP$XPRXMHUR]SR]QDWWDNpGDWDJUDP\GRUXHQpQDFK\EQRX
,3DGUHVX FR]SRXKpKRtVODSRUWXNWHUpMHYHYODVWQtPGDWDJUDPXQHO]HSR]QDW D
QiVOHGQ MHHOLPLQRYDW
=DVWDYPHVHYDNMHW XSUiY QD]QDHQpKRYSRWXNRQWUROQtKRVRXWX3RGOHQ M
PXVtSURWRNRO8'3XRGHVLODWHOHMLSLVHVWDYRYiQt8'3GDWDJUDPX]QiWQHMHQ,3
DGUHVXStMHPFHDOHL,3DGUHVXRGHVLODWHOHQHER"RE W\WRDGUHV\PXVt]DKUQRXWGR
NRQWUROQtKRVRXWX,3DGUHVXStMHPFHVHSURWRNRO8'3GR]YtRGDSOLNDFHQHER"
SUiY RQDXUXMHNRPXMVRXStVOXQiGDWDXUHQD3RNXGYDNMGHR,3DGUHVX
RGHVLODWHOHQHPXVtEWYVLOiFKSURWRNROX8'3MLVWDQRYLW-GHOLWRWLRKRVWLWHOVN
SRtWDNWHUPiYtFHQHMHGQRVt"RYpUR]KUDQt WMMGHOLRW]YPXOWLKRPHGKRVW
NWHUMHVRXDVQ ]DSRMHQGRYtFHGtOtFKVtWtYL]GtOVHULiOX PiRGHVLODWHOYtFH
U$]QFK,3DGUHV SRMHGQpQDNDGpVt"RYpUR]KUDQtUHVSSURNDGRXGtOtVt" 
5R]KRGQRXWNXG\EXGHStVOXQGDWDJUDPVNXWHQ RGHVOiQ WMNWHUPVt"RYP
UR]KUDQtPUHVSVMDNRX,3DGUHVRXRGHVLODWHOH MHSDNDYVLOiFKVt"RYpYUVWY\UHVS
SURWRNROX,3NWHU]DML"XMHVP URYiQt3URWRNRO8'3VLSURWRPXVtSLVHVWDYRYiQt
XLYDWHOVNpKRGDWDJUDPXY\iGDWSRPRFSURWRNROX,3FRDOHSRQ NXGQDUXXMH
VWDQGDUGQt]S$VRELQWHUDNFHMHGQRWOLYFKYUVWHYYHYUVWHYQDWpPPRGHOX

3URWRNRO7&3,
HNQHOLVHGQHV7&3,3PQRKROLGtVLSRGWtPSHGVWDYtGYRMLFLSURWRNRO$
7&3 7UDQVPLVVLRQ&RQWURO3URWRFRO D,3 ,QWHUQHW3URWRFRO =QDHKR
GRVDYDGQtKRSRYtGiQtRSRtWDRYFKVtWtFKYDNMLYtPHHYHVNXWHQRVWLMGHR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
FHORXVRXVWDYXSURWRNRO$ DQJOLFN\SURWRFROVXLWH VSRMHQRXVYODVWQtVRXVWDYRX
Qi]RU$QDWRMDNE\SRtWDRYpVtW P O\Y\SDGDWDMDNE\P O\IXQJRYDWWHG\
WRFRMVPHVLMLGtYHR]QDLOLMDNRVt"RYRXDUFKLWHNWXUXLVt"RYPRGHO
3URWRNRO7&3MHWHG\MHQMHGQtP]YtFHSURWRNRO$VRXVWDY\7&3,3LNG\
SURWRNROHPYHOPLY]QDPQP'QHVVHXQ M]DVWDYtPHSRGUREQ ML
1HMSUYHVLDOH]QRYXSLSRPHPHHSURWRNRO7&3MHSURWRNROHPWUDQVSRUWQtYUVWY\
DHMHMHGQtP]HGYRXDOWHUQDWLYQtFKSURWRNRO$NWHUpVt"RYPRGHO7&3,3QD~URYQL
WpWRYUVWY\QDEt]t3LSRPHPHVLWDNpG$YRGWpWRQDEtGN\GYRXDOWHUQDWLYQtFK
SURWRNRO$MHGQRWOLYpDSOLNDFHPDMtPRQRVWVLY\EUDW]GDMHSURQ YKRGQ Mt
SRXtYDWQD~URYQLWUDQVSRUWQtYUVWY\QHVSROHKOLYp DOHU\FKOHMt SHQRVRYpVOXE\
]DML"RYDQpSURWRNROHP8'3 8VHU'DWDJUDP3URWRFRO QHERQDRSDNSRPDOHMt]DWR
DOHVSROHKOLYpVOXE\SURWRNROX7&39PLQXOpPGtOXQDHKRVHULiOXMVPHVH
SRGUREQ ML]DEYDOLSURWRNROHP8'3DQD]QDLOLMVPHVLHMHYODVWQ MHQ
MHGQRGXFKRXREiONRXQDGSHQRVRYPLVOXEDPLVt"RYpYUVWY\NWHUiQLMDNQHP Qt
MHMLFKNYDOLWX WMQHVSROHKOLYRVW DQLSRYDKX QHVSRMRYDQFKDUDNWHU DSRX]HMH
]StVWXSXMHHQWLWiPDSOLNDQtYUVWY\NROSURWRNROX7&3MH]WRKRWRSRKOHGX
PQRKHPQiURQ MtNGLVSR]LFLPiVWHMQpQHVSROHKOLYpVOXE\QD~URYQLVt"RYp
YUVWY\DOHVMHMLFKSRPRFtPXVtViP]DML"RYDWVOXE\VSROHKOLYp
'DOtY]QDPQUR]GtOPH]LSURWRNRO\8'3D7&3VSRtYiYWRPH]DWtPFR8'3
QDEt]tQHVSRMRYDQp FRQQHFWLRQOHVV VOXE\SURWRNRO7&3QDEt]tVYpSHQRVRYp
VOXE\MDNRVSRMRYDQp FRQQHFWLRQRULHQWHG 3HGNDGRXYP QRXGDWPH]LGY PD
X]O\WHG\PXVtEWQHMSUYHQDYi]iQRVSRMHQtDSRVNRQHQtSHQRVXPXVtEWWRWR
VSRMHQt]DVH]UXHQR9KRGDPLLQHYKRGDPLVSRMRYDQFKDQHVSRMRYDQFKVOXHE
MVPHVH]DEYDOLMLYHGtOXQDHKRVHULiOX
6WUHDPQHEROLSURXG
'DOtPY]QDPQPUR]GtOHPPH]LSHQRVRYPLVOXEDPLSURWRNRO$7&3D8'3MH
WDNpMHMLFKSRKOHGQDSHQiHQiGDWD-DNMVPHVLMLQD]QDLOLPLQXOHSURWRNRO8'3
RHNiYiRGVYpEH]SURVWHGQ Y\tYUVWY\YG\FHOEORNGDWNWHUVHVQDtSHQpVW
RS WMDNRFHOHN YUiPFLMHGLQpKRW]YXLYDWHOVNpKRGDWDJUDPXYL]PLQXOH DQD
VWUDQ StMHPFHMHMSHGiYiVYpEH]SURVWHGQ Y\tYUVWY RS WMDNRFHOHN
1DSURWLWRPXSURWRNRO7&3VHVQDtQDEt]HWVYpEH]SURVWHGQ Y\tYUVWY SHQRV
MHGQRWOLYFKE\W$2HNiYiWHG\HHQWLW\DSOLNDQtYUVWY\PXQDVWUDQ RGHVLODWHOH
EXGRXSRVWXSQ SHGiYDWMHGQRWOLYpE\W\ SHVQ MLRVPLELWRYpRNWHW\ DQDVWUDQ
StMHPFHVLMH]DVHEXGRXSRMHGQRPY\]YHGiYDW7tPY]QLNiLOX]HSURXGX DQJOLFN\
VWUHDP MHGQRWOLYFKE\W$NWHUQDYtFQHQtQLMDNVWUXNWXURYiQWMYHFKQ\SHQiHQp
E\W\MVRXSRYDRYiQ\]DURYQRFHQQp9HVNXWHQRVWLVDPR]HMP QHMVRXMHGQRWOLYp
ELW\SHQiHQ\NDG]YOi"3URWRNRO7&3QDVWUDQ RGHVLODWHOHSRVWXSQ DNXPXOXMH
MHGQRWOLYpE\W\GRYKRGQpY\URYQiYDFtSDP WL EXIIHUX DSRMHMtPQDSOQ QtRGHOH
FHOMHMtREVDKQDMHGQRXYW]YVHJPHQWXMDNVHQD]YiEORNSHQiHQSURWRNROHP
7&3$QDORJLFN\QDVWUDQ StMHPFHNGHVHGDWRYREVDKVHJPHQWXXNOiGiGR
Y\URYQiYDFtSDP WLDMHGQRWOLYpE\W\MVRXHQWLWiPDSOLNDQtYUVWY\SRVN\WRYiQ\]
WpWRY\URYQiYDFtSDP WL&HOPHFKDQLVPXVVGUXRYiQtMHGQRWOLYFKE\W$GREORN$MH
SOQ YUHLLSURWRNROX7&3NWHUVHSHQRVHPY WtFKFHON$VQDtRSWLPDOL]RYDW
Y\XLWtSHQRVRYFKFHVW3URY\tYUVWYXMHWHQWRPHFKDQLVPXVQHYLGLWHOQY\t
YUVWYDSUDFXMHVSHGVWDYRXSURXGXMHGQRWOLYFKE\W$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
([LVWXMtYDNWDNRYpDSOLNDFHSURNWHUpSUiY QD]QDHQPHFKDQLVPXVQHQtStOL
YKRGQ3tNODGHPPRKRXEWW]YY]GiOHQpWHUPLQiORYpUHODFHXVNXWHRYDQp
SURVWHGQLFWYtPVtW NG\MHGHQX]ORYSRtWDY\VWXSXMHYUROLWHUPLQiOXMLQpKR
SRtWDHDMHGQRWOLYp]QDN\]DGDQp]MHKRNOiYHVQLFHSRVtOiNH]SUDFRYiQtWRPXWR
GUXKpPXSRtWDL NWHUPX]DVHSRVtOi]S WYHFRPiEW]REUD]HQRQDREUD]RYFH
WHUPLQiOX .G\E\YWDNRYpWRVLWXDFLSURWRNRO7&3HNDODYVWXSQt]QDN\QDSOQt
Y\URYQiYDFtSDP "QDVWUDQ RGHVLODWHOHDWHSUYHSDNMHVNXWHQ RGHVODOXLYDWHOE\
KRGQ GORXKRPDNDONOiYHV\EH]MDNpNROLRGH]Y\3URWRNRO7&3YDNLVWtPWR
SRtWiDQDEt]tRGHVLODWHOLPHFKDQLVPXV R]QDRYDQMDNRSXVK NWHUPVLDSOLNDFH
P$HY\QXWLWVNXWHQpRGHVOiQtGDWLYStSDG HStVOXQiY\URYQiYDFtSDP "QHQt
MHW QDSOQ QD
-DNVHGRVDKXMHVSROHKOLYRVW
-LYHGtOXVHULiOXMVPHVLQD]QDLOLHSUDNWLFN\MHGLQRXPRQRVWtMDNSRPRFt
QHVSROHKOLYpSHQRVRYpVOXE\]DMLVWLWVSROHKOLYpSHQRV\MHXPRQLWStMHPFL
UR]SR]QDWFK\EQ SHQHVHQEORNDY\iGDWVLMHKRRS WRYQpY\VOiQt
8Ni]DOLMVPHVLWDNpH]DWtPWR~HOHPVHSRXtYiYtFHU$]QFK]S$VRE$W]Y
SRWYU]RYiQt DFNQRZOHGJHPHQW YL]RS WGtO3URWRNRO7&3SRXtYiW]YNODGQp
SRWYU]RYiQt SRVLWLYHDFNQRZOHGJHPHQW FR]QDPHQiHSRWYU]XMH~VS Q SLMDWi
GDWDDQDFK\EQ SLMDWiGDWDQHUHDJXMHQLMDN W\SDNRGHVLODWHO]QRYXY\OHQD
]iNODG Y\SUHQtDVRYpKROLPLWXYHNWHUpPRHNiYDOMHMLFKNODGQpSRWYU]HQt 9H
VYp]iNODGQtSRGRE W]YMHGQRWOLYpKRNODGQpKRSRWYU]RYiQt VWRS ZDLWSRVLWLYH
DFNQRZOHGJHPHQW NG\RGHVLODWHOSHGRGHVOiQtPNDGpKRGDOtKREORNXHNiQD
NODGQpSRWYU]HQtQDSRVOHG\Y\VODQpKREORNXMHWHQWRPHFKDQLVPXV]QDQ
QHHIHNWLYQt3URWRNRO7&3SURWRSRXtYiNODGQpSRWYU]RYiQtYHYDULDQW W]Y
NRQWLQXiOQtKRSRWYU]RYiQt FRQWLQXRXVDFNQRZOHGJHPHQW ]QiPpKRWpMDNRW]Y
PHWRGDRNpQND VOLGLQJZLQGRZ 3RGVWDWDWpWRYDULDQW\VSRtYiYWRPHRGHVLODWHO
P$HRGHVODWGDOtEORN UHVSQ NROLNGDOtFKEORN$ MHW GtYHQHGRVWDQH
SRWYU]HQtRSLMHWtEORNXSHGFKR]tKR2WRPNROLNEORN$P$HWDNWRY\VODW
GRSHGXUR]KRGXMHYHOLNRVWSRP\VOQpKRRNpQND YL]REUYHGtOX 
.G\MVPHVHYHGtOX]DEYDOLU$]QPLPHWRGDPLSRWYU]RYiQtSHGSRNOiGDOL
MVPHHSRWYU]RYDQPLMHGQRWNDPLMVRXFHOpEORN\GDW9StSDG SURWRNROX7&3VH
SHQiHQpEORN\GDWR]QDXMtMDNRVHJPHQW\DPRKRXPtWU$]QRXGpONX9StSDG 
HQ NWHUVHJPHQWQHQtSHQHVHQEH]FK\EQ  UHVSQHQtNODGQ SRWYU]HQGRY\SUHQt
DVRYpKROLPLWX MHMHKRREVDKY\VOiQ]QRYXDSRQ PWDNpREVDKYHFK
QiVOHGXMtFtFKVHJPHQW$-GHWHG\RW]YRSDNRYiQtVQiYUDWHP *R%DFN1 YL]
RS WGtO3RGVWDWQpDOHMHHSLWRPWRRSDNRYDQpPY\VtOiQtMLMHGQRXY\VODQFK
GDWQHPXVtEWGRGUHQ\S$YRGQtYHOLNRVWLVHJPHQW$]QRYXY\VODQVHJPHQWP$H
EWY WtQHVHJPHQWY\VODQS$YRGQ 7RDOHLQtSRWYU]RYiQtFHOFKVHJPHQW$
SUREOHPDWLFNp3URWRMVRXYSURWRNROX7&3SRWYU]RYDQPLMHGQRWNDPLGDWQLNROLFHOp
EORN\ VHJPHQW\ DOHMHGQRWOLYpE\W\ SHVQ MLRNWHW\ 
3,2%5B7,)
2EU3HGVWDYDSRWYU]RYiQtYSURWRNROX7&3
.RQNUpWQt]S$VRELPSOHPHQWDFHSRWYU]RYiQtYSURWRNROX7&3Y\XtYiSOQ
GXSOH[QtKRFKDUDNWHUXVSRMHQtQD~URYQLWUDQVSRUWQtYUVWY\-DNQD]QDXMHREUi]HN
NDGVHJPHQWREVDKXMHNURP YODVWQtFKGDWL~GDMRSR]LFLSUYQtKRE\WXW FKWR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GDWYUiPFLFHOpKRSURXGXE\W$ W]YVHTXHQFHQXPEHU 6Y\XLWtPWRKRWR~GDMHSDN
StMHPFHS$YRGQtSURXGE\W$UHNRQVWUXXMH-HGQRWOLYiNODGQiSRWYU]HQtVHRS W
Y]WDKXMtNFHOPE\W$PDMVRXYNOiGiQDGRVHJPHQW$SHQiHQFKYRSDQpPVP UX
QHSRWYU]RYDQiGDWD-GHWHG\RW]YQHVDPRVWDWQpSRWYU]RYiQt DQJOLFN\
SLJJ\EDFNLQJ YL]GtO.ODGQpSRWYU]HQtPiSLWRPIRUPXtVODSR]LFHSUYQtKR
E\WX YUiPFLSURXGX NWHUStMHPFHRHNiYiMDNRGDOt WMSUYQtKRE\WX]D
SRVOHGQtP~VS Q SLMDWP MGHRW]YDFNQRZOHGJHPHQWQXPEHU

3URWRNRO7&3,,
9PLQXOpPGtOXMVPHVH]DDOL]DEYDWSURWRNROHP7&3HNOLMVPHVLHVYp
EH]SURVWHGQ Y\tYUVWY SRVN\WXMHSHQRVRYpVOXE\VSROHKOLYpKRD
VSRMRYDQpKRFKDUDNWHUXLNG\NMHMLFK]DMLW QtP$HViPY\XtYDWMHQ
QHVSROHKOLYp DQHVSRMRYDQp SHQRVRYpVOXE\QD~URYQLVt"RYpYUVWY\
SRVN\WRYDQpSURWRNROHP,31D]QDLOLMVPHVLWDNpHSRWHEQpVSROHKOLYRVWL
GRVDKXMHSURWRNRO7&3SRPRFtSRWYU]RYiQtDRSDNRYDQpKRY\VtOiQtFK\EQ
SHQHVHQFKGDW'QHVVH]DVWDYtPHSRGUREQ MLSUiY X]S$VREXRSDNRYiQt
SHQRV$
3LSRPHPHVLYDNMHW MHGQRXWRFRMVPHVLRNRQNUpWQtPPHFKDQLVPX
SRWYU]RYiQtHNOLMLPLQXOHSURWRNRO7&3SRXtYiW]YNODGQpSRWYU]RYiQt SRVLWLYH
DFNQRZOHGJHPHQW FR]QDPHQiHSRWYU]XMHSRX]HVSUiYQ SLMDWiGDWD]DWtPFRQD
FK\EQ SLMDWiGDWDQHUHDJXMHQLMDN2GHVLODWHOSURWRSR]QiHXULWiGDWDQHE\OD
SHQHVHQDVSUiYQ DSRY\SUHQtXULWpKRDVRYpKROLPLWX6RXDVQ VWtPMHDOH
GREUpVLXY GRPLWHWDNpNODGQiSRWYU]HQtMVRXVDPDSHQiHQDSRPRFtVWHMQ
QHVSROHKOLYFKSHQRVRYFKVOXHEVt"RYpYUVWY\MDNRVDPRWQiGDWD0$HVHSURWR
VWiWHXULWiGDWDMVRXSHQHVHQDEH]FK\EQ DOH]WUDWtVHMHMLFKNODGQpSRWYU]HQt
2GHVLODWHOYDNQHPiPRQRVWREDW\WRStSDG\UR]OLLW9G\PXVtHNDWDGR
Y\SUHQtDVRYpKROLPLWX]GDQHGRVWDQHNODGQpSRWYU]HQtDSRNXGQHPXVtGDWD
Y\VODW]QRYX
2Wi]NRXRYHPMHMDNYROLWStVOXQDVRYOLPLW WLPHRXW "%XGHOLStOLNUiWN
P$HGRFKi]HWNVLWXDFtPNG\GDWDEXGRXSHQHVHQDEH]FK\EQ DOHMHMLFKNODGQp
SRWYU]HQtGRMGHRGHVLODWHOLStOLSR]G DSRY\SUHQtDVRYpKROLPLWXFR
RGHVLODWHOHSLQXWt]QRYXY\VODW~VS Q SHQHVHQiGDWD9RSDQpPStSDG EXGHOL
DVRYOLPLWStOLGORXKEXGHRGHVLODWHO]DVH]E\WHQ GORXKRHNDWQHVLEXGH
PRFLGRP\VOHWHVHGDWDQHSHQHVODVSUiYQ 9RERXStSDGHFKMHYVOHGNHP
QHHIHNWLYQtY\XLWtSHQRVRYFKNDSDFLW
3UREOpPYKRGQpYROE\DVRYpKROLPLWXMHQDYtFNRPSOLNRYiQVNXWHQRVWtH
SURWRNRO7&3P$HEWSRXtYiQYU$]QFKVtWtFKYHNWHUFKVHGRE\SHQRVXPRKRX
OLLWLYQ NROLNDiGHFK1DStNODGYU\FKOpORNiOQtVtWLE\StVOXQDVRYOLPLWP O
EWYUD]Q NUDWtQHYUR]OHKOpVtWLNWHUiSRXtYiUHODWLYQ YHOPLSRPDOpSHYQp
WHOHIRQQtRNUXK\6LWXDFHMHQDYtFMHW NRPSOLNRYDQ MtXY]iMHPQ SURSRMHQFKVtWt
LQWHUQHWVVPDOPL NGHMHGQRWOLYpiVWLSHQRVRYpWUDV\ URXWH PDMtREHFQ
U$]QpSHQRVRYpNDSDFLW\DNGHVHQDYtFWUDVDPH]LGY PDNRQFRYPL~DVWQtN\
P$HYSU$E KXSHQRVXG\QDPLFN\P QLW QDSYG$VOHGNX]DKOFHQtLYSDGNX 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
$GDSWLYQtFKRYiQt
=S$VREMDNPVHSURWRNRO7&3Y\URYQiYiVSUREOpPHPVSUiYQpYROE\DVRYpKR
OLPLWXSURRSDNRYDQpY\VtOiQt UHWUDQVPLVVLRQ O]HYSUYQtPSLEOtHQt
FKDUDNWHUL]RYDWMDNRDGDSWLYQt7&3WRWLSU$E Q PRQLWRUXMHVNXWHQpFKRYiQt
SHQRVRYpVtW DSRGOHQ MVHVQDtSHGYtGDWMHMtFKRYiQtLSURQHMEOLtDVRY~VHN
7RPXSDNSL]S$VREXMHLVYpFKRYiQt
7&3QHXVWiOHP tGREXREUiWN\ 577URXQGWULSWLPH MDNRGREXRGRGHVOiQtGDW
GRSLMHWtNODGQpKRSRWYU]HQtRMHMLFK~VS QpPGRUXHQtDVRYOLPLWSDN
X]S$VREXMHSU$P UQpGRE REUiWN\NWHURXY\SRtWiYiMDNRYiHQSU$P U ZHLJKWHG
DYHUDJH MHGQRWOLYFKQDP HQFKGREREUiWN\
1HMHGQR]QDQRVWSRWYU]RYiQt
9PLQXOpPGtOXMVPHVLWDNptNDOLHSURWRNRO7&3QHSRWYU]XMHFHOpVHJPHQW\ MDN
VHQD]YDMtMtPSHQiHQpEORN\GDW DOHMHGQRWOLYpE\W\ SHVQ MLRNWHW\ YUiPFL
SHQiHQpKRSURXGX VWUHDP 7RPiMHGHQ]iYDQG$VOHGHNSURYSRHWGRE\
RGH]Y\3HGVWDYPHVLVLWXDFLNG\RGHVLODWHOQHGRVWDQHGRDVRYpKROLPLWXNODGQp
SRWYU]HQtRSLMHWtXULWpiVWLGDWDWDNMHY\OH]QRYXYHVWHMQ YHONpPVHJPHQWX
'RVWDQHOLSDNNODGQpSRWYU]HQtQHQt]Q MVFKRSHQUR]OLLWNHNWHUpPXVHJPHQWXVH
WRWRSRWYU]HQtY]WDKXMH]GDMGHRSRWYU]HQtSRSUYpY\VODQFKGDW NWHUpVHQ NGH
]GUHOR QHER]GDMGHMLRSRWYU]HQtSRGUXKpY\VODQFKGDW ]DWtPFRSRSUYpY\VODQi
GDWDVHSHQHVODVFK\ERXQHERVHMHMLFKNODGQpSRWYU]HQt]WUDWLOR 3RWYU]RYiQt
SRXtYDQpSURWRNROHP7&3MHSURWRYREHFQpPStSDG QHMHGQR]QDQp
DPELTXRXV 
=SRKOHGX]DEH]SHHQtVSROHKOLYpKRSHQRVXWDWRQHMHGQR]QDQRVWQLMDNQHYDGtDOH
SUREOpPY]QLNiSLYSRWXGRE\REUiWN\PiWDWREWY]WDHQDNRNDPLNXSUYQtKR
Y\VOiQtQHERQDRSDNNRNDPLNXSRVOHGQtKRRSDNRYDQpKRY\VOiQtXULWFKGDW"'i
VHXNi]DWHRE YDULDQW\MVRXSDWQpYStSDG WpSUYQtP$HYiHQSU$P UGRE\
REUiWN\U$VWQDGHYHFKQ\PH]H]DWtPFRYHGUXKpPStSDG VLFHNRQYHUJXMHNXULWp
NRQHQpKRGQRW DOHWDWRMHPHQtQHE\VSUiYQ P ODEW SUDNWLFNpLPSOHPHQWDFH
WpWRYDULDQW\XND]XMtHMHWDWRKRGQRWDSLEOLQ SRORYLQtRSURWLVSUiYQpDSURWRNRO
7&3SDNY\VtOiYHFKQDGDWDSUiY GYDNUiW 
.DUQ$YDOJRULWPXV
6MHGQRGXFKPDHOHJDQWQtPHHQtPSRSUYpSLHOUDGLRDPDWpU3KLO.DUQNG\VH
VQDLOLPSOHPHQWRYDW7&3,3SURWRNRO\LSURSURVWHGtUDGLRDPDWpUVNFKSDNHWRYFK
VtWt FRVHPXRVWDWQ SRYHGORYVOHGNHPMH]QiPSURJUDPRYEDOtN.$4
QD]YDQSRGOHYRODFt]QDN\VYpKRDXWRUD 
0\OHQNDVHNWHURX.DUQSLHOMHYHOPLMHGQRGXFKiYStSDG QHMHGQR]QDQpKR
SRWYU]HQt WMYStSDG RSDNRYDQpKRY\VOiQtMLMHGQRXY\VODQFKGDW Y$EHFQHP LW
GREXREUiWN\DWXGtLQHX]S$VRERYDWSRGOHQtDVRYOLPLW-LQPLVORY\SUR
VWDQRYHQtDVRYpKROLPLWXY\XtYDWSRX]HW\StSDG\NG\GDWDE\ODY\VOiQDMHQ
MHGQRXDMHWXGtMDVQpMDNGREXREUiWN\P LW
,WRWRHHQtYDNYHVYpLVWpSRGRE QHQtStOLSRXLWHOQp3HGVWDYPHVLWRWL
VLWXDFLNG\QDStNODGYOLYHP]P Q\WUDV\LYSDGNXiVWLSHQRVRYFKNDSDFLWQiKOH
Y]URVWH]SRG QtSLSHQRVX3RWYU]HQtQHVWLKQHSLMtWYDVDWDNMVRXGDWDY\VOiQD
]QRYXYG$VOHGNXWRKRVHSDNDOHQHP tGREDREUiWN\DQLMDNVHQHP QtDQLDVRY

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
OLPLW%XGHOLQiU$VW]SRG QtWUYDOYHXYHGHQDOJRULWPXVQDQ MY$EHF
QH]DUHDJXMH
.RQNUpWQtDOJRULWPXVNWHU3KLO.DUQQDYUKOYDNHtLWXWRVLWXDFL WHFKQLNRX
R]QDRYDQRXMDNRWLPHUEDFNRII YRNDPLNXNG\]DQHGRFKi]HWNRSDNRYDQpPX
Y\VtOiQtGDWSHVWiYiWHQWRDOJRULWPXVP LWGREXREUiWN\DQHP QtWXGtDQLYiHQ
SU$P UW FKWRGRE=DQHDOH]Y WRYDWDVRYOLPLW QDSQDGYRMQiVREHNSR
NDGpPRSDNRYDQpPY\VOiQtGDW 7HSUYHYRNDPLNXNG\GtN\Y WtPXDVRYpPX
OLPLWXGRVWDQHNODGQpSRWYU]HQtYDV WMMDNRMHGQR]QDQpSRWYU]HQt ]P t
VNXWHQRXGREXREUiWN\]QRYX]DQHY\SRtWiYDWYiHQSU$P UGREREUiWN\D
WRPXWRSU$P UXSDNX]S$VREtDVRYOLPLW

3URWRNRO7&3,,,
9PLQXOpPGtOXMVPHVH]DEYDOLWtPMDNVHSURWRNRO7&3Y\URYQiYiVU$]QRX
SURSXVWQRVWtSHQRVRYFKFHVWDMDNGRNiHG\QDPLFN\SL]S$VRERYDWVY$M
PHFKDQLVPXVSRWYU]RYiQtRNDPLWP]P QiPW]YGRE\REUiWN\.WRPXDE\
SURWRNRO7&3GRNi]DOFRQHMHIHNWLYQ MLY\XtWH[LVWXMtFtSHQRVRYpNDSDFLW\WR
DOHMHW QHVWDt
'DOtPG$OHLWPSHGSRNODGHPSUR]DMLW QtVSROHKOLYpKRDOHVRXDVQ VWtPL
GRVWDWHQ HIHNWLYQtKRSHQRVXMHYKRGQpt]HQtWRNX IORZFRQWURO 3URWRNRO7&3
PXVt]DMLVWLWDE\RGHVLODWHOQHSRVtODOGDWDU\FKOHMLQHMHStMHPFHVFKRSHQMHSLMtPDW
UHVSXNOiGDWGRVYFKY\URYQiYDFtFKSDP Wt 3RNXGE\WRWLRGHVLODWHOStMHPFH
]DKOWLOWHQWRE\PXVHOSLMtPDQiGDWD]DKD]RYDWDWDE\PXVHODEWSRVOp]HY\VtOiQD
]QRYX2GHVLODWHOVHWHG\QXWQ PXVttGLWNDSDFLWQtPLPRQRVWPLStMHPFH.RQNUpWQt
]S$VREMDNPVHYSURWRNROX7&3GRVDKXMHSRWHEQpKRt]HQtWRNXEH]SURVWHGQ
VRXYLVtVPHFKDQLVPHPSRWYU]RYiQt
2NpQNRSURP QOLYpYHOLNRVWL
.G\MVPHVLYGtOXSRSLVRYDOLPHFKDQLVPXVSRWYU]RYiQtYSURWRNROX7&3HNOL
MVPHVLHMGHRW]YNODGQpSRWYU]RYiQt WMWDNRYpNG\StMHPFHNODGQ SRWYU]XMH
VSUiYQ SLMDWiGDWDDQDFK\EQ SHQHVHQiGDWDQHUHDJXMH 3URWRNRO7&3RYHP
SRXtYiWHQWR]S$VRESRWYU]RYiQtYW]YNRQWLQXiOQtYDULDQW NG\XPRXMHDE\
RGHVLODWHOY\VtODOGDWDGRSHGXWHG\MHW GtYHQHGRVWDQHSRWYU]HQtR~VS QpP
SLMHWtGtYHY\VODQFKGDW([LVWXMH]GHVDPR]HMP XULWpRPH]HQtQDREMHPGDW
NWHUpVHWDNWRPRKRXY\VODWGRSHGXDMHGiQRYHOLNRVWtSRVXYQpKRGDWRYpKR
RNpQND VOLGLQJZLQGRZ YL]REU2NDPLWiYHOLNRVWDSRORKDWRKRWRRNpQND
XUXMHRGHVLODWHOLNROLNGDWMHW P$HY\VODWDQLE\PXVHOHNDWQDSRWYU]HQtRG
SURW MtVWUDQ\
3tMHPFHPiVDPR]HMP PRQRVWtGLWWRNGDWWtPHGRDVQ SR]GUtNODGQp
SRWYU]HQt~VS Q SLMDWFKGDW7tPWRWL]DEUiQtRGHVLODWHOLDE\VLSRVXQXOVYp
GDWRYpRNpQNRDQHGRYROtPXWXGtY\VODWGDOtGDWD]DRNDPLWPNRQFHPRNpQND
7DWRPHWRGDPiDOHQHStMHPQYHGOHMtHIHNWYWRPHNG\StMHPFHSR]GUtNODGQp
SRWYU]HQtDRGHVLODWHOMHMQHGRVWDQHGRStVOXQpKRDVRYpKROLPLWX YL]PLQXOH EXGH
WRLQWHUSUHWRYDWWDNHWDWRGDWDQHE\OD~VS Q SHQHVHQD9G$VOHGNXWRKRSDN
RGHVLODWHO]QRYXRGHOHMLMHGQRXRGHVODQiD~VS Q SLMDWiGDWD7DWRVLFHML
QHPRKRXStMHPFH]DKOWLW WHQMHP$HMHGQRGXHLJQRURYDW DOHMHMLFKSHQRV
]E\WHQ VSRWHERYiYiiVWH[LVWXMtFtSHQRVRYpNDSDFLW\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3URWRNRO7&3SURWRSRXtYiMLQ]S$VREt]HQtWRNXNWHUPMH]P QDYHOLNRVWL
SRVXYQpKRRNpQND3tMHPFHUHDJXMHQDNDG~VS QSHQRVGDWWtPHSROH
StVOXQpNODGQpSRWYU]HQtDRGHVLODWHOVLQD]iNODG WRKRWRSRWYU]HQtStVOXQP
]S$VREHPSRVXQHVYpGDWRYpRNpQNR6RXDVQ VWtPWRSRWYU]HQtPDOHStMHPFH]DOH
RGHVLODWHOLMHW LGDOt~GDMSRGOHNWHUpKRVLRGHVLODWHOQRY QDVWDYttNXVYpKR
GDWRYpKRRNpQND YL]REU 
3,2%5B7,)
REUSHGVWDYDSRVXYQpKRGDWRYpKRRNpQND
3tMHPFHWHQWR~GDMVDPR]HMP YROtSRGOHVYFKPRQRVWtWDNDE\YG\E\O
VFKRSHQSLMPRXWWRFRPXRGHVLODWHOSROH3tMHPFHGRNRQFHP$HRGHVLODWHOL
]PHQLWMHKRGDWRYpRNpQNRDQDQXORYRXYHOLNRVWDWtPYODVWQ ]FHOD]DVWDYLW
Y\VtOiQtMDNFKNROLGDW3tMHPFHE\DOHSLVWDQRYRYiQtQRYpYHOLNRVWLRNpQNDP O
YG\SRVWXSRYDWNRUHNWQ MHOLNRQHP$HSHVQ XULWRNDPLNNG\RGHVLODWHO
GRVWDQH~GDMRQRYpYHOLNRVWLRNpQNDQHP OE\VHMHKRSUDYRNUDMQLNG\SRVRXYDW
]S W QDREUVP UHPGROHYD 
1HMGHMHQRNRQFRYp~DVWQtN\
3RWHEDtGLWWRNGDWVHYDNQHWNiMHQRERXNRQFRYFK~DVWQtN$SHQRVX-HWRWL
QXWQpVLXY GRPLWHQDFHVW RGRGHVLODWHOHNStMHPFLPRKRXGDWDSURFKi]HWLSHV
Q NROLNSHSRMRYDFtFKX]O$ JDWHZD\V NWHUpWDNpPDMtMHQNRQHQRXSURSXVWQRVW
2GHVLODWHOWHG\PXVtGiYDWSR]RULQDWRDE\QH]S$VRELO]DKOFHQt W]Y]iFSXDQJO
FRQJHVWLRQ W FKWRPH]LOiQN$
3URWRNRO7&3YDNQHREVDKXMHiGQH[SOLFLWQtPHFKDQLVPXVNWHUE\P O]D~NRO
RFKUDQXW FKWRPH]LOiQN$SHG]DKOFHQtP FRQJHVWLRQFRQWURO 6QDtVHDOHFKRYDW
WDNDE\N]DKOFRYiQtPH]LOHKOFKSHSRMRYDFtFKX]O$QHGRFKi]HOR
3URVSUiYQpSRFKRSHQtSRGVWDW\FHOpKRSUREOpPXMHYKRGQpVLXY GRPLWMDNVH
WDNRYp]DKOFHQtPH]LOHKOpKRX]OXSURMHYtNRQFRYP~DVWQtN$PNRPXQLNDFH-DNPLOH
SHSRMRYDFtX]HO JDWHZD\ QHVWDtSHSRMRYDWSHQiHQiGDWDYUHiOQpPDVHWDWRVH
KURPDGtYMHKRYVWXSQtFKIURQWiFKNGHHNDMtQDVYpGDOt]SUDFRYiQt7HQWRVWDYVH
NRQFRYP~DVWQtN$PSURMHYXMHU$VWHPGRE\REUiWN\-DNPLOHDOH]DWtHQt
SHSRMRYDFtKRX]OXVWRXSQHQDWROLNHMHKRYVWXSQtIURQW\MLVYRXNDSDFLWRXQHVWDt
PXVtSHSRMRYDFtX]HOQRY SLMtPDQpEORN\GDW]DKD]RYDWSURWRHMHQHPiNDP
XORLW0HFKDQLVP\SRWYU]RYiQtNWHUpVHVQDt]DMLVWLWVSROHKOLYSHQRVUHDJXMtQD
RE W\WRVLWXDFHRSDNRYDQPY\VtOiQtPMLMHGQRXY\VODQFKGDWWHG\YODVWQ GDOtP
]YHQtPSURYR]XYVtWLFRGiOH]KRUXMHSHWtHQtSHSRMRYDFtFKX]O$DP$HYpVW
DN~SOQpPX]KURXFHQtVtW YG$VOHGNX]DKOFHQt FRQJHVWLRQFROODSVH 
-HGQRX]PRQRVWtMDNSHGFKi]HW]DKOFRYiQtSHSRMRYDFtFKX]O$MHGiWMLPPRQRVW
XSR]RUQLWRGHVLODWHOHQDKUR]tFtQHEH]SHt7RYDNRS WVWRMtXULWRXiVWSHQRVRYp
NDSDFLW\'DOtPpQ QiNODGQRXPRQRVWtMHYKRGQiGLVFLSOtQDVDPRWQFK
RGHVLODWHO$
3URWRNRO7&3VHVQDtSHGFKi]HW]DKOFRYiQtSHSRMRYDFtFKX]O$WtPHRGHVLODWHOVL
ViP]PHQXMHtNXVYpKRGDWRYpKRRNpQNDYVLWXDFLNG\SHGSRNOiGiKUR]tFt
]DKOFHQtSHSRMRYDFtFKX]O$.DGRX]WUiWXGDWRYpKRVHJPHQWX WMNDGStSDGNG\
QHGRVWDQHNODGQpSRWYU]HQtGRStVOXQpKRDVRYpKROLPLWX LQWHUSUHWXMHRGHVLODWHO
MDNRG$VOHGHN]DKOFHQtQ NWHUpKR]SHSRMRYDFtFKX]O$QDFHVW NStMHPFLDUHDJXMH
QDWRWtPHVLViP]~tVYpGDWRYpRNpQNRQDSRORYLQX VRXDVQ VWtPSURGOXXMHQD

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GYRMQiVREHNLDVRYOLPLWGRNWHUpKRRHNiYiNODGQpSRWYU]HQtYL]PLQXOH 3L
RSDNRYDQFK]WUiWiFKSHQiHQFKVHJPHQW$WDNYHOLNRVWRNpQNDH[SRQHQFLiOQ
NOHVitPVHRGHVLODWHOVQDtPD[LPiOQ VQtLWREMHPSURYR]XYVtWLDSRVN\WQRXW
WDNSHSRMRYDFtPX]O$PSRWHEQDVQD]RWDYHQt7DWRWHFKQLNDMHR]QDRYiQDMDNR
0XOWLSOLFDWLYH'HFUHDVH&RQJHVWLRQ$YRLGDQFH
2Wi]NRXRYHPMHMDNPiSURWRNRO7&3UHDJRYDWQDNRQHFVWDYX]DKOFHQt.G\E\
]DDORS WH[SRQHQFLiOQ ]Y WRYDWYHOLNRVWVYpKRGDWRYpKRRNpQNDYHGORE\WRQD
SUXGNRXRVFLODFLFHOpSHQRVRYpVtW PH]LVWDYHPVPLQLPiOQtPREMHPHPSHQRV$D
VWDYHP]DKOFHQt3URWRPXVtSURWRNRO7&3SRVWXSRYDWXPtUQ Q MLDVYpGDWRYp
RNpQNR]Y WRYDWSRPDOHML ]S$VREHPNWHUMHR]QDRYiQMDNRVORZVWDUWUHFRYHU\
GRVORYD]RWDYHQtVSRPDOPVWDUWHP =DNDG~VS Q SHQHVHQVHJPHQWVL
RGHVLODWHO]Y WtVYpGDWRYpRNpQNRMHQRYHOLNRVWWRKRWRVHJPHQWX-DNPLOHYDN
GRViKQHSRORYLQ\WpYHOLNRVWLRNpQNDNWHURXPXQDEt]tStMHPFH YL]YH SRVWXSXMH
MHW SRPDOHMLDYHOLNRVWRNpQND]Y WXMHYG\DSRWpFRGRVWDQHNODGQpSRWYU]HQtR
~VS QpPSHQRVXYHFKVHJPHQW$YUiPFLFHOpKRRNpQND0D[LPiOQtYHOLNRVWt
RNpQNDMHSDNVDPR]HMP WDNWHURXPXVLJQDOL]XMHStMHPFH
.RPELQDFtYHFKYHXYHGHQFKPHFKDQLVP$SURt]HQtWRNXVSROXVDGDSWLYQtP
]S$VREHPSRWYU]RYiQt RNWHUpPMVPHVLSRYtGDOLPLQXOH GRVDKXMHSURWRNRO7&3
YHOPLHIHNWLYQtKRY\XLWtH[LVWXMtFtFKSHQRVRYFKNDSDFLW3UDNWLFNpWHVW\XNi]DO\H
RSURWLSUYQtPYHU]tPSURWRNROX7&3NWHUpXYHGHQpPHFKDQLVP\MHW QHSRXtYDO\
GRVDKXMtQRY MtYHU]H7&3GYDNUiWDGHVHWNUiWY WtKRSHQRVRYpKRYNRQX7RMH
MLVW MHGHQ]KODYQtFKG$YRG$GQHQtYHONpSRSXODULW\SURWRNROX7&3

3URWRNRO7&3,9
3RSHGFKi]HMtFtFKWHFKGtOHFKYHNWHUFKMVPHVH]DEYDOLFHONRYRXILORVRILt
SURWRNROX7&3DMHKRStVWXSHPNHHQtU$]QFKSUREOpP$MLP$HPHEW
SRQ NXGNRQNUpWQ Mt0$HPHVLXNi]DWSHVQIRUPiWGDWRYFKEORN$VH
NWHUPSURWRNRO7&3SUDFXMH
1HMSUYHVLDOHSLSRPHPH YVRXODGXVGtOHP HEORN\GDWSHQiHQp
SURWRNROHP7&3MDNRFHOHNVHR]QDXMtMDNRVHJPHQW\ VHJPHQWV ]DWtPFRY
StSDG DOWHUQDWLYQtKRSURWRNROX8'3MGHRW]YXLYDWHOVNpGDWDJUDP\ XVHU
GDWDJUDPV 9RERXStSDGHFKMHSHQiHQGDWRYEORNWYRHQGY PDKODYQtPL
iVWPLKODYLNRX KHDGHU DYODVWQtPLGDW\=DWtPFRDOHYStSDG SURWRNROX8'3
VWDtNG\KODYLNDNURP ]DEH]SHRYDFtKR~GDMHDSt]QDNXGpON\REVDKXMHMLMHQ
~GDMRSRUWXNRQFRYpKRStMHPFHDRGHVLODWHOH YL]REUYGtOX KODYLND7&3
VHJPHQWXPXVtEWREVDQ MtMDNMHRVWDWQ PRQpRHNiYDWYStSDG YUD]Q
VORLW MtKRSHQRVRYpKRSURWRNROX3HVQIRUPiWVHJPHQWXSURWRNROX7&3XND]XMH
REUi]HN
3,2%5B7,)
2EU)RUPiW7&3VHJPHQWX
tPMHXUHQRVSRMHQt
6SRMRYDQp FRQQHFWLRQRULHQWHG SURWRNRO\PH]LNWHUpSDWtLSURWRNRO7&3PXVt
YG\Q MDNP]S$VREHPLGHQWLILNRYDWNRQNUpWQtVSRMHQtSRNWHUpPMVRXXULWiGDWD

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SHQiHQD6SRMRYDQpSURWRNRO\Vt"RYpYUVWY\PDMtEOtHNSHGVWDY VSRMHQtMDNR
NDQiOXNWHUQ NXG\YHGHDWDNMHMREY\NOHR]QDXMtMHGQR]QDQPLGHQWLILNiWRUHP
QDStVOHP 7HQWRLGHQWLILNiWRUSDNSRXtYDMtMDNSUR]DQHVHQtStVOXQpFHVW\GR
VP URYDFtFKWDEXOHNPH]LOHKOFKX]O$SHVNWHUpVSRMHQtSURFKi]tWDNLYHYODVWQtFK
GDWRYFKSDNHWHFKSURXUHQtFHVW\NWHURXPDMtEWSHQiHQ\ PtVWRDGUHV\
StMHPFH 6SRMRYDQpSURWRNRO\QD~URYQLWUDQVSRUWQtYUVWY\ FRMHStSDGSURWRNROX
7&3 YDNMLQHYLGtiGQpPH]LOHKOpX]O\QHSRWHEXMtEUiWMHY~YDKXDMHSURQ
SLUR]HQ MtLGHQWLILNRYDWVSRMHQtGYRMLFtSRiWHQtERGNRQFRYERG!
&RMHDOHNRQFRYPDSRiWHQtPERGHPVSRMHQtYStSDG SURWRNROX7&3",3DGUHVD
StMHPFHDRGHVLODWHOHQHVWDtQHER"WDMHGQR]QDQ LGHQWLILNXMHSRX]HX]ORY
SRtWDDQLNROLMLNRQNUpWQtHQWLWXDSOLNDQtYUVWY\YUiPFLGDQpKRX]OX2EGREQ
QHQtVDPRRVRE GRVWDWHQpDQLtVORSRUWX YL]GtO NWHUp]DVHLGHQWLILNXMH
DSOLNDQtHQWLWXYUiPFLGDQpKRSRtWDH3RiWHQt DVWHMQ WDNLNRQFRY ERG
VSRMHQtP$HEWXUHQDGYRMLFt,3DGUHVDtVORSRUWX!
3,2%5B7,)
2EU7&3VHJPHQWDMHKRSVHXGRKODYLND
-DNRYHPY\SOYi]REUi]NXY7&3VHJPHQWXMVRXY\MiGHQ\SRX]HtVOD
SRUW$RGHVLODWHOHDStMHPFH3RWHEQp,3DGUHV\MVRXSDNREGREQ MDNRYStSDG
SURWRNROX8'3VRXiVWtW]YSVHXGRKODYLN\ YL]REU NWHUiMHVKRGQiV
SVHXGRKODYLNRXSURWRNROX8'3 VDPR]HMP DQDREVDKSROH35272NWHUp
LGHQWLILNXMHWUDQVSRUWQtSURWRNRODSUR7&3PiKRGQRWX 6WHMQMDNRXSURWRNROX
8'3MHLY]QDPSVHXGRKODYLN\D]S$VREMHMtKRY\XLWtMH]DKUQXWDGRYSRWX
NRQWUROQtKRVRXWX SRORND&+(&.680Y7&3VHJPHQWX DOHYHVNXWHQRVWL
SHQiHQDQHQt2EVDKMHGQRWOLYFKSRORHN SHGHYtPSDNRE ,3DGUHV\ GRVWiYi
WUDQVSRUWQtYUVWYDQDVWUDQ StMHPFHRGYUVWY\Vt"RYpVWHMQP]S$VREHPNWHUMVPH
VLSRSLVRYDOLMLYGtOX
.ODGQpSRWYU]RYiQt
=SHGFKR]tFKGtO$MLWDNpYtPHHSURWRNRO7&3SRXtYiNODGQpSRWYU]RYiQt
QLNROLRYHPFHOFKEORN$ VHJPHQW$ DOHMHGQRWOLYFKE\W$ RVPLELWRYFKRNWHW$ 
3tMHPFHLRGHVLODWHOVHGtYDMtQDSHQiHQiGDWDMDNRQDOLQHiUQtSRVORXSQRVWE\W$DY
NDGpPVHJPHQWXVHYODVWQ SHQitiVWWpWROLQHiUQtSRVORXSQRVWL.WHUiiVWWRMH
XGiYiSRORND6(48(1&(180%(5YKODYLFHVHJPHQWX Y\MDGXMtFtSR]LFL
SUYQtKRSHQiHQpKRE\WXYWpWRSRVORXSQRVWL .ODGQpSRWYU]HQtNWHUpStMHPFHYUDFt
RGHVLODWHOLYStSDG ~VS QpKRStMPXSDNPiRS WIRUPXSR]LFHE\WXYXYDRYDQp
OLQHiUQtSRVORXSQRVWLWHQWRNUiWHDOHSR]LFHSUYQtKRE\WXNWHUStMHPFHRHNiYi
MDNRGDOt SRORND$&.12:/('*(0(17180%(5 9SRORFH:,1'2:MH
SDNY\MiGHQDYHOLNRVWGDWRYpKRRNpQNDNWHUpStMHPFHQDEt]tRGHVLODWHOLDNWHUpYH
VYpSRGVWDW VLJQDOL]XMHNROLNYROQpKRPtVWDYHVYpY\URYQiYDFtSDP WLPiStMHPFH
MHW NGLVSR]LFL YL]PLQXOGtO 
-HGREUpVLXY GRPLWNHNWHUpPXVP UXSHQRVXVHREVDKWtSUiY XYHGHQFK
SRORHNY]WDKXMH8YDXMHPHOLVHJPHQWVP XMtFtRGX]OX$GRX]OX%WNiVHMHKR
SRORND6(48(1&(180%(5SHQRVXYWpPHVP UX WMRG$GR% ]DWtPFR
SRWYU]HQtYSRORFH$&.12:/('*(0(17180%(5VHY]WDKXMHNSHQRVXGDWY
RSDQpPVP UX WMRG%GR$ 6WHMQ WDNVHLREVDKSRORN\:,1'2:WNi
SHQRVXGDWYRSDQpPVP UX RG%GR$ 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1DOpKDYiGDWD
-DNMVPHVLMLWDNpQD]QDLOLSURWRNRO7&3QDEt]tVYpSHQRVRYpVOXE\YHIRUP
SURXGX VWUHDP MHGQRWOLYFKE\W$RGHVLODWHOQDMHGQpVWUDQ ]DGiYiNRGHVOiQt
SRVWXSQ MHGQRWOLYpE\W\DStMHPFHVLMHQDGUXKpVWUDQ YHVWHMQpPSRDGt
Y\]YHGiYi/]HVLWHG\SHGVWDYLWHSURWRNRO7&3LPSOHPHQWXMHSRP\VOQRXURXUX
GRNWHUpRGHVLODWHO]MHGQpVWUDQ\MHGQRWOLYpE\W\YNOiGiDStMHPFHVLMH]GUXKp
VWUDQ\]DVHRGHEtUi8YQLWWpWRURXU\VHYDNP$HQDFKi]HWQH]DQHGEDWHOQSRHW
E\W$NWHUpMLE\O\RGHVOiQ\DOHQHE\O\GRVXGSLMDW\$WRP$HXQ NWHUFKDSOLNDFt
]S$VRERYDWQHPDOpSUREOpP\1DStNODGSLY]GiOHQpPStVWXSXSRPRFtWHUPLQiORYp
HPXODFHVHXYQLWSRP\VOQpURXU\QDFKi]t]QDN\NWHUpXLYDWHOML]DGDO]NOiYHVQLFH
DOHNWHUpMHW QHE\O\KRVWLWHOVNPSRtWDHPSLMDW\D]SUDFRYiQ\3RWHEXMHOLYDN
XLYDWHOQiKOH]DGDWYKRGQSRYHONSHUXHQtSUiY SUREtKDMtFtLQQRVWL W]YEUHDN 
PXVHO\E\StVOXQptGtFt]QDN\SRVWXSQ SURMtWURXURXDPRKO\E\VHXSODWQLWD
WHSUYHWHKG\NG\EXGRX]SUDFRYiQ\YHFKQ\SHGWtP]DGDQp]QDN\
3URWRNRO7&3YDNSUiY SURW\WR~HO\QDEt]tPRQRVWSHGEtKiQtGRYROXMtFt
Y\VODWStVOXQpSRYHO\MDNRW]YQDOpKDYiGDWD XUJHQWGDWD Q NG\R]QDRYDQiWp
MDNRGDWDPLPRSRDGt RXWRIEDQGGDWD 3t]QDNWRKRHGDQVHJPHQWREVDKXMH
QDOpKDYiGDWDMHY\MiGHQQDVWDYHQtPStVOXQpKRELWXYSRORFH&2'(%,76
9ODVWQtQDOpKDYiGDWDSDNPXVtEWXPtVW QDRG]DiWNXGDWRYpiVWLVHJPHQWXDY
SRORFH85*(1732,17(5MHXND]DWHOQDMHMLFKNRQHFYUiPFLGDQpKRVHJPHQWX
3RGRUXHQtQDOpKDYFKGDWE\P OEWNRQFRYStMHPFHQHSURGOHQ XSR]RUQ QQD
MHMLFKH[LVWHQFL6DPRWQSURWRNRO7&3YDNMLQHVWDQRYXMHMDNP]S$VREHPVHWDN
PiGtW2VWDWQ DQLGRVWGREHQHP$HQHER"StVOXQPHFKDQLVPXV]iYLVtQD
NRQNUpWQtLPSOHPHQWDFL
'DOttGtFtELW\YHVWLELWRYpSRORFH&2'(%,76SDNVORXtPMSRWHEiP
QDYD]RYiQtDUXHQtVSRMHQtRSHUDFLSXVK YL]GtO XPRXMt]QHSODWQLWSRORNX
$&.12:/('*(0(17180%(5DWG
6HJPHQWDQLMHKRKODYLNDQHPDMtSHYQRXGpONX
9HOLNRVWGDWRYpiVWLVHJPHQWXDWtPLVHJPHQWXMDNRWDNRYpKRQHQtSHYQiDVWHMQ
WDNQHPXVtEWVWHMQ YHONpDQLVHJPHQW\SHQiHQpSRVWXSQ YUiPFLWpKRVSRMHQt
&HONRYiGpONDVHJPHQWX WMMHKRGDWRYpiVWLLKODYLN\ SLWRPQHQtY\MiGHQDStPR
YVHJPHQWXVDPRWQpPDOHDYMHKRSVHXGRKODYLFH YL]REUSRORND7&3
/(1*7+ 
2Wi]NRXRYHPMHMDNYROLWRSWLPiOQtYHOLNRVWVHJPHQWX=GHMHQXWQpVLXY GRPLW
HMHGQRWOLYpVHJPHQW\MVRXYNOiGiQ\GR,3GDWDJUDP$DW\]DVHGRUiPF$ QD~URYQL
UiPF$YUVWY\Vt"RYpKRUR]KUDQt NDG]QLFKVLDOHNXLWHQPGDW$PSLGiYi
VYitGtFtGDWDNWHUiSHGVWDYXMtUHLLSHQRVX9StSDG PDOFKVHJPHQW$MHWDWR
UHLHUHODWLYQ YHONi]DWtPFRYStSDG YHONFKVHJPHQW$GRFKi]tNIUDJPHQWDFL
NG\QHO]HXPtVWLWFHOpVHJPHQW\UHVS,3GDWDJUDP\GRSHQRVRYFKUiPF$
2SWLPiOQtE\E\OFRQHMY WtVHJPHQWSLNWHUpPMHW QHEXGHGRFKi]HWNiGQp
IUDJPHQWDFL1DMtWMHKRYHOLNRVWMHDOHYHOPLQHWULYLiOQt WDWRYHOLNRVWWRWL]iYLVtQD
PQRKDIDNWRUHFKNWHUpVHQDYtFPRKRXG\QDPLFN\P QLW 6DPRWQSURWRNRO7&3
QHREVDKXMHiGQPHFKDQLVPXVSURQDOH]HQtRSWLPiOQtYHOLNRVWLVHJPHQWX
&RYDNSURWRNRO7&3QDEt]tMHSURVWHGHNSRPRFtNWHUpKRVHRE VWUDQ\PRKRX
GRKRGQRXWDOHVSRQDPD[LPiOQtYHOLNRVWLSHQiHQFKVHJPHQW$,PSOLFLWQ SRXtYi

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7&3PD[LPXPNWHUpRGSRYtGiGDWRYpiVWLVHJPHQWXRYHOLNRVWLE\W$ WDNDE\
VHVHJPHQWYHWQ VYpREY\NOpKODYLN\YHHOGR,3GDWDJUDPXLPSOLFLWQtYHOLNRVWL
E\W$ 7DWRLPSOLFLWQtKRGQRWDMH]DORHQDVStHQDSHVLPLVWLFNpPSHGSRNODGXH
VSRMHQtPH]LRE PDNRQFRYPL~DVWQtN\QHQtStPpDOHYHGHSHVMHGQXLQ NROLN
EUDQDPiPDORXSURSXVWQRVW3RNXGMVRXYDNREDNRQFRYt~DVWQtFLSLSRMHQL
QDStNODGNWpPXVHJPHQWXU\FKOpORNiOQtVtW MHMLVW iGRXFtDE\SOQ Y\XtYDOLMHMt
Y WttNXSHQRVRYpKRSiVPDDMHMtVFKRSQRVWSHQiHWQDMHGQRXY WtEORN\GDW
7HG\YROLWY WtPD[LPiOQtYHOLNRVWVHJPHQW$
.RQNUpWQtPHFKDQLVPXVSURVWDQRYHQtPD[LPiOQtYHOLNRVWLVHJPHQWXY\XtYi
YROLWHOQpSRORN\237,216YKODYLFHVHJPHQWX YL]REU -HOLRYHPWDWR
SRORNDYROLWHOQiVWHMQ WDNMDNRMHSURP QQiMHMtGpONDQHP$HPtWSHYQRXGpONX
DQLVDPRWQiKODYLND7&3VHJPHQWX.RQNUpWQtYHOLNRVWKODYLN\ UR]tHQpYSOQt]H
VDPFKQXOQDQiVREHNELW$ MHSDNY\MiGHQDYSRORFH+/(1

7UDQVSRUWQtUR]KUDQt
9PLQXOFKGtOHFKQDHKRVHULiOXMVPHVHSRGUREQ ML]DEYDOLVt"RYRXD
WUDQVSRUWQtYUVWYRXVt"RYpKRPRGHOX7&3,3'tYHQHVHEXGHPHY QRYDW
DSOLNDQtYUVWY DMHGQRWOLYPDSOLNDFtPVHPXVtPHMHW ]PtQLWRMHGQpG$OHLWp
Y FLRYD]E PH]LWUDQVSRUWQtYUVWYRXDDSOLNDQtPLSURJUDP\7HG\RWRP
MDNpPHFKDQLVP\DMDNpSRVWXS\PRKRXUHVSPXVtDSOLNDQtSURJUDP\
SRXtYDWFKW MtOL]tVNDWStVWXSNHVOXEiPWUDQVSRUWQtYUVWY\
-HW GtYHVLDOHPXVtPHXY GRPLWMHGQXY]QDPQRXVNXWHQRVWLPSOHPHQWDFH
QHMQLtFKYUVWHYXULWpKRVt"RYpKRPRGHOXMHYG\VRXiVWtRSHUDQtKRV\VWpPX
SRtWDH]DWtPFRQHMY\tYUVWYD DSOLNDQt MLVRXiVWtRSHUDQtKRV\VWpPXQHQt2
SHVQpKUDQLFLWHG\RWRPNWHUiYUVWYDMHW MHVRXiVWtRSHUDQtKRV\VWpPXDNWHUiML
QHSDNUR]KRGXMHSHGHYtPVDPRWQVt"RYPRGHODMHKRSHGVWDYDRWRPMDNPi
EWVt"RYVRIWZDUHOHQ QQDYUVWY\9StSDG Vt"RYpKRPRGHOX7&3,3MH]D
VRXiVWRSHUDQtKRV\VWpPXSRYDRYiQDMHW WUDQVSRUWQtYUVWYD]DWtPFRYUVWYD
DSOLNDQtMLVWRMtQDGRSHUDQtPV\VWpPHP
7RPiDOHMHGHQYHOPL]iYDQG$VOHGHNStVWXSNHVOXEiPWUDQVSRUWQtYUVWY\
7&3,3]SURVWHGNRYiYiDSOLNDFtPRSHUDQtV\VWpP=S$VREMDNPVHWDNG MHWHG\
MHGQRWOLYpPHFKDQLVP\DSRVWXS\MVRXSDNGiQ\NRQNUpWQtPRSHUDQtPV\VWpPHPD
MHKRFHONRYRXNRQFHSFt3URWRMHGREUpUR]OLLWGY Y FLSURWRNRO\SRXtYDQpQD
~URYQLWUDQVSRUWQtYUVWY\DUR]KUDQtWUDQVSRUWQtYUVWY\VP UHPNYUVWY DSOLNDQt W]Y
WUDQVSRUWQtUR]KUDQt 7UDQVSRUWQtSURWRNRO\PXVtEWQDYHFKY]iMHPQ
NRPXQLNXMtFtFKSRtWDtFKVWHMQpDSURWRPRKRXEWYUiPFLVt"RYpKRPRGHOX
7&3,3VWDQGDUGL]RYiQ\7UDQVSRUWQtUR]KUDQtMHDOH]iYLVOpQDNRQNUpWQtPRSHUDQtP
V\VWpPXDQDU$]QFKSRtWDtFKWHG\P$HEWU$]Qp3URWRGRVWGREHQHP$HEWY
UiPFLVt"RYpKRPRGHOX7&3,3MDNNROLVWDQGDUGL]RYiQR
9WpWRVRXYLVORVWLMHYKRGQpVL]QRYX]G$UD]QLWH7&3,3UR]KRGQ QHQtWRVDPpFR
8QL[8QL[MHMHGHQ]PQRKDRSHUDQtFKV\VWpP$D7&3,3MHMHGQD]PQRKDVRXVWDY
SURWRNRO$DQi]RU$QDWRMDNPDMtY\SDGDWDIXQJRYDWSRtWDRYpVtW  WHG\WRFR]GH
R]QDXMHPHMDNRVt"RYPRGHO 7Y$UFLRSHUDQtKRV\VWpPX8QL[VLVt"RYPRGHO
7&3,3REOtELOLQDWROLNHSURSRWHE\SURSRMRYiQtVYFKSRtWD$GRVtWtML
QHSRXtYDMtQLFMLQpKR7RDOHUR]KRGQ QH]QDPHQiHE\YSURVWHGt8QL[XQHPRKO\
EWLPSOHPHQWRYiQ\MLQpVt"RYpPRGHO\UHVSDUFKLWHNWXU\6WHMQ WDNWRUR]KRGQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QH]QDPHQiHE\Vt"RYPRGHO7&3,3QHPRKOEWLPSOHPHQWRYiQLYSURVWHGt
MLQFKRSHUDQtFKV\VWpP$'QHVWDNpVNXWHQ H[LVWXMtLPSOHPHQWDFH7&3,3VQDG
SURNDGH[LVWXMtFtRSHUDQtV\VWpPRG06'26XSURSRtWDH3&DSRRSHUDQt
V\VWpP90&06VWHGLVNRYFKSRtWD$ILUP\,%0-H]GHYDNSHFLMHQXULWi
RGOLQRVWNWHUiVYiGtNH]WRWRRYiQt7&3,3V8QL[HPLPSOHPHQWDFHSURWRNRO$
7&3,3MHGQHVMLSRYDRYDQi]DVWDQGDUGQtVRXiVW8QL[XWMMHStPRXVRXiVWt
GRGiYN\WRKRWRRSHUDQtKRV\VWpPX9StSDG RVWDWQtFKRSHUDQtFKV\VWpP$MHYDN
SRX]HMHGQtP]PQRKDGRSONRYFKSURGXNW$NWHUpVLXLYDWHOGRNXSXMH]YOi" D
DVWRVLWDNpP$HY\EUDW]LUtQDEtGN\U$]QFKLPSOHPHQWDFt 
-HVWOLHWHG\PRKRXEWSURWRNRO\7&3,3LPSOHPHQWRYiQ\YSURVWHGtU$]QFK
RSHUDQtFKV\VWpP$]QDPHQiWRVRXDVQ HYNDGpP]QLFKEXGRXVOXE\
WUDQVSRUWQtYUVWY\StVWXSQpMLQP]S$VREHP7RMHYHOPLG$OHLWpQHMHQSURVDPRWQp
DSOLNDFHDMHMLFKWY$UFHDWDNpSUR]S$VREMDNPPRKRXEWYUiPFLVt"RYpKR
PRGHOX7&3,3VWDQGDUGL]RYiQ\QHMREY\NOHMtDSOLNDFHW\SXHOHNWURQLFNpSRW\
SHQRVXVRXERU$Y]GiOHQFKWHUPLQiORYFKUHODFtDSRG6WDQGDUGL]RYDWMHPRQp D
QXWQp FHONRYRXNRQFHSFLW FKWRDSOLNDFtDNRQNUpWQtSURWRNRO\SURVWHGQLFWYtP
NWHUFKEXGRXVSROXSUDFRYDW QDSSHGiYDWVLMHGQRWOLYp]SUiY\YUiPFLHOHNWURQLFNp
SRW\FHOpVRXERU\YUiPFLDSOLNDFtSURSHQRVVRXERU$DWG 1HQtDOHMLPRQp
VWDQGDUGL]RYDWSHVQ]S$VREMDNPEXGRXW\WRDSOLNDFHY\XtYDWVOXHEWUDQVSRUWQt
YUVWY\
%XGHPHOLVLGiOHSRSLVRYDWNRQNUpWQtHHQtWUDQVSRUWQtKRUR]KUDQtYSURVWHGt
8QL[XMHGREUpPtWQDSDP WLHMGHMHQRNRQNUpWQtStNODG\PRQpKRHHQt
-DNMHWRY8QL[X
1DY]QLN8QL[XP OY]QDPQYOLYRSHUDQtV\VWpP0XOWLFVNWHUE\OY\YtMHQY
UiPFLYHONpKRSURMHNWXQ NROLNDY]QDPQFKLQVWLWXFt 0,7*HQHUDO(OHFWULFD%HOO
/DERUDWRULHV MDNRRSHUDQtV\VWpPSURSUiFLYUHLPXVGtOHQtDVX&HOSURMHNWY
SRGVWDW ]WURVNRWDOSURWRHYVOHGQRSHUDQtV\VWpPSRVWXSQP]GRNRQDORYiQtP
WDNQDEXEHOD]NRPSOLNRYDOVHHVHVWDOSUDNWLFN\QHSRXLWHOQP6StHQHJDWLYQt
]NXHQRVWLQ NWHUFK~DVWQtN$WRKRWRSURMHNWXVHSDNVWDO\MHGQRX]KODYQtFK
PRWLYDFtSURY]QLN8QL[X
3URQiVMH]DMtPDYpWRHRSHUDQtV\VWpP0XOWLFVMDNRSUYQtVMHGQRWLO]S$VRESUiFH
VHYVWXSQ YVWXSQtPL]Dt]HQtQDYHFKQDWDWR]Dt]HQtVHGtYDOMDNRQD]YOiWQt
VRXERU\DSUDFRYDOVQLPLVW\OHPRWHYLWLSL]DYL
.G\SDN%HOORY\ODERUDWRH %HOO/DEVVRXiVWWHKG\MHW PDPXWtKR$7 7
RGVWRXSLO\RGSURMHNWX0XOWLFVY]QLNOQDMHMLFKS$G  YURFH RSHUDQtV\VWpP
8QL[-HKRDXWRL .HQ7KRPSVRQDMHKRVSROXSUDFRYQtN'HQQLV5LWFKLH GRQ M
SHY]DOLLMHGQRWQSRKOHGQDYVWXSQ YVWXSQt]Dt]HQt]S$YRGQtKR0XOWLFVX8QL[
VHWHG\MLRGVYpKRY]QLNXVQDLOGtYDWVHQDYHFKQDYVWXSQ YVWXSQt]Dt]HQtMDNR
QDVSHFLiOQtVRXERU\DMDNRVWDNRYPLVQLPLWDNpSUDFRYDO1D~URYQLRSHUDQtKR
V\VWpPXSURWRQDEt]HORSHUDFHW\SXRSHQ RWHYHQtVRXERUX UHDG WHQt]ML
RWHYHQpKRVRXERUX ZULWH ]iSLVGRVRXERUX DFORVH X]DYHQtGtYHRWHYHQpKR
VRXERUXVLJQDOL]XMtFtNRQHFSUiFHVQtP SRPRFtNWHUFKVHSDNUHDOL]RYDO\YHNHUp
YVWXSQ YVWXSQtRSHUDFH6SHFLiOQtPVRXERUHPVHNWHUPVHSLWRPSUDFRYDORE\O
YHVNXWHQRVWLRYODGDStVOXQpKR]Dt]HQt NWHUVHMDNRVRXERUSRX]HWYiLO 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7HQWRSRKOHGQDYVWXSQ YVWXSQt]Dt]HQtD]S$VRESUiFHVQLPLVL8QL[YSRGVWDW
SRQHFKDOGRGQHVDSURE QiYVWXSQ YVWXSQt]Dt]HQt WHUPLQiO\GLVN\DSRG MH
WRWRHHQtYFHONXSRVWDXMtFt
.G\VHSDNYSURVWHGt8QL[X]DDO\LPSOHPHQWRYDWVt"RYpSURWRNRO\7&3,3E\OR
YFHONXSLUR]HQpHVHQHMSUYHSRXLOVWHMQPHFKDQLVPXV6t"E\ODSRYDRYiQD]D
YVWXSQ YVWXSQt]Dt]HQtDWYiLODVHMDNRVSHFLiOQtVRXERU3tVOXQpSURWRNRO\
SDNE\O\LPSOHPHQWRYiQ\YUiPFLRYODGDHStVOXQpKR]Dt]HQtNWHUQDYHQHN
Y\VWXSRYDOSUiY MDNRVSHFLiOQtVRXERU
=iK\VHDOHXNi]DORH]S$VRESUiFHVHVtWtMHSHFLMHQNRPSOLNRYDQ MtDQiURQ Mt
QH]S$VRESUiFHVHVNXWHQPLYVWXSQ YVWXSQtPL]Dt]HQtPLDHWXGtY\DGXMH
MLQpREHFQ MtPHFKDQLVP\8NDPHVLWRQDStNODGX
2SHUDFHRSHQNWHURXVHY8QL[XRWHYtUiVRXERUVLJQDOL]XMHRSHUDQtPXV\VWpPXH
GDQi~ORKD SURFHV FKFHSUDFRYDWVXULWPNRQNUpWQtPVRXERUHPMHKRSHVQi
VSHFLILNDFHPXVtEWSLYROiQtRSHUDFHRSHQ]DGiQD9StSDG HMHRSHUDFHRSHQ
SURYHGHQDQDGVSHFLiOQtPVRXERUHPNWHULPSOHPHQWXMHStVOXQpSHQRVRYp
SURWRNRO\E\DQDORJLtNRWHYHQtVNXWHQpKRVRXERUXP OREWQDYi]iQtVSRMHQtQD
~URYQLWUDQVSRUWQtYUVWY\WDNDE\QiVOHGQpRSHUDFHUHDGDZULWHMLPRKO\SHQiHW
XLWHQiGDWDDRSHUDFHFORVH]DVHPRKODVSRMHQt]UXLW7RE\RYHPWDNp
]QDPHQDOR]DGDWYRNDPLNXQDYD]RYiQtVSRMHQt YROiQtRSHUDFHRSHQ VNPPiEW
VSRMHQtQDYi]iQR PtVWRVSHFLILNDFHVRXERUXNWHUPiEWRWHYHQ 3UREOpPMHDOHY
WRPHQ NWHUpDSOLNDFHQHPXVtEWYRNDPLNXQDYD]RYiQtVSRMHQtY$EHFVFKRSQ\
XULWVNPPiEWQDYi]iQR MGHOLQDStNODGRSURFHVNWHUSOQtIXQNFLVHUYHUXD
EXGHWHSUYHHNDWQDWRDPXQ MDNNOLHQW]DYROi 0tVWRMHGQpRSHUDFHRSHQ
]DML"XMtFtQDYD]RYiQtVSRMHQtE\E\OR]DSRWHEtUR]OLRYDWRSHUDFHGY W]YSDVLYQt
RWHYHQtNWHUpSRX]HVLJQDOL]XMHRSHUDQtPXV\VWpPXSLSUDYHQRVWNSLMHWtiGRVWL
SLFKi]HMtFt]GUXKpVWUDQ\ RQDYi]iQtVSRMHQtDW]YDNWLYQtRWHYHQtNWHUpVSRMHQt
VNXWHQ QDYD]XMH7RYHE\DOHSODWLOR]DVHMHQSURVSRMRYDQpWUDQVSRUWQtVOXE\
UHDOL]RYDQpSURWRNROHP7&3]DWtPFRSURQHVSRMRYDQpWUDQVSRUWQtVOXE\SURWRNROX
8'3 NGHVHVSRMHQtQHQDYD]XMHY$EHF E\RSHUDFHRSHQPXVHODIXQJRYDWMHW MLQP
]S$VREHP
6SHFLILFNpSRDGDYN\SUiFHVHVtWtE\VDPR]HMP E\ORPRQpHLW~SUDYRX
VWiYDMtFtFKRSHUDFtW\SXRSHQUHDGZULWHDFORVHLWFKQDPtUXSUiFLVHVRXERU\
QDStNODG]DYHGHQtPGDOtFKSDUDPHWU$&RE\DOHQDStNODG]QDPHQDORSDVLYQtD
DNWLYQtRWHYHQtVRXERUX"0XVHODE\VHSLRWHYtUiQtVNXWHQpKRVRXERUXXYiG WWDNp
,3DGUHVDNWHUiMHGRRSUDYG\SRWHEQiMHQSL]L]RYiQtWUDQVSRUWQtKRVSRMHQt"3RNXG
E\MHGQDDWDWiRSHUDFH QDStNODGRSHQ P ODYU$]QFKNRQWH[WHFKU$]QpYVWXSQt
SDUDPHWU\]DVHE\VHWtP]WUDWLODYKRGDMHGQRWQpKRSRKOHGXQDYHFKQD]Dt]HQtMDNR
QDVRXERU\
=DYHGHQtREHFQ MtFKPHFKDQLVP$NWHUpE\OpSHY\KRYRYDO\SRWHEiPSHQRVRYFK
SURWRNRO$DXPRQLO\Y\WYRLWGRVWDWHQ SUXQpWUDQVSRUWQtUR]KUDQtVHWDNEU]\VWDOR
QH]E\WQRVWt
'Y Y WYH8QL[X
9GRE NG\SRWHEDREHFQ MtFKPHFKDQLVP$Y\YVWDODE\OMLYYRMRSHUDQtKR
V\VWpPX8QL[UR]G OHQGRGYRXKODYQtFKY WYt-HGQRX]QLFKE\OW]Y%6'8QL[ L
%HUNHOH\8QL[ Y\YtMHQYHVWHGLVNX%HUNHOH\6RIWZDUH'LVWULEXWLRQQD8QLYHUVLW\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
RI&DOLIRUQLDY%HUNHOH\]DWtPFRGUXKRXY WHYSHGVWDYRYDO8QL[Y\YtMHQILUPRX
$7 7 DYVRXDVQpGRE R]QDRYDQMDNR6\VWHP9 
-DNMVPHVLMLXYHGOLYHGtOXQDHKRVHULiOXE\O\SURWRNRO\7&3,3SRSUYp
LPSOHPHQWRYiQ\SUiY SUR%6'8QL[DWRILUPRX%%1 %ROW%HUDQHN 1HZPDQ
QD]DNi]NXRGYOiGQtDJHQWXU\'$53$NWHUiWDNpILQDQFRYDODYYRMSURWRNRO$7&3
MDNRWDNRYFK3UR%6'8QL[SDNE\OY\WYRHQQRYPHFKDQLVPXVQD~URYQL
RSHUDQtKRV\VWpPXNWHUDSOLNDQtPSURJUDP$P]SURVWHGNRYiYiStVWXSNH
NRPXQLNDQtPSURWRNRO$P-HR]QDRYiQMDNRVRFNHWLQWHUIDFH GRVORYDUR]KUDQtV
REMtPNDPL]iVXYNDPL DStW VHPXEXGHPHY QRYDWSRGUREQ ML
'R$7 78QL[XVHSURWRNRO\7&3,3SURVDGLO\DRQ FRSR]G MLDSURMHMLFK
]DOHQ QtGRRSHUDQtKRV\VWpPXE\OSRXLWMLQPHFKDQLVPXVR]QDRYDQMDNR
VWUHDPV GRVORYDSURXG\WRN\ 7DNpRQ PVLSRYtPHSRGUREQ ML

7UDQVSRUWQtUR]KUDQt%6'6RFNHWV
9PLQXOpPGtOXMVPHGRVS OLNWRPXHLPSOHPHQWDFHSURWRNRO$WUDQVSRUWQt
YUVWY\VWHMQ WDNMDNRYHFKQLtFKYUVWHYMHVRXiVWtRSHUDQtKRV\VWpPXD
VOXE\W FKWRYUVWHYMVRXMHGQRWOLYPDSOLNDFtPSRVN\WRYiQ\SRPRFtWDNRYFK
PHFKDQLVP$NWHUpMVRXYGDQpPRSHUDQtPV\VWpPXNGLVSR]LFLDNWHUp
VDPR]HMP PRKRXEWYU$]QFKRSHUDQtFKV\VWpPHFKU$]Qp3DNMVPHVHML
]DP LOLQDSURVWHGtRSHUDQtKRV\VWpPX8QL[DHNOLVLHWHQVH]SRiWNX
VQDLOXSODWQLWLQDVt"VY$MMHGQRWQSRKOHGQDYHFKQD]Dt]HQtNWHUiFKiSH
MDNRVSHFLiOQtVRXERU\DMDNRVHVRXERU\VQLPLWDNpSUDFXMHHNOLMVPHVLYDN
WDNpHSUiY YStSDG Vt"RYFKVOXHEVHS$YRGQtSURVWHGN\SURSUiFLVH
VRXERU\]iK\XNi]DO\EWQHGRVWDXMtFtDSURWRPXVHO\EWY\YLQXW\QRYp
REHFQ MtPHFKDQLVP\=iY UHPMVPHVLSDNWDNpQD]QDLOLHYNDGp]RERX
KODYQtFKY WYt8QL[XE\O\]DWtPWR~HOHPY\WYRHQ\MLQpPHFKDQLVP\'QHVVL
SRGUREQ MLXNiHPHMDNMHWRPXYW]Y%6'8QL[X
/LGpNWHtGRVWDOL]D~NROY\YLQRXWQRYpPHFKDQLVP\SUR]StVWXSQ QtSURWRNRO$
7&3,3YSURVWHGt%6'8QL[XVLVY$MS$YRGQt~NROSRQ NXGUR]tLOLUR]KRGOLVH
Y\WYRLWWDNRYSURVWHGHNNWHUE\QHE\OLWQDPtUXMHGQpNRQNUpWQtVRXVWDY
SURWRNRO$WM7&3,3DOHE\OSRXLWHOQREHFQ SURMDNRXNROLVRXVWDYXSURWRNRO$D
GRNRQFHLSURYtFHVRXVWDYSURWRNRO$VRXDVQ 9GRE NG\VLSURWRNRO\7&3,3Y
SURVWHGt8QL[XWHSUYHKOHGDO\VYpPtVWRWRE\ORUR]KRGQXWtYFHONXORJLFNp9
VRXDVQpGRE NG\7&3,3SURWRNRO\8QL[]FHODRYOiGO\QHQtWDWRPRQRVWStOL
Y\XtYiQD'REXGRXFQDE\VHDOH]PtQ QpUR]KRGQXWtPRKORXNi]DWMDNRYHOPL
SUR]tUDYp3RNXGVHWRWLUHIHUHQQtPRGHO,6226,RSUDYGXSURVDGtGRLYRWDQHER
VHDOHVSRVWDQHVNXWHQRXNRQNXUHQFtSURVt"RYPRGHO7&3,3EXGH]DOHQ Qt,62
SURWRNRO$GR%6'8QL[XYHOPLMHGQRGXFKp
9 WtREHFQRVWQRY Y\WYRHQpKRPHFKDQLVPXXPRXMtFt]StVWXSQLWDSOLNDFtP
SHQRVRYpVOXE\U$]QFKVRXVWDYSURWRNRO$YDNQHQt]FHOD]DGDUPR&HQRX]DWXWR
Y WtREHFQRVWMHVDPR]HMP SRQ NXGY WtNRPSOLNRYDQRVWSRXLWt.G\E\ORR
PHFKDQLVPXVXUHQSRX]HSURSURWRNRO\7&3,3PRKOE\QDStNODGYG\ViP
SHGSRNOiGDWHNG\NROLVHPX]DGiQ MDNiDGUHVDMGHRW]Y,3DGUHVX YL]GtO
VHULiOX 7DNWRMHQXWQpPXWRH[SOLFLWQ VG OLW
&RMHYODVWQ VRFNHW"

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1RYPHFKDQLVPXVSUR]StVWXSQ QtVOXHEWUDQVSRUWQtFKSURWRNRO$Y\WYRHQSUR
W]Y%6'8QL[ WMSUR8QL[Y\YtMHQYHVWHGLVNX%HUNHOH\6RIWZDUH'LVWULEXWLRQSL
8QLYHUVLW\RI%HUNHOH\ MHR]QDRYiQMDNRVRFNHWLQWHUIDFHQHER]NUiFHQ MHQMDNR
VRFNHWV GRVORYDREMtPN\]iVXYN\9SUYQtPSLEOtHQtO]HtFLHMGHR]REHFQ Qt
S$YRGQtKRPHFKDQLVPX8QL[XSURSUiFLVHVRXERU\DHNDGVRFNHWMHYODVWQ
NRQFRYPERGHPNRPXQLNDFH
$E\FKRPVLDOHPRKOLXNi]DWYHPWRWR]REHFQ QtVSRtYiPXVtPHVHMHW YUiWLWN
VRXERU$PD]S$VREXSUiFHVQLPL
.G\VHQ MDNSURFHVUR]KRGQHSUDFRYDWVXULWPVRXERUHPPXVtMHMQHMSUYH
RWHYtW9ODVWQtRWHYHQtYDN]DML"XMHRSHUDQtV\VWpPDSURWRVLSURYHGHQtSRWHEQp
RSHUDFH RSHUDFHRSHQ SURFHVY\iGiQDRSHUDQtPV\VWpPX.RQNUpWQtIRUPDMH
WDNRYiHSURFHVSRXLMHW]YV\VWpPRYpYROiQt V\VWHPFDOO QHEROLVSXVWt
SRGSURJUDPNWHUMHVRXiVWtRSHUDQtKRV\VWpPX6Y$MNRQNUpWQtSRDGDYHN NWHU
VRXERUPiEWRWHYHQMDNP]S$VREHPDWG SURFHVVSHFLILNXMHSURVWHGQLFWYtP
SDUDPHWU$WRKRWRYROiQt9ODVWQtRWHYHQtVRXERUXSDNSUREtKiSOQ YUHLLRSHUDQtKR
V\VWpPXNWHUVL]DWtPWR~HOHP]DORtYKRGQRXGDWRYRXVWUXNWXUXDYQtVLXGUXMH
YHFRNSUiFLVHVRXERUHPSRWHEXMH
3URFHVNWHUVLRWHYHQtVRXERUXY\iGDOSDNMHW PXVtPtWNGLVSR]LFLSURVWHGHN
SRPRFtNWHUpKRSLYHFKQiVOHGQFKRSHUDFtFKQDGMLRWHYHQPVRXERUHP WM
RSHUDFtFKUHDGZULWHDFORVHDWG XUtNWHUpKRVRXERUXVHSRDGRYDQpRSHUDFH
WNDMt1HMOpSHE\VHNWRPXWR~HOXKRGLOD]PtQ QiGDWRYiVWUXNWXUDDOHWDMH]FHOD
YHVSUiY RSHUDQtKRV\VWpPXNWHUMLDSOLNDQtPSURFHV$PQH]YHHMXMH3HVWRDOH
XPRXMHDSOLNDQtPSURFHV$PRGND]RYDWVHQDWXWRVWUXNWXUXDWRSURVWHGQLFWYtP
QHStPpKRXND]DWHOH NWHUMHYHVNXWHQRVWLFHOPtVOHPEH]]QDPpQNDDO]HVLMHM
SHGVWDYLWMDNRLQGH[GRWDEXON\REVDKXMtFtXND]DWHOHQD]PtQ QpGDWRYpVWUXNWXU\ 
2SHUDFHRSHQSURWRYUDFtMDNRVY$MYVOHGHNFHOptVOR W]YGHVNULSWRUVRXERUXILOH
GHVFULSWRU DWHQSDNSRXtYDMtRSHUDFHUHDGZULWHDFORVHNXUHQtVRXERUX]H
NWHUpKRVHPitVWGRNWHUpKRVHPi]DSLVRYDWUHVSNWHUPiEWX]DYHQ
1\QtVLMLP$HPHVQDGQRQD]QDLWFRMHSRGVWDWRXQRYpKRPHFKDQLVPXVRFNHW
LQWHUIDFH6DPRWQVRFNHWQHQtQLFMLQpKRQHMLQiYDULDQWDYHSRSVDQpGDWRYp
VWUXNWXU\YHNWHUpVLRSHUDQtV\VWpPXFKRYiYiU$]Qp~GDMH WHQWRNUiWHSURSRWHE\
NRPXQLNDFHYVtWL 6RFNHWRS WQHQtStPRStVWXSQDOHDSOLNDQtSURFHV\VHQDQ M
PRKRXRGND]RYDWSHVQ VWHMQP]S$VREHPMDNRQD]PtQ QRXGDWRYRXVWUXNWXUXSL
SUiFLVHVRXERU\WHG\QHStPRSURVWHGQLFWYtPFHOpKRtVOD7RVHQ\QtR]QDXMH
MDNRGHVNULSWRUVRFNHWX VRFNHWGHVFULSWRU DOHVYPGDWRYPW\SHPMHWRWRQpV
GHVNULSWRUHPVRXERUX MGHRFHOptVOREH]]QDPpQND 
6WHMQMHWDNp]S$VRESUiFHVHVRFNHW\SURVWHGQLFWYtPV\VWpPRYFKYROiQt
6DPRWQUHSHUWRiUV\VWpPRYFKYROiQtSURSUiFLVHVRFNHW\MHYDNVDPR]HMP MLQ
QHSURSUiFLVHVRXERU\%6'8QL[VHYDNVQDt]DFKRYiYDWPD[LPiOQtPRQRX
VOXLWHOQRVWRERXPHFKDQLVP$WDNDE\VHOLLO\MHQWDPNGHMHWRVNXWHQ QXWQp
3URWRQDStNODGXPRXMHSRXtYDWRSHUDFHUHDGDZULWHMDNSURWHQtD]iSLVGDWGR
VRXERU$WDNLSURMHMLFKYODVWQtSHQRVSRVtWLSURVWHGQLFWYtPVRFNHW$=DWtPWR
~HOHPPMY\EtUiFHOitVODNWHUiSLG OXMHMDNRGHVNULSWRU\]MHGLQpPQRLQ\
1HP$HVHWXGtVWiWDE\VHtVHOQiKRGQRWDGHVNULSWRUXVRXERUXDGHVNULSWRUX
VRFNHWXURYQDOD

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9\WYiHQtVRFNHW$
6SROHQRXYODVWQRVWtRERXPHFKDQLVP$MHVNXWHQRVWHStVOXQpGDWRYpVWUXNWXU\
Y]QLNDMtDYRNDPLNXMHMLFKVNXWHQpSRWHE\SLRWHYtUiQtVRXERUXUHVSSL
iGRVWLRY\WYRHQtVRFNHWXDY\WYitMHRSHUDQtV\VWpPQD]iNODG EH]SURVWHGQtKR
SRDGDYNXDSOLNDQtKRSURFHVX9]QDPQUR]GtOMHDOHYWRPFRYHFKQ\PXVtEWY
RNDPLNXY\WYiHQtStVOXQFKGDWRYFKVWUXNWXU]DGiQRYStSDG RWHYtUiQt
VRXERU$WRPXVtEWH[SOLFLWQt~GDMRNRQNUpWQtPVRXERUXNWHUPiEWRWHYHQ
1DSURWLWRPXSL]L]RYiQtVRFNHWXVHMHW QHXYiGtVNPVHEXGHMHKR
SURVWHGQLFWYtPNRPXQLNRYDW
7tPVHY\FKi]tYVWtFSRWHEiPQHMU$]Q MtFKSURFHV$NWHUpY\VWXSXMtYUROLVHUYHU$
SRWHEXMtVLQHFKDWY\WYRLWVRFNHWSURNRPXQLNDFLVHVYPLNOLHQW\DOHWHSUYH
QiVOHGQ VHGR]YtGDMtNWHtNOLHQWLVQLPLEXGRXFKWtWNRPXQLNRYDW
iGRVWRY\WYRHQtQRYpKRVRFNHWXNWHURXDSOLNDQtSURFHVSHGiYiRSHUDQtPX
V\VWpPXIRUPRXV\VWpPRYpKRYROiQt VSt]QDQPQi]YHPVRFNHW YDNYHVYFK
SDUDPHWUHFKREVDKXMH~GDMRWRPVMDNRXVRXVWDYRXSURWRNRO$EXGHVRFNHWSUDFRYDW
FRPMGHILQXMHY]QDPQiVOHGQ ]DGiYDQFKDGUHV GiOHGUXKVSRMHQt VSROHKOLYp
VSRMRYDQpLQHVSROHKOLYpQHVSRMRYDQpStSDGQ VSRMHQtQDQLt~URYQLQHMH
WUDQVSRUWQt DWDNpNRQNUpWQtSURWRNRO]StVOXQpURGLQ\SURWRNRO$NWHUEXGHSHQRV
]DML"RYDW FRSDPDWXMHQDStSDGNG\SRDGRYDQGUXKVSRMHQtP$HEWYUiPFL
]YROHQpVRXVWDY\SURWRNRO$UHDOL]RYiQYtFHDOWHUQDWLYQtPLSURWRNRO\ 
9D]EDVRFNHWXQDORNiOQtSRUW
-HVWOLHMVPHVLMLGtYHXYHGOLHQDVRFNHWVHP$HPHGtYDWMDNRQDNRQFRYERG
NRPXQLNDFHQDGDQpPX]ORYpPSRtWDLMDNMHYWRPWRStSDG MHKRY]WDKN
SRUW$P"-DNMVPHVLXYHGOLYGtOXMHSUiY SRUWNRQFRYPERGHPNRPXQLNDFHQD
UR]KUDQtPH]LWUDQVSRUWQtYUVWYRXDYUVWYRXDSOLNDQt
=GHMHRYHPWHEDVLXY GRPLWHSRUW\MVRXMHGQRWQPNRQVWUXNWHPYUiPFLFHOpKR
Vt"RYpKRPRGHOX7&3,3]DWtPFRVRFNHW\MVRXMHQMHGQtP]PRQFKSURVWHGN$SUR
]StVWXSQ QtWUDQVSRUWQtFKVOXHEDSOLNDQtPSURFHV$P WtPNWHUMHSRXtYiQY%6'
8QL[X -HGQRWQRVWSRUW$YHYHFKX]OHFKXPRXMHMHGQRWQpDGUHVRYiQtHQWLW
DSOLNDQtYUVWY\EH]RKOHGXQDWRMDNNRQNUpWQtPHFKDQLVPXVSRXtYDMtW\WRHQWLW\
SURStVWXSNHVOXEiPWUDQVSRUWQtYUVWY\-VRXOLWtPWRPHFKDQLVPHPVRFNHW\
H[LVWXMHPH]LQLPLDSRUW\MHGQR]QDQiNRUHVSRQGHQFHNDGVRFNHWRGSRYtGi
MHGQRPXSRUWXUHVSMHVYi]iQVSUiY MHGQtPSRUWHP
7DWRYD]EDPH]LSRUWHPDVRFNHWHPYDNQHQtDXWRPDWLFNi3HVQ MLQHY]QLNiSL
Y\WYRHQtVRFNHWX V\VWpPRYPYROiQtPVRFNHW DOHPXVtEWY\WYRHQDDQiVOHGQ 
QDH[SOLFLWQtStND] V\VWpPRYPYROiQtPELQG 
9ROEDORNiOQtKRSRUWXQDNWHUPiEWVRFNHWQDYi]iQP$HEWSURQ NWHUp
DRSOLNDQtSURFHV\LUUHOHYDQWQtDW\WRSURFHV\SDNPRKRXQHFKDWYROEXNRQNUpWQtKR
SRUWXQDRSHUDQtPV\VWpPX-LQDNMHWRPXDOHXSURFHV$NWHUpY\VWXSXMtYUROL
VHUYHU$DVYpVOXE\SRVN\WXMtQDW]YGREH]QiPFKSRUWHFK VHNWHUPLSHGHP
SRtWDMtSRWHQFLiOQtNOLHQWLW FKWRVOXHE YL]GtOVHULiOX
9D]EDVRFNHWXQDY]GiOHQSRUW
9\WYRHQtYD]E\VRFNHWXQDQ NWHU]ORNiOQtFKSRUW$QDGDQpPX]ORYpPSRtWDL
VWiOHMHW QLFQHtNiRWRPVNPVHEXGHSURVWHGQLFWYtPGDQpKRVRFNHWX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NRPXQLNRYDWWMVNWHUPMLQPX]ORYPSRtWDHPDNWHURXDSOLNDQtHQWLWRXQD
WRPWRSRtWDL=DWtPWR~HOHPMH%6'8QL[Y\EDYHQGDOtPV\VWpPRYPYROiQtP
FRQQHFW NWHUpPXVHMDNRSDUDPHWU]DGiDGUHVDY]GiOHQpKRSRtWDHDtVORSRUWXQD
WRPWRSRtWDL9VOHGQHIHNWV\VWpPRYpKRYROiQtFRQQHFWSDNRYHP]iYLVtQDWRP
MDNGUXKVSRMHQtE\OVSHFLILNRYiQSLY\WYiHQtVRFNHWX SRPRFtYROiQtVRFNHW 
3RNXGORRVSRMHQtVSRMRYDQpKRFKDUDNWHUXMHYUiPFLYROiQtFRQQHFWVSRMHQt
VNXWHQ Y\WYRHQR WMQDYi]iQR 3RNXGMGHRNRPXQLNDFLQHVSRMRYDQpKR
FKDUDNWHUXMHYROiQtFRQQHFWQHSRYLQQpDPiYODVWQ MHQYHGOHMtHIHNWYWRPH
VSHFLILNXMHDGUHVXQDNWHURXEXGRXQiVOHGQ RGHVtOiQ\MHGQRWOLYpGDWDJUDP\WDNDE\
WDWRDGUHVDQHPXVHODEWVNDGPGDWDJUDPHP]DGiYiQDYG\]QRYX
HNiQtQDiGRVWRVSRMHQt
$SOLNDQtSURFHVNWHUViPLQLFLXMHSHQRVGDWVLWHG\QHMSUYHQHFKiY\WYRLWVRFNHW
YROiQtPVRFNHW SDNMHMVYiHVXULWPPtVWQtPSRUWHP YROiQtPELQG DSRVOp]HLV
SRUWHPQDY]GiOHQpPSRtWDL YROiQtPFRQQHFW MGHOLRVSRMRYDQRXNRPXQLNDFL
3DNMLP$HSLVWRXSLWNY\VtOiQtLStMPXYODVWQtFKGDW=DWtPWR~HOHPPiN
GLVSR]LFLKQHGQ NROLNYDULDQWRSHUDFtUHDGDZULWH UHDOL]RYDQFKRS WIRUPRX
V\VWpPRYFKYROiQt NWHUpMVRXYSULQFLSXVKRGQpVHWHQtPD]iSLVHPGDWGR
VRXERU$
-DNPiDOHSRVWXSRYDWSURFHVNWHUViPNRPXQLNDFLLQLFLRYDWQHFKFH"7HG\
QDStNODGSURFHVNWHUFKFHY\VWXSRYDWYUROLVHUYHUXDFKFHSLWRPSRXtYDW
VSRMRYDQFKDUDNWHUNRPXQLNDFH"
7DNpVLPXVtQHMSUYHQHFKDWY\WYRLWSRWHEQVRFNHW YROiQtPVRFNHW DSDNMHM
QDYi]DWQDYKRGQORNiOQtSRUW YROiQtPELQG 3DNDOHPXVtXYpVWVRFNHWGRWDNRYpKR
VWDYXNWHURGSRYtGiSDVLYQtPXRWHYHQtWHG\NG\VRFNHW UHVSQDQ MQDYi]DQ
SRUW SRX]HSDVLYQ HNiQDSLFKi]HMtFtiGRVWLRQDYi]iQtVSRMHQt=DWtPWR~HOHP
MHY%6'8QL[XNGLVSR]LFLGDOtV\VWpPRYpYROiQtOLVWHQNWHUpPXVHQDYtFMDNR
SDUDPHWU]DGiYiMDNYHONRXIURQWXVLPiY\WYRLWSURSLFKi]HMtFtYROiQtLGDWD
.G\MHWDNWRVRFNHWSLSUDYHQSLMtPDWiGRVWLRQDYi]iQtVSRMHQtPXVt]DtWHNDWL
VDPRWQDSOLNDQtSURFHV.WRPXPiNGLVSR]LFLGDOtV\VWpPRYpYROiQtDFFHSW
-DNPLOHQDSRUWQDNWHUpPSURFHVHNiSLMGHQ MDNiiGRVWRQDYi]iQtVSRMHQt
RSHUDQtV\VWpPWXWRiGRVWSLMPHDY\WYRtQRYVRFNHWNWHUQDYiHQDSRUW
YRODMtFtKRtPYODVWQ QDYiHVSRMHQtPH]LVHUYHUHPDMHKRNOLHQWHP3HVWHQWR
QRYVRFNHWEXGHSUREtKDWYODVWQtNRPXQLNDFH]DWtPFRQDS$YRGQtPVRFNHWXEXGRX
GiOHRHNiYiQ\SRDGDYN\QDQDYi]iQtVSRMHQtGDMRQRY Y\WYRHQpPVRFNHWX
SLWRPRSHUDQtV\VWpPSHGiYiMDNRYVWXSQtSDUDPHWUYROiQtDFFHSW$SOLNDQt
SURFHVYUROLVHUYHUXSDNEXWR]DMLVWtQiVOHGQRXNRPXQLNDFLVNOLHQWHPViPDSR
MHMtPVNRQHQtQRY Y\WYRHQVRFNHW]DVHQHFKi]UXLWQHERVLNH]SUDFRYiQt
SRDGDYNXY\WYRtVDPRVWDWQSRGSURFHVDViPVHY QXMHMHQHNiQtQDGDOtiGRVWL
YROiDFFHSW 
&HOSRVWXSNRPXQLNDFHVSRMRYDQpKRFKDUDNWHUX]HVWUDQ\VHUYHUXLNOLHQWDXND]XMH
REUYHWQ ]UXHQtVRFNHWXYROiQtPFORVH9StSDG QHVSRMRYDQpNRPXQLNDFH
MHFHOSRVWXSSRQ NXGMHGQRGXtQDVWUDQ VHUYHUXSDNRGSDGDMtYROiQtOLVWHQD
DFFHSWNWHUiVHWNDMtQDYD]RYiQtVSRMHQtDQDVWUDQ NOLHQWDQHSRYLQQpYROiQt
FRQQHFW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3,2%5B7,)
2EU3HGVWDYDSUiFHVHVRFNHW\SLVSRMRYDQpNRPXQLNDFL

7UDQVSRUWQtUR]KUDQt6WUHDPVD7/,
9PLQXOFKGtOHFKVHULiOXMVPHVH]DDOL]DEYDWWtPMDNMHYSURVWHGt
RSHUDQtKRV\VWpPX8QL[LPSOHPHQWRYiQRWUDQVSRUWQtUR]KUDQtNSHQRVRYP
SURWRNRO$P7&3,3QHEROLUR]KUDQtPH]LVOXEDPLWUDQVSRUWQtYUVWY\D
MHGQRWOLYPLDSOLNDFHPLHNOLMVPHVLHSURWRNRO\7&3,3VH]KLVWRULFNFK
G$YRG$SURVDGLO\QHMSUYHYW]Y%6'Y WYL8QL[XNGHE\OSURMHMLFK
]StVWXSQ QtY\WYRHQQRYPHFKDQLVPXVVRFNHWV'QHVMHQDDG GUXKi
KODYQtY WHY8QL[XY\YtMHQiDtHQiILUPRX$7 7 QHMSUYHW]Y%HOORYPL
ODERUDWRHPLILUP\$7 7GQHVVSHFLDOL]RYDQRXGFHLQQRXRUJDQL]DFt86/
QHEROL8QL[6\VWHP/DERUDWRULHV 
3URVSUiYQpSRFKRSHQtP\OHQHNQDNWHUFKMH]DORHQDLPSOHPHQWDFHSURWRNRO$
7&3,3YSURVWHGt$7 78QL[XMHYKRGQpVLQHMSUYHXSHVQLWDVRYVOHG
MHGQRWOLYFKXGiORVWt0HFKDQLVPXVVRFNHWVNWHUPMVPHVH]DEYDOLPLQXOHE\O
Y\YLQXWSURYHU]L%6'8QL[XNWHUiVHSRSUYpREMHYXMHYURFH'R$7 7
8QL[XVHREGREQPHFKDQLVPXVGRVWiYiDYHYHU]L6\VWHP95HOHDVH ]NUiFHQ
695 NWHURXILUPD$7 7RKOiVLODYURFH5R]GtOHVWLOHWMHKRGQ GORXKRX
GRERX]DNWHURXVH]FHOD]iNRQLW PXVHO\SURMHYLWU$]QpYYRMRYpWUHQG\QRYp
NRQFHSFHLQRYpSRDGDYN\QDRSHUDQtV\VWpP8QL[MDNRWDNRY
-HGQtP]W FKWRSRDGDYN$E\OWODNQDY WtPRGXODULWXDIOH[LELOLWXFHOpKR
YVWXSQ YVWXSQtKRVXEV\VWpPX2SHUDQtV\VWpP8QL[MHWRWLNRQFLSRYiQWDNH
MHKRMiGUR NHUQHO REVDKXMH]iNODGQtiVWQH]iYLVORXQDNRQNUpWQtPKDUGZDUXDGiOH
SDNU$]QpRYODGDH GULYHUV NWHUp]iNODGQtiVWLMiGUD]SURVWHGNRYiYDMtYHFRMLMH
]iYLVOpQDNRQNUpWQtPKDUGZDUXGDQpKRSRtWDH7\WRRYODGDHVHVLFHQDYHQHN
WYitMDNRVSHFLiOQtVRXERU\ DMDNRVWDNRYPLVHVQLPLWDNpSUDFXMH YH
VNXWHQRVWLMVRXDOHVRXiVWtMiGUD7RYDNPM]QDPHQiHSLSLGiQtQRYpKR
RYODGDHLMDNpNROLMLQp]P Q MHWHEDPLQLPiOQ ]QRYXVHVWDYLWFHOpMiGUR
.URP ]HMPpQHSUXQRVWLPiWDWRVWUDWHJLHLGDOtQHYKRGXNWHUiVHQHMYtFH
SURMHYLODSUiY XLPSOHPHQWDFHVt"RYFKSURWRNRO$6RXYLVtVWtPHWDNWRHHQp
RYODGDHDVWR]QRYXLPSOHPHQWXMtIXQNFHNWHUpMVRXVRXDVQ LPSOHPHQWRYiQ\LY
MLQFKRYODGDtFK&HONRYiNRQFHSFHRSHUDQtKRV\VWpPXDMHKRMiGUDSLWRP
QHY\FKi]tStOLYVWtFPRQRVWLUHDOL]RYDWW\WRVSROHQpIXQNFHMHQMHGQRXD
StVOXQpPRGXO\VGtOHW0\OHQNDHLWVt"RYVRIWZDUHIRUPRXRYODGD$ GULYHUV 
WHG\YMHGQRPEDOtNXWDNpQHQtStOLYVRXODGXVYUVWHYQDWRXNRQFHSFtVt"RYpKR
VRIWZDUXNWHUiVLStPRtNiRPRGXOiUQtLPSOHPHQWDFL
3RiWNHPRVPGHViWFKOHWNG\E\O\SURWRNRO\7&3,3]DOHRYiQ\GR%6'8QL[X
QHE\OMHW WODNQDPRGXODULWXDIOH[LELOLWXYVWXSQ YVWXSQtKRVXEV\VWpPX8QL[X
WDNRYDE\VLY\QXWLOLQRY]S$VRELPSOHPHQWDFHVDPRWQFKVt"RYFKSURWRNRO$9
%6'8QL[XMVRXW\WRSURWRNRO\VWiOHFKiSiQ\DLPSOHPHQWRYiQ\MDNRRYODGDH
RYODGDHVSHFLiOQtFK]Dt]HQt DQRY MHHHQSRX]H]S$VRESUiFHVQLPL6RFNHWV
MVRX]WRKRWRSRKOHGXMHQWHQNRXVOXSNRXNWHUiRYODGDHSHNUYiD]DML"XMH
WDNRY]S$VREStVWXSXNQLPMDNY\KRYXMHLQHMU$]Q MtPVt"RYPDSOLNDFtP

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
'R$7 78QL[XVHSURWRNRO\7&3,3GRVWiYDMtMLYGRE NG\VLQHSUXQRVW
GRVDYDGQtNRQFHSFH99VXEV\VWpPXVDPDY\QXWLOD]P QX=KUXEDYURFH
SLFKi]tMHGHQ]HVSROXDXWRU$8QL[X'HQQLV5LWFKLHVP\OHQNRXQRYpKR
PHFKDQLVPXSt]QDQ QD]YDQpKRVWUHDPV GRVORYDSURXG\ 7HQSDNE\OWDNp
SRXLWLSURLPSOHPHQWDFL7&3,3SURWRNRO$YSURVWHGt$7 78QL[XDSUR
]StVWXSQ QtW FKWRSURWRNRO$E\ODY\WYRHQDQRYiSHNUYDMtFtVOXSNDR]QDRYDQi
MDNR7/,QHEROL7UDQVSRUW/D\HU,QWHUIDFH UR]KUDQtWUDQVSRUWQtYUVWY\ 
&RMVRXSURXG\"
=iNODGQtP\OHQNDSURXG$ VWUHDPV MHWDNRYiHPH]LRYODGD]Dt]HQtDSURFHV
NWHUVWtPWRRYODGDHPNRPXQLNXMHVHG\QDPLFN\YNOiGDMtU$]QpSURJUDPRYp
PRGXO\ EH]QXWQRVWL]QRYXVHVWDYRYDWMiGURSLNDGpPYORHQtLY\MPXWtPRGXOX 
DYHNHUiNRPXQLNDFHPH]LSURFHVHPDRYODGDHPSDNSURFKi]tVNU]W\WRPRGXO\
3HGVWDYXSURXGXLOXVWUXMHREUE
3,2%5B7,)
2EU3HGVWDYDStVWXSXNRYODGDL
DEH]SURXG$EVSURXG\
'\QDPLFNPYNOiGiQtPMHGQRWOLYFKPRGXO$GRSURXGXY]QLNiFHOHW ]HFQD
MHKRMHGQRPNRQFLVWRMtRYODGD R]QDRYDQWDNpMDNRVWUHDPHQGQHEROLNRQFRY
PRGXOSURXGX DQDGUXKpPNRQFLW]YKODYLNDSURXGX VWUHDPKHDG 7D]DML"XMH
SRWHEQpSL]S$VREHQtPH]LSURFHVHPNWHUVSURXGHPSUDFXMHDSURXGHPMDNR
WDNRYP0H]LKODYLNXDRYODGDMVRX]DD]RYiQ\PRGXO\NWHUpPRKRXSURYiG WY
SRGVWDW MDNpNROLDNFHVGDW\NWHUpVNU]Q SURFKi]t&HOSURXGSLWRPSUDFXMHY
SOQ GXSOH[QtPUHLPXGDWDWHG\PRKRXSURFKi]HWSURXGHPRE PDVP U\VRXDVQ 
.RQNUpWQt]S$VRENRPXQLNDFHMHGQRWOLYFKPRGXO$YUiPFLSURXGXMHWDNRYH
NDGYG\]SUDFXMHGDWDSHY]DWiRGVYpKREH]SURVWHGQtKRVRXVHGD]MHGQpVWUDQ\
DYVOHGHN]SUDFRYiQt]DVHSHGiVYpPXVRXVHGRYL]GUXKpVWUDQ\
3RGVWDWQMHRYHPWDNp]S$VREMDNPSURXGY]QLNiDXWYitVH1DSRiWNXMH
NDGSURXGY\WYiHQMHQMDNRGYRXSUYNRYDREVDKXMHWHG\MHQYODVWQtRYODGD
VWUHDPHQG DVYRXKODYLNX VWUHDPKHDG =DD]RYiQtMHGQRWOLYFKPRGXO$
GRSURVWHGSURXGX NRQNUpWQ EH]SURVWHGQ ]DKODYLNX VHSDNSURYiGt
G\QDPLFN\QD]iNODG VNXWHQpSRWHE\6ORXtNWRPXRSHUDFHR]QDRYDQi
St]QDQ MDNRSXVK YORHQtQRYpKRPRGXOXGRSURXGXEH]SURVWHGQ ]DKODYLNX 
6WHMQ WDNMHPRQpMHGQRWOLYpPRGXO\]SURXGXG\QDPLFN\Y\MtPDWDWRRSHUDFtSRS
NWHUiY\MPHPRGXOEH]SURVWHGQ ]DKODYLNRX 
7tPWR]S$VREHPMHPRQp]DD]RYDWGRSURXGXPRGXO\]DML"XMtFtQHMU$]Q Mt
IXQNFHRGMHGQRGXFKFKILOWU$DSHYRGQtN$DSRPQRKHPVORLW MtWUDQVIRUPDFH
3URSRWHE\Vt"RYpKRVRIWZDUXVHStPRYQXFXMHP\OHQNDUHDOL]RYDWSHQRVRYp
SURWRNRO\MHGQRWOLYFKYUVWHYYHIRUP WDNRYFKWRPRGXO$DSDN]QLFKG\QDPLFN\
VHVWDYRYDWFHOpKLHUDUFKLFNpVHVWDY\SURWRNRO$ SURWRFROVWDFNV 7HG\QDStNODG
WUDQVSRUWQtSURWRNRO\7&3D8'3UHDOL]RYDWMDNRGYD DOWHUQDWLYQt PRGXO\Vt"RY
SURWRNRO,3MDNRGDOtPRGXODQDRYODGDL QDSRYODGDLVt"RYpKRDGDSWpUX
SRQHFKDWStPpRYOiGiQtKDUGZDUX UHVSSURWRNRO\VSDGDMtFtGRYUVWY\Vt"RYpKR
UR]KUDQt 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7UDQVSRUW/D\HU,QWHUIDFH
3UiY SRSVDQPHFKDQLVPXVSURXG$ VWUHDPV MHYDNVWiOHMHQSRXKP
]GRNRQDOHQtPRYODGD$YSURVWHGt$7 78QL[XYHU]H6\VWHP91HQtXUHQMHQSUR
LPSOHPHQWDFLVt"RYFKSURWRNRO$DOHSRXtYiVHLNMLQP~HO$PQDStNODGN
REVOX]HWHUPLQiO$DSRG
3URQiVMHRYHPSRGVWDWQpHYVOHGQSURXG VWUHDP VHQDGiOHWYitMDNR
VSHFLiOQtVRXERUD]S$VREMHKRLPSOHPHQWDFH SRPRFtSURXGX WXGtQHQtSUR
DSOLNDQtSURFHV\StOLUHOHYDQWQt3URQ MHQDRSDN]DSRWHEtREGREQiVOXSND
MDNRXMH%6'8QL[XUR]KUDQtVRFNHWLQWHUIDFH YL]PLQXOH NWHUiE\SHNU\OD
StVOXQpSURXG\D]StVWXSQLODWUDQVSRUWQtVOXE\WDNRYP]S$VREHPMDNY\KRYXMH
DSOLNDQtPSURFHV$P
9%6'8QL[XMH]PtQ QiVOXSNDUHDOL]RYiQDIRUPRXV\VWpPRYFKYROiQtFRMVRX
YHVNXWHQRVWLYVWXSQtGRE\GRMiGUDDWHSUYHWRSDN]DML"XMHYHNHUpSRDGRYDQp
VOXE\'DWRYpVWUXNWXU\NWHUpVHYWpWRVRXYLVORVWLSRXtYDMt WMYODVWQtVRFNHW\ MVRX
Y\WYiHQ\YSDP WLNWHUiWDNpSDWtMiGUXDWRVL]DEH]SHXMHYHSRWHEQpSURDORNDFL
DQiVOHGQpXYRORYiQtWpWRSDP WL
8$7 78QL[XMVRXDQDORJLtV\VWpPRYFKYROiQtY%6'8QL[XYROiQtNQLKRYQtFK
UXWLQNWHUpVHSLOLQNRYiYDMtNDSOLNDQtPSURFHV$PDMVRXWXGtSURYR]RYiQ\Y
DGUHVRYiPSURVWRUXW FKWRSURFHV$6WHMQ WDNMVRXYDGUHVRYpPSURVWRUXDSOLNDQtFK
SURFHV$DORNRYiQ\LYHNHUpGDWRYpVWUXNWXU\NWHUpMVRXW PLWRNQLKRYQtPLUXWLQDPL
Y\XtYiQ\
5R]KUDQtNDSOLNDQtPSURFHV$PNWHUpW\WRNQLKRYQtUXWLQ\Y\WYitMHY$7 7
8QL[XYHU]H6\VWHP9R]QDRYiQRMDNR7UDQVSRUW/D\HU,QWHUIDFH ]NUiFHQ 7/,
GRVORYDUR]KUDQtWUDQVSRUWQtYUVWY\ 
3,2%5B7,)
2EU6RFNHWV D YVWUDQVSRUWHQGSRLQWV E
2SHUDFHNWHUpWRWRUR]KUDQtQDEt]tMVRXYPQRKpPREGREQpRSHUDFtPNWHUpVH
SRXtYDMtSURSUiFLVHVRFNHW\Y%6'8QL[X9]QDPQ MtPUR]GtOHPMHYDNSRYDKD
REMHNW$QDUR]KUDQtPH]LWUDQVSRUWQtDDSOLNDQtYUVWYRX=DWtPFRY%6'8QL[XMH
WtPWRREMHNWHPGDWRYiVWUXNWXUD WMVRFNHW YStSDG 7/,KUDMHWXWpUROLVSRMHQt
GYRXHQWLWXLYDWHOHVOXE\ NWHUVtGOtYDSOLNDQtYUVWY DSRVN\WRYDWHOHVOXE\
NWHUVtGOtYHYUVWY WUDQVSRUWQt YL]REUE7RWRORNiOQtVSRMHQtMHY
WHUPLQRORJLL7/,R]QDRYiQRMDNRWUDQVSRUWHQGSRLQW GRVORYDNRQFRYERG
WUDQVSRUWQtKRVSRMHQt DMHWHG\DQDORJLtVRFNHWXY%6'8QL[X=L]XMHVHSRPRFt
UXWLQ\WBRSHQNWHUiMHREGRERXV\VWpPRYpKRYROiQtRSHQY%6'8QL[XDWHSUYH
QiVOHGQ VQtPPXVtEWVGUXHQRLYKRGQptVORSRUWX MDNRDGUHVDWUDQVSRUWQtKR
VSRMHQt UXWLQRXWBELQG NWHUiMHDQDORJLFNiV\VWpPRYpPXYROiQtELQGY%6'8QL[X 
'DOtSRVWXSQDVWUDQ VHUYHUXXND]XMHREUi]HNSRYROiQtUXWLQ\WBELQGVL
StVOXQDSOLNDQtSURFHVYUROLVHUYHUXViPDORNXMHSDP "SURGDWRYpVWUXNWXU\
NWHUpEXGHSLNRPXQLNDFLSRXtYDWDSDNYROiUXWLQXWBOLVWHQ7DHNiQDYROiQtRG
NOLHQWDDYUDFtt]HQt]S WYRNDPLNXNG\WDNRYpWRYROiQtSLMGH.OLHQWQDRSDN
Y\XLMHNQDYi]iQtVSRMHQtUXWLQXWBFRQQHFWVREGREQPHIHNWHPMDNRY%6'8QL[X

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3,2%5B7,)
2EU3HGVWDYDSUiFHVUR]KUDQtP7/,SLVSRMRYDQp
NRPXQLNDFL
3RNXGMHVHUYHURFKRWHQDNFHSWRYDWSLFKi]HMtFtYROiQt NWHUpSHGVWDYXMHY]YXN
QDYi]iQtVSRMHQt YROiUXWLQXWBDFFHSWNWHUiYROiQtSLMPHD]DMLVWtQDYi]iQtVSRMHQt
VNOLHQWHP3DNMLP$HQiVOHGRYDWYODVWQtSHQRVGDW UXWLQDPLWBUFYDWBVQGQHER
StPRRSHUDFHPLUHDGDZULWH DXNRQHQtVSRMHQt NWHUpP$HEWUHDOL]RYiQREX
MDNRiGQp]DUXXMtGRUXHQtYHFKMLRGHVODQFKGDWQHERMDNRXNRQHQt
RNDPLWpNWHUpWRWRQH]DUXXMH 
3tSDGQHVSRMRYDQpKR]S$VREXNRPXQLNDFHPH]LNOLHQWHPDVHUYHUHPXND]XMH
REUi]HN]GHSRDORNDFLSDP WLSURGDWRYpVWUXNWXU\LKQHGQiVOHGXMHYODVWQt
SHQRVGDW
=DMtPDYRXRGOLQRVWt$7 78QL[XD%6'8QL[XMHWR]GDVHUYHUP$HRGPtWQRX
YROiQtNOLHQWDLQLNROL9%6'8QL[XWRPRQpQHQtV\VWpPRYpYROiQtDFFHSW]GH
HNiQDMDNpNROLYROiQtDWRYG\SLMPH7HSUYHSDNVHVHUYHUGR]YtGi ]YVWXSQtFK
SDUDPHWU$V\VWpPRYpKRYROiQtDFFHSW NGRPXYODVWQ ]DYRODODSRX]HQiVOHGQ
P$HMLQDYi]DQpVSRMHQt]DVH]UXLW1DSURWLWRPXY$7 78QL[XPiVHUYHU
PRQRVWRGPtWQRXWXULWpKRNOLHQWDDVSRMHQtVQtPY$EHFQHQDYi]DW1DYROiQt
NOLHQWDWRWLHNiUXWLQDWBOLVWHQNWHUiVQtPYDNQHQDYiHVSRMHQtDOHSRX]HYUiWt
SRWHEQpLQIRUPDFHRWRPNGRYODVWQ YROi6HUYHUVHSRGOHQLFKUR]KRGQHEX
YROiQtSLMPRXW WMQDYi]DWVSRMHQtSRPRFtUXWLQ\WBDFFHSW QHERMHMRGPtWQRXW Y
WRPWRStSDG YROiUXWLQXWBVQGGLV 
3,2%5B7,)
2EU3HGVWDYDSUiFHVUR]KUDQtP7/,SLQHVSRMRYDQp
NRPXQLNDFL

$SOLNDQtYUVWYD7&3,3
9HWHFKPLQXOFKGtOHFKMVPHVH]DEYDOLUR]KUDQtPPH]LWUDQVSRUWQtD
DSOLNDQtYUVWYRXYUiPFLVt"RYpKRPRGHOX7&3,3QHEROLWtPMDNPRKRXEW
VOXE\WUDQVSRUWQtYUVWY\]StVWXSQ Q\MHGQRWOLYPDSOLNDFtP8Ni]DOLMVPHVL
H]GHYHOPL]iOHtQDNRQNUpWQtPRSHUDQtPV\VWpPXDSDNMVPHVHSRGUREQ ML
Y QRYDOLGY PDPRQRVWHPVHNWHUPLVHP$HPHVHWNDWYSURVWHGtRSHUDQtKR
V\VWpPX8QL['QHVMLGRMGHDGDQDYODVWQtDSOLNDQtYUVWYRX
.G\MVPHVLYHGtOXSRSLVRYDOLDSOLNDQtYUVWYXYUiPFLUHIHUHQQtKRPRGHOX
,6226,GRVS OLMVPHN]DMtPDYpPX]iY UXDSOLNDQtYUVWYDWRKRWRPRGHOXQHQt
XUHQDNWRPXDE\VHYQtSURYR]RYDO\MHGQRWOLYpDSOLNDFH1DSRiWNXNG\VH
FHONRYiNRQFHSFHUHIHUHQQtKRPRGHOXWHSUYHXWYiHODVHMHW SHGSRNOiGDORH
MHGQRWOLYpDSOLNDFHEXGRXSURYR]RYiQ\StPRYDSOLNDQtYUVWY -DNPLOHVHDOH
]DDO\SRGUREQ MLUR]SUDFRYiYDWMHGQRWOLYpGUXK\DSOLNDFtDMHMLFKNRQNUpWQt
SURWRNRO\]MLVWLORVHHQDDSOLNDQtYUVWYX]EYiMHW YHOPLPQRKR~NRO$.G\E\VL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MHRYHP]DML"RYDODNDGiDSOLNDFHVDPDE\ORE\WR]E\WHQPSOWYiQtPSURWRH
E\VWHMQpIXQNFHE\O\LPSOHPHQWRYiQ\YtFHNUiW3URWRVHYUiPFLUHIHUHQQtKRPRGHOX
GRVS ORN]iY UXHMHYKRGQ MtW\WRIXQNFHLPSOHPHQWRYDWWDNDE\PRKO\EW
VSROHQpSURYtFHDSOLNDFt=WRKRWRG$YRGXSDNE\O\]EYDMtFtiVWLYODVWQtFKDSOLNDFt
SHGHYtPMHMLFKXLYDWHOVNiUR]KUDQt Y\VXQXW\QDGDSOLNDQtYUVWYXYHNWHUp
QDRSDN]$VWDO\MHQMHMLFKSRGS$UQpSURVWHGN\ YL]GtO 
5HIHUHQQtPRGHO,6226,WHG\VWDYtQDSHGSRNODGXHMHGQRWOLYpDSOLNDFHEXGRX
PtWPQRKRVSROHQpKRDHVHWHG\Y\SODWtUHDOL]RYDWMHMLFKVSROHQpiVWL
VDPRVWDWQ DLPSOHPHQWRYDWMHMHQMHGQRX6RXYLVtWRRVWDWQ LVH]S$VREHPMDNP
DSOLNDQtSURWRNRO\YUiPFLUHIHUHQQtKRPRGHOXY]QLNDO\StVWXSHPNWHUE\E\OR
PRQpR]QDLWMDNRPD[LPDOLVWLFNDVWRVHWRWLGRDSOLNDQtFKSURWRNRO$]DKUQXOR
YHFKQRFRE\PRKOREWQ NG\Q NRPXXLWHQp6QDGQHMPDUNDQWQ MLVHWHQWR
StVWXSSURMHYLOQDNRQFHSFLSURWRNROXSURSHQRVVRXERU$YUiPFL,6226, PRGHOX
)7$0)LOH$FFHVV7UDQVIHUDQG0DQDJHPHQW NWHUMHWDNREViKOD
NRPSOLNRYDQHVQDGQLNG\QHEXGHPRFLEWLPSOHPHQWRYiQYFHOpPVYpPUR]VDKX
1DSURWLWRPXVt"RYPRGHO7&3,3Y]QLNDOPpQ RG]HOHQpKRVWROXQHUHIHUHQQt
PRGHO,6226,DYtFHY\FKi]HO]SUDNWLFNFK]NXHQRVWtDSRWHE-HKRDSOLNDFH
]DtQDO\MDNRUHODWLYQ MHGQRGXFKpDWHSUYHSRVWXSHPDVXVHMHMLFKIXQNFHD
VFKRSQRVWL]Y WRYDO\D]DDO\VH]DYiG WQRYpQiURQ MtGUXK\DSOLNDFt6t"RY
PRGHO7&3,3SURWRY\FKi]tVStH]SHGSRNODGXHMHGQRWOLYpDSOLNDFHQHEXGRXPtW
WROLNVSROHQpKRDE\VHW\WRMHMLFKVSROHQpiVWLY\SODWLORRVDPRVWDWQLW1DUR]GtORG
UHIHUHQQtKRPRGHOX,6226,SURWRRHNiYiHNDGiDSOLNDFHVLVDPD]DMLVWtWRFR
SRWHEXMHDFRMLQLtYUVWY\QHSRVN\WXMt7HSUYHYSRVOHGQtGRE VHSDNLYUiPFL
Vt"RYpKRPRGHOX7&3,3]DtQDMtQ NWHUpSRGS$UQpPHFKDQLVP\YUiPFLDSOLNDQt
YUVWY\RVDPRVWDWRYDW QDSPHFKDQLVPXVYROiQtY]GiOHQFKSURFHGXUYL]GiOH 
=GHMHGREUpVLXY GRPLWGDOtUR]GtOPH]LUHIHUHQQtPPRGHOHP,6226,DVt"RYP
PRGHOHP7&3,3NWHUVSRtYiYSRWXMHMLFKYUVWHY5HIHUHQQtPRGHO,6226,
WRWL]DD]XMHPH]LWUDQVSRUWQtYUVWYXDYUVWYXDSOLNDQtMHW GY GDOtYUVWY\ UHODQt
DSUH]HQWDQt NWHUpWDNpSRVN\WXMtSRGS$UQpVOXE\YODVWQtPDSOLNDFtP NURP
VDPRWQpDSOLNDQtYUVWY\ 6t"RYPRGHO7&3,3YDNQHPiiGQRXDQDORJLLUHODQtD
SUH]HQWDQtYUVWY\,6226,7DNpMHMLFKIXQNFHVLSURWRYSURVWHGt7&3,3PXVt
]DMLVWLWMHGQRWOLYpDSOLNDFHYODVWQtPLVLODPLYL]REU
3,2%5B7,)
2EU$SOLNDFHDDSOLNDQtYUVWYDY50,6226,DYVt"RYpPPRGHOX7&3,3
6WHMQ WDNMDNRUHIHUHQQtPRGHO,6226,E\OLVt"RYPRGHO7&3,3QDYUHQSUR
KHWHURJHQQtSURVWHGtWHG\SURSURVWHGtSRtWDRYFKVtWtMHMLFKX]ORYpSRtWDHVH
PRKRXLGRVWLYUD]Q OLLWQHMHQSRXLWPKDUGZDUHPDOHWDNpQDStNODG
NRQYHQFHPLSUR]Qi]RURYiQttVHONyGRYiQtPMHGQRWOLYFK]QDN$NRQYHQFHPL
RSHUDQtFKV\VWpP$RYODVWQLFWYtDStVWXSRYFKSUiYHFKNVRXERU$PDSRG9
UHIHUHQQtPPRGHOXVHRRGVWUDQ QtQ NWHUFKRGOLQRVWt KODYQ YHYQLWQtFK
IRUPiWHFK VWDUiSUH]HQWDQtYUVWYD9PRGHOX7&3,3MHYHQDVDPRWQFK
DSOLNDFtFK
FS

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
.OLHQWYVVHUYHU
9 WLQDDSOLNDFtDDSOLNDQtFKSURWRNRO$YUiPFLVt"RYpKRPRGHOX7&3,3Y\FKi]t]
PRGHOXNOLHQWVHUYHU3HGSRNOiGiWHG\H[LVWHQFLGYRXVORHNNWHUpQHPDMt
URYQRFHQQpSRVWDYHQtNOLHQWiGiRNRQNUpWQtVOXE\DMHLQLFLiWRUHPYHNHUp
NRPXQLNDFH]DWtPFRVHUYHUVYpVOXE\QHSRVN\WXMH]YODVWQtLQLFLDWLY\DOHSRX]HQD
iGRVWNOLHQWD
5R]HEHUPHVLWXWRSHGVWDYXSRQ NXGSRGUREQ ML3HGVWDYPHVL YL]WpREU
VORNXYUROLNOLHQWDQDSRtWDL$7DWRNOLHQWVNiVORNDIRUPXOXMHVYpSRDGDYN\QD
NRQNUpWQtVOXE\D]DVtOiMHVYpSDUWQHUVNpVORFHYUROLVHUYHUXQDSRtWDL%6ORND
YUROLVHUYHUXMHSLMtPi]SUDFRYiYiDUHDJXMHQDQ  QDSYUDFt]S WSRDGRYDQi
GDWD 3HVQ]S$VRENRPXQLNDFHSLWRP]iYLVtQDNRQNUpWQtDSOLNDFLQ NWHUp
Y\XtYDMtSURY]iMHPQRXNRPXQLNDFLNOLHQWDVHVHUYHUHPVSROHKOLYpDVSRMRYDQp
WUDQVSRUWQtVOXE\SURWRNROX7&3]DWtPFRMLQpGiYDMtSHGQRVWQHVSROHKOLYPD
QHVSRMRYDQPWUDQVSRUWQtPVOXEiPSURWRNROX8'39G\YDNPXVtSODWLWWRFR
MVPHVLMLQD]QDRYDOLYGtOXHNOLHQWPXVtEWVFKRSHQQDMtWStVOXQVHUYHU
6ORNDYUROLVHUYHUXSURWRPXVtSLMtPDWSRDGDYN\VYFKNOLHQW$QDWDNRYpPSRUWX
SHFKRGRYpPERGXPH]LWUDQVSRUWQtDDSOLNDQtYUVWYRX NWHUMHNOLHQWRYL]QiP
WHG\QDW]YGREH]QiPpPSRUWXYL]GtO 
3,2%5B7,)
2EU3HGVWDYDVORHNYUROLNOLHQWDDVHUYHUX
FS
,PSOHPHQWDFHNOLHQWDDVHUYHUXYSURVWHGt8QL[X
3UROHStSHGVWDYXRFHONRYpILORVRILLDSOLNDQtFKSURWRNRO$Vt"RYpKRPRGHOX
7&3,3MHYKRGQpVLDOHVSRQD]QDLWMHMLFKLPSOHPHQWDFLYSURVWHGtRSHUDQtKR
V\VWpPX8QL[
9HYtFH~ORKRYpPSURVWHGt8QL[XMHYFHONXSLUR]HQpNRQFLSRYDWRE VORN\MDNR
VDPRVWDWQpSURFHV\NDGRYHPVMLQPSRVWDYHQtPYUiPFLRSHUDQtKRV\VWpPX
3URFHVUHDOL]XMtFtVORNXYUROLVHUYHUXMHREY\NOHV\VWpPRYPSURFHVHP7HG\
WDNRYPSURFHVHPNWHUQHQtVSRXW QQDSRSXGXLYDWHOHDOHQDSRSXGRSHUDQtKR
V\VWpPX REY\NOHMLSLMHKRSRiWHQtP]DYiG Qt 8LYDWHORMHKRH[LVWHQFLYODVWQ
DQLQHPXVtY G WSURWRHWDNRYWRSURFHVVXLYDWHOHPStPRQHNRPXQLNXMH9
SURVWHGt8QL[XVHSURFHV\WRKRWRW\SXR]QDXMtMDNRGpPRQL GDHPRQV 
1DSURWLWRPXSURFHVUHDOL]XMtFtNOLHQWVNRXVORNXMHDVWRE QPW\SHP
DSOLNDQtKRSURFHVXNWHUVLXLYDWHOViPH[SOLFLWQ VSRXWtDQD]iNODG VNXWHQp
SRWHE\.URP WRKRHLPSOHPHQWXMHStVOXQpDSOLNDQtSURWRNRO\EYiWHQWR
DSOLNDQtSURFHVY\EDYHQLYODVWQtPXLYDWHOVNPUR]KUDQtPQHMDVW MLMHGQRGXFKP
DiGNRY RULHQWRYDQP7\SLFNPStNODGHPP$HEWSURWRNRO)73 )LOH7UDQVIHU
3URWRFRO MHKRNOLHQWVNiVORNDEYiY8QL[XLPSOHPHQWRYiQDMDNRVDPRVWDWQi
XWLOLWDVYODVWQtPiGNRY RULHQWRYDQPXLYDWHOVNPUR]KUDQtP3URVWHGQLFWYtP
WRKRWRMHGQRGXFKpKRUR]KUDQtSDNXLYDWHOPM]DGiYiNWHUpVRXERU\VLSHMHSHQpVW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9SRVOHGQtGRE VHYDNWRWRVFKpPD]DtQiSRQ NXGP QLWYVRXYLVORVWLVWtPMDNL
8QL[SRVWXSQ ]tVNiYiJUDILFNiXLYDWHOVNiUR]KUDQtDRSRXWtXLYDWHOLWROLN
NULWL]RYDQiVWURKiiGNRYiUR]KUDQt=GHMLMVRXLNOLHQWVNpVORN\UHDOL]RYiQ\EH]
YODVWQtKRXLYDWHOVNpKRUR]KUDQtDWRWRMLPY\WYitDStVOXQiJUDILFNiQDGVWDYED
QDSV\VWpP;:LQGRZ 6NOLHQWVNRXVORNRXLPSOHPHQWXMtFtYODVWQtDSOLNDQt
SURWRNRO\SUDFXMHSURVWHGQLFWYtPSHVQ GHILQRYDQFKNRQYHQFtNWHUpWYRtW]Y
DSOLNDQtSURJUDPRYpUR]KUDQt $3,$SSOLFDWLRQSURJUDPPLQJ,QWHUIDFH 
8YHGHQpNRQFHSFLVHYDNSRQ NXGY\P\NDMtQ NWHUpVSHFLiOQtDSOLNDFHYUiPFL
Vt"RYpKRPRGHOX7&3,3=HMP QHMPDUNDQWQ MtPStNODGHPMHDSOLNDQtSURWRNRO
1)6 1HWZRUN)LOH6\VWHPY\YLQXWILUPRX6XQ0LFUR6\VWHPV StSDGQ MHKR
DOWHUQDWLYQtSURWRNRO5)6 5HPRWH)LOH6KDULQJY\YLQXWILUPRX$7 7 7HQPi
WRWL]D~NRO]DML"RYDWSOQ WUDQVSDUHQWQtVGtOHQtVRXERU$PH]LX]ORYPLSRtWDLR
NWHUpPE\XLYDWHOYODVWQ DQLQHP OY G W1DUR]GtORGSURWRNROX)73NWHUMH
XUHQSURLQWHUDNWLYQtSHQRVFHOFKVRXERU$1)6VYpXLYDWHOVNpUR]KUDQtDQLGRVW
GREHPtWQHP$H0tVWRWRKRPXVtEWLPSOHPHQWRYiQWDN YL]REU DE\PRKO
EWRSHUDQtPV\VWpPHPSHNU\WDGRVWiYDORGQ MNY\t]HQtW\SRDGDYN\QD
StVWXSNVRXERU$PNWHUpQHMVRXORNiOQtWHG\NWHUpVHI\]LFN\QHQDFKi]tQDORNiOQtP
GLVNX
3URWRNRO1)6MHQDYtFUHODWLYQ PODGPSURWRNROHPYUiPFL7&3,3DSLMHKR
Y]QLNXVHMLXSODWQLODREGREQiWHQGHQFHMDNRXUHIHUHQQtPPRGHOX,6226,
QHQHFKDWDSOLNDFHDE\VLYHSRWHEQp]DML"RYDO\VDP\DOHSRVN\WQRXWMLPSRWHEQp
SRGS$UQpSURVWHGN\UHDOL]RYDQpMDNRVDPRVWDWQp QD~URYQLDSOLNDQtYUVWY\ D
WXGtY\XLWHOQpLMLQPLDSOLNDFHPL3URWRNRO1)6SURWRSRtWiVWtPHEXGH
Y\XtYDWGYDVDPRVWDWQ LPSOHPHQWRYDQpPHFKDQLVP\PHFKDQLVPXVY]GiOHQpKR
YROiQtSURFHGXU 53&5HPRWH3URFHGXUH&DOO NWHUPX]SURVWHGNRYiYiYKRGQ
]S$VRENRPXQLNDFHVMHKRSDUWQHUVNRXVORNRXYUROLNOLHQWDDGiOHPHFKDQLVPXV
]DML"XMtFtQH]E\WQRXNRQYHU]LSHQiHQFKGDW ;'5H;WHUQDO'DWD
5HSUHVHQWDWLRQ 
3,2%5B7,)
2EU3HGVWDYDLPSOHPHQWDFHNOLHQWVNpVORN\SURWRNROX1)6

7HUPLQiORYpUHODFHDY]GiOHQpSLKODRYiQt
9PLQXOpPGtOXMVPHVH]DDOL]DEYDWFHONRYRXNRQFHSFtDSOLNDQtFKVOXHEY
VtWtFKQDEi]L7&3,3DQD]QDLOLVLSULQFLS\MHMLFK]DOHQ QtGRRSHUDQtKR
V\VWpPX QDStNODGX8QL[X 'QHVVHMLP$HPHY QRYDWSUYQtNRQNUpWQt
DSOLNDFLNWHUiXPRXMHW]YY]GiOHQpSLKODRYiQt6QDGDOHQHXNRGtVL
QHMSUYHSRGUREQ MLQD]QDLWFRWDWRPRQRVWYODVWQ ]QDPHQiDNHPXMLO]H
Y\XtWDWHSUYHSDNVH]DEYDWWtPMDNMHYSURVWHGt7&3,3VtWt
LPSOHPHQWRYiQD
0RQRVWY]GiOHQpKRSLKODRYDQt YDQJOLWLQ UHPRWHORJLQ ~]FHVRXYLVtV
H[LVWHQFtW]YWHUPLQiORYFKUHODFt DQJOLFN\WHUPLQDOVHVVLRQV 3URXLYDWHOH
YtFH~ORKRYFKRSHUDQtFKV\VWpP$MHWRSRMHPMLVW GREH]QiPDOHSURPQRKp
XLYDWHOHRGNRMHQpSRtWDL3&DMHGQR~ORKRYPSURVWHGtP06'26XP$H
SHGVWDYRYDWQ FR]FHODQRYpKRDQHStOLSU$KOHGQpKR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2GGiYNRYpKR]SUDFRYiQtNLQWHUDNWLYQtPX
+LVWRULFN\QHMVWDUtP]S$VREHPY\XLWtYSRHWQtWHFKQLN\MHGiYNRYp]SUDFRYiQt
EDWFKSURFHVVLQJ SLNWHUpPXLYDWHOVHVWDYLOVYRX~ORKXSHGHPSURQLSLSUDYLO
YHNHUiMHMtYVWXSQtGDWDDYH]DEDOLOGRMHGQRKRFHONXW]YGiYN\7DSDNE\ODYH
YKRGQpGRE SURYHGHQD2EY\NOHE\O\MHGQRWOLYpGiYN\D]HQ\GRIURQWDNDGi
GiYNDVHSURYHGODWHKG\DQDQLGRODDGD8LYDWHOWHG\QHE\OYStPpPNRQWDNWX
VHVYRX~ORKRXQHPRKOEH]SURVWHGQ UHDJRYDWQDU$]QpVLWXDFHNHNWHUPSL
SURYiG QtMHKR~ORK\PRKORGRFKi]HWDQHPRKODQLMLQDNLQWHUDNWLYQ NRPXQLNRYDW
VHVYRX~ORKRX9GRE NG\VHMHKR~ORKDVNXWHQ ]SUDFRYiYDODQHPXVHOY$EHFEW
YHI\]LFNpEOt]NRVWLStVOXQpKRSRtWDH
2EUDWQDVWDODYRNDPLNXNG\VHSHORQDSUiFLYUHLPXVGtOHQtDVX1\QtVHML
QDMHGQRPSRtWDLPRKORVRXDVQ QDFKi]HWYtFH~ORKYUR]SUDFRYDQpPVWDYXD
SURFHVRUYHOPLU\FKOHSHFKi]HO]SURYiG QtMHGQp~ORK\QDSURYiG QtGUXKp~ORK\
SDNWHWtDWG'tN\WRPXWRU\FKOpPXVWtGiQtY]QLNODGRVWDWHQ Y UQiLOX]HWRKRH
SURFHVRUVHY QXMHYtFH~ORKiPVRXDVQ W]QHQDMHGQRPSRtWDLE tQDMHGQRX
YtFH~ORK9HVNXWHQRVWLVHDYDNYHFKQ\W\WR~ORK\G OLO\RDVNWHUY QRYDO
SURFHVRUMHMLFKSURYiG Qt-LQPLVORY\MHGQRWOLYp~ORK\VGtOHO\DVSURFHVRUX
RGVXGUHLPVGtOHQtDVX WLPHVKDULQJ 
7tPWR]S$VREHP WMYUHLPXVGtOHQtDVX E\ORQDGiOHPRQpSURYR]RYDW~ORK\
SLSUDYHQpSHGHPYHIRUP GiYHNNWHUpQHY\DGXMtEH]SURVWHGQtVW\NVHVYP
]DGDYDWHOHP5HLPVGtOHQtDVXYDNXPRQLOWRDE\XLYDWHOpE\OLYEH]SURVWHGQtP
VW\NXVHVYPL~ORKDPLDPRKOLVQLPLNRPXQLNRYDWLQWHUDNWLYQtP]S$VREHP
8NDPHVLQDNRQNUpWQtPStNODGXYHPE\OSURXLYDWHOHUR]GtO9LMPHVHGRUROH
SURJUDPiWRUDNWHURSUDYXMH]GURMRYWH[WVYpKRSURJUDPXDPiMHMQDGDQpP
SRtWDLXORHQMDNRMHGHQ]HVYFKVRXERU$9StSDG GiYNRYpKR]SUDFRYiQtPXVHO
WHQWRXLYDWHOSHGHPSLSUDYLWStND]\SURRSUDYXYHFKFK\EYH]GURMRYpP
SURJUDPXVW\OHPQDiGFH;<]P HW ]HF$%&'QD()*+SLGDWMHW StND]
SURQRYSHNODG]GURMRYpKRWH[WXVHVWDYLW]W FKWRStND]$GiYNXDWX]DGDWN
SURYHGHQt'UXKGHQVLSLHOSURYVOHGHN]MLVWLOQRYpFK\E\DFHOSRVWXSVH
RSDNRYDO
1DSRtWDLSUDFXMtFtPYUHLPXVGtOHQtDVXP$HQiSURJUDPiWRUSUDFRYDW
RGOLQP]S$VREHP1HMSUYH]DQHNRPXQLNRYDWVRSHUDQtPV\VWpPHPMHPX]DGi
StND]NHVSXW QtLQWHUDNWLYQtKRHGLWRUX-HKRSURVWHGQLFWYtPSDNSRVWXSQ SURYHGH
SRWHEQpRSUDY\YVRXERUXVH]GURMRYPWH[WHPQDHSUiFLVHGLWRUHPXNRQtD
]DQHRS WNRPXQLNRYDWStPRVRSHUDQtPV\VWpPHP7RPX]DGiStND]NSHNODGX
RSUDYHQpKR]GURMRYpKRWH[WXDQHFKiVLYVOHGN\WRKRWRSHNODGX]REUD]LW2GKDOtOL
SHNODGDGDOtFK\E\YH]GURMRYpPWH[WXXLYDWHOVL]QRYX]DYROiHGLWRUDFHO
F\NOXVVHRSDNXMH7HQWRNUiWYDNMLVGRERXREUiWN\NWHUiVHP tVStHQDPLQXW\
QHQDFHOpGQ\MDNRXGiYNRYpKR]SUDFRYiQt
7HUPLQiO\DWHUPLQiORYpUHODFH
,QWHUDNWLYQt]S$VRESUiFHYV\VWpPXVHVGtOHQtPDVXPiMHGHQG$OHLWSHGSRNODG
RSHUDQtV\VWpPLMHGQRWOLYpDSOLNDQt~ORK\SRWHEXMtYKRGQPHFKDQLVPXV
NRPXQLNDFHVHVYPXLYDWHOHP=DWtPFRYStSDG GiYNRYpKR]SUDFRYiQtVL~ORK\
VYpYVWXSQtStND]\DGDWDSHEtUDO\]HVDPRWQpGiYN\DVYpYVWXS\SRVtODO\WDPNDP
MLPStND]\YGiYFHSLND]RYDO\ REY\NOHGRYVWXSQtFKVRXERU$HYQDWLVNiUQX Y

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
StSDG LQWHUDNWLYQtNRPXQLNDFHHNDMtDMLPXLYDWHO]DGiStVOXQpStND]\LMLQp
YVWXS\]HVYpNOiYHVQLFHDVYpYVWXS\PXSRVtODMtQDGLVSOHMNGHVLMHXLYDWHOP$H
SHtVW
7RDOH]QDPHQiHRSHUDQtV\VWpPLDSOLNDQt~ORKDPXVtPtWStVWXSNHNOiYHVQLFLD
NGLVSOHMLNWHUpStVOXQXLYDWHOSRXtYi1DYtFMGHOLRYtFHXLYDWHOVNpSURVWHGt
NWHUpXPRXMHLQWHUDNWLYQt]S$VRESUiFHYtFHXLYDWHO$PVRXDVQ PXVtWDNRYFKWR
GYRMLFNOiYHVQLFHDGLVSOHMH[LVWRYDWYtFHDNDGiNRQNUpWQt~ORKDPXVtY G WQD
NWHUp]QLFKSUiY SUDFXMHWHQMHMtXLYDWHO
=PtQ QiGYRMLFHNOiYHVQLFHDGLVSOHMVHREY\NOHR]QDXMHMDNRWHUPLQiODDVWR
WYRtLMHGHQNRQVWUXNQtFHOHN LNG\WRQHQt]GDOHNDSRGPtQNRX 3RtWDHV
YtFHXLYDWHOVNPRSHUDQtPV\VWpPHPNWHUpSUDFXMtYUHLPXVGtOHQtDVXEYDMt
Y\EDYHQ\Y WtPSRWHPW FKWRWHUPLQiO$
([LVWHQFHYtFHQHMHGQRKRWHUPLQiOXYDN]QDPHQiHRSHUDQtV\VWpPLMHGQRWOLYp
DSOLNDQt~ORK\QHPRKRXSRtWDWVWtPHXLYDWHOVQLPLEXGHNRPXQLNRYDWYG\]
MHGQRKRDWpKRWHUPLQiOX1DRSDNMHiGRXFtDE\]SRKOHGXXLYDWHO$E\O\YHFKQ\
WHUPLQiO\HNYLYDOHQWQtDE\XLYDWHOPRKOSLMtWNHNWHUpPXNROL]QLFKNWHUMHSUiY
YROQDSUDFRYDW]Q MSHVQpVWHMQP]S$VREHPMDNR]NWHUpKRNROLMLQpKRWHUPLQiOX
9]WDKPH]L~ORKRXNWHUiRGQ NXGRHNiYiVYpYVWXS\DQ NDPFKFHSRVtODWVYp
YVWXS\DNRQNUpWQtPWHUPLQiOHP]HNWHUpKRVHXLYDWHOUR]KRGQHSUDFRYDWMHWHG\
Y]WDKHPNWHUQHQtiSULRULDSHYQ GiQDOHXWYitVHDYRNDPLNXNG\XLYDWHO
]DVHGQHNQ NWHUpPX]WHUPLQiO$DSURMHYtVYpSiQtSUDFRYDWYRSHUDQtPV\VWpPX
7RWRVYpSiQtSURMHYXMHXLYDWHOW]YSLKOiHQtP DQJOLFN\ORJLQQHERORJRQ 
NG\QDY]YXRSHUDQtKRV\VWpPX]DGiVYpXLYDWHOVNpMPpQRDVYRXLGHQWLWXSURNiH
SRWHEQPKHVOHP
3LKOiHQtPXLYDWHOHGRV\VWpPX]XULWpKRWHUPLQiOXY]QLNiYHQD]QDHQY]WDK
PH]LNRQNUpWQtPWHUPLQiOHPDDSOLNDQt~ORKRXNWHUMHR]QDRYiQMDNR
WHUPLQiORYiUHODFH1HMOpSHVLMLO]HSHGVWDYLWMDNRDEVWUDNWQtUR]KRYRUNWHUXUXMH
NGRVNPUR]PORXYi3LKOiHQtPXLYDWHOHY]QLNiWDNRYiWRWHUPLQiORYiUHODFHPH]L
WHUPLQiOHPDRSHUDQtPV\VWpPHPMDNRWDNRYPSHVQ MLPH]LWHUPLQiOHPDWRX
V\VWpPRYRX~ORKRXNWHUi]DML"XMHIXQNFLLQWHUSUHWHUXStND]$RSHUDQtKRV\VWpPX
Y\VtOiQDREUD]RYNXWHUPLQiOXQiSRY GQ]QDN W]YSURPSW SLMtPiRGXLYDWHOH
MHKRStND]\SURRSHUDQtV\VWpPD]DML"XMHMHMLFKSURYHGHQt YSURVWHGt8QL[XVH
WDNRYiWR~ORKDR]QDXMHMDNRVKHOO 
3tND]HPMHMXLYDWHORSHUDQtPXV\VWpPX]DGiYiP$HEWQDStNODGStND]NH
VSXW QtXULWpDSOLNDFHNWHUiSDNSHEtUiMLH[LVWXMtFtWHUPLQiORYRXUHODFLDMHMtP
SURVWHGQLFWYtPNRPXQLNXMHVHVYPXLYDWHOHP-GHOLQDStNODGRHGLWRU]REUD]XMH
YUiPFLWHUPLQiORYpUHODFHREVDKHGLWRYDQpKRVRXERUXQDGLVSOHMLStVOXQpKR
WHUPLQiOXD]MHKRNOiYHVQLFHSLMtPiVYpStND]\
9WXWRFKYtOLMHYKRGQpVLQDLSRVWXSQ NU\VWDOL]XMtFtSHGVWDYXWHUPLQiORYpUHODFH
MHW SRQ NXGSRRSUDYLW1HQtWRWL]FHODSHVQpSHGVWDYRYDWVLH]MHGQRKR
WHUPLQiOXMHPRQp]tGLW Q NG\VHtNiWpRWHYtW QHMYHMHGQXWHUPLQiORYRX
UHODFL9SULQFLSXMHPRQpDE\VLXLYDWHO]MHGQRKRWHUPLQiOXRWHYHOYtFHUHODFtV
U$]QPLDSOLNDFHPLLGRNRQFHVDSOLNDFtMHGLQRXQDStNODGDE\VLYNDGp
MHGQRWOLYpUHODFLVSXVWLOWHQWHGLWRU SHVQ MLLQVWDQFLWpKRHGLWRUX DHGLWRYDOMLQ
VRXERU9NDGpPRNDPLNXMVRXVLFHNOiYHVQLFHDGLVSOHMWHUPLQiOXY\KUD]HQ\MHQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MHGQpUHODFLWMXLYDWHOYG\NRPXQLNXMHMHQVMHGQRX~ORKRXYUiPFLMHGQpUHODFH
DOHSRPRFtNOiYHVQLFHVHP$HPH]LMHGQRWOLYPLUHODFHPLU\FKOHSHStQDW REY\NOH
SRPRFtQ MDNpKRUNpNOiYHV\ =iOHtMHQQDWRP]GDGDQRSHUDQtV\VWpPD
StVOXQWHUPLQiOY\FKi]tWpWRPRQRVWLYVWtF
'DOt]DMtPDYpPRQRVWLVHSDNRWHYtUDMtYRNDPLNXNG\GRKU\YVWXSXMtY]iMHPQ
SURSRMHQpSRtWDHDSRtWDRYpVtW 
9]GiOHQpWHUPLQiORYpUHODFH
$GRSRVXGMVPHPON\SHGSRNOiGDOLHWHUPLQiORYiUHODFHVHRWHYtUiPH]L~ORKDPL
E tFtPLQDXULWpPSRtWDLDNRQNUpWQtPWHUPLQiOHPNWHUMHNWRPXWRSRtWDL
SLSRMHQ9HVNXWHQRVWLYDNMGHMHQRMHGQX]PRQRVWtNWHUiVHQHIRUPiOQ
R]QDXMHMDNRORNiOQtLPtVWQtWHUPLQiORYiUHODFH-HMtPFKDUDNWHULVWLFNPU\VHP
MHVNXWHQRVWHYQtY\VWXSXMHWHUPLQiOStPRSLSRMHQNGDQpPXSRtWDL1HQt
SLWRPSRGVWDWQp]GDMHWRWRSLSRMHQtUHDOL]RYiQRNUiWNPNDEHOHP WHUPLQiOVH
QDFKi]tYHI\]LFNpEOt]NRVWLSRtWDH QHER]GDMHSURSLSRMHQtWHUPLQiOXY\XLW
QDStNODGSHYQWHOHIRQQtRNUXK YODVWQtWHUPLQiOVHQDFKi]tQDGUXKpPNRQFLP VWD 
3,2%5B7,)
2EU9]GiOHQpYVORNiOQtWHUPLQiORYpUHODFH
-LQiVLWXDFHQDVWiYiYStSDG SRtWD$Y]iMHPQ SURSRMHQFKSURVWHGQLFWYtP
SRtWDRYpVtW =GHMHWRWLPRQpUHDOL]RYDWW]YY]GiOHQpWHUPLQiORYpUHODFH
UHPRWHWHUPLQDOVHVVLRQ SLNWHUFKY]QLNiWHUPLQiORYiUHODFHYHYHXYHGHQpP
VP\VOXPH]LWHUPLQiOHPMHGQRKRSRtWDHD~ORKRXE tFtQDMLQpPSRtWDL
3HGVWDYPHVLYVRXODGXVREUi]NHPX]ORYpSRtWDH$D%DMHMLFKWHUPLQiO\
7DD7E8LYDWHOSRtWDH$NWHUSUDFXMHXWHUPLQiOX7DVHQHMSUYHSLKOiVtGR
V\VWpPXQDSRtWDL$ WMSURYHGHW]YORJLQ 7tPY\WYRtORNiOQtWHUPLQiORYRX
UHODFLPH]LWHUPLQiOHP7DDSRtWDHP$DYUiPFLWiWRUHODFHEXGHNRPXQLNRYDWV
LQWHUSUHWHUHPStND]$RSHUDQtKRV\VWpPXSRtWDH$ QDREUD]RYFHVHPXWHG\REMHYt
QiSRY GQ]QDNW]YSURPSWRSHUDQtKRV\VWpPXSRtWDH$ 8LYDWHOYDN]DGi
StND]NHVSXW Qt]YOiWQtDSOLNDQt~ORK\ tNHMPHMtSUDFRYQ ~ORKDWHOQHW NWHUi
]DMLVWtQiVOHGXMtFtY FLQHMSUYHQDYiHVSRMHQtVSRtWDHP% REHFQ VWtP
SRtWDHPNWHUMtXLYDWHO]DGi DSDN]tGtWHUPLQiORYRXUHODFLPH]LWHUPLQiOHP7D
DSRtWDHP%3HVQ MLPH]LWHUPLQiOHP7DDLQWHUSUHWHUHPStND]$RSHUDQtKR
V\VWpPXSRtWDH%9UiPFLWpWRWHUPLQiORYpUHODFHNWHUiVLML]DVORXtStYODVWHN
Y]GiOHQiVHYHNHUpYVWXS\]NOiYHVQLFHWHUPLQiOX7DGRVWiYDMtQHMSUYHN~OR]H

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WHOQHWQDSRtWDL$DOHWDMHLKQHGRGHVtOiQDSRtWD%NGHStVOXQiGDWDY\VWXSXMt
YHVWHMQpUROLMDNRYVWXS\]NWHUpKRNROLPtVWQtKRWHUPLQiOX1DRSDNYHNHUp
YVWXS\NWHUpMVRXYUiPFLWpWRUHODFHJHQHURYiQ\MVRXRGHVtOiQ\QDSRtWD$NGH
MHSLMtPi~ORKDWHOQHWD]DML"XMHMHMLFKRNDPLWp]REUD]HQtQDGLVSOHMLWHUPLQiOX7D
YL]REU 
3,2%5B7,)
2EU3HGVWDYDUHDOL]DFHY]GiOHQpWHUPLQiORYpUHODFH
7HUPLQiO7DI\]LFN\SLSRMHQNSRtWDL$VHWDN]DQHFKRYDWMDNRWHUPLQiOStPR
SLSRMHQNSRtWDL%1DGLVSOHMLWHUPLQiOXVHQHMSUYH]REUD]tQiSRY GQ]QDN
SURPSW LQWHUSUHWHUXStND]$SRtWDH%DXLYDWHOSDNP$H]WHUPLQiOX7D]DGiYDW
StND]\RSHUDQtPXV\VWpPXQDSRtWDL%1HMSUYHVHWHG\SLKOiVtGRV\VWpPXQD
SRtWDL% SURYpVWW]YY]GiOHQpSLKOiHQtDQJOUHPRWHORJLQ DSDNVLQDStNODG
VSXVWtQ MDNRXDSOLNDQt~ORKX7DSRE tQDSRtWDL%DOHVYpYVWXS\EXGH
RHNiYDW]WHUPLQiOX7DDMHMtYVWXS\VHEXGRX]REUD]RYDWQDGLVSOHMLWHUPLQiOX7D
8LYDWHONWHUVHGtXWHUPLQiOX7DWDNEXGHPtWVWHMQpSRVWDYHQtDVWHMQpPRQRVWL
SUiFHQDSRtWDL%MDNRNG\E\VHG OStPRXWHUPLQiOX7EWRKRWRSRtWDH
.RFHQ QtYKRGQRVWLDXLWHQRVWLY]GiOHQFKWHUPLQiORYFKUHODFtDY]GiOHQpKR
SLKODRYiQtVQDG]EYiGRGDWMHQMHGLQpMHYFHONXOKRVWHMQp]GDVHSRtWDH$D%
QDOp]DMtEOt]NRVHEHQHER]GDMVRXQDStNODGNDGYMLQpPP VW LQDMLQpP
NRQWLQHQW -HGLQRXSRGPtQNRXSURPRQRVWY]GiOHQpKRSLKODRYiQtMHYKRGQp
SURSRMHQtRERXSRtWD$DSDNWDNpVRIWZDURYiSRGSRUDY]GiOHQFKWHUPLQiORYFK
UHODFt9StSDG SRtWDRYFKVtWtMHSRWHEQpVSRMHQt~NROHPQLtFKYUVWHYD
SRGSRUDY]GiOHQFKWHUPLQiORYFKUHODFtMHMHGQRX]DSOLNDQtFKVOXHE2WRPMDN
MVRXY]GiOHQpWHUPLQiORYpUHODFHNRQNUpWQ UHDOL]RYiQ\YVtWtFKQDEi]L7&3,3VL
SRYtPHStW 

9LUWXiOQtWHUPLQiO\
3UDNWLFNiLPSOHPHQWDFHY]GiOHQpKRSLKODRYiQtDY]GiOHQFKWHUPLQiORYFK
UHODFtNWHUPLMVPHVH]DEYDOLPLQXOHQDUitQDQHPDOpSUREOpP\3RGtYHMPH
VHQHMSUYHYHPMHSRGVWDWDW FKWRSUREOpP$DSDNVLXNDPHMDNpMVRX
PRQRVWLMHMLFKHHQt
'QHQtSRtWDRYVY WQHQtKRPRJHQQt%\OMHD]HMP YG\EXGHRE\GOHQ
YSRHWQtPLV\VWpP\NWHUpY\FKi]t]RGOLQFKILORVRILtSRXtYDMtRGOLQpStVWXS\D
PHWRG\WHFKQRORJLHDWHFKQLN\DYG$VOHGNXWRKRQHMVRXQLNG\]FHODNRPSDWLELOQt
6QDK\RFRQHMY WtRWHYHQRVWYDNYHGRXDOHVSRNWRPXHU$]QpV\VWpP\VSROX
GRNitUR]XPQP]S$VREHPVSROXSUDFRYDW7HQGHQFHNHY]iMHPQpPXVEOLRYiQt
]DML"RYDQiGRGURYiQtPVSROHQFKVWDQGDUG$VHYDNQHSURVD]XMHYHYHFK
REODVWHFKVWHMQ VQDGQR
.DGWHUPLQiOMHMLQ

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2EODVWtNWHUiMHY$LYHREHFQpPXWUHQGXNHVWDQGDUGL]DFLVQDGQHMYtFHLPXQQtMH
SUiY YUREDWHUPLQiO$-HGQRWOLYtYUREFLVHWRWLGRVORYDSHGKiQtYWRPMDNPL
VFKRSQRVWPLGRNitVYpYUREN\Y\EDYLW7RE\VDPRRVRE E\ORMLVW YHOPLYtWDQp
DOHKiHNMHYWRPHQHH[LVWXMHYHREHFQNRQVHQVXVRWRPMDNWRNRQNUpWQ G ODW
1DRE]RUXQHQtiGQYHREHFQ X]QiYDQD]iYD]QVWDQGDUG VWDQGDUGGHMXUH 
NWHUE\tNDOFRYHFKQRPiWDNRYWHUPLQiOXP WMDNSHVQ PiIXQJRYDWDMDNVH
PiNRQNUpWQ RYOiGDW0tVWRWRKRVLNDGYUREFHHtY FLSRVYpPDWDNY]QLNDMt
SRX]HVWDQGDUG\GHIDFWRNWHUpVYPLYUREN\Y\WYiHMtQHMUHQRPRYDQ MtYUREFLD
RVWDWQtYUREFLVHMLPSDNYHYODVWQtP]iMPXSL]S$VREXMt,WDNVHDOHPRKRXGRVWL
SRGVWDWQ OLLWLU$]QpGUXK\WHUPLQiO$RGMHGQRKRDWpKRYUREFH
=NXVPHVLQ\QtQD]QDLWYHPPRKRXUR]GtO\PH]LMHGQRWOLYPLWHUPLQiO\VSRtYDW
1HMY WtUR]GtO\PRKRXEWMLYVDPRWQpNRQFHSFLWHUPLQiOXDPtHLQWHOLJHQFH
NWHURXMHY\EDYHQ=WRKRWRSRKOHGXVHWHUPLQiO\REY\NOHUR]G OXMtGRWtVNXSLQQD
W]Y]QDNRYp Q NG\WpiGNRYpWHUPLQiO\DQJOLFN\VFUROOPRGHWHUPLQDOV QD
VWUiQNRYp SDJHPRGHWHUPLQDOV DIRUPXOiRYp IRUPPRGHWHUPLQDOV 
=QDNRYWHUPLQiOMHQHMMHGQRGXtPW\SHPDMHFKDUDNWHULVWLFNWtPHQHXPt
SRK\ERYDWNXU]RUHPQDKRUXDGRO$SRREUD]RYFH-HKRGLVSOHMVHFKRYiREGREQ MDNR
WLVNiUQDNDG]QDNMHY\WLVNQXW ]REUD]HQ WDPNGHVHSUiY QDFKi]tNXU]RUDWHQ
MHQiVOHGQ SRVXQXWGRSUDYDQDQiVOHGXMtFtSR]LFL3RNXGE\SLWRPSHHOSHVSUDY
RNUDMiGN\MHSHVXQXWQD]DiWHNiGN\QRYpDSRNXGE\SURWXWRQRYRXiGNXML
QHE\ORQDGLVSOHMLPtVWRMVRXYHFKQ\SUiY ]REUD]RYDQpiGN\RGURORYiQ\
DQJOLFN\VFUROOHG VP UHPQDKRUX=QDNRYWHUPLQiOWHG\QHXPRXMHYUiWLWVH
]S W SRVXQRXWNXU]RU QDGtYH]REUD]HQRXiGNX DOHREY\NOHXPRXMHSRK\ERYDW
NXU]RUHP]S WYUiPFLGDQpiGN\ 3URRYOiGiQt]QDNRYpKRWHUPLQiOXMVRXSDN
]DSRWHEtStND]\W\SX]REUD]]QDN QDSR]LFLNXU]RUXVQiVOHGQPSRVXQXWtP
NXU]RUXQDGDOtSR]LFL SHMGLQDQRYRXiGNXStSDGQ YUD"NXU]RURMHGQXSR]LFL
]S W YUiPFLGDQpiGN\ Y\PD]QDN\RGNXU]RUXGRNRQFHiGN\DSRG
3LXULWpP]MHGQRGXHQtVLO]HSHGVWDYLWH]QDNRYWHUPLQiOPiMHQMHGQXMHGLQRX
iGNX ]DWtPFRQDGLVSOHMLMH]REUD]RYiQRMHW Q NROLNSHGFKR]tFKiGHNNWHUpDOH
MLQHMVRXMLQDNStVWXSQp 
1DSURWLWRPXXVWUiQNRYpKR SDJHPRGH WHUPLQiOXVLP$HPHSHGVWDYLWHMHKR
GLVSOHMUHSUH]HQWXMHGYRMUR]P UQpSROHRQiGFtFKDPVORXSFtFKDNXU]RUO]H
QDVWDYLWQDOLERYROQRXSR]LFLYWRPWRGYRMUR]P UQpPSROL
'tN\WpWRPRQRVWMHSDNPRQpSRK\ERYDWNXU]RUHPYHPLVP U\DQDUR]GtORG
]QDNRYpKRWHUPLQiOXMHMLPRQpLPSOHPHQWRYDWQDVWUiQNRYpPWHUPLQiOXQDStNODG
FHORREUD]RYNRYp IXOOVFUHHQ HGLWRU\DGDOtDSOLNDFHNWHUpSRK\ENXU]RUXYHPL
VP U\Y\DGXMt=SRKOHGXRYOiGiQtSDNSLEYDMtXVWUiQNRYpKRWHUPLQiOXQH]E\WQp
StND]\SURQDVWDYRYiQtSR]LFHNXU]RUX
)RUPXOiRYWHUPLQiOMHMHW FK\WHMtPW\SHPWHUPLQiOX8Q MVLP$HPH
SHGVWDYLWHPtVWRMHGQRKRGYRMUR]P UQpKRSROHVHMHKRGLVSOHMGRNiHFKRYDWMDNR
Q NROLN PHQtFK MHGQRDGYRMUR]P UQFKSROt7\SDNP$HPHLQWHUSUHWRYDWMDNR
QDY]iMHPGLVMXQNWQtSROtNDIRUPXOiHVHNWHUPLVHSUDFXMHQH]iYLVOHQDVRE  WM
NWHUiVHVDPRVWDWQ Y\SOXMt )RUPXOiRYWHUPLQiOSDNREY\NOHXPRXMHGHILQRYDW
VWUXNWXUXIRUPXOiHVWDQRYLWSRHWYHOLNRVWGLPHQ]LDGUXKMHGQRWOLYFKSROt
]S$VREMHMLFK]REUD]HQtQDGLVSOHML YHWQ GRSOQ QtY\VY WOXMtFtPWH[WHP DWG

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
,YUiPFLMHGQpDWpHNDWHJRULH QDS]QDNRYFKWHUPLQiO$ VHYDNMHGQRWOLYpGUXK\
WHUPLQiO$PRKRXYUD]Q OLLWDWRYHGYRX]iNODGQtFKVP UHFK
YNRQNUpWQtFKSDUDPHWUHFKDGtOtFKVFKRSQRVWHFK5R]GtOQP$HEWQDStNODG
SRHW]QDNRYFKSR]LFQDiGFHSRHW]REUD]RYDQFKiGHNVFKRSQRVWSRXtYDW
DOWHUQDWLYQtVDG\]QDN$DU$]QpHIHNW\SLMHMLFK]REUD]RYiQt SRGWUHQWH[WWXQp
StVPRStVPRGYRMQiVREQpYN\tN\DSRG
YNRQNUpWQtP]S$VREXRYOiGiQt1 NWHUpWHUPLQiO\QDStNODGRHNiYDMtHNRQHF
iGN\EXGHY\]QDHQGYRMLFt]QDN$&5D/)]DWtPFRMLQp]QDN\RHNiYDMtSRX]H
]QDN&5DMHW MLQpSDNSRX]H]QDN/)2GOLQpEYDMtLQHMU$]Q MtGDOttGtFt
]QDN\QDStNODGSURQDVWDYHQtNXU]RUXQD]DGDQRXSR]LFL XVWUiQNRYFKWHUPLQiO$
LMHKRSRVXQQDSHGFKR]tSR]LFLLVDPRWQHIHNWMLPLY\YRODQFKDNFt ]GDVHQDS
SLSRVXQXNXU]RUXRMHGQXSR]LFL]S WiGQ]QDNQHPDHLQDRSDNDQR 3RNXG
WHUPLQiOXPtU$]QpGDOtHIHNW\MDNRQDStNODGSRGWUKRYDWSViWWXQ SRXtYDW
MLQRX]QDNRYRXVDGXDSRGW\WRMHKRVFKRSQRVWLVHREY\NOHRYOiGDMtFHOPL
SRVORXSQRVWPLtGtFtFK]QDN$ R]QDRYDQPLWDNpMDNRW]YHVFDSHVHNYHQFH 6QDGX
NDGpKRWHUPLQiOXMVRXDOHMLQp
7HUPLQiORYiHPXODFH
3URVSUiYQpSRFKRSHQtYHFKSUREOpP$NROHPSRXtYiQtWHUPLQiO$MHYKRGQpVLWDNp
QD]QDLWQ FRRMHMLFKYYRML+LVWRULFN\QHMVWDUtPW\SHPWHUPLQiOXE\ORYODVWQ
GiOQRSLVQp]Dt]HQt DQJOLFN\WHOHW\SH NWHUpPtVWRGQHQtKRGLVSOHMHP ORWLVNiUQX
.DG]QDN]DGDQ]NOiYHVQLFHE\ORNDPLW RGHVOiQGUXKpVWUDQ DNDG]QDN
NWHURGGUXKpVWUDQ\SLHOE\OLKQHGY\WLVNQXW'DOtPYYRMRYPVWiGLHPMLE\O\
]QDNRYpWHUPLQiO\QDPtVWRWLVNiUQ\Y\EDYHQpGLVSOHMHP6WiOHYDNWRE\OD
MHGQR~HORYi]Dt]HQtVFKRSQiIXQJRYDWSUiY DSRX]HMDNRWHUPLQiO3RVWXSQP
YYRMHP]tVNiYDO\W\WRWHUPLQiO\QRYpDQRYpVFKRSQRVWL]H]QDNRYFKVHVWDO\
VWUiQNRYpDSRVOp]HLIRUPXOiRYpWHUPLQiO\DOHVYRXMHGQR~HORYRXSRYDKXVLGUHO\
VWiOH
9SRVOHGQtGRE ]YOiW SDNVPDVRYPQiVWXSHPSRtWDRYFKVtWtVHYDN]DtQi
SRXtYDWLMLQpHHQtWHUPLQiORYiHPXODFH WHUPLQDOHPXODWLRQ 9HMHSRVWDYHQR
QDP\OHQFHHPtVWRMHGQR~HORYpKR]Dt]HQtVSHYQ GDQRXIXQNFtVHSRXLMH
]Dt]HQtXQLYHU]iOQtNWHUpVHSRX]HEXGHFKRYDWVWHMQ MDNRMHGQR~HORYWHUPLQiO
EXGHMHMW]YHPXORYDWRGVXGHPXODFH 9KRGQPNDQGLGiWHPQDWXWRIXQNFLMH
RVREQtSRtWDNWHUQHQtREWtQpQDSURJUDPRYDWWDNDE\Y UQ QDSRGRERYDOFKRYiQt
YSRGVWDW MDNpKRNROLWHUPLQiOX
9KRGRXWHUPLQiORYpHPXODFHQHQtMHQMHMtIOH[LELOLWDWHG\VFKRSQRVWSL]S$VRELWVH
SRGOHSRWHE\YODVWQRVWHPYtFHU$]QFKWHUPLQiO$'DOtYKRGRXMHLWRStVOXQp
XQLYHU]iOQt]Dt]HQt RVREQtSRtWD P$HY\VWXSRYDWYUROLHPXORYDQpKRWHUPLQiOX
MHQYGRE NG\VLWRMHKRXLYDWHOSHMH]DWtPFRYRVWDWQtGRE P$HVORXLWMLQP
~HO$P$SOLNDQtSURJUDP\]DML"XMtFtHPXODFLWHUPLQiO$WDNpREY\NOHXPRXMt
RWHYtUDWYtFHWHUPLQiORYFKUHODFtVRXDVQ MDNMVPHVLRVWDWQ MLQD]QDRYDOLY
PLQXOpPGtOX
=DMtPDYpMVRXSDNLHNRQRPLFNpXND]DWHOH'tN\GQHQtPDVRYpYURE RVREQtFK
SRtWD$VHMHMLFKFHQDVWDODVURYQDWHOQRXVFHQRXMHGQR~HORYFKWHUPLQiO$
-DNVHVU$]QRURGRVWtY\URYQDW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-LYPLQXOpPGtOXMVPHVLQD]QDLOLMHGQXYHOPLG$OHLWRXVNXWHQRVWYH
YtFH~ORKRYpPSURVWHGtQDSRtWDLY\EDYHQpPYtFHWHUPLQiO\QHPRKRXMHGQRWOLYp
~ORK\SHGHP]QiWVHNWHUPWHUPLQiOHPEXGRXYUiPFLWHUPLQiORYFKUHODFt
VNXWHQ SUDFRYDW.RQNUpWQtW\SYHFKWHUPLQiO$GDQpKRSRtWDHVLFHP$HEW
SHGHP]QiPDOHSLSXVWtPHOLPRQRVWY]GiOHQFKWHUPLQiORYFKUHODFt
XVNXWHRYDQFKSURVWHGQLFWYtPSRtWDRYpVtW QHQtMLPRQpSHGSRNOiGDW
SUDNWLFN\QLF
-HGQRWOLYpDSOLNDFHNWHUpYUiPFLWHUPLQiORYFKUHODFtSUDFXMtVWHUPLQiO\MHYDN
QXWQ PXVtXP WRYOiGDW0XVtY G WFRYHFKQRWHUPLQiOXPtMDNp]QDN\MH
VFKRSHQSLMtPDWD]REUD]RYDWVMDNPLtGtFtPL]QDN\SUDFXMHMDNPDMtEW
]DNRQRYiQ\MHGQRWOLYpiGN\MDNpSRXtYitGtFtVHNYHQFHDSRG
.DGiDSOLNDFHVLVDPR]HMP P$HSHGHSVDWHFKFHSUDFRYDWMHQVWDNRYPD
WDNRYPW\SHPWHUPLQiOXDWRPXVHSOQ SL]S$VRELW7RMHDOHStOLRPH]XMtFtY$L
XLYDWHO$PNWHtGLVSRQXMtMLQPLWHUPLQiO\]YOiW SDNYSURVWHGtVtWt6WHMQ WDN
QHQtGRVWGREHPRQpDE\VHMHGQRWOLYp~ORK\SL]S$VRERYDO\XULWpPXNRQNUpWQtPX
UHSHUWRiUXWHUPLQiO$YG\VHWRWLQDMGHQ NGRNGREXGHFKWtWSRXtYDWMHW MLQ
WHUPLQiODQDYtFQRYpGUXK\WHUPLQiO$VQRYPLVFKRSQRVWPLGRNRQDOHMtPL
YODVWQRVWPLDKODYQ RGOLQPL]S$VRE\RYOiGiQtQHXVWiOHY]QLNDMt
3RGVWDWDYLUWXiOQtFKWHUPLQiO$
9]iMHPQpSL]S$VREHQtYHFKDSOLNDFtYHPPRQPWHUPLQiO$PWHG\QHQtGRVW
GREHPRQp DQHE\ORE\MLVW DQLStOLUR]XPQp -DNiMHDOHMLQiPRQRVW"
9SRGVWDW MHGLQRXVFK$GQRXDOWHUQDWLYRXMHY\WYRLWMHGQRWQPH]LVWXSHD
SL]S$VREHQtW\SXNDGVNDGPQDKUDGLWPQRKHPVFK$GQ MtYDULDQWRXSLNWHUp
VHYHFKQ\DSOLNDFHSL]S$VREXMtMHGQRWQpPXPH]LVWXSQLNWHUpPXVHQDGUXKpVWUDQ
SL]S$VREXMtLYHFKQ\NRQNUpWQtWHUPLQiO\-DNDOHVSUiYQ LQWHUSUHWRYDW]PtQ Q
PH]LVWXSH"
=SRKOHGXDSOLNDFtMGHYODVWQ RWHUPLQiONWHUVHYG\WYitVWHMQ WHG\NWHUPi
YG\VWHMQpVFKRSQRVWLVWHMQpYODVWQRVWLDVWHMQ]S$VRERYOiGiQt9HVNXWHQRVWL
YDNQHMGHRI\]LFNp]Dt]HQtDOHQDStNODGMHQRXULWpNRQYHQFH IRUPiWGDWD
StND]$ LRREMHNWSURJUDPRYpSRYDK\ QDSQ MDNRXGDWRYRXVWUXNWXUX NWHU
VNXWHQWHUPLQiOSRX]H]DVWXSXMH3URWRVHWDNpVSROHQpPXPH]LVWXSQLtNi
YLUWXiOQtWHUPLQiO YLUWXDOWHUPLQDO 
9SURVWHGtSRtWDRYFKVtWtDY]GiOHQFKWHUPLQiORYFKUHODFtSDNQHQtSUREOpPHP
DE\VHVSROHQpPXPH]LVWXSQL YLUWXiOQtPXWHUPLQiOX SL]S$VRELO\LMHGQRWOLYp
NRQNUpWQtWHUPLQiO\9]SRPHPHVLQDPLQXOGtONG\MVPHVLXND]RYDOLMDNYHFKQ\
YVWXS\DYVWXS\]NRQNUpWQtKRWHUPLQiOXQDGDQpPSRtWDL]SUDFRYiYi~ORKD
WHOQHWDGiOHMHSRVtOiSRVtWtGRY]GiOHQpKRSRtWDH1HQtMLVW W NpY\WYRLWWXWR
~ORKXWHOQHWWDNDE\]DML"RYDODSRWHEQpSL]S$VREHQtNRQNUpWQtKRWHUPLQiOX
WHUPLQiOXYLUWXiOQtPX
3DUDPHWULFNPRGHOYLUWXiOQtKRWHUPLQiOX
+ODYQtPSUREOpPHPSUiY QD]QDHQpKRPHFKDQLVPXMHQDOH]HQtWDNRYpNRQNUpWQt
IRUP\ PRGHOX YLUWXiOQtKRWHUPLQiOXNWHUiE\GRNi]DODSRNUWFRQHMLUtVSHNWUXP
U$]QFKWHUPLQiO$DOHVRXDVQ XPRRYDODFRQHMOpSHY\XtWMHMLFKQHMU$]Q MtFK
VFKRSQRVWt7HG\WDNRYpKRPRGHOXNWHUE\QHRPH]RYDOLQGLYLGXDOLWXMHGQRWOLYFK
WHUPLQiO$YtFHQHMHRSUDYGXQH]E\WQ QXWQp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1HMMHGQRGXtPPRGHOHPYLUWXiOQtKRWHUPLQiOXMHW]YSDUDPHWULFNPRGHO=GHVL
P$HPHSHGVWDYLWHYLUWXiOQtWHUPLQiOMHUHSUH]HQWRYiQWDEXONRXNWHUiPiSHYQ
GDQSRHWSRORHNLSHYQ GDQY]QDPW FKWRSRORHN7\WRSRORN\SLWRPPRKRX
REVDKRYDWQDStNODG~GDMRWRPNROLN]QDNRYFKiGHNPiGLVSOHMWHUPLQiOXNROLN
]QDNRYFKSR]LFMHQDMHGQpiGFH]GDWHUPLQiORHNiYi]DNRQHQtNDGpiGN\
GYRMLFt&5D/)DSRG'iOH]GHPRKRXEWStND]\ HVFDSHVHNYHQFH SURRYOiGiQt
QHMU$]Q MtHIHNW$DPRQRVWt QDSSRGWUKRYiQtWXQpStVPRDSRG QDVWDYRYiQt
NXU]RUX XVWUiQNRYFKWHUPLQiO$ DWG
9ODVWQtDSOLNDFHVHSDNSL]S$VREXMHVSROHQpPXPH]LVWXSQL YLUWXiOQtPXWHUPLQiOX
WtPHVNXWHQWHUPLQiORYOiGiSRX]HSURVWHGQLFWYtPWpWRWDEXON\-HVWOLH
QDStNODGSRWHEXMHQDVWDYLWNXU]RUQDXULWRXSR]LFLQDMGHVLQDStVOXQpPPtVW Y
WDEXOFHNRQNUpWQttGtFtStND]DWHQSDN]DGiWHUPLQiOX.RQNUpWQtWHUPLQiOVH]DVH
SL]S$VREXMHYLUWXiOQtPXWHUPLQiOXWDNHMHKRSHGHPGHILQRYDQpSRORN\QDSOQt
NRQNUpWQtPX~GDMLNWHUpSHVQ GHILQXMtMHKRYODVWQRVWLD]S$VRERYOiGiQt
3UiY QD]QDHQPHFKDQLVPXVVHYHVYpQHMREHFQ MtSRGRE SURVDGLOY%6'8QL[X
=GHMHYHQD]QDHQFKWDEXOHNYtFHSRMHGQpSURNDGGUXKWHUPLQiOXNWHUGDQ
RSHUDQtV\VWpP]QiDMVRXYHFKQ\VGUXHQ\GRMHGQpGDWDEi]HR]QDRYDQpMDNR
WHUPFDS FRMH]NUDWNDRGWHUPLQDOFDSDELOLWLHV $SOLNDFHNWHUiFKFHNRUHNWQtP
]S$VREHPSUDFRYDWVWHUPLQiOHPVLQHMSUYHPXVt]MLVWLWRMDNNRQNUpWQtGUXK
WHUPLQiOXVHMHGQi3DNVL]GDWDEi]HWHUPFDSSHWHRGSRYtGDMtFtWDEXONXD
StVOXQWHUPLQiORYOiGiSURVWHGQLFWYtPStND]$ HVFDSHVHNYHQFt NWHUpYWpWR
WDEXOFHQDMGH6SUiYFHV\VWpPXSLWRPP$HGDWDEi]LWHUPFDSGRSORYDWDWtP
UR]LRYDWUHSHUWRiUWHUPLQiO$VHNWHUPLEXGRXDSOLNDFHVFKRSQ\SOQRKRGQRWQ
SUDFRYDW
=D]YOiWQtStSDGSDUDPHWULFNpKRPRGHOXP$HPHSRYDRYDWWDNRYRXVLWXDFLNG\
EXGHSHYQ GiQDQHMHQVWUXNWXUDSRORHNWDEXON\DMHMLFKY]QDPDOHEXGHSHYQ GiQ
WDNpMHMLFKREVDK7DWRSHGVWDYDRGSRYtGiWRPXHNRQNUpWQt]S$VRERYOiGiQt
YLUWXiOQtKRWHUPLQiOXMHIL[RYiQSRVtWLMVRXSHQiHQ\YG\VWHMQptGtFtStND]\D
SRWHEQpSL]S$VREHQtMH]DML"RYiQRDYPtVW NGHMHSLSRMHQVNXWHQWHUPLQiO
~ORKRXWHOQHW]PLQXOpKRGtOX 3UiY WDWRYDULDQWDMHSRXLWDYVt"RYpPPRGHOX
7&3,3
2EMHNWRYPRGHOYLUWXiOQtKRWHUPLQiO
3DUDPHWULFNPRGHOMHSRXLWHOQSUR]QDNRYpDGR]QDQpPtU\LSURVWUiQNRYp
WHUPLQiO\3URIRUPXOiRYpWHUPLQiO\MHRYHP]DSRWHEtSRQ NXGREHFQ MtPRGHO
NWHUPMHPRGHOREMHNWRY7HQVLP$HPHSHGVWDYLWRS WMDNRXULWRXWDEXONX
GHILQXMtFtVFKRSQRVWLNRQNUpWQtKRWHUPLQiOXYStSDG REMHNWRYpKRPRGHOXMHDOH
WDWRWDEXONDR]QDRYiQDMDNRSURILO.URP SURILOXRYHPWYRtYLUWXiOQtWHUPLQiOL
REHFQ MtGDWRYiVWUXNWXUD REMHNW NWHUiIXQJXMHMDNRY\URYQiYDFtSDP "PH]L
DSOLNDFtDWHUPLQiOHP$SOLNDFHNWHUiFKFHQ FR]REUD]LWQDGLVSOHMLWHUPLQiOXWR
MHGQRGXH]DStHGR]PtQ QpGDWRYpVWUXNWXU\DRGDOtVHMLQHVWDUi-HSDNQD
VNXWHQpPWHUPLQiOX UHVSMHKRRYODGDL DE\REVDKWpWRGDWRYpVWUXNWXU\SU$E Q
]REUD]RYDO
=PtQ QiGDWRYiVWUXNWXUDSLWRP]GDOHNDQHPXVtEWMHQGYRMUR]P UQpSROH
UHSUH]HQWXMtFt]QDNRYpSR]LFHVNXWHQpKRGLVSOHMH1DStNODGXIRUPXOiRYpKR
WHUPLQiOXWRPRKRXEWMHGQRWOLYiGtOtSROHSHGVWDYXMtFtiVWLIRUPXOiHDMLQiiVW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GDWRYpVWUXNWXU\]DVHP$HGHILQRYDWMDNPDMtEWMHGQRWOLYiSROHSRVNOiGiQDQD
VNXWHQpPGLVSOHML
7tPWRPQRKHPREHFQ MtP]S$VREHPMVRXSDNHHQ\YLUWXiOQtWHUPLQiO\YUiPFL
UHIHUHQQtKRPRGHOX,6226,

7HOQHW,
9SHGFKR]tFKGYRXGtOHFKMVPHVLY\VY WOLOLSRGVWDWXWHUPLQiORYFKUHODFtD
Y]GiOHQpKRSLKODRYiQtYSRtWDRYFKVtWtFKDSRVOp]HQDUD]LOLQDQHMYiQ Mt
SUREOpPNROHPMHMLFKSUDNWLFNpLPSOHPHQWDFHQDYHONRXU$]QRURGRVW
SRXtYDQFKWHUPLQiO$'QHVVHMLP$HPH]DtWSRGUREQ ML]DEYDW
SURWRNROHP7(/1(7NWHUPiYVt"RYpPPRGHOX7&3,3UHDOL]DFLY]GiOHQFK
WHUPLQiORYFKUHODFtQDVWDURVWL
.DGDSOLNDQtSURWRNRONWHUFKFHUHDOL]RYDWY]GiOHQpWHUPLQiORYpUHODFHY
SURVWHGtSRtWDRYFKVtWtPXVtSHGSRNOiGDWXULWRXPtUXGLVWULEXRYDQRVWLVYp
YODVWQtLPSOHPHQWDFHMDNMVPHVLRVWDWQ MLQD]QDRYDOLYGtOXNGHMVPHVHQDG
UHDOL]DFtY]GiOHQFKWHUPLQiORYFKUHODFt]DPOHOLSRSUYp6QDGQHXNRGtVLWXWR
SHGVWDYXMHW MHGQRXRLYLWWHQWRNUiWHMLQDNRQNUpWQtPStNODGXSURWRNROX
7(/1(7X
7(/1(7NOLHQWDVHUYHU
3URWRNRO7(/1(7SHGSRNOiGiY]iMHPQRXVSROXSUiFLGYRXVYFKVORHNMHMLFK
UROHDSRVWDYHQtY\FKi]t]DUFKLWHNWXU\NOLHQWVHUYHUMHGQDVORNDSURYR]RYDQiQD
ORNiOQtPSRtWDL WMQDWRPNHNWHUpPXMHI\]LFN\SLSRMHQXLYDWHO$YWHUPLQiO MH
R]QDRYiQDMDNR7(/1(7NOLHQW]DWtPFRGUXKiVORNDQDY]GiOHQpPSRtWDL NH
NWHUpPXVHSURVWHGQLFWYtPY]GiOHQpWHUPLQiORYpUHODFHXLYDWHOSLKODXMH MHY
SRVWDYHQt7(/1(7VHUYHUXORKDRERXVORHNSLWRPRGSRYtGiSHGVWDY NWHURX
MVPHVL]DYHGOLYGtOXVORNDYUROLNOLHQWDSLMtPiYHFKQ\YVWXS\RGWHUPLQiOXD
RGHVtOiMHSRVtWLVYpSDUWQHUVNpVORFHYUROLVHUYHUXQDY]GiOHQpPSRtWDL7DWR
VORNDSDNStVOXQpYVWXS\SRGVWUNXMHVYpPXRNROtWDNMDNRNG\E\ORRYVWXS\
WHUPLQiOXSLSRMHQpKRNPtVWQtPXY]GiOHQpPXSRtWDL)LORVRILHSURWRNROX7(/1(7
SLWRPSHGSRNOiGiHRE VORN\PDMtIRUPXDSOLNDQtFKSURJUDP$DQHMVRXWHG\
SHYQ ]DEXGRYiQ\YRSHUDQtPV\VWpPXMDNE\DVLE\ORDOHVSRXVORN\YUROL
VHUYHUX]HMP QHMSLUR]HQ Mt9KRGRXMHWRWLPQRKHPY WtIOH[LELOLWDDVQDGQRVW
SURYiG QtStSDGQFK]P QQHYKRGRXSDNPHQtHIHNWLYQRVW8Y GRPPHVLWRWL
HSLWDNRYpPWRHHQtNDGMHGQRWOLY]QDNSURFKi]tFHONHPS WNUiWVNU]FHO
RSHUDQtV\VWpPSRSUYpQHVHGRVWDQHRGWHUPLQiOXNHNOLHQWVNpVORFHSRGUXKp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NG\MHMWDWRVORNDRGHVtOiQDY]GiOHQSRtWDSRWHWtNG\SURMGHRSHUDQtP
V\VWpPHPQDWRPWRY]GiOHQpPSRtWDLDNHVORFHYUROLVHUYHUXSRWYUWpSURFKi]t
RSHUDQtPV\VWpPHPNG\MHMVHUYHURYiVORNDSRGVWUNXMH]S WVYpPXRSHUDQtPX
V\VWpPXDNRQHQ SRSiWpNG\MHMWHQWRRSHUDQtV\VWpPSHGiYiMLQpDSOLNDQt
~OR]HNWHUiMHNRQHQPStMHPFHPYVWXSX$QDORJLFN\SURYHFKQ\YVWXS\NWHUp
FHVWXMtRSDQPVP UHP
'iOHMHSURWRWRHHQtQXWQpDE\RSHUDQtV\VWpP DOHVSRQDVWUDQ VHUYHUX
Y\FKi]HOYVWtFYHFLWRYDQpPRQRVWLSRGVWUNRYiQtYVWXS$DSRVN\WRYDO]DWtPWR
~HOHPYKRGQPHFKDQLVPXV=GHYHOPL]iOHtQDNRQNUpWQtPSURVWHGtYHNWHUpPMH
SURWRNRO7(/1(7LPSOHPHQWRYiQ2SHUDQtV\VWpP8QL[VWDNRYRXWRPRQRVWt
SRtWiDQDEt]tNY\XLWt]YOiWQtYVWXSQ YVWXSQtERG\QDNWHUpVHQHMU$]Q Mt
SURJUDP\PRKRXQDSRMLWDQDSRGRERYDWFKRYiQtVNXWHQpKRWHUPLQiOX9$7 7
8QL[XVHW PWRYVWXSQtPERG$PGRRSHUDQtKRV\VWpPXtNiSVHXGRWHUPLQiO\
]DWtPFRY%6'8QL[XMVRXR]QDRYiQ\MDNRSVHXGRWW\
=D]PtQNXWDNpVWRMtNRQNUpWQt]S$VRELPSOHPHQWDFHRERXVORHNYSURVWHGt8QL[X
6ORNDYUROLNOLHQWDMHE QPDSOLNDQtPSURJUDPHPNWHUVLXLYDWHOViPD
H[SOLFLWQ VSRXWtDYRNDPLNXNG\WRVNXWHQ SRWHEXMH1DSURWLWRPXVORNDY
UROLVHUYHUXPiSRVWDYHQtV\VWpPRYpKRSURFHVXW]Y7(/1(7GpPRQD YL]GtO 
R]QDRYDQpKRWp7(/1(7'
1HMHQ8QL[HPLYMH7(/1(7
3URWRNRO7(/1(7MHUHODWLYQ YHOPLMHGQRGXFKPSURWRNROHPNWHUVH]iP UQ
VQDtQHYi]DWQDYODVWQRVWLVFKRSQRVWLDVOXE\XULWpKRNRQNUpWQtKRSURVWHGt
8NDPHVLVP\VOWRKRWRSRtQiQtQDStNODGXNG\VHXLYDWHOSLKOiVtNSUiFLY
RSHUDQtPV\VWpPXXULWpKRSRtWDH WMSURYHGHW]YORJLQ DSRWpVLSURVWHGQLFWYtP
7(/1(7XRWHYHY]GiOHQRXWHUPLQiORYRXUHODFLVMLQPSRtWDHPPXVtVHQDQ P
]QRYXViPSLKOiVLW RS WSURYpVWW]YORJLQ %\ORE\VLFHPRQpDE\]DQ MWRWR
SLKOiHQtSURYHGO7(/1(7DXWRPDWLFN\=QDPHQDORE\WRRYHPHE\PXVHOY G W
MDNPXVHOE\]QiWNRQNUpWQtNRQYHQFHSURSLKODRYiQtD]DGiYiQtKHVHO]S$VRE
XFKRYiYiQtLQIRUPDFtRXLYDWHOtFKDMHMLFKKHVOHFKDPQRKRGDOtFKNRQNUpWQtFK
LQIRUPDFtNWHUpVHYU$]QFKV\VWpPHFKPRKRXYUD]Q OLLW
'tN\WRPXHVH7(/1(7RDXWRPDWLFNpSLKODRYiQtQHVQDtP$HEW
LPSOHPHQWRYiQYSURVWHGtU$]QFKRSHUDQtFKV\VWpP$DWRGRNRQFHLWDNRYFK
NWHUpSRMHPWHUPLQiORYFKUHODFtDXLYDWHOVNFKMPHQD~W$Y$EHFQH]QDMt
1DStNODGMHPRQp DYVRXDVQpGRE LYHOPLDVWp DE\NOLHQWVNiVORNDSURWRNROX
7(/1(7E\ODSURYR]RYiQDMDNRE QDSOLNDQtSURJUDPQDRVREQtPSRtWDLY
SURVWHGtRSHUDQtKRV\VWpPX06'26]DWtPFRVORNDYUROLVHUYHUXE HODQD
8QL[RYVNpPSRtWDL8LYDWHORVREQtKRSRtWDHVLSDNP$H]L]RYDWY]GiOHQp
WHUPLQiORYpUHODFH]SURVWHGt'26XGRSURVWHGt8QL[X
6LPSOHPHQWDFtNOLHQWVNpVORN\SURWRNROX7(/1(7VHGQHVP$HPHVHWNDWY
SURVWHGtVQDGNDGpKRRSHUDQtKRV\VWpPX]GDOHNDQHMHQ06'26XD]HYHFK
W FKWRRSHUDQtFKV\VWpP$MHSDNPRQpVL]L]RYDWY]GiOHQpWHUPLQiORYpUHODFHV
8QL[RYVNPLSRtWDL=DMtPDYpMH]GDWRSODWtLREUiFHQ WHG\]GDLVORNDYUROL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VHUYHUXP$HEWLPSOHPHQWRYiQDYMLQpPSURVWHGtQHY8QL[XD]GDMHWHG\PRQp
VLSURVWHGQLFWYtPSURWRNROX7(/1(7]L]RYDWY]GiOHQpWHUPLQiORYpUHODFHLVMLQPL
QH8QL[RYVNPLSRtWDL2GSRY MHVDPR]HMP NODGQiMHQStVOXQFK
LPSOHPHQWDFt7(/1(7VHUYHU$MH]DWtPSRQ NXGPpQ 
7(/1(7VHUYHUQD3&
([LVWXMtGRNRQFHLLPSOHPHQWDFHVHUYHURYFKVORHNSURWRNROX7(/1(7SUR
RSHUDQtV\VWpP06'26SRtWD$3& GRNRQFH]NDWHJRULHSXEOLFGRPDLQ 7RMH
SRQ NXGSLNDQWQtSURWRH06'26MHMHGQR~ORKRYDMHGQRXLYDWHOVNRSHUDQt
V\VWpPNWHUSRMHPWHUPLQiORYpUHODFHY$EHFQH]Qi=t]HQtY]GiOHQpWHUPLQiORYp
UHODFHVSRtWDHP3& SRG06'26HP MHSDNYODVWQ IRUPRXGiONRYpKRRYOiGiQt
UHPRWHFRQWURO SRtWDH3&MDNRFHONX3URSRWHE\GiONRYpKRRYOiGiQtSRtWD$3&
GQHVH[LVWXMHFHOiDGDNRPHUQtFKLSXEOLFGRPDLQSURJUDP$NWHUpDOHYHVP V
Y\DGXMtYODVWQtVSHFLILFNpNOLHQWVNpVORN\9KRGRXWRKRWRHHQt WM7(/1(7
VHUYHUXQDSRtWDL3& MHPRQRVWY\XtWVWDQGDUGQtNOLHQWVNRXVORNXSURWRNROX
7(/1(7NWHUiP$HEWQDYtFSURYR]RYiQDLMLQGHQHMHQYSURVWHGt06'26X
'tN\WRPXMHPRQpDE\QDStNODG8QL[RYVNSRtWDQDGiONXRYOiGDOSRtWD3&
1DYtFMHYKRGQpVLXY GRPLWHSR]t]HQtY]GiOHQpWHUPLQiORYpUHODFH
SURVWHGQLFWYtPSURWRNROX7(/1(7MHMHMtH[LVWHQFHSURXLYDWHOHWUDQVSDUHQWQtWDNH
QDStNODGXLYDWHO8QL[RYVNpKRSRtWDHSDNP$HPtWGRMHPHSUDFXMHQDSRtWDL
3&1HEXGHWRDOHLOX]HGRNRQDOiMLMHQ]G$YRGXRPH]HQpSHQRVRYpU\FKORVWL
'DOtSUREOpP\SDN]S$VREXMHQDSRGOLQRVWYSRWXiGN$]DWtPFRWHUPLQiO\
8QL[RYVNFKSRtWD$PDMtQHMDVW MLiGN$SRtWDH3&]REUD]XMtY]iNODGQtP
WH[WRYpPUHLPXiGHN
5ORJLQMHMLQ
7(/1(7QHQt]GDOHNDMHGLQPSURWRNROHPSURUHDOL]DFLY]GiOHQFKWHUPLQiORYFK
UHODFtYSURVWHGt7&3,3VtWtMHDOH]HMP QHMUR]tHQ Mt([LVWXMHDGDGDOtFK
PQRKHPSURSUDFRYDQ MtFKDNRPSOH[Q MtFKSURWRNRO$SURY]GiOHQpWHUPLQiORYp
UHODFHNWHUpQDEt]tY WtUR]VDKVOXHEDOH]DVYRXGRNRQDORVWSODWtRPH]HQ MtPL
PRQRVWPLQDVD]HQtQHMHGQRGXt7(/1(=D]PtQNXVWRMtDOHVSRMHGHQ
DOWHUQDWLYQtSURWRNROUORJLQ3RFKi]t]SURVWHGt%6'8QL[XDOLtVHRG7(/1(7X
SHGHYtPYWRPHYQtPiSURVWHGtYHNWHUpPSUDFXMHMHKRNOLHQWVNiLVHUYHURYi
VORNDDVQDtVHY\XtYDWVSHFLILFNpYODVWQRVWLDVFKRSQRVWLW FKWRSURVWHGtQDS
SUR]DMLW QtDXWRPDWLFNpKRSLKODRYiQt3tVWXSSURWRNROXUORJLQMHWDNRYH
VSUiYFHV\VWpPXQDXULWpPSRtWDLPiPRQRVWVSHFLILNRYDWNWHUpMLQpSRtWDH
SRYDXMH]DG$Y U\KRGQpYWRPVP\VOXHNG\XLYDWHOMLMHGQRXSURHOQD
WDNRYpPWRSRtWDLSURFHVHPRY RYiQtVYpLGHQWLW\ ]DGiQtPXLYDWHOVNpKRMPpQDD
KHVOD GDQSRtWDMLQHSRDGXMHQRYpRSDNRYiQtWRKRWRSURFHVX-LQPLVORY\
Y tYLGHQWLWXXLYDWHO$NWHtPXY\VtODMtVYpiGRVWLR]t]HQtY]GiOHQFK
WHUPLQiORYFKUHODFt]W FKSRtWD$NWHUpMVRXVSUiYFHPXUHQ\MDNRG$Y U\KRGQp
DQJOLFN\WUXVWHGKRVWV DQHVQDtVHMLRY RYDW]QRYX'iOHPiVSUiYFHV\VWpPX
PRQRVWVWDQRYLWHNRQNUpWQtXLYDWHOpG$Y U\KRGQFKSRtWD$PDMtQDGDQpP
SRtWDLWDNRYiDWDNRYiXLYDWHOVNiMPpQD.G\SDNSLMGHiGRVWR]t]HQt
WHUPLQiORYpUHODFHRGNRQNUpWQtKRXLYDWHOHG$Y U\KRGQpKRSRtWDHP$HEW
WHQWRXLYDWHODXWRPDWLFN\SLKOiHQGRV\VWpPXGDQpKRSRtWDHSRGStVOXQP
MPpQHPDEH]QXWQRVWL]DGiYDWKHVOR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-DNPLOHMHWRWRPRQpO]HLPSOHPHQWRYDWLWDNRYRXVOXEXNWHUiXLYDWHOLMHGQRKR
SRtWDHXPRQt]DGDWStND]NWHUVHPiSURYpVWQDMLQpPSRtWDL3LWRPVH
DXWRPDWLFN\]tGtY]GiOHQiWHUPLQiORYiUHODFHYUiPFLNWHUpVHY]GiOHQpPXSRtWDL
]DGiStVOXQStND]DSRMHKRSURYHGHQtVHWHUPLQiORYiUHODFH]DVH]UXt8LYDWHOL
SLWRPVWDt]DGDWMHQGYD]iNODGQt~GDMHStND]NWHUPiEWSURYHGHQDGiOHMPpQR
SRtWDHQDNWHUpPVHWDNPiVWiW

7HOQHW,,
9PLQXOpPGtOXMVPHVH]DEYDOLFHONRYRXDUFKLWHNWXURXSURWRNROX7(/1(7D
MHKRYD]ERXQDSURVWHGtYHNWHUpPMHLPSOHPHQWRYiQ8Ni]DOLMVPHVLHWDWR
YD]EDMH]FHOD]iP UQ PLQLPiOQtDGtN\WRPXQHQtSURWRNRO7(/1(7Yi]iQQD
XULWRSHUDQtV\VWpP'QHVVHMLEXGHPHY QRYDWNRQNUpWQtPYODVWQRVWHP
SURWRNROX7(/1(7DPHFKDQLVP$PNWHUpSRXtYi
1HMSUYHVLDOHVWUXQ SLSRPHPHSRMHPYLUWXiOQtKRWHUPLQiOXNWHUpPXMVPH
Y QRYDOLGtOVHULiOXY]KOHGHPNYHONpU$]QRURGRVWLVNXWHQFKWHUPLQiO$QHQt
GRVWGREHPRQpDE\VHNDGiDSOLNDFHSL]S$VRERYDODNDGpPXMHGQRWOLYpPX
WHUPLQiOX0tVWRWRKRVH]DYHGOW]YYLUWXiOQtWHUPLQiOMDNRMHGQRWQPH]LVWXSH
NWHUpPXVH]MHGQpVWUDQ\SL]S$VREXMtYHFKQ\DSOLNDFHD]GUXKpVWUDQ\YHFKQ\
VNXWHQpWHUPLQiO\-DNRYLUWXiOQtMHWHQWRVSROHQPH]LVWXSHR]QDRYiQSURWRH
MHYHVNXWHQRVWtMHQDEVWUDNFtDQLNROLI\]LFN\H[LVWXMtFtP]Dt]HQtP9GtOXMVPH
VLWDNpQD]QDLOLHSURWRNRO7(/1(7SRXtYi]YOiWQtStSDGW]YSDUDPHWULFNpKR
PRGHOXYLUWXiOQtKRWHUPLQiOX
1971HWZRUN9LUWXDO7HUPLQDO
9LUWXiOQtWHUPLQiOSRXtYDQSURWRNROHP7(/1(7MHR]QDRYiQMDNR197QHEROL
1HWZRUN9LUWXDO7HUPLQDO GRVORYDVt"RYYLUWXiOQtWHUPLQiO -H]YOiWQtP
StSDGHPSDUDPHWULFNpKRPRGHOXYWRPVP\VOXHSHGSRNOiGiSHYQ GDQRXKRGQRWX
MHGQRWOLYFKSDUDPHWU$NWHUpWHUPLQiOGHILQXMt YL]GtO tPYODVWQ IL[XMHMHKR
YODVWQRVWLLNRQNUpWQt]S$VRERYOiGiQt3RSLPHVLQ\QtMDNiMHSHGVWDYDWRKRWR
]Dt]HQt
197MHRERXVP UQp]QDNRY RULHQWRYDQp]Dt]HQtNWHUpO]HQHMOpSHSLURYQDWNH
GYRMLFLNOiYHVQLFHWLVNiUQD.OiYHVQLFHJHQHUXMHMHGQRWOLYp]QDN\YNyGX$6&,,
]DWtPFRWLVNiUQDMHSU$E Q WLVNQH&HOHNSDNRGSRYtGiSHGVWDY W]Y]QDNRYpKR
UHVSiGNRYpKRWHUPLQiOX VFUROOPRGHWHUPLQDOYL]GtO 
$NROLSURWRNRO7(/1(7Y\XtYiSURSHQRVGDWVSROHKOLYpDVSRMRYDQpSHQRVRYp
VOXE\WUDQVSRUWQtKRSURWRNROX7&3NWHUpY\WYitSOQ GXSOH[QtVSRMHQt197WRWR
VSRMHQtY\XtYiMHQYSRORGXSOH[QtPUHLPX'tN\WRPXMHSDNPRQpY\VWDLWLV
WDNRYPVNXWHQPWHUPLQiOHPNWHUMHI\]LFN\SRORGXSOH[Qt MDNRQDSWHUPLQiO
,%0 
197GiOHSHGSRNOiGiHSHQRVGDWEXGHW]YEXIIHURYiQWHG\HGDWDQHEXGRX
Y\VtOiQDSRMHGQRWOLYFK]QDFtFKDOHHVHEXGRXQHMSUYHKURPDGLWYHYKRGQFK
Y\URYQiYDFtFKSDP WHFK DQJOLFN\EXIIHUV DVNXWHQ Y\VtOiQ\SDNEXGRXDY Wt
FHON\-DNpFHON\WRDOHPDMtEW"

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
8iGNRYpKRWHUPLQiOXMDNPMH197MHMHGQR]QDQPNDQGLGiWHPiGND'pOND
iGN\RYHPQHQtSHYQ VWDQRYHQDDWRDQLXWLVNiUQ\1DVWUDQ NOLHQWDXUXMH
VNXWHQRXGpONXNDGpMHGQRWOLYpiGN\XLYDWHONWHUSUDFXMHQDStVOXQpP
WHUPLQiOXWtPHYXULWRNDPLN]PiNQHWODtWNR(17(55(78511(:
/,1(LMDNVHQDMHKRWHUPLQiOXMPHQXMHNOiYHVDNWHURXVH]DGiYiNRQHFiGN\
.OLHQWVNiVORNDSURWRNROX7(/1(7NWHUi]SUDFRYiYiXLYDWHO$YYVWXS]NOiYHVQLFH
P$HQD]iNODG ]PiNQXWtWpWRNOiYHV\REGUHWU$]QNyG QDSMHQ]QDN&5MHQ
]QDN/)GYRMLFL]QDN$&5D/)DSRG SRGOHNRQNUpWQtKRSRXLWpKRWHUPLQiOX6DPD
YDNPXVtQDMHKR]iNODG Y\JHQHURYDWGYRMLFL]QDN$&5D/)QHER"YLUWXiOQt
WHUPLQiO197SRtWiVWtPHiGN\EXGRX]DNRQRYiQ\SUiY WtPWR]S$VREHP
$QDORJLFN\MHWRPXLQDVWUDQ VHUYHUXDSOLNDQtSURFHVNWHUJHQHUXMHGDWDXUHQi
N]REUD]HQtQDWHUPLQiOXMHOHQtQDMHGQRWOLYpiGN\WDNRYP]S$VREHPMDN
SHGSRNOiGiStVOXQiPtVWQtNRQYHQFH6HUYHURYiVORNDSURWRNROX7(/1(7MH
YDNSHGRGHVOiQtPSHNOiGiGRWDNRYpKRWYDUXDE\E\O\]DNRQHQ\GYRMLFt&5/)
3URWRNRO7(/1(7WHG\SHGSRNOiGiHGDWDEXGRXVWDQGDUGQ SHQiHQDSRFHOFK
iGFtFK7RDOHQHPXVtEWYG\PRQpQHQtOLGpONDiGN\SHGHPRPH]HQDP$H
VHVWiWHSURQLQHEXGHNGLVSR]LFLGRVWDWHQ YHONiY\URYQiYDFtSDP "7DNpWRDOH
QHPXVtEWYG\iGRXFtQ NG\P$HEWYKRGQpLGRNRQFHQXWQpRGHVtODWPHQt
FHON\QHFHOpiGN\DQDSSRMHGQRWOLYp]QDN\6WRXWRPRQRVWtSURWRNRO
7(/1(7SRtWiDGRSRUXXMHMLUHDOL]RYDW3HVQPHFKDQLVPXVNWHUPE\VL]GURM
GDWPRKOY\QXWLWMHMLFKRGHVOiQtMHW SHG]DNRQHQtPiGN\MHYDNSRQHFKiQQD
NRQNUpWQtLPSOHPHQWDFL
2VWDWQtMHQDY]iMHPQpGRKRG
3URVSUiYQpSRFKRSHQtVP\VOXDUROHYLUWXiOQtKRWHUPLQiOX197MHYHOPLG$OHLWpVL
XY GRPLWWRFRMVPHVLMLQD]QDLOLYGtOXHWRWLNDGYLUWXiOQtWHUPLQiOYG\
RPH]XMHLQGLYLGXDOLWXNRQNUpWQtFKWHUPLQiO$DUHGXNXMHMHMLFKYODVWQRVWLD
VFKRSQRVWLQDWDNRYRX~URYHNWHUiP$HEWVSROHQiSUDNWLFN\YHPI\]LFN\
H[LVWXMtFtPWHUPLQiO$P1HMLQDNMHWRPXLYStSDG YLUWXiOQtKRWHUPLQiOX197NWHU
VLSURWRP$HPHSHGVWDYLWMDNRQHMY WtVSROHQMPHQRYDWHOYHFKMHW
SRXLWHOQFKWHUPLQiO$3URWRNRO7(/1(7MHMYDNFKiSHMHQMDNRSRYLQQp
PLQLPXPDSLSRXWtDE\VHRE VWUDQ\PRKO\YNRQNUpWQtPStSDG GRKRGQRXWQD
OHStPWHG\QDWRPHPDMtDMVRXVFKRSQ\SRXtYDWQ MDNiUR]tHQtY$LWRPXFR
SRDGXMH197
3LWRPDOHSODWt]iVDGDHSRXLWtUR]tHQt DQJOLFN\RSWLRQV VLQHO]HY\QXFRYDW
NDGiVWUDQDPiSUiYRY]QiHWQiYUK\QDMHMLFKSRXLWtDOHGUXKiVWUDQDPiYG\
SUiYRMHRGPtWQRXW'tN\WRPXMHPRQpY\VWDLWLVKORXSPLWHUPLQiO\MHMLFK
VNXWHQpVFKRSQRVWLQHSHVDKXMtPLQLPXPSRDGRYDQpYLUWXiOQtPWHUPLQiOHP197
DQDGUXKpVWUDQ MHPRQpHIHNWLYQ Y\XtWPRQRVWLDVFKRSQRVWLOpSHY\EDYHQFK
WHUPLQiO$
%H]SURVWHGQ SRQDYi]iQtVSRMHQtWHG\RE VWUDQ\PRKRXSRXtYDWSUiY DSRX]HWR
FRMLP]DUXXMHYLUWXiOQtWHUPLQiO1970RKRXYDNNG\NROL]DKiMLWOLFLWDFLY
UiPFLNWHUpVHGRKRGQRXQDSRXLWtRERXVWUDQQ SLMDWHOQFKUR]tHQt9]iMHPQp
GRPORXYiQtQDSRXLWtU$]QFKUR]tHQtREY\NOHSUREtKiRNDPLW SRQDYi]iQt
VSRMHQtDOHQHQtWRQXWQRXSRGPtQNRX6WHMQ WDNVHPRKRXRE VWUDQ\NG\NROL
GRKRGQRXWQDWRPHSHVWDQRXXULWpUR]tHQtSRXtYDW=DMtPDYiMHYWRPWRRKOHGX
WDNp]iVDGDURYQRSUiYQRVWLNDGi]HVWUDQPiVWHMQpSUiYRQDYUKQRXWSRXtYiQt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
XULWpKRUR]tHQtDVWHMQ WDNP$HSRDGRYDWLXNRQHQtSRXtYiQtXULWpKR
UR]tHQt iGRVWLWRKRWRW\SXSLWRPQHVPtEWGUXKRXVWUDQRXRGPtWQXW\ 
3URWRNRO7(/1(7VDPR]HMP PXVtGHILQRYDWNRQNUpWQt]S$VREMDNPPDMtRE
VWUDQ\SRVWXSRYDWSLY]iMHPQpOLFLWDFL DQJOLFN\RSWLRQVQHJRWLDWLRQ 3tVOXQ
PHFKDQLVPXVMHRYHPNRQFLSRYiQMDNRRWHYHQQHP$HWRWLDQWLFLSRYDWYHFKQD
EXGRXFtUR]tHQtNWHUiEXGRXSLSDGDWY~YDKXDWDNSURQ QHP$HSHVQ
SHGHSLVRYDWNRQNUpWQtIRUPXOLFLWDFH0tVWRWRKRSRQHFKiYiRWHYHQSURVWRUSUR
LQGLYLGXiOQtSRVWXS\Y]iMHPQpKRGRKDGRYiQtDOHVRXDVQ VWtPMHXPRXMH
MHGQR]QDQ GHWHNRYDWWDNDE\GUXKiVWUDQDP ODYG\PRQRVWUR]SR]QDWHMGHR
QDEtGNXSRXtYiQtUR]tHQtDLNG\MtQHUR]XPtPRKODMLRGPtWQRXW
6HGPLELWRYp]QDN\YRVPLELWRYFKE\WHFK
3URNyGRYiQtMHGQRWOLYFK]QDN$SRXtYiSURWRNRO7(/1(7]QDNRYNyG$6&,,
3RDGXMHDE\WLVNiUQD UHVS]REUD]RYDFt]Dt]HQt YLUWXiOQtKRWHUPLQiOX197E\OD
VFKRSQD]Qi]RUQLWYHFKDOIDQXPHULFNFK]QDN$$6&,, VNyG\D D]
tGtFtFK]QDN$SRYLQQ Y\DGXMHLQWHUSUHWDFL]QDN$18//&5D/).URP WRKR
VWDQRYXMHSHVQY]QDPLSURtGtFt]QDN\%(/ %HOO %6 %DFN6SDFH +7
+RUL]RQWDO7DE 97 9HUWLFDO7DE D)) )RUP)HHG DWRYVRXODGXVMHMLFK
Y]QDPHPYNyGX$6&,,RYHPVWtPHLQWHUSUHWDFHW FKWR]QDN$QHQtSRYLQQi WM
WLVNiUQDMHQHPXVtLQWHUSUHWRYDWY$EHFDOHSRNXGDQRSDNMHQVWDQRYHQP
]S$VREHP 3URRVWDWQttGtFt]QDN\NyGX$6&,,MHVWDQRYHQRHQHEXGRXPtWQD
WLVNiUQXiGQHIHNW
3RNOiYHVQLFLYLUWXiOQtKRWHUPLQiOX197MHQDRSDNSRDGRYiQRDE\E\ODVFKRSQD
JHQHURYDWYHFK]QDN$NyGX$6&,, LNG\Q NWHUpQHPDMtQDWLVNiUQXiGQ
HIHNW .URP WRKRMHSRDGRYiQRDE\NOiYHVQLFH197JHQHURYDODMHW LQ NROLN
GDOtFK]QDN$NWHUpPDMtY]QDPtGtFtFKStND]$SURWRNROX7(/1(7 RQLFKEXGH
HStW 
-HGQRWOLYp]QDN\VHGPLELWRYpKRNyGX$6&,,MVRXRYHPSHQiHQ\]iVDGQ YRVPL
ELWHFK'tN\WRPXMHSDNPRQpNQLPSLGDWMHW LSUiY QD]QDHQptGtFtStND]\
RGOLHQpQDVWDYHQtPQHMY\tKRELWX -DNRMHGQR]PRQFKUR]tHQtVHDOHRE
VWUDQ\PRKRXGRKRGQRXWQDWRPHVLEXGRXSHGiYDWRVPLELWRYp]QDN\ WM]QDN\
NyGRYDQpYRVPLELWHFK 3DNMHRYHPQXWQp]DMLVWLWSRWHEQRXWUDQVSDUHQFL
XPRXMtFtMHGQR]QDQ RGOLLWStND]\RGXLWHQFKGDWMLQP]S$VREHP

7(/1(7,,,
9PLQXOpPGtOXMVPHVH]DEYDOLYLUWXiOQtPWHUPLQiOHP197SURWRNROX
7(/1(7'RVS OLMVPHNSHGVWDY HMGHMHQRMLVWpSRYLQQpPLQLPXPMHKR
PRQRVWLDVFKRSQRVWLVLPRKRXRE VWUDQ\QD]iNODG Y]iMHPQpGRKRG\UR]tLW
'QHVVHMLGRVWDQHPHNHNRQNUpWQtPPHFKDQLVP$PNWHUpVHSLWRPSRXtYDMt
1D~YRGMHYKRGQpVL]QRYX]G$UD]QLWHYHNHUiNRPXQLNDFHPH]LNOLHQWVNRXD
VHUYHURYRXVORNRXSURWRNROX7(/1(7Pi]iVDGQ FKDUDNWHUSHQRVX]QDN$0DMtOL
SDNEWYWDNRYpPWRSURVWHGtLPSOHPHQWRYiQ\MDNpNROLtGtFtPHFKDQLVP\DSRVWXS\
PXVtPtWStVOXQptGtFtStND]\LYHNHUpUHDNFHQDQ RS WSRYDKX]QDN$0XVtYDN
EW]DMLW QDWDNpSRWHEQiWUDQVSDUHQFHGDWPXVtEWPRQpMHGQR]QDQ UR]OLLW
NWHUp]QDN\SHGVWDYXMtXLWHQiGDWDDNWHUpQDRSDNSHGVWDYXMttGtFtStND]\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7Y$UFLSURWRNROX7(/1(7P OLY]iVDG GY PRQRVWLMDNWRKRWRFtOHGRViKQRXW
-HGQRXE\ORSLVRXGLWY]QDPtGtFtFKStND]$Q NWHUP$6&,,]QDN$P7tPE\VH
DOHSLSUDYLOLRPRQRVWSRXtYDWW\Wp]QDN\YMHMLFKS$YRGQtPY]QDPXNWHUPDMt
YNyGX$6&,,DQDYtFE\VLWtPGRVWLRPH]LOLPRQUHSHUWRiUYODVWQtFKtGtFtFK
StND]$ SURWRHWDNWRY\XLWHOQFK]QDN$$6&,,MHMHQYHOPLRPH]HQSRHW 3URWR
VHDXWRLSURWRNROX7(/1(7UDG MLUR]KRGOLSURGUXKRXPRQRVWNWHURXSHGVWDYXMH
VDPRVWDWQpNyGRYiQttGtFtFKStND]$QH]iYLVOpQDNyGX$6&,,
=DMLW QtWUDQVSDUHQFH
-DNMVPHVLMLXYHGOLPLQXOHSURWRNRO7(/1(7SHQitMHGQRWOLYp]QDN\Y
RVPLELWRYFKE\WHFK=QDN\NyGX$6&,,MVRXYDNMHQVHGPLELWRYpDSURSRWHE\
SHQRVXVHGRSOXMtQHMY\tPELWHPQDVWDYHQPQDQXOX3URNyGRYiQtVYFK
tGtFtFKStND]$VHSDNWY$UF$PSURWRNROX7(/1(7QDEt]HORYHFKPRQFK
ELWRYFKKRGQRWVQHMY\tPELWHPQDVWDYHQPQDMHGQLNXDWXWRPRQRVWWDNp
VNXWHQ Y\XLOL=GHMHRYHPG$OHLWpVLXY GRPLWHYLUWXiOQtWHUPLQiO197VLFH
SHGSRNOiGiSRX]HSHQRVVHGPLELWRYFK$6&,,]QDN$DOHHMHGQRX]PRQRVWt
UR]tHQtMHSHQRVRVPLELWRYFK]QDN$-DNPLOHVHDOHWRWRUR]tHQtSRXLMH
RNDPLW VHWtP]WUiFtDXWRPDWLFNpUR]OLHQtPH]LXLWHQPL]QDN\DtGtFtPL
StND]\SRGOHKRGQRW\QHMY\tKR SHVQ MLQHMY]QDPQ MtKR ELWX
6DPRWQ]S$VRENyGRYiQttGtFtFKStND]$WHG\MHW QHPRKO]DMLVWLWSRWHEQRX
WUDQVSDUHQFLGDWDSURWRWY$UF$PSURWRNROX7(/1(7QH]E\ORQHSRXtWHHQt
REY\NOpQDSX]QDNRY RULHQWRYDQFKOLQNRYFKSURWRNRO$LXtGtFtFKMD]\N$SUR
RYOiGiQtWLVNiUHQDREGREQFK]QDNRY RULHQWRYDQFK]Dt]HQtSHGVDPRWQtGtFt
]QDN]DDGLWVSHFLiOQt]QDNNWHU]P QtLQWHUSUHWDFLMHGQRKRUHVSQ NROLND
QiVOHGXMtFtFK]QDN$9StSDG WLVNiUHQMGHR]QDN(6&$3( V$6&,,NyGHP
UHVS%KH[DGHFLPiOQ NWHUXYR]XMHW]Y(6&$3(VHNYHQFH]DWtPFRXOLQNRYFK
SURWRNRO$MGHR]QDN'/( 'DWD/LQN(6&$3(V$6&,,NyGHPUHVS
KH[DGHFLPiOQ NWHUSUHIL[XMHtGtFt]QDN\]DiWNXDNRQFHUiPFHDSRG9StSDG
SURWRNROX7(/1(7E\O]YROHQ]QDNVtVHOQFKNyGHP UHVS))KH[DGHFLPiOQ 
R]QDRYDQMDNR,$& ,QWHUSUHW$V&RPPDQGGRORYDLQWHUSUHWXMMDNRtGtFtStND] 
NWHUSRYLQQ XYR]XMHYHFKQ\tGtFtStND]\3RNXGE\VHtVHOQNyGWRKRWR]QDNX
WMNyG Y\VN\WOYXLWHQFKGDWHFKPXVtEW]GYRMHQtPVH]DPH]tMHKR
LQWHUSUHWDFLMDNRXYR]XMtFtKR]QDNXtGtFtKRStND]X
3tND]\SURWRNROX7(/1(7
9 WLQDtGtFtFKStND]$SURWRNROX7(/1(7MHUHSUH]HQWRYiQDMHGQtPtGtFtP
]QDNHPNHNWHUpPXVHSLGiYiSRYLQQSUHIL[]QDN,$&WDNHQHNUDWtStND]MH
WYRHQGY PDRVPLELWRYPLE\W\([LVWXMtRYHPLStND]\SURMHMLFKY\MiGHQt
MHGLQtGtFt]QDNQHVWDtDMHQXWQpSRXtWMHW MHGHQGRGDWHQ]QDN,YWRPWR
StSDG VHDOHSRXtYiMHGLQXYR]XMtFt]QDN,$&WDNHYVOHGQStND]MHWYRHQ
WHPLE\W\3URMHW GHOtStND]\VHSDNMLSRXtYiSRQ NXGRGOLQPHFKDQLVPXV
VHNWHUPVHVH]QiPtPHSRVOp]H
3RGOHVYpKRY]QDPXVSDGDMttGtFtStND]\SURWRNROX7(/1(7GRWtVNXSLQPH]L
StND]\SURHGLWDFL MVRXMHQGYDSURY\PD]iQtDNWXiOQtiGN\DSURY\PD]iQt
SHGFKR]tKR]QDNX 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
StND]\SURt]HQtNRPXQLNDFHPH]LRE PDVWUDQDPL QDStNODGSURSHUXHQt
DSOLNDQtKRSURFHVXQDVWUDQ VHUYHUXSUR]DVWDYHQtMHKRYVWXSXSURY]iMHPQRX
V\QFKURQL]DFLDSRG 
StND]\XPRXMtFtRE PDVWUDQiPGRKRGQRXWVHQDSRXLWtNRQNUpWQtFKUR]tHQt
1DSRVOHGQtVNXSLQXVHQ\Qt]DP tPHSRGUREQ ML
/LFLWDFHRUR]tHQt
-DNMVPHVLMLQD]QDLOLPLQXOHSRXLWtQHMU$]Q MtFKUR]tHQtRSURWLYLUWXiOQtPX
WHUPLQiOX197MHQHSRYLQQp.DGi]HVWUDQPiSUiYRQDYUKQRXWSRXLWtWDNRYpKR
UR]tHQtMDNpX]Qi]DYKRGQpDOHGUXKiVWUDQDPiSOQpSUiYRMHMRGPtWQRXW9UD]Q
SUYHNGHPRNUDWLQRVWLMHSDNLYWRPHSUiYRQDYUKRYDWSRXLWtUR]tHQtPiQHMHQ
VORNDYUROLNOLHQWDDOHLVORNDYUROLVHUYHUXRE VWUDQ\PDMtYWRPWRRKOHGX
URYQRSUiYQpSRVWDYHQt
=DMtPDYMHLNRQNUpWQt]S$VREY]iMHPQpOLFLWDFH7DVWUDQDNWHUiFKFHLQLFLRYDW
SRXLWtXULWpKRUR]tHQtPiGY PRQRVWLQDYUKQRXWHVDPDSLMPHQ MDNp
RSDWHQt WMVDPD]DQHSRXtYDWStVOXQpUR]tHQt DSWiWVHGUXKpVWUDQ\]GDVWtP
VRXKODVtQHERQDRSDNQDYUKQRXWGUXKpVWUDQ DE\RQDSLMDODXULWpRSDWHQt
8NDPHVLQDStNODGXYHPP$HVSRtYDWUR]GtODSURMHY$EHFQXWQpMHM
XYDRYDWYLUWXiOQtWHUPLQiO197SHGSRNOiGiHNDGiVWUDQDEXGHSRXtYDWW]Y
ORNiOQtHFKR ORFDOHFKR WHG\HYHNHUp]QDN\]DGDQp]NOiYHVQLFHVLEXGHVDPD
LKQHG]REUD]RYDWQDVYpPGLVSOHML UHVSWLVNQRXWQDWLVNiUQ NWHURXSHGSRNOiGi
197 DVRXDVQ VWtPMHRGHVtODWGUXKpVWUDQ 'tN\WRPXXLYDWHORNDPLW YLGtFR
YODVWQ ]NOiYHVQLFH]DGDODFRVHGUXKpVWUDQ RGHVODOR$OWHUQDWLYDMHWDNRYiH
]DGDQ]QDNMHSRX]HRGHVOiQGUXKpVWUDQ DWHSUYHWDMHM]DVHSROH]S WN]REUD]HQt
QDGLVSOHMLXLYDWHORYDWHUPLQiOX3RXtYiQtWpWRWHFKQLN\R]QDRYDQpMDNRW]Y
Y]GiOHQpHFKR UHPRWHHFKR MHMHGQtP]PRQFKUR]tHQtYLUWXiOQtKRWHUPLQiOX
197-HRYHP]iVDGQtUR]GtOPH]LWtPNG\MHGQDVWUDQDQDYUKQHGUXKpHRQDEXGH
SURYiG WY]GiOHQpHFKR WMHEXGHSRVtODW]S WNDG]QDNNWHURGGUXKpVWUDQ\
GRVWDQH DNG\Y]GiOHQpHFKRSRDGXMHQDGUXKpVWUDQ 
1 NWHUiUR]tHQtYLUWXiOQtKRWHUPLQiOX197MDNRSUiY QD]QDHQpSRXtYiQtW]Y
Y]GiOHQpKRHFKDPDMtDV\PHWULFNFKDUDNWHUDPRKRXEWSRXtYiQ\RE PDVWUDQDPL
VRXDVQ iGQRX]QLFKQHERMHQMHGQRX]H]~DVWQ QFKVWUDQ1DSURWLWRPXMLQi
UR]tHQtPDMtV\PHWULFNFKDUDNWHUDPXVtMHSRXtYDWEXRE VWUDQ\VRXDVQ QHER
iGQi
3URWRNRO7(/1(7QDEt]tFHONHPW\LStND]\SRPRFtNWHUFKPRKRXRE VWUDQ\
OLFLWRYDWRSRXLWtUR]tHQt-VRXWRSRStND]\
:,// GRVORYDEXGX Y\VtODMtFtVWUDQDWtPWRStND]HPVLJQDOL]XMHHFKFHVDPD
]DtWSRXtYDWXULWpUR]tHQtDGRWD]XMHVHGUXKpVWUDQ\QDMHMtVRXKODV
'2 GRVORYDG OHM Y\VtODMtFtVWUDQDWtPWRStND]HPY\]YiGUXKRXVWUDQXDE\RQD
]DDODSRXtYDWXULWpRSDWHQt
:21
7 RG:LOO1RWGRVORYDQHEXGX WtPWRStND]HPY\VtODMtFtVWUDQDRGPtWi
Y]YXGUXKpVWUDQ\ Y\MiGHQRXStND]HP'2 StSDGQ VLJQDOL]XMHHVDPDML
QHEXGHGiOHSRNUDRYDWYSRXtYiQtXULWpKRUR]tHQt SRNXGMHMGRVXGSRXtYDOD

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
'21
7 RG'R1RWGRVORYDQHG OHM WtPWRStND]HPY\VtODMtFtVWUDQDRGPtWi
QDEtGNXGUXKpVWUDQ\ Y\MiGHQRXStND]HP:,// StSDGQ VLJQDOL]XMHHRG
GUXKpVWUDQ\MLQHRHNiYiHEXGHQDGiOHSRXtYDWXULWpUR]tHQt
3tND]\:21
7D'21
7MVRXWHG\]iSRUQPLRGSRY PLQDY]YXY\MiGHQRXSR
DG StND]\'2D:,//-DNpMVRXDOHNODGQpRGSRY GL".ODGQRXRGSRY GtQD
StND]'2 Y]YXG OHM MHStND]:,// WMEXGX DQDRSDNNODGQRXRGSRY Gt
QDStND]:,// QDEtGNXEXGX MHStND]'2 WMG OHM 
,GHQWLILNDFHUR]tHQt
3tND]\:,//'2:21
7D'21
7VDP\RVRE MHW QHXUXMtMHGQXYHOPL
SRGVWDWQRXY FRMDNpNRQNUpWQtUR]tHQtVHMHGQi7RWRMHXUHQRDGDOtP
UR]OLXMtFtPSDUDPHWUHP YHVNXWHQRVWLtVHOQPNyGHPYUR]VDKXMHGQRKR
RVPLELWRYpKRE\WX NWHUQiVOHGXMHEH]SURVWHGQ ]DYODVWQtPLStND]\7DNH
QDStNODGQDEtGNDMHGQpVWUDQ\HEXGHGUXKpVWUDQ ]DML"RYDWY]GiOHQpHFKRVH
V\PEROLFN\]DSLVXMHMDNR
,$&:,//(&+2
DYHVNXWHQRVWLVHY\VtOiMDNRWURMLFHE\W$VKRGQRWDPLSRDG D NGH
MHNyGXYR]XMtFtKR]QDNX,$&MHNyGStND]X:,//DMHNyGUR]tHQtR
Y]GiOHQpHFKR 'UXKiVWUDQDYStSDG VRXKODVXRGSRYtVHNYHQFt
,$&'2(&+2
tVHOQ  DYStSDG QHVRXKODVXVHNYHQFt
,$&'21
7(&+2
tVHOQ  
2EGREQ SRDGDYHNMHGQpVWUDQ\DE\SURQLGUXKiVWUDQD]DML"RYDODY]GiOHQpHFKR
E\P OWYDU
,$&'2(&+2
tVHOQ  'UXKiVWUDQDDNFHSWXMHWXWRY]YXVHNYHQFt
,$&:,//(&+2
tVHOQ  UHVSRGPtWiMLSRPRFt
,$&:21
7(&+2
tVHOQ  $E\VH]DEUiQLORPRQpPX]DF\NOHQtNG\E\MHGQDVWUDQD
SRYDRYDODRGSRY GUXKpVWUDQ\]DQRYRXiGRVWMH]DYHGHQRQiVOHGXMtFtSUDYLGOR
QDiGRVWRSRXLWtWDNRYpKRUR]tHQtNWHUpMLMHSRXtYiQRVHQHRGSRYtGiQLMDN
3RHWDY]QDPMHGQRWOLYFKUR]tHQtQHQtSHGHPVWDQRYHQ1RYiUR]tHQtPRKRX
Y]QLNDWDVNXWHQ Y]QLNDMtQD]iNODG VNXWHQFKSRWHEDYYRMHYSRHWQt
WHFKQLN\3URMHMLFKNRRUGLQDFLYDNPXVtH[LVWRYDWMHGLQiFHQWUiOQtDXWRULWDNWHUiMLP
SLG OXMHMHMLFKtVHOQpNyG\7RXMHSDQ-RKQ3RVWHO]8QLYHUVLW\RI6RXWKHUQ
&DOLIRUQLDDXWRUPQRKDVWDQGDUG$,QWHUQHWXY\GiYDQFKYHIRUP W]Y5)&
GRNXPHQW$
3RGUREQ MtOLFLWDFH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
=Q NWHUFK]DMtPDYFKUR]tHQt NWHUpXYiGtWDEXOND VWRMt]D]PtQNXQDS
PRQRVWGRKRGQRXWVHQDSRXLWtNRQNUpWQtKRW\SXWHUPLQiOX VY WtPUHSHUWRiUHP
VFKRSQRVWtDPRQRVWtQHMDNpQDEt]t]iNODGQt197 9VRXDVQpGRE NG\MH
YHONiiVWWHUPLQiORYFKUHODFt]DML"RYiQDSURVWHGQLFWYtPWHUPLQiORYpHPXODFH YL]
GtO DStVOXQpHPXOiWRU\MVRXDVWRVFKRSQ\HPXORYDWYtFHU$]QFKWHUPLQiO$MH
GRNRQFHiGRXFtDE\VHRE VWUDQ\PRKO\GRKRGQRXWQDSRXLWtQHMYKRGQ MtKR
WHUPLQiOX
3URW\WR~HO\YDNMLQHQtYHQD]QDHQPHFKDQLVPXVGRVWDWHQ8PRXMH
SRX]HWRDE\VHRE VWUDQ\GRKRGO\QDWRPHVHY$EHFFKW Mt DXP Mt GRPORXYDWQD
W\SXWHUPLQiOX3RWpPXVtQiVOHGRYDWGUXKiIi]HOLFLWDFH YDQJOLWLQ R]QDRYDQi
MDNRVXEQHJRWLDWLRQ YUiPFLNWHUpVHMLPRKRXSRGUREQ MLGRPORXYDWQD
NRQNUpWQtFKSDUDPHWUHFK9StSDG YROE\W\SXWHUPLQiOXE\YUiPFLWpWRGUXKpIi]H
VORNDYUROLNOLHQWDSHGNOiGDODVORFHYUROLVHUYHUXMHGQRWOLYpW\S\WHUPLQiO$NWHUp
MHVFKRSQDHPXORYDWDVHUYHUE\VL]QLFKY\EtUDOWXNWHURXSRYDXMH]HVYpKR
SRKOHGX]DQHMYKRGQ Mt
2EGREQi~YDKDSODWtLSURMLQiUR]tHQtQDStNODGSURVWDQRYHQtYHOLNRVWLGLVSOHMH
NGHVHNRQNUpWQtSRHWiGHNQDVWUiQFHDSRHW]QDN$QDiGFHVG OXMHRS WYGUXKp
Ii]L VXEQHJRWLDWLRQ OLFLWDFH
.RQNUpWQtIRUPDWpWRGUXKpIi]HQHQtSHGHSViQDQHER"MHXUHQDDSRWHEDPL
StVOXQpKRUR]tHQt=iYD]QMHSRX]H]S$VRE]DMLW QtWUDQVSDUHQFHSRVORXSQRVW
]QDN$SHGiYDQFKYUiPFLGUXKpIi]HOLFLWDFHPXVtEWXYR]HQDtGtFtP]QDNHP
6% 6WDUWRI6XEQHJRWLDWLRQ D]DNRQHQD]QDNHP6( (QGRI6XEQHJRWLDWLRQ 2ED
W\WR]QDN\SLWRPPXVtEWVDP\SUHIL[RYiQ\]QDNHP,$&
6\PER]QDHQttVHOQNyGY]QDP
75$160,7%,1$5<SHQRVELWRYFK]QDN$ UHVSELQiUQtFKGDW
(&+2W]YY]GiOHQpHFKR YL]WH[W
67$786WRWRUR]tHQtXPRXMHDE\MHGQDVWUDQDY\VtODODGUXKp
VWUDQ LQIRUPDFHRVYpPXVWDYX W]YVWDWXV UHVSDE\VLMHGQDVWUDQD
Y\iGDODRGGUXKpLQIRUPDFHRMHMtPVWDYX
7(50,1$/7<3(GtN\WRPXWRUR]tHQtVH]~DVWQ QpVWUDQ\PRKRX
GRKRGQRXWQDW\SXSRXtYDQpKRWHUPLQiOX
1$:6 1HJRWLDWH$ERXW:LQGRZ6L]H WRWRUR]tHQtXPRXMH
]~DVWQ QPVWUDQiPGRKRGQRXWVHYHOLNRVWLGLVSOHMHWHUPLQiOX
7(50,1$/63(('REGREQ SURSHQRVRYRXU\FKORVWWHUPLQiOX
72**/()/2:&21752/WRWRUR]tHQtXPRXMH]~DVWQ QP
VWUDQiPG\QDPLFN\P QLW]S$VREt]HQtWRNX
(;7(1'('237,216/,67WRWRUR]tHQtMHYHVNXWHQRVWL
PHFKDQLVPHPSRPRFtNWHUpKRO]H]YLWSRHWPRQFKUR]tHQtQDG


GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7DEXOND3tNODG\UR]tHQtYLUWXiOQtKRWHUPLQiOX197SURWRNROX7(/1(7

3HQRVDVGtOHQtVRXERU$
9SRVOHGQtFKS WLGtOHFKWRKRWRVHULiOXMVPHVHSRGUREQ ML]DEYDOLSUYQt]
DSOLNDQtFKVOXHEYUiPFLVt"RYpKRPRGHOX7&3,3Y]GiOHQPSLKODRYiQtP
'QHVMLSLMGHQDDGXGDOtYHOPLSRWHEQiVOXEDSHQRVDVGtOHQtVRXERU$
6WHMQ MDNRYSHGFKR]tPStSDG VHDOHQHMSUYH]DP\VOtPHQDGWtPRFRYODVWQ
MGHDWHSUYHSDNVLXNiHPHMDNMHSHQRVVRXERU$DMHMLFKVGtOHQtNRQNUpWQ
HHQRY7&3,3VtWtFK
3UREOHPDWLNDSHQRVXDVGtOHQtVRXERU$YSRtWDRYFKVtWtFKPiVSROHQ]iNODGY
VLWXDFLNWHURXMHPRQpODSLGiUQ Y\MiGLWVORY\FKFHPHSUDFRYDWVHVRXERUHP
NWHUVHQDFKi]tQDMLQpPX]ORYpPSRtWDL%XPHDOHSHVQ MtREVDKVRXERUX
NWHUVHQDFKi]tQDMLQpPX]OXFKFHPH]SUDFRYiYDWQDQDHPSRtWDL1HS$MGHQiP
WHG\RWDNRYpHHQtNG\E\FKRPVHSURVWHGQLFWYtPY]GiOHQpKRSLKODRYiQtGRVWDOL
VHVYPSRtWDHPGRUROHWHUPLQiOXWRKRX]OXQDNWHUpPVHStVOXQVRXERU
QDFKi]tD]GHMHM]SUDFRYiYDOLMDNRPtVWQtVRXERU3HGVWDYPHVLQDStNODGH
FKFHPHHGLWRYDWQ MDNVRXERUSDNE\WDWRGUXKiYDULDQWDRGSRYtGDODVLWXDFLNG\
HGLWRUE tMDNRDSOLNDQtSURJUDPQDVWHMQpPSRtWDLQDNWHUpPVHQDFKi]tL
HGLWRYDQVRXERU1iPS$MGHRStSDGNG\FKFHPHSRXtYDWHGLWRUE tFtQDQDHP
SRtWDLDMHKRSURVWHGQLFWYtPHGLWRYDWREVDKVRXERUXNWHUVHQDFKi]tQD
Y]GiOHQpPSRtWDL
9tFHQiVREQStVWXS
HHQtSUiY QD]QDHQpKRSUREOpPXPiSLQHMPHQtPGY VWUiQN\7RXSUYQtMH
SHQRVFHOpKRVRXERUXLMHKRiVWt]PtVWDNGHVHQDFKi]tQDPtVWRNGHPiEW
]SUDFRYiQDHY]S W'UXKRXVWUiQNRXMHSDNRWi]NDYtFHQiVREQpKRStVWXSXN
MHGQRPXDWpPXVRXERUXWHG\HHQtVLWXDFHNG\VHRStVWXSNXULWpPXVRXERUX
XFKi]tYtFH]iMHPF$VRXDVQ 
9tFHQiVREQStVWXSVDPR]HMP QHQtVSHFLDOLWRXSRtWDRYFKVtWtSHVQ VWHMQ
SUREOpPWRWLQDVWiYiREHFQ XNDGpKRYtFHXLYDWHOVNpKRDGRNRQFHLMHQ
YtFH~ORKRYpKRV\VWpPX-HKRHHQtYSURVWHGtSRtWDRYFKVtWtVHQHPXVtQLMDN
SULQFLSLiOQ OLLWRGHHQtQDL]RORYDQFKSRtWDtFKMHVStHMHQ]WtHQRH[LVWHQFt
SHQRVRYFKFHVWVRPH]HQRXNDSDFLWRXD]SRG QtPLSLSHQRVX
3UR]DMLW QtNRUHNWQtKRYtFHQiVREQpKRStVWXSXNVRXERU$PH[LVWXMHFHOiDGD
WHFKQLNRGMHGQRGXFKpKRX]DP\NiQtFHOFKVRXERU$LMHMLFKMHGQRWOLYFKiVWtDSR
YHOPLSURSUDFRYDQpPHWRG\NWHUpPDMtVY$MS$YRGYSURVWHGtGLVWULEXRYDQFK
V\VWpP$
9WpWRiVWLVHULiOXVHYDNSUREOHPDWLNRXYtFHQiVREQpKRStVWXSX]DEYDW
QHEXGHPHD]DP tPHVHKODYQ QDYODVWQtSHQRVVRXERU$PH]LX]ORYPLSRtWDL
VtW 
7UDQVSDUHQWQtYVQHWUDQVSDUHQWQtStVWXS
3RWHEXMHPHOLQDMHGQRPSRtWDL]SUDFRYiYDWREVDKVRXERUXNWHUVHQDFKi]tQD
MLQpPX]ORYpPSRtWDLPXVtYG\GRMtWNSHQRVXWRKRWRVRXERUX LDOHVSRMHKR
iVWL WDPNGHPiEW]SUDFRYiQ([LVWXMtDOHGYD]iVDGQ RGOLQpStVWXS\NWRPX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NGRDMDNWHQWRSHQRVY\YROiYiMHGHQStVWXSP$HPHR]QDLWMDNRWUDQVSDUHQWQtD
GUXKMDNRQHWUDQVSDUHQWQt
1HWUDQVSDUHQWQtStVWXSMH]DORHQQDP\OHQFHHSHQRVVRXERU$EXGHSRQHFKiQ
SOQ QDNRQFRYpPXLYDWHOL.G\FKFHSUDFRYDWVQ MDNPVRXERUHPPXVtVLMHMViP
DH[SOLFLWQ  SRPRFtYKRGQpXWLOLW\NWHURXVL]DWtPWR~HOHPY\YROi QHMSUYHSHQpVW
QDVY$MSRtWDD]GHMHMSDN]SUDFRYDWVWHMQP]S$VREHPMDNRNWHUNROLMLQ
PtVWQtVRXERU DSDNMHM]DVHViPSHQpVW]S WSRNXGMHWR]DSRWHEt 9WRPWR
StSDG VLWHG\NRQFRYXLYDWHOSOQ XY GRPXMHHU$]QpVRXERU\VHQDFKi]tQD
U$]QFKSRtWDtFK GRNRQFHPXVtSHVQ Y G WNGH DWXGtSURQ MH[LVWXMH
SULQFLSLiOQtUR]GtOPH]LPtVWQtPLDY]GiOHQPLVRXERU\
$OWHUQDWLYRXMHWUDQVSDUHQWQtStVWXSNVRXERU$P7HQVHVQDtY\WYiHWLOX]LH
Y]GiOHQpVRXERU\VHQDFKi]tQDPtVWQtPSRtWDLVQDtVH]DNUWYHNHUpUR]GtO\PH]L
RE PDGUXK\VRXERU$DSHEtUiQDVHEHYHNHURXDJHQGXNWHUiMHVWtPWR
SHGVWtUiQtPVSRMHQD3URNRQFRYpKRXLYDWHOH LSURMtPVSRXW QRXDSOLNDFL VHSDNL
Y]GiOHQpVRXERU\WYitQDSURVWRVWHMQ MDNRVRXERU\PtVWQtDVWHMQ VHVQLPLL
SUDFXMH8LYDWHODMHKRDSOLNDFHVLSDNYODVWQ Y$EHFQHPXVtXY GRPRYDWH[LVWHQFL
SRtWDRYpVtW DMDNNROLGLVWULEXRYDQpKRSURVWHGtDWXGtDQLWRHU$]QpVRXERU\VH
PRKRXYHVNXWHQRVWLQDFKi]HWQDU$]QFKSRtWDtFK
=DMLW QtSOQ WUDQVSDUHQWQtKRStVWXSXNVRXERU$PMHVDPR]HMP PQRKHP
QiURQ MtQH]DMLW QtStVWXSXQHWUDQVSDUHQWQtKR6RXiVWtVt"RYpKRPRGHOX
7&3,3MVRXSURWRNRO\SURREDW\WRStVWXS\ SURWRNRO\)73D1)6 DP\VHEXGHPH
RE PD]QLFKSRGUREQ ML]DEYDW
-HW GtYHVLYDNDOHVSRQD]QDPHVMDNPLSULQFLSLiOQtPLSUREOpP\MHUHDOL]DFH
RERX]iNODGQtFKStVWXS$VSRMHQD1HMYtFHMLFKVDPR]HMP EXGHXWUDQVSDUHQWQtKR
StVWXSXMHKRLPSOHPHQWDFHMHQHMREWtQ MtPXVtEWWRWLVNU\WDSRGRSHUDQtP
V\VWpPHPNWHUQH]E\WQSHQRVDNWLYXMHYRNDPLNXNG\MHXLYDWHOHPLDSOLNDFt
SRiGiQR]DMLW QtStVWXSXNXULWpPXVRXERUXD]MLVWtHWHQWRYHVNXWHQRVWLQHQt
PtVWQt
3UREOpPMHYUR]GtOQRVWLRSHUDQtFKV\VWpP$
+ODYQt]GURMSUREOpP$SHGQiPLY\YVWDQHYRNDPLNXNG\VLXY GRPtPHH
StVWXSNVRXERU$PYSRtWDRYpVtWLP$HEW]DML"RYiQL]SURVWHGtU$]QFK
RSHUDQtFKV\VWpP$1DStNODGMHPRQp DSLGQHQtSRSXODULW RVREQtFKSRtWD$D
ORNiOQtFKVtWtLGRFHODE Qp DE\XLYDWHOSRtWDH3&VRSHUDQtPV\VWpPHP06
'26P OStVWXSNVRXERU$PNWHUpVHYHVNXWHQRVWLQDFKi]tQDMLQpPX]ORYpP
SRtWDLQDNWHUpPMHSURYR]RYiQQDStNODGRSHUDQtV\VWpP8QL[8NDPHVLGY
KODYQtREODVWLYHNWHUFKVHSRKOHGRERXRSHUDQtFKV\VWpP$QDVRXERU\YUD]Q OLt
MPpQDDStSRQ\06'26SLSRXWtPD[LPiOQ RVPL]QDNRYiMPpQDVRXERU$ D
Wt]QDNRYpStSRQ\ ]DWtPFR8QL[GRYROXMHSRXtYDWMHMPpQHFKLStSRQiFK]QDN$
YtFH NRQNUpWQtSRHW]iYLVtQDYDULDQW 8QL[X DQDYtFWRPRKRXEWLQ NWHUp
VSHFLiOQt]QDN\NWHUpQDRSDNY'26RYVNFKMPpQHFKDStSRQiFKStSXVWQpQHMVRX
'DOtUR]GtOMHYWRPH06'26QHUR]OLXMHYHONiDPDOiStVPHQD]DWtPFR8QL[
DQR2EHFQ SURWRSODWtHNDGpMPpQRDStSRQDStSXVWQpY06'26XMH
StSXVWQpLY8QL[XDOHQDRSDNQLNROL3LStVWXSXN8QL[RYVNPVRXERU$P]06
'26XMHSURWRQXWQpYKRGQ QDKUDGLWStSDGQiQHStSXVWQiMPpQD3L
QHWUDQVSDUHQWQtPStVWXSXMHPRQpY\HLWFHOSUREOpPYFHONXVQDGQR]GHVLWRWL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
XLYDWHOPXVt]DYRODWStVOXQRXXWLOLWXDMHMtPSURVWHGQLFWYtPH[SOLFLWQ ]DGiYDW
NWHUpVRXERU\FKFHSHQpVW3DNQHQtSUREOpPY\iGDWVLQDQ PLMPpQR StSXVWQp
SUR'26 SRGMDNPPiEW8QL[RYVNVRXERUSHQHVHQGRSURVWHGt06'26X3L
SOQ WUDQVSDUHQWQtPStVWXSXYDNWDNRYpWRHHQtQHQtPRQpDWDNPXVtEWYKRGQ
LPSOHPHQWRYiQDDXWRPDWLFNiWUDQVIRUPDFH8QL[RYVNFKMPHQVRXERU$QD
'26VRYVNi FRP$HEWYHONPRtNHPMDN]DMLVWLWMHGQR]QDQRVWQHEROLWRDE\
VHGY U$]Qi8QL[RYVNiMPpQDQHSURPtWODGRVWHMQpKR'26RYVNpKRMPpQD 
YODVWQLFWYtVRXERU$DStVWXSRYiSUiYD06'26MHMHGQRXLYDWHOVNRSHUDQt
V\VWpP3HGSRNOiGiHVQtPEXGHYG\SUDFRYDWMHQMHGHQXLYDWHONWHUpPXWDNp
EXGRXSDWLWYHFKQ\VRXERU\3URWRQHPi]DSRWHEtXYDRYDWHE\U$]QpVRXERU\
PRKO\PtWU$]QpPDMLWHOHDWLPRKOLStVWXSNHVYPVRERU$PMLQPXLYDWHO$PQ MDN
RPH]RYDW]WRKRWRSRKOHGXMHSt]QDQpH06'26SRMHPXLYDWHOHYODVWQ DQL
QH]Qi1DSURWLWRPX8QL[MHYtFHXLYDWHOVNPV\VWpPHPNWHUWXGtMHGQRWOLYp
XLYDWHOHUR]OLRYDWPXVtDXNDGpKRVRXERUXSHGSRNOiGiHQ NRPXSDWt WMH
NDGVRXERUPiVYpKRPDMLWHOH 0DMLWHOVRXERUXSDNP$HGHILQRYDWStVWXSRYi
SUiYDMLQFKXLYDWHO$NWRPXWRVRXERUX DVRE VDPRWQpPXWDNp $E\WDNQHPXVHO
LQLWSURNDGpKRLQGLYLGXiOQtKRXLYDWHOHVDPRVWDWQ MVRXY8QL[X]DYHGHQ\
VNXSLQ\XLYDWHO$DNDGXLYDWHOYG\GRQ MDNpVNXSLQ\SDWt.HNDGpPX
VRXERUXVHSDNH[SOLFLWQ GHILQXMtStVWXSRYiSUiYDSURYODVWQtNDVRXERUXSUR
VNXSLQXGRNWHUpYODVWQtNSDWtDSURRVWDWQtXLYDWHOH7DNWRMHPRQpVDPRVWDWQ
QDVWDYLWSUiYRNHWHQtVRXERUXSUiYRN]iSLVXGRQ M UHVSSHSLVX DSUiYRNH
VSXW Qt SURYHGHQtVSXVWLWHOQpKRSURJUDPX 
0iOLYDNEW8QL[RYVNVRXERUSHQHVHQGRSURVWHGt06'26XQHERQDRSDN
SRGOHHKRVHEXGHNRQWURORYDWRSUiYQ QRVWStVWXSXNWRPXWRVRXERUX"7HQNGR]
06'26XY]QitVY$MSRDGDYHNQDStVWXSNVRXERUXMHYODVWQ DQRQ\PQt NG\
06'26SRMHPXLYDWHOHQH]Qi 9StSDG QHWUDQVSDUHQWQtKRStVWXSX]HVWUDQ\06
'26XMHHHQtRS WYFHONXMHGQRGXFKpStVOXQiXWLOLWD DSOLNDQtSURJUDP QD
VWUDQ '268VHP$HVYpKRXLYDWHOHY\SWDWMPpQHPNRKRPiY]QpVWVY$M
SRDGDYHNQDVWUDQ 8QL[X WMY\iGiVL8QL[RYVNpXLYDWHOVNpMPpQR 3RGOHWRKRWR
MPpQDVHSDNSRVX]XMHRSUiYQ QRVWStVWXSNStVOXQpPXVRXERUX-DNWRDOHXG ODWY
StSDG SOQ WUDQVSDUHQWQtKRStVWXSX"=GHSLSDGiY~YDKXYSRGVWDW MHQMHGLQi
PRQRVW8QL[RYVNpXLYDWHOVNpMPpQR DKHVOR VLY\iGDWSHGHPDYHFKQ\
QiVOHGQpSRDGDYN\ NWHUpMLMVRXJHQHURYiQ\EH]StPpKRY GRPtXLYDWHOH 
Y]QiHWWtPWRMPpQHP
-DNVHWRNRQNUpWQ G OiNWRPXVHYDVGRVWDQHPH

)73,
9PLQXOpPGtOXMVPHVLQD]QDLOLHSHQRVDVGtOHQtVRXERU$YSRtWDRYFK
VtWtFKP$HEWHHQRGY PDSULQFLSLiOQ RGOLQPL]S$VRE\WUDQVSDUHQWQ D
QHWUDQVSDUHQWQ 'QHVVHMLGRVWDQHPHNWRPXMDNMHYVt"RYpPPRGHOX7&3,3
]DML"RYiQQHWUDQVSDUHQWQtSHQRVWHG\NSURWRNROX)73
1HMSUYHVLDOH]QRYX]RSDNXMPHYHPMHUR]GtOPH]LWUDQVSDUHQWQtPD
QHWUDQVSDUHQWQtPHHQtPYStSDG QHWUDQVSDUHQWQtKRStVWXSXVLXLYDWHOSOQ
XY GRPXMHUR]GtOPH]LPtVWQtPLVRXERU\DVRXERU\QDY]GiOHQpPSRtWDLDPXVtVH
ViPDH[SOLFLWQ VWDUDWRMHMLFKSHQRV]DWtPFRYStSDG QHWUDQVSDUHQWQtKRStVWXSX
PtVWQtDY]GiOHQpVRXERU\VSOYDMtSURXLYDWHOHPH]LQLPLQHQtiGQSULQFLSLiOQt

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UR]GtODYHNHURXDJHQGXVSRMHQRXVSHGVWtUiQtPWpWRLOX]HQDVHEHSHEtUiVt"RY
VRIWZDUHDRSHUDQtV\VWpP
0LQXOHMVPHVHMLWDNp]PtQLOLRWRPHVt"RYPRGHO7&3,3SDPDWXMHQDRE
YDULDQW\3URQHWUDQVSDUHQWQtYDULDQWXQDEt]tKQHGGYDSURWRNRO\SURWRNRO)73 )LOH
7UDQVIHU3URWRFROGRVORYDSURWRNROSURSHQRVVRXERU$ NWHUO]HR]QDLWMDNR
SOQRKRGQRWQY\EDYHQPQRVWYtPU$]QFKVFKRSQRVWtDIXQNFtDGiOHPQRKHP
MHGQRGXtSURWRNRO7)73 7ULYLDO)LOH7UDQVIHU3URWRFRO SRVN\WXMtFtMHQ]iNODGQt
IXQNFHDOH]DWRLPSOHPHQWDQ MHGQRGXtDDVWRLU\FKOHMt1DHSRYtGiQt
]DQHPHILORVRILtSURWRNROX)73
)73MHVWDUtQH7&3,3
1DSURWRNROX)73MHGREHSDWUQMHGHQY]QDQU\VFHOpKRVt"RYpKRPRGHOX
7&3,3WRWLVNXWHQRVWHQHY]QLNOQDUi]RG]HOHQpKRVWROXDOHSRVWXSQP
YYRMHPD]GRNRQDORYiQtP-DNMVPHVLXYHGOLMLYHGtOXWRKRWRVHULiOXSURWRNRO\
7&3,3]tVNDO\VYRXGQHQtSRGREX]KUXEDYOHWHFKDDGRVtW
$53$1(7VH]DDO\SURVD]RYDWSLEOLQ RGURNXNG\VH]$53$1(7X
SRVWXSQ VWiYi]iURGHNGQHQtKR,QWHUQHWX3UYQtYHU]HSURWRNROX)73SUR
QHWUDQVSDUHQWQtSHQRVVRXERU$YDNSRFKi]tML]URNXDRGWpGRE\SUROD
GORXKPYYRMHPSRGSRURYDQPLURNRXGLVNXVtXLYDWHOVNpYHHMQRVWL2G]DiWNX
RVPGHViWFKOHWNG\LSURWRNRO)73SHHOQDSRXtYiQtWUDQVSRUWQtKRSURWRNROX7&3
PtVWRS$YRGQtKRWUDQVSRUWQtKRSURWRNROX1&3VtW $53$1(7 VHDOHML]iVDGQ ML
QHP QLO
6SUiYQp]DVD]HQtSURWRNROX)73GRKLVWRULFNpKRUiPFHQiPSRP$HVQi]HSRFKRSLW
Q NWHUpMHKRNRQFHSQtU\V\
-DNVH)73Y\URYQiYiVU$]QRURGRVWt
-LPLQXOHMVPHVLQD]QDLOLHSHQRVDVGtOHQtVRXERU$PH]LU$]QPLX]ORYPL
SRtWDLP$HQDUiHWQDPQRKpSUREOpP\8Ni]DOLMVPHVLQ NWHUp]QLFKNWHUp
Y\SOYDMt]RGOLQpKRSRKOHGXU$]QFKRSHUDQtFKV\VWpP$QDVRXERU\DWRQD
QRYRGREpPStNODGX8QL[XD06'26X9GRE NG\NRQFHSFHSURWRNROX)73
Y]QLNDODDXWYiHODVHYDNH[LVWRYDO\MHW PQRKHP]iNODGQ MtUR]GtO\PH]L
MHGQRWOLYPLSRtWDLQ NWHUp]QLFKSRXtYDO\RVPLELWRYpE\W\DELWRYiVORYD
]DWtPFRMLQpE\WRYiVORYD1 NWHUpSUDFRYDO\VWH[WHPWDNHMHKRMHGQRWOLYp
]QDN\XNOiGDO\GRELWRYFKE\W$YNyGX(%&',& ]HMPpQDVWHGLVNRYpSRtWDH
,%0 QHERYNyGX$6&,,]DWtPFRMLQpXNOiGDO\]QDN\SRWYHLFtFKGRELWRYFK
VORY NDG]QDNGRELW$ DMHW MLQpMLFKGRELWRYFKVORYQDFSDO\DS W
NDG]QDNGRVHGPLELW$ 1 NWHUpSRtWDHSLWRPXPLV"RYDO\MHGQRWOLYpiGN\
WH[WXGR]i]QDP$ UHFRUGV SHYQpGpON\]DWtPFRMLQpFKiSDO\WH[WMDNROLQHiUQt
SRVORXSQRVWMHGQRWOLYFK]QDN$OHQ QRXYORHQPL]QDN\SURSHFKRGQDQRYRX
iGNX
3URWRNRO)73VHY\URYQiYiVHYHPLW PLWRRGOLQRVWPLYSRGVWDW MHGLQPPRQP
]S$VREHP]DYiGtMHGQRWQWYDUYHNWHUpPMVRXGDWDVNXWHQ SHQiHQDDSRQHFKiYi
QDRERXNRQFRYFK~DVWQtFtFKDE\]DMLVWLOLYHNHUpSRWHEQpSHYRG\]GRPtVWQtFK
NRQYHQFt
=iURYHDOHSURWRNRO)73Y\FKi]tYVWtFLStSDG$PNG\E\MHGLQDQHP QQ
SHQRVRYWYDUE\OQHHIHNWLYQtDXPRXMHMHMYXULWpPUR]PH]tDSRGRKRG RERX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VWUDQP QLW9SRGVWDW O]HtFLHWHQWRSHQRVRYWYDUPiWLVWXSQ YROQRVWLUHLP
SHQRVXVWUXNWXUXVRXERU$DUHSUH]HQWDFLGDW
5HSUH]HQWDFHGDW
3LYODVWQtPSHQRVXMVRXYHNHUiGDWDSHQiHQD]iVDGQ MDNRELWRYpE\W\
3URWRNRO)73YDNSRtWiVWtPHSRtWDHQDNWHUFKMVRXWDWRGDWDXFKRYiYiQD
PRKRXSRXtYDWMLQpNRQYHQFHQDStNODGELWRYiVORYDMLQ]S$VREXNOiGiQt
MHGQRWOLYFK]QDN$GRFHOFKVORY YL]YH MLQ]QDNRYNyGQH$6&,,DSRG=
WRKRWRG$YRGXPXVtEWQDVWUDQ StMHPFHDQHERRGHVLODWHOH]DML"RYiQ\SRWHEQp
NRQYHU]H-HMLFKSURYiG QtRYHPY\DGXMHDE\RE VWUDQ\Y G O\FRVLYODVWQ PH]L
VHERXSHQit]GDMGHRWH[WVORHQ]MHGQRWOLYFK]QDN$QHER]GDMGHRELQiUQt
GDWDNWHUiPDMtEWFKiSiQDMDNROLQHiUQtSRVORXSQRVWELW$QHER]GHMGHQDStNODGR
SHQRVMHGQRWOLYFKE\W$QHVWDQGDUGQtYHOLNRVWL QDSGHYtWLELWRYFKE\W$ 
3URWRNRO)73LPSOLFLWQ SHGSRNOiGiHSHQiHQiGDWDSHGVWDYXMt$6&,,WH[W7HQ
VHSDNVNXWHQ SHQitYWRPIRUPiWXNWHUSUR$6&,,WH[WSRDGXMHSURWRNRO7HOQHW
YL]GtO -HGQRWOLYp]QDN\MVRXWHG\SHQiHQ\MDNRELWRYpDiGN\MVRX
RGG ORYiQ\GYRMLFt]QDN$&5/)2GHVLODWHOSURWRPXVtSHYiG WMHGQRWOLYp]QDN\]
WDNRYpKRNyGXD]S$VREX]REUD]HQtMDNSRXtYiMHKRSRtWDQDSUiY SRSVDQ
SHQRVRYWYDU WMSHYiG WMHGRNyGX$6&,,XNOiGDWSRMHGQRPGRRVPLELW$D
SHFKRG\QDQRYpiGN\UHSUH]HQWRYDWGYRMLFt]QDN$&5D/) $QDORJLFN\VHPXVt
FKRYDWLStMHPFH
3URWRNRO)73YDNXPRXMHDE\VHRE VWUDQ\GRKRGO\QDMLQpPY]QDPX
SHQiHQFKGDW0RQRVWLMVRXQiVOHGXMtFt
WH[WYNyGX(%&',& SHQiHQiGDWDMVRXWYRHQDMHGQRWOLYPL]QDN\W\WRMVRX
RS W]Qi]RUQ Q\YELWHFKDOHSURMHMLFKNyGRYiQtMHPtVWR]QDNRYpKRNyGX$6&,,
SRXLW]QDNRYNyG(%&',& 7DWRYDULDQWDY\FKi]tYVWtFSHQRV$PWH[W$PH]L
VWHGLVNRYPLSRtWDL,%0NWHUpSRXtYDMtSUiY ]QDNRYNyG(%&',&DHOLPLQXMH
WDNGYRMtNRQYHU]LNDGpKR]QDNX
ELQiUQtGDWD W]YLPDJHW\SH 9WRPWRStSDG RE VWUDQ\FKiSRXSHQiHQiGDWD
MDNRVSRMLWRXSRVORXSQRVWELW$NWHUpMVRXOHQ Q\QDELWRYpE\W\MHQSURSRWHE\
YODVWQtKRSHQRVX
E\W\QHVWDQGDUGQtYHOLNRVWL W]YORFDOE\WH 9WRPWRStSDG P$HRGHVLODWHO
VWDQRYLWMDNYHONpE\W\ViPSRXtYiDGiWStMHPFLPRQRVWVHWRPXSL]S$VRELW
1DStNODGSRtWDNWHUSUDFXMHVELWRYPLVORY\P$HQDWXWRVNXWHQRVW
XSR]RUQLWStMHPFHDWHQSDNP$HQDStNODGXNOiGDWMHGQRWOLYiELWRYiVORYDGR
GYRXELWRYFKVORYDSRG=GHMHRYHPWHEDVLXY GRPLWHMGHMHQRORJLFNRX
YHOLNRVWE\WXNWHUiVORXtRE PDVWUDQiPMDNRYRGtWNRSURSURYiG QtSRWHEQFK
NRQYHU]t1DVWDYHQtQHVWDQGDUGQtYHOLNRVWLE\WXQHPiiGQYOLYQDVNXWHQRVWH
YODVWQtGDWDMVRXGRRSUDYG\SHQiHQDYELWRYFKE\WHFK
6WUXNWXUDVRXERU$
'DOtRGOLQRVWtVHNWHURXVHSURWRNRO)73PXVHOY\URYQDWMHUR]GtOQSRKOHGQDWR
MDNMHVRXERUYQLWQ OHQ Q=GDMHQDStNODGSRYDRYiQ]DOLQHiUQtSRVORXSQRVWE\W$
QHERMHOHQ QQDVHNYHQQt]i]QDP\ UHFRUGV QHER]GDMHWYRHQQDY]iMHP
QH]iYLVOPLVWUiQNDPLNWHUpMVRXRSDWHQ\LQGH[\DPRKRXY\WYiHWQHVSRMLW
VRXERU

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9WpWRVRXYLVORVWLMHRS WWHEDPtWQDSDP WLHU$]QpV\VWpP\PRKRXSURMHGHQD
WHQWGUXKVRXERUXSRXtYDWMLQRXYQLWQtVWUXNWXUXQDStNODGWH[W\VHQDY WLQ
SRtWD$XFKRYiYDMtYWH[WRYFKVRXERUHFKWYRHQFKOLQHiUQtSRVORXSQRVWt
MHGQRWOLYFK]QDN$ E\W$ DOHQDStNODGQDVWHGLVNRYFKSRtWDtFK,%0MVRX
WH[WRYpVRXERU\RUJDQL]RYiQ\MDNRSRVORXSQRVWL]i]QDP$SHYQpGpON\,]GHSDN
PXVtQDVWRXSLWYKRGQpNRQYHU]HQDMHGQpVWUDQ LQDRERXVRXDVQ DOHRS WSODWt
]iVDGDHNDGPXVtY G WFRVHYODVWQ SHQit
3RNXGQHQtHHQRMLQDNSURWRNRO)73LPSOLFLWQ SHGSRNOiGiHSHQiHQVRXERU
QHPiiGQRXYQLWQtVWUXNWXUXDMHWYRHQOLQHiUQtSRVORXSQRVWtMHGQRWOLYFK
GDWRYFKE\W$ WDWRPRQRVWMHR]QDRYiQDMDNRILOHVWUXFWXUH 'DOtPRQRVWLQD
NWHUFKVHPRKRX]~DVWQ QpVWUDQ\GRKRGQRXWMHVRXERUOHQ QQDVHNYHQQt
]i]QDP\ UHFRUGVWUXFWXUH DVRXERUOHQ QQDVWUiQN\ SDJHVWUXFWXUH 
5HLPSHQRVX
7HWtPVWXSQ PYROQRVWLMHUHLPSHQRVXGDW'$YRGHPSUR]DYHGHQtYtFHU$]QFK
UHLP$E\OD]HMP VQDKDY\URYQDWVHVQHGRNRQDORVWtDRPH]HQRXNDSDFLWRX
SHQRVRYFKFHVW3URWRNRO)73WRWLXPRXMHSURYiG WLXULWRXNRPSUHVL
SHQiHQFKGDWDWDNp]RWDYLWVH]YSDGNXVSRMHQtYSU$E KXSHQRVXDSRREQRYHQt
VSRMHQtYQ PSRNUDRYDW
,PSOLFLWQtUHLPSHQRVX R]QDRYDQMDNRVWUHDPPRGH MHWDNRYNG\SHQiHQi
GDWDMVRXFKiSiQDMHQMDNRVSRMLWSURXG VWUHDP E\W$DMDNRWDNRYiMVRXWDNp
SHQiHQD
-HRYHPPRQ ]YROLWLMLQUHLP EORNRYUHLPEORFNPRGH SLNWHUpPMVRX
SHQiHQiGDWDOHQ QDGREORN$DNDG]QLFKMHRSDWHQKODYLNRX NWHUiREVDKXMH
PM~GDMRGpOFHEORNXSt]QDNSRVOHGQtKREORNXDSRG 9WRPWRUHLPXMHSDN
PRQpYNOiGDWPH]LEORN\REVDKXMtFtYODVWQtGDWDLPDOpVSHFLiOQtEORN\
LGHQWLILNRYDQpSt]QDNHPYHVYpKODYLFH NWHUpYHVNXWHQRVWLVORXtMDNR]iORN\
NRQWUROQtERG\ 3RYSDGNXVSRMHQtDMHKRQiVOHGQpPREQRYHQtMHSDNPRQpY\XtW
H[LVWHQFHW FKWR]QDHNNLQGLNDFLPtVWDRGNXGPiEWSHUXHQSHQRVRSDNRYiQ
7HWtPPRQPUHLPHPSHQRVXMHW]Y]KXW QUHLP FRPSUHVVHGPRGH SL
NWHUpPMVRXSHQiHQiGDWDNRPSULPRYiQD1HMGHYDNRiGQRXSURSUDFRYDQRXD
HIHNWLYQtNRPSUHVQtWHFKQLNXMDNp]QiPH]HVRXDVQpGRE\DOHMHQRSRXKRX
HOLPLQDFL]QDN$NWHUpVHRSDNXMtQ NROLNUiW]DVHERX W\SLFNPStNODGHPMVRX
SRVORXSQRVWLPH]HUYWH[WRYFKVRXERUHFK 7DNRYiWRSRVORXSQRVWVWHMQFK]QDN$MH
SURSRWHE\SHQRVXQDKUD]HQDSRX]HMHGQtPH[HPSOiHPStVOXQpKR]QDNXD~GDMHP
RWRPNROLNUiWVHYRULJLQiOHRSDNXMH

)73,,
9SHGFKR]tPGtOXMVPHVH]DDOL]DEYDWNRQNUpWQtPLYODVWQRVWPLSURWRNROX
)73NWHUPiYURGLQ SURWRNRO$7&3,3QDVWDURVWLQHWUDQVSDUHQWQtSHQRV
VRXERU$3LWRPMVPHVHY QRYDOLKODYQ ]S$VREXMDNPVHWHQWRSURWRNRO
Y\URYQiYiVRGOLQRVWPLU$]QFKSRtWD$DMHMLFKRSHUDQtFKV\VWpP$YSRKOHGX
QDVRXERU\MHMLFKYQLWQtVWUXNWXUXDYODVWQtREVDK'QHVVHMLGRVWDQHPHN
WRPXMDNSHQRVVRXERU$SRGOHSURWRNROX)73YSUD[LSUREtKiNPMH
LQLFLRYiQNPMHt]HQMDNPLStND]\DWG

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
,PSOHPHQWDFHSURWRNROX)73Y\FKi]t]DUFKLWHNWXU\NOLHQWVHUYHUNWHURXMVPHVL
SLEOtLOLMLYGtOXVHULiOX3HGSRNOiGiWHG\H[LVWHQFLGYRXQDY]iMHP
QHURYQRSUiYQFKVORHNNOLHQWDDVHUYHUX6ORNDYUROLNOLHQWDMHLQLFLiWRUHP]
MHKRSRSXGXNSHQRV$PVRXERU$GRFKi]tDVHUYHUMHGUXKRXVWUDQRXNWHUiSLWRP
VSROXSUDFXMH6HUYHUWHG\QDEt]tMDNRVYRXVOXEXVSROXSUiFLQDSHQRVXVRXERU$D
NOLHQWMHWtPNGRRWXWRVOXEXiGi7\SLFN\MHVORNDYUROLNOLHQWDSHGVWDYRYiQD
DSOLNDQtPSURJUDPHPNWHUVLXLYDWHOVSRXWtQDVYpPSRtWDLDVORNDYUROL
VHUYHUXGpPRQHP )73GpPRQHPYSURVWHGt8QL[XUHVSREGREQPV\VWpPRYP
SURFHVHPYMLQpPSURVWHGt QDWRPSRtWDL]HNWHUpKRLQDNWHUXLYDWHOFKFH
SHQpVWQ MDNVRXERU9ODVWQtVP USHQRVX RGVHUYHUXNHNOLHQWRYLLQDRSDN
SLWRPQHQtSURUR]OLHQtRERXVORHNUHOHYDQWQt
7UYDOHMHQQH]E\WQpPLQLPXP
3URWRNRO)73Y\FKi]tYVWtFWDNRYpPX]S$VREXLPSOHPHQWDFHNWHUVHVQDt
PLQLPDOL]RYDWVYpQiURN\QDU$]QpV\VWpPRYpSURVWHGN\XPRXMHiGDWRMHMLFK
SLG OHQtDQD]iNODG VNXWHQpSRWHE\DSRMHMLFKSRXLWtMH]DVHYUiWLW.RQNUpWQt
P\OHQNDMHWDNRYiHSRFHORXGREXNRPXQLNDFHPH]LNOLHQWHPDVHUYHUHP WHG\SR
FHORXGREXH[LVWHQFHUHODFHPH]LQLPL PXVtH[LVWRYDWMHQWRFR]DML"XMHY\VtOiQtD
StMHPQHMU$]Q MtFKStND]$DRGSRY GtQDQ PH]LNOLHQWHPDVHUYHUHP]DWtPFR
YHFKQRRVWDWQtFRMHSRWHEDSURYODVWQtSHQRVGDWP$HY]QLNDWG\QDPLFN\DQD
]iNODG VNXWHQpSRWHE\
7pWRSHGVWDY RGSRYtGiLYQLWQtOHQ QtVORHNYUROLNOLHQWDDVHUYHUXLSRYDKD
NRPXQLNDQtFKNDQiO$PH]LQLPLYL]REU
,QWHUSUHWSURWRNROXDSHQRVRYSURFHV
7DiVWVORN\YUROLNOLHQWDNWHUiH[LVWXMHWUYDOH UHVSSRFHORXGREXSUiFHV
DSOLNDFtNWHUiSURWRNRO)73LPSOHPHQWXMH MHW]YLQWHUSUHWSURWRNROX 3,3URWRFRO
,QWHUSUHWHU -HKR~NROHPMHQHMSUYHQDYi]DWVSRMHQtVSDUWQHUVNPLQWHUSUHWHP
SURWRNROXQDVWUDQ VHUYHUXDSRWpLQLFLRYDWMHGQRWOLYpDNFHDtGLWMHMLFKSU$E KLQt
WDNSURVWHGQLFWYtPStND]$NWHUp]DVtOiVYpPXSDUWQHUVNpPXLQWHUSUHWXSURWRNROXQD
VWUDQ VHUYHUXDGiOHWtPHQDVYpVWUDQ G\QDPLFN\Y\WYitDtGtW]YSHQRVRY
SURFHV '73'DWD7UDQVIHU3URFHVV NWHUSDN]DML"XMHYODVWQtSHQRVGDWQD
]iNODG SRN\Q$RGVYpKRLQWHUSUHWXSURWRNROXDSRN\Q$GUXKpVWUDQ\
3,2%5B7,)
2EU3HGVWDYDVORHNYUROLNOLHQWDDVHUYHUXSURWRNROX)73
tGtFtDGDWRYpVSRMHQt
,QWHUSUHWSURWRNROXQDVWUDQ NOLHQWDQDYD]XMHVSRMHQtVHVYPSDUWQHUVNP
LQWHUSUHWHPQDVWUDQ VHUYHUXSURVWHGQLFWYtPSURWRNROX7&3WR]QDPHQiHVSRMHQt
PH]LRE PDLQWHUSUHW\PiSRYDKXVSRMRYDQpKRDVSROHKOLYpKRVSRMHQt,QWHUSUHWQD
VWUDQ VHUYHUXPXVtHNDWQDiGRVWRQDYi]iQtVSRMHQtQDMHGQRP]W]YGREH
]QiPFKSRUW$ NRQNUpWQ QDSRUWX -DNPLOHMHVSRMHQtQDYi]iQRH[LVWXMHSR
FHORXGREXH[LVWHQFHUHODFHDOHMHY\XtYiQRMHQSURSURSRWHE\t]HQtWpWRUHODFH
SURWRVHPXWDNptNitGtFtVSRMHQt FRQWUROFRQQHFWLRQ 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-DNPLOHVLREDLQWHUSUHW\PH]LVHERXY\NRUHVSRQGXMtHPiEWSURYHGHQQ MDN
SHQRVY\WYRt]DWtPWR~HOHPVYpSHQRVRYpSURFHV\7\VLSDNPH]LVHERXQDYit
VDPRVWDWQpVSRMHQt RS WSURVWHGQLFWYtPSURWRNROX7&3WHG\VSROHKOLYpD
VSRMRYDQp DMHKRSURVWHGQLFWYtPSDN]DMLVWtYODVWQtSHQRVGDW3URWRVHWRPXWR
VSRMHQtWDNptNiGDWRYpVSRMHQt GDWDFRQQHFWLRQ =DSRYLPQXWtVWRMtVNXWHQRVW
H]DWtPFRQDYi]iQttGtFtKRVSRMHQtLQLFLXMHNOLHQW SHVQ MLLQWHUSUHWSURWRNROXQD
VWUDQ NOLHQWD SRYLQQRVWLQLFLRYDWQDYi]iQtGDWRYpKRVSRMHQtPiQDRSDNVHUYHU UHVS
MHKRSHQRVRYSURFHV ,QWHUSUHWSURWRNROXQDVWUDQ NOLHQWDQDRSDNLQVWUXXMHVY$M
SHQRVRYSURFHVDE\HNDOQD]DGDQpPSRUWXQDQDYi]iQtVSRMHQt
3URWRNRO)73RYHPSLSRXWtLMLQRXPRQRVWQHMHQSHQRVVRXERU$PH]LMHGQtP
NOLHQWHPDMHGQtPVHUYHUHP'RYROXMHDE\XLYDWHO]MHGQRKRSRtWDHLQLFLRYDO
SHQRVVRXERU$PH]LGY PDMLQPLSRtWDL WHG\PH]LGY PDY]GiOHQPLSRtWDL 
9WRPWRStSDG H[LVWXMHVORNDYUROLNOLHQWDQDSRtWDLQDNWHUpPSUDFXMHXLYDWHO
DQDRERXY]GiOHQFKSRtWDtFKPXVtH[LVWRYDWVORN\YUROLVHUYHUXtGtFtVSRMHQt
PXVtEWQDYi]iQDGY DWRPH]LLQWHUSUHWHPSURWRNROXNOLHQWVNpVORN\DLQWHUSUHW\
RERXVHUYHU$DMHMLFKSURVWHGQLFWYtPLQVWUXXMHNOLHQWREDVHUYHU\MDNPDMt]DMLVWLW
SRDGRYDQSHQRV'DWRYpVSRMHQtMHSDNDOHY\WYiHQRMHQPH]LRE PDVHUYHU\WM
YODVWQtGDWDMLQHSURFKi]tSHVNOLHQWVNSRtWD
3tND]\SURt]HQtSHQRVX
,QWHUSUHW\SURWRNROXQDVWUDQ NOLHQWDDVHUYHUXVSROXNRPXQLNXMtSURVWHGQLFWYtP
MD]\NDNWHUMHVRXiVWtGHILQLFHSURWRNROX)737HQWRMD]\NMHWYRHQStND]\ NWHUp
Y\VtOiLQWHUSUHWNOLHQWD DRGSRY PLQDQ  NWHUpY\VtOiLQWHUSUHWVHUYHUX -HGQRWOLYp
StND]\O]HUR]G OLWGRWt]iNODGQtFKVNXSLQQD
StND]\SURt]HQtStVWXSX DFFHVVFRQWUROFRPPDQGV XPRXMtPM]DGDW
XLYDWHOVNpMPpQRDKHVORNWHUpSDNVORNDYUROLVHUYHUXEXGHSRXtYDWSLYHFK
QiVOHGQFKSRDGDYFtFKQDStVWXSNVRXERU$P YL]WpGtO
StND]\SURQDVWDYHQtSDUDPHWU$SHQRVX WUDQVIHUSDUDPHWHUFRPPDQGV NWHUp
XPRXMtQDStNODG]P QLWLPSOLFLWQttVODSRUW$SRXtYDQFKSLQDYD]RYiQt
GDWRYpKRVSRMHQtQDVWDYLWUHLPSHQRVXVWDQRYLWUHSUH]HQWDFLGDWLVWUXNWXUX
SHQiHQpKRVRXERUX YL]PLQXOGtOVHULiOX 
YNRQQpStND]\ )73VHUYLFHFRPPDQGV NWHUpLQLFLXMtYODVWQtSHQRV\VRXERU$D
PDQLSXODFLVQLPL SHMPHQRYiYiQtUXHQt SUiFLVDGUHViL SHFKRG\QD
SRGDGUHViLQDQDGD]HQDGUHVi YSLV\REVDKXDGUHViH YODVWQtYSLVMHSDN
SHQiHQSURVWHGQLFWYtPGDWRYpKRVSRMHQt DSRG
2GSRY GL
.DGStND]JHQHUXMHDOHVSRMHGQXRGSRY  Q NWHUpGRNRQFHYtFHRGSRY Gt 
-HGQRWOLYpRGSRY GLSLWRPPDMtIRUPXtVHOQFKNyG$WURMPtVWQFKGHVtWNRYFK
tVHO]DNWHUPLQiVOHGXMHY\VY WOXMtFtWH[W3HGVWDYDMHRYHPWDNRYiH
UR]KRGXMtFtMVRXSRX]HtVHOQpNyG\NWHUpYVRE QHVRXYHNHURXSRGVWDWQRX
LQIRUPDFL]DWtPFRWH[WPiSRX]HY\VY WOXMtFtFKDUDNWHUDMHKRREVDKQHQtQDYtF
Y$EHF]iYD]Q WMU$]QpLPSOHPHQWDFHPRKRXNHVWHMQpPXtVHOQpPXNyGX
SLSRMRYDWU$]QpY\VY WOXMtFtWH[W\ /RJLNDMHWDNRYiHtVHOQNyGMHXUHQSUR
SURJUDPNWHURGSRY GLY\KRGQRFXMH7HQP$HSRGOHVYpKRXYiHQtY\VY WOXMtFt
WH[WMHGQRGXHLJQRURYDWQHERMHM]REUD]LWXLYDWHOLDE\LRQE\OSURQ M
VUR]XPLWHOQRXIRUPRXLQIRUPRYiQRRGSRY GtFKVHUYHUX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
=DMtPDYMHL]S$VRENyGRYiQttVHOQFKRGSRY GtNWHUY\FKi]tYVWtFU$]Qp~URYQL
GHWDLOQRVWLSLY\KRGQRFRYiQtRGSRY GttVHOQNyGMHWURMPtVWQDMHKRSUYQt
tVOLFHXGiYiWR]GDRGSRY MHGREUiSDWQiLQH~SOQi YL]WDEXOND 
1HMMHGQRGXtLPSOHPHQWDFHVHSDNPRKRXUR]KRGRYDWMHQSRGOHWpWRSUYQttVOLFH
]DWtPFRSURSUDFRYDQ MtLPSOHPHQWDFHPRKRX]tVNDWSRGUREQ MtLQIRUPDFH
Y\KRGQRFHQtPGUXKpHYLWHWttVOLFH
[[SHGE QiNODGQiRGSRY 
 SRDGRYDQiDNFHE\OD~VS Q ]DKiMHQD
MHW EXGHQiVOHGRYDWGDOt]SUiYDRMHMtPSU$E KX
[[NODGQiRGSRY 
 SRDGRYDQiDNFHE\OD~VS Q SURYHGHQDUHVS
GRNRQHQD
[[SUR]DWtPQtNODGQiRGSRY 
 StND]E\OSLMDWDOHSUR]DKiMHQtSRDGRYDQpDNFHMVRXQXWQpMHW GDOt
StND]\
[[GRDVQi]iSRUQiRGSRY 
 SRDGRYDQiDNFHQHE\OD~VS Q SURYHGHQDDOHG$YRGQH~VS FKXMHGRDVQD
PiVP\VOiGDWRQRYpSURYHGHQtDNFH
[[WUYDOi]iSRUQiRGSRY 
 SRDGRYDQiDNFHQHE\OD~VS Q SURYHGHQDDQHPiVP\VOVHRQLSRNRXHW
]QRYX
7DEXOND9]QDPSUYQttVOLFHRGSRY GL
)73SRXtYi7HOQHW
=DSRYLPQXWtVWRMtLNRQNUpWQtIRUPDYMDNpMVRXMHGQRWOLYpStND]\DRGSRY GLQD
Q SHQiHQ\tGtFtPVSRMHQtP3tND]\LRGSRY GLPDMt]iVDGQ WH[WRYRXIRUPX
MPpQDStND]$WYRtWtDW\StVPHQQp]NUDWN\DWDNptVHOQiiVWRGSRY GLMH
SHQiHQDWH[WRY  MDNRWURMLFHGHVtWNRYFKtVOLF 9]KOHGHPNWRPXVHSURWRNRO)73
P$HRGYROiYDWQDSURWRNRO7HOQHWDSRDGRYDWDE\W\WRWH[W\E\O\SHQiHQ\SR
tGtFtPVSRMHQtSHVQ WDNMDNWRLQtSURWRNRO7HOQHW9SUD[LWR]QDPHQiH
LPSOHPHQWDFHSURWRNROX)73SURSHQRVStND]$DRGSRY GttGtFtPVSRMHQtPEXWR
VDPDY\XtYiVOXHEMLH[LVWXMtFtLPSOHPHQWDFH7HOQHWXQHERVLVDPDLPSOHPHQWXMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WXiVWSURWRNROX7HOQHWNWHURXVNXWHQ SRWHEXMH SURWRH]GDOHNDQHY\XtYiYHFK
PRQRVWtQDNWHUpSURWRNRO7HOQHWSDPDWXMH 
8LYDWHOVNYVtGtFtMD]\N
'$VOHGQ WH[WRYiSRGREDtGtFtKRMD]\NDLY\XLWtSURWRNROX7HOQHWSURSHQRV
StND]$DRGSRY GtQHY\OXXMHDE\QDVWUDQ NOLHQWDY\GiYDOStND]\tGtFtKRMD]\ND
PtVWRLQWHUSUHWXSURWRNROXStPRXLYDWHONWHUVLRWHYHY]GiOHQRXWHUPLQiORYRX
UHODFLVLQWHUSUHWHPQDVWUDQ VHUYHUX SRNXGSLWRPGRGUtYHFKQ\NRQYHQFH
SURWRNROX)73 % QStSDGWRDOHUR]KRGQ QHQt
2EY\NOiLPSOHPHQWDFHSURWRNROX)73REVDKXMHYHGOHLQWHUSUHWXStND]$D
SHQRVRYpKRSURFHVXMHW LXLYDWHOVNpUR]KUDQtNWHUp]DML"XMHNRPXQLNDFLPH]L
XLYDWHOHPDLQWHUSUHWHPStND]$ YL]REU 7RWRUR]KUDQtSDNP$HQDEt]HWY
SRGVWDW MDNNROLXLYDWHOVNMD]\NNWHUSDNYHVSROXSUiFLVLQWHUSUHWHPSURWRNROX
SHNOiGiGRtGtFtKRMD]\NDDWHQMLMHSURYHFKQ\LPSOHPHQWDFHMHGQRWQ=
SRKOHGXXLYDWHOH NWHUY\XtYiVOXHESURWRNROX)73SURVWHGQLFWYtPXLYDWHOVNpKR
MD]\ND VHSURWRU$]QpLPSOHPHQWDFH)73PRKRXWYiLWMLQDN PRKRXSRXtYDW
U$]QpStND]\SURW\WpLQQRVWLPtVWRiGNRYpKRUR]KUDQtPRKRXSRXtYDWJUDILFNp
XLYDWHOVNpUR]KUDQtDSRG DOHGtN\SRXtYiQtMHGQRWQpKRtGtFtKRMD]\NDE\VHP O\
YHFKQ\VSUiYQ GRPOXYLW
3tNODGSU$E KXUHODFHPH]LNOLHQWHPDVHUYHUHPXND]XMHREUi]HN
3,2%5B7,)
2EU3tNODGSU$E KXUHODFHSURWRNROX)73
7)73DQRQ\PQt)73VHUYHU\
9PLQXOFKGYRXGtOHFKMVPHVHSRGUREQ ML]DEYDOLSURWRNROHP)73SUR
QHWUDQVSDUHQWQtSHQRVYVtWtFKQDEi]L7&3,3-LQD]DiWNXMVPHVLDOH
DYL]RYDOLHYHGOHWRKRWRSOQRKRGQRWQpKRSURWRNROXH[LVWXMHMHW MHGHQR
PQRKRMHGQRGXtDVNURPQ MtR]QDRYDQSt]QDQ MDNR7)73QHEROL
7ULYLiOQt)73
-DNiMHDOHORJLNDNWHUiVWRMt]DH[LVWHQFtGYRXSURWRNRO$SURQHWUDQVSDUHQWQtSHQRV
VRXERU$"3URMHYKRGQpPtWGYD"
3URWRNRO)73O]HR]QDLW]DSOQRKRGQRWQYWRPVP\VOXHMHSRYLQQ Y\EDYHQ
PQRKDU$]QPLIXQNFHPLNWHUpYDNQHPXVtEW]GDOHNDYG\Y\XtYiQ\0QRVWYt
U$]QFKIXQNFtDYHONUR]VDKVFKRSQRVWtYDN]QDPHQiY WtDREY\NOHLSRPDOHMt
SURJUDPNWHUWDNp]DEtUiYtFHPtVWDMDNQDGLVNXWDNLSLVYpPE KXYRSHUDQt
SDP WL9GQHQtGRE NG\VHREMHP\RSHUDQtFKSDP WtSRtWDMtVStHQDPHJDE\W\
E\Q MDNWHQNLORE\WHQHPXVHOKUiWStOLYHONRXUROL3HVWRMVRXDOHVLWXDFHNG\
KUDMHUROLY]QDPQRX7DNY]QDPQRXHVHNY$OLQtY\SODWtSRXtWMLQSURWRNRO
MHKRLPSOHPHQWDFHMHPpQ QiURQiQDU$]QpV\VWpPRYp]GURMH
&RSRWHEXMtEH]GLVNRYpVWDQLFH
3URStNODGMHQHMOpSH]DMtWNEH]GLVNRYPSUDFRYQtPVWDQLFtP1HPDMHYODVWQtSHYQ
GLVNMVRXRGNi]iQ\QDVGtOHQtGLVN$MLQFKX]ORYFKSRtWD$SURVWHGQLFWYtPVtW 
1HMSUYHVLDOHPXVtRGQ NXGQDtVWVY$MYODVWQtRSHUDQtV\VWpPDGDOtQiOHLWRVWL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
DE\VHY$EHFUR]HE KO\]Q NWHUpKR]X]ORYFKSRtWD$NWHUSOQtUROLW]Y
ERRWRYDFtKRVHUYHUXDVYPNOLHQW$PQDEt]tMDNRVYRXVOXEXPRQRVWQDKUiWVLWR
FRSRWHEXMtNHVYpPXVWDUWXDFRE\MLQDNP O\QDVYpPYODVWQtPGLVNX NG\E\MHM
RYHPP O\ $E\YDNPRKODEH]GLVNRYiVWDQLFH MDNRNOLHQW WXWRVOXEXY\XtW
PXVtXP WVHQDStVOXQVHUYHUY$EHFREUiWLWDNRPXQLNRYDWVQtP$WRRNDPLW
SRVYpP]DSQXWtMHW GtYHQHRGERRWRYDFtKRVHUYHUXFRNROL]tVNi-HGLQpPRQp
HHQtMHSDNXPtVWLWYHSRWHEQpSURQDYi]iQtNRPXQLNDFHVHVHUYHUHPGRSHYQp
SDP WLWDNDE\StVOXQNyGPRKOEWVSXW QLKQHGSR]DSQXWtVWDQLFH
7RFRSUDFRYQtVWDQLFHRGERRWRYDFtKRVHUYHUX]tVNiYiPiIRUPXVRXERU$DWDNY
WpWRSHYQpSDP WLPXVtEWLPSOHPHQWRYiQYKRGQSURWRNROSURSHQRVVRXERU$DV
QtPLYHFKQ\SURWRNRO\QLtFKYUVWHYNWHUpNHVYpSUiFLSRWHEXMH-HRYHP]FHOD
]E\WHQpDE\WRE\OSOQRKRGQRWQSURWRNROMHKRLQQRVWMHYG\VWHMQiDWDNO]H
SHGHPRGKDGQRXWNWHUpIXQNFHEXGHVNXWHQ Y\XtYDWDNWHUpQLNROLD
LPSOHPHQWRYDWMHQW\VNXWHQ SRWHEQp9HOPLDVWMHLWDNRYStSDGNG\YHOPL
PDONyGYSHYQpSDP WLQDWH]HVHUYHUXD]DYHGHGRRSHUDQtSDP WLVWDQLFH
VORLW Mt]DYiG FtSURJUDPDWHSUYHWHQSDN]DMLVWtQDtWiQtRSHUDQtKRV\VWpPXD
YHKRSRWHEQpKRSURVWDUWRSHUDQtKRV\VWpPXQDEH]GLVNRYpVWDQLFL WRPXWR
YtFHVWXSRYpPX]DYiG QtVHYDQJOLWLQ tNiERRWVWUDSSLQJ 
'DOtPRWLYDFtSURH[LVWHQFLMHGQRGXFKpKRSURWRNROXSURSHQRVVRXERU$SDNMVRX
WDNRYpDSOLNDFHNWHUpY\PRHQRVWLSOQRKRGQRWQpKRSURWRNROXQHSRWHEXMtGiOH
MHGQRGXFKpRSHUDQtV\VWpP\NWHUPLQtSUREOpP\XGURYDWVRXDVQ YtFH
RWHYHQFKWUDQVSRUWQtFKVSRMHQt MDNWRY\DGXMHSURWRNRO)73 DSRG
9HPVHOLt7)73
3URWRNRO7)73 7ULYLDO)LOH7UDQVIHU3URWRFRO VHRGSURWRNROX)73OLtSHGHYtPY
QiVOHGXMtFtFKDVSHNWHFK
SURWUDQVSRUWGDWSRXtYiVOXHESURWRNROX8'3 ]DWtPFR)73SRXtYiWUDQVSRUWQt
VOXE\SURWRNROX7&3
QH]DML"XMHiGQpV\VWpPRYpDNFHQDY]GiOHQpPSRtWDL W\SXYSLVXDGUHViH
]P Q\DNWXiOQtKRDGUHViHUXHQtVRXERU$DSRG 
QH]DML"XMHiGQRXLGHQWLILNDFLXLYDWHOHNWHUiGiRSHQRV
SHQitMHQWH[WRYpDELQiUQtVRXERU\
6RXERU\NWHUpSHQitFKiSHSURWRNRO7)73EXMDNRWH[WRYpVRXERU\QHERMDNR
VRXERU\ELQiUQt9SUYQtPStSDG SHGSRNOiGi REGREQ MDNRSURWRNRO)73 H
MHGQRWOLYp]QDN\MVRXSLSHQRVXNyGRYiQ\SHVQ WDNRYP]S$VREHPMDNSRDGXMH
SURWRNRO7HOQHW DStMHPFHLRGHVLODWHOMHYStSDG SRWHE\NRQYHUWXMH]GRPtVWQtFK
NRQYHQFt ]DWtPFRYGUXKpPStSDG VHQDREVDKSHQiHQpKRVRXERUXGtYiMDNRQD
SRVORXSQRVWRVPLELWRYFKE\W$DQLMDNMHQHLQWHUSUHWXMH
3URYODVWQtSHQRVY\XtYiSURWRNRO7)73QHVSROHKOLYFKDQHVSRMRYDQFKVOXHE
WUDQVSRUWQtKRSURWRNROX8'36MHKRQHVSROHKOLYRVWtVHY\URYQiYiWDNHVLViP
]DML"XMHSRWHEQpSRWYU]RYiQt7RWRSRWYU]RYiQtMH]DMtPDYpWtPHMGHRW]Y
MHGQRWOLYpSRWYU]RYiQt WHG\WDNRYpNG\RGHVLODWHOSRRGHVOiQtMHGQRKREORNXHNiQD
MHKRH[SOLFLWQtSRWYU]HQtDWHSUYHSDNY\VtOiGDOtEORN DGiOHWtPHSRXtYi
V\PHWULFNpHNiQtQDY\SUHQtDVRYpKROLPLWX W]YWLPHRXW 2GHVLODWHONWHURGHVODO
Q MDNiGDWDHNiQDMHMLFKSRWYU]HQtDSRNXGMHMQHGRVWDQHGRXULWpKRDVRYpKR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
OLPLWXY\OHGDWD]QRYX2EGREQ StMHPFHNWHUGDWDREGUtMHSRWYUGtRGHVOiQtP
StVOXQpKRSRWYU]HQtDOHSRNXGGRDVRYpKROLPLWXQHGRVWDQHGDOtGDWD]QRYXY\OH
MLMHGQRXRGHVODQpSRWYU]HQt-HGQRWOLYpEORN\GDWNWHUpMVRXWtPWR]S$VREHP
SHQiHQ\PDMtSHYQRXYHOLNRVW E\W$ DMVRXVHNYHQQ tVORYiQ\RG
3RGREQ MVRXVHNYHQQ tVORYiQDLSRWYU]HQt.RQHFFHOpKRSHQRVXStMHPFH
UR]SR]QiYiSRGOHSRVOHGQtKREORNXNWHUPXVtREVDKRYDWPpQ QHVWDQGDUGQtFK
E\W$ WHG\QDSLE\W$ 
9SUYQtP UHVSQXOWpP EORNXNWHUPVHSHQRV]DKDMXMHPXVtEWXYHGHQRSHVQp
MPpQRVRXERUXNWHUPiEWSHQHVHQYHWQ ~SOQpStVWXSRYpFHVW\NWRPXWR
VRXERUX3URWRNRO7)73QDUR]GtORGSURWRNROX)73WRWLQHSRtWiVWtPHE\QD
VWUDQ VHUYHUXE\OQDVWDYHQQDQ MDNNRQNUpWQtDGUHVi9G$VOHGNXWRKRDQLQH]Qi
SRMHPDNWXiOQtKRDGUHViH QDVHUYHUX QHXPRXMHSHFKi]HWPH]LMHGQRWOLYPL
DGUHViLDQH]SURVWHGNRYiYiDQLMHMLFKYSLV3RtWiVWtPHNOLHQWSHVQ YtNGHD
VMDNPVRXERUHPFKFHSUDFRYDW
-PpQHPNRKR"
9HOPL]DMtPDYpG$VOHGN\Y\SOYDMt]GDOtKR]MHGQRGXHQtSURWRNROX7)731D
UR]GtORGSOQRKRGQRWQpKRSURWRNROX)73WRWLQH]QiSRMHPXLYDWHOH1HSRtWiV
WtPHE\XLYDWHOYUROLNOLHQWDSURND]RYDOVHUYHUXVYRXWRWRQRVW UHVSWRWR
QHXPRXMH DWDNYHFKQ\MHKRSRDGDYN\QDWHQtL]iSLVMHGQRWOLYFKVRXERU$
MVRXYODVWQ DQRQ\PQt-DNPiDOHVHUYHUSRVX]RYDWMHMLFKRSUiYQ QRVWL
QHRSUiYQ QRVW"
'HILQLFHSURWRNROX7)73WRWRSRQHFKiYiQDLPSOHPHQWDFLDOHREY\NOpHHQtMH
WDNRYpHtVWO]HMHQW\VRXERU\NWHUpMVRXNHWHQtStVWXSQpYHPXLYDWHO$P9
StSDG ]iSLVXSDNUR]KRGXMtStVWXSRYiSUiYDGRNRQNUpWQtKRDGUHViH ]GD
XPRXMH]iSLVYHPXLYDWHO$PLQLNROL UHVSStVWXSRYiSUiYDNHNRQNUpWQtPX
VRXERUX MGHOLRSHSLVQHERRSLGiYiQt]DNRQHFMLH[LVWXMtFtKRVRXERUX 
$QRQ\PQt)73VHUYHU\
1DSUREOpPVStVWXSRYPLSUiY\QDUD]tPHLYRNDPLNXNG\VHUR]KRGQHPH
Y\WYRLWQDQ MDNpPSRtWDLYHHMQ StVWXSQDUFKLY]HNWHUpKRE\VLNGRNROLPRKO
QDKUiYDW]GHXPtVW QpVRXERU\-DNSURWRNROSURSHQRVVRXERU$MHNWRPXWR~HOX
QHMYKRGQ Mt"
3URWRNRO7)73E\E\OYKRGQSUiY SURVYRXDQRQ\PLWXGtN\NWHUpE\]iMHPFLR
StVWXSNDUFKLYXQHPXVHOLXYiG WiGQiXLYDWHOVNiMPpQDDQLKHVOD0iWRRYHP
MHGHQPDOKiHNMHOLNRSURWRNRO7)73QHXPRXMHSURFKi]HWDGUHViLVHUYHUXD
Y\SLVRYDWVLMHMLFKREVDKQHPRKOE\VL]iMHPFHViPY\KOHGiYDWWRFRMHM]DMtPiLFR
SRWHEXMHDOHPXVHOE\EWVREVDKHPDUFKLYXVH]QiPHQMLQP]S$VREHPDSDNMtW
QDMLVWRWX
3URWRVHNH]StVWXSQ QtQHMU$]Q MtFKDUFKLY$VRXERU$YVtWtFKQDEi]L7&3,3
SRXtYiSOQRKRGQRWQSURWRNRO)73,]GHMHDOHPDOKiHNPiOLEWDUFKLY
RSUDYGXYHHMQ StVWXSQMDNVG OLWYHPSRWHQFLiOQtP]iMHPF$PSRWHEQp
XLYDWHOVNpMPpQR DStSDGQ LKHVOR NWHUpPDMtSRXtW"0RQPHHQtPMH]YROLW
MHGQRNRQNUpWQtMPpQRDWRSDNSRXtYDWYXGH7HG\YODVWQ ]DYpVWMHGQRWQRX
NRQYHQFLDWXG$VOHGQ GRGURYDW1RDMDNiHWDWRNRQYHQFHMH"9VtWL,QWHUQHW
NWHUiMHGQHV]GDOHNDQHMY]QDPQ MtVtWtQDEi]LSURWRNRO$7&3,3DSRNUYi

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SUDNWLFN\FHOVY WMHWRXWRMHGQRWQRXNRQYHQFtXLYDWHOVNpMPpQRDQRQ\PRXV
GRVORYDDQRQ\P 3RGOHQ MMVRXSDNWDNpStVOXQpYHHMQ StVWXSQpDUFKLY\
R]QDRYiQ\MDNRDQRQ\PQt)73VHUYHU\ DQRQ\PRXV)73VHUYHUV 9FHOpP
,QWHUQHWXMLFKMHRSUDYGXPQRKRMHQMHMLFKVWUXQpVH]QDP\PtYDMtGHVtWN\VWUiQHN
3RNXGVHQDQ NWHU]QLFKREUiWtWH YUROLNOLHQWDSURWRNROX)73 P$HWHVHSLKOiVLW
MDNRXLYDWHODQRQ\PRXV+HVORSDNQDYiVMLY$EHFQHQtSRDGRYiQRQHERMVWH
Y\]YiQLNWRPXDE\MVWHPtVWRKHVODXYHGOLVYRXVNXWHQRXLGHQWLWX PtQ QRVYRX
DGUHVXSURHOHNWURQLFNRXSRWX YL]WpREUi]HNYPLQXOpPGtOXVHULiOX1 NWHUp
DQRQ\PQt)73VHUYHU\SRXtYDMtWDNWR]tVNDQRXLQIRUPDFLMHQSURYODVWQtHYLGHQFL
DE\P O\SHKOHGNGRDMDNMHY\XtYi -LQpDQRQ\PQtVHUYHU\YDNPRKRXEW
PpQ G$Y LYpDRY XMtVL]GDYiPLXYHGHQiLGHQWLWDMHVNXWHQiLQLNROL$SRNXG
GRMGRXN]iY UXHMHVP\OHQi QHERQHMVRXVFKRSQ\MHMtSUDYRVWRY LW MHGQRGXH
VHVYiPLSHVWDQRXEDYLW

7UDQVSDUHQWQtVGtOHQtVRXERU$
9SRVOHGQtFKWHFKGtOHFKMVPHVHSRGUREQ ML]DEYDOLGY PDSURWRNRO\ )73D
7)73 7\PDMtYURGLQ SURWRNRO$7&3,3QDVWDURVWLWDNRYSHQRVVRXERU$
NWHUMVPHVLR]QDLOLMDNRQHWUDQVSDUHQWQt1\QtMHQDDG WUDQVSDUHQWQt
StVWXSNVRXERU$PDSURWRNRO1)6
1HMSUYHVLDOH]QRYX]RSDNXMPHYHPMHUR]GtOPH]LWUDQVSDUHQWQtPD
QHWUDQVSDUHQWQtPStVWXSHP WDNMDNMVPHVLMH]DYHGOLYGtOX QHWUDQVSDUHQWQt
StVWXSMHWDNRYSLNWHUpPSURXLYDWHOHH[LVWXMHSULQFLSLiOQtUR]GtOPH]LPtVWQtPL
VRXERU\DY]GiOHQPLVRXERU\8LYDWHOVLPXVtEWY GRPHXULWVRXERUQHQt
PtVWQtDOHHVHQDFKi]tQDY]GiOHQpPSRtWDL QDYtFPXVtY G WNWHUpP DNG\V
QtPFKFHSUDFRYDWPXVtSURWRQHMSUYHQ FRXG ODW]DMLVWLWSHQRVWRKRWRVRXERUX]H
Y]GiOHQpKRSRtWDHQDVY$MSRtWD
1DSURWLWRPXYStSDG WUDQVSDUHQWQtKRStVWXSXSURXLYDWHOHQHH[LVWXMHiGQ
SULQFLSLiOQtUR]GtOPH]LPtVWQtPLDY]GiOHQPLVRXERU\8LYDWHO UHVSMtP
SURYR]RYDQiDSOLNDFH VLP$HP\VOHWHYHFKQ\MHPXGRVWXSQpVRXERU\MVRX
PtVWQtDMDNRVWDNRYPLVQLPLWDNpSUDFXMH6NXWHQRVWHQ NWHUpVRXERU\PtVWQt
QHMVRXMHSHGXLYDWHOHPVNU\WDVWHMQ WDNMDNRYHFKQ\PHFKDQLVP\NWHUp
SRWHEQRXLOX]LY\WYitDNWHUp]DML"XMtSRWHEQpSHQRV\FHOFKVRXERU$LMHMLFK
iVWtPH]LPtVWQtPDY]GiOHQPSRtWDHP
-DNY]QLNiLOX]H
3ULQFLSLiOQt]S$VREMDNPO]HWUDQVSDUHQWQtStVWXSNHY]GiOHQPVRXERU$P
UHDOL]RYDWXND]XMHREUi]HNY\FKi]tRS W]PRGHOXNOLHQWVHUYHUYHNWHUpP
XLYDWHO$YSRtWDY\VWXSXMHYSRVWDYHQtNOLHQWDDY]GiOHQSRtWDYSRVWDYHQt
VHUYHUX ILOHVHUYHUXNWHUMDNRVOXEXQDEt]tVYPNOLHQW$PXFKRYiYiQtVRXERU$ 
3URXLYDWHOH UHVSMtPSURYR]RYDQRXDSOLNDFL MHRYHPLWHQWRY]WDKWUDQVSDUHQWQt
XLYDWHOY]QitYHNHUpVYpSRDGDYN\QDStVWXSNVRXERU$PMHGQpDWpHHQWLW
VORFHRSHUDQtKRV\VWpPXNWHURXSUR]DWtPQD]YHPHVKHOO 7DUR]KRGXMHRWRP]GD
SRDGDYHNMHSRDGDYNHPQDStVWXSNWDNRYpPXVRXERUXNWHUMHORNiOQtQHER]GD
MGHRSRDGDYHNQDStVWXSNHY]GiOHQpPXVRXERUXDSRGOHWRKRSDNStVOXQ
SRDGDYHNSHGiNY\t]HQtEXPtVWQtPXV\VWpPXVRXERU$QHERSURJUDPRYpHQWLW 
NWHUiLPSOHPHQWXMHNOLHQWD3RNXGQDVWDOWHQWRGUXKStSDGNOLHQW]IRUPXOXMH
SRDGDYHNQDStVWXSNHY]GiOHQpPXVRXERUXGRWDNRYpKRWYDUXNWHUMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VUR]XPLWHOQSURHQWLWXYUROLVHUYHUXQDY]GiOHQpPSRtWDLDSRDGDYHNMtRGHOH
6HUYHU]DMLVWtYHSRWHEQpSURY\t]HQtSRDGDYNX QDSQDWHQtVRXERUXNWHUSUR
Q MMLMHPtVWQt DYVOHGHNRGHOHSRVtWL]S WNOLHQWRYL7HQMHMSDNYUiWt]S WVKHOOX
DWHQ]DVHXLYDWHOL
3UDNWLFNpQDSOQ QtWRKRWRVFKpPDWXPiGY UHODWLYQ VDPRVWDWQpVWUiQN\WRXSUYQtMH
NRQNUpWQtSURWRNROSURVWHGQLFWYtPNWHUpKRNRPXQLNXMHNOLHQWVHVHUYHUHPDWRX
GUXKRXMHSOQ WUDQVSDUHQWQt]DOHQ QtPHFKDQLVPXStVWXSXNHY]GiOHQP
VRXERU$PGRFHONRYpKRV\VWpPRYpKRSURVWHGtQDNOLHQWVNpPSRtWDL3UiY XWpWR
GUXKpVWUiQN\VHQ\Qt]DVWDYtPHSRGUREQ ML]DWtPFRWXSUYQtVLSRQHFKiPHQDGDOt
GtO\
3,2%5B7,)
2EU3HGVWDYDStVWXSXNHY]GiOHQPVRXERU$P
=iOHtQDRSHUDQtPV\VWpPX
0iPHOLQDXULWpPSRtWDLLPSOHPHQWRYDWWDNRYPHFKDQLVPXVStVWXSXNH
Y]GiOHQPVRXERU$PNWHUPiEWSURXLYDWHOHSOQ WUDQVSDUHQWQtSDNVHQXWQ
PXVtPHSL]S$VRELWWRPXMDNpNRQYHQFHSRVWXS\DPHFKDQLVP\SRXtYiSURStVWXS
NVRXERU$PRSHUDQtV\VWpPGDQpKRSRtWDH0iOLWRWLXLYDWHOSUDFRYDWLVH
Y]GiOHQPLVRXERU\SHVQ VWHMQP]S$VREHPMDNRVHVRXERU\PtVWQtPLPXVtN
WRPXY\XtYDWSHVQ VWHMQpSURVWHGN\DSRVWXS\
-HVWOLHWHG\NRQNUpWQtSURWRNROSURYODVWQtSHQRVVRXERU$PH]LX]ORYPLSRtWDL
P$H LVStHPXVt EWVWHMQ]S$VREMHKR]StVWXSQ QtXLYDWHO$PDMLPL
SURYR]RYDQPDSOLNDFtPMHML]iYLVOQDNRQNUpWQtPSRtWDLSHVQ MLQDMHKR
RSHUDQtPV\VWpPX
3RGtYHMPHVHSURWRMDNY\SDGiVLWXDFHYStSDG GYRXRSHUDQtFKV\VWpP$8QL[XD
06'26X

8QL[PRQWXMH
2SHUDQtV\VWpP8QL[VLRUJDQL]XMHYHFKQ\VYpVRXERU\GRMHGLQpKRDGUHViRYpKR
VWURPX)\]LFN\PRKRXEWW\WRVRXERU\XPtVW Q\QDU$]QFK]Dt]HQtFK SHYQpP
GLVNXGLVNHW DSRG DVGUXHQ\GRW]YVRXERURYFKV\VWpP$ ILOHV\VWHPV 
QDStNODGREVDKGLVNHW\P$HWYRLWWDNRYWRVRXERURYV\VWpPVDPRVWDWQRGGtO
SDUWLWLRQ SHYQpKRGLVNXP$HWYRLWMLQVRXERURYV\VWpPDSRG=SRKOHGX
XLYDWHOHMVRXDOHW\WRVRXERURYpV\VWpP\VHVWDYRYiQ\GRMHGQRKRMHGLQpKR
DGUHViRYpKRVWURPXMHKR]iNODGWYRtW]YNRHQRYVRXERURYV\VWpP URRW
ILOHV\VWHP .RQNUpWQtPHFKDQLVPXVNWHUWRWRVHVWDYRYiQtXPRXMHMHRSHUDFH
PRXQW GRVORYDSLSRMSLPRQWXM =SRKOHGXXLYDWHOHIXQJXMHWDNHFHO
VRXERURYV\VWpPSLSRMtN]DGDQpPXDGUHViLJOREiOQtKRDGUHViRYpKRVWURPXMDNR
MHKRQRYSRGVWURPYL]REUi]HN
3,2%5B7,)

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2EU3HGVWDYDRSHUDFHPRXQWY268QL[
.G\VHSDNXLYDWHOLMDNiNROLDSOLNDFHRGND]XMHQDQ NWHUVRXERU]WDNWR
SLPRQWRYDQpKRV\VWpPXVRXERU$O]HVLSHGVWDYLWHMHKRSRDGDYHNSURMGHRG
NRHQHDGRPtVWDNGHMHStVOXQV\VWpPVRXERU$SLSRMHQDRGVXGMHSDNSHGiQ
RYODGDLSLSRMHQpKRV\VWpPXVRXERU$NWHUWHQWRSRDGDYHNMLGRNiHY\tGLWYL]
REU
7DNWRIXQJXMtFtSURVWHGtY\FKi]tYVWtFSOQ WUDQVSDUHQWQtPXStVWXSXNHY]GiOHQP
VRXERU$PDXPRXMHUHDOL]RYDWMHMYHOPLSLUR]HQP]S$VREHP6WDtUR]tLW
VFKRSQRVWLRSHUDFHPRXQWWDNDE\XPRRYDODSLSRMLWLWDNRYpV\VWpP\VRXERU$L
MHMLFKiVWLNWHUpVHI\]LFN\QDFKi]tQDY]GiOHQpPSRtWDLDGiOH]DMLVWLWDE\
YHNHUpSRDGDYN\QDStVWXSNW PWRVRXERU$PVHQDGDQpPSRtWDLGRVWDO\NHQWLW 
NWHUiLPSOHPHQWXMHNOLHQWDYL]REU7DSDNML]DMLVWtYHSRWHEQp
3,2%5B7,)
2EU3tVWXSNPtVWQtPDY]GiOHQPVRXERU$PY8QL[X

'26WUYiQDORJLFNFKMHGQRWNiFK
-HVWOLHRSHUDQtV\VWpP8QL[VHVWDYXMHYHFKQ\V\VWpP\VRXERU$YG\MHQGR
MHGLQpKRVWURPXNWHUSDNQHSRWHEXMHQLMDNSRMPHQRYiYDWRSHUDQtV\VWpP06
'26VHQDVYpDGUHViHDYQLFKREVDHQpVRXERU\GtYiSRQ NXGMLQPSRKOHGHP7R
FR8QL[VHVWDYXMHSRPRFtRSHUDFHPRXQWGRMHGLQpKRFHONXSRQHFKiYi06'26
RGG OHQpREVDKGLVNHW\YNDGp]GLVNHWRYFKPHFKDQLNFKiSHMDNRVDPRVWDWQ
FHOHNDVWHMQ WDNNDGRGGtO SDUWLWLRQ SHYQpKRGLVNXLW]Y5$0GLVN.DG
WDNRYWRFHOHN YWHUPLQRORJLL'26XQD]YDQGULYHDSHGVWDYXMtFtORJLFNRX
GLVNRYRXMHGQRWNX PXVtEWMHGQR]QDQ LGHQWLILNRYDWHOQDWDNPX'26SLD]XMH
MHGQRStVPHQQpR]QDHQtQDStNODGGULYH$MHSUYQtGLVNHWRYiMHGQRWND%StSDGQi
GUXKiGLVNHWRYiMHGQRWND&SUYQtRGGtO SDUWLWLRQ SUYQtKRSHYQpKRGLVNX1DYtF
QHPi06'26iGQRXREGREX8QL[RYVNpRSHUDFHPRXQW DDQLMLQHSRWHEXMH 
9SURVWHGt06'26XSURWRPXVtEWSOQ WUDQVSDUHQWQtStVWXSNHY]GiOHQP
VRXERU$PLPSOHPHQWRYiQWDNDE\V\VWpP\VRXERU$Y]GiOHQpKRSRtWDHLMHMLFK
SRGVWURP\Y\VWXSRYDO\MDNRVDPRVWDWQpFHON\ ORJLFNpMHGQRWN\GULYHV YL]REU

'DOtPQHGRVWDWNHP06'26XMHHQHGRNiHYG\SRWHEQP]S$VREHP
UR]H]QiYDWSRDGDYN\QDStVWXSNHY]GiOHQPVRXERU$DSHGiYDWMHWRPXNGRMH
GRNiHY\tGLW3URWRMHREY\NOHWHEDW\WRSRDGDYN\SHVP URYiYDWMHW GtYHQH
VHGRVWDQRXN06'26XYUVWYRXNWHUiSHNU\MH'26]DFK\WiYiYHFKQ\
SRDGDYN\QDStVWXSNVRXERU$PW\PtVWQtSHGiYi'26XDSURRVWDWQtSDNYH
VSROXSUiFLVGDOtPLHQWLWDPL LPSOHPHQWXMtFtPLNOLHQWD ]DL]XMHYHSRWHEQp1RD
SUiY WRXWRSHNUYDMtFtYUVWYRXMHHQWLWDNWHURXMVPHVLGtYHR]QDLOLMDNRVKHOO FR
YGRVORYQpPSHNODGX]QDPHQiSOi" 9SURVWHGt06'26XNWHUQHSRGSRUXMH
PXOWLWDVNLQJPXVtPtWWDWRHQWLWDIRUPXUH]LGHQWQtKRSURJUDPX
3,2%5B7,)

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
2EU3RKOHGQDY]GiOHQpVRXERU\YSURVWHGt06'26X

1)6,
9PLQXOpPGtOXMVPHVH]DDOLSRGUREQ ML]DEYDWSUREOHPDWLNRXSOQ
WUDQVSDUHQWQtKRStVWXSXNHY]GiOHQPVRXERU$PYSRtWDRYFKVtWtFK1D
StNODGXRSHUDQtFKV\VWpP$8QL[D06'26MVPHVLQD]QDLOLMHGHQ]DVSHNW$
WpWRSUREOHPDWLN\SULQFLSLiOQt]S$VREQDYi]iQtPHFKDQLVP$NWHUpStVWXS
NHY]GiOHQPVRXERU$P]DML"XMtQDNRQNUpWQtRSHUDQtV\VWpP'QHVVHML
]DQHPHSRGUREQ MLY QRYDWMHGQRPXNRQNUpWQtPXPHFKDQLVPXSURWRNROX
1)6
3URWRNRO1)6 1HWZRUN)LOH6\VWHP PiYVt"RYpPPRGHOXDURGLQ SURWRNRO$
7&3,3SRQ NXGVSHFLILFNpSRVWDYHQt-DNMVPHVLXYHGOLMLYHGtOXNODVLFNp
SURWRNRO\URGLQ\7&3,3 QDS,37&38'3DSRG SRFKi]tSHYiQ ]
DNDGHPLFNpKRSURVWHGt9\WYRLO\MHNROHNWLY\RGERUQtN$]XQLYHU]LW86$YUiPFL
SURJUDPXNWHUILQDQFRYDODJUDQWRYiDJHQWXUD'$53$PLQLVWHUVWYDREUDQ\86$D
NWHUY\~VWLOYHY]QLNGQHVMLFHORVY WRYpVtW ,QWHUQHW]DORHQpSUiY QDW FKWR
SURWRNROHFK'tN\]S$VREXVYpKRY]QLNXPRKRXEWSURWRNRO\7&3,3W]YYHHMQP
YODVWQLFWYtP SXEOLFGRPDLQ QHER"Y86$SUDNWLNXMtYHOPLVSUDYHGOLYRX]iVDGXFR
E\ORY\WYRHQR]DSHQt]HGDRYFKSRSODWQtN$WRMHWDNpMHMLFKYODVWQLFWYtP9SUD[L
WR]QDPHQiHW\WRVWDQGDUG\QHSDWtiGQpNRQNUpWQtLQVWLWXFLLGRNRQFHNRPHUQt
ILUP NWHUiE\StVWXSNQLPPRKODNRPXNROLRPH]RYDWLGRNRQFHSRDGRYDW]D
MHMLFK]StVWXSQ QtQ MDNpOLFHQQtSRSODWN\-VRXQDRSDNE Q GRVWXSQpSUR
NRKRNROLNGRRWRSURMHYt]iMHPDWREX~SOQ ]GDUPDQHERMHQ]DQH]E\WQ
PDQLSXODQtSRSODWHN
([LVWXMHSRX]HRUJDQL]DFH]DML"XMtFtDGPLQLVWUDWLYQtDJHQGXNROHP]YHHMRYiQt
W FKWRSURWRNRO$MHMtW]Y1HWZRUN,QIRUPDWLRQ&HQWHU ]NUDWNRX1,& ILQDQFRYDQi
RS W]SURVWHGN$PLQLVWHUVWYDREUDQ\86$.RQNUpWQtIRUPRXNRGLILNDFHSURWRNRO$
7&3,3 VWHMQ WDNMDNRGDOtFKPHFKDQLVP$]iVDGLSULQFLS$SRXtYDQFKYVtWL
,QWHUQHW MVRXGRNXPHQW\R]QDRYDQpMDNR5)& 5HTXHVW)RU&RPPHQWGRVORYD
iGRVWRSR]QiPN\UHVSSLSRPtQN\ 7\WRGRNXPHQW\MVRXVHNYHQQ tVORYiQ\D
MVRXYROQ GRVWXSQpQDStNODGSURVWHGQLFWYtPVtW ,QWHUQHW YHIRUP WH[WRYFK
VRXERU$ 
1)6MHRG6XQ$
3URWRNRO1)6VHRGWRKRWRVFKpPDWXRGOLXMHWtPHY]QLNOMDNRYODVWQtHHQtMHGQp
NRPHUQtILUP\ILUP\6XQ0LFURV\VWHPV,QF]QiPpKRYUREFH8QL[RYVNFK
SUDFRYQtFKVWDQLF=WRKRWRSRKOHGXE\WHG\E\ORQXWQpR]QDLWSURWRNRO1)6]D
SURSULHWiUQt SURSULHWDU\ 
)LUPD6XQ0LFURV\VWHPVYDNNRQFLSRYDODVY$MSURWRNROYHOPLG$VOHGQ MDNR
RWHYHQQHMHQSRVWUiQFHWHFKQLFNp MDNRSURWRNRONWHUO]HLPSOHPHQWRYDWSRG
U$]QPLRSHUDQtPLV\VWpP\DQDU$]QFKSRtWDtFK DOHLSRVWUiQFHDXWRUVNR
SUiYQt]FHOD]iP UQ ]YHHMQLODSHVQpVSHFLILNDFHSURWRNROX1)6 LGDOtFKGYRX
SRGS$UQFKPHFKDQLVP$53&D;'5NHNWHUPVHMHW GRVWDQHPH WDNDE\MH
PRKOLY\XtYDWLMLQtYUREFLDY\WYiHWY]iMHPQ NRPSDWLELOQtV\VWpP\'tN\
QHVSRUQPNYDOLWiPVDPRWQpKRSURWRNROXDGtN\SUR]tUDYpVWUDWHJLLILUP\6XQVHMHMt
RHNiYiQtQDSOQLORDSURWRNRO1)6VHVWDOYHOPLREOtEHQPPHFKDQLVPHPSUR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
LPSOHPHQWDFLSOQ WUDQVSDUHQWQtKRStVWXSXNHY]GiOHQPVRXERU$PYSRtWDRYFK
VtWtFK
9VRXDVQpGRE GtN\MHKRYHONpPXUR]tHQtYVtWtFKQDEi]LSURWRNRO$7&3,3O]H
SURWRNRO1)6SRYDRYDW]DVRXiVWURGLQ\SURWRNRO$7&3,36Y GtRWRPL
VNXWHQRVWHVSHFLILNDFHWRKRWRSURWRNROXMVRX]YHHMQ Q\IRUPRXGRNXPHQWX5)&
NRQNUpWQ 5)& 3t]QDQiMHLVNXWHQRVWHRWRPWRSURWRNROXVHQHMDVW ML
KRYRtMDNRRSURWRNROXNWHUY\YLQXODILUPD6XQDQLNROLMDNRRSURWRNROXILUP\
6XQ
3UR]tUDYiDXWRUVNRSUiYQtSROLWLNDILUP\6XQMLVW YHOPLSLVS ODNYUD]QpPX
~VS FKXSURWRNROX1)6DOHVDPDRVRE E\]GDOHNDQHVWDLODNMHKRSURVD]HQtGR
LYRWD2WRVHPXVHO\SLLQLWSHGHYtPSHGQRVWLSURWRNROXMDNRWDNRYpKR$MDNp
HW\WRSHGQRVWLMVRX"
1)6YV8QL[
3URWRNRO1)6UR]KRGQ QH]DSHHE\OY\WYRHQY8QL[RYVNpPSURVWHGt)LUPD6XQ
MHMDOHQHNRQFLSRYDODMDNRVt"RYpUR]tHQtVYpKRRSHUDQtKRV\VWpPX6XQ26 YODVWQt
YHU]H8QL[XY\FKi]HMtFt]Y WYHW]Y%6'8QL[X SURWRHWRE\Y\OXRYDORMHKR
Y\XLWtMLQPLYUREFLDPRQRVWVSROXSUiFHVMHMLFKSURGXNW\0tVWRWRKRMHMRG
]DiWNXSRMDODMDNRXQLYHU]iOQtVt"RYpUR]tHQtNWHUpQHQtYi]iQRQDXULWNRQNUpWQt
RSHUDQtV\VWpP3URWRNRO1)6WHG\P$HEW DYSUD[LWDNpVNXWHQ MH
LPSOHPHQWRYiQVQDGSURYHFKQ\StFKXWL8QL[X1HQtYDN]GDOHNDRPH]HQMHQD
RSHUDQtV\VWpP\8QL[RYVNpKRW\SX-HQDWROLNXQLYHU]iOQtHP$HEW
LPSOHPHQWRYiQLSRGMLQPLRSHUDQtPLV\VWpP\06'26QHY\MtPDMH LNG\SUiY
]GHVHY]KOHGHPNMHGQRXLYDWHOVNpDMHGQR~ORKRYpSRYD]H'26XO]HVHWNDWMHQV
LPSOHPHQWDFHPLNOLHQW$DQLNROLVHUYHU$ 'tN\WRPXSDNP$HEWSURWRNRO1)6
~VS Q Y\XtYiQMDNRSURVWHGHNSURSOQ WUDQVSDUHQWQtVGtOHQtVRXERU$QHMHQPH]L
SRtWDLVU$]QPLYDULDQWDPL8QL[XDOHWDNpPH]LSRtWDLNWHUpVWRMtQD]FHOD
RGOLQFKSODWIRUPiFKQDStNODG8QL[RYVNSRtWDP$HVORXLWMDNRILOHVHUYHUY
ORNiOQtFKVtWtFKVSRtWDL3&SURYR]XMtFtPL06'26
%H]HVWDYRYiILORVRILH
-HGQtP]NOt$NYUD]QpPX~VS FKXSURWRNROX1)6MLVW E\ORWRHMHG$VOHGQ
NRQFLSRYiQMDNREH]HVWDYRY DQJOLFN\VWDWHOHVV &RWR]QDPHQiDNHPXWRMH
GREUp"
3HGVWDYPHVLQHMSUYHRSDQStSDGWHG\VWDYRYSURWRNRO7HQSHGSRNOiGiH
NOLHQWLVHUYHUVHPRKRXQDFKi]HWYU$]QFKVWDYHFKDY]iYLVORVWLQDSU$E KXVYp
NRPXQLNDFHPH]LQLPLU$]Q SHFKi]HW1DStNODGNG\VLNOLHQWY\iGiRWHYHQt
VRXERUX;<VHUYHUMHKRiGRVWLY\KRYtDVRXERURWHYH7tPRYHPSHMGH]MHGQRKR
VWDYX NWHUE\E\ORPRQpFKDUDNWHUL]RYDWMDNRVRXERU;<QHQtRWHYHQ GRMLQpKR
VWDYX VWDYXVRXERU;<MHRWHYHQ .G\VLSDNNOLHQWY\iGiX]DYHQtVRXERUX;<
VHUYHURS W]P QtVY$MVWDYDWG
6H[LVWHQFtU$]QFKVWDY$MHRYHPVSRMHQDXULWiVWDYRYiLQIRUPDFHYHYH
XYHGHQpPStNODGXVLVHUYHUPXVtSDPDWRYDW]GDVLStVOXQNOLHQWRWHYHOVRXERU
;< DNURP WRKRLMDNP]S$VREHPDWG QHERQLNROL$SUiY XFKRYiYiQtWpWR
VWDYRYpLQIRUPDFHP$HEWYHONPSUREOpPHP0$HVHWRWLVWiWHEXNOLHQW
QHERVHUYHUQiKOHRWXWRVWDYRYRXLQIRUPDFLSLMGRXD"MLYOLYHPYSDGNXVSRMHQtL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
YG$VOHGNXSiGXSRtWDHDMHKRRSHUDQtKRV\VWpPX QDSNY$OLQiKOpPXYSDGNX
SURXGXW]YSHERRWRYiQtL]MLQpStLQ\ 
3RNXGRYHPMHGQD]H]~DVWQ QFKVWUDQQiKOHSLMGHRVYRXVWDYRYRXLQIRUPDFL
QHYtYMDNpIi]tNRPXQLNDFHVSURWLVWUDQRXVHSUiY QDFKi]tDSURWRYWpWR
NRPXQLNDFLQHP$HGRVWGREHSRNUDRYDW([LVWXMtVDPR]HMP ]S$VRE\MDN]DMLVWLW
SRWHEQRXUHNRQYDOHVFHQFL X]HOSRYSDGNXP$HQDStNODGUR]HVODWKOiHQtW\SX
YHFKQRMHSDWQ ]DtQiPH]QRYX DOHStVOXQpPHFKDQLVP\QHMVRX]GDOHND
EH]SUREOpPRYp FRNG\VHQDStNODGStVOXQpKOiHQt]WUDWt" DQDYtFMVRXGRVWL
QHHIHNWLYQt
&HOiSUREOHPDWLND]DMLW QtNRUHNWQtVWDYRYpNRPXQLNDFHPH]LVHUYHUHPDNOLHQWHP
MHVLFHHLWHOQiDOHMH]QDQ QHWULYLiOQt)LUPD6XQVHVWRXWRQHWULYLiOQRVWt
Y\URYQDODWDNHVWDYRYFKDUDNWHUNRPXQLNDFHY\ORXLOD
3URWRNRO1)6MHWHG\EH]HVWDYRYYWRPVP\VOXHVHUYHUVHSRSURYHGHQt
MDNpKRNROLSRDGDYNXNOLHQWDQDFKi]tYSHVQ VWHMQpPVWDYXMDNRSHGStFKRGHP
WRKRWRSRDGDYNX9G$VOHGNXWRKRVLSDNQHPXVtSDPDWRYDWQLFRSU$E KXLVWDYX
NRPXQLNDFHVNWHUPNROLNOLHQWHPDSRStSDGQpPYSDGNXL]WUiW VSRMHQtQHPXVt
EWSURYiG Q\iGQpQiSUDYQpDNFH3RNXGQ MDNNOLHQWSLMGHVHVYPSRDGDYNHP
YGRE NG\VHUYHUMHPLPRSURYR] LVSDGQHSUiY YGRE NG\WDNRYWR
SRDGDYHN]SUDFRYiYi NOLHQWRYLVWDtMHKRSRDGDYHNRSDNRYDWDGRE\QHVHUYHU
]QRYXQDE KQH3RNXGVHNOLHQWGRYSDGNXVHUYHUXQHVWUHItQHPXVtVLWHQWR
YSDGHNY$EHFXY GRPLW
DQFLPDMtMHQLGHPSRWHQWQt
%H]HVWDYRYRVWWHG\VHERXSLQitYHONRXUREXVWQRVW WMRGROQRVWSURWLQHJDWLYQtP
YOLY$PYWRPWRStSDG YSDGN$P 1HQtWRRYHP]DGDUPR&HQRXNWHURXVH]D
WXWRUREXVWQRVWSODWtMHPRQRVWSRDGRYDWQDVHUYHUXMHQWDNRYpRSHUDFHNWHUpVHY
PDWHPDWLFHR]QDXMtYHOPLSHVQPDOH]DWRQHStOLOLE ]Q MtFtPStYODVWNHP
LGHPSRWHQWQt&RVHWtPPtQt"
,GHPSRWHQWQtMHWDNRYiRSHUDFHNWHURXO]HRSDNRYDWVSHVQ VWHMQPHIHNWHPMDN
P ORMHMtSUYQtSURYHGHQt8NDPHVLWRQDStNODGXRSHUDFHQDWL]GDQpKRVRXERUX
;E\W$SRtQDMHSR]LFt<MHLGHPSRWHQWQtSURWRHSLNDGpPVYpPSURYHGHQtGi
YG\VWHMQYVOHGHN DP$HPHMLWHG\YtFHNUiWRSDNRYDW 1DSURWLWRPXRSHUDFH
QDWL]GDQpKRVRXERUXGDOtFK;E\W$LGHPSRWHQWQtQHQtSURWRHSLNDGpPMHMtP
SURYHGHQtEXGRXQDWHQ\MLQiGDWD GRNXGVHQHQDUD]tQDNRQHFVRXERUX 7XWR
GUXKRXRSHUDFLP$HNOLHQWSRDGRYDWMHQQDVWDYRYpPVHUYHUXNWHUVLMDNRVYRX
VWDYRYRXLQIRUPDFLPXVtSDPDWRYDWNDPDStVOXQNOLHQWGRHWOGDQVRXERU
-DNFKDUDNWHUPiSUiFHVHVRXERU\"
-HVWOLHMVRXPRQpSRDGDYN\NOLHQWDQDVHUYHURPH]HQ\MHQQDLGHPSRWHQWQt
RSHUDFHSDNVHMLVW QDEt]t]DMtPDYiRWi]NDMHPRQpYHFKQ\SRWHEQpDNFHVH
VRXERU\UHDOL]RYDWSRPRFtLGHPSRWHQWQtFKRSHUDFt"2GSRY QDWXWRRWi]NXMH
ERKXHO]iSRUQi
1DStNODGREY\NOpVFKpPDSUiFHVHVRXERU\VW\OHPRWHYLVRXERU]DSLVXMUHVSWL
]DYLVRXERUMHVYRXSRGVWDWRXVWDYRYp NY$OLPRQPVWDY$PGRW\QpKRVRXERUX 
/]HMHMRYHPSHYpVWQDEH]HVWDYRYpWtPHRGVWUDQtH[SOLFLWQtRWHYtUiQtD]DYtUiQt
VRXERU$DQDKUDGtVHLPSOLFLWQtPRWHYHQtPDQiVOHGQPX]DYHQtPYUiPFLNDGpKR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MHGQRWOLYpKRWHQtL]iSLVX3URWRWDNpSURWRNRO1)6QHQDEt]tiGQpSURVWHGN\SUR
RWHYtUiQtL]DYtUiQtVRXERU$
([LVWXMtRYHPLWDNRYpGUXK\DNFtNWHUpSLQHMOHStY$OLQHQtPRQpSHYpVWQD
LGHPSRWHQWQtStNODGHPP$HEWW]Y$33(1' QHEROLSLSRMRYiQtGDW]DDNWXiOQt
NRQHFVRXERUX QHERX]DP\NiQtVRXERU$LMHMLFKiVWtSURSRWHE\YtFHQiVREQpKR
StVWXSX QDStNODGNG\MHGHQNOLHQWSRWHEXMHDE\PH]LGY PDMHKRStVWXS\QHPRKO
NWpPXVRXERUXSLVWXSRYDWQ NGRMLQ 7Y$UFLSURWRNROX1)6VHVWtPWRSUREOpPHP
PRKOLY\URYQDWYSRGVWDW MHGLQPPRQP]S$VREHP]iND]HPWRKREH]HKRVH
O]HREHMtW FRMHStNODGW]Y$SSHQGX LSRQHFKiQtPWDNRYFKWRIXQNFtYQ 
SURWRNROX1)6 WHG\WtPHMHVY LOLVDPRVWDWQPPHFKDQLVP$PUHVSSURWRNRO$P
MDNRQDStNODGX]DP\NiQtVRXERU$ 
%H]HVWDYRYP$HEWHIHNWLYQt
'DOtYHONRXYKRGRXEH]HVWDYRYpKRSURWRNROXMVRXPHQtSRDGDYN\QD
VSROHKOLYRVWSHQRVRYFKVOXHEQHMDNpQXWQ PXVtPtWSURWRNROVWDYRY7HQWRWL
PXVt]DMLVWLWDE\YHFKQ\SRDGRYDQpRSHUDFHE\O\SURYiG Q\YG\SUiY MHGQRXD
QDYtFMHW YHVSUiYQpPSRDGt.WRPXRYHPQXWQ SRWHEXMHVSROHKOLYpSHQRVRYp
VOXE\VSRMRYDQpKRFKDUDNWHUX1DSURWLWRPXEH]HVWDYRYSURWRNROQHPXVtNOiVW
iGQpVSHFLILFNpSRDGDYN\QDNYDOLWXDFKDUDNWHUWUDQVSRUWQtFKVOXHEDP$HY\XtW
LQHVSROHKOLYpDOH]DWRU\FKOpSHQRVRYpSURWRNRO\
,WRMHMHGHQ]G$YRG$NWHUQDSRPRKO]QDQpSRSXODULW EH]HVWDYRYpKRSURWRNROX
1)6MHOLNRQHPiiGQpVSHFLILFNpSRDGDYN\GRNiHY\VWDLWSUDNWLFN\V
NWHUPNROLWUDQVSRUWQtPSURWRNROHPNWHUMHNGLVSR]LFLDP$HVLY\EUDWWHQNWHU
MHQHMU\FKOHMt9SURVWHGt7&3,3VtWtREY\NOHY\XtYiSHQRVRYFKVOXHESURWRNROX
8'3

1)6,,
9PLQXOpPGtOXMVPHVL]DDOLSRGUREQ MLSRSLVRYDWP\OHQN\DSULQFLS\QD
NWHUFKMH]DORHQSURWRNRO1)6 1HWZRUN)LOH6\VWHP Y\YLQXWILUPRX6XQ
0LFURV\VWHPV1HMSUYHMVPHVHY QRYDOLEH]HVWDYRYpPXFKDUDNWHUXFHOpKR
SURWRNROXDWRPXFR]WpWRMHKREH]HVWDYRYRVWLY\SOYi'QHVVH]DP tPHQD
GDOt]DMtPDYpDVSHNW\NWHUpQiPXPRQtSRFKRSLWMDNWHQWRYHOPLSRSXOiUQt
SURWRNROIXQJXMHXYQLW
1HMSUYHVLDOH]QRYXSLSRPHPHGDOtY]QDPQRXFKDUDNWHULVWLNXSURWRNROX1)6
NWHUiMHKRWY$UF$POHHODYHOPLQDVUGFLDWRPRQRVWLPSOHPHQWRYDWWHQWRSURWRNRO
QDU$]QFKSODWIRUPiFKYSURVWHGtQHMU$]Q MtFKRSHUDQtFKV\VWpP$%H]HVWDYRY
FKDUDNWHUSURWRNROX1)6WRPXWRSRDGDYNXY\FKi]tYVWtFPMWtPH]FHOD]iP UQ
NODGHPLQLPiOQtQiURN\QDVFKRSQRVWLDVSROHKOLYRVWSHQRVRYFKSURWRNRO$DGRNiH
Y\VWDLWSUDNWLFN\VMDNPNROLSHQRVRYPSURWRNROHPNWHUMHNGLVSR]LFL
3RDGDYHNQDVQDGQRXLPSOHPHQWDFLYU$]QFKSURVWHGtFKUHVSQDU$]QFK
SODWIRUPiFKVHRYHPQHWNiMHQNOLHQW$DOHVDPR]HMP WDNpVHUYHU$'QHVMH
YFHONXE QpHYUROLILOHVHUYHU$V\VWpPX1)6Y\VWXSXMtWDNpU$]QpQH8QL[RYVNp
SRtWDH1DStNODGVWHGLVNRYpSRtWDH,%0VRSHUDQtPV\VWpPHP90PRKRXEW
Y\EDYHQ\SURWRNRO\7&3,3YHWQ 1)6DVWHMQ WDNP$HYUROL1)6VHUYHUX
Y\VWXSRYDWQDStNODGLVHUYHUV\VWpPX1RYHOO1HW:DUHNWRPXVWDt]DNRXSLWD
QDLQVWDORYDWQD1HW:DUHVHUYHUXGRSONRYSURJUDPW]Y1HW:DUH1)67HQVLFH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QHQt]GDOHND]DGDUPRDOHSRNXGO]HY LWUHNODPQtPVORJDQ$PILUP\1RYHOOY\MGH
WRWRHHQtODFLQ MLQHWUDGLQt8QL[RYVNSRtWDYUROL1)6VHUYHUX
-HVWOLHWHG\SURWRNRO1)6P$HEWLPSOHPHQWRYiQYSURVWHGtU$]QFKRSHUDQtFK
V\VWpP$SDNVHQXWQ PXVtQ MDNP]S$VREHPY\URYQDWVMHMLFKRGOLQRVWPL2WRP
MDNiP$HEWSRYDKDW FKWRRGOLQRVWtMVPHVLMLQ FRQD]QDLOLYGtOXQD
StNODGXRGOLQRVWtPH]L8QL[HPD06'26HP7Y$UFLSURWRNROX1)6VHVHYHPL
SRWHQFLiOQtPLRGOLQRVWPLUR]KRGOLY\URYQDW]DMtPDYP]S$VREHPNRQFLSRYDOL
VDPRWQSURWRNRO1)6WDNDE\VHMHMW\WRRGOLQRVWLY$EHFQHWNDO\ DRHWHQtW FKWR
RGOLQRVWtVY LOLMLQPSURWRNRO$PNWHUpVWRMtPLPR1)6 
3RX]HSHVV\VWpPRYRXLGHQWLILNDFL
-HGQtP]G$VOHGN$WRKRWRStVWXSXMHVNXWHQRVWHVDPRWQSURWRNRO1)6QLNG\
QHSUDFXMHVStVWXSRYPLFHVWDPL1)6VHUYHUXQHP$HMHKRNOLHQW]DGDWSRDGDYHN
W\SXQDWL;E\W$]HVRXERUXXVUSHWILOHGRFSRtQDMHSR]LFt<NWHUXUXMH
SRDGRYDQVRXERUYHWQ StVWXSRYpFHVW\NQ PX'$YRGHPMHVNXWHQRVWHU$]Qp
RSHUDQtV\VWpP\PRKRXSRXtYDWU$]QpNRQYHQFHSURVHVWDYRYiQtLSURIRUPiOQt
]iSLVW FKWRStVWXSRYFKFHVW2EGREQ MHWRPXLVHMPpQ\ DStSRQDPL VRXERU$
WDNp]GHSRXtYDMtU$]QpRSHUDQtV\VWpP\U$]QpNRQYHQFH
%\ORE\VDPR]HMP PRQp]DYpVWQ MDNRXMHGQRWQRXNRQYHQFL QDStNODGWXNWHURX
SRXtYi8QL[ DSDN]DMLVWLWStSDGQSHYRG]GRNRQYHQFHNWHURXSRXtYi
NRQNUpWQtKRVWLWHOVNRSHUDQtV\VWpP7Y$UFLSURWRNROX1)6VHYDNUR]KRGOLSURMLQp
HHQtSRNXGNOLHQWSRDGXMHQDVHUYHUXQ MDNRXDNFLVXULWPVRXERUHPSDNPX
WHQWRNRQNUpWQtVRXERUQHXUXMHMHKRMPpQHPStSDGQRXStSRQRXDStVWXSRYRX
FHVWRXDOHSRPRFtMHGQR]QDQpKRLGHQWLILNiWRUXNWHUVHR]QDXMHMDNRILOHKDQGOH
HVN\QHMVStHV\VWpPRYiLGHQWLILNDFH DMH]FHODQH]iYLVOQDMDNpNROLPtVWQt
NRQYHQFLSURSRMPHQRYiYiQtVRXERU$DVHVWDYRYiQtStVWXSRYFKFHVW
3URNOLHQWDMHV\VWpPRYiLGHQWLILNDFHSRVORXSQRVWtELW$NWHUpQLMDNQHLQWHUSUHWXMH
MHMLFKY]QDPMHSURQ MLUUHOHYDQWQt NOLHQWWHG\P$HSRYDRYDWV\VWpPRYRX
LGHQWLILNDFLQDStNODG]DFHOptVOREH]]QDPpQND =SRKOHGXVHUYHUXVHYDN
V\VWpPRYiLGHQWLILNDFH ILOHKDQGOH VNOiGi]HWtiVWtNWHUpSRDG LGHQWLILNXMt
V\VWpPVRXERU$NRQNUpWQtVRXERUDMHKRLQVWDQFL YL]REU 
3,2%5B7,)
2EU3HGVWDYDV\VWpPRYpLGHQWLILNDFH
FS
.RQNUpWQtKRGQRWXMHGQRWOLYFKELW$V\VWpPRYpLGHQWLILNDFHVDPR]HMP XUXMH
VHUYHU]DWtPFRNOLHQWWXWRLGHQWLILNDFLSRX]HSRXtYiDFKiSHMLMDNRMHGLQGiOH
QHG OLWHOQFHOHN6\VWpPRYpLGHQWLILNDFHMHGQR]QDQ XUXMtFtNRQNUpWQtVRXERU\
SDNRYHPPXVtNOLHQWRYLSRVN\WRYDWVHUYHUSURWRHSRX]HRQMHGRNiHY\WYRLW
3RGtYHMPHVHQ\QtQDIRUPXMDNRXVHWDNG MH1HMSUYHVLDOHHNQ PHHV\VWpPRYi
LGHQWLILNDFH ILOHKDQGOH P$HUHSUH]HQWRYDWMDNNRQNUpWQtVRXERUWDNLDGUHVi
1\QtVLMLSHGVWDYPHVLWXDFLNG\NOLHQWPiNGLVSR]LFLV\VWpPRYRXLGHQWLILNDFL
Q MDNpKRNRQNUpWQtKRDGUHViH-HGQRX]RSHUDFtNWHURXP$HQDVHUYHUXSRDGRYDW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
MHY\SViQtMPHQYHFKVRXERU$ DSRGDGUHVi$ YWRPWRDGUHViL WMYWRPRGNWHUpKR
MLNOLHQWYODVWQtV\VWpPRYRXLGHQWLILNDFL 6HUYHUPXYUiWtVH]QDP]QDNRYFKHW ]F$
DU$]QFKSt]QDN$]HNWHUFKO]HPMSR]QDW]GD]QDNRYHW ]HFMHMPpQHP
VRXERUXLMPpQHPSRGDGUHViH-HVWOLHVHSDNNOLHQWUR]KRGQHSUDFRYDWVQ MDNP
NRQNUpWQtPVRXERUHPYWRPWRDGUHViLPXVtQHMSUYH]tVNDWMHKRV\VWpPRYRX
LGHQWLILNDFL7RXG OiSURVWHGQLFWYtPGDOtPRQpRSHUDFHNWHURXVLY\iGiQD
VHUYHUXDNWHUpSHGiMDNRYVWXSQtSDUDPHWUMHGQDNV\VWpPRYRXLGHQWLILNDFLDGUHViH
DGiOHHW ]HFVHMPpQHPVRXERUXNWHU]tVNDOSLSHGFKi]HMtFtPYSLVXREVDKX
WRKRWRDGUHViH6WHMQ EXGHNOLHQWSRVWXSRYDWLYStSDG NG\EXGHSRWHERYDW
V\VWpPRYRXLGHQWLILNDFLQ NWHUpKR]SRGDGUHVi$GDQpKRDGUHViH
-DNWRPXDOHEXGHYStSDG NG\NOLHQWSRWHEXMHSURMtWiVWtDGUHViRYpKRVWURPX
DE\VHGRVWDONQ MDNpPXNRQNUpWQtPXVRXERUX"=GHMHGREUpVL]QRYXH[SOLFLWQ
]G$UD]QLWHY]KOHGHPNHVYpPXEH]HVWDYRYpPXFKDUDNWHUXQHP$HPtWSURWRNRO
1)6iGQRXDQDORJLLDNWXiOQtKRDGUHViHYHNWHUpPE\VHNOLHQWPRKOQDFKi]HW
.OLHQWYDNP$HYODVWQLWV\VWpPRYpLGHQWLILNDFHMHGQRKRLQ NROLNDDGUHVi$DPiN
GLVSR]LFLPHFKDQLVP\SRPRFtNWHUFKP$H]tVNiYDWV\VWpPRYpLGHQWLILNDFHLMHMLFK
SRGDGUHVi$ LQDRSDNQDGD]HQFKDGUHVi$ 7tPWR]S$VREHPVHP$HSRVWXSQ
GRSUDFRYDWDNV\VWpPRYpLGHQWLILNDFLDGUHViHYHNWHUpPVHQDFKi]tSRDGRYDQ
VRXERUD]tVNDWWDNpMHKRV\VWpPRYRXLGHQWLILNDFL0XVtVLRYHPViPSRVWXSQ
Y\EXGRYDWSHGVWDYXStVOXQpKRDGUHViRYpKRVWURPXSURWRHVHUYHUPXQDEt]t
YG\MHQSRKOHGQDMHGQRSDWUR UHVSMHGQX~URYH WRKRWRVWURPX
.GH]DtW
-DNPLOHWHG\NOLHQWYODVWQtV\VWpPRYRXLGHQWLILNDFLDOHVSRMHGQRKRDGUHViH
Q MDNpKRDGUHViRYpKRVWURPXGRNiHVLMHMtPSURVWHGQLFWYtP]tVNDWV\VWpPRYp
LGHQWLILNDFHYHFKRVWDWQtFKDGUHVi$DVRXERU$YGDQpPDGUHViRYpPVWURPXNWHU
PXMHKRVHUYHU]StVWXSXMH'$OHLWpMHSLWRPWRHVHUYHUQLNG\QHSRWHEXMH
VHVWDYRYDWMPpQDDGUHVi$GRFHOpStVWXSRYpFHVW\DDQLNQLPSLSRMRYDWMPpQD
VRXERU$VMHMLFKStSDGQPLStSRQDPL.OLHQWRYLSHGiYiSRX]HMHGQRUR]P UQp
]QDNRYpHW ]FHDSRQHFKiYiQDQ P]GDDMDNVLMHEXGHVHVWDYRYDWGRY WtFK
FHON$
=DMtPDYRXRWi]NRXMHDOHWRMDNP]S$VREHPNOLHQW]tVNiRQXSUYQtV\VWpPRYRX
LGHQWLILNDFL=GHMHGREUpVLXY GRPLWHVHUYHUQDEt]tVYPNOLHQW$PYG\FHOp
DGUHViRYpVWURP\NWHUpVHY8QL[RYpWHUPLQRORJLLR]QDXMtMDNRVRXERURYpV\VWpP\
ILOHV\VWHPV .DGVHUYHUYG\]YHHMXMHVH]QDPW FKWRVRXERURYFKV\VWpP$
W]YMHH[SRUWXMH DNDGNOLHQWVL]QLFKP$HY\EUDWW\NWHUpVLSRPRFtRSHUDFH
PRXQWSLSRMtNHVYpPXJOREiOQtPXDGUHViRYpPXVWURPX SRNXGMHViP
8QL[RYVNPSRtWDHP UHVSNWHUpVL]StVWXSQtMDNRVDPRVWDWQiORJLFNi]Dt]HQt
MGHOLQDSRNOLHQWDNWHUSUDFXMHSRGRSHUDQtPV\VWpPHP06'26 MDNMVPHVL
SRGUREQ SRSLVRYDOLYGtOXVHULiOX
.RQNUpWQtSRVWXSSLSRMRYiQtMHWDNRYHNOLHQWVLQHMSUYHY\EHUH]HVH]QDPX
VRXERURYFKV\VWpP$H[SRUWRYDQFKXULWPVHUYHUHPWHQNWHUMHM]DMtPiDSDN
WRPXWRVHUYHUXY\OHSRDGDYHNQDMHKRSLSRMHQt SURYHGHQtRSHUDFHPRXQW 
3RORN\VH]QDPXSLWRPWYRtMPpQDNRHQ$MHGQRWOLYFKDGUHViRYFKVWURP$
VRXERURYFKV\VWpP$ YHWQ StVWXSRYFKFHVWNQLP3RDGDYHNQDSLSRMHQt
PRXQW NWHUNOLHQWDGUHVXMHVHUYHUXWXGtREVDKXMHMPpQDYHWQ StVWXSRYFKFHVW
DQXWQ WHG\PXVtSRXtYDWQ MDNRXNRQYHQFLSURMHMLFKVHVWDYRYiQt3RDGDYHN

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NOLHQWDRYHPQHQtDGUHVRYiQStPRWpHQWLW NWHUiLPSOHPHQWXMH1)6VHUYHU-HMtP
DGUHViWHPMHW]YPRXQWVHUYHU GRVORYDSLSRMRYDFtVHUYHU NWHUQHQtVRXiVWt
1)6DNWHUMLPXVtEWX]S$VREHQNRQNUpWQtNRQYHQFLSURSRMPHQRYiYiQtDGUHVi$
DVHVWDYRYiQtStVWXSRYFKFHVWSRXtYDQpYSURVWHGtYHNWHUpPMHVHUYHU
LPSOHPHQWRYiQ
7HQWRPRXQWVHUYHUMHWHG\WtPNGRNOLHQWRYLSRVN\WQHSUYQtV\VWpPRYRX
LGHQWLILNDFLVHNWHURXVHSDNMLNOLHQWP$HREUDFHWQD1)6VHUYHUDRGQ M]tVNiYDW
GDOtV\VWpPRYpLGHQWLILNDFHMDNQD]QDXMHLREUi]HN
9WXWRFKYtOLVHDOHQXWQ YQXFXMHRWi]NDSURMHWRPXSUiY WDNWR"-DNiMHORJLNDY
WRPHW]YPRXQWVHUYHUQHQtVRXiVWt1)6VHUYHUX D]S$VREMHKRLQQRVWLQHQt
GHILQRYiQSURWRNROHP1)6 "
'$YRG\MVRXSHGHYtPSUDNWLFNp6OXE\PRXQWVHUYHUXMVRXY\XtYiQ\UHODWLYQ
YHOPL]tGND W\SLFN\MHGQRUi]RY SLVSXW QtRSHUDQtKRV\VWpPXNOLHQWDNWHUVLY
UiPFLVYpKRVWDUWXSLSRMXMHVRXERURYpV\VWpP\VHUYHUX 1DRSDNVOXE\1)6VHUYHUX
PRKRXEWY\XtYiQ\YHOPLDVWR SLYHFKRSHUDFtFKVHY]GiOHQPLVRXERU\ 1D
LPSOHPHQWDFL1)6VHUYHUXMVRXSURWRNODGHQ\YHOPLYHONpQiURN\SRNXGMGHRMHKR
U\FKORVW]DWtPFRYStSDG PRXQWVHUYHUXQHQtMHKRU\FKORVWUR]KRGXMtFt9SURVWHGt
8QL[XMHSURWR1)6VHUYHULPSOHPHQWRYiQMDNRVRXiVWMiGUD DE\PRKOEWFRPRQi
QHMU\FKOHMt ]DWtPFRPRXQWVHUYHUP$HEWLPSOHPHQWRYiQPLPRMiGURRSHUDQtKR
V\VWpPXQDVWHMQp~URYQLMDNRE QpDSOLNDQt~ORK\7DNRYpWRSURJUDP\VHDOHStt
DKODYQ ODGtPQRKHPVQi]HQHV\VWpPRYpSURJUDP\NWHUpPDMtEWVRXiVWtMiGUD
3,2%5B7,)
2EU6\VWpPRYpLGHQWLILNDFHDStVWXSRYpFHVW\SLNRPXQLNDFLNOLHQWDVH
VHUYHUHP
0RXQWVHUYHURYHPSOQtLQ NWHUpGDOt~NRO\QHMHQSHYiG WMPpQDDGUHVi$
YHWQ StVWXSRYFKFHVWQDV\VWpPRYpLGHQWLILNDFH-HWRSUiY RQNGRVNXWHQ
]YHHMXMHMPpQDVRXERURYFKV\VWpP$H[SRUWRYDQFKVHUYHUHP0iWDNp]D~NRO
RY RYDWLGHQWLWXXLYDWHO$NWHtVL]HVYFKSRtWD$YUROLNOLHQW$SLSRMXMt
VRXERURYpV\VWpP\DGiOHPiLNRQWURORYDWGRGURYiQtStVWXSRYFKSUiYN
H[SRUWRYDQPVRXERURYPV\VWpP$P'tN\WRPHVLSURNDGpKRXLYDWHOHXGUXMH
VH]QDPMHKRSRDGDYN$QDSLSRMHQtVRXERURYFKV\VWpP$MHPRXQWVHUYHUQXWQ
VWDYRY QDUR]GtORGEH]HVWDYRYpKR1)6VHUYHUX &KDUDNWHUVWDYRYpLQIRUPDFH
NWHURXVLPRXQWVHUYHUXGUXMHYDNQHQtNULWLFNSURVSUiYQpIXQJRYiQt1)6VHUYHUX
LMHKRNOLHQW$-HMtY]QDPMHVStHSRPRFQDY\XtYiVHQDStNODGNWRPXDE\
VHUYHUPRKOYDVYDURYDWYHFKQ\VYpNOLHQW\RWRPHE\OR]DKiMHQRMHKRiGQp
XNRQHQt W]YVKXWGRZQ 

1)6,,,
9PLQXOpPGtOXMVPHVH]DDOLSRGUREQ ML]DEYDWWtPMDNSURWRNRO1)6
1HWZRUN)LOH6\VWHP YHVNXWHQRVWLSUDFXMH3UREUDOLMVPHVLSULQFLS
NRPXQLNDFHNOLHQWDVHVHUYHUHPSRNXGMGHR]S$VREXURYiQtNRQNUpWQtFK
VRXERU$DDGUHVi$SURVWHGQLFWYtPV\VWpPRYFKLGHQWLILNDFtDQLNROL
SURVWHGQLFWYtPMPHQDStVWXSRYFKFHVWNVRXERU$P'QHVSRNURtPHMHW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
GiOHDQD]QDtPHVLMDNpMHSRVWDYHQtV\VWpPRYFKLGHQWLILNDFt DSURWRNROX1)6
REHFQ YUiPFLRSHUDQtKRV\VWpPXSRtWD$YUROLNOLHQW$LVHUYHU$
-HOLNRVHQDHGRVDYDGQtSRYtGiQtRSURWRNROX1)6WNDORSHGHYtPFKDUDNWHUX
NRPXQLNDFHPH]LNOLHQWHPDVHUYHUHP QHEROLWRKRFRVLY]iMHPQ SHGiYDMtFRRG
VHEHSRDGXMtDFRVLSRVN\WXMt WHG\MHMLFKYQ MtPLSURMHY\QHPXVHOLMVPHQi
YNODGY]WDKRYDWNQ NWHUpNRQNUpWQtV\VWpPRYpSODWIRUP QDNWHUpP$HEW
SURWRNRO1)6LPSOHPHQWRYiQ-DNPLOHVHDOH]DQHPHSRGUREQ ML]DEYDWSRVWDYHQtP
1)6YUiPFLRSHUDQtKRV\VWpPXQDHSRYtGiQtMLSHVWDQHEWQH]iYLVOpQD
NRQNUpWQtSODWIRUP 3URWRVLPXVtPHQ NWHURXSODWIRUPXY\EUDWDYHSRWHEQpVL
XNi]DWQDMHMtPNRQNUpWQtPStNODGX VQD]QDHQtPRGOLQRVWtSURMLQpSODWIRUP\ 
1HMYKRGQ MtPSODWIRUPRXMLVW EXGHSURVWHGtYHNWHUpPSURWRNRO1)6Y]QLNOD]H
NWHUpKRVHSDNUR]tLOLQDMLQpSODWIRUP\WHG\RSHUDQtV\VWpP8QL[
8QL[SRXtYi,12'(6
-HVWOLHSURWRNRO1)6Pi]DML"RYDWSOQ WUDQVSDUHQWQtVGtOHQtVRXERU$ YWRP
VP\VOXMDNMVPHVL]DYHGOLMLYGtOX SDNSURDSOLNDQtSURJUDP\QHVPt
H[LVWRYDWiGQYLGLWHOQUR]GtOPH]LPtVWQtPLDY]GiOHQPLVRXERU\
9SURVWHGtRSHUDQtKRV\VWpPX8QL[SUDFXMtDSOLNDQt~ORK\VHVRXERU\]S$VREHP
NWHUXND]XMHREUi]HNSURVWHGQLFWYtPV\VWpPRYFKYROiQt V\VWHPFDOOV 
NWHUpVP XMtGRMiGUDRSHUDQtKRV\VWpPX NHUQHO DSHVQ MSDNGRV\VWpPX
VRXERU$ ILOHV\VWHP 7RMHWYRHQRVSROHQRXiVWtQH]iYLVORXQDNRQNUpWQtPGUXKX
VRXERU$DGiOHU$]QPLRYODGDLNWHUpMLMVRXLPSOHPHQWDQ ]iYLVOp0H]LW PLWR
GY PDYUVWYDPLMHSDNUR]KUDQtYHNWHUpPVHQDFKi]tGDWRYpVWUXNWXU\SRSLVXMtFt
MHGQRWOLYpVRXERU\W]Y,12'(6 RG,QIRUPDWLRQ1RGHVQ NG\Wp,QGH[
1RGHV 9W FKWRGDWRYFKVWUXNWXUiFKMVRXREVDHQ\QDStNODGLQIRUPDFHRSHVQpP
XPtVW QtVRXERUXLDGUHViHRMHKRYHOLNRVWLYODVWQtNRYLRStVWXSRYFKSUiYHFK
DSRG3HVQY]QDPLUHSHUWRiUW FKWRLQIRUPDFtMHYDNLWQDPtUXMHGQRPX
NRQNUpWQtPX]S$VREXXFKRYiYiQtPtVWQtFKVRXERU$]DWtPFRY]GiOHQpVRXERU\
VGtOHQpSURVWHGQLFWYtPVtW Y\DGXMtSHFLMHQQ FRMLQpKR2GOLQRVWL]GHVLFHQHMVRX
QLMDNYHONpDOHQDGUXKpVWUDQ ]DVHQHMVRX]DQHGEDWHOQpDVWDtQDWRDE\GDWRYp
VWUXNWXU\,12'(QHE\O\StOLYKRGQpSURVRXDVQpUHSUH]HQWRYiQtMDNPtVWQtFKWDNL
Y]GiOHQFKVRXERU$
3,2%5B7,)
2EU3HGVWDYDUR]KUDQt,12'( EH]1)6
5R]KUDQt9)6912'(
)LUPD6XQNWHUiSURWRNRO1)6Y\YLQXODY\HLODFHOSUREOpPQiVOHGXMtFtP
]S$VREHPUR]KUDQtYHNWHUpPVHQDFKi]tGDWRYpVWUXNWXU\,12'(REDOLODMHW
MHGQRXYUVWYRXQD]YDQRX9LUWXDO)LOH6\VWHP 9)6 9LUWXDO)LOH1RGH
912'( LQWHUIDFHDS$YRGQtGDWRYpVWUXNWXU\,12'(SHNU\ODSRQ NXG
REHFQ MtPLGDWRYPLVWUXNWXUDPLNWHUpMLPRKRXUHSUH]HQWRYDWMDNY]GiOHQp
VRXERU\WDNLVRXERU\PtVWQt7tPMHW G$VOHGQ MLRGG OLODVSROHQRXiVWV\VWpPX
VRXERU$ QH]iYLVORXQDNRQNUpWQtLPSOHPHQWDFL RGMHMtLPSOHPHQWDQ ]iYLVOpiVWL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9VOHGQHIHNWMHWDNRYHQRYpUR]KUDQt9)6912'(YORHQpPH]LRE W\WR
iVWLP$HEWMHGQRWQpLYStSDG NG\SHNUYiU$]Q LPSOHPHQWRYDQpV\VWpP\
VRXERU$DWRQHMHQY]GiOHQpVRXERU\VGtOHQpSURVWHGQLFWYtPSURWRNROX1)6DOH
WDNpQDStNODGPtVWQtVRXERU\XFKRYiYDQpSRGOH]Y\NORVWtU$]QFKRSHUDQtFK
V\VWpP$YUiPFLNWHUFKMHSURWRNRO1)6LPSOHPHQWRYiQ
-HVWOLHWHG\GtYHSUDFRYDODVSROHQiiVWV\VWpPXVRXERU$StPRVUR]KUDQtP
REVDKXMtFtPVWUXNWXU\,12'( DR]QDRYDQPMDNRUR]KUDQt,12'( Q\QtML
SUDFXMHSRX]HVUR]KUDQtP9)6912'(DVGDWRYPLVWUXNWXUDPLNWHUpMVRXYWRPWR
UR]KUDQtREVDHQ\3$YRGQtVWUXNWXU\,12'(VLFHQDGiOHH[LVWXMtDOHV\VWpPRYi
YROiQtVHNQLPQHREUDFHMtStPR DOHSRX]H]SURVWHGNRYDQ SHVGDWRYpVWUXNWXU\Y
UR]KUDQt9)6912'( 9SURVWHGt8QL[XWRVDPR]HMP ]QDPHQDOR]P QLWYHFKQD
V\VWpPRYiYROiQtNWHUi]DML"XMtSUiFLVHVRXERU\1DGUXKpVWUDQ YDNWRWRHHQt
Y\ORYVWtFQHMHQSRWHEiPVGtOHQtY]GiOHQFKVRXERU$DOHWDNpU$]QP]S$VRE$P
LPSOHPHQWDFHVRXERURYFKV\VWpP$YQHMU$]Q MtFKStFKXWtFK8QL[X NWHUpPRKRX
SRXtYDWSRQ NXGRGOLQpVWUXNWXU\,12'(DMHGQRWQpVWUXNWXU\YUR]KUDQt
9)6912'( 
'DWRYpVWUXNWXU\9)6D912'(
'DWRYpVWUXNWXU\REVDHQpYQRYpPUR]KUDQtVHMPHQXMtSt]QDQ 9)6D912'(
6WUXNWXUD9)6UHSUH]HQWXMHMHGHQNRQNUpWQtV\VWpPVRXERU$MDNRWDNRY]DWtPFR
GDWRYiVWUXNWXUD912'(MH]REHFQ QtPVWUXNWXU\,12'(DUHSUH]HQWXMHMHGHQ
NRQNUpWQtVRXERULDGUHVi6WUXNWXUD9)6MHY\WYiHQDYUiPFLSLSRMHQt
VRXERURYpKRV\VWpPXSRPRFtRSHUDFHPRXQW YL]GtO 6RXDVQ VWtPMH
Y\WYiHQDLMHGQDVWUXNWXUD912'(UHSUH]HQWXMtFtX]HODGUHViRYpKRVWURPXNH
NWHUpPXMHGRW\QVRXERURYV\VWpPSLSRMRYiQ YL]REU 'DOtVWUXNWXU\
912'(MVRXSDNY\WYiHQ\SLRWHYtUiQtMHGQRWOLYFKVRXERU$ DDGUHVi$ YUiPFL
StVOXQpKRVRXERURYpKRV\VWpPXD]DD]RYiQ\GRVSRMRYpKRVH]QDPXVWUXNWXU
912'(VGUXHQpKRVStVOXQRXVWUXNWXURX9)6YL]RS WREUi]HN
3,2%5B7,)
2EU9]WDKGDWRYFKVWUXNWXU9)6D912'(
512'(YV,12'(
'DWRYRXVWUXNWXUX912'(MHQHMOpSHFKiSDWMDNRVSROHQp]DVWHHQtGDWRYFK
VWUXNWXUNWHUpMLMVRX]iYLVOpQDNRQNUpWQtLPSOHPHQWDFL=DWtPWR~HOHPREVDKXMH
VWUXNWXUD912'(XND]DWHOQDGDWRYRXVWUXNWXUXNWHUiStVOXQVRXERULDGUHVi
VNXWHQ UHSUH]HQWXMHDVHNWHURXMVRXWDNpVGUXHQ\YNRQQpSURFHGXU\]DML"XMtFt
QHMU$]Q MtDNFHVStVOXQPVRXERUHPLDGUHViHP9StSDG PtVWQtKRVRXERUXMH
WDNRYRXWRVWUXNWXURXS$YRGQtGDWRYiVWUXNWXUD,12'( DXND]DWHOYUiPFLVWUXNWXU\
912'(SDNXND]XMHQDH[HPSOiVWUXNWXU\,12'( VHNWHURXMVRXVGUXHQ\
SURFHGXU\SURSUiFLVPtVWQtPLVRXERU\
3URSRWHE\UHSUH]HQWDFHY]GiOHQFKVRXERU$VGtOHQFKSURVWHGQLFWYtPSURWRNROX
1)6E\OQDYUHQGDOtGUXKGDWRYpVWUXNWXU\512'(-HGQRWOLYpH[HPSOiHWpWR
GDWRYpVWUXNWXU\Y]QLNDMtSRX]HQDVWUDQ NOLHQWDDREVDKXMtPLPRMLQpLV\VWpPRYp
LGHQWLILNDFHY]GiOHQFKVRXERU$NWHUpVLNOLHQWY\iGDOQDStVOXQpPVHUYHUX YL]

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
PLQXOGtO 6W PLWRY]GiOHQPLVRXERU\VHSDNSUDFXMHSURVWHGQLFWYtPSURFHGXU
NWHUpMVRXVGDWRYPLVWUXNWXUDPLVGUXHQ\DSUiY W\WRSURFHGXU\LPSOHPHQWXMt
YODVWQtSURWRNRO1)6SURVGtOHQtY]GiOHQFKVRXERU$YVtWtFK3HVQ]S$VRE
IXQJRYiQtW FKWRNRQNUpWQtFKSURFHGXUMHRYHPQDWROLN]DMtPDYHVHPXEXGHPH
SRGUREQ MLY QRYDWYVDPRVWDWQpPGtOXWRKRWRVHULiOX
3,2%5B7,)
2EU3HGVWDYD]SUDFRYiQtSRDGDYNXQDStVWXSNVRXERUX
3UR]DWtPVLSRX]HQD]QDPHMDNP]S$VREHPMVRXW\WRSURFHGXU\DNWLYRYiQ\1D
VWUDQ NOLHQWDMHSUYRWQtPLQLFLiWRUHPV\VWpPRYpYROiQtJHQHURYDQpDSOLNDQt~ORKRX
7RWRYROiQtVSHFLILNXMHXULWRXVWUXNWXUX912'(NWHUiVH]DVHRGND]XMHQDQ NWHURX
VWUXNWXUX,12'(L512'( QHERMLQGUXKGDWRYpVWUXNWXU\Y\WYRHQpSURSRWHE\
NRQNUpWQtLPSOHPHQWDFHMLQpKRGUXKXVRXERU$DDGUHVi$ 3RGOHWRKRNDPXND]DWHOY
UiPFLVWUXNWXU\912'(XND]XMHMHSDNPRQpXULWNRQNUpWQtSURFHGXU\NWHUpPDMt
EW]DYROiQ\YL]REUi]HN9VOHGNHPVSXW QtSURFHGXUVGUXHQFKVGDWRYRX
VWUXNWXURX,12'(MHSDNIRUPXORYiQtNRQNUpWQtKRSRDGDYNXQDVHUYHUDMHKR
RGHVOiQt
3,2%5B7,)
2EU5R]KUDQt9)6912'(,12'(D512'(QDVWUDQ NOLHQWDLVHUYHUX
1DVWUDQ VHUYHUXMHStMHPFHPWRKRWRSRDGDYNXV\VWpPRYSURFHV W]Y1)6
GpPRQ 7HQSDNQD]iNODG SLMDWpKRSRDGDYNXJHQHUXMHV\VWpPRYpYROiQtNWHUp
RS WVSHFLILNXMHXULWX]HO912'(7HQXND]XMHQDNRQNUpWQtGDWRYRXVWUXNWXUX
UHSUH]HQWXMtFtSRDGRYDQVRXERULDGUHVi FHORXVLWXDFLQi]RUQ LOXVWUXMHREUi]HN
 9WpWRVRXYLVORVWLMHYKRGQpVL]G$UD]QLWHWHQWRNUiWHMLPXVtMtWRPtVWQt
VRXERULDGUHVi DQLNROLY]GiOHQ 7Y$UFLSURWRNROX1)6WRWLYFHONXUR]XPQ
]DNi]DOLWUDQ]LWLYQRVWVGtOHQtVRXERU$YVtWt7HG\WDNRYRXVLWXDFLNG\VHUYHUQDEt]t
VYPNOLHQW$PVRXERU\NWHUpViP]tVNiYiYUROLNOLHQWDRGMLQpKRVHUYHUX$NROLE\
WRE\ORSULQFLSLiOQ PRQpQHQtWRHIHNWLYQt0tVWRSHVSURVWHGQtNDVHWRWLNDG
NOLHQWP$HREUiWLWStPRQDWHQVHUYHUNWHUSRDGRYDQpVRXERU\VNXWHQ YODVWQt
MDNRORNiOQt 
%6'8QL[YV$7 78QL[
5R]KUDQt9)6912'(NWHUpMVPHVLDGRVXGSRSLVRYDOLE\ORY\WYRHQRYUiPFL
W]Y%6'Y WYH8QL[XYHU]H YL]GtOVHULiOX NGHVHWDNpSURWRNRO1)6
SURVDGLOQHMGtYH9GUXKpKODYQtY WYLW]Y$7 78QL[XH[LVWRYDORYHYHU]L6\VWHP
95HOHDVHUR]KUDQtVYHOPLSRGREQPLGDWRYPLVWUXNWXUDPL)66 )LOH6\VWHP
6ZLWFK %\ORY\YLQXWRSURSRWHE\SURWRNROX5)6 5HPRWH)LOH6KDULQJ ILUP\
$7 7NWHUPiVWHMQpSRVOiQtMDNRSURWRNRO1)6WHG\]DML"RYDWWUDQVSDUHQWQt
VGtOHQtVRXERU$YVtWtFK RYHPQDUR]GtORGEH]HVWDYRYpKRSURWRNROX1)6IXQJXMH
MDNRVWDYRY 3URWRNRO1)6VHYDNXNi]DOEWLYRWDVFKRSQ MtPDMHKRSRXtYiQt
VHSRVOp]HSURVDGLORLGR$7 78QL[X6SROXVQtPSDNLUR]KUDQt9)6912'(
NWHUpVHVWDORVWDQGDUGQtVRXiVWt$7 78QL[XRGYHU]H6\VWHP95HOHDVH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK

53&,
9PLQXOFKWHFKGtOHFKMVPHVHSRGUREQ ML]DEYDOLFHONRYRXILORVRILtL
Q NWHUPLLPSOHPHQWDQtPLDVSHNW\SURWRNROX1)6NWHUPiYURGLQ
SURWRNRO$7&3,3QDVWDURVWLSOQ WUDQVSDUHQWQtVGtOHQtVRXERU$YSURVWHGt
SRtWDRYFKVtWt.URP VYpVDPRWQpSRGVWDW\MHDOHWHQWRSURWRNRO]DMtPDY
WDNpWtPHSURMHKRSUDNWLFNRXLPSOHPHQWDFLE\OSRSUYpYHY]QDPQ MtP
P tWNXSRXLWPHFKDQLVPXVR]QDRYDQMDNR53& 5HPRWH3URFHGXUH&DOO 
'QHVVHSRGUREQ MLVH]QiPtPHVFHONRYRXILORVRILtD]iNODGQtPLDVSHNW\WRKRWR
PHFKDQLVPXDYStWtPGtOXVLXNiHPHMDNMHNRQNUpWQ SRXLWSUR
LPSOHPHQWDFLSURWRNROX1)6YSURVWHGt8QL[X
1HMSUYHVLDOH]RSDNXMPHMDNPSULQFLSLiOQtP]S$VREHPMHYSURWRNROX1)6HHQ
SRDGDYHNNOLHQWDQDStVWXSNHY]GiOHQpPXVRXERUXNXVSRNRMHQtWRKRWRSRDGDYNX
MHQXWQpSURYHGHQtXULWFKDNFt QDSWHQtL]iSLVXQDGLVN NWHUpDOHPXVt
SURE KQRXWQDWRPSRtWDLQDNWHUpPVHVRXERUVNXWHQ QDFKi]tWHG\QDSRtWDLY
UROLVHUYHUX1DVWUDQ NOLHQWDNWHURStVWXSNHY]GiOHQpPXVRXERUXiGiMHSURWR
]IRUPXORYiQSRDGDYHNQDSURYHGHQtW FKWRDNFtMHVHVWDYHQYHIRUP ]SUiY\DWDWR
MHRGHVOiQDVHUYHUX7HQ]SUiYXSLMPHSURYHGHSRDGRYDQpDNFHDMHMLFKYVOHGHN
YUiWt]S WNOLHQWRYLMDNRVYRXRGSRY 
1\QtVL]NXVPHSHGVWDYLWMDNPNRQNUpWQtP]S$VREHPP$HEWWRWRREHFQp
VFKpPDUHDOL]RYiQR$SOLNDFHNWHUiSRDGDYHNQDStVWXSNHY]GiOHQpPXVRXERUX
Y]QitVLY]KOHGHPNSOQ WUDQVSDUHQWQtPXVGtOHQtQHPXVtY$EHFXY GRPRYDWHMGH
RY]GiOHQVRXERUVYRXiGRVWWHG\IRUPXOXMHSHVQ VWHMQ MDNRNG\E\ORRPtVWQt
VRXERU YSURVWHGt8QL[XIRUPRXV\VWpPRYpKRYROiQtYL]PLQXOGtO 6NXWHQRVWH
MGHRY]GiOHQVRXERUVLSOQ XY GRPXMHDWDSURJUDPRYiHQWLWDNWHUiStVOXQ
SRDGDYHNVNXWHQ Y\L]XMH7DVLWDNpPXVtEWY GRPDHSUDFXMHYSURVWHGtVtW 
PXVtVLXY GRPRYDWH[LVWHQFLY]GiOHQFKX]O$DPXVt]QiW]S$VREMDNVQLPL
NRPXQLNRYDW7DWRNRQNUpWQtSURJUDPRYiHQWLWDNWHURXYHYtFH~ORKRYpPSURVWHGt
EXGHQHMVStHVDPRVWDWQSURFHVWHG\QHMSUYHVHVWDYtStVOXQSRDGDYHNYHIRUP
]SUiY\WXRGHOHDSDNHNiQDRGSRY VHUYHUX7RWRHNiQtSLWRPEXGHQHMVStH
UHDOL]RYiQRMDNRVXVSHQGRYiQtStVOXQpKRSURFHVX WHG\MHKRSHYHGHQt]HVWDYX
SUREtKDMtFtGRVWDYXHNDMtFt VSRDGDYNHPQDQiVOHGQpDNWLYRYiQtYRNDPLNX
StFKRGXRGSRY GL NWHUiEXGH]HMP VLJQDOL]RYiQDSURVWHGQLFWYtPPHFKDQLVPX
SHUXHQt 
=NXVPHVLSUiY SRSVDQSRVWXS]UHNDSLWXORYDWSURFHVNWHUGRVWDO]D~NRO
XVSRNRMLWSRDGDYHNQDStVWXSNHY]GiOHQpPXVRXERUX]DMLVWtSURYHGHQtStVOXQFK
DNFtSURVWHGQLFWYtPDNFtW\SXRGHVOiQt]SUiY\DHNiQtQDYQ MtXGiORVW NWHUiMH]
MHKRSRKOHGXDV\QFKURQQt 
7HQWRSRVWXSMHVDPR]HMP PRQDYSUD[LMHWDNpKRMQ SRXtYiQ-HRYHPY
]iVDGQtPUR]SRUXVHVRXDVQRXSHGVWDYRXRWRPMDNVSUiYQ SViWSURJUDP\WHG\VH
]iVDGDPLVWUXNWXURYDQpKRSURJUDPRYiQt9]KOHGHPNWRPXSDNQHXPRXMHQDVDGLW
RVY GHQpPHWRG\QiYUKXDYYRMHUR]ViKOFKSURJUDPRYFKFHON$NWHUpMVRXQD
VWUXNWXURYDQpPSURJUDPRYiQt]DORHQ\
3HGVWDYDDNFHNWHUiMHLQLFLRYiQDY\VOiQtP]SUiY\SUREtKiDV\QFKURQQ  QH]iYLVOH
QDGDOtPSU$E KXYSRWX DMHMtNRQHFMHVLJQDOL]RYiQSHUXHQtPSUiY

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
SUREtKDMtFtKRSURJUDPXVNXWHQ Y$EHFQH]DSDGiGRUiPFHVWUXNWXURYDQpKR
SURJUDPRYiQtWRVHQDRSDNVQDtGtYDWQDNDGRXYNRQQRXDNFLMDNRQDSURFHGXUX
NWHUiVH]DQHSURYiG WYRNDPLNXMHMtKR]DYROiQtDNRQtQiYUDWHP]WpWRSURFHGXU\
QHEROLSHGiQtPt]HQtEH]SURVWHGQ ]DPtVWRMHMtKRYROiQtYL]REUi]HN
3,2%5B7,)
2EU3HGVWDYDYROiQtORNiOQtDY]GiOHQpSURFHGXU\
7RPXDE\VHWDWRSHGVWDYDPRKODDSOLNRYDWLQD]DMLW QtStVWXSXNHY]GiOHQP
VRXERU$PVWRMtYFHVW MHGQDY]QDPQiVNXWHQRVWYODVWQtYNRQQpDNFHQHEXGRX
SUREtKDWQDWRPSRtWDLQDNWHUpPMHSRDGDYHNQDMHMLFKSURYHGHQtY]QHVHQ3RNXG
E\FKRPWHG\FKW OLY\KRY W]iVDGiPVWUXNWXURYDQpKRSURJUDPRYiQtSRWHERYDOL
E\FKRPQ MDNPHFKDQLVPXVNWHUE\QiPXPRQLOYRODWSURFHGXU\QDMHGQRP
X]ORYpPSRtWDLDOHVNXWHQ MHSURYiG WQDMLQpPX]ORYpPSRtWDL7HG\YRODW
WDNRYpSURFHGXU\NWHUpMVRX]SRKOHGXYRODMtFtKRY]GiOHQPLSURFHGXUDPL UHPRWH
SURFHGXUHV 3HGVWDYXYROiQtWDNRYpWRY]GiOHQpSURFHGXU\XND]XMHRS WREUi]HN
SRDGDYHNQDSURYHGHQtY]GiOHQpSURFHGXU\QHFK"Y]QitSURJUDPRYiHQWLWD
SURFHV$ QDVWUDQ NOLHQWDDWRREY\NORXIRUPRXYROiQtSURFHGXU\7DWRMHRYHP
Y]GiOHQiSURWRMHMHMtVNXWHQpSURYiG Qt]DKiMHQRQDY]GiOHQpPX]OX VHUYHUX 
.G\SURYiG QtWpWRSURFHGXU\VNRQtGRMGHLQDVWUDQ NOLHQWDNSHGiQtt]HQt
EH]SURVWHGQ ]DPtVWRYROiQtY]GiOHQpSURFHGXU\ WHG\NE QpPXQiYUDWX]YRODQp
SURFHGXU\ 
0HFKDQLVPXVNWHUSUiY QD]QDHQ]S$VREYROiQtY]GiOHQFKSURFHGXUXPRXMH
VHSDNSt]QDQ R]QDXMHMDNR53& 5HPRWH3URFHGXUH&DOOGRVORYDYROiQt
Y]GiOHQFKSURFHGXU 9LGHiOQtPStSDG ]FHOD]DNUYiMDNNROLUR]GtOPH]L
YROiQtPPtVWQtDY]GiOHQpSURFHGXU\WDNHYRODMtFtVLDQLQHPXVtEWY GRPHMtP
YRODQiSURFHGXUDVHYHVNXWHQRVWLSURYiGtQDY]GiOHQpPSRtWDL GRVDHQtWRKRWR
LGHiOQtKRVWDYXDOHVWRMtYFHVW Q NWHUpWHFKQLFNpSUREOpP\RNWHUFKVH]PtQtPH
SR]G ML 
=DVWDYPHVHQ\QtXWRKRYHPWNYtVNXWHQiRGOLQRVWY]GiOHQpKRYROiQtSURFHGXU
RGS$YRGQtSHGVWDY\H[SOLFLWQtKR]DVtOiQt]SUiYDHNiQtQDRGSRY GL6DPRWQi
NRPXQLNDFHPH]LGY PDX]O\VtW EXGHYG\PXVHWPtWIRUPXSHGiYiQt]SUiY
UR]GtOMH]GHSRX]HYWRPNGRDMDNEXGHW\WR]SUiY\VHVWDYRYDWDRGHVtODWDWDNp
HNDWQDRGSRY GLDY\KRGQRFRYDWMH9LMPHVHGRSRVWDYHQtWRKRNGRStH
SURJUDPRYRXHQWLWXVNXWHQ ]DML"XMtFtStVWXSNHY]GiOHQPVRXERU$PYVRXODGX
VREUi]NHPSURFHV$%H]PHFKDQLVPX53&PXVtSURFHV$ViPH[SOLFLWQ
VHVWDYRYDWDRGHVtODW]SUiY\YKRGQP]S$VREHPHNDWQDRGSRY GLDW\WRSDN
Y\KRGQRFRYDW7HQNGRStH DKODYQ ODGt ]GURMRYWYDUWRKRWRSURFHVXVHSDN
PXVtREHMtWEH]YHFKSRGS$UQFKSURVWHGN$NWHUpSURYYRMDWYRUEX
VWUXNWXURYDQFKSURJUDP$H[LVWXMt
1DSURWLWRPXSLH[LVWHQFLPHFKDQLVPX53&MHYODVWQtNRPXQLNDFHVHY]GiOHQP
X]OHPSHGSURFHVHP$VNU\WDVHVWDYRYiQtDRGHVtOiQt]SUiYLHNiQtQDRGSRY GLMH
]GHUHDOL]RYiQRYUiPFLSURJUDPRYFKHQWLWNWHUpLPSOHPHQWXMtPHFKDQLVPXV53&
7\WRHQWLW\SDNY$LSURFHVX$Y\VWXSXMtMDNRORNiOQtSURFHGXU\NWHUpSURFHV$P$H
REY\NOP]S$VREHPYRODW.RQNUpWQtSHGVWDYXLOXVWUXMHREUi]HNSURFHV$

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NWHUSRWHEXMH]DMLVWLWSURYHGHQtXULWFKDNFtQDY]GiOHQpPX]OX VHUYHUX SRX]H
YROiStVOXQRXORNiOQtSURFHGXUXNWHUiMHVRXiVWtLPSOHPHQWDFHPHFKDQLVPX53&
DR]QDXMHVHMDNRVWXEYHWLQ SDNVSRMND 7DWRVSRMND SURFHGXUD ]DMLVWtYH
SRWHEQp YHWQ HNiQtQDStFKRGRGSRY GL DSRWpiGQP]S$VREHPVNRQt
QHEROLYUiWtt]HQt]S WSURFHVX$EH]SURVWHGQ ]DPtVWRVYpKRYROiQt
3RNXGE\FKRPWHG\YHPD[LPiOQ ]MHGQRGXLOLPRKOLE\FKRPVHQDPHFKDQLVPXV
53&GtYDWMDNRQDYUVWYLNXNWHUiSHNUYiH[SOLFLWQtNRPXQLNDFLVHY]GiOHQP
X]OHP ]DORHQRXQDSHGiYiQt]SUiY DQDKUD]XMHMLYROiQtPORNiOQtFKSURFHGXU
VSRMHN 
9HVNXWHQRVWLMHRYHP~ORKDPHFKDQLVPX53&PQRKHPREHFQ Mt.URP
StVOXQFKVSRMHNQDVWUDQ NOLHQWDWHQWRPHFKDQLVPXVGHILQXMHLREGREQpVSRMN\QD
VWUDQ VHUYHUXNWHUpSLMtPDMt]SUiY\RGVSRMHNNOLHQW$DQDMHMLFK]iNODG SDNYRODMt
YNRQQpSURFHGXU\NWHUp]DMLVWtSURYHGHQtSRDGRYDQFKDNFtWHG\SURFHGXU\NWHUp
MVRX]SRKOHGXNOLHQWD SURFHVX$ Y]GiOHQpDOHSURVSRMNXQDVWUDQ VHUYHUXMLMVRX
ORNiOQt'iOHMHVRXiVWtGHILQLFHPHFKDQLVPX53&LSHVQ]S$VRENRPXQLNDFHPH]L
VSRMNDPLNOLHQW$DVHUYHU$DYQHSRVOHGQtDG LUHSHUWRiUY]GiOHQFKSURFHGXU
PRQRVWLD]S$VRE\UR]LRYiQtWRKRWRUHSHUWRiUXDWG
3,2%5B7,)
2EU3HGVWDYDVSRMHN VWXEV
=DVWDYPHVHDOHMHW XQ NWHUFKWHFKQLFNFKDVSHNW$PHFKDQLVPX53&NWHUpQiP
XPRQtOpSHSRFKRSLWMHKRVDPRWQRXSRGVWDWX9VRXODGXVREUi]NHP
Y\FKi]HMPHRS W]WRKRHWtPNGRQDVWUDQ NOLHQWDPHFKDQLVPXV53&
EH]SURVWHGQ Y\XtYi DQLVLWRQXWQ PXVtXY GRPRYDW MHSURFHV$3RNXG
QDStNODGSRWHEXMHQDtVWiVWVRXERUXNWHUVHQDFKi]tQDY]GiOHQpPSRtWDLEXGH
]DWtPWR~HOHPYRODWSURFHGXUX QDSUHDG NWHUiMHYHVNXWHQRVWLVSRMNRX VWXE 
7pWRVSRMFHSURFHGXHSLWRPSHGiYHFKQ\SRWHEQpSDUDPHWU\VWHMQP]S$VREHP
MDNRNWHUpNROLMLQpORNiOQtSURFHGXH6SRMNDSDNQD]iNODG VYpKRYROiQtVHVWDYt
]SUiYXSURVYRXSDUWQHUVNRXVSRMNXQDVWUDQ VHUYHUXDYQtPMXYHGHNWHUi
Y]GiOHQiSURFHGXUDPiEWSURYHGHQD3DUDPHWU\NWHUpVSRMNDNOLHQWDGRVWDODSL
VYpPYROiQtYDNYHVNXWHQRVWLSDWtY]GiOHQpSURFHGXH6SRMNDNOLHQWDMHSURWR
SHYHGHGRWDNRYpKRWYDUXNWHUMHYKRGQSURSHQRV WRPXWR~NRQXVHtNi
PDUVKDOOLQJQHERWpVHULDOL]LQJ DSLSRMtMHNH]SUiY RGHVtODQpVSRMFHVHUYHUX
7DWRVSRMNDSDN]SUiYXSLMPHYQtREVDHQpSDUDPHWU\UR]EDOt SURYHGHW]Y
XQPDUVKDOOLQJWpGHVHULDOL]LQJ D]DMLVWtYROiQtSRDGRYDQpSURFHGXU\7DWRMH
SURVSRMNXQDVWUDQ VHUYHUXORNiOQtSURFHGXURXDSURWRMLYHFKQ\SRWHEQp
SDUDPHWU\SHGi]S$VREHPREY\NOPSURORNiOQtSURFHGXU\-DNPLOHYNRQQi
SURFHGXUDVNRQtYUiWtt]HQtWRPXNGRMLYRODOWHG\VSRMFHVHUYHUX7DYH]PH
YHFKQ\StSDGQpYVWXS\XSUDYtMHGRYKRGQpKRWYDUXSURSHQRVDRGHOH]S W
VSRMFHNOLHQWD
6SHGiYiQtPSDUDPHWU$MHRYHPVSRMHQDKQHGFHOiDGDWHFKQLFNFKSUREOpP$
1HMMHGQRGXtMHVLWXDFHYStSDG NG\MVRXSDUDPHWU\Y]GiOHQpSURFHGXU\YROiQ\
KRGQRWRX3DNWRWLVWDtY\WYRLWMHMLFKNRSLLWXRGHVODWVSRMFHVHUYHUXDSL
VNXWHQpPYROiQtY]GiOHQpSURFHGXU\MHRS WSHGDWMDNRSDUDPHWU\YRODQpKRGQRWRX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
9StSDG YROiQtUHIHUHQFt QHEROLRGND]HP GRVWiYiYRODQiSURFHGXUDQDVWUDQ
NOLHQWD WMVSRMND SRX]HXND]DWHOQDREMHNWNWHUMHMHMtPVNXWHQPSDUDPHWUHP
7HQWRREMHNWYDNH[LVWXMHMHQQDVWUDQ NOLHQWDDSURWRQHQtPRQpSRXtWWHQW
XND]DWHOLQDVWUDQ VHUYHUXDSHGDWMHMSLVNXWHQpPYROiQtY]GiOHQpSURFHGXH
0RQPHHQtPMHYWRPWRStSDG VWUDWHJLHFRS\UHVWRUHWDSHGSRNOiGiHREMHNW
QDNWHUXND]DWHOXND]XMHMHQHMSUYH]NRStURYiQ UHVSSHQHVHQ LQDVHUYHU
9]GiOHQiSURFHGXUDSDNSLVYpPYROiQtGRVWDQHXND]DWHOQDWHQWR]NRStURYDQ
H[HPSOiSURJUDPRYpKRREMHNWXNWHUSDNP$HYUiPFLVYpLQQRVWLStVOXQP
]S$VREHPPRGLILNRYDW-DNPLOHSURYiG QtY]GiOHQpSURFHGXU\VNRQtMHGRW\Q
REMHNW]DVH]NRStURYiQ]S WQDNOLHQWD
'DOtRNUXKSUREOpP$MHSDNVSRMHQVWtPHU$]QpX]ORYpSRtWDHPRKRXSRXtYDW
RGOLQpNRQYHQFHSURUHSUH]HQWDFLQHMU$]Q MtFKRSHUDQG$NWHUpMVRXSHGiYiQ\YUROL
SDUDPHWU$Y]GiOHQFKSURFHGXU3URWRMHYUiPFLEDOHQtSDUDPHWU$SHGSHQRVHP
PDUVKDOOLQJVHULDOL]LQJ DSLQiVOHGQpPUR]EDOHQtWHEDSURYiG WLSRWHEQp
NRQYHU]H2WRPMDNMHWDWRRWi]NDHHQDYSURVWHGt7&3,3VtWtVLDOHSRYtPHY
GDOtFKSRNUDRYiQtFK

53&,,
9PLQXOpPGtOXMVPHVH]DDOLSRGUREQ ML]DEYDWPHFKDQLVPHPYROiQt
Y]GiOHQFKSURFHGXU 53&5HPRWH3URFHGXUH&DOO DWRYNRQWH[WX
LPSOHPHQWDFHSURWRNROX1)6SURWUDQVSDUHQWQtVGtOHQtVRXERU$YVtWtFK7HQWR
YHREHFQ SRXLWHOQPHFKDQLVPXVE\OWRWLSRSUYpYHY]QDPQ MtPP tWNX
SRXLWSUiY SURLPSOHPHQWDFLSURWRNROX1)60LQXOHMVPHVHVH]QiPLOLVMHKR
FHONRYRXILORVRILtDGQHVMLGRMGHDGDQDWRMDNPNRQNUpWQtP]S$VREHPWHQWR
REHFQPHFKDQLVPXVLPSOHPHQWRYDODDVWDQGDUGL]RYDODILUPD6XQ
0LFURV\VWHPV
YRGHPMHYKRGQpVL]G$UD]QLWY]WDKILUP\6XQ0LFURV\VWHPVNPHFKDQLVPX53&D
MHKRVWDQGDUGL]DFLSODWt]GHSHVQ WRWpFRMVPHVLYGtOXtNDOLMLYVRXYLVORVWL
VSURWRNROHP1)66DPRWQpYROiQtY]GiOHQFKSURFHGXUP$HPHFKiSDWMDNR
REHFQRXP\OHQNXSRVWXSLWHFKQLNXNWHURXP$HNGRNROLLPSOHPHQWRYDWSRGOH
VYFKYODVWQtFKSHGVWDY)LUPD6XQ0LFURV\VWHPVWDNXLQLODVYpNRQNUpWQtHHQt
]YHHMQLODWRWRVHXMDORDVWDORVHYHREHFQ X]QiYDQPVWDQGDUGHPYUiPFLURGLQ\
SURWRNRO$7&3,3 NRGLILNRYDQPYHIRUP GRNXPHQWX5)&YL]GtO 3RNXGVH
WHG\YGDOtPEXGHPHRGYROiYDWQDPHFKDQLVPXV53&UHVSQDVWDQGDUG53&
EXGHPHWtPPtWQDP\VOLMHGQXNRQNUpWQtLPSOHPHQWDFLUHVSMHGHQNRQNUpWQt
VWDQGDUGSRFKi]HMtFtRGILUP\6XQ0LFURV\VWHPV
,GHQWLILNiWRU\Y]GiOHQFKSURFHGXU
3URVSUiYQpSRFKRSHQt]S$VREXMDNPMHPHFKDQLVPX53&LPSOHPHQWRYiQMH
YKRGQp]DtWVQiVOHGXMtFtSHGVWDYRX
NDGiY]GiOHQiSURFHGXUDPiSLD]HQMHGQR]QDQtVHOQLGHQWLILNiWRUDMHMt
Y]GiOHQpYROiQt WMYROiQtQDVWUDQ NOLHQWD PiREHFQ WYDU
&$// tVORBY]GiOHQpBSURFHGXU\!
3UDNWLFNiUHDOL]DFHWpWRMHGQRGXFKpP\OHQN\RYHPY\DGXMH]DYpVWYKRGQiGGR
SLG ORYiQtWDNRYFKWRtVHOQFKLGHQWLILNiWRU$DE\E\OD]DFKRYiQDNRQ]LVWHQFH
tVORYiQtSURFHGXUDMHMLFKLGHQWLILNiWRU\E\O\VNXWHQ MHGQR]QDQp WHG\DE\VH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QLNG\QHPRKORVWiWHGY U$]QpY]GiOHQpSURFHGXU\GRVWDQRXSLG OHQ\VWHMQp
LGHQWLILNiWRU\ .WRPXMHRYHPQXWQiH[LVWHQFHMHGLQpKRFHQWUiOQtKRVXEMHNWXNWHU
EXGHSLG ORYiQtW FKWRLGHQWLILNiWRU$YKRGQ NRRUGLQRYDW7pWRUROHVHSRGXMDOD
SUiY ILUPD6XQ0LFURV\VWHPV
$E\ILUPD6XQ0LFURV\VWHPVQHPXVHODSLG ORYDWMHGQR]QDQLGHQWLILNiWRUSUR
NDGRXMHGQRWOLYRXY]GiOHQRXSURFHGXUX FRE\E\ORRUJDQL]DQ QH~QRVQp 
UR]KRGODVHSURSRXLWtWDNRYFKLGHQWLILNiWRU$NWHUpVHVNOiGDMt]HWtVORHN
FS
]W]YtVODSURJUDPX SURJUDPQXPEHU NWHUpVRXKUQQ LGHQWLILNXMHVNXSLQX
SURFHGXU]DML"XMtFtFKXULWRXVOXEX1DStNODGYHFKQ\Y]GiOHQpSURFHGXU\NWHUp
MVRXSRXtYiQ\YUiPFLLPSOHPHQWDFHSURWRNROX1)6WYRtMHGQXWDNRYRXWR
VNXSLQXDPDMtWXGtSLD]HQRMHGQRtVORSURJUDPX SUR1)6NRQNUpWQ  
]tVODSURFHGXU\ SURFHGXUHQXPEHU NWHUpMHGQR]QDQ LGHQWLILNXMHStVOXQRX
SURFHGXUXYUiPFLMHMtVNXSLQ\D
]tVODYHU]H YHUVLRQQXPEHU 
/RJLNDNWHUiVWRMt]DWtPWRUR]G OHQtPLGHQWLILNiWRU$QDWLVORN\MHYFHONX]HMPi
ILUP 6XQMDNRJOREiOQtPXNRRUGLQiWRURYLVWDtSHRYDWSRX]HRMHGQR]QDQRVWSUYQt
VORN\.GRNROLNGRVHUR]KRGQHLPSOHPHQWRYDWSRPRFtPHFKDQLVPX53&Q MDNRX
QRYRXVOXEXVLRGILUP\6XQP$HY\iGDWMHGQR]QDQptVORSURJUDPX
-HGQRWOLYPSURFHGXUiPNWHUpSDNSUR]DMLW QtVYpVOXE\Y\WYRtMLSLG OXMH
GUXKRXVORNX tVORSURFHGXU\ ViP.RQHQ WHWtVORNDY\FKi]tYVWtFSRVWXSQpPX
YYRMLMHGQRWOLYFKVOXHENWHUGiYiSRVWXSQ Y]QLNDWQRYPDQRYPYHU]tP
'tN\WpWRVORFHLGHQWLILNiWRUXY]GiOHQpSURFHGXU\MHSDNPRQpSU$E Q
LPSOHPHQWRYDWQHMQRY MtYHU]HDOHVRXDVQ VWtP]DEH]SHLWL]S WQRXNRPSDWLELOLWX
DSRGSRURYDWLYHU]HSHGFKR]t
-HGHQSDUDPHWUVWDt
9]iMPXVQD]tLPSOHPHQWDFH]DYHGODILUPD6XQNRQYHQFLHYHFKQ\Y]GiOHQp
SURFHGXU\PDMtSUiY MHGHQYVWXSQtSDUDPHWUDSUiY MHGHQYVWXSQtSDUDPHWU UHVS
YUDFtMHGLQYVWXS 1HQtDOHWDWRNRQYHQFHStOLRPH]XMtFt"1LNROLSRNXGE\E\OR
]DSRWHEtSHGDWYtFHSDUDPHWU$W\WRVHYKRGQ ]DEDOt SHVQ MLY\WYRtVH]QLFK
YKRGQiGDWRYiVWUXNWXUD DMDNRMHGLQYVWXSQtSDUDPHWUEXGHY]GiOHQpSURFHGXH
SHGiQXND]DWHOQDWXWRGDWRYRXVWUXNWXUXNWHUiVDPR]HMP PXVtEWYUiPFL
Y]GiOHQpKRYROiQtSHQHVHQDQDVHUYHU.MHMtPXVSUiYQpPXY\XLWtMHGiOHQXWQpDE\
RE VWUDQ\ WMNOLHQWLVHUYHU E\O\SHGHPGRKRGQXW\QDIRUPiWXWpWRGDWRYpVWUXNWXU\
DY]QDPXMHMtFKMHGQRWOLYFKiVWt7RVHDOHGiYFHONXVQDGQR]DtGLW YL]GiOH 
;'5H;WHUQDO'DWD5HSUHVHQWDWLRQ
3RQ NXGVORLW MtMHDOHWRDE\RE VWUDQ\WDNpVSUiYQ LQWHUSUHWRYDO\NDGRX
MHGQRWOLYRXiVWYVWXSQtFKDYVWXSQtFKGDWY]GiOHQFKSURFHGXU%XGRXOLQDStNODG
VUR]XP Q\VWtPHREVDKGYRXE\W$PiSHGVWDYRYDWFHOptVOREH]]QDPpQND
PRKRXMHMVWiOHMHW LQWHUSUHWRYDWU$]Q MHGQDVWUDQDP$HSRYDRYDW]DY\tWHQ]
RERXE\W$NWHUGUXKiVWUDQDQDRSDNSRYDXMH]DQLt
3UiY QD]QDHQSUREOpPVSUiYQpLQWHUSUHWDFHSHQiHQFKGDWPiGY SULQFLSLiOQt
HHQtSUYQtVSRtYiYWRPHNDGi]~DVWQ QiVWUDQDEXGHSHGHP]QiWNRQYHQFH
NWHUpSRXtYiNWHUiNROLGUXKiVWUDQD3DNMHPRQpSLSHQRVXGDWSURYpVWSRWHEQp

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
NRQYHU]HQHMYHMHGQRXD"MLXRGHVLODWHOHQHERXStMHPFH StSDGQ MHY$EHF
QHSURYiG WSRNXGRE VWUDQ\SRXtYDMtSHVQ VWHMQpNRQYHQFH $OWHUQDWLYQtP
HHQtPMH]DYpVWMHGHQVSROHQPH]LWYDUDYHNHUiGDWDSDNYG\SHQiHWYQ P
7RVLFH]QDPHQiSURYiG WQH]E\WQpNRQYHU]HGYDNUiW QDVWUDQ StMHPFHLQDVWUDQ
RGHVLODWHOH DOHVRXDVQ WR]QDPHQiLWRHNDGiVWUDQDY\VWDtYG\MHQVMHGQRX
VDGRXNRQYHU]QtFKSURVWHGN$DQHPXVtVHMDNNROLSL]S$VRERYDWStSDGQPQRYP
NRQYHQFtPGUXKFKVWUDQ1RDSUiY WRWRGUXKpHHQt]YROLODILUPD6XQSUR
LPSOHPHQWDFLVYpKRPHFKDQLVPX53&
.RQNUpWQtUHDOL]DFtWpWRYROE\MHSDNVWDQGDUG;'5 H;WHUQDO'DWD5HSUHVHQWDWLRQ 
NWHUE\ORS W]YHHMQ QMHYHREHFQ X]QiYiQMDNRVWDQGDUGYUiPFLURGLQ\
SURWRNRO$7&3,3DMHNRGLILNRYiQIRUPRXGRNXPHQWX5)&
6WDQGDUG;'5WHG\GHILQXMHMHGQRWQ]S$VREUHSUH]HQWDFHSHQiHQFKGDW
QH]iYLVOQDNRQNUpWQtDUFKLWHNWXHMHMLFKRGHVLODWHOHLStMHPFH.URP WRKRMH
VRXiVWt;'5WDNpMD]\NSURQH]iYLVOSRSLVW FKWRGDW3RVWUiQFHLPSOHPHQWDQt
VRXYLVtVWtPWRVWDQGDUGHPWDNpNRQNUpWQtNRQYHU]QtUXWLQ\NWHUpPDMtQHMDVW ML
IRUPXNQLKRYQtFKUXWLQDMVRXREY\NOHR]QDRYiQ\MDN;'5ILOWU\
9ROiQtY]GiOHQFKSURFHGXUQDVWUDQ NOLHQWD
1\QtVHP$HPHRS WYUiWLWNQDtSUYQtSHGVWDY YROiQtY]GiOHQFKSURFHGXU
MDNPLOHMHGRNiHPHMHGQR]QDQ LGHQWLILNRYDWSRPRFtYKRGQpKRLGHQWLILNiWRUX
VORHQpKR]tVODSURJUDPXtVODYHU]HDtVODSURFHGXU\ P$HQiPNMHMLFKYROiQt
QDVWUDQ NOLHQWD VWDLWYODVWQ MHGLQSURVWHGHNV\VWpPRYiUXWLQDSRMPHQRYDQi
St]QDQ FDOOUSF7DPiFHONHPRVPSDUDPHWU$
LGHQWLILNDFLX]OXQDNWHUpPPiEWY]GiOHQiSURFHGXUDSURYHGHQD
tVORSURJUDPX SURJUDPQXPEHU Y]GiOHQpSURFHGXU\
tVORYHU]H YHUVLRQQXPEHU Y]GiOHQpSURFHGXU\
tVORY]GiOHQpSURFHGXU\YUiPFLMHMtVNXSLQ\ SURFHGXUHQXPEHU
YVWXSQtSDUDPHWUY]GiOHQpSURFHGXU\
;'5ILOWUYVWXSQtKRSDUDPHWUX NWHUGHILQXMHNRQYHU]QtUXWLQXSURSHYRG
YVWXSQtKRSDUDPHWUXGRSHQRVRYpKRWYDUX
YVWXSQtSDUDPHWUY]GiOHQpSURFHGXU\
;'5ILOWUYVWXSQtKRSDUDPHWUX
1DVWUDQ NOLHQWDO]HY\VWDLWMHQVWtPWRMHGLQPSURVWHGNHPSRPRFtNWHUpKRO]H
YRODWOLERYROQRXY]GiOHQRXSURFHGXUX-DNWRPXDOHEXGHQDVWUDQ VHUYHUXNGHMVRX
MVRXW\WRY]GiOHQpSURFHGXU\VNXWHQ SURYiG Q\"
5HJLVWUDFHY]GiOHQFKSURFHGXU
1DVWUDQ VHUYHUXPXVtYG\H[LVWRYDWQ NGRNGRPiSHKOHGRVOXEiFK
SRVN\WRYDQFKIRUPRXY]GiOHQFKSURFHGXUNRQNUpWQ RYHFKY]GiOHQFK
SURFHGXUiFKNWHUpMHPRQpQDGDQpPVHUYHUXYRODW7tPNGRWHQWRSHKOHGPiMH
W]Y53&GLVSHHU 53&OLEUDU\GLVSDWFKHU NWHUMHMHGQDNStMHPFHPYHFKiGRVWt
NOLHQW$RYROiQtY]GiOHQFKSURFHGXUDMHGQDNVNXWHQ YROiW\ORNiOQtUXWLQ\NWHUp
Y]GiOHQpSURFHGXU\LPSOHPHQWXMt DY$LNOLHQW$PSURWRY\VWXSXMHYUROLVSRMN\
VHUYHUXYL]PLQXOGtO .DGiORNiOQtSURFHGXUDNWHUiFKFHLPSOHPHQWRYDWQ NWHURX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
Y]GiOHQRXSURFHGXUXVHPXVtXWRKRWRGLVSHHUDUHJLVWURYDWSLWRPPXPXVtVG OLW
QHMHQWRRNWHURXY]GiOHQRXSURFHGXUXVHMHGQiDOHLNRQNUpWQt]S$VREVYpKRYROiQt
FRY]KOHGHPNHNRQYHQFLRMHGQRPYVWXSQtPSDUDPHWUXDMHGQRPYVWXSQtP
SDUDPHWUXY]GiOHQFKSURFHGXU]QDPHQiYSRGVWDW VG OHQtRWRPNWHUpNRQYHU]Qt
UXWLQ\PiGLVSHHUSRXtWSURNRQYHU]LW FKWRSDUDPHWU$]GRSHQRVRYpKRWYDUX
QHER"WRPXVtEWSUiY 53&GLVSHHUNGRSRWHEQRXNRQYHU]LLQLFLXMH 
.RQNUpWQtPSURVWHGNHPNWHUPVHORNiOQtSURFHGXUDUHJLVWUXMHX53&GLVSHHUDMH
V\VWpPRYiUXWLQDUHJLVWHUUSFVQiVOHGXMtFtPLSDUDPHWU\
tVORSURJUDPX SURJUDPQXPEHU Y]GiOHQpSURFHGXU\
tVORYHU]H YHUVLRQQXPEHU Y]GiOHQpSURFHGXU\
tVORY]GiOHQpSURFHGXU\YUiPFLMHMtVNXSLQ\ SURFHGXUHQXPEHU
YVWXSQtERGORNiOQtSURFHGXU\NWHUiLPSOHPHQWXMHY]GiOHQRXSURFHGXUX
YVWXSQtSDUDPHWUY]GiOHQpSURFHGXU\
;'5ILOWUYVWXSQtKRSDUDPHWUX
YVWXSQtSDUDPHWUY]GiOHQpSURFHGXU\
;'5ILOWUYVWXSQtKRSDUDPHWUX
7L~URYQ 53&
3UiY QD]QDHQ]S$VREY\XLWtPHFKDQLVPX53& QD~URYQLV\VWpPRYFKUXWLQ
FDOOUSFDUHJLVWHUUSF QHQt]GDOHNDMHGLQPRQ
0HFKDQLVPXV53&O]HREY\NOHY\XtYDWQDWHFKU$]QFK~URYQtFKSLHPWD
NWHURXMVPHDGRVXGSHGSRNOiGDOLSHGVWDYXMHWXSURVWHGQt-HFKDUDNWHULVWLFNiWtP
HQDWpWR~URYQLMHQXWQpVLXY GRPRYDWH[LVWHQFLGLVWULEXRYDQpKRSURVWHGt WM
H[LVWHQFLY]GiOHQFKX]O$ DY\DGXMHWDNp]QDORVWNRQNUpWQtFKY]GiOHQFKSURFHGXU
NWHUpMHQXWQ H[SOLFLWQ XURYDW 9HRVWDWQtMHDOHSRGt]HQRVQD]HRPD[LPiOQt
MHGQRGXFKRVWY\XLWtFHOpKRPHFKDQLVPXYROiQtY]GiOHQFKSURFHGXU
7RDOHQHPXVtEWYG\YKRGQp3LVHULy]QtWYRUE DSOLNDFtNWHUpPHFKDQLVPXV
53&Y\XtYDMtP$HEWYHOPLQHYKRGQpHQDWpWR~URYQLQHQtPRQpQLMDN
RYOLYQLWFHORXDGXNRQNUpWQtFKDVSHNW$QDStNODGWRMDNPNRQNUpWQtWUDQVSRUWQt
PHFKDQLVPXVMHY\XtYiQSURVNXWHQSHQRVYVtWL ]GDMGHQDSRQHVSROHKOLYRX
GDWDJUDPRYRXVOXEXSURWRNROX8'3QHERRVSROHKOLYRXVSRMRYDQRXVOXEX
SURWRNROX7&3 MDNpDVRYpOLPLW\ WLPHRXW\ MVRXSRXtYiQ\MDNMHHHQDRWi]ND
FK\ERY RYiQtStVWXSRYFKSUiYDWRWRQRVWL DXWKHQWLFDWLRQ DSRG
6WDQGDUG53&MHHHQQH]iYLVOHQDWUDQVSRUWQtPSURWRNROX DE\PRKOEW
LPSOHPHQWRYiQQDGU$]QPLSURWRNRO\ DQHVQDtVHViP]DYiG WMDNRXNROL
GRGDWHQRXVSROHKOLYRVW RHWRYiQtPFK\E $SOLNDFHNWHUiPHFKDQLVPXV53&
Y\XtYiVLSURWRPXVtXY GRPRYDWMDNWUDQVSRUWQtPHFKDQLVPXVMHSUR
LPSOHPHQWDFL53&SRXLWDVDPDVL]WRKRY\YRGLWStVOXQpG$VOHGN\ PM]KOHGLVND
VSROHKOLYRVWL 3RNXGSRWHEXMHQ MDN]DViKQRXWGR]S$VREXMDNP53&WUDQVSRUWQt
SURVWHGN\Y\XtYiSDNNWRPXPXVtY\XtW]PtQ QRXQHMQLt~URYHSUiFHV
PHFKDQLVPHP53& FRYSRGVWDW ]QDPHQiUHDOL]RYDWSURVWHGN\W\SXFDOOUSF
SRPRFtSURVWHGN$QLt~URYQ 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3UiFHVPHFKDQLVPHP53&QDWpWRQHMQLt~URYQLMHMML]QDQ QHWULYLiOQtDMH
PtQ QDSHGHYtPSURRGERUQtN\NWHtY\WYitQRYpV\VWpPRYpSURVWHGN\DVOXE\
-HMLFKQiURQ~NROSLWRPPRKRXXVQDGQLWU$]QpQiVWURMHPH]LNWHUpSDWt]HMPpQD
SHNODGDUSFJHQY\YLQXWILUPRX6XQ-HKRKODYQtP~NROHPMHSHNOHQRXWUR]GtO
PH]LVWHGQtDQHMQLt~URYQtSUiFHVPHFKDQLVPHP53&]EDYLWSURJUDPiWRU\
PD[LPDSLQDYpSUiFHDXPRQLWMLPVRXVWHGLWVHQDWRFRMHSURMHMLFKDSOLNDFL
SRGVWDWQp1D]iNODG REHFQ MtKRSRSLVXYH]YOiWQtP53&MD]\NX YHOPLEOt]NpPX
NMD]\NX& WRWLSHNODGDUSFJHQJHQHUXMHWRFRE\MLQDNE\ORWHEDH[SOLFLWQ
QDSURJUDPRYDWQDQHMQLt~URYQL YHIRUP ]GURMRYFKWH[W$MD]\ND& 
1DSURWLWRPXQDQHMY\t~URYQLMHFHOPHFKDQLVPXV53&REY\NOH]DEDOHQ
WDNRYP]S$VREHPHMHKRVDPRWQiSRGVWDWDMLQHPXVtEWY$EHFSDWUQi
3URVWHGN\NWHUpMVRXQDWpWR~URYQLNGLVSR]LFLMLQHMVRXW\SXYROHMWXDWX
Y]GiOHQRXSURFHGXUXDY$EHFQHSUDFXMtVtVO\SURJUDP$SURFHGXUDYHU]t0tVWR
WRKRMGHRORNiOQtSURFHGXU\NWHUpYHVP VStPRRGSRYtGDMtMHGQRWOLYPY]GiOHQP
SURFHGXUiP VW\OHP DWDNpMLQHSRWHEXMtGRGURYDWNRQYHQFHRMHGLQpP
YVWXSQtPDMHGLQpPYVWXSQtPSDUDPHWUX0DMtIRUPX]GURMRYFKNQLKRYHQDPRKRX
EWStPR]DOHQ Q\GR]GURMRYFKWYDU$QHMU$]Q MtFKDSOLNDFtSVDQFKYHY\tFK
SURJUDPRYDFtFKMD]\FtFK QDStNODGYMD]\NX& 9]KOHGHPNWRPXMHSDNWDWR
QHMY\t~URYHXUHQDSURPpQ QiURQpDSOLNDQtSURJUDPRYiQtNWHUpMHDOHPRQp
SUDNWLFN\LEH]MDNpKRNROLWXHQtRH[LVWHQFLPHFKDQLVPX53&

(OHNWURQLFNiSRWD,
=GDOHNDQHMSRSXOiUQ MtVOXERXGQHQtFKSRtWDRYFKVtWtMHHOHNWURQLFNi
SRWDNWHUpSLFKi]tQDFKX"VWiOHYtFHDYtFHXLYDWHO$3HVWRHMGHRVOXEX
NWHUiP$HEWYVtWtFKU$]QpKRW\SXLPSOHPHQWRYiQDGRVWLRGOLQP]S$VREHP
MHMtFHONRYHIHNWMHSURXLYDWHOHSUDNWLFN\YG\VWHMQ'QHV DMHW StW VH
SURWR]DP tPHSUiY QDWHQWRXLYDWHOVNSRKOHGQDHOHNWURQLFNRXSRWXQD
MHMtFHONRYRXILORVRILLDSULQFLSLiOQtPRQRVWL9GDOtFKGtOHFKVHSDNSRGUREQ ML
VH]QiPtPHVWtPMDNMHSHQRV]SUiYYUiPFLHOHNWURQLFNpSRW\HHQYVtWtFKQD
Ei]L7&3,3
(OHNWURQLFNRXSRWXMHPRQpEH]QDGVi]N\R]QDLW]DQRYRGREIHQRPpQ]FHOD
]iVDGQtP]S$VREHPWRWLP Qt]S$VREMDNPVSROXOLGpNRPXQLNXMt-HVWOLH
QDStNODGYVWROHWtWUYDORQ NROLNWGQ$QHVHQ MDNi]SUiYDGRVWDOD](YURS\GR
$PHULN\LQDRSDNNRQFHPPLQXOpKRVWROHWtVHWRVWLKORMLGRPLQXW\]DWtPFRGQHV
VHSHQRV]SUiYLQDGUXKRXVWUDQX]HP NRXOHP tVStHQDVHNXQG\QHQDPLQXW\
'tN\HOHNWURQLFNpSRW DGDOtPPRGHUQtP]S$VRE$PNRPXQLNDFHVHGQHQtVY W
VNXWHQ VWiYiWtPHPXVHYDQJOLWLQ tNiJOREDOYLOODJH DYHWLQ QHMVStH
MHGQDYHONiYHVQLFH &RVHNGHMHQXVWQHWRVHRNDPLW YtSRFHOpPVY W 
=iNODGHPMVRXSRWRYQtVFKUiQN\
3URVSUiYQpSRFKRSHQtSRGVWDW\HOHNWURQLFNpSRW\MHYKRGQpY\XtWDQDORJLHV
E QRXOLVWRYQtSRWRXDSHGVWDYRYDWVLHNDGMHGQRWOLY~DVWQtNMHY\EDYHQ
YODVWQtSRWRYQtVFKUiQNRXGRNWHUpPXMVRXGRUXRYiQ\MHGQRWOLYpGRSLV\ ]SUiY\ 
'iOHSHGSRNOiGHMPHHW\WRVFKUiQN\QHMVRXXPtVW Q\StPRYGRPHFKNGHOLGp
E\GOtDOHSRX]HQDSRWRYQtFK~DGHFK YDQJOLWLQ VHW PWRVFKUiQNiPQD
SRWRYQtFK~DGHFKtNi3RVW2IILFH%R[]NUDWNRX32%R[LMHQ32% $GUHVD

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WDNRYpWRSRWRYQtVFKUiQN\MHSDNGiQDGYRMLFt~GDM$DGUHVRXSRWRYQtKR~DGXD
tVOHPVFKUiQN\YUiPFLWRKRWR~DGXWHG\QDStNODG32%R[3RWD3UDKD
9StSDG HOHNWURQLFNpSRW\MHUR]GtOYWRPHUROLSRWRYQtKR~DGXKUDMHX]ORY
SRtWDVtW DSRWRYQtVFKUiQN\MVRXPtVWRVNXWHQFKSLKUiGHNSRX]HY\PH]HQi
PtVWDQDGLVNX$GUHVDWDNRYpWRSRWRYQtVFKUiQN\R]QDRYDQpWDNpMDNRPDLOER[MH
RS WWYRHQDGYRMLFt~GDM$DGUHVRXSRtWDHDLGHQWLILNiWRUHP R]QDHQtP VFKUiQN\
YUiPFLWRKRWRSRtWDH
3RGREQ MDNRXE QpOLVWRYQtSRW\ VYMLPNRX]iVLOHNXUHQFKGRYODVWQtFK
UXNRX SODWtL]GH]iVDGDMHGQRWOLYp]SUiY\MVRXGRUXRYiQ\GRSRWRYQtFKVFKUiQHN
GiOHML]iOHtQDXLYDWHOLNG\VHGRVYpVFKUiQN\SRGtYiDSRWXYQtREVDHQRX
]SUDFXMH9VLOiFKGQHQtHOHNWURQLFNpSRW\MHGRUXLW]SUiYX WMXORLWMLGRSRWRYQt
VFKUiQN\MHMtKRDGUHViWD WHEDDQDGUXKRXVWUDQX]HP NRXOH]DQ NROLNPiOR
VHNXQG1HQtXDOHYVLOiFKHOHNWURQLFNpSRW\SLQXWLWXLYDWHOHDE\VHGRVYp
SRWRYQtVFKUiQN\VNXWHQ SRGtYDOWRP$HWUYDWLFHOpKRGLQ\DGQ\
$GUHV\SRXtYDQpSURHOHNWURQLFNRXSRWXMVRXWHG\Y]iVDG DGUHVDPLSRWRYQtFK
VFKUiQHNDQLNROLDGUHVDPLXLYDWHO$MDNRWDNRYFK(OHNWURQLFNiSRWDMH
GRUXRYiQDPDMLWHOLVFKUiQN\;<DQLNROLXLYDWHOL;<'tN\WRPXMHSDNY
SULQFLSXPRQp]L]RYDWLWDNRYpSRWRYQtVFKUiQN\NWHUpSDWtFHOPVNXSLQiP
XLYDWHO$ NWHtVGtOtMHGQXVFKUiQNXQDSNY$OLRPH]HQpNDSDFLW GLVNX DQDGUXKp
VWUDQ LVFKUiQN\NWHUpQHSDWtiGQPVNXWHQPXLYDWHO$P StNODGHPP$HEW
VFKUiQNDGRDVQ ]t]HQiSURSLMtPiQtSLKOiHNQDQ MDNRXNRQIHUHQFLDSRG 
([LVWXMtRYHPLY]QDPQpYMLPN\]WRKRWRREHFQpKRSULQFLSXDGUHV\SRXtYDQpY
UiPFLVWDQGDUGX;SURHOHNWURQLFNRXSRWXYUiPFLUHIHUHQQtKRPRGHOX,6226,
YL]GtO VSHFLILNXMtSUiY NRQNUpWQtKRORY ND MHKRMPpQHPStMPHQtP
StVOXQRVWtNXULWpPXRUJDQL]DQtPX~WYDUXDSRG DQDRSDNH[SOLFLWQ QHGHILQXMt
MHKRSRWRYQtVFKUiQNXDQLMHMtXPtVW Qt
$GUHV\SURHOHNWURQLFNRXSRWX
3HVQiSUDYLGODSRGOHNWHUFKMVRXRE VORN\HOHNWURQLFNFKDGUHVVHVWDYRYiQ\GR
MHGLQpYVOHGQpDGUHV\VHYMHGQRWOLYFKVtWtFKYtFHLPpQ OLt1HMDVW MLPDMt
YVOHGQpDGUHV\WYDU
VFKUiQND#SRtWD
RYHPH[LVWXMtLHWQpMLQp]S$VRE\VHVWDYRYiQtNWHUpVH]WRKRWRVFKpPDWX]FHOD
Y\P\NDMt ]HVWDUtFKQDStNODGNRQYHQFHRDGUHVRYiQtFKYVtWtFKQDEi]L88&3D]
QRY MtFKSDN]S$VREDGUHVRYiQtSRDGRYDQVWDQGDUGHP; 
-PpQR UHVSLGHQWLILNiWRU VFKUiQN\MHQHMDVW MLVKRGQpVHMPpQHPWRKRNRPXSDWt
SHVQ MLVHMPpQHPSRGMDNPRSHUDQtV\VWpPGDQpKRSRtWDH]QiStVOXQpKR
XLYDWHOH=GHMHGREUpVLXY GRPLWHMHGQRWOLYtXLYDWHOpPXVtPtWYH
YtFHXLYDWHOVNFKRSHUDQtFKV\VWpPHFK]t]HQ\W]YXLYDWHOVNp~W\ XVHUDFFRXQWV 
YUiPFLNWHUFKMLPMVRXY\PH]HQDQHMU$]Q MtStVWXSRYiDGDOtSUiYDDREY\NOH
WDNpLSLG OHQDVFKUiQNDSURHOHNWURQLFNRXSRWX7\WRXLYDWHOVNp~W\SLWRPPXVt
EWQ MDNSRMPHQRYiQ\DSUiY MHMLFKMPpQDSDNVORXtVRXDVQ LMDNRMPpQD
SRWRYQtFKVFKUiQHN
-PpQDSRtWD$NWHUiWYRtGUXKRXiVWHOHNWURQLFNFKDGUHVPRKRXEW
MHGQRUR]P UQi WHG\WYRHQiMHGLQPGiOHQHVWUXNWXURYDQPMPpQHPMDNR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
QDStNODGYVtWL%LWQHW QHERPRKRXEWOHQ QDGRKLHUDUFKLFN\XVSRiGDQFKGRPpQ
DVXEGRPpQ NWHUPLMVPHVH]DEYDOLMLYGtOXVHULiOX =iOHtSLWRPQD
NRQYHQFLVtW GRNWHUpMHStVOXQSRtWD]DSRMHQMDNRMHGHQ]MHMtFKX]O$
1DStNODGDXWRUWRKRWROiQNXPiQDSRtWDL]DSRMHQpPGRVtW %,71(7 V
MHGQRUR]P UQPMPpQHP&63*8.MDNpWDWRVt"SRXtYi XLYDWHOVN~HWVH
MPpQHP3(7(5.$-HKRDGUHVDSURStMHPHOHNWURQLFNpSRW\QDWRPWRSRtWDLMH
SURWR
3(7(5.$#&63*8.
1DMLQpPSRtWDL]DSRMHQpPGRVtW ,QWHUQHW DVGRPpQRYPMPpQHP
..,060))&81,&= PiXLYDWHOVN~HWVHVWHMQPMPpQHPDSURStMHP
HOHNWURQLFNpSRW\QDWRPWRSRtWDLWDNPiDGUHVX
3(7(5.$#..,060))&81,&=
-HW QDMLQpPSRtWDL )52'('&,7&= SDNPiXLYDWHOVN~HWVHMPpQHP3(7
DWXGtDGUHVXSURHOHNWURQLFNRXSRWX
3(7#)52'('&,7&=
9HFKQRP$HEWMLQDN
9SUD[LRYHPPRKRXEWHOHNWURQLFNpDGUHV\U$]QP]S$VREHPPRGLILNRYiQ\
1DStNODGNG\VLPDMLWHOXLYDWHOVNpKR~WX3(7QDSRtWDL)52'('&,7&=
XVP\VOtH3(7MHStOLNUiWNpDQHOtEtVHPXGDMtVHY FL]DtGLWWDNDE\PRKO
SLMtPDWHOHNWURQLFNRXSRWXQDStNODGQDDGUHVH
3(7(5.$#)52'('&,7&=
QHER
-,5,3(7(5.$#)52'('&,7&=
DSRG.WRPXVWDtYODVWQ MHQPDOLNRVWWpiVWLRSHUDQtKRV\VWpPXSRtWDH
)52'('&,7&=NWHUiPiQDVWDURVWLStMHPHOHNWURQLFNpSRW\VHSHGHStHH
YHNHURXSRWXSURXLYDWHOH3(7(5.$L-,5,3(7(5.$PiXNOiGDWGRSRWRYQt
VFKUiQN\NWHUiStVOXtXLYDWHOVNpPX~WX3(7.RQNUpWQtPHFKDQLVPXVNWHU
WRKRWRHIHNWXGRViKQHVLP$HPHSHGVWDYLWMDNR]DYHGHQtV\QRQ\P DOLDV$ SUR
XLYDWHOVN~HW3(7
'DOtLURNSURVWRUSURPRGLILNDFLDGUHVSURHOHNWURQLFNRXSRWXVNWDMtMHMLFKGUXKp
iVWLSHGVWDYXMtFtMPpQRX]ORYpKRSRtWDH=GHMHRYHPVLWXDFHYHOPL]iYLVOiQD
NRQNUpWQtVtWL1DStNODGYVtWL,QWHUQHWNGHVHSRXtYDMtGRPpQRYiMPpQD
RGSRYtGDMtFtKLHUDUFKLFN\VWUXNWXURYDQPGRPpQiPYL]GtO MHYQ NWHUFK
StSDGHFKPRQpY\QHFKiYDWXULWpiVWLW FKWRMPHQ NRQNUpWQ W\NWHUpY
KLHUDUFKLFNpPXVSRiGiQtGRPpQRGSRYtGDMtQHMQLtPYUVWYiP 
3HGVWDYPHVLQiVOHGXMtFtStNODGRUJDQL]DFH'&,7Pi]t]HQXVWHMQRMPHQQRX
VXEGRPpQX QHEROLGRPpQXGUXKp~URYQ SRGGRPpQRX&= RGSRYtGDMtFtHVNp
UHSXEOLFHMDNRWDNRYp QHEROLGRPpQX'&,7&='RVYpORNiOQtVtW SDNPi]DSRMHQ\
U$]QpX]ORYpSRtWDHNWHUpWDNpPDMtVYiPtVWQtMPpQD3LWYRUE GRPpQRYFK
MPHQW FKWRNRQNUpWQtFKSRtWD$VHSDNMHMLFKPtVWQtMPpQDSLGiYDMt]OHYD YUROL
GRPpQQHMQLt~URYQ NGRPpQiPY\tFK~URYQt1DStNODG
X]ORYSRtWD)52'(PiGRPpQRYpMPpQR)52'('&,7&=

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
X]ORYSRtWD(,1$5PiGRPpQRYpMPpQR(,1$5'&,7&=
DSRG
3LVHVWDYRYiQtDGUHVSURHOHNWURQLFNRXSRWXMHVDPR]HMP PRQpSRXtW~SOQp
GRPpQRYpMPpQRNRQNUpWQtKRSRtWDHQDNWHUPiEWSRWDGRUXHQD QDS
3(7#)52'('&,7&= -HRYHPPRQpGRViKQRXWLWRKRDE\GRPpQRYpMPpQR
QHPXVHOREWXYiG QRFHOpDMPpQRNRQNUpWQtKRSRtWDHYQ PPRKORFK\E W D
HYHQWXHOQ LQ NWHUpGRPpQ\QLtFK~URYQt WHG\DE\HOHNWURQLFNiSRWDVSUiYQ
GRODQDStNODGLQDDGUHVX3(7#'&,7&=
9UiPFLLQIRUPDFtNWHUpGHILQXMtGRPpQX'&,7 MDNRVXEGRPpQXSRGGRPpQRX&= 
MHWRWLXYHGHQRPMLWRNDPPiEWGRUXRYiQDHOHNWURQLFNiSRWDDGUHVRYDQi
GRPpQ '&,7MDNRWDNRYp WHG\QHVSHFLILNXMtFtNRQNUpWQtSRtWDYUiPFLGRPpQ\
'&,7 9QDHPNRQNUpWQtPStSDG QHFK"MHWDNWRVWDQRYHQRHPiEWGRUXRYiQD
QDSRtWD(,1$5 WMQDSRtWDVGRPpQRYPMPpQHP(,1$5'&,7&= 3RWRPMH
YODVWQ DGUHVD3(7#'&,7&=HNYLYDOHQWQtDGUHVH3(7#(,1$5'&,7&=D
HOHNWURQLFNiSRWD]DVtODQiQDDGUHVX3(7#'&,7&=MHWXGtGRUXRYiQDQD
SRtWD(,1$5'&,7&=
8LYDWHOL3(7RYHPQHPXVtY\KRYRYDWWRDE\MHKRHOHNWURQLFNiSRWDE\OD
GRUXRYiQDSUiY QDSRtWD(,1$5 QDStNODGMLMHQSURWRHQDWRPWRSRtWDL
QHPiXLYDWHOVN~HWDWXGtDQLSRWRYQtVFKUiQNX ,]GHMHYDNVQDGQiSRPRF
GiVHWRWL]DtGLW YKRGQPStND]HP DE\YHNHURXSRWXXUHQRXXLYDWHOL3(7
SRtWD(,1$5DXWRPDWLFN\SHGiYDOMLQpPXSRtWDL QDStNODGSUiY SRtWDL
)52'( 3RWD]DVtODQiQDDGUHVX3(7#'&,7&=MHSDNYHVNXWHQRVWL
GRUXRYiQDQDSRtWD)52'('&,7&= WHG\QDVWHMQpPtVWRMDNRNG\E\E\OD
RSDWHQD~SOQRXDGUHVRX3(7#)52'('&,7&= 
&HORXVLWXDFLVSHQRVHPSRW\QDU$]QpDGUHV\ DOHWpPXDGUHViWRYL Qi]RUQ
LOXVWUXMHREUi]HN
.HPXMHWRGREUp"
-DNiMHDOHORJLNDNWHUiVWRMt]DPRQRVWPL]NUDFRYiQtGRPpQRYFKMPHQY
DGUHViFK"-HWRY$EHFNQ HPXGREUp"
2GSRY MHVDPR]HMP NODGQiSHGVWDYWHVLQDStNODGHYRUJDQL]DFL'&,7GRMGH
DVHPNREQRY VWURMRYpKRSDUNXDSRtWDVHMPpQHP)52'(]GHMLQHEXGH
H[LVWRYDW QHERVHSRURXFKiEXGHRGVWDYHQDSRG 8LYDWHO3(7WDNEXGHQXFHQ
SLMtPDWVYRXSRWXQDMLQpPSRtWDLQDStNODGQDSRtWDLVHMPpQHP.$$5(
-HKRQRYi~SOQiDGUHVDSDNEXGH3(7#.$$5('&,7&=
=P QXVYpDGUHV\SDNDOHXLYDWHO3(7PXVtViPR]QiPLWYHPNWHtVQtP
NRPXQLNXMtSURVWHGQLFWYtPHOHNWURQLFNpSRW\DNWHUPQ NG\GtYHSRVODOQ\QtML
QHSODWQRXDGUHVX3(7#)52'('&,7&=3LWRPVDPR]HMP QDQ NRKR]DSRPHQH
Q NGRWXWRLQIRUPDFLQHYH]PHQDY GRPtDWGDYVOHGNHPEXGHGRVWLQHStMHPQ
]PDWHN
3RNXGDOHXLYDWHO3(7]YHHMQLOSRX]HVYRX]NUiFHQRXDGUHVXYHWYDUX
3(7#'&,7&=SDNYHXYHGHQi]P QDP$H]$VWDWLVW ORNiOQt]iOHLWRVWtD
QDYHQHNVHQHPXVtQLMDNSURMHYLW3RWDVDGUHVRX3(7#'&,7&=WRWLEXGHVWiOH
GRUXRYiQDQDWHQSRtWDNWHUMHStMHPFHPSRW\SURGRPpQX'&,7&=MDNR

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WDNRYRX WMQDSRtWD(,1$5 DMHGLQRX]P QRXEXGHQRYStND]WRPXWRSRtWDL
VSHFLILNXMtFtNDPPiGiOHSHGiYDWSRWXSURXLYDWHOH3(7
3,2%5B7,)
2EU3HGVWDYDGRUXRYiQtHOHNWURQLFNpSRW\WpPXXLYDWHOLQDU$]QpDGUHV\

(OHNWURQLFNiSRWD,,
9PLQXOpPGtOXMVPHVH]DDOL]DEYDWSUREOHPDWLNRXHOHNWURQLFNpSRW\]
XLYDWHOVNpKRSRKOHGX1D]QDLOLMVPHVLMDNMHY]WDKPH]LXLYDWHOLD
SRWRYQtPLVFKUiQNDPLDFRYODVWQ VSHFLILNXMtDGUHV\SRXtYDQpYUiPFL
HOHNWURQLFNpSRW\'QHVVLMLHNQHPHQ FRRWRPMDNEYiHOHNWURQLFNiSRWD
LPSOHPHQWRYiQD
3URVSUiYQpSRFKRSHQtSRGVWDW\DPRQRVWtHOHNWURQLFNpSRW\MHYHOPLSRGVWDWQp
XY GRPLWVLQiVOHGXMtFtVNXWHQRVWHOHNWURQLFNiSRWDQHQtWpP QLNG\]DML"RYiQD
MHGQtPMHGLQPSURJUDPHPSUDNWLFN\YG\MGHRVSROXSUiFLYtFHSURJUDP$ DSOLNDFt
SURFHV$~ORK NWHUpMVRXU$]QP]S$VREHPVSHFLDOL]RYiQ\Q NWHUp]QLFKVHVWDUDMt
SRX]HRYODVWQtSHQRV]SUiY DSHGXLYDWHOHP]$VWiYDMtREY\NOHVNU\W\ ]DWtPFR
MLQp]DVHY GRP QDVWDYXMtVYRXWYiNRQFRYpPXXLYDWHOLXPRXMtPXtVWGROp
]SUiY\Y\WYiHWLHGLWRYDWQRYp]SUiY\DSRGDOHNG\PDMtQ MDNRX]SUiYXVNXWHQ
RGHVODWSRX]HMLSHGDMtWRPXSURJUDPXNWHUPiMHMLFKSHQRVQDVWDURVWL
3UiY QD]QDHQRXG OEXSUiFHLOXVWUXMHREUi]HNFHONRPSOH[SURJUDP$NWHUp
YHVYpY]iMHPQpVRXLQQRVWL]DML"XMtXLYDWHO$PVOXE\HOHNWURQLFNpSRW\VHREHFQ
R]QDXMHMDNR(OHFWURQLF0DLO6\VWHPQ NG\Wp0HVVDJH+DQGOLQJ6\VWHP
0+6 -HKRNRPSRQHQW\VHG OtGRGYRXKODYQtFKVNXSLQQDW]YXLYDWHOVNpVORN\
8VHU$JHQW8$ DSHQRVRYpVORN\ 0HVVDJH7UDQVIHU$JHQW07$ 
3,2%5B7,)
2EU.RPSRQHQW\V\VWpP$HOHNWURQLFNpSRW\
 YWHUPLQRORJLLVWDQGDUGX;
3HQRVRYpVORN\DV\VWpP\SHQRVX]SUiY
3HQRVRYpVORN\ 0HVVDJH7UDQVIHU$JHQWV MVRXW P\NWHUpPDMtQDVWDURVWLYODVWQt
SHQRV]SUiY-HMLFKREVDKXVLQHYtPDMt NURP StSDG$NG\]DML"XMtMHMLFK
DXWRPDWLFNRXNRQYHU]L]MHGQRKR]QDNRYpKRNyGXGRGUXKpKR ]DMtPiMHSHGHYtP
DGUHVDStMHPFHSRGOHNWHUp]SUiYXGRUXXMt3HQRVRYpVORN\NWHUpMVRX
SURYR]RYiQ\QDMHGQRWOLYFKX]ORYFKSRtWDtFKSLWRPPXVtY]iMHPQ
VSROXSUDFRYDW SHGiYDWVL]SUiY\PH]LVHERX 7RRYHP]QDPHQiHPXVtKRYRLW
VWHMQRXHtWHG\SRXtYDWVWHMQpSURWRNRO\SURSHQRV]SUiYVWHMQpNRQYHQFHSUR
DGUHVRYiQtDWG
9]iMHPQ VSROXSUDFXMtFtSHQRVRYpVORN\SURYR]RYDQpQDMHGQRWOLYFKX]ORYFK
SRtWDtFKY\WYitGRKURPDG\V\VWpPSHQRVX]SUiY Wp0HVVDJH7UDQVIHU
6\VWHP 076 9UiPFLQ MVHSRXtYDMtMHGQRWQpNRQYHQFHDSURWRNRO\VSHFLILFNp
SURNRQNUpWQtSRWRYQtV\VWpPVYpYODVWQtNRQYHQFHDSURWRNRO\SHQRVX]SUiY
PDMtQDStNODGU$]QpNRPHUQtSRW\W\SXFF0DLOL0DLOLV\VWpP\QDEi]L
VWDQGDUGX;L6073 RNWHUFKVLEXGHPHSRYtGDWSRGUREQ ML 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
=QDPHQiWRDOHHPH]LGY PDRGOLQPLSRWRYQtPLV\VWpP\QHO]HSHQiHWiGQp
]SUiY\"1DW VWtQLNROLQHQtWRWLiGQPSULQFLSLiOQtPSUREOpPHPY\WYRLW
SRWRYQtEUiQX HPDLOJDWHZD\ NWHUiEXGH]DML"RYDWSRWHEQSHFKRG
8LYDWHOVNpVORN\
([LVWHQFHSHQRVRYFKVORHNLFHOFKV\VWpP$SHQRVX]SUiYMHSHGE QP
XLYDWHOHPREY\NOHVNU\WD7RVtPXLYDWHONRPXQLNXMHMHXLYDWHOVNiVORND 8$
8VHU$JHQW 7HSUYHWDY\WYitSRWHEQpXLYDWHOVNpUR]KUDQtSURVWHGQLFWYtPNWHUpKR
XLYDWHOP$HY\XtYDWVOXE\HOHNWURQLFNpSRW\tVWGROp]SUiY\UXLWMHL
DUFKLYRYDWY\WYiHWDHGLWRYDWQRYp]SUiY\DWG.WRPXQDStNODGPXVtNDGi
XLYDWHOVNiVORNDREVDKRYDWPMLYKRGQHGLWRU
3URJUDPUHDOL]XMtFtXLYDWHOVNRXVORNXMHDSOLNDQtPSURJUDPHPNWHUVLXLYDWHO
Y\YROiYiDQD]iNODG SRWHE\DP$HEWSURYR]RYiQLQDWDNRYpPSRtWDLNWHU
QHQtWUYDOHYSURYR]X ]DWtPFRSHQRVRYpVORN\MVRXREY\NOHSURYR]RYiQ\WUYDOHD
Y\DGXMtWXGtSRtWDIXQJXMtFtYQHSHWULWpPUHLPX 3UiY ]WRKRWRG$YRGXMVRX
SRWRYQtVFKUiQN\ PDLOER[\ MHGQRWOLYFKXLYDWHO$Y WLQRXUHDOL]RYiQ\YUiPFL
SHQRVRYFKVORHN=SUiY\NWHUpGRMGRXQDDGUHVXXULWpKRXLYDWHOH SHVQ MLQD
DGUHVXXULWpSRWRYQtVFKUiQN\YL]PLQXOH WDNPRKRXEWXNOiGiQ\GRStVOXQp
VFKUiQN\NG\NROL8LYDWHOVHNQLPDOHGRVWDQHDSRWpFRVLVSXVWtSURJUDP
UHDOL]XMtFtXLYDWHOVNRXVORNXDMHKRSURVWHGQLFWYtPVL]SUiY\SHWH
3RWRYQtNOLHQWDVHUYHU
9]WDKPH]LXLYDWHOVNRXDSHQRVRYRXVORNRXMHGR]QDQpPtU\Y]WDKHPW\SX
NOLHQWVHUYHUSLRGHVtOiQt]SUiY\VHXLYDWHOVNiVORNDSRVWDUi YLQWHUDNFLV
XLYDWHOHP RMHMtVHVWDYHQtDOHSDNMLSHGiNRGHVOiQtSHQRVRYpVORFH WMY\iGiVL
RGQtVOXEXVSRtYDMtFtYSHQRVX]SUiY\ 1DRSDNYRNDPLNXNG\VHXLYDWHO
UR]KRGQHSRGtYDWQDGRORXSRWXREUiWtVHXLYDWHOVNiVORNDQDSHQRVRYRXVH
iGRVWtRSRVN\WQXWtREVDKXStVOXQpSRWRYQtVFKUiQN\
=WRKRWRG$YRGXMHXLYDWHOVNiVORNDV\VWpPXHOHNWURQLFNpSRW\DVWRR]QDRYiQD
WDNpMDNRSRWRYQtNOLHQW PDLOFOLHQW DSHQRVRYiVORND UHVSSRtWDQDNWHUpPMH
SURYR]RYiQD MDNRSRWRYQtVHUYHU PDLOVHUYHU 7HUPLQRORJLHNWHURXMVPHDGRVXG
SRXtYDOLMHFKDUDNWHULVWLFNiVStHSURV\VWpP\HOHNWURQLFNpSRW\QDEi]LVWDQGDUGX
; ]DWtPFRYSURVWHGt7&3,3VtWtVHKRYRtVStHRSRWRYQtFKVHUYHUHFKD
NOLHQWHFK 
.RQNUpWQt]S$VRENRPXQLNDFHPH]LSHQRVRYRXDXLYDWHOVNRXVORNRXMH
VDPR]HMP SHYQ GiQNRQFHSFtFHOpKRV\VWpPXHOHNWURQLFNpSRW\ 0+6 7RRYHP
]GDOHNDQH]QDPHQiHE\WtPE\ODMHGQR]QDQ GHWHUPLQRYiQDLYQ MtWYi
XLYDWHOVNpVORN\ SRWRYQtKRNOLHQWD 7\WRVORN\PRKRXEWLPSOHPHQWRYiQ\Y
PQRKDU$]QFKSRGREiFKRGVWURKFKiGNRY RULHQWRYDQFKXWLOLWDSR
XLYDWHOVN\StWXOQpSURJUDP\YRNHQQtPSURYHGHQtVQHMU$]Q MtPLY\PRHQRVWPL
9SURVWHGtSRtWD$3&WHG\P$HEWStVOXQNOLHQWQDStNODGSURJUDPHPSUR
SURVWHGt06'26XDSOLNDFtSUR06:LQGRZVDSRG.DGXLYDWHOVLP$HY\EUDW
NWHUNOLHQWPXEXGHQHMOpSHY\KRYRYDWSRGPtQNRXMHMHQRPWRDE\VHWDNRYWR
NOLHQWGRNi]DOVSUiYQ GRPOXYLWVStVOXQPSRWRYQtPVHUYHUHP
3,2%5B7,)
2EU3HGVWDYDXLYDWHOVNpVORN\ NOLHQWD SURYR]RYDQpQDSRtWDLYUROL
SRWRYQtKRVHUYHUX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK

3RVWDYHQtSRWRYQtKRNOLHQWD
9HOPL]DMtPDYiMHLRWi]NDPRQpKRSRVWDYHQtXLYDWHOVNpVORN\ SRWRYQtKR
NOLHQWD ]YOiW SDNYSURVWHGtORNiOQtFKVtWt3HGSRNOiGHMPHYVRXODGXVREUi]NHP
HSHQRVRYiVORNDMHLPSOHPHQWRYiQDQDSRtWDLNWHUY\VWXSXMHYUROL
SRWRYQtKRVHUYHUXDREVDKXMHSRWRYQtVFKUiQN\MHGQRWOLYFKXLYDWHO$8LYDWHOVNi
VORND SRWRYQtNOLHQW P$HEWSURJUDPHPNWHUE tSUiY QDWRPWRSRtWDL
XLYDWHOpNWHtFKW Mt]SUDFRYiYDWVYRXSRWXMHKRSURVWHGQLFWYtPSDNPXVtSUDFRYDW
StPRQDWRPWRSRtWDL ]MHKRPtVWQtFKWHUPLQiO$StSDGQ ]MLQFKSRtWD$
SURVWHGQLFWYtPY]GiOHQpKRSLKODRYiQt 
'DOtPRQRVWtMHWRDE\SRWRYQtNOLHQWE\OSURYR]RYiQQDMLQpPSRtWDLQHNWHU
Y\VWXSXMHYUROLSRWRYQtKRVHUYHUX7DNRYWRSURJUDPVLXLYDWHOP$HVSXVWLWQDVYp
SUDFRYQtVWDQLFL YL]REU DSRQHFKDWQDQ PDE\VLYHSRWHEQp
Y\NRUHVSRQGRYDOSRVtWLVHVHUYHUHPViP
7RWRGUXKpHHQtPiHWQpYKRG\QDStNODGWXHXLYDWHOQHPXVtRSRXW WVYp
SUDFRYLW DRVREQ VHREW RYDWDNSRWRYQtPXVHUYHUX QHERY\XtWPRQRVWL
Y]GiOHQpKRSLKODRYiQt 9UD]QRXYKRGRXEYiLY WtNRPIRUWNWHUWDNRYpWR
HHQtP$HQDEtGQRXWNOLHQWVNpSURJUDP\SURYR]RYDQpQDSUDFRYQtFKVWDQLFtFK
QDStNODGYSURVWHGt06:LQGRZV REY\NOHQDEt]tVYpPXXLYDWHOLPQRKHPY Wt
SRKRGOtDPQRKHPY WtUHSHUWRiUGRSONRYFKIXQNFtQHDQDORJLFNpSURJUDP\
SURYR]RYDQpQDSRWRYQtPVHUYHUX NWHUP$HEWQDStNODG8QL[RYVNP
SRtWDHP 
3,2%5B7,)
2EU3HGVWDYDXLYDWHOVNpVORN\ NOLHQWD 
SURYR]RYDQpQDSUDFRYQtVWDQLFLORNiOQtVtW
9]GiOHQNOLHQW
3RWRYQtNOLHQWXUHQNSURYR]RYiQtQDSUDFRYQtVWDQLFLYVtWLREY\NOHSRtWiVWtP
HVY$MVHUYHUP$HNRQWDNWRYDWNG\NROL DVGRVWDWHQRXU\FKORVWt -HGQRWOLYp
]SUiY\GROpStVOXQpPXXLYDWHOLSURWRSRQHFKiYiYMHKRSRWRYQtVFKUiQFH WHG\
QDVHUYHUX DRGVXGVLMHLQGLYLGXiOQ VWDKXMHDYRNDPLNXNG\VLWRXLYDWHO
H[SOLFLWQ Y\iGi QDSNG\VLFKFHSHtVWXULWRXNRQNUpWQt]SUiYX 3RNXGMH
SRWHEXMHQ NDPGRDVQ XORLW QDStNODGMDNRMLSHWHQpDOHGRVXGQHVPD]DQp
]SUiY\ XNOiGiVLMHRS WQDVHUYHU7RPiMHGQXREURYVNRXYKRGXIXQJRYiQt
NOLHQWVNpKRSURJUDPXSDNQHQt]iYLVOpQDWRPQDNWHUpSUDFRYQtVWDQLFLMH
SURYR]RYiQ8LYDWHOWDNP$HVHVYRXSRWRXSOQRKRGQRWQ SUDFRYDW]NWHUpKRNROL
SRtWDHYGDQpORNiOQtVtWL
3,2%5B7,)
2EU3HGVWDYDY]GiOHQpKRSRWRYQtKRNOLHQWD
$OWHUQDWLYQtPHHQtPMHWRDE\VLNOLHQWYXULWRNDPLNVWiKOFHOREVDK
XLYDWHORY\SRWRYQtVFKUiQN\DSDNVHQDQ MMLQHPXVHOREUDFHWVMHGQRWOLYPL
iGRVWPLRWHQtNRQNUpWQtFK]SUiY6RXDVQ VWtPE\VLWDNRYWRSURJUDPWDNp
SRQHFKiYDOXVHEH WMQDVYpPORNiOQtPGLVNX LYHNHURXUR]SUDFRYDQRXSRWX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7tPVHVLFH]WUDWtPRQRVWSOQRKRGQRWQpSUiFH]NWHUpNROLVWDQLFHYGDQpVtWLDOHQD
GUXKpMH]DVHPLQLPDOL]RYiQSHQRVGDWPH]LNOLHQWHPDVHUYHUHPGtN\
MHGQRUi]RYpPXDGiYNRYpPXFKDUDNWHUXNRPXQLNDFHMHSDNPRQpY\VWDLWLV
PQRKHPSRPDOHMtPLSHQRVRYPLFHVWDPL1DWROLNSRPDOHMtPLHMHPRQp
XYDRYDWLRSURYR]RYiQtSRWRYQtKRNOLHQWDQDY]GiOHQFKSRtWDtFKWDNRYWR
NOLHQWVHP$HQDVY$MSRWRYQtVHUYHUMHGQRUi]RY SLSRMLWQDStNODGSURVWHGQLFWYtP
NRPXWRYDQpKRRNUXKXYHHMQpWHOHIRQQtVtW VWiKQRXWVLYHNHURXGRORXSRWX
SRWpVHRGSRMLW ]DY VLWWHOHIRQ DSRWX]SUDFRYDWMLMDNRVDPRVWDWQ E tFtDSOLNDFH
WMYQHVSDHQpPQHEROLRIOLQHUHLPX 
7DNRYPWR]S$VREHPVLXLYDWHOP$HQDStNODG]HVYpKRGRPiFtKRSRtWDH]DYRODW
SURGRORXSRWXYHFKQXVLMLSHQpVWNVRE SRWp]DY VLWDSRWXSDN]SUDFRYiYDWY
NOLGXDSRKRGOtVYpKRGRPRYD DKODYQ EH]GORXKpKREORNRYiQtWHOHIRQQtOLQN\D
WRPX~P UQFKSRSODWN$ .G\VHUR]KRGQHQ MDNRXSRWXRGHVODWP$HVLML
QHMSUYHSLSUDYLWGRY WtGiYN\DWXSDNDQDORJLFNP]S$VREHPMHGQRUi]RY SHQpVW
QDVHUYHUNRGHVOiQt9SULQFLSXMHVDPR]HMP PRQpLWDNRYpHHQtSLNWHUpPVL
XLYDWHORGQHVHRGVHUYHUXFHORXGiYNXGROpSRW\QDGLVNHW GRPDML]SUDFXMH
Y\WYRtQRYRXGiYNXSRW\XUHQpNRGHVOiQtDWXSDNRS WSRGLVNHW SHQHVHN
VHUYHUX

(OHNWURQLFNiSRWD,,,
9PLQXOFKGYRXGtOHFKY QRYDQFKSUREOHPDWLFHHOHNWURQLFNpSRW\MVPHVH
]DEYDOLSRWRYQtPLVFKUiQNDPLDGUHVDPLDSULQFLSLiOQtP]S$VREHPStVWXSX
XLYDWHOHNHOHNWURQLFNpSRW 'QHVVHSRGUREQ ML]DVWDYtPHXQ NWHUFK
IXQNQtFKPRQRVWtHOHNWURQLFNpSRW\
=iNODGQtIXQNFtNDGpKRV\VWpPXHOHNWURQLFNpSRW\MHGRUXRYiQtMHGQRWOLYFK
]SUiYRGMHMLFKRGHVLODWHO$DNHNRQFRYPDGUHViW$P6WtPRYHPP$HVRXYLVHWL
FHOiDGDGDOtFK]DMtPDYFKDXLWHQFKIXQNFtMDNRQDStNODGPRQRVWUR]HVtOiQt
]SUiYQDYtFHDGUHVPRQRVW]DVtOiQtNRSLt]SUiYQDY GRPtPRQRVWSRWYU]RYiQt
StMPXPRQRVWSLSRMRYiQtStORKNH]SUiYiPPRQRVWDXWRPDWLFNpKRWtG Qt
GROFK]SUiYYHGHQtDGUHVi$DDUFKLY$]SUiYDSRG$E\FKRPVLYHFKQ\W\WR
]DMtPDYpPRQRVWLPRKOLSRSVDWDYKRGQ ]DVDGLWGRNRQWH[WXMHGREUpVL]QRYX
SLSRPHQRXWRQHMG$OHLW MtRHPMVPHVLSRYtGDOLYPLQXOpPGtOXWRWLHY
VRXYLVORVWLVHOHNWURQLFNRXSRWRXVHP$HPHVHWNDWVHGY PD]iNODGQtPLNDWHJRULHPL
SURJUDP$VW]YSHQRVRYPLVORNDPL 07$0HVVDJH7UDQVIHU$JHQWV NWHUp
]DML"XMtYODVWQtSHQRV]SUiY DOHQLNROLMLNRPXQLNDFLVXLYDWHOHP DVW]Y
XLYDWHOVNPLVORNDPL 8VHU$JHQWV NWHUpQDRSDNVXLYDWHOHPEH]SURVWHGQ
NRPXQLNXMtXPRXMtPXtVWGROp]SUiY\VHVWDYRYDWQRYp]SUiY\DWGDOHNH
VNXWHQpPXRGHVOiQtMHSHGiYDMtSHQRVRYPVORNiPQ3URQDHGQHQtSRYtGiQtMH
SRY GRPtRH[LVWHQFLW FKWRGYRXNDWHJRULtSURJUDP$SRGVWDWQpSURWRDE\FKRPVL
PRKOLXY GRPLWNGHMVRXU$]QpIXQNFHUHDOL]RYiQ\D]WRKRVLSDNRGYRGLWLWRFR
SHGXUXMHMHMLFKGRVWXSQRVW
+ODYLNDDW OR]SUiY\
'DOtSHGVWDYDNWHUiQiP]QDQ ]MHGQRGXtQDHSRYtGiQtMHSHGVWDYDRYQLWQtP
OHQ Qt]SUiYHOHNWURQLFNpSRW\W\WRPDMtYG\GY ]iNODGQtiVWLKODYLNX
KHDGHU DW OR ERG\ 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7 ORREVDKXMHYODVWQtWH[W]SUiY\D]SRKOHGXV\VWpPXHOHNWURQLFNpSRW\QHQtQLMDN
VWUXNWXURYiQRDQLXLYDWHOVNpVORN\DQLSHQRVRYpVORN\WXWRiVW]SUiY\QLMDN
QHLQWHUSUHWXMt NURP Q NWHUFKVSHFLiOQtFKStSDG$MDNRQDStNODGSLSRWHE
NRQYHU]H]MHGQp]QDNRYpVDG\GRGUXKp LQWHUSUHWDFHWRKRFRMHREVDHQRYW OH
]SUiY\MHSRQHFKiYiQDSOQ QDXLYDWHOtFK
1DSURWLWRPXREVDKKODYLN\PXVtEWYHOPLSHVQ VWUXNWXURYiQSUiY ]GHMVRX
WRWLREVDHQ\YHNHUpLQIRUPDFHSRGOHNWHUFKMVRXMHGQRWOLYp]SUiY\RGHVtOiQ\
SHQiHQ\DGRUXRYiQ\.DGV\VWpPHOHNWURQLFNpSRW\ 0+60HVVDJH+DQGOLQJ
6\VWHP PXVtSHVQ GHILQRYDWFRPiEWYKODYLFHREVDHQRDMDNPNRQNUpWQtP
]S$VREHPWRPiEWY\MiGHQR7RSURWRDE\VLMDNXLYDWHOVNpVORN\ 8VHU$JHQWV 
WDNLSHQRVRYpVORN\ 0HVVDJH7UDQVIHU$JHQWV GRNi]DO\YKODYLFHQDMtWW\
LQIRUPDFHNWHUpNHVYpLQQRVWLSRWHEXMt
GDMHREVDHQpYKODYLNiFK]SUiY
-DNpNRQNUpWQt~GDMHMVRXWHG\REVDHQ\YKODYLNiFK]SUiY"=iYLVtWRVDPR]HMP
QDNRQNUpWQtPV\VWpPXHOHNWURQLFNpSRW\DQDMtPSRXtYDQpPVWDQGDUGXNWHU
SHVQIRUPiWKODYLN\GHILQXMH3UDNWLFN\YG\MVRXDOHYKODYLFHREVDHQ\PLPR
MLQpLQiVOHGXMtFt~GDMH
NGRMHRGHVLODWHOHP]SUiY\
NGRPiEWStMHPFHP]SUiY\
GDWXPDDVRGHVOiQt]SUiY\
SHGP W]SUiY\ DQJOLFN\VXEMHFWREY\NOHYUR]VDKXMHGLQpiGN\
-HGQXNRQNUpWQtPRQRVWQD]QDXMHQiVOHGXMtFtStNODG
)URP-LUL3HWHUNDSHWHUND#NNLPVPIIFXQLF]!
7R-DQ3DYHONDSDY#GFLWF]!
'DWH0RQ0DU0(7
6XEMHFW-DNVHGDUL"
9 WLQXSRORHNYKODYLFHY\SOXMHXLYDWHOVNiVORND 8VHU$JHQW QDVWUDQ
RGHVLODWHOHSRGOHSRN\Q$NWHUpYKRGQP]S$VREHP]tVNiRGVYpKRXLYDWHOH3L
VDPRWQpPSHQRVX]SUiYYDNPRKRXEWGRKODYLN\SU$E Q SLGiYiQ\MHW GDOt
~GDMHYHNWHUFKMH]D]QDPHQiQSU$E KSHQRVX]SUiY1DStNODG
5HFHLYHGIURPHLQDUGFLWF]E\IURGHGFLWF] 0HUFXU\ 
7XH0DU&(7
5HFHLYHGIURPQVPVPIIFXQLF]E\HLQDUGFLWF] $,;8&%
LG$$7XH0DU

SURVtPRHWUQp]DOiPiQtEXNDGiSRORNDMHQQDMHGLQRXiGNXQHER]DFKRYDW
YHXYHGHQpUR]G OHQtYG\GRGYRXiGHN

=W FKWR~GDM$MHSDNPRQpY\VOHGRYDWVNXWHQSU$FKRG]SUiY\SHVU$]Qp
SHQRVRYpVORN\QDPH]LOHKOFKX]ORYFKSRtWDtFK7DWRPRQRVWYDNSDPDWXMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VStHQDVSUiYFHVtWtQHQDE QpXLYDWHOHW PMHMLFKXLYDWHOVNiVORND 8VHU
$JHQW KODYLNXY WLQRXQH]REUD]XMH DOHVSRQHYMHMtVNXWHQpSRGRE 0tVWRWRKR
MVRXXLYDWHO$PSHGNOiGiQ\MHQQ NWHUpY\EUDQp~GDMH QDSRRGHVLODWHOLD
SHGP WX]SUiY\ DWRQDYtFYWDNRYpIRUP MDNRXStVOXQSURJUDPY\VWXSXMtFtY
UROLXLYDWHOVNpVORN\SRNOiGi]DQHMYKRGQ Mt
1DStNODGEH]SURVWHGQ SRYE UXSRWRYQtVFKUiQN\P$HEWXLYDWHOLQDEtGQXW
SHKOHGQVH]QDPGROFK]SUiY YHNWHUpPMHNDGp]SUiY Y QRYiQDMHGQDiGNDD
QDQtMHXYHGHQRQDStNODGMHQMPpQRRGHVLODWHOHDSHGP W]SUiY\StSDGQ LGDWXP
DSRG 8LYDWHOStMHPFHP$HWDNRYPWRVH]QDPHPOLVWRYDWDNG\VLQ MDNRX
]SUiYX]HVH]QDPXY\EHUHSRWRYQtSURJUDP 8VHU$JHQW PX]REUD]tMHMtREVDK WM
W OR]SUiY\ 
5R]HVtOiQt]SUiYQDYtFHDGUHV
-HGQRX]YHONFKSHGQRVWtHOHNWURQLFNpSRW\MHPRQRVWUR]HVOiQtMHGQpDWpH
]SUiY\YtFHStMHPF$PNROLNDWRSURRGHVLODWHOHYODVWQ QHQtY$EHFUHOHYDQWQt
SURWRHMHKRQiPDKDVSRMHQiVWDNRYPWR~NRQHPP$HEW~SOQ VWHMQiMDNRSL
RGHVtOiQt]SUiY\MHGLQpPXXLYDWHOL
0RQRVWUR]HVtOiQtP$HEWUHDOL]RYiQDYtFHU$]QPL]S$VRE\-HGHQ]QLFKNWHU
MHYKRGQ MtVStHSURStOHLWRVWQpY\XLWtVSRtYiYWRPHPtVWRMHGQRKR
NRQNUpWQtKRStMHPFHVHSLVHVWDYRYiQt]SUiY\XYHGRXGYDStMHPFLWLW\LDWG
7RKRNGRE\WXWRPRQRVWFKW OY\XtYDWDVW MLE\YDN]HMP EU]\RPU]HOR
RSDNRYDQpUXQtUR]HSLVRYiQtVWHMQFKDGUHV3URJUDPSURVWHGQLFWYtPNWHUpKR
WDNRYXLYDWHOVYp]SUiY\VHVWDYXMHDRGHVtOiPXP$HY\MtWYVWtFDXPRQLWPX
SHGHPVHVWDYLWVH]QDPStVOXQFKDGUHViW$ UHVSWROLNWDNRYFKWRGLVWULEXQtFK
VH]QDP$NROLNSRWHEXMH 3LVDPRWQpPRGHVtOiQtSDNPtVWRDGUHViWDXLYDWHOXYHGH
MHQMPpQR LGHQWLILNiWRUR]QDHQt GLVWULEXQtKRVH]QDPXDSRWRYQtSURJUDP 8VHU
$JHQW VHSDNMLViPSRVWDUiRSRWHEQpUR]HSViQt
7XWRPRQRVWSLNWHUpMLRGRGHVLODWHOHRGFKi]tYtFHMHGQRWOLYFK]SUiYMHWHED
RGOLLWRGW]YHOHNWURQLFNFKNRQIHUHQFt7\MVRX]DORHQ\QDP\OHQFHHQDXULWpP
X]ORYpPSRtWDLMHYHGHQVH]QDPXLYDWHO$ ~DVWQtN$NRQIHUHQFH DWHQWRVH]QDP
PiYODVWQtDGUHVXSURHOHNWURQLFNRXSRWX.G\Q NGRSROH]SUiYX WMMHGQX
]SUiYX QDWXWRDGUHVXSDNMHWDWR]SUiYDREY\NOH]FHODDXWRPDWLFN\UR]HVOiQDYHP
XLYDWHO$PXYHGHQPQDStVOXQpPVH]QDPX
3RWYU]HQtRStMPXGRSRUXHQiHOHNWURQLFNiSRWD"
-HGQtP]YHOPLDVWFKSRDGDYN$NWHUpXLYDWHOpY]QitQDHOHNWURQLFNRXSRWXMH
PRQRVW]tVNDWY URKRGQRXLQIRUPDFLRWRPHXULWi]SUiYDE\ODYSRiGNX
GRUXHQD
9SULQFLSXWRQHQtiGQSUREOpPGRKODYLN\RGHVtODQp]SUiY\VH]DDGtSRORND
SRDGXMtFtWDNRYpWRSRWYU]HQt1DVWUDQ StMHPFHSDNP$HEWQD]iNODG WRKRWR
SRDGDYNXDXWRPDWLFN\Y\JHQHURYiQDNUiWNi]SUiYDRGRUXHQtDRGHVOiQD]S W
RGHVLODWHOLS$YRGQt]SUiY\
2Wi]NRXRYHPMHNG\YODVWQ PiEWWDNRYpWRSRWYU]HQtJHQHURYiQR"7HKG\NG\
MH]SUiYDXORHQDGRSRWRYQtVFKUiQN\StMHPFH"3DNQHY\SRYtGiQLFRWRPNG\MH
]SUiYDVNXWHQ SHWHQD1HERPiEWSRWYU]HQtJHQHURYiQRDYRNDPLNXNG\VL
StMHPFH]SUiYXVNXWHQ SHWH"3DNVHDOHRGHVLODWHO]DVHQHPXVtYDVGR]Y G WH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
]SUiYDE\OD~VS Q SHQHVHQD UHVSHVHSLSHQRVXQLNGHQH]WUDWLOD DHMLWXGt
QHPXVtSRVtODW]QRYX
1 NWHUpV\VWpP\HOHNWURQLFNpSRW\HtWRWRGLOHPDWDNH]DYiGtGYDGUXK\
SRWYU]HQtSRWYU]HQtRXORHQt]SUiY\GRSRWRYQtVFKUiQN\StMHPFHDSRWYU]HQtR
MHMtPVNXWHQpPSHWHQt
3RWYU]HQtRXORHQt]SUiY\SLWRPP$HJHQHURYDWMLVDPRWQiSHQRVRYiVORND
0HVVDJH7UDQVIHU$JHQW NWHUiPiSHQRV]SUiYQDVWDURVWL1DSURWLWRPXSRWYU]HQt
RVNXWHQpPSHWHQtP$HJHQHURYDWDSURJUDPSURVWHGQLFWYtPNWHUpKRXLYDWHO
]SUDFRYiYiVYRXSRWXWHG\SURJUDPNWHUSOQt~ORKXXLYDWHOVNpVORN\ 8VHU
$JHQW 
9SUD[LRYHPQHEYiJHQHURYiQtWDNRYFKWRSRWYU]HQtYG\]DUXHQR1HYHFKQ\
SURJUDP\]DML"XMtFtIXQJRYiQtHOHNWURQLFNpSRW\WRWLJHQHURYiQtWDNRYFKWR
SRWYU]HQtSRGSRUXMt-LQpSURJUDP\]DVHGiYDMtPXLYDWHO$PPRQRVWLQGLYLGXiOQt
YROE\3RNXGWHG\Q NRPXSROHWH]SUiYXVSRDGDYNHPQDSRWYU]HQtMHMtKRSLMHWt D"
MLYHVP\VOXXORHQtGRSRWRYQtVFKUiQN\LVNXWHQpKRSHWHQt DWRWRSRWYU]HQt
QHGRVWDQHWHMHW QHPXVtEW]GDOHNDYHSDWQ 
.RSLHQDY GRPt
9E QpP~HGQtPVW\NXYHGHQpPStVHPQRXIRUPRXEYi]Y\NHPSRVtODWRULJLQiO\
GRSLV$MHMLFKNRQNUpWQtPDGUHViW$PDNRSLHW FKWRGRSLV$W]YQDY GRPtMLQP
RVREiP QHMDVW MLRVREiPQDGt]HQP 7DNpYHOHNWURQLFNpSRW H[LVWXMHREGREQi
PRQRVWNDGi]SUiYDP$HPtWMHGQRKRLQ NROLNDGUHViW$DOHNURP WRKRP$H
EWSRVOiQDQDY GRPtMHGQRPXLQ NROLNDGDOtPXLYDWHO$PYHIRUP NRSLH
DQJOLFN\&DUERQ&RS\]NUDWNRX&& 
.RSLH]SUiY\VHRGRULJLQiOXQLMDNQHOLt-HYQtYG\XYHGHQKODYQtStMHPFH
UHVSStMHPFL ]DWtPFRStMHPFLNRSLtMVRXYKODYLFHXYHGHQLWDNpDOHYUiPFL
VDPRVWDWQpSRORN\QDStNODG
)URP-LUL3HWHUNDSHWHUND#NNLPVPIIFXQLF]!
7R-DQ3DYHONDSDY#GFLWF]!
&FVSUiYFHVtW DGPLQ#GFLWF]!
3tMHPFHNRSLHQDY GRPtWHG\PiPRQRVWGR]Y G WVHHStVOXQi]SUiYDMH
SRX]HNRSLtDVWHMQ WDNPiPRQRVW]MLVWLWNRPXE\ORGHVOiQMHMtRULJLQiOStSDGQ
NWHUPGDOtPXLYDWHO$PE\O\RGHVOiQ\GDOtNRSLHSRWHEQpLQIRUPDFHMVRXY
KODYLFHREVDHQ\D]iOHtQDSRXLWpPSURJUDPXSUR]SUDFRYiQtSRW\ UHDOL]XMtFtP
XLYDWHOVNRXVORNX ]GDDYMDNpIRUP W\WRLQIRUPDFHVYpPXXLYDWHOLSRVN\WQH
6WHMQRXPRQRVWPiVDPR]HMP LStMHPFHRULJLQiOXWDNpRQVHP$HGR]Y G WH
StVOXQi]SUiYDE\ODRGHVOiQDYHIRUP NRSLHMLQPXLYDWHO$P
7RRYHPQHPXVtEWYQ NWHUFKVLWXDFtFKStOLiGRXFt3URWRH[LVWXMHMHW MHGQD
YDULDQWDNRSLHQDY GRPtDWRW]YVOHSiNRSLH %OLQG&RS\]NUDWNRX%FF /Lt
VHYWRPHRH[LVWHQFLWpWRNRSLHVHStMHPFHRULJLQiOX DY WLQRXDQLStMHPFH
E QpNRSLH QHPiDQFLGR]Y G WYKODYLFH]SUiY\NWHURXREGUtQHMVRX
StMHPFLVOHSFKNRSLtXYHGHQL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
.RPIRUWSRWRYQtFKSURJUDP$
0RQRVW]DVtOiQtNRSLtQDY GRPtMHStNODGHPPHFKDQLVPXNWHUPXVtEW
SRGSRURYiQMLVDPRWQPV\VWpPHPSHQRVX]SUiY 0760HVVDJH7UDQVIHU6\VWHP 
QHEROLVRXVWDYRXY]iMHPQ SURSRMHQFKSHQRVRYFKVORHN 07$0HVVDJH
7UDQVIHU$JHQWV UHVSSURWRNROHPQD]iNODG NWHUpKRW\WRVORN\SUDFXMt
([LVWXMHYDNWDNpFHOiDGDGDOtFKGRSURYRGQFKVOXHEUHDOL]RYDQFKYKUDGQ
W PLSURJUDP\NWHUpVORXtXLYDWHO$PNEH]SURVWHGQtPX]SUDFRYiQtHOHNWURQLFNp
SRW\ WHG\XLYDWHOVNPLVORNDPL8VHU$JHQWV 
2EY\NORXVDPR]HMPRVWtEYiYHGHQtYHOLMDNFKDGUHVi$YHNWHUFKVLNRQFRYt
XLYDWHOp]D]QDPHQiYDMtHOHNWURQLFNpDGUHV\VYFKSiWHONROHJ$VSROXSUDFRYQtN$
SDUWQHU$DSRG'DOtXLWHQRXIXQNFtMHPRQRVWY\WYiHQtGLVWULEXQtFKVH]QDP$
FLWRYDQiYH SURSRWHE\UR]HVtOiQt]SUiYYtFHStMHPF$P 
7RPXNGRHOHNWURQLFNRXSRWXY\XtYiLQWHQ]LYQ MLDPiERKDWRXNRUHVSRQGHQFL
SLMGHYHOPLYKRGPRQRVW]DD]RYDWMHGQRWOLYp]SUiY\GRRGG OHQFKIRFK$
SRP\VOQFKSLKUiGHNNDWXOHNDSRGDQJOLFN\IROGHUV 7DNWRVLQDStNODGP$H
VKURPDRYDWQDMHGQRPPtVW  YMHGQRPIROGHUX NRUHVSRQGHQFLVMHGQtP
NRQNUpWQtPXLYDWHOHP]DWtPFRGRMLQpKRIROGHUXVLEXGHXNOiGDWSRWXWNDMtFtVH
XULWpKRNRQNUpWQtKRWpPDWXDSRG
=DD]RYiQtSRW\GRMHGQRWOLYFKIROGHU$NWHUpVLXLYDWHOY\WYitSRGOHVYp
SRWHE\EYiQHMDVW MLHHQRUXQ 1 NWHUpSRWRYQtSURJUDP\YDNQDEt]tL
PRQRVWDXWRPDWLFNpKRWtG QtQDStNODGQD]iNODG DGUHV\RGHVLODWHOHQD]iNODG
YVN\WXXULWpKRNOtRYpKRVORYDYSHGP WX]SUiY\DSRG
9HOPLSUDNWLFNiEYiLPRQRVWStPpRGSRY GLVSRMHQiVYNOiGiQtPFLWDFt]
S$YRGQtKRGRSLVX3RNXGVHQDStNODGSLWHQtXULWp]SUiY\UR]KRGQHWHQDQL
RNDPLW RGSRY G W FREYiGREUP]Y\NHP SDNY WLQRXVWDt]PiNQRXW
MHGLQRXKRUNRXNOiYHVXDYiSRWRYQtSURJUDPYiPSLSUDYt]iNODGRGSRY GLViPVL
QDStNODGY\SOQtDGUHVXStMHPFH NWHURXVLRGYRGt]SLMDWp]SUiY\ ViPVL]YROt
SHGP W]SUiY\ Y WLQRXYH]PHS$YRGQtSHGP WDSHGQ MSLStHYPOXYQp5H 
.URP WRKRYDNP$HYORLWGRWH[WXRGSRY GLWDNpS$YRGQtWH[W XYR]HQQ MDNP
VSHFLiOQtP]QDNHPREY\NOHSUDYRXSLDWRX]iYRUNRX DYiPSDNVWDtMHQYKRGQ
SLSLVRYDWVYpRGSRY GL1DStNODG
!.G\X]NRQHFQHQDSLVHVGDOVLGLOVHULDOX&RMHFLP
!YSRFLWDFRY\FKVLWLFK"
8]VHQDWRPSUDFXMH
!$RFHPWREXGH"
1RSRUDGMHVWHRHOHNWURQLFNHSRVWH

RS WSURVtPRHWUQp]DOiPiQtD"QHQtSRUXHQVP\VOSHGFKR]tXNi]N\

3tORK\NH]SUiYiP
(OHNWURQLFNiSRWDMHXUHQDSHGHYtPNSHQRVX]SUiYNWHUpPDMtWH[WRYRXSRGREX
DRNWHUFKVHSHGSRNOiGiHQHMVRXStOLYHONp6WH[WRYPFKDUDNWHUHP]SUiYSDN

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VRXYLVtLWRHSHQRVRYpVORN\NWHUp]SUiY\VNXWHQ SHQiHMtVHQDQ GtYDMtMDNR
QDSRVORXSQRVW]QDN$DMDNRWDNRYpMHLSHQit
7RPiRYHPQ NWHUpY]QDPQpG$VOHGN\QDStNODGWHQHStVOXQSHQRVRY
SURWRNROP$HY\FKi]HW]SHGSRNODGXHS$MGHYKUDGQ RDQJOLFNWH[WDHWHG\
MHGQRWOLYp]QDN\P$H]Qi]RUQLWMHQYVHGPLE\WHFK HKRSDNY\XLMHSUR
HIHNWLYQ MtSHQRV 3RNXGWDNVNXWHQ LQtSDNQHQtPRQpSRXtYDWYWH[WX]SUiY
QDStNODGQDHSURVODYHQpKiN\DiUN\
'DOtPG$VOHGNHPNWHUY\SOYi]WH[WRYpKRFKDUDNWHUX]SUiYMHQHPRQRVW
SHQiHWWtPWR]S$VREHPWDNpELQiUQtVRXERU\NWHUpMHQXWQpFKiSDWQLNROLMDNR
SRVORXSQRVW]QDN$DOHMDNRSRVORXSQRVWMHGQRWOLYFKELW$=DELQiUQtVRXERU\MH
QXWQpSRYDRYDWQDStNODGWDNpVRXERU\YHYQLWQtPIRUPiWXU$]QFKWH[WRYFK
HGLWRU$DSURFHVRU$
9SUD[LE\VHDOHWDNRYiWRPRQRVWYHOPLKRGLODNG\E\FKRPQDStNODGPRKOL
SLSRMLWNRGHVtODQp]SUiY MDNRStORKXELQiUQtVRXERU1 NWHUpV\VWpP\HOHNWURQLFNp
SRW\WpWRPRQRVWLY\FKi]tYVWtFXPRXMtSLSRMRYDWNH]SUiYiPStORK\
DWWDFKPHQWV NWHUpPRKRXEWLELQiUQtPLVRXERU\6WH[WRYPFKDUDNWHUHPSHQRVX
VHSDNY\URYQiYDMtWtPHW\WRELQiUQtVRXERU\SURSRWHE\SHQRVXYKRGQ ]DNyGXMt
WMSHYHGRXGRLVW WH[WRYpKRWYDUX DSLStMPXMH]DVHSHYiGt]S WGRMHMLFK
S$YRGQtKRWYDUX
7DNHDEXGHWHQ NRPXStW SViWHOHNWRURQLFNRXSRWRXP$HWHPXNHVYp]SUiY
SLEDOLWQDStNODGKH]NREUi]HNYHIRUP ELQiUQtKRVRXERUX=DVHDOHMHQRPWHKG\
SRNXGYiSRWRYQtSURJUDP 8VHU$JHQW WXWRPRQRVWSRGSRUXMHDVWHMQ WDNL
SRWRYQtSURJUDPQDVWUDQ DGUHViWD

 (OHNWURQLFNiSRWDYSURVWHGt7&3,3VtWt
9PLQXOFKWHFKGtOHFKVHULiOXMVPHVHY QRYDOLXLYDWHOVNpPXSRKOHGXQD
HOHNWURQLFNRXSRWXQDMHMtFHONRYRXILORVRILLDIXQNQtPRQRVWL3LWRPMVPHN
FHOpSUREOHPDWLFHSLVWXSRYDOLREHFQ DVQDLOLVHXNi]DWWRFRMHSURYHFKQ\
V\VWpP\HOHNWURQLFNpSRW\VSROHQp1\QtVHML]DP tPHQDMHGQXNRQNUpWQt
REODVWDQD]S$VREMDNPMHHOHNWURQLFNiSRWDHHQDSUiY YQtQDSURVWHGt
SRtWDRYFKVtWtQDEi]L7&3,3
1HMSUYHVLDOH]QRYXSLSRPHPH]iNODGQtSHGVWDYXR]S$VREXLPSOHPHQWDFH
HOHNWURQLFNpSRW\NWHURXMVPHVL]DYHGOLMLYGtOXHMHGQRWOLYp]SUiY\VLPH]L
VHERXY\P XMtW]YSHQRVRYpVORN\ 07$0HVVDJH7UDQVIHU$JHQW NWHUpMVRX
SURE QpKRXLYDWHOHQHYLGLWHOQp7HQQDRSDNNRPXQLNXMHVW]YXLYDWHOVNPL
VORNDPL 8$8VHU$JHQW MHMLFKSURVWHGQLFWYtPWHGROp]SUiY\VHVWDYXMHQRYpD
]DGiYiMHNRGHVOiQt-DNMVPHVLMLWDNpXYHGOLYGtOXW\WRGY VORN\PRKRXDOH
QHPXVtEWSURYR]RYiQ\QDWpPHSRtWDL
2GOLQRVWLYNRQYHQFtFKDSHQRVRYFKPHFKDQLVPHFK
9PLQXOFKGtOHFKMVPHVLWDNpHNOLHH[LVWXMtU$]QpV\VWpP\HOHNWURQLFNpSRW\
NWHUpYREHFQpPStSDG SRXtYDMtU$]QpNRQYHQFHDU$]QpSHQRVRYpPHFKDQLVP\
SURSHQRVMHGQRWOLYFK]SUiY7\WRNRQYHQFHDPHFKDQLVP\SLWRPQHPXVtEW
VOXLWHOQpVREGREQPLNRQYHQFHPLDPHFKDQLVP\NWHUpSRXtYDMtMLQpV\VWpP\
HOHNWURQLFNpSRW\3HVWRMHDOHPRQpDE\VLLU$]QpV\VWpP\GRNi]DO\Y]iMHPQ
SHGiYDWSRWXMVRXOLYKRGQ SURSRMHQ\SRPRFtW]YSRWRYQtFKEUDQ PDLO

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
JDWHZD\V NWHUp]DML"XMtSRWHEQpNRQYHU]H3LWRPMHDOHPRQpLWRDE\YUiPFL
MHGQRKRDWpKRV\VWpPXHOHNWURQLFNpSRW\VSROX~VS Q DStPRNRPXQLNRYDO\ Y
UROLSHQRVRYFKVORHN LYHOPLU$]QRURGpSRtWDHOLtFtVHQDStNODGV\VWpPRYRX
SODWIRUPRXDRSHUDQtPV\VWpPHPDSRG&RMHWHG\YODVWQ XUXMtFtPSURPRQRVW
StPpNRPXQLNDFHPH]LGY PDSHQRVRYPLVORNDPL07$DNG\WDNRYiWR
NRPXQLNDFHGYRXVORHNY\DGXMH]SURVWHGNRYDFtIXQNFHSRWRYQtEUiQ\"
2GSRY MHQiVOHGXMtFtQH]iOHtQD]S$VREXLPSOHPHQWDFHVORHN07$ DWtPDQL
QDSURVWHGtYHNWHUpPMVRXSURYR]RYiQ\ =iOHtQDRSDNQDQiVOHGXMtFtFK
VNXWHQRVWHFK
QD]S$VREXMDNPVORN\07$Y]iMHPQ NRPXQLNXMtUHVSMDNPVLSHGiYDMt
MHGQRWOLYp]SUiY\7HQWR]S$VREMHGHILQRYiQStVOXQPSURWRNROHPR]QDRYDQP
REHFQ MDNRSURWRNROSHQRVX]SUiY PDLOWUDQVIHUSURWRFRO 
QD]S$VREXMDNPVORN\07$LQWHUSUHWXMtREVDKMHGQRWOLYFK]SUiY]HMPpQD
MHMLFKKODYLHN YL]PLQXOH NWHUpPMGHILQXMtRGHVLODWHOHLNRQFRYpKRStMHPFH
]SUiY\ ]DWtPFRLQWHUSUHWDFHYODVWQtKRREVDKX]SUiYMHYHVP VSRQHFKiYiQDQD
StMHPFL =iYD]QRXLQWHUSUHWDFL]SUiY MHMLFKKODYLHN SDNXUXMHVWDQGDUGNWHU
SHVQ GHILQXMHIRUPiWMHGQRWOLYFK]SUiYSHGHYtPSDNV\QWD[LDVpPDQWLNX
MHGQRWOLYFKSRORHNKODYLHN
([LVWHQFHSRWRYQtEUiQ\MHQHY\KQXWQiYStSDG NG\NRPXQLNXMtFtVORN\
SRXtYDMtRGOLQIRUPiW]SUiY9StSDG NG\SRXtYDMtVWHMQIRUPiWSHQiHQFK
]SUiYDOHOLtVHYSRXtYDQpPSURWRNROXSURMHMLFKSHQRVSRWHEXMtPH]LVHERXWDNp
YKRGQpKRSURVWHGQtND-HSDNRYHPVStHWHUPLQRORJLFNRXRWi]NRX]GDWDNRYWR
SURVWHGQtNEXGHR]QDRYiQMDNRSRWRYQtEUiQDLQLNROL
7tPFRMHFKDUDNWHULVWLFNpSURV\VWpP\HOHNWURQLFNpSRW\SRXtYDQpYVtWtFKQDEi]L
SURWRNRO$7&3,3MHSRXtYiQtMHGQRWQpKRSURWRNROXSURSHQRV]SUiY SURWRNROX
6073 DMHGQRWQpKRIRUPiWX]SUiY GHILQRYDQpKRGRSRUXHQtP5)& 
6073SURWRNROSHQRVX]SUiY
3URWRNRO6073 RG6LPSOH0DLO7UDQVIHU3URWRFRO MHQRY MtYHU]tVWDUtKR
SURWRNROX073 0DLO7UDQVIHU3URWRFRO NWHUVHXNi]DOMDNR]E\WHQ
NRPSOLNRYDQDE\OYUD]Q ]MHGQRGXHQ RGVXGStYODVWHN6LPSOHYQi]YX
6073 'HILQXMHSRX]H]S$VREMDNPVLMHGQRWOLYpVORN\07$]SUiY\Y\P XMt
DOHQLNROLMLWRMDNP]S$VREHPVQLPLGiOHQDNOiGDMtQDStNODGMDNP]S$VREHP
MVRXSLMDWp]SUiY\SHGiYiQ\XLYDWHO$P StMHPF$P DSRG'iOHSURWRNRO6073
QHGHILQXMH]S$VREDPtVWRXFKRYiYiQtMHGQRWOLYFK]SUiY YSRWRYQtFKVFKUiQNiFK
XLYDWHO$StSDGQ YHIURQWiFK]SUiYNRGHVOiQtDSRG DQLWRNG\DMDNDVWRVHPi
SRNRXHW]SUiY\RGHVtODW2EY\NOHMHWHQWRSURWRNROLPSOHPHQWRYiQMDNRSURFHVNWHU
MHH[SOLFLWQ YROiQMLQPLSURFHV\LPSOHPHQWXMtFtPLVORNX07$
3RGUREQ MtPSRSLVHPWRKRWRSURWRNROXVHEXGHPH]DEYDWYVDPRVWDWQpPGtOX
WRKRWRVHULiOX
5)&VWDQGDUGSURIRUPiWMHGQRWOLYFK]SUiY
-HGQRWQIRUPiW]SUiYHOHNWURQLFNpSRW\MHGHILQRYiQYGRSRUXHQt5)& 5HTXHVW
)RU&RPPHQW tVORVQi]YHP6WDQGDUGIRUWKH)RUPDWRI$53$,QWHUQHW7H[W
0HVVDJHV

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
7HQWRVWDQGDUGUR]OLXMHGY ]iNODGQtiVWL]SUiY\KODYLNX KHDGHU DW OR ERG\ D
SHVQ GHILQXMHV\QWD[LLVpPDQWLNXKODYLN\UHVSMHMtFKMHGQRWOLYFKiVWt
REVDKXMtFt~GDMHUHOHYDQWQtSURGRUXRYiQt]SUiYPMRGHVLODWHOHDStMHPFH]SUiY\
MHMtSHGP W VXEMHFW GDWXPDDVRGHVOiQtDSRG9WRSDNVSDGiPML]S$VRE
NRQVWUXNFHD]iSLVXDGUHVSRXtYDQFKSURSRWHE\HOHNWURQLFNpSRW\
3RNXGMGHRW OR]SUiY\]GHVWDQGDUGSHGSRNOiGiSRX]HWRHMGHRWH[W]$6&,,
]QDN$
6WDQGDUGGDQGRSRUXHQtP5)&MH]QDQ UR]tHQDSRXtYiVHLYVtWtFK
NWHUpQHSRXtYDMtSURWRNRO\7&3,3 ]HMPpQDSDNSURWRNRO6073SURYODVWQtSHQRV
]SUiY 7DNpY WLQDDOWHUQDWLYQtFKVWDQGDUG$NWHUpQHMVRX]FHODVOXLWHOQpV5)&
PXMVRXDOHVSRGRVWLSRGREQp'tN\WRPXMHSDNYUD]Q XVQDGQ QDYP QD]SUiY
PH]LW PLWRV\VWpP\UHVSNRQVWUXNFHSRWHEQFKSHVWXSQtFKOiQN$ SRWRYQtFK
EUDQ 
7DNpVWDQGDUGHP5)&VHEXGHPHMHW SRGUREQ ML]DEYDW
0,0(VQDKDRGVWUDQLWRPH]HQt
3URWRNRO6073LVWDQGDUG5)&Y]QLNO\SLEOLQ SHGGYDQiFWLOHW\MDNR
YVOHGHNXULWpKRKLVWRULFNpKRYYRMH ~VS FKXLQH~VS FKXSHGFKR]tFKSURWRNRO$ 
DWDNpMDNRG$VOHGHNWHKGHMtFKSRWHEW\E\O\SRNXGORRHOHNWURQLFNRXSRWX
]DP HQ\KODYQ QDSHQRVMHGQRGXFKFK$6&,,WH[W$7RPXSDNWDNpE\O\RED
VWDQGDUG\X]S$VREHQ\5)&KRYRtMHQRWRPHW OR]SUiY\MHWYRHQR$6&,,
WH[WHPDSURWRNRO6073tNiHMHGQRWOLYp$6&,,]QDN\PDMtEWVHGPLELWRYpD
SRNXGMVRXSHQiHQ\WDNRYRXSHQRVRYRXFHVWRXNWHUpSHQitMHGQRWOLYp]QDN\MDNR
RVPLELWRYpSDN]PtQ QFKVHGPELW$PiEW]DURYQiQRGRSUDYDDQHMY\tELWPi
EWQDVWDYHQQDQXOX
'tN\WRPXVHRYHPSURVWHGQLFWYtPSRW\QDEi]L6073D5)&QHGiSHQiHW
QLFMLQpKRQHMHGQRGXFKp$6&,,WH[W\QDStNODGiGQpELQiUQtVRXERU\iGQp
IRUPiWRYDQpWH[W\ NWHUpE\REVDKRYDO\VSHFLiOQtIRUPiWRYDFt]QDN\ LWH[W\Y
QiURGQtFKDEHFHGiFKNWHUpY\DGXMtNyGRYiQtMHGQRWOLYFK]QDN$YRVPLELWHFK-LVWp
HHQtVHVLFHQDOR]DNyGRYDWELQiUQtGDWD QDSSRPRFtW]Y88(1&2'(RYiQt
GR]QDNRYpSRGRE\ WMWDNDE\YVOHGNHPE\O\MHQVDPpWLVNQXWHOQp$6&,,]QDN\
]REUD]LWHOQpYVHGPLELWHFK 7RMHDOHVNXWHQ MHQQRX]RYpHHQtQDYtFVSRMHQpV
PQRKDGDOtPLSUREOpP\
DVHPSURWRY]QLNOYHONWODNQDGRGHILQRYiQtVWDQGDUG$SURHOHNWURQLFNRXSRWXY
UiPFLSURWRNRO$7&3,3WDNDE\]YOiGDO\LSHQRVMLQFKGUXK$GDWQHMHQ$6&,,
WH[W$7tPWRUR]tHQtPVHVWDOVWDQGDUG0,0( 0XOWL3XUSRVH,QWHUQHW0DLO
([WHQVLRQV GHILQRYDQGRSRUXHQtP5)& ]URNX 
7HQWRVWDQGDUGMHYMLVWpPVP\VOXRUWRJRQiOQtNGRSRUXHQt5)&SURWRHViP
QHP QtVWUXNWXUXKODYLN\ NWHURXXUXMH5)& DOHGHILQXMHIRUPiWW OD]SUiY\
WDNDE\WRWRPRKOREWGiOHG OHQRQDiVWL GRSRVXGQHE\ORW OR]SUiY\QLMDNGiOH
VWUXNWXURYiQR DDE\NDGiWDNRYiWRiVWPRKODQH]iYLVOHQDRVWDWQtFKREVDKRYDWL
MLQpGUXK\GDWQHMHQMHGQRGXFKp$6&,,WH[W\QDStNODGIRUPiWRYDQpWH[W\WH[W\Y
QHMU$]Q MtFKQiURGQtFKDEHFHGiFKGLJLWiOQt]YXNRYp]i]QDP\JUDILFNpVRXERU\D
YHFKQ\RVWDWQtGUXK\ELQiUQtFKVRXERU$7DNpWtPWRVWDQGDUGHPVHEXGHPH
SRGUREQ ML]DEYDW

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
323PRQRVWStMPXSRW\QDGiONX
-HGQRX]FKDUDNWHULVWLFNFKYODVWQRVWtSURWRNROX6073MHGRUXRYiQtMHGQRWOLYFK
]SUiYStPRNRQFRYPStMHPF$P SHVQ MLSRtWD$PQDNWHUFKVHQDFKi]t
SRWRYQtVFKUiQN\StMHPF$ DQLNROLMHMLFKSRVWXSQSHQRVSHVU$]QpPH]LOHKOp
X]O\SHGSHQRVHPNDGpMHGQRWOLYp]SUiY\RGHVtODMtFtVWUDQDYG\QHMSUYHQDYiH
StPpVSRMHQtVSLMtPDMtFtVWUDQRXDWHSUYHSDN]SUiYXSHQHVH
7RWRHHQtRYHPY\FKi]t]SHGSRNODGXHSLMtPDMtFtSRtWDMHWUYDOHYSURYR]X L
NG\QDVWUDQ RGHVLODWHOHMVRXSURStSDGSRWHE\LPSOHPHQWRYiQ\IURQW\GRVXG
QHRGHVODQFK]SUiYYHNWHUFKW\WRPRKRXXULWRXGREXHNDW =WRKRWRG$YRGXMVRX
SDNYUROLSRWRYQtFKX]O$Y\XtYiQ\YKUDGQ WDNRYpSRtWDHNWHUpMVRX
SURYR]RYiQ\WUYDOHW\SLFN\U$]Qp8QL[RYVNpVHUYHU\DQLNROLSUDFRYQtVWDQLFHQD
NWHUFKXLYDWHOpVNXWHQ SUDFXMt DNWHUpQHMVRXWUYDOHYSURYR]X 3URY WLQX
XLYDWHO$YDNQHQtStOLYKRGQp]SUDFRYiYDWVLVYRXSRWXStPRQDWDNRYpPWR
SRtWDL]HMPpQDNY$OLNRPIRUWXNWHUQDEt]tStVOXQpSURJUDP\UHDOL]XMtFtW]Y
XLYDWHOVNpVORN\ 8$8VHU$JHQW -DNMVPHVLQD]QDLOLMLYGtOXMHY]iVDG
PRQpSURYR]RYDWXLYDWHOVNRXVORNXLQDMLQpPSRtWDLQHNWHUMHVNXWHQP
StMHPFHPSRW\DQDNWHUpPVHQDFKi]tSRWRYQtVFKUiQN\MHGQRWOLYFKXLYDWHO$.
WRPXWR~HOXRYHPE\ORQXWQpY\YLQRXWWDNpSRWHEQSHQRVRYSURWRNRONWHUE\
]SURVWHGNRYiYDONRPXQLNDFLPH]LSHQRVRYRXVORNRX YUROLSRWRYQtKRVHUYHUX D
XLYDWHOVNRXVORNRX YUROLNOLHQWD 7DNRYFKWRSURWRNRO$Y]QLNORGRNRQFHYtF
SLHPWtPQHMSRXtYDQ MtPMHGQHV]HMP SURWRNRO323 3RVW2IILFH3URWRFRO
YHU]H VORXtFtSURSHQRV]SUiYVP UHPNXLYDWHOVNpVORFH ]DWtPFRYRSDQpP
VP UXMHREY\NOHY\XtYiQSURWRNRO6073YL]WpREUi]HN 7DNpSURWRNROHP
323VHYWRPWRVHULiOXEXGHPH]DEYDWSRGUREQ MLSD
3,2%5B7,)
2EU3HGVWDYDSURWRNRO$HOHNWURQLFNpSRW\

5)&
9PLQXOFKGtOHFKWRKRWRVHULiOXMVPHVHVH]QiPLOLVREHFQPLSULQFLS\
HOHNWURQLFNpSRW\D]DDOLVH]DEYDWWtPMDNNRQNUpWQ EYiUHDOL]RYiQDY
VtWtFKQDEi]LSURWRNRO$7&3,39PLQXOpPGtOXMVPHGRVS OLNSHGVWDY WRKR
MDNMHVRXDVQVWDYYWpWRREODVWLDMDNpSURWRNRO\UHVSVWDQGDUG\D
GRSRUXHQtVHSRXtYDMtYMHGQRWOLYFKiVWHFKV\VWpP$HOHNWURQLFNpSRW\'QHV
VHMLGRVWDQHPHSRGUREQ MLNGRSRUXHQt5)&NWHUpGHILQXMHIRUPiW
SHQiHQFK]SUiY
1HMSUYHVLDOHSLSRPHPHVDPRWQVWDWXWGRNXPHQWXR]QDRYDQpKRMDNR5)&
MDNMVPHVLMLXYHGOLYSHGFKR]tFKGtOHFKGRNXPHQW\5)& 5HTXHVW)RU&RPPHQW
MVRX]iNODGQtPLWHFKQLFNPLGRNXPHQW\NWHUpVH]DEYDMtQHMU$]Q MtPLDVSHNW\
IXQJRYiQt,QWHUQHWXYHWQ SURWRNRO$7&3,31HPDMtIRUPXSUiYQ ]iYD]QFK
QRUHP SURWRMHDVLQDPtVW R]QDRYDWMHVStHMDNRGRSRUXHQt 1 NWHUp]QLFK
]YOiW W\NWHUpGHILQXMtU$]QpSURWRNRO\YDNPDMtSRYDKXVNXWHQFKD]iYD]QFK
VWDQGDUG$SURWRHMDNYUiPFL,QWHUQHWXWDNLPLPRQ M DWRLYNRPHUQtVIpH MVRX
YHREHFQ X]QiYiQ\UHVSHNWRYiQ\DG$VOHGQ GRGURYiQ\'RNXPHQW5)&MH
SUiY MHGQtP]WDNRYFKWRGRNXPHQW$NWHUpPDMtVtOX]iYD]QpKRVWDQGDUGX
HKRVH5)&WNi"

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
-LYPLQXOpPGtOXMVPHVLQD]QDLOLHSLSHQRVXMHGQRWOLYFK]SUiYHOHNWURQLFNp
SRW\PH]LSHQRVRYPLVORNDPLMHWHEDXYDRYDWMDNNRQNUpWQtPHFKDQLVPXV
NWHUPVLW\WRVORN\]SUiY\SHGiYDMtWDNLVDPRWQYQLWQtIRUPiWW FKWR]SUiY
NWHUpPX]PtQ QpSHQRVRYpVORN\PXVtUR]XP WDOHVSRGRWpPtU\DE\GRNi]DO\
SR]QDWNRPXDNDPPDMt]SUiY\SRVODW 
1HMOpSHMHY\MtW]SHGVWDY\HNDGiMHGQRWOLYi]SUiYDPiSRYDKXOLVWXSDStUXDMH
SHQiHQDYREiOFH1DVDPRWQpPOLVWXSDStUXMHMDNYODVWQtREVDK]SUiY\ W]YW OR 
WDNLMHMtKODYLNDXUXMtFtPMRGHVLODWHOHNRQHQpKRDGUHViWDDREVDKXMtFtLGDOt
~GDMHVHNWHUPLVHMHW GQHVVH]QiPtPH7HQWROLVWSDStUXSLWRPY\SOXMHW]Y
XLYDWHOVNiVORNDUHVSSURJUDPMHKRSURVWHGQLFWYtPXLYDWHOVHVWDYXMHVYp
]SUiY\.G\WDWRXLYDWHOVNpVORND 8VHU$JHQW SHGiSLSUDYHQRX]SUiYX OLVW
SDStUX SHQRVRYpVORFHNHVNXWHQpPXRGHVOiQtWDYORtOLVWGRREiON\DQDQL
QDGHStHWDNRYp~GDMHMDNpMVRX]DSRWHEtSURSHQRVREiON\ QDH]DMLVWtMHMt
VNXWHQSHQRV 3LVHVWDYRYiQtW FKWR~GDM$SLWRPSHQRVRYiVORNDY\FKi]t]
WRKRFRMHQDSViQRQDOLVWXSDStUXSHVQ MLYKODYLFH]SUiY\ NRQNUpWQ ]~GDM$R
RGHVLODWHOLDStMHPFLDWG 6DPDSURWRPXVtUR]XP WIRUPiWXSRGOHNWHUpKRMH]SUiYD
VHVWDYHQDUHVSY\SOQ QQiK\SRWHWLFNOLVWSDStUX1RDSUiY WHQWRIRUPiWMH
SHGP WHPGRSRUXHQt5)&]DWtPFRQiSLV\QDSRP\VOQpREiOFHDMHMtYODVWQt
SHQRVVHtGtSURWRNROHP6073 NWHUMHViPGHILQRYiQYGRSRUXHQt5)& 
'RSRUXHQt5)&WDNpQHGHILQXMH]S$VRENRPXQLNDFHPH]LWtPNGR]SUiYX
VHVWDYXMH XLYDWHOVNRXVORNRX DWtPNGRMLVNXWHQ RGHVtOi SHQRVRYRXVORNRX 
'RNRQFHDQLQHSHGHSLVXMHMDNP]S$VREHPPiSHQRVRYiVORNDMHGQRWOLYp]SUiY\
XFKRYiYDWDSRG-HGLQpFRGHILQXMHMHIRUPiWVDPRWQFK]SUiY QDHKRSRP\VOQpKR
OLVWXSDStUX DWRQDYtFMHW MHQSURSRWHE\SHQRVXPH]LMHGQRWOLYPLSHQRVRYPL
VORNDPL
+ODYLNDDW OR]SUiY\
'RSRUXHQt5)&FKiSH]SUiYXMDNRWH[WOHQ QQDMHGQRWOLYpiGN\DUR]G OXMH
MLGRGYRX]iNODGQtFKiVWtQDKODYLNX KHDGHU DW OR ERG\ 'iOHVHSRGUREQ ML
]DEYiV\QWD[tDVHPDQWLNRXKODYLN\]DWtPFRREVDKW OD]SUiY\QLMDNSHVQ ML
QHY\PH]XMHSRX]HtNiHKODYLNDPXVtSHGFKi]HWW OXDW ORPXVtEWRG
KODYLN\RGG OHQRQHMPpQ MHGQRXSUi]GQRXiGNRX QHEROLYHFRQiVOHGXMH]D
SUYQtSUi]GQRXiGNRXMHSRYDRYiQR]DW OR]SUiY\ 
1DKODYLNX]SUiY\VHGRSRUXHQt5)&GtYiMDNRQDSRVORXSQRVWSRORHNNWHUP
YRULJLQiOHtNiKHDGHUILHOGV GRVORYDSROHKODYLN\ .DGiSRORNDPXVt]DtQDW
QDQRYpiGFH DGRNRQFHQDSUYQtSR]LFLiGN\ DP$HSRNUDRYDWLQDGDOtFK
iGNiFK YWDNRYpPStSDG DOHQLNROLRGSUYQtSR]LFH 
.DGiSRORNDMHYG\XYR]HQDXULWPNOtRYPVORYHP ]DNRQHQPGYRMWHNRX 
NWHUpGHILQXMHMHMtY]QDP DWtPVRXDVQ XOHKXMHSUiFLSURJUDP$PNWHUpPDMt
KODYLNXDQDO\]RYDWDtGLWVHMHMtPREVDKHP =DWtPWRXYR]XMtFtPNOtRYPVORYHP
DSRYLQQRXGYRMWHNRX SDNQiVOHGXMHYODVWQtREVDKStVOXQpSRORN\
1 NWHUPSRORNiPKODYLN\GRSRUXHQt5)&SHGHSLVXMHXULWRXSRYLQQRX
V\QWD[L]DWtPFRMLQPQLNROL/RJLNDMH]GHWDNRYiHREVDKQ NWHUFKSRORHN
DQDO\]XMtSURJUDP\NWHUpVHQDSHQRVX]SUiYSRGtOtDSRYLQQiV\QWD[HMLPYWRP
YHOPL~LQQ SRPiKi7NiVHWRSHGHYtPSRORHNNWHUpREVDKXMtDGUHV\D~GDMHR
GDWXPXDDVH1DSURWLWRPXXMLQFKSRORHN QDStNODGXSRORN\6XEMHFW
Y\MDGXMtFtSHGP W]SUiY\ SUDNWLFN\QHSLSDGiY~YDKXHE\MHE\ORSRWHED

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
DQDO\]RYDWDWDNMHMLFKV\QWD[HQHQtQLMDNSHGHSViQDPRKRXWRWHG\EWOLERYROQp
WH[W\
'RSRUXHQt5)&WDNpQHSHGHSLVXMHSRYLQQpSRDGtMHGQRWOLYFKSRORHN
KODYLN\ SRX]HY\VORYXMHXULWiGRSRUXHQt 3tNODGKODYLN\VHVWDYHQpSRGOH
5)&XND]XMHREUi]HN
3RORN\KODYLN\
6DPRWQpGRSRUXHQt5)&GHILQXMHSRP UQ YHONSRHWU$]QFKSRORHNSUR
KODYLN\]SUiY&tOHPWRKRWRStVS YNXVDPR]HMP QHQtSRGDWMHMLFKY\HUSiYDMtFt
VH]QDPLGRNRQFHSRSLVRGWRKRMHVDPRWQGRNXPHQW5)&NWHUMHYROQ
GRVWXSQDLLWHOQ VWHMQ MDNRYHFKQ\RVWDWQtGRNXPHQW\5)& 0\VL]GHSRX]H
QD]QDtPHQ NWHUpQHMDVW MtSRORN\DXNiHPHVLMDNMHMLFKVNODGEDNRUHVSRQGXMHV
PRQRVWPLNWHUpQDEt]tGQHQtV\VWpP\HOHNWURQLFNpSRW\
.DGi]SUiYDVDPR]HMP PXVtRGQ NRKRSRFKi]HWQ NGRPXVHOPtW]iMHPQD
MHMtPRGHVOiQtDVHVWDYLOWDNpMHMtYODVWQtREVDK W OR]SUiY\ 'RSRUXHQt5)&QD
WXWRRVREXSDPDWXMHSRORNRX)URPQDStNODG
)URPSHW#GFLWF]
WDWRSRORNDMHSLWRPMHGQRX]W FKXNWHUFKMHSHGHSViQDSRYLQQiV\QWD[H7D
YDNVWiOHQDEt]tDGXYDULDQWYHWQ PRQRVWtYNOiGiQtNRPHQWi$VUR]XPLWHOQFK
ORY NX1DStNODG
)URPSHW#GFLWF] -LUL3HWHUND
)URP-LUL3HWHUNDSHW#GFLWF]!
)URP3HWHUND-LULSHW#GFLWF]!
DSRG'RSRUXHQt5)&GiOHSDPDWXMHLQDPRQRVWHS$YRGQtLQLFLiWRU]SUiY\
QHEROpSHDXWRU]SUiY\ QHQtWRWRQVMHMtPVNXWHQPRGHVLODWHOHP.WDNRYpWR
VLWXDFLP$HGRMtWQDStNODGWHKG\NG\Q NGRSRVtOiY]ND]Q NRKRMLQpKRNG\VL
StOL]DQHSUi]GQ QpIQHFKiYiRGHVtODW]SUiY\VYRXVHNWHUiNRXQHERWDNp
QDStNODGWHKG\NG\Q NGRSROHStVS YHNGRQ NWHUp]HOHNWURQLFNFKNRQIHUHQFt
3DNMHMWRWLSROHQHMSUYHQDDGUHVXVSUiYFHNRQIHUHQFHDWHQMLQiVOHGQ UR]HOH
YHP~DVWQtN$PNRQIHUHQFH7LSDNGRVWDQRX]SUiYXMHMtPRGHVLODWHOHPMHVSUiYFH
NRQIHUHQFH D"MLMHWRORY NLSRXKSURJUDP ]DWtPFRDXWRUHP]SUiY\MHQ NGR
~SOQ MLQ5)&VHVWtPY\URYQiYi]DYHGHQtPSRORN\6HQGHUNWHUi
VSHFLILNXMHRGHVLODWHOH]SUiY\ MHOLWRQ NGRMLQQHDXWRU]SUiY\SURNWHUpKRMH
XUHQDSRORND)URP 
'DOtSRORNRXNWHUiVRXYLVtVPRQRXGLVSURSRUFtPH]LDXWRUHPDRGHVLODWHOHP
]SUiY\MHSRORND5HSO\7R7DWRWLH[SOLFLWQ tNiNDPPDMtEW]DVtOiQ\
RGSRY GL1DStNODGSUiY XHOHNWURQLFNFKNRQIHUHQFtMHGRVWLSRGVWDWQUR]GtOPH]L
WtPNG\VHRGSRY SROHQDDGUHVXNRQIHUHQFH DSDNMLGRVWDQRXYLFKQLMHMt
~DVWQtFL QHERNG\VHSROHStPRS$YRGQtPXDXWRURYL DSDNMLGRVWDQHSRX]HRQ 
3RPRFtSRORN\5HSO\7RO]HH[SOLFLWQ SHGHSVDWNDPPDMtEWRGSRY GL
SRVtOiQ\-HWRXLWHQpQDStNODGLSURXLYDWHOHNWHtPDMtYtFHSUDFRYL"UHVSVYRX
HOHNWURQLFNRXSRWXRGHVtODMt]YtFHU$]QFKPtVWSRPRFtWpWRSRORN\VLSDNPRKRX
SHGHSVDWHRGSRY GLMLPPDMtFKRGLWQDMHGQRNRQNUpWQtPtVWR-HW GDOtPRQRVW
QDEt]tSRORND5HWXUQ3DWKNWHUiXPRXMHSHGHSVDWNDPPiEW]SUiYDYUiFHQD
YStSDG MHMtQHGRUXLWHOQRVWL

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
3RGREQRXV\QWD[LMDNRSRORND)URP LGDOtNWHUpMVPH]PLRYDOLYSHGFKR]tP
RGVWDYFL PiLSRORND7RXUXMtFtDGUHViWD]SUiY\-DNMVPHVLMLXYHGOLY
SHGFKi]HMtFtFKGtOHFK]SUiY\HOHNWURQLFNpSRW\MHPRQp]DVtODWLMDNRW]YNRSLHQD
Y GRPt &DUERQ&RS\ DGRNRQFHLMDNRW]YVOHSpNRSLH %OLQG&DUERQ&RS\ R
NWHUFKVHKODYQtDGUHViW]SUiY\QHGR]Yt QDUR]GtORGStMHPF$E QFKNRSLtR
NWHUFKVHYKODYLFHVYpKRRULJLQiOXGR]Yt 3URVSHFLILNDFLDGUHViW$NRSLtMVRX
XUHQ\SRORN\&FD%FFQDStNODG
)URP-LUL3HWHUNDSHW#GFLWF]! RGHVLODWHO
7R-DQ1RYDNQRYDN#FXQLF]! DGUHViW
&F3HWU9RWDYDYRWDYD#GFLWF]! StMHPFHNRSLH
%FF-DQ3DYHONDSDY#GFLWF]! StMHPFHVOHSpNRSLH
9NDGpSLMDWp]SUiY EYiREY\NOHREVDHQXULWSRHWSRORHN5HFHLYHGNWHUp
REVDKXMt]i]QDP\RFHVW ]SUiY\PH]LMHGQRWOLYPLSHQRVRYPLVORNDPLY
]iVDG E\ORtFLHNDGpPXMHGQRWOLYpPXSHVNRNXE\P ODRGSRYtGDWMHGQDWDWR
SRORND DMHGQDGDOtREY\NOHSLSDGiLQDSUYQtSHQRVRRYXVORNXNWHUi]SUiYX
StMPHNRGHVOiQt 9SRORNiFK5HFHLYHGSDNP$HEWY\MiGHQRQDStNODGLWR
MDNPSURWRNROHPE\OD]SUiYDSHQHVHQDSRGMDNPR]QDHQtPDSRGW\WR
LQIRUPDFHMVRXY WLQRXXUHQ\SURSRWHE\ODG QtDHHQtQHVWDQGDUGQtFKVLWXDFt
1DStNODG
5HFHLYHGIURPHLQDUGFLWF]E\ULIIOHWLESIUZLWK6073  LG
$$:HG-XO5HFHLYHGIURPNDDUHGFLWF]E\
HLQDUGFLWF] $,;8&% LG$$:HG-XO
5HFHLYHGIURPIURGHGFLWF]E\NDDUHGFLWF] 60,695 LG$$
:HG-XO
'DOtSRORN\QDNWHUp5)&SDPDWXMHXPRXMtY\MiGLWGDWXPDDVNG\E\OD
]SUiYD]DGiQDNRGHVOiQt SRORND'DWH MHMtSHGP W SRORND6XEMHFW DSRG
'iOH5)&SDPDWXMHQDStNODGLQDPRQRVWDXWRPDWLFNpKRSHVP URYiYiQt W]Y
DXWRIRUZDUG NG\XLYDWHOVLFHSLMtPiSRWXQDXULWpDGUHVHDOHRGVXGVLMLQHFKiYi
DXWRPDWLFN\SRVtODWMHW Q NDPMLQDNFRMHYKRGQpQDStNODGWHKG\NG\QD
XULWRXGREXRGFHVWXMHQ NDPNGHMHVWiOHYGRVDKXHOHNWURQLFNpSRW\DFKFHQDGiOH
SLMtPDWVYRXE QRXHOHNWRUQLFNRXNRUHVSRQGHQFL'RSRUXHQt5)&]DYiGt]D
WtPWR~HOHPFHORXVpULLSRORHN]DtQDMtFtFKSUHIL[HP5HVHQWQDStNODG
5HVHQW)URPSHW#GFLWF] RGNXGE\ODSHVP URYDQi]SUiYDRGHVOiQD
5HVHQW7RSHWHUND#ULIIOHWLESIU NDP
5HVHQW'DWH:HG-XO0(7'67 NG\
$GUHV\iOD5)&
'DOtYHOPLG$OHLWRXVRXiVWtGRSRUXHQt5)&MHLSHVQiVSHFLILNDFHPRQFK
]iSLV$DGUHVStMHPF$LRGHVLODWHO$NWHURX5)&GHILQXMHYUiPFLSHGHSVDQp
V\QWD[HW FKSRORHNNWHUpW\WRDGUHV\REVDKXMt QDSSRORN\)URP
7R6HQGHUDSRG 0RQp]S$VRE\]iSLVXDGUHVSLWRPY\FKi]t]H[LVWHQFH
KLHUDUFKLFN\XVSRiGDQFKGRPpQDWRPXRGSRYtGDMtFtFKSUDYLGHOSURWYRUEXDGUHV
NWHUpMVRXSRXtYiQ\QHMHQYUiPFL,QWHUQHWX DNWHUPLMVPHVH]DEYDOLMLYGtOX

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
WRKRWRVHULiOX -HOLNRMHMLFKSHVQiV\QWD[HMHVSHFLILNRYiQDSUiY GRSRUXHQtP
5)&MVRXW\WRDGUHV\R]QDRYiQ\DVWRWDNpMDNR5)&DGUHV\
0RQRVWLGDOtKRUR]LRYiQt
5HSHUWRiUSRORHN KHDGHUILHOGV NWHUpGRSRUXHQt5)&]DYiGtQHQtFKiSiQ
MDNRSHYQ GDQDQHUR]LLWHOQ3RtWiQDRSDNVWtPHGDOtSRORN\EXGRX
]DYiG Q\SRVWXSQ  MDNRW]YH[WHQVLRQILHOGV DEXGRXVWDQGDUGL]RYiQ\VWHMQP
]S$VREHPMDNRVDPRWQpGRSRUXHQt5)& WMIRUPRXGRNXPHQW$5)& 
.URP WRKRDOH5)&SRtWiLVWtPHWDNpXLYDWHOpVLPRKRXFKWtW]DYiG WVYp
YtFHLPpQ ORNiOQtSRORN\VOHGXMtFtSRWHE\MHMLFKNRQNUpWQtFKSRWRYQtFK
V\VWpP$,QDWDNRYpWRXLYDWHOVN\GHILQRYDQpSRORN\MHSDPDWRYiQRDMHSRX]H
SRDGRYiQRDE\MHMLFKLGHQWLILNiWRU\ XYR]XMtFtSRORNX QHNROLGRYDO\VMLQPL
VWDQGDUGL]RYDQPL SRORNDPL=DWtPWR~HOHPMHYGRSRUXHQt5)&VWDQRYHQR
HiGQpRILFLiOQtUR]LXMtFtSRORN\NWHUpEXGRXNG\]DYHGHQ\QHEXGRX]DtQDW
HW ]FHP;7HQMHQDRSDNGRSRUXHQMDNR]DiWHNYHFKXLYDWHOVNFKUR]tHQt
1DStNODGSRORND
;0DLOHU(/0 YHUVLRQ3/PLSV
QDSRYtGiRWRPMDNSRWRYQtSURJUDPE\OSRXLWSURVHVWDYHQt]SUiY\6\VWpP\
NWHUpWDNRYRXWRSRORNX REHFQ MDNRXNROLXLYDWHOVNRXSRORNX GRNitUR]SR]QDWD
VSUiYQ LQWHUSUHWRYDWMLPRKRXY\XtWRVWDWQtMLFKiSRXMHGQRGXHMDNRNRPHQWiD
LJQRUXMtML

2EU3tNODGKODYLN\]SUiY\GOH5)&
)URPSDY#GFLWF]:HG-XO0(7 MPpQRRGHVLODWHOHV~GDMHPRGRE
GRUXHQt
5HFHLYHGIURPHLQDUGFLWF]E\ULIIOHWLESIUZLWK6073 SRtWDHLQDUGFLWF]SHGDO
WXWR]SUiYX   LG$$:HG-XO
SRtWDLULIIOHWLESIU 5HWXUQ3DWKSDY#GFLWF]! ~GDMR]SiWHQtFHVW NDXWRURYL
GRSLVX 5HFHLYHGE\HLQDUGFLWF] $,;8&%  SRtWDHLQDUGFLWF]
SHY]DOWXWR]SUiYX LG$$:HG-XO NRGHVOiQt
'DWH:HG-XO GDWXPDDVNG\E\OD]SUiYDSHGiQDN
RGHVOiQt
)URP-DQ3DYHONDSDY#GFLWF]! RGHVLODWHO 0HVVDJH,G
$$#HLQDUGFLWF]! LGHQWLILNiWRU]SUiY\
5HSO\7RSDY#GFLWF] NDPPDMtEWRGHVtOiQ\RGSRY GL 7RSHWHUND#ULIIOHWLESIU
DGUHViW 6XEMHFW-DNMHYH)UDQFLL" SHGP W]SUiY\

6073
9PLQXOpPGtOXWRKRWRVHULiOXMVPHVH]DEYDOL]iNODGQtPIRUPiWHP]SUiY
HOHNWURQLFNpSRW\WDNMDNMHMYUiPFLVt"RYpKRPRGHOX7&3,3GHILQXMH
GRSRUXHQt5)&'QHVVHMLGRVWDQHPHNSHGVWDY WRKRMDNMVRXWDNWR
VHVWDYHQp]SUiY\SHQiHQ\

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
1HMSUYHVHDOHYUD"PHNSHGVWDY NWHURXMVPHVL]DYHGOLMLYPLQXOpPGtOXDNWHUi
QiPEXGHYHOPLXLWHQiLGQHV-GHRSHGVWDYX]SUiY\QDSVDQpQDOLVWXSDStUXD
YORHQpGRREiON\WRMDNNRQNUpWQ PiEW]SUiYDQDOLVWXSDStUXQDSViQDGHILQXMH
GRSRUXHQt5)& NWHUPMVPHVH]DEYDOLPLQXOH 7RMDNPiY\SDGDWREiONDFR
PiEWQDQtQDSViQRDMDNP]S$VREHPVHPiSHQiHWMHGHILQRYiQRSURWRNROHP
6073NWHUPVHEXGHPH]DEYDWGQHV
1DVY W QHQtMHQ6073
+QHGQD~YRGMHGREUpVL]G$UD]QLWHSURWRNRO6073 6LPSOH0DLO7UDQVIHU
3URWRFRO MHYHVYpSRGVWDW SHQRVRYSURVWHGHNUHVSPHFKDQLVPXVNRQFLSRYDQV
RKOHGHPQDSRWHE\SHQRVX]SUiY1HQtRYHP]GDOHNDMHGLQPWDNRYPWR
SHQRVRYPSURVWHGNHPUHVSPHFKDQLVPHP-HSRX]HWtPNWHUMHQHMUR]tHQ MtY
MHGQRPGUXKXVtWt VtWtQDEi]L7&3,3 DOHDQL]GHQHPi]FHODYOXQpSRVWDYHQt
-HKRSHGFK$GFHPNWHUY]QLNOMHW PLPRUiPHFVt"RYpKRPRGHOX7&3,3DOH
GRGQHVVHLYQ PVWiOHMHW SRXtYiSURSHQRVHOHNWURQLFNpSRW\MHSURWRNRO
88&3 8QL[WR8QL[&RS\3URWRFRO 
0RQRVWLNWHUpSURWRNRO6073QDEt]tSLWRPQHMVRXRPH]HQ\MHQQDSHQRVD
GRUXRYiQt]SUiYGRSRWRYQtFKVFKUiQHNXLYDWHO$WDNMDNMVPHDGRVXGSLQDLFK
~YDKiFKRHOHNWURQLFNpSRW SHGSRNOiGDOL-HOLNRY]QLNOMLSHGXULWPDVHP
SRSUYpE\OSXEOLNRYiQYHIRUP GRSRUXHQt5)&YOLVWRSDGXURNXDYVUSQX
E\OQRYHOL]RYiQGRSRUXHQtP5)&SDPDWXMHSURWRNRO6073LQD
H[LVWHQFLXLYDWHO$SUDFXMtFtFKQDWHUPLQiOHFKKRVWLWHOVNFKSRtWD$W PNWHtMVRX
PRPHQWiOQ SLKOiHQLQDQ NWHUpP]WHUPLQiO$KRVWLWHOVNpKRSRtWDHMHSLSUDYHQ
StVOXQRX]SUiYXWDNpRNDPLW ]REUD]LW EXPtVWRMHMtKRXORHQtGRXLYDWHORYL
VFKUiQN\QHERRERMt 7DWRPRQRVWQDNWHURXSURWRNRO6073SDPDWXMHPiYDN
GQHVMLVStHKLVWRULFNY]QDPDYSUD[LVHQHSRXtYi
6073REiOND
1DSRP\VOQpREiOFHGRNWHUpMHSURSRWHE\SHQRVXYNOiGiQDYODVWQt]SUiYD
VHVWDYHQiGOHGRSRUXHQt5)& PXVtYG\QDGHSViQ\DOHVSRGYD]iNODGQt
~GDMHDGUHVDXLYDWHOHQDMHKRSRSXGE\ODREiONDVH]SUiYRXVHVWDYHQD W]Y
RULJLQDWRU D~GDMRWRPNRPXMH]DVtOiQD W]YUHFLSLHQW -HSLWRPPRQpLWRDE\
MHGQDDWDWi]SUiYDP ODYtFHStMHPF$UHVSE\ODSHQiHQDMHQMHGQRXDOHYPtVW
VYpKRStMPXE\ODGRUXHQDYtFHStMHPF$P'DOtLQIRUPDFHMDNRQDStNODGSHGP W
]SUiY\LGDWXPDDVMHMtKRRGHVOiQtMVRXMLSRX]HVRXiVWt]SUiY\VDPRWQp
1DWRPWRPtVW MHYHOPLG$OHLWpVLXY GRPLWHDGUHVDStMHPFH UHFLSLHQWD QD
6073REiOFHY$EHFQHPXVtEWVKRGQiVDGUHViWHPYODVWQt]SUiY\'$YRG$NWRPXMH
KQHGQ NROLNQDStNODGWHQHMHGQDDWDWi]SUiYDP$HPtWNURP VYpKR
KODYQtKRStMHPFH Y\MiGHQpKRYKODYLFH]SUiY\YSRORFH7R WDNpMHGQRKRL
Q NROLNStMHPF$E QFKLVOHSFKNRSLt Y\MiGHQFKYSRORNiFK&FUHVS%FF 
.G\MHSDN]SUiYDGRUXRYiQDW PWRStMHPF$PNRSLtMHQDREiOFHQDGHSViQD
MHMLFKDGUHVD]DWtPFRYSRORFH7RYUiPFLYODVWQt]SUiY\]$VWiYiQDGiOHDGUHVD
KODYQtKRDGUHViWD$QDORJLFN\MHWRPXLYStSDG NG\KODYQtFKDGUHViW$
XYHGHQFKYSRORFH7RKODYLN\]SUiY\ MHYtFHYStSDG ]DVtOiQtMHGQp]SUiY\
FHOpPXVH]QDPXXLYDWHO$DSRG9HGOHWRKRYDNH[LVWXMHMHW FHOiDGDGDOtFK
G$YRG$NY$OLNWHUPVHDGUHV\QD6073REiOFHPRKRXOLLWRGDGUHVXYHGHQFKY
KODYLFHYODVWQt]SUiY\7\WRG$YRG\VRXYLVtVNRQNUpWQtPY\XLWtPSURWRNROX6073
YSURVWHGtVtW ,QWHUQHWDVSRXtYiQtPV\VWpPXGRPpQRYFKMPHQYWpWRVRXVWDY

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
VtWt9HVYpPNRQHQpPHIHNWXW\WRG$YRG\YHGRXNWRPXHMHGQRWOLYp]SUiY\
PRKRXEWQDVYpFHVW NHNRQHQpPXDGUHViWRYL Y\MiGHQpPYSRORFH7RKODYLN\
]SUiY\ SRVWXSQ SHQiHQ\SHVU$]QpPH]LVWXSQ  SHVU$]QpUHFLSHQW\ 7pWR
SUREOHPDWLFHVHEXGHPHSRGUREQ MLY QRYDWYQ NWHUpP]GDOtFKSRNUDRYiQtVHULiOX
3HQRVREiON\DMHMtKRREVDKX
3URWRNRO6073SHGSRNOiGiHREiONDLMHMtREVDKEXGRXSHQiHQ\SRWDNRYpP
WUDQVSRUWQtPVSRMHQtNWHUpVHVDPRSRVWDUiR]DMLW QtVSROHKOLYRVWLSHQRVX2EY\NOH
MHWRWRWUDQVSRUWQtVSRMHQt]DML"RYiQRSURWRNROHP7&3 YVtWtFKQDEi]L7&3,3
SUDNWLFN\YOXQ DOHY]iVDG QHQtY\ORXHQRDQLSRXLWtMLQFKSHQRVRYFK
SURWRNRO$]DML"XMtFtFKVSROHKOLYSHQRV([LVWXMHQDStNODGGRSRUXHQt5)&
GHILQXMtFt]S$VRESURYR]RYiQt6073QDGSURWRNRO\;
3URWRNRO6073FKiSHSHQiHQiGDWDMDNRWH[WRYiOHQ QiQDMHGQRWOLYpiGN\
SRPRFt]QDN$&5D/) DWYRHQiSRX]H]QDN\]S$YRGQtSUYNRYpDEHFHG\
$6&,,-LQPLVORY\6073SHGSRNOiGiSRX]HSHQRV]QDN$NyGRYDQFKGRVHGPL
ELW$3RNXGVHWDNRYpWRVHGPLELWRYp]QDN\SHQitNDQiOHPNWHUMHX]S$VREHQ
SHQRVXRVPLELWRYFK]QDN$UHVSE\W$ FRMHPMStNODGSURWRNROX7&3 SDN
VWDQGDUG6073GHILQXMHHMHKRVHGPLELWRYp]QDN\PDMtEWYNOiGiQ\GRRVPLFELW$
WDNDE\E\O\]DURYQiQ\GRSUDYDD]OHYDGRSOQ Q\QXORYPELWHP
3RP\VOQiREiONDSURWRNROX6073VHVYPL~GDMLMHSLWRPSHQiHQDWDNpYHIRUP
WH[WXDWRQD]DiWNXSHQRVX&HOiNRPXQLNDFHPH]LStMHPFHPDRGHVLODWHOHP SR
QDYi]iQtVSRMHQtQD~URYQLSURWRNROX7&3 PiIRUPXGLDORJXYUiPFLNWHUpKRVHRE
VWUDQ\QHMSUYHLQIRUPXMtRVYpREHFQpSLSUDYHQRVWLSLMtPDWSRWXSDNVLSHGDMt
~GDMHRRGHVLODWHOLDStMHPFL UHVSGDOt~GDMH]SRP\VOQpREiON\ DSRWpSDNL
VDPRWQVDPRWQREVDK]SUiY\
)RUPD6073GLDORJX
9ODVWQtGLDORJRERXNRPXQLNXMtFtFKVWUDQPiIRUPXSHGiYiQtStND]$D]DVtOiQt
RGSRY GtQDQ 3tND]\MVRXWYRHQ\NOtRYPLVORY\]DNWHUPLREY\NOHQiVOHGXMt
GDOtXSHVXMtFtSDUDPHWU\1DStNODGStND]HP
+(/2HLQDUGFLWF]
VG OXMHRGHVtODMtFtX]HOQD]DiWNXY]iMHPQpKRGLDORJXVYRXLGHQWLWXSLMtPDMtFtPX
X]OX]DWtPFRStND]
0$,/)520SHW#GFLWF]!
VLJQDOL]XMHNGRMHRGHVLODWHOHP]SUiY\StND]
5&3772SDY#HLQDUGFLWF]!
]DVHVSHFLILNXMHStMHPFH]SUiY\DSRG-DNMVPHVLDOHMLXYHGOLYHQHPXVtW\WR
DGUHV\]6073REiON\QXWQ RGSRYtGDWDGUHViPSUYRWQtKRRGHVLODWHOHDNRQHQpKR
StMHPFHXYHGHQPYKODYLFH]SUiY\
1DSURWLWRPXRGSRY GLQDStND]\MVRX]iVDGQ tVHOQpWYRHQpWURMPtVWQPL
GHVtWNRYPLtVO\ SHQiHQPLYWH[WRYpPWYDUX -HMLFKVWUXNWXUDMHSLWRPREGREQi
VWUXNWXHtVHOQFKRGSRY GtSRXtYDQFKYSURWRNROX)73 NWHUPLMVPHVH
SRGUREQ ML]DEYDOLYGtOXVHULiOX SUYQt]WURMLFHtVOLF D Y\MDGXMH

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
FHONRYRXSRYDKXRGSRY GL QDS]QDPHQiNODGQRXRGSRY ]iSRUQRX
RGSRY  GUXKitVOLFHMLGiOHXSHVXMHDNRQHQ WHWtMLVSHFLILNXMHMHW EOtH
QDSRGSRY VLJQDOL]XMHFHONRYRXSLSUDYHQRVWGUXKpVWUDQ\NSHQRVXSRW\
RGSRY SRWYU]XMH~VS QpVSOQ QtSRDGDYNX]DWtPFRQDStNODGRGSRY 
tNiHSRDGRYDQiDNFHQHPRKODEWSURYHGHQDSURWRHStVOXQXLYDWHOQHQtQD
SLMtPDMtFtVWUDQ ]QiPUHVSMHKRSRWRYQtVFKUiQNDQHQtNGL]SR]LFLRGSRY 
VLJQDOL]XMHQHPRQRVWGRNRQHQtSRDGRYDQpDNFHNY$OLQHGRVWDWNXSDP WLSUR
GRDVQpXORHQtDSRG 2EGREQ MDNRXSURWRNROX7&3MHL]GHVOHGRYiQDSRWHED
U$]Q VLOQFKDQDO\]iWRU$W\QHMMHGQRGXtGRNitY\VWDLWMHQVSUYQttVOLFt
]DWtPFRW\VORLW MtVHRULHQWXMtLSRGOHGDOtFKtVOLF3tSDGQpWH[WRYpHW ]FH
NWHUPLEYDMttVHOQpiVWLRGSRY GLGRSOQ Q\SDNPDMtSRX]HSRYDKXNRPHQWi$
XUHQFKSURStSDGQpOLGVNpStMHPFH DMHMLFKWYDUQHQtVWDQGDUGL]RYiQ0$HVH
SURWRStSDGRGStSDGXOLLW
)i]HGLDORJX
3UYQtIi]tGLDORJXSRGOHSURWRNROX6073MHVDPRWQpQDYi]iQtVSRMHQt7HQNGR
VSRMHQtQDYD]XMH ]D~HOHPQiVOHGQpKRRGHVOiQt]SUiY\ Y\VWXSXMHYUROLNOLHQWDD
NRQWDNWXMHSURWLVWUDQXYUROL6073VHUYHUXNWHUEXGH]SUiYXSLMtPDW.OLHQWSLWRP
NRQWDNWXMHVY$MVHUYHUQDSRUWXNWHUSDWtPH]LW]YGREH]QiPpSRUW\ ZHOO
NQRZQSRUWVYL]GtOVHULiOX -HOLYHYSRiGNXDVHUYHUMHSLSUDYHQiGRVW
SLMPRXWRGSRYtQDQLtVHOQRXRGSRY Gt GRSOQ QRXStSDGQPWH[WRYP
NRPHQWiHP YL]iGHNREUi]NX.OLHQWQDWRUHDJXMHWDNHVHVHUYHUX
SHGVWDYtSRPRFtStND]X+(/2YL]iGHNQDREU3RNXGMHVHUYHURFKRWHQ
SLMtPDWSRWXRGWRKRWRNOLHQWDRGSRYtQDMHKRSHGVWDYHQtNODGQ  RGSRY Gt
YL]iGHN 
'DOtIi]tY]iMHPQpKRGLDORJXPH]LNOLHQWHP RGHVtODMtFtP DVHUYHUHP SLMtPDMtFtP
MHSHQRVSRP\VOQpREiON\VSRtYDMtFtYSHGiQtDGUHV\RGHVLODWHOH StND]HP0$,/
)520YL]iGND DMHGQpLQ NROLNDDGUHVStMHPF$ SRPRFtStND]X5&37
72YL]iGN\D 
3RWpMLQiVOHGXMHSHQRVYODVWQt]SUiY\7HQMH]HVWUDQ\Y\VtODMtFtKRNOLHQWDXYR]HQ
StND]HP'$7$ YL]iGHN D]HVWUDQ\SLMtPDMtFtKRNOLHQWDRGSRY Gt MHOL
VHUYHUQDStMHP]SUiY\SLSUDYHQYL]iGHN 6DPRWQi]SUiYDWYRHQiVYRX
KODYLNRXDW O P DVWUXWXURYDQiSRGOHGRSRUXHQt5)&YL]PLQXOGtO MH
SHQiHQDSRMHGQRWOLYFKiGFtFK.RQHF]SUiY\MHVLJQDOL]RYiQiGNRXREVDKXMt
SRX]HMHGLQ]QDNWHNX QDSUYQt]QDNRYpSR]LFL 3tSDGQYVN\WWDNRYpKRWR
iGNXYW OH]SUiY\MHHHQ]GYRMHQtPXYR]XMtFtWHN\
3R~VS QpPSHQRVXFHOp]SUiY\QiVOHGXMHNODGQpSRWYU]HQt RGSRY GtYL]
iGNDREUi]NX DXNRQHQtVSRMHQt]HVWUDQ\NOLHQWD StND]HP48,7YL]
iGHN 

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK

QiVOHGXMtFtWH[WWYRtREUi]HN
RGHVtODMtFt NOLHQW SLMtPDMtFt VHUYHU

^QDYi]iQtVSRMHQtQD~URYQLSURWRNROX7&3`
 HLQDUGFLWF]6073VHUYLFHUHDG\
 +(/2IURGHGFLWF]
 HLQDUGFLWF]KHOORIURGHGFLWF]
 0$,/)520SHW#GFLWF]!
 VHQGHURN
 5&3772SDY#HLQDUGFLWF]!
 UHFLSLHQWRN
 5&3772YRWDYD#HLQDUGFLWF]!
 UHFLSLHQWRN
^SHQRVGDW`
 '$7$
 (QWHUPDLOHQGZLWKRQDOLQHE\LWVHOI
 ^KODYLND]SUiY\GOH5)&`

^W OR]SUiY\GOH5)&`

 PDLODFFHSWHG^XNRQHQtSHQRVXGDW`
 48,7
 HLQDUGFLWF]FORVLQJFRQQHFWLRQ
^XNRQHQtVSRMHQtQD~URYQLSURWRNROX7&3`

GtOVWUDQD

-3HWHUND&RMHtPYSRtWDRYFKVtWtFK


YtFHVWXSRYp]DYiG QtERRWVWUDSSLQJ



$
$'&30

DOJRULWP$VP URYiQt URXWLQJDOJRULWKPV

DPSOLWXGRYiPRGXODFHDPSOLWXGHPRGXODWLRQ
$0

DSOLNDFH DSOLNDQtKRSURJUDPXDSOLNDQtKR
SURFHVXDSOLNDQt~ORK\

DSOLNDQtSURJUDPRYpUR]KUDQt $3,
$SSOLFDWLRQSURJUDPPLQJ,QWHUIDFH

DSOLNDQtYUVWYD $SSOLFDWLRQ/D\HU

DUFKLWHNWXUDVtW  QHWZRUNDUFKLWHFWXUH

$53$1(7

DVRFLDFH DVVRFLDWLRQ

DXWRPDWLFNiYROEDDXWRGLDOLQJ


%
%DVLFUDWH

%HOO$

ELWRY RULHQWRYDQSHQRV ELWRULHQWHG
WUDQVPLVVLRQ

ERG\SRVN\WRYiQtVOXE\ 6HUYLFH$FFHVV3RLQWV
]NUDWNRX6$3

EUiQD JDWHZD\

EURDGFDVWFKDQQHO

EURDGFDVWLQJ

EURXWHU

%XOOHWLQ%RDUG6\VWHPV


&

GpPRQL GDHPRQV

GHWHNQtNyG\HUURUGHWHFWLRQFRGHV

GLDOLQJ

GLVWULEXRYDQpVP URYiQt GLVWULEXWHGURXWLQJ 
'16 'RPDLQ1DPH6\VWHP

GREXREUiWN\ 577URXQGWULSWLPH

GRZQOLQNVLJQDO

GRZQORDG

GUXLFH
DNWLYQt

JHRVWDFLRQiUQt

SDVLYQt

V\QFKURQQt

GUXLFRYpVSRMH VDWHOOLWHOLQNV

GYRXERGRYFKVSRM$ SRLQWWRSRLQWOLQHV


(
HPXODFH
HQWLWD HQWLW\
(81(7
HYURSVN7VSRM






)
IDNVLPLOQtSHQRV
9L])$;
)$;

ID[RYiNDUWD ID[FDUG

ID[RYVHUYHU

)'', )LEHU'LVWULEXWHG'DWD,QWHUIDFH

),'21(7

IRWRGLRGD SKRWRGLRGH

IUDFWLRQDO7

IUHHZDUH

IUHNYHQQtPRGXODFHIUHTXHQF\PRGXODWLRQ
)0

I\]LFNiYUVWYD 3K\VLFDO/D\HU


&$79

FHORREUD]RYNRY IXOOVFUHHQ

FHQWUDOL]RYDQpVP URYiQt FHQWUDOL]HGURXWLQJ 
FHQWUiOQtERG KXE

FHVW\ URXWH

FRGHF

&216&RQQHFWLRQ2ULHQWHG1HWZRUN6HUYLFHV

&SiVPR &EDQG


+D\HVVWDQGDUG

KODYLNX KHDGHU

KODYQtVWDQLFH SULPDU\

KRUNiOLQND KRWOLQH

KRVWLWHOVNpSRtWDH KRVWFRPSXWHUVKRVWV 
+\EULG


&

DVRYOLPLW WLPHRXW



'
GiONRYpRYOiGiQt UHPRWHFRQWURO

GDWDPLPRSRDGt RXWRIEDQGGDWD

GDWDJUDP

GDWDJUDP\ GDWDJUDPV

GDWRYi~VWHGQD 'DWD6ZLWFKLQJ([FKDQJH 
GDWRYpVSRMHGDWDOLQNV

GDWRYpVSRMHQt GDWDFRQQHFWLRQ

GHGLNRYDQWHUPLQiO GHGLFDWHGWHUPLQDO

GHNRPSUHVH

GHOWDPRGXODFH


GtOVWUDQD

FKDW
&KHDSHUQHW




,
,&03 ,QWHUQHW&RQWURO0HVVDJH3URWRFRO 
,(((

LPSXOVRYiNyGRYiPRGXODFH 3XOVH&RGH
0RGXODWLRQ

LQGLNDFH LQGLFDWLRQ

,QWHJUDWHG6HUYLFHV'LJLWDO1HWZRUN'LJLWiOQt
WHOHNRPXQLNDQtVt"VLQWHJURYDQPLVOXEDPL

,17(51(7


-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
,3 ,QWHUQHW3URWRFRO
,6'1
,6226,
LWHUDWLYQtSHYRG LWHUDWLYHUHVROXWLRQ






MiGUR FRUH

MDNREUiQD JDWHZD\Q NG\WpSURWRFRO
FRQYHUWHU

MDNRtGtFt]QDN\SHQRVX WUDQVPLVVLRQFRQWURO
FKDUDFWHUV

MD]\N$7


RGH]YD UHVSRQVH

RFKUDQXSHG]DKOFHQtP FRQJHVWLRQFRQWURO 
RQOLQH VSDHQp

RQOLQHVOXE\ RQOLQHVHUYLFHV

RSDNRYDH UHSHDWHUV

2SHQ6\VWHPV$UFKLWHFWXUH

RSWLFNpNDEHO\

RSWLFNpUR]SR]QiYiQt]QDN $ RSWLFDOFKDUDFWHU
UHFRJQLWLRQ2&5

RSWLFNpVQtPiQt RSWLFDOVFDQQLQJ

RSWLFNpYOiNQR RSWLFDOILEHU


NDEHO
NRD[LiOQt FRD[LDOFDEOH
NOLHQWVHUYHU
NRD[LiOQtNDEHODNURXFHQiGYRXOLQND
NRPSDWLELOLWD VOXLWHOQRVW
NRPSUHVHGDW GDWDFRPSUHVVLRQ
NRPSULPDFH FRPSUHVVLRQ
NRQFHSWQRUP\ ',6'UDIW,QWHUQDWLRQDO
6WDQGDUG
NRQFRYpV\VWpP\ HQGV\VWHPV
NRQIHUHQFH
NRHQRYVHUYHU URRWVHUYHU
.8SiVPR .8EDQG













/
ODVHURYiGLRGD ODVHUGLRGH

OLFKiSDULWD RGGSDULW\

OLQNRYiYUVWYD 'DWD/LQN/D\HU

ORNiOQtSRtWDRYiVt" /$1/RFDO$UHD1HWZRUN


0
PDLQIUDPH

PDVN\SRGVtW  VXEQHWPDVN

PHWRGDRNpQND VOLGLQJZLQGRZPHWKRG

PHWRGD]S WQpKRXHQt EDFNZDUGOHDUQLQJ 
PH]LOHKOV\VWpP ,QWHUPHGLDWH1RGH

PLNURYOQQ PLFURZDYH

PtVWQtWHUPLQiO ORFDOWHUPLQDO

PQRKRERGRYVSRM PXOWLSRLQWFRQQHFWLRQ

PQRKRYLGRYpYOiNQR PXOWLPRGHILEHU

PRGHP

PRVW EULGJH

PXOWLSOH[LQJ


1
QDOpKDYiGDWD XUJHQWGDWD

1HVSRMRYDQRXVOXEX &RQQHFWLRQOHVV6HUYLFH 
QHVSROHKOLYpVOXE\ 8QUHOLDEOH6HUYLFHV

QHVWtQ QiNURXFHQiGYRXOLQND 8QVKLHOGHG
7ZLVWHG3DLU

1HWZRUN7HUPLQDWLRQXNRQXMtFt]Dt]HQt

QRUPD ,QWHUQDWLRQDO6WDQGDUG


GtOVWUDQD

3$' 3DFNHW$VVHPEOHU'LVDVVHPEOHU

SDNHW

SDNHW SDFNHW

SDNHW SDFNHWV

SiWHt EDFNERQH

3&0

SHHU

SHHUHQWLWLHV

SHYQpYLUWXiOQtVSRMH SHYQpYLUWXiOQtRNUXK\ 
SHUPDQHQWYLUWXDOFDOOVSHUPDQHQWYLUWXDO
FLUFXLWV

SOi" FODGGLQJ

SRGt]HQiVWDQLFH VODYH

SRORGXSOH[Qt KDOIGXSOH[

SRUW\ SRUWV

SRWYU]HQt FRQILUPDWLRQ

SRWYU]RYDQp FRQILUPHG

SRWYU]RYiQt DFNQRZOHGJHPHQW

SRY HQtNSHQRVXGDW GDWDWRNHQ

SRDGDYHN UHTXHVW

SUH]HQWDQtYUVWYD 3UHVHQWDWLRQ/D\HU

3ULPDU\UDWH

SURSULHWDU\

SURWRNRO

SURWRNRO)73 )LOH7UDQVIHU3URWRFRO

3URWRNRO1)6 1HWZRUN)LOH6\VWHP

SURWRNROSHQRVX]SUiY PDLOWUDQVIHUSURWRFRO 
SURXG VWUHDP

SHQRVVRXERU$ ILOHWUDQVIHU

SHQRVRYpVORN\ 0HVVDJH7UDQVIHU$JHQWV

SHQRVRYSURFHV '73'DWD7UDQVIHU3URFHVV

SHSRMRYiQtRNUXK$ FLUFXLWVZLWFKLQJ

SHSRMRYiQtSDNHW$ SDFNHWVZLWFKLQJ

SHVOHFK FURVVWDON

SLKOiHQtP ORJLQQHERORJRQ

StVWXSRYpPHWRG\ DFFHVVPHWKRG

363'1

SXEOLFGRPDLQ

SXOVHGLDOLQJ

SXOVQtYROED


5
UiPHF
UiPHF IUDPH
5HIHUHQFH0RGHORI2SHQ6\VWHPV
,QWHUFRQQHFWLRQ





-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
UHNXU]LYQtSHYRG UHFXUVLYHUHVROXWLRQ

UHODFH VHVVLRQ

UHODFH VHVVLRQV

UHODQtYUVWYD 6HVVLRQ/D\HU

UHLPRGSRY GLDQVZHUPRGH

UHLPYROiQtRULJLQDWHPRGH

5)&

5*

5*

5026,

UR]KUDQt LQWHUIDFH

UR]OHKOiSRtWDRYiVt"

UR]OHKOiSRtWDRYiVt" :$1:LGH$UHD
1HWZRUN

UR]OLHQt UHVROXWLRQ

53& 5HPRWH3URFHGXUH&DOO GRVORYDYROiQt
Y]GiOHQFKSURFHGXU

56&

UXHQt LQWHUIHUHQFH



tGtFtVWDQLFH VXSHUYLVRU\PDVWHU
t]HQtWRNX IORZFRQWURO




7
7&3 7UDQVPLVVLRQ&RQWURO3URWRFRO

7&3,3

7HOHIRQQtPRGHP\

7(/1(7

W OR ERG\

WHQN(WKHUQHW 7KLQ(WKHUQHW

WHUPLQiORYiHPXODFH WHUPLQDOHPXODWLRQ

WHUPLQiO\96$7 9HU\6PDOO$SHUWXUH
7HUPLQDO

WOXVW(WKHUQHW 7KLFN(WKHUQHW

7RNHQSDVVLQJ SHGiYiQtSRY HQtUHVSSHND 
7RNHQ5LQJ

WRQHGLDOLQJ

WyQRYRXYROEX

WUDQVSDUHQFHGDW GDWDWUDQVSDUHQF\

WUDQVSDUHQWQtIUDJPHQWDFH WUDQVSDUHQW
IUDJPHQWDWLRQQ NG\WpLQWUDQHW
IUDJPHQWDWLRQ

WUDQVSDUHQWQtPRVW WUDQVSDUHQWEULGJH

WUDQVSRQGpU WUDQVSRQGHU

7UDQVSRUWQtVSRMHQt WUDQVSRUWFRQQHFWLRQ

WUDQVSRUWQtYUVWYD 7UDQVSRUW/D\HU

WURSRVIpULFNpVSRMH


6
VGtOHQtDVX WLPHVKDULQJ

VHOHNWLYQt]iSODYRYpVP URYiQt VHOHFWLYH
IORRGLQJ

VKDUHZDUH

VKHOO

VLPSOH[Qt VLPSOH[

Vt"RYiYUVWYD 1HWZRUN/D\HU

Vt"RYFKVSRMHQt QHWZRUNFRQQHFWLRQV

VNXSLQD,,, *URXS,,,
9L])$;
VORW VORW

VP URYDFtFKWDEXOHN URXWLQJWDEOHV

VP URYD URXWHU

VP URYiQt URXWLQJ

VQtPD VFDQQHU

VRFNHWLQWHUIDFH

VRXVWDYDSURWRNRO$ SURWRFROVXLWH

VSDFHSDULW\

VSRMOLQN

VSRMH7 7&LUFXLWV

VSRMN\ VWXEV

6SRMRYDQiVOXED &RQQHFWLRQRULHQWHG6HUYLFH

VWDQGDUG

VWDQGDUG&'',QHER&RSSHU'LVWULEXWHG'DWD
,QWHUIDFH

VWDWLFNpVP URYiQt VWDWLFURXWLQJ

VWtQ QiNURXFHQiGYRXOLQND 6KLHOGHG7ZLVWHG
3DLU

V\QFKURQL]DFH V\QFKURQL]DWLRQWp
FKHFNSRLQWLQJ

V\QFKURQL]DFHQD~URYQLUiPF $ IUDPH
V\QFKURQL]DWLRQ


LIURYiQt HQFU\SWLRQ

GtOVWUDQD



8
8QL[
XSOLQNVLJQDO
XSORDG





~WOXP DWWHQXDWLRQ



8
88(1&2'(

X]HOSHSRMRYiQtSDNHW$ 3DFNHW6ZLWFKLQJ1RGH

XLYDWHOVNiVORND 8$8VHU$JHQW


9
9

9

YHGOHMtVWDQLFH VHFRQGDU\

YHHMQiGDWRYiVt" 3XEOLF'DWD1HWZRUN3'1

YHHMQiWHOHIRQQtVt"

YtFHQiVREQStVWXSPXOWLSOHDFFHVV

YtFHYVWXSRYpRSDNRYDH PXOWLSRUWUHSHDWHU 
YLG\ PRGHV

YLUWXiOQtRNUXK\ WpYLUWXiOQtVSRMHYLUWXDO
FDOOVYLUWXDOFLUFXLWV

YLUWXiOQtVSRMH YLUWXiOQtVSRMHQtYLUWXiOQtRNUXK
YLUWXDOFDOOYLUWXDOFLUFXLW 

YLUWXiOQt]Dt]HQt YLUWXDOGHYLFH

YNOiGiQt]QDN$ FKDUDFWHUVWXIILQJ

YROEX

YUVWYRYPRGHO OD\HUHGPRGHO

YUVWY\ OD\HUV

YE U VHOHFWLRQ


-3HWHUND&RMHtPYSRtWDRYFKVtWtFK
Y]YD SROO
Y]GiOHQpWHUPLQiORYpUHODFH UHPRWHWHUPLQDO
VHVVLRQ
Y]GiOHQpKRSLKODRYDQt UHPRWHORJLQ
Y]GiOHQSRtWD UHPRWHFRPSXWHU
Y]GiOHQWHUPLQiO UHPRWHWHUPLQDO







=
]iSODYRYpVP URYiQt IORRGLQJ

]iSRUQiSRWYU]HQt QHJDWLYHDFNQRZOHGJHPHQWV

]NUHVOHQt GLVWRUWLRQ


GtOVWUDQD

OXWNDEHO <HOORZ&DEOH



=
]QDND

]QDN FKDUDFWHU

]QDNRY RULHQWRYDQpSURWRNRO\ FKDUDFWHU
RULHQWHGSURWRFROV

]QDNRY RULHQWRYDQSHQRV FKDUDFWHURULHQWHG
WUDQVPLVVLRQ

]SUiYD PHVVDJH


You might also like