You are on page 1of 332

*4#/

*NQSFTTP 

%JHJUBM 

$BTP WPDÐ EFTFKF TVCNFUFS BMHVNB FSSBUB PV TVHFTUÍP BDFTTF


IUUQFSSBUBTDBTBEPDPEJHPDPNCS
"(3"%&$*.&/504
.VJUBT QFTTPBT GJ[FSBN QBSUF EB DPODFQÎÍP EFTUF MJWSP
QBSUJDJQBOEP EJSFUB PV JOEJSFUBNFOUF &TUF MJWSP OBTDFV DPNP
TFHVOEB WFSTÍP EP NFV MJWSP 3&45 $POTUSVB "1*hT JOUFMJHFOUFT EF
NBOFJSB TJNQMFT UFOEP TJEP EJTTPDJBEP QPTUFSJPSNFOUF
FOUÍP
FYJTUF VNB IJTUØSJB EF OP NÓOJNP  BOPT FOWPMWJEB

(PTUBSJB EF BHSBEFDFS QSJNFJSBNFOUF B %FVT 4FN &MF OBEB


TFSJB QPTTÓWFM

(PTUBSJB UBNCÏN EF BHSBEFDFS BP NFV BNJHP "MESJO -FBM


$POIFDJ P "MESJO USBCBMIBOEP DPN FMF F EFTEF FOUÍP UPEB WF[ RVF
GB[FNPT BMHP KVOUPT BMHP GBOUÈTUJDP BDBCB TFOEP P SFTVMUBEP
.VJUBT WF[FT RVBOEP UFOIP EÞWJEBT TPCSF BMHVNB DPJTB SFDPSSP B
FMF QBSB NF JMVNJOBS

(PTUBSJB UBNCÏN EF BHSBEFDFS BP &SJDP #PTLPWJTDI .BEFJSB


RVF GPJ MFJUPS CFUB EFTUF MJWSP F GF[ WÈSJBT DPOTJEFSBÎÜFT BOUFT EP
TFV MBOÎBNFOUP .VJUBT EBT TVHFTUÜFT GPSBN JODPSQPSBEBT B FTUF
MJWSP UPSOBOEPP VN USBCBMIP NFMIPS

(PTUBSJB UBNCÏN EF BHSBEFDFS UPEPT RVF DPNQSBSBN P NFV


MJWSP EF 3&45 KÈ NFODJPOBEP .VJUBT UÏDOJDBT RVF VTFJ OFTUF MJWSP
GPSBN SFTVMUBEP EF GFFECBDL EPT MFJUPSFT EFMF 4FN EÞWJEB BMHVNB
P TVQPSUF EP QÞCMJDP Ï GVOEBNFOUBM QBSB RVF OØT BVUPSFT
UFOIBNPT EJTQPTJÎÍP FN FTDSFWFS F EJTTFNJOBS P DPOIFDJNFOUP
BDVNVMBEP OFTUFT BOPT EF FTUSBEB
40#3& 0 "6503
&TUF Ï NFV UFSDFJSP MJWSP FTDSJUP QFMB $BTB EP $ØEJHP "OUFT
EFMF FTDSFWJ 40" "QMJDBEP JOUFHSBOEP DPN XFC TFSWJDFT F BMÏN F
UBNCÏN 3&45 $POTUSVB "1*hT JOUFMJHFOUFT EF NBOFJSB TJNQMFT

5SBCBMIP DPNP FTQFDJBMJTUB EF TPGUXBSF OP 1BH4FHVSP UFOEP


BOUFSJPSNFOUF QBTTBEP QPS FNQSFTBT DPNP (VJDIÐ 7JSUVBM 4DJFOTB
F 4FSBTB &YQFSJBO $PNP DPOTVMUPS QSFTUFJ TFSWJÎPT QBSB FNQSFTBT
EPT NBJT EJWFSTPT TFHNFOUPT EF BUVBÎÍP DPNP /FUTIPFT $7$
.BHB[JOF -VJ[B J( 0J JOUFSOFU F NVJUBT PVUSBT

1PS NVJUPT BOPT USBCBMIFJ DPNP FTQFDJBMJTUB FN 40" %FTEF P


JOÓDJP QSPDVSFJ TFNQSF UFS FN NFOUF B DPODFQÎÍP PSJHJOBM EFTUB
BSRVJUFUVSB  BMHP NVJUP QSØYJNP BP RVF IPKF SFDPOIFDFNPT DPNP
NJDSPTTFSWJÎPT &TUB FYQFSJÐODJB NF MFWPV B BEPUBS 3&45 BJOEB FN
TFVT QSJNØSEJPT OP QBÓT 6UJMJ[FJ 3&45 QFMB QSJNFJSB WF[ FN VN
QSPKFUP FN  FN QSPKFUP QBSB P J( %FTEF FOUÍP WFOIP
FTUVEBOEP DBEB WF[ NBJT TPCSF P BTTVOUP F QSPDVSBOEP FOUFOEFS B
GPSNB DPNP FTUB UÏDOJDB BKVEB EFTFOWPMWFEPSFT FN UPEP P NVOEP
B PGFSFDFS BQMJDBÎÜFT DBEB WF[ NBJT JOUFSDPOFDUBEBT
*/530%6±°0
&TUF MJWSP OBTDFV DPN VNB QSPQPTUB EF TFS VNB TFHVOEB
WFSTÍP EP NFV MJWSP 3&45 $POTUSVB "1*hT JOUFMJHFOUFT EF NBOFJSB
TJNQMFT &MF UJOIB TJEP QVCMJDBEP PSJHJOBMNFOUF FN  FOUÍP FV
BDIBWB RVF FMF NFSFDJB VNB SFWJTÍP EPT UØQJDPT TFUF BOPT EFQPJT

/P QSPDFTTP EF SFFTDSJUB BMHP BDPOUFDFV 1FSDFCJ RVF RVFSJB


VN MJWSP NBJT QSBHNÈUJDP NBJT DPOFDUBEP Ë SFBMJEBEF CSBTJMFJSB  B
OFDFTTJEBEF EF VN MJWSP DPN SFTVMUBEPT NBJT QSÈUJDPT NBJT MJHBEPT
BP EJB B EJB EPT EFTFOWPMWFEPSFT CSBTJMFJSPT 2VBOEP GJ[ JTTP
DPNFDFJ B JHOPSBS P MJWSP BOUFSJPS F FTDSFWFS FTUF MJWSP EP [FSP

0 SFTVMUBEP GPJ VN MJWSP RVF BQSFTFOUB B QBSUF UFØSJDB BQFOBT


RVBOEP SFRVJTJUBEB QFMB QBSUF QSÈUJDB &N PVUSBT QBMBWSBT B UFPSJB
TF GB[ QSFTFOUF BQFOBT RVBOEP FMB Ï SFRVJTJUBEB QBSB RVF TF DVNQSB
P PCKFUJWP EB QSÈUJDB

" QBSUJS EFTTB DPODFQÎÍP TFHVJ DPN B FTDSJUB 1BTTFJ B BCPSEBS


NVJUP NBJT DPJTBT TPCSF "1*T F OÍP BQFOBT TPCSF 3&45 & EBÓ OPUFJ
RVF TFSJB NBJT JOUFSFTTBOUF EJWJEJS P MJWSP FN EVBT QBSUFT B
QSJNFJSB NBJT WPMUBEB Ë QBSUF NBJT CÈTJDB TPCSF TFSWJÎPT 3&45 F
QPS POEF JOJDJBS FTTF EFTFOWPMWJNFOUP " TFHVOEB QBSUF TPCSF
"1*T QSPDVSB BCPSEBS NBJT BT RVFTUÜFT OFDFTTÈSJBT QBSB RVF PT
TFSWJÎPT 3&45 TFKBN SFBMNFOUF BQSPWFJUBEPT QPS PVUSPT
EFTFOWPMWFEPSFT &N PVUSBT QBMBWSBT DPNP QPEFNPT DSJBS "1*T
FYQPTUBT QBSB P QÞCMJDP

"TTJN TFOEP FTUF MJWSP GPJ EJWJEJEP OPT TFHVJOUFT DBQÓUVMPT

0 DBQÓUVMP  BQSFTFOUB P BQMJDBUJWP &$5 RVF GB[


JOUFSNFEJBÎÍP FOUSF QFTTPBT RVF QSFDJTBN EF VN USBOTQPSUF SÈQJEP
F NPUPSJTUBT RVF QPTTVFN VN DBSSP F QPEFN GB[FS FTTF USBOTQPSUF
/FTUF DBQÓUVMP WBNPT DSJBS B QSJNFJSB "1* EP BQMJDBUJWP RVF
SFDVQFSB EBEPT EF QBTTBHFJSPT "QSFTFOUP BMHVOT DPODFJUPT CÈTJDPT
DPNP RVBJT TÍP PT QSJODJQBJT NÏUPEPT )551 OFDFTTÈSJPT QBSB
EFTFOWPMWFS VNB "1* 3&45

/P DBQÓUVMP  FTUB "1* Ï FYQBOEJEB F EBÓ WFNPT DPNP


SFDVQFSBS EBEPT EF QBTTBHFJSPT FTQFDÓGJDPT BMÏN EF DPNP DSJBS
FTUFT EBEPT BUVBMJ[BS UPUBM PV QBSDJBM
F BQBHBS  UVEP JTTP DPN VN
DMJFOUF FTQFDJBMJ[BEP P 3RVWPDQ  5BNCÏN WFSFNPT DPNP
GVODJPOB VN EPT QJMBSFT GVOEBNFOUBJT EF 3&45 P EB OFHPDJBÎÍP
EF DPOUFÞEP F DPOIFDFSFNPT P RVF Ï JEFNQPUÐODJB F TFVT FGFJUPT
QSÈUJDPT TPCSF BT "1*T

/P DBQÓUVMP  OØT WBNPT DSJBS B "1* EF TPMJDJUBÎÍP EF WJBHFOT F


WBNPT SFMBDJPOBS FTUB "1* DPN B EF HFSFODJBNFOUP EF QBTTBHFJSPT
BUSBWÏT EP VTP EF )"5&0"4 VNB EBT UÏDOJDBT NBJT JNQPSUBOUFT
EF 3&45


/P DBQÓUVMP  OØT WBNPT VUJMJ[BS P TFSWJÎP EP (PPHMF .BQT


QBSB JODSFNFOUBS B "1* DSJBEB OP DBQÓUVMP BOUFSJPS %FTUB GPSNB
WFSFNPT DPNP DSJBS VN DMJFOUF EF VNB "1* 3&45 F UBNCÏN
WBNPT DPOIFDFS P +40/1BUI VNB QPEFSPTB UÏDOJDB EF CVTDB EF
EBEPT EFOUSP EF VN EPDVNFOUP +40/

/P DBQÓUVMP  OØT WBNPT SFBMJ[BS PT UFTUFT EF QPOUB B QPOUB


7BNPT BQSFOEFS DPNP DSJBS VN EVCMÐ EP TFSWJÎP EP (PPHMF .BQT
DPN P :LUHPRFN EFTUB GPSNB EJTQFOTBOEP P DPOTVNP EB "1*
RVBOEP FTUJWFSNPT FYFDVUBOEP PT UFTUFT
F UBNCÏN WBNPT
BQSFOEFS B VTBS VNB GFSSBNFOUB FTQFDJBMJ[BEB FN UFTUFT EF TFSWJÎPT
3&45 P 5(67 $VVXUHG 
/P DBQÓUVMP  WBNPT BDSFTDFOUBS VNB DBNBEB EF TFHVSBOÎB
OPT OPTTPT TFSWJÎPT 7BNPT WFS DPNP GVODJPOB P )5514 F
UBNCÏN WBNPT HFSBS VN DFSUJGJDBEP F JNQMBOUÈMP OB OPTTB "1*
5BNCÏN WBNPT JNQMBOUBS BVUFOUJDBÎÍP #"4*$ OBT OPTTBT "1*T

" QBSUJS EP DBQÓUVMP  JOJDJBTF B TFHVOEB QBSUF EP MJWSP TPCSF


"1*T &TTF DBQÓUVMP WBJ VUJMJ[BS PT DPOIFDJNFOUPT KÈ BERVJSJEPT BP
MPOHP EP MJWSP F PT TFEJNFOUB &OUÍP WFSFNPT DPNP DSJBS 63-T
NBJT TJHOJGJDBUJWBT QBSB OPTTPT DMJFOUFT RVBJT PT DØEJHPT )551
NBJT JNQPSUBOUFT DPNP GPSOFDFS NFOTBHFOT EF FSSP TJHOJGJDBUJWBT
DPNP JOUFSOBDJPOBMJ[BS BT NFOTBHFOT EF FSSP F GJOBMNFOUF DPNP
DSJBS "1*T SFUSPDPNQBUÓWFJT UÏDOJDB NVJUP JNQPSUBOUF FN DBTPT EF
"1*T QÞCMJDBT PV BQMJDBUJWPT NPCJMF


/P DBQÓUVMP  OØT WBNPT BQSFOEFS B EPDVNFOUBS OPTTBT "1*T


7BNPT DSJBS VNB "1* WJWB DPN 6ZDJJHU F UBNCÏN WFSFNPT
DPNP VTBS P %PDVNFOUFS EP 3RVWPDQ 

/P DBQÓUVMP  WFSFNPT BMHVNBT UÏDOJDBT RVF OÍP QVEFSBN TFS


BCPSEBEBT BP MPOHP EP MJWSP 7FSFNPT DPNP QBHJOBS TFSWJÎPT
JNQMFNFOUBS B UÏDOJDB $034 JNQPSUBOUF QBSB DPOTVNJS PT
TFSWJÎPT 3&45 B QBSUJS EF QÈHJOBT XFC
BVUFOUJDBÎÍP DPN 0"VUI
F GJOBMNFOUF DPNP VUJMJ[BS P $:6 $3, *DWHZD\ QBSB RVF
QPTTBNPT UFS NBJT TFHVSBOÎB BP FYQPS "1*T QÞCMJDBT "QSFTFOUBSFJ
DPNP DSJBS F VUJMJ[BS TVB DPOUB OB "84 EF GPSNB DPOUSPMBEB QBSB
RVF OÍP IBKB QSPCMFNBT FN SFMBÎÍP BPT DVTUPT

/P DBQÓUVMP  BQSFTFOUP BMHVNBT UFDOPMPHJBT RVF OÍP FTUÍP


OFDFTTBSJBNFOUF SFMBDJPOBEBT ËT "1*T FN 3&45 NBT GB[FN QBSUF
EF VN FDPTTJTUFNB NBJT BNQMP EF "1*T

&TUF MJWSP GPJ FTDSJUP DPN NVJUP DBSJOIP MFWBOEP FN


DPOTJEFSBÎÍP B CBHBHFN RVF BDVNVMFJ BP MPOHP EPT BOPT F
UBNCÏN DPNP SFTVMUBEP EF NVJUBT DPOWFSTBT DPN EFTFOWPMWFEPSFT
DPNP WPDÐ %FTUB GPSNB QSPDVSFJ BCPSEBS PT DPODFJUPT RVF UJWF
DPNP NBJT JNQPSUBOUFT $BTP WPDÐ MFJUPS PV MFJUPSB TJOUB RVF
BMHVN DPODFJUP OÍP FTUÈ TVGJDJFOUFNFOUF DMBSP PV UFOIB TFOUJEP
GBMUB EF BMHVNB UÏDOJDB TJOUBTF Ë WPOUBEF QBSB FOUSBS FN DPOUBUP
DPNJHP EJSFUBNFOUF BUSBWÏT EP FNBJM BMFTBVEBUF!HNBJMDPN &TUF
Ï NFV DPNQSPNJTTP DPN WPDÐ

13²3&26*4*504
&TUF MJWSP Ï VNB IJTUØSJB DPOUBEB TPCSF VNB BQMJDBÎÍP GJDUÓDJB
DIBNBEB &$5 VN BQMJDBUJWP QBSB TPMJDJUBÎÍP EF DBSSPT QBSB
WJBHFOT DVSUBT &TUB BQMJDBÎÍP Ï EFTFOWPMWJEB FN +BWB  VUJMJ[BOEP
P 4QSJOH #PPU DPNP GSBNFXPSL QBSB CBTFBS UVEP F .BWFO DPNP
DPOUSPMBEPS EF CVJME

&TUBT GFSSBNFOUBT GPSBN FTDPMIJEBT DPNP BRVFMBT RVF QPEFN


BMDBOÎBS P NBJPS OÞNFSP EF MFJUPSFT OÍP QPS TFSFN BT NBJT
SFDFOUFT PV QPS TFSFN BT NFMIPSFT "JOEB BTTJN B TJNQMJDJEBEF
Ï P QSJODJQBM DPODFJUP VUJMJ[BEP BRVJ  QSPDVSFJ FTDSFWFS UPEPT PT
FYFNQMPT EF GPSNB RVF NFTNP RVF WPDÐ OÍP UFOIB DPOIFDJNFOUP
TPCSF 4QSJOH #PPU PV OFN NFTNP TFKB EFTFOWPMWFEPS B
+BWB
DPOTJHB BDPNQBOIBS PT DPODFJUPT .BT P JEFBM NFTNP Ï RVF WPDÐ
BDPNQBOIF PT FYFNQMPT SFFTDSFWFOEP PT FYFNQMPT FN TVB QSØQSJB
NÈRVJOB F CSJODBOEP DPN PT DPODFJUPT BQSFTFOUBEPT 5FOIP
DFSUF[B RVF EFTUB GPSNB WPDÐ DPOTFHVJSÈ UJSBS P NÈYJNP QSPWFJUP
EP RVF BQSFTFOUP BRVJ
&DVD GR &³GLJR 6XP¡ULR

4VNÈSJP

4FSWJÎPT FN 3&45 

 0 RVF Ï 3&45 BGJOBM 

 6UJMJ[BOEP P 4QSJOH #PPU QBSB DSJBS VNB QSJNFJSB "1* 


 0 QSJNFJSP DBTP EF VTP B MJTUBHFN EF OPWPT NPUPSJTUBT 
 2VBJT TÍP PT NÏUPEPT )551 F DPNP FTDPMIFS FOUSF FMFT 
 &YQBOEJOEP OPTTP TFSWJÎP JOJDJBM 

 3FDVQFSBOEP PT EBEPT EF VN NPUPSJTUB FTQFDÓGJDP 


 $POIFDFOEP PT DØEJHPT EF TUBUVT 
 6UJMJ[BOEP VN DMJFOUF BEFRVBEP  JOUSPEVÎÍP BP
1PTUNBO 
 /FHPDJBÎÍP EF DPOUFÞEP 
 &OWJBOEP EBEPT QBSB P TFSWJEPS 
 *EFNQPUÐODJB PT FGFJUPT EF JOWPDBÎÜFT TVDFTTJWBT 
 "UVBMJ[BOEP PT EBEPT FOWJBEPT DPN 165 F 1"5$) 
 "QBHBOEP PT EBEPT EF VN EFUFSNJOBEP NPUPSJTUB 
 $SJBOEP SFMBDJPOBNFOUPT FOUSF SFDVSTPT 
6XP¡ULR &DVD GR &³GLJR

 $SJBOEP B "1* EF QBTTBHFJSPT 


 $SJBOEP B "1* EF TPMJDJUBÎÍP EF WJBHFOT 
 $SJBÎÍP EP TFSWJÎP EF TPMJDJUBÎÍP EF WJBHFOT 
 *OTFSJOEP MJOLT QSJNFJSP VTP EF )"5&0"4 
 $SJBOEP DMJFOUFT 3&45 

 3FPSHBOJ[BOEP P QSPKFUP 


 $SJBOEP B DIBWF EF "1* EP (PPHMF 
 $SJBOEP P DØEJHP EP DMJFOUF 
 3FDVQFSBOEP PT EBEPT DPN +40/1BUI 
 *OUFHSBOEP B DPOTVMUB OP QSPKFUP 
 5FTUBOEP B OPWB "1* 
 $SJBOEP PT UFTUFT BVUPNBUJ[BEPT 

 $POIFDFOEP BT FTUSBUÏHJBT EF UFTUF 


 $SJBOEP PT UFTUFT EB "1* EF QBTTBHFJSPT DPN 3&45
"TTVSFE 
 &YFDVUBOEP P UFTUF 
 5FTUFT NBJT DPNQMFUPT DPN 8JSF.PDL 
 $POGJHVSBÎÍP EP NPDL EP (PPHMF .BQT 
 4FHVSBOÎB 

 $POIFDFOEP )5514 


 *NQMFNFOUBOEP )5514 OB OPTTB "1* 
 *ODMVJOEP BVUFOUJDBÎÍP CÈTJDB 
 $SJBOEP TJTUFNB EF BVUPSJ[BÎÍP 
 $BSSFHBOEP PT VTVÈSJPT QFMP CBODP EF EBEPT 
 "UVBMJ[BÎÍP EPT UFTUFT JOUFHSBEPT 
&DVD GR &³GLJR 6XP¡ULR

"1*T 

 "1*T 

 $PNP DSJBS 63-T TJHOJGJDBUJWBT 


 6UJMJ[BS PT DØEJHPT )551 DPSSFUPT 
 'PSOFDFS NFOTBHFOT EF FSSP TJHOJGJDBUJWBT 
 *OUFSOBDJPOBMJ[BOEP BT NFOTBHFOT EF FSSP 
 $PNP DSJBS VNB "1* SFUSPDPNQBUÓWFM PV DPNP
WFSTJPOBS VNB "1*

 %PDVNFOUBOEP B "1* 

 $SJBOEP VNB EPDVNFOUBÎÍP WJWB DPN


4XBHHFS0QFO"1* 
 6UJMJ[BOEP P EPDVNFOUFS EP 1PTUNBO 
 0VUSBT UÏDOJDBT 

 1BHJOBÎÍP 


 $034 
 0"VUI 
 "84 "1* (BUFXBZ 
 $POTJEFSBÎÜFT GJOBJT 

 3FGFSÐODJBT CJCMJPHSÈGJDBT 


4FSWJÎPT FN 3&45
&$3Ë78/2 

0 26& ² 3&45 "'*/"-

2VFN DPOEV[ F BSSBTUB P NVOEP OÍP TÍP BT NÈRVJOBT TÍP BT


JEFJBT o 7JDUPS )VHP

)PKF FN EJB NVJUP TF PVWF GBMBS EF 3&45 F WPDÐ DPNP VN


EFTFOWPMWFEPS PV EFTFOWPMWFEPSB EF TPGUXBSF KÈ EFWF UFS PVWJEP
GBMBS EFTTF UFSNP 5SBUBTF EF VN NFJP EF SFBMJ[BS B DPNVOJDBÎÍP
FOUSF EPJT TJTUFNBT EJGFSFOUFT JOEFQFOEFOUF EB MJOHVBHFN FN RVF
UFOIBN TJEP FTDSJUPT


0CWJBNFOUF FYJTUFN NVJUBT GPSNBT EF TF GB[FS JTTP .BT P GBUP


Ï RVF 3&45 FTUBCFMFDF VN DPOKVOUP EF QBESÜFT RVF QFSNJUF GB[FS
JTTP EF GPSNB FGJDJFOUF F JOUFSPQFSÈWFM DPJTBT RVF DPOTJEFSBOEP
DFOÈSJPT EF NJDSPTTFSWJÎPT QPS FYFNQMP TF UPSOBN FTQFDJBMNFOUF
JOUFSFTTBOUFT EF TF QPTTVJS


  2 48( e 5(67 $),1$/"


0 26& 4°0 .*$3044&37*±04

4FHVOEP .BSUJO 'PXMFS P FTUJMP EF BSRVJUFUVSB EF


NJDSPTTFSWJÎPT Ï VNB BCPSEBHFN RVF EFTFOWPMWF VN
BQMJDBUJWP ÞOJDP DPNP VNB TVÓUF EF QFRVFOPT TFSWJÎPT DBEB
VN FYFDVUBOEP TFV QSØQSJP QSPDFTTP F TF DPNVOJDBOEP
BUSBWÏT EF NFDBOJTNPT MFWFT NVJUBT WF[FT FN VNB "1* DPN
SFDVSTPT )551 &TTFT TFSWJÎPT TÍP DPOTUSVÓEPT FN UPSOP EF
DBQBDJEBEFT EF OFHØDJPT F GVODJPOBN BUSBWÏT EF NFDBOJTNPT
EF EFQMPZ JOEFQFOEFOUFT UPUBMNFOUF BVUPNBUJ[BEPT )È P
NÓOJNP QPTTÓWFM EF HFSFODJBNFOUP DFOUSBMJ[BEP EFTTFT
TFSWJÎPT RVF QPEFN TFS FTDSJUPT FN EJGFSFOUFT MJOHVBHFOT EF
QSPHSBNBÎÍP F VUJMJ[BN EJGFSFOUFT UFDOPMPHJBT EF
BSNB[FOBNFOUP EF EBEPT -&8*4 '08-&3 

"OBMJTFNPT VN DBTF DPOTJEFSF RVF WPDÐ Ï P QSJODJQBM


EFTFOWPMWFEPS EP CBDLFOE EF VN BQMJDBUJWP QBSB TPMJDJUBS
USBOTQPSUF EF DBSSPT FN NPEFMP TFNFMIBOUF BP EF UÈYJT DPNP P
EBRVFMB FNQSFTB RVF DPNFÎB DPN 6 TBCF
 &TTF BQMJDBUJWP TF
DIBNB $"3 F TVB NJTTÍP Ï QSPNPWFS P NFMIPS NFJP EF
USBOTQPSUF QPTTÓWFM QFMP NFOPS QSFÎP QPTTÓWFM DPOFDUBOEP QFTTPBT
RVF QPTTVFN DBSSPT F HPTUBSJBN EF VTÈMP QBSB UFS VNB SFOEB FYUSB
DPN QFTTPBT RVF QSFDJTBN EF VN NFJP EF USBOTQPSUF

7PDÐ FTUÈ FODBSSFHBEP EF DSJBS P CBDLFOE FORVBOUP PVUSPT


EFTFOWPMWFEPSFT WÍP DPOTUSVJS P GSPOUFOE UBOUP FN WFSTÍP XFC
RVBOUP NPCJMF


 2 48( e 5(67 $),1$/" 


 65*-*;"/%0 0 413*/( #005 1"3"
$3*"3 6." 13*.&*3" "1*
6NB EBT NBOFJSBT NBJT SÈQJEBT EF TF JOJDJBS VN QSPKFUP EF
VNB "1* 3&45 FN +BWB IPKF FN EJB Ï BUSBWÏT EP VTP EF BMHVN
GSBNFXPSL 0 GSBNFXPSL +BWB NBJT QPQVMBS Ï P 4QSJOH RVF OB
WFSEBEF QSPWÐ EJWFSTBT DBQBDJEBEFT QBSB P QSPKFUP TFOEP RVF B
EJTQPOJCJMJ[BÎÍP F HFSFODJBNFOUP EF GFSSBNFOUBT QBSB DPOTUSVÎÍP
EF "1*T Ï BQFOBT VN EF TFVT BTQFDUPT 0 4QSJOH OP FOUBOUP Ï
UBNCÏN VN EPT GSBNFXPSLT +BWB NBJT BOUJHPT TFOEP RVF FMF UFN
VN TVCQSPKFUP DIBNBEP 4QSJOH #PPU DVKP PCKFUJWP Ï UPSOBS B
VUJMJ[BÎÍP EP 4QSJOH UÍP SÈQJEB F QSÈUJDB RVBOUP QPTTÓWFM

0 4QSJOH UBNCÏN DPOUB DPN VN TJUF DIBNBEP 4QSJOH *OJUJBMJ[S


IUUQTTUBSUTQSJOHJP
 /FMF Ï QPTTÓWFM TFMFDJPOBS RVBJT
DBQBDJEBEFT WBNPT RVFSFS OP QSPKFUP RVBJT PVUSPT QPTTÓWFJT
GSBNFXPSLT +BWB WBNPT RVFSFS VUJMJ[BS FUD

0#4&37"±°0 40#3& 0 413*/( */*5*"-*;3

$PNP TBCFNPT P NFSDBEP EF EFTFOWPMWJNFOUP EF TPGUXBSF Ï


NVJUP EJOÉNJDP F QPEF TFS RVF P 4QSJOH *OJUJBMJ[S UFOIB VNB
JOUFSGBDF EJGFSFOUF PV NFTNP OÍP FYJTUB NBJT OB ÏQPDB FN
RVF WPDÐ MFS FTUF MJWSP /P FOUBOUP DPNP NFODJPOBEP P
4QSJOH Ï VN EPT GSBNFXPSLT NBJT BOUJHPT F NBJT CFN
FTUBCFMFDJEPT EP +BWB F UVEP JOEJDB RVF TVB FYJTUÐODJB WBJ
QFSNBOFDFS FORVBOUP IPVWFS +BWB  MPHP QSPWBWFMNFOUF P
4QSJOH *OJUJBMJ[S WBJ DPOUJOVBS FYJTUJOEP PV WBJ FYJTUJS BMHP
NFMIPS OB ÏQPDB RVF WPDÐ FTUJWFS MFOEP

  87,/,=$1'2 2 635,1* %227 3$5$ &5,$5 80$ 35,0(,5$ $3,


"P BDFTTBS P TJUF WPDÐ EFWF TF EFQBSBS DPN VNB UFMB
TFNFMIBOUF Ë TFHVJOUF

'JHVSB  5FMB EP 4QSJOH *OJUJBMJ[S

"RVJ WPDÐ UFN B PQÎÍP EF TFMFDJPOBS P TJTUFNB EF CVJME QBSB


TFV QSPKFUP .BWFO PV (SBEMF
B MJOHVBHFN +BWB ,PUMJO PV
(SPPWZ
B WFSTÍP EP 4QSJOH #PPU BMHVOT NFUBEBEPT TPCSF P
QSPKFUP F BT EFQFOEÐODJBT 1BSB NBOUFS B DPOTJTUÐODJB WPV VUJMJ[BS
BP MPOHP EFTUF MJWSP FN UPEPT PT QSPKFUPT P .BWFO DPN
MJOHVBHFN +BWB  F 4QSJOH #PPU WFSTÍP  0T NFUBEBEPT EFWFN
WBSJBS EF DBQÓUVMP QBSB DBQÓUVMP  DBTP RVFJSB DPOGFSJS FYBUBNFOUF
RVBJT TFSÍP CBTUB WFSJGJDBS P DØEJHPGPOUF EP QSPKFUP OP (JU)VC
EJTQPOÓWFM FN IUUQTHJUIVCDPNBMFTBVEBUFSFTUW
 'JOBMNFOUF
BT EFQFOEÐODJBT EFWFN WBSJBS EF DBQÓUVMP QBSB DBQÓUVMP QPS DPOUB
EBT OFDFTTJEBEFT NBT WPV BWJTÈMP EF BDPSEP DPN BT NVEBOÎBT

 87,/,=$1'2 2 635,1* %227 3$5$ &5,$5 80$ 35,0(,5$ $3, 


EFTUBT

1BSB FTUF DBQÓUVMP QSFDJTBNPT VUJMJ[BS P 4QSJOH 8FC F P 4QSJOH


%BUB +1" DPNP EFQFOEÐODJBT 1BSB RVF B MJTUBHFN BQBSFÎB EJHJUF
BT QSJNFJSBT MFUSBT EF XFC F EBUB F B MJTUBHFN EF EFQFOEÐODJBT EFWF
GJDBS TFNFMIBOUF Ë TFHVJOUF

'JHVSB  5FMB EBT EFQFOEÐODJBT EP 4QSJOH

1PS GJN BQFSUF P CPUÍP *HQHUDWH F P EPXOMPBE EF VN


BSRVJWP ]LS EFWF TFS JOJDJBEP DPOUFOEP P TFHVJOUF DPOUFÞEP

  87,/,=$1'2 2 635,1* %227 3$5$ &5,$5 80$ 35,0(,5$ $3,


'JHVSB  ;*1 EP QSPKFUP

0CTFSWF RVF P BSRVJWP +(/3PG KÈ WFN DPN BMHVOT MJOLT ÞUFJT


QBSB VTP EBT GFSSBNFOUBT FTDPMIJEBT OP DBTP .BWFO 4QSJOH #PPU
F 4QSJOH 8FC
F UBNCÏN BMHVOT HVJBT B SFTQFJUP EF DPNP DPOTUSVJS
TFSWJÎPT 3&45 DPN BT GFSSBNFOUBT FTDPMIJEBT $PQJP B TFHVJS PT
MJOLT QBSB BKVEÈMP FN TFVT FTUVEPT

#VJMEJOH B 3&45GVM 8FC 4FSWJDF 


IUUQTTQSJOHJPHVJEFTHTSFTUTFSWJDF
4FSWJOH 8FC $POUFOU XJUI 4QSJOH .7$ 
IUUQTTQSJOHJPHVJEFTHTTFSWJOHXFCDPOUFOU
#VJMEJOH 3&45 TFSWJDFT XJUI 4QSJOH 
IUUQTTQSJOHJPHVJEFTUVUPSJBMTCPPLNBSLT

+È P QSPKFUP FN TJ QPEF TFS JNQPSUBEP EB GPSNB DPNP FTUÈ FN


TVB *%& "P MPOHP EFTUF MJWSP WPV VUJMJ[BS P *OUFMMJK  WPDÐ QPEF
VTBS B *%& EF TVB DPOWFOJÐODJB " FTUSVUVSB EP QSPKFUP Ï B
TFHVJOUF

 87,/,=$1'2 2 635,1* %227 3$5$ &5,$5 80$ 35,0(,5$ $3, 


'JHVSB  &TUSVUVSB EP QSPKFUP

0 4QSJOH #PPU GB[ P EPXOMPBE EF VN XFC TFSWFS QBSB OØT P


QBESÍP OP NPNFOUP Ï P 5PNDBU NBT FYJTUFN PVUSPT EJTQPOÓWFJT
DPNP +FUUZ F 6OEFSUPX
 1BSB JOJDJBMJ[BS P TJTUFNB CBTUB FYFDVUBS
P NÏUPEP PDLQ EB DMBTTF &DS$SSOLFDWLRQ  0 MPH EFWF GJDBS
TFNFMIBOUF BP TFHVJOUF

'JHVSB  -PH EP QSPKFUP

  87,/,=$1'2 2 635,1* %227 3$5$ &5,$5 80$ 35,0(,5$ $3,


 0 13*.&*30 $"40 %& 640 " -*45"(&.
%& /0704 .0503*45"4
7BNPT BHPSB DSJBS VN QSJNFJSP TFSWJÎP FN 3&45 QBSB BUFOEFS
B VN DBTP EF VTP 0 BQMJDBUJWP $"3 QSFDJTB EF VN CBDLFOE EF
BENJOJTUSBÎÍP PV TFKB VN QSPHSBNB BUSBWÏT EP RVBM TFKB QPTTÓWFM
DPOUSPMBS RVFN TÍP PT NPUPSJTUBT PT QBTTBHFJSPT BT DPSSJEBT
SFBMJ[BEBT FUD &TTF QSJNFJSP DBTP EF VTP WBJ QSFDJTBS EF VN TFSWJÎP
QBSB MJTUBS PT NPUPSJTUBT DBEBTUSBEPT BMHP RVF GBÎB P BDFTTP BP
CBODP EF EBEPT EP TJTUFNB F SFUPSOF PT EBEPT EPT NPUPSJTUBT
$PNP GB[FS JTTP

&N QSJNFJSP MVHBS QSFDJTBNPT DSJBS VNB DBNBEB EF BDFTTP B


VN CBODP EF EBEPT F VNB DMBTTF RVF SFQSFTFOUBSÈ PT NPUPSJTUBT
$PNP QSÈUJDB QFTTPBM FV QSFGJSP FTDSFWFS DØEJHP FN JOHMÐT QBSB
NBOUFS B IBSNPOJB FOUSF BT QBMBWSBT SFTFSWBEBT EB MJOHVBHFN F P
DØEJHP RVF FTUPV FTDSFWFOEP
 "TTJN TFOEP WPV DSJBS VN QBDPUF
GRPDLQ F EFOUSP EFMF VNB DMBTTF DIBNBEB 'ULYHU 

'JHVSB  $MBTTF RVF SFQSFTFOUB P NPUPSJTUB DSJBEB

 2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6 


"HPSB WBNPT JODMVJS BMHVOT EBEPT QBSB FTTF NPUPSJTUB
EJHBNPT VN DBNQP LG QDPH F ELUWK'DWH 
SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW MDYDXWLO'DWH

SXEOLF FODVV 'ULYHU ^

/RQJ LG
6WULQJ QDPH
'DWH ELUWK'DWH

1SFDJTBNPT BHPSB HFSBS HFUUFST F TFUUFST QBSB PT DBNQPT HFSBEPT


&V DPTUVNP VUJMJ[BS VN GSBNFXPSL QBSB MJEBS DPN FTTBT RVFTUÜFT
DIBNBEP MPNCPL &MF USBCBMIB DPN VNB BCPSEBHFN FN RVF WPDÐ
BOPUB TVBT DMBTTFT F FMF HFSB P DØEJHP DPSSFTQPOEFOUF QBSB WPDÐ
1BSB JTTP OP FOUBOUP Ï OFDFTTÈSJP JOTUBMBS P QSØQSJP MPNCPL TPCSF
B *%& QBSB RVF FMB SFDPOIFÎB RVF P DØEJHP TFSÈ HFSBEP F OÍP
QSPEV[B FWFOUVBJT FSSPT EF DPNQJMBÎÍP $PNP OFN UPEPT TF
TFOUFN DPOGPSUÈWFJT DPN FTUF QSPDFTTP TBJCB RVF Ï UPUBMNFOUF
PQDJPOBM P MPNCPL HFSB P DØEJHP NBT OB QSØQSJB QÈHJOB EP
GSBNFXPSL TÍP NPTUSBEPT PT DØEJHPT FRVJWBMFOUFT TFN P VTP EFMF


$BTP WPDÐ BTTJN DPNP FV RVFJSB VTBS P MPNCPL QSFDJTBNPT


BQFOBT BEJDJPOBS VNB EFQFOEÐODJB OP QSPKFUP PV WPMUBS BP QBTTP
EF DSJBÎÍP EP QSPKFUP OP 4QSJOH *OJUJBMJ[S F NBSDÈMP DPNP VNB
EFQFOEÐODJB
 1BSB JTTP CBTUB JODMVJS OB TFÎÍP EF EFQFOEÐODJBT OP
SRP[PO B EFDMBSBÎÍP EF EFQFOEÐODJB EP MPNCPL

GHSHQGHQF\!
JURXS,G!RUJSURMHFWORPERNJURXS,G!
DUWLIDFW,G!ORPERNDUWLIDFW,G!
RSWLRQDO!WUXHRSWLRQDO!
GHSHQGHQF\!

  2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6


'FJUP JTTP BOPUBNPT B DMBTTF 'ULYHU DPN B BOPUBÎÍP #'DWD
EP MPNCPL PV DSJBNPT PT HFUUFST TFUUFST NÏUPEPT HTXDOV F
KDVK&RGH NBOVBMNFOUF 0 DØEJHP GJDB BTTJN

SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW MDYDXWLO'DWH
LPSRUW ORPERN'DWD

#'DWD
SXEOLF FODVV 'ULYHU ^

/RQJ LG
6WULQJ QDPH
'DWH ELUWK'DWH

"HPSB QSFDJTBNPT NPEJGJDBS FTTB DMBTTF QBSB SFGMFUJS P FTUBEP EF


OPTTP CBODP EF EBEPT 'B[FS JTTP FN +BWB UBNCÏN Ï GÈDJM CBTUB
BOPUBS B DMBTTF DPN MDYD[SHUVLVWHQFH(QWLW\  "MÏN EJTTP
UBNCÏN WBNPT GB[FS DPN RVF P TJTUFNB SFDPOIFÎB P DBNQP LG
DPNP SFQSFTFOUBOUF EB DIBWF QSJNÈSJB EB UBCFMB DPSSFTQPOEFOUF
'B[FNPT JTUP DPN B BOPUBÎÍP MDYD[SHUVLVWHQFH,G 
SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW MDYDXWLO'DWH
LPSRUW MDYD[SHUVLVWHQFH(QWLW\
LPSRUW MDYD[SHUVLVWHQFH,G
LPSRUW ORPERN'DWD

#'DWD
#(QWLW\
SXEOLF FODVV 'ULYHU ^

#,G
/RQJ LG
6WULQJ QDPH
'DWH ELUWK'DWH

 2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6 


`

"HPSB QSFDJTBNPT EF VN NFJP EF BDFTTP BP CBODP EF EBEPT


BMHP TFNFMIBOUF BPT EFTJHO QBUUFSOT %"0 PV 5HSRVLWRU\
DPOGPSNF PSJFOUBEP QFMP %PNBJO%SJWFO %FTJHO
 2VBOEP
VUJMJ[BNPT P 4QSJOH %BUB +1" JTTP TF SFTVNF B DSJBS VNB JOUFSGBDF
F GB[FS DPN RVF FMB FTUFOEB PVUSB B -SD5HSRVLWRU\  &TUB PVUSB
JOUFSGBDF VUJMJ[B P NFDBOJTNP EF HFOFSJDT EP +BWB /B EFDMBSBÎÍP
EFMB FMB VUJMJ[B B DMBTTF RVF Ï HFSFODJBEB QPS FTUF SFQPTJUØSJP F B
DMBTTF EB DIBWF QSJNÈSJB OP OPTTP DBTP MDYDODQJ/RQJ 
PCTFSWF P - NBJÞTDVMP


7BNPT DIBNBS OPTTP SFQPTJUØSJP EF 'ULYHU5HSRVLWRU\ 


3FBMJ[BOEP B FYUFOTÍP EB JOUFSGBDF NFODJPOBEB UFNPT P TFHVJOUF
SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW RUJVSULQJIUDPHZRUNGDWDMSDUHSRVLWRU\-SD5HSRVLWRU\

SXEOLF LQWHUIDFH 'ULYHU5HSRVLWRU\


H[WHQGV -SD5HSRVLWRU\'ULYHU /RQJ! ^
`

0 QSØYJNP QBTTP Ï FTDPMIFS F DPOGJHVSBS P CBODP EF EBEPT


FTDPMIJEP "MHVNBT WF[FT FN EFTFOWPMWJNFOUP VUJMJ[BNPT VN
CBODP EF EBEPT FN NFNØSJB BQFOBT QBSB QPEFSNPT WBMJEBS BMHVN
DØEJHP RVF EFTFOWPMWFNPT 6NB CPB QFEJEB QBSB P OPTTP DPOUFYUP
Ï P ) RVF Ï VN CBODP EF EBEPT RVF JOJDJBMJ[B KVOUP DPN P OPTTP
QSPKFUP F UBNCÏN UFN VNB JOUFSGBDF EF BENJOJTUSBÎÍP GPSOFDJEB
BUSBWÏT EF VNB FYUFOTÍP EP 4QSJOH #PPU P 4QSJOH #PPU %FW5PPMT

1BSB JODMVJSNPT BT EVBT EFQFOEÐODJBT OP OPTTP QSPKFUP


DPMPDBNPT B TFHVJOUF EFDMBSBÎÍP EF EFQFOEÐODJBT OP SRP[PO 
GHSHQGHQF\!

  2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6


JURXS,G!RUJVSULQJIUDPHZRUNERRWJURXS,G!
DUWLIDFW,G!VSULQJERRWGHYWRROVDUWLIDFW,G!
RSWLRQDO!WUXHRSWLRQDO!
GHSHQGHQF\!

GHSHQGHQF\!
JURXS,G!FRPKGDWDEDVHJURXS,G!
DUWLIDFW,G!KDUWLIDFW,G!
GHSHQGHQF\!

%B GPSNB DPNP FTUÈ KÈ Ï QPTTÓWFM WFSJGJDBS TF FTUÈ UVEP 0, 0


4QSJOH #PPU BP EFUFDUBS FTTFT DPNQPOFOUFT DPOGJHVSB P ) QBSB
JOJDJBMJ[BS FN NFNØSJB DPN VN CBODP DIBNBEP WHVWGE DPN
VN VTVÈSJP VD F TFN TFOIB 0 4QSJOH #PPU %FW5PPMT
EJTQPOJCJMJ[B VNB JOUFSGBDF EF HFSFODJBNFOUP EP ) DIBNBEP )
DPOTPMF *OJDJBMJ[F P QSPKFUP F BCSB OP TFV CSPXTFS B 63-
IUUQMPDBMIPTUIDPOTPMF QBSB WFS B TFHVJOUF UFMB

'JHVSB  5FMB EF MPHJO EP ) $POTPMF

$FSUJGJRVFTF EF RVF BT DPOGJHVSBÎÜFT FTUFKBN DPNP BEJBOUF

%SJWFS $MBTT PSHI%SJWFS

 2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6 


+%#$ 63- KECDINFNUFTUEC
6TFS /BNF TB
1BTTXPSE FN CSBODP

"P DMJDBS FN &RQQHFW WPDÐ EFWF WFS VNB UFMB TFNFMIBOUF Ë


TFHVJOUF

'JHVSB  ) $POTPMF

0CTFSWF RVF VNB UBCFMB DIBNBEB 'ULYHU KÈ FTUÈ DSJBEB 4F


WPDÐ DMJDBS OP CPUÍP  BP MBEP EP OPNF EB UBCFMB WBJ WFS RVF PT

  2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6


DBNQPT RVF NBQFBNPT BOUFSJPSNFOUF UBNCÏN KÈ FTUÍP DSJBEPT

'JHVSB  5BCFMB %SJWFS DSJBEB

7FSJGJDBNPT BTTJN RVF OPTTB JOGSBFTUSVUVSB KÈ FTUÈ QSPOUB


»UJNP 4Ø SFTUB NFTNP P TFSWJÎP 3&45

1BSB DSJBS P TFSWJÎP WBNPT DSJBS VN OPWP QBDPUF OP QSPKFUP


DIBNBEP LQWHUIDFHV PCTFSWF RVF P OPNF FTUÈ OP QMVSBM QBSB
OÍP DPOGMJUBS DPN B QBMBWSB LQWHIDFH RVF Ï SFTFSWBEB OP +BWB

&MF WBJ GJDBS OP NFTNP OÓWFM EP QBDPUF GRPDLQ  %FOUSP EFMF
WBNPT DSJBS VNB DMBTTF DIBNBEB 'ULYHU$3, 

 2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6 


'JHVSB  $MBTTF %SJWFS"1* DSJBEB

%FOUSP EFTUB DMBTTF WBNPT DSJBS VN NÏUPEP RVF OPT EFWPMWB


UPEPT PT NPUPSJTUBT DBEBTUSBEPT OP SFQPTJUØSJP &TUF NÏUPEP WBJ TF
DIBNBS OLVW'ULYHUV WBJ SFUPSOBS VNB /LVW DPN PCKFUPT EP
UJQP 'ULYHU F OÍP WBJ UFS QBSÉNFUSP BMHVN
SDFNDJH DSSFDUFDSLQWHUIDFHV

LPSRUW DSSFDUFDSGRPDLQ'ULYHU
LPSRUW MDYDXWLO$UUD\/LVW
LPSRUW MDYDXWLO/LVW

SXEOLF FODVV 'ULYHU$3, ^

  2 35,0(,52 &$62 '( 862 $ /,67$*(0 '( 12926 02725,67$6


SXEOLF /LVW'ULYHU! OLVW'ULYHUV ^
UHWXUQ QHZ $UUD\/LVW! 
`
`

1BSB RVF FTUB DMBTTF TFKB SFDPOIFDJEB QFMP 4QSJOH DPNP VN


TFSWJÎP 3&45 Ï OFDFTTÈSJP RVF FMB FTUFKB BOPUBEB DPN #6HUYLFH
F #5HVW&RQWUROOHU 
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVW&RQWUROOHU

#6HUYLFH
#5HVW&RQWUROOHU
SXEOLF FODVV 'ULYHU$3, ^
 5HVWDQWH GR F³GLJR RPLWLGR

"HPSB QSFDJTBNPT EF BMHVNB GPSNB FYQPS FTUB JOGPSNBÎÍP


QBSB P NVOEP 1BSB GB[FS JTTP QSFDJTBNPT VUJMJ[BS VN NÏUPEP
)551 RVBMRVFS ² BÓ RVF DPNFÎBN B FOUSBS PT DPODFJUPT EF 3&45
NBT RVBJT TÍP PT NÏUPEPT F DPNP FTDPMIFS

 26"*4 4°0 04 .²50%04 )551 & $0.0


&4$0-)&3 &/53& &-&4
0 QSPUPDPMP )551 EJTQPOJCJMJ[B BUÏ P NPNFOUP OPWF
NÏUPEPT )551 TFOEP RVF TFUF EFMFT QPEFN TFS VUJMJ[BEPT FN
3&45
 $BEB VN UFN B GVOÎÍP EF OPT GPSOFDFS VNB GPSNB EF
JOUFSBÎÍP DPN P TFSWJEPS EF BDPSEP DPN OPTTB
JOUFOÎÍPOFDFTTJEBEF
 F EFTUFT TFUF TÍP DJODP PT QSJODJQBJT RVF
QPEFN TFS SFMBDJPOBEPT DPN PQFSBÎÜFT TFNFMIBOUFT Ë JOUFSBÎÍP
DPN VN CBODP EF EBEPT 4ÍP PT TFHVJOUFT

*(7  QBSB SFDVQFSBÎÍP EF EBEPT

 48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6" 


3267  QBSB DSJBÎÍP EF EBEPT
387 F 3$7&+  QBSB BUVBMJ[BÎÍP EF EBEPT
'(/(7(  QBSB BQBHBS EBEPT

0CTFSWF OP FOUBOUP RVF FTUB Ï VNB BQSPYJNBÎÍP NVJUP


TJNQMJTUB RVF VUJMJ[P BRVJ BQFOBT QBSB GJOT EJEÈUJDPT 7PV FOUSBS
FN NBJT EFUBMIFT B SFTQFJUP EPT NÏUPEPT )551 F TVB VUJMJ[BÎÍP OP
DBQÓUVMP 

$PNP RVFSFNPT MJTUBS PT EBEPT EPT NPUPSJTUBT WBNPT VUJMJ[BS


P NÏUPEP *(7  ² QPTTÓWFM GB[FS JTTP FN 4QSJOH DPN B BOPUBÎÍP
*HW0DSSLQJ 

LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ*HW0DSSLQJ

#6HUYLFH
#5HVW&RQWUROOHU
SXEOLF FODVV 'ULYHU$3, ^

#*HW0DSSLQJ
SXEOLF /LVW'ULYHU! OLVW'ULYHUV ^
 5HVWDQWH GR F³GLJR RPLWLGR

0 QSØYJNP QBTTP Ï EFUFSNJOBS RVBM TFSÈ P UJQP EF NÓEJB


SFUPSOBEP QPS FTUB "1* &YJTUFN WÈSJPT UJQPT EF NÓEJB EJTQPOÓWFJT
NBT HFSBMNFOUF FTTB Ï VNB EFDJTÍP GÈDJM EF TF UPNBS QPJT DBEB VNB
EFMBT UFN VN UJQP FTQFDÓGJDP /P OPTTP DBTP EFTFKBNPT TFSWJS PT
EBEPT EPT NPUPSJTUBT FN RVFTUÍP  USBEV[JOEP QSFDJTBNPT TFSWJS
JOGPSNBÎÜFT FTUSVUVSBEBT EF GPSNB RVF B "1* TF DPNQPSUF DPNP
TF GPTTF VN DBUÈMPHP 5FNPT EVBT MJOHVBHFOT QSJODJQBJT QBSB GB[FS
JTTP 9.- H;WHQVLEOH 0DUNXS /DQJXDJH PV MJOHVBHFN EF
NBSDBÎÍP FYUFOTÓWFM
F +40/ -DYD6FULSW 2EMHFW 1RWDWLRQ
PV OPUBÎÍP EF PCKFUPT +BWB4DSJQU
 "DPOUFDF RVF EF BNCBT +40/
GPJ B RVF TF UPSOPV B MÓOHVB GSBODB QBSB TFSWJS EBEPT FTUSVUVSBEPT
FN TFSWJÎPT 3&45 P RVF GBDJMJUB NVJUP B FTDPMIB *TTP TF EFWF FN

  48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6"


HSBOEF QBSUF BP UBNBOIP EF QBZMPBET FRVJWBMFOUFT RVF Ï NBJPS FN
BSRVJWPT 9.- RVF VTBN NVJUBT UBHT  EFTTB GPSNB POFSBOEP SFEFT
NBJT MJNJUBEBT DPNP BT SFEFT NØWFJT

1BSB JOGPSNBS P TJTUFNB EP 4QSJOH EF RVF FTUB "1* EFWFSÈ


QSPEV[JS EBEPT FN +40/ VUJMJ[BNPT B BOPUBÎÍP
#5HTXHVW0DSSLQJ KVOUP EP QBSÉNFUSP SURGXFHV  &TUF
QBSÉNFUSP SFDFCF VNB MJTUB EF 4USJOHT DPNP EBEPT NBT BT TUSJOHT
BDFJUBT FTUÍP QPQVMBEBT DPNP DPOTUBOUFT OB DMBTTF 0HGLD7\SH EP
4QSJOH 0 WBMPS B TFS VUJMJ[BEP QBSB RVBOEP EFTFKBNPT VUJMJ[BS
+40/ Ï $33/,&$7,21B-621B9$/8( EF GPSNB RVF B DMBTTF GJDB
BTTJN
LPSRUW RUJVSULQJIUDPHZRUNKWWS0HGLD7\SH
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HTXHVW0DSSLQJ
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVW&RQWUROOHU

#6HUYLFH
#5HVW&RQWUROOHU
#5HTXHVW0DSSLQJ SURGXFHV 0HGLD7\SH$33/,&$7,21B-621B9$/8(
SXEOLF FODVV 'ULYHU$3, ^
 5HVWDQWH GR F³GLJR RPLWLGR

1PS ÞMUJNP QSFDJTBNPT JOGPSNBS BP 4QSJOH RVBM 63- WBNPT


VUJMJ[BS QBSB NBQFBS FTTF SFDVSTP &TTF Ï VN QBTTP NVJUP
JNQPSUBOUF QPJT FN 3&45 DBEB SFDVSTP UFN B TVB QSØQSJB 63- F
FTUB EFWF TFS TJHOJGJDBUJWB EF GPSNB B FTUJNVMBS B VTBCJMJEBEF EFTUFT
TFSWJÎPT 6NB WF[ RVF FTUBNPT MJTUBOEP JOTUÉODJBT EB DMBTTF
'ULYHU WBNPT BEPUBS B 63- GULYHUV 

 48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6" 


64"3 "4 63-4 /0 4*/(6-"3 06 1-63"-

&TUF Ï VN BTTVOUP TPCSF P RVBM OÍP FYJTUF EFGJOJÎÍP GPSNBM


PV NFTNP JOGPSNBM
 7PDÐ QPEF EFGJOJS TVBT 63-T OP
TJOHVMBS OP OPTTP FYFNQMP TFSJB GULYHU
PV OP QMVSBM
GULYHUV
 0 ÞOJDP DPOTFOTP B FTTF SFTQFJUP FYJTUFOUF OB
DPNVOJEBEF Ï RVF EFWF IBWFS VN QBESÍP QBSB UPEBT BT "1*T
EF VN NFTNP TJTUFNB PV TFKB UPEBT OP TJOHVMBS PV UPEBT OP
QMVSBM

1BSB NBQFBS FTTB MJTUBHFN VTBOEP B 63- CBTUB DPMPDÈMB DPNP


4USJOH OB BOPUBÎÍP #*HW0DSSLQJ 
#*HW0DSSLQJ GULYHUV
SXEOLF /LVW'ULYHU! OLVW'ULYHUV ^
UHWXUQ QHZ $UUD\/LVW! 
`

"HPSB CBTUB JOJDJBMJ[BS P TJTUFNB F OBWFHBS QBSB B 63-


KWWSORFDOKRVWGULYHUV  7PDÐ EFWF WFS FN TFV
CSPXTFS P TFHVJOUF
>@

&TUB Ï VNB MJTUB WB[JB FN +40/ /PUF RVF Ï B SFQSFTFOUBÎÍP EP


RVF FTUÈ OP NÏUPEP OLVW'ULYHUV PV TFKB OP SFUPSOP EFMF FTUÈ
NFTNP VNB $UUD\/LVW WB[JB 5VEP P RVF UFNPT B GB[FS BHPSB Ï
RVF B DMBTTF 'ULYHU$3, UFOIB BDFTTP Ë JOUFSGBDF
'ULYHU5HSRVLWRU\  0 4QSJOH Ï FTQFDJBMJ[BEP OJTUP  DPNP B
'ULYHU$3, FTUÈ BOPUBEB DPN #6HUYLFH CBTUB RVF OØT GBÎBNPT
B JODMVTÍP EB 'ULYHU5HSRVLWRU\ DPNP VN DBNQP EB

  48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6"


'ULYHU$3, F BOPUFNPT FTUF DBNQP DPN #$XWRZLUHG 
SDFNDJH DSSFDUFDSLQWHUIDFHV

LPSRUW DSSFDUFDSGRPDLQ'ULYHU
LPSRUW DSSFDUFDSGRPDLQ'ULYHU5HSRVLWRU\
LPSRUW MDYDXWLO$UUD\/LVW
LPSRUW MDYDXWLO/LVW
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNKWWS0HGLD7\SH
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ*HW0DSSLQJ
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HTXHVW0DSSLQJ
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVW&RQWUROOHU

#6HUYLFH
#5HVW&RQWUROOHU
#5HTXHVW0DSSLQJ SURGXFHV 0HGLD7\SH$33/,&$7,21B-621B9$/8(
SXEOLF FODVV 'ULYHU$3, ^

#$XWRZLUHG
'ULYHU5HSRVLWRU\ GULYHU5HSRVLWRU\

#*HW0DSSLQJ GULYHUV
SXEOLF /LVW'ULYHU! OLVW'ULYHUV ^
UHWXUQ QHZ $UUD\/LVW! 
`
`

1SFDJTBNPT FOUÍP VUJMJ[BS P 'ULYHU5HSRVLWRU\ QBSB SFUPSOBS


PT EBEPT EP CBODP EF EBEPT P RVF Ï GFJUP BUSBWÏT EP NÏUPEP
ILQG$OO  0 NÏUPEP NPEJGJDBEP GJDB BTTJN

#*HW0DSSLQJ GULYHUV
SXEOLF /LVW'ULYHU! OLVW'ULYHUV ^
UHWXUQ GULYHU5HSRVLWRU\ILQG$OO 
`

"P SFJOJDJBMJ[BS P QSPKFUP P SFTVMUBEP QSPEV[JEP QFMB 63-


GULYHUV DPOUJOVB JHVBM .BT BHPSB FMF FTUÈ WJODVMBEP BP
DPOUFÞEP EP CBODP EF EBEPT 7BNPT BDFTTBS P ) $POTPMF QBSB

 48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6" 


QPQVMBS BMHVOT EBEPT OP TJTUFNB "P FOUSBS FV EJHJUP P TFHVJOUF
,16(57 ,172 '5,9(5 ,' %,57+B'$7( 1$0(
9$/8(6 


$OH[DQGUH 6DXGDWH

"P DMJDBS FN 5XQ B QBSUF EF CBJYP EP ) $POTPMF NVEB F GJDB


DPN P TFHVJOUF UFYUP
,16(57 ,172 '5,9(5 ,' %,57+B'$7( 1$0(
9$/8(6 


$OH[DQGUH 6DXGDWH

8SGDWH FRXQW 
 PV

" MJOIB RVF EJ[ 8SGDWH FRXQW  EJ[ RVF VNB MJOIB GPJ
BUVBMJ[BEB OFTUF DBTP DSJBEB
 "HPSB BP WPMUBS QBSB P CSPXTFS F
BUVBMJ[BS B QÈHJOB EFWP WJTVBMJ[BS BMHP TFNFMIBOUF BP TFHVJOUF

'JHVSB  %BEPT TFOEP SFUPSOBEPT EB "1*

7BNPT JOTFSJS NBJT VN SFHJTUSP QBSB WFSJGJDBS P SFUPSOP FN


MJTUB 1BSB JTTP VUJMJ[F P TFHVJOUF
,16(57 ,172 '5,9(5 ,' %,57+B'$7( 1$0(
9$/8(6 


0F/29,1

"P BUVBMJ[BS P CSPXTFS BHPSB WJTVBMJ[BNPT BMHP DPNP P


TFHVJOUF
>
^
LG 

  48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6"


QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH 7
`
^
LG 
QDPH 0F/29,1
ELUWK'DWH 7
`
@

$PODMVTÍP
/FTUF DBQÓUVMP WPDÐ WJV DPNP DSJBS VN QSPKFUP DPN 4QSJOH
#PPU VUJMJ[BOEP 4QSJOH *OJUJBMJ[S
DPNP VUJMJ[BS BT GFSSBNFOUBT EP
4QSJOH #PPU QBSB DSJBS VN CBODP EF EBEPT FN NFNØSJB QPQVMBS
FTTF CBODP F TFSWJS PT EBEPT FN VNB "1* 3&45 "JOEB IÈ NVJUP P
RVF TFS GFJUP  OÍP WJNPT DPNP DSJBS FTUFT EBEPT BUSBWÏT EF VNB
"1* 3&45 OFN RVBJT NÏUPEPT QPEFNPT VUJMJ[BS DPN FTTF
QSPQØTJUP 0V TFKB BJOEB IÈ NVJUP B TFS WJTUP 7BNPT FN GSFOUF

 48$,6 6­2 26 0e72'26 +773 ( &202 (6&2/+(5 (175( (/(6" 


&$3Ë78/2 

&91"/%*/%0 /0440
4&37*±0 */*$*"-

4PSUF Ï P RVF BDPOUFDF RVBOEP B QSFQBSBÎÍP FODPOUSB B


PQPSUVOJEBEF  4ÐOFDB

/PTTP QSJNFJSP TFSWJÎP FTUÈ GVODJPOBOEP F KÈ Ï JOUFSPQFSÈWFM


.BT OÍP Ï NVJUP GVODJPOBM  QSFDJTBNPT EF VNB GPSNB EF QFSNJUJS
B SFDVQFSBÎÍP EPT EBEPT EF BQFOBT VN NPUPSJTUB BGJOBM EF DPOUBT
RVFSFNPT UFS NVJUPT DFSUP
UBNCÏN P DBEBTUSP F BUVBMJ[BÎÍP EPT
EBEPT 5FNPT NVJUP QPS POEF TFHVJS

 3&$61&3"/%0 04 %"%04 %& 6.


.0503*45" &41&$¶'*$0
7BNPT SFWJTJUBS QPS VN NPNFOUP B 63- VUJMJ[BEB QBSB
MJTUBHFN EPT NPUPSJTUBT " 63- GPJ GULYHUV PV TFKB VNB
QBMBWSB OP QMVSBM QBSB JOEJDBS VNB DPMFÎÍP EF EBEPT &N 3&45 P
OPNF RVF TF EÈ ËT JOGPSNBÎÜFT USBGFHBEBT Ï SFDVSTP 2VBOEP OØT
GJ[FNPT B EFGJOJÎÍP EB 63- F EP UJQP EF NÓEJB +40/
OØT
DSJBNPT VNB EFGJOJÎÍP EF VN SFDVSTP

"DPOUFDF RVF BT EFGJOJÎÜFT EF SFDVSTPT TÍP IJFSÈSRVJDBT


&TQFSBTF RVF VN NPUPSJTUB FN QBSUJDVMBS FTUFKB DPOUJEP OFTUB

  (;3$1',1'2 12662 6(59,d2 ,1,&,$/


MJTUB F FTUB MJTUB Ï VN SFDVSTP QPS TJ QSØQSJP 4F RVJTFSNPT DSJBS VN
TFSWJÎP QBSB SFDVQFSBS PT EBEPT EF VN NPUPSJTUB FN QBSUJDVMBS
EFWFNPT DSJBS VN OPWP SFDVSTP  EFTUB WF[ IJFSBSRVJDBNFOUF
EFQFOEFOUF EF GULYHUV  4F QBSB DSJBS SFDVSTPT VUJMJ[BNPT 63-T
F VN NPUPSJTUB EJGFSFOUF Ï VN SFDVSTP EJGFSFOUF QPSÏN
TVCPSEJOBEP BP SFDVSTP QBJ RVF Ï B MJTUBHFN EF NPUPSJTUBT
FOUÍP
QSFDJTBNPT FTUFOEFS B 63- GULYHUV DPN BMHP RVF QPTTB
JEFOUJGJDBS EF NBOFJSB ÞOJDB P NPUPSJTUB FTQFDÓGJDP 7BNPT
SFWJTJUBS B MJTUBHFN EF NPUPSJTUBT RVF GPJ SFUPSOBEB BOUFSJPSNFOUF
>
^
LG 
QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH 7
`
^
LG 
QDPH 0F/29,1
ELUWK'DWH 7
`
@

0CTFSWF RVF P DBNQP LG QPEF TFS VUJMJ[BEP QBSB FTTF GJN


.BT BJOEB FYJTUF VN QSPCMFNB P DBNQP LG Ï EJOÉNJDP OPWPT
*%T WÍP TFOEP DSJBEPT DPOGPSNF PT EBEPT TÍP QPQVMBEPT OP
TFSWJEPS -PHP OÍP FYJTUF VN OÞNFSP EFUFSNJOBEP EF *%T FMFT
TFSÍP NPEJGJDBEPT P UFNQP UPEP

1BSB SFTPMWFS FTTF QSPCMFNB FN 3&45 UFNPT P DPODFJUP EF


QBUI QBSBNFUFST QBSÉNFUSPT RVF TÍP DPMPDBEPT OB QSØQSJB 63-
%FTUB GPSNB QPEFNPT EJ[FS RVF B 63- EP OPTTP OPWP SFDVSTP
TFSJB BMHP DPNP GULYHUV^LG` POEF P WBMPS RVF FTUÈ FOUSF
DIBWFT Ï OPTTB WBSJÈWFM

1BSB FYQSFTTBS FTTB NVEBOÎB WBNPT DSJBS VN OPWP NÏUPEP OB

 5(&83(5$1'2 26 '$'26 '( 80 02725,67$ (63(&Ë),&2 


OPTTB DMBTTF 'ULYHU$3, RVF MPDBMJ[B P NPUPSJTUB FTQFDÓGJDP
#*HW0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU ILQG'ULYHU ^

"HPSB QSFDJTBNPT WJODVMBS BMHP BP LG  $PNP WBNPT VUJMJ[BS


P ,' EP CBODP EF EBEPT QBSB UBNCÏN SFQSFTFOUBS P LG EPT
OPTTPT SFDVSTPT UFNPT RVF VUJMJ[BS P NFTNP UJQP /RQJ  1PS
ÞMUJNP UFNPT RVF WJODVMBS P UFYUP ^LG` BP QBSÉNFUSP P RVF Ï
GFJUP VUJMJ[BOEPTF B BOPUBÎÍP #3DWK9DULDEOH 
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ3DWK9DULDEOH
 5HVWDQWH GR F³GLJR RPLWLGR

#*HW0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^

`

"HPSB TØ SFTUB NFTNP SFDVQFSBS P NPUPSJTUB FTQFDÓGJDP


VUJMJ[BOEP P NÏUPEP ILQG%\,G EP SFQPTJUØSJP /PUF OP FOUBOUP
RVF FTUF NÏUPEP SFUPSOB VN MDYDXWLO2SWLRQDO F OÍP VN
'ULYHU  1BSB SFDVQFSBSNPT P 'ULYHU QSFTFOUF OP 2SWLRQDO
VUJMJ[BNPT OB TFRVÐODJB P NÏUPEP JHW 
#*HW0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
UHWXUQ GULYHU5HSRVLWRU\ILQG%\,G LG JHW 
`

1BSB UFTUBS P SFTVMUBEP QSFDJTBNPT JOJDJBMJ[BS OPWBNFOUF OPTTP


QSPHSBNB FOUSBS OP ) $POTPMF F SFJOTFSJS PT EBEPT 6UJMJ[F P
TFHVJOUF 42-
,16(57 ,172 '5,9(5 ,' %,57+B'$7( 1$0(
9$/8(6 


$OH[DQGUH 6DXGDWH

,16(57 ,172 '5,9(5 ,' %,57+B'$7( 1$0(
9$/8(6 


0F/29,1


  5(&83(5$1'2 26 '$'26 '( 80 02725,67$ (63(&Ë),&2


'FJUP JTUP OBWFHVF QBSB BT 63-T DPSSFTQPOEFOUFT QBSB
WFSJGJDBS P SFTVMUBEP QSJNFJSP QBSB
KWWSORFDOKRVWGULYHUV 

^
LG 
QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH 7
`

& EFQPJT QBSB KWWSORFDOKRVWGULYHUV 


^
LG 
QDPH 0F/29,1
ELUWK'DWH 7
`

 $0/)&$&/%0 04 $»%*(04 %& 45"564


0 TFSWJÎP FTUÈ GVODJPOBOEP QBSB PT DBTPT CÈTJDPT PV TFKB QBSB
SFDVSTPT RVF FYJTUFN OP TJTUFNB PT NPUPSJTUBT  F 
 .BT F
RVBOUP B NPUPSJTUBT RVF OÍP FYJTUFN 4F WPDÐ OBWFHBS BUÏ B 63-
KWWSORFDOKRVWGULYHUV QPS FYFNQMP WFSÈ P
TFHVJOUF

 &21+(&(1'2 26 &Ï',*26 '( 67$786 


'JHVSB  %BEPT TFOEP SFUPSOBEPT EB "1*

0CTFSWF FTQFDJGJDBNFOUF B MJOIB


7KHUH ZDV DQ XQH[SHFWHG HUURU W\SH ,QWHUQDO 6HUYHU (UURU VWDWXV
 

0 QSPUPDPMP )551 EFGJOF BMHVOT UJQPT EF DØEJHPT EF TUBUVT


DBEB VN DPOEJDJPOBEP B VNB IJFSBSRVJB EJGFSFOUF "T IJFSBSRVJBT
TÍP BT TFHVJOUFT

0T RVF DPNFÎBN DPN  YY


TÍP JOGPSNBDJPOBJT 
NPTUSBN BP DMJFOUF RVF B SFRVJTJÎÍP GPJ SFDFCJEB F RVF BMHP
FTUÈ TFOEP FYFDVUBEP (FSBMNFOUF OÍP TÍP NVJUP VUJMJ[BEPT
0T RVF DPNFÎBN DPN  YY
TÍP DØEJHPT EF TVDFTTP 

  &21+(&(1'2 26 &Ï',*26 '( 67$786


NPTUSBN BP DMJFOUF RVF B SFRVJTJÎÍP GJOBMJ[PV TFV
QSPDFTTBNFOUP DPN TVDFTTP 0 DØEJHP  Ï VNB SFTQPTUB
HFOÏSJDB EF TVDFTTP F PT PVUSPT QSPQÜFN BP DMJFOUF RVF
FTUF GBÎB OPTTPT USBUBNFOUPT NBJT DPNQMFYPT
0T RVF DPNFÎBN DPN  YY
TÍP DØEJHPT EF
SFEJSFDJPOBNFOUP  NPTUSBN BP DMJFOUF RVF P SFTVMUBEP
GJOBM EB SFRVJTJÎÍP EFQFOEF EF PVUSBT BÎÜFT
0T RVF DPNFÎBN DPN  YY
TÍP DØEJHPT EF GBMIB RVF GPJ
PSJHJOBEB QPS BMHP EF FSSBEP RVF P DMJFOUF GF[ DPNP FSSPT
EF WBMJEBÎÍP QPS FYFNQMP

0T RVF DPNFÎBN DPN  YY
TÍP DØEJHPT EF GBMIB RVF GPJ
PSJHJOBEB QPS VNB DPOEJÎÍP OÍP USBUBEB QFMP TFSWJEPS

$POGPSNF B OBSSBUJWB EFTUF MJWSP GPS FWPMVJOEP WFSFNPT PT


DØEJHPT OFDFTTÈSJPT QBSB SFBMJ[BSNPT PT USBUBNFOUPT 1PS PSB
WBNPT OPT BUFS BP QSPCMFNB RVF UFNPT FN NÍPT OPTTP TFSWJÎP
SFUPSOPV QBSB P DBTP EF OÍP IBWFS P NPUPSJTUB  P DØEJHP 
0CTFSWF RVF B EFTDSJÎÍP EFTUF TUBUVT Ï ,QWHUQDO 6HUYHU (UURU
PV &SSP JOUFSOP EP TFSWJEPS JOEJDBOEP RVF P TFSWJEPS OÍP USBUPV
DPSSFUBNFOUF B FYFDVÎÍP EP NÏUPEP JHW OP DBTP EF P
2SWLRQDO OÍP DPOUFS WBMPS BMHVN BSNB[FOBEP EFOUSP EFMF

0CTFSWF P DPOUFYUP DPNP VN UPEP BP QBTTBS VNB SFRVJTJÎÍP


QBSB VN SFDVSTP JOFYJTUFOUF P DMJFOUF QSPWPDPV VN EFGFJUP OP
TFSWJEPS *TTP EFWFSJB TFS USBUBEP DPNP VNB GBMIB PSJHJOBEB QFMP
DMJFOUF 1PS JTTP WBNPT VUJMJ[BS VNB BOPUBÎÍP NBJT DPOEJ[FOUF
DPN FTTF DBTP  B  RVF UFN P EFTDSJUJWP 1RW )RXQG PV /ÍP
&ODPOUSBEP &TUF DØEJHP EF TUBUVT GPJ DSJBEP KVTUBNFOUF QBSB FTTF
DFOÈSJP FOUÍP OÍP IÈ DØEJHP NBJT BQSPQSJBEP EP RVF FTUF

1BSB BEBQUBS P DØEJHP WBNPT VTBS VNB GBDJMJEBEF EB DMBTTF

 &21+(&(1'2 26 &Ï',*26 '( 67$786 


2SWLRQDO RVF Ï P NÏUPEP RU(OVH7KURZ  &TUF NÏUPEP SFDFCF
DPNP QBSÉNFUSP VNB GVOÎÍP MBNCEB RVF SFUPSOB VNB FYDFÎÍP
RVF Ï B RVF WBNPT MBOÎBS 0 4QSJOH GPSOFDF VNB FYDFÎÍP FTQFDJBM
QBSB DBTPT DPNP P OPTTP B 5HVSRQVH6WDWXV([FHSWLRQ  &MB
SFDFCF DPNP QBSÉNFUSP VN EPT WBMPSFT QSFTFOUFT OP FOVN
+WWS6WDWXV RVF DPOUÏN VNB MJTUB EPT DØEJHPT EF TUBUVT BDFJUPT
PGJDJBMNFOUF QFMP QSPUPDPMP )551 "TTJN TFOEP QPEFNPT
NPEJGJDBS OPTTP DØEJHP QBSB GJDBS EB TFHVJOUF GPSNB
LPSRUW RUJVSULQJIUDPHZRUNKWWS+WWS6WDWXV
LPSRUW RUJVSULQJIUDPHZRUNZHEVHUYHU5HVSRQVH6WDWXV([FHSWLRQ
 

#*HW0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^

UHWXUQ GULYHU5HSRVLWRU\ILQG%\,G LG RU(OVH7KURZ ! QHZ 5HV


SRQVH6WDWXV([FHSWLRQ +WWS6WDWXV127B)281' 
`

"TTJN BP SFBMJ[BS P UFTUF EF JOJDJBMJ[BS OPTTP QSPKFUP F BDFTTBS


OPWBNFOUF B 63- KWWSORFDOKRVWGULYHUV WFNPT
P TFHVJOUF

'JHVSB  $ØEJHP  TFOEP SFUPSOBEP EB "1*

$PNP WPDÐ QPEF PCTFSWBS FTTB QÈHJOB EF FSSP BHPSB DPOUÏN

  &21+(&(1'2 26 &Ï',*26 '( 67$786


OP NJPMP P TFHVJOUF TUBUVT
7KHUH ZDV DQ XQH[SHFWHG HUURU W\SH 1RW )RXQG VWDWXV  
 127B)281'

 65*-*;"/%0 6. $-*&/5& "%&26"%0 


*/530%6±°0 "0 1045."/
1BSB VUJMJ[BS "1*T QSFDJTBNPT VUJMJ[BS VN DMJFOUF RVF TFKB
BEFRVBEP QBSB DPOUSPMBSNPT B QBTTBHFN EF JOGPSNBÎÜFT QBSB P
TFSWJEPS F WFS P RVF FTUÈ TFOEP SFUPSOBEP  BGJOBM QSFDJTBNPT
UBNCÏN DPOUSPMBS PT EBEPT RVF TFSÍP GPSOFDJEPT QBSB PT
QSPHSBNBT RVF WBNPT FTDSFWFS RVF WÍP DPOTVNJS "1*T 3&45
(PTUBSJB EF JOUSPEV[JS BRVJ VNB EBT GFSSBNFOUBT NBJT EJGVOEJEBT F
VUJMJ[BEBT QBSB MJEBS DPN FTUBT "1*T P 1PTUNBO RVF FTUÈ
EJTQPOÓWFM FN IUUQTXXXHFUQPTUNBODPN 6NB WF[ JOTUBMBEP F
FYFDVUBEP WPDÐ EFWF WFS VNB UFMB TFNFMIBOUF Ë TFHVJOUF

'JHVSB  5FMB JOJDJBM EP 1PTUNBO

 87,/,=$1'2 80 &/,(17( $'(48$'2  ,1752'8d­2 $2 32670$1 


7BNPT BHPSB VUJMJ[BS P 1PTUNBO QBSB DSJBS BT NFTNBT
SFRVJTJÎÜFT RVF GJ[FNPT WJB CSPXTFS 1BSB JTTP DMJRVF OP CPUÍP
1HZ RVF GJDB OP DBOUP TVQFSJPS Ë FTRVFSEB

'JHVSB  $SJBOEP SFRVFTU JOJDJBM OP 1PTUNBO

$MJRVF OP CPUÍP 5HTXHVW  "P GB[FS JTTP WPDÐ EFWF PCTFSWBS P


TFHVJOUF

  87,/,=$1'2 80 &/,(17( $'(48$'2  ,1752'8d­2 $2 32670$1


'JHVSB  4BMWBOEP B SFRVFTU JOJDJBM OP 1PTUNBO

/FTUB UFMB QSFFODIB P DBNQP 5HTXHVW 1DPH DPN P WBMPS


OLVWDU PRWRULVWDV F OP DBNQP 6HOHFW D FROOHFWLRQ RU
IROGHU WR VDYH WR EJHJUF $"3 F EFQPJT DMJRVF OP CPUÍP
&UHDWH &ROOHFWLRQ &$5  /B TFRVÐODJB DMJRVF OP CPUÍP 6DYH
WR &$5  " UFMB EFWF GJDBS BTTJN

 87,/,=$1'2 80 &/,(17( $'(48$'2  ,1752'8d­2 $2 32670$1 


'JHVSB  4BMWBOEP B SFRVFTU JOJDJBM OP 1PTUNBO

'JOBMNFOUF OP DBNQP POEF FTUÈ FTDSJUP (QWHU UHTXHVW 85/


DPMPRVF B 63- EB "1* EF MJTUBS UPEPT PT NPUPSJTUBT
KWWSORFDOKRVWGULYHUV  'FJUP JTUP DMJRVF FN 6HQG 
7PDÐ EFWF WFS VNB UFMB TFNFMIBOUF Ë TFHVJOUF

'JHVSB  1SJNFJSB MJTUBHFN DPN 1PTUNBO

  87,/,=$1'2 80 &/,(17( $'(48$'2  ,1752'8d­2 $2 32670$1


$PNP WPDÐ QPEF PCTFSWBS P DPOUFÞEP DPOUJOVB BQBSFDFOEP
%FTUB WF[ Ï QPTTÓWFM MFS VN DBNQP DIBNBEP 6WDWXV OP DFOUSP F
Ë EJSFJUB DPN P WBMPS  2.  &TUF Ï P DØEJHP EF TUBUVT EB
SFTQPTUB EBEB QFMB "1* VNB SFTQPTUB HFOÏSJDB EF TVDFTTP

7BNPT BHPSB UFTUBS QFMP 1PTUNBO VN SFUPSOP DPN P DØEJHP


  "MUFSF B 63- QBSB KWWSORFDOKRVWGULYHUV F
BQFSUF 6HQG  6NB SFTQPTUB DPNP B TFHVJOUF QPEF TFS WJTVBMJ[BEB

'JHVSB  4UBUVT  WJTUP DPN 1PTUNBO

"HPSB P DBNQP 6WDWXV NPTUSB P UFYUP  1RW )RXQG PV


TFKB P DØEJHP  DPOUJOVB TF GB[FOEP QSFTFOUF "MÏN EJTTP WPDÐ
QPEF PCTFSWBS VNB PVUSB NVEBOÎB P DPSQP EB SFTQPTUB BHPSB Ï
VN +40/ EJGFSFOUFNFOUF EF RVBOEP DPOTVMUBNPT VUJMJ[BOEP P
CSPXTFS 1PS RVF JTTP BDPOUFDF

 87,/,=$1'2 80 &/,(17( $'(48$'2  ,1752'8d­2 $2 32670$1 


 /&(0$*"±°0 %& $0/5&Á%0
4F WPDÐ SFQBSBS CFN WFSÈ RVF QPVDP BCBJYP EP DBNQP POEF Ï
JOTFSJEB B 63- EP SFDVSTP FYJTUF VN DBNQP DIBNBEP +HDGHUV 

'JHVSB  &YJTUFN WÈSJPT DBNQPT BCBJYP EB 63- JODMVJOEP VN DIBNBEP )FBEFST

"P DMJDBS OFTTF CPUÍP BQBSFDF VNB TFÎÍP DIBNBEB +HDGHUV


DPN P OÞNFSP  F BP MBEP VNB TFÎÍP DIBNBEB 7HPSRUDU\
+HDGHUV DPN P OÞNFSP  "P FYQBOEJS B TFÎÍP 7HPSRUDU\
+HDGHUV WFNPT P TFHVJOUF

'JHVSB  4FÎÍP EF UFNQPSBSZ IFBEFST FYQBOEJEB

&TTB Ï B TFÎÍP EF DBCFÎBMIPT PV KHDGHUV


RVF TÍP FOWJBEPT
QBSB P TFSWJEPS OP NPNFOUP EB SFRVJTJÎÍP /B DPMVOB .H\ FYJTUF
VN DBCFÎBMIP DIBNBEP $FFHSW RVF FTUÈ DPN P WBMPS   &TUF

  1(*2&,$d­2 '( &217(Ò'2


DBCFÎBMIP Ï VN QFEJEP QBSB P TFSWJEPS FOWJBS P UJQP EF
JOGPSNBÎÍP RVF FTUÈ EFTUBDBEB OP WBMPS  TJHOJGJDB RVF P
DMJFOUF BDFJUB MJUFSBMNFOUF RVBMRVFS DPJTB 1PEF TFS VNB JNBHFN
)5.- VN 1%' 9.- +40/

$PNP GB[FNPT JTTP P OPTTP TFSWJÎP OP 4QSJOH #PPU BDBCB


FTDPMIFOEP P NFMIPS UJQP EF JOGPSNBÎÍP B FOWJBS JTUP Ï VN +40/
EFTDSFWFOEP P QSPCMFNB /P FOUBOUP P CSPXTFS FOWJB BMHP NVJUP
EJGFSFOUF 0 WBMPS FYBUP RVF Ï FOWJBEP QPEF WBSJBS NBT P RVF
DBQUVSFJ OP (PPHMF $ISPNF WFSTÍP  SPEBOEP FN VN
6CVOUV -JOVY  GPJ P TFHVJOUF
WH[WKWPODSSOLFDWLRQ[KWPO[PODSSOLFDWLRQ[POT 
LPDJHZHESLPDJHDSQJ  T DSSOLFDWLRQVLJQHG
H[FKDQJHY E  2VBOEP FTUF WBMPS Ï FOWJBEP P TFSWJEPS
JOUFSQSFUB RVF P NFMIPS GPSNBUP B TFS VUJMJ[BEP OP FOWJP EBT
JOGPSNBÎÜFT Ï P WH[WKWPO VN )5.- .BT DPNP FTTB TFMFÎÍP Ï
GFJUB

0 QSJNFJSP QBTTP Ï TFHNFOUBS PT EBEPT 0CTFSWF RVF FYJTUF


VNB WÓSHVMB TFQBSBOEP PT WBMPSFT F TF SFUJSBSNPT FTUB WÓSHVMB
WBNPT FOYFSHBS P TFHVJOUF

WH[WKWPO
DSSOLFDWLRQ[KWPO[PO
DSSOLFDWLRQ[POT 
LPDJHZHES
LPDJHDSQJ
 T 
DSSOLFDWLRQVLJQHGH[FKDQJHY E

&TUFT WBMPSFT TÍP DIBNBEPT EF 0,0( 7\SHV PV


BMUFSOBUJWBNFOUF 0HGLD 7\SHV MFNCSBTF EF RVBOEP VUJMJ[BNPT

 1(*2&,$d­2 '( &217(Ò'2 


B BOPUBÎÍP #5HTXHVW0DSSLQJ OB OPTTB "1*
 $BEB VN EFTTFT
PHGLD W\SHV UFN VNB FTUSVUVSB BTTJN WLSR!VXEWLSR!  0
UJQP Ï DPNP TF GPTTF B GBNÓMJB EBT JOGPSNBÎÜFT PV TFKB UFYUP
JNBHFN FUD 6N UJQP QBSUJDVMBS Ï DSSOLFDWLRQ RVF HFSBMNFOUF
SFQSFTFOUB EBEPT CJOÈSJPT NBT QPEF TFS VUJMJ[BEP FN UFYUP
FTUSVUVSBEP  +40/ QPS FYFNQMP

" SFTQFJUP EP  RVF UFNPT OB MJTUBHFN BDPOUFDF P TFHVJOUF


P BTUFSJTDP
Ï VUJMJ[BEP DPNP VN DVSJOHB OPT PHGLD W\SHV 
*TTP RVFS EJ[FS RVF FN VNB "1* RVF TFSWF JNBHFOT FV QPTTP
VUJMJ[BS P NFEJB UZQF LPDJH QBSB PCUFS VNB JNBHFN HFOÏSJDB
EF RVBMRVFS UJQP +1&( 1/( (*' FUD
 2VBOEP P DVSJOHB FTUÈ
EPT EPJT MBEPT DPNP BQSFTFOUBEP BMJ FN DJNB TJHOJGJDB RVBMRVFS
DPJTB 0 $ISPNF QFEJV QBSB P TFSWJEPS FOWJBS RVBMRVFS UJQP EF
EBEP EJTQPOÓWFM

.BT WPDÐ EFWF FTUBS TF QFSHVOUBOEP .BT GB[ TFOUJEP FOWJBS


UPEPT FTTFT EBEPT KVOUP DPN VNB TPMJDJUBÎÍP EF hRVBMRVFS DPJTBh
1PS RVF OÍP FOWJBS TPNFOUF FTTB TPMJDJUBÎÍP KÈ RVF P TFSWJEPS WBJ
FOWJBS RVBMRVFS DPJTB NFTNP  'B[ TFOUJEP FOWJBS FTTB TPMJDJUBÎÍP
EFWJEP BP QBSÉNFUSP FYUSB RVF FTUÈ BDPNQBOIBOEP P  
0CTFSWF RVF P PHGLD W\SH DPNQMFUP Ï  T   0 QPOUP F
WÓSHVMB Ï VTBEP QBSB TFQBSBS P PHGLD W\SH EPT QBSÉNFUSPT F P
T Ï VN QBSÉNFUSP RVF EFUFSNJOB B QSFGFSÐODJB QPS FTTF UJQP EF
EBEP OFTUF DBTP  FN VN SBOHF RVF WBSJB EF  BUÏ  TFOEP
FTUF ÞMUJNP P QBESÍP
 4F B QSFGFSÐODJB QPS RVBMRVFS UJQP EF EBEP Ï
EJNJOVÓEB TJHOJGJDB RVF P TFSWJEPS WBJ QSJPSJ[BS B PSEFN EF
FOUSFHB EPT EBEPT BTTJN

WH[WKWPO
DSSOLFDWLRQ[KWPO[PO

  1(*2&,$d­2 '( &217(Ò'2


LPDJHZHES
LPDJHDSQJ
DSSOLFDWLRQVLJQHGH[FKDQJH
DSSOLFDWLRQ[PO


1PSUBOUP WBJ VTBS P QBSÉNFUSP T QBSB FTUBCFMFDFS VNB PSEFN


EF QSJPSJEBEF F EFQPJT QPS PSEFN FN RVF PT PHGLD W\SHV
BQBSFDFN

7BNPT GB[FS VN FYQFSJNFOUP JOTJSB P DBCFÎBMIP $FFHSW OP


1PTUNBO DPN P WBMPS WH[WKWPO  F EFQPJT BQFSUF 6HQG  "
SFTQPTUB EFWF TFS TFNFMIBOUF Ë TFHVJOUF

'JHVSB  " SFRVFTU SFUPSOB )5.- RVBOEP P DBCFÎBMIP "DDFQU NVEB

 1(*2&,$d­2 '( &217(Ò'2 


."4 103 26& 65*-*;"3 0 5&95)5.- $0. 

0 4QSJOH #PPU BQSFTFOUPV FTUF SFTVMUBEP OPT NFVT UFTUFT 


QPEF DPOTJEFSBS DPNP VN CVH 0 DPSSFUP TFSJB SFUPSOBS P
)5.- NFTNP TFN P  OP DBCFÎBMIP 7FSFNPT B TFHVJS P RVF
BDPOUFDF TF OÍP QBTTBSNPT FTTF WBMPS

&N DPNQFOTBÎÍP DPMPDBS OFTUF DBCFÎBMIP VN PHGLD W\SH


RVF OÍP Ï BDFJUP QFMP TFSWJEPS QSPWPDB P SFUPSOP EP TUBUVT 
1RW $FFHSWDEOH  4F DPMPDBSNPT  PV DSSOLFDWLRQMVRQ
FMF SFUPSOB P +40/ RVF WJNPT BOUFSJPSNFOUF

7BMF PCTFSWBS RVF QBSB RVF P NFDBOJTNP EF OFHPDJBÎÍP EF


DPOUFÞEP GVODJPOF Ï OFDFTTÈSJP RVF P TFSWJEPS UBNCÏN JOGPSNF
RVBM UJQP EF DPOUFÞEP FTUÈ TFOEP TFSWJEP EF GBUP *TUP QPSRVF DBTP
P DMJFOUF VUJMJ[F VN DVSJOHB PV NFTNP EPJT OP DBTP EB SFRVJTJÎÍP
DPN 
Ï OFDFTTÈSJP RVF P TFSWJEPS BWJTF P RVF FTUÈ SFBMNFOUF
TFOEP GPSOFDJEP &TUF BWJTP Ï GFJUP BUSBWÏT EP DBCFÎBMIP &RQWHQW
7\SH RVF SFUPSOB TFNQSF VN ÞOJDP PHGLD W\SH F TFN DVSJOHB
/P OPTTP DBTP B "1* TFNQSF SFUPSOB +40/ QPJT GPJ P RVF
EFDMBSBNPT OP DBCFÎBMIP #5HTXHVW0DSSLQJ  "MHVOT DBQÓUVMPT
BEJBOUF WFSFNPT DPNP TFSWJS PVUSPT UJQPT EF DPOUFÞEP

 &/7*"/%0 %"%04 1"3" 0 4&37*%03


"HPSB RVF KÈ WJNPT WÈSJPT EPT BTQFDUPT EB MJTUBHFN EF
NPUPSJTUBT WFSFNPT DPNP GB[FS B DSJBÎÍP EF EBEPT VUJMJ[BOEP B
"1*

  (19,$1'2 '$'26 3$5$ 2 6(59,'25


$PNP WPDÐ WJV OP DBQÓUVMP QBTTBEP B DSJBÎÍP EF EBEPT EP MBEP
EP TFSWJEPS Ï GFJUB VUJMJ[BOEP P NÏUPEP )551 3267  &TUF NÏUPEP
Ï FTQFDJBM QPJT QFSNJUF RVF P VTVÈSJP VUJMJ[F P DPSQP EB SFRVJTJÎÍP
QBSB QBTTBS QBSÉNFUSPT BP DPOUSÈSJP EP *(7 RVF TØ QFSNJUF RVF
P TFSWJEPS FOWJF EBEPT OP DPSQP

7BNPT NPEJGJDBS OPTTB "1* QBSB GB[FS JTTP 1SJNFJSP DSJF VN


NÏUPEP OB DMBTTF 'ULYHU$3, DPN B TFHVJOUF BTTJOBUVSB
SXEOLF 'ULYHU FUHDWH'ULYHU 'ULYHU GULYHU

%F NBOFJSB TFNFMIBOUF BP NÏUPEP OLVW'ULYHUV WBNPT


BOPUBS OPTTP NÏUPEP DPN #3RVW0DSSLQJ JOEJDBOEP QBSB P
4QSJOH RVF FTTF NÏUPEP WBJ SFTQPOEFS BP NÏUPEP 3267  %B
NFTNB GPSNB WBNPT QBTTBS DPNP QBSÉNFUSP B 63- GULYHUV 
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ3RVW0DSSLQJ



#3RVW0DSSLQJ GULYHUV
SXEOLF 'ULYHU FUHDWH'ULYHU 'ULYHU GULYHU

 (19,$1'2 '$'26 3$5$ 2 6(59,'25 


103 26& 7".04 64"3 " .&4." 63- %& "/5&4

&N 3&45 B 63- EF VN SFDVSTP Ï BQFOBT VN EPT BTQFDUPT EB


GPSNB DPNP JOUFSBHJNPT DPN FMF &MB SFQSFTFOUB B EJNFOTÍP
EB OPNFODMBUVSB F IJFSBSRVJB EP SFDVSTP NBT B GPSNB DPNP
JOUFSBHJNPT DPN P SFDVSTP Ï EFUFSNJOBEB QFMPT NÏUPEPT
)551 "TTJN TFOEP B 63- QFSNBOFDF TFOEP B NFTNB
QPSRVF BJOEB FTUBNPT MJEBOEP DPN NPUPSJTUBT

$SJBOEP VNB BOBMPHJB QBSB NFMIPS DPNQSFFOTÍP JNBHJOF


RVF WPDÐ UFN VN QBS EF UÐOJT 7PDÐ P DPNQSB F P DPMPDB OB
TVB TBQBUFJSB 3267
 7PDÐ P QSPDVSB QBSB VUJMJ[BS *(7

WÈSJBT WF[FT &N BMHVNB EFTTBT WF[FT WPDÐ QPEF SFUJSÈMP QBSB
MBWBS F EFWPMWF VN UÐOJT UBMWF[ DPN PVUSBT DBSBDUFSÓTUJDBT
3$7&+
 6N EJB WPDÐ P WFOEF PV EPB
 '(/(7( 

0CTFSWF RVF B JOUFSBÎÍP Ï DPN P UÐOJT NBT B GPSNBJOUFOÎÍP


QPEF TFS EJGFSFOUF ² QPS JTTP RVF VUJMJ[BNPT B NFTNB 63-
PT SFDVSTPT QFSNBOFDFN TFOEP PT NFTNPT P RVF NVEB Ï B
GPSNB DPNP MJEBNPT DPN FMFT

1SFDJTBNPT UBNCÏN JOGPSNBS BP 4QSJOH RVF P 'ULYHU RVF GPJ


QBTTBEP DPNP QBSÉNFUSP WBJ FTUBS QSFTFOUF OP DPSQP EB SFRVJTJÎÍP
1BSB JTTP VUJMJ[BNPT B BOPUBÎÍP #5HTXHVW%RG\ 
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HTXHVW%RG\

#3RVW0DSSLQJ GULYHUV
SXEOLF 'ULYHU FUHDWH'ULYHU #5HTXHVW%RG\ 'ULYHU GULYHU

'JOBMNFOUF VUJMJ[BNPT P NÏUPEP VDYH EP SFQPTJUØSJP QBSB

  (19,$1'2 '$'26 3$5$ 2 6(59,'25


TBMWBS P NPUPSJTUB F SFUPSOBS PT EBEPT KÈ QFSTJTUJEPT OP CBODP EF
EBEPT
#3RVW0DSSLQJ GULYHUV
SXEOLF 'ULYHU FUHDWH'ULYHU #5HTXHVW%RG\ 'ULYHU GULYHU ^
UHWXUQ GULYHU5HSRVLWRU\VDYH GULYHU 
`

"HPSB WBNPT SFBMJ[BS PT UFTUFT EB OPWB "1* DPN 1PTUNBO "P


MBEP EB BCB DPN P OPTTP NÏUPEP *(7 MÈ POEF FTUÈ FTDSJUP
OLVWDU PRWRULVWDV
FYJTUF VN CPUÍP EF   $MJRVF OFTTF CPUÍP
F OB TFRVÐODJB WÈ BUÏ P ESPQEPXO POEF FTUÈ MJTUBEP P NÏUPEP
*(7 F NVEF QBSB 3267  /B QBSUF EB 63- DPMPRVF B NFTNB EF
BOUFT KWWSORFDOKRVWGULYHUV  &OUÍP DMJRVF OP CPUÍP
%RG\ F OP SBEJP POEF FTUÈ FTDSJUP UDZ  *TUP RVFS EJ[FS RVF P
DPSQP EB SFRVJTJÎÍP SFDFCFSÈ EBEPT CSVUPT 6N ESPQEPXO Ë EJSFJUB
BQBSFDFV NVEF P WBMPS EFTUF QBSB -621 

'JHVSB  $POGJHVSBOEP P 1PTUNBO QBSB SFBMJ[BS B SFRVJTJÎÍP

7BNPT QSFFODIFS BHPSB DPN EBEPT DPNQBUÓWFJT DPN B


SFRVJTJÎÍP $PNP WJNPT BOUFT USBUBTF EF VN +40/ DPN PT

 (19,$1'2 '$'26 3$5$ 2 6(59,'25 


DBNQPT QDPH F ELUWK'DWH 
^
QDPH)XODQR GH 7DO
ELUWK'DWH
`

"CSP VN QFRVFOP JOUFSMÞEJP BRVJ QBSB GB[FS VNB PCTFSWBÎÍP


DMJRVF OB TFÎÍP +HDGHUV F WPDÐ WFSÈ RVF P 1PTUNBO DSJPV VN
DBCFÎBMIP &RQWHQW7\SH F P QSFFODIFV DPN
DSSOLFDWLRQMVRQ  0CTFSWF RVF RVBOEP FOWJBNPT EBEPT
UBNCÏN QSFDJTBNPT FOWJBS P DBCFÎBMIP NFODJPOBEP DPN P UJQP EF
DPOUFÞEP RVF FTUBNPT FOWJBOEP 2VBOEP TFMFDJPOBNPT -621 OP
ESPQEPXO P 1PTUNBO QSFFODIFV FTTF DBCFÎBMIP QBSB OØT
BVUPNBUJDBNFOUF

7PMUBOEP BP OPTTP UFTUF EB SFRVJTJÎÍP BQFSUBNPT P CPUÍP


6HQG BHPSB F SFDFCFNPT B TFHVJOUF SFTQPTUB

VWDWXV 
HUURU ,QWHUQDO 6HUYHU (UURU
PHVVDJH LGV IRU WKLV FODVV PXVW EH PDQXDOO\ DVVLJQHG EHIRUH F
DOOLQJ VDYH  DSSFDUFDSGRPDLQ'ULYHU QHVWHG H[FHSWLRQ LV R
UJKLEHUQDWHLG,GHQWLILHU*HQHUDWLRQ([FHSWLRQ LGV IRU WKLV FODVV
PXVW EH PDQXDOO\ DVVLJQHG EHIRUH FDOOLQJ VDYH  DSSFDUFDSG
RPDLQ'ULYHU

*TTP RVFS EJ[FS RVF RVBOEP DSJBNPT B OPTTB DMBTTF 'ULYHU


OÍP PGFSFDFNPT BP 4QSJOH+1" RVBMRVFS JOEJDBUJWP EF DPNP
SFBMJ[BS B HFSBÎÍP EPT ÓOEJDFT OP CBODP EF EBEPT 1PEFNPT DPSSJHJS
JTTP BOPUBOEP P DBNQP LG EB DMBTTF 'ULYHU DPN
#*HQHUDWHG9DOXH 

SDFNDJH DSSFDUFDSGRPDLQ

 UHVWDQWH GRV LPSRUWV RPLWLGRV


LPSRUW MDYD[SHUVLVWHQFH*HQHUDWHG9DOXH

  (19,$1'2 '$'26 3$5$ 2 6(59,'25


#'DWD
#(QWLW\
SXEOLF FODVV 'ULYHU ^

#,G
#*HQHUDWHG9DOXH
/RQJ LG
6WULQJ QDPH
'DWH ELUWK'DWH

3FJOJDJF B BQMJDBÎÍP F BQFSUF P CPUÍP 6HQG OPWBNFOUF 0


SFTVMUBEP EFWFSÈ TFS P TFHVJOUF
^
LG 
QDPH )XODQR GH 7DO
ELUWK'DWH 7
`

 *%&.105³/$*" 04 &'&*504 %&


*/70$"±¿&4 46$&44*7"4
$MJRVF OP CPUÍP 6HQG WÈSJBT WF[FT TFHVJEBT 0CTFSWF RVF P
LG WBJ TFOEP JODSFNFOUBEP PV TFKB B DBEB DMJRVF EP CPUÍP VN
OPWP SFDVSTP Ï DSJBEP OP MBEP EP TFSWJEPS &TUF GBUP MFWBOUB VNB
RVFTUÍP NVJUP JNQPSUBOUF TVQPOIB RVF WPDÐ SFBMJ[F P FOWJP EF
VNB JOGPSNBÎÍP QBSB P TFSWJEPS NBT RVBOEP P TFSWJEPS FTUÈ
FOWJBOEP B SFTQPTUB QPS BMHVN NPUJWP B DPOFYÍP DSJBEB Ï QFSEJEB
%FTUB GPSNB WPDÐ OÍP DPOTFHVF SFDFCFS P SFTVMUBEP EB JOWPDBÎÍP F
OÍP TBCF TF B SFRVJTJÎÍP UFWF TVDFTTP PV OÍP 0 RVF GB[FS SFFOWJBS
B SFRVJTJÎÍP PV OÍP

&YJTUF VNB QSPQSJFEBEF EPT NÏUPEPT )551 RVF Ï B


JEFNQPUÐODJB RVF USBUB B SFTQFJUP EPT FGFJUPT RVF TVDFTTJWBT

 ,'(0327Ç1&,$ 26 ()(,726 '( ,192&$d®(6 68&(66,9$6 


JOWPDBÎÜFT QBSB P TFSWJEPS UFSÍP EB NFTNB GPSNB RVF WPDÐ GF[
DMJDBOEP WÈSJBT WF[FT TPCSF P CPUÍP 6HQG
 %J[FNPT RVF VNB
SFRVJTJÎÍP Ï JEFNQPUFOUF RVBOEP P FGFJUP EB FOÏTJNB SFRVJTJÎÍP Ï
JHVBM BP EB QSJNFJSB &N PVUSBT QBMBWSBT OÍP JNQPSUB RVBOUBT
WF[FT FOWJBNPT VNB SFRVJTJÎÍP OFOIVNB BMUFSBÎÍP TPCSF P FTUBEP
EP TFSWJEPS TFSÈ QSPEV[JEB BMÏN EBRVFMB GFJUB QFMB QSJNFJSB RVF
UJOIB BT NFTNBT DBSBDUFSÓTUJDBT 0CWJBNFOUF GBMBNPT EF VN
TFSWJEPS JTPMBEP JTUP Ï OÍP IÈ OFOIVN PVUSP DMJFOUF JOUFSBHJOEP
DPN PT NFTNPT SFDVSTPT

*TTP OPT QFSNJUF UFS VNB TFHVSBOÎB RVBOEP GBMBNPT B SFTQFJUP


EP DFOÈSJP FN RVF OÍP SFDFCFNPT B SFTQPTUB 1PEFNPT
TJNQMFTNFOUF SFFOWJBS B SFRVJTJÎÍP  TF P NÏUPEP Ï JEFNQPUFOUF P
SFTVMUBEP FTQFSBEP TFSÈ P NFTNP RVF B QSJNFJSB SFRVJTJÎÍP *TTP
OÍP WBMF QBSB NÏUPEPT RVF OÍP TÍP JEFNQPUFOUFT QPJT QPEFNPT
DSJBS EBEPT OP TFSWJEPS BMÏN EBRVFMFT OFDFTTÈSJPT F DSJBS FGFJUPT
JOEFTFKBEPT

0CTFSWF UBNCÏN RVF FTUB QSPQSJFEBEF USBUB FYDMVTJWBNFOUF EB


SFMBÎÍP FOUSF P DMJFOUF F P TFSWJEPS FN UFSNPT EF SFDVSTPT 1PS
FYFNQMP TVQPOIB RVF FV VTP VN NÏUPEP JEFNQPUFOUF TPCSF P
TFSWJEPS NBT B DBEB JOWPDBÎÍP OPWB VN MPH Ï HFSBEP EP MBEP EP
TFSWJEPS .FTNP BTTJN B SFRVJTJÎÍP Ï DPOTJEFSBEB JEFNQPUFOUF
QPSRVF PT MPHT EJ[FN SFTQFJUP FYDMVTJWBNFOUF BP DPNQPSUBNFOUP
JOUFSOP EP TFSWJEPS OÍP GB[FOEP QBSUF EB SFMBÎÍP DMJFOUF F
TFSWJEPS

/PT FYFNQMPT RVF WJNPT BUÏ BHPSB P NÏUPEP *(7 Ï


JEFNQPUFOUF F P 3267 OÍP 1PS FTTF NPUJWP JODMVTJWF PT CSPXTFST
NVJUBT WF[FT OPT QFSHVOUBN TF RVFSFNPT SFFOWJBS EBEPT
FWFOUVBMNFOUF FTUBNPT QSFFODIFOEP VN GPSNVMÈSJP PV BMHP EP

  ,'(0327Ç1&,$ 26 ()(,726 '( ,192&$d®(6 68&(66,9$6


UJQP F PT EBEPT TÍP FOWJBEPT VTBOEP 3267  2VBOEP EF BMHVNB
GPSNB TPMJDJUBNPT RVF B QÈHJOB TFKB BUVBMJ[BEB BQFSUBOEP P CPUÍP
) PV EF BMHVNB PVUSB GPSNB
P CSPXTFS QFEF RVF P VTVÈSJP
BTTVNB P SJTDP EF SFFOWJBS PT EBEPT QPJT JTTP QPEF HFSBS FTTFT
FGFJUPT DPMBUFSBJT

 "56"-*;"/%0 04 %"%04 &/7*"%04


$0. 165 & 1"5$)
& QPS GBMBS FN JEFNQPUÐODJB UFNPT PT DBTPT EPT NÏUPEPT 387
F 3$7&+ RVF TÍP VUJMJ[BEPT QBSB GB[FS BUVBMJ[BÎÜFT QPSUBOUP
FTDSFWFN EBEPT
OP MBEP EP TFSWJEPS NBT TÍP JEFNQPUFOUFT

.BT QPS RVF UFNPT EPJT NÏUPEPT QBSB GB[FS JTTP 1PSRVF DBEB
VN GB[ B BUVBMJ[BÎÍP EF VNB GPSNB 0 387 BUVBMJ[B P DPOKVOUP
UPEP P 3$7&+ BQFOBT VN USFDIP 7BNPT WFS SBQJEBNFOUF B
EJGFSFOÎB BOUFT EF SFBMJ[BS B JNQMFNFOUBÎÍP 7BNPT SFWFS P +40/
EP NPUPSJTUB DPN P LG 
^
LG 
QDPH )XODQR GH 7DO
ELUWK'DWH 7
`

4F OØT RVJTFSNPT SFBMJ[BS VNB NVEBOÎB FN UPEPT PT EBEPT Ï


NFMIPS VUJMJ[BS P 387 

387 GULYHUV

^
QDPH$OH[DQGUH 6DXGDWH
ELUWK'DWH 
`

 $78$/,=$1'2 26 '$'26 (19,$'26 &20 387 ( 3$7&+ 


4F FV EFJYBS EF FOWJBS VN EPT EBEPT QDPH PV ELUWK'DWH

P VTP EP 387 WBJ GB[FS DPN RVF NFV TFSWJÎP FOUFOEB RVF FTTFT
EBEPT EFWFN TFS EFTDBSUBEPT " FYDFÎÍP Ë SFHSB Ï P DBNQP LG
RVF OFTUF DBTP Ï VUJMJ[BEP OB 63- QPS EPJT NPUJWPT P QSJNFJSP
QBSB TFS NBJT BEFRVBEP Ë OPÎÍP EF SFDVSTP FN 3&45 4F FV GJ[FTTF
P 387 EJSFUBNFOUF TPCSF B 63- GULYHUV JTTP JOEJDBSJB RVF
FTUBNPT GB[FOEP B BUVBMJ[BÎÍP EB MJTUB UPEB EF NPUPSJTUBT P RVF
OÍP Ï P DBTP

0 TFHVOEP NPUJWP Ï QBSB NFMIPSBS B DPOEJÎÍP EF DPODPSSÐODJB


FN RVF P TFSWJEPS QPEF TF FODPOUSBS "P FGFUVBS BT BUVBMJ[BÎÜFT EF
EBEPT TPCSF VN SFDVSTP JTPMBEP GJDB NBJT GÈDJM EF MJEBS DPN
QPTTÓWFJT BUVBMJ[BÎÜFT DPODPSSFOUFT FN RVF NBJT EF VN VTVÈSJP
QPEF UFOUBS DSJBS PV BUVBMJ[BS EBEPT OP NFTNP SFDVSTP BP NFTNP
UFNQP

+È P NÏUPEP 3$7&+ WBJ GB[FS VNB NVEBOÎB BQFOBT


JODSFNFOUBM 4F VUJMJ[BSNPT FTUF NÏUPEP TPCSF P NPUPSJTUB )XODQR
GH 7DO GBSFNPT B BUVBMJ[BÎÍP BQFOBT EP DBNQP QBTTBEP OP
3$7&+ WFKB

3$7&+ GULYHUV

^
QDPH$OH[DQGUH 6DXGDWH
`

%FTUB GPSNB P DBNQP ELUWK'DWH WBJ QFSNBOFDFS JOUPDBEP


DPN P NFTNP WBMPS EF BOUFT EB SFRVJTJÎÍP DPN 3$7&+  *TUP GB[
DPN RVF DBEB VN EPT SFDVSTPT QPTTB TFS VTBEP OPT NFTNPT
SFDVSTPT TFOEP VN NBJT JOUFSFTTBOUF EP RVF P PVUSP FN BMHVOT
BTQFDUPT

7BNPT Ë JNQMFNFOUBÎÍP $PNP WPDÐ KÈ WJV B 63- WBJ TFS

  $78$/,=$1'2 26 '$'26 (19,$'26 &20 387 ( 3$7&+


TFNFMIBOUF Ë EF MPDBMJ[BÎÍP EF VN NPUPSJTUB FTQFDÓGJDP
GULYHUV^LG`  +È P DPSQP EB SFRVJTJÎÍP WBJ SFDFCFS P +40/
DPOUFOEP P NPUPSJTUB -PHP B JNQMFNFOUBÎÍP Ï DPNP TF GPTTF B
KVOÎÍP EB JNQMFNFOUBÎÍP EP NÏUPEP EF MPDBMJ[BS VN NPUPSJTUB
FTQFDÓGJDP DPN P NÏUPEP EF DSJBS VN OPWP NPUPSJTUB %FTUB GPSNB
WBNPT DSJBS B BTTJOBUVSB EP NÏUPEP DPN FTTFT DPODFJUPT F B
BOPUBÎÍP #3XW0DSSLQJ RVF WBJ SFBMJ[BS B MJHBÎÍP EFTTF NÏUPEP
DPN P 387 
#3XW0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU IXOO8SGDWH'ULYHU #3DWK9DULDEOH LG /RQJ LG #5HTX
HVW%RG\ 'ULYHU GULYHU ^
 LPSOHPHQWD§£R
`

1BSB B JNQMFNFOUBÎÍP EP DPSQP EP NÏUPEP FN TJ WBNPT GB[FS


DPN RVF P NÏUPEP IXOO8SGDWH'ULYHU DIBNF P NÏUPEP
ILQG'ULYHU QPJT EFTUB GPSNB P NÏUPEP WBJ BVUPNBUJDBNFOUF
GB[FS DPN RVF P DØEJHP  TFKB SFUPSOBEP FN DBTP EF UFOUBSNPT
GB[FS B BUVBMJ[BÎÍP EF VN NPUPSJTUB JOFYJTUFOUF 7BNPT UBNCÏN
GB[FS B USBOTQPTJÎÍP EPT EBEPT QBTTBEPT DPNP QBSÉNFUSP QBSB P
NPUPSJTUB FODPOUSBEP F FOUÍP DIBNBS P NÏUPEP VDYH EP
SFQPTJUØSJP
#3XW0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU IXOO8SGDWH'ULYHU #3DWK9DULDEOH LG /RQJ LG #5HTX
HVW%RG\ 'ULYHU GULYHU ^
'ULYHU IRXQG'ULYHU ILQG'ULYHU LG 
IRXQG'ULYHUVHW%LUWK'DWH GULYHUJHW%LUWK'DWH 
IRXQG'ULYHUVHW1DPH GULYHUJHW1DPH 
UHWXUQ GULYHU5HSRVLWRU\VDYH IRXQG'ULYHU 
`

"HPSB WBNPT VUJMJ[BS OPWBNFOUF P 1PTUNBO QBSB UFTUBS OPTTP


NÏUPEP $SJF VNB OPWB SFRVJTJÎÍP OP 1PTUNBO BKVTUBOEP P
NÏUPEP )551 QBSB 387 F B 63- QBSB

 $78$/,=$1'2 26 '$'26 (19,$'26 &20 387 ( 3$7&+ 


KWWSORFDOKRVWGULYHUV  2VBOUP BP DPSQP EB
SFRVJTJÎÍP BKVTUF QBSB P TFHVJOUF
^
QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH 
`

'JHVSB  3FBMJ[BOEP B SFRVJTJÎÍP 165 DPN 1PTUNBO

4F UVEP FTUJWFS DFSUP WPDÐ EFWF SFDFCFS VNB SFTQPTUB


TFNFMIBOUF Ë TFHVJOUF
^
LG 
QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH 7
`

"HPSB GBÎB P TFHVJOUF UFTUF SFUJSF P DBNQP ELUWK'DWH EB


SFRVJTJÎÍP EF FOUSBEB EFJYBOEP BQFOBT P OPNF &N PVUSBT
QBMBWSBT FOWJF P DPSQP EB SFRVJTJÎÍP BTTJN
^
QDPH $OH[DQGUH 6DXGDWH
`

0 SFTVMUBEP EB SFRVJTJÎÍP TFSÈ P TFHVJOUF


^
LG 

  $78$/,=$1'2 26 '$'26 (19,$'26 &20 387 ( 3$7&+


QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH QXOO
`

0CTFSWF RVF P DBNQP ELUWK'DWH GJDPV OVMP /ØT


JNQMFNFOUBNPT P NÏUPEP 387 MFWBOEP JTTP FN DPOTJEFSBÎÍP KÈ
RVF FTUB Ï B OBUVSF[B EFMF

7BNPT BHPSB Ë JNQMFNFOUBÎÍP EP NÏUPEP 3$7&+  "


BTTJOBUVSB EP NÏUPEP OB DMBTTF 'ULYHU$3, GJDB NVJUP
TFNFMIBOUF FYDFUP RVF BHPSB VUJMJ[BNPT B BOPUBÎÍP
#3DWFK0DSSLQJ 

#3DWFK0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU LQFUHPHQWDO8SGDWH'ULYHU #3DWK9DULDEOH LG /RQJ LG
 #5HTXHVW%RG\ 'ULYHU GULYHU ^
 ,PSOHPHQWD§£R
`

" JNQMFNFOUBÎÍP EP NÏUPEP UBNCÏN Ï TFNFMIBOUF "


EJGFSFOÎB Ï RVF WBNPT UFTUBS PT DBNQPT B TFSFN NBQFBEPT QBSB
DBTP QBTTFNPT BMHVN EBEP OVMP B JNQMFNFOUBÎÍP DPOTJEFSB P RVF
KÈ IBWJB BOUFT 1BSB FWJUBS NVJUB WFSCPTJEBEF OB FTDSJUB WBNPT
VUJMJ[BS B DMBTTF 2SWLRQDO F TFVT NÏUPEPT RI1XOODEOH F
RU(OVH QBSB GB[FS FTTFT UFTUFT

#3DWFK0DSSLQJ GULYHUV^LG`
SXEOLF 'ULYHU LQFUHPHQWDO8SGDWH'ULYHU #3DWK9DULDEOH LG /RQJ LG
 #5HTXHVW%RG\ 'ULYHU GULYHU ^
'ULYHU IRXQG'ULYHU ILQG'ULYHU LG 
IRXQG'ULYHUVHW%LUWK'DWH 2SWLRQDORI1XOODEOH GULYHUJHW%LUWK'D
WH RU(OVH IRXQG'ULYHUJHW%LUWK'DWH 
IRXQG'ULYHUVHW1DPH 2SWLRQDORI1XOODEOH GULYHUJHW1DPH RU(O
VH IRXQG'ULYHUJHW1DPH 
UHWXUQ GULYHU5HSRVLWRU\VDYH IRXQG'ULYHU 
`

"HPSB WBNPT FOWJBS P +40/ EP DPN P NÏUPEP 3$7&+ KÈ TFN

 $78$/,=$1'2 26 '$'26 (19,$'26 &20 387 ( 3$7&+ 


P DBNQP ELUWK'DWH 

'JHVSB  3FBMJ[BOEP B SFRVJTJÎÍP 1"5$) DPN 1PTUNBO

0 SFTVMUBEP EFWF TFS BMHP DPNP P TFHVJOUF +40/


^
LG 
QDPH $OH[DQGUH 6DXGDWH
ELUWK'DWH 7
`

 "1"("/%0 04 %"%04 %& 6.


%&5&3.*/"%0 .0503*45"
'JOBMNFOUF QBSB DPNQMFUBS P DPOKVOUP EBT PQFSBÎÜFT CÈTJDBT
RVF QPEFNPT SFBMJ[BS TPCSF VN SFDVSTP WBNPT GBMBS EP NÏUPEP
'(/(7(  %FJYFJ FTUF NÏUPEP QPS ÞMUJNP QPSRVF FMF BQSFTFOUB
BMHVNBT QPMÐNJDBT

" QSJNFJSB QPMÐNJDB Ï FN SFMBÎÍP BP DPSQP EB SFRVJTJÎÍP "


FTQFDJGJDBÎÍP GPSNBM EP NÏUPEP '(/(7( OÍP EFJYB DMBSP TF Ï
QFSNJUJEP PV OÍP FOWJBS EBEPT OP DPSQP P RVF QPEF HFSBS
QSPCMFNBT EF BDPSEP DPN B GFSSBNFOUB VUJMJ[BEB "MHVNBT
GFSSBNFOUBT QPEFN BDFJUBS PVUSBT QPEFN SFKFJUBS QPS DPNQMFUP
TFN BWJTP
PVUSBT QPEFN SFUPSOBS VN FSSP )551 0 4QSJOH #PPU

  $3$*$1'2 26 '$'26 '( 80 '(7(50,1$'2 02725,67$


OB WFSTÍP VUJMJ[BEB OB FTDSJUB EFTUF MJWSP VUJMJ[B VN TFSWJEPS
5PNDBU QBSB TFSWJS BT SFRVJTJÎÜFT &TUF TFSWJEPS TVQPSUB DPSQP QBSB
P NÏUPEP )551 '(/(7(  &V OP FOUBOUP OÍP SFDPNFOEP RVF
WPDÐ VTF EFWJEP BPT QSPCMFNBT NFODJPOBEPT

" TFHVOEB QPMÐNJDB Ï FN SFMBÎÍP Ë JEFNQPUÐODJB 0 NÏUPEP


'(/(7( Ï DPOTJEFSBEP JEFNQPUFOUF QPSRVF BQFOBT B QSJNFJSB
SFRVJTJÎÍP WBJ QSPEV[JS BMUFSBÎÜFT TPCSF P FTUBEP EP TFSWJEPS "T
SFRVJTJÎÜFT TVCTFRVFOUFT FTUBSÍP JNQPTTJCJMJUBEBT EF QSPEV[JS
BMUFSBÎÜFT QPSRVF P SFDVSTP KÈ UFSÈ TJEP BQBHBEP /P FOUBOUP
FORVBOUP B SFTQPTUB EB QSJNFJSB SFRVJTJÎÍP QPEF TFS VN  B
SFTQPTUB EBT SFRVJTJÎÜFT TFHVJOUFT QPEF TFS  PV  PV TFKB
SFDVSTP OÍP FODPOUSBEP
EFQFOEFOEP EB JNQMFNFOUBÎÍP "
JEFNQPUÐODJB OFTUF DBTP Ï DPOTJEFSBEB QPSRVF OÍP GPJ QSPEV[JEB
BMUFSBÎÍP OP FTUBEP EP TFSWJEPS JTUP Ï B QSJNFJSB SFRVJTJÎÍP
BQBHPV P SFDVSTP F EB TFHVOEB FN EJBOUF P SFDVSTP KÈ OÍP FYJTUJB
NBJT

%JUP JTUP QFOTP P TFHVJOUF FN SFMBÎÍP BPT DØEJHPT SFUPSOBEPT


EB TFHVOEB SFRVJTJÎÍP FN EJBOUF OÍP IÈ DFSUP PV FSSBEP %FQFOEF
EP DFOÈSJP EF VTP  TF GB[ TFOUJEP QBSB PT QPTTÓWFJT DMJFOUFT EB "1*
SFDFCFSFN VNB SFTQPTUB EF FSSP FN DBTP EF SFFOWJP EF VNB
SFRVJTJÎÍP PV OÍP

1PTUBT FTUBT DPOTJEFSBÎÜFT WBNPT Ë JNQMFNFOUBÎÍP EP NÏUPEP


OP TFSWJEPS "TTJN DPNP PT PVUSPT NÏUPEPT )551 NFODJPOBEPT
B JNQMFNFOUBÎÍP EP '(/(7( TFHVF B NFTNB MJOIB EF
TJNQMJDJEBEF #BTUB VUJMJ[BS B BOPUBÎÍP #'HOHWH0DSSLQJ QBSB
SFBMJ[BS P NBQFBNFOUP F P NÏUPEP GHOHWH%\,G EP SFQPTJUØSJP
QBSB FGFUJWBNFOUF FYDMVJS P EBEP EP SFQPTJUØSJP 0 DØEJHP GJDB
BTTJN

 $3$*$1'2 26 '$'26 '( 80 '(7(50,1$'2 02725,67$ 


#'HOHWH0DSSLQJ GULYHUV^LG`
SXEOLF YRLG GHOHWH'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
GULYHU5HSRVLWRU\GHOHWH%\,G LG 
`

"HPSB WBNPT SFJOJDJBMJ[BS P TJTUFNB F BCSJS VNB OPWB BCB OP


1PTUNBO QBSB GB[FS P UFTUF EB "1* /ÍP TF FTRVFÎB EF RVF DPNP
OPTTP CBODP FTUÈ FN NFNØSJB PT EBEPT TF QFSEFN RVBOEP P
TJTUFNB Ï SFJOJDJBMJ[BEP FOUÍP QSFDJTBNPT GB[FS B DSJBÎÍP EP
NPUPSJTUB OPWBNFOUF DPN 3267  'FJUP JTUP QPEFNPT DPOGJHVSBS
P 1PTUNBO QBSB FOWJBS VNB SFRVJTJÎÍP DPN P NÏUPEP '(/(7( 

'JHVSB  3FBMJ[BOEP B SFRVJTJÎÍP %&-&5& DPN 1PTUNBO

"P SFBMJ[BSNPT FTTB SFRVJTJÎÍP FMB SFUPSOB P DØEJHP  P


RVF TJHOJGJDB RVF DPOTFHVJNPT BQBHBS DPN TVDFTTP P SFHJTUSP ²
QPTTÓWFM SFBMJ[BS B WFSJGJDBÎÍP VUJMJ[BOEP P NÏUPEP *(7 

  $3$*$1'2 26 '$'26 '( 80 '(7(50,1$'2 02725,67$


$0.0 '"±0 1"3" $3*"3 6." "1* %& %&-&5& -»(*$0

0 GHOHWH MØHJDP DPOTJTUF FN BKVTUBS VN BUSJCVUP OB


FOUJEBEF QBSB RVF FMB FTUFKB EFTBUJWBEB BQFOBT F P SFDVSTP
OÍP TFKB NBJT MJTUBEP DPN P NÏUPEP *(7  %FTEF RVF
SFBMNFOUF OÍP TFKB NBJT MJTUBEP P NBQFBNFOUP EFWF TFS GFJUP
EB NFTNB GPSNB DPNP GVODJPOB VN GHOHWH GÓTJDP PV TFKB
VUJMJ[BOEP P NÏUPEP )551 '(/(7( FN DPOKVOUP DPN B 63-
EP SFDVSTP

4FSÈ GFJUP EF PVUSB GPSNB BQFOBT TF P SFDVSTP QVEFS WPMUBS B


TFS MJTUBEP 1PS FYFNQMP TF IPVWFS BMHVNB GPSNB EF USB[FS P
SFDVSTP BQBHBEP MPHJDBNFOUF EF WPMUB Ë MJTUBHFN FOUÍP OB
WFSEBEF EFWFSJB TFS VUJMJ[BEP P NÏUPEP 3$7&+ PV 387 
0CTFSWF RVF JTTP NVEB B GPSNB JODMVTJWF EF FODBSBS P
SFDVSTP QPJT FMF QBTTB B TFS WJTUP DPNP EFTBUJWBEP F OÍP
BQBHBEP

3FQBSF OP FOUBOUP RVF TF UFOUBSNPT BQBHBS VN NPUPSJTUB RVF


OÍP FYJTUF PV RVF KÈ UFOIB TJEP BQBHBEP
SFDFCFNPT P TFHVJOUF
FSSP
^
WLPHVWDPS 7
VWDWXV 
HUURU ,QWHUQDO 6HUYHU (UURU
PHVVDJH 1R FODVV DSSFDUFDSGRPDLQ'ULYHU HQWLW\ ZLWK
LG  H[LVWV
HWF
`

*TTP PDPSSF QPSRVF OPTTP SFDVSTP OÍP FTUÈ SFBMJ[BOEP P

 $3$*$1'2 26 '$'26 '( 80 '(7(50,1$'2 02725,67$ 


USBUBNFOUP BEFRVBEP B SFTQFJUP EP DBTP POEF P NPUPSJTUB KÈ UFOIB
TJEP BQBHBEP $BTP RVFJSBNPT USBUBS JTTP Ï TJNQMFT  CBTUB VUJMJ[BS
OPWBNFOUF P NÏUPEP ILQG'ULYHU F QBTTBS P NPUPSJTUB
FODPOUSBEP DPNP QBSÉNFUSP QBSB P NÏUPEP GHOHWH EP
SFQPTJUØSJP $BTP P NPUPSJTUB OÍP TFKB FODPOUSBEP P NÏUPEP WBJ
EFWPMWFS P TUBUVT  1RW )RXQG 
SXEOLF YRLG GHOHWH'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
GULYHU5HSRVLWRU\GHOHWH ILQG'ULYHU LG 
`

$PODMVTÍP
/FTUF DBQÓUVMP DPOIFDFNPT NFMIPS BMHVOT PVUSPT EPT NÏUPEPT
)551 $POTFHVJNPT JOUFSBHJS EF GPSNB NBJT BNQMB DPN P
SFDVSTP SFBMJ[BOEP DSJBÎÍP EF OPWPT SFDVSTPT BUVBMJ[BÎÍP F
BQBHBOEP 5BNCÏN DPOIFDFNPT BMHVOT DØEJHPT EF TUBUVT OPWPT F
UJQPT EF NÓEJB "PT QPVDPT FTUBNPT DPOIFDFOEP NFMIPS B
FTUSVUVSB EF VN SFDVSTP 3&45 F TFVT QJMBSFT  B GPSNB EF NPEFMBS
63-T RVBJT NÏUPEPT VUJMJ[BS UJQPT EF NÓEJB DØEJHPT EF TUBUVT FUD

"JOEB IÈ SFDVSTPT QPEFSPTPT B TFSFN DPOIFDJEPT FTUBNPT


BQFOBT DPNFÎBOEP 7BNPT DPNFÎBS B JOWFTUJHBS NBJT
QSPGVOEBNFOUF PT UJQPT EF NÓEJB F B JOUFSBÎÍP EPT SFDVSTPT VOT
DPN PT PVUSPT

  $3$*$1'2 26 '$'26 '( 80 '(7(50,1$'2 02725,67$


&$3Ë78/2 

$3*"/%0
3&-"$*0/".&/504
&/53& 3&$63404

0 DPNFÎP Ï B QBSUF NBJT JNQPSUBOUF EP USBCBMIP  1MBUÍP

"HPSB RVF KÈ UFNPT VNB "1* QBSB FYFDVUBS BT PQFSBÎÜFT EF


NPUPSJTUBT WBNPT TFHVJS SVNP Ë DPODMVTÍP EP OPTTP QSJNFJSP DBTP
EF VTP 1SFDJTBNPT DSJBS NBJT EVBT "1*T VNB RVF GBÎB BT NFTNBT
PQFSBÎÜFT QBSB QBTTBHFJSPT PV TFKB VN DBEBTUSP QBSB FMFT
F VNB
RVF SFDFCB EFMFT PT QFEJEPT EF WJBHFOT QBSB SFBMJ[BS B JOUFSMJHBÎÍP
FOUSF NPUPSJTUBT F QBTTBHFJSPT

 $3*"/%0 " "1* %& 1"44"(&*304


$PNP KÈ TBCFNPT DSJBS VNB "1* TJNQMFT WBNPT SFQFUJS P
QSPDFEJNFOUP QBSB DSJBÎÍP EF NPUPSJTUBT OB QMBUBGPSNB QBSB
SFBMJ[BS UBNCÏN P DBEBTUSP EF QBTTBHFJSPT 7BNPT DSJBS B FOUJEBEF
RVF SFQSFTFOUB PT QBTTBHFJSPT EB TFHVJOUF GPSNB
SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW MDYD[SHUVLVWHQFH(QWLW\
LPSRUW MDYD[SHUVLVWHQFH*HQHUDWHG9DOXH
LPSRUW MDYD[SHUVLVWHQFH,G

 &5,$1'2 5(/$&,21$0(1726 (175( 5(&85626 


LPSRUW ORPERN'DWD

#'DWD
#(QWLW\
SXEOLF FODVV 3DVVHQJHU ^

#,G
#*HQHUDWHG9DOXH
/RQJ LG
6WULQJ QDPH

7BNPT UBNCÏN DSJBS P SFQPTJUØSJP FRVJWBMFOUF


SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW RUJVSULQJIUDPHZRUNGDWDMSDUHSRVLWRU\-SD5HSRVLWRU\

SXEOLF LQWHUIDFH 3DVVHQJHU5HSRVLWRU\ H[WHQGV -SD5HSRVLWRU\3DVVHQ


JHU /RQJ! ^`

'JOBMNFOUF WBNPT DSJBS B "1* CBTFBEP OP RVF WJNPT EB "1*


EF NPUPSJTUBT
SDFNDJH DSSFDUFDSLQWHUIDFHV

LPSRUW DSSFDUFDSGRPDLQ3DVVHQJHU
LPSRUW DSSFDUFDSGRPDLQ3DVVHQJHU5HSRVLWRU\
LPSRUW MDYDXWLO/LVW
LPSRUW MDYDXWLO2SWLRQDO
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNKWWS+WWS6WDWXV
LPSRUW RUJVSULQJIUDPHZRUNKWWS0HGLD7\SH
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ 
LPSRUW RUJVSULQJIUDPHZRUNZHEVHUYHU5HVSRQVH6WDWXV([FHSWLRQ

#6HUYLFH
#5HVW&RQWUROOHU
#5HTXHVW0DSSLQJ SDWK SDVVHQJHUV SURGXFHV 0HGLD7\SH$33/,&$7
,21B-621B9$/8(
SXEOLF FODVV 3DVVHQJHU$3, ^

  &5,$1'2 $ $3, '( 3$66$*(,526


#$XWRZLUHG
3DVVHQJHU5HSRVLWRU\ SDVVHQJHU5HSRVLWRU\

#*HW0DSSLQJ
SXEOLF /LVW3DVVHQJHU! OLVW3DVVHQJHUV ^
UHWXUQ SDVVHQJHU5HSRVLWRU\ILQG$OO 
`

#*HW0DSSLQJ ^LG`
SXEOLF 3DVVHQJHU ILQG3DVVHQJHU #3DWK9DULDEOH LG /RQJ LG ^
UHWXUQ SDVVHQJHU5HSRVLWRU\ILQG%\,G LG RU(OVH7KURZ !
QHZ 5HVSRQVH6WDWXV([FHSWLRQ +WWS6WDWXV127B)281' 
`

#3RVW0DSSLQJ
SXEOLF 3DVVHQJHU FUHDWH3DVVHQJHU #5HTXHVW%RG\ 3DVVHQJHU SDVVH
QJHU ^
UHWXUQ SDVVHQJHU5HSRVLWRU\VDYH SDVVHQJHU 
`

#3XW0DSSLQJ ^LG`
SXEOLF 3DVVHQJHU IXOO8SGDWH3DVVHQJHU #3DWK9DULDEOH LG /RQJ
LG #5HTXHVW%RG\ 3DVVHQJHU SDVVHQJHU ^
3DVVHQJHU S ILQG3DVVHQJHU LG 
SVHW1DPH SDVVHQJHUJHW1DPH 
UHWXUQ SDVVHQJHU5HSRVLWRU\VDYH S 
`

#3DWFK0DSSLQJ ^LG`
SXEOLF 3DVVHQJHU LQFUHPHQWDO8SGDWH3DVVHQJHU #3DWK9DULDEOH LG
/RQJ LG #5HTXHVW%RG\ 3DVVHQJHU SDVVHQJHU ^
3DVVHQJHU IRXQG3DVVHQJHU ILQG3DVVHQJHU LG 
IRXQG3DVVHQJHUVHW1DPH 2SWLRQDORI1XOODEOH SDVVHQJHUJHW1
DPH RU(OVH IRXQG3DVVHQJHUJHW1DPH 
UHWXUQ SDVVHQJHU5HSRVLWRU\VDYH IRXQG3DVVHQJHU 
`

#'HOHWH0DSSLQJ ^LG`
SXEOLF YRLG GHOHWH3DVVHQJHU #3DWK9DULDEOH LG /RQJ LG ^
SDVVHQJHU5HSRVLWRU\GHOHWH ILQG3DVVHQJHU LG 
`
`

0CTFSWF RVF OFTUB "1* FYJTUF VNB QFRVFOB EJGFSFOÎB FN

 &5,$1'2 $ $3, '( 3$66$*(,526 


SFMBÎÍP Ë "1* EF NPUPSJTUBT RVF IBWÓBNPT DSJBEP BOUFT B BOPUBÎÍP
#5HTXHVW0DSSLQJ KÈ QPTTVJ P BUSJCVUP SDWK RVF QPS TVB WF[ Ï
FTQFMIBEP QBSB UPEBT BT BOPUBÎÜFT EF NBQFBNFOUP 3&45 EB DMBTTF
*TTP RVFS EJ[FS RVF POEF B 85/ 3&45 OÍP Ï NFODJPOBEB OP
DBTP TPNFOUF OP NÏUPEP OLVW3DVVHQJHUV
BUSJCVJTF B 63-
SDVVHQJHUV B FMF 4F B 63- GPS NFODJPOBEB FOUÍP BTTVNFTF
RVF B 63- SDVVHQJHUV WBJ OP DPNFÎP F P SFTUBOUF OP GJOBM 1PS
FYFNQMP OP NÏUPEP ILQG3DVVHQJHU UPNBTF B 63-
SDVVHQJHUV OP DPNFÎP F P ^LG` QSPWFOJFOUF EB BOPUBÎÍP
#*HW0DSSLQJ
OP GJOBM TFOEP RVF B 63- GJOBM GJDB
SDVVHQJHUV^LG` 

 $3*"/%0 " "1* %& 40-*$*5"±°0 %&


7*"(&/4
" QSØYJNB "1* RVF UFNPT RVF DSJBS BQSFTFOUB VN EFTBGJP VN
QPVDP EJGFSFOUF EP RVF WJNPT BOUFSJPSNFOUF "RVJ QSFDJTBNPT
DSJBS VNB "1* POEF TFKB QPTTÓWFM RVF VN EFUFSNJOBEP QBTTBHFJSP
GBÎB VNB TPMJDJUBÎÍP EF WJBHFN /FTUF DBTP QFSDFCB RVF OÍP IÈ
NBJT VNB TJNQMFT SFRVJTJÎÍP QBSB VN CBODP EF EBEPT TFOEP GFJUB
NBT TJN VNB BÎÍP B TFS UPNBEB ² BRVJ POEF QSFDJTBNPT DPNFÎBS
B BEPUBS BMHVNBT UÏDOJDBT FTQFDÓGJDBT EF NPEFMBHFN QBSB OÍP DSJBS
FSSBEP

"OUFT EF NBJT OBEB QSFDJTBNPT QSJNFJSP DPOIFDFS RVBM Ï P


SFDVSTP FTQFDÓGJDP DPN P RVBM FTUBNPT MJEBOEP 1PEF QBSFDFS
CPCBHFN NBT KÈ WJ NVJUPT EFTFOWPMWFEPSFT FYQFSJFOUFT FSSBSFN
FN NPEFMBHFN EF "1*T QPS OÍP TBCFSFN DPN RVBM SFDVSTP FTUÍP
MJEBOEP 1PSUBOUP UFOIB FN WJTUB RVF FN VN QSJNFJSP NPNFOUP
FTUBNPT MJEBOEP DPN TPMJDJUBÎÜFT EF WJBHFOT P RVF Ï EJGFSFOUF EF

  &5,$1'2 $ $3, '( 62/,&,7$d­2 '( 9,$*(16


WJBHFOT 0 QSJNFJSP SFDVSTP BP IBWFS BDFJUF EF VN NPUPSJTUB Ï
DPOWFSUJEP OP TFHVOEP

0 QSJNFJSP QBTTP Ï NPEFMBS B 63- 1PEF QBSFDFS UFOUBEPS


NPEFMBS VN FN GVOÎÍP EP PVUSP OP FOUBOUP JTTP Ï VNB
BSNBEJMIB $PNP KÈ NFODJPOFJ BOUFT BT 63-T EPT SFDVSTPT 3&45
TÍP EFGJOJEBT EF GPSNB IJFSÈSRVJDB *TTP RVFS EJ[FS RVF TF
QFHBSNPT VNB 63- F TFQBSBSNPT DBEB QPSÎÍP QFMB  BT QPSÎÜFT
NBJT Ë EJSFJUB TFSÍP FODBSBEBT DPNP TVCDPOKVOUPT EBT QPSÎÜFT RVF
GJDBSFN NBJT Ë FTRVFSEB 1PS FYFNQMP P TJUF
KWWSVUHVWIXODSLQHW OB TFÎÍP 5(67 5HVRXUFH 1DPLQJ
*XLGH *XLD SDUD QRPHQFODWXUD GH UHFXUVRV 5(67
EJ[ P
TFHVJOUF KÈ USBEV[JEP QPS NJN


6N SFDVSTP QPEF DPOUFS TVCDPMFÎÜFT EF SFDVSTPT 1PS


FYFNQMP P SFDVSTP TVCDPMFÎÍP DPOUBT EF VN DMJFOUF FN
QBSUJDVMBS QPEF TFS JEFOUJGJDBEP QFMB 63*
DVTUPNFST\DVTUPNFS*E^BDDPVOUT FN VN EPNÓOJP
CBODÈSJP
 %F GPSNB TJNJMBS VN SFDVSTP TJOHMFUPO DPOUB
EFOUSP EP SFDVSTP TVCDPMFÎÍP DPOUBT QPEF TFS JEFOUJGJDBEP
DPNP TF TFHVF

DVTUPNFST\DVTUPNFS*E^BDDPVOUT\BDDPVOU*E^

0V TFKB QPEFNPT JOUFSQSFUBS BT 63-T DPNP DPOKVOUPT F DBEB


VN EPT USFDIPT TFHVJOUFT TFQBSBEPT QPS 
QPEF TFS JOUFSQSFUBEP
DPNP TVCDPOKVOUP EP DPOKVOUP QSJODJQBM

/P FOUBOUP OP OPTTP DPOUFYUP FN QBSUJDVMBS Ï VN FSSP

 &5,$1'2 $ $3, '( 62/,&,7$d­2 '( 9,$*(16 


DPOTJEFSBS RVF FYJTUF UBM SFMBÎÍP FOUSF BT TPMJDJUBÎÜFT EF WJBHFOT F
BT WJBHFOT 7BNPT BOBMJTBS P NPUJWP

4F NPEFMBSNPT B 63- DPNP VROLFLWDFRHVYLDJHQV


WBNPT BDBCBS DPOTJEFSBOEP RVF UPEBT BT WJBHFOT
QFSUFODFN EF VNB WF[ TØ B UPEBT BT TPMJDJUBÎÜFT EF WJBHFOT
P RVF Ï VN FSSP
4F NPEFMBSNPT B 63- DPNP
VROLFLWDFRHV^LG`YLDJHQV WBNPT BDBCBS DIFHBOEP
Ë DPODMVTÍP EF RVF TFNQSF WBNPT QSFDJTBS EP *% EB
TPMJDJUBÎÍP EF WJBHFN QBSB DPOTFHVJS DIFHBS Ë WJBHFN
PDPSSJEB P RVF QSFKVEJDB B VTBCJMJEBEF EB OPTTB "1*
4F NPEFMBSNPT B 63- DPNP YLDJHQVVROLFLWDFRHV
UFNPT VN QSPCMFNB TFNFMIBOUF BP QSJNFJSP DBTP
4F NPEFMBSNPT B 63- DPNP
YLDJHQV^LG`VROLFLWDFRHV OÍP WBNPT DPOTFHVJS
DSJBS VNB TPMJDJUBÎÍP TFN BOUFT UFS VNB WJBHFN P RVF Ï VN
FSSP TFNÉOUJDP

0 QSØYJNP QBTTP Ï JEFOUJGJDBS DPNP TFSJB P SFDVSTP EF


TPMJDJUBÎÍP EF WJBHFOT 1BSB SFBMJ[BS VNB TPMJDJUBÎÍP QSFDJTBNPT

%P QBTTBHFJSP
%P MPDBM EF PSJHFN
%P MPDBM EF EFTUJOP

$PN FTUFT EBEPT WBNPT DSJBS B FOUJEBEF EF TPMJDJUBÎÍP EF


WJBHFOT
#'DWD
#(QWLW\
SXEOLF FODVV 7UDYHO5HTXHVW ^

#,G

  &5,$1'2 $ $3, '( 62/,&,7$d­2 '( 9,$*(16


#*HQHUDWHG9DOXH
/RQJ LG

#0DQ\7R2QH
3DVVHQJHU SDVVHQJHU
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
`

"HPSB WBNPT DSJBS VN SFQPTJUØSJP QBSB FTUB FOUJEBEF


SXEOLF LQWHUIDFH 7UDYHO5HTXHVW5HSRVLWRU\ H[WHQGV -SD5HSRVLWRU\7U
DYHO5HTXHVW /RQJ! ^`

'JOBMNFOUF WBNPT DSJBS B DMBTTF EF "1* %JGFSFOUF EBT PVUSBT


WBNPT JOJDJBMNFOUF DSJBS BQFOBT VNB DBTDB EFTUB "1* DPOUFOEP
BQFOBT B QBSUF EF DSJBÎÍP EP SFDVSTP EF TPMJDJUBÎÍP EF WJBHFN
#6HUYLFH
#5HVW&RQWUROOHU
#5HTXHVW0DSSLQJ SDWK WUDYHO5HTXHVWV SURGXFHV 0HGLD7\SH$3
3/,&$7,21B-621B9$/8(
SXEOLF FODVV 7UDYHO5HTXHVW$3, ^

#3RVW0DSSLQJ
SXEOLF YRLG PDNH7UDYHO5HTXHVW #5HTXHVW%RG\ 7UDYHO5HTXHVW WUD
YHO5HTXHVW ^

`
`

 $3*"±°0 %0 4&37*±0 %& 40-*$*5"±°0


%& 7*"(&/4
$PNP WPDÐ QÙEF PCTFSWBS B "1* RVF DSJBNPT QBSB GB[FS BT
TPMJDJUBÎÜFT EF WJBHFOT FTUÈ WB[JB *TTP Ï QPSRVF BHPSB UFNPT PT
TFHVJOUFT QBTTPT B SFBMJ[BS

4BMWBS BT TPMJDJUBÎÜFT EF WJBHFOT

 &5,$d­2 '2 6(59,d2 '( 62/,&,7$d­2 '( 9,$*(16 


'PSOFDFS VNB "1* POEF PT NPUPSJTUBT JOUFSFTTBEPT QPTTBN
PCUFS WJBHFOT
.BT TPNFOUF EFWPMWFS QBSB FTUFT NPUPSJTUBT JOUFSFTTBEPT BT
WJBHFOT RVF HFPHSBGJDBNFOUF FTUJWFSFN QSØYJNBT EFMFT

7BNPT FOUÍP DSJBS B DMBTTF 7UDYHO6HUYLFH RVF WBJ


EFTFNQFOIBS B GVOÎÍP EF DIBNBS P SFQPTJUØSJP QBSB TBMWBS P
QFEJEP
#&RPSRQHQW
SXEOLF FODVV 7UDYHO6HUYLFH ^

#$XWRZLUHG
7UDYHO5HTXHVW5HSRVLWRU\ WUDYHO5HTXHVW5HSRVLWRU\

SXEOLF 7UDYHO5HTXHVW VDYH7UDYHO5HTXHVW 7UDYHO5HTXHVW WUDYHO5H


TXHVW ^
UHWXUQ WUDYHO5HTXHVW5HSRVLWRU\VDYH WUDYHO5HTXHVW 
`
`

$PN JTTP KÈ QPEFNPT GB[FS B 7UDYHO5HTXHVW$3, UFS VNB


SFGFSÐODJB QBSB 7UDYHO6HUYLFH F TBMWBS B TPMJDJUBÎÍP EF WJBHFN
SXEOLF FODVV 7UDYHO5HTXHVW$3, ^

#$XWRZLUHG
7UDYHO6HUYLFH WUDYHO6HUYLFH

#3RVW0DSSLQJ
SXEOLF YRLG PDNH7UDYHO5HTXHVW #5HTXHVW%RG\ 7UDYHO5HTXHVW WUD
YHO5HTXHVW ^
WUDYHO6HUYLFHVDYH7UDYHO5HTXHVW WUDYHO5HTXHVW 
`
`

$PN JTTP TØ P RVF GBMUB Ï EFUFSNJOBS P RVF TFSÈ SFUPSOBEP QBSB


P VTVÈSJP %JGFSFOUFNFOUF EF PVUSPT SFDVSTPT FTUF Ï VN RVF EFWF

  &5,$d­2 '2 6(59,d2 '( 62/,&,7$d­2 '( 9,$*(16


TPGSFS VNB NVEBOÎB DPN P QBTTBS EP UFNQP PV TFKB VNB SFTQPTUB
QBSB P DMJFOUF QPEF TFS EBEB OFTTF NPNFOUP NBT FTTB Ï VNB
SFTQPTUB BQFOBT JOUFSNFEJÈSJB /P OPTTP DBTP EF VTP FTQFDÓGJDP B
SFTQPTUB EFGJOJUJWB EFWF WJS RVBOEP BMHVN NPUPSJTUB BDFJUBS B
WJBHFN NBT JTTP DPTUVNB TFS DPNVN RVBOEP IÈ P VTP EF
NFOTBHFSJB F SFRVJTJÎÜFT BTTÓODSPOBT

&TTF Ï VN DBTP FN RVF DPTUVNBNPT SFUPSOBS P DØEJHP )551


 $FFHSWHG  &TTF DØEJHP OPT PCSJHB B SFUPSOBS VN DBCFÎBMIP
/RFDWLRQ RVF P DMJFOUF QPEF VTBS QBSB DPOTVMUBS P SFTVMUBEP
EFGJOJUJWP EB SFRVJTJÎÍP *TTP TJHOJGJDB RVF QSFDJTBNPT BHPSB UFS
VNB "1* POEF TFKB QPTTÓWFM DPOTVMUBS P TUBUVT EB SFRVJTJÎÍP F
QPSUBOUP RVF FTUB SFRVJTJÎÍP QSFDJTB UFS VN TUBUVT /P FOUBOUP
QFSDFCB RVF FTTF TUBUVT TØ TFSJB OFDFTTÈSJP OB TBÓEB EB "1* F OÍP
OB SFRVJTJÎÍP &N PVUSBT QBMBWSBT TF FV DPMPDBS VN DBNQP
DIBNBEP VWDWXV OB 7UDYHO5HTXHVW BQFOBT DPN B GJOBMJEBEF
EF EFJYBS JTTP EJTQPOÓWFM OB TBÓEB EB NJOIB "1* FMF FTUBSJB
BDFTTÓWFM UBNCÏN OB SFRVJTJÎÍP BQFTBS EF EFTOFDFTTÈSJP $PNP
DPSSJHJS JTTP

" GPSNB JEFBM EF DPSSJHJS TFSJB BUSBWÏT EP EFTJHO QBUUFSO 'DWD


7UDQVIHU 2EMHFW  &MF DPOTJTUF OB DSJBÎÍP EF PCKFUPT RVF TFSWJSÍP
EF JOUFSNFEJÈSJPT OB USBOTNJTTÍP EF EBEPT P RVF Ï FYBUBNFOUF P
RVF QSFDJTBNPT "TTJN TFOEP WBNPT DSJBS BT DMBTTFT RVF WÍP GB[FS
B SFQSFTFOUBÎÍP EB FOUSBEB EF EBEPT EB OPTTB "1* F UBNCÏN EB
TBÓEB 7BNPT OPNFBS B DMBTTF EF FOUSBEB EF
7UDYHO5HTXHVW,QSXW 

SDFNDJH DSSFDUFDSLQWHUIDFHVLQSXW

LPSRUW DSSFDUFDSGRPDLQ3DVVHQJHU
LPSRUW ORPERN'DWD

 &5,$d­2 '2 6(59,d2 '( 62/,&,7$d­2 '( 9,$*(16 


#'DWD
SXEOLF FODVV 7UDYHO5HTXHVW,QSXW ^

3DVVHQJHU SDVVHQJHU
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
`

0CTFSWF RVF OFTTB DMBTTF UFNPT UBNCÏN VNB SFGFSÐODJB BP


PCKFUP 3DVVHQJHU TFOEP RVF OB WFSEBEF QSFDJTBSÓBNPT BQFOBT
EP LG EFMF 'B[FOEP B TVCTUJUVJÎÍP UFNPT B DMBTTF
SXEOLF FODVV 7UDYHO5HTXHVW,QSXW ^

/RQJ SDVVHQJHU,G
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
`

"HPSB QPEFNPT GB[FS B TVCTUJUVJÎÍP OB OPTTB "1*


#3RVW0DSSLQJ
SXEOLF YRLG PDNH7UDYHO5HTXHVW #5HTXHVW%RG\ 7UDYHO5HTXHVW,QSXW WU
DYHO5HTXHVW ^
WUDYHO6HUYLFHVDYH7UDYHO5HTXHVW WUDYHO5HTXHVW 
`

"HPSB UFNPT VN PVUSP QSPCMFNB B WUDYHO5HTXHVW,QSXW


OÍP Ï DPNQBUÓWFM DPN P WUDYHO6HUYLFH  /ÍP QPEFNPT GB[FS B
WUDYHO6HUYLFH QBTTBS B BDFJUBS B 7UDYHO5HTXHVW,QSXW QPJT
JTTP GFSJSJB PT QSJODÓQJPT EB BSRVJUFUVSB MJNQB 0V TFKB QSFDJTBNPT
GB[FS P NBQFBNFOUP EBT FOUJEBEFT OFTUB NFTNB DBNBEB 1BSB JTTP
WBNPT DSJBS VNB DMBTTF DIBNBEB 7UDYHO5HTXHVW0DSSHU  &TUB
DMBTTF WBJ EFGJOJS VN NÏUPEP RVF GBÎB P NBQFBNFOUP EP
7UDYHO5HTXHVW,QSXW QBSB VN PCKFUP EP UJQP 7UDYHO5HTXHVW
JODMVTJWF QSPDVSBOEP QFMP QBTTBHFJSP F MBOÎBOEP VN DØEJHP 
DBTP OÍP FODPOUSF

SDFNDJH DSSFDUFDSLQWHUIDFHVPDSSLQJ

  &5,$d­2 '2 6(59,d2 '( 62/,&,7$d­2 '( 9,$*(16


LPSRUWV RPLWLGRV

#&RPSRQHQW
SXEOLF FODVV 7UDYHO5HTXHVW0DSSHU ^

#$XWRZLUHG
SULYDWH 3DVVHQJHU5HSRVLWRU\ SDVVHQJHU5HSRVLWRU\

SXEOLF 7UDYHO5HTXHVW PDS 7UDYHO5HTXHVW,QSXW LQSXW ^

3DVVHQJHU SDVVHQJHU SDVVHQJHU5HSRVLWRU\ILQG%\,G LQSXWJH


W3DVVHQJHU,G
RU(OVH7KURZ ! QHZ 5HVSRQVH6WDWXV([FHSWLRQ +WWS6WDWX
V127B)281' 

7UDYHO5HTXHVW WUDYHO5HTXHVW QHZ 7UDYHO5HTXHVW 


WUDYHO5HTXHVWVHW2ULJLQ LQSXWJHW2ULJLQ 
WUDYHO5HTXHVWVHW'HVWLQDWLRQ LQSXWJHW'HVWLQDWLRQ 
WUDYHO5HTXHVWVHW3DVVHQJHU SDVVHQJHU 

UHWXUQ WUDYHO5HTXHVW
`
`

7BNPT NPEJGJDBS OPTTB DMBTTF EF "1* QBSB VUJMJ[BS P


DPNQPOFOUF EF NBQFBNFOUP BOUFT EF SFQBTTBS PT EBEPT QBSB B
DMBTTF EF TFSWJÎP
SXEOLF FODVV 7UDYHO5HTXHVW$3, ^

#$XWRZLUHG
7UDYHO6HUYLFH WUDYHO6HUYLFH

#$XWRZLUHG
7UDYHO5HTXHVW0DSSHU PDSSHU

#3RVW0DSSLQJ
SXEOLF YRLG PDNH7UDYHO5HTXHVW #5HTXHVW%RG\ 7UDYHO5HTXHVW,QSX
W WUDYHO5HTXHVW,QSXW ^
WUDYHO6HUYLFHVDYH7UDYHO5HTXHVW PDSSHUPDS WUDYHO5HTXHVW,
QSXW 
`

 &5,$d­2 '2 6(59,d2 '( 62/,&,7$d­2 '( 9,$*(16 


`

& DSJBS VN FOVN RVF SFQSFTFOUF PT QPTTÓWFJT TUBUVT QBSB BT


TPMJDJUBÎÜFT PV TFKB TPMJDJUBÎÍP DSJBEB BDFJUB PV SFDVTBEB

SDFNDJH DSSFDUFDSGRPDLQ

SXEOLF HQXP 7UDYHO5HTXHVW6WDWXV ^


&5($7(' $&&(37(' 5()86('
`

7BNPT BHPSB WJODVMBS FTTF HQXP Ë OPTTB DMBTTF F BQSPWFJUBS


QBSB DSJBS VN DBNQP RVF SFQSFTFOUF B EBUB EF DSJBÎÍP EB
TPMJDJUBÎÍP
#'DWD
#(QWLW\
SXEOLF FODVV 7UDYHO5HTXHVW ^

#,G
#*HQHUDWHG9DOXH
/RQJ LG

#0DQ\7R2QH
3DVVHQJHU SDVVHQJHU
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ

#(QXPHUDWHG (QXP7\SH675,1*
7UDYHO5HTXHVW6WDWXV VWDWXV
'DWH FUHDWLRQ'DWH
`

0 ÞMUJNP QBTTP OFTTF RVFTJUP Ï NPEJGJDBS B 7UDYHO6HUYLFH


QBSB QPQVMBS FTTFT DBNQPT DPN PT WBMPSFT DPSSFUPT BOUFT EF TBMWBS
OP CBODP
SXEOLF 7UDYHO5HTXHVW VDYH7UDYHO5HTXHVW 7UDYHO5HTXHVW WUDYHO5HTXHV
W ^
WUDYHO5HTXHVWVHW6WDWXV 7UDYHO5HTXHVW6WDWXV&5($7(' 
WUDYHO5HTXHVWVHW&UHDWLRQ'DWH QHZ 'DWH 
UHWXUQ WUDYHO5HTXHVW5HSRVLWRU\VDYH WUDYHO5HTXHVW 

  &5,$d­2 '2 6(59,d2 '( 62/,&,7$d­2 '( 9,$*(16


`

 */4&3*/%0 -*/,4 13*.&*30 640 %&


)"5&0"4
7BNPT BHPSB DSJBS VNB DMBTTF QBSB SFQSFTFOUBS B TBÓEB EB OPTTB
"1* EB NFTNB GPSNB DPNP GJ[FNPT DPN B FOUSBEB 7BNPT
DPNFÎBS DPQJBOEP PT BUSJCVUPT EB DMBTTF 7UDYHO5HTXHVW UJSBOEP
BQFOBT BT BOPUBÎÜFT
SXEOLF FODVV 7UDYHO5HTXHVW2XWSXW ^

/RQJ LG
3DVVHQJHU SDVVHQJHU
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
7UDYHO5HTXHVW6WDWXV VWDWXV
'DWH FUHDWLRQ'DWH
`

0CTFSWF B QSFTFOÎB EB DMBTTF 3DVVHQJHU  &TUB DMBTTF QPS TJ TØ


Ï USBUBEB FN VNB "1* TFQBSBEB 4F VUJMJ[BSNPT B DMBTTF
7UDYHO5HTXHVW2XWSXW EB GPSNB DPNP FTUÈ P QBTTBHFJSP DPNP
VN UPEP TFSÈ SFGFSFODJBEP OB SFTQPTUB  BMHP RVF UBMWF[ OÍP TFKB
EFTFKBEP 1PEFNPT USBUBS FTUF DBTP VUJMJ[BOEP VNB UÏDOJDB
DIBNBEB EF )"5&0"4

)"5&0"4 Ï BCSFWJBÎÍP QBSB )ZQFSNFEJB "T 5IF &OHJOF 0G


"QQMJDBUJPO 4UBUF PV +LSHUP­GLD FRPR R PRWRU GH HVWDGR GD
DSOLFD§£R  &TUF Ï VN OPNF HSBOEF QBSB JOEJDBS B OPÎÍP EF RVF
3&45 EFWF VUJMJ[BS MJOLT QBSB SFMBDJPOBS SFDVSTPT DPOFDUBEPT FOUSF
TJ

1FOTF FN VNB QÈHJOB EB XFC "P BDFTTBS VNB QÈHJOB EJWFSTPT


SFDVSTPT TÍP DBSSFHBEPT EF GPSNBT EJTUJOUBT " QÈHJOB FN TJ WFN EF

 ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6 


VNB WF[ TØ NBT DPOUFOEP EJWFSTPT MJOLT QBSB +BWB4DSJQU $44 F
JNBHFOT SFMBDJPOBEBT 5PEPT FTTFT SFDVSTPT TÍP DBSSFHBEPT BP GJOBM
NBT TFHVJS DPN FTTB FTUSBUÏHJB UFN WÈSJBT WBOUBHFOT DPNP P DBDIF
TFQBSBEP EPT SFDVSTPT F B QPTTJCJMJEBEF EF GB[FS B DBSHB EF GPSNB
QBSBMFMB PV NFTNP TPC EFNBOEB

%B NFTNB GPSNB FN 3&45 VUJMJ[BNPT FTTFT DPODFJUPT QBSB


EFNPOTUSBS B SFMBÎÍP FOUSF SFDVSTPT RVF FTUÍP DPOFDUBEPT FOUSF TJ
NBT OÍP OFDFTTBSJBNFOUF QFSUFODFN VN BP PVUSP 2VBOEP
RVFSFNPT EFNPOTUSBS FTTB SFMBÎÍP VUJMJ[BNPT MJOLT

0 4QSJOH GBDJMJUB B DSJBÎÍP EFTTFT MJOLT DPN P TVCQSPKFUP


6SULQJ +$7(2$6  1BSB VUJMJ[ÈMP WBNPT BEJDJPOBS B TFHVJOUF
EFQFOEÐODJB OP OPTTP SRP[PO 
GHSHQGHQF\!
JURXS,G!RUJVSULQJIUDPHZRUNKDWHRDVJURXS,G!
DUWLIDFW,G!VSULQJKDWHRDVDUWLIDFW,G!
GHSHQGHQF\!

0 QSØYJNP QBTTP Ï BMUFSBS B DMBTTF 7UDYHO5HTXHVW2XWSXW


QBSB RVF FTUB OÍP NBJT UFOIB VNB SFGFSÐODJB QBSB 3DVVHQJHU 
7BNPT VTBS P 4QSJOH )"5&0"4 QBSB DPOTUSVJS FTTB SFGFSÐODJB
GPSB EFTUB DMBTTF EF GPSNB RVF FMB QBTTB B UFS B TFHVJOUF FTUSVUVSB
SDFNDJH DSSFDUFDSLQWHUIDFHVRXWSXW

LPSRUW DSSFDUFDSGRPDLQ7UDYHO5HTXHVW6WDWXV
LPSRUW MDYDXWLO'DWH
LPSRUW ORPERN'DWD

#'DWD
SXEOLF FODVV 7UDYHO5HTXHVW2XWSXW ^

/RQJ LG
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
7UDYHO5HTXHVW6WDWXV VWDWXV

  ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6


'DWH FUHDWLRQ'DWH
`

7BNPT BHPSB DPOTUSVJS VN NÏUPEP OB DMBTTF


7UDYHO5HTXHVW0DSSHU RVF GBÎB P NBQFBNFOUP EP SFTVMUBEP EP
QSPDFTTBNFOUP DPOUJEP OB DMBTTF 7UDYHO5HTXHVW QBSB B DMBTTF
7UDYHO5HTXHVW2XWSXW  &TTF NÏUPEP WBJ GB[FS BQFOBT VNB
USBOTQPTJÎÍP EPT WBMPSFT
SXEOLF 7UDYHO5HTXHVW2XWSXW PDS 7UDYHO5HTXHVW WUDYHO5HTXHVW ^
7UDYHO5HTXHVW2XWSXW WUDYHO5HTXHVW2XWSXW QHZ 7UDYHO5HTXHVW2XW
SXW 

WUDYHO5HTXHVW2XWSXWVHW&UHDWLRQ'DWH WUDYHO5HTXHVWJHW&UHDWLRQ'
DWH 
WUDYHO5HTXHVW2XWSXWVHW'HVWLQDWLRQ WUDYHO5HTXHVWJHW'HVWLQDWLR
Q 
WUDYHO5HTXHVW2XWSXWVHW,G WUDYHO5HTXHVWJHW,G 
WUDYHO5HTXHVW2XWSXWVHW2ULJLQ WUDYHO5HTXHVWJHW2ULJLQ 
WUDYHO5HTXHVW2XWSXWVHW6WDWXV WUDYHO5HTXHVWJHW6WDWXV 

UHWXUQ WUDYHO5HTXHVW2XWSXW
`

"HPSB Ï POEF WBNPT DPNFÎBS B VTBS P 4QSJOH )"5&0"4 QBSB


DPOTUSVJS OPTTB FTUSVUVSB 0 4QSJOH )"5&0"4 OPT GPSOFDF VNB
IJFSBSRVJB EF DMBTTFT QBSB MJEBS DPN SFDVSTPT EF WÈSJPT UJQPT

1BSB USBCBMIBS DPN MJOLT EF VNB ÞOJDB FOUJEBEF B NFMIPS


DMBTTF B TFS VUJMJ[BEB Ï B
RUJVSULQJIUDPHZRUNKDWHRDV(QWLW\0RGHO 
1BSB USBCBMIBS DPN MJOLT TPCSF VNB DPMFÎÍP EF FOUJEBEFT B
NFMIPS DMBTTF B TFS VUJMJ[BEB Ï B
RUJVSULQJIUDPHZRUNKDWHRDV&ROOHFWLRQ0RGHO 
1BSB USBCBMIBS DPN MJOLT TPCSF VNB DPMFÎÍP DPN TVQPSUF B
QBHJOBÎÍP B NFMIPS DMBTTF B TFS VUJMJ[BEB Ï B
RUJVSULQJIUDPHZRUNKDWHRDV3DJHG0RGHO 

 ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6 


$BTP OFOIVNB EBT DMBTTFT BDJNB BUFOEB ËT OFDFTTJEBEFT EP
QSPKFUP Ï QPTTÓWFM DSJBS VNB FYUFOTÍP EB DMBTTF
RUJVSULQJIUDPHZRUNKDWHRDV5HSUHVHQWDWLRQ0RGHO
RVF UPEBT BT DMBTTFT MJTUBEBT BDJNB KÈ FTUFOEFN


$POGPSNF WJTUP QPEFNPT BTTVNJS RVF B NFMIPS DMBTTF B TFS


VUJMJ[BEB QBSB SFUPSOBS P MJOL DPN B SFGFSÐODJB BP QBTTBHFJSP Ï B
(QWLW\0RGHO  "TTJN WBNPT DSJBS NBJT VN NÏUPEP OB DMBTTF
7UDYHO5HTXHVW0DSSHU RVF SFDFCB UBOUP P 7UDYHO5HTXHVW
RVBOEP P 7UDYHO5HTXHVW2XWSXW RVF GPJ DPOTUSVÓEP QFMP NÏUPEP
PDS  %FTTB GPSNB FTTF NÏUPEP EFWFSÈ SFUPSOBS VN PCKFUP EP UJQP
(QWLW\0RGHO 

SXEOLF (QWLW\0RGHO7UDYHO5HTXHVW2XWSXW! EXLOG2XWSXW0RGHO


7UDYHO5HTXHVW WUDYHO5HTXHVW 7UDYHO5HTXHVW2XWSXW RXWSXW ^

(QWLW\0RGHO7UDYHO5HTXHVW2XWSXW! PRGHO QHZ (QWLW\0RGHO! RXW


SXW 
UHWXUQ PRGHO
`

0 ÞMUJNP QPOUP B TFS DPOTUSVÓEP Ï B SFQSFTFOUBÎÍP EP MJOL FN


TJ 1BSB JTTP OP FOUBOUP UFNPT RVF FOUFOEFS DPNP VN MJOL
GVODJPOB

6N MJOL )"5&0"4 UFN B NFTNB GPSNB RVF VN MJOL FN VNB


QÈHJOB EB XFC *TTP RVFS EJ[FS RVF FYJTUFN BMHVOT BUSJCVUPT CÈTJDPT
RVF FMF QSFDJTB EFGJOJS QPS FYFNQMP RVBM UJQP EF SFMBÎÍP FMF
BQSFTFOUB DPN P SFDVSTP BUVBM
F BMHVOT BUSJCVUPT PQDJPOBJT DPNP
VN UÓUVMP FYQMJDBUJWP EP RVF BRVFMF MJOL DPOUÏN "MÏN EJTTP
PCWJBNFOUF FMF QSFDJTB EB 63- QBSB POEF BRVFMF MJOL MFWB

0 4QSJOH )"5&0"4 OPT GPSOFDF VNB DMBTTF RVF EÈ BTTJTUÐODJB


QBSB DSJBÎÍP EF MJOLT B

  ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6


RUJVSULQJIUDPHZRUNKDWHRDVVHUYHUPYF:HE0YF/LQN%XLOG
HU  &TTB DMBTTF DPOTFHVF SFGFSFODJBS DMBTTFT EF "1*T DPNP B
3DVVHQJHU$3,
EF NBOFJSB RVF DBTP NVEFNPT B 63- EB "1*
SFGFSFODJBEB PT MJOLT SFDFCBN B BUVBMJ[BÎÍP BVUPNBUJDBNFOUF *TTP
Ï GFJUP BUSBWÏT EP NÏUPEP OLQN7R QBTTBOEP B DMBTTF EB "1* DPNP
QBSÉNFUSP
/LQN SDVVHQJHU/LQN :HE0YF/LQN%XLOGHUOLQN7R 3DVVHQJHU$3,FODVV


/P FOUBOUP FTTF DØEJHP OÍP DPNQJMB &MF DPOUJOVB


SFGFSFODJBOEP P EXLOGHU JOEJDBOEP RVF BJOEB FYJTUFN BMHVOT
EBEPT RVF QSFDJTBNPT GPSOFDFS 0 QSØYJNP EBEP Ï P UHO PV TFKB
B DPOTUSVÎÍP EF VN BUSJCVUP EP MJOL RVF JOEJDB P RVF FTUÈ TFOEP
SFQSFTFOUBEP  OP OPTTP DBTP VN QBTTBHFJSP 7BNPT FOUÍP VUJMJ[BS
P NÏUPEP ZLWK5HO QBTTBOEP P SDVVHQJHU DPNP QBSÉNFUSP
/LQN SDVVHQJHU/LQN :HE0YF/LQN%XLOGHU
OLQN7R 3DVVHQJHU$3,FODVV 
ZLWK5HO SDVVHQJHU 

%B GPSNB DPNP FTUÈ FMF KÈ DPNQJMB .BT TFSJB JOUFSFTTBOUF


BDSFTDFOUBS BQFOBT VN BUSJCVUP FYQMJDBUJWP QBSB FTTF MJOL QBSB RVF
GJRVF NBJT GÈDJM QBSB P DMJFOUF EFDJEJS TF QSFDJTB TFHVJS P MJOL PV
OÍP &TTF BUSJCVUP FYQMJDBUJWP Ï DIBNBEP WLWOH F VN CPN WBMPS
QBSB FMF TFSJB P OPNF EP QBTTBHFJSP 7BNPT VUJMJ[BS P NÏUPEP
ZLWK7LWOH QBSB GB[FS FTTB BTTPDJBÎÍP

/LQN SDVVHQJHU/LQN :HE0YF/LQN%XLOGHU


OLQN7R 3DVVHQJHU$3,FODVV
ZLWK5HO SDVVHQJHU
ZLWK7LWOH WUDYHO5HTXHVWJHW3DVVHQJHU JHW1DPH


'JOBMNFOUF OPTTP MJOL FTUÈ DPOTUSVÓEP "HPSB CBTUB BEJDJPOÈ


MP BP NPEFMP RVF DPOTUSVÓNPT BOUFT 0 NÏUPEP

 ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6 


EXLOG2XWSXW0RGHO GJDB BTTJN
SXEOLF (QWLW\0RGHO7UDYHO5HTXHVW2XWSXW! EXLOG2XWSXW0RGHO 7UDYHO5H
TXHVW WUDYHO5HTXHVW 7UDYHO5HTXHVW2XWSXW RXWSXW ^
(QWLW\0RGHO7UDYHO5HTXHVW2XWSXW! PRGHO QHZ (QWLW\0RGHO! RXW
SXW 

/LQN SDVVHQJHU/LQN :HE0YF/LQN%XLOGHU


OLQN7R 3DVVHQJHU$3,FODVV
VODVK WUDYHO5HTXHVWJHW3DVVHQJHU JHW,G
ZLWK5HO SDVVHQJHU
ZLWK7LWOH WUDYHO5HTXHVWJHW3DVVHQJHU JHW1DPH 
PRGHODGG SDVVHQJHU/LQN 
UHWXUQ PRGHO
`

"HPSB QSFDJTBNPT BMUFSBS B DMBTTF EF "1* 5FNPT RVF SFBMJ[BS P


TFHVJOUF

 1SJNFJSP UFNPT RVF BMUFSBS P UJQP EF SFUPSOP QBSB SFUPSOBS P


(QWLW\0RGHO

 %FQPJT UFNPT RVF NPEJGJDBS P NÏUPEP QBSB DPOTUSVJS VN
7UDYHO5HTXHVW2XWSXW BUSBWÏT EP NÏUPEP PDS

 $POTUSVJS VN (QWLW\0RGHO BUSBWÏT EP NÏUPEP
EXLOG2XWSXW0RGHO


0 DØEJHP DPN FTTBT BMUFSBÎÜFT GJDB BTTJN


#3RVW0DSSLQJ
SXEOLF (QWLW\0RGHO7UDYHO5HTXHVW2XWSXW! PDNH7UDYHO5HTXHVW #5HTXH
VW%RG\ 7UDYHO5HTXHVW,QSXW WUDYHO5HTXHVW,QSXW ^
7UDYHO5HTXHVW UHTXHVW WUDYHO6HUYLFHVDYH7UDYHO5HTXHVW PDSSHU
PDS WUDYHO5HTXHVW,QSXW 
7UDYHO5HTXHVW2XWSXW RXWSXW PDSSHUPDS UHTXHVW 
UHWXUQ PDSSHUEXLOG2XWSXW0RGHO UHTXHVW RXWSXW 
`

'JOBMNFOUF WBNPT UFTUBS OPTTB "1* 1SJNFJSP WBNPT SFDSJBS P


QBTTBHFJSP

  ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6


'JHVSB  3FBMJ[BOEP B DSJBÎÍP EP QBTTBHFJSP

/B TFRVÐODJB WBNPT VUJMJ[BS P LG EP QBTTBHFJSP QBSB FOWJBS B


SFRVJTJÎÍP EF TPMJDJUBÎÍP EF WJBHFN

 ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6 


'JHVSB  3FBMJ[BOEP B DSJBÎÍP EB TPMJDJUBÎÍP EF WJBHFN

/PUF B QSFTFOÎB EP +40/ DPOUFOEP P MJOL QBSB P QBTTBHFJSP


^
LG 
RULJLQ &DVD
GHVWLQDWLRQ 7UDEDOKR
VWDWXV &5($7('
FUHDWLRQ'DWH 7
BOLQNV ^
SDVVHQJHU ^
KUHI KWWSORFDOKRVWSDVVHQJHUV
WLWOH $OH[DQGUH 6DXGDWH

  ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6


`
`
`

/P FOUBOUP PCTFSWF RVF P BUSJCVUP KUHI FTUÈ JODPNQMFUP


1BSB SFGFSFODJBS P QBTTBHFJSP FYBUP P *% EP QBTTBHFJSP EFWFSJB
FTUBS OB 63- 1PS RVF JTTP BDPOUFDFV

2VBOEP VUJMJ[BNPT P NÏUPEP OLQN7R EB DMBTTF


:HE0YF/LQN%XLOGHU QBTTBNPT DPNP QBSÉNFUSP B DMBTTF
3DVVHQJHU$3,  *TTP EÈ BP EXLOGHU B DBQBDJEBEF EF FODPOUSBS B
"1* NBJT HFSBM EF QBTTBHFJSPT DPNP EF GBUP BDPOUFDFV
NBT OÍP B
"1* FTQFDÓGJDB QBSB MJTUBS VN ÞOJDP QBTTBHFJSP /FTUF DBTP UFNPT
EVBT BMUFSOBUJWBT PV DPOTUSVJS NBOVBMNFOUF P SFTUBOUF EB 63- PV
GPSOFDFS QBSB P EXLOGHU P NÏUPEP FTQFDÓGJDP QBSB MJTUBS VN
ÞOJDP QBTTBHFJSP 7BNPT TFHVJS QFMB DPOTUSVÎÍP NBOVBM 1BSB JTTP
WBNPT VUJMJ[BS P NÏUPEP VODVK EP EXLOGHU QBTTBOEP DPNP
QBSÉNFUSP P *% EP QBTTBHFJSP
/LQN SDVVHQJHU/LQN :HE0YF/LQN%XLOGHU
OLQN7R 3DVVHQJHU$3,FODVV
VODVK WUDYHO5HTXHVWJHW3DVVHQJHU JHW,G
ZLWK5HO SDVVHQJHU
ZLWK7LWOH WUDYHO5HTXHVWJHW3DVVHQJHU JHW1DPH 

 ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6 


'JHVSB  3FGB[FOEP B TPMJDJUBÎÍP EF WJBHFN

0CTFSWF RVF P MJOL FTUÈ OB GPSNB DPSSFUB BHPSB


^
LG 
RULJLQ &DVD
GHVWLQDWLRQ 7UDEDOKR
VWDWXV &5($7('
FUHDWLRQ'DWH 7
BOLQNV ^
SDVVHQJHU ^
KUHI KWWSORFDOKRVWSDVVHQJHUV
WLWOH $OH[DQGUH 6DXGDWH
`
`

  ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6


`

$PODMVTÍP
/FTUF DBQÓUVMP WJNPT VN QPVDP TPCSF DPNP SFDVSTPT
SFGFSFODJBN VOT BPT PVUSPT BUÏ DPOIFDFSNPT B UÏDOJDB )"5&0"4
"JOEB OÍP WJNPT DPNP VN NPUPSJTUB WBJ BDFJUBS DPSSJEBT QSØYJNBT
B FMF  P RVF WBJ OPT MFWBS B DPOTUSVJS VN DMJFOUF 3&45 QBSB B "1*
EP (PPHMF .BQT

 ,16(5,1'2 /,1.6 35,0(,52 862 '( +$7(2$6 


&$3Ë78/2 

$3*"/%0 $-*&/5&4 3&45

0 TVDFTTP EFQFOEF EF QSFQBSBÎÍP QSÏWJB  $POGÞDJP

"UÏ BRVJ WJNPT P CÈTJDP TPCSF BMHVNBT UÏDOJDBT EF 3&45 OP


MBEP EP TFSWJEPS 1BSB JTTP DPOTUSVÓNPT VNB "1* NJOJNBNFOUF
GVODJPOBM POEF BT TPMJDJUBÎÜFT EF WJBHFOT TÍP DSJBEBT .BT F RVBOUP
Ë "1* EF BDFJUF EF TPMJDJUBÎÜFT EF WJBHFOT $PNP GJDB

/FTUF DBQÓUVMP WBNPT DPOTUSVJS FTTB "1* F WFSFNPT DPNP


DPOTUSVJS VN DMJFOUF QBSB B "1* EP (PPHMF .BQT QBSB RVF P
NPUPSJTUB SFDFCB TPNFOUF BT TPMJDJUBÎÜFT EF WJBHFOT RVF FTUJWFSFN
QSØYJNBT B FMF

 3&03("/*;"/%0 0 130+&50


&N QSJNFJSP MVHBS WBNPT BDPNPEBS BT DMBTTFT RVF WÍP SFDFCFS
B FTUSVUVSB /PTTP QSPKFUP FTUÈ TFHVJOEP B TFHVJOUF BSRVJUFUVSB

  &5,$1'2 &/,(17(6 5(67


'JHVSB  %JBHSBNB EF BSRVJUFUVSB EP QSPKFUP

1SPDVSFJ VOJGJDBS OFTUB BSRVJUFUVSB P DPODFJUP EF DMFBO


BSDIJUFDUVSF TFHVOEP 6ODMF #PC ."35*/ 
DPN BMHVOT
DPODFJUPT EF %PNBJO%SJWFO %FTJHO DPOGPSNF EFTDSJUP QPS &SJD
&WBOT &7"/4 
 "TTJN TFOEP OPUF RVF Ï VNB BSRVJUFUVSB
RVF NJNFUJ[B VNB DFCPMB BT SFRVJTJÎÜFT FOUSBN QFMB DBNBEB NBJT
FYUFSOB BT "1*T RVF FTUÍP OP QBDPUF LQWHUIDFHVLQFRPLQJ
F
WÍP QFOFUSBOEP BUÏ DIFHBS ËT JOUFSGBDFT EF TBÓEB RVF FTUÍP
QSFTFOUFT OP QBDPUF LQWHUIDFHVRXWFRPLQJ


/P OPTTP QSPKFUP BT JOUFSGBDFT EF FOUSBEB TÍP "1*T 3&45 NBT


QPEFSJBN UBNCÏN TFS MJTUFOFST EF NFOTBHFOT +.4 QPS FYFNQMP "
QBSUF EF EPNÓOJP DPOUÏN B OPTTB MØHJDB EF OFHØDJP RVF OP DBTP Ï
SFQSFTFOUBEB QFMBT FOUJEBEFT F SFQPTJUØSJPT BQFOBT MFNCSBOEP

 5(25*$1,=$1'2 2 352-(72 


RVF EF BDPSEP DPN P %%% SFQPTJUØSJPT GB[FN QBSUF EP EPNÓOJP

'JOBMNFOUF BT JOUFSGBDFT EF TBÓEB TÍP DMJFOUFT EF PVUSBT BQMJDBÎÜFT
/P OPTTP DBTP Ï POEF FTUBSÈ MPDBMJ[BEP P DMJFOUF QBSB P (PPHMF
.BQT

"TTJN TFOEP SFBSSBOKBNPT PT QBDPUFT EB BQMJDBÎÍP QBSB


BDPNPEBS FTTB FTUSVUVSB

'JHVSB  3FPSHBOJ[BÎÍP EPT QBDPUFT

 $3*"/%0 " $)"7& %& "1* %0 (00(-&


7BNPT DPOIFDFS B QÈHJOB EP (PPHMF 0 TFSWJÎP RVF RVFSFNPT
Ï P RVF GPSOFDF SPUBT FOUSF MPDBMJ[BÎÜFT 5VEP JTTP FTUÈ EFTDSJUP FN

  &5,$1'2 $ &+$9( '( $3, '2 *22*/(


IUUQTEFWFMPQFSTHPPHMFDPNNBQTEPDVNFOUBUJPOEJSFDUJPOTTUB
SUTBNQMFSFRVFTU

'JHVSB  "QSFTFOUBÎÍP EB QÈHJOB EB "1* EP (PPHMF .BQT

0CTFSWF RVF B QÈHJOB USB[ VN MJOL EF FYFNQMP


IUUQTNBQTHPPHMFBQJTDPNNBQTBQJEJSFDUJPOTKTPO
PSJHJO%JTOFZMBOEEFTUJOBUJPO6OJWFSTBM 4UVEJPT )PMMZXPPE
LFZ:063@"1*@,&: "P DPQJBS F DPMBS FTTB 63- FN OPTTP
CSPXTFS UFNPT B TFHVJOUF SFTQPTUB
^
HUURUBPHVVDJH 7KH SURYLGHG $3, NH\ LV LQYDOLG
URXWHV >@
VWDWXV 5(48(67B'(1,('
`

 &5,$1'2 $ &+$9( '( $3, '2 *22*/( 


*TTP RVFS EJ[FS RVF B DIBWF EF "1* Ï JOWÈMJEB .BT WBNPT
BOBMJTBS B 63- GPSOFDJEB B TFÎÍP
KWWSVPDSVJRRJOHDSLVFRPPDSVDSLGLUHFWLRQVMVRQ Ï
B CBTF EB "1* " QBSUJS EP TJOBM EF JOUFSSPHBÎÍP UFNPT PT
DIBNBEPT TXHU\ SDUDPHWHUV PV TFKB P TJTUFNB EF
QBSBNFUSJ[BÎÍP EB "1* &TUFT TÍP QBSFT DIBWFWBMPS TFQBSBEPT QPS
FOUÍP UFNPT PT QBSÉNFUSPT RULJLQ GHVWLQDWLRQ F NH\ 
0T WBMPSFT TÍP 'LVQH\ODQG 8QLYHUVDO 6WXGLRV +ROO\ZRRG F
<285B$3,B.(< SFTQFDUJWBNFOUF 1FSDFCB RVF EF GBUP B DIBWF EB
"1* Ï BQFOBT VN QMBDFIPMEFS

1BSB DPOTFHVJS VNB DIBWF EF "1* FYJTUF VNB TFÎÍP OB QSØQSJB


QÈHJOB EFNPOTUSBOEP JTTP

'JHVSB  "UJWBÎÍP EB "1* EP (PPHMF

"T JOTUSVÎÜFT EJ[FN QBSB DSJBS VN QSPKFUP IBCJMJUBS B "1* F


FOUÍP DPOTFHVJS VNB DIBWF EF "1* 7BNPT TFHVJS P
QSPDFEJNFOUP DMJDBOEP OP CPUÍP *HW 6WDUWHG  "P GB[FS JTTP

  &5,$1'2 $ &+$9( '( $3, '2 *22*/(


TPNPT MFWBEPT B VNB PVUSB QÈHJOB QFSHVOUBOEP RVBJT "1*T
RVFSFNPT VUJMJ[BS EBOEP BT PQÎÜFT EP (PPHMF .BQT 3PVUFT F
1MBDFT 7BNPT NBSDBS PT EPJT QSJNFJSPT F TFHVJS

'JHVSB  "UJWBÎÍP EP (PPHMF .BQT

"P TFHVJS FMF OPT QFSHVOUB RVBM Ï P QSPKFUP 7PV DSJBS P


QSPKFUP 5(67%RRN F TFHVJS DBTP WPDÐ TJHB FTUF QBTTP B QBTTP QPEF
DPMPDBS P OPNF RVF QSFGFSJS QPJT JTTP OÍP BGFUB B GVODJPOBMJEBEF


 &5,$1'2 $ &+$9( '( $3, '2 *22*/( 


'JHVSB  $SJBÎÍP EP QSPKFUP

4F WPDÐ BJOEB OÍP UJWFS VNB DPOUB EP (PPHMF JTTP P MFWBSÈ QBSB
B UFMB QFEJOEP QBSB BUJWBS B DPCSBOÎB

'JHVSB  "UJWBÎÍP EP CJMMJOH

/ÍP TF QSFPDVQF DPN FTUB DPCSBOÎB $POGPSNF NFODJPOBEP


QFMB UFMB TFHVJOUF P (PPHMF PGFSFDF BUÏ P NPNFOUP
 EØMBSFT

  &5,$1'2 $ &+$9( '( $3, '2 *22*/(


QBSB TFSFN HBTUPT OPT QSØYJNPT  NFTFT 0V TFKB WPDÐ QPEF VTBS
MJWSFNFOUF PT SFDVSTPT EB QMBUBGPSNB BUÏ VN MJNJUF EF  EØMBSFT
PT WBMPSFT DPCSBEPT DPTUVNBN HJSBS FN UPSOP EF BMHVOT
DFOUBWPT
 $POGPSNF EJ[ B QÈHJOB P DBSUÍP EF DSÏEJUP Ï SFRVFSJEP
QBSB GJOT EF WBMJEBÎÍP NBT OFOIVNB DPCSBOÎB TFSÈ GFJUB TFN TFV
DPOTFOUJNFOUP

'JHVSB  1SJNFJSB FUBQB EB DSJBÎÍP EP CJMMJOH

$POGPSNF GPS TFHVJOEP DPN P QSPDFTTP IBWFSÈ VN GPSNVMÈSJP


B TFS QSFFODIJEP DPN P FOEFSFÎP F P DBSUÍP EF DSÏEJUP 1SFFODIB PT
EBEPT F DMJRVF FN ,QLFLDU PLQKD DYDOLD§£R JUDWXLWD 

 &5,$1'2 $ &+$9( '( $3, '2 *22*/( 


'JHVSB  "UJWBOEP CJMMJOH

"P DPODMVJS P QSPDFTTP VN ÞMUJNP QPQVQ WBJ TFS BCFSUP QBSB


SFGPSÎBS FTUBT JOGPSNBÎÜFT

  &5,$1'2 $ &+$9( '( $3, '2 *22*/(


'JHVSB  $POGJSNBÎÍP EF BUJWBÎÍP EP CJMMJOH (PPHMF $MPVE

%FQPJT EFTTBT FUBQBT WPDÐ TFSÈ MFWBEP BP QBJOFM EF


HFSFODJBNFOUP EP (PPHMF $MPVE POEF IBWFSÈ VN QPQVQ
TFNFMIBOUF BP TFHVJOUF

'JHVSB  1PQVQ EF BUJWBÎÍP EP (PPHMF .BQT 1MBUGPSN

"P DMJDBS FN 3U³[LPD VNB UFMB TFNFMIBOUF Ë TFHVJOUF EFWFSÈ


TVSHJS

 &5,$1'2 $ &+$9( '( $3, '2 *22*/( 


'JHVSB  1PQVQ DPN B "1* ,FZ

$PQJF B $3, .H\  7BNPT SFGB[FS B SFRVJTJÎÍP RVF GJ[FNPT OP


JOÓDJP EP DBQÓUVMP QBSB P (PPHMF .BQT NBT EFTUB WF[ WBNPT
TVCTUJUVJS P <285B$3,B.(< QFMB $3, .H\ RVF WPDÐ BDBCPV EF
DPOTFHVJS 0 SFTVMUBEP Ï VN +40/ DPOUFOEP P EFTDSJUJWP EP
(PPHMF .BQT DPNP P TFHVJOUF

  &5,$1'2 $ &+$9( '( $3, '2 *22*/(


'JHVSB  3FTQPTUB EP (PPHMF .BQT

 &5,$1'2 $ &+$9( '( $3, '2 *22*/( 


 $3*"/%0 0 $»%*(0 %0 $-*&/5&
"HPSB RVF KÈ UFNPT B DPNVOJDBÎÍP DPN P TFSWJÎP EP (PPHMF
.BQT FTUBCFMFDJEB WBNPT DSJBS B DMBTTF QBSB SFBMJ[BS B CVTDB EP
UFNQP EF EJTUÉODJB BVUPNBUJDBNFOUF 1SJNFJSBNFOUF WBNPT DSJBS
VNB DMBTTF DPN VN NÏUPEP JHW'LVWDQFH%HWZHHQ$GGUHVVHV
DVKP SFUPSOP TFKB VN *OUFHFS
SDFNDJH DSSFDUFDSLQWHUIDFHVRXWFRPLQJ

LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH

#6HUYLFH
SXEOLF FODVV *0DSV6HUYLFH ^

SXEOLF ,QWHJHU JHW'LVWDQFH%HWZHHQ$GGUHVVHV 6WULQJ DGGUHVV2QH


6WULQJ DGGUHVV7ZR ^
UHWXUQ 
`
`

0 QSØYJNP QBTTP Ï FYUSBJS P FOEFSFÎP RVF WJNPT BOUFSJPSNFOUF


QBSB VN UFNQMBUF *TUP TJHOJGJDB RVF WBNPT SFUJSBS PT WBMPSFT EB
RVFSZ TUSJOH F TVCTUJUVJS QPS QBSFT EF UFNQMBUF RVF TÍP EFMJNJUBEPT
QPS DIBWFT ^`
 7BNPT FOUÍP DPMPDBS FTTF FOEFSFÎP FN VNB
DPOTUBOUF
SULYDWH VWDWLF ILQDO 6WULQJ *0$36B7(03/$7(
KWWSVPDSVJRRJOHDSLVFRPPDSVDSLGLUHFWLRQVMVRQ"RULJLQ ^
RULJLQ` GHVWLQDWLRQ ^GHVWLQDWLRQ` NH\ ^NH\`

'FJUP JTTP WBNPT VUJMJ[BS VN SFDVSTP EP 4QSJOH RVF Ï JOKFUBS


BMHVOT WBMPSFT  OP OPTTP DBTP Ï JOUFSFTTBOUF SFUJSBS B $3, .(<
EP QSPKFUP F DPMPDBS FN VN BSRVJWP DIBNBEP
DSSOLFDWLRQSURSHUWLHV RVF GJDB EFOUSP EB QBTUB EP OPTTP
QSPKFUP VUFPDLQUHVRXUFHV 

  &5,$1'2 2 &Ï',*2 '2 &/,(17(


'JHVSB  -PDBMJ[BÎÍP EP BSRVJWP BQQMJDBUJPOQSPQFSUJFT

%FOUSP EFTTF BSRVJWP WBNPT DPMPDBS VNB QSPQSJFEBEF DPN B


$3, .(< EP (PPHMF .BQT

DSSFDUGRPDLQJRRJOHPDSVDSLNH\ 68$ $3, .(<

 &5,$1'2 2 &Ï',*2 '2 &/,(17( 


0/%& $0-0$"3 " "1* ,&:

&N VNB BQMJDBÎÍP EP NVOEP SFBM Ï QSFGFSÓWFM RVF FTTB DIBWF


OÍP GJRVF OP BSRVJWP EF QSPQSJFEBEFT QPJT QPEF TFS WB[BEB
QPS EFTFOWPMWFEPSFT NBMJOUFODJPOBEPT )PKF FN EJB
DPOUBNPT DPN HVJBT DPNP BT BQMJDBÎÜFT EF  GBUPSFT
8*((*/4 
QBSB OPT PSJFOUBS B SFTQFJUP EF DPNP MJEBS
DPN FTTBT QSPQSJFEBEFT 0 UFSDFJSP GBUPS USBUB TPCSF
DPOGJHVSBÎÜFT EFTTF UJQP TFOEP RVF P QSFGFSÓWFM Ï BSNB[FOÈ
MBT FN WBSJÈWFJT EF BNCJFOUF %FTUB GPSNB BQFOBT BT QFTTPBT
SFTQPOTÈWFJT QPS SFBMJ[BS B NBOVUFOÎÍP EB BQMJDBÎÍP FN
QSPEVÎÍP QPEFSJBN UFS BDFTTP BP WBMPS SFBM EB DIBWF
MJNJUBOEP P BDFTTP B FMB

"MÏN EF WBSJÈWFJT EF BNCJFOUF FYJTUFN PVUSBT WBSJBOUFT DBTP


WPDÐ VTF VN DMPVE QSPWJEFS DPNP B "84 " "84 DPOUB DPN
VN TFSWJÎP FTQFDÓGJDP DIBNBEP $:6 6\VWHPV 0DQDJHU
44.
RVF USBUB EF NBOFJSB FTQFDJBMJ[BEB P BDFTTP B
QBSÉNFUSPT TFOTÓWFJT DPNP FTTF 6TBOEP P 44. Ï QPTTÓWFM
HBSBOUJS RVF BQFOBT B BQMJDBÎÍP F B QFTTPB RVF HFSPV B "1*
,FZ UFOIBN BDFTTP B FMB

%F WPMUB Ë DMBTTF *0DSV6HUYLFH WBNPT DSJBS VN BUSJCVUP


QBSB SFDFCFS FTTF WBMPS BUSBWÏT EP VTP EB BOPUBÎÍP #9DOXH EP
4QSJOH &TUB BOPUBÎÍP SFDFCF DPNP QBSÉNFUSP VNB FYQSFTTÍP RVF
WBJ FYUSBJS P WBMPS EB QSPQSJFEBEF F JOKFUBS OFTTF BUSJCVUP
SDFNDJH DSSFDUFDSLQWHUIDFHVRXWFRPLQJ

LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ9DOXH

  &5,$1'2 2 &Ï',*2 '2 &/,(17(


LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH

#6HUYLFH
SXEOLF FODVV *0DSV6HUYLFH ^

#9DOXH ^DSSFDUGRPDLQJRRJOHPDSVDSLNH\`
SULYDWH 6WULQJ DSS.H\

SULYDWH VWDWLF ILQDO 6WULQJ *0$36B7(03/$7( KWWSVPDSVJRR


JOHDSLVFRPPDSVDSLGLUHFWLRQVMVRQ"RULJLQ ^RULJLQ` GHVWLQDWLRQ
^GHVWLQDWLRQ` NH\ ^NH\`

SXEOLF ,QWHJHU JHW'LVWDQFH%HWZHHQ$GGUHVVHV 6WULQJ DGGUHVV2QH


6WULQJ DGGUHVV7ZR ^
UHWXUQ 
`
`

"HPSB WBNPT QBTTBS Ë DPEJGJDBÎÍP EP DMJFOUF FGFUJWBNFOUF


7BNPT VTBS DPNP BQPJP VNB DMBTTF EP 4QSJOH DIBNBEB
5HVW7HPSODWH  &TTB DMBTTF GPSOFDF NÏUPEPT QBSB DPOTVNJSNPT
TFSWJÎPT 3&45 EF EJWFSTBT GPSNBT F WBJ OPT BKVEBS B DPOTVNJS P
TFSWJÎP EP (PPHMF "OUFT OP FOUBOUP QSFDJTBNPT BOBMJTBS P
TFSWJÎP F EF RVF GPSNB QSFDJTBNPT EP SFTVMUBEP EFMF

6NB BOÈMJTF EB ÈSWPSF EF EBEPT OPT NPTUSB RVF B JOGPSNBÎÍP


EF RVF QSFDJTBNPT FTUÈ OP FMFNFOUP OHJV POEF FYJTUF VNB
QPSÎÍP DIBNBEB GXUDWLRQ DPN VN DBNQP YDOXH OP OPTTP
FYFNQMP FTTF EBEP UFN P WBMPS EF 
 5FNPT WÈSJBT PQÎÜFT
QBSB FYUSBJS FTTB JOGPSNBÎÍP QPEFSÓBNPT DSJBS B FTUSVUVSB EF
PCKFUPT FN +BWB RVF SFQSFTFOUBSJBN B ÈSWPSF JOUFJSB 1PSÏN JTTP
OPT DPOTVNJSJB BMHVN UFNQP QBSB SFBMJ[BS P NBQFBNFOUP F TFSJB
QSPQFOTP B OÍP TF NBOUFS FTUÈWFM OP DBTP EF IBWFS NVEBOÎBT OB
"1* EP (PPHMF

/PTTB TFHVOEB PQÎÍP TFSJB SFBMJ[BS B FYUSBÎÍP QBSB GPSNBUP EF


NBQBT FN +BWB "QFTBS EF FTTB FTUSVUVSB TFS VN QPVDP NBJT

 &5,$1'2 2 &Ï',*2 '2 &/,(17( 


GMFYÓWFM BJOEB TFSJB USBCBMIPTB QBSB SFBMJ[BS B CVTDB EP EBEP
FTQFDÓGJDP QPJT P +BWB NBQFBSJB QBSB NBQBT POEF PT WBMPSFT TFSJBN
PVUSPT NBQBT PV TFKB IBWFSJB VNB DPNQMFYJEBEF QBSB CVTDB EP
WBMPS
 "MÏN EJTTP UBNCÏN TFSJB QSPQFOTB B FSSPT QPJT DBTP
IPVWFTTF RVBMRVFS NVEBOÎB OBT FTUSVUVSBT RVF GB[FN P BDFTTP BP
OPTTP EBEP FTQFDÓGJDP OÍP TFSÓBNPT NBJT DBQB[FT EF MPDBMJ[BS B
JOGPSNBÎÍP RVF QSFDJTBNPT

/PTTB UFSDFJSB PQÎÍP TFSJB VUJMJ[BS VNB MJOHVBHFN EF CVTDB


FTQFDÓGJDB DIBNBEB -6213DWK  &TUB MJOHVBHFN GPJ DSJBEB DPN P
QSPQØTJUP FTQFDÓGJDP EF MPDBMJ[BS JOGPSNBÎÜFT EFOUSP EF ÈSWPSFT
+40/ F VNB EF TVBT DBQBDJEBEFT Ï KVTUBNFOUF MPDBMJ[BS EBEPT DPN
P GPSOFDJNFOUP EF BQFOBT QBSUF EBT JOGPSNBÎÜFT OFDFTTÈSJBT

4FHVJOEP DPN P EFTFOWPMWJNFOUP EP OPTTP TFSWJÎP FOUÍP


QSJNFJSBNFOUF WBNPT JOTUBODJBS P OPTTP 5HVW7HPSODWH  &YJTUFN
TFJT PQÎÜFT EF DPOTVMUB VUJMJ[BOEP P NÏUPEP *(7 RVF TF
TVCEJWJEFN FN EPJT UJQPT QSJODJQBJT JHW)RU(QWLW\ F
JHW)RU2EMHFW  &TTBT PQÎÜFT TÍP EBEBT QBSB RVF P VTVÈSJP EFDJEB
TF RVFS RVF P NÏUPEP SFUPSOF VN 5HVSRQVH(QWLW\ PV P
SFTVMUBEP EJSFUBNFOUF " BCTUSBÎÍP GPSOFDJEB QPS FTTB DMBTTF OPT EÈ
B IBCJMJEBEF EF SFDVQFSBS PT DBCFÎBMIPT DØEJHPT EF TUBUVT FUD EB
SFRVJTJÎÍP 4F FTTFT EBEPT OÍP OPT JOUFSFTTBN P RVF Ï P DBTP OP
NPNFOUP
FOUÍP QPEFNPT VUJMJ[BS JHW)RU2EMHFW EJSFUBNFOUF

0 NÏUPEP JHW)RU2EMHFW Ï TPCSFDBSSFHBEP QPS DPOUB EBT


GPSNBT EF TF QBTTBS PT WBMPSFT EPT QMBDFIPMEFST OB 63- /PUF RVF
DPNP B 63- EP (PPHMF .BQT FTUÈ FN GPSNBUP EF UFNQMBUF UFNPT
RVF GPSOFDFS PT EBEPT EF BMHVNB GPSNB 1PJT P NÏUPEP Ï
TPCSFDBSSFHBEP QBSB RVF QBTTFNPT FTTFT EBEPT FN GPSNBUP EF
YDUDUJV FN GPSNBUP EF NBQB PV TJNQMFTNFOUF OÍP QBTTFNPT

  &5,$1'2 2 &Ï',*2 '2 &/,(17(


OBEB 7BNPT VUJMJ[BS P GPSNBUP EF YDUDUJV F GPSOFDFS PT EBEPT
OB TFRVÐODJB FN RVF BQBSFDFN OP UFNQMBUF JTUP Ï P FOEFSFÎP EF
PSJHFN EF EFTUJOP F B DIBWF
5HVW7HPSODWH WHPSODWH QHZ 5HVW7HPSODWH 
6WULQJ MVRQ5HVXOW WHPSODWHJHW)RU2EMHFW *0$36B7(03/$7( 6WULQJ
FODVV DGGUHVV2QH DGGUHVV7ZR DSS.H\ 

 3&$61&3"/%0 04 %"%04 $0.


+40/1"5)
0 QSØYJNP QBTTP Ï VUJMJ[BS P -6213DWK QBSB SFBMJ[BS FTTB
CVTDB "OUFT OP FOUBOUP QSFDJTBNPT BEJDJPOBS B EFQFOEÐODJB EF
VNB CJCMJPUFDB DBQB[ EF GPSOFDFS FTUB DBQBDJEBEF
GHSHQGHQF\!
JURXS,G!FRPMD\ZD\MVRQSDWKJURXS,G!
DUWLIDFW,G!MVRQSDWKDUWLIDFW,G!
GHSHQGHQF\!

" MJOHVBHFN -6213DWK GVODJPOB EB TFHVJOUF GPSNB


QSJNFJSBNFOUF BT CVTDBT DPNFÎBN DPN VN   %FQPJT
DPMPDBNPT VN  F P OPNF EP FMFNFOUP RVF RVFSFNPT DPOTVMUBS
$BTP RVFJSBNPT WÈSJPT FMFNFOUPT WBNPT TFQBSBOEP DBEB VN DPN
  0 TJUF IUUQTKTPOQBUIDPN JMVTUSB JTTP

 5(&83(5$1'2 26 '$'26 &20 -6213$7+ 


'JHVSB  &YFNQMP EP +40/1BUIDPN EF FOUSBEB

'JHVSB  &YFNQMP EP +40/1BUIDPN EF TBÓEB

0CTFSWF RVF QPEFNPT VTBS FTTF TJUF QBSB FMBCPSBS P SFTVMUBEP


RVF RVFSFNPT $PQJF P DPOUFÞEP EP +40/ EP (PPHMF .BQT QBSB P

  5(&83(5$1'2 26 '$'26 &20 -6213$7+


DBNQP ,QSXWV EP TJUF QBSB RVF QPTTBNPT DPNFÎBS BT OPTTBT
WFSJGJDBÎÜFT

4FHVOEP P RVF PCTFSWBNPT OPUF RVF P FMFNFOUP URXWHV FTUÈ


Ë GSFOUF EP FMFNFOUP OHJV  /ÍP OPT JOUFSFTTB B EFDMBSBÎÍP EP
FMFNFOUP  QPSUBOUP QPEFNPT VUJMJ[BS P -6213DWK QBSB MPDBMJ[BS
FMFNFOUPT FN RVBMRVFS MVHBS EB ÈSWPSF VUJMJ[BOEP  FN WF[ EF
 GJDBOEP FN OHJV BUÏ P NPNFOUP


'JHVSB  MFHT

"HPSB QSFDJTBNPT SFDVQFSBS P FMFNFOUP GXUDWLRQ  /P


FOUBOUP TF DPMPDBSNPT P -6213DWK DPNP OHJVGXUDWLRQ
OFOIVN SFTVMUBEP Ï SFUPSOBEP 0 MVRQSDWKFRP EÈ B NFOTBHFN
1R PDWFK  1PS RVF JTTP BDPOUFDF

"DPOUFDF RVF P OPTTP FMFNFOUP OHJV Ï VN BSSBZ *TTP


TJHOJGJDB RVF P TJUF OÍP DPOTFHVJV MPDBMJ[BS P FMFNFOUP GXUDWLRQ
QPJT OÍP TBCJB RVBJT FMFNFOUPT EP BSSBZ CVTDBS BJOEB RVF IBKB
BQFOBT VN
 1BSB GB[FS DPN RVF VN FMFNFOUP FTQFDÓGJDP TFKB
BOBMJTBEP CBTUB DPMPDBS FOUSF DPMDIFUFT P OÞNFSP EFTTF FMFNFOUP

 5(&83(5$1'2 26 '$'26 &20 -6213$7+ 


JOJDJBOEP FN 
 $BTP RVFJSBNPT RVF UPEPT TFKBN BOBMJTBEPT
FOUÍP VUJMJ[BNPT VN  "TTJN OPTTB RVFSZ GJDB
OHJV> @GXUDWLRQ BUÏ P NPNFOUP

'JOBMNFOUF QSFDJTBNPT EP DBNQP YDOXH  #BTUB BEJDJPOBS


YDOXH OP GJOBM EB RVFSZ F UFNPT P SFTVMUBEP EFTFKBEP

'JHVSB  " RVFSZ EF BOUFT BHPSB DPNQMFUB

'JHVSB  0 SFTVMUBEP EB RVFSZ

0CTFSWF RVF P SFTVMUBEP RVF UJWFNPT GPJ VN BSSBZ FN WF[ EP


WBMPS EJSFUP 1PS RVF JTTP BDPOUFDF

7FKB RVF DPOGPSNF VTBNPT  OB OPTTB RVFSZ QPEFNPT UFS


VN SFTVMUBEP EF UBNBOIP JOEFUFSNJOBEP EF BDPSEP DPN OPTTP
+40/ "TTJN TFOEP P -6213DWK SFUPSOB FTUF BSSBZ TFNQSF RVF
VTBNPT FTTF FMFNFOUP 4F UJWÏTTFNPT VTBEP BQFOBT VNB RVFSZ
TJNQMFT DPN  FMF USBSJB P SFTVMUBEP TJNQMFT

7BNPT WPMUBS BP OPTTP DØEJHP $PNP KÈ BEJDJPOBNPT B

  5(&83(5$1'2 26 '$'26 &20 -6213$7+


CJCMJPUFDB EF -6213DWK OP OPTTP QSPKFUP WBNPT VTBS P NÏUPEP
SDUVH EB DMBTTF -VRQ3DWK QBSB BOBMJTBS B 6WULQJ RVF KÈ
UÓOIBNPT DPN P +40/ RVF QSFDJTBNPT
SDFNDJH DSSFDUFDSLQWHUIDFHVRXWFRPLQJ

LPSRUW FRPMD\ZD\MVRQSDWK-VRQ3DWK
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ9DOXH
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH
LPSRUW RUJVSULQJIUDPHZRUNZHEFOLHQW5HVW7HPSODWH

#6HUYLFH
SXEOLF FODVV *0DSV6HUYLFH ^

#9DOXH ^DSSFDUGRPDLQJRRJOHPDSVDSLNH\`
SULYDWH 6WULQJ DSS.H\

SULYDWH VWDWLF ILQDO 6WULQJ *0$36B7(03/$7( KWWSVPDSVJRR


JOHDSLVFRPPDSVDSLGLUHFWLRQVMVRQ"RULJLQ ^RULJLQ` GHVWLQDWLRQ
^GHVWLQDWLRQ` NH\ ^NH\`

SXEOLF ,QWHJHU JHW'LVWDQFH%HWZHHQ$GGUHVVHV 6WULQJ DGGUHVV2QH


6WULQJ DGGUHVV7ZR ^

5HVW7HPSODWH WHPSODWH QHZ 5HVW7HPSODWH 


6WULQJ MVRQ5HVXOW WHPSODWHJHW)RU2EMHFW *0$36B7(03/$7( 6
WULQJFODVV DGGUHVV2QH DGGUHVV7ZR DSS.H\ 

-VRQ3DWKSDUVH MVRQ5HVXOW 

UHWXUQ 
`
`

"HPSB QPEFNPT JOWPDBS EJSFUBNFOUF P NÏUPEP UHDG


QBTTBOEP P -6213DWK RVF FMBCPSBNPT F BUSJCVJOEP PT EBEPT B VN
-621$UUD\ 

-621$UUD\ UDZ5HVXOWV -VRQ3DWKSDUVH MVRQ5HVXOW UHDG OHJV>


@GXUDWLRQYDOXH 

 5(&83(5$1'2 26 '$'26 &20 -6213$7+ 


7BNPT VUJMJ[BS B "1* EP +BWB  QBSB DPOWFSUFS PT EBEPT
DPOUJEPT OP -621$UUD\ FN VNB MJTUB EF ,QWHJHUV  %FQPJT
WBNPT VUJMJ[BS B "1* QBSB SFDVQFSBS P WBMPS NÓOJNP F DBTP OÍP
IBKB WBMPS OFOIVN SFUPSOBS P WBMPS NÈYJNP QPTTÓWFM QBSB VN
JOUFJSP *TTP Ï GFJUP QBSB B QPTTJCJMJEBEF EF B "1* UFS SFUPSOBEP
WÈSJPT WBMPSFT QPTTÓWFJT PV TFKB WÈSJBT SPUBT
PV OFOIVNB SPUB 
OFTUF DBTP WBNPT USB[FS P NBJPS OÞNFSP QBSB EFNPOTUSBS B
JNQPTTJCJMJEBEF EF TF OBWFHBS EF VN QPOUP BP PVUSP
/LVW,QWHJHU! UHVXOWV UDZ5HVXOWVVWUHDP PDS LW ! ,QWHJHU
LW FROOHFW &ROOHFWRUVWR/LVW 

UHWXUQ UHVXOWVVWUHDP PLQ ,QWHJHUFRPSDUH7R RU(OVH ,QWHJHU0$


;B9$/8( 

" DMBTTF OP GPSNBUP GJOBM GJDB BTTJN


SDFNDJH DSSFDUFDSLQWHUIDFHVRXWFRPLQJ

LPSRUW FRPMD\ZD\MVRQSDWK-VRQ3DWK
LPSRUW MDYDXWLO/LVW
LPSRUW MDYDXWLOVWUHDP&ROOHFWRUV
LPSRUW QHWPLQLGHYMVRQ-621$UUD\
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ9DOXH
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH6HUYLFH
LPSRUW RUJVSULQJIUDPHZRUNZHEFOLHQW5HVW7HPSODWH

#6HUYLFH
SXEOLF FODVV *0DSV6HUYLFH ^

#9DOXH ^DSSFDUGRPDLQJRRJOHPDSVDSLNH\`
SULYDWH 6WULQJ DSS.H\

SULYDWH VWDWLF ILQDO 6WULQJ *0$36B7(03/$7(


KWWSVPDSVJRRJOHDSLVFRPPDSVDSLGLUHFWLRQVMVRQ"RULJL
Q ^RULJLQ` GHVWLQDWLRQ ^GHVWLQDWLRQ` NH\ ^NH\`

SXEOLF ,QWHJHU JHW'LVWDQFH%HWZHHQ$GGUHVVHV 6WULQJ DGGUHVV2QH


6WULQJ DGGUHVV7ZR ^

  5(&83(5$1'2 26 '$'26 &20 -6213$7+


5HVW7HPSODWH WHPSODWH QHZ 5HVW7HPSODWH 
6WULQJ MVRQ5HVXOW WHPSODWHJHW)RU2EMHFW *0$36B7(03/$7( 6
WULQJFODVV DGGUHVV2QH DGGUHVV7ZR DSS.H\ 

-621$UUD\ UDZ5HVXOWV -VRQ3DWKSDUVH MVRQ5HVXOW UHDG 


OHJV> @GXUDWLRQYDOXH 

/LVW,QWHJHU! UHVXOWV UDZ5HVXOWVVWUHDP PDS LW ! ,QW


HJHU LW FROOHFW &ROOHFWRUVWR/LVW 

UHWXUQ UHVXOWVVWUHDP PLQ ,QWHJHUFRPSDUH7R RU(OVH ,QWH


JHU0$;B9$/8( 
`
`

 */5&(3"/%0 " $0/46-5" /0 130+&50


7BNPT BHPSB DSJBS B "1* EF DPOTVMUB ËT WJBHFOT RVF FTUÍP
QSØYJNBT 1BSB JTTP WBNPT DSJBS VN NÏUPEP OPWP OB OPTTB DMBTTF
EF "1* RVF WBJ TF DIBNBS OLVW1HDUE\5HTXHVWV  &TTF NÏUPEP
WBJ SFUPSOBS VNB MJTUB EF (QWLW\0RGHO7UDYHO5HTXHVW2XWSXW!
PV TFKB VNB MJTUB EF SFUPSOPT TFNFMIBOUFT BP RVF GJ[FNPT OP
NÏUPEP PDNH7UDYHO5HTXHVW  &TTF NÏUPEP UBNCÏN WBJ SFDFCFS
DPNP QBSÉNFUSP P FOEFSFÎP BUVBM EP NPUPSJTUB RVF VUJMJ[BS FTTB
"1* QBSB RVF QPTTBNPT GB[FS B DPNQBSBÎÍP EF EJTUÉODJB F GJMUSBS BT
WJBHFOT RVF FTUÍP NVJUP EJTUBOUFT EP QPOUP BUVBM

&TTB "1* UBNCÏN WBJ TFS NBQFBEB VUJMJ[BOEP P NÏUPEP *(7


KÈ RVF FTUBNPT MJTUBOEP EBEPT RVF WÐN EP TFSWJEPS
 $PNP BT
SFRVJTJÎÜFT EF WJBHFOT RVF WBNPT MJTUBS QPS FTTB "1* FODBJYBNTF
OP TVCDPOKVOUP EBT TPMJDJUBÎÜFT EF WJBHFOT RVF FTUÍP QSØYJNBT
WBNPT DSJBS VN NBQFBNFOUP QBSB RVF B 63- GJRVF
WUDYHO5HTXHVWVQHDUE\  "MÏN EJTTP UBNCÏN WBNPT JODMVJS
VN TXHU\ SDUDPHWHU DIBNBEP FXUUHQW$GGUHVV QBSB RVF P
VTVÈSJP EB "1* QPTTB SFDFCFS BQFOBT BT TPMJDJUBÎÜFT EBT WJBHFOT RVF

 ,17(*5$1'2 $ &2168/7$ 12 352-(72 


FTUFKBN QSØYJNBT EFTTF FOEFSFÎP *TTP Ï GFJUP BUSBWÏT EB BOPUBÎÍP
#5HTXHVW3DUDP 

#*HW0DSSLQJ QHDUE\
SXEOLF /LVW(QWLW\0RGHO7UDYHO5HTXHVW2XWSXW!! OLVW1HDUE\5HTXHVWV
#5HTXHVW3DUDP 6WULQJ FXUUHQW$GGUHVV ^
UHWXUQ QXOO
`

7BNPT JODMVJS OP OPTTP SFQPTJUØSJP VN NÏUPEP RVF MPDBMJ[F


BQFOBT 7UDYHO5HTXHVWV RVF FTUFKBN OP TUBUVT &5($7('  1BSB
EFJYBS NBJT HFOÏSJDP VN NÏUPEP RVF MPDBMJ[F QFMP VWDWXV PV
TFKB ILQG%\6WDWXV 
SXEOLF LQWHUIDFH 7UDYHO5HTXHVW5HSRVLWRU\ H[WHQGV -SD5HSRVLWRU\7U
DYHO5HTXHVW /RQJ! ^
/LVW7UDYHO5HTXHVW! ILQG%\6WDWXV 7UDYHO5HTXHVW6WDWXV VWDWXV 
`

$0.0 0 ."1&".&/50 %04 .²50%04 ² '&*50 1&-0 413*/( %"5"

$PNP WPDÐ QPEF PCTFSWBS TØ P RVF QSFDJTBNPT GB[FS QBSB


DSJBS P NBQFBNFOUP EP NÏUPEP QBSB P CBODP EF EBEPT GPJ
DIBNBS P NÏUPEP EF ILQG%\6WDWXV  *TTP GB[ DPN RVF P
NÏUPEP TJHB VNB DPOWFOÎÍP EP QSØQSJP 4QSJOH %BUB F
QPSUBOUP P GSBNFXPSL KÈ GBÎB P NBQFBNFOUP BVUPNÈUJDP QBSB
VNB RVFSZ EF CBODP EF EBEPT $BTP OÍP RVFJSBNPT VUJMJ[BS
FTTB DPOWFOÎÍP CBTUB VUJMJ[BS B BOPUBÎÍP #4XHU\ 

7BNPT DPODFOUSBS B OPTTB MØHJDB EF NBQFBNFOUP OB DMBTTF


7UDYHO6HUYLFH  0 OPTTP QSJNFJSP QBTTP OFTTB DMBTTF Ï DSJBS VNB
DPOTUBOUF QBSB EFUFSNJOBS RVBOUP UFNQP TFSÈ P OPTTP DPSUF QBSB
GJMUSBHFN 0CTFSWF RVF P DBNQP QSFTFOUF OB "1* EP (PPHMF

  ,17(*5$1'2 $ &2168/7$ 12 352-(72


SFUPSOB PT EBEPT FN TFHVOEPT QPSUBOUP TF RVJTFSNPT RVF OPTTP
DPSUF TFKB EF BUÏ  NJOVUPT QBSB DIFHBEB EP NPUPSJTUB BP QPOUP
EF FNCBSRVF EP QBTTBHFJSP WBNPT VUJMJ[BS VNB DPOTUBOUF DPN P
WBMPS 
SULYDWH VWDWLF ILQDO LQW 0$;B75$9(/B7,0( 

"HPSB WBNPT JOKFUBS P TFSWJÎP EP (PPHMF OFTTB DMBTTF


#$XWRZLUHG
*0DSV6HUYLFH J0DSV6HUYLFH

'JOBMNFOUF WBNPT DSJBS VN NÏUPEP DVKP QSPQØTJUP TFKB P EF


SFDVQFSBS EP CBODP EF EBEPT BT TPMJDJUBÎÜFT EF WJBHFN DVKPT
VWDWXV TFKBN &5($7(' F FOUÍP VUJMJ[BS P TFSWJÎP EP (PPHMF
QBSB DBMDVMBS P UFNQP EF DIFHBEB FN DBEB VNB EBT TPMJDJUBÎÜFT
EFTQSF[BOEP BRVFMBT POEF P UFNQP EF DIFHBEB TFKB NBJPS EP RVF
PT  NJOVUPT

7BNPT DPNFÎBS QFMB BTTJOBUVSB EP NÏUPEP F SFDVQFSBÎÍP EPT


EBEPT EP CBODP EF EBEPT
SXEOLF /LVW7UDYHO5HTXHVW! OLVW1HDUE\7UDYHO5HTXHVWV 6WULQJ FXUUHQ
W$GGUHVV ^
/LVW7UDYHO5HTXHVW! UHTXHVWV WUDYHO5HTXHVW5HSRVLWRU\ILQG%\6
WDWXV 7UDYHO5HTXHVW6WDWXV&5($7(' 
`

0 QSØYJNP QBTTP Ï SFBMJ[BS B GJMUSBHFN EF EBEPT VUJMJ[BOEP P


*0DSV6HUYLFH  7BNPT SFQBTTBS P QBSÉNFUSP FXUUHQW$GGUHVV
QBSB P NÏUPEP JHW'LVWDQFH%HWZHHQ$GGUHVVHV EB DMBTTF
*0DSV6HUYLFH CFN DPNP P DBNQP RULJLQ EF DBEB
7UDYHO5HTXHVW FOUÍP TFQBSBNPT BQFOBT BT TPMJDJUBÎÜFT POEF P
SFTVMUBEP EB JOWPDBÎÍP EFTTF NÏUPEP GPS NFOPS EP RVF P WBMPS
QSFTFOUF OB DPOTUBOUF 0$;B75$9(/B7,0( 

 ,17(*5$1'2 $ &2168/7$ 12 352-(72 


SXEOLF /LVW7UDYHO5HTXHVW! OLVW1HDUE\7UDYHO5HTXHVWV 6WULQJ FXUUHQ
W$GGUHVV ^
/LVW7UDYHO5HTXHVW! UHTXHVWV WUDYHO5HTXHVW5HSRVLWRU\ILQG%\6
WDWXV 7UDYHO5HTXHVW6WDWXV&5($7(' 
UHWXUQ UHTXHVWV
VWUHDP
ILOWHU WU ! J0DSV6HUYLFHJHW'LVWDQFH%HWZHHQ$GGUHVVHV FXUU
HQW$GGUHVV WUJHW2ULJLQ  0$;B75$9(/B7,0(
FROOHFW &ROOHFWRUVWR/LVW 
`

7PMUBOEP Ë OPTTB DMBTTF 7UDYHO5HTXHVW$3, WBNPT SFBMJ[BS B


DIBNBEB QBSB P NÏUPEP OLVW1HDUE\7UDYHO5HTXHVWV RVF GPJ
SFDÏNDSJBEP QBSB RVF QPTTBNPT USBCBMIBS DPN P SFTVMUBEP EFTTF
TFSWJÎP
#*HW0DSSLQJ QHDUE\
SXEOLF /LVW(QWLW\0RGHO7UDYHO5HTXHVW2XWSXW!! OLVW1HDUE\5HTXHVWV
#5HTXHVW3DUDP 6WULQJ FXUUHQW$GGUHVV ^
/LVW7UDYHO5HTXHVW! UHTXHVWV WUDYHO6HUYLFHOLVW1HDUE\7UDYHO5
HTXHVWV FXUUHQW$GGUHVV 
`

7BNPT SFMFNCSBS RVF P NÏUPEP EXLOG2XWSXW0RGHO RVF GB[


B DPOTUSVÎÍP EB DMBTTF DPN P (QWLW\0RGHO SFDFCF DPNP
QBSÉNFUSPT VN 7UDYHO5HTXHVW F VN 7UDYHO5HTXHVW2XWSXW 
&TUF ÞMUJNP Ï DPOTUSVÓEP B QBSUJS EB DIBNBEB EP NÏUPEP PDS
QPSUBOUP QSFDJTBNPT DIBNBS FTTF NÏUPEP QSJNFJSP F OB
TFRVÐODJB DIBNBS P NÏUPEP EXLOG2XWSXW0RGHO DPN BNCPT
1BSB TJNQMJGJDBS FTTBT DIBNBEBT WBNPT DSJBS VN OPWP NÏUPEP OB
DMBTTF 7UDYHO5HTXHVW0DSSHU RVF WBJ SFDFCFS B MJTUB EF
7UDYHO5HTXHVW F WBJ DIBNBS QBSB DBEB VNB P NÏUPEP PDS F
EFQPJT P EXLOG2XWSXW0RGHO  EFTUB GPSNB SFUPSOBOEP VNB MJTUB
EF (QWLW\0RGHO7UDYHO5HTXHVW2XWSXW!  7BNPT DIBNBS FTTF
NÏUPEP EF EXLOG2XWSXW0RGHO PV TFKB FTUBNPT
TPCSFDBSSFHBOEP P NÏUPEP RVF KÈ FYJTUJB


  ,17(*5$1'2 $ &2168/7$ 12 352-(72


SXEOLF /LVW(QWLW\0RGHO7UDYHO5HTXHVW2XWSXW!!
EXLOG2XWSXW0RGHO /LVW7UDYHO5HTXHVW! UHTXHVWV ^
UHWXUQ UHTXHVWV
VWUHDP
PDS WU ! EXLOG2XWSXW0RGHO WU PDS WU
FROOHFW &ROOHFWRUVWR/LVW 
`

7PMUBOEP Ë OPTTB DMBTTF 7UDYHO5HTXHVW$3, WBNPT GB[FS DPN


RVF FMB SFUPSOF P SFTVMUBEP EB DIBNBEB BP NÏUPEP SFDÏNDSJBEP
#*HW0DSSLQJ QHDUE\
SXEOLF /LVW(QWLW\0RGHO7UDYHO5HTXHVW2XWSXW!! OLVW1HDUE\5HTXHVWV
#5HTXHVW3DUDP 6WULQJ FXUUHQW$GGUHVV ^
/LVW7UDYHO5HTXHVW! UHTXHVWV WUDYHO6HUYLFHOLVW1HDUE\7UDYHO5
HTXHVWV FXUUHQW$GGUHVV 
UHWXUQ PDSSHUEXLOG2XWSXW0RGHO UHTXHVWV 
`

 5&45"/%0 " /07" "1*


0 ÞMUJNP QBTTP Ï GB[FS P UFTUF EB OPWB "1* 1BSB JTTP WBNPT
SFDSJBS P QBTTBHFJSP

 7(67$1'2 $ 129$ $3, 


'JHVSB  1BTTBHFJSP SFDSJBEP

%FQPJT WBNPT DSJBS B TPMJDJUBÎÍP EF WJBHFN

  7(67$1'2 $ 129$ $3,


'JHVSB  4PMJDJUBÎÍP EF WJBHFN DSJBEB

'JOBMNFOUF WBNPT SFBMJ[BS B MJTUBHFN EF DPSSJEBT QSØYJNBT

 7(67$1'2 $ 129$ $3, 


'JHVSB  3FUPSOP EB WJBHFN RVF FTUÈ QSØYJNB

0CTFSWF RVF DBTP VN FOEFSFÎP NBJT EJTUBOUF TFKB QBTTBEP


DPNP QBSÉNFUSP B DPSSJEB OÍP Ï SFUPSOBEB

  7(67$1'2 $ 129$ $3,


'JHVSB  "VTÐODJB EF SFTVMUBEPT DPN FOEFSFÎP EJTUBOUF

$PODMVTÍP
/FTUF DBQÓUVMP DPOIFDFNPT VN QPVDP TPCSF DPNP GVODJPOB B
QBSUF EF DSJBÎÍP EF DMJFOUFT 3&45 VUJMJ[BOEP P 3FTU5FNQMBUF EP
4QSJOH #PPU ² DMBSP BJOEB GPJ VN UJQP EF DMJFOUF TVQFSGJDJBM RVF
DPOTPNF VN TFSWJÎP FYUFSOP NBT OPT EÈ JOTVNPT QBSB RVF
DPOIFÎBNPT NFMIPS VN BTQFDUP NVJUP JNQPSUBOUF EB DSJBÎÍP EF
TFSWJÎPT 3&45 RVF Ï B DSJBÎÍP EF UFTUFT BVUPNBUJ[BEPT QBSB PT
OPTTPT TFSWJÎPT

 7(67$1'2 $ 129$ $3, 


&$3Ë78/2 

$3*"/%0 04 5&45&4
"650."5*;"%04

/P NFJP EP DBPT IÈ TFNQSF VNB PQPSUVOJEBEF  4VO 5[V

/PTTB "1* KÈ PGFSFDF FGFUJWBNFOUF VNB GVODJPOBMJEBEF Ï


QPTTÓWFM RVF VN NPUPSJTUB MJTUF RVBJT TPMJDJUBÎÜFT EF WJBHFOT GPSBN
GFJUBT QSØYJNBT B FMF "JOEB OÍP DSJBNPT B "1* RVF BTTPDJB B FTUF
NPUPSJTUB VNB EFUFSNJOBEB WJBHFN NBT DPN VNB GVODJPOBMJEBEF
KÈ DSJBEB Ï NVJUP JNQPSUBOUF RVF DPNFDFNPT B DSJBS UFTUFT
BVUPNBUJ[BEPT QBSB FMB QPJT TÍP FMFT RVF WÍP HBSBOUJS B
FTUBCJMJEBEF RVBOEP GJ[FSNPT RVBJTRVFS NVEBOÎBT

 $0/)&$&/%0 "4 &453"5²(*"4 %&


5&45&
$PNP EFTFOWPMWFEPS UBMWF[ WPDÐ KÈ FTUFKB GBNJMJBSJ[BEP DPN
BMHVNBT UÏDOJDBT EF UFTUFT EFOUSP EP QSØQSJP BNCJFOUF DPNP
UFTUFT VOJUÈSJPT F EF JOUFHSBÎÍP QPS FYFNQMP 0T UFTUFT VOJUÈSJPT
SFTUSJOHFNTF B VN ÞOJDP DPNQPOFOUF F TVBT EFQFOEÐODJBT TÍP
GPSOFDJEBT DPNP NPDLT PV TFKB SFUPSOBN SFTQPTUBT QSÏ
QSPHSBNBEBT +È PT UFTUFT EF JOUFHSBÎÍP BCSBOHFN FTDPQPT NBJT
BNQMPT BUJOHJOEP WÈSJPT DPNQPOFOUFT BMHVNBT WF[FT UBNCÏN

  &5,$1'2 26 7(67(6 $8720$7,=$'26


SFRVFSFOEP NPDLT NBT QSPDVSBOEP EFQFOEFS P NÓOJNP QPTTÓWFM
EFTUFT

2VBOEP QBSUJNPT QBSB UFTUFT EF "1*T FMFWBNPT FTUFT UFTUFT B


VN OPWP QBUBNBS DPN PT UFTUFT EF DPOUSBUP 0T UFTUFT EF DPOUSBUP
TÍP DPNP PT UFTUFT EF JOUFHSBÎÍP NBT TÍP GFJUPT UFTUBOEP JODMVTJWF
B JOUFSGBDF EB "1* *TTP RVFS EJ[FS RVF TF VN UFTUF EF JOUFHSBÎÍP
QPEF TFS GFJUP JOTUBODJBOEP B DMBTTF +BWB RVF GPSOFDF B "1* F
SFBMJ[BOEP VNB DIBNBEB QBSB P NÏUPEP VN UFTUF EF DPOUSBUP WBJ
SFRVFSFS TUBSU OP TFSWJEPS F SFBMJ[BS VNB DIBNBEB )551 B FMF *TTP
HBSBOUF RVF OÍP BQFOBT P GVODJPOBNFOUP EP TJTUFNB FTUÈ EFOUSP
EP DPSSFUP DPNP RVF P TJTUFNB FTUÈ SFBMJ[BOEP P NBQFBNFOUP
DPSSFUP EPT GPSNBUPT EF FOUSBEB F TBÓEB  EBÓ P OPNF DPOUSBUP

0 4QSJOH #PPU QPS TJ TØ OÍP SFBMJ[B FTTF UJQP EF UFTUF %BÓ


QPEFNPT DPOUBS DPN VN OPWP GSBNFXPSL P 3&45 "TTVSFE
EJTQPOÓWFM FN IUUQSFTUBTTVSFEJP
 &MF BUVB FN DPOKVOUP DPN
P 4QSJOH #PPU QBSB GPSOFDFS UFTUFT EBT "1*T NVJUP QPEFSPTPT
7BNPT DSJBS PT UFTUFT EB "1* EF QBTTBHFJSPT QSJNFJSP QBSB WFSJGJDBS
DPNP JTTP GVODJPOB

 $3*"/%0 04 5&45&4 %" "1* %&


1"44"(&*304 $0. 3&45 "4463&%
&N QSJNFJSP MVHBS QSFDJTBNPT BEJDJPOBS B EFQFOEÐODJB EP
3&45 "TTVSFE OP OPTTP SRP[PO  7BNPT VUJMJ[BS UBNCÏN VN
GSBNFXPSL DIBNBEP +6OJU RVF Ï P QBESÍP EF GBUP QBSB UFTUFT FN
+BWB
NBT FMF KÈ GPJ JODMVÓEP OP QSPKFUP QFMP 4QSJOH *OJUJBMJ[S OP
BUP EB DSJBÎÍP EP QSPKFUP

" WFSTÍP NBJT BUVBM EP 3&45 "TTVSFE RVBOEP EB FTDSJUB EFTUF

 &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685(' 
MJWSP
Ï B  7BNPT JODMVJS FOUÍP P USFDIP DPSSFTQPOEFOUF OP
SRP[PO DPN P FTDPQP EF UFTUFT

GHSHQGHQF\!
JURXS,G!LRUHVWDVVXUHGJURXS,G!
DUWLIDFW,G!VSULQJPRFNPYFDUWLIDFW,G!
YHUVLRQ!YHUVLRQ!
VFRSH!WHVWVFRSH!
GHSHQGHQF\!

"HPSB WBNPT DSJBS B DMBTTF EF UFTUFT OP EJSFUØSJP QBESÍP EF


UFTUFT EP .BWFO RVF Ï VUFWHVWMDYD  7BNPT DSJBS P QBDPUF
DSSFDUFDSLQWHUIDFHVLQFRPLQJ OFTUF EJSFUØSJP RVF Ï P
NFTNP QBDPUF EB DMBTTF 3DVVHQJHU$3, RVF GPSOFDF B OPTTB "1*
EF QBTTBHFJSPT /PTTB DMBTTF TF DIBNBSÈ 3DVVHQJHU$3,7HVW,7
PV TFKB P OPNF EB DMBTTF B TFS UFTUBEB BDSFTDJEP EP TVGJYP
7HVW,7 RVF Ï P QBESÍP EP .BWFO QBSB UFTUFT EF JOUFHSBÎÍP 4FV
DØEJHP DPNFÎB BTTJN
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJ

SXEOLF FODVV 3DVVHQJHU$3,7HVW,7 ^


`

2VBOEP PT UFTUFT GPSFN FYFDVUBEPT QPS FTUB DMBTTF B UBSFGB EFMB


Ï JOJDJBMJ[BS UPEP P DPOUFYUP EP 4QSJOH BTTJN DPNP P XFC TFSWFS
BTTPDJBEP *TTP QPEF TFS GFJUP BUSBWÏT EF VNB ÞOJDB BOPUBÎÍP B
#6SULQJ%RRW7HVW 

LPSRUW RUJVSULQJIUDPHZRUNERRWWHVWFRQWH[W6SULQJ%RRW7HVW

#6SULQJ%RRW7HVW
SXEOLF FODVV 3DVVHQJHU$3,7HVW,7 ^
`

6NB WF[ UFOEP JTTP FN NFOUF WBNPT DPOTJEFSBS RVF PT UFTUFT


TÍP FYFDVUBEPT FN VN BNCJFOUF $*$% $POUJOVPVT

  &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685('
*OUFHSBUJPO$POUJOVPVT %FMJWFSZ
 *TTP TJHOJGJDB RVF QPEF IBWFS
WÈSJPT UFTUFT EFTUF TJTUFNB TFOEP FYFDVUBEPT FN QBSBMFMP  DPNP
QSPDFEFS QBSB RVF VOT OÍP CMPRVFJFN PT PVUSPT QPS PDVQBS B
NFTNB QPSUB EF SFEF RVBOEP P TFSWJEPS GPS JOJDJBMJ[BEP -FNCSF
TF EF RVF QPS QBESÍP P TJTUFNB TFNQSF Ï FYFDVUBEP TPC B QPSUB


" SFTQPTUB QBSB FTUF QSPCMFNB Ï BUSJCVJS VNB QPSUB BMFBUØSJB


UPEB WF[ RVF P TJTUFNB GPS JOJDJBMJ[BEP *TTP RVFS EJ[FS RVF P 4QSJOH
#PPU Ï DBQB[ EF QSPDVSBS QPS VNB QPSUB WB[JB OP BNCJFOUF F
BTTPDJBS P XFC TFSWFS B FMB *TTP QPEF TFS GFJUP VUJMJ[BOEP P
QBSÉNFUSP ZHE(QYLURQPHQW EB BOPUBÎÍP #6SULQJ%RRW7HVW
QBTTBOEP DPNP QBSÉNFUSP B DPOTUBOUF 5$1'20B3257 EB GPSNB
DPNP TFHVF
LPSRUW RUJVSULQJIUDPHZRUNERRWWHVWFRQWH[W6SULQJ%RRW7HVW

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
SXEOLF FODVV 3DVVHQJHU$3,7HVW,7 ^
`

1BSB RVF P 3&45 "TTVSFE TBJCB RVBM QPSUB VUJMJ[BS QBSB SFBMJ[BS
BT SFRVJTJÎÜFT VUJMJ[BNPT VN BSUJGÓDJP EP 4QSJOH #PPU RVF Ï B
BOPUBÎÍP #/RFDO6HUYHU3RUW  &TUB BOPUBÎÍP SFBMJ[B B JOKFÎÍP EB
QPSUB FN VN DBNQP EB DMBTTF EF UFTUFT BTTJN
LPSRUW RUJVSULQJIUDPHZRUNERRWWHVWFRQWH[W6SULQJ%RRW7HVW
LPSRUW RUJVSULQJIUDPHZRUNERRWZHEVHUYHU/RFDO6HUYHU3RUW

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
SXEOLF FODVV 3DVVHQJHU$3,7HVW,7 ^

#/RFDO6HUYHU3RUW
SULYDWH LQW SRUW

 &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685(' 
`

1BSB DPOGJHVSBS P 3&45 "TTVSFE DPN FTUB QPSUB TJNQMFTNFOUF


SFBMJ[BNPT B BUSJCVJÎÍP EFTUF WBMPS JOKFUBEP OP DBNQP SRUW EB
DMBTTF 5HVW$VVXUHG EF GPSNB FTUÈUJDB 7BNPT DSJBS VN NÏUPEP
POEF WBNPT JODMVJS FTUB JOGPSNBÎÍP F BOPUÈMP DPN B BOPUBÎÍP
#%HIRUH(DFK EP +6OJU RVF GBSÈ DPN RVF FTUF NÏUPEP TFNQSF
TFKB JOWPDBEP BOUFT EB FYFDVÎÍP EF DBEB UFTUF
LPSRUW LRUHVWDVVXUHG5HVW$VVXUHG
LPSRUW RUJMXQLWMXSLWHUDSL%HIRUH(DFK
LPSRUW RUJVSULQJIUDPHZRUNERRWWHVWFRQWH[W6SULQJ%RRW7HVW
LPSRUW RUJVSULQJIUDPHZRUNERRWZHEVHUYHU/RFDO6HUYHU3RUW

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
SXEOLF FODVV 3DVVHQJHU$3,7HVW,7 ^

#/RFDO6HUYHU3RUW
SULYDWH LQW SRUW

#%HIRUH(DFK
SXEOLF YRLG VHWXS ^
5HVW$VVXUHGSRUW SRUW
`

7BNPT BHPSB DPNFÎBS B DSJBÎÍP EP OPTTP UFTUF 1BSB JTTP


WBNPT DSJBS VN NÏUPEP DPN VN OPNF BQSPQSJBEP QBSB EJ[FS P
RVF FYBUBNFOUF FTUBNPT UFTUBOEP %FQPJT WBNPT BOPUÈMP DPN B
BOPUBÎÍP #7HVW EP +6OJU
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJ

LPSRUW LRUHVWDVVXUHG5HVW$VVXUHG
LPSRUW RUJMXQLWMXSLWHUDSL%HIRUH(DFK
LPSRUW RUJMXQLWMXSLWHUDSL7HVW
LPSRUW RUJVSULQJIUDPHZRUNERRWWHVWFRQWH[W6SULQJ%RRW7HVW
LPSRUW RUJVSULQJIUDPHZRUNERRWZHEVHUYHU/RFDO6HUYHU3RUW

  &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685('
#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$
1'20B3257
SXEOLF FODVV 3DVVHQJHU$3,7HVW,7 ^

#/RFDO6HUYHU3RUW
SULYDWH LQW SRUW

#%HIRUH(DFK
SXEOLF YRLG VHWXS ^
5HVW$VVXUHGSRUW SRUW
`

#7HVW
SXEOLF YRLG WHVW&UHDWH3DVVHQJHU ^
`
`

7BNPT BHPSB DSJBS VNB 4USJOH DPOUFOEP P +40/ RVF VTBNPT


QBSB DSJBÎÍP EF VN QBTTBHFJSP /ÍP TF FTRVFÎB EF RVF BT BTQBT
EVQMBT 
TÍP SFTFSWBEBT FN +BWB F QPSUBOUP QSFDJTBNPT FTDBQÈ
MB DPN ? 
#7HVW
SXEOLF YRLG WHVW&UHDWH3DVVHQJHU ^
6WULQJ FUHDWH3DVVHQJHU-621 ^?QDPH??$OH[DQGUH 6DXGDWH?`

`

1BTTFNPT Ë DSJBÎÍP EP UFTUF EB "1* 7BNPT QSJNFJSP SFVOJS BT


JOGPSNBÎÜFT BDFSDB EP CÈTJDP EF VNB "1*

5JQP EF DPOUFÞEP +40/


63- SDVVHQJHUV
.ÏUPEP )551 3267
$ØEJHP EF SFUPSOP FTQFSBEP 

$PN FTTBT JOGPSNBÎÜFT QPEFNPT DSJBS P UFTUF VUJMJ[BOEP B "1*


EP 3&45 "TTVSFE ² JNQPSUBOUF PCTFSWBS RVF FTUB TFHVF P DPODFJUP

 &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685(' 
EF VNB "1* 'MVFOUF DPNP BQSFTFOUBEP QPS '08-&3 
F Ï
JOUFSFTTBOUF OFTTF DBTP SFBMJ[BS JNQPSUBÎÍP FTUÈUJDB EP QSJNFJSP
NÏUPEP JLYHQ  &TTF NÏUPEP WBJ JOJDJBMJ[BS B EFDMBSBÎÍP EF VNB
"1* DPN P 3&45 "TTVSFE
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJ

LPSRUW VWDWLF LRUHVWDVVXUHG5HVW$VVXUHGJLYHQ

 UHVWDQWH GR F³GLJR RPLWLGR

#7HVW
SXEOLF YRLG WHVW&UHDWH3DVVHQJHU ^

6WULQJ FUHDWH3DVVHQJHU-621 ^?QDPH??$OH[DQGUH 6DXGDWH?`

JLYHQ 
`

"HPSB WBNPT JOTFSJS B EFDMBSBÎÍP EP UJQP EF DPOUFÞEP


VUJMJ[BOEP OB TFRVÐODJB P NÏUPEP FRQWHQW7\SH F QBTTBOEP DPNP
QBSÉNFUSP P WBMPS -621 QSFTFOUF OB FOVNFSBÎÍP &RQWHQW7\SH 
JLYHQ
FRQWHQW7\SH LRUHVWDVVXUHGKWWS&RQWHQW7\SH-621


%FQPJT WBNPT SFBMJ[BS B BUSJCVJÎÍP EP DPSQP EB SFRVJTJÎÍP


VUJMJ[BOEP P NÏUPEP ERG\ 
6WULQJ FUHDWH3DVVHQJHU-621 ^?QDPH??$OH[DQGUH 6DXGDWH?`

JLYHQ
FRQWHQW7\SH LRUHVWDVVXUHGKWWS&RQWHQW7\SH-621
ERG\ FUHDWH3DVVHQJHU-621


/B TFRVÐODJB FTQFDJGJDBNPT EF VNB TØ WF[ P NÏUPEP )551 F B


63- $PNP P NÏUPEP Ï 3267 VUJMJ[BNPT P NÏUPEP SRVW 

  &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685('
JLYHQ
FRQWHQW7\SH LRUHVWDVVXUHGKWWS&RQWHQW7\SH-621
ERG\ FUHDWH3DVVHQJHU-621
SRVW SDVVHQJHUV


"UÏ BRVJ GPSOFDFNPT BP 3&45 "TTVSFE UPEP P OFDFTTÈSJP QBSB


B SFBMJ[BS B SFRVJTJÎÍP "HPSB WBNPT DPNFÎBS B TFÎÍP EF BTTFSÎÜFT
TPCSF P RVF GPJ FYFDVUBEP F QBSB SFBMJ[BS B TFQBSBÎÍP FOUSF P
USFDIP EB SFRVJTJÎÍP F WBMJEBÎÍP EB SFTQPTUB VUJMJ[BNPT P NÏUPEP
WKHQ 

JLYHQ
FRQWHQW7\SH LRUHVWDVVXUHGKWWS&RQWHQW7\SH-621
ERG\ FUHDWH3DVVHQJHU-621
SRVW SDVVHQJHUV
WKHQ


1BSB WFSJGJDBSNPT P DØEJHP EF SFUPSOP VUJMJ[BNPT P NÏUPEP


VWDWXV&RGH 

JLYHQ
FRQWHQW7\SH LRUHVWDVVXUHGKWWS&RQWHQW7\SH-621
ERG\ FUHDWH3DVVHQJHU-621
SRVW SDVVHQJHUV
WKHQ
VWDWXV&RGH 


'JOBMNFOUF WBNPT OPT DFSUJGJDBS EF RVF P +40/ EF SFTQPTUB


DPOUÏN PT DBNQPT EF RVF QSFDJTBNPT PV TFKB LG F QDPH  &TTB
WFSJGJDBÎÍP Ï GFJUB QFMP NÏUPEP ERG\ RVF SFDFCF DPNP
QBSÉNFUSPT VNB 4USJOH *3DWK RVF Ï NVJUP TFNFMIBOUF BP
-6213DWK
F VN NBUDIFS EF WFSJGJDBÎÍP EF VN GSBNFXPSL EF
BQPJP P )BNDSFTU &TTF NBUDIFS WBJ TFS SFTQPOTÈWFM QPS SFBMJ[BS B
WFSJGJDBÎÍP EF RVF P EBEP SFTVMUBOUF EB SFDVQFSBÎÍP GFJUB QFMP
*3DWK Ï JHVBM BP RVF OFDFTTJUBNPT /FTUF DBTP WBNPT VTBS PT

 &5,$1'2 26 7(67(6 '$ $3, '( 3$66$*(,526 &20 5(67 $6685(' 
NBUDIFST HTXDO7R F P QRW1XOO9DOXH  7BNPT SFBMJ[BS B
JNQPSUBÎÍP FTUÈUJDB EPT NBUDIFST F FOUÍP FYFDVUBS P NÏUPEP
LPSRUW VWDWLF RUJKDPFUHVW0DWFKHUVHTXDO7R
LPSRUW VWDWLF RUJKDPFUHVW0DWFKHUVQRW1XOO9DOXH

 5HVWDQWH GR F³GLJR RPLWLGR

JLYHQ
FRQWHQW7\SH LRUHVWDVVXUHGKWWS&RQWHQW7\SH-621
ERG\ FUHDWH3DVVHQJHU-621
SRVW SDVVHQJHUV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ QDPH HTXDO7R $OH[DQGUH 6DXGDWH


103 26& 3&"-*;".04 " 7&3*'*$"±°0 %0 $".10 *% $0.


12718//9$/8( &. 7&; %& (48$/72

$PN B FYFDVÎÍP EF WÈSJPT UFTUFT OP QSPKFUP QPEF TFS RVF OFN


TFNQSF P WBMPS EF VN *% TFKB JHVBM BP RVF DPEJGJDBNPT OP
UFTUF "TTJN TFOEP GB[FNPT B WFSJGJDBÎÍP BQFOBT EF RVF P
DBNQP FTUÈ QSFTFOUF FN WF[ EF DPNQBSÈMP DPN VN WBMPS
FTQFDÓGJDP

 &9&$65"/%0 0 5&45&


2VBOEP DSJBNPT P UFTUF DPN P TVGJYP ,7 FTUBNPT BEPUBOEP
VN QBESÍP EP .BWFO RVF Ï VUJMJ[BEP QBSB UFTUFT EF JOUFHSBÎÍP
"JOEB RVF FTUFKBNPT VTBOEP VN UFTUF EF DPOUSBUP IÈ VNB DPJTB
FN DPNVN FOUSF FMFT P UFNQP EF FYFDVÎÍP 2VBOEP FYFDVUP P

  (;(&87$1'2 2 7(67(


UFTUF OB NJOIB *%& SFDFCP DPNP SFTQPTUB BMHP TFNFMIBOUF BP
TFHVJOUF

'JHVSB  3FTVMUBEP EB FYFDVÎÍP EP UFTUF OB *%&

&N NJOIB NÈRVJOB P UFNQP EF FYFDVÎÍP GPJ EF  TFHVOEPT F


 NJMJTTFHVOEPT "QFTBS EF TFS VN UFNQP SFMBUJWBNFOUF SÈQJEP
TF UJWFSNPT  UFTUFT QBSB P OPTTP TJTUFNB RVF MFWFN P NFTNP
UFNQP FTTF UFNQP EF FYFDVÎÍP WBJ TVCJS QBSB VN QPVDP NBJT EF
 TFHVOEPT  P RVF KÈ DPNFÎB B TFS JNQSBUJDÈWFM .JLF 8BDLFS
8"$,&3 
OB ÏQPDB EB FTDSJUB EP BSUJHP +VTU 4BZ /P 5P
.PSF &OE5P&OE 5FTUT TJOBMJ[PV B TVHFTUÍP EP (PPHMF QBSB UFTUFT
 EF UFTUFT VOJUÈSJPT  EF UFTUFT EF JOUFHSBÎÍP F  EF UFTUFT
FOEUPFOE 5FTUFT EF DPOUSBUP OÍP TÍP NFODJPOBEPT OP BSUJHP
NBT FTUFT TÍP VN UJQP JOUFSNFEJÈSJP FOUSF PT UFTUFT EF JOUFHSBÎÍP F
PT UFTUFT FOEUP@FOE " EJGFSFOÎB Ï RVF PT UFTUFT @FOEUPFOE OÍP
VTBN NPDLT FN QPOUP BMHVN F PT EF DPOUSBUP TJN

%F RVBMRVFS GPSNB QSFDJTBNPT DPOGJHVSBS P QSPKFUP QBSB


SFBMJ[BS B FYFDVÎÍP EF UFTUFT EFTTF UJQP %P NPEP DPNP P QSPKFUP
FTUÈ DPOGJHVSBEP PT UFTUFT OÍP TFSÍP FYFDVUBEPT QFMP .BWFO *TTP
QPSRVF BQFOBT P QMVHJO EF FYFDVÎÍP EF UFTUFT VOJUÈSJPT P 4VSFGJSF
FTUÈ DPOGJHVSBEP 0 QMVHJO RVF FYFDVUB PT UFTUFT EF JOUFHSBÎÍP Ï P
'BJMTBGF 1BSB BDSFTDFOUÈMP BP QSPKFUP Ï GÈDJM CBTUB BDSFTDFOUBS P
QMVHJO OB TFÎÍP EF EXLOG EP .BWFO " WFSTÍP EP QMVHJO Ï
HFSFODJBEB BVUPNBUJDBNFOUF QFMP 4QSJOH #PPU 5FSFNPT BMHP
TFNFMIBOUF BP TFHVJOUF OP SRP[PO 
EXLOG!

 (;(&87$1'2 2 7(67( 


SOXJLQV!
SOXJLQ!
JURXS,G!RUJVSULQJIUDPHZRUNERRWJURXS,G!
DUWLIDFW,G!VSULQJERRWPDYHQSOXJLQDUWLIDFW,G!
SOXJLQ!
SOXJLQ!
JURXS,G!RUJDSDFKHPDYHQSOXJLQVJURXS,G!
DUWLIDFW,G!PDYHQIDLOVDIHSOXJLQDUWLIDFW,G!
SOXJLQ!
SOXJLQV!
EXLOG!

#BTUB FYFDVUBS OB SBJ[ EP QSPKFUP P DPNBOEP PYQ YHULI\ 


*TTP WBJ GB[FS P .BWFO DPNQJMBS UPEP P QSPKFUP F FOUÍP FYFDVUBS PT
UFTUFT UBOUP VOJUÈSJPT RVBOUP JOUFHSBEPT
F BMHP TFNFMIBOUF BP
TFHVJOUF EFWF BQBSFDFS FOUSF PT SFTVMUBEPT EB FYFDVÎÍP
>,1)2@ 7HVWV UXQ  )DLOXUHV  (UURUV  6NLSSHG  7LPH HOD
SVHG  V  LQ DSSFDUFDSLQWHUIDFHVLQFRPLQJ3DVVHQJHU$3
,7HVW,7

 5&45&4 ."*4 $0.1-&504 $0.


8*3&.0$,
/PTTB "1* EF QBTTBHFJSPT GPJ NBJT TJNQMFT EF UFTUBS QPJT OÍP
FOWPMWJB TFSWJÎPT FYUFSOPT +È P TFSWJÎP EF DPOTVMUB EF TPMJDJUBÎÜFT
EF WJBHFOT Ï VN QPVDP NBJT DPNQMFYP QPJT GB[ B DPOTVMUB BP
TFSWJÎP EP (PPHMF QBSB DIFDBS P UFNQP EF WJBHFN .BT OÍP
QPEFNPT JOWPDBS P TFSWJÎP B DBEB FYFDVÎÍP EP UFTUF QPJT JTTP
FWFOUVBMNFOUF QPEF TFS DPCSBEP )È UBNCÏN DBTPT FN RVF OÍP Ï
QPTTÓWFM JOWPDBS VN TFSWJÎP FYUFSOP QPS IBWFS FGFJUPT DPMBUFSBJT
DPNP TFSWJÎPT EF DPCSBOÎB PV TFSWJÎPT NBJT DPNQMFYPT DPNP
&31T "TTJN TFOEP B NFMIPS FTUSBUÏHJB TFSJB DSJBS VN NPDL QBSB
FTTFT TFSWJÎPT FYUFSOPT  NBT RVF GPTTF BMHP UÍP QSØYJNP EP SFBM
RVBOUP QPTTÓWFM &N PVUSBT QBMBWSBT P JEFBM TFSJB DSJBS VN TFSWJÎP

  7(67(6 0$,6 &203/(726 &20 :,5(02&.


RVF GPSOFDFTTF VNB "1* NVJUP QSØYJNB EP TFSWJÎP SFBM NBT RVF
GPTTF DPOUSPMBEB QPS OØT

1BSB BUFOEFS B FTTF QSPQØTJUP FYJTUF VN GSBNFXPSL DIBNBEP


8JSF.PDL IUUQXJSFNPDLPSH
 &MF VUJMJ[B VNB MJOHVBHFN
GMVFOUF QBSB RVF QPTTBNPT DSJBS VN NPDL TFSWFS DBQB[ EF BUVBS
DPNP VN EVCMÐ EP TFSWJÎP RVF WBJ TFS DPOTVMUBEP OB PVUSB QPOUB 
OP DBTP P EP (PPHMF .BQT

0 4QSJOH #PPU PGFSFDF VNB JOUFHSBÎÍP OBUJWB DPN P


8JSF.PDL RVF SFBMJ[B P HFSFODJBNFOUP BVUPNÈUJDP EP DJDMP EF
WJEB EP NPDL TFSWFS 1BSB JODMVÓMP OP OPTTP QSPKFUP UFNPT RVF
JODMVJS B TFHVJOUF FOUSBEB OP SRP[PO 
GHSHQGHQF\!
JURXS,G!RUJVSULQJIUDPHZRUNFORXGJURXS,G!
DUWLIDFW,G!VSULQJFORXGFRQWUDFWZLUHPRFNDUWLIDFW,G!
YHUVLRQ!5(/($6(YHUVLRQ!
VFRSH!WHVWVFRSH!
GHSHQGHQF\!

$PNP OØT WBNPT DSJBS FTTF EVCMÐ P FOEFSFÎP EFMF TFSÈ


EJGFSFOUF EP PSJHJOBM EP (PPHMF .BQT 0 4QSJOH #PPU PGFSFDF VNB
FTUSBUÏHJB QBSB MJEBS DPN FTTF UJQP EF DFOÈSJP B QBSUJS EP VTP EF
QSPGJMFT $SJBS VN QSPGJMF OP 4QSJOH #PPU TJHOJGJDB DSJBS VN OPWP
BSRVJWP OP QBESÍP DSSOLFDWLRQ OPNF EP QSPGJMF
F QPQVMÈMP
DPN PT EBEPT RVF B BQMJDBÎÍP WBJ VUJMJ[BS OP DFOÈSJP FTQFDÓGJDP

/P OPTTP DBTP WBNPT NPEJGJDBS P TFSWJÎP *0DSV6HUYLFH


QBSB RVF TFKB QPTTÓWFM BMUFSBS P IPTU EB "1* "TTJN TFOEP WBNPT
DSJBS VN BUSJCVUP OFTUB DMBTTF RVF JEFOUJGJRVF FTTF IPTU F KÈ TFKB
QPQVMBEP QPS QBESÍP DPN P FOEFSFÎP EP (PPHMF BP NFTNP UFNQP
RVF QPTTB TFS TPCSFTDSJUP DPN P WBMPS EFGJOJEP QPS BMHVN QSPGJMF
*TTP QPEF TFS GFJUP VUJMJ[BOEP B BOPUBÎÍP #9DOXH EFDMBSBOEP B

 7(67(6 0$,6 &203/(726 &20 :,5(02&. 


DIBWF F P WBMPS QBESÍP TFQBSBEPT QPS  F EFMJNJUBEPT QPS ^ F
`  7BNPT EJ[FS BP 4QSJOH #PPU RVF EFWF QSFFODIFS P BUSJCVUP
DPN P WBMPS EB DIBWF LQWHUIDFHVRXWFRPLQJJPDSVKRVW F
DBTP OÍP FODPOUSF QPQVMBS DPN P WBMPS QBESÍP
KWWSVPDSVJRRJOHDSLVFRP  0 USFDIP EF DØEJHP GJDB BTTJN

LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ9DOXH

 5HVWDQWH GR F³GLJR RPLWLGR

#9DOXH ^LQWHUIDFHVRXWFRPLQJJPDSVKRVWKWWSVPDSVJRRJOHDSLV
FRP`
SULYDWH 6WULQJ J0DSV+RVW

SULYDWH VWDWLF ILQDO 6WULQJ *0$36B7(03/$7( PDSVDSLGLUHFWLRQ


VMVRQ"RULJLQ ^RULJLQ` GHVWLQDWLRQ ^GHVWLQDWLRQ` NH\ ^NH\`

SXEOLF ,QWHJHU JHW'LVWDQFH%HWZHHQ$GGUHVVHV 6WULQJ DGGUHVV2QH 6WU


LQJ DGGUHVV7ZR ^

5HVW7HPSODWH WHPSODWH QHZ 5HVW7HPSODWH 


6WULQJ MVRQ5HVXOW WHPSODWHJHW)RU2EMHFW J0DSV+RVW  *0$36B7(
03/$7( 6WULQJFODVV DGGUHVV2QH DGGUHVV7ZR DSS.H\ 

 F³GLJR UHVWDQWH RPLWLGR


`

"HPSB WBNPT SFBMJ[BS B DSJBÎÍP EF DMBTTF EF UFTUFT


QSPQSJBNFOUF EJUB " FTUSVUVSB HFSBM EFTUB DMBTTF TFSÈ TFNFMIBOUF Ë
3DVVHQJHU$3,7HVW,7 JODMVTJWF DPN B DSJBÎÍP EF VNB QPSUB
BMFBUØSJB QBSB PT UFTUFT
#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$
1'20B3257
SXEOLF FODVV 7UDYHO5HTXHVW$3,7HVW,7 ^

#/RFDO6HUYHU3RUW
SULYDWH LQW SRUW

#%HIRUH(DFK
SXEOLF YRLG VHWXS ^

  7(67(6 0$,6 &203/(726 &20 :,5(02&.


5HVW$VVXUHGSRUW SRUW
`

#7HVW
SXEOLF YRLG WHVW)LQG1HDUE\7UDYHO5HTXHVWV ^

`
`

7BNPT JODMVJS B BOPUBÎÍP #$XWR&RQILJXUH:LUH0RFN OFTTB


DMBTTF RVF WBJ GB[FS DPN RVF P 8JSF.PDL TFKB DSJBEP
BVUPNBUJDBNFOUF
LPSRUW RUJVSULQJIUDPHZRUNFORXGFRQWUDFWZLUHPRFN$XWR&RQILJXUH:
LUH0RFN

 5HVWDQWH GRV LPSRUWV RPLWLGRV

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
#$XWR&RQILJXUH:LUH0RFN
SXEOLF FODVV 7UDYHO5HTXHVW$3,7HVW,7 ^

%B GPSNB DPNP FTUÈ P :LUH0RFN TFSÈ JOJDJBMJ[BEP UPNBOEP


DPNP CBTF B QPSUB  P RVF HFSB VN DPOGMJUP DPN B OPTTB
QSØQSJB BQMJDBÎÍP
 1PEFNPT GB[FS DPN RVF FMF TFKB JOJDJBMJ[BEP FN
VNB QPSUB BMFBUØSJB VUJMJ[BOEP B QSPQSJFEBEF SRUW EB BOPUBÎÍP
#$XWR&RQILJXUH:LUH0RFN QBTTBOEP DPNP QBSÉNFUSP B
DPOTUBOUF '<1$0,&B3257 
LPSRUW FRPJLWKXEWRPDNHKXUVWZLUHPRFNFRUH:LUH0RFN&RQILJXUDWLRQ


 5HVWDQWH GRV LPSRUWV RPLWLGRV

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
#$XWR&RQILJXUH:LUH0RFN SRUW :LUH0RFN&RQILJXUDWLRQ'<1$0,&B3257
SXEOLF FODVV 7UDYHO5HTXHVW$3,7HVW,7 ^

7BNPT JOTFSJS VN BUSJCVUP OFTUB DMBTTF RVF WBJ DPSSFTQPOEFS BP

 7(67(6 0$,6 &203/(726 &20 :,5(02&. 


TFSWJEPS EP 8JSF.PDL EP UJQP :LUH0RFN6HUYHU  &MF TFSÈ
JOKFUBEP QFMB BOPUBÎÍP #$XWRZLUHG 
 ,PSRUWV H UHVWDQWH GR F³GLJR RPLWLGR

SXEOLF FODVV 7UDYHO5HTXHVW$3,7HVW,7 ^

#$XWRZLUHG
SULYDWH :LUH0RFN6HUYHU VHUYHU

 5HVWDQWH GR F³GLJR RPLWLGR


`

"HPSB QSFDJTBNPT DPOGJHVSBS VN QSPGJMF FTQFDJBM EF UFTUFT QBSB


RVF RVBOEP P UFTUF TFKB FYFDVUBEP FMF VTF P FOEFSFÎP EP 8JSF.PDL
FN WF[ EP FOEFSFÎP SFBM %FOUSP EP EJSFUØSJP
VUFWHVWUHVRXUFHV DSJF VN BSRVJWP DIBNBEP DSSOLFDWLRQ
WHVWSURSHUWLHV EFTTB GPSNB P OPNF EP QSPGJMF TFSÈ WHVW

&MF EFWFSÈ UFS P TFHVJOUF DPOUFÞEP
LQWHUIDFHVRXWFRPLQJJPDSVKRVW KWWSORFDOKRVW^ZLUHPRFNVHUYH
USRUW`

0 26& "$0/5&$& $0. " $)"7& %0 (00(-& /0 130'*-& %& 5&45&4

0 4QSJOH DPOUB DPN VNB FTUSVUVSB EF FODBEFBNFOUP EF


WBMPSFT FN TFVT QSPGJMFT $PNP P BSRVJWP RVF KÈ UÓOIBNPT OÍP
UFN VN OPNF EF QSPGJMF FTQFDJGJDBEP FMF BTTVNF RVF UPEPT PT
WBMPSFT EFDMBSBEPT OBRVFMF BSRVJWP TÍP PT QBESÜFT 1PSUBOUP
OÍP QSFDJTBNPT SFEFDMBSBS PT BUSJCVUPT KÈ RVF P 4QSJOH
FOUFOEF RVF BRVFMFT WBMPSFT BQFOBT OÍP GPSBN TPCSFTDSJUPT

'JOBMNFOUF QSFDJTBNPT NPEJGJDBS P UFTUF QBSB RVF FMF VTF P

  7(67(6 0$,6 &203/(726 &20 :,5(02&.


OPWP QSPGJMF *TTP Ï GFJUP BUSBWÏT EB BOPUBÎÍP #$FWLYH3URILOHV
RVF SFDFCF DPNP QBSÉNFUSP P OPNF EP QSPGJMF RVF FTUBSÈ BUJWP OP
DBTP WHVW

5HVWDQWH GRV LPSRUWV RPLWLGRV
LPSRUW RUJVSULQJIUDPHZRUNWHVWFRQWH[W$FWLYH3URILOHV

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
#$XWR&RQILJXUH:LUH0RFN SRUW :LUH0RFN&RQILJXUDWLRQ'<1$0,&B3257
#$FWLYH3URILOHV WHVW
SXEOLF FODVV 7UDYHO5HTXHVW$3,7HVW,7 ^

 5HVWDQWH GR F³GLJR RPLWLGR


`

 $0/'*(63"±°0 %0 .0$, %0 (00(-&


."14
0 QSØYJNP QBTTP Ï DSJBS P EVCMÐ EP (PPHMF .BQT 1BSB JTTP
WBNPT DBQUVSBS NBJT VNB WF[ B SFTQPTUB SFBM EP TFSWJÎP VUJMJ[BOEP
OPTTP CSPXTFS QBSB SFDVQFSBS B EJTUÉODJB EB "WFOJEB 1BVMJTUB 
QBSB B "WFOJEB 1BVMJTUB  0 FOEFSFÎP TFSÈ QPSUBOUP
IUUQTNBQTHPPHMFBQJTDPNNBQTBQJEJSFDUJPOTKTPO
PSJHJO"WFOJEB1BVMJTUB EFTUJOBUJPO"WFOJEB1B
VMJTUB LFZ"1*,&: 0CTFSWF RVF B SFTQPTUB Ï
EFNBTJBEP HSBOEF QBSB DPMPDBS FN VNB 4USJOH FOUÍP WBNPT
DPMPDBS FN VN BSRVJWP F MFS B QBSUJS EFMF /B QBTUB EF GPOUFT EF
SFDVSTPT EF UFTUFT EP .BWFO VUFWHVWUHVRXUFHV
DSJF B QBTUB
UHVSRQVHVJPDSV F EFOUSP EFMB P BSRVJWP
VDPSOHBUHVSRQVHMVRQ  $PQJF QBSB FTTF BSRVJWP B SFTQPTUB EP
TFSWJÎP EP (PPHMF .BQT

7BNPT DSJBS BHPSB VNB DMBTTF DIBNBEB )LOH8WLOV RVF WBJ

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 


GPSOFDFS NÏUPEPT VUJMJUÈSJPT QBSB MFJUVSB EF BSRVJWPT %FOUSP EFMB
WBNPT DSJBS VN NÏUPEP FTUÈUJDP DIBNBEP ORDG)LOH&RQWHQWV
RVF WBJ SFDFCFS DPNP QBSÉNFUSP P OPNF EP BSRVJWP B TFS
DBSSFHBEP 2VBOEP DBSSFHBNPT BSRVJWPT EP QSPKFUP FN HFSBM
UFNPT RVF MJEBS DPN DPNQMJDBÎÜFT FN SFMBÎÍP Ë NVEBOÎB EF
QPTJÎÍP EP BSRVJWP EFQFOEFOEP EP GPSNBUP EP QSPKFUP TF KÈ FTUÈ
DPNQBDUBEP FN VN +"3 PV OÍP TF B QPTJÎÍP EP BSRVJWP Ï BMUFSBEB
BQØT B DPNQJMBÎÍP FUD
 1BSB OÍP UFSNPT RVF MJEBS DPN FTTBT
DPNQMJDBÎÜFT VUJMJ[BNPT B DMBTTF &ODVV3DWK5HVRXUFH EP 4QSJOH
POEF QBTTBNPT VNB 4USJOH DPN P OPNF EP BSRVJWP OP DPOTUSVUPS
%FQPJT EF JOTUBODJBEP CBTUB JOWPDBS P NÏUPEP JHW,QSXW6WUHDP
QBSB SFDVQFSBS VNB ,QSXW6WUHDP DPN PT EBEPT EP BSRVJWP
SDFNDJH DSSFDUFDSLQIUDVWUXFWXUH

LPSRUW RUJVSULQJIUDPHZRUNFRUHLR&ODVV3DWK5HVRXUFH
LPSRUW MDYDLR,QSXW6WUHDP

SXEOLF FODVV )LOH8WLOV ^

SXEOLF VWDWLF 6WULQJ ORDG)LOH&RQWHQWV 6WULQJ ILOH1DPH ^

,QSXW6WUHDP LV QHZ &ODVV3DWK5HVRXUFH ILOH1DPH JHW,QSXW6W


UHDP 
UHWXUQ 
`
`

0CTFSWF RVF P NÏUPEP JHW,QSXW6WUHDP MBOÎB VNB


MDYDLR,2([FHSWLRQ  1BSB OÍP UFSNPT RVF MJEBS DPN FTTB
FYDFÎÍP F TF USBUBOEP EP DPOUFYUP EF VNB DMBTTF EF FYFDVÎÍP EF
UFTUFT
WBNPT VTBS B BOPUBÎÍP EP MPNCPL #6QHDN\7KURZV RVF
WBJ TVQSJNJS B OFDFTTJEBEF EF EFDMBSBÎÍP EFTTB FYDFÎÍP
LPSRUW ORPERN6QHDN\7KURZV

#6QHDN\7KURZV

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


SXEOLF VWDWLF 6WULQJ ORDG)LOH&RQWHQWV 6WULQJ ILOH1DPH ^

,QSXW6WUHDP LV QHZ &ODVV3DWK5HVRXUFH ILOH1DPH JHW,QSXW6WUHD


P 
UHWXUQ 
`

0 ÞMUJNP QPOUP EB DSJBÎÍP EFTTF NÏUPEP Ï B MFJUVSB EB TUSFBN


5FNPT RVF DSJBS VN BSSBZ EF CZUFT DPN P UBNBOIP EP OÞNFSP EF
CZUFT EJTQPOÓWFJT OB TUSFBN RVF QPEF TFS PCUJEP QFMP NÏUPEP
DYDLODEOH
F EFQPJT DIBNBS P NÏUPEP UHDG  RVF WBJ QPQVMBS
P BSSBZ EF CZUFT 'JOBMNFOUF JOTUBODJBNPT VNB 4USJOH DPN FTTF
BSSBZ P RVF WBJ GB[FS DPN RVF P DPOUFÞEP EP BSRVJWP FTUFKB
EJTQPOÓWFM OFTUB 4USJOH 0 NÏUPEP GJDB BTTJN QPSUBOUP
#6QHDN\7KURZV
SXEOLF VWDWLF 6WULQJ ORDG)LOH&RQWHQWV 6WULQJ ILOH1DPH ^

,QSXW6WUHDP LV QHZ &ODVV3DWK5HVRXUFH ILOH1DPH JHW,QSXW6WUHD


P 
E\WH>@ GDWD QHZ E\WH>LVDYDLODEOH @
LVUHDG GDWD 
UHWXUQ QHZ 6WULQJ GDWD 
`

1BSB DSJBS OPTTP EVCMÐ QSFDJTBNPT TFQBSBS UPEB B JOGPSNBÎÍP


OFDFTTÈSJB EF RVF QSFDJTBNPT 0 TFSWJÎP EP (PPHMF .BQT PSJHJOBM
WBJ BUÏ VNB 63- DIBNBEB PDSVDSLGLUHFWLRQVMVRQ QBSB
PCUFS PT EBEPT F SFDFCF PT QBSÉNFUSPT BUSBWÏT EBT RVFSZ TUSJOHT
RULJLQ GHVWLQDWLRQ F NH\  "P SFDFCFS VNB TPMJDJUBÎÍP OFTUB
63- F DPN PT QBSÉNFUSPT EF DBEB RVFSZ TUSJOH DPN P WBMPS
DPSSFUP P TFSWJEPS EP 8JSF.PDL EFWF SFUPSOBS VNB SFTQPTUB EF
TVDFTTP DPN P +40/ DPOUJEP OP BSRVJWP
VDPSOHBUHVSRQVHMVRQ RVF KÈ QPQVMBNPT DPN B SFTQPTUB SFBM
EP TFSWJÎP

1BSB SFBMJ[BS UPEB B DPOGJHVSBÎÍP EFTUF TFSWJEPS WBNPT SFBMJ[BS

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 


B JNQPSUBÎÍP FTUÈUJDB EP DPOUFÞEP EB DMBTTF
FRPJLWKXEWRPDNHKXUVWZLUHPRFNFOLHQW:LUH0RFN F DSJBS
VN NÏUPEP TFQBSBEP DIBNBEP VHWXS6HUYHU  'FJUP JTTP WBNPT
DIBNBS P NÏUPEP VWXE)RU EP TFSWJEPS EP 8JSF.PDL JOJDJBOEP
P QSPDFTTP EF DSJBÎÍP EP TFSWJEPS 1BSB BTTPDJBS B 63- BP NÏUPEP
*(7 WBNPT JOWPDBS P NÏUPEP JHW QBTTBOEP DPNP QBSÉNFUSP P
SFTVMUBEP EP NÏUPEP XUO3DWK(TXDO7R  &TUF NÏUPEP QPS TVB WF[
WBJ SFDFCFS B 63- PDSVDSLGLUHFWLRQVMVRQ DPNP
QBSÉNFUSP
LPSRUW VWDWLF FRPJLWKXEWRPDNHKXUVWZLUHPRFNFOLHQW:LUH0RFN 

SXEOLF YRLG VHWXS6HUYHU ^

VHUYHUVWXE)RU JHW XUO3DWK(TXDO7R PDSVDSLGLUHFWLRQVMVRQ



`

"JOEB OÍP UFSNJOBNPT B DPOGJHVSBÎÍP -PHP BQØT P NÏUPEP


JHW SFUPSOBS WBNPT VTBS P NÏUPEP ZLWK4XHU\3DUDP QBSB
EFDMBSBS RVBJT RVFSZ QBSBNT EFTFKBNPT SFDFCFS F RVBJT WBMPSFT
&TTF NÏUPEP SFDFCF EPJT QBSÉNFUSPT P QSJNFJSP Ï P OPNF EP
RVFSZ QBSBN FN TJ F P TFHVOEP VN NBUDIFS TFNFMIBOUF BP EP
)BNDSFTU QBSB DPNQBSBS B RVFSZ TUSJOH /P DBTP WBNPT VUJMJ[BS P
NBUDIFS DIBNBEP HTXDO7R QBSB EFDMBSBS RVF FTQFSBNPT SFDFCFS
WBMPSFT FYBUBNFOUF JHVBJT BPT EFDMBSBEPT
VHUYHUVWXE)RU JHW XUO3DWK(TXDO7R PDSVDSLGLUHFWLRQVMVRQ
ZLWK4XHU\3DUDP RULJLQ HTXDO7R $YHQLGD 3DXOLVWD 
ZLWK4XHU\3DUDP GHVWLQDWLRQ HTXDO7R $YHQLGD 3DXOLVWD 

ZLWK4XHU\3DUDP NH\ HTXDO7R $3,.(< 9DORU UHDO RFXOWDG

0 ÞMUJNP QBTTP Ï SFBMJ[BS B EFDMBSBÎÍP EP SFUPSOP 0

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


8JSF.PDL PGFSFDF VN BUBMIP QBSB SFTQPTUBT EF TVDFTTP DPN +40/
BUSBWÏT EP NÏUPEP RN-VRQ  &TUF NÏUPEP SFDFCF DPNP QBSÉNFUSP
VNB 4USJOH RVF WBNPT DBSSFHBS B QBSUJS EP NÏUPEP
ORDG)LOH&RQWHQWV DPN P DPOUFÞEP EP BSRVJWP EJTQPOÓWFM FN
UHVSRQVHVJPDSVVDPSOHBUHVSRQVHMVRQ  0 SFTVMUBEP TFSÈ
GPSOFDJEP QBSB P NÏUPEP ZLOO5HWXUQ RVF Ï B EFDMBSBÎÍP GJOBM EP
DPOUFÞEP RVF TFSÈ SFUPSOBEP QPS FTUF NPDL 0 DPOKVOUP GJDB BTTJN
LPSRUW VWDWLF DSSFDUFDSLQIUDVWUXFWXUH)LOH8WLOVORDG)LOH&RQW
HQWV

VHUYHUVWXE)RU JHW XUO3DWK(TXDO7R PDSVDSLGLUHFWLRQVMVRQ


ZLWK4XHU\3DUDP RULJLQ HTXDO7R $YHQLGD 3DXOLVWD 
ZLWK4XHU\3DUDP GHVWLQDWLRQ HTXDO7R $YHQLGD 3DXOLVWD 

ZLWK4XHU\3DUDP NH\ HTXDO7R $3,.(< 9DORU UHDO RFXOWDG

ZLOO5HWXUQ RN-VRQ ORDG)LOH&RQWHQWV UHVSRQVHVJPDSVVDPSOHBU


HVSRQVHMVRQ


'JOBMNFOUF WBNPT SFBMJ[BS B DSJBÎÍP EPT UFTUFT OFDFTTÈSJPT QBSB


WFSJGJDBS RVF UVEP FTUÈ GVODJPOBOEP 'BSFNPT JTTP FN VN OPWP
NÏUPEP DIBNBEP WHVW)LQG1HDUE\7UDYHO5HTXHVWV  %FOUSP
EFTTF NÏUPEP DSJBSFNPT USÐT OPWBT JOWPDBÎÜFT DPN P 3&45
"TTVSFE VNB QBSB B DSJBÎÍP EF VN OPWP QBTTBHFJSP PVUSB QBSB
DSJBS VNB OPWB TPMJDJUBÎÍP EF WJBHFN F B ÞMUJNB QBSB SFDVQFSBS BT
WJBHFOT QSØYJNBT 6NB ÞOJDB NPEJGJDBÎÍP RVF GBSFNPT OPT UFTUFT
FN SFMBÎÍP BPT RVF GPSBN GFJUPT OB DMBTTF 3DVVHQJHU$3,7HVW,7
TÍP PT NBUDIFST EP )BNDSFTU QBSB WFSJGJDBÎÍP EF JHVBMEBEF
0CTFSWF RVF VUJMJ[BNPT VN NÏUPEP DIBNBEP HTXDO7R EP
8JSF.PDL QBSB DSJBÎÍP EP TFSWJEPS F QPSUBOUP OÍP QPEFNPT
VUJMJ[BS P NFTNP NBUDIFS OP )BNDSFTU DPN JNQPSUBÎÍP FTUÈUJDB
1BSB DPOUPSOBS FTTB RVFTUÍP POEF BOUFT VTÈWBNPT P NBUDIFS
HTXDO7R EP )BNDSFTU BHPSB WBNPT QBTTBS B VTBS P LV  RVF UFN

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 


P NFTNP FGFJUP TFOEP BQFOBT VN BMJBT

5BNCÏN WBNPT BQSPWFJUBS P NÏUPEP ORDG)LOH&RQWHQWV


QBSB DSJBS BMHVOT BSRVJWPT DPN P DPOUFÞEP EBT SFRVJTJÎÜFT $SJF
VN EJSFUØSJP UHTXHVWVSDVVHQJHUVBDSL F EFOUSP EFMF VN
BSRVJWP DIBNBEP FUHDWHBQHZBSDVVHQJHUMVRQ DPN P TFHVJOUF
DPOUFÞEP
^
QDPH $OH[DQGUH 6DXGDWH
`

"HPSB EFOUSP EP EJSFUØSJP UHTXHVWV DSJF VN OPWP EJSFUØSJP


DIBNBEP WUDYHOBUHTXHVWVBDSL F EFOUSP EFMF VN BSRVJWP
DIBNBEP FUHDWHBQHZBUHTXHVWMVRQ  &TUF BSRVJWP EFWFSÈ UFS P
TFHVJOUF DPOUFÞEP
^
SDVVHQJHU,G
RULJLQ$YHQLGD 3DXOLVWD 
GHVWLQDWLRQ$YHQLGD ,SLUDQJD 
`

7BNPT Ë DSJBÎÍP EPT UFTUFT %FOUSP EP NÏUPEP


WHVW)LQG1HDUE\7UDYHO5HTXHVWV WBNPT JODMVJS VNB DIBNBEB
BP NÏUPEP VHWXS6HUYHU F EFQPJT WBNPT DPMPDBS VNB DØQJB
CBTUBOUF TFNFMIBOUF BP NÏUPEP EF UFTUF EB DMBTTF
3DVVHQJHU$3,7HVW,7  0CTFSWF RVF WBNPT NPEJGJDBS BQFOBT P
NBUDIFS EP )BNDSFTU EF HTXDO7R B LV
F B DBSHB EP DPOUFÞEP
EB DIBNBEB TFSÈ GFJUB B QBSUJS EP NÏUPEP ORDG)LOH&RQWHQWV 
#7HVW
SXEOLF YRLG WHVW)LQG1HDUE\7UDYHO5HTXHVWV ^

VHWXS6HUYHU 
JLYHQ
FRQWHQW7\SH &RQWHQW7\SH-621

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


ERG\ ORDG)LOH&RQWHQWV UHTXHVWVSDVVHQJHUVBDSLFUHDWHBQHZ
BSDVVHQJHUMVRQ
SRVW SDVVHQJHUV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ QDPH LV $OH[DQGUH 6DXGDWH

`

7BNPT BHPSB GB[FS VNB DIBNBEB TFNFMIBOUF BP NÏUPEP EF


DSJBÎÍP EF TPMJDJUBÎÜFT EF WJBHFOT " "1* FTUÈ EJTQPOÓWFM OB 63-
WUDYHO5HTXHVWV SFDFCF VN +40/ B QBSUJS EP NÏUPEP 3267 F
SFUPSOB P DØEJHP EF TUBUVT  5BNCÏN QPEFNPT SFBMJ[BS B
WBMJEBÎÍP EF EBEPT EF GPSNB CBTUBOUF TFNFMIBOUF BP UFTUF BOUFSJPS
JLYHQ
FRQWHQW7\SH &RQWHQW7\SH-621
ERG\ ORDG)LOH&RQWHQWV UHTXHVWVWUDYHOBUHTXHVWVBDSLFUHDWHBQ
HZBUHTXHVWMVRQ
SRVW WUDYHO5HTXHVWV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ VWDWXV LV &5($7('
ERG\ BOLQNVSDVVHQJHUWLWOH LV $OH[DQGUH 6DXGDWH


7BNPT DSJBS P UFTUF EB TPMJDJUBÎÍP EF WJBHFOT FN TJ ² VNB "1*


EJTQPOÓWFM OB 63- WUDYHO5HTXHVWVQHDUE\ RVF SFDFCF VN
RVFSZ QBSBN DIBNBEP FXUUHQW$GGUHVV BUSBWÏT EP NÏUPEP *(7 
&TUB "1* SFUPSOB P DØEJHP EF TUBUVT  DPN VN BSSBZ 1PS DPOUB
EFTTF GBUPS WBNPT BEJDJPOBS OP DPNFÎP EF DBEB TUSJOH P WBMPS
>@ RVF TFSÈ FRVJWBMFOUF BP QSJNFJSP FMFNFOUP EP BSSBZ EF
SFTQPTUB &YDFUP QPS FTTF EFUBMIF P SFTUBOUF EBT WBMJEBÎÜFT TFSÈ
FTTFODJBMNFOUF P NFTNP

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 


JLYHQ
JHW WUDYHO5HTXHVWVQHDUE\"FXUUHQW$GGUHVV $YHQLGD 3DXOLVWD

WKHQ
VWDWXV&RGH 
ERG\ >@LG QRW1XOO9DOXH
ERG\ >@RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ >@GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ >@VWDWXV LV &5($7('


1PS PSB PT UFTUFT KÈ GVODJPOBN $PNP SFBMJ[BNPT B


DPOGJHVSBÎÍP EP )DLOVDIH BOUFT QPEFNPT FYFDVUBS PT OPTTPT
UFTUFT DPN P DPNBOEP PYQ FOHDQ YHULI\  &TTF NÏUPEP WBJ GB[FS
DPN RVF PT UFTUFT EF JOUFHSBÎÍP TFKBN FYFDVUBEPT /PT MPHT EFWF
BQBSFDFS BMHP TFNFMIBOUF ËT TFHVJOUFT MJOIBT JTPMBEBNFOUF

>,1)2@ 7HVWV UXQ  )DLOXUHV  (UURUV  6NLSSHG  7LPH HOD
SVHG  V  LQ DSSFDUFDSLQWHUIDFHVLQFRPLQJ7UDYHO5HTXHV
W$3,7HVW,7

>,1)2@ 7HVWV UXQ  )DLOXUHV  (UURUV  6NLSSHG  7LPH HOD


SVHG  V  LQ DSSFDUFDSLQWHUIDFHVLQFRPLQJ3DVVHQJHU$3,
7HVW,7

1BSB EFJYBS OPTTPT UFTUFT NBJT DPOGJÈWFJT WBNPT GB[FS DPN RVF
PT UFTUFT EB "1* EF TPMJDJUBÎÍP EF WJBHFOT VUJMJ[FN PT EBEPT RVF
SFUPSOBN EB DSJBÎÍP EP QBTTBHFJSP FN WF[ EF VUJMJ[BS P *%
IBSEDPEFE 1BSB JTTP WBNPT VUJMJ[BS VNB UÏDOJDB DPOIFDJEB DPNP
QMBDFIPMEFST  PV TFKB EFDMBSBS USFDIPT EFOUSP EP BSRVJWP RVF TÍP
GFJUPT DPN P QSPQØTJUP EF TFSFN NPEJGJDBEPT 1BSB DSJBS VN
QMBDFIPMEFS WBNPT BCSJS OPWBNFOUF P BSRVJWP
FUHDWHBQHZBUHTXHVWMVRQ F BMUFSÈMP QBSB RVF P *% EP
QBTTBHFJSP TFKB B 4USJOH ^^SDVVHQJHU,G`` 
^
SDVVHQJHU,G^^SDVVHQJHU,G``
RULJLQ$YHQLGD 3DXOLVWD 
GHVWLQDWLRQ$YHQLGD ,SLUDQJD 

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


`

&N TFHVJEB WBNPT DSJBS VNB TPCSFDBSHB EP NÏUPEP


ORDG)LOH&RQWHQWV RVF BDFJUF VN NBQB DPOUFOEP PT WBMPSFT RVF
EFWFN TFS VUJMJ[BEPT OP MVHBS EPT QMBDFIPMEFST &TTF NÏUPEP WBJ
DIBNBS P NÏUPEP ORDG)LOH&RQWHQWV PSJHJOBM F EFQPJT FYFDVUBS
VN MBÎP POEF QBSB DBEB DIBWF EP NBQB FODPOUSBEB OP BSRVJWP
TFSÈ GFJUB VNB SFQPTJÎÍP DPN TFV SFTQFDUJWP WBMPS %FTUB GPSNB P
NÏUPEP OPWP WBJ GJDBS BTTJN
SXEOLF VWDWLF 6WULQJ ORDG)LOH&RQWHQWV 6WULQJ ILOH1DPH 0DS6WULQJ
 6WULQJ! UHSODFHPHQWV ^
6WULQJ ILOH&RQWHQWV ORDG)LOH&RQWHQWV ILOH1DPH 

IRU 0DS(QWU\6WULQJ 6WULQJ! HQWU\  UHSODFHPHQWVHQWU\6HW


^
ILOH&RQWHQWV ILOH&RQWHQWVUHSODFH ^^  HQWU\JHW.H\ 
`` HQWU\JHW9DOXH 
`
UHWXUQ ILOH&RQWHQWV
`

/PUF RVF P DØEJHP MFWB FN DPOTJEFSBÎÍP B EFMJNJUBÎÍP EP


QMBDFIPMEFS PV TFKB BT TUSJOHT ^^ F `` 

"HPSB WBNPT BMUFSBS B DMBTTF 7UDYHO5HTXHVW$3,7HVW,7 QBSB


RVF FYUSBJB P *% EP QBTTBHFJSP F QPQVMF B SFRVJTJÎÍP QBSB B "1* EF
SFRVJTJÎÍP EF WJBHFOT DPN FMF 1BSB JTTP OB DIBNBEB RVF Ï GFJUB
QBSB B "1* EF QBTTBHFJSPT QSFDJTBNPT DIBNBS PT NÏUPEPT
H[WUDFW QBSB JOJDJBMJ[BS B FYUSBÎÍP EF EBEPT EB SFTQPTUB

ERG\ QBSB JOGPSNBS RVF PT EBEPT FYUSBÓEPT FTUÍP OP DPSQP EB
SFTQPTUB
MVRQ3DWK QBSB EJ[FS RVF WBNPT FYUSBJS VTBOEP
+40/ 1BUI
F JHW6WULQJ QBSB SFDVQFSBS P DPOUFÞEP F SFBMJ[BS B
BEBQUBÎÍP TF OFDFTTÈSJB QBSB 4USJOH
 &TUF ÞMUJNP SFDFCF DPNP
QBSÉNFUSP VNB 4USJOH +40/ 1BUI F SFUPSOB P WBMPS EFTFKBEP "
DIBNBEB QBSB B "1* EF QBTTBHFJSPT GJDB BTTJN

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 


6WULQJ SDVVHQJHU,G JLYHQ
FRQWHQW7\SH &RQWHQW7\SH-621
ERG\ ORDG)LOH&RQWHQWV UHTXHVWVSDVVHQJHUVBDSLFUHDWHBQHZBSD
VVHQJHUMVRQ
SRVW SDVVHQJHUV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ QDPH LV $OH[DQGUH 6DXGDWH
H[WUDFW
ERG\
MVRQ3DWK JHW6WULQJ LG


0 QSØYJNP QBTTP Ï DSJBS VN NBQB F QPQVMÈMP DPN B WBSJÈWFM


SFUPSOBEB F B 4USJOH SDVVHQJHU,G PV TFKB OPTTP QMBDFIPMEFS

0DS6WULQJ 6WULQJ! GDWD QHZ +DVK0DS! 
GDWDSXW SDVVHQJHU,G SDVVHQJHU,G 

7BNPT BEBQUBS B DIBNBEB QBSB B "1* EF SFRVJTJÎÜFT EF WJBHFOT


QBSB VUJMJ[BS FTUFT QMBDFIPMEFST QBTTBOEP P NBQB GDWD DPNP
QBSÉNFUSP QBSB P NÏUPEP ORDG)LOH&RQWHQWV 
JLYHQ
FRQWHQW7\SH &RQWHQW7\SH-621
ERG\ ORDG)LOH&RQWHQWV UHTXHVWVWUDYHOBUHTXHVWVBDSLFUHDWHBQ
HZBUHTXHVWMVRQ GDWD
SRVW WUDYHO5HTXHVWV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ VWDWXV LV &5($7('
ERG\ BOLQNVSDVVHQJHUWLWOH LV $OH[DQGUH 6DXGDWH

7BNPT UBNCÏN BQSPWFJUBS RVF FTUBNPT GB[FOEP FTUBT


NFMIPSJBT F SFGPSÎBS P UFTUF EB SFDVQFSBÎÍP EBT WJBHFOT QBTTBOEP
QBSB B WFSJGJDBÎÍP P *% EB SFRVJTJÎÍP EF WJBHFN DSJBEB 'BSFNPT B
FYUSBÎÍP EFTTF *% EF GPSNB CBTUBOUF TFNFMIBOUF BP RVF GJ[FNPT OB

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


FYUSBÎÍP EP *% EP QBTTBHFJSP FYDFUP P ÞMUJNP NÏUPEP 7BNPT
QBTTBS B VUJMJ[BS P NÏUPEP JHW RVF SFBMJ[B DBTU BVUPNÈUJDP
QBSB P UJQP EP EBEP +40/ OP DBTP EPT *%hT FTUF Ï VN *OUFHFS

,QWHJHU WUDYHO5HTXHVW,G JLYHQ
FRQWHQW7\SH &RQWHQW7\SH-621
ERG\ ORDG)LOH&RQWHQWV UHTXHVWVWUDYHOBUHTXHVWVBDSLFUHDWHBQ
HZBUHTXHVWMVRQ GDWD
SRVW WUDYHO5HTXHVWV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ VWDWXV LV &5($7('
ERG\ BOLQNVSDVVHQJHUWLWOH LV $OH[DQGUH 6DXGDWH
H[WUDFW
MVRQ3DWK
JHW LG


'JOBMNFOUF WBNPT BMUFSBS B ÞMUJNB DIBNBEB QBSB B "1* QBSB


DPNQBSBS P *% EB WJBHFN SFDVQFSBEB DPN P *% EB SFRVJTJÎÍP
SFDÏNDSJBEB
JLYHQ
JHW WUDYHO5HTXHVWVQHDUE\"FXUUHQW$GGUHVV $YHQLGD 3DXOLVWD

WKHQ
VWDWXV&RGH 
ERG\ >@LG LV WUDYHO5HTXHVW,G
ERG\ >@RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ >@GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ >@VWDWXV LV &5($7('


0 DØEJHP GJOBMJ[BEP EB OPTTB DMBTTF EF UFTUFT GJDB BTTJN


SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJ

LPSRUW FRPJLWKXEWRPDNHKXUVWZLUHPRFN:LUH0RFN6HUYHU
LPSRUW FRPJLWKXEWRPDNHKXUVWZLUHPRFNFRUH:LUH0RFN&RQILJXUDWLRQ

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 



LPSRUW LRUHVWDVVXUHG5HVW$VVXUHG
LPSRUW LRUHVWDVVXUHGKWWS&RQWHQW7\SH
LPSRUW RUJMXQLWMXSLWHUDSL%HIRUH(DFK
LPSRUW RUJMXQLWMXSLWHUDSL7HVW
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNERRWWHVWFRQWH[W6SULQJ%RRW7HVW
LPSRUW RUJVSULQJIUDPHZRUNERRWZHEVHUYHU/RFDO6HUYHU3RUW
LPSRUW RUJVSULQJIUDPHZRUNFORXGFRQWUDFWZLUHPRFN$XWR&RQILJXUH:
LUH0RFN
LPSRUW RUJVSULQJIUDPHZRUNWHVWFRQWH[W$FWLYH3URILOHV
LPSRUW MDYDXWLO+DVK0DS
LPSRUW MDYDXWLO0DS

LPSRUW VWDWLF FRPJLWKXEWRPDNHKXUVWZLUHPRFNFOLHQW:LUH0RFN 


LPSRUW VWDWLF LRUHVWDVVXUHG5HVW$VVXUHGJLYHQ
LPSRUW VWDWLF RUJKDPFUHVW0DWFKHUVLV
LPSRUW VWDWLF RUJKDPFUHVW0DWFKHUVQRW1XOO9DOXH
LPSRUW VWDWLF DSSFDUFDSLQIUDVWUXFWXUH)LOH8WLOVORDG)LOH&RQW
HQWV

#6SULQJ%RRW7HVW ZHE(QYLURQPHQW 6SULQJ%RRW7HVW:HE(QYLURQPHQW5$


1'20B3257
#$XWR&RQILJXUH:LUH0RFN SRUW :LUH0RFN&RQILJXUDWLRQ'<1$0,&B3257
#$FWLYH3URILOHV WHVW
SXEOLF FODVV 7UDYHO5HTXHVW$3,7HVW,7 ^

#/RFDO6HUYHU3RUW
SULYDWH LQW SRUW

#$XWRZLUHG
SULYDWH :LUH0RFN6HUYHU VHUYHU

#%HIRUH(DFK
SXEOLF YRLG VHWXS ^
5HVW$VVXUHGSRUW SRUW
`

#7HVW
SXEOLF YRLG WHVW)LQG1HDUE\7UDYHO5HTXHVWV ^

VHWXS6HUYHU 
6WULQJ SDVVHQJHU,G JLYHQ
FRQWHQW7\SH &RQWHQW7\SH-621
ERG\ ORDG)LOH&RQWHQWV UHTXHVWVSDVVHQJHUVBDSLFUHDWHB

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


QHZBSDVVHQJHUMVRQ
SRVW SDVVHQJHUV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ QDPH LV $OH[DQGUH 6DXGDWH
H[WUDFW
ERG\
MVRQ3DWK JHW6WULQJ LG


0DS6WULQJ 6WULQJ! GDWD QHZ +DVK0DS! 


GDWDSXW SDVVHQJHU,G SDVVHQJHU,G 

,QWHJHU WUDYHO5HTXHVW,G JLYHQ


FRQWHQW7\SH &RQWHQW7\SH-621
ERG\ ORDG)LOH&RQWHQWV UHTXHVWVWUDYHOBUHTXHVWVBDSLFU
HDWHBQHZBUHTXHVWMVRQ GDWD
SRVW WUDYHO5HTXHVWV
WKHQ
VWDWXV&RGH 
ERG\ LG QRW1XOO9DOXH
ERG\ RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ VWDWXV LV &5($7('
ERG\ BOLQNVSDVVHQJHUWLWOH LV $OH[DQGUH 6DXGDWH
H[WUDFW
MVRQ3DWK
JHW LG


JLYHQ
JHW WUDYHO5HTXHVWVQHDUE\"FXUUHQW$GGUHVV $YHQLGD 3DXO
LVWD 
WKHQ
VWDWXV&RGH 
ERG\ >@LG LV WUDYHO5HTXHVW,G
ERG\ >@RULJLQ LV $YHQLGD 3DXOLVWD 
ERG\ >@GHVWLQDWLRQ LV $YHQLGD ,SLUDQJD 
ERG\ >@VWDWXV LV &5($7('

`

SXEOLF YRLG VHWXS6HUYHU ^

 &21),*85$d­2 '2 02&. '2 *22*/( 0$36 


VHUYHUVWXE)RU JHW XUO3DWK(TXDO7R PDSVDSLGLUHFWLRQVMVR
Q
ZLWK4XHU\3DUDP RULJLQ HTXDO7R $YHQLGD 3DXOLVWD 

ZLWK4XHU\3DUDP GHVWLQDWLRQ HTXDO7R $YHQLGD 3DXOLVWD
 
ZLWK4XHU\3DUDP NH\ HTXDO7R FKDYH*RRJOH
ZLOO5HWXUQ RN-VRQ ORDG)LOH&RQWHQWV UHVSRQVHVJPDSVVD
PSOHBUHVSRQVHMVRQ

`
`

$PODMVTÍP
/FTUF DBQÓUVMP OØT WJNPT DPNP DSJBS UFTUFT EF DPOUSBUP
VUJMJ[BOEP EPJT OPWPT GSBNFXPSLT P 3&45 "TTVSFE F P 8JSF.PDL
&ORVBOUP VN EFMFT WBJ BUVBS OB GSFOUF EB OPTTB "1* SFBMJ[BOEP
SFRVJTJÎÜFT QBSB FMB P PVUSP WBJ BUVBS OB SFUBHVBSEB TFOEP
JOWPDBEP QFMP TJTUFNB RVF DPOTUSVÓNPT "NCPT EFTFNQFOIBN VN
QBQFM NVJUP JNQPSUBOUF OB DSJBÎÍP EF "1*T RVF Ï B HBSBOUJB EF
RVBMJEBEF F EF GVODJPOBNFOUP BEFRVBEP

1PVDP B QPVDP FTUBNPT DBNJOIBOEP SVNP Ë DPOTUSVÎÍP EF


VNB "1* NBJT SPCVTUB TFNFMIBOUF B VNB "1* EP NVOEP SFBM
"MHVOT QBTTPT JOUFSFTTBOUFT QPEFN TFS WJTMVNCSBEPT BEJBOUF
DPNP B BEJÎÍP EF VNB DBNBEB EF TFHVSBOÎB  QPEFNPT QFSNJUJS
QPS FYFNQMP RVF BQFOBT NPUPSJTUBT BVUFOUJDBEPT OB QMBUBGPSNB
TFKBN DBQB[FT EF MJTUBS BT TPMJDJUBÎÜFT RVF FTUÍP QSØYJNBT

7BNPT FN GSFOUF

  &21),*85$d­2 '2 02&. '2 *22*/( 0$36


&$3Ë78/2 

4&(63"/±"

" EÞWJEB Ï P QSJODÓQJP EB TBCFEPSJB  "SJTUØUFMFT

$PN BT OPTTBT "1*T KÈ VN QPVDP NBJT EFTFOWPMWJEBT WBNPT


USBUBS BHPSB EF BTQFDUPT SFMBDJPOBEPT Ë TFHVSBOÎB %FTTB GPSNB
WBNPT QPEFS HBSBOUJS RVF FMBT TFSÍP VUJMJ[BEBT EB NBOFJSB EFTFKBEB
F TPNFOUF QFMBT QFTTPBT B RVFN TF EFTUJOBN

 $0/)&$&/%0 )5514


0 )5514 +\SHU 7H[W 7UDQVIHU 3URWRFRO 6HFXUH 
QSPUPDPMP EF USBOTGFSÐODJB EF IJQFSUFYUP TFHVSP
Ï B QFÎB NBJT
GVOEBNFOUBM EF QSPUFÎÍP EF EBEPT RVF UFNPT OB XFC %F GBUP
OFOIVN EPT TJTUFNBT EF BVUFOUJDBÎÍP F BVUPSJ[BÎÍP RVF UFNPT
QBSB OPTTBT "1*T FTUÈ DPNQMFUP TFN P VTP EF )551T 1PS JTTP Ï
GVOEBNFOUBM RVF DPOIFÎBNPT QSJNFJSP FTTB QFÎB GVOEBNFOUBM
QBSB QPEFSNPT DPNQSFFOEFS DPN QSPGVOEJEBEF P VTP EPT
BMHPSJUNPT RVF WBNPT WFS NBJT Ë GSFOUF

&N QSJNFJSP MVHBS WBNPT FMFODBS PT NPUJWPT QFMPT RVBJT


VTBNPT )5514 &TUFT TÍP 

1SJWBDJEBEF
*OUFHSJEBEF

 6(*85$1d$ 
*EFOUJGJDBÎÍP

2VBOEP GBMBNPT FN QSJWBDJEBEF RVFS EJ[FS RVF VN BUBDBOUF


OÍP QPEF WJTVBMJ[BS TVBT NFOTBHFOT 1PS FYFNQMP EJHBNPT RVF
WPDÐ FTUÈ GB[FOEP VNB TPMJDJUBÎÍP EF WJBHFN OP BQMJDBUJWP EB
$"3 QBSB JS B VN TIPX &TUF TIPX Ï EF VN UJQP NVTJDBM EF HPTUP
EVWJEPTP FOUÍP WPDÐ OÍP RVFS RVF OJOHVÏN TBJCB RVF WPDÐ FTUÈ
JOEP WÐMP " RVFCSB EF QSJWBDJEBEF EJ[ SFTQFJUP Ë DBQBDJEBEF EF
VN BUBDBOUF EF JOUFSDFQUBS B SFRVJTJÎÍP F EFTDPCSJS P DPOUFÞEP

$0.0 6. "5"$"/5& */5&3$&15" 6." .&/4"(&.

/B WFSEBEF Ï TVSQSFFOEFOUFNFOUF GÈDJM JOUFSDFQUBS


NFOTBHFOT &YJTUF UPEB VNB DMBTTF EF TPGUXBSFT DIBNBEPT EF
TOJGGFST RVF TÍP TJTUFNBT FTQFDJBMJTUBT FN DBQUVSB EF QBDPUFT
BUSBWÏT EF SFEFT 6NB WF[ RVF VN BUBDBOUF FTUFKB EF BMHVNB
GPSNB DPOFDUBEP Ë SFEF CBTUB MJHBS P TOJGGFS QPS FYFNQMP P
8JSFTIBSL  IUUQTXXXXJSFTIBSLPSH
F DPNFÎBS B
DBQUVSBS F EFDPEJGJDBS PT QBDPUFT

0 TFHVOEP QPOUP JOUFHSJEBEF RVFS EJ[FS RVF VN BUBDBOUF OÍP


NPEJGJDPV TVB NFOTBHFN &OUÍP WPDÐ UFN B HBSBOUJB EF RVF FTUÈ
JOEP QBSB P TIPX F OÍP QBSB VN FODPOUSP EF QFTTPBT JOUFSFTTBEBT
FN DBOUP NPOHPM HVUVSBM

0 UFSDFJSP QPOUP JEFOUJGJDBÎÍP NPTUSB RVF B QBSUJS EB


BTTJOBUVSB EJHJUBM EP TFSWJEPS WPDÐ UFN B HBSBOUJB EB JEFOUJEBEF
EFMF &N PVUSBT QBMBWSBT WPDÐ UFN B DFSUF[B EF RVF FTUÈ GB[FOEP B
SFRVJTJÎÍP OP BQMJDBUJWP $"3 F OÍP OP EBRVFMB FNQSFTB RVF

  &21+(&(1'2 +7736


DPNFÎB DPN 6 QPS FYFNQMP

" NBOFJSB DPNP )5514 USBCBMIB QSFWJOF FTTFT USÐT QSPCMFNBT


BUSBWÏT EF VNB DBNBEB EF TFHVSBOÎB 44-5-4 .BT QBSB FOUFOEFS
DPNP FTTB DBNBEB GVODJPOB WBNPT GBMBS VN QPVDP TPCSF
DSJQUPHSBGJB " DSJQUPHSBGJB FOHMPCB P VTP EF UÏDOJDBT QBSB
DPNVOJDBÎÍP TFHVSB OB QSFTFOÎB EF UFSDFJSPT %VBT EFTTBT UÏDOJDBT
NBJT DPNVOT SFGFSFNTF BP VTP EF DSJQUPHSBGJB TJNÏUSJDB PV
BTTJNÏUSJDB

" DSJQUPHSBGJB TJNÏUSJDB SFGFSFTF BP VTP EF VNB DIBWF


TJNÏUSJDB QBSB P FOWJP EF NFOTBHFOT ² DPNP TF WPDÐ GPTTF FOWJBS
VNB DBSUB QBSB VN BNJHP F QBSB RVF OJOHVÏN JOTQFDJPOF P
DPOUFÞEP EB DBSUB WPDÐ B DPMPDB EFOUSP EF VNB DBJYB F FOUÍP
USBODB 1BSB RVF TFV BNJHP BCSB B DBJYB FMF QSFDJTB UFS VNB DØQJB
EB DIBWF *TTP USB[ HSBOEFT QSPCMFNBT QBSB HFSFODJBS KÈ RVF TF
WPDÐ UJWFS VN HSBOEF OÞNFSP EF BNJHPT Ï CFN QSPWÈWFM RVF P
HFSFODJBNFOUP EFTTBT DIBWFT TF UPSOF VN UBOUP RVBOUP DPNQMJDBEP
 TF VNB EFMBT WB[BS QPEF DPNQSPNFUFS BT PVUSBT

+È B DSJQUPHSBGJB BTTJNÏUSJDB GB[ VTP EF EVBT DIBWFT VNB


QÞCMJDB F VNB QSJWBEB " DIBWF QÞCMJDB Ï VUJMJ[BEB QBSB
DSJQUPHSBGBS BT NFOTBHFOT F B DIBWF QSJWBEB QBSB EFTDSJQUPHSBGBS
/P FYFNQMP EB DBSUB EFOUSP EB DBJYB P QSPDFTTP GJDB NBJT
DPNQMJDBEP QPSÏN NBJT TFHVSP 4F WPDÐ RVFS NBOEBS B DBSUB WPDÐ
DPMPDB B NFOTBHFN EFOUSP EB DBJYB F B USBODB VUJMJ[BOEP B DIBWF
QÞCMJDB EP TFV BNJHP "QFOBT FMF QPEFSÈ BCSJS B DBJYB VTBOEP B
DIBWF QSJWBEB EFMF

.BT DPNP WPDÐ GB[ QBSB EFTDPCSJS FTTB DIBWF

" EFTDPCFSUB EF DIBWFT GB[ QBSUF EF VN QSPDFEJNFOUP EP

 &21+(&(1'2 +7736 


)5514 DIBNBEP EF IBOETIBLF 0 IBOETIBLF Ï JOJDJBEP QFMP
DMJFOUF RVF FOWJB QBSB P TFSWJEPS P DPOKVOUP EF BMHPSJUNPT EF
DSJQUPHSBGJB RVF FOUFOEF UBNCÏN DPOIFDJEP DPNP DJQIFS TVJUF
 0
TFSWJEPS SFTQPOEF DPN TFV DFSUJGJDBEP F B DIBWF QÞCMJDB
DPSSFTQPOEFOUF B VN EPT BMHPSJUNPT FOWJBEPT QFMP DMJFOUF

6. "-&35"

" FYQMJDBÎÍP RVF EPV BRVJ TPCSF DSJQUPHSBGJB TJNÏUSJDB F


BTTJNÏUSJDB F TPCSF P QSPDFTTP EF IBOETIBLF DPNP VN UPEP

Ï FYUSFNBNFOUF TJNQMJGJDBEB &YJTUFN WÈSJPT PVUSPT EFUBMIFT


OFTTB RVFTUÍP RVF BDIFJ NFMIPS EFJYBS EF GPSB QPS FOUFOEFS
RVF OÍP TF USBUB EP FTDPQP EFTUF MJWSP &TUB Ï VNB WJTÍP
TVQFSGJDJBM DPOUFOEP BQFOBT P OFDFTTÈSJP RVF QSFDJTBNPT
TBCFS QBSB JNQMFNFOUBS )5514 OVN TFSWJÎP 3&45

0 DFSUJGJDBEP Ï VN EPT DPNQPOFOUFT QSJODJQBJT BRVJ ² FMF


RVFN GB[ P QBQFM EF JEFOUJGJDBS P TJUF EF GPSNB TFHVSB BUSBWÏT EP
VTP EF VNB DBEFJB EF DPOGJBOÎB 1BSB FYQMJDBS B DBEFJB EF
DPOGJBOÎB WPV VTBS VNB BOBMPHJB TVQPOIB RVF WPDÐ FTUÈ FN VNB
GFTUB DPN TFV BNJHP +PÍP +PÍP Ï VN EPT TFVT NFMIPSFT BNJHPT F
WPDÐ DPOGJB OFMF +PÍP MIF BQSFTFOUB VN EPT BNJHPT EFMF +PTÏ
7PDÐ OÍP DPOIFDJB +PTÏ BOUFT NBT KÈ RVF +PÍP DPOGJB OFMF F WPDÐ
DPOGJB FN +PÍP FOUÍP WPDÐ UBNCÏN DPOGJB FN +PTÏ 1PS
DPOTFRVÐODJB TF +PTÏ QPSWFOUVSB MIF BQSFTFOUB BMHVÏN WPDÐ
UBNCÏN DPOGJB OFTTB QFTTPB QPSRVF WPDÐ DPOGJB FN +PTÏ

0 GVODJPOBNFOUP EPT DFSUJGJDBEPT Ï TFNFMIBOUF

  &21+(&(1'2 +7736


0 DPNQVUBEPS PV EJTQPTJUJWP NØWFM PV RVBMRVFS PVUSP
UJQP EF EJTQPTJUJWP
WFN DPN BMHVOT DFSUJGJDBEPT KÈ QSÏ
JOTUBMBEPT OFMF
&TUFT DFSUJGJDBEPT TÍP EBT DIBNBEBT BVUPSJEBEFT
DFSUJGJDBEPSBT PV TFKB TÍP DFSUJGJDBEPT EF FNQSFTBT
SFDPOIFDJEBT QFMP GBCSJDBOUF EP TJTUFNB PQFSBDJPOBM DPNP
TFOEP TFHVSBT DPOGJÈWFJT
F DBQB[FT EF SFBMJ[BS B
WFSJGJDBÎÍP EF RVF PVUSPT TJUFT UBNCÏN TÍP TFHVSPT
2VBOEP FOUSBNPT FN VN TJUF RVF Ï BDFTTBEP WJB )5514
FTUF TJUF GPSOFDF VN DFSUJGJDBEP RVF QPEF UFS TJEP BTTJOBEP
QPS VNB BVUPSJEBEF DFSUJGJDBEPSB &N PVUSBT QBMBWSBT FTUB
BVUPSJEBEF DFSUJGJDBEPSB FOEPTTB FTUF DFSUJGJDBEP EF GPSNB
RVF FMF UBNCÏN QBTTB B TFS DPOGJÈWFM

%JUP JTTP Ï OFDFTTÈSJP UFS DPOIFDJNFOUP EF RVF FYJTUF UBNCÏN


P DPODFJUP EF DFSUJGJDBEP BVUPBTTJOBEP RVF TÍP DFSUJGJDBEPT RVF
OÍP TÍP BTTJOBEPT QPS OFOIVNB BVUPSJEBEF DFSUJGJDBEPSB &TUFT
DFSUJGJDBEPT UBNCÏN QSPWFFN B DBQBDJEBEF EF PGFSFDFS QSJWBDJEBEF
F JOUFHSJEBEF EPT EBEPT NBT TÍP GBMIPT OB DBQBDJEBEF EF
JEFOUJGJDBÎÍP EP TJUF QPJT OÍP DPOUBN DPN B DBQBDJEBEF EB DBEFJB
EF DPOGJBOÎB $FSUJGJDBEPT BVUPBTTJOBEPT TÍP ÞUFJT QBSB TJTUFNBT
FN GBTF EF UFTUFT F SFEFT JOUFSOBT NBT WPDÐ EFWF FWJUBS VTÈMPT FN
"1*T PV TJUFT BCFSUPT QBSB P NVOEP

 *.1-&.&/5"/%0 )5514 /" /044" "1*


7BNPT DSJBS VN DFSUJGJDBEP BVUPBTTJOBEP F JNQMBOUÈMP OB
OPTTB "1* 0 +BWB KÈ GPSOFDF VNB GFSSBNFOUB QSØQSJB QBSB HFSBÎÍP
EF DFSUJGJDBEPT P LFZUPPM 5SBUBTF EF VNB GFSSBNFOUB EF MJOIB EF
DPNBOEP EJTQPOÓWFM OB QBTUB CJO EB +%, /B SFBMJEBEF P

 ,03/(0(17$1'2 +7736 1$ 1266$ $3, 


NH\WRRO USBCBMIB DPN BSRVJWPT RVF TÍP DPOIFDJEPT QPS
BSNB[FOBS WÈSJPT PCKFUPT SFMBDJPOBEPT B DSJQUPHSBGJB TFOEP PT
DFSUJGJDBEPT BQFOBT VN EFTTFT PCKFUPT 7BNPT VTBS P NH\WRRO
QBSB HFSBS VN BSRVJWP EP UJQP 3.&6 RVF Ï VN GPSNBUP
JOUFSPQFSÈWFM QBSB TF USBCBMIBS DPN WÈSJBT MJOHVBHFOT

1BSB HFSBS P DFSUJGJDBEP QSFDJTBNPT FTDPMIFS VN BMHPSJUNP EF


DSJQUPHSBGJB &TTF BMHPSJUNP Ï P RVF WBJ TFS VTBEP QBSB SFBMJ[BS B
QSPUFÎÍP EPT EBEPT F P DFSUJGJDBEP WBJ DPOUFS B DIBWF EFMF 7ÈSJPT
BMHPSJUNPT FTUÍP EJTQPOÓWFJT FOUÍP WBNPT FTDPMIFS P 56$  VN
CPN BMHPSJUNP EF DSJQUPHSBGJB BTTJNÏUSJDB 1PS FTDPMIFS FTUF
BMHPSJUNP UBNCÏN QSFDJTBNPT EFGJOJS P UBNBOIP EB DIBWF
RVBOUP NBJPS P UBNBOIP NBJT GPSUF P BMHPSJUNP Ï F NBJPS P
UFNQP OFDFTTÈSJP QBSB EFDPEJGJDBÎÍP
 7BNPT FTDPMIFS  QBSB P
UBNBOIP RVF Ï P QBESÍP
 5BNCÏN QSFDJTBNPT EFUFSNJOBS VN
QSB[P EF WBMJEBEF QBSB P DFSUJGJDBEP 0 NH\WRRO SFDFCF FTTF QSB[P
FN EJBT  WBNPT VTBS  DPNP VNB BQSPYJNBÎÍP QBSB  BOPT

0T ÞMUJNPT QBSÉNFUSPT RVF QSFDJTBNPT EFUFSNJOBS TÍP


SFMBDJPOBEPT BP DOLDV EP DFSUJGJDBEP Ï DPNP TF GPTTF P OPNF EP
BSRVJWP EFOUSP EF VN BSRVJWP ]LS
P OPNF EP BSRVJWP F B
TFOIB

0 DPNBOEP GJDB BTTJN


NH\WRRO JHQNH\SDLU DOLDV FDU NH\DOJ 56$ NH\VL]H  VWRUHW\
SH 3.&6 NH\VWRUH NH\VWRUHS YDOLGLW\  VWRUHSDVV UHVWER
RN

-JTUBOEP DBEB QBSÉNFUSP

JHQNH\SDLU EFUFSNJOB P RVF FTTF DPNBOEP FTUÈ GB[FOEP


WBMF MFNCSBS RVF P NH\WRRO Ï VNB GFSSBNFOUB RVF UFN
EJWFSTBT GVODJPOBMJEBEFT EJGFSFOUFT


  ,03/(0(17$1'2 +7736 1$ 1266$ $3,


DOLDV WBJ HFSBS P OPNF EP DFSUJGJDBEP EFOUSP EP BSRVJWP
/P DBTP P OPNF TFSÈ FDU 
NH\DOJ Ï P OPNF EP BMHPSJUNP PV TFKB 56$ 
NH\VL]H Ï P UBNBOIP EB DIBWF DSJQUPHSÈGJDB 

VWRUHW\SH Ï P UJQP EF BSRVJWP RVF TFSÈ HFSBEP PV TFKB P
3.&6

NH\VWRUH Ï P OPNF EP BSRVJWP GÓTJDP RVF TFSÈ HFSBEP
NH\VWRUHS

YDOLGLW\ EFUFSNJOB P UFNQP EF WBMJEBEF EP DFSUJGJDBEP
 EJBT

VWRUHSDVV Ï B TFOIB QBSB BCFSUVSB EP BSRVJWP 1,$4
OP DBTP UHVWERRN


&TUF DPNBOEP EFWF TFS FYFDVUBEP OB QBTUB ELQ EB +%, 6NB


WF[ FYFDVUBEP VNB TÏSJF EF QFSHVOUBT EFWFSÍP TFS SFTQPOEJEBT
5FOIB BQFOBT P DVJEBEP EF JOTFSJS ORFDOKRVW DPNP SFTQPTUB EB
QSJNFJSB "T TFHVJOUFT QPEF SFTQPOEFS EB NBOFJSB DPNP QSFGFSJS 
PV NFTNP EFJYBS FN CSBODP DPNP FV GJ[ OP NFV DBTP

 ,03/(0(17$1'2 +7736 1$ 1266$ $3, 


'JHVSB  (FSBÎÍP EP DFSUJGJDBEP BVUPBTTJOBEP

103 26& $0-0$".04 -0$"-)045 $0.0 $/

$PNP P DFSUJGJDBEP TFSWF DPNP JEFOUJGJDBEPS EP TJUF TFOEP


BDFTTBEP Ï VNB DPOWFOÎÍP EB JOUFSOFU DPMPDBS P $/ DPNP P
FOEFSFÎP POEF P TJUF FTUÈ IPTQFEBEP &TUB DPOWFOÎÍP EFWF
TFNQSF TFS SFTQFJUBEB QPJT BMHVOT DMJFOUFT QPEFN BQSFTFOUBS
QSPCMFNBT QBSB BDFTTBS B "1* TF P $/ OÍP DPSSFTQPOEFS BP
IPTU

"HPSB WBNPT NPWFS P BSRVJWP HFSBEP QBSB B QBTUB


VUFPDLQUHVRXUFHV EP OPTTP QSPKFUP 7BNPT FN TFHVJEB
DPOGJHVSBS P 4QSJOH #PPU QBSB IBCJMJUBS P )5514 1BSB JTTP
QSFDJTBNPT DPMPDBS BT TFHVJOUFT DPOGJHVSBÎÜFT OP BSRVJWP

  ,03/(0(17$1'2 +7736 1$ 1266$ $3,


DSSOLFDWLRQSURSHUWLHV 
VHUYHUVVONH\VWRUH FODVVSDWKNH\VWRUHS
VHUYHUVVONH\VWRUHSDVVZRUG UHVWERRN
VHUYHUVVONH\VWRUHW\SH 3.&6
VHUYHUVVONH\DOLDV FDU

" QSJNFJSB DPOGJHVSBÎÍP Ï SFMBDJPOBEB Ë MPDBMJ[BÎÍP EP BSRVJWP


NH\VWRUHS  *TTP JOEJDB QBSB P 4QSJOH #PPU RVF P BSRVJWP FTUÈ
OB SBJ[ EP DMBTTQBUI EB BQMJDBÎÍP 0 TFHVOEP QBSÉNFUSP Ï B TFOIB
EP BSRVJWP RVF OØT EFUFSNJOBNPT OP QBSÉNFUSP VWRUHSDVV EP
NH\WRRO
 0 UFSDFJSP QBSÉNFUSP Ï P UJQP EP BSRVJWP PV TFKB
3.&6  'JOBMNFOUF P ÞMUJNP QBSÉNFUSP Ï P OPNF EP PCKFUP RVF
FTUBNPT QSPDVSBOEP EFOUSP EP BSRVJWP RVF OØT EFUFSNJOBNPT OP
QBSÉNFUSP DOLDV EP NH\WRRO


$PMPDBEBT UPEBT FTTBT DPOGJHVSBÎÜFT WBNPT JOJDJBMJ[BS P


TJTUFNB F BCSJS VNB "1* EP TJTUFNB EJHBNPT
KWWSORFDOKRVWGULYHUV  6NB NFOTBHFN TFNFMIBOUF
Ë TFHVJOUF EFWF TFS FYJCJEB
%DG 5HTXHVW
7KLV FRPELQDWLRQ RI KRVW DQG SRUW UHTXLUHV 7/6

*TTP JOEJDB RVF P OPTTP TFSWJEPS SFKFJUPV B SFRVJTJÎÍP QPS OÍP


FTUBS DPN )5514 7BNPT NVEBS P FOEFSFÎP QBSB
KWWSVORFDOKRVWGULYHUV PCTFSWF RVF NVEBNPT QBSB
KWWSV OP JOÓDJP
 $PNP FV VTP $ISPNF VN BMFSUB BTTJN GPJ
FNJUJEP

 ,03/(0(17$1'2 +7736 1$ 1266$ $3, 


'JHVSB  $ISPNF QFEJOEP QBSB MJCFSBS B SFRVFTU

&TTF BMFSUB TJHOJGJDB RVF P $ISPNF FOUFOEF RVF P DFSUJGJDBEP Ï


BVUPBTTJOBEP F JTTP OÍP Ï QSPWB EB JEFOUJEBEF EP TFSWJEPS $MJRVF
FN 3URFHHG WR ORFDOKRVW PV FRVJWBMFOUF TF WPDÐ VTBS PVUSP
CSPXTFS
 0CTFSWF RVF BHPSB B "1* FYFDVUB DPSSFUBNFOUF F VN
BMFSUB BQBSFDF OP DBOUP TVQFSJPS

7BNPT BHPSB WFSJGJDBS BT SFRVJTJÎÜFT OP 1PTUNBO 5PNBOEP B


"1* EF TBMWBS QBTTBHFJSP QPS FYFNQMP DMJRVF OP CPUÍP 6HQG QBSB
FOWJBS B SFRVJTJÎÍP DPNP FTUÈ 0CTFSWF RVF B "1* EFWF SFUPSOBS
VN DØEJHP )551  F B NFOTBHFN JOEJDBOEP RVF B SFRVJTJÎÍP
EFWF QBTTBS QPS VN DBOBM TFHVSP

  ,03/(0(17$1'2 +7736 1$ 1266$ $3,


'JHVSB  1PTUNBO BQSFTFOUBOEP B NFOTBHFN EF FSSP EP TFSWJEPS

1PSÏN TF USPDBSNPT P IPTU QBSB )5514 P FSSP GJDB BUÏ QJPS

 ,03/(0(17$1'2 +7736 1$ 1266$ $3, 


'JHVSB  1PTUNBO NPTUSBOEP VNB OPWB NFOTBHFN EF FSSP

*TTP BDPOUFDF QPSRVF P 1PTUNBO WBMJEB PT DFSUJGJDBEPT $PNP


OPTTP DFSUJGJDBEP Ï BVUPBTTJOBEP FMF TF SFDVTB B QSPTTFHVJS DPN B
SFRVJTJÎÍP BJOEB OB GBTF EF IBOETIBLF 1BSB NVEBS JTTP DMJRVF OP
NFOV TVQFSJPS FN )LOH  6HWWLQJV 

  ,03/(0(17$1'2 +7736 1$ 1266$ $3,


'JHVSB  %FTNBSDBOEP WFSJGJDBÎÍP 44-

%FJYF B PQÎÍP 66/ FHUWLILFDWH YDOLGDWLRQ OB QPTJÎÍP


2)) F UFTUF OPWBNFOUF "HPSB WPDÐ EFWF UFS P SFTVMUBEP FTQFSBEP

 ,03/(0(17$1'2 +7736 1$ 1266$ $3, 


'JHVSB  3FRVJTJÎÍP GVODJPOBOEP WJB 1PTUNBO

 */$-6*/%0 "65&/5*$"±°0 #«4*$"


6N EPT NFDBOJTNPT NBJT CÈTJDPT EB TFHVSBOÎB EB JOGPSNBÎÍP
UBNCÏN Ï B QSFWFOÎÍP EF BDFTTP B JOGPSNBÎÜFT QPS QFTTPBT OÍP
BVUPSJ[BEBT 1PS FYFNQMP OB TVB DBTB QSPWBWFMNFOUF IÈ VNB
QPSUB &TTB QPSUB UFN VNB DIBWF "QFOBT BRVFMFT RVF UÐN VNB
DØQJB EB DIBWF QPEFN BDFTTBS B DBTB EF GPSNB RVF B QPSUB QSFWJOF
P BDFTTP OÍP BVUPSJ[BEP

0 BDFTTP B "1*T FN TVB GPSNB NBJT TJNQMFT


GVODJPOB EB
NFTNB GPSNB 6N VTVÈSJP QPTTVJ VNB DPNCJOBÎÍP EF VTVÈSJP F
TFOIB EF GPSNB RVF FTUB DPNCJOBÎÍP Ï SFTQPOTÈWFM QPS GB[FS B
BVUFOUJDBÎÍP EP VTVÈSJP PV TFKB WFSJGJDBS TF FMF Ï DPOIFDJEP QFMP
TJTUFNB TF FTTB DPNCJOBÎÍP Ï WÈMJEB FUD 6NB WF[ BVUFOUJDBEP Ï
GFJUP P QSPDFTTP EF BVUPSJ[BÎÍP VNB WFSJGJDBÎÍP EF RVBJT SFDVSTPT

  ,1&/8,1'2 $87(17,&$d­2 %È6,&$


P VTVÈSJP QPEF BDFTTBS DPN FTTB DPNCJOBÎÍP EF VTVÈSJP F TFOIB
7PMUBOEP BP FYFNQMP EB DBTB Ï DPNP TF BCSJS B QPSUB GPTTF P
QSPDFTTP EF BVUFOUJDBÎÍP F B BVUPSJ[BÎÍP Ï DPNP TF B QFTTPB OÍP
QVEFTTF BDFTTBS EFUFSNJOBEPT DÙNPEPT EB DBTB NFTNP UFOEP
BCFSUP B QPSUB EB GSFOUF

1BSB SFBMJ[BS FTTB QSPUFÎÍP EF EBEPT WBNPT JODMVJS VN OPWP


GSBNFXPSL OP QSPKFUP P 6SULQJ 6HFXULW\  1BSB JTTP CBTUB
JODMVJS P TFHVJOUF OB TFÎÍP EF EFQFOEÐODJBT EP QSPKFUP OP
SRP[PO 

GHSHQGHQF\!
JURXS,G!RUJVSULQJIUDPHZRUNERRWJURXS,G!
DUWLIDFW,G!VSULQJERRWVWDUWHUVHFXULW\DUWLIDFW,G!
GHSHQGHQF\!

/PUF RVF OÍP Ï OFDFTTÈSJP JODMVJS B WFSTÍP EB EFQFOEÐODJB QPJT


P QSPKFUP KÈ Ï HFSFODJBEP QFMP 4QSJOH #PPU F FMF KÈ GB[ B JODMVTÍP EB
WFSTÍP DPSSFUB EF GPSNB RVF UPEP P DPOKVOUP PQFSB FN IBSNPOJB

"HPSB WBNPT DSJBS VN QBDPUF EF DPOGJHVSBÎÜFT EP QSPKFUP


DIBNBEP FRQILJ F EFOUSP EFMF VNB DMBTTF DIBNBEB
6HFXULW\&RQILJ 

 ,1&/8,1'2 $87(17,&$d­2 %È6,&$ 


'JHVSB  /PWB FTUSVUVSB EP QSPKFUP

/P 4QSJOH #PPU FYJTUF VNB BOPUBÎÍP DIBNBEB


#&RQILJXUDWLRQ RVF EFUFSNJOB RVF FTUB DMBTTF Ï SFTQPOTÈWFM
QPS QSPWFS PCKFUPT RVF FTUBSÍP EJTQPOÓWFJT QBSB UPEP P DPOUFYUP EB
BQMJDBÎÍP "MÏN EJTTP QPEFNPT BOPUBS FTTB DMBTTF DPN PVUSBT
BOPUBÎÜFT EP 4QSJOH RVF UBNCÏN WÍP IBCJMJUBS PV EFTBCJMJUBS DFSUPT
BTQFDUPT EP TJTUFNB "TTJN TFOEP WBNPT BOPUÈMB DPN
#&RQILJXUDWLRQ F EFQPJT DPN B BOPUBÎÍP
#(QDEOH:HE6HFXULW\ RVF WBJ TFS SFTQPOTÈWFM QPS IBCJMJUBS
FGFUJWBNFOUF B TFHVSBOÎB EBT OPTTBT "1*T
SDFNDJH DSSFDUFDSFRQILJ

  ,1&/8,1'2 $87(17,&$d­2 %È6,&$


LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ&RQILJXUDWLRQ
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEFRQILJX
UDWLRQ(QDEOH:HE6HFXULW\

#&RQILJXUDWLRQ
#(QDEOH:HE6HFXULW\
SXEOLF FODVV 6HFXULW\&RQILJ ^

0 QSØYJNP QBTTP Ï DPOGJHVSBS P OPTTP TJTUFNB EF TFHVSBOÎB


QBSB WFSJGJDBS P GVODJPOBNFOUP $PNP FYJTUFN NVJUPT BTQFDUPT B
TFSFN MFWBEPT FN DPOTJEFSBÎÍP P 4QSJOH OPT GPSOFDF VNB DMBTTF
DIBNBEB :HE6HFXULW\&RQILJXUHU$GDSWHU  0 QSPQØTJUP EFTUB
DMBTTF Ï GPSOFDFS BMHVOT NÏUPEPT QBSB TFSFN TPCSFTDSJUPT DPN B
DPOGJHVSBÎÍP EFTFKBEB F UBNCÏN NBOUFS BT DPOGJHVSBÎÜFT QBESÜFT
QBSB P SFTUBOUF 7BNPT GB[FS DPN RVF B OPTTB DMBTTF
6HFXULW\&RQILJ FTUFOEB :HE6HFXULW\&RQILJXUHU$GDSWHU 

SDFNDJH DSSFDUFDSFRQILJ

2XWURV LPSRUWV RPLWLGRV


LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEFRQILJX
UDWLRQ:HE6HFXULW\&RQILJXUHU$GDSWHU

#&RQILJXUDWLRQ
#(QDEOH:HE6HFXULW\
SXEOLF FODVV 6HFXULW\&RQILJ H[WHQGV :HE6HFXULW\&RQILJXUHU$GDSWHU
^

%FTUB GPSNB UFNPT BDFTTP BP NÏUPEP NBJT JNQPSUBOUF EB


DMBTTF :HE6HFXULW\&RQILJXUHU$GDSWHU RVF Ï P FRQILJXUH 
&TUF NÏUPEP Ï TPCSFDBSSFHBEP BMHVNBT WF[FT EF GPSNB RVF P RVF
RVFSFNPT Ï P RVF SFDFCF +WWS6HFXULW\ DPNP QBSÉNFUSP 7BNPT
FOUÍP TPCSFTDSFWFS FTTF NÏUPEP QBSB JOJDJBS B DPOGJHVSBÎÍP 0

 ,1&/8,1'2 $87(17,&$d­2 %È6,&$ 


NÏUPEP TPCSFTDSJUP GJDB BTTJN
SDFNDJH DSSFDUFDSFRQILJ

2XWURV LPSRUWV RPLWLGRV


LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEEXLOGHU
V+WWS6HFXULW\

#&RQILJXUDWLRQ
#(QDEOH:HE6HFXULW\
SXEOLF FODVV 6HFXULW\&RQILJ H[WHQGV :HE6HFXULW\&RQILJXUHU$GDSWHU
^

#2YHUULGH
SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^

`
`

"HPSB WBNPT JOJDJBS B DPOGJHVSBÎÍP EF TFHVSBOÎB EP OPTTP


QSPKFUP 0 QSJNFJSP QBTTP Ï EFTBCJMJUBS B QSPUFÎÍP B VN BUBRVF
BCSFWJBEP DPNP $43' RVF TJHOJGJDB $SPTT4JUF 3FRVFTU 'PSHFSZ
RVF USBEV[P DPNP 'PSKB EF SFRVJTJÎÜFT FOUSF TJUFT
 1SJNFJSP
WBNPT FOUFOEFS DPNP FMF GVODJPOB F QPS RVF EFTBCJMJUÈMP

" EPDVNFOUBÎÍP EP 4QSJOH EFUBMIB P $43' DPN FYFNQMPT


EJTQPOÓWFM FN IUUQTEPDTTQSJOHJPTQSJOH
TFDVSJUZTJUFEPDT3&-&"4&SFGFSFODFIUNMTJOHMFDTSG

7PV EBS BRVJ VNB FYQMJDBÎÍP SFTVNJEB TPCSF P QSPCMFNB BQFOBT
QBSB DPOUFYUVBMJ[BS P QPSRVÐ EF EFTBCJMJUBSNPT B QSPUFÎÍP

2VBOEP FOUSBNPT FN VN TJUF RVBMRVFS EJHBNPT EP CBODP

QSFDJTBNPT GPSOFDFS P VTVÈSJP F TFOIB BQFOBT VNB ÞOJDB WF[ BP


BDFTTBS P TJUF $PNP BDPOUFDF FOUÍP EF P TJUF EP CBODP OPT
SFDPOIFDFS FORVBOUP WBNPT OBWFHBOEP QPS PVUSBT QÈHJOBT
"USBWÏT EPT DPPLJFT $PPLJFT TÍP QFRVFOPT BSRVJWPT EF UFYUP RVF
TÍP EFWPMWJEPT QBSB P TJUF DPOGPSNF WBNPT OBWFHBOEP OBRVFMF

  ,1&/8,1'2 $87(17,&$d­2 %È6,&$


EPNÓOJP F BUSBWÏT EP DPOUFÞEP EP DPPLJF P TJUF EP CBODP OPT
SFDPOIFDF EJTQFOTBOEP B OFDFTTJEBEF EF OPT BVUFOUJDBSNPT
OPWBNFOUF

0T DPPLJFT TÍP GPSOFDJEPT EF WPMUB BQFOBT QBSB PT TJUFT RVF PT


GPSOFDFN EF GPSNB RVF PT DPPLJFT RVF SFDFCFNPT EF VN TJUF
KWWSDEFFRPEU OÍP TÍP SFQBTTBEPT QBSB VN TJUF
KWWS[\]FRPEU  /P FOUBOUP P BUBRVF EF $43' OÍP QSFDJTB
EJTTP QPJT VN TJUF NBMJDJPTP QPEF JODMVJS VN GPSNVMÈSJP
TFNFMIBOUF BP TFHVJOUF
IRUP PHWKRG SRVW DFWLRQ KWWSVEDQFRFRPWUDQVIHUHQFLD!
LQSXW W\SH KLGGHQ QDPH TXDQWLD YDOXH !
LQSXW W\SH KLGGHQQDPH FRQWD YDOXH QXPHUR'D&RQWD0DOLFLRVD
!
LQSXW W\SH VXEPLW YDOXH *DQKH 'LQKHLUR )¡FLO &OLTXH $TXL
3DUD 6DEHU &RPR!
IRUP!

*TTP WBJ GB[FS DPN RVF VN CPUÍP FTDSJUP *DQKH 'LQKHLUR


)¡FLO &OLTXH $TXL 3DUD 6DEHU &RPR BQBSFÎB OB UFMB
2VBOEP VN WJTJUBOUF JOPDFOUF FOUSBS OP TJUF F DMJDBS OP CPUÍP FMF
GBSÈ VNB SFRVJTJÎÍP MFHÓUJNB QBSB P FOEFSFÎP
KWWSVEDQFRFRPWUDQVIHUHQFLD  1PS TFS VNB SFRVJTJÎÍP
MFHÓUJNB P CSPXTFS FOUFOEF RVF QPEF GPSOFDFS PT DPPLJFT DPSSFUPT
F BTTJN EJTQFOTBS B BVUFOUJDBÎÍPBVUPSJ[BÎÍP OFDFTTÈSJB 0 BUBRVF
GPJ FYFDVUBEP DPN TVDFTTP

" QSPUFÎÍP RVF P 4QSJOH 4FDVSJUZ PGFSFDF QBSB FTTF BUBRVF QPEF
TFS SFTVNJEB FN JODMVJS VN QBSÉNFUSP FYUSB OBT SFRVJTJÎÜFT RVF Ï
GPSOFDJEP QBSB DBEB SFRVJTJÎÍP 0 WBMPS EFTTF QBSÉNFUSP Ï BMFBUØSJP
F HFSBEP QFMP TFSWJEPS TFOEP RVF VN BUBDBOUF OÍP UFSJB DPNP
BEJWJOIBS P WBMPS EFMF +È VN WJTJUBOUF MFHÓUJNP TJN KÈ RVF B DBEB
QÈHJOB BDFTTBEB P TFSWJEPS EFWPMWFSJB VN OPWP WBMPS QBSB FTUF

 ,1&/8,1'2 $87(17,&$d­2 %È6,&$ 


QBSÉNFUSP DPOUSPMBOEP B OBWFHBÎÍP

2VBOEP GBMBNPT EF "1*T 3&45 QPEFNPT EJTQFOTBS FTTB


QSPUFÎÍP *TTP QPSRVF P JEFBM FN VNB "1* 3&45 Ï RVF FMB TFKB
TUBUFMFTT PV TFKB TFN FTUBEP 6NB "1* TFN FTUBEP OÍP HVBSEB
JOGPSNBÎÜFT TPCSF P WJTJUBOUF PV TFKB OÍP VTB DPPLJFT
 %FTTB
GPSNB UPEP F RVBMRVFS BDFTTP SFRVJTJUB PT DBCFÎBMIPT EF
BVUFOUJDBÎÍP OFDFTTÈSJPT UPSOBOEP BT "1*T BVUPNBUJDBNFOUF
JNVOFT BP $43'

%FTUB GPSNB WBNPT FYFDVUBS EPJT QBTTPT EFTMJHBS B QSPUFÎÍP


DPOUSB $43' OB "1* PV TFKB EFTBUJWBS B OFDFTTJEBEF EF GPSOFDFS
FTTF QBSÉNFUSP FYUSB
F UBNCÏN EFTMJHBS P HFSFODJBNFOUP EF
TFTTÜFT EF GPSNB RVF P OPTTP TFSWJEPS OÍP WBJ NBJT EFWPMWFS
DPPLJFT QBSB OFOIVN DMJFOUF

1BSB EFTMJHBS B QSPUFÎÍP DPOUSB $43' JOWPDBNPT P NÏUPEP


FVUI F EFQPJT P NÏUPEP GLVDEOH 

SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^


KWWSFVUI GLVDEOH 

1BSB EFTMJHBS P HFSFODJBNFOUP EF TFTTÜFT JOWPDBNPT P NÏUPEP


VHVVLRQ0DQDJHPHQW F EFQPJT P NÏUPEP
VHVVLRQ&UHDWLRQ3ROLF\ QBTTBOEP DPNP QBSÉNFUSP
6HVVLRQ&UHDWLRQ3ROLF\67$7(/(66 

LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJKWWS6HVVLRQ&UHDWLRQ3R
OLF\

#2YHUULGH
SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^
KWWSFVUI GLVDEOH 

KWWSVHVVLRQ0DQDJHPHQW
VHVVLRQ&UHDWLRQ3ROLF\ 6HVVLRQ&UHDWLRQ3ROLF\67$7(/(66 
`

  ,1&/8,1'2 $87(17,&$d­2 %È6,&$


%FQPJT EFTTB QSFQBSBÎÍP WBNPT JODMVJS BVUFOUJDBÎÍP CÈTJDB OBT
OPTTBT "1*T &TTB BVUFOUJDBÎÍP GVODJPOB EB TFHVJOUF GPSNB

0 QSJNFJSP QBTTP Ï KVOUBS P VTVÈSJP F TFOIB TFQBSBEPT QPS


EPJTQPOUPT 1PS FYFNQMP TF P VTVÈSJP GPS DGPLQ F B
TFOIB GPS  UFSFNPT DGPLQ 
%FQPJT QBTTBNPT FTTF WBMPS QPS VN BMHPSJUNP DIBNBEP EF
%DVH RVF DPOTJTUF OB DPEJGJDBÎÍP EF EBEPT FN VN
DPOKVOUP EF BQFOBT  DBSBDUFSFT EBÓ P OPNF
 /PTTP
VTVÈSJP F TFOIB EF FYFNQMP GJDBSJBN BTTJN
<:5WD:07,]1$ 
0 QSØYJNP QBTTP Ï BDSFTDFOUBS B QBMBWSB %DVLF OP JOÓDJP
F VN FTQBÎP /P FYFNQMP GJDB %DVLF
<:5WD:07,]1$ 
1PS ÞMUJNP GPSOFDFNPT FTTF DPOKVOUP FN VN DBCFÎBMIP
DIBNBEP $XWKRUL]DWLRQ 

0CTFSWF RVF Ï VN BMHPSJUNP NVJUP TJNQMFT F GÈDJM EF SFWFSUFS


QBSB EFTDPCSJS RVBM P VTVÈSJP F TFOIB VUJMJ[BEPT 1PS FTTF NPUJWP
TFNQSF RVF FTTF BMHPSJUNP Ï VUJMJ[BEP Ï PCSJHBUØSJP VUJMJ[BS
)5514 UBNCÏN

1BSB DPOGJHVSBS P TJTUFNB QBSB VUJMJ[BS FTTF BMHPSJUNP


VUJMJ[BNPT B TFHVJOUF TFRVÐODJB EF NÏUPEPT

DXWKRUL]H5HTXHVWV  QBSB JOJDJBS P TJTUFNB EF


DPOGJHVSBÎÍP EF TFHVSBOÎB
DQ\5HTXHVW  QBSB SFBMJ[BS B DPOGJHVSBÎÍP TPCSF UPEBT
BT 63-T DPN RVBJTRVFS NÏUPEPT )551
DXWKHQWLFDWHG  QBSB SFRVJTJUBS BVUFOUJDBÎÍP
DQG  QBSB DPNQMFNFOUBS B DPOGJHVSBÎÍP
KWWS%DVLF  QBSB VUJMJ[BS P BMHPSJUNP EF BVUFOUJDBÎÍP

 ,1&/8,1'2 $87(17,&$d­2 %È6,&$ 


CÈTJDB RVF WJNPT BDJNB

"TTJN OPTTP NÏUPEP DPNQMFUP GJDB BTTJN


#2YHUULGH
SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^
KWWSFVUI GLVDEOH 

KWWSVHVVLRQ0DQDJHPHQW
VHVVLRQ&UHDWLRQ3ROLF\ 6HVVLRQ&UHDWLRQ3ROLF\67$7(/(66 

KWWS
DXWKRUL]H5HTXHVWV
DQ\5HTXHVW
DXWKHQWLFDWHG
DQG
KWWS%DVLF 
`

*TTP DPODMVJ B DPOGJHVSBÎÍP EP TJTUFNB QBSB SFRVFSFS PT


VTVÈSJPT .BT F RVBOUP BPT VTVÈSJPT FN TJ POEF FTUÍP &ORVBOUP B
DSJBÎÍP EF VTVÈSJPT OÍP GJDB QSPOUB P 4QSJOH 4FDVSJUZ OPT GPSOFDF
VN VTVÈSJP QBSB SFBMJ[BSNPT PT UFTUFT 1BSB WFSJGJDBS POEF FTUÈ P
VTVÈSJP F TFOIB CBTUB JOJDJBMJ[BS P TJTUFNB QBSB WJTVBMJ[BS BMHP
TFNFMIBOUF BP TFHVJOUF

'JHVSB  4FOIB HFSBEB QFMP 4QSJOH 4FDVSJUZ

0CTFSWF P USFDIP RVF EJ[


8VLQJ JHQHUDWHG VHFXULW\ SDVVZRUG DFIGIEEHH
GH

  ,1&/8,1'2 $87(17,&$d­2 %È6,&$


&TTB Ï VNB TFOIB HFSBEB BMFBUPSJBNFOUF UPEB WF[ RVF P TJTUFNB
Ï JOJDJBMJ[BEP &MB Ï BTTPDJBEB B VN VTVÈSJP DIBNBEP XVHU F
QPEFNPT FOUÍP QBTTÈMB QBSB UFTUBS OPTTBT "1*T 7BNPT WFSJGJDBS
DPNP FTUÈ B DPOGJHVSBÎÍP F UFTUBS B OPTTB "1* EF DSJBÎÍP EF
QBTTBHFJSPT EB GPSNB DPNP FTUÈ "MHP TFNFMIBOUF BP TFHVJOUF EFWF
TFS SFUPSOBEP
^
WLPHVWDPS 7
VWDWXV 
HUURU 8QDXWKRUL]HG
PHVVDJH 8QDXWKRUL]HG
SDWK SDVVHQJHUV
`

'JHVSB  $IBNBEB GFJUB TFN BVUFOUJDBÎÍP

 ,1&/8,1'2 $87(17,&$d­2 %È6,&$ 


0CTFSWF RVF P DØEJHP EF TUBUVT  Ï SFUPSOBEP 4VB QSFTFOÎB
JOEJDB RVF Ï OFDFTTÈSJP SFGB[FS B SFRVJTJÎÍP QBTTBOEP BT DSFEFODJBJT
DPSSFUBT 1BSB JODMVJS BT DSFEFODJBJT UFNPT RVF JS BUÏ B BCB
$XWKRUL]DWLRQ EP 1PTUNBO /P ESPQEPXO 7\SH FYJTUFN WÈSJPT
BMHPSJUNPT EF BVUFOUJDBÎÍP EJTQPOÓWFJT WBNPT FTDPMIFS %DVLF
$XWK  &OUÍP WBNPT JOTFSJS XVHU OP DBNQP 8VHUQDPH F
DFIGIEEHHGH PV P FRVJWBMFOUF OP
TFV DBTP
OP DBNQP 3DVVZRUG  "P BQFSUBS 6HQG SFDFCFNPT P
SFTVMUBEP BEFRVBEP

'JHVSB  $IBNBEB GFJUB DPN BVUFOUJDBÎÍP

  ,1&/8,1'2 $87(17,&$d­2 %È6,&$


 $3*"/%0 4*45&." %& "6503*;"±°0
0 QSØYJNP QBTTP OB QSPUFÎÍP EP TJTUFNB Ï EFUFSNJOBS RVFN
QPEF BDFTTBS P RVÐ *TTP RVFS EJ[FS RVF OFN UPEPT PT VTVÈSJPT
QPEFSÍP BDFTTBS BT NFTNBT "1*T 1BSB DSJBSNPT BMHVOT DPOUFYUPT
EF TFHVSBOÎB JNQFEJS NPUPSJTUBT EF DSJBS OPWPT QBTTBHFJSPT OB
QMBUBGPSNB JNQFEJS NPUPSJTUBT EF DSJBS OPWBT SFRVJTJÎÜFT EF
WJBHFOT OB QMBUBGPSNB FUD "TTJN TFOEP UFNPT VN DPODFJUP
GVOEBNFOUBM QBSB B ÈSFB EF TFHVSBOÎB EB JOGPSNBÎÍP RVF Ï P EF
QBQÏJT

0T QBQÏJT UÐN B GVOÎÍP EF BUSJCVJS GVOÎÜFT FTQFDÓGJDBT QBSB PT


VTVÈSJPT EF GPSNB B BHSVQÈMPT TPC FTTBT GVOÎÜFT F GJDBS NBJT GÈDJM
EF EFUFSNJOBS P RVF FMFT QPEFN BDFTTBS 1PS FYFNQMP GJDB EJGÓDJM
EJ[FS RVF P VTVÈSJP -R£R OÍP QPEF DSJBS VNB SFRVJTJÎÍP EF
WJBHFN QPJT EFTTB GPSNB UFSÓBNPT RVF DBEBTUSBS SFTUSJÎÜFT QBSB
UPEPT PT PVUSPT VTVÈSJPT P RVF QPEF TFS JNQSBUJDÈWFM .BT TF
-R£R UJWFS P QBQFM '5,9(5 GJDB GÈDJM QPJT QPEFNPT
TJNQMFTNFOUF EFMJNJUBS RVF UPEPT PT RVF UÐN FTTF QBQFM OÍP
QPEFN DSJBS SFRVJTJÎÜFT EF WJBHFOT

*TTP EJUP WBNPT WFS OFTUB TFÎÍP DPNP DSJBS VN TJTUFNB EF


EFMJNJUBÎÍP QPS QBQÏJT TJNQMFT F JS FWPMVJOEP BPT QPVDPT

1BSB DPNFÎBS WBNPT JODMVJS B BOPUBÎÍP


(QDEOH*OREDO0HWKRG6HFXULW\ OB OPTTB DMBTTF
6HFXULW\&RQILJ  &TUB BOPUBÎÍP UFN B GVOÎÍP EF IBCJMJUBS BMHVOT
NPEPT EF TFHVSBOÎB QPS BOPUBÎÜFT 7BNPT VUJMJ[BS P NPEP EF
DPNQBUJCJMJEBEF DPN B +43 RVF Ï VNB FTQFDJGJDBÎÍP EF VN
DPOKVOUP EF BOPUBÎÜFT QBSB QBESPOJ[BS BMHVOT BTQFDUPT EB
MJOHVBHFN +BWB &TUF NPEP EF DPNQBUJCJMJEBEF Ï BDJPOBEP B QBSUJS
EP BUSJCVUP MVU(QDEOHG 

 &5,$1'2 6,67(0$ '( $8725,=$d­2 


LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEFRQILJX
UDWLRQ(QDEOH:HE6HFXULW\
5HVWDQWH GRV LPSRUWV RPLWLGR

#&RQILJXUDWLRQ
#(QDEOH:HE6HFXULW\
#(QDEOH*OREDO0HWKRG6HFXULW\ MVU(QDEOHG WUXH
SXEOLF FODVV 6HFXULW\&RQILJ H[WHQGV :HE6HFXULW\&RQILJXUHU$GDSWHU
^
`

$PN B JODMVTÍP EFTUB BOPUBÎÍP Ï QPTTÓWFM VUJMJ[BS B BOPUBÎÍP


#5ROHV$OORZHG OPT NÏUPEPT RVF RVFSFNPT SFTUSJOHJS BDFTTP 1PS
FYFNQMP EJHBNPT RVF WBNPT SFTUSJOHJS P BDFTTP EB DSJBÎÍP EF
QBTTBHFJSPT BQFOBT QBSB BRVFMFT RVF UÐN P QBQFM $'0,1  7BNPT
BUÏ P NÏUPEP FUHDWH3DVVHQJHU OB DMBTTF 3DVVHQJHU$3, F
FOUÍP BOPUBNPT DPN FTTB BOPUBÎÍP F P OPNF EP QBQFM
LPSRUW MDYD[DQQRWDWLRQVHFXULW\5ROHV$OORZHG

#3RVW0DSSLQJ
#5ROHV$OORZHG 52/(B$'0,1
SXEOLF 3DVVHQJHU FUHDWH3DVVHQJHU #5HTXHVW%RG\ 3DVVHQJHU SDVVHQJHU
^
UHWXUQ SDVVHQJHU5HSRVLWRU\VDYH SDVVHQJHU 
`

0 QSØYJNP QBTTP Ï DPOGJHVSBS P 4QSJOH 4FDVSJUZ QBSB DBSSFHBS


PT VTVÈSJPT F TFVT SFTQFDUJWPT QBQÏJT 1BSB GB[FS JTTP QSFDJTBNPT JS
BUÏ B DMBTTF 6HFXULW\&RQILJ F TPCSFTDSFWFS P NÏUPEP
FRQILJXUH  EFTUB WF[ P RVF SFDFCF VN
$XWKHQWLFDWLRQ0DQDJHU%XLOGHU DPNP QBSÉNFUSP

LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQDXWKHQWLFDW
LRQEXLOGHUV$XWKHQWLFDWLRQ0DQDJHU%XLOGHU

 7UHFKR RPLWLGR

#2YHUULGH
SXEOLF YRLG FRQILJXUH $XWKHQWLFDWLRQ0DQDJHU%XLOGHU DXWK

  &5,$1'2 6,67(0$ '( $8725,=$d­2


WKURZV ([FHSWLRQ ^
`

$PN P PCKFUP EP QBSÉNFUSP DXWK Ï QPTTÓWFM EFGJOJS WÈSJBT


GPSNBT EJGFSFOUFT EF BSNB[FOBS PT VTVÈSJPT /P NPNFOUP QBSB
NBOUFS B TJNQMJDJEBEF WBNPT DSJBS BMHVOT VTVÈSJPT BQFOBT FN
NFNØSJB  QPTUFSJPSNFOUF WBNPT USPDBS FTUB GPSNB EF
BSNB[FOBNFOUP

1BSB SFBMJ[BS B EFGJOJÎÍP EPT VTVÈSJPT WBNPT VUJMJ[BS B DMBTTF


8VHU EP 4QSJOH 4FDVSJUZ &TUB DMBTTF QSPWÐ VN NÏUPEP EXLOGHU
RVF QPS TVB WF[ EÈ BDFTTP B WÈSJPT NÏUPEPT RVF GBDJMJUBN B DSJBÎÍP
EPT VTVÈSJPT &N SFTVNP QSFDJTBNPT EF USÐT JOGPSNBÎÜFT QBSB
DBEB VN EFMFT OPNF EF VTVÈSJP TFOIB F QBQÏJT 1BSB GJOT EF
DPNPEJEBEF WBNPT DSJBS UPEPT DPN B NFTNB TFOIB 1BSB DSJBS B
TFOIB TFN OFOIVNB DSJQUPHSBGJB KÈ RVF FMB FTUBSÈ OB NFNØSJB EP
TJTUFNB F OÍP FN OFOIVNB CBTF EBEPT
QSFDJTBNPT BDSFTDFOUBS P
QSFGJYP ^QRRS`  &TUF QSFGJYP Ï VUJMJ[BEP QFMP 4QSJOH 4FDVSJUZ RVBM
P TJTUFNB EF DPEJGJDBÎÍP GPJ BQMJDBEP  OP OPTTP DBTP OFOIVN
6WULQJ SDVVZRUG ^QRRS`SDVVZRUG

1BSB SFBMJ[BS B EFGJOJÎÍP EPT VTVÈSJPT WBNPT QSFDJTBS DIBNBS


PT NÏUPEPT XVHUQDPH SDVVZRUG F UROHV QBSB EFUFSNJOBS P
OPNF EF VTVÈSJP TFOIB F QBQÏJT SFTQFDUJWBNFOUF 0CTFSWF RVF BP
EFUFSNJOBS PT QBQÏJT OÍP DPMPDBNPT P QSFGJYP 52/(B  FMF Ï
JODMVÓEP BVUPNBUJDBNFOUF QFMP 4QSJOH 4FDVSJUZ "TTJN WBNPT
DSJBS USÐT VTVÈSJPT VN DIBNBEP GULYHU F DPN VN QBQFM
'5,9(5  VN DIBNBEP SDVVHQJHU F DPN VN QBQFM 3$66(1*(5 
F VN ÞMUJNP DIBNBEP DGPLQ DPN VN QBQFM $'0,1 FV TFJ
NVJUP DSJBUJWP EF NJOIB QBSUF

LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRUHXVHUGHWDLOV8VHU

 &5,$1'2 6,67(0$ '( $8725,=$d­2 


7UHFKR RPLWLGR

8VHU8VHU%XLOGHU GULYHU 8VHUEXLOGHU


XVHUQDPH GULYHU
SDVVZRUG SDVVZRUG
UROHV '5,9(5 

8VHU8VHU%XLOGHU SDVVHQJHU 8VHUEXLOGHU


XVHUQDPH SDVVHQJHU
SDVVZRUG SDVVZRUG
UROHV 3$66(1*(5 

8VHU8VHU%XLOGHU DGPLQ 8VHUEXLOGHU


XVHUQDPH DGPLQ
SDVVZRUG SDVVZRUG
UROHV $'0,1 

"HPSB CBTUB DIBNBSNPT P NÏUPEP


LQ0HPRU\$XWKHQWLFDWLRQ F EFQPJT P NÏUPEP ZLWK8VHU
QBTTBOEP DBEB VNB EBT EFGJOJÎÜFT EPT VTVÈSJPT DPNP QBSÉNFUSP
0 NÏUPEP DPNQMFUP GJDB BTTJN
#2YHUULGH
SXEOLF YRLG FRQILJXUH $XWKHQWLFDWLRQ0DQDJHU%XLOGHU DXWK
WKURZV ([FHSWLRQ ^

6WULQJ SDVVZRUG ^QRRS`SDVVZRUG

8VHU8VHU%XLOGHU GULYHU 8VHUEXLOGHU


XVHUQDPH GULYHU
SDVVZRUG SDVVZRUG
UROHV '5,9(5 

8VHU8VHU%XLOGHU SDVVHQJHU 8VHUEXLOGHU


XVHUQDPH SDVVHQJHU
SDVVZRUG SDVVZRUG
UROHV 3$66(1*(5 

8VHU8VHU%XLOGHU DGPLQ 8VHUEXLOGHU


XVHUQDPH DGPLQ
SDVVZRUG SDVVZRUG
UROHV $'0,1 

  &5,$1'2 6,67(0$ '( $8725,=$d­2


DXWKLQ0HPRU\$XWKHQWLFDWLRQ
ZLWK8VHU GULYHU
ZLWK8VHU SDVVHQJHU
ZLWK8VHU DGPLQ

`

7BNPT GB[FS P UFTUF 6UJMJ[BOEP P 1PTUNBO WBNPT VUJMJ[BS P


VTVÈSJP GULYHU QBSB UFOUBS DSJBS VN OPWP QBTTBHFJSP

'JHVSB  "1* SFDVTBOEP B DIBNBEB GFJUB DPN VTVÈSJP OÍP BVUPSJ[BEP

 &5,$1'2 6,67(0$ '( $8725,=$d­2 


$PNP WPDÐ QPEF WFS B "1* SFUPSOB VN DØEJHP 
)RUELGGHQ RVBOEP GB[FNPT JTTP *TTP TJHOJGJDB RVF P VTVÈSJP GPJ
BVUFOUJDBEP NBT OÍP BVUPSJ[BEP 0V TFKB FMF GPJ SFDPOIFDJEP
DPNP VN VTVÈSJP WÈMJEP OP ÉNCJUP EP TJTUFNB NBT TFN QFSNJTTÍP
QBSB VUJMJ[BS FTTF SFDVSTP FTQFDÓGJDP EP TJTUFNB

7BNPT USPDBS QBSB P VTVÈSJP DGPLQ F WFS P RVF BDPOUFDF

'JHVSB  ² QFSNJUJEP RVF P BENJO BDFTTF P SFDVSTP

  &5,$1'2 6,67(0$ '( $8725,=$d­2


 $"33&("/%0 04 646«3*04 1&-0
#"/$0 %& %"%04
7BNPT BHPSB JOJDJBS B USBOTJÎÍP QBSB VN NPEFMP POEF PT
VTVÈSJPT FTUFKBN OP OPTTP CBODP EF EBEPT *TTP DMBSP USB[ VNB
TÏSJF EF CFOFGÓDJPT

0T VTVÈSJPT TFSÍP QFSTJTUFOUFT FOUSF EFTMJHBS F MJHBS


OPWBNFOUF B BQMJDBÎÍP OP OPTTP DBTP JTTP OÍP BDPOUFDF
QPJT OPTTP CBODP EF EBEPT FTUÈ FN NFNØSJB NBT JTTP Ï
GBDJMNFOUF NPEJGJDÈWFM

7ÈSJBT JOTUÉODJBT EJGFSFOUFT EP OPTTP QSPHSBNB QPEFN
FOYFSHBS P NFTNP CBODP EF EBEPT F QPSUBOUP PT NFTNPT
VTVÈSJPT
² QPTTÓWFM DSJBS OPWPT VTVÈSJPT F NPEJGJDÈMPT F USBOTNJUJS
FTTB NVEBOÎB QBSB WÈSJBT JOTUÉODJBT EJGFSFOUFT EP OPTTP
QSPHSBNB

1BSB JTTP WBNPT DPNFÎBS DSJBOEP VNB FOUJEBEF RVF SFQSFTFOUF


OPTTPT VTVÈSJPT $BEB VN EFMFT WBJ DPOUBS DPN PT TFHVJOUFT
BUSJCVUPT VN OPNF EF VTVÈSJP VNB TFOIB VNB MJTUB EF QBQÏJT F
VN BUSJCVUP QBSB EJ[FS FMFT FTUÍP IBCJMJUBEPT PV OÍP &TUF ÞMUJNP Ï
VUJMJ[BEP QBSB QPEFSNPT UFS B DBQBDJEBEF EF EFTMJHBS VN VTVÈSJP
TFN BQBHÈMP GJTJDBNFOUF EP CBODP EF EBEPT

"TTJN TFOEP OPTTB FOUJEBEF EF VTVÈSJP QPEF GJDBS BTTJN


SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW MDYDXWLO/LVW
LPSRUW MDYD[SHUVLVWHQFH&ROXPQ
LPSRUW MDYD[SHUVLVWHQFH(OHPHQW&ROOHFWLRQ
LPSRUW MDYD[SHUVLVWHQFH(QWLW\

 &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26 


LPSRUW MDYD[SHUVLVWHQFH*HQHUDWHG9DOXH
LPSRUW MDYD[SHUVLVWHQFH,G
LPSRUW ORPERN'DWD

#'DWD
#(QWLW\
SXEOLF FODVV 8VHU ^

#,G
#*HQHUDWHG9DOXH
/RQJ LG

#&ROXPQ XQLTXH WUXH


6WULQJ XVHUQDPH
6WULQJ SDVVZRUG

%RROHDQ HQDEOHG

#(OHPHQW&ROOHFWLRQ
/LVW6WULQJ! UROHV

0 26& ² " "/05"±°0 !&-&.&/5$0--&$5*0/

&TTB BOPUBÎÍP Ï VUJMJ[BEB QBSB RVF QPTTBNPT SFBMJ[BS P


NBQFBNFOUP EF DMBTTFT TJNQMFT QBSB P CBODP EF EBEPT %B
GPSNB DPNP FTUÈ JTTP WBJ GB[FS DPN RVF VNB PVUSB UBCFMB TFKB
DSJBEB DIBNBEB XVHUBUROHV  &TUB UBCFMB WBJ DPOUFS VNB
DPMVOB DIBNBEB XVHUBLG RVF WBJ TFS NBQFBEB QBSB P LG
EP VTVÈSJP F VNB DPMVOB DIBNBEB UROHV  &TUB DPMVOB WBJ
DPOUFS PT WBMPSFT EB MJTUB 0 +1" KÈ GB[ FTTF NBQFBNFOUP UPEP
EF GPSNB USBOTQBSFOUF QBSB OØT

7BNPT DPOGJHVSBS P 4QSJOH 4FDVSJUZ QBSB DBSSFHBS FTTFT


VTVÈSJPT EP CBODP EF EBEPT 1BSB GB[FS JTTP QSFDJTBNPT EF EVBT

  &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26


RVFSJFT VNB QBSB DBSSFHBS PT VTVÈSJPT QSPQSJBNFOUF EJUPT F PVUSB
QBSB DBSSFHBS PT QBQÏJT BTTPDJBEPT B FTUFT VTVÈSJPT &TUBT RVFSJFT
FTUBSÍP EJSFUBNFOUF WJODVMBEBT ËT UBCFMBT RVF TFSÍP DSJBEBT DPN
CBTF OB DMBTTF 8VHU RVF GPJ EFTDSJUB BOUFSJPSNFOUF

" RVFSZ QBSB DBSSFHBS P VTVÈSJP QSFDJTB SFUPSOBS P OPNF EF


VTVÈSJP B TFOIB F P BUSJCVUP RVF JOEJDB TF FTUÈ IBCJMJUBEP PV OÍP
"MÏN EJTTP FTTB RVFSZ SFDFCF DPNP QBSÉNFUSP P OPNF EF VTVÈSJP
GPSOFDJEP RVF QPEF TFS SFQSFTFOUBEP OB RVFSZ QPS VN TJOBM EF
JOUFSSPHBÎÍP "
 "TTJN B RVFSZ GJDB
VHOHFW XVHUQDPH SDVVZRUG HQDEOHG IURP XVHU ZKHUH XVHUQDPH "

+È B RVFSZ RVF MJTUB PT QBQÏJT Ï MJHFJSBNFOUF NBJT DPNQMFYB


QPJT WBJ VUJMJ[BS B UBCFMB RVF GPJ HFSBEB DPN CBTF OB BOPUBÎÍP
#(OHPHQW&ROOHFWLRQ  &TUB RVFSZ QSFDJTB SFUPSOBS P OPNF EF
VTVÈSJP F PT QBQÏJT PV TFKB FTUB RVFSZ QPEF SFUPSOBS WÈSJBT MJOIBT
QBSB VN ÞOJDP VTVÈSJP
 1BSB GB[FS JTTP WBNPT QSFDJTBS EF BNCBT
BT UBCFMBT DSJBEBT XVHU F XVHUBUROHV
F DPSSFMBDJPOÈMBT
VUJMJ[BOEP P DBNQP LG EB UBCFMB XVHU F XVHUBLG EB UBCFMB
XVHUBUROHV  &TUB RVFSZ UBNCÏN SFDFCF DPNP QBSÉNFUSP P
XVHUQDPH 

$PN UVEP JTTP WBNPT VUJMJ[BS B RVFSZ BTTJN


VHOHFW XXVHUQDPH UUROHV IURP XVHUBUROHV U XVHU X ZKHUH UXVHU
BLG XLG DQG XXVHUQDPH "

$PN BT RVFSJFT KÈ DSJBEBT WBNPT NPEJGJDBS B DMBTTF


6HFXULW\&RQILJ QBSB RVF FMB QPTTB SFBMJ[BS B DBSHB EPT VTVÈSJPT
B QBSUJS EP CBODP 1BSB JTTP FN QSJNFJSP MVHBS WBNPT JOKFUBS VN
GDWDVRXUFH OB DMBTTF 6HFXULW\&RQILJ  &TUF GDWDVRXUFH Ï
VNB BCTUSBÎÍP QBSB SFQSFTFOUBS VNB GPOUF EF EBEPT PV TFKB VN
CBODP EF EBEPT

 &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26 


LPSRUW MDYD[VTO'DWD6RXUFH
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG

5HVWDQWH GR F³GLJR RPLWLGR

SXEOLF FODVV 6HFXULW\&RQILJ H[WHQGV :HE6HFXULW\&RQILJXUHU$GDSWHU


^

#$XWRZLUHG
'DWD6RXUFH GDWD6RXUFH

5HVWDQWH GR F³GLJR RPLWLGR

7BNPT UBNCÏN DPNFÎBS B DVJEBS EF VN BTQFDUP NVJUP


JNQPSUBOUF EB TFHVSBOÎB EB OPTTB BQMJDBÎÍP P BSNB[FOBNFOUP EF
TFOIBT 1BSB UPEB BQMJDBÎÍP RVF BSNB[FOB TFOIBT EF RVBMRVFS UJQP
VNB SFHSB NVJUP JNQPSUBOUF Ï BSNB[FOÈMBT EF GPSNB RVF DBTP P
CBODP EF EBEPT TFKB DPNQSPNFUJEP OÍP TFKB QPTTÓWFM PV TFKB
NVJUP EJGÓDJM
SFWFSUFS P RVF FTUÈ BSNB[FOBEP EF WPMUB QBSB BT
TFOIBT WFSEBEFJSBT $PNP WJB EF SFHSB BSNB[FOBNPT KDVKHV EBT
TFOIBT FN WF[ EB TFOIB PSJHJOBM 6N KDVK Ï VN DØEJHP HFSBEP B
QBSUJS EB TFOIB PSJHJOBM EF GPSNB RVF VNB NFTNB TFOIB HFSF VNB
TBÓEB QSFWJTÓWFM NBT RVF P QSPDFTTP TFKB JSSFWFSTÓWFM 1BSB
EFUFSNJOBS TF VNB TFOIB Ï FRVJWBMFOUF BP KDVK EFMB P TJTUFNB
UJSB P KDVK EB TFOIB GPSOFDJEB QFMP DMJFOUF F WFSJGJDB TF Ï
FRVJWBMFOUF BP KDVK BSNB[FOBEP 4F GPS JHVBM P QSPDFTTP EF
BVUFOUJDBÎÍP Ï GFJUP DPN TVDFTTP

  &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26


4& 0 )"4) 4&.13& (&3" " .&4." 4"¶%" /°0 #"45" 5&3 6.
%*$*0/«3*0 %& 4"¶%"4 1"3" 3&7&35&3 0 130$&440

² WÈMJEP QFOTBS RVF TF PT VTVÈSJPT RVBTF TFNQSF VTBSFN B


TFOIB  QPS FYFNQMP UFSFNPT BSNB[FOBEP OP CBODP
EF EBEPT WÈSJPT KDVKHV JHVBJT F EFTUB GPSNB TBCFS RVF B
TFOIB EP VTVÈSJP Ï  NFTNP FOYFSHBOEP BQFOBT P
KDVK  $PN CBTF OJTTP GPJ DSJBEP P DPODFJUP EF VDOW RVF Ï
VN EBEP DPOIFDJEP QFMP HFSBEPS EF KDVKHV F RVF Ï BOFYBEP
OB TFOIB RVF WBJ QBTTBS QFMP QSPDFTTP %FTUB GPSNB P VDOW
GB[ DPN RVF P KDVK EB NFTNB TFOIB TFKB EJGFSFOUF QBSB
EJGFSFOUFT VTVÈSJPT P RVF EJGJDVMUB CBTUBOUF P QSPDFTTP EF
BEJWJOIBS RVBM B TFOIB EF VN EFUFSNJOBEP VTVÈSJP

0 TJTUFNB VUJMJ[BEP QFMP 4QSJOH 4FDVSJUZ QPS QBESÍP RVF


WBNPT WFS B TFHVJS
VUJMJ[B P VDOW OBUJWBNFOUF EF GPSNB
RVF OÍP WBNPT QSFDJTBS OPT QSFPDVQBS DPN FTTF BTQFDUP EB
TFHVSBOÎB

1BSB VUJMJ[BS FTUF TJTUFNB P 4QSJOH 4FDVSJUZ OPT GPSOFDF VNB


JOUFSGBDF RVF Ï B 3DVVZRUG(QFRGHU  #BTUB UFSNPT VNB
JNQMFNFOUBÎÍP EFTUB JOUFSGBDF EJTQPOÓWFM OP DPOUFYUP EP 4QSJOH
RVF FMF KÈ B VTB BVUPNBUJDBNFOUF FN EJWFSTPT DPOUFYUPT NBT OÍP
FN UPEPT "TTJN WBNPT DSJBS VN NÏUPEP RVF JOTFSF B
JNQMFNFOUBÎÍP %&U\SW3DVVZRUG(QFRGHU OP DPOUFYUP EP 4QSJOH
 P RVF Ï GFJUP DSJBOEPTF VN NÏUPEP QÞCMJDP OB DMBTTF
6HFXULW\&RQILJ BOPUBEP DPN #%HDQ 

LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FU\SWREFU\SW%&U\SW3DVVZRUG(
QFRGHU

 &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26 


LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FU\SWRSDVVZRUG3DVVZRUG(QFRG
HU
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ%HDQ

SXEOLF FODVV 6HFXULW\&RQILJ H[WHQGV :HE6HFXULW\&RQILJXUHU$GDSWHU


^

#%HDQ
SXEOLF 3DVVZRUG(QFRGHU SDVVZRUG(QFRGHU ^
UHWXUQ QHZ %&U\SW3DVVZRUG(QFRGHU 
`
`

'JOBMNFOUF FTUBNPT QSPOUPT QBSB SFDPOGJHVSBS P TJTUFNB EF


BVUFOUJDBÎÍP 1BSB JTTP WBNPT EFJYBS DPNFOUBEP P TJTUFNB RVF
UÓOIBNPT DSJBEP BOUFSJPSNFOUF DPN PT VTVÈSJPT FN NFNØSJB
#2YHUULGH
SXEOLF YRLG FRQILJXUH $XWKHQWLFDWLRQ0DQDJHU%XLOGHU DXWK
WKURZV ([FHSWLRQ ^


6WULQJ SDVVZRUG ^QRRS`SDVVZRUG

8VHU8VHU%XLOGHU GULYHU 8VHUEXLOGHU


XVHUQDPH GULYHU
SDVVZRUG SDVVZRUG
UROHV '5,9(5 

8VHU8VHU%XLOGHU SDVVHQJHU 8VHUEXLOGHU


XVHUQDPH SDVVHQJHU
SDVVZRUG SDVVZRUG
UROHV 3$66(1*(5 

8VHU8VHU%XLOGHU DGPLQ 8VHUEXLOGHU


XVHUQDPH DGPLQ
SDVVZRUG SDVVZRUG
UROHV $'0,1 

DXWKLQ0HPRU\$XWKHQWLFDWLRQ
ZLWK8VHU GULYHU

  &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26


ZLWK8VHU SDVVHQJHU
ZLWK8VHU DGPLQ


`

7BNPT DPMPDBS BT RVFSJFT RVF UÓOIBNPT DSJBEP BOUFSJPSNFOUF


FN 4USJOHT
6WULQJ TXHU\8VHUV VHOHFW XVHUQDPH SDVVZRUG HQDEOHG IURP XVHU
ZKHUH XVHUQDPH "
6WULQJ TXHU\5ROHV VHOHFW XXVHUQDPH UUROHV IURP XVHUBUROHV U
 XVHU X ZKHUH UXVHUBLG XLG DQG XXVHUQDPH "

& BHPSB WBNPT NPEJGJDBS P PCKFUP DXWK QBSB JS CVTDBS PT


EBEPT OP CBODP EF EBEPT VUJMJ[BOEP P NÏUPEP
MGEF$XWKHQWLFDWLRQ  1BSB RVF FMF TBJCB FN RVBM CBODP EF EBEPT
CVTDBS BT JOGPSNBÎÜFT WBNPT JOKFUBS B JOTUÉODJB EP GDWDVRXUFH
VUJMJ[BOEP P NÏUPEP GDWD6RXUFH 
DXWKMGEF$XWKHQWLFDWLRQ GDWD6RXUFH GDWD6RXUFH 

7BNPT GPSOFDFS VNB JOTUÉODJB EP 3DVVZRUG(QFRGHU QBSB


RVF OÍP IBKB QSPCMFNBT DPN B BVUFOUJDBÎÍP
DXWKMGEF$XWKHQWLFDWLRQ
GDWD6RXUFH GDWD6RXUFH
SDVVZRUG(QFRGHU SDVVZRUG(QFRGHU 

1PS ÞMUJNP WBNPT GPSOFDFS BT RVFSJFT QBSB SFDVQFSBS PT


VTVÈSJPT F PT QBQÏJT BUSBWÏT EPT NÏUPEPT
XVHUV%\8VHUQDPH4XHU\ F DXWKRULWLHV%\8VHUQDPH4XHU\
SFTQFDUJWBNFOUF
DXWKMGEF$XWKHQWLFDWLRQ
GDWD6RXUFH GDWD6RXUFH
SDVVZRUG(QFRGHU SDVVZRUG(QFRGHU
XVHUV%\8VHUQDPH4XHU\ TXHU\8VHUV
DXWKRULWLHV%\8VHUQDPH4XHU\ TXHU\5ROHV 

 &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26 


1BSB DPOGFSÐODJB B DMBTTF DPNQMFUB GJDPV BTTJN
SDFNDJH DSSFDUFDSFRQILJ

LPSRUW MDYD[VTO'DWD6RXUFH
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ%HDQ
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ&RQILJXUDWLRQ
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQDXWKHQWLFDW
LRQEXLOGHUV$XWKHQWLFDWLRQ0DQDJHU%XLOGHU
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQPHWKRGFRQI
LJXUDWLRQ(QDEOH*OREDO0HWKRG6HFXULW\
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEEXLOGHU
V+WWS6HFXULW\
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEFRQILJX
UDWLRQ(QDEOH:HE6HFXULW\
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJDQQRWDWLRQZHEFRQILJX
UDWLRQ:HE6HFXULW\&RQILJXUHU$GDSWHU
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FRQILJKWWS6HVVLRQ&UHDWLRQ3R
OLF\
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FU\SWREFU\SW%&U\SW3DVVZRUG(
QFRGHU
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FU\SWRSDVVZRUG3DVVZRUG(QFRG
HU

#&RQILJXUDWLRQ
#(QDEOH:HE6HFXULW\
#(QDEOH*OREDO0HWKRG6HFXULW\ MVU(QDEOHG WUXH
SXEOLF FODVV 6HFXULW\&RQILJ H[WHQGV :HE6HFXULW\&RQILJXUHU$GDSWHU
^

#$XWRZLUHG
'DWD6RXUFH GDWD6RXUFH

#2YHUULGH
SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^
KWWSFVUI GLVDEOH 

KWWSVHVVLRQ0DQDJHPHQW
VHVVLRQ&UHDWLRQ3ROLF\ 6HVVLRQ&UHDWLRQ3ROLF\67$7(/(66 

KWWS
DXWKRUL]H5HTXHVWV
DQ\5HTXHVW

  &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26


DXWKHQWLFDWHG
DQG
KWWS%DVLF 

#2YHUULGH
SXEOLF YRLG FRQILJXUH $XWKHQWLFDWLRQ0DQDJHU%XLOGHU DXWK
WKURZV ([FHSWLRQ ^


6WULQJ SDVVZRUG ^QRRS`SDVVZRUG

8VHU8VHU%XLOGHU GULYHU 8VHUEXLOGHU


XVHUQDPH GULYHU
SDVVZRUG SDVVZRUG
UROHV '5,9(5 

8VHU8VHU%XLOGHU SDVVHQJHU 8VHUEXLOGHU


XVHUQDPH SDVVHQJHU
SDVVZRUG SDVVZRUG
UROHV 3$66(1*(5 

8VHU8VHU%XLOGHU DGPLQ 8VHUEXLOGHU


XVHUQDPH DGPLQ
SDVVZRUG SDVVZRUG
UROHV $'0,1 

DXWKLQ0HPRU\$XWKHQWLFDWLRQ
ZLWK8VHU GULYHU
ZLWK8VHU SDVVHQJHU
ZLWK8VHU DGPLQ



6WULQJ TXHU\8VHUV VHOHFW XVHUQDPH SDVVZRUG HQDEOHG IUR


P XVHU ZKHUH XVHUQDPH "
6WULQJ TXHU\5ROHV VHOHFW XXVHUQDPH UUROHV IURP XVHUBU
ROHV U XVHU X ZKHUH UXVHUBLG XLG DQG XXVHUQDPH "

DXWKMGEF$XWKHQWLFDWLRQ
GDWD6RXUFH GDWD6RXUFH

 &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26 


SDVVZRUG(QFRGHU SDVVZRUG(QFRGHU
XVHUV%\8VHUQDPH4XHU\ TXHU\8VHUV
DXWKRULWLHV%\8VHUQDPH4XHU\ TXHU\5ROHV 
`

#%HDQ
SXEOLF 3DVVZRUG(QFRGHU SDVVZRUG(QFRGHU ^
UHWXUQ QHZ %&U\SW3DVVZRUG(QFRGHU 
`
`

1BSB UFTUBS WBNPT DSJBS VN NPEP EF TBMWBS OPTTP VTVÈSJP OP


CBODP EF EBEPT F OPT BVUFOUJDBS DPN FMF 1BSB JTTP QSJNFJSP
WBNPT DSJBS VN SFQPTJUØSJP EF VTVÈSJPT EB NFTNB GPSNB DPNP
DSJBNPT PT EBT PVUSBT FOUJEBEFT EP TJTUFNB
SDFNDJH DSSFDUFDSGRPDLQ

LPSRUW RUJVSULQJIUDPHZRUNGDWDMSDUHSRVLWRU\-SD5HSRVLWRU\

SXEOLF LQWHUIDFH 8VHU5HSRVLWRU\ H[WHQGV -SD5HSRVLWRU\8VHU /RQJ!


^
`

"HPSB WBNPT DSJBS VNB OPWB DPOGJHVSBÎÍP QBSB RVF OPTTB


BQMJDBÎÍP QPTTB SFDVQFSBS PT PCKFUPT BEFRVBEPT F SFBMJ[BS B
QFSTJTUÐODJB EF VN 8VHU OP CBODP EF EBEPT 7BNPT DSJBS VNB
OPWB DMBTTF DIBNBEB /RDG8VHU&RQILJ F BOPUÈMB DPN
#&RQILJXUDWLRQ 

SDFNDJH DSSFDUFDSFRQILJ

LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ&RQILJXUDWLRQ

#&RQILJXUDWLRQ
SXEOLF FODVV /RDG8VHU&RQILJ ^

" TFHVJS WBNPT JOKFUBS UBOUP P 3DVVZRUG(QFRGHU RVBOUP P

  &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26


8VHU5HSRVLWRU\ BUSBWÏT EB BOPUBÎÍP #$XWRZLUHG 
LPSRUW DSSFDUFDSGRPDLQ8VHU5HSRVLWRU\
LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNVHFXULW\FU\SWRSDVVZRUG3DVVZRUG(QFRG
HU

 5HVWDQWH GRV LPSRUWV RPLWLGRV

#&RQILJXUDWLRQ
SXEOLF FODVV /RDG8VHU&RQILJ ^

#$XWRZLUHG
3DVVZRUG(QFRGHU SDVVZRUG(QFRGHU

#$XWRZLUHG
8VHU5HSRVLWRU\ XVHU5HSRVLWRU\
`

7BNPT BHPSB DSJBS VN NÏUPEP RVF TFSÈ SFTQPOTÈWFM QPS


FYFDVUBS B DSJBÎÍP EP VTVÈSJP 1PEFNPT TJOBMJ[BS QBSB P 4QSJOH RVF
FTTF NÏUPEP EFWFSÈ TFS JOWPDBEP BQØT B JOKFÎÍP EPT DBNQPT
VUJMJ[BOEP B BOPUBÎÍP #3RVW&RQVWUXFW 
LPSRUW MDYD[DQQRWDWLRQ3RVW&RQVWUXFW

SXEOLF FODVV /RDG8VHU&RQILJ ^

#3RVW&RQVWUXFW
SXEOLF YRLG LQLW ^
`
`

'JOBMNFOUF WBNPT DPEJGJDBS P NÏUPEP LQLW QBSB RVF VN


VTVÈSJP TFKB JOTFSJEP OP SFQPTJUØSJP F QPTTBNPT GB[FS OPTTPT UFTUFT
1BSB NBOUFS VN DPOUFYUP BEFRVBEP DPN P RVF FTUÈWBNPT
USBCBMIBOEP BOUFT FTUF VTVÈSJP WBJ TFS P DGPLQ DPN B TFOIB
SDVVZRUG VN ÞOJDP QBQFM 52/(B$'0,1 F PCWJBNFOUF
IBCJMJUBEP " TFOIB WBJ QSFDJTBS FTUBS DPEJGJDBEB DPOGPSNF

 &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26 


FYQMBOBEP BOUFSJPSNFOUF "TTJN WBNPT VUJMJ[BS P NÏUPEP
HQFRGH BOUFT EF QBTTBS B TFOIB QBSB P VTVÈSJP " DSJBÎÍP UPEB GJDB
EFTUB GPSNB
LPSRUW MDYDXWLO$UUD\V

#3RVW&RQVWUXFW
SXEOLF YRLG LQLW ^
8VHU DGPLQ QHZ 8VHU 
DGPLQVHW3DVVZRUG SDVVZRUG(QFRGHUHQFRGH SDVVZRUG 
DGPLQVHW5ROHV $UUD\VDV/LVW 52/(B$'0,1 
DGPLQVHW8VHUQDPH DGPLQ 
DGPLQVHW(QDEOHG WUXH 

XVHU5HSRVLWRU\VDYH DGPLQ 
`
`

%FTUB GPSNB BTTJN RVF JOJDJBSNPT P TJTUFNB WBNPT UFS VN


VTVÈSJP DGPLQ DSJBEP OP CBODP EF EBEPT

7BNPT UFTUBS OPWBNFOUF VTBOEP P 1PTUNBO #BTUB EFJYBS P


VTVÈSJP DSJBEP DPNP DGPLQ F B TFOIB DPNP SDVVZRUG F SFBMJ[BS
B SFRVJTJÎÍP QBSB DSJBÎÍP EP QBTTBHFJSP

  &$55(*$1'2 26 868È5,26 3(/2 %$1&2 '( '$'26


'JHVSB  1BTTBHFJSP DSJBEP DPN P VTVÈSJP BENJO

 "56"-*;"±°0 %04 5&45&4


*/5&(3"%04
$PNP BUVBMJ[BNPT P OPTTP TJTUFNB QBSB VUJMJ[BS )5514 F
BVUFOUJDBÎÍP PT UFTUFT DPN P 3&45 "TTVSFE QSFDJTBN SFGMFUJS FTTBT
OPWBT DPOGJHVSBÎÜFT 1SJNFJSP WBNPT BMUFSBS PT UFTUFT QBSB RVF P
3&45 "TTVSFE VUJMJ[F )5514 FN WF[ EP QBESÍP )551 *TTP QPEF
TFS GFJUP VUJMJ[BOEP P BUSJCVUP FTUÈUJDP EDVH85, EB DMBTTF RVF

 $78$/,=$d­2 '26 7(67(6 ,17(*5$'26 


EFGJOF QBSB P 3&45 "TTVSFE RVBM TFSÈ B 63* CBTF EF UPEBT BT
SFRVFTUT FGFUVBEBT QPS FMF 4F FTTF BUSJCVUP GPS DPOGJHVSBEP QBSB
VN FOEFSFÎP DPN )5514 FMF TFNQSF VUJMJ[BSÈ )5514 OBT
SFRVFTUT GFJUBT

5PNBOEP DPNP CBTF B DMBTTF 3DVVHQJHU$3,7HVW,7 WBNPT


NPEJGJDBS P NÏUPEP VHWXS QBSB RVF VUJMJ[F FTTF BUSJCVUP
0CTFSWF RVF VNB WF[ RVF P VUJMJ[BNPT UFNPT RVF FTQFDJGJDBS B
QPSUB VUJMJ[BEB  EFTUB GPSNB EJTQFOTBOEP P VTP EP BUSJCVUP SRUW
VTBEP BOUFSJPSNFOUF
#%HIRUH(DFK
SXEOLF YRLG VHWXS ^
5HVW$VVXUHGEDVH85, KWWSVORFDOKRVW  SRUW
`

"P FYFDVUBS P DØEJHP QPEFNPT OPT EFQBSBS DPN VNB


NFOTBHFN TFNFMIBOUF Ë TFHVJOUF
MDYD[QHWVVO66/+DQGVKDNH([FHSWLRQ 3.,; SDWK
EXLOGLQJ IDLOHG
VXQVHFXULW\SURYLGHUFHUWSDWK6XQ&HUW3DWK%XLOGHU([FHSW
LRQ XQDEOH WR ILQG YDOLG FHUWLILFDWLRQ SDWK WR
UHTXHVWHG WDUJHW  *TTP BDPOUFDF QPS DBVTB EP DFSUJGJDBEP RVF Ï
BVUPBTTJOBEP TFNFMIBOUF BP QSPCMFNB RVF PDPSSJB DPN P
1PTUNBO
 1BSB DPOUPSOBS FTUF QSPCMFNB VUJMJ[BNPT P NÏUPEP
XVH5HOD[HG+77369DOLGDWLRQ EP 3&45 "TTVSFE

#%HIRUH(DFK
SXEOLF YRLG VHWXS ^
5HVW$VVXUHGEDVH85, KWWSVORFDOKRVW  SRUW
5HVW$VVXUHGXVH5HOD[HG+77369DOLGDWLRQ 
`

2VBOEP FYFDVUBNPT OPWBNFOUF P UFTUF UFNPT P TFHVJOUF FSSP


MDYDODQJ$VVHUWLRQ(UURU  H[SHFWDWLRQ IDLOHG

  $78$/,=$d­2 '26 7(67(6 ,17(*5$'26


([SHFWHG VWDWXV FRGH ! EXW ZDV !

$PNP WJNPT BOUFSJPSNFOUF FTTF DØEJHP EF TUBUVT JOEJDB RVF


OÍP FTUBNPT VUJMJ[BOEP BVUPSJ[BÎÍP 1PEFNPT QBTTBS B VUJMJ[ÈMB
BUSBWÏT EP BUSJCVUP FTUÈUJDP DXWKHQWLFDWLRQ EP 3&45 "TTVSFE
1BSB JOEJDBS RVF Ï VN TJTUFNB EF BVUFOUJDBÎÍP #BTJD WBNPT
VUJMJ[BS P NÏUPEP FTUÈUJDP EDVLF QBSB JOGPSNBS BT DSFEFODJBJT
EP OPTTP VTVÈSJP DGPLQ 
LPSRUW VWDWLF LRUHVWDVVXUHG5HVW$VVXUHGEDVLF

#%HIRUH(DFK
SXEOLF YRLG VHWXS ^
5HVW$VVXUHGEDVH85, KWWSVORFDOKRVW  SRUW
5HVW$VVXUHGXVH5HOD[HG+77369DOLGDWLRQ 
5HVW$VVXUHGDXWKHQWLFDWLRQ EDVLF DGPLQ SDVVZRUG 
`

"HPSB PT UFTUFT WÍP QBTTBS 7BNPT SFQMJDBS B NFTNB BMUFSBÎÍP


QBSB B DMBTTF 7UDYHO5HTXHVW$3,7HVW,7 QBSB RVF PT UFTUFT
QBTTFN

"-&35" %& #0"4 13«5*$"4

$BTP WPDÐ UFOIB NVJUPT UFTUFT QPEF TFS JOUFSFTTBOUF VUJMJ[BS


VNB FTUSBUÏHJB EF TFQBSBS FTTBT DPOGJHVSBÎÜFT FN VNB DMBTTF Ë
QBSUF F BQFOBT JOWPDBS B DIBNBEB OP UFTUF /P DBTP EPT
FYFNQMPT EFTUF MJWSP OÍP DPOTJEFSFJ QSPWFJUPTP GB[FS JTTP QPS
TFSFN BQFOBT EPJT /P FOUBOUP TF WPDÐ UJWFS DVSJPTJEBEF B
SFTQFJUP EB NFMIPS GPSNB EF DPNP GB[FS JTTP OÍP TF FTRVFÎB
EF DPOGFSJS P SFQPTJUØSJP PGJDJBM EF DØEJHPT EFTUF MJWSP FN
IUUQTHJUIVCDPNBMFTBVEBUFSFTUW

 $78$/,=$d­2 '26 7(67(6 ,17(*5$'26 


$PODMVTÍP
"UÏ BRVJ WJNPT BMHVOT EPT DPODFJUPT NBJT CÈTJDPT EF TFHVSBOÎB
EF "1*T $POIFDFNPT P NFDBOJTNP EF GVODJPOBNFOUP EF
DFSUJGJDBEPT )5514 F BVUFOUJDBÎÍP CÈTJDB QBSB VTVÈSJPT EFOUSP EP
TJTUFNB %P QPOUP EF WJTUB EF TFSWJÎPT QPEFTF EJ[FS RVF PT OPTTPT
FTUÍP DPODMVÓEPT

.BT DSJBS F EJTQPOJCJMJ[BS "1*T TÍP NBJT EP RVF JTTP 5SBUBTF


EF DSJBS TFSWJÎPT RVF BQSFTFOUBN CPB EPDVNFOUBÎÍP F EF DFSUB
GPSNB DIBNBN OPWPT VTVÈSJPT UBNBOIB Ï B VTBCJMJEBEF EPT
TFSWJÎPT

/B QSØYJNB QBSUF WBNPT DPOIFDFS UÏDOJDBT QBSB FYQBOEJS B


VTBCJMJEBEF EPT TFSWJÎPT RVF JNQMFNFOUBNPT DSJBOEP FTTF DPOWJUF
QBSB TFVT VTVÈSJPT

  $78$/,=$d­2 '26 7(67(6 ,17(*5$'26


"1*T
&$3Ë78/2 

"1*4

5PEPT PT IPNFOT UÐN QPS OBUVSF[B EFTFKP EF DPOIFDFS 


"SJTUØUFMFT

" QBSUJS EFTUF DBQÓUVMP RVFSP DPOWJEBS WPDÐ B WJTMVNCSBS VN


OPWP QBTTP OB FWPMVÎÍP EPT OPTTPT TFSWJÎPT /FTUF QBTTP WBNPT
BQSFOEFS B DPOWFSUFS PT TFSWJÎPT RVF FTUBNPT DPOTUSVJOEP FN
3&45 QBSB BMHP RVF TFKB WFSEBEFJSBNFOUF GÈDJM EF TF VUJMJ[BS F RVF
QPTTB SFBMNFOUF JOTUJHBS PT VTVÈSJPT B RVFSFSFN VUJMJ[BS BT "1*T

7BNPT EJTTFDBS P BTTVOUP B QBSUJS EB EFGJOJÎÍP EP RVF Ï VNB


"1* &TUB Ï B TJHMB QBSB "QQMJDBUJPO 1SPHSBNNJOH *OUFSGBDF PV
*OUFSGBDF EF QSPHSBNBÎÍP EF BQMJDBÎÜFT 5SBUBTF EF VNB GPSNB EF
DPNVOJDBÎÍP DPN P TPGUXBSF RVF QSPDVSB BCTUSBJS UPUBMNFOUF PT
EFUBMIFT EB JNQMFNFOUBÎÍP TVCKBDFOUF  PV BP NFOPT UBOUP RVBOUP
GPS QPTTÓWFM

1BSB FOUFOEFS NFMIPS FTTF DPODFJUP WBNPT EFUBMIBS P RVF Ï


VNB JOUFSGBDF *OUVJUJWBNFOUF WPDÐ DPOIFDF JOUFSGBDFT QPJT WPDÐ KÈ
UFWF RVF MJEBS DPN BMHVNBT EFMBT 2VBOEP WPDÐ MJHPV TFV
DPNQVUBEPS FN BMHVN NPNFOUP WPDÐ WJV B JOUFSGBDF HSÈGJDB EP
TFV 4JTUFNB 0QFSBDJPOBM TFKB 8JOEPXT -JOVY .BD PV RVBMRVFS
PVUSP
 3FQBSF OP UFSNP JOUFSGBDF HSÈGJDB *TTP TJHOJGJDB RVF P TFV
4JTUFNB 0QFSBDJPOBM PGFSFDF VNB BCTUSBÎÍP EF OBUVSF[B HSÈGJDB

  $3,6
QBSB RVF WPDÐ OÍP UFOIB RVF MJEBS DPN EFUBMIFT JOFSFOUFT Ë
JNQMFNFOUBÎÍP &N PVUSBT QBMBWSBT P DPNQVUBEPS PGFSFDF
GBDJMJEBEFT RVF FTUÍP EJTQPOÓWFJT HSBGJDBNFOUF QBSB RVF WPDÐ OÍP
UFOIB RVF BDFTTBS B JNQMFNFOUBÎÍP JOUFSOB EP 4JTUFNB F NFYFS
EJSFUBNFOUF OP DØEJHP JOUFSOP EFMF

"MÏN EFTTF FYFNQMP WBMF PCTFSWBS VN RVF FTUÈ NBJT QSØYJNP


EB SFBMJEBEF EPT QSPHSBNBEPSFT +BWB JTUP Ï BT QSØQSJBT JOUFSGBDFT
RVF B MJOHVBHFN EJTQPOJCJMJ[B QBSB OØT 2VBOEP EFDMBSBNPT VNB
JOUFSGBDF FN +BWB FMB OÍP UFN JNQMFNFOUBÎÍP BMHVNB QFMP
NFOPT BUÏ P +BWB  OÍP UJOIB
 *TTP GPSÎBWB P QSPHSBNBEPS B
FYFSDFS VNB UÏDOJDB DIBNBEB EFTFOWPMWJNFOUP PSJFOUBEP B
JOUFSGBDF PV TFKB EFDMBSBS NÏUPEPT QFOTBOEP OB VTBCJMJEBEF FN
QSJNFJSP MVHBS F BCTUSBJOEP P NÈYJNP QPTTÓWFM RVBJTRVFS EFUBMIFT
TPCSF B JNQMFNFOUBÎÍP EFTTFT NÏUPEPT

&OUFOEFNPT RVF VNB "1* Ï VNB JOUFSGBDF QBSB P


QSPHSBNBEPS F VNB JOUFSGBDF Ï VNB GPSNB EF TF JOUFSBHJS DPN P
TJTUFNB TFN DPOIFDFS TFV GVODJPOBNFOUP JOUFSOP .BT RVBM B
JNQPSUÉODJB EFTTBT "1*T

&N QSJNFJSP MVHBS UFNPT RVF FOUFOEFS RVF P QSPQØTJUP EF


VNB "1* Ï UPSOBS P VTP EP TJTUFNB GÈDJM F DPOWFOJFOUF QBSB RVF
QSPHSBNBEPSFT OÍP GBNJMJBSJ[BEPT DPN FMF QPTTBN DSJBS DØEJHP
QPS NFJP EFMF SBQJEBNFOUF &TUB UFN TJEP B CBTF EF NVJUPT
TJTUFNBT RVF DPOIFDFNPT IPKF F SFBMNFOUF Ï CFN EJGÓDJM
FTUBCFMFDFS VN SPBENBQ EF TVDFTTP EF VN OPWP TJTUFNB OB
JOUFSOFU TFN VNB "1* EJTQPOÓWFM 2VBOEP OØT UFNPT VNB "1*
QBSB P QÞCMJDP VUJMJ[BS FYQBOEJNPT P QÞCMJDPBMWP EP OPTTP
TJTUFNB F FTUF QBTTB B DPOUFNQMBS UBNCÏN EFTFOWPMWFEPSFT RVF
RVFJSBN JOUFHSBS TVBT GVODJPOBMJEBEFT FN TFVT QSØQSJPT TJTUFNBT

 $3,6 
6N HSBOEF FYFNQMP EFTTF DFOÈSJP TÍP BT SFEFT TPDJBJT DPNP P
'BDFCPPL 6NB WF[ RVF P 'BDFCPPL PGFSFDF BMHVNBT EF TVBT
GVODJPOBMJEBEFT FYQPTUBT QPS "1*T FMF NFTNP FYQBOEF TFV
QÞCMJDPBMWP QBSB EFTFOWPMWFEPSFT RVF RVFJSBN DPOTUSVJS
GVODJPOBMJEBEFT VUJMJ[BOEP P 'BDFCPPL 6N EFTFOWPMWFEPS QPEF
PGFSFDFS FN TFV TJUF MPHJO WJB 'BDFCPPL PV QPEF DPOTUSVJS VN
DIBUCPU QBSB P QSØQSJP 'BDFCPPL PV QPEF BJOEB EFUFDUBS BMHVNBT
EBT QSFGFSÐODJBT EP VTVÈSJP &OGJN FYJTUFN WÈSJBT QPTTJCJMJEBEFT B
TFSFN DPOTUSVÓEBT B QBSUJS EP VTP EF "1*T  F JTTP OÍP EJNJOVJ B
QPQVMBSJEBEF EP QSØQSJP 'BDFCPPL NBT BVNFOUB *TTP QPSRVF
NBJT F NBJT TJTUFNBT QBTTBN B TFS OB WFSEBEF EFQFOEFOUFT EP
'BDFCPPL QBSB RVF FTUBT GVODJPOBMJEBEFT QFSNBOFÎBN OP BS

1BSB TF JNQMFNFOUBS VNB CPB "1* Ï GVOEBNFOUBM


DPNQSFFOEFS RVF Ï OFDFTTÈSJP RVF FTUB "1* TFKB UÍP QSØYJNB
RVBOUP QPTTÓWFM EF TFS BVUPFYQMJDBUJWB F UBNCÏN UFS VNB CPB
EPDVNFOUBÎÍP *TTP TJHOJGJDB TFHVJS BMHVNBT SFHSBT UBJT DPNP

5FS 63-T TJHOJGJDBUJWBT


6UJMJ[BS PT DØEJHPT )551 DPSSFUPT
&N DBTP EF FSSPT Ï JNQPSUBOUF GPSOFDFS NFOTBHFOT EF FSSP
EFUBMIBOEP PT FSSPT
$BTP TFKB VNB "1* QÞCMJDB GB[FS DPN RVF FTUB TFKB
SFUSPDPNQBUÓWFM
5FS VNB CPB EPDVNFOUBÎÍP

 $0.0 $3*"3 63-4 4*(/*'*$"5*7"4


$PNP WJNPT BUÏ BRVJ DBEB 63- RVF DSJBNPT FTUBWB
SFMBDJPOBEB B DPODFJUPT TJNQMFT UBJT DPNP GULYHUV QBSB
NPUPSJTUBT SDVVHQJHUV QBSB QBTTBHFJSPT F BTTJN QPS EJBOUF

  &202 &5,$5 85/6 6,*1,),&$7,9$6


.BT P RVF GB[FS FN DBTP EF DPODFJUPT BQBSFOUFNFOUF SFMBDJPOBEPT
UBJT DPNP BT WJBHFOT KÈ SFMBDJPOBEBT QPS VN EFUFSNJOBEP
NPUPSJTUB PV QBTTBHFJSP

(FSBMNFOUF OFTTFT DBTPT RVFN EFTFOWPMWF DPTUVNB SFDPSSFS Ë


IJFSBSRVJ[BÎÍP EF 63-T 1PS FYFNQMP QBSB MJTUBS BT WJBHFOT KÈ
QFSDPSSJEBT QPS VN EFUFSNJOBEP NPUPSJTUB EJHBNPT JEFOUJGJDBEP
QPS 
DSJBTF VNB 63- GULYHUVWUDYHOV  "QFTBS EF FTTF
EFTFOWPMWJNFOUP QBSFDFS JOPGFOTJWP Ë QSJNFJSB WJTUB FTUB JEFJB
QPEF MFWBS Ë FYQMPTÍP EF OPWBT 63-T QBSB MJEBS DPN FTUFT
DPODFJUPT PV DPSSFMBUPT F FN DBTPT NBJT FYUSFNPT UPSOB NVJUP
EJGÓDJM PV JNQPTTÓWFM B NBOVUFOÎÍP EB "1*

0 DPSSFUP TFSJB USBUBS EF DBEB 63- DPNP B SFQSFTFOUBÎÍP EF


VN DPOKVOUP  OP TFOUJEP NBJT QSØYJNP RVF JTTP QPEF FTUBS EP
DPODFJUP NBUFNÈUJDP

&YQMJDP BP EFTFOWPMWFS B 63- GULYHUV DSJBNPT B


JEFOUJGJDBÎÍP EF VN DPOKVOUP POEF FTUÍP DPOUJEPT EJWFSTPT
NPUPSJTUBT 1PEFNPT TFMFDJPOBS BMHVOT EFMFT EF BDPSEP DPN VN
GJMUSP BQMJDBEP QPS FYFNQMP GULYHUV"ILUVW1DPH $OH[DQGUH

PV QPEFNPT TFMFDJPOBS VN NPUPSJTUB FTQFDÓGJDP EF BDPSEP DPN VN
TVCDPOKVOUP EB 63-  GULYHUV  "P PQUBS QPS FTUB ÞMUJNB OP
FOUBOUP OPUF RVF DSJBNPT VN TVCDPOKVOUP EP DPOKVOUP JOJDJBM F
OÍP BQFOBT GJMUSBNPT &TUF TVCDPOKVOUP FN QBSUJDVMBS DPOUÏN
BQFOBT VN NPUPSJTUB

/FTUB MJOIB EF SBDJPDÓOJP KÈ DPNFÎB B QBSFDFS NBJT EJGÓDJM


FODBJYBS P DPODFJUP EF WJBHFOT "GJOBM EF DPOUBT QSFDJTBNPT UFS B
OPÎÍP EF QFSUFODJNFOUP P NPUPSJTUB  GB[ QBSUF EP DPOKVOUP EF
NPUPSJTUBT QPJT FMF Ï VN NPUPSJTUB +È BT WJBHFOT RVF FMF GF[ OÍP
TÍP NPUPSJTUBT TÍP WJBHFOT 4ÍP DPODFJUPT SFMBDJPOBEPT NBT OÍP

 &202 &5,$5 85/6 6,*1,),&$7,9$6 


UÐN VNB SFMBÎÍP EF QFSUFODJNFOUP

0CTFSWF RVF BRVJ UBNCÏN TF FODBJYBN BMHVOT DPODFJUPT


DMÈTTJDPT EF 0SJFOUBÎÍP B 0CKFUPT BMHVOT SFMBDJPOBNFOUPT QPEFN
TFS EP UJQP 5&.6. QPS FYFNQMP VN DBDIPSSP 5&. 6."
DPMFJSB
F PVUSPT SFMBDJPOBNFOUPT QPEFN TFS EP UJQP ²6. VN
DBDIPSSP ² 6. BOJNBM


" QBSUJS EFTUF DPODFJUP QFSDFCFTF QPS RVF B 63-


GULYHUVWUDYHOV FTUÈ DPODFJUVBMNFOUF FSSBEB 1BSB FTUBS
DPSSFUB TFSJB OFDFTTÈSJP RVF BT WJBHFOT GPTTFN NPUPSJTUBT .BT P
SFMBDJPOBNFOUP FOUSF FMFT Ï EP UJQP 5&.6. F OÍP ²6. %BÓ
FOUSB B OFDFTTJEBEF EF TF VUJMJ[BS )"5&0"4 2VBOEP DPODFJUPT
FTUÍP SFMBDJPOBEPT EFTUB GPSNB GB[ NBJT TFOUJEP

"MÏN EJTTP UBNCÏN WBMF SFTTBMUBS RVF DPNP BT 63-T TÍP VNB
SFQSFTFOUBÎÍP EF DPOKVOUPT OÍP GB[ TFOUJEP BMHVN OPNFÈMBT
VUJMJ[BOEP WFSCPT &N HFSBM VUJMJ[BNPT BQFOBT TVCTUBOUJWPT F FN
BMHVOT DBTPT NBJT DPNQMFYPT BEKFUJWPT DPNP GPJ P DBTP EB "1*
RVF DSJBNPT OP DBQÓUVMP  WUDYHO5HTXHVWVQHDUE\
 0CTFSWF
RVF QPS NBJT RVF MFWFNPT FN DPOTJEFSBÎÍP B OPÎÍP EF DPOKVOUPT
NBUFNÈUJDPT FRVJWBMFOUFT B DBEB TFHNFOUP EF 63- P TFHNFOUP
QHDUE\ Ï VN BEKFUJWP F QPSUBOUP FTUÈ GJMUSBOEP
WUDYHO5HTXHVWV  &N PVUSBT QBMBWSBT P DPOKVOUP SFQSFTFOUBEP
QPS WUDYHO5HTXHVWV DPOUÏN P TVCDPOKVOUP SFQSFTFOUBEP QPS
QHDUE\ 

2VBOEP WPDÐ UJWFS EÞWJEBT EF RVF UJQP EF NFDBOJTNP VUJMJ[BS


QBSB GJMUSBHFOT WJB TFHNFOUP EF 63- PV TXHU\ SDUDPV
QSFGJSB
TXHU\ SDUDPV QPS TFS VN NFDBOJTNP NBJT FYUFOTÓWFM 6UJMJ[F
TFHNFOUPT EF 63- BQFOBT RVBOEP OÍP GJ[FS TFOUJEP RVBMRVFS
FTQÏDJF EF GJMUSBHFN FYUSB EFOUSP EP DPOKVOUP FN RVFTUÍP

  &202 &5,$5 85/6 6,*1,),&$7,9$6


 65*-*;"3 04 $»%*(04 )551 $033&504
$POIFDFNPT BP MPOHP EP MJWSP BMHVOT EPT DØEJHPT )551 NBJT
VTBEPT 7FSFNPT BHPSB VN EFUBMIBNFOUP VN QPVDP NBJPS EFTUFT
DØEJHPT QBSB FOUFOEFS RVBOEP VTBS DBEB VN EFMFT 1SJNFJSP
WBNPT FOUFOEFS BT GBNÓMJBT EPT DØEJHPT )551 QBSB FOUFOEFS B
DMBTTJGJDBÎÍP EFMFT

YY

$ØEJHPT RVF JOJDJBN DPN  TÍP BQFOBT JOGPSNBUJWPT F OÍP


DPTUVNBN TFS EF HSBOEF VUJMJEBEF FN DPOUFYUPT )5513&45

YY

4ÍP PT DØEJHPT EF TVDFTTP 0T NBJT VTBEPT TÍP

 2.  Ï VNB SFTQPTUB HFOÏSJDB EF TVDFTTP F JOEJDB


RVF OP SFTVMUBEP EB SFRVJTJÎÍP EFWF IBWFS VN DPSQP
 &UHDWHG  JOEJDB RVF P SFDVSTP GPJ DSJBEP %FWF
JODMVJS VN DBCFÎBMIP /RFDWLRQ JOEJDBOEP B 63- POEF P
SFDVSTP FTUÈ EJTQPOÓWFM
 $FFHSWHG  TJHOJGJDB RVF B SFRVJTJÎÍP GPJ SFDFCJEB
NBT TFSÈ QSPDFTTBEB EF GPSNB BTTÓODSPOB
 1R &RQWHQW  B SFRVJTJÎÍP GPJ QSPDFTTBEB NBT OÍP IÈ
DPOUFÞEP BMHVN QBSB TFS SFUPSOBEP OP DPSQP

YY

4ÍP DØEJHPT EF SFEJSFDJPOBNFOUP PV TFKB B SFTQPTUB EFQFOEF


EF PVUSBT SFRVJTJÎÜFT &YJTUF VNB HSBOEF GPOUF EF DPOGVTÍP OFTUB
GBNÓMJB RVF GBNÓMJB OÍP UFN DPOGVTÜFT OÍP Ï NFTNP
RVF Ï P
GBUP EF RVF NVJUPT CSPXTFST QPQVMBSFT JNQMFNFOUBSBN BMHVOT

 87,/,=$5 26 &Ï',*26 +773 &255(726 


DØEJHPT DPN P DPNQPSUBNFOUP EF PVUSPT %FWJEP B FTUF GBUP P
DPNQPSUBNFOUP EF BMHVOT DØEJHPT QBTTB B TFS NVJUP TFNFMIBOUF
FOUÍP WPV QSPDVSBS BHSVQBS BRVFMFT RVF UÐN DPNQPSUBNFOUP
TFNFMIBOUF

 0RYHG 3HUPDQHQWO\  JOEJDB RVF P SFDVSTP QSFTFOUF


OFTUB 63- NVEPVTF QFSNBOFOUFNFOUF F OPWBT
SFRVJTJÎÜFT EFWFN TFS GFJUBT QBSB P OPWP FOEFSFÎP
 )RXQG F  6HH 2WKHU  TJHOJGJDB RVF P SFTVMUBEP
EP QSPDFTTBNFOUP SFBMJ[BEP QPS FTUB 63- FTUÈ QSFTFOUF FN
PVUSP FOEFSFÎP *TTP RVFS EJ[FS RVF DBTP P VTVÈSJP UFOIB
GFJUP VNB SFRVJTJÎÍP DPN 1045 PV 165 QPS FYFNQMP P
SFTVMUBEP WBJ FTUBS FN PVUSB 63- F EFWF TFS PCUJEP VTBOEP
(&5
 1RW 0RGLILHG  OÍP Ï EF SFEJSFDJPOBNFOUP ² VTBEP
FN DFOÈSJPT POEF BMHVNB UÏDOJDB EF DBDIF GPJ VTBEB
JOEJDBOEP RVF P SFDVSTP OÍP GPJ NPEJGJDBEP OP TFSWJEPS F
RVF P VTVÈSJP QPEF SFBQSPWFJUBS B NFTNB WFSTÍP RVF FMF
UFN TBMWB MPDBMNFOUF
 7HPSRUDU\ 5HGLUHFW  TFNFMIBOUF BP  F 
WFKB QBSÈHSBGP B TFHVJS QBSB NBJT EFUBMIFT


" DPOGVTÍP RVF FOWPMWF PT DØEJHPT   F  TF EÈ


QPS VNB JNQMFNFOUBÎÍP FSSÙOFB EPT GBCSJDBOUFT EF CSPXTFST F B
FTQFDJGJDBÎÍP &TTB GBMIB EF FOUFOEJNFOUP KÈ GPJ DPSSJHJEB F IPKF P
DØEJHP  OÍP EFWF NBJT TFS VTBEP &N TVCTUJUVJÎÍP VUJMJ[F P
 DBTP P SFEJSFDJPOBNFOUP TFKB QFSNBOFOUF  DBTP P
SFEJSFDJPOBNFOUP TFKB UFNQPSÈSJP F B OPWB SFRVJTJÎÍP QSFDJTF TFS
GFJUB DPN P NÏUPEP *(7  F  DBTP P NFTNP NÏUPEP VUJMJ[BEP
QBSB SFBMJ[BS B SFRVJTJÎÍP OP QSJNFJSP FOEFSFÎP QSFDJTF TFS VTBEP
QBSB SFBMJ[BS B SFRVJTJÎÍP OP OPWP FOEFSFÎP JF TF FV VUJMJ[FJ

  87,/,=$5 26 &Ï',*26 +773 &255(726


1045 QBSB SFBMJ[BS VNB SFRVJTJÎÍP FN WUDYHO5HTXHVWV F FTUB
SFRVJTJÎÍP SFUPSOPV P DØEJHP  FOUÍP FV EFWP SFBMJ[BS VNB
OPWB SFRVJTJÎÍP VUJMJ[BOEP P NÏUPEP 3267 OP FOEFSFÎP
BQPOUBEP


YY

4ÍP DØEJHPT EF FSSPT RVF TF PSJHJOBSBN B QBSUJS EF BMHVNB BÎÍP


UPNBEB QPS QBSUF EP DMJFOUF (FSBMNFOUF QPEFN TFS DPSSJHJEPT TF
P DMJFOUF NVEBS BMHVNB JOGPSNBÎÍP OB SFRVJTJÎÍP *ODMVFN FSSPT
OB GPSNBUBÎÍP EPT EBEPT FOWJBEPT BVUFOUJDBÎÍPBVUPSJ[BÎÍP
DPOGMJUP DPN PT EBEPT KÈ DPOUJEPT OP TFSWJEPS FUD

 %DG 5HTXHVW  Ï VNB SFTQPTUB HFOÏSJDB EF FSSP


DBVTBEP QPS VNB BÎÍP EP DMJFOUF 1PEF TFS VUJMJ[BEB QBSB
JOEJDBS RVF VN UJQP EF EBEP OÍP FTUÈ CFN GPSNBUBEP PV
OÍP Ï BDFJUP QPS FYFNQMP FOWJBS MFUSBT FN VN DBNQP EF
$&1
 8QDXWKRUL]HG  JOEJDB RVF B BVUFOUJDBÎÍP Ï
SFRVFSJEB NBT PT EBEPT OÍP GPSBN FODPOUSBEPT PV
GBMIBSBN JF TFOIB FSSBEB QPS FYFNQMP
 $VSJPTBNFOUF P
UFYUP EF TUBUVT EFTUF DØEJHP TJHOJGJDB /ÍP "VUPSJ[BEP
RVBOEP OB PQJOJÍP EFTUF BVUPS EFWFSJB TFS /ÍP
"VUFOUJDBEP

 )RUELGGHQ  JOEJDB RVF B BVUPSJ[BÎÍP OFDFTTÈSJB OÍP
GPJ DPODFEJEB QBSB BDFTTBS B 63- FN RVFTUÍP /FTTF DBTP B
QSØQSJB FTQFDJGJDBÎÍP BMFSUB RVF DBTP PT EBEPT EF
BVUFOUJDBÎÍP OÍP TFKBN NPEJGJDBEPT P QFEJEP OÍP EFWF TFS
SFFOWJBEP
 1RW )RXQG  Ï VN EPT DØEJHPT EF FSSP NBJT VTBEPT EF
UPEPT *OEJDB RVF P SFDVSTP RVF EFWFSJB FTUBS QSFTFOUF FN

 87,/,=$5 26 &Ï',*26 +773 &255(726 


VNB EFUFSNJOBEB 63- OÍP FTUÈ
 &RQIOLFW  Ï VUJMJ[BEP QBSB DBTPT EF DPOGMJUP FOUSF
SFDVSTPT /BTDFV DPN P QSPQØTJUP EF TFS VUJMJ[BEP POEF
NFDBOJTNPT EF MPDL PUJNJTUB FTUÍP QSFTFOUFT OP FOUBOUP
QPS TJHOJGJDBS RVF FYJTUF BMHP FN DPOGMJUP OP TFSWJEPS UFWF
TFV VTP FYQBOEJEP QBSB PVUSPT DBTPT DPNP RVBOEP P
QSØQSJP DMJFOUF GPSOFDF P *% EP SFDVSTP B TFS DSJBEP QBSB P
TFSWJEPS F P SFGFSJEP *% KÈ FTUÈ FN VTP

YY

4ÍP DØEJHPT EF FSSPT RVF TF PSJHJOBSBN B QBSUJS EF BMHP FSSBEP


RVF BDPOUFDFV OP MBEP EP TFSWJEPS &TUFT FSSPT HFSBMNFOUF OÍP
QPEFN TFS DPSSJHJEPT B QBSUJS EF DPSSFÎÜFT OB SFRVJTJÎÍP F BQFOBT
PT NBOUFOFEPSFT EP TFSWJÎP QPEFN DPSSJHJS BT GBMIBT

 ,QWHUQDO 6HUYHU (UURU  Ï VNB SFTQPTUB HFOÏSJDB


EF FSSP JOUFSOP EP TFSWJEPS 1PS TJ TØ JOEJDB BQFOBT BMHVNB
GBMIB OÍP USBUBEB OP TFSWJEPS (FSBMNFOUF P DØEJHP RVF
FTDSFWFNPT OP 4QSJOH #PPU KÈ USBEV[ B SFTQPTUB QBSB FTTF
DØEJHP BVUPNBUJDBNFOUF DBTP RVBMRVFS FYDFÎÍP TFKB
QSPQBHBEB
 6HUYLFH 8QDYDLODEOH  Ï VNB SFTQPTUB RVF JOEJDB
RVF P TFSWJEPS OÍP FTUÈ EJTQPOÓWFM &TTF FSSP HFSBMNFOUF Ï
EBEP RVBOEP B SFRVJTJÎÍP )551 RVF GJ[FNPT Ï
SFEJSFDJPOBEB JOUFSOBNFOUF QBSB RVF PVUSP TFSWJÎP BUFOEB
Ë SFRVJTJÎÍP F FTUF TFSWJÎP OÍP FTUÈ EJTQPOÓWFM

7BMF MFNCSBS RVF FTTB MJTUB OÍP FTUÈ DPNQMFUB MPOHF EJTTP
QPS
EPJT NPUJWPT QSJODJQBJT P QSJNFJSP Ï RVF OFN UPEPT PT DØEJHPT
EFGJOJEPT QFMB FTQFDJGJDBÎÍP )551 TÍP VUJMJ[ÈWFJT FN 3&45 5FNPT
BUÏ P DBTP EF VN DØEJHP RVF Ï VNB QFHBEJOIB EF QSJNFJSP EF BCSJM

  87,/,=$5 26 &Ï',*26 +773 &255(726


F BDBCPV FOUSBOEP QBSB B MJTUB PGJDJBM EF DØEJHPT EF TUBUVT TF WPDÐ
UJWFS DVSJPTJEBEF Ï P DØEJHP  ,
P D WHDSRW RVF JOEJDB RVF
P TFSWJEPS OÍP QPEF QSFQBSBS DBGÏ QPS TFS VN CVMF EF DIÈ
 0
TFHVOEP NPUJWP Ï RVF NVJUPT DØEJHPT UÐN DPOUFYUPT NVJUP
FTQFDÓGJDPT F BDBCBN TFOEP NVJUP QPVDP VTBEPT VN FYFNQMP Ï P
DØEJHP  %ORFNHG E\ :LQGRZV 3DUHQWDO &RQWUROV P RVF
TJHOJGJDB RVF B SFRVJTJÎÍP GPJ CMPRVFBEB QFMP DPOUSPMF QBSFOUBM EP
8JOEPXT


 '03/&$&3 .&/4"(&/4 %& &330


4*(/*'*$"5*7"4
6NB RVFTUÍP JNQPSUBOUF B TFS USBCBMIBEB RVBOEP GBMBNPT EF
"1*T Ï QSPWFS VNB CPB FYQFSJÐODJB SFMBDJPOBEB BPT DBTPT EF FSSP
&TTFT FSSPT EFWFN TFS DMBSPT EF GPSNB B PSJFOUBS EB NFMIPS GPSNB
QPTTÓWFM P DMJFOUF B USBUÈMPT DBTP TFKBN FSSPT EB GBNÓMJB [[
PV
DPNP PCUFS BMHVN GFFECBDL DBTP TFKBN FSSPT EB GBNÓMJB [[


7BNPT WFS DPNP SFBMJ[BS FTUF UJQP EF USBUBNFOUP B QBSUJS EB


WBMJEBÎÍP EF EBEPT VUJMJ[BOEP B "1* EF TPMJDJUBÎÍP EF WJBHFOT
DPNP FYFNQMP 7BNPT SFWJTBS B DMBTTF 7UDYHO5HTXHVW,QSXW 
#'DWD
SXEOLF FODVV 7UDYHO5HTXHVW,QSXW ^

/RQJ SDVVHQJHU,G
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
`

&TTB DMBTTF GJDB OP QBDPUF RVF EFMJNJUB FOUSBEBT EBT "1*T EP


TJTUFNB FOUÍP Ï JNQPSUBOUF RVF FMB UFOIB BMHVNBT WBMJEBÎÜFT EF
JOGPSNBÎÜFT QBSB NJOJNJ[BS B QPTTJCJMJEBEF EF FOUSBEB EF EBEPT

 )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6 


RVF QSPWPRVFN FSSPT OP TJTUFNB 7BNPT FYBNJOBS VNB QPTTÓWFM
FOUSBEB EF FSSPT P NÏUPEP PDS EB DMBTTF
7UDYHO5HTXHVW0DSSHU  &TTF NÏUPEP SFDFCF DPNP QBSÉNFUSP VN
7UDYHO5HTXHVW,QSXW F GB[ B USBOTGPSNBÎÍP EFTUF QBSB VN
7UDYHO5HTXHVW RVF Ï VN PCKFUP EF EPNÓOJP 7BNPT SFWJTBS P
DØEJHP
SXEOLF 7UDYHO5HTXHVW PDS 7UDYHO5HTXHVW,QSXW LQSXW ^

3DVVHQJHU SDVVHQJHU SDVVHQJHU5HSRVLWRU\ILQG%\,G LQSXWJHW3D


VVHQJHU,G
RU(OVH7KURZ ! QHZ 5HVSRQVH6WDWXV([FHSWLRQ +WWS6WDWXV1
27B)281' 

7UDYHO5HTXHVW WUDYHO5HTXHVW QHZ 7UDYHO5HTXHVW 


WUDYHO5HTXHVWVHW2ULJLQ LQSXWJHW2ULJLQ 
WUDYHO5HTXHVWVHW'HVWLQDWLRQ LQSXWJHW'HVWLQDWLRQ 
WUDYHO5HTXHVWVHW3DVVHQJHU SDVVHQJHU 

UHWXUQ WUDYHO5HTXHVW
`

" QSJNFJSB DPJTB RVF FTTF NÏUPEP GB[ Ï MPDBMJ[BS PT EBEPT EP


QBTTBHFJSP B QBSUJS EP SDVVHQJHU,G QBTTBEP DPNP QBSÉNFUSP
.BT F TF FTTF BUSJCVUP OÍP GPS GPSOFDJEP OB SFRVJTJÎÍP

$PNP GJ[FNPT BOUFT WBNPT VUJMJ[BS P 1PTUNBO QBSB WFSJGJDBS


FTTB TJUVBÎÍP SFBMJ[BOEP VN 1045 OB 63- WUDYHO5HTXHVWV 
7BNPT FOWJBS PT TFHVJOUFT EBEPT
^
RULJLQ VWULQJ
GHVWLQDWLRQ VWULQJ
`

0CTFSWF RVF P SDVVHQJHU,G GPJ PNJUJEP %B GPSNB DPNP


FTUÈ SFDFCFNPT VNB SFTQPTUB TFNFMIBOUF Ë TFHVJOUF
^

  )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6


WLPHVWDPS 7
VWDWXV 
HUURU ,QWHUQDO 6HUYHU (UURU
PHVVDJH 7KH JLYHQ LG PXVW QRW EH QXOO QHVWHG H[FHSWLRQ
LV MDYDODQJ,OOHJDO$UJXPHQW([FHSWLRQ 7KH JLYHQ LG PXVW QRW EH Q
XOO
WUDFH RUJVSULQJIUDPHZRUNGDR,QYDOLG'DWD$FFHVV$SL8VDJH([
FHSWLRQ 7KH JLYHQ LG PXVW QRW EH QXOO QHVWHG H[FHSWLRQ LV MDYD
ODQJ,OOHJDO$UJXPHQW([FHSWLRQ 7KH JLYHQ LG PXVW QRW EH QXOO?Q?
WDW RUJVSULQJIUDPHZRUNRUPMSD(QWLW\0DQDJHU)DFWRU\8WLOVFRQYHUW
-SD$FFHVV([FHSWLRQ,I3RVVLEOH (QWLW\0DQDJHU)DFWRU\8WLOVMDYD ?
Q?WDW RUJVSULQJIUDPHZRUNRUPMSDYHQGRU+LEHUQDWH-SD'LDOHFWWUDQ
VODWH([FHSWLRQ,I3RVVLEOH +LEHUQDWH-SD'LDOHFWMDYD ?Q?WDW RUJ
VSULQJIUDPHZRUNRUPMSD$EVWUDFW(QWLW\0DQDJHU)DFWRU\%HDQWUDQVODW
H([FHSWLRQ,I3RVVLEOH $EVWUDFW(QWLW\0DQDJHU)DFWRU\%HDQMDYD ?Q
?WDW RUJVSULQJIUDPHZRUNGDRVXSSRUW&KDLQHG3HUVLVWHQFH([FHSWLRQ7
UDQVODWRUWUDQVODWH([FHSWLRQ,I3RVVLEOH &KDLQHG3HUVLVWHQFH([FHSWLR
Q7UDQVODWRUMDYD ?Q?WDW RUJVSULQJIUDPHZRUNGDRVXSSRUW'DWD$F
FHVV8WLOVWUDQVODWH,I1HFHVVDU\ 'DWD$FFHVV8WLOVMDYD ?Q?WDW RU
JVSULQJIUDPHZRUNGDRVXSSRUW3HUVLVWHQFH([FHSWLRQ7UDQVODWLRQ,QWH
UFHSWRULQYRNH 3HUVLVWHQFH([FHSWLRQ7UDQVODWLRQ,QWHUFHSWRUMDYD
 ?Q?WDW RUJVSULQJIUDPHZRUNDRSIUDPHZRUN5HIOHFWLYH0HWKRG,QYRFD
WLRQSURFHHG 5HIOHFWLYH0HWKRG,QYRFDWLRQMDYD ?Q?WDW RUJVSUL
QJIUDPHZRUNDRSIUDPHZRUN5HIOHFWLYH0HWKRG,QYRFDWLRQSURFHHG 5HIO
HFWLYH0HWKRG,QYRFDWLRQMDYD ?Q?WDW RUJVSULQJIUDPHZRUNDRSLQ
WHUFHSWRU([SRVH,QYRFDWLRQ,QWHUFHSWRULQYRNH ([SRVH,QYRFDWLRQ,QWH
UFHSWRUMDYD ?Q?WDW RUJVSULQJIUDPHZRUNDRSIUDPHZRUN5HIOHFWL
YH0HWKRG,QYRFDWLRQSURFHHG 5HIOHFWLYH0HWKRG,QYRFDWLRQMDYD 
SDWK WUDYHO5HTXHVWV
`

3FDFCFNPT VN FSSP )551  $PNP WJNPT BDJNB FTUB Ï VNB


FYDFÎÍP OÍP USBUBEB EP MBEP EP TFSWJEPS EF GBUP NBT RVF UFWF
PSJHFN OB SFRVJTJÎÍP RVF GPJ FOWJBEB EF GPSNB JODPSSFUB 0V TFKB P
SFUPSOP DPSSFUP EFWFSJB TFS VN )551  7BNPT JOJDJBS P
USBUBNFOUP QBSB JTTP

0 QSJNFJSP QBTTP Ï JOUSPEV[JS B EFWJEB WBMJEBÎÍP OPT DBNQPT


QBSB RVF P TJTUFNB EP 4QSJOH #PPU OÍP EFJYF B SFRVJTJÎÍP
QSPTTFHVJS OP DØEJHP DBTP BMHVNB JOGPSNBÎÍP FTUFKB JODPSSFUB OP
OPTTP DBTP P SDVVHQJHU,G GBMUBOEP
 *TTP QPEF TFS GFJUP BUSBWÏT

 )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6 


EP VTP EBT BOPUBÎÜFT SFGFSFOUFT Ë +43  UBNCÏN DPOIFDJEB
DPNP %HDQ 9DOLGDWLRQ   &TUB FTQFDJGJDBÎÍP JODMVJ BOPUBÎÜFT
QBSB WBMJEBÎÍP EF WÈSJPT BTQFDUPT EP TJTUFNB JODMVTJWF EBEPT
WÈMJEPT BQFOBT OP #SBTJM DPNP $1' F $/1+
F P 4QSJOH #PPU KÈ TF
JOUFHSB BVUPNBUJDBNFOUF B FMB

7BNPT VUJMJ[BS B BOPUBÎÍP #1RW1XOO QBSB EFDMBSBS RVF P


DBNQP SDVVHQJHU,G OÍP QPEF TFS OVMP  BTTJN TFOEP BT
SFRVJTJÎÜFT RVF WJFSFN TFN FTTF DBNQP EFWFSÍP TFS SFDVTBEBT
LPSRUW MDYD[YDOLGDWLRQFRQVWUDLQWV1RW1XOO

#'DWD
SXEOLF FODVV 7UDYHO5HTXHVW,QSXW ^

#1RW1XOO
/RQJ SDVVHQJHU,G
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
`

"HPSB OP QPOUP EB DIBNBEB RVF EFDMBSB P NÏUPEP 1045


WBNPT JODMVJS B BOPUBÎÍP #9DOLG RVF JOEJDB RVF P %HDQ
9DOLGDWLRQ EFWF TFS VUJMJ[BEP TPCSF FTUF QBSÉNFUSP

LPSRUW MDYD[YDOLGDWLRQ9DOLG

5HVWDQWH GR F³GLJR RPLWLGR

#3RVW0DSSLQJ
SXEOLF (QWLW\0RGHO7UDYHO5HTXHVW2XWSXW! PDNH7UDYHO5HTXHVW
#5HTXHVW%RG\ #9DOLG 7UDYHO5HTXHVW,QSXW WUDYHO5HTXHVW,QSXW
^

7UDYHO5HTXHVW UHTXHVW WUDYHO6HUYLFHVDYH7UDYHO5HTXHVW PDSSHU


PDS WUDYHO5HTXHVW,QSXW 
7UDYHO5HTXHVW2XWSXW RXWSXW PDSSHUPDS UHTXHVW 
UHWXUQ PDSSHUEXLOG2XWSXW0RGHO UHTXHVW RXWSXW 
`

  )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6


4F SFBMJ[BSNPT B SFRVJTJÎÍP EP 1PTUNBO BHPSB KÈ WBNPT UFS VN
SFTVMUBEP CFN EJGFSFOUF
^
WLPHVWDPS 7
VWDWXV 
HUURU %DG 5HTXHVW
HUURUV >
^
FRGHV >
1RW1XOOWUDYHO5HTXHVW,QSXWSDVVHQJHU,G
1RW1XOOSDVVHQJHU,G
1RW1XOOMDYDODQJ/RQJ
1RW1XOO
@
DUJXPHQWV >
^
FRGHV >
WUDYHO5HTXHVW,QSXWSDVVHQJHU,G
SDVVHQJHU,G
@
DUJXPHQWV QXOO
GHIDXOW0HVVDJH SDVVHQJHU,G
FRGH SDVVHQJHU,G
`
@
GHIDXOW0HVVDJH PXVW QRW EH QXOO
REMHFW1DPH WUDYHO5HTXHVW,QSXW
ILHOG SDVVHQJHU,G
UHMHFWHG9DOXH QXOO
ELQGLQJ)DLOXUH IDOVH
FRGH 1RW1XOO
`
@
PHVVDJH 9DOLGDWLRQ IDLOHG IRU REMHFW
WUDYHO5HTXHVW,QSXW

 (UURU FRXQW 


WUDFH RUJVSULQJIUDPHZRUNZHEELQG0HWKRG$UJXPHQW1RW9DOLG
([FHSWLRQ 9DOLGDWLRQ IDLOHG IRU DUJXPHQW >@ LQ SXEOLF RUJVSULQ
JIUDPHZRUNKDWHRDV(QWLW\0RGHODSSFDUFDSLQWHUIDFHVLQFRPLQJ
RXWSXW7UDYHO5HTXHVW2XWSXW! DSSFDUFDSLQWHUIDFHVLQFRPLQJ7UD
YHO5HTXHVW$3,PDNH7UDYHO5HTXHVW DSSFDUFDSLQWHUIDFHVLQFRPLQJ
LQSXW7UDYHO5HTXHVW,QSXW  >)LHOG HUURU LQ REMHFW
WUDYHO5HTXHVW
,QSXW
RQ ILHOG
SDVVHQJHU,G
 UHMHFWHG YDOXH >QXOO@ FRGHV >1RW1
XOOWUDYHO5HTXHVW,QSXWSDVVHQJHU,G1RW1XOOSDVVHQJHU,G1RW1XOOMD

 )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6 


YDODQJ/RQJ1RW1XOO@ DUJXPHQWV >RUJVSULQJIUDPHZRUNFRQWH[WVXS
SRUW'HIDXOW0HVVDJH6RXUFH5HVROYDEOH FRGHV >WUDYHO5HTXHVW,QSXWSD
VVHQJHU,GSDVVHQJHU,G@ DUJXPHQWV >@ GHIDXOW PHVVDJH >SDVVHQJHU,
G@@ GHIDXOW PHVVDJH >PXVW QRW EH QXOO@@ ?Q?WDW RUJVSULQJIUDPHZR
UNZHEVHUYOHWPYFPHWKRGDQQRWDWLRQ5HTXHVW5HVSRQVH%RG\0HWKRG3UR
FHVVRUUHVROYH$UJXPHQW 5HTXHVW5HVSRQVH%RG\0HWKRG3URFHVVRUMDYD
 ?Q?WDW RUJVSULQJIUDPHZRUNZHEPHWKRGVXSSRUW+DQGOHU0HWKRG$UJX
PHQW5HVROYHU&RPSRVLWHUHVROYH$UJXPHQW +DQGOHU0HWKRG$UJXPHQW5HVROY
HU&RPSRVLWHMDYD ?Q?WDW RUJVSULQJIUDPHZRUNZHEPHWKRGVXSSRU
W,QYRFDEOH+DQGOHU0HWKRGJHW0HWKRG$UJXPHQW9DOXHV ,QYRFDEOH+DQGOHU
0HWKRGMDYD ?Q
SDWK WUDYHO5HTXHVWV
`

+È FTUÈ NVJUP NFMIPS P DØEJHP )551 GPJ  RVF FSB OPTTB
JOUFOÎÍP
F FYJTUF VNB NFOTBHFN JOEJDBOEP RVF IPVWF BMHP EF
FSSBEP SFMBDJPOBEP BP DBNQP SDVVHQJHU,G  .BT BJOEB OÍP FTUÈ
BNJHÈWFM P TVGJDJFOUF F QJPS EF UVEP OÍP TFSJB QPTTÓWFM VUJMJ[BS B
NFTNB FTUSVUVSB EF FSSP QBSB PVUSPT DFOÈSJPT

"TTJN TFOEP QSFDJTBNPT DSJBS VNB FTUSVUVSB POEF TFKB


QPTTÓWFM EFGJOJS VN QBZMPBE RVF TFKB FYUFOTÓWFM QBSB UPEPT PT
DFOÈSJPT EF GBMIB OPTTPT 1BSB P OPTTP DBTP FN FTQFDÓGJDP VN
+40/ TJNQMFT OPT BUFOEFSJB NVJUP CFN 1PS FYFNQMP
^
HUURUV >
^
PHVVDJH2 FDPSR SDVVHQJHU,G Q£R SRGH VHU QXOR
`
@
`

1FSDFCB RVF TF USBUB EF VNB FTUSVUVSB FYUFSOB RVF Ï POEF P


DBNQP HUURUV FTUÈ
F VNB FTUSVUVSB JOUFSOB RVF BCSJHB P DBNQP
PHVVDJH
 7BNPT FOUÍP DSJBS VN QBDPUF QBSB BSNB[FOÈMBT RVF
WBNPT DIBNBS EF
DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ
F EVBT

  )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6


DMBTTFT RVF SFQSFTFOUBN FTTBT EVBT FTUSVUVSBT DPNFÎBOEP QFMB
NBJT JOUFSOB &TUB DMBTTF DPOUÏN EBEPT FTQFDÓGJDPT TPCSF DBEB FSSP
FOUÍP WBNPT DIBNÈMB EF (UURU'DWD 
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW ORPERN$OO$UJV&RQVWUXFWRU
LPSRUW ORPERN'DWD

#$OO$UJV&RQVWUXFWRU
#'DWD
SXEOLF FODVV (UURU'DWD ^

SULYDWH ILQDO 6WULQJ PHVVDJH

&N TFHVJEB WBNPT DSJBS B TFHVOEB DMBTTF NBJT FYUFSOB RVF


DPOUFSÈ VNB MJTUB EF PCKFUPT (UURU'DWD  1PS TFS BMHP NBJT HMPCBM
WBNPT DIBNÈMB EF (UURU5HVSRQVH 
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW ORPERN$OO$UJV&RQVWUXFWRU
LPSRUW ORPERN'DWD

LPSRUW MDYDXWLO/LVW

#$OO$UJV&RQVWUXFWRU
#'DWD
SXEOLF FODVV (UURU5HVSRQVH ^

/LVW(UURU'DWD! HUURUV

"HPSB WBNPT DSJBS VN TJTUFNB EF DBQUVSB EB GBMIB F USBEVÎÍP


QBSB BT DMBTTFT RVF BDBCBNPT EF DSJBS 1BSB JTTP P 4QSJOH .7$
EJTQPOJCJMJ[B EVBT BOPUBÎÜFT RVF UÐN P QSPQØTJUP EF GBDJMJUBS FTUF
QSPDFTTP " QSJNFJSB Ï B #5HVW&RQWUROOHU$GYLFH RVF DPNP P

 )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6 


OPNF JOEJDB JOUFSDFQUB BT JOWPDBÎÜFT EPT NÏUPEPT EBT "1*T "
TFHVOEB Ï B #([FHSWLRQ+DQGOHU RVF Ï QBSBNFUSJ[BEB DPN VNB
FYDFÎÍP RVF QPEF FWFOUVBMNFOUF TFS MBOÎBEB QFMP NÏUPEP EB "1*
QPS FYFNQMP B FYDFÎÍP RVF Ï MBOÎBEB DBTP B WBMJEBÎÍP EB FOUSBEB
GBMIF


2VBOEP DSJBNPT FTTF USBUBEPS Ï OFDFTTÈSJP RVF TFV SFUPSOP


TFKB NBQFÈWFM QFMP 4QSJOH DPNP SFUPSOP EB "1* *TTP QPSRVF VNB
WF[ USBUBEB B FYDFÎÍP P SFUPSOP EFTUF NÏUPEP Ï P RVF TFSÈ VUJMJ[BEP
DPNP SFUPSOP EB "1* "TTJN TFOEP QPEFNPT DSJBS VN NÏUPEP
RVF SFUPSOF P OPTTP (UURU5HVSRQVH 

0 ÞMUJNP QPOUP RVF GBMUB EFGJOJS Ï RVBM B FYDFÎÍP RVF


QSFDJTBNPT USBUBS UBOUP QBSB QBSBNFUSJ[BS B BOPUBÎÍP
#([FHSWLRQ+DQGOHU RVBOUP QBSB QBSBNFUSJ[BS P NÏUPEP RVF
WBNPT DSJBS 4F WPDÐ PCTFSWBS CFN WFSÈ RVF P OPNF EB FYDFÎÍP
RVF QSFDJTBNPT USBUBS KÈ BQBSFDFV GPJ FMB RVF GPJ MBOÎBEB BTTJN RVF
JOTFSJNPT P USBUBNFOUP QBSB P DBNQP GBMUBOEP F RVF GF[ DPN RVF P
DØEJHP )551  GPTTF MBOÎBEP &TUB FYDFÎÍP Ï B
0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQ 

"HPSB UFNPT P TVGJDJFOUF QBSB SFBMJ[BS B EFDMBSBÎÍP EP NÏUPEP


USBUBEPS
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW RUJVSULQJIUDPHZRUNZHEELQG0HWKRG$UJXPHQW1RW9DOLG([FHSWL
RQ
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ([FHSWLRQ+DQGOHU
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVW&RQWUROOHU$GYL
FH

#5HVW&RQWUROOHU$GYLFH
SXEOLF FODVV 'HIDXOW(UURU+DQGOHU ^

  )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6


#([FHSWLRQ+DQGOHU 0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQFODVV
SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXP
HQW1RW9DOLG([FHSWLRQ H[ ^

UHWXUQ QXOO

0T EBEPT EF RVF QSFDJTBNPT QBSB SFBMJ[BS P USBUBNFOUP EP FSSP


FTUÍP UPEPT DPOUJEPT OB FYDFÎÍP RVF DPOWFOJFOUFNFOUF
SFDFCFNPT DPNP QBSÉNFUSP EP NÏUPEP &TUB FYDFÎÍP DPOUÏN VN
PCKFUP EP UJQP %LQGLQJ5HVXOW RVF QPS TVB WF[ DPOUÏN VNB MJTUB
EF PCKFUPT EP UJQP )LHOG(UURU  &TUFT ILHOG(UURUV DPOUÐN
VNB TÏSJF EF EBEPT B SFTQFJUP EP RVF PSJHJOPV B GBMIB  OP
NPNFOUP WBNPT OPT BUFS BP DBNQP GHIDXOW0HVVDJH RVF Ï B
NFOTBHFN EF FSSP HFSBEB QFMP TJTUFNB QBSB JOEJDBS B GBMIB

$PNP OØT UFNPT VN DPOTUSVUPS OB DMBTTF (UURU'DWD RVF


SFDFCF VNB 4USJOH DPNP QBSÉNFUSP QPEFNPT VUJMJ[BS MBNCEBT
QBSB USBEV[JS B MJTUB EF )LHOG(UURU FN VNB MJTUB EF (UURU'DWD 
#([FHSWLRQ+DQGOHU 0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQFODVV
SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXPHQW1
RW9DOLG([FHSWLRQ H[ ^

/LVW(UURU'DWD! PHVVDJHV H[
JHW%LQGLQJ5HVXOW
JHW)LHOG(UURUV
VWUHDP
PDS IH ! QHZ (UURU'DWD IHJHW'HIDXOW0HVVDJH
FROOHFW &ROOHFWRUVWR/LVW 

UHWXUQ QHZ (UURU5HVSRQVH PHVVDJHV 


`

0 ÞMUJNP QBTTP RVF QSFDJTBNPT BKVTUBS Ï P DØEJHP )551 RVF


TFSÈ SFUPSOBEP RVBOEP FTUB FYDFÎÍP GPS USBUBEB .BJT VNB WF[

 )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6 


QPEFNPT VUJMJ[BS VNB BOPUBÎÍP EP QSØQSJP 4QSJOH QBSB JOEJDBS
RVBM Ï P DØEJHP B #5HVSRQVH6WDWXV  &TUB BOPUBÎÍP Ï
QBSBNFUSJ[BEB DPN VN PCKFUP EP UJQP +WWS6WDWXV RVF Ï VN
HQXP DPOUFOEP UPEPT PT DØEJHPT )551 QPTTÓWFJT $PNP
RVFSFNPT VUJMJ[BS P DØEJHP )551  %DG 5HTXHVW VUJMJ[BNPT
FOUÍP P WBMPS +WWS6WDWXV%$'B5(48(67 OB QBSBNFUSJ[BÎÍP EFTUB
BOPUBÎÍP
LPSRUW RUJVSULQJIUDPHZRUNKWWS+WWS6WDWXV
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVSRQVH6WDWXV

 5HVWDQWH GR F³GLJR RPLWLGR

#([FHSWLRQ+DQGOHU 0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQFODVV
#5HVSRQVH6WDWXV +WWS6WDWXV%$'B5(48(67
SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXPHQW1
RW9DOLG([FHSWLRQ H[ ^

/LVW(UURU'DWD! PHVVDJHV H[
JHW%LQGLQJ5HVXOW
JHW)LHOG(UURUV
VWUHDP
PDS IH ! QHZ (UURU'DWD IHJHW'HIDXOW0HVVDJH
FROOHFW &ROOHFWRUVWR/LVW 

UHWXUQ QHZ (UURU5HVSRQVH PHVVDJHV 


`

'JOBMNFOUF QPEFNPT SFUFTUBS B "1* "P SFBMJ[BS OPWBNFOUF B


SFRVJTJÎÍP DPN P 1PTUNBO UFNPT P TFHVJOUF SFTVMUBEP
^
HUURUV >
^
PHVVDJH PXVW QRW EH QXOO
`
@
`

&TTF SFTVMUBEP Ï CFN TFNFMIBOUF BP RVF FTQFSÈWBNPT

  )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6


DPOTFHVJS " ÞMUJNB QBSUF RVF GBMUB DVTUPNJ[BS Ï B NFOTBHFN RVF
OÍP Ï NVJUP TJHOJGJDBUJWB 1BSB BMUFSÈMB CBTUB WPMUBSNPT BUÏ B
DMBTTF 7UDYHO5HTXHVW,QSXW F QSFFODIFS P BUSJCVUP PHVVDJH EB
BOPUBÎÍP #1RW1XOO  7BNPT QSFFODIFS DPN B NFOTBHFN RVF
VUJMJ[BNPT BOUFT
#'DWD
SXEOLF FODVV 7UDYHO5HTXHVW,QSXW ^

#1RW1XOO PHVVDJH 2 FDPSR SDVVHQJHU,G Q£R SRGH VHU QXOR


/RQJ SDVVHQJHU,G
6WULQJ RULJLQ
6WULQJ GHVWLQDWLRQ
`

"P SFUFTUBS PCUFNPT P SFTVMUBEP EFTFKBEP


^
HUURUV >
^
PHVVDJH 2 FDPSR SDVVHQJHU,G Q£R SRGH VHU QXOR
`
@
`

6N ÞMUJNP UFTUF RVF QPEFNPT GB[FS Ï UFTUBS P RVÍP GMFYÓWFM


OPTTP TJTUFNB Ï 1PEFNPT BEJDJPOBS WBMJEBÎÜFT UBNCÏN OPT
DBNQPT RULJLQ F GHVWLQDWLRQ F WFSJGJDBS TF BT NFOTBHFOT
DPSSFTQPOEFOUFT TÍP MBOÎBEBT TFN RVF QSFDJTFNPT SFBMJ[BS NBJT
BMUFSBÎÜFT OP SFTUBOUF EP DØEJHP 4BCFNPT RVF FTTFT EPJT DBNQPT
QSFDJTBN FTUBS QSFFODIJEPT QBSB RVF B SFRVJTJÎÍP EF WJBHFN TFKB
DSJBEB FOUÍP WBNPT VUJMJ[BS B BOPUBÎÍP #1RW(PSW\ TPCSF FMFT
OÍP FTRVFDFOEP EF DVTUPNJ[BS P DBNQP PHVVDJH

LPSRUW ORPERN'DWD

LPSRUW MDYD[YDOLGDWLRQFRQVWUDLQWV1RW(PSW\
LPSRUW MDYD[YDOLGDWLRQFRQVWUDLQWV1RW1XOO

 )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6 


#'DWD
SXEOLF FODVV 7UDYHO5HTXHVW,QSXW ^

#1RW1XOO PHVVDJH 2 FDPSR SDVVHQJHU,G Q£R SRGH VHU QXOR


/RQJ SDVVHQJHU,G

#1RW(PSW\ PHVVDJH 2 FDPSR RULJLQ Q£R SRGH HVWDU HP EUDQFR



6WULQJ RULJLQ

#1RW(PSW\ PHVVDJH 2 FDPSR GHVWLQDWLRQ Q£R SRGH HVWDU HP EU


DQFR
6WULQJ GHVWLQDWLRQ
`

7BNPT SFUFTUBS VUJMJ[BOEP VN +40/ RVBTF RVF JOUFJSBNFOUF


WB[JP

  )251(&(5 0(16$*(16 '( (552 6,*1,),&$7,9$6


'JHVSB  " SFRVFTU TFOEP DPNQMFUBNFOUF WBMJEBEB

 */5&3/"$*0/"-*;"/%0 "4


.&/4"(&/4 %& &330
6NB GFBUVSF UBNCÏN NVJUP JOUFSFTTBOUF EF TF UFS FN VNB "1*
3&45 Ï B JOUFSOBDJPOBMJ[BÎÍP &TTF FGFJUP Ï QSPEV[JEP RVBOEP P
DMJFOUF JOGPSNB P JEJPNB FN RVF EFTFKB RVF BT NFOTBHFOT EP
TJTUFNB FTUFKBN USBEV[JEBT F BT NFOTBHFOT WÐN OBRVFMF JEJPNB
1PS FYFNQMP EJHBNPT RVF FV RVFJSB RVF P TJTUFNB $"3 UFOIB

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


NFOTBHFOT QSPEV[JEBT FN QPSUVHVÐT F JOHMÐT BNFSJDBOP /FTUF
DBTP P QSPUPDPMP )551 QBESPOJ[B B GPSNB DPNP SFBMJ[BS FTUB
TPMJDJUBÎÍP QBSB P TFSWJEPS

*TTP Ï GFJUP VUJMJ[BOEPTF P DBCFÎBMIP $FFHSW/DQJXDJH RVF Ï


FOWJBEP QFMP DMJFOUF &MF PCFEFDF ËT SFHSBT EF GPSNBÎÍP EB TFHVJOUF
NBOFJSB

0T WBMPSFT GPSOFDJEPT QPEFN TFS NBJT PV NFOPT


FTQFDÓGJDPT 1PS FYFNQMP Ï QPTTÓWFM TPMJDJUBS QPSUVHVÐT
WBMPS TFOEP SW
PV QPSUVHVÐT EP #SBTJM SW%5

0T WBMPSFT GPSOFDJEPT TÍP TFQBSBEPT QPS WÓSHVMB 1PS
FYFNQMP QBSB TPMJDJUBS QPSUVHVÐT EP #SBTJM PV JOHMÐT
VUJMJ[BNPT SW%5 HQ 
² QPTTÓWFM EBS VN QFTP QBSB B PSEFN EF QSFGFSÐODJB 0 QFTP
QBESÍP Ï TFNQSF   DBTP RVFJSB RVF VN WBMPS UFOIB
NFOPT QSFDFEÐODJB JOGPSNF VN WBMPS BCBJYP EF  QPSÏN
BDJNB EF 
DPN P BUSJCVUP T  &YFNQMP SW%5 HQ86
T  HQ T  OFTUF DBTP B QSFGFSÐODJB TFSÈ EP
QPSUVHVÐT CSBTJMFJSP EFQPJT EP JOHMÐT EPT &6" F QPS
ÞMUJNP RVBMRVFS JOHMÐT EJTQPOÓWFM


1FSDFCB RVF P QBSTF EFTUF DBCFÎBMIP QPEF TFS VN UBOUP RVBOUP


DPNQMJDBEP EF TF GB[FS NBOVBMNFOUF  QSJNFJSP Ï QSFDJTP
JOUFSQSFUBS BT PSEFOT EF QSFGFSÐODJB F EFQPJT GJMUSBS B MJTUB EF
BDPSEP DPN PT JEJPNBT EJTQPOÓWFJT OP TJTUFNB 'FMJ[NFOUF P
4QSJOH OPT EJTQPOJCJMJ[B FTUSVUVSBT RVF GBDJMJUBN UPEPT FTUFT
QBTTPT

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


0 -0$"-&

$PTUVNBNPT OPT SFGFSJS B FTUBT FTUSVUVSBT EF MPDBMJ[BÎÍP


DPNP MPDBMFT RVF QPEFN TFS NBJT PV NFOPT FTQFDÓGJDPT EF
BDPSEP DPN B OFDFTTJEBEF 6N MPDBMF QPEF GPSOFDFS
JOGPSNBÎÜFT TPCSF MÓOHVB QBÓT F BUÏ EJBMFUPT EF SFHJÜFT
FTQFDÓGJDBT EFTUF QBÓT 1PS FYFNQMP P MPDBMF EP /PSVFHVÐT
QBESÍP /ZOPSTL Ï QR121< B /PSVFHB UFN EPJT QBESÜFT
EF JEJPNB P /ZOPSTL F P #PLNÌM
 0 QR Ï SFMBUJWP BP
JEJPNB OPSVFHVÐT P 12 Ï P DØEJHP EB /PSVFHB F P 1< Ï P
DØEJHP EP EJBMFUP /ZOPSTL

0 QSJNFJSP QBTTP Ï DSJBS VNB QBTUB OP TJTUFNB QBSB RVF


QPTTBNPT BSNB[FOBS PT BSRVJWPT RVF WÍP DPOUFS BT NFOTBHFOT EP
TJTUFNB 7BNPT DIBNBS FTUB QBTUB EF LQ VNB DPOUSBÎÍP EF
JOUFSOBUJPOBMJ[BUJPO JOUFSOBDJPOBMJ[BÎÍP


'JHVSB  &TUSVUVSB EP QSPKFUP

0 QSØYJNP QBTTP Ï DSJBS EPJT BSRVJWPT OFTUB QBTUB RVF WÍP

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


SFQSFTFOUBS BT NFOTBHFOT RVF QSFDJTBNPT 6N EFMFT WBJ TFS
DIBNBEP PHVVDJHVBHQSURSHUWLHV P QSFGJYP PHVVDJHV F
NBJT P MPDBMF HQ
 0 TFHVOEP WBJ TFS DIBNBEP
PHVVDJHVBSWB%5SURSHUWLHV P QSFGJYP PHVVDJHV DPN P
MPDBMF SWB%5


'JHVSB  "SRVJWPT QSPQFSUJFT

1SFDJTBNPT BHPSB VUJMJ[BS B DMBTTF BEFRVBEB QBSB HFSFODJBS


FTTFT BSRVJWPT %FOUSP EP 4QSJOH VUJMJ[BNPT VNB JOUFSGBDF QBSB
MJEBS DPN NFOTBHFOT DIBNBEB 0HVVDJH6RXUFH  7BNPT DSJBS
VNB DMBTTF EF DPOGJHVSBÎÍP EP TJTUFNB RVF GPSOFÎB VNB
JNQMFNFOUBÎÍP EFTUB JOUFSGBDF "TTJN WBNPT DSJBS VNB FODVV
DIBNBEB $SS&RQILJ F BOPUÈMB DPN #&RQILJXUDWLRQ  /B
TFRVÐODJB WBNPT DSJBS VN NÏUPEP PHVVDJH6RXUFH RVF
SFUPSOF VN 0HVVDJH6RXUFH F BOPUÈMP DPN #%HDQ 
SDFNDJH DSSFDUFDSFRQILJ

LPSRUW RUJVSULQJIUDPHZRUNFRQWH[W0HVVDJH6RXUFH
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ%HDQ
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ&RQILJXUDWLRQ

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


#&RQILJXUDWLRQ
SXEOLF FODVV $SS&RQILJ ^

#%HDQ
SXEOLF 0HVVDJH6RXUFH PHVVDJH6RXUFH ^
UHWXUQ QXOO
`
`

"HPSB QSFDJTBNPT GB[FS DPN RVF FTUF NÏUPEP SFUPSOF VNB


JNQMFNFOUBÎÍP EF 0HVVDJH6RXUFH  &TUB JOUFSGBDF QPTTVJ NVJUBT
JNQMFNFOUBÎÜFT NBT B RVF NBJT TF BQSPYJNB EBT OPTTBT
OFDFTTJEBEFT Ï B 5HORDGDEOH5HVRXUFH%XQGOH0HVVDJH6RXUFH
QPJT FMB MÐ PT BSRVJWPT RVF FTUÍP OP DMBTTQBUI F DPOTFHVF SFTPMWFS
RVBJT EFMFT VUJMJ[BS DPN CBTF OP MPDBMF #BTUB RVF GBÎBNPT B
DPOGJHVSBÎÍP EP QSFGJYP EPT BSRVJWPT F FMF DVJEB EP SFTUBOUF /P
OPTTP DBTP DPNP PT BSRVJWPT FTUÍP EFOUSP EP EJSFUØSJP LQ F
UÐN P QSFGJYP PHVVDJHV WBNPT DPOGJHVSBS B JNQMFNFOUBÎÍP EB
TFHVJOUF GPSNB
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WVXSSRUW5HORDGDEOH5HVRXUFH%XQG
OH0HVVDJH6RXUFH

 UHVWDQWH GD LPSOHPHQWD§£R RPLWLGR

#%HDQ
SXEOLF 0HVVDJH6RXUFH PHVVDJH6RXUFH ^
5HORDGDEOH5HVRXUFH%XQGOH0HVVDJH6RXUFH PHVVDJH6RXUFH QHZ 5HOR
DGDEOH5HVRXUFH%XQGOH0HVVDJH6RXUFH 
PHVVDJH6RXUFHVHW%DVHQDPH LQPHVVDJHV 
UHWXUQ PHVVDJH6RXUFH
`

7BNPT BHPSB JNQMFNFOUBS VNB GPSNB EF FYUSBJS P MPDBMF


DPSSFUP EP IFBEFS $FFHSW/DQJXDJH  "QFOBT SFDBQJUVMBOEP BT
QSFPDVQBÎÜFT RVF UFNPT RVF UFS DPN FTTB FYUSBÎÍP TÍP BT
TFHVJOUFT

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


6NB MJTUB EF MPDBMFT QPEF TFS FOWJBEB $BTP P BUSJCVUP T
FTUFKB QSFTFOUF FN BMHVN EFMFT UBNCÏN Ï OFDFTTÈSJP MFWBS
FN DPOTJEFSBÎÍP P SFQPTJDJPOBNFOUP EFOUSP EB MJTUB EF
QSFGFSÐODJBT
"MHVOT MPDBMFT QPEFN OÍP TFS TVQPSUBEPT QPS OPTTB
BQMJDBÎÍP
² QPTTÓWFM FOWJBS VN DVSJOHB
OP DBCFÎBMIP JOEJDBOEP
RVF RVBMRVFS MPDBMF Ï BDFJUP

5FOEP JTTP FN NFOUF TBJCB RVF P 4QSJOH OPT EJTQPOJCJMJ[B


VNB DMBTTF RVF SFTPMWF CPB QBSUF EFTUF QSPDFTTP DIBNBEB
$FFHSW+HDGHU/RFDOH5HVROYHU  &TTB DMBTTF EFGJOF VN NÏUPEP
DIBNBEP UHVROYH/RFDOH RVF SFUPSOB VN PCKFUP EP UJQP
/RFDOH  &TTF PCKFUP FTUBSÈ BDFTTÓWFM BUSBWÏT EB DMBTTF
/RFDOH&RQWH[W+ROGHU NÏUPEP JHW/RFDOH RVF Ï FTUÈUJDP 1PS
JTTP Ï QPTTÓWFM SFDVQFSBS P MPDBMF DPSSFUP B QBSUJS EF RVBMRVFS
QPOUP EP DØEJHP

7BNPT JOJDJBS B JNQMFNFOUBÎÍP EP NÏUPEP UHVROYH/RFDOH


FOUÍP &MF SFDFCF DPNP QBSÉNFUSP VN PCKFUP EP UJQP
+WWS6HUYOHW5HTXHVW F SFUPSOB VN /RFDOH BTTJN

SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW RUJVSULQJIUDPHZRUNZHEVHUYOHWLQ$FFHSW+HDGHU/RFDOH5HV
ROYHU

LPSRUW MDYD[VHUYOHWKWWS+WWS6HUYOHW5HTXHVW
LPSRUW MDYDXWLO/RFDOH

SXEOLF FODVV /RFDOH5HVROYHU H[WHQGV $FFHSW+HDGHU/RFDOH5HVROYHU ^

SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^


UHWXUQ QXOO
`
`

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


7BNPT BOPUBS FTTB DMBTTF DPN #&RPSRQHQW QBSB RVF FMB GJRVF
EJTQPOÓWFM QBSB P 4QSJOH BVUPNBUJDBNFOUF
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH&RPSRQHQW

 5HVWDQWH GR F³GLJR RPLWLGR

#&RPSRQHQW
SXEOLF FODVV /RFDOH5HVROYHU H[WHQGV $FFHSW+HDGHU/RFDOH5HVROYHU ^

SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^


UHWXUQ QXOO
`
`

"HPSB DSJBSFNPT EVBT DPOTUBOUFT OB OPTTB DMBTTF QBSB


EFUFSNJOBS RVF OPTTP MPDBMF QBESÍP Ï P QPSUVHVÐT EP #SBTJM NBT
RVF UBNCÏN QPEFNPT GPSOFDFS NFOTBHFOT FN JOHMÐT " QSJNFJSB
DPOTUBOUF WBJ TF DIBNBS '()$8/7B/2&$/( F WBJ TFS VNB JOTUÉODJB
EF /RFDOH DPN PT WBMPSFT SW F %5  " PVUSB WBJ TF DIBNBS
$&&(37('B/2&$/(6 F WBJ DPOUFS UBOUP P '()$8/7B/2&$/(
RVBOUP VNB OPWB JOTUÉODJB EF /RFDOH QBSBNFUSJ[BEB BQFOBT
DPN HQ 
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW MDYDXWLO$UUD\V
LPSRUW MDYDXWLO/LVW
LPSRUW MDYDXWLO/RFDOH

 5HVWDQWH GRV LPSRUWV RPLWLGR

#&RPSRQHQW
SXEOLF FODVV /RFDOH5HVROYHU H[WHQGV $FFHSW+HDGHU/RFDOH5HVROYHU ^

SULYDWH VWDWLF ILQDO /RFDOH '()$8/7B/2&$/( QHZ /RFDOH SW


%5 

SULYDWH VWDWLF ILQDO /LVW/RFDOH! $&&(37('B/2&$/(6 $UUD\VDV


/LVW

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


'()$8/7B/2&$/(
QHZ /RFDOH HQ


#2YHUULGH
SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^
UHWXUQ QXOO
`
`

7BNPT Ë JNQMFNFOUBÎÍP EP NÏUPEP 7BNPT VUJMJ[BS P NÏUPEP


JHW+HDGHU EP PCKFUP +WWS6HUYOHW5HTXHVW QBSB SFDVQFSBS P
WBMPS EP IFBEFS $FFHSW/DQJXDJH  &TUF IFBEFS QPEF OÍP TFS
FOWJBEP QFMP DMJFOUF TFS FOWJBEP FN CSBODP PV TFS FOWJBEP DPN P
DVSJOHB
 1BSB MJEBS DPN PT EPJT QSJNFJSPT BTQFDUPT WBNPT
QSJNFJSP JODMVJS B CJCMJPUFDB FRPPRQVODQJ OP OPTTP SRP[PO 
GHSHQGHQF\!
JURXS,G!RUJDSDFKHFRPPRQVJURXS,G!
DUWLIDFW,G!FRPPRQVODQJDUWLIDFW,G!
GHSHQGHQF\!

7BNPT JNQMFNFOUBS B BOÈMJTF EP DBCFÎBMIP VTBOEP P NÏUPEP


LV%ODQN EB DMBTTF 6WULQJ8WLOV 

LPSRUW RUJDSDFKHFRPPRQVODQJ6WULQJ8WLOV

SXEOLF FODVV /RFDOH5HVROYHU H[WHQGV $FFHSW+HDGHU/RFDOH5HVROYHU ^

#2YHUULGH
SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^
ILQDO 6WULQJ DFFHSW/DQJXDJH+HDGHU UHTXHVWJHW+HDGHU $FFH
SW/DQJXDJH 
LI 6WULQJ8WLOVLV%ODQN DFFHSW/DQJXDJH+HDGHU __ DFFHSW/DQJ
XDJH+HDGHUWULP HTXDOV   ^
UHWXUQ '()$8/7B/2&$/(
`
UHWXUQ QXOO
`
`

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


& WBNPT VTBS B DMBTTF /RFDOH/DQJXDJH5DQJH QBSB GB[FS
QBSTF EP WBMPS EP DBCFÎBMIP 0 NÏUPEP SDUVH WBJ SFUPSOBS VNB
MJTUB EF /RFDOH/DQJXDJH5DQJH RVF Ï VNB SFQSFTFOUBÎÍP EF
DBEB /RFDOH KÈ MFWBOEP FN DPOTJEFSBÎÍP B QSFGFSÐODJB QPS DBEB
WBMPS RVF Ï EFUFSNJOBEB QFMP DPOUFÞEP EP BUSJCVUP T
 %FQPJT EF
GB[FS JTUP QPEFNPT TVCNFUFS UBOUP B MJTUB EF
/RFDOH/DQJXDJH5DQJH RVBOUP B MJTUB EF MPDBMFT TVQPSUBEPT QBSB
P NÏUPEP ORRNXS EB DMBTTF /RFDOH  &TUF NÏUPEP DPNQBSB BT
EVBT MJTUBT QBSB TFMFDJPOBS RVBM /RFDOH NFMIPS TF FODBJYB OBT
OPTTBT OFDFTTJEBEFT
#2YHUULGH
SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^
ILQDO 6WULQJ DFFHSW/DQJXDJH+HDGHU UHTXHVWJHW+HDGHU $FFHSW
/DQJXDJH 
LI 6WULQJ8WLOVLV%ODQN DFFHSW/DQJXDJH+HDGHU __ DFFHSW/DQJXDJ
H+HDGHUWULP HTXDOV   ^
UHWXUQ '()$8/7B/2&$/(
`
/LVW/RFDOH/DQJXDJH5DQJH! OLVW /RFDOH/DQJXDJH5DQJHSDUVH D
FFHSW/DQJXDJH+HDGHU 
/RFDOH ORFDOH /RFDOHORRNXS OLVW $&&(37('B/2&$/(6 
UHWXUQ ORFDOH
`

" DMBTTF GJOBMJ[BEB GJDB BTTJN


SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW RUJDSDFKHFRPPRQVODQJ6WULQJ8WLOV
LPSRUW RUJVSULQJIUDPHZRUNVWHUHRW\SH&RPSRQHQW
LPSRUW RUJVSULQJIUDPHZRUNZHEVHUYOHWLQ$FFHSW+HDGHU/RFDOH5HV
ROYHU

LPSRUW MDYD[VHUYOHWKWWS+WWS6HUYOHW5HTXHVW
LPSRUW MDYDXWLO$UUD\V
LPSRUW MDYDXWLO/LVW
LPSRUW MDYDXWLO/RFDOH

#&RPSRQHQW

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


SXEOLF FODVV /RFDOH5HVROYHU H[WHQGV $FFHSW+HDGHU/RFDOH5HVROYHU ^

SULYDWH VWDWLF ILQDO /RFDOH '()$8/7B/2&$/( QHZ /RFDOH SW


%5 

SULYDWH VWDWLF ILQDO /LVW/RFDOH! $&&(37('B/2&$/(6 $UUD\VD


V/LVW

'()$8/7B/2&$/(
QHZ /RFDOH HQ


#2YHUULGH
SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^
ILQDO 6WULQJ DFFHSW/DQJXDJH+HDGHU UHTXHVWJHW+HDGHU $F
FHSW/DQJXDJH 
LI 6WULQJ8WLOVLV%ODQN DFFHSW/DQJXDJH+HDGHU __ DFFHSW/D
QJXDJH+HDGHUWULP HTXDOV   ^
UHWXUQ '()$8/7B/2&$/(
`
/LVW/RFDOH/DQJXDJH5DQJH! OLVW /RFDOH/DQJXDJH5DQJHSD
UVH DFFHSW/DQJXDJH+HDGHU 
/RFDOH ORFDOH /RFDOHORRNXS OLVW $&&(37('B/2&$/(6 
UHWXUQ ORFDOH
`
`

"HPSB WBNPT BKVTUBS B OPTTB DMBTTF 'HIDXOW(UURU+DQGOHU


QBSB RVF PT DØEJHPT EF FSSP TFKBN BKVTUBEPT QBSB P /RFDOH 
7BNPT DPNFÎBS SFWFOEP B JNQMFNFOUBÎÍP EP NÏUPEP
KDQGOH0HWKRG$UJXPHQW1RW9DOLG 

#([FHSWLRQ+DQGOHU 0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQFODVV
#5HVSRQVH6WDWXV +WWS6WDWXV%$'B5(48(67
SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXPHQW1
RW9DOLG([FHSWLRQ H[ ^

/LVW(UURU'DWD! PHVVDJHV H[
JHW%LQGLQJ5HVXOW
JHW)LHOG(UURUV
VWUHDP
PDS IH ! QHZ (UURU'DWD IHJHW'HIDXOW0HVVDJH
FROOHFW &ROOHFWRUVWR/LVW 

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


UHWXUQ QHZ (UURU5HVSRQVH PHVVDJHV 
`

/PTTB UBSFGB Ï NPEJGJDBS B MJOIB POEF P NÏUPEP PDS Ï


DIBNBEP QBSB RVF FN WF[ EF JOTUBODJBS VN (UURU'DWD OFTUF
NPNFOUP WBNPT GB[FS B DIBNBEB QBSB VN OPWP NÏUPEP RVF TFSÈ
DSJBEP "TTJN TFOEP WBNPT DSJBS P NÏUPEP JHW0HVVDJH RVF
SFDFCF VN )LHOG(UURU DPNP QBSÉNFUSP F SFUPSOBS VN
(UURU'DWD 

#([FHSWLRQ+DQGOHU 0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQFODVV
#5HVSRQVH6WDWXV +WWS6WDWXV%$'B5(48(67
SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXPHQW1
RW9DOLG([FHSWLRQ H[ ^

/LVW(UURU'DWD! PHVVDJHV H[
JHW%LQGLQJ5HVXOW
JHW)LHOG(UURUV
VWUHDP
PDS WKLVJHW0HVVDJH
FROOHFW &ROOHFWRUVWR/LVW 

UHWXUQ QHZ (UURU5HVSRQVH PHVVDJHV 


`

SULYDWH (UURU'DWD JHW0HVVDJH )LHOG(UURU ILHOG(UURU ^

UHWXUQ QXOO
`

$PNP WJNPT BOUFT DBEB )LHOG(UURU UFN VNB MJTUB EF


FRGHV RVF WBJ EFTEF VN DØEJHP RVF Ï NBJT FTQFDÓGJDP BUÏ VN
HFOÏSJDP 7FKBNPT PT DØEJHPT RVF GPSBN SFUPSOBEPT BOUFT
FRGHV >
1RW1XOOWUDYHO5HTXHVW,QSXWSDVVHQJHU,G
1RW1XOOSDVVHQJHU,G
1RW1XOOMDYDODQJ/RQJ
1RW1XOO
@

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


%FTTB GPSNB Ï QPTTÓWFM DSJBS VNB WBMJEBÎÍP QBSB RVBOEP P
DBNQP SDVVHQJHU,G EB DMBTTF WUDYHO5HTXHVW,QSXW GPS OVMP
RVBOEP BQFOBT P DBNQP SDVVHQJHU,G GPS OVMP PV TFKB EF
RVBMRVFS DMBTTF
 RVBOEP RVBMRVFS DBNQP EP UJQP
MDYDODQJ/RQJ GPS OVMP F GJOBMNFOUF RVBOEP RVBMRVFS DBNQP
GPS OVMP #BTFBEP OFTUFT DØEJHPT QPEFNPT DSJBS NFOTBHFOT EF
WBMJEBÎÍP QBSB RVBMRVFS DBNQP NBT WBNPT DSJBS FTQFDJGJDBNFOUF
QBSB P DBTP NBJT BNQMP QPTTÓWFM PV TFKB RVBOEP P DØEJHP GPS
1RW1XOO  1BSB JTTP WBNPT BCSJS PT BSRVJWPT
PHVVDJHVBSWB%5SURSHUWLHV F PHVVDJHVBHQSURSHUWLHV F
DSJBS WBMPSFT QBSB B DIBWF 1RW1XOO DBEB VN EFMFT FN VN JEJPNB
FTQFDÓGJDP "TTVNJOEP RVF P QPSUVHVÐT EP #SBTJM WBJ TFS P OPTTP
JEJPNB QBESÍP QBSB BT NFOTBHFOT WBNPT QSJNFJSP BCSJS P BSRVJWP
PHVVDJHVBSWB%5SURSHUWLHV F DPMPDBS P TFHVJOUF DPOUFÞEP

1RW1XOO 2 FDPSR Q£R SRGH VHU QXOR

& WBNPT QSPDFEFS EF GPSNB TFNFMIBOUF DPN P BSRVJWP


PHVVDJHVBHQSURSHUWLHV 

1RW1XOO 7KH ILHOG PXVW QRW EH QXOO

3FTUB VN ÞMUJNP EFUBMIF TF WÈSJBT NFOTBHFOT TJNJMBSFT GPSFN


SFUPSOBEBT OÍP WBNPT DPOTFHVJS TBCFS B RVBM DBNQP FMBT TF
SFGFSFN ² QPTTÓWFM QBSBNFUSJ[BS BT NFOTBHFOT EF FSSP DPMPDBOEP
ÓOEJDFT QBSB PT QBSÉNFUSPT 7BNPT OPWBNFOUF BMUFSBS P DPOUFÞEP
EPT BSRVJWPT EB TFHVJOUF GPSNB
1RW1XOO 2 FDPSR ^` Q£R SRGH VHU QXOR

&
1RW1XOO 7KH ILHOG ^` PXVW QRW EH QXOO

1BSB JNQMFNFOUBS B CVTDB EP DØEJHP WBNPT JOKFUBS P

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


0HVVDJH6RXUFH OB DMBTTF VUJMJ[BOEP B BOPUBÎÍP #$XWRZLUHG 
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[W0HVVDJH6RXUFH

5HVWDQWH GRV LPSRUWV RPLWLGR

#5HVW&RQWUROOHU$GYLFH
SXEOLF FODVV 'HIDXOW(UURU+DQGOHU ^

#$XWRZLUHG
SULYDWH 0HVVDJH6RXUFH PHVVDJH6RXUFH

 5HVWDQWH GR F³GLJR RPLWLGR

" JOUFSGBDF 0HVVDJH6RXUFH PGFSFDF USÐT JNQMFNFOUBÎÜFT EP


NÏUPEP JHW0HVVDJH 

" QSJNFJSB SFDFCF P DØEJHP EB NFOTBHFN VN BSSBZ EF


QBSÉNFUSPT QBSB B NFOTBHFN VNB 4USJOH DPN B NFOTBHFN
QBESÍP F P /RFDOH  $BTP B NFOTBHFN OÍP TFKB
FODPOUSBEB SFUPSOB B NFOTBHFN QBESÍP
" TFHVOEB SFDFCF P DØEJHP EB NFOTBHFN VN BSSBZ EF
QBSÉNFUSPT F P /RFDOH  $BTP B NFOTBHFN OÍP TFKB
FODPOUSBEB MBOÎB VNB 1R6XFK0HVVDJH([FHSWLRQ 
" UFSDFJSB SFDFCF VNB JNQMFNFOUBÎÍP EB JOUFSGBDF
0HVVDJH6RXUFH5HVROYDEOH F P /RFDOH 

/P OPTTP DBTP QPEFNPT BQSPWFJUBS RVF P )LHOG(UURU


JNQMFNFOUB B JOUFSGBDF 0HVVDJH6RXUFH5HVROYDEOH  %FTUB
GPSNB UVEP P RVF UFNPT B GB[FS Ï VUJMJ[BS P NÏUPEP JHW0HVVDJH
QBTTBOEP DPNP QBSÉNFUSP P )LHOG(UURU F P /RFDOH  &TUF

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


ÞMUJNP QPEF TFS PCUJEP B QBSUJS EB DMBTTF /RFDOH&RQWH[W+ROGHU
RVF QSPWÐ VN NÏUPEP FTUÈUJDP DIBNBEP JHW/RFDOH QPS CBJYP
EPT QBOPT FMF WBJ SFUPSOBS P SFTVMUBEP EP NÏUPEP RVF DPEJGJDBNPT
OB DMBTTF /RFDOH5HVROYHU
 " DMBTTF UPEB GJOBMJ[BEB GJDB BTTJN
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

LPSRUW RUJVSULQJIUDPHZRUNEHDQVIDFWRU\DQQRWDWLRQ$XWRZLUHG
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[W0HVVDJH6RXUFH
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WLQ/RFDOH&RQWH[W+ROGHU
LPSRUW RUJVSULQJIUDPHZRUNKWWS+WWS6WDWXV
LPSRUW RUJVSULQJIUDPHZRUNYDOLGDWLRQ)LHOG(UURU
LPSRUW RUJVSULQJIUDPHZRUNZHEELQG0HWKRG$UJXPHQW1RW9DOLG([FHSWL
RQ
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ([FHSWLRQ+DQGOHU
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVSRQVH6WDWXV
LPSRUW RUJVSULQJIUDPHZRUNZHEELQGDQQRWDWLRQ5HVW&RQWUROOHU$GYL
FH

LPSRUW MDYDXWLO/LVW
LPSRUW MDYDXWLOVWUHDP&ROOHFWRUV

#5HVW&RQWUROOHU$GYLFH
SXEOLF FODVV 'HIDXOW(UURU+DQGOHU ^

#$XWRZLUHG
SULYDWH 0HVVDJH6RXUFH PHVVDJH6RXUFH

#([FHSWLRQ+DQGOHU 0HWKRG$UJXPHQW1RW9DOLG([FHSWLRQFODVV
#5HVSRQVH6WDWXV +WWS6WDWXV%$'B5(48(67
SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXPH
QW1RW9DOLG([FHSWLRQ H[ ^

/LVW(UURU'DWD! PHVVDJHV H[
JHW%LQGLQJ5HVXOW
JHW)LHOG(UURUV
VWUHDP
PDS WKLVJHW0HVVDJH
FROOHFW &ROOHFWRUVWR/LVW 

UHWXUQ QHZ (UURU5HVSRQVH PHVVDJHV 


`

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


SULYDWH (UURU'DWD JHW0HVVDJH )LHOG(UURU ILHOG(UURU ^
UHWXUQ QHZ (UURU'DWD PHVVDJH6RXUFHJHW0HVVDJH ILHOG(UURU /
RFDOH&RQWH[W+ROGHUJHW/RFDOH 
`
`

7BNPT UFTUBS OPWBNFOUF DPN P 1PTUNBO QBTTBOEP QSJNFJSP P


MPDBMF HQ OP DBCFÎBMIP $FFHSW/DQJXDJH 

'JHVSB  5FTUF DPN -PDBMF FO

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


0CTFSWF RVF B NFOTBHFN EP SDVVHQJHU,G WFJP FN JOHMÐT
FORVBOUP BT PVUSBT EVBT WJFSBN FN QPSUVHVÐT *TTP BDPOUFDF
QPSRVF OÍP DPOGJHVSBNPT B NFOTBHFN EB WBMJEBÎÍP EB BOPUBÎÍP
#1RW(PSW\ F P TJTUFNB VTPV BT NFOTBHFOT QBESÍP PV TFKB BT RVF
FTUBWBN EJSFUBNFOUF OBT BOPUBÎÜFT


7BNPT BCSJS OPWBNFOUF PT BSRVJWPT EF QSPQSJFEBEFT F


DPOGJHVSBS BT NFOTBHFOT DPNFÎBOEP QFMP
PHVVDJHVBSWB%5SURSHUWLHV 

1RW1XOO 2 FDPSR ^` Q£R SRGH VHU QXOR


1RW(PSW\ 2 FDPSR ^` Q£R SRGH HVWDU HP EUDQFR

"HPSB P BSRVJWP PHVVDJHVBHQSURSHUWLHV 


1RW1XOO 7KH ILHOG ^` PXVW QRW EH QXOO
1RW(PSW\ 7KH ILHOG ^` PXVW QRW EH HPSW\

7BNPT UFTUBS OPWBNFOUF

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


'JHVSB  /PWP UFTUF DPN -PDBMF FO

"HPSB WBNPT BKVTUBS P DBCFÎBMIP QBSB MPDBMF SW%5 

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


'JHVSB  5FTUF DPN -PDBMF QU#3

5BNCÏN GJDPV CPN 0 ÞMUJNP UFTUF RVF QSFDJTBNPT GB[FS Ï DPN


VN MPDBMF OÍP VUJMJ[BEP OP TJTUFNB 7BNPT DPMPDBS ]K $IJOÐT

QBSB WFSJGJDBS P RVF BDPOUFDF

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


'JHVSB  5FTUF DPN -PDBMF [I

1PS RVF JTTP BDPOUFDFV 2VBOEP DPEJGJDBNPT P OPTTP


/RFDOH5HVROYHU OB IPSB EF GB[FS P ORRNXS P MPDBMF DIJOÐT OÍP
FTUBWB OB OPTTB MJTUB EF MPDBMFT TVQPSUBEPT &OUÍP P NÏUPEP
SFUPSOPV QXOO  *TTP GF[ DPN RVF P /RFDOH&RQWH[W+ROGHU
SFUPSOBTTF P MPDBMF POEF P TJTUFNB FTUÈ DPOGJHVSBEP  OP NFV DBTP
JOHMÐT BNFSJDBOP

 ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552 


1BSB RVF JTTP OÍP BDPOUFÎB QSFDJTBNPT BKVTUBS B OPTTB DMBTTF
/RFDOH5HVROYHU OP QPOUP POEF FTUÈ P NÏUPEP ORRNXS  7BNPT
VUJMJ[BS B DMBTTF 2SWLRQDO EP +BWB QBSB DBTP P MPDBMF OÍP UFOIB
TJEP SFUPSOBEP EP NÏUPEP ORRNXS VUJMJ[BSNPT P MPDBMF QBESÍP
&OUÍP P NÏUPEP QBTTB B GJDBS BTTJN
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJHUURUKDQGOLQJ

 5HVWDQWH GRV LPSRUWV RPLWLGRV


LPSRUW MDYDXWLO2SWLRQDO

#&RPSRQHQW
SXEOLF FODVV /RFDOH5HVROYHU H[WHQGV $FFHSW+HDGHU/RFDOH5HVROYHU ^

SULYDWH VWDWLF ILQDO /RFDOH '()$8/7B/2&$/( QHZ /RFDOH SW


%5 

SULYDWH VWDWLF ILQDO /LVW/RFDOH! $&&(37('B/2&$/(6 $UUD\VD


V/LVW

'()$8/7B/2&$/(
QHZ /RFDOH HQ


#2YHUULGH
SXEOLF /RFDOH UHVROYH/RFDOH +WWS6HUYOHW5HTXHVW UHTXHVW ^
ILQDO 6WULQJ DFFHSW/DQJXDJH+HDGHU UHTXHVWJHW+HDGHU $F
FHSW/DQJXDJH 
LI 6WULQJ8WLOVLV%ODQN DFFHSW/DQJXDJH+HDGHU __ DFFHSW/D
QJXDJH+HDGHUWULP HTXDOV   ^
UHWXUQ '()$8/7B/2&$/(
`
/LVW/RFDOH/DQJXDJH5DQJH! OLVW /RFDOH/DQJXDJH5DQJHSD
UVH DFFHSW/DQJXDJH+HDGHU 
/RFDOH ORFDOH /RFDOHORRNXS OLVW $&&(37('B/2&$/(6 
UHWXUQ 2SWLRQDORI1XOODEOH ORFDOH RU(OVH '()$8/7B/2&$/(

`
`

$PN FTTB NPEJGJDBÎÍP WBNPT SFJOJDJBS P TJTUFNB F UFTUBS


OPWBNFOUF 0 SFTVMUBEP EB SFRVJTJÎÍP GJDB BTTJN

  ,17(51$&,21$/,=$1'2 $6 0(16$*(16 '( (552


'JHVSB  /PWP UFTUF DPN -PDBMF [I

 $0.0 $3*"3 6." "1*


3&530$0.1"5¶7&- 06 $0.0
7&34*0/"3 6." "1*

/PTTB "1* FTUÈ DSFTDFOEP ² QSPWÈWFM RVF P OFHØDJP FN TJ B


BDPNQBOIF OP DSFTDJNFOUP F JTTP WBJ HFSBOEP OPWBT EFNBOEBT

 &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5 80$
$3, 
QBSB B "1* $PN OPWBT EFNBOEBT B "1* QSFDJTB TFS
FWPMVÓEBNFMIPSBEB *TTP GB[ DPN RVF VNB "1* NVJUBT WF[FT OÍP
QPTTB NBJT TFS VTBEB

7BNPT WFS VN FYFNQMP OB QSØQSJB "1* RVF DPOTUSVÓNPT


WUDYHO5HTXHVWV  6NB SFRVFTU UÓQJDB TFSJB BTTJN

^
SDVVHQJHU,G 
GHVWLQDWLRQ $YHQLGD )DULD /LPD 
RULJLQ $YHQLGD 3DXOLVWD 
`

4F P UJNF EF OFHØDJPT EFDJEJTTF RVF BMÏN EP FOEFSFÎP


QSFDJTBNPT EP $&1 FN VN DBNQP TFQBSBEP QPEFSÓBNPT EFTFOIBS
VNB OPWB SFRVFTU QBSB TFS NBJT PV NFOPT EB TFHVJOUF GPSNB
^
SDVVHQJHU,G 
GHVWLQDWLRQ ^
QDPH$YHQLGD )DULD /LPD 
]LS&RGH
`
RULJLQ $YHQLGD 3DXOLVWD 
`

.BT FYJTUF VN QSPCMFNB GVOEBNFOUBM BÓ PT DMJFOUFT BUVBJT EB


"1* FTQFSBN RVF P DBNQP GHVWLQDWLRQ TFKB VNB 4USJOH OÍP VN
PCKFUP NBJT DPNQMFYP *TTP GBSJB DPN RVF B "1* EFJYBTTF EF
GVODJPOBS QBSB FTUFT DMJFOUFT KÈ FYJTUFOUFT F JTTP GBSJB DPN RVF FTUB
"1* OÍP GPTTF SFUSPDPNQBUÓWFM " SFUSPDPNQBUJCJMJEBEF Ï NVJUP
JNQPSUBOUF FN BNCJFOUFT POEF WPDÐ OÍP DPOIFDF PT VTVÈSJPT EB
TVB "1* PV WPDÐ OÍP UFN DPOUSPMF TPCSF FMFT 1PS FYFNQMP TF WPDÐ
UJWFS VN BQMJDBUJWP NPCJMF RVF DPOTVMUB B TVB "1* QPEF TFS RVF PT
VTVÈSJPT EP BQMJDBUJWP QBTTFN VN CPN UFNQP TFN BUVBMJ[BS B
WFSTÍP EFMF NBT NFTNP BTTJN WPDÐ EFTFKB RVF FTUBT WFSTÜFT NBJT

  &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5
80$ $3,
BOUJHBT DPOUJOVFN GVODJPOBOEP TFN GPSÎBS B BUVBMJ[BÎÍP

2VBOEP VNB "1* Ï DSJBEB QBSB TFS SFUSPDPNQBUÓWFM BMHVNBT


SFHSBT EFWFN TFS TFHVJEBT

/ÍP TF QPEF NPEJGJDBS DBNQPT TJNQMFT QBSB TF UPSOBSFN


DPNQMFYPT
/ÍP TF QPEF JOUSPEV[JS OPWPT DBNQPT RVF TFKBN
PCSJHBUØSJPT
/ÍP TF QPEF DSJBS SFHSBT SFTUSJOHJOEP WBMPSFT BDFJUPT FN
VN DBNQP QPS FYFNQMP UPNBS VN DBNQP RVF BDFJUF BUÏ 
DBSBDUFSFT F GB[FS DPN RVF QBTTF B BDFJUBS BUÏ 

/ÍP TF QPEF JOUSPEV[JS RVBMRVFS FTQÏDJF EF QBSÉNFUSP RVF
TFKB PCSJHBUØSJP
/ÍP TF QPEF BMUFSBS BT 63-T
/ÍP TF QPEF BMUFSBS OPNFT EF DBNQPT UBOUP OB SFRVFTU
RVBOUP OB SFTQPOTF


$PNP WJB EF SFHSB Ï NBJT GÈDJM EJ[FS P RVF QPEF TFS GFJUP FN
VNB "1* RVF OÍP QSPWPDB FSSPT OB SFUSPDPNQBUJCJMJEBEF

$SJBÎÍP EF OPWPT DBNQPT OÍP PCSJHBUØSJPT


'MFYJCJMJ[BÎÍP EF SFHSBT EF WBMJEBÎÍP QPS FYFNQMP VN
DBNQP RVF BDFJUF BUÏ  DBSBDUFSFT QBTTB B BDFJUBS 

$SJBÎÍP EF OPWBT 63-T OB "1*

$PNP WPDÐ QPEF PCTFSWBS Ï NBJT EJGÓDJM EFJYBS VNB "1*


SFUSPDPNQBUÓWFM EP RVF P DPOUSÈSJP &TUB UÏDOJDB EF NBOVUFOÎÍP EF
VNB "1* QBSB RVF OÍP IBKB RVFCSB EPT DMJFOUFT Ï TFNFMIBOUF BP
JODSFNFOUP EF VNB NJOPS WFSTJPO FN VN TPGUXBSF RVBMRVFS 4F
GÙTTFNPT NFTNP BUSJCVJS VNB WFSTÍP Ë OPTTB "1* QPEFSÓBNPT
EJ[FS RVF Ï FTQFSBEP RVF PT DMJFOUFT RVF GPSBN GFJUPT QBSB VUJMJ[BS B

 &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5 80$
$3, 
WFSTÍP  EB "1* DPOUJOVFN GVODJPOBOEP DPSSFUBNFOUF RVBOEP
B "1* WBJ QBSB B WFSTÍP  TFN RVBMRVFS BMUFSBÎÍP 0 NFTNP KÈ
OÍP QPEF TFS EJUP TF B "1* GPS QBSB VNB TVQPTUB WFSTÍP   B
NBKPS WFSTJPO Ï JODSFNFOUBEB RVBOEP IÈ RVFCSB EB
DPNQBUJCJMJEBEF  OÍP TFOEP EFTUB GPSNB SFUSPDPNQBUÓWFM

/ÍP Ï EFTFKÈWFM IBWFS RVFCSB EB DPNQBUJCJMJEBEF QPSUBOUP


JNQMFNFOUBNPT VNB FTUSBUÏHJB EF WFSTJPOBNFOUP EB "1* QBSB
RVF BP NFOPT QPTTBNPT NBOUFS WFSTÜFT EB "1* FYFDVUBOEP FN
QBSBMFMP " FTUSBUÏHJB EF NBOUFS WFSTÜFT SPEBOEP FN QBSBMFMP OPT
QFSNJUF DSJBS FTUSBUÏHJBT QBSB FYFDVUBS VN QMBOFKBNFOUP EF QIBTF
PVU OPT DMJFOUFT PV TFKB BWJTÈMPT EF RVF FMFT QPTTVFN VN DFSUP
QSB[P QBSB BUVBMJ[BS QBSB B WFSTÍP NBJT SFDFOUF EB "1* FORVBOUP B
BOUJHB OÍP EFJYB EF GVODJPOBS

/P BTQFDUP UÏDOJDP QBSB WFSTJPOBS BT "1*T DSJBNPT VNB GPSNB


EP DMJFOUF JOGPSNBS BP TFSWJEPS RVBM WFSTÍP EB "1* HPTUBSJB EF
VTBS "T QSJODJQBJT GPSNBT EF GB[FS JTTP TÍP BT TFHVJOUFT

.PEJGJDBS B 63- EPT TFSWJÎPT QBSB JODMVJS B WFSTÍP &Y


YWUDYHO5HTXHVWV
$SJBS VN RVFSZ QBSBN QBSB GPSOFDFS B WFSTÍP &Y
WUDYHO5HTXHVWV"YHUVLRQ 
$SJBS VN IFBEFS QBSB GPSOFDFS B WFSTÍP

$BEB VNB EFTTBT GPSNBT UFN WBOUBHFOT F EFTWBOUBHFOT RVF


WBNPT JOWFTUJHBS NBJT B GVOEP B TFHVJS

7FSTJPOBNFOUP BUSBWÏT EF NVEBOÎB EF IPTUOBNFT


&YFNQMP IUUQTWBQJDBSDPNCSUSBWFM3FRVFTUT

&TUB FTUSVUVSB Ï B NBJT GMFYÓWFM EF UPEBT QPSÏN UBNCÏN Ï B RVF

  &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5
80$ $3,
UFN NBJT QPUFODJBM QBSB EFTBTUSF $PN FTTB FTUSVUVSB Ï QPTTÓWFM
SFDSJBS QPS DPNQMFUP VNB "1*  QPJT TF P IPTU NVEB Ï DPNP TF
GPTTF VNB OPWB JOUFHSBÎÍP 1PSÏN BP GPSÎBS P DMJFOUF BP DSJBS FTTB
OPWB JOUFHSBÎÍP UPEP VN PWFSIFBE HFSBEP QPS FTTF QSPDFTTP Ï
BTTVNJEP 1BSUF EFTTF PWFSIFBE TJHOJGJDB DPOGJHVSBS QPTTÓWFJT
TFSWJEPSFT QSPYZ SFHSBT EF SPUFBNFOUP "QBDIFOHJOY FUD
$POUVEP EP MBEP EF RVFN QSPWÐ B "1* FTUBT NFTNBT EJGJDVMEBEFT
QPEFN TFS USBOTGPSNBEBT FN GBDJMJEBEFT QPJT QFSNJUFN RVF BT
"1*T FTUFKBN MPDBMJ[BEBT FN NÈRVJOBT PV EBUBDFOUFST EJGFSFOUFT F
BUÏ NFTNP RVF TFKBN FTDSJUBT FN MJOHVBHFOT EJGFSFOUFT 0V TFKB
FGFUJWBNFOUF Ï DPNP PGFSFDFS "1*T UPUBMNFOUF OPWBT

1SØ

1FSNJUF SFFTUSVUVSBS QPS DPNQMFUP B FTUSVUVSB

$POUSB

1PEF QSFKVEJDBS EFNBJT PT DMJFOUFT RVBOEP B NVEBOÎB Ï


SFBMJ[BEB UBMWF[ BUÏ PT GPSÎBOEP B NBOUFS FTUSVUVSBT
EJGFSFOUFT

7FSTJPOBNFOUP QFMB 63-


&YFNQMP IUUQTBQJDBSDPNCSWUSBWFM3FRVFTUT

&TUB Ï VNB EBT UÏDOJDBT NBJT BEPUBEBT RVBOEP TF GBMB B SFTQFJUP


EF WFSTJPOBNFOUP EF "1*T QPS TFS VNB EBT NBJT EJSFUBT " "1*
RVF Ï WFSTJPOBEB EFTUB GPSNB QPEF EFDJEJS TF GPSÎB P DMJFOUF B
JOGPSNBS B WFSTÍP PV OÍP 1PS FYFNQMP B NFTNB "1* QPEF FTUBS
EJTQPOÓWFM FN IUUQTBQJDBSDPNCSWUSBWFM3FRVFTUT F
IUUQTBQJDBSDPNCSUSBWFM3FRVFTUT TFOEP RVF OFTUB ÞMUJNB P
TFSWJEPS BEPUB B ÞMUJNB WFSTÍP DPNP QBESÍP 5BM GFJUP OÍP QSFDJTB

 &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5 80$
$3, 
OFDFTTBSJBNFOUF TFS DPEJGJDBEP EJSFUBNFOUF OB BQMJDBÎÍP CBTUB RVF
P GPSOFDFEPS EB "1* DSJF VNB SFHSB OP CBMBODFBEPS EF DBSHB
DPNP P KÈ NFODJPOBEP OHJOY QPS FYFNQMP
 *TTP QPEF PV OÍP TFS
GÈDJMDPOWFOJFOUF NBT Ï VNB PQÎÍP QBSB P DBTP EF OÍP TFS
EFTFKÈWFM DSJBS P SPUFBNFOUP EJSFUBNFOUF OB BQMJDBÎÍP

6N BTQFDUP RVF UPSOB EFMJDBEB B BEPÎÍP EFTTF NPEFMP Ï P VTP


EF )"5&0"4 QPJT EFTUB GPSNB P DMJFOUF OÍP UFN B GMFYJCJMJEBEF
QBSB FTDPMIFS RVBJT WFSTÜFT VUJMJ[BS EF RVBJT MJOLT PV TFKB FMF QPEF
TFS GPSÎBEP QPS VN MJOL )"5&0"4 B VUJMJ[BS VNB WFSTÍP EJGFSFOUF
EB EFTFKBEB 0 NFTNP WBMF QBSB B FTUSBUÏHJB EF DBTP B WFSTÍP OÍP
FTUFKB QSFTFOUF VUJMJ[BS B ÞMUJNB VN MJOL RVF UFOIB VNB OBUVSF[B
NBJT QFSNBOFOUF QPEF DSJBS P NFTNP DPOGMJUP OP DMJFOUF POEF FTUF
SFGFSFODJB VN MJOL DPOUBOEP DPN VNB EFUFSNJOBEB WFSTÍP F FTUB
QBTTB QPS VQHSBEF JOUFSOBNFOUF

&N UPEPT PT DBTPT DJUBEPT GJDB DMBSP UBNCÏN RVF B


DPFYJTUÐODJB EF SFDVSTPT DPN EJGFSFOUFT WFSTÜFT QPEF TFS DPNQMFYB
VNB WF[ RVF VN TFSWJÎP QPEF QBTTBS QPS VN VQHSBEF F PVUSP OÍP
%FTUB GPSNB FN VN DFOÈSJP DPN WÈSJPT TFSWJÎPT DPOWJWFOEP FN
VN NFTNP FDPTTJTUFNB GJDB DMBSB B OFDFTTJEBEF EF TF UFS BMHVNB
GPSNB EF HFSFODJBNFOUP EBT WFSTÜFT EPT TFSWJÎPT

1PS ÞMUJNP EFJYP DMBSP RVF DPOGPSNF FYQMBOBEP BP MPOHP


EFTUF MJWSP P WFSTJPOBNFOUP QPS 63-T OÍP Ï 3&45GVM *TTP
TJHOJGJDB RVF PT TFSWJÎPT RVF BEPUBN FTUF NPEFMP EF
WFSTJPOBNFOUP OÍP FTUÍP  EF BDPSEP DPN B FTQFDJGJDBÎÍP
3&45 PSJHJOBM '*&-%*/( 
 "TTJN TFOEP UBM VTP EF
WFSTJPOBNFOUP QPEF BDBCBS MFWBOEP BT "1*T B EFTUPBSFN EP
NPEFMP DPNP VN UPEP F QBVMBUJOBNFOUF QFSEFSFN B DBSBDUFSÓTUJDB
EB VTBCJMJEBEF

  &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5
80$ $3,
0 26& 4*(/*'*$" " 1"-"73" 3&45'6-

0 TVGJYP GVM EFQPJT EF 3&45 Ï VNB GPSNB EB MÓOHVB JOHMFTB EF


BEBQUBS PV USBOTGPSNBS VN TVCTUBOUJWP FN VN BEKFUJWP 1BSB
GJDBS NBJT DMBSP UFNPT DPNP FYFNQMPT B QBMBWSB DPMPS DPS
F
DPMPSGVM DPMPSJEP
 %B NFTNB GPSNB FOUFOEBTF 3&45 DPNP
VN TVCTUBOUJWP F 3&45GVM DPNP VN BEKFUJWP /B NBJPS QBSUF
EPT DPOUFYUPT QPEF TFS VTBEB EF NBOFJSB JOUFSDBNCJÈWFM

1SØT

5PSOB B WFSTÍP VUJMJ[BEB ØCWJB


'ÈDJM EF DSJBS SFHSBT EF SPUFBNFOUP

$POUSBT

2VFCSB )"5&0"4
2VFCSB MJOLT QFSNBOFOUFT
/ÍP Ï 3&45GVM
$PFYJTUÐODJB FOUSF SFDVSTPT EF WFSTÜFT EJGFSFOUFT

7FSTJPOBNFOUP QPS RVFSZ QBSBNT


&YFNQMP IUUQTBQJDBSDPNCSUSBWFM3FRVFTUT W

6NB NBOFJSB TVCTUBODJBMNFOUF NBJT TJNQMFT EF WFSTJPOBS


"1*T TFSJB BUSBWÏT EF RVFSZ QBSBNT /P FOUBOUP FTUB GBDJMJEBEF OÍP
QFSEVSBSJB QPS NVJUP UFNQP QPJT BMÏN EF BQSFTFOUBS BMHVOT EPT
QSPCMFNBT EFNPOTUSBEPT QFMP WFSTJPOBNFOUP WJB 63- BDSFTDFOUB
TF UBNCÏN VN QSPCMFNB DPN P SPUFBNFOUP BMHVOT CBMBODFBEPSFT

 &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5 80$
$3, 
EF DBSHB QPEFN OÍP P SFDPOIFDFS DPNP VN NÏUPEP EF
SPUFBNFOUP


6N QSPCMFNB BJOEB NBJT HSBWF DPN FTUB BCPSEBHFN Ï RVF PT


RVFSZ QBSBNT TÍP IJTUPSJDBNFOUF VUJMJ[BEPT BQFOBT OP NÏUPEP
(&5 ² VN QPVDP NBJT DPNVN IPKF FN EJB PVUSPT NÏUPEPT
TVQPSUBSFN NBT OPUBTF RVF FTTB OÍP Ï VNB CPB QSÈUJDB F EFWF TFS
FWJUBEB 0CTFSWBTF RVF BMHVNBT CJCMJPUFDBT OÍP TVQPSUBN JTTP
DPNP B 'VFM EF EFTFOWPMWJNFOUP "OESPJE

IUUQTHJUIVCDPNLJUUJOVOGGVFMJTTVFT

1SØ

.ÏUPEP TJNQMFT

$POUSBT

%JGÓDJM EF DSJBS SFHSBT EF SPUFBNFOUP


/FN UPEPT PT NÏUPEPT )551 F CJCMJPUFDBT TVQPSUBN
/ÍP Ï 3&45GVM

7FSTJPOBNFOUP QPS VN DBCFÎBMIP DVTUPNJ[BEP


&YFNQMP

"DDFQU7FSTJPO WR WR

IUUQTBQJDBSDPNCSUSBWFM3FRVFTUT

"P QBTTP RVF P WFSTJPOBNFOUP QPS 63- OÍP Ï 3&45GVM FTUF


NFDBOJTNP Ï " QBTTBHFN EF DBCFÎBMIPT OP QSPUPDPMP )551
EFNPOTUSB DPNP GVODJPOB P USÈGFHP EF NFUBEBEPT FOUSF P DMJFOUF F
P GPSOFDFEPS F P VTP EF VN DBCFÎBMIP QBSB JOGPSNBS B WFSTÍP Ï
VNB FYDFMFOUF EFNPOTUSBÎÍP EJTTP

  &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5
80$ $3,
1BSB FGFJUPT EF DPNQBSBÎÍP MFNCSFTF EF RVF UFNPT PVUSPT
DBCFÎBMIPT EF OFHPDJBÎÍP EF DPOUFÞEP EJTQPOÓWFJT OB QSØQSJB
FTQFDJGJDBÎÍP )551

$FFHSW
$FFHSW/DQJXDJH
$FFHSW(QFRGLQJ
PVUSPT

"TTJN TFOEP VN DBCFÎBMIP EP UJQP $FFHSW9HUVLRQ PV


TJNJMBS
FTUBSJB NVJUP QSØYJNP EBRVJMP RVF KÈ FTUÈ FNCVUJEP OP
QSPUPDPMP )551 BJOEB NBJT TF FMF UJWFTTF P DBSÈUFS EF OFHPDJÈWFM
DPOGPSNF PDPSSF DPN P $FFHSW/DQJXDJH QPS FYFNQMP


*TTP UFSJB WÈSJBT WBOUBHFOT " QSJNFJSB EFMBT Ï RVF BP VUJMJ[BS


)"5&0"4 PV MJOLT QFSNBOFOUFT P VTVÈSJP UFSJB QMFOB
QPTTJCJMJEBEF EF EFUFSNJOBS OPWBT WFSTÜFT VUJMJ[BOEP PT NFTNPT
MJOLT DSJBOEP UPUBM GMFYJCJMJEBEF

/P FOUBOUP P GBUP EF TFS DVTUPNJ[BEP GB[ DPN RVF P VTVÈSJP


QSFDJTF TFS JOGPSNBEP FYQMJDJUBNFOUF TPCSF P RVF JOTFSJS DPNP
JOGPSNBÎÍP EF WFSTÍP PV OÍP JOTFSJS RVBMRVFS JOGPSNBÎÍP F TFHVJS
B BCPSEBHFN EF VUJMJ[BS B ÞMUJNB WFSTÍP UFOEP PT NFTNPT
QSPCMFNBT RVF GPSBN FYQMJDJUBEPT OB TFÎÍP EF WFSTJPOBNFOUP QFMB
63-
 "MÏN EJTTP P QSØQSJP GPSOFDJNFOUP EP DBCFÎBMIP OÍP Ï
ØCWJP KÈ RVF OP )551 PT DBCFÎBMIPT DPTUVNBN TFHVJS VNB
OBUVSF[B NBJT PQDJPOBM

0T EPJT QSPCMFNBT QPEFSJBN TFS SFTPMWJEPT BP NFTNP UFNQP


TF P DBCFÎBMIP GPTTF UPSOBEP PCSJHBUØSJP *TTP GBSJB DPN RVF B "1*
QFSEFTTF VN QPVDP EB TVB VTBCJMJEBEF NBT HBOIBSJB NBJT
SFTJMJÐODJB OFTUF BTQFDUP EP WFSTJPOBNFOUP

 &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5 80$
$3, 
1SØT

² 3&45GVM
1PEF PGFSFDFS VN NPEFMP NBJT GMFYÓWFM EF OFHPDJBÎÍP EF
WFSTÜFT

$POUSBT

/ÍP Ï QBESPOJ[BEP  ØCWJP


%FJYB P DMJFOUF MJWSF QBSB OÍP FTQFDJGJDBS RVBM B WFSTÍP
1PEF RVFCSBS )"5&0"4
1PEF BQSFTFOUBS JODPOTJTUÐODJBT FOUSF WFSTÜFT EJGFSFOUFT EF
SFDVSTPT

7FSTJPOBNFOUP QFMP DBCFÎBMIP "DDFQU


&YFNQMP

"DDFQU BQQMJDBUJPOWOEUSBWFMSFRVFTU KTPOWFSTJPO

IUUQTBQJDBSDPNCSUSBWFM3FRVFTUT

&N UFSNPT EF FMFHÉODJB FTUF Ï P NFMIPS GPSNBUP EF UPEPT QPJT


VUJMJ[B P QSØQSJP NFDBOJTNP EF OFHPDJBÎÍP EF DPOUFÞEP 3&45
QBSB OFHPDJBS UBNCÏN B WFSTÍP 1FSEF FN UFSNPT EB OFHPDJBÎÍP EF
WFSTÍP RVF QPEF TFS FNCVUJEB FN VN DBCFÎBMIP DVTUPNJ[BEP NBT
HBOIB OB QBESPOJ[BÎÍP

&OUSFUBOUP QPS SFRVFSFS DVTUPNJ[BÎÍP TPCSF PT QSØQSJPT NFEJB


UZQFT VNB WF[ RVF BT JOGPSNBÎÜFT EF WFSTÍP TÍP BOFYBEBT B FTUFT
DPOGPSNF WJTUP OP FYFNQMP
FTUB WBOUBHFN QPEF TFS SBQJEBNFOUF
USBOTGPSNBEB FN EFTWBOUBHFN BP QBTTP RVF QPEF TFS QSFKVEJDJBM
QBSB BMHVNBT CJCMJPUFDBT EF DMJFOUFT

  &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5
80$ $3,
1SØT

² P GPSNBUP NBJT 3&45GVM


5PSOB NBJT ØCWJB B RVFTUÍP EP WFSTJPOBNFOUP

$POUSBT

1PEF OÍP TFS DPNQMFUBNFOUF DPNQBUÓWFM DPN BT CJCMJPUFDBT


EF DMJFOUFT
1PEF JOUFSGFSJS OP GVODJPOBNFOUP DPSSFUP EB OFHPDJBÎÍP EF
DPOUFÞEP
/ÍP PGFSFDF UBOUB GMFYJCJMJEBEF B SFTQFJUP EF RVBM WFSTÍP
VUJMJ[BS

'JOBMNFOUF RVBM NPEFMP FTDPMIFS


5PEPT PT GPSNBUPT WJTUPT QPTTVFN WBOUBHFOT F EFTWBOUBHFOT 
OP GJN EBT DPOUBT USBUBTF EF BOBMJTBS P TFV FDPTTJTUFNB FN
UFSNPT EF GFSSBNFOUBT VUJMJ[BEBT DMJFOUFT FUD
F WFSJGJDBS RVBM
GPSNBUP FODBJYBTF NFMIPS /P NFV QPOUP EF WJTUB B BCPSEBHFN
DPN P DBCFÎBMIP DVTUPNJ[BEP QBSFDF B PQÎÍP DPN NFOPT QPOUPT
DPOUSB  PV BP NFOPT B PQÎÍP FN RVF Ï NBJT GÈDJM DPOUPSOBS PT
QPOUPT DPOUSB

$PODMVTÍP
&TUF DBQÓUVMP UFN B NJTTÍP EF TFS VN EJWJTPS EF ÈHVBT EFOUSP
EP MJWSP "UÏ BRVJ BCPSEBNPT BT RVFTUÜFT NBJT CÈTJDBT F ØCWJBT EF
EFTFOWPMWJNFOUP EF "1*T DPN UPEP P CÈTJDP OFDFTTÈSJP QBSB
SFBMJ[BS P EFTFOWPMWJNFOUP " QBSUJS EFTUF DBQÓUVMP QBTTBNPT B
GBMBS TPCSF DPOUFÞEP NBJT BWBOÎBEP F RVF SFBMNFOUF GB[ DPN RVF
VNB "1* TFKB GÈDJM EF VTBS F FTUFKB QSPOUB QBSB PT EFTBGJPT RVF

 &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5 80$
$3, 
BQBSFDFSÍP VNB WF[ RVF P HSBOEF QÞCMJDP QBTTF B VUJMJ[ÈMB .BT
FTTF GPJ BQFOBT P QSJNFJSP QBTTP QSFDJTBNPT GBMBS NBJT TPCSF
PVUSBT RVFTUÜFT DPNP EPDVNFOUBÎÍP NPOFUJ[BÎÍP F DPNP
BCPSEBS RVFTUÜFT DPNP P UISPUUMJOH 7BNPT FN GSFOUF

  &202 &5,$5 80$ $3, 5(752&203$7Ë9(/ 28 &202 9(56,21$5
80$ $3,
&$3Ë78/2 

%0$6.&/5"/%0 " "1*

&NCPSB B NFNØSJB F P SBDJPDÓOJP TFKBN EVBT GBDVMEBEFT


FTTFODJBMNFOUF EJGFSFOUFT VNB TØ TF EFTFOWPMWF DPNQMFUBNFOUF DPN
B PVUSB  +FBO+BDRVFT 3PVTTFBV

6NB EBT QBSUFT NBJT JNQPSUBOUFT EF TF DSJBS F NBOUFS VNB "1*


Ï B QBSUJS EF TVB EPDVNFOUBÎÍP "GJOBM TF VNB "1* Ï B JOUFSGBDF
QBSB RVF VN QSPHSBNB JOUFSBKB DPN PVUSP EB NFMIPS GPSNB
QPTTÓWFM B EPDVNFOUBÎÍP Ï B GFSSBNFOUB RVF HBSBOUF RVF QFTTPBT
BQSFOEBN B VTBS B "1* EB NFMIPS GPSNB QPTTÓWFM

6NB CPB EPDVNFOUBÎÍP Ï TVGJDJFOUFNFOUF JOUFMJHÓWFM QBSB


BUJOHJS TFV QÞCMJDPBMWP FN DIFJP "MHVNBT TÍP EJSJHJEBT B QFTTPBT
DPN WJÏT NBJT UÏDOJDP DPNP EFTFOWPMWFEPSFT BSRVJUFUPT BOBMJTUBT
FUD +È PVUSBT UÐN DPNP BMWP QFTTPBT DPN WJÏT NBJT SFMBDJPOBEP BP
OFHØDJP DPNP QSPEVDU PXOFST HFSFOUFT F BUÏ BMHVNBT EP DIBNBEP
$MFWFM *TTP QPEF QSPWPDBS EJGFSFODJBÎÍP OPT NFJPT VUJMJ[BEPT QBSB
EPDVNFOUBS B "1* BT EPDVNFOUBÎÜFT QSPEV[JEBT QBSB QFTTPBM
UÏDOJDP QSFDJTBN EF SJRVF[B EF EFUBMIFT UÏDOJDPT F GBDJMJEBEF EF
JOUFSBÎÍP +È BT EPDVNFOUBÎÜFT QSPEV[JEBT QBSB QFTTPBM EF OFHØDJP
EFUBMIBN DPN SJRVF[B P QSPQØTJUP EBT "1*T RVF FTUÍP TFOEP
USBUBEBT QPS FMBT F DPNP P VTVÈSJP GJOBM QPEF TFS JNQBDUBEP

6N HSBOEF EFTBGJP QBSB NBOUFS VNB CPB EPDVNFOUBÎÍP EF

 '2&80(17$1'2 $ $3, 


"1*T Ï B SBQJEF[ DPN RVF FTUB QPEF GJDBS EFGBTBEB *TTP HFSBMNFOUF
BDPOUFDF RVBOEP B EPDVNFOUBÎÍP Ï HFSBEB EF GPSNB EJTTPDJBEB EP
DØEJHP JTUP Ï P EFTFOWPMWFEPS EB "1* SFBMJ[B B NBOVUFOÎÍP F
RVBOEP QVCMJDBEB BUVBMJ[B B "1* &TUB TFHVOEB FUBQB FN NFJP ËT
QSFPDVQBÎÜFT EP EJB B EJB QPEF GBDJMNFOUF TFS EFJYBEB EF MBEP
HSBEVBMNFOUF UPSOBOEP B EPDVNFOUBÎÍP JOÞUJM QPS OÍP NBJT
SFGMFUJS B SFBMJEBEF

1BSB DPOUPSOBS P QSPCMFNB BMHVOT GSBNFXPSLT GPSBN DSJBEPT


BP MPOHP EP UFNQP F TVSHJV P DPODFJUP EF EPDVNFOUBÎÍP WJWB "
EPDVNFOUBÎÍP RVF Ï DIBNBEB EFTUB GPSNB Ï HFSBEB KVOUP BP
DØEJHP NVJUBT WF[FT FTUB Ï HFSBEB QFMP DØEJHP
EF GPSNB RVF P
DØEJHP F TVB EPDVNFOUBÎÍP OÍP QPEFN TFS EJTTPDJBEPT *TTP GB[
DPN RVF B BUVBMJ[BÎÍP EP DØEJHP F EB EPDVNFOUBÎÍP TFKB VNB
DPJTB TØ F B EPDVNFOUBÎÍP QFSNBOFÎB TFNQSF BUVBMJ[BEB KÈ RVF B
UBSFGB EF BUVBMJ[ÈMB OÍP Ï TFQBSBEB EB UBSFGB EF BUVBMJ[BS P DØEJHP
RVF B BDPNQBOIB

 $3*"/%0 6." %0$6.&/5"±°0 7*7"


$0. 48"((&301&/"1*
&N +BWB VNB GPSNB NVJUP QSÈUJDB QBSB TF BUJOHJS VNB
EPDVNFOUBÎÍP WJWB Ï BUSBWÏT EP VTP EF BOPUBÎÜFT 6N GSBNFXPSL
RVF BEPUPV FTUB UÏDOJDB DPN NBFTUSJB GPJ P 6ZDJJHU EJTQPOÓWFM
FN IUUQTTXBHHFSJP
RVF EFTEF  FTUÈ EJTQPOÓWFM QBSB
SFBMJ[BS FTUB UBSFGB &N  B FTQFDJGJDBÎÍP 4XBHHFS GPJ EPBEB
QBSB B -JOVY 'PVOEBUJPO F GPJ SFOPNFBEB QBSB 0QFO"1* UFOEP
FN WJTUB P PCKFUJWP EF QBESPOJ[BS B NBOFJSB DPNP "1*T 3&45 TÍP
EPDVNFOUBEBT )PKF Ï VN EPT GSBNFXPSLT NBJT QPQVMBSFT QBSB
DSJBÎÍP EF EPDVNFOUBÎÍP WJWB

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


1BSB P 4XBHHFS DPNFÎBS B GVODJPOBS WBNPT JODMVJS B
EFQFOEÐODJB EFMF OP SRP[PO EP OPTTP QSPKFUP
GHSHQGHQF\!
JURXS,G!RUJVSULQJGRFJURXS,G!
DUWLIDFW,G!VSULQJGRFRSHQDSLXLDUWLIDFW,G!
YHUVLRQ!YHUVLRQ!
GHSHQGHQF\!

"MÏN EJTTP DPNP IBWÓBNPT BMUFSBEP OPTTP QSPKFUP QBSB


QSPUFHFS UPEBT BT 63-T QSFDJTBNPT DSJBS SFHSBT FTQFDJBJT QBSB
EJTQFOTBS BT 63-T FTQFDÓGJDBT EP 4XBHHFS EF BVUFOUJDBÎÍP "T
63-T TÍP

VZDJJHUXLKWPO
VZDJJHUXL F RVBJTRVFS PVUSBT 63-T EFSJWBEBT

YDSLGRFV F EFSJWBEBT

1BSB SFBMJ[BS B MJCFSBÎÍP WBNPT BCSJS OPWBNFOUF P NÏUPEP


YRLG FRQILJXUH +WWS6HFXULW\ KWWS OB DMBTTF
6HFXULW\&RQILJ  &MF EFWF FTUBS DPN P TFHVJOUF DPOUFÞEP

#2YHUULGH
SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^
KWWSFVUI GLVDEOH 

KWWSVHVVLRQ0DQDJHPHQW
VHVVLRQ&UHDWLRQ3ROLF\ 6HVVLRQ&UHDWLRQ3ROLF\67$7(/(66 

KWWS
DXWKRUL]H5HTXHVWV
DQ\5HTXHVW
DXWKHQWLFDWHG
DQG
KWWS%DVLF 

7BNPT BMUFSBS B ÞMUJNB EFDMBSBÎÍP B RVF DPOUÏN

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


DXWKRUL]H5HTXHVWV
QBSB QFSNJUJS RVF BT 63-T EP 4XBHHFS
TFKBN MJCFSBEBT 1SJNFJSP QSFDJTBNPT JODMVJS VNB DIBNBEB QBSB
DQW0DWFKHUV RVF SFDFCF BT EJWFSTBT 63-T DPN VNB OPUBÎÍP EF
QBESÜFT $PN FTTFT QBESÜFT BT 63-T RVF WÍP JODMVJS EFSJWBEBT
QPEFN VUJMJ[BS QBSB SFGMFUJS FTUB OFDFTTJEBEF 1PS FYFNQMP
VZDJJHUXL WBJ GJDBS VZDJJHUXL  "TTJN TFOEP B
DIBNBEB GJDB BTTJN
KWWS
DXWKRUL]H5HTXHVWV
DQW0DWFKHUV VZDJJHUXLKWPO VZDJJHUXL  YDSL
GRFV 
DQ\5HTXHVW
DXWKHQWLFDWHG
DQG
KWWS%DVLF 

1PSÞMUJNP JODMVÓNPT BQFOBT VNB DIBNBEB QBSB


SHUPLW$OO MPHP BCBJYP EF DQW0DWFKHUV QBSB EFDMBSBS RVF
FTUBT 63-T OÍP QSFDJTBN EF BVUFOUJDBÎÍP &OUÍP UFSFNPT
KWWS
DXWKRUL]H5HTXHVWV
DQW0DWFKHUV VZDJJHUXLKWPO VZDJJHUXL  YDSL
GRFV 
SHUPLW$OO
DQ\5HTXHVW
DXWKHQWLFDWHG
DQG
KWWS%DVLF 

&TUF Ï P CÈTJDP *OJDJBMJ[F B BQMJDBÎÍP F OBWFHVF QBSB


KWWSVORFDOKRVWVZDJJHUXLKWPO 

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


'JHVSB  5FMB JOJDJBM EP 4XBHHFS

0CTFSWF RVF UPEBT BT "1*T RVF DSJBNPT BOUFSJPSNFOUF KÈ GPSBN


EFUFDUBEBT F FTUÍP JNQMBOUBEBT 1PS FYFNQMP TF FV DMJDBS OB
QPTJÎÍP EP *(7 GULYHUV^LG` WPV WFS B TFHVJOUF UFMB

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


'JHVSB  5FMB EP 4XBHHFS QBSB (&5 FN ESJWFST\JE^

0 RVF GBMUB BRVJ Ï FOSJRVFDFS B EPDVNFOUBÎÍP DPN EFTDSJÎÜFT


BDFSDB EP RVF SFQSFTFOUBN PT EBEPT $PNP KÈ NFODJPOBEP
BOUFSJPSNFOUF JTTP Ï GFJUP BUSBWÏT EF BOPUBÎÜFT 7BNPT BCSJS B
DMBTTF 'ULYHU$3, F JODMVJS B BOPUBÎÍP #7DJ GPSOFDFOEP PT
QBSÉNFUSPT QDPH RVF EFDMBSB P OPNF EB "1*
F GHVFULSWLRQ
RVF WBNPT VTBS QBSB GPSOFDFS VNB EFTDSJÎÍP EFUBMIBEB EP RVF TF
USBUB B "1*

LPSRUW LRVZDJJHUYRDVDQQRWDWLRQVWDJV7DJ

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


2XWURV LPSRUWV RPLWLGRV H DQRWD§µHV RPLWLGDV

#7DJ QDPH 'ULYHU $3, GHVFULSWLRQ 0DQLSXOD GDGRV GH PRWRUL


VWDV
SXEOLF FODVV 'ULYHU$3, ^

&³GLJR RPLWLGR

"P JOJDJBMJ[BS P TJTUFNB OPWBNFOUF F BDFTTBS B UFMB EB


0QFO"1* WFNPT B NVEBOÎB

'JHVSB  %PDVNFOUBÎÍP EB "1* EF NPUPSJTUBT NBJT EFUBMIBEB

1BSB EFUBMIBS NFMIPS DBEB PQFSBÎÍP EB "1* VUJMJ[BNPT B


BOPUBÎÍP #2SHUDWLRQ RVF UFN VN BUSJCVUP DIBNBEP
GHVFULSWLRQ  7BNPT WFS DPNP JTTP GVODJPOB BP BOPUBS P NÏUPEP
ILQG'ULYHU 

LPSRUW LRVZDJJHUYRDVDQQRWDWLRQV 

5HVWDQWH GR F³GLJR RPLWLGR

#*HW0DSSLQJ GULYHUV^LG`
#2SHUDWLRQ
GHVFULSWLRQ /RFDOL]D XP PRWRULVWD HVSHF­ILFR

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
UHWXUQ GULYHU5HSRVLWRU\ILQG%\,G LG RU(OVH7KURZ ! QHZ 5HV
SRQVH6WDWXV([FHSWLRQ +WWS6WDWXV127B)281' 
`

7FKBNPT DPNP GJDPV

'JHVSB  ESJWFST\JE^ DPN EPDVNFOUBÎÍP

7BNPT JODSFNFOUBS B EPDVNFOUBÎÍP EFTUB PQFSBÎÍP DPN BT


EFTDSJÎÜFT EPT SFUPSOPT PV TFKB RVBJT TÍP PT DØEJHPT EF TUBUVT
VUJMJ[BEPT OPT SFUPSOPT F P RVF SFUPSOB OFTTFT DBTPT 7BNPT GB[FS
JTTP VUJMJ[BOEP P BUSJCVUP UHVSRQVHV EB BOPUBÎÍP #2SHUDWLRQ 
$PNP FTUF BUSJCVUP SFDFCF VN BSSBZ EF #$SL5HVSRQVH WBNPT
VUJMJ[BS PT BUSJCVUPT EFTUB BOPUBÎÍP QBSB SFBMJ[BS P EFTDSJUJWP
LPSRUW LRVZDJJHUYRDVDQQRWDWLRQVUHVSRQVHV$SL5HVSRQVH

#*HW0DSSLQJ GULYHUV^LG`
#2SHUDWLRQ
GHVFULSWLRQ /RFDOL]D XP PRWRULVWD HVSHF­ILFR
UHVSRQVHV ^
#$SL5HVSRQVH UHVSRQVH&RGH  GHVFULSWLRQ &DVR R
PRWRULVWD WHQKD VLGR HQFRQWUDGR QD EDVH 
#$SL5HVSRQVH UHVSRQVH&RGH  GHVFULSWLRQ &DVR R

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


PRWRULVWD Q£R WHQKD VLGR HQFRQWUDGR
`

SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
UHWXUQ GULYHU5HSRVLWRU\ILQG%\,G LG RU(OVH7KURZ ! QHZ 5HV
SRQVH6WDWXV([FHSWLRQ +WWS6WDWXV127B)281' 
`

*TTP TF USBOTGPSNB OP TFHVJOUF

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


'JHVSB  ESJWFST\JE^ DPN EPDVNFOUBÎÍP EF FSSPT NBT BJOEB DPN BMHP FSSBEP

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


0CTFSWF RVF P NBQFBNFOUP FTUÈ FSSBEP QPJT FMF EFUFDUPV RVF
VNB SFTQPTUB  TFSJB EBEB DPN P SFUPSOP VTVBM 1SFDJTBNPT
JODSFNFOUBS P NBQFBNFOUP QBSB RVF B SFTQPTUB EP TUBUVT 
FTUFKB DPN P PCKFUP EF FSSP

*OGFMJ[NFOUF GB[FS JTTP Ï VN QPVDP NBJT QSPMJYP 3FRVFS P VTP


EBT BOPUBÎÜFT #&RQWHQW F #6FKHPD OB TFHVJOUF GPSNB
LPSRUW LRVZDJJHUYRDVDQQRWDWLRQVPHGLD&RQWHQW
LPSRUW LRVZDJJHUYRDVDQQRWDWLRQVPHGLD6FKHPD

#*HW0DSSLQJ GULYHUV^LG`
#2SHUDWLRQ
GHVFULSWLRQ /RFDOL]D XP PRWRULVWD HVSHF­ILFR
UHVSRQVHV ^
#$SL5HVSRQVH UHVSRQVH&RGH  GHVFULSWLRQ &DVR R PR
WRULVWD WHQKD VLGR HQFRQWUDGR QD EDVH 
#$SL5HVSRQVH UHVSRQVH&RGH 
GHVFULSWLRQ &DVR R PRWRULVWD Q£R WHQKD VLGR
HQFRQWUDGR
FRQWHQW #&RQWHQW VFKHPD #6FKHPD LPSOHPHQWD
WLRQ (UURU5HVSRQVHFODVV

`

SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^`

0 RVF BHPSB HFSB

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


'JHVSB  ESJWFST\JE^ NBQFBEP DPSSFUBNFOUF

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


7BNPT JODMVJS VN NBQFBNFOUP TFNFMIBOUF OB DMBTTF
'HIDXOW(UURU+DQGOHU QPJT P 4XBHHFS OÍP DPOTFHVJV EFUFDUBS P
UJQP EF DPOUFÞEP EPT FSSPT   7BNPT FOUÍP JODMVJS P
NBQFBNFOUP EF GPSNB TJNJMBS BP EP NÏUPEP ILQG'ULYHU F
EFJYBS P NÏUPEP KDQGOH0HWKRG$UJXPHQW1RW9DOLG BTTJN
#$SL5HVSRQVHV
#$SL5HVSRQVH UHVSRQVH&RGH  FRQWHQW #&RQWHQW
PHGLD7\SH DSSOLFDWLRQMVRQ
VFKHPD #6FKHPD LPSOHPHQWDWLRQ (UURU5HVSRQVHFODVV


SXEOLF (UURU5HVSRQVH KDQGOH0HWKRG$UJXPHQW1RW9DOLG 0HWKRG$UJXPHQW1
RW9DOLG([FHSWLRQ H[
 

7PMUBOEP Ë DMBTTF 'ULYHU$3, QPEFNPT UBNCÏN NBQFBS P


QBSÉNFUSP LG EP NÏUPEP VUJMJ[BOEP B BOPUBÎÍP #3DUDPHWHU 
SXEOLF 'ULYHU ILQG'ULYHU
#3DUDPHWHU GHVFULSWLRQ ,' GR PRWRULVWD D VHU ORFDOL]DGR

#3DWK9DULDEOH LG /RQJ LG ^

UHWXUQ GULYHU5HSRVLWRU\ILQG%\,G LG RU(OVH7KURZ ! QHZ 5HV


SRQVH6WDWXV([FHSWLRQ +WWS6WDWXV127B)281' 
`

*TTP HFSB B EPDVNFOUBÎÍP OFTUB GPSNB

'JHVSB  %PDVNFOUBÎÍP EF QBSÉNFUSPT

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


&N DBTPT EF PCKFUPT NBJT DPNQMFYPT EFWFNPT SFBMJ[BS P
NBQFBNFOUP EBT BOPUBÎÜFT EJSFUBNFOUF OPT PCKFUPT VUJMJ[BOEP B
BOPUBÎÍP #6FKHPD WJTUB BOUFSJPSNFOUF 1PS FYFNQMP P PCKFUP
'ULYHU GJDB BTTJN

#'DWD
#(QWLW\
#6FKHPD GHVFULSWLRQ 5HSUHVHQWD XP PRWRULVWD GHQWUR GD SODWDIRU
PD
SXEOLF FODVV 'ULYHU ^

#,G
#*HQHUDWHG9DOXH
/RQJ LG

#6FKHPD GHVFULSWLRQ 1RPH GR PRWRULVWD


6WULQJ QDPH

#6FKHPD GHVFULSWLRQ 'DWD GH QDVFLPHQWR GR PRWRULVWD


'DWH ELUWK'DWH
`

1BSB WJTVBMJ[BS P FGFJUP EFTUB BMUFSBÎÍP WBNPT EFTDFS


UPUBMNFOUF OB QÈHJOB EP 4XBHHFS BUÏ B TFÎÍP EF 6FKHPDV 

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


'JHVSB  4DIFNB EB DMBTTF %SJWFS

0CTFSWF RVF P NBQFBNFOUP Ï TFOTÓWFM B BMHVNBT BOPUBÎÜFT EF


WBMJEBÎÍP JODMVJOEP #6L]H  *TTP GBSÈ DPN RVF B WBMJEBÎÍP EP
PCKFUP DPOGPSNF WJTUP OP DBQÓUVMP 
UBNCÏN TFKB VUJMJ[BEB QBSB
FGFJUPT EF EPDVNFOUBÎÍP 7BNPT BMUFSBS B DMBTTF 'ULYHU QBSB WFS
JTTP OB QSÈUJDB
#'DWD
#(QWLW\
#6FKHPD GHVFULSWLRQ 5HSUHVHQWD XP PRWRULVWD GHQWUR GD SODWDIRU
PD
SXEOLF FODVV 'ULYHU ^

#,G
#*HQHUDWHG9DOXH
/RQJ LG

#6FKHPD GHVFULSWLRQ 1RPH GR PRWRULVWD

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


#6L]H PLQ  PD[ 
6WULQJ QDPH

#6FKHPD GHVFULSWLRQ 'DWD GH QDVFLPHQWR GR PRWRULVWD


'DWH ELUWK'DWH
`

0 SFTVMUBEP GJDB

'JHVSB  4DIFNB EB DMBTTF %SJWFS DPN SFTUSJÎÜFT EF UBNBOIP

0 ÞMUJNP QPOUP Ï BDSFTDFOUBS BMHVNBT JOGPSNBÎÜFT TPCSF B


EPDVNFOUBÎÍP FN TJ DPNP P OPNF EB "1* VNB CSFWF EFTDSJÎÍP
WFSTÍP F JOGPSNBÎÜFT EF DPOUBUP *TTP Ï GFJUP BUSBWÏT EF VN PCKFUP
2SHQ$3, RVF OØT JOTFSJNPT OP DPOUFYUP EP 4QSJOH BUSBWÏT EB
FTUSBUÏHJB EF DSJBÎÍP EF DPOGJHVSBÎÜFT
SDFNDJH DSSFDUFDSFRQILJ

LPSRUW LRVZDJJHUYRDVPRGHOV2SHQ$3,
LPSRUW LRVZDJJHUYRDVPRGHOVLQIR&RQWDFW
LPSRUW LRVZDJJHUYRDVPRGHOVLQIR,QIR
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ%HDQ
LPSRUW RUJVSULQJIUDPHZRUNFRQWH[WDQQRWDWLRQ&RQILJXUDWLRQ

#&RQILJXUDWLRQ
SXEOLF FODVV 2SHQ$3,&RQILJ ^

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


#%HDQ
SXEOLF 2SHQ$3, RSHQ$3,'RFXPHQWDWLRQ ^
UHWXUQ QHZ 2SHQ$3,
LQIR
QHZ ,QIR
WLWOH &$5 $3,
GHVFULSWLRQ $3, GR VLVWHPD &$5 GH IDFLOLWD§£
R GH PRELOLGDGH XUEDQD
YHUVLRQ Y
FRQWDFW QHZ &RQWDFW
QDPH $OH[DQGUH 6DXGDWH
HPDLO DOHVDXGDWH#JPDLOFRP


`
`

0 RVF SFGMFUF OB EPDVNFOUBÎÍP EB TFHVJOUF GPSNB

'JHVSB  $BCFÎBMIP EB EPDVNFOUBÎÍP DPN BT OPWBT JOGPSNBÎÜFT

" ÞMUJNB BÎÍP B TFS UPNBEB Ï TJNQMJGJDBS B DMBTTF 'ULYHU$3, 


"T OPWBT BOPUBÎÜFT UPNBSBN NVJUP FTQBÎP F QSFKVEJDBN B MFJUVSB
EB JNQMFNFOUBÎÍP  QBSB JTTP VNB CPB QSÈUJDB Ï DSJBS VNB
JOUFSGBDF F DPMPDBS BT BOPUBÎÜFT EF EPDVNFOUBÎÍP OFMB %FTUB
GPSNB SFOPNFBNPT B DMBTTF QBSB 'ULYHU$3,,PSO F DSJBNPT VNB

 &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3, 


OPWB JOUFSGBDF DIBNBEB 'ULYHU$3, DPN P TFHVJOUF DPSQP
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJ

 LPSRUWV RPLWLGRV

#7DJ QDPH 'ULYHU $3, GHVFULSWLRQ 0DQLSXOD GDGRV GH PRWRUL


VWDV
SXEOLF LQWHUIDFH 'ULYHU$3, ^

#2SHUDWLRQ GHVFULSWLRQ /LVWD WRGRV RV PRWRULVWDV GLVSRQ­YHL


V
/LVW'ULYHU! OLVW'ULYHUV 

#2SHUDWLRQ
GHVFULSWLRQ /RFDOL]D XP PRWRULVWD HVSHF­ILFR
UHVSRQVHV ^
#$SL5HVSRQVH UHVSRQVH&RGH  GHVFULSWLRQ &DVR R
PRWRULVWD WHQKD VLGR HQFRQWUDGR QD EDVH 
#$SL5HVSRQVH UHVSRQVH&RGH 
GHVFULSWLRQ &DVR R PRWRULVWD Q£R WHQKD V
LGR HQFRQWUDGR
FRQWHQW #&RQWHQW VFKHPD #6FKHPD LPSOHPH
QWDWLRQ (UURU5HVSRQVHFODVV

`

'ULYHU ILQG'ULYHU #3DUDPHWHU GHVFULSWLRQ ,' GR PRWRULVWD D
VHU ORFDOL]DGR /RQJ LG 

'ULYHU FUHDWH'ULYHU #3DUDPHWHU GHVFULSWLRQ 'DGRV GR PRWRUL


VWD D VHU FULDGR 'ULYHU GULYHU 

'ULYHU IXOO8SGDWH'ULYHU /RQJ LG 'ULYHU GULYHU 

'ULYHU LQFUHPHQWDO8SGDWH'ULYHU /RQJ LG 'ULYHU GULYHU 

YRLG GHOHWH'ULYHU /RQJ LG 


`

"HPSB QPEFNPT TJNQMFTNFOUF SFUJSBS UPEBT BT BOPUBÎÜFT


2SHQ$3, EB DMBTTF 'ULYHU$3,,PSO F GB[FS DPN RVF FTUB

  &5,$1'2 80$ '2&80(17$d­2 9,9$ &20 6:$**(523(1$3,


JNQMFNFOUF B JOUFSGBDF 'ULYHU$3, 

 65*-*;"/%0 0 %0$6.&/5&3 %0


1045."/
6NB GPSNB UBNCÏN NVJUP VUJMJ[BEB QFMPT DSJBEPSFT EF "1*T
DPNP VN UPEP Ï VUJMJ[BS P QSØQSJP 1PTUNBO QBSB DSJBS VNB
EPDVNFOUBÎÍP BDFTTÓWFM UBOUP QBSB QFTTPBM EF OFHØDJPT RVBOUP
QBSB QFTTPBM UÏDOJDP &TUB GPSNB EF HFSBÎÍP EB EPDVNFOUBÎÍP Ï VN
QPVDP NFOPT FGFUJWB EP RVF B 0QFO"1* FN UFSNPT EF NBOUFSTF
WJWB KÈ RVF EFQFOEF EP 1PTUNBO PV TFKB VNB GFSSBNFOUB FYUFSOB
BP DØEJHP
QBSB RVF QPTTB TFS DSJBEB F BUVBMJ[BEB &OUSFUBOUP QPS
TFS VNB GFSSBNFOUB VUJMJ[BEB QBSB TF JOUFSBHJS EF GPSNB UÏDOJDB
DPN BT "1*T FTTB EFTWBOUBHFN Ï QBSDJBMNFOUF DPNQFOTBEB

+È TVB HSBOEF WBOUBHFN Ï NBOUFS BDFTTÓWFM B EPDVNFOUBÎÍP


JOEFQFOEFOUF EP DØEJHP 0 1PTUNBO QPTTVJ VNB GPSNB EF QVCMJDBS
B EPDVNFOUBÎÍP F EFJYÈMB EJTQPOÓWFM POMJOF EF GPSNB RVF
RVBMRVFS VN RVF RVFJSB VUJMJ[BS B "1* QPEF GB[FS JTTP DPN B
EPDVNFOUBÎÍP BCFSUB &MF BJOEB BKVEB RVFN EFTFOWPMWF
NPTUSBOEP DPNP DPOTVNJS DBEB "1* DPN WÈSJBT MJOHVBHFOT
EJTQPOÓWFJT DPNQFOTBOEP CBTUBOUF B EFTWBOUBHFN EF TFS BQBSUBEP
EP DØEJHP

7BNPT DPNFÎBS BUVBMJ[BOEP B EPDVNFOUBÎÍP "UVBMJ[FJ B


DPMFÎÍP EP 1PTUNBO DPN UPEPT PT SFDVSTPT RVF GPSBN DSJBEPT BUÏ
BHPSB F PT TFQBSFJ QPS QBTUBT

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


'JHVSB  $PMMFDUJPO EP 1PTUNBO DPNQMFUB

"P DMJDBS TPCSF P ÓDPOF EF SFUJDÐODJBT EB "1* WFKP VNB TÏSJF EF


PQÎÜFT

  87,/,=$1'2 2 '2&80(17(5 '2 32670$1


'JHVSB  .FOV ESPQEPXO EB DPMMFDUJPO EP 1PTUNBO

1BSB QVCMJDBS B DPMMFDUJPO DMJRVF OP CPUÍP 3XEOLVK 'RFV  *TTP


WBJ GB[FS DPN RVF P 1PTUNBO FOWJF FTUB DPMMFDUJPO QBSB P TJUF F BCSB
VNB UFMB OP OBWFHBEPS QBSB DPOGJHVSBÎÍP EF DPNP FTUB
EPDVNFOUBÎÍP TFSÈ FYQPTUB

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


'JHVSB  5FMB EF QVCMJDBÎÍP EB EPDVNFOUBÎÍP EP 1PTUNBO

&TUB UFMB QFSNJUF RVF TF DPOGJHVSF EFOUSF PVUSBT DPJTBT


B
WFSTÍP EB DPMMFDUJPO B TFS VUJMJ[BEB F P FOWJSPONFOU 0 FOWJSPONFOU
OBEB NBJT Ï EP RVF VNB DPMFÎÍP EF BUSJCVUPT RVF QPEF TFS VUJMJ[BEB
QBSB RVF QPTTBNPT BMUFSOBS EF NBOFJSB SÈQJEB PT BNCJFOUFT RVF
WBNPT VUJMJ[BS 1PS FYFNQMP TVQPOIB RVF P IPTU EPT TFSWJÎPT RVF
VUJMJ[BNPT MPDBMNFOUF TFKB ORFDOKRVW F P EF QSPEVÎÍP
TFSÈ DSLFDUFRPEU  &OUÍP QPEFNPT EFGJOJS VNB WBSJÈWFM
KRVW OP FOWJSPONFOU QBSB RVF TFKB GÈDJM EF BMUFSOBS FOUSF FTUFT
EPJT BNCJFOUFT

7BNPT DPOGJHVSBS VN FOWJSPONFOU 1BSB JTTP BCSB OPWBNFOUF


P 1PTUNBO F MPDBMJ[F OB QBSUF TVQFSJPS Ë EJSFJUB EB UFMB VN DBNQP
BTTJN

  87,/,=$1'2 2 '2&80(17(5 '2 32670$1


'JHVSB  %FGJOJÎÍP EP FOWJSPONFOU EP 1PTUNBO

$MJRVF OP ÓDPOF EB FOHSFOBHFN *TTP GBSÈ DPN RVF VNB UFMB EF


HFSFODJBNFOUP EF FOWJSPONFOUT TF BCSB

'JHVSB  5FMB QBSB DSJBS OPWPT FOWJSPONFOUT

$MJRVF OP CPUÍP $GG  7BNPT BHPSB DSJBS VN BNCJFOUF


DIBNBEP ORFDOVHFXUH F EFGJOJS VNB WBSJÈWFM KRVW DPN P
WBMPS KWWSVORFDOKRVW 

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


'JHVSB  $SJBÎÍP EP FOWJSPONFOU MPDBMTFDVSF

1BSB VUJMJ[BS FTTB WBSJÈWFM WBNPT BCSJS VNB EBT SFRVFTUT


/LVWDU PRWRULVWDV QPS FYFNQMP
F JOTFSJS B WBSJÈWFM OB 63-
FOUSF DIBWFT EB TFHVJOUF GPSNB ^^KRVW``GULYHUV  /PUF RVF P
UFYUP EB WBSJÈWFM GJDB WFSNFMIP TF OÍP IPVWFS OFOIVN
FOWJSPONFOU OP ESPQEPXO F MBSBOKB TF TFMFDJPOBSNPT P
FOWJSPONFOU ORFDOVHFXUH RVF DSJBNPT

  87,/,=$1'2 2 '2&80(17(5 '2 32670$1


'JHVSB  6UJMJ[BOEP B WBSJÈWFM IPTU

7BNPT WPMUBS BP QPOUP POEF FTUÈWBNPT BOUFSJPSNFOUF


DMJDBOEP OPWBNFOUF OP CPUÍP 3XEOLVK 'RFV  0CTFSWF RVF BHPSB
BQBSFDF P FOWJSPONFOU ORFDOVHFXUH QBSB QVCMJDBÎÍP %FJYFP
TFMFDJPOBEP DPNP OB GJHVSB

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


'JHVSB  &OWJSPONFOU MPDBMTFDVSF OB QVCMJDBÎÍP EB EPDVNFOUBÎÍP

² QPTTÓWFM WJTVBMJ[BS VN QSFWJFX EB EPDVNFOUBÎÍP BOUFT EF


FGFUJWBNFOUF QVCMJDÈMB PV TFKB UPSOÈMB QVCMJDBNFOUF BDFTTÓWFM

1BSB JTTP DMJRVF OP CPUÍP 3UHYLHZ 'RFXPHQWDWLRQ  6NB UFMB
TFNFMIBOUF Ë TFHVJOUF TF BCSJSÈ

  87,/,=$1'2 2 '2&80(17(5 '2 32670$1


'JHVSB  1SFWJFX EB EPDVNFOUBÎÍP EP 1PTUNBO

0CTFSWF RVF OP DBOUP EJSFJUP EB UFMB FTUÍP BT SFRVFTUT QBSB


OPTTB "1* &TTB TFÎÍP EJTQPOJCJMJ[B VN ESPQEPXO DPN WÈSJBT
MJOHVBHFOT F GSBNFXPSLT 5SPDBS FTTBT MJOHVBHFOT GBSÈ DPN RVF PT
DØEJHPT EPT DMJFOUFT BEFRVBEPT TFKBN HFSBEPT BVUPNBUJDBNFOUF
QSPOUPT QBSB TFSFN DPMBEPT OB TVB *%& F QBSB RVF WPDÐ QPTTB
USBCBMIBS DPN FTTB "1* EJSFUBNFOUF

6N UJQP QBSUJDVMBS EFTTBT JNQMFNFOUBÎÜFT QPS FYFNQMP Ï P


)551 "P TFMFDJPOBS FTTB PQÎÍP WPDÐ QPEF WJTVBMJ[BS EJSFUBNFOUF
RVF UJQP EF JOGPSNBÎÍP Ï FOWJBEB QBSB P TFSWJEPS

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


'JHVSB  5SPDBOEP B MJOHVBHFN EP EPDVNFOUFS

0 ÞMUJNP QPOUP RVF SFTUB BHPSB Ï NFMIPSBS B EPDVNFOUBÎÍP


7BNPT UPNBS DPNP FYFNQMP BQFOBT DPNP EPDVNFOUBS VNB
EFUFSNJOBEB "1* DPNP B EF MJTUBS NPUPSJTUBT $PN FMB BCFSUB OP
1PTUNBO DMJRVF OB TFUB RVF BQBSFDF Ë FTRVFSEB EP OPNF 6NB
DBJYB EF UFYUP EFWF TF BCSJS MPHP BCBJYP EFMB DPN VN CPUÍP FTDSJUP

  87,/,=$1'2 2 '2&80(17(5 '2 32670$1


$GG D GHVFULSWLRQ  $MJRVF OFTTF CPUÍP F JOTJSB VN UFYUP EF
EPDVNFOUBÎÍP DPOGPSNF B GJHVSB

'JHVSB  *ODSFNFOUBOEP B EPDVNFOUBÎÍP

3FGBÎB P QSPDFTTP EF QVCMJDBÎÍP F QSFWJFX QBSB WFS DPNP GJDPV

'JHVSB  "MUFSBÎÍP BQBSFDFOEP OP EPDVNFOUFS

2VBOEP FTUJWFS TBUJTGFJUP DPN P SFTVMUBEP DMJRVF OP CPUÍP


3XEOLVK &ROOHFWLRQ RVF GJDB OP SPEBQÏ EB QÈHJOB EF FEJÎÍP EF
DPOGJHVSBÎÜFT " "1* TFSÈ QVCMJDBEB F VNB UFMB TFNFMIBOUF Ë
TFHVJOUF TFSÈ WJTUB

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


'JHVSB  $PMMFDUJPO QVCMJDBEB

0CTFSWF RVF P 1PTUNBO HFSPV VNB 63- QSØQSJB QBSB B


EPDVNFOUBÎÍP RVF BHPSB FTUÈ EJTQPOÓWFM OB JOUFSOFU

%*$"

&TUB "1* SFBMNFOUF FTUÈ QVCMJDBEB FN


IUUQTEPDVNFOUFSHFUQPTUNBODPNWJFX4[,;U(S
7PDÐ QPEF VUJMJ[ÈMB QBSB UFTUBS UPEPT PT FYFNQMPT EFTUF MJWSP
"MÏN EJTTP P BSRVJWP DPOUFOEP B DPMFÎÍP EP 1PTUNBO
UBNCÏN FTUÈ EJTQPOÓWFM KVOUP DPN UPEP P DØEJHPGPOUF EFTUF
MJWSP
FN IUUQTHJUIVCDPNBMFTBVEBUFSFTUW

$PODMVTÍP
/FTUF DBQÓUVMP WJNPT EVBT GPSNBT EJGFSFOUFT EF EPDVNFOUBS

  87,/,=$1'2 2 '2&80(17(5 '2 32670$1


TVB "1* 6NB EFMBT NBJT QSØYJNB EF RVFN EFTFOWPMWF P
0QFO"1*
 " PVUSB UBNCÏN QSØYJNB EPT EFTFOWPMWFEPSFT NBT
CVTDBOEP DSJBS VNB QSPYJNJEBEF NBJPS EP QFTTPBM EF OFHØDJPT
"NCBT TÍP GPSNBT NVJUP CPBT EF EPDVNFOUBS F QPEFN TFS VTBEBT
DPODPNJUBOUFNFOUF JTUP Ï OÍP Ï OFDFTTÈSJP FTDPMIFS FOUSF VNB PV
PVUSB  WPDÐ QPEF VTBS BNCBT
 1BSB SFBMJ[BS B FTDPMIB UBMWF[ TFKB
JOUFSFTTBOUF UFS FN NFOUF RVBM TFSÈ P QÞCMJDPBMWP EB
EPDVNFOUBÎÍP EB "1*

0 QSØQSJP QSPDFTTP EF EPDVNFOUBS FOUSFUBOUP Ï


FYUSFNBNFOUF JNQPSUBOUF 1SPDVSF NBOUFS JTTP DPNP VNB QSÈUJDB
DPOTUBOUF QPJT GBSÈ UPEB B EJGFSFOÎB OB FWPMVÎÍP EFMB

 87,/,=$1'2 2 '2&80(17(5 '2 32670$1 


&$3Ë78/2 

0653"4 5²$/*$"4

" FEVDBÎÍP Ï B BSNB NBJT QPEFSPTB RVF WPDÐ QPEF VTBS QBSB
NVEBS P NVOEP  /FMTPO .BOEFMB

"P MPOHP EFTUF MJWSP BT UÏDOJDBT GPSBN TFOEP BCPSEBEBT


DPOGPSNF DSJÈWBNPT B "1* $"3 0VUSBT UÏDOJDBT NVJUP
JNQPSUBOUFT OP FOUBOUP OÍP QVEFSBN TFS BCPSEBEBT B UFNQP QPS
EJTUJOUBT SB[ÜFT $PNP BMHVNBT EFMBT TÍP EFNBTJBEP JNQPSUBOUFT
QBSB GJDBSFN EF GPSB EFTUF MJWSP FTUF DBQÓUVMP UFN KVTUBNFOUF B
JOUFOÎÍP EF BCPSEÈMBT F DPNQMFUBS P BTTVOUP 5SBUBTF EF VN
DPNQJMBEP EF UÏDOJDBT FN BMHVNBT WPV NBOUFS P NFV FTUJMP F
NPTUSBS KVOUP DPN FYFNQMPT QBSB PVUSBT WPV BQFOBT EJTDPSSFS B
SFTQFJUP

 1"(*/"±°0
5BMWF[ B UÏDOJDB NBJT JNQPSUBOUF RVF OÍP GPJ BCPSEBEB BP
MPOHP EP MJWSP TFKB B QBHJOBÎÍP &TUB Ï VNB UÏDOJDB FYUSFNBNFOUF
JNQPSUBOUF QBSB QPVQBS SFDVSTPT FN UFSNPT EF NFNØSJB $16
SFEF FUD
 $POTJTUF FN GBUJBS P DPOUFÞEP EF VN EFUFSNJOBEP
SFDVSTP F EFWPMWFS BP DMJFOUF EB "1* TPNFOUF B GBUJB TPMJDJUBEB
2VBOEP JTTP Ï GFJUP P DMJFOUF MJEB BQFOBT DPN P DPOUFÞEP RVF
SFBMNFOUF JNQPSUB  TF FMF UJWFTTF VNB HSBOEF NBTTB FN NÍPT

  2875$6 7e&1,&$6


JNFEJBUBNFOUF GBUBMNFOUF FMF UFSJB RVF EFTQSF[BS BMHP *TTP HFSBSJB
EFTQFSEÓDJP EPT SFDVSTPT KÈ NFODJPOBEPT 0 PCKFUJWP QPSUBOUP Ï
NJOJNJ[BS FTTF EFTQFSEÓDJP

"OUFT EF DPNFÎBS OP FOUBOUP EFJYP VN BMFSUB P 4QSJOH Ï VNB


GFSSBNFOUB NVJUP DPNQMFUB F BQSFTFOUB SFDVSTPT QBSB SFBMJ[BS
WÈSJBT UBSFGBT F EF EJGFSFOUFT GPSNBT " GPSNB RVF FV WPV
BQSFTFOUBS B TFHVJS GPJ CBMBODFBEB QBSB BUFOEFS BPT DSJUÏSJPT EB
JOUFSPQFSBCJMJEBEF FOUSF PT GSBNFXPSLT VUJMJ[BEPT EF NPEP NBJT
3&45GVM QPTTÓWFM F UBNCÏN QBSB GBDJMJUBS B TFSWJS )"5&0"4

7BNPT QSJNFJSP BOBMJTBS EP RVF WBNPT QSFDJTBS " QBHJOBÎÍP


DPOTJTUF EF VNB GJMUSBHFN EF SFDVSTPT QPS JTTP GB[ TFOUJEP RVF TFKB
BQMJDBEB TPNFOUF TPCSF B 63- EF MJTUBS WÈSJPT SFDVSTPT 7BNPT
VUJMJ[BS B "1* EF MJTUBHFN EF NPUPSJTUBT QBSB WFSJGJDBS JTTP

4FOEP VNB GJMUSBHFN WBNPT VUJMJ[BS RVFSZ QBSBNFUFST QBSB


GB[FS JTTP 0 DMJFOUF UFSÈ B QPTTJCJMJEBEF EF FOWJBS P OÞNFSP EB
QÈHJOB EFTFKBEB &N VN QSJNFJSP NPNFOUP WBNPT EFJYBS
IBSEDPEFE P UBNBOIP EB QÈHJOB FN  SFHJTUSPT TFOEP RVF JTTP
TFSÈ GBDJMNFOUF TVCTUJUVÓWFM

0 QSJNFJSP QBTTP Ï OPSNBMJ[BS P OPNF EB 63- &TUF Ï VN


EÏCJUP UÏDOJDP RVF EFJYBNPT RVBOEP SFBMJ[BNPT B DSJBÎÍP EB "1*
EF NPUPSJTUBT 1BSB JTTP WBNPT SFUJSBS P USFDIP GULYHUV EF
UPEPT PT NBQFBNFOUPT EB DMBTTF F USBOTGFSJMP QBSB B BOPUBÎÍP
#5HTXHVW0DSSLQJ RVF FTUÈ OB EFDMBSBÎÍP EB DMBTTF EJSFUBNFOUF
/PTTP DØEJHP GJDB BTTJN
#5HTXHVW0DSSLQJ SDWK GULYHUV SURGXFHV 0HGLD7\SH$33/,&$7,
21B-621B9$/8(
SXEOLF FODVV 'ULYHU$3,,PSO LPSOHPHQWV 'ULYHU$3, ^

#*HW0DSSLQJ

 3$*,1$d­2 


SXEOLF /LVW'ULYHU! OLVW'ULYHUV ^
 
`

#*HW0DSSLQJ ^LG`
SXEOLF 'ULYHU ILQG'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
 
`

#3RVW0DSSLQJ
SXEOLF 'ULYHU FUHDWH'ULYHU #5HTXHVW%RG\ 'ULYHU GULYHU ^
 
`

#3XW0DSSLQJ ^LG`
SXEOLF 'ULYHU IXOO8SGDWH'ULYHU #3DWK9DULDEOH LG /RQJ LG #5
HTXHVW%RG\ 'ULYHU GULYHU ^
 
`

#3DWFK0DSSLQJ ^LG`
SXEOLF 'ULYHU LQFUHPHQWDO8SGDWH'ULYHU #3DWK9DULDEOH LG /RQJ
LG #5HTXHVW%RG\ 'ULYHU GULYHU ^
 
`

#'HOHWH0DSSLQJ ^LG`
SXEOLF YRLG GHOHWH'ULYHU #3DWK9DULDEOH LG /RQJ LG ^
 
`
`

"HPSB WBNPT BMUFSBS P NÏUPEP OLVW'ULYHUV QBSB SFDFCFS


DPNP QBSÉNFUSP P OÞNFSP EB QÈHJOB $PNP OÍP RVFSFNPT GPSÎBS
P DMJFOUF B GPSOFDFS FTUF WBMPS WBNPT GB[FS DPN RVF FMF TFKB
PQDJPOBM DPN WBMPS QBESÍP TFOEP  7BNPT UBNCÏN DSJBS VNB
DPOTUBOUF QBSB EFMJNJUBS P OÞNFSP EF SFHJTUSPT FN DBEB QÈHJOB OP
DBTP 

SULYDWH VWDWLF ILQDO LQW 3$*(B6,=( 

#*HW0DSSLQJ

  3$*,1$d­2


SXEOLF /LVW'ULYHU! OLVW'ULYHUV #5HTXHVW3DUDP QDPH SDJH GHID
XOW9DOXH  LQW SDJH ^
 
`

1BSB VUJMJ[BS B QBHJOBÎÍP WBNPT VUJMJ[BS VN NÏUPEP QSFTFOUF


OP OPTTP SFQPTJUØSJP &TUF NÏUPEP Ï P ILQG$OO RVF SFDFCF DPNP
QBSÉNFUSP VNB JOTUÉODJB EF 3DJHDEOH  1PEFNPT DSJBS FTUB
JOTUÉODJB VUJMJ[BOEP P NÏUPEP RI EB DMBTTF 3DJH5HTXHVW 
LPSRUW RUJVSULQJIUDPHZRUNGDWDGRPDLQ3DJH
LPSRUW RUJVSULQJIUDPHZRUNGDWDGRPDLQ3DJH5HTXHVW

 

#*HW0DSSLQJ
SXEOLF /LVW'ULYHU! OLVW'ULYHUV #5HTXHVW3DUDP QDPH SDJH GHID
XOW9DOXH  LQW SDJH ^
3DJH'ULYHU! GULYHU3DJH GULYHU5HSRVLWRU\ILQG$OO 3DJH5HTXHVW
RI SDJH 3$*(B6,=( 
UHWXUQ GULYHU3DJHJHW&RQWHQW 
`

1PS TJ TØ B QBHJOBÎÍP KÈ FTUÈ QSPOUB 1BSB UFTUBS WBNPT TVCJS B


BQMJDBÎÍP F BCSJS P 4XBHHFS

 3$*,1$d­2 


'JHVSB  "QFOBT OÍP FTRVFÎB EF TF BVUFOUJDBS RVBOEP UFTUBS

"P SFDFCFS B SFTQPTUB EF VNB QSJNFJSB SFRVJTJÎÍP OPUBNPT


RVF P SFTVMUBEP WFN WB[JP "TTJN TFOEP QSFDJTBNPT QPQVMBS P
TJTUFNB DPN EBEPT TVGJDJFOUFT NBJT EF  NPUPSJTUBT
QBSB RVF
QPTTBNPT WFS B QBHJOBÎÍP FN BÎÍP 6NB WF[ QPQVMBEP
WFSJGJDBNPT RVF RVBOEP QBTTBNPT DPNP QBSÉNFUSP B QÈHJOB 
VN SFUPSOP EF OP NÈYJNP  NPUPSJTUBT WFN DPNP SFTVMUBEP "P
QBTTBS DPNP QBSÉNFUSP B QÈHJOB  SFDFCFNPT VN ÞOJDP NPUPSJTUB
PV TFKB KVTUBNFOUF P RVF GBMUBWB OB QÈHJOB 

)È VN QPSÏN 7BNPT PCTFSWBS P SFTVMUBEP EB QÈHJOB 


>
^

  3$*,1$d­2


LG 
QDPH PRWRULVWD
ELUWK'DWH 7
`
@

0CTFSWF RVF OÍP IÈ JOGPSNBÎÜFT QSFTFOUFT TPCSF TF FTUB Ï B


ÞMUJNB QÈHJOB PV RVBM P FOEFSFÎP EB QÈHJOB BOUFSJPS %BÓ
QPEFNPT QFSDFCFS RVF P VTP EF )"5&0"4 USBSJB VN HSBOEF
CFOFGÓDJP QBSB FTTB QBHJOBÎÍP 7BNPT FOUÍP SFGBUPSBS B DMBTTF
OLVW'ULYHUV QBSB FTUBS BEFRVBEB BPT MJOLT )"5&0"4

" QSJNFJSB DPJTB B TFS GFJUB Ï USPDBS B DMBTTF EF SFUPSOP EP


NÏUPEP QBSB B DMBTTF &ROOHFWLRQ0RGHO  &TUB DMBTTF Ï TFNFMIBOUF
Ë (QWLW\0RGHO RVF WJNPT OP DBQÓUVMP  NBT FTQFDJBMJ[BEB QBSB
GVODJPOBS DPN DPMFÎÜFT 1BSB VUJMJ[ÈMB WBNPT VTBS P DPOTUSVUPS
EFMB RVF SFDFCF VNB MJTUB
LPSRUW RUJVSULQJIUDPHZRUNKDWHRDV&ROOHFWLRQ0RGHO

 

#*HW0DSSLQJ
SXEOLF &ROOHFWLRQ0RGHO'ULYHU! OLVW'ULYHUV #5HTXHVW3DUDP QDPH 
SDJH GHIDXOW9DOXH  LQW SDJH ^
3DJH'ULYHU! GULYHU3DJH GULYHU5HSRVLWRU\ILQG$OO 3DJH5HTXHVW
RI SDJH 3$*(B6,=( 
&ROOHFWLRQ0RGHO'ULYHU! FROOHFWLRQ0RGHO QHZ &ROOHFWLRQ0RGHO
! GULYHU3DJHJHW&RQWHQW 
UHWXUQ FROOHFWLRQ0RGHO
`

0 QSØYJNP QBTTP Ï BEJDJPOBS PT MJOLT EF GBUP 1BSB JTTP WBNPT


JNQPSUBS FTUBUJDBNFOUF PT NÏUPEPT QSFTFOUFT OB DMBTTF
:HE0YF/LQN%XLOGHU RVF WÍP OPT BKVEBS B DPOTUSVJS PT MJOLT RVF
RVFSFNPT $PNP UFNPT RVF SFGFSFODJBS SFDVSTJWBNFOUF P SFDVSTP
GULYHUV BQFOBT NPEJGJDBOEP P WBMPS EP RVFSZ QBSBN QBHF
WBNPT VTBS QSJNFJSP P NÏUPEP PHWKRG2Q  &MF Ï VN UBOUP RVBOUP

 3$*,1$d­2 


QFDVMJBS QPJT QBTTBNPT DPNP QBSÉNFUSP B DMBTTF EP DPOUSPMBEPS
VTBEP OP DBTP B QSØQSJB 'ULYHU$3,,PSO
F EFQPJT DIBNBNPT P
NÏUPEP RVF TFSÈ SFTQPOTÈWFM QPS QSPWFS P RVF TF FTQFSB EFTUF MJOL

1BSB FMBCPSBS FTUB DIBNBEB WBNPT JNBHJOBS DPN RVBM


QBSÉNFUSP P NÏUPEP OLVW'ULYHUV EFWF TFS DIBNBEP QBSB RVF
TFKB B ÞMUJNB QÈHJOB /ÍP UFNPT BDFTTP EJSFUP B FTUF EBEP NBT
UFNPT DPNP DBMDVMBS "DPOUFDF RVF B DMBTTF 3DJH EJTQPOJCJMJ[B
VN NÏUPEP DIBNBEP JHW7RWDO3DJHV RVF SFUPSOB P OÞNFSP
UPUBM EF QÈHJOBT 0V TFKB TF UJWFSNPT VNB ÞOJDB QÈHJOB FTUF
NÏUPEP SFUPSOBSÈ   RVF TFSÈ SFGFSFOUF Ë QÈHJOB EF OÞNFSP  /P
OPTTP DBTP DPNP UFNPT EVBT QÈHJOBT EF EBEPT B ÞMUJNB QÈHJOB Ï B
EF OÞNFSP   F P NÏUPEP JHW7RWDO3DJHV SFUPSOB  "TTJN
TFOEP QBSB DBMDVMBS RVBM Ï B ÞMUJNB QÈHJOB VUJMJ[BNPT P NÏUPEP
JHW7RWDO3DJHV F TVCUSBÓNPT 

0 DØEJHP QBSDJBM
GJDB BTTJN
LPSRUW VWDWLF RUJVSULQJIUDPHZRUNKDWHRDVVHUYHUPYF:HE0YF/LQN%X
LOGHU 


#*HW0DSSLQJ
SXEOLF &ROOHFWLRQ0RGHO'ULYHU! OLVW'ULYHUV #5HTXHVW3DUDP QDPH 
SDJH GHIDXOW9DOXH  LQW SDJH ^
3DJH'ULYHU! GULYHU3DJH GULYHU5HSRVLWRU\ILQG$OO 3DJH5HTXHVW
RI SDJH 3$*(B6,=( 
&ROOHFWLRQ0RGHO'ULYHU! FROOHFWLRQ0RGHO QHZ &ROOHFWLRQ0RGHO
! GULYHU3DJHJHW&RQWHQW 

PHWKRG2Q 'ULYHU$3,,PSOFODVV OLVW'ULYHUV GULYHU3DJHJHW7RWDO3


DJHV   

UHWXUQ FROOHFWLRQ0RGHO
`

1PS ÞMUJNP WBNPT DSJBS P NÏUPEP EF GBUP QBSB FTUB DIBNBEB

  3$*,1$d­2


7BNPT FODBQTVMBS B DIBNBEB BP NÏUPEP OLVW'ULYHUV OP
NÏUPEP OLQN7R RVF GPJ JNQPSUBEP FTUBUJDBNFOUF
F FN TFHVJEB
BDSFTDFOUBS P UHO ODVW3DJH OP MJOL 1PS ÞMUJNP WBNPT
BDSFTDFOUBS FTUF MJOL OP &ROOHFWLRQ0RGHO 
LPSRUW RUJVSULQJIUDPHZRUNKDWHRDV/LQN

 

#*HW0DSSLQJ
SXEOLF &ROOHFWLRQ0RGHO'ULYHU! OLVW'ULYHUV #5HTXHVW3DUDP QDPH 
SDJH GHIDXOW9DOXH  LQW SDJH ^
3DJH'ULYHU! GULYHU3DJH GULYHU5HSRVLWRU\ILQG$OO 3DJH5HTXHVW
RI SDJH 3$*(B6,=( 
&ROOHFWLRQ0RGHO'ULYHU! FROOHFWLRQ0RGHO QHZ &ROOHFWLRQ0RGHO
! GULYHU3DJHJHW&RQWHQW 

/LQN ODVW3DJH/LQN OLQN7R PHWKRG2Q 'ULYHU$3,,PSOFODVV OLVW'


ULYHUV GULYHU3DJHJHW7RWDO3DJHV  
ZLWK5HO ODVW3DJH 

UHWXUQ FROOHFWLRQ0RGHODGG ODVW3DJH/LQN 


`

"HPSB BP SFBMJ[BS P UFTUF PCUFNPT BMHP DPNP


^
BHPEHGGHG ^
GULYHU/LVW >
^
LG 
QDPH PRWRULVWD
ELUWK'DWH 7
`
 9¡ULRV RXWURV PRWRULVWDV
@
`
BOLQNV ^
ODVW3DJH ^
KUHI KWWSVORFDOKRVWGULYHUV"SDJH 
`
`
`

 3$*,1$d­2 


0CTFSWF B QSFTFOÎB EP BUSJCVUP BHPEHGGHG BOUFT EB MJTUB EF
NPUPSJTUBT &TUF Ï VN BSUJGÓDJP VUJMJ[BEP QFMP 4QSJOH )"5&0"4
QBSB TFS BEFSFOUF Ë FTQFDJGJDBÎÍP +\SHUWH[W $SSOLFDWLRQ
/DQJXDJH )"-
DPOGPSNF ,&--: 
 5SBUBTF EF VNB
FTQFDJGJDBÎÍP EF VN GPSNBUP +40/ POEF B IJQFSNÓEJB Ï BVUP
PSJFOUBEB EF BDPSEP DPN PT QSFDFJUPT EB UFTF EF 3PZ 'JFMEJOH "P
VUJMJ[BS BMHVNBT EBT GFBUVSFT EP )"- P VTVÈSJP TFSJB BVUP
PSJFOUBEP B TFHVJS PT MJOLT QBSB QSPWFS B GVODJPOBMJEBEF EF OFHØDJP
EFTFKBEB

0 VTP EP )"- QPEF USB[FS WBOUBHFOT F EFTWBOUBHFOT


&ORVBOUP Ï OPUØSJP RVF TFHVJS VNB FTQFDJGJDBÎÍP USB[ CFOFGÓDJPT
OB QBESPOJ[BÎÍP F GB[ DPN RVF TVB "1* TFKB BVUPEFTDSJUB F
BVUPEPDVNFOUBEB FMB QPEF USB[FS DPNQMJDBÎÜFT OP DPOTVNP KÈ
RVF OFN UPEPT PT DMJFOUFT QPEFN RVFSFS OBWFHBS EFOUSP EF VN
BUSJCVUP DPN VN OPNF FOJHNÈUJDP DPNP BHPEHGGHG 
*OGFMJ[NFOUF SFUJSBS FTUF BUSJCVUP VTBOEP B QSØQSJB "1* EP 4QSJOH
QPEF TFS VN UBOUP QSPCMFNÈUJDP "P RVFTUJPOBS P UJNF EF
NBOVUFOÎÍP EP 4QSJOH )"5&0"4 DPOGPSNF WJTUP OB UISFBE EP
(JU)VC IUUQTHJUIVCDPNTQSJOHQSPKFDUTTQSJOH
IBUFPBTJTTVFT  RVF QPS TVB WF[ MFWPV Ë SFTQPTUB OP 4UBDL
0WFSGMPX EJTQPOÓWFM FN
IUUQTTUBDLPWFSGMPXDPNB
PCUJWF BMHVNBT
SFTQPTUBT RVF NPTUSBN BQFOBT RVF P DBNJOIP QBSB SFNPWFS FTUF
BUSJCVUP Ï DSJBOEP TVB QSØQSJB DMBTTF EF NBQFBNFOUP

"TTJN TFOEP WBNPT DSJBS VNB DMBTTF DIBNBEB 'ULYHUV POEF


WBNPT JODMVJS EPJT BUSJCVUPT VN DIBNBEP GULYHUV RVF WBJ TFS
VNB MJTUB EF (QWLW\0RGHO'ULYHU!
F PVUSP DIBNBEP OLQNV
RVF WBJ TFS VNB BSSBZ EP UJQP /LQN
 0CTFSWF RVF OÍP
QSFDJTBNPT EF VNB DMBTTF NVJUP NBJT DPNQMFYB EP RVF JTTP EF

  3$*,1$d­2


GPSNB RVF WBNPT BQFOBT DSJÈMB DPN VN DPOTUSVUPS BDFJUBOEP PT
DBNQPT DPNP QBSÉNFUSP F PT EFWJEPT HFUUFST 0 DØEJHP DPNQMFUP
EB DMBTTF GJDB BTTJN
SDFNDJH DSSFDUFDSLQWHUIDFHVLQFRPLQJRXWSXW

LPSRUW DSSFDUFDSGRPDLQ'ULYHU
LPSRUW ORPERN*HWWHU
LPSRUW RUJVSULQJIUDPHZRUNKDWHRDV(QWLW\0RGHO
LPSRUW RUJVSULQJIUDPHZRUNKDWHRDV/LQN
LPSRUW MDYDXWLO/LVW

#*HWWHU
SXEOLF FODVV 'ULYHUV^

SULYDWH /LVW(QWLW\0RGHO'ULYHU!! GULYHUV

SULYDWH /LQN>@ OLQNV

SXEOLF 'ULYHUV /LVW(QWLW\0RGHO'ULYHU!! FRQWHQW /LQN OLQ


NV ^
WKLVGULYHUV FRQWHQW
WKLVOLQNV OLQNV
`
`

7BNPT BHPSB SFFTDSFWFS P DØEJHP EP NÏUPEP OLVW'ULYHUV


DPN BT NVEBOÎBT  UBOUP DPN P FOWFMPQBNFOUP EPT PCKFUPT
'ULYHU EFOUSP EF JOTUÉODJBT (QWLW\0RGHO RVBOUP DPN B BEPÎÍP
EB DMBTTF 'ULYHUV  0 DØEJHP GJDB BTTJN
#*HW0DSSLQJ
SXEOLF 'ULYHUV OLVW'ULYHUV #5HTXHVW3DUDP QDPH SDJH GHIDXOW9D
OXH  LQW SDJH ^
3DJH'ULYHU! GULYHU3DJH GULYHU5HSRVLWRU\ILQG$OO 3DJH5HTXHVW
RI SDJH 3$*(B6,=( 

/LVW(QWLW\0RGHO'ULYHU!! GULYHU/LVW QHZ $UUD\/LVW! 


IRU 'ULYHU GULYHU  GULYHU3DJHJHW&RQWHQW ^
GULYHU/LVWDGG QHZ (QWLW\0RGHO! GULYHU 
`

 3$*,1$d­2 


/LQN ODVW3DJH/LQN OLQN7R PHWKRG2Q 'ULYHU$3,,PSOFODVV OLVW'
ULYHUV GULYHU3DJHJHW7RWDO3DJHV  
ZLWK5HO ODVW3DJH 

UHWXUQ QHZ 'ULYHUV GULYHU/LVW ODVW3DJH/LQN 


`

'JOBMNFOUF PCUFNPT P TFHVJOUF SFTVMUBEP


^
GULYHUV >
^
LG 
QDPH VWULQJ
ELUWK'DWH QXOO
OLQNV >@
`
^
LG 
QDPH VWULQJ
ELUWK'DWH QXOO
OLQNV >@
`
@
OLQNV >
^
UHO ODVW3DJH
KUHI KWWSVORFDOKRVWGULYHUV"SDJH 
`
@
`

 $034
6NB UÏDOJDB NVJUP JNQPSUBOUF RVF EFWF TFS DPOIFDJEB QPS
EFTFOWPMWFEPSFT EF "1*T Ï B $034 5SBUBTF EB TJHMB QBSB &URVV
2ULJLQ 5HVRXUFH 6KDULQJ PV TFHVOEP B USBEVÎÍP EB .P[JMMB
EJTQPOÓWFM FN IUUQTEFWFMPQFSNP[JMMBPSHQU
#3EPDT8FC)551$POUSPMF@"DFTTP@$034

  &256


&RPSDUWLOKDPHQWR GH UHFXUVRV FRP RULJHQV GLIHUHQWHV

5SBUBTF EF VNB UÏDOJDB PSJHJOBEB B QBSUJS EF VNB OFDFTTJEBEF EF
TFHVSBOÎB 7BNPT WFS DPNP JTTP GVODJPOB

4VQPOIB VNB "1* EJTQPOÓWFM FN VN TFSWJEPS IJQPUÏUJDP

KWWSVDSLFDUFRPEU  4VQPOIB UBNCÏN VNB BQMJDBÎÍP


+BWB4DSJQU TFOEP FYFDVUBEB FN KWWSVEHVWFDUVFRP UFOUBOEP
BDFTTBS B "1* " NFOPT RVF EFWJEBNFOUF JOTUSVÓEP UPEP CSPXTFS
NPEFSOP JNQFEF FTUF BDFTTP QPS DPOUB EF VN QSPCMFNB EF
TFHVSBOÎB &TUF QSPCMFNB DPOTJTUF EP TFHVJOUF JNBHJOF RVF
KWWSVEHVWFDUVFRP GPJ IBDLFBEP 0T IBDLFST NPEJGJDBSBN P
DØEJHP EP TJUF QBSB VTBS B NÈRVJOB EP DMJFOUF DPNP VN [VNCJ F
VUJMJ[ÈMB FN VN BUBRVF %%P4 'LVWULEXWHG 'HQLDO RI
6HUYLFH
TFN RVF P VTVÈSJP TBJCB 1BSB FWJUBS FTUF F PVUSPT

DFOÈSJPT GPJ DSJBEB B UÏDOJDB $034

" UÏDOJDB DPOTJTUF FN SFBMJ[BS B MJCFSBÎÍP EP BDFTTP FYUFSOP


BQFOBT QBSB EPNÓOJPT RVF TÍP DPOIFDJEPT 1PS FYFNQMP TF
KWWSVEHVWFDUVFRP UFOUBS BDFTTBS
KWWSVDSLFDUFRPEU FTUF BDFTTP TFSÈ CMPRVFBEP B NFOPT
RVF B "1* EB FDUV SFTQPOEB EF NBOFJSB BEFRVBEB BP
QSPDFEJNFOUP &256  ² VNB QFRVFOB OFHPDJBÎÍP RVF WPV FYQMJDBS
DPN EFUBMIFT B TFHVJS

0 DMJFOUF +BWB4DSJQU Ï JOTUBODJBEP QFMP CSPXTFS *TTP GB[ DPN


RVF FTUF DMJFOUF KÈ DPOIFÎB BT SFHSBT EF $034 F GBÎB
BVUPNBUJDBNFOUF P QSPDFEJNFOUP 1SJNFJSP FTUF FOWJB VNB
SFRVJTJÎÍP DPN P NÏUPEP )551 237,216 RVF UFN B GVOÎÍP EF
OÍP SFUPSOBS OFOIVN DPSQP OP SFTVMUBEP TPNFOUF BMHVOT
DBCFÎBMIPT EF DPOUSPMF RVF NPTUSBN RVBJT NÏUPEPT )551 QPEFN
TFS FYFDVUBEPT TPCSF BRVFMB 63- 6UJMJ[BOEP B OPTTB "1* EF

 &256 


NPUPSJTUBT DPNP FYFNQMP TF FYJTUJS VN NPUPSJTUB EF *%  F P
NÏUPEP 237,216 GPS FYFDVUBEP TPCSF GULYHUV FOUÍP TFSÈ
JOGPSNBEP RVF PT NÏUPEPT *(7 387 3$7&+ F '(/(7( FTUÍP
EJTQPOÓWFJT BMÏN EPT NÏUPEPT +($' F 237,216


4F B FYFDVÎÍP EP NÏUPEP 237,216 GPS QBSUF EF VNB


OFHPDJBÎÍP $034 P CSPXTFS UBNCÏN FOWJBSÈ OB SFRVJTJÎÍP RVBM B
PSJHFN EFMB JTUP Ï B QBSUJS EF RVBM EPNÓOJP FTUÈ QBSUJOEP B
SFRVJTJÎÍP )551 "MÏN EJTTP P CSPXTFS FOWJB P NÏUPEP RVF UFN B
JOUFOÎÍP EF FYFDVUBS F RVBJT DBCFÎBMIPT TF IPVWFS DBCFÎBMIPT
BMÏN EBRVFMFT RVF B FTQFDJGJDBÎÍP $034 QFSNJUF
 0 TFSWJEPS
SFTQPOEFSÈ DPN VN DØEJHP EF TUBUVT  TF B SFRVJTJÎÍP GPS BDFJUB
F  DBTP DPOUSÈSJP

0 .²50%0 015*0/4 4» ² 64"%0 &. $034

&N SFBMJEBEF P NÏUPEP 237,216 GPJ DSJBEP DPN P JOUVJUP EF


HVJBS P DMJFOUF B SFTQFJUP EB NBOFJSB DPNP OBWFHBS FN VNB
63- JTUP Ï BQSFTFOUBOEP RVBJT NÏUPEPT )551 QPEFN TFS
FYFDVUBEPT TPCSF FMB " QBSUJS EB OFDFTTJEBEF EF VTP EB
UÏDOJDB $034 Ï RVF P 237,216 FWPMVJV QBSB USBUBS FTUBT
RVFTUÜFT EF BQSFTFOUBS PVUSBT PQÎÜFT EJTQPOÓWFJT

1BSB IBCJMJUBS $034 OP OPTTP QSPKFUP QSFDJTBNPT NPEJGJDBS BT


DPOGJHVSBÎÜFT EP 4QSJOH 4FDVSJUZ $BTP P 4QSJOH 4FDVSJUZ OÍP
FTUFKB JNQMFNFOUBEP OP TFV QSPKFUP DPOTVMUF B EPDVNFOUBÎÍP
PGJDJBM B SFTQFJUP EF DPNP SFBMJ[BS B DPOGJHVSBÎÍP

/P NÏUPEP FRQILJXUH EB DMBTTF 6HFXULW\&RQILJ MPHP

  &256


BCBJYP EB EFDMBSBÎÍP POEF FTUBNPT EFTBCJMJUBOEP P $43' WBNPT
JODMVJS VNB DIBNBEB BP NÏUPEP FRUV  &TUF NÏUPEP WBJ
JOJDJBMJ[BS B DPOGJHVSBÎÍP QBSB OØT
#2YHUULGH
SURWHFWHG YRLG FRQILJXUH +WWS6HFXULW\ KWWS WKURZV ([FHSWLRQ ^
KWWSFVUI GLVDEOH 
KWWSFRUV 
 UHVWDQWH GR P©WRGR
`

7BNPT UBNCÏN JODMVJS VN CFBO DIBNBEP


&RUV&RQILJXUDWLRQ6RXUFH  &TUF CFBO Ï VUJMJ[BEP QBSB BNBSSBS
B DPOGJHVSBÎÍP EP $034 EB BQMJDBÎÍP DPN BT 63-T TPCSF BT RVBJT
B DPOGJHVSBÎÍP Ï WÈMJEB 1BSB EFDMBSBS RVBJT PSJHFOT NÏUPEPT
)551 F DBCFÎBMIPT TÍP BDFJUPT VUJMJ[BNPT B DMBTTF
&RUV&RQILJXUDWLRQ  1BSB SFBMJ[BS FTUF DPOUSPMF VUJMJ[BNPT PT
NÏUPEPT VHW$OORZHG2ULJLQV VHW$OORZHG0HWKRGV F
DGG$OORZHG+HDGHU SFTQFDUJWBNFOUF " EFDMBSBÎÍP Ï GFJUB BTTJN

LPSRUW RUJVSULQJIUDPHZRUNZHEFRUV&RUV&RQILJXUDWLRQ
LPSRUW RUJVSULQJIUDPHZRUNZHEFRUV&RUV&RQILJXUDWLRQ6RXUFH

#%HDQ
SXEOLF &RUV&RQILJXUDWLRQ6RXUFH FRUV&RQILJXUDWLRQ6RXUFH ^

&RUV&RQILJXUDWLRQ FRQILJXUDWLRQ QHZ &RUV&RQILJXUDWLRQ 


FRQILJXUDWLRQVHW$OORZHG2ULJLQV $UUD\VDV/LVW KWWSVEHVWFDU
VFRP 
FRQILJXUDWLRQVHW$OORZHG0HWKRGV $UUD\VDV/LVW *(73267 3
87 '(/(7( 3$7&+ 
FRQILJXUDWLRQDGG$OORZHG+HDGHU   

 
`

/PUF RVF BP VUJMJ[BS OP NÏUPEP DGG$OORZHG+HDGHU


FTUBNPT EFDMBSBOEP RVF UPEPT PT DBCFÎBMIPT TÍP QFSNJUJEPT 0

 &256 


NFTNP Ï TVQPSUBEP OBT PVUSBT EFDMBSBÎÜFT PV TFKB JOEJDBOEP RVF
RVBMRVFS PSJHFN EF EBEPT F RVBMRVFS NÏUPEP )551 TÍP
QFSNJUJEPT
FNCPSB JTUP OÍP TFKB SFDPNFOEBEP KÈ RVF P $034
FYJTUF QPS NPUJWPT EF TFHVSBOÎB

'JOBMNFOUF QBSB EFDMBSBS RVBJT 63-T EB OPTTB "1* WÍP FTUBS


DPN FTTB DPOGJHVSBÎÍP IBCJMJUBEB WBNPT VUJMJ[BS B DMBTTF
8UO%DVHG&RUV&RQILJXUDWLRQ6RXUFH  &TUB DMBTTF WJODVMB VNB
63- PV QBESÍP EF 63- B VNB DPOGJHVSBÎÍP $034 1BSB SFBMJ[BS
FTUF WÓODVMP VUJMJ[BNPT P NÏUPEP UHJLVWHU&RUV&RQILJXUDWLRQ
QBTTBOEP DPNP QBSÉNFUSP P QBESÍP  RVF WBJ JOUFSDFQUBS
UPEBT BT 63-T
F B DPOGJHVSBÎÍP RVF DSJBNPT BOUFSJPSNFOUF 7BMF
PCTFSWBS RVF B DMBTTF 8UO%DVHG&RUV&RQILJXUDWLRQ6RXUFH
JNQMFNFOUB B JOUFSGBDF &RUV&RQILJXUDWLRQ6RXUFH PV TFKB
QPEFNPT SFUPSOBS FTUB JNQMFNFOUBÎÍP OP OPTTP NÏUPEP
LPSRUW RUJVSULQJIUDPHZRUNZHEFRUV&RUV&RQILJXUDWLRQ
LPSRUW RUJVSULQJIUDPHZRUNZHEFRUV&RUV&RQILJXUDWLRQ6RXUFH
LPSRUW RUJVSULQJIUDPHZRUNZHEFRUV8UO%DVHG&RUV&RQILJXUDWLRQ6RXU
FH

#%HDQ
SXEOLF &RUV&RQILJXUDWLRQ6RXUFH FRUV&RQILJXUDWLRQ6RXUFH
^
&RUV&RQILJXUDWLRQ FRQILJXUDWLRQ QHZ &RUV&RQILJXUDWLRQ 
FRQILJXUDWLRQVHW$OORZHG2ULJLQV $UUD\VDV/LVW KWWSVEHVWFDU
VFRP 
FRQILJXUDWLRQVHW$OORZHG0HWKRGV $UUD\VDV/LVW *(73267 3
87 '(/(7( 3$7&+ 
FRQILJXUDWLRQDGG$OORZHG+HDGHU   
8UO%DVHG&RUV&RQILJXUDWLRQ6RXUFH VRXUFH QHZ 8UO%DVHG&RUV&RQIL
JXUDWLRQ6RXUFH 
VRXUFHUHJLVWHU&RUV&RQILJXUDWLRQ   FRQILJXUDWLRQ 
UHWXUQ VRXUFH
`

7BNPT BHPSB UFTUBS DPNP GJDPV B OPTTB DPOGJHVSBÎÍP 7BNPT

  &256


VUJMJ[BS P NÏUPEP 1045 FN GULYHUV QBSB WFSJGJDBS P
GVODJPOBNFOUP EP $034 OP OPTTP BNCJFOUF F GB[FS JOJDJBMNFOUF
USÐT UFTUFT 0 QSJNFJSP QBSB WFSJGJDBS DPNP B "1* TF DPNQPSUB TFN
RVF VUJMJ[FNPT RVBMRVFS EPT SFDVSTPT EF RVF $034 OFDFTTJUB QBSB
GVODJPOBS /P TFHVOEP WBNPT VUJMJ[BS P DBCFÎBMIP 2ULJLQ QBSB
JOGPSNBS BP TFSWJEPS RVBM Ï B PSJHFN EF EBEPT F WFSJGJDBS RVBM Ï B
SFTQPTUB NBT JOGPSNBOEP VNB PSJHFN RVF OÍP FTUÈ OB
DPOGJHVSBÎÍP RVF DSJBNPT /P ÞMUJNP UFTUF WBNPT JOGPSNBS B
PSJHFN KWWSVEHVWFDUVFRP RVF GPJ B SFHJTUSBEB OB
DPOGJHVSBÎÍP EP $034
F WFSJGJDBS DPNP P TJTUFNB TF DPNQPSUB

7BNPT BP QSJNFJSP UFTUF

'JHVSB  3FRVJTJÎÍP TFN P DBCFÎBMIP 0SJHJO

 &256 


$PNP TF QPEF PCTFSWBS B "1* TF DPNQPSUB EB NBOFJSB
OPSNBM &TUF Ï VN DPNQPSUBNFOUP RVF UFN DPNP QÞCMJDPBMWP
DMJFOUFT RVF OÍP QSFDJTBN EF $034 PV TFKB RVF OÍP TÍP BQMJDBÎÜFT
+BWB4DSJQU %FTUB GPSNB B "1* DPOUJOVB TF DPNQPSUBOEP DPNP TF
OÍP IPVWFTTF DPOGJHVSBÎÍP EF $034 BKVTUBEB 6N MFNCSFUF P
QSØQSJP CSPXTFS BKVTUB P DBCFÎBMIP 2ULJLQ OBT SFRVJTJÎÜFT
JOGPSNBOEP B PSJHFN

4F GJ[FSNPT B NFTNB SFRVJTJÎÍP NBT BKVTUBOEP P DBCFÎBMIP


2ULJLQ DPN VN EPNÓOJP EFTDPOIFDJEP EP TFSWJEPS

'JHVSB  3FRVJTJÎÍP DPN P DBCFÎBMIP 0SJHJO OVNB PSJHFN OÍP DBEBTUSBEB

3FDFCFNPT VNB SFTQPTUB DPN P DØEJHP  F VN UFYUP EJ[FOEP

  &256


*OWBMJE $034 SFRVFTU SFRVJTJÎÍP $034 JOWÈMJEB


7BNPT FOUÍP SFBMJ[BS B SFRVJTJÎÍP DPN P DBCFÎBMIP 2ULJLQ


BKVTUBEP QBSB KWWSVEHVWFDUVFRP DPNP GPJ DPOGJHVSBEP

'JHVSB  3FRVJTJÎÍP DPN P DBCFÎBMIP 0SJHJO BKVTUBEP FN IUUQTCFTUDBSTDPN

7FNPT RVF UVEP USBOTDPSSF OPSNBMNFOUF EFTUB GPSNB 5FNPT


DFSUF[B EF RVF OPTTB DPOGJHVSBÎÍP $034 FTUÈ TF DPNQPSUBOEP EF
BDPSEP DPN B NBOFJSB FTQFSBEB F SFKFJUBOEP DPSSFUBNFOUF
SFRVJTJÎÜFT JOWÈMJEBT .BT RVBOEP BT SFRVJTJÎÜFT TÍP GFJUBT QPS
DMJFOUFT +BWB4DSJQU IPTQFEBEPT FN CSPXTFST FYJTUF VN QBTTP
FYFDVUBEP BOUFSJPSNFOUF &TUF QBTTP DPOTJTUF FN WFSJGJDBS TF B

 &256 


PSJHFN EPT EBEPT Ï BDFJUB F RVBJT NÏUPEPT )551 F DBCFÎBMIPT TÍP
TVQPSUBEPT QFMB "1* 0 TFSWJEPS SFUPSOB FTUFT EBEPT DPNP VNB
MJTUB EF GPSNB RVF P DMJFOUF QPEF EFJYBS P SFTVMUBEP BSNB[FOBEP
FN DBDIF F OÍP SFBMJ[BS B NFTNB SFRVJTJÎÍP WÈSJBT WF[FT

&TUB SFRVJTJÎÍP DPOTJTUF OP VTP EP NÏUPEP )551 237,216


DPOGPSNF FYQMJDBEP BOUFSJPSNFOUF 2VBOEP FYFDVUBEP GPSB EF VN
DPOUFYUP $034 FTTF NÏUPEP UFN B GVOÎÍP EF PSJFOUBS P DMJFOUF
TPCSF RVBJT NÏUPEPT )551 FTUÍP EJTQPOÓWFJT QBSB FYFDVÎÍP OB
63- JOGPSNBEB /P DPOUFYUP $034 PT DBCFÎBMIPT 2ULJLQ
$FFHVV&RQWURO5HTXHVW0HWKRG F $FFHVV&RQWURO
5HTXHVW+HDGHUV UBNCÏN TÍP VUJMJ[BEPT QBSB JOGPSNBS
SFTQFDUJWBNFOUF TF B PSJHFN JOGPSNBEB FTUÈ EJTQPOÓWFM BMÏN EF
RVBJT NÏUPEPT )551 F DBCFÎBMIPT

  &256


103 26& 6." 3&26*4*±°0 ² &/7*"%" "/5&4 %" 3&26*4*±°0 %&
7&3%"%& *440 /°0 ² 6. %&41&3%¶$*0 %& 3&$63404

" SFRVJTJÎÍP RVF Ï GFJUB QFMP $034 VTBOEP P NÏUPEP


237,216 Ï DIBNBEB EF SFRVJTJÎÍP QSFGMJHIU &MB OÍP Ï
FOWJBEB TFNQSF QFMP CSPXTFS  FYJTUFN DPOEJÎÜFT FTQFDÓGJDBT
FN RVF P CSPXTFS DPOTJEFSB TFS TFHVSP FOWJBS B SFRVJTJÎÍP
QBSB B "1* TFN SFBMJ[BS FTTB OFHPDJBÎÍP /ÍP QSFUFOEP MJTUBS
BRVJ RVBJT TÍP FTTBT DPOEJÎÜFT NBT QPTTP SFTVNJMBT DPNP
DPOEJÎÜFT RVF SFNFUFN Ë OBWFHBÎÍP FN QÈHJOBT XFC F OÍP
BP DPOTVNP EF "1*T 3&45 2VBOEP FTUBNPT GBMBOEP EF VNB
"1* 3&45 P CSPXTFS QSFGFSF NBOEBS P QSFGMJHIU QPS TFS VNB
GPSNB EF UFPSJDBNFOUF VUJMJ[BS VN NÏUPEP RVF OÍP HFSB
RVBJTRVFS FGFJUPT DPMBUFSBJT BOUFT EF SFBMJ[BS B SFRVJTJÎÍP 
RVF QPS TVB WF[ QPEF HFSBS %FTUB GPSNB P QSFGMJHIU Ï
OFDFTTÈSJP DPNP VN NFJP EF QSPUFÎÍP DPOUSB FGFJUPT
DPMBUFSBJT

7BNPT WFSJGJDBS JTTP FN GVODJPOBNFOUP &YFDVUF P NÏUPEP


015*0/4 TPCSF B 63- GULYHUV QBTTBOEP P DBCFÎBMIP
2ULJLQ DPN KWWSVEHVWFDUVFRP $FFHVV&RQWURO
5HTXHVW0HWKRG DPN 3267 F $FFHVV&RQWURO5HTXHVW
+HDGHUV DPN VN DBCFÎBMIP RVBMRVFS VUJMJ[FJ OP FYFNQMP [
FXVWRPKHDGHU
 0CTFSWF RVF DPNP DPOGJHVSBNPT OP
TFSWJEPS QBSB PT DBCFÎBMIPT FOUÍP UPEPT TÍP BDFJUPT &TUB
SFRVJTJÎÍP SFUPSOB EB TFHVJOUF GPSNB

 &256 


'JHVSB  &YFDVÎÍP EP NÏUPEP 015*0/4 DPN UPEPT PT WBMPSFT WÈMJEPT

0CTFSWF RVF EFOUSF PT NVJUPT


DBCFÎBMIPT SFUPSOBEPT UFNPT
P $FFHVV&RQWURO$OORZ0HWKRGV DPN
*(73267387'(/(7(3$7&+ F P $FFHVV&RQWURO$OORZ
+HDGHUV DPN [FXVWRPKHDGHU P TFSWJEPS OÍP JOGPSNB RVF
UPEPT PT DBCFÎBMIPT TÍP BDFJUPT
 "MÏN EJTTP P DØEJHP EF TUBUVT
 JOEJDB RVF B SFRVJTJÎÍP 3267 DPN P DBCFÎBMIP DJUBEP QPEF TFS

  &256


GFJUB B QBSUJS EFTTB PSJHFN

7BNPT DIFDBS P RVF BDPOUFDF TF USPDBSNPT B PSJHFN

'JHVSB  &YFDVÎÍP EP NÏUPEP 015*0/4 DPN VNB PSJHFN JOWÈMJEB

%B NFTNB GPSNB RVF PDPSSFV DPN P NÏUPEP 3267 FYFDVUBEP


P DØEJHP EF TUBUVT UBNCÏN NVEPV QBSB  PV TFKB FTUB
SFRVJTJÎÍP OÍP TFSÈ BDFJUB

 &256 


1PS ÞMUJNP
WBNPT WPMUBS B PSJHFN QBSB
KWWSVEHVWFDUVFRP F JOGPSNBS VN NÏUPEP RVF OÍP Ï BDFJUP
 EJHBNPT P NÏUPEP +($' 

'JHVSB  &YFDVÎÍP EP NÏUPEP 015*0/4 DPN VN NÏUPEP )551 JOWÈMJEP

.BJT VNB WF[ SFDFCFNPT P DØEJHP EF TUBUVT 

  &256


 0"65)
0"VUI Ï B FTQFDJGJDBÎÍP EF VNB UÏDOJDB EF BVUFOUJDBÎÍP RVF
QFSNJUF RVF VN TJUF USBCBMIF DPN EBEPT RVF WFOIBN EF PVUSP TJUF
 TFN RVF TFKB OFDFTTÈSJP GPSOFDFS B TFOIB EP VTVÈSJP GJOBM *TTP
BCSF QPTTJCJMJEBEFT QBSB PQFSBÎÜFT RVF IPKF TÍP CBTUBOUF DPNVOT
DPNP SFBMJ[BS P DBEBTUSP FN VN TJUF VUJMJ[BOEP BT DSFEFODJBJT EF
VNB SFEF TPDJBM QPS FYFNQMP

2VBOEP B FTQFDJGJDBÎÍP TVSHJV 0"VUI 


VUJMJ[PVTF Ë ÏQPDB
VNB BOBMPHJB DPN DBSSPT EF MVYP F P PRGR YDOHW QSFTFOUF OP
$IFWSPMFU $PSWFUUF $ ;3 QPS FYFNQMP
 'VODJPOB EB TFHVJOUF
GPSNB EFQPJT EF DSJBS WÈSJBT "1*T QBSB P TJTUFNB EB TVB TUBSUVQ
WPDÐ EFDJEF DPNQSBS VN DBSSP EF MVYP NVJUP QPUFOUF DPN DFSDB
EF  DW EF NPUPS &OUÍP WPDÐ EFDJEF QFHBS FTTF DBSSP F JS B VN
SFTUBVSBOUF CBEBMBEP EB DJEBEF POEF P NBOPCSJTUB WBJ SFDFCÐMP &
Ï BÓ RVF WPDÐ TF EFQBSB DPN B DFOB 7PDÐ %FJYBOEP " DIBWF /B
NÍP %P NBOPCSJTUB 2VF WPDÐ OÍP DPOIFDF $VKBT JOUFOÎÜFT WPDÐ
OÍP DPOIFDF $FOB BUFSSBEPSB EF TF QFOTBS "MJÈT TF WPDÐ BTTJTUJV
$VSUJOEP B 7JEB "EPJEBEP WPDÐ KÈ QFOTPV

%BÓ WFN B JEFJB EF TF DSJBS VNB TFHVOEB DIBWF QBSB P DBSSP


6NB RVF RVBOEP JOTFSJEB OP DBSSP DPSUB B QPUÐODJB EP NPUPS
QFMB NFUBEF OÍP QFSNJUF RVF TF BCSB P QPSUBNBMBT F EÈ
BVUPOPNJB QBSB RVF TF BOEF BQFOBT QPS QPVDPT RVJMÙNFUSPT DPN P
DBSSP

0 QSPUPDPMP 0"VUI TFHVJB DPN FTTB NFTNB OPÎÍP 0 DBSSP


TFSJBN TFVT EBEPT 7PDÐ DPOUJOVB TFOEP WPDÐ 4FV VTVÈSJP F TFOIB
TÍP B DIBWF QBSB BDFTTP EPT EBEPT & P TJUF JOUFSFTTBEP FN BDFTTBS
TFVT EBEPT Ï P NBOPCSJTUB 0 QSPUPDPMP 0"VUI JNQMBOUB B OPÎÍP
EF TF UFS VN UPLFO FTQFDJBM QBSB P TJUF QBSB RVF TFKB QPTTÓWFM

 2$87+ 


BDFTTBS TPNFOUF BRVJMP EF RVF FMF OFDFTTJUB TFN UFS RVF GPSOFDFS P
VTVÈSJP F TFOIB $PNP CÙOVT FTTF UPLFO Ï SFWPHÈWFM PV TFKB
WPDÐ UFN UPUBM DPOUSPMF EP RVF WBJ TFS BDFTTBEP QFMP TJUF F QPEF
SFNPWFS FTTF BDFTTP RVBOEP BDIBS NFMIPS

" WFSTÍP BUVBM EP 0"VUI Ï B  "MHVNBT DPJTBT NVEBSBN FOUSF


BT FTQFDJGJDBÎÜFT TFOEP RVF FMBT OÍP TÍP SFUSPDPNQBUÓWFJT F BUÏ
NFTNP BMHVNBT OPNFODMBUVSBT GPSBN NPEJGJDBEBT 1BSB DPOIFDFS
P GMVYP WBNPT DPOIFDFS B OPNFODMBUVSB EPT FOWPMWJEPT OP
QSPDFTTP

%POP EP SFDVSTP  HFSBMNFOUF Ï WPDÐ


$MJFOUF  Ï B BQMJDBÎÍP JOUFSFTTBEB FN BDFTTBS P SFDVSTP
4FSWJEPS EF SFDVSTPT  Ï B BQMJDBÎÍP POEF P SFDVSTP PV
EBEPT
FTUÈ IPTQFEBEP
4FSWJEPS EF BVUPSJ[BÎÍP  Ï P TFSWJEPS RVF DSJB B
WFSJGJDBÎÍP EF BDPSEP DPN P QSPUPDPMP 0"VUI /B NBJPSJB
EBT WF[FT FTUÈ KVOUP EP TFSWJEPS EF SFDVSTPT

1BSB RVF VN GMVYP EP 0"VUI GVODJPOF VNB TÏSJF EF FUBQBT


QSFDJTBN TFS DPODMVÓEBT 1BSB TJNQMJGJDBS WBNPT JNBHJOBS RVF
WPDÐ EFTFKB EJTQPOJCJMJ[BS QBSB PT VTVÈSJPT EP TJTUFNB $"3 MPHJO
VUJMJ[BOEP EBEPT EF VNB SFEF TPDJBM RVBMRVFS EJHBNPT BMHVNB
RVF UFOIB VN MPHPUJQP B[VM F CSBODP
 &TUBT FUBQBT EF GPSNB
TJNQMJGJDBEB TÍP BT TFHVJOUFT


0 VTVÈSJP NBOJGFTUB BP DMJDBS OP CPUÍP EF MPHJO EP $"3
TFV EFTFKP FN VUJMJ[BS TFVT EBEPT EB SFEF TPDJBM 
0 $"3 RVF KÈ
FTUBWB DBEBTUSBEP OB SFEF TPDJBM F QPSUBOUP QPTTVJ VN FOLHQW
,' F VN FOLHQW VHFUHW
OPUJGJDB B SFEF TPDJBM EFTUF EFTFKP F
BQSFTFOUB TFVT EBEPT QBSB B SFEF TPDJBM 
" SFEF TPDJBM EFWPMWF
VN MJOL QBSB RVF P VTVÈSJP TFKB SFEJSFDJPOBEP 
0 VTVÈSJP BP TFS

  2$87+


SFEJSFDJPOBEP TF EFQBSB DPN VNB UFMB FYQSFTTBOEP P VTP RVF P
$"3 GBSÈ EF TFVT EBEPT "P DPODPSEBS B SFEF TPDJBM SFEJSFDJPOB
P VTVÈSJP QBSB P $"3 DPN VN DØEJHP EF BDFTTP 
%F QPTTF
EFTTF DØEJHP EF BDFTTP P $"3 GB[ VNB OPWB SFRVJTJÎÍP QBSB B
SFEF TPDJBM TPMJDJUBOEP P BDDFTT UPLFO RVF QFSNJUF RVF P $"3
BDFTTF P DPOKVOUP EF EBEPT RVF GPJ BVUPSJ[BEP QFMP DMJFOUF

'BÎP VNB PCTFSWBÎÍP JNQPSUBOUF BRVJ P GMVYP NFODJPOBEP


BDJNB QSFDJTB EF VN CSPXTFS & FMF Ï BQFOBT VN EPT GMVYPT
EJTQPOÓWFJT OP 0"VUI  /B ÏQPDB EP 0"VUI  IBWJB TØ VN GMVYP
QPTTÓWFM TJNJMBS BP EFTDSJUP BDJNB QPSÏN DPN BMHVOT EFUBMIFT
UÏDOJDPT JNQMÓDJUPT
 0 0"VUI  WFJP QBSB USB[FS NBJT
QSBHNBUJTNP Ë FTQFDJGJDBÎÍP F BDSFTDFOUBS WÈSJPT GMVYPT EJGFSFOUFT
EF BDPSEP DPN B OFDFTTJEBEF UPSOBOEP QPTTÓWFM JODMVTJWF RVF "1*T
3&45 VTFN 0"VUI TFN CSPXTFS "MHVOT EPT GMVYPT EJTQPOÓWFJT TÍP
PT TFHVJOUFT

"VUIPSJ[BUJPO $PEF 'MPX


$MJFOU $SFEFOUJBMT 'MPX
%FWJDF 'MPX
1BTTXPSE $SFEFOUJBMT 'MPX

7BNPT SFWJTÈMPT F WFSJGJDBS RVBOEP VTBS DBEB VN

"VUIPSJ[BUJPO $PEF 'MPX


&TUF GMVYP Ï P NBJT TFNFMIBOUF BP 0"VUI  F Ï SFQSFTFOUBEP
QFMP QBTTP B QBTTP EBEP BDJNB 'PJ DSJBEP DPN B JOUFOÎÍP EF TFS
VUJMJ[BEP RVBOEP P DMJFOUF Ï VNB BQMJDBÎÍP XFC FN RVF P VTVÈSJP
VUJMJ[B VN CSPXTFS QBSB GB[FS BDFTTP

2VBOEP P VTVÈSJP VUJMJ[B BMHVNB FTQÏDJF EF SFDVSTP RVF BUJWB B

 2$87+ 


OFDFTTJEBEF EP 0"VUI P DMJFOUF P SFEJSFDJPOB QBSB P TFSWJEPS EF
BVUPSJ[BÎÍP QBSB SFBMJ[BS P QSPDFTTP EF DPOTFOUJNFOUP RVF
DPOTJTUF EF SFWJTBS VNB MJTUB EF JOGPSNBÎÜFT QBSB BT RVBJT P DMJFOUF
UFSÈ BDFTTP F VN GPSNVMÈSJP EF MPHJO 2VBOEP P VTVÈSJP GB[ MPHJO
FMF FTUÈ EBOEP P DPOTFOUJNFOUP QBSB RVF P DMJFOUF FYFDVUF BT BÎÜFT
RVF QSFDJTB TPCSF PT EBEPT MJTUBEPT

&OUÍP P TFSWJEPS EF BVUPSJ[BÎÍP SFEJSFDJPOBSÈ P VTVÈSJP QBSB P


TJTUFNB EP DMJFOUF QPSUBOEP VN DØEJHP EF BVUPSJ[BÎÍP PV
BVUIPSJ[BUJPO DPEF RVF Ï P OPNF EP GMVYP
 0 DMJFOUF SFDFCF FTTF
DØEJHP EF BVUPSJ[BÎÍP F P USPDB OP TFSWJEPS EF BVUPSJ[BÎÍP QPS VN
BDDFTT UPLFO &TTF UPLFO Ï VUJMJ[BEP FN UPEBT BT DIBNBEBT RVF TFSÍP
GFJUBT QBSB P TFSWJEPS EF SFDVSTPT RVF PT GPSOFDFSÈ QPJT P UPLFO
DPODFEF FTTF BDFTTP BP DMJFOUF

$MJFOU $SFEFOUJBMT 'MPX


&TUF GMVYP Ï NBJT TFNFMIBOUF B VN GMVYP EF VTVÈSJPTFOIB
DPOWFODJPOBM DPN B EJGFSFOÎB EF RVF UFN TFV QÞCMJDPBMWP FN
BQMJDBÎÜFT 0V TFKB P TFV VTP UFN B JOUFOÎÍP EF QFSNJUJS RVF VNB
BQMJDBÎÍP GBÎB MPHJO FN PVUSB BQMJDBÎÍP TFN OFDFTTBSJBNFOUF
VUJMJ[BS VTVÈSJP F TFOIB EF VNB QFTTPB PV BMHVNB TFOIB
JOWFOUBEB 4FV VTP OÍP Ï NVJUP EJGFSFOUF EF VN GMVYP JOUVJUJWP EF
VTVÈSJP F TFOIB

 0 DMJFOUF BQMJDBÎÍP
FOWJB VN QBS FOLHQW ,' F FOLHQW
VHFUHW QBSB P TFSWJEPS EF BVUPSJ[BÎÍP
 0 TFSWJEPS EF BVUPSJ[BÎÍP WBMJEB F DBTP FTUFKBN DPSSFUPT
SFUPSOB VN DFFHVV WRNHQ QBSB P DMJFOUF
 0 DJFOUF FOUÍP WBJ BUÏ P TFSWJEPS EF SFDVSTPT VUJMJ[BOEP P
DFFHVV WRNHQ F UFN BDFTTP BPT TFVT EBEPT

  2$87+


%FWJDF 'MPX
&TUF GMVYP QSPDVSB GPDBS OB OFDFTTJEBEF EF EJTQPTJUJWPT RVF
UFOIB BDFTTP MJNJUBEP Ë JOUFSOFU F QPSUBOUP UBMWF[ PGFSFÎBN VNB
FYQFSJÐODJB EF VTP QPCSF QBSB TFVT VTVÈSJPT 'PDBOEP OFTTF
EFUBMIF P GMVYP QSPDVSB PGFSFDFS VN MJOL EF POEF P VTVÈSJP
DPOTJHB DPOUJOVBS EF POEF QBSPV

1PS FYFNQMP FMF JOJDJB P QSPDFTTP FN VN DFMVMBS DPOUJOVB EP


DPNQVUBEPS F RVBOEP WPMUB QBSB P DFMVMBS UPEP P GMVYP FTUÈ
GJOBMJ[BEP &TUF GMVYP QPSUBOUP UFN USÐT FTUÈHJPT DVKBT FUBQBT TÍP
BT TFHVJOUFT

 0 VTVÈSJP VUJMJ[B TFV EJTQPTJUJWP NØWFM QBSB SFRVJTJUBS PT


EBEPT
 0 EJTQPTJUJWP FOWJB VNB SFRVJTJÎÍP QBSB P TFSWJEPS EF
BVUPSJ[BÎÍP
 0 TFSWJEPS SFUPSOB P 'HYLFH &RGH *% EP EJTQPTJUJWP
SFHJTUSBEP OP TFSWJEPS
8VHU &RGH *% EP DMJFOUF
SFHJTUSBEP
F 9HULILFDWLRQ 85/ B 63- POEF P GMVYP
QPEFSÈ QSPTTFHVJS

 0 EJTQPTJUJWP BQSFTFOUB P 8VHU &RGH F 9HULILFDWLRQ
85/ QBSB P DMJFOUF
 +È OP DPNQVUBEPS P VTVÈSJP VUJMJ[B VN CSPXTFS QBSB BDFTTBS
B 63- EF WFSJGJDBÎÍP DPOUFOEP TFV DØEJHP
 0 CSPXTFS BQSFTFOUB B UFMB EF DPOTFOUJNFOUP
 2VBOEP P VTVÈSJP EÈ TFV DPOTFOUJNFOUP P TFSWJEPS EF
BVUPSJ[BÎÍP NBSDB P EJTQPTJUJWP DPNP BVUPSJ[BEP
 &ORVBOUP JTTP P EJTQPTJUJWP NØWFM GJDBWB GB[FOEP QPMMJOH OP
TFSWJEPS QBSB WFSJGJDBS TF KÈ IBWJB VNB SFTQPTUB
 2VBOEP P EJTQPTJUJWP Ï NBSDBEP DPNP BVUPSJ[BEP B

 2$87+ 


QSØYJNB SFRVJTJÎÍP QPMMJOH RVF P EJTQPTJUJWP GBSÈ WBJ PCUFS P
DFFHVV WRNHQ QFSNJUJOEP RVF P GMVYP DPOUJOVF QFMP
EJTQPTJUJWP NØWFM

1BTTXPSE $SFEFOUJBMT 'MPX


0 GMVYP EF SDVVZRUG FUHGHQWLDOV Ï VN DBTP ÞOJDP EFOUSF
PT GMVYPT EF 0"VUI &MF QSFTTVQÜF DPOGJBOÎB UPUBM OP DMJFOUF B
QPOUP EF P VTVÈSJP GPSOFDFS P VTVÈSJP F TFOIB SFBJT EB BQMJDBÎÍP
UFSDFJSB PV TFKB OB SFBMJEBEF FMF JHOPSB BRVFMB FYQMJDBÎÍP EP
DBSSP YDOH\ NH\ FUD
 &TUFT DBTPT TÍP BRVFMFT POEF P DMJFOUF Ï P
4JTUFNB 0QFSBDJPOBM EP DPNQVUBEPS QPS FYFNQMP .BT UBNCÏN
DMBSBNFOUF Ï VNB PGFSUB QBSB RVF PT DMJFOUFT JOJDJFN NJHSBÎÍP EF
GMVYPT POEF TF VUJMJ[B )551 #BTJD QBSB BVUFOUJDBÎÍP VUJMJ[BOEP
0"VUI

0 GMVYP GVODJPOB EB TFHVJOUF GPSNB

 0 VTVÈSJP BQSFTFOUB TVBT DSFEFODJBJT VTVÈSJP F TFOIB


QBSB
P DMJFOUF FYQSFTTBOEP TFV EFTFKP EF VUJMJ[BS PT SFDVSTPT EP
TFSWJEPS EF SFDVSTPT
 0 DMJFOUF BQSFTFOUB FTUBT NFTNBT DSFEFODJBJT QBSB P TFSWJEPS
EF BVUPSJ[BÎÍP
 0 TFSWJEPS EF BVUPSJ[BÎÍP SFBMJ[B B BVUFOUJDBÎÍP EPT EBEPT F
EFWPMWF P DFFHVV WRNHQ 
 0 DMJFOUF VUJMJ[B P DFFHVV WRNHQ QBSB BDFTTBS PT EBEPT

&YJTUFN UBNCÏN PVUSPT GMVYPT 0"VUI CFN DPNP WBSJBÎÜFT


EFTUFT BQSFTFOUBEPT BRVJ &N SFBMJEBEF TFSJB OFDFTTÈSJP VN MJWSP
JOUFJSP BQFOBT QBSB GBMBS TPCSF 0"VUI EF GBUP B $BTB EP $ØEJHP
UFN VN DIBNBEP 0"VUI  1SPUFKB TVBT BQMJDBÎÜFT DPN P 4QSJOH
4FDVSJUZ 0"VUI EP "EPMGP &MPZ
 $BTP WPDÐ TF JOUFSFTTF QFMP

  2$87+


BTTVOUP Ï VN ØUJNP QPOUP EF QBSUJEB QBSB TF BQSPGVOEBS NBJT

 "84 "1* ("5&8":


&V OÍP QPEFSJB FTDSFWFS VN MJWSP TPCSF "1*T TFN GBMBS EF "1*
(BUFXBZT &TUB Ï VNB DMBTTF EF TJTUFNBT DVKB NJTTÍP Ï
QSJODJQBMNFOUF NPOJUPSBS "1*T F SFUJSBS QSFPDVQBÎÜFT PSUPHPOBJT
EFTUBT EFJYBOEP EFUBMIFT EF JNQMFNFOUBÎÍP BQFOBT OPT TFSWJÎPT
*TTP JODMVJ QSFPDVQBÎÜFT DPN BVUFOUJDBÎÍPBVUPSJ[BÎÍP MJNJUBÎÍP
EF DBQBDJEBEF EF VTP SPUFBNFOUP FOUSF EJGFSFOUFT QSPWFEPSFT EP
TFSWJÎP FUD

&YJTUFN WÈSJPT "1* (BUFXBZT EJTQPOÓWFJT OP NFSDBEP 6N


EFMFT Ï P .RQJ EJTQPOÓWFM FN IUUQTLPOHIRDPNLPOH
RVF Ï
PQFO TPVSDF F QPEF TFS JOTUBMBEP F HFSFODJBEP NBOVBMNFOUF /P
FOUBOUP EBSFJ QSFGFSÐODJB BRVJ BP "1* (BUFXBZ EB "84 VNB WF[
RVF B "84 Ï OP NPNFOUP VN EPT DMPVE QSPWJEFST NBJT VUJMJ[BEPT
OP NVOEP

0 DPOTPMF EB "84 FTUÈ EJTQPOÓWFM FN


IUUQTBXTBNB[PODPNQUDPOTPMF 7PDÐ QPEF BDFTTBS P DPOTPMF
F DSJBS VNB DPOUB VTBOEP TFV DBSUÍP EF DSÏEJUP

"7*40 FORVBOUP FYJTUFN NVJUBT GFSSBNFOUBT "84 RVF WPDÐ


QPEF VTBS HSBUVJUBNFOUF BMHVNBT TÍP QBHBT /P NPNFOUP EB
FTDSJUB EFTUF MJWSP P "84 "1* (BUFXBZ Ï HSBUVJUP QBSB BUÏ 
NJMIÍP EF DIBNBEBT EB "1* QPS NÐT DPOGPSNF B TFHVJS

 $:6 $3, *$7(:$< 


'JHVSB  1SFDJGJDBÎÍP EP "84 "1* (BUFXBZ

6NB WF[ MPHBEP WPDÐ WFSÈ VNB QÈHJOB TFNFMIBOUF Ë TFHVJOUF

'JHVSB  1ÈHJOB JOJDJBM EP DPOTPMF EB "84

%JHJUF $3, *DWHZD\ OB DBJYB DFOUSBM EF CVTDB F EÐ HQWHU 


%BÓ WPDÐ FTUBSÈ OB QÈHJOB JOJDJBM EP TFSWJÎP $3, *DWHZD\ 

  $:6 $3, *$7(:$<


'JHVSB  1ÈHJOB QSJODJQBM EP "84 "1* (BUFXBZ

2VBOEP DMJDBNPT OP CPUÍP &RPSLODU EB DBJYB )551 "1*


TPNPT MFWBEPT B VNB UFMB POEF IÈ VNB NFOTBHFN EF CPBTWJOEBT

 $:6 $3, *$7(:$< 


'JHVSB  .FOTBHFN EF CPBTWJOEBT EP "84 "1* (BUFXBZ

"P DMJDBS OP CPUÍP 2. WPDÐ QPEFSÈ DPOGFSJS P QBTTP B QBTTP


EB DSJBÎÍP EB "1* DPOGPSNF PGFSFDJEP QFMB "84 /P NPNFOUP
FYJTUFN EVBT PQÎÜFT EJTQPOÓWFJT WJB $:6 /DPEGD F WJB +773 
/PTTP JOUFSFTTF Ï WJB )551

'JHVSB  $SJBS "1* )551 OP "84 "1* (BUFXBZ

&OUSFUBOUP UFNPT VN QSPCMFNB GVOEBNFOUBM OPTTP TFSWJÎP


QFMP NFOPT OP NPNFOUP FTUÈ EJTQPOÓWFM BQFOBT OB OPTTB NÈRVJOB
MPDBM ² NVJUP DPNQMJDBEP SFBMJ[BS B FYQPTJÎÍP EFTTF TFSWJÎP FN
OPTTB NÈRVJOB MPDBM TFN DPOGJHVSBÎÜFT EF /"5 OP SPUFBEPS BMHP
RVF QPEF TFS JOWJÈWFM TF WPDÐ FTUJWFS EJTQPOJCJMJ[BOEPP OB TVB
FNQSFTB
 &YJTUF VNB GFSSBNFOUB RVF QPEF OPT BKVEBS DPN FTTB

  $:6 $3, *$7(:$<


UBSFGB DIBNBEB QJURN  0 QJURN BUVB FYBUBNFOUF DPNP TFV
SPUFBEPS NBT DSJBOEP VN %/4 FTQFDÓGJDP QBSB TVB NÈRVJOB &TUF
FOEFSFÎP FTUBSÈ EJTQPOÓWFM OB JOUFSOFU F BP BMDBODF EF UPEPT  P RVF
QFSNJUF RVF VNB SFRVJTJÎÍP EB "84 DIFHVF EJSFUBNFOUF Ë TVB
NÈRVJOB

7BNPT BDFTTBS B QÈHJOB EP QJURN FN IUUQTOHSPLDPN "P


DMJDBS OP CPUÍP EF EPXOMPBE OPT EFQBSBNPT DPN VNB UFMB
TFNFMIBOUF Ë TFHVJOUF

'JHVSB  %PXOMPBE EP /HSPL

/FTUB UFMB FYJTUFN BT JOTUSVÎÜFT EF DPNP CBJYBS F VUJMJ[BS P

 $:6 $3, *$7(:$< 


QJURN EF BDPSEP DPN TFV TJTUFNB PQFSBDJPOBM 0CTFSWF RVF OP
NFV DBTP Ï VN TJTUFNB PQFSBDJPOBM -JOVY F QPSUBOUP CBTUB
CBJYBS EFTDPNQBDUBS P [JQ F VUJMJ[BS /ÍP Ï PCSJHBUØSJP DBEBTUSBS P
UPLFO DPOGPSNF JOGPSNBEP OB QÈHJOB NBT BMHVNBT GFBUVSFT TØ
FTUÍP EJTQPOÓWFJT TF WPDÐ P GJ[FS

1BSB EJTQPOJCJMJ[BS OPTTB "1* DPN )5514 WJB QJURN P


DPNBOEP Ï QJURN KWWS KWWSVORFDOKRVW  *TTP WBJ
QSPWPDBS VN BMFSUB DPNP P TFHVJOUF

'JHVSB  5FOUBUJWB EF FYFDVÎÍP EP /HSPL DPN )5514

&TCBSSBNPT FN VN OPWP QSPCMFNB 0 QJURN DPN )5514 TØ


FTUBSÈ EJTQPOÓWFM TF WPDÐ GJ[FS P SFHJTUSP OP TJUF 4F GPS P DBTP CBTUB
TF BVUFOUJDBS OP TJUF EP QJURN F DBEBTUSBS P UPLFO DPOGPSNF
JOTUSVÓEP OP TJUF .BT DBTP WPDÐ OÍP RVFJSB GB[FS FTTF
QSPDFEJNFOUP QPEFNPT SFNPWFS B DBNBEB EF TFHVSBOÎB EB OPTTB
"1* BCSJOEP P BSRVJWP DSSOLFDWLRQSURSHUWLHV F DPMPDBOEP
 OB GSFOUF EBT MJOIBT RVF EFGJOFN P 44- EB OPTTB BQMJDBÎÍP

DSSFDUGRPDLQJRRJOHPDSVDSLNH\ 68$ $3, .(<

VHUYHUVVONH\VWRUH FODVVSDWKNH\VWRUHS
VHUYHUVVONH\VWRUHSDVVZRUG UHVWERRN
VHUYHUVVONH\VWRUHW\SH 3.&6
VHUYHUVVONH\DOLDV FDU

7BNPT FOUÍP JOJDJBMJ[BS OPTTB "1* OPWBNFOUF F JOJDJBMJ[BS P

  $:6 $3, *$7(:$<


QJURN DPN P DPNBOEP QJURN KWWS   6NB UFMB TFNFMIBOUF
Ë TFHVJOUF EFWF TFS WJTUB

'JHVSB  /HSPL TFSWJOEP )551 OB QPSUB 

0CTFSWF RVF VN FOEFSFÎP EP UJQP


KWWS[[[[[[[[QJURNLR GPJ DSJBEP &TUF FOEFSFÎP NVEB B
DBEB FYFDVÎÍP FOUÍP UFNPT RVF UPNBS P DVJEBEP EF SFBMJ[BS PT
QBTTPT TFHVJOUFT UPEPT EF VNB WF[ TØ

0 QSØYJNP QBTTP Ï WPMUBS BP QBJOFM EF DPOUSPMF EB "84 F


BEJDJPOBS OPTTB QSJNFJSB JOUFHSBÎÍP "P DMJDBS OP CPUÍP
$GLFLRQDU LQWHJUD§£R TFMFDJPOF P DBNQP +773 F DPNP
EFTUJOP EB JOUFHSBÎÍP EFJYF $1< JTTP TJHOJGJDB RVF UPEBT BT
SFRVJTJÎÜFT QBSB P NFTNP FOEFSFÎP JOEFQFOEFOUF EP NÏUPEP
)551 TFSÍP SPUFBEBT QBSB P NFTNP FOEFSFÎP EF EFTUJOP
 7BNPT
FOUÍP DPOGJHVSBS P FOEFSFÎP DPOGPSNF B TFHVJS QBSB BQPOUBS QBSB
DSJBS B "1* EF NPUPSJTUBT

 $:6 $3, *$7(:$< 


'JHVSB  "EJDJPOBOEP B QSJNFJSB JOUFHSBÎÍP OP "1* (BUFXBZ

2VBOEP FTTF QBTTP Ï SFBMJ[BEP DMJRVF OP CPUÍP $YDQ§DU 


6NB UFMB EF SFTVNP EBT DPOGJHVSBÎÜFT TFSÈ BQSFTFOUBEB

'JHVSB  3FWJTBOEP B QSJNFJSB JOUFHSBÎÍP OP "1* (BUFXBZ

2VBOEP DMJDBNPT FN $YDQ§DU VNB OPWB UFMB Ï BQSFTFOUBEB


POEF B DPOGJHVSBÎÍP EPT FTUÈHJPT EB "1* Ï SFBMJ[BEB 0T FTUÈHJPT
TÍP TFNFMIBOUFT BPT BNCJFOUFT EF EFTFOWPMWJNFOUP FN VNB
FNQSFTB PV TFKB BMHP DPNP GHVHQYROYLPHQWR KRPRORJD§£R
VDQGER[ SURGX§£R FUD 1FSDFCB RVF BP FOUSBS OB UFMB B "84
TVHFSF P OPNF GHIDXOW DPNP QBESÍP 7BNPT BMUFSBS QBSB GHY
EJNJOVUJWP EF EFTFOWPMWJNFOUP
F EFJYBS NBSDBEB B DBJYB EF
JNQMBOUBÎÍP BVUPNÈUJDB *TTP TJHOJGJDB EJ[FS RVF UPEBT BT BMUFSBÎÜFT
GFJUBT OBRVJMP RVF FTUÈ QVCMJDBEP OFTUF FTUÈHJP FTUBSÈ
EJTQPOJCJMJ[BEP JNFEJBUBNFOUF QBSB P QÞCMJDP P RVF Ï GFJUP QBSB

  $:6 $3, *$7(:$<


SFBMJ[BS VN DPOUSPMF EF BQSPWBÎÍP DBTP P FTUÈHJP TFKB EF QSPEVÎÍP
QPS FYFNQMP
 &N BNCJFOUF EF EFTFOWPMWJNFOUP OÍP QSFDJTBNPT
EF UBOUB DBVUFMB F QPSUBOUP B DBJYB QPEF QFSNBOFDFS NBSDBEB

'JHVSB  %FGJOJÎÍP EF FTUÈHJPT OP "1* (BUFXBZ

'JOBMNFOUF BP QSPTTFHVJS DPN B DSJBÎÍP B "84 OPT BQSFTFOUB


VNB ÞMUJNB UFMB QBSB SFBMJ[BS B SFWJTÍP EF UVEP RVF GPJ DSJBEP BUÏ
BRVJ

'JHVSB  3FWJTÍP GJOBM EB DPOGJHVSBÎÍP EP "1* (BUFXBZ

 $:6 $3, *$7(:$< 


2VBOEP DMJDBNPT OP CPUÍP &ULDU P "1* (BUFXBZ OPT
BQSFTFOUB P QBJOFM EF DPOUSPMF EB "1* RVF DSJBNPT F BHPSB FTUÈ
EJTQPOÓWFM QBSB SFBMJ[BS B JOWPDBÎÍP 0CTFSWF P DBNQP ,QYRFDU
85/ 

'JHVSB  "1* (BUFXBZ NPTUSBOEP P QBJOFM EF DPOUSPMF EB OPWB "1*

4FHVOEP FTUF DBNQP B "1* FTUÈ QVCMJDBEB OP FOEFSFÎP


IUUQTDFUIBCCFYFDVUFBQJVTFBTUBNB[POBXTDPNEFW OP
DBTP EFTUF FYFNQMP FTQFDÓGJDP
 "TTJN TFOEP QPEFNPT SFBMJ[BS B
SFRVFTU QBSB FTTF FOEFSFÎP BDSFTDJEP EF GULYHUV  5PEP P

  $:6 $3, *$7(:$<


SFTUBOUF QFSNBOFDF FYBUBNFOUF EB NFTNB GPSNB DPNP FSB BOUFT
DPNP P DPSQP EB SFRVJTJÎÍP F PT DBCFÎBMIPT " SFRVJTJÎÍP GJDBSÈ
BTTJN

'JHVSB  3FRVFTU WJB 1PTUNBO BP "1* (BUFXBZ

 $:6 $3, *$7(:$< 


4& $3*".04 " "1* ."1&"%" 1"3" '5,9(56 103 26& 13&$*4".04
*/$-6*3 /07".&/5& /" 3&26*4*±°0

2VBOEP DSJBNPT P NBQFBNFOUP OB "84 JOTFSJNPT P


FOEFSFÎP EP QJURN F P QBUI GULYHUV  *TTP QPSRVF DBEB
VN EPT QBUIT OP "1* (BUFXBZ QPEF TFS NBQFBEP EF NBOFJSB
JOEFQFOEFOUF 4F BMHVNB SFRVJTJÎÍP DIFHBS QBSB VN QBUI RVF
OÍP FTUÈ NBQFBEP FMB OÍP Ï FOUSFHVF "TTJN TFOEP FN
SFBMJEBEF OÍP FTUBNPT DPOGJHVSBOEP GULYHUV DPNP VNB
FTQÏDJF EF BUBMIP FTUBNPT BQFOBT JOGPSNBOEP P "1* (BUFXBZ
QBSB MJCFSBS SFRVJTJÎÜFT QBSB FTTF QBUI 2VBOEP SFBMJ[BNPT B
SFRVJTJÎÍP QFMP 1PTUNBO FTUBNPT QPSUBOUP UPNBOEP
QSPWFJUP EFTTF NBQFBNFOUP

"P VUJMJ[BS VN "1* (BUFXBZ DPNP P EB "84 QPEFNPT SFUJSBS


EB BQMJDBÎÍP WÈSJBT QSFPDVQBÎÜFT DPN P VTP EB "1* F EFJYBS
TPNFOUF BMHVNBT 1SFPDVQBÎÜFT DPNP BVUFOUJDBÎÍPBVUPSJ[BÎÍP
)5514 $034 F PVUSBT QPEFN TFS DPOGJHVSBEBT EJSFUBNFOUF OP
"1* (BUFXBZ UJSBOEP B OFDFTTJEBEF EF TF DPOGJHVSBS EJSFUBNFOUF
OB BQMJDBÎÍP

/P NFOV EB FTRVFSEB EP QBJOFM WPDÐ QPEF DPOIFDFS BMHVNBT


EFTTBT PQÎÜFT 6N FYFNQMP Ï P DPOUSPMF EF USÈGFHP RVF TFSÈ GFJUP
&TUB DPOGJHVSBÎÍP QFSNJUF RVF TF CMPRVFJF P FYDFTTP EF USÈGFHP
FYUFSOP Ë BQMJDBÎÍP QPVQBOEP B "1* EF VNB FWFOUVBM RVFEB QPS
FYDFTTP EF SFRVJTJÎÜFT

1BSB BDFTTBS FTTB DPOGJHVSBÎÍP DMJRVF OP NFOV Ë FTRVFSEB


TPCSF B PQÎÍP &RQWUROH GH XWLOL]D§£R  6NB WF[ TFMFDJPOBEP P

  $:6 $3, *$7(:$<


FTUÈHJP POEF B DPOGJHVSBÎÍP TFSÈ SFBMJ[BEB OP OPTTP DBTP TØ UFNPT
GHY OP NPNFOUP
VN NFOV DPNP P TFHVJOUF TFSÈ BQSFTFOUBEP

'JHVSB  $POGJHVSBÎÜFT EF UISPUUMJOH

/P NPNFOUP P "1* (BUFXBZ FTUBSÈ DPOGJHVSBEP DPN BT


DPOGJHVSBÎÜFT QBESÍP BUÏ  SFRVJTJÎÜFT TJNVMUÉOFBT OP NFTNP
NJMJTTFHVOEP
F BUÏ  SFRVJTJÎÜFT OP NFTNP TFHVOEP

$PODMVTÍP
/FTUF DBQÓUVMP DPOIFDFNPT WÈSJBT PVUSBT UÏDOJDBT RVF WÍP OPT
BKVEBS B DPOTUSVJS VNB "1* FYDFMFOUF F RVF WBJ JNQVMTJPOBS OPTTP
TJTUFNB QBSB TFS NBJT F NBJT FNCVUJEP FN PVUSBT BQMJDBÎÜFT
BMBWBODBOEP P TVDFTTP EB OPTTB QSØQSJB BQMJDBÎÍP

/ØT WJNPT DPNP DSJBS VN CPN NFDBOJTNP EF QBHJOBÎÍP


HBSBOUJOEP RVF P SFUPSOP EBT SFRVJTJÎÜFT TFSÈ MFWF F GÈDJM EF TFS
VUJMJ[BEP QFMPT DMJFOUFT

7JNPT UBNCÏN QBSB RVF TFSWF F QPSRVF DPOGJHVSBS $034 


BMHP NVJUP JNQPSUBOUF TF RVJTFSNPT RVF OPTTB "1* BQSFTFOUF

 $:6 $3, *$7(:$< 


JOUFSPQFSBCJMJEBEF DPN DMJFOUFT FTDSJUPT FN +BWB4DSJQU

7JNPT DPNP DSJBS BVUFOUJDBÎÍP F BVUPSJ[BÎÍP VUJMJ[BOEP


0"VUI VN QPEFSPTP SFDVSTP QBSB RVBOEP RVFSFNPT PGFSFDFS
OPTTB BQMJDBÎÍP QBSB TFS JOUFSPQFSÈWFM OÍP BQFOBT DPN DMJFOUFT
EJSFUBNFOUF NBT UBNCÏN DPN PVUSBT BQMJDBÎÜFT

& GJOBMNFOUF BQSFOEFNPT B VUJMJ[BS VN SFDVSTP QPEFSPTÓTTJNP


QBSB B FGFUJWB FYQPTJÎÍP EB OPTTB "1* QBSB P NVOEP P "1*
(BUFXBZ 7JNPT DPNP GVODJPOB FOUÍP P "1* (BUFXBZ EF VN EPT
QSJODJQBJT QMBZFST EP NFSDBEP B "NB[PO 8FC 4FSWJDFT  "84

/P QSØYJNP DBQÓUVMP WBNPT DPNFÎBS B GB[FS VNB SFWJTÍP HFSBM


EF UVEP RVF WJNPT BP MPOHP EFTUF MJWSP QBSB UFS DFSUF[B EF RVF OÍP
EFJYBNPT OFOIVNB JOGPSNBÎÍP JNQPSUBOUF FTRVFDJEB 7BNPT FN
GSFOUF

  $:6 $3, *$7(:$<


&$3Ë78/2 

$0/4*%&3"±¿&4 '*/"*4

0 QSPGFTTPS OÍP FOTJOB NBT BSSBOKB NPEPT EF B QSØQSJB


DSJBOÎB EFTDPCSJS $SJB TJUVBÎÜFTQSPCMFNBT  +FBO 1JBHFU

&YJTUFN WÈSJBT UÏDOJDBT FN "1*T 3&45 RVF FV HPTUBSJB EF UFS


BCPSEBEP OFTUF MJWSP /P FOUBOUP P FTQBÎP EF RVF EJTQPOIP Ï
MJNJUBEP FOUÍP GB[FS JTTP OÍP TFSJB QPTTÓWFM

"TTJN TFOEP B TFHVJS FOVNFSP WÈSJPT EFTUFT BTTVOUPT F DPNP


FMFT QPEFN DPOUSJCVJS QBSB PT TFVT DPOIFDJNFOUPT OFTUF VOJWFSTP
EF "1*T

$MPVE DPNQVUJOH
$FSUBNFOUF VN EPT BTTVOUPT RVF FTUÍP NBJT FN BMUB
VMUJNBNFOUF ² NVJUP JNQPSUBOUF RVF EFTFOWPMWFEPSFT EF "1*T
EFUFOIBN P NÈYJNP EF DPOIFDJNFOUP TPCSF DMPVE DPNQVUJOH KÈ
RVF NVJUPT QSPWFEPSFT PGFSFDFN GFSSBNFOUBT FTQFDJBMJ[BEBT QBSB
VTP OFTUF UJQP EF EFTFOWPMWJNFOUP

/FTUF MJWSP FV BCPSEFJ P "84 "1* (BUFXBZ 0CTFSWF RVF B


"84 PGFSFDF WÈSJBT GFSSBNFOUBT RVF FTUÍP JOUFSMJHBEBT DPN FTTF
VOJWFSTP DPNP P 3PVUF  QBSB BENJOJTUSBS %/4
F $MPVEGSPOU
QBSB DSJBÎÍP EF DPOUFOU EFMJWFSZ OFUXPSLT PV &'1V
BMÏN EF
EJWFSTBT PQÎÜFT EF JNQMBOUBÎÍP EBT "1*T FN TFSWJEPSFT

 &216,'(5$d®(6 ),1$,6 


HFSFODJBEPT %B NFTNB GPSNB PT DPODPSSFOUFT EB "84 DPNP
(PPHMF $MPVE 1MBUGPSN F .JDSPTPGU "[VSF
PGFSFDFN NVJUBT
GFSSBNFOUBT OFTTF TFOUJEP

4FSWFSMFTT
"P BCPSEBS "1* (BUFXBZT DPOGFTTP B WPDÐ RVF GJRVFJ UFOUBEP B
NF EFCSVÎBS OFTUF NFTNP MJWSP TPCSF P UFNB TFSWFSMFTT 5SBUBTF EF
VNB GPSNB EF DSJBS F FYFDVUBS VNB BQMJDBÎÍP FN OVWFN TFN UFS
RVF MJEBS DPN P GBSEP EF DSJBS F HFSFODJBS WÈSJPT BTQFDUPT EF
TFSWJEPSFT HFSFODJBEPT  B QSØQSJB OVWFN GB[ JTTP QPS OØT 2VBOEP
VUJMJ[BNPT TFSWFSMFTT EP JOHMÐT TFN TFSWJEPS
OØT QSFDJTBNPT OPT
QSFPDVQBS BQFOBT DPN P DØEJHP FN TJ F OB GPSNB DPNP FMF FTUÈ
FYQPTUP QBSB P NVOEP NBT OÍP DPN EFUBMIFT EB FYFDVÎÍP EP
DØEJHP *TTP GB[ EFTUB VNB UÏDOJDB FYUSFNBNFOUF QPEFSPTB F
CBSBUB KÈ RVF P QSPWFEPS EF OVWFN BMPDB QSPDFTTBNFOUP QBSB P
DØEJHP BQFOBT RVBOEP Ï FTUSJUBNFOUF OFDFTTÈSJP EFSSVCBOEP PT
DVTUPT EF NBOUFS VN TFSWJEPS FYFDVUBEP P UFNQP JOUFJSP


/ÍP CBTUBTTFN FTUFT BTQFDUPT "1*T TFSWFSMFTT IPKF TÍP BT NBJT


FTDBMÈWFJT DPOIFDJEBT KÈ RVF DPNP P QSPDFTTBNFOUP Ï HFSFODJBEP
EJSFUBNFOUF QFMP DMPVE QSPWJEFS RVF FTUBNPT VUJMJ[BOEP B
FTDBMBCJMJEBEF EFTUBT UFOEF B TFS P UBOUP RVBOUP P QSPWFEPS QVEFS
EJTQPOJCJMJ[BS " "84 IPKF Ï SFTQPOTÈWFM QPS HSBOEF QBSUF EP
USÈGFHP NVOEJBM EF JOUFSOFU

$234
0 QBESÍP $234 $PNNBOE 2VFSZ 3FTQPOTJCJMJUZ 4FHSFHBUJPO Ï
VNB BMUFSOBUJWB ËT "1*T 3&45 &N PVUSBT QBMBWSBT VNB "1*
$234 OÍP QPEF TFS DPOTJEFSBEB 3&45GVM QPJT OÍP UFN BT NFTNBT

  &216,'(5$d®(6 ),1$,6


DBSBDUFSÓTUJDBT EF VN TFSWJÎP 3&45 &TUBT TÍP GFJUBT EF NBOFJSB B
MJEBS DPN RVFTUÜFT RVF TÍP NBJT DPNQMFYBT EF TF MJEBS FN "1*T
3&45GVM DPNP CVTDBT DPN QBSÉNFUSPT DPNQMFYPT F DFOÈSJPT POEF
B DSJBÎÍP EF SFDVSTPT F B FGFUJWB MPDBMJ[BÎÍP EFTUFT Ï EFTUPBOUF 0
$234 UFN B NJTTÍP EF TFQBSBS PT BTQFDUPT EF DSJBÎÍPBUVBMJ[BÎÍP
EF SFDVSTPT EPT BTQFDUPT EF MPDBMJ[BÎÍP EFTUFT

(SBQI2-
6NB UÏDOJDB RVF UBNCÏN OÍP Ï 3&45GVM NBT UFN B NJTTÍP EF
DSJBS VNB "1* POEF TFKB QPTTÓWFM DSJBS CVTDBT EF GPSNB EJOÉNJDB
TFN TFS OFDFTTÈSJP EFJYÈMBT QSFWJBNFOUF DSJBEBT OP MBEP EP
TFSWJEPS "P VUJMJ[BS (SBQI2- P DMJFOUF QPEF TVCNFUFS B TVB RVFSZ
DVTUPNJ[BEB F QFTRVJTBS JOGPSNBÎÜFT EF BDPSEP DPN TVB
OFDFTTJEBEF  TFNFMIBOUF BP RVF PDPSSF DPOPTDP RVBOEP
VUJMJ[BNPT VN CBODP EF EBEPT SFMBDJPOBM QPS FYFNQMP 1BSB TBCFS
NBJT TPCSF (SBQI2- WJTJUF P TJUF IUUQTHSBQIRMPSH 7PDÐ
UBNCÏN QPEF DPOIFDFS P MJWSP
IUUQTXXXDBTBEPDPEJHPDPNCSQSPEVDUTMJWSPHSBQIRM

0"VUI
/P DBQÓUVMP  FV BCPSEFJ 0"VUI EF NBOFJSB TVQFSGJDJBM
BQFOBT QPS DPOTJEFSBS P RVBOUP Ï JNQPSUBOUF P DPOIFDJNFOUP
TPCSF FTUB UÏDOJDB 'FMJ[NFOUF FYJTUF VN MJWSP OB $BTB EP $ØEJHP
JOUFJSBNFOUF EFEJDBEP BP BTTVOUP EJTQPOÓWFM FN
IUUQTXXXDBTBEPDPEJHPDPNCSQSPEVDUTMJWSPPBVUI ² VN
ØUJNP QPOUP QBSB RVF WPDÐ QPTTB TF BQSPGVOEBS NBJT TPCSF P
BTTVOUP

 &216,'(5$d®(6 ),1$,6 


+85
"JOEB OP RVFTJUP TFHVSBOÎB EF "1*T UFNPT P +85  +40/
8FC 5PLFO 5SBUBTF EF VN QBESÍP DSJBEP QBSB RVF P QSØQSJP
TJTUFNB EF TFHVSBOÎB EB "1* DPOTJHB USBGFHBS NBJT EBEPT TPCSF P
VTVÈSJP EP RVF UÍP TPNFOUF P OPNF EP VTVÈSJP F TFOIB *TTP
IBCJMJUB DFOÈSJPT DPNQMFYPT EF BVUFOUJDBÎÍP F BVUPSJ[BÎÍP
FOWPMWFOEP NÞMUJQMPT QBSUJDJQBOUFT UPSOBOEP P DPOIFDJNFOUP FN
+85 BMHP DSVDJBM QBSB P EFTFOWPMWJNFOUP EF "1*T QÞCMJDBT F
JOUFSDPOFDUBEBT 1BSB TBCFS NBJT WJTJUF P TJUF IUUQTKXUJP

3FBDUJWF "1*T
"T "1*T SFBUJWBT PGFSFDFN VNB GPSNB NPEFSOB EF TF MJEBS DPN
DPODPSSÐODJB FN BNCJFOUFT RVF TÍP SFRVJTJUBEPT QPS NVJUPT
VTVÈSJPT BP NFTNP UFNQP &MBT GB[FN VN VTP NFMIPS EF *0 OÍP
CMPDBOUF P RVF QPS TVB WF[ BT MFWB B VUJMJ[BSFN EF NBOFJSB NBJT
FGJDJFOUF SFDVSTPT FYUFSOPT "TTJN TFOEP TÍP FYUSFNBNFOUF ÞUFJT
FN DPOUFYUPT EF NÞMUJQMPT NJDSPTTFSWJÎPT

H31$
H31$ Ï VNB GPSNB EF DSJBS "1*T 31$ 3FNPUF 1SPDFEVSF $BMM 
$IBNBEB SFNPUB EF QSPDFEJNFOUP
 &N PQPTJÎÍP B 3&45 POEF B
BÎÍP Ï FYFDVUBEB OP TFSWJEPS EF GPSNB JOEJSFUB FN 31$ P DMJFOUF
EFUFSNJOB FYBUBNFOUF RVBM Ï B BÎÍP B TFS JOWPDBEB 1PS FYFNQMP
VNB DIBNBEB 31$ IJQPUÏUJDB QPEFSJB UFS P TFHVJOUF GPSNBUP
3267 DFWLRQV

^
DFDRFULDU3DVVDJHLUR
GDGRV 
`

  &216,'(5$d®(6 ),1$,6


0 H31$ Ï VNB BCPSEBHFN QBSB "1*T 31$ RVF OBTDFV OP
(PPHMF F IPKF Ï JODVCBEP FN VN QSPKFUP DIBNBEP $MPVE /BUJWF
$PNQVUJOH 'PVOEBUJPO 0 H31$ WJTB UPSOBS DPNVOJDBÎÜFT 31$
NBJT FGJDJFOUFT BUSBWÏT EP VTP EF VNB GFSSBNFOUB EF TFSJBMJ[BÎÍP
OBTDJEB OP (PPHMF DIBNBEB 1SPUPDPM #VGGFST "USBWÏT EFTUB
GFSSBNFOUB PT GPSNBUPT EF EBEPT TÍP QSÏDPNQJMBEPT P RVF
WJBCJMJ[B B TFSJBMJ[BÎÍP NBJT SÈQJEB EF EBEPT

&N MJOIBT HFSBJT P H31$ TF PQÜF B 3&45 FN RVBTF UPEPT PT


BTQFDUPT 6NB BSRVJUFUVSB EF "1*T FGJDJFOUF QPEFSJB TF CFOFGJDJBS
EF BNCPT PT GPSNBUPT  PGFSFDFS NBJT PQÎÜFT EF VTP QBSB PT
DMJFOUFT QPEF TFS CBTUBOUF CFOÏGJDP QBSB UPEPT

1BSB TBCFS NBJT TPCSF P H31$ WJTJUF P TJUF IUUQTHSQDJP

 &216,'(5$d®(6 ),1$,6 


&$3Ë78/2 

3&'&3³/$*"4
#*#-*0(3«'*$"4

&7"/4 &SJD %PNBJOESJWFO EFTJHO 5BDLMJOH DPNQMFYJUZ JO


UIF IFBSU PG TPGUXBSF "EEJTPO8FTMFZ 1SPGFTTJPOBM 

'*&-%*/( 3PZ 5IPNBT "SDIJUFDUVSBM TUZMFT BOE UIF EFTJHO PG


OFUXPSLCBTFE TPGUXBSF BSDIJUFDUVSFT  %JTQPOÓWFM FN
IUUQTXXXJDTVDJFEV_GJFMEJOHQVCTEJTTFSUBUJPOGJFMEJOH@EJTTFS
UBUJPOQEG

'08-&3 .BSUJO 'MVFOU*OUFSGBDF  %JTQPOÓWFM FN


IUUQTNBSUJOGPXMFSDPNCMJLJ'MVFOU*OUFSGBDFIUNM

)"..&3 &SBO *OUSPEVDJOH 0"VUI   %JTQPOÓWFM FN


IUUQTIVFOJWFSTFDPNJOUSPEVDJOHPBVUICEBDF

,&--: .JLF )"-  )ZQFSUFYU "QQMJDBUJPO -BOHVBHF 


%JTQPOÓWFM FN IUUQTUBUFMFTTDPIBM@TQFDJGJDBUJPOIUNM

-&8*4 +BNFT '08-&3 .BSUJO .JDSPTTFSWJÎPT FN QPVDBT


QBMBWSBT  %JTQPOÓWFM FN
IUUQTXXXUIPVHIUXPSLTDPNQUJOTJHIUTCMPHNJDSPTFSWJDFT
OVUTIFMM

."35*/ 3PCFSU $ 5IF $MFBO "SDIJUFDUVSF  %JTQPOÓWFM

  5()(5Ç1&,$6 %,%/,2*5È),&$6


FN IUUQTCMPHDMFBODPEFSDPNVODMFCPCUIFDMFBO
BSDIJUFDUVSFIUNM

8"$,&3 .JLF +VTU 4BZ /P 5P .PSF &OE5P&OE 5FTUT 


%JTQPOÓWFM FN IUUQTUFTUJOHHPPHMFCMPHDPNKVTUTBZ
OPUPNPSFFOEUPFOEUFTUTIUNM

8*((*/4 "EBN 5IF 5XFMWF'BDUPS "QQ  %JTQPOÓWFM


FN IUUQTGBDUPSOFUQU@CS

 5()(5Ç1&,$6 %,%/,2*5È),&$6 

You might also like