You are on page 1of 19

 '|P|W|U$GULHQQH

+LVWRULFDOVRFLRSUDJPDWLFV
DQHZDSSURDFKWRWKHVWXG\RIWKHKLVWRU\RI+XQJDULDQ

,WLVERWKWLPHO\DQGLPSHUDWLYHWRUHQHZWKHWUDGLWLRQDOV\VWHPFHQWUHGDSSURDFKWRKLVWRUL
FDOOLQJXLVWLFVSULPDULO\IRFXVLQJRQ$QFLHQW+XQJDULDQDQG2OG+XQJDULDQDQGVXSSOHPHQWLWZLWK
XVDJHFHQWUHGUHVHDUFKEDVHGRQ0LGGOH+XQJDULDQVRXUFHV OLNHUHFRUGVRIHYLGHQFHLQZLWFKFUDIW
WULDOV 2QHSRVVLEOHZD\RIGRLQJWKDWLVRIIHUHGE\KLVWRULFDO VRFLR SUDJPDWLFVDOLQHRIVWXG\
OLWWOHNQRZQDWSUHVHQWZLWKLQ+XQJDULDQOLQJXLVWLFV$OWKRXJKDV\VWHPDWLFDSSOLFDWLRQRI V\QFKUR
QLFDOO\WULHGDQGWUXHDOOEXWFODVVLFDO SUDJPDWLFWKHRULHVDQGPHWKRGVWRKLVWRULFDOPDWHULDOPD\
FRPHXSDJDLQVWXQIRUHVHHDEOHRUHYHQXQUHVROYDEOHGLIILFXOWLHVVXFK³H[SHULPHQWDWLRQ´LVDSUR
PLVLQJHQWHUSULVHWKHSUDJPDWLFSRLQWRIYLHZDQGWKHWKHRULHVEXLOWRQLWPD\SURYLGHKLVWRULFDO
LQYHVWLJDWLRQVZLWKDIUDPHZRUNWKDWFDQQRWRQO\EHH[SHFWHGWR\LHOGQHZFRQFOXVLRQVEXWDOVRWR
WKURZQHZOLJKWXSRQIDPLOLDUIDFWVRIODQJXDJHKLVWRU\
=6Ï),$6È526,

6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN
9RQDWNR]yPHOOpNPRQGDWRVDOiUHQGHOpVHNpVSiUKX]DPDLN
KDWNRUDLELEOLDIRUGtWiVWNUpEHQ

% H Y H ] H W p V  ²$V]LQRQtPLDDMHOHQWpVWDQVRNDWNXWDWRWWWHUOHWH$Q\HOYWX
GRPiQ\NLDODNXOiViWyONH]GYHV]iPWDODQ GHILQtFLyV]OHWHWWDPHO\PHJNtVpUHOWHPHJKD
WiUR]QLDURNRQpUWHOP&VpJMHOHQVpJHLW$YL]VJiODWRNW|EEQ\LUHDOH[pPiNV]LQRQLPLWiViUD
YRQDWNR]WDNpVHOVVRUEDQDV]DYDNMHOHQWpVWDQiWYL]VJiOyN|WHWHNEHQYDODPLQWDNO|Q
E|] V]LQRQLPDV]yWiUDNPXQNiODWDLQDNNDSFViQNHUOWHNUHIOHNWRUIpQ\EH
$PRQGDWV]HUNH]HWLV]LQRQtPLDD]RQEDQ²PLQGDPDJ\DUQ\HOYYRQDWNR]iViEDQ
PLQGiOWDOiQRVQ\HOYpV]HWLNpUGpVNpQW²D]DOLJNXWDWRWW WHUOHWHNN|]pWDUWR]LNOHtUypV
W|UWpQHWLV]HPSRQWEyOHJ\DUiQW DQQDNHOOHQpUHKRJ\PHJQ\LOYiQXOiVLIRUPiLYDOVRNIpOH
HOHP]pVV]iPRO $Q\HOYKDV]QiOyN²SDUDIUD]iOyNpSHVVpJNQHNN|V]|QKHWHQ²IHO
LVPHULN pV V]yEHOL YDJ\ tUiVEHOL PHJQ\LODWNR]iVDLNEDQ W|EENHYHVHEE WXGDWRVViJJDO DO
NDOPD]]iN LV D PRQGDWV]HUNH]HWL V]LQRQtPLD MHOHQVpJHLW DPHO\HNNHO Q\HOYWDQXOiVNRU
YDJ\IRUGtWiVNRUWROPiFVROiVNRU N|]YHWOHQOLVV]HPEHVOQHN
9L]VJiOyGiVRPNLLQGXOiVDD]YROWKRJ\DQ\HOYEHQPLQGHQNRUEDQOpWH]LNDV]DYDN
V]LQRQLPLWiViWyO N|]YHWOHQO QHP IJJ PRQGDWV]HUNH]HWL V]LQRQtPLD DPHO\ PHJHO]
NRURNQ\HOYLYiOWR]iVDLQDNWDODMiQDODNXONLVDPHO\OHKHWVpJHWWHUHPW~MDEEQ\HOYLYiOWR
]iVRN OpWUHM|WWpKH] $ YDULiQVRN KRVV]DEEU|YLGHEE LGHLJ YDOy HJ\PiV PHOOHWW pOpVpQHN
V]LQNUyQGLDNUyQYHWOHWHN|]LVPHUWÄ$]DPLDQ\HOYV]LJRU~V]LQNUyQOHtUyMDV]iPiUD
IHOHVOHJHVQHNW&QLNYDOyMiEDQDQ\HOYPR]JiViQDNHJ\LNKRUGR]yMDVPLQWLO\HQNHWWVDU
FXODW~$V]LQNUyQLQIRUPiFLyN|]OpVV]HPSRQWMiEyOEL]WRVtWMDD]LQIRUPiFLyKDWpNRQ\ViJiW
DQ\HOYW|UWpQHWHV]HPSRQWMiEyOSHGLJDPR]JiVLOHKHWVpJHNHW´²tUMD5Ï1$7$6 $1'5È6
$Q\HOYURNRQViJ*RQGRODW.LDGy%S $Q\HOYW|UWpQHWL|VV]HIRJODOyNEDQ
HOHP]HWWYDULiQVRND]RQEDQW|EEQ\LUHOH[LNDLDNPRUIROyJLDLDNYDJ\KDQJWDQLDN
eSSHQ H]pUW H]~WWDO PRQGDWV]HUNH]HWHN WHUpQ NHUHVWHP YiODV]W D NpUGpVUH PHO\HN
EL]RQ\RV URNRQpUWHOP& IRUPiN DODNXOiViQDN MHOOHP] IRNR]DWDL KRJ\DQ YDOyVXO PHJ

$WDQXOPiQ\D]27.$iOWDOWiPRJDWRWW7V]iP~PXQNiODWNHUHWHLQEHOONpV]OW
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

DUpJHEELpV~MDEEDODNRNHJ\PiVPHOOHWWpOpVHpV² .È52/< 6È1'25 PHJIRJDOPD]i


ViEDQ ² D NRQNXUHQV IRUPiN Q\HOYW|UWpQHWHW DODNtWy KDUFD .È52/< 6È1'25 +R]]i
V]yOiVDÄ7|UWpQHWLQ\HOYWDQtUiVXQNKHO\]HWHpVIHODGDWDL´FHODGiVKR],Q,05( 6$08
²6=$70È5, ,679È1 ²6=%76 /È6=/Ï V]HUN$PDJ\DUQ\HOYJUDPPDWLNiMD$PD
J\DUQ\HOYpV]HN,,,QHP]HWN|]L NRQJUHVV]XViQDNHODGiVDL1\WXGeUW$NDGpPLDL
.LDGy%S $NpUGpVIHOYHWpVVHO|VV]HIJJpVEHQHJ\HGGLJNO|QQHPYL]VJiOW
NDWHJyULDLVHONO|QOWDIRUPDLYiOWR]DWRNFVRSRUWMD
$  6 ] L Q R Q L P  P R Q G D W V ] H U N H ] H W H N  p V  I R U P D L  Y i O W R ] D W R N   ²
$PRQGDWWDQLV]LQRQtPLDWHUOHWpWD]XJ\DQD]RQI GHQRWDWtYWDUWDORPYLVV]DDGiViUDDO
NDOPDVXJ\DQDNNRUHOWpU V]HUNHV]WpVPyG~pVH]]HOHJ\WWNLVHEEPpUWpNEHQHOWpU MHOHQ
WpV& NLIHMH]HV]N|]|NDONRWMiN$V]LQRQLPV]HUNH]HWHNDPRQGDWWDQLMHOHQVpJHN|VV]H
WHWWVpJH IRO\WiQ VHP V]HPDQWLNDLODJ VHP VWLOLV]WLNDLODJ VHP SUDJPDWLNDLODJ QHP
IHOWpWOHQOIHGLNOHHJ\PiVWW|NpOHWHVHQ MHOHQVpJHLWHKiWVRKDQHPV]RURVV]LQRQLPiN 
pSSHQH]HQNO|QEVpJHLNiOWDONtQiOQDNYiODV]WpNRWDQ\HOYKDV]QiOyV]iPiUD.pWPRQ
GDWV]HUNH]HWV]LQRQLPKDIHOFVHUpOKHWNHJ\PiVVDODQpONOKRJ\DV]HUNH]HWHWLVPDJi
EDQIRJDODOyV]|YHJN|UQ\H]HWGHQRWDWtYMHOHQWpVHDODSYHWHQPHJYiOWR]QD $NLMHOHQWpVHN
V]LQRQLPLWiViQDNPiVPHJKDWiUR]iVDLWOSO  .,()(5 )(5(1&-HOHQWpVHOPpOHW&RUYLQD
.LDGy%S>@ .,66 6È1'25 DPRQGDWWDQLV]LQRQLPiNV]HPEHQiOOiViWD]D]R
QRVUHIHUHQFLiOLVWDUWDORPEHPXWDWiViQDNHOWpUpVHNpQWD]D]PiVRGODJRV V]HPDQWLNDLN
O|QEVpJNpQWSUH]HQWiFLyVRSSR]tFLyNpQWUDJDGMDPHJ+$$'(5/($DV]LQRQLPPRQGDWWD
QL IRUPiNDW HJ\PiV IXQNFLRQiOLV YDULiQVDLNpQW KDWiUR]]D PHJ DPHO\HNEHQ D YiODV]WiV
OHKHWVpJpW D] DGMDKRJ\ D] D]RQRVViJ pV D NO|QE|]VpJ HJ\V]HUUH YDQ MHOHQ EHQQN
.,66 6È1'25 $ PRQGDWWDQL V]LQRQtPLD V]HUNH]HWH pV iWpSOpVpQHN WpQ\H]L ,Q +25
9È7+ .$7$/,1 ²/$'È1<, 0È5,$V]HUNÈOODSRWpVW|UWpQHW²V]LQNUyQLDpVGLDNUyQLD
² YLV]RQ\D D Q\HOYEHQ (/7( %7. ÈOWDOiQRV pV $ONDOPD]RWW 1\HOYpV]HWL 7DQV]pN
%S+$$'(5/($0LNURGLDNUyQLDpVYiOWR]iVYL]VJiODW1\U
$ IRUPDL YiOWR]DWRN H]]HO V]HPEHQ RO\DQ PRQGDWV]HUNH]HWHN DPHO\HN ² DODNL
HOWpUpVN HOOHQpUH ² QHP PXWDWQDN MHOHQWpVNO|QEVpJHW WHKiW HJ\PiVVDO WHWV]OHJHVHQ
IHOFVHUpOKHW LOOHWYHQ\HOYW|UWpQHWLMHOHQVpJHNHVHWpEHQD]DGDWRNWDQ~ViJDDODSMiQLO\HQ
QHNIHOWpWHOH]KHW HOHPHN$V]LQRQLP YDULiQVRNNLDODNXOiViQDND]DODSMDW|EEHVHWEHQ
D IRUPDL YiOWR]DWRN PHJOpWH D NO|QE|] PHJIRUPiOWViJ~ GH HOHLQWH YDOyV]tQ&VtWKHWHQ
D]RQRVIXQNFLyM~V]HUNH]HWHNWDJMDLLGYHOV]LQRQLPiNNiV]tQHVHGKHWQHN
$ MHOHQ WDQXOPiQ\ D] |VV]HWHWW PRQGDWRN HJ\LN WtSXViEDQ D YRQDWNR]y V]HUNH] H
WHNEHQYL]VJiOMDDYDULiQVRNDW$V]HUNH]HWHNHWDONRWyHV]N|]UHQGV]HUWWHNLQWL H]HQW~O
PHQHQ D]RQEDQ QHP IRJODONR]LN OH[LNDL LOOHWYH D] HJ\HV WDJPRQGDWRN EHOJ\HNpQW
PXWDWNR]yJUDPPDWLNDLNO|QEVpJHNNHO
% $  Y L ] V J i O D W L  D Q \ D J  ²$]DQ\DJYiODV]WiVWDELEOLDIRUGtWiVRNV]|YHJp
QHNN|W|WWMHOOHJHLQGRNROMDD]HUHGHWLPRQGDWRNDWDIRUGtWyV]iQGpNDV]HULQWOHJSRQW R
VDEEDQYLVV]DDGyPDJ\DUV]HUNH]HWHNNpWVpJNtYOHJ\PiVVDOLVN|]HOLURNRQViJEDQiO O
QDN 7RYiEELNpUGpVKRJ\HQQHNDURNRQLYLV]RQ\QDNPHO\IRNR]DWDLNO|QE|]WHWKHW N
PHJ D SiUKX]DPRV V]|YHJHNEHQ  $ ELEOLDV]|YHJHN XJ\DQDNNRU ² pSSHQ N|W|WWVpJHLN
PLDWW²EL]RQ\RVPiVNpUGpVHNYL]VJiODWiUDQHPDONDOPDVDNH]pUWDWRYiEELDNEDQNO|QE |
] V]HU]NpVP&YHNQ\HOYLDQ\DJiQDNHOHP]pVH~MDEEWDQXOViJRNNDOV]ROJiOKDWPDMG
$]DGDWRNDNpVHLyPDJ\DUpVDN|]pSPDJ\DUNRU D;9;9,;9,,V]i]DG KDW
ELEOLDIRUGtWiViQDNKiURPIHMH]HWpEOYDOyN 0iWp² $]DQ\DJEDQDPLQWHJ\
V]HUNH]HWSiUKX]DPDLQpJ\IpOHURNRQViJLIRNRWPXWDWQDND]RQRVViJRWOpQ\HJLNO|QE |
]VpJHWIRUPDYiOWR]DWRWpVV]LQRQLPDYiOWR]DWRW
$]RQRVV]HUNH]HWHNDOHJULWNiEEHVHWEHQV]HUHSHOQHNDSiUKX]DPRVKHO\HNPLQG H
J\LNpEHQ6RNNDOJ\DNRULEEKRJ\DV]|YHJHNN|]OFVDNQpKiQ\EDQD]RQRVDNDV]HUN H
 '|P|W|U$GULHQQH

]HWHN PtJ PiVRNEDQ H]HNKH] NpSHVW IRUPDL YiOWR]DWRN YDJ\ V]LQRQLP PHJROGiVRN W D
OiOKDWyN$PLQGDKDWIRUGtWiVEDQD]RQRVV]HUNH]HWHNKiWWHUpEHQHJ\V]HU&HQpUWHOPH]
KHW pVIRUGtWKDWyODWLQPRQGDWRNiOOQDNDPHO\HNPDJ\DUPHJIHOHOMpEHQXJ\DQDNNRU²
PpJKDDQ\HOYNtQiOWLVUiOHKHWVpJHW²QHPYDJ\FVDNULWNiQPXWDWNR]RWWYDULDELOLWiV
$PiVLNYpJOHWMHOHQVpJHLDIRUUiVRNN|]|WWLOpQ\HJLMHOHQWpVEHOLHOWpUpVHNLJHQUL W
NiN 2O\NRU 6\OYHVWHU HUD]PLVWD SUHFt]VpJUH W|UHNY PDJ\DUtWiVD WDUWDOPL W|EEOHWHW
HUHGPpQ\H] 6\OY% Y Ä1HPGH NHW YHUHEHF]NHW HJJ N¸³GHG SLQ]Hi DGQD NLHO PHOO¶
SLQ] D³³QDN PRQGDWLN´  0W  Ä1RQQH GXR SDVVHUHV DVVH YHQHXQW´  3HVWL% Y
Ä1HPGHNHHWZHUHEHWKR§QDNHKRJ¹ HODJ¹DNHJ¹ N¹³SHQ§HQ´ NEKDVRQOyDQDW|EELIRU
GtWiVEDQ LV  1pKD ² OHJDOiEELV OiWV]yODJ ² LQGRNRODWODQXO HOPDUDG YDODPHO\ WDUWDOPL
PR]]DQDW .iU%U Ä(V QH IpOO\HWHF D]RNWyO NLF D] WH³WHW ROKHWLF PHJ   KDQHP
IpOO\HWHFDWWyOD¶NL´  0W Ä(WQROLWH WLPHUH HRVTXL RFFLGXQW FRUSXV DQLPDP
DXWHP QRQ SRVVXQW RFFLGHUH VHG SRWLXV WLPHWH HXP TXL´  3HVWL% Y Ä(HV QH
IHOO¹HWHN D§RNWRO N¹N PHJ HZO¹N D§ WH³WHW D§ OHONHW NHJ¹J QHP HZOKHW¹N PHJ GH
IHOO¹HWHNLQNDED§WN¹´ NEKDVRQOyDQDW|EELIRUGtWiVEDQLV 
$GROJR]DWMHOOHP] WHQGHQFLiNDWNtYiQEHPXWDWQLDIRUPDLYiOWR]DWRNpVDV]LQR
QLP V]HUNH]HWHN N|UpEO (KKH] D 9XOJDWD pV NpW PDL IRUGtWiV XJ\DQH]HQ UpV]pW LV IHO
KDV]QiOMD$]DGDWRNLGp]pVHNRUD]RQEDQQHPIHOWpWOHQOVRUDNR]WDWMDIHOD]|VV]HVIR U
UiVW$ODWLQWpVDPRGHUQYiOWR]DWRNDWDYL]VJiOWMHOHQVpJV]HPSRQWMDLWyOIJJHQKR]]D
D Q\HOYW|UWpQHWL IRUUiVRNEyO D] HOHP]HWW V]HUNH]HWHN PHJRV]OiVD V]HULQW LGp] H]HQ W~ O
PHQHQD]RQEDQ²ULWNDNLYpWHOWOHOWHNLQWYH²UDJDV]NRGLNOHJDOiEED]HJ\LNyPD
J\DUNRULV]|YHJKH] 0QFKHQL.yGH[-RUGiQV]N\NyGH[ DN|]pSPDJ\DUNRULSURWH V
WiQVIRUGtWiVRNHJ\LNpKH] 3HVWL6\OYHVWHU.iURO\L%LEOLD pVD]HJ\HWOHQN|]pSPDJ\DU
NRULNDWROLNXVYiOWR]DWKR] .iOGL%LELOLD  

 ) R U P D L  Y i O W R ] D W R N  ² PLQW PiU V]y YROW UyOD ² D]RN D V]HUNH]HWHN


DPHO\HNFVDNDODNLODJWpUQHNHOHJ\PiVWyOD]D]D NO|QEVpJHLNQHPRNR]QDNMHOHQWp V
EHOLPiVViJRW$YRQDWNR]yPHOOpNPRQGDWRNN|UpEHQDN|WV]yNYDJ\D]XWDOyV]yNHOWp
UpVHLHUHGPpQ\H]KHWQHNIRUPDLYiOWR]DWRNDW
)RUPDLYiOWR]DWRNDNNRUNHOHWNH]QHNDPLNRUEL]RQ\RV IXQNFLyPiUPHJOpY NLIH
MH]HV]N|]HPHOOHWWPiVLNIRUPDLVKDV]QiODWRVOHV]DQpONOKRJ\DV]HUNH]HWHN²HO H
LQWHOHJDOiEELV²PHJNO|QE|]WHWHWWV]HUHSHWYLVHOQpQHN$IRUPDLYiOWR]DWNpQWIXQNF L
RQiOyV]HUNH]HWHNPHJKDWiUR]yHOHPHLOHKHWQHNSiUKX]DPRVNHOHWNH]pV&HN SOPLNRURQ
PLNRUW YDJ\OpWUHM|KHWQHNDNRUiEELIRUPDWDODMiQLV SODNLPHOOpNHOHWNH] DNL 
$IRUPDLYiOWR]DWRNMHOOHP]MHKRJ\ ² PLYHO DGRWW LGV]DNRQEHOO ² D Q\HOY
KDV]QiOyQHPWDOiOUHOHYiQVNO|QEVpJHWN|]|WWNN|WHWOHQOYiODV]WKDWN|]ON$]LG


$UpV]OHWHNDN|YHWNH] IRUGtWiVRNEyOV]iUPD]QDN $]DGDWRNXWiQDP&YHNQHNDGRO
JR]DWEDQ KDV]QiOW U|YLGtWpVH V]HUHSHO D V]|YHJHN D P&YHN HUHGHWLMpEO YDJ\ IDNV]LPLOH YiOWR
]DWiEyO V]iUPD]QDN NLYpWHO 1<Ë5, $17$/ $ 0QFKHQL .yGH[ $NDGpPLDL .LDGy  D .iOGL
%LEOLDDPHO\QHND]HVNLDGiViEyOGROJR]WDPLOODNpWNRUWiUVIRUGtWiVD]$UFDQXP$GDW
Ei]LV.IW%LEOLDWpNDF&'URPMiUyOYDOy . p V H L y P D J \ D U  N R U 0QFKHQL.yGH[ 
XWiQ ² 0QFK.  -RUGiQV]N\NyGH[ ² ² -RUG.   . | ] p S P D J \ D U 
N R U :¹ 7H³WDPHQWXPPDJ¹DUQ¹HOXHQ IRUG3HVWL*iERU%pFV²3HVW% 9\WH³WD
PHQWw PDJDU ÇHOZHi IRUG 6\OYHVWHU -iQRV ÒMV]LJHW  ² 6\OY%  $] 6]HQW %LEOLDQDF
PDVRGLF UHV]H   :UXQF ,HVYV &KULVWYVQDF :\ 7H³WDPHQWXPD IRUG .iURO\L *iVSiU 9L]VRO\
².iU% 6]HQW%LEOLD IRUG.iOGL*\|UJ\%pFV².iO% -HOHQNRU%LE
OLD ,VWHQQHN D] ÏV]|YHWVpJEHQ pV ÒMV]|YHWVpJEHQ DGRWW NLMHOHQWpVH 5HIRUPiWXV =VLQDWL ,URGD
D 0DJ\DU %LEOLDWDQiFV PHJEt]iViEyO  %S  3URW  ÏV]|YHWVpJL pV ÒMV]|YHWVpJL 6]HQW
tUiV6]HQW,VWYiQ7iUVXODW D]$SRVWROL6]HQWV]pN.|Q\YNLDGyMD %S .DW 
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

HOUHKDODGWiYDO D]RQEDQ D IRUPDL YiOWR]DWRN WDJMDL N|]|WW GLIIHUHQFLiOyGiV N|YHWNH]KHW


EHpVtJ\DNRUiEEDQD]RQRVV]HUHS& IRUPiNPiUQHPYiOWKDWyNIHOHJ\PiVVDOPLQGHQ
N|YHWNH]PpQ\QpONOYDJ\V]LQRQLPiNNiYiOQDN SOD NLDNLN|WV]yVPHOOpNPRQGDWRN 
YDJ\ VSHFLDOL]iOyGiVVDO HOWiYRORGQDN HJ\PiVWyO SO D NLPL N|WV]yV PHOOpNPRQGDWRN 
2O\NRULJHQKRVV]~LGHLJLVHJ\PiVPHOOHWWpOKHWQHNDIRUPDLYiOWR]DWRNWDJMDL SOD] D]
DGRORJDPL D] DGRORJDPHO\WtSXV~V]HUNH]HWHN 
% $ ]  D ]    D P D ]  V ] H U N H ] H W H L DYL]VJiOWNRUV]DNRNEDQPLQGHQEL]RQQ\DO
IRUPDLYiOWR]DWRNNpQWP&N|GWHNPLQGNpWXWDOyV]yNLIHMH]KHWHWWHJ\V]HU& UiPXWDWiVWLV 9R
QDWNR]LNH]D]D]RQXWDOyV]yUDLVO'g0g7g5$'5,(11($MHO]LPHOOpNPRQGDWRN,Q
$ PDJ\DU Q\HOY W|UWpQHWL Q\HOYWDQD  $ NpVHL yPDJ\DU NRU )V]HUN %(1. /25È1'
$NDGpPLDL.LDGy%S  $MHO]LPHOOpNPRQGDWDODSWDJMDHOWWFVDNHJ\HWOHQUi
PXWDWyHOHPYROWKDV]QiODWRV$]D]QpYHO LVPXWDWyQpYPiV XWDOyV]y LVOHKHWHWW$]DPD]
pVD]D]RQ XJ\DQDNNRUDONDOPDVYROWDUUDKRJ\HJ\pUWHOP&YpWHJ\HD]XWDOyV]yLV]HUHSHW
$N|]pSPDJ\DUEDQPiUiOWDOiQRVDPXWDWyQpYPiVpVDQpYHO NRPELQiFLyMDpVD]
D] D WtSXV~ V]HUNH]HWEHQ PiU HJ\pUWHOP& D] XWDOyV]yL V]HUHS (QQHN HOOHQpUH D] DPD]
HJ\HOUHQHPIHOWpWOHQOYLVHOVSHFLiOLVMHOHQWpVW Y|E 
D 0QFK.UEÄY ,O¶O¶HVNLLYXHQGY´
E .iU%UÄR DPD],OO\
VD]NLHOLRXHQGR YDOD´
F .iO%EÄ[ D],OO\pVD¶NLHOM[¶YHQG[´ 0W 
$]DPD]²PDMGQpYHOYHOHJ\WWiOOYD²FVDNDNpVEELHNEHQIRJDPiVLNNLMH
O|OWWOYDOyPHJNO|QE|]WHWpVMHOHQWpVpEHQiOODQGyVXOQL1pYHO QpONOKDV]QiOWpVHJ\
V]HU& UiPXWDWiVWNLIHMH] XWDOyV]yNpQWSHGLJD]D]RQPDUDGPHJWDUWyVDQ
% $  N L    P L   P H O \  V ] H U N H ] H W H L DNpVHLyPDJ\DUEDQ²NRUDLN|]pSPD
J\DUEDQIHOWHKHWHQIRUPDLYiOWR]DWRNNpQWiOOWDNHJ\PiVPHOOHWWD±V]HPpO\ ¶QHPV]H
PpO\¶ MHOHQWpVMHJ\& DODSWDJRNWiUVDViJiEDQ$]yPDJ\DUNRUEDQDNLN|WV]yYROWDOHJ
iOWDOiQRVDEEPLQGV]HPpO\HNUHPLQGQHPV]HPpO\HNUHYRQDWNR]WDWYD DKRJ\DODWLQ TXL
TXDHTXRGMHOHQWpVHLVHJ\V]HUUH¶DNL¶pV¶DPL¶ $ PHO\pVDPLFVDNULWNiEEDQIRUGXOW
HO iOWDOiEDQ QHP V]HPpO\HN YRQDWNR]iViEDQ $ IRUPDL YiOWR]DWRN WDJMDL N|]|WW D
N|]pSPDJ\DUNRUUDOHQGOHWHWYHV]DGLIIHUHQFLiOyGiVD NLNH]GOHIRJODOyGQLDV]HPpO\
MHJ\& V]yNUDPtJD±V]HPpO\HNHVHWpEHQIRNR]DWRVDQYLVV]iEEV]RUXO Y|GHI 
D 0QFK.YDÄNq§GH§LGDOPD§QLPGDÂYDR³RFDWNLFEqQ³RFLR§DJRFOYWWqQF XDOD´
E -RUG.  ÄNH]GH JRQR]W PRQGDQ\ D] YDUD³RNQDN N\NEHQ K¶ QDJ³RN
\R]DJRNDWWHWYDOD´
F 3HVW%YÄNH§GHIHGGHQ¹ D§ ZDUD³RNDWN¹NEHQHZ³RNFKRGDNDWWHZWZDOD´
G 6\OY% U ÄHO[NH]GH DPODOQL JRQR³³DJRNRW D] YUR³RNQDN D] PHOO¶HNEHQ X
³RN L³WHQLWHKHW³LJKLWLHOHQWHWWHYDOD´
H .iU%UÄNH]Gp,H³XVHPHNUHKiQQLD]YiUR³RNQDFD]PHOO\HNEHQ ,³WHQL
HU[ iOWDOYDOyW³XGiNDWW[WWYDOD´
I .iO%  E ÄNH]Gp ³]HPHNUH KiQQL D¶ YiUD³RNQDN PHOO\HNEHQ LJHQ ³RN
F³RGiLO[WWHN´ 0W 
$NRUiEELIRUGtWiVRNEDQ²3HVWLYHOEH]iUyODJ²PpJMHOHQWVV]iPEDQYRQDWNR
]LNpOHWWHOHQUHDNL Y|DEF $WRYiEELV]|YHJHNEHQ²6\OYHVWHUWONH]GGHQ²
PiU FVDN HJpV]HQ NLYpWHOHVHQ LOOHWYH .iOGLQiO D ;9,, V]i]DGEDQ PiU HJ\iOWDOiQ QHP
0LYHOD3HVWLpVD6\OYHVWHUIRUGtWiVWPLQG|VV]H|WpYYiODV]WMDHODOiWYiQ\RVNO|Q E
VpJHW QHP PDJ\DUi]KDWMD D] LG HOUHKDODGWiYDO PHJYiOWR]RWW Q\HOYV]RNiV LWW
6\OYHVWHUWONH]GYHVRNNDOLQNiEEDP&N|G WHQGHQFLDIHOLVPHUpVpUOpVWXGDWRVN|YHWp
VpUOOHKHWV]y
 '|P|W|U$GULHQQH

$NLPHO\PLYiOWR]DWRNV]HPpO\PHOOHWWLV]i]DOpNRVPHJRV]OiVD
NLV]UNHRV]ORSPHO\IHNHWHRV]ORSPLIHKpURV]ORS 

 
 
 
 
 
 
 
 
 

%
.

%


.


U%

O%
VW
FK

OY
UG

.i
.i
6\
3H
-R
Q
0

3iUKX]DPEDQD NLYLVV]DV]RUXOiViYDOD-RUG.WONH]GYHIRO\DPDWRVDQ Q|YHNV]LN


D±V]HPpO\PHOOHWWLPHO\pVDPLUpV]HVHGpVH$PHO\DN|]pSPDJ\DUNRUEDQ²HJpV]HQ
.iOGLLJ²W|EEVpJEHQYDQDPLKH]NpSHVW $NpWN|WV]yKDV]QiODWiUyOODN|YHWNH]
SRQWRW 6DMiWRVpVIHOWHKHWHQHJ\pQLQ\HOYKDV]QiOyLW|UHNYpVWMHOH]KRJ\DOHJNRUiEEL
V]|YHJEHQ D 0QFK.EHQ D PHO\ J\DNRULEE PLQW D NL HEEHQ W|EE PLQW V]i] pYYHO
HOWWHMiUNRUDQ\HOYV]RNiViQDN 
$ELEOLDIRUGtWiVRNWHKiWD]WPXWDWMiNKRJ\D NLpVDPLPHO\KDV]QiODWiQDNGLIIH
UHQFLiOyGiVDDV]HPpO\±V]HPpO\YRQDWNR]iVV]HULQWPiUD;9,V]i]DGN|]HSpWO V]D
EiOO\iHUV|G WHQGHQFLD$NO|QE|] V]HU]NWOpVW|EEIpOHP&IDMEyOV]iUPD]yP&YHN
YL]VJiODWDD]RQEDQDUUyOWDQ~VNRGLNKRJ\PpJD;9,,,V]i]DGEDQVHPV]iPtW ULWNDViJ
QDN D ±V]HPpO\ PHOOHWL NL 'g0g7g5 $'5,(11( $ PLQVpJMHO]L PHOOpNPRQGDWRN
DN|]pSPDJ\DUNRUEDQ01\ (]DWpQ\HJ\UpV]WDUUDYDOOKRJ\DELEOLDIR U
GtWyN NRUXNNLPDJDVOyDQ WXGDWRVQ\HOYKDV]QiOyL YROWDN 0iVUpV]W yYDWRVViJUD LQW D]]DO
NDSFVRODWEDQKRJ\DELEOLDIRUGtWyNQ\HOYKDV]QiODWiQDNYL]VJiODWiEyOOHYRQKDWyN|YH WNH]
WHWpVHNHWPLQGHQHVHWEHQDNRUUDYRQDWNR]yiOWDOiQRVLJD]ViJQDNWHNLQWVN
& $  P L    P H O \  V ] H U N H ] H W H L D]DGDWRNWDQ~ViJDV]HULQWD]yPDJ\DUEDQpV
D N|]pSPDJ\DU NRU HOHMpQ IRUPDL YiOWR]DWNpQW P&N|GWHN D] D]  D PL pV D] D]
D PHO\WtSXV~YRQDWNR]WDWiVEDQ D]D]DQHPMHO]LV]HUHS&²NLWHWWYDJ\NLQHPWHWW
² IQpYL PXWDWy QpYPiVL XWDOyV]y PHOOHWW  (QQHN D] LGV]DNQDN D IRUGtWiVDLEDQ D]
XWyEEL D J\DNRULEE Y| XWDOyV]yYDO  E F XWDOyV]y QpONO  D G  $ WRYiEELDNEDQ
D]RQEDQD] D PLNH]GiOWDOiQRVViYiOQLHEEHQD IXQNFLyEDQ.iURO\LQiOD;9,V]i]DG
YpJpQ PiU NLFVL D] LQJDGR]iV .iOGL SHGLJ N|YHWNH]HWHVHQ H]W D PDL QDSLJ LV V]DEiO \
V]HU&QHNHOIRJDGRWWV]HUNH]HWHWKDV]QiOMD Y|H $YL]VJiOWNRUV]DNRNYpJpUHWHKiWD±
V]HPpO\DODSWDJUDYRQDWNR]yV]HUNH]HWHNHJ\LNWtSXViEDQGLIIHUHQFLiOyGiVPHQWYpJEH

D 0QFK.UDÄ0HddqWHFKLGH³³HWHFPHJ,DQR³QDFPHO¶O¶HNHWKDOORWWDWRF´
E 3HVW%UÄ0HQ¹HWHNHOPRQJ¹DWRNPHJ,DQRVQDND§RNDWPHOO¹HNHWKDOORWWDWRN´
F 6\OY%YÄHVNXHW³LJNLSSHi EHLOO¶LWHNPHJD]-DQR³QDNH]HNHWD]PHOO¶HNHW
KDOORWRN´
G .iU%YÄ0HQQ\HWHFHOpVPRQGJ\iWRFPHJ,iQR³QDFD]PHOO\HNHWKDOORWWRF´
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

H .iO%  E Ä(OPHQYpQ MHOHQW³pWHNPHJ -iQR³QDN D¶ PLNHW KDOORWWDWRN´
0W 

$GLIIHUHQFLiOyGiVHUHGPpQ\HDPDLQDSLJIHQQiOOD] D] DPLD]LJpQ\HVQ\HOY
KDV]QiODWUDMHOOHP] pVV]DEiO\V]HU&QHNPLQVtWHWW IRUPDD]RQEDQWDOiONR]QLD] D] 
DPHO\YiOWR]DWWDOLVNHYpVEpJRQGRVDQPHJIRUPiOWHOVVRUEDQV]yEHOLPHJQ\LODWNR]i
VRNEDQ$] D] DGRORJ D PHO\WtSXV~V]HUNH]HWHNEHQ YDJ\LVDMHO]LV]HUHS& ²NLWHWW
YDJ\NLQHPWHWW²IQpYLPXWDWyQpYPiVLXWDOyV]yPHOOHWW D] D PHO\DYL]VJiOWNRU
V]DNRNEDQ PHJOHKHWV N|YHWNH]HWHVVpJHW PXWDW V H] NLDODNXOyEDQ OpY V]DEiO\NH]GH
PpQ\WVHMWHW

D 0QFK.YDÄKD6RGRPDEDQOYWWqFYROQDqLR§DJRFPHO¶O¶HFWHEqQQqGOWWqF´
E 3HVW%UÄKD³RGRPDNEDOHZWWHQHNZROQDH§ FKRGDNPHO¹HNOHZWWHQHNWHEHQ
QHG´
F 6\OY%U²YÄKDD]6DGDPDQDNYUR³LEDQLHOHQWHWWHYROQDD]L³WHQD]¸³RN
L³WHQLWHKHW³LJKLWPHOOHNHWWHEHQQHGLHOHQWH´
G .iU%UÄKD6RGRPiEDQD]RFD],³WHQLHURF OHWWHFYyOQDPHOO\HFWHEHQQHG
OHWWHF´
H .iO%DÄKD6RGRPiEDQO[WWHNYyOQDD¶F³RGiNPHOO\HNWHEHQQHGO[WWHN´
0W 

$V]HUNH]HWHNQHNHEEHQDWtSXViEDQD]RQEDQD]DPLDPHO\YiODV]WiVDNpVEELHN
EHQ PpJVHP VWDELOL]iOyGLN D V]HUNH]HWHN HEEHQ D V]HUHSEHQ QDSMDLQNLJ PHJPDUDGWDN
IRUPDL YiOWR]DWQDN GH QDJ\REE D SUHV]Wt]VH D] D]  D GRORJ DPHO\ WtSXV~ V]HUNH]HW
QHNSpOGiXO

I 3URWÄ+D6]RGRPiEDQPHQWHNYROQDYpJEHDFVRGiNDPHO\HNEHQQHGW|UWpQWHN´
J .DWÄKD6RGRPiEDQW|UWpQWHNYROQDD]RNDFVRGiNDPHO\HNEHQQHGW|UWpQWHN´

' $  N L    D N L   P L    D P L   P H O \    D P H O \  V ] H U N H ] H W H L DYL]VJiOW
NRUV]DNRNEDQ²DQpYPiVRNN|WV]yLIXQNFLyMiEDQ²IRUPDLYiOWR]DWRNNpQWOiWV]DQDN
P&N|GQL$N|WV]yND ] HOWDJRV|VV]HWHWWIRUPiMD²DODWLQ TXLTXDHTXRG HOWDJ
QpONOLIRUGtWiViQDN YDULiQVDNpQW²DUDJWDODQXWDOyV]y N|WV]y~MUDHOHP]pVpYHO M|WW
OpWUH$N|]pSPDJ\DUNRUEDQYiOLNJ\DNRULEEi Y|GHI 

D 0QFK.YEÄ.LIRJDGW¯WYNqWqQJHPqWIRJDG´
E -RG.ÄN\IRJDGW\WHNHWHQJKHPIRJDG´
F 3HVW%YÄ9DODN¹ W¹WHNHWIRJDGDQGHQJHPHWIRJDG´
G 6\OY%UÄ$]NLW¸W[N[WIRJDGEHK]EDHQJKHPHWIRJDGEHK]DED´
H .iU%YÄ$]NLWLWHNHWE
IRJDGHQJHPIRJDGE
´
I .iO%DÄ$¶NLWtWHNHWEpIRJDGHQJHPIRJDGEp´ 0WÄ4XLUHFLSLW
YRVPHUHFLSLW´ 

$] yPDJ\DU NRUUD D] HOWDJ QpONOL N|WV]yN MHOOHP]N KD D YL]VJiOW DQ\DJEDQ
QHP PXWDWNR]QDN LV D] HOWDJRV IRUPiN D]pUW V]yUYiQ\RVDQ MHOHQ YDQQDN PiU HEEHQ D
NRUEDQLV $N|]pSPDJ\DUNRULIRUGtWiVRNEDQV]|YHJUOV]|YHJUHJ\DNRULEEDNOHV]QHN
D]D ] HOWDJRVN|WV]yNDUiQ\XNDYL]VJiOWLGV]DNYpJpQPiUIHOONHUHNHGLND]HO
WDJ QpONOLYiOWR]DWRNpQD WHQGHQFLDWHKiWPiUHOOHJH]LD]HOWDJRVIRUPDNpVEELJ\
]HOPpW
 '|P|W|U$GULHQQH

$]HOWDJQpONOL V]UNHRV]ORSRN pVD]D ] HOWDJRVYiOWR]DWRN IHNHWHRV]ORSRN


V]i]DOpNRVPHJRV]OiVD














%
.

.

%


U%

O%
VW
FK

UG

OY

.i
.i
3H

6\
-R
Q
0

$]D ] HOWDJRVIRUPiNWHUMHGpVHDNLDNLWtSXVEDQDOHJV]HPEHW&QEE$PHO\
DPHO\N|]OD]HOWDJRVIRUPDFVDNHOYpWYHIRUGXOHO$]DPLHOWDJQpONOLSiUMDLJHQ
ULWNDHVHWOHJDN|]pSPDJ\DUNRUEDQPHJV&U&V|G DNLVRGRUWDPDJiYDOD]HNNRUHOWHUMH
G N|WV]yW YDJ\ OHKHWVpJHV KRJ\ D PL V]HPpO\HV QpYPiVVDO YDOy W|EEOHWKRPRQtPLD
MiWV]KDWRWW N|]UH D] HOWDJRV YiOWR]DW J\RUV HOV]DSRURGiViEDQ $] XWyEEL YpOHPpQ\HQ
YDQ +$$'(5 /($ 0R]DLNRN QpYPiVRNUyO pV yPDJ\DU NRUL KDV]QiOyLNUyO ,Q .,66
*È%25²=$,&= *È%25V]HUN6]DYDN²QHYHN²V]yWiUDNËUiVRN.LVV/DMRVV]OH
WpVQDSMiUD07$1\HOYWXGRPiQ\L,QWp]HW%S
$]HOWDJRVIRUPiNHOUHW|UpVpQHNIRO\WDWiVDNpQWDNpVEELHNEHQ²PiUDYL]VJiOW
NRUV]DNRNXWiQ²DNLDNLpVDPLDPLN|WV]yVV]HUNH]HWHNPHJV]&QQHNIRUPDLYiO
WR]DWNpQWP&N|GQLDN|]|WWNNLDODNXOWVWtOXVEHOLNO|QEVpJPLDWWDV]LQRQLPV]HUNH]H
WHNVRUiEDOpSQHNDNLpVDPLDUFKDLNXVViSRpWLNXVViQHPHVHGLN$PHO\DPHO\N|]|WW
XJ\DQDNNRUHJ\HOUHNLVHEEPDUDGDNO|QEVpJD]HOWDJQpONOLYiOWR]DWJ\DNUDQHO
IRUGXONO|QE|] P&IDM~V]|YHJHNEHQQHPPLQVODUFKDLNXVQDNGHQDJ\REESUHV]Wt
]V&PLQWHOWDJRVSiUMDpVINpQWtUiVEDQKDV]QiODWRV$NRUWiUVELEOLDIRUGtWiVRND]RQEDQ
D PHO\ IRUPiYDO V]HPEHQ N|YHWNH]HWHVHQ D] DPHO\W KDV]QiOMiN DPL DUUyO WDQ~VNRGLN
KRJ\DPHO\² DW|EELHOWDJQpONOLIRUPiWN|YHWYH²NLV]RUXOyEDQYDQDPpJRO\LJp
Q\HVPRGHUQQ\HOYKDV]QiODWEyOLV Y|IJ 
0HJMHJ\]HQGKRJ\D]SpOGDVRUDNLDNLYiOWDNR]iVRQW~OPHQHQHJ\PiVLN
YDULiQVWLVIHOPXWDWDYDODNLW F 
$YRQDWNR]yDODQ\LpVWiUJ\LPHOOpNPRQGDWRN²DELEOLDIRUGtWiVRNEDQDODWLQWN |
YHWYH ² V]iPRV DONDORPPDO HO|O iOOQDN (]W D SR]tFLyW D IHOWpWHOHV MHOHQWpViUQ\DODW~
PHOOpNPRQGDWRN NO|Q|VHQ NHGYHOLN ËJ\ D] XWyEEL MHOHQWpV |QiOOy MHO|O KLiQ\iEDQ LV
N|QQ\HQEHOHpUWGKHWH]HNEHDV]HUNH]HWHNEHDPLWDSiUKX]DPRVKHO\HNHJ\LNHPiVLND
V]iPRVDONDORPPDOD YDODHOWDJRVIRUPiYDONLIHMH]pVUHLVMXWWDW PpJKDD PHJROGiVW
DODWLQQHPWiPRJDWMDLV $]HO|OiOOyPHOOpNPRQGDWRNEDQJ\DNUDQSiUKX]DPED NHUO
DNLpVYDODNLWtSXV~N|WV]y²PLQWDNLWtSXVVDOV]HPEHQIRUPDLW|EEOHWWHOEtUyN² IRUPDL
DODSRQ URNRQtWKDWyN OHKHWWHN YROQD  HJ\PiVVDO (UUH XWDO D] LV DPLNRU D V]RNiVRVDQ
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

YDODNLYHO IRUGtWRWW ODWLQ TXLFXPTXH PDJ\DU PHJIHOHOMHNpQW ² D NLW DNLW pV YDODNLW
HJ\DUiQWKDV]QiOyIRUGtWyNQiO²D]DNLV]HUHSHO E 

D -RUG.ÄYDODN\\WDOWDGDQGHJ\QHNH]DSURNNH]]HOQHPYH]W\HOKZ
HUGHPHHW´
E .iU%YÄD]NLLWDOWiGH]HFNR]]XOF]DFD]NL³³HELNQHFQHPYHWLHOD]
Û
R LXWDOPiW´
F .iO%DÄYDODNLLWDOWiGHJ\QHNH¶OHJNLV³HEEHNN[]]¸¶OHOQHPYH³]WL
MXWDOPiW´ 0WÄTXLFXPTXHSRWXPGHGHULWXQLH[PLQLPLVQRQSHUGHW
PHUFHGHPVXDP´ 

$ QpYPiVL N|WV]yN V]HUHSDONDOPDVViJiEDQ D]RQEDQ Q\LOYiQ pOpQNHEE YROW D V]iU


PD]iVXNIRO\WiQPDJXNNDOKR]RWWMHOHQWpVDPHO\pSSHQDIHOWpWHOHVVpJNLIHMH]pVpEHQG|QW 
KDWiUR]DWODQViJ²KDWiUR]RWWViJ WHNLQWHWpEUHQ PXWDW DODSYHW NO|QEVpJHW $] HOOHQSpOGiN
MHOHQWVV]iPD²KiWXOiOOyPHOOpNPRQGDWLOOHWYHD YDODHOWDJRVSiUKX]DPKLiQ\D²
DUUDYDOOKRJ\D]DNLWtSXV~IRUPiNV]HUNH]HWHLQHPYiOWDNDIHOWpWHOHVVpJHWH[SOLFLWWpWpY
YDODWtSXV~DNIRUPDLYiOWR]DWiYi $V]HUNH]HWHNV]LQRQLPLWiViUyOOD$ SRQWRW

 $  V ] L Q R Q L P  V ] H U N H ] H W H N  D NRUiEEDQ NLIHMWHWWHN pUWHOPpEHQ  DEEDQ


NO|QE|]QHN D IRUPDL YiOWR]DWRNWyO KRJ\ MHOHQWpVN ² WDUWDOPXN OpQ\HJL D]RQRVViJD
PHOOHWW²QpPLOHJHOWpUHJ\PiVWyO$Q\HOYKDV]QiOyWHKiWDNiUWXGDWRVDQDNiUVSRQWiQ
PyGRQGHPLQGHQNpSSHQNO|QE|] MHOHQWpV& V]HUNH]HWHNN|]|WWYiORJDWDPLNRUDV]L
QRQLPOHKHWVpJHNHJ\LNpWUpV]HVtWLHOQ\EHQDPiVLNNDOV]HPEHQ
$V]LQRQLPV]HUNH]HWHNN|]|WWLPiVRGODJRVMHOHQWpVEHOLHOWpUpVHNNO|QE|] IRN~
DNOHKHWQHN0XWDWNR]KDWQDNHQ\KpEEQHNDPRQGDQLYDOyKDQJV~O\R]iViQDNIRNR]DWQ\L
NO|QEVpJpW SUH]HQWiOYD pV OHKHWQHN YLV]RQ\ODJ HUVHEEHN LPSOLFLW WDUWDOPDW H[SOLFLWWp
DYDWYDLOOHWYHDNLIHMH]pVEHQUHMO W|EEIpOHMHOHQWpVHJ\LNpWNLHPHOYH(]XWyEELDNN|]p
WDUWR]QDN D]RN D] HVHWHN DPLNRU D]RQRV DODSIXQNFLyM~ GH UpV]OHJHVHQ HOWpU  V]HUHS&
YRQDWNR]y N|WV]yN V]HUNH]HWHL NHUOQHN HJ\PiVVDO SiUKX]DPED YDJ\ DPLNRU D Y R
QDWNR]y PHOOpNPRQGDWRV V]HUNH]HW PDJD YiOWDNR]LN PRQGDWUpVV]HO HQQHN HJ\LN UL W
NiEEDQHOIRUGXOyIDMWiMiEDQNLVHEEDMHOHQWpVNO|QEVpJ YDJ\PHOOpUHQGHO PRQGDWV]HU
NH]HWWHO$MHOHQWDQXOPiQ\EDQH]HNDWtSXVRNNpSH]LNDYL]VJiODWWiUJ\iW 
$N|WV]yNYiOWDNR]iVDUiPXWDWKRJ\DV]LQRQLPLWiViOWDOiQRVDQHOIRJDGRWW NULWpUL
XPD²NpWV]yV]LQRQLPKDIHOFVpUHOKHWNHJ\PiVVDODQpONOKRJ\D]NHWLVWDUWDOPD
]y V]|YHJN|UQ\H]HW MHOHQWpVH PHJYiOWR]QD ² FVDN D] DXWRV]HPDQWLNXV V]yNUD pUYpQ\HV
DJUDPPDWLNDLIXQFLyM~YLV]RQ\MHOHQWpVWKRUGR]yV]yNUDQHP(]HNHVHWpEHQXJ\DQLVDIHO
FVHUpOKHWVpJQHPDOH[pPiNDWKDQHPDV]HUNH]HWHNHJpV]pWDYDWMDV]LQRQLPPi$OH J


$PRQGDQGyYDODPHO\PR]]DQDWiQDNiUQ\DODWQ\LNLHPHOpVpUHV]ROJiOyV]LQRQLPOHKHW
VpJHN D NpVEELHNEHQ V]LQWpQ pUGHPHVHN OHV]QHN D YL]VJiODWUD (]HN D YRQDWNR]y PHOOpNPRQ
GDWRV V]HUNH]HWHN N|UpEHQ D N|YHWNH] YiOWDNR]iVRNEDQ PXWDWNR]QDN PHJ  $ N|WV]yN N|
]|WWD]DPHO\KHO\HQDKROWtSXV~SiUKX]DP$]XWDOyV]yNN|]|WWNLWHWWXWDOyV]yDV]y
UHQGLHOKHO\H]pVHOWpU KDQJUHQG DPpO\KDQJUHQG& YiOWR]DWPLQGLJOHKHWVpJHVV]HUNH]HWDPDJDV
KDQJUHQG&ÄNLIHOp´XWDOyIRUPDHKKH]NpSHVWHUVHEEQ\RPDWpNRVDEEPHJROGiV DQpYPiVRN
NO|QE|]VpJH SO  D]  RO\DQ -RUG.  Ä9DOD N\ D]HUW PHJ PDUDGDQG P\QG YHJK\J D]
ROO\DQ\GZH]ZO´6\OYYÄGHYDODNLPLQGYLJKLJOHi ELNH³LJXHOYDORW¸UL³EHQPDUDGPHJD]
¸GX[]¸O´ $]XWDOyV]ypVD]DODSWDJV]HUNH]HWHLN|]|WWD]D]WDNLWD]WDIpUILWDNLWWDNLW
WtSXV~ SiUKX]DP  $] XWDOyV]y D] DODSWDJ pV D N|WV]y V]HUNH]HWHL N|]|WW D] D]W D N|Q\YHW
DPHO\HWD]WDN|Q\YHWDPHO\N|Q\YHWD]WDPHO\N|Q\YHWWtSXV~SiUKX]DP$WDJPRQGDWRN
HOKHO\H]pVpQHNNO|QE|] VRUUHQGLYiOWR]DWDLN|]|WW
 '|P|W|U$GULHQQH

Np]HQIHNYEESpOGDDNDSFVRODWRVpVD]iOYRQDWNR]yPHOOpNPRQGDWRNpVDPLWtSXV~N|
WV]yPHJIHOHOpVHGHV]iPRVHJ\pEV]HUNH]HWLVEL]RQ\tWMDDMHOHQVpJHWËJ\D]D]RQRV
WtSXVEDWDUWR]y²DSpOGiEDQLGKDWiUR]yL²DOiUHQGHOpVHNHOWpU YRQDWNR]yN|WV]yL

D 6\OY%UÄ(³ -H³XVPLQHNYWDQQDPHJH³PHUWHYROQDPD³DPHQHRQQDQ´


E .iU%YÄ,H³XVSHGLJH]WPLNRUPHJpUWHWWHYyOQDHOPpQHRQQpW´ 0W
Ä,HVXVDXWHPVFLHQVUHFHVVLWLQGH´ 

$PLNRUHJ\LGHM& PHOOpNPRQGDWRWYH]HWEHKDOHJDOiEED]HJ\LN FVHOHNYpV iOOD


SRW IRO\DPDWRV+DD]RQEDQQHPIRO\DPDWRVFVHOHNYpVHNUO iOODSRWRNIHQQiOOWiUyO YDQ
V]yHJ\WWHVNEODUiN|YHWNH]pVPR]]DQDWDDGyGLN$ED¶WXGYDpUWYHLVPHUYH¶MHOHQ
WpV& LJHQHYHW Y|SO0QFK.UEÄ,KFNHWXGXDQqOPHQHRQQDWRQ´ DPDJ\DULJHNH]G
IRUPiMiYDODGMDYLVV]DVtJ\DV]HUNH]HWN|]YHWOHQUiN|YHWNH]pVWIHMH]NL LJHQpYYHOK D
VRQOyDQSO-RUG.Ä-H³XVNHG\JOHQPHJWKXGZDQHOPHHQHRQDQ´ (]WKDQJV~O\R]]D
DD PRQGDWIRJDOPD]yMDD]HOLGHM&VpJPLQHNXWiQDN|WV]DYiYDOH]]HOHJ\WWSHGLJ
PHJWHUHPWLD] RNViJL YLV]RQ\ pUWHOPH]pVL OHKHWVpJpW LV $ NpWIpOH V]HUNH]HW V]LQRQLP
DNpWN|WV]yD]RQEDQ²DV]HUNH]HWEONLUDJDGYD²Q\LOYiQYDOyDQQHPD]
$ $  Y R Q D W N R ] y  N | W  V ] y N  Y i O W D N R ] i V D DV]HUNH]HWEHQUHMO LPSOLFLW
pV JUDPPDWLNDLODJ H[SOLFLWWp WHWW MHOHQWpVWDUWDORP N|]|WWL YiODV]WiV HUHGPpQ\pW PXWDWMD
PLQWDKRJ\HUUHD]HO] PRQGDWSiULVSpOGiWV]ROJiOWDWRWW 
$ IHOWpWHOHVVpJ MHOHQWpViUQ\DODWD D YRQDWNR]y PHOOpNPRQGDWRNEDQ MHO|OHWOHQO pV
MHO|OWHQ LV PHJPXWDWNR]KDW $ YL]VJiOW NRUV]DNRNEDQ D] HOWDJ QpONOL N|WV]y D YDOD
HOWDJRVIRUPiYDOpVD]D ] HOWDJRVIRUPiYDOYiOWDNR]LN
$]HOWDJQpONOLN|WV]yYDOiOOyV]HUNH]HWNpWIpOHNpSSHQYLV]RQ\XOKDWDIHOWpWHOHV
VpJKH]YDJ\HJ\iOWDOiQQHPWDUWDOPD]]DYDJ\ LPSOLFLWHMHOHQtWLPHJ$ YDODHOWDJRV
N|WV]yYDOiOOyV]HUNH]HWEHQH]]HOV]HPEHQH[SOLFLWHQMHOHQKHWPHJD]HO]EHFVDNEH
OHpUWKHW IHOWpWHOHViUQ\DODW$KDWiUR]DWODQQpYPiVN|WV]yNpQWYDOyDONDOPD]iVDDNpUG
KDWiUR]DWODQQpYPiVEyOYRQDWNR]yQpYPiVLN|WV]yYipUWpNHOGpVNRUiEELIRO\DPDWiQDN
PDUDGYiQ\DNpQW OHKHWVpJHV $ NpVEELHNEHQ D IHOWpWHOHVVpJQHN D SXV]WD YDOD HOWDJRV
N|WV]yYDO YDOy NLIHMH]pVH W|EEQ\LUH NLNHUO D KDV]QiODWEyO iP D V]iPKDWiUR]yL PRQ
GDWV]HUNH]HWDPDLQDSLJU]LH]WDOHKHWVpJHW
1HKH]HEEiOOiVWIRJODOQLD] D ]HOWDJRVN|WV]yV]HUNH]HWHLpVD]LPSOLFLWIHOWp
WHOHVVpJ NRUDEHOL YLV]RQ\iQDN NpUGpVpEHQ $] EL]RQ\RV KRJ\ D IRUPD D NpV EELHNEHQ
DIHOWpWHOQpONOLYRQDWNR]WDWiVN|WV]DYDNpQWVWDELOL]iOyGLN$N|]pSPDJ\DUNRULSiUKX
]DPRVPRQGDWRND]RQEDQQHPDGQDNNDSDV]NRGyWDKKR]KRJ\IHOOHKHVVHQWHQQLD] D ] 
HOWDJRVN|WV]yNV]HUNH]HWHLQHNKDV]QiODWiYDOEL]RQ\RVV]HU]NEL]RQ\RVKHO\HNHQHMWHQL
DNDUWiN D] LPSOLFLW PHOOpNMHOHQWpV OHKHWVpJpW &VDN DQQ\LW OHKHW PHJiOODStWDQL D YDOD
HOWDJRVV]HUNH]HWHN SiUKX]DPDLEDQD]LGEHQHOUHKDODGYDHJ\UHMREEDQIHOV]DSRURG
QDND]D ] HOWDJRVN|WV]yNpSSHQ~J\PLQWD]LO\HQSiUKX]DPPDOQHPUHQGHONH]
KHO\HNHQ O' SRQW 
$ODWLQTXLFXPTXHWDIRUGtWyNUHQGV]HULQW YDODHOWDJRVN|WV]yYDODGMiNYLVV]D
,O\HQNRU²LJHQULWNDNLYpWHOWOHOWHNLQWYH²D]RQRVIRUGtWiVRNV]OHWQHNDPLHJ\V]HUUH
PXWDWMDDODWLQPRQGDWV]HUNH]HWHJ\pUWHOP&VpJpWpVPDJ\DUUDOWHWpVpQHNEHMiUDWRWWViJiW

D 0QFK.YDÄYDODNLPRQGDQGLJHWqPEH ILDqOOqQPHJERpDWWDWLFQqNL´


E -RUG.  ÄYDOD N\ PRQGDQG YDOD P\ EH]HGHW HPEHUQHN II\D HOOHQ PHJ
ERF]DWWDW\NKZQHN\´
F 3HVW%YÄZDODN¹ PRQGDQG§RRWHPEHUQHNI¹DQDNHOOHQHPHJERFKDWWDW¹NQHN¹´
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

G 6\OY%UÄYDODNLYDODPLEHLGHWPRQGQGD]HPEHUQHNILQDNHOOHQHPHJ
ERF]DWWDWLNœQHNL´
H .iU%UÄYDODNLyODQGD]HPEHUQHFILDHOOHQPHJERW³iWWDWLFQpNL´
I .iO%DÄYDODNLD]HPEHUILDHOOHQ³]yOOPHJERFViWWDWLNQpNL´ 0W
ÄTXLFXPTXHGL[HULWYHUEXPFRQWUD)LOLXPKRPLQLVUHPLWWHWXUHL´ 

$ YDOD HOWDJRV IRUPD D TXL TXDH TXRG IRUGtWiVDNpQW LV J\DNUDQ PHJMHOHQLN D
SiUKX]DPRVKHO\HNQpPHO\LNpEHQ FG PtJDW|EELIRUGtWiVEDQDIHOWpWHOHVVpJHWYDJ\
QHPWDUWDOPD]yYDJ\MHO|OHWOHQOKDJ\y D NLV]HUHSHO$SpOGDVRUD]LGUHQGLVNiOiWLV
V]HPOpOHWHVHQPXWDWMD$PRQGDWUHQGPLQGHQHVHWEHQDODWLQHUHGHWLWN|YHWL

D 0QFK.YEÄ.LNHÂY DW¶W¶DWDJ YDQQDWLQNDE§HHWLKRJQH qQJHPqWQH PHOWR


qQKR§LDP´
E -RUG.Ä.\KZDWW\DWHVDQQ\DWIHOO\HE]HUHWK\P\QWHQJKHPHWD]QHP
PHOWRHQKR]\DP´
F 3HVW%UÄ9DODN¹ DWW¹DWDZDJ\DQQ¹DWQDODPQDOIHZOO¹HE§HUHW¹1HPPHOWR
HHQKR§§DP´
G 6\OY% U Ä9DODNL IHOO¶HEE HUHWHQGL D] ¸ DWW¶DW DXDJ DQW HQ QODPQDO
QHPPLOWRD]HQKR§§P´
H .iU% Y Ä$] NL HUHWL DWW\iW YDJ\ DQQ\iW LQNiE KRJ\ QHP HQJHPHW QHP
PpOWypQKR]]iP´
I .iO%DÄ$¶NLDWW\iWYDJ\DQQ\iWLQNiEE³]HUHWLKRJ\³HPHQJHPQHP
PpOWyKR]]DP´ 0WÄ4XLDPDWSDWUHPDXWPDWUHPSOXVTXDPPHQRQ
HVWPHGLJQXV´ 

$IHOWpWHOHVVpJMHO|OHWOHQVpJpQHNYDJ\EHQHPYRQiViQDN V]UNHRV]ORSRN
pVYDODHOWDJRVN|WV]yYDOYDOyMHO|OWVpJpQHN IHNHWHRV]ORSRN V]i]DOpNRVPHJRV]OiVD
DTXLTXDHTXRG YDODSiUKX]DPPDOUHQGHONH] IRUGtWiVDLEDQ














%

%
.


.


U%

O%
VW

OY
FK

UG

.i

.i
6\
3H
-R
Q
0

$TXLTXDHTXRGSiUKX]DPDLEDQPLNpQWHJ\pEKHO\HNHQLVD]yPDJ\DUNRULIRU
GtWyNQiOD]HOWDJQpONOLN|WV]yDOHJJ\DNRULEE Y|DE D]D]DIHOPHUO KHW  IHO
WpWHOHVPHOOpNMHOHQWpVWYDJ\PHJKDJ\MiNLPSOLFLWIRUPiEDQYDJ\HMWLN*\DNUDQ YDOD
 '|P|W|U$GULHQQH

HOWDJRVN|WV]yYDOV]HUNHV]WHQHNYLV]RQWW|EEHNDN|]pSPDJ\DUV]|YHJHNDONRWyLN|]O
Y|FG D]D]pU]pNHOLNpVYLOiJRVViWHV]LNDIHOWpWHOHVMHOHQWpViUQ\DODWRW$.iO%W
PHJHO] N|]pSPDJ\DUNRULV]|YHJHNEHQHOHLQWHHJ\UHJ\DNRULEEPDMGLVPpWYLVV]DI R
JRWWDEEH]DYiOWR]DW/HJJ\DNUDEEDQD W|EEWHNLQWHWEHQLV|VV]HIJJpVWPXWDWy 3HVWL
pV6\OYHVWHUIRUGtWiVRNEDQWDOiONR]QLD YDODHOWDJRVN|WV]yYDO.iOGLD]RQEDQ²DNL
D V]iPRV ~MtWiVW WDUWDOPD]y SURWHVWiQV IRUGtWiVRN XWiQ V]OHW NDWROLNXV V]|YHJYiOWR]DW
PHJDONRWyMDNpQWN|YHWNH]HWHVNRQ]HUYDWLYL]PXVVDOUHQGUHDODWLQKR]OHJN|]HOHEELPH J
ROGiVRNDWYiODV]WMD²HJ\V]HUVHPWpUHODODWLQQDNPHJIHOHO YRQDWNR]yQpYPiVLN|WV]y
KDV]QiODWiWyO$ WHUMHGpV PHJOHQGO PDMGD;9,V]i]DGN|]HSpWOYpJpWOPHJWRUSDQy
IRO\DPDWDD]WPXWDWMDKRJ\HJ\Q\HOYLPHJROGiVMyOOHKHWDONDOPDVQDNEL]RQ\XOWPpJLV
NLV]RUXOWDKDV]QiODWEyO
$NpVEELHNEHQD]H[SOLFLWIHOWpWHOHVVpJMHO|OMHNpQWD]LO\HQWtSXV~V]HUNH]HWHNLV
PHJNtYiQMiND²PiUDNRUDLyPDJ\DUNRUWyODGDWROW² KDN|WV]yW$KD pVDNRUiEEL
QpYPiVLN|WV]y²KDWiUR]DWODQQpYPiVLPRQGDWUpV]²DPRQGDWV]HUNH]HWpWOIJJHQ
J\DNUDQ~QNHWWVDOiUHQGHOpVWKR]OpWUH  8J\DQDNNRU D]DNLN|WV]yVPHOOpNPRQGDW
DIHOWpWHOQpONOLYRQDWNR]iVWIHMH]LNL$SURWHVWiQVIRUGtWiVJ\DNUDQD]HOEELDNDWROL
NXVD]XWyEELOHKHWVpJHWYiODV]WMDVDMiWV]|YHJKDJ\RPiQ\DLNUDWiPDV]NRGYDSpOGiXO

J 3URWÄ+DYDODNLD](PEHUILDHOOHQEHV]pOERFViQDWRWQ\HU´
K .DWÄeVDNLD](PEHUILDHOOHQEHV]pO ERFViQDWRWIRJQ\HUQL´

J 3URWÄKDYDODNLQHPV]OHWLNYt]WOpV/pOHNWOQHPPHKHWEHD],VWHQRUV]iJ
ED´
K .DWÄ$NLQHPYt]EOpV 6]HQW OpOHNEOV]OHWLND]QHPPHJ\EHD],VWHQRU
V]iJiED´

$KDNL KDQHPKDNL YDODNLKDYDODNLNRUDEHOLN]GHOPpUOiUXONRGQDNDODWLQ


EDQ LV NHWWV DOiUHQGHOpVW WDUWDOPD]y V]HUNH]HW IRUGtWiVDL D SpOGD D YL]VJiOW NRUSXV]RQ
NtYOUOV]iUPD]LN 

D 0QFK. YE ÄKDQ KD NL q³PJ©¯OqWqQGLF YL§EYO ³FqQW OHOqFEYO  QHP
PqKqWEqL³WqQQF R©DJDED´
E -RUG.ÄKDQHPKDN\ Z\RQQDQ]\OHWHQG\NY\]W¶OHV]HQWOHOHNW¶OQHP
PHKHWEHL³WHQQHNRU]DJDEDQ´
F 3HVW%UÄZDODN¹ QHP§¹OHW¹NZ¹§WHZOHHV§HQWOHOHNWHZOEHQHPPHKHW
L³WHQQHNRU§DJDED´
G 6\OY%UÄKDYDODNLYL]W¸OHVHQWOLOHNW¸OQHP¸OHWHQGLNEHQHPPHKHW
D]L³WHQQHNRUDJDED´
Û
H .iU%YÄKDYDODNLQHPXOHWHQGLFYL]WROpVHQWOpOHNWROQHPPHKHWE
D]
,³WHQRUiJiED´


0DLPRQGDWV]HUNH]HWHNUHLVpUYpQ\HVDPHQQ\LEHQDQpYPiVDPHOOpNPRQGDWEDQD² UHQG
V]HULQW IRN~ ²XWDOyV]yQDN PHJIHOHO PRQGDWUpV]L V]HUHSHW W|OW EH NHWWV IJJpV ILJ\HOKHW
PHJ SO +D YDODNLW QHP V]HUHWHN QHP KtYRP HO +D YDODNL HO DNDU PHQQL QH iOOM D] ~WMiED
(]W D V]HUNH]HWHW OHJDOiEELV D N|]Q\HOYEHQ LQNiEE D] HO|O iOOy PHOOpNPRQGDW W&UL HO
$PHQQ\LEHQD]RQEDQ²LO\HQPHJIHOHOpVKtMiQ²D]DNNRUKDYLV]RQ\pUYpQ\HVO|QiOOyIHO
WpWHOHV PHOOpNPRQGDW NHOHWNH]LN SO (OM|Y|N KD YDODNL pUWHP M|Q 7RYiEE LV LWW PDUDGQD KD
YDODNLWQHPNHOOHQHPpJPHJOiWRJDWQLD
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

I .iO%  D ÄKD NL ~MRQQDQ QHP ³]¸OHWLN Yt]E[¶O pV 6]HQW/pOHNE[¶O QHP
PHKHWEp D] ,³WHQ RU³]DJiED´ -Q  ÄQLVL TXLV UHQDWXV IXHULW H[ DTXD HW
6SLULWXVDQFWRQRQSRWHVWLQWURLUHLQUHJQXP'HL´ 

0HJMHJ\]HQGKRJ\DIHOWpWHOHVVpJpVDPHJHQJHGpVMHOHQWpVEHOLURNRQViJDN|YHW
NH]WpEHQ D TXL TXH TXRG IRUGtWiVDL N|]p D PHJHQJHG DNiU HOWDJRV N|WV]y LV EHLO
OHV]NHGKHW(]]HODPRQGDWUHQGLVPyGRVXOKDW E DPLLJHQULWNDIRUGtWiVLYiOWR]WDWiV
DELEOLDiWOWHWpVHNEHQ

D 0QFK.YE ÄPGqQ KLX LJHYO  NLW qPEHHF Eq§HOOqQGQF  RNRW NHO DGQLD
YROODLWHOqWQDSL´
E .iU% Y ÄDNDUDPL   KLXRONRGy EH³]pGHW yOO\DQDF D] HPEHUHF iPRW
DGQDFDUUyOD]LWpOHWQDSLiQ´
F .iO%DÄPLQGHQKtYRONRGyLJpU[¶OPHOO\HW³]yOQDND]HPEHUHN³]iPRW
DGQDND]LWpOHWQDSMiQ´ 0WÄRPQHYHUEXPRWLRVXPTXRG ORFXWLIXHULQW
KRPLQHVUHGGHQWUDWLRQHPGHHRLQGLHLXGLFLL´ 

$TXLFXPTXHIRUGtWiVDNpQWLViOOKDWDNiUHOWDJRVN|WV]y E 

D -RUG.  Ä%\]RQ\DZDO YDODN\ WHHQG\ HQ DW\DPQDN DNDUDWW\DW  D] HQ
DW\DPII\D´
E 6\OYYÄ0HUWDNDUNLOHJHQD]NLD]HQDWDPQDNDNDUDWWWWLLH]D]NLHQQH
NHPDWPILD´
F .iO%  E Ä0HUW YDODNL D] pQ $W\iP DNDUDWW\iW F³HOHNH³]L  D] D] pQ
DW\iPILD´ 0W  Ä4XLFXPTXH HQLP IHFHULW YROXQWDWHP 3DWULV PHL LSVH
PHXVIUDWHU´ 

6W PDJD D YDOD HOWDJRV N|WV]y LV NLIHMH]KHW UiKDJ\iVWPHJHQJHGpVW 2O\DQ


V]|YHJN|UQ\H]HWEHQ NL]iUyODJ H]W D V]HUHSHW YLVHOKHWL DPHO\EHQ D PHOOpNPRQGDW QHP
EL]RQ\RVHJ\HGHNUHYRQDWNR]yDQKDQHPD]pULQWHWWHJ\HGHN|VV]HVVpJpUH YDJ\PHJKDW i
UR]RWW UpV]pQHN WHOMHVVpJpUH  YRQDWNR]yDQ IRJDOPD] $ ODWLQ SDUWLFLSLXPRW WDJPRQGDWWi
ERQWyIRUGtWiVRNV]HUNHV]WKHWQHNHJ\V]HU& YRQDWNR]yPHOOpNPRQGDWWDO E GHDGRWW
DQQDNOHKHWVpJHLVKRJ\PHJHQJHG MHOHQWpViUQ\DODWWDOIRJDOPD]]DQDN F 

D 0QFK.YDÄ0qQGqQR §DJYQY EqQQHPHJR§ODWRWPHJSX§WROWDWLF´


E 3HVW%UÄP\QGHQRU§DJN\ HZPDJDHOOHQPHJKDVRQO\NHOURPRO´
F .iU%UÄ0LQGHQRUiJYDODPHOO\PDJiEDQPHJKD³RQOtFpOSXW~O´
G .iO%  D Ä0LQGHQ PDJDHOOHQ PHJKD³RQORWW RU³]iJ HOSX³]W~O´ 0W
Ä2PQHUHJQXPGLYLVXPFRQWUDVHGHVRODELWXU´ 

%  $  Y R Q D W N R ] y  D O i U H Q G H O W  W D J P R Q G D W R N    P R Q G D W U p V ] H N
SiUKX]DPDL²H]HND]DQDOLWLNXVV]LQWHWLNXVV]HUNHV]WpVLYDULiQVRN²DV]HUNH]HWLV]L
QRQtPLD OHJJD]GDJDEE WDUWRPiQ\iW NpSH]LN $ YL]VJiOW NRURNEDQ PHJMHOHQ  YiOWR]DWRN
DPDLQDSLJLVV]LQRQLPiNNpQWP&N|GQHNGHDNO|QE|] NRUV]DNRNEDQ²DV]HUNH]HW
WtSXVWyO IJJHQ ² HOWpU D] HJ\HV YiOWR]DWRN KDV]QiODWL J\DNRULViJD $ NRURN IRO\D
PiQKDQHPLVHJ\HQHVYRQDO~PpJLVHJ\pUWHOP& HOPR]GXOiVILJ\HOKHW PHJD]DQD
OLWLNXV V]HUNHV]WpVPyG LUiQ\iED $ NRURN HOUHKDODGWiYDO ² V]LQWpQ QHP HJ\HQHV
YRQDO~ WHUMHGpVVHO ² D PHOOpUHQGHO V]HUNH]HWHN LV HJ\UH HUWHOMHVHEEHQ UpV]W YHV]QHN
HEEHQDIRO\DPDWEDQOD& SRQWEDQ
 '|P|W|U$GULHQQH

$YL]VJiOWNRUV]DNRNUDMHOOHP]KRJ\KDDODWLQV]|YHJEHQYRQDWNR]yPHOOpNPRQ
GDWRVPHJROGiVV]HUHSHOH]WDIRUGtWyNW|EEQ\LUH EiUNRUiQWVHPPLQGLJ N|YHWLN9i O
WR]DWRVDEE NpSHW PXWDWQDN YLV]RQW D]RN D] HVHWHN DPHO\HNEHQ D ODWLQ SDUWLFLSLXPRV
V]HUNH]HWHW YDJ\ PiV YRQDWNR]y PHOOpNPRQGDWWDO LV NLIHMWKHW QpYV]yL PRQGDWUpV]W WDU
WDOPD]$]H]HNN|UpEHQPXWDWNR]yOHJJ\DNRULEEWHQGHQFLiNNpSH]LNHUpV]IHMH]HWWiUJ\iW
 $  K D W i U R ] y L  L J H Q H Y H V  P R Q G D W U p V ] H N    Y R Q D W N R ] y  P H O 
O p N P R Q G D W R N  YiOWDNR]iVD D NLIHMH]pV MHOHQWpVEHOL W|EEIpOHVpJpQHN pU]pNHOWHWpVH pV
D]HJ\LNMHOHQWpVNLHPHOpVHN|]|WWLYiODV]WiVOHKHWVpJpEODGyGLN$OHJJ\DNRULEELO\HQ
V]HUNH]HWLSiUKX]DPRND]LGKDWiUR]yNHVHWpEHQSpOGiXODPHOOpNPRQGDWRVPHJROGiVD]
LJHQHYHV V]HUNH]HW W|P|UVpJpQHN PHJW|UpVH iUiQ DONDOPDV DUUD KRJ\ DQQDN |VV]HWHWW
MHOHQWpVpEONLHPHOMHQHJ\pUWHOP&VtWVHQYDODPHO\PR]]DQDWRWËJ\DFVHOHNYpVHNLGHMpW 
E NRPSOH[HEEKDWiUR]yNHVHWpEHQDPHOOpNPRQGDWWLV]WDLGYRQDWNR]iViW EF²D
DGWDUWDOPD]WDiOODSRWYRQDWNR]iVVHPOHJHVtWpVpYHO 

D -RUG.Ä(OPHHQZHQNHGHJSUHGLFDOO¶DWRN´
E 3HVW%YÄ(HVP¹NRURQHOPHQHQGHWHNSUHGLNDO¹DWRN´
F 6\OY%YÄ0LNRURi NHGLJOHi HOPHQWHNSUHGLNDOO¶DWRN´
G .iO%DÄ(OPHQYpQSHGLJSUDHGLNiOO\DWRN´ 0W Ä(XQWHV DXWHP
SUDHGLFDWH´ 

D 0QFK.UEYDÄ,KF NHÂWXGX YJRQGRODWW¶RNDWPRGDQqNLF´


E 3HVW%UÄ,H³XVNHJ¹JP¹NRURQODWQDD§ HZJRQGRODW¹RNDWPRQGDQHN¹N´
F .iU%UÄ,H³XVSHGLJPLNRUD]R JRQGRODWW\RNDWOiWWDYyOQDPRQGDQpNLF´
G .iO%DÄ-p³XVSHGLJWXGYiQJRQGRODWW\RNDWPRQGDQpNLN´ 0W
Ä,HVXVDXWHPVFLHQVFRJLWDWLRQHVHRUXPGL[LWHLV´ 

$ KDWiUR]yL LJHQHYHV V]HUNH]HWHN  DOiUHQGHO |VV]HWHWW PRQGDWRN PHJRV]OiViQDN


YL]VJiODWiYDOHJ\WWUHJLV]WUiOQLNHOOHWWDSiUKX]DPRVDQHOIRUGXOyPHOOpUHQGHO PRQGDW
V]HUNH]HWHNHWLV WiUJ\DOiVXNDWOD & SRQWEDQ XJ\DQDNNRUH]XWyEELDNUpV]HVHGpVH
D]DGDWRNNLVV]iPDPLDWWOHJIHOMHEEFVDNMHO]pVpUWpN& OHKHW

$ODWLQSDUWLFLSLXPRVV]HUNH]HWHNIRUGtWiVLOHKHWVpJHLQHNV]i]DOpNRVPHJRV]OiVD
V]UNHRV]ORSPRQGDWUpV]IHNHWHRV]ORSDOiUHQGHO PRQGDWV]HUNH]HWIHKpURV]ORS
PHOOpUHQGHO PRQGDWV]HUNH]HW 








%
.

%
.




O%
U%
VW
UG

OY
FK

.i
.i
3H

6\
-R
Q
0
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

0LQWDSpOGiNLVPXWDWWiN EFEF HOVVRUEDQDN|]pSPDJ\DUNRULSUR


WHVWiQVIRUGtWiVRNERQWMiND]LJHQHYHVV]HUNH]HWHNHWPHOOpNPRQGDWRNUD (]D]HU WHOMHV
QHN OiWV]y HOPR]GXOiV D] DQDOLWLNXV V]HUNHV]WpVPyG LUiQ\iED D]RQEDQ DQQ\LEDQ ÄFVDO´
KRJ\ D YL]VJiODW QHP D] |VV]HV SDUWLFLSLXPRV V]HUNH]HWHW pULQWL KDQHP FVDN D]RNDW
DPHO\HNQpOOHJDOiEEHJ\IRUGtWyDYRQDWNR]yPHOOpNPRQGDWRVPHJROGiVWYiODV]WRWWD .iOGL
NDWROLNXVELEOLiMD²DPiUHPOtWHWWJUDPPDWLNDLK&VpJUHW|UHNYpVHMHJ\pEHQ²PHJWDUWMD
D] LJHQHYHNHW V tJ\ V]HUNH]HWHL D OHJNRUiEEL IRUGtWiVRNpLYDO NHUOQHN N|]HOL URNRQViJED
Y|GGLOODD /HJJ\DNUDEEDQ6\OYHVWHUV]HUNHV]WPHOOpNPRQGDWWDO²D
PiU V]LQWpQ HPOtWHWW WDUWDOPL SUHFL]LWiVUD NLIHMWHWWVpJUH W|UHNHGYH 0LQGHQ EL]RQQ\DO
DIRUGtWyNHJ\PiVUDKDWiVDLVWNU|]GLNDEEDQKRJ\DODWLQLJHQHYHVV]HUNH]HWSiUKX
]DPDLEDQ J\DNUDQ XJ\DQD]RNRQ D KHO\HNHQ YiODV]W PHOOpNPRQGDWRV LOOHWYH V]yV]HUN H
]HWHVPHJROGiVW3HVWL6\OYHVWHU.iURO\L pVHOYpWYHD-RUGiQV]N\NyGH[DONRWyMD )HOW&Q
XJ\DQDNNRUKRJ\DPLNRUDODWLQEDQPHOOpNPRQGDWV]HUHSHOpSSHQ6\OYHVWHUpV.iURO\L
D]DNLRO\NRUQHPPHOOpNPRQGDWWDOKDQHPV]yV]HUNH]HWWHOIRUGtW(]DUUyOiUXONRGLN
KRJ\DV]HU]NQHPDONDOPD]WiNIHOWpWHOHNQpONOIRUGtWyLV]|YHJDONRWyLHOYHLNHWKDQHP
HOVVRUEDQD]DGRWWV]HUNH]HWIRUGtWiViKR]YiODV]WRWWiNNLDV]LQRQLPOHKHWVpJHNN|]WO
DV]HULQWNOHJPHJIHOHOEEIRUPiW
$NpWPRGHUQIRUGtWiVD]WPXWDWMDKRJ\DN|]pSPDJ\DUNRUL WHQGHQFLDIRO\WDWiVD
NpQWWRYiEEQWWDPHOOpNPRQGDWRVV]HUNH]HWHNDUiQ\D$IRUGtWyLHOMiUiVRNEDQDQ\HOY
KDV]QiODWQDND] DQDOLWLNXVV]HUNHV]WpVPyGLUiQ\iEDYDOy HOWROyGiVD WNU|]GLN$ PHO
OpNPRQGDWRVPHJROGiVRN NRPSOH[LJHQHYHNHVHWpQ²PLYHODWDJPRQGDWUHQGV]HULQW
FVDNHJ\LNpWWXGMDYLVV]DDGQLD]LJHQHYHVV]HUNH]HWMHOHQWpVHLQHN²iOWDOiEDQDMHOHQWpV
OHV]&NtWpVpYHOMiUQDN$SURWHVWiQVV]|YHJYiOWR]DWEDQJ\DNRULDNDPHOOpNPRQGDWRN pV
DNDWROLNXVYiOWR]DWVHPN|YHWLPHUHYHQ.iOGL LJHQHYHVKDJ\RPiQ\iW PLQGD]RQiOWDO
ÄRGDYLVV]D´DNDGQDNHOWpUpVHNDPLDUUDYDOOKRJ\DPRGHUQNRULIRUGtWyNLVHJ\pQL PHJ
IRQWROiVRNDODSMiQYiODV]WDQDNDUHQGHONH]pVUHiOOyV]LQRQLPiNN|]O

D 3URWÄ(]WOiWYDDIDUL]HXVRNV]yYiWHWWpN´
E .DWÄ$PLNRUH]WPHJOiWWiNDIDUL]HXVRNV]yOWDNQHNL´ 0WÄ3KDULVDHL
DXWHPYLGHQWHVGL[HUXQW´ 

$KDWiUR]yLLJHQHYHVV]HUNH]HWHJ\LNVSHFLiOLVKDV]QiODWiQDNSiUKX]DPDLEDQ²D]
HGGLJLHNWO HOWpUHQ ² D YDULiQVRN FVHNpO\ MHOHQWpVEHOL HOWpUpVVHO MiUQDN $] HJ\HQHV
LGp]HWHW EHYH]HW NLIHMH]pVHN NO|QE|] IRUPiLEDQ D NLiOWYiQ PRQG D NLiOW PRQGYiQ
D NLiOW pV PRQG pV D NLiOW WtSXVRN PLQGHJ\LNH D] LGp]HWMHO|O DODSWDJ V]HUHSpW YLVHOL
DNHWWVNLIHMH]pVHNHJ\LNHDPHJQ\LODWNR]iVWpQ\pWPiVLNDYDODPHO\MHOOHP]MpWIHMH]L
NL $V]HUNH]HWHNUpV]OHWHVYL]VJiODWiWO'g0g7g5$'5,(11( 7HQGHQFLiND]LGp] I
PRQGDWRNDODNXOiViEDQDNpVHLyPDJ\DUEDQpVDN|]pSPDJ\DUNRUHOHMpQ01\
² 3pOGiXO FVDNDNO|QE|] YiOWR]DWRNDWEHPXWDWYD 

D 0QFK.UEÄKD³RQODWQDFDÂJqPHNHFKH§ NLFYXYOWX PRQGQDFYIHOHFQF´


E 3HVW% Y Ä+D³RQODWRV D§ RO¹DQ J\HUPHNHNKH§ N¹N  ¹ZHOWQHN D§ HZ
WDU³RNQDNPRQGZDQ´
F 6\OYUÄKD³RQODWRVD]JHUPHNHNKH] NLN¸X[OWHQHND]¸ WU³DLQDN
³ H]W
PRQJN´
G .iUUÄKD³RQODWRVD]J\HUPHNHNKR]NLFNLiOWQDFD]R WiU³DLQDF´ 0W
Ä6LPLOLVHVWSXHULVTXLFODPDQWHVFRDHTXDOLEXVGLFXQW´ 
 '|P|W|U$GULHQQH

 $  Q H P  K D W i U R ] y L  L J H Q H Y H V  P R Q G D W U p V ] H N    Y R Q D W N R ] y
P H O O p N P R Q G D W R N YiOWDNR]iVDDPRQGDQLYDOyKDQJV~O\R]iViQDNIRNR]DWQ\LNO|QE
VpJpWPXWDWMDFVDN$ODWLQSDUWLFLSLXPRVGHKDWiUR]yLLJHQpYYHOQHPIRUGtWKDWyYDJ\
HJ\pEV]yIDM~ODWLQPRQGDWUpV]PHOOpNPRQGDWRVYLVV]DDGiVDSXV]WiQQ\RPDWpNRVDEEi
WHV]LDEHQQHPHJIRJDOPD]RWWWDUWDOPDWWHVWHVVpJpQpOÄLJpVVpJpQpO´pVRO\NRUXWDOyV] D
YiQiOIRJYD EFLOOFE 

D 0QFK.YEÄt qPEHQF Y KD§DEqOLHFY qOOqQ³HJL´


E 3HVW%UÄ(HVHPEHUQHNHOOHQ³HJ¹ OH§QHNN¹NZDQQDNHZQQHQKD§DED´
F 6\OY% U Ä(V D] HPEHUQHN HOOHQ³LJKL OLQHN D]RN D] NLN ¸QHNL K]DEHOL
QLSL´
G .iO%DÄpVD]HPEHUHOOHQ³pJLD][ Ki]DQpSH´ 0WÄHWLQLPLFL
KRPLQLVGRPHVWLFLHLXV´ 

D -RUG.Ä+D³RQODWRVD]S\DF]RQ\ORJ\HUPHNHNKH]´
E 3HVW%YÄ+DVRQODWRVD§ RO¹DQJ\HUPHNHNKH§N¹NN¹Q¹OQHN´
F .iU%UÄKD³RQODWRVD]J\HUPHNHNKR]NLFD]SLiW]RQXOQHF´
Û
G .iO%EÄ+D³RQOyD¶SLDF]RQ¸O[ J\HUPHNHNKH]´ 0WÄ6LPLOLVHVW
SXHULVVHGHQWLEXVLQIRUR´ 

$OHJJD]GDJDEEDV]LQRQLPiNWiUDD]RNEDQDV]HUNH]HWHNEHQDPHO\HNEHQDPLQ 
VtW PyGRVtWiVPHOOpNQpYIRUGtWiViEyOV]iUPD]LNDYRQDWNR]yPHOOpNPRQGDW F SiU
KX]DPiEDQiOOKDWPLQVpJMHO] DH pUWHOPH] G MHO] pUWpN& KDWiUR]y E 

D 0QFK.UDÄ&DQDQHDEqOL6LPRQ´
E -RUG.Ä6\PRQNDQDQHDERO´
F 6\OY%YÄ6LPRQNL&DQDQHDQHZ¸ WDUWRPDQEROYDORYDOD´
G .iU%YÄ6LPRQ&DQDQHiEpOL´
H .iO%DÄD¶.DQDQDHXV6LPRQ´ 0WÄ6LPRQ&DQDQDHXV´ 

$ODWLQQHPPHOOpNPRQGDWRVV]HUNH]HWHNPDJ\DUSiUKX]DPDLEDQiOOyPHOOpNPRQGDWRN
HJ\pEQpYV]yLPRQGDWUpV]HNV]i]DOpNRVDUiQ\D
V]UNHRV]ORSPRQGDWUpV]IHNHWHRV]ORSPHOOpNPRQGDW 








%

%
.


.


U%

O%
VW

OY
FK

UG

.i

.i
6\
3H
-R
Q
0
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

$V]LQWHWLNXV²DQDOLWLNXVV]HUNHV]WpVPyGPHJRV]OiVDWHKiWQDJ\YRQDODNEDQK DVRQ
OtWDKDWiUR]yLLJHQpYSiUKX]DPDLKR] LWWPHOOpUHQGHOpVKtMiQFVDNNpWIHOpRV]ODQDNDV]HU
NH]HWHN  +DVRQOy D] yPDJ\DU NRUL V]|YHJK& PRQGDWUpV]HV  IRUGtWiVRN GRPLQDQFLiMD
DPHOOpNPRQGDWRVV]HUNH]HWHNDUiQ\iQDN3HVWLQpOpVINpQW6\OYHVWHUQpOYDOyIHOOHQGOp
VH .iOGLQiO YDOy YLVV]DV]RUXOiVD $]RQEDQ H]HNHQ D KHO\HNHQ MyYDO J\DNUDEEDQ Y i
ODV]WMDDQ\HOYLOHJJD]GDViJRVDEEPHJROGiVW3HVWL.iURO\LpV6\OYHVWHULV
$PDLIRUGtWiVRNN|]OPLQGDNHWWEHQHOIRUGXOPLQGDNpWIpOHPHJROGiV²DNiU
DVDMiWV]|YHJKDJ\RPiQ\XNWyOHOWpUHQLV HI ²|VV]HVVpJNEHQD]RQEDQDPRQ
GDWUpV]HVIRUPiNWHKiWD]HJ\V]HU&EEPHJROGiVDUiQ\DNHUHNHGLNIHOO HI 

H 3URWÄ$]HPEHUQHNDWXODMGRQFVDOiGMDOHV]D]HOOHQVpJH´
I .DWÄD]HPEHUQHNHOOHQVpJHOHV]DKi]DQpSH´

H 3URWÄ+DVRQOtWDWHUHNHQWDQ\i]yJ\HUHNHNKH]´
I .DWÄ+DVRQOyND]RNKR]DJ\HUPHNHNKH]DNLNDSLDFRQOQHN´

0HJMHJ\]HQGKRJ\V]HUNH]HWLV]LQRQtPLiQW~OLYiOWDNR]iVWHUHGPpQ\H]D]D]HOMiUiV
DPHO\HWHVHWHQNpQWDPDJ\DUi]yWDQtWyMHOOHJ& IRUGtWiVRNSURWHVWiQVV]HU]LDONDOPD]QDN
DPLNRU D PLQVpJMHO]L PHOOpNPRQGDWRW D V]|YHJpUWHOPH] IRUGtWiV HV]N|]pYp WHV]LN
FGFGH EiUYDQIRUGtWiVDPHO\XJ\DQH]WDFpOWPRQGDWUpVV]HOLVHOpUL  D 

D 0QFK.UDÄ0DWHDÂLqOHVE¯QYVP¯XqONHGqWEqOL´
E -RUG.ÄYDPRV0DWKH´
F 3HVW%YÄ0DWKHN¹ D§HOHZWQ¹OZDQZDORE¹QHVZDOD´
G 6\OY%YÄ0DWKHNLIXNDUYDODDQQDNHO[WWH´
H .iU%YÄDPD]0iWKpNL3XEOLFDQXVYDOD´
I .iO%DÄ0iWHD¶SXEOLNiQXV´ 0WÄ0DWWKDHXVSXEOLFDQXV´ 

D 0QFK.UDÄ7KDGHXV´
E -RUG.Ä7DGHX³´
F 3HVW%YÄ/HEEHXVN¹QHNZH§HWHNQHZH7KDGHXV´
G 6\OYYÄ/HEEHXVNLQHNYH]HWLNQHZHYDOD7KDGGHXV´
H .iUYÄ/HEE
XVNLYL]HWpFQHXpURO7DGG
X³QDFKLXDWWDWLFYDOD´
I .iODÄ7DGGDHXV´ 0WÄ7KDGGDHXV´ 

$ W|EEOHWLQIRUPiFLyW WDUWDOPD]y V]HUNH]HWHN W~OOpSQHN D V]HUNH]HWL V]LQRQtPLiQ


KLV]HQ OpQ\HJL MHOHQWpVEHOL HOWpUpVW PXWDWQDN $ PRQGDWUpV]HV pV PHOOpNPRQGDWRV V]H U
NH]HWHN KiWWHUpEHQ D PHJPDJ\DUi]DQGy²NLIHMWHQG pV D PDJ\DUi]DW²NLIHMWpV
HNYLYDOHQFLDYLV]RQ\DiOO$MHOHQVpJHWSUDJPDWLNDLV]LQRQtPLiQDNOHKHWQHQHYH]QL
& $ ]  D O i U H Q G H O W    P H O O p U H Q G H O W  W D J P R Q G D W R N  Y i O W D N R ] i V D
²PLQWD& SRQWEDQPiUV]yYROWUyOD²D]DOiUHQGHOWWDJPRQGDWRNKDWiUR]yL
LJHQHYHV PRQGDWUpV]HN YiOWDNR]iViKR] NDSFVROyGLN $ V]LQWHWLNXV²DQDOLWLNXV NLIHM H
]pVPyGRN VNiOiMiQ D WDJPRQGDWRQ EHOOL PRQGDWUpV]HV  V]HUNH]HWHNHW D] DOiUHQGHO
|VV]HWHWW PRQGDWRN H]HNHW SHGLJ D PHOOpUHQGHO WDJPRQGDWV]HUNH]HWHN N|YHWLN $ VRUW
D OHJDQDOLWLNXVDEE PHJROGiVNpQW D] |QiOOy PRQGDW ]iUMD LO\HQ DGDW D]RQEDQ D YL]VJiOW
DQ\DJEDQQHPPXWDWNR]RWW $YiOWDNR]iVD]LGKDWiUR]yLDOiUHQGHOpVNDSFVRODWRVPHO
OpUHQGHOpVYDODPLQWD]iOMHO]LDOiUHQGHOpVNDSFVRODWRVPHOOpUHQGHOpVV]HUNH]HWHLWpULQ
WL $] LGEHOL UiN|YHWNH]pV NLIHMH]KHW H[SOLFLW PyGRQ LGKDWiUR]yL PHOOpNPRQGDWWDO 
 '|P|W|U$GULHQQH

H]WDMHOHQWpVWD]HJ\V]HU& NDSFVRODWRVPHOOpUHQGHOpVYDODPLQWD]iOMHO]LPHOOpNPRQGDW
LVKRUGR]KDWMD
$ YL]VJiOW V]|YHJHNEHQ D] DOiUHQGHOW pV PHOOpUHQGHOW WDJPRQGDWRN YiOWDNR]iVD
HJ\UpV]WRO\DQKHO\HNHQILJ\HOKHW PHJDPHO\HNHQDODWLQEDQLVDOiYDJ\PHOOpUHQGHOW
WDJPRQGDWiOOVHQQHNiWOWHWpVHNRUQpPHO\IRUGtWyDPiVLNIpOHPHJROGiVWYiODV]WMD L O
OHWYHYDQDNLÄYLVV]DIRUGXO´DKDWiUR]yLLJHQpYKH] 
$OiUHQGHO PRQGDWV]HUNH]HW D ODWLQEDQ D PDJ\DUEDQ DOiUHQGHO LGKDWiUR]yL
PRQGDWV]HUNH]HW  DG PHOOpUHQGHO NDSFVRODWRV PRQGDWV]HUNH]HW E KDWi
UR]yLLJHQpY F 

D -RUG.Ä(VP\NRURQHQQHQHOPHQWYRQD\HZHKZ³\QDJRJD\RNEDQ´
E 3HVWL%UÄ'HRQQHWWRZDELDUXODHHVPHQHD§ HZ³¹QDJRJD\RNED´
F .iU%YÄ(VHOPpQXpQRQQpWPpQHD]R 6\QDJRJiLRNED´
G .iO%  E ÄeV PLG[¶Q RQQpW HOPHQW YyOQD PpQH D] [ ³\QDJyJiMRNED´
0WÄ(WFXPLQGHWUDQVLVVHWYHQLWLQV\QDJRJDPHRUXP´ 

0HOOpUHQGHO PRQGDWV]HUNH]HWDODWLQEDQDPDJ\DUEDQPHOOpUHQGHO NDSFVRODWRV


PRQGDWV]HUNH]HW DF DOiUHQGHO iOMHO]L PRQGDWV]HUNH]HW E 

D 0QFK.UEÄt NYXqWHFYWqW³RNDFt PHJYLJD§WDYNqWPG´


E 3HVW%YÄHHVNHZHWHNHZWHWQDJ¹ ³RN³HUHJHNN¹NHWP¹QGPHJJ¹RJ¹WD´
F .iO%EÄpV³RNDQN[YHWpN[¶WHWpVPLQGPHJJ\yJ\tWi[¶NHW´ 0W
ÄHWVHFXWLVXQWHXPPXOWLHWFXUDYLWHRVRPQHV´ 

3DUWLFLSLXPIRUGtWiVDNRULVIHOOpSKHWDPHOOpUHQGHO PRQGDWV]HUNH]HW EH DIHQ


WHEE YL]VJiOW NpWIpOH J\DNRULEE PHJROGiV D KDWiUR]yL LJHQHYHV pV D] DOiUHQGHO  PHO
OpNPRQGDWRVPHOOHWW D ILOOFG 0HJMHOHQpVpQHNNHGYH]D]DODSWDJMiKR]OD
]iEEDQNDSFVROyGyD WDJPRQGDWKR]PLQWHJ\NLHJpV]tWpVOKR]]iWROGRWW LJHQHYHV V]HU
NH]HW

D 0QFK.UEÄPHWLYW,DQ QHPHXHQ³HPLXDQ´


E -RUG.Ä0HUWHO\ZHH-DQRV³HPHZHHN³HP\ZHN´
F 3HVW%YÄ(OLZH,DQRVN¹ QHPH§\N³QHP¹§¹NZDOD´
G 6\OY%UÄ0HUWHOL[XHD]-DQRVNL³HPÊLN³HPÊLN´
H .iU%UÄ0HUWHOLRWWD] NHUH]WHOR ,iQRV³QHPpLF³HPLLF´
I .iO%EÄ0HUWHOM[WW-iQRV³HPpYpQ³HPLYiQ´ 0WÄ9HQLWHQLP
,RKDQQHVQHTXHPDQGXFDQVQHTXHELEHQV´ 

$PHOOpUHQGHOWWDJPRQGDWDONDOPDVOHKHWDUUDLVKRJ\D]DOiUHQGHOWWDJPRQGDWEDQ
UHMWH] SUDJPDWLNDL OHKHWVpJHW JUDPPDWLNDL HV]N|]]HO NLIHMH]pVUH MXWWDVVD +D D] LG
KDWiUR]yL PHOOpNPRQGDW IPRQGDWiQDN LJpMH IHOV]yOtWy PyG~ D PHOOpNPRQGDW ² D
PHJQ\LODWNR]yV]iQGpNiWyOIJJHQ²IHOV]yOtWiVpUWpN& LVOHKHW0HOOpUHQGHOWWDJPRQ
GDWWiDYDWiViYDOH]DWDUWDORPH[SOLNiOyGLN DE 

D 0QFK.UDÄ0HddqWHFNHÜ SHGLFDO¶O¶DWRF´


E 6\OY%YÄ0LNRURi NHGLJOHi HOPHQWHNSUHGLNDOO¶DWRND]RNQDN´
F .iO%DÄ(OPHQYpQSHGLJSUDHGLNiOO\DWRN´ 0WÄ(XQWHVDXWHPSUDH
GLFDWH´ 
6]LQRQLPPRQGDWV]HUNH]HWHNpVIRUPDLYiOWR]DWRN 

$OHJNRUiEELV]|YHJD0QFK.ÄPHUpV]HEE´PRQGDWpUWHOPH]pVpWYLVV]DLJD]ROMiN
DPDLIRUGtWiVRN

G 3URWÄ0HQMHWHNHOpVKLUGHVVpWHN´
H .DWÄ0HQMHWHNpVKLUGHVVpWHN´

$PHOOpUHQGHO PRQGDWV]HUNH]HWHWLVWDUWDOPD]yyPDJ\DUpVN|]pSPDJ\DUNRULSiU
KX]DPRNNLVV]iPDPLDWWDVWDWLV]WLNDLYL]VJiODWEyOQHPOHKHWPHJEt]KDWyN|YHWNH]WHWpVHNHW
OHYRQQL$QQ\LD]RQEDQOiWKDWyDN|]pSPDJ\DUNRULSURWHVWiQVIRUGtWiVRNEDQJ\DNUD E
EDQMHOHQLNPHJPtJ.iOGLQiOULWNiEELVPpWHOVVRUEDQDPLDWWPHUWDV]HU] UDJDV]NR
GLN D] LJHQHYHVIRUPiN V]HUNH]HWK& WROPiFVROiViKR] 1DJ\REE V]iP~ DGDW HOVVRUEDQ
3HVWLQpO pV 6\OYHVWHUQpO PXWDWRWW HOWpUpVW D PHOOpUHQGHOpVHN MDYiUD O *8*È1 .$7$/,1
6\QWDFWLF6\QRQ\P\D&DVH6WXG\$FWD/LQJXLVWLFD+XQJDULFDpVNN 
$PRGHUQIRUGtWiVRNH]HNHQDKHO\HNHQDNRUiEELV]|YHJHNQpOQDJ\REEDUiQ\EDQ
WDUWDOPD]QDNPHOOpUHQGHO PRQGDWV]HUNH]HWHNHW DSURWHVWiQVVDMiWKDJ\RPiQ\iYDOHJ\
EHYiJyDQ J\DNUDEEDQ PLQW D NDWROLNXV  7|EEV]|U PHJILJ\HOKHW KRJ\ PLQGNpW PDL
IRUGtWiV D VDMiW IHOHNH]HWL V]|YHJKDJ\RPiQ\iQiO HJ\ IRNR]DWWDO DQDOLWLNXVDEEDQ V]H U
NHV]W D] LJHQHYHV V]HUNH]HW SiUKX]DPiEDQ DOiUHQGHOpV  K  D] DOiUHQGHOpV KHO\pQ
PHOOpUHQGHOpV iOO  G  D N|WV]yV PHOOpUHQGHOpVW SHGLJ D MHO|OHWOHQ WHKiW PpJ |QiO
OyEEN|WV]yQpONOLYDULiQVYiOWMDIHO HJ 

G 3URWÄ6RNDQXWiQDPHQWHNV PLQGQ\iMXNDWPHJJ\yJ\tWRWWD´


H .DWÄ6RNDQN|YHWWpN PHJJ\yJ\tWRWWDPLQGQ\iMXNDW´

J 3URWÄ(OM|WW-iQRVQHPHV]LNQHPLV]LN´
K .DWÄ0HUWHOM|WW-iQRVDNLQHPHV]LNpVQHPLVLV]LN´

$NDSFVRODWRVPHOOpUHQGHOpVWWDUWDOPD]yYiOWR]DWRN²OpYpQD]DOiUHQGHO V]HUNH
]HWHNKH] NpSHVW NHYpVEp JUDPPDWLNXV NpS]GPpQ\HN ² MHOHQWpVNEHQ |VV]HWHWWHEEHN
pUWHOPH]pVL OHKHWVpJHLNEHQ Q\LWRWWDEEDN DNiUFVDN D NRUiEELDNEDQ V&U&EEHQ KDV]QiOW
NRPSOH[MHOHQWpV& KDWiUR]yLLJHQHYHVV]HUNH]HWHNYROWDN

= i U V ] y  ²$YL]VJiOWV]HUNH]HWHNNRQNXUHQFLDKDUFiQDNiOOiVDDPLQWHUUOD]
HJ\HVUpV]IHMH]HWHNWDQ~VNRGQDNNRURQNpQWHOWpU(J\HVHVHWHNEHQDN|]pSPDJ\DUUDNL
UDM]ROyGyWHQGHQFLiNQDSMDLQNLJpUYpQ\EHQYDQQDNËJ\SpOGiXODNRUiEEDQIRUPDL YiOWR
]DWNpQW P&N|G D NL  D PL D PHO\ V]HUNH]HWHLQHN GLIIHUHQFLiOyGyWW KDV]QiODWD YDJ\
DKDWiUR]yLLJHQHYHVV]HUNH]HWDOiUHQGHO PHOOpNPRQGDWV]LQRQLPYDULiFLyLQDNHJ\PiV
PHOOHWWpOpVH D]XWyEELDNJ\DNRULViJiQDNQ|YHNHGpVpYHO 0iVNRUDYL]VJiOWNRUV]DN R
NDWN|YHWHQPiVIHOpYLWWDQ\HOYLYiOWR]iVRN~WMDËJ\SpOGiXODN|]pSPDJ\DUEDQPpJ
IRUPDLYiOWR]DWNpQWMHOHQOpY D]DPD]XWDOyV]yVV]HUNH]HWHNMHOHQWpVpQHNVWDELOL]iFLy
MiEDQYDJ\DNRUEDQV]LQRQLP D NLYDODNLWtSXV~N|WV]yNV]HUNH]HWHLN|]OD]XWyEELDN
NLV]RUXOiViEDQ
$IRUPDLYiOWR]DWRNW|EEVpJH²PLQWMHOHQWpVNO|QEVpJQpONOLDODNSiU²D]LGN
IRO\DPiQiWpUWpNHOGLN$V]LQRQLPYiOWR]DWRN²PLQWPiVRGODJRVMHOHQWpVNO|QEVpJJHO
EtUy HOHPHN ² EL]RQ\RV LGHLJ HJ\PiV PHOOHWW pOQHN QpPHO\HN YiOWR]iVRQ PHQQHN  iW
ODOHJXWyEEHPOtWHWWSpOGiW PiVRNDQ\HOYLUHQGV]HU VWDELOHOHPHLNpQWIRO\DPDWRVDQ
NtQiOMiNYiODV]WpNXNDWDQ\HOYKDV]QiOyV]iPiUD SODKDWiUR]yLLJHQHYHNDOiUHQGHO  
PHOOpUHQGHO PRQGDWV]HUNH]HWHNSiUKX]DPDL 
 '|P|W|U$GULHQQH

$V]LQRQLPV]HUNH]HWHNpVDIRUPDLYiOWR]DWRNYDOODWyUDIRJKDWyNDSiUKX]DPRVN L
IHMH]HV]N|]|N NRURQNpQWL HOPR]GXOiViUyO D YHON NDSFVRODWRV Q\HOYKDV]QiODWEHOL Yi O
WR]iVRNUyOD]HOHP]pVWHKiWEHWHNLQWpVWQ\~MWKDWD]pULQWHWWPRQGDWWDQLIRUPiNpOHWUDM]i
ED 1DJ\REE DQ\DJRQ YpJ]HWW YL]VJiODW DONDOPDV OHKHW D V]&NHEEHQ YHWW JUDPPDWLNDL
V]HPSRQWRNRQ W~OPXWDWy MHOHQVpJHN WDQXOPiQ\R]iViUD LV DIRUPiN PHJRV]OiVD V]RFLR
NXOWXUiOLVP&IDMLQ\HOYMiUiVLNO|QEVpJHNHWPXWDWKDW
$V]LQWD[LVW|UWpQHWQHNpUWpNHVDGDWRNDWV]ROJiOWDWKDWD YDULiQVRNWDQXOPiQ\R]iVD²
PLQWH]WWDOiQDMHOHQGROJR]DWQDNLVVLNHUOWLJD]ROQLDDYL]VJiODWLDQ\DJYLV]RQ\ODJRV V]&
N|VVpJHpVDWiUJ\DOWMHOHQVpJHNNRUOiWR]RWWV]iPDHOOHQpUHLV
'g0g7g5$'5,(11(

6WUXFWXUDOV\QRQ\P\DQGIRUPDOYDULDQWV
5HODWLYHFODXVHVDQGWKHLUSDUDOOHOVLQVL[HDUO\+XQJDULDQWUDQVODWLRQV
RIWKH%LEOH

6WUXFWXUDO V\QRQ\P\ LV H[KLELWHG E\ VHWV RI H[SUHVVLRQV WKDW DUH FDSDEOH RI FRQYH\LQJ WKH
VDPHGHQRWDWLYHFRQWHQWEXWDUHGLIIHUHQWO\FRQVWUXFWHGDQGKHQFHKDYHVOLJKWO\GLIIHUHQWPHDQLQJV
6\QRQ\PRXVVWUXFWXUHVGXHWRWKHJHQHUDOFRPSOH[LW\RIV\QWDFWLFSKHQRPHQDDUHQRWTXLWHFR
WHUPLQRXV VHPDQWLFDOO\ VW\OLVWLFDOO\ RU SUDJPDWLFDOO\ LH WKH\ DUH QRW V\QRQ\PV LQ WKH VWULFW
VHQVH LWLVH[DFWO\IRUWKDWUHDVRQWKDWWKH\RIIHUDFKRLFHIRUWKHODQJXDJHXVHU)RUPDOYDULDQWV
LQWKHDXWKRU¶VYLHZDUHVHWVRIV\QWDFWLFVWUXFWXUHVWKDWGRQRWH[KLELWDQ\VHPDQWLFGLYHUVLW\GH
VSLWHWKHLUIRUPDOGLIIHUHQFHVKHQFHWKH\DUHIUHHO\LQWHUFKDQJHDEOH RULQWKHFDVHRIKLVWRULFDO
SKHQRPHQDDUHDVVXPHGWREHVXFKRQWKHEDVLVRIDYDLODEOHGDWD 7KHH[LVWHQFHRIIRUPDOYDUL
DQWV LV WKH EDVLV RI WKH VXEVHTXHQW HPHUJHQFH RI V\QRQ\PRXV FRQVWUXFWLRQV ² 7KLV SDSHU GLV
FXVVHVYDULDWLRQDQGVWUXFWXUDOV\QRQ\P\LQRQHW\SHRIFRPSOH[VHQWHQFHVWKRVHLQYROYLQJUHOD
WLYHFODXVHV7KHGDWDDUH WDNHQ IURP SDUDOOHO SDVVDJHV RI VL[ GLIIHUHQW +XQJDULDQ WUDQVODWLRQV RI
WKH%LEOHZULWWHQEHWZHHQDQGVXSSOHPHQWHGE\WZRFRQWHPSRUDU\WUDQVODWLRQVRIWKH
VDPHSDVVDJHV7KHIROORZLQJSKHQRPHQDDUHH[SORUHGDPRQJIRUPDOYDULDQWVFRQVWUXFWLRQVZLWK
D]  DPD] ¶WKDW¶ NL ¶ZKR¶ YV PL ¶WKDW¶  PHO\ ¶ZKLFK¶ PL ¶WKDW¶ YV PHO\ ¶ZKLFK¶ DQG NL  DNL
¶ZKR¶ PL  DPL ¶WKDW¶ PHO\  DPHO\ ¶ZKLFK¶ DQG DPRQJ V\QRQ\PV WKH DOWHUQDWLRQ RI UHODWLYH
FRQMXQFWLRQV WKHH[SUHVVLRQRIFRQGLWLRQDOLW\ WKHDOWHUQDWLRQRIUHODWLYHFODXVHVYVFRQVWLWXHQWV
DQGWKDWRIVXERUGLQDWHYVFRRUGLQDWHFODXVHV
$'5,(11( 'g0g7g5

.,6(%%.g=/(0e1<(.
0HJMHJ\]pVHNDPDJ\DUPiVVDOKDQJ]yNYDQWLWiVNpUGpVpKH]
$ Ä6WUXNWXUiOLV PDJ\DU Q\HOYWDQ´ V]HUN .,()(5 )(5(1& %S   ODSMDLQ 1È'$6'<
È'È0pV6,37È5 3e7(5NULWLNXVDQPpULI|ODU|YLG²KRVV]~PiVVDOKDQJ]yNRSSR]tFLyMiW ODS 
$PLQLPiOLVSiURN|VV]HiOOtWiVDXWiQPHJiOODStWMiNKRJ\FVDND]DOiEELSiURNDONRWMiND]RSSR]t
FLyWpSpSSIHGIHGGPHJ\PHJJ\YDUYDUUOHQOHQQIHQIHQQPHQ\PHQQ\KDOKDOO
iO  iOO NHO  NHOO V]iO  V]iOO WRO  WROO (] D] |VV]HiOOtWiV DODSRV EiU QHP WHOMHV pV DV]HOHNFLy
DODSHOYHL W~OViJRVDQ NLUHNHV]WHN $] HOV SLOODQWiVUD pSSHQ D] D PHJOHS KRJ\ PLO\HQ NHYpV
PLQG|VV]HHOOHQWpWSiUWiOODStWDQDNPHJKRORWWDU|YLG²KRVV]~PiVVDOKDQJ]yHOOHQWpWHJ\LN

You might also like