Tartalmi kivonat
.É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 7LVWiQ/iV]Oy²)]HVL=VX]VDQQD (JV]RFLROyJLDLYL]VJiODWHUHGPpQHL 3pFV .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 7DUWDORP %HYH]HWpV $NiEtWyV]HUIRJDV]WiViQDNHOWHUMHGWVpJH $]HOV NtQiOiV« 0LpUW" ÅURJNRPPXQLNiFLyµ +LWHOHVVpJ .ULWLNXVKHO]HWEHQ« $NiEtWyV]HUHNKH]I ] G YHUEiOLVYLV]RQUyO« $GURJRNYHV]pOHVVpJpQHNPHJtWpOpVH +DWpNRQPyGV]HUHNDNiEtWyV]HUIRJDV]WiVHOOHQ 6]WHUHRWtSLiNpVWpQHN 0RGHOON|YHWpV ,QW MHO« gVV]HIRJODOyKHOHWW 7HFKQLNDLLQIRUPiFLyNDNXWDWiVUyO ,URGDORPDMiQOiV )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 %(9(=(7e6 eYWL]HGHVNpVHGHOHPPHOXJDQGHDÅNiEtWyV]HUNpUGpVµ PHJROGDQGySUREOpPiYipUHWW0DJDURUV]iJRQLV .HYpVWpQV]iPRVKLHGHOHPVRPPiVHO tWpOHWHNLQGXOD WRNHU SROLWLND«(PHJiOODStWiVRNPLQGHJLNHLJD]DNiEt
WyV]HUNpUGpVVHONDSFVRODWEDQ $ SUREOpPD QDJViJiW KRVV]~ WiY~ N|YHWNH]PpQHLW pSS ~J PLQW PHJROGiViQDN OHKHWVpJHV PyGMDLW HJHO UH FVDN VHMWMN 7|EEHW pVV]HO PLQW HU YHO ² IRJDOPD] HJLN N|]PRQGiVXQN eV H N|]PRQGiVW NiEtWyV]HUNpUGpVHNEHQ NO|Q|VHQ PHJ V]tYOHOHQG WDQiFVNpQW NHOO HOIRJDGQXQN $KKR] KRJ HV]QNpVQHHO tWpOHWHLQNYDJDPLPpJHQQpOLVURVV]DEE UHIOH[HLQNYH]pUHOMHQHNEHQQQNHW²HKKH]NtYiQWDQXOPi QXQNVHJtWVpJHWQ~MWDQL $YL]VJiODWRWPHOQHNHUHGPpQHLWpVD]HJHVPHJiOODSt WiVRNDW DSURSyXO KDV]QiOYD D NXWDWyN iOWDOiQRVDEE pUYp Q QHNV]iQWN|YHWNH]WHWpVHLW²HWDQXOPiQWDUWDOPD]]DD )DFW $ONDOPD]RWW 7iUVDGDORPWXGRPiQL .XWDWiVRN ,QWp]HWH VDMiWN|OWVpJpQYpJH]WHHO $NXWDWiV3pFVHWWN|]pSLVNROiNEDQNpV]OWXJDQGHPHJ iOODStWiVDL KDV]QRVDN OHKHWQHN PiV OpSWpNEHQ JRQGRONRGYD LV $ N|WHWEHQ N|]]pWHWW WDQXOPiQXQNDW HEEHQ D IRUPiMiEDQ HOV VRUEDQ D NiEtWyV]HUSUREOpPiN PHJROGiViEDQ MHOHQW V
OHKHW VpJHNNHO UHQGHONH] RODQ V]DNHPEHUHN V]iPiUD tU WXN DNLN PDJXN QHP NXWDWyN 3HGDJyJXVRNQDN V]RFLiOLV PXQNiVRNQDNUHQG UVpJLV]DNHPEHUHNQHNFVDN~JPLQWH $NXWDWiVUDYRQDWNR]yWHFKQLNDLLQIRUPiFLyNDWDQXOPiQYpJpQWDOiO KDWyDN /iVGD]ROGDORQ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 NpUGpVHN LUiQW ÅFVXSiQµ ODLNXVNpQW pUGHNO G V]O NQHN WiUVDLNDWVHJtWHQLNtYiQyILDWDORNQDNVWE(V]iQGpNXQNQDN PHJIHOHO HQ DKRO FVDN OHKHW VpJHW OiWWXQN Ui PHOO ]WN D V]RFLROyJLDLWHUPLQROyJLiW $ WDQXOPiQ YpJpQ N|]|OW WHUMHGHOPHV LURGDORPMHJ]pN LV D]WDFpOWV]ROJiOMDKRJVHJtWVND]RNDWD]ROYDVyNDWDNLN D NiEtWyV]HUIRJDV]WiV SUREOpPiLW DODSRVDEEDQ N|UO Nt YiQMiNMiUQL %HYH]HW QN YpJpQ V]HUHWQpQN N|V]|QHWQNHW NLIHMH]QL Qp KiQHPXQNiQNDWWiPRJDWyV]DNpUW QHN(WDQXOPiQ DODSMiXO V]ROJiOy YL]VJiODWUD
QHP NHUOW YROQD VRU KD 6LNOyVLQp6FKPLGW,OGLNypVGU)HKpU/iV]OyD%DUDQD 0HJHL5HQG UI NDSLWiQViJ% QPHJHO ]pVL2V]WiOiQDN V]DNpUW L QHP LQVSLUiOQDN EHQQQNHW pV QHP WiPRJDWQDN EHQQQNHW.|V]|QHWWHO WDUWR]XQN GU 6]DEy =VROW UHQG UV]i]DGRVQDN D] 2UV]iJRV 5HQG UI NDSLWiQViJ RV]WiO YH]HW KHOHWWHVpQHN LV DNL D N|WHW DODSMiXO V]ROJiOy HOHP ]pVQNHWpV]UHYpWHOHLYHONULWLNDLPHJMHJ]pVHLYHOVHJtWHWWH 7LVWiQ/iV]Oy²)]HVL=VX]VDQQD )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $.É%Ì7Ð6=(5()2*<$6=7É6É1$. (/7(5-(76e*( $YL]VJiODWEDQUpV]WYHWWGLiNRNHJQHJHGH HJpV]SRQWRVDQ D pOHWpEHQ OHJDOiEE HJ DONDORPPDO NLSUyEiOW PiU YDODPLOHQNiEtWyV]HUW $WDQXOPiQtUiVDVRUiQNRPROSUREOpPiWMHOHQWDPHJIHOHO WHUPLQR OyJLDDONDOPD]iVD$PHQQLEHQXJDQLVNiEtWyV]HUIRJDV]WiVUyOEHV]p
OQNDEEDQD]HVHWEHQHEEHDNDWHJyULiEDNHOOHQHVRUROQXQNDOHJiOLV GURJRNDWLV+DD]RQEDQQHPNtYiQXQNDOHJiOLVGURJIRJDV]WiVVDMiWRV ViJDLYDOIRJODONR]QLDEEDQD]HVHWEHQDIHMH]HWFtPHKHOHVHQ~JKDQJ ]DQD D MRJV]DEiORN iOWDO LOOHJiOLVQDN PLQ VtWHWW NiEtWyV]HUHN IRJDV] WiViQDNHOWHUMHGWVpJH 0iVPXQNiLQNNDSFViQJDNUDQIRJODONR]XQNDOHJiOLVGURJRNIRJDV] WiViQDN MHOOHP] LYHO LV (J ILDWDO LQWHUM~DODQXQN H NpUGpVEHQ YDOORWW iOOiVSRQWMiW LGp]]N DPHO NLVVp FLQLNXV FVRSRUWNpS] GHILQtFLyNpQW LV IHOIRJKDWyÅ/HJiOLVD]DGURJPHOQHNKDV]QiWD]iOODPLOOHJiOLVSHGLJ D]PHOQHNKDV]QiWDPDIILDI|O|]LOHHD]iOODPQRPXO«µ 7DUWDOPL LGp]HW ÔJW QLNKRJPLQGHQNXOW~UN|UQHNPHJYDQQDNDOHJDOLWiVXNEDQPR QRSROKHO]HWHW pOYH] pV LOOHJiOLVQDN WHNLQWHWW NiEtWyV]HUHL eUGHPHV HPOpNH]WHWQLSpOGiXODPRKDPHGiQ NXOW~UiUD MHOOHP] DONRKROWLODORP UDLOOHWYHDUUDKRJD]DONRKROKHOHWWHEEHQDNXOW~UN|UEHQLVÅV]N VpJHVQHN EL]RQXOWµ
PiV NiEtWyV]HUHN KDV]QiODWiQDN HQJHGpOH]pVH YDJ OHJDOiEELV PHJW UpVH ( OHJiOLV YDJ PHJW UW NiEtWyV]HUHN NXOWX UiOLVEHiJD]RWWViJXND]HEE ODGyGyV]WHUHRWtSLiNYDODPLQWD]iOODPL SpQ]JLpUGHNHNPLDWWHJHO UHPpJNHPpQHQ U]LNHÅPRQRSROKHO]H WNHWµ $ MHOHN D]RQEDQ DUUD XWDOQDN SpOGiXO ÅWiUVDGDOPL PR]JDOPDNµ D](JHVOWÉOODPRNEDQ.DQDGiEDQ$QJOLiEDQ,]UDHOEHQVWEDPDUL KXiQDOHJDOL]iOiVDpUGHNpEHQDNDQQDELV]JyJiV]DWLFpO~DONDOPD]i ViYDONDSFVRODWRVEt]WDWyHUHGPpQHNVWE KRJD]HXUySDLNXOW~UN|U K|] WDUWR]y iOODPRN NpQWHOHQHN OHV]QHN H]W D SUREOpPiW pU]HOPHNW O PHQWHVHQ~MUDJRQGROQL (]HQ PHJiOODStWiVXQN HVHWpEHQ D MRJLODJ WLOWRWW V]HUHN PHOOHWW NiEtWy V]HUQHN WHNLQWMN D] RUYRVL UHQGHOpV KLiQiEDQ YDJ QHP UHQGHOWHWpV V]HU HQ IRJDV]WRWW QXJWDWyW LOOHWYH DOWDWyW LV $ QHP UHQGHOWHWpVV]H U HQ IRJDV]WRWW LOHQ JyJV]HUHN NpUGpVH DP~J SHGLJ PHJOHKHW VHQ
ÅYHV]pOHVµWHUHS²N|QQHQPHJHVKHWKRJDIHOQ WWWiUVDGDORP² V]i]DOpNiW NiEtWyV]HUIRJDV]WyQDN pV D OHJ~MDEE MRJL V]DEiOR]iV )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 (]W D] DUiQW D NiEtWyV]HUIRJDV]WiV JDNRULViJD V]HULQW GLIIHUHQFLiOKDWMXN$GLiNRN|QPDJXNPLQ VtWHWWpNVDMiWNi EtWyV]HUIRJDV]WiVL V]RNiVDLNDW ( V]HULQW D] |QPLQ VtWpV V]HULQWDGLiNRNGURJRNKR]YDOyYLV]RQDDN|YHWNH] NpSSHQ DODNXO 4GPFUGTGUHQI[CUVÉ /¾IPGORTÉD±NVC #NMCNOKHQI[CUVÉ I[UGTKMKRTÉD±NÉ $] |VV]HJ] DGDWRN D]RQEDQ MHOHQW V NO|QEVpJHNHW WDNDU QDN$PLQWD]DN|YHWNH] WiEOi]DWDGDWDLEyOD]RQQDOPHJ iOODStWKDWy D IL~N pV D OiQRN N|]|WWL NO|QEVpJHN PLQGHQ HJHV ÅIRJDV]WyL FVRSRUWEDQµ OpQHJHVHN VWDWLV]WLNDLODJ LV V]LJQLILNiQVDN 0LQG D NLSUyEiOyN PLQG D W|EE²NHYHVHEE UHQGV]HUHVVpJJHO NiEtWyV]HUW IRJDV]WyN FVRSRUWMDLEDQ iOWD OiEDQ
NpWV]HU PDJDVDEE D IL~N JDNRULViJD PLQW D]W D Oi QRN HVHWpEHQ UHJLV]WUiOKDWWXN $ UHQGV]HUHV IRJDV]WyN FVRSRUWMiEDQ D] HVHWV]iP RODQ DODFVRQ Ú I ü KRJ DUUD V]DNPDLODJ NRUUHNW PHJiOODStWiVRNDW QHP IRJDOPD]KDWXQN PHJ V]HOOHPpEHQHOMiUYDD]LOHQJyJV]HUWIHOtUyPHJV]HU]pVpWOHKHW YpWHY RUYRVWJyJV]HUpV]WGHDOHUQHNNHOOHQHPLQ VtWHQL )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $IL~NpVOiQRNNiEtWyV]HUKH]YDOyYLV]RQD $GLiNRNHJWW $IL~N $OiQRN (JV]HUL NLSUyEiOy $ONDOPL IRJDV]Wy 5HQGV]HUHV IRJDV]Wy 0pJQHP SUyEiOWD I I I I I I I I I I I I 1 I I I
$YL]VJiODWVRUiQUHJLV]WUiOWJDNRULViJRNPpUOHJHOpVHVRUiQ ² KRJ H]HN D] DUiQRN DODFVRQDN YDJ PDJDVDN ² pUGH PHV HPOpNH]WHWQL D] ROYDVyW DUUD D YiODV]DGy GLiNRN KDU PDGLNRV]WiORVN|]pSLVNRODLWDQXOyNYDJLVpYHVNR U~DN 6HJtWKHW H SUREOpPD V~ORVViJiQDN PHJtWpOpVpEHQ D] LV KDU|YLGHQiWWHNLQWMND]RNDWD]DGDWRNDWDPHOHNDILD WDORN OHJiOLV GURJRNKR] YDOy YLV]RQiW MHOOHP]LN 1p]]N HO V]|UDOHUpV]HJHGpVW +pWGLiNQHPYiODV]ROWHUUHDNpUGpVUHN|]ON|WIL~YROW $ UpV]HJVpJUH YRQDWNR]y DGDWRN D MHOHQ WDQXOPiQ WiUJiXO V]ROJiOy YL]VJiODWEyOV]iUPD]QDN (JPiVLND)DFW,QWp]HWiOWDON|]pSIRN~RNWDWiVLLQWp]PpQHNGLiNMDL N|UpEHQEDQYpJ]HWWRUV]iJRVUHSUH]HQWDWtYYL]VJiODWWHOMHVPLQWi UD YRQDWNR]y DGDWDL V]HULQW D WDQXOyN D QHP V]RNRWW V]HV]HVLWDOW IRJDV]WDQL H]]HO V]HPEHQ D YiODV]DGy ILDWDORN D KHWHQWH YDJ
HQQpOJDNUDEEDQLV]LNDONRKROW$]DONRKROIRJDV]WiVUDYRQDWNR]yDGD WRNDW NpV EE LV HEE O D KLYDWNR]RWW RUV]iJRV UHSUH]HQWDWtY YL]VJiODWEyO YHVV]NiW 7LVWiQ/)]HVL=VRKiQ]iVLV]RNiVRNDILDWDORNN| UpEHQ ,Q 3RSXODWLRQ %DVHG $QWL6PRNLQJ &DPSDLJQ =iUyMHOHQWpV D SURJUDPVRUiQYpJ]HWWNXWDWiVRNPHJiOODStWiVDLUyO .p]LUDW3pFViSULOLV )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 0pJVRVHPYROW UpV]HJ eOHWpEHQFVDNHJV]HU YROWUpV]HJ 7|EEDONDORPPDOLV YROWPiUUpV]HJ )L~N /iQRN (JWW $ PiVLN OHJiOLV GURJIDMWD D GRKiQ KDV]QiODWiQDN WDQX OyNN|UpEHQYDOyHOWHUMHGWVpJpWDN|YHWNH] WiEOi]DWDGDWDL LOOXV]WUiOMiN $]HO ] HNEHQPiUKLYDWNR]WXQN D GRKiQ]iVILDWDORN N|UpEHQ YDOy HO WHUMHGWVpJpWNXWDWyYL]VJiODWUDPHOD1pSMyOpWL0LQLV]WpULXP9LOiJEDQ
NL 3URJUDPLURGiMD iOWDO ILQDQV]tUR]RWW PiVIpO pYHV SURJUDP 3RSXODWLRQ %DVHG $QWL6PRNLQJ &DPSDLJQ NHUHWpEHQ YDOyVXOW PHJ $] |VV]HVHQ KpWD]HJpV]RUV]iJUDNLWHUMHG V]RFLROyJLDLNXWDWiVEyOiOOyYL]VJiODWVR UR]DWRW ²EDQ D )DFW ,QWp]HW YpJH]WH HO 7LVWiQ )]HVL LP $WiEOi]DWDGDWDLHJI VDWDQXOySRSXOiFLyWUHSUH]HQWiOyRUV]i JRV PLQWD DGDWDLUD WiPDV]NRGQDN $] |VV]HKDVRQOtWKDWyViJ NHGYppUW NO|Q ÅOHYiORJDWWXNµ D] DGDWEi]LVEyO D ² pYHV WDQXOyN UpV]KDOPD ]iW pV N|]|OMN H UpV]KDOPD]UD YRQDWNR]y DGDWRNDW LV $ KLYDWNR]RWW YL]VJiODW PHJiOODStWiVDLW OiVG KWWSZZZVIDFWFRP ² ,QWHUQHWROGDOD NRQ $WiEOi]DWpUWHOPH]pVpKH]QHPMHOHQtWHWWNPHJDPDJXNDWPiUOHV]R NRWWGRKiQRVQDNWDUWyJHUHNHNDGDWDLW$]|VV]HVHQVRUEDQPHJDGMXN D]HJHVUpV]KDOPD]RNHOHPV]iPDLWDPHODJDNRULViJV]iPtWiVDODS MiXOV]ROJiOW $ GRKiQ]iVKR] PLQW OHJiOLV GURJIRJDV]WiVKR] YDOy YLV]RQW WNU|] DGDWRN D
WHOMHV PLQWD HVHWpEHQ D QHPHN N|]|WW VWDWLV]WLNDLODJ V]LJQLIL NiQVNO|QEVpJHNHWWDNDUQDN$pYHVGLiNRNUDYRQDWNR]yXJDQ H]HQ NO|QEVpJHN FVDN WHQGHQFLDV]HU HN VWDWLV]WLNDLODJ D]RQEDQ QHP V]LJQLILNiQVDN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 )L~N ² pYHV /iQRN ² pYHV ² pYHV ² pYHV (JV]HUNLSUyEiOWD $ONDOPLGRKiQRV 5HQGV]HUHVGRKiQRV 0pJQHPSUyEiOWD gVV]HVHQ I I I I $]pUW KRJ D WiEOi]DWRNEDQ N|]|OW DGDWRNEyO NLUDM]ROyGy WHQGHQFLDPpJYLOiJRVDEEOHJHQN|]OQNHJ|VV]HIRJOD OyD]|VV]HKDVRQOtWiVWOHKHW YpWHY DGDWVRUWLV $²pYHVWDQXOyN OHJiOLVpVWLOWRWW GURJRNKR] YDOyYLV]RQD .iEtWyV]HU 0pJQHPSUyEiOWD (JV]HULNLSUyEiOy $ONDOPLIRJDV]Wy 5HQGV]HUHVIRJDV]Wy 1 I 6]HV]HVLWDO QLQFVDGDW
I &LJDUHWWD I $ FLJDUHWWDIRJDV]WiV JDNRULViJiQDN PHJtWpOpVH VRUiQ UHQGV]HUHV GR KiQRVQDNWHNLQWHWWND]WDYiODV]DGyWDNLQDSRQWDHJV]iOFLJDUHWWi QiO UHQGV]HUHVHQ W|EEHW HOV]tY $ONDOPL IRJDV]WyQDN WHNLQWHWWN D]W D YiODV]DGyW DNL HQQpO NHYHVHEEHW V]tY IJJHWOHQO D] |QPLQ VtWpVW O $ WiEOi]DWQHPWDUWDOPD]]DDÅOHV]RNRWWJHUHNHNµDGDWDLW 7LVWiQ)]HVLLP $V]HV]HVLWDOIRJDV]WiViWLOOXV]WUiOyDGDWRNNDWHJRUL]iOiVDVRUiQUHQG V]HUHVIRJDV]WyQDNWHNLQWHWWND]WDYiODV]DGyWDNLQDSRQWDYDJKH WHQWH W|EE DONDORPPDO IRJDV]W V]HV]HVLWDOW $ONDOPL IRJDV]WyQDN WDU WRWWXND]WDYiODV]DGyWDNLKHWHQWHYDJHQQpOULWNiEEDQ²GHOHJDOiEE KDYRQWD HJV]HU LV]LN DONRKROW ( WiEOi]DW DGDWDL QHP WDUWDOPD]]iN D]RNQDNDYiODV]DGyNQDNDJDNRULViJiWDNLNULWNiEEDQPLQWKDYRQWD IRJDV]WDQDNV]HV]HVLWDOW
7LVWiQ)]HVLLP /iVGPLQWDV]iP~OiEMHJ]HWEHQ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ WiEOi]DWEDQ FVDN D NO|QE|] YL]VJiODWRNEDQ pULQWHWW ² pYHV YiODV]DGyN DGDWDL V]HUHSHOQHN 0yGV]HUWDQL PHJMHJ]pVHLQNHWOiVGDPHJIHOHO OiEMHJ]HWHNEHQ $] |VV]HIRJODOy DGDWRN DUUD XWDOQDN KRJ D ² pYHV WDQXOyN N|UpEHQ D OHJiOLV pV WLOWRWW GURJRN N|]|WWL KDWiURN ÅHOPRVyGWDNµ YDJ ÅHOPRVyGyEDQµ YDQQDN ( WDOiQ PHJ OHS iOOtWiVXQNLJD]ROiViXOIHOKtYMXNDILJHOPHWDN|YHWNH ] WpQHNUH DPtJ D WLOWRWW NiEtWyV]HUHN UHQGV]HUHV pV DO NDOPL IRJDV]WyLQDN DUiQD HJWW N|]HO DGGLJ D NXOWXUiOLVDQHOIRJDGRWWOHJiOLVGURJRNUHQGV]HUHVpVDONDO PLIRJDV]WyLQDNDUiQDDV]HV]HVLWDORNHVHWpEHQRW DFLJDUHWWDHVHWpEHQRWWHV]NL $PHQQLEHQD]HJHV GURJRNDONDOPLIRJDV]WyLQDNDUiQDLWWHNLQWMNDEEDQD]
HVHWEHQDWLOWRWWGURJRNpVDV]HV]HVLWDORNDONDOPLIRJDV] WyLQDNDUiQDLN|]|WWPiUQHPWDSDV]WDOKDWyOpQHJHVN O|QEVpJ)LJHOHPUHPpOWyYLV]RQWKRJD]DONDOPLGURJIR JDV]WyNDUiQDPHJKDODGMDD]DONDOPLGRKiQRVRNDUi QiW %iUDUHQGV]HUHVpVDONDOPL OHJiOLVpVWLOWRWW GURJR VRN JDNRULViJDL N|]|WWL V]iPV]HU NO|QEVpJ OiWV]yODJ QDJ D NO|QEVpJ PLQ VtWpVH VRUiQ pUGHPHV QpKiQ WpQWILJHOHPEHYHQQL $] HOV LOHQ WpQ DPHOUH PiU NRUiEEDQ LV XWDOWXQN ² ² pYHV ILDWDORNUyO YDQ V]y (]HNEHQ D] pYMiUDWRNEDQ PLQGHQ QXOOD V]i]DOpNQiO PDJDVDEE JDNRULViJ DPHO OHJiOLVpVLOOHJiOLV GURJRNIRJDV]WiViQDNHOWHUMHGWVpJpUH XWDOHOIRJDGKDWDWODQXOPDJDVpUWpN $PiVLNLOHQWpQKRJDWLOWRWWGURJRNIRJDV]WiViYDOH GURJIRJDV]WyMDWXGDWRVDQiWOpSHJNXOWXUiOLVQRUPiNiO WDO GHILQLiOW EQWHW MRJLODJ LV PHJHU VtWHWW KDWiUW ( WpQ LVPHUHWpEHQ D PiU NO|Q|VHQ PDJDVQDN PRQGKDWy pUWpN(PHJiOODStWiVPHJJ ] YROWiWNpWVpJWHOHQOQDJ
PpUWpNEHQ PHJNpUG MHOH]L D] D WpQ KRJ D QRUPiN IL JHOPHQ NtYO KDJiViQDN D OHJiOLV pV WLOWRWW GURJRNNDO NDSFVRODWEDQD]iOODPpVDWiUVDGDORPiOWDOÅV]HQWHVtWHWWµ JDNRUODWDOpWH]LN+LV]·SpOGiXOKDWiORVMRJV]DEiORN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 WLOWMiNV]HV]HVLWDONLV]ROJiOiViWILDWDONRU~DNV]iPiUD(]W D V]DEiOW D]RQEDQ PD VHKRO VHQNL QHP pUYpQHVtWL +D VRQOyDKHO]HWDGRKiQ]iVHVHWpEHQLV ,OHQWiUVDGDOPLJDNRUODWPHOOHWWFVXSiQHOPpOHWLMHOHQW VpJ DNpUGpVYDMRQHOYiUKDWyHHJ²pYHVILDWDOWyO KRJ HOG|QWVH PHOLN D] D MRJV]DEiO DPHOHW YDOyEDQ EH NHOO WDUWDQLD pV PHOLN D] DPHOHW PDJD D MRJDONRWy VHPJRQGROWNRPRODQ 0HVV]LUH YH]HW DQQDN D NpUGpVQHN D IHV]HJHWpVH KRJ D WiUVDGDORPQDND]iOODPQDNYDQQDNHYDOyEDQPHJDODSR ]RWWKHOWiOOypUYHLDGURJRNN|]|WWLNO|QEVpJWpWHOUHH]HN OHJiOLVDN DPD]RN QHP $ NXOWXUiOLV WUDGtFLyNUD D
ÅV]R NiVUDµYDOyKLYDWNR]iVXJDQLVQHPpUY1HKH]HQYpGKHW DPHJNO|QE|]WHWpVDNNRUKDWXGMXN pVWXGMDPLQGHQNL KRJDOHJiOLVGURJRNIRJDV]WiVDV~ORVHJpV]VpJNiURVR GiVKR] LG HO WWL KDOiOKR] YH]HW W|PHJHV PpUHWHNEHQ PLN|]EHQ yULiVL iOODPL EHYpWHOHN V]iUPD]QDN EHO OH ² HN|]EHQ D WLOWRWW GURJRN HJ UpV]pU O V]DNpUW N iOOtWMiN D V]RPDWLNXV HJpV]VpJHW NiURVtWy KDWiVXN QHP EL]RQ WKD Wy0LQWOiWKDWyDKHO]HWPHJOHKHW VHQHOOHQWPRQGiVRV (J GLiNRNNDO NpV]tWHWW D] ,QWHUQHWHQ SXEOLNiOW ULSRUWEDQ ROYDVKDWy D N|YHWNH] WDUWDOPL LGp]HW Å$ EDUiWRP D GLV]NyEDQ DONRKROWyO U~J EH pQ NiEtWyV]HUW KDV]QiORN $ YpJHUHGPpQ XJDQD] FVDN pQ ROFVyEEDQ M|Y|NNLµ KWWSZZZODMIV]WDMOKXSUHYLQHWLQGH[KWPO 8JDQFVDND],QWHUQHWHQROYDVWXNHJPiVLNULSRUWEDQ WDUWDOPLLGp]HW Å$SiPSpQWHNHQHVWHQHNLiOOLQQLHJpV]KpWYpJpQUpV]HJDSLiWyO0LpUW NO|QE PLQW pQ
DNL KHWHQWH HJV]HUHJV]HU D GLV]NyEDQ ÅJRUVtWyWµ KDV]QiORN"µ (VRURNtUiVDNRUOiWRWWQDSYLOiJRWSpOGiXOD]DQJRONRUPiQ~JQHYH ]HWW Å)HKpU 3DStUµMD DPHO PiU FtPpEHQ NLMHOHQWL D GRKiQ]iV |O $ NRUPiQGRNXPHQWXP HUHGHWL FtPH 6PRNLQJ .LOOV $ :KLWH 3DSHU RQ 7REDFFR $]DQDJPHJWDOiOKDWyD]DQJRONRUPiQKLYDWDORVGRNXPHQ WXPDLWSXEOLNiOy,QWHUQHWROGDODNRQ KWWSZZZRIILFLDO GRFXPHQWVFRXNGRFXPHQWFPKWP )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 (GGLJLPHJiOODStWiVDLQNEyOV]iPXQNUDHJHWOHQN|YHWNH] WHWpVDGyGLNDWLOWRWWGURJRNWHUMHGpVHHOOHQLKDWiVRVIHOOp SpV J|NHUHVHQ ~M PHJN|]HOtWpVW LJpQHO ² H] VHPPLNpS SHQQHPYiODV]WKDWyHODOHJiOLVGURJRNiOWDORNR]RWWSURE OpPiNLPPiUXJDQFVDNKDODV]WKDWDWODQNH]HOpVpQHNNpU GpVHLW O(NLWpU XWiQWHNLQWVNLVPpWDYL]VJiODWDGDWDLW $ WLOWRWW GURJRNKR] YDOy YLV]RQW QHP FVXSiQ D YiODV]DGyN QHPH
DODNtWMD KDQHP D] D WpQ LV KRJ D GLiNRN PLOHQ WtSXV~N|]pSIRN~RNWDWiVLLQWp]PpQHNWDQXOyL *LPQi]LXP 6]DNN|]pS LVNROD 6]DNPXQNiV NpS] (JV]HUL NLSUyEiOy $ONDOPL IRJDV]Wy 5HQGV]HUHV IRJDV]Wy I I I I I I I I I 0pJQHP SUyEiOWD I I I I I I 1 $ JLPQi]LXPRNED LOOHWYH V]DNN|]pSLVNROiNED MiUy GLiNRN HVHWpEHQDNiEtWyV]HUUHONDSFVRODWEDNHUO ILDWDORNJDNR ULViJDL N|]|WW D NO|QEVpJHN VWDWLV]WLNDL V]HPSRQWEyO QHP OpQHJHVHN $ FH]~UD D YiODV]WyYRQDO H NpW RNWDWiVL LQWp] PpQWtSXVpVDV]DNPXQNiVNpS] LQWp]HWHNN|]|WWK~]yGLN $ PiU W|EE DONDORPPDO KLYDWNR]RWW YLOiJEDQNL YL]VJiODW HUHGPpQHLQHNLVPHUHWpEHQPiUDNNRUD]iUyMHOHQWpVEHQ IHOKtYWXN D ILJHOPHW DUUD KRJ V~ORV JRQGRN PXWDWNR] QDNDV]DNPXQNiVNpS] LQWp]HWHNN|UO²~JLVIRJDO
)$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 PD]KDWXQN KRJ H]HN D] LQWp]PpQHN D EHQQN XUDONR Gy YDJ OHJDOiEELV pUYpQHVOpVNEHQ PHJW UW QRUPiN NLIHMH]HWWHQYHV]pOH]WHWLND]RWWWDQXOyGLiNRNHJpV]VpJpW $]HJHVGURJIDMWiNDWIRJDV]WyGLiNRNDUiQDD KiURPN|]pSIRN~RNWDWiVLLQWp]PpQWtSXVEDQ *LPQi ]LXP 6]DNN| ]pSLVNROD 6]DNPXQ NiVNpS] &LJDUHWWD 6]HV]HVLWDO 7LOWRWWGURJ &LJDUHWWD 6]HV]HVLWDO 7LOWRWWGURJ &LJDUHWWD 7LOWRWWGURJ QLQFV DGDW QLQFV DGDW QLQFV DGDW &LJDUHWWD 6]HV]HVLWDO 7LOWRWWGURJ 0pJVRVHPYROW UpV]HJ eOHWpEHQFVDNHJV]HUYROW UpV]HJ 7|EEDONDORPPDOYROWPiU UpV]HJ $]HOP~OWKpWHQLVUpV]HJ
YROW 5HQGV]HUH VHQ $ONDOPDQ NpQW &VDN NLSUyEiOWD 1HPLV SUyEiOWD 6]HV]HVLWDO $WiEOi]DWQHPWDUWDOPD]]DDPDJXNDWPiUOHV]RNRWWGRKiQRVQDNYDO OyWDQXOyNJDNRULViJDLW/iVGDV]iP~OiEMHJ]HWHW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 ,WW LVPpW HJ WiEOi]DWEDQ IRJODOWXN |VV]H D] iOOtWiVXQNDW LJD]ROy DGDWRNDW (EEHQ D] |VV]HIRJODOy WiEOi]DWEDQ D PiU KLYDWNR]RWW YL]VJiODWRN WHOMHV PLQWiLW ILJHOHPEH NHO OHWW YHQQQN XJDQLV D FVDN ² pYHVHN UpV]KDOPD]D HVHWpEHQQpKiQFHOOiEDRODQNHYpVYiODV]DGyHVHWWYRO QDKRJD]RNUDpUYpQHVV]DNPDLODJKHOWiOOyPHJiOODSt WiVQHPWHKHW (]DWpQ WLDWHOMHVPLQWiNDGDWDLQDNÅHJWWNH]HOpVHµ D]RQEDQ SR]LWtY LUiQEDQ EHIROiVROWD D Yi]ROKDWy NpSHW $ ² pYHV YiODV]DGyN HVHWpEHQ D KHO]HW NHGYH] WOH QHEE $ WLOWRWW GURJRN IRJDV]WiViQDN
HOWHUMHGWVpJH PHOOHWW IRQWRV LQIRUPiFLy D] LV KRJ D WLOWRWW GURJRNNDO pO N N|W GQHNH PiUYDODPLOHQV]HUKH]LOOHWYHPHOHNDOHJHOWHUMHGWHEEV]H UHN $] DGDWRN DODSMiQ PHJiOODStWKDWMXN KRJ D NiEtWyV]HUUHO NDSFVRODWEDNHUO GLiNRN NLSUyEiOyDONDOPLYDJUHQGV]H UHV IRJDV]WyN HJWW iWODJRVDQ NpWIDMWD ÅDQDJRWµ IRJDV] WRWWDNLOOHWYHSUyEiOWDNNL(]D]ÅiWODJV]iPµD]RQEDQGLIIH UHQFLiOKDWy $ IRJDV]WiV JDNRULViJD pV D IRJDV]WRWW V]H UHNÅIpOHVpJHµDN|YHWNH] |VV]HIJJpVWPXWDWMD &VDNNLSUyEiOWD $ONDOPLIRJDV]Wy 5HQGV]HUHVIRJDV]Wy IpOHV]HU IpOHV]HU IpOHV]HU $ NiEtWyV]HUUHO NDSFVRODWED NHUO GLiNRN FVRSRUWMD ² D] DODFVRQHOHPV]iPPLDWW²PLQG|VV]HHJGLPHQ]LyPHQWpQ ERQWKDWyDYiODV]DGyNQHPHV]HULQW(WHNLQWHWEHQHJWHQ GHQFLDIRJDOPD]KDWyPHJPpJSHGLJD]KRJDOiQRN iWOD JRVDQ V]LJQLILNiQVDQ W|EEIpOH WLOWRWW NiEtWyV]HUW SUyEiOWDN NLYDJIRJDV]WRWWDNPLQWDIL~N $MHOHQVpJUHDUHQGHONH
]pVUHiOOyDGDWRNDODSMiQQHPWXGXQNPDJDUi]DWRWDGQL )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $]HJHVIRJDV]WyLFVRSRUWRNiOWDOÅSUHIHUiOWµNiEtWyV]HUIDM WiN D N|YHWNH] NpSHW PXWDWMiN $ UHQGV]HUHV IRJDV]WyN FVRSRUWMiQiO UHJLV]WUiOW DGDWRN D]RQEDQ yYDWRVDQ NH]HOHQ G HNPLYHOHEEHDFVRSRUWEDPLQG|VV]HYiODV]DGyWDUWR ]LN $] DODFVRQ HOHPV]iP PLDWW MHOHQW VHQ PHJQ D YpOHW OHQV]HUHSH &VDN NLSUy EiOWD 1XJWDWy $OWDWy ÐSLiWWDUWDOP~ JyJV]HU ÐSLXPV]iUPD]pN .DQQDELV] /6 .RNDLQ $PSKHWDPLQ 6]LSX 1 $ONDOPL 5HQGV]H IRJDV] UHV Wy IRJDV]Wy $V]HUW KDV]QiOyN HJWW I I I I Å$ V]HUW KDV]QiOyN HJWWµ NDWHJyULD D] DGRWW V]HUW NLSUyEiOyN
DONDO PDQNpQW LOOHWYH UHQGV]HUHVHQ IRJDV]WyNUD YRQDWNR]y JDNRULViJiW WQWHWLIHO1HIHOHGMNHJIRJDV]WyW|EEIDMWDV]HUWLVNLSUyEiOKDWRWW LOOHWYHKDV]QiOKDW$WiEOi]DWDGDWDLÅIJJ OHJHVHQµpUWHOPH]HQG HN $IRJDV]WyLFVRSRUWRNN|]|WWPXWDWNR]yNO|QEVpJHNÅLJHQHU VHQ V]LJQLILNiQVDNµ $ NiEtWyV]HUUHO NDSFVRODWED NHUOW GLiNRN YDJLV D KiURP ÅIRJDV]WyL FVRSRUWµ HJWWHVHQ KiURPQHJHGH IRJDV]WRWW NDQQDELV]W $ PiVRGLN OHJJDNUDEEDQ IRJDV]WRWW NiEtWy V]HUIDMWD D] DPSKHWDPLQ YROW $ IRJDV]WRWW V]HUHN N|]|WW ÅKDUPDGLN KHOHQµ HJ JyJV]HUIDMWD D QXJWDWy V]HUHSHO /iVG D IHQWL WiEOi]DWEDQ ÅD V]HUW KDV]QiOyN HJWWµ RV]OR SiW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $OHtUWVRUUHQGMHOOHP] DNiEtWyV]HUHNHWFVDNNLSUyEiOyNLO OHWYH D] DONDOPL NiEtWyV]HUIRJDV]WyN FVRSRUWMDLUD LV $ UHQGV]HUHVNiEtWyV]HUIRJDV]WyILDWDORNHVHWpEHQPiUYiOWR
]LNDVRUUHQG 0LYHOPLQG|VV]HI U OYDQV]y²tJHOHP ]pVNQHPOHKHWVpJHV $NiEtWyV]HUUHONDSFVRODWEDNHUOWIL~NpVDOiQRNN|]|WWD SUHIHUiOWGURJIDMWiNDWWHNLQWYHNpWWHQGHQFLDV]HU NO|QEVpJ UHJLV]WUiOKDWy $] HJLN LOHQ PHJiOODStWiV D NiEtWyV]HUW FVXSiQ NLSUyEiOy ILDWDORN FVRSRUWMiUD YRQDWNR]LN (EEHQ D FVRSRUWEDQDOiQRNHOV VRUEDQJyJV]HUHNHWKDV]QiOQDND ÅWDSDV]WDODWV]HU]pVKH]µPtJDIL~NLQNiEED]ÅLJD]LµNiEtWy V]HUHNKH]Q~OQDN 1XJWDWy $OWDWy ÐSLXPWDUW JyJV]HU ÐSLiWRN .DQQDELV] /6 .RNDLQ $PSKHWDPLQ 6]LSX 6]LSX $PSKHWD PLQ .RNDLQ /6 .DQQDELV] ÐSLiWRN $OWDWy ÐSLXP WDUW JyJV]HUHN QLN EL]RQRV NiEtWyV]HUIDMWiN IRJDV]WiVD VDMiWRV ÅHJWWMiUiVWµ PXWDW $ N|YHWNH]
WiEOi]DWDGDWDLDGMiNDODSMiWPHJiOODStWiVXQNQDN $] DGDWRN D]RQEDQ D] HJHV FHOOiNEDQ WDOiOKDWy DODFVRQ HOHPV]iPRN PLDWW ÅFVDN WiMpNR]WDWy MHOOHJ HNµ $ WiEOi]DW DGDWDL FVDN VRUV]i]DOpN NpQWÚµYt]V]LQWHVHQµüpUWHOPH]KHW HN 1XJWDWy $W|EEIpOHNiEtWyV]HUWLVNLSUyEiOyGLiNRNDGDWDLWiWWHNLQWYH~JW 3pOGD D WiEOi]DW DGDWDLQDN pUWHOPH]pVpKH] D GURJNpQW QXJWDWyW IR JDV]WyGLiNRNPDMGNpWKDUPDGD D IRJDV]WNDQQDELV]V]iUPD ]pNRW8JDQH]HQFVRSRUWWDJMDLQDNW|EEPLQWIHOH D DPSKHWD PLQWLVV]RNRWWKDV]QiOQL )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 0iVLN PHJiOODStWiVXQN D] DONDOPL NiEtWyV]HUIRJDV]WyN
FVRSRUWMiUD YRQDWNR]LN (QQpO D FVRSRUWQiO D IL~N pV D Oi QRNN|]|WWHJHWOHQNiEtWyV]HUIDMWDHVHWpEHQPXWDWNR]LNOp QHJHV HOWpUpV $] DONDOPL NiEtWyV]HUIRJDV]Wy OiQRN XJDQLVDIL~NQiOOpQHJHVHQDODFVRQDEEJDNRULViJJDOIR JDV]WDQDNNDQQDELV]W $=(/6 .Ì1É/É6« 6HQNLV]iPiUDQHPOHKHWPHJOHS D]DWpQKRJDYiODV] DGy GLiNRN G|QW W|EEVpJpW IJJHWOHQO DWWyO KRJ pOWH D OHKHW VpJJHO EDUiWL WiUVDViJEDQ NtQiOWiN PHJ pOHWpEHQ HO V]|UNiEtWyV]HUUHO $]DGDWRNDWOiVGDN|YHWNH] ROGDORQWD OiOKDWyWiEOi]DWEDQ $NtQiOiVV]tQWHUHL HJpENpQWÅQHPMHOOHP] µWpQH] LD ( MHOHQVpJ RND YpOKHW HQ D NDQQDELV] IRJDV]WiViQDN PyGMiEDQ NHUH VHQG (QQHN D NiEtWyV]HUIDMWiQDN D OHJHOWHUMHGWHEE IRJDV]WiVL PyGMD XJDQLV D] HOV]tYiV /HKHWVpJHV KRJ D GRKiQ]iVVDO V]HPEHQ ÅYpGHW WHEEµ OiQRN H]W D ÅIRJDV]WiVLµ PyGRW QHP NHGYHOLN" $ UHQGHONH]pVUH
iOOyDGDWRNDODSMiQQHPWDOiOXQNPDJDUi]DWRWHUUHDMHOHQVpJUH %iUD]HOV NiEtWyV]HUHVpOPpQPHJV]HU]pVpQHNV]tQWHUHLQHPMHOOHP] WpQH] L D NiEtWyV]HUKH] YDOy YLV]RQ DODNXOiViQDN ² D WiUVDV pOPpQ V]HU]pV D]RQEDQ IRQWRV HOHPH D NiEtWyV]HUKH] YDOy YLV]RQW DODNtWy WD QXOiVIRODPDWiQDN $]ÅHOYiUWpOPpQµHIIHNWXVDPHOHWD]~JQHYH]HWWÅ6LQJHU²6FKDFKWHUµ IpOH NtVpUOHW VRUiQ LJD]ROWDN D N|YHWNH] NpSSHQ tUKDWy OH Å$ ILDWDOW PDMGQHP PLQGLJ V]HUKDV]QiOy WiUVDL NtQiOMiN DNLN PiU WXGMiN ÅPLW NHOOpUH]QLµ$NH]G GURJRVpU]LDWHVWLYiOWR]iVRNDWpVOiWMDWiUVDLUHDN FLyMiW PHOHW KDPDU ÅHOWDQXOµ $] HJHGO YDJ QHP EDUiWL WiUVDViJ EDQV]RURQJYDNLSUyEiOWGURJIRJDV]WiVHVHWpEHQJDNRULDÅEDGWULSµD URVV] XWD]iV DPLNRU D YDOyViJ pU]pNHOpVpQHN PHJYiOWR]iViKR] LMHV]W KRUURUV]HU pOPpQHNNDSFVROyGKDWQDNµ $] LGp]HW ² PHOQHN D] DODSMiXO V]ROJiOy FLNNHW GU .RYiFV eYD RUYRV tUWD Å$ GURJRV
NDUULHUµ FtPPHO IRUUiVD V]DNpUW KWWSZZZODMIV]WDMOKXHJHV]VHJGURJRVNDUULHULQGH[VKWPO ² UiPXWDW DUUD KRJHVHWQNEHQDNRUWiUVFVRSRUWKDWiVDQHPFVXSiQD]HVHWOHJHVÅUi EtUiVEDQµ GH D V]HU ÅUHQGHOWHWpVV]HU µ KDV]QiODWiQDN HOVDMiWtWiViEDQ LOOHWYHKDV]QiODWiEDQLVIRQWRV )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 NiEtWyV]HUKH]YDOyYLV]RQDODNXOiViQDN²OHJDOiEELVDEEDQ D]pUWHOHPEHQKRJDGLiNRNNO|QIpOHFVRSRUWMDLpVHKHO V]tQHN VHPPLIpOH WHQGHQFLDNpQW pUWHOPH]KHW |VV]HIJJpVW QHPPXWDWQDN $ÅKHOV]tQDKRODYiODV]DGyWpOHWpEHQHO V]|UNiEtWyV]HUUHO NtQiOWiNµ« (GGLJPpJVHKRO QHPNtQiOWiN I $IRJDV]WyNDW WHNLQWYHQDN I $]LVNROiEDQ I 6]yUDNR]yKHOHQ %DUiWLWiUVDViJEDQ I (JpEYiODV] I 5|YLGNLWpU HUHMpLJLVPpWpUGHPHVSiUKX]DPRWYRQQLDGR
KiQ]iVPLQWOHJiOLVGURJIRJDV]WiVpVD]LOOHJiOLVGURJ IRJDV]WiV N|]|WW $ N|YHWNH] WiEOi]DWEDQ D PiU W|EE V]|UKLYDWNR]RWWRUV]iJRVYL]VJiODWHUHGPpQHLUHWiPDV] +DVRQOyMHOHQVpJHWLJD]ROQDND]DGDWRNDpYHQDOXOLILDWDORNGRKiQ ]iVLV]RNiVDLWYL]VJiOYDLV $ 3RSXODWLRQ %DVHG $QWL6PRNLQJ &DPSDLJQ SURJUDP NHUHWpEHQ YpJ ]HWW PiU W|EE DONDORPPDO KLYDWNR]RWW YL]VJiODW DGDWDL V]HULQW SpOGiXO D]|QPDJXNDWUHQGV]HUHVGRKiQ]yQDNWDUWyILDWDORNDiOWDOiEDQ ÅFVRSRUWRVDQµ PiV XJDQFVDN GRKiQ]y ILDWDO MHOHQOpWpEHQ FLJDUHWWi ]LN 9DJLV HEEHQ D] pOHWV]DNDV]EDQ D GRKiQ]iV QHP FVXSiQ OHJiOLV GURJIRJDV]WiVWGHOHJDOiEELOHQPpUWpNEHQWiUVDVHOIRJODOWViJRWLVMH OHQW $ MHOHQVpJ LVPHUHWH IRQWRV D OHJiOLV pV LOOHJiOLV GURJRN KDV]QiODWiQDN WHUMHGpVH HOOHQL WHYpNHQVpJ VRUiQ $PHQQLEHQ XJDQLV
VLNHUO H]HNHW D]HV]N|]|NHWÅNLYRQQLµD]HOIRJDGRWWWiUVDVDNWLYLWiVRNN|UpE O²SpOGi XO D NRUWiUVFVRSRUWRN EHOV QRUPiLQDN PyGRVtWiVD UpYpQ ² DEEDQ D] HVHWEHQ PLQGHQ PiV PyGV]HUQpO HUHGPpQHVHEE OHKHW D IHOOpSpV 6]i PRV LOHQ ² D NRUWiUVFVRSRUWRN EHOV QRUPiLW PHJYiOWR]WDWy ² VLNHUHV EHDYDWNR]iVLVPHUWDV]RFLiOSV]LFKROyJLDLV]DNLURGDORPEDQ $NpUGpVUHDQQHPYiODV]ROWDN(]HVHWEHQDV]iPtWRWWJDNRULViJD WHOMHVPLQWiUDYRQDWNR]LN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 NRGYD ² D]W LOOXV]WUiOMXN D FLJDUHWWiW NLSUyEiOy LOOHWYH D FLJDUHWWi]yWDQXOyNKRJDQMXWRWWDNHOV FLJDUHWWiMXNKR] $]HOV FLJDUHWWiW« 6]OHLW ONDSWD 7HVWYpUpW ONDSWD %DUiWDLWyONDSWD ÔJYiViUROWD ÔJÅFVHQWHµ (JpEPyGRQ gVV]HVHQ I I I I I I I 0LQW OiWKDWy D] HOV FLJDUHWWiW D GRKiQ]y YDJ D GR KiQ]iVW
NLSUyEiOy GLiNRN W|EE PLQW IHOH EDUiWL WiUVD ViJEDQNDSWD(]D]DGDWQDJRQN|]HOHVLNDNiEtWyV]HU HVHWpEHQ UHJLV]WUiOW JDNRULViJKR] $] HOV ÅNiEtWyV]HU NtQiOiVUDµDNiEtWyV]HUWOHJDOiEENLSUyEiOyYDJIRJDV] Wy WDQXOyN D HVHWpEHQ EDUiWL WiUVDViJEDQ NHUOW VRU $NpWUHJLV]WUiOWDGDWN|]|WWLKDVRQOyViJQHPOHKHWD YpOHWOHQP YH $GLiNRNV]HULQWPDDP~JLVN|QQ ²QDJRQN|QQ Ni EtWyV]HUKH]MXWQL $PLQW D]W D N|YHWNH] iEUD LOOXV]WUiOMD D WDQXOyN V]HULQW D NiEtWy DQDJRN W|EEVpJpKH] KR]]iMXWQL QHP RNR] NO|Q| VHEE QHKp]VpJHW $] iOWDOXQN PHJMHO|OW NiEtWyV]HUIpOpN HJLNpWVHPOHKHWHWOHQOHJIHOMHEEQHKp]PHJV]HUH]QL eUGH NHV²GHYDOyMiEDQQHPIRQWRV²NO|QEVpJFVXSiQD]KRJ DGLiNRND]RUV]iJEDQN|QQHEEHQEHV]HUH]KHW QHNYpOQHN PLQGHQ HJHV NiEtWyV]HUIpOpW PLQW 3pFVHWW $ WHQGHQFLD D]RQEDQDNO|QE|] NiEtWyV]HUIpOpNHVHWpEHQPHJHJH]
7LVWiQ)]HVLLP )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 0HQQLUHN|QQ PD3pFVHWWLOOHWYH0DJDURUV]iJRQ KR]]iMXWQLDN|YHWNH] GURJRNKR]« $WHOMHVPLQWDYiODV]DLDODSMiQ 0CI[QPMÌPP[ -ÌPP[ 0GJ¾ 0CI[QPPGJ¾ *GTQKP -QMCKP .5& ¡RK±VQM /CTKJWCPC 2¾EUGVV #ORJGVCOKP 5KRW /CI[CTQTU±IQP 0[WIVCVÉ .GJGVGVNGP $WDQXOyNHJHVFVRSRUWMDLQDNYpOHPpQHDGURJRNÅPHJV]H UH]KHW VpJpWµ LOOHW HQ JDNRUODWLODJ OpQHJWHOHQ HOWpUpVHNHW PXWDW FVXSiQ &VDN D] pUGHNHVVpJ NHGYppUW HPOtWMN PHJ KRJ SpOGiXO D OiQRN PLQGHQ NiEtWyV]HUIDMWiW YDODPLYHO QHKH]HEEHQ PHJV]HUH]KHW QHN WDUWDQDN PLQW D IL~N %HIR OiVROMD D ÅEHV]HU]pVµ QHKp]VpJHLQHN PHJtWpOpVpW D] D WpQ LVKRJDYiODV]DGyNQDNPLOHQDYLV]RQDDNiEtWyV]HUKH] DEV]WLQHQVHNNLSUyEiOyNVWE $]HJHVFVRSRUWRNN|]|WWL
$YL]VJiODWVRUiQDONDOPD]RWWNpUGpVEHQDYiODV]DGyQDN|WIRN~VNiOiQ NHOOHWW pUWpNHOQLH D µKR]]iIpUpV QHKp]VpJpWµ $ VNiOiW D] LVNROiEDQ V]R NiVRVRV]WiOR]iVDQDOyJLiMDNpQWNHOOHWWpUWHOPH]QLD]D]D]HVDÅQD JRQQHKp]µD]|VDÅQDJRQN|QQ µMHOHQWpVQHNIHOHOPHJ$]iEUiQ DYiODV]DGyNiOWDODGRWWÅRV]WiO]DWRNµiWODJDLWMHOHQtWHWWNPHJ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 NO|QEVpJHN D]RQEDQ LVPpW FVDN HOPpOHWL MHOHQW VpJJHO EtU QDN $NiEtWyV]HUHNKH]YDOyKR]]iIpUpVNRQNUpWV]tQWHUHLWWHNLQW YH D YiODV]DGy GLiNRN V]HULQW 3pFVHWW D V]yUDNR]yKHOHNHQ D OHJN|QQHEE NiEtWyV]HUW V]HUH]QL $ PRQGDW D] DGDWRN DODSMiQ ~J OHQQH KHOHV D V]yUDNR]yKHOHNHQ QDJRQ N|QQ NiEtWyV]HUKH]MXWQL/iVGDN|YHWNH] iEUiW 0HQQLUHQHKp]DYiURVEDQNiEtWyV]HUKH]MXWQLD N|YHWNH] KHOHNHQ« $CT±VKV±TUCU±IDCP
+UMQN±DCPKNNGVXG MÌTP[¾M¾P 5ÉTCMQÉJGN[GP 0CI[QP PGJ¾ 0CI[QP MÌPP[ $YL]VJiODWEDQUpV]WYHWWGLiNRNHNpUGpVPHJtWpOpVHWHNLQWH WpEHQVHPGLIIHUHQFLiOKDWyDN $ YiODV]DGy WDQXOyN HJHV FVRSRUWMDL N|]|WW PXWDWNR]y Qp KiQ WHQGHQFLDV]HU GH VWDWLV]WLNDLODJ QHP V]LJQLILNiQV NO|QEVpJD]RQEDQFVDND]pUGHNHVVpJNHGYppUWNLHPHOKHW $ YiODV]DGy OiQRN D IL~NQiO N|QQHEEQHN tWpOLN D NiEtWy V]HUKH] MXWiV OHKHW VpJpW D V]yUDNR]yKHOHNHQ $ NiEtWy V]HUW PpJ QHP SUyEiOy LOOHWYH pSSHQ FVDN SUyEiOy YiODV]D GyNFVRSRUWMDLYDODPLYHON|QQHEEQHNWDUWMiNDNiEtWyV]H $YL]VJiODWVRUiQDONDOPD]RWWNpUGpVEHQDYiODV]DGyQDN|WIRN~VNiOiQ NHOOHWW pUWpNHOQLH D µKR]]iIpUpV QHKp]VpJpWµ $ VNiOiW D] LVNROiEDQ V]R NiVRVRV]WiOR]iVDQDOyJLiMDNpQWNHOOHWWpUWHOPH]QLD]D]D]HVDÅQD JRQQHKp]µD]|VDÅQDJRQN|QQ µMHOHQWpVQHNIHOHOPHJ$]iEUiQ
DYiODV]DGyNiOWDODGRWWÅRV]WiO]DWRNµiWODJDLWMHOHQtWHWWNPHJ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 UHNKH]YDOyKR]]iMXWiVWDNpUGpVEHQIHOVRUROWKHOHNHQPLQW D] DONDOPL LOOHWYH UHQGV]HUHV NiEtWyV]HUIRJDV]Wy YiODV]D GyLQN (] XWyEEL WHQGHQFLD DUUD XWDO KRJ D NiEtWyV]HU NpUGpV PHJtWpOpVpEHQ MHOHQW V V]HUHSH YDQ D V]WHUHRWtSLiN QDNPHOHNHWDNRQNUpWWDSDV]WDODWRNPyGRVtWDQDN$YDOy ViJpVHV]WHUHRWtSLiNWDUWDOPD²PLQWD]WD]DGDWRNLJD]RO MiND]RQEDQPHJOHKHW VHQN|]HOHVLNHJPiVKR] 0,e57" $ OHJiOLV pV LOOHJiOLV GURJRN HVHWpEHQ HJIRUPiQ IRQWRV NpU GpVPLD]RNDDQQDNKRJDILDWDORNHGURJRNKR]Q~OQDN (EEHQ D YL]VJiODWEDQ D YiODV]DGyN ÅD]W PRQGWiN HOµ KRJ YpOHPpQN V]HULQW PiV ILDWDORN PLpUW IRUGXOQDN H V]HUHN KH] $ YiODV]DGyN V]HULQW WHKiW PiV ILDWDORN D N|YHWNH] RNRN PLDWWÅNiEtWyV]HUH]QHNµ )L~N /iQRN (JWW , ,
, ,,, ,, ,, ,, ,,, ,,, ,9 ,9 ,9 9 9 9 0HUWMyGROJXNEDQQHPWXGMiN KRJPLWFVLQiOMDQDN 9, 9, 9, 0HUWQHPYLJi]QDNPDJXNUD |QSXV]WtWypOHWHWpOQHN 9,, 9,, 9,, 6]yUDNR]iVMyKDQJXODW NHGYppUW 0HUWJRQGMDLNSUREOpPiLNYDQ QDNDPLWQHPWXGQDNPHJROGDQL ÔMpOPpQHNPHJV]HU]pVH PLDWW 0iVRNKR]DNDUQDNKDVRQOtWDQL PiVRNLVH]WFVLQiOMiN Å/i]DGiVµPiVRNDNDUQDNOHQQL PLQWDW|EEVpJ $WHOMHVPLQWDDGDWDLWHJWWNH]HOYHNLDODNXOWVRUUHQG )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ NiEtWyV]HUIRJDV]WiV OHJIRQWRVDEE RND D YiODV]DGyN V]H ULQW ÅD My KDQJXODWµ HOpUpVH PDMG H]W N|YHWL D SUREOpPiN HO|OL PHQHNOpV LOOHWYH D ÅNtYiQFVLViJµ D] pOPpQV]HU]pV V]iQGpND $ NO|QE|] YiODV]DGyL FVRSRUWRN N|]|WW D NiEtWyV]HUIR JDV]WiV RNDLQDN
PHJtWpOpVpEHQ QHP PXWDWNR]LN VWDWLV]WL NDLODJV]LJQLILNiQVHOWpUpV $PiUHPOtWHWWGRKiQ]iVYL]VJiODWRNKDQHPLVDMHOHQ OHJL NXWDWiV VRUiQ DONDOPD]RWW PHJIRJDOPD]iVEDQ GH ÅUiNpUGH]WHNµPLpUWSUyEiOMiNNLDFLJDUHWWiWDILDWDORN"$ NXWDWiVRNPHJiOODStWiVDLDGRKiQ]iVVDONDSFVRODWEDQD N|YHWNH] NpSHWPXWDWWiN Å7XGQLDNDUWDPPLOHQDGRKiQ]iVµ Å(JNLFVLWIHODNDUWDPYiJQLDW|EELHNHO WWµ Å$]pUWPHUWDW|EELHNLVFLJDUHWWi]WDNµ Å5iEHV]pOWHNKRJV]tYMDPHOµ D]HOV FLJDUHWWiW (JpERNPLDWW 0LQW OiWKDWy D NiEtWyV]HUHN NLSUyEiOiVD IRJDV]WiVD pV DFLJDUHWWDNLSUyEiOiVD LOOHWYHDGRKiQ]iV N|]|WWPXWDW NR]LN HJ OpQHJHV NO|QEVpJ ² D FLJDUHWWD HVHWpEHQ QHP LVYHWKHW IHOKRJDMyKDQJXODWNLDODNXOiViKR]V]NVpJ OHQQHUi8JDQtJÅGURJVSHFLILNXVµDSUREOpPiNHO OLPH QHNOpV PLQW RN PHJQHYH]pVH LV $ W|EEL ² HOWpU V~OODO XJDQ GH KDVRQOy D ILDWDORNUD MHOOHP] NtYiQFVLViJ LO
OHWYHD]Å|QPHJKDWiUR]iVUDµLUiQXOyNpV]WHWpV 9DJtJ ² YDJ ~J GH D] RODQ YiODV]RN KRJ D ÅW|EELHN LV H]W FVLQiOMiNµ YDJ ÅPiV DNDURN OHQQL PLQW D W|EELHNµ VWE PLQGHEEHDNDWHJyULiEDVRUROKDWyDN 7LVWiQ)]HVLLP )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 Å52*².20081,É&,е $ GURJRNUD YRQDWNR]y ² PHOOHWWN pV HOOHQN pUYHO ² NRP PXQLNiFLyVIRODPDWVDMiWRVViJDLQDNLVPHUHWHIRQWRVHO IHO WpWHOHDGURJRNIRJDV]WiViWYLVV]DV]RUtWyHU IHV]tWpVHNKDWp NRQViJiQDN 0LUHPLOHQPpOVpJ LVPHUHWHNUHWiPDV]NRGKDWH]DNRP PXQLNiFLy" $ YL]VJiODWED EHYRQW GLiNRN YDODPLYHO W|EE PLQW IHOH ~JYpOLKRJSRQWRVLVPHUHWHLYDQQDNDNiEtWyV]H UHNU O D]RN IDMWiLUyO KDWiVDLUyO LOOHWYH D IRJDV]WiV N|YHW NH]PpQHLU O 0LQG|VV]H D YiODV]DGyN D YiODV]ROWD
NpUGpVQNUHD]WKRJQLQFVHQHNLVPHUHWHLH]HNU O$WDQX OyN IHQQPDUDGy KiQDGD SHGLJ ~J tWpOWH PHJ |QPDJiW PLQWDNLQHNYDQQDNXJDQLVPHUHWHLGHD]RNKLiQRVDN $] WDOiQ WHUPpV]HWHV KRJ D WLOWRWW GURJRNNDO PiU NDSFVR ODWEDNHUOWWDQXOyN²YDJLVDNLSUyEiOyND]DONDOPLLOOHW YH UHQGV]HUHV IRJDV]WyN ² N|UpEHQ V]LJQLILNiQVDQ PDJD VDEE D]RN DUiQD DNLN ~J PLQ VtWHWWpN PDJXNDW KRJ D NiEtWyV]HUHNU OSRQWRVLVPHUHWHNNHOUHQGHONH]QHN $ NiEtWyV]HUUHO PiU NDSFVRODWED NHUOW WDQXOyN ² VDMiW LV PHUHWHLN PpOVpJpQHN PHJtWpOpVpW WHNLQWYH ² NpW FVRSRUWUD ERQWKDWyDN $] DONDOPL pV UHQGV]HUHV IRJDV]WyN N|UpEHQ JDNRUODWLODJDOLJDNDGRODQYiODV]DGyDNLQHPD]WiOOtWRWWD $ GURJRNUD YRQDWNR]y NRPPXQLNiFLy YL]VJiODWD VRUiQ VDMQRV QHP pU GHPHVW~OVRNV]yWYHV]WHJHWQLDOHJiOLVGURJRNUDKLV]·H]HNHVHWpEHQD NRPPXQLNiFLyV WHYpNHQVpJ LUiQXOWViJD PHJOHKHW VHQ
HJpUWHOP ² YDJLV D UHNOiPRNRQ NHUHV]WO IRJDV]WiVUD |V]W|Q] $ OHJiOLV GURJRN IRJDV]WiViW |V]W|Q] ÅPDUNHWLQJWHYpNHQVpJJHOµ JDNRUODWLODJ VHPPL IpOH ÅHOOHQPDUNHWLQJµ QHP iOOtWKDWy V]HPEH $] HJpENpQW UHQGNtYO WLV]WHOHWUHPpOWyV]LQWHNL]iUyODJFLYLOV]HUYH]HWHNiOWDOYpJ]HWWGRKiQ ]iV LOOHWYH DONRKROIRJDV]WiVHOOHQHV DNFLyNQDN H WHYpNHQVpJHN SpQ] WHOHQVpJH HU WOHQVpJH V]DNV]HU WOHQVpJH NDPSiQV]HU VpJH VWE PL DWWV]LQWHDOLJYDQKDWiVD$KDWpNRQNtVpUOHWHNSHGLJDWiPRJDWiVXNUD YRQDWNR]yiOODPLDNDUDWKLiQiEDQV]LQWHNLYpWHOQpONOHOYHWpOWHN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 YROQD PDJiUyO KRJ SRQWRV LVPHUHWHNNHO UHQGHONH]LN D Ni EtWyV]HUHNU O D]RN KDWiViUyO pV D IRJDV]WiV N|YHWNH]Pp QHLU O$NiEtWyV]HUWFVXSiQNLSUyEiOyNFVRSRUWMDD]ÅDEV] WLQHQVHNµ pV D] HO EE MHOOHP]HWW FVRSRUW N|]|WW KHOH]NHGLN HO $] ÅDEV]WLQHQVHNµ YDJLV D
NiEtWyV]HUW PpJ QHP SUyEi OyNDiOOtWRWWDPDJiUyOKRJÅPLQGHQWWXGµDV]HUHNU O KDWiVXNUyO IRJDV]WiVXN N|YHWNH]PpQHLU O ( YiODV]DGyL FVRSRUWDSHGLJ~JPLQ VtWHWWHPDJiWPLQWDNLQHNKL iQRVDND]LVPHUHWHLHEEHQDNpUGpVEHQPtJXNiOOtWRW WD FVXSiQ D]W KRJ QHP UHQGHONH]LN D NiEtWyV]HUHNUH YR QDWNR]yLVPHUHWHNNHO $ IL~N ² VDMiW iOOtWiVXN V]HULQW ² NiEtWyV]HUJHNEHQ WiMp NR]RWWDEEDNPLQWDOiQRN $ NiEtWyV]HUHNNHO NDSFVRODWRV LVPHUHWHNHW QDJPpUWpNEHQ EHIROiVROMDD]DWpQKRJDYiODV]DGyGLiNRNPLOHQWtSX V~ N|]pSIRN~ RNWDWiVL LQWp]PpQEHQ WDQXOQDN $ JLPQi]L XPED MiUyN N|]|WWXJDQLV OpQHJHVHQ V]LJQLILNiQVDQ PD JDVDEE D]RNQDN D] DUiQD DNLN ~J YpOLN KRJ SRQWRV LV PHUHWHLNYDQQDNDNiEtWyV]HUHNU OPLQWD]WDV]DNN|]pSLV NROiEDQLOOHWYHV]DNPXQNiVNpS] LQWp]HWEHQWDQXOyNHVHWp EHQUHJLV]WUiOKDWWXN /iVGDN|YHWNH] DGDWVRUW *LPQi]LXPL WDQXOy 6]DNN|]pSLV NRODGLiNMD 6]DNPXQNiV NpS] GLiNMD 3RQWRV
LVPHUHWHNNHO UHQGHONH]LN +LiQRVYDJVHP PLIpOHLVPHUHWWHO QHPUHQGHONH]LN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ WHOMHV PLQWiW WHNLQWYH ~J W QLN D NiEtWyV]HUHNNHO NDS FVRODWRV LVPHUHWHN OHJIRQWRVDEE IRUUiVD D W|PHJNRPPXQL NiFLyH]WN|YHWLNDEDUiWRNPtJKDUPDGLNKHOHQDILOPHN iOOQDN $ WHOMHV PLQWiUD YRQDWNR]y iWODJRN D]RQEDQ IRQWRV NO|QEVpJHNHW IHGQHN HO /iVG D N|YHWNH] WiEOi]DW DGDWD LW $WiEOi]DWDGDWDLWiWWHNLQWYHW|EEPHJiOODStWiVLVPHJIRJDO PD]KDWy (OV PHJiOODStWiVXQN DQQLEDQ |VV]HJH]KHW KRJ D]RNUD D V]RFLDOL]iFLyV LQWp]PpQHNUH HOV GOHJHV D FVDOiGPiVRGODJRVD]LVNROD PHOHNIXQNFLyMDD]LVPHUHW N|]YHWtWpVOHQQHDYL]VJiOWJHUHNHNNHYpVVpWiPDV]NRGQDN WiPDV]NRGKDWQDN DGURJNpUGpVEHQ $] LQIRUPiOiVEDQ D ÅV]DNpUW µ IXQNFLyW EHW|OW WiUVDGDOPL LQWp]PpQHN HVHWQNEHQD]RUYRVRNYDODPLQWD]HJpV]VpJ
JL V]HPpO]HW LOOHWYH D UHQG UVpJ XJDQFVDN ÅV]HUpQµ V]HUHSHW MiWV]DQDN D ILDWDORN WiMpNR]WDWiViEDQ .O|Q LV IL JHOHPUH PpOWyQDN WDUWMXN D UHQG UVpJ PLQGHQ GLPHQ]Ly PHQWpQUHJLV]WUiOKDWyÅXWROVyµKHOH]pVpW 0HJOHKHW VHQ VDMQiODWRV WpQ KRJ D WDQXOyN LVPHUHWV]HU ]pVH HVHWOHJ²V]RFLDOL]iFLyMD GURJNpUGpVHNEHQ pVHPHJiO ODStWiVYRQDWNR]LNDOHJiOLVGURJRNUDLV VSRQWiQQDNWHNLQW KHW (]W D PHJiOODStWiVW WiPDV]WMD DOi D] DGDWVRU D N|YHW NH] ROGDORQ $YL]VJiODWVRUiQ]iUWNpUGpVWDONDOPD]WXQNYDJLVDNpUG tYEHQPLIR JDOPD]WXNPHJDWiEOi]DWEDQQHYHVtWHWWÅLQIRUPiFLyIRUUiVRNDWµDPHOH NHWDYiODV]DGyNQDNUDQJVRUROQLNHOOHWWDV]HULQWPHQQLUHIRQWRVLQIRU PiFLyIRUUiVNpQWpUWpNHOWHD]DGRWWÅWiUVDGDOPLLQWp]PpQWµ (]HNKH] D] DGDWRNKR] D]RQEDQ PLQGHQNpSSHQ KR]]i NHOO WHQQQN KRJSpFVLN|]pSLVNROiNEDQDYL]VJiODWLG SRQWMiLJDE QPHJHO ]pVEHQ
WHYpNHQNHG UHQG U|N PpJQHPGROJR]WDN $ $$ SURJUDP D] iO WDOiQRVLVNROiVRNN|UpEHQ]DMORWWVRODQÅYpJ] VµGLiNMDLPpJQHPYRO WDNHSURJUDPQDNDNLNPiUN|]pSLVNROiEDQWDQXOWDNYROQD $ E QPHJHO ]pVEHQ V H]HQ EHOO D GURJSUHYHQFLyEDQ WHYpNHQNHG UHQG U|NV]iPDHJpENpQWRUV]iJRVDQLVUHQGNtYONHYpVNE I 25).WyONDSRWWDGDWRN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ GURJRNNDO KDWiVXNNDO D IRJDV]WiV N|YHWNH]PpQHLYHO NDSFVRODWRVLVPHUHWHNIRUUiVDI OHJDNRUWiUVFVRSRUW EDUi WRN RV]WiOWiUVDN pV D W|PHJNRPPXQLNiFLyV HV]N|]|N LGHpUWYHHEEHQD]HVHWEHQDILOPHNHWLV 5HQG U|N 2UYRVRN HJpV]VpJJL GROJR]yN 6]O N , ,,, ,, ,9 9, 9,, 9 9,,, )L~N %DUiWRN 0LQWDiWODJD )LOPHN 7DQiURN 2V]WiOWiUVDN 7|PHJNRP PXQLNiFLyV HV]N|]|N ,QIRUPiFLyIRUUiVRNÅGURJNpUGpVHNEHQµ« ,, ,9 , ,,, 9, 9,, 9 9,,, /iQRN , ,,, ,, ,9 9, 9,, 9
9,,, *LPQi]LXP , ,9 ,, ,,, 9, 9 9,, 9,,, 6]DNN|]pSLVNROD , ,,, ,, ,9 9, 9,, 9 9,,, 6]DNPXQNiVNpS] ,, ,9 ,,, 9,, 9, 9 9,,, ,, ,,, ,9 9, 9,, 9 9,,, 0pJQHPSUyEiOWD NLDGURJRNDW , , &VDNNLSUyEiOWD ,9 ,,, , ,, 9,, 9, 9 9,,, $ONDOPL GURJIRJDV]Wy ,,, ,9 , ,, 9, 9,, 9 9,,, 5HQGV]HUHV GURJIRJDV]Wy ,9 , ,, 9,, 9, 9 9,,, ,,, $VSRQWiQLVPHUHWV]HU]pVQHNHJOHKHWVpJHVN|YHWNH]Pp QpWMyOPXWDWMiNDWiEOi]DWEDQV]UNHKiWWpUHQN|]|OW UDQJVRUUD XWDOy V]iPRN 9DJLV D GURJJDO NDSFVRODWED NH UOW ILDWDORN OHJIRQWRVDEE WiMpNR]yGiVL IRUUiVDL D NRUWiUV FVRSRUWLOOHWYHDW|PHJNRPPXQLNiFLy )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 %iU DOLJ KLKHW KRJ D EQWHWpVW O YDOy IpOHOHP OpQHJHV V]HUHSHWMiWV]DQDDYL]VJiOWGLiNRNWyOPHJNpUGH]WNLVPH ULNHDNiEtWyV]HUIRJDV]WiVEQWHW
MRJLN|YHWNH]PpQHLW $YL]VJiODWLGHMpQDGLiNRNDiOOtWRWWDQHPWXGMDPL OHQEQWHWpVWNDSD]DNLNiEtWyV]HUWWDUWPDJiQiO XN ~J IRJDOPD]RWW KRJ ÅQLQFVHQHN SRQWRV LVPHUHWHLµ 0LQG|VV]H D YiODV]DGyN D PRQGWD KRJ ÅSRQWRVDQ LVPHULDEQWHWpVWµ (]HNHW D] DGDWRNDW D NO|QE|] KiWWpUYiOWR]yN OpQHJHVHQ QHP EHIROiVROMiN $] iOOtWiV DOyO HJHWOHQ NLYpWHO IRJDOPD] KDWy PHJ $] |QPDJXNDW UHQGV]HUHV NiEtWyV]HUIRJDV]Wy QDNPLQ VtW ILDWDORN I JDNRUODWLODJDSRQWRVDQ LVPHUWHDEQWHWpVW$NiEtWyV]HUWFVDNNLSUyEiOyLOOHWYHDO NDOPDQNpQW IRJDV]Wy ILDWDORN Å|QPHJtWpOpVHµ H NpUGpV WH NLQWHWpEHQOHJIHOMHEEWHQGHQFLDV]HU GHVWDWLV]WLNDLODJQHP V]LJQLILNiQV HOWpUpVW PXWDW D] ÅDEV]WLQHQVµ FVRSRUWUD MHO OHP] WDQXOyNÅ|QpUWpNHOpVpW Oµ 9LWDWKDWDWODQ KRJ D] LOOHJiOLV GURJJDO NDSFVRODWRV MRJL V]DEiOR]iV IHOIRJKDWy ~J LV PLQW
V]LPEROLNXV NRPPXQLNiFLy $] LOOHJiOLV GURJRN IRJDV]WiViQDN EQWHW MRJ iOWDO W|UWpQ V]DQNFLRQiOiVD D]W D WpQW ÅNRPPXQLNiOMDµKRJDWiUVDGDORPÅURVV]DOMDµD]LOHQWtSXV~PDJDWDU WiVW$MRJPLQWNRPPXQLNiFLyVHV]N|]D]RQEDQDGURJIRJDV]WyNILDWD ODEENRURV]WiODLYDOV]HPEHQ²pSSHQV]LPEROLNXViWWpWHOHVYROWDPLDWW QHPOHKHWKDWpNRQ $]DGDWIHOYpWHODVRNYLWiWNLYiOWRWW%WN²PyGRVtWiVHO WWW|UWpQW$%WN² PyGRVtWiVNDSFViQNLUREEDQWSROLWLNDLYLWiNVDMWyYLVV]KDQJMDN|YHWNH] WpEHQPDQLOYiQPiVIDMWDDGDWRNDWNDSQiQNHJHUUHYRQDWNR]yDGDW IHOYpWHOVRUiQ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 +,7(/(66e* $]LQIRUPiFLyIRUUiVRNKDWpNRQViJiWOHJHQV]yEiUPLOHQ NpUGpVU OQDJPpUWpNEHQEHIROiVROMDDQHNLNWXODMGRQtWRWW KLWHOHVVpJ 0LNpQW pUWpNHOWpN D GLiNRN D PiU HPOtWHWW ÅKtU IRUUiVRNDWµKLWHOHVVpJV]HPSRQWMiEyO" 7HNLQWVN HO V]|U D WHOMHV PLQWiUD YRQDWNR]y DGDWRNDW $]
iOWDOXQNIHOVRUROWÅNRPPXQLNiWRURNµN|]ODYiODV]DGyGLi NRN OHJLQNiEE D OHV]RNRWW NLJyJXOW GURJIRJDV]WyN YpOH PpQpUH KDOOJDWQiQDN $] |WIRN~ VNiOiQ DKRO D ÅOHJQD JREEKLWHOHVVpJHWµD]|VpUWpNMHOHQWHWWHDOHV]RNRWWGUR JRVRN HV pUWpNNHO iOOQDN D] HOV KHOHQ 0iVRGLN KH OHQ D V]O N V]HUHSHOQHN GH PLQW D]W D] HO ] HNEHQ EH PXWDWWXN ² H]HNQHN D] ÅHOYiUiVRNQDNµ QHP WXGQDN YDJ QHPDNDUQDNPHJIHOHOQL1p]]NWHKiWDNpUG tYEHQIHOVR UROWÅLQIRUPiFLyIRUUiVRNµKLWHOHVVpJLUDQJVRUiWDWHOMHVPLQ WiUD YROWGURJRV V]O N RUYRVYpG Q NRUWiUVFVRSRUWWDJMDL UHQG U|N VDMiWWDSDV]WDODWRNDPpUYDGyDN WDQiURN $NpUGpV~JKDQJ]RWWÅ.LQHNDYpOHPpQpUHKDOOJDWQiOOHJLQNiEE«µ (]HN D] DGDWRN LV D WiUVDGDOPL LQWp]PpQHN PpO YiOViJiUD XWDOQDN
1HPtUKDWyDYpOHWOHQURYiViUDKRJDEEDQD]pOHWNRUEDQDPHODYL]V JiOWWDQXOyNDWLVMHOOHP]LDOHJIRQWRVDEENpUGpVHNUH²pVLOHQHNDOHJi OLV pV LOOHJiOLV GURJRNKR] YDOy YLV]RQ D V]H[XDOLWiV NpUGpVHL VWE ² D FVDOiG YDODPLQW D PiVRGODJRV V]RFLDOL]iFLyV LQWp]PpQHN NpSWHOHQHN PHJIHOHO DILDWDORNV]iPiUDLVHOIRJDGKDWyKLWHOHVYiODV]RNDWDGQL $] DGDWRN LVPHUHWpEHQ D] HUUH KLYDWRWWDNQDN QDJRQ IRQWRV OHQQH HO JRQGRONRGQLDDUHQG UVpJÅGURJHOOHQHVN]GHOHPEHQµEHW|OW|WWV]HUHSp U O KLWHOHVVpJpU O LOOHWYH D MHOHQOHJL KHO]HW IHQQWDUWKDWyViJiUyO HQQHN N|YHWNH]PpQHLU O eUGHPHVHOJRQGRONRGQLDYiODV]DGyNORJLNiMiQDPHODODSYHW RQiOLV²DWDSDV]WDODWEL]WRVtWMDDKLWHOHVVpJHW )$&7,17e=(7²:::6)$&7&20 HQUDFL .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ ÅKLWHOHVVpJµ NpUGpVpW KiURP GLPHQ]Ly PHQWpQ WHNLQ WHWWNiW ,,, ,9 9 9 9, )L~N ,, ,
,,, ,9 9, 9 9,, /iQRN , ,, ,,, ,9 9 9, 9,, *LPQi]LXP , ,, ,,, ,9 9 9, 9,, 6]DNN|]pS LVNROD , ,, ,,, ,9 9 9, 9,, 6]DNPXQ NiVNpS] ,, , ,,, ,9 9, 9 9,, 0pJQHP SUyEiOWDNL DGURJRNDW ,, , ,,, ,9 9 9,, 9, &VDN NLSUyEiOWD , ,,, 9 ,, 9, ,9 9,, , ,,, 9 ,, 9, ,9 9,, , ,9 9 ,,, 9, ,, 9,, $ONDOPL GURJ IRJDV]Wy 5HQGV]HUHV GURJ IRJDV]Wy )$&7,17e=(7²:::6)$&7&20 $WDQiURN $UHQG U|N ,, $]RUYRVD YpG Q , $V]O 0LQWDiWODJD $YROW GURJRVRN $NRUWiUVDN 6DMiW WDSDV]WDODWRN
$GURJJDONDSFVRODWRVNRPPXQLNiFLyVRUiQ²PLQWD]DWHO MHVPLQWiUDYRQDWNR]yDGDWRNEyOMyOOiWKDWy²KiURPKLWHOHV NRPPXQLNiWRUFVRSRUW tUKDWy OH $] HJHV FVRSRUWRN KLWH OHVVpJpQHN PpUWpNH N|]|WW OpQHJHV HOWpUpV YDQ (UUH XWDO QDND]iUyMHOEHQN|]|OWV]iPRN .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $]HOV FVRSRUWEDDYROWGURJRVRNLOOHWYHDV]O NWDUWR]QDN (QQpOPiUDODFVRQDEEKLWHOHVVpJJHOM|KHWQHNV]yEDWiMpNR ]yGiVLIRUUiVNpQWDÅV]DNpUW NµYDJLVD]RUYRVRND]HJpV] VpJJEHQ GROJR]y PiV V]HPpOHN LOOHWYH D NRUWiUVFVRSRUW WDJMDL 9pJO LQNiEE KLWHOWHOHQHN PLQW ÅKLWHOHVHNµ NiEtWyV]HUNpU GpVHNEHQ D UHQG U|N pV D WDQiURN ² pV XJDQLOHQ ÅV~OWDODQQDNµ WHNLQWKHWMN D VDMiW WDSDV]WDODWRNDW LV $ YiODV]DGy GLiNRN HJHV FVRSRUWMDL N|]|WW D NiEtWyV]HU JHNEHQ KLWHOHVQHN HOIRJDGRWW NRPPXQLNiWRURN PHJtWpOp VpEHQOpQHJHVQHNPRQGKDWyNO|QEVpJFVXSiQHJGLPHQ ]Ly PHQWpQ PXWDWNR]LN ² H]
SHGLJ D NiEtWyV]HUKH] YDOy YL V]RQ ÔJ W QLN KRJ D NiEtWyV]HUKH] YDOy N|W GpV HU V|GpVpYHO OpQHJHVHQ PHJQ D ÅV]XENXOW~UDµ NRPPXQLNiWRUDLQDN LOOHWYHDVDMiWWDSDV]WDODWRNQDNDV]HUHSHpVH]]HOSiUKX]D PRVDQOpQHJHVHQOHpUWpNHO GLNDW|EELNRPPXQLNiWRUKLWH OHVVpJH $ ÅKLWHOHVVpJL VRUUHQGUHµ XWDOy V]iPRN PHOOHWW D] HO ] ROGDORQ WDOiOKDWy WiEOi]DWEDQ OiVG ]iUyMHOEHQ D ÅKLWH OHVVpJ²KLWHOWHOHQVpJµpUWpNpWLV $ WDQiURN D] LVNROD LOHWpQ PyGRQ MHOOHPH]KHW ÅKLWHOWHOHQVpJHµ NO| Q|VHQ VDMQiODWRV WpQ PHUW D] RNWDWiVL LQWp]PpQHN D WiUVDGDOPL OpW D]RQV]tQWHUHLDKRODILDWDORNV]HUYH]HWWNHUHWHNN|]|WWHOpUKHW HNDKRO D NRUWiUVFVRSRUWRN HEEHQ D] pOHWNRUEDQ V]NVpJNpSSHQ HU V KDWiVDLW HOOHQV~OR]QLOHKHWQH $ GURJNpUGpVEHQ WDSDV]WDOKDWy D UHIOH[HNHQ pV V]WHUHRWtSLiNRQ QHP SHGLJ DUDFLRQiOLV PHJIRQWROiVRNRQ DODSXOy WiUVDGDOPL
SROLWLNDL UHQG UVpJL UHDNFLyN H]W D WHQGHQFLiW WRYiEE HU VtWKHWLN DPL D]]DO D N|YHW NH]PpQQHOMiUKDWKRJDGURJIRJDV]WyNNO|QIpOHFVRSRUWMDLHJUHNH YpVEppUKHW HNHONRPPXQLNiFLyVHV]N|]|NNHO$QHPDGHNYiWNRPPX QLNiFLy D KLEiV SUREOpPDNH]HOpV SHGLJ Å|QEHWHOMHVtW MyVODWED FVDYDUR GLNµ+DQHPOHKHWYHONV]pSV]yYDOPHJpUWHWQLDNNRUPDMGPHJpUWLND EQWHWpVHUHMpE O ( PHJiOODStWiVXQNDW DUUD D V]RFLiOSV]LFKROyJLDL N|]KHOUH DODSR]]XN DPHOV]HULQWDNOV QRPiVNpSHVFVRSRUWRNDWOpWUHKR]QL$FVRSRUWUD LUiQXOy NOV QRPiV IRNR]iVD FVXSiQ D FVRSRUW LGHQWLWiVWXGDWiQDN Q|YHNHGpVpW D FVRSRUW ]iUWDEEi YiOiViW HJIDMWD ÅVQGLV]QyiOOiVµ IHO YpWHOpWHUHGPpQH]L²QHPSHGLJDFVRSRUWNLIHOpW|UWpQ QLWiViW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ ÅGURJ ² NRPPXQLNiFLyµ NpUGpVpQHN WDJODOiVD VRUiQ PpJ NpWWRYiEELWpQWWDUWXQNNLHPHOpVUHIRQWRVQDN
$]HJLNLOHQWpQ²DYROWGURJRVRNPLQWNRPPXQLNiWRURN KLWHOHVVpJpQHN N|YHWNH]HWHV PDJDVUD pUWpNHOpVH ( WpQ PLQGHQNpSSHQPHJIRQWROiVUDpUGHPHV²PHOQHNN|YHWNH] WpEHQ ~MUD NHOO JRQGROQL D MHOHQOHJL GURJHOOHQHV NRPPXQL NiFLyVJDNRUODWRW (]WD]Å~MUDJRQGROiVWµVUJHWLDPiVLNKDQJV~OR]DQGyWpQ LV ² H] SHGLJ DSHGDJyJXVRNpVMHOHQOHJ D GURJHOOHQHV WHYp NHQVpJEHQ tJDPHJHO ]pVEHQLVYLV]RQODJ DNWtY UHQG U VpJKLWHOWHOHQVpJH $SHGDJyJXVRNNRQ]HNYHQVHQXWROVyKH OH D KLWHOHVVpJL UDQJVRUEDQ DP~J LV PpO YiOViJUD XWDO ² PHOQHNQHPFVXSiQDGURJHOOHQHVWHYpNHQVpJEHQGHiOWD OiEDQ LV D PiVRGODJRV V]RFLDOL]iFLyV IRODPDW KDWpNRQVi JiW WHNLQWYH V~ORV N|YHWNH]PpQHL YDQQDN LOOHWYH OHV] QHN .5,7,86+(/<=(7%(1« Å+D WXGRPiVRGUD MXWQD KRJ YDODPHOLN RV]WiOWiUVDG ED UiWRG NiEtWyV]HUW IRJDV]W NLKH] IRUGXOQiO VHJtWVpJpUW"µ $ ]iUW NpUGpVUH DGRWW HJHV YiODV]JDNRULViJRNDW D N|YHWNH] iEUiQLOOXV]WUiOMXN
$ N|YHWNH] iEUD DGDWDL UpV]LQW LJD]ROMiN D GURJSUREOpPD NRPPXQLNiFLyV VDMiWRVViJDL NDSFViQ HOPRQGRWWDNDW Up V]LQWW~OPXWDWQDND]RQ $ GLiNRN HJHV FVRSRUWMDL N|]|WWPXWDWNR]y LWWPRVW NO|Q QHP pULQ WHWWNO|QEVpJHNQHNÅWHFKQLNDLµMHOHQW VpJHYDQ(]HNHW D] LVPHUHWHNHW D MHOHQOHJLQpO OpQHJHVHQ GLIIHUHQFLiOWDEE NRPPXQLNiFLyV VWUDWpJLD NL GROJR]iVDVRUiQOHKHWIHOKDV]QiOQL 3pOGiXOPiVNpQWNHOONRPPXQLNiO QL D OiQRNNDO PLQW D IL~NNDO PiVNpQW D JLPQi]LXPED MiUyNNDO pV PiVNpQWDV]DNPXQNiVNpS] LQWp]HWHNGLiNMDLYDOVWE(JEL]WRV²pVH] XJDQFVDN N|]KHOQHN V]iPtWy LVPHUHW ² ÅDNL PLQGHQNLQHN XJDQD]W PRQGMDVHQNLQHNQHPPRQGVHPPLWµ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $]HOV iOWDOXQNIRQWRVQDNNLHPHOHQG QHNWDUWRWWWpQ²D V]O N D SHGDJyJXVRN LOOHWYH D UHQG UVpJ PLQW VHJtW
iJHQVUHQGNtYODODFVRQYiODV]WiVLJDNRULViJD$ODFVRQD GURJSUREOpPiNNDO IRJODONR]y ÅVHJtW V]HUYH]HWHNµ YiODV]Wi VDLV $GURJIRJDV]WiVNpUGpVpW²DPHQQLEHQH]WD YiODV]DGyNPHJROGDQGySUREOpPDNpQWpUWpNHOQpN²HOV VRU EDQÅVDMiWHU E OµDNRUWiUVFVRSRUWNHUHWHLQEHOONH]HOQpN /CICORTÉD±NP¾M UGIÃVGPK 5GPMKJGQNFLCOGI CUCL±VRTQDN¾O±L±V 8CNCOKN[GPUGT XGGVJGCOGN[C FTQIRTQDN¾O±XCN HQINCNMQKM 5ÒNGKOJG # UÒNGKJG -ÌÌUDCT±VCKPMJQ KUOGT UGKPMJG 1UV±N[H PÌMÌOJÌ #TGPF TU¾IJG 5KORCVKMWU VCP±TJQ $ PiVLN D] iEUiUyO OHROYDVKDWy WpQ W~OPXWDWKDW D GURJ SUREOpPiQ$YiODV]DGyNN|]HOHJKDUPDGDXJDQLVDNpU $]WD]RQEDQILJHOHPEHNHOOYHQQQNKRJDNpUGpVQHPDIJJ YpYi OiVUDKDQHPFVXSiQDÅIRJDV]WiVUDµYRQDWNR]LN1HPWXGMXN²pVHE E ODNpUGpVE OQHPLVN|YHWNH]WHWKHW
²PLNpQWDODNXOQiQDNDYiODV] JDNRULViJRNKDDNpUGpVDIJJ YpYiOiVUDYRQDWNR]QD )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 GpV NDSFViQ ~J YpOHNHGHWW KRJ D ÅGURJIRJDV]Wy ROGMD PHJPDJDµH]WDSUREOpPiW ( NpUGpV ÅIHMOHV]WHWW YiOWR]DWiWµ MHOHQWL D N|YHWNH] NpUGpV PHOtJKDQJ]RWWÅ+DWHOHQQpOHJLQWp]PpQYH]HW MHPLW WHQQpO D]]DO D JHUHNNHO DNLU O NLGHUOQH KRJ NiEtWyV]HUW IRJDV]WRWW"µ$YiODV]RNPHJRV]OiViWD]DOiEELiEUiQV]HP OpOWHWMN 5GOOKVJCPGOCKUMQN±DCPEUKP±NLC -KEUCRP±OC KUMQN±DÉN 1TXQUJQ RUKEJQNÉIWUJQ MÒNFGP¾O 8GNGDGU¾NP¾M JQI[GI[ÒVV VCN±NLWPM OGIQNF±UV $GJÃXCVP±O CUÒNGKV $GU¾NP¾MCDCT±VCKXCN 0tJD]HO ] NpUGpV ÅPLWWHQQpOKDWXGRPiVRGUDMXWQD«µ D ÅVDMiWNH]GHPpQH]pVµOHKHW VpJpUHYRQDWNR]RWWDÅPLWWHQ
0HVV]HPHJKDODGMDHWDQXOPiQNHUHWHLWDKLYDWNR]RWWYiODV]DOWHUQDWt YD LOOHWYH H]W D] DOWHUQDWtYiW YiODV]Wy GLiNRN UHODWtYH PDJDV JDNRULVi JiQDN pUWHOPH]pVH $QQLW D]RQEDQ XWDOiVV]HU HQ PHJNRFNi]WDWXQN KRJ H] D WpQ D WiUVDGDOPL V]ROLGDULWiV iOODSRWiUyO LV NpSHW DG V]i PXQNUD/iVGPpJHKKH]DN|YHWNH] iEUDLOOHWYHWiEOi]DWDGDWDLWLV )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 QpO KD WH OHQQpO HJ LQWp]PpQ YH]HW MH«µ PHJIRJDOPD]iV PDJiEDQKRUGR]]DDEHDYDWNR]iVÅNpQV]HUpWµ(QQHNPHJ IHOHO HQ DODNXOQDN D] HJHV YiODV]DOWHUQDWtYiN YiODV]WiVL JDNRULViJDLLV (J LQWp]PpQ YH]HW MHNpQW D YiODV]DGyN YDODPLYHO W|EE PLQWIHOHDNWtYV]HUHSHWYiOODOQDDGURJIRJDV]WyHSUREOpPi MiQDNPHJROGiViEDQ YHOHYDJEDUiWDLYDOEHV]pOQH (JQH JHGN PiVRNKR] XWDOQi D SUREOpPD PHJROGiViW RUYRV SV]LFKROyJXV LOOHWYH D] pULQWHWW WDQXOy V]OHL 0LQG|VV]H D
YiODV]DGyNDQ~OQDGUDV]WLNXVPHJROGiVKR] NLFVDS QiDGLiNRWD]LVNROiEyO pVXNKDJQiDGROJRWDQ QLEDQ $]ÅDNWLYLWiVLNpQV]HUWµIHOWpWHOH] NpUGpVHVHWpEHQNO|QLV LVPHUWHWMN D] HJHV GLiNFVRSRUWRNUD MHOOHP] YiODV]JDNR ULViJRNDW $] HJHV FVRSRUWRN N|]|WWL ÅYpOHPpQHOWpUpVµ PLQGHQHVHWEHQPDWHPDWLNDLODJV]LJQLILNiQV (OV NpQW D IL~N pV D OiQRN H NpUGpVEHQ UHJLV]WUiOW YiODV] JDNRULViJDLW WHNLQWYH |VV]HJ] PHJiOODStWiVNpQW PHJIRJDO PD]KDWyDOiQRNQDJREEDUiQEDQKDMODQDNDNRRSHUDWtY PHJROGiVRNIHOp ÅEHV]pOQpNYHOHLOOHWYHEDUiWDLYDOµ PLQWD IL~NDNLNDOiQRNQiOPDJDVDEEDUiQEDQEt]QiNPiVRNUD D SUREOpPD NH]HOpVpW pV NDO W|EEHQ PLQW D OiQRN QHP WHQQpQHN VHPPLW /iVG D WiEOi]DWRW D N|YHWNH] RO GDORQ $ YL]VJiODWEDQ UpV]W YHWW GLiNRN N|]|WW XJDQFVDN OpQHJHV NO|QEVpJHNPXWDWNR]QDNDV]HULQWKRJPLOHQLVNRODWtSXV WDQXOyL $ NRRSHUDWtY SUREOpPDNH]HOpVW OHJQDJREE DUiQ EDQ D V]DNN|]pSLVNROiED
MiUy WDQXOyN YiODV]WDQiN EHV]pO QpQHN D NiEtWyV]HUIRJDV]Wy GLiNNDO YDJ EDUiWDLYDO ² HJWW (KKH]N|]HOHV JDNRULViJMHOOHP]LDJLPQi ]LXPEDQ WDQXOy GLiNRNDW LV EiU N|]|WWN UHJLV]W UiOKDWyDNOHJQDJREEJDNRULViJJDOD]DXWRNUDWLNXVPHJRO GiVW YiODV]Wy GLiNRN LV ÅNLFVDSQiP«µ LOOHWYH N XWDOQiNDSUREOpPiWXJDQFVDNOHJPDJDVDEEDUiQEDQ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 )L~ 1 9HOH EHV]pOQpN« %HV]pOQpND EDUiWDLYDO« %HKtYDWQiPD V]OHLW« 2UYRVKR] NOGHQpP« .LFVDSQiPD] LVNROiEyO 6HPPLW« PiVRNKR] RUYRVKR]NOGHQpLOOHWYHDV]O NUH Et]Qi ² HJWW I /iQ I *LPQD]LVWD I 6]DNN|]pSLVNROiV I 6]DNPXQNiVNpS] V I
0pJQHPSUyEiOWDD NiEtWyV]HUW I &VDNNLSUyEiOWDD NiEtWyV]HUW $ONDOPLNiEtWy V]HUIRJDV]Wy 5HQGV]HUHVNiEtWy V]HUIRJDV]Wy I I I $V]DNPXQNiVNpS] LQWp]HWHNWDQXOyLNpWV]HPSRQWEyOLVOp QHJHVHQNO|QE|]QHNDW|EELN|]pSLVNRODLWDQXOyWyO²OHJD OiEELV H NpUGpV NDSFViQ (EEHQ D N|UEHQ D OHJPDJDVDEE D]RNQDN D YiODV]DGyNQDN D JDNRULViJD DNLN QHP WHQQp QHN VHPPLW D NiEtWyV]HUIRJDV]Wy GLiN HVHWpEHQ XNV]HPEHQDV]DNN|]pSLVNROiVRNpVDJLPQD]LVWiN iYDO .|]|WWNDOHJDODFVRQDEED]RNQDNDGLiNRNQDND] $ ]iUW NpUGpV YiODV]DOWHUQDWtYiL SRQWRVDQ D N|YHWNH] N YROWDN ÅVHP PLW KD QHP D] LVNROiEDQ FVLQiOMD D VDMiW HJpV]VpJpW NiURVtWMDµ ÅNL
FVDSQiPD]LVNROiEyOPHUWDURVV]SpOGDUDJDGyVµÅRUYRVKR]SV]LFKR OyJXVKR]NOGHQpPµÅEHKtYDWQiPDV]OHLWpVUiMXNEt]QiPDG|QWpVWµ ÅEHV]pOQpN D EDUiWDLYDO RV]WiOWiUVDLYDO KRJ NLGHUtWVHP PL D] RND D NiEtWyV]HUIRJDV]WiViQDNµÅYHOHEHV]pOQpNKRJHJWWWDOiOMXQNPHJ ROGiVWµ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 DUiQDDNLNDNRRSHUDWtYSUREOpPDNH]HOpVWYiODV]WDQiN EH V]pOQHD]pULQWHWWHOLOOHWYHEDUiWDLYDO 6DMiWRVHOWpUpVWHUHGPpQH]DYL]VJiOWNpUGpVPHJtWpOpVpEHQ D]DWpQLVKRJPLOHQDYiODV]DGyYLV]RQDDNiEtWyV]H UHNKH] $NiEtWyV]HUWPpJQHPSUyEiOyGLiNRNDNiEtWyV]HUWSUyEi Oy YDJ IRJDV]Wy WDQXOyNKR] NpSHVW OpQHJHVHQ DODFVR QDEE JDNRULViJJDO YHQQpN LJpQEH D NRRSHUiFLyUD pSO SUREOpPDNH]HOpVPyGV]HUHLWHJ~WWDOOpQHJHVHQPDJDVDEE JDNRULViJJDOXWDOQiNDNpUGpVWÅPiVRNHOpµ $ NiEtWyV]HUSUyEiOy YDJ IRJDV]Wy WDQXOyN D IRJDV]WiV JDNRULViJiYDO
SiUKX]DPRVDQ YiODV]WDQiN D SDVV]LYLWiVW ÅQHP WHQQpN VHPPLWµ $ NiEtWyV]HUW FVDN SUyEiOyN HVHWp EHQH]D]DUiQD]DONDOPLIRJDV]WyNHVHWpEHQPiU PtJ D UHQGV]HUHV IRJDV]WyN N|UpEHQ (] XWyEEL FVRSRUWUD YRQDWNR]y DGDWRN D]RQEDQ D] DODFVRQ HOHPV]iPRNPLDWWQHPpUWHOPH]KHW HN &VXSiQ D] pUGHNHVVpJ NHGYppUW HPOtWMN KRJ D OHJLQNiEE NRRSHUiOy PDJDWDUWiVUD XWDOy YiODV]DOWHUQDWtYiNDW OHJPDJDVDEE JDNRULViJJDO D NiEtWyV]HUW FVDN NLSUyEiOy GLiNRN FVRSRUWMD HVHWpEHQ UHJLV]WUiOKDWWXN (EEHQDN|UEHQXJDQLVDYiODV]DGyNDYiODV]WDQDLOHQPHJRO GiVW (J~WWDO HEEHQ D N|UEHQ D OHJDODFVRQDEE D NpUGpV PHJROGiViW PiVRNHOp V]DNpUW NV]O N XWDOyGLiNRNDUiQDLV )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $.É%Ì7Ð6=(5(+(=) = 9(5%É/,6 9,6=21<5Ð/« $YL]VJiODWEDQUpV]WYHY
GLiNRNDGURJIRJDV]WiVWiOWDOiEDQ HOtWpOLN$YL]VJiODWVRUiQDNpUG tYEHQPHJDGRWWGURJIDMWiN NDO NDSFVRODWEDQ NpUGH]WN YiODV]DGyLQNDW ² PLNpQW YLV]R QXOQDN H V]HUHN NLSUyEiOiViKR] LOOHWYH IRJDV]WiViKR] $ N|YHWNH] ROGDORQ WDOiOKDWy iEUiQ LOOXV]WUiOMXN D NDSRWW HUHGPpQHNHW 0LQWOiWKDWyDNiEtWyV]HUNpQWIRJDV]WKDWyQXJWDWyNLSUy EiOiViW QHP V]iPtWYD D YiODV]DGyN PLQGHQ PiV GURJIDMWD NLSUyEiOiViW LOOHWYH IRJDV]WiViW HOtWpOLN $ NpUGpV NDSFViQ YDOyV]tQ OHJ NpSHW NDSKDWXQN D] HJHV NiEtWyV]HUHN YHV]p OHVVpJpUH YRQDWNR]y YpOHNHGpVU O LV ÌJ pUWHOPH]]N XJDQLVD]WDWpQWKDD]DGRWWV]HUNLSUyEiOiViQDNLOOHWYH IRJDV]WiViQDN ÅHOtWpOpVHµ QDJRQ N|]HO HVLN HJPiVKR] /iVGD]iEUDMREEROGDOiQNtYOWDOiOKDWyV]iPRNDW0LQpO DODFVRQDEE H V]iP pUWpNH DQQiO LQNiEE N|]HO HVLN HJ PiVKR]DNLSUyEiOiVUyOLOOHWYHDIRJDV]WiVUyODONRWRWWYpOH PpQ $ NiURV
V]HQYHGpOHN ² PHOHN V]LQWH NL]iUyODJ D OHJiOLV GURJRN IR JDV]WiViW MHOHQWLN ² YL]VJiODWD VRUiQ V]OHWHWW PHJOHKHW VHQ UpJL pV N|]LVPHUW PHJiOODStWiV KRJ D NiURV V]HQYHGpOHNKH] I ] G YLV]RQ LOOHWYHDNiURVV]HQYHGpOHNV]yEHOLPHJtWpOpVHJDNRUWDDOLJPXWDW|V] V]HIJJpVW$GRKiQ]iVWHPOtWYHSpOGDNpQWDGRKiQRVRNJDNRUODWLODJ DWLV]WiEDQYDQDGRKiQ]iVN|YHWNH]PpQHLYHO²PpJLVGRKiQ ]LN(NLHJHQV~OR]DWODQWXGDWWDUWDOPDNRNR]WDIUXV]WUiFLyWROGyDXWR PDWLNXV PHFKDQL]PXVW ÅNRJQLWtY GLVV]RQDQFLD UHGXNFLyµQDN QHYH]LN 0LQGHQQHN N|YHWNH]WpEHQ D NiURV V]HQYHGpOHNNHO NDSFVRODWRV YpOH PpQDONRWiVEyODWpQOHJHVHJpQLPDJDWDUWiVUDN|YHWNH]WHWQLPHJOHKH W VHQ NRFNi]DWRV GRORJ +DVRQOyQDN YpOMN D KHO]HWHW D] LOOHJiOLV GUR JRNHVHWpEHQLV $ IHOVRUROW GURJRNNDO NDSFVRODWEDQ D] HO UH PHJDGRWW YiODV]DOWHUQDWt YiNN|]ONHOOHWWYiODV]WDQL$YiODV]DOWHUQDWtYiNDWVNiODNpQWIHOIRJYDD] iEUiQ D] HJHV NiEtWyV]HUIDMWiN
NLSUyEiOiViQDN LOOHWYH IRJDV]WiViQDN ÅHOtWpOpVLHU VVpJpUHµXWDOyiWODJpUWpNHNHWLVN|]|OMN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 *GTQKP -QMCKP ¡RKWO .5& /CTKJW±PC 5KRW 0[WIVCVÉCNVCVÉ GNÃV¾NGO -KRTÉD±N±U±V PGOÃV¾NGOGN #ORJGVCOKP GT UGPGNÃV¾NGO (QI[CUV±U±V $] HJHV NiEtWyV]HUIDMWiN NLSUyEiOiViUyO IRJDV]WiViUyO DO NRWRWWtWpOHWHLNV]HULQWDYL]VJiOWGLiNRNHJHVFVRSRUWMDLN| ]|WW HVHWHQNpQW V]LJQLILNiQV NO|QEVpJHNHW UHJLV]WUiOKDW WXQN(NO|QEVpJHNHWDN|YHWNH] WHQGHQFLiNMHOOHP]LN .pWGURJIDMWDNLYpWHOpYHODOiQRNiOWDOiEDQDIL~NQiOMREEDQ HOtWpOLN PLQG D NLSUyEiOiVW PLQG D IRJDV]WiVW 1LQFV N O|QEVpJ D QHPHN N|]|WW D V]LSX]iV PHJtWpOpVpEHQ PtJ D
QXJWDWyHVHWpEHQDIL~ND]RNDNLNV]LJRU~EEDQtWpOQHN $] LVNRODWtSXV DKRO D GLiNRN WDQXOQDN XJDQFVDN ÅYpOH PpQDODNtWyµ KDWiV~ D OHJW|EE NiEtWyV]HU IRJDV]WiViQDN PHJtWpOpVpW WHNLQWYH EiU HJpUWHOP WHQGHQFLD QHP IRJDO PD]KDWy PHJ 1LQFV D]RQEDQ OpQHJHV YpOHPpQNO|QEVpJ DNiEtWyV]HUNpQWIRJDV]WRWWQXJWDWyDV]LSXpVD]DPSKH WDPLQPHJtWpOpVpEHQ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 -yO NLWDSLQWKDWy WHQGHQFLiN IRJDOPD]KDWyDN PHJ DEEDQ D] HVHWEHQ KD D GLiNRN NiEtWyV]HUKH] I ] G YLV]RQiW WH NLQWMNIJJHWOHQYiOWR]yQDN .pWNiEtWyV]HUIDMWD²DQXJWDWyLOOHWYHDV]LSX²NLYpWHOpYHO DPHOEHQ D] HPOtWHWW YiODV]DGyL FVRSRUW YpOHPpQH KDVRQ OyPLQpOÅV]RURVDEEµDYiODV]DGyNGURJRNKR]I ] G NDS FVRODWD DQQiO NHYpVEp HOtWpO YpOHPpQ MHOOHP] UiMXN ( WHQGHQFLiN PLQG D NLSUyEiOiV PLQG D IRJDV]WiV PHJtWpOp VpWWHNLQWYHD]RQRVDN
$52*2.9(6=e/<(66e*e1(.0(*Ì7e/e6( $] HJHV GURJIDMWiN IRJDV]WiViQDN JDNRULViJD pV H]]HO |VV]HIJJpVEHQ YHV]pOHVVpJN PHJtWpOpVH QHP PXWDW NRQ ]LV]WHQVNpSHW /iVGD]iEUiWDN|YHWNH] ROGDORQ $ NiEtWyV]HUIDMWiNQDN WXODMGRQtWRWW YHV]pOHVVpJ HVHWpEHQ PLQG|VV]HHJÅWHQGHQFLDµHPHOKHW NLH]SHGLJDPDULKXi QD pV D MHOHQW V PHQQLVpJ DONRKROIRJDV]WiV YHV]pOHVVp JpQHN UHODWtY DOXOpUWpNHOpVH ² PLQG D UHQGV]HUHV PLQG D] DONDOPL IRJDV]WiV HVHWpEHQ .O|Q pUGHNHVVpJH D] DGDWRN QDN KRJ D] DONRKRO UHQGV]HUHV IRJDV]WiViQDN N|YHWNH] PpQHLW D WDQXOyNYHV]pOHVHEEQHNWDUWMiN PLQW D] XJDQ FVDNUHQGV]HUHVHQIRJDV]WRWWPDULKXiQipW $ QXJWDWy HVHWpEHQ LQNiEE HOIRJDGy PLQW HOtWpO D V]LSX HVHWpEHQ D]RQEDQPiUHJpUWHOP HQHOtWpO YpOHPpQU OEHV]pOKHWQN$QXJWD Wy PLQW NiEtWyV]HU PHJtWpOpVH DP~J LV V]iPRV SUREOpPiW YHWKHW IHO D PDJDU
WiUVDGDORPEDQ DKRO H JyJV]HUWtSXV KDV]QiODWD D] HVHWHN MH OHQW VKiQDGiEDQRUYRVLUHQGHOYpQHOOHQpUHLVGLV]IXQNFLRQiOLV/iVG HUU ODJyJV]HUIRJDV]WiVVWDWLV]WLNiLW $] HJHV GURJIDMWiN NLSUyEiOiVD YHV]pOHVVpJpQHN PHJtWpOpVpUH YRQDW NR]yDGDWRNDWQHPLVMHOHQtWMNPHJD]iEUiQPHUWH]]HOFVDNQHKH]tWH QpQND]HVHWOHJPHJUDJDGKDWyWHQGHQFLiNIHOLVPHUpVpW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 0CI[QP XGU¾N[GU $]HJHVNiEtWyV]HUIDMWiNYHV]pOHVVpJH« 4GPFUGTGU HQI[CUV±UC #NMCNOK HQI[CUV±UC 5KRW .5& #ORJGVCOKP ¡RKWOVCTVI[ÉI[UGT ¡RKWOU±TOC¾MQM #ORJGVCOKP .5& ¡RKWOVCTVIÉI[U 5GUGUKVCN 5KRW /CTKJWCPC ¡RKWOU±TOC¾MQM /CTKJWCPC 0GO XGU¾N[GU 5GUGUKVCN 4GPFUGTGU HQI[CUV±UC #NMCNOK HQI[CUV±UC $] HJHV NiEtWyV]HUIDMWiN YHV]pOHVVpJpQHN PHJtWpOpVpEHQ D
YiODV]DGyNQHPHD]DYiOWR]yDPHOMyOPHJUDJDGKDWyWHQ GHQFLDNpQW pUYpQHVO ÅYpOHPpQNO|QEVpJHWµ HUHGPp QH]DNiEtWyV]HUHNYHV]pOHVVpJpQHNPHJtWpOpVpEHQ gVV]HIRJODOYD D]W iOOtWKDWMXN KRJ D OiQRN PLQG D UHQG V]HUHVIRJDV]WiVPLQGDNLSUyEiOiVHVHWpEHQPLQGHQIHOVR )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 UROW NiEtWyV]HUIDMWiW YHV]pOHVHEEQHN WDUWDQDN PLQW D IL~N (]W D WHQGHQFLiW HJHWOHQ NLYpWHO W|UL PHJ ² D V]LSX]iV NL SUyEiOiViWDIL~NWDUWMiNYHV]pOHVHEEQHN $QHPHNN|]|WWL YpOHPpQHOWpUpVD]RQEDQQHPV]LJQLILNiQV $] D WpQ KRJ D YiODV]DGy GLiNRN PLOHQ WtSXV~ N|]pSLV NROiNEDQWDQXOQDND]HJHVNiEtWyV]HUIDMWiNYHV]pOHVVpJp QHN PHJtWpOpVpEHQ WHQGHQFLDNpQW PHJIRJDOPD]KDWy YpOH PpQHOWpUpVW QHP HUHGPpQH] $ YiODV]DGyN NiEtWyV]HUKH] I ] G YLV]RQDpVDNiEtWyV]HUHNYHV]pOHVVpJpQHNPHJtWp OpVH N|]|WWL |VV]HIJJpVHNHW D N|YHWNH] iEUiQNRQ V]HPOpO WHWMN
$ GLiNRN GURJKR] YDOy YLV]RQD VDMiWRVDQ EHIROiVROMD D] HJHVNiEtWyV]HUIpOpN LGHpUWYHD]DONRKROWLV UHQGV]HUHVLO OHWYHDONDOPLIRJDV]WiVDYHV]pOHVVpJpQHNPHJtWpOpVpW $NiEtWyV]HUHNUHQGV]HUHVIRJDV]WiViQDNYHV]pOHVVpJpW²D PDULKXiQD NLYpWHOpYHO ² PLQGHQ GLiNFVRSRUW D] DEV]WLQHQ VHN D NLSUyEiORN D] DONDOPL IRJDV]WyN JDNRUODWLODJ D]R QRVQDN tWpOL $ UHQGV]HUHV NiEtWyV]HUIRJDV]Wy YiODV]DGyN DGDWDLW yYDWRVDQ NHOO NH]HOQL PLYHO PLQG|VV]H GLiNUyO YDQV]y$PDULKXiQDUHQGV]HUHVIRJDV]WiViQDNYHV]pOHV VpJpWDYiODV]DGyNiOWDOiEDQDOiEHFVOLN0LQpOÅV]RURVDEEµ D YiODV]DGy YLV]RQD D NiEtWyV]HUHNKH] DQQiO LQNiEE LJD] H]DPHJiOODStWiV $]DODFVRQHVHWV]iPPLDWWFVDNMHO]pVNpQWpUWpNHOKHW ²YL V]RQWILJHOHPUHPpOWyWpQ²KRJDUHQGV]HUHVNiEtWyV]HU IRJDV]WyN V]HULQW D PDULKXiQD PpJ UHQGV]HUHV IRJDV]WiV HVHWpQLVYHV]pOWHOHQ )$&7,17e=(7²:::6)$&7&20
.É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 0CI[QP XGU¾N[GU 5HQGV]HUHVIRJDV]WiVD« .5& ÉRKWOVCTVI[ÉI[U ÉRKWOU±TOC¾M OCTKJWCPC 0GO XGU¾N[GU CORJGVCOKP UKRW TGPFUGTGU CNMQJQNK±N±U O¾IPGO RTÉD±NVC EUCM MKRTÉD±NVC CNMCNOK HQI[CUVÉ TGPFUGTGU HQI[CUVÉ 0CI[QP XGU¾N[GU $ONDOPLIRJDV]WiVD« .5& ÉRKWOVCTVI[ÉI[U ÉRKWOU±TOC¾M OCTKJWCPC CORJGVCOKP UKRW CNMCNOKNGT¾UGIGF¾U 0GO XGU¾N[GU O¾IPGO RTÉD±NVC EUCM MKRTÉD±NVC CNMCNOK HQI[CUVÉ TGPFUGTGU HQI[CUVÉ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 8JDQFVDN ILJHOHPUH PpOWy D] LV KRJ D] DONDOPL LOOHWYH UHQGV]HUHVNiEtWyV]HUIRJDV]WyNV]HULQWD]DONRKROQDJREE PHQQLVpJ pVUHQGV]HUHVIRJDV]WiVDYHV]pOHVHEEPLQWD PDULKXiQDUHQGV]HUHVIRJDV]WiVD $ NiEtWyV]HUHN DONDOPL IRJDV]WiVD YHV]pOHVVpJpQHN PHJt WpOpVpUH YRQDWNR]y DGDWRN HOHP]pVH VRUiQ
XJDQFVDN NpW WHQGHQFLiW HPHOQN NL $] HJLN LVPpW D PDULKXiQD YHV]pOHVVpJpQHN PHJtWpOpVpUH YRQDWNR]LN $ NiEtWyV]HUUHO NDSFVRODWED NHUOW GLiNRN D PDULKXiQD DONDOPL IRJDV]Wi ViWJDNRUODWLODJDOLJYHV]pOHVQHNYDJYHV]pOWHOHQQHNWH NLQWLN+DVRQOyDKHO]HWD]ÅDONDOPLOHUpV]HJHGpVµHVHWpEHQ LV ² D]]DO D] HOWpUpVVHO KRJ H]W PLQGHQ GLiNFVRSRUW JDNRUODWLODJYHV]pOWHOHQQHNWHNLQWL $QHPHPOtWHWWGURJRN PHJtWpOpVpEHQ²DNDSRWWpUWpNHNDODFVRQV]yUiVDPLDWW²D YL]VJiOW PLQWD HJHV FVRSRUWMDLQDN YpOHPpQH JDNRUODWLODJ D]RQRVQDNWHNLQWKHW +$7e.21<0Ð6=(5($É%Ì7Ð6=(5 )2*<$6=7É6(//(1 $ YL]VJiODW VRUiQ D GLiNRNWyO D]W LV PHJNpUGH]WN YpOHPp QNV]HULQWPHOHNOHQQpQHNDKDWpNRQPyGV]HUHNDNi EtWyV]HU PDJDURUV]iJL WHUMHGpVpQHN PHJDNDGiOR]iViUD $ ]iUW NpUGpV IRUPiMiEDQ PHJIRJDOPD]RWW NpUGpVEHQ D] iOWD OXQNIHOVRUROWPyGV]HUHNÅWXODMGRQtWRWWKDWpNRQViJiUDµYRO WXQNNtYiQFVLDN
gVV]KDQJEDQDGURJJDONDSFVRODWRVNRPPXQLNiFLyVDMiWRV ViJDLQDN HOHP]pVH VRUiQ OHtUWDNNDO D YiODV]DGyN D UHODWtYH OHJKDWpNRQDEE PyGV]HUQHN D YROW NiEtWyV]HUIRJDV]WyN GURJHOOHQHV HU IHV]tWpVHNEH YDOy EHYRQiViW WDUWDQiN (]W N|YHWQpND]ÅHU V]DNRVDEEµIHOOpSpVPDMGD PHJJ ] N|] OpVPiVV]tQWHUHL /iVGDN|YHWNH] DGDWVRUW $ ]iUW NpUGpVEHQ IHOVRUROW ÅDNWLYLWiVL IRUPiNµ IHOWpWHOH]HWW KDWpNRQVi JiWHJQpJIRNR]DW~VNiOiQpUWpNHOWpNDYiODV]DGyN$]HJHVMHOHQWHW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 0HQQLUHKDWpNRQDNiEtWyV]HUWHUMHGpVpQHN PHJDNDGiOR]iViEDQ« 9ROWGURJRVEHYRQiVDDNiEtWyV]HUIRJDV]WiV HOOHQLNDPSiQED 6]LJRU~EEEQWHWpVLWpWHOHN eUGHNHOWWpWHQQLDV]yUDNR]yKHOHNHWD NiEtWyV]HUYLVV]DV]RUtWiViEDQ 7|EEUHQG UVpJLUD]]LDDV]yUDNR]yKHOHNHQ 79UiGLyVDMWyW|EEP VRUiEDQNHOOHQH
IRJODONR]QLDSUREOpPiYDO ,VNROiNEDQV]LJRU~EEHOOHQ U]pVHNHWpV EQWHWpVHNHWNHOOEHYH]HWQL 5HQGV]HUHVRNWDWiVWDQyUDLNHUHWHNEHQ (JHJIHOYLOiJRVtWyRNWDWiVRV]WiOI Q|NL yUDNHUHWpEHQ $ GLiNRN YiODV]DL DODSMiQ IHOiOOtWRWW ÅKDWpNRQViJUDQJVRU QDNµ YDQQDN WRYiEEL ILJHOHPUH PpOWy HOHPHL LV ,OHQQHN WDUWMXN D V]yUDNR]yKHOHN EHYRQiViW HJpV] SRQWRVDQ pUGH NHOWWp WpWHOpW D NiEtWyV]HUIRJDV]WiV YLVV]DV]RUtWiVD pUGH NpEHQIROWDWRWWWHYpNHQVpJEH(JLOHQHV]N|]DONDOPD]i VDQDJRQORJLNXVOpSpVOHQQHKLV]·PLQWD]WNRUiEEDQNL PXWDWWXNDNiEtWyV]HUIRJDV]WiVDHEEHQDNRUEDQ²NO| Q|VHQ D GLiNRNiOWDOHO QEHQUpV]HVtWHWW V]HUHN HVHWpEHQ ² WiUVDV HJWWOpWKH] N|W GLN H V]tQWpUHQ ÅIDFLOLWiOyµ V]HUHSH YDQ $GLiNRNiOWDOD]HU V]DNV]HUYH]HWHNWHYpNHQVpJpQHNWXODM GRQtWRWWKDWpNRQViJUyO~JYpOMNKRJD]DW|PHJNRP
WH D] DGRWW ÅDNWLYLWiVµ KDWiVWDODQViJiW D QpJHV D ÅQDJRQ KDWpNRQµ YROWiW$WiEOi]DWD]DGRWWYiODV]RNiWODJDLWMHOHQtWLPHJ $NpUG tYEHQDONDOPD]RWWPHJKDWiUR]iVV]HULQWH]DWpQH] PiUÅDOLJ KDWpNRQµ $NpUG WpNRQµ tYEHQDONDOPD]RWWPHJKDWiUR]iVV]HULQWH]DWpQH] ÅQHPKD )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 PXQLNiFLyV HV]N|]|N iOWDO N|]YHWtWHWW V]WHUHRWtSLiN YLVV]D WNU|] GpVHPHOMHOOHP]LDÅIHOQ WWµWiUVDGDOPDWLV 6=7(5(27Ì3,É.e67e1<(« $ OHJiOLV pV LOOHJiOLV GURJRN IRJDV]WiVD RNDLQDN NHUHVpVH NRU LOOHWYH D IRJDV]WyL FVRSRUWRN VDMiWRVViJDLQDN OHtUiVD NRU V]iPRV V]WHUHRWtSLiYDO WDOiONR]KDWXQN $ V]WHUHRWtSLiN QHP FVDN D N|]YpOHNHGpVEHQ YDQQDN MHOHQ GH VDMQRV QHP PHQWHVHNH]HNW
ODWXGRPiQRVPDJDUi]DWRNVHP 9HV]p OHVVp H MHOHQVpJ DNNRU YiOLN KD SROLWLNDL iOODPL G|QWpVHN DODSMiXOLVDV]WHUHRWtSLiNV]ROJiOQDN $WDQXOPiQ]iUyUpV]pEHQQpKiQLOHQV]WHUHRWtSLiYDOIRJ ODONR]XQN 1p]]N HOV NpQW PLOHQ V]WHUHRWtSLiN pOQHN D GLiNRNEDQ DEEDQ D WHNLQWHWEHQ NLN N|]O NHUOQHN NL QDSMDLQNEDQ D NiEtWyV]HUIRJDV]WyN" $UD]]LiNKDWpNRQViJiWPDJXNDUHQG UVpJNpSYLVHO LLVPHJNpUG MH OH]LN $ PyGV]HU HU VHQ KDVRQOtW D] 2ODV]RUV]iJ HJHV YLGpNHLQ KRQRV KDOiV]DWKR] DPLNRU D KDOiV] HJ NHUHWUH IHV]tWHWW KiOyW HQJHG D Yt]EH PDMG LG QNpQW IHOUiQWMD D]W DEEDQ Et]YD KRJ DNDG RODQ KDO DPHO LGHMpWpSSHQHKiOyIHOHWWW|OWL $] HU V]DNV]HUYH]HWHN WHYpNHQVpJpEH YHWHWW KLW ² DPHO LJD]ROKDWMD H]HNQHNDV]HUYH]HWHNQHNDWiUVDGDORPIHOHWWJDNRUROWNRQWUROIRODPD WRVHU VtWpVpUHLUiQXOyW|UHNYpVHLW²N|YHWNH]PpQHLYHV]pOHVHEEHNOH
KHWQHNDWiUVDGDORPUDPLQWPDJDD]OG|]HQG FVHOHNPpQDPHOD] HU V]DNV]HUYH]HWHN H W|UHNYpVHLQHN DSURSyMiXO V]ROJiO $NDGQDN RODQ WiUVDGDORPWXGyVRN DNLN SpOGiXO D QXJDW²HXUySDL WiUVDGDOPDNEDQ ]DMOyNiEtWyV]HUHOOHQHVN]GHOHPPHO|VV]HIJJpVEHQDÅEQWHW ²NRQW UROO²LSDUµH[SDQ]LyVW|UHNYpVHLNDSFViQDWRWDOLWiULXVWiUVDGDORPN|]H OL M|Y EHQ YDOy NLDODNXOiViQDN YHV]pOpW LV PHJIRJDOPD]]iN /iVG HUU O SpOGiXODQRUYpJ1LOV&KULVWLHÅURJNRQWUROO²~WDWRWDOLWiULXVWiUVDGD ORP IHOpµ FtP tUiViW (VpO V]iP ² ROGDO +RJ H ÅYt]L yNµ QHP DODSWDODQRN MyO PXWDWMiN D] LQIRUPiFLyN iUDPOiViQDN pV WDU WDOPiQDNNRQWUROOiOiViUDLUiQXOy²NO|Q|VHQD]HXUySDLRUV]iJRNEDQ HU V²iOODPLW|UHNYpVHNPHOHNQHNpSSHQDGURJHOOHQHVN]GHOHPDGMD DKLYDWNR]iVLDODSMiW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 #M̾RKUMQN±UQM MÌÒN
#JCLN¾MVCNCPQMMÌÒN #ICFCIQM MÌÒN #GI[GVGOKUV±M MÌÒN #UGI¾P[GMMÌÒN $PLQW D] iEUiQ MyO OiWKDWy D YiODV]DGy GLiNRN YpOHPpQH V]HULQW KiURP QDJREE NiEtWyV]HUIRJDV]WyFVRSRUW OHKHW PD 0DJDURUV]iJRQ D JD]GDJRN D N|]pSLVNROiVRN pV D] HJHWHPLVWiN eUGHPHVIHOILJHOQLDUUDDWpQUHKRJDGLi NRN²D]HJHWHPLVWiNpVDN|]pSLVNROiVRNHJWW²PDMGDN NRUDV~O~FVRSRUWRWDONRWQDNPLQWDÅJD]GDJRNµ eUGHPHV H YpOHNHGpVVHO PpJ HJ DGDWVRUW |VV]HYHWQL PiV DGDWRNHYL]VJiODWUDWiPDV]NRGYDDP~JVHPiOOQDNUHQGHO NH]pVQNUH $PLQW D N|YHWNH] ROGDORQ WDOiOKDWy DGDWVRUEyO PHJiOODStW KDWy PLQpO V]RURVDEE D YiODV]DGy NDSFVRODWD D NiEtWyV]H UHNNHO DQQiO NHYpVEp WDUWMD VDMiW FVDOiGMD DQDJL KHO]HWpW MyQDN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $YiODV]DGyNVDMiWFVDOiGMXNDQDJLKHO]HWpW|WIRN~VNiOiQ pUWpNHOWpN $] HJHV MHOHQWHWWH D]W
KRJ D YiODV]DGy NLIHMH ]HWWHQV]HJpQQHNWDUMDFVDOiGMiWD]|W|VSHGLJD]WKRJNL PRQGRWWDQMyDQDJLN|UOPpQHNN|]|WWpOQHN $FVDOiGDQDJLKHO]HWpQHNPHJtWpOpVHpVD NiEtWyV]HUKH]I ] G YLV]RQ« $]DQDJL KHO]HW 0pJQHPSUyEiOWDNLDNiEtWyV]HUW &VDNNLSUyEiOWDDNiEtWyV]HUW $ONDOPLNiEtWyV]HUIRJDV]Wy 5HQGV]HUHVNiEtWyV]HUIRJDV]Wy $PHQQLEHQ KLQQL OHKHW D GLiNRN V]XEMHNWtY |QpUWpNHOpVp QHN PLQGH] D]W MHOHQWL ² D] HO ] NpUGpV V]WHUHRWtSLiLYDO V]HPEHQ D NiEtWyV]HUIRJDV]WyN LQNiEE D] DQDJL N|UO PpQHLNHWNHGYH] WOHQHEEQHNtWpO GLiNRNN|UpE ONHUOQHN NL 02(//.g9(7e6" $NiURVV]HQYHGpOHNDNULPLQiOLVPDJDWDUWiVIRUPiND]LO OHJiOLV GURJRN IRJDV]WiViQDN YL]VJiODWD VRUiQ JDNRUWD PHJIRJDOPD]yGLND]DIHOWHYpVKRJH]HNQHNDPDJDWDUWiV .O|QpUGHNHVVpJHHNpUGpVQHNKRJDWHOMHVPLQWiUDMHOOHP] iWODJpU
WpN²DPLV]DYDNUDIRUGtWYDD]WMHOHQWLKRJDYiODV]DGyNFVDOiGMi QDN ÅiWODJRV DQDJL KHO]HWHµ D] iWODJRVQDN WDUWRWW DQDJL KHO]HWQpO URVV]DEE 7pPiQNV]HPSRQWMiEyONHYpVEpDV]WHUHRWtSLiNÅYLUiJ]iVDµV]HPSRQWMi EyO LQNiEEIRQWRV PHJiOODStWiV KRJ D NiEtWyV]HUIRJDV]WyNpQW D JD] GDJRNDWHPOtW GLiNRNFVDOiGMDLV]HJpQHEEHNPLQWDV]HJpQHNHWHPOt W YiODV]DGyNpDNLNFVDOiGMiQDNDQDJLKHO]HWHMREE(U VHQOHHJV]H U VtWYH D JD]GDJRN V]HULQW D V]HJpQHN D V]HJpQHN V]HULQW LQNiEE D JD]GDJRNIRJDV]WDQDNNiEtWyV]HUW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 IRUPiNQDN D PHJYDOyVtWiVD ² UHSURGXNFLy 9DJLV D] DGRWW V]HPpOD]pUWYLVHONHGLN~JDKRJPHUWH]]HOD]HOV GOHJHV V]RFLDOL]iFLyV Ii]LVEDQ pV]OHOW pV HOVDMiWtWRWW QRUPiNDW PD JDWDUWiVPRGHOOHNHWUHSURGXNiOMD (YL]VJiODWVRUiQLVKDV]QiOWXQNRODQNpUGpVHNHWDPHOHN D FVDOiGL KiWWpU ÅNULWLNXV HOHPHLQHNµ NULWLNXV
pOHWHVHPp QHNQHNDIHOWiUiViWV]ROJiOWD $GLiNRNNiEtWyV]HUIRJDV]WiVDpVHNULWLNXVpOHWHVHPpQHN EHN|YHWNH]WH N|]|WW QHP VLNHUOW VWDWLV]WLNDLODJ LV EL]RQ W KDWy NDSFVRODWRW WDOiOQL 9DJLV QHP VLNHUOW LJD]ROQL D]W KRJ D GHYLiQV PDJDWDUWiV D V]O N D WHVWYpUHN UpV]pU O YDJDGHSULYiOyWpQH] NMHOHQOpWHDYiODV]DGy GLiNRN FVD OiGMiEDQ D ÅKDMODPRVtWyµ WpQH] V]HUHSpW MiWV]DQi D GURJ KR]YDOyYLV]RQDODNtWiViEDQ $GDWDLQNpUGHNHVPyGRQQp KiQHVHWEHQH]]HOpSSHQHOOHQWpWHVWHQGHQFLiNUDXWDOQDN /iVGDN|YHWNH] WiEOi]DWRWLOOHWYHDOiEMHJ]HWHW ,VPHUWDÅQHKp]JHUPHNNRUDYROWµV]WHUHRWtSLDDPHOUHYDOyKLYDWNR]iV HJ LG EHQ D V]RFLROyJLDL NXWDWiVRN VRUiQ LV GLYDWRV PDJDUi]DW YROW D GHYLiQVPDJDWDUWiVIRUPiNpUWHOPH]pVpEHQ 9DOyLJD]D]LVKRJDPLQWDMHOOHJHLOOHWYHHJHVVDMiWRVViJDLtJSpO GiXO D NiEtWyV]HUKH] N|W G ILDWDORN V]HUHQFVpUH DODFVRQ
V]iPD LV HUHGPpQH]KHWL KRJ VHPPLIpOH |VV]HIJJpVW QHP WXGWXQN NLPXWDWQL H]HPOtWHWWWpQH] NN|]|WW 1HIHOHGMNPLQG|VV]HGLiNUHQGV]HUHV NiEtWyV]HUIRJDV]Wy (O IRUGXOHDFVDOiGEDQ« $]LJHQYiODV]RNDUiQD 0XQNDQpONOLVpJ 7DUWyVEHWHJVpJ )RJDWpNRVViJ 5RNNDQWViJ .iEtWyV]HUIRJDV]WiV 3V]LFKLiWULDLNH]HOpV .ULPLQDOLWiV 1XJWDWyDOWDWyV]HGpVH gQJLONRVViJ gQJLONRVViJLNtVpUOHW $ONRKROL]iOiV $SD $QD )$&7,17e=(7²:::6)$&7&20 7HVWYpU HN .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $NULWLNXVpOHWHVHPpQHN DSiQiO DQiQiO WHVWYpU HN QpO 6RKDQHPSUyEiOWDDGURJRNDW &VDNNLSUyEiOWD $ONDOPLGURJIRJDV]Wy 5HQGV]HUHVGURJIRJDV]Wy ,17 -(/« 0HJOHKHW VHQQHKp]²NO|Q|VHQKDDPHJIHOHO
ILJHOHPLV KLiQ]LNDN|UQH]HWE O²IHOIHGH]QLKDYDODNLPiUHEEHQD NRUEDQLVNiEtWyV]HUIRJDV]Wy9DQQDND]RQEDQHWpQWYD OyV]tQ VtW MHOHN ,OHQ ÅYDOyV]tQ VtW µ MHO OHKHW D] LVNROiN V]iPiUD D GLiNRN KLiQ]iVD $]pUW IRJDOPD]XQN yYDWRVDQ PHUW D QHP NiEt WyV]HUH] ILDWDORNLVKLiQR]QDN²DGDWDLQNV]HULQWPHJOHKH W VHQQDJJDNRULViJJDOÌJDKLiQ]iVWpQH |QPDJiEDQ VHPPLNpSSHQQHPOHKHWDODSMDDÅJDQ~VtWiVQDNµ 1HP KLiQ]RWW ,JD]ROWDQ LV KLiQ]RWW ,JD]RODWOD QXO LV KLiQ]RWW 0pJQHPSUyEiOWDDGURJRNDW &VDNNLSUyEiOWDDGURJRNDW $ONDOPLGURJIRJDV]Wy 5HQGV]HUHVGURJIRJDV]Wy $ NULWLNXVQDN WHNLQWKHW pOHWHVHPpQHN HJpENpQW V]HUHQFVpUH PHJOH KHW VHQDODFVRQV]iPEDQIRUGXOQDNHO DPLQWiEDQ$N|]YHWOHQFVDOi GLN|UQH]HWEHQpO
NHVHWpEHQD]LOHQHVHPpQHNHJWWHVV]iPDD]DO NDOPD]RWW ÅNpUGH]pVWHFKQLNDµ PHOOHWW PD[LPXP OHKHWHWW YROQD $ PLQWD HJpV]pUH MHOOHP] iWODJ pUWpNH D DV PD[LPXPPDO V]HPEHQ $] HJHV NULWLNXV HVHPpQHN NRQNUpW HO IRUGXOiVL JDNRULViJDLW OiVGDWiEOi]DWEDQ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $PLQW D WiEOi]DW DGDWDL VXJDOOMiN D] LJD]RODWODQ KLiQ]iV JDNRULViJD LOOHWYH PpUWpNH YDOyV]tQ VtWL GH QHP MHOHQWL HJpUWHOP HQ D]WKRJDGLiNHVHWOHJNDSFVRODWEDNHUOWD GURJRNNDOLV g66=()2*/$/Ð+(/<(77« ( N|WHW SpFVL N|]pSLVNROiV ILDWDORN NiEtWyV]HUIRJDV]WiVL V]RNiVDLUyO NtYiQW NpSHW DGQL 3LOODQDWIHOYpWHO HJ PDJDU QDJYiURV pYHV ILDWDOMDLQDN LOOHJiOLV GURJRNKR] YDOy YLV]RQiUyO ( SLOODQDWIHOYpWHO NpV]tWpVpQHN FpOMD D] YROW KRJ D GURJSUHYHQFLy WHUOHWpQ WHYpNHQNHG V]DNHPEHUH NHW SHGDJyJXVRNDW D E QPHJHO ]pV WHUOHWpQ GROJR]y UHQ G
U|NHWVWE LQIRUPiOMDpVVHJtWVHPXQNiMXNEDQ ( NXWDWiV QHP SyWROKDWMD D QDJREE OpSWpN RUV]iJRV UHS UH]HQWDWtY YL]VJiODWRNDW PHOHNE O VDMQiODWRV PyGRQ PD PpJQDJRQNHYpVYDOyVXOWPHJ(YL]VJiODWQHPSyWROKDWMD D]RNDW D ÅPpOHEEUH iVyµ NXWDWiVRNDW VHP DPHOHN NpSH VHNNO|QNO|QLVYL]VJiOQLD]LOOHJiOLVGURJIRJDV]WiVWpVD GURJ DE~]XVW W|EEHW WXGQDN PRQGDQL D GURJIRJDV]WyL PDJDWDUWiVUyO pV DQQDN N|YHWNH]PpQHLU O YDODPLQW D]RQ WiUVDGDOPLWpQH] NU OpVHJpQLMHOOHP] NU ODPHOHNKR] ÔJW QLNQHPKHOWiOOyD]DPHJN|]HOtWpVDPHOPLQGHQLOOHJiOLVGURJ IRJDV]WiVWGURJDE~]XVQDNWHNLQW$MHOHQOHJLW|UYpQLV]DEiOR]iViOWDO WLOWRWWGURJRNPLQGHJLNHHJDUiQWOHKHWIRJDV]WiVpVDE~]XVWiUJD$ OHJW|EE GURJIRJDV]Wy FVDN NtVpUOHWH] NLSUyEiOy LOOHWYH V]RFLiOLVDO NDOPL IRJDV]Wy 1HP OHKHW NHW PHJNO|QE|]WHWQL D] iWODJSROJiUWyO pV
W|EEVpJNHWHJMyEDUiWLVPHUWHWWHPHJDGURJJDOQHPSHGLJHJÅE Q|] µ$GURJDE~]XVH]]HOV]HPEHQRODQN|UOPpQHNN|]|WWpVRODQ DGDJRNEDQ W|UWpQ IRJDV]WiV DPHO MHOHQW VHQ Q|YHOL D GURJRN YHV]p OHVVpJpWLOOHWYHPHJDNDGiOR]]DD]HJpQWDEEDQKRJN|UQH]HWpEHQ PHJIHOHO PyGRQ FVHOHNHGMHQ YLVHONHGMHQ $ GURJ DE~]XV D] DQDJIR JDV]WiVHOWRU]XOWIRUPiMDDPHODUHQGV]HUHVGURJIRJDV]WiVLVPpWO G pVV~ORVN|YHWNH]PpQHLEHQQLOYiQXOPHJ 5pV]OHWHVHEEHQOG$3XEOLF+HDOWK$SSURDFKWR0LWLJDWLQJWKH 1HJDWLYH&RQVHTXHQFHVRI,OOLFLWUXJ$EXVH1DWLRQDO$VVRFLDWLRQIRU 3XEOLF+HDOWK3ROLF-RXUQDORI3XEOLF+HDOWK3ROLF9RO1R )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 ]iMiUXOQDN D NiEtWyV]HUIRJDV]WiVVDO NLHOpJtWKHW V]NVpJ OHWHNNLDODNXOiViKR] $]HPSLULNXVNXWDWiVRNDWYpJ] NiOWDOiEDQQHKH]HQ WXGMiN PHJiOOQLD]W KRJÅQHNRPPHQWiOMiNµDNDSRWWHUHGPpQH
NHW(N|WHWV]HU] LLVNtVpUOHWHWWHWWHNDUUDKRJpUWHOPH]p VNNHO ÅEHIROiVROMiNµ D] ROYDVyW ( PHJiOODStWiVRNNDO N| YHWNH]WHWpVHNNHO OHKHW HJHWpUWHQL YDJ HOYHWQL D]RNDW ÔJ YpOMND]RQEDQKRJPLQGHQIHOYHWpVYLWDDPHOHWpPiEDQ IROLNVHJtWiWJRQGROQLpVpUWHOPH]QL WDOiQ~MUDpUWHOPH]QL D GURJRNKR]YDOyYLV]RQXQNDW 0HJJ ] GpVQNKRJDQDSMDLQNOHJV~ORVDEEGURJSUREOp PiLWRYiEEUDLVDOHJiOLVGURJRNKR] DONRKROGRKiQ N|W G QHNVHJiWIRJyGURJSROLWLNiQDNPLQGHQSV]LFKRDNWtYGURJ JDO N|YHWNH]HWHVHQ IRJODONR]QLD NHOO ( GURJRN IRJDV]WiVD XJDQLV |VV]HVVpJpEHQ yULiVL V~O~ WiUVDGDOPL QpSHJpV] VpJJLSUREOpPiNIRUUiVD²JRQGROMXQNFVDNSpOGiXOD]DO NRKROL]PXV HOWHUMHGWVpJpUH YDJ D GRKiQ]iV URYiViUD LU KDWyKDODQGyViJUD 0LYHOHNXWDWiVWpPiMDDN|]pSLVNROiVILDWDORNGURJIRJDV] WiVDYROWVUJHW QHNOiWMXNDNO|QE|] GURJRNWDWiVLPyG V]HUHN iWWHNLQWpVpW 1HPFVDN D] LOOHJiOLV GH D OHJiOLV GURJ RNWDWiV W|EEVpJpW LV
VRNiLJ D IpOHOHPNHOW WHFKQLNiN MHOOH PH]WpN 6]HUHQFVpUH YDQQDN D]RQEDQ PiU PiV KDWpNR QDEEQDNWHNLQWKHW RNWDWiVLPyGV]HUHN(PRGHOOHNDGDS WiOiVD SO iWYpWHOH D OHJiOLV GURJRN RNWDWiViEyO KDWpNR QDEEi WHKHWL D] LOOHJiOLV GURJRN KDV]QiODWiQDN PHJHO ]p VpW /HJHQ D]RQEDQ V]y GURJSROLWLNiUyO YDJ DQQDN UpV]H NpQW GURJRNWDWiVUyO D]RNQDN PLQGHQ HVHWEHQ D GURJIR JDV]WyHPEHUUHVQHPSHGLJDGURJRNUDNHOONRQFHQWUiOQLD $] HPEHULVpJ D JyJ WiVEDQ pSS~J PLQW D] HJpQL IH V]OWVpJHN ROGiVD VRUiQ pYH]UHGHN yWD KDV]QiO NO|QE|] SV]LFKRDNWtY DQDJRNDW 1pKD HOIHOHMWMN KRJ ERQROXOW SUREOpPiNUDQHPNtQiOKDWXQNHJV]HU PHJROGiVRNDW(K KH]D]RQEDQDGURJRNKHOHWWDGURJpVD]HPEHUNDSFVROD )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 WiW NHOO PHJpUWHQQN V V]WHUHRWtSLiN KHOHWW NXWDWiVRNUD DODSR]QLDGURJSROLWLNiW
7(&+1,.$,,1)250É&,Ð$87$7É65Ð/ iSULOLV N|]|WW NpUG tYHV YL]VJiODWRW YpJH]WQN SpFVL N|]pSLVNROiVRN N|UpEHQ D] LOOHJiOLV GURJIRJDV]WiVUyO $] DGDWIHOYpWHO VRUiQ |QNLW|OW V NpUG tY VHJtWVpJpYHO I W ² pYHV GLiNRNDW NpUGH]WQN PHJ $ PHJNpUGH]HWW WDQXOyNWyOpUWpNHOKHW NpUG tYHWNDSWXQNYLVV]D 0LQW HPOtWHWWN D IHOPpUpVW SpFVL N|]pSIRN~ LQWp]PpQHN GLiNMDLN|UpEHQYpJH]WN$PLQWDYpWHOVRUiQWNU|]WHWWND SpFVL N|]pSLVNROiVRN LVNRODWtSXVRQNpQWL PHJRV]OiViW ÌJ V]DNPXQNiVWDQXOy V]DNN|]pSLVNROiV pV JLP QD]LVWDYHWWUpV]WDIHOPpUpVEHQ$N|]pSIRN~RNWDWiVLLQWp] PpQHNNLYiODV]WiVDVRUiQILJHOHPEHYHWWND]LVNRODI|OG UDM]L HOKHOH]NHGpVpW WtSXViW V]DNPXQNiVNpS] V]DNN| ]pSLVNRODYDJJLPQi]LXP LOOHWYHD]RWWWDQXOyGLiNRNpOHW NRULpVQHPL|VV]HWpWHOpW $N|YHWNH] SpFVLLVNROiNGLiNMDLYHWWHNUpV]WDIHOPpUpVEHQ $SiF]DL&VHUH-iQRV*LPQi]LXP
&LV]WHUFL5HQG1DJ/DMRV*LPQi]LXPD -37(%DELWV0LKiO*DNRUOyLPQi]LXPDpV3RVWDIRUJDOPL 6]DNN|]pSLVNROD /H ZH.OiUD*LPQi]LXP =VROQD9LOPRV.HUHVNHGHOPLpV9HQGpJOiWyLSDUL6]DNN|]pSpV 6]DNPXQNiVNpS] ,VNROD V]7DUU,PUH6]DNPXQNiVNpS] ,QWp]HW V],SDUL6]DNPXQNiVNpS] ,QWp]HW =LSHUQRYV]N.iURO0 V]DNL6]DNN|]pSLVNROD $ WpQIHOWiUy GURJSUHYDOHQFLiUD YRQDWNR]y DGDWRN PHOOHWW D]WYL]VJiOWXNNLNDOHJYHV]pOH]WHWHWWHEEHNpVPHOHND]RN D WpQH] N DPHOHN OHJLQNiEE EHIROiVROMiN KRJ YDODNL NiEtWyV]HUIRJDV]WyYiYiOLNHYDJVHP$PHJHO ]pVV]HP )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 SRQWMiEyOIRQWRVOHQQHWXGQLPHOHNDNLYiOWyRNRNpVNLND OHJKLWHOHVHEEV]DNHPEHUHNDSUHYHQFLyVPXQNiEDQ $ YL]VJiODW VRUiQ DONDOPD]RWW |QNLW|OW V NpUG tY D NDQDGDL &RXQWULGH,QWHJUDWHG1RQFRPPXQLFDEOHLVHDVH &,1, D] (XUySDL 7DQiFV 3RPSLGRX &VRSRUWMD LOOHWYH D WDWDL N| ]pSLVNRODL
GURJIHOPpUpV NpUG tYHLQHN LQWHJUiOW E YtWHWW YiOWR]DWD (SLGHPLROyJLDL NXWDWiVDLNKR] 0DJDURUV]iJRQ D %XGDSHVWL.|]JD]GDViJWXGRPiQL(JHWHP6]RFLROyJLD7DQ V]pNHpVD6]HJHGL,IM~ViJLURJN|]SRQWLVKDVRQOyNpUG tYHW KDV]QiOW $NpUG tYIHOpStWpVHDN|YHWNH] YROW ,UpV]DYiODV]DGyVWiWXV]iUDYRQDWNR]yNpUGpVHNHWWDUWDOPD]]D QHPH ODNKHOHV]O NVWE ,,UpV]WpQIHOWiUyUpV]DPHODNpUGH]HWWGLiNGURJIRJDV]WiVLV]RNiVDLW YL]VJiOWD ,,,UpV]D]ÅpUWpNHO UpV]µDPHODNpUGH]HWWWDQXOyNGURJRNUyODONRWRWW YpOHPpQpUHpUWpNtWpOHWpUHNpUGH]HWWUiLOOHWYHDPHJHO ]pVPyGMiUDYR QDWNR]yMDYDVODWRNDWWXGDNROW URJIRJDOPiQD]EHQ1HZ<RUNEDQHOIRJDGRWWHJVp JHVNiEtWyV]HUHJH]PpQiOWDOU|J]tWHWWSV]LFKRDNWtYGURJR NDW LOOHWYH D] EHQ %pFVEHQ HOIRJDGRWW OLVWiQ V]HUHSO SV]LFKRWURSDQDJRNDWpUWMN(V]HULQWGURJQDNPLQ VO D]ySLiWWHKiWD]ySLXPPRUILXPKHURLQFRGHLQLOOHWYHH]HNV]LQWHWL
NXVNpV]tWPpQHLSORODUJDQHSULGRO0RUSKLXP+GURFORULG &RGHLQ&RGHLW+GURFRGLQ NDQQDELV]RND]LQGLDLNHQGHUNO|QE|] UpV]HLE ONpV]OWWHUPpNHN D]D]PDULKXiQDKDVLVKDVLVRODM NRNDLQ NO|QE|] DOWDWyV]HUHN 9DOHULDQD7DUGO%HOORLG6HYHQDORUORWQ +SQRYDO²&D(XQRFWLQ1R[URQ QXJWDWyV]HUHN 6HGX[HQ$QGD[LQ(OHQLXP;DQD[ pOpQNtW N DPSKHWDPLQRN KDOOXFLQRJpQHN /60HV]NDOLQ3DUNDQ *UH]VD)HUHQF7DWDLN|]pSLVNROiVRNGURJIRJDV]WiVD 3UD[LV+XPiQ(U IRUUiVIHMOHV]W .|]SRQW%XGDSHVW )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 $ NpUG tYEHQ D GURJRNDW QHP VRUROWXN IHO LOHQ UpV]OHWHV VpJJHO$IRJDV]WyNLVPHULNH]HNHWDV]HUHNHWDW|EELHNQHN SHGLJQHPNtYiQWXQN|WOHWHNNHOV]ROJiOQL 1HPV]HUHSHOQHNDNiEtWyV]HUHNLOOHWYHDSV]LFKRWURSV]HUHN OLVWiMiQ GH JDNRUODWL V]HPSRQWEyO FpOV]HU
H]HNNHO HJWW HPOtWHQL D] ~JQHYH]HWW SyWV]HUHNHW DPHOHN YLVV]DpOpVUH V]LQWpQDONDOPDVDNpVKDV]QiODWRVDN,GHWDUWR]QDNDV]HU YHV ROGyV]HUHN D UDJDV]WyN D SiUROJy DQDJRN D VSUDN (]HNUH D V]HUHNUHDV]DNLURGDORPpVD N|]QHOY |VV]HIRJOD OyDQDÅV]LSXµNLIHMH]pVWKDV]QiOMD$NpUG tYEHQPLLVH]WD IRJDOPDWDONDOPD]WXN $NpUG tYNLW|OWpVHVRUiQÅIHOJHO NµD37( MRJHO G-37( V]RFLiOSROLWLNXV LOOHWYH V]RFLiOLV PXQNiV KDOOJDWyL YROWDN DNLNHWHO ]HWHVHQIHONpV]tWHWWNDIHODGDWUD $ IHOPpUpV PHJNH]GpVH HO WWL SUyEDNpUGH]pVW HJ RODQ N| ]pSLVNROiEDQ YpJH]WN HO DPHOLN QHP YHWW UpV]W D YL]VJi ODWEDQ (JHJ NpUG tY NLW|OWpVH iWODJRVDQ SHUFHW YHWW LJpQEH )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 ,URGDORPDMiQOiV gVV]HiOOtWRWWD+DKQ-XGLW²3pQWHN(V]WHU $EDQL.DWDOLQ²3DYOLN(GLWLiNpOHWPyGD]HJpV]VpJLiOODSRWRW EHIROiVROyWpQH] NV]HPV]|JpE O
(JpV]VpJQHYHOpV $PEUXV6iQGRU3XV]WtWyPiPRUEDQ 6]HU] LNLDGiV%S $QJDO,VWYiQURJPHJHO ]pVD0DJDU+RQYpGVpJVRUiOORPiQD N|UpEHQ ,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ %iFVNDL(ULND$GURJPHJHO ]pVKDWpNRQViJD (JLVNRODLIHOPpUpVWDQXOViJDL (VpO %iFVNDL(ULND²*HUHYLFK-y]VHI$GDOpNDPDJDURUV]iJL GURJKHO]HWWLV]Wi]iViKR] (VpO %iFVNDL(ULND*HUHYLFK-y]VHI6]ROQRNLGURJSUREOpPiNpV NH]HOpVNDV]ROQRNLKXPiQVHJtW LQWp]PpQHN WHYpNHQVpJHLQHNWNUpEHQ URJPHJHO ]pVL0yGV]HUWDQL.|]SRQWpV$PEXODQFLDpYL pYN|QYH1pSMyOpWL0LQLV]WpULXP%S %iFVNDL(ULND²*HUHYLFK-y]VHI,IM~ViJpVGURJIRJDV]WiV $QLPXOD.|QYNLDGy%S %DQJy-HQ $GURJMHOHQVpJ6YiMFEDQ 6]RFLiOLV0XQND %DHU,VWYiQ$NiEtWyV]HU *RQGRODW%S %HQN $QGUiV9DUJD7LERU+RUYiWK-iQRV$NiEtWyV]HU iOGR]DWDLDVWDWLV]WLNDLIHOPpUpVHNWNUpEHQ
,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ %LKDUL=ROWiQ6]DEy$QGUiV9DODFNL/iV]Oy$PDLILDWDORN EROGRJViJD²pVDKRJDQV]HUWWHV]QHNUi5pV]OHWHJ IHOPpUpVE O &VDOiG*HUPHN,IM~ViJ )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 U%OHHU(U]VpEHW$]HJpV]VpJPHJ U]pVKHO]HWHpVKHOH HJpV]VpJSROLWLNDDGpOGXQiQW~OLUpJLyEDQ 3DQQRQ$OPDQDFK)DFW,QWp]HW3pFV %ROYiU.DWDOLQ$,69LOiJNRQIHUHQFLD 6]HQYHGpOEHWHJVpJHN %RURV,VWYiQ9pUWHVV3pWHU1DUNy²EOXHV 6]pSLURGDOPL.LDGy%S %UXQL$OHVVDQGUR$GURJIJJ VpJHSLGHPLROyJLiMD.|]pS 2ODV]RUV]iJHJWDUWRPiQiEDQ 6]HQYHGpOEHWHJVpJHN &KULVWLH1LHOVURJNRQWUROO²~WDWRWDOLWiULXVYLV]RQRNIHOp (VpO &RKHQ3HWHU1HKp]QHPQXJDWLQDNOHQQL.iEtWyV]HUSROLWLNDD YROWV]RFLDOLVWDRUV]iJRNEDQ 9LOiJRVViJ
&XUULH(OOLRW$NiEtWyV]HUSROLWLNDSUREOpPiLD]86$EDQ (XUySDL6]HPOH &]LQNX-~OLDQQDURJYHV]pOpVGURJIJJ VpJ 6]HQYHGpOEHWHJVpJHN HPHWURYLFV=VROW$GURJRVRNQHOYH 6]RFLiOLV0XQND HPHWURYLFV=VROWURJIRJDV]WyNWiUVDVNDSFVRODWDLQDN V]HPpON|]SRQW~IHOPpUpVH.H]GHWLHUHGPpQHN 6]HQYHGpOEHWHJVpJHN HPHWURYLFV=VROWURJNXOW~UDGURJIJJpVWiUVNDSFVRODWRN 07$37,(WQRUHJLRQiOLV.XWDWy|]SRQW%S HPHWURYLFV=VROW$FVDOiGpVDGURJ$WHUKHVVpJV]OpVpVD FVDOiGMHOOHP] LQHNKDWiVDDILDWDONRULGURJIRJDV]WiVUD &VDOiG*HUPHN,IM~ViJ HPHWURYLFV=VROW*DUDMV]NL=VX]VD0HWDGRQIHQQWDUWyNH]HOpV KDWpNRQViJiQDNYL]VJiODWDYiOWR]iVRNDWiUVDVNDSFVRODWL KiOyEDQ$]iUWDORPFV|NNHQWpVQpKiQV]HPSRQWMD 6]HQYHGpOEHWHJVpJHN HPHWURYLFV=VROW6HUNHQ LIM~ViJ (GXFDWLR )$&7,17e=(7²:::6)$&7&20
.É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 HPHWURYLFV=VROWURJHQFLNORSpGLD 6]HQYHGpOEHWHJVpJHN pYDL0DUJLW$GURJKR]YH]HW XWDNSV]LFKLNXVKiWWHUHWHUiSLiV OHKHW VpJHN URJPHJHO ]pVD]LVNROiEDQWDQXOPiQN|WHW V]HUN6LSRV.RUQpO 0DJDU7HVWQHYHOpVL(JHWHP 7RYiEENpS] .|]SRQW%S LyVL3iO$W|OWpVHQLQQHQDYiURVRQW~O 6]RFLROyJLDLFpOYL]VJiODW D.iSRV]WiVPHJHUNHWW ODNyWHOHSHQpO ILDWDORNN|UpEHQ (VpO (OHNHV=VX]VDQQD0DJDURUV]iJLGURJKHO]HWDNXWDWiVRN WNUpEHQ $ONRKROyJLDLI]HWHN (OHNHV=VX]VDQQD3DNVL%RUEiOD$GDOpNRNDKD]DL GURJSUREOpPDMHOOHJpQHNHOHP]pVpKH] (VpO (OHNHV=VX]VDQQD3DNVL%RUEiOD$GDOpNRNDPDJDURUV]iJL GURJIRJDV]WiVDODNXOiViKR] HYLDQFLiN0DJDURUV]iJRQWDQXOPiQN|WHW V]HUN0QQLFK,YiQ²0RNVRQ)HUHQF .|]pOHWLDGy%S (OHNHV=VX]VDQQD3DNVL%RUEiOD$PDJDURUV]iJL N|]pSLVNROiVRNDONRKROpVGURJIRJDV]WiVD 1pSMyOpWL0LQLV]WpULXP%S
(OHNHV=VX]VDQQD7iUVDGDOPLSUREOpPiNDN|]pSLVNROiVRN N|UpEHQ (GXFDWLR (OHNHV=VX]VDQQD$WLOWRWWpVDOHJiOLVGURJRNDWIRJDV]WyN MHOOHP] L .|UNpSDPDJDUQHOY DGLNNWROyJLDLV]DNLURGDORPEyO² WDQXOPiQN|WHW V]HUN.DVWDO,OGLNy +DQDO,PUH (JpV]VpJWXGRPiQL(JHWHP%S )DELDQ(JRQ5|KOLQJ*HUG9ROEHKU+DUWZLJQWHU$PPRQ GLQDPLNXVSV]LFKLiWULiMDpVDV]HQYHGpOEHWHJVpJHN 6]HQYHGpOEHWHJVpJHN )HUHQF]L=ROWiQ.iEtWyV]HUIJJ UHIRUPiWXVILDWDORNUyO 5HIRUPiWXVHJKi] )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 )ULGOL-XGLW.iEtWyV]HUIRJDV]WiVpVEQWHW SROLWLND (VpO )ULGOL-XGLW7iMNpSNHQGHUFVDWDXWiQ .ULWLND )ULGOL-XGLW7LOWiVYDJOHJDOL]iOiV"$GURJIRJDV]WiVPLQW WiUVDGDORPSROLWLNDLSUREOpPD 9LOiJRVViJ )ULGOL-XGLW3HOOH$QGUHD5iF]-y]VHIURJIRJDV]WiVpV EQWHW SROLWLND$I
YiURVEDQ·pV·N|]|WWNiEtWyV]HUUHO YDOyYLVV]DpOpVpVNyURVV]HQYHGpONHOWpVPLDWWLQGtWRWW EQWHW JHNYL]VJiODWD 6]HQYHGpOEHWHJVpJHN )ULGOL-XGLW+ROLWWDMy]DQpV]"$]iUWDORPFV|NNHQW GURJSROLWLND PDJDURUV]iJLEHYH]HWpVpQHNHVpOHL .ULWLND )XQN6iQGRUÅ$]iUWDORPFV|NNHQpVDODSHOYHLU OµFFLNNU O 6]HQYHGpOEHWHJVpJHN ) UpV]-y]VHI*DFKiQL$QGUiV.iEtWyV]HUH] KRQYpGHN 1DSL0DJDURUV]iJ *iUGDL0LNOyV$V]HQYHGpOHNpVDGURJIRJDV]WiVHWLNDL SUREOpPiLD]DGGLNWROyJLDLNRQ]XOWiQVPXQNiMiEDQ 6]HQYHGpOEHWHJVpJHN *HUHYLFK-y]VHI9HpU$QGUiV$NiEtWyV]HUNLKtYiVD *RQGRODW.LDGy%S *HUHYLFK-y]VHI$]DGGLNFLyIRJDORPN|UHpVGLDJQy]LVD $URJPHJHO ]pVL0yGV]HUWDQL.|]SRQWpV$PEXODQFLD pYLpYN|QYH$]DGGLNWtYNyUNpSHNPHJHO ]pVHpVJyJ WiVD V]HUN%iFVNDL(ULND*HUHYLFK-y]VHI 1pSMyOpWL0LQLV]WpULXP%S
*HUHYLFK-y]VHI$GURJSROLWLNDDNWXiOLVNpUGpVHL $URJPHJHO ]pVL0yGV]HUWDQL.|]SRQWpV$PEXODQFLD pYLpYN|QYH$]DGGLNWtYNyUNpSHNPHJHO ]pVHpVJyJ WiVD V]HUN%iFVNDL(ULND*HUHYLFK-y]VHI 1pSMyOpWL0LQLV]WpULXP%S *HUHYLFK-y]VHI%iFVNDL(ULNDURJIRJDV]WiVpVPHJHO ]pV ÔM3HGDJyJLDL6]HPOH )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 *HUJHOXOD(JpV]VpJHVpOHWPyGUDQHYHOpVD1$7 N|YHWHOPpQHNEHQ ÔM3HGDJyJLDL6]HPOH *UH]VD)HUHQFLIM$QDUNROyJLDKHO]HWHD]iWDODNXOiV IRODPDWiEDQÉWWHNLQWpVDKD]DLQDUNROyJLDHOP~OWpYWL]HGpU O 6]HQYHGpOEHWHJVpJHN *UH]VD)HUHQFLIM7DWDLN|]pSLVNROiVRNGURJIRJDV]WiVD 3UD[LV+XPiQ(U IRUUiVIHMOHV]W .|]SRQW%S +DPLG$QVOH$JDQMiWyODFUDFNLJDNDULELDNUpV]YpWHOHD EURRNOQLLOOHJiOLVJD]GDViJEDQ··N|]|WW 6]HQYHGpOEHWHJVpJHN
+ROOyVL*|UJ$PDJDURUV]iJLNiEtWyV]HUE Q|]pV V]HUYH]HWWVpJH 5HQGpV]HWL6]HPOH +XV]iU/iV]Oy.iEXODWURJpVE|UW|QH]HOpVLPyGRN %|UW|QJL6]HPOH .iEtWyV]HUNyUNpS&LNNVRUR]DW %HOJL6]HPOH .iOXOODLiUROL~WNHUHV DYDJÅ$GURJOHWHOHSHGHWW 0DJDURUV]iJRQµ 6]DNRNWDWiV .DUGRV0iULDURJSUREOpPiND]iOODPLJRQGR]RWWDNN|UpEHQ $SUHYHQFLyOHKHW VpJHL ,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ .DVVDL)DUNDVÉNRV$NH]HOpVODELULQWXVD ,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ .HOHPHQ*iERU$PDJDURUV]iJLN|]pSLVNROiVRNDONRKROpV GURJIRJDV]WiVD 6]HQYHGpOEHWHJVpJHN .HOHPHQ*iERU7DWDLN|]pSLVNROiVRNGURJIRJDV]WiVD 6]HQYHGpOEHWHJVpJHN .HUpQL*|UJ3iOLQNiV6] WV5yEHUW7LV]WD$PHULND 7|UYpQWHUYH]HWDNiEtWyV]HUE Q|]pVHOOHQ 0DJDU1DUDQFV )$&7,17e=(7²:::6)$&7&20
.É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 U.HUWpV],PUH$NiEtWyV]HUE Q|]pVD]HXUySDLEQWHW MRJEDQ %HOJL6]HPOH .HXOV<YRQQH$JLONRVI 0DJD]LQ.LDGy%S .LQGHUPDQQ:DOWHUURJYHV]pOpVGURJIJJ VpJ 0DJDU.DULWDV]LDGy%S .LVV]pNHOL1pPHWK+XEHU$EyGXODWFVDSGiMiEDQ %S .LVV]pNHOLgG|Q$ILDWDONRULWR[LNRPiQLDSUHYHQFLyMD 6]HQYHGpOEHWHJVpJHN .y-y]VHI$GURJSLDFNLDODNXOiVD0DJDURUV]iJRQ 2UYRVLV]RFLROyJLDWDQXOPiQRN V]HUN.ROR]VL%pOD 627(%S .ROR]VL%pOD$ILDWDONRULGURJYLVV]DpOpVpVWR[LNRPiQLD IUDQFLDRUV]iJLNXWDWiVD 7iUVDGDOPLEHLOOHV]NHGpVL]DYDURNNRPSOH[HOHP]pVH² WDQXOPiQN|WHW7iMpNR]WDWyEXOOHWLQDXJ .ROR]VL%pOD$GURJPHJHO ]pVWiUVDGDOPLpVHJpV]VpJJL YHWOHWHL (JpV]VpJQHYHOpV .ROR]VL%pOD$N|]YpOHPpQHJHVVHJtW KLYDWiVRN LOOHWpNHVVpJpU OpVDGURJSUREOpPiNPHJHO ]pVpWLOOHW NRPSHWHQFLiMiUyO
2UYRVLV]RFLROyJLDWDQXOPiQRN V]HUN.ROR]VL%pOD 627(%S .ROR]VL%pODURJDE~]XVpV$,61HP]HWN|]LNXWDWiVL HUHGPpQHNNULWLNDLHOHP]pVH 2UYRVV]RFLROyJLDLWDQXOPiQRN,,N|WHW V]HUN.ROR]VL%pOD 627(%S .ROR]VL%pOD$]|QNiURVtWyGHYLiQVYLVHONHGpVIRUPiNRNDLUyO HYLDQFLiN0DJDURUV]iJRQ V]HUN0QQLFK,YiQ²0RNVRQ )HUHQF .|]pOHWLDGy%S .RPiURPLeYD0HJV]DEDGXOQLDGURJWyOpVYDJOLEHUDOL]iOQL D]RNDW"%HV]iPROyD](5,7,,NRQIHUHQFLiMiUyO 6]HQYHGpOEHWHJVpJHN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 .RYiFV*XOD$]HOLWJHUHNHNNiEtWyV]HUIRJDV]WiViQDN YL]VJiODWDpOHWXWDNRQNHUHV]WO ) LVNRODL)LJHO 3OXV] .RYiFV/iV]Oy$QWDOÉUSiGROR]VYiULN|]pSLVNROiVRNGURJpV DONRKROIRJDV]WiVLV]RNiVDL 6]HQYHGpOEHWHJVpJHN /iQJK-~OLD$I U O eOHWpV,URGDORP
/HVNy/iV]Oy$GRSSLQJDYDJDVSRUWYHV]HGHOPH %HYH]HWpVDVSRUWV]RFLROyJLiED6]|YHJJ MWHPpQ,,N|WHW 0LVNROFL(JHWHP.|QYNLDGyMD0LVNROF 0DMRURV0iUWD)HUHQF]L/iV]OyQp.RPSOH[I YiURVL QHYHO RWWKRQLYL]VJiODW=iUyWDQXOPiQ %XGDSHVWL.|]HJpV]VpJJ 0HOHJ&VLOOD6]HPOpOHWYiOWR]iVDN|]RNWDWiVEDQ$OHONL HJpV]VpJKH]PLQGHQNLQHNMRJDYDQ ,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ U0pWQHNL-iQRV$ONRKROIRJDV]WiVpVDONRKROL]PXV 0HGLFLQD.LDGy%S 0QQLFK,VWYiQ²1pPHWK=VROW$E Q|]pVOHQRPDWDDPDJDU VDMWyEDQ*RQGRODWRNDVDMWyWHUPpNHNpVD]DQWLV]RFLDOLWiV NDSFVRODWiUyO 9DOyViJ 1DGHOPDQQ(WKRQ$-y]DQGURJSROLWLND (VpO 1DJ*iERU²3LQWpU0DWLOGURJRNpVJyJV]HUHN ,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ 1DJ=VRPERUHYLDQFLiN0DJDURUV]iJRQ 9DOyViJ 1pPHWK=VROW$PDJDUUHQG UVpJOHKHWVpJHVVWUDWpJLiMDD NiEtWyV]HUE
Q|]pVHOOHQ .ULPLQROyJLDL7DQXOPiQRN 1pPHWK=VROW$NiEtWyV]HUJUHQG ULV]HPPHO .DSX )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 1pPHWK6]LOiJL6iWpU$NiEtWyV]HUIJJ VpJNLDODNXOiVDpVD PHJHO ]pV ÔMKRQYpGVpJL6]HPOH 2OiK0LNOyV)LDWDONRU~DNpVDGURJ &RPLWDWXVgQNRUPiQ]DWL6]HPOH 2SSHOW-y]VHIQpURJIJJ VpJ²DIUDQFLDSUHYHQFLyVPRGHOO ÔM3HGDJyJLDL6]HPOH 2SULFV-XGLW3DNVL%RUEiOD)LDWDORNDGURJUyO (GXFDWLR 2UOD,EROD&VHUHV-XGLW$$$PDJDUUHQG UVpJ iOWDOiQRVLVNRODLGURJPHJHO ]pVLSURJUDPMD ,VNRODNXOW~UD7HUPpV]HWWXGRPiQ7iUVDGDORPWXGRPiQ 3DNVL%RUEiOD$GURJIRJDV]WiVUyODGURJIRJDV]WyNUyO NLDODNXOWNLDODNtWRWWVpPiN$W|PHJNRPPXQLNiFLypVD N|]YpOHPpQLPi]VDDGURJIRJDV]WiVUyOLJ 6]HQYHGpOEHWHJVpJHN 3DSS.ULV]WLQDgQV]HUYH]
GpVHNDKiWUiQRVKHO]HW ILDWDORN PHJVHJtWpVpUH 6]RFLiOLV0XQND U3DWDNL.OiUD6]HQYHGpOHLQN =VLUiI.IW 3HOOH$QGUHD$GURJIRJDV]WiVEQWHW MRJLN|YHWNH]PpQHL %HOJL6]HPOH 3HOOH$QGUHDURJUHQG eOHWpV,URGDORP 3pWHUÉUSiG3pWHU(QGUH$]$ONRKROL]PXVpVURJIJJ VpJ 1HP]HWN|]L.RQIHUHQFLD 6]HQYHGpOEHWHJVpJHN 3HWULQ/iV]OyURJV]tQSDG.LW|UpVDSRNROEyODYDJDJyJXOiV ~WMiQ (JpV]VpJQHYHOpV 3LNy%HWWLQD.|]pSLVNROiVRNUL]LNyPDJDWDUWiVDDWiUVDV WiPRJDWiVN|UpEHQ 6]HQYHGpOEHWHJVpJHN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 3LNy%HWWLQD$UL]LNyPDJDWDUWiVpVDWiUVDVWiPRJDWRWWViJHJHV |VV]HIJJpVHLQHNYL]VJiODWD (JpV]VpJQHYHOpV 3XSRUND/DMRV-yWEHV]pOJHWWQNÅ$GLV]NULPLQiFLy HOIRJDGKDWDWODQPDJDWDUWiVIRUPDµ0LFKDHO6LPPRQVD] DPHULNDLIHNHWHSROJiUMRJLPR]JDORPKHO]HWpU O
3KUDOLSH,URGDOPLpVN|]pOHWLIROyLUDW 5iF]-y]VHI$GURJIRJDV]WyPDJDWDUWiV 0HGLFLQD.LDGy%S 5iF]-y]VHI6]RFLiOLVPXQNDDGURJIRJDV]WyNN|UpEHQ 6]RFLiOLVPXQNDpVHJpV]VpJJLWDQXOPiQRN V]HUN&VDWy =VX]VD 6]RFLiOLV0XQNiVRN0DJDURUV]iJL(JHVOHWH %S 5iF]-y]VHI²+RHU0iULD)LDWDONRULGHYLDQFLiNpVNRUWiUV FVRSRUWRN(WQRJUiILDLYL]VJiODWD-HUHYiQODNyWHOHSHQ (VpO 5iF]-y]VHI$]|OGN|QY$]DQJROGURJSROLWLNDVWUDWpJLDL NpUGpVHL 6]HQYHGpOEHWHJVpJHN 5iF]-y]VHIURJWUpQLQJSHGDJyJXVRNQDN .|]QHYHOpV 5iF]-y]VHIURJSUREOpPiN6HUGO NQHN /HONLHJpV]VpJI]HWHN%S 5iF]-y]VHIURJSUREOpPiN7DQiURNQDN /HONLHJpV]VpJI]HWHN%S 5iF]-y]VHIURJSUREOpPiN6]O NQHN /HONLHJpV]VpJI]HWHN%S 5iF]-y]VHI6HPPLWWHYpV/DNyWHOHSpVV]HJpQQHJHGPHQWDOLWiV 6]RFLROyJLDL6]HPOH 5iF]-y]VHI6]DEy*DEULHOOD3HGDJyJXVRNV]HUHS]DYDUDLD
GURJSUREOpPiNLVNRODLNH]HOpVpEHQ3HGDJyJXVGURJWUpQLQJJHO V]HU]HWWWDSDV]WDODWDL ÔM3HGDJyJLDL6]HPOH 5iF]-y]VHI$PDJDURUV]iJLN|]pSLVNROiVRNDONRKROpV GURJIRJDV]WiVD 6]HQYHGpOEHWHJVpJHN )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 6DVV(U]VpEHW$PDJDURUV]iJLGURJPHJHO ]pVLUiQ]DWD $URJPHJHO ]pV0yGV]HUWDQL.|]SRQWpV$PEXODQFLD pYLpYN|QYH$]DGGLNWtYNyUNpSHNPHJHO ]pVHpVJyJ WiVD 1pSMyOpWL0LQLV]WpULXP%S 6FKWWOHU7DPiV$SHGDJyJXVRNPHQWiOKLJLpQpVLVPHUHWHLpV DWWLW GMHLHJNpUG tYHVYL]VJiODWWNUpEHQ ÔM3HGDJyJLDL6]HPOH 6HUHV,OGLNyURJKiERU~YDJQRUPDOL]iOiV" (VpO 6ROPV:6WHLQEUHFKHU:$JyJV]HUHNNHOGURJRNNDO pOYH]HWLFLNNHNNHOYDOyYLVV]DpOpVpVIJJ VpJiOWDOiQRV SUREOpPiL9LVHONHGpV"%HWHJVpJ"7iUVDGDOPLSUREOpPD" 6]HPHOYpQHND]DONRKROyJLDV]DNLURGDOPiEyO
V]HUN%XGD%pOD%RQWD0LKiO 0HGLFLQD.|QYNLDGy%S U6] FVU0iWiVVU0DUyWL.iEtWyV]HU·ULWLNDL pV]UHYpWHOHNDGURJEHWHJHNIpOpYHV~Q|QNpQWHV JyJNH]HOpVpU O 1pSHJpV]VpJJ 7ROQDL.iOPiQiEXODW $WKHQDHXP%S 7UHPNy0DULDQQURJEHWHJHNV]O FVRSRUWMiQDNV]HUHSHD PHJHO ]pVEHQ 9pJHNHQ 7ULQJHU/iV]Oy% QFVHOHNPpQHDNiEtWyV]HUIRJDV]WiV 0DJDU1HP]HW 9DMQD7DPiV(]WLOWYDD]W UYHURJPiPRUDONRKROPiPRU +9* 9DMQD7DPiVURJSLDFLN|UVpWD.iEtWMiNDPDJXNHPEHUpW +9*IHEUXiU 9DUJD,PUH(UV]LNKWRQYLVV]DWpU" )RUUiV 9LQJHQGHU,VWYiQ.|]|VVpJpVGURJIRJDV]WiV 6]HQYHGpOEHWHJVpJHN9, )$&7,17e=(7²:::6)$&7&20 .É%Ì7Ð6=(5)2*<$6=7É6$.g=e3,62/É62g5e%(1 9LQJHQGHU,VWYiQ.|]|VVpJpVGURJIRJDV]WiV$WDUWyV N|]|VVpJHNKDWiVDD]LVNROiVNRU~ILDWDORNGURJIRJDV]Wy PDJDWDUWiViUD 6]HQYHGpOEHWHJVpJHN
:iJQHU)HUHQF$GURJIRJDV]WyPDJDWDUWiVNLDODNXOiViQDN V]HPpOLVpJIJJ WpQH] L 7HVWQHYHOpVpV6SRUWWXGRPiQ :iJQHU)HUHQF0DULKXiQDpVKDVLV 7HVWQHYHOpVpV6SRUWWXGRPiQ :iJQHU)HUHQFURJYL]VJiODWRNVHUGO NRU~ILDWDORNN|UpEHQ 7HVWQHYHOpVpV6SRUWWXGRPiQ =LOFKL/iV]Oy$QpSySLXPD eOHWpV,URGDORP 9LWDD]iUWDORPFV|NNHQpVU O 6]HQYHGpOEHWHJVpJHN 6]HUWHOHQRUV]iJ0DJDUGURJVWUDWpJLD .HUHNDV]WDOEHV]pOJHWpV)LOPYLOiJ $3XEOLF+HDOWK$SSURDFKWR0LWLJDWLQJWKH1HJDWLYH &RQVHTXHQFHVRI,OOLFLWUXJ$EXVH1DWLRQDO$VVRFLDWLRQIRU 3XEOLF+HDOWK3ROLF -RXUQDORI3XEOLF+HDOWK3ROLF9RO $QQXDOUHSRUWRQWKHVWDWHRIWKHGUXJVSUREOHPLQWKH(XURSHDQ 8QLRQ (XURSHDQ0RQLWRULQJ&HQWUHIRUUXJVDQGUXJV$GGLFWLRQ 1HP]HWLVWUDWpJLDDNiEtWyV]HUSUREOpPDYLVV]DV]RUtWiViUD$ NRUPiQNiEtWyV]HUHOOHQHVVWUDWpJLiMiQDNNRQFHSFLRQiOLV DODSMDL
,IM~ViJLpV6SRUWPLQLV]WpULXP%S /iMI6]WiMOeOHWVWtOXV0DJD]LQ²KWWSZZZODMIV]WDMOKX )$&7,17e=(7²:::6)$&7&20