Utvidgning av reglerna om framskjuten beskattning vid vissa andelsbyten
5HJHULQJHQVSURSRVLWLRQ
8WYLGJQLQJDYUHJOHUQDRPIUDPVNMXWHQEHVNDWWQLQJ 3URS YLGYLVVDDQGHOVE\WHQ
5HJHULQJHQ|YHUOlPQDUGHQQDSURSRVLWLRQWLOOULNVGDJHQ
6WRFNKROPGHQQRYHPEHU
*|UDQ3HUVVRQ
%RVVH5LQJKROP )LQDQVGHSDUWHPHQWHW
3URSRVLWLRQHQVKXYXGVDNOLJDLQQHKnOO
, SURSRVLWLRQHQ I|UHVOnV DWW EHVWlPPHOVHUQD I|U I\VLVND SHUVRQHU RP IUDPVNMXWHQ EHVNDWWQLQJ YLG YLVVD DQGHOVE\WHQ XWYLGJDV WLOO DWW lYHQ RPIDWWD DQGHODU VRP LQWH lU PDUNQDGVQRWHUDGH VDPW E\WHQ DY NYDOLILFHUDGHDQGHODURFKDQGHODUVRPEOLUNYDOLILFHUDGHKRVVlOMDUHQ 'H Q\D UHJOHUQD I|UHVOnV WUlGD L NUDIW GHQ MDQXDUL RFK VNDOO WLOOlPSDV Sn DQGHOVE\WHQ VRP VNHU HIWHU GHQ GHFHPEHU 8QGHU YLVVD I|UXWVlWWQLQJDU VNDOO UHJOHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ Sn GHQ VNDWWVN\OGLJHV EHJlUDQ In WLOOlPSDV UHWURDNWLYW Sn XSSVNRYVEHORSS VRP I|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU bYHQ GHQ VRP I|UH LNUDIWWUlGDQGHW JMRUW HWW E\WH DY DQGHODU PHQ VRP Gn LQWH EHJlUGH XSSVNRY PHG EHVNDWWQLQJHQ I|UHVOnV L YLVVD IDOO NXQQD EHJlUD DWW UHJOHUQD RP IUDPVNMXWHQEHVNDWWQLQJVNDOOWLOOlPSDVUHWURDNWLYW
3URS
,QQHKnOOVI|UWHFNQLQJ
)|UVODJWLOOULNVGDJVEHVOXW /DJWH[W )|UVODJWLOOODJRPlQGULQJLLQNRPVWVNDWWHODJHQ
)|UVODJWLOOODJRPlQGULQJLODJHQRP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU bUHQGHWRFKGHVVEHUHGQLQJ %DNJUXQGRFKJlOODQGHUlWW $OOPlQW %HVWlPPHOVHUQDRPEHVNDWWQLQJDYDNWLYDGHOlJDUHL InPDQVI|UHWDJ /lWWQDGVUHJOHUQD /DJVWLIWQLQJHQYLGDQGHOVE\WHQ %HVWlPPHOVHUQDRPXSSVNRYVJUXQGDQGHDQGHOVE\WHQ %HVWlPPHOVHUQDRPIUDPVNMXWHQEHVNDWWQLQJYLG DQGHOVE\WHQ .YLWWQLQJVP|MOLJKHWHU (WWUlNQHH[HPSHO gYHUYlJDQGHQRFKI|UVODJ ,QOHGQLQJ 6NDWWHUHJOHUQDVXWIRUPQLQJ ,NUDIWWUlGDQGHRFK|YHUJnQJVEHVWlPPHOVHU .RQVHNYHQVDQDO\V (IIHNWHUI|UGHRIIHQWOLJDILQDQVHUQD )UDPVNMXWHQEHVNDWWQLQJYLGI\VLVNDSHUVRQHUVDQGHOV E\WHQPHGRQRWHUDGHDQGHODURFKNYDOLILFHUDGHDQGHODU $GPLQLVWUDWLYDNRVWQDGHUI|UVNDWWHI|UYDOWQLQJHQ )|UIDWWQLQJVNRPPHQWDU )|UVODJHWWLOOODJRPlQGULQJLLQNRPVWVNDWWHODJHQ
)|UVODJHWWLOOODJRPlQGULQJLODJHQRP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU %LODJD 7DEHOOHUPHGEHUlNQLQJVH[HPSHO %LODJD3URPHPRULDQVODJI|UVODJ %LODJD)|UWHFNQLQJ|YHUUHPLVVLQVWDQVHUVRP\WWUDWVLJ|YHU SURPHPRULDQ'HVNUHJOHUQDRFKUHJOHUQDRP DQGHOVE\WHQ %LODJD/DJUnGVUHPLVVHQVODJI|UVODJ %LODJD/DJUnGHWV\WWUDQGH 8WGUDJXUSURWRNROOYLGUHJHULQJVVDPPDQWUlGHGHQQRYHPEHU
)|UVODJWLOOULNVGDJVEHVOXW
3URS
5HJHULQJHQI|UHVOnUDWWULNVGDJHQDQWDUUHJHULQJHQVI|UVODJWLOO ODJRPlQGULQJLLQNRPVWVNDWWHODJHQ ODJ RP lQGULQJ L ODJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU
3URS
/DJWH[W
5HJHULQJHQKDUI|OMDQGHI|UVODJWLOOODJWH[W
)|UVODJWLOOODJRPlQGULQJLLQNRPVWVNDWWHODJHQ
+lULJHQRPI|UHVNULYVLIUnJDRPLQNRPVWVNDWWHODJHQ GHOV DWWNDSNDSRFKVNDOOXSSK|UDDWW JlOOD GHOV DWWUXEULNHUQDQlUPDVWI|UHNDSNDSRFK VNDOOXWJn GHOV DWWNDSRFKNDSNDSDNDS RFK±NDSRFKNDS RFKNDSRFKVDPWUXEULNHUQDQlUPDVWI|UHNDS RFKNDSVNDOOKDI|OMDQGHO\GHOVH GHOV DWWGHWLODJHQVNDOOLQI|UDVnWWDQ\DSDUDJUDIHUDNDSDD D RFK ± VDPW QlUPDVW I|UH D NDS D D RFK ± Q\DUXEULNHUDYI|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
NDS 2PGHW|YHUWDJDQGHI|UHWDJHWlU 2PGHW|YHUWDJDQGHI|UHWDJHWlU HWWInPDQVI|UHWDJYLGXWJnQJHQDY HWWInPDQVI|UHWDJYLGXWJnQJHQDY GHW EHVNDWWQLQJVnU Gn IXVLRQHQ GHW EHVNDWWQLQJVnU Gn IXVLRQHQ HOOHUILVVLRQHQJHQRPI|UVHOOHURP HOOHUILVVLRQHQJHQRPI|UVHOOHURP GHW |YHUOnWDQGH I|UHWDJHW YDU HWW GHW |YHUOnWDQGH I|UHWDJHW YDU HWW InPDQVI|UHWDJ YLG LQJnQJHQ DY InPDQVI|UHWDJ YLG LQJnQJHQ DY EHVNDWWQLQJVnUHW I|UH GHW VLVWD EHVNDWWQLQJVnUHW I|UH GHW VLVWD EHVNDWWQLQJVnUHW JlOOHU L EHVNDWWQLQJVnUHW JlOOHU L IUnJD RP UlWW WLOO DYGUDJ I|U IUnJD RP UlWW WLOO DYGUDJ I|U NYDUVWnHQGH NDSLWDOI|UOXVW Sn NYDUVWnHQGH NDSLWDOI|UOXVW Sn GHOlJDUUlWWHU HQOLJW NDS GHOlJDUUlWWHU HQOLJW NDS I|UVWD VW\FNHW EDUD RP GHW EDUDRPGHW|YHUWDJDQGHI|UHWDJHW |YHUWDJDQGHI|UHWDJHWlJGHPHUlQ lJGH PHU lQ SURFHQW DY SURFHQW DY DQGHODUQD L GHW DQGHODUQD L GHW |YHUOnWDQGH |YHUOnWDQGH I|UHWDJHW YLG GHQ I|UHWDJHW YLG GHQ VLVWQlPQGD VLVWQlPQGDWLGSXQNWHQ WLGSXQNWHQ
9LG HQ ILVVLRQ VNDOO 9LG HQ ILVVLRQ VNDOO
6HQDVWHO\GHOVHDY NDS NDS UXEULNHQQlUPDVWI|UHNDS
SHULRGLVHULQJVIRQGHU HUVlWWQLQJV SHULRGLVHULQJVIRQGHU HUVlWWQLQJV 3URS IRQGHU UlWW WLOO DYGUDJ I|U IRQGHU UlWW WLOO DYGUDJ I|U XQGHUVNRWW HQOLJW NDS RFK UlWW XQGHUVNRWW HQOLJW NDS RFK UlWW WLOO DYGUDJ I|U NYDUVWnHQGH WLOO DYGUDJ I|U NYDUVWnHQGH NDSLWDOI|UOXVW HQOLJW NDS NDSLWDOI|UOXVW HQOLJW NDS I|UVWD VW\FNHW I|UGHODV Sn GH I|UGHODV Sn GH |YHUWDJDQGH |YHUWDJDQGH I|UHWDJHQ L I|UHWDJHQ L I|UKnOODQGH WLOO GHW I|UKnOODQGHWLOOGHWQHWWRYlUGHVRP QHWWRYlUGHVRPI|UV|YHUWLOOYDUMH I|UV|YHUWLOOYDUMHI|UHWDJ I|UHWDJ 0HGQHWWRYlUGHDYVHVKlUVNLOOQDGHQPHOODQGHVNDWWHPlVVLJDYlUGHQD Sn WLOOJnQJDUQD RFK GH YlUGHQ Sn VNXOGHU RFK DQGUD I|USOLNWHOVHU VRP JlOOHUYLGEHVNDWWQLQJHQ
NDS 'HWN|SDQGHI|UHWDJHWInULQWHWD 'HWN|SDQGHI|UHWDJHWInULQWHWD |YHUUlWWWLOODYGUDJI|UXQGHUVNRWW |YHUUlWWWLOODYGUDJI|UXQGHUVNRWW HQOLJWNDSHOOHUUlWWWLOODYGUDJ HQOLJWNDSHOOHUUlWWWLOODYGUDJ I|UNYDUVWnHQGHNDSLWDOI|UOXVWHUSn I|UNYDUVWnHQGHNDSLWDOI|UOXVWHUSn GHOlJDUUlWWHU HQOLJW NDS GHOlJDUUlWWHUHQOLJWNDS I|UVWDVW\FNHW
NDS 9LG EHUlNQLQJHQ DY RPNRVWQDGVEHORSSHW VNDOO GHW JHQRPVQLWWOLJD RPNRVWQDGVEHORSSHW I|U VDPWOLJD GHOlJDUUlWWHU HOOHU IRUGULQJVUlWWHU DY VDPPD VODJ RFK VRUW VRP GHQ DY\WWUDGH DQYlQGDV 'HW JHQRPVQLWWOLJD RPNRVWQDGVEHORSSHW VNDOO EHUlNQDV PHG KlQV\Q WLOO LQWUlIIDGH I|UlQGULQJDULLQQHKDYHW 2PHQDQGHOLHQYlUGHSDSSHUVIRQGlUI|UYDOWDUUHJLVWUHUDGHQOLJWD ODJHQ RP YlUGHSDSSHUVIRQGHU VNDOO YLG WLOOlPSQLQJ DY JHQRPVQLWWVPHWRGHQ HQOLJW I|UVWD VW\FNHW ERUWVHV IUnQ DQGUD DQGHODU L VDPPD IRQG VRP lU UHJLVWUHUDGH L DQQDQ I|UYDOWDUHV HOOHU DQGHOVLQQHKDYDUHQVHJHWQDPQ , NDS ILQQV YDG JlOOHU , DNDS RFK NDS XSSVNRYVJUXQGDQGH DQGHOVE\WHQ ILQQV\WWHUOLJDUH WYn XQGDQWDJ HWW \WWHUOLJDUH XQGDQWDJ IUnQ IUnQEHVWlPPHOVHQLI|UVWDVW\FNHW EHVWlPPHOVHQLI|UVWDVW\FNHW VRP JlOOHU DQGHOVE\WHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ RFK XSSVNRYVJUXQGDQGHDQGHOVE\WHQ
DNDS , GHWWD NDSLWHO ILQQV , GHWWD NDSLWHO ILQQV EHVWlPPHOVHUI|U I\VLVNDSHUVRQHU EHVWlPPHOVHUI|U I\VLVNDSHUVRQHU RP IUDPVNMXWHQ EHVNDWWQLQJ YLG RP IUDPVNMXWHQ EHVNDWWQLQJ YLG DQGHOVE\WHQ DQGHOVE\WHQ 2P GHQ DY\WWUDGH DQGHOHQ YDU HQ ODJHUWLOOJnQJ
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
JlOOHU GRFN EHVWlPPHOVHUQD L 3URS NDS
0HG DQGHOVE\WH DYVHVHWWI|UIDUDQGHVRPXSSI\OOHUYLOONRUHQL± VDPWI|OMDQGHI|UXWVlWWQLQJDU (Q I\VLVN SHUVRQ VlOMDUHQ VNDOO DY\WWUD HQ DQGHO GHQ DY\WWUDGH DQGHOHQ LHWWI|UHWDJ GHWDY\WWUDGHI|UHWDJHW WLOOHWWDQQDWI|UHWDJ GHW N|SDQGHI|UHWDJHW (UVlWWQLQJHQ VNDOO YDUD PDUNQDGVPlVVLJ RFK OlPQDV L IRUP DY DQGHODULGHWN|SDQGHI|UHWDJHW PRWWDJQDDQGHODU (UVlWWQLQJHQInUWLOO HQ GHO OlPQDV L SHQJDU GRFN K|JVW PHG WLR SURFHQW DY GH PRWWDJQD DQGHODUQDV QRPLQHOOD YlUGH 2P GHW VDNQDV QRPLQHOOW YlUGH Sn GH PRWWDJQD DQGHODUQD VNDOO GHQ K|JVWD HUVlWWQLQJHQ L SHQJDU L VWlOOHW EHUlNQDV Sn GHQ GHO DY GHW LQEHWDOGD NDSLWDOHW VRP EHO|SHU VLJ Sn DQGHODUQD 'HQ DY\WWUDGH DQGHOHQ VNDOO YDUD PDUNQDGVQRWHUDG YLG WLGSXQNWHQ I|U HUEMXGDQGHW RP E\WH RFK YDUNHQ GHQ HOOHU GHQ PRWWDJQD DQGHOHQ InU YDUD HQ NYDOLILFHUDGDQGHO
D %HVWlPPHOVHUQD L GHWWD NDSLWHO VNDOOLQWHWLOOlPSDVRPDY\WWULQJHQ DYVHU HQ VNDOERODJVDQGHO RFK NDSLWDOYLQVWHQ YLG DY\WWULQJHQ HQOLJW D NDS VNDOO WDV XSS L LQNRPVWVODJHWQlULQJVYHUNVDPKHW
9HUNVDPKHWVYLOONRU QlU GHQ DY\WWUDGHDQGHOHQlUNYDOLILFHUDG
D 2PGHWlUHQNYDOLILFHUDGDQGHO VRP DY\WWUDV RFK VlOMDUHQ RPHGHOEDUW HIWHU DY\WWULQJHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGH GLUHNW HOOHU LQGLUHNW lJHU DQGHODU L GHW N|SDQGH I|UHWDJHWPHGPLQVWSURFHQWDY U|VWHWDOHW I|U VDPWOLJD DQGHODU L I|UHWDJHW VNDOO GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO KXYXGVDNOLJ GHO EHVWn DY U|UHOVH HOOHU GLUHNW HOOHU LQGLUHNW LQQHKDY DYDQGHODULGRWWHUI|UHWDJVRPWLOO KXYXGVDNOLJGHOEHGULYHUU|UHOVH
6HQDVWHO\GHOVH
6RP U|UHOVH DQVHV L GHQQD 3URS SDUDJUDI LQWH VnGDQW LQQHKDY DY NRQWDQWDPHGHOYlUGHSDSSHUHOOHU OLNQDQGH VRP DYVHV L NDS DQGUD PHQLQJHQ 0HG GRWWHU I|UHWDJDYVHVLGHQQDSDUDJUDIHWW I|UHWDJ L YLONHW GHW N|SDQGH I|UHWDJHW GLUHNW HOOHU LQGLUHNW lJHU DQGHODU PHG PHU lQ SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODULI|UHWDJHW
'HW DY\WWUDGH I|UHWDJHW VNDOO 'HW DY\WWUDGH I|UHWDJHW VNDOO YDUDHQVnGDQMXULGLVNSHUVRQVRP YDUDHQVnGDQMXULGLVNSHUVRQVRP DQJHVL DQJHV L HOOHU HQ VYHQVN HNRQRPLVNI|UHQLQJ
%HUlNQLQJDYNDSLWDOEHORSSHWRFK WMlQVWHEHORSSHW
D 2P GHQ DY\WWUDGH DQGHOHQ YDU HQ NYDOLILFHUDG DQGHO VNDOO GHW J|UDV HQ EHUlNQLQJ DY GH EHORSS VRP VNXOOH KD WDJLWV XSS L LQNRPVWVODJHW NDSLWDO NDSLWDO EHORSSHW RFK L LQNRPVWVODJHW WMlQVW WMlQVWHEHORSSHW RP EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJLQWHYDULWWLOOlPSOLJD
+XYXGUHJOHU
(UVlWWQLQJLSHQJDUVNDOOWDVXSS (UVlWWQLQJLSHQJDUVNDOOWDVXSS VRP NDSLWDOYLQVW GHW EHVNDWWQLQJV VRP NDSLWDOYLQVW GHW EHVNDWWQLQJV nUGnDQGHOVE\WHWVNHU nUGnDQGHOVE\WHWVNHU 2P GHQ DY\WWUDGH DQGHOHQ YDU HQ NYDOLILFHUDG DQGHO WDV HUVlWWQLQJHQ XSS L LQNRPVWVODJHW NDSLWDO L GHQ XWVWUlFNQLQJ HUVlWWQLQJHQ U\PV LQRP NDSLWDO EHORSSHW gYHUVNMXWDQGH GHO DY HUVlWWQLQJHQ L SHQJDU WDV XSS L LQNRPVWVODJHWWMlQVW
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
3URS 'HQ PRWWDJQD DQGHOHQ VNDOO 0RWWDJQD DQGHODU VNDOO DQVHV DQVHV I|UYlUYDG I|U HQ HUVlWWQLQJ I|UYlUYDGH I|U HQ HUVlWWQLQJ VRP VRP PRWVYDUDU GHW RPNRVWQDGV PRWVYDUDU GHW RPNRVWQDGVEHORSS EHORSS VRP JlOOGH I|U GHQ VRP JlOOGH I|U GHQ DY\WWUDGH DY\WWUDGHDQGHOHQ DQGHOHQ +DU GHQ DY\WWUDGH DQGHOHQ I|UYlUYDWV JHQRP HWW DQGHOVE\WH RFK KDU XSSVNRY HUKnOOLWV PHG NDSLWDOYLQVWHQ HQOLJW NDS YLG GHW DQGHOVE\WHW DQVHV GHQ DY\WWUDGH DQGHOHQ I|UYlUYDG I|U GHWPDUNQDGVYlUGHVRPJlOOGHI|U DQGHOHQ YLG GHW DQGHOVE\WHW $WW XSSVNRYVEHORSSHW VNDOO WDV XSS VRP LQWlNW Gn lJDQGHUlWWHQ WLOO DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHU DQGHOHQ XSSK|U DWW H[LVWHUD IUDPJnUDYNDS
9LOONRUHQ I|U IUDPVNMXWHQ EHVNDWWQLQJ lU LQWH OlQJUH XSSI\OOGD
2PHQI\VLVNSHUVRQLQWHOlQJUH 2PHQI\VLVNSHUVRQLQWHOlQJUH XSSI\OOHU YLOONRUHW L RP DWW XSSI\OOHU YLOONRUHW L RP DWW YDUD ERVDWW L 6YHULJH HOOHU YDUD ERVDWW L 6YHULJH HOOHU VWDGLJYDUDQGH YLVWDV KlU VNDOO VWDGLJYDUDQGH YLVWDV KlU VNDOO NDSLWDOYLQVWHQ VRP XSSNRP YLG NDSLWDOYLQVWHQ VRP XSSNRP YLG DQGHOVE\WHWWDVXSSVRPLQWlNW 9LG DQGHOVE\WHWWDVXSSVRPLQWlNW EHUlNQLQJHQ DY NDSLWDOYLQVWHQ VNDOO VRP HUVlWWQLQJ I|U GHQ DY\WWUDGHDQGHOHQLQWHUlNQDVPHG VnGDQ HUVlWWQLQJ L SHQJDU VRP WDJLWV XSS VRP NDSLWDOYLQVW HQOLJW
2P GHQ DY\WWUDGH DQGHOHQ YDU HQNYDOLILFHUDGDQGHORFKYLOONRUHW HQOLJWDJlOOGHI|UGHWN|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW VNDOO NDSLWDOYLQVWHQ VRP XSSNRP YLGDQGHOVE\WHWWDVXSSVRPLQWlNW RP YLOONRUHW LQWH OlQJUH lU XSSI\OOW 'HWWD JlOOHU L IUnJD RP I|UlQGULQJDU L GHW N|SDQGH
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO 3URS RFK PHG WMXJRQGH nUHW HIWHU nUHW I|UDQGHOVE\WHW )|UVWD VW\FNHW JlOOHU GRFN EDUD RP VlOMDUHQ HQVDP HOOHU WLOO VDPPDQV PHG QlUVWnHQGH RFNVn YLGWLGSXQNWHQI|UI|UlQGULQJHQDY QlULQJVYHUNVDPKHWHQ GLUHNW HOOHU LQGLUHNW lJHU DQGHODU L GHW N|SDQGH I|UHWDJHW PHG PLQVW SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODULI|UHWDJHW
, NDSLWDOYLQVW VRP DYVHV L HOOHUVNDOOLQWHUlNQDVPHG VnGDQ HUVlWWQLQJ L SHQJDU VRP WDJLWV XSS VRP NDSLWDOYLQVW HQOLJW 2PHQNDSLWDOYLQVWWDJLWVXSS HQOLJW Sn JUXQG DY DWW YHUNVDPKHWVYLOONRUHWLQWHOlQJUHlU XSSI\OOW VNDOO VRP DQVNDIIQLQJV XWJLIW I|U GHQ PRWWDJQD DQGHOHQ lYHQ UlNQDV PHG HWW EHORSS VRP PRWVYDUDU GHQ NDSLWDOYLQVW VRP WDJLWVXSS
bJDQGHUlWWV|YHUJnQJ JHQRP JnYD HOOHUWHVWDPHQWH
gYHUJnU lJDQGHUlWWHQ WLOO HQ PRWWDJHQ DQGHO VRP lU NYDOLILFHUDG HQOLJW NDS DQGUD VW\FNHW JHQRP JnYD HOOHU WHVWDPHQWH WLOO HQ MXULGLVN SHUVRQ HOOHU HWW VYHQVNW KDQGHOVERODJ VNDOODQGHOHQDQVHVDY\WWUDGI|UHQ HUVlWWQLQJ VRP PRWVYDUDU PDUNQDGVYlUGHW
gYULJDEHVWlPPHOVHU
7XURUGQLQJ YLG DY\WWULQJ PP DY DQGHODULGHWN|SDQGHI|UHWDJHW
2P VlOMDUHQ lJHU DQGHODU DY VDPPD VODJ RFK VRUW VRP GHQ PRWWDJQD DQGHOHQ YLG WLGSXQNWHQ I|U DQGHOVE\WHW JDPOD DQGHODU
HOOHU I|UYlUYDU VnGDQD DQGHODU 3URS HIWHU DQGHOVE\WHW Q\D DQGHODU VNDOO DY\WWULQJDU DQVHV VNH L I|OMDQGHRUGQLQJ JDPODDQGHODU PRWWDJQDDQGHODU Q\DDQGHODU %HVWlPPHOVHUQD L I|UVWD VW\FNHW WLOOlPSDVSnPRWVYDUDQGHVlWWQlU lJDQGHUlWWHQ |YHUJnU WLOO QnJRQ DQQDQ Sn DQQDW VlWW lQ JHQRP DY\WWULQJ
*HQRPVQLWWVPHWRGHQ
2P PRWWDJQD DQGHODU LQWH lU PDUNQDGVQRWHUDGH HOOHU lU NYDOLILFHUDGH HQOLJW NDS DQGUD VW\FNHW VNDOO GH YLG WLOOlPSQLQJ DY JHQRPVQLWWV PHWRGHQ L NDS LQWH DQVHV YDUDDYVDPPDVODJRFKVRUWVRP DQGUD DQGHODU L GHW N|SDQGH I|UHWDJHWVRPLQQHKDVDYVlOMDUHQ
NDS , GHWWD NDSLWHO ILQQV , GHWWD NDSLWHO ILQQV EHVWlPPHOVHU RP XSSVNRY PHG EHVWlPPHOVHU I|U MXULGLVND EHVNDWWQLQJHQ YLG XSSVNRYV SHUVRQHU RFK GHOlJDUH L VYHQVND JUXQGDQGHDQGHOVE\WHQ KDQGHOVERODJ RP XSSVNRY PHG EHVNDWWQLQJHQ YLG XSSVNRYV JUXQGDQGHDQGHOVE\WHQ , LQNRPVWVODJHW QlULQJV , LQNRPVWVODJHW QlULQJV YHUNVDPKHWJlOOHUEHVWlPPHOVHUQD YHUNVDPKHWJlOOHUEHVWlPPHOVHUQD LQWH EDUD I|U DQGHODU VRP lU LQWH EDUD I|U DQGHODU VRP lU NDSLWDOWLOOJnQJDU XWDQ RFNVn I|U NDSLWDOWLOOJnQJDU XWDQ RFNVn I|U DQGHODUVRPlUODJHUWLOOJnQJDU DQGHODUVRPlUODJHUWLOOJnQJDU 2P GHQ DY\WWUDGH DQGHOHQ YDU HQ ODJHUWLOOJnQJ JlOOHU EHVWlPPHOVHUQD L GHWWD NDSLWHO lYHQI|UI\VLVNDSHUVRQHU
0HG XSSVNRYVJUXQGDQGHDQGHOVE\WH DYVHVHWWI|UIDUDQGHVRPXSSI\OOHU YLOONRUHQL±VDPWI|OMDQGHI|UXWVlWWQLQJDU
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
(QVlOMDUH VlOMDUHQ VNDOODY\WWUDHQDQGHO GHQDY\WWUDGHDQGHOHQ L 3URS HWW I|UHWDJ GHW DY\WWUDGH I|UHWDJHW WLOO HWW DQQDW I|UHWDJ GHW N|SDQGH I|UHWDJHW (UVlWWQLQJHQ VNDOO YDUD PDUNQDGVPlVVLJ RFK OlPQDV L IRUP DY DQGHODULGHWN|SDQGHI|UHWDJHW PRWWDJQDDQGHODU (UVlWWQLQJHQInUWLOO HQ GHO OlPQDV L SHQJDU GRFN K|JVW PHG WLR SURFHQW DY GH PRWWDJQD DQGHODUQDV QRPLQHOOD YlUGH 2P GHW VDNQDV QRPLQHOOW YlUGH Sn GH PRWWDJQD DQGHODUQD VNDOO GHQ K|JVWD HUVlWWQLQJHQ L SHQJDU L VWlOOHW EHUlNQDV Sn GHQ GHO DY GHW LQEHWDOGD NDSLWDOHW VRP EHO|SHU VLJ Sn DQGHODUQD %HVWlPPHOVHUQD L D NDS 2P GHQ DY\WWUDGH DQGHOHQ RP IUDPVNMXWHQ EHVNDWWQLQJ YLG YDU HQ NDSLWDOWLOOJnQJ VNDOO DQGHOVE\WHQVNDOOLQWHWLOOlPSDV VlOMDUHQ YDUD HQ MXULGLVN SHUVRQ HOOHUHWWVYHQVNWKDQGHOVERODJ
%HVWlPPHOVHUQDLGHWWDNDSLWHOInULQWHWLOOlPSDVRP GHW ILQQV I|UXWVlWWQLQJDU ± GHW ILQQV I|UXWVlWWQLQJDU ± ERUWVHWW IUnQ I|UXWVlWWQLQJHQ L ERUWVHWW IUnQ I|UXWVlWWQLQJHQ L NDSRFKRPEHJlUDQ NDSRFKRPEHJlUDQ ± DWW WLOOlPSD EHVWlPPHOVHUQD L ± DWW WLOOlPSD EHVWlPPHOVHUQD L NDS±RPXSSVNRYPHG NDS±RPXSSVNRYPHG EHVNDWWQLQJHQ YLG NRQFHUQLQWHUQD EHVNDWWQLQJHQ YLG NRQFHUQLQWHUQD DQGHOVDY\WWULQJDU DQGHOVDY\WWULQJDU HOOHU EHVWlPPHOVHUQDLNDSRP EHVWlPPHOVHUQDLNDSRP XQGDQWDJ IUnQ RPHGHOEDU XQGDQWDJ IUnQ RPHGHOEDU EHVNDWWQLQJ YLG YHUNVDPKHWV EHVNDWWQLQJ YLG YHUNVDPKHWV DY\WWULQJDUVNDOOWLOOlPSDV HOOHU DY\WWULQJDUVNDOOWLOOlPSDV NDSLWDOYLQVWHQHQOLJWDNDS YLG DY\WWULQJ DY HQ DQGHO L HWW VNDOERODJ VNDOO WDV XSS L LQNRPVWVODJHWQlULQJVYHUNVDPKHW
2PVlOMDUHQ lU HQI\VLVNSHUVRQ 2PVlOMDUHQlUHQI\VLVNSHUVRQ VNDOOKDQYDUDERVDWWL6YHULJHHOOHU RFKKDUDY\WWUDWHQDQGHOVRPYDU VWDGLJYDUDQGHYLVWDVKlU HQ ODJHUWLOOJnQJ VNDOO KDQ YDUD ERVDWWL6YHULJHHOOHUVWDGLJYDUDQGH YLVWDVKlU
2PGHQDY\WWUDGHDQGHOHQlUHQ 2PGHQDY\WWUDGHDQGHOHQlUHQ WLOOJnQJ VRP NDSLWDOYLQVWEHVNDWWDV NDSLWDOWLOOJnQJ KRV VlOMDUHQ VNDOO KRV VlOMDUHQ VNDOO GHW XSSNRPPD GHW XSSNRPPD HQ NDSLWDOYLQVW HQ NDSLWDOYLQVW 2P GHW OlPQDV 2PGHWOlPQDVHUVlWWQLQJLSHQJDU HUVlWWQLQJ L SHQJDU I|U DQGHOHQ I|U DQGHOHQ VNDOO NDSLWDOYLQVWHQ VNDOO NDSLWDOYLQVWHQ |YHUVWLJD |YHUVWLJD GHQQD GHO DY GHQQDGHODYHUVlWWQLQJHQ HUVlWWQLQJHQ
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
2P GHQ DY\WWUDGH DQGHOHQ lU HQ ODJHUWLOOJnQJ KRV VlOMDUHQ VNDOO 3URS HUVlWWQLQJHQ |YHUVWLJD DQGHOHQV VNDWWHPlVVLJD YlUGH 2P GHW OlPQDV HUVlWWQLQJLSHQJDUI|UDQGHOHQVNDOOVNLOOQDGHQPHOODQKHODHUVlWWQLQJHQ RFKGHWVNDWWHPlVVLJDYlUGHWDYDQGHOHQ|YHUVWLJDHUVlWWQLQJHQLSHQJDU
%HVNDWWQLQJ DY DQGHOVE\WHW RFK %HVNDWWQLQJ DY GHW XSSVNRYVEHORSSHWVVWRUOHN XSSVNRYVJUXQGDQGH DQGHOVE\WHW RFKXSSVNRYVEHORSSHWVVWRUOHN
$QGHOVRP NDSLWDOYLQVWEHVNDWWDV $QGHOVRP YDUNDSLWDOWLOOJnQJ
2P YLQVWHQ Sn GHQ DY\WWUDGH 2P GHQ DY\WWUDGH DQGHOHQ YDU DQGHOHQ VNDOONDSLWDOYLQVWEHVNDWWDV HQ NDSLWDOWLOOJnQJ KRV VlOMDUHQ KRV VlOMDUHQ VNDOO Vn VWRU GHO DY VNDOO Vn VWRU GHO DY NDSLWDOYLQVWHQ NDSLWDOYLQVWHQ VRP PRWVYDUDU VRP PRWVYDUDU HUVlWWQLQJHQ L HUVlWWQLQJHQ L SHQJDU WDV XSS VRP SHQJDU WDV XSS VRP LQWlNW GHW LQWlNW GHW EHVNDWWQLQJVnU Gn GHW EHVNDWWQLQJVnU Gn GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW VNHU VNHU cWHUVWnHQGH GHO DY NDSLWDOYLQVWHQ VNDOO I|UGHODV Sn GH PRWWDJQD DQGHODUQD 'HW EHORSS VRP I|UGHODV Sn HQ DQGHO EHQlPQV XSSVNRYV EHORSS
2P GHQ DY\WWUDGH DQGHOHQ YDU 2P GHQ DY\WWUDGH DQGHOHQ YDU HQODJHUWLOOJnQJKRVVlOMDUHQVNDOO HQODJHUWLOOJnQJKRVVlOMDUHQVNDOO HUVlWWQLQJHQ L SHQJDU WDV XSS VRP HUVlWWQLQJHQ L SHQJDU WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn LQWlNW GHW EHVNDWWQLQJVnU Gn GHW DQGHOVE\WHW VNHU 6DPWLGLJW VNDOO XSSVNRYVJUXQGDQGH DQGHOVE\WHW HWW EHORSS VRP PRWVYDUDU GHW VNHU 6DPWLGLJW VNDOO HWW EHORSS VNDWWHPlVVLJD YlUGHW Sn GHQ VRP PRWVYDUDU GHW VNDWWHPlVVLJD DY\WWUDGH DQGHOHQ WDV XSS VRP YlUGHW Sn GHQ DY\WWUDGH DQGHOHQ LQWlNW WDVXSSVRPLQWlNW cWHUVWnHQGH GHO DY HUVlWWQLQJHQ PLQVNDG PHG HWW EHORSS VRP PRWVYDUDU GHW VNDWWHPlVVLJD YlUGHW Sn GHQ DY\WWUDGH DQGHOHQ VNDOO I|UGHODVSnGHPRWWDJQDDQGHODUQD'HWEHORSSVRPI|UGHODVSnHQDQGHO EHQlPQVXSSVNRYVEHORSS
'HW XSSVNRYVEHORSS VRP HQOLJW 'HW XSSVNRYVEHORSS VRP HQOLJW ± DYVHUHQPRWWDJHQDQGHO RFK DYVHU HQ VNDOOWDVXSSVRPLQWlNWVHQDVWGHW PRWWDJHQ DQGHO VNDOO WDV XSS VRP EHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOO LQWlNWVHQDVWGHWEHVNDWWQLQJVnUGn DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ lJDQGHUlWWHQ WLOO DQGHOHQ |YHUJnU HOOHU DQGHOHQ XSSK|U DWW H[LVWHUD WLOO QnJRQ DQQDQ HOOHU DQGHOHQ RP LQWH DQQDW I|OMHU DY XSSK|U DWW H[LVWHUD RP LQWH DQQDW EHVWlPPHOVHUQD L GHWWD NDSLWHO I|OMHU DY EHVWlPPHOVHUQD L GHWWD
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
gYHUJnU lJDQGHUlWWHQ JHQRP HWW NDSLWHO 3URS DQGHOVE\WH EHK|YHU XSSVNRYV EHORSSHW GRFN LQWH WDV XSS YLG GHWWDDQGHOVE\WH,VWlOOHWI|UGHODV GHWWD Sn GH PRWWDJQD DQGHODUQD HQOLJW DNDS RFK EHKDQGODV VRP HWW VnGDQW XSSVNRYVEHORSS VRPDYVHVLI|UVWDPHQLQJHQ 2P VlOMDUHQ lU HWW VYHQVNW KDQGHOVERODJ RFK RP lJDQGHUlWWHQ WLOO HQ GHOlJDUHV DQGHO L KDQGHOVERODJHW ± HOOHU HQ GHOlJDUHV DQGHO L QnJRW VYHQVNW KDQGHOVERODJ VRP GLUHNW HOOHU LQGLUHNW JHQRP HWW VYHQVNW KDQGHOVERODJlJHUHQDQGHOLKDQGHOVERODJHW±|YHUJnUWLOOQnJRQDQQDQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHWWD LQWUlIIDU'HWVDPPDJlOOHURPGHOlJDUHQVDQGHOXSSK|UDWWH[LVWHUD
2P HQ PRWWDJHQ DQGHO |YHUJnU 2P HQ PRWWDJHQ DQGHO |YHUJnU WLOO HQ Q\ lJDUH JHQRP DUY WLOO HQ I\VLVN SHUVRQ JHQRP DUY WHVWDPHQWH JnYD HOOHU ERGHOQLQJ WHVWDPHQWH JnYD HOOHU ERGHOQLQJ LQWUlGHU I|UYlUYDUHQ L |YHUOnWDUHQV RFK DQGHOHQ EOLU HQ ODJHUWLOOJnQJ VNDWWHPlVVLJD VLWXDWLRQ QlU GHW KRV I|UYlUYDUHQ LQWUlGHU GHQQH L JlOOHUXSSVNRYVEHORSSHW GHQ WLGLJDUH lJDUHQV VNDWWH PlVVLJD VLWXDWLRQ QlU GHW JlOOHU XSSVNRYVEHORSSHW
2PHQI\VLVNSHUVRQLQWHOlQJUH 2P HQ I\VLVN SHUVRQ VRP KDU XSSI\OOHU YLOONRUHW L RP DWW DY\WWUDW HQ ODJHUWLOOJnQJ LQWH YDUD ERVDWW L 6YHULJH HOOHU OlQJUHXSSI\OOHUYLOONRUHWLRP VWDGLJYDUDQGH YLVWDV KlU VNDOO DWW YDUD ERVDWW L 6YHULJH HOOHU XSSVNRYVEHORSSHW WDV XSS VRP VWDGLJYDUDQGH YLVWDV KlU VNDOO LQWlNW XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW
NDS 1lUGHWJlOOHUInPDQVI|UHWDJInPDQVKDQGHOVERODJRFKGHUDVGHOlJDUH PIOILQQVlYHQVlUVNLOGDEHVWlPPHOVHURP ±I|UPnQDYXWELOGQLQJLNDS ±DYGUDJI|UIUDPWLGDVXEVWDQVPLQVNQLQJLNDS ±XQGHUSULV|YHUOnWHOVHULNDS± ±DYGUDJI|UUlQWDSnYLQVWDQGHOVOnQLNDSRFK ±QlUHQIDVWLJKHWHOOHUDQGHOlUODJHUWLOOJnQJLNDS± ±NYDOLILFHUDGHIXVLRQHURFKILVVLRQHULNDS ±XWVNLIWQLQJYLGRPELOGQLQJDYHQHNRQRPLVNI|UHQLQJWLOODNWLHERODJL NDS ±XSSVNRYVJUXQGDQGH DQGHOV ±DQGHOVE\WHQ L DNDS D E\WHQL NDSRFK D±RFK
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
±DY\WWULQJDYDQGHODULVYHQVNDKDQGHOVERODJLNDSRFKNDS 3URS ±SHQVLRQVVSDUDYGUDJLNDSRFK ±IDPLOMHEHVNDWWQLQJLNDS±RFK ±JUXQGDYGUDJLNDS
NDS 8SSK|U HWW I|UHWDJ DWW YDUD 8SSK|U HWW I|UHWDJ DWW YDUD InPDQVI|UHWDJ DQVHV HQ DQGHO InPDQVI|UHWDJ DQVHV HQ DQGHO lQGn NYDOLILFHUDG XQGHU IHP NYDOLILFHUDG XQGHU IHP EHVNDWWQLQJVnU GlUHIWHU HOOHU GHQ EHVNDWWQLQJVnU GlUHIWHU HOOHU GHQ NRUWDUHWLGVRPI|OMHUDY'HWWD NRUWDUHWLGVRPI|OMHUDY'HWWD JlOOHU GRFN EDUD RP DQGHOVlJDUHQ JlOOHU GRFN EDUD RP DQGHOVlJDUHQ HOOHUQnJRQQlUVWnHQGHWLOOKRQRP HOOHUQnJRQQlUVWnHQGHWLOOKRQRP lJGH DQGHOHQ QlU I|UHWDJHW XSSK|UGH DWW YDUD InPDQVI|UHWDJ RFK DQGHOHQGnYDUNYDOLILFHUDGHOOHU KDUI|UYlUYDWDQGHOHQPHGVW|GDYHQVnGDQDQGHOVRPDYVHVL 2P HQ NYDOLILFHUDG DQGHO DY\WWUDV JHQRP HWW DQGHOVE\WH DQVHV PRWWDJQD DQGHODU NYDOLILFHUDGH KRV DQGHOVlJDUHQ 'HWVDPPD JlOOHU RP DQGHOHQ GlUHIWHU |YHUJnU WLOO QnJRQ DQQDQ JHQRPDUYWHVWDPHQWHJnYDHOOHU ERGHOQLQJ (Q DQGHO VNDOO RFNVn DQVHV NYDOLILFHUDG RP GHQ I|UYlUYDWV PHG VW|G DY HQ VnGDQ NYDOLILFHUDGDQGHO
8SSVNRYVJUXQGDQGHDQGHOVE\WHQ $QGHOVE\WHQ
2P HQ PRWWDJHQ DQGHO VRP lU NYDOLILFHUDG HQOLJW DQGUD VW\FNHW DY\WWUDV VNDOO GHQ GHO DY NDSLWDOYLQVWHQ VRP WDV XSS L LQNRPVWVODJHWWMlQVWLQWH|YHUVWLJD WMlQVWHEHORSSHW HQOLJW DNDS D YLG DQGHOVE\WHW 'HWVDPPD JlOOHU RP GHOlJDUHQV DQGHO XSSK|UDWWH[LVWHUD )|UVWDVW\FNHWJlOOHULQWHRPHQ PRWWDJHQ DQGHO lU NYDOLILFHUDG HQOLJW HOOHU I|UVWD VW\FNHW GnGHQDY\WWUDV %HVWlPPHOVHU RP I|UGHOQLQJ %HVWlPPHOVHU RP I|UGHOQLQJ PHOODQ LQNRPVWVODJHQ WMlQVW RFK PHOODQ LQNRPVWVODJHQ WMlQVW RFK NDSLWDO DY HUVlWWQLQJ L SHQJDU YLG NDSLWDO DY HUVlWWQLQJ L SHQJDU YLG
6HQDVWHO\GHOVH
XSSVNRYVJUXQGDQGH DQGHOVE\WHQ DQGHOVE\WHQILQQVL DNDS 3URS ILQQVL NDS %HVWlPPHOVHU RP EHUlNQLQJHQ DY JUlQVEHORSSHW YLG XSSVNRYV JUXQGDQGH DQGHOVE\WHQ ILQQV L NDS
'HQQD ODJ WUlGHU L NUDIW GHQ MDQXDUL RFK VNDOO WLOOlPSDV Sn DQGHOVE\WHQ IXVLRQHU RFK ILVVLRQHU VDPW YHUNVDPKHWV|YHUOnWHOVHU HIWHU GHQGHFHPEHU ,IUnJDRPXSSVNRYVEHORSSPHGDQOHGQLQJDYDY\WWULQJDYHQDQGHO I|UH LNUDIWWUlGDQGHW JlOOHU DOOWMlPW lOGUH EHVWlPPHOVHU L DNDS RFK NDS VDPW GHQ XSSKlYGD ODJHQ RP XSSVNRY PHG EHVNDWWQLQJHQYLGDQGHOVE\WHQRPLQWHDQQDWDQJHVLSXQNWHUQDRFK 2P HQ NYDOLILFHUDG DQGHO KDU DY\WWUDWV JHQRP HWW E\WH DY DQGHODU RFKHWWXSSVNRYVEHORSSKDUI|UGHODWVHQOLJWlOGUHEHVWlPPHOVHUVNDOORP GHQ VNDWWVN\OGLJH EHJlU GHW XSSVNRYVEHORSSHW DYVHHQGH PRWWDJQD DQGHODULQWHWDVXSSWLOOEHVNDWWQLQJWURWVDWWDQGHODUQDDY\WWUDWVSnDQQDW VlWW lQ JHQRP HWW E\WH DY DQGHODU , VWlOOHW VNDOO EHVWlPPHOVHUQD L DNDS RFK NDS L GHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHW WLOOlPSDV (Q EHJlUDQRP DWWXSSVNRYVEHORSSHWLQWH VNDOOWDVXSS VNDOO DYVHVDPWOLJD PRWWDJQDDQGHODU 2P HQ NYDOLILFHUDG DQGHO KDU DY\WWUDWV JHQRP HWW E\WH DY DQGHODU I|UHLNUDIWWUlGDQGHWRFKGHWVNXOOHKDIXQQLWVI|UXWVlWWQLQJDUI|UXSSVNRY PHGEHVNDWWQLQJHQVNDOOEHVWlPPHOVHUQDLSXQNWHQWLOOlPSDVRPGHQ VNDWWVN\OGLJH EHJlU GHW 3XQNWHQ VNDOO RFNVn WLOOlPSDV Sn GHQ VNDWWVN\OGLJHV EHJlUDQ RP GHQ VNDWWVN\OGLJH KDU WDJLW XSS XSSVNRYVEHORSSHWWLOOEHVNDWWQLQJKHOWHOOHUGHOYLV
3URS
)|UVODJWLOOODJRPlQGULQJLODJHQRP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU
+lULJHQRP I|UHVNULYV L IUnJD RP ODJHQ RP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU GHOV DWWNDSRFKRFKNDSVDPWUXEULNHQQlUPDVWI|UH NDSVNDOOKDI|OMDQGHO\GHOVH GHOV DWW GHW L ODJHQ VNDOO LQI|UDV WYn Q\D SDUDJUDIHU NDS D RFK DDYI|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
NDS
8SSVNRY YLG NRQFHUQLQWHUQD 9LVVDDQGHOVDY\WWULQJDU DQGHOVDY\WWULQJDU RFK YLG XSSVNRYVJUXQGDQGHDQGHOVE\WHQ
'HQ VRP HQOLJW NDS LQNRPVWVNDWWHODJHQ EHJlU XSSVNRY PHG EHVNDWWQLQJHQ YLG HQ NRQFHUQLQWHUQ DQGHOVDY\WWULQJ VNDOO OlPQDGHXSSJLIWHUVRPVNDWWHP\QGLJKHWHQEHK|YHUI|UDWWNXQQDEHVOXWD RPXSSVNRYHW 'HWVDPPDJlOOHUGHQVRPHQOLJWNDSGHQODJHQEHJlUXSSVNRY PHGEHVNDWWQLQJHQYLGHWWXSSVNRYVJUXQGDQGHDQGHOVE\WH 'HQ VRP KDU InWW XSSVNRY VNDOO 'HQ VRP KDU InWW XSSVNRY VNDOO nUOLJHQOlPQDGHXSSJLIWHUVRPlU nUOLJHQOlPQDGHXSSJLIWHUVRPlU DY EHW\GHOVH I|U RP DY EHW\GHOVH I|U RP XSSVNRYV XSSVNRYVEHORSSHWVNDOOWDVXSSWLOO EHORSSHW VNDOO WDV XSS WLOO EHVNDWWQLQJ 'HWVDPPDJlOOHUGHQ EHVNDWWQLQJ VRP KDU HQ DQGHO I|U YLONHQ XSSVNRYVEHORSS I|UGHODWV HQOLJW NDS I|UVWD VW\FNHW LQNRPVWVNDWWHODJHQ
D 'HQ VRP KDU PRWWDJLW HQ DQGHO VRP lU NYDOLILFHUDG HQOLJW NDS DQGUD VW\FNHW LQNRPVWVNDWWHODJHQ VNDOO OlPQD GH XSSJLIWHU VRP EHK|YV I|U DWW VNDWWHP\QGLJKHWHQ VNDOO NXQQD EHG|PD RP YHUNVDPKHWVYLOONRUHW HQOLJW DNDS D RFK LQNRPVWVNDWWHODJHQ lU XSSI\OOW VDPW EHVOXWD RP NDSLWDOEHORSSHW RFK WMlQVWHEHORSSHW HQOLJW DNDS D GHQ ODJHQ 9LGDUH
VNDOO XSSJLIWHU OlPQDV RP 3URS XWGHOQLQJ RFK NDSLWDOYLQVW Sn VnGDQDDQGHODU
2P lJDQGHUlWWHQ WLOO DQGHODU 2P lJDQGHUlWWHQ WLOO DQGHODU VRP KDU I|UYlUYDWV JHQRP VnGDQW VRP KDU I|UYlUYDWV JHQRP VnGDQW XSSVNRYVJUXQGDQGH DQGHOVE\WH XSSVNRYVJUXQGDQGH DQGHOVE\WH VRP DYVHV L NDS VRP DYVHV L NDS LQNRPVWVNDWWHODJHQ LQNRPVWVNDWWHODJHQ KDU |YHUJnWW WLOO QnJRQ DQQDQ KDU |YHUJnWW WLOO QnJRQ DQQDQ JHQRP DUY WHVWDPHQWH ERGHOQLQJ JHQRP DUY WHVWDPHQWH ERGHOQLQJ HOOHUJnYDVNDOO I|UYlUYDUHQ OlPQD HOOHU JnYD RFK RP DQGHOHQ lU HQ ODJHUWLOOJnQJ KRV I|UYlUYDUHQ VNDOO GHQQH OlPQD XSSJLIWRPDQWDOHWDQGHODUVRPKDUI|UYlUYDWV XSSJLIWRPXSSVNRYVEHORSSHWI|UYDUMHDQGHORFK LGHQWLILNDWLRQVXSSJLIWHUI|UGHQVRPDQGHODUQDKDU|YHUJnWWIUnQ 'HQ WLOO YLONHQ lJDQGHUlWWHQ WLOO DQGHODUQD KDU |YHUJnWW VNDOO nUOLJHQ OlPQDGHXSSJLIWHUVRPlUDYEHW\GHOVHI|URPXSSVNRYVEHORSSHWVNDOO WDVXSSWLOOEHVNDWWQLQJ
D 2P lJDQGHUlWWHQ WLOO DQGHODU VRPlUNYDOLILFHUDGHHQOLJWNDS DQGUD VW\FNHW LQNRPVWVNDWWHODJHQ KDU |YHUJnWW WLOO QnJRQ DQQDQ JHQRP DUY WHVWDPHQWH ERGHOQLQJ HOOHU JnYD VNDOO I|UYlUYDUHQ OlPQD XSSJLIW RP DQWDOHW DQGHODU VRPKDUI|UYlUYDWV XSSJLIWRPWMlQVWHEHORSSHWI|U YDUMHDQGHORFK LGHQWLILNDWLRQVXSSJLIWHU I|U GHQ VRP DQGHODUQD KDU |YHUJnWW IUnQ 'HQ WLOO YLONHQ lJDQGHUlWWHQ WLOO DQGHODUQD KDU |YHUJnWW VNDOO nUOLJHQOlPQDGHXSSJLIWHUVRPlU DY EHW\GHOVH I|U IUnJDQ RP WMlQVWHEHORSSHW VNDOO WDV XSS WLOO EHVNDWWQLQJ
NDS ,NRQWUROOXSSJLIWHQVNDOOI|OMDQGHXSSJLIWHUOlPQDV YLG DY\WWULQJHQ DY GHOlJDUUlWWHUQD HOOHU IRUGULQJVUlWWHUQD HOOHU YLG XWIlUGDQGHW DY HQ RSWLRQ GHQ HUVlWWQLQJ VRP |YHUHQVNRPPLWV HIWHU DYGUDJI|UI|UVlOMQLQJVSURYLVLRQRFKOLNQDQGHXWJLIWHU
DQWDOHWGHOlJDUUlWWHUHOOHUIRUGULQJVUlWWHU 3URS GHUDVVODJRFKVRUWVDPW GHQNRQWDQWDHUVlWWQLQJHQYLG GHQNRQWDQWDHUVlWWQLQJHQYLG HWW VnGDQW DQGHOVE\WH VRP DYVHV L VnGDQD E\WHQ DY DQGHODU VRP NDS LQNRPVWVNDWWHODJHQ DYVHV L DNDS RFK NDS LQNRPVWVNDWWHODJHQ
2PHWWWHUPLQVDYWDOVOXWI|UVJHQRPDWWGHQHQDSDUWHQVlOMHUHQWLOOJnQJ VDPWLGLJWVRPVDPPDSDUWI|UYlUYDUHQPLQGUHWLOOJnQJDYVDPPDVODJ VNDOOXSSJLIWOlPQDVRPEUXWWRHUVlWWQLQJHQYLGI|UVlOMQLQJHQ
'HQQD ODJ WUlGHU L NUDIW GHQ MDQXDUL RFK WLOOlPSDV I|UVWD JnQJHQYLGnUVWD[HULQJ bOGUHEHVWlPPHOVHUVNDOOIRUWIDUDQGHWLOOlPSDVI|UGHQVRPHUKnOOLW XSSVNRYPHGEHVNDWWQLQJHQDYVHHQGHE\WHDYDQGHODUVRPVNHWWI|UHGHQ MDQXDUL
3URS
bUHQGHWRFKGHVVEHUHGQLQJ
,QRP)LQDQVGHSDUWHPHQWHWXWDUEHWDGHVXQGHUYnUHQHQSURPHPRULD RP GH VN UHJOHUQD RFK UHJOHUQD RP DQGHOVE\WHQ )L 3URPHPRULDQ ± VRP lU GDWHUDG GHQ DSULO ± WDU VLNWH Sn YLOND NRPSOLNDWLRQHUVRPNDQXSSNRPPDQlUGHWYnUHJHOV\VWHPHQWLOOlPSDV VDPWLGLJW , SURPHPRULDQ UHGRYLVDV I\UD DOWHUQDWLYD O|VQLQJDU I|U IUDPWLGD DY\WWULQJDU 3URPHPRULDQV ODJI|UVODJ ILQQV L ELODJD 3URPHPRULDQ KDU UHPLVVEHKDQGODWV 5HPLVVWLGHQ JLFN XW GHQ MXQL (Q I|UWHFNQLQJ |YHU UHPLVVLQVWDQVHUQD ILQQV L ELODJD (Q VDPPDQVWlOOQLQJ DY UHPLVV\WWUDQGHQD ILQQV WLOOJlQJOLJ L ODJVWLIWQLQJV lUHQGHWGQU)L , HWW EHWlQNDQGH EHW 6N8 GDWHUDW GHQ DSULO I|UHVORJ VNDWWHXWVNRWWHW PHG VW|G DY VLQ LQLWLDWLYUlWW HQOLJW NDS ULNVGDJVRUGQLQJHQDWWULNVGDJHQVNXOOHWLOONlQQDJHI|UUHJHULQJHQDWWGHQ VNDOOnWHUNRPPDWLOOULNVGDJHQPHGHWWI|UVODJWLOOHQUHWURDNWLYWYHUNDQGH ODJlQGULQJVRPHOLPLQHUDUGHHIIHNWHUVRPXSSVWnULI|UOXVWVLWXDWLRQHUWLOO I|OMG DY DWW HWW WMlQVWHEHORSS VNDOO WDV XSS WLOO EHVNDWWQLQJ DY GHQ VRP JHQRP HWW XSSVNRYVJUXQGDQGH DQGHOVE\WH KDU DY\WWUDW DQGHODU L HWW InPDQVI|UHWDJ 8WVNRWWHW XWWDODGH DWW UHJHULQJHQ VHQDVW L DXJXVWL VNXOOHnWHUNRPPDWLOOULNVGDJHQPHGHQSURSRVLWLRQ5LNVGDJHQELI|OOGHQ PDM XWVNRWWHWV I|UVODJ RFK EHWlQNDQGHW |YHUOlPQDGHV WLOO UHJHULQJHQVDPPDGDJUVNU (QSURSRVLWLRQVRPSnYHUNDUVWDWHQVLQNRPVWHURFKXWJLIWHUI|UQlUPDVW I|OMDQGH EXGJHWnU InU DYOlPQDV HIWHU EXGJHWSURSRVLWLRQHQ HQGDVW XQGHU YLVVD VlUVNLOGD I|UXWVlWWQLQJDU 5HJHULQJHQ KDU Sn JUXQGYDO DY GHQ WLGLJDUH QlPQGD VNULYHOVHQ KDIW ULNVGDJHQV XSSGUDJ DWW XWIRUPD HQ SURSRVLWLRQPHGYLVVWLQQHKnOO3nJUXQGDYIUnJRUQDVNRPSOH[LWHWKDUGHW LQWH YDULW P|MOLJW DWW DYVOXWD EHUHGQLQJHQ DY I|UVODJHQ I|UH EXGJHWSURSRVLWLRQHQV DYOlPQDQGH WLOO ULNVGDJHQ 8SSGUDJHW IUnQ ULNVGDJHQXWJ|UHPHOOHUWLGHQOLJWUHJHULQJHQVPHQLQJ VNlOI|UDWWGHQQD SURSRVLWLRQQX|YHUOlPQDVWLOOULNVGDJHQWURWVDWWEXGJHWSURSRVLWLRQHQI|U UHGDQKDU|YHUOlPQDWV , SURSRVLWLRQHQ OlPQDV HWW ODJI|UVODJ VRP V\IWDU WLOO DWW HOLPLQHUD GH EHVNDWWQLQJVHIIHNWHU VRP DYVHV L XWVNRWWVEHWlQNDQGHW /DJlQGULQJDUQD I|UHVOnVInUHWURDNWLYYHUNDQ)|UVODJHWE\JJHUSnHQDYGHPRGHOOHUVRP SUHVHQWHUDGHVLGHQWLGLJDUHQlPQGDSURPHPRULDQRFKKDUNRPSOHWWHUDWV PHG |YHUJnQJVEHVWlPPHOVHU 8QGHU lUHQGHWV EHUHGQLQJ L )LQDQV GHSDUWHPHQWHW KDU V\QSXQNWHU XQGHU KDQG LQKlPWDWV IUnQ 5LNVVNDWWH YHUNHW6YHD+RYUlWW.DPPDUUlWWHQL*|WHERUJRFK/lQVUlWWHQL6NnQH OlQ
/DJUnGHW
5HJHULQJHQ EHVOXWDGH GHQ RNWREHU DWW LQKlPWD /DJUnGHWV \WWUDQGH|YHUGHI|UVODJVRPILQQVL ELODJD /DJUnGHWV\WWUDQGHILQQVL ELODJD /DJUnGHW KDU I|UHVODJLW YLVVD MXVWHULQJDU DY ODJWH[WHQ 5HJHULQJHQ KDU L KXYXGVDN I|OMW /DJUnGHWV V\QSXQNWHU 6\QSXQNWHUQD
EHKDQGODVLGHQDOOPlQQDPRWLYHULQJHQVDPWLI|UIDWWQLQJVNRPPHQWDUHQ 3URS WLOO GH EHU|UGD ODJUXPPHQ 9LVVD UHGDNWLRQHOOD lQGULQJDU KDU KlUXW|YHU JMRUWVLI|UKnOODQGHWLOOODJUnGVUHPLVVHQVI|UVODJ )|UVODJHQWLOOlQGULQJDULNDSRFKNDSNDS RFKDNDSLQNRPVWVNDWWHODJHQKDULQWHJUDQVNDWV DY /DJUnGHW bQGULQJDUQD VRP EHVWnU DY UlWWHOVHU RFK NRQVHNYHQV lQGULQJDU lU HQOLJW UHJHULQJHQV PHQLQJ DY Vn HQNHO EHVNDIIHQKHW DWW /DJUnGHWVK|UDQGHVNXOOHVDNQDEHW\GHOVH'HVVDlQGULQJDUNRPPHQWHUDV LI|UIDWWQLQJVNRPPHQWDUHQ
3URS
%DNJUXQGRFKJlOODQGHUlWW
$OOPlQW
,ROLNDVDPPDQKDQJKDUXSSPlUNVDPPDWVIDOOGlUPLQGUHInPDQVI|UHWDJ IUDPI|UDOOWLQRP,7EUDQVFKHQKDUDY\WWUDWVRFKVlOMDUHQVRPHUVlWWQLQJ HUKnOOLWDNWLHULGHWN|SDQGHERODJHWVRPlUHWWE|UVERODJ,VDPEDQGPHG DY\WWULQJHQ KDU VlOMDUHQ RFK KXYXGlJDUHQ L GHW N|SDQGH ERODJHW DYWDODW RPDWWVlOMDUHQLQWHInUDY\WWUDGHPRWWDJQDDQGHODUQDI|UUlQHQYLVVWLG I|UIOXWLWHOOHUDWWHQGDVWHQYLVVGHODYDQGHODUQDnUOLJHQInUVlOMDV6\IWHW PHG GHVVD YLOONRU KDU UHJHOPlVVLJW YDULW DWW GHW N|SDQGH ERODJHW YHODW I|UVlNUD VLJ RP DWW VlOMDUHQ VNDOO YDUD YHUNVDP L ERODJHW lYHQ HIWHU |YHUOnWHOVHQ 6lOMDUHQ NDQ YlOMD PHOODQ DWW Sn YDQOLJW VlWW EHVNDWWDV I|U YLQVWHQ RPHGHOEDUWHOOHUDWWEHJlUDXSSVNRYPHGEHVNDWWQLQJHQHQOLJWGHUHJOHU VRPJlOOHUYLGXSSVNRYVJUXQGDQGHDQGHOVE\WHQ2PVlOMDUHQYlOMHUDWWWD XSSYLQVWHQWLOOEHVNDWWQLQJNRPPHUYLQVWHQHQOLJWGHVNUHJOHUQD DWWSnYLVVWVlWWGHODVXSSLWYnGHODU'HQHQDGHOHQEHVNDWWDVLLQNRPVW VODJHWNDSLWDORFKGHQDQGUDLLQNRPVWVODJHWWMlQVW bYHQI|UGHWIDOOVlOMDUHQYlOMHUDWWEHJlUDXSSVNRYPHGEHVNDWWQLQJHQ VNHU HQ XSSGHOQLQJ PHOODQ LQNRPVWVODJHQ WMlQVW RFK NDSLWDO (QOLJW UHJOHUQD RP XSSVNRYVJUXQGDQGH DQGHOVE\WHQ JlOOHU DWW YLQVWHQ IUnQ DQGHOVE\WHWVNDOOEHVNDWWDVVHQDVWGHWEHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOO GHQ DQGHO VRP PRWWRJV YLG DQGHOVE\WHW |YHUJnU WLOO QnJRQ DQQDQ HOOHU DQGHOHQXSSK|UDWWH[LVWHUD2PGHWN|SDQGHERODJHWI|UVlWWVLNRQNXUV VHVGHWWDVRPHQDY\WWULQJDYGHDQGHODUVRPPRWWDJLWVYLGDQGHOVE\WHW 'HQ VNDWWVN\OGLJH J|U L Vn IDOO HQ NDSLWDOI|UOXVW VDPWLGLJW VRP YLQVWHQ IUnQDQGHOVE\WHWVNDOOEHVNDWWDV'HQGHODYXSSVNRYVEHORSSHWVRPVNDOO EHVNDWWDV L LQNRPVWVODJHW NDSLWDO InU NYLWWDV PRW GHQ NDSLWDOI|UOXVW VRP XSSNRPPLW JHQRP NRQNXUVHQ 1nJRQ PRWVYDUDQGH NYLWWQLQJVUlWW ILQQV GlUHPRW LQWH I|U GHQ GHO DY XSSVNRYVEHORSSHW VRP VNDOO EHVNDWWDV L LQNRPVWVODJHW WMlQVW 6LWXDWLRQHQ lU GHQVDPPD RP DQGHODUQD L GHW N|SDQGHERODJHWDY\WWUDVPHGI|UOXVW .ULWLNHQ PRW GH QXYDUDQGH UHJOHUQD RP XSSVNRYVJUXQGDQGH DQGHOVE\WHQWDUVLNWHSnGHWI|UKnOODQGHWDWWGHQNDSLWDOI|UOXVWVRPKlQI|U VLJWLOOGHPRWWDJQDDQGHODUQDLQWHIXOOWXWNDQNYLWWDVPRWGHQYLQVWVRP XSSNRP YLG DQGHOVE\WHW 1HGDQ OlPQDV HWW I|UVODJ WLOO O|VQLQJ DY SUREOHPDWLNHQ
%HVWlPPHOVHUQDRPEHVNDWWQLQJDYDNWLYDGHOlJDUHL InPDQVI|UHWDJ
5HJOHU RP EHVNDWWQLQJ DY DNWLYD DQGHOVlJDUH L InPDQVI|UHWDJ GH VN UHJOHUQD ILQQV L NDS LQNRPVWVNDWWHODJHQ ,/ 5HJOHULQJHQV\IWDUWLOODWWLQNRPVWHULHWWInPDQVI|UHWDJVRPEHURUSnDWW
lJDUHQ DUEHWDW L I|UHWDJHW VNDOO EHVNDWWDV VRP DUEHWVLQNRPVWHU RFK LQWH 3URS VRP NDSLWDOLQNRPVWHU 0HG InPDQVI|UHWDJ DYVHV HWW I|UHWDJ GlU lJDUHQ HOOHUlJDUQDVnIXOOVWlQGLJWNDQEHKlUVNDI|UHWDJHWDWWPDQLUHDOLWHWHQLQWH NDQ WDOD RP HWW WYnSDUWVI|UKnOODQGH YLG WUDQVDNWLRQHU PHOODQ lJDUH RFK I|UHWDJHW2PLQNRPVWHULERODJHWGHODVXWEHVNDWWDVGlUI|UGHQPRWWDJQD XWGHOQLQJHQ L LQNRPVWVODJHW WMlQVW RP XWGHOQLQJHQ |YHUVWLJHU HQ VFKDEORQPlVVLJW IUDPUlNQDG QRUPDOXWGHOQLQJ UHJOHUQD RPIDWWDU lYHQ I|UVlOMQLQJVYLQVWHUSn DQGHODULInPDQVI|UHWDJ+lOIWHQDYGHQGHO DYNDSLWDOYLQVWHQVRP |YHUVWLJHUVnGDQVSDUDGXWGHOQLQJVRPVNXOOHKD EHVNDWWDWVLLQNRPVWVODJHWNDSLWDOKRVPRWWDJDUHQRPGHQKDGHGHODWVXW VNDOOWDVXSSLLQNRPVWVODJHWWMlQVW UHJOHUQD lU WLOOlPSOLJD Sn DQGHOVlJDUQLYn RFK GHQ DQGHOVlJDUH VRP RPIDWWDV DY UHJOHUQD VlJV LQQHKD NYDOLILFHUDGH DQGHODU L HWW InPDQVI|UHWDJ 0HG NYDOLILFHUDG DQGHO DYVHV HQOLJW NDS ,/ HQ DQGHOLHWWInPDQVI|UHWDJXQGHUI|UXWVlWWQLQJDWWDQGHOVlJDUHQHOOHUQnJRQ QlUVWnHQGH WLOO KRQRP XQGHU EHVNDWWQLQJVnUHW HOOHU QnJRW DY GH IHP I|UHJnHQGH EHVNDWWQLQJVnUHQ YDULW YHUNVDP L EHW\GDQGH RPIDWWQLQJ L I|UHWDJHW HOOHU L HWW DQQDW InPDQVI|UHWDJ HOOHU L HWW InPDQVKDQGHOVERODJ VRP EHGULYHU VDPPD HOOHU OLNDUWDG YHUNVDPKHW 'HWVDPPD JlOOHU RP I|UHWDJHW GLUHNW HOOHU LQGLUHNW XQGHU EHVNDWWQLQJVnUHW HOOHU QnJRW DY GH IHP I|UHJnHQGH EHVNDWWQLQJVnUHQ KDU lJW DQGHODU L HWW DQQDW InPDQVI|UHWDJ HOOHU L HWW InPDQVKDQGHOVERODJ RFK DQGHOVlJDUHQ HOOHU QnJRQQlUVWnHQGHWLOOKRQRPXQGHUEHVNDWWQLQJVnUHWHOOHUQnJRWDYGHIHP I|UHJnHQGHEHVNDWWQLQJVnUHQYDULWYHUNVDPLEHW\GDQGHRPIDWWQLQJLGHWWD InPDQVI|UHWDJHOOHUInPDQVKDQGHOVERODJ'|UlJDUHQWLOOHQNYDOLILFHUDG DQGHODQVHVDQGHOHQNYDOLILFHUDGlYHQKRVG|GVERHW 2PXWRPVWnHQGHGLUHNWHOOHULQGLUHNWLEHW\GDQGHRPIDWWQLQJlJHUGHO L I|UHWDJHW PLQVW SURFHQW RFK GLUHNW HOOHU LQGLUHNW KDU UlWW WLOO XWGHOQLQJ WLOOlPSDV UHJOHUQD EDUD RP GHW ILQQV VlUVNLOGD VNlO NDS,/(QOLJWI|UDUEHWHQDSURSVRFK EOLU ULVNHQ I|U RPYDQGOLQJ DY DUEHWVLQNRPVWHU PLQGUH L GHVVD IDOO HIWHUVRPXWGHOQLQJRFKNDSLWDOYLQVWWLOOIDOOHURFNVnXWRPVWnHQGH 2P HWW I|UHWDJ XSSK|U DWW YDUD InPDQVI|UHWDJ DQVHV DQGHOHQ lQGn NYDOLILFHUDG XQGHU IHP EHVNDWWQLQJVnU GlUHIWHU 'HWWD JlOOHU XQGHU I|UXWVlWWQLQJDWWDQGHOVlJDUHQHOOHUQlUVWnHQGHlJGHDQGHOHQQlUI|UHWDJHW XSSK|UGHDWWYDUDInPDQVI|UHWDJRFKDQGHOHQGnYDUNYDOLILFHUDGHOOHUKDU I|UYlUYDW DQGHOHQ PHG VW|G DY HQ VnGDQ DQGHO NDS ,/ %HVWlPPHOVHQKDUIXQQLWVVHGDQUHJOHUQDLQI|UGHV 9LGWLOOlPSQLQJDYUHJOHUQDEHUlNQDVDYNDVWQLQJHQSnGHWNDSLWDO VRP KDU LQYHVWHUDWV L I|UHWDJHW VFKDEORQPlVVLJW 5HJOHUQD LQQHElU DWW PDQEHUlNQDUHQ´QRUPDODYNDVWQLQJ´VRPVNDOOEHVNDWWDVLLQNRPVWVODJHW NDSLWDO KRV lJDUHQ 1RUPDODYNDVWQLQJHQ InU LQWH |YHUVWLJD HWW YLVVW VN JUlQVEHORSS 8QGHUODJHW I|U JUlQVEHORSSHW XWJ|UV DY DQGHOHQV RPNRVWQDGVEHORSS VSDUDW XWGHOQLQJVXWU\PPH RFK HWW O|QHXQGHUODJ *UlQVEHORSSHW HUKnOOV JHQRP DWW XQGHUODJHW PXOWLSOLFHUDV PHG VWDWVOnQHUlQWDQ |NDG PHG IHP SURFHQWHQKHWHU gYHUVWLJHU OlPQDG XWGHOQLQJ JUlQVEHORSSHW EHWUDNWDV GHQ |YHUVNMXWDQGH GHOHQ VRP DUEHWVLQNRPVW RFK VNDOO GlUI|U EHVNDWWDV L LQNRPVWVODJHW WMlQVW NDS RFK,/,GHIDOOOlPQDGXWGHOQLQJXQGHUVWLJHUJUlQVEHORSSHWVNDOO VNLOOQDGHQ I|UDV YLGDUH WLOO QlVWD nU RFK |NDU Gn GHW NDSLWDOLQNRPVWEHKDQGODGH XWU\PPHW VRP EHUlNQDV I|U GHW nUHW VSDUDW
XWGHOQLQJVXWU\PPHNDS,/2PHQNYDOLILFHUDGDQGHO|YHUJnU 3URS WLOOHQQ\lJDUHJHQRPDUYWHVWDPHQWHJnYDERGHOQLQJHOOHUSnOLNQDQGH VlWWWDUI|UYlUYDUHQ|YHUGHQWLGLJDUHlJDUHQVVSDUDGHXWGHOQLQJVXWU\PPH NDS,/ bYHQHQNDSLWDOYLQVWVRPXSSNRPPHUQlUDQGHODULHWWInPDQVI|UHWDJ DY\WWUDVNDQEHURSnDWWDUEHWVLQNRPVWHUKDUKnOOLWVNYDULI|UHWDJHW(WW ULPOLJW VNDWWHXWWDJ YLG I|UVlOMQLQJ DY InPDQVI|UHWDJVDQGHODU KDU DQVHWWV OLJJDSnFLUNDSURFHQW'HQWHNQLVNDO|VQLQJVRPKDUYDOWVI|UDWWIn GHW VNDWWHXWWDJHW lU DWW I|UGHOD YLQVWHQ PHG SURFHQW YDUGHUD Sn LQNRPVWVODJHQWMlQVWRFKNDSLWDO%HVWlPPHOVHUQDLQQHKnOOHUHQWDNUHJHO DYVHHQGH EHVNDWWQLQJ DY NDSLWDOYLQVW L LQNRPVWVODJHW WMlQVW (Q NDSLWDOYLQVWVNDOOLQWHWDVXSSLLQNRPVWVODJHWWMlQVWWLOOGHQGHOGHWVNXOOH PHGI|UD DWW GHQ VNDWWVN\OGLJH RFK QlUVWnHQGH WLOO KRQRP XQGHU DY\WWULQJVnUHWRFKGHIHPI|UHJnHQGHEHVNDWWQLQJVnUHQVDPPDQODJWWDJLW XSS K|JUH EHORSS lQ VRP PRWVYDUDU JnQJHU SULVEDVEHORSSHW HOOHU NURQRUXWWU\FNWLnUVEDVEHORSSNDS,/ XWUHGQLQJHQ)LOlPQDGHVLWWEHWlQNDQGH%HVNDWWQLQJDY VPnI|UHWDJDUH 628 WLOO UHJHULQJHQ GHQ MXQL %HWlQNDQGHW UHPLVVEHKDQGODV RFK UHPLVVWLGHQ JLFN XW GHQ RNWREHU
/lWWQDGVUHJOHUQD
9LG XWGHOQLQJ RFK NDSLWDOYLQVW Sn DQGHODU L RQRWHUDGH VYHQVND RFK XWOlQGVND I|UHWDJ JHV HQ OlWWQDG L EHVNDWWQLQJHQ SURS GH VNOlWWQDGVUHJOHUQD/lWWQDGVUHJOHUQDLQQHElUDWWHWWYLVVWXWU\PPHNDQ EHUlNQDV YDUMH nU RFK DWW XWGHOQLQJ LQRP GHWWD XWU\PPH ± OlWWQDGVEHORSSHW ± XQGDQWDV IUnQ EHVNDWWQLQJ KRV DQGHOVlJDUHQ 2P OlWWQDGVEHORSSHWLQWHXWQ\WWMDVHOOHUXWQ\WWMDVHQGDVWWLOOYLVVGHOXQGHUHWW nUNDQGHQRXWQ\WWMDGHGHOHQVSDUDVWLOOHWWVHQDUHnU(QI|UXWVlWWQLQJI|U OlWWQDG L EHVNDWWQLQJHQ lU DWW DQGHOVlJDUHQ lU HQ I\VLVN SHUVRQ HOOHU HWW G|GVER VRP VNDOO WD XSS XWGHOQLQJ RFK NDSLWDOYLQVW L LQNRPVWVODJHW NDSLWDO /lWWQDGVEHORSSHW EHUlNQDV JHQRP DWW HQ UlQWHVDWV SURFHQW DY VWDWVOnQHUlQWDQ PXOWLSOLFHUDV PHG VXPPDQ DY HWW XQGHUODJ I|U OlWWQDGVEHORSSRFKVSDUDWOlWWQDGVXWU\PPHNDS,/8QGHUODJHW I|U OlWWQDGVEHORSS XWJ|UV DY VXPPDQ DY RPNRVWQDGVEHORSSHW I|U DQGHODUQD VSDUDW OlWWQDGVXWU\PPH RFK YLVV GHO DY GH O|QHU VRP KDU XWEHWDODWVLI|UHWDJHWNDS,/ 2PNRVWQDGVEHORSSHW EHUlNQDV HQOLJW JHQRPVQLWWVPHWRGHQ 2PNRVWQDGVEHORSSHW InU lYHQ EHUlNQDV JHQRP DWW DQVNDIIQLQJVXWJLIWHQ I|UDQGHODUVRPI|UYlUYDWVI|UHnULQGH[XSSUlNQDVNDS,/ DOWHUQDWLYW ± I|U DQGHODU VRP I|UYlUYDWV I|UH nU ± InU RPNRVWQDGVEHORSSHW EHUlNQDV XWLIUnQ NDSLWDOXQGHUODJHW L I|UHWDJHW NDS±,/ 'HWVSDUDGHOlWWQDGVXWU\PPHW|NDU VnOHGHVGHOV GHW OlWWQDGVEHORSS VRP EHUlNQDV I|U QlVWD nU GHOV XQGHUODJHW I|U OlWWQDGVEHORSSHW 'HWVSDUDGHOlWWQDGVXWU\PPHWNDQlYHQXWQ\WWMDVDYDQGHOVlJDUHQYLG NDSLWDOYLQVWEHVNDWWQLQJHQ 'HQ GHO DY NDSLWDOYLQVWHQ VRP PRWVYDUDU GHW VSDUDGHXWU\PPHWXQGDQWDVGnIUnQEHVNDWWQLQJ
1lUOlWWQDGVEHORSSVNDOOEHUlNQDVI|UDQGHODUVRPI|UYlUYDWVJHQRPHWW 3URS XSSVNRYVJUXQGDQGHDQGHOVE\WHHQOLJWEHVWlPPHOVHUQDLNDS,/VNDOO DQVNDIIQLQJVXWJLIWHQ I|U DQGHODUQD PLQVNDV PHG HWW EHORSS VRP PRWVYDUDUXSSVNRYVEHORSSHWNDSRFKNDS,/
/DJVWLIWQLQJHQYLGDQGHOVE\WHQ
9LG nUV VNDWWHUHIRUP LQI|UGHV L GHQ QXPHUD XSSKlYGD ODJHQ RP VWDWOLJ LQNRPVWVNDWW 6,/ GHQ VN VWUXNWXUUHJHOQ PRP 'HQ HUVDWWH HQ lOGUH EHVWlPPHOVH HQOLJW YLONHQ UHJHULQJHQ KHOW HOOHU GHOYLV NXQGH PHGJH VNDWWHIULKHW YLG DY\WWULQJ DY DNWLHU VRP LQQHKDIWV WYn nU HOOHU PHU RP EHVNDWWQLQJHQ NXQGH DQWDV KLQGUD VWUXNWXUUDWLRQDOLVHULQJ VRP YDU |QVNYlUG IUnQ DOOPlQ V\QSXQNW 6WUXNWXUUHJHOQLQQHEDUDWWEHVNDWWQLQJHQVN|WVXSSQlUDNWLHUDY\WWUDGHV WLOOHWWERODJPRWHUVlWWQLQJLIRUPDYDNWLHULGHWN|SDQGHERODJHWSURS EHW 6N8 6)6 'HQ WHNQLVND O|VQLQJHQLQQHEDUDWWQnJRQUHDOLVDWLRQVYLQVWLQWHDQVnJVXSSNRPPDYLG E\WHWERUWVHWWIUnQHYHQWXHOONRQWDQWHUVlWWQLQJRFKDWWGHQ\DDNWLHUQDL VWlOOHW|YHUWRJGHDY\WWUDGHDNWLHUQDVDQVNDIIQLQJVYlUGH ,QI|U 6YHULJHV LQWUlGH L (* GHQ MDQXDUL LQI|UGHV ODJHQ RP LQNRPVWEHVNDWWQLQJHQ YLG JUlQV|YHUVNULGDQGH RPVWUXNWXUHULQJDU LQRP (* ,*2/ SURS EHW 6N8 VnVRP HQ LPSOHPHQWHULQJ DY EOD GHW VN IXVLRQV GLUHNWLYHW ((* 'HQ WHNQLVND O|VQLQJHQ I|U UHDOLVDWLRQVYLQVW EHVNDWWQLQJHQYLGDNWLHE\WHQL,*2/LQQHEDUDWWQnJRQYLQVWSnJUXQGDY E\WHW LQWH VNXOOH DQVHV KlQI|UD VLJ WLOO GHW nU Gn DY\WWULQJHQ VNHGGH , VWlOOHW VNXOOH VRP UHDOLVDWLRQVYLQVW GHW nU Gn GH YLG E\WHW PRWWDJQD DQGHODUQDDY\WWUDGHVDQVHVVnYlOGHQGnXSSNRPQDYLQVWHQVRPGHQYLQVW VRP XSSNRPPLW YLG E\WHW 6WUXNWXUUHJHOQ YDU XUVSUXQJOLJHQ LQWH WLOOlPSOLJLGHIDOOVRPDYVnJVL,*2/PHQHIWHUKDQGLQI|UGHVHQYDOUlWW 0HG YHUNDQ IURP GHQ MDQXDUL HUVDWWHV VnYlO VWUXNWXUUHJHOQ VRP ,*2/ DY ODJHQ RP XSSVNRY YLG DQGHOVE\WHQ 8%$ SURSEHW6N8,8%$DQYlQGHVVDPPDWHNQLN I|UXSSVNRYVRPL,*2/)URPGHQMDQXDULPHGYHUNDQIURP nUV WD[HULQJ ILQQV EHVWlPPHOVHUQD RP DQGHOVE\WHQ L NDS ,/ SURSEHW6N8 'HWHQKHWOLJDXSSVNRYVV\VWHPHWKDUVHGDQGHQMDQXDULHUVDWWV PHG WYn SDUDOOHOOD UHJHOV\VWHP QlPOLJHQ IUDPVNMXWHQ EHVNDWWQLQJ YLG DQGHOVE\WHQDNDS,/RFKXSSVNRYVJUXQGDQGHDQGHOVE\WHQNDS ,/ 5HJOHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ lU WLOOlPSOLJD QlU HQ I\VLVN SHUVRQ E\WHU PDUNQDGVQRWHUDGH DQGHODU PRW DQGHODU VRP LQWH lU NYDOLILFHUDGHHOOHUE\WHUPRWDQGHODUVRPLQWHEOLUNYDOLILFHUDGHKRVGHQ I\VLVNDSHUVRQHQ'HPRWWDJQDDQGHODUQD|YHUWDUGHDY\WWUDGHDQGHODUQDV RPNRVWQDGVEHORSS GYV HQ Q\ VWUXNWXUUHJHO KDU LQI|UWV SURS EHW 6N8 6)6 'HQ VNDWWVN\OGLJH NDQEHJlUDDWWInWLOOlPSDUHJOHUQDUHGDQIURPnUVWD[HULQJ
%HVWlPPHOVHUQDRPXSSVNRYVJUXQGDQGHDQGHOVE\WHQ 3URS
$OOPlQW
)|UDWWXSSVNRYVNDOOHUKnOODVNUlYVEODDWWGHWlUIUnJDRPHWWE\WHDY DQGHODU GlU NRQWDQWHUVlWWQLQJHQ lU K|JVW WLR SURFHQW DY GH PRWWDJQD DQGHODUQDVQRPLQHOODYlUGHNDS,/.RQWDQWHUVlWWQLQJHQWDVXSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW VNHU'HQGHODYKHODGHQVNDWWHSOLNWLJDNDSLWDOYLQVWHQVRPLQWHWlFNVDY NRQWDQWHUVlWWQLQJHQ I|UGHODV Sn GH PRWWDJQD DQGHODUQD 'HW Sn YDUMH DQGHO EHUlNQDGH XSSVNRYVEHORSSHW IDVWVWlOOV YLG WD[HULQJHQ I|U GHW EHVNDWWQLQJVnUGnGHWXSSVNRYVJUXQGDQGHDQGHOVE\WHWVNHUNDS ,/ 2P WYn DNWLHVHULHU E\WV PRW HQ DNWLHVHULH L GHW N|SDQGH I|UHWDJHW VNDOO GHW VDPPDQODJGD XSSVNRYVEHORSSHW I|UGHODV MlPQW Sn VDPWOLJD HUKnOOQDDNWLHUlYHQRPNDSLWDOYLQVWHQSHUDNWLHYDULWROLNDI|UGHROLND DNWLHVODJHQHOOHUYLQVWXSSNRPPLWHQEDUWSnGHWHQDDNWLHVODJHW5c UHI %HVWlPPHOVHUQD RP XSSVNRY VNDOO EDUD WLOOlPSDV RP GHQ VNDWWVN\OGLJHEHJlUGHWNDS,/2P XSSVNRYLQWHEHJlUVVNHU EHVNDWWQLQJ VnOHGHV L YDQOLJ RUGQLQJ )|U DWW VlOMDUHQ VNDOO HUKnOOD XSSVNRYI|UHQWLOOJnQJVRPNDSLWDOYLQVWEHVNDWWDVPnVWHGHWXSSNRPPD HQNDSLWDOYLQVW2PGHQDY\WWUDGHDQGHOHQlUHQODJHUWLOOJnQJKRVVlOMDUHQ PnVWH HUVlWWQLQJHQ |YHUVWLJD DQGHOHQV VNDWWHPlVVLJD YlUGH 2P GHW OlPQDV HUVlWWQLQJ L SHQJDU I|U DQGHOHQ VNDOO VNLOOQDGHQ PHOODQ KHOD HUVlWWQLQJHQRFKGHWVNDWWHPlVVLJDYlUGHW|YHUVWLJDHUVlWWQLQJHQLSHQJDU NDS ,/ 2P I|UOXVW XSSNRPPHU L VDPEDQG PHG GHW XSSVNRYVJUXQGDQGHDQGHOVE\WHWVNDOODYGUDJJ|UDVHQOLJWDOOPlQQDUHJOHU XQGHUGHWEHVNDWWQLQJVnUGnE\WHWVNHU (QI|UXWVlWWQLQJI|UDWWXSSVNRYVNDOOJRGWDVlUDWWXSSVNRYVEHORSSHW EOLUI|UHPnOI|UEHVNDWWQLQJL6YHULJHQlUGHPRWWDJQDDQGHODUQDDY\WWUDV SURSVII'HWNUlYVGlUI|UDWWVlOMDUHQRPKDQlUHQ I\VLVNSHUVRQYLGWLGSXQNWHQI|UE\WHWlUERVDWWHOOHUVWDGLJYDUDQGHYLVWDV L 6YHULJH NDS ,/ 'HW UlFNHU VnOHGHV LQWH PHG YlVHQWOLJ DQNQ\WQLQJHOOHUWLGLJDUHERVlWWQLQJL6YHULJH 2PI|UXWVlWWQLQJDU ILQQV I|UVlOMDUHQDWWInXSSVNRYHQOLJWUHJOHUQDI|UXSSVNRYYLGNRQFHUQLQWHUQD DQGHOV|YHUOnWHOVHU lU EHVWlPPHOVHUQD RP XSSVNRYVJUXQGDQGH DQGHOV E\WHQLQWHWLOOlPSOLJDNDS,/ 'HW N|SDQGH I|UHWDJHW VNDOO HQOLJW NDS ,/ YDUD HWW VYHQVNW DNWLHERODJHWWXWOlQGVNWERODJHQOLJWGHILQLWLRQHQLNDS,/HOOHUHWW DQQDWXWOlQGVNWI|UHWDJVRPK|UKHPPDLQRP(8VRPXSSI\OOHUYLOONRUHQ L IXVLRQVGLUHNWLYHW 'HW N|SDQGH I|UHWDJHW PnVWH YLG XWJnQJHQ DY GHW EHVNDWWQLQJVnU Gn DY\WWULQJHQ VNHU lJD PHU lQ KlOIWHQ DY U|VWHUQD L GHW DY\WWUDGH I|UHWDJHW 'HWWD U|VWYLOONRU lU DYVHWW DWW KLQGUD VNDWWHXQGDQGUDJDQGHQ SURS V ± 2P GHW ILQQV VlUVNLOGD VNlO UlFNHU GHW DWW YLOONRUHW lU XSSI\OOW YLG QnJRQ WLGSXQNW PHOODQGHWXSSVNRYVJUXQGDQGHDQGHOVE\WHWRFKXWJnQJHQDYNDOHQGHUnUHW NDS,/ 8SSVNRYVEHORSSVNDOOWDVXSSVRPLQWlNWVHQDVWGHWEHVNDWWQLQJVnUGn lJDQGHUlWWHQWLOOGHQPRWWDJQDDQGHOHQ|YHUJnUWLOOQnJRQDQQDQHOOHURP GHQ PRWWDJQD DQGHOHQ XSSK|U DWW H[LVWHUD NDS ,/ 'HWWD NDQ LQWUlIID RP GHW N|SDQGH I|UHWDJHW OLNYLGHUDV HOOHU RP DNWLHNDSLWDOHW L I|UHWDJHW VlWWV QHG JHQRP LQO|VHQ DY DQGHODU 1lU XSSVNRYVEHORSS WDV
XSS VRP LQWlNW EHKDQGODV GHW VRP HQ YDQOLJ NDSLWDOYLQVW )|UOXVWHU Sn 3URS DQGHODU WH[ GH PRWWDJQD DQGHODUQD NDQ GUDV DY PRW nWHUI|UGD XSSVNRYVEHORSS 'HQ VNDWWVN\OGLJH NDQ YlOMD DWW IULYLOOLJW WD XSS KHOD HOOHUGHODUDYXSSVNRYVEHORSSHWVRPLQWlNWLQQDQGHQPRWWDJQDDQGHOHQ DY\WWUDV 'HQ IULYLOOLJD EHVNDWWQLQJHQ DNWXDOLVHUDV IUlPVW QlU GHQ VNDWWVN\OGLJH EHK|YHU NYLWWQLQJVJLOOD YLQVWHU PRW UHDOLVHUDGH I|UOXVWHU 2PNRVWQDGVEHORSSHW I|U GHQ PRWWDJQD DQGHOHQ XSSJnU HQOLJW DOOPlQQD UHJOHU WLOO HWW EHORSS VRP PRWVYDUDU PDUNQDGVYlUGHW I|U GHQ DY\WWUDGH DQGHOHQ 2P HQ PRWWDJHQ DQGHO DY\WWUDV JHQRP HWW Q\WW XSSVNRYVJUXQGDQGH DQGHOVE\WHNDQGHQVNDWWVN\OGLJHEHJlUDDWWXSSVNRYVEHORSSHWLQWHVNDOO WDV XSS WLOO EHVNDWWQLQJ , VWlOOHW |YHUJnU XSSVNRYVEHORSSHW Sn GH Q\D PRWWDJQD DQGHODUQD 2P lYHQ DQGUD DQGHODU L GHW N|SDQGH I|UHWDJHW DY\WWUDV YLG HWW XSSVNRYVJUXQGDQGH DQGHOVE\WH JDPOD DQGHODU |YHUJnU XSSVNRYVEHORSSHW Sn VDPWOLJD Q\D PRWWDJQD DQGHODU L GHW Q\D N|SDQGH I|UHWDJHWNDS,/ 2P GHQ VNDWWVN\OGLJH LQWH OlQJUH XSSI\OOHU YLOONRUHW L NDS ,/ RP DWW YDUD ERVDWW L 6YHULJH HOOHU VWDGLJYDUDQGH YLVWDV KlU VNDOO XSSVNRYVEHORSSHWWDVXSSWLOOEHVNDWWQLQJNDS,/ 2P HQ PRWWDJHQ DQGHO |YHUJnU JHQRP DUY WHVWDPHQWH JnYD HOOHU ERGHOQLQJ |YHUWDU I|UYlUYDUHQ |YHUOnWDUHQV VNDWWHPlVVLJD VLWXDWLRQ QlU GHWJlOOHUXSSVNRYVEHORSSHWNDS,/6\IWHWPHGGHWWDlUEOD DWWDQGHOVlJDUHQVEHQlJHQKHWDWWGHOWDLDQGHOVE\WHQLQWH VNDOOSnYHUNDV QHJDWLYWDSURSV
'HQDY\WWUDGHDQGHOHQlUNYDOLILFHUDG
9LG DY\WWULQJ DY NYDOLILFHUDGH DQGHODU L InPDQVI|UHWDJ PHGJDYV HQOLJW VWUXNWXUUHJHOQ L PRP 6,/ XSSVNRY HQGDVW HIWHU GLVSHQV IUnQ VNDWWHP\QGLJKHWHQ 'LVSHQV ILFN LQWH OlPQDV RP QnJRQ GHO DY YLQVWHQ VNXOOHKDWDJLWVXSSVRPLQWlNWDYWMlQVWHQOLJWUHJOHUQD0HWRGHQL VWUXNWXUUHJHOQ JDY DOOWVn LQWH XWU\PPH I|U EHVNDWWQLQJ HQOLJW UHJOHUQDQlUGHPRWWDJQDDQGHODUQDDY\WWUDGHV)XVLRQVGLUHNWLYHWWLOOnWHU GRFN LQWH DWW DY\WWULQJDU DY NYDOLILFHUDGH DQGHODU L InPDQVI|UHWDJ XQGDQWDVIUnQXSSVNRYVP|MOLJKHWHQ 9LG XWE\WH DY DNWLHU HOOHU DQGHODU InU HQOLJW DUWLNHO L IXVLRQVGLUHNWLYHW WLOOGHOQLQJHQ DY DNWLHU HOOHU DQGHODU L GHW I|UYlUYDQGH ERODJHWWLOOHQGHOlJDUHLGHWI|UYlUYDGHERODJHWLXWE\WHPRWDNWLHUHOOHU DQGHODU L GHW VHQDUH ERODJHW LQWH L VLJ OHGD WLOO EHVNDWWQLQJ DY LQNRPVW YLQVW HOOHU NDSLWDOYLQVW KRV GHQQH GHOlJDUH (QOLJW DUWLNHO VNDOO PHGOHPVVWDWHUQD J|UD WLOOlPSQLQJHQ DY SXQNW EHURHQGH DY DWW GHOlJDUQD LQWH nVlWWHU GH PRWWDJQD DNWLHUQD HOOHU DQGHODUQD HWW VNDWWHPlVVLJWYlUGH VRPlUK|JUHlQGHWVRPGHXWE\WWDYlUGHSDSSHUHQ KDGHRPHGHOEDUWI|UHXWE\WHWI|UVWDVW\FNHW7LOOlPSQLQJHQDYSXQNW VNDOOLQWHKLQGUDPHGOHPVVWDWHUQDIUnQDWWEHVNDWWDGHQYLQVWVRPXSSVWnU YLGVHQDUH|YHUOnWHOVHDYGHVnOXQGDPRWWDJQDYlUGHSDSSHUHQSnVDPPD VlWW VRP GH EHVNDWWDU YLQVWHU YLG |YHUOnWHOVH DY GH YlUGHSDSSHU VRP LQQHKDGHV I|UH GHW L SXQNW DYVHGGD I|UYlUYHW DQGUD VW\FNHW 0HG XWWU\FNHW´VNDWWHPlVVLJWYlUGH´DYVHVGHWEHORSSPHGXWJnQJVSXQNWIUnQ YLONHW HQ HYHQWXHOO YLQVW HOOHU I|UOXVW EHUlNQDV YLG EHVNDWWQLQJ DY
LQNRPVWYLQVWHOOHUNDSLWDOYLQVWI|UHQGHOlJDUHLERODJHWWUHGMHVW\FNHW 3URS 'nHQGHOlJDUHHQOLJWODJVWLIWQLQJHQLGHQPHGOHPVVWDWGlUKDQlUERVDWW InUEHJlUDVNDWWHPlVVLJEHKDQGOLQJVRPVNLOMHUVLJIUnQGHQVRPDQJHVL SXQNWVNDOOHQOLJWDUWLNHOSXQNWLQWHWLOOlPSDVSnGHYlUGHSDSSHU I|UYLONDGHQQDP|MOLJKHWXWQ\WWMDV %HWUlIIDQGHYDODYWHNQLNI|UDWWWDWLOOEDNDXSSVNRYDQI|UGHVDY nUVI|UHWDJVVNDWWHXWUHGQLQJEODI|OMDQGH628VI
´, IUnQYDUR DY VlUVNLOGD NRPSOLNDWLRQHU NXQGH NUDYHQ L DUWLNHO SXQNW KD WLOOJRGRVHWWV JHQRP HQ HQNHO UHJHO RP DWW GH PRWWDJQD DQGHODUQD |YHUWDU DQVNDIIQLQJVYlUGHWI|UGHDY\WWUDGHDQGHODUQD'HQYLQVWVRPLQWHEHVNDWWDVYLG DQGHOVE\WHW VNXOOH PHG HQ VnGDQ UHJHO NRPPD IUDP WLOO EHVNDWWQLQJ QlU YHGHUODJVDQGHODUQD DY\WWUDV )|U DWW VNDWWHXWIDOOHW VNDOO EOL ULNWLJW PHG GHQQD UHJHO IRUGUDV HPHOOHUWLG DWW GH UHJOHU VRP lU WLOOlPSOLJD YLG DY\WWULQJHQ DY YHGHUODJVDQGHODUQDlUGHVDPPDVRPGHVRPVNXOOHKDWLOOlPSDWVRPEHVNDWWQLQJ KDGHVNHWWUHGDQYLGDQGHOVE\WHW8WJ|UVGHXUVSUXQJOLJDDQGHODUQDDYVYHQVND DNWLHUlUHQGDVWKlOIWHQDYHQUHDYLQVWVNDWWHSOLNWLJPHGDQKHODUHDYLQVWHQVNDOO WDV XSS WLOO EHVNDWWQLQJ QlU YHGHUODJVDQGHODUQD XWOlQGVND DQGHODU DY\WWUDV 0DQNDQLQWHJlUQDPHGUlWWDKlYGDDWWLGHWWDIDOOHQYLQVWYLGHQDY\WWULQJDY GHPRWWDJQDDQGHODUQDEHVNDWWDV SnVDPPDVlWW VRPHQYLQVWYLGHQDY\WWULQJDY GHXUVSUXQJOLJDDQGHODUQDVNXOOHKDEHVNDWWDWV%HVNDWWQLQJHQVNHUVQDUDUHSnHWW KnUGDUHVlWW(QUHJHODYGHWGLVNXWHUDGHVODJHWlUSUREOHPDWLVNlYHQLUHODWLRQ WLOODQGUDUHJOHUEODGHPI|UInPDQVI|UHWDJLPRP6,/
0HGKlQV\QWLOOGHWDQI|UGDI|URUGDUXWUHGQLQJHQHQDQQDQO|VQLQJ'HWEHORSS HOOHU RP IOHUD LQNRPVWVODJ EHU|UV GH EHORSS VRP XQGJnU EHVNDWWQLQJ YLG DQGHOVE\WHW EHVNDWWDV YLG DY\WWULQJHQ DY YHGHUODJVDQGHODUQD YLG VLGDQ DY GHQ UHJXOMlUD Sn JUXQGDY GHQQD DY\WWULQJ 'HWWD VNHU JHQRP DWWGHQ XUVSUXQJOLJD UHDYLQVWHQ KlQI|UV WLOO GHWEHVNDWWQLQJVnU Gn YHGHUODJVDQGHODUQD DY\WWUDV )UnQ GH EHORSS VRP HQOLJW DOOPlQQD UHJOHU VNDOO WDV XSS VRP LQWlNW DY QlULQJVYHUNVDPKHWI|UERODJNDSLWDOI\VLVNDSHUVRQHUHOOHUWMlQVWLIUnJDRP DNWLHULInPDQVI|UHWDJDYUlNQDVEHORSSVRPEHVNDWWDWVLUHVSLQNRPVWVODJYLG WD[HULQJHQ I|U GHW EHVNDWWQLQJVnU Gn DQGHOVE\WHW VNHGGH Sn JUXQG DY DWW NRQWDQWYHGHUODJXWJnWW$Y\WWUDVYHGHUODJVDQGHODUQDXQGHUROLNDEHVNDWWQLQJVnU InUHQSURSRUWLRQHULQJVNHDYGHEHORSSVRPVNDOOEHVNDWWDV´
0HG GHQ WHNQLN VRP YDOGHV I|U DWW WD WLOOEDND XSSVNRY HQOLJW ODJHQ RP LQNRPVWEHVNDWWQLQJHQ YLG JUlQV|YHUVNULGDQGH RPVWUXNWXUHULQJDU LQRP (* ,*2/ YDU GHW P|MOLJW DWW WLOOlPSD UHJOHUQDYLGGHQXSSVNMXWQDEHVNDWWQLQJHQ,I|UDUEHWHQDJMRUGHVI|OMDQGH XWWDODQGHEHWUlIIDQGHYDODYXSSVNRYVWHNQLNSURSV
´5HJHULQJHQKDUOlPQDWI|UVODJRPDWWUHDYLQVWEHVNDWWQLQJHQDYVYHQVNDDNWLHU VNDOO RPIDWWD KHOD UHDYLQVWHQ SURS 'HW LQQHElU DWW VYHQVND RFK XWOlQGVNDDNWLHUUHDYLQVWEHVNDWWDVSnVDPPDVlWW'HWVNXOOHDOOWVnYDUDP|MOLJW DWW KD VDPPD O|VQLQJ VRP L PRP 6,/ GYV DWW YHGHUODJVDQGHODUQD |YHUWDUDQVNDIIQLQJVYlUGHW)|UODJHUDNWLHURFKI|UDNWLHUVRPRPIDWWDVDY PRP 6,/ VNXOOH HPHOOHUWLG VlUVNLOGD UHJOHU EHK|YDV 5HJHULQJHQ DQVHU GlUI|UDWWGHQDYXWUHGQLQJHQI|UHVODJQDO|VQLQJHQE|UEHKnOODV´
1lU GH WYn UHJHOV\VWHPHQ VORJV LKRS nU RFK HUVDWWHV DY ODJHQ RP XSSVNRY YLG DQGHOVE\WHQ 8%$ NRQVWDWHUDGHV DWW V\VWHPHQ KDGH P\FNHW JHPHQVDPW PHQ DWW GHW L HQVNLOGKHWHU I|UHOnJ EHW\GDQGH VNLOOQDGHU WH[ YDG JlOOHU WHNQLNHQ I|U DWW WD WLOOEDND XSSVNRYHW P|MOLJKHWHUQD I|U DNWLYD GHOlJDUH L InPDQVI|UHWDJ DWW In
XSSVNRY VDPW O|VQLQJDUQD I|U DWW PRWYHUND DWW XSSVNRY PHGI|U DY 3URS ODJVWLIWDUHQLQWHDYVHGGDVNDWWHI|UPnQHU'HWHQKHWOLJDXSSVNRYVV\VWHPHW XWIRUPDGHV PHG XWJnQJVSXQNW L GHQ XSSVNRYVWHNQLN VRP DQYlQGHV L ,*2/'HWWDPRWLYHUDGHVLI|UVWDKDQGPHGDWWGHWHQOLJWGHQQDWHNQLNlU P|MOLJW DWW WLOOlPSD UHJOHUQD YLG GHQ XSSVNMXWQD EHVNDWWQLQJHQ SURSVI )|UDWWI|UKLQGUDRPYDQGOLQJDYDUEHWVLQNRPVWHUWLOONDSLWDOLQNRPVWHU ILQQVLNDS,/HQVlUVNLOGEHVWlPPHOVHDYVNDWWHIO\NWVNDUDNWlU I|UNYDOLILFHUDGHDQGHODU9LGDY\WWULQJDYHQVnGDQDQGHOWLOOHWWI|UHWDJL YLONHWVlOMDUHQRPHGHOEDUWHIWHUDY\WWULQJHQHQVDPHOOHUWLOOVDPPDQVPHG QlUVWnHQGH GLUHNW HOOHU LQGLUHNW lJHU DQGHODU PRWVYDUDQGH PLQVW SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODU L GHW N|SDQGH I|UHWDJHW XSSVWlOOV YLVVD YLOONRU 6NlOHW WLOO DWW LQWH HQGDVW IDOO PHG U|VWPDMRULWHW RPIDWWDVlUDWWVDPRUGQDGHI|UIDUDQGHQPHOODQXSSWLOOI\UDGHOlJDUHE|U InQJDVLQDYEHVWlPPHOVHQ,I|UDUEHWHQDUHGRYLVDGHVI|OMDQGHVLWXDWLRQ VRPEDNJUXQGWLOOEHKRYHWDYEHVWlPPHOVHQDSURSV
´,IUnQYDURDYPRWYHUNDQGHUHJOHUVNXOOHHQDNWLYGHOlJDUHLHWWInPDQVI|UHWDJ NXQQDJHQRPI|UDHQH[WHUQI|UVlOMQLQJDYDQGHODUQDLI|UHWDJHWJHQRPDWWI|UVW YLGHWWDQGHOVE\WHVlOMDDQGHODUQDWLOOHWWDQQDWI|UHWDJ$VRPlJVDYGHOlJDUHQ HYHQWXHOOW WLOOVDPPDQV PHG QlUVWnHQGH $ HUKnOOHU PDUNQDGVYlUGHW VRP DQVNDIIQLQJVYlUGH I|U DQGHODUQD RFK NDQ GlUI|U VlOMD GHP XWDQ EHVNDWWQLQJ 'HOlJDUHQNDQVHGDQOnWD$I|UYlUYDHQDNWLHSRUWI|OMHOOHUOLNQDQGH$EOLUGnHWW I|UYDOWQLQJVI|UHWDJ YLONHW LQQHElU DWW PRWWDJQD XWGHOQLQJDU VRP YLGDUHXWGHODV LQWH EHVNDWWDV KRV $ 8WUHGQLQJHQV EHG|PQLQJ lU DWW GHQ VlUVNLOGD VNDWWHIO\NWVEHVWlPPHOVH VRP XWUHGQLQJHQ I|UHVOnU QRUPDOW EOLU WLOOlPSOLJ Sn I|UIDUDQGHQDYGHWWDVODJ(IWHUVRPI|UIDUDQGHWOnWHUVLJEHVNULYDVLODJWH[WE|U GHWlQGnVWRSSDVJHQRPHQVlUVNLOGUHJOHULQJ´
0HG I|UYDOWQLQJVI|UHWDJ DYVHV HWW VnGDQW VYHQVNW DNWLHERODJ HOOHU HQ VnGDQ VYHQVN HNRQRPLVN I|UHQLQJ VRP I|UYDOWDU YlUGHSDSSHU HOOHU OLNQDQGHWLOOJnQJDURFKVRPL|YULJWYDUNHQGLUHNWHOOHULQGLUHNWEHGULYHU QlULQJVYHUNVDPKHW L PHU lQ REHW\GOLJ RPIDWWQLQJ 8WGHOQLQJ VRP HWW I|UYDOWQLQJVI|UHWDJ WDU HPRW IUnQ HWW VYHQVNW DNWLHERODJ HOOHU HQ VYHQVN HNRQRPLVN I|UHQLQJ VNDOO LQWH WDV XSS WLOO GHQ GHO GHQ PRWVYDUDV DY XWGHOQLQJ VRP I|UYDOWQLQJVI|UHWDJHW EHVOXWDU I|U VDPPD EHVNDWWQLQJVnU NDSRFK,/ , GH IDOO VlOMDUHQ Sn GHW EHVNULYQD VlWWHW lJHU DQGHODU L GHW N|SDQGH I|UHWDJHWPRWVYDUDQGHPLQVWSURFHQWDYU|VWHWDOHWI|UVDPWOLJDDQGHODU NUlYV DWW GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW nWPLQVWRQH WLOO KXYXGVDNOLJ GHO EHVWnU DY U|UHOVH HOOHU GLUHNW HOOHU LQGLUHNW LQQHKDY DY DQGHODU L GRWWHUI|UHWDJ VRP WLOO KXYXGVDNOLJ GHO EHGULYHU U|UHOVH 0HG U|UHOVH DYVHV HQOLJW KXYXGGHILQLWLRQHQ DQQDQ QlULQJVYHUNVDPKHW lQ LQQHKDY DY NRQWDQWD PHGHO YlUGHSDSSHU HOOHU OLNQDQGH WLOOJnQJDU 2P GHVVDWLOOJnQJDULQQHKDVVRPHWWOHGLU|UHOVHQUlNQDVLQQHKDYHWGRFNWLOO U|UHOVHQ NDS ,/ 'HWWD LQQHElU EOD DWW I|UYDOWQLQJVI|UHWDJV LQQHKDY DY NRQWDQWD PHGHO YlUGHSDSSHU RFK OLNQDQGH DOGULJ NDQ DQVHV VRPU|UHOVH1lUGHQDY\WWUDGHDQGHOHQlUNYDOLILFHUDGKDURUGHWU|UHOVH GlUI|U HQ PHU LQVNUlQNW EHW\GHOVH Sn Vn VlWW DWW NRQWDQWD PHGHO YlUGHSDSSHUHOOHUOLNQDQGHWLOOJnQJDULQWHUlNQDVWLOOU|UHOVHlYHQRPGH LQQHKDVVRPHWWOHGLU|UHOVHQ0HGGRWWHUI|UHWDJDYVHVLGHWWDKlQVHHQGH HWW I|UHWDJ L YLONHW GHW N|SDQGH I|UHWDJHW GLUHNW HOOHU LQGLUHNW KDU
U|VWPDMRULWHWHQ 0HG GHQQD GHILQLWLRQ E|U RNODUKHWHU LQWH XSSNRPPD 3URS KXUXYLGD HWW PRGHUGRWWHUERODJVI|UKnOODQGH UnGHU QlU GHW N|SDQGH I|UHWDJHW lU XWOlQGVNW D SURS V 9LG EHG|PQLQJHQ DY RP KXYXGVDNOLJKHWVYLOONRUHW lU XSSI\OOW WDV KlQV\Q IUlPVW WLOO VWRUOHNHQ DY LQWlNWHUQDDSURSV 8SSI\OOV U|UHOVHYLOONRUHW YLG DY\WWULQJHQ PHQ lQGUDV VHQDUH GHW N|SDQGHI|UHWDJHWVYHUNVDPKHWVnDWWYLOONRUHWLQWHOlQJUHXSSI\OOVVNDOO DYVNDWWQLQJ DY XSSVNRYVEHORSSHW VNH 'HWWD JlOOHU GRFN HQGDVW RP VlOMDUHQ WLOOVDPPDQV PHG QlUVWnHQGH lYHQ YLG WLGSXQNWHQ I|U I|UlQGULQJHQDYYHUNVDPKHWHQlJHUDQGHODULGHWN|SDQGHI|UHWDJHWPHG PLQVWSURFHQWDYU|VWHWDOHWI|UVDPWOLJDDQGHODULI|UHWDJHW.UDYHWSn DWWYHUNVDPKHWHQLQWHlQGUDVJlOOHUWRPXWJnQJHQDYGHWWMXJRQGHnUHW HIWHUGHWXSSVNRYVJUXQGDQGHDQGHOVE\WHWNDS,/ 2P GHOlJDUQD L HWW InPDQVI|UHWDJ DYVHU DWW |YHUOnWD DQGHODUQD L I|UHWDJHW WLOO HWW DQQDW I|UHWDJ VRP lJV DY GHP RFK |QVNDU EHKnOOD KDQGOLQJVIULKHWHQ DWW VHQDUH XWDQ VNDWWHNRQVHNYHQVHU RPYDQGOD GHW N|SDQGH I|UHWDJHW WLOO HWW I|UYDOWQLQJVI|UHWDJ KDU GH P|MOLJKHW DWW J|UD GHWWD JHQRP HQ XQGHUSULV|YHUOnWHOVH L VWlOOHW I|U VRP HWW DQGHOVE\WH D SURSV (WW XSSVNRYVEHORSS I|UGHODV Sn YDUMH PRWWDJHQ DQGHO YLG WD[HULQJHQ GHW EHVNDWWQLQJVnU Gn DQGHOVE\WHW VNHWW )|U NYDOLILFHUDGH DQGHODU EHUlNQDV GH EHORSS VRP VNXOOH KD WDJLWV XSS L LQNRPVWVODJHW NDSLWDO NDSLWDOEHORSSHW UHVSHNWLYH LQNRPVWVODJHW WMlQVW WMlQVWHEHORSSHW RP KHOD NDSLWDOYLQVWHQ VNXOOH KD WDJLWV XSS NDS ,/ 7LOO GHQ GHO NDSLWDOEHORSSHW I|UVOnU WDV HYHQWXHOO NRQWDQW HUVlWWQLQJ XSS L LQNRPVWVODJHW NDSLWDO GHW EHVNDWWQLQJVnU Gn DQGHOVE\WHW VNHU (YHQWXHOO UHVWHUDQGHGHOWDVXSSLLQNRPVWVODJHWWMlQVWcWHUVWnHQGHGHODUDYNDSLWDO RFKWMlQVWHEHORSSHQI|UGHODVSnGHPRWWDJQDDQGHODUQD'HEHVNDWWDVQlU GHPRWWDJQDDQGHODUQDVlOMVDSURSV 'HWILQQVVlUVNLOGDUHJOHUI|UEHUlNQLQJDYJUlQVRFKOlWWQDGVEHORSS SnNYDOLILFHUDGHDQGHODUUHVSHNWLYHRQRWHUDGHDQGHODUMIUEHVNULYQLQJHQ RYDQ 9LG EHUlNQLQJHQ DY VnYlO JUlQV VRP OlWWQDGVEHORSSHW lU XWJnQJVSXQNWHQDQVNDIIQLQJVXWJLIWHQI|UDQGHODUQD)|UDWWXQGHUODJHWI|U EHUlNQLQJDYJUlQVRFKOlWWQDGVEHORSSHWI|UGHPRWWDJQDDQGHODUQDLQWH VNDOO RPIDWWD HWW XSSVNRYVEHORSS VRP LQWH EHVNDWWDV ILQQV HQ EHVWlPPHOVH VRP LQQHElU DWW GH EnGD EHORSSHQ lYHQ IRUWVlWWQLQJVYLV VNDOO EHUlNQDV Sn GH PRWWDJQD DQGHODUQDV DQVNDIIQLQJVXWJLIW NDS ,/
%HVWlPPHOVHUQDRPIUDPVNMXWHQEHVNDWWQLQJYLG DQGHOVE\WHQ
'HWHQKHWOLJDXSSVNRYVV\VWHPHWKDUIURPGHQMDQXDULHUVDWWVDY WYn SDUDOOHOOD V\VWHP QlPOLJHQ HWW I|UHQNODW V\VWHP PHG IUDPVNMXWHQ EHVNDWWQLQJ YLG DQGHOVE\WHQ UHVSHNWLYH XSSVNRYVJUXQGDQGH DQGHOVE\WHQ SURS EHW 6N8 UVNU 6)6 'HWI|UHQNODGHV\VWHPHWE\JJHUSnGHQJDPODVWUXNWXUUHJHOQ LGHQQXPHUDXSSKlYGDPRP6,/RFKJlOOHUHQGDVWQlUHQI\VLVN SHUVRQJ|UHWWDQGHOVE\WHDNDS,/5HJOHUQDlUREOLJDWRULVNDYLG E\WHQRPGHQDY\WWUDGHDQGHOHQlUPDUNQDGVQRWHUDGXQGHUI|UXWVlWWQLQJ
DWWGHQLQWHlUHQNYDOLILFHUDGDQGHORFKDWWE\WHLQWHVNHUPRWHQDQGHO 3URS VRPEOLUNYDOLILFHUDGKRVVlOMDUHQ1lUGHWJlOOHUJUlQVGUDJQLQJHQI|UGHW I|UHQNODGHV\VWHPHWPHGIUDPVNMXWHQEHVNDWWQLQJDQI|UGHVLI|UDUEHWHQD DWW HQ XWJnQJVSXQNW OLNVRP WLGLJDUH lU DWW JUlQVHQ E|U GUDV Vn DWW NYDOLILFHUDGH DQGHODU NDQ KDQWHUDV LQRP V\VWHPHW 9LGDUH DQI|UGHV DWW JUlQVGUDJQLQJHQE|UVNHHQOLJWHWWOlWWLOOJlQJOLJWUHJHOV\VWHPRFKDWWGHW LQWH E|U NUlYDV QnJUD NYDOLILFHUDGH EHG|PQLQJDU SURS V
1lU GHW JlOOGH DWW EHVWlPPD YLOND DQGHODU VRP VNDOO RPIDWWDV DY GHW I|UHQNODGH V\VWHPHW YDU IUnJDQ RP JUlQVGUDJQLQJHQ I|U WLOOlPSQLQJHQ VNXOOH VNH PHOODQ NYDOLILFHUDGH RFK LFNH NYDOLILFHUDGH DQGHODU HOOHU RP JUlQVHQ VNXOOH GUDV YLG PDUNQDGVQRWHULQJHQ , I|UDUEHWHQD DQI|UGHV I|OMDQGHDSURSVI
´'HWVRPWDODUI|UHQJUlQVGUDJQLQJPHOODQNYDOLILFHUDGHRFKLFNHNYDOLILFHUDGH DQGHODUlUDWWDOODLFNHNYDOLILFHUDGHDQGHODUVRPLQWHPnVWHEHKDQGODVHQOLJWGHQ QXYDUDQGH XSSVNRYVWHNQLNHQ NRPPHU DWW RPIDWWDV DY GHQ I|UHVODJQD HQNODUH WHNQLNHQ GYV VWUXNWXUUHJHOQ 1lU PDQ VNDOO DYJ|UD RP HQ DQGHO lU NYDOLILFHUDGInUDQGHOVlJDUHQVSHUVRQOLJDDUEHWVLQVDWVHULI|UHWDJHWHQDYJ|UDQGH EHW\GHOVH .RSSOLQJHQ WLOODQGHOVlJDUHQV SHUVRQOLJD DUEHWVLQVDWV J|U YLGDUH DWW DQGHODUQD L HWW I|UHWDJ LQWH JHQHUHOOW NDQ EHWHFNQDV VRP NYDOLILFHUDGH %HG|PQLQJHQ PnVWH DYVH GHQ HQVNLOGH DQGHOVlJDUHQV LQQHKDY 'HWWD EHW\GHU RFNVn DWW GHW L HWW RFK VDPPD LFNH PDUNQDGVQRWHUDGH I|UHWDJ NDQ I|UHNRPPD EnGHNYDOLILFHUDGHRFKLFNHNYDOLILFHUDGHDQGHODU'HQlPQGDRPVWlQGLJKHWHUQD J|U DWW GHW NDQ EOL NRPSOLFHUDW DWW DYJ|UD RP GHQ DY\WWUDGH DQGHOHQ VNDOO RPIDWWDVDYGHQHQDHOOHUGHQDQGUDXSSVNRYVWHNQLNHQ
9LGJUlQVGUDJQLQJHQHQOLJWGHWDQGUDDOWHUQDWLYHWGYVPHOODQQRWHUDGHRFKLFNH PDUNQDGVQRWHUDGH I|UHWDJ XSSVWnU L QRUPDOIDOOHW LQWH QnJUD VlUVNLOGD JUlQVGUDJQLQJVSUREOHP 'HVVXWRP NRPPHU VDPWOLJD DQGHODU L I|UHWDJHW HOOHU VDPWOLJD DQGHODU DY GHW DNWXHOOD VODJHW PHG QnJRW XQGDQWDJ DWW RPIDWWDV DY EHG|PQLQJHQ1nJRQNRSSOLQJWLOOSHUVRQOLJDI|UKnOODQGHQEOLULQWHDNWXHOO´
5HJOHUQD L D NDS RP IUDPVNMXWHQ EHVNDWWQLQJ PRWVYDUDU L WLOOlPSOLJDGHODUUHJOHUQDLNDSRPXSSVNRYVJUXQGDQGHDQGHOVE\WHQ 'HQ Q\D VWUXNWXUUHJHOQ LQQHElU DWW RPNRVWQDGVEHORSSHW I|U GHQ DQGHO VRP DY\WWUDV JHQRP DQGHOVE\WHW |YHUJnU Sn GHQ PRWWDJQD DQGHOHQ DNDSI|UVWDVW\FNHW,/$Y\WWUDVGHQDQGHOVRPPRWWDJLWVYLG DQGHOVE\WHWJHQRPHWWQ\WWDQGHOVE\WH|YHUWDUGHQDQGHOVRPWDVHPRWYLG GHW Q\D DQGHOVE\WHW GHW RPNRVWQDGVEHORSS VRP GHQ I|UVW PRWWDJQD DQGHOHQ |YHUWDJLW IUnQ GHQ XUVSUXQJOLJHQ DY\WWUDGH DQGHOHQ 6XFFHVVLYD DQGHOVE\WHQ NDQ DOOWVn VNH XWDQ DWW EHVNDWWQLQJ XWO|VHV (YHQWXHOO NRQWDQWHUVlWWQLQJ VNDOO WDV XSS WLOO EHVNDWWQLQJ GHW EHVNDWWQLQJVnU Gn DQGHOVE\WHW VNHU D NDS ,/ cWHUVWnHQGH GHO DY NDSLWDOYLQVWHQ NRPPHUDWWEHVNDWWDVQlUGHQPRWWDJQDDQGHOHQDY\WWUDV.DSLWDOI|UOXVW VNDOOSnPRWVYDUDQGHVlWWGUDVDYI|UVWQlUGHQDQGHOVRPPRWWRJVJHQRP DQGHOVE\WHW DY\WWUDV 1nJRW NUDY Sn NDSLWDOYLQVW XSSVWlOOV LQWH YLG IUDPVNMXWHQ EHVNDWWQLQJ HIWHUVRP VMlOYD WHNQLNHQ JnU XW Sn DWW GH PRWWDJQDDQGHODUQDVNDOOLQWUlGDLGHDY\WWUDGHDQGHODUQDVVNDWWHPlVVLJD VLWXDWLRQ 3n VDPPD VlWW VRP YLG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ VWlOOV HWW YLOONRUI|UIUDPVNMXWHQEHVNDWWQLQJRPDWWGHWN|SDQGHI|UHWDJHWYLGGHW
EHVNDWWQLQJVnUGnDQGHOVE\WHWVNHUVNDOOlJDPHUlQKlOIWHQDYU|VWHUQDL 3URS GHWDY\WWUDGHI|UHWDJHWDNDS,/ 9LGIUDPVNMXWHQEHVNDWWQLQJ|YHUJnUVRPQlPQWVRPNRVWQDGVEHORSSHW I|U GHQ DQGHO VRP DY\WWUDWV Sn GHQ PRWWDJQD DQGHOHQ 'HW |YHUWDJQD RPNRVWQDGVEHORSSHWI|OMHUGHQPRWWDJQDDQGHOHQRPGHQ|YHUJnUWLOOHQ Q\lJDUHJHQRPDUYWHVWDPHQWHJnYDHOOHUERGHOQLQJ(QVnGDQ|YHUJnQJ DY lJDQGHUlWWHQ WLOO GHQ PRWWDJQD DQGHOHQ XWO|VHU LQWH EHVNDWWQLQJ L HQOLJKHWPHGEHVWlPPHOVHUQDRPIUDPVNMXWHQEHVNDWWQLQJ 'HQVRPKDUE\WWNYDOLILFHUDGHDQGHODUPRWPDUNQDGVQRWHUDGHRFKInWW HWW XSSVNRYVEHORSS I|UGHODW L IRUP DY HWW WMlQVWHEHORSS RFK HWW NDSLWDO EHORSS NDQ HQOLJW JlOODQGH EHVWlPPHOVHU NRPPD LQ L V\VWHPHW PHG IUDPVNMXWHQ EHVNDWWQLQJ RP HWW Q\WW DQGHOVE\WH J|UV PRW PDUNQDGVQRWHUDGHDQGHODU'HQDY\WWUDGHDQGHOHQDQVHVGnI|UYlUYDGI|U GHWPDUNQDGVYlUGHVRPJlOOGHQlUGHQNYDOLILFHUDGHDQGHOHQE\WWHVPRW HQ PDUNQDGVQRWHUDG DQGHO D NDS DQGUD VW\FNHW ,/ 8SSVNRYVEHORSSHW EHK|YHU LQWH WDV XSS WLOO EHVNDWWQLQJ YLG DQGHOVE\WHW PHG IUDPVNMXWHQ EHVNDWWQLQJ XWDQ I|UGHODV Sn GH PRWWDJQD DQGHODUQD 'HWWD XSSVNRYVEHORSS WDV XSS VRP LQWlNW VHQDVW GHW EHVNDWWQLQJVnU Gn lJDQGHUlWWHQ WLOO GHQ PRWWDJQD DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHU DQGHOHQXSSK|UDWWH[LVWHUDNDSI|UVWDVW\FNHW,/
.YLWWQLQJVP|MOLJKHWHU
'HWVYHQVNDLQNRPVWVNDWWHV\VWHPHWE\JJHUSnSULQFLSHQDWWEHVNDWWQLQJHQ VNDOOYDUDV\PPHWULVN 'HWWDLQQHElUDWWNDSLWDOLQNRPVWHUEHVNDWWDVRFK DYGUDJ VNDOO J|UDV I|U NDSLWDOI|UOXVWHU $Y ROLND VNlO lU GRFN DYGUDJVUlWWHQ EHJUlQVDG *HQRP nUV VNDWWHUHIRUP LQI|UGHV I|U NDSLWDOI|UOXVWHU Sn ILQDQVLHOOD WLOOJnQJDU HQ KXYXGUHJHO VRP LQQHElU DWW VnGDQDI|UOXVWHUVNDOONYRWHUDVWLOOSURFHQW2PI|UOXVWHUEHKDQGODGHV V\PPHWULVNWLI|UKnOODQGHWLOOYLQVWHUVNXOOHIUDPK|OOVGHWLI|UDUEHWHQD SURSVGHVNDWWVN\OGLJDNXQQD´SORFNDUXVVLQHQ XU NDNDQ´ JHQRP DWW WLGLJW VlOMD WLOOJnQJDU VRP PLQVNDW L YlUGH RFK YlQWD PHGDWWVlOMDWLOOJnQJDUPHGYlUGHVWHJULQJ*HQRPI|UIDUDQGHWVNXOOHHQ VNDWWHNUHGLW XSSNRPPD YLONHW DQVnJV VWULGD PRW PnOHW RP OLNIRUPLJ EHVNDWWQLQJ (Q JHQHUHOO DYGUDJVEHJUlQVQLQJ WLOO SURFHQW I|U NDSLWDOI|UOXVWHUDQVnJVDSURSVGRFNLQQHElUDHQRPRWLYHUDWKnUG EHKDQGOLQJDYDNWLHI|UVlOMQLQJDURFKGHWULVNWDJDQGHVRPDNWLHLQQHKDYlU I|UHQDWPHG)XOONYLWWQLQJDYI|UOXVWHUPRWYLQVWHUERUGHGlUI|UWLOOnWDV LQRP JUXSSHQ PDUNQDGVQRWHUDGH DNWLHU RFK OLNQDQGH YlUGHSDSSHUV WLOOJnQJDU (WW XQGDQWDJ IUnQ KXYXGUHJHOQ LQI|UGHV VnOHGHV I|U GHQQD JUXSS (Q PRWVYDUDQGH NYLWWQLQJVUlWW LQI|UGHV IUnQ RFK PHG nUV WD[HULQJ LQRP JUXSSHQ RQRWHUDGH DQGHODU SURS EHW 6N8 6)6 'HQQD LQQHEDU DWW I|UOXVWHU Sn RQRWHUDGH DQGHODU ILFN GUDV DY PRW YLQVW Sn VnGDQD DQGHODU nUV I|UHWDJVVNDWWHXWUHGQLQJ DQI|UGH I|OMDQGH QlU GHW JlOOHU DYGUDJV RFK XQGHUVNRWWVNYRWHULQJDUQD628V
´0HG HQGDVW VHUL|V QlULQJVYHUNVDPKHW I|U |JRQHQ ERUGH HQOLJW XWUHGQLQJHQV XSSIDWWQLQJDYGUDJVRFKXQGHUVNRWWVNYRWHULQJDUQDWDVERUWI|URQRWHUDGHDNWLHU %HG|PQLQJHQNDQLQWHVNHHQGDVWLGHWWDSHUVSHNWLY0DQNDQLQWHERUWVHIUnQ ULVNHUQD I|U DWW HWW ERUWWDJDQGH DY NYRWHULQJDUQD VNXOOH |SSQD P|MOLJKHWHU I|U
VNDWWVN\OGLJDDWWInDYGUDJI|UNRVWQDGHUI|UYHUNVDPKHWHUDYKREE\NDUDNWlURFK 3URS DQGUDNRVWQDGHUI|USULYDWNRQVXPWLRQVRPI|UOlJJVWLOOHWWDNWLHERODJ0DQNDQ LQWH KHOOHU ERUWVH IUnQ ULVNHQ I|U DWW JHQRP YLVVD WUDQVDNWLRQHU UlQWHXWJLIWHU VNXOOH NXQQD RPYDQGODV WLOO DNWLHI|UOXVWHU 8WUHGQLQJHQ DYVW\UNHU GlUI|U HWW ERUWWDJDQGHDYNYRWHULQJDUQD
,HWWKlQVHHQGHE|UGRFNUHJOHUQDNXQQDOlWWDV$OOYHUNVDPKHWLHWWDNWLHERODJ XWJ|U HQ I|UYlUYVNlOOD 5HVXOWDWHW DY ROLND YHUNVDPKHWVJUHQDU L VDPPD DNWLHERODJ NDQ GlUI|U XWMlPQDV PRW YDUDQGUD 0RW EDNJUXQG KlUDY V\QHV GHW RQ|GLJWOnQJWJnHQGHDWWLQWHWLOOnWDDWWI|UOXVWSnRQRWHUDGHDNWLHUInUGUDVDYPRW YLQVWSnVnGDQDDNWLHU8WUHGQLQJHQI|UHVOnUDWWGHWVNDOOWLOOnWDV´
)|U DWW I|UElWWUD YLOONRUHQ I|U H[WHUQ NDSLWDOWLOOI|UVHO WLOO RQRWHUDGH I|UHWDJ XWYLGJDGHV P|MOLJKHWHQ DWW NYLWWD I|UOXVWHU Sn RQRWHUDGH DQGHODU WLOO DWW lYHQ RPIDWWD YLQVWHU Sn PDUNQDGVQRWHUDGH GHOlJDUUlWWHU RFK DQGHODU L YLVVD YlUGHSDSSHUVIRQGHU JHQRP ODJVWLIWQLQJ nU SURS EHW )L8 6)6 'HQ VNDWWHPlVVLJD EHKDQGOLQJHQDYI|UOXVWHUDQVnJVYDUDDYVWRUEHW\GHOVHI|UULVNWDJDQGHL QlULQJVOLYHW RFK YLOOLJKHWHQ WLOO Q\VDWVQLQJDU , V\IWH DWW \WWHUOLJDUH I|UElWWUDGHVVDYLOONRUVORSDGHVnUGHQNYDUYDUDQGHEHJUlQVQLQJHQL NYLWWQLQJVUlWWHQVnDWWNYLWWQLQJQXPHUDRFNVnNDQVNHPHOODQYLQVWHUSn RQRWHUDGH GHOlJDUUlWWHU RFK I|UOXVWHU Sn PDUNQDGVQRWHUDGH GHOlJDUUlWWHU SURSEHW)L86)6 8WYHFNOLQJHQ DY NYLWWQLQJVP|MOLJKHWHUQD L LQNRPVWVODJHW NDSLWDO LQQHElU DWW IXOO NYLWWQLQJVUlWW QXPHUD UnGHU PHOODQ YLQVWHU UHVSHNWLYH I|UOXVWHUYLGDY\WWULQJDYPDUNQDGVQRWHUDGHGHOlJDUUlWWHURFKRQRWHUDGH DQGHODU L VYHQVND DNWLHERODJ RFK XWOlQGVND MXULGLVND SHUVRQHU 2P GHQ VNDWWVN\OGLJHHIWHUDWWKDXWQ\WWMDWGHVVDNYLWWQLQJVP|MOLJKHWHUIRUWIDUDQGH UHGRYLVDU I|UOXVW lU GHQQD DYGUDJVJLOO WLOO SURFHQW PRW |YULJD NDSLWDOLQWlNWHU 8SSVWnU XQGHUVNRWW L LQNRPVWVODJHW NDSLWDO NDQ GHWWD XWQ\WWMDVVRPVNDWWHUHGXNWLRQPRWNRPPXQDORFKVWDWOLJVNDWWGYVVNDWW Sn |YULJD I|UYlUYVLQNRPVWHU VDPW IDVWLJKHWVVNDWW NDS ,/ MlPI|UW PHGNDS RFKVDPPDODJ6NDWWHUHGXNWLRQHQlU SURFHQWDYGHQGHODYXQGHUVNRWWHWVRPLQWH|YHUVWLJHUNURFK SURFHQWDYGHWnWHUVWnHQGHXQGHUVNRWWHW(QVNDWWHUHGXNWLRQVRPLQWHNDQ XWQ\WWMDVYLGWD[HULQJHQGHWEHVNDWWQLQJVnUGHQXSSVWnWWInULQWHVSDUDVWLOO QlVWI|OMDQGHnU 5HJHOQ RP DWW XQGHUVNRWW L LQNRPVWVODJHW NDSLWDO WLOO GHQ GHO XQGHUVNRWWHW|YHUVWLJHUNUEHUlWWLJDUWLOOVNDWWHUHGXNWLRQPHG SURFHQW DY XQGHUVNRWWHW LQI|UGHV JHQRP ODJVWLIWQLQJ nU SURS EHW 6N8 6)6 5HJHOQ HUVDWWH HQ RUGQLQJI|UEHJUlQVQLQJDYUlWWWLOODYGUDJI|UXWJLIWVUlQWRUVRPLQI|UGHV JHQRP nUV VNDWWHUHIRUP 6\IWHW PHG UHJHOQ RP NYRWHULQJ DY XQGHUVNRWWHWlUDWWPRWYHUNDVNDWWHSODQHULQJ,IUnQYDURDYUHJHOQVNXOOH QlPOLJHQ HQ VNDWWVN\OGLJ L VW|UUH VNDOD NXQQD HUKnOOD VNDWWHI|UPnQHU JHQRP DWW OnQHILQDQVLHUD WLOOJnQJDU YDUV DYNDVWQLQJ KDU IRUPHQ DY YlUGHVWHJULQJ VRP EHVNDWWDV I|UVW YLG UHDOLVDWLRQ D SURS V , VDPEDQG PHG LQI|UDQGHW DY GH VN OlWWQDGVUHJOHUQD NDS ,/ NRQVWDWHUDGHV DWW UHJOHUQD LQQHElU DWW LQYHVWHULQJDU VRP JHU HQ OnQJVLNWLJ DYNDVWQLQJ HIWHU ERODJVNDWW VRP |YHUVWLJHU GHQ VlUVNLOGD NO\YQLQJVUlQWDQ VWDWVOnQHUlQWDQ PHG WLOOlJJ DY IHP SURFHQWHQKHWHU
EHVNDWWDV KnUGDUH L InPDQVI|UHWDJ lQ L DQGUD I|UHWDJ 2P UHJOHUQDV 3URS LQYHUNDQSnULVNWDJDQGHWDQI|UGHVI|OMDQGHSURSVI
´'HVlUVNLOGDUHJOHUQDKDUHQGLUHNWLQYHUNDQSnULVNWDJDQGHWKRVLQYHVWHUDUQD )|UGHWI|UVWDNDQHQlJDUHVRPRPIDWWDVDYUHJOHUQDYLGYlUGHULQJHQDYHWWYLVVW LQYHVWHULQJVREMHNW QRWHUD DWW O|QVDPKHWHQ HIWHU VNDWW EOLU OlJUH L HWW InPDQVI|UHWDJlQRPSURMHNWHWI|UYHUNOLJDVLHWWDQQDWI|UHWDJ)|UGHWDQGUDNDQ GHQQHYLGYlUGHULQJHQDYWYnROLNDSURMHNWVRPHQGDVWVNLOMHUVLJnWYDGJlOOHU RVlNHUKHWHQLUHVXOWDWHWNRQVWDWHUDDWWO|QVDPKHWHQHIWHUVNDWWVNLOMHUVLJnWI|U GHWYnSURMHNWHQ(WWK|JULVNSURMHNWPLVVJ\QQDVDYGHVlUVNLOGDUHJOHUQD
5HJHULQJHQ GHODU XWUHGQLQJHQV XSSIDWWQLQJ DWW GHVVD QHXWUDOLWHWVEULVWHU NDQ KlPPD WLOOYl[WHQ L InPDQVDNWLHERODJ PHG DNWLYD GHOlJDUH 6RP XWUHGQLQJHQ IUDPKnOOHU PnVWH HPHOOHUWLG GH VlUVNLOGD UHJOHUQD I|U InPDQVDNWLHERODJHQ EHKnOODVDYJUXQGOlJJDQGHV\VWHPVNlO´
)|U DWW VWLPXOHUD LQYHVWHULQJDU L VPn RFK PHGHOVWRUD I|UHWDJ JHQRPI|UGHV PHG YHUNDQ IUnQ nUV WD[HULQJ HQ OlWWQDG L EHVNDWWQLQJHQ I|U DQGHODU L RQRWHUDGH I|UHWDJ JHQRP DWW GH VNLOOQDGHU L DYNDVWQLQJ VRP ILQQV PHOODQ GHVVD I|UHWDJ RFK GH VW|UUH I|UHWDJHQ UHGXFHUDGHV/lWWQDGHQJHVSnlJDUQLYnWLOOI\VLVNDSHUVRQHURFKG|GVERQ 'HQ WHQGHQV VRP I|UH OlWWQDGVUHJOHUQDV WLOONRPVW IDQQV L UHJHOV\VWHPHW DWW PLVVJ\QQD ULVNI\OOGD LQYHVWHULQJDU L I|UKnOODQGH WLOO LQYHVWHULQJDUPHGPLQGUHULVNNRPHPHOOHUWLGLYLVVPnQDWWEHVWnWURWV GHQ LQI|UGD OlWWQDGHQ /lWWQDGHQ KDU QlPOLJHQ VWRU EHW\GHOVH I|U OnJD LQYHVWHULQJVXWIDOO PHQ InU PLQGUH EHW\GHOVH UHODWLYW VHWW MX ElWWUH HWW XWIDOOlU )|UHWDJVVNDWWHXWUHGQLQJHQ DQVnJ DWW UHJOHUQD lYHQ PLVVJ\QQDU ULVNI\OOGDLQYHVWHULQJDUJHQRPDWWSRVLWLYDXWIDOOSnVnGDQDLQYHVWHULQJDU EHVNDWWDV HQOLJW GHVVD UHJOHU XWDQ DWW GHW ILQQV QnJRQ NRPSHQVHUDQGH PHNDQLVPI|UQHJDWLYDXWIDOO628V(QOLJWXWUHGQLQJHQ VNXOOH HQ VnGDQ NRPSHQVHUDQGH PHNDQLVP YDUD DWW QlU DQGHODUQD L HWW I|UHWDJPHGNYDUVWnHQGHXWU\PPHGYVVSDUDWXWGHOQLQJVXWU\PPH DY\WWUDV XWDQ DWW YLQVW XSSNRPPHU PRW YLONHW XWU\PPHW NDQ XWQ\WWMDV DYGUDJILFNJ|UDVI|UGHWNYDUVWnHQGHXWU\PPHWIUnQLQNRPVWDYNDSLWDO $Y VDPPD VNlO VRP XWUHGQLQJHQ DYVW\UNWH HWW ERUWWDJDQGH DY DYGUDJV RFKXQGHUVNRWWVNYRWHULQJDUVHWLGLJDUHLGHWWDDYVQLWWDYVW\UNWHPDQDWW V\PPHWULVNDSDQGHnWJlUGHUYLGWRJVLI|UHYDUDQGHVDPPDQKDQJ
(WWUlNQHH[HPSHO
%DNJUXQGHQWLOOGHQNULWLNVRPULNWDVPRWGHQXYDUDQGHUHJOHUQDKDUSn VlWWVRPLQOHGQLQJVYLVEHVNULYLWVVLQJUXQGLVDPVSHOHWPHOODQnHQDVLGDQ GHVNUHJOHUQDRFKnDQGUDVLGDQUHJOHUQDRPXSSVNRYVJUXQGDQGH DQGHOVE\WHQ 'HWWDNDQLOOXVWUHUDVPHGHWWH[HPSHO (WWE|UVERODJEHWDODUPLOMRQHUNURQRUI|UDNWLHUQDLHWWInPDQVI|UHWDJ , VWlOOHW I|U NRQWDQW HUVlWWQLQJ HUKnOOHU VlOMDUHQ DNWLHU L GHW N|SDQGH ERODJHW %|UVNXUVHQ lU NURQRU SHU DNWLH RFK VlOMDUHQ InU DNWLHU 6lOMDUHQ KDU LQJD VSDUDGH XWGHOQLQJV HOOHU OlWWQDGVXWU\PPHQ DYVHHQGH VLQD InPDQVI|UHWDJVDNWLHU $QVNDIIQLQJVXWJLIWHQ I|U InPDQV
I|UHWDJVDNWLHUQD DQWDV YDUD NURQRU )|UGHOQLQJVYLQVWHQ EOLU 3URS ± NURQRU+lUDYVNDOOPHGWLOOlPSQLQJ DY GHQ VN WDNUHJHOQ L NDS ,/ NURQRU UHGRYLVDV L LQNRPVWVODJHWWMlQVW7DNUHJHOQLQQHElUDWWWMlQVWHEHORSSHWEHJUlQVDVWLOO EDVEHORSS RFK HWW EDVEHORSS DQWDV XSSJn WLOO NURQRU cWHUVWRGHQDYNDSLWDOYLQVWHQNURQRUWDVXSSLLQNRPVWVODJHW NDSLWDO 6NDWWHQ Sn HQ NDSLWDOYLQVW RP NURQRU XSSJnU I|U HQ SHUVRQ PHG WMlQVWHLQNRPVWHU |YHU EU\WSXQNWHQ WLOO [ [ NURQRU YLONHW PRWVYDUDU SURFHQW DY YLQVWHQ (IWHUVRPYLOONRUHQHQOLJWUHJOHUQDI|UXSSVNRYVJUXQGDQGHDQGHOVE\WHQ InU DQWDV YDUD XSSI\OOGD YlOMHU VlOMDUHQ DWW EHJlUD XSSVNRY 8SSVNRYV EHORSSHWIDVWVWlOOVWLOOWRWDOWNURQRUYDUDYWMlQVWHEHORSSHWXWJ|U NURQRURFKNDSLWDOEHORSSHWNURQRU 9LGHWWVHQDUHWLOOIlOOHDQWDVDWWGHWN|SDQGHERODJHWI|UVlWWVLNRQNXUV 'HPRWWDJQDDQGHODUQDDQVHVGlUPHGDY\WWUDGHNDS,/RFKGHQ XSSNRPQD NDSLWDOI|UOXVWHQ RP NURQRU VNDOO GHNODUHUDV $Y I|UOXVWHQNDQNURQRUNYLWWDVPRWGHQGHODYXSSVNRYVEHORSSHW VRPlUNDSLWDOEHORSS1nJRQVnGDQNYLWWQLQJVUlWWILQQVGlUHPRWLQWHI|U GHQ GHO DY XSSVNRYVEHORSSHW VRP lU WMlQVWHEHORSS YLONHW XSSJnU WLOO NURQRU2PVlOMDUHQI|UGHWDNWXHOODEHVNDWWQLQJVnUHWLQWHKDU QnJUD DQGUD NDSLWDOYLQVWHU HOOHU lQQX HM nWHUI|UGD XSSVNRYVEHORSS NDSLWDOEHORSS Sn DQGUD DQGHODU DWW NYLWWD GHQ nWHUVWnHQGH NDSLWDOI|UOXVWHQPRWlUSURFHQWDYGHQQDDYGUDJVJLOONDS,/ GYV NURQRU 2P VlOMDUHQ LQWH KDU QnJUD LQWlNWVSRVWHU L LQNRPVWVODJHWNDSLWDOXSSNRPPHUHWWXQGHUVNRWWVRPNDQXWQ\WWMDVHQOLJW UHJOHUQD RP VNDWWHUHGXNWLRQ 6NDWWHUHGXNWLRQHQ XSSJnU L H[HPSOHW WLOO [[ NURQRU ,H[HPSOHWKDUVlOMDUHQWDJLWXSSXSSVNRYVEHORSSHWVRPLQWlNWVDPPD nUVRPGHWN|SDQGHERODJHWI|UVlWWVLNRQNXUV,DQQDWIDOOVNXOOHVlOMDUHQ LQWH KD NXQQDW NYLWWD GHQ GHO DY NDSLWDOI|UOXVWHQ Sn GH PRWWDJQD DQGHODUQD VRP U\PV LQRP XSSVNRYVEHORSSHWV NDSLWDOEHORSS RP NURQRU7MlQVWHEHORSSHWRPNURQRUPnVWHQXWDVXSS VRP LQWlNW 2P VlOMDUHQ KDU DQGUD I|UYlUYVLQWlNWHU |YHU EU\WSXQNWHQ XSSJnU VNDWWHQ Sn WMlQVWHEHORSSHW WLOO [ NURQRU'HQVNDWWHUHGXNWLRQVRPVlOMDUHQlUEHUlWWLJDGWLOOXSSJnUHQOLJW EHUlNQLQJDUQD RYDQ WLOO NURQRU 6lOMDUHQ VNDOO GlUI|U EHWDOD HQ QHWWRVNDWWRP± NURQRU $QWDJ DWW VlOMDUHQ L VWlOOHW YlOMHU DWW J|UD HQ NRQWDQWDIIlU 9LQVWHQ XSSJnU WLOO NURQRU RFK VNDWWHQ lU HQOLJW EHUlNQLQJDUQD WRWDOW NURQRUMIURYDQ6NDWWHQEHWDODV 1HWWRYLQVWHQ VRPGlUPHG XSSJnU WLOO ± NURQRU DQWDV nWHU LQYHVWHUDGLE|UVQRWHUDGHDNWLHUPHGHQDYNDVWQLQJSnWLRSURFHQW'HQ nUOLJD QHWWRDYNDVWQLQJHQ NDQ EHUlNQDV WLOO [ PLQXV SURFHQWNDSLWDOVNDWW NURQRU ,DQGHOVE\WHVIDOOHWInUVlOMDUHQLVWlOOHWXSSVNRYPHGKHODGHQVNDWWRP NURQRU VRP EHO|SHU Sn YLQVWHQ 8QGHUODJHW I|U EHUlNQLQJ DY GHQnUOLJDDYNDVWQLQJHQlUGnLVWlOOHWGHDNWLHUjNURQRUVRP VlOMDUHQ HUKnOOLW L E\WH PRW VLQD NYDOLILFHUDGH DQGHODU GYV NURQRU bYHQ Sn GHVVD E|UVQRWHUDGH DNWLHU DQWDV DYNDVWQLQJHQ YDUD WLR SURFHQW'HQnUOLJDQHWWRDYNDVWQLQJHQNDQSnPRWVYDUDQGHVlWWEHUlNQDV
WLOO[PLQXVSURFHQWNDSLWDOVNDWW NURQRU 3URS GYVNURQRU±HOOHU|YHUSURFHQW±PHUlQLNRQWDQWDIIlUVIDOOHW $WW XWIDOOHQ EOLU Vn ROLND EHURU Sn DWW VlOMDUHQ L DQGHOVE\WHVIDOOHW InU XSSVNRY PHG EHVNDWWQLQJHQ RFK GlUPHG NRPPHU L nWQMXWDQGH DY HQ UlQWHIULVNDWWHNUHGLWlYHQI|UGHQGHODYLQNRPVWHUQDVRPVNDOOUHGRYLVDV L LQNRPVWVODJHW WMlQVW 'HQ DYNDVWQLQJ VRP EHO|SHU Sn GHQQD GHO EHVNDWWDVYLGDY\WWULQJDYGHPRWWDJQDDQGHODUQDLLQNRPVWVODJHWNDSLWDO 'HWWD KDU VLQ I|UNODULQJ L DWW V\IWHW PHG DQGHOVE\WHVUHJOHUQD lU DWW XQGHUOlWWD RPVWUXNWXUHULQJDU L QlULQJVOLYHW 'HQ UlQWHIULD VNDWWHNUHGLWHQ E|U L YDUW IDOO YLG WLGSXQNWHQ I|U XSSVNRYHW KD IUDPVWnWW VRP HQ VNDWWHI|UPnQI|UVlOMDUHQ'HWNDQlYHQDQWDVDWWGHQVlOMDUHVRPYlOMHU NRQWDQWDIIlUVDOWHUQDWLYHW WUROLJHQ LQWH NDQ UlNQD PHG DWW DQGHODUQD YlUGHUDV OLND K|JW VRP L DQGHOVE\WHVIDOOHW 6NLOOQDGHQ EOLU GlUI|U L UHDOLWHWHQlQQXVW|UUHPHOODQDQGHOVE\WHVIDOOHWRFKNRQWDQWDIIlUVIDOOHW 'HQUlQWHIULDVNDWWHNUHGLWHQYLGXSSVNRYVNLOMHUVLJGRFNLQWHIUnQGHQ UlQWHIULD VNDWWHNUHGLW VRP WLOOJRGRUlNQDV HQ lJDUH VRP LQWH JHQRPI|U QnJRW DQGHOVE\WH XWDQ EHKnOOHU GH XUVSUXQJOLJD DQGHODUQD 8U GHQQD EHVNDWWQLQJVV\QSXQNW lU XSSVNRYVUHJOHUQD GlUI|U I|UGHODNWLJDUH lQ NRQWDQWDIIlUVDOWHUQDWLYHW PHQ HNRQRPLVNW OLNYlUGLJD PHG GHW IDOO Gn lJDUQDEHKnOOHUGHXUVSUXQJOLJDDQGHODUQD (QI|UlQGUDGEHVNDWWQLQJDYDQGHOVE\WHVIDOOHWPHGI|UYLGDUHDWWVWDWHQV DQGHO DY ULVNHQ RFNVn NRPPHU DWW RPIDWWD VNDWWHQ Sn WMlQVWHEHORSSHW 'lUPHGNRPPHUVWDWHQVULVNWDJDQGHYLGVWUXNWXUDIIlUHUPHGXSSVNRYDWW OLNVWlOODV PHG GHW ULVNWDJDQGH VRP ILQQV Gn lJDUHQ YlOMHU DWW EHKnOOD YHUNVDPKHWHQ9LGHQMlPI|UHOVHPHGNRQWDQWDIIlUVIDOOHWLQQHElUGRFNHQ HYHQWXHOOWI|UlQGUDGEHVNDWWQLQJHWW|NDWULVNWDJDQGHI|UVWDWHQ6nWLOOYLGD NDQHQI|UlQGUDGEHVNDWWQLQJDYDQGHOVE\WHVIDOOHWSnYHUNDULVNEHWHHQGHW JHQRPDWWGHOlJDUQDOlJJHUPLQGUHYLNWYLGULVNDQDO\VHUDYGHWN|SDQGH I|UHWDJHW'HQULVNGHOlJDUQDElUPLQVNDUGRFNLQWHLMlPI|UHOVHPHGGHQ ULVN VRP I|UHOnJ LQQDQ DQGHOVE\WHW (Q VnGDQ RPI|UGHOQLQJ DY ULVNHQ WRUGH GlUI|U LQWH KD PHGI|UW QnJRQ PHU OnQJWJnHQGH SnYHUNDQ Sn ULVNDQDO\VHUQD
3URS
gYHUYlJDQGHQRFKI|UVODJ
,QOHGQLQJ
6RP RYDQ QlPQWV KDU HWW DQWDO InPDQVI|UHWDJDUH KDPQDW L HQ VYnU HNRQRPLVN VLWXDWLRQ JHQRP DWW GH I|UVW E\WW DQGHODU PRW PDUNQDGVQRWHUDGH DQGHODU VRP VHGDQ EOLYLW YlUGHO|VD %HKRYHW DY HQ ODJVWLIWQLQJVRP VlUVNLOWEHDNWDUGHSUREOHP VRPXSSNRPPHUSnJUXQG DYVDPVSHOHW PHOODQUHJOHUQDRPDQGHOVE\WHQ RFKGH VNUHJOHUQD KDUGlUI|UDFFHQWXHUDWV ,GHQUHPLWWHUDGHSURPHPRULDQUHGRYLVDGHVI\UDROLNDO|VQLQJDU$± ' ,QQHE|UGHQ DY $ ± & lU DWW GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW EHWUDNWDV VRP HQ I|UVlOMQLQJ DY GH XUVSUXQJOLJD DQGHODUQD YDUYLG HWW XSSVNRYVEHORSS HIWHUEHJlUDQEHVWlPVYLGE\WHW0RGHOOHUQDLQQHKnOOHU GlUI|UROLNDPHWRGHUVRPV\IWDUWLOODWWPLOGUDEHVNDWWQLQJVNRQVHNYHQVHQ DY GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW I|UVlOMQLQJHQ RP GHW |YHUWDJDQGH I|UHWDJHW I|UVlWWV L NRQNXUV HOOHU RP DQGHODUQD VMXQNHU L YlUGH0RGHOO'VNLOMHUVLJIUnQGH|YULJDJHQRPDWWE\WHWLQWHEHWUDNWDV VRP HQ I|UVlOMQLQJ DY GHQ XUVSUXQJOLJD YHUNVDPKHWHQ L OLNKHW PHG YDG VRPJlOOHUQlUI\VLVNDSHUVRQHUJ|UDQGHOVE\WHQPHGPDUNQDGVQRWHUDGH DQGHODUIUDPVNMXWHQEHVNDWWQLQJ%HVNDWWQLQJVWLGSXQNWHQVDPPDQIDOOHU PHG WLGSXQNWHQ I|U HQ VOXWOLJ DY\WWULQJ , ELODJD UHGRYLVDV PHG EHUlNQLQJVH[HPSHOKXUXWIDOOHQEOLUHQOLJWGHROLNDPRGHOOHUQD
6NDWWHUHJOHUQDVXWIRUPQLQJ
5HJHULQJHQV I|UVODJ %HVWlPPHOVHUQD I|U I\VLVND SHUVRQHU RP IUDPVNMXWHQ EHVNDWWQLQJ YLG DQGHOVE\WHQ HQOLJW D NDS LQNRPVWVNDWWHODJHQ XWYLGJDV WLOO DWW lYHQ RPIDWWD RQRWHUDGHRFKNYDOLILFHUDGHDQGHODU 'HQ YLG DQGHOVE\WHW PRWWDJQD DQGHOHQ |YHUWDU GHW RPNRVWQDGVEHORSSVRPGHQDY\WWUDGHDQGHOHQKDGH9LQVWHOOHUI|UOXVW EHVNDWWDVI|UVWQlUGHQYLGDQGHOVE\WHWPRWWDJQDDQGHOHQDY\WWUDV 2P GHQ DY\WWUDGH DQGHOHQ YDU NYDOLILFHUDG DQVHV GHQ PRWWDJQD DQGHOHQ NYDOLILFHUDG KRV DQGHOVlJDUHQ 'HWVDPPD JlOOHU RP GHQ PRWWDJQD DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ JHQRP DUY WHVWDPHQWH JnYDHOOHUERGHOQLQJ(QDQGHOVNDOORFNVnDQVHVNYDOLILFHUDGRPGHQ I|UYlUYDWVPHGVW|GDYHQVnGDQNYDOLILFHUDGDQGHO 'HWWMlQVWHEHORSSVRP VNDOOWDVXSSLLQNRPVWVODJHWWMlQVWQlUGHQ PRWWDJQD DQGHOHQ DY\WWUDV InU K|JVW XSSJn WLOO GHW EHORSS VRP PRWVYDUDU WMlQVWHEHORSSHW YLG DQGHOVE\WHW 'HWWD JlOOHU GRFN LQWH RP GHQPRWWDJQDDQGHOHQlUNYDOLILFHUDGHQOLJWNDSHOOHUI|UVWD VW\FNHWLQNRPVWVNDWWHODJHQQlUGHQDY\WWUDV
3URPHPRULDQV I|UVODJ 3URPHPRULDQ LQQHKnOOHU I\UD DOWHUQDWLYD 3URS PRGHOOHUWLOOO|VQLQJDU$±' (QOLJWDOWHUQDWLY$VNDOONYLWWQLQJWLOOnWDVPHOODQLQNRPVWVODJHQWMlQVW RFK NDSLWDO L GH IDOO NYDOLILFHUDGH DQGHODU KDU VnOWV PRW HUVlWWQLQJ VRP EHVWnU DY Q\D DQGHODU YLOND VHQDUH EOLYLW YlUGHO|VD HOOHU DY\WWUDWV PHG I|UOXVW .DSLWDOI|UOXVWHQ VNDOO UHGXFHUD WMlQVWHEHORSSHW RFK NDSLWDO EHORSSHW OLND P\FNHW , GHQ PnQ KDOYD NDSLWDOI|UOXVWHQ |YHUVWLJHU WMlQVWHEHORSSHW VNDOO GHQ |YHUVNMXWDQGH GHOHQ HQEDUW EHWUDNWDV VRP HQ NDSLWDOI|UOXVW 1nJRQ EHVNDWWQLQJ NRPPHU LQWH DWW VNH L LQNRPVWVODJHW WMlQVW L NRQNXUVIDOOHW HIWHUVRP HQ I|UOXVW VRP lU OLND VWRU VRP GHW WMlQVWHEHORSSRFKVNDOOWDVIUDPWLOOEHVNDWWQLQJSnJUXQGDYDY\WWULQJHQ InU GUDV DY L WMlQVW , LQNRPVWVODJHW NDSLWDO nWHUVWnU HQ NDSLWDOI|UOXVW YLONHQ lU OLND VWRU VRP GHW NDSLWDOEHORSS VRP VNDOO WDV IUDP WLOO EHVNDWWQLQJ $OWHUQDWLY%LQQHElUDWWRPHWWDQGHOVE\WHVNHWWVRPYLGDY\WWULQJDY GH PRWWDJQD DQGHODUQD OHGHU WLOO HQ NDSLWDOI|UOXVW Vn VNDOO XSSVNRYV EHORSSHW LQWH WDV IUDP WLOO EHVNDWWQLQJ , VWlOOHW VNDOO VNLOOQDGHQ PHOODQ HUVlWWQLQJHQ I|U GH PRWWDJQD DQGHODUQD RFK RPNRVWQDGVEHORSSHW I|U GH DQGHODU VRP E\WWHV WDV XSS VRP NDSLWDOYLQVW 9LG EHUlNQLQJHQ DY NDSLWDOYLQVWHQWLOOlPSDVEHVWlPPHOVHUQDLRFKNDS,/VDPWUHJHOQ LNDSWUHGMHVW\FNHW,/RPDWWNDSLWDOYLQVWVNDOOI|UGHODVLWMlQVW RFKNDSLWDORFKPD[LPDOWWDVXSSWLOOSULVEDVEHORSSLLQNRPVWVODJHW WMlQVW $OWHUQDWLY&LQQHElUDWWGHWYLGE\WHVWLOOIlOOHWIDVWVWlOOVKXUVWRUGHODY NDSLWDOYLQVWHQVRPlUDWWKlQI|UDWLOOLQNRPVWVODJHWWMlQVWWMlQVWHEHORSS 1lU GH PRWWDJQD DQGHODUQD DY\WWUDV VNDOO HYHQWXHOO YLQVW GYV RP HUVlWWQLQJHQI|UPRWWDJQDDQGHODU|YHUVWLJHURPNRVWQDGVEHORSSHWI|UGH DQGHODUVRPE\WWHVEHVNDWWDVLLQNRPVWVODJHWWMlQVWXSSWLOOGHWIDVWVWlOOGD WMlQVWHEHORSSHW'HWWDLQQHElUDWWWMlQVWHEHORSSHWVNDOO´QROOVWlOODV´LQQDQ EHVNDWWQLQJLLQNRPVWVODJHWNDSLWDONDQEOLDNWXHOO (QOLJW DOWHUQDWLY ' XWYLGJDV GH Q\D UHJOHUQD RP IUDPVNMXWHQ EHVNDWWQLQJYLGDQGHOVE\WHQDNDS,/WLOODWWlYHQRPIDWWDRQRWHUDGH DQGHODU GYV lYHQ VN NYDOLILFHUDGH DQGHODU 'H YLG DQGHOVE\WHW PRWWDJQD DQGHODUQD |YHUWDU GHW RPNRVWQDGVEHORSS VRP GH DY\WWUDGH DQGHODUQDKDGH'HPRWWDJQDDQGHODUQDEOLUXQGHUYLVVWLGNYDOLILFHUDGH 1nJRQ YLQVW IDVWVWlOOV LQWH YLG VMlOYD DQGHOVE\WHW XWDQ I|UVW QlU GH PRWWDJQDDQGHODUQD DY\WWUDV8SSGHOQLQJDYYLQVWHQLHQWMlQVWHGHORFK HQNDSLWDOGHO VNHU VnOHGHV I|UVWYLGDY\WWULQJHQ5HJOHUQDlUWLOOlPSOLJD YLGHWWDQGHOVE\WHREHURHQGHDYRPHQNDSLWDOYLQVWHOOHUHQNDSLWDOI|UOXVW XSSNRPPLW $YGUDJ I|U NDSLWDOI|UOXVW InU J|UDV I|UVW QlU GH PRWWDJQD DQGHODUQDDY\WWUDV 3URPHPRULDQV DOWHUQDWLY ' |YHUHQVVWlPPHU PHG UHJHULQJHQV I|UVODJ PHG GHQ VNLOOQDGHQ DWW GH PRWWDJQD DQGHODUQD NRPPHU DWW YDUD NYDOLILFHUDGH XWDQ WLGVEHJUlQVQLQJ VDPW DWW GHW EHORSS VRP VNDOO EHVNDWWDVLLQNRPVWVODJHWWMlQVWEHJUlQVDVWLOOHWWEHUlNQDWWMlQVWHEHORSS YLGE\WHVWLOOIlOOHW 5HPLVVLQVWDQVHUQD 'HIOHVWDUHPLVVLQVWDQVHUVRP\WWUDWVLJI|URUGDU DOWHUQDWLY' 5LNVVNDWWHYHUNHW DQI|UDWWNYDOLILFHUDGHDQGHODUlUVYnUDDWW KDQWHUDLQRPV\VWHPHWI|UIUDPVNMXWHQEHVNDWWQLQJRPNDSLWDOYLQVWVRP XSSNRPPHU YLG DQGHOVE\WHW RFK VRP VNDOO KlQI|UDV WLOO LQNRPVWVODJHW WMlQVWVNDOONXQQDEHVNDWWDV0RWEDNJUXQGDYDWWDOWHUQDWLY'WRUGHYDUD
QnJRWOlWWDUHDWWI|UVWnRFKUHGRYLVDLVMlOYGHNODUDWLRQPRWVlWWHUVLJLQWH 3URS YHUNHWDWWPRGHOOHQLQI|UVRPI|UVODJHWNRPSOHWWHUDVLYLVVDKlQVHHQGHQ 9HUNHWI|UHVOnUDWWDQGHODUVRPI|UYlUYDWVJHQRPDQGHOVE\WHRFKVRPlU NYDOLILFHUDGH Sn JUXQG DY NDUHQVUHJHOQ LQWH VNDOO DQVHV YDUD DY VDPPD VODJ HOOHU VRUW VRP DQGUD DQGHODU L I|UHWDJHW VRP GHOlJDUHQ LQQHKDU 9LGDUH I|UHVOnU YHUNHW HQ WXURUGQLQJVUHJHO I|U GH IDOO GHOlJDUHQ lJHU DQGHODUVRPHQOLJWRYDQLQWHlUDYVDPPD VODJHOOHUVRUW'HQVN/H[ $6($E|UHQOLJWYHUNHWJlOODlYHQXWGHOQLQJSnPRWWDJQDDQGHODUVRPlU NYDOLILFHUDGH )|U DWW LQWH I|UVYnUD WD[HULQJVNRQWUROO ILQQV HWW EHKRY DY XSSJLIWVVN\OGLJKHW PRWVYDUDQGHGHQVRPJlOOHUYLGXSSVNRYVJUXQGDQGH DQGHOVE\WHQ'HWlUHQOLJWYHUNHWWUROLJWDWWlYHQPRGHOO'NDQXWQ\WWMDV I|U VNDWWHXQGDQGUDJDQGHQ JHQRP YLVVD IRUPHU DY YlUGH|YHUI|ULQJDU 9LGDUH SnSHNDU YHUNHW DWW GHQ I|UHVODJQD NDUHQVUHJHOQ NDQ NRPPD DWW XWQ\WWMDV L I|UV|N DWW XQGJn EHVNDWWQLQJ 9HUNHW GHODU GHQ L SURPHPRULDQIUDPI|UGDXSSIDWWQLQJHQDWWHQEHJUlQVQLQJWLOOGHYlUGHQ VRPJlOOGHYLGDQGHOVE\WHWDOOWI|UOlWWVNXOOH|SSQDI|UPDQLSXOHULQJDY YlUGHW YLG E\WHVWLOOIlOOHW UHVSHNWLYH DY\WWULQJVWLOOIlOOHW 2P UHJOHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ VNDOO RPIDWWD QlPQGD DQGHODU RFK LQWH YDUD DOOWI|U NRPSOLFHUDGH WDODU GHW PHVWD I|U DWW HIIHNWHQ PHG YlUGH|NQLQJ L WMlQVW InU JRGWDV 6RP DOWHUQDWLY WLOO PRGHOOHUQD I|UHVOnU YHUNHW DWW HWW GLVSHQVI|UIDUDQGH|YHUYlJV )|UHWDJDUQDV 5LNVRUJDQLVDWLRQ NDQ DFFHSWHUD PRGHOOHUQD $ ± & HIWHUVRP GH LQWH JHU HQ |NDG VNDWWHEHODVWQLQJ Sn YlUGHVWHJULQJDU HIWHU DQGHOVE\WHW 0RGHOO ' NDQ GlUHPRW LQWH DFFHSWHUDV L GHQ I|UHVODJQD XWIRUPQLQJHQHIWHUVRPGHQLQQHElUDWWHQ|NQLQJDYYlUGHWSnGHWLOOE\WWD DNWLHUQD lYHQ NRPPHU DWW EHVNDWWDV HQOLJW InPDQVERODJVUHJOHUQD XQGHU IHPnUIUnQDQGHOVE\WHW'HWWDLQQHElUDWWlYHQLQNRPVWVRPLQWHKlUU|U IUnQ lJDUHQV DUEHWVSUHVWDWLRQHU NRPPHU DWW EHVNDWWDV L LQNRPVWVODJHW WMlQVW Sn HWW VlWW VRP LQWH NDQ EHVNULYDV VRP DQQDW lQ V\VWHPYLGULJW 0RGHOO ' VNXOOH GRFN NXQQD DFFHSWHUDV RP GHQ NRPSOHWWHUDGHV PHG UHJOHU VRP J|U GHW P|MOLJW DWW EHJUlQVD GHW EHORSS VRP VNDOO WDV XSS L LQNRPVWVODJHW WMlQVW QlU GH PRWWDJQD DQGHODUQD DY\WWUDV WLOO HWW EHORSS PRWVYDUDQGHGHQGHOVRPVNXOOHKDEHVNDWWDWVLLQNRPVWVODJHWWMlQVWRP HQ XSSGHOQLQJ L HQ WMlQVWHGHO RFK HQ NDSLWDOGHO KDGH JMRUWV YLG E\WHVWLOOIlOOHW 3n GHWWD VlWW VOLSSHU VNDWWHI|UYDOWQLQJHQ DWW IDVWVWlOOD XSSVNRYVEHORSS XWDQ InU L VWlOOHW J|UD HWW IDVWVWlOODQGH L VDPEDQG PHG EHVNDWWQLQJHQGYVYLGDY\WWULQJHQDYWLOOE\WWDDNWLHU /DQWEUXNDUQDV 5LNVI|UEXQG SHNDU Sn DWW GHQ VN XWUHGQLQJHQ I|UHVOnUDWWGHWWMlQVWHEHORSSVRPVNDOOWDVXSSLLQNRPVWVODJHWWMlQVWQlU GHPRWWDJQDDQGHODUQDDY\WWUDVEHJUlQVDVWLOOHWWEHORSSPRWVYDUDQGHGHQ WMlQVWHGHOVRPVNXOOHKDEHVNDWWDWVLLQNRPVWVODJHWRPHQXSSGHOQLQJLHQ WMlQVWHGHORFKHQNDSLWDOGHOKDGHJMRUWVYLGE\WHVWLOOIlOOHW,SURPHPRULDQ DQI|UVVRPDUJXPHQW PRW HQVnGDQO|VQLQJ DWWYlUGHWYLGE\WHVWLOOIlOOHW PnVWH EHUlNQDV RFK GRNXPHQWHUDV )|UEXQGHW NDQ LQWH VH DWW QnJRQ DYJ|UDQGH VNLOOQDG L GHWWD DYVHHQGH XSSVWnU PHG GHQ I|UHVODJQD EHJUlQVQLQJHQ L MlPI|UHOVH PHG GDJHQV UHJOHU 9LGDUH DQI|UV DWW O|VQLQJHQ lYHQ |SSQDU P|MOLJKHWHU I|U DWW PDQLSXOHUD YlUGHW YLG E\WHVWLOOIlOOHW UHVSHNWLYH DY\WWULQJVWLOOIlOOHW QlU GHW lU IUnJD RP E\WH DY DQGHODU L RQRWHUDGH ERODJ 0RW EDNJUXQG DY DWW GH IOHVWD N|SDUH L QX DNWXHOOD VLWXDWLRQHU lU E|UVERODJ WRUGH GHVVD IDUKnJRU YDUD VWDUNW
|YHUGULYQD)|UEXQGHWVWlOOHUVLJVnOHGHVEDNRPGHQDYXWUHGQLQJHQ 3URS I|UHVODJQDEHJUlQVQLQJHQ 6YHULJHV$GYRNDWVDPIXQG DQVHUDWWGHWLVLJlURO\FNOLJWDWWHQHYHQWXHOO YlUGHVWHJULQJ HIWHU DQGHOVE\WHW HQOLJW PRGHOO ' EHVNDWWDV VRP WMlQVWHLQNRPVWWURWVDWWYlUGHVWHJULQJHQLQWHEHURUDYGHQVNDWWVN\OGLJHV DUEHWVLQVDWVHU)|UGHOHQPHGGHVVDHQNODUHUHJOHU|YHUYlJHUGRFNHQOLJW VDPIXQGHWVXSSIDWWQLQJGHQQDQDFNGHO'HVVXWRPPnVWHGHWNRQVWDWHUDV DWW UHJOHUQDV XWIRUPQLQJ L VLJ PHGI|U DWW YlUGHVWHJULQJDU RIWD NDQ NRPPDDWWEHVNDWWDVLLQNRPVWVODJHWWMlQVWlYHQRPGHLQWHEHURUDYGHQ VNDWWVN\OGLJHV DUEHWVLQVDWVHU 'HWWD lU HWW DY GH VWRUD SULQFLSLHOOD SUREOHPHQ PHG GDJHQV UHJOHU 6LWXDWLRQHQ EOLU GRFN HQGDVW PDUJLQHOOW SnYHUNDGDYPRGHOO' 6YHQVND5HYLVRUVDPIXQGHW I|URUGDULI|UVWDKDQGHQPRGLILHUDGPRGHOO ' )|U DWW NRPPD UXQW SUREOHPDWLNHQ PHG DWW YlUGH|NQLQJ EHKDQGODV VRP WMlQVWHLQNRPVW NDQ DQWLQJHQ HQ SURSRUWLRQHULQJ VNH DY WMlQVWH LQNRPVWHQ IUnQ E|UMDQ HOOHU HQ P|MOLJKHW WLOO DYVNDWWQLQJ LQI|UDV 'HW VHQDUHI|URUGDV,DQGUDKDQGI|URUGDVPRGHOO% 6YHULJHV 5HGRYLVQLQJVNRQVXOWHUV )|UEXQG DQI|U DWW QDFNGHOHQ PHG PRGHOO ' lU DWW HQ YLVV IUDPWLGD YlUGHWLOOYl[W Sn GH HUKnOOQD DQGHODUQD NDQ NRPPD DWW WMlQVWHEHVNDWWDV YLG GHQ VHQDUH NO\YQLQJHQ XSS WLOO EDVEHORSS'HWWDWRUGHGRFNNXQQDDFFHSWHUDVPRWGHQPLQVNQLQJDYGHQ VNDWWVN\OGLJHVDIIlUVULVNVRPGHI|UHVODJQDI|UlQGULQJDUQDPHGI|UVDPW GHQHQNODUHVWUXNWXUVRPGHQQDPRGHOOLQQHElUI|UGHWWRWDODUHJHOYHUNHW /DQGVRUJDQLVDWLRQHQ L 6YHULJH lU WYHNVDP WLOO SURPHPRULDQV I|UVODJ RFKDQI|UDWWGHWVNXOOHLQQHElUDHWWDYVWHJIUnQGHVNUHJOHUQDRFK HWWDYVWHJIUnQOLNIRUPLJKHWHQLVNDWWHV\VWHPHW'HWlURFNVnWYHNVDPWRP VWDWHQ VNDOO WD |YHU \WWHUOLJDUH ULVNNRVWQDGHU IUnQ InPDQVI|UHWDJHQ 'HVVXWRP ILQQV ULVN DWW I|UVODJHW |SSQDU I|U VNDWWHSODQHULQJ JHQRP DWW GHW EOLU WLOOnWHW DWW L YLVVD IDOO EHKDQGOD DUEHWVLQNRPVWHU VRP NDSLWDO LQNRPVWHU'HQlPQGDOLNYLGLWHWVSUREOHPHQEHK|YHUInHQO|VQLQJPHQ GHW lU LQWH JLYHW DWW GHW VNDOO KDQGOD RP ROLND VlWW DWW HIWHUVNlQND VNDWWHVNXOGHQ (Q PHU UlWWIUDP O|VQLQJ VNXOOH YDUD DWW LQWH OlQJUH JH P|MOLJKHW DWW In HQ VNDWWHNUHGLW Sn DUEHWVLQNRPVWHU YLG DQGHOVE\WHQ 'n VNXOOHHQGHODYN|SHVXPPDQUHDOLVHUDVI|UDWWEHWDODVNDWWSnLQDUEHWDGH O|QHLQNRPVWHULVWlOOHWI|UDWW|YHUI|UDVWLOOGHWN|SDQGHI|UHWDJHW
6NlOHQI|UUHJHULQJHQVI|UVODJ
9DOHWDYPRGHOO
'H NDSLWDOI|UOXVWHU VRP XSSVWnU YLG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ lU KlQI|UOLJD WLOO WLOOJnQJDU YDUV DYNDVWQLQJ HQOLJW JlOODQGH UHJOHU EHVNDWWDV VFKDEORQPlVVLJW L LQNRPVWVODJHQ WMlQVW RFK NDSLWDO 6RP IUDPJnU DY UHGRYLVQLQJHQ L DYVQLWW ILQQV GHW DY JUXQGOlJJDQGH V\VWHPDWLVND VNlO LQWH QnJUD NYLWWQLQJVP|MOLJKHWHU PHOODQ GH EnGD LQNRPVWVODJHQ2PHQNYLWWQLQJVP|MOLJKHWVNXOOHLQI|UDVLHQOLJKHWPHG DOWHUQDWLY $ PnVWH GHQ RP GHQ VNDOO YDUD V\VWHPHQOLJ E\JJD Sn I|UXWVlWWQLQJHQ DWW DNWLYD GHOlJDUHV LQNRPVWHU L VLQ KHOKHW DQVHV YDUD NDSLWDOLQNRPVW 9LG nUV VNDWWHUHIRUP LQI|UGHV GHW GXDOD LQNRPVWVNDWWHV\VWHPHW GYV DUEHWV RFK NDSLWDOLQNRPVWHU EHVNDWWDV YDU I|UVLJ5HIRUPHQLQQHEDUDWWGHWlUQ|GYlQGLJWDWWKDVlUVNLOGDUHJOHUI|U
DNWLYD GHOlJDUH L InPDQVI|UHWDJ 8WJnQJVSXQNWHQ I|U UHJOHUQDV 3URS XWIRUPQLQJ lU DWW HQ SHUVRQ VRP lJHU RFK DUEHWDU L HWW InPDQVI|UHWDJ L VW|UVWDP|MOLJDXWVWUlFNQLQJVNDOOInVDPPDVNDWWVRPHQO|QWDJDUHVRP lJHUDNWLHULWH[HWWE|UVQRWHUDWERODJYLGVDPPDIDNWLVNDDUEHWVLQNRPVW RFK VDPPD IDNWLVND NDSLWDOLQNRPVW %HVNDWWQLQJHQ DY O|QWDJDUH RFK DNWLYDGHOlJDUHLHWWInPDQVI|UHWDJVNDOODOOWVnYDUDQHXWUDO$WWHOLPLQHUD GHQ HIIHNW VRP JlOODQGH UHJOHU KDU JHQRP DWW QHJDWLYD XWIDOO L LQNRPVWVODJHW NDSLWDO VNXOOH In GUDV DY L HWW DQQDW LQNRPVWVODJ VNXOOH LQQHElUD DWW DYVWHJ J|UV IUnQ VnYlO GHQ JUXQGOlJJDQGH V\VWHPDWLNHQ L VNDWWHV\VWHPHW VRP PnOHW RP QHXWUDO EHVNDWWQLQJ DY DUEHWVLQNRPVWHU 'HWWDVNXOOHLVLQWXUVNDSDSUREOHPSnDQGUDKnOOLVNDWWHV\VWHPHW (QOLJWDOWHUQDWLY%RFK&lUGHWP|MOLJWDWWO|VDI|UOXVWSUREOHPDWLNHQ I|U NYDOLILFHUDGH DQGHOVlJDUH XWDQ DWW HQ IRUPHOO NYLWWQLQJVP|MOLJKHW LQI|UV PHOODQ LQNRPVWVODJHQ WMlQVW RFK NDSLWDO 6RP IUDPJnU KDU GHW HQKHWOLJD XSSVNRYVV\VWHPHW IURP GHQ MDQXDUL HUVDWWV DY WYn SDUDOOHOOD V\VWHP QlPOLJHQ HWW I|UHQNODW V\VWHP PHG IUDPVNMXWHQ EHVNDWWQLQJYLGDQGHOVE\WHQUHVSHNWLYHXSSVNRYVJUXQGDQGHDQGHOVE\WHQ (WW DY VNlOHQ WLOO DWW I|UlQGULQJDUQD JHQRPI|UGHV YDU DWW XSSVNRYV V\VWHPHWXSSIDWWDVVRPP\FNHWNRPSOLFHUDWI|UIOHUWDOHWVNDWWVN\OGLJDDWW WLOOlPSD 2P Q\D UHJOHU LQI|UV VRP LQQHElU DWW GHW XSSVNRYVJUXQGDQGH V\VWHPHWE\JJVXWRFKDWW\WWHUOLJDUHEHUlNQLQJDUNUlYVDYGHQHQVNLOGH QlU GHW JlOOHU NYDOLILFHUDGH DQGHODU NRPPHU V\VWHPHW DWW NRPSOLFHUDV \WWHUOLJDUH 9LGDUH LQQHElU GHW HQ VlUEHKDQGOLQJ DY I|UOXVWVLWXDWLRQHQ 5LNVVNDWWHYHUNHWKDULVLWWUHPLVV\WWUDQGHDQI|UWDWWPRGHOOHUQD$±&WLOO VNLOOQDGPRWPRGHOO'YLGPDNWKnOOHUV\IWHWPHGGHVNUHJOHUQDL GHQ XWVWUlFNQLQJ VRP lU P|MOLJ RP EHVNDWWQLQJ DY NDSLWDOYLQVW YLG DQGHOVE\WH VNDOO NRUULJHUDV Sn JUXQG DY NDSLWDOI|UOXVW YLG DY\WWULQJ DY PRWWDJQD DQGHODU 0RGHOOHUQD JHU HPHOOHUWLG P|MOLJKHW WLOO VNDWWHXQGDQGUDJDQGH JHQRP LQWH DOOWI|U NRPSOLFHUDGH IRUPHU DY YlUGH |YHUI|ULQJDU (QOLJW YHUNHW KDU PRGHOOHUQD $ ± & VnGDQD EULVWHU L GHQ I|UHVODJQD XWIRUPQLQJHQ DWW YHUNHW DYVW\UNHU GHP , VWlOOHW I|URUGDU YHUNHW PRGHOO ' PHG YLVVD NRPSOHWWHULQJDU DOWHUQDWLYW DWW HWW GLVSHQVI|UIDUDQGH |YHUYlJV 5HJHULQJHQ J|U PRW EDNJUXQG DY GHWWD EHG|PQLQJHQ DWW GHW LQWH lU HQ OlPSOLJ YlJ DWW E\JJD YLGDUH Sn PRGHOOHUQD $ ± & , VWlOOHW E|U HQ Vn HQNHO O|VQLQJ VRP P|MOLJW HIWHUVWUlYDV VRP LQWH KHOOHU JHU P|MOLJKHWHU WLOO VNDWWHXQGDQGUDJDQGH 1lVWDQDOODUHPLVVLQVWDQVHUKDUlYHQDQVHWWDWWPRGHOO'lUGHWDOWHUQDWLY VRP LQQHElU GHQ ElVWD O|VQLQJHQ DY SUREOHPDWLNHQ RFK lU HQNODVW DWW WLOOlPSD /DQGVRUJDQLVDWLRQHQ KDU IUDPI|UW DWW HQ O|VQLQJ DY SUREOHPDWLNHQ VNXOOH YDUD DWW LQWH OlQJUH JH P|MOLJKHW DWW In HQ VNDWWHNUHGLWI|UDUEHWVLQNRPVWHU'HWVNIXVLRQVGLUHNWLYHW((* WLOOnWHU GRFN LQWH HQ VnGDQ O|VQLQJ VRP LQQHElU RPHGHOEDU EHVNDWWQLQJ YDUI|UGHWWDLQWHlUHQIUDPNRPOLJYlJ(WWGLVSHQVI|UIDUDQGHVNXOOHLQWH KHOOHU YDUD OlPSOLJW 0RW EDNJUXQG DY GHW DQI|UGD DQVHU UHJHULQJHQ DWW |YHUYlJDQGHVNlOWDODUI|UHQODJVWLIWQLQJSnJUXQGYDODYSURPHPRULDQV DOWHUQDWLY'GYVWHNQLNHQPHGIUDPVNMXWHQEHVNDWWQLQJ
8WYLGJQLQJDYUHJOHUQDRPIUDPVNMXWHQEHVNDWWQLQJ 3URS
7HNQLNHQPHGIUDPVNMXWHQEHVNDWWQLQJJlOOHUI|UQlUYDUDQGHYLGI\VLVND SHUVRQHUV DQGHOVE\WHQ PHG PDUNQDGVQRWHUDGH DQGHODU RFK LQQHElU L SUDNWLNHQDWWHWWE\WHDYVnGDQDDQGHODUWLOODQGUDPDUNQDGVQRWHUDGHHOOHU RQRWHUDGH DQGHODU RFK HQ HIWHUI|OMDQGH DY\WWULQJ DY GH PRWWDJQD DQGHODUQDNDQVHVVRPHQHQGDVNDWWHSOLNWLJKlQGHOVH'HWWDEHURUSnDWW GHQYLQVWHOOHUI|UOXVWVRPLQWHEHVNDWWDVYLGDQGHOVE\WHWWDVIUDPQlUGH PRWWDJQDDQGHODUQDDY\WWUDV'HWVDPPDJlOOHULGHIDOOIOHUDDQGHOVE\WHQ I|OMHU Sn YDUDQGUD LQQDQ GH VHQDVW PRWWDJQD DQGHODUQD DY\WWUDV 'HW I|UKnOODQGHW DWW HQ YlUGHVWHJULQJ Sn GH PDUNQDGVQRWHUDGH XUVSUXQJV DQGHODUQDLQWHlUUHVXOWDWHWDYRPVWlQGLJKHWHU VRPNDQNRSSODVWLOOGHQ VNDWWVN\OGLJH SHUVRQOLJHQ LQQHElU DWW GHW lU RNRPSOLFHUDW DWW DY I|UHQNOLQJVVNlODQOlJJDGHQQDKHOKHWVV\Q'HUHJOHUVRPVNDOOWLOOlPSDV YLGDY\WWULQJHQDYGHPRWWDJQDDQGHODUQDlUGHVDPPDVRPGHUHJOHUVRP VNXOOH KD WLOOlPSDWV RP EHVNDWWQLQJ VNHWW YLG E\WHVWLOOIlOOHW *HQRP I|UIDUDQGHWXSSQnUGHQVNDWWVN\OGLJHHQVHQDUHOlJJQLQJDYEHVNDWWQLQJV WLGSXQNWHQ 1lU XUVSUXQJVDQGHODUQD lU NYDOLILFHUDGH lU GH UHJOHU VRP VNDOO WLOOlPSDVYLGDY\WWULQJHQDYGHPRWWDJQDDQGHODUQDDOOPlQQDUHJOHULQWH GHVDPPD VRP GH UHJOHU VRP VNXOOH KD WLOOlPSDWV RP EHVNDWWQLQJ KDGH VNHWW UHGDQ YLG DQGHOVE\WHW UHJOHU 6RP IUDPJnU RYDQ NDQ HPHOOHUWLG GHQ VlOMDUH DY NYDOLILFHUDGH DQGHODU VRP I|UVW JMRUW HWW XSSVNRYVJUXQGDQGH DQGHOVE\WH PRW PDUNQDGVQRWHUDGH DQGHODU RFK InWW HWW WMlQVWHEHORSS UHVSHNWLYH NDSLWDOEHORSS IDVWVWlOOW GlUHIWHU J|UD HWW DQGHOVE\WH PHGIUDPVNMXWHQEHVNDWWQLQJ8SSVNRYVEHORSSHWI|UGHODVGn Sn GH YLG GHWWD DQGHOVE\WH PRWWDJQD DQGHODUQD RFK VNDOO WDV IUDP WLOO EHVNDWWQLQJQlUGHPRWWDJQDDQGHODUQDVOXWOLJHQDY\WWUDV 2P WHNQLNHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ WLOOlPSDV lYHQ I|U RQRWHUDGHRFKNYDOLILFHUDGHDQGHODULHQOLJKHWPHGDOWHUQDWLY'LQQHElU GHWWD VnYLWW JlOOHU GHQ KlU DNWXHOOD SUREOHPDWLNHQ PHG XSSVNRYVEHORSS RFK DQGHODU VRP VMXQNHU L YlUGH I|OMDQGH 'H PRWWDJQD DQGHODUQD PDUNQDGVQRWHUDGH |YHUWDU GH DY\WWUDGH DQGHODUQDV NYDOLILFHUDGH DQGHODUDQVNDIIQLQJVXWJLIW1lUGHPRWWDJQDDQGHODUQDDY\WWUDVEHVNDWWDV KHOD YLQVWHQ HQOLJW GH UHJOHU VRP VNXOOH KD WLOOlPSDWV YLG DY\WWULQJHQ E\WHWDYGHNYDOLILFHUDGHDQGHODUQDGYVHQOLJWUHJOHUQD'HWWDI|U DWW EHVNDWWQLQJHQ VNDOO NRPPD WLOO VWnQG , SURPHPRULDQ I|UHVORJV DWWGHPRWWDJQDDQGHODUQDVNDOODQVHVNYDOLILFHUDGHXQGHUGHIHPI|OMDQGH EHVNDWWQLQJVnUHQ 5LNVVNDWWHYHUNHW KDU SnWDODW DWW I|UVODJHW LQQHElU DWW KHOD NDSLWDOYLQVWHQ EHVNDWWDV L LQNRPVWVODJHW NDSLWDO HIWHU XWJnQJHQ DY GHQI|UHVODJQDNDUHQVWLGHQ'nNDUHQVUHJHOQLQQHElUHQWLGVEHJUlQVQLQJ DYEHVNDWWQLQJHQlUGHWHQOLJWYHUNHWLQWHRVDQQROLNWDWWGHWNDQOHGD WLOODWWDQGHOVE\WHQNRPPHUDWWXWQ\WWMDVLV\IWHDWWI|UV|NDXQGJnGHQQD EHVNDWWQLQJ5HJHULQJHQDQVHUDWWGHIDUKnJRUVRP5LNVVNDWWHYHUNHWKDU JHWWXWWU\FNI|UlUEHUlWWLJDGH0RWEDNJUXQGDYGHWWDDQVHUUHJHULQJHQDWW QnJRQ WLGVJUlQV LQWH E|U EHVWlPPDV I|U GH PRWWDJQD DQGHODUQDV NYDOLILNDWLRQ I|U DWW VNDWWHXQGDQGUDJDQGHQ VNDOO I|UKLQGUDV /DJUnGHW DQVHU DWW HQ IHPnUVUHJHO DY GHW VODJ VRP I|UHVODJLWV L SURPHPRULDQV DOWHUQDWLY ' lU DWW I|UHGUD IUDPI|U O|VQLQJHQ L UHPLVVI|UVODJHW RFK VHU SUDNWLVND QDFNGHODU PHG DWW VORSD WLGVEHJUlQVQLQJHQ 5HJHULQJHQ KDU I|UVWnHOVHI|U/DJUnGHWVV\QSXQNWHUPHQDQVHUDWW|YHUYlJDQGHVNlOWDODU
I|U DWW GHQ PRWWDJQD DQGHOHQ VNDOO DQVHV NYDOLILFHUDG XWDQ WLGV 3URS EHJUlQVQLQJ *HQRP WHNQLNHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ O|VHU PDQ lYHQ SUREOHPHW PHGI|UOXVWIDOOHQI|UNYDOLILFHUDGH DQGHODUSnHWWNRQVHNYHQW VlWW 2P DY\WWULQJHQ DY GH PRWWDJQD DQGHODUQD OHGHU WLOO HQ I|UOXVW NRPPHU QnJRQ EHVNDWWQLQJ LQWH DWW VNH 7HNQLNHQ lU YLGDUH HQNHO DWW WLOOlPSD RFK VNXOOH XW|YHU YDG VRP JlOOHU L GDJ RPIDWWD VDPWOLJD RQRWHUDGHRFKNYDOLILFHUDGHDQGHODU)|UIDUDQGHWVNXOOHHPHOOHUWLGLYLVVD VLWXDWLRQHU QlU YLQVWHQ YLG E\WHVWLOOIlOOHW LQWH XSSJnWW WLOO SULV EDVEHORSSNXQQDLQQHElUDDWWHQGHODYHQHYHQWXHOOYlUGHVWHJULQJVRP VNHWWHIWHUDQGHOVE\WHWVNXOOHNRPPDDWWKlQI|UDVWLOOLQNRPVWVODJHWWMlQVW WURWV DWW YlUGHVWHJULQJHQ LQWH KDIW VLQ JUXQG L GHQ VNDWWVN\OGLJHV DUEHWVLQVDWVHU'HWNDQGlUI|ULIUnJDVlWWDVRPLQWHGHQGHODYYLQVWHQVRP VNDOOEHVNDWWDVLLQNRPVWVODJHWWMlQVWQlUGHQPRWWDJQDDQGHOHQDY\WWUDV ERUGHEHJUlQVDVWLOOGHWEHORSSVRPVNXOOHKDEHVNDWWDWVLLQNRPVWVODJHW WMlQVW RP UHJOHUQD VNXOOH KD WLOOlPSDWV UHGDQ YLG DQGHOVE\WHW (Q VnGDQ RUGQLQJ VNXOOH DOOWVn LQQHElUD HQ PD[LPHULQJ DY WMlQVWHEHORSSHW RFKDWWYlUGHWLOOYl[WHQGlUXW|YHUHIWHUDQGHOVE\WHWLGHVVDIDOOEHVNDWWDVL LQNRPVWVODJHW NDSLWDO 1nJUD UHPLVVLQVWDQVHU KDU I|URUGDW HQ VnGDQ O|VQLQJ $WW Sn GHWWD VlWW PD[LPHUD GHW EHORSS VRP VNDOO EHVNDWWDV L LQNRPVWVODJHW WMlQVW LQQHElU DWW HWW WMlQVWHEHORSS PnVWH EHUlNQDV RFK GRNXPHQWHUDV (Q GHO DY GH I|UHQNOLQJVYLQVWHU VRP PRGHOO ' PHGI|U VNXOOH GlUPHG Jn I|UORUDGH 0|MOLJHQ VNXOOH HQ VnGDQ UHJOHULQJ |ND EHQlJHQKHWHQ DWW L YLVVD IDOO PDQLSXOHUD YlUGHQD YLG E\WH DY DQGHODU L RQRWHUDGH ERODJ I|U DWW PLQLPHUD GHQ GHO VRP VNDOO EHVNDWWDV L LQNRPVWVODJHWWMlQVW 'HQI|UlQGULQJLI|UKnOODQGHWLOOSURPHPRULHI|UVODJHWVRPUHJHULQJHQ I|UHVOnU±VRPMXLQQHElUDWWGHWLQWHVNDOOILQQDVQnJRQEHJUlQVQLQJDY GHQWLGVRPGHPRWWDJQDDQGHODUQDVNDOOYDUDNYDOLILFHUDGH±PHGI|UDWW IUnJDQRPPD[LPHULQJDYWMlQVWHEHORSSHWNRPPHULHWWDQQDWOlJH(QOLJW SURPHPRULHI|UVODJHW VNXOOH GH PRWWDJQD DQGHODUQD DQVHV YDUD NYDOLILFHUDGHLIHPnUHIWHUDQGHOVE\WHW$WWHQYLVVGHODYHQHYHQWXHOO YlUGHVWHJULQJKRVHQVnGDQDQGHOEHVNDWWDVLLQNRPVWVODJHWWMlQVWWURWVDWW YlUGHWLOOYl[WHQ LQWH KDU PHG lJDUHQV HJHW DUEHWH DWW J|UD NXQGH DFFHSWHUDVPRWEDNJUXQGDYGHQUHODWLYWNRUWDNDUHQVWLGHQ(QUHJHOVRP LQQHElUDWWGHQPRWWDJQDDQGHOHQDQVHVNYDOLILFHUDGXWDQWLGVEHJUlQVQLQJ lUHQOLJWUHJHULQJHQVPHQLQJLQWHJRGWDJEDURPGHQLQWHNRPELQHUDVPHG HQ PD[LPHULQJVUHJHO bYHQ RP PDQ EHDNWDU GH LQYlQGQLQJDU PRW HQ PD[LPHULQJVUHJHO VRP UHGRYLVDWV WDODU HQOLJW UHJHULQJHQV PHQLQJ |YHUYlJDQGHVNlOI|UDWWHQVnGDQUHJHOE|ULQI|UDV /DJUnGHW NRQVWDWHUDU DWW PD[LPHULQJVUHJHOQ DNWXDOLVHUDU IUnJDQ YDG VRP VNDOO JlOOD L IUnJD RP DQGHODU VRP lU NYDOLILFHUDGH HQOLJW VnYlO NDSDQGUDVW\FNHWVRPWH[NDS,/(QOLJW/DJUnGHWE|UHWW NODUOlJJDQGHJ|UDVLODJWH[WHQ 'HQ VLWXDWLRQHQ NDQ LQWUlIID DWW HWW RQRWHUDW ERODJ $ N|SHU HWW InPDQVI|UHWDJ GlU SHUVRQHQ ; KDU NYDOLILFHUDGH DQGHODU 3HUVRQHQV PRWWDJQDDQGHODULERODJ$EOLUGnHQOLJWI|UVODJHWNYDOLILFHUDGHRFKGHW EHORSS I|U YLONHW KDQ PD[LPDOW VNDOO EHVNDWWDV L LQNRPVWVODJHW WMlQVW EHUlNQDV YLG DQGHOVE\WHW 2P ; KlUHIWHU lU YHUNVDP L ERODJHW $ Sn Vn VlWWDWWKDQEHG|PVKDHWWNYDOLILFHUDWLQQHKDYlUGHWHQOLJWUHJHULQJHQV
PHQLQJ LQWH ULPOLJW DWW PD[LPHULQJVUHJHOQ VNDOO WLOOlPSDV 'HWWD E|U 3URS IUDPJnDYODJWH[WHQYDUI|UHQUHJHOPHGGHQQDLQQHE|UGLQI|UWV (QOLJW I|UVODJHW L SURPHPRULDQ VNDOO GHQ PRWWDJQD DQGHOHQ DQVHV NYDOLILFHUDGKRVDQGHOVlJDUHQ5LNVVNDWWHYHUNHWKDUI|UHVODJLWDWWHQDQGHO VRP |YHUOnWV WLOO HQ QlUVWnHQGH lYHQ E|U DQVHV NYDOLILFHUDG I|U GHQQH XQGHU NDUHQVWLGHQ I|U DWW I|UKLQGUD VNDWWHXQGDQGUDJDQGHQ JHQRP |YHU OnWHOVHU DY DQGHODU LQRP QlUVWnHQGHNUHWVHQ (Q EHVWlPPHOVH RP DWW HQ PRWWDJHQDQGHOVRP|YHUOnWVWLOOQlUVWnHQGHlYHQE|UDQVHVNYDOLILFHUDG KRV GHQ QlUVWnHQGH IDQQV PHG L ODJUnGVUHPLVVHQ $YVLNWHQ YDU DWW I|UKLQGUDI|UVlOMQLQJDUVRPLQQHElUDWWGHWEHUlNQDGHWMlQVWHEHORSSHWLQWH EHK|YHUWDVXSS/DJUnGHWKDUI|URUGDWDWWEHVWlPPHOVHQXWJnUHIWHUVRP HQVnGDQUHJHOLEODQGVNXOOHOHGDWLOORVNlOLJDNRQVHNYHQVHU5HJHULQJHQ NDQ KnOOD PHG RP GHWWD RFK QnJRQ VnGDQ EHVWlPPHOVH I|UHVOnV GlUI|U LQWH 2P NRQWDQWHUVlWWQLQJ XWJnU YLG HWW DQGHOVE\WH HOOHU HWW XSSVNRYV JUXQGDQGH DQGHOVE\WH VNDOO GHQQD WDV XSS WLOO EHVNDWWQLQJ GHW EHVNDWWQLQJVnUGnE\WHWVNHUDNDSRFKNDSRFK,/ )|U NYDOLILFHUDGH DQGHODU JlOOHU HQOLJW QXYDUDQGH EHVWlPPHOVHU DWW HUVlWWQLQJLSHQJDUVNDOOWDVXSSLLQNRPVWVODJHWNDSLWDOLGHQXWVWUlFNQLQJ GHOHQU\PVLQRPGHWIDVWVWlOOGDNDSLWDOEHORSSHWgYHUVNMXWDQGHGHOVNDOO WDVXSSLLQNRPVWVODJHWWMlQVWNDS,/,SURSRVLWLRQHQI|UHVOnV DWW EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ VNDOO XWYLGJDV WLOO DWW lYHQ RPIDWWD NYDOLILFHUDGH DQGHODU RFK DWW HWW NDSLWDOEHORSS RFK HWW WMlQVWHEHORSS VNDOO EHUlNQDV UHGDQ YLG DQGHOVE\WHW (Q PRWVYDUDQGH I|UGHOQLQJVUHJHOEHK|YVI|UNRQWDQWHUVlWWQLQJHQDYVHHQGHDQGHODUVRPlU NYDOLILFHUDGH .DSLWDOYLQVWHQ EHUlNQDV VRP VNLOOQDGHQ PHOODQ HUVlWWQLQJHQ I|U GHQ DY\WWUDGH WLOOJnQJHQ PLQVNDG PHG XWJLIWHUQD I|U DY\WWULQJHQ RFK RPNRVWQDGVEHORSSHW 0HG RPNRVWQDGVEHORSS DYVHV RP LQWH DQQDW I|UHVNULYV XWJLIWHU I|U DQVNDIIQLQJ |NDGH PHG XWJLIWHU I|U I|UElWWULQJ DQVNDIIQLQJVXWJLIWHUNDSRFK(QOLJWJHQRPVQLWWVPHWRGHQ VNDOO RPNRVWQDGVEHORSSHW I|U VDPWOLJD GHOlJDUUlWWHU RFK IRUGULQJVUlWWHU DYVDPPDVODJRFKVRUWVRPGHQDY\WWUDGHDQYlQGDV+lQV\QVNDOOWDVWLOO GH I|UlQGULQJDU L LQQHKDYHW VRP LQWUlIIDW NDS ,/ 9LG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ ILQQV HWW XQGDQWDJ IUnQ JHQRPVQLWWV PHWRGHQNDS,/5HJHOQNRPPHUIUnQODJHQ RP XSSVNRY PHG EHVNDWWQLQJ YLG DQGHOVE\WHQ *HQRPVQLWWVPHWRGHQ PRGLILHUDVSnVnVlWWDWWRPPRWWDJQDDQGHODUYLGHWWDQGHOVE\WHLQWHlU PDUNQDGVQRWHUDGHVNDOOGHYLGWLOOlPSQLQJDYJHQRPVQLWWVPHWRGHQLQWH DQVHV YDUD DY VDPPD VODJ RFK VRUW VRP DQGUD DQGHODU L GHW N|SDQGH I|UHWDJHWVRPLQQHKDVDYVlOMDUHQSURSRFKGHO EHW6N86)6 5LNVVNDWWHYHUNHW KDU L VLWW UHPLVV\WWUDQGH I|UHVODJLW DWW DQGHODU VRP I|UYlUYDWV JHQRP DQGHOVE\WH RFK VRP lU NYDOLILFHUDGH Sn JUXQG DY NDUHQVUHJHOQ LQWH VNDOO DQVHV YDUD DY VDPPD VODJ HOOHU VRUW VRP DQGUD DQGHODULI|UHWDJHWVRPGHOlJDUHQLQQHKDUHOOHUI|UYlUYDU0RWLYHWlUDWW EHVNDWWQLQJHQ VNDOO NXQQD XSSUlWWKnOODV L ULPOLJ XWVWUlFNQLQJ $Y VDPPD VNlO WRUGH HQOLJW YHUNHWV PHQLQJ lYHQ HQ XWWU\FNOLJ WXURUGQLQJVUHJHO EHK|YDV I|U GH IDOO GHOlJDUHQ lJHU DQGHODU VRP HQOLJW RYDQLQWHlUDYVDPPDVODJHOOHUVRUW(QVnGDQWXURUGQLQJVUHJHOVNXOOH
LQQHElUDDWWGHNYDOLILFHUDGHDQGHODUQDDQVHVDY\WWUDGHI|UHDQGHODUVRP 3URS I|UYlUYDWVHIWHUWLGSXQNWHQI|UDQGHOVE\WHW 5HJHULQJHQ GHODU XSSIDWWQLQJHQ DWW HQ WXURUGQLQJVUHJHO EHK|YV YLG DQGHOVE\WHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ 'HQQD WXURUGQLQJVUHJHO E|U PRWVYDUD GHQ VRP JlOOHU YLG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ NDS ,/$QGHODUQDDQVHVGnDY\WWUDGHLI|OMDQGHRUGQLQJJDPODDQGHODU GH YLG DQGHOVE\WHW PRWWDJQD DQGHODUQD RFK VOXWOLJHQ Q\D DQGHODU 7XURUGQLQJHQWLOOlPSDVSnPRWVYDUDQGHVlWWQlUlJDQGHUlWWHQ|YHUJnUWLOO QnJRQDQQDQSnDQQDWVlWWlQJHQRPDY\WWULQJGYVWLOOH[HPSHOYLGDUY WHVWDPHQWH JnYD HOOHU ERGHOQLQJ 1lU GHW JlOOHU WLOOlPSQLQJHQ DY JHQRPVQLWWVPHWRGHQYLGDQGHOVE\WHQPHGIUDPVNMXWHQEHVNDWWQLQJDQVHU UHJHULQJHQ DWW GHW Sn VDPPD VlWW VRP UHGDQ JlOOHU YLG XSSVNRYV JUXQGDQGH DQGHOVE\WHQ E|U LQI|UDV HQ EHVWlPPHOVH RP DWW RQRWHUDGH DQGHODULQWHVNDOODQVHVYDUDDYVDPPDVODJRFKVRUWVRPDQGUDDQGHODUL GHWN|SDQGHI|UHWDJHWVRPVlOMDUHQLQQHKDUNDS,/$NWLHERODJ YDUV DNWLHU lU QRWHUDGH YLG HQ VYHQVN HOOHU XWOlQGVN E|UV lU LQWH InPDQVI|UHWDJ NDS ,/ 'lUHPRW NDQ I|UHWDJ YDUV DQGHODU lU PDUNQDGVQRWHUDGHXWJ|UDInPDQVI|UHWDJRFKDQGHODUQDYDUDDWWDQVHVRP NYDOLILFHUDGHHQOLJWNDS,/MIUNDS,/)|UDWWlYHQPRWWDJQD DQGHODUVRPHQOLJWI|UVODJHWEOLUNYDOLILFHUDGHI|UDOOIUDPWLGRFKVRPNDQ YDUD PDUNQDGVQRWHUDGH VNDOO RPIDWWDV DY XQGDQWDJHW IUnQ JHQRPVQLWWV PHWRGHQKDUHWWWLOOlJJLODJWH[WHQJ|UDVPHGGHQQDLQQHE|UGJMRUWV 2P HQ DQGHO L HWW InPDQVI|UHWDJ VRP LQWH lU NYDOLILFHUDG KDU I|UYlUYDWV JHQRP VnGDQ XWGHOQLQJ Sn NYDOLILFHUDG DQGHO L HWW DQQDW InPDQVI|UHWDJVRPSnJUXQGDYEHVWlPPHOVHUQDLNDS,//H[ $6($LQWHKDUEHVNDWWDWVWLOOlPSDVYLOONRUHQLNDSI|UVWDVW\FNHW ,/VRPRPGHWI|UHWDJVRPGHQXWGHODGHDNWLHQDYVHUYDUGHWI|UHWDJVRP GHODW XW DNWLHQ NDS DQGUD VW\FNHW ,/ (QOLJW YHUNHW E|U GHQQD EHVWlPPHOVH RPIDWWD XWGHOQLQJ DY DQGHO Sn VnGDQ YLG DQGHOVE\WH PRWWDJHQ DQGHO VRP lU DWW DQVH VRP NYDOLILFHUDG )|U WLOOlPSQLQJ DY EHVWlPPHOVHQLNDSDQGUDVW\FNHW,/I|UHVNULYVDWWGHWXWGHODGH I|UHWDJHW lU HWW InPDQVI|UHWDJ 1nJRQ VnGDQ I|UXWVlWWQLQJ E|U LQWH XSSVWlOODVQlUGHWJlOOHUXWGHOQLQJSnHQVnGDQDQGHOVRPPRWWDJLWVYLG HWW DQGHOVE\WH )|U GHQ L SURPHPRULDQ I|UHVODJQD NDUHQVUHJHOQV WLOOlPSOLJKHW NUlYV LQWH DWW GH PRWWDJQD DQGHODUQD DYVHU DQGHODU L HWW InPDQVI|UHWDJ0RWVYDUDQGHE|UGnHQOLJWYHUNHWVPHQLQJJlOODXWGHODGH DQGHODU5HJHULQJHQDQVHUDWWHQVlUVNLOGUHJOHULQJDYGHWVODJVRPYHUNHW HIWHUO\VHU EHK|YV 9lUGH|YHUI|ULQJDU IUnQ GH PRWWDJQD DQGHODUQD NDQ lYHQVNHJHQRPWH[IRQGHPLVVLRQRFKQ\HPLVVLRQ(QOLJWUHJHULQJHQlU GHWDQJHOlJHWDWWlYHQVnGDQDIDOORPIDWWDVDYUHJOHULQJHQ%HVWlPPHOVHQ KDU GlUI|U JHWWV HQ VnGDQ IRUPXOHULQJ DWW VDPWOLJD IDOO DY YlUGH |YHUI|ULQJDURPIDWWDV 6RP IUDPJnU L DYVQLWW RFK ILQQV VnYlO L EHVWlPPHOVHUQD RP XSSVNRYVJUXQGDQGHDQGHOVE\WHQVRPLEHVWlPPHOVHUQDRP IUDPVNMXWHQ EHVNDWWQLQJ HWW YLOONRU RP U|VWPDMRULWHW I|U GHW N|SDQGH I|UHWDJHW 9LOONRUHWlUDYVHWWDWWKLQGUDVNDWWHXQGDQGUDJDQGHQMIUSURS V ± %HVWlPPHOVHUQD LQQHElU HWW NUDY Sn DWW GHW N|SDQGH I|UHWDJHWYLGXWJnQJHQDYEHVNDWWQLQJVnUHWVNDOOlJDDQGHODUPHGPHUlQ SURFHQWDYU|VWHUQDLGHWDY\WWUDGHI|UHWDJHWDNDSRFKNDS ,/
6YHQVND %DQNI|UHQLQJHQ KDU L HQ VNULYHOVH VRP NRP LQ WLOO 3URS )LQDQVGHSDUWHPHQWHW GHQ QRYHPEHU GYV VDPPD GDJ VRP /DJUnGHWV \WWUDQGH DQI|UW DWW NUDYHW Sn U|VWPDMRULWHW NDQ OHGD WLOO EHW\GDQGH RVlNHUKHW I|U GHQ VRP VNDOO WD VWlOOQLQJ WLOO HWW XSSN|SVHUEMXGDQGHHIWHUVRPGHWLQWHSn I|UKDQGlUP|MOLJWDWWYHWDKXU EHVNDWWQLQJNRPPHUDWWVNH)|UDWWNRPPDWLOOUlWWDPHGGHWWDKHPVWlOOHU I|UHQLQJHQ DWW NUDYHW Sn U|VWPDMRULWHW HIWHU E\WHW LQWH E|U JlOOD YLG IUDPVNMXWHQ EHVNDWWQLQJ RFK LQWH KHOOHU YLG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ L RIIHQWOLJD HUEMXGDQGHQ bYHQ L |YULJW E|U NUDYHW Sn U|VWPDMRULWHW HQGDVW JlOOD L I|UKnOODQGH WLOO H[WHUQD DY\WWULQJDU 'HQQD IUnJD KDU LQWH YDULW I|UHPnO I|U QnJRQ EHUHGQLQJ RFK NDQ UHGDQ DY GHQ DQOHGQLQJHQLQWHEHKDQGODVLGHWWDVDPPDQKDQJ , GH QXYDUDQGH EHVWlPPHOVHUQD RP XSSVNRYVJUXQGDQGH DQGHOVE\WHQ ILQQV HWW VlUVNLOW YHUNVDPKHWVNUDY QlU GHW lU HQ NYDOLILFHUDG DQGHO VRP DY\WWUDV NDS ,/ %HVWlPPHOVHQ LQQHElU DWW RP VlOMDUHQ L HWW VnGDQW IDOO RPHGHOEDUW HIWHU DY\WWULQJHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGHGLUHNWHOOHULQGLUHNWlJHUDQGHOLGHWN|SDQGHI|UHWDJHWPHG PLQVWSURFHQWDYU|VWHWDOHWI|UVDPWOLJDDQGHODULI|UHWDJHWVNDOOGHW N|SDQGHI|UHWDJHWVQlULQJVYHUVDPKHWWLOOKXYXGVDNOLJGHOEHVWnDYU|UHOVH HOOHU GLUHNW HOOHU LQGLUHNW LQQHKDY DY DQGHODU L GRWWHUI|UHWDJ VRP WLOO KXYXGVDNOLJGHOEHGULYHUU|UHOVHMIUDYVQLWW8SSI\OOVGHWWDU|UHOVH YLOONRUYLGDY\WWULQJHQ DYGHQNYDOLILFHUDGHDQGHOHQ PHQ lQGUDV VHQDUH GHW N|SDQGH I|UHWDJHWV YHUNVDPKHW Vn DWW GHW LQWH OlQJUH XSSI\OOV VNDOO XSSVNRYVEHORSSHWVNDWWDVDY.UDYHWSnDWWYHUNVDPKHWHQLGHWN|SDQGH I|UHWDJHW LQWH lQGUDV JlOOHU WRP WMXJRQGH nUHW HIWHU GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW NDS ,/ 0RWVYDUDQGH EHVWlPPHOVHU I|U DWW I|UKLQGUD VNDWWHXQGDQGUDJDQGHQ EHK|YV RFNVn QlU NYDOLILFHUDGH DQGHODU VNDOO RPIDWWDV DY V\VWHPHW PHG IUDPVNMXWHQ EHVNDWWQLQJ 'HQ NDSLWDOYLQVW VRP XSSNRP YLG DQGHOVE\WHW VNDOO Gn WDV XSSWLOOEHVNDWWQLQJRPYLOONRUHWLQWHOlQJUHXSSI\OOV(UVlWWQLQJLSHQJDU VRP WDJLWV XSS WLOO EHVNDWWQLQJ YLG DQGHOVE\WHW VNDOO UlNQDV DY 3n /DJUnGHWV LQUnGDQ I|UHVOnV lYHQ HQ VlUVNLOG UHJOHULQJ RP MXVWHULQJ DY RPNRVWQDGVEHORSSHW I|U PRWWDJQD DQGHODU QlU EHVNDWWQLQJ I|U NDSLWDO YLQVW VNHWW Sn JUXQG DY DWW YHUNVDPKHWVYLOONRUHW LQWH OlQJUH lU XSSI\OOW 6RP DQVNDIIQLQJVXWJLIW VNDOO Gn lYHQ UlNQDV PHG HWW EHORSS VRP PRWVYDUDUGHQNDSLWDOYLQVWVRPWDJLWVXSS 2PHQPRWWDJHQDQGHOYLGHWWXSSVNRYVJUXQGDQGHDQGHOVE\WH|YHUJnU WLOO HQ Q\ lJDUH JHQRP DUY WHVWDPHQWH JnYD HOOHU ERGHOQLQJ |YHUWDU HQOLJW QXYDUDQGH EHVWlPPHOVHU I|UYlUYDUHQ |YHUOnWDUHQV VNDWWHPlVVLJD VLWXDWLRQ QlU GHW JlOOHU XSSVNRYVEHORSSHW NDS ,/ (Q PRWVYDUDQGH UHJHO EHK|YV I|U DWW HQ NYDOLILFHUDG DQGHO YLG IUDPVNMXWHQ EHVNDWWQLQJ IRUWVDWW VNDOO DQVHV NYDOLILFHUDG KRV I|UYlUYDUHQ YLG HQ EHQHILN lJDQGHUlWWV|YHUJnQJ , HQOLJKHW PHG /DJUnGHWV I|UVODJ KDU EHVWlPPHOVHQSODFHUDWVLNDS,/VHI|UIDWWQLQJVNRPPHQWDUHQ ,ODJUnGVUHPLVVHQI|UHVORJVQlUGHWJlOOHUXSSVNRYVJUXQGDQGHDQGHOV E\WHQ DWW EHVWlPPHOVHQ RP NRQWLQXLWHW YLG HIWHUI|OMDQGH DUY PP NDS,/VNXOOHMXVWHUDVI|UDWWYDUDElWWUHDYSDVVDGI|UMXULGLVND SHUVRQHUV I|UYlUY (WW WHVWDPHQWHUDQGH I|UXWVlWWHU GRFN DWW HJHQGRP I|UYlUYDVIUnQHQI\VLVNSHUVRQ(QOLJW/DJUnGHWV\QHVGHWPRWEDNJUXQG DY EOD UHJOHUQD RP XQGHUSULV|YHUOnWHOVHU NDS ,/ LQWH PRWLYHUDW PHG QnJRQ UHJOHULQJ PHG VLNWH Sn JnYRU IUnQ MXULGLVND
SHUVRQHU5HJHULQJHQLQVWlPPHULGHWWD%HVWlPPHOVHQEHK|YVGRFNYLG 3URS HQEHQHILNlJDQGHUlWWV|YHUJnQJDYHQI\VLVNSHUVRQVODJHUDQGHODURFKKDU MXVWHUDWVI|UDWWUHJOHUDGHVVDIDOOMIUI|UIDWWQLQJVNRPPHQWDUHQ 2PlJDQGHUlWWHQWLOOHQPRWWDJHQDQGHOVRPDQVHVNYDOLILFHUDG|YHUJnU IUnQHQI\VLVNSHUVRQWLOOHQMXULGLVNSHUVRQHOOHUHWWVYHQVNWKDQGHOVERODJ JHQRP JnYD HOOHU WHVWDPHQWH lU GHW HQOLJW I|UVODJHW L ODJUnGVUHPLVVHQ L YLVV PnQ RNODUW KXU WUDQVDNWLRQHQ VNDOO EHKDQGODV VNDWWHPlVVLJW (IWHUVRP GHQ I|UHVODJQD PD[LPHULQJVUHJHOQ HQGDVW DYVHU I\VLVND SHUVRQHUlUGHWHQOLJWUHJHULQJHQVEHG|PQLQJQDWXUOLJWDWWWMlQVWHEHORSSHW LGHVVDIDOOWDVXSSWLOOEHVNDWWQLQJKRVGHQI\VLVNDSHUVRQHQlYHQRPGHW lUIUnJDRPHQEHQHILNlJDQGHUlWWV|YHUJnQJ'HQMXULGLVNDSHUVRQHQInU GnPDUNQDGVYlUGHWVRPDQVNDIIQLQJVYlUGHI|UDQGHOHQ5HJHULQJHQDQVHU PHGKlQV\QWLOOGHWDQI|UGDDWWHQEHVWlPPHOVHPHGGHQQDLQQHE|UGE|U LQI|UDVLUHJOHUQDRPIUDPVNMXWHQEHVNDWWQLQJ(QVnGDQEHVWlPPHOVHKDU LQI|UWV 9LGHQXWYLGJQLQJDYUHJOHUQDRPIUDPVNMXWHQEHVNDWWQLQJWLOODWWlYHQ RPIDWWDNYDOLILFHUDGHDQGHODUE|UHQOLJW5LNVVNDWWHYHUNHWlYHQNRQWUROO DVSHNWHQ EHDNWDV 9HUNHW DQI|U DWW HQ I|UXWVlWWQLQJ I|U DWW EHVNDWWQLQJHQ VNDOO NXQQD XSSUlWWKnOODV lU DWW HQ XSSJLIWVVN\OGLJKHW PRWVYDUDQGHGHQVRPJlOOHUYLGXSSVNRYVJUXQGDQGHDQGHOVE\WHQLQI|UV 'HQVlUVNLOGDXSSJLIWVVN\OGLJKHWHQE|UHQOLJWYHUNHWI|UXWRPXSSJLIWRP DQGHOVE\WHW XQGHU NDUHQVWLGHQ RPIDWWD YHUNVDPKHWVYLOONRUHW RFK RP HQ PRWWDJHQ DQGHO |YHUOnWLWV WLOO QlUVWnHQGH 2P VnGDQ XSSJLIWVVN\OGLJKHW LQWHILQQVNRPPHUGHWDWWInWLOOI|OMGDWWNRQWUROOHQVWDUNWI|UVYnUDVHOOHU KHOWRP|MOLJJ|UV'HI|UHWDJPRWYLONDDQGHODUE\WVlULQRUPDOIDOOHQLQWH InPDQVI|UHWDJ )|U DWW XQGHUOlWWD NRQWUROOHQ I|U GH IDOO NYDOLILFHUDGH DQGHODU LQJnU L HWW DQGHOVE\WH E|U HQ EHVWlPPHOVH PRWVYDUDQGH YDG 5LNVVNDWWHYHUNHW HIWHUIUnJDWLQI|UDV1nJRQWLGVEHJUlQVQLQJVRPKlQJHU VDPPDQ PHG NYDOLILNDWLRQHQ EHK|YV GRFN LQWH HIWHUVRP GHW HQOLJW UHJHULQJHQVI|UVODJLQWHVNDOOILQQDVQnJRQEHJUlQVQLQJI|UKXUOlQJHGH PRWWDJQDDQGHODUQDVNDOODQVHVNYDOLILFHUDGH +XYXGVNlOHW WLOO GH QX I|UHVODJQD I|UlQGULQJDUQD lU VRP WLGLJDUH UHGRYLVDWVDWWQXYDUDQGHUHJOHUI|UXSSVNRYVJUXQGDQGHDQGHOVE\WHQQlU GHWJlOOHUNYDOLILFHUDGHDQGHODULNRPELQDWLRQPHGUHJOHUQDNDQOHGD WLOO HNRQRPLVNW P\FNHW NlQQEDUD UHVXOWDW 6RP IUDPJnWW LQQHElU GHW HQ UDG VYnULJKHWHU RFK NRPSOLNDWLRQHU DWW EHKDQGOD NYDOLILFHUDGH DQGHODU LQRPV\VWHPHWI|UIUDPVNMXWHQEHVNDWWQLQJVDPWLGLJWVRPHQEHVNDWWQLQJ HQOLJW UHJOHUQD E|U XSSUlWWKnOODV 'HW lU lYHQ I|UHQDW PHG VWRU RVlNHUKHWDWWI|UXWVHRPRFKLVnIDOOYLONDSUREOHPGHWWDNDQOHGDWLOOI|U IUDPWLGHQ8WYHFNOLQJHQE|UGlUI|UI|OMDVQRJJUDQW 5HJHULQJHQVI|UVODJI|UDQOHGHUlQGULQJDULDRFKNDS,/ VDPWLODJHQRPVMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU
3URS
,NUDIWWUlGDQGHRFK|YHUJnQJVEHVWlPPHOVHU
5HJHULQJHQV I|UVODJ 'H Q\D EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJYLGDQGHOVE\WHQPHGRQRWHUDGHRFKNYDOLILFHUDGHDQGHODU VNDOOWUlGDLNUDIWGHQMDQXDULRFKWLOOlPSDVSnDQGHOVE\WHQVRP VNHUHIWHUGHQGHFHPEHU)|UXSSVNRYVEHORSSVRPI|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU VNDOO IRUWIDUDQGH lOGUH EHVWlPPHOVHU WLOOlPSDV'HWWDLQQHElUDWWXSSVNRYVEHORSSHWWDVXSSWLOOEHVNDWWQLQJ VHQDVWQlUlJDQGHUlWWHQ|YHUJnUWLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|U DWWH[LVWHUDbYHQYLGHIWHUI|OMDQGHDQGHOVE\WHQHIWHUGHQGHFHPEHU WLOOlPSDVlOGUHEHVWlPPHOVHU 2PHWWE\WHPHGHQNYDOLILFHUDGDQGHOVNHWWRFKHWWXSSVNRYVEHORSS KDU I|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU VNDOO Sn GHQ VNDWWVN\OGLJHV EHJlUDQ E\WHW L VWlOOHW DQVHV KD VNHWW L HQOLJKHW PHG EHVWlPPHOVHUQD RP DQGHOVE\WHQ L DNDS RFK NDS LQNRPVWVNDWWHODJHQ LGHUDVO\GHOVHHIWHULNUDIWWUlGDQGHW 'HWVDPPDJlOOHUI|UGHQVRPDY\WWUDWHQNYDOLILFHUDGDQGHOJHQRP HWW E\WH DY DQGHODU RFK GlU GHW VNXOOH KD IXQQLWV I|UXWVlWWQLQJDU I|U XSSVNRYRPGHQVNDWWVN\OGLJHGnKDGHEHJlUWGHW
3URPHPRULDQV I|UVODJ , SURPHPRULDQ I|UHVOnV LQJD VlUVNLOGD |YHUJnQJVEHVWlPPHOVHU 5HPLVVLQVWDQVHUQD 6DPWOLJD UHPLVVLQVWDQVHU VRP KDU V\QSXQNWHU L IUnJDQXWRP /lQVUlWWHQL6NnQHOlQ DQVHUDWWGHQ\DEHVWlPPHOVHUQDSn GHQ VNDWWVN\OGLJHV EHJlUDQ VNDOO In WLOOlPSDV PHG UHWURDNWLY YHUNDQ IURP GHQ MDQXDUL 9HUNHW I|U QlULQJVOLYVXWYHFNOLQJ DQVHU DWW ODJVWLIWQLQJHQlYHQE|UlQGUDVVnDWWGHQVRPLQWHEHJlUWXSSVNRYNDQIn VNDWWHQRPSU|YDGLHIWHUKDQGGYVHQP|MOLJKHWWLOORPSU|YQLQJI|UGHQ VRP LQWH V|NW XSSVNRY )|UHQLQJHQ $XNWRULVHUDGH 5HYLVRUHU DQVHU DWW UHWURDNWLYLWHWHQ E|U WLOOlPSDV Sn DQGHOVE\WHQ I|U YLOND XSSVNRY UHGDQ JHWWV 'HW E|U UlFND RP P|MOLJKHWHQ NDQ XWQ\WWMDV LQRP UDPHQ I|U GHW RUGLQDULH RPSU|YQLQJVI|UIDUDQGHW 6YHQVN +DQGHO DQVHU DWW GHW I|U UHWURDNWLY WLOOlPSQLQJ VNDOO NUlYDV DWW GHQ VNDWWVN\OGLJH KDU EHJlUW XSSVNRY YLG DQGHOVE\WHW HQOLJW GH QXYDUDQGH UHJOHUQD VDPW EHJlU RPSU|YQLQJHQOLJWGHQ\DUHJOHUQD 1lULQJVOLYHWV 6NDWWHGHOHJDWLRQ DQVHU DWW UHWURDNWLYLWHWHQ E|U In WLOOlPSDV Sn DQGHOVE\WHQ I|U YLOND XSSVNRY UHGDQ KDU JHWWV 'HW KDGH I|UPRGOLJHQ YDULW DGPLQLVWUDWLYW HQNODUH RP UHJOHU LQI|UWV PHG HQ JHQHUHOOWWLOOEDNDYHUNDQGHHIIHNW(QVnGDQnWJlUGVNXOOHGRFNVWULGDPRW UHWURDNWLYLWHWVI|UEXGHW L NDS DQGUD VW\FNHW 5) HIWHUVRP GH QXYDUDQGHXSSVNRYVUHJOHUQDLQQHElUHQGHILQLWLYDYVNDWWQLQJHQOLJW UHJOHUQDDYGHDY\WWUDGHDNWLHUQD0HWRGHQPHGIUDPVNMXWHQEHVNDWWQLQJ HQOLJWDOWHUQDWLY'LQQHElUGlUHPRWHQVNDWWHPlVVLJNRQWLQXLWHWPHOODQGH DY\WWUDGH RFK GH WLOOE\WWD DNWLHUQD LQWH EDUD L IUnJD RP DQVNDIIQLQJV XWJLIWHQXWDQlYHQLIUnJDRPGHQIHPnULJDNDUHQVWLGHQ'HWEHW\GHUDWW GH Q\D UHJOHUQD VNXOOH YDUD RI|UPnQOLJD L GHW IDOO HWW XSSVNRYVEHORSS IDVWVWlOOWV LQRP GHQ IHPnULJD NDUHQVWLGHQ RFK DNWLHUQD GlUHIWHU VWLJLW L YlUGH 'HW I|UXWVlWWHU GRFN DWW GHQ IRUWVDWWD YlUGHVWHJULQJHQ RFK
DY\WWULQJHQDYHUVlWWQLQJVDNWLHUQD VNHWWLQRPGHQIHPnULJDNDUHQVWLGHQ 3URS 'HWI|UHNRPPHUDWWGHWLOOE\WWD DQGHODUQD EOLUI|UHPnO I|UHIWHUI|OMDQGH XSSVNRYVJUXQGDQGH DQGHOVE\WHQ , VnGDQD IDOO |YHUJnU ± HQOLJW QX JlOODQGHUHJOHU±SnGHQVNDWWVN\OGLJHVEHJlUDQXSSVNRYVEHORSSHWSnGH Q\DPRWWDJQDDQGHODUQD'HWEHW\GHUDWWHQ|YHUJnQJVUHJHO±I|UGHWIDOO GHQ VNDWWVN\OGLJH EHJlU DWW GH Q\D EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ VNDOO WLOOlPSDV ± VNXOOH KD GHQ LQQHE|UGHQ DWW GH VHQDVW PRWWDJQD DQGHODUQD VNDWWHPlVVLJW DQVHV KD VDPPD DQVNDIIQLQJVXWJLIW VRP GH XUVSUXQJOLJD DQGHODUQD 'HW lU WLOOUlFNOLJW RP GHQQD P|MOLJKHW NDQ XWQ\WWMDV LQRP UDPHQ I|U GHW RUGLQDULH RPSU|YQLQJVI|UIDUDQGHW HIWHUVRP GH I|UVWD DQGHOVE\WHQD VRP NDQ EOL DNWXHOOD DWW ´E\WD´ PRW IUDPVNMXWHQEHVNDWWQLQJlJGHUXPXQGHUEHVNDWWQLQJVnUHW 6YHULJHV $GYRNDWVDPIXQG DQVHUDWWUHJOHUQDE|ULQI|UDVPHGUHWURDNWLYYHUNDQIUnQ RFKPHGEHVNDWWQLQJVnUHWI|UDWWKDDYVHGGHIIHNW6lOMDUHVRPJMRUW NRQWDQWDIIlUHU E|U LQWH SnYHUNDV DY GHQ Q\D ODJVWLIWQLQJHQ HIWHUVRP GHVVDYLGEHVNDWWQLQJVWLGSXQNWHQKDIWHQ|NDGVNDWWHI|UPnJDRFKGlUPHG KDIWP|MOLJKHWDWWEHWDODVNDWWHQ'lUHPRWlUGHWQ|GYlQGLJWDWWDOODVRP JMRUW DQGHOVE\WHQ IUnQ RFK PHG JHV VDPPD P|MOLJKHW DWW YlOMD IUDPVNMXWHQEHVNDWWQLQJLVWlOOHWI|UXSSVNRY )DVWLJKHWVlJDUQD 6YHULJH DQVHU DWW HWW YLOONRU VNDOO YDUD DWW GHQ VNDWWVN\OGLJH KDU EHJlUW XSSVNRY YLG DQGHOVE\WHW HQOLJW GH QXYDUDQGH UHJOHUQD 'HW I|UHNRPPHU DWW GH WLOOE\WWD DQGHODUQD EOLU I|UHPnO I|U HIWHUI|OMDQGH XSSVNRYVJUXQGDQGH DQGHOVE\WHQ , VnGDQD IDOO |YHUJnU Sn GHQ VNDWWVN\OGLJHV EHJlUDQ XSSVNRYVEHORSSHW Sn GH Q\D PRWWDJQD DQGHODUQD'HWEHW\GHUDWWHQ|YHUJnQJVUHJHOLGHIDOOGHQVNDWWVN\OGLJH EHJlU DWW GH Q\D EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ VNDOO WLOOlPSDV VNXOOH KD GHQ LQQHE|UGHQ DWW GH VHQDVW PRWWDJQD DQGHODUQD VNDWWHPlVVLJW DQVHV KD HQ DQVNDIIQLQJVXWJLIW PRWVYDUDQGH GHQ VRP GH XUVSUXQJOLJDDQGHODUQDKDGH /lQVUlWWHQL6NnQHOlQ DYVW\UNHUUHWURDNWLYWLOOlPSQLQJRFKLIUnJDVlWWHU RP GHW L GHWWD IDOO ILQQV VlUVNLOGD VNlO ,QI|U HWW DQGHOVE\WH PnVWH GHW I|UXWVlWWDV DWW VlOMDUHQ J|U HQ EHG|PQLQJ DY GHQ VNDWWHVLWXDWLRQ VRP XSSVWnU PHG DQOHGQLQJ DY I|UVlOMQLQJHQ 6WRUOHNHQ DY YLQVWHQ lU RFNVn NlQGbYHQGHQODWHQWDVNDWWHVNXOGHQPnVWHYDUDNlQG'HQRPVWlQGOLJ KHWHQ DWW GHQ VNDWWVN\OGLJH JHQRP DQGHOVE\WHW EXQGLW XSS VLQ I|UVlOMQLQJVOLNYLG L GHW |YHUWDJDQGH ERODJHW RFK GlUPHG |SSQDW I|U P|MOLJKHWHQ DWW NDSLWDOSODFHULQJHQ XWYHFNODV QHJDWLYW InU DQVHV YDUD HQ nWJlUGVRPlUDWWEHG|PDVRPHWWQRUPDOWI|UHNRPPDQGHDIIlUVPlVVLJW ULVNWDJDQGH , GHWWD ULVNWDJDQGH PnVWH RFNVn LQEHJULSDV DWW GHQQH NDON\OHUDW PHG DWW KDQ YLG HQ RJ\QQVDP XWYHFNOLQJ QlU GH PRWWDJQD DNWLHUQDDY\WWUDVlQGnVNXOOHNRPPDDWWWYLQJDVEHWDODHQEHW\GDQGHGHO DYGHQUHGDQWLGLJDUHIDVWVWlOOGDVNDWWHQ2DNWDWGHWWDKDUKDQJHQRPVLQ XSSVNRYVDQV|NDQYLVDWVLJYDUDEHUHGGDWWWDGHQULVNHQ/lQVUlWWHQNDQ LQWH ILQQD DWW VnGDQD L DIIlUVYlUOGHQ YDQOLJHQ I|UHNRPPDQGH |YHUYlJDQGHQPRWLYHUDUDWWODJVWLIWQLQJHQJHVUHWURDNWLYYHUNDQ 6NlOHQI|UUHJHULQJHQVI|UVODJ 'HQ\DUHJOHUQD±VRPDOOWVnLQQHElU DWW EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ YLG I\VLVND SHUVRQHUV DQGHOVE\WHQ RFNVn VNDOO RPIDWWD RQRWHUDGH RFK NYDOLILFHUDGH DQGHODU ± I|UHVOnV WUlGD L NUDIW GHQ MDQXDUL RFK VNDOO WLOOlPSDV Sn DQGHOV E\WHQ VRP VNHU HIWHU GHQ GHFHPEHU )|UVWD JnQJHQ GH Q\D UHJOHUQDWLOOlPSDVEOLUDOOWVnYLGnUVWD[HULQJ)|UE\WHQDYDQGHODU
VRP VNHWW GHVVI|ULQQDQ RFK GlU XSSVNRYVEHORSS I|UGHODWV I|UHVOnV DWW 3URS lOGUH EHVWlPPHOVHU IRUWVDWW VNDOO JlOOD 'HWWD LQQHElU DWW XSSVNRYVEHORSSHWVNDOOWDVIUDPWLOOEHVNDWWQLQJVHQDVWQlUlJDQGHUlWWHQ WLOOGHQPRWWDJQDDQGHOHQ|YHUJnUWLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|U DWW H[LVWHUD 2P HQ EHQHILN lJDQGHUlWWV|YHUJnQJ VNHU VNDOO I|UYlUYDUHQ HQOLJW lOGUH EHVWlPPHOVHU LQWUlGD L |YHUOnWDUHQV VNDWWHPlVVLJD VLWXDWLRQ QlUGHWJlOOHUXSSVNRYVEHORSSHWbYHQLGHIDOOHWWHIWHUI|OMDQGHE\WHDY DQGHODUVNHUHIWHUGHQGHFHPEHUI|UHVOnVDWWlOGUHEHVWlPPHOVHU IRUWVDWWVNDOOWLOOlPSDV 6RP IUDPJnWW DY WLGLJDUH DYVQLWW ILQQV GHW HWW EHKRY DY DWW GH Q\D UHJOHUQDVNDOOJHVUHWURDNWLYWLOOlPSQLQJRFKRFNVnJlOOD I|UE\WHQVRP VNHUVHQDVWGHQGHFHPEHU'LVNXVVLRQHQNULQJGHQQXDNWXHOOD ODJVWLIWQLQJVIUnJDQ WDU L I|UVWD KDQG VLNWH Sn GH IDOO GlU GHOlJDUH L InPDQVI|UHWDJE\WWDQGHODUPRWE|UVERODJVDNWLHUYLONDVHGDQVMXQNLW L YlUGH HOOHU EOLYLW YlUGHO|VD 6nGDQD E\WHQ DY DQGHODU JHQRPI|UGHV L KXYXGVDN XQGHU VOXWHW DY nU RFK L E|UMDQ DY nU 0RW GHQQD EDNJUXQG J|U UHJHULQJHQ EHG|PQLQJHQ DWW GH UHWURDNWLYD UHJOHUQD E|U JlOODE\WHQDYDQGHODUGlUGHQDY\WWUDGHDQGHOHQlUNYDOLILFHUDG(QOLJW UHJHULQJHQVPHQLQJE|UDOODVNDWWVN\OGLJDVRPHQOLJWlOGUHEHVWlPPHOVHU DY\WWUDWNYDOLILFHUDGHDQGHODUJHQRPHWWE\WHLSULQFLSRPIDWWDVDYGHQ\D UHJOHUQD 'HW EHW\GHU DWW GH UHWURDNWLYD UHJOHUQD LQWH EDUD NRPPHU DWW RPIDWWD GHP VRP EHJlUW XSSVNRY XWDQ lYHQ GHP VRP LQWH EHJlUGH XSSVNRYPHQGlUI|UXWVlWWQLQJDUI|UXSSVNRYI|UHOnJYLGE\WHW(QVnGDQ XWIRUPQLQJVWnUL|YHUHQVVWlPPHOVHPHGULNVGDJHQVWLGLJDUHUHGRYLVDGH WLOONlQQDJLYDQGH)|UGHPVRPJMRUWE\WHQDYDQGHODUXQGHUGHQDNWXHOOD WLGVSHULRGHQ E|U HQ UHWURDNWLY WLOOlPSQLQJ DY GH Q\D UHJOHUQD J|UDV EHURHQGHDYDWWGHQVNDWWVN\OGLJHVMlOYEHJlUGHW , |YHUJnQJVEHVWlPPHOVHUQD I|UHVOnV DWW GHQ PRWWDJQD DQGHOHQ VNDOO DQVHVI|UYlUYDG I|UHQ HUVlWWQLQJVRP PRWVYDUDUGHWRPNRVWQDGVEHORSS VRPJlOOGHI|UGHQDY\WWUDGHNYDOLILFHUDGHDQGHOHQ(IWHUVRP|YHUJnQJV EHVWlPPHOVHQ WDU VLNWH Sn GH IDOO GlU GHQ PRWWDJQD DQGHOHQ DQVHV VOXWOLJHQ DY\WWUDG VNDOO UHJOHUQD RP NDSLWDOYLQVW WLOOlPSDV (QOLJW JHQRPVQLWWVPHWRGHQ VNDOO GHW JHQRPVQLWWOLJD RPNRVWQDGVEHORSSHW I|U VDPWOLJD GHOlJDUUlWWHU RFK IRUGULQJVUlWWHU DY VDPPD VODJ RFK VRUW VRP GHQDY\WWUDGHDQYlQGDV6RPIUDPJnURYDQI|UHVOnVDWWHWWXQGDQWDJIUnQ JHQRPVQLWWVPHWRGHQVNDOOWLOOlPSDVYLGDQGHOVE\WHQPHGRQRWHUDGHRFK NYDOLILFHUDGH DQGHODU MIU DYVQLWW )|U GH IDOO VRP lU DNWXHOOD I|U WLOOlPSQLQJ DY |YHUJnQJVEHVWlPPHOVHQ LQQHElU GHW DWW GH YLG E\WHW PRWWDJQD DQGHODUQD GHOV VNDOO DQVHV YDUD NYDOLILFHUDGH GHOV DQVHV LQWH YDUDDYVDPPDVODJRFKVRUWVRPDQGUDDQGHODULGHWN|SDQGHI|UHWDJHW VRPVlOMDUHQLQQHKDU 6YHQVND%DQNI|UHQLQJHQKDULGHQWLGLJDUHQlPQGDVNULYHOVHQSHNDWSn HWWDQWDONRPSOLNDWLRQHUYLGWLOOlPSQLQJHQDY|YHUJnQJVEHVWlPPHOVHUQD EOD DYVHHQGH GH VN /H[ $6($IDOOHQ RFK SDUWLHOOD I|UVlOMQLQJDU )UnJHVWlOOQLQJHQ lU NRPSOH[ 6HGDQ |YHUJnQJVEHVWlPPHOVHUQD KDU MXVWHUDWV WLOO DWW HQGDVW DYVH GH IDOO GlU GHQ DY\WWUDGH DQGHOHQ YDU NYDOLILFHUDG WRUGH WLOOlPSQLQJHQ YLG /H[ $6($ EHU|UD HQGDVW HWW InWDO IDOO3nSHNDQGHWI|UDQOHGHUGlUI|ULQJDVlUVNLOGDnWJlUGHU1lUGHWJlOOHU SDUWLHOOD I|UVlOMQLQJDU DQVHU UHJHULQJHQ DWW HQ EHJlUDQ RP DWW XSSVNRYVEHORSSHW LQWH VNDOO WDV XSS WLOO EHVNDWWQLQJ VNDOO DYVH VDPWOLJD
PRWWDJQD DQGHODU YLONHW XWWU\FNOLJHQ E|U IUDPJn DY |YHUJnQJV 3URS EHVWlPPHOVHUQD (QNYDOLILFHUDGDQGHONDQKDE\WWVPRWHQPDUNQDGVQRWHUDGDQGHORFK HWWXSSVNRYVEHORSSNDSLWDOEHORSSRFKWMlQVWHEHORSSI|UGHODWV'lUHIWHU NDQ HWW Q\WW DQGHOVE\WH PHG IUDPVNMXWHQ EHVNDWWQLQJ KD VNHWW (QOLJW UHJHULQJHQ E|U GHW lYHQ L GHVVD IDOO ILQQDV HQ P|MOLJKHW I|U GHQ VNDWW VN\OGLJH DWW L VWlOOHW In WLOOlPSD IUDPVNMXWHQ EHVNDWWQLQJ XWDQ KlQV\QVWDJDQGHWLOOGHWI|UGHODGHXSSVNRYVEHORSSHWLNDSLWDORFKWMlQVW 1lU GHW JlOOHU GHQ VRP JMRUW HWW E\WH DY DQGHODU PHQ LQWH EHJlUW XSSVNRY XWDQ EHWDODW LQ VNDWWHQ E|U EHJlUDQ RP UHWURDNWLY WLOOlPSQLQJ YDUD NQXWHQ WLOO DY\WWULQJHQ DY GH PRWWDJQD DQGHODUQD 2P GHQ VNDWW VN\OGLJHGnEHJlUGHW VNDOOUHJOHUQDLDNDSRFKNDS,/LGHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHW WLOOlPSDV Sn E\WHW (Q I|UXWVlWWQLQJ lU JLYHWYLV DWW GHW KDGH IXQQLWV I|UXWVlWWQLQJDU I|U XSSVNRY RP GHQ VNDWWVN\OGLJH KDGH EHJlUW GHW YLG E\WHW 2P GHQ VNDWWVN\OGLJH GlUHPRW LQWHDY\WWUDUGHPRWWDJQDDQGHODUQDWRUGHKDQNXQQDEHJlUDRPSU|YQLQJ HQOLJWWD[HULQJVODJHQ,QQHE|UGHQDYGHWWDEOLUDWWWD[HULQJHQ VlWWV QHG RFK DWW GHQ VNDWWVN\OGLJH HUKnOOHU XSSVNRY WLOOV GH PRWWDJQD DQGHODUQDDY\WWUDV/DJUnGHWKDUDNWXDOLVHUDWIUnJDQRPHQVlUVNLOG|YHU JnQJVEHVWlPPHOVH EHK|YV PRW EDNJUXQG DY UHJOHUQD RP RPSU|YQLQJ (QOLJW UHJHULQJHQV XSSIDWWQLQJ E|U P|MOLJKHWHQ DWW EHJlUD UHWURDNWLY WLOOlPSQLQJ L GHVVD IDOO L OLNKHW PHG |YULJD VRP E\WW NYDOLILFHUDGH DQGHODU LQWH YDUD VlUVNLOW EHJUlQVDG WLOO RPSU|YQLQJVWLGHQ (Q VlUVNLOG EHVWlPPHOVHEHK|YVGlUI|U 'H Q\D EHVWlPPHOVHUQD VNDOO VRP WLGLJDUH DQJHWWV VRP KXYXGUHJHO WLOOlPSDVSnDQGHOVE\WHQVRPVNHUHIWHUGHQGHFHPEHU%\WHQDY DQGHODUVRPI\VLVNDSHUVRQHUJMRUWGHVVI|ULQQDQRFKGlUXSSVNRYVEHORSS I|UGHODWV VNDOO HQOLJW lOGUH EHVWlPPHOVHU L NDS ,/ WDV XSS WLOO EHVNDWWQLQJVHQDVWGHWEHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOODQGHOHQ|YHUJnU WLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|UDWWH[LVWHUDRPLQWHDQQDWI|OMHUDY EHVWlPPHOVHUQD RP XSSVNRYVJUXQGDQGH DQGHOVE\WHQ bYHQ I|U HIWHUI|OMDQGH DQGHOVE\WHQ PHG XSSVNRYVEHORSS VRP VNHU HIWHU GHQ GHFHPEHUWLOOlPSDVlOGUHEHVWlPPHOVHU9LGHWWVnGDQWHIWHUI|OMDQGH DQGHOVE\WH EHK|YHU GHQ VNDWWVN\OGLJH LQWH WD XSS XSSVNRYVEHORSSHW WLOO EHVNDWWQLQJ XWDQ GHWWD NRPPHU lYHQ IUDPGHOHV DWW I|UGHODV Sn GH YLG GHWWDDQGHOVE\WHPRWWDJQDDQGHODUQDHQOLJWlOGUHEHVWlPPHOVHU 2P GHQ VNDWWVN\OGLJH YLOO EHJlUD RPSU|YQLQJ DY HWW EHVOXW VNDOO KDQ J|UD GHW I|UH XWJnQJHQ DY GHW IHPWH nUHW HIWHU WD[HULQJVnUHW HQOLJW EHVWlPPHOVHUQD L NDS WD[HULQJVODJHQ 1nJUD UHPLVV LQVWDQVHUKDUDQVHWWDWWGHWlUWLOOUlFNOLJWDWWUHWURDNWLYWLOOlPSQLQJNDQVNH LQRPGHQQRUPDODRPSU|YQLQJVWLGHQ(QOLJWI|UVODJHWVNDOODQGHOVE\WHQ DYVHHQGH NYDOLILFHUDGH DQGHODU RPIDWWDV DY GHQ UHWURDNWLYD WLOOlPSQLQJHQ'HQUHWURDNWLYDWLOOlPSQLQJHQNQ\WVWLOODWWGHQPRWWDJQD DQGHOHQDY\WWUDVSnDQQDWVlWWlQJHQRPHWWDQGHOVE\WH5HJOHUQDLQQHElU DWW GHQ VNDWWVN\OGLJH LQWH EHK|YHU DY\WWUD GH PRWWDJQD DQGHODUQD LQRP GHQ WLG VRP JlOOHU I|U RPSU|YQLQJ 'HWWD lU HQ I|UPnQ I|U GHQ VNDWWVN\OGLJH RFK LQQHElU DWW GHQ VNDWWVN\OGLJH L PnQJD IDOO VMlOY NDQ VW\UD |YHU QlU DY\WWULQJ DY GHQ PRWWDJQD DQGHOHQ VNDOO VNH XWDQ DWW KDQGODQGHWVW\UVDYVNDWWHUlWWVOLJDUHJOHU5HJHULQJHQDQVHUGlUI|UDWWGHW LQWHlUOlPSOLJWDWWVlWWDQnJRQJUlQVI|UXQGHUYLONHQWLGGHQUHWURDNWLYD WLOOlPSQLQJHQInUEHJlUDV
3URS
7LOOlPSQLQJVH[HPSHO
(QSHUVRQKDUNYDOLILFHUDGH DQGHODUL)c$%PHGHWWRPNRVWQDGVEHORSS RP NU YLOND KDU VWLJLW L YlUGH WLOO NU 'H NYDOLILFHUDGH DQGHODUQDE\WVXQGHUnUPRWPDUNQDGVQRWHUDGHDQGHODUL$%$RFK XSSVNRYHUKnOOVLLQNRPVWVODJHWWMlQVWRFKNDSLWDOHQOLJWEHVWlPPHOVHUQDL NDS,/(QOLJWDOOPlQQDUHJOHUlUDQVNDIIQLQJVYlUGHWI|UDQGHO DUQDL$%$NU $QGHODUQD L $%$ E\WV XQGHU PRW DQGUD PDUNQDGVQRWHUDGH DQGHODU L $%& 9LG VLVWQlPQGD DQGHOVE\WH lU UHJOHUQD RP DQGHOVE\WHQ PHG IUDPVNMXWHQEHVNDWWQLQJLDNDS,/VRPLQI|UGHVGHQMDQXDUL WLOOlPSOLJD 6)6 'HVVD UHJOHU WLOOlPSDV HQOLJW KXYXGUHJHOQ Sn DY\WWULQJDU HIWHU LNUDIWWUlGDQGHW GYV I|UVWD JnQJHQ YLG nUVWD[HULQJ2PGHQVNDWWVN\OGLJHEHJlUGHWVNDOOEHVWlPPHOVHUQDL DNDSGRFNWLOOlPSDVUHGDQYLGnUVWD[HULQJ 'H PRWWDJQD DQGHODUQD L $%& DQVHV I|UYlUYDGH I|U GHW RPNRVWQDGV EHORSSVRPJlOOHUI|UGHDY\WWUDGHDQGHODUQDL$%$HQOLJWDNDS I|UVWDVW\FNHW,/,GHWWDIDOOKDUGHDY\WWUDGHDQGHODUQDL$%$I|UYlUYDWV JHQRP HWW WLGLJDUH DQGHOVE\WH RFK XSSVNRY HUKnOOLWV YLG GHW WLOOIlOOHW HQOLJWEHVWlPPHOVHUQDLNDS,/'HPRWWDJQDDQGHODUQDL$%&DQVHV GnI|UYlUYDGHI|UNU(QOLJW|YHUJnQJVEHVWlPPHOVHUQDWLOO6)6 VNDOO EHVWlPPHOVHUQD L DNDS DQGUD VW\FNHW ,/ WLOOlPSDVlYHQQlUXSSVNRYHUKnOOLWVHQOLJWEHVWlPPHOVHUQDLNDS,/L GHUDVO\GHOVHI|UHLNUDIWWUlGDQGHW $Y NDS I|UVWD VW\FNHW DQGUD PHQLQJHQ ,/ IUDPJnU DWW XSSVNRYVEHORSSHW VRP L GHWWD IDOO EHVWnU DY HWW NDSLWDO RFK HWW WMlQVWHEHORSS LQWH EHK|YHU WDV XSS WLOO EHVNDWWQLQJ YLG HWW DQGHOVE\WH PHG IUDPVNMXWHQ EHVNDWWQLQJ , VWlOOHW I|UGHODV XSSVNRYVEHORSSHW Sn GH PRWWDJQD DQGHODUQD L $%& RFK VNDOO WDV XSS WLOO EHVNDWWQLQJ QlU DQGHODUQD L $%& VlOMV 2P GHW I|UHWDJ GlU SHUVRQHQ KDU GH VHQDVW PRWWDJQD DQGHODUQD $%& WH[ I|UVlWWV L NRQNXUV XQGHU nU VNDOO HQOLJWJlOODQGHUHJOHUXSSVNRYVEHORSSHWWDVXSSWLOOEHVNDWWQLQJ (QOLJWGHQQXI|UHVODJQDODJVWLIWQLQJHQVNDOOLSULQFLSI\VLVNDSHUVRQHUV VDPWOLJDDQGHOVE\WHQEHKDQGODVHQOLJWUHJOHUQDRPIUDPVNMXWHQEHVNDWW QLQJ L DNDS ,/ GYV VnYlO PDUNQDGVQRWHUDGH RQRWHUDGH VRP NYDOLILFHUDGH DQGHODU XWRP ODJHUDQGHODU VRP IRUWVDWW VNDOO EHKDQGODV HQOLJWUHJOHUQDRPXSSVNRYVJUXQGDQGHDQGHOVE\WHQLNDS,/'HQ\D UHJOHUQDVNDOOWLOOlPSDVSnDQGHOVE\WHQVRPVNHUHIWHUGHQGHFHPEHU )|U I\VLVND SHUVRQHU I|UHVOnV lOGUH EHVWlPPHOVHU IRUWIDUDQGH WLOOlPSDV EHWUlIIDQGH XSSVNRYVEHORSS VRP I|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU 8SSVNRYVEHORSSHW WDV Gn XSS WLOO EHVNDWWQLQJ VHQDVW QlU lJDQGHUlWWHQ WLOO DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHU DQGHOHQ XSSK|U DWWH[LVWHUDbJDQGHUlWWHQNDQGRFNKD|YHUJnWWWLOOQnJRQDQQDQXWDQDWW XSSVNRYVEHORSSHW EHK|YHU WDV XSS WLOO EHVNDWWQLQJ 9LG HQ EHQHILN lJDQGHUlWWV|YHUJnQJ VNDOO QnJRQ EHVNDWWQLQJ LQWH VNH YLG GHWWD WLOOIlOOH XWDQ I|UYlUYDUHQ |YHUWDU XSSVNRYVEHORSSHW HQOLJW lOGUH EHVWlPPHOVHU (QOLJWI|UVODJHWWDVGHQQXYDUDQGHUHJHOQLDNDSDQGUDVW\FNHW ,/RPYLONHWRPNRVWQDGVEHORSSVRPVNDOOJlOODERUWOLNVRPNDS
I|UVWD VW\FNHW DQGUD RFK WUHGMH PHQLQJDUQD ,/ RP I|UGHOQLQJ DY 3URS XSSVNRYVEHORSSHW 'HQVNDWWVN\OGLJHVRPDY\WWUDWHQNYDOLILFHUDGDQGHOJHQRPHWWE\WHDY DQGHODU JHV L |YHUJnQJVEHVWlPPHOVHUQD WLOO GH QX I|UHVODJQD UHJOHUQD P|MOLJKHWDWWEHJlUDDWWEHVWlPPHOVHUQDLDNDSRFKNDS,/VNDOO WLOOlPSDV L GHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHW RP DQGHOHQ DY\WWUDWV Sn DQQDWVlWWlQJHQRPHWWDQGHOVE\WH'HWILQQVLQJHQWLGVEHJUlQVQLQJI|U QlUGHWWDVNDOOLQWUlIID'HWVDJGDLQQHElUDWWPDQERUWVHUIUnQXSSVNRYV EHORSSHW RFK YLOND UHJOHU VRP WLOOlPSDWV YLG GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW,VWlOOHWDQVHVGHDQGHODUVRPPRWWRJVYLGGHWI|UVWDDQGHOV E\WHW GYV DQGHODUQD L $%$ |YHUWD GHW RPNRVWQDGVEHORSS VRP GH NYDOLILFHUDGH DQGHODUQD L )c$% KDGH GYV NU DNDS L I|UVODJHWRFKHWWNDSLWDOEHORSSRFKHWWWMlQVWHEHORSSEHUlNQDVDNDS DLI|UVODJHW2PDQGHODUQDL$%&DQVHVDY\WWUDGHSnJUXQGDYDWW I|UHWDJHWKDUI|UVDWWVLNRQNXUVEOLUGHWVnOHGHVLQJHQEHVNDWWQLQJRPGHQ VNDWWVN\OGLJHEHJlUUHWURDNWLYWLOOlPSQLQJ)|UIDUDQGHWEOLUGHWVDPPDRP I|UHWDJHW VNXOOH I|UVlWWDV L NRQNXUV XQGHU HOOHU VHQDUH bYHQ YLG I|UVlOMQLQJDYDQGHODUQDL$%&NDQGHQ\DUHJOHUQDWLOOlPSDVSnEHJlUDQ DY GHQ VNDWWVN\OGLJH 'HW EHORSS VRP WDV XSS L LQNRPVWVODJHW WMlQVW |YHUVWLJHU HQOLJW I|UVODJHW DOGULJ GHW WMlQVWHEHORSS VRP EHUlNQDGHV YLG E\WHW 2PLVWlOOHWHWWHIWHUI|OMDQGHE\WHVNHUXQGHUI|OMHUDY|YHUJnQJV EHVWlPPHOVHUQD DWW lOGUH EHVWlPPHOVHU IRUWVDWW VNDOO WLOOlPSDV RFK XSSVNRYVEHORSSHW EHK|YHU DOOWVn LQWH WDV XSS WLOO EHVNDWWQLQJ XWDQ I|UGHODVSnGHDQGHODUVRPPRWWRJVYLGGHWE\WHW8SSVNRYVEHORSSHWWDV XSSWLOOEHVNDWWQLQJVHQDVWQlUlJDQGHUlWWHQ|YHUJnUWLOOQnJRQDQQDQHOOHU DQGHOHQXSSK|UDWWH[LVWHUDHQOLJWlOGUHEHVWlPPHOVHULNDS,/ 'HNYDOLILFHUDGHDQGHODUQDL)c$%NDQLVWlOOHWXQGHUnUKDE\WWV PRWRQRWHUDGH DQGHODU L$%$RFKHWW XSSVNRYVEHORSS I|UGHODWVLWMlQVW RFK NDSLWDO HQOLJW NDS ,/ 2P $%$ I|UVlWWV L NRQNXUV XQGHU HOOHUHOOHUDQGHODUQDVlOMVNDQSHUVRQHQSnVDPPDVlWWHQOLJW GH QX I|UHVODJQD EHVWlPPHOVHUQD EHJlUD UHWURDNWLY WLOOlPSQLQJ DY EHVWlPPHOVHUQD L DNDS RFK NDS ,/ L GHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHW'HWWDLQQHElUDWWPDQERUWVHUIUnQXSSVNRYVEHORSSHWRFK GH UHJOHU VRP WLOOlPSDWV 2P L VWlOOHW HWW Q\WW E\WH VNHU XQGHU EHK|YHUXSSVNRYVEHORSSHWLQWHWDVXSSWLOOEHVNDWWQLQJXWDQI|UGHODVSn GHPRWWDJQDDQGHODUQDHQOLJWlOGUHEHVWlPPHOVHU9LGHQI|UVlOMQLQJNDQ GHQVNDWWVN\OGLJHYlOMDPHOODQDWWWDXSSXSSVNRYVEHORSSHWHOOHUEHJlUD DWWInWLOOlPSDIUDPVNMXWHQEHVNDWWQLQJDYVHHQGHE\WHQD $OWHUQDWLYW NDQ RQRWHUDGH DQGHODU VRP LQWH lU NYDOLILFHUDGH KD E\WWV PRWPDUNQDGVQRWHUDGHDQGHODUL$%$RFKHWWXSSVNRYVEHORSSEHVWlPWV HQOLJW NDS ,/ 2P HWW HIWHUI|OMDQGH E\WH DY DQGHODU VNHU PRW PDUNQDGVQRWHUDGH DQGHODU L $%& HIWHU GHQ MDQXDUL WLOOlPSDV EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ 'HQ YLG GHWWD DQGHOVE\WH PRWWDJQDDQGHOHQ|YHUWDUGnPDUNQDGVYlUGHWIUnQGHQDY\WWUDGHDQGHOHQ DNDS ,/ 2P $%& I|UVlWWV L NRQNXUV XQGHU HOOHU VNDOOXSSVNRYVEHORSSHWWDVXSSWLOOEHVNDWWQLQJHQOLJWlOGUHEHVWlPPHOVHU , GHWWD IDOO ILQQV LQJHQ XSSGHOQLQJ DY XSSVNRYVEHORSSHW L WMlQVW RFK NDSLWDORFKGHWRPIDWWDVDOOWVnLQWHDYUHWURDNWLYLWHWHQ
(QDQQDQYDULDQWlUDWWPDUNQDGVQRWHUDGHDQGHODUE\WVPRWRQRWHUDGH 3URS DQGHODURFKHWWXSSVNRYI|UGHODVHQOLJWNDS,/%\WHWEHKDQGODVHQOLJW lOGUHEHVWlPPHOVHURPXSSVNRY
3URS
.RQVHNYHQVDQDO\V
'HI|UHVODJQDODJlQGULQJDUQDKDUWLOOV\IWHDWWI|UKLQGUDDWWGHSHUVRQHU VRP lJHU NYDOLILFHUDGH DQGHODU L InPDQVI|UHWDJ RFK VRP JMRUW XSSVNRYVJUXQGDQGHDQGHOVE\WHQGUDEEDVDYVWRUDI|UOXVWHUWLOOI|OMGDYDWW GHWN|SDQGHI|UHWDJHW I|UVDWWVL NRQNXUVRFKGHQVNDWWVN\OGLJHLQWHNDQ NYLWWD GHQ GHO DY XSSVNRYVEHORSSHW VRP lU WMlQVWHEHORSS 5HJOHUQD InU VnOHGHVNRQVHNYHQVHUI|UVPnI|UHWDJHQVlJDUH 'HQUHPLWWHUDGHSURPHPRULDQLQQHKnOOHUI\UDDOWHUQDWLYWLOOO|VQLQJDY SUREOHPDWLNHQ$±'*HQRPDOWHUQDWLY'VRPlUGHWDOWHUQDWLYVRP I|UHVOnV L SURSRVLWLRQHQ NRPPHU EHVWlPPHOVHUQD I|U I\VLVND SHUVRQHU RP IUDPVNMXWHQ EHVNDWWQLQJ YLG DQGHOVE\WHQ DWW XWYLGJDV WLOO DWW lYHQ RPIDWWD RQRWHUDGH RFK NYDOLILFHUDGH DQGHODU 6\VWHPHW NRPPHU DWW LQQHElUD I|UHQNOLQJDU I|U VnYlO VNDWWHP\QGLJKHWHUQD VRP I|U GH VNDWW VN\OGLJD 5HJOHUQDI|UHVOnVWUlGDLNUDIWGHQMDQXDULRFKVNDOOWLOOlPSDVSn DQGHOVE\WHQHIWHUGHQGHFHPEHU2PHWWE\WHDYDQGHODUKDUVNHWW DYVHHQGH HQ NYDOLILFHUDG DQGHO RFK HWW XSSVNRYVEHORSS KDU I|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU I|UHVOnV HPHOOHUWLG GHQ VNDWWVN\OGLJH HIWHU EHJlUDQ In WLOOlPSD GH Q\D EHVWlPPHOVHUQD PHG UHWURDNWLY YHUNDQ 5HJHULQJHQ EHG|PHU DWW GH I|UHVODJQD |YHUJnQJVEHVWlPPHOVHUQD NRPPHU DWW OHGD WLOO HQ YLVV |NQLQJ DY DUEHWVEHODVWQLQJHQ KRV VNDWWHP\QGLJKHWHUQDQlUGHWJlOOHUP|MOLJKHWHQDWWEHJlUDWLOOlPSQLQJDY GH Q\D UHJOHUQD DYVHHQGH NYDOLILFHUDGH DQGHOVlJDUH I|U I|UIOXWHQ WLG 'HVVDlUHQGHQEHG|PVGRFNLQWHKDQnJRQPHUEHW\GDQGHRPIDWWQLQJ
3URS
(IIHNWHUI|UGHRIIHQWOLJDILQDQVHUQD
)UDPVNMXWHQEHVNDWWQLQJYLGI\VLVNDSHUVRQHUV DQGHOVE\WHQPHGRQRWHUDGHDQGHODURFKNYDOLILFHUDGH DQGHODU
6DPPDQIDWWQLQJ
%HG|PQLQJHQ DY GHW PDWHULDO VRP UHGRYLVDV L GHW I|OMDQGH NDQ VDPPDQIDWWDV GHOV L WHUPHU DY GH HQJnQJVHIIHNWHU VRP XSSNRPPHU Sn JUXQG DY GHQ I|UHVODJQD UHWURDNWLYLWHWHQ GHOV VRP YDUDNWLJD nUOLJD HIIHNWHU,GHIDOOHIIHNWHUQDLQWHKDUNXQQDWNYDQWLILHUDVKDUGHWDQJHWWV KXUXYLGDGHOHGHUWLOOHQ|YHUHOOHUXQGHUVNDWWQLQJDYWRWDOHIIHNWHQ'H LFNHNYDQWLILHUEDUD HIIHNWHUQD I|UHIDOOHU VDPPDQWDJHW LQQHElUD DWW HIIHNWHQ XQGHUVNDWWDV 'H RIIHQWOLJILQDQVLHOOD HQJnQJVHIIHNWHUQD L IRUP DYXWHEOLYHQVNDWWHLQWlNWVRPHQNRQVHNYHQVDYDWWGHI|UHVODJQDUHJOHUQD I|UDQGHOVE\WHLQI|UVXSSJnUWLOOPQNUPHGDQGHQYDUDNWLJDHIIHNWHQ XSSJnUWLOOPQNUSHUnULXWHEOLYHQVNDWWHLQWlNW'HWE|UGRFNSnSHNDV DWWXSSVNDWWQLQJDUQDlUEHKlIWDGHPHGVWRURVlNHUKHW
2OLNDVFHQDULHUDWWEHDNWDYLGEHG|PQLQJHQ
8WJnQJVSXQNWHQ I|U EHG|PQLQJHQ lU I|UVODJHW RP IUDPVNMXWHQ EHVNDWW QLQJ PRGHOO ' )|U DWW XSSVNDWWD HIIHNWHUQD DY GHQ I|UHVODJQD UHWURDNWLYLWHWHQ lU GHW DY YLNW DWW I|UV|ND NDUDNWlULVHUD ROLND VFHQDULHU VRPNDQWlQNDVKDLQWUlIIDWYLGDQGHOVE\WHVWLOOIlOOHWRFKYDGVRPKDUVNHWW NRPPHU DWW VNH WLGHQ GlUHIWHU 'H ROLND VFHQDULHUQD VRP EHDNWDV L EHG|PQLQJHQ lU VDPPDQVWlOOGD L 7DEHOO 6FHQDULHUQD RFK NDUDNWlULVHUDV DY VnGDQD IDOO GlU DQGHOVlJDUHQV WRWDOD EHKnOOQLQJ HIWHU DQGHOVE\WHW EOLU QHJDWLYW Sn JUXQG DY HWW OnJW DQGHOVYlUGH YLG DY\WWULQJVWLOOIlOOHW VDPWLGLJW VRP GHW I|UHOLJJHU HQ VNDWWHVNXOG VNDWW L LQNRPVWVODJHWWMlQVWYDUVEHORSSlUEHVWlPGYLGE\WHVWLOOIlOOHWGnYlUGHW DYDQGHODUQDYDUK|JUH'HWVDPPDJlOOHUI|UVFHQDULRGYVDQGHOVlJDUH L NRQNXUVERODJ EHURHQGH Sn DWW DQGHODUQD DQVHV DY\WWUDGH L RFK PHG NRQNXUVHQYLONHWXWO|VHUEHVNDWWQLQJ
7DEHOO2OLNDVFHQDULHUYLGDQGHOVE\WHVWLOOIlOOHWRFKWLGHQGlUHIWHU 3URS 6FHQDULR $QGHOVE\WHVWLOOIlOOHWKlQGHOVHGlUHIWHU ,QJHWXSSVNRY 8SSVNRYQHJDWLYEHKnOOQLQJYLGUHDOLVDWLRQ 8SSVNRYSRVLWLYEHKnOOQLQJYLGUHDOLVDWLRQ 8SSVNRYXSSVNRYHWGlUHIWHUnWHUI|UW 8SSVNRYXSSVNRYHWWLOOYLVVGHOnWHUI|UWQHJDWLY EHKnOOQLQJYLGUHDOLVDWLRQ 8SSVNRYXSSVNRYHWWLOOYLVVGHOnWHUI|UWSRVLWLY EHKnOOQLQJYLGUHDOLVDWLRQ 8SSVNRYI|UHWDJHWKDUEHJlUWVLNRQNXUV
'HQLQIRUPDWLRQVRPILQQVWLOOJlQJOLJI|UDWWEHG|PDHIIHNWHQI|UGH RIIHQWOLJDILQDQVHUQDlUP\FNHWEULVWIlOOLJ)OHUDRFKGlUWLOORIWDVWYDJD DQWDJDQGHQ KDU GlUI|U EOLYLW Q|GYlQGLJD DWW J|UD 'HQ XSSVNDWWDGH HIIHNWHQlUGlUI|UEHKlIWDG PHG VWRURVlNHUKHW'HXSSJLIWHUVRP ILQQV WLOOJlQJOLJD NRPPHU IUlPVW IUnQ 5LNVVNDWWHYHUNHW ± GHNODUDWLRQV EODQNHWWHUQD .& ´8SSVNRY UHDYLQVW NYDOLILFHUDGH DNWLHUDQGHODU´ RFK .´8SSJLIWHUIUnQGHOlJDUHPIOLInPDQVI|UHWDJ´'HQJHQRPVQLWWOLJD PDUJLQDOVNDWWHQSnWMlQVWHLQNRPVWHUI|UDQGHOVlJDUHLInPDQVERODJ VRP DY\WWUDUVLWWLQQHKDYXSSJnUWLOOSURFHQWYLONHQlUGHQPDUJLQDOVNDWW VRPDQYlQGVLEHG|PQLQJHQ
*HQRPJnQJDYGHROLNDVFHQDULHUQD
6FHQDULR,QJHWXSSVNRY
cU VNHGGH I|UVlOMQLQJDU DY DQGHODU KHOD HOOHU GHO DY LQQHKDYHW L InPDQVERODJ VH 7DEHOO 0RWVYDUDQGH VLIIUD I|U nU XSSJLFN WLOO )|UVlOMQLQJVKlQGHOVHUQD RPIDWWDU EnGH NRQWDQWDIIlUHU RFK DQGHOVDIIlUHU PHG RFK XWDQ XSSVNRY $QWDOHW XSSVNRYI|UnUHQRFKXSSJLFNWLOOUHVSHNWLYHVW\FNHQ VH7DEHOO'HWLQQHElUDWWDQWDOHWNRQWDQWDIIlUHURFKDQGHOVDIIlUHUXWDQ XSSVNRY XSSJLFN WLOO WRWDOW nU RFK nU +XU PnQJD DY GHVVD VRP XWJMRUGH NRQWDQW UHVSHNWLYHDQGHOVDIIlUHUlULQWHNlQW 8QGHU DQWDJDQGH RP HQ SRVLWLY YlUGHWLOOYl[W L GH LQE\WWD DQGHODUQD HIWHU E\WHVWLOOIlOOHW I|UHOLJJHU VWDUND HNRQRPLVND LQFLWDPHQW DWW EHJlUD XSSVNRY HIWHUVRP DQGHOVlJDUHQ Gn KDU P|MOLJKHWHQ DWW LQYHVWHUD HWW EUXWWREHORSS I|UH VNDWW L VWlOOHW I|U HWW QHWWREHORSS HIWHU VNDWW 'HWWD WRUGHPHGI|UDDWWGHIOHVWDVRPJHQRPI|UGHHQE\WHVDIIlURFNVnEHJlUGH XSSVNRY (Q ULPOLJ XWJnQJVSXQNW YLG EHG|PQLQJHQ DY GH RIIHQWOLJILQDQVLHOODHIIHNWHUQDlUGlUI|UDWWGHLQGLYLGHUVRPJHQRPI|UGH HWWE\WHDYDQGHODURFNVnEHJlUGHXSSVNRY2PGHWWURWVGHLQFLWDPHQWV HIIHNWHUVRPQlPQGHVRYDQlUVnDWWGHWILQQVIDOOGlUHWWE\WHLQWHI|OMWV DY XSSVNRY NRPPHU GHQ RIIHQWOLJILQDQVLHOOD HQJnQJVHIIHNWHQ DWW XQGHUVNDWWDV 'HWWD EHURHQGH Sn DWW GHVVD LQGLYLGHU HQOLJW I|UVODJHW KDU P|MOLJKHWDWWUHWURDNWLYWEHJlUDXSSVNRYYLONHWOHGHUWLOOHQOlJUHVNDWW
8QGHUVNDWWQLQJHQ NDQ YDUD EHW\GDQGH HIWHUVRP GHW U|U VLJ RP K|JD 3URS I|UVlOMQLQJVYlUGHQXQGHUnUHQRFK
7DEHOO)|UVlOMQLQJVVWDWLVWLNI|UInPDQVERODJ 7RWDO 9LQVWDIIlUHU DQWDO NDSLWDOEHORSS
WMlQVWHEHORSS
)|UOXVWDIIlUHU DQWDO 6XPPD DQWDO
%HORSSLPLOMRQWDOVNURQRU6LIIURULSDUDQWHVDYVHUEHORSSSHUDIIlU
7DEHOO8SSVNRYVVWDWLVWLNYLGI|UVlOMQLQJDYInPDQVERODJ 7RWDO $QWDOXSSVNRY %UXWWRXSSVNRY WMlQVW
NDSLWDO
cWHUI|ULQJ WMlQVW
NDSLWDO
1HWWRXSSVNRY WMlQVW
NDSLWDO
%HORSSLPLOMRQWDOVNURQRU8SSJLIWHUQDI|UnUlULQWHIXOOVWlQGLJDXWDQXWJ|U KLWLQWLOOVMXOLLQUDSSRUWHUDGHIDOO6LIIURULSDUDQWHVDYVHUEHORSSSHUXSSVNRY
)|U DWW EHO\VD LQQHE|UGHQ DY DQWDJDQGHW RP DWW DOOD LQGLYLGHU VRP JHQRPI|UGH HQ DQGHOVDIIlU RFNVn EHJlUGH XSSVNRY DQWDV L VWlOOHW DWW DQWDOHWDQGHOVDIIlUHUXWDQXSSVNRYlUGHWVDPPDVRPDQWDOHWDQGHOVDIIlUHU PHG XSSVNRY GYV DIIlUHU I|U nUHQ RFK 8WDYGHQWRWDODI|UVlOMQLQJVYLQVWHQVNDOOLHQOLJKHWPHGUHJOHUQDHQ YLVV GHO EHVNDWWDV VRP LQNRPVW DY WMlQVW RFK GHQ DQGUD GHOHQ VRP LQNRPVW DY NDSLWDO , JHQRPVQLWW lU PQNUDIIlU KlQI|UOLJW WLOO NDSLWDOPHGDQPQNUDIIlUlUKlQI|UOLJWWLOOWMlQVWVH7DEHOOI|U nUHQRFK8QGHUDQWDJDQGHWDWWDIIlUHUlUDQGHOVDIIlUHU XWDQXSSVNRYXSSJnUI|UVlOMQLQJVYLQVWHQDYGHVVDInPDQVERODJWLOO PQNUYDUDYPQNU lUKlQI|UOLJWWLOONDSLWDORFK PQNU lUKlQI|UOLJWWLOOWMlQVW%DVHUDWSnGHVVDEDVHUKDU NDSLWDOLQNRPVWVNDWW HUODJWV PHG PQNU RFK WMlQVWHLQNRPVWVNDWWPHGPQNU YLONHWVXPPHUDUWLOOHQ WRWDOW LQEHWDOG VNDWW RP PQNU I|U nUHQ RFK 9LG HQ UHWURDNWLYODJVWLIWQLQJYDGJlOOHUIUDPVNMXWHQEHVNDWWQLQJYLGDQGHOVE\WHQ P|MOLJJ|UVRPWD[HULQJDYGHVVDDQGHOVlJDUH6NDWWHLQWlNWVERUWIDOOHWSJD nWHUEHWDOQLQJDYVNDWWNRPPHULQWHDWWXSSJnWLOOIXOODPQNUGnHQ YLVV VNDWW NRPPHU DWW EHWDODV lYHQ HQOLJW UHJOHUQD RP IUDPVNMXWHQ
EHVNDWWQLQJ6NDWWHLQWlNWVERUWIDOOHWNDQGRFNDQVHVYDUDEHW\GDQGHXQGHU 3URS I|UXWVlWWQLQJDWWHQYLVVDQGHODYDOODI|UVlOMQLQJDUDYInPDQVERODJXQGHU nUHQRFKJHQRPI|UGHVJHQRPE\WHQDYDQGHODUXWDQXSSVNRY
6FHQDULR8SSVNRYSRVLWLYEHKnOOQLQJYLGUHDOLVDWLRQ 6FHQDULR8SSVNRYXSSVNRYHWWLOOYLVVGHOnWHUI|UWSRVLWLYEHKnOOQLQJ YLGUHDOLVDWLRQ
, GH VFHQDULHU GlU DQGHOVlJDUHQ VNXOOH NRPPD DWW UHGRYLVD HQ SRVLWLY EHKnOOQLQJ HIWHU E\WHVWLOOIlOOHW YLG UHDOLVDWLRQ HQOLJW QXYDUDQGH UHJOHU HOOHU UHGDQ KDU UHGRYLVDW HQ SRVLWLY EHKnOOQLQJ NRPPHU GH I|UHVODJQD UHJOHUQD LQQHElUD DWW VNDWWHQ EOLU OlJUH I|U DQGHOVlJDUQD UHWURDNWLYW I|U GHPVRPUHGDQKDUVnOW'HVVDVFHQDULHUPHGI|UDOOWVnDWWDQGHOVlJDUHQ J\QQDV DY LQI|UDQGHW DY GH I|UHVODJQD UHJOHUQD I|U DQGHOVE\WH $WW EHUlNQD GHQ RIIHQWOLJILQDQVLHOOD HIIHNWHQ I|U GHVVD VFHQDULHU NUlYHU NlQQHGRPGHOVRPGHQLQLWLHOODNRVWQDGHQI|UGHLQE\WWDDQGHODUQDGHOV RPGHQ\DDQGHODUQDVIUDPWLGDYlUGHYLGUHDOLVDWLRQ'HQQDLQIRUPDWLRQ VDPW LQIRUPDWLRQ RP KXU PnQJD DY XSSVNRYHQ VRP NDQ KlQI|UDV WLOO GHVVD VFHQDULHU VDNQDV YLONHW RP|MOLJJ|U HQ XSSVNDWWQLQJ DY XWHEOLYQD VNDWWHLQWlNWHU0RWEDNJUXQGDYGHQNUDIWLJDQHGJnQJHQLDQGHOVYlUGHQD XQGHU VHQDUH WLG WRUGH GHVVD VFHQDULHU GRFN YDUD UHODWLYW In I|U GHQ UHWURDNWLYD GHOHQ 2PIDWWQLQJHQ IUDP|YHU DY GHVVD VFHQDULHU EHURU DY IUDPWLGDDQGHOVYlUGHQRFKlUGlUI|URP|MOLJWDWWKDHQXSSIDWWQLQJRP 'nXQGHUODJVDNQDVI|UHQEHG|PQLQJNRPPHUVNDWWHLQWlNWVERUWIDOOHWDWW XQGHUVNDWWDV
6FHQDULR8SSVNRYQHJDWLYEHKnOOQLQJYLGUHDOLVDWLRQ 6FHQDULR8SSVNRYXSSVNRYHWWLOOYLVVGHOnWHUI|UWQHJDWLYEHKnOOQLQJ YLGUHDOLVDWLRQ
)|U GH DQGHOVlJDUH VRP VNXOOH In HQ QHJDWLY EHKnOOQLQJ HIWHU VNDWW YLG UHDOLVDWLRQ DY DQGHODUQD LQQHElU GDJHQV V\VWHP I|U E\WH DY DQGHODU DWW GHVVD LQWH KDU QnJUD LQFLWDPHQW DWW UHDOLVHUD VLWW LQQHKDY 8QGHU I|UXWVlWWQLQJ DWW GHVVD DQGHOVlJDUH IDNWLVNW LQWH UHDOLVHUDU VLQD LQQHKDY XQGHUJlOODQGHUHJOHUI|UE\WHNDQGHI|UHVODJQDUHJOHUQDRPIUDPVNMXWHQ EHVNDWWQLQJLQQHElUDHQRIIHQWOLJILQDQVLHOOLQWlNW'HWWDEHURHQGH SnDWW lYHQ RP DQGHODUQD KDU VMXQNLW NUDIWLJW L YlUGH UHODWLYW WLGSXQNWHQ I|U DQGHOVE\WHWNDQGHWIRUWIDUDQGHYDUDVnDWWDQGHOVYlUGHWlUK|JUHlQGHW LQLWLHOOD YlUGHW DY GH LQE\WWD DQGHODUQD GYV YlUGHW SHU DQGHO YLG GHW XSSN|SWDInPDQVERODJHWVELOGDQGH,OLNKHWPHGVFHQDULHUQDRFKlU GHQQD HIIHNW GRFN LQWH P|MOLJ DWW NYDQWLILHUD YLONHW J|U DWW GHW WRWDOD VNDWWHLQWlNWVERUWIDOOHW|YHUVNDWWDV
6FHQDULR8SSVNRYXSSVNRYHWGlUHIWHUnWHUI|UW
)|UGHIDOOGnKHODHOOHUGHODYXSSVNRYHWKDUnWHUI|UWVWLOOEHVNDWWQLQJlU GHW P|MOLJW DWW XSSVNDWWD GHW VNDWWHLQWlNWVERUWIDOO HQJnQJVHIIHNW VRP XSSNRPPHU YLG LQI|UDQGH DY GH I|UHVODJQD UHJOHUQD I|U DQGHOVE\WH cWHUI|UGDXSSVNRYUHODWHUDGHWLOOWMlQVWXSSJnUWLOOPQNUI|UnU PQNU I|U nU RFK I|U nU ILQQV KLWLQWLOOV PQNU LQUDSSRUWHUDW VH 7DEHOO 0RWVYDUDQGH WRWDOVLIIUD I|U GHQ GHO DY
XSSVNRYHW VRP lU UHODWHUDW WLOO NDSLWDO lU PQNU 'HQ UHWURDNWLYD 3URS HQJnQJVHIIHNWHQ I|U GHVVD IDOO XWJ|U XWHEOLYHQ GYV nWHUEHWDOQLQJ DY WMlQVWH RFK NDSLWDOLQNRPVWVNDWW 9LG HQ SURFHQWLJ PDUJLQDOVNDWW Sn WMlQVWHLQNRPVWHU XSSJnU GHWWD ERUWIDOO WLOO PQNU 'HWWD EHORSS NRPPHU PHG DOO VDQQROLNKHW DWW |ND Gn VDPWOLJD IDOO I|U nU LQWH ILQQV LQUDSSRUWHUDGH 'HW E|U SnSHNDVDWWGHWWDlUHWWEUXWWREHORSSWLOOVNLOOQDGIUnQHWWQHWWREHORSSVRP WDU KlQV\Q WLOO DWW HQ I|UVlOMQLQJ DY DQGHOVLQQHKDYHW PHGI|U HQ VNDWWHLQWlNWMlPI|U PHGUHVRQHPDQJHWI|UVFHQDULHUQDRFK3UHFLV VRPLVFHQDULHUQDRYDQNDQGRFNGHQQDHIIHNWLQWHNYDQWLILHUDV
6FHQDULR8SSVNRYI|UHWDJHWKDUEHJlUWVLNRQNXUV
(WW YDUDNWLJW LQWlNWVERUWIDOO YLG LQI|UDQGH DY GH I|UHVODJQD UHJOHUQD I|U DQGHOVE\WHQlUDWWYlQWDI|UGHIDOOGlULQGLYLGHUQDEHJlUWXSSVNRYPHQ GlU GHW XSSN|SDQGH ERODJHW KDU I|UVDWWV L NRQNXUV HOOHU NRPPHU DWW I|UVlWWDV L NRQNXUV (QOLJW YDQOLJD UHJOHU VNDOO Gn DQGHODUQD DQVHV DY\WWUDGH RFK EHVNDWWQLQJ VNH )|U nUHQ RFK VDPW KLWLQWLOOV LQUDSSRUWHUDGH IDOO I|U nU KDU HWW HQGD XSSVNRYVERODJ PHG HWW XSSVNRYI|UVDWWVLNRQNXUVVH7DEHOOGlUXSSVNRYVEHORSSHQXSSJnU WLOOPQNUKlQI|UOLJWWLOOWMlQVWRFKPQNUKlQI|UOLJWWLOONDSLWDO
7DEHOO.RQNXUVVWDWLVWLNI|UERODJVRPN|SWXSSInPDQVERODJ %RODJ 8SSVNRY 8SSVNRYVEHORSS 7MlQVW .DSLWDO $YVOXWDGNRQNXUV .RQNXUVI|UIDUDQGHLQOHWW ERODJHWLGHQWLILHUDW .RQNXUVI|UIDUDQGHLQOHWW FD ERODJHWHMLGHQWLILHUDW 8SSVNRYVERODJ FD %HORSSLPLOMRQWDOVNURQRURFKDYVHUnUHQRFKVDPWGHIDOOI|UnUVRP IUDPWLOOMXOLILQQVLQUDSSRUWHUDGH6LIIURULSDUDQWHVDYVHUXSSVNRYSHUERODJRFK EHORSSSHUXSSVNRY
9LGDUHIUDPJnUGHWDY7DEHOODWWNRQNXUVI|UIDUDQGHlULQOHWWLERODJ VDPPDQODJWXSSVNRY8SSVNRYVEHORSSHQlUNlQGDI|UGHVVDERODJ 'H XSSJnU WRWDOW WLOO PQNU KlQI|UOLJW WLOO WMlQVW RFK PQNU KlQI|UOLJW WLOO NDSLWDO YLONHW PHGI|U JHQRPVQLWWOLJ WMlQVWH RFK NDSLWDOXSSVNRY RP PQNU RFK PQNU SHU XSSVNRY .RQNXUVI|UIDUDQGHlULQOHWWL\WWHUOLJDUHFLUNDXSSVNRYVIDOOWLOOYLOND GHW LQWH lU P|MOLJW DWW NQ\WD QnJUD ERODJ 8QGHU DQWDJDQGH RP DWW XSSVNRYVEHORSSHQlUGHVDPPDI|UGHVVDERODJVRPI|UGHLGHQWLILHUDGH ERODJHQ WLOONRPPHU \WWHUOLJDUH XSSVNRY RP PQNU KlQI|UOLJWWLOOWMlQVWRFKPQNU KlQI|UOLJWWLOONDSLWDO 'HW EHW\GHU DWW GH WRWDOD XSSVNRYVEHORSSHQ I|U GH IDOO Gn NRQNXUVI|UIDUDQGH lU LQOHWW XSSJnU WLOO PQNU LQRP WMlQVW RFK PQNU LQRP NDSLWDO 8SSJLIWHU IUnQ 'RPVWROVYHUNHW YLVDU DWW L JHQRPVQLWW |YHU GH VHQDVWH IHP nUHQ SURFHQWDYGHLQOHGGDNRQNXUVlUHQGHQDOHGHUWLOONRQNXUVYLONHWEHW\GHU DWW XWDY GHW WRWDOD XSSVNRYVEHORSSHW KlQI|UOLJW WLOO WMlQVW I|U ERODJ VRP
LQOHWW NRQNXUVI|UIDUDQGH NRPPHU PQNU DWW XWJ|UD 3URS XSSVNRY UHODWHUDW WLOO InPDQVERODJ I|UVDWWD L NRQNXUV ,QWlNWVERUWIDOOHW UHODWHUDW WLOO NRQNXUVlUHQGHQ KlQI|UOLJW WLOO nUHQ RFK XSSJnU DOOWVnWLOOPQNUGYVPQNUSHUnU )UnQGHQMDQXDULIUDPWLOOGHFHPEHUKDUKLWLQWLOOV XSSVNRY EHYLOMDWV XSSJLIWHUQD I|U nU lU YLG GDJV GDWR LQWH IXOOVWlQGLJD8WDYGHVVDKDUDOOWVnHWWXSSVNRYOHWWWLOONRQNXUVRFK I|UFLUNDXSSVNRYlUNRQNXUVI|UIDUDQGHLQOHWW8SSVNDWWQLQJVYLVOHGHU IDOOWLOONRQNXUV.RQNXUVULVNHQlUDOOWVnKHODSURFHQW I|U InPDQVERODJ PHG XSSVNRY 'n NRQNXUVDQGHOHQ I|U DNWLHERODJlULJHQRPVQLWWFLUNDSURFHQWNDQPDQI|UPRGDDWWGHQ SURFHQWLJDNRQNXUVULVNHQEHURUSnH[FHSWLRQHOODI|UKnOODQGHQ I|UGHQQD W\S DY ERODJ I|U GHQ DNWXHOOD SHULRGHQ )|U DWW EHUlNQD GHW YDUDNWLJD LQWlNWVERUWIDOOHW DQYlQGV L VWlOOHW GHQ OlJUH NRQNXUVULVNHQ EDVHUDG Sn JHQRPVQLWWOLJW WMlQVWHXSSVNRYVEHORSS I|U nUHQ RFK VRP XSSJLFNWLOOPQNUVLIIURUQDI|UnUlULQWHIXOOVWlQGLJDYDUI|UGH XWHVOXWV0HGSURFHQWVPDUJLQDOVNDWWSnWMlQVWHLQNRPVWHUXSSJnUGHQ YDUDNWLJDHIIHNWHQWLOOPQNU SHUnU 6NLOOQDGHQ PHOODQ LQWlNWVERUWIDOOHQ I|U nUHQ RFK VRP EDVHUDV Sn GHQ SURFHQWLJD NRQNXUVULVNHQ RFK GH YDUDNWLJD LQWlNWVERUWIDOOHQVRPEDVHUDVSnGHQSURFHQWLJDNRQNXUVULVNHQXSSJnU WLOOPQNU I|UnUHQRFK,QWlNWVERUWIDOOHWXW|YHUGHW YDUDNWLJD ERUWIDOOHW I|U GHVVD nU InU NDUDNWlULVHUDV VRP WHPSRUlUW RFK PHGI|UVnOHGHVHQHQJnQJVHIIHNWRPPQNU
(QVDPODGEHG|PQLQJ
%HG|PQLQJHQDYHIIHNWHUQDI|UGHRIIHQWOLJDILQDQVHUQDYLGLQI|UDQGHDY GHI|UHVODJQDUHJOHUQDRPIUDPVNMXWHQEHVNDWWQLQJlUEHKlIWDGPHGVWRU RVlNHUKHW'HWWDEHURHQGHSnDWWLQIRUPDWLRQLQWHILQQVWLOOJlQJOLJI|UDWW J|UDHQEHG|PQLQJDY DOODVFHQDULHUVRPNDQ WlQNDVXSSNRPPD,GHQ VDPPDQIDWWQLQJ DY HIIHNWHUQD VRP nWHUILQQV L 7DEHOO KDU GlUI|U lYHQ DQJHWWVRPEHG|PQLQJHQDYGHLFNHNYDQWLILHUEDUDHIIHNWHUQDNDQDQVHV OHGD WLOO HQ |YHU HOOHU XQGHUVNDWWQLQJ DY VNDWWHLQWlNWVERUWIDOOHW 6DPPDQWDJHW I|UHIDOOHU GHW VRP RP GH LFNHNYDQWLILHUEDUD HIIHNWHUQD LQQHElUDWWGHWWRWDODERUWIDOOHWXQGHUVNDWWDV3nJUXQGDYGHQUHWURDNWLYD WLOOlPSQLQJHQ DY GH I|UHVODJQD UHJOHUQD XSSNRPPHU HQ UDG HQJnQJVHIIHNWHU VRPLUHODWLRQWLOOGHQYDUDNWLJDHIIHNWHQ lUSnWDJOLJD 6NDWWHLQWlNWVERUWIDOOHW XSSVNDWWDV WLOO PQNU HQJnQJVHIIHNW RFK PQNUYDUDNWLJHIIHNW
7DEHOO6DPPDQIDWWQLQJDYHIIHNWHUQDSnGHRIIHQWOLJDILQDQVHUQD 3URS 6FHQDULR 6NDWWHLQWlNWVERUWIDOO gYHUXQGHUVNDWWQLQJ (QJnQJVHIIHNW9DUDNWLJHIIHNW DYHQJnQJVHIIHNWHUQD 8QGHUVNDWWQLQJ gYHUVNDWWQLQJ 8QGHUVNDWWQLQJ gYHUXQGHUVNDWWQLQJ gYHUVNDWWQLQJ 8QGHUVNDWWQLQJ
%HORSSLPLOMRQWDOVNURQRU
)LQDQVLHULQJ
5HJHULQJHQKDULHQOLJKHWPHGYDGVRPUHGRYLVDWVLDYVQLWWHWRPlUHQGHW RFK GHVV EHUHGQLQJ DYVQLWW KDIW ULNVGDJHQV XSSGUDJ DWW XWIRUPD HQ SURSRVLWLRQ PHG YLVVW LQQHKnOO $UEHWHW KDU YDULW P\FNHW NRPSOLFHUDW L I|UVWD KDQG EHURHQGH Sn DWW UHJOHUQD VNDOO YDUD UHWURDNWLYD RFK RPIDWWD KlQGHOVHU VRP VNHWW IUnQ RFK PHG GHQ MDQXDUL 5HJOHUQDV UHWURDNWLYD WLOOlPSQLQJ KDU RFNVn LQQHEXULW DWW GHW I|UHOHJDW EHW\GDQGH VYnULJKHWHU DWW EHUlNQD GH VWDWVILQDQVLHOOD HIIHNWHUQD 'HW KDU GlUI|U KHOOHU LQWH YDULW P|MOLJW DWW L EXGJHWSURSRVLWLRQHQ I|U UHGRYLVD GH VWDWVILQDQVLHOODHIIHNWHUQDDYI|UVODJHQ1RUPDOWVNDOOUHJHULQJHQI|UHVOn KXU GHVV I|UVODJ VNDOO ILQDQVLHUDV 0HG KlQV\Q WLOO RPVWlQGLJKHWHUQD L GHWWD IDOO InU GHW HPHOOHUWLG DQNRPPD Sn ULNVGDJHQ DWW WD VWlOOQLQJ WLOO ILQDQVLHULQJHQ DY GHW UHGRYLVDGH LQNRPVWERUWIDOOHW 2P GH I|UHVODJQD ODJVWLIWQLQJVnWJlUGHUQD LQWH ILQDQVLHUDV NRPPHU EOD VDOGRPnOHW DWW SnYHUNDV
$GPLQLVWUDWLYDNRVWQDGHUI|UVNDWWHI|UYDOWQLQJHQ
5HJHULQJHQV I|UVODJ DWW XWYLGJD EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ YLG DQGHOVE\WHQ I|U I\VLVND SHUVRQHU WLOO DWW lYHQ RPIDWWD DQGHOVE\WHQ PHG RQRWHUDGH RFK NYDOLILFHUDGH DQGHODU LQQHElU LQWH DWW VNDWWHI|UYDOWQLQJHQ nOlJJV IOHU DUEHWVXSSJLIWHU lQ YDG VRP UHGDQ VNHU HQOLJW GDJHQV V\VWHP PHG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ )|UVODJHW EHG|PV LQWH PHGI|UD QnJUD WLOONRPPDQGH DGPLQLVWUDWLYD NRVWQDGHU I|U VNDWWHI|UYDOWQLQJHQ (QOLJW |YHUJnQJVEHVWlPPHOVHUQD I|UHVOnV GH VNDWWVN\OGLJD lYHQ In P|MOLJKHW WLOO UHWURDNWLY WLOOlPSQLQJ DY EHVWlPPHOVHUQD YLONHW |YHUJnQJVYLV NDQ LQQHElUD HQ L YLVV PnQ |NDG DUEHWVEHODVWQLQJ I|U VNDWWHI|UYDOWQLQJHQ .RVWQDGHUQD I|U GHWWD U\PV HPHOOHUWLGLQRPVNDWWHI|UYDOWQLQJHQVRUGLQDULHDQVODJ
3URS
)|UIDWWQLQJVNRPPHQWDU
)|UVODJHWWLOOODJRPlQGULQJLLQNRPVWVNDWWHODJHQ
NDS RFK +lQYLVQLQJHQ L SDUDJUDIHUQD WLOO EHVWlPPHOVHQ L NDS ,/ RP NYDUVWnHQGHNDSLWDOI|UOXVWKDUUlWWDWV
NDS 6HNRPPHQWDUHQWLOONDSRFK,/
NDS , WUHGMHVW\FNHW KDUHQKlQYLVQLQJODJWVWLOOVRPHQI|OMGDYGHQI|UHVODJQD EHVWlPPHOVHQLDNDS,/VDPWYLVVVSUnNOLJMXVWHULQJVNHWW
DNDS ,SDUDJUDIHQKDUHQKlQYLVQLQJODJWVWLOORPDWWGHWILQQVEHVWlPPHOVHUL NDS I|U I\VLVND SHUVRQHU QlU GHQ DY\WWUDGH DQGHOHQ YDU HQ ODJHUWLOOJnQJ
3DUDJUDIHQ LQQHKnOOHU HQ GHILQLWLRQ DY DQGHOVE\WHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ 'HW lU HWW DQGHOVE\WH EDUD RP YLOONRUHQ L ± lU XSSI\OOGD9LGDUHVNDOOHQOLJWGHQQXYDUDQGHO\GHOVHQI|UXWVlWWQLQJDUQDL ±YDUDXSSI\OOGD5HJOHUQDJlOOHUHQOLJWGHQ WUHGMHSXQNWHQ HQGDVW RPGHQDY\WWUDGHDQGHOHQlUPDUNQDGVQRWHUDGRFKLQWHNYDOLILFHUDG$Y VDPPDSXQNWIUDPJnUYLGDUHDWWEHVWlPPHOVHUQDLQWHVNDOOWLOOlPSDVRP GHQPRWWDJQDDQGHOHQEOLUHQNYDOLILFHUDGDQGHOKRVVlOMDUHQ(IWHUVRPGH Q\DUHJOHUQDLQWHI|UHVOnVLQQHKnOODQnJUDEHJUlQVQLQJDUYDUHVLJQlUGHW JlOOHUGHDY\WWUDGHHOOHUPRWWDJQDDQGHODUQDKDUSXQNWHQWDJLWVERUW
D 3DUDJUDIHQlUQ\RFKLQQHElUDWWEHVWlPPHOVHUQDRPDQGHOVE\WHQLQWHInU WLOOlPSDV RP EHVWlPPHOVHUQD L GHW Q\D D NDS ,/ RP EHVNDWWQLQJ L LQNRPVWVODJHW QlULQJVYHUNVDPKHW YLG DY\WWULQJ DY DQGHODU L VNDOERODJ VNDOO WLOOlPSDV MIU SURS EHW 6N8 6)6 %HVWlPPHOVHQPRWVYDUDUQXYDUDQGHNDSSXQNWHQ,/ VRPKDUWDJLWVERUW
D 3URS 3DUDJUDIHQ lU Q\ RFK PRWVYDUDU QXYDUDQGH NDS ,/ RP YHUNVDPKHWVNUDYQlUGHQDY\WWUDGHDQGHOHQlUNYDOLILFHUDG
(IWHUVRP DNDS HQOLJW I|UVODJHW LQWH OlQJUH EHJUlQVDV WLOO PDUNQDGVQRWHUDGH DQGHODU NDQ HNRQRPLVND I|UHQLQJDU EOL DNWXHOOD VRP ´DY\WWUDGH I|UHWDJ´ lYHQ L VDPEDQG PHG DQGHOVE\WHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ(WWWLOOlJJKDUJMRUWVLHQOLJKHWPHGGHWWD
D 3DUDJUDIHQVRPlUQ\LQQHKnOOHUHQEHVWlPPHOVHRPDWWGHQYLQVWVRP XSSNRPPHULVDPEDQGPHGDWWHQNYDOLILFHUDGDQGHODY\WWUDVJHQRPHWW DQGHOVE\WH VNDOO EHUlNQDV %HVWlPPHOVHQ EHK|YV I|U DWW EHJUlQVD GHW EHORSSVRPPD[LPDOWVNDOOWDVXSSLLQNRPVWVODJHWWMlQVWYLGHQIUDPWLGD I|UVlOMQLQJ MIU NDS ,/ (Q HYHQWXHOO YlUGHVWHJULQJ HIWHU DQGHOVE\WHW DYVHHQGH HQ PRWWDJHQ DQGHO NRPPHU DWW EHVNDWWDV L LQNRPVWVODJHWNDSLWDO%HVWlPPHOVHQVRPLODJUnGVUHPLVVHQEHQlPQGHV KDULHQOLJKHWPHG /DJUnGHWV I|UVODJIO\WWDWVI|UDWWHQKlQYLVQLQJ IUDPnW L ODJWH[WHQ VNDOO XQGYLNDV QlU GHW JlOOHU DQNQ\WQLQJHQ WLOO EHVWlPPHOVHQ L DQGUD VW\FNHW RP NDSLWDOEHORSSHW %HVWlPPHOVHQ PRWVYDUDUI|UVWDVW\FNHWL /DJUnGHWV I|UVODJ
(YHQWXHOOHUVlWWQLQJLSHQJDUWDVXSSVRPNDSLWDOYLQVWGHWEHVNDWWQLQJVnU Gn DQGHOVE\WHW VNHU , |YULJW VNHU LQWH QnJRQ EHVNDWWQLQJ GHWWD nU 1lU DQGHOVE\WHQ PHG NYDOLILFHUDGH DQGHODU VNDOO EHKDQGODV HQOLJW EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ EHK|YV lYHQ HQ EHVWlPPHOVH RP DWW HUVlWWQLQJ L SHQJDU VNDOO WDV XSS L LQNRPVWVODJHW NDSLWDOLGHQXWVWUlFNQLQJHUVlWWQLQJHQU\PVLQRPGHWNDSLWDOEHORSSVRP EHUlNQDWV HQOLJW D (YHQWXHOO UHVWHUDGH GHO DY HUVlWWQLQJHQ WDV XSS L LQNRPVWVODJHWWMlQVW'HQQXYDUDQGHEHVWlPPHOVHQLNDSI|UVWD VW\FNHW DQGUD RFK WUHGMH PHQLQJDUQD VDPW DQGUD VW\FNHW VRP XUVSUXQJOLJHQNRPPHUIUnQDQGUDVW\FNHW8%$KDUWDJLWVERUW(QQ\ XQGHUUXEULN´+XYXGUHJOHU´KDUODJWVWLOOQlUPDVWI|UHSDUDJUDIHQ
%HVWlPPHOVHQ L QXYDUDQGH I|UVWD VW\FNHW KDU MXVWHUDWV L HQOLJKHW PHG /DJUnGHWV I|UVODJ 1XYDUDQGH DQGUD VW\FNHW VRP UHJOHUDU GH IDOO GlU HWW XSSVNRYVJUXQGDQGHDQGHOVE\WHI|UVWKDUVNHWWKDUWDJLWVERUWWLOOI|OMGDY DWW NDS ,/ HQOLJW I|UVODJHW L SULQFLS EDUD NRPPHU DWW LQQHKnOOD EHVWlPPHOVHURPXSSVNRYVJUXQGDQGHDQGHOVE\WHQI|UMXULGLVNDSHUVRQHU RFK GHOlJDUH L VYHQVND KDQGHOVERODJ , |YHUJnQJVEHVWlPPHOVHUQD ILQQV EHVWlPPHOVHU VRP VlUVNLOW EHKDQGODU GH IDOO GlU GHQ DY\WWUDGH DQGHOHQ YDUNYDOLILFHUDG
,HQOLJKHWPHG /DJUnGHWV I|UVODJKDUDQGUDPHQLQJHQLSDUDJUDIHQWDJLWV ERUWRFKLVWlOOHWHQKlQYLVQLQJODJWVLQLGHQQ\D9LGDUHKDUHQQ\
XQGHUUXEULN ´9LOONRUHQ I|U IUDPVNMXWHQ EHVNDWWQLQJ lU LQWH OlQJUH 3URS XSSI\OOGD´ODJWVWLOOQlUPDVWI|UHSDUDJUDIHQ
3DUDJUDIHQ lU Q\ RFK PRWVYDUDU QXYDUDQGH NDS ,/ RP YHUNVDPKHWVYLOONRUHW QlU GHQ DY\WWUDGH DQGHOHQ lU NYDOLILFHUDG (QOLJW GHQ SDUDJUDIHQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW RP YLOONRUHW LQWHOlQJUHlUXSSI\OOW$WWHUVlWWQLQJLSHQJDUVRPUHGDQWDJLWVXSSLQWH VNDOO EHK|YD WDV XSS LJHQ YLG EHUlNQLQJ DY NDSLWDOYLQVWHQ I|OMHU DY HQ KlQYLVQLQJLGHQQ\D
3DUDJUDIHQ VRP lU Q\ KDU ODJWV WLOO Sn I|UVODJ DY /DJUnGHW %HVWlPPHOVHQ VRP KDU VLQ PRWVYDULJKHW L QXYDUDQGH DNDS DQGUD PHQLQJHQ RFK DNDS DQGUD PHQLQJHQ L ODJUnGVUHPLVVHQ LQQHElUDWWHUVlWWQLQJLSHQJDUVRPWDJLWVXSSYLGDQGHOVE\WHWLQWHVNDOO UlNQDV PHG WYn JnQJHU *HQRP SDUDJUDIHQ NDQ XSSUHSQLQJ XQGYLNDV 2PNRVWQDGVEHORSSHW I|U PRWWDJQD DQGHODU MXVWHUDV QlU EHVNDWWQLQJ I|U NDSLWDOYLQVW VNHWW HQOLJW DNDS ,/ Sn Vn VlWW DWW VRP DQVNDIIQLQJVXWJLIWlYHQVNDOOUlNQDVPHGHWWEHORSSVRPPRWVYDUDUGHQ NDSLWDOYLQVWVRPWDJLWVXSS
%HVWlPPHOVHQ KDU ODJWV WLOO HIWHU ODJUnGVI|UHGUDJQLQJHQ , ODJUnGV UHPLVVHQ IDQQV LQJHQ UHJOHULQJ DY GH IDOO Gn HQ I\VLVN SHUVRQ JHU HQ PRWWDJHQDQGHOVRPlUNYDOLILFHUDGLJnYDDOWHUQDWLYWWHVWDPHQWHUDUWLOOHQ MXULGLVN SHUVRQ HOOHU HWW VYHQVNW KDQGHOVERODJ (IWHUVRP PD[LPHULQJVUHJHOQDYVHUHQGDVWI\VLVNDSHUVRQHUEHK|YVHQUHJHORPDWW WMlQVWHEHORSSHWVNDOOWDVXSSWLOOEHVNDWWQLQJKRVGHQI\VLVNDSHUVRQHQL HWWVnGDQWIDOObQGULQJHQNRPPHQWHUDVlYHQLDYVQLWWV
3DUDJUDIHQ lU Q\ 9LG HWW DQGHOVE\WH NDQ VlOMDUHQ VHGDQ WLGLJDUH KD DQGHODULGHWN|SDQGHI|UHWDJHWJDPODDQGHODU'HWNDQRFNVnLQWUlIID DWWVlOMDUHQI|UYlUYDU\WWHUOLJDUHDQGHODUHIWHUDQGHOVE\WHWQ\DDQGHODU 2P HQEDUW YLVVD DY DQGHODUQD VlOMV EHK|YV HQ WXURUGQLQJVUHJHO VRP NODUJ|URPGHWlUWLGLJDUHLQQHKDYGDJHQRPDQGHOVE\WHWPRWWDJQDHOOHU VHQDUH I|UYlUYDGH DQGHODU L GHW N|SDQGH I|UHWDJHW VRP VlOMV %HVWlPPHOVHQL I|UVWDVW\FNHW PRWVYDUDUNDS,/ /DJUnGHWKDUDQPlUNWDWWWXURUGQLQJVUHJOHUWRUGHEHK|YDVI|UDWWDYJ|UD RP VWDWXVHQ VRP NYDOLILFHUDG DQGHO VNDOO EHKnOODV HIWHU HQ EHQHILN |YHUI|ULQJXWGHOQLQJPPDYHQDQGHO, DQGUDVW\FNHW I|UHVNULYVGlUI|U DWWWXURUGQLQJHQLI|UVWDVW\FNHWVNDOOWLOOlPSDVSnPRWVYDUDQGHVlWWRP lJDQGHUlWWHQWLOODQGHOHQ|YHUJnUWLOOQnJRQDQQDQSnDQQDWVlWWlQJHQRP DY\WWULQJ7XURUGQLQJVUHJHOQVNDOORFNVnWLOOlPSDVRPGHQVRPI|UYlUYDW DQGHOHQDYVlOMDUHQDY\WWUDUGHQHOOHU|YHUI|UGHQWLOOQnJRQDQQDQ
3DUDJUDIHQ VRP lU Q\ LQQHKnOOHU HQ EHVWlPPHOVH RP DWW PRWWDJQD RQRWHUDGHDQGHODULQWHVNDOODQVHVYDUDDYVDPPDVODJRFKVRUWVRPDQGUD DQGHODU L GHW N|SDQGH I|UHWDJHW VRP VlOMDUHQ LQQHKDU 'HWVDPPD JlOOHU
VnGDQD PRWWDJQD DQGHODU VRP DQVHV NYDOLILFHUDGH Sn JUXQG DY UHJHOQ L 3URS NDS DQGUD VW\FNHW ,/ 'HWWD JlOOHU RDYVHWW RP GH NYDOLILFHUDGH DQGHODUQD lU PDUNQDGVQRWHUDGH HOOHU LQWH 0RWVYDUDQGH EHVWlPPHOVH ILQQV I|U XSSVNRYVJUXQGDQGH DQGHOVE\WHQ QlU GHW JlOOHU RQRWHUDGH DQGHODULNDS,/MIUEHW6N8
NDS , I|UVWDVW\FNHW KDULHQOLJKHWPHG/DJUnGHWVV\QSXQNWHUHQlQGULQJJMRUWV I|UDWWDYJUlQVDNDSLWOHWVLQQHKnOO , DQGUDVW\FNHW KDUI|U DWW|YHUHQVVWlPPD PHG/DJUnGHWVV\QSXQNWHU VnYLWW JlOOHU I\VLVND SHUVRQHUV LQQHKDY DY ODJHUDQGHODU HWW WLOOlJJ JMRUWV I|U DWW NODUOlJJD DWW GHVVD lYHQ IRUWVDWW VNDOO EHVNDWWDV HQOLJW EHVWlPPHOVHUQDI|UXSSVNRYVJUXQGDQGHDQGHOVE\WHQ
'HQ QXYDUDQGH WUHGMH SXQNWHQ KDU InWW HQ Q\ O\GHOVH VRP lU HQ NRQVHNYHQVDYlQGULQJHQLNDS,/
'HQ WUHGMH SXQNWHQ KDU WDJLWV ERUW HIWHUVRP GHQ HQGDVW DYVHU I\VLVND SHUVRQHU(QPRWVYDUDQGHEHVWlPPHOVHKDULVWlOOHWWDJLWVLQLDNDS D,/
%HVWlPPHOVHQKDUIRUPXOHUDWVRPI|UDWWWDVLNWHSnQlUHQI\VLVNSHUVRQ DY\WWUDUHQDQGHOVRPYDUHQODJHUWLOOJnQJ
)|UVWDVW\FNHW KDUMXVWHUDWVI|UDWW|YHUHQVVWlPPDPHGGHQWHUPLQRORJL VRP DQYlQGV QlU HQ MXULGLVN SHUVRQ LQQHKDU DQGHODU VRP LQWH lU ODJHUWLOOJnQJDU
)|UVWDVW\FNHW KDUMXVWHUDWVI|UDWW|YHUHQVVWlPPDPHGGHQWHUPLQRORJL VRP DQYlQGV QlU HQ MXULGLVN SHUVRQ LQQHKDU DQGHODU VRP LQWH lU ODJHUWLOOJnQJDU 'HWVDPPD JlOOHU MXVWHULQJDUQD DY UXEULNHUQD QlUPDVW I|UHSDUDJUDIHQ
, I|UVWDVW\FNHW KDUHQI|OMGlQGULQJJMRUWV
NDS ,/ VRP KDQGODU RP XSSVNRYVEHORSS I|U NYDOLILFHUDGH DQGHODUNDQWDVERUWHIWHUVRPNYDOLILFHUDGHDQGHODUHQOLJWI|UVODJHWVNDOO EHKDQGODV HQOLJW EHVWlPPHOVHUQD RP DQGHOVE\WHQ PHG IUDPVNMXWHQ EHVNDWWQLQJ7LOOI|OMGDYGHWWDKDUKlQYLVQLQJHQL I|UVWDVW\FNHW WLOO WDJLWVERUWbYHQQXYDUDQGH DQGUDRFKWUHGMHPHQLQJDUQDLI|UVWDVW\FNHW KDU WDJLWV ERUW HIWHUVRP EHVWlPPHOVHUQD RP XSSVNRYVJUXQGDQGH DQGHOVE\WHQ HQOLJW I|UVODJHW ERUWVHWW IUnQ ODJHUDQGHODU EDUD VNDOO WLOOlPSDVI|UMXULGLVNDSHUVRQHURFKGHOlJDUHLVYHQVNDKDQGHOVERODJ
3URS
%HVWlPPHOVHQ KDU IRUPXOHUDWV RP I|U DWW WD VLNWH Sn EHQHILND lJDQGHUlWWV|YHUJnQJDU DY I\VLVND SHUVRQHUV ODJHUDQGHODU )|U DWW I|UYlUYDUHQIRUWVDWWVNDOOInXSSVNRYVNDOODQGHOHQYDUDHQODJHUWLOOJnQJ KRV I|UYlUYDUHQ , DQQDW IDOO VNDOO XWWDJVEHVNDWWQLQJ VNH RFK XSSVNRYV EHORSSHWWDVXSSWLOOEHVNDWWQLQJHQOLJWNDS,/
%HVWlPPHOVHQKDUIRUPXOHUDWVRPI|UDWWWDVLNWHSnQlUHQI\VLVNSHUVRQ DY\WWUDUHQDQGHOVRPYDUHQODJHUWLOOJnQJ
NDS 'HQnWWRQGHVWUHFNVDWVHQ VRPKlQYLVDUWLOONDSRFK,/ KDUNRQVHNYHQVlQGUDWVVnDWWKlQYLVQLQJLVWlOOHWJ|UVWLOODNDSD D±RFK,/
NDS , I|UVWD VW\FNHW KDU RUGHW ´lQGn´ WDJLWV ERUW I|U DWW SDUDJUDIHQ VNDOO DQSDVVDVElWWUHWLOOGHWQ\DDQGUDVW\FNHW ,HWWQ\WW DQGUDVW\FNH KDULQI|UWVHQEHVWlPPHOVHVRPLQQHElUDWWRP HQ DQGHO VRP lU NYDOLILFHUDG KRV DQGHOVlJDUHQ DY\WWUDV JHQRP HWW DQGHOVE\WHVnVNDOOlYHQGHQPRWWDJQDDQGHOHQDQVHVYDUDNYDOLILFHUDG 2P HQ PRWWDJHQ DQGHO VRP DQVHV NYDOLILFHUDG Sn JUXQG DY GHQQD EHVWlPPHOVH |YHUJnU WLOO DQQDQ JHQRP HQ EHQHILN lJDQGHUlWWV|YHUJnQJ DQVHVDQGHOHQNYDOLILFHUDGlYHQKRVI|UYlUYDUHQ%HVWlPPHOVHQKDUVLQ I|UHELOG L NDS ,/ , HQOLJKHW PHG /DJUnGHWV I|UVODJ KDU UHJHOQ SODFHUDWVLGHQQDSDUDJUDI1lUXWWU\FNHQDUYWHVWDPHQWHHWFDQYlQGVL ,/ J|UV JHQRPJnHQGH LQJHQ VNLOOQDG Sn RP GHW lU IUnJD RP HWW HIWHUI|OMDQGHInQJHOOHULQWH 2P HQ DQGHO HUKnOOV L XWGHOQLQJ Sn HQ DQGHO VRP DQVHV NYDOLILFHUDG HQOLJWGHQQDSDUDJUDIRFKXWGHOQLQJHQlUVNDWWHIULSnJUXQGDY/H[$VHD VNDOO lYHQ GHQQD DQGHO DQVHV NYDOLILFHUDG %HVWlPPHOVHQ VNDOO lYHQ WLOOlPSDVYLGWH[Q\HPLVVLRQRFKIRQGHPLVVLRQ
, I|UVWD VW\FNHW VRP lU Q\WW ILQQV HQ EHVWlPPHOVH VRP EHJUlQVDU GHW WMlQVWHEHORSSVRPYLGDY\WWULQJHQDYGHQPRWWDJQDDQGHOHQVNDOOWDVXSS L LQNRPVWVODJHW WMlQVW WLOO HWW EHORSS VRP PRWVYDUDU WMlQVWHEHORSSHW YLG E\WHVWLGSXQNWHQ )|UVWD PHQLQJHQ KDU L HQOLJKHW PHG /DJUnGHWV I|UVODJ MXVWHUDWVVnDWWUlWWVYHUNQLQJDUNQ\WVWLOODWWDQGHOHQDY\WWUDV ,HWWQ\WW DQGUDVW\FNH KDUWDJLWVLQHQEHVWlPPHOVHI|UDWWNODUOlJJDDWW PD[LPHULQJVUHJHOQ LQWH JlOOHU RP GHQ PRWWDJQD DQGHOHQ DQVHV NYDOLILFHUDGHQOLJWNDSHOOHUI|UVWDVW\FNHW,/GnGHQDY\WWUDV MIUDYVQLWWV± , GHW QXYDUDQGH I|UVWD VW\FNHW VRP L VWlOOHW EOLU HWW Q\WW WUHGMH VW\FNH VDPWLUXEULNHQKDU I|OMGlQGULQJDUJMRUWV'HWQXYDUDQGHDQGUDVW\FNHWWDV ERUW
3URS
gYHUJnQJVEHVWlPPHOVHU /DJUnGHW KDU OlPQDW HQ VNLVV WLOO I|UVODJ WLOO KXU LNUDIWWUlGDQGH RFK |YHUJnQJVEHVWlPPHOVHU NDQ XWIRUPDV 5HJHULQJHQ KDU L KXYXGVDN I|OMW /DJUnGHWVV\QSXQNWHU 'HQ\DEHVWlPPHOVHUQDRPDQGHOVE\WHQI|UHVOnVHQOLJW SXQNWHQ WUlGD LNUDIWGHQMDQXDULRFKWLOOlPSDVSnDQGHOVE\WHQVRPVNHWWHIWHU GHQ GHFHPEHU )|U XSSVNRYVEHORSS VRP I|UGHODWV I|UH LNUDIWWUlGDQGHW JlOOHU HQOLJW SXQNWHQ DOOWMlPW lOGUH EHVWlPPHOVHU L DNDSRFKNDSVDPWGHQXSSKlYGDODJHQRPXSSVNRY PHGEHVNDWWQLQJHQYLGDQGHOVE\WHQRPGHWLQWHILQQVQnJRWDQQDWUHJOHUDW L |YHUJnQJVEHVWlPPHOVHUQD 'HWWD LQQHElU DWW XSSVNRYVEHORSS VRP I|UGHODWVI|UI\VLVNDSHUVRQHUHQOLJWlOGUHEHVWlPPHOVHUVNDOOWDVXSSWLOO EHVNDWWQLQJ VHQDVW QlU GHQ PRWWDJQD DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHUDQGHOHQXSSK|UDWWH[LVWHUDHQOLJWlOGUHEHVWlPPHOVHULNDS ,/ (QOLJW SXQNWHQ KDU GHQ VNDWWVN\OGLJH UlWW DWW EHJlUD IUDPVNMXWHQ EHVNDWWQLQJYLGE\WHQPHGNYDOLILFHUDGHDQGHODURFKGlUXSSVNRYVEHORSS I|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU %\WHW DY DQGHODU VNDOO Gn DQVHV KD VNHWW HQOLJW EHVWlPPHOVHUQD L D NDS RFK NDS ,/ L GHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHW 'HWWD LQQHElU DWW GHQ YLG E\WHW HQOLJW lOGUH EHVWlPPHOVHU PRWWDJQD DQGHOHQ VNDOO DQVHV NYDOLILFHUDG RFK I|UYlUYDG I|U HQ HUVlWWQLQJ VRP PRWVYDUDU GHW RPNRVWQDGVEHORSS VRP JlOOGH I|U GHQ DY\WWUDGH NYDOLILFHUDGH DQGHOHQ (YHQWXHOO HUVlWWQLQJ L SHQJDU VRP WDJLWVXSSYLGGHWXSSVNRYVJUXQGDQGHDQGHOVE\WHWRFKEHVNDWWDWVNDS ,/ VNDOO DQVHV KD VNHWW HQOLJW D NDS ,/ 2P lYHQ HWW HIWHUI|OMDQGH XSSVNRYVJUXQGDQGH DQGHOVE\WH KDU VNHWW VNDOO DQGHOHQV RPNRVWQDGVEHORSS DQVHV PRWVYDUD GHW VRP GHQ XUVSUXQJOLJD DQGHOHQ KDGH 'HWVDPPD I|UHVOnV JlOOD I|U GH IDOO GlU HWW XSSVNRYVJUXQGDQGH DQGHOVE\WH DYVHHQGH HQ NYDOLILFHUDG DQGHO I|UVW KDU JMRUWV 3n GHQ PRWWDJQD DQGHOHQ VRP lU PDUNQDGVQRWHUDG KDU HWW XSSVNRYVEHORSS L IRUPDYHWWWMlQVWHEHORSSRFKHWWNDSLWDOEHORSSI|UGHODWV'lUHIWHUKDUGHQ YLG GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW PRWWDJQD DQGHOHQ DY\WWUDWV JHQRPHWWDQGHOVE\WHPHGIUDPVNMXWHQEHVNDWWQLQJ'HVVDEHVWlPPHOVHU LQI|UGHVGHQMDQXDULPHQInUWLOOlPSDVUHGDQYLGnUVWD[HULQJ RPGHQVNDWWVN\OGLJHEHJlUGHW8SSVNRYVEHORSSHWKDUGnI|UGHODWVSnGH PRWWDJQD DQGHODUQD YLG GHWWD DQGHOVE\WH 'HQ VNDWWVN\OGLJH JHV Sn VDPPDVlWWP|MOLJKHWDWWEHJlUDDWWGHWRPNRVWQDGVEHORSSVRPJlOOGHI|U GHQ NYDOLILFHUDGH DQGHO VRP DY\WWUDGHV YLG GHW XSSVNRYVJUXQGDQGH DQGHOVE\WHW VNDOO|YHUJnSnGHQYLGGHWWDDQGHOVE\WH PRWWDJQDDQGHOHQ (Q EHJlUDQ RP DWW XSSVNRYVEHORSSHW LQWH VNDOO WDV XSS VNDOO DYVH VDPWOLJDPRWWDJQDDQGHODU , SXQNWHQ UHJOHUDVGHIDOOGlUHWWE\WHJMRUWVPHGHQNYDOLILFHUDGDQGHO I|UHLNUDIWWUlGDQGHWPHQGlUXSSVNRYLQWHEHJlUWVbYHQLGHVVDIDOOJHV GHQ VNDWWVN\OGLJH P|MOLJKHW DWW EHJlUD WLOOlPSQLQJ DY EHVWlPPHOVHUQD RP IUDPVNMXWHQ EHVNDWWQLQJ bYHQ DYVNDWWDGH XSSVNRY RPIDWWDV HQOLJW VLVWDPHQLQJHQ
3URS
)|UVODJHWWLOOODJRPlQGULQJLODJHQRP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU
NDS bQGULQJHQL WUHGMHVW\FNHW lUHQI|OMGDYDWWGHQQXYDUDQGHEHVWlPPHOVHQ L NDS I|UVWD VW\FNHW DQGUD RFK WUHGMH PHQLQJDUQD LQNRPVWVNDWWHODJHQ ,/ RP I|UGHOQLQJ DY XSSVNRYVEHORSS SnHQPRWWDJHQDQGHOHIWHUHWWHIWHUI|OMDQGHDQGHOVE\WHPHGIUDPVNMXWHQ EHVNDWWQLQJKDUWDJLWVERUW
D 3DUDJUDIHQ lU Q\ 2P NYDOLILFHUDGH DQGHODU E\WV PRW WH[ QRWHUDGH DQGHODU EHJUlQVDV GHQ GHO DY HQ IUDPWLGD YlUGHVWHJULQJ VRP YLG DY\WWULQJHQDYGHPRWWDJQDDQGHODUQDVNDOOWDVXSSLLQNRPVWVODJHWWMlQVW PHG VW|G DY EHVWlPPHOVHUQD L D NDS D ,/ )|U DWW HQ VnGDQ EHUlNQLQJVNDOONXQQDVNHRFKHQNRQWUROODYDWWYHUNVDPKHWVYLOONRUHWlU XSSI\OOW VNDOO NXQQD J|UDV I|UHVNULYV L GHQQD SDUDJUDI DWW GHQ VNDWWVN\OGLJH VNDOO OlPQD Q|GYlQGLJD XSSJLIWHU WLOO VNDWWHP\QGLJKHWHQ 6N\OGLJKHWHQ DWW OlPQD GHVVD XSSJLIWHU I|UHOLJJHU XQGHU GHQ WLG GHQ PRWWDJQDDQGHOHQLQQHKDVDYI|UYlUYDUHQ , DQGUD PHQLQJHQ KDU LQI|UWV HQ XSSJLIWVVN\OGLJKHW I|U I|UYlUYDUHQ PRWVYDUDQGH GHQ VRP HQOLJW I|UVWD VW\FNHW SXQNWHQ JlOOHU I|U I|UHWDJVOHGDUH RFK GHOlJDUH L InPDQVI|UHWDJ RFK InPDQVKDQGHOVERODJ VDPWGHUDVQlUVWnHQGH
bQGULQJHQ lU HQ I|OMG DY GHQ Q\D O\GHOVHQ DY NDS ,/ VRP LQQHElU DWW EHQHILND I|UYlUY DY DQGHODU NDQ OHGD WLOO IRUWVDWW XSSVNRY HQGDVWRPDQGHODUQDlUODJHUWLOOJnQJDUKRVPRWWDJDUHQ
D 3DUDJUDIHQVRPlUQ\UHJOHUDUXSSJLIWVVN\OGLJKHWHQLVDPEDQGPHGDWW lJDQGHUlWWHQWLOOHQDQGHOVRPHQI\VLVNSHUVRQKDUI|UYlUYDWJHQRPHWW DQGHOVE\WHHQOLJWDNDS,/RFKVRPDQVHVNYDOLILFHUDGHQOLJWNDS DQGUD VW\FNHW ,/ |YHUJnU WLOO QnJRQ DQQDQ JHQRP DUY WHVWDPHQWH ERGHOQLQJHOOHUJnYD,GHQKlUVLWXDWLRQHQVNDOOI|UYlUYDUHQHQOLJW I|UVWD VW\FNHW OlPQDXSSJLIWHULVLQGHNODUDWLRQRPDQWDOHWI|UYlUYDGHDQGHODU WMlQVWHEHORSSHW RFK LGHQWLILNDWLRQVXSSJLIWHU I|U GHQ WLGLJDUH lJDUHQ 8SSJLIWHU VRP lU DY EHW\GHOVH I|U DWW VNDWWHP\QGLJKHWHQ VNDOO NXQQD DYJ|UDRPWMlQVWHEHORSSHWVNDOOWDVXSSWLOOEHVNDWWQLQJVNDOOHQOLJW DQGUD VW\FNHW lYHQOlPQDVnUOLJHQ8SSJLIWVVN\OGLJKHWHQI|UHOLJJHUWLOOVDQGHOHQ DY\WWUDV
NDS , I|UVWDVW\FNHW IMlUGHSXQNWHQ KDUHQKlQYLVQLQJWLOODNDS,/ODJWV WLOO
3URS gYHUJnQJVEHVWlPPHOVHU 'HQ\DEHVWlPPHOVHUQDI|UHVOnVHQOLJW SXQNW WUlGDLNUDIWGHQMDQXDUL RFKWLOOlPSDVI|UVWDJnQJHQYLGnUVWD[HULQJ 3XQNWHQ lU Q\ L I|UKnOODQGH WLOO ODJUnGVUHPLVVHQ RFK EHK|YV I|U DWW XSSJLIWVVN\OGLJKHWIRUWVDWWVNDOOI|UHOLJJDHQOLJWlOGUHEHVWlPPHOVHULGH IDOO,/VlOGUHEHVWlPPHOVHURPXSSVNRYPHGEHVNDWWQLQJHQYLGE\WHQDY DQGHODUIRUWIDUDQGHVNDOOWLOOlPSDV
3URS
7DEHOOHUPHGEHUlNQLQJVH[HPSHO
%LODJD
7LGSXQNW$ 7LGSXQNW% 7LGSXQNW&
,QJnQJVYlUGH $QGHOVE\WH $Y\WWULQJ 1\WWLQJnQJVYlUGH ,QEHWDOQLQJ DYVNDWW 8SSVNRYPHGVNDWW
1XYDUDQGHUHJOHU
)|UOXVWI|UVlOMQLQJ
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
Intäkt: 500 000
| Kapitalförlust: | (2 500 000-500 000) | 2 000 000 |
| Efter kvittning mot kapitalbelopp: (2 000 000-1 200 000) | 800 000 | |
| Kapitalförlust kvoteras med 0,7 (800 000*0,7) | 560 000 | |
| Skattereduktion: | (0,3*100 000+0,21*460 000) 126 600 | |
| Återstående tjänsteinkomstskatt: (672 000-126 600) | 545 400 | |
| Slutlig behållning efter skatt: | (500 000-545 400) .RQNXUV | -45 400 |
| Ingångsvärde tidpunkt A: | 100 000 |
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
Intäkt: 0
| Kapitalförlust: | (2 500 000-0) | 2 500 000 |
| Efter kvittning mot kapitalbelopp: (2 500 000-1 200 000) | 1 300 000 | |
| Kapitalförlust kvoteras med 0,7 (1 300 000*0,7) | 910 000 | |
| Skattereduktion: | (0,3*100 000+0,21*810 000) 200 100 | |
| Återstående tjänsteinkomstskatt: (672 000-200 100) | 471 900 | |
| Slutlig behållning efter skatt: | (0-471 900) | -471 900 |
)|UVODJ$ 3URS %LODJD
)|UOXVWI|UVlOMQLQJ
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
Intäkt: Kapitalförlust: .YLWWQLQJPRWWMlQVWHEHORSS .YLWWQLQJPRWNDSLWDOEHORSS 7MlQVWHLQNRPVW .DSLWDOYLQVW.DSLWDOI|UOXVW 7MlQVWHLQNRPVWVNDWW .DSLWDOYLQVWVNDWW
Slutlig behållning efter skatt:
.RQNXUV
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
Intäkt: Kapitalförlust: .YLWWQLQJPRWWMlQVWHEHORSS .YLWWQLQJPRWNDSLWDOEHORSS 7MlQVWHLQNRPVW .DSLWDOYLQVW.DSLWDOI|UOXVW 7MlQVWHLQNRPVWVNDWW .DSLWDOYLQVWVNDWW
Slutlig behållning efter skatt:
)|UVODJ% 3URS %LODJD
)|UOXVWI|UVlOMQLQJ
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
Intäkt: 9LQVWSnQ\DQGHO YDUDYNDSLWDOYLQVW YDUDYWMlQVWHLQNRPVW .DSLWDOYLQVWVNDWW 7MlQVWHLQNRPVWVNDWW
6OXWOLJEHKnOOQLQJHIWHUVNDWW
.RQNXUV
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
Intäkt: 9LQVWSnQ\DQGHO YDUDYNDSLWDOYLQVW YDUDYWMlQVWHLQNRPVW .DSLWDOYLQVWVNDWW 7MlQVWHLQNRPVWVNDWW
6OXWOLJEHKnOOQLQJHIWHUVNDWW
)|UVODJ& 3URS %LODJD
)|UOXVWI|UVlOMQLQJ
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
,QWlNW 9LQVWSnNYDOLILFHUDGDQGHO YDUDYNDSLWDOYLQVW YLQVW|YHU YDUDYWMlQVWHLQNRPVW YLQVWXQGHU 7MlQVWHLQNRPVWVNDWW .DSLWDOYLQVWVNDWW
6OXWOLJEHKnOOQLQJHIWHUVNDWW
.RQNXUV Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 2 500 000 Vinst på kvalificerad andel: (2 500 000-100 000) 2 400 000 varav kapitalbelopp: (0,5*2 400 000) 1 200 000 varav tjänstebelopp: (0,5*2 400 000) 1 200 000 Kapitalvinstskatt: (0,3*1 200 000) 360 000 Tjänsteinkomstskatt (0,56*1 200 000) 672 000
$Y\WWULQJWLGSXQNW&
,QWlNW 9LQVWSnNYDOLILFHUDGDQGHO YDUDYNDSLWDOYLQVW YLQVW|YHU YDUDYWMlQVWHLQNRPVW YLQVWXQGHU 7MlQVWHLQNRPVWVNDWW .DSLWDOYLQVWVNDWW
6OXWOLJEHKnOOQLQJHIWHUVNDWW
)|UVODJ' 3URS %LODJD
)|UOXVWI|UVlOMQLQJ
Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 100 000
$Y\WWULQJWLGSXQNW&
Intäkt: 9LQVWSnQ\DQGHO YDUDYNDSLWDOYLQVW YDUDYWMlQVWHLQNRPVW .DSLWDOYLQVWVNDWW 7MlQVWHLQNRPVWVNDWW
6OXWOLJEHKnOOQLQJHIWHUVNDWW
.RQNXUV Ingångsvärde tidpunkt A: 100 000
$QGHOVE\WHWLGSXQNW%
Ingångsvärde B: 100 000
$Y\WWULQJWLGSXQNW&
Intäkt: 9LQVWSnQ\DQGHO YDUDYNDSLWDOYLQVW YDUDYWMlQVWHLQNRPVW .DSLWDOYLQVWVNDWW 7MlQVWHLQNRPVWVNDWW
6OXWOLJEHKnOOQLQJHIWHUVNDWW
3URS
3URPHPRULDQVODJI|UVODJ
%LODJD
0RGHOO$
+lULJHQRP I|UHVNULYV DWW NDS NDS VDPW NDS LQNRPVWVNDWWHODJHQVNDOOKDI|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
NDS
7LOOLQNRPVWVODJHWWMlQVWUlNQDV XWGHOQLQJDURFKNDSLWDOYLQVWHUSnDNWLHUPPLGHQXWVWUlFNQLQJVRP DQJHVLNDSLI|UHWDJVRPlUHOOHUKDUYDULWInPDQVI|UHWDJ
NDSLWDOI|UOXVWHU Sn NYDOLILFHUDGH DQGHODULGHQXWVWUlFNQLQJVRPDQJHV LNDSWUHGMHVW\FNHW
NDSLWDOYLQVWHU Sn DQGHODU L HWW NDSLWDOYLQVWHU Sn DQGHODU L HWW VYHQVNW KDQGHOVERODJ L GHQ VYHQVNW KDQGHOVERODJ L GHQ XWVWUlFNQLQJ VRP DQJHV L NDS XWVWUlFNQLQJ VRP DQJHV L NDS
SHQQLQJOnQLVWULGPHGNDS SHQQLQJOnQLVWULGPHGNDS DNWLHERODJVODJHQ DNWLHERODJVODJHQ HOOHU ODJHQ RP HOOHU ODJHQ RP WU\JJDQGH DY SHQVLRQVXWIlVWHOVH WU\JJDQGH DY SHQVLRQVXWIlVWHOVH PP PP
DYVNDWWQLQJ DY DYVNDWWQLQJ DY SHQVLRQVI|UVlNULQJ HQOLJW SHQVLRQVI|UVlNULQJ HQOLJW EHVWlPPHOVHUQDLNDSRFK EHVWlPPHOVHUQDLNDSRFK
DYVNDWWQLQJ DY DYVNDWWQLQJ DY SHQVLRQVVSDUNRQWR HQOLJW SHQVLRQVVSDUNRQWR HQOLJW EHVWlPPHOVHUQDLNDS EHVWlPPHOVHUQDLNDS
NDS
8WGHOQLQJDURFKNDSLWDOYLQVWHUSnGHOlJDUUlWWHULI|UHWDJVRPlUHOOHUKDU YDULWInPDQVI|UHWDJHOOHUGlUPHGOLNVWlOOWI|UHWDJUlNQDVHQOLJWNDS LYLVVXWVWUlFNQLQJWLOOLQNRPVWVODJHWWMlQVW
.DSLWDOI|UOXVWHU Sn NYDOLILFHUDGH DQGHODU VNDOO L GHQ XWVWUlFNQLQJ VRP I|OMHU DY NDS WUHGMH
6HQDVWHO\GHOVH
VW\FNHW GUDV DY L LQNRPVWVODJHW 3URS WMlQVW %LODJD
.DSLWDOYLQVWHUSnDQGHODULVYHQVNDKDQGHOVERODJUlNQDVHQOLJWNDS LYLVVXWVWUlFNQLQJWLOOLQNRPVWVODJHWWMlQVW
NDS
'HWXSSVNRYVEHORSSVRPHQOLJWDYVHUHQPRWWDJHQDQGHOVNDOO WDVXSSVRPLQWlNWVHQDVWGHWEHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOODQGHOHQ |YHUJnUWLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|UDWWH[LVWHUDRPLQWHDQQDW I|OMHUDYEHVWlPPHOVHUQDLGHWWDNDSLWHOgYHUJnUlJDQGHUlWWHQJHQRPHWW DQGHOVE\WH EHK|YHU XSSVNRYVEHORSSHW GRFN LQWH WDV XSS YLG GHWWD DQGHOVE\WH , VWlOOHW I|UGHODV GHWWD Sn GH PRWWDJQD DQGHODUQD HQOLJW DNDS RFK EHKDQGODV VRP HWW VnGDQW XSSVNRYVEHORSS VRP DYVHV L I|UVWDPHQLQJHQ
2P VlOMDUHQ lU HWW VYHQVNW KDQGHOVERODJ RFK RP lJDQGHUlWWHQ WLOO HQ GHOlJDUHVDQGHOLKDQGHOVERODJHWHOOHUHQGHOlJDUHVDQGHOLQnJRWVYHQVNW KDQGHOVERODJ VRP GLUHNW HOOHU LQGLUHNW JHQRP HWW VYHQVNW KDQGHOVERODJ lJHU HQ DQGHO L KDQGHOVERODJHW |YHUJnU WLOO QnJRQ DQQDQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHWWD LQWUlIIDU'HWVDPPDJlOOHURPGHOlJDUHQVDQGHOXSSK|UDWWH[LVWHUD
2P GHQ DY\WWUDGH DQGHOHQ YDU HQ NYDOLILFHUDG DQGHO RFK HQ NDSLWDOI|UOXVW XSSNRPPHU Gn lJDQGHUlWWHQ WLOO GHQ PRWWDJQD DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHUXSSK|UDWWH[LVWHUDVNDOOVnVWRU GHO DY NDSLWDOI|UOXVWHQ GUDV DY L LQNRPVWVODJHW WMlQVW VRP PRWVYDUDU GHQ DQGHO DY XSSVNRYVEHORSSHW VRP XWJ|UV DY WMlQVWHEHORSSHW .DSLWDOI|UOXVWHQ InU GRFN LQWH GUDV DY L LQNRPVWVODJHW WMlQVW PHG K|JUH EHORSS lQ YDG VRP PRWVYDUDU WMlQVWHEHORSSHW
6HQDVWHO\GHOVH
0RGHOO% 3URS %LODJD
+lULJHQRPI|UHVNULYVDWWNDSLQNRPVWVNDWWHODJHQ VNDOOKDI|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
NDS
'HWXSSVNRYVEHORSSVRPHQOLJWDYVHUHQPRWWDJHQDQGHOVNDOO WDVXSSVRPLQWlNWVHQDVWGHWEHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOODQGHOHQ |YHUJnUWLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|UDWWH[LVWHUDRPLQWHDQQDW I|OMHUDYEHVWlPPHOVHUQDLGHWWDNDSLWHOgYHUJnUlJDQGHUlWWHQJHQRPHWW DQGHOVE\WH EHK|YHU XSSVNRYVEHORSSHW GRFN LQWH WDV XSS YLG GHWWD DQGHOVE\WH,VWlOOHWI|UGHODVGHWWDSnGHPRWWDJQDDQGHODUQDHQOLJWD NDS RFK EHKDQGODV VRP HWW VnGDQW XSSVNRYVEHORSS VRP DYVHV L I|UVWD PHQLQJHQ
2P VlOMDUHQ lU HWW VYHQVNW KDQGHOVERODJ RFK RP lJDQGHUlWWHQ WLOO HQ GHOlJDUHVDQGHOLKDQGHOVERODJHWHOOHUHQGHOlJDUHVDQGHOLQnJRWVYHQVNW KDQGHOVERODJ VRP GLUHNW HOOHU LQGLUHNW JHQRP HWW VYHQVNW KDQGHOVERODJ lJHU HQ DQGHO L KDQGHOVERODJHW |YHUJnU WLOO QnJRQ DQQDQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHWWD LQWUlIIDU'HWVDPPDJlOOHURPGHOlJDUHQVDQGHOXSSK|UDWWH[LVWHUD
2P GHQ DY\WWUDGH DQGHOHQ YDU HQ NYDOLILFHUDG DQGHO RFK HQ NDSLWDOI|UOXVW XSSNRPPHU Gn lJDQGHUlWWHQ WLOO GHQ PRWWDJQD DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHU DQGHOHQ XSSK|U DWW H[LVWHUD VNDOO XSSVNRYVEHORSSHW LQWH WDV XSS WLOO EHVNDWWQLQJ , VWlOOHW VNDOO NDSLWDOYLQVWHQ EHUlNQDV VRP VNLOOQDGHQPHOODQHUVlWWQLQJHQI|UGH PRWWDJQD DQGHODUQD RFK RPNRVWQDGVEHORSSHW I|U GH YLG DQGHOVE\WHW DY\WWUDGH DQGHODUQD 'HQ EHUlNQDGH YLQVWHQ VNDOO EHKDQGODV VRP HQ NDSLWDOYLQVW Sn NYDOLILFHUDGHDQGHODU
6HQDVWHO\GHOVH
0RGHOO& 3URS %LODJD
+lULJHQRPI|UHVNULYVDWWNDSLQNRPVWVNDWWHODJHQ VNDOOKDI|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
NDS
'HWXSSVNRYVEHORSSVRPHQOLJWDYVHUHQPRWWDJHQDQGHOVNDOO WDVXSSVRPLQWlNWVHQDVWGHWEHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOODQGHOHQ |YHUJnUWLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|UDWWH[LVWHUDRPLQWHDQQDW I|OMHUDYEHVWlPPHOVHUQDLGHWWDNDSLWHOgYHUJnUlJDQGHUlWWHQJHQRPHWW DQGHOVE\WH EHK|YHU XSSVNRYVEHORSSHW GRFN LQWH WDV XSS YLG GHWWD DQGHOVE\WH,VWlOOHWI|UGHODVGHWWDSnGHPRWWDJQDDQGHODUQDHQOLJWD NDS RFK EHKDQGODV VRP HWW VnGDQW XSSVNRYVEHORSS VRP DYVHV L I|UVWD PHQLQJHQ
2P VlOMDUHQ lU HWW VYHQVNW KDQGHOVERODJ RFK RP lJDQGHUlWWHQ WLOO HQ GHOlJDUHVDQGHOLKDQGHOVERODJHWHOOHUHQGHOlJDUHVDQGHOLQnJRWVYHQVNW KDQGHOVERODJ VRP GLUHNW HOOHU LQGLUHNW JHQRP HWW VYHQVNW KDQGHOVERODJ lJHU HQ DQGHO L KDQGHOVERODJHW |YHUJnU WLOO QnJRQ DQQDQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHWWD LQWUlIIDU'HWVDPPDJlOOHURPGHOlJDUHQVDQGHOXSSK|UDWWH[LVWHUD
2P GHQ DY\WWUDGH DQGHOHQ YDU HQ NYDOLILFHUDG DQGHO RFK HUVlWWQLQJHQ I|U GHQPRWWDJQDDQGHOHQ|YHUVWLJHU RPNRVWQDGVEHORSSHWVNDOOVNLOOQDGHQ PHOODQ HUVlWWQLQJHQ RFK RPNRVWQDGVEHORSSHW WDV XSS VRP LQWlNW L LQNRPVWVODJHW WMlQVW WLOO GHQ GHO VNLOOQDGHQ PRWVYDUDU WMlQVWHEHORSSHW 2P WMlQVWHEHORSSHW XSSJnU WLOO HWW K|JUH EHORSS lQ VNLOOQDGHQ PHOODQ HUVlWWQLQJHQ RFK RPNRVWQDGVEHORSSHW VNDOO GHQ |YHUVNMXWDQGH GHOHQ DY WMlQVWHEHORSSHW LQWH WDV XSS VRP LQWlNW
6HQDVWHO\GHOVH
0RGHOO' 3URS %LODJD
+lULJHQRPI|UHVNULYVLIUnJDRPLQNRPVWVNDWWHODJHQ GHOV DWWNDSNDSRFKVDPWNDS VNDOOXSSK|UDDWWJlOOD GHOV DWW UXEULNHUQDQlUPDVWI|UH NDS NDS RFK VDPWNDSVNDOOXWJn GHOV DWWDNDSRFKNDSRFKNDSVDPW NDSVNDOOKDI|OMDQGHO\GHOVH GHOV DWWGHWLODJHQVNDOOLQI|UDVIHPQ\DSDUDJUDIHUDNDSDD RFKVDPWQlUPDVWI|UHDRFKQ\DUXEULNHUDYI|OMDQGH O\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
DNDS
0HG DQGHOVE\WH DYVHVHWWI|UIDUDQGHVRPXSSI\OOHUYLOONRUHQLVDPW I|OMDQGHI|UXWVlWWQLQJDU
(Q I\VLVN SHUVRQ VlOMDUHQ VNDOO DY\WWUD HQ DQGHO GHQ DY\WWUDGH DQGHOHQLHWWI|UHWDJGHWDY\WWUDGHI|UHWDJHWWLOOHWWDQQDWI|UHWDJGHW N|SDQGHI|UHWDJHW
(UVlWWQLQJHQVNDOOYDUDPDUNQDGVPlVVLJRFKOlPQDVLIRUPDYDQGHODUL GHW N|SDQGH I|UHWDJHW PRWWDJQD DQGHODU (UVlWWQLQJHQ InU WLOO HQ GHO OlPQDVLSHQJDUGRFNK|JVWPHGWLRSURFHQWDYGHPRWWDJQDDQGHODUQDV QRPLQHOOD YlUGH 2P GHW VDNQDV QRPLQHOOW YlUGH Sn GH PRWWDJQD DQGHODUQDVNDOOGHQK|JVWDHUVlWWQLQJHQLSHQJDULVWlOOHWEHUlNQDVSnGHQ GHODYGHWLQEHWDOGDNDSLWDOHWVRPEHO|SHUVLJSnDQGHODUQD
'HQDY\WWUDGHDQGHOHQVNDOOYDUD PDUNQDGVQRWHUDGYLGWLGSXQNWHQI|U HUEMXGDQGHWRPE\WHRFKYDUNHQGHQ HOOHUGHQPRWWDJQDDQGHOHQInUYDUD HQNYDOLILFHUDGDQGHO
D %HVWlPPHOVHUQD L GHWWD NDSLWHO InU LQWH WLOOlPSDV RP NDSLWDOYLQVWHQ HQOLJWDNDSYLGDY\WWULQJDYHQ VNDOERODJVDQGHO VNDOO WDV XSS L LQNRPVWVODJHWQlULQJVYHUNVDPKHW
6HQDVWHO\GHOVH
9HUNVDPKHWVNUDY QlU GHQ DY\WWUDGH 3URS DQGHOHQlUNYDOLILFHUDG %LODJD
D 2PGHWlUHQNYDOLILFHUDGDQGHOVRP DY\WWUDV RFK VlOMDUHQ RPHGHOEDUW HIWHU DY\WWULQJHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGH GLUHNW HOOHU LQGLUHNW lJHU DQGHODU L GHW N|SDQGH I|UHWDJHW PHG PLQVW SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODULI|UHWDJHWVNDOOGHWN|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO KXYXGVDNOLJGHOEHVWnDYU|UHOVHHOOHU GLUHNW HOOHU LQGLUHNW LQQHKDY DY DQGHODU L GRWWHUI|UHWDJ VRP WLOO KXYXGVDNOLJGHOEHGULYHUU|UHOVH
6RP U|UHOVH DQVHV L GHQQD SDUDJUDI LQWH VnGDQW LQQHKDY DY NRQWDQWD PHGHO YlUGHSDSSHU HOOHU OLNQDQGH VRP DYVHV L NDS DQGUD PHQLQJHQ0HGGRWWHUI|UHWDJDYVHV L GHQQDSDUDJUDIHWWI|UHWDJLYLONHWGHW N|SDQGH I|UHWDJHW GLUHNW HOOHU LQGLUHNW lJHU DQGHODU PHG PHU lQ SURFHQW DYU|VWHWDOHW I|UVDPWOLJD DQGHODULI|UHWDJHW
'HW DY\WWUDGH I|UHWDJHW VNDOO YDUD 'HW DY\WWUDGH I|UHWDJHW VNDOO YDUD HQVnGDQMXULGLVNSHUVRQVRPDQJHV HQVnGDQMXULGLVNSHUVRQVRPDQJHV L L HOOHU HQ VYHQVN HNRQRPLVN I|UHQLQJ
9HUNVDPKHWVYLOONRUHW
9DU GHQ DY\WWUDGH DQGHOHQ HQ NYDOLILFHUDG DQGHO RFK JlOOGH YLOONRUHWHQOLJWDI|UGHWN|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW VNDOO NDSLWDOYLQVWHQ VRP XSSNRP YLG DQGHOVE\WHW WDV XSS VRP LQWlNW RP YLOONRUHWLQWHOlQJUHlUXSSI\OOW9LG EHUlNQLQJHQ DY NDSLWDOYLQVWHQ VNDOO VRP HUVlWWQLQJ I|U GHQ DY\WWUDGH
6HQDVWHO\GHOVH
DQGHOHQ LQWH UlNQDV PHG VnGDQ 3URS HUVlWWQLQJ L SHQJDU VRP WDJLWV XSS %LODJD
VRP NDSLWDOYLQVW HQOLJW 'HWWD JlOOHU L IUnJD RP I|UlQGULQJDU L GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO RFK PHG GHW WMXJRQGH NDOHQGHUnUHW HIWHU nUHW I|U DQGHOVE\WHW
)|UVWD VW\FNHW JlOOHU GRFN EDUD RP VlOMDUHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGH RFNVn YLG WLGSXQNWHQ I|U I|UlQGULQJHQ DY QlULQJVYHUNVDPKHWHQ GLUHNW HOOHU LQGLUHNWlJHUDQGHODULGHWN|SDQGH I|UHWDJHW PHG PLQVW SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODU L I|UHWDJHW
'HQ DY\WWUDGH DQGHOHQ lU NYDOLILFHUDG
%HVWlPPHOVHURPYDGVRPJlOOHURP GHQ DY\WWUDGH DQGHOHQ lU NYDOLILFHUDGILQQVLNDSWUHGMH VW\FNHW
NDS
2P GHQ DY\WWUDGH DQGHOHQ lU HQ 2P GHQ DY\WWUDGH DQGHOHQ lU HQ WLOOJnQJ VRP NDSLWDOYLQVWEHVNDWWDV NDSLWDOWLOOJnQJ KRVVlOMDUHQVNDOOGHW KRV VlOMDUHQ VNDOO GHW XSSNRPPD XSSNRPPDHQNDSLWDOYLQVW2PGHW HQ NDSLWDOYLQVW 2P GHW OlPQDV OlPQDV HUVlWWQLQJ L SHQJDU I|U HUVlWWQLQJ L SHQJDU I|U DQGHOHQ DQGHOHQ VNDOO NDSLWDOYLQVWHQ VNDOONDSLWDOYLQVWHQ|YHUVWLJDGHQQD |YHUVWLJDGHQQDGHODYHUVlWWQLQJHQ GHODYHUVlWWQLQJHQ
2P GHQ DY\WWUDGH DQGHOHQ lU HQ ODJHUWLOOJnQJ KRV VlOMDUHQ VNDOO HUVlWWQLQJHQ |YHUVWLJD DQGHOHQV VNDWWHPlVVLJD YlUGH 2P GHW OlPQDV HUVlWWQLQJLSHQJDUI|UDQGHOHQVNDOOVNLOOQDGHQPHOODQKHODHUVlWWQLQJHQ RFKGHWVNDWWHPlVVLJDYlUGHWDYDQGHOHQ|YHUVWLJDHUVlWWQLQJHQLSHQJDU
$QGHOVRP NDSLWDOYLQVWEHVNDWWDV $QGHOVRP lUHQNDSLWDOWLOOJnQJ
2P YLQVWHQ Sn GHQ DY\WWUDGH 2P GHQ DY\WWUDGH DQGHOHQ lU HQ
6HQDVWHO\GHOVH
DQGHOHQ VNDOO NDSLWDOYLQVWEHVNDWWDV NDSLWDOWLOOJnQJ KRV VlOMDUHQ VNDOOVn 3URS KRV VlOMDUHQ VNDOO Vn VWRU GHO DY VWRU GHO DY NDSLWDOYLQVWHQ VRP %LODJD
NDSLWDOYLQVWHQ VRP PRWVYDUDU PRWVYDUDUHUVlWWQLQJHQLSHQJDUWDV HUVlWWQLQJHQ L SHQJDU WDV XSS VRP XSS VRP LQWlNW GHW EHVNDWWQLQJVnU LQWlNW GHW EHVNDWWQLQJVnU Gn GHW Gn GHW XSSVNRYVJUXQGDQGH XSSVNRYVJUXQGDQGH DQGHOVE\WHW DQGHOVE\WHWVNHU VNHU
cWHUVWnHQGH GHO DY NDSLWDOYLQVWHQ VNDOO I|UGHODV Sn GH PRWWDJQD DQGHODUQD 'HW EHORSS VRP I|UGHODV Sn HQ DQGHO EHQlPQV XSSVNRYVEHORSS
'HW XSSVNRYVEHORSS VRP HQOLJW 'HWXSSVNRYVEHORSSVRPHQOLJW DYVHU HQ PRWWDJHQ DQGHO RFK DYVHUHQPRWWDJHQ VNDOOWDVXSSVRPLQWlNWVHQDVWGHW DQGHO VNDOO WDV XSS VRP LQWlNW EHVNDWWQLQJVnU Gn lJDQGHUlWWHQ WLOO VHQDVW GHW EHVNDWWQLQJVnU Gn DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ lJDQGHUlWWHQ WLOO DQGHOHQ |YHUJnU HOOHU DQGHOHQ XSSK|U DWW H[LVWHUD WLOO QnJRQ DQQDQ HOOHU DQGHOHQ RP LQWH DQQDW I|OMHU DY XSSK|U DWW H[LVWHUD RP LQWH DQQDW EHVWlPPHOVHUQD L GHWWD NDSLWHO I|OMHU DY EHVWlPPHOVHUQD L GHWWD gYHUJnU lJDQGHUlWWHQ JHQRP HWW NDSLWHO DQGHOVE\WHEHK|YHUXSSVNRYVEHORSSHW GRFN LQWH WDV XSS YLG GHWWD DQGHOVE\WH,VWlOOHWI|UGHODVGHWWDSn GH PRWWDJQD DQGHODUQD HQOLJW D NDS RFK EHKDQGODV VRP HWW VnGDQW XSSVNRYVEHORSS VRP DYVHV L I|UVWD PHQLQJHQ
2P VlOMDUHQ lU HWW VYHQVNW KDQGHOVERODJ RFK RP lJDQGHUlWWHQ WLOO HQ GHOlJDUHVDQGHOLKDQGHOVERODJHWHOOHUHQGHOlJDUHVDQGHOLQnJRWVYHQVNW KDQGHOVERODJ VRP GLUHNW HOOHU LQGLUHNW JHQRP HWW VYHQVNW KDQGHOVERODJ lJHU HQ DQGHO L KDQGHOVERODJHW |YHUJnU WLOO QnJRQ DQQDQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHWWD LQWUlIIDU'HWVDPPDJlOOHURPGHOlJDUHQVDQGHOXSSK|UDWWH[LVWHUD
(IWHUI|OMDQGHDUYPP (IWHUI|OMDQGHWHVWDPHQWHPP
2PHQPRWWDJHQDQGHO|YHUJnUWLOO 2PHQPRWWDJHQDQGHO|YHUJnUWLOO HQQ\lJDUHJHQRP DUY WHVWDPHQWH HQQ\lJDUHJHQRPWHVWDPHQWH HOOHU JnYD HOOHU ERGHOQLQJ LQWUlGHU JnYD LQWUlGHU I|UYlUYDUHQ L I|UYlUYDUHQ L |YHUOnWDUHQV |YHUOnWDUHQV VNDWWHPlVVLJD VNDWWHPlVVLJD VLWXDWLRQ QlU GHW VLWXDWLRQ QlU GHW JlOOHU JlOOHUXSSVNRYVEHORSSHW XSSVNRYVEHORSSHW
6HQDVWHO\GHOVH
NDS 3URS %LODJD
1lU GHW JlOOHU InPDQVI|UHWDJ InPDQVKDQGHOVERODJ RFK GHUDV GHOlJDUH PIOILQQVlYHQVlUVNLOGDEHVWlPPHOVHURP I|UPnQDYXWELOGQLQJLNDS DYGUDJI|UIUDPWLGDVXEVWDQVPLQVNQLQJLNDS XQGHUSULV|YHUOnWHOVHULNDS DYGUDJI|UUlQWDSnYLQVWDQGHOVOnQLNDSRFK QlUHQIDVWLJKHWHOOHUDQGHOlUODJHUWLOOJnQJLNDS NYDOLILFHUDGHIXVLRQHURFKILVVLRQHULNDS XWVNLIWQLQJYLGRPELOGQLQJDYHQHNRQRPLVNI|UHQLQJWLOODNWLHERODJL NDS
XSSVNRYVJUXQGDQGH DQGHOVE\WHQL DQGHOVE\WHQL DNDSD NDSRFK
DY\WWULQJDYDQGHODULVYHQVNDKDQGHOVERODJLNDSRFKNDS SHQVLRQVVSDUDYGUDJLNDSRFK IDPLOMHEHVNDWWQLQJLNDSRFK JUXQGDYGUDJLNDS
NDS
8SSK|U HWW I|UHWDJ DWW YDUD InPDQVI|UHWDJ DQVHV HQ DQGHO lQGn NYDOLILFHUDGXQGHUIHPEHVNDWWQLQJVnUGlUHIWHUHOOHUGHQNRUWDUHWLGVRP I|OMHU DY 'HWWD JlOOHU GRFN EDUD RP DQGHOVlJDUHQ HOOHU QnJRQ QlUVWnHQGHWLOOKRQRP lJGH DQGHOHQ QlU I|UHWDJHW XSSK|UGH DWW YDUD InPDQVI|UHWDJ RFK DQGHOHQGnYDUNYDOLILFHUDGHOOHU KDUI|UYlUYDWDQGHOHQPHGVW|GDYHQVnGDQDQGHOVRPDYVHVL 2P HQ NYDOLILFHUDG DQGHO DY\WWUDV JHQRP HWW DQGHOVE\WH DQVHV GHQ PRWWDJQDDQGHOHQNYDOLILFHUDGXQGHU GHIHPI|OMDQGHEHVNDWWQLQJVnUHQ
6HQDVWHO\GHOVH
3URS
)|UWHFNQLQJ|YHUUHPLVVLQVWDQVHUVRP\WWUDWVLJ|YHU
%LODJD
SURPHPRULDQ'HVNUHJOHUQDRFKUHJOHUQDRP DQGHOVE\WHQ
(IWHU UHPLVV KDU \WWUDQGHQ |YHU SURPHPRULDQ NRPPLW LQ IUnQ 5LNVVNDWWHYHUNHW 569 6YHD +RYUlWW .DPPDUUlWWHQ L *|WHERUJ /lQVUlWWHQ L 6NnQH OlQ 5LNVUHYLVLRQVYHUNHW 6WRFNKROPV +DQGHOVNDPPDUH9HUNHWI|UQlULQJVOLYVXWYHFNOLQJ-XULGLVNDIDNXOWHWHQ YLG /XQGV XQLYHUVLWHW )|UHQLQJHQ $XNWRULVHUDGH 5HYLVRUHU )$5 )|UHWDJDUQDV 5LNVRUJDQLVDWLRQ /DQGVRUJDQLVDWLRQHQ L 6YHULJH /2 /DQWEUXNDUQDV 5LNVI|UEXQG 1lULQJVOLYHWV QlPQG I|U UHJHOJUDQVNQLQJ 6YHQVN +DQGHO 6YHQVND %DQNI|UHQLQJHQ 6YHQVNW QlULQJVOLY 6YHQVND 5HYLVRUVDPIXQGHW 6YHULJHV DGYRNDWVDPIXQG 6YHULJHV E\JJLQGXVWULHU 6YHULJHV )DVWLJKHWVlJDUHI|UEXQG RFK 6YHULJHV 5HGRYLVQLQJVNRQVXOWHUV )|UEXQG65) )|OMDQGHUHPLVVLQVWDQVHUKDULQWHVYDUDWHOOHUDQJHWWDWWGHDYVWnUIUnQ DWW OlPQD QnJUD V\QSXQNWHU +DQGHOVK|JVNRODQ L 6WRFNKROP &HQWUDORUJDQLVDWLRQHQ 6$&2 6NRJVlJDUQDV 5LNVI|UEXQG 6YHQVND +DQGHOVNDPPDUI|UEXQGHW 6YHULJHV %RNI|ULQJV RFK UHYLVLRQVE\UnHUV )|UEXQGRFK7MlQVWHPlQQHQV&HQWUDORUJDQLVDWLRQ7&2 5LNVVNDWWHYHUNHW KDU LQKlPWDW \WWUDQGHQ IUnQ VNDWWHP\QGLJKHWHUQD L 6WRFNKROP*|WHERUJ0DOP|9l[M|RFKgVWHUVXQG 6WRFNKROPV +DQGHOVNDPPDUH 1lULQJVOLYHWV QlPQG I|U UHJHOJUDQVNQLQJ 6YHQVN +DQGHO 6YHQVND %DQNI|UHQLQJHQ RFK 6YHQVNW 1lULQJVOLY KlQYLVDU L VLQD UHPLVVYDU WLOO HWW \WWUDQGH DY 1lULQJVOLYHWV 6NDWWHGHOHJDWLRQ 8W|YHU UHPLVVLQVWDQVHUQD KDU \WWUDQGH LQNRPPLW IUnQ 1lWYHUNHW 3RPSHULSRVVD6WLIWHOVHQ'HQ1\D9lOIlUGHQ,QYHVWPHQW$%6SLOWDQRFK 6YHQVN,QGXVWULI|UHQLQJ
3URS
/DJUnGVUHPLVVHQVODJI|UVODJ
%LODJD 5HJHULQJHQKDUI|OMDQGHI|UVODJWLOOODJWH[W
)|UVODJWLOOODJRPlQGULQJLLQNRPVWVNDWWHODJHQ
+lULJHQRPI|UHVNULYVLIUnJDRPLQNRPVWVNDWWHODJHQ GHOV DWWNDSNDSRFKVNDOOXSSK|UD DWWJlOOD GHOV DWWUXEULNHUQDQlUPDVWI|UHNDSNDSRFK VNDOOXWJn GHOV DWWDNDSRFKNDSRFK NDSRFKNDSRFKVDPWUXEULNHUQDQlUPDVWI|UHNDS RFKRFKNDSVNDOOKDI|OMDQGHO\GHOVH GHOV DWWGHWLODJHQVNDOOLQI|UDVVMXQ\DSDUDJUDIHUDNDSDD RFK±VDPWQlUPDVWI|UHDNDSDRFK±Q\DUXEULNHU DYI|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
DNDS 0HG DQGHOVE\WH DYVHVHWWI|UIDUDQGHVRPXSSI\OOHUYLOONRUHQL± VDPWI|OMDQGHI|UXWVlWWQLQJDU (Q I\VLVN SHUVRQ VlOMDUHQ VNDOO DY\WWUD HQ DQGHO GHQ DY\WWUDGH DQGHOHQ LHWWI|UHWDJ GHWDY\WWUDGHI|UHWDJHW WLOOHWWDQQDWI|UHWDJ GHW N|SDQGHI|UHWDJHW (UVlWWQLQJHQ VNDOO YDUD PDUNQDGVPlVVLJ RFK OlPQDV L IRUP DY DQGHODULGHWN|SDQGHI|UHWDJHW PRWWDJQDDQGHODU (UVlWWQLQJHQInUWLOO HQ GHO OlPQDV L SHQJDU GRFN K|JVW PHG WLR SURFHQW DY GH PRWWDJQD DQGHODUQDV QRPLQHOOD YlUGH 2P GHW VDNQDV QRPLQHOOW YlUGH Sn GH PRWWDJQD DQGHODUQD VNDOO GHQ K|JVWD HUVlWWQLQJHQ L SHQJDU L VWlOOHW EHUlNQDV Sn GHQ GHO DY GHW LQEHWDOGD NDSLWDOHW VRP EHO|SHU VLJ Sn DQGHODUQD 'HQ DY\WWUDGH DQGHOHQ VNDOO YDUD PDUNQDGVQRWHUDG YLG WLGSXQNWHQ I|U HUEMXGDQGHW RP E\WH RFK YDUNHQ GHQ HOOHU GHQ PRWWDJQD DQGHOHQ InU YDUD HQ NYDOLILFHUDGDQGHO
D %HVWlPPHOVHUQD L GHWWD NDSLWHO InULQWHWLOOlPSDVRPNDSLWDOYLQVWHQ
6HQDVWHO\GHOVHDY NDS NDS NDS UXEULNHQQlUPDVWI|UHNDS 6HQDVWHO\GHOVH
HQOLJWDNDSYLGDY\WWULQJDYHQ 3URS VNDOERODJVDQGHO VNDOO WDV XSS L %LODJD LQNRPVWVODJHWQlULQJVYHUNVDPKHW
9HUNVDPKHWVNUDY QlU GHQ DY\WWUDGHDQGHOHQlUNYDOLILFHUDG
D 2PGHWlUHQNYDOLILFHUDGDQGHO VRP DY\WWUDV RFK VlOMDUHQ RPHGHOEDUW HIWHU DY\WWULQJHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGH GLUHNW HOOHU LQGLUHNW lJHU DQGHODU L GHW N|SDQGH I|UHWDJHWPHGPLQVWSURFHQWDY U|VWHWDOHW I|U VDPWOLJD DQGHODU L I|UHWDJHW VNDOO GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO KXYXGVDNOLJ GHO EHVWn DY U|UHOVH HOOHU GLUHNW HOOHU LQGLUHNW LQQHKDY DYDQGHODULGRWWHUI|UHWDJVRPWLOO KXYXGVDNOLJGHOEHGULYHUU|UHOVH 6RP U|UHOVH DQVHV L GHQQD SDUDJUDI LQWH VnGDQW LQQHKDY DY NRQWDQWDPHGHOYlUGHSDSSHUHOOHU OLNQDQGH VRP DYVHV L NDS DQGUD PHQLQJHQ 0HG GRWWHUI|UHWDJ DYVHV L GHQQD SDUDJUDI HWW I|UHWDJ L YLONHW GHW N|SDQGH I|UHWDJHW GLUHNW HOOHU LQGLUHNWlJHUDQGHODUPHGPHUlQ SURFHQW DY U|VWHWDOHW I|U VDPWOLJDDQGHODULI|UHWDJHW
'HW DY\WWUDGH I|UHWDJHW VNDOO 'HW DY\WWUDGH I|UHWDJHW VNDOO YDUDHQVnGDQMXULGLVNSHUVRQVRP YDUDHQVnGDQMXULGLVNSHUVRQVRP DQJHVL DQJHV L HOOHU HQ VYHQVN HNRQRPLVNI|UHQLQJ
(UVlWWQLQJLSHQJDUVNDOOWDVXSS (UVlWWQLQJLSHQJDUVNDOOWDVXSS VRP NDSLWDOYLQVW GHW VRP NDSLWDOYLQVW GHW EHVNDWWQLQJVnUGnDQGHOVE\WHWVNHU EHVNDWWQLQJVnUGnDQGHOVE\WHWVNHU 2P HQ PRWWDJHQ DQGHO lU NYDOLILFHUDG HQOLJW NDS DQGUD VW\FNHW VNDOO HUVlWWQLQJHQ WDV XSS L LQNRPVWVODJHW NDSLWDO L
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
GHQ XWVWUlFNQLQJ HUVlWWQLQJHQ 3URS U\PV LQRP NDSLWDOEHORSSHW %LODJD EHUlNQDW HQOLJW gYHUVNMXWDQGHGHODYHUVlWWQLQJHQ WDVXSSLLQNRPVWVODJHWWMlQVW
'HQ PRWWDJQD DQGHOHQ VNDOO DQVHV I|UYlUYDG I|U HQ HUVlWWQLQJ VRP PRWVYDUDUGHWRPNRVWQDGVEHORSSVRPJlOOGHI|UGHQDY\WWUDGHDQGHOHQ +DU GHQ DY\WWUDGH DQGHOHQ I|UYlUYDWV JHQRP HWW DQGHOVE\WH RFK KDU XSSVNRY HUKnOOLWV PHG NDSLWDOYLQVWHQ HQOLJW NDS YLG GHW DQGHOVE\WHW DQVHV GHQ DY\WWUDGH DQGHOHQ I|UYlUYDG I|U GHWPDUNQDGVYlUGHVRPJlOOGHI|U DQGHOHQ YLG GHW DQGHOVE\WHW $WW XSSVNRYVEHORSSHW VNDOO WDV XSS VRP LQWlNW Gn lJDQGHUlWWHQ WLOO DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ HOOHU DQGHOHQ XSSK|U DWW H[LVWHUD IUDPJnUDYNDS
9HUNVDPKHWVYLOONRUHW
9DU GHQ DY\WWUDGH DQGHOHQ HQ NYDOLILFHUDG DQGHO RFK JlOOGH YLOONRUHW HQOLJW D I|U GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW VNDOO NDSLWDOYLQVWHQ VRP XSSNRP YLG DQGHOVE\WHWWDVXSSVRPLQWlNWRP YLOONRUHW LQWH OlQJUH lU XSSI\OOW 9LGEHUlNQLQJHQDY NDSLWDOYLQVWHQ VNDOO VRP HUVlWWQLQJ I|U GHQ DY\WWUDGHDQGHOHQLQWHUlNQDVPHG VnGDQ HUVlWWQLQJ L SHQJDU VRP WDJLWV XSS VRP NDSLWDOYLQVW HQOLJW 'HWWD JlOOHU L IUnJD RP I|UlQGULQJDU L GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO RFKPHGGHWWMXJRQGHNDOHQGHUnUHW HIWHUnUHWI|UDQGHOVE\WHW )|UVWD VW\FNHW JlOOHU GRFN EDUD RP VlOMDUHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGH RFNVn YLG WLGSXQNWHQ I|U I|UlQGULQJHQ DY
6HQDVWHO\GHOVH
QlULQJVYHUNVDPKHWHQ GLUHNW HOOHU 3URS LQGLUHNW lJHU DQGHODU L GHW %LODJD N|SDQGH I|UHWDJHW PHG PLQVW SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODULI|UHWDJHW
'HQ DY\WWUDGH DQGHOHQ YDU NYDOLILFHUDG
2P GHQ DY\WWUDGH DQGHOHQ YDU HQ NYDOLILFHUDG DQGHO VNDOO GHW J|UDV HQ EHUlNQLQJ DY GH EHORSS VRP VNXOOH KD WDJLWV XSS L LQNRPVWVODJHW NDSLWDO NDSLWDOEHORSSHW RFK L LQNRPVWVODJHW WMlQVW WMlQVWHEHORSSHW RP KHOD HUVlWWQLQJHQVNXOOHKDWDJLWVXSS
'HQ PRWWDJQD DQGHOHQ lU NYDOLILFHUDG
2P HQ PRWWDJHQ DQGHO VRP lU NYDOLILFHUDG HQOLJW NDS DQGUD VW\FNHW |YHUJnU WLOO HQ Q\ lJDUHJHQRPDUYWHVWDPHQWHJnYD HOOHU ERGHOQLQJ LQWUlGHU I|UYlUYDUHQ L |YHUOnWDUHQV VNDWWHPlVVLJD VLWXDWLRQ QlU GHW JlOOHUGHQNYDOLILFHUDGHDQGHOHQ
gYULJDEHVWlPPHOVHU
7XURUGQLQJ YLG DY\WWULQJ DY DQGHODULGHWN|SDQGHI|UHWDJHW
2P VlOMDUHQ lJHU DQGHODU DY VDPPD VODJ RFK VRUW VRP GHQ PRWWDJQD DQGHOHQ YLG WLGSXQNWHQ I|U DQGHOVE\WHW JDPOD DQGHODU HOOHU I|UYlUYDU VnGDQD DQGHODU HIWHU DQGHOVE\WHW Q\D DQGHODU VNDOO DY\WWULQJDU DQVHV VNH L I|OMDQGHRUGQLQJ JDPODDQGHODU PRWWDJQDDQGHODU Q\DDQGHODU
*HQRPVQLWWVPHWRGHQ 3URS %LODJD 2P PRWWDJQD DQGHODU LQWH lU PDUNQDGVQRWHUDGH HOOHU lU NYDOLILFHUDGH HQOLJW NDS DQGUD VW\FNHW VNDOO GH YLG WLOOlPSQLQJ DY JHQRPVQLWWVPHWRGHQ L NDS LQWHDQVHVYDUDDYVDPPDVODJRFK VRUW VRP DQGUD DQGHODU L GHW N|SDQGHI|UHWDJHWVRPLQQHKDVDY VlOMDUHQ
NDS %HVWlPPHOVHUQDLGHWWDNDSLWHOInULQWHWLOOlPSDVRP GHW ILQQV I|UXWVlWWQLQJDU ± GHW ILQQV I|UXWVlWWQLQJDU ± ERUWVHWW IUnQ I|UXWVlWWQLQJHQ L ERUWVHWW IUnQ I|UXWVlWWQLQJHQ L NDSRFKRPEHJlUDQ NDSRFKRPEHJlUDQ ± DWW WLOOlPSD EHVWlPPHOVHUQD L ± DWW WLOOlPSD EHVWlPPHOVHUQD L NDS±RPXSSVNRYPHG NDS±RPXSSVNRYPHG EHVNDWWQLQJHQ YLG NRQFHUQLQWHUQD EHVNDWWQLQJHQ YLG NRQFHUQLQWHUQD DQGHOVDY\WWULQJDU DQGHOVDY\WWULQJDU HOOHU EHVWlPPHOVHUQDLNDSRP EHVWlPPHOVHUQDLNDSRP XQGDQWDJ IUnQ RPHGHOEDU XQGDQWDJ IUnQ RPHGHOEDU EHVNDWWQLQJ YLG EHVNDWWQLQJ YLG YHUNVDPKHWVDY\WWULQJDU VNDOO YHUNVDPKHWVDY\WWULQJDU VNDOO WLOOlPSDV HOOHU WLOOlPSDV NDSLWDOYLQVWHQHQOLJWDNDS YLG DY\WWULQJ DY HQ DQGHO L HWW VNDOERODJ VNDOO WDV XSS L LQNRPVWVODJHWQlULQJVYHUNVDPKHW
2PGHQDY\WWUDGHDQGHOHQlUHQ 2PGHQDY\WWUDGHDQGHOHQlUHQ WLOOJnQJ VRP NDSLWDOYLQVWEHVNDWWDV NDSLWDOWLOOJnQJ KRV VlOMDUHQ VNDOO KRV VlOMDUHQ VNDOO GHW XSSNRPPD GHW XSSNRPPD HQ NDSLWDOYLQVW HQ NDSLWDOYLQVW 2P GHW OlPQDV 2PGHWOlPQDVHUVlWWQLQJLSHQJDU HUVlWWQLQJ L SHQJDU I|U DQGHOHQ I|U DQGHOHQ VNDOO NDSLWDOYLQVWHQ VNDOO NDSLWDOYLQVWHQ |YHUVWLJD |YHUVWLJD GHQQD GHO DY GHQQDGHODYHUVlWWQLQJHQ HUVlWWQLQJHQ 2P GHQ DY\WWUDGH DQGHOHQ lU HQ ODJHUWLOOJnQJ KRV VlOMDUHQ VNDOO HUVlWWQLQJHQ |YHUVWLJD DQGHOHQV VNDWWHPlVVLJD YlUGH 2P GHW OlPQDV HUVlWWQLQJLSHQJDUI|UDQGHOHQVNDOOVNLOOQDGHQPHOODQKHODHUVlWWQLQJHQ RFKGHWVNDWWHPlVVLJDYlUGHWDYDQGHOHQ|YHUVWLJDHUVlWWQLQJHQLSHQJDU
$QGHOVRP NDSLWDOYLQVWEHVNDWWDV $QGHOVRP lUHQNDSLWDOWLOOJnQJ
6HQDVWHO\GHOVH
3URS 2P YLQVWHQ Sn GHQ DY\WWUDGH 2P GHQDY\WWUDGHDQGHOHQlUHQ %LODJD DQGHOHQVNDOONDSLWDOYLQVWEHVNDWWDV NDSLWDOWLOOJnQJ KRV VlOMDUHQ VNDOO KRV VlOMDUHQ VNDOO Vn VWRU GHO DY Vn VWRU GHO DY NDSLWDOYLQVWHQ VRP NDSLWDOYLQVWHQ VRP PRWVYDUDU PRWVYDUDUHUVlWWQLQJHQLSHQJDUWDV HUVlWWQLQJHQ L SHQJDU WDV XSS VRP XSS VRP LQWlNW GHW EHVNDWWQLQJVnU LQWlNW GHW EHVNDWWQLQJVnU Gn GHW Gn GHW XSSVNRYVJUXQGDQGH XSSVNRYVJUXQGDQGH DQGHOVE\WHW DQGHOVE\WHWVNHU VNHU cWHUVWnHQGH GHO DY NDSLWDOYLQVWHQ VNDOO I|UGHODV Sn GH PRWWDJQD DQGHODUQD 'HW EHORSS VRP I|UGHODV Sn HQ DQGHO EHQlPQV XSSVNRYVEHORSS
'HW XSSVNRYVEHORSS VRP HQOLJW 'HW XSSVNRYVEHORSS VRP HQOLJW ± DYVHUHQPRWWDJHQDQGHO RFK DYVHU HQ VNDOOWDVXSSVRPLQWlNWVHQDVWGHW PRWWDJHQ DQGHO VNDOO WDV XSS VRP EHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOO LQWlNWVHQDVWGHWEHVNDWWQLQJVnUGn DQGHOHQ |YHUJnU WLOO QnJRQ DQQDQ lJDQGHUlWWHQ WLOO DQGHOHQ |YHUJnU HOOHU DQGHOHQ XSSK|U DWW H[LVWHUD WLOO QnJRQ DQQDQ HOOHU DQGHOHQ RP LQWH DQQDW I|OMHU DY XSSK|U DWW H[LVWHUD RP LQWH DQQDW EHVWlPPHOVHUQD L GHWWD NDSLWHO I|OMHU DY EHVWlPPHOVHUQD L GHWWD gYHUJnU lJDQGHUlWWHQ JHQRP HWW NDSLWHO DQGHOVE\WH EHK|YHU XSSVNRYVEHORSSHW GRFN LQWH WDV XSS YLG GHWWD DQGHOVE\WH , VWlOOHW I|UGHODV GHWWD Sn GH PRWWDJQD DQGHODUQD HQOLJW DNDS RFK EHKDQGODV VRP HWW VnGDQW XSSVNRYVEHORSSVRPDYVHVLI|UVWD PHQLQJHQ 2P VlOMDUHQ lU HWW VYHQVNW KDQGHOVERODJ RFK RP lJDQGHUlWWHQ WLOO HQ GHOlJDUHV DQGHO L KDQGHOVERODJHW ± HOOHU HQ GHOlJDUHV DQGHO L QnJRW VYHQVNW KDQGHOVERODJ VRP GLUHNW HOOHU LQGLUHNW JHQRP HWW VYHQVNW KDQGHOVERODJlJHUHQDQGHOLKDQGHOVERODJHW±|YHUJnUWLOOQnJRQDQQDQ VNDOO XSSVNRYVEHORSSHW WDV XSS VRP LQWlNW GHW EHVNDWWQLQJVnU Gn GHWWD LQWUlIIDU'HWVDPPDJlOOHURPGHOlJDUHQVDQGHOXSSK|UDWWH[LVWHUD
(IWHUI|OMDQGH DUYPP (IWHUI|OMDQGH WHVWDPHQWHRFKJnYD
2P HQ PRWWDJHQ DQGHO |YHUJnU 2P HQ PRWWDJHQ DQGHO |YHUJnU WLOO HQ Q\ lJDUH JHQRP DUY WLOOHQQ\lJDUHJHQRPWHVWDPHQWH WHVWDPHQWH JnYD HOOHU ERGHOQLQJ HOOHU JnYD LQWUlGHU I|UYlUYDUHQ L LQWUlGHUI|UYlUYDUHQL|YHUOnWDUHQV |YHUOnWDUHQV VNDWWHPlVVLJD VNDWWHPlVVLJD VLWXDWLRQ QlU GHW VLWXDWLRQ QlU GHW JlOOHU JlOOHUXSSVNRYVEHORSSHW XSSVNRYVEHORSSHW
6HQDVWHO\GHOVH 6HQDVWHO\GHOVH
NDS 3URS %LODJD 1lUGHWJlOOHUInPDQVI|UHWDJInPDQVKDQGHOVERODJRFKGHUDVGHOlJDUH PIOILQQVlYHQVlUVNLOGDEHVWlPPHOVHURP ±I|UPnQDYXWELOGQLQJLNDS ±DYGUDJI|UIUDPWLGDVXEVWDQVPLQVNQLQJLNDS ±XQGHUSULV|YHUOnWHOVHULNDS± ±DYGUDJI|UUlQWDSnYLQVWDQGHOVOnQLNDSRFK ±QlUHQIDVWLJKHWHOOHUDQGHOlUODJHUWLOOJnQJLNDS± ±NYDOLILFHUDGHIXVLRQHURFKILVVLRQHULNDS ±XWVNLIWQLQJYLGRPELOGQLQJDYHQHNRQRPLVNI|UHQLQJWLOODNWLHERODJL NDS ± XSSVNRYVJUXQGDQGH ± DQGHOVE\WHQL DNDSD DQGHOVE\WHQ L NDS RFK ±RFK ±DY\WWULQJDYDQGHODULVYHQVNDKDQGHOVERODJLNDSRFKNDS ±SHQVLRQVVSDUDYGUDJLNDSRFK ±IDPLOMHEHVNDWWQLQJLNDS±RFK ±JUXQGDYGUDJLNDS
NDS 8SSK|U HWW I|UHWDJ DWW YDUD 8SSK|U HWW I|UHWDJ DWW YDUD InPDQVI|UHWDJ DQVHV HQ DQGHO InPDQVI|UHWDJ DQVHV HQ DQGHO lQGn NYDOLILFHUDG XQGHU IHP NYDOLILFHUDG XQGHU IHP EHVNDWWQLQJVnU GlUHIWHU HOOHU GHQ EHVNDWWQLQJVnU GlUHIWHU HOOHU GHQ NRUWDUHWLGVRPI|OMHUDY'HWWD NRUWDUHWLGVRPI|OMHUDY'HWWD JlOOHU GRFN EDUD RP DQGHOVlJDUHQ JlOOHU GRFN EDUD RP DQGHOVlJDUHQ HOOHUQnJRQQlUVWnHQGHWLOOKRQRP HOOHUQnJRQQlUVWnHQGHWLOOKRQRP lJGH DQGHOHQ QlU I|UHWDJHW XSSK|UGH DWW YDUD InPDQVI|UHWDJ RFK DQGHOHQGnYDUNYDOLILFHUDGHOOHU KDUI|UYlUYDWDQGHOHQPHGVW|GDYHQVnGDQDQGHOVRPDYVHVL 2P HQ NYDOLILFHUDG DQGHO DY\WWUDV JHQRP HWW DQGHOVE\WH DQVHV GHQ PRWWDJQD DQGHOHQ NYDOLILFHUDG KRV DQGHOVlJDUHQ 'HWVDPPD JlOOHU RP DQGHOVlJDUHQ DY\WWUDU GHQ PRWWDJQD DQGHOHQ WLOO HQ QlUVWnHQGH (Q DQGHO VNDOO RFNVn DQVHV NYDOLILFHUDG RP GHQ I|UYlUYDWV PHG VW|G DY HQ VnGDQ NYDOLILFHUDGDQGHO
6HQDVWHO\GHOVH
3URS 8SSVNRYVJUXQGDQGHDQGHOVE\WHQ $QGHOVE\WHQ %LODJD
2P lJDQGHUlWWHQ WLOO HQ PRWWDJHQ DQGHO VRP lU NYDOLILFHUDG HQOLJW NDS DQGUD VW\FNHW |YHUJnU WLOO QnJRQ DQQDQ VNDOO GHQ GHO DY NDSLWDOYLQVWHQ VRP WDV XSS L LQNRPVWVODJHWWMlQVWLQWH|YHUVWLJD WMlQVWHEHORSSHW HQOLJW DNDS YLG DQGHOVE\WHW 'HWVDPPD JlOOHU RP GHOlJDUHQV DQGHO XSSK|UDWWH[LVWHUD %HVWlPPHOVHU RP I|UGHOQLQJ %HVWlPPHOVHU RP I|UGHOQLQJ PHOODQ LQNRPVWVODJHQ WMlQVW RFK PHOODQ LQNRPVWVODJHQ WMlQVW RFK NDSLWDO DY HUVlWWQLQJ L SHQJDU YLG NDSLWDO DY HUVlWWQLQJ L SHQJDU YLG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ DQGHOVE\WHQILQQVL DNDS ILQQVL NDS %HVWlPPHOVHU RP EHUlNQLQJHQ DY JUlQVEHORSSHW YLG XSSVNRYVJUXQGDQGH DQGHOVE\WHQ ILQQVLNDS
'HQQD ODJ WUlGHU L NUDIW GHQ MDQXDUL RFK VNDOO WLOOlPSDV Sn DQGHOVE\WHQ HIWHU GHQ GHFHPEHU )|U I\VLVND SHUVRQHU VNDOO XSSVNRYVEHORSS VRP I|UGHODWV HQOLJW lOGUH EHVWlPPHOVHU WDV XSS VRP LQWlNWVHQDVWGHWEHVNDWWQLQJVnUGnlJDQGHUlWWHQWLOOGHQPRWWDJQDDQGHOHQ |YHUJnUWLOOQnJRQDQQDQHOOHUDQGHOHQXSSK|UDWWH[LVWHUDRPLQWHQnJRW DQQDWDQJHVLSXQNWHUQD± 2PHQNYDOLILFHUDGDQGHOKDUDY\WWUDWVJHQRPHWWDQGHOVE\WHXQGHU WLGHQ GHQ MDQXDUL ± GHQ GHFHPEHU RFK HWW XSSVNRYVEHORSSKDUI|UGHODWVHQOLJWlOGUHEHVWlPPHOVHULGHQQDODJHOOHU HQOLJWGHQXSSKlYGDODJHQRPXSSVNRYPHGEHVNDWWQLQJHQ YLGDQGHOVE\WHQVNDOORPGHQVNDWWVN\OGLJHEHJlUGHWXSSVNRYVEHORSSHW DYVHHQGH HQ PRWWDJHQ DQGHO LQWH WDV XSS WLOO EHVNDWWQLQJ WURWV DWW lJDQGHUlWWHQ |YHUJnWW WLOO QnJRQ DQQDQ Sn DQQDW VlWW lQ JHQRP HWW DQGHOVE\WH HOOHU RP DQGHOHQ XSSK|UW DWW H[LVWHUD , VWlOOHW VNDOO EHVWlPPHOVHUQD L DNDS RFK NDS L GHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHW WLOOlPSDV Sn DQGHOVE\WHW %HVWlPPHOVHUQD L I|UVWD RFK DQGUDPHQLQJHQWLOOlPSDVRFNVnRPHWWXSSVNRYVEHORSSKDUI|UGHODWVSn GHQPRWWDJQDDQGHOHQHQOLJWNDSI|UVWDVW\FNHWVLVWDPHQLQJHQL GHVV O\GHOVH I|UH LNUDIWWUlGDQGHW HOOHU Sn DQGHOVE\WHQD RP HWW HIWHUI|OMDQGHXSSVNRYVJUXQGDQGHDQGHOVE\WHKDUVNHWW 2PHQNYDOLILFHUDGDQGHOKDUDY\WWUDWVJHQRPHWWDQGHOVE\WHXQGHU GHQWLGVRPDYVHVLSXQNWHQRFKGHWVNXOOHKDIXQQLWVI|UXWVlWWQLQJDUI|U
6HQDVWHO\GHOVH
XSSVNRY PHG EHVNDWWQLQJHQ HQOLJW lOGUH EHVWlPPHOVHU VNDOO 3URS EHVWlPPHOVHUQD L SXQNWHQ WLOOlPSDV RP GHQ VNDWWVN\OGLJH EHJlU GHW %LODJD 3XQNWHQ VNDOO RFNVn WLOOlPSDV Sn GHQ VNDWWVN\OGLJHV EHJlUDQ RP GHQ VNDWWVN\OGLJH KDU WDJLW XSS XSSVNRYVEHORSSHW WLOO EHVNDWWQLQJ KHOW HOOHU GHOYLV 2PHWWXSSVNRYVJUXQGDQGHDQGHOVE\WHKDUVNHWWXQGHUGHQWLGVRP DYVHVLSXQNWHQI|UVWDPHQLQJHQRFKHWWHIWHUI|OMDQGHDQGHOVE\WHVNHU HIWHUGHQGHFHPEHUEHK|YHUXSSVNRYVEHORSSHWLQWHWDVXSSWLOO EHVNDWWQLQJXWDQI|UGHODVSnGHPRWWDJQDDQGHODUQD9LGEHUlNQLQJDYHWW OlWWQDGVEHORSS HQOLJW NDS HOOHU HWW JUlQVEHORSS HQOLJW NDS I|U GH PRWWDJQD DQGHODUQD VNDOO DQVNDIIQLQJVXWJLIWHQ PLQVNDV PHG HWW EHORSS VRP PRWVYDUDU XSSVNRYVEHORSSHW 2P lJDQGHUlWWHQ WLOO GHQ PRWWDJQD DQGHOHQ|YHUJnWWWLOOQnJRQDQQDQSnDQQDWVlWWlQJHQRPHWWDQGHOVE\WH HOOHUDQGHOHQXSSK|UWDWWH[LVWHUDEHK|YHUXSSVNRYVEHORSSHWLQWHWDVXSS WLOO EHVNDWWQLQJ RP GHQ VNDWWVN\OGLJH EHJlU GHW , VWlOOHW VNDOO EHVWlPPHOVHUQD L DNDS RFK NDS L GHUDV O\GHOVH HIWHU LNUDIWWUlGDQGHWWLOOlPSDVSnDQGHOVE\WHQD 2P HQ PRWWDJHQ DQGHO |YHUJnU WLOO HQ Q\ lJDUH JHQRP DUY WHVWDPHQWH JnYD HOOHU ERGHOQLQJ VNDOO L VWlOOHW I|U YDG VRP DQJHV L SXQNWHUQD RFK I|UYlUYDUHQ LQWUlGD L |YHUOnWDUHQV VNDWWHPlVVLJD VLWXDWLRQQlUGHWJlOOHUXSSVNRYVEHORSSHW
3URS %LODJD
)|UVODJWLOOODJRPlQGULQJLODJHQRP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU
+lULJHQRP I|UHVNULYV L IUnJD RP ODJHQ RP VMlOYGHNODUDWLRQHURFKNRQWUROOXSSJLIWHU GHOV DWWNDSRFKRFKNDSVDPWUXEULNHQQlUPDVWI|UH NDSVNDOOKDI|OMDQGHO\GHOVH GHOV DWW GHW L ODJHQ VNDOO LQI|UDV HQ Q\ SDUDJUDI NDS D DY I|OMDQGHO\GHOVH
1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH
NDS
8SSVNRY YLG NRQFHUQLQWHUQD 9LVVDDQGHOVE\WHQPP DQGHOVDY\WWULQJDU RFK YLG XSSVNRYVJUXQGDQGHDQGHOVE\WHQ
'HQ VRP HQOLJW NDS LQNRPVWVNDWWHODJHQ EHJlU XSSVNRY PHG EHVNDWWQLQJHQ YLG HQ NRQFHUQLQWHUQ DQGHOVDY\WWULQJ VNDOO OlPQDGHXSSJLIWHUVRPVNDWWHP\QGLJKHWHQEHK|YHUI|UDWWNXQQDEHVOXWD RPXSSVNRYHW 'HWVDPPDJlOOHUGHQVRPHQOLJWNDSGHQODJHQEHJlUXSSVNRY PHGEHVNDWWQLQJHQYLGHWWXSSVNRYVJUXQGDQGHDQGHOVE\WH 'HQ VRP KDU InWW XSSVNRY VNDOO 'HQ VRP KDU InWW XSSVNRY VNDOO nUOLJHQOlPQDGHXSSJLIWHUVRPlU nUOLJHQOlPQDGHXSSJLIWHUVRPlU DY EHW\GHOVH I|U RP DY EHW\GHOVH I|U RP XSSVNRYVEHORSSHWVNDOOWDVXSSWLOO XSSVNRYVEHORSSHWVNDOOWDVXSSWLOO EHVNDWWQLQJ 'HWVDPPDJlOOHUGHQ EHVNDWWQLQJ VRP KDU HQ DQGHO I|U YLONHQ XSSVNRYVEHORSS I|UGHODWV HQOLJW NDS I|UVWD VW\FNHW LQNRPVWVNDWWHODJHQ
D 'HQ VRP KDU PRWWDJLW HQ DQGHO VRP lU NYDOLILFHUDG HQOLJW NDS DQGUD VW\FNHW LQNRPVWVNDWWHODJHQ VNDOO OlPQD GH XSSJLIWHU VRP EHK|YV I|U DWW VNDWWHP\QGLJKHWHQ VNDOO NXQQD EHG|PD RP YHUNVDPKHWVYLOONRUHW HQOLJW DNDS LQNRPVWVNDWWHODJHQ lU XSSI\OOW VDPW EHVOXWD RP NDSLWDOEHORSSHW RFK WMlQVWHEHORSSHW HQOLJW DNDS GHQ ODJHQ 9LGDUH VNDOO
XSSJLIWHUOlPQDVRPXWGHOQLQJRFK 3URS NDSLWDOYLQVWSnVnGDQDDQGHODU %LODJD
2P lJDQGHUlWWHQ WLOO DQGHODU 2P lJDQGHUlWWHQ WLOO DQGHODU VRP KDU I|UYlUYDWV JHQRP VnGDQW VRP KDU I|UYlUYDWV JHQRP HWW XSSVNRYVJUXQGDQGH DQGHOVE\WH VnGDQW XSSVNRYVJUXQGDQGH VRP DYVHV L NDS DQGHOVE\WH VRP DYVHV L NDS LQNRPVWVNDWWHODJHQ LQNRPVWVNDWWHODJHQ KDU |YHUJnWW WLOO QnJRQ DQQDQ HOOHU VRP lU NYDOLILFHUDGH HQOLJW JHQRP DUY WHVWDPHQWH ERGHOQLQJ NDS DQGUD VW\FNHW GHQ HOOHUJnYDVNDOOI|UYlUYDUHQOlPQD ODJHQ KDU|YHUJnWWWLOOQnJRQDQQDQ XSSJLIW RP DQWDOHW DQGHODU JHQRP DUY WHVWDPHQWH ERGHOQLQJ VRPKDUI|UYlUYDWV HOOHUJnYDVNDOOI|UYlUYDUHQOlPQD XSSJLIW RP XSSVNRYVEHORSSHW XSSJLIW RP DQWDOHW DQGHODU I|UYDUMHDQGHORFK VRPKDUI|UYlUYDWV LGHQWLILNDWLRQVXSSJLIWHU I|U XSSJLIW RP XSSVNRYVEHORSSHW GHQ VRP DQGHODUQD KDU |YHUJnWW I|U YDUMH DQGHO HOOHU L IUnJD RP IUnQ NYDOLILFHUDGH DQGHODU XSSJLIW RP WMlQVWHEHORSSHW RFK LGHQWLILNDWLRQVXSSJLIWHU I|U GHQ VRP DQGHODUQD KDU |YHUJnWW IUnQ 'HQ WLOO YLONHQ lJDQGHUlWWHQ WLOO 'HQ WLOO YLONHQ lJDQGHUlWWHQ WLOO DQGHODUQD KDU |YHUJnWW VNDOO DQGHODUQD KDU |YHUJnWW VNDOO nUOLJHQOlPQDGHXSSJLIWHUVRPlU nUOLJHQOlPQDGHXSSJLIWHUVRPlU DY EHW\GHOVH I|U RP DY EHW\GHOVH I|U RP XSSVNRYVEHORSSHWVNDOOWDVXSSWLOO XSSVNRYVEHORSSHW HOOHULIUnJDRP EHVNDWWQLQJ NYDOLILFHUDGH DQGHODU NDSLWDOEHORSSHW RFK WMlQVWHEHORSSHW VNDOO WDV XSS WLOO EHVNDWWQLQJ
NDS ,NRQWUROOXSSJLIWHQVNDOOI|OMDQGHXSSJLIWHUOlPQDV YLG DY\WWULQJHQ DY GHOlJDUUlWWHUQD HOOHU IRUGULQJVUlWWHUQD HOOHU YLG XWIlUGDQGHW DY HQ RSWLRQ GHQ HUVlWWQLQJ VRP |YHUHQVNRPPLWV HIWHU DYGUDJI|UI|UVlOMQLQJVSURYLVLRQRFKOLNQDQGHXWJLIWHU DQWDOHWGHOlJDUUlWWHUHOOHUIRUGULQJVUlWWHU GHUDVVODJRFKVRUWVDPW GHQNRQWDQWDHUVlWWQLQJHQYLG GHQNRQWDQWDHUVlWWQLQJHQYLG HWW VnGDQW DQGHOVE\WH VRP DYVHV L VnGDQD DQGHOVE\WHQ VRP DYVHV L NDS LQNRPVWVNDWWHODJHQ DNDS RFK NDS LQNRPVWVNDWWHODJHQ 2PHWWWHUPLQVDYWDOVOXWI|UVJHQRPDWWGHQHQDSDUWHQVlOMHUHQWLOOJnQJ VDPWLGLJWVRPVDPPDSDUWI|UYlUYDUHQPLQGUHWLOOJnQJDYVDPPDVODJ VNDOOXSSJLIWOlPQDVRPEUXWWRHUVlWWQLQJHQYLGI|UVlOMQLQJHQ
'HQQD ODJ WUlGHU L NUDIW GHQ MDQXDUL RFK VNDOO WLOOlPSDV Sn 3URS DQGHOVE\WHQHIWHUGHQGHFHPEHU %LODJD
3URS
/DJUnGHW
%LODJD 8WGUDJXUSURWRNROOYLGVDPPDQWUlGH
1lUYDUDQGH IG MXVWLWLHUnGHW +DQV 'DQHOLXV UHJHULQJVUnGHW *XVWDI 6DQGVWU|PMXVWLWLHUnGHW'DJ9LFWRU
(QOLJWHQODJUnGVUHPLVVGHQRNWREHU)LQDQVGHSDUWHPHQWHWKDU UHJHULQJHQEHVOXWDWLQKlPWD/DJUnGHWV\WWUDQGH|YHUI|UVODJWLOO ODJRPlQGULQJLLQNRPVWVNDWWHODJHQ ODJ RP lQGULQJ L ODJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU
)|UVODJHQKDULQI|U/DJUnGHWI|UHGUDJLWVDYNDPPDUUlWWVDVVHVVRUQ0DULD )U|EHUJ
)|UVODJHQI|UDQOHGHUI|OMDQGH\WWUDQGHDY/DJUnGHW
$OOPlQW
, UHPLVVHQ I|UHVOnV RPIDWWDQGH lQGULQJDU L UHJOHUQD RP IUDPVNMXWHQ EHVNDWWQLQJYLGDQGHOVE\WHQLDNDSRFKXSSVNRYVJUXQGDQGHDQGHOV E\WHQLNDSLQNRPVWVNDWWHODJHQ%DNJUXQGHQlUGHVNDWWHHIIHNWHUVRP lJDUH DY NYDOLILFHUDGH DNWLHU L InPDQVI|UHWDJ KDU WUlIIDWV DY QlU GHVVD DNWLHUE\WWVPRWDQGUDDNWLHUVRPVHGDQI|UORUDWDOOWHOOHUGHWPHVWDDYGHW YlUGH GH KDGH YLG E\WHVWLOOIlOOHW $YVLNWHQ PHG GH Q\D UHJOHUQD VRP I|UHVOnVInUHWURDNWLYYHUNDQlUDWWNRPPDWLOOUlWWDPHGGHSUREOHPVRP I|OMHU DY DWW HWW WMlQVWHEHVNDWWDW EHORSS Sn GH XWE\WWD DNWLHUQD RFK NDSLWDOI|UOXVWHQSnGHWLOOE\WWDDNWLHUQDKDPQDULROLNDLQNRPVWVODJ /DJI|UVODJHQE\JJHUSnDOWHUQDWLY'LHQUHPLVVEHKDQGODGSURPHPRULD IUnQ )LQDQVGHSDUWHPHQWHW , SURPHPRULDQ IDQQV LQJHW I|UVODJ WLOO LNUDIWWUlGDQGHRFK|YHUJnQJVEHVWlPPHOVHU8QGHUlUHQGHWVEHUHGQLQJL )LQDQVGHSDUWHPHQWHW KDU V\QSXQNWHU XQGHU KDQG LQKlPWDWV IUnQ 5LNVVNDWWHYHUNHWRFKWUHGRPVWRODU0HGKlQV\QWLOOlUHQGHWVNRPSOH[LWHW KDGHGHWYDULW|QVNYlUWRPIUDPI|UDOOWI|UVODJHWWLOOLNUDIWWUlGDQGHRFK |YHUJnQJVEHVWlPPHOVHU KDGH EOLYLW I|UHPnO I|U HQ PHU RPVRUJVIXOO EHUHGQLQJ (WWnWHUNRPPDQGHSUREOHPYLGJUDQVNQLQJDYI|UVODJVRPU|UGHQKlU DNWXHOOD ODJVWLIWQLQJHQ lU DWW FHQWUDOD EHJUHSS LQWH DOOWLG DQYlQGV Sn HWW NRQVHNYHQWRFKVWULQJHQWVlWW/DJUnGHWNDQJHQnJUDH[HPSHOIUnQGHQ EHILQWOLJDUHJOHULQJHQ,EODQGDQYlQGVXWWU\FNHWGHQPRWWDJQDDQGHOHQL VWlOOHW I|U GHW DGHNYDWD PRWWDJQD DQGHODU D NDS RFK I|UVWDVW\FNHW2UGHWDQGHOVE\WHDQYlQGVLQWHJHQRPJnHQGHSnHWWVlWW VRPlUI|UHQOLJWPHGGHILQLWLRQHQLDNDS7YnH[HPSHOlUNDS DQGUDVW\FNHWRFKNDSI|UVWDVW\FNHWLYLONDPHGDQGHOVE\WH DYVHVHWWXSSVNRYVJUXQGDQGHDQGHOVE\WH(WW\WWHUOLJDUHH[HPSHOlUGHQ I|UVWD UXEULNHQ QlUPDVW I|UH NDS bYHQ D NDS DQGUD VW\FNHW GlU GHW VlJV +DUI|UYlUYDWV JHQRP HWW DQGHOVE\WH RFK KDU XSSVNRYHUKnOOLWVPHGNDSLWDOYLQVWHQHQOLJWNDSYLGGHWDQGHOVE\WHW lUSUREOHPDWLVNWE\WHQHQOLJWNDSNDOODGHVI|UHGHQ MDQXDUL
DQGHOVE\WHQ PHQ EHQlPQV QXPHUD XSSVNRYVJUXQGDQGH DQGHOVE\WHQ 3URS 9DGXSSVNRYHUKnOOVPHGE|UI|U|YULJWYDUDEHVNDWWQLQJHQDYNDSLWDO %LODJD YLQVWHQ/lVQLQJHQDY GHQXI|UHVODJQDLNUDIWWUlGDQGHRFK|YHUJnQJV EHVWlPPHOVHUQDOLNVRPDYPRWLYHQI|UVYnUDVDYVHYlUWDYDWWEHJUHSSHQ DQGHOVE\WHRFKXSSVNRYVJUXQGDQGHDQGHOVE\WHLQWHKnOOVLVlU 8W|YHU GH Q\WLOONRPQD LNUDIWWUlGDQGH RFK |YHUJnQJVEHVWlPPHOVHUQD KDU DQGUD lQGULQJDU JMRUWV L I|UKnOODQGH WLOO GHW UHPLVVEHKDQGODGH I|UVODJHW9LNWLJDVWlUDWWPRWWDJQDDQGHODUVRPHUKnOOLWVLXWE\WHPRWHQ NYDOLILFHUDGDQGHOVNDOOYDUDNYDOLILFHUDGHXWDQQnJRQEHJUlQVQLQJLWLGHQ RFKDWWGHWEHORSSVRPVNDOOWDVXSSLLQNRPVWVODJHWWMlQVWQlUPRWWDJQD DQGHODU DY\WWUDV InU XSSJn WLOO K|JVW GHW EHORSS VRP VNXOOH KD WMlQVWHEHVNDWWDWVRPGHQNYDOLILFHUDGHDQGHOHQLQWHE\WWVXWDQDY\WWUDWVSn YDQOLJW VlWW $OWHUQDWLY ' L SURPHPRULHI|UVODJHW LQQHEDU L GHWWD KlQVHHQGHDWWGHPRWWDJQDDQGHODUQDVNXOOHYDUDNYDOLILFHUDGHXQGHUHQ IHPnUVSHULRGHIWHUE\WHWRFKDWWQnJRWPD[LPXPI|UGHWWMlQVWHEHVNDWWDGH EHORSSHWLQWHVNXOOHJlOODYLGDY\WWULQJHQDYGHVVDDQGHODU 6nYLWW IUDPJnU DY UHPLVVHQ lU GHW UHPLVV\QSXQNWHU IUnQ 5LNVVNDWWHYHUNHW VRP I|UDQOHWW UHJHULQJHQ DWW Sn GHVVD SXQNWHU Jn LIUnQ SURPHPRULHI|UVODJHW5LNVVNDWWHYHUNHWILQQHUGHWLQWHRVDQQROLNWDWWGHQ I|UHVODJQD WLGVEHJUlQVQLQJHQ NDQ OHGD WLOO DWW DQGHOVE\WHQ NRPPHU DWW XWQ\WWMDVLV\IWHDWWXQGJnEHVNDWWQLQJHQOLJWUHJOHUQD3UREOHPDWLNHQ XWYHFNODVLQWHQlUPDUHLODJUnGVUHPLVVHQ/DJUnGHWVRPLQWHWDUVWlOOQLQJ WLOORPHQHYHQWXHOOIHPnUVUHJHOE|UNRPSOHWWHUDVPHGHQPD[LPHULQJV UHJHOI|UEHVNDWWQLQJLLQNRPVWVODJHWWMlQVWVHUSUDNWLVNDQDFNGHODUPHG DWWVORSDGHQLSURPHPRULDQI|UHVODJQDWLGVEHJUlQVQLQJHQ6nWH[ILQQV ULVN I|U VYnUEHPlVWUDGH KDQWHULQJVSUREOHP RP GHQ I|UHVODJQD EHVWlPPHOVHQLNDSDQGUDVW\FNHWWUHGMHPHQLQJHQVNDOOWLOOlPSDV XQGHUPnQJDGHFHQQLHURFKLI|UHQLQJPHGGHI|UHVODJQDEHVWlPPHOVHUQD L D NDS RFK 'HW NDQ WLOOlJJDV DWW GHQ L SURPHPRULDQ I|UHVODJQD IHPnUVUHJHOQ DQNQ\WHU WLOO DQGUD UHJOHU DY VFKDEORQNDUDNWlU , I|UKnOODQGH WLOO IHPnUVUHJHOQ L NDS I|UVWD VW\FNHWDYYLNHUGHQHPHOOHUWLGLEODGHWKlQVHHQGHWDWWDQGHOHQVVWDWXV VRPNYDOLILFHUDGNDQEHVWnPHUlQIHPnUHIWHUGHWDWWDQGHOVlJDUHQVHOOHU QlUVWnHQGHVDUEHWVLQVDWVHUXSSK|UW
)|UVODJHWWLOOODJRPlQGULQJLLQNRPVWVNDWWHODJHQ
DNDS
'HI|UHVODJQDEHVWlPPHOVHUQDLILQQV XQGHUGHQJHPHQVDPPD UXEULNHQ%HVNDWWQLQJDYDQGHOVE\WHW5XEULNHQE|UI|UVHVPHGWYnQ\D XQGHUUXEULNHU RFK GH I|UHVODJQD XQGHUUXEULNHUQD VRP I|UHJnU GH I|UHVODJQDWUHDYVOXWDQGHSDUDJUDIHUQDE|UXWJn 9LGDUH E|U YLVVD RPUHGLJHULQJDU RFK SUHFLVHULQJDU J|UDV +lQYLVQLQJHQ L IUDPnW L WH[WHQ WLOO NDQ XQGYLNDV RP GHQ SDUDJUDIHQOLNVRPLRPDUEHWDGIRUPGHWI|UHVODJQDDQGUDVW\FNHWDY I|UVVDPPDQWLOOHQQ\,I|UHVODJQDL/DJUnGHWVKlUQHGDQ IUDPODJGD I|UVODJE|UVRPIUDPJnWWSOXUDOIRUPHQ 0RWWDJQDDQGHODU DQYlQGDV
8QGHU HQ JHPHQVDP XQGHUUXEULN NDQ GH WYn SDUDJUDIHU SODFHUDV VRP 3URS DQJHU GH VLWXDWLRQHU Gn GHW L HIWHUKDQG VNDOO VNH EHVNDWWQLQJ DY HQ YLG %LODJD DQGHOVE\WHW XSSNRPPHQ NDSLWDOYLQVW GYV Gn ERVlWWQLQJVNUDYHW UHVSHNWLYHYHUNVDPKHWVYLOONRUHWLQWHlUXSSI\OOWRFKL/DJUnGHWV I|UVODJ %HVWlPPHOVHQLI|UHVODJQD±VRPKDQGODURPNRQWLQXLWHWQlUHQ PRWWDJHQNYDOLILFHUDGDQGHOEHQHILNWI|UV|YHUWLOODQQDQ±E|USODFHUDVL NDS 0HGGHVVDXWJnQJVSXQNWHUVNXOOHGHQQDGHODYNDSLWOHWNXQQDXWIRUPDV SnI|OMDQGHVlWW
%HVNDWWQLQJDYDQGHOVE\WHW
(IIHNWHUDYDQGHOVE\WHW
(UVlWWQLQJLSHQJDUVNDOOWDVXSSVRPNDSLWDOYLQVWGHWEHVNDWWQLQJVnUGn DQGHOVE\WHWVNHU
2PGHQDY\WWUDGHDQGHOHQYDUHQNYDOLILFHUDG DQGHOVNDOOGHWJ|UDVHQ EHUlNQLQJDYGHEHORSSVRPVNXOOHKDWDJLWVXSSLLQNRPVWVODJHWNDSLWDO NDSLWDOEHORSSHW RFK L LQNRPVWVODJHW WMlQVW WMlQVWHEHORSSHW RP EHVWlPPHOVHUQDRPIUDPVNMXWHQEHVNDWWQLQJLQWHYDULWWLOOlPSOLJD (UVlWWQLQJ L SHQJDU VNDOO WDV XSS L LQNRPVWVODJHW NDSLWDO L GHQ XWVWUlFNQLQJHUVlWWQLQJHQU\PVLQRPNDSLWDOEHORSSHWgYHUVNMXWDQGHGHO DYVnGDQHUVlWWQLQJVNDOOWDVXSSLLQNRPVWVODJHWWMlQVW
0RWWDJQDDQGHODUVNDOODQVHVI|UYlUYDGHI|UHQHUVlWWQLQJVRPPRWVYDUDU GHWRPNRVWQDGVEHORSSVRPJlOOGHI|UGHQDY\WWUDGHDQGHOHQ
+lQGHOVHUHIWHUDQGHOVE\WHW
2P HQ I\VLVN SHUVRQ LQWH OlQJUH XSSI\OOHU YLOONRUHW L RP DWW YDUD ERVDWW L 6YHULJH HOOHU VWDGLJYDUDQGH YLVWDV KlU VNDOO NDSLWDOYLQVW VRP XSSNRPYLGDQGHOVE\WHWWDVXSSVRPLQWlNW
2PGHQDY\WWUDGHDQGHOHQYDUHQNYDOLILFHUDGDQGHORFKYLOONRUHWHQOLJW D JlOOGH I|U GHW N|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW VNDOO NDSLWDOYLQVWVRPXSSNRPYLGDQGHOVE\WHWWDVXSSVRPLQWlNWRPYLOONRUHW LQWHOlQJUHlUXSSI\OOW'HWWDJlOOHULIUnJDRPI|UlQGULQJDULGHWN|SDQGH I|UHWDJHWV QlULQJVYHUNVDPKHW WLOO RFK PHG WMXJRQGH nUHW HIWHU nUHW I|U DQGHOVE\WHW )|UVWD VW\FNHW JlOOHU GRFN EDUD RP VlOMDUHQ HQVDP HOOHU WLOOVDPPDQV PHG QlUVWnHQGH RFNVn YLG WLGSXQNWHQ I|U I|UlQGULQJHQ DY QlULQJVYHUNVDPKHWHQ GLUHNW HOOHU LQGLUHNW lJHU DQGHODU L GHW N|SDQGH I|UHWDJHW PHG PLQVW SURFHQW DY U|VWHWDOHW I|U VDPWOLJD DQGHODU L I|UHWDJHW
3URS , NDSLWDOYLQVW VRP DYVHV L HOOHU VNDOO LQWH LQUlNQDV VnGDQ %LODJD HUVlWWQLQJLSHQJDUVRPWDJLWVXSSVRPNDSLWDOYLQVWHQOLJW
'HWE|U|YHUYlJDVRPGHWEHK|YVHQVlUVNLOGUHJOHULQJRPMXVWHULQJDY RPNRVWQDGVEHORSSHQI|UPRWWDJQDDQGHODUMIURYDQQlUEHVNDWWQLQJ I|UNDSLWDOYLQVWKDUVNHWWHQOLJW
NDSRFK
(QOLJW I|UVODJHW VNDOO DY\WWULQJ DY DQGHO L HWW VNDOERODJ XWJn HIWHUVRP NDSLWOHW DYVHV LQWH NRPPD DWW RPIDWWD I\VLVND SHUVRQHU $Y VDPPDRUVDNI|UHVOnVDWWVNDOOXSSKlYDVVlOMDUHVRPlUI\VLVNSHUVRQ VNDOOYDUDERVDWWL6YHULJHHOOHUVWDGLJYDUDQGHYLVWDVKlU 'HQ I|UHVODJQD UHJOHULQJHQ V\QHV HPHOOHUWLG OHGD WLOO DWW I\VLVND SHUVRQHUVRPLQWHlUERVDWWDL6YHULJHHOOHUVWDGLJYDUDQGHYLVWDVKlUInU UlWWWLOOXSSVNRYPHGEHVNDWWQLQJDYNDSLWDOYLQVWHQ'HWKlQJHUVDPPDQ PHGDWWDNDSYLVVHUOLJHQKDUI|UHWUlGHIUDPI|UNDSNDS PHQDWWGHI\VLVNDSHUVRQHUVRPDYVHVLDNDSlUGHVDPPDVRPL NDSSHUVRQHUVRPlUERVDWWDL6YHULJHHOOHUVWDGLJYDUDQGHYLVWDV KlU2PNDSXSSKlYVXWHVOXWVGlUI|ULQWHI\VLVNDSHUVRQHUVRP LQWH lU ERVDWWD L 6YHULJH HOOHU VWDGLJYDUDQGH YLVWDV KlU XU UHJOHULQJHQ JHQRPQnJRQXWWU\FNOLJEHVWlPPHOVH ,V\IWHDWWQnGHWDYVHGGDUHVXOWDWHWVNXOOHNXQQDMXVWHUDVVnDWWGHW DY SDUDJUDIHQ IUDPJnU DWW NDSLWOHW LQQHKnOOHU EHVWlPPHOVHU HQEDUW I|U MXULGLVNDSHUVRQHURFKGHOlJDUHLKDQGHOVERODJ (QNRPSOLNDWLRQlUHPHOOHUWLGDWWGHWLRFKILQQVXSSVNRYV UHJOHU I|U DQGHODU VRP lU ODJHUWLOOJnQJDU RFK DWW VnGDQD DQGHODU NDQ LQQHKDV lYHQ DY HQ I\VLVN SHUVRQ WH[ L HQ DY GHQQH EHGULYHQ E\JJQDGVU|UHOVH %HKnOOV KHOW HOOHU GHOYLV P|MOLJKHWHQ WLOO XSSVNRY L IUnJDRPVnGDQDDQGHODUNDQHQ\WWHUOLJDUHMXVWHULQJDYEHK|YDJ|UDV /DJUnGHW nWHUNRPPHU WLOO KDQWHULQJHQ DY GH LIUnJDYDUDQGH DQGHODUQD L DQVOXWQLQJWLOO 2P IRUPXOHUDV Vn DWW GHW LQWH XSSNRPPHU QnJRQ NRQNXUUHQV PHOODQDNDSRFKNDSNDQEHVWlPPHOVHQLNDSVORSDV 'HWNDQLVDPPDQKDQJHWQRWHUDVDWWLQOHGQLQJHQDYNDSRFK NDSLQWHNRUUHVSRQGHUDU
NDS
'HQ I|UHVODJQD lQGULQJHQ LQQHElU DWW GHW HQGDVW lU YLG YLVVD EHQHILND |YHUI|ULQJDU±JHQRPWHVWDPHQWHRFKJnYD±VRPNRQWLQXLWHWLIUnJDRP XSSVNRYVEHORSSVNDOOJlOOD -XULGLVND SHUVRQHU KlU LQEHJULSHW KDQGHOVERODJ NDQ LQWH |YHUI|UD HJHQGRP JHQRP WHVWDPHQWH 0RW EDNJUXQG DY EOD UHJOHUQD RP XQGHUSULV|YHUOnWHOVHUV\QHVGHWLQWHPRWLYHUDWPHGQnJRQUHJOHULQJ PHGVLNWHSnJnYRUIUnQMXULGLVNDSHUVRQHU (QOLJW YDG VRP VlJV L PRWLYHQ VNDOO XSSVNRY L IRUWVlWWQLQJHQ LQWH NRPPD L IUnJD QlU I\VLVND SHUVRQHU JHQRPI|U HWW E\WH DY DQGHODU ,
PRWLYHQ KDU PDQ HPHOOHUWLG LQWH VlUVNLOW XSSPlUNVDPPDW DWW I\VLVND 3URS SHUVRQHU NDQ KD DQGHODU VRP lU ODJHUWLOOJnQJDU MIU /DJUnGHWV %LODJD NRPPHQWDUHUWLOO(QVnGDQDQGHONDQHIWHUHQ|YHUI|ULQJJHQRPDUY HGKRVI|UYlUYDUHQEHKnOODVLQVNDWWHPlVVLJDNDUDNWlUMIUNDS VRP JlOOHU YLG YLVVD W\SHU DY EHQHILND I|UYlUY DY EOD DQGHODU L E\JJQDGVU|UHOVH /DJUnGHWXWJnUIUnQDWWEHKDQGOLQJHQDYDQGHODUVRPlUODJHUWLOOJnQJDU KRVI\VLVNDSHUVRQHU±RFKGlUPHGRFNVnGHWH[DNWDWLOOlPSQLQJVRPUnGHW I|U DNDS UHVSHNWLYH NDS ± WDV XSS L GHW IRUWVDWWD EHUHGQLQJV DUEHWHW
NDS
, NDS D DQJHV I|U QlUYDUDQGH YDG VRP VNDOO JlOOD I|U DWW HQ DQGHO L ROLND VLWXDWLRQHU VNDOO NXQQD DQVHV YDUD NYDOLILFHUDG , GHW I|UHVODJQDDQGUDVW\FNHWDYGHQKlUDNWXHOODSDUDJUDIHQDQJHVQ\DVnGDQD I|UXWVlWWQLQJDU /DJUnGHWDQVHUVRPIUDPJnWWDYYDGVRPDQI|UWVLQOHGQLQJVYLVDWWHQ IHPnUVUHJHODYGHWVODJVRPI|UHVODJLWVLSURPHPRULDQVDOWHUQDWLY'lUDWW I|UHGUDIUDPI|UO|VQLQJHQLUHPLVVI|UVODJHW (QOLJW GHQ I|UHVODJQD DQGUD PHQLQJHQ L DQGUD VW\FNHW VNDOO DQGHOHQ IRUWVDWWYDUDNYDOLILFHUDGRPGHQDY\WWUDVWLOOQlUVWnHQGH/DJUnGHWDQVHU DWW HQ VnGDQ UHJHO LEODQG VNXOOH OHGD WLOO RVNlOLJD NRQVHNYHQVHU RFK I|URUGDUDWWUHJHOQXWJnU'lUHPRWlUGHWQDWXUOLJWDWWDQGHOHQEHKnOOHUVLQ VWDWXV VRP NYDOLILFHUDG RP GHQ |YHUI|UV EHQHILNW 'H KlU DNWXHOOD EHVWlPPHOVHUQDNDQGlUI|UOlPSOLJHQNRPSOHWWHUDVPHGHQEHVWlPPHOVH DYGHWVODJVRPI|UHVOnVLDNDS %HVWlPPHOVHUQDE|UOlPSOLJHQEU\WDVXWWLOOHQVlUVNLOGSDUDJUDIYLONHW Gn OlU I|UXWVlWWD HQ lQGULQJ DY GHILQLWLRQVSDUDJUDIHQ NDS 0HG XWJnQJVSXQNWLYDGKlUKDUVDJWVVNXOOHGHNXQQDXWIRUPDVVnKlU
2PHQNYDOLILFHUDGDQGHODY\WWUDVJHQRPHWWDQGHOVE\WHDQVHVPRWWDJQD DQGHODU NYDOLILFHUDGH 2P HQ PRWWDJHQ DQGHO GlUHIWHU |YHUJnU WLOO Q\ lJDUH JHQRP DUY WHVWDPHQWH JnYD HOOHU ERGHOQLQJ DQVHV DQGHOHQ NYDOLILFHUDGlYHQKRVGHQQ\HlJDUHQ9DGQXVDJWVJlOOHUHQGDVWIUDPWLOO XWJnQJHQDYIHPWHnUHWHIWHUGHWGnDQGHOVE\WHWlJGHUXP 9DGVRPJlOOHUHQOLJWI|UVWDVW\FNHWJlOOHUlYHQLIUnJDRPDQGHOVRP KDUI|UYlUYDWVPHGVW|GDYHQVnGDQDQGHOVRPEOLYLWNYDOLILFHUDGHQOLJW YDGVRPGlUVlJV
/DJUnGHW DQPlUNHU YLGDUH DWW WXURUGQLQJVUHJOHU WRUGH EHK|YDV I|U DWW DYJ|UDRPVWDWXVHQVRPNYDOLILFHUDGDQGHOVNDOOEHKnOODVHIWHUHQEHQHILN |YHUI|ULQJXWGHOQLQJPPDYHQDQGHO
NDS
6RPIUDPJnWWDYYDG/DJUnGHWWLGLJDUHDQI|UWWDU/DJUnGHWLQWHVWlOOQLQJ WLOO IUnJDQ RP GHW PHG HQ IHPnUVUHJHO ILQQV EHKRY DY HQ VnGDQ PD[LPHULQJVUHJHOVRPI|UHVOnVLI|UVWDVW\FNHW
/DJUnGHW NRQVWDWHUDU HPHOOHUWLG DWW GHQ I|UHVODJQD O\GHOVHQ DY I|UVWD 3URS VW\FNHW ± GlU UlWWVYHUNQLQJDU LQWH NQ\WV WLOO DWW DQGHOHQ DY\WWUDV ± OnQDU %LODJD GUDJ IUnQ UHJOHUQD RP EHVNDWWQLQJ DY XSSVNRYVEHORSS NDS I|UVWDVW\FNHW1lUGHWVRPKlUlUIUnJDRPIUDPVNMXWHQEHVNDWWQLQJE|U UHJOHUQD RPIDWWD HQGDVW DY\WWULQJDU N|S E\WHQ HWF /DJUnGHW NRQVWDWHUDU YLGDUH DWW HQ PD[LPHULQJVUHJHO DNWXDOLVHUDU IUnJDQ YDG VRP VNDOOJlOODLIUnJDRPDQGHODUVRPlUNYDOLILFHUDGHHQOLJWVnYlOI|UHVODJQD NDSDQGUDVW\FNHWVRPWH[NDS%HKnOOVUHJHOQE|UHWW NODUOlJJDQGHJ|UDVLODJWH[WHQ *RGWDV/DJUnGHWVWLGLJDUHUHGRYLVDGHI|UVODJU|UDQGHYLVVDSDUDJUDIHUL DNDSE|UKlQYLVQLQJHQLDQGUDVW\FNHWDYVHDNDS
,NUDIWWUlGDQGHRFK|YHUJnQJVEHVWlPPHOVHU
(Q I|UVWD IUnJD lU YLONHW WLOOlPSQLQJVRPUnGH GH UHWURDNWLYW YHUNDQGH EHVWlPPHOVHUQDVNDOOKD'HQI|UHVODJQDSXQNWHQJlOOHU±LPRWVDWVWLOO SXQNWHUQD±LQWHEDUDDY\WWUDGHNYDOLILFHUDGHDQGHODUXWDQlYHQDQGUD DY\WWUDGH DQGHODU 0RW EDNJUXQG DY DWW UHPLVVHQ I|UDQOHGV DY GH VlUVNLOGD SUREOHP VRP I|OMHU DY GH VN UHJOHUQD lU GHWWD |YHUUDVNDQGH VlUVNLOW VRP ODJVWLIWDUHQ I|UUD K|VWHQ WRJ VWlOOQLQJ I|U HQ EHJUlQVDG UHWURDNWLY WLOOlPSQLQJ DY GH Gn LQI|UGD EHVWlPPHOVHUQD L DNDS /DJUnGHW I|URUGDU DWW EHVWlPPHOVHUQD VNDOO JlOOD HQGDVW I|U XWE\WWDDQGHODUVRPYDULWNYDOLILFHUDGH 6RP UHGDQ DQW\WWV KDU GH I|UHVODJQD LNUDIWWUlGDQGH RFK |YHUJnQJV EHVWlPPHOVHUQD JHWWV HQ RVHGYDQOLJW NRPSOLFHUDG XWIRUPQLQJ /DJUnGHW ILQQHU DWW EHVWlPPHOVHUQD E|U NXQQD I|UHQNODV DYVHYlUW PHQ VDPWLGLJW LQRP VLWW WLOOlPSQLQJVRPUnGH J|UDV PHU KHOWlFNDQGH (Q nWJlUG L GHQ ULNWQLQJHQ NDQ YDUD DWW L HQ VlUVNLOG SXQNW DQJH VRP KXYXGUHJHO DWW EHILQWOLJD XSSVNRYVEHORSS VNDOO KDQWHUDV HQOLJW lOGUH EHVWlPPHOVHU (Q VnGDQUHJHONODUOlJJHUYDGVRPVNDOOJlOODYLGWH[EHQHILND|YHUI|ULQJDU RFKQlUYHUNVDPKHWVYLOONRUHWLNDSLQWHOlQJUHlUXSSI\OOW ,GHQI|UHVODJQDSXQNWHQJHVHQVNDWWVN\OGLJVRPLQWHXWQ\WWMDWUlWWHQ WLOO XSSVNRY P|MOLJKHW DWW EHJlUD DWW E\WHW DY DQGHODU VNDOO EHKDQGODV HQOLJW GH Q\D EHVWlPPHOVHUQD L D NDS RFK NDS /DJUnGHW YLOO DNWXDOLVHUD IUnJDQ RP HQ VnGDQ EHVWlPPHOVH EHK|YV PRW EDNJUXQG DY UHJOHUQD RP RPSU|YQLQJ L WD[HULQJVODJHQ 2P GHQ VNDWWVN\OGLJH L HIWHUKDQG HQOLJW GH UHJOHU VRP JlOOHU I|U RPSU|YQLQJ NDQ EHYLOMDV XSSVNRY ILQQV NQDSSDVW EHKRY DY HQ VlUVNLOG |YHUJnQJVEHVWlPPHOVH %HYLOMDV XSSVNRY NDQ GHQ VNDWWVN\OGLJH QlU KDQ VHGHUPHUD VlOMHU PRWWDJQD DQGHODU EHJlUD DWW GH Q\D EHVWlPPHOVHUQD VNDOO WLOOlPSDV /DJUnGHW YLOO WLOOlJJD DWW GHQ L UHPLVVHQ I|UHVODJQD RUGQLQJHQ KDU GHQ QDFNGHOHQDWWGHQlUVYnUDWWKDQWHUDRPDY\WWULQJHQDYPRWWDJQDDQGHODU GU|MHU (QOLJW NDS I|UVWD VW\FNHW ODJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU VNDOO GHNODUDWLRQVPDWHULDO DYVHHQGH I\VLVND SHUVRQHU I|UVW|UDV VHGDQ VH[ nU KDU JnWW HIWHU WD[HULQJVnUHWVXWJnQJ /DJUnGHW DQVHU DWW GH I|UHVODJQD |YHUJnQJVEHVWlPPHOVHUQD lU VYnUWRONDGHRFKI|UDQOHGHUHQUDGWLOOlPSQLQJVSUREOHP'HWKDULQWHYDULW P|MOLJW DWW LQRP UDPHQ I|U /DJUnGHWV JUDQVNQLQJ WD VWlOOQLQJ WLOO KXU GHVVD EHVWlPPHOVHU OlPSOLJHQ ERUGH XWIRUPDV ,QRP /DJUnGHW KDU
HPHOOHUWLG XWDUEHWDWV HQ VNLVV WLOO LNUDIWWUlGDQGH RFK |YHUJnQJV 3URS EHVWlPPHOVHU VRP ELIRJDV GHWWD \WWUDQGH $YVLNWHQ lU DWW GHQQD VNLVV %LODJD VNDOO YDUD WLOO Q\WWD YLG IRUWVDWWD |YHUYlJDQGHQ RP EHVWlPPHOVHUQDV XWIRUPQLQJ (QSULQFLSLHOOIUnJDVRPE|U|YHUYlJDVLGHWWDVDPPDQKDQJlURPGHQ WlQNWD UHWURDNWLYD WLOOlPSQLQJHQ DY Q\D EHVWlPPHOVHU NDQ NRPPD L NRQIOLNW PHG UHWURDNWLYLWHWVI|UEXGHW L NDS DQGUD VW\FNHW UHJHULQJVIRUPHQWH[GnGHWlUHQJnYRWDJDUHHOOHUDQQDQVXFFHVVRUVRP EHU|UV DY GHQ UHWURDNWLYD WLOOlPSQLQJHQ 'H NRQVWLWXWLRQHOOD LQYlQGQLQJDUQDNDQYLVVHUOLJHQDQVHVPLQVNDLYLNWRPWLOOlPSQLQJHQDY GHQ\DUHJOHUQDJ|UVEHURHQGHDYHQEHJlUDQDYGHQVNDWWVN\OGLJHVMlOY 'HW KDU HPHOOHUWLG L ROLND VDPPDQKDQJ GLVNXWHUDWV L YDG PnQ HQ UHWURDNWLY WLOOlPSQLQJ DY VNDWWHODJ E|U NXQQD WLOOnWDV HQV PHG GHQ VNDWWVN\OGLJHV VDPW\FNH MIU GH L SURS RFK LQWDJQD \WWUDQGHQD DY /DJUnGHW 3n JUXQG DY RVlNHUKHWHQ RP KXU |YHUJnQJVEHVWlPPHOVHUQD L GHWWD IDOO NRPPHU DWW VOXWOLJHQ XWIRUPDV DQVHUVLJ/DJUnGHWLQWHNXQQDJ|UDHWWNODUWXWWDODQGHLIUnJDQ
)|UVODJHW WLOO ODJ RP lQGULQJ L ODJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU
/DJUnGHWOlPQDUI|UVODJHWXWDQHULQUDQ
%LODJD 3URS %LODJD 6NLVVWLOOLNUDIWWUlGDQGHRFK|YHUJnQJVEHVWlPPHOVHU
'HQQDODJWUlGHULNUDIWGHQMDQXDUL , IUnJD RP XSSVNRY PHG DQOHGQLQJ DY DY\WWULQJ DY HQ DQGHO I|UH LNUDIWWUlGDQGHW JlOOHU DOOWMlPW lOGUH EHVWlPPHOVHU L NDS RFK GHQ XSSKlYGD ODJHQ RP XSSVNRY PHG EHVNDWWQLQJHQ YLG DQGHOVE\WHQ$YVnJDY\WWULQJHQHQNYDOLILFHUDGDQGHOVNDOOGRFNSXQNW LDNWWDV 2PHQVNDWWVN\OGLJEHJlUGHWVNDOOXSSVNRYVEHORSSVRPKlQI|UVLJ WLOOHQDQGHOVRPDY\WWUDVHIWHULNUDIWWUlGDQGHWLQWHWDVXSSVRPLQWlNW, VWlOOHWVNDOOVnYLWWDYVHUGHQVNDWWVN\OGLJHGHQ\DEHVWlPPHOVHUQDLD NDSRFKNDSWLOOlPSDVSnDY\WWULQJHQ,RPNRVWQDGVEHORSSHWI|UGHQ DY\WWUDGHDQGHOHQVNDOOLQUlNQDVVnGDQWXSSVNRYVEHORSSVRPUHGDQWDJLWV XSSVRPLQWlNW
$YSXQNWI|OMHUDWWGHQ\DEHVWlPPHOVHUQDWLOOlPSDVRPHWWDQGHOVE\WH MIUDNDSlJHUUXPHIWHUXWJnQJHQDYnU , SXQNW ILQQV KXYXGUHJHOQ DWW KlU DNWXHOOD XSSVNRYVEHORSS VNDOO EHKDQGODVSnVlWWVRPI|OMHUDYlOGUHEHVWlPPHOVHU'HWLQQHElUDWWWH[ HQDUYWDJDUHlYHQIRUWVlWWQLQJVYLV|YHUWDUHWWXSSVNRYVEHORSSLHQOLJKHW PHG XSSKlYGD NDS RFK DWW EHVNDWWQLQJ lYHQ IRUWVlWWQLQJVYLV VNDOOVNHHQOLJWXSSKlYGDNDSRPYHUNVDPKHWVYLOONRUHWGlULQWH lUXSSI\OOW 8SSVNRY NDQ KD EHYLOMDWV QlU HQ NYDOLILFHUDG DQGHO E\WWV PRW PDUNQDGVQRWHUDGHDQGHODU'lUHIWHUNDQGHVVDPDUNQDGVQRWHUDGHDQGHODU XQGHUnUHOOHUKDE\WWV PRWDQGUD PDUNQDGVQRWHUDGHDQGHODU HQOLJW GH QX JlOODQGH EHVWlPPHOVHUQD L D NDS $Y GHQ QX JlOODQGH O\GHOVHQ DY NDS I|UVWD VW\FNHW I|OMHU DWW XSSVNRYVEHORSSHW LQWH VNDOO WDV XSS VRP LQWlNW XWDQ I|UGHODV Sn DQGHODU VRP HUK|OOV YLG GHW VLVWQlPQGDE\WHW$YKXYXGUHJHOQLSXQNWI|OMHUDWWPRWVYDUDQGHVNDOO JlOOD RP E\WHW VHQDUHOlJJV WLOO H[HPSHOYLV OLNVRP RP \WWHUOLJDUH E\WHQVNHUHIWHULNUDIWWUlGDQGHW , SXQNW UHJOHUDV IDOO GlU L IUnQYDUR DY HQ VlUVNLOG UHJOHULQJ XSSVNRYVEHORSS VRP KlUU|U IUnQ DY\WWULQJHQ DY HQ NYDOLILFHUDG DQGHO VNXOOH KD EHVNDWWDWV 2P GHQ VNDWWVN\OGLJH EHJlU DWW XSSVNRYVEHORSSHW LQWHVNDOOEHVNDWWDVVNDOOGHQ\DEHVWlPPHOVHUQDLDNDSRFKNDS WLOOlPSDV +lQYLVQLQJHQ WLOO NDS VlNHUVWlOOHU DWW WLOOE\WWD DQGHODU ± L I|UVWD RFK VHQDUH OHG ± EOLU DWW DQVH VRP NYDOLILFHUDGH HQOLJW GHQ L ODJUnGVUHPLVVHQ I|UHVODJQD EHVWlPPHOVHQ L NDS DQGUD VW\FNHW I|UVWDPHQLQJHQ
)LQDQVGHSDUWHPHQWHW
8WGUDJXUSURWRNROOYLGUHJHULQJVVDPPDQWUlGHGHQQRYHPEHU 1lUYDUDQGHVWDWVPLQLVWHUQ3HUVVRQRUGI|UDQGHRFKVWDWVUnGHQ:LQEHUJ 8OYVNRJ6DKOLQ3DJURWVN\gVWURV0HVVLQJ(QJTYLVW/|YGpQ 5LQJKROP%RGVWU|P.DUOVVRQ-26RPPHVWDG.DUOVVRQ+/XQG 1\NYLVW$QGQRU1XGHU-RKDQVVRQ+DOOHQJUHQ%M|UNOXQG )|UHGUDJDQGHVWDWVUnGHW5LQJKROP
5HJHULQJHQEHVOXWDUSURSRVLWLRQ8WYLGJQLQJDYUHJOHUQDRP IUDPVNMXWHQEHVNDWWQLQJYLGYLVVDDQGHOVE\WHQ