SYSTEMREVISION 1999:2
Styrning och kontroll inom
Svenska Missionsrådet
December 1999
STYRELSEN FÖR INTERNATIONELLT UTVECKLINGSSAMARBETE Avdelningen för samverkan med enskilda organisationer och humanitärt bistånd
7]WXIQVIZMWMSREZ
7ZIRWOE1MWWMSRWVÅHIX
,YZYHVETTSVX
-RRILÅPP
7%11%2*%882-2+ &%/+692( 8SSGUDJHW 8WJnQJVSXQNWHUI|UYnUJUDQVNQLQJ 0HWRGRFKDUEHWVVWHJ 0DWHULDO $QJUHSSVVlWW $YJUlQVQLQJDU 3URMHNWRUJDQLVDWLRQ 5DSSRUWHQVGLVSRVLWLRQ 7:)27/%1-77-3276à()8716 5ROORUJDQLVDWLRQRFKXSSJLIW 605VQXYDUDQGHVLWXDWLRQ +6%27/2-2+%:716 605VUROORFKDQVYDUI|U6LGDILQDQVLHUDWXWYHFNOLQJVVDPDUEHWH 605VXSSIDWWQLQJRPVLQUROOVRPUDPRUJDQLVDWLRQRFKDQVYDUJHQWHPRW6LGD 605VUROORFKDQVYDUJHQWHPRW6LGD 605VUROORFKDQVYDUJHQWHPRWPHGOHPVRUJDQLVDWLRQHU 605VSU|YQLQJDYPHGOHPVRUJDQLVDWLRQHURFKVNLFNHPHGOHPVRUJDQLVDWLRQHU *HQHUHOODI|UXWVlWWQLQJDUI|UVW\UQLQJRFKNRQWUROO 9LVLRQRFKVWUDWHJLHU 9HUNVDPKHWVVW\UQLQJ (NRQRPLVNVW\UQLQJ (NRQRPLVNUHGRYLVQLQJ $QVYDUVRFKEHIRJHQKHWVVWUXNWXU +MlOSPHGHORFKDQYLVQLQJDUI|UPHGOHPVRUJDQLVDWLRQHUQDVVW\UQLQJRFKNRQWUROO +MlOSPHGHOI|U605VLQWHUQDVW\UQLQJRFKNRQWUROO 3URFHVVI|UNYDOLWHWVVlNULQJDYXWYHFNOLQJVVDPDUEHWH %HG|PQLQJDYPHGOHPVRUJDQLVDWLRQHUQDVVDPDUEHWVSDUWQHU %HG|PQLQJDYSURJUDPRFKSURMHNWDQV|NQLQJDU 8SSI|OMQLQJDYSURJUDPRFKSURMHNW 8WYlUGHULQJDYSURMHNWRFKSURJUDP 5DSSRUWHULQJDYSURJUDPRFKSURMHNWWLOO6LGD 3URFHVVI|UHUIDUHQKHWVXWE\WHRFKNRPSHWHQVXWYHFNOLQJ 3UHFLVHUDSUREOHPHW *HQRPI|UDQGHDYXWYHFNOLQJVLQVDWVHU 8SSI|OMQLQJRFKXWYlUGHULQJ 9nUDVDPPDQIDWWDQGHVOXWVDWVHURFKEHG|PQLQJDU 3nJnHQGHI|UlQGULQJVDUEHWHLQRP605 +6%27/2-2+%:()78Ó66)1)(0)1736+%2-7%8-32)62%-231716 )|UXWVlWWQLQJDUI|UVW\UQLQJRFKNRQWUROO 2PYlUOGVEHYDNQLQJYLVLRQHURFKVWUDWHJLHU 9HUNVDPKHWVVW\UQLQJ (NRQRPLVNUHGRYLVQLQJ $QVYDUVRFKEHIRJHQKHWVVWUXNWXU+MlOSPHGHOI|UVW\UQLQJ 3URFHVVI|UXWYHFNOLQJVVDPDUEHWH 3ODQHULQJDYSURJUDPRFKSURMHNWRFKNRPSHWHQVXWYHFNOLQJ %HG|PQLQJDYSURJUDPRFKSURMHNWDQV|NQLQJDU *HQRPI|UDXWYHFNOLQJVLQVDWVJHQRPVDPDUEHWVSDUWQHUV *HQRPI|UDNRPSHWHQVRFKRUJDQLVDWLRQVXWYHFNOLQJ 8SSI|OMQLQJRFKXWYlUGHULQJDYSURJUDPRFKSURMHNWRFKDYNRPSHWHQVXWYHFNOLQJ 5DSSRUWHULQJDYUHVXOWDWWLOO605 +6%27/2-2+%:1-2(6)36+%2-7%8-32)6-231716 )|UXWVlWWQLQJDUI|UVW\UQLQJRFKNRQWUROO 2PYlUOGVEHYDNQLQJYLVLRQRFKVWUDWHJLHU 9HUNVDPKHWVVW\UQLQJ (NRQRPLVNVW\UQLQJRFKNRQWUROO 3URFHVVI|UXWYHFNOLQJVVDPDUEHWH ,GHQWLILHUDEHKRY²XUYDODYVDPDUEHWVSDUWQHUVSURJUDPRFKSURMHNW 8SSI|OMQLQJRFKXWYlUGHULQJDYSURJUDPRFKSURMHNW 5DSSRUWHULQJWLOO605 :à6&)(Ó12-2+%:716 gYHUVLNWOLJEHG|PQLQJ 7LOOI|UOLWOLJKHWL605VXQGHUODJI|UEHVOXWRFKEHG|PQLQJ *RGNlQQDQGHDYPHGOHPVRUJDQLVDWLRQHURFKVDPDUEHWVSDUWQHUVLQRPUDPHQI|U6LGDILQDQVLHUDW XWYHFNOLQJVVDPDUEHWH *UDQVNQLQJDYSURJUDPRFKSURMHNWDQV|NQLQJDU 0HGHOVDQYlQGQLQJI|UHQVNLOGDSURMHNWHOOHUSURJUDP 9HUNVDPKHWVUHVXOWDWI|UHQVNLOGDSURMHNWRFKSURJUDP 9HUNVDPKHWVSODQRFKEXGJHWWLOO6LGD cUVUDSSRUWHULQJWLOO6LGD 605VVW\UQLQJRFKNRQWUROO 9HUNVDPKHW .RQWUROORFKI|UXWVlWWQLQJDUI|UNRQWUROODYVHHQGHILQDQVLHOOUDSSRUWHULQJ 367%/)68-009441â6/7%11%()463&0)1 6WUXNWXUHOODRUVDNHU 6W\UQLQJVUHODWHUDGHRUVDNHU 6\VWHPPlVVLJDRUVDNHU .XOWXU :à6%6)/311)2(%8-32)6
7X]VRMRKSGLOSRXVSPPMRSQ7ZIRWOE1MWWMSRWVÅHIX
7]WXIQVIZMWMSR
7EQQERJEXXRMRK
9LKDUSnXSSGUDJDY6LGDVHQKHWI|UVDPYHUNDQPHGHQVNLOGDRUJDQLVDWLRQHU6(.$ JHQRPI|UWHQJUDQVNQLQJVNV\VWHPUHYLVLRQDY6YHQVND0LVVLRQVUnGHW605VRPlU HQSDUDSO\RUJDQLVDWLRQI|UGHQPLVVLRQVYHUNVDPKHWVRPEHGULYVDYN\UNRUVDPIXQGRFK NULVWQDRUJDQLVDWLRQHUL6YHULJH605lUGHWlOGVWDIXQJHUDQGHHNXPHQLVNDRUJDQHWL6YHUL JHRFKWLOONRP,GDJKDU605PHGOHPVRUJDQLVDWLRQHURFKDVVRFLHUDGHRUJDQL VDWLRQHU 605lURFNVnHQELGUDJVI|UPHGODQGHUDPRUJDQLVDWLRQVRPHQOLJWDYWDOPHG 6LGDHUKnOOHUPHGHOI|UDWWILQDQVLHUDXWYHFNOLQJVLQVDWVHULXWYHFNOLQJVOlQGHU PHGV\IWHDWWVWlUNDIUDPYl[WHQDYHWWFLYLOWVDPKlOOH(QI|UXWVlWWQLQJI|U 605VELGUDJIUnQ6LGDlURFNVnDWWLQVDWVHUQDVWnUL|YHUHQVVWlPPHOVHPHG6L GDVELVWnQGVSROLWLVNDPnORFKL|YULJWI|OMHU6LGDV$OOPlQQDYLOONRURFKDQYLV QLQJDU)|UYHUNVDPKHWVnUHWHUK|OO605PLOMRQHUNURQRU$YWDOHW PHG6LGDLQQHElUDWW605VnWDUVLJDWWI|UGHOD6LGDVPHGHOWLOOVLQDPHGOHP VRUJDQLVDWLRQHULQNODVVRFLHUDGHDWWVlNHUVWlOODDWW6LGDVELGUDJDQYlQGVLHQ OLJKHWPHG6LGDVDQYLVQLQJDURFKYLOONRUVDPWDWWVlNHUVWlOODRFKNRQWUROOHUDDWW UDSSRUWHULQJHQWLOO6LGDlUNRUUHNW'HWWDVWlOOHUNUDYSn605VI|UPnJDDWWEn GHVW\UDRFKNRQWUROOHUDPHGOHPVRUJDQLVDWLRQHUQDVDQYlQGQLQJDY6LGDPHGHO 9nUWJUDQVNQLQJVXSSGUDJV\IWDUWLOODWWEHG|PDYDGJlOOHUGHW6LGDILQDQVLHUDGH XWYHFNOLQJVVDPDUEHWHW • 605VVW\UQLQJRFKNRQWUROODYYHUNVDPKHWRFKHNRQRPL • 0HGOHPVRUJDQLVDWLRQHUQDVVW\UQLQJRFKNRQWUROODYYHUNVDPKHWRFKHNRQRPL • 7LOOI|UOLWOLJKHWHQRFKUHOHYDQVLXQGHUODJI|U605VEHVOXWRFKEHG|PQLQJDU • 7LOOI|UOLWOLJKHWHQLGHQGRNXPHQWDWLRQVRP|YHUOlPQDVWLOO6LGD 9nUXWJnQJVSXQNWLYnUEHG|PQLQJlUGHOVGHNUDYVRPIUDPJnUDY6LGDVDYWDO $OOPlQQDYLOONRURFKDQYLVQLQJDUGHOVHWWDQWDOJUXQGOlJJDQGHRFKJHQHUHOOD NULWHULHUI|UXWVlWWQLQJDUVRPE|UYDUDXSSI\OOGDI|UDWWVW\UQLQJHQRFKNRQ WUROOHQDYVHHQGHYHUNVDPKHWRFKHNRQRPLVNDYDUDWLOOIUHGVVWlOODQGHLQRPRU JDQLVDWLRQHULDOOPlQKHW9nUJUDQVNQLQJEDVHUDVSnHWWRPIDWWDQGHPDWHULDOVRPEHVWnUDYFDWDOHW LQWHUYMXHUIlOWEHV|NSURFHVVNDUWOlJJQLQJDUHQNlWJUDQVNQLQJDYVW\U GRNXPHQWSURMHNWGRNXPHQWERNI|ULQJHWF 9nUEHG|PQLQJDY605VVW\UQLQJRFKNRQWUROODYYHUNVDPKHWRFK HNRQRPL • 605KDUHQVYDJNRQWUROORFKVW\UQLQJ%nGHVW\UQLQJHQRFKNRQWUROOHQlU RWLOOUlFNOLJDLI|UKnOODQGHWLOOGHOVNUDYHQHQOLJWDYWDOHWPHG6LGDGHOVGH JUXQGOlJJDQGHNUDYVRPNDQVWlOODVSnHQRUJDQLVDWLRQ7LOOGHPHUXSSHQ EDUDSUREOHPHQK|UDWW q 605VDNQDUYLVLRQHUPnORFKVWUDWHJLHUI|UVLWWXWYHFNOLQJVVDPDUEHWH9HUNVDPKHWV VW\UQLQJHQlUVYDJGnYHUNVDPKHWVSODQHUVDNQDVRFKSULRULWHULQJPHOODQROLNDVODJDY LQVDWVHULQWHJ|UV q 'HQHNRQRPLVNDUHVXUVWLOOGHOQLQJHQKDUHWWVWDUNDUHVDPEDQGPHOODQRUJDQLVDWLRQHU QDVHJHQLQVDWVRFKKLVWRULVNUHVXUVWLOOGHOQLQJlQWLOOSULRULWHUDGHSURMHNWHIWHUVRPQnJRQ SULRULWHULQJKLWLQWLOOVLQWHKDUJMRUWV q 'HQLQWHUQDDQVYDUVRFKEHIRJHQKHWVVWUXNWXUHQLQRP605LQWHlUNODUJMRUG q 'HQHNRQRPLVNDUHGRYLVQLQJHQDYPHGHOVI|UEUXNQLQJHQDYHQVNLOGDSURMHNWlURWLOO IUHGVVWlOODQGH q 605JHULQWHPHGOHPVRUJDQLVDWLRQHUQDWLOOUlFNOLJDDQYLVQLQJDURFKVW|GI|UDWWXSS I\OODGHNUDYVRP6LGDVWlOOHU • 605VVW\UQLQJRFKNRQWUROODYSURFHVVHQI|UDWWEHUHGDPHGOHPV RUJDQLVDWLRQHUQDVSURMHNWDQV|NQLQJDURFKUDSSRUWHULQJDYDYVOXWDGHSUR MHNWKnOOHUHQK|JUHNYDOLWHWlQ605V|YULJDVW\UQLQJRFKNRQWUROO )UDPI|UDOOWILQQVHQEUDSU|YQLQJDYSURMHNWHQVUHVXUVEHKRYRFKJHQRP I|UEDUKHW'HEULVWHUVRPXSSPlUNVDPPDWVlUDWW q 8QGHUODJVDNQDVLUHJHOI|UDWWEHG|PDDWWSURMHNWHWKDUHWWV\IWHVRPVWnUL|YHUHQV VWlPPHOVHPHG6LGDVELVWnQGVSROLWLVNDPnOOLNVRPYLONDUHVXOWDWVRPSURMHNWHWVND XSSQnPHGDYVHHQGHSnPnOJUXSSHUQDVEHKRY q 8SSI|OMQLQJHQRFKXWYlUGHULQJHQDYHQVNLOGDHOOHUIOHUDSURMHNWJ|UVLQWHV\VWHPD WLVNWYLONHWEHJUlQVDUP|MOLJKHWHQWLOODWWEHG|PDQ\WWDQDYJMRUGDLQVDWVHUXWLIUnQ V\IWHWPHGSURMHNWHQSURJUDPPHQRFK6LGDVELVWnQGVSROLWLVNDPnO q 605LQWHNRQWUROOHUDURFKYHULILHUDUDWWPHGOHPVRUJDQLVDWLRQHUQDVGHORFKVOXWUDS SRUWHUlUNRUUHNWD
• 605KDULQWHIDVWVWlOOWQnJUDJUXQGOlJJDQGHNYDOLWHWVNUDYI|UPHGOHPVRU JDQLVDWLRQHUQDVVW\UQLQJRFKNRQWUROOVRPNDQI|UYlQWDVVlNHUVWlOODDWWXW YHFNOLQJVVDPDUEHWHWXSSI\OOHUGHNUDYVRP6LGDKDU VWlOOW605KDUGlUPHGVYnUWDWWI|U6LGDYLVDSnYLONHWVlWWPDQVRPEL GUDJVI|UPHGODQGHUDPRUJDQLVDWLRQVlNHUVWlOOHUDWW6LGDELGUDJHQDQYlQGV LHQOLJKHWPHG6LGDVYLOONRURFKDQYLVQLQJDU 9nUEHG|PQLQJDYPHGOHPVRUJDQLVDWLRQHUQDVVW\UQLQJRFKNRQ WUROODYYHUNVDPKHWRFKHNRQRPL • 0HGOHPVRUJDQLVDWLRQHUQDKDULUHJHOHQPHUXWYHFNODGVW\UQLQJRFKNRQ WUROOlQ605IUDPI|UDOOWGHVW|UUHRUJDQLVDWLRQHUQD9DGJlOOHUGHJUXQG OlJJDQGHI|UXWVlWWQLQJDUQDI|UVW\UQLQJRFKNRQWUROOILQQVYLVVDSUREOHPVn VRPDWW q 2PYlUOGVEHYDNQLQJJ|UVPHQlULQWHDOOWLGWLOOUlFNOLJWVWUXNWXUHUDG q 9LVLRQHUPnORFKVWUDWHJLHUVDNQDVLUHJHOI|UXWYHFNOLQJVVDPDUEHWHWPHQILQQVI|UPLV VLRQVDUEHWHWL|YULJW q 3ODQHULQJVGRNXPHQWVDNQDVLVWRUXWVWUlFNQLQJ q $UEHWVRUGQLQJRFKEHVOXWVRUGQLQJVDNQDVRIWD'lUHPRWILQQVRIWDEHIDWWQLQJVEHVNULY QLQJDU • 9DGJlOOHUVMlOYDSURFHVVHQI|UXWYHFNOLQJVVDPDUEHWHVNHUGHQSnUHODWLYWVl NHUJUXQGHIWHUVRP q 6DPDUEHWVSDUWQHUVlUYlONlQGDVHGDQOnQJYDULJWVDPDUEHWHRFKDYWDOVOXWVVRPUHJHO PHGGHP q 3URMHNWI|UVODJSU|YDVQRJJUDQWRFKXSSI|OMQLQJDYSURMHNWHQVNHUJHQRPIlOWEHV|N RFKHOOHUJHQRPGHORFKVOXWUDSSRUWHUIUnQVDPDUEHWVSDUWQHU q 2UJDQLVDWLRQHUQDKDUWLOOUlFNOLJNRQWUROODYDWWGHPHGHOVRPVDPDUEHWVSDUWQHUHUKnO OHUDQYlQGVLHQOLJKHWPHGSURMHNWRFKDYWDO q 2UJDQLVDWLRQHUQDI|OMHUGHPDOODUVRP605XWIRUPDWI|UDYWDOSURMHNWDQV|NQLQJDU RFKVOXWUDSSRUWHULQJ • 9LVVDEULVWHUNDQGRFNNRQVWDWHUDVLRUJDQLVDWLRQHUQDVSURFHVVI|UXWYHFN OLQJVVDPDUEHWH1nJUDDYEULVWHUQDlUDWW q 0HWRGLNHQI|UDWWLGHQWLILHUDEHKRYRFKPnOJUXSSHUVDPWEHG|PDVDPDUEHWVSDUWQHUV lURWLOOUlFNOLJ
q &KHFNOLVWRURFKUXWLQHUI|UDWWEHG|PDSURMHNWRFKVDPDUEHWVSDUWQHUVVDNQDVLUHJHO q 6\IWHWPHGSURMHNWHQVlOODQIUDPJnUOLNVRPI|UYlQWDGHHIIHNWHUKRVPnOJUXSSHQ q .RQWUROORFKYHULILHULQJJ|UVVlOODQDYGHUHVXOWDWRFKHIIHNWHUDYSURMHNWHQVRPVDP DUEHWVSDUWHUUHGRYLVDU q 'RNXPHQWDWLRQVRPYLVDUGHEHG|PQLQJDUVRPRUJDQLVDWLRQHQJMRUWDYSURMHNWRFK XQGHUODJI|UXWEHWDOQLQJDUVDNQDVQlVWDQDOOWLG 9nUEHG|PQLQJDYWLOOI|UOLWOLJKHWHQRFKUHOHYDQVL605VXQGHUODJ I|UEHVOXWRFKEHG|PQLQJDU • 9LEHG|PHUDWWXQGHUODJHWI|U605VEHVOXWRFKEHG|PQLQJDUlUUHODWLYW WLOOI|UOLWOLJWWLOOI|OMGDYDWW q 0HGOHPVRUJDQLVDWLRQHUQDlUYlONlQGDI|U605VRPRFNVnRIWDVWNlQQHUWLOOGHUDVOR NDODVDPDUEHWVSDUWQHUV q 2UJDQLVDWLRQHUQDVSURMHNWDQV|NQLQJDUQDlUXSSVWlOOGDSnHWWHQKHWOLJWVlWW q 3URMHNWHQKDUJHQRPJnWWHQQRJJUDQQSU|YQLQJIUDPI|UDOOWDYUHVXUVEHKRYHW q 6DPWOLJDVOXWUDSSRUWHUKDULUHJHOJUDQVNDWVDYUHYLVRU q 0HGOHPVRUJDQLVDWLRQHUQDJHQRPI|ULUHJHOIlOWEHV|NKRVVLQDVDPDUEHWVSDUWQHUV • 'HVYDJKHWHUVRPYLKDUXSSPlUNVDPPDWlUIUlPVWDWW
q 605LQWHVWlOOHUQnJUDNUDYSnPHGOHPVRUJDQLVDWLRQHUQDVEHG|PQLQJDUDYVDPDU
EHWVSDUWQHUV q 6\VWHPDWLVNXSSI|OMQLQJRFKYlUGHULQJDYPHGOHPVRUJDQLVDWLRQHUQDVYHUNVDPKHWVNHU LQWHDY605 q 605JHURW\GOLJDDQYLVQLQJDUEHWUlIIDQGHNUDYHWSnHNRQRPLVNUDSSRUWHULQJ q 605EHG|PQLQJDUDYSURMHNWDQV|NQLQJDURFKGHORFKVOXWUDSSRUWHUGRNXPHQWHUDV EULVWIlOOLJW 9nUEHG|PQLQJDYWLOOI|UOLWOLJKHWHQLGHQGRNXPHQWDWLRQVRP |YHUOlPQDVWLOO6LGD 'HQGRNXPHQWDWLRQVRP6LGDInUDY605lUGHOVHQYHUNVDPKHWVSODQLQNO EXGJHWGHOVHQnUVUDSSRUW • 9DGJlOOHUYHUNVDPKHWVSODQHQJ|UYLEHG|PQLQJHQDWW
q 3ODQHQlUUHODWLYWWLOOI|UOLWOLJHIWHUVRPGHQEDVHUDVSnPHGOHPVRUJDQLVDWLRQHUQDVSUR MHNWEHVNULYQLQJDU5HVXUVEHKRYHWlUYlODYYlJW q 3ODQHQlULQJHWXWWU\FNI|UHQYLOMHLQULNWQLQJRFKSULRULWHULQJIUnQ605HIWHUVRP605 LQWHKDUVWlOOWXSSPnOI|UXWYHFNOLQJVVDPDUEHWHW3ODQHQlUHQGDVWHQVDPPDQVWlOO QLQJDYPHGOHPVRUJDQLVDWLRQHUQDVSURMHNWDQV|NQLQJDU • 9DGJlOOHUnUVUDSSRUWHQJ|UYLEHG|PQLQJHQDWW q 5DSSRUWHULQJHQEDVHUDVSnXSSJLIWHUIUnQPHGOHPVRUJDQLVDWLRQHUQDVRPHQOLJWYnU EHG|PQLQJKnOOHUWLOOUlFNOLJNYDOLWHW'HIOHVWDVOXWUDSSRUWHUlUWH[JUDQVNDGHDYNYDOL ILFHUDGHUHYLVRUHU q cUVUDSSRUWHQLQQHKnOOHULQJHQDQDO\VDYUHGRYLVDGHUHVXOWDWRFKLQJHQEHG|PQLQJDY JHQRPI|UGDSURMHNWVVDPODGHHIIHNWHUUHODWHUDWWLOOHYXUVSUXQJOLJEHVNULYQLQJDYHI IHNWPnO q 'HWHNRQRPLVNDXWIDOOHWlUHQGDVW|YHUVLNWOLJWJUDQVNDW q cUVUDSSRUWHQWLOOJRGRVHULQWHGHNUDYVRP6LGDVWlOOHUSn605 9nUDUHNRPPHQGDWLRQHU 9nUXSSIDWWQLQJlUDWWRPIDWWDQGHI|UlQGULQJVnWJlUGHUNUlYVPRWEDNJUXQGDY GHSUREOHPVRPYnUJUDQVNQLQJYLVDU'HWlUYnUEHG|PQLQJDWW605LGDJVOl JHWLQWHXSSI\OOHUGHNUDYVRP6LGDKDUUlWWDWWVWlOODSn605VnVRPHQEL GUDJVI|UPHGODQGHUDPRUJDQLVDWLRQ 9LPHQDUDWW605VWnULHWWOlJHGlUHWWDYJ|UDQGHYlJYDOPnVWHJ|UDV )|U605ILQQVLSULQFLSWUHROLNDKDQGOLQJVDOWHUQDWLY • $OWHUQDWLY$WWXSSUlWWDHQRPIDWWDQGHnWJlUGVSODQRFKWLOOI|UVlNUDVLJHWW PDQGDWIUnQPHGOHPVRUJDQLVDWLRQHUQDVRPJHU605EHIRJHQKHWHUDWWVW\UD XWYHFNOLQJVVDPDUEHWHW • $OWHUQDWLY$WWLQLWLHUDHQRPI|UKDQGOLQJDYDYWDOHWPHG6LGDVRPLQQH ElUDWW6LGDVNUDYSn605VVW\UQLQJEHJUlQVDV • $OWHUQDWLY$WWLQOHGDHQGLVNXVVLRQLQRP605VPHGOHPVRUJDQLVDWLRQHU RFKPHG6LGDRPP|MOLJKHWHQDWW6LGDPHGHOI|UGHODVJHQRPDQQDQ UDPRUJDQLVDWLRQlQ605
&EOKVYRH
9TTHVEKIX 3nXSSGUDJDY6(.$6LGDVHQKHWI|UVDPYHUNDQPHGHQVNLOGDRUJDQLVDWLRQHU KDUgKUOLQJV3ULFHZDWHUKRXVH&RRSHUV3Z&JHQRPI|UWHQJUDQVNQLQJVNV\V WHPUHYLVLRQDY6YHQVND0LVVLRQVUnGHW605605lUHQSDUDSO\RUJDQLVDWLRQ I|URUJDQLVDWLRQHUVRPEHGULYHUPLVVLRQVDUEHWHSnNULVWHQJUXQG605lU JHQWHPRW6LGDRFNVnHQVNELVWnQGVI|UPHGODQGHUDPRUJDQLVDWLRQYLONHQLQQH ElUHWWDQVYDUI|UDWWVDPRUGQDRFKNRQWUROOHUDDWWGH6LGDILQDQVLHUDGHXWYHFN OLQJVLQVDWVHUQDWLOOP|WHVJnULQQHKnOOHWL6LGDVDYWDOPHG605 8SSGUDJHWKDUEHVWnWWLDWWJUDQVNDVnYlO605VRP605VPHGOHPV RUJDQLVDWLRQHULQNODVVRFLHUDGH*UDQVNQLQJHQKDUIRNXVHUDWSnUXWLQHURFK V\VWHPI|UVW\UQLQJRFKNRQWUROODYYHUNVDPKHWRFKHNRQRPLLQRPGHOV605 GHOVHQVNLOGDPHGOHPVRUJDQLVDWLRQHULQRP605YDGJlOOHU • 7LOOI|UOLWOLJKHWRFKUHOHYDQVLGDWDI|UEHVOXWVXQGHUODJHWFUHOLDELOLWHWRFK YDOLGLWHW • $UEHWVVlWWRFKPHWRGHUHWFVRPEHVNULYHUKXUGHWSUDNWLVNDDUEHWHWEHGULYV • 5XWLQHURFKV\VWHPVRPlUDYUHOHYDQVI|UWLOOI|UOLWOLJKHWHQLGHQGRNXPHQ WDWLRQRUJDQLVDWLRQHQ|YHUOlPQDUWLOO6(.$I|UGHVVKDQGOlJJQLQJ • 9lUGHUDV\VWHPRFKUXWLQHUXWLIUnQNUDYSnUHOLDELOLWHWRFKYDOLGLWHWVDPW WLOOI|UOLWOLJKHWLGRNXPHQWDWLRQVRP|YHUOlPQDVWLOO6(.$$YVHUGRNX PHQWDWLRQHQVnWHUVSHJOLQJDYRUJDQLVDWLRQHQVIDNWLVNDI|UKnOODQGHQRFK GHVVOlPSOLJKHWVRPEHVOXWVXQGHUODJL6LGDVKDQGOlJJQLQJ ,XSSGUDJHWLQJnUlYHQDWWJHNRQNUHWDI|UVODJWLOOnWJlUGHUYDGJlOOHU605VRP RUJDQLVDWLRQXWLIUnQXSSPlUNVDPPDGHSUREOHP'HQQDGHODYXSSGUDJHWVND UDSSRUWHUDVLVlUVNLOGRUGQLQJRFKUHGRYLVDVGlUI|ULQWHLGHQQDUDSSRUW9LKDU GRFNLGHQQDUDSSRUWYDOWDWW|YHUVLNWOLJWSHNDSnWUHROLNDKDQGOLQJVDOWHUQDWLYI|U DWWNRPPDWLOOUlWWDPHGYLVVDJUXQGOlJJDQGHSUREOHPVRPDYWDOVSDUWWLOO 6LGD 9nUJUDQVNQLQJKDUJHQRPI|UWVXQGHUK|VWHQ 9XKÅRKWTYROXIVJ¸VZÅVKVERWORMRK 'HNUDYVRPNDQVWlOODVSn605VVW\UQLQJRFKNRQWUROODYYHUNVDPKHWRFK HNRQRPLYDGJlOOHUGHW6LGDILQDQVLHUDGHXWYHFNOLQJVVDPDUEHWHWKDUVLQXW JnQJVSXQNWL• $YWDOHWPHG6LGD • *HQHUHOODHJHQVNDSHUVRPNlQQHWHFNQDUJRGVW\UQLQJRFKNRQWUROOLQRP RUJDQLVDWLRQHU (QXWJnQJVSXQNWI|UGHQQDJUDQVNQLQJlUGHWDYWDOVRP605KDULQJnWWPHG6L GDVRPILQDQVLlU,DYWDOHWVRPLDOOWYlVHQWOLJWKDUVDPPDLQQHKnOOI|UVDPWOLJD 6LGDVUDPRUJDQLVDWLRQHUPHGWLOOK|UDQGHDOOPlQQDYLOONRURFKDQYLVQLQJDUDQ JHU6LGDGHOVLQULNWQLQJDYXWYHFNOLQJVLQVDWVHUQDGHOVNUDYSnDWWDYWDOVSDUWHQVND NXQQDVlNHUVWlOODDWWLQVDWVHUQDVWnUL|YHUHQVVWlPPHOVHPHG6LGDVDYWDO)|U 605VRPI|UDQGUDUDPRUJDQLVDWLRQHUJlOOHUGHWDWWNXQQDYLVDDWWRUJDQLVDWLR QHQKDUI|UPnJDDWWVW\UDRFKNRQWUROOHUDLQVDWVHUQDVnDWWGH|YHUHQVVWlPPHUPHG 6LGDVYLOONRURFKDQYLVQLQJDUVDPWOLJJHULQRPUDPHQI|U6LGDVELVWnQGVSROLWLVND PnO605VRPRUJDQLVDWLRQVNDPDRNXQQDXSSYLVDUXWLQHURFKV\VWHPI|U VW\UQLQJVRPERUJDUI|UDWW6LGDVHNRQRPLVNDELGUDJWLOO605NRPPHUDWWDQ YlQGDVLHQOLJKHWPHGGH|YHUJULSDQGHELVWnQGVSROLWLVNDP|WHQ'HWWDLQQHElU lYHQDWWV\VWHPPnVWHILQQDVI|UDWWNXQQDNRUULJHUDDYYLNHOVHULSnJnHQGHXW YHFNOLQJVLQVDWVHU605KDURFNVnVRPRUJDQLVDWLRQDWWXSSYLVDUXWLQHURFKV\V WHPI|UNRQWUROOVRPERUJDUI|UDWWUDSSRUWHULQJHQWLOO6LGDRPLQVDWVHUQDVNRVW QDGHURFKUHVXOWDWlUNRUUHNWDRFK|YHUHQVVWlPPHUPHGYHUNOLJKHWHQ 'HWIDNWXPDWW605lUHQµSDUDSO\RUJDQLVDWLRQµI|UVLQDPHGOHPVRUJDQLVDWLR QHURFKGlUI|ULQWHVMlOYJHQRPI|UGH6LGDILQDQVLHUDGHXWYHFNOLQJVLQVDWVHUQDLQ QHElUHQOLJWYnUEHG|PQLQJDWW6LGDLQWHKDUDQOHGQLQJDWWVWlOODOlJUHNUDYSnVLQ DYWDOVSDUW(QOLJWYnUXSSIDWWQLQJKDU605HWWDQVYDUJHQWHPRW6LGDDWWUHGRYLVD SnYLONHWVlWWVRPGH6LGDILQDQVLHUDGHXWYHFNOLQJVLQVDWVHUQDVVlNHUVWlOOVLI|UKnO ODQGHWLOODYWDOHWPHG6LGD'HWWDNDQJ|UDVSnWYnVlWW$QWLQJHQKDU605HQ VW\UQLQJRFKNRQWUROODYXWYHFNOLQJVLQVDWVHUQDVRPlYHQEOLUELQGDQGHI|UPHG OHPVRUJDQLVDWLRQHUQDDWWHIWHUOHYD'HWEOLUGnGHWWDVW\URFKNRQWUROOV\VWHPVRP UHGRYLVDVI|U6LGD$OWHUQDWLYWKDU605HWWV\VWHPVRPVlNHUVWlOOHUNYDOLWHWHQLGH VW\URFKNRQWUROOUXWLQHUVRPPHGOHPVRUJDQLVDWLRQHUQDWLOOlPSDU'HWEOLUGn GHWWDNYDOLWHWVVlNULQJVV\VWHPVRP605UHGRYLVDUI|U6LGD (Q\WWHUOLJDUHXWJnQJVSXQNWI|UYnUJUDQVNQLQJlUDWW605VRPRUJDQLVDWLRQ E|UXSSYLVDYLVVDDYGHJUXQGOlJJDQGHI|UXWVlWWQLQJDUVRPNlQQHWHFNQDUDOOD RUJDQLVDWLRQHU7LOOGHVVDI|UXWVlWWQLQJDUNDQUlNQDVDWWRUJDQLVDWLRQHQKDUWD JLWIUDPYLVLRQPnORFKVWUDWHJLHUI|UVLQYHUNVDPKHWKDUHQYHUNVDPKHWVVW\U QLQJRFKHNRQRPLVNVW\UQLQJI|OMHUXSSRFKXWYlUGHUDUYHUNVDPKHWHQVDPWKDU HQlQGDPnOVHQOLJRFKW\GOLJDQVYDUVRFKEHIRJHQKHWVVWUXNWXU2UJDQLVDWLRQHU VRPVDNQDUGHVVDI|UXWVlWWQLQJDUKDUHUIDUHQKHWVPlVVLJWSUREOHPPHGDWW nVWDGNRPPDUHVXOWDW9LKDUI|UVWnWWDWWGHWlYHQOLJJHUL6LGDVLQWUHVVHDWWVDP DUEHWDPHGUDPRUJDQLVDWLRQHUQDKDUHQJRGI|UPnJDDWWVW\UDVLQYHUNVDPKHW XWLIUnQRUJDQLVDWLRQHQVHJQDPnOYLGVLGDQDYGHLQULNWQLQJVPnOVRP6LGDKDU I|UGHW6LGDILQDQVLHUDGHXWYHFNOLQJVVDPDUEHWHW
9DGJlOOHUYnUDXWJnQJVSXQNWHUI|UJUDQVNQLQJHQDY605VPHGOHPV RUJDQLVDWLRQHUU|UDQGHVW\UQLQJRFKNRQWUROODYYHUNVDPKHWRFKHNRQRPLLQRP GHW6LGDILQDQVLHUDGHXWYHFNOLQJVVDPDUEHWHWlUDWWGHVRPRUJDQLVDWLRQHUVND XSSYLVDGHI|UXWVlWWQLQJDUVRPJlOOHUI|ULGpEXUQDRUJDQLVDWLRQHULDOOPlQKHW 'HVVXWRPI|UYlQWDVRUJDQLVDWLRQHUQDXSSI\OODGHNUDYVRP6LGDVWlOOHULDYWDOHW PHG605lYHQRPPHGOHPVRUJDQLVDWLRQHUQDLQWHKDUVHSDUDWDDYWDOPHG6LGD 1IXSHSGLEVFIXWWXIK 9nUJUDQVNQLQJKDUJHQRPI|UWVLI|OMDQGHVWHJ • 6WHJgYHUVLNWOLJNDUWOlJJQLQJDYXSSGUDJHW ,GHWWDDUEHWVVWHJKDUYLLGLDORJPHGXSSGUDJVJLYDUHSUHFLVHUDWPHWRGHU RFKDUEHWVVlWWXWLIUnQHQSUHOLPLQlUEHG|PQLQJDYGHYlVHQWOLJDVWHSUREOH PRPUnGHQD • 6WHJ.DUWOlJJQLQJDYVW\UQLQJNRQWUROORFKRUJDQLVDWLRQLQRP605 'HWWDDUEHWVVWHJKDURPIDWWDWJUDQVNQLQJDY • 605VI|UXWVlWWQLQJDUI|UVW\UQLQJGYV605VYLVLRQRFKVWUDWHJLHU YHUNVDPKHWVVW\UQLQJLQNOYHUNVDPKHWVSODQHNRQRPLVNVW\UQLQJDQ VYDUVRFKEHIRJHQKHWVVWUXNWXUVDPWKMlOSPHGHOI|UVW\UQLQJ • 605VSURFHVVI|UDWWNYDOLWHWVVlNUDPHGOHPVRUJDQLVDWLRQHUQDVXW YHFNOLQJVVDPDUEHWHLQQHIDWWDQGHRPYlUOGVEHYDNQLQJVDPDUEHWHPHG SDUWQHUVLQNOLGHQWLILHULQJXUYDORFKDYWDOPHGSDUWQHUVHNRQRPLVN XSSI|OMQLQJNRQWUROORFKUDSSRUWHULQJDYHQVNLOGDSURMHNWYHUNVDP KHWVPlVVLJXSSI|OMQLQJVDPWNRQWUROORFKUDSSRUWHULQJDYHQVNLOGD SURMHNW • 605VSURFHVVI|UHUIDUHQKHWVXWE\WHRFKNRPSHWHQVXWYHFNOLQJDY PHGOHPVRUJDQLVDWLRQHUGYVXUYDOJHQRPI|UDQGHRFKXSSI|OMQLQJ • 605VSULQFLSHUI|UYDODYPHGOHPVRUJDQLVDWLRQHURFKRUJDQLVDWLRQHU VRP605I|UPHGODU6LGDPHGHOWLOO • 605VGLDORJPHGRFKULNWOLQMHUWLOOPHGOHPVRUJDQLVDWLRQHULQQHIDW WDQGHUDSSRUWHULQJWLOORFKIUnQ605GYV605VULNWOLQMHUI|USULRULWH ULQJDYSURMHNWULNWOLQMHUUXWLQHUI|UNRQWUROODYSURMHNWRUJDQLVDWLR QHQVXQGHUODJI|UUDSSRUWHULQJDYYHUNVDPKHWVUHVXOWDWRFKSURMHNW NRVWQDGHUWLOO605
6RPXQGHUODJI|UYnUDLDNWWDJHOVHUKDUYLJHQRPI|UWHQSURFHVV NDUWOlJJQLQJLQWHUYMXDWI|UHWUlGDUHI|URFKKDQGOlJJDUHYLG605 JUDQVNDWGRNXPHQWDWLRQU|UDQGHVW\UQLQJDYYHUNVDPKHWRFKHNRQRPL VDPWHNRQRPLVNUHGRYLVQLQJ • 6WHJ.DUWOlJJQLQJDYVW\UQLQJRFKNRQWUROODY605VPHGOHPVRUJDQL VDWLRQHU 'HWWDDUEHWVVWHJKDURPIDWWDWJUDQVNQLQJDY • 0HGOHPVRUJDQLVDWLRQHQVI|UXWVlWWQLQJDUI|UVW\UQLQJGYVPHGOHPV RUJDQLVDWLRQHUQDVHJQDRPYlUOGVEHYDNQLQJDUYLVLRQHURFKVWUDWHJLHU YHUNVDPKHWVVW\UQLQJLQNOYHUNVDPKHWVSODQHNRQRPLVNVW\UQLQJDQ VYDUVRFKEHIRJHQKHWVVWUXNWXUVDPWKMlOSPHGHOI|UVW\UQLQJ • 0HGOHPVRUJDQLVDWLRQHQVSURFHVVI|UXWYHFNOLQJVVDPDUEHWHSODQHULQJDY SURMHNWEHG|PQLQJDYSURMHNWJHQRPI|UDXWYHFNOLQJVLQVDWVXSSI|OM QLQJRFKXWYlUGHULQJVDPWUDSSRUWHULQJDYUHVXOWDWWLOO605 9LKDUKlUJUDQVNDWIHPRUJDQLVDWLRQHUVlUVNLOWLQJnHQGH6YHQVND0LV VLRQVI|UEXQGHW(ULNVKMlOSHQ$GYHQWLVWI|UEXQGHW$GUD1\E\JJHW VDPW&DULWDV9LKDUI|UGHVVDRUJDQLVDWLRQHUNDUWODJWSURFHVVHQI|UXW YHFNOLQJVVDPDUEHWHI|UUHVSHNWLYHRUJDQLVDWLRQ'lUXW|YHUKDUI|UHWUl GDUHRFKKDQGOlJJDUHI|URUJDQLVDWLRQHUQDLQWHUYMXDWV(QRPIDWWDQGH GRNXPHQWDWLRQDYVHHQGHVW\UQLQJRFKNRQWUROOKDURFNVnJUDQVNDWV)|U |YULJDPHGOHPVRUJDQLVDWLRQHULQRP605DYVW\FNHQKDU JUDQVNQLQJHQJMRUWVPHU\WOLJW+lUKDUYLXWJnWWIUnQHQNlWVYDUXWLIUnQ HQRPIDWWDQGHHQNlWVRPNRPELQHUDWVPHGWHOHIRQLQWHUYMXHU,YLVVDIDOO KDUlYHQOlQJUHLQWHUYMXHUJHQRPI|UWV9LKDUlYHQXWJnWWIUnQYLVVGR NXPHQWDWLRQIUnQRUJDQLVDWLRQHUQDVnVRPYHUNVDPKHWVSODQHUHWF • 6WHJ*UDQVNQLQJDYNRQNUHWDELVWnQGVSURMHNW 'HWWDDUEHWVVWHJKDURPIDWWDWHQJUDQVNQLQJDYXWYDOGDSURMHNWIUnQµD[ WLOOOLPSDµGYVIUnQLGpWLOOIlUGLJWRFKDYVOXWDWSURMHNWVRPUHGRYLVDWVWLOO 6LGD*HQRPIDOOVWXGLHUQDKDUYLJUDQVNDWKXUSURMHNWHQKDUVW\UWVRFK NRQWUROOHUDWVIUnQ605VPHGOHPVRUJDQLVDWLRQHUYLGDUHWLOO605RFKKXU SURMHNWUHVXOWDWHQUDSSRUWHUDWVWLOO6LGD)|OMDQGHIDVHULSURMHNWHQKDU JUDQVNDWVXUYDOEHVOXWSODQHULQJDYWDOJHQRPI|UDQGHXSSI|OMQLQJ XWYlUGHULQJUDSSRUWHULQJ*HQRPDWWI|OMDSURMHNWJHQRPGHVVDIDVHU XSSPlUNVDPPDVNRQNUHWDVYDJKHWHURFKVW\UNRULGHQVW\UQLQJRFK NRQWUROOVRPPHGOHPVRUJDQLVDWLRQHUQDRFK605XW|YDU'HWEOLUGlU PHGP|MOLJWDWWYHULILHUDµV\VWHPUHODWHUDGHµVW\UNRURFKVYDJKHWHULGHQ VW\UQLQJRFKNRQWUROOVRPXW|YDVDYPHGOHPVRUJDQLVDWLRQRFK605
9nUDLDNWWDJHOVHUKDUKlUEDVHUDWVSnLQWHUYMXHUPHGKDQGOlJJDUHI|U SURMHNWYLGPHGOHPVRUJDQLVDWLRQRFK605WLOOJlQJOLJGRNXPHQWDWLRQ VDPWLYLVVDIDOOlYHQPHGI|UHWUlGDUHI|UORNDOVDPDUEHWVSDUWQHUVYLONHW JHQRPI|UGHVLVDPEDQGPHGHWWIlOWEHV|NDYHWWDQWDOXWYHFNOLQJVSURMHNW L$IULND8JDQGDRFK7DQ]DQLDVDPWYLG.\UNRUQDVYlUOGVUnGL*HQHYH é 6WHJ.DUWOlJJQLQJDYLQIRUPDWLRQVXWE\WHWPHOODQ605RFK6(.$ 'HWWDDUEHWVVWHJKDURPIDWWDWJUDQVNQLQJDY6(.$VDYWDOPHGDQYLV QLQJDURFKYLOONRUI|U605VXWYHFNOLQJVVDPDUEHWHVDPW605VUDSSRUWH ULQJWLOO6LGD 9LKDULGHQQDGHOWDJLWGHODYRPIDWWDQGHGRNXPHQWDWLRQVDPWJHQRPI|UW LQWHUYMXHUPHGI|UHWUlGDUHI|U6(.$RFK605 • 6WHJ9HULILHULQJRFKDQDO\V 'HWWDDUEHWVVWHJKDURPIDWWDWI|UDQNULQJDYYnUDLDNWWDJHOVHUJHQRP ZRUNVKRSRFKGLVNXVVLRQHUPHG605RFKHWWIOHUWDOPHGOHPVRUJDQLVDWLR QHU2UVDNHUWLOOXSSPlUNVDPPDGHSUREOHPKDUDQDO\VHUDWV • 6WHJ5DSSRUWVNULYQLQJ ,GHWWDDUEHWVVWHJKDU6(.$605RFKPHGOHPVRUJDQLVDWLRQHUQDInWW P|MOLJKHWDWWNRPPHQWHUDXWNDVWSnUDSSRUW0nQJDYLNWLJDV\QSXQNWHU SnVDNI|UKnOODQGHQEHG|PQLQJDURFKDQDO\VHUKDUEHDNWDWVI|UDWWLUDS SRUWHQJHHQUlWWYLVDQGHELOGDYVW\UQLQJHQRFKNRQWUROOHQLQRP605RFK 605VPHGOHPVRUJDQLVDWLRQHU 1EXIVMEP 9nUJUDQVNQLQJKDUEDVHUDWVSnHWWRPIDWWDQGHPDWHULDO 9nUDLDNWWDJHOVHUIUnQ605KDUEDVHUDWVSnI|OMDQGHPDWHULDO • ,QWHUYMXHU &DLQWHUYMXHUPHGWDOHWSHUVRQHUKDUJMRUWVPHGI|UHWUlGDUHI|U 605VNDQVOLHNRQRPLDQVYDULJKDQGOlJJDQGHSHUVRQDOVDPWPHGRUGI| UDQGHI|U605 • 3URFHVVNDUWOlJJQLQJ 605VNlUQSURFHVVHUDYVHHQGHXWYHFNOLQJVVDPDUEHWHKDUNDUWODJWVYLGWUH VHPLQDULHWLOOIlOOHQ
• 'RNXPHQWDWLRQ (WWRPIDWWDQGHPDWHULDOKDUJUDQVNDWVEHVWnHQGHDY • $OODVW\UGRNXPHQW • 8SSI|OMQLQJVRFKXWYlUGHULQJVUDSSRUWHU • %RNVOXWRFKXQGHUODJI|UHNRQRPLVNUHGRYLVQLQJ • 'RNXPHQWDWLRQU|UDQGHHQVNLOGDSURMHNW • 5DSSRUWHULQJWLOO6LGD 9nUDLDNWWDJHOVHUIUnQ605VVW|UUHPHGOHPVRUJDQLVDWLRQHUKDUEDVHUDWVSnI|OMDQGHPDWHULDO 6YHQVND0LVVLRQVI|UEXQGHW(ULNVKMlOSHQ$GUD1\E\JJHWVDPW&DULWDV • ,QWHUYMXHU &DLQWHUYMXHUPHGWDOHWSHUVRQHUKDUJMRUWVPHGI|UHWUlGDUHI|UUH VSHNWLYHRUJDQLVDWLRQVNDQVOLHNRQRPLDQVYDULJVDPWKDQGOlJJDQGHSHUVRQDO • 3URFHVVNDUWOlJJQLQJ 5HVSHNWLYHRUJDQLVDWLRQVNlUQRFKVW\USURFHVVHUKDUNDUWODJWVYLGWYnWLOOWUH VHPLQDULHWLOOIlOOHQYDUGHUD • 'RNXPHQWDWLRQ (WWRPIDWWDQGHPDWHULDOKDUJUDQVNDWVEHVWnHQGHDY • $OODVW\UGRNXPHQW • 8SSI|OMQLQJVRFKXWYlUGHULQJVUDSSRUWHU • %RNVOXWRFKXQGHUODJI|UHNRQRPLVNUHGRYLVQLQJ • 'RNXPHQWDWLRQU|UDQGHHQVNLOGDSURMHNW • 5DSSRUWHULQJWLOO605 9nUDLDNWWDJHOVHUIUnQ605V|YULJDPHGOHPVRUJDQLVDWLRQHUDYVW\FNHQKDUEDVHUDWV SnI|OMDQGHPDWHULDO • (QNlWVYDU
(QRPIDWWDQGHHQNlWVNLFNDGHVXWXQGHUVRPPDUHQYLONHQEHVYDUDGHV DYRUJDQLVDWLRQHU • ,QWHUYMXHU &DLQWHUYMXHUJHQRPWHOHIRQHOOHUYLGRUJDQLVDWLRQVEHV|NKDUJHQRPI|UWV PHGYHUNVDPKHWVRFKHNRQRPLDQVYDULJDI|UGHRUJDQLVDWLRQHUVRPEHVYD UDWHQNlWHQ • 'RNXPHQWDWLRQ (WWRPIDWWDQGHPDWHULDOKDUJUDQVNDWVEHVWnHQGHDY • )OHUWDOHWVW\UGRNXPHQW • 8SSI|OMQLQJVRFKXWYlUGHULQJVUDSSRUWHU • %RNVOXWRFKXQGHUODJI|UHNRQRPLVNUHGRYLVQLQJ %RKVITTWWÇXX 6RPXWJnQJVSXQNWI|UGHQQDJUDQVNQLQJKDUYLXWJnWWIUnQGHQPRGHOORFKGH EHG|PQLQJVNULWHULHUVRPYLXWYHFNODGHYLGHQWLGLJDUHJUDQVNQLQJDYHQPLQGUH UDPRUJDQLVDWLRQ'LDNRQLD'HQQDPRGHOOKDUWLOOlPSDWVIXOOWXWYLGJUDQVN QLQJHQDY605VPHGOHPVRUJDQLVDWLRQHU9LGJUDQVNQLQJHQDY605KDUYL GRFNEHK|YWJ|UDYLVVDPLQGUHMXVWHULQJDULPRGHOOHQ 9LKDUYDOWDWWDQYlQGDRVVDYHWWSURFHVVRULHQWHUDWV\QVlWWVRPXWJnQJVSXQNW I|UYnUDQDO\VDYYHUNVDPKHWVVW\UQLQJHQ *HQRPDWWNDUWOlJJDNlUQYHUNVDPKHWHQI|U605RFKI|UYDURFKHQDYGHIHPVWRUDPHG OHPVRUJDQLVDWLRQHUQDXWLIUnQGHUDVUHVSHNWLYHYHUNVDPKHWVLGpKDUYLInWWHQELOGDYGHDNWL YLWHWHUVRPXWI|UVLQRPUHVSHNWLYHRUJDQLVDWLRQVYHUNVDPKHW$NWLYLWHWHUQDKDUVWUXNWXUHUDWV VnDWWGHnWHUVSHJODUI|UlGOLQJVSURFHVVHQI|UUHVSHNWLYHRUJDQLVDWLRQ'HQQDSURFHVVEH VNULYVJUDILVNWLIRUPDYSURFHVVNDUWRUI|UUHVSHNWLYHRUJDQLVDWLRQVKXYXGSURFHVVHURFKGHO SURFHVVHU0RWLYHWI|UDWWJnLQLXSSGUDJHWPHGHWWSURFHVVRULHQWHUDWDQJUHSSVVlWWlUDWW GHWXWLIUnQ3Z&VHUIDUHQKHWlUHWWVQDEEWRFKHIIHNWLYWVlWWDWWLGHQWLILHUDJDSHWPHOODQKXU HQRUJDQLVDWLRQVKXYXGSURFHVVHUIXQJHUDURFKKXUGHERUGHIXQJHUDI|UDWWYHUNVDPKHWHQ VNDOONlQQHWHFNQDVDYJRGYHUNVDPKHWVVW\UQLQJ 9LKDUEHVNULYLWRUJDQLVDWLRQHUQDVYHUNVDPKHWGYVKXYXGSURFHVVHUPHGKMlOS DY,'()PHWRGHQVRPlU3Z&VVWDQGDUGYHUNW\JI|USURFHVVNDUWOlJJQLQJ )|UYnUDQDO\VDYWLOOI|UOLWOLJKHWHQLGHQILQDQVLHOODUDSSRUWHULQJHQKDUYLYDOWDWW DQYlQGDRVVDYGHODUL3Z&VVWDQGDUGPHWRGI|UJUDQVNQLQJDYLQWHUQVW\UQLQJ
RFKNRQWUROO&262PRGHOOHQVHELODJD0RWLYHWI|UDWWDQYlQGDGHQI|UYnU DQDO\VlUDWWGHQSnHWWV\VWHPDWLVNWVlWWJnULJHQRPGHRPUnGHQVRPlUYlVHQWOL JDI|UDWWNXQQDJ|UDHQEHG|PQLQJDYDWWRUJDQLVDWLRQHQKDUUXWLQHUPHWRGHU OHGQLQJVNRQWUROOHUHWFVRPVlNHUVWlOOHUHQWLOOI|UOLWOLJILQDQVLHOOUDSSRUWHULQJ %ZKVÇRWRMRKEV 9nUJUDQVNQLQJKDUDYJUlQVDWVWLOODWWRPIDWWD • 'HQVW\UQLQJRFKNRQWUROOVRP605RFKPHGOHPVRUJDQLVDWLRQHUQDXW|YDU LQRPGHW6LGDILQDQVLHUDGHXWYHFNOLQJVVDPDUEHWHW$QGUHGHODUDY605V RFKPHGOHPVRUJDQLVDWLRQHUQDVYHUNVDPKHWVnVRPPLVVLRQVYHUNVDPKHWHQ JUDQVNDVVnOHGHVLQWH • 'HQVW\UQLQJRFKNRQWUROODYVHHQGHYHUNVDPKHWRFKHNRQRPLVRP605XW |YHUYDGJlOOHUVLQHJHQYHUNVDPKHWRFKJHQWHPRW605VPHGOHPVRUJDQL VDWLRQHU • 'HQVW\UQLQJRFKNRQWUROOVRPPHGOHPVRUJDQLVDWLRQHUQDXW|YDULQRPVLQD HJQDRUJDQLVDWLRQHURFKJHQWHPRWORNDOVDPDUEHWVSDUWQHU • 'HQVW\UQLQJRFKNRQWUROOU|UDQGHYHUNVDPKHWRFKHNRQRPLVRPXW|YDWV XQGHUIUDPWLOOVHSWHPEHURNWREHUPnQDG)|UlQGULQJDUGlUHI WHUKDULUHJHOLQWHXSSPlUNVDPPDWV 4VSNIOXSVKERMWEXMSR 3URMHNWHWKDUJHQRPI|UWVDYHQSURMHNWJUXSSIUnQ3Z&VRPXWJMRUWVDYI|OMDQGH NRQVXOWHURFKUHYLVRUHU 3HUbQJPRSURMHNWOHGDUH,QJD%ULWW6XQGLQ+DQV7|UQTYLVW1LNODV&DUOVVRQ $QHWWH$QGHUEHUJ+nNDQ&DUUHIRUV+DQV/LQJTYLVWVDPW.DULQ:DKOVW|P 6ETTSVXIRWHMWTSWMXMSR 5DSSRUWHQlUGLVSRQHUDGSnI|OMDQGHVlWW ,NDSLWHOJHVHQ|YHUVLNWOLJEHVNULYQLQJDY605VRPRUJDQLVDWLRQ ,NDSLWHOUHGRYLVDVUHVXOWDWHWDYYnUJUDQVNQLQJDY605'HWLQOHGVNDS PHGHWWDYVQLWWRP605VUROORFKDQVYDUJHQWHPRW6LGDRFK605VPHGOHP VRUJDQLVDWLRQHU'lUHIWHUUHGRYLVDUYLNDSGHI|UXWVlWWQLQJDUI|UVW\UQLQJ RFKNRQWUROOVRPNlQQHWHFNQDUHIIHNWLYDRUJDQLVDWLRQHUGYVHWWDQWDOEHG|P QLQJVNULWHULHUPRWYLOND605VVW\UQLQJRFKNRQWUROOMlPI|UVPHG9LnWHUJHU
KlUW\GOLJWYnUDEHG|PQLQJVNULWHULHUYnUDLDNWWDJHOVHUVDPWYnUEHG|PQLQJDY 605VI|UPnJDDWWXSSI\OODGHVVDEHG|PQLQJVNULWHULHU,NDSLWHOUHGRYLVDUYL 605VNlUQSURFHVV²SURFHVVHQI|UNYDOLWHWVVlNULQJDYXWYHFNOLQJVVDPDUEHWHW bYHQKlUMlPI|UV605VVW\UQLQJRFKNRQWUROODYSURFHVVHQXWLIUnQXSSVWlOOGD EHG|PQLQJVNULWHULHU,NDSLWHOUHGRYLVDUYLKXU605VSURFHVVI|UHUIDUHQ KHWVXWE\WHRFKNRPSHWHQVXWYHFNOLQJDYPHGOHPVRUJDQLVDWLRQHUQDVHUXW ,NDSLWHODYVOXWQLQJVYLVUHGRYLVDVQXYDUDQGHI|UlQGULQJVDUEHWHLQRP605 .DSLWHOJHUHWWVDPPDQGUDJDYGHQVW\UQLQJRFKNRQWUROOVRPXW|YDVDYGH IHPVW|UUHPHGOHPVRUJDQLVDWLRQHUQDLQRP605.DSLWOHWlUXSSGHODWLWYnDY VQLWWHWWNDSVRPDYVHURUJDQLVDWLRQHUQDVJHQHUHOODI|UXWVlWWQLQJDUI|UVW\U QLQJRFKNRQWUROOHWWDQQDWNDSVRPDYVHURUJDQLVDWLRQHUQDVVW\UQLQJRFK NRQWUROODYSURFHVVHQI|UXWYHFNOLQJVVDPDUEHWH,EnGDGHVVDDYVQLWWUHGRYLVDVYn UDEHG|PQLQJVNULWHULHUPRWYLONDHQJHQHUHOOELOGDYGHVW|UUHRUJDQLVDWLRQHUQD MlPI|UV5HGRYLVQLQJHQLNDSLWHOEDVHUDVSnGHHQVNLOGDLDNWWDJHOVHURFKEH G|PQLQJDUVRPYLJMRUWI|UUHVSHNWLYHRUJDQLVDWLRQYLONDUHGRYLVDVLELODJD ,NDSLWHOJ|UVHQPRWVYDUDQGHJHQRPJnQJDY|YULJDPHGOHPVRUJDQLVDWLR QHUDYYLONDPnQJDlUP\FNHWVPn,ELODJDKDUYLUHGRYLVDWYnUDLDNWWDJHO VHURFKEHG|PQLQJDUI|UUHVSHNWLYHPHGOHPVRUJDQLVDWLRQ ,NDSLWHOJ|UYLI|UVWHQ|YHUVLNWOLJEHG|PQLQJDY605VRPRUJDQLVDWLRQNDS GlUHIWHUHQEHG|PQLQJDYWLOOI|UOLWOLJKHWHQL605VXQGHUODJI|UEHVOXWRFK EHG|PQLQJNDS9LEHG|PHUKlUVSHFLILNWHWWDQWDOEHVOXWVWLOOIlOOHQLQRP 605RFKGRNXPHQWVRP605|YHUOlPQDUWLOO6LGD6OXWOLJHQJ|UYLHQEHG|P QLQJDY605VVW\UQLQJRFKNRQWUROOYDGJlOOHUYHUNVDPKHWRFKHNRQRPLNDS ,NDSLWHOUHGRYLVDUYLDQDO\VDYRUVDNHUQDWLOOXSSPlUNVDPPDGHSUREOHP 9nUDI|UVODJWLOOKDQGOLQJVDOWHUQDWLYUHGRYLVDVLNDSLWHO(QXWI|UOLJDUHUHGR YLVQLQJDYYnUDnWJlUGVI|UVODJUHGRYLVDVI|U6LGDLVlUVNLOGRUGQLQJYLGVHQDUH WLOOIlOOH ,HQVlUVNLOGELODJHGHOUHGRYLVDUYLYnUDLDNWWDJHOVHURFKEHG|PQLQJDUYDG JlOOHUVW\UQLQJRFKNRQWUROOI|UHQVNLOGDPHGOHPVRUJDQLVDWLRQHULQRP6059L J|UlYHQHQEHG|PQLQJDYWLOOI|UOLWOLJKHWHQLGHQGRNXPHQWDWLRQVRPRUJDQLVD WLRQHUQDOlPQDUWLOO605%LODJHGHOHQlUXSSGHODGWYnKXYXGDYVQLWWHWWI|UGH IHPVWRUDRUJDQLVDWLRQHUQDELODJDRFKHWWDYVQLWWI|U|YULJDPHGOHPVRUJD QLVDWLRQHUELODJD'HQQDUHGRYLVQLQJlUPHU\WOLJRFK|YHUJULSDQGHlQI|U GHIHPVWRUDRUJDQLVDWLRQHUQD'HIHPVWRUDRUJDQLVDWLRQHUQDUHGRYLVDVSnFD ²VLGRUYDUGHUDPHGDQ|YULJDRUJDQLVDWLRQHUUHGRYLVDVSn²VLGRUSHU RUJDQLVDWLRQ
7ZIRWOE1MWWMSRWVÅHIX716
6SPPSVKERMWEXMSRSGLYTTKMJX 6YHQVND0LVVLRQVUnGHW605lUHWWVDPYHUNDQVRUJDQI|UN\UNRUVDPIXQGRFK NULVWQDRUJDQLVDWLRQHUL6YHULJH605lUGHQlOGVWDIXQJHUDQGHHNXPHQLVNDRU JDQHWL6YHULJH'HWELOGDGHVDYGHQ6YHQVND.\UNDQV0LVVLRQROLNDIUL N\UNRURFKPLVVLRQVRUJDQLVDWLRQHU605KDUPHGOHPVRUJDQLVDWLRQHURFK DVVRFLHUDGHRUJDQLVDWLRQHU6NLOOQDGHQPHOODQHQRUJDQLVDWLRQVRPlUPHGOHP RFKHQVRPlUDVVRFLHUDGlUDWWPHGOHPVRUJDQLVDWLRQHUQDKDUHWWVW|UUHLQIO\ WDQGH|YHU605EODJHQRPU|VWUlWWL605VEHVOXWDQGHRUJDQnUVP|WHW9DG JlOOHURUJDQLVDWLRQHUQDVVN\OGLJKHWHURFKnWDJDQGHJHQWHPRW605J|UVGHW LQJHQVNLOOQDGLQWHKHOOHUYDGJlOOHUGHQVHUYLFHRFKGHWMlQVWHUVRP605WLOO KDQGDKnOOHUVLQDRUJDQLVDWLRQHUJ|UVQnJRQnWVNLOOQDGPHOODQRUJDQLVDWLRQHUQD 'HVVXWRPILQQVI|UQlUYDUDQGHFDLFNHPHGOHPVRUJDQLVDWLRQHUI|UYLOND 605HQEDUWKDUUROOHQVRPELVWnQGVI|UPHGODQGHUDPRUJDQLVDWLRQI|U6LGD ILQDQVLHUDGHLQVDWVHU)|UGHVVDRUJDQLVDWLRQHUJHU605LQJHQVHUYLFHI|UXWRP DWWEHG|PDGHUDVDQV|NQLQJDURFKVOXWUDSSRUWHU 6\IWHWPHG605NDQPHGXWJnQJVSXQNWLVWDGJDUQDVDPPDQIDWWDVLWYnLQULNW QLQJVPnO é 605VNDOOYHUNDI|UN\UNRUVRFKNULVWQDRUJDQLVDWLRQHUVVDPYHUNDQRFKHQ KHWVDPWDWWI|UQ\DRFKI|UGMXSDI|UVWnHOVHQDYGHQNULVWQDI|UVDPOLQJHQV PLVVLRQVXSSGUDJ é 605VNDOOVNDSDI|UXWVlWWQLQJDUI|UPLVVLRQVRFKELVWnQGVLQVDWVHUDYJRG NYDOLWHW ,GRNXPHQWHWµ605VUROORFKDUEHWVPHWRGHUµNRQNUHWLVHUDVGHWYnLQULNWQLQJV PnOHQLWYnKXYXGRPUnGHQ é (NXPHQLVNRFKWHRORJLVNI|UGMXSQLQJ é .YDOLWHWVIUlPMDQGHPLVVLRQVRFKELVWnQGVLQVDWVHU 605VNDQVHVVRPHQVNSDUDSO\RUJDQLVDWLRQI|UVLQDPHGOHPVRUJDQLVDWLRQHU 'HWLQQHElUDWW605LQWHVMlOYVWlQGLJWVRPRUJDQLVDWLRQNDQEHVOXWD|YHU PHGOHPPDUQDVnYLGDLQWHPHGOHPPDUQDKDUJLYLW605GHWWDPDQGDW605V EHIRJHQKHWHUIUDPJnUDYGHVVVWDGJDU3nnUVP|WHWNDQPHGOHPPDUQDEHVOXWD RPDWWJH605\WWHUOLJDUHEHIRJHQKHWHULHQVNLOGDIUnJRU0HGOHPV RUJDQLVDWLRQHUQDNDQRFNVnLQRP605VUDPIDWWDEHVOXWVRPlUELQGDQGHI|U RUJDQLVDWLRQHUQDRPGHWILQQVHQPDMRULWHWKlUI|U'HWVNHUYLGHWWVNUnGVP|WH0HGOHPPDUQDVVN\OGLJKHWJHQWHPRW605lULSULQFLSHQGDVWDWWILQDQVLHUD 605VYHUNVDPKHW'HNDQXWWUlGDXU605RPGHILQQHUGHWPRWLYHUDW 605lULJUXQGHQHQSODWWIRUPRFKHQVDPODQGHNUDIWI|UPHGOHPPDUQDVPLV VLRQVDUEHWH*HQRPDWWIXQJHUDVRPP|WHVSODWVI|UHUIDUHQKHWVXWE\WHRFKNRP SHWHQVI|UVWlUNQLQJNDQPHGOHPVRUJDQLVDWLRQHUQDVPLVVLRQVDUEHWHI|UVWlUNWDV 605VYHUNVDPKHWKDUVHGDQVLQWLOONRPVWNRPPLWDWWRPIDWWDDOOWIOHURUJDQLVD WLRQHU0HGOHPPDUQDEHVWRGXUVSUXQJOLJHQDYVYHQVNDN\UNDQIULN\UNRUVRP EHGUHYPLVVLRQXWLIUnQVLQI|UVDPOLQJVYHUNVDPKHWL6YHULJHVDPWPLVVLRQVRUJD QLVDWLRQHU'lUHIWHUKDUDOOWIOHURUJDQLVDWLRQHUNRPPLWDWWDQVOXWDVWLOO605 lYHQVnGDQDVRPLQWHEHGULYHUI|UVDPOLQJVYHUNVDPKHWL6YHULJHXWDQHQEDUWEL VWnQGVDUEHWHSnNULVWHQJUXQGHOOHUHQPHUXWSUlJODGPLVVLRQVYHUNVDPKHW'H RUJDQLVDWLRQHUVRPLQWHYDUVWLIWDUHDY605KDUEOLYLWDVVRFLHUDGHPHGOHPPDU DY605,GHWI|OMDQGHNRPPHUYLDWWLPHGOHPVRUJDQLVDWLRQHULQEHJULSDlYHQ GHDVVRFLHUDGHVnYLGDDQQDWLQWHIUDPJnUDYWH[WHQ 605KDUVHGDQJHQRPDYWDOPHG6LGDInWWHQWLOONRPPDQGHLXSSJLIWVn VRPELVWnQGVI|UPHGODQGHUDPRUJDQLVDWLRQ'HQQDXSSJLIWLQQHElUDQVYDUI|U DWWVDPRUGQDRFKNRQWUROOHUDDWWGH6LGDILQDQVLHUDGHXWYHFNOLQJVLQVDWVHUQD WLOOP|WHVJnULQQHKnOOHWL6LGDVDYWDO'HWVWlOOHULSUDNWLNHQVW|UUHNUDYSn605 VRPRUJDQLVDWLRQLIUnJDRPEHIRJHQKHWHUJHQWHPRWVLQDPHGOHPVRUJDQLVDWLRQHU lQDWWXWJ|UDHQP|WHVSODWVI|UHUIDUHQKHWVXWE\WHYLONHWlUGHQJUXQGVRP 605YLODUSn 6SlQQYLGGHQPHOODQPHGOHPVRUJDQLVDWLRQHUQDlUVWRU²IUnQRUJDQLVDWLRQHU PHGHQDQVWlOOGWLOORUJDQLVDWLRQHUPHGPHUlQDQVWlOOGD2UJDQLVDWLRQHU QDVELGUDJIUnQ6LGDYDULHUDUIUnQNQDSSWPNUWLOOFDPNU0HGOHPVRUJDQL VDWLRQHUQDYDULHUDURFNVnWLOOVLQNDUDNWlUHQGHOEHGULYHUN\UNOLJYHUNVDPKHWL 6YHULJHPHGPLVVLRQVDUEHWHLIRNXVDQGUDVDNQDUHJHQI|UVDPOLQJVYHUNVDPKHW RFKlUKHOWLQULNWDGHSnXWYHFNOLQJVVDPDUEHWHRFKKDUHQPHUXWSUlJODGVRFLDO LQULNWQLQJ(IWHUVRPRUJDQLVDWLRQHUQDVNLOMHUVLJYlVHQWOLJWIUnQYDUDQGUDLLQ ULNWQLQJRFKVWRUOHNLQQHElUGHWDWWEHKRYHWDYVW|GIUnQ605RFNVnVNLOMHUVLJ nW'HVVXWRPVNLOMHUVLJI|UYlQWQLQJDUQDSn605LIUnJDRPGHQDQVYDUXSS JLIWHURFKEHIRJHQKHWHUDYVHHQGHGHW6LGDILQDQVLHUDGHXWYHFNOLQJVVDPDUEHWHW 605HUKnOOHULHJHQVNDSVRPHQELVWnQGVI|UPHGODQGHUDPRUJDQLVDWLRQPHGHO I|UXWYHFNOLQJVVDPDUEHWHIUnQ6LGD1XYDUDQGHDYWDOO|SHUXWnU)|UnU HUK|OO605PNUDY6LGDLQRPUDPHQI|UDQVODJHWI|UELGUDJWLOOHQ VNLOGDRUJDQLVDWLRQHU 3n605VNDQVOLDUEHWDUSHUVRQHUYDUDYIOHUWDOHWLVW|UUHHOOHUPLQGUH XVWUlFNQLQJlUHQJDJHUDGHLELVWnQGVYHUNVDPKHWHQ'HQOHGVDYHQELVWnQGV VDPRUGQDUH7RWDOWEHUlNQDVFDWUHI\UDnUVDUEHWVNUDIWHUDYVlWWDVI|UDWWKDQG OlJJDELVWnQGVlUHQGHQ(QnUVDUEHWVNUDIWEHUlNQDVDUEHWDPHGIUlPVWXWYlUGH ULQJDU
605KDQWHUDGHnU;DQV|NQLQJDUYLONHWPRWVYDUDGHHQPHGHOVYRO\PRP FDPNU 716WRYZEVERHIWMXYEXMSR 605KDUXQGHUGHVHQDVWHWYnnUHQJHQRPOHYWHQUHODWLYWWXUEXOHQWRFKRVlNHU SHULRGVDPWP|WWYLVVNULWLNIUnQ605VPHGOHPVRUJDQLVDWLRQHURFKIUnQ6LGD 6LGDKDUULNWDWNULWLNPRW605YDGDYVHU605VIRUPHUI|UELGUDJVKDQWHULQJ RFKnWHUUDSSRUWHULQJHQWLOO6LGD6LGDKDUEHG|PWDWW605VnWJlUGHUPHGDQ OHGQLQJDYNULWLNHQYDULWRWLOOUlFNOLJD6LGDKDUGlUI|UPLQVNDWVLWWELGUDJWLOO 605I|UnU 'HVVXWRPKDUGHWLQRP605VNDQVOLIXQQLWVROLNDJUXSSHULQJDUVRPKDIWVNLOGD LQWUHVVHQYLONHWKDUVSOLWWUDWNDQVOLHWRFKWDJLWHQHUJLIUnQYLNWLJDDUEHWV XSSJLIWHU 'lUXW|YHUKDUYLVVDDY605VPHGOHPVRUJDQLVDWLRQHUXQGHUHQOlQJUHWLGKDIW ROLNDXSSIDWWQLQJDURP605VUROORFKDQVYDU7LOOVDPPDQVPHG6LGDVNULWLN RFKGHLQWHUQDVSlQQLQJDUQDKDUGHWPHGI|UWRVlNHUKHWRFKPLQVNDGDUEHWV JOlGMHKRVNDQVOLSHUVRQDOHQ%HVOXWVRUGQLQJRFKKDQGOlJJQLQJVUXWLQHUKDUGHVV XWRPRIWDI|UlQGUDWVHOOHUYDULWRNODUDYLONHWELGUDJLWWLOODWWI|UVWlUNDRVlNHU KHWHQLQRP605'HODUDYSHUVRQDOHQLQRPNDQVOLHWKDUVOXWDWOLNVRPGHQWL GLJDUHOHGQLQJHQI|U605 605KDUVHGDQVHSWHPEHUHQQ\OHGQLQJ(QQ\JHQHUDOVHNUHWHUDUHKDU WLOOVDWWVOLNVRPWMlQVWHQVRPELVWnQGVVDPRUGQDUH'HQQ\DOHGQLQJHQKDULQJHW DQVYDUI|UWLGLJDUHI|UKnOODQGHQ'HQKDUGlUI|UVWRUDP|MOLJKHWHUDWWVNDSDHWW SRVLWLYWI|UlQGULQJVNOLPDWRFKJHQRPI|UDQ|GYlQGLJDI|UlQGULQJDU
+VERWORMRKEZ716
716WVSPPSGLERWZEVJ¸V7MHEJMRERWMIVEXYXZIGOPMRKWWEQEVFIXI 605VXSSIDWWQLQJRPVLQUROOVRPUDPRUJDQLVDWLRQRFKDQVYDUJHQWHPRW6LGD (QOLJW605VVMlOYI|UVWnHOVHnOLJJHUGHW605DWWDUEHWDI|UI|UGMXSDGRFKI|U Q\DGI|UVWnHOVHDYGHWJHPHQVDPPDPLVVLRQVXSSGUDJHWVDPWDWWVlNHUVWlOODEL VWnQGVDUEHWHDYJRGNYDOLWHWHQOLJWJlOODQGHDYWDOPHG6LGD 605KDUXSSIDWWDWVLWWXSSGUDJVnVRPDWWNRQWUROOHUDDWWPHGOHPV RUJDQLVDWLRQHUQDVRPI|UPHGODUELVWnQGVPHGHOIUnQ6LGDXSSI\OOHUGHNUDYVRP DYWDOHWVWlOOHU)|UGHWWDXSSGUDJKDU605InWWHWWPDQGDWIUnQVLQDPHGOHP VRUJDQLVDWLRQHU 6RPSDUDSO\RUJDQLVDWLRQPHQDU605DWWPDQLQWHSULPlUWKDUXSSGUDJHWDWW YDUDVW\UDQGH*HQRPDWWI|OMDGHQLQWHUQDWLRQHOODGHEDWWHQRFKXWYHFNOLQJV VDPDUEHWHDNWLYDNRQWDNWHUPHGLQWHUQDWLRQHOODRUJDQLVDWLRQHUVRPDUEHWDU PHGXWYHFNOLQJVVDPDUEHWHI|UPHGODVLPSXOVHURFKNXQVNDSLIRUPDYVHPLQDUL HUNXUVHURUJDQLVDWLRQVEHV|NRFKOLWWHUDWXUWLOOPHGOHPVRUJDQLVDWLRQHUQDVRP GlUPHGSnYHUNDVLVLWWOnQJVLNWLJDDUEHWH,GLDORJPHGSDUWQHUVLV\GXWYHFNODV GHWSDUWQHUVNDSVRPlUJUXQGHQI|UHWWKnOOEDUWXWYHFNOLQJVVDPDUEHWH'HLQI|U VNDIIDGHNXQVNDSHUQDRFKHUIDUHQKHWHUQDI|UPHGODVWLOOPHGOHPVRUJDQLVDWLR QHUQDJHQRPEODVHPLQDULHURFKNXUVHU 6nYLWWYLNDQEHG|PDLQQHElUGHQQDXSSIDWWQLQJDWW605KDUPDQGDWDWWNRQ WUROOHUDDWWPHGOHPVRUJDQLVDWLRQHUQDXSSI\OOHUGHNUDYVRP6LGDVWlOOHUSn 605LDYWDOHW'lUHPRWXSSIDWWDULQWH605DWWGHKDUPDQGDWIUnQPHGOHPV RUJDQLVDWLRQHUQDDWWYlJOHGDRFKVW\UDPHGOHPVRUJDQLVDWLRQHUQDLIUnJDRP IRUPHURFKLQULNWQLQJI|UXWYHFNOLQJVVDPDUEHWHWVnOlQJHGHWOLJJHULQRPUDPHQ I|U605VDYWDOPHG6LGD(QOLJW605VXSSIDWWQLQJVWlOOHULQWHDYWDOHWPHG6L GDNUDYSnDWW605VNDXW|YDVW\UQLQJJHQWHPRWVLQDPHGOHPVRUJDQLVDWLRQHU 605VUROORFKDQVYDUJHQWHPRW6LGD 8WJnQJVSXQNWHUI|UYnUEHG|PQLQJ 6LGDVDYWDOPHG605VNDYDUDW\GOLJWRFKSUHFLVWI|UDWWLQWHVNDSDRNODUKHWRP YDG605VnWDJDQGHJHQWHPRW6LGDLQQHElURFKYLONHWnWDJDQGH6LGDKDUJHQ WHPRW605'HWVNDKHOOHULQWHILQQDVQnJRQRNODUKHWYDGJlOOHUGHWDQVYDU 605KDUJHQWHPRWVLQDPHGOHPVRUJDQLVDWLRQHUXWLIUnQDYWDOHWPHOODQ6LGDRFK 6059nUDLDNWWDJHOVHU 6LGDKDUVHGDQHWWUDPDYWDOPHG6055DPDYWDOHWI|OMHUGHQDYWDOVWH[W VRP6LGDWLOOlPSDUI|UDQGUDUDPRUJDQLVDWLRQHUVRPHUKnOOHU6LGDPHGHOI|U XWYHFNOLQJVVDPDUEHWH 6LGDVNUDYSn605UHJOHUDVLQXYDUDQGHVDPDUEHWVDYWDOYLONHWLQNOXGHUDU6LGDV DOOPlQQDYLOONRURFKDQYLVQLQJDU$YWDOHWLQQHElUEODDWW6LGDVWlOOHUNUDYL I|OMDQGHDYVHHQGHQ (JHQLQVDWVHQVNDOOXSSJnWLOOPHGYLVVDXQGDQWDJ é 5DPRUJDQLVDWLRQHQVEHUHGQLQJDYLQVDWVI|UVODJHQVNDOORPIDWWDEHG|PQLQJ DYORNDOVDPDUEHWVSDUWQHUEHG|PQLQJDYLQVDWVHQRFKEHG|PQLQJDYGHQ V|NDQGHVYHQVNDRUJDQLVDWLRQHQ é 5DPRUJDQLVDWLRQHUQDVnUOLJDUDSSRUWHULQJVNDOORPIDWWDEHVNULYQLQJDYI|O MDQGHYHUNVDPKHWVLQULNWQLQJXWYHFNOLQJVYHUNVDPKHWYRORQWlURFKSUDNWL NDQWYHUNVDPKHWRFKHNRQRPLVNUHGRYLVQLQJ7LOOJUXQGI|UGHQQDUDSSRUWH ULQJVNDOOILQQDVGHORFKVOXWUDSSRUWHUI|UGHHQVNLOGDSURMHNWHQ'HWVND lYHQILQQDVXQGHUODJWLOOGHVVDUDSSRUWHULIRUPDYUHVHUDSSRUWHUXWYlUGH ULQJDUHWF é cUVUDSSRUWHQVNDOOLQQHKnOODHQDQDO\WLVNVDPPDQVWlOOQLQJDYUHGRYLVDGHUH VXOWDWHIIHNWHURFKHUIDUHQKHWHULVOXWUDSSRUWHUQDMlPI|UWPHGXSSVDWWDPnO I|UGHDNWXHOODLQVDWVHUQD é cUVUDSSRUWHQVNDOOYLGDUHLQQHKnOODI|UWHFNQLQJ|YHUVDPWOLJDSURMHNWPHG XSSJLIWRPWRWDOEXGJHWXWIDOORFK6LGDELGUDJVSHFLILNDWLRQDYHJHQ LQVDWVHUQDVSHFLILNDWLRQDYUHVHUYHUDGHPHGHOVRPXWEHWDOWVI|UVWDNYDUWDOHW VSHFLILNDWLRQDY605VDGPLQLVWUDWLRQVNRVWQDGHUGlUEXGJHWXWIDOORFK6LGDV DQGHOIUDPJnUVDPWVSHFLILNDWLRQDYDQWDOHWYRORQWlUHU é cWHUEHWDOQLQJDYHMXWQ\WWMDGHPHGHORFKXSSOXSHQUlQWDVNDOOVNHLVDPEDQG PHGVOXWUHGRYLVQLQJDYLQVDWVHQGRFNVHQDVWGHQPDMHIWHUI|OMDQGHnU é 'HQVYHQVNDHQVNLOGDRUJDQLVDWLRQHQVNDOOVlNHUVWlOODDWWPRWWDJDU RUJDQLVDWLRQHQKDUHQULNWLJRFKIXOOVWlQGLJUHGRYLVQLQJ é $OODELGUDJ|YHUNURQRUVNDOOJUDQVNDVDYVYHQVNNYDOLILFHUDGUHYLVRU HQOLJWVlUVNLOGDDQYLVQLQJDU (QOLJWYnUEHG|PQLQJlUYLOONRUHQRFKDQYLVQLQJDUQDWLOOUlFNOLJWW\GOLJDRFK E|ULGHIOHVWDIDOONXQQDXSSI\OODV9LVVRNODUKHWUnGHUGRFNRPKXURFKQlU nWHUEHWDOQLQJVNDOOVNH(QOLJWDOOPlQQDYLOONRUHQVNDOOnWHUEHWDOQLQJVNHLVDP
EDQGPHGVOXWUHGRYLVQLQJDYLQVDWVHQ'HWWDKDUGHOYLVWRONDWVVRPnUVUDSSRUWH ULQJHQWLOO6LGDYLONHWLQWHlUVMlOYNODUWGnPnQJDLQVDWVHULQWHlUVOXWUHGRYLVDGH HOOHUVOXWUDSSRUWHUDGHLVDPEDQGPHGVOXWUDSSRUWHQ 605VUROORFKDQVYDUJHQWHPRWPHGOHPVRUJDQLVDWLRQHU µ%HVOXWlUEUDPHQKDQGOLQJlUElWWUHµ 8WJnQJVSXQNWHUI|UYnUEHG|PQLQJ 'HNUDY6LGDVWlOOHUSn605RFKVRPUHJOHUDVLVDPDUEHWVDYWDOHWJlOOHUlYHQ I|U605VNUDYSnPHGOHPVRUJDQLVDWLRQHUQD.UDYHQlUWYLQJDQGHPHQDQYLV QLQJDUQDJHUlQGRFNXWU\PPHI|UHJQDO|VQLQJDU,GHIDOOGHWI|UHOLJJHUHQVL WXDWLRQVRPLQWHSDVVDULQLPDOOHQE|UEHVOXWWDVXWLIUnQµVXQWI|UQXIWµ6nGDQD EHVOXWVNDOODOOWLGVNULIWOLJHQPRWLYHUDV .UDYHQSnUDPRUJDQLVDWLRQHUQDXWJnUIUnQµ$OOPlQQDYLOONRUµRFKDYVHU IUDPI|UDOOWI|UYDOWQLQJRFKKDQWHULQJDYEHYLOMDGH6LGDELGUDJ9LOONRUHQRP IDWWDU é $YWDO é 8WEHWDOQLQJHQDYPHGHO é 0HGHOVI|UYDOWQLQJ é cWHUEHWDOQLQJ é 8WYlUGHULQJRFKUHYLVLRQ é 5HYLVLRQVLQVWUXNWLRQ é 8SSKDQGOLQJVEHVWlPPHOVHU 5LNWOLQMHURFKNULWHULHUI|UUDPRUJDQLVDWLRQHUVEHG|PQLQJRFKJUDQVNQLQJDY LQVDWVHUPHG6LGDILQDQVLHUDGHPHGHODQJHVLµ$QYLVQLQJDUI|UELGUDJWLOOHQ VNLOGDRUJDQLVDWLRQHUVXWYHFNOLQJVVDPDUEHWHPHGHJHQLQVDWVµ 9nUDLDNWWDJHOVHU 605VDQVYDUEHIRJHQKHWHURFKXSSJLIWHUJHQWHPRWPHGOHPVRUJDQLVDWLRQHUQD DYVHHQGHXWYHFNOLQJVVDPDUEHWHWKDULQWHGHILQLHUDWV,QRP605VPHGOHPVRU JDQLVDWLRQHULQNODVVRFLHUDGHILQQVGHWROLNDXSSIDWWQLQJDURPYLONHQUROORFK DQVYDUVRP605KDUJHQWHPRWVLQDPHGOHPVRUJDQLVDWLRQHUlYHQYDGJlOOHU GHQUHQWWHRORJLVNDYHUNVDPKHWHQ9DGJlOOHUGHQYHUNVDPKHWVRPU|UXWYHFN OLQJVVDPDUEHWHWGYVGHQYHUNVDPKHWVRPDYVHUGH6LGDILQDQVLHUDGHEL VWnQGVSURMHNWHQXSSIDWWDVUROOHQVRPlQPLQGUHNODU605VUROOKDUXQGHUIOHUD nUVWLGGLVNXWHUDWVLQRP605 8QGHUKDUHWWI|UVODJXWDUEHWDWVWLOO605VUROORFKXSSJLIWHU,I|UVODJHW DQJHVDWW605lUMXULGLVNDYWDOVSDUWPHG6LGDRFKDWW605GlUI|UKDUHWWDQ
VYDUJHQWHPRW6LGDDWWNYDOLWHWVVlNUDDWWXWYHFNOLQJVLQVDWVHUQDXSSI\OOHU|YHU HQVNRPQDNULWHULHURFKDQYLVQLQJDUVDPWUDSSRUWHUDVSn|YHUHQVNRPPHWVlWW )|UVODJHWUHGRYLVDUGRFNLQWHYLONDEHIRJHQKHWHUVRP605E|UJHVLNRQVHNYHQV PHGVLWWDQVYDU'HWWDI|UVODJKDUJRGNlQWVDY605VVW\UHOVHLRNWREHUPnQDG 'LVNXVVLRQHUQDL605VVW\UHOVHLQ\VVQlPQGDIUnJDKDULKXYXGVDNU|UWGHQ PLVVLRQVUROO605VNDOOKD'nDPELWLRQHQYDULWDWWQnHQIXOOVWlQGLJHQLJKHW RPI|U605VUROORFKSROLF\KDUGHWYDULWVYnUWDWWNRPPDWLOOEHVOXW'HWKDU LQQHEXULWKDQGOLQJVI|UODPQLQJRFKI|UPHGDUEHWDUHRFKPHGOHPVRUJDQLVDWLR QHUDYVDNQDGDYVW\ULQVWUXPHQWI|UGHOVGHQWHRORJLVNDYHUNVDPKHWHQGHOVGHQ YHUNVDPKHWVRPU|UGHW6LGDILQDQVLHUDGHXWYHFNOLQJVVDPDUEHWHW 6DPPDQIDWWQLQJVYLVNDQYLNRQVWDWHUDDWW é 605DQVYDUXSSJLIWHURFKEHIRJHQKHWHULI|UKnOODQGHWLOOVLQDPHGOHPVRU JDQLVDWLRQHULQWHKDUGHILQLHUDWV é 'LVNXVVLRQHURP605VUROOLXWYHFNOLQJVVDPDUEHWHWKDUSnJnWWXQGHUHQ OlQJUHWLGXWDQDWWNRQNUHWDRFKDQYlQGEDUDUHVXOWDWQnWWV é 8QGHUK|VWHQKDUI|UVODJµ6YHQVND0LVVLRQVUnGHWVUROORFKXSSGUDJµ WDJLWVIUDPVRPXQGHUODJI|U\WWHUOLJDUHGLVNXVVLRQHU 9nUEHG|PQLQJlUDWW605XQGHUHQOnQJWLGKDUVDNQDWHQW\GOLJRFKDY PHGOHPVRUJDQLVDWLRQHUQDHUNlQGUROORFKVWlOOQLQJLI|UKnOODQGHWLOOGHPYDG JlOOHUXWYHFNOLQJVVDPDUEHWHWXWLIUnQGHWDQVYDUVRP605KDUnWDJLWVLJJHQWH PRW6LGDVnVRPDYWDOVSDUW(IWHUHQOlQJUHWLGVGLVNXVVLRQHURP605VUROOKDUL RNWREHUPnQDGUnGVP|WHWIDWWDWEHVOXWHQJHPHQVDPYlUGHJUXQGI|U 605VUROORFKVDPDUEHWHPHGPHGOHPVRUJDQLVDWLRQHU9LEHG|PHUDWWGHW KlUPHGKDUVNDSDWVI|UXWVlWWQLQJDUI|UDWWJH605HWWW\GOLJDUHUROOLVDPDUEH WHWPHG605VPHGOHPVRUJDQLVDWLRQHU'HWlUGRFNRVlNHUWLYLONHQXWVWUlFN QLQJ605NDQWlQNDVInHWWW\GOLJDUHDQVYDURFKPDQGDWIUnQVLQDPHGOHPVRU JDQLVDWLRQHUYDGJlOOHUDWWVW\UDRFKSULRULWHUDROLNDXWYHFNOLQJVLQVDWVHU 605VSU|YQLQJDYPHGOHPVRUJDQLVDWLRQHURFKVNLFNHPHGOHPVRUJDQLVDWLRQHU 8WJnQJVSXQNWHUI|UYnUJUDQVNQLQJ (QOLJW605VDYWDOPHG6LGDVNDOO605J|UDHQEHG|PQLQJDYGHQV|NDQGH VYHQVNDRUJDQLVDWLRQHQ'HWLQQHIDWWDUVnYlOQ\DRUJDQLVDWLRQHUVRPRUJDQLVD WLRQHUVRPUHGDQlUPHGOHPPDUL605,HJHQVNDSDYHQELVWnQGVI|UPHGODQGH UDPRUJDQLVDWLRQKDU605VN\OGLJKHWDWWWDHPRWRFKEHG|PDDQV|NQLQJDUIUnQ DQGUDNULVWQDRUJDQLVDWLRQHUlQGHVRPlUPHGOHPPDUHOOHUDVVRFLHUDGHWLOO 605,GHQIRUWVDWWDIUDPVWlOOQLQJHQDYVHVPHGPHGOHPVRUJDQLVDWLRQHUlYHQ
GHRUJDQLVDWLRQHUVRPLGDJlUDVVRFLHUDGH(QI|UXWVlWWQLQJI|UDWWDQV|NDQVND NXQQDSU|YDVlUDWWRUJDQLVDWLRQHQLIUnJDXSSI\OOHUGHJHQHUHOODNUDYVRP6LGD VWlOOWXSSI|UDOODRUJDQLVDWLRQHUVRPWDUHPRW6LGDPHGHO 9nUDLDNWWDJHOVHU 605WDUnUOLJHQVWlOOQLQJWLOODQV|NQLQJDUIUnQFDWDOHWRUJDQLVDWLRQHUVRP LQWHlUPHGOHPPDU'HlULUHJHOP\FNHWVPn605VEHG|PQLQJDYRUJDQLVD WLRQHQLIUnJDVNHULVDPEDQGPHGDWWDQV|NDQLQNRPPHUWLOO605RP6LGD ILQDQVLHULQJI|UHWWYLVVWSURMHNW 605XWJnULVLQRUJDQLVDWLRQVEHG|PQLQJIUnQGHJHQHUHOODNUDYVRP6LGDVWlO OHUDWWGHWVNDILQQDVVWDGJDUVW\UHOVHRFKnUVEHUlWWHOVHPPVDPWHQGRNX PHQWHUDGXWODQGVYHUNVDPKHWXQGHUPLQVWWYnnU605KDULQWHIXQQLWDQOHG QLQJDWWQlUPDUHWRONDLQQHE|UGHQDY6LGDVNUDYRFKKDULQWHKHOOHUVWlOOWXSS QnJUD\WWHUOLJDUHNUDY%HG|PQLQJHQJ|UVDYHQVlUVNLOGKDQGOlJJDUHYLG605 1nJRQFKHFNOLVWDHOOHUPRWVYDUDQGHILQQVLQWH6W\UHOVHQI|U605DYJ|URPRU JDQLVDWLRQHQVNDJRGNlQQDVHOOHUHM)OHUWDOHWRUJDQLVDWLRQHUJRGNlQQV2UJDQL VDWLRQHUVRPHQJnQJEOLYLWJRGNlQGDEHK|YHUVHQDUHLQWHJHQRPJnHQI|UQ\DG SU|YQLQJVSURFHVV2PRUJDQLVDWLRQRFKELVWnQGVSURMHNWHWJRGNlQQVVNULYHU 605HWWWLGVEHJUlQVDWVDPDUEHWVDYWDOPHGRUJDQLVDWLRQHQ 'HWKDUI|UHNRPPLWDWW605KDUµXWHVOXWLWµRUJDQLVDWLRQHUVRPLQWHIXOOJMRUW VLQUDSSRUWHULQJVVN\OGLJKHWJHQWHPRW605 %HWUlIIDQGHGHRUJDQLVDWLRQHUVRPUHGDQlUPHGOHPPDUL605J|UVLQJDPRW VYDUDQGHEHG|PQLQJDUVRPI|ULFNHPHGOHPVRUJDQLVDWLRQHU605KDUXSS UlWWDWHWWVDPDUEHWVDYWDOPHGVLQDPHGOHPVRUJDQLVDWLRQHU$YWDOHWlULQWHWLGV EHJUlQVDWRFKDQJHULQJDVlUVNLOGDNUDYHOOHUI|USOLNWHOVHUJHQWHPRW605lQ YDGVRPIUDPNRPPHUDY6LGDVDQYLVQLQJDURFKYLOONRU 605VWlOOHULQJDVSHFLILNDNUDYSnVLQDPHGOHPVRUJDQLVDWLRQHULQNODVVRFLHUD GHYDGJlOOHURUJDQLVDWLRQNDSDFLWHWNRPSHWHQVRFKPDQDJHPHQWI|UDWW KDQWHUD6LGDILQDQVLHUDGHXWYHFNOLQJVLQVDWVHULHQOLJKHWPHG6LGDVYLOONRURFK DQYLVQLQJDU605JHQRPI|ULQWHKHOOHUSnHJHWLQLWLDWLYO|SDQGHRFKV\VWHPD WLVNDJUDQVNQLQJDURFKEHG|PQLQJDUDYPHGOHPVRUJDQLVDWLRQHUQDVI|UXWVlWW QLQJDURFKI|UPnJDDWWKDQWHUDXWYHFNOLQJVLQVDWVHU'HWKDUGRFNI|UHNRPPLW DWW605XQGHUnUHQVORSSKDUJHQRPI|UWYLVVDHQVWDNDVWXGLHUDYVLQDPHGOHP VRUJDQLVDWLRQHUPHQGHKDUGnLQLWLHUDWVDYEHU|UGRUJDQLVDWLRQ8WLIUnQGH VWXGLHUVRPYLKDUWDJLWGHODYNDQYLNRQVWDWHUDDWWVWXGLHUQDYDULWLKXYXGVDN EHVNULYDQGHRFKIRNXVHUDGHSnPLVVLRQVDUEHWHWVQDUDUHlQGHGHODUDYRUJDQL VDWLRQHQVRPKDUElULQJSn6LGDILQDQVLHUDGHXWYHFNOLQJVSURMHNW
6DPPDQIDWWQLQJVYLVNDQYLNRQVWDWHUDDWW é 605J|UHQVMlOYVWlQGLJEHG|PQLQJDYDWWLFNHPHGOHPVRUJDQLVDWLRQHU XSSI\OOHU6LGDVJHQHUHOODNUDY é 605LQWHKDUWRONDW6LGDVNUDYHOOHUVWlOOWXSS\WWHUOLJDUHNUDY é 605VOXWHUVDPDUEHWVDYWDOPHGEnGHPHGOHPVRUJDQLVDWLRQHURFKLFNH PHGOHPVRUJDQLVDWLRQHU é 605LQWHJHQRPI|UHQVMlOYVWlQGLJRFKV\VWHPDWLVNJUDQVNQLQJRFKEHG|P QLQJDYPHGOHPVRUJDQLVDWLRQHUQDVI|UXWVlWWQLQJDURFKI|UPnJDDWWJHQRP I|UD6LGDILQDQVLHUDGHXWYHFNOLQJVSURMHNWXWLIUnQGHNUDYVRP6LGDVWlOOHUSn 605 (QOLJWYnUEHG|PQLQJJ|U605LDOOWYlVHQWOLJWHQWLOOUlFNOLJSU|YQLQJDYDWW VNLFNHPHGOHPVRUJDQLVDWLRQHUXSSI\OOHUGHNUDYVRP6LGDVWlOOHU'lUHPRWJ|U 605LQJHQO|SDQGHEHG|PQLQJDYVLQDPHGOHPVRUJDQLVDWLRQHUVI|UPnJDDWW JHQRPI|UD6LGDILQDQVLHUDGHXWYHFNOLQJVLQVDWVHUPHGV\IWHWDWWI|UElWWUDPHG OHPVRUJDQLVDWLRQHUQDVDUEHWHlYHQRPGHIRUPHOODNUDYHQSn605VPHGOHP VRUJDQLVDWLRQHUlUXSSI\OOGD +IRIVIPPEJ¸VYXWÇXXRMRKEVJ¸VWX]VRMRKSGLOSRXVSPP 9LVLRQRFKVWUDWHJLHU µ$WWDUEHWDPHGIUDPWLGVEHVNULYQLQJDUlUHQSDUDGR[² GHWlURP|MOLJWRFKPnVWHlQGnJ|UDVµ 8WJnQJVSXQNWHUI|UYnUJUDQVNQLQJ ,YnUJUDQVNQLQJKDUYLXWJnWWIUnQQHGDQVWnHQGHGHILQLWLRQDYYLVLRQUHVSHNWLYH VWUDWHJL 9LVLRQlUHQELOGDYHWWIUDPWLGD|QVNYlUWWLOOVWnQGKRVGHPPnOJUXSSPRWWD JDUHDYWMlQVWHUHWFYHUNVDPKHWHQlUWLOOI|U 6WUDWHJLlUGHYLNWLJDVWHKDQGOLQJVYlJDUQDI|UDWWI|UYHUNOLJDYLVLRQHQRFKDWWQn XSSVDWWDPnO*HQRPUlWWVWUDWHJLHURFKJHQRPVW\UQLQJVlNHUVWlOOHURUJDQLVD WLRQHQDWWGHOnQJVLNWLJDPnOHQSnYHUNDUGDJHQVEHVOXW 9nUDNULWHULHUYLGJUDQVNQLQJHQlUDWWGHWILQQVHQYLVLRQRFKDWWYLVLRQHQlU NRPPXQLFHUDGEODQGRUJDQLVDWLRQHQVPHGDUEHWDUH9LGDUHEHG|PHUYLRP VWUDWHJLHUlUXWDUEHWDGHRFKKXUGHlUNRSSODGHWLOOYLVLRQHQ
9LJUDQVNDUVOXWOLJHQVWUDWHJLVNDPnORFKKXUGHlUXWWU\FNWDVRPLQULNWQLQJRFK XQGHUODJI|UNRPPDQGHSODQHULQJVDUEHWH 9nUDLDNWWDJHOVHU (QYLVLRQI|UXWYHFNOLQJVVDPDUEHWHVDNQDV9LKDULQWHKHOOHUIXQQLWDWWGHWI|U PLVVLRQVYHUNVDPKHWHQNDQXUVNLOMDVHQYLVLRQPHGNODUDIRUPXOHULQJDURPKXU 605VELOGDYPRUJRQGDJHQVHUXW9LKDUGRFNHUIDULWDWWGLVNXVVLRQHURP 605VIUDPWLGDSROLF\SnJnURFKKDUSnJnWWXQGHUHWWDQWDOnU3ROLF\GRNXPHQW YLWDJLWGHODYJHULQJHQW\GOLJYLVLRQRPYDGXWYHFNOLQJVVDPDUEHWHWVNDJHI|U IUDPWLGDHIIHNWHUSnVDPKlOOHRFKPlQQLVNRU 9LKDURFNVnIXQQLWDWW605LQWHKDUQnJUDVWUDWHJLHUHOOHUVWUDWHJLVNDPnOVRP XWWU\FNHUHQYHUNVDPKHWVLQULNWQLQJYLONDLHWWVHQDUHSODQHULQJVDUEHWHVNDOOYDUD YlJOHGDQGHI|USULRULWHULQJDURFKUHVXUVWLOOGHOQLQJ 9HUNVDPKHWVLQULNWQLQJHQI|UXWYHFNOLQJVVDPDUEHWHWVnVRPGHQlUXWWU\FNWL 605VDQV|NDQWLOO6LGDI|UlULQWHHWWYlJOHGDQGHGRNXPHQW'HQlUHQ VNULIWRPKXU605KDUGLVNXWHUDWRFKIQGLVNXWHUDURFKUHIOHNWHUDU'HQXW WU\FNHULQJHQKDQGOLQJVNUDIW )|UVODJWLOOYHUNVDPKHWVLQULNWQLQJI|UnUKDUJRGNlQWVDYVW\UHOVHQLRNWR EHUPnQDG 6DPPDQIDWWQLQJVYLVNDQYLNRQVWDWHUDDWW é 605VDNQDUYLVLRQRFKVWUDWHJLHUI|UXWYHFNOLQJVVDPDUEHWH é 1XYDUDQGHYHUNVDPKHWVLQULNWQLQJKDUWLGLJDUHLQWHYDULWIUDPnWV\IWDQGHRFK YlJOHGDQGHXWDQEHVNULYDQGHRFKNRQVWDWHUDQGHLHIWHUKDQG%HVOXWRPYHUN VDPKHWVLQULNWQLQJVRPlUIUDPnWV\IWDQGHKDUWDJLWVDYVW\UHOVHQ 9nUEHG|PQLQJlUDWW605LQXOlJHWVDNQDUYLVLRQVWUDWHJLHURFKVWUDWHJLVND PnOI|UXWYHFNOLQJVVDPDUEHWHW'HWOHGHULVLQWXUWLOODWW605VULNWOLQMHURFK DQYLVQLQJDUWLOOVLQDPHGOHPVRUJDQLVDWLRQHURP6LGDILQDQVLHUDGHLQVDWVHULQWH JHUPHGOHPVRUJDQLVDWLRQHUQDQnJRQYlJOHGQLQJHOOHUXQGHUODJI|UDWWJ|UDHJ QDSULRULWHULQJDULQI|UDQV|NDQ,QWHKHOOHUJHUGHW605QnJRQYlJOHGQLQJI|U DWWEHG|PDNRPPDQGHSURJUDPRFKSURMHNWDQV|NQLQJDU 9HUNVDPKHWVVW\UQLQJ µ2PPDQLQWHYHWYDUWPDQVNDOOJnVSHODUGHWLQJHQUROOYDUWPDQJnUµ 8WJnQJVSXQNWHUI|UYnUJUDQVNQLQJ
(QJRGYHUNVDPKHWVVW\UQLQJI|UXWVlWWHUDWWPnOlUIRUPXOHUDGHI|UHQJLYHQSH ULRGRFKI|UJLYQDYHUNVDPKHWVRPUnGHQ 9LKDULYnUJUDQVNQLQJVWXGHUDWKXUYHUNVDPKHWVRPUnGHQlUGHILQLHUDGHI|UDWW NXQQDWMlQDVRPOlPSOLJDREMHNWI|UUHVXUVVW\UQLQJ 6W\UQLQJI|UXWVlWWHUlYHQDWWHNRQRPLVNDUHVXUVHUlUDYGHODGHI|UGHQDNWXHOOD YHUNVDPKHWHQI|UHQJLYHQSHULRG3HULRGEHK|YHULQWHQ|GYlQGLJWYLVDYVHnU 3URJUDPVWUlFNHUVLJQRUPDOW|YHUIOHUDnU(WWSURMHNWVOLYVOlQJGNDQYDUDNRU WDUHHOOHUOlQJUHlQHWWnU )|UDWWQnGHXSSVDWWDPnOHQXSSUlWWDVHQYHUNVDPKHWVSODQGYVHQEHVNULYQLQJ |YHUGHYLNWLJDVWHDNWLYLWHWHUQDI|UQnUHVXOWDW3ODQHQE|UDQJHYLONDDNWLYLWHWHU VRPVNDOOJHQRPI|UDVYLONDVRPlUDQVYDULJDI|UDWWJHQRPI|UDGHPKXUDYYL NHOVHUKDQWHUDVRFKWLOOYHPGHUDSSRUWHUDV 9LKDUVWXGHUDWRPYHUNVDPKHWVSODQHQXSSUlWWDVI|UNlUQYHUNVDPKHWHURFK VW|GYHUNVDPKHWHUVDPWLQQHKnOOLIUnJDRPPnODNWLYLWHWHUDQVYDULJDI|UUHVXO WDWRFKWLGSODQHULQJ9LKDUlYHQVWXGHUDWRPYHUNVDPKHWVSODQHQEHVNULYHUGHQ WRWDODYHUNVDPKHWHQ 9HUNVDPKHWVVW\UQLQJRPIDWWDUlYHQXSSI|OMQLQJDYYHUNVDPKHWRFKYHUNVDP KHWHQVPHGHOVDQYlQGQLQJ'HVVDXSSI|OMDQGHGHODUEHVNULYVLVHQDUHDYVQLWWGn YLPHULGHWDOMVWXGHUDUGHQRSHUDWLYDYHUNVDPKHWHQ 9LKDUGHVVXWRPJUDQVNDWRPUXWLQHUILQQVI|UDWWWDIUDPYHUNVDPKHWVSODQRFK EXGJHWRFKKXUDUEHWVJnQJHQEHVNULYVLRUJDQLVDWLRQHQVSODQHULQJVRFKEXG JHWSURFHVV3URFHVVHQVNDOOEHVNULYDQlUROLNDDNWLYLWHWHUVNDOOlJDUXPWH[XW VNLFNDYULNWOLQMHURFKDQYLVQLQJDURFKYHPVRPDQVYDUDUI|UGHWYDULQIRUPD WLRQILQQVVRPVW|GI|UPHGOHPVRUJDQLVDWLRQHUQDVDQDO\VHUVDPWKXUQlURFK DYYHPEHVOXWIDWWDV 9nUDLDNWWDJHOVHU 605KDULQWHIRUPXOHUDWQnJUDPnOI|UXWYHFNOLQJVDUEHWHW,QWHKHOOHUKDUROLND W\SHUDYLQVDWVHUHOOHUSURMHNWPHGYLVVDV\IWHQSULRULWHUDWV605KlQYLVDULVWlO OHWWLOO6LGDVELVWnQGVSROLWLVNDPnORFKWDUVMlOYWLQWHVWlOOQLQJWLOOSULRULWHUDGH YHUNVDPKHWVRPUnGHQHOOHUUHJLRQHUHOOHUOlQGHUHWF 8WJnQJVSXQNWHQI|U605VSODQHULQJVRFKEXGJHWDUEHWHlU6LGDVELVWnQGVSROL WLVNDPnORFK6LGDVXWWDODGHYHUNVDPKHWVLQULNWQLQJGYVDWWHQVDWVQLQJSnRUJD QLVDWLRQVRFKNRPSHWHQVXWYHFNOLQJVNDOOIUlPMDVOLNVRPDWWIUDPYl[WHQDYHWW FLYLOWVDPKlOOHVNDVWLPXOHUDV 605KDUVMlOYYDOWDWWLQWHSUHFLVHUDWRONDI|UW\GOLJDLQQHE|UGHQDY6LGDVV\I WHQRFKYLOONRUI|UXWYHFNOLQJVVDPDUEHWHWVnDWWGHWEOLUHWWW\GOLJDUHVW|GI|U
PHGOHPVRUJDQLVDWLRQHUQDVVW\UQLQJRFKNRQWUROO605J|ULQJDHJQDSULRULWH ULQJDURFKVDNQDURFNVnNRQNUHWDPnOI|UXWYHFNOLQJVVDPDUEHWHWGYVPnOVRP XWWU\FNDVWH[XWLIUnQWHPDUHJLRQHOOHUODQG 605KDUKHOOHULQWHIRUPXOHUDWPnOI|UYDG605VNDXSSQnLVDPDUEHWHWPHG VLQDPHGOHPVRUJDQLVDWLRQHULIUnJDRPNRPSHWHQVXWYHFNOLQJHWF3URMHNWHQEH VOXWDVO|SDQGHRFKLGHQWDNWRUJDQLVDWLRQHUQDDQV|NHURPPHGHOI|USURMHNW 605WRJLRNWREHUIUDPHWWGRNXPHQWVRPEHQlPQVYHUNVDPKHWVSODQ'HWLQ QHKnOOHUEODHQVDPPDQVWlOOQLQJ|YHUGHQ\DSURMHNWVRP605VELVWnQGVXW VNRWWWLGLJDUHKDUWDJLWVWlOOQLQJWLOO9HUNVDPKHWVSODQHQ|YHUVlQGVWLOO6LGD 605VELVWnQGVXWVNRWWKDULQWHJMRUWQnJUDHJQDSULRULWHULQJDUEODQGSURMHNWHQ HIWHUVRP605LQWHKDUPnOHOOHUDQGUDXWJnQJVSXQNWHUDWWSULRULWHUDXWLIUnQ 9HUNVDPKHWVSODQHQLQOHGVPHGHWWDYVQLWWRPYHUNVDPKHWVLQULNWQLQJ'HQEH VNULYHUVRPWLGLJDUHQlPQWVPHUYDGQXYDUDQGHGLVNXVVLRQRFKUHIOH[LRQLQRP 605U|UVLJRP'HQKDULEODQGRFNVnLQVODJDYHQUHGRJ|UHOVHI|UYDGVRP UHGDQKDUVNHWW'HQEHVNULYHULQWHGHQWRWDODYHUNVDPKHWHQXWDQHQGDVWGHQ GHOI|UYLONHQDQV|NDQLQOlPQDV 9LKDUlYHQJUDQVNDWKXUVW|GYHUNVDPKHWHQGYVGHQYHUNVDPKHWVRPXWJ|UHQ UHVXUVI|U605VNlUQYHUNVDPKHWSODQHUDURFKI|OMHUXSSVLQYHUNVDPKHW9L KDULQWHIXQQLWDWWQnJUDNRQNUHWDPnOILQQVVnVRPPnOI|UNDQVOLHWVNRPSH WHQVXWYHFNOLQJNDQVOLHWV,7XWYHFNOLQJHOOHUDUEHWHPHGDWWXWYHFNODLQGLNDWRUHU 0nOVNXOOHRFNVnNXQQDXWWU\FNDVI|UYDGVRPVNDOOXSSQnVDYVHHQGHNDSDFLWHWV RFKRUJDQLVDWLRQVXWYHFNOLQJI|UPHGOHPVRUJDQLVDWLRQHUQD)|OMDNWOLJHQILQQV LQJHQSODQI|UNDQVOLHWVRPXWWU\FNHUKXUPnOHQVNDOOQnVJHQRPDWWJHQRPI|UD GHDNWLYLWHWHUVRPEHVNULYVLSODQHQ0HGDUEHWDUQDNlQQHUGlUPHGLQWHWLOOYDG |YULJDPHGDUEHWDUHNRPPHUDWWDUEHWDPHGQlVWNRPPDQGHnU 3ODQHULQJVRFKEXGJHWSURFHVVHQI|OMHUGHWWLGVVFKHPDVRPXWJnUIUnQVLVWDWLG SXQNWI|UDQV|NDQWLOO6LGD605VSODQHULQJVRFKEXGJHWSURFHVVlULQWHGRNX PHQWHUDGDYVHHQGH é 9DGVRPVNDOOXSSQnVUHVXOWDWRFKLQQHKnOO é 9HPVRPDQVYDUDUI|UUHVSDNWLYLWHWWH[WDIUDPGRNXPHQWI|OMDXSS é 9HPHOOHUYLONHWRUJDQVRPEHVOXWDU é )lUGLJWLGSXQNW é 5DSSRUWHULQJ é gYULJDGPLQLVWUDWLYKDQGOlJJQLQJ 'HWI|UHNRPPHUHQYLVVSODQHULQJPHQGHQKDUPHUDGKRFNDUDNWlU
6DPPDQIDWWQLQJVYLVNDQYLNRQVWDWHUDDWW é 0nOI|UYHUNVDPKHWVRPUnGHQVDNQDV é 3ULRULWHULQJDYYHUNVDPKHWVRPUnGHQRFKW\SHUDYROLNDSURMHNWKDULQWH JMRUWV é 9HUNVDPKHWVSODQHQlUHQVDPPDQVWlOOQLQJDYPHGOHPVRUJDQLVDWLRQHUQDV SURMHNWRFKlULQWHHQSODQVRPUHODWHUDUWLOOYDG605VNDOOXSSQn é 3ODQHULQJVSURFHVVHQlULQWHEHVNULYHQHOOHUGRNXPHQWHUDG 9nUEHG|PQLQJlUDWW605LQWHVW\UGHQGHODYVLQYHUNVDPKHWVRPDYVHU XWYHFNOLQJVVDPDUEHWHW9LJUXQGDUYnUDLDNWWDJHOVHUSnDWWYLKDUIXQQLWDWW 605LQWHVlWWHUXSSPnOI|UH[HPSHOYLVWHPDQUHJLRQHURFKHOOHUOlQGHUHOOHU DQQDQUHOHYDQWYHUNVDPKHWVLQGHOQLQJ9LKDULQWHKHOOHUIXQQLWDWW605DQ YlQGHUVLJDYLQGLNDWRUHUI|UDWWVHQDUHNXQQDPlWDRPEHVOXWDGHLQVDWVHUJLYLW |QVNDWUHVXOWDWHOOHU|QVNDGHHIIHNWHU605KDULQWHKHOOHUYDOWDWWVW\UDPHG OHPVRUJDQLVDWLRQHUQDVXWYHFNOLQJVVDPDUEHWHJHQRPDWWIDVWVWlOODYLVVDNULWHULHU I|UPHGOHPVRUJDQLVDWLRQHUQDVUXWLQHUI|UVW\UQLQJRFKNRQWUROODYGHQ6LGD ILQDQVLHUDGHYHUNVDPKHWHQ605KDULQWHKHOOHUIRUPXOHUDWPnOI|UYDGGHW HNXPHQLVNDVDPDUEHWHWPHOODQPHGOHPVRUJDQLVDWLRQHUQDLQRP605VNDOOUH VXOWHUDL 9LKDUKHOOHULQWHIXQQLWDWWPDQKDUHQYHUNVDPKHWVSODQI|UGHWHNXPHQLVND VDPDUEHWHW9LKDUI|UVWnWWDWW605YDOWDWWVW\UDGHW6LGDILQDQVLHUDGHXWYHFN OLQJVVDPDUEHWHWJHQRPNXQVNDSVI|UPHGOLQJRFKDWWLW\GSnYHUNDQYLDVHPLQDULHU RFKROLNDVNULIWHU.RQVHNYHQVHQDYGHVVDI|UKnOODQGHQlUDWWVW\UQLQJHQDYGH 6LGDILQDQVLHUDGHSURMHNWHQJ|UVLQRP605VHQVNLOGDPHGOHPVRUJDQLVDWLRQHU 605XWJ|ULSUDNWLNHQHQGDVWHQLQVWDQVVRPV\IWDUWLOODWWVlNHUVWlOODDWWSUR MHNWDQV|NQLQJDUQDWLOOJRGRVHUGHDY6LGDXSSVWlOOGDNUDYHQI|U6LGD ILQDQVLHULQJ'RFNVDNQDU605WLOOVWRUGHOI|UXWVlWWQLQJDUI|UDWWIXOOWXWIXOOJ| UDGHQQDNYDOLWHWVNRQWUROOHIWHUVRP605LQWHKDUIXOONlQQHGRPRPKXUXU YDOVSURFHVVHQDYSURMHNWVHUXWLQRPDOODPHGOHPVRUJDQLVDWLRQHU605VDNQDU lYHQNlQQHGRPRPKXUPHGOHPVRUJDQLVDWLRQHUQDVKDUYHULILHUDWDWWUHGRYLVDGH XSSJLIWHULGHORFKVOXWUDSSRUWHUlUNRUUHNWD (NRQRPLVNVW\UQLQJ µ0DQVNDOONRPPDIUnQGHWKnOOGLWPDQVNDOOJnµ 8WJnQJVSXQNWHUI|UYnUJUDQVNQLQJ (QJRGHNRQRPLVNVW\UQLQJLQQHElUDWWRUJDQLVDWLRQHQXWLIUnQSULRULWHUDGH YHUNVDPKHWHURFKSULRULWHUDGHYHUNVDPKHWVPnODOORNHUDUUHVXUVHUVnDWWDYVHGGD
UHVXOWDWQnV9LGNQDSSKHWSnUHVXUVHUlUGHWDYlQVW|UUHEHW\GHOVHDWWHQRP VRUJVIXOOSULRULWHULQJDYYHUNVDPKHWHQKDUJMRUWVI|UDWWSnVnVlWWDOORNHUDUHVXU VHUQDWLOOGHYHUNVDPKHWHUGlUGHHQOLJWRUJDQLVDWLRQHQJ|UVW|UVWQ\WWD (QXSSI|OMQLQJDYHNRQRPLQlULQWHPHGQ|GYlQGLJKHWNRSSODGWLOOJLYQDSHUL RGHUXWDQPHUWLOOQDWXUOLJDGHOPnOI|UYHUNVDPKHWHQRFKlUHQGHOLHQJRG HNRQRPLVNVW\UQLQJ)|UPnJDDWWNRUULJHUDDYYLNHOVHURFKLQWHDOOWLGQ|MDVLJ PHGI|UNODULQJDUWLOOXSSNRPQDDYYLNHOVHUYLWWQDUlYHQRPJRGHNRQRPLVNVW\U QLQJ 9LXWJnULYnUEHG|PQLQJIUnQDWWHNRQRPLVNDUHVXUVHUVNDOOUHODWHUDVWLOOPnO VRPWXUVDWWVXWLIUnQROLNDPnOJUXSSHUVEHKRY 9nUDLDNWWDJHOVHU )|UGHOQLQJHQDY6LGDPHGHOPHOODQRUJDQLVDWLRQHUQDlUUHODWLYWOLNDUWDG|YHU nUHQ(QI|UNODULQJKlUWLOOlUDWW605VWlOOHUNUDYSnDWWGHHQVNLOGDRUJDQLVD WLRQHUQDVNDKnOODHQK|JUHHJHQLQVDWVLSURMHNWHQQlUPDUH²lQYDG 6LGDVWlOOHUNUDYSn'HWWDPHGI|UDWWRUJDQLVDWLRQHUQDVP|MOLJKHWHUDWW XW|NDVLQDSURMHNWEHJUlQVDVDYRUJDQLVDWLRQHQVI|UXWVlWWQLQJDUDWWILQDQVLHUD \WWHUOLJDUHSURMHNWPHGHJQDPHGHOlYHQRPSURMHNWHQLVLJVNXOOHYDUDPHULQ WUHVVDQWDlQSURMHNWIUnQDQGUDRUJDQLVDWLRQHU$QOHGQLQJHQWLOO605VK|JUH NUDYlUDWWPDQLQWHYLOODWWRUJDQLVDWLRQHUQDVXWYHFNOLQJVVDPDUEHWHVNDEOLEH URHQGHDY6LGDVILQDQVLHULQJHIWHUVRP6LGDVYLOONRUNDQNRPPDDWWI|UlQGUDV RFKGlUPHGI|UVYnUD|QVNYlUGNRQWLQXLWHWLVDPDUEHWHWPHGORNDODV\VWHUN\UNRU RFKSDUWQHUV(QDQQDQI|UNODULQJWLOOGHQVWDELODI|UGHOQLQJHQPHOODQRUJDQL VDWLRQHUQDlUDWWGHWlUVYnUWDWWDYVOXWDSURMHNWVRPGULYLWVDYPHGOHPVRUJDQL VDWLRQHUXQGHUHQOnQJWLG(QWUHGMHI|UNODULQJlUDWWRUJDQLVDWLRQHUQDGHOYLVlU EHURHQGHDY6LGDPHGHOI|UVLQDGPLQVWUDWLRQRFKGlUI|ULI|UYlJEXGJHWHUDU PHGHWWLVWRUWVHWWRI|UlQGUDW6LGDELGUDJ(QIMlUGHI|UNODULQJlUDWW605WLGL JDUHKDUVDNQDWI|UXWVlWWQLQJDUDWWJ|UDHQSULRUWLHULQJPHOODQVDPWOLJDSURMHNW IUnQDOODRUJDQLVDWLRQHUHIWHUVRPPDQLQWHIRUPXOHUDWQnJUDSULRULWHULQJVJUXQ GHU$QOHGQLQJHQKlUWLOOlUDWW605LQWHIRUPXOHUDWQnJUDHJQDPnOI|UXW YHFNOLQJVLQVDWVHUQDVLQULNWQLQJ 0HGOHPVRUJDQLVDWLRQHUQDKDUSUDNWLNHQJLYLWVHQUHVXUVUDPLQRPYLONHQGHKDU NXQQDWILQDQVLHUDROLNDSURMHNW605KDUVnOHGHVLQWHJMRUWHQSULRULWHULQJ PHOODQRUJDQLVDWLRQHUQDVDOODLQNRPQDSURMHNWXWLIUnQXSSVWlOOGDPnO605 KDUGRFNJMRUWHQEHG|PQLQJDYDWWPHGOHPVRUJDQLVDWLRQHUQDVSURMHNWDQV|N QLQJDULQWHIDOOLWXWDQI|U6LGDVDQYLVQLQJDURFKYLOONRUI|UELGUDJHW3URMHNWVRP LQWHEHG|PWVNYDOLILFHUDI|UGHWWDELVWnQGKDUVWUXNLWVRFKHYHUVDWWVDYHWWDQQDW SURMHNWI|UVODJIUnQRUJDQLVDWLRQHQ5HVXUVHUQDKDUPDRLQWHI|UGHODWVXWLIUnQ DY605XSSVWlOOGDPnOI|UXWYHFNOLQJVVDPDUEHWHWHOOHUXWLIUnQLGHQWLILHUDGH EHKRYPHGnWI|OMDQGHSULRULWHULQJDYSURJUDPHOOHUSURMHNW
8QGHUK|VWHQKDU605HQOLJWXSSJLIWNRPPLWDWWWLOOlPSDHQI|UGHOQLQJ VSULQFLSVRPLVW|UUHXWVWUlFNQLQJSUHPLHUDUSURMHNWHQVNYDOLWDWLYDLQQHKnOO %DNJUXQGHQlUEODDWWVW\UHOVHQXQGHUYnUHQXWWDODGHDWWµI|UGHOQLQJHQ LIRUWVlWWQLQJHQPnVWHXWJnIUnQLQVDWVHUQDVNYDOLWHWRFKRUJDQLVDWLRQHUQDVND SDFLWHW(QOLJWXSSJLIWVNDVlUVNLOGSULRULWHWJHVWLOOSURMHNWDQV|NQLQJDUVRPV\I WDUWLOODWWVWlUNDGHWFLYLODVDPKlOOHW9LKDUGRFNLQWHIXQQLWQnJRQEHG|P QLQJVPDOOHOOHUOLNQDQGHVRPYLVDUDWWHQVnGDQSULRULWHULQJLSUDNWLNHQKDUlJW UXP 9LNDQXWLIUnQYnUDLQWHUYMXHUPHGI|UHWUlGDUHI|UPHGOHPVRUJDQLVDWLRQHUQD NRQVWDWHUDDWWGHLQWHNlQQHUWLOO605VQ\DI|UGHOQLQJVSULQFLSHU2UJDQLVDWLR QHUQDXSSIDWWDUVLQDUHVXUVUDPDUVRPIDVWVWlOOGDSnI|UKDQG'HWKDUKlQWDWW PHGOHPVRUJDQLVDWLRQHUVRPLQNRPPLWPHGDQV|NQLQJDUWLOOHWWVDPPDQODJW EHORSSVRP|YHUVWLJLWWLGLJDUHnUVI|UGHOQLQJEOLYLWRPEHGGDDWWEHJUlQVDVLQD DQV|NQLQJDU1nJRQSU|YQLQJDYDQV|NDQKDUGlUYLGLQWHJMRUWVXWLIUnQHQ VDPPDQKnOOHQEHKRYVDQDO\VRFKKXUXYLGDSURMHNWHQOLJJHULOLQMHPHG605V VWUDWHJL'lUHPRWKDUGHWJMRUWVHQEHG|PQLQJIUnQ605VVLGDDWWSURMHNWDQ V|NQLQJDUQDLQWHDYYLNHUIUnQ6LGDVV\IWHQ (IWHUGHWDWW6LGDKDUEHVOXWDWRPHNRQRPLVNUDPI|U605YLONHQLUHJHOlU OlJUHlQDQV|NWDPHGHOIDWWDU605LQJHWEHVOXWYLONDSURMHNWVRPLQWHVNDOO VW|GMDV 9LKDULQWHKHOOHUIXQQLWDWWUHVXUVHULQRPNDQVOLHWI|UGHODVXWLIUnQGHDYOHG QLQJHQEHVOXWDGHYLNWLJDXWYHFNOLQJVRPUnGHQDHOOHUI|UElWWULQJVLQVDWVHUQD 6DPPDQIDWWQLQJVYLVNDQYLNRQVWDWHUDDWW é (NRQRPLVNDUHVXUVHUDOORNHUDVLQWHWLOOLI|UYlJXSSVDWWDYHUNVDPKHWVPnO é )|UGHOQLQJDY6LGDPHGHOVNHUO|SDQGHXQGHUYHUNVDPKHWVnUHWRFKEDVHUDVL VWRUXWVWUlFNQLQJSnRUJDQLVDWLRQHUQDVWLGLJDUHHUKnOOQD6LGDPHGHO 'HQHNRQRPLVNDVW\UQLQJHQDYVHHQGHUHVXUVDOORNHULQJlUHQOLJWYnUEHG|P QLQJVYDJ0HGHOKDUWLGLJDUHLQWHI|UGHODWVXWLIUnQHQVDPODGEHKRYVDQDO\V RFKVWUDWHJLVND|YHUYlJDQGHQXWDQSnKLVWRULVNDJUXQGHUJUXQGHUVRPLQQHElU DWWGHRUJDQLVDWLRQHUVRPKDUKDIWHQK|JJHQRPVQLWWOLJHJHQLQVDWVPHGDXWR PDWLNInUPHUDY6LGDVW|GHWlQPHGOHPVRUJDQLVDWLRQHUPHGHQOlJUHJHQRP VQLWWOLJHJHQLQVDWV8QGHUKDUYLI|UVWnWWDWWGHQHNRQRPLVNDVW\UQLQJHQ XWYHFNODWVLRFKPHGDWWUHVXUVHUQDLVW|UUHXWVWUlFNQLQJlQWLGLJDUHVNDSULRULWH UDVXWLIUnQYLVVDNYDOLWHWVHJHQVNDSHU 5HVXOWDWHWDYNDQVOLHWVYHUNVDPKHWEOLUGlUPHGRFNVnYDGGHWEOLUGnDOORNHULQJ HQDYUHVXUVHULQWHE\JJHUSnHQJHQRPDUEHWDGSODQI|UDWWI|UYHUNOLJD605V PnO