78=6)07)2*Ó6-28)62%8-32)008 98:)'/0-2+77%1%6&)8) 7MHEÓWX
%RZMWRMRKEVJ¸VWX¸HXMPP
16SGLHIQSOVEXMTVSNIOX
TÅ:ÇWXVE&EPOER
-RRILÅPPWJ¸VXIGORMRK
,1/('1,1*2&+6<)7( 9DGYLOO6LGDXSSQnPHGDQYLVQLQJDUQD" 'HILQLWLRQDY05GHPRELVWnQGHW 1nJRWRPGHPRNUDWLRFK05LXWYHFNOLQJVVDPDUEHWHW 0lWEDUKHWRFKNDXVDODVDPEDQG %DNJUXQGVGRNXPHQWDWLRQ 'HVVDDQYLVQLQJDUHUVlWWHUGHWLGLJDUH 9HPNDQV|NDELGUDJ" 7LGVSHUVSHNWLY 675$7(*,6.$)5c*252&+)g5876b771,1*$5 *HQRPJnQJDYGHWSROLWLVNDOlJHWLUHJLRQHQ (WWUHJLRQDOWV\QVlWW 3UREOHPDWLNHQPHGUHJLRQDOWELVWnQG /LNKHWHURFKROLNKHWHUPHOODQOlQGHUQD (UIDUHQKHWHUDYUHJLRQDOWVW|G )|UXWVlWWQLQJDUI|USDUWQHUVNDS 35,25,7(5$'(,16$76(5 9DGYLOO6LGDXSSQnPHGVW|GHW" 5HJLRQDOW .URDWLHQ %RVQLHQ+HUFHJRYLQD )HGHUDWLRQHQ%RVQLHQ+HUFHJRYLQD 5HSXEOLND6USVND )|UEXQGVUHSXEOLNHQ-XJRVODYLHQ 6HUELHQ 0RQWHQHJUR .RVRYR 0DNHGRQLHQ $OEDQLHQ $16g.1,1*$5 7LGVSHULRGHU /)$XSSE\JJQDG $OOPlQQDUHJOHU 5DPDYWDO
-RPIHRMRKSGLW]JXI
:EHZMPP7MHEYTTRÅQIHERZMWRMRKEVRE# 'HWWDGRNXPHQWnWHUVSHJODU6LGDVV\QSnVLWXDWLRQHQU|UDQGHPlQVNOLJDUlWWLJKHWHURFK GHPRNUDWLSn9lVWUD%DONDQ.URDWLHQ)5-XJRVODYLHQPHG.RVRYR%RVQLHQ+HUFH JRYLQD$OEDQLHQRFK0DNHGRQLHQ7LOOVDPPDQVPHGGHDOOPlQQDULNWOLQMHUVRPILQQV DWWOlVDLUHOHYDQWDEDNJUXQGVGRNXPHQWVHVNDOODQYLVQLQJDUQDGlUPHGIXQJHUD VRPYlJOHGDQGHGRNXPHQWI|UDOODRUJDQLVDWLRQHURFKDQGUDVDPDUEHWVSDUWQHUVVRP PHG6LGDVPHGHOJHQRPI|U05RFKGHPRNUDWLSURMHNWLUHJLRQHQ 'HVVDDQYLVQLQJDUlPQDULQWHGHILQLHUDYDGVRPHJHQWOLJHQNDQNODVVLILFHUDVVRP05 RFKGHPRNUDWLELVWnQGXWDQSHNDSnYLONDW\SHUDYSURMHNWVRPNDQHUKnOODVW|GIUnQ 6LGDgVWVEXGJHWI|UGHQQDW\SDYELVWnQG6LGDgVWKDUHQUHODWLYWYLGEHG|PQLQJDY YDGVRPNDQNODVVDVVRP05RFKGHPRNUDWLELVWnQG+LWWLOOVKDUGHWWDRPIDWWDWVW|GWLOO REHURHQGHPHGLHULFNHIRUPHOOXWELOGQLQJLGHPRNUDWLIRUVNQLQJNULQJGHPRNUDWL NRQIHUHQVHURFKUXQGDERUGVVDPWDOGLDORJVNDSDQGHnWJlUGHULQIRUPDWLRQXQJGRPV SURJUDPSURJUDPI|UMlPVWlOOGKHWnWJlUGHUPRWPlQQLVNRKDQGHONXOWXUVW|GPP ,EODQGlUGHWVYnUWDWWGUDHQNODUJUlQVOLQMHPHOODQ05RFKGHPRNUDWLELVWnQGRFKWH[ KlOVRELVWnQG(QGHOSURMHNWNDQYDUDVYnUDDWWPRWLYHUDXUHQUHQ05GHPRNUDWL DVSHNWPHQKDUDY6LGDlQGnDQVHWWVKDVWRUWYlUGH6DPWLGLJWILQQVGHWSURMHNWLQRP 05RFKGHPRNUDWLVHNWRUQVRPLQWHHUKnOOHUVW|G (IJMRMXMSREZ16HIQSFMWXÅRHIX 'HW|YHUJULSDQGHPnOHWI|U6YHULJHVXWYHFNOLQJVVDPDUEHWHlUDWWPLQVNDIDWWLJGRPHQL YlUOGHQ'HPRNUDWLPnOHWELGUDUWLOOGHW|YHUJULSDQGHIDWWLJGRPVPnOHWJHQRPDWWWLOOI|UD GHQSROLWLVNDGLPHQVLRQHQ'HPRNUDWLlUHWWNRQFHSWVRPlUQlVWDQRP|MOLJWDWW GHILQLHUD'HWlULQWHHWWV\VWHPVRPI|UNURSSVOLJDUDOODGHPRNUDWLVNDLGHDOXWDQHWWGlU GHVVDILQQVUHSUHVHQWHUDGHLULPOLJWPnWW0HGPRWVYDUDQGHGHILQLWLRQDYGHPRNUDWL ELVWnQGHWNDQQlVWDQDOOD6LGDILQDQVLHUDGHSURMHNWSn%DONDQVHVVRP05RFK GHPRNUDWLUHODWHUDGH(WWDYGHPHVWIUDPVWnHQGH05SURMHNWHQlUGHLQWHJUHUDGH RPUnGHVSURJUDPPHQVRPJ|UGHWP|MOLJWI|UIO\NWLQJDUDWWnWHUYlQGDKHPVDPWLGLJW VRPGHIUlPMDUVDPDUEHWHRFKI|UVRQLQJ|YHUGHHWQLVNDJUlQVHUQD/LNDVnNDQGH PnQJDI|UYDOWQLQJVSURJUDPPHQVRP6YHULJHVW|GHUNODVVDVVRPGHPRNUDWLSURMHNWGnGH DOODIUlPMDUUXOHRIODZRFKGHPRNUDWLVNWGHOWDJDQGHbYHQVW|GWLOONXOWXUSURMHNWlUDY VWRUYLNWEODGnNXOWXUHQXWJ|UHWWYLNWLJWLGHQWLILHULQJVREMHNWOLNVRPHQP|MOLJKHWDWW (WWH[HPSHOSnGHWWDlULQVDWVHUQDPRWWUDIILFNLQJVPXJJOLQJDYRFKKDQGHOPHGDYNYLQQRUVRP WYLQJDVSURVWLWXHUDVLJ'HWWDlUKXYXGVDNOLJHQHWW05SURMHNWPHQLQQHKnOOHURFNVnLQVODJDYPHGLFLQVN YnUGDYGHGUDEEDGHNYLQQRUQD 6YHQVNSROLWLNSnGHWWDRPUnGHXWYHFNODVLUHJHULQJHQVVNULYHOVH'HIDWWLJDVUlWW²YnUWJHPHQVDPPDDQVYDU 6.5 $UHQG/LMSKDUW'HPRFUDF\LQ3OXUDO6RFLHWLHV<DOH8QLYHUVLW\V 6LGDVnWHUXSSE\JJQDGVSURJUDPNDUDNWHULVHUDVDYIOHUDNRPSRQHQWHUI|UXWRPDWWKXVlJDUHQInUPDWHULHOO KMlOSDWWE\JJDXSSVLWWHJHWKXVDUEHWDU6LGDRFKGHVVLPSOHPHQWHUDQGHRUJDQLVDWLRQHUPHGLQIUDVWUXNWXU WH[YDWWHQRFKHOVDPWDUEHWVVNDSDQGHnWJlUGHUWH[PLNURNUHGLWHUHOOHUMRUGEUXNDOOWGHWWDI|UDWWGH nWHUYlQGDQGHlYHQVNDOOKDHQUHHOOP|MOLJKHWDWWVWDQQDNYDULVLWWKHPQlUKDQnWHUYlQW 'HVRPnWHUYlQGHURFKE\JJHUXSSVLQDKXV´WYLQJDVµDWWVDPDUEHWDPHGVLQDWLGLJDUHJUDQQDURIWDPHG DQQDQHWQLVNEDNJUXQGRFKInUSnVnVlWWNlPSDWLOOVDPPDQVPHGGHPI|UJHPHQVDPPDPnO (UIDUHQKHWHQKDUYLVDWDWWGHPHVWO\FNDGH´I|UVRQLQJVSURMHNWHQµlUGHGlUIRONKDUJHPHQVDPPD LQWUHVVHQRFKPnVWHVDPDUEHWDI|UDWWI|UYHUNOLJDGHVVDLQWUHVVHQ,nWHUYlQGDQGHSURJUDPPHQNDQGHWWD YDUDHNRQRPLVNDLQWUHVVHQHOOHUJHPHQVDPPDSUREOHPU|UDQGHVlNHUKHWYDWWHQI|UV|UMQLQJHOOHUPLQRUI|UDIUDPGHWIULDRUGHWRFKIULDWDQNDU-lPVWlOOGKHWVDVSHNWHQlUP\FNHWYLNWLJRFK6LGD I|UV|NHULQI|UDMlPVWlOOGKHWVWDQNDULDOODSURMHNW 2ÅKSXSQHIQSOVEXMSGL16MYXZIGOPMRKWWEQEVFIXIX 'HW|YHUJULSDQGHPnOHWI|UGHWVYHQVNDXWYHFNOLQJVVDPDUEHWHWlUDWWµK|MDGHIDWWLJD IRONHQVOHYQDGVQLYnµµ$WWELGUDWLOOHQGHPRNUDWLVNVDPKlOOVXWYHFNOLQJµKDUYDULWHWW GHOPnOVHGDQ9LXWWRONDULGDJIDWWLJGRPVRPQnJRWEUHGDUHlQPDWHULHOOQ|G'HW KDQGODURFNVnRPPDNWPDNWO|VKHWKDQGLQJVNUDIWHPSRZHUPHQWRFKP|MOLJKHWHU 'HQEUHGDUHGHILQLWLRQHQLQNOXGHUDUHQSROLWLVNGLPHQVLRQVRPLQWHILQQVLGHQVQlYD PDWHULHOODGHILQLWLRQHQ3RlQJHQPHGIDWWLJGRPVRP|YHUJULSDQGHPnOlUGRFNDWWPDQ IRNXVHUDUlYHQGHPRNUDWLELVWnQGHWSnGHVRPlUYlUVWXWVDWWDPDWHULHOOWVRFLDOWRFK SROLWLVNW 0lQVNOLJDUlWWLJKHWHUKDUNRPPLWLQLXWYHFNOLQJVDJHQGDQHIWHU%HUOLQPXUHQVIDOO'H XWJ|UHWWQRUPDWLYWUDPYHUNHQXWJnQJVSXQNWI|UYDGYLYLOOXSSQnPHGYnUDXWYHFN OLQJVDQVWUlQJQLQJDU'HWNDQVDPPDQIDWWDVLµUlWWHQWLOOHWWYlUGLJWOLYµ²RFKKlUILQQV nWHULJHQNRSSOLQJHQWLOOHWWEUHGDUHIDWWLJGRPVEHJUHSS05NRQYHQWLRQHUQDRFK UDSSRUWHULQJHQXQGHUNRQYHQWLRQHUQDNDQRFNVnDQYlQGDVVRPYHUNW\JLVDPDUEHWHW VRPXWJnQJVSXQNWI|UGLDORJRFKVRPKMlOSPHGHOI|UDWWLGHQWLILHUDHIWHUVDWWDRPUnGHQ 'HPRNUDWLlUHQV\VWHPO|VQLQJVRPVYDUDUSnIUnJDQKXUGHYlUGHQVRPEHVNULYVL05 NRQYHQWLRQHUQDNDQEOLYHUNOLJKHW'HWlUHWWV\VWHPI|UNROOHNWLYWEHVOXWVIDWWDQGHRFKHWW V\VWHPVRPI|UGHODUPDNWPHGXWJnQJVSXQNWHQHQSHUVRQHQU|VW'HWWDlUnWHULJHQHQ SDUDOOHOOWLOOSULQFLSHQRPLQGLYLGHQVUlWWLJKHWHUL05WH[WHUQD(QIRUPHOOGHPRNUDWL ILQQVSnSDSSHUHWRFKUHVSHNWHUDULVLQODJVWLIWQLQJYLVVDSULQFLSHURPUHJHOEXQGQDYDO PDNWGHOQLQJPDNWEDODQVDQVYDUVXWNUlYDQGHRVY(QUHHOOGHPRNUDWLI\OOHUGHVVDIRU PHOODNULWHULHUPHGLQQHKnOO²HQGHPRNUDWLVNNXOWXU'HQQDSUlJODVDYDWWLW\GHURFK YlUGHQVRPWROHUDQVGLDORJLQNOXVLYLWHWNRQVXOWDWLRQHUUHVSHNWI|UPLQRULWHWHUI|UDQN ULQJUHSUHVHQWDWLYLWHWRVY(WWIRUPHOOWGHPRNUDWLVNWV\VWHPVRPNUlQNHUPLQRULWHWHU DQVHULQWHYLYDUDHQUHHOOGHPRNUDWL )|UYDOWQLQJHQlUGHWSROLWLVNDV\VWHPHWVYHUNVWlOODQGHDUP'HQEHK|YHULVLJLQWHYDUD GHPRNUDWLVNGHWGHPRNUDWLVNDJHQRPVODJHWVNHUVQDUDVWLGHWEHVOXWVIDWWDQGHVRPI|UH JnUYHUNVWlOOLJKHWHQ)|UYDOWQLQJHQVNDOOSUlJODVDYJRGVDPKlOOVVW\UQLQJGYVWMlQDHQ GHPRNUDWLVNWYDOGUHJLPHIIHNWLYKXVKnOOQLQJPHGNQDSSDUHVXUVHUUHVSHNWI|UGHPR NUDWLVNWIDWWDGHEHVOXW|SSHQKHWLEHUHGQLQJSURFHVVEHVOXWXSSI|OMQLQJWUDQVSDUHQV RFKDQVYDUVXWNUlYDQGHRIIHQWOLJKHWRFKUHJHOVW\UH)|UYDOWQLQJVLQVDWVHUVRPLQWHVlWWVLQ LHQNYDOLWDWLYDQDO\VRFKEHG|PQLQJDYGHWSROLWLVNDV\VWHPHWULVNHUDUDWWIUlPMD UHJLPHUPDNWXW|YQLQJVRPLQWHlUGHPRNUDWLVNDGYVlUNRQWUDSURGXNWLYDWLOOYnUD |YHUJULSDQGHPnO(QVLGLJIRNXVHULQJSnHIIHNWLYLWHWlUGlUI|UULVNDEHOW ,XSSGUDJHWDWWELGUDWLOOGHPRNUDWLVNWVW\UGDVDPKlOOHQI|UPHGODUYLYlUGHULQJDU'HW J|UPDQElVWJHQRPDWWOHYDVRPPDQOlURFKDWWNXQQDI|UDYlUGHEDVHUDGHGLVNXVVLRQHU QlUKHOVWWLOOIlOOHJHV 1ÇXFEVLIXSGLOEYWEPEWEQFERH $UEHWHWPHGGHPRNUDWLRFKPlQVNOLJDUlWWLJKHWHUlUHWWVYnUWlPQHVRPUnGHLQRP XWYHFNOLQJVVDPDUEHWHW%ODNRQVWDWHUDUUHJHULQJHQLVLQVNULYHOVHRPGHPRNUDWLRFK05 DWW´GHWlUYlVHQWOLJWDWWNRPPDLKnJDWWXWYHFNOLQJVVDPDUEHWHWI|UGHPRNUDWLRFK
PlQVNOLJDUlWWLJKHWHUlUHWWELVWnQGVRPLJUXQGHQKDQGODURPDWWSnYHUNDYlUGHULQJDU 'HWNDQYDUDVYnUWDWWVHRPHGHOEDUDRFKNRQNUHWDUHVXOWDWHIWHUVRPVDPEDQGHQPHOODQ LQVDWVHURFKUHVXOWDWRIWDlUNRPSOH[DRFKLQGLUHNWD0nQJDIDNWRUHUNDQVSHODLQRFK lYHQW\UDUHVXOWDWHQµ*HQRPDWWSnYHUNDYlUGHULQJDUNDQYLOHGDWLOOHWWI|UlQGUDW EHWHHQGH 'HWWDJlOOHULK|JVWDJUDGI|UDUEHWHWSn9lVWUD%DONDQ/LNYlOlUGHW|QVNYlUWDWWSURMHN WHQRFKSURMHNWPnOHQEOLUVnNRQNUHWDVRPP|MOLJW3URMHNWHQPnVWHXWIRUPDVVnDWW PnOHQEOLUPlWEDUDJlUQDPHGVnYlONYDOLWDWLYDVRPNYDQWLWDWLYDLQGLNDWRUHU 5DSSRUWHULQJHQVNDOOJHHQELOGDYKXUXYLGDSURMHNWHWELGUDJLWWLOODWWGHW|YHUJULSDQGH PnOHWXSSQnVRFKLQWHEDUDLEULVWSnNRQNUHWDUHVXOWDWNRPPHQWHUDDNWLYLWHWHUQD'H V|NDQGHRUJDQLVDWLRQHUQDE|URFNVnJ|UDNRQIOLNWNRQVHNYHQVEHG|PQLQJDUGYVUHGRYLVD KXUGHSODQHUDGHLQVDWVHUQDSnYHUNDURFKSnYHUNDVDYULVNHQI|UYlSQDGHNRQIOLNWHU &EOKVYRHWHSOYQIRXEXMSR 6YHULJHVDUEHWHPHGPlQVNOLJDUlWWLJKHWHURFKGHPRNUDWLEDVHUDUVLJSnUHJHULQJHQV VNULYHOVH6.5'HWWDGRNXPHQWEHKDQGODUGRFNLQWHKXYXGVDNOLJHQ &HQWUDORFKgVWHXURSDXWDQNRQFHQWUHUDUVLJSn6YHULJHVVDPDUEHWHPHGXWYHFNOLQJV OlQGHUL6\G6LGDKDUGlUXW|YHUWDJLWIUDPHWWSURJUDPI|UIUHGGHPRNUDWLRFK PlQVNOLJDUlWWLJKHWHU'HWWDKDQGOLQJVSURJUDPSHNDUXWSnYLONHWVlWW6LGDNDQ XQGHUOlWWDRFKVWLPXOHUDVDPDUEHWVOlQGHUQDVDUEHWHI|UDWWE\JJDGHPRNUDWLRFKVN\GGD GHPlQVNOLJDUlWWLJKHWHUQD 5HJHULQJHQKDUSnI|UVODJDY6LGDIDVWVWlOOWODQGVWUDWHJLHUI|U%RVQLHQ+HUFHJRYLQD)5 -XJRVODYLHQPHGHQVHSDUDWVWUDWHJLI|U.RVRYR$OEDQLHQVDPW0DNHGRQLHQ'HVVD VWUDWHJLHURFKSURJUDPOlJJHUIDVWGHJHQHUHOODULNWOLQMHUQDI|U6YHULJHVXWYHFNOLQJV VDPDUEHWHPHGUHVSHNWLYHODQGHOOHURPUnGH'HWWDJ|UDWW.URDWLHQlUGHWHQGDODQGHW LUHJLRQHQXWDQHQHJHQODQGVWUDWHJL (IWWEERZMWRMRKEVIVWÇXXIVHIXMHMKEVI 6LGDKDUWLGLJDUHSXEOLFHUDW$QYLVQLQJDUI|U6LGDVVW|GWLOOHQVNLOGDRUJDQLVDWLRQHUVYHUNVDPKHWI|U GHPRNUDWLRFKPlQVNOLJDUlWWLJKHWHULIRUQD-XJRVODYLHQPDM'HI|UHOLJJDQGH DQYLVQLQJDUQDHUVlWWHUGHWLGLJDUHDQYLVQLQJDUQDYDGJlOOHULQULNWQLQJSnDUEHWHW)|U NRQNUHWDGHWDOMHUU|UDQGHDQV|NQLQJEHG|PQLQJRFKDYWDOVVNULYQLQJKlQYLVDVHQVNLOGD RUJDQLVDWLRQHUWLOO6LGDV$OOPlQQDYLOONRUI|U6LGDVELGUDJWLOOVYHQVNDHQVNLOGDRUJDQLVDWLRQHUMXQL VDPWWLOOWLOOlPSOLJDGHODUDY$QYLVQLQJDUI|U6LGDVELGUDJWLOOHQVNLOGDRUJDQLVDWLRQHUI|U KXPDQLWlUWELVWnQGRFKNRQIOLNWI|UHE\JJDQGH6LGD6(.$+80MXOLRFK$QYLVQLQJDUI|U 6LGDVVW|GWLOOHQVNLOGDRUJDQLVDWLRQHUVXWYHFNOLQJVVDPDUEHWHL&HQWUDORFKgVWHXURSD 6LGD6(.$(2VHSWHPEHU6YHQVNDI|UHWDJLQVWLWXWLRQHUNRQVXOWHURFK P\QGLJKHWHUKlQYLVDVWLOO&RRSHUDWLRQLQWKH:HVWHUQ%DONDQV,QIRUPDWLRQWRH[WHUQDOSDUWLHV 'HWWDSDSSHUHQGDVWSnHQJHOVNDLQQHKnOOHURFNVnUHOHYDQWLQIRUPDWLRQI|U HQVNLOGDRFKLQWHUQDWLRQHOODRUJDQLVDWLRQHU 5HJHULQJHQVVNULYHOVH6.5'HPRNUDWLRFKPlQVNOLJDUlWWLJKHWHUL6YHULJHV XWYHFNOLQJVVDPDUEHWH6WRFNKROPVI ,ELGV 5lWWYLVDRFKIUHG²6LGDVSURJUDPI|UIUHGGHPRNUDWLRFKPlQVNOLJDUlWWLJKHWHU6WRFNKROP 7LOOlPSOLJDGHODUlUI|U6(.$+80VDQYLVQLQJDUNDSLWHORFK'RFNE|UGHWKXPDQLWlUD SHUVSHNWLYHWNDWDVWURISHUVSHNWLYHWHUVlWWDVDYHWW05RFKGHPRNUDWLSHUVSHNWLY)g56(.$(2V DQYLVQLQJDUlUI|OMDQGHGHODUWLOOlPSOLJDNDSLWHORFK)|UUDPRUJDQLVDWLRQHUJlOOHUlYHQNDSLWHO RFKGRFNVNDOOPHGLHRUJDQLVDWLRQHUOlJJDVWLOOGHRUJDQLVDWLRQHUVRPNDQHUKnOODVW|G
:IQOERW¸OEFMHVEK# *UXQGOlJJDQGHI|U6LGDVEHG|PQLQJDYV|NDQGHRUJDQLVDWLRQlUGHVVELVWnQGVNXQQDQGH RFKNDSDFLWHW,6LGD6(.$VDQYLVQLQJDUVHSXQNWILQQVJUXQGHUQDI|UEHG|P QLQJVDPWGHIRUPHOODNUDYVRPHQRUJDQLVDWLRQPnVWHXSSI\OODXSSUlNQDGH$OOD RUJDQLVDWLRQHUVYHQVNDXWOlQGVNDRFKLQWHUQDWLRQHOODVRPXSSI\OOHUGHVVDNUDYNDQ V|NDELGUDJIUnQ6LGDI|U05RFKGHPRNUDWLSURMHNWSn9lVWUD%DONDQ$YXWOlQGVND VDPDUEHWVSDUWQHUVI|UYlQWDUVLJ6LGDDWWGHNlQQHUWLOOVYHQVNWELVWnQGRFK6LGDVDUEHWHL UHJLRQHQ ,XQGDQWDJVIDOONDQlYHQORNDODRUJDQLVDWLRQHUV|NDELGUDJGLUHNWIUnQ6LGD*HQHUHOOW YLOOGRFN6LGDDWWORNDODDQV|NQLQJDUVNDOONDQDOLVHUDVJHQRPVYHQVNDRUJDQLVDWLRQHU 'HWWDI|UXWVlWWHUDWWGHQI|UPHGODQGHRUJDQLVDWLRQHQKDUHWWQlUDVDPDUEHWHPHGGHQ JHQRPI|UDQGHRUJDQLVDWLRQHQRFKLQWHEDUDI|UPHGODUSHQJDUQDYLGDUH6LGDYLOOKDVn InOHGVRPP|MOLJWPHOODQILQDQVLlURFKJHQRPI|UDUH 8MHWTIVWTIOXMZ 'HVVDDQYLVQLQJDUlUWlQNWDDWWJlOODXQGHUSHULRGHQ²'nI|UXWVlWWQLQJDUQD I|UDUEHWHWlQGUDVVQDEEWSn%DONDQRFKGnVWRUDSROLWLVNDRPYlOYQLQJDUNDQJ|UDGHODU DYHOOHUKHODDQYLVQLQJDUQDLQDNWXHOODNDQGHVVDNRPPDDWWlQGUDVUHGDQLQQDQ SHULRGHQVVOXW
7XVEXIKMWOEJVÅKSVSGLJ¸VYXWÇXXRMRKEV
+IRSQKÅRKEZHIXTSPMXMWOEPÇKIXMVIKMSRIR /lJHWSn9lVWUD%DONDQKDUVHGDQE|UMDQDYWDOHWNDUDNWHULVHUDWVDYNULJRFKI|UWU\FN YLONHWOHWWWLOODWWGHPlQVNOLJDUlWWLJKHWHUQDSnPnQJDKnOOKDUnVLGRVDWWVbYHQLGH OlQGHUVRPLQWHGUDEEDWVDYNULJ$OEDQLHQRFK0DNHGRQLHQKDUUHVSHNWHQI|UGH PlQVNOLJDUlWWLJKHWHUQDOlPQDWP\FNHW|YULJWDWW|QVND(WQLVNDVSlQQLQJDUKDUYDULW NlQQHWHFNQDQGHI|UNRQIOLNWHUQDRFKPnQJDDYEURWWHQPRWGHPlQVNOLJDUlWWLJKHWHUQD KDUKDIWHQHWQLVNEDNJUXQG0lQQLVNRUKDUI|UGULYLWVIUnQVLQDERVWlGHUWYLQJDWVDWW OlPQDVLWWKHPODQGEHU|YDWVVLQDOLYPP1lVWDQDOODGHPlQVNOLJDUlWWLJKHWHUVRP RPQlPQVL)1VDOOPlQQDI|UNODULQJRPGHPlQVNOLJDUlWWLJKHWHUQDKDUYLGHWW HOOHUIOHUDWLOOIlOOHQJURYWNUlQNWV 6DPWLGLJWEHILQQHUVLJUHJLRQHQLHQSnJnHQGHWUDQVLWLRQIUnQNRPPXQLVPHQSDUWLVWDW SODQHNRQRPLWLOOQnJRQIRUPDYSROLWLVNSOXUDOLVPRFKPDUNQDGVHNRQRPL'HQQD WUDQVLWLRQKDURUVDNDWVWRUDRPYlOYQLQJDUEnGHSROLWLVNWRFKHNRQRPLVNW0nQJD SUREOHPKDUDFFHQWXHUDWVDYNULJHQLUHJLRQHQPHQGHQXQGHUOLJJDQGHVWUXNWXUI|U lQGULQJHQlULVLJQRJI|UDWWRUVDNDVYnUDVRFLDODSUREOHP'HVHQDVWHnUHQKDUGRFN QnJUDDYOlQGHUQDNRPPLWOlQJUHlQDQGUDSnYlJHQPRWGHPRNUDWL,YLVVDIDOONDQ PDQNDQVNHWRPWDODRPDWWNRQVROLGHUDGHPRNUDWLQ 'HQNRPSOLFHUDGHVLWXDWLRQHQVWlOOHUVWRUDNUDYSnGHRUJDQLVDWLRQHURFKLQGLYLGHUVRP JHQRPI|USURMHNWWLOOVW|GI|U05RFKGHPRNUDWL3URMHNWHQPnVWHDQSDVVDVHIWHUVLWXD WLRQHQLGHWDNWXHOODODQGHWRFKYDUDUHOHYDQWDI|UGHQIDVMXVWGHWODQGHWEHILQQHUVLJL 3URMHNWVRPlU\WWHUVWUHOHYDQWDLHWWODQGNDQYDUDKHOWRYLGNRPPDQGHI|UHWWDQQDW 6DPWLGLJWHUEMXGHUGHQQDVLWXDWLRQP|MOLJKHWDWWDQYlQGDWLGLJDUHHUIDUHQKHWHUIUnQHWWODQGLHWWDQQDWQlUGHWWDEHILQQHUVLJLVDPPDXWYHFNOLQJVVNHGH(WWH[HPSHOSnGHWWD lUGHQORNDODYDO|YHUYDNQLQJVRPJHQRPI|UGHVL.URDWLHQDY1*2NRDOLWLRQHUQD*ODV RFK*21*RFKVRPVHGDQµH[SRUWHUDGHVµWLOO-XJRVODYLHQ )XXVIKMSREPXW]RWÇXX 9lVWUD%DONDQXWJ|UHQVDPPDQKnOOHQUHJLRQGlUHQLVWRUDGHODUJHPHQVDPKLVWRULD RFKVWRUDVSUnNOLJDOLNKHWHUXWJ|UGHKXYXGVDNOLJDVDPPDQELQGDQGHIDNWRUHUQD0nQJD DYSUREOHPHQVRPQXKRWDUUHJLRQHQlURFNVnOLNDUWDGHRFKEDVHUDUVLJSnHWQLVND SROLWLVNDRFKHNRQRPLVNDVSlQQLQJDUbYHQRPVDPWLGLJWROLNKHWHUQDPHOODQGHROLND OlQGHUQDLUHJLRQHQlUEHW\GDQGHYHUNDUGHWULPOLJWDWWDSSOLFHUDHWWUHJLRQDOWV\QVlWWSn DUEHWHWRFKHIWHUVWUlYDHQVDPYHUNDQPHOODQLQVDWVHUQDLGHROLNDOlQGHUQD0nOHWlU \WWHUVWDWWInOlQGHUQDLUHJLRQHQDWWVDPDUEHWDPHGYDUDQGUDI|UDWWO|VDJHQVDPPD SUREOHP'HWWDV\QVlWWWLOOlPSDVDY6WDELOLWHWVSDNWHQI|UV\G|VWUD(XURSDVRPIUlPMDU HWWUHJLRQDOWV\QVlWWDYVHHQGHRPYlUOGHQVVDPDUEHWHPHGOlQGHUQDLUHJLRQHQRFK PnQJDJLYDUHEODQGGHP6LGDI|UV|NHUWLOOlPSDHWWG\OLNWWlQNDQGHI|UDWWXSSQn V\QHUJLHIIHNWHUGlUVnlUP|MOLJW 4VSFPIQEXMOIRQIHVIKMSREPXFMWXÅRH 7URWVDWWDOOWVnUHJLRQHQKDUP\FNHWJHPHQVDPWILQQVOLNYlOVWRUDVNLOOQDGHUGlUILQQV WUHUHOLJLRQHUWYnDOIDEHWVDPWLVNXJJDQDYGHWVHUELVNERVQLVNNURDWLVNDVSUnN V\VWHPHWIOHUDDQGUDROLNDVSUnNGlUDOEDQVNDLQWHHQVWLOOK|UGHQVODYLVNDVSUnNJUXSSHQ (QGHOOlQGHUKDUNRPPLWUHODWLYWOnQJWSnYlJHQPRWGHPRNUDWLDQGUDKnOOHUMXVWSnDWW WDVLJXUHQGLNWDWXURFKLYLVVDRPUnGHQILQQVLQWHHQVVWDWVVWUXNWXUHUXWDQGHVW\UVVRP SURWHNWRUDWXWLIUnQ'HVVDROLNKHWHUJ|UDWWPDQLQWHNDQEHKDQGODUHJLRQHQVRPHWW KRPRJHQWRPUnGHPHGHQJHQHUHOOVWUDWHJLI|UKHODUHJLRQHQ'HWWDOHGHURFNVnWLOODWW NULWHULHUQDI|UHWWXWKnOOLJWXWYHFNOLQJVELVWnQGVDPDUEHWHNDQVHROLNDXWI|UROLNDOlQGHU HOOHURPUnGHQLQRPOlQGHUQD*HQRPVDPYHUNDQRFKHUIDUHQKHWVXWE\WHPHOODQROLND LPSOHPHQWHUDQGHRUJDQLVDWLRQHUYLOO6LGDYHUNDI|UHQ|SSHQGLDORJNULQJGHVVDNULWHULHU VnDWWRUJDQLVDWLRQHUQDNDQDQSDVVDVLQDHJQDVWUDWHJLHUI|UDWWGlULJHQRPXSSQnGHQ ElVWDXWKnOOLJKHWHQLSURMHNWHQ 0MOLIXIVSGLSPMOLIXIVQIPPERPÇRHIVRE /LNKHWHUQDEHVWnUQDWXUOLJWYLVIUlPVWDYDWWOlQGHUQDLUHJLRQHQXWRP$OEDQLHQPHOODQ RFKPHGDYEURWWI|UWLGHQXQGHUDQGUDYlUOGVNULJHWYDULWGHODYVDPPD VWDWVELOGQLQJ'lULJHQRPKDUPDQHQJHPHQVDPSROLWLVNNXOWXURFKHWWPRGHUQW NXOWXUDUY$OODOlQGHULUHJLRQHQXWRP$OEDQLHQRFKPDMRULWHWHQL.RVRYRWDODU GHVVXWRPHWWHOOHUIOHUDVODYLVNDVSUnNbYHQOnQJWWLOOEDNDLKLVWRULHQILQQVP\FNHW NRQWDNWHUPHOODQOlQGHUQD²LEODQGYlQVNDSOLJDLEODQGILHQWOLJD7HUULWRULHUKDU XWE\WWVIRONYDQGULQJDUPHOODQOlQGHUQDKDUVNHWWRFKIRONJUXSSHUKDUEODQGDWVPHG YDUDQGUD 7URWVGHWWDILQQVVWRUDROLNKHWHU'HWILQQVWUHVW|UUHUHOLJLRQHULRPUnGHWRFKHQPlQJG PLQGUHWYnDOIDEHWHQPlQJGROLNDNXOWXUDUYJHRJUDILVNDROLNKHWHUVNLOOQDGHUL (WWH[HPSHOlUGHQJDPODGDPL,YDQMVNDXWDQI|U%DQMD/XNDI|GGLE|UMDQDYWDOHWVRPXWDQDWW KDIO\WWDWIUnQVLQOLOODE\KDGHERWWLVH[OlQGHUXQGHUVLQOLYVWLG2VPDQVNDYlOGHWIUDPWLOO gVWHUULNH8QJHUQWLOO6+6ULNHW.RQXQJDULNHW-XJRVODYLHQIUDPWLOO1'+VWDWHQWLOO GHWVRFLDOLVWLVND-XJRVODYLHQWLOORFK%RVQLHQ+HUFHJRYLQDIUnQ 0HGDQGHQNURDWLVNDNXVWHQWLOOK|UGHQPHGLWHUUDQDNXOWXUVIlUHQlUGHQRUUDGHODUQDDYODQGHWRFK VWRUDGHODUDY-XJRVODYLHQP\FNHWFHQWUDOHXURSHLVNDWLOOVLQNDUDNWlURFKKDUlUYWP\FNHWIUnQGHQ
HNRQRPLVNXWYHFNOLQJRFKLSROLWLVNNXOWXU'HVVDROLNKHWHUPnVWHQDWXUOLJWYLVEHDNWDVYLG JHQRPI|UDQGHWDYSURJUDPbYHQRPHWWDYPnOHQPHGELVWnQGHWVNDOOYDUDHQVWUlYDQ HIWHUXW|NDGNRQWDNWPHOODQGHROLNDJUXSSHUQDPnVWHI|UVLNWLJKHWLDNWWDVVnDWWHQ JUXSSLQWHIDYRULVHUDVSnHQDQQDQVEHNRVWQDGHOOHUDWWGHQQDXW|NDGHNRQWDNWHOOHU QlUPDQGHXSSIDWWDVVRPHQYLOMDDWWUDGHUDXWHQDQQDQNXOWXUHOOHUI|UPLQVNDGHVV YlUGH )VJEVIRLIXIVEZVIKMSREPXWX¸H 9LVVDHUIDUHQKHWHUNDQDSSOLFHUDVUHJLRQDOW6LGDVWlOOHUVLJWH[WYHNVDPWWLOOPnQJDDY GHVWRUDVDWVQLQJDUSnVHPLQDULHURFKUXQGDERUGVVDPWDOVRPJMRUWVGRFNVlOODQPHG 6LGDELGUDJ,QJnUGHVVDLHWWVW|UUHVDPPDQKDQJHOOHUHQOnQJVLNWLJVWUDWHJLNDQHWWVW|G YDUDPRWLYHUDWYLGGHIULVWnHQGHSURMHNWVRPJHQRPI|UWVKLWWLOOVKDURIWDDOOWI|UIn VnGDQDUHVXOWDWNXQQDWGRNXPHQWHUDVI|UDWWPRWLYHUDHWWIRUWVDWWJHQHUHOOWVW|G2IWD DWWUDKHUDUGHVVDDNWLYLWHWHUVDPPDPlQQLVNRURFKQ\UHNU\WHULQJHQWLOOPnOJUXSSHQlU OLWHQ6PnVNDOLJDVHPLQDULHUNDQGRFNKDHWWHJHWYlUGHIUDPI|UDOOWLVWDUWIDVHQDYQ\D SURMHNW'HQV|NDQGHRUJDQLVDWLRQHQPnVWHNXQQDSnYLVDDWWHUIDUHQKHWHUQDVSULGV YLGDUHDYGHOWDJDUQDQlUGHnWHUYlQGHUWLOOVLWWGDJOLJDOLY 8WELOGQLQJDUL05RFKGHPRNUDWLPnVWHNRSSODVWLOONRQNUHWDnWJlUGHURFKLQJnLHQ VW|UUHVWUDWHJL(UIDUHQKHWHQIUnQEOD%RVQLHQ+HUFHJRYLQDYLVDUDWWGH I|UVRQLQJVSURMHNWVRPO\FNDWVElVWlUGHGlUIRONWLOOVDPPDQVInWWNlPSDI|UJHPHQ VDPPDNRQNUHWDPnO *¸VYXWÇXXRMRKEVJ¸VTEVXRIVWOET )|UXWVlWWQLQJDUQDI|UHWWJHQXLQWSDUWQHUVNDSSnELODWHUDOQLYnlULGHIOHVWDIDOOVPn ,QJHWDYOlQGHUQDLUHJLRQHQGHOWDUDNWLYWLIRUPXOHULQJHQDYELVWnQGVLQVDWVHUQDRFKGHW ILQQVLQJDELODWHUDODDYWDOSnELVWnQGVRPUnGHWI|UXWRPGHSURFHGXUDYWDOVRPQX XQGHUWHFNQDVPHG%RVQLHQ+HUFHJRYLQD0DNHGRQLHQRFK$OEDQLHQ'lUHPRWNDQ QDWXUOLJWYLV6LGDVVYHQVNDRFKLQWHUQDWLRQHOODVDPDUEHWVSDUWQHUVLVLQWXULQJnSDUWQHU VNDSPHGVLQDORNDODPRWSDUWHU'HWWDVW|GVDY6LGD6DPWLGLJWXSSPXQWUDU6LGDWLOODWW GHQVYHQVNDSDUWQHUQGHOWDUDNWLYWLSODQHULQJHQRFKJHQRPI|UDQGHWDYSURMHNWHQRFK GlUVnlUP|MOLJWHWDEOHUDUHJHQQlUYDURSnSODWV'HWKDUYLVDWVLJDWWGHWWDYlVHQWOLJW XQGHUOlWWDUNRRUGLQDWLRQSnSODWVHQµUHDNWLRQVKDVWLJKHWHQµVDPWnWHUI|UDQGHWDY HUIDUHQKHWHUWLOOGHQVYHQVNDRUJDQLVDWLRQHQ)UDPI|UDOOWlUGHWWDYLNWLJWLRPUnGHQPHG VYDJDORNDODRUJDQLVDWLRQHU9LGJHQRPI|UDQGHWlUGHWGRFNYLNWLJWDWWGHQVYHQVNHHOOHU LQWHUQDWLRQHOOHSDUWQHUQLQWHWDU|YHUVW\UQLQJHQDYSURMHNWHWXWDQDWWPDQIXQJHUDUVRP HQUHVXUVPHGUnGJLYQLQJ'HWYLNWLJDlUDWWHWWJHQXLQWVDPDUEHWHNRPPHUWLOOVWnQG 'HWlURFNVnYLNWLJWDWWE\JJDQlWYHUNPHOODQVnYlOGHLQWHUQDWLRQHOODJHQRPI|UDUQDVRP PHOODQGHORNDODRUJDQLVDWLRQHUQD,QWHUQDWLRQHOODRUJDQLVDWLRQHURFKORNDODG\OLND DUEHWDUSnROLNDVlWWRFKKDUROLNDNRQWDNWQlW*HQRPHWWQlUDVDPDUEHWHNDQEnGD JUXSSHUQDEOLHIIHNWLYDUH,QWHUQDWLRQHOODRUJDQLVDWLRQHUNDQSnVnVlWWQnXWElWWUHRFK GHORNDODRUJDQLVDWLRQHUQDInUWLOOJnQJWLOOGHLQWHUQDWLRQHOODVUHVXUVHU |VWHUULNLVNDWLGHQ,VWRUDGHODUDY%RVQLHQ0DNHGRQLHQRFK$OEDQLHQV\QVIRUWIDUDQGHGHWWXUNLVND LQIO\WDQGHWRVY -lPI|UVW\FNHRPNYDQWLWDWLYRFKNYDOLWDWLYDQDO\V
4VMSVMXIVEHIMRWEXWIV
:EHZMPP7MHEYTTRÅQIHWX¸HIX# 6LGDVPnOPHGDOOWDUEHWHU|UDQGH05RFKGHPRNUDWLlUDWWVWlUNDPlQQLVNRUV P|MOLJKHWHURFKI|UPnJDDWWOHYDXQGHUIUHGOLJDI|UKnOODQGHQDWWGHOWDLRFKDWWXWYHFNOD GHQGHPRNUDWLVNDSURFHVVHQ0nOHWlURFNVnDWWIUlPMDUHVSHNWHQI|URFKHIWHUOHYQDGHQ DYPlQVNOLJDUlWWLJKHWHU)|UDWWXSSQnGHWWDPnVWHGHSURFHVVHUVRPIUlPMDUHQ XWYHFNOLQJPRWIUHGGHPRNUDWLRFKUHVSHNWI|UPlQVNOLJDUlWWLJKHWHUVWlUNDV,PnQJDDY UHJLRQHQVOlQGHUlUVWDWHQVYDJHOOHURGHPRNUDWLVNRFKGlUPnVWHELVWnQGVVDPDUEHWHW LQULNWDVSnDWWVW|GMDGHWFLYLODVDPKlOOHW'lUVnlUP|MOLJWVNDOOGRFNVW|GJHVlYHQWLOO I|UYDOWQLQJRFKLQVWLWXWLRQHU6lUVNLOGYLNWOlJJVGnYLGLQVDWVHUVRPI|UElWWUDUGHQRIIHQW OLJDI|UYDOWQLQJHQV|SSHQKHWOHJLWLPLWHWRFKDQVYDULJKHWJHQWHPRWVLQDXSSGUDJVJLYDUH JRGVDPKlOOVVW\UQLQJ0|MOLJKHWHQDWWJHVnGDQWVW|GWLOOGHQFHQWUDODI|UYDOWQLQJHQ W\FNVXQGHUGHWVHQDVWHnUHW|NDWLIOHUDDYUHJLRQHQVOlQGHU'HWWDVW|GVNDOOVnOnQJWVRP P|MOLJWNRSSODVLKRSPHGVW|GHWJHQRPHQVNLOGDRUJDQLVDWLRQHUWLOOGHWFLYLODVDPKlOOHW JHQRPDWW1*2·VPHGVLWWVSHFLILNDDUEHWVVlWWDUEHWDULQRPVDPPDVHNWRUHU'HWWD IUlPMDUSOXUDOLVPRFKIUDPYl[WHQDYGHPRNUDWL 7URWVDWWGHQVLVWDDXNWRULWlUDUHJLPHQLRPUnGHWQXKDUIDOOLWILQQVGHWIRUWIDUDQGH YDUQLQJVVLJQDOHUI|UQ\DNRQIOLNWHULRPUnGHWVRPGRFNLQWHEHK|YHUUHVXOWHUDL|SSHW NULJ3URMHNWU|UDQGH05RFKGHPRNUDWLE|UWDKlQV\QWLOOGHWWDRFKKDHWWNRQIOLNW O|VDQGHSHUVSHNWLYVDPWLGLJWVRPGHWJ|UVHQRUGHQWOLJULVNDQDO\V 1DWXUOLJWYLVNUlYVHQI\VLVNnWHUXSSE\JJQDGDYKXVRFKLQIUDVWUXNWXU)|UDWWXSSQn ElUNUDIWLJHNRQRPLVNWLOOYl[WRFKVWDELOLWHWlUGRFNHWWYlOXWYHFNODWFLYLOWVDPKlOOH WLOOVDPPDQVPHGREHURHQGHPHGLHURFKSnOLWOLJDSROLVLlUDRFKOHJDODVWUXNWXUHUOLND YLNWLJDVRPGHQI\VLVNDnWHUXSSE\JJQDGHQ(QVNLOGDRUJDQLVDWLRQHUlURIWDYlO OlPSDGHDWWDUEHWDPHGNRQWDNWHUPHOODQPlQQLVNRUGnGHRIWDKDUWLOOJnQJWLOOJUXSSHU RFKRUJDQLVDWLRQHUVRPlUDQVYDULJDI|UGHHWQLVNDVSlQQLQJDUQD6WDWOLJD RUJDQLVDWLRQHUKDULQWHVDPPDNRQWDNWSnJUlVURWVQLYnGlUGHVVDSHUVRQHUlQGn EHILQQHUVLJ'lUI|UXWJ|UGHHQVNLOGDRUJDQLVDWLRQHUQDRIWDHWWJRWWNRPSOHPHQWWLOO LQVDWVHUJHQRPI|UGDDYVWDWOLJDRUJDQLVDWLRQHU'HWWDVDPDUEHWHELGUDUWLOODWWVNDSDHWW SOXUDOLVWLVNWVDPKlOOHJHQRPDWWEODQGDROLNDW\SHUDYDNW|UHULSURMHNWGHVLJQRFK JHQRPI|UDQGH1*2SURMHNWlURIWDEDVHUDGHSnJUlVURWVQLYnRFKNRPSOHWWHUDUGlUI|U ELODWHUDODSURJUDPVRPWHQGHUDUDWWIRNXVHUDSnVWDWOLJDIUnJRU6LGDVHUSRVLWLYWSn VDPYHUNDQPHOODQ1*2SURMHNWSnJUlVURWVQLYnRFKVWDWOLJDRUJDQLVDWLRQHUEODI|UDWW |NDOHJLWLPLWHWHQI|USURMHNWHQVLQQHKnOOEODQGORNDODEHVOXWVIDWWDUH'lULJHQRP XQGHUOlWWDVXWKnOOLJKHWHQRFKHWWHYHQWXHOOWIUDPWLGDORNDOW|YHUWDJDQGHDYSURMHNWHQ 5lWWYLVDRFKIUHG²6LGDVSURJUDPI|UIUHGGHPRNUDWLRFKPlQVNOLJDUlWWLJKHWHU6WRFNKROPV ,ELGV 'HWNDQLRFKI|UVLJGLVNXWHUDVKXUGHPRNUDWLVNDGHQXYDUDQGHUHJLPHUQDlU²GHQWLGLJDUHVHUELVNDRFK MXJRVODYLVNDUHJLPHQVWRGGRFNLVlUNODVVU|UDQGHWRWDOLWlUWVW\UH -RRVW/DJHQGLMN6WDELOLW\3DFW7LPHIRU$FWLRQL)RFXV%DONDQV,VVXHPDMV 3DXOYDQ7RQJHUHQ([SORULQJWKH/RFDO&DSDFLW\IRU3HDFH²7KH5ROHRI1*2·V KWWSZZZRQHZRUOGRUJHXFRQIOLFWJXLGHVWKHPHVSSDKWPO 92,&(7KH(VVHQWLDO5ROHRI1*2·VLQWKH5HFRQVWUXFWLRQRI:DUWRUQ&RXQWULHV7KH&DVHRI)RUPHU<XJRVODYLD %U\VVHOVHSWHPEHUVYL6IKMSREPX ,UHJLRQHQVDOODOlQGHUI|UHNRPPHUPLQRULWHWHUYDUVUlWWLJKHWHURIWDlUKRWDGH'HQ HWQLVNDJUXSSVRPlULPDMRULWHWLHWWODQGXWJ|URIWDHQPLQRULWHWLHWWDQQDW2IWDKDU PLQRULWHWVJUXSSHUI|UGULYLWVIUnQHWWODQGWLOOHWWDQQDWRFKLElVWDIDOOSnJnUQXHQnWHU YDQGULQJVSURFHVV'HQQDnWHUYDQGULQJE|UVW|GMDVIUlPVWJHQRPORNDODLQLWLDWLYVRP KDUVW|GDYDQVYDULJDP\QGLJKHWHU5LVNHQlUDQQDUVDWWGHWLQWHUQDWLRQHOODVDPIXQGHW WYLQJDUIUDPLQLWLDWLYVRPLQWHlUElUNUDIWLJDLVLJ5RPHUQDXWJ|UHQHJHQHWQLVNJUXSS VRPLQWHKDUHWWHJHW´KHPODQGµRFKYDUVVLWXDWLRQlU\WWHUVWVYnU'HWlUYLNWLJWDWW VWlUNDURPHUQDVUROOLVDPKlOOHWRFKDWW|NDI|UVWnHOVHQI|UGHUDVSUREOHP'HWHWQLVND RFKUHOLJL|VDSHUVSHNWLYHWKDUXWQ\WWMDWVDYSROLWLNHUQDWURWVDWWJUXQGHQWLOOVSlQ QLQJDUQDLUHJLRQHQHJHQWOLJHQlUSROLWLVNDRFKHNRQRPLVND'HWWDE|UEHDNWDVYLG SURMHNWVRPV\IWDUWLOONRQIOLNWI|UHE\JJDQGH 'HQVHQDUHWLGHQKDUXSSPlUNVDPKHWHQIlVWVYLGPlQQLVNRKDQGHOLUHJLRQHQVN WUDIILFNLQJ2IWDlURIIUHQI|UGHQQDKDQGHOXQJDNYLQQRUIUnQgVWHXURSDIUDPI|UDOOWlU 0ROGDYLHQVYnUWGUDEEDWVRPXQGHUI|UHVSHJOLQJRPDUEHWHL9lVWHXURSDHOOHUJHQRP UHJHOUlWWNLGQDSSQLQJIRUVODVWLOO%DONDQGlUGHVHGDQWYLQJDVSURVWLWXHUDVLJ3UREOHPHW lUVSHFLHOOWVWRUWL.RVRYRSJDGHQVWRUDLQWHUQDWLRQHOODQlUYDURQRFK$OEDQLHQSJD ODQGHWVIXQNWLRQVRPµWUDQVLWODQGµWLOO(8PHQKDUVQDEEWXWYHFNODWVWLOOHWWUHJLRQDOW SUREOHP'HWWDlUHQVHNWRUVRPGHWVYHQVNDELVWnQGHWE|UIRNXVHUDSnIUDPI|UDOOW JHQRPDWWVW|GMDLQLWLDWLYVRPWlFNHUKHODHOOHUGHODUDYUHJLRQHQRFKLQWHlUQDWLRQHOOW EHJUlQVDGH .YLQQDQVUROOLUHJLRQHQlUNRPSOLFHUDG8QGHUNRPPXQLVWWLGHQJMRUGHVLPnQJDDY OlQGHUQDNUDIWLJDDQVWUlQJQLQJDUI|UDWW|NDXWELOGQLQJVQLYnQEODQGNYLQQRURFKDWW IUlPMDNYLQQRUQDVGHOWDJDQGHLGHWRIIHQWOLJDOLYHW6DPWLGLJWNlQQHWHFNQDVIUDPI|UDOOW GHV|GUDGHODUQDDYUHJLRQHQDYP\FNHWWUDGLWLRQHOODSDWULDUNDOLVNDYlUGHULQJDUVRP PRWYHUNDUNYLQQRUQDVGHOWDJDQGHLGHWFLYLODVDPKlOOHWbYHQXW|YHUSURVWLWXWLRQV SUREOHPDWLNHQE|UDOOWVnVSHFLHOOXSSPlUNVDPKHWIlVWDVYLGNYLQQRUVSUREOHPRFK NYLQQRUVUROOLVDPKlOOHW6SHFLHOODSURMHNWULNWDGHWLOONYLQQRUPnVWHGRFNDQSDVVDVHIWHU I|UXWVlWWQLQJDUQDLODQGHW$OODSURMHNWVNDOOJHQRPJnHQJHQGHUEHG|PQLQJGlU SURMHNWHWVJHQGHUSHUVSHNWLYVNDOOUHGRYLVDV6LGDWLOOlPSDUPDLQVWUHDPLQJDY JHQGHUIUnJRU'HWWDLQQHElUDWWHWWJHQGHUSHUVSHNWLYVNDOOEDNDVLQLDOODSURMHNW+DU SURMHNWHWLQJHWVSHFLHOOWJHQGHUSHUVSHNWLYVNDOOGHWWDQRWHUDVRFKPRWLYHUDV 6LGDlPQDUlYHQNQ\WDNYLQQRSURMHNWWLOOGHLQWHJUHUDGHRPUnGHVSURJUDPPHQ'HWWD KDUUHGDQJMRUWVL.RVRYRRFKGLVNXWHUDVQXVSHFLILNWLVDPEDQGPHGnWHUYDQGULQJWLOO %UDWXQDFRFK6UHEUHQLFDL%RVQLHQRFK+HUFHJRYLQDbYHQL.URDWLHQSnJnUI|UV|NPHG VnGDQDNRSSOLQJDU*HQHUHOOWE|UMlPVWlOOGKHWVSURMHNWNQ\WDVWLOODQGUDNRQNUHWDSURMHNW YDUYLGH[SHUWKMlOSNDQYDUDQ|GYlQGLJ 3URMHNWI|URFKPHGXQJGRPDUE|URFNVnVHVVRPSULRULWHUDGHbYHQRPGHWWDDUEHWH LQWHIDOOHUXQGHUNODVVLVNW05RFKGHPRNUDWLDUEHWHKDUGHWYLVDWVLJDWWXQJGRPVDUEHWH lUDYVWRUYLNWI|UXWYHFNOLQJHQLUHJLRQHQ0nQJDXQJGRPDUVHULGDJLQJHQIUDPWLGLGHW HJQDODQGHWXWDQV|NHUVLJWLOODQGUDOlQGHU'lULJHQRPGUDEEDV%DONDQDYHQµEUDLQ GUDLQµVRPlURHUK|UWDOOYDUOLJI|UUHJLRQHQVIUDPWLGDXWYHFNOLQJ'HQQDWUHQGPnVWH VWRSSDVJHQRPDWWJHEDUQRFKXQJGRPDUP|MOLJKHWHUDWWVNDSDVLJHQIUDPWLGLGHWHJQD ODQGHW6nGDQDSURMHNWNDQVHXWSnIOHUDROLNDVlWWRFKNDQRPIDWWDWHRUHWLVNHOOHU SUDNWLVNXWELOGQLQJIULWLGVDNWLYLWHWHUHNRQRPLVNDSURMHNWPP'HWlUYLNWLJWDWW XQJGRPDUQDDQLPHUDVDWWDUEHWDVMlOYDRFKDNWLYWGHOWDLSURMHNWHQVJHQRPI|UDQGH
8QJGRPVSURMHNWK|UWLOOGHSURMHNWVRPPHGI|UGHONDQJ|UDVUHJLRQDOWPHGHWW RPIDWWDQGHVDPDUEHWHPHOODQUHJLRQHQVOlQGHU(WWH[HPSHOSnGHWWDNDQYDUD,7 .DQVNHlU,QWHUQHWGHWPHVWGHPRNUDWLVNDDYDOODNRPPXQLNDWLRQVVlWW*HQRP,QWHUQHW NDQDOODPHGWLOOJnQJWLOOHJHQGDWRUHOOHUVN,QWHUQHWFDIpHUVQDEEWInWLOOJnQJWLOO LQIRUPDWLRQIUnQKHODYlUOGHQ,QWHUQHWKDUUHGDQDQYlQWVLVSlQQDQGHGLDORJSURMHNW PHOODQNRVRYRDOEDQHURFKVHUEHURFKP|MOLJKHWHUQDlUVWRUD'HWVWRUDSUREOHPHWPHG ,QWHUQHWlUDWWGHWlQQXlUVnInVRPKDUWLOOJnQJWLOOGHW'lUI|UE|USULRULWHWE|UJHVWLOO NRQNUHWDSURMHNWVRP|NDUWLOOJnQJHQWLOO,QWHUQHWHOOHUVRPWLOOKDQGDKnOOHULQWUHVVDQW LQIRUPDWLRQYLDQlWHW'HORNDODUHJHULQJDUQDVQMXJJDLQVWlOOQLQJWLOOLQIRUPDWLRQVIULKHW J|UDWWKHODUHJLRQHQO|SHUULVNDWWEOLRKMlOSOLJWHIWHUL,QWHUQHWXWYHFNOLQJHQ 0HGLHURFKUHJLPHUQDVXWQ\WWMDQGHDYPHGLHUKDUWLOOVWRUGHOELGUDJLWWLOONRQIOLNWHUQD Sn%DONDQ'lUI|UlUIRUWIDUDQGHVW|GWLOOIULDREHURHQGHRFKREMHNWLYDPHGLHUDYVWRU YLNW'RFNlULQWHPHGLDVLWXDWLRQHQGHQVDPPD|YHUDOOWYDUI|UVW|GHWPnVWHWDVLJROLND IRUPHULGHROLNDOlQGHUQD'HVVDROLNDIRUPHUNDQLQNOXGHUDVDWVQLQJDUSnMRXUQDOLVW XWELOGQLQJHOOHUXWELOGQLQJLPDQDJHPHQWRFKHQDYYlJQLQJPnVWHJ|UDVPHOODQ JnYRELVWnQGRFKNUHGLWHU ,GHWLGLJDUHDQYLVQLQJDUQDIUDPKnOOHVRFNVnVW|GWLOOIRUVNQLQJLQRP05 GHPRNUDWLRFKPHGLD5HVXOWDWHWDYGHIRUVNQLQJVSURMHNWVRPEHGULYLWVKDULQWHYDULW EDQEU\WDQGHRFKlYHQRPVWDQGDUGHQSnSURJUDPPHQYDULWJRGKDULQWHGHQQD IRUVNQLQJYDULWDYDYJ|UDQGHEHW\GHOVHI|UIUlPMDQGHWDYPlQVNOLJDUlWWLJKHWHUL UHJLRQHQ6LGDNRPPHUGlUI|ULQWHDWWSULRULWHUDIRUVNQLQJVSURMHNWLIUDPWLGHQ 6LGDDUEHWDULQWHLQRPXWELOGQLQJVVHNWRUQ9lVWUD%DONDQ'RFNNDQELGUDJWLOOSURMHNW NULQJIRONELOGQLQJRFKLQIRUPHOOXWELOGQLQJXWJn6nGDQDSURMHNWVNDOOGnYDUDGLUHNW UHODWHUDGHWLOOQnJRQDYGHVHNWRUHUVRPHUKnOOHUVW|G (QJUXQGOlJJDQGHI|UXWVlWWQLQJI|UHQHNRQRPLVNRFKVRFLDOXWYHFNOLQJlU DUEHWVWLOOIlOOHQ)|U6LGDVUlNQLQJE|UVnGDQDSURMHNWGRFNKlQVNMXWDVWLOO QlULQJVOLYVVHNWRUQ'HWlUYLNWLJWDWWSURMHNWI|UDWWVNDSDDUEHWVSODWVHURFNVnlU HNRQRPLVNWElUNUDIWLJDRFKLQWHEDUDµNRQVWJMRUGµDQGQLQJVRPlUEHURHQGHDYELVWnQG XWLIUnQ(WWHIIHNWLYWVlWWDWWKDQWHUDGHQQDIUnJDlUJHQRPPLNURNUHGLWHU 'HWlUYLNWLJWDWWLQVHDWWSURMHNWI|UVODJRIWDRPIDWWDUIOHUDVHNWRUHU6LGDVHUJlUQDHQ VnGDQYLGJQLQJDYSURMHNWHQRFKNRPPHUYLGVLQEHG|PQLQJDWWXWJnIUnQHQKHOKHWVELOG DYSURMHNWHW /VSEXMIR 3DUODPHQWVRFKSUHVLGHQWYDOHQL.URDWLHQXQGHUnUKDUELGUDJLWWLOOVWRUD I|UlQGULQJDULGHWNURDWLVNDSROLWLVNDODQGVNDSHW'HQWLGLJDUHSROLWLVNDRSSRVLWLRQHQKDU QXWDJLWPDNWHQRFKGHWWLGLJDUHVWDWVElUDQGHSDUWLHW+'=KDUWYLQJDWVWLOOHQUDG LQWHUQDUHIRUPHU.URDWLHQKDUI|UNODUDWVLJYLOOLJWDWWVDPDUEHWDPHG+DDJWULEXQDOHQ RFKYHUNDUXSSULNWLJWVWUlYDPRWUHJLRQDOWVDPDUEHWHRFKLQWHJUDWLRQPHG|YULJD (XURSDbYHQRPHQVnGDQWRWDOI|UlQGULQJLQWHVNHU|YHUHQQDWWSHNDUP\FNHWSnHQ 'HQ%HOJUDGEDVHUDGHQ\KHWVE\UnQ%HWDKDGHHWWSURMHNWWLOOVDPPDQVPHGGHQNRVRYRDOEDQVND WLGQLQJHQ.RKD'LWRUsGlUOHGDQGHVHUELVNDRFKDOEDQVNDLQWHOOHNWXHOODGHEDWWHUDGHDNWXHOODWHPDWD|YHU ,QWHUQHW3URMHNWHWYDUP\FNHWVSlQQDQGHRFKHWWDYGHInIRUDGlULQWHOOHNWXHOODIUnQGHEnGDVLGRUQD NXQGHQnXWPHGVLQDDUJXPHQW7\YlUUODGHVSURMHNWHWLPDOSnVHXQGHUNULJHWL.RVRYR
XWYHFNOLQJWLOOGHWElWWUHLDOODIDOOSnQDWLRQHOOQLYn3nORNDOQLYnXWHLODQGHWlU VLWXDWLRQHQDQQRUOXQGDPHQlYHQGlUNDQPDQVN|QMDYLVVDWHFNHQSnI|UlQGULQJ cWHUYlQGDQGHSURFHVVHQKDUWDJLWIDUWRFKGHQNURDWLVNDUHJHULQJHQKDUDNWLYWI|UV|NW XSSPXQWUDGHVHUEHUVRPIO\WWIUnQ.UDMLQDDWWnWHUYlQGDWLOOVLQDJDPODKHP 6lNHUKHWVVLWXDWLRQHQI|UGHVVDnWHUYlQGDQGHKDUI|UElWWUDWVGUDVWLVNWGHQVHQDVWHWLGHQ RFKLYLVVDRPUnGHQNULQJ.QLQlUVHUEHUQDORNDOWnWHULPDMRULWHW 'HQQDXWYHFNOLQJKDUVNDSDWHWWP|MOLJKHWHUQDVI|QVWHUVRPE|UXWQ\WWMDVLQQDQDOOWI|U OnQJWLGKDUJnWW,QVDWVHUVRPIUlPMDUnWHUYlQGDQGHDYIO\NWLQJDUE|UGlUI|USULRULWHUDV +lUYLGlUGHWYLNWLJWDWWWLOOVHDWWGHnWHUYlQGDQGHIO\NWLQJDUQDLQWHnWQMXWHUH[WUD SULYLOHJLHUVRPNDQIUDPNDOODDYXQGVMXNDKRVGHPVRPHMIO\WW'HVVDLQVDWVHUE|URFNVn RPIDWWDPLQRULWHWVJUXSSHUVRPVWDQQDWNYDUL.URDWLHQRFKIUlPMDVDPDUEHWH|YHUGH HWQLVNDJUlQVHUQD5HQDI|UVRQLQJVSURMHNWE|UKDHQSUDNWLVNNRPSRQHQWNQXWHQWLOO SURJUDPPHW²UHQDNXUVHURFKVHPLQDULHUlUVlOODQHQIXOOJRGO|VQLQJbYHQRPGHQ NURDWLVNDUHJHULQJHQQXDNWLYWYHUNDUI|UHWWnWHUYlQGDQGHILQQVSnPnQJDVWlOOHQGHW WLGLJDUHVWDWVElUDQGHQDWLRQDOLVWLVNDSDUWLHW+'=NYDULORNDOPDNWVWlOOQLQJRFKNDQ IRUWIDUDQGHEORFNHUDnWHUYDQGULQJHQ 7URWVGHWWDRFKHQUDGDQGUDSRVLWLYDKlQGHOVHUlUGRFNVLWXDWLRQHQI|UPlQVNOLJD UlWWLJKHWHUOnQJWLIUnQWLOOIUHGVVWlOODQGHL.URDWLHQ'HWI|UHOLJJHUGRFNHMOlQJUHHWW JHQHUHOOWEHKRYDY05LQVDWVHUSnVDPPDVlWWVRPWLGLJDUH'lUI|UNDQHMOlQJUH REHURHQGHPHGLDUlNQDPHGVDPPDW\SDYVW|GVRPWLGLJDUH1lUHQIULPHGLHPDUNQDG QXKnOOHUSnDWWYl[DIUDPNDQLQWHXWOlQGVNDJLYDUHJnLQRFKVQHGYULGDGHQPDUN QDGHQPHGVHOHNWLYWVW|G,VWlOOHWE|UVW|GWLOOPHGLHUXWIRUPDVVRPNUHGLWHUJlUQDL VDPDUEHWHPHG0'/)0HGLD'HYHORSPHQW/RDQ)XQGHOOHUOLNQDQGHRUJDQLVDWLRQHU VRPI|UXWRPNUHGLWHUlYHQELVWnUPHGXWELOGQLQJLPDQDJHPHQWRFKI|UHWDJVNXOWXU 6SHFLHOOWVW|GNDQGRFNIRUWIDUDQGHXWJnWLOOPHGLHULnWHUYDQGULQJVRPUnGHQD 3URMHNWVRPlUVSHFLHOOWLQULNWDGHSnNYLQQRUlUIRUWIDUDQGHDYVWRUYLNW)UDPI|UDOOWE|U GHVVDVWlUNDNYLQQDQVLQIO\WDQGHLVDPKlOOHRFKSROLWLN'HWlURFNVnYLNWLJWDWWEDUQRFK XQJGRPDUInUHQSODWVLVDPKlOOHWRFKP|MOLJKHWWLOOXWELOGQLQJLGHPRNUDWL'HWNDQ RFNVnEOLDNWXHOOWPHGSURMHNWI|UDWWVWlUNDGHQNURDWLVNDI|UYDOWQLQJHQRFKELGUDWLOOHQ GHPRNUDWLVNXWYHFNOLQJLQRPGHQVDPWLGLJWVRPGHQHIIHNWLYLVHUDV ,GHQHNRQRPLVNDVLWXDWLRQVRPUnGHUL.URDWLHQLGDJlUGHWYLNWLJWDWWVN\GGD DUEHWDUQDVUlWWLJKHWHURFKPLQVNDGHVRFLDODVSlQQLQJDUQDLODQGHW.RQNUHWVDPDUEHWH PHGIDFNI|UHQLQJDURFKDQGUDVRFLDOWPHGYHWQDLQVWLWXWLRQHUlUGlUI|U|QVNYlUW 6HNWRUHUVRPLQWHNDQUlNQDPHGJHQHUHOOWVW|GlUPHGLHUVHRYDQIRUVNQLQJVLQVDWVHU RFKIRUPHOOXWELOGQLQJ &SWRMIR,IVGIKSZMRE %RVQLHQ+HUFHJRYLQDLIRUWVlWWQLQJHQ%RVQLHQNlQQHWHFNQDVDYHQVWDUNRPlQ PLQVNDQGHLQWHUQDWLRQHOOQlUYDURRFKHQPlQJGVWRUDLQWHUQDWLRQHOOD05RFK GHPRNUDWLSURMHNWWH[2%15DGLR)(51266(VYDOUHODWHUDGHSURMHNWPP 6DPWLGLJWILQQVHQXSSVM|DYORNDOD1*2VPHGPHUHOOHUPLQGUHNRQNUHWDSURJUDP 6WRUYLNWKDUODJWVYLGWHRUHWLVNDI|UVRQLQJVSURJUDPYDUVIUDPJnQJDUGRFNYDULWUHODWLYW VPn6LGDVVWUDWHJLI|U%RVQLHQPHQDUDWWGHWILQQVIRUWVDWWDEHKRYDYVW|GWLOOGHPRNUDWL 8SSJLIWHUIUnQ81+&5RFK/:)YLGEHV|NL.RUHQLFDRFK.QLQPDM
PlQVNOLJDUlWWLJKHWHUNXOWXURFK|NDGMlPVWlOOGKHWRFKDWWGHPRNUDWLRFKUHVSHNWI|U PlQVNOLJDUlWWLJKHWHUVNDOOYDUDHWWDYGHI\UD|YHUJULSDQGHPnOHQI|U6YHULJHVDUEHWH GlU (QW\QJGSXQNWI|U6LGDVDUEHWHL%RVQLHQKDUlQGDVHGDQYDULWGHLQWHJUHUDGH RPUnGHVSURJUDPPHQ8QGHUKDUlQWOLJHQHQPLQRULWHWVnWHUYDQGULQJSnE|UMDWV RFKIOHUDDYGHRUJDQLVDWLRQHUVRPSn6LGDVXSSGUDJJHQRPI|UnWHUXSSE\JJQDGV SURJUDPKDUVQDEEWDQSDVVDWVLQDSURJUDPWLOOGHQ\DIO\NWLQJVWU|PPDUQD05SURMHNW VRPSnHWWNRQNUHWVlWWDGUHVVHUDUGHSUREOHPVRPXSSVWnUJHQRPGHQQDnWHUYDQGULQJ E|UJHVSULRULWHW)RONI|UIO\WWQLQJDUVRPlUPLQGUH|QVNDGHlUPlQQLVNRKDQGHO WUDIILFNLQJVRPlUHWWVWRUWSUREOHPSn%DONDQ%RVQLHQlUGUDEEDWDYGHWWDRFKLQVDWVHU PRWPlQQLVNRKDQGHOlU|QVNYlUGDlYHQKlU (QHIIHNWLYRFKGHPRNUDWLVNWXSSE\JJGI|UYDOWQLQJlUDYVWRUYLNWI|UHWWGHPRNUDWLVNW VDPKlOOVOLY6LGDVVWUDWHJLI|U%RVQLHQYLOOVHHQI|UVWlUNQLQJDYI|UYDOWQLQJVNDSDFLWHWHQ LQRPVnYlOGHQFHQWUDODI|UYDOWQLQJHQVRPSnNDQWRQDORFKNRPPXQDOQLYn+lUYLG QlPQVEODUlWWVYlVHQGHWlJDQGHUlWWVNRPPLVVLRQHQRFKSROLVXWELOGQLQJYLONDDOODKDU UHOHYDQVI|UGHPlQVNOLJDUlWWLJKHWHUQD,QVDWVHUVRPJ|UVDYVYHQVNDP\QGLJKHWHUHOOHU NRQVXOWHUNDQRIWDNRPSOHWWHUDVDYGHHQVNLOGDRUJDQLVDWLRQHUQDVDUEHWH'HWlUGRFN YLNWLJWDWWDOODLQVDWVHUNRRUGLQHUDVQRJD+lUYLGKDU6LGDVNRQWRUL6WRFNKROPRFKL 6DUDMHYRHQYLNWLJUROODWWVSHOD2UJDQLVDWLRQHUVRPJHQRPI|USURMHNWPnVWHLVW|UVWD P|MOLJDPnQXQGYLNDGXSOLFHULQJEODJHQRPDWWNRQWUROOHUDPHGVnYlO6LGDVRPPHG UHOHYDQWDRUJDQL%RVQLHQ /LNVRPLGH|YULJDOlQGHUQDLUHJLRQHQKDU6LGDILQDQVLHUDWPnQJDPHGLHSURMHNWL %RVQLHQbYHQLIRUWVlWWQLQJHQNRPPHUPHGLHUDWWXWJ|UDHQW\QJGSXQNWEnGHL )HGHUDWLRQHQRFKL5HSXEOLND6USVND)UDPI|UDOOWE|ULQKHPVNDPHGLHUVW|GMDVNDQVNH SnEHNRVWQDGDYGHVWRUDLQWHUQDWLRQHOODSURMHNWHQ2+5KDUWLOONlQQDJLYLWDWWGHUDV PnOlUDWW%RVQLHQLQRPQnJUDnUVNDOOJn|YHUWLOOGLJLWDOPDUNEDVHUDG79'HWWDVNXOOH NXQQDSnE|UMDVLRFKPHG2%1V|YHUJnQJWLOOHWWULNVWlFNDQGH3%6QlWYHUN3XEOLF %URDGFDVWLQJ6HUYLFH6LGDLIUnJDVlWWHUGHQQDSROLF\GnGHWYHUNDUI|JDWUROLJWDWWGHWWD VNXOOHOHGDWLOO|NDWWLWWDQGH(UIDUHQKHWHUQDIUnQEOD6YHULJHYLVDUDWWDOOPlQKHWHQGUDU VLJI|UDWWVNDIIDQ\GLJLWDOXWUXVWQLQJlYHQRPGHQlUQlVWDQJUDWLV0LQVNDGWLOOJlQJOLJ KHWI|UQHXWUDODPHGLHU|NDUDOOPlQKHWHQVEHURHQGHDYGHQDWLRQDOLVWLVNWLQULNWDGH PHGLHUVRP2+5YLOOEHJUlQVD6DPWLGLJWlUGHWYLNWLJWDWWPHGLHUQDL%RVQLHQEOLU ODQGVWlFNDQGHRFKLQWHHQWLWHWVEXQGQD0HGLHSURMHNWHQE|UQRJDI|OMDVXSSRFK HIIHNWHUQDGRNXPHQWHUDVbQQXlULQWHGHQERVQLVNDPHGLHPDUNQDGHQJHQHUHOOWVHWW PRJHQI|UHQ|YHUJnQJWLOONUHGLWHUPHQVnVQDUWGHWWDlUP|MOLJWE|UPHGLDELVWnQGHW VW\UDV|YHUWLOONUHGLWHUYLDWH[0'/) )|UVRQLQJVSURMHNWE|UNRSSODVWLOONRQNUHWDUEHWH5XQGDERUGVVDPWDORFKVHPLQDULHUlU LQWHDOOWLGVnHIIHNWLYDVRP|QVNDW'lUHPRWE|UVnRIWDVRPP|MOLJWI|UVRQLQJVDVSHNWHU LQNRUSRUHUDVLDQGUDSURMHNWVRPWH[nWHUXSSE\JJQDGRFKI|UYDOWQLQJ,IUDPWLGHQ NRPPHUP\FNHWDYGHWVYHQVNDELVWnQGHWDWWJnWLOOI|UYDOWQLQJVLQVDWVHURFKGHWlUYLNWLJW DWWlYHQGHVVDIUlPMDUI|UVRQLQJRFKNRQWDNWHU|YHUHQWLWHWVJUlQVHQ 6WUDWHJLI|U6YHULJHVXWYHFNOLQJVVDPDUEHWHPHG%RVQLHQ+HUFHJRYLQDV ,ELGV
6LGDgVWVW|GMHULQWHSDUWLSROLWLVNWDUEHWH'lUHPRWE|UVW|GJHVWLOOSROLWLVNDSURJUDP VRPVWUlYDUHIWHULQNOXVLRQI|UVRQLQJRFKIUDPnWVWUlYDQ'HWlUYLNWLJWDWWEHIRONQLQJHQ NlQQHUVLJLQNOXGHUDGLGHWSROLWLVNDOLYHWRFKDWWHQYLVVSROLWLVNPRJQDGXSSQnV *IHIVEXMSRIR&SWRMIR,IVGIKSZMRE $YVSHFLHOOYLNWI|UDUEHWHWL)HGHUDWLRQHQlUI|UKnOODQGHWPHOODQERVQMDNHURFKNURDWHU bYHQRPnWHUYDQGULQJHQSnE|UMDWVSnPnQJDVWlOOHQILQQVGHWIRUWIDUDQGHRPUnGHQGlU IO\NWLQJnWHUYlQGDQGHlUHQRP|MOLJKHW-XVWSnGHVVDRUWHUlUGHWYLNWLJWDWW NRQWDNWSXQNWHUVNDSDVRFKDWWnWHUYDQGULQJVSURFHVVHQVlWWVLQLHWW05SHUVSHNWLY 8QGHUnUHWKDUlYHQHQnWHUYDQGULQJDYVHUEHUWLOO)HGHUDWLRQHQSnE|UMDWVRFK I|UKRSSQLQJVYLVNRPPHUGHQQDnWHUYDQGULQJDWW|NDNUDIWLJWXQGHU'nPnVWHGHW ILQQDVHQEHUHGVNDSI|UGHWWD²EnGHLQRPGHLQWHJUHUDGHRPUnGHVSURJUDPPHQRFK LQRP05DUEHWHW 6ITYFPMOE7VTWOE 6LGDPnVWHDFFHSWHUDDWWGHWlUHQVWRUUHJLRQDOVNLOOQDGL%RVQLHQU|UDQGHYLONDSURMHNW VRPNDQJHQRPI|UDVVDPWKXUGHJHQRPI|UVRFKPDQNDQLQWHVWlOODVDPPDNUDYSn UHVXOWDWHOOHUHQVUDSSRUWHULQJSnHWWSURMHNWLWH[9LåHJUDGHOOHU)R DVRPL%DQMD/XND RFK6DUDMHYR'lUI|UPnVWH6LGDQlUPDVLJEHG|PQLQJHQDYSURMHNWSnHWWIOH[LEHOWVlWW IUDPI|UDOOWL|VWUD56RFKYlVWUD+HUFHJRYLQD *¸VFYRHWVITYFPMOIR.YKSWPEZMIR 7IVFMIR (IWHUYDOHQLVHSWHPEHUI|UlQGUDGHVVLWXDWLRQHQL6HUELHQPHUHOOHUPLQGUH|YHUHQ QDWW'HWLGLJDUHRSSRVLWLRQVSROLWLNHUQDlUQXPLQLVWUDULGHQIHGHUDODUHJHULQJHQRFK LQRPHQPnQDGKDU-XJRVODYLHQXSSWDJLWVLVnYlO6WDELOLWHWVSDNWHQVRP)16LWXDWLRQHQ I|U05SURMHNWKDUQDWXUOLJWYLVRFNVnI|UlQGUDWVPHQlQQXlUGHWI|UWLGLJWDWWVlJDRP I|UlQGULQJDUQDlUEHVWnHQGH 7LGLJDUHKDUVWRUW\QJGODJWVYLGVW|GWLOOREHURHQGHPHGLHUL6HUELHQ'HWWDVW|GPnVWH IRUWVlWWDXQGHU|YHUVNnGOLJWLGPHQLQULNWQLQJHQPnVWHlQGUDV-XJRVODYLVNDMRXUQDOLVWHU PnVWHQXOlUDVLJDWWLQWDHQNULWLVNKnOOQLQJWLOODOODP\QGLJKHWHUI|UDWWXWYHFNODHWW ULNWLJWREHURHQGH6DPWLGLJWNRPPHUPnQJDDYGHWLGLJDUHRSSRVLWLRQVWLGQLQJDUQDDWWIn SUREOHPSnHQIULPDUNQDGGnGHQWLGLJDUHUHJLPVW\UGDSUHVVHQQXWlYODURPVDPPD OlVDUH'RQDWRUHUQDPnVWHYDUDPHGYHWQDRPGHWWDVnDWWGHLQWHVNlQNHUVWRUDVXPPRU SHQJDUWLOOPHGLHUVRPLQWHKDUP|MOLJKHWDWWNODUDVLJVMlOYDHIWHUHQ|YHUJnQJVWLG 6DPWLGLJWInUYLLQWHµEUlQQDYnUDVNHSSµ²YLKDULQJDJDUDQWLHUI|UKXUVLWXDWLRQHQ XWYHFNODUVLJLIUDPWLGHQ 'HQVHUELVND1*2YlUOGHQlUVSOLWWUDG0nQJD1*2VnWQMXWHUORNDOWHWWGnOLJWU\NWH YLONHWI|UVYnUDUGHUDVDUEHWH+XYXGVDNOLJHQlUGHWWDHWWWHFNHQSnDWWGHQWLGLJDUH UHJLPHQO\FNDWVLVLWWDUEHWHPHGDWWVPXWVDQHGGHWYLNWLJDDUEHWHVRPJ|UVDYGH VHUELVNDRUJDQLVDWLRQHUQDPHQGHWILQQVlYHQDQGUDRUVDNHUWLOOGHWWDVRPLQWHUQ VSOLWWULQJSHUVRQOLJlUHO\VWQDGRFKUHQDIHODNWLJKHWHULVRPOLJDRUJDQLVDWLRQHUVDUEHWH 6SOLWWULQJHQPHOODQLFNHQDWLRQDOLVWHUSURVHUEHURFKµMXJRQRVWDOJLNHUµLQRPVnYlOGHQ SROLWLVNDVRP1*2YlUOGHQOHGHUWLOOLQHIIHNWLYLWHWKRVGHQVHQDUHVHNWRUQ ,QWHUQDWLRQHOOD1*2VWHQGHUDUDWWKDHWWElWWUHU\NWHlYHQRPGHRFNVnWLOOVWRUGHO XWVDWWVI|UUHJLPHQVVPXWVNDVWQLQJ
6DPDUEHWHWPHGORNDOD1*2VE|ULQULNWDVSnDWWLQYROYHUDEHIRONQLQJHQJlUQDJHQRP JHQXLQDJUlVURWVU|UHOVHU'HVVXWRPE|UNRQWDNWHUPHGORNDOD1*2VLDQGUDH[ MXJRVODYLVNDOlQGHUIUDPI|UDOOW%RVQLHQRFK.URDWLHQIUlPMDV3ULRULWHWE|UJHVWLOO SURMHNWRFKRUJDQLVDWLRQHUVRPDUEHWDUPHGXQJDPlQQLVNRURFKVRPLQYROYHUDU\QJUHL JHQRPI|UDQGHWDYSURMHNWHQ1XILQQVRFNVnHQP|MOLJKHWWLOOLQVDWVHUU|UDQGH LQIRUPDWLRQNULQJ+DDJWULEXQDOHQVDUEHWH 6HUELHQNRPPHUDWWEOLI|UHPnOI|UVWRUWLQWUHVVHGHQQlUPDVWHWLGHQRFKDVWURQRPLVND VXPPRUNRPPHUDWWLQYHVWHUDVGlU5LVNHQlUDWWYlVWYlUOGHQNRPPHUDWWµlOVNDLKMlOµ 6HUELHQRFKGHVVI|UHWUlGDUH'HWlUGlUI|UYLNWLJWDWW6LGDRFKGHVVSDUWQHUVLQWHJ|U DYNDOOSnVLQDK|JDNUDYSnSURMHNWHQVNYDOLWHW05RUJDQLVDWLRQHUPnVWHOLNVRP PHGLHUQDLQWDHQNULWLVNUROOWLOO05NUlQNQLQJDUSnDOODKnOO $UEHWHWPHGVW|GWLOONRPPXQHUQDNRPPHUDWWIRUWVlWWDV6]HJHGSURFHVVHQLQRPUDPHQ I|U6WDELOLWHWVSDNWHQ'HWlUYLNWLJWDWWNRQNUHWDI|UElWWULQJDUNRPPHUWLOOVWnQGLODQGHW VnIRUWVRPP|MOLJWRFKGlUI|UE|U6LGDOLNVRPI|UHYDOHQVDPDUEHWDGLUHNWPHG NRPPXQHUQDNULQJHQNODRFKV\QOLJDSURMHNWWLOOJDJQI|UGHQORNDODEHIRONQLQJHQ 6YHULJHXQGHUV|NHURFNVnP|MOLJKHWHUQDWLOOIRUWVDWWVDPDUEHWHPHGHQVNLOGDNRPPXQHU JHQRP$VVRFLDWLRQRI)UHH0XQLFLSDOLWLHVLQ6HUELD'HWWDNDQOHGDWLOOQnJRQIRUPDY NRPPXQVDPDUEHWHPHOODQ6YHULJHRFK6HUELHQ 6nIRUWVRPGHQ\DP\QGLJKHWHUQDKDUHWDEOHUDWVLJSnGHROLNDQLYnHUQDIHGHUDOW UHSXEOLNDQVNWRFKORNDOWILQQVP|MOLJKHWHUDWW|YHUYlJDVDPDUEHWHLQRPLQVWLWXWLRQV E\JJDQGHRFKI|UYDOWQLQJ'HWWDUGRFNWLGLQQDQVnGDQDSURMHNWNDQJHQRPI|UDVLVW|UUH VNDOD 1SRXIRIKVS 6LWXDWLRQHQL0RQWHQHJURlULQWHVRPL6HUELHQ'HQIORUDDY1*2VVRPILQQVL6HUELHQ YHUNDULQWHKDVSULWWVLJWLOOGHQPLQGUHMXJRVODYLVNDGHOUHSXEOLNHQ0HGLHUQDKDUElWWUH P|MOLJKHWHUDWWVWnSnHJQDEHQRFKUHJLPNULWLVNDPHGLHUGUDEEDVLQWHDYVDPPD UHSUHVVDOLHUVRPWLGLJDUHL6HUELHQ+lUILQQVP|MOLJKHWDWWDUEHWDPHGNUHGLWHU'RFN PnVWHKlQV\QWDVWLOOGHVWRUDUHJLRQDODVNLOOQDGHUQDPHOODQQRUUDRFKV|GUD0RQWH QHJUR,GHQRUUDGHODUQDDYODQGHWlUPHGLDVLWXDWLRQHQP\FNHWVYnUDUHlQLV|GHU 'HWILQQVSRWHQWLDOI|UNUDIWLJDHWQLVNDVSlQQLQJDUL0RQWHQHJURGlUPRQWHQHJULQHU VHUEHURFKDOEDQHUXWJ|UGHVWRUDHWQLVNDJUXSSHUQD3URMHNWVRPPRWYHUNDUHQ XWYHFNOLQJOLNQDQGHGHQL.RVRYRRFK%RVQLHQVDPWGHOYLVlYHQ0DNHGRQLHQEHURHQGH SnKXUVLWXDWLRQHQGlUXWYHFNODUVLJE|UHUKnOODVW|G bYHQRPGHQSROLWLVNDOHGQLQJHQL0RQWHQHJURlU|SSQDUHRFKPHUGHPRNUDWLVNlQL 6HUELHQILQQVGHWP\FNHWDWWJ|UDI|UDWW|NDWUDQVSDUHQVHQRFKVWlUNDGHQGHPRNUDWLVND NXOWXUHQ /SWSZS 'HHWQLVNDVSlQQLQJDUQDL.RVRYRlUVWDUNDUHlQLGHIOHVWDDQGUDRPUnGHQSn9lVWUD %DONDQ+lUE|UNRQNUHWDSURMHNWVRPIUlPMDUVDPDUEHWH|YHUGHHWQLVNDJUlQVHUQD SULRULWHUDV(WWVWRUWSUREOHPlUGHWIDNWXPDWWGHWlQQXlURNODUWKXU.RVRYRVIUDPWLGD SROLWLVNDVWDWXVNRPPHUDWWVHXW'lUI|UE|USURMHNWI|UVODJYDUDREHURHQGHDYGHQ
SROLWLVNDIUDPWLGHQ,GHQPnQGHWlUP|MOLJWE|UNRQWDNWHUVNDSDVPHOODQGHROLND HWQLVNDJUXSSHUQDRFKLQFLWDPHQWJHVI|UDWWInGHPDWWVDPDUEHWDLNRQNUHWDIUnJRU 8QJGRPHQlUHQQ\FNHOJUXSSlQQXPHUVnlQSnDQGUDVWlOOHQLUHJLRQHQ.RVRYRV EHIRONQLQJlUP\FNHWXQJRFKGHWJlOOHUDWWJHXQJGRPHQLQFLWDPHQWI|UDWWVWDQQDNYDU RFKDUEHWDI|UIUDPWLGHQbYHQNYLQQRSURMHNWE|UJHVK|JSULRULWHW²GHQSDWULDUNDOD VWUXNWXUHQVRPlUlQQXSURPLQHQWDUHL.RVRYRlQDQQDUVSn%DONDQELGUDUWLOOHQVYnU VLWXDWLRQI|UPnQJDNYLQQRUIUDPI|UDOOWSnODQGVE\JGHQ3UREOHPDWLNHQNULQJ PlQQLVNRKDQGHOVRPILQQVLKHODUHJLRQHQlUVSHFLHOOWIUDPWUlGDQGHL.RVRYRP\FNHW EHURHQGHSnGHQVWRUDLQWHUQDWLRQHOODQlUYDURQ)|UQlUYDUDQGHILQQVHQGDVWHWWSDU H[HPSHOSnNYLQQRUVRPVPXJJODWVXWXU.RVRYRPHQGHWlUI|UPRGOLJHQEDUDWRSSHQ SnHWWLVEHUJ 0HGLHVLWXDWLRQHQlUVSHFLHOO'HWILQQVHQVWRUPlQJGGDJVWLGQLQJDURFKPLQGUHORNDOD UDGLRVWDWLRQHU,QJHQDYGHVMXVWRUDGDJVWLGQLQJDUQDVNXOOHNODUDVLJXWDQVW|GXWLIUnQ 0nQJDDY.RVRYRVPHGLHUlUQlUDNQXWQDWLOOHWWSROLWLVNWSDUWLYLONHWH[NOXGHUDUGHP IUnQ6LGDVW|G6NDOOVDWVQLQJDUJ|UDVSnPHGLHUPnVWHVWRUYLNWOlJJDVYLGDWWGHVVD PHGLHULQWHlJQDUVLJnWKDWSURSDJDQGD)UDPI|UDOOWE|UVW|GJHVWLOOSROLWLVNWQHXWUDOD PHGLHUI|UPLQRULWHWHU6LGDlUWYHNVDPWWLOOVW|GWLOO57.5DGLR7HOHYLVLRQ.RVRYR VRPLVLQQXYDUDQGHXWIRUPQLQJRNWREHUlUHWWG\UWSURMHNWPHGEHJUlQVDG UlFNYLGG)|UKDQGOLQJDUSnJnUGRFNPHG(8RFK'),'RPDWWI|UElWWUDSURMHNWHWV NRVWQDGVHIIHNWLYLWHWRFKXWIRUPQLQJRFK6LGDNDQWlQNDVLJDWWVW|GMD57.RPGHVVD I|UKDQGOLQJDUVNXOOHYLVDJRGDUHVXOWDW 3nNRUWVLNWNUlYHUVLWXDWLRQHQL.RVRYRVSHFLHOOXSSPlUNVDPKHW6nVHQWVRPILFN LQWHIOHUlQIHPNRVRYRDOEDQHUVDPWLGLJWVDPODVWLOOHWWP|WH'HQQ\YXQQDIULKHWHQRFK GHQVWRUDWLOOJnQJHQSnXWOlQGVNDPHGHOKDUJMRUWDWWHQVWRUPlQJGORNDOD1*2·VYX[LW IUDP)UDPI|UDOOWI|UHIDOOHUGHWOlWWDWWInVW|GI|UPHGLHRFKNYLQQRSURMHNW'HW VYHQVNDVW|GHWE|UEDODQVHUDVPRWGHWWRWDODELVWnQGVIO|GHWRFKVHWLOODWWVHUL|VDRFK HWDEOHUDGHRUJDQLVDWLRQHULQWHNYlYV6LGDVVDPDUEHWVSDUWQHUVE|UVDWVDSnDWWVNDSD VWDELODORNDODRUJDQLVDWLRQHUJHQRPDWWXWELOGDGHPLEODRUJDQLVDWLRQVIRUPHNRQRPL RFKUHOHYDQWMXULGLN 0nQJDDYGHRUJDQLVDWLRQHUVRPKDUQlUYDURL.RVRYRlUNRQFHQWUHUDGHWLOO3ULåWLQD OLNVRPPnQJDDYGHPHUYlONlQGDORNDODRUJDQLVDWLRQHUQD'HWlUGlUI|UYLNWLJWDWW ELVWnQGHWLQWHNRQFHQWUHUDVHQEDUWWLOOKXYXGVWDGHQXWDQDWWSURMHNWlJHUUXPlYHQSn ODQGVE\JGHQ 1EOIHSRMIR 'HQHWQLVNDEDODQVHQL0DNHGRQLHQlU\WWHUVWEUlFNOLJHQVLWXDWLRQVRPI|UVYnUDVDYDWW IOHUDDYGHRPNULQJOLJJDQGHOlQGHUQDKDUPHUHOOHUPLQGUHXWWDODGHWHUULWRULHOODNUDYSn 0DNHGRQLHQ'HQDOEDQVNDJUXSSHQVRPI|UHWUlGHOVHYLVILQQVLODQGHWVYlVWUDGHODURFK GlUXWJ|UHQORNDOPDMRULWHWVHVDYHWQLVNDPDNHGRQLHUVRPHWWKRWPRWGHQPDNHGRQVND QDWLRQDOVWDWHQ'HPDNHGRQVNDDOEDQHUQDYLOOLVLQWXULQWHLQWHJUHUDVLHQPDNHGRQVN QDWLRQDOVWDW'lUI|UE|USURMHNWVRPIUlPMDUVDPYHUNDQPHOODQGHROLNDHWQLVND JUXSSHUQDL0DNHGRQLHQSULRULWHUDV3URMHNWVRPYHUNDUI|UI|UElWWUDGHPLQRULWHWV UlWWLJKHWHUNDQRFNVnEOLDNWXHOOD9LNWLJWlUHPHOOHUWLGDWWVnGDQDLQVDWVHUXWIRUPDVVn DWWVSlQQLQJDUPRWYHUNDVLQWHVSlVSn,&*,QWHUQDWLRQDO&ULVLV*URXSKlQYLVDULVLQ UDSSRUWIUnQGHQDXJXVWLWLOOHWW´P|MOLJKHWHUQDVI|QVWHUµYDGJlOOHULQVDWVHUMXVW
QX,&*PHQDULVDPPDUDSSRUWDWWIUnJDQRPH[DNWYDGGHHWQLVNDDOEDQHUQDL 0DNHGRQLHQHIWHUVWUlYDUlUHQDYGHNlQVOLJDVWHIUnJRUQDSnV|GUD%DONDQMXVWQX 5RPHUQDVHVLQWHVRPHWWKRWPRWGHWPDNHGRQVNDVDPKlOOHWPHQGHUDVVLWXDWLRQlU \WWHUVWVYnU3URMHNWPHGGHQURPVNDJUXSSHQKDUYLVDWVLJVYnUDDWWJHQRPI|UD KXYXGVDNOLJHQSJDLQWHUQDVWULGHUPHOODQROLNDURPVNDJUXSSHU$UEHWHPHGURPHU NUlYHUGlUI|UVWRUNlQQHGRPRPVLWXDWLRQHQRFKEUDORNDODVDPDUEHWVSDUWQHUV (QOLJWXSSJLIWKDUGHQDOEDQVNDJUXSSHQL0DNHGRQLHQHWWlQPHUWUDGLWLRQHOOWRFK SDWULDUNDOLVNWV\QVlWWSnNYLQQRUQDVUROOLVDPKlOOHWlQ|YULJDJUXSSHUSn%DONDQ'lUI|U lUGHWYLNWLJWPHGSURMHNWVRPULNWDUVLJWLOONYLQQRURFKIUlPMDUGHUDVGHOWDJDQGHLGH RIIHQWOLJDOLYHW3UREOHPDWLNHQNULQJWUDIILFNLQJVRPQlPQVLVDPEDQGPHG.RVRYRRFK $OEDQLHQlURFNVnVWRUL0DNHGRQLHQ$QVWUlQJQLQJDUE|UJ|UDVDWWVNDSDUHJLRQDOD LQVDWVHUPRWWUDIILFNLQJDYNYLQQRUYDUYLGDUEHWHWL0DNHGRQLHQVSHODUHQYLNWLJUROO 'HQPDNHGRQVNDI|UYDOWQLQJHQE|UYDUDI|UHPnOI|ULQVDWVHUDYVHHQGHJRGVDPKlOOVVW\U QLQJ'HWWDJlOOHUIUDPI|UDOOWGHQORNDODI|UYDOWQLQJHQPHQlYHQFHQWUDODVWUXNWXUHU 'HWlUYLNWLJWDWWXWYHFNODHQGHPRNUDWLVNNXOWXUL0DNHGRQLHQQnJRWVRPLQWHILQQVL VSHFLHOOWVWRUXWVWUlFNQLQJMXVWQX,QVDWVHUE|UNRSSODVWLOO1*2LQVDWVHUNULQJ GHPRNUDWLVNWVW\UHOVHVNLFNRFKGHOWDJDQGH6SHFLHOOWYLNWLJWlUGHWDWWInPHGHWQLVND PLQRULWHWHULGHWGHPRNUDWLVNDDUEHWHW 0HGLDVLWXDWLRQHQL0DNHGRQLHQlUNRPSOLFHUDGRFKVW|GE|UIRUWVlWWDDWWXWJnWLOO SULYDWDPHGLHU(WWVWRUWSUREOHPI|UGHVVDlUDWWNRPSHWHQWDMRXUQDOLVWHUJHQRP HUEMXGDQGHRPK|JUHO|QHURIWDYlUYDVVRP|YHUVlWWDUHWLOOLQWHUQDWLRQHOOD RUJDQLVDWLRQHU'HVVXWRPE|UHQVDWVQLQJJ|UDVSnXWELOGQLQJDYXQJDMRXUQDOLVWHU .YDOLWHWHQSnMRXUQDOLVWLNHQL0DNHGRQLHQlURIWDVWP\FNHWOnJRFKMRXUQDOLVWHUQDYHUNDU KDVYnUWDWWVHVLQUROOVRPNULWLVNDVDPKlOOVJUDQVNDUH %PFERMIR 0nQJDDYGHVWUXNWXUHUVRP6LGDQRUPDOWVDPDUEHWDUPHGL05RFKGHPRNUDWLSURMHNW ILQQVLQWHL$OEDQLHQ6WDWHQlUP\FNHWVYDJRFKHQ1*2YlUOGDYEHW\GHOVHKDUG\NW XSSI|UVWSnVHQDUHnUP\FNHWEHURHQGHSnDWWIRONVHUGHWVRPHQNDUULlUP|MOLJKHWDWW VWDUWDHQ1*2LHQVHNWRUGlUGHWILQQVJRWWRPLQWHUQDWLRQHOODSHQJDUDWWV|ND H[HPSHOYLV05RFKGHPRNUDWL.RUUXSWLRQHQlUP\FNHWXWEUHGGSnDOODQLYnHUL VDPKlOOHW 'HWILQQVVHUL|VD05RUJDQLVDWLRQHUL$OEDQLHQVRPlUEHUHGGDWLOOHWWVDPDUEHWHPHG 6YHULJH'HWWDNUlYHUGRFNPLQXWL|VDI|UEHUHGHOVHUIUnQVYHQVNVLGDRFKIQKDULQJHQ VYHQVN1*2LQRP05GHPRNUDWLRPUnGHWSHUPDQHQWQlUYDURL$OEDQLHQ 6HNWRUHUVRPVNXOOHNXQQDNRPPDLIUnJDI|UVYHQVNWELVWnQGlUXWELOGQLQJLGHPRNUDWL VDPWXWELOGQLQJDYMRXUQDOLVWHU'HWWDEHK|YHULQWHVHVVRPVW|GWLOOXWELOGQLQJVVHNWRUQ XWDQlUVQDUDVWHWWVWlUNDQGHDYGHWGHPRNUDWLVNDVDPKlOOHW3UREOHPHWI|UPHGLHUQDL $OEDQLHQlULQWHVnP\FNHWEULVWDQGH\WWUDQGHIULKHWVRPOnJNYDOLWHWSnMRXUQDOLVWLNHQ VDPWPHGLHUQDVEHURHQGHDYDIIlUVLQWUHVVHQ ,QWHUQDWLRQDO&ULVLV*URXS0DFHGRQLD·V(WKQLF$OEDQLDQV%ULGJLQJWKH*XOI,&*%DONDQV5HSRUW1 $XJXVWVLLL %ODHQOLJW5LNDUG(OIYLQJ81'3VDPW0DGHOHLQH+lJJ/LOMHVWU|P266(6NRSMH -IU,&*RYDQVLY
6HGDQWLGLJDUHDUEHWDU6LGDPHGPlQQLVNRKDQGHOVRPlUHWWVWRUWSUREOHPL$OEDQLHQ 'HWILQQVSURIHVVLRQHOODRUJDQLVDWLRQHUVRPDUEHWDUPHGGHVVDIUnJRUWH[,20 ,QWHUQDWLRQDO2UJDQLVDWLRQIRU0LJUDWLRQ6LGDYLOOlYHQLIRUWVlWWQLQJHQVDWVDSnGHWWD RPUnGHRFKJlUQDLHWWUHJLRQDOWSHUVSHNWLY6W|GWLOOGHQFHQWUDODI|UYDOWQLQJHQLODQGHW NDQRFNVnEOLDNWXHOOW 6LGDVDWVDUSn.RUoDUHJLRQHQLV\G|VWUD$OEDQLHQVRPHWWSLORWRPUnGHI|USURMHNW U|UDQGHEODMRUGEUXN'HWILQQVI|UGHODUPHGDWWlYHQNRQFHQWUHUDGHWVYHQVND05 DUEHWHWGLWGHWILQQVHQH[LVWHUDQGH1*2YlUOGL.RUoDGHWILQQVHWWXQLYHUVLWHWPHG EODHQOlUDUK|JVNRODVDPW.RUoDKDUVHGDQWLGLJDUHHQGHPRNUDWLVNWUDGLWLRQVRPPDQ IRUWIDUDQGHVHUVSnUDY
%RW¸ORMRKEV
8MHWTIVMSHIV 6LGDgVWKDULQJDVSHFLHOODWLGVSHULRGHUI|UPRWWDJDQGHDYDQV|NQLQJDU$QV|NQLQJDU NDQOlPQDVLQO|SDQGHXQGHUnUHW 0*%YTTF]KKREH $QV|NQLQJDUQDVNDOOYDUDXSSE\JJGDHQOLJW/)$SULQFLSHQ/RJLFDO)UDPHZRUN $SSURDFK,QIRUPDWLRQRPKXUGHWWDJnUWLOOILQQVL$QYLVQLQJDUI|U6LGDVELGUDJWLOOHQVNLOGD RUJDQLVDWLRQHUI|UKXPDQLWlUWELVWnQGRFKNRQIOLNWI|UHE\JJDQGH6LGD6(.$MXOL6LGD DQRUGQDUUHJHOEXQGHWNXUVHUL/)$I|UVLQDVDPDUEHWVSDUWQHUVEnGHL6YHULJHRFKSn IlOW'HOWDJDQGHLGHVVDNXUVHUUHNRPPHQGHUDVYDUPW %PPQÇRREVIKPIV 'HWDOMHUDGHUHJOHUI|UHQVNLOGDRUJDQLVDWLRQHUILQQVL6LGDV$OOPlQQDYLOONRUI|U6LGDVELGUDJ WLOOVYHQVNDHQVNLOGDRUJDQLVDWLRQHUMXQL'HVVXWRPKDU6LGDVDYGHOQLQJI|UKXPDQLWlUW ELVWnQGRFKVDPDUEHWHPHGHQVNLOGDRUJDQLVDWLRQHUWDJLWIUDP$QYLVQLQJDUI|U6LGDVELGUDJ WLOOHQVNLOGDRUJDQLVDWLRQHUI|UKXPDQLWlUWELVWnQGRFKNRQIOLNWI|UHE\JJDQGH6LGD6(.$MXOL 'HVVDDQYLVQLQJDUlUIUlPVWWlQNWDI|UDUEHWHLNDWDVWURIVLWXDWLRQHURFKlUGlUI|ULQWH KHOWWLOOlPSOLJDSnOnQJVLNWLJWELVWnQG,YlQWDQSnHQKHWOLJDUHJOHUI|U6LGDVROLND DYGHOQLQJDUKlQYLVDVWLOOWLOOlPSOLJDGHODUDYGHVVDDQYLVQLQJDU6YHQVNDI|UHWDJ LQVWLWXWLRQHUNRQVXOWHURFKP\QGLJKHWHUKlQYLVDVWLOO,QVDWVHUL&HQWUDORFKgVWHXURSD² ,QIRUPDWLRQWLOOVYHQVNDSDUWHU6LGDgVWVHSWHPEHUILQQVSn6LGDVKHPVLGD ZZZVLGDVH 6EQEZXEP 2UJDQLVDWLRQHUVRPKDUPnQJDSURMHNWLUHJLRQHQXSSPDQDVDWWOlPQDLQSURMHNW DQV|NQLQJDUQDVDPODW(IWHUHQWLGVVDPDUEHWHSnGHWWDVlWWNDQRUJDQLVDWLRQHQDQV|ND RPHWWUDPDYWDOSnWUHnUPHG6LGD'HWWDUDPDYWDOP|MOLJJ|UI|URUJDQLVDWLRQHQDWW SODQHUDI|UIUDPWLGHQSnHWWVDPODWVlWWPHGELEHKnOOHQIOH[LELOLWHW)|UPHULQIRUPDWLRQ RPUDPDYWDOVH$QYLVQLQJDUI|U6LGDVVW|GWLOOHQVNLOGDRUJDQLVDWLRQHUVXWYHFNOLQJVVDPDUEHWHL &HQWUDORFKgVWHXURSD6LGD6(.$(2VHSWHPEHUNDSLWHORFK78=6)07)2*Ó6-28)62%8-32)00898:)'/0-2+77%1%6&)8) 7XSGOLSPQ7[IHIR
8IP*E\ ,IQWMHELXXT[[[WMHEWI -7&2