65(7(1.

$ / '8*$/,
9LD NROD ]D VSRUWVNH WUHQHUH %HRJUDG 67581, 5$' 

35(5$'$/(.29,72*%,/-$ DQVHLPRJXQRVWLGRPDHSULYUHGH
&LOM UDGD MH EROMH XSR]QDYDQMH VWUDWHJLMH HIHNWLYQRJ XSUDYOMDQMD ILWRWHUDSLMVNLP DVRUWLPDQRP 5H]XOWDWL LVWUDLYDQMD VH XVPHUDYDMX ND VWUX QMDFLPD X SURL]YR GQML ILWRWHUDSLMVNLK SURL]YRGD IDUPDFHXWVNH L HNRQRPVNH VWUXNH PHPDGHUL PD D RSHUDFLRQDOL]DFLMD ]DGDWDND LGH X SUDYFX SRVWDYOMDQMD QDX QRLQIRU PDFLMVNH RVQRYH NDR SRGORJH ]D LPSOHPHQWDFLMX VWUDWHJLMH X SURFHVX RGOX L YDQMD 3RGUX MH LVWUDLYDQMD MH PHGLFLQVNL IDUPDFHXWVNL ILWRWHUDSLMVNL LOL ILWRGLMH WHWVNL ]DWLP SURL]YRGQRWHKQRORNL L PDUNHWLQNL RERMHQR 8 IRNXVX LVWUDLYDQMD VX XSUDYOMD NL DVSHNWL WHKQRORJLMH NRULHQH X SURL]YRGQML PHGLNDPHQDWD QDM HH X SUDNVL NRULHQ WHUPLQ V QHNLP EOLLP NRPHUFLMDOL]LUDQLP RGUH
HQMHP ]D SRGJUXSX L] QMHJRYRJ DVRUWLPDQD 2YD SUREOHPDWLND VH DQDOL]LUD X RNYLUX GYD VWUX QD ODQND 8 SUYRP VH L]ODX UH]XOWDWL SULNXSOMHQL LVWUDLYDQMHP PRJX QRVWL D QD ED]L UD]YRMQH SROLWLNH 6UELMH L &UQH *RUH 65- X ILWRIDUPDFLML 8 GUXJRP DQDOL]LUD VH VWUDWHJLMVNR XSUDYOMDQMH WHKQRORJLMRP X ILWRIDUPDFLML L SRUH GH RGJRYDUDMXH VWUDWHJLMH SURL]YR
D D

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
D L GLVWULEXWHUL SRWURD L ILWRWHUDSLMVNLK SURL]YR GD L RGJRYDUDMXH WHKQRORJLMH X GRPHQX LQRYDFLMD X DVRUWLPDQX ,VWUDLYDQMD UD]OL LWLK PHGLNDPHQDWD V SURL]YRGQRJ DVSHNWD MH LURN WHUPLQ D VD LQMDYDMX LK PHGLNDPHQWL SULNODGQL ]D VDPROH HQMH NRG QHNLK REROHQMD SURL]YRGL QDPHQMHQL RGUDYDQMX RSWH ]GUDYVWYH QH VSRVREQRVWL SUHYHQWLYQD SULPHQD GLMHWHWVNL SURL]YRGL L SURL]YRGL SUHKUDQH L NR]PHWL NL SURL]YRGL ]D QHJX L OH HQMH WHOD YDQM VNRP XSRWUHERP .RPSRQRYDQMH DVRUWLPDQD X SUDNVL SROD]L RG SUHW SRVWDYNH REMHGLQMDYDQMD L SRWSXQRJ RYODGDYDQMD WHKQR ORNLP SURFHVRP UDFLRQDOL]DFLMRP UHVXUVD L RGUH
HQLP FLOMQLP JUXSDPD SRWURD D QD ED]L REDYOMHQLK LVWUDLYD QMD 8 VUHGLWX WULQLK LVWUDLYDQMD MH SRWURD PHGLND PHQDWD D SURL]YR
D L GHILQLX DVRUWLPDQ X VNODGX VD SRVWRMHRP VLURYLQVNRP RVQRYRP OMXGVNLP UHVXUVLPD L NDSDFLWHWLPD SUHUDGH WM GRVHJQXWRJ WHKQRORNRJ QLYRD 6 DVSHNWD =DNRQD R SURL]YRGQML L SURPHWX OHNRYD SRPR QLK OHNRYLWLK L PHGLFLQVNLK VUHGVWDYD ]DYRMQL L ]XEQL PDWHULMDOL RUWRSHGVND L GU SRPDJDOD WHUPLQ SRPRQD OHNRYLWD VUHGVWYD MH YHRPD LURN DOL SURL]YRGL NRML L]LV NXMX UHJLVWUDFLMX PRJX GD VH SXWDMX X SURPHW LVNOMX LYR SUHNR YHOHGURJHULMD L DSRWHND 7ULWX L SURL]YR
D LPD VX
/708, ,:947, 6 'XJDOL 9LD NROD ]D VSRUWVNH WUHQHUH %HR
JUDG 7UHEHYLND D 5DG SULPOMHQ 6HSWHPEDU   5DG SULKYDHQ $SULO  

LQWHUHVDQWQL ]ERJ VORHQRVWL SUREOHPDWLNH ELOMQL WRQLFL L SURL]YRGL EOLVWHU NRQIHNFLMH D RVWDOL SURL]YRGL X NRQFLSL UDQMX VWUDWHJLMD PRJX VOHGLWL RYH SULVWXSH
2679$5(1-( 352),7$ 6 &,/-(0 8/$*$1-$ 8 5$=92- 7(+12/2*,-$ 35(5$'( /(.29,72* %,/-$
/H HQMH ELOMHP MH X SURVHNX MHIWLQLMH WHKQRORNL REOLN NRML SRVNXSOMXMH SURL]YRGQMX QH XWL H QD SRYHDQMH HILNDVQRVWL RYLK SURL]YRGD YH ]QD L VDPR RODNDQX SUL PHQX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 IDUPDFHXWL WHKQROR]L HNRQRPLVWL ELROR]L L KHPL DUL VYL RQL ]DMHGQR EULQX R



6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

RYRP VSHFLIL QRP SURILOX SRWURD D 3ROLWLND L VWUDWHJLMD UDVWD L UD]YRMD SURL]YR
D D SRPRQLK OHNRYLWLK VUHGVWD YD SRGUD]XPHYD HILNDVQX WLPVNX RUJDQL]DFLMX 3UL IRU PXOLVDQMX UD]YRMQH SROLWLNH SUHGX]HH PRUD GD XVDJODDYD WHKQRORNX VWUDWHJLMX [] VD VYLP VSHFLIL QRVWLPD NRMH SURL]OD]H L] PHGLFLQVNH L IDUPDFHXWVNH SUREOHPDWLNH 3ULOLNRP GHILQLVDQMD PHQDGPHQW LQIRUPD FLRQRJ VLVWHPD XYDDYD VH SR]LWLYQL HNVWHUQL XWLFDM ]D NRQRGDYVWYD L] RNUXHQMD %URMQL VX DUJXPHQWL NRML LGX X SULORJ RVWYDUHQMX FLOMHYD IXQNFLRQDOQLK VWUDWHJLMD ILQDQVL MH LVWUDLYDQMH UD]YRM V RE]LURP QD SULJRYRUH GD VH RYL FLOMHYL SURWLYH HWL NLP QRUPDPD WM GD MH DPRUDOQR RVWYD ULYDWL SURILW X SURL]YRGQML PHGLNDPHQDWD 1DMYHL DUJX PHQW ]D PDNVLPDOL]DFLMX SURILWD X PHGLFLQVNRP PHQDGPHQWX MH UD]YRMQD DNWLYQRVW SUHGX]HD JUDQH L SULYUHGH X FHOLQL 0H
XWLP QHRSKRGQR MH DSHOLUDWL QD RGUH
LYDQMH QRUPDOQH JRUQMH JUDQLFH SURILWQH VWRSH WR VX YDQH RGOXNH PHQDGPHQWD &LOM LVWUDLYD NRUD]YRM QH VWUDWHJLMH SUHGX]HD VX RVLP XWYU
LYDQMD YLVLQH SURIL WD DQDOL]D L SUHGOR]L QD LQD WURHQMD RYDNR VWH HQLK VUHGVWDYD GHR ]D IXQGDPHQWDOQD L SULPHQMHQD LVWUDLYD QMD X RYRM REODVWL SRGUDYDQMH VRSVWYHQLK QDFLRQDOQLK L VYHWVNLK KXPDQLWDUQLK ]GUDYVWYHQLK L VSRUWVNLK DNWLYQRV WL GRQDFLMH L VSRQ]RUVWYD QDX QLK VNXSRYD L SXEOLNDFLMD D QDMYHL GHR WR MH UD]XPOMLYR X UD]YRM QRYLK SURL]YRGD L WHKQRORJLMD 8 SURL]YRGQML PHGLNDPHQDWD VH RVWYDULYDQMH SURILWD ]D SUHGX]HD SR RVYRMHQLP PDUNHWLQJ FLOMHYLPD XLVWLQX RVWDYOMD ]D VXWUD )LQDQVLMVNL HIHNWL V NRMLPD VH ]DSUDYR UD XQD VX RVWYDULYDQMH UHDOQH VWRSH DNXPXODFLMH XWHGH NUR] LQWHUQX UHDOL]DFLMX EROMD LVNRULH QRVW VLURYLQD YLL UDQGPDQ XWHGH X WURNRYLPD SUHUD GH X WUDQVSRUWX VPDQMHQMH JXELWDND QD VXHQMX L HNVWUDNFLML REMHGLQMHQX GLVWULEXFLMX PDUNHWLQJ L RVWDOH IXQNFLMH X SUHGX]HX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

+HP LQG    

QDGPHQWD SRVOH L]YUHQH DQDOL]H L SURMHNFLMH LQWHUQLK PRJXQRVWL SUHGX]HD SUHGODH VH SODQLUDQMH VUHGVWDYD ]D IXQGDPHQWDOQD SULPHQMHQD LVWUDLYDQMD L HNVSHULPHQ WDOQL UD]YRM X SUHGX]HX NDR L HNVWHUQD GDYDQMD X] SUHW KRGQR SRVWLJQXW PHQDGHUVNL NRQVHQ]XV

835$9/-$1-( .9$/,7(720 , 35,0(1$ 67$1'$5'$ 8 .21752/,

8 VYHWOX PHQDGHUVNH WXUEXOHQFLMH MDYOMDMX VH QRYL XSUDYOMD NL NRQFHSWL XQXWDU PHGLFLQVNRJ PDUNHWLQJD SD H SURL]YR
D L ILWRWHUDSLMVNLK SURL]YRGD RSVWDWL QD WULWX X RQRM PHUL X NRMRM LP SR
H ]D UXNRP GD ]DGRYROMH VSH FLIL QH ]GUDYVWYHQH SRWUHEH SRWURD D L NUR] WHKQRORNL [] L PDUNHWLQNL NQRZKRZ RVWYDUH SURILW SXWHP SR]LFL RQLUDQMD SRVORYQLK IXQNFLMD 2YH RGOXNH VX RG VWUDWHJLM VNRJ ]QD DMD L XWLFDMD QD YL]LMX SUHGX]HD SRYHDQMH WULQRJ X HD XQXWDU VHJPHQWD SRWURD D ELOMQLK DQDO JHWLND L DQWLUHXPDWLND QD WHWX VLQWHWL NLK SURL]YRGD NRQ NXUHQFLMH L VO =DGDWDN PHQDGHUD X IDUPDFLML X QDUHG QRP SHULRGX ELH VWYDUDQMH NRQNXUHQWVNH SUHGQRVWL X RGQRVX QD SUHGX]HD L] JUDQH NRMD VOHGH LVWH LOL VOL QH VWUDWHJLMH SR]LFLRQLUDQMD =QDQMH NDR NOMX QL IDNWRU XQX WDU VYLK SRVORYQLK IXQNFLMD SUHGX]HD UH]XOWLUD QRYLP LGHMDPD NRMH VWYDUDMX QRY QD LQ YR
HQMD SRVORYDQMD L ]QD DMQR SRYHDYDMX VDWLVIDNFLMX SRWURD D L YUHGQRVW SRVORYDQMD 6 RE]LURP GD MH NXSDF QDMNRPSHWHQWQLML GD RFHQMXMH NYDOLWHW NXSOMHQRJ SURL]YRGD XSUDYOMDQMH NYDOL WHWRP ]D SURL]YR
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
D D YUHGQXMH VH X DQD OL]L NDNR PDQMDN WDNR L YLDN NYDOLWHWD 7URNRYL NYDOLWHWD VX WURNRYL QHXVDJODHQRVWL V R HNLYDQLP ]DKWHYLPD VYLK ]DLQWHUHVLUDQLK VWUDQD L QHPDMX SRVWRSHUDWLYQL NDUDN WHU XNROLNR MH SURL]YRG YH QDVWDR 3UDHQMH WURNRYD QDVWDOLK ]ERJ SREROMDQMD NYDOLWHWD RGQRV L]PH
X QLYRD L]GDWDND L SURPHQD X VDWLVIDNFLML SRWURD D MH VWDODQ SURFHV L PHUL VH SURFHQRP PHQDGPHQWD SRWRP WUL QLP WHVWRP 8SUDYOMDQMH NYDOLWHWRP MH HYROXLUDOR NUR] ID]H NRQ WUROLVDQMH NRQWUROX NYDOLWHWD REH]EH
HQMD NYDOLWHWD L PH QDGPHQW XNXSQRJ NYDOLWHWD .ODVL QL NRQFHSW X ]GUDYVWYX SXWHP UD]YRMQH PDUNHWLQJ SROLWLNH RERJDXMH
VH NRQFHSWRP XSUDYOMDQMD 7RWDO 4XDOLW\ 0DQDJHPHQW &LOM 740 MH ]D UD]OLNX RG ]GUDYVWYHQLK XVWDQRYD NDR QH SURILWQLK RUJDQL]DFLMD NRG SURL]YR
D D ILWRWHUDSLMVNLK SURL]YRGD PDNVLPDOL]DFLMD SULKRGD L SRYHDQMH SURILWD SRYHDQMHP HILNDVQRVWL HOLPLQLVDQMHP WURNRYD NRML QH GRSULQRVH GREURELWL SRWURD D SXWHP  REH]EH
HQMD OL GHUVWYD X NYDOLWHWX  XSUDYOMDQMD WURNRYLPD NYDOLWHWD  VWDOQLP IRNXVLUDQMHP VDWLVIDNFLMH SRWURD D  NRQWLQX

6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

LWHWD X SREROMDQMLPD L  XNOMX HQRVWL VYLK X SUHGX]HX X DNFLMX .RQFHSW 740 MH LQWHJULVDQD ILOR]RILMD PHQDGPHQ WD L XVWDQRYOMHQD SUDNVD NRMD QDJODDYD WUDMQR XQDSUH
H QMH LVSXQMDYDQMH ]DKWHYD NXSDFD VPDQMHQMH SRQRYQRJ UDGD GXJRUR QR UD]PLOMDQMH SRYHDQR X HH ]DSR VOHQLK L WLPVNL UDG UHGL]DMQLUDQMH SURFHVD NRPSHWLWLYQL EHQ PDUNLQJ WLPVNR UHDYDQMH SUREOHPD NRQVWDQWQR PHUHQMH UH]XOWDWD L WHQMH RGQRVH V GREDYOMD LPD [] %L WQL HOHPHQWL ]D VSURYR
HQMH 740 VX  'HILQLVDQMH NYDOLWHWD L YUHGQRVWL ]D NXSFD  5D]YRM RULMHQWDFLMH ND NXSFLPD  8VPHUHQRVW QD SRVORYQH SURFHVH SUHGX]HD  5D]YLMDQMH RGQRVD L]PH
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

+HP LQG    

=1$$- .$5$.7(5,67,.( , 5$=92-1( 02*81267, ),72)$50$&,-(

EDQNDUVWYR SU 6LHPHQVRYLK UHHQMD ]D VDREUDDM NRPXQLNDFLMH PHGLFLQX HQHUJHWLNX L LQGXVWULMX WHKQR ORJLMD SURL]YRGD SURFHVD L PDNHWLQJD [] 6OHGHL WRN WHKQL NLK LQRYDFLMD OMXGL VSR]QDMX DQVH ELYDMX LQYHQWLY QL WR UH]XOWLUD LQRYDFLMRP NRMD LQL UHFHSFLMX 6SRVR EQRVW ]D SURPHQH SRGUD]XPHYD VDUDGQMX XQXWDU IXQ NFLMD X SUHGX]HX SURL]YRG MH ]DMHGQL NR GHOR ILQDQVLMD UD]YRMQLK DNWLYQRVWL L WULWD NDR YHULILNDWRUD 6SUHPQRVW ND SULKYDWDQMX SURPHQD MH ELWQD D PDQMH MH YDQR GD OL X SURPHQH XOD]LPR NUR] ERUEX XQLWDYDQMH L VWYDUDQMH QR YLK WHKQRORJLMD L SURL]YRGD LOL NRPSURPLV RGXPLUDQMH L VWYDUDQMH 5DVW SUHGX]HD NDR WHPHOMQL FLOM LQWHUQH SROLWL NH SUHGX]HD VH SURYRGL HNVSDQ]LMRP LOL GLYHU]LILNDFLMRP X] SULPHQX PHWRGD LQWHUQRJ HNVWHUQRJ UDVWD LOL NRPEL QRYDQRJ PRGHOD VD VWUDWHJLMVNLP WHPSRP RJUDQL HQRJ

&LOM VXEMHNWD SUHUDGH OHNRYLWRJ ELOMD MH SURGXEOMDYD QMH DNWLYQRVWL XQXWDU L SUHPD WULWLPD X ]HPOML D NUR] L]YR] QD PH
XQDURGQR WULWH 3URGXEOMDYDQMH DNWLYQRVWL ]QD L GD MH SUHGX]HH SRNUHQXOR VYRMX UD]YRMQX DNWLY QRVW D VOHGHD ID]D NRMD SUHRVWDMH QD UD]YRMQRP SXWX MH SURLULYDQMH X YDQSULYUHGQH RUJDQL]DFLMH NDR ]GUDYVWYR

HNVSDQ]LYQRJ UDVWD VPDQMLYDQMD NRQWUDNFLMH LOL SUHRUL MHQWDFLMH 5D]YRMQR SRQDDQMH PHQDGPHQWD XVORYLH SRMDYX IXQNFLMH LVWUDLYDQMD L UD]YRMD NDR DNWLYQH L SURJUD PLUDQH GHODWQRVWL NRMD GRQRVL RIDQ]LYQL SURJUHV L VOXL NDR XQXWUDQML JHQHUDWRU UD]YRMD SUHGX]HD 5D]YRMQD SROLWLND SURL]YR
D D SRPRQLK OHNRYLWLK VUHGVWDYD WUHED GD RVLJXUD SRYROMQLML SRORDM SUHGX]HD X EXGXQRVWL SXWHP UHDOL]DFLMH FLOMHYD SRVWDYOMHQLK X SURFHVX IRUPXOL VDQMD VWUDWHJLMH UDVWD SRVHEQRP UD]YRMQRP SROLWLNRP NRMX LQH UD]YRMQD PDUNHWLQJ SROLWLND UD]YRMQD ILQDQVLM VND SROLWLND SROLWLND WHKQL NRJ UD]YRMD NDGURYVND SROLWL ND NUR] HGXNDFLMX IDUPDFHXWD L PHGLFLQVNLK UDGQLND L LQYHVWLFLRQD SROLWLND LQRYDFLMH XVPHUHQH ND QRYLP WULWL PD L SURL]YRGLPD SULPHQRP QRYLK WHKQRORJLMD 7ULQL FLOM ]D SURL]YR
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
D NH SUDNVH SUHGX]HD 9XSLN 9XNRYDU +UYDWVND 3UDYFL UD]YRMD SUHGX]HD ELOL VX RGUH
HQL XSUDYOMDQMHP SRPRX FLOMHYD RVYDMDQMH QRYH WHKQRORJLMH L QRYLK WULWD NUR] UD]YRM SRVWRMHLK SURL]YRGD DQDOL]RP UH]HUYL GRWHULYDQMHP L SREROMDQMHP SUL]QDWLK SURL]YRGD SURGXFW SROLVK YR GHL UD XQD R VSHFLMDOQLP FLOMQLP VNXSLQDPD NUR] VSHFL MDOL]DFLMX SURL]YRGD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
D D GD MH SULPHQRP XSUDYOMD NH VWUDWHJLMH UDVWRP QD SRGOR]L LQ YHVWLUDQMD QDEDYNRP QRYLK SRVWURMHQMD L NDSDFLWHWD LV NOMX LYR ]D QRYX SURL]YRGQMX NRMD MH ELOD SURGXNW YODVWLWRJ LVWUDLYD NRUD]YRMQRJ UDGD X SUHGX]HX WH ODQVLUDQMHP VWDOQR QRYLK SURL]YRGD PRJXH LULWL WULWH L L]D]LYDWL WUDQMX ]D QRYLP ILWRWHUDSLMVNLP SURL]YRGLPD [] 3RVUHGQR VX WDNR L]D]YDQL ]D XOD]DN X RYX SURL]YR GQMX RVWDOL SURL]YR
D L OHNRYD X ]HPOML


6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

+HP LQG    

XOMD YHD WUDQMD X LQRVWUDQVWYX WM YLH FHQH QD SURELUOML YRP VYHWVNRP WULWX DOL L YLH SULPHVD L QH LVWRD WR SRVHEQR LULWLUD LQRVWUDQH NXSFH 'DOMD VSHFLIL QRVW MH GD QD PHVWX VDNXSOMDQMD QHPD JRWRYR QLNDNYLK NDSDFLWHWD SUHUDGH SD VH HWHUL QRVW OHNRYLWLK ELOMDND VPDQMXMH XVOHG QHVWUX QRJ VXHQMD SULPLWLYDQ QD LQ X QHKLJLMHQVNLP XVORYLPD VNODGLWHQMD LOL WUDQVSRUWD 1D QDHP SURVWRUX QH SRVWRMH REMHGLQMHQL VWDWLVWL  NL SRGDFL R NROL LQDPD OHNRYLWRJ ELOMD NRMH VH JRGLQMH XEHUH RWNXSL LOL SUHUDGL ,]YR] OHNRYLWRJ ELOMD NRML SRGOHH VLVWHPDWVNRM REUDGL SRGDWDND RG VWUDQH 0LQLVWDUVWYD VSROMQH WUJRYLQH QLMH XREOL HQ L GRVWXSDQ X ]YDQL QLP VWDWLVWL NLP L]YHWDMLPD 2WNXS OHNRYLWRJ ELOMD UDGL REH ]EH
HQMD VLURYLQVNH RVQRYH ]D SURL]YR
D H ILWRWHUDSLM VNLK SURL]YRGD RVWYDUXMH VH NUR] NRRSHUDFLMX HVWR QD QHOHJDODQ QD LQ D IDEULNH QDVWRMH GD UD]QLP REOLFLPD SURILWDELOQRJ XGUXLYDQMD ]DGUH SURL]YR
D H OHNRYLWRJ ELOMD NRML VH EDYH LQWHQ]LYQLP JDMHQMHP 0HQWD 8OSLQ NRML VX SRVWXSNRP LQWHJUDFLMH RGQRVQR GH]LQWHJUDFLMH NUR] LQWHUHVQR SRYH]LYDQMH VDUD
LYDOL QHUHGRYQR V IDU PDFHXWVNLP NXDPD IDEULNDPD GHWHUGHQDWD L NR]PHWL NH DOL L SURL]YR
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 GHILQLVDQ VSRUD]XPLPD R SRVORYQRWHKQL NRM VDUDGQML GR SUHX]LPDQMD XJRYRUHQLK NROL LQD QDNRQ H


75$',&,-$ *$-(1-$ , 35(5$'( /(.29,72* %,/-$

=QD DM SURL]YRGQMH L SUHUDGH OHNRYLWRJ ELOMD X VWH SHQX ILQDOL]DFLMH SURL]YRGD WHKQRORJLMRP EOLVWHU NRQIHN FLRQLUDQMD REDYH]XMH SURL]YR
D H MHU VPR ]HPOMD YHRPD GXJH WUDGLFLMH JDMHQMD L L]YR]D OHNRYLWRJ ELOMD D QH L SUH UDGH L GREUR RVPLOMHQMH SUHSR]QDWOMLYH PHQDGHUVNH VWUDWHJLMH WDNR GD X WRPH ]DRVWDMHPR ]D ]HPOMDPD L] EOL HJ RNUXHQMD $XVWULMD YDMFDUVND +UYDWVND 6ORYHQL MD 1D GRPDHP SRGUX MX SRVWRML QHNROLNR UHQRPLUDQLK SURL]YR
D D ILWRWHUDSLMVNLK SURL]YRGD LMD MH UD]YRMQD DNWLYQRVW ELOD RULMHQWLVDQD ND SURL]YRGQML OHNRYD NRML VX SURFHVRP GLYHU]LILNDFLMH NRULVWHL VH SRVWRMHLP SURL]YRGQLP L NDGURYVNLP SRWHQFLMDORP ]DSR HOL SURL ]YRGQMX SRPRQLK OHNRYLWLK VUHGVWDYD D X SUDNVL QDOD]L PR L VWUDWHJLMX NRMRP VX SUHGX]HD NRMD VX YH LPDOD RGUH
HQX SURL]YRGQMX ILWRWHUDSLMVNLK SURL]YRGD QLHJ VWH SHQD SUHUDGH SODQVNRP QDEDYNRP NDSDFLWHWD SUHUDGH SURLULYDOD GHODWQRVW QD SURL]YRGQMX EOLVWHU NRQIHNFLMH OH NRYH L RVWDOD PHGLFLQVND VUHGVWYD 3URL]YR
D V QDMGX RP WUDGLFLMRP X ]HPOML MH =RUND D SR NDSDFLWHWLPD SUHUDGH L RVYRMHQLP WULWLPD VD MDNRP L]YR]QRP SR]LFL MRP L OLGHUVNRP XORJRP *DOHQLNH LML MH QDMR]ELOMQLML NRQNXUHQW +HPRIDUP JRGLQMD WUDGLFLMD $OL QD QD HP WULWX VD QDMLULP DVRUWLPDQRP L QDMYHLP WULQLP XGHORP X SURGDML ILWRWHUDSLMVNLK SURL]YRGD SULPDW LPD =GUDYOMH VD WUDGLFLMRP SURL]YRGQMH RG WDN JRGLQD 2VWDOL SURL]YR
D L 3DQDIDUP =UHQMDQLQ ,QVWLWXW 'U -RVLI 3DQ L L GU X SURL]YRGQMX ILWRWHUDSLMVNLK SURL]YRGD EOLV WHU NRQIHNFLMH XOL VX UD]YRMHP SRVWRMHH SURL]YRGQMH X JDOHQVNLP ODERUDWRULMDPD NUR] SUHUDGX DMHYD L SRVWX SDN HNVWUDNFLMH SULPHQRP IDUPDFHXWVNLK L PHGLFLQVNLK GRVWLJQXD QDSRURP YODVWLWLK LVWUDLYD NRUD]YRMQLK WL PRYD ,QVWLWXW 'U -RVLI 3DQ L VD NDSDFLWHWLPD SUHUDGH NRML ]QDWQR ]DRVWDMX L]D RVWDOLK SURL]YR
D D OHNRYD ]D X]HR MH ]QD DMQX SR]LFLMX QD WULWX SULPHQRP VWUDWHJLMH UD]YLMDQMD YHRPD LURNRJ VSHNWUD SURL]YRGD UD]OL LWH WH KQRORJLMH L]UDGH =D QRYH SURL]YR
D H RYLK SURL]YRGD V SULYDWQLP NDSLWDORP WUDGLFLMD L YHWLQD SUHUDGH QH SUHG VWDYOMD SUREOHP [] =ERJ RVWYDUHQMD YLVRNH VWRSH SURIL WD RVWDOL SURL]YR
D L SULPHQMXMX DJUHVLYDQ QDVWXS QD WULWX L SURIHVLRQDOQR VWUDWHJLMVNR PDUNHWLUDQMH ]D RGUD YDQMH QD VWH HQLP SR]LFLMDPD (NVWHQ]LYQR JDMHQMH OHNRYLWRJ ELOMD MH HNVSORDWDFLMD SR QDFLRQDOQLP SDUNRYLPD L ]DWLHQLP SRYULQDPD XJODYQRP SODQLQDPD SR RGUH
HQRP UHLPX EUDQMD 2U JDQL]RYDQD SURL]YRGQMD OHNRYLWRJ ELOMD SULVXWQD MH X UDY QL DUVNLP NUDMHYLPD X 9RMYRGLQL 0HQWD 3DGHM L GU 3ODQWDQR JDMHQMH OHNRYLWRJ ELOMD NDUDNWHULH PDOL EURM NXOWXUD QSU NDPLOLFD L QDQD SULQRVL VX YLVRNL D NYDOLWHW HWHUL QLK XOMD GRELMHQ L] OHNRYLWRJ ELOMD RYLP QD LQRP L V WRJ SRGQHEOMD MH XJODYQRP VODELML /HNRYLWR ELOMH SURL]YH GHQR LQWHQ]LYQLP JDMHQMHP LPD VODELMX WUDQMX QD VYHW VNRP WULWX 1DMYHD WUDQMD QD GRPDHP WULWX MH ]D RVXHQLP OHNRYLWLP ELOMHP L WH QLP HNVWUDNWLPD ]D SUH KUDPEHQX L NR]PHWL NX LQGXVWULMX JGH VH QH WUDL YLVRN QLYR NYDOLWHWD HWHUL QLK XOMD .DUDNWHULVWLNH HNVWHQ]LYQRJ JDMHQMD OHNRYLWRJ ELOMD VX YHL EURM NXOWXUD QLL SURVH QL WURNRYH FHQH NRWDQMD YHL SURFHQDW L NYDOLWHW HWHUL QLK 

3ULPHU 'U *UDQGHO L %LWQHURY HOLNVLU SURL]YRGL 9XSLN 9XN RYDU +UYDWVND NRML VX VLURYLQVNL XYR]QR RULMHQWLUDQL 1D SULPH UX ELOM WRQLND L PHG YLQD XJRYRUHQD MH SURL]YRGQMD L] GRPDLK YLQD L VWUXNLK XYR]QLK NRQFHQWUDWD OHN ELOMDND RG  W WM GR  W JRWRYH UREH 3R SUHNLGX SURL]YRGQMH SUH GQRVWL L] VSRUD]XPD R SODVPDQX L WHKQRORJLML L]PH
X 9XSLND L 6\QSKDUPH ]D SURL]YR
D H X 6UELML L &UQRM *RUL QLVX LVNRUL WHQH RGQRVQR LVNRULHQH VX VDPR GHOLPL QR =GUDYOMH /HVNRYDF

6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

JD VH VWL H SUDYR QD OLFHQFX L VDPRVWDOQX SURL]YRGQMX X] NRULWHQMH SR]QDWH PDUNH &HQH HWHUL QLK XOMD SRGOHX VH]RQVNLP XWLFDMLPD 8 QDRM ]HPOML X FLOMX SRGVWLFDQMD JDMHQMD L SUHUDGH OHNRYLWRJ PRJX VH SURYRGLWL VOHGHH SRGVWLFDMQH PHUH EUHJ UD]YRMD SRVWRMHH GHODWQRVWL X SDVLYQLP SRGUX ML PD UDGL SRYHDQMD L]YR]D L L]UDYQDQMD VSROMQRWUJRYLQ VNRJ GHILFLWD  3RYULQH ]DVHMDQH OHNRYLWLP ELOMHP RVORERGLWL SODDQMD SRUH]D QD SULKRG RG ]HPOMLWD YLHJRGLQML ]DVDGL  3RGVWLFDWL SURL]YR
D H L XODJDWL X SRJRQH SUHUD GH OHNRYLWRJ ELOMD QD OLFX PHVWD VD EU]LP SRYUDDMHP NUR] VPDQMHQMH WURNRYD WUDQVSRUWD  3URL]YR
D LPD SURILWDELOQRJ ELOMD GDWL VWUX QX SRPR NUR] YODGLQH RUJDQL]DFLMH X SRJOHGX JDMHQMD WH KQRORJLMH SUHUDGH L PDUNHWLUDQMD  2VLJXUDWL X HVQLFLPD X RYRP SRVOX SUDYRYUHPH QH L NYDOLWHWQH LQIRUPDFLMH R NUHWDQMLPD QD VYHWVNRP WUL WX QDMWUDHQLMLP SURL]YRGLPD FHQDPD X]DQVDPD L VO  2PRJXLWL SURL]YR
D LPD GD GLUHNWQR X HVWYXMX L UDVSRODX VWH HQLP GHYL]QLP VUHGVWYLPD UDGL XODJDQMD X GDOML UD]YRM RYH JUDQH 3URL]YRGQL SRWHQFLMDO ]D SURL]YRGQMX SRPRQLK OH NRYLWLK VUHGVWDYD SUHGX]HD LQH VLURYLQVND RVQRYD OH NRYLWR ELOMH L GHVWLODWL NDSDFLWHWL SUHUDGH L VWUX QL NDGURYL PHGLFLQVNL UDGQLFL IDUPDFHXWL WHKQROR]L 6L URYLQVND RVQRYD ]D SURL]YRGQMX SRPRQLK OHNRYLWLK VUHGVWDYD VDGUL VSLVDN QHRSKRGQRJ OHNRYLWRJ ELOMD SR QDURGQLP QD]LYLPD L QD ODWLQVNRP MH]LNX WH QD]LY GURJH SORG FYHW NRUHQ L VO REOLN SUHUDGH NRML VH X NRQNUH WQRM VLWXDFLML ]DKWHYD UHFHSWXUD WHKQRORNL NQRZKRZ WH SRWUHEQH NROL LQH 6SLVDN QDMYDQLMHJ V DVSHNWD SURIL WD OHNRYLWRJ ELOMD QDHJ SRGQHEOMD MH SROD]QD RVQRYD WH KQRORNH DQDOL]H X NRPSRQRYDQMX DVRUWLPDQD 1DYRGH VH REOLFL SUHUDGH D SRGHOD VH RGQRVL NDNR QD SROXIDEUL NDWH QSU YLWDPLQL L HWHUL QD XOMD WDNR L QD JRWRYH SURL ]YRGH SURL]YRGL EOLVWHU NRQIHNFLMH 3RWUHEQH NROL LQH OHNRYLWRJ ELOMD LOL HWHUL QLK XOMD ]D RGUH
HQX YUVWX SURL]YR GQMH X ]HPOML L SRMHGLQD QR SR IDEULNDPD QLMH ELOR PRJX H LVND]DWL MHU QH SRVWRMH ]YDQL QL VWDWLVWL NL L]YHWDML R WRPH 6YL SURL]YR
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

+HP LQG    

 NJ QDG]HPQL GHR NL LFH VLWQLFH PDM LQH GX LFH NRUHQ OLQFXUH VODWNL NRUHQ NRUD KUDVWD L YUEH  NJ SORG NOHNH QDG]HPQL GHR UXVRPD H SR GXELFH R DMQLFH KDMGX LFH UWDQMVNRJ DMD ]ODWQLFH LYH WUDYH NRUHQ EHORJ VOH]D YRGRSLMH RPDQD NRUD NUXLQH FYHW OLSH OLVW EHORJ VOH]D L ND FUQRJ GXGD L SOXQMDND  NJ OLVW L NRUHQ PDVOD ND QDG]HPQL GHR SHOH QD ERVLOMND UDVWDYLD YLGRYH WUDYH YUDQLORYNH OLVW EUH ]H SRGEHOD ERURYQLFH L NXSLQH  NJ SORG ERURYQLFH L ]RYH UL]RP L
LURWD FYHW L OLVW JORJD FYHW NDPLOLFH SRGEHOD FUQRJ VOH]D OLVW NRSUL YH MDJRGH PDWL QMDND L ERNYLFH  NJ FYHW MDJRU HYLQH  NJ FYHW ]RYH GLYL]PH OLVW YHOHELOMD  NJ QDG]HPQL GHR OMXEL LFH 3URL]YR
D LPD ILWRWHUDSLMVNLK SURL]YRGD VUD]PHUQR WUDQML ]D ELOMQLP WRQLFLPD VWRMH QD UDVSRODJDQMX UHODWLY QR GRYROMQL VLURYLQVNL SRWHQFLMDOL ]D SURL]YRGQMX NYDOLWH WQD YLQD GRPDH OHNRYLWR ELOMH L VROLGDQ NYDOLWHW DURPDWL QLK XOMD X] SUHUD
LYD NL SRWHQFLMDO OLQLMH ]D SURL ]YRGQMX NDGURYVND RSUHPOMHQRVW WH WUDGLFLMX VWH HQL LOL NXSOMHQL WHKQRORNL L PDUNHWLQNL NQRZKRZ 3URL]YRGQH PRJXQRVWL V DVSHNWD LQVWDOLUDQRJ ND SDFLWHWD VWHSHQD QDMYLH SUHUDGH PRHPR LVND]DWL RSL VQR L NYDQWLWDWLYQR ]D VYDNRJ SURL]YR
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 5D]YRMQH PRJXQRVWL ]D RYX SURL]YRGQMX XQXWDU VLURYLQVNH RVQRYH VX X VYR
HQMX RWNXSD L QHOHJDOQLK SR JRQD SUHUDGH X ]YDQL QH RNYLUH NDGD MH X SLWDQMX RWNXS SUHUDGD L L]YR] OHNRYLWRJ ELOMD L] HNVWHQ]LYQRJ JDMHQMD RGQRVQR X LQWHUHVQRP SRYH]LYDQMX SURL]YR
D D NRML VH EDYH LQWHQ]LYQLP JDMHQMHP L SURL]YR
D D SRPRQLK OH NRYLWLK VUHGVWDYD SULPHU 0HQWD *DOHQLND 8OSLQ 1HYHQD L =GUDYOMH 0 3LURW 0HULPD L +HPRIDUP L ,QVWLWXW -RVLI 3DQ L NRML YRGL YHRPD XVSHQX VWUDWHJL MX QH]DYLVQRVWL L VDPRVWDOQRVWL NDGD MH VLURYLQVND RVQRYD X SLWDQMX 6OHGHD PRJXQRVW MH X RWYDUDQMX QL]D OHJDO QLK SULYDWQLK SUHUD
LYD NLK SRJRQD QD SRGUX MX 6UELMH NRML EL HNVWUDNFLMX OHNRYLWRJ ELOMD SURYRGLOL QD PHVWX VDNX SOMDQMD X] PLQLPDOQD XODJDQMD X RSUHPX EROMLP NRULWH QMHP SRVWRMHHJ IDUPDFHXWVNRJ NDGUD NUR] GDOML UD]YRM VRSVWYHQLK JDOHQVNLK ODERUDWRULMD SULPHU 33 6DQMD 3D UDLQ L 8IDU %HRJUDG 6YDND SRPHQXWD IDEULND LPD GD OHNR YHH NDSDFLWHWH SUHUDGH L]UDHQH X RSUHPL QHJR WR MRM SR
H ]D UXNRP GD LK LVNRULVWL ]ERJ RJUDQL HQMD



6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

7DEHOD  ,QVWDOLUDQL L SRWUHEQL IDUPDFHXWVNL NDSDFLWHWL ILUPH 9XSLN LQWHUQL SRGDFL 7DEOH  ,QVWDOOHG DQG UHTXLUHG FDSDFLW\ RI 9XSLN &RPSDQ\ &URDWLD ,QWHUQDO GDWD

+HP LQG    

2SHUDFLMD 9DJDQMH L VHMDQMH

*UDQXODFLMD 5HJUDQXODFLMD 7DEOHWLUDQMH .DSVXOLUDQMH 3DNRYDQMH X EOLVWHUH .DUWRQLUDQMH X EOLVWHUH ,]UDGD PHGLFLQVNLK YLQD ,]UDGD NDSL 3UDQMH ERFD 'R] P YLQD L VLUXSD (WLNHWLUDQMH P YLQD VLUXSD L NDSL 'R]LUDQMH NDSL (WLNHWLUDQMH NDSL .DUWRQLUDQMH P YLQD VLUXSD L NDSL

-HG ,QVWDOLUDQL PHUH NDSK NJ

NJ NJ NRP NRP EOLVW NXW O O NRP ERFD ERFD ERFD ERFD SDN


             

3RWUHEDQ ,VNRULWHQMH 3RWUHEDQ ,VNRULWHQMH 3RWUHEDQ ,VNRULWHQMH NDSK  NDSK  NDSK       
                                                                                         

VLURYLQVNH RVQRYH VODEH NXSRYQH PRL WULWD L QHGR YROMQR LVNRULWHQLK PDUNHWLQNLK PRJXQRVWL .DGD VH LVFUSH SRVWRMHH D QHGRYROMQR LVNRULH QH UD]YRMQH PRJXQRVWL SURL]YRGQMH RYLK SURL]YRGD X SRVWRMHLP LQVWDOLUDQLP NDSDFLWHWLPD PHGLFLQVNLP L IDU PDFHXWVNLP NDGURYLPD VLURYLQVNRM RVQRYL L GRVHJQXWRM PDUNHWLQNRM ]UHORVWL X RGQRVX QD SRVWRMHL SURL]YRGQL DVRUWLPDQ PRH VH SRVHJQXWL ]D VWUDWHJLMRP XODJDQMD NDSLWDOD X IDEULNX ]D SURL]YRGQMX PHNLK HODWLQR]QLK NDSVXOD L VO QD ED]L SUHSR]QDWOMLYH PDUNHWLQNH NRQFHS FLMH SRMHGLQLK SURL]YR
D D VD MDVQLP QDFLRQDOQLP SUHG ]QDNRP SRUHNOR SRGQHEOMH NDNR MH WR QSU NRG YLQD X GDOMHP UD]YRMX L LQRYLUDQMX SURL]YRGD EOLVWHU NRQIHNFLMH PRJX VH SUDYLWL L]YR]QL SODQRYL RYLK SURL]YRGD L NRQFHSWL QDVWXSDQMD QD LQRVWUDQLP WULWLPD QH YLH OHNRYLWRJ EL OMD YH SURGXNDWD HNVWUDNFLMH WH VUHGQMHUR QRP RULMHQWD FLMRP L SULPHUHQLP VWUDWHJLMDPD SRWLVQXWL NYDOLWHWRP L FHQRP XYR]QH SURL]YRGH VD QDHJ WULWD L VXVHGQLK ]H PDOMD 1DMYHD SUHSUHND RYLP FLOMHYLPD MH QHSRVWRMDQMH DGHNYDWQH SURL]YRGQH QDFLRQDOQH SROLWLNH X RYRM REODVWL L QHVODJDQMH SURL]YR
D D ODQDF X HVQLND X UD]OL LWLP VWH SHQLPD SUHUDGH RNR SRGHOH GRELWL D QHVWUX QL SULVWXSL L QHSULGUDYDQMH L L]LJUDYDQMH ]DNRQVNLK SURSLVD NRML SRV WRMH X SUDNVL QDMYHH HQWX]LMDVWH L QDX QLNH L]JXUDMX L] RYH GHODWQRVWL 8 SULORJ WRPH JRYRUH QHVUD]PHUQL SRGD FL R X HX SURL]YRGQMH SRPRQLK OHNRYLWLK VUHGVWDYD X XNXSQRM SURL]YRGQML SURL]YR
D D OHNRYD L SURILWX NRML VH RVWYDUHQ QD RYDM QD LQ VHOL X IRQGRYH ]GUDYVWYD XPHV WR X UD]YRM RYLK SURL]YRGD L JUDQH X FHOLQL .DGD VH LPD X YLGX GD SURL]YRGL SRGOHX RSRUH]LYDQMX VWRSRP NRMD QL MH PDOD PRH VH LQVLVWLUDWL QD SURL]YRGQML RYLK SURL]YRGD QD MDVQRM SURILWDELOQRM RVQRYL VD SUDYRP QD SRYUDDM XORHQLK VUHGVWDYD UDGL GDOMHJ UD]YRMD RYLK SURL]YRGD 

XPHVWR X SRNULYDQMH JXELWDND QD VLQWHWL NLP OHNRYLPD L QHNRQWUROLVDQRP ERJDHQMX SRMHGLQDFD NRML ]DMHGQR L LVWRYUHPHQR RPDORYDDYDMX RYX JUDQX SULYUHGH QD]LYD MXL MH SRJUGQLP LPHQLPD WUDYDUVWYR SDUDIDUPDFLMD

=QD DM L SULURGD GHODWQRVWL

,VWUDLYDQMHP HNVWHUQRJ RNUXHQMD SURX DYDMX VH GHPRJUDIVNL SRND]DWHOML L ]HPOMLQR NOLPDWVNL XVORYL ]D UD]YRM JUDQH 'HPRJUDIVNL SRGDFL LPDMX ]QD DM MHU SRND ]XMX SRPHUDQMH SURVH QH VWDURVWL VWDQRYQLWYD QDJRUH NRQWLQXLUDQR MH YHD SURVH QD VWDURVW VWDQRYQLWYD ]ERJ VPDQMHQMD EURMD XPUOH QRYRUR
HQ DGL L GXHJ L YRWD OMXGL NRML SUHOD]H VWDURVQX JUDQLFX SURVHND NDR L R HNLYDQH GXLQH LYRWD LYRUR
HQH GHFH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
HQR LVSLWLYDQMHP ]QD DMD PDUNH SURL]YRGD VD IDUPD FHXWVNRJ DVSHNWD QSU X 1LX MH WR QDMEURMQLMD VNXSLQD REROHOLK RG   X RGQRVX QD XNXSDQ EURM LVSLWDQLND 1DGDOMH SRVWRMDQMH VROLGQH VLURYLQVNH RVQRYH ]D UD]YRM SRWSXQR QRYH SURL]YRGQMH MH YHRPD ]QD DMQR D RYLVL SRUHG HNRORNL SRJRGQRJ SRGQHEOMD ]D JDMHQMH OHNRYL

6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

+HP LQG    

WRJ ELOMD L RG RGJRYDUDMXLK ]HPOMLQLK L NOLPDWVNLK XVOR YD ,DNR SURL]YRGQMD YLQD X VYHWX L (YURSL VWDJQLUD WM RSDGD X -XJRVODYLML LPD X]OD]QL WUHQG 8 DQDOL]L YDQRVWL ]HPOMLWD SROD]L VH RG L]UDHQRJ SURFHVD GHJUDGDFLMH X VDGUDMX L NYDOLWHWX RUJDQVNH PDWHULMH KXPXVD X QMH PX QDNRQ HJD SRVWDMHPR VYHVQL ]QD DMD UHSURFHOLQH

NRMRM SULSDGD L VWR DUVWYR 1RYH WHKQRORJLMH SUHUDGH RW SDGDND YLQDUVNH LQGXVWULMH SUHUDGD NRPLQH X RUJDQVND

XEULYD

XYDMX ]HPOMLWH L NYDOLWHW SURL]YHGHQRJ OHNRYL

WRJ ELOMD L YLQD NDR VLURYLQH X SURL]YRGQML ELOMQLK WRQLND 2YR VH RGQRVL QD LQWHQ]LYQL D X PDQMRM PHUL QD HNVWHQ ]LYQL QD LQ JDMHQMD OHNRYLWRJ ELOMD =QD DM GHODWQRVWL PHUL VH SXWHP NYDOLWDWLYQLK HIHNDWD GRELMHQLK X HNRQRPVNRIL QDQVLMVNRM DQDOL]L ILWRWHUDSLMVNLK SURL]YRGD 6D VWDQRYLWD HNVSORDWDFLMH ELOMQRJ SRWHQFLMDOD X RGQRVX QD L]YR]QH PRJXQRVWL ]QD DM MH X SUHRULMHQWDFLML L]YR]D RVXHQLK OHNRYLWLK ELOMDND QD SURL]YRGH HNVWUDNFLMH HWHUL QD XOMD L NRQFHQWDUDWL D GXJRUR QR QD L]YR] SURL]YRGD YLH ID]H SUHUDGH 6WUDWHJLMVNR XSUDYOMDQMH NYDOLWHWRP ILWRWHUDSLMVNLK

SURL]YRGD ]DKWHYDQR L]ELUOMLYRX WULWD L ]DNRQVNRP UH JXODWLYRP SRVUHGQR NUR] NRRSHUDFLMH IDUPDFHXWVNLK

NRQFHUQD QD ]DMHGQL NLP SURMHNWLPD L] REODVWL OHNRYD L XRSWH SRG SULWLVNRP VRSVWYHQH UD]YRMQH SROLWLNH MD D HNRORNX VYHVW SRWURD D L SURL]YR

D

D QD ]DWLWL SUHRV

WDOLK SULURGQLK UHVXUVD UHJLRQD 8SUDYOMDQMH LQRYDFLMDPD SURYRGL VH SR XVYRMHQRP NRQFHSWX SRVORYQRJ SRQDD QMD RG VWUDQH PHQDGPHQWD SUHGX]HD 6WUDWHJLMH SR ]QDWH X WHRULML L SUDNVL NRMH PRJX GD VH NRULVWH X

XSUDYOMDQMX LVWUDLYDQMHP L UD]YRMHP ILWRWHUDSLMVNLK SURL ]YRGD VX RIDQ]LYQD VWUDWHJLMD ELWL SUYL QD WULWX X XYR

HQMX

SURL]YRGD

VWUDWHJLMD VOH

HQMH YRGHHJ SURL]YR
D

GHIDQ]LYQD

VWUDWHJLMD

LPLWDWRUVND

D DSOLNDWLYQL LQ

HQMHULQJ L ]DYLVQD VWUDWHJLMD $QDOL]D ILWRWHUDSLMVNRJ SUR JUDPD NRULVWL VH NDR YHULILNDWRU L GDMH SUDNWL DQ RGJRYRU GD OL MH VWUDWHND NRQFHSFLMD ELOD ]DVQRYDQD QD ]QDQMX R SURL]YRGLPD WHKQRORJLML L WULWX 3RVWLQYHVWLFLMVNRP DQD OL]RP SUDWH VH RGVWXSDQMD RG SODQRYD NRMH MH PHQD GPHQW SULKYDWLR L DQDOL]LUDMX VH DNFLMH SR PHVWX

QDVWDQND URNRYLPD L QRVLRFLPD DNWLYQRVWL 2YRP DQDOL ]RP QDVWRML VH SULNXSLWL WR YLH UHOHYDQWQLK LQIRUPDFLMD UDGL SRVORYQRJ RGOX LYDQMD NRMH LPD NYDQWLWDWLYQX ILQDQ VLMVNX L GRNXPHQWDFLMVNX RVQRYX ]D GRQRHQMH RGOXNH R LQYHVWLUDQMX X RGUH

HQL SURL]YRGQL SURJUDP

0HGLFLQVND NRPSRQHQWD NDR REHOHMH ILWRWHUDSLMVNLK SURL]YRGD

3URL]YRGQMD ILWRWHUDSLMVNLK SURL]YRGD V XSUDYOMD  NRJ DVSHNWD LPD VSHFLIL DQ SURL]YRGQRWHKQRORNL L PH GLFLQVNRIDUPDFHXWVNL SULVWXS .RPSRQHQWH NRQNXUHQW VNH SUHGQRVWL REOLNXMX XVSHK IDUPDFHXWVNLK NRPSDQLMD

,VWUDLYDQMD UDGL L]UDGH SUHGLQYHVWLFLRQH VWXGLMH L GHILQLVDQMD SURMHNWQRJ ]DGDWND SRGDWNH ]D L]UDGX WHKQL NRWHKQRORNRJ

QHPRJXH NRQWUROLVDWL LVWL X VH VWUDWHJLMRP DJUHVLYQLK UHNODPQLK NDPSDQMD REL QR VX WR SURL]YRGL YHRPD NUDW NRJ LYRWQRJ YHND VNORQL LPLWLUDQMX L RVWYDUXMX SURILW SR YLRM VWRSL  GR  =D UD]OLNX RG QMLK GLMHWHWVNL SURL ]YRGL QD ED]L OHNRYLWRJ ELOMD LVSLWDQL X LQVWLWXWLPD L GRND ]DQL QD WULWX SROD]H RG PHGLFLQVNLK L IDUPDFHXWVNLK VD]QDQMD R VDVWRMFLPD OHNRYLWRJ ELOMD NDR L YLLP VDVWRM FLPD MHU VH RQL X SUDNVL HVWR MDYOMDMX NDR SROXIDEULNDWL LPDMX VYRMX WULQX YUHGQRVW NDR L R QMLKRYRP GHMVWYX QD OMXGVNL RUJDQL]DP 3RHOMQR MH SR]QDYDWL KHPLMVNH VDVWDYH OHNRYLWLK EL OMDND V NRMLPD VH QD WULWX VXVUHHPR 7HKQRORNL SRV WXSFL PRUDMX R XYDWL QDMYHL GHR RYLK VDVWRMDND 3ULOLNRP SURSLVDQLK NRQWUROQLK GLMHWHWVNLK DQDOL]D LVSLWXMH VH VD GUDM XJOMHQLK KLGUDWD EHODQ HYLQD PDVWL QH]DVLHQLK PDVQLK NLVHOLQD MDEX QH OLPXQVNH YLQVNH UH
H PUDY OMH LOLEDUQH VDOLFLOQH EHQ]RHYH L GU QHLVSDUOMLYLK L LVSDU OMLYLK VORERGQLK YH]DQLK L SROXYH]DQLK PLQHUDOQLK VROL NDOFLMXP IRVIRU JYR
H NDOLMLP QDWULMXP HOHPHQDWD X WUDJRYLPD NREDOW PDQJDQ EDNDU FLQN PDJQH]LMXP IOX RU L VXPSRU WH FHOXOR]H 9LWDPLQL NDR SROXIDEULNDWL NRML VH MDYOMDMX QD QDHP WULWX LQH VLURYLQVNX RVQRYX NDNR ]D SURL]YRGQMX SR PRQLK OHNRYLWLK VUHGVWDYD WDNR L SURL]YRGQMX GH MH KUD QH SUHKUDPEHQX LQGXVWULMX NR]PHWL NX DOL L IDUPDFHXW VNX HNVWUDKXMX VH L] OHNRYLWRJ ELOMD X UD]QLP REOLFLPD .DNR SULURGQLP SXWHP QLVX PRJOH GD VH ]DGRYROMH SR WUHEH VYLK NRULVQLND RYLK LQSXWD YHWD NLP SXWHP VLQWH ]RP QDX QLFL VX GR GDQDV RVYRMLOL SURL]YRGQMX VOHGHLK YLWDPLQD $ % % % & ' ( . 33 IDNWRU L < 9LWDPL QL UDVWYRUOMLYL X YRGL KLGURVROXEQL VX VYL YLWDPLQL JUXSH % & L < 9LWDPLQL UDVWYRUOMLYL X PDVWLPD VDGUDQL X OHNRYL WRP ELOMX VX YLWDPLQ $ DNVHURIWRO X ELOMX VH QDOD]L X REOLNX SURYLWDPLQD $ YLWDPLQ ' NDOFLIHURO ]RYX JD MR L DQWLUDKLWL QL YLWDPLQ ( WRNRIHURO LOL DQWLVWHULOLWHWQL QDOD]L VH X QHRVDSXQMLYRP GHOX PDVWL L XOMD LWDULFD VRMH NLNLUL NLMD YLWDPLQ . DQWLKHPRUDOJL QL YH]DQ MH ]D KORURILO GRN JD X SRG]HPQRP GHOX OHNRYLWLK ELOMDND LPD PDQMH $QWLEDNWHULMVNL VDVWRMFL YLHJ ELOMD VX DQWLELRWLFL X YL HP ELOMX WM ILWRQFLGL LVSDUOMLYL VDVWRMFL DQWL NR NRQ]HUYL UDQMH QDPLUQLFD L EDO]DPRYDQMH PUWYDFD ]DVQLYD VH QD DQWLVHSWL QRM PRL UD]QLK PLULVQLK VDVWRMDND OHNRYLWRJ EL OMD NRMH LPD LQVHNWLIXJQR GHMVWYR 1DMYLH L QDMSRWSXQLMH SURX DYDQMH DQWLEDNWHULMVNLK PDWHULMD L RVRELQD MH NRG EHORJ OXND $OOLQXP 6DWLYXP O D GR VDGD MH L]RORYDQR

9LWDPLQ % DQHXULQ WLDPLQ GQHYQD SRWUHED RNR  PJ YLWD PLQ % ULERIODYLQ ODNWRIODYLQ GQHYQD SRWUHED RNR  PJ YLWD PLQ % DGHUPLQ DQWLSHODJUD YLWDPLQ 33 IDNWRU QLMDFLQ LOL

D ]DSDD VH GD VX RQH SR NDSDFLWHWLPD YHOLNH LOL VDVYLP PDOH 3DUDOHOQR V PHGLFLQVNRP NRPSRQHQWRP X SRVWXS NX LVWUDLYDQMD XYDDYDMX VH VSHFLIL QRVWL GLMHWHWLNH NRMD LPD SRVHEQH ]GUDYVWYHQH ]DKWHYH 2YR MH SRGUX MH VD PDQMRP ]DNRQVNRP UHJXODWLYRP XQXWDU IXQNFLMH SURL]YR GQMH GLVWULEXFLMH L SURGDMH X RGQRVX QD PHGLFLQVNL MD H RERMHQH ILWRWHUDSLMVNH SURL]YRGH 8 SUDNVL QDOD]LPR EURM QH SURL]YR
D H VUHGVWDYD ]D PUDYOMHQMH NRML LK VYUVWDYD MX X GLMHWHWVNH SURL]YRGH LMH MH HIHNWH JRWRYR

SURMHNWD VWXGLMH PRJXQRVWL NRULHQMH SRVWRMHLK WDNR GREL YHQLK LQIRUPDFLMD L SULNXSOMDQMH QRYLK UDGL L]UDGH LQYHVWLFLMVNH VWXGLMH R HNRQRPVNRM RSUDYGDQRVWL XODJDQMD LQIRUPDFLMH GREL YHQH DQDOL]RP QDNRQ ]DYUHWND SURMHNWRYDQMD L ODQVLUDQMD SURL ]YRGD UDGL XWYU WRJD WH XWYU

LYDQMH RGJRYRUQRVWL

LYDQMD

RGVWXSDQMD L UD]ORJD NRML VX GRYHOL GR DXWRUD L]YULRFD L SRVORYRG

QLNRWLQVND NLVHOLQD GQHYQD SRWUHED  PJ YLWDPLQ & DVNRU ELQVND NLVHOLQD GQHYQD SRWUHED GR  PJ

VWYD ]D HYHQWXDOQH SURPDDMH



6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

+HP LQG    

QHNROLNR LVSDUOMLYLK ILWRQFLGD DOLFLQ LPD QDMYHX DQWLEDN WHULMVNX PR 1HLVSDUOMLYL ILWRQFLGL VX VPRODVWL PLULVQL HN VWUDNWL W]Y DUHQDULQ L] VPLOMD LPD RVRELQX ]DXVWDYOMDQMD UD]YRMD PQRJLK PLNURRUJDQL]DPD V SULPHQRP SRUHG PHGLFLQH L X SROMRSULYUHGL SRGVWL H UDVW SDUDGDM]D L WLWL ELOMNH RG QDSDGD EDNWHULR]D X KRUWLNXOWXUL %LOMNH VD VXP SRUQLP MHGLQMHQMLPD W]Y VHQHYROLPD NRML GDMX OMXW XNXV QHNDGD GDYQR VX ULPOMDQL JUFL L NLQH]L YHRPD FHQLOL SUH VQR OHNRYLWR ELOMH OMXWRJ XNXVD NDR KUDQX DOL L NDR ]DWLWX RG HSLGHPLMD LPDMX MD H LOL VODELMH DQWLELRWL QH RVRELQH QSU ERELFH GUDJROMXED 'RND]DQR MH GD YHLQD OHNRYL WLK ELOMDND LPD QDMYLH DQWLEDNWHULMVNLK VDVWRMDND X GRED FYHWDQMD WM QDMEXUQLMHJ SHULRGD UD]YRMD

0$.52 , 0,.52 352,=92'12 2.58(1-(

3UHGYL
DQMH VH SUHPD 7RGRURYL L VDU [] GHILQLH NDR LVWUDLYDQMH EXGXQRVWL V FLOMHP GD VH GR
H GR SRX ]GDQLK SODQVNLK SUHWSRVWDYNL RGQRVQR VWDYRYD R UHOH YDQWQRVWL L SULURGL GHMVWYD HNVWHUQLK L LQWHUQLK IDNWRUD QD EXGXH SRVORYDQMH SUHGX]HD L XNOMX XMH LVWUDLYD NX ID ]X ]D UD]OLNX RG SODQLUDQMD NRMH MH VYRMHYUVQL NUHDWLYQL DNW XNXSQRJ SURFHVD XSUDYOMDQMD SUHGX]HD 3UHPD RYLP DXWRULPD HNRQRPVNL KRUL]RQW SUHGYL
DQMD SRGUD]X PHYD LULQX SURVWRUQRJ L GXLQX YUHPHQVNRJ VDJOHGDYD QMD IDNWRUD NRML H XWLFDWL QD SRVORYDQMH SUHGX]HD X EXGXQRVWL NDR L DQWLFLSLUDQMH GRPHWD NRQVHNYHQFL SODQ VNLK RGOXND NRMH VH GRQRVH X VDGDQMRVWL )DNWRUL PD NURRNUXHQMD SURL]YRGQMH ILWRWHUDSLMVNLK SURL]YRGD JUXSLUDMX VH NDR HNRQRPVNL SUDYQL WHKQRORNL HNROR NL L VRFLRORNL WDEHOD  6WL H VH XWLVDN GD UHLP GR ]YROD X 'UDYQRM ]DMHGQLFL 6UELMD L &UQD *RUD VSXWDYD UD]YRM JUDQH L SUHGX]HD 0H
XWLP DNR VH SUHGX]HH SULGUDYD RYLK SURSLVD YRGL SURSLVDQX NRQWUROQX SROLWLNX L SRGVWL H JDMHQMH OHNRYLWRJ ELOMD X SODQLQVNLP SUHGHOLPD WR QLMH VOX DM X SUDNVL PRH UD XQDWL GXJRUR QR QD VL URYLQVNX RVQRYX 5D]YRMQD SROLWLND LQRYLUDQMHP L SUHUD GRP XYHN GUXJLK OHNRYLWLK ELOMDND YX H ]DRVWDOH UHJLRQH L GRSULQRVL UDYQRPHUQLMHP UD]YRMX GUXWYD .ROL NR MH UD]YRM ILWRWHUDSLMVNLK SURL]YRGD VD GRPDRP VLUR YLQVNRP RVQRYRP NOMX DQ IDNWRU UD]YRMD UHJLRQD [] X QDLP RNYLULPD SRND]XMH SULPHU DQDOL]H SROLWL NLK L HNR QRPVNLK IDNWRUD RNUXHQMD +HPRIDUPD 8 RYRM VNUDH QRM DQDOL]L XYDHQL VX VYL HOHPHQWL NRML VX LPDOL XWLFDM QD SURL]YRGQMX L SRWURQMX OHNRYD L SRPRQLK OHNRYLWLK VUHGVWDYD

D D L GUXWYD X FHOLQL 6 DVSHNWD SURL]YR
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 2YODGDYDQMHP WHKQRORJLMH ]D SURL]YRGQMX ILWRWHUDSLM VNLK SURL]YRGD L SRVWDYOMHQLP RVQRYDPD NRQFHSWD PHGL FLQVNRJ PDUNHWLUDQMD VOLND  RWYDUDMX VH RJURPQH UD]YRMQH PRJXQRVWL NUR] SRWLVNLYDQMH VLQWHWL NLK OHNRYD XQXWDU NRQNXUHQWVNH SULPHQH LQRYLUDQMH RYLK SURL]YRGD DOL L NUR] UD]YRM RVWDOLK SUDWHLK GHODWQRVWL SURL]YRGQMD DPEDODH RSUHPH XVYDMDQMH SURL]YR
D NLK VWDQGDUGD NDR L]YR]QH DQVH ]D RYH L VO SURL]YRGH L]YR] WHKQROR

6WUDWHJLMH UD]YRMD QD ED]L DQDOL]H RNUXHQMD

3URL]YRGQMD SRPRQLK OHNRYLWLK VUHGVWDYD QHUHWNR MH QHR]ELOMQR SULKYDHQD RG VWUDQH SURL]YR
D D SRWUR


2YDM NRQFHUQ SRUHG WUDGLFLMH L MXELOHMD RG  JRGLQD L SRVWLJQX WLK UH]XOWDWD X RVYDMDQMX LQRVWUDQLK WULWD L L]YR]D WHKQRORJLMH ]DYULR MH SRVORYQX  JRGLQX VD SDGRP SURL]YRGQMH RG

 X RGQRVX QD  JRGLQX SURL]YRGQMD RG  PLO SDNR YDQMD OHNRYD X RGQRVX QD  PLO SDN X] SRYHDQMH L]YR]D RG  X RGQRVX QD  JRGLQX WR LQL  XNXSQH SUR GDMH +HPRIDUPD 8  RYDM SURL]YR
D MH SURL]YRGLR YLH D L]YR]LR PDQMH VYRMLK SURL]YRGD 8  JRGLQL QLMH PRJDR L]YR]RP SURL]YRGD L WHKQRORJLMH GD SRNULMH YUHGQRVW FHORNX SQRJ VYRJ XYR]D ,]YRU 3ULYUHGQL SUHJOHG RG  EU  VWU 

NRJ NQRZKRZ X ]HPOMH NRMH LPDMX ]QD DMQX WUDQMX ]D RYLP SURL]YRGLPD 8SUDYOMD ND IXQNFLMD SRGUD]XPHYD NRQWLQXLUDQR REX DYDQMH XQXWDU SRGUX MD UDGD L XSR]QDYDQMH VD QDM QRYLMLP GRVWLJQXLPD X REODVWL LQIRUPDFLMD NRPXQLNDFLMD L QRYLK XSUDYOMD NLK WHKQLND NDNR EL QRVLRFL XSUDYOMD NLK IXQNFLMD PRJOL SURYRGLWL LVWUDLYDQMD UDGL GRELYDQMD SR GDWND L LQMHQLFD QHRSKRGQLK X L]YR
HQMX XVYRMHQLK VWUD WHJLMD 0DUNHWLQNL RULMHQWLVDQR SUHGX]HH LPD MDVQR UD]JUDQL HQH XSUDYOMD NH L L]YUQH IXQNFLMH NDNR QD QLYRX SUHGX]HX WDNR L XQXWDU VHNWRUD RUJDQL]RYDQR MH L WH KQRORNL RSUHPOMHQR UDGL SULNXSOMDQMD L REUDGH LQIRUPDFL MD WR GDMH PDQMH LOL YLH XVSHQX VOLNX REOLNRYDQRJ 0HQDGPHQWLQIRUPDFLRQRJ VLVWHPD 0,6D SRPRQLK OHNRYLWLK VUHGVWDYD LMD VH YHULILNDFLMD YUL HNVWHUQR L X EXGXQRVWL 'RVHJQXWD VD]QDQMD L] REODVWL PDUNHWLQJD WHKQRORJLMH SUHUDGH PHGLFLQH L IDUPDFLMH XSUDYOMDQMD NYDOLWHWRP VYH WR NDUDNWHULH SURL]YRGQMX SRPRQLK OHNRYLWLK VUHGVWDYD ]DKWHYDQR REUD
HQR SUH]HQWLUDQR L SRWYU
HQR RG VWUDQH XSUDYOMD NLK VWUXNWXUD ]DNRQRGDY VWYD L NRQWUROQLK XVWDQRYD LPDMX VYRM ]DMHGQL NL QD]LY RGUH
HQH L]YRUH PHWRGH REUDGH VUHGVWYD NDQDOH NR PXQLNDFLMD VLVWHP YH]D L RXWSXW LQIRUPDFLMX NRML PRUD ELWL MHGQRVWDYDQ L GRVWXSDQ NRULVQLFLPD X VLVWHPX 1HWR NRPSOLNRYDQLML L NRPSOHNVQLML SULVWXS MH QHRSKRGDQ L SR WUHEQR MH SRVHEQX SDQMX SRVYHWLWL LQIRUPDFLMDPD SULNX SOMHQLP UDGL L]UDGH NODVL QLK PHGLFLQVNLK VRIWYHUD L RQLPD QDPHQMHQLK XSUDYOMDQMX NYDOLWHWRP SRPRX SRV WRMHLK VLVWHPD NRQWUROH NYDOLWHWD *03 ,62  L   L XQDSUH
HQMD NYDOLWHWD SULPHQRP NRQFHSWD 740 NDR L RQLK NRML H VH YHURYDWQR WHN SRMDYLWL ,VWUDLYDQMH NYDOLWHWD ILWRWHUDSLMVNLK SURL]YRGD NRQNXUHQDWD SXWHP EHQFKPDUNLQJD MH X RYRM JUDQL RODNDQR ]ERJ NRQWURO QH UHJXODWLYH =DNRQVNL SURSLVL X SURL]YRGQML SRPRQLK OHNRYLWLK VUHGVWDYD KXPDQLVWL NRJ NDUDNWHUD VX NRQWUROQL L RJUDQL DYDMXL IDNWRU X SURFHVX SURL]YRGQMH L SODVPDQD [] L LVWUDXMH VH VLVWHPDWVNRP DQDOL]RP RNUXHQMD



6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

+HP LQG    

7DEHOD  5H]LPH VX HOMDYDQMD RNUXHQMD PRGLILNRYDQR SUHPD $OEHUWX . [] WLSL QLP SDUDPHWULPD 7DEOH  6XPPDU\ RI WKH HQYLURQPHQW LPSDFW PRGLILHG DFFRUGLQJ WR . $OEHUW [] XVLQJ W\SLFDO SDUDPHWHUV

0LNURRNUXHQMH
7ULWH

5D]YRM ]GUDYVWYHQH NXOWXUH 3RYHDQMH NXSRYQH PRL VRFLMDOQL VWDWXV EROHVQLND =DWLWD SRWURD D NUR] SR 5D]YRM VWUDWHJLMD PHGLFLQ ]LWLYQH ]DNRQVNH SURSLVH VNRJ PDUNHWLUDQMD NRMH LP RPRJXDYDMX VDWLVIDNFLMX

'UXWYHQL

7UHQGRYL X UD]YRMX IDNWRUD RNUXHQMD (NRQRPVNL 3ROLWL NL

.XSFL .RQNXUHQFLMD 7HKQRORJLMD

*XEOMHQMH PRQRSROVNLK SR 3UHLVSLWLYDQMH PLVLMH SUHGX ]LFLMD ]HD 3RGVWLFDQMH UD]YRMD VLURYLQ VNH RVQRYH L NDSDFLWHWD SUHUDGH SRVHEQLP PHUD PD GUXWYD

3RVWDYOMDQMH PDWULFH SRUWIR OLMD WHKQRORJLMH X XSUDYOMD QMX WHKQRORJLMRP ]D SURL]YRGQMX ILWRWHUDSLMVNLK SURL]YRGD 6QDEGHYDQMH /LVWH SULRULWHWD X VQDEGHYD 6XEYHQFLRQLUDQMH SURL]YR PDWHULMDOLPD HQHU QMX VSROMQRWUJRYLQVNL UHL
D D JLMRP PL 3URL]YRGQMD ,]ERU ORNDFLMH RJUDQL HQMD 3ROLWLND L VWUDWHJLMD UDVWD L X YUHQMX GHODWQRVWL RGUH UD]YRMD SURL]YRGD SUHGX
HQLK ]YDQMD ]HD L JUDQH LPSOHPHQWD FLMD VWUDWHJLMD 0RUDOQL DVSHNW SURILWD 2GUH
LYDQMH JRUQMH L GRQMH JUDQLFH SURILWD ILWRWHUDSLM VNLK SURL]YRGD

)LQDQVLMH 2GQRVL VD GUX WYHQRSROLWL NLP ]DMHGQLFDPD

3R]LFLRQLQLUDQMH SXEOLF UH 3ROLWLND FHQD UHJUHVLUDQMD L ODWLRQV DNWLYQRVWL LQWHUYHQ UHIXQGDFLMH PRH RYLVLWL R FLRQH PHUH QD WULWX UHLPVNLP SURPHQDPD

6PDQMLYDQMH UHJLRQD  3R]LWLYQR GHORYDQMH QD UD J ]YRM QRYLK SURL]YRGD X JUDQL ,]EHJDYDQMH SURL]YRGD L] 3URPHQH X SRWURD NLP SRMHGLQLK ]HPDOMD QDYLNDPD XVORYOMDYDMX UD ]YRM QRYLK REOLND WHKQRO SUHUDGH 6WYDUDQMH NRQFHUQD QD JOR %HQ PDUNLQJ NYDOLWHW GR EDOQRP QLYRX UDGL LVWLVNLYD PDLK L WUDQVQDFLRQDOQLK QMD LOL ]DGUDYDQMD SR]LFLMD SURL]YRGD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
XQDURGQL ILQDQVLMVNL WR QMD X JUDQX L GRELYDQMH SR NRYL L PRQHWDUQD SROLWLND X ]HPOML XWL X QD ]DVWDUHYD YROMQLK NUHGLWD ]D UD]YRM QMH WHKQRORJLMH RYH GHODWQRVWL 3URPHQH NRMH XWL X QD IL 0RQRSROVNH QDFLRQDOQH QDQVLUDQMH ]GUDYVWYD VRFL IDUPDFHXWVNH NXH L GLVNUL MDOQD ]DWLWD EROHVQLND PLQDFLMD RVWDOLK SURL ]YR
D D

7HKQRORNL

6OLND  3URFHV VWUDWHJLMVNRJ XSUDYOMDQMD WHKQRORJLMRP LQWHUDNFLMH L SRYUDWQH VSUHJH [] )LJXUH  6WUDWHJ\ RI WHFKQRORJ\ PDQDJHPHQW UHODWLRQV DQG IHHGEDFN []



6 '8*$/, 35(5$'$ /(.29,72* %,/-$  $16( ,

+HP LQG    

[3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19]

=$./-8$. SURL]YRGQML L L]YR]X SURL]YRGD EOLVWHU NRQIHNFLMH X ULQIX]L SRUHG SRVWRMHLK SUHUD
LYD NLK NDSDFLWHWD SR]QDYDQMD WHKQRORNLK SRVWXSDND UHFHSWXUD LQGLNDWLYQRJ GHORYD QMD L VO 6OHGHD PRJXQRVW MH XYR] UDGL L]YR]D ,VWUDL YDQMH WHKQRORJLMH XVPHUHQR MH X SUDYFX SUDHQMD WHKQRORJLMH UD]YLMHQLK ]HPDOMD NUR] NQRZKRZ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
5D]YRMQD DQVD ]D GRPDD SUHGX]HD X JUDQL X RWHDQLP XVORYLPD PRJX ELWL GRUDGQL SRVORYL QSU X

##
[1] [2]

5$ %XUJHOPDQ 0& 0DLGLTXH DQG 6& :KHHOZULJKW 6WUDWHJLF 0DQDJHPHQW RI 7HFKQRORJ\ DQG ,QRYDWLRQ ,UZLQ &KLFDJR  S  . *UHHQ DQG & 0RUSKHW 5HVHDUFK DQG 7HFKQRORJ\ DV (FRQRPLF $FWLYLWLHV %XWWHUZRRGV /RQGRQ  S 

3% &URVE\ .YDOLWHW MH EHVSODWDQ (YURSD -XJRLQVSHNW 0'' %HRJUDG  7& 3RZHOO 7RWDO 4XDOLW\ 0DQDJHPHQW DV &RPSHWLWLYH $GYHQWDJH $ 5HYLHZ DQG (PSLULFDO 6WXG\ 6WUDWHJLF 0D QDJHPHQW -RXUQDO  - 7RGRURYL 0DUNHWLQJ 6WUDWHJLMD ,=,7 %HRJUDG  VWU  ' )RUG 'HYHORS <RXU 7HFKQRORJ\ 6WUDWHJ\ /RQJ 5DQJH 3ODQQLQJ 2FWREHU  ' )RUG DQG 0 6DUHQ 7HFKQRORJ\ DQG 6WUDWHJ\ IRU %XVL QHVV ,QWHUQDWLRQDO 7KRPSVRQ %XVLQHVV 3UHVV /RQGRQ  SS  ' )RUG DQG & 5\DQ 7DNLQJ 7HFKQRORJ\ WR 0DUNHW +DUZDUG %XVLQHVV 5HYLHZ 0DUFK$SULO    3 'UXFNHU 3RVWNDSLWDOLVWL NR GUXWYR 3ULYUHGQL SUHJOHG L *UPH  %HRJUDG  VWU    3 'UXFNHU 3UDNVD UXNRYR
HQMD  L]GDQMH 3ULYUHGD =D JUHE  3 'UXFNHU 0HQDGPHQW ]D EXGXQRVW 3ULYUHGQL SUHJOHG L *UPH  %HRJUDG  - 0F*HH DQG + 7RPDV 7HFKQRORJ\ DQG 6WUDWHJLF 0DQD JHPHQW 3URJUHVV DQG )XWXUH 'LUHFWLRQV 5 ' 0DQDJH PHQW     ' &DOYLQ 7KLQNLQJ 6PDOO LQ D /DUJH &RPSDQ\ 5HVHDUFK 7HFKQRORJ\ 0DQDJHPHQW     6*- %HRJUDG  VWU  - 7RGRURYL ' XUL LQ 6 -DQRHYL 6WUDWHJLMVNL 0HQD GPHQW ,=,7 %HRJUDG  VWU  . $OEHUW HG 7KH 6WUDWHJLF 0DQDJHPHQW +DQGERRN 0F*UDZ +LOO 1 <RUN  SS  )OHPLQJ 6& 8VLQJ 7HFKQRORJ\ IRU &RPSHWLWLYH $GYDQWD JH 5HVHDUFK 7HFKQRORJ\ 0DQDJHPHQW     1 .DQGHO :KR LV ZKR LQ WHFKQRORJ\ LGHQWLI\LQJ WHFKQROR JLFDO FRPSHWHQFH ZLWKLQ ILUP 5 ' 0DQDJHPHQW     6 'XJDOL 3ODVPDQ ILWRWHUDSLMVNLK SURL]YRGD 1RYD WUJRYL QD  

6800$5<
7+( 75($70(17 2) 0(',&$/ 3/$176 2SSRUWXQLW\ DQG IHDVDELOLW\ RI GRPHVWLF LQGXVWU\ 3URIHVVLRQDO SDSHU 6UHWHQND / 'XJDOL 7KH &ROOHJH RI &RDFKLQJ %HOJUDGH 6HUELD $Q RSWLPDO WHFKQRORJ\ FDQ EH GHWHUPLQHG DPRQJ YDULRXV FKRLFHV IRU PDQX IDFWXULQJ SK\WRSKDUPDFHXWLFDO SURGXFWV E\ XVLQJ WKH PRGHO RI SURMHFW SURILOH DQG ULVN DQDO\VLV RI LQYHVWPHQW FRPSDUDWLYH DQDO\VLV RI WKH SURMHFW YDOXH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 WHFKQRORJ\ DQG LWV H[SRUW WR RWKHU FRXQWULHV H[DPSOH +HPR IDUP  7KH GHYHORSPHQW RI WKHVH SURGXFWV DQG UHDOL]HG SURILW LPSURYH UHVHDUFK IRU QHZ LQGLFDWLRQ DQG LQLWLDWH WKH SURGXFWLRQ RI RWKHU HTXLSPHQW PDFKLQHV IRU SDFNLQJ WUDQVSRUW HWF )XUWKHUPRUH VRPH H[WUHPHO\ SDVVLYH UHJLRQV FRXOG EH LQFRUSRUDWHG LQWR VXFK SURGXFWLRQ 7KH SURGXFWLRQ RI SK\ WRSKDUPDF\ SURGXFWV KDV D VRFLDO WDUJHW VXSSO\LQJ WKH PDUNHW ZLWK FKHDS PH GLFDO FRPSRXQGV REWDLQHG IURP SODQWV ZLWKRXW DQ\ XQGHVLUHG VLGH HIIHFWV LQ WKH WUHDWPHQW


.H\ ZRUGV 3K\WRSKDUPDFHXWLFDO SURGXFWLRQ 3ODQW 7HFKQRORJ\ ,QGLFDWLRQV 3URILW .OMX QH UH L )LWRIDUPDFHXWLND 3URL]YRGQMD 3URL]YRGL ,QGLNDFL MH .RQWUDLQGLNDFLMH 3RPRQD OH NRYLWD VUHGVWYD =GUDYVWYHQH WHJREH 3URILWQD VWRSD