/RNQU+HQYROnVHQ¡VWIRUWV
JU¡QQVWHLQSRUI\ULWWHOOHUJOLPPHUVNLIHUPHQVHULOLWHQJUDGXWWLOnJLJUXQQODJIRUV UOLJ
NDONNNUHYHQGHIURGLJYHJHWDVMRQ(QEHNNUHQQHUL¡VWNDQWDYORNDOLWHWHQRJGHWHULQQVODJDYQRHQ EHUJYHJJHURJGHOVEORNNPDUNLQRUGUHGHO
1DWXUW\SHUXWIRUPLQJHURJYHJHWDVMRQVW\SHU/RNDOLWHWHQKDUWRGHOWSUHJPHGJDPPHOPHQ
IRUKROGVYLVSURGXNWLYJUDQVNRJLQRUGQRUG¡VW+HUHUGHWQRNPHVWVPnEUHJQHVNRJLRYHUJDQJPRW K¡JVWDXGHVNRJ3nU\JJHQLYHVWRJL¡YUHV¡QGUHGHOHUGHWIDWWLJHUHVNRJPHVW
EOnE UVNRJEOnE UIXNWVNRJRJLQQVODJDYVPnP\USDUWLHURJRYHUJDQJPRWIDWWLJP\UVNRJ
$UWVPDQJIROG*UDQHUGRPLQHUHQGHWUHVODJRJHOOHUVIRUHNRPPHUEDUHVSDUVRPWPHGEM¡UN
.DUSODQWHIORUDHQLIHOWVMLNWHWYLUNHUJDQVNHWULYLHOORPWUHQWXWHQIXQQDYV UOLJNUDYIXOOHDUWHUPHG
NUDQVNRQYDOORJWHLHE ULGHQPHVWSURGXNWLYHVNRJHQVRPPHVWLQWHUHVVDQWHDUWHU$YDQWDJHOLJ
VW¡UVWLQWHUHVVHHUIRUHNRPVWDYIOHUHNUDYIXOOHRJU¡GOLVWHGHJDPPHOVNRJVWLONQ\WWHGHODYSnJDPOH
JUDQRJGHOVEM¡UNHWU U'HWWHRPIDWWHULNNHPLQVWHQNHOWIXQQDYWUROOVRWEHJHU(1PHQRJVn
JUDQVHWHUODYSnEM¡UNKXOGUHODY17UXVWGRJJQnO17RJVWHGYLVP\HJXEEHVNMHJJ17,
WLOOHJJVSUHGWLQQVODJDYYHGERHQGHVRSSLQNOXGHUWIOHUHU¡GOLVWHDUWHUVRPKDUHNMXNH17
VYDUWVRQHNMXNH17GXIWVNLQQ17RJODPHOOILRONMXNH176YRYHOULVNHSnPDUNDLGHQPHVW
SURGXNWLYHVNRJHQ+DNNHVSRUHWWHUWUHWnVSHWWEOHIXQQHWODYVNULNHK¡UWVDPWUHLUIXQQDY
/RNQU6WRUIORHQIRUWV
ODXYWU USULP UWEM¡UN.DUSODQWHIORUDHQLIHOWVMLNWHWYLUNHUJDQVNHWULYLHOOPHQPHGORNDOHIXQQ DYQRHNUDYIXOOHDUWHUVRPJXOVWDUUVXPSKDXNHVNMHJJWHLHE UNRUDOOURWRJHQJKXPOHEORP2JVn VSUHGWPHGNQHURW'HULPRWHUGHWHUHQIRUKROGVYLVULNRJLQWHUHVVDQWODYIORUDV UOLJDYDUWHUVRP YRNVHUSnJDPOHVHLQWYRNVHQGHJUDQWU ULIXNWLJVNRJ*XEEHVNMHJJ17HUWDOOULNRJPHU
VSDUVRPWIRUHNRPPHURJVnJUDQEHQGHOODY98JDPPHOJUDQODYJUDQVHWHUODYVDPWRJVnKXOGUHODY 17SnWU UQHVLVWQHYQWHQHGHXQGHUURWDRJDQWDWWVXNNHUQnO6DPWLGLJHUGHWHQULNIXQJDDY YHGERHQGHVRSSSnJUDQV UOLJJUDQO JHU'HWWHRPIDWWHUEnGHK\OOHNMXNHYDVVNMXNHJUDQVWRNN NMXNHJUDQUXVWNMXNHNM¡WWNMXNHGXIWVNLQQ177UHFKLVSRUDNDYLQLRLGHV''KDUHNMXNH17 RJVYDUWVRQHNMXNH17VDPWHQNHOWHKLWWLOXEHVWHPWHDUWHUVRPEDUHHUVDPOHWLQQ3nPDUNDEOH VYRYHOULVNHIXQQHWHQOLWWNUHYHQGHDUW+DNNHPHUNHUEOHIXQQHWHWWHUWUHWnVSHWW'HWHUXWYLOVRPW SRWHQVLDOIRUIOHUHNUDYIXOOHRJU¡GOLVWHGHDUWHUKHU
%UXNWLOVWDQGRJSnYLUNQLQJ6NRJHQHURIWHIRUKROGVYLVVPnYRNVWRJJOLVVHQPHQOLWWPHUWHWW
RJPHGEHGUHGLPHQVMRQHULV¡U(QGHOW\GHOLJVHLQWYRNVHQGHRJJDPOHJUDQWU UILQQHVRJGHWHU RJVnHQGHOPHGG¡GWWUHYLUNHLQNOXGHUWQRHLPLGOHUHQHGEU\WQLQJVVWDGLHURJHQNHOWHQRNVn PRUNQH7UROLJHUGHWP\HWU UPHGDOGHUSnnUKHU6SUHGWHVWXEEHUILQQHVOLNHYHO6YDNH VSRUHWWHUJDPPHOJU¡IWLQJLQHGUHGHOHUDQWDJHOLJHWWHUPDQXHOWDUEHLGNDQVNMHSnWDOOHW
)UHPPHGHDUWHU,QJHQREVHUYHUW'HODYKHOKHWOLJODQGVNDS*DPPHORJIXNWLJVHLQYRNVHQGHJUDQVNRJKDUY UWHWW\SLVNRJ
ELRORJLVNYLNWLJWUHNNIRUVWRUHRPUnGHULLQGUHGHOHUDY7U¡QGHODJ6HOYRPP\HKDUIRUVYXQQHWL IODWHKRJVWHUGHVLVWHWLnUHQHVnILQQHVGHWIUHPGHOHVOLWWLJMHQKLVWRJKHUWUROLJRJVnQRHQDQGUH VWHGHUL7\GDOHQ/RNDOLWHWHQDQWDVXWIUDGHWWHnHQWHQY UHHQJDQVNHYLNWLJGHODYHWKHOKHWOLJ ODQGVNDSHOOHUHQYLNWLJUHVWORNDOLWHWDYHWWLGOLJHUHP\HPHUXWEUHGWVNRJVPLOM¡
9HUGLYXUGHULQJ/RNDOLWHWHQYXUGHUHVVRPPLGGHOVVWRURJIRUKROGVYLVDUWVULN'HQHUVDPWLGLJ EUXNEDUWXWYLNOHWVRPIXNWLJJDPPHOJUDQVNRJRJKDUIRUHNRPVWHUDYHQJRGGHONUDYIXOOHRJ U¡GOLVWHGHDUWHU9HUGLHQHUKHOWNODUWYLNWLJ%RJOLJJHUSnJUHQVDWLOVY UWYLNWLJ$VLGHQGHWWH VHUXWWLOnY UHHQDYGHEHVWHJDPPHOVNRJVIRUHNRPVWHQHLGLVWULNWHW
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW$OOHIRUPHUIRU KRJVWYXUGHUHVVRPVY UWQHJDWLYWLQNOXGHUWHQNHOWWUHXWWDN
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVW7UHFKLVSRUDNDYLQLRLGHV''YDVVNMXNHGXIWVNLQQ17KDUHNMXNH17 VYRYHOULVNHNM¡WWNMXNHJUDQVWRNNMXNHJUDQUXVWNMXNHVYDUWVRQHNMXNH17K\OOHNMXNH
JXEEHVNMHJJ17JUDQVHWHUODYJUDQEHQGHOODY98KXOGUHODY17JDPPHOJUDQODY
/RNQU+\OOLQJYROOHQ¡VWIRUWV
W\ULKMHOPVDPWJXOVWDUULNLOGHQH3nPDUNDEOHVYRYHONMXNHIXQQHWHQP\NKRUL]DSDUWQHUWLOJUDQ VRPHUNQ\WWHWWLOQRHULNHUHPDUN)RU¡YULJEOHIXJOHDUWHUVRPVYDUWVSHWWRJODYVNULNHREVHUYHUW EHJJHW\SLVNHJDPPHOVNRJVDUWHU
%UXNWLOVWDQGRJSnYLUNQLQJ6NRJHQHULDOGHUVIDVHRJVWHGYLVPHGHQGHOG¡GWWUHYLUNHPHQGD IRUGHWPHVWHIHUVNWWLOQRHQHGEUXWW'HWWHJMHOGHUEnGHEM¡UNRJJUDQ6NRJHQE UHUHOOHUVQRHSUHJ DYnOLJJHQ UHLJDPPHOVHWHUGYVGHWHUWLOGHOVVQDNNRPJOLVVHQVNRJPHGVNM¡UWHJUDQHUVRP E UHUSUHJDYnKDVWnWWLHWOLWWKDOYnSHQWEHLWHODQGVNDSJMHOGHUV UOLJGHYHVWOLJHGHOHQH(W HQNHOWVWU¡PJMHUGHLQRUGUHGHOYLWQHURPVSRUDGLVNEUXNWLOKXVG\UEHLWHRJVnLQ\HUHWLG )UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWILQQHVOLWWJDPPHOJUDQVNRJLJMHQKLVWRJKHULGLVWULNWHW
9HUGLYXUGHULQJ/RNDOLWHWHQHUPLGGHOVVWRU'HWHUKLWWLOSnYLVWInVSHVLHOOHDUWHUKHUPHQGHWHU SRWHQVLDOIRUVOLNHRJV UOLJGHWUHODWLYWYHOXWYLNOHGHNLOGHPLOM¡HWHUVMHOGHQWRJLQWHUHVVDQW 9HUGLHQVHWWHVDYGHQQHJUXQQWLOYLNWLJ%PHQGHWHUJUXQQWLOnSnSHNHDWInUHWQLQJVOLQMHUIRU YHUGLVHWWLQJDYNLOGHVNRJHUJM¡UYHUGLVHWWLQJHQQRHXVLNNHUGHQNDQRJVnY UHODYHUHHOOHUK¡\HUH HQQIRUHVOnWWYHUGL
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW(NVWHQVLYWEHLWH NDQY UHHQIRUGHOPHQGDXQGHUIRUXWVHWQLQJDYDWWUnNNVNDGHUEOLUVPnRJVnLQQHQIRU
NLOGHPLOM¡HQH
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWVYDUWVSHWWODYVNULNHVYRYHOULVNH
/RNQU+\OOLQJYROOHQQRUGIRUWV
HYHQWXHOWJDPPHOWNXOWXUPLQQHNDQY UHnUVDNHQWLODWVNRJHQRJVnKDUEOLWWVSDUWKHU )UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWILQQHVOLWWJDPPHOJUDQVNRJLJMHQKLVWRJKHULGLVWULNWHW 9HUGLYXUGHULQJ9HUGLHQVHWWHVWLOORNDOWYLNWLJ&'HWWHIRUGLGHQLQQHKROGHUQRHQNYDOLWHWHU W\SLVNHIRUJDPPHOVNRJLQNOXGHUWHQU¡GOLVWHDUW3nGHQDQGUHVLGHQHUORNDOLWHWHQVY UWOLWHQRJ LNNHVSHVLHOWJRGWXWYLNOHWHOOHUDUWVULNVOLNDWK¡\HUHYHUGLYXUGHUHVVRPOLWHDNWXHOW
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWVYDUWVRQHNMXNH17
/RNQU6HOOLVM¡HQYHVWIRUWV
VRPGDQQHUP\NKRUL]DPHGJUDQIXQQHW,WLOOHJJHUGHWVWHGYLVP\HJXEEHVNMHJJ17L¡YUHGHOHU DYORNDOLWHWHQ
%UXNWLOVWDQGRJSnYLUNQLQJ6NRJHQHULDOGHUVIDVHRJPHGOLWWJDGGPHQOLWHO JHU.RQWLQXLWHW LG¡GWWUHYLUNHPDQJOHU(OOHUVYLUNHUGHQOLWHSnYLUNHWLQ\HUHWLGPHQHQJDPPHOVWLJnUJMHQQRP GHQLV¡U
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWILQQHVOLWWJDPPHOJUDQVNRJLJMHQKLVWRJKHULGLVWULNWHW 9HUGLYXUGHULQJ/RNDOLWHWHQHUJDQVNHOLWHQWLOPLGGHOVVWRULNNHVSHVLHOWDUWVULNHOOHUJRGW XWYLNOHWVRPJDPPHOJUDQVNRJ(WSDUIXQQDYDUWHUNQ\WWHWWLOJDPPHORJHOOHUQRHNDONULN JUDQVNRJNDQOLNHYHOIRUVYDUHnEHWUDNWHGHQVRPHQQ¡NNHOELRWRSRJYHUGLHQORNDOWYLNWLJ&
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWVODQNEDQDQVO¡UVRSS17JXEEHVNMHJJ17
/RNQU/DXY¡\DYHVWIRUWV
P\UDV UOLJLQHGUHGHOHU,WLOOHJJKDUGHWXYDQOLJQRNRJLNODUVWULGPHGGHWPLOM¡NUDYL VNRJEUXNHWEOLWWSODQWHWWLOHQGHODYP\UDPHGJUDQ
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWHUHQGHOULNWLOHNVWUHPULNP\ULGHWWHODQGVNDSHWQRHGHQQH ORNDOLWHWHQHUHQQDWXUOLJGHODY
9HUGLYXUGHULQJ/RNDOLWHWHQHUPLGGHOVVWRUPLGGHOVDUWVULNRJPHGIRUHNRPVWDYIOHUHNUDYIXOOH DUWHUW\SLVNHIRUULNHEDNNHP\UHU'HQInUGHUIRUYHUGLHQYLNWLJ%'HWWHHUOLNHYHOJMRUWXQGHU QRHWYLOVLGHQGHWQ\OLJKDUY UWJMHQQRPI¡UWIOHUHLQQJUHSVRPNODUWKDUIRUULQJHWYHUGLHQRJKYLV LNNHQHGVDWWHJUDQSODQWHUIMHUQHVVnHUGHWIDUHIRUDWYHUGLHQYLOWDSHVHJ\WWHUOLJHUH
6NM¡WVHORJKHQV\Q6SRUHWWHUNM¡UHVNDGHUSnRJKHOWLQQWLOP\UDE¡UUHWWHVRSS*UDQSODQWHUVRP HUVDWWQHGSnRJLNDQWHQDYP\UDE¡UIMHUQHV)RU¡YULJE¡UI\VLVNHLQQJUHSLIUDPWLGHQLNNH IRUHNRPPH
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWIMHOOIU¡VWMHUQHMnEORPJXOVLOGUHJXOOP\UNOHJJP\UVDXO¡NHQJPDULKDQG EUXGHVSRUHVWRUWYHEODGVNRJVLYKnUVWDUUJXOVWDUUVPnVLYDNVEUHGP\UXOO
/RNQU/DXY¡\NOHSSHQ¡VWIRUWV
%UXNWLOVWDQGRJSnYLUNQLQJ6NRJHQHULDOGHUVIDVHPHGLQQVODJDYHQGHOG¡GWWUHYLUNHPHQ PHVWJDQVNHIHUVNWWLOOLWWQHGEUXWW'HWHULQQVODJDYVHQNHUIRU\QJHOVHSnJUDQD
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWILQQHVOLWWJDPPHOIMHOOVNRJLJMHQLGHW¡YUHJUDQVNRJVEHOWHWLOLHQH KHU
9HUGLYXUGHULQJ9HUGLHQVHWWHVWLOORNDOWYLNWLJ&/RNDOLWHWHQKDUJDPPHOVNRJPHGHQGHO G¡GWWUHYLUNHRJHQNHOWHJDPPHOVNRJVDUWHU9HUGLHQVHWWHVLNNHK¡\HUHIRUGLGHQHUQRNVnOLWHQ OLJJHUKHOWRSSPRWIMHOOEM¡UNHVNRJHQ6DPWLGLJHUJUDQVNRJHQLNNHXWSUHJHWJDPPHORJOLWH SnYLUNHWPHQGHWWHHUHQKHOWW\SLVNOLWHQQ¡NNHOELRWRS
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWJUDQVWRNNMXNHJXEEHVNMHJJ17
/RNQU6YDUWnYROOHQIRUWV
$UWVPDQJIROG(QGHOW\SLVNHQDWXUHQJRJVHWHUSODQWHUIRUHNRPPHUPHQORNDOLWHWHQHULNNH VSHVLHOWDUWVULN$YNUDYIXOOHDUWHUEOHGHWJMRUWHWSDUIXQQDYEnGHIMHOOPDULQ¡NNHORJPDULQ¡NNHO VDPWDYEDNNHV¡WH17L¡VW,WLOOHJJEOHDUWHUEHLWHPDUNVRSSIXQQHWRJGHWHUSRWHQVLDOIRUIOHUH VOLNHV UOLJLNDQWVRQHQHL¡VWRJQRUGYHVW'HWWHLQNOXGHUHURJVnP¡UNVNMHOOHWYRNVVRSS98RJ OXWYRNVVRSS17
%UXNWLOVWDQGRJSnYLUNQLQJ,PRWVHWQLQJWLOGHWVRPHOOHUVSUHJHUODQGVNDSHWLGLVWULNWHWVnHU GHWKHUHWJDQVNHJRGWEHLWHWU\NNSnVHOYHVHWHUYROOHQIRUWLGHQSULP UWDYKHVWVHOYRPGHWVLNNHUW NXQQHY UWHQGDQRHK¡\HUHV UOLJLNDQWVRQHQH6HWHUYROOHQYLUNHUOLWHHOOHULNNHJM¡GVOHWPHQ KHOVWKDUKRYHGGHOHQY UWMRUGEHDUEHLGHWSO¡\GIRUHQGHOnUWLOEDNH
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS%HLWHWU\NNHWKDUQnLHQGHOWLGY UWVnODYWLGLVWULNWHWDWORNDOLWHWHQL OLWHQJUDGWUROLJHUGHODYHWVW¡UUHKHOKHWOLJODQGVNDS
9HUGLYXUGHULQJ9HUGLHQVHWWHVWLOYLNWLJ%/RNDOLWHWHQHUVRPQDWXUEHLWHPDUNPLGGHOVVWRUL EUXNEDUKHYGRJPHGIRUHNRPVWDYHWSDUNUDYIXOOHRJU¡GOLVWHGHDUWHU9HUGLHQVHWWHVLNNHK¡\HUH IRUGLGHQLNNHHUVSHVLHOWDUWVULNRJEDUHHQJDQVNHXWEUHGWVnUEDUDUWHUIXQQHW'HPHVWDUWVULNH SDUWLHQHOLJJHUSnQRHQODYHNQDXVHUUHWWYHVWIRUE\JQLQJHQHVDPWPRWHOYDL¡VW
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHHUKHOWDYKHQJLJHDYDWVHWHUYROOHQIUHPGHOHVKROGHVnSHQRJL KHYGRJLWLOHJJEXUGHHQInWWU\GGHWQRHEXVNHURJWU ULNDQWVRQHQHV UOLJPRWHOYDL¡VW'HWHU JHQHUHOWYLNWLJnXQQJnJM¡GVOLQJHOOHUMRUGEHDUEHLGLQJ
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWIMHOOPDULQ¡NNHOPDULQ¡NNHOKDUHUXJIMHOOIU¡VWMHUQHIMHOOPDULNnSH VPnHQJNDOOEOnNORNNHEDNNHV¡WHKYLWPDXUHHQJIU\WOHVDXHVYLQJHOILQQVNMHJJIMHOOWLPRWHL EHLWHU¡GVNLYHVRSSNMHJOHYRNVVRSSOXWYRNVVRSS17P¡UNVNMHOOHWYRNVVRSS98
/RNQU/DXY¡\YRODV¡UIRUWV
IMHOOSODQWHUIRUHNRPPHUOLNHYHOPHGJUDQQDUYHVRPGHQPHVWXYDQOLJH,WLOOHJJNDQQHYQHV JU¡QQEXUNQHEHUJVWDUUIMHOOVPHOOHIOHNNPXUHRJLQHGNDQWPDULJUDV
%UXNWLOVWDQGRJSnYLUNQLQJ/RNDOLWHWHQYLUNHULNNHVSHVLHOWSnYLUNHWDYLQQJUHS )UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWEOHLNNHREVHUYHUWDQGUHWLOVYDUHQGHEHUJKDPUHLRPUnGHWVnGHQ OLJJHUPXOLJHQVQRHLVROHUWWLO
9HUGLYXUGHULQJ/RNDOLWHWHQRPIDWWHUQRHQHNVSRQHUWHW\GHOLJNDONULNHEHUJYHJJHUPHG WLOK¡UHQGHUDVPDUN'HQHUOLWHQRJLNNHV UOLJDUWVULN,QJHQU¡GOLVWHDUWHUHUKLWWLOSnYLVWPHQ HQNHOWHW\SLVNHDUWHUIRUNDONULNHEHUJKDPUHILQQHVLQNOXGHUWHQVYDNWELVHQWULVNDUWJUDQQDUYH 9HUGLHQVHWWHVGHUIRUEDUHWLOORNDOWYLNWLJ&
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWJU¡QQEXUNQHJUDQQDUYHIMHOOVPHOOHIMHOOIU¡VWMHUQHIOHNNPXUHKYLWPDXUH UDEEHVLYDNVIU\WOHEHUJVWDUUKXQGHNYHNHPDULJUDVSXWHYULPRVH
/RNQU6YDUWnVM¡HQ6IRUWV DJQRUVWDUURJVPnVLYDNV
%UXNWLOVWDQGRJSnYLUNQLQJ'HWKDUVLNNHUWY UWHQJRGGHOEHLWHKHUI¡UPHQGHWHUQnEDUH VYDNWEHLWHWU\NN)RU¡YULJEOHGHWLNNHIXQQHWQRHQI\VLVNHLQQJUHS
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWHUHQJRGGHOULNP\ULGHWWHODQGVNDSHWQRHGHQQHORNDOLWHWHQ XWJM¡UHQQDWXUOLJGHODY
9HUGLYXUGHULQJ9HUGLHQVHWWHVWLOYLNWLJ%/RNDOLWHWHQLQQHKROGHUIOHUHNUDYIXOOHDUWHUVRP LQGLNHUHUULNWLOHNVWUHPULNP\URJOLJJHUVDPWLGLJVRPGHODYHWVWRUWP\UODQGVNDSPHGIOHUHDQGUH ULNP\UVRPUnGHU9HUGLHQVHWWHVLNNHK¡\HUHIRUGLGHQHULNNHV UOLJVWRUHOOHUVSHVLHOWDUWVULN 6NM¡WVHORJKHQV\Q'HWHUVY UWYLNWLJDWORNDOLWHWHQInUY UHIULIRUI\VLVNHLQQJUHSVRP GUHQHULQJYHJE\JJLQJPY
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWVNDYJUDVIMHOOVQHOOHVPnYLHUIMHOOVPHOOHIMHOOIU¡VWMHUQHMnEORPJXOVLOGUH JXOOP\UNOHJJKYLWPDXUHEM¡UQHEURGGJU¡QQNXUOHEUXGHVSRUHVNRJVLYNDVWDQMHVLYVRWVWDUU KnUVWDUUWYHERVWDUUJXOVWDUUDJQRUVWDUUEODQNVWDUUVPnVLYDNVP\UWXVW17VYHOWXOO
/RNQU.YHUQEHNNHQIRUWV
EDNNHP\UHUDYIDVWPDWWHW\SH,WLOOHJJHUGHWPLQGUHLQQVODJDYULNHWLOHNVWUHPULNHNLOGHUVYDNW XWYLNOHWVDPWDWGHWRJVnHUWDWWPHGOLWWVNRJDYDUHDOPHVVLJHnUVDNHU'HWWHLQNOXGHUHUHWOLWHSDUWL PHGJDPPHOEOnE UVNRJQ U.YHUQEHNNHQ
$UWVPDQJIROG0\HDYVNRJHQSUHJHVDYODYYRNVWIMHOOEM¡UNHVNRJPHQGHWHURJVnHQGHOIMHOOJUDQ KHUV UOLJQ U.YHUQEHNNHQ)HOWVMLNWHWLVNRJHQYLUNHURUGLQ UWPHQVP\URJNLOGHVDPIXQQKDU HQUHNNHDUWHUW\SLVNHIRULQWHUPHGL UHWLOULNHP\URJNLOGHVDPIXQQ'HWWHLQNOXGHUHURJVnDUWHU VRPVWRUWYHEODGRJVRWVWDUU)RU¡YULJNDQQHYQHVPHUW\SLVNHDUWHUVRPEUHLXOOJXOVWDUUKnUVWDUU IMHOOIU¡VWMHUQHJXOOP\UNOHJJJXOVLOGUHVPnVLYDNVRJEM¡QQEURGG,HQJDPPHOVNRJVIOHNNQ U .YHUQEHNNHQEOHEnGHN\VWGRJJQnO17RJKYLWKRGHQnO17IXQQHWSnHLJDPPHORJUHODWLYWJURY EM¡UNLWLOOHJJWLODWJXEEHVNMHJJ17YRNVHUSnWU UQH
%UXNWLOVWDQGRJSnYLUNQLQJ0\UDHUXWJU¡IWHW'HQEHLWHVQRNOLWWDYKXVG\UPHQLNNHV UOLJ VWHUNW'HWNDQJRGWKDY UWHLVOnWWHP\UWLGOLJHUHXWHQDWGHWWHHUVMHNNHWRSS,YHVWNDQWJnUHQ JDQVNHQ\ELOYHJPHQGHQQHSnYLUNHULXEHW\GHOLJJUDGP\UD6NRJHQHUGHOVLDOGHUVIDVHPHQ LQQVODJDYHQNHOWHELRORJLVNJDPOHRJG¡GHWU UQ U.YHUQEHNNHQ
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS'HWHUHQJRGGHOULNP\ULGHWWHODQGVNDSHWQRHGHQQHORNDOLWHWHQ XWJM¡UHQQDWXUOLJGHODY'HWILQQHVRJVnVSUHGWHLQQVODJDYJDPPHOIMHOOVNRJ
9HUGLYXUGHULQJ/RNDOLWHWHQHUVRPP\UPLGGHOVJRGWXWYLNOHWRJPLGGHOVVWRUXWHQnXWPHUNH VHJVSHVLHOWLODQGVNDSHW*DPPHOVNRJVIOHNNHQHUOLWHQPHQLQQHKROGHUWURVVDOWHUSDU
U¡GOLVWHDUWHUKYRUDYHQNHOWHHUVMHOGQHLGHWWHODQGVNDSHW6DPOHWVHWWWLOVLHUGHWWHYHUGLHQYLNWLJ
%
6NM¡WVHORJKHQV\Q1DWXUYHUGLHQHEHYDUHVEHVWRPORNDOLWHWHQEOLUVWnHQGHXU¡UW6 UOLJ
VNRJVGULIWRJI\VLVNHLQQJUHSVRPLQQHE UHUGUHQHULQJDYP\UDHUVNDGHOLJ(NVWHQVLYKXVG\UEHLWH NDQY UHSRVLWLYW
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWGYHUJMDPQHIMHOOIU¡VWMHUQHMnEORPJXOVLOGUHVYDUWWRSSJXOOP\UNOHJJ P\UNOHJJIMHOOWLVWHOP\UVDXO¡NEM¡UQHEURGGVWRUWYHEODGVNRJVLYVRWVWDUUNOXEEHVWDUUKnUVWDUU VWUHQJVWDUUWYHERVWDUUJXOVWDUUWUnGVWDUUVPnVLYDNVEUHGP\UXOOVYHOWXOOJXEEHVNMHJJ17 KYLWKRGHQnO17N\VWGRJJQnO17
/RNQU/LYROOHQQRUGIRUWV
VRPInUHVRSSRJIUDQVNEU¡GVRSSEOHUHJLVWUHUWLWLOOHJJWLOYDQOLJVYRYHOULVNHVDPWYHGPXVOLQJSn JUDQO JHU*XEEHVNMHJJ17EOHRJVnIXQQHW,HWIXNWLJP\USDUWLLQRUGEOHJXOVWDUUMnEORPRJ EUHLXOOUHJLVWUHUW,WLOOHJJEOHODYVNULNHREVHUYHUW
%UXNWLOVWDQGRJSnYLUNQLQJ'HWWHHUHQPLGGHOVJDPPHOJUDQVNRJPHGQRHVSUHGWG¡GWWUHYLUNH LIRUPDYJUDQO JHU'HWJnUHQYHLLYHVWRJNUDIWOLQMHLQRUG¡VWVDPWDWGHWJHQHUHOWHUP\H
KRJVWIHOWLRPUnGHW
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQHUWUROLJLNNHGHODYHWKHOKHWOLJODQGVNDS 9HJHWDVMRQ%OnE UXWI$D
%UHJQHVNUXEE UXWI$E ,QWHUPHGL UIDVWPDWWHP\U/
9HUGLYXUGHULQJ/RNDOLWHWHQYXUGHUHVnKDYHUGL&²ORNDOWYLNWLJ6NRJHQHUPLGGHOVJDPPHORJ KDUQRHG¡GWWUHYLUNH'HQKDUKDUSRWHQVLDOHIRUHQGHONUDYIXOOHJDPPHOVNRJVWLONQ\WWHGH
YHGERHQGHVRSSRJVNRUSHODY9HUGLHQVHWWHVLNNHK¡\HUHIRUGLGHWHUIXQQHWInVMHOGQHRJ NUDYIXOOHDUWHUKHURJORNDOLWHWHQHUJDQVNHOLWHQ
6NM¡WVHORJKHQV\Q6NRJHQE¡UInVWnXU¡UW
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWMnEORPJXOVWDUUEUHGP\UXOOIUDQVNEU¡GVRSSInUHVRSSYHGPXVOLQJ VYRYHOULVNHJXEEHVNMHJJ17
/RNQU0RYRODIRUWV
IDVWPDWWHP\U0
$UWVPDQJIROG6NRJHQEHVWnULKRYHGVDNDYEM¡UNPHGLQQVODJDYDQGUHWUHVODJVRPURJQKHJJRJ
VHOMH/DQJVQRHQDYGHULNHNLOGHVLJHQHRJP\UHQHHUGHWRJVnHQGHOJUnRU,WLOOHJJHUGHWVSUHGW PHGJUDQ6NRJHQYDULHUHUHQJRGGHOLNDUDNWHUPHGnSQHHQJRPUnGHUK¡\VWDXGHHQJHURJ RPUnGHUVRPHULJMHQJURLQJPHGHLQHUNUDWW(QNHOWHnSQLQJHULVNRJHQNDQVHXWVRPJDPOH VOnWWHHQJHULJMHQJURLQJPHGV¡OYEXQNH,K¡\VWDXGHVNRJHQHHUGHWP\HWXUWW\ULKMHOP KYLWEODGWLVWHORJPM¡GXUW,P\HDYORNDOLWHWHQHUDUWHUVRPWYHVNMHJJYHURQLNDEOnNORNNH SUHVWHNUDJHKYLWPDXUHPDULJUDVJXODNVKDUHUXJVHWHUIU\WOHHQJIU\WOHJHLWVYLQJHOEOHLNVWDUU HQJKXPOHEORPEOnNROORJU¡GNQDSSYDQOLJH%DNNHV¡WH17WUHIXQQHURJVnIXQQHW,QHGUHGHO DYVNRJVOLDHUWHLHE UWUROOXUWVNRJVYLQHURWVXPSKDXNHVNMHJJJDXNV\UHYHQGHOURWILUEODG OLOMHNRQYDOOVWRUWYHEODGRJWDJJEUHJQHYDQOLJH)OHUHDYDUWHQHLQGLNHUHUQRHNDONULNHIRUKROG'HW HURJVnHQJRGGHOW\VEDVWLOLD)MHOOIU¡VWMHUQHJXOVWDUUMnEORPKnUVWDUUVYDUWWRSSJXOOP\UNOHJJ EHNNHEORPJXOVLOGUHWULOOLQJVLYVNRJPDULKnQGIOHNNPDULKnQGEM¡QQEURGGNOXEEHVWDUU
WYHERVWDUUVYHOWXOOEUHLXOOILQQHVODQJVGHULNHNLOGHVLJHQHRJULNP\UHQH5¡GKRGHQnORJEORGODY HUIXQQHWSnEM¡UNRJVNM¡UORNSnHQOLWHQEHUJYHJJUHWWLRYHUNDQWDYYHLHQ+RQQLQJYRNVVRSSWR IXQQHUGHQHQHVWHEHLWHPDUNVRSSHQVRPEOHUHJLVWUHUW
%UXNWLOVWDQGRJSnYLUNQLQJ'HQQHVNRJVOLDHWEUXNWVRPXWPDUNVEHLWHIRUVDX%HLWHWU\NNHWHU
QRHXMHYQWRJGHWHUWHJQWLOJMHQJURLQJIOHUHVWHGHU'HWHUVPnRPUnGHUVRPNDQKDY UW
VOnWWHHQJHULWLGOLJHUHWLGHUPHQHUQnJMHQJURHQGHPHGV¡OYEXQNH'HWJnUHQNUDIWOLQMHLQHGUH GHOSDUDOOHOWPHGYHLHQ6NRJHQYDULHUHULDOGHUPHQQRHQGHOHUHUIRUKROGVYLVJDPOHPHGHQJRG GHOEM¡UNHJDGGRJQRHQO JHU
)UHPPHGHDUWHU
,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQHUWUROLJLNNHGHODYHWKHOKHWOLJODQGVNDS 9HJHWDVMRQ+¡\VWDXGHEM¡UNXWI&D
/DYXUWXWI&F
*XOVLOGUHXWI1D
0LGGHOVULNIDVWPDWWHP\U0
9HUGLYXUGHULQJ/RNDOLWHWHQYXUGHUHVnKDYHUGL%²YLNWLJPHQYLGHUHXQGHUV¡NHOVHUNDQJL
JUXQQODJIRUK¡\HUHYHUGL'HWHUHWIRUKROGVYLVVWRUWRJYDULHUWRPUnGHPHGHWULNWELRORJLVN PDQJIROG'HWHUQRHQNUDYIXOOHDUWHUKHUNQ\WWHWWLOEnGHDUWVULNHHQJHURJNDONULNHP\UHURJ IXNWLJVLJRJXYDQOLJP\HW\VEDVWQRHVRPYLVHUDWGHWHUHWNODUWNDONULNWRPUnGH+HYGHQL EHLWHVNRJHQYDULHUHU
6NM¡WVHORJKHQV\Q%HLWHLRPUnGHWNDQPHGIRUGHO¡NHV
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWVNM¡UORNWDJJEUHJQHW\ULKMHOPIMHOOIU¡VWMHUQHJXOVLOGUHPM¡GXUW HQJKXPOHEORPVNRJVYLQHURWJXOOP\UNOHJJWYHVNMHJJYHURQLNDWUROOXUWYHQGHOURWU¡GNQDSS EOnNORNNHWXUWKYLWEODGWLVWHOVXPSKDXNHVNMHJJSUHVWHNUDJHEDNNHV¡WHKYLWPDXUHILUEODG OLOMHNRQYDOOVNRJPDULKDQGVWRUWYHEODGWULOOLQJVLYNOXEEHVWDUUKnUVWDUUWYHERVWDUUJXOVWDUU EUHGP\UXOOVYHOWXOOJXODNVJHLWVYLQJHOPDULJUDVKRQQLQJYRNVVRSSU¡GKRGHQnO
/RNQU-HKDQYROOHQ¡VWIRUWV
MnEORPEUHLXOOVYHOWXOOIMHOOIU¡VWMHUQHIOHNNPDULKnQGVYDUWWRSSEM¡QQEMURGGRJVWMHUQHVWDUU (OOHUVHUDUWHUVRPVNRJVWRUNHQHEEW\ULKMHOPWXUWRJKYLWEODGWLVWHOYDQOLJH6OLUHVWDUUPDULJUDV JXODNVVHWHUIU\WOHYDQOLJDUYHEOnNROOILUEODGEOnNORNNHRJNUDQVNRQYDOOILQQHVGHWHQGHODY'HW EOHJMRUWWRIXQQDYEDNNHV¡WH17VDPWIOHUHIXQQDYVWRUWYHEODGRJVNRJPDULKnQG$Y
EHLWHPDUNVRSSEOHDUWHQHU¡GVNLYHYRNVVRSS17KYLWVPnILQJHUVRSS17HQJYRNVVRSSRJ UXVVHO UYRNVVRSS17IXQQHW
%UXNWLOVWDQGRJSnYLUNQLQJ6NRJHQKDUWLGOLJHUHY UWJRGWEHLWHWPHQGHWHUQnHWVnODYW EHLWHWU\NNDWGHWJURULJMHQ'HOHUEHLWHVOLWWDYKHVWHU'HWJnUHQJUXVYHLODQJV¡VWJUHQVD )UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQHUGHODYHWKHOKHWOLJODQGVNDSPHGULNHEM¡UNHVNRJHURJ ULNP\UHULGHQV¡UYHQGWHOLDQRUGIRU6WXJJXVM¡HQ
%HOLJJHQKHWRJQDWXUJUXQQODJ
1DWXUW\SHUXWIRUPLQJHURJYHJHWDVMRQVW\SHU
$UWVPDQJIROG
%UXNWLOVWDQGRJSnYLUNQLQJ )UHPPHGHDUWHU
'HODYKHOKHWOLJODQGVNDS
9HJHWDVMRQ+¡\VWDXGHEM¡UNXWI&D
*XOVLOGUHXWI1D
9HUGLYXUGHULQJ/RNDOLWHWHQKDUHQNODU%YHUGL²YLNWLJ%HLWHVNRJHQHUULNWLJQRNLJMHQJURLQJ PHQGHWHUSRWHQVLDOHIRUUHVWDXUHULQJRPEHLWHWU\NNHW¡NHVWLOVWUHNNHOLJ9HUGLHQNDQLNNHPLQVW EHJUXQQHVLDWGHWHUJMRUWIXQQDYWUHU¡GOLVWHGHDUWHURJIOHUHDQGUHNUDYIXOOHDUWHUNQ\WWHWWLO DUWVULNHHQJVDPIXQQ
6NM¡WVHORJKHQV\Q%HLWLQJDLRPUnGHWNDQPHGIRUGHO¡NHVQRH
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWDUYHW\ULKMHOPIMHOOIU¡VWMHUQHMnEORPVNRJVWRUNHQHEEJXOOP\UNOHJJ EOnNORNNHWXUWKYLWEODGWLVWHOEDNNHV¡WHILUEODGNUDQVNRQYDOOVNRJPDULKDQGIOHNNPDULKDQG VWRUWYHEODGWULOOLQJVLYVHWHUIU\WOHJXOVWDUUEUHGP\UXOOVYHOWXOOJXODNVPDULJUDVpQJYRNVVRSS U¡GVNLYHYRNVVRSS17UXVVHO UYRNVVRSS17KYLWVPnILQJHUVRSS17
/RNQU3DWUXVOLDQRUGIRUWV
ILQQHVNOXEEHVWDUUJXOVWDUUP\UVDXO¡NIMHOOIU¡VWMHUQHMnEORPVYHOWXOOEUHLXOOP\UNOHJJ JXOOP\UNOHJJRJGYHUJMDPQH,WLOOHJJILQQHVEM¡QQEURGGVYDUWWRSSG\VWDUUKYLWEODGWLVWHO IMHOOWLVWHONMHUWHO¡\HQWU¡VWVNDYJUDVRJKDUHUXJ1RHQHNVHPSODUHUDYVWRUWYHEODGVNRJPDULKnQG RJEUXGHVSRUHHURJVnUHJLVWUHUW,NLOGHVLJDHUGHWJXOVLOGUHRJVPnVLYDNV)ODPPHIRWU¡GVNLYHVRSS RJEOnUDQGU¡GVNLYHVRSSEOHRJVnIXQQHWLVNRJNDQWHQLV¡UOLJHGHOHU
%UXNWLOVWDQGRJSnYLUNQLQJ/DQJV¡VWJUHQVDSnORNDOLWHWHQJnUGHWHQJUXVYHL,QRUGHUGHWHQ OHLUSODVVPHGODYYR*nUGHQGULYHVVRPHWULGHVHQWHURJEUXNHQVNDOXWYLGHVWLOIOHUH
IULOXIWVOLYVIRUPnO
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQHUGHODYHWKHOKHWOLJODQGVNDSPHGULNHEM¡UNHVNRJHURJ ULNP\UHULGHQV¡UYHQGWHOLDQRUGIRU6WXJJXVM¡HQ
9HJHWDVMRQ0LGGHOVULNIDVWPDWWHP\U0
*XOVLOGUHXWI1D
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL%²YLNWLJ'HWWHIRUGLGHWHUHQPLGGHOVVWRU
ULNP\UVORNDOLWHWPHGHQKnQGIXOONUDYIXOOHDUWHULQNOXGHUWHQNHOWHVRPHUW\SLVNHIRUHNVWUHPULN P\U
6NM¡WVHORJKHQV\Q2PUnGHWE¡UInVWnLIUHG
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWGYHUJMDPQHIMHOOIU¡VWMHUQHMnEORPJXOVLOGUHJXOOP\UNOHJJP\UNOHJJ P\UVDXO¡NVNRJPDULKDQGEUXGHVSRUHVWRUWYHEODGNOXEEHVWDUUJXOVWDUUVPnVLYDNVEUHGP\UXOO VYHOWXOO(QWRORPDFDHVLRFLQFWXP(QWRORPDH[LOH
/RNQU0¡EHNNYROOHQEHLWHVNRJIRUWV
XWIRUPLQJDYULNIDVWPDWWHP\U0ERJJXOVLOGUHXWIRUPLQJDYULNNLOGH1D
$UWVPDQJIROG/RNDOLWHWHQGRPLQHUHVDYHOGUHEM¡UNHVNRJPHGURJQRJVHOMHVDPWHQNHOWHJDPOH
EM¡UNHURJVHOMHU)HOWVMLNWHWHUPHUOnJXUWSUHJHWHQQVNRJHQOHQJHUV¡UPHQGHWHUHQGHO
K¡\VWDXGHUKHURJ$UWHUVRPPM¡GXUWWXUWVNRJVWRUNHQHEEKYLWEODGWLVWHORJVXPSKDXNHVNMHJJHU YDQOLJH1RHSUHVWHNUDJHRJVWRUWYHEODGEOHIXQQHWKHURJGHU'HWHUQRHQP\URPUnGHULVNRJHQ VRPHUIRUKROGVYLVULNHPHGNLOGHVLJ+HUILQQHVDUWHUVRPVRWVWDUUWYHERVWDUUJXOVWDUUJXOVLOGUH NDVWDQMHVLYKnUVWDUURJWULOOLQJVLY
%UXNWLOVWDQGRJSnYLUNQLQJ6NRJHQHUSUHJHWDYWLGOLJHUHEHLWHEUXNPHQGHWVHUXWWLODW
EHLWHWU\NNHWQnHUIRUODYWLOnKLQGUHJMHQJURLQJ$OGHUHQSnVNRJHQYDULHUHUQRH+\WWHIHOWHWYHG 0¡EHNNYROOHQHUXWYLGHWQRHLQ\HUHWLGVDPWDWYHJHQHUXWEHGUHWRJGHWHUJUDYGJU¡IWHUWUROLJ IRUYDQQRJDYO¡S'HWWHKDUSnYLUNHWWRSDUWLHUPHGULNP\UQHJDWLYW
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS,KHOHOLVLGDSnV¡UYHVWVLGDDY6WXJJXVM¡HQKDUGHWWLGOLJHUHY UW
VW¡OVGULIWPHGVOnWWRJXWPDUNVEHLWH'HQQHDNWLYLWHWHQHUQnVWHUNWUHGXVHUWRJEHLWHWU\NNHWGHIOHVWH VWHGHUHUODYW
9HJHWDVMRQ/DYXUWXWI&F 6RWVWDUUEODQNVWDUUXWI0E
*XOVLOGUHXWI1D
9HUGLYXUGHULQJ6NRJHQEHLWHVLNNHOHQJHUQRNWLOnKLQGUHJMHQJURLQJPHQGHWHUVWRUW
UHVWDXUHULQJVSRWHQVLDOHRPEHLWHJMHQRSSWDV'HWHUInNUDYIXOOHDUWHUNQ\WWHWWLOVNRJHQPHQSn ULNP\UHQHNLOGHQHHUGHWIOHUH/RNDOLWHWHQHUIRUKROGVYLVVWRURJJLVGHUIRUXWIUDHQVDPOHW YXUGHULQJYHUGL%²YLNWLJ
6NM¡WVHORJKHQV\Q%HLWHLRPUnGHWNDQPHGIRUGHO¡NHV
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWJXOVLOGUHVNRJVWRUNHQHEEWXUWKYLWEODGWLVWHOVXPSKDXNHVNMHJJ SUHVWHNUDJHVWRUWYHEODGNDVWDQMHVLYWULOOLQJVLYVRWVWDUUKnUVWDUUWYHERVWDUUJXOVWDUU
/RNQU1HGUH)UHVYROOHQV¡U¡VWIRUWV
YHVWVLGHQDYYHLHQ(OOHUVHUP\UDOLWHEHU¡UWDYGHQ UOLJJHQGHK\WWHIHOWHQH )UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQOLJJHULHWRPUnGHPHGIURGLJK¡\VWDXGHEM¡UNHVNRJRJ EHLWHVNRJHULYDULHUHQGHJMHQJURLQJVIDVHU'HWHUHQGHOK\WWHIHOWLRPUnGHQRHQDYQ\HUHGDWR )OHUHDYULNP\UHQHLRPUnGHWHUVNDGHWDYJU¡IWLQJIRUDGNRPVWYHLHUWLOK\WWHIHOWRJYDQQRJ DYO¡SVOHGQLQJHUWLOK\WWHQH
9HJHWDVMRQ0LGGHOVULNIDVWPDWWHP\U0
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL&²ORNDOWYLNWLJ/RNDOLWHWHQKDUHQGHOLQGLNDWRUHUSn ULNP\ULQNOXGHUWQRHQInNUDYIXOOHDUWHU6LGHQORNDOLWHWHQHUOLWHQHUXWHQIXQQDYU¡GOLVWHDUWHURJ OLJJHULHWK¡\HUHOLJJHQGHVNRJODQGVNDSPHGHQGHOULNP\UInUGHQLNNHK¡\HUHYHUGL
6NM¡WVHORJKHQV\Q2PUnGHWE¡UInVWnLIUHG
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWIMHOOIU¡VWMHUQHVYDUWWRSSNOXEEHVWDUUKnUVWDUUJXOVWDUUEUHGP\UXOOVYHOWXOO EM¡UQHVNMHJJ
/RNQU0¡EHNNYROOHQQRUGIRUWV
VYHOWXOOIOHNNPDULKnQGHQJPDULKnQGRJNDVWDQMHVLYILQQHVRJVnVSUHGW,NDQWVRQHQHILQQHVGHWWR DGVNLOWHIRUHNRPVWHUDYVWRUWYHGEODGVDPWHWVDQQV\QOLJIXQQDYEUXGHVSRUH5XQGWNLOGHVLJHWHU GHWHQGHOJXOVLOGUHRJQRHVSUHGWWULOOLQJVLY
%UXNWLOVWDQGRJSnYLUNQLQJ'HWJnUHQYHLSnYHVWVLGHQDYP\UDPHQP\UDLVHJVHOYHUOLWH EHU¡UWDYGHWWH
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQOLJJHULHWRPUnGHPHGIURGLJK¡\VWDXGHEM¡UNHVNRJRJ EHLWHVNRJHULYDULHUHQGHJMHQJURLQJVIDVHU'HWHUHQGHOK\WWHIHOWLRPUnGHQRHQDYQ\HUHGDWR )OHUHDYULNP\UHQHLRPUnGHWHUVNDGHWDYJU¡IWLQJIRUDGNRPVWYHLHUWLOK\WWHIHOWRJYDQQRJ DYO¡SVOHGQLQJHUWLOK\WWHQH
9HJHWDVMRQ0LGGHOVULNIDVWPDWWHP\U0
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL%YLNWLJVHOYRPGHQHUOLWHQ'HWWHIRUGLGHQKDUJDQVNH PDQJHNUDYIXOOHDUWHULQNOXGHUWHQNHOWHVRPHUW\SLVNHIRUHNVWUHPULNP\U
6NM¡WVHORJKHQV\Q2PUnGHWE¡UInVWnLIUHG
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWIMHOOIU¡VWMHUQHMnEORPJXOVLOGUHP\UNOHJJEM¡UQHEURGGHQJPDULKDQG IOHNNPDULKDQGVWRUWYHEODGNDVWDQMHVLYWULOOLQJVLYNOXEEHVWDUUKnUVWDUUVWMHUQHVWDUUJXOVWDUU EUHGP\UXOOVYHOWXOOEM¡UQHVNMHJJ
/RNQUcVYROOHQV¡UYHVWIRUWV
%UXNWLOVWDQGRJSnYLUNQLQJ'HQQHORNDOLWHWHQYDUGHODYHLVW¡UUHP\UPHQHUQnGHOWLWRDY JUXVYHLHQPHGJU¡IWHUSnEHJJHVLGHU
)UHPPHGHDUWHU,QJHQREVHUYHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQYDUWLGOLJHUHGHODYHWVW¡UUHP\UNRPSOHNVPHQHUQnVNLOW LIUDGHWPHGHQYHL(OOHUVHUODQGVNDSHWVWRUWVHWWIMHOOEM¡UNHVNRJVRPHUQRHEUXNWVRP
XWPDUNVEHLWHPHGQRHQVSUHGWHJDPOHVHWUH 9HJHWDVMRQ0LGGHOVULNIDVWPDWWHP\U0
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL&²ORNDOWYLNWLJ/RNDOLWHWHQKDUHQGHOLQGLNDWRUHUSn ULNP\ULQNOXGHUWQRHQNUDYIXOOHDUWHU6LGHQORNDOLWHWHQHUOLWHQHUXWHQIXQQDYU¡GOLVWHDUWHURJ OLJJHULHWK¡\HUHOLJJHQGHVNRJODQGVNDSPHGHQGHOULNP\UInUGHQLNNHK¡\HUHYHUGL
6NM¡WVHORJKHQV\Q2PUnGHWE¡UInVWnLIUHG
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWP\UVQHOOHIMHOOIU¡VWMHUQHP\UNOHJJEM¡UQHEURGGIOHNNPDULKDQG NDVWDQMHVLYWULOOLQJVLYNOXEEHVWDUUJXOVWDUUWUnGVWDUUEUHGP\UXOOILQQVNMHJJ
/RNQU 9LNWLJ%
0¡EHNYROOHQV¡U
1DWXUW\SHUHJLVWUHULQJHU 1DWXUW\SH 5LNP\U
8WIRUPLQJ 5LNVNRJRJNUDWWEHYRNVWP\U 0RVDLNN
)HOWVMHNN VLVWH
%HVNULYHOVH
,QQOHGQLQJ%HVNULYHOVHQHUODJWLQQDY8OULNH+DQVVHQEDVHUWSnHJHWIHOWDUEHLG VDPPHQPHG.LUVWLQ0DULD)O\QQLIRUELQGHOVHPHGNRPPXQDOQDWXUW\SHNDUWOHJJLQJ SnRSSGUDJIRU)\ONHVPDQQHQL6¡U7U¡QGHODJRJ7\GDONRPPXQH
%HOLJJHQKHWRJQDWXUJUXQQODJ/RNDOLWHWHQOLJJHUYHVWIRU1HVM¡HQQRUGIRU6WXJJXGDOHQYHVW IRUVNRJVYHJHQSnYHVWVLGHQDY6WXJJXVM¡HQ'HQOLJJHULQQHQIRUHQWLGOLJHUHUHJLVWUHUWQDWXUW\SH PHGEM¡UNHVNRJPHGK¡\VWDXGHU%16¡UYHVWIRU6WXJJXVM¡HQEDVHUWSn6WRUVWDG 'HQVNDOKHUPHGMXVWHUHVWLOHQPRVDLNNDYXOLNHQDWXUW\SHU'HQOLJJHULHLQRUG¡VWYHQGWOL VRPKHOOHUMHYQWQHGPRW6WXJJXVM¡HQ'HWHUIOHUHNLOGHVLJLQQHQIRUORNDOLWHWHQ/RNDOLWHWHQJnUL QRUGRJ¡VWJUDGYLVRYHUWLOEM¡UNHVNRJPHGK¡\VWDXGHYHJHWDVMRQVRPWLGOLJHUHKDUEOLWWEUXNWVRPULNP\UD
PRWQRUGYHVW)RWR8OULNH+DQVVHQ
/RNQU0¡EHNYROOHQV¡UIRUWV
1DWXUW\SHUXWIRUPLQJHURJYHJHWDVMRQVW\SHU/RNDOLWHWHQHUHLULNP\UXWIRUPLQJULNVNRJ NUDWWEHYRNVWP\U'HWHUIDVWPDWWHP\UPHGLQQVODJEnGHDYLQWHUPHGL UPLGGHOVULNRJHNVWUHPULN YHJHWDVMRQ
$UWVPDQJIROG,WUHRJEXVNMLNWHWIRUHNRPPHUEM¡UNHWU UHLQHUYLHUDUWHURJLQQVODJDYIXUX, IHOWVMLNWHWREVHUYHUWHYLHQGHOW\SLVNHULNP\UDUWHUVRPWYHERVWDUUEM¡QQEURGGGYHUJMDPQH VYDUWWRSSIMHOOIU¡VWMHUQHP\UNOHJJWYLOOLQJVLYJXOVWDUUMnEORPVRWVWDUUKnUVWDUUNDVWDQMHVLY VWRUWYHEODGRJHQJPDULKDQG,WLOOHJJUHJLVWUHUWHYLPLQGUHNUHYHQGHDUWHUVRPEOnWRSS
%UXNWLOVWDQGRJSnYLUNQLQJ,QJHQV UOLJSnYLUNQLQJ )UHPPHGHDUWHU,QJHQUHJLVWUHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQUHJQHVIRUnY UHGHODYHWKHOKHWOLJODQGVNDSIRUGLGHWHU IOHUHIRUHNRPVWDYULNP\UVORNDOLWHWHULRPUnGHW(OOHUVHUGHWIMHOOEM¡UNHVNRJGHOYLVXWIRUPHWVRP EHLWHVNRJIDWWLJHUHP\URPUnGHURJLQQVODJDYJUDQSODQWHIHOWVRPSUHJHUODQGVNDSHW
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL%±YLNWLJIRUGLGHQHUPLGGHOVVWRURJKXVHUHWJDQVNHULNW DUWVPDQJIROGPHGIOHUHNUDYIXOOHDUWHUNQ\WWHWWLOULNRJGHOVHNVWUHPULNP\U
6NM¡WVHORJKHQV\Q/RNDOLWHWHQE¡UVWnLQQJUHSVIUL
/LWWHUDWXU
6WRUVWDG70.DUWOHJJLQJDYELRORJLVNPDQJIROGL7\GDONRPPXQH5DSSRUW
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWGYHUJMDPQHIMHOOIU¡VWMHUQHMnEORPVYDUWWRSSP\UNOHJJEM¡UQHEURGG HQJPDULKDQGVWRUWYHEODGWYLOOLQJVLYNDVWDQMHVLYVRWVWDUUKnUVWDUUWYHERVWDUUJXOVWDUU
/RNQU /RNDOWYLNWLJ&
6NMHWWnEHNNHQV¡U
1DWXUW\SHUHJLVWUHULQJHU 1DWXUW\SH .LOGHRJNLOGHEHNN 8WIRUPLQJ .LOGHRYHUV¡UERUHDO 0RVDLNN
)HOWVMHNN VLVWH
%HVNULYHOVH
,QQOHGQLQJ%HVNULYHOVHQHUODJWLQQDY8OULNH+DQVVHQEDVHUWSnHJHWIHOWDUEHLG VDPPHQPHG.LUVWLQ0DULD)O\QQGHQLIRUELQGHOVHPHGNRPPXQDO
QDWXUW\SHNDUWOHJJLQJSnRSSGUDJIRU)\ONHVPDQQHQL6¡U7U¡QGHODJRJ7\GDONRPPXQH
%HOLJJHQKHWRJQDWXUJUXQQODJ/RNDOLWHWHQOLJJHUYHVWIRU1HVM¡HQQRUGYHVWIRUGHQVNDUSH VYLQJHQDY59QRUGYHVWIRU6WXJJXGDOHQSnYHVWVLGHQDY6WXJJXVM¡HQ'HQOLJJHULQQHQIRUGHW WLGOLJHUHUHJLVWUHUWQDWXUW\SHEM¡UNHVNRJPHGK¡\VWDXGHU%16¡UYHVWIRU6WXJXVM¡HQ EDVHUWSn6WRUVWDG'HQVNDOKHUPHGMXVWHUHVWLOHWPRVDLNNDYIOHUHIRUVNMHOOLJHQDWXUW\SHU /RNDOLWHWHQOLJJHUSnHLQRNVnIXNWLJQRUG¡VWYHQGWOLPHGIURGLJYHJHWDVMRQ'HWHUWR
NLOGHIUDPVSULQJVRPOLJJHULV¡UYHVWRJV¡URJVRPGDQQHUNLOGHVLJHWVRPUHQQHULQRUG¡VWOLJULN
YHJHWDVMRQODQJVNLOGHEHNNHQ)RWR8OULNH+DQVVHQ
/RNQU6NMHWWnEHNNHQV¡UIRUWV
1DWXUW\SHUXWIRUPLQJHURJYHJHWDVMRQVW\SHU/RNDOLWHWHQHUNLOGHRJNLOGHEHNNXQGHU VNRJJUHQVHQPHGXWIRUPLQJNLOGHRYHUV¡UERUHDOVRQH
$UWVPDQJIROG,WUHRJEXVNMLNWHWIRUHNRPPHUEM¡UNHLQHURJYLHUDUWHU,IHOWVMLNWHWUXQGW
NLOGHEHNNHQREVHUYHUWHYLJXOVLOGUHVRWVWDUUJXOVWDUUWULOOLQJVLYNDVWDQMHVLYKnUVWDUURJWYHERVWDUU
%UXNWLOVWDQGRJSnYLUNQLQJ'HWEOHLNNHVHWWVSHVLHOOHWHJQSnQHJDWLYSnYLUNQLQJDY ORNDOLWHWHQ
)UHPPHGHDUWHU,QJHQUHJLVWUHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQUHJQHVIRUnY UHGHODYHWKHOKHWOLJODQGVNDSIRUGLGHWHU IOHUHIRUHNRPVWHUDYNLOGHURJNLOGHEHNNHULRPUnGHW/DQGVNDSHWUXQGWSUHJHVHOOHUVDY
IMHOOEM¡UNHVNRJGHOYLVXWIRUPHWVRPEHLWHVNRJP\URPUnGHURJLQQVODJDYJUDQSODQWHIHOW
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL&±ORNDOWYLNWLJ'HWGUHLHUVHJRPHQVWDELORJYHOXWYLNOHW PHQOLWHQNLOGHEHNNLIMHOOVNRJHQPHGIRUHNRPVWDYIOHUHNUDYIXOOHDUWHU'HWEOHOLNHYHOLNNHJMRUW IXQQVRPIRUVYDUHUHQK¡\HUHYHUGL
6NM¡WVHORJKHQV\Q/RNDOLWHWHQE¡UVWnXU¡UWRJLNNHXWVHWWHVJU¡IWLQJHOOHUSnYLUNHVQHJDWLYWDY WHUUHQJNM¡ULQJYHGKRJVW
/LWWHUDWXU
6WRUVWDG70.DUWOHJJLQJDYELRORJLVNPDQJIROGL7\GDONRPPXQH5DSS
$UWVOLVWHIRUORNDOLWHWHQ
7RWDOWDUWHUSnYLVWJXOVLOGUHNDVWDQMHVLYWULOOLQJVLYVRWVWDUUKnUVWDUUWYHERVWDUUJXOVWDUU
/RNQU 6Y UWYLNWLJ$
3DWUXVYROOHQV¡U¡VW
1DWXUW\SHUHJLVWUHULQJHU 1DWXUW\SH 5LNP\U
8WIRUPLQJ 5LNVNRJRJNUDWWEHYRNVWP\U
0RVDLNN 7RWDOWQDWXUW\SHUUHJLVWUHUW5LNP\U$5LNVNRJRJNUDWWEHYRNVWP\U$
%HLWHVNRJ'%HLWHVNRJ'.LOGHRJNLOGHEHNN$.LOGHRYHUV¡UERUHDO$
)HOWVMHNN VLVWH
%HVNULYHOVH
,QQOHGQLQJ%HVNULYHOVHQHUODJWLQQDY8OULNH+DQVVHQEDVHUWSnHJHWIHOWDUEHLG
VDPPHQPHG*HLU*DDUGHURJ.LUVWLQ0DULD)O\QQ+LOGH5.LUNYROGIUDNRPPXQHQ6D[H$DVHQ RJJUXQQHLHULIRUELQGHOVHPHGNRPPXQDOQDWXUW\SHNDUWOHJJLQJSnRSSGUDJIRU
)\ONHVPDQQHQL6¡U7U¡QGHODJRJ7\GDONRPPXQH
%HOLJJHQKHWRJQDWXUJUXQQODJ/RNDOLWHWHQOLJJHUYHGQRUG¡VWHQGHQDY6WXJJXVM¡HQYHG
3DWUXVYROOHQ'HWHUHLV¡UYHVWYHQGWOLPHGVYDNRJMHYQKHOQLQJQHGPRW6WXJJXVM¡HQ/RNDOLWHWHQ JUHQVHUWLOHQVNRJVYHJLYHVWWLOLNNHEHLWHWP\UEDNHWJMHUGHLQRUGLV¡UWLOIDWWLJHUHVNRJNOHGW P\URJL¡VWWLOHQPEUHGDNHEDNNH'HWHUIOHUHULNHNLOGHVLJLQQHQIRUORNDOLWHWHQ
HWHQEHVWnUDYHQPRVDLNNDYULNP\UEHLWHVNRJRJNLOGHEHNN%LOGHWWDWWLV¡U VW)RWR8OULNH+DQVVHQ
/RNQU3DWUXVYROOHQV¡U¡VWIRUWV
NLOGHEHNNXQGHUVNRJJUHQVDPHGXWIRUPLQJNLOGHRYHUV¡UERUHDOVRQH
¤ǡ¤ǡ§Ǥ
$UWVPDQJIROG,WUHRJEXVNMLNWHWIRUHNRPPHUEM¡UNHWU UHLQHUYLHUDUWHURJLQQVODJDYJUDQ,
IHOWVMLNWHWREVHUYHUWHYLHWVWRUWDUWVPDQJIROGPHGHQGHOVMHOGQHDUWHU9LIDQWW\SLVNHULNP\UVDUWHU VRPJXOVWDUUMnEORPVRWVWDUUKnUVWDUUNDVWDQMHVLYWULOOLQJVLYVNRJVLYVPnVLYDNVIMHOOIU¡VWMHUQH VYDUWWRSSEUHLXOOVWRUWYHEODGEUXGHVSRUHGYHUJMDPQHVNRJVPDULKDQGRJJXOOP\UNOHJJ9LGHUH IDQWYLNUDYIXOOHHQJSODQWHUVRPEDNNHV¡WH17RJYDQOLJPDULQ¡NNHORJGHWPHUWULYLHOOHDUW VPnPDULPMHOOH/DQJVGHULNHNLOGHEHNNHQHYRNVHUGHWJXOVLOGUHEHNNHEORPRJSLSHUHQVHPRVH9L IDQWYLGHUHIOHUHNUDYIXOOHRJGHOVU¡GOLVWHGHEHLWHPDUNVRSSKHUXQGHUNMHJOHYRNVVRSS
SUDNWU¡GVNLYHVRSS98PHOU¡GVNLYHVRSS17RJ(QWRORPDFDHVLRFLQFWXP
%UXNWLOVWDQGRJSnYLUNQLQJ'HWJnUHQVNRJVYHJODQJVYHVWNDQWHQDYORNDOLWHWHQ'HOHUDY
ORNDOLWHWHQKDUWLGOLJHUHEOLWWEUXNWVRPVOnWWHP\U'HWHUHQGHOYLQWHUIHUGVHOLVDPPHQKHQJPHG DNHEDNNHQVRPJUHQVHUWLOORNDOLWHWHQL¡VW1HGHUVWLV¡UJnUHLVWU¡POLQMHJMHQQRPORNDOLWHWHQ'HW HUHQGHOVWRUIHWUnNNLQQHQIRUORNDOLWHWHQVSHVLHOWV\QOLJSnP\UHQHRJYnWHUHSDUWLHQH
Ǥ )UHPPHGHDUWHU,QJHQUHJLVWUHUW
'HODYKHOKHWOLJODQGVNDS/RNDOLWHWHQUHJQHVIRUnY UHGHODYHWKHOKHWOLJODQGVNDSIRUGLGHWHU
IOHUHIRUHNRPVWHUDYULNP\UVORNDOLWHWHUEHLWHVNRJHURJNLOGHEHNNHULRPUnGHW(OOHUVHUGHW
EM¡UNHVNRJIDWWLJHUHP\URPUnGHURJLQQVODJDYJUDQSODQWHIHOWVRPSUHJHUODQGVNDSHW
9HUGLYXUGHULQJ/RNDOLWHWHQInUYHUGL$±YLNWLJIRUGLGHQHUIRUKROGVYLVVWRURJKXVHUHWYHOGLJ
ULNWDUWVPDQJIROGPHGIOHUHNUDYIXOOHDUWHUNQ\WWHWWLOP\UVDPWIOHUHVMHOGQHU¡GOLVWHDUWHUNQ\WWHWWLO JDPOHHQJVDPIXQQLQNOXGHUWHQVnUEDULQWHUQDVMRQDOWWUXHWDUW
6NM¡WVHORJKHQV\Q/RNDOLWHWHQE¡ULNNHXWVHWWHVIRUI\VLVNHLQQJUHSLQNOXGHUWJU¡IWLQJ(NWHQVLYW
EHLWHE¡URSSUHWWKROGHVIRUnKROGHEHLWHVNRJHQRJHQJIOHNNHQHLKHYG
/LWWHUDWXU
$UWVOLVWHIRUORNDOLWHWHQ