Eifred Markussen
Segregerings-saksa
Om kompetanseoppnåelse blant elever og
lærlinger med og uten særskilt tilrettelagt
videregående opplæring
Eifred Markussen
Segregerings-saksa
Om kompetanseoppnåelse blant elever og lærlinger med og uten særskilt tilrettelagt videregående opplæring.
Underveisrapportering i prosjektet «Kompetanse eller oppbevaring? Om kompetanseoppnåelse blant elever og lærlinger som får særskilt tilrettelagt videregående opplæring»
Fafo-notat 1998:14
2
© Forskningsstiftelsen Fafo 1998 ISSN 0804-5135
,QQKROGVIRUWHJQHOVH
)RURUG 2SSVSLOO .DSLWWHO%DNJUXQQSUREOHPVWLOOLQJRJXWYDOJ
%DNJUXQQRJSUREOHPVWLOOLQJ 8WYDOJ .DSLWWHO(OHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJ²QRHQNMHQQHWHJQ 6 UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHHOOHURUGLQ UHNODVVHU .M¡QQ 6RVLDOVWDWXV
$OGHU 9DQVNH +MHOSLXQJGRPVVNROHQ .DUDNWHUHUIUDXQJGRPVVNROHQ ,QQWDWWSnI¡UVWH¡QVNH 7DWWLQQJMHQQRPV UVNLOWLQQWDNHWHOOHULNNH )RUGHOLQJSnVWXGLHUHWQLQJHU 7ULYVHOJUXHVHJRJHJHQYXUGHULQJ 2PIDQJDYKMHOSRJVW¡WWHSnJUXQQNXUVHW +MHOSLKYRUPDQJHRJKYLONHIDJ +YRUGDQEOLUKMHOSHQJLWW"
.DSLWWHO.RPSHWDQVHRSSQnHOVH
*MHQQRPVWU¡PQLQJ RJ NRPSHWDQVH IRU HOHYHU VRP KDU KDWW V UVNLOW WLOUHWWHODJW RSSO ULQJ L HJQHNODVVHU
*MHQQRPVWU¡PQLQJ RJ NRPSHWDQVH IRU HOHYHU VRP KDU KDWW V UVNLOW WLOUHWWHODJW RSSO ULQJ L RUGLQ UHNODVVHU\UNHVIDJOLJHVWXGLHUHWQLQJHU
*MHQQRPVWU¡PPLQJ RJ NRPSHWDQVH IRU HOHYHU VRP KDU KDWW V UVNLOW WLOUHWWHODJW RSSO ULQJ L RUGLQ UHNODVVHUDOPHQIDJOLJHVWXGLHUHWQLQJHU
*MHQQRPVWU¡PPLQJRJNRPSHWDQVHIRURUGLQ UHHOHYHU²\UNHVIDJOLJHVWXGLHUHWQLQJHU
*MHQQRPVWU¡PQLQJRJNRPSHWDQVHIRURUGLQ UHHOHYHU²DOPHQIDJOLJHVWXGLHUHWQLQJHU (WVDPOHWELOGHDYNRPSHWDQVHRSSQnHOVHHWWHUILUHRJIHPnU
.DSLWWHO+YDSnYLUNHUNRPSHWDQVHRSSQnHOVHQ"
6WXGLHUHWQLQJRJNRPSHWDQVHRSSQnHOVH )UD\UNHVIDJWLOVWXGLHNRPSHWDQVH )OHUHYHLHUWLOIDJEUHY .RPSHWDQVHRSSQnHOVHLVHNVI\ONHU .M¡QQRJNRPSHWDQVHRSSQnHOVH 6RVLDOVWDWXVRJNRPSHWDQVHRSSQnHOVH 9DQVNHRJNRPSHWDQVHRSSQnHOVH .DUDNWHUHUIUDXQJGRPVVNROHQRJNRPSHWDQVHRSSQnHOVH (NVWUDKMHOSRJVW¡WWHRJNRPSHWDQVHRSSQnHOVH +MHOSRJVW¡WWHLXQJGRPVVNROHQRJNRPSHWDQVHRSSQnHOVH 9DULDEOHUPHGOLWHQHOOHULQJHQVLJQLILNDQWVDPPHQKHQJPHGNRPSHWDQVHRSSQnHOVH 2SSVXPPHULQJDYGHELYDULDWHDQDO\VHQH +YDSnYLUNHUNRPSHWDQVHRSSQnHOVHQ"
.DSLWWHO.DQNDUDNWHUHIIHNWHQPRGLILVHUHV"
5HIHUDQVHU
)RURUG
8QGHUWHJQHGHDUEHLGHUPHGHWIHPnULJSURVMHNWPHGWLWWHOHQ.RPSHWDQVHHOOHURSSEH YDULQJ2PNRPSHWDQVHRSSQnHOVHEODQWHOHYHURJO UOLQJHUVRPInUV UVNLOWWLOUHWWHODJW YLGHUHJnHQGHRSSO ULQJ
3URVMHNWHWHUHWDYSURVMHNWHULQQHQIRU1RUJHVIRUVNQLQJVUnGV3URJUDPIRUVSH VLDOSHGDJRJLVNNXQQVNDSVRJWLOWDNVXWYLNOLQJ3URVMHNWHWVWDUWHWLRJVOXWWUDSSRUWHQ VNDOY UHIHUGLJVNUHYHWWLGOLJL,WLOOHJJWLOILQDQVLHULQJIUD1)5KDUSURVMHNWHWInWW PLGOHUIUD8WGDQQLQJVGLUHNW¡UHQL$NHUVKXV)\ONHVXWGDQQLQJVVMHIHQL%XVNHUXGRJ.LU NHXWGDQQLQJVRJIRUVNQLQJVGHSDUWHPHQWHW
.XIVHJHQHYDOXHULQJDYUHIRUPHQDYVOXWWHVK¡VWHQ8QJGRPPHQHVRPHU PHGLSURVMHNWHW.RPSHWDQVHHOOHURSSEHYDULQJ"DYVOXWWHWJUXQQVNROHQYnUHQRJ HUGHUPHGHQGHODYGHWI¡UVWHNXOOHWPHG5HIRUPUHWWVHOHYHU(WWHUVRPQRHQDYUH VXOWDWHQH IUD SURVMHNWHW NDQ Y UH DY LQWHUHVVH IRU HYDOXHULQJHQ DY UHIRUPHQ KDU )DIR SnWDWWVHJnVNULYHHWNRUWQRWDWSnEDNJUXQQDYGDWDIUDSURVMHNWHW,QRWDWHWIRUV¡NHUYL nEHVYDUHQRHQVS¡UVPnOVRPHUDYLQWHUHVVHIRUGHSDUWHPHQWHWnInEHO\VWLIRUELQGHOVH PHGHYDOXHULQJHQDYUHIRUPHQRJGHWIRUHVWnHQGHDUEHLGHWPHGHQVWRUWLQJVPHOGLQJRP 5HIRUP
'HWWHQRWDWHWHULNNHHQIRUVNQLQJVUDSSRUWLWUDGLVMRQHOOIRUVWDQG'HWVNULYHVLNNH QRHRPWHRULJUXQQODJHWIRUSURVMHNWHWRJGHWHUInUHIHUDQVHUWLOWLGOLJHUHIRUVNQLQJRJ DQQHQOLWWHUDWXU(QJUXQGLJUHGHJM¡UHOVHIRUXWYDOJRJPHWRGHPDQJOHURJVnRJQRWDWHWV GU¡IWLQJHUDYGHUHVXOWDWHQHVRPSUHVHQWHUHVHUKHOOHULNNHVnJUXQGLJHVRPGHVNDOY UH LHQVOXWWUDSSRUWcUVDNHQWLODWGHWWHQRWDWHWVNULYHVK¡VWHQHUHQIHOOHVHUNMHQQHOVH L.XIRJ)DIRDYDWGHWYLOOHY UHXNORNWRPUHVXOWDWHQHVRPHUPXOLJHnIUHPVNDIIHIUD GHWWHSURVMHNWHWK¡VWHQLNNHVNXOOHLQQJnLJUXQQODJVPDWHULDOHWIRUGHSDUWHPHQWHW QnUGHVNDORSSVXPPHUHHYDOXHULQJHQDYGHILUHI¡UVWHUHIRUPnUHQH
3URVMHNWHWEDVHUHUVHJEODQWDQQHWSnGDWDIUDI\ONHQHVV¡NHUHOHYRJYLWQHPnOVUH JLVWUH1RHQV UVKMHOSVRPPHPHQQHVNHULGHVHNVI\ONHQHKDU\WWHQXYXUGHUOLJLQQVDWVL nVNDIIHWLOYHLHQ¡GYHQGLJHGDWDRJXWHQGLVVHKDGGHLNNHGHWWHSURVMHNWHWODWWVHJJMHQ QRPI¡UH-RKQ+RIRVV$OLVH/LHGRJ2WWR1RUGJUHQL$NHUVKXV7HUMH%DXW]L%XVNH UXG.DUHQ*UXQGHVHQL$XVW$JGHU7UXGH5LSOHL+RUGDODQG/LY,QJXQQ-DQEX+H OHQ+DJDRJ0DL%HQWH'DOEXL0¡UHRJ5RPVGDORJ7KRUVWHLQQ(LQDUVVRQL7URPV 'DWDILUPDHW6DILU'DWD$6KDUWLOUHWWHODJWUHJLVWHUGDWDIUDI\ONHQHSnHQPHJHWWLOIUHGV VWLOOHQGHPnWH$WGHWWHQRWDWHWKDUILQOD\RXWRJQHVWHQLQJHQVNULYHIHLOVN\OGHV-RQ6 /DKOXP L )DIRV SXEOLNDVMRQVDYGHOLQJ 7DNN 2J WLO VOXWW HQ WDNN WLO NROOHJD -HQV %
*U¡JDDUGVRPKDUOHVWRJNRPPHQWHUWQRWDWHWXQGHUYHLVRJVRPKDUY UWJRGnVW¡WWH VHJSnLDUEHLGHWPHGGHVWDWLVWLVNHDQDO\VHQH
(LIUHG0DUNXVVHQ 1RYHPEHU
2SSVSLOO
-HJYLOVWDUWHPHGnYLVHHWELOGHDYVHJUHJHULQJVVDNVD
VYDN
LQJHQ PHGL G\V V\K¡EH
SV\VRV G\VJHQ
PEG JHQVDP XWYKHP HJQHNO
RUGNO
'HWWHHUELOGHWDYKYRUGDQYLGHUHJnHQGHRSSO ULQJVHJUHJHUHU
+YDHUGHWYLVHU"-R-RVW¡UUHSUREOHPHUQRUVNHnULQJHUKDUPHGnO UHRJ PHGnRSSI¡UHVHJGHVVRIWHUHEOLUGHIMHUQHWIUDGHRUGLQ UHNODVVHQHRJSODVVHUWLHJQH VSHVLDONODVVHUPHGI UUHHOHYHU2PODJnWWHWLSURVHQWDYHOHYHQHSnJUXQQNXUVLYLGH UHJnHQGHVNROHKDUV UVNLOWWLOUHWWHODJWRSSO ULQJ(QWUHGMHGHODYGLVVHHUSODVVHUWLHJQH NODVVHUPHQVGH¡YULJHWRWUHGMHGHOHQHLKYHUWIDOOHURUJDQLVDWRULVNLQWHJUHUWLRUGLQ UH NODVVHU
'HUVRP HOHYHQH VRP InU V UVNLOW WLOUHWWHODJW RSSO ULQJ HU IDJOLJ VYDNH PDQJOHU GLDJQRVHKDUPHGLVLQVNHYDQVNHUKDUG\VOHNVLG\VNDONXOLKDUV\QVK¡UVHOVHOOHUEHYH JHOVHVKHPPLQJ HU RYHU SURVHQW SODVVHUW L RUGLQ UH NODVVHU +DU GH SV\NRVRVLD +YDEHWHJQHOVHQHLILJXUHQVWnUIRUIUHPJnUDYWDEHOO
1nURUGHWRUGLQ UQnEUXNHVDOOHUHGHLIMHUGHOLQMHLGHWWHRSSVSLOOHWVnNUHYHUGHWHQNRPPHQWDU1nU PDQDUEHLGHUPHGSUREOHPDWLNNNQ\WWHWWLOV UVNLOWWLOUHWWHODJWRSSO ULQJGXNNHUGHWWHRUGHWUDVNWRSS )RUPDQVDPPHQOLJQHUMR'HVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJPHGRUGLQ UHHOHYHU'HVRPJnUL HJQHNODVVHUPHGGHVRPJnULRUGLQ UHNODVVHU'HVRPHUWDWWLQQJMHQQRPV UVNLOWLQQWDNHWPHGGH VRPHUWDWWLQQJMHQQRPGHWRUGLQ UHLQQWDNHW.RQWUDVWHQWLORUGLQ UHUXRUGLQ U,QJHQVQDNNHURPX RUGLQ UHHOHYHUVRPWDVLQQWLOYLGHUHJnHQGHRSSO ULQJXRUGLQ UWWLOXRUGLQ UHNODVVHURJWLOXRUGLQ U XQGHUYLVQLQJ0HQNDQVNMHPDQJHWHQNHUVOLNXEHYLVVW.DQVNMHGHWWHHUPHGYLUNHQGHWLODWGHWHUVnYDQ VNHOLJnLQNOXGHUHRJVnOHWWnVHJUHJHUH1nUMHJEUXNHURUGHWRUGLQ UVnHUGHWIRUGLMHJLNNHNODUHUn ILQQHSnQRHEHGUH
2PEHJUHSHWV UVNLOWWLOUHWWHODJWRSSO ULQJRJRPRPIDQJHWDYV UVNLOWWLOUHWWHODJWRSSO ULQJVHGU¡I WLQJLNDSLWWHO
2PXQGHUV¡NHOVHQRJGDWDVRPKDUIUHPEUDNWGHWWHELOGHWVHQHGHQIRU
OHHPRVMRQHOOHYDQVNHUHOOHUKDUG\VOHNVLRJJHQHUHOOHO UHYDQVNHUHURPODJSURVHQW SODVVHUWLRUGLQ UHNODVVHU
0HQGHUVRPHOHYHQHKDUPEGJHQHUHOOHRJHOOHU VDPPHQVDWWH O UHYDQVNHU HOOHU SV\NLVNXWYLNOLQJVKHPPLQJVnHUPDMRULWHWHQPHOORPRJSURVHQWSODVVHUWLHJQH VSHVLDONODVVHU
+YRUIRUHUGHWVOLN"$UJXPHQWHQHHUNMHQWH'HKDUGHWEHVWQnUGHHUEODQWVLQH HJQH'HYLOO UHPHUQnUGHInUY UHLVPnJUXSSHU6MDQVHQIRUDWGHVNDOInVHJMREE VLGHQHUVW¡UUH'H¡GHOHJJHUIRUGHDQGUHHOHYHQH'HNUHYHUDOOO UHURSSPHUNVRPKH WHQGHWEOLULNNHQRHLJMHQWLOGHDQGUH'HDQGUHHOHYHQHO UHULQJHQWLQJ'HWEOLUKnSO¡
VHDUEHLGVIRUKROGLNODVVHQEnGHIRUO UHURJHOHYHU9LKDUIRUOLWHUHVVXUVHU'HIOHVWH E¡UQRNJnLYDQOLJHNODVVHUPHQ«
'HWHUJUXQQWLOnVS¡UUHRPGLVVHDUJXPHQWHQHVHWWHUHOHYHQHVRPInUV UVNLOWWLO UHWWHODJW RSSO ULQJ L IRNXVHOOHU RP GH VHWWHU O UHUQH RJ GH VnNDOW RUGLQ UH HOHYHQH L IRNXV0LWWVYDU²HWWHUnKDVWXGHUWGHWWHIHOWHWLQQJnHQGH²HUDWGHWWHHUDUJXPHQWHU VRP LNNH VHWWHU HOHYHU PHG V UVNLOW WLOUHWWHODJW RSSO ULQJ L IRNXV GHWWH HU DUJXPHQWHU VRPELGUDUWLOnVHPHQWHUHHQVHJUHJHUHQGHYLGHUHJnHQGHRSSO ULQJ'HWWHHULNNHDUJX PHQWHUIRUHQLQNOXGHUHQGHVNROH
(QQ RP PDQ WRN XWVDJQHQH RJ HUNO ULQJHQH RP HQ LQNOXGHUHQGH YLGHUHJnHQGH RSSO ULQJSnDOYRURJEHVWHPWHDWDOOHVNDOJnLRUGLQ UHNODVVHU'DNXQQHYLNDQVNMH HUVWDWWHVHJUHJHULQJVVDNVDPHGLQNOXGHULQJVOLQD
VYDN LQJHQ PHGL G\V V\K¡EH SV\VRV G\VJHQ PEG JHQVDP XWYKHP
HOHYHULYLGHUHJnHQGHRSSO ULQJ
'HWWHHUELOGHWDYHQYLGHUHJnHQGHRSSO ULQJKYRUDOOH²XDQVHWWYDQVNHRJGLD JQRVH²JnULVDPPHW\SHNODVVHURJKYRUVSHVLDONODVVHQHHUKLVWRULH
'HWHUEHGUHnEDODQVHUHSnVWUDPLQNOXGHULQJVOLQH VHOY RP GHW HU IDUH IRU n UDPOHQHG²KXVNGHEHVWHOLQHGDQVHUQHEUXNHUVLNNHUKHWVQHWWHQQnVLWWHLVHJUHJH ULQJVVDNVD
2JYLPLQQHURPKYD6WRUWLQJHWVDGDGHWEHKDQGOHW6WRUWLQJVPHOGLQJHQRP5H IRUP.XQQVNDSRJN\QGLJKHW
.XI
«HQNRQVHNYHQVDYDWKHOHnUVNXOOQnKDUUHWWWLOWUHnUYLGHUHJnHQGHRSSO ULQJHU HW¡NHQGHEHKRYIRUGLIIHUHQVLHULQJ)RUnVLNUHHWOLNHYHUGLJWLOEXGPnGHWOHJJHV WLOUHWWHIRUDWHOHYHUPHGXOLNHIRUXWVHWQLQJHUInUIDJOLJHXWIRUGULQJHUWLOSDVVHWGH UHV QLYn $OOH HOHYHU XDQVHWW HYQHU RJ DQOHJJ WUHQJHU PXOLJKHWHU WLO n XWIRUVNH JUHQVHQHIRUVLQH\WHOVHU8QGHUYLVQLQJHQPnOHJJHWLOUHWWHIRUGHWWH
'HWYLNWLJVWHLGHQQHVDPPHQKHQJHUDWRUJDQLVHULQJHQSnGHQHQNHOWHVNROHNODV VHHOOHUJUXSSHKDUVRPPnOnVLNUHOLNHYHUGLJKHW(QPnGHUIRUXQQJnRUGQLQJHU VRP I¡UHU WLO IRUVWHUNLQJ DY XOLNKHWHU )DJOLJH RJ DGIHUGVPHVVLJH SUREOHPHU Pn V¡NHV O¡VW YHG VRVLDO LQWHJUHULQJ RJ LQQHQIRU NODVVHQV UDPPHU ,QQVW6QU V
'HQQHXWWDOHOVHQIUD6WRUWLQJHWHUHQEHVNULYHOVHDYLQNOXGHULQJVOLQDRJLNNHDYVHJUHJH ULQJVVDNVD
,GHWWHQRWDWHWVNDOYL²YHGnSUHVHQWHUHUHVXOWDWHURJIXQQIUDSURVMHNWHW.RP SHWDQVHHOOHURSSEHYDULQJ"²JMHQQRPIHPNDSLWOHUIRUV¡NHnQ UPHRVVSUREOHPDWLN NHQVRPHULQWURGXVHUWRYHU9LVNDOJUDYHLYnUHGDWDIRUnVHRPPDWHULDOHWJLUDUJX PHQWHUIRUnEHYHJHVHJLUHWQLQJLQNOXGHULQJVOLQDHOOHURPGHWHUJUXQQWLOnKROGHIDVW SnVHJUHJHULQJVVDNVD
.DSLWWHOSUHVHQWHUHUSURVMHNWHVEDNJUXQQRJSUREOHPVWLOOLQJHURJUHGHJM¡URJVn IRUXWYDOJDYXQJGRPPHUVRPHUPHGLSURVMHNWHW
.DSLWWHOSUHVHQWHUHUQRHQNMHQQHWHJQYHGHOHYHUVRPKDUV UVNLOWWLOUHWWHODJWYLGH UHJnHQGHRSSO ULQJ
.DSLWWHOKDQGOHURPJMHQQRPVWU¡PQLQJRJNRPSHWDQVHRSSQnHOVHIRUWUHJUXSSHU HOHYHU(OHYHUVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJKHQKROGVYLVLHJQHNODVVHURJLRU GLQ UHNODVVHU'HQWUHGMHJUXSSDHURUGLQ UHHOHYHULRUGLQ UHNODVVHU
.DSLWWHODQDO\VHUHUELYDULDWHRJPXOWLYDULDWHVDPPHQKHQJHUPHOORPNRPSHWDQVH RSSQnHOVHVRPDYKHQJLJYDULDEHORJHQUHNNHXDYKHQJLJHYDULDEOHU
.DSLWWHOHUHQDYVOXWWHQGHGU¡IWLQJPHGHQDQW\GQLQJDYKYDVRPNDQJM¡UHV
.DSLWWHO%DNJUXQQSUREOHPVWLOOLQJRJ XWYDOJ
%DNJUXQQRJSUREOHPVWLOOLQJ
5HIRUPPHGI¡UWHVWRUHHQGULQJHUDYYLGHUHJnHQGHRSSO ULQJ7RHQGULQJHUYDUKHOW VHQWUDOHIRUHOHYHUPHGEHKRYIRUV UVNLOWWLOUHWWHODJWRSSO ULQJ
• DOOXQJGRPILNNORYIHVWHWLQGLYLGXHOOUHWWWLOWUHnUVNRPSHWDQVHJLYHQGHYLGHUHJn HQGHRSSO ULQJ
• DOORSSO ULQJLQQHQIRUYLGHUHJnHQGHRSSO ULQJVNDOI¡UHIUDPWLOVWXGLHNRPSHWDQ VH\UNHVNRPSHWDQVHGRNXPHQWHUWGHONRPSHWDQVHHOOHUDQQHQDYVOXWWHWYLGHUHJn HQGHRSSO ULQJ
'HWQ\HHUDWIUDRJPHGK¡VWHQKDUDOOHDUHWWWLOnNRPPHLQQLYLGHUHJnHQGH RSSO ULQJRJEPXOLJKHWWLOnRSSQnHQIRUPHOOGRNXPHQWHUWNRPSHWDQVHYHGnJMHQ QRPI¡UHYLGHUHJnHQGHRSSO ULQJ
'HWWHEHW\UDWHQJUXSSHXQJGRPPHUVRPWLGOLJHUHLNNHYLOOHInWWQRHV UOLJXW GDQQLQJXWRYHUJUXQQVNROHQQnKDUUHWWSnnNRPPHLQQWLOHWWUHnULJO¡SLYLGHUHJnHQGH RSSO ULQJ(QQ\DUHQDHUnSQHWIRUGHP2J0HG 5HIRUPEOHGHWLQQI¡UWHQ Q\
NRPSHWDQVHIRUPL/RYRPYLGHUHJnHQGHRSSO ULQJGRNXPHQWHUWGHONRPSHWDQVH 'HQ YLGHUHJnHQGH RSSO ULQJ VNDO QRUPDOW I¡UH IUDP WLO VWXGLHNRPSHWDQVH \U NHVNRPSHWDQVH GRNXPHQWHUW GHONRPSHWDQVH HOOHU DQQHQ DYVOXWWHW YLGHUHJnHQGH RSSO ULQJª8WGUDJIUD2SSO ULQJVRUGQLQJL/RYRPYLGHUHJnHQGHRSSO ULQJ 'HWWHEHW\UDWXQJGRPPHUVRPWLGOLJHUHYLOOHWDWWQRHQnUVYLGHUHJnHQGHRSSO ULQJXWHQ n RSSQn QRHQ IRUP IRU IRUPHOO NRPSHWDQVH Qn NDQ RSSQn HQ IRUPHOO GRNXPHQWHUW NRPSHWDQVHSnOLNOLQMHPHGGHIOHVWHDQGUHXQJGRPPHU'HVRPDYXOLNHJUXQQHULNNH HULVWDQGWLOnRSSQnVWXGLHHOOHU\UNHVNRPSHWDQVHVNDONXQQHRSSQnGRNXPHQWHUWGHO NRPSHWDQVH1RHQXQJGRPPHUKDUPHG5HIRUPInWWPXOLJKHWHQWLOWDGHOLGHWJR GHWVRPXWGDQQLQJPHGHWYLWQHPnOHURJVRPPDQJHWLGOLJHUHYDUHNVNOXGHUWIUD'HWWH NDQnSQHG¡UDLQQWLOHWHOOHUVOXNNHWDUEHLGVOLY'HWWHHUVHOYVDJWDYVWRUEHW\GQLQJIRU GHPGHWJMHOGHU0HQ'HWYLORJVnY UHDYVWRUSRVLWLYEHW\GQLQJIRUVDPIXQQHWVRP KHOKHWnRSSQnHQLQNOXGHULQJDYSHUVRQHUVRPWLGOLJHUHKDUY UWHNVNOXGHUWIUDXWGDQ QLQJRJDUEHLGVOLY
)RU HQ Q UPHUH GU¡IWLQJ DY GRNXPHQWHUW GHONRPSHWDQVH VRP EHJUHS RJ IHQRPHQ VH 0DUNXVVHQ
'HWHUGHOWHPHQLQJHURPGHWWHIDNWLVNVNMHU)RUHQGU¡IWLQJDYGHQQHSUREOHPDWLNNHQVH0DUNXVVHQ
'HWRYHQVWnHQGHHUXWJDQJVSXQNWHWIRUSURVMHNWHW.RPSHWDQVHHOOHURSSEHYDULQJ"VRP KDUDUEHLGHWXWIUDHQWRGHOWSUREOHPVWLOOLQJ
• +YRUVWRUDQGHODYHOHYHUO UOLQJHUVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJRSSQnU IRUPHOONRPSHWDQVHLIRUPDYGHO\UNHVHOOHUVWXGLHNRPSHWDQVHYHGDYVOXWWHWYL GHUHJnHQGHRSSO ULQJ"
• +YLONHIRUKROGKDUEHW\GQLQJIRUGHQNRPSHWDQVHHOHYHURJO UOLQJHUPHGV U VNLOWWLOUHWWHODJWRSSO ULQJRSSQnURJKYRUVWRUEHW\GQLQJKDUGHXOLNHIRUKROG"
8WYDOJ
)RUnDUEHLGHPHGGLVVHSUREOHPVWLOOLQJHQHKDUSURVMHNWHWIXOJWXQJGRPPHULVHNV I\ONHUIUDGHV¡NWHVHJLQQYnUHQSnGHUHVYDQGULQJLQQLJMHQQRPRJXWDYYLGHUH JnHQGHRSSO ULQJ0nWHQYLKDUIXOJWXQJGRPPHQHSnKDUY UWYLDnUOLJLQQVDPOLQJDY GDWDIUDI\ONHQHVV¡NHUHOHYRJYLWQHPnOVUHJLVWUHVDPWYLDVS¡UUHVNMHPDWLOXQJGRP PHQHYnUHQRJ
8WYDOJHW DY GH XQJGRPPHQH VRP VNXOOH GHOWD L SURVMHNWHW EOH IRUHWDWW K¡VWHQ )¡UVWHVWHJLHWDEOHULQJDYXWYDOJHWYDUnIRUHWDQRHQDYJUHQVQLQJHULIRUKROGWLO GHQWRWDOHSRSXODVMRQDYHOHYHUVRPInUV UVNLOWWLOUHWWHODJWYLGHUHJnHQGHRSSO ULQJ9L GHILQHUWHVRPWLOK¡UHQGHSRSXODVMRQHQIRUGHQQHXQGHUV¡NHOVHQDOOHHOHYHUVRP
D ILNN V UVNLOW WLOUHWWHODJW RSSO ULQJ Sn JUXQQNXUVQLYnI¡UVWH nU L YLGHUHJnHQGH RSSO ULQJVNROHnUHW
E YDUUHWWVHOHYHU
F JLNNSnRUGLQ UHYLGHUHJnHQGHVNROHUHQWHQLRUGLQ UHNODVVHUHOOHULHJQHNODVVHU 9LKDGGHLXWJDQJVSXQNWHWLNNHHNVDNWHWDOOSnKYRUPDQJHHOHYHUGHWWHNXQQHGUHLHVHJ RP(QVWXGLHDYV¡NQLQJRJLQQWDNWLOV UVNLOWWLOUHWWHODJWRSSO ULQJIRUHWDWWDY0¡UH IRUVNQLQJLYLVWHDWLGHVHNVI\ONHQHVRPYDUPHGLGHQXQGHUV¡NHOVHQYDUGHW SURVHQWSURVHQWDYDYJDQJVHOHYHQHIUDJUXQQVNROHQVRPV¡NWHV UVNLOWWLOUHWWHODJWRSSO ULQJRJSURVHQWVRPEOHWDWWLQQ,YDUGHWDYJDQJVHOHYHUIUDJUXQQ VNROHQLKHOHODQGHW)RUXWVDWWVDPPHV¡NHUDQGHOWLOV UVNLOWWLOUHWWHODJWRSSO ULQJLKHOH ODQGHWLVRPL0¡UHIRUVNQLQJVVHNVI\ONHULYLOOHDQWDOOV¡NHUHWLOV UVNLOWLQQ WDNHWLY UH(WWHU5HIRUPKDUDOOHUHWWWLOLQQWDNQRHVRPYLOUHGXVHUH GHWWHV¡NHUWDOOHWQRH(WWHUVRPDOOHQnKDUUHWWWLOLQQWDNYLOHQGHOVRPPHGGHJDPOH 5HWWVHOHYHUHUHOHYHUVRPKDUUHWWWLOLQQWDNLYLGHUHJnHQGHRSSO ULQJRJWLOWUHnUVYLGHUHJnHQGHRSSO ULQJ5HWWHQHUEHVWHPWDYQnUGHKDUDYVOXWWHWJUXQQVNROHQ5HODWHUWWLOGHWWHSURVMHNWHWHUUHWWVHOHYHQH GHVRPJLNNXWDYJUXQQVNROHQYnUHQ
6NnUEUHYLNRJ'\EGDOV
6NnUEUHYLNRJ'\EGDOV
6DQGEHUJRJ9LEHV
UHJOHQHYLOOHV¡NWV UVNLOWIRUnVLNUHVHJSODVVQnV¡NHRUGLQ UW'HWHUKHOOHULNNHHQ IRUXWVHWQLQJ n V¡NH YLD V UVNLOWLQQWDNHW IRU n In V UVNLOW WLOUHWWHODJW RSSO ULQJ 'HW HU HOHYHQVEHKRYIRUWLOUHWWHOHJJLQJVRPVNDOY UHDYJM¡UHQGHLNNHRPPDQV¡NHUJMHQQRP GHWHQHHOOHUDQGUHLQQWDNHW'HWEHW\UDWGHWYLOY UHHWVW¡UUHDQGHOHOHYHUVRPInUV U VNLOWWLOUHWWHODJWRSSO ULQJHQQGHVRPV¡NHUVHJLQQLYLGHUHJnHQGHRSSO ULQJYLDV U VNLOWLQQWDNHW3nEDNJUXQQDYGHWRYHQVWnHQGHPHQHUYLGHWHUULPHOLJnDQVOnGHQWRWDOH SRSXODVMRQHQIRUYnUXQGHUV¡NHOVHIRUKHOHODQGHWWLOHOHYHUHOOHU²SURVHQWDY nUVNXOOHW
)RUnIRUHWDXWYDOJDYHOHYHUWLOYnUXQGHUV¡NHOVHEHQ\WWHWYLNO\QJHXWYDOJ'HWWH NXQQHYLJM¡UHIRUGLHOHYHQHLGHQYLGHUHJnHQGHVNROHQHURUJDQLVHUWLNO\QJHUSnXOLNH QLYnHU3nGHWI¡UVWHQLYnHWHUHOHYHQHRUJDQLVHUWLNO\QJHUI\ONHQH,QQHQIRUKYHUW I\ONHHUHOHYHQHRUJDQLVHUWLNO\QJHUSnGHQHQNHOWHVNROHRJSnGHQHQNHOWHVNROHHUGH RUJDQLVHUWLIRUVNMHOOLJHNODVVHU
9LJMRUGHYnUWNO\QJHXWYDOJYHGDWYLYDOJWHXWQRHQI\ONHU'HVHNVI\ONHQHVRP GHOWDULSURVMHNWHWHU$NHUVKXV%XVNHUXG$XVW$JGHU+RUGDODQG0¡UHRJ5RPVGDORJ 7URPV,GLVVHI\ONHQHLQQJnUDOOHHOHYHUVRPWLOIUHGVVWLOWHNULWHULHQHDFRYHULXWYDOJHW 'HWEHW\UDWYnUWXWYDOJHUKHOHSRSXODVMRQHQLGHVHNVI\ONHQHVRPLQQJnULSURVMHNWHW 'HVHNVI\ONHQHKDGGHUHWWVHOHYHULRJYLNDQGDIRUYHQWHHWXWYDOJPHOORP RJHOHYHU
(WWHUVRP²DHQNDQInRJRJVnKDUUHWWWLOV UVNLOWWLOUHWWHODJWRSSO ULQJVHOYRP HQLNNHHUWDWWLQQJMHQQRPV UVNLOWLQQWDNHWRJEHQLNNHQ¡GYHQGLJYLVWUHQJHUnInV U VNLOWWLOUHWWHODJWRSSO ULQJVHOYRPHQHUWDWWLQQJMHQQRPV UVNLOWLQQWDNHW²YDUGHWQ¡G YHQGLJnHWDEOHUHXWYDOJHWJMHQQRPHQWROHGGHWSURVHVV
)¡UVWEDYLLRNWREHUNODVVHVW\UHUQHRPnIRUWHOOHRVVKYLONHHOHYHUVHOYVDJW DQRQ\PW L GHUHV NODVVH VRP KDGGH V UVNLOW WLOUHWWHODJW RSSO ULQJ 'HW EOH SUHVLVHUW DW GHWWH NXQQH JMHOGH EnGH HOHYHU VRP KDGGH V¡NW RJ YDU NRPPHW LQQ JMHQQRP V UVNLOW LQQWDNRJHOHYHUVRPYDUNRPPHWLQQLYLGHUHJnHQGHVNROHJMHQQRPRUGLQ UWLQQWDN, EUHYHWWLONODVVHVW\UHUQHVNUHYYL
©+YHPVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJNDQY UHHWWHPDIRUGLVNXVMRQ1R HQYLOVLDWGHWEDUHHUGHVRP>«@HUWDWWLQQWLOV UVNLOWWLOUHWWHODJWRSSO ULQJ$Q GUHYLOVLDWGHWJMHOGHUDOOHVRPLHQHOOHUDQQHQJUDGInUHQV UVNLOWWLOUHWWHOHJJLQJ DYRSSO ULQJHQVLQVHOYQnUGHWWHVNMHULPHJHWOLWHQJUDG>«@RJXWHQWLOI¡ULQJDY HNVWUDUHVVXUVHU
>«@EHUYLGHUHGHUIRURSSJLGHHOHYHQHLNODVVHQVRPHWWHUGHUHVPHQLQJInUV U VNLOWWLOUHWWHODJWRSSO ULQJ,HQRUGLQ UNODVVHYLOGHWHQHVWHNULWHULHWY UHDWGHInU HQRSSO ULQJVRPHUWLOUHWWHODJWV UVNLOWLIRUKROGWLOGHQRSSO ULQJNODVVHQVRP KHOKHWInUª
+HOOHYLNV
2PNULWHULHUIRUXWYDOJDYI\ONHUVH0DUNXVVHQRJ+¡\GDOYHGOHJJ
'HWDYJM¡UHQGHHUDWYLWRNXWJDQJVSXQNWLVLWXDVMRQHQVOLNGHQYDULGHWHQNHOWHNODVVH URP'HWYDUGHVRPIDNWLVNILNNV UVNLOWWLOUHWWHODJWRSSO ULQJ²RJKHUYDOJWHYLnEUXNH NODVVHVW\UHUQHVRPNLOGH²YLYDULQWHUHVVHUWLXDYKHQJLJDYKYRUGDQGHYDUNRPPHWLQQ LYLGHUHJnHQGHRSSO ULQJ'HWILQVIOHUHPnWHUnGHILQHUHJUXSSHQHOHYHUVRPInUV UVNLOW WLOUHWWHODJWRSSO ULQJSn'HWKDUY UWYDQOLJnEUXNHHQWHQGHWnKDInWWVDNN\QGLJYXU GHULQJGHWnKDJLWWHGLDJQRVHUGHWnKDV¡NWRPV UVNLOWWLOUHWWHODJWRSSO ULQJRJHOOHU GHWnKDEOLWWWDWWLQQWLOV UVNLOWWLOUHWWHODJWRSSO ULQJVRPNULWHULHUIRUnEHVWHPPHGHQ QHHOHYJUXSSHQ9LKDUYDOJWnLNNHWDXWJDQJVSXQNWLHJHQVNDSHUNQ\WWHWWLOGHWHQNHOWH LQGLYLGRJKDUGHUIRULNNHODJWQRHQDYGLVVHNULWHULHQHWLOJUXQQ9HGnODO UHUQHGHIL QHUHJUXSSHQYHGnIRUWHOOHRVVKYHPVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLNODVVHQH VLQH WDU YL XWJDQJVSXQNW L GHW VRP VNMHU Sn RSSO ULQJVDUHQDHQ YL WDU XWJDQJVSXQNW L UHODVMRQHQPHOORPSnGHQHQHVLGHQHOHYHQRJO UHUHQNODVVHQRJVNROHQOHVRSSO ULQJVV\VWHPHWSnGHQDQGUH$WYLVLGHQEUXNHUEnGHYDQVNHGLDJQRVHRPHOHYHQKDU VDNN\QGLJYXUGHULQJRPHOHYHQKDUV¡NWRJHOOHUHUWDWWLQQWLOV UVNLOWWLOUHWWHODJWRSSO ULQJVRPXDYKHQJLJHYDULDEOHULDQDO\VHQHHUHQKHOWDQQHQVDN
'HQPnWHQYLKDUGHILQHUWV UVNLOWWLOUHWWHODJWRSSO ULQJSnRJGHQPnWHQYLKDU IRUHWDWW XWYDOJHW Sn InU VHOYVDJW NRQVHNYHQVHU IRU VDPPHQVHWQLQJHQ DY XWYDOJHW 9HG EUXNDYDQGUHNULWHULHUIRUHNVHPSHODWHOHYHQHVNXOOHKDV¡NWRJEOLWWWDWWLQQWLOV UVNLOW WLOUHWWHODJW RSSO ULQJ YLOOH YL InWW HW YHVHQWOLJ PLQGUH XWYDOJ RJ VDQQV\QOLJYLV PHG HQ DQQHQ VDPPHQVHWQLQJ 'HWWH KDU EHW\GQLQJ IRU KYRUGDQ PDQ WRONHU YnUH IXQQ (Q VWUHQJHUHDYJUHQVQLQJYLOOHVDQQV\QOLJYLVJLWWHWXWYDOJPHGVYDNHUHVNROHIDJOLJHSUHVWD VMRQHUQRHVRPLJMHQPnVHVLVDPPHQKHQJPHGJMHQQRPVWU¡PQLQJRJNRPSHWDQVH RSSQnHOVH1nUYLILQQHUDWIOHUHHQQYLNDQVNMHVNXOOHIRUYHQWHEODQWHOHYHQHPHGV U VNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHURSSQnUVWXGLHHOOHU\UNHVNRPSHWDQVHVnHU GHWYHGWRONQLQJDYGHWWHYLNWLJnKXVNHSnDWYLLYnUWXWYDOJRJVnKDUHOHYHUVRPPHGHQ DQQHQDYJUHQVQLQJDYSRSXODVMRQHQYLOOHY UWGHILQHUWVRPRUGLQ UHOHYHU(OHYHUVRP YHUNHQKDUVDNN\QGLJYXUGHULQJGLDJQRVHHOOHUKDUNRPPHWLQQYLDV UVNLOWLQQWDNHWPHQ VRPLI¡OJHNODVVHVW\UHUKDUV UVNLOWWLOUHWWHODJWRSSO ULQJ
6nYDUGHWQRHQNODVVHVW\UHUHVRPLNNHVYDUWHSnYnUKHQYHQGHOVH)RUnVLNUHRVV DWHOHYHULGLVVHNODVVHQHRJVnNRPPHGVXSSOHUWHYLXWYDOJHWYHGnKHQWHXWIUDV¡NHUUH JLVWHUHWHOHYHUVRPYDUWDWWLQQWLOV UVNLOWWLOUHWWHODJWRSSO ULQJPHQVRPNODVVHVW\UHU LNNHKDGGHUDSSRUWHUWLQQ(WWHUGHWWHEHVWRSURVMHNWHWVEUXWWRXWYDOJSnHOHYHU
'LVVHILNNWLOVHQGWVS¡UUHVNMHPDLPDUV6DPPHQPHGVS¡UUHVNMHPDHWVHQGWH YLRJVnXWHQVDPW\NNHHUNO ULQJVRPHOHYHUVRPVDVHJYLOOLJWLOnGHOWDLSURVMHNWHWI\OWH XW)RUGHHOHYHQHVRPJDVOLNWVDPW\NNHNXQQHYLRJVnVHSnUHJLVWHUGDWDRPGLVVHHOHY HQH*MHQQRPSURVHVVHQPHGXWVHQGLQJRJLQQKHQWLQJDYVS¡UUHVNMHPDRJPHGDUEHLG PHGUHJLVWHUGDWDEOHEUXWWRXWYDOJHWUHGXVHUWWLOHWQHWWRXWYDOJSnHOHYHU
$YGLVVHYDUGHWVRPVYDUWHSnVS¡UUHVNMHPDPRWVOXWWHQDYVNROHnUHW RJVDMDWLOnY UHPHGLSURVMHNWHWGHWYLOVLHQVYDUSURVHQWSn6NROHnUHW 'HWHUIOHUHnUVDNHUWLOGHQQHIRUVNMHOOHQPHOORPEUXWWRRJQHWWRXWYDOJVH0DUNXVVHQRJ+¡\GDO YHGO
$YGLVVHKDUVHQHUHWUXNNHWVHJIUDXQGHUV¡NHOVHQVOLNDWYLI¡OJHUHOHYHUPHGV UVNLOWWLOUHWWHODJW RSSO ULQJ
YDUGHWSURVHQWRJVNROHnUHWYDUGHWSURVHQWVRP VYDUWHSnVS¡UUHVNMHPD5HJLVWHUGDWDKDUYLVDPOHWLQQnUOLJRPGHVRPKDUVDJWVHJ YLOOLJWLOnY UHPHGLSURVMHNWHW
, WLOOHJJWLOHOHYHQH PHG V UVNLOW WLOUHWWHODJW RSSO ULQJ HWDEOHUWH YL RJVn HQ NRQ WUROOJUXSSH PHG RUGLQ UH HOHYHU L RUGLQ UH NODVVHU 2JVn KHU ED YL NODVVHVW\UHUQH RP KMHOS'HYDOJWHHWWHUQRHQJLWWHNULWHULHUXWHQNRQWUROOJUXSSHVRPEHVWRDYUHWWVHOHYHU PHGVDPPHIRUKROGVPHVVLJHVDPPHQVHWQLQJSnYDULDEOHQHNM¡QQRJVWXGLHUHWQLQJVRP XWYDOJHWDYHOHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU.RQWUROOJUXSSHQ EHVWnUDYHOHYHU
,HQXWYDOJVXQGHUV¡NHOVHVRPGHQQHNQ\WWHUGHWVHJXVLNNHUKHWWLOIXQQHQH(WWHU VRP YL LNNH XQGHUV¡NHU KHOH SRSXODVMRQHQ NDQ YL DOGUL NRQNOXGHUH PHG SURVHQW VLNNHUKHWRPGHP'HWUHGHJM¡UHVLNNHJUXQGLJIRUGHWWHKHUPHQYLQHYQHUDWGHUVRP PDQ ILQQHU HQ IRUGHOLQJ L XWYDOJHW Vn HU XVLNNHUKHWVPDUJLQHQH YHG RJ REVHUYDVMRQHUKHQKROGVYLVRPODJVHNVILUHRJWUHSURVHQWSRHQJ(WHNVHPSHOLO OXVWUHUHUGHWWH'HUVRPYLLHWXWYDOJSnILQQHUDWGHWHUSURVHQWJXWWHURJ SURVHQW MHQWHU Vn EHW\U HQ XVLNNHUKHWVPDUJLQHQ Sn WUH SURVHQW DW GHW HU VDQQV\QOLJ DW DQGHOHQ MHQWHU L SRSXODVMRQHQ HU SURVHQW GHW YLO VL PHOORP RJ SURVHQW )RUVNMHOOHU VRP VNDO NRPPHQWHUHV Pn Y UH VWDWLVWLVN SnOLWHOLJH VLJQLILNDQWH 0HG HW VLJQLILNDQVQLYnVDQQV\QOLJKHWHQIRUnWDIHLOQnUYLIRUNDVWHUSnVWDQGHQRPDWVDPPHQ KHQJHQ HU QXOO Sn IHPSURVHQWVQLYn S HU GHW LQQWLO IHP SURVHQW VMDQVH IRU DW SRSXODVMRQHQOLNHYHOOLJJHUXWHQIRUXWYDOJHW
)RUHQJUXQGLJHUHUHGHJM¡UHOVHVH0DUNXVVHQRJ+¡\GDOYHGOHJJ'HUHUXWYDOJUHSUHVHQWDWL YLWHWRJVNMHYKHWLPDWHULDOHWIRUGHQQHXQGHUV¡NHOVHQGU¡IWHW
.DSLWWHO(OHYHUPHGV UVNLOWWLOUHWWHODJW RSSO ULQJ²QRHQNMHQQHWHJQ
1nUYLLNDSLWWHOVNDOSUHVHQWHUHRJLNDSLWWHODQDO\VHUHNRPSHWDQVHRSSQnHOVHIRUWUH JUXSSHUHOHYHUHWWHUILUHRJIHPnULYLGHUHJnHQGHYLONRPSHWDQVHRSSQnHOVHVRPDYKHQ JLJYDULDEHOKHOHWLGHQEOLDQDO\VHUWLIRUKROGWLOHQUHNNHXDYKHQJLJHYDULDEOHU'LVVHX DYKHQJLJHYDULDEOHQH²VRPHJHQVNDSHUHOOHUNMHQQHWHJQNQ\WWHWWLOHOHYHQH²SUHVHQWHUHV LGHWWHNDSLWOHW
6 UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHHOOHU RUGLQ UHNODVVHU
6RPYLDOOHUHGHKDUJMRUWUHGHIRUNDQHOHYHQHLGHQQHXQGHUV¡NHOVHQGHOHVLWUHJUXSSHU
• (OHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUQ
• (OHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUQ
• 2UGLQ UHHOHYHULRUGLQ UHNODVVHUQ
%ODQWHOHYHQHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJVHUYLDWIRUGHOLQJHQHU PHOORPV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHKHQKROGVYLVRUGLQ UHNODVVHU'HQQH IRUGHOLQJHQILQQHUYLLNNHEDUHEODQWGHPVRPHUPHGLXQGHUV¡NHOVHQPHQRJVnLKHOH SRSXODVMRQHQLGHVHNVI\ONHQH9LILQQHUDOWVnDWRPODJHQWUHGMHGHODYHOHYHQHVRPInU V UVNLOWWLOUHWWHODJWRSSO ULQJSnJUXQQNXUVQLYnK¡VWHQHUSODVVHUWLHJQHNODVVHU PHQVRPODJWRWUHGMHGHOHUJnULRUGLQ UHNODVVHU
%ODQWXQJGRPPHQHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJHUSURVHQWLYnUWXW YDOJ WDWW LQQ JMHQQRP GHW VnNDOWH V UVNLOWLQQWDNHW GH ¡YULJH SURVHQW JMHQQRP GHW RUGLQ UHLQQWDNHW%ODQWGHPVRPHUWDWWLQQJMHQQRPV UVNLOWLQQWDNHWHUGHWKHOH SURVHQWVRPJnULHJQHNODVVHU'HWWHNDQWRONHVSnWRPnWHU,LQQWDNVV\VWHPHWVDNN\Q GLJLQVWDQVSSWUnGJLYHUHLQQWDNVNRQWRUHUWHQNHUPDQYHOGLJUDVNWLUHWQLQJDYVSHVLDO NODVVHUQnUPDQWDUHOHYHULQQJMHQQRPV UVNLOWLQQWDNHW6HJUHJHULQJVWHQNLQJDUnUJUXQ QHQ(OOHUPDQNDQWRONHGHWWHGLWKHQDWPDQIRUEHKROGHUV UVNLOWLQQWDNHWIRUGHVRP KDUVW¡UVWEHKRYIRUWLOUHWWHOHJJLQJPHQVGHVRPKDUPLQGUHEHKRYVNDOV¡NHJMHQQRP GHW RUGLQ UH LQQWDNHW $OWVn HQ UHGXVHULQJ DY V UVNLOWLQQWDNHWV EHW\GQLQJ RJ RPIDQJ LQQHQIRUHQLQNOXGHUHQGHWDQNHJDQJ
1RHDYGHWVRPSUHVHQWHUHVKHUHUWLGOLJHUHSUHVHQWHUWL0DUNXVVHQRJ+¡\GDONDS*UXQQHQ WLODWGHWOLNHYHOWDVPHGKHUHUDWGHWHUQ¡GYHQGLJIRUOHVHUHQnNMHQQHGLVVHYDULDEOHQHRJIRUGHOLQJHQ SnGHPIRUnNXQQHKDInEHVWPXOLJXWE\WWHDYDQDO\VHQHRJGU¡IWLQJHQHLNDSLWWHORJ
,QRHQDYDQDO\VHQHYLOYLGHOHWRDYJUXSSHQHLWRVOLNDWYLYLORSHUHUHPHGHQIHPGH OLQJ
• (OHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUQ
• (OHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UH\UNHVIDJOLJHNODVVHUQ
• (OHYHUPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHDOPHQIDJOLJHNODVVHUQ
• 2UGLQ UHHOHYHULRUGLQ UH\UNHVIDJOLJHNODVVHUQ
• 2UGLQ UHHOHYHULRUGLQ UHDOPHQIDJOLJHNODVVHUQ
'LVVHLQQGHOLQJHQHHUJMRUWK¡VWHQVOLNVLWXDVMRQHQYDUGD9LKDUYDOJWnEHKROGH GHQQHLQQGHOLQJHQLWUHHOOHUIHPVRPHWUHIHUDQVHSXQNWVHOYRPQRHQHOHYHUKDUE\WWHW VWXGLHUHWQLQJRJDWPDQJHHWWHUKYHUWLNNHPRWWDUHNVWUDKMHOSRJVW¡WWH
.M¡QQ
%ODQWHOHYHQHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJSnJUXQQNXUVK¡VWHQILQQHUYL LYnUWPDWHULDOHSURVHQWJXWWHURJSURVHQWMHQWHU'HWWHHUHWYHONMHQWIXQQLQQHQ IRUVNQLQJRPV UVNLOWWLOUHWWHODJWRSSO ULQJEnGHQDVMRQDOWRJLQWHUQDVMRQDOW%ODQWDQ QHWIDQW6NnUEUHYLNDWSURVHQWDYV¡NHUHWLOV UVNLOWWLOUHWWHODJWRSSO ULQJLVHNVI\ONHU L YDU JXWWHU 2JVn L 0¡UHIRUVNQLQJV HYDOXHULQJ DY V UVNLOW WLOUHWWHODJW RSSO ULQJ LQQHQIRU.XIVHJHQHYDOXHULQJDYUHIRUPHQILQQHUPDQRPODJGHQVDPPHIRUGHOLQJHQ )RUGHOLQJHQ PHOORPMHQWHURJ JXWWHULQQHQIRUXQGHUJUXSSHUDYHOHYHUPHGV U VNLOW WLOUHWWHODJW RSSO ULQJ YDULHUHU %ODQW GHP VRP KDU V UVNLOW WLOUHWWHODJW RSSO ULQJ L RUGLQ UHNODVVHUHUSURVHQWJXWWHULJUXQQNXUVRYHUWRnUILQQHUYLSURVHQWLnW WHUJUXSSHUKHOHSURVHQWRJLILUHUJUXSSHUSURVHQWJXWWHU
6NnUEUHYLNRJ'\EGDOV
.YDOVXQGPIOVRJ+DJHQV
*UXQQNXUVRYHUWRnUHUHWWLOEXGWLOHOHYHUVRPWUHQJHUOLWWOHQJUHWLGSnJUXQQNXUVHWRJSnnNRPPHL JDQJLYLGHUHJnHQGHRSSO ULQJ'HNDQInHQP\NVWDUWRJVHQHUHKDPXOLJKHWIRUnIRUWVHWWHSnHWQRU PDOWO¡S
7LOUHWWHODJWHJUXQQNXUVnWWHUJUXSSHUKDUUHGXVHUWHOHYWDOORIWHPHOORP²HOHYHULKYHUNODVVH$QGUH EHWHJQHOVHUHU\UNHVIRUEHUHGHQGHNXUVRJDOWHUQDWLYHJUXQQNXUV'HWLOUHWWHODJWHJUXQQNXUVHQHKDUIOHUH VLNWHPnO'HHUWLOEXGWLOHOHYHUVRPWUHQJHUHWPRGQLQJVnUI¡UGHEHJ\QQHUSnRUGLQ UHJUXQQNXUVRJGH HUWLOEXGWLOHOHYHUVRPKDUO UHYDQVNHURJWUHQJHUHNVWUDRSSI¡OJLQJ'HWLOUHWWHODJWHJUXQQNXUVHQHWDU RJVnVLNWHSnnNYDOLILVHUHHOHYHUWLODUEHLGLGHWRUGLQ UHDUEHLGVOLYHOOHUYHGYHUQHGHDUEHLGVSODVVHU)RU QRHQHOHYHUNDQGHWY UHDNWXHOWnV¡NHLQQWDNWLORUGLQ UWJUXQQNXUVHWWHUnKDIXOOI¡UWHWWnUSnWLOUHWWH ODJWJUXQQNXUV$QGUHYLOKDIRUWVDWWEHKRYIRUWLOUHWWHODJWRSSO ULQJ
,ILUHUJUXSSHQHEOLURSSO ULQJHQWLOUHWWHODJWIRUHOHYHUVRPKDURPIDWWHQGHO UHYDQVNHU2SSO ULQJHQ NDQY UHNQ\WWHWWLOXOLNHJUXQQNXUVRJKDXOLNHEHWHJQHOVHUPHQGHWJHQHUHOOHVLNWHPnOHWPHGRSSO ULQ JHQHUnELGUDWLODWHOHYHQHNDQPHVWUHVLQGDJOLJHVLWXDVMRQSnHQEHVWPXOLJPnWH
6RVLDOVWDWXV
'HQVWDWXVYDULDEHOHQYLEHQ\WWHUHUNRQVWUXHUWSnEDNJUXQQDYIHPXQGHUOLJJHQGHYDUL DEOHU
9LKDULVS¡UUHVNMHPDHWVSXUWHOHYHQHRPKYLONHW\UNHGHUHVIRUHOGUHKDU0HGXW JDQJVSXQNWLGHWVYDUHWGHKDUJLWWKDUYLJUXSSHUWEnGHPRUVRJIDUV\UNHLXOLNH\U NHVJUXSSHUYHUGLHQH²9LGHUHKDUYLVSXUWRPKYLONHQXWGDQQLQJIRUHOGUHQHKDU +HUKDUHOHYHQHNU\VVHWLILUHXOLNHNDWHJRULHUYHUGLHQH²'HWVLVWHVS¡UVPnOHWVRP LQQJnU L VWDWXVYDULDEHOHQ HU HW VS¡UVPnO RP KYHP DY IRUHOGUHQH HOHYHQH ERU VDPPHQ PHG (WWHU JUXSSHULQJ DY VYDUHQH RSHUHUHU YL KHU PHG WR YHUGLHU %RU VDPPHQ PHG EHJJHIRUHOGUHQHHOOHULNNHYHUGLHQH²
1nUHQVNDOEUXNHIHPVOLNHYDULDEOHUIRUnODJHpQQ\HUGHWXOLNHPnWHUnDQJULSH GHWWHSn9LVNLVVHUHUKDUWRXOLNHWLOQ UPLQJHU
'HQ HQH WLOQ UPLQJHQ HU n JMHQQRPI¡UH HQ OLQH U UHJUHVMRQVDQDO\VH PHG GLVVH IHPYDULDEOHQHVRPXDYKHQJLJYDULDEHOPRWHQYDOJWDYKHQJLJYDULDEHOVRPHQ¡QVNHUn IRUKROGHGHPWLO9LKDUYDOJWnUHODWHUHGLVVHIHP XQGHUOLJJHQGH YDULDEOHQH WLO JUXQQ VNROHNDUDNWHUHQHWLOGLVVHHOHYHQH3nEDNJUXQQDYGHQQHUHJUHVMRQVDQDO\VHQNDQYLODJH HQIRUPHOIRUHWDEOHULQJDYHQVWDWXVYDULDEHO
'HQDQGUHWLOQ UPLQJHQHUnNRQVWUXHUHHQDGGLWLYLQGHNV'HWEHW\UUHWWRJVOHWW DWGHQQ\HYDULDEHOHQIUHPVWnUVRPHQVXPDYYHUGLHQHSnGHIHPYDULDEOHQHVRPLQQ JnU 'HWWHEOLU GD MI PDNVLPXPV RJ PLQLPXPVYHUGLHQH Sn GLVVH IHP YDULDEOHQH HQ YDULDEHOVRPNDQVWUHNNHVHJIUDWLO'HWHUIOHUHSUREOHPHUNQ\WWHWWLOGHQQHW\SH DGGLWLYLQGHNVPHQYLIRUHWDULQJHQQ UPHUHGU¡IWLQJDYGLVVHSUREOHPHQHKHU
9LKDUNRUUHOHUWGLVVHWRQ\NRQVWUXHUWHYDULDEOHQHIRUHWPnOSnVRVLDOVWDWXVRJ ILQQHUDWGHNRUUHOHUHUU 9LNDQNRQNOXGHUHPHGDWYLKHUKDUNRQVWUXHUWWRYDUL DEOHVRPIRUVWDWLVWLVNHIRUPnOPnEHWUDNWHVVRPLGHQWLVNH
5HQWLQWXLWLYWHUGHQDGGLWLYHYDULDEHOHQOHWWHVWnIRUVWn'HQE\JJHUSnIHPXOLNH IRUKROGVRPDOOHLQQJnULYDULDEHOHQ6HOYRPYDULDEHOHQVRPE\JJHUSnOLQH UUHJUHVMRQ NDQVNMHHUEHGUHIRUVWDWLVWLVNHIRUPnOYHOJHUYL²QnUGHNDQEHWUDNWHVVRPLGHQWLVNH² XWIUD SHGDJRJLVNH KHQV\Q n EUXNH GHQ PHU IRUVWnHOLJH DGGLWLYH LQGHNVYDULDEHOHQ 9L ODJHURJVnHQJUXSSHULQJKYRUYLVOnUVDPPHQIOHUHYHUGLHURJInUHQIHPGHOWJUXSSHUW YDULDEHOIRUVRVLDOVWDWXV,ILJXUVHUYLKYRUGDQHOHYHQHIRUGHOHUVHJSnGHQJUXSSHUWH VWDWXVYDULDEHOHQDYKHQJLJDYKYLONHQJUXSSHGHWLOK¡UHU
)LJXU6RVLDOVWDWXVEODQWXOLNHJUXSSHUHOHYHUSURVHQWLQQHQKYHUJUXSSH
ODY PLGGHOVODY PLGGHOV PLGGHOVK¡\ K¡\
WLOULHJQH WLOULRUG\I WLOULRUGDI RUG\I RUGDI
U S
9L REVHUYHUHU DOWVn HQ VLJQLILNDQW PHQ VYDN VDPPHQKHQJ PHOORP WLOK¡ULJKHW WLO GLVVH IHPJUXSSHQHRJVRVLDOVWDWXV9LVHUHQJDQVNHOLNIRUPSnIRUGHOLQJHQH0HQYLVHUDW NXUYHQHIRUGHWRJUXSSHQHPHGHOHYHUVRPJnULNODVVHUSnDOPHQIDJOLJHVWXGLHUHWQLQJHU
²EnGHRUGLQ UHHOHYHURJHOHYHUVRPKDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UH NODVVHU²OLJJHUOLWWOHQJHUWLOK¡\UHIRURJOLWWRYHUGHDQGUHRJDWGLVVHWRJUXSSHQHOLJ JHUXQGHUGHDQGUHSnODYRJPLGGHOVODYVWDWXVPHQRYHUGHDQGUHSnPLGGHOVPLGGHOV K¡\RJK¡\VWDWXV'HWEHW\UDWHOHYHUSnDOPHQIDJOLJHVWXGLHUHWQLQJHUVFRUHUK¡\HUHSn YnUWVWDWXVPnOHQQ\UNHVIDJHOHYHURJGHWHULQJHQEHW\GHOLJIRUVNMHOOPHOORPRUGLQ UH DOPHQIDJHOHYHURJDOPHQIDJHOHYHUVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODV VHU.XUYHQHIRURUGLQ UH\UNHVIDJHOHYHURJHOHYHQHVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUSn\UNHVIDJI¡OJHUKYHUDQGUHRJVnWHWW
9LVHUDOWVnDWGHWJnUWRVNLOOHUKHUHWWVNLOOHPHOORP\UNHVIDJRJDOPHQHIDJRJHW DQQHWVNLOOHVRPI¡OJHUGHQPnWHQHOHYHQInURSSO ULQJHQVLQSn2SSVXPPHUW(OHYHU VRPKDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUVFRUHUODYHVWSnYnUWPnOIRU VRVLDOVWDWXVHOHYHUSn\UNHVIDJGHUHWWHURJK¡\HVWVFRUHUHOHYHQHSnGHDOPHQIDJOLJHVWX GLHUHWQLQJHQH %ODQW HOHYHU L RUGLQ UH NODVVHU HU GHW LQJHQ YHVHQWOLJH IRUVNMHOOHU HWWHU KYRUYLGWHOHYHQHKDUV UVNLOWWLOUHWWHODJWRSSO ULQJHOOHULNNH
$OGHU
6RPYLKDUJMRUWUHGHIRULNDSLWWHOVnHUGHWEDUHUHWWVHOHYHUIUDVRPLQQJnUL GHQQHXQGHUV¡NHOVHQ'HWEHW\UDWGHK¡VWHQGDXQGHUV¡NHOVHQVWDUWHWKDGGHUHWW WLOLQQWDNLYLGHUHJnHQGHRSSO ULQJGHILQHUWDYDWGHKDGGHJnWWXWDYJUXQQVNROHQYnUHQ 'HDOOHUIOHVWHLYnUWPDWHULDOHHUGHUIRUI¡GWLGHWYLOVLDWGHI\OWHnUL GHWnUHWYLVWDUWHUYnUI¡OJLQJDYGHP0HQGHWHUDOWVnQRHQDYUHWWVHOHYHQHVRPHU
I¡GWLHOOHURJGHWVN\OGHVHQWHQDWGHKDUEHJ\QW©IRUWLGOLJªHOOHUDWGHKDU EHJ\QW©IRUVHLQWªXWVDWWVNROHVWDUWHOOHU©EUXNWIRUODQJWLGªIRUHNVHPSHOYHGDWGHKDU JnWWWLHQGHNODVVH'HUVRPYLEUXNHULQQGHOLQJHQLIHPJUXSSHUInUYLHWELOGHVRPLWD EHOO
7DEHOO)¡GVHOVnULQRHQHOHYJUXSSHU3URVHQW )¡GVHOVnU WLOUHJQHNODVV
Q WLOURUGNODVV\I
Q WLOURUGNODVVDI
Q RUGHOHYHU\I
Q RUGHOHYHUDI Q
HWD S
'HWnInV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUHUHWXWWU\NNIRUHWEHKRYKRVGHQ GHWJMHOGHU'HIRUKROGVRPVNDSHUGHWWHEHKRYHWIRUKMHOSRJVW¡WWHLHJQHNODVVHUNDQ Y UHGHVDPPHIRUKROGVRPI¡UHUWLODWHOHYHQHQWHQKDU·EHJ\QWIRUVHLQW·HOOHU·EUXNW IRUODQJWLG·SnJUXQQVNROHQ'HWNDQIRUHNVHPSHOY UHDWHOHYHQHUIDJOLJVYDNKDUO UHYDQVNHU HOOHU KDU HQ IXQNVMRQVKHPPLQJ VRP JM¡U DW KDQKXQ InU RSSO ULQJHQ VLQ L PLQGUHJUXSSHU'HWHUGHUIRULNNHRYHUUDVNHQGHDWYL²VRPWDEHOOYLVHU²ILQQHUVLJQL ILNDQWHIRUVNMHOOHULDOGHUVVDPPHQVHWQLQJHQPHOORPGHWUHJUXSSHQH
• $QGHOHQI¡GWLGHVRPEHJ\QQHULYLGHUHJnHQGHRSSO ULQJHWWnU©IRUVHLQWª HUNODUWVW¡UVWSURVHQWEODQWGHPVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQH NODVVHU2JVnEODQWHOHYHQHPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UH\UNHVIDJ NODVVHUILQQHUYLIOHUHHQQLGHDQGUHJUXSSHQH
• 'HWHUEDUHEODQWRUGLQ UHOHYHQHDWQRHQVWDUWHU©IRUWLGOLJªSURVHQW
9DQVNH
1RHQDYHOHYHQHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJKDUV¡NWRPV UVNLOWWLOUHWWHODJW RSSO ULQJJMHQQRPGHWVRPRPWDOHVVRPV UVNLOWLQQWDNHW'HWWHEHW\UDWGHHWWHUVDN N\QGLJYXUGHULQJV¡NHURPnEOLWDWWLQQV UVNLOW'HWWHLQQWDNHWKDUHQKLVWRULVNEHJUXQ QHOVH7LGOLJHUHI¡UDOOHILNNUHWWWLOYLGHUHJnHQGHRSSO ULQJYDUGHWHUSRHQJDWHOHYHU VRPKDGGHEHKRYIRUV UVNLOWWLOUHWWHODJWRSSO ULQJV¡NWHJMHQQRPHWHJHWLQQWDNPHG V¡NQDGVIULVWHQPnQHGWLGOLJHUHHQQGHDQGUHV¡NHUQH'DNXQQHGHEOLVLNUHWHQSODVV XWHQnPnWWHNRQNXUUHUHPHGRUGLQ UHV¡NHUH2IWHEOHGHWSUDNWLVHUWNYRWHRUGQLQJHU VRPUHJXOHUWHDQWDOOHOHYHUPHGV UVNLOWHEHKRYLYDQOLJHNODVVHU)UDEOHIRU WULQQVUHWWYHGLQQWDNIRUHOHYHUPHGEHKRYIRUV UVNLOWWLOUHWWHODJWRSSO ULQJVDWWLYHUN
%ODQWDQQHW XOLNH NYRWHRUGQLQJHU JMRUGH DW GHQQH IRUWULQQVUHWWHQ LNNH I¡UWH WLO DW DOOH VRPKDGGHEHKRYIRUV UVNLOWWLOUHWWHODJWRSSO ULQJEOHWDWWLQQ1RHQKDURPWDOWIRU WULQQVUHWWHQVRPUHWWHQWLOnVWnLN¡
6 UVNLOWLQQWDNHWYDUIRUPDQJHGHQHQHVWHYHLHQWLOHQSODVVLYLGHUHJnHQGHRSSO ULQJ(WWHU5HIRUPVRPMRVLNUHUDOOHUHWWWLOLQQWDNHUEHKRYHWIRUGHWWHV UVNLOWH LQQWDNHW UHGXVHUW /LNHYHO SUDNWLVHUHV GHW IRUWVDWW VHOY RP L KYHUW IDOO QRHQ I\ONHU KDU
VWUDPPHWLQQNULWHULHQHIRUKYHPVRPInUV¡NHRJKYHPVRPNDQEOLWDWWLQQV UVNLOW (QEHJUXQQHOVHIRUnEHKROGHV UVNLOWLQQWDNHWHUDWGHWWHJLUVNROHQHEHGUHPXOLJKHWWLOn SODQOHJJHRJ OHJJH WLO UHWWHIRU HOHYHU PHG VWRUH WLOUHWWHOHJJLQJVEHKRY 1RHQ PHQHU DW GHWWHNXQQHY UWO¡VWYHGEHGUHPHOGHUXWLQHUIUDXQJGRPVVNROHWLOYLGHUHJnHQGHVNROH RJIRUVODJHWRPnVO¡\IHV UVNLOWLQQWDNHWHUGHEDWWHUWLKYHUWIDOOLQWHUQWLHQNHOWHI\ONHU
,GDGHHOHYHQHYLI¡OJHUVWDUWHWLYLGHUHJnHQGHRSSO ULQJYDUGHQQHHQGULQ JHQDYNULWHULHURJSUDNVLVUXQGWV UVNLOWLQQWDNHWEDUHVnYLGWNRPPHWLJDQJ'HUIRUKDU PDQJHDYGHPVRPLQQJnULGHQQHXQGHUV¡NHOVHQV¡NWYLDV UVNLOWLQQWDNHW'HWEHW\UDW GHKDURSSJLWWHQV¡NQDGVJUXQQRJLQRHQWLOIHOOHUHQGLDJQRVH,WLOOHJJWLOGHQLQIRUPD VMRQHQ RP YDQVNHGLDJQRVH VRP OLJJHU L V¡NHUUHJLVWHUHW KDU YL RJVn LQIRUPDVMRQ IUD NODVVHVW\UHUHRPKYRUIRUHOHYHQHKDGGHV UVNLOWWLOUHWWHODJWRSSO ULQJK¡VWHQ3n EDNJUXQQ DY GLVVH WR LQIRUPDVMRQHQ KDU YL NXQQHW ODJH HQ YDQVNHGLDJQRVHYDULDEHO )RUGHOLQJHQDYHOHYHQHSnGHQQHYDULDEHOHQVDPOHWRJIRUGHOWSnWUHJUXSSHUIUHPJnUDY ILJXURJWDEHOO
)LJXU9DQVNHGLDJQRVHEODQWHOHYHUVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHRJRUGLQ UHNODVVHU KHQKROGVYLVSn\UNHVIDJRJDOPHQHIDJSURVHQWLQQHQKYHUJUXSSH
LQJHQ PHGL V\K¡EH VYDN G\V G\VJHQ SV\VRV PEG JHQVDP XWYKHP
HJQHNO RUGNO\I RUGNODI
HWD
7DEHOO9DQVNHGLDJQRVHEODQWHOHYHUVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHKHQKROGVYLVRUGLQ UH NODVVHUSURVHQW
9DQVNHGLDJQRVH WLOUHJQHNODVVHU
Q WLOLRUGNO\I
Q WLOULRUGNODI
Q 'HWUHJUXSSHQH VDPOHWQ
,QJHQJUXQQ
0HGLVLQVNHYDQVNHU
6\QK¡UVHOVRJEHYHJHOVHVKHPPLQJ
)DJOLJVYDN
'\VOHNVLG\VNDONXOL
'\VOHNVLRJJHQHUHOOHO UHYDQVNHU
3V\NRVRVLDOHHPRVMRQHOOHYDQVNHU
0EGPHGWLOOHJJVYDQVNHU
*HQHUHOOHRJVDPPHQVDWWHO UHYDQVNHU
3V\NLVNXWYLNOLQJVKHPPHW
$OOH
%ODQWDOOHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJHUPDMRULWHWHQHOHYHUPHGJHQHUHOOHRJ HOOHUVDPPHQVDWWHO UHYDQVNHUG\VOHNVLG\VNDONXOLSV\NRVRVLDOHSUREOHPHUHOOHUVRPHU IDJOLJVYDNH'LVVHXWJM¡USURVHQWDYDOOHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJ
0HQGHWVRPHUGHWYLUNHOLJLQWHUHVVDQWHHUKYRUGDQHOHYHUPHGXOLNHYDQVNHUHU SODVVHUWLQQHQIRUXOLNHRUJDQLVDWRULVNHO¡VQLQJHULHJQHHOOHURUGLQ UHNODVVHU9LOHJJHU PHUNHWLOKYRUGDQVDPPHQVHWQLQJHQEODQWHOHYHUVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJL RUGLQ UHNODVVHUHUXOLNPHOORPDOPHQHIDJRJ\UNHVIDJ9LREVHUYHUHUDWDQGHOHQPHG PHGLVLQVNHYDQVNHURJV\QVK¡UVHOVHOOHUEHYHJHOVHVKHPPLQJHUVW¡UUHLDOPHQIDJNODV VHQH HQQ L \UNHVIDJNODVVHQH PHQV GHW HU Vn JRGW VRP LQJHQ PHG JHQHUHOOH RJHOOHU VDPPHQVDWWHO UHYDQVNHUHOOHUSV\NLVNXWYLNOLQJVKHPPLQJLGHDOPHQIDJOLJHNODVVHQH
6HJUHJHULQJVVDNVDVRPYLYLVWHLRSSVSLOOHWWLOGHWWHQRWDWHWEODJMHUQHWLOEDNHRJ OHVRSSVSLOOHWHQJDQJWLOYLVHUKYRUGDQPDQYHOJHUXOLNHRUJDQLVDWRULVNHO¡VQLQJHUDY KHQJLJDYHOHYHQHVGLDJQRVHYDQVNH¡NHQGHJUDGDYDGIHUGVRJO ULQJVPHVVLJHYDQVNHU
¡NHUVDQQV\QOLJKHWHQIRUnEOLSODVVHUWLHJQHVSHVLDONODVVHU0DQYHOJHURUJDQLVDWRULVN VHJUHJHULQJIRUHOHYHQHPDQRSSIDWWHUVRPYDQVNHOLJVWnKDLRUGLQ UHNODVVHU6S¡UV PnOHWHURPGHWWHHUYHLHQnJnGHUVRPPnOHWHUUHHOOLQNOXGHULQJ
+MHOSLXQJGRPVVNROHQ
9LKDUXQGHUV¡NWLKYRUVWRUJUDGHOHYHQHKDUKDWWHNVWUDKMHOSRJVW¡WWHXQJGRPVVNROHQ 5HVXOWDWHWDYGHWWHIUHPJnULWDEHOO
7DEHOO(NVWUDKMHOSRJVW¡WWHLXQJGRPVVNROHQLIHPHOHYJUXSSHU 7\SHKMHOS WLOUHJQHNODVV
Q WLOURUGNODVV\I
Q WLOURUGNODVVDI
Q RUGHOHYHU\I
Q RUGHOHYHUDI Q
,QJHQ
6W¡WWHNRQWDNW
6W¡WWH
6W¡WWHRJVWNRQW
HWD S
+HUHUGHWVHOYVDJWVWRUIRUVNMHOOPHOORPJUXSSHQH'HWHUKHOWULPHOLJnIRUYHQWHDWGH VRPKDUKDWWPHVWKMHOSLXQJGRPVVNROHQHUGHVRPJnUSnGHPHVWWLOUHWWHODJWWLOEXGHQH LYLGHUHJnHQGHRSSO ULQJ'HWYLNDQPHUNHRVVNDQVNMHOLWWRYHUUDVNHQGHHUDWVnP\H VRP SURVHQW DY GH RUGLQ UH \UNHVIDJHOHYHQH KDU KDWW HNVWUD KMHOS RJ VW¡WWH L XQJ GRPVVNROHQ.DQVNMHGLVVHXQJGRPPHQHKDU¡QVNHWnVWDUWHPHGEODQNHDUNLYLGHUHJn HQGHRSSO ULQJYHGLNNHnV¡NHJMHQQRPV UVNLOWLQQWDNHW"
.DUDNWHUHUIUDXQJGRPVVNROHQ
1nUXQJGRPVRPIRUODWHUXQJGRPVVNROHQV¡NHUVHJLQQLYLGHUHJnHQGHRSSO ULQJEH UHJQHVGHWRSSWDNVSRHQJEDVHUWSnGHNDUDNWHUHQHXQJGRPPHQHILNNLXQJGRPVVNROHQ 2SSWDNVSRHQJHQHEHUHJQHVYHGDWERNVWDYNDUDNWHUHQHIUDXQJGRPVVNROHQJLUYHUGLVOLN /J 1J * 0J RJ6J .DUDNWHUHQHIUDIDJVXPPHUHVVOLNDWHOHYHUVRP KDUNDUDNWHULDOOHIDJNDQKDRSSWDNVSRHQJVRPYDULHUHUIUD/JLIDJWLO6JL DOOH IDJ 9L KDU EHUHJQHW JMHQQRPVQLWWOLJ NDUDNWHUSRHQJ IRU GH IHP HOHYJUXSSHQH YL I¡OJHU'HWWHIUHPJnUDYWDEHOO
7DEHOO*MHQQRPVQLWWOLJNDUDNWHUSRHQJIUDJUXQQVNROHQIRUIHPHOHYJUXSSHU 6 UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUQ 6 UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU²\IQ 6 UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU²DIQ
2UGLQ UHHOHYHU\IQ
2UGLQ UHOHYHUDIQ
(WD S
9LREVHUYHUHUHQPHJHWVWHUNVDPPHQKHQJPHOORPKYLONHQDYGHIHPJUXSSHQHHOHYHQH WLOK¡UHU RJ GHUHV NDUDNWHUSRHQJ IUD JUXQQVNROHQ (OHYHQH L GH IHP JUXSSHQH KDU KHOW IRUVNMHOOLJHNDUDNWHUPHVVLJXWJDQJVSXQNWQnUGHEHJ\QQHULYLGHUHJnHQGHVNROH(OHYHQH VRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUKDUHWJMHQQRPVQLWWOLJNDUDNWHUQLYn OLNHXQGHU1J(OHYHQHVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UH\UNHVIDJNODVVHU OLNHXQGHU*RJGHVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHDOPHQIDJNODVVHUKDU HWVQLWWSn*2UGLQ UH\UNHVIDJHOHYHUKDUHWVQLWWPLGWPHOORP*RJ0JRJRUGLQ UH DOPHQIDJHOHYHUKDUHWVQLWWOLNHXQGHU0*9LVHUHQYLGHUHJnHQGHVNROHVRPVNLOOHUHOHY HQHVRPVNDOKDV UVNLOWWLOUHWWHODJWRSSO ULQJLXOLNHRUJDQLVDWRULVNHO¡VQLQJHU2JHQDY VNLOOHOLQMHQHHUVNROHIDJOLJHSUHVWDVMRQHURJIHUGLJKHWHUPnOWPHGNDUDNWHUHU
,QQWDWWSnI¡UVWH¡QVNH
(WDYHOHPHQWHQHL5HIRUPYDUDWDOOHVRPNRPIUDJUXQQVNROHQVNXOOHKDUHWWWLOn NRPPHLQQSnHWWDYWUH¡QVNHUPHGHQPnOVHWWLQJRPDWIOHVWPXOLJVNXOOHNRPPHLQQ SnI¡UVWH¡QVNHW+YRUGDQHUGHWIRUYnUHWUHHOHYJUXSSHU"7DEHOOJLUVYDUHW
6RPHQGHODY5HIRUPEOHGHWEHVWHPWDWV¡NHUHPHGVDNN\QGLJYXUGHULQJNXQQHInUHWWWLOLQQWDNSn SULP UWYDOJWJUXQQNXUV9LKDUXQGHUV¡NWSUDNWLVHULQJHQDYGHWWHWLGOLJHUHRJNRQNOXVMRQHQYDUDWK¡V WHQ²GDGHHOHYHQHYLI¡OJHUEOHWDWWLQQ²YDUGHWEDUHWUHDYYnUHVHNVI\ONHUVRPDNWLYWKDGGHWDWWL EUXNEHVWHPPHOVHQRPSULP UWYDOJWJUXQQNXUV7RONQLQJHQDYEHVWHPPHOVHQYDURJVnVY UWIRUVNMHOOLJ QRHQI\ONHUWRONHWEHVWHPPHOVHQPHJHWVWUHQJWVOLNDWEDUHHQKnQGIXOOV¡NHUHWLOIUHGVVWLOWHNUDYHQH$Q GUHLJMHQWRONHWSULP UWYDOJWJUXQQNXUVQ UPHVWV\QRQ\PHWPHGV UVNLOWWLOUHWWHODJWRSSO ULQJ'HQQH XOLNHSUDNWLVHULQJHQKDUJMRUWGHWXPXOLJnEUXNHSULP UWYDOJWJUXQQNXUVVRPHQYDULDEHOLGHQQHXQGHU V¡NHOVHQ)RUPHURPGHQXOLNHSUDNWLVHULQJHQLI\ONHQHVH0DUNXVVHQ
7DEHOO.RPPHWLQQSn¡QVNHQXPPHUK¡VWHQ7UHHOHYJUXSSHU3URVHQW
6 UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUQ 6 UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUQ
2UGLQ UHOHYHUQ
(WD S
9L VHU HQVLJQLILNDQWPHQ VYDN VDPPHQKHQJ PHOORP JUXSSHSODVVHULQJ RJ KYLONHW ¡Q VNHQXPPHUHOHYHQHHUNRPPHWLQQSn'HVRPJnULRUGLQ UHNODVVHUKDUNRPPHWOLNW XWHQWHQGHKDUV UVNLOWWLOUHWWHODJWRSSO ULQJHOOHULNNHPHQVGHVRPKDUV UVNLOWWLOUHW WHODJWRSSO ULQJLHJQHNODVVHUKDUNRPPHWP\HGnUOLJHUHXW9LKDUVHWWOLWWQ UPHUSn KYDGHKDUV¡NWRJKYDGHKDUInWWGHVRPHULHJQHNODVVHURJLNNHHUNRPPHWLQQSn SULP U¡QVNHW VLWW 'H SURVHQW VRP LNNH HU NRPPHW LQQ Sn I¡UVWH¡QVNH XWJM¡U HOHYHU$YGLVVHKDGGHV¡NWHWRUGLQ UWJUXQQNXUVVRPVLWWI¡UVWH¡QVNHPHQYDU SODVVHUWLQQHQIRUHWV UVNLOWWLOUHWWHODJWWLOEXGLHJQHNODVVHUPHGUHGXVHUWHOHYWDOO+YRU IRU"(UGHWQRHQVRPKDUWHQNWDWGHSDVVHUQRNEHVWGHU"2UGLQ UNODVVHHULNNHQRH IRUGHP'HYLOInVW¡UUHXWE\WWHDYXQGHUYLVQLQJHQLHQOLWHQJUXSSH'HWWHHUDUJX PHQWHUVRPVHJUHJHUHURJLNNHLQNOXGHUHU
7DWWLQQJMHQQRPV UVNLOWLQQWDNHWHOOHULNNH
9LKDUIRUDQYLVWKYRUGDQYLKDUHWDEOHUWXWYDOJHWIRUGHQQHXQGHUV¡NHOVHQ9nUDYJUHQV QLQJDYGHPVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJRYHUORWYLWLONODVVHVW\UHUQHRJWRN LNNHLEUXNDQGUHNULWHULHUVRPDWHOHYHQHKDGGHInWWVDNN\QGLJYXUGHULQJKDGGHV¡NWYLD V UVNLOWLQQWDNHWHOOHUYDUWDWWLQQV UVNLOW6OLNYLKDUGHILQHUWV UVNLOWWLOUHWWHODJWRSSO ULQJYLOQRHQ DYHOHYHQH VRPKDU V UVNLOW WLOUHWWHODJW RSSO ULQJ LNNH Y UH WDWW LQQ YLD V UVNLOWLQQWDNHW7DEHOOYLVHUKYRUVWRUDQGHODYGHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJKHQKROGVYLVLHJQHRJRUGLQ UHNODVVHUVRPHUWDWWLQQYLDV UVNLOWLQQWDNHW
7DEHOO$QGHOWDWWLQQJMHQQRPV UVNLOWLQQWDNHW7UHHOHYJUXSSHU3URVHQW 6 UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUQ 6 UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU²\IQ 6 UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU²DIQ HWD S
9LREVHUYHUHUDWEODQWGHPVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUHU GHWHQEHW\GHOLJDQGHOHOHYHUVRPO UHUQHKDUGHILQHUWVRPHOHYHUVRPInUV UVNLOWWLOUHW WHODJWRSSO ULQJPHQVRPLNNHHUWDWWLQQJMHQQRPV UVNLOWLQQWDNHW'HWWHHUHQIRUGH OLQJVRPPnWWHIRUYHQWHVJLWWGHQGHILQLVMRQHQRJDYJUHQVQLQJHQDYV UVNLOWWLOUHWWHODJW RSSO ULQJVRPYLKDUIRUHWDWW
)RUGHOLQJSnVWXGLHUHWQLQJHU
7DEHOOYLVHUKYLONHVWXGLHUHWQLQJHUHOHYHQHEOHWDWWLQQWLOK¡VWHQ
7DEHOO)RUGHOLQJSnVWXGLHUHWQLQJHUSnJUXQQNXUVVNROHnUHW7UHHOHYJUXSSHU3URVHQW D¡PGLI KV QD IR HO PH WUWEE\NS KQ DSRYHL 6 UVNLOWWLOUHWWHODJWRSSO ULQJL
HJQHNODVVHUQ
6 UVNLOWWLOUHWWHODJWRSSO ULQJL
RUGLQ UHNODVVHUQ
2UGLQ UHOHYHUQ
+HOHNXOOHW
+HUPHUNHUYLRVVI¡OJHQGH
• %ODQWHOHYHUVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUHUGHWHQPHJHW VWHUNNRQVHQWUDVMRQSnWUHVWXGLHUHWQLQJHU0HNDQLVNHIDJKRWHOORJQ ULQJVPLG GHOIDJRJKHOVHRJVRVLDOIDJ
• %ODQWHOHOHYHUVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUHUGHWVW¡U UHVSUHGQLQJSnVWXGLHUHWQLQJHQHPHQPHGHQPDMRULWHWSnDOPHQHIDJPHNDQLV NHIDJRJKHOVHRJVRVLDOIDJ
• 9nUWXWYDOJDYHOHYHUVRPLNNHKDUV UVNLOWWLOUHWWHODJWYLGHUHJnHQGHRSSO ULQJHU VNMHYWVDPPHQVDWWLIRUKROGWLOKHOHSRSXODVMRQHQ'HWWHHULQWHQGHUWRJVN\OGHV PnWHQYLKDUVDWWVDPPHQXWYDOJHWSn9L¡QVNHWDWNRQWUROOJUXSSHQQnUGHWJMDOGW VWXGLHUHWQLQJVNXOOHY UHLHWIRUKROGWLOGHVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU,QWHUQWEODQW\UNHVIDJHOHYHQHHUIRUGHOLQJHQPHOORPVWX GLHUHWQLQJHQHLYnUNRQWUROOJUXSSHWLOQ UPHWOLNVDPPHQVHWQLQJHQLKHOHSRSXOD VMRQHQ 'HWWH KDU VRP NRQVHNYHQV DW QnU YL IRUHWDU DQDO\VHU KYRU YL LQNOXGHUHU EnGH GHP VRPKDU V UVNLOW WLOUHWWHODJW RSSO ULQJ RJ RUGLQ UHOHYHQH RJ KYRU YL
¡QVNHUnWUHNNHNRQNOXVMRQHURPKHOHNXOOHWPnYLIRUHWDHQYHNWLQJ
)RUNODULQJSnVWXGLHUHWQLQJVIRUNRUWHOVHQH
D¡ $OOPHQQH¡NRQRPLVNRJDGPLQLVWUDWLYHIDJ KQ +RWHOORJQ ULQJVPLGGHOIDJ
PG 0XVLNNGDQVRJGUDPD E\ %\JJIDJ
LI ,GUHWWVIDJ WE 7HNQLVNHE\JJIDJ
KV +HOVHRJVRVLDOIDJ PH 0HNDQLVNHIDJ
QD 1DWXUEUXN NS .MHPLRJSURVHVVIDJ
IR )RUPJLYQLQJVIDJ WU 7UHDUEHLGVIDJ
HO (OHNWURIDJ
6DQGEHUJRJ9LEH
7ULYVHOJUXHVHJRJHJHQYXUGHULQJ
*MHQQRPnUOLJHVS¡UUHVNMHPDHUKDUYLIRUV¡NWnNDUWOHJJHEODQWDQQHWHOHYHQHVRJO UOLQ JHQHVKROGQLQJHUWLOXOLNHVLGHUYHGVLQRSSO ULQJVVLWXDVMRQ,GHWWHQRWDWHWYLOYLSUHVHQ WHUHWUHDYGLVVHYDULDEOHQH
7ULYVHOVYDULDEHOHQHUNRQVWUXHUWSnEDNJUXQQDYDWYLLVS¡UUHVNMHPDWLOHOHYHQHWUH SnI¡OJHQGHVNROHnUKDUNDUWODJWKYRUGDQHOHYHQHWULYHV3nEDNJUXQQDYVYDUHQHKHUKDU YLNRQVWUXHUWHQDGGLWLYLQGHNVYDULDEHOVRPHUGHQYLEHQ\WWHULDQDO\VHQH'HQQHKDU YHUGLHUIUDQXOOWLOILUHLQNOXGHUWGHVLPDOYHUGLHUPHOORPGHKHOHWDOOHQH)LUHEHW\UDWPDQ VWRUWULYHVQXOODWPDQDOGULWULYHV
3nVDPPHPnWHKDUYLRJVnWUHnUSnUDGVDPOHWLQQGDWDRPHOHYHQHJUXHUVHJWLOn JnSnVNROHQRJRJVnKHUNRQVWUXHUWHQ DGGLWLY LQGHNVYDULDEHO 'HQQH KDU YHUGLHU IUD QXOOWLOWUHLQNOXGHUWGHVLPDOYHUGLHUPHOORPGHKHOHWDOOHQH7UHEHW\UDWPDQJUXHUVHJ YHOGLJP\HQXOODWPDQDOGULJUXHUVHJ
2JVnQnUGHWJMHOGHUHQYXUGHULQJDYKYRUIOLQNHGHHULIRUKROGWLOVLQHPHGHOHYHU KDUYLJMRUWGHWVDPPH.DUWODJWWUHnUSnUDGRJSnEDNJUXQQDYGHnUOLJHVYDUHQHNRQ VWUXHUWHQDGGLWLYLQGHNVYDULDEHO'HQQHVWUHNNHUVHJIUDWLOLQNOXGHUWGHVLPDOYHUGLHU PHOORPGHKHOHWDOOHQH)LUHEHW\UDWPDQYXUGHUHUVHJVRPYHOGLJIOLQNLIRUKROGWLOGH DQGUHLNODVVHQ
9LKDUNRQVWUXHUWGLVVHYDULDEOHQHVOLNDWYLL DQDO\VHQH YLO RSSIDWWH RJ DQYHQGH GHPVRPNRQWLQXHUOLJH,WDEHOOIUHPJnUJMHQQRPVQLWWOLJVFRUHSnGLVVHWUHYDULDEOHQH IRUGHWUHHOHYJUXSSHQHYLI¡OJHU
7DEHOO*MHQQRPVQLWWOLJVFRUHIRUWULYVHOJUXHUVHJRJHJHQYXUGHULQJIRUIHPHOHYJUXSSHU
7ULYHV *UXHUVHJ )OLQNLIRUKROGWLODQGUH
WLOUHJQHNODVVHUQ
WLOURUGNODIQ
WLOURUGNODIQ
RUGHOHYHU\IQ
RUGHOHYHUDIQ
6QLWWIRUDOOH
6NDOD ² ² ²
SHWD SHWD SHWD SHWD
9L REVHUYHUHU VLJQLILNDQWH IRUVNMHOOHU PHOORP JUXSSHQH IRU DOOH GLVVH WUH YDULDEOHQH 6DPPHQKHQJHQHHUVYDNHIRUWULYVHOVRJJUXHYDULDEOHQHRJHUVWHUNHVWIRUHJHQYXUGH ULQJVYDULDEHOHQ +HU VHU YL RJVn QRH LQWHUHVVDQW (OHYHQH VRP KDU V UVNLOW WLOUHWWHODJW RSSO ULQJLHJQHNODVVHUYXUGHUHUVHJVRPIOLQNHUHVDPPHQOLJQHWPHGGHDQGUHLNODVVHQ HQQGHVRP KDU V UVNLOW WLOUHWWHODJW RSSO ULQJ L RUGLQ UH NODVVHU RJ QHVWHQ OLNH IOLQNH VRPRUGLQ UH\UNHVIDJHOHYHU'HWWHHUMRKHOWQDWXUOLJHWWHUVRPGHDQGUHLNODVVHQUHQW VNROHIDJOLJVDQQV\QOLJYLVLNNHHUIOLQNHUH0HQVGHULPRWGHVRPJnULNODVVHUPHGRUGL Q UHHOHYHU²VDQQV\QOLJYLVKHOWNRUUHNW²YXUGHUHUVHJVHOYVRPVNROHIDJOLJVYDNHUHHQQ 'HDQGUHYDULDEOHQHHULVNULYHQGHVWXQGLNNHJMHQQRPDUEHLGHWWLOVWUHNNHOLJWLOnLQNOXGHUHVLDQDO\VHQH RJYLOGHUIRUKHOOHULNNHEOLSUHVHQWHUWKHU1nUGHHQGHOLJHDQDO\VHUVNDOIRUHWDVRJVOXWWUDSSRUWHQVNUL YHVYLOIOHUHYDULDEOHUYHGU¡UHQGHHOHYHQVKROGQLQJHURJV\QSnRSSO ULQJVVLWXDVMRQHQEOLLQNOXGHUW
VLQHPHGHOHYHU9LPHUNHURVVRJVnDWRUGLQ UHDOPHQIDJHOHYHULVQLWWYXUGHUHUVHJVHOY VRPUHODWLYWP\HIOLQNHUHHQQRUGLQ UH\UNHVIDJHOHYHUJM¡U
9LVHUGHWVDPPHP¡QVWHUHWQnUGHWJMHOGHUnJUXHVHJ9LPHUNHURVVDWGHVRP JUXHUVHJPHVWWLOnJnSnVNROHQHUHOHYHUVRPKDUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGL Q UHDOPHQIDJNODVVHU(UGHWKHUSUHVVHWHUVW¡UVWKHUGHWV\QVEHVWDWGHKDUSUREOHPHU RJNDQVNMHIDOOHULJMHQQRPIDJOLJ"
2PIDQJDYKMHOSRJVW¡WWHSnJUXQQNXUVHW
9LKDUWRNLOGHUIRULQIRUPDVMRQRPGHQKMHOSRJVW¡WWHHOHYHQHInU6S¡UUHVNMHPDHQH VRP HOHYHQH KDU EHVYDUW VDPW RSSO\VQLQJHU IUD NODVVHVW\UHUQH IUD K¡VWHQ GD GH IRUHWRNXWYDOJHWDY HOHYHU , VS¡UUHVNMHPDHQH KDU HOHYHQH RSSJLWW L KYLONH IDJ GH KDU KMHOS RJ VW¡WWH KYRU PDQJH WLPHU RJ LQQHQIRU KYLONH RUJDQLVDWRULVNH O¡VQLQJHU GHQQH KMHOSHQJLV,HQHWLPHUXWHQIRUNODVVHQLVPnJUXSSHUXWHQIRUNODVVHQHOOHULQQHLNODVVHQ DYO UHUHQ HYW DYHQ O UHU QU WR HOOHU DVVLVWHQW 1nU NODVVHVW\UHUQH SOXNNHW XW HOHYHU L NODVVHQH VLQH VRP KDGGH V UVNLOW WLOUHWWHODJW RSSO ULQJ UDSSRUWHUWH GH RJVn KYD VODJV KMHOSHOHYHQHKDGGHRJGHOYLVRJVnRPIDQJ
3nEDNJUXQQDYGLVVHRSSO\VQLQJHQHRPKMHOSIUDNODVVHVW\UHUVDPWHOHYHQHVHJQH VYDUKDUYLNRQVWUXHUWHQNRQWLQXHUOLJYDULDEHOIRUGHQKMHOSHOHYHUVRPKDUV UVNLOWWLO UHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUInU'HQVWUHNNHUVHJIUDQXOOWLORJDQJLUGHQ DQGHOHQDYVNROHXNDVRPHOHYHQInUKMHOS,WDEHOOYLVHUYLHQJUXSSHUWYHUVMRQDYGHQQH YDULDEHOHQ
7DEHOO2PIDQJDYKMHOSSnJUXQQNXUVHWEODQWHOHYHUVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJL RUGLQ UHNODVVHU3URVHQWQ
2PIDQJSnKMHOSHQ $QGHO ,NNHPnOEDUWRPIDQJ
/LWWKMHOSWXNH
1RHKMHOSWXNH
0LGGHOVKMHOSWXNH
0\HKMHOSWXNH
9HOGLJP\HKMHOSWXNH
+HOHWLGHQ
6XP
9LKDUVDPOHWLQQGDWDRPKMHOSRJVnRJnUPHQGLVVHGDWDHQHHULNNHEHDUEHLGHWWLOVWUHNNHOLJWLOn EOLLQNOXGHUWLDQDO\VHQHLGHWWHQRWDWHW
9DULDEHOHQIRURPIDQJDYKMHOSLHJQHNODVVHUHULVNULYHQGHVWXQGLNNHHWDEOHUW'HQQHYLOEOLHWDEOHUWRJ LQQJnLDQDO\VHQHLVOXWWUDSSRUWHQ
'HWWHHUHOHYHUKYRUO UHUHQKDURSSJLWW DW GH KDU V UVNLOW WLOUHWWHODJW RSSO ULQJ RJ HNVWUD KMHOS RJ VW¡WWHPHQXWHQnRSSJLRPIDQJ(OHYHQVHOYKDUKHOOHULNNHRSSJLWWRPIDQJ
9LVHUDWRPIDQJHWDYKMHOSVRPGHQHQNHOWHInUHUODYW*MHQQRPVQLWWHWHUSURVHQWDY XNDQRHVRPWLOVYDUHURPODJWUHWLPHU'HDOOHUIOHVWH²SURVHQW²InUKMHOSHQWLOWUH WLPHULXND
+MHOSLKYRUPDQJHRJKYLONHIDJ
+YRUPDQJHRJKYLONHIDJHUGHWVnHOHYHQHInUKMHOSL'HWWHIUHPJnUDYWDEHOO
7DEHOO$QWDOOIDJKYLONHIDJHOHYHQHVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUInUKMHOSL 3URVHQWQ
$QWDOOIDJ $QGHO
8RSSJLWW
7LGRJXWVW\U
(WWIDJ
7RIDJ
7UHIDJ
6XP
9LVHUDWIRUGHIOHVWHDYGHPVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUHU LNNHKMHOSHQNQ\WWHWWLOHWEHVWHPWIDJ'HQHUNQ\WWHWWLODWGHKDUHNVWUDXWVW\U²GHWWHHU IRUGHDOOHUIOHVWHVWLOIHOOHVQDNNRPSFPHGWHNVWEHKDQGOLQJ²HOOHUHNVWUDWLGSnSU¡YHU
$QQHWXWVW\UNDQY UHWDYOHO\VVWRUVNULIWHNVWUDOHVHO\VWHOHVO\QJHVSHVLDOSXOWRJOLJQHQ GH%ODQWGHPVRPKDUKMHOSNQ\WWHWWLOHWEHVWHPWIDJKDUPDMRULWHWHQKMHOSLHWWIDJRJ QRHQLWR%DUHQLSURVHQWKDUKMHOSLWUHIDJHOOHUPHU
%ODQWGH VRPKDU KMHOS NQ\WWHW WLO IDJ KDU KDOYSDUWHQ KMHOS L HWW IDJ RJ GH DOOHU IOHVWHLQRUVNHQJHOVNHOOHUPDWHPDWLNN2JVnEODQWGHPVRPKDUKMHOSLWRIDJVHUYLDW QRUVNHQJHOVNRJPDWHPDWLNNHUEODQWGHIDJHQHGHKDUKMHOSL'HWVDPPHVHUYLEODQW GHPVRPKDUKMHOSLWUHIDJHOOHUPHU$OOHVRPKDUIDJVSHVLILNNKMHOSKDUGHWWHLQRUVN HQJHOVNRJHOOHUPDWHPDWLNNHYHQWXHOWPHGWLOOHJJDYHWWHOOHUIOHUHDQGUHIDJ
PDWHPDWLNN
QRUVN
HQJHOVN DQQHWIDJ
WRDYIDJHQHQRHQJPDW PDWHOQRHOHQJHWWDQQHWIDJ WRDYIDJHQHQRHQJPDWHWWDQQHWIDJ QRHQJPDWHWWIOHUHDQGUHIDJ
+YRUGDQEOLUKMHOSHQJLWW"
9LKDUVHWWSnKYRUGDQKMHOSHQEOLUJLWW)RUGHHQNHOWHIDJHQHVHUGHWXWVRPLWDEHOO
7DEHOO+YRUGDQKMHOSRJVW¡WWHJLVWLOHOHYHUVRPInUV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU 3URVHQWQ
0DWHPDWLNN 1RUVN (QJHOVN $QGUHIDJ
,NNHKMHOSLIDJHW
0nWHLNNHRSSJLWW
3nDQGUHPnWHU
,NODVVHQ
*UXSSHXWHQIRUNODVVHQ
(QHWLPHU
6XP
'HWYLVHUKHUHUDWGHQPHVWEUXNWHO¡VQLQJHQIRUnJLIDJVSHVLILNNHNVWUDKMHOSRJVW¡WWH HUnWDHOHYHQHXWDYNODVVHQ,DOOHIDJVHUYLDWJUXSSHXWHQIRUNODVVHQRJHQHWLPHUWLO VDPPHQXWJM¡UHQVW¡UUHDQGHOHQQGHQKMHOSDVRPJLVLQQHLNODVVHQ+HUPnYLVHOYVDJW WDGHWIRUEHKROGDWGHWWHJMHOGHUGHQKMHOSHQVRPHUVSHVLILNWUHWWHWPRWHQNHOWIDJ6RP YLKDUVHWWRYHUHUGHWHQEHW\GHOLJHDQGHODYGHPVRPInUKMHOSVRPInUGHQQHKMHOSHQL IRUPDYXWVW\URJHNVWUDWLGSnSU¡YHU'HWWHHUMRVHOYVDJWKMHOSVRPLGHWDOWYHVHQWOLJVWH EOLUJLWWLQQHQIRUNODVVHQ'HWEHW\U$YDOOKMHOSRJVW¡WWHVRPEOLUJLWWEOLUKRYHGGHOHQ JLWWLQQHQIRUNODVVHQPHQVGHQIDJVSHVLILNNHKMHOSHQJLVWLOGHIOHVWHXWHQIRUNODVVHQ
3nEDNJUXQQDYYDULDEOHQHVRPYLVHUKYRUGDQKMHOSEOHJLWWLGHHQNHOWHIDJKDUYL NRQVWUXHUWHQDGGLWLYLQGHNVYDULDEHOVRPDQJLUKYRUGDQKMHOSJLVLDOOHIDJVDPOHW'HW JM¡UHVLNNHUHGHIRUNRQVWUXNVMRQHQDYGHQKHU'HQQHLQGHNVYDULDEHOHQIRUKMHOSIRU KYRUGDQKMHOSJLV²VRPVWUHNNHUVHJIUDQXOOWLO²EHWUDNWHVRJDQYHQGHVVRPHQNRQ WLQXHUOLJYDULDEHO/DYYHUGLLQGLNHUHUK¡\JUDGDYRUJDQLVDWRULVNLQWHJUHULQJPHQVK¡\
YHUGLLQGLNHUHUDWKMHOSLVWRUJUDGJLVLQQHQIRUHQRUJDQLVDWRULVNVHJUHJHUWUDPPH
2SSVXPPHUW RP KMHOS RJ VW¡WWH WLO HOHYHU VRP KDGGH V UVNLOW WLOUHWWHODJW RSSO ULQJLRUGLQ UHNODVVHUSnJUXQQNXUVHWVNROHnUHWNDQYLVL
• 2PIDQJHWDYHNVWUDKMHOSRJVW¡WWHHUODYW2PODJSURVHQWDYGHVRPKDUV U VNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHUInUHNVWUDKMHOS²WLPHULXND
• +RYHGGHOHQDYGHVRPInUKMHOSInUGHQLIRUPDYXWYLGHWWLGSnSU¡YHUVDPWHNV WUDXWVW\U
• +DOYSDUWHQDYGHPVRPInUIDJVSHVLILNNKMHOSInUKMHOSLEDUHHWWIDJ
• $OOHVRPInUIDJVSHVLILNNKMHOSInUKMHOSLPLQVWHWWDYIDJHQHQRUVNHQJHOVNHOOHU PDWHPDWLNN
• 'HWPHVWHDYGHQIDJVSHVLILNNHKMHOSHQJLVVRPRUJDQLVDWRULVNVHJUHJHUWHWLOEXG GHWYLOVLVRPHQHWLPHUHOOHUJUXSSHXQGHUYLVQLQJXWHQIRUNODVVHQ
.DSLWWHO.RPSHWDQVHRSSQnHOVH
,GHWWHNDSLWOHWVNDOYLVHSnNRPSHWDQVHRSSQnHOVHIRUUHWWVHOHYHQHVRPEHJ\QWHLYLGHUH JnHQGHRSSO ULQJK¡VWHQ9LYLOSUHVHQWHUHWRPnOSnNRPSHWDQVHRSSQnHOVH
• .RPSHWDQVHPnOWYnUHQK¡VWHQGHWYLOVLHWWHUILUHnULYLGHUHJnHQGH RSSO ULQJ
• 3URJQRVHIRUNRPSHWDQVHHWWHUDYVOXWWHWYLGHUHJnHQGHRSSO ULQJ
)¡UYLVHUQ UPHUHSnKYLONHQIRUPHOONRPSHWDQVHXQJGRPPHQHKDURSSQnGGHUGHW Q¡GYHQGLJnGHILQHUHGHIRUPHQHIRUIRUPHOONRPSHWDQVHVRPGHWHUPXOLJnRSSQn 6WXGLHNRPSHWDQVH.RPSHWDQVH VRP JLU JHQHUHOO DGJDQJ WLO XQLYHUVLWHWHU RJ K¡JVNROHU 'HQQHNRPSHWDQVHQNDQLKRYHGVDNQnVILUHXOLNHYHLHU
• )XOOI¡UHRJEHVWnWUHnUSnHQDYGHWUHVWXGLHUHWQLQJDOPHQHRJ¡NRQRPLVN DGPLQLVWUDWLYHIDJPXVLNNGDQVGUDPDHOOHULGUHWWVIDJ
• )XOOI¡UH RJ EHVWn DOPHQIDJOLJ SnE\JQLQJVnU HWWHU n KD IXOOI¡UW RJ EHVWnWW PLQVWJUXQQNXUVRJYN,SnHQ\UNHVIDJOLJUHWQLQJ
• 7DJUXQQNXUVIRUPJLYQLQJVIDJRJYN,YN,,WHJQLQJIRUPRJIDUJHSnIRUP JLYQLQJVIDJ
• 7DHWJUXQQNXUVHWYN,RJYN,,QDWXUIRUYDOWQLQJSnQDWXUEUXN
<UNHVNRPSHWDQVH .RPSHWDQVH VRP JLU IDJEUHY HOOHU YLWQHPnO VRP GRNXPHQWHUHU DW HQ SHUVRQKDUEHVWnWWHQXWGDQQLQJRJRSSQnGGHQ\UNHVWLWWHO'HQQHNRPSHWDQVHQNDQL KRYHGVDNQnVWUHYHLHU
• *MHQQRPnWDJNRJYN,LVNROHRJGHUHWWHUWRnULQRHQIDJOHQJUHVRPO UOLQJ I¡UPDQJnURSSWLOIDJSU¡YH
• 7LOVYDUHQGHPHQO UHWLGDHUVWDWWHVDYHWYN,,nULVNROHIRUGHPVRPLNNHInUO UH SODVV
• *MHQQRPJNYN,RJYN,,LVNROHL\UNHVIDJVRPLNNHHUXQGHU/RYRPIDJRSSO ULQJ
7LOHQUHNNHVWXGLHUNUHYHVVSHVLHOOVWXGLHNRPSHWDQVH
'RNXPHQWHUW GHONRPSHWDQVH )¡OJHQGH VLWDW IUD HYDOXHULQJVIRUVNULIWHQ GHILQHUHU KYD VRP NUHYHVIRUnInY UHEHUHWWLJHWWLOGHONRPSHWDQVHRJGHONRPSHWDQVHEHYLV
'HONRPSHWDQVHEHYLVXWVWHGHVVRPHQVDPOHWGRNXPHQWDVMRQIRUHOHYO UOLQJVRP KDUIXOOI¡UWWUHnULJHYWIHPnULJRSSO ULQJ>«@RJVRPLNNHI\OOHUYLONnUHQHIRUn InYLWQHPnOHOOHUIDJVYHQQHEUHY
'HQQHSDUDJUDIHQLHYDOXHULQJVIRUVNULIWHQDYJUHQVHUGHONRPSHWDQVHSnWUHPnWHU'HQ VRPVNDOKDGRNXPHQWDVMRQSnRSSQnGGGHONRPSHWDQVHPn
KDDYVOXWWHWYLGHUHJnHQGHRSSO ULQJIXOOI¡UW
KDY UWLYLGHUHJnHQGHRSSO ULQJLPLQVWWUHnUIXOOI¡UWWUHnULJ
LNNHKDEHVWnWWYLGHUHJnHQGHRSSO ULQJVRPLNNHI\OOHUYLONnUHQHIRUnInYLWQHPnO HOOHUIDJVYHQQHEUHY
'HWWH EHW\UDW GHUVRP HQ XQJGRP IXOOI¡UHU WUH nU L YLGHUHJnHQGH RSSO ULQJ XWHQ n In IDJEUHYHOOHUYLWQHPnOKDUGHQQHXQJGRPPHQRSSQnGGGHONRPSHWDQVHRJVNDOKDHQ VDPOHWGRNXPHQWDVMRQLIRUPDYGHONRPSHWDQVHEHYLV0HQGHUVRPKDQVOXWWHUI¡UGHW KDUJnWWWUHnUVnKDUKDQLNNHNUDYSnGHW0HGEDNJUXQQLHYDOXHULQJVIRUVNULIWHQNDQYL GDLWLOOHJJWLO\UNHVNRPSHWDQVHRJVWXGLHNRPSHWDQVHGHILQHUHWRIRUPHUIRUNRPSHWDQVH YHGDYVOXWWHWYLGHUHJnHQGHRSSO ULQJ
'HONRPSHWDQVH $YVOXWWHWYLGHUHJnHQGHRSSO ULQJWLGOLJVWHWWHUWUHnUPHQKDU LNNHRSSQnGGIDJEUHYHOOHUYLWQHPnO
,QJHQIRUPHOONRPSHWDQVH $YVOXWWHUYLGHUHJnHQGHRSSO ULQJI¡UGHWHUJnWWWUHnURJKDU GHUPHG LNNH UHWW WLO GHONRPSHWDQVHEHYLV +HU YLO GRNXPHQWD VMRQHQPnWWHJLVLIRUPDYnUVNXUVEHYLVIDJNDUDNWHUEHYLVPR GXOEHYLVHOOHUEHNUHIWHOVHSnJMHQQRPJnWWRSSO ULQJ
0HGEDNJUXQQLGHQQHILUHGHOLQJHQHUGHWPXOLJnSODVVHUHDOOHVRPDYVOXWWHUYLGHUHJn HQGHRSSO ULQJLHQDYILUHNRPSHWDQVHNDWHJRULHU
+YRUGDQKDUGHWVnJnWW"1HGHQIRUSUHVHQWHUHUYLIHPELOGHUVRPYLVHUJMHQQRP VWU¡PPLQJRJNRPSHWDQVHRSSQnHOVHIRUIHPJUXSSHUXQJGRPPHU
.XIRJ.XI
'HWHULNNHVDPOHWLQQJRGHGDWDRPIDNWLVNXWVWHGHOVHDYGHONRPSHWDQVHEHYLVWLOGHHOHYHQHVRPL I¡OJHGHWWHNULWHULHWKDURSSQnGG GHONRPSHWDQVH0HQYLKDUVHWWQRHQXOLNHO¡VQLQJHURJVRPHW HNV QHYQHUYLDWHOHYHUVRPKDURSSQnGGGHONRPSHWDQVHKDUInWWXWVWHGHWWUHnUVNXUVEHYLVLVWHGHWIRUGHO NRPSHWDQVHEHYLV 9L PHQHU DW GHW HU JRG JUXQQ WLO n VS¡UUH RP SUDNWLVHULQJHQ DY GRNXPHQWDVMRQ DY GHONRPSHWDQVHJMHQQRPI¡UHVWLOIUHGVVWLOOHQGH'HWWHSURVMHNWHWKDUGHVVYHUUHLNNHY UWLVWDQGWLOnVDPOH LQQGDWDVRPJM¡UDWYLNDQNRQNOXGHUHPHQYLILQQHUJRGJUXQQWLOnVWLOOHVS¡UVPnOHW
(YDOXHULQJVIRUVNULIWHQWLO.XIRJ
*MHQQRPVWU¡PQLQJRJNRPSHWDQVHIRUHOHYHU
VRPKDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQH NODVVHU
)LJXU*MHQQRPVWU¡PQLQJRJNRPSHWDQVHJMHQQRPILUHnURJLQQLGHWIHPWHIRUHOHYHUVRPKDUKDWW V UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHU3URVHQWQ
LQJHQIRUPHOO NRPSHWDQVH VWXGLHNRPSHWDQVH IDJEUHY
\NYLWQHPnO IDJEUHYVNROH GHONRPSHWDQVH
VWXGLHNRPSHWDQVH
\NYLWQHPnO IDJEUHYVNROH GHONRPSHWDQVH O UOLQJHOHY
nU
nU
nU
nU
nU
/ UOLQJHOHY
1nUPDQVNDOWHJQHHWVOLNWJMHQQRPVWU¡PQLQJVNDUWIRUnYLVHKYRUGDQHOOHUIOHUH VY UWIRUVNMHOOLJHXQJGRPPHUDYDQGUHUJMHQQRPYLGHUHJnHQGHRSSO ULQJRJEKYLONHQ IRUPHOONRPSHWDQVHGHRSSQnUHUGHWWRNUDYWLOELOGHWVRPNROOLGHUHU'HWVNDOKHOVW Y UHGHWDOMHUWRJGHWVNDOKHOVWY UHRYHUVLNWOLJ1nUPDQIRUHQNOHUIRUnJM¡UHRYHUVLNWOLJ PLVWHUPDQLQIRUPDVMRQ(WVOLNWELOGHYLOGHUIRUY UHHWNRPSURPLVVPHOORPGLVVHWR NUDYHQH9LYLOYLVHKYRUGDQXQJGRPI¡OJHUILUHKRYHGO¡\SHULQQLJMHQQRPRJXWDY YLGHUHJnHQGHRSSO ULQJ/¡\SHQHHUGHILQHUWDYQnUXQJGRPPHQHIRUODWHUYLGHUHJnHQGH RSSO ULQJ
/¡\SH8WI¡UWUHnU HURYHU SURVHQW DY GHP VRP KDU KDWW V UVNLOW WLOUHWWHODJW RSSO ULQJLHJQHNODVVHUVOXWWHWLO¡SHWDYSHULRGHQIUDGHVWDUWHUWLOOLNHI¡UVRPPHUHQ GHWWUHGMHnUHW9LKDULGHQQHRPJDQJLNNHVNLOWHWWHUQnUGHVOXWWHWPHQEHKDQGOHUGHP VRPHQJUXSSHIRUnIRUHQNOH'HWWHHUHOHYHUVRPKDUDYVOXWWHWYLGHUHJnHQGHRSSO ULQJXWHQQRHQIRUPIRUIRUPHOONRPSHWDQVH'HVRPVOXWWHUVHQHUHHQQGHWWUHGMHnUHW YLOLNNHIUHPNRPPHVRPVOXWWHUH'HYLOLQQJnLWDOOHQHIRUGHONRPSHWDQVHHWWHUVRPGH KDUY UWPLQVWWUHnUI¡UGHKDUVOXWWHWRJGHUPHGKDUNUDYSnGHONRPSHWDQVHEHYLV
/¡\SH8WHWWHUWUHnU'LVVHXQJGRPPHQHKDUVOXWWHWHWWHUWUHnU6RPYLKDUYLVWRYHU HUGHWILUHPXOLJHIRUPHUIRUNRPSHWDQVHGHNDQRSSQnGD,QJHQDYHOHYHQHLGHQQH JUXSSHQKDURSSQnGGVWXGLHHOOHU\UNHVNRPSHWDQVHHWWHUWUHnULYLGHUHJnHQGHSUR VHQWDYGHHOHYHQHPHGV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQHNODVVHUVOXWWHWHWWHUWUH nUPHGGHONRPSHWDQVH 1nU SURVHQW VOXWWHW I¡U WUH nU RJ SURVHQW KDU RSSQnGG GHONRPSHWDQVHHWWHUWUHnUEHW\UGHWDWSURVHQWIRUWVHWWHULQQLGHWIMHUGHnUHW
/¡\SH8WHWWHUILUHnU'LVVHXQJGRPPHQHKDUY UWLYLGHUHJnHQGHRSSO ULQJLILUH nUI¡UGHVOXWWHW(WWHUILUHnUNDQGHRSSQnpQDYIHPIRUPHUIRUNRPSHWDQVH9LVHUDW pQSURVHQWKDURSSQnGGVWXGLHNRPSHWDQVHRJWUHSURVHQWKDURSSQnGG\UNHVNRPSHWDQ VH$YGLVVHKDUpQSURVHQWRSSQnGGIDJEUHYHWWHUPRGHOOHQpQSURVHQWKDUInWW\U NHVNRPSHWDQVHLHWIDJVRPHUVNROHIDJRJHQSURVHQWKDUInWWIDJEUHYHWWHUVNROHO¡S SURVHQWDYGHLGHQQHJUXSSDKDUInWWGHONRPSHWDQVHHWWHUILUHnU
/¡\SH,QQLGHWIHPWHnUHW1RHQIRUWVHWWHUYLGHUHHWWHUILUHnUHQWHQVRPHOHYHOOHU VRPO UOLQJ,GHQQHJUXSSDHUGHWSURVHQWVRPIRUWVHWWHUVRPO UOLQJHURJSUR VHQWVRPIRUWVHWWHUVRPHOHYHU)¡UVWVRPPHUHQHWWHUDWGHHUIHUGLJHPHGIHPnUL YLGHUHJnHQGHRSSO ULQJNDQYLInYLWHKYRUGDQGHWJnUWLOVOXWWKYLONHQIRUPHOONRPSH WDQVHGHRSSQnU
9LVOnUVDPPHQGHVRPKDURSSQnGGGHXOLNHNRPSHWDQVHQHHWWHUKHQKROGVYLVWUH RJILUHnUInUHQRYHUVLNWRYHUNRPSHWDQVHRSSQnHOVHHWWHUILUHnUWDEHOO
7DEHOO.RPSHWDQVHRSSQnHOVHHWWHUILUHnUHOHYHUVRPKDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLHJQH NODVVHU3URVHQWQ
.RPSHWDQVHHWWHUILUHnU $QGHO ,QJHQIRUPHOONRPSHWDQVH
'HONRPSHWDQVH
)RUWVDWWHOHYO UOLQJ
<UNHVNRPSHWDQVH 6WXGLHNRPSHWDQVH
*MHQQRPVWU¡PQLQJRJNRPSHWDQVHIRUHOHYHUVRP KDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UH NODVVHU\UNHVIDJOLJHVWXGLHUHWQLQJHU
*MHQQRPVWU¡PQLQJV RJ NRPSHWDQVHRSSQnHOVHVNDUWHW IRU GH HOHYHQH VRP K¡VWHQ VWDUHW L HQ RUGLQ U \UNHVIDJNODVVH RJ VRP KDGGH V UVNLOW WLOUHWWHODJW RSSO ULQJ IUHPNRPPHULILJXU
/¡\SH8WI¡UWUHnUHURYHUSURVHQWDYGHPVRPK¡VWHQVWDUWHWLHQRU GLQ UNODVVHSnHQ\UNHVIDJOLJVWXGLHUHWQLQJRJVRPGDKDGGHV UVNLOWWLOUHWWHODJWRSSO ULQJKDUIRUODWWYLGHUHJnHQGHRSSO ULQJI¡UGHWYDUJnWWWUHnUGHWYLOVLGHHUXWHQIRU PHOONRPSHWDQVH%ODQWGLVVHKDUVMXSURVHQWVOXWWHWLO¡SHWDYGHWRI¡UVWHVNROHnUHQHRJ SURVHQWKDUVOXWWHWLO¡SHWDYGHWWUHGMH
/¡\SH8WHWWHUGHWWUHGMHnUHWSURVHQWDYHOHYHQHLGHQQHJUXSSHQKDUIRUODWW YLGHUHJnHQGHRSSO ULQJHWWHUWUHnUSURVHQWKDUGHONRPSHWDQVHRJWUHSURVHQWKDU
VWXGLHNRPSHWDQVH6HNVSURVHQWKDU\UNHVNRPSHWDQVHIRUGHOWPHGWUHSURVHQWSnHOHYHU PHGYLWQHPnOIUD\UNHVIDJVRPHUUHQHVNROHO¡SGHWYLOVLLNNHIDJXQGHU/RYRPIDJ RSSO ULQJLDUEHLGVOLYHWRJWUHSURVHQWKDUIDJEUHYHWWHUnKDWDWWO UHIDJLVNROHHWWHULNNH nKDInWWO UHSODVV
)LJXU*MHQQRPVWU¡PPLQJRJNRPSHWDQVHJMHQQRPILUHnURJLQQLGHWIHPWHIRUHOHYHUVRPKDUKDWW V UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU<UNHVIDJOLJHVWXGLHUHWQLQJHU3URVHQWQ
LQJHQIRUPHOO NRPSHWDQVH VWXGLHNRPSHWDQVH IDJEUHY
\NYLWQHPnO IDJEUHYVNROH GHONRPSHWDQVH
VWXGLHNRPSHWDQVH
\NYLWQHPnO IDJEUHYVNROH GHONRPSHWDQVH O UOLQJHOHY
nU
nU
nU
nU
nU
/ UOLQJHOHY
/¡\SH8WHWWHUGHWIMHUGHnUHWSURVHQWKDUIRUODWWYLGHUHJnHQGHRSSO ULQJ HWWHUILUHnU%ODQWGLVVHKDUnWWHSURVHQWGHONRPSHWDQVHRJWRSURVHQWVWXGLHNRPSHWDQ VHSURVHQWKDU\UNHVNRPSHWDQVHKYRUDYSURVHQWVRPKDURSSQnGGIDJEUHYHWWHU GHQVnNDOWHPRGHOOHQGHWYLOVLJUXQQNXUVRJYN,LVNROHRJGHWRVLVWHnUHQHVRPO U OLQJHUSnHQDUEHLGVSODVVeQSURVHQWKDUYLWQHPnOIUDHW\UNHVIDJPHGVNROHO¡SRJpQ SURVHQWKDUIDJEUHYHWWHUYN,,LVNROH
/¡\SH,QQLGHWIHPWHnUHWSURVHQWLGHQQHJUXSSDHUIRUWVDWWLYLGHUHJnHQGH RSSO ULQJQnUGHWIHPWHnUHWVWDUWHU)LUHSURVHQWVRPHOHYHURJSURVHQWVRPO UOLQ JHU/ UOLQJHQH IRUGHOHU VHJ Sn WUH NDWHJRULHU )HUGLJ PHG O UHWLGD PHQ LNNH RSS PHOGWRSSPHOGWWLOIDJSU¡YHYHQWHUSnnInJnRSSRJHUIRUWVDWWLO UHHQWHQIRUGL GHHULHWIDJPHGODQJO UHWLG²LQRHQDYHOHNWURIDJHQHVWDUWHUIRUHNVHPSHOLNNHO UHWL GDI¡UHWWHUWUHnULVNROH²HOOHUGHKDUInWWIRUOHQJHWO UHWLGSnJUXQQDYXOLNHIRUPHUIRU IUDY U
9LVOnUVDPPHQGHPVRPKDURSSQnGGGHXOLNHNRPSHWDQVHQHHWWHUKHQKROGVYLV WUHRJILUHnURJInUHQRYHUVLNWRYHUNRPSHWDQVHRSSQnHOVHHWWHUILUHnU
7DEHOO.RPSHWDQVHRSSQnHOVHHWWHUILUHnUHOHYHUVRPKDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU²\UNHVIDJOLJHVWXGLHUHWQLQJHU3URVHQWQ
.RPSHWDQVHHWWHUILUHnU $QGHO ,QJHQIRUPHOONRPSHWDQVH
'HONRPSHWDQVH
)RUWVDWWHOHYO UOLQJ
<UNHVNRPSHWDQVH 6WXGLHNRPSHWDQVH
*MHQQRPVWU¡PQLQJRJNRPSHWDQVHIRUHOHYHUVRP KDUKDWWV UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UH NODVVHUDOPHQIDJOLJHVWXGLHUHWQLQJHU
)LJXU*MHQQRPVWU¡PQLQJRJNRPSHWDQVHJMHQQRPILUHnURJLQQLGHWIHPWHIRUHOHYHUVRPKDUKDWW V UVNLOWWLOUHWWHODJWRSSO ULQJLRUGLQ UHNODVVHU$OPHQIDJOLJHVWXGLHUHWQLQJHU3URVHQWQ
LQJHQIRUPHOO NRPSHWDQVH VWXGLHNRPSHWDQVH IDJEUHY
\NYLWQHPnO IDJEUHYVNROH GHONRPSHWDQVH
VWXGLHNRPSHWDQVH
\NYLWQHPnO IDJEUHYVNROH GHONRPSHWDQVH O UOLQJHOHY
nU
nU
nU
nU
nU
/ UOLQJHOHY
/¡\SH8WI¡UWUHnUHURYHU1LSURVHQWDYGHPVRPK¡VWHQVWDUWHWLHQRUGLQ U NODVVHLHQDYGHWUHDOPHQIDJOLJHVWXGLHUHWQLQJHQHKDUIRUODWWYLGHUHJnHQGHRSSO ULQJ I¡U GHW KDU JnWW WUH nU 'H KDU LQJHQ IRUPHOO NRPSHWDQVH %ODQW GLVVH KDU WUH SURVHQW VOXWWHWLO¡SHWDYGHWRI¡UVWHVNROHnUHQHRJVHNVSURVHQWKDUVOXWWHWLO¡SHWDYGHWWUHGMH
/¡\SH8WHWWHUGHWWUHGMHnUHWSURVHQWLGHQQHHOHYJUXSSHQVOXWWHWHWWHUWUH nUSURVHQWPHGGHONRPSHWDQVHRJSURVHQWPHGVWXGLHNRPSHWDQVH9LPHUNHURVV DWEODQWHOHYHUVRPK¡VWHQVWDUWHWLRUGLQ UHNODVVHUSnDOPHQIDJOLJHUHWQLQJHURJ
