21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv...

34
* 2 1 ' 2 / $ 7 2 . $ 7 Ì 3 8 6 6 3 ( & , ) , . É & , Ð . . 2 0 3 $ 7 , % , / , 7 É 6 É 1 $ . 9 , = 6 * É / $ 7 É 5 Ð / (V]PHIXWWDWiVRPFpOMDHJ\PyGV]HUWYi]ROQLDPHO\SHUVSHNWLYLNXVOHKHWDQQDN YL]VJiODWiEDQKRJ\DWtSXVRNWtSXVRV]WiO\RNDOJHEUDLYDODPLQWDÄKDJ\RPi Q\RVDEE´NOV IHOOHWV]HULQWLVSHFLILNiFLyMiQDN HJ\PiVKR]LOOHV]NHGpVHQHP VpUOH$PyGV]HUHJ\LNVDUNDODWRVSRQWMDD3URORJQ\HOYIHOKDV]QiOiVDDPHO\ ±HONpS]HOpVHLPV]HULQW± NpSHVWiPRJDWQLHPHYL]VJiODWRW(OYiUiVRPKRJ\HJ\ DONDOPDVDQ IHOpStWHWW 3URORJ Q\HOY SURJUDPPDO LJD]ROKDWy D WtSXV NpW OHtUiViQDNNRPSDWLELOLWiVDORJLNDLHJ\PiVKR]LOOHV]NHGVpJH (J\LO\HQPyGV]HUNLGROJR]iViQDNHOVVRUEDQJ\DNRUODWLMHOHQWVpJHYDQ,V PHUW >.9 @ XJ\DQLVKRJ\ DOJHEUDLVSHFLILNiFLyEyOIRUPiOLVDQLVHOiOOtW KDWyN D] pULQWHWW RSHUiFLyN HO pV XWyIHOWpWHOHV VSHFLILNiFLyLWHKiWDWtSXV RV]WiO\33VSHFLILNiFLyMD$SURJUDPIHMOHV]WpVVRUiQDSURJUDPR]yQHPD] HPOtWHWWWpWHODONDOPD]iViYDOPpJKDWXGLVUyODKDQHPLQNiEEÄMy]DQpVV]HO´ MXWHODWtSXVRV]WiO\PHJYDOyVtWiVKR]N|]HOHEEiOOyD]D]HJ\pERSHUiFLyNWyO IJJHWOHQO PHJIRJDOPD]RWW PiVLN VSHFLILNiFLyMiKR] (NNRU QDJ\REE ÄWiWRQJDNpWIpOHVSHFLILNiFLyN|]|WWDPLI|OYHWLDNRPSDWLELOLWiVPHJOpWpQHN NpUGpVpW (J\LO\HQPyGV]HUPiVV]HPSRQWEyOLVKDV]QRVOHKHW+DXJ\DQLVYDOyEDQÄPH FKDQLNXVVi´VLNHUOWHQQLDNRPSDWLELOLWiVYL]VJiODWiWMyHVpOO\HODNiUSURJ UDPPDOLVHOYpJH]KHWYpYiOLND]HOOHQU]pV 6]RNiVD]LURGDORPEDQH]W33VSHFLILNiFLyQDNLVQHYH]QLPLYHOD]SUH pV SRVWFRQGLWLRQYDJ\LVD]HO pVD] XWyIHOWpWHOPHJDGiViWMHOHQWL

Transcript of 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv...

Page 1: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*21'2/$72.$ 7Ì386�63(&,),.É&,Ð..203$7,%,/,7É6É1$.9,=6*É/$7É5Ð/(V]PHIXWWDWiVRP�FpOMD�HJ\�PyGV]HUW�Yi]ROQL��DPHO\�SHUVSHNWLYLNXV�OHKHW�DQQDN�YL]VJiODWiEDQ��KRJ\�D�WtSXVRN��WtSXVRV]WiO\RN�DOJHEUDL��YDODPLQW�D�ÄKDJ\RPi�Q\RVDEE´�N�OV� IHO�OHW�V]HULQWL�VSHFLILNiFLyMiQDN� HJ\PiVKR]�LOOHV]NHGpVH�QHP�VpU�O�H��$�PyGV]HU�HJ\LN�VDUNDODWRV�SRQWMD�D�3URORJ�Q\HOY�IHOKDV]QiOiVD��DPHO\�±HONpS]HOpVHLP�V]HULQW± NpSHV�WiPRJDWQL�HPH�YL]VJiODWRW��(OYiUiVRP��KRJ\�HJ\�DONDOPDVDQ� IHOpStWHWW� 3URORJ� Q\HOY& SURJUDPPDO� LJD]ROKDWy�� D� WtSXV� NpW�OHtUiViQDN�NRPSDWLELOLWiVD��ORJLNDL�HJ\PiVKR]�LOOHV]NHG�VpJH�(J\� LO\HQ�PyGV]HU� NLGROJR]iViQDN� HOV�VRUEDQ� J\DNRUODWL� MHOHQW�VpJH� YDQ�� ,V�PHUW�>.9����@�XJ\DQLV��KRJ\�DOJHEUDL�VSHFLILNiFLyEyO�IRUPiOLVDQ�LV�HO�iOOtW�KDWyN� D]� pULQWHWW� RSHUiFLyN� HO�� pV� XWyIHOWpWHOHV� VSHFLILNiFLyL�� WHKiW� D� WtSXV�RV]WiO\� 3�3�VSHFLILNiFLyMD�� $� SURJUDPIHMOHV]WpV� VRUiQ� D� SURJUDPR]y� QHP� D]�HPOtWHWW�WpWHO�DONDOPD]iViYDO��PpJ�KD�WXG�LV�UyOD���KDQHP�LQNiEE�ÄMy]DQpVV]HO´�MXW� HO� D� WtSXVRV]WiO\�PHJYDOyVtWiVKR]� N|]HOHEE� iOOy� �D]D]� HJ\pE� RSHUiFLyNWyO�I�JJHWOHQ�O� PHJIRJDOPD]RWW�� PiVLN� VSHFLILNiFLyMiKR]�� (NNRU� QDJ\REE� Ä&U´�WiWRQJ� D� NpWIpOH� VSHFLILNiFLy� N|]|WW�� DPL� I|OYHWL� D� NRPSDWLELOLWiV� PHJOpWpQHN�NpUGpVpW�(J\�LO\HQ�PyGV]HU�PiV�V]HPSRQWEyO�LV�KDV]QRV�OHKHW��+D�XJ\DQLV�YDOyEDQ�ÄPH�FKDQLNXVVi´� VLNHU�O� WHQQL� D� NRPSDWLELOLWiV� YL]VJiODWiW�� My� HVpOO\HO� DNiU� SURJ�UDPPDO�LV�HOYpJH]KHW�Yp�YiOLN�D]�HOOHQ�U]pV��

� 6]RNiV�D]�LURGDORPEDQ�H]W�3�3�VSHFLILNiFLyQDN�LV�QHYH]QL��PLYHO�D]�SUH� pV�SRVWFRQGLWLRQ��YDJ\LV�D]�HO�� pV�D]�XWyIHOWpWHO�PHJDGiViW�MHOHQWL�

Page 2: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

,� 5e6=$/$32.9È=/$7����$�NpWIpOH�VSHFLILNiFLyUyO�����������������������������������������������������������������������������������������������������������$OJHEUDL�VSHFLILNiFLyV�Q\HOY �����������������������������������������������������������������������������������������������$�WtSXV�DOJHEUDL�OHtUiViQDN�NHUHWH���������������������������������������������������������������������������������,PSOLFLW�HUURU�D[LyPiN������������������������������������������������������������������������������������������������$�N�OV� IHO�OHW�V]HULQWL�VSHFLILNiFLy ������������������������������������������������������������������������������������$�WtSXV�3�3�VSHFLILNiFLy�NHUHWH��D�PRGXO ���������������������������������������������������������������������3�3�VSHFLILNiFLyEHOL�IRUPDOL]PXV��D�VRUR]DWQ\HOY �������������������������������������������������������$�3�3�VSHFLILNiFLy�DOJHEUDLED�EHLOOHV]WKHW�VpJpQHN�PHJVHMWpVH������������������������������3URORJ�Q\HOYL�PLQLPXP ����������������������������������������������������������������������������������������������������������ÈWtUiVL�V]DEiO\RN ���������������������������������������������������������������������������������������������������������������������$OJHEUDL�pV�3�3�VSHFLILNiFLy�PLQW�HJ\HWOHQ�V]DEiO\�J\&MWHPpQ\�������������������������������������$]�RSHUiWRU�V]DEiO\�V]LJQDW~UiMD��������������������������������������������������������������������������������������$]�DOJHEUDL�OHtUiV�V]DEiO\RNNi�DODNtWiVD ����������������������������������������������������������������������������,PSOLFLW�HUURU�D[LyPiN�3URORJ�V]DEiO\DL ���������������������������������������������������������������������,QLFLiOLV�HUURU�D[LyPD�V]HUHSH �������������������������������������������������������������������������������������$OJHEUDL�D[LyPD�3URORJ�V]DEiO\D ��������������������������������������������������������������������������������3�3�VSHFLILNiFLy�3URORJ�V]DEiO\D�������������������������������������������������������������������������������$]�LPSOLNiFLy�NyGROiVD ����������������������������������������������������������������������������������������������������$�V]DEiO\RN�SURJUDPPi�HJ\HVtWpVH �������������������������������������������������������������������������������$�SXGLQJ�SUyEiMD �������������������������������������������������������������������������������������������������������������������gVV]HIRJODOiV ���������������������������������������������������������������������������������������������������������������������������$]�RSHUiFLyN�V]DEiO\DODNMD��'RPDLQV�3UHGLFDWHV������������������������������������������������������������$]�RSHUiWRURN�3�3�VSHFLILNiFLyMiQDN�V]DEiO\PHJIHOHO�MH��&ODXVHV� �������������������������������$]�DOJHEUDL�D[LyPiN�PLQW�V]DEiO\RN��3UHGLFDWHV�&ODXVHV� ����������������������������������������������$]�|VV]HLOOpV�YL]VJiODWiQDN�NH]GHPpQ\H]pVH��*RDO� ��������������������������������������������������,URGDORP�������������������������������������������������������������������������������������������������������������������������������� ��3URJUDPKLYDWNR]iVRN �������������������������������������������������������������������������������������������������������������)�JJHOpN ������������������������������������������������������������������������������������������������������������������������������� ��$��6RUR]DW�EHWpW ������������������������������������������������������������������������������������������������������������������%��0yGRVtWRWW�3URORJ�SURJUDP��������������������������������������������������������������������������������������������

Page 3: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

���$�.e7)e/(�63(&,),.È&,Ï5Ï/7tSXVRN��WtSXVNRQVWUXNFLyN���WtSXVRV]WiO\RN�OHtUiViW�J\DNRUWD�W|EEIpOH�DEV]WUDNFLyV�V]LQ WHQ�LV�HOYpJH]]�N� >)+������ 6]3*������36]=V����@�� KDODGYD� D� OHJDEV]WUDNWDEE� �DOJHEUDL�� IHO|O�� D�NRQNUpWDEE�� N�OV� IHO�OHWWHO� �3�3��� H[SRUW� PRGXOODO�� VSHFLILNiOWRQ� iW� D� PHJYDOyVtWiV� DSUy�UpV]OHWHLW� LV� WDUWDOPD]y� �PRGXO�VSHFLILNiFLy�YDJ\�HVHWOHJ�PiU�NRQNUpW� SURJUDPR]iVL� Q\HOYHQ�PHJtUW�� IHOp�� )RQWRV� WXGQXQN�� KRJ\� H]HQ� LQNUHPHQWiOLV� SURJUDPIHMOHV]WpV� N|]EHQ� PHJWHWW�OpSpVHLQN�NRUUHNWHN�DEEDQ�D]�pUWHOHPEHQ��KRJ\�XJ\DQD]W�D� WtSXVW�tUMiN�OH�PLQGDQQ\LDQ�HOWpU�Q\HOYL�V]DEiO\RN�N|]|WW��pUWVG��IRUPDOL]PXV�PHOOHWW���HOWpU� ÄUpV]OHWHVVpJJHO´�$]� HON|YHWNH]�NEHQ� YLOODQiVV]HU&HQ� XWDOXQN� D� NpW�� V]iPXQNUD PRVW� IRQWRV� VSHFLILNiFLyV�ÄQ\HOYH]HWUH´�� D]� DOJHEUDL� >*1����@� pV� D� 3�3�VSHFLILNiFLyUD� >6]=V����@�� KRJ\� D]XWiQ� YL]V�JiOKDVVXN�D�3URORJ�SURJUDPEDQ�W|UWpQ� HJ\HVtWpV�N�OHKHW�VpJpW��>6]3����@�����$OJHEUDL�VSHFLILNiFLyV�Q\HOY�������$�WtSXV�DOJHEUDL�OHtUiViQDN�NHUHWH$�WtSXVRV]WiO\� OHJIHOV�EE�V]LQW& PHJUDJDGiViW� MHOHQWL�D]�DOJHEUDL� OHtUiV��DPHO\�ÄFVDN´�DQQ\LW�LJ\HNV]LN�OHU|J]tWHQL��KRJ\�D�WtSXVKR]�DVV]RFLiOW�P&YHOHWHN�MHOOHJ]HWHV�NRPELQiFLyL�PLO\HQ��D�WHV]WHO� RSHUiFLyNNDO�pU]pNHOKHW� YiOWR]iVRNDW�HUHGPpQ\H]QHN�D�N|]pSSRQWED�KHO\H]HWW�DGDW�V]HUNH]HWHQ�� $]� DOJHEUDL� VSHFLILNiFLy� FVXSiQ� D[LyPiNDW� iOOtW� I|O�� 7HKiW� D]� DGDWiEUi]ROiVWyO�pSS~J\�WiYRO�PDUDG��PLQW�D]�DOJRULWPLNXV�PHJYDOyVtWiVWyO�$OJHEUDL� VSHFLILNiFLyKR]� V]iPRV� ÄQ\HOYH]HW´� OpWH]LN�� �3O�� >.9����@�� $]� DOiEEL� WiEOi]DWED�DQQDN�D]�DOJHEUDL�OHtUiVQDN�D�V]LQWDNWLNDL�PLQLPXPiW�IRJODOWXN��DPHO\HW�D]�(/7(�,QIRUPDWLND�WDQiUV]DNiQ�KDV]QiOXQN�6]LQWDNWLNDL�ÅPLQWDµ 0DJ\DUi]DW7tSXV.RQVWUXNFLy�SDUDPpWHUHN��

$VV]RFLiOW�P&YHOHWHN�2SHUiFLy�eUWHOPH]pVL�WDUWRPiQ\���eUWpNNpV]OHW«

$�GHILQLiODQGy�WtSXVNRQ�VWUXNFLy�ÅDONDOPD]iVL�VDEORQDµ��IHMH��2SHUiFLyLQDN�V]LJQD�W~UiMD��pUWHOPH]pVL�WDU�WRPiQ\D��pUWpNNpV]OHWH�

Page 4: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

$[LyPiN�-HO|OpVHN�x REMHNWXP� 7tSXV�SDUDPpWHUHN� �pUWHOPH]� PHJMHJ\]pVx «�R «�D]�D[LyPD�LQIRUPiOLV�V]|YHJH�YDJ\�PHJQHYH]pVH���D IRUPDOL]iOW�D[LyPD�R ««

$]�RSHUiFLyN�NDSFVRODWiW�OHtUy�D[LyPiN��pV�D�EHQQ�N�I|OKDV]QiOW�REMHNWXPRN�ÅGHNODUiFLyLµ�(VHWOHJ�NLE�YtWYH�IRQWRV�N|YHWNH]PpQ\iOOtWiVRN�NDO�

�������,PSOLFLW�HUURU�D[LyPiN0LYHO� D� VSHFLILNiOiV� VRUiQ� IRJODONR]QL� NHOO� D]� RSHUiFLyN� �QHP�NL]iUKDWy�� LOOHJiOLV� KDV]QiOD�WiYDO�� DQQDN� N|U�OPpQ\HLYHO�� EH� NHOO� YH]HWQL� HJ\� ÄXQLYHU]iOLV´� 1HP'HI� pUWpNHW� � (J\� RSH�UiFLyW�ÄHUHGPpQQ\HO´��PiV�V]yYDO�� OHJiOLVDQ��QHP�KDV]QiOKDWXQN�HJ\�1HP'HI�pUWpN& �D]D]�HJ\�KLED�iOODSRWED�MXWRWW��DGDWUD��(]W�PRQGMD�NL�D]�HUURU�D[LyPD��(]W�D]�D[LyPiW�D�WRYiEEL�DNEDQ� QHP� V]HUHSHOWHWM�N� H[SOLFLWH� D]� HJ\HV� RSHUiFLyNNDO� NDSFVRODWEDQ�� H]pUW� PLQ�VtWM�N�LPSOLFLWQHN�$]�DGDWRN�OpWUHKR]iV�HO�WWL�iOODSRWD�LV�D�1HP'HI���,QLFLiOLV�HUURU�D[LyPD�'ROJR]DWXQNEDQ� HJ\�N|]LVPHUW� SpOGiW�N|YHW�QN�YpJLJ�� D�YHUHP� WtSXVNRQVWUXNFLy� �N|]LVPHU�WHEE�QpYHQ��YHUHP�RV]WiO\��SpOGiMiW��/iVVXN�D�YHUHP�DOJHEUDL�OHtUiViW�3pOGD� 9HUHP�7tSXV�(OHP��$VV]RFLiOW�P&YHOHWHN�

hUHV��9HUHPhUHV"�9HUHP���/RJLNDL7HW��9HUHP���(OHP�� ^1HP'HI`9HUHPEH�9HUHP�(OHP���9HUHP�� ^1HP'HI`9HUHPE�O�9HUHP�����9HUHP�[�(OHP���� ^1HP'HI`$[LyPiN�-HO|OpVHN�x Y�Y��9HUHP�(OHP� �YHUHPWtSXV~�REMHNWXPx H�H� (OHP �HOHPWtSXV~�REMHNWXP�R hUHV�± D[LyPDhUHV"�hUHV��R hUHV"�± D[LyPD� hUHV"�9HUHPEH�Y�H��

� (J\�PiVLN�HONpS]HOpV�V]HULQW�D]�DGRWW�WtSXVKR]�WDUWR]y�DODSKDOPD]W�WHUMHV]WLN�NL�HJ\�VSHFLiOLV��YLUWXiOLV�HOHPPHO��HUURU��� V� D]� D[LyPiN� N|]|WW� H[SOLFLWH� V]HUHSHOWHWLN� D]RNDW� D]� D[LyPiNDW�� DPHO\HN� D]� LQNRUUHNW� KDV]QiODW�ÄHUHGPpQ\WHOHQVpJpW´���HUURU�pUWpNUH�YH]HWpVpW��MHOHQWLN�NL��>.9����@

Page 5: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

�R 7HW�±9HUHPEH�± D[LyPD7HW��9HUHPEH�Y�H�� H�¶R 7HW� ± KLED�D[LyPDhUHV"�Y��� 7HW��Y� 1HP'HI�R 9HUHPE�O�± D[LyPD9HUHPE�O�9HUHPEH�Y�H�� �Y�H����� hUHV"�Y���� 9HUHPEH�9HUHPE�O�Y�� Y�¶R 9HUHPE�O�± KLED�D[LyPDhUHV"�Y��� 9HUHPE�O�Y� 1HP'HI�����$�N�OV� IHO�OHW�V]HULQWL�VSHFLILNiFLy�������$�WtSXV�3�3�VSHFLILNiFLy�NHUHWH��D�PRGXO$]�DOJHEUDL�VSHFLILNiFLyKR]�NpSHVW�IRQWRV HOWpUpV��KRJ\�DPtJ�D]�DOJHEUDL�HOYiUiVDLQN�HJ\HWOHQ�|VV]HI�JJ� UHQGV]HUW� �D[LyPDUHQGV]HUW�� DONRWQDN�� DGGLJ� D� N�OV� IHO�OHW� V]HULQWL� VSHFLILNiFLy�HVHWpEHQ� PLQGHQ� HJ\HV� RSHUiFLy� HJ\PiVWyO� I�JJHWOHQ�� |QiOOy� ÄHJ\VpJHW´�� PLNUyUHQGV]HUW�DONRW�

([SRUW0RGXO 7tSXV1pY�,QSXW3DUDPpWHUHN��.RQVWDQV >5LWNiQ�YDQ�LO\HQUH�V]�NVpJ�@.RQV��.RQV������ >D�7tSXV1pY�WtSXV�QpKiQ\�NLHPHOHQG�NRQVWDQVD@)�JJYpQ\ )Y��)RUP3DUDP���)Y7LS�(I��D]�)Y��DONDOPD]KDWyViJiQDN�IHOWpWHOH8I��D]�)Y��iOWDO�HOYpJ]HWW WUDQV]IRUPiFLy���(OMiUiV (OM��)RUP3DUDP�(I��D]�(OM��DONDOPD]KDWyViJiQDN�IHOWpWHOH8I��D]�(OM��iOWDO�HOYpJ]HWW�WUDQV]IRUPiFLy���2SHUiWRU 2S��)RUP3DUDP���2S7LS�(I��D]�2S��DONDOPD]KDWyViJiQDN�IHOWpWHOH8I��D]�2S��iOWDO�HOYpJ]HWW�WUDQV]IRUPiFLy���0RGXO�YpJH�

$]�RSHUiFLyN�N|]|WWL�NDSFVRODWRW�D�WtSXVW�PHJKDWiUR]y�DGDWRN�MHOHQWLN��(]HQ�DGDWRNDW�WUDQV] �IRUPiOMiN�� HOHP]LN� D]� HJ\HV� RSHUiFLyN�� ,WW� WHKiW�PiU� QHP� NHU�OKHW� HO�� DPLW� HGGLJ� �J\HVHQ�ILJ\HOPHQ� NtY�O� KDJ\WXQN�� D]� iEUi]ROiV�� 7|UHNV]�QN� WHUPpV]HWHVHQ�PpJ�PLQGLJ� NHOO�HQ� iO�WDOiQRVDQ�IRJDOPD]QL��� 0HJMHJ\]pVHN�R $]� ,QSXW3DUDPpWHUHN� OHKHWQHN� WtSXVW� MHOOHP]� NRQVWDQVRN�� GH� ±WtSXVNRQVWUXNFLy� HVHWpQ± WtSXVRN� LV���6]RNiV�H�SDUDPpWHUHNHW�¶JHQHULF�SDUDPHWHU¶�QHN�QHYH]QL��R $�PRGXOIHM� HJ\EHQ� D� IHOKDV]QiOiV� ÄPLQWiMiXO´� LV� V]ROJiO�� 3pOGiXO��([SRUW0RGXO 7|PE�7tSXV 7,QGH[�7tSXV 7(OHP�� 7tSXV 9HNWRU 7|PE������(JpV]�

Page 6: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

�������3�3�VSHFLILNiFLyEHOL�IRUPDOL]PXV��D�VRUR]DWQ\HOY$]�iOWDOXQN�YL]VJiOW� WtSXVRN� �RV]WiO\RN��PLQGHJ\LNpQpO�HJ\�VRUR]DW� MiWV]LN�PDMG�N|]pSSRQWL�V]HUHSHW��(]pUW�DONDOPD]XQN�D]�HO�� pV�XWyIHOWpWHOEHQ�HJ\�ÄVRUR]DWQ\HOY´�QHN�QHYH]HWW�IRUPD�OL]PXVW��(�IRUPDOL]PXVEDQ�D�VRUR]DWRN�NH]HOpVpKH]�D]�DOiEEL�P&YHOHWHNHW�HOHYH�GHILQLiOWQDN�YHVV]�N�x ����± �UHV�VRUR]DW�x VL ± L��HOHPH�D]�V�VRUR]DWQDN��x _V_�± D]�V�VRUR]DW�KRVV]D��HOHPV]iPD��x �V�����VL��± D�VRUR]DW�HOV� L�GE�HOHPpE�O�DONRWRWW��UpV]�VRUR]DW��x �VL����V_V_��± D�VRUR]DW�L��HOHPpYHO�NH]G�G� �UpV]�VRUR]DW�x VW�± D]�V�pV�D�W�VRUR]DW�HOHPHLQHN�HJ\PiVXWiQ�LOOHV]WpVH��0LQGHQ�|VV]HWHWW�V]HUNH]HWHW�HQQHN�D�Q\HOYH]HWQHN�D�ÄORJLNiMD´�V]HULQW�MHO|O�QN��ËJ\�MiUXQN�HO�D� GLUHNWV]RU]DW� HVHWpEHQ� LV�� 3pOGiXO�� $[%[&� KDOPD]� HJ\� HOHPpW� �D�E�F� MHO|OL�� DKRO� WHUPp�V]HWHVHQ�HOYiUKDWy��KRJ\�D�$��E�%��F�&�WHOMHV�O�$]� DOJHEUDL� OHtUiVEDQ� ±PLQW� OiWWXN± HO�EXNNDQ� RO\DQ� V]LWXiFLy�� DPHO\EHQ� D� WtSXVED� WDUWR]y�DGDW�QHPGHILQLiOW�pUWpN&Yp�YiOW��D]D]�KLED�iOODSRWED�MXWRWW��(]W�D]�iOODSRWRW�KLYDWRWW�U|J]tWHQL�D]� DGDWV]HUNH]HW� HJ\� ORJLNDL� NRPSRQHQVH�� 7HKiW�PLQGHQ� iOWDOXQN� OHtUW� WtSXV~� DGDWQDN�PLQL �PXP� NpW� NRPSRQHQVH� OHV]�� HJ\�� D]� HOHPHN VRUR]DWiW� WDUWDOPD]y�� pV� HJ\� KLEiVViJRW� U|J]tW�ORJLNDL NRPSRQHQV�± 7(OHP [/RJLNDL�$�YHUHP�H[SRUW�PRGXOMD�>6]3������36]=V����@�N|YHWNH]LN�D]�DOiEEL�SpOGiEDQ�3pOGD�([SRUW0RGXO�9HUHP�7tSXV 7(OHP��>-HO|OpVHN�D�VSHFLILNiFLyKR]����9HUHP 6RUR]DW[+LED��6RUR]DW 7(OHP ��+LED /RJLNDL���Y�D�9HUHP�P&YHOHW�XWiQL�iOODSRWD��KD�D�EHPHQHWLW�O�PHJ�NHOO�N�O|QE|]WHWQL@(OMiUiV hUHV�9iOWR]y Y�9HUHP� >YHUHPOpWUHKR]iV�D�PHPyULiEDQ@(I� ��Y�9HUHP��8I� �Y�9HUHP�� Y ����+DPLV�)�JJYpQ\ hUHV"�.RQVWDQV Y�9HUHP���/RJLNDL >�UHV�H�D�YHUHP@(I� �Y�9HUHP�� �Y�KLED8I� hUHV"�Y� �Y�VRUR]DW ���

� $]�DOJHEUDL�OHtUiVQiO�D]�hUHV RSHUiFLyQDN�QLQFV�pUWHOPH]pVL�WDUWRPiQ\D��PLYHO�NRQVWUXNFLyV�P&YHOHW��tJ\�±HO�YLOHJ± pUWHOPHWOHQ�D�ÄEHPHQHWWHO´�V]HPEHQ�EiUPLIpOH�IHOWpWHOW�PHJIRJDOPD]QL��+D�PpJLV�HOOHQ�UL]QL�NtYiQMXN�D�NRUUHNW� KDV]QiODWRW�� DNNRU� ÄHOV]DNDGYD´� D]� DOJHEUDL� OHtUiVWyO�� NLPRQGKDWXQN� HO�IHOWpWHOW�� $]� HOOHQ�U]pVUH� RN�OHKHW� D� W|EEV]|U|V ÄLQLFLDOL]iOiV´� FpO~� IHOKDV]QiOiV�PHJDNDGiO\R]iVD�� 7XGQXQN� NHOO�� KRJ\� D�PHJYDOyVtWiVVDO�V]HPEHQ�NRPRO\�HOYiUiVW�IRJDOPD]XQN�PHJ�H]]HO��HJ\��PLQGHQ�ÄOHJiOLV´�pUWpNW�O�PHJN�O|QE|]WHWKHW� pUWpN�pV�HJ\�RO\DQ�DXWRPDWL]PXV�PHJOpWpW��DPHO\�D]�DGDWRN�DE�RYR�iOODSRWiUD�pV�DQQDN�OpWUHKR]iViUD�YRQDWNR]LN�

Page 7: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

)�JJYpQ\ 7HW��9iOWR]y Y�9HUHP���7(OHP >D�YHUHP�WHW�HOHPpQHN�pUWpNH@(I� �Y�9HUHP�� �Y�KLED8I� Y�VRUR]DW �Y������YQ��� 7HW��Y� YQY�VRUR]DW ���� Y�KLED ,JD](OMiUiV 9HUHPEH�9iOWR]y Y�9HUHP��.RQVWDQV H�7(OHP� >YHUHPEHWpWHO@(I� �Y�9HUHP�� �Y�KLED8I� Y�VRUR]DW �Y������YQ��� Y�VRUR]DW �Y������YQ�H�(OMiUiV 9HUHPE�O�9iOWR]y Y�9HUHP��H�7(OHP� >D�WHW�HOHP�NLYpWHOH@(I� �Y�9HUHP�� �Y�KLED8I� Y�VRUR]DW �Y������YQ��� Y�VRUR]DW �Y������YQ����� H YQY ���� Y�KLED ,JD])�JJYpQ\ +LEiV"�9iOWR]y Y�9HUHP���/RJLNDL>W|UWpQW�H�KLED�D�YHUHPUH�KLYDWNR]iVVRUiQ��ÄW|UOL´ D�KLEDYiOWR]yW@(I� �Y�9HUHP8I� +LEiV"�Y� Y�KLED�� Y�KLED +DPLV0RGXO YpJH��������$�3�3�VSHFLILNiFLy�DOJHEUDLED�EHLOOHV]WKHW�VpJpQHN�PHJVHMWpVH9DQ�WHKiW�NpWIpOH�OHtUiVD�D�WtSXVQDN��HJ\�|VV]HI�JJ� DOJHEUDL�UHQGV]HU��D[LyPiNEyO��YDODPLQW�HJ\� IRUPiOLVDQ� HJ\iOWDOiQ� QHP� |VV]HI�JJ� 3�3�VSHFLILNiFLyNEyO� iOOy� PLNUyUHQGV]HUHN� KDO�PD]D�� $]�HJ\PiVKR]� LOOHV]NHGpV�DODWW� pUWV�N�D]W��KRJ\�KD� IHOWHVV]�N�D�PLNUyUHQGV]HUHN�KH�O\HVVpJpW� �D]D]� KRJ\�� KD� D]� HO�IHOWpWHO� WHOMHV�O�� DNNRU� D]� XWyIHOWpWHO� LV� WHOMHV�O��� DNNRU� D]RQ�D[LyPiN�LV�WHOMHV�OQHN��DPHO\HNEHQ�D]�DGRWW�PLNUyUHQGV]HUHN�V]HUHSHOQHN�3pOGiXO��WHJ\�N�I|O�D�9HUHPE�O pV�D�9HUHPEH RSHUiFLyN�3�3�VSHFLILNiFLyLQDN�KHO\HVVpJpW��DNNRU�D]��R D[LyPD�LV�WHOMHV�O��$�YL]VJiODQGy�iOOtWiV�HNNRU�tJ\�KDQJ]LN�+D�D9HUHPEH�Y�H�(I� �Y�9HUHP�� �Y�KLED8I� Y�VRUR]DW �Y������YQ��� Y�VRUR]DW �Y������YQ�H� �9HUHPE�O�Y�H�(I� �Y�9HUHP�� �Y�KLED8I� Y�VRUR]DW �Y������YQ��� Y�VRUR]DW �Y������YQ����� H YQY ���� Y�KLED ,JD]3�3�VSHFLILNiFLyN�KHO\HVHN��DNNRU�WHOMHV�O�DÄ�R 9HUHPE�O�± D[LyPD´�LV��D]D]�D9HUHPE�O�9HUHPEH�Y�H�� �Y�H����

� $� >.9����@� NHWW�V� VSHFLILNiFLyUyO EHV]pO� D�PLHQNpW�O� QpPLOHJ� HOWpU� pUWHOHPEHQ��$EV]WUDNW� pV� NRQNUpW� VSH�FLILNiFLyW�HJ\HVtWHQHN�D�NHWW�V�VSHFLILNiFLyEDQ��DPHO\HN�HOV�VRUEDQ�D]�iEUi]ROiV�V]LQWMpEHQ��V�QHP�D]�HOYiUiV�PHJIRJDOPD]iV�Q\HOYH]HWpEHQ�WpUQHN�HO�HJ\PiVWyO���%iU�OHJW|EEV]|U�yKDWDWODQXO�D�Q\HOYH]HW�YiOWiVVDO� LV� MiU�D�NRQNUHWL]iOiV��� 0HJJRQGRODQGy��NL�NHOO�H�MHOHQWHQL�D�YiOWR]DWODQ�NRPSRQHQVHN�YiOWR]DWODQViJiW�

Page 8: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

� hUHV"�Y���� 9HUHPEH�9HUHPE�O�Y�� Y$]� HJ\V]HU&VpJ� NHGYppUW� HOpJHGM�QN� PHJ� D]� D[LyPD� HOV� IHOpQHN� HOOHQ�U]pVpYHO�� D]D]� D�9HUHPE�O�9HUHPEH�Y�H�� �Y�H� IRUPXOD�WHOMHV�OpVpQHN�EHOiWiViYDO��(OV� OpSpVNpQW� D� 9HUHPEH RSHUiFLyW� NHOO� ILJ\HOHPEH� YHQQ�QN�� (QQHN� HO�IHOWpWHOpW���Y�9HUHP�� �Y�KLED��� V� D]�XWyIHOWpWHO� �Y�VRUR]DW �Y������YQ��� Y �Y������YQ�H��� HOIRJDGMXN��$�YHUHP�iOODSRW� XWyIHOWpWHOEHQ� V]HUHSO� EHPHQHWL� pV� NLPHQHWL� iOODSRWiW� HJ\EH� YHWYH� �V� D]�HO�IHOWpWHO��Y�KLED UpV]pW�WXGRPiVXO�YpYH��D]�XWyIHOWpWHO�D N|YHWNH]� DODNEDQ�LV�tUKDWy����� Y�VRUR]DW Y�VRUR]DW� �H��0iVRGLNNpQW�D�9HUHPE�O RSHUiFLyW�HOHPH]]�N�pV]UHYpYH��KRJ\�H]�HVHWEHQ�OHJDOiEE���HOHP&VRUR]DWUD�NHOO�DONDOPD]QL��+DVRQOy�JRQGRODWPHQHWWHO�D]�XWyIHOWpWHO�LWW�LV�W|P|UtWKHW���Y�VRUR]DW� Y�VRUR]DW�YQ��� H YQ��V�W�PpJ�WRYiEE���� Y�VRUR]DW Y�VRUR]DW�H��+DUPDGLN�OpSpVEHQ�N|YHVV�N�D]�D[LyPD�NLpUWpNHOpVpW��+RJ\�HONHU�OM�N�D]�DGDWRN�NHYHUHGpVpW��D]�HJ\HV�P&YHOHWHN�SDUDPpWHUHLW�LQGH[HOM�N����LQGH[V]HO�D�9HUHPEH P&YHOHW�SDUDPpWHUHLW�pV���YHO�D�9HUHPE�O P&YHOHWpW�%HPHQHW 9HUHPEH .LPHQHW ����E�O ����Y��VRUR]DW�H�� o Y�¶�VRUR]DW Y��VRUR]DW�H��

Y��VRUR]DW o �Y��VRUR]DW�H��%HPHQHW 9HUHPE�O .LPHQHW6]HGM�N�|VV]H�D]�DGDWRN�N|]|WWL�NDSFVRODWRNDW�$�9HUHPEH�9HUHPE�O P&YHOHWHN�N|]|WWL SDUDPpWHUiWDGiV���� Y��VRUR]DW�H�� Y��VRUR]DW$�WHOMHV�WUDQV]IRUPiFLy��%HPHQHWoo.LPHQHW���%H.L� �Y��VRUR]DW�H�� 9HUHPE�Oxx9HUHPEH �Y�¶�VRUR]DW�H��$]�D[LyPD��$[� �Y�H� 9HUHPE�Oxx9HUHPEH �Y�H�$���� Y��UH�DNWXDOL]iOW�DODNMD����� Y��VRUR]DW Y��VRUR]DW�H�$��%H.L�±E�O�U|JYHVW�OiWV]LN��KRJ\�D����NRPSRQHQVEHOL�H LGHQWLNXVDQ�WUDQV]IRUPiOyGLN�±DKRJ\��$[� HO� LV� YiUQi±�� KD� H� H� WHOMHV�O�� DPLW� VHPPL� VHP� WLOW�� 7HKiW� IHOWHVV]�N�� $� IHQWL� NDS�FVRODWRNEDQ� H]pUW� HL KHO\HWWHVtWKHW� H�YHO�� %HOiWDQGy�� KRJ\� D]� �� NRPSRQHQVEHOL� Y LV� YiOWR�]DWODQ�PDUDG�$���� PLDWW�Y��VRUR]DW KHO\HWW�tUKDWMXN��Y��VRUR]DW�H����GH�D������YHO�|VV]HYHWYH�Y��VRUR]DW�UD�D]�DGy�GLN��KRJ\�PHJ�NHOO�HJ\H]]pN�Y��VRUR]DW�WDO��DPL�D��%H.L� EHPHQHWpQ�V]HUHSHOW�D�VRUR]DW�NRPSR�QHQVNpQW��V�pSSHQ�H]W�YiUWXN�

Page 9: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

���352/2*�1<(/9,�0,1,080$]� DOiEELDNEDQ� D�%RUODQG� iOWDO� NLIHMOHV]WHWW� 7XUER� 3URORJ� Q\HOYMiUiVUyO� HVLN� QpKiQ\�� |VV]H�IRJODOy� V]y�� >5.5%����@� /HJIRQWRVDEE� V]LQWDNWLNXV� WXGQLYDOyNDW� D]� DOiEEL� 3URORJ Q\HOY&SURJUDPYi]ODW�WDUWDOPD]]D�

'RPDLQV� $�SUHGLNiWXPRN��WpQ\HN��V]DEiO\RN��SDUDPpWHUWtSXVDLQDN�GHILQLiOiVD�ÈOWDOiQRV�DODNMD��¶WtSXV� �WtSXVNRQVWUXNFLy¶�� �XQLR� �IXQNWRU��WtSXV����IXQNWRU��WtSXV����«LWHU� �WtSXV GLU6]RU� �IXQNWRU�WtSXV��WtSXV��«�«3UHGLFDWHV� $�WpQ\HN�pV�V]DEiO\RN�V]LJQDW~UiMiQDN��IHMVRU�V]LQWD[LV��GHNODUiOiVD��PLQGHQ��NpV�EE�HO�NHU�O� WpQ\�pV�V]DEiO\�LWW�GHNODUiOWDWLN� �WpQ\6]DEiO\�WtSXVRN�IHOVRUROiVD�«'DWDEDVH �� $��GLQDPLNXVDQ��NH]HOHQG� WXGiV��V]DEiO\RN�(OKDJ\KDWy�V]HNFLy��GH�KD�YDQ��DNNRU�QHP�OHKHW�N|]|V�UpV]H�D3UHGLFDWHV�V]HO� �WpQ\6]DEiO\�WtSXVRN�IHOVRUROiVD�&ODXVHV� 7pQ\HN�pV�V]DEiO\RN� �WpQ\�V]LJQDW~UiQDN�PHJIHOHO� SDUDPpWHU�OLVWD��«V]DEiO\�V]LJQDW~UiQDN�PHJIHOHO� SDUDPpWHU�OLVWD�LI ORJLNDL�IRUPXOD�«*RDO� $�IHODGDW�PHJROGiViW�ÄHOLQGtWy´�iOOtWiV� �ORJLNDL�IRUPXOD�$�WpQ\HN��YpJ�OLV�QpYYHO�HOOiWRWW� UHOiFLyN��$�PHJQHYH]HWW� UHOiFLyED�KR]]XN�D�SDUDPpWHUNpQW�IHOVRUROW� �NRQVWDQV�� DGDWRNDW�� $� V]DEiO\RN� V]LQWpQ� QpYYHO� HOOiWRWW� UHOiFLyN�� FVDNKRJ\� D�UHOiFLyED� EL]RQ\RV� IHOWpWHOHNNHO� NHU�OQHN� D� SDUDPpWHUOLVWiEDQ� IHOVRUROW� DGDWRN�� (]HN� D]�~J\QHYH]HWW��+RUQ�NOy]RN��� $�PRVW� HOHP]HQG� SpOGiQNEDQ�QHP� IRJXQN�DGDWEi]LVRNDW�KDV]QiOQL��0LYHO� D�N|YHWNH]� SpOGiQNKR]�pV�PyG�V]HU�YiOWR]DWKR]�PiU�V]�NVpJHV�OHV]��H]pUW�WHV]�QN�HPOtWpVW�HUU�O�D�3URORJ�V]HNFLyUyO�

Page 10: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

$ODNMXN��Ä.|YHWNH]PpQ\�SDUDPpWHUHN��� IHOWpWHO�SDUDPpWHUHN�´��DKRO�D�Ä�´�P&YHOHWL� MHO�D�V]RNiVWyO�HOWpU� LUiQ\~� LPSOLNiFLy��D�N|YHWNH]PpQ\��HJ\�ÄQHYHVtWHWW´�SDUDPpWHUHV� V]DEiO\�� D� IHOWpWHO EL]RQ\RV� NRUOiWR]iVRNNDO� QHJiFLyW� LV� WDUWDOPD]KDW�� GH�MHOOHP]�EEHQ�NRQMXQNFLyW��LOO��GLV]MXQNFLyW��eUWHOHPV]HU&HQ�D�SDUDPpWHUHN�PRVW�QHP HJ\HWOHQ�ÄSRQWMiW´�MHO|OLN�NL�D�VRNGLPHQ]LyV�SDUDPpWHUWpUQHN��KDQHP�HJ\�DOWHUpW��0iV�V]yYDO��OHJDOiEE�HJ\�SDUDPpWHUH�QHP�NRQVWDQVNpQW�OHWW�U|J]tWYH�-HOHQWpV�N��D�N|YHWNH]PpQ\�WHOMHV�O��D]D]�D�SDUDPpWHUNpQW�IHOVRUROW�NRQVWDQVRN�D]�DGRWW�QHY&UHOiFLyEDQ�iOOQDN�HJ\PiVVDO���KD�D�IHOWpWHO�LJD]��$� NpV�EELHN� VRUiQ� 7XUER� 3URORJ� SURJUDP� IXWiViUyO� NpV]�OW� ÄSLOODQDWIHOYpWHOHNNHO´� LV�WDOiONR]XQN��DPHO\HN�D]�DOiEEL�iEUiKR]�QDJ\RQ�KDVRQODWRVDN�OHV]QHN��$]�(GLWRU ÄDEODN´�PXWDWMD�D�IRUUiVSURJUDP�HJ\�GDUDENiMiW��PtJ�D�'LDORJ D�SURJUDP�HUHG�PpQ\pW�NHUHWH]L���+D�OiWV]DQDN�LV�PDMG�HJ\pE�DEODNRN��V]iPXQNUD�OpQ\HJWHOHQHN�OHV]QHN��

�����iEUD�± 7XUER�3URORJ�SURJUDP�IHMOHV]W�L�N|UQ\H]HWpQHN�IHOpStWpVH�

Page 11: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

���È7Ë5È6,�6=$%È/<2.�����$OJHEUDL�pV�3�3�VSHFLILNiFLy�PLQW�HJ\HWOHQ�V]DEiO\�J\&MWHPpQ\$�3URORJ�EDQ� WHKiW�PLQGHQ� WpQ\NpQW� HVHWOHJ� V]DEiO\NpQW� MHOHQLN�PHJ��7HKiW�iW�NHOO� WXGQXQN�tUQL�D]�DOJHEUDL� D[LyPiLQNDW�pSS~J\��PLQW�D�PRGXORNEDQ�V]HUHSO� RSHUiWRURN�HJ\HGL�HO�� pV�XWyIHOWpWHOUH� V]pWYiODV]WRWW� VSHFLILNiFLyLW�� 5iDGiVXO� H]HNHW� HJ\HWOHQ� UHQGV]HUUp� NHOO� |VV]H�NRYiFVROQXQN��KRJ\�YL]VJiOKDVVXN��PHQQ\LUH�P&N|GQHN�HJ\�WW������$]�RSHUiWRU�V]DEiO\�V]LJQDW~UiMD$]� RSHUiWRU� D]� DOJHEUDL� OHtUiVEDQ� HJ\VpJHVHQ� I�JJYpQ\NpQW� MHOHQLN�PHJ�� eUWpNNpV]OHWH� J\D�NRUWD�KDOPD]RN�XQLyMDNpQW�� V�W�QpKD�KDOPD]RN�GLUHNWV]RU]DWDNpQW�EXNNDQ�HO���3O���9HUHP�^1HP'HI`��YDJ\�9HUHP[(OHP��0LYHO� D� YL]VJiODWXQN� V]HPSRQWMiEyO� WHOMHVHQ� OpQ\HJWHOHQ�� KRJ\� D� WtSXVNRQVWUXNFLyN� PLO\HQ�HOHPWtSXVRQ�Q\XJV]DQDN��IHOWHKHWM�N��KRJ\�D�Ei]LVWtSXV�PLQGLJ��SO���HJpV]�V]iP�WtSXV�OHJ\HQ�$�3URORJ�GLUHNWV]RU]DW NpS]pVH�HNNpQW�ROGKDWy�PHJ��ÄK)�K��K��«�´���DKRO�K) ± IXQNWRU��K; ± NRPSRQHQV�WtSXV�$]�XQLy PHJIHOHO�MH��ÄK�)�K����K�)�K�����´���DKRO�K;) ± IXQNWRU��K; ± DOWHUQDWtYD�WtSXV�(J\� IHOVRUROiV WtSXV�D]�XQLy�VSHFLiOLV�� OHHJ\V]HU&VtWHWW�YiOWy]DWiQDN�LV� WHNLQWKHW��� tJ\�iWLUDWD��ÄN���N����´���DKRO�N; ± DOWHUQDWtY�NRQVWDQVRN�$]�LWHUiOW 3URORJ�EHOL�SiUMD��ÄK ´��DKRO�K ± D�Ei]LVWtSXV�$� IHQWL� 3URORJ�PHJIHOHOWHWpVHN� LVPHUHWpEHQ� YHUPHV� SpOGiQN� OHJERQ\ROXOWDEE�� ÄYHUHPE�O´�RSHUiFLy� V]LJQDW~UiMiEDQ� V]HUHSO� KDOPD]RN OHtUKDWyN�� 0LHO�WW� H]W� PHJWHQQpQN�� PHJ� NHOO�JRQGROQL��KRJ\DQ��OWHVV�N�iW�D�3URORJ�SURJUDPED�D]�RSHUiFLyNDW��$�SUREOpPD�Q\LOYiQYDOy��D�3URORJ�EDQ� PLQGHQ� WHYpNHQ\VpJ� V]DEiO\NpQW�� WHKiW� ORJLNDL� pUWpNNHO� UHQGHONH]� V]iPtWiVVDO�IRJDOPD]DQGy�PHJ��7HKiW�D�G|QWpV�HJ\pUWHOP&�2SHUiWRU�eUWHOPH]pVL�WDUWRPiQ\���eUWpNNpV]OHW3URORJ�SiUMD�

2SHUiWRU�eUWHOPH]pVL�WDUWRPiQ\���eUWpNNpV]OHW�V]LJQDW~UiM~�V]DEiO\�OHV]�/HKHWQHN� D� IHQWL� iOWDOiQRV� RSHUiWRU�VpPiWyO� HOWpU� V]LJQDW~UiM~DN� LV�� NRQVWUXNWRURN�� LOOHWYH�GHVWUXNWRURN��(]HN�3URORJ�PHJIHOHO�L�

Page 12: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

.RQVWUXNWRU��eUWpNNpV]OHW 3URORJ�SiUMD�.RQVWUXNWRU�eUWpNNpV]OHW�V]LJQDW~UiM~�V]DEiO\�OHV]�

'HVWUXNWRU�eUWHOPH]pVL�WDUWRPiQ\�3URORJ�SiUMD�'HVWUXNWRU�eUWHOPH]pVL�WDUWRPiQ\�V]LJQDW~UiM~�V]DEiO\�OHV]�ËJ\� PiU� D]� RSHUiWRURNDW� N|QQ\HGpQ� iW�OWHWKHWM�N� D� 3URORJ�ED�� KD� pV]UHYHVV]�N�� KRJ\� D�1HP'HI pUWpN� PLQGLJ� D� YHUHP ÄNyURV´� iOODSRWiUD� XWDO�� (OHJHQG� WHKiW� D� YHUHP� ±H]LGiLJ�KRPiO\RV± DODS�WtSXViW�E�YtWHQL�D�^1HP'HI�'HI` KDOPD]]DO��$�YHUHP�WHKiW�D�YHUHPHOHPHN�VRUR]DWiEyO� pV�D�KLEiVViJRW�MHO]� ORJLNDL�pUWpN�NHWW�VpE�O�IRJ�iOOQL�0LYHO�D�YHUHP�iOODSRWiQDN�V]HUYHV�MHOOHP]�MpYp�WHWW�N�D�ÄNyURVViJRW´�MHO]� NRPSRQHQVW��H]pUW�RO\DQ� RSHUiFLyN� V]DEiO\iEDQ� LV� IHO� IRJ� EXNNDQQL� RXWSXWNpQW� D� YHUHP�� DPHO\EHQ� HUHGHW LOHJ�FVDN�D]�LQSXWRQ�V]HUHSHOW��SO��7HW����

'RPDLQV71HP'HI� �QHP'HI��GHI7(OHP� �,QWHJHU79HUHP� �7(OHP 79HUHP.� �YHUHP�79HUHP�71HP'HI�7/RJLNDL� �LJD]��KDPLV3UHGLFDWHVXUHV�79HUHP.�XUHV(�79HUHP.�� LQSXW ���7/RJLNDL��� RXWSXW ��WHWR�79HUHP.��� LQSXW �7(OHP�79HUHP.��� RXWSXW ��YHUHPEH�79HUHP.�7(OHP���� LQSXW �79HUHP.��� RXWSXW ��YHUHPERO�79HUHP.���� LQSXW �7(OHP�79HUHP.��� RXWSXW �������$]�DOJHEUDL�OHtUiV�V]DEiO\RNNi�DODNtWiVD�$�ÄORJLND´�NyGROiViKR]�PHJ�NHOO�JRQGROQXQN�D]�DOiEELDNDW��� D]�DOJHEUDL�VSHFLILNiFLyEDQ�NL�QHP�PRQGRWW��LPSOLFLW��HUURU�D[LyPD�PHJIRJDOPD]iVD�RSH�UiFLyUyO�RSHUiFLyUD��pV�D]�LQLFLiOLV�HUURU�D[LyPD��� D]�DOJHEUDL�D[LyPiN�PHFKDQLNXV�iWtUiVD� $]W�D�G|QWpVW��KRJ\�D�YHUHP�YDODPLIDMWD�VRUR]DW��PpJ�KDODV]WKDWWXN�YROQD��(�SLOODQDWEDQ�PpJ�QLQFV�V]HUHSH�� (J\pENpQW� XJ\DQH]� D� PDJ\DUi]DWD� DQQDN�� KRJ\� D]� H[SRUW� PRGXOEDQ� QpPHO\� I�JJYpQ\� SDUDPpWHUOLVWiMiQ� D�YHUHP�YiOWR]yNpQW�V]HUHSHO�

Page 13: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

�� D]�HJ\HV�RSHUiFLyN�33�VSHFLILNiFLyMiQDN�3URORJ�RVtWiVD�������,PSOLFLW�HUURU�D[LyPiN�3URORJ�V]DEiO\DL$]W� NHOO� NLIHMH]Q�QN�� KRJ\� KD� D� YHUHP� iOODSRWD� ���� NRPSRQHQVH�� 1HP'HI�� DNNRU� D� WUDQV]�IRUPiFLy�WpQ\OHJHV�V]iPROiV�QpON�O��Ä�UHVHQ´�KDMWyGLN�YpJUH�2SHUiWRU�YHUHP�B�QHP'HI���� �LQSXW�YHUHPSDUDPpWHU� �B��«�������������� �WRYiEEL�LQSXW�SDUDPpWHUHN� �YHUHP�B�QHP'HI���� �RXWSXW�YHUHPSDUDPpWHU��YiOWR]DWODQ �B��«�������������� �WRYiEEL�RXWSXW�SDUDPpWHUHN� �(]W�WHKiW�PLQGHQ�HJ\HV�RSHUiFLyUD�NL�NHOO�PRQGDQL�3pOGiN�XUHV(�YHUHP�B�QHP'HI��B���� �hUHV(�LPSOLFLW�HUURU�D[LyPD� �WHWR�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �7HW��LPSOLFLW�HUURU�D[LyPD� �0DJ\DUi]DW� D� NpW� SpOGiKR]�� D]� hUHV( RSHUiFLyW� D� 1HP'HI iOODSRW~� YHUHPUH� DONDOPD]YD���QLQFV�V]HUHSH�D]�D[LyPD�LJD]�pUWpNH�V]HPSRQWMiEyO�VHP�D�YHUHPHOHPHN�VRUR]DWiQDN��VHP�D]�RSHUiFLy� iOWDO� YLVV]DDGRWW� pUpNQHN�� (KKH]� KDVRQOyDQ� D� 7HW� RSHUiFLyW� D�1HP'HI iOODSRW~�YHUHPUH�DONDOPD]YD��D]�D[LyPD�ÄVLNHUH´�I�JJHWOHQ�NHOO�OHJ\HQ�D�PiVRGLN�SDUDPpWHU��D�7HW�iOWDO�YLVV]DDGRWW� pUWpN��PLO\HQVpJpW�O��eUGHNHV�N�O|QEVpJHW�YHKHW�QN�pV]UH�D�NpW�SpOGD�SDUD�PpWHUH]pVpEHQ��0LQGNHWW�EHQ�D�YHUHPHOHPHN�VRUR]DWD�V]iPXQNUD�pUGHNWHOHQ��GH�DPtJ�D]�HO�V�EHQ�D�V]DEDG�SDUDPpWHU�ÄB´�MHOpYHO�pOKHWW�QN��DGGLJ�D�7HW� SpOGiMiEDQ�QHP�WHKHWW�N��2ND��HEEHQ� D� V]DEiO\EDQ�KDQJV~O\R]QXQN�NHOO�� KRJ\� D�EHPHQHWL� pV� D� NLPHQHWL� VWUXNW~UiEDQ� D�NpW�SDUDPpWHUpUWpNQHN�PHJ�NHOO�HJ\H]QL�N��$]D]�EiUPL�OHKHW�D�VRUR]DW��GH�D�NLPHQHWNRUL�D]RQRV�D�EHPHQHWNRUL�pUWpNNHO�

�������,QLFLiOLV�HUURU�D[LyPD�V]HUHSH0LYHO� DQQDN� YL]VJiODWD�� KRJ\� YDODPHO\� RSHUiFLyW� LGHMH� NRUiQ� �D]� DGDW� OpWUHKR]iViW�PHJHO��]�OHJ��KDMWRWWXQN�H�YpJUH��QHP�N�O|Q|VHEEHQ�QHKp]�IHODGDW��H]pUW�HOWHNLQW�QN�HQQHN�V]iPED�YpWHOpW�O�� +D� WHKiW�YDODPHO\�RSHUiFLy�HO�IHOWpWHOHL�N|]|WW�V]HUHSHO�D]�ÄRSHUiODQGy�DGDW� OpWH�]pVpUH�YRQDWNR]y�IHOWpWHO´��DNNRU�D]]DO�QHP�IRJODONR]XQN��������$OJHEUDL�D[LyPD�3URORJ�V]DEiO\D)LOR]yILiQN�OpQ\HJL�NpUGpVpKH]�pUNH]W�QN�HO��+RJ\DQ�LV�HOOHQ�UL]]�N�D�NpWIpOH�VSHFLILNiFLyEyO�V]iUPD]y�V]DEiO\RN�HOOHQWPRQGiV�PHQWHVVpJpW"�(J\�OHKHWVpJHV�~W�Yi]ODWD�D�N|YHWNH]��0LYHO�YL]VJiODWXQN�RO\DQ�WtSXVUD�YRQDWNR]LN��DPHO\EHQ�YDODPLO\HQ�VRUR]DW�NH]HOpVpW�YpJ]LN�D�WtSXVP&YHOHWHN��pV�D]�D[LyPiNEDQ�pSS~J\��PLQW�D�3�3�V]DEiO\RNEDQ�D]��UHVVpJ�IHOWpWHOH��YDOD�PLQW�D�GHILQLiOWViJ W&QLN�I|O�XQRV�XQWDODQ��H]pUW�NpW�V]LJQLILNiQV�HVHWHW�N�O|QE|]WHW�QN�PHJ��D]��UHV VRUR]DW�HVHWpW��PHJ�D�QHP��UHVHW��6�PLQGNHWW�Q�EHO�O�|QiOOy�DOHVHW�� OHJiOLV YDJ\�LOOH�� 6�W�D]�DOJHEUDL�UHQGV]HUEHQ�OH�VHP�tUKDWy�LO\HQ�V]LWXiFLy��(]pUW�D]XWiQ�|VV]H�VHP�YHWKHW� H�WHNLQWHWEHQ�D�NpWIpOH�OHtUiV��0iU�H]�LV�MHO]L��KRJ\�YDOyMiEDQ�QHP�HNYLYDOHQV�iWDODNtWiVW�MHOHQW�D]�ÄDOJHEUDL�o 3�3´�iWWpUpV�

Page 14: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

JiOLV�iOODSRW~�H�D�NLLQGXOy�VRUR]DW��$]�XWyEELEDQ�D]�D]�HVHW�WHVWHV�O�PHJ��DPLNRU�YDODPLO\HQ�KLED� IRO\WiQ�D]�DGDWV]HUNH]HW�1HP'HI iOODSRWED� MXW��$�NpUGpV�HNNRU��HEEHQ�D�KHO\]HWEHQ�D]�RSHUiFLyN�PLW� WHV]QHN�D]�DGDWWD��0LYHO�HNNRU�PHJiOODSRGiV�V]HULQW�EiUPHO\�RSHUiFLy�WUDQV] �IRUPiFLy� QpON�O� ÄP&N|GLN´�� DPLW� D]� LPSOLFLW� HUURU�D[LyPD V]HULQW� NHOO� NyGROQXQN�� tJ\� D]RQ�D[LyPiN�� DPHO\HNEHQ� V]HUHSHOQHN�� QDJ\� HVpOO\HO� QHP� IRJQDN� WHOMHV�OQL�� (]� D� QHJDWtY� HUHG�PpQ\�D]RQEDQ�VHPPL�LQIRUPiFLyW�QHP�KRUGR]���6�W�D�ULWND�WHOMHV�OpVH�VHP���(]pUW�QHP�IRJMXND�1HP'HI iOODSRWRW�N�O|Q�WHV]WHVHWEHQ�YL]VJiOQL�$]�DOJHEUDL�VSHFLILNiFLy�D[LyPiLW� WHNLQWV�N�RO\DQ�V]DEiO\RNQDN��DPHO\HNQHN�NpW�SDUDPpWHUH�YDQ��D]�HJ\LN�D�NLLQGXOy�VWUXNW~UD��DPHO\�OHKHW��UHV��YDJ\�QHP��UHV��OHKHW�1HP'HI YDJ\�'HIiOODSRWEDQ���D�PiVLN�H[SOLFLWH�IHMH]L�NL�D]�DOJHEUDL�D[LyPD�WHOMHV�OpVpW��,JD]��YDJ\�QHP�WHO�MHV�OpVpW��+DPLV���6]LJQDW~UiMD�$[LyPD�79HUHP.�� PLQWDVWUXNW~UD ��7/RJLNDL�� WHOMHV�O�H ��$� V]DEiO\�PHJJRQGROiVW� LJpQ\O� UpV]H�� D� NOy]� IHOWpWHOUpV]H�� (]� OHV]� D]� DOJHEUDL� D[LyPiEDQ�V]HUHSO� ORJLNDL� NLIHMH]pV� 3URORJ�RV� SiUMD�� 9L]VJiOQL� NHOO� D� ÄPHJHQJHGHWW� iOODSRWEDQ´� OHY���OHJiOLV�DGDWRNUD��'HI��pV�D]�LOOHJiOLVRNUD��1HP'HI��YRQDWNR]y�DONDOPD]iV�HVHWpW��$]�LOOHJiOLV�pUWpNHOpVH�HJ\V]HU&��KLV]HQ�LO\HQ�DGDWRNUD�DONDOPD]iVNRU�QHP�IRJ�D]�D[LyPD�VpU�OQL��XJ\DQLV�D�GHILQLiOWViJ�YDJ\�QHPGHILQiOWViJ�NpUGpVpW�D]�D[LyPiNRQ�EHO�O�U|J]tWM�N�3pOGD�$OJHEUDL�VSHFLILNiFLy�HJ\�D[LyPiMD $]�D[LyPD�V]DEiO\DODNMD�R hUHV�± D[LyPDhUHV"�hUHV� 3UHGLFDWHV«D[LRPD��79HUHP.�7/RJLNDL�«&ODXVHV«� �GHI�UH�� �D[LRPD��9�LJD]��LIXUHV�9��DQG XUHV(�9�LJD]��� �QHP'HI�UH�,JD]� �D[LRPD��YHUHP�B�QHP'HI��LJD]��� �PiV�HVHWHNEHQ�� �D[LRPD��B�KDPLV��2O\DQ�DOJHEUDL�D[LyPiN�HVHWpQ��DPHO\EHQ�MyO�HOYiODV]WKDWy�UpV]HNUH�ERQWKDWy�D]�iOOtWiV��PLQG�HJ\LNKH]�|QiOOy�V]DEiO\W�NHOO�IRJDOPD]QL���(] NpV�EE�iOWDOiQRVDQ�N|YHWHQG� HOYYp�IRJ�YiOQL��3pOGD�$OJHEUDL�VSHFLILNiFLy�HJ\�D[LyPiMD $]�D[LyPD�V]DEiO\DODNMD�R 9HUHPE�O�± D[LyPD9HUHPE�O�9HUHPEH�Y�H�� �Y�H����� hUHV"�Y����9HUHPEH�9HUHPE�O�Y�� Y

3UHGLFDWHV«D[LRPD��79HUHP.�7/RJLNDL�D[LRPD�B��79HUHP.�7/RJLNDL�D[LRPD�B��79HUHP.�7/RJLNDL�«

Page 15: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

&ODXVHV«D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��DQGD[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIYHUHPEH�9�(�:��DQGYHUHPE�O�:�(�9��D[LRPD�B��9�LJD]��LIXUHV(�9�KDPLV��DQGYHUHPE�O�9�(�:��DQGYHUHPEH�:�(�9�RUXUHV(�9�LJD]��«0HJMHJ\]pV��D]�D[LyPD�B� NyGROiViQiO�HJ\�LPSOLNiFLy�3URORJ�PHJIHOHO�MpW�NHOOHWW�PHJWD�OiOQXQN��(UU�O�NpV�EE OHV]�PpJ�V]y��,OOHWYH�D�Ä�hUHV"�Y�´ WDJDGiV KHO\HWW�D]�HOOHQNH]�MpW�iOOtWRWWXN��������3�3�VSHFLILNiFLy�3URORJ�V]DEiO\D,WW�YiOLN�HONHU�OKHWHWOHQQp�D�G|QWpV�D�79HUHP WtSXV�PLEHQOpWpU�O��OHJ\HQ�7(OHP Ei]LVWtSXV~�VRUR]DW��$�VRUR]DWRN�NH]HOpVH�D�NRQNUpW�IHODGDWXQNWyO�I�JJHWOHQ��HO�UH�NLGROJR]KDWy��$]�DOiE�EL� HV]N|]NpV]OHW� WDUWR]LN�� HO�UH� GHILQLiOWNpQW�� D� SURJUDPKR]� LQFOXGH�NpQW� KR]]iLOOHV]W�KHW�NpQW��x (OHP�VRUR]DW�L� ± L��HOHPH�D�VRUR]DWQDN��x +RVV]�VRUR]DW� ± VRUR]DW�KRVV]��x (OHMH�VRUR]DW�L� ± D�VRUR]DW�HOV� L�GE�HOHPpE�O�DONRWRWW��UpV]�VRUR]DW��x 9pJH�VRUR]DW�L� ± D�VRUR]DW�L��HOHPpYHO�NH]G�G� �UpV]�VRUR]DW�x (J\PiV8WiQ�VRUR]DW��VRUR]DW�� ± D�NpW�VRUR]DW�HOHPHLQHN�HJ\PiVXWiQ�LOOHV]�WpVH��$�SpOGiQN�HVHWpEHQ�QLQFV�LV�V]�NVpJ�D�IHQWL�VSHFLiOLV�NH]HO� P&YHOHWHNUH��HOHJHQG�HN�D�3URORJ�HOHYH�PHJOpY� VRUR]DW�NH]HO� HV]N|]HL�9LVV]DWpUYH�D�3�3�iWtUiVUD��ORJLNXVQDN�OiWV]LN�RO\DQ�V]DEiO\�KR]]iUHQGHOpVH��DPHO\EHQ�D]�XWy�IHOWpWHOEHQ� OHtUW� iOODSRWRW� D� V]DEiO\� N|YHWNH]PpQ\� SDUDPpWHUHLYHO� U|J]tWM�N� ±KD� OHKHW±�� V� D]�HO�IHOWpWHOW�SHGLJ�D�V]DEiO\�ÄLI´�XWiQL�IHOWpWHO�UpV]pEHQ�IRJDOPD]]XN�PHJ��3pOGD� 2SHUiFLy�3�3�VSHFLILNiFLyMD 2SHUiFLy�V]DEiO\D)�JJYpQ\ hUHV"�.RQVWDQV Y�9HUHP���/RJLNDL(I���Y�9HUHP�� �Y�KLED8I��hUHV"�Y� �Y�VRUR]DW ���

XUHV(�YHUHP�>@�'��LJD]��LI'zQHP'HI�XUHV(�B�KDPLV��0HJMHJ\]pV��D]�HO�IHOWpWHO�HJ\�UpV]OHWpQHN�iWK~]iViYDO��� \� ]� EDQ�Q P� N� $����SDUDPpWHU�WtSXVD��/RJLNDL��(]pUW�� (J\�LO\HQ�VRUR]DW�NH]HO� EHWpWHW�WDUWDOPD]�D]�$��I�JJHOpN�

Page 16: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

MHOH]W�N��KRJ\�D]�iWtUiVEDQ�QHP�MiWV]LN�V]HUHSHW� Np]HQIHNY� ��V]DEiO\�DOWHUQDWtYiEDQ�JRQGRONRGQL��(J\LN�D]�ÄLJD]´��PiVLN�D�ÄKDPLV´�pUWpNKH]�WDUWR]LN�$�V]DEiO\�HOV� DOWHUQDWtYiMiW�HJ\V]HU&E�EHQ�LV�tUKDWMXN�+D�NLKDV]QiOMXN��KRJ\�'zQHP'HI XJ\DQD]��PLQW�' GHI��ËPH�XUHV(�YHUHP�>@�GHI��LJD]��2O\DQNRU�� DPLNRU� D]� XWyIHOWpWHO� W|EE� NLMHOHQWpVW� HJ\HVtW�� D]� HJ\HV� NLMHOHQWpVHNHW� |QiOOy� V]D�EiO\�DOWHUQDWtYDNpQW� NHOO� PHJIRJDOPD]QL�� (]� DNNRU� N|QQ\HQ� IHOLVPHUKHW��� KD� D]� XWyIHOWpWHO�LPSOLNiFLyN� NRQMXQNFLyMD�� 6RNV]RU� D]� LPSOLNiFLy� IHOWpWHOUpV]H� D� V]DEiO\� SDUDPpWHUOLVWiMiEDQ��LOOHV]WpVL� IHOWpWHO� J\DQiQW�� KHO\H]KHW� HO��0iVNRU� D� V]DEiO\� IHOWpWHOUpV]pEHQ� NHOO� D� NRPSOHWW�LPSOLNiFLyW NyGROQL�3pOGD� 2SHUiFLy�3�3�VSHFLILNiFLyMD 2SHUiFLy�V]DEiO\D)�JJYpQ\ 7HW��9iOWR]y Y�9HUHP���7(OHP(I���Y�9HUHP�� �Y�KLED8I��Y�VRUR]DW �Y������YQ��� 7HW��Y� YQY�VRUR]DW ���� Y�KLED ,JD]

WHWR�YHUHP�>9Q_9@�GHI��9Q�YHUHP�>9Q_9@�GHI���WHWR�YHUHP�>@�GHI��B�YHUHP�>@�QHP'HI��0HJMHJ\]pV�� YDOyEDQ� DOWHUQDWtYiYDO� NyGROKDWy�� KLV]HQ� D� IHOWpWHOHN� HJ\PiVW� NL]iUMiN�� D]D]�N|]�O�N�FVDN�HJ\HWOHQ�HJ\�OHKHW�LJD]������$]�LPSOLNiFLy�NyGROiVD$� YpJV� HJ\HVtWpVQHN�PiU� WDOiQ� FVDN� HJ\HWOHQ� DNDGiO\D�PDUDGW��� DPHO\� W|EE� KHO\HQ� LV� I|O�YHW�GKHW�� KRJ\DQ� �OWHWKHW� iW� HJ\� LPSOLNiFLyW� WDUWDOPD]y� IRUPXOD"�$� 3URORJ� OHtUiVL� pV� YpJ�UHKDMWiVL� V]DEiO\DLW� ILJ\HOHPEH� YpYH� D� UHGXQGiQVQDN� W&Q� Ä$�� %´�o Ä$�� %�� �$´��HNYLYDOHQV��KHO\HWWHVtWpVVHO�pO�QN�3pOGiXO���R DOJHEUDL�D[LyPD�UpV]OHWH�±DKRJ\�PiU�OiWWXN±��LPSOLNiFLy V]DEiO\� hUHV"�Y���� 9HUHPEH�9HUHPE�O�Y�� Y XUHV(�9�KDPLV��DQGYHUHPE�O�9�(�:��DQGYHUHPEH�:�(�9�RUXUHV(�9�LJD]��+DVRQOy� SUREOpPiW� NHOO�PHJROGDQL� D� NpW� KLED�D[LyPiQiO��1DJ\RQ� IRQWRV�� KRJ\� D� NpV�EEL� ±HVHWOHJHV± WUDQV]IRUPiFLyN�VRUiQ�LV�PHJPDUDGMRQ�D]�LPSOLNiFLy LQWHJULWiVD���/��PpJ�LWW��

� 9DOyMiEDQ�OHV]�PpJ�WRYiEEL�SUREOpPD�LV��3pOGiXO�D�NYDQWRURNDW�LV�WDUWDOPD]y�IRUPXOiN�NyGROiVD��(]]HO�NpV�EE�IRJODONR]XQN�� 0RVW� FVDN� HJ\� PHJROGiVL� |WOHWUH� XWDOXQN�� LQGXNFLyYDO� KHO\HWWHVtWM�N�� D]D]� HJ\HWOHQ� HOHPpUH�WHOMHV�OpVW� IRJODOMXN� HO�V]|U� V]DEiO\ED��PDMG�RO\DQ� V]DEiO\W� LOOHV]W�QN�KR]]i�� DPHO\�D� WRYiEEL�HOHPHNUH�YDOy�WHOMHV�OpVW�LQGXNWtYH�iOOtWMD�

Page 17: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

�����$�V]DEiO\RN�SURJUDPPi�HJ\HVtWpVH(J\HWOHQ�NpUGpV�PDUDGW�KiWUD��KRJ\DQ�NpV]WHWKHW� D�3URORJ�UHQGV]HU�DUUD��KRJ\�D]�HGGLJ�HJ\EH�IpV�OW� V]DEiO\UHQGV]HU� LOOHV]NHGpVpW� NLPXWDVVD��$�YiODV]� URSSDQW� HJ\V]HU&�� FpOiOOtWiVNpQW� IR�JDOPD]]XN�PHJ�������NRUiEEDQ�PHJIRJDOPD]RWW SDUDPpWHUUHO��D]�D[LyPiN�NRQMXNFLyMiW��V�tU�MXN�NL�D�NLV]iPtWiV�XWiQ�NDSRWW�SDUDPpWHU�pUWpNHW��,GHiOLV�HVHWEHQ�PLQGHQ�D[LyPiUD�PLQG��UHV��LOOHWYH� QHP� �UHV� �V� DKRJ\�PiU�PHJLQGRNROWXN�� FVDN� ÄOHJiOLV´� iOODSRW~�� DGDWUD� ÄLJD]´� OHV]� D�YiODV]��9DODKRJ\�tJ\�3pOGD�*RDO� ��UHV�GHI��UH�LJD]�H� �9�; VWUXNWXUD�>@�GHI��DQGD[LRPD;�9��-R(�;��DQGZULWH��;���-R(�;��DQG ZULWH�����9�;���UH���DQG QODQG� �QHP��UHV�GHI��UH�LJD]�H� �9;� VWUXNWXUD�>B@�GHI��DQGD[LRPD;�9;�-R(;��DQGZULWH��;���-R(;��DQG ZULWH�����9;���UH����DQG QO«

(J\�DSUy PHJMHJ\]pV�D�NyGROiV�N|QQ\HEE�PHJpUWpVpKH]��IXUFVD�D]RQRVtWyM~�YiOWR]yNNDO�WDOiO �NR]KDWQXQN�D�FpOiOOtWiVEDQ��$�NXOFV�HQQ\L�� Ä9´�YHUHPU�O�YDQ�V]y��Ä�´��UHV��YDJ\�KD�D�QXOOD�HOPDUDG��DNNRU�QHP��UHV�� �Ä;´�D]�;�HGLN�D[LyPD�WHV]WHOpVpEHQ�YHV]�UpV]W��3pOGiXO��Ä9��´� �ÄRO\DQ�YHUHP�� DPHO\���GDUDE� HOHPH�YDQ�� pV� D]���� D[LyPD� WHV]WHOpVpEHQ�YHV]� UpV]W´�� Ä9�´� �ÄD]W�D�YHUHPHW�MHO|OL��DPHO\�QHP��UHV��QLQFV���D]�D]RQRVtWyEDQ���pV�D����D[LyPD�WHV]WHOpVpKH]�KDV]QiOMXN´«�$�3URORJ� ORJLNiMiEyO� IDNDGyDQ�QLQFV�PyG�XJ\DQD]RQ�YiOWR]y�NpWIpOH�pUWpNNHO�W�UWpQ� Ä~MUDIHOKDV]QiOiVUD´��(PLDWW�QHP�KDJ\KDWy�HO�D]�Ä;´�D]�D]RQRVtWy�QHYpE�O�$�IHQWLHN�DODSMiQ�D�NyGROiV�KLiQ\WDODQXO�HOYpJH]KHW���9HJ\�N�pV]UH��KRJ\�D�+LEiV"�RSHUiWRU�HO� VHP�EXNNDQ�D]�D[LyPiNEDQ��XJ\DQLV�D�VSHFLILNiFLy�DOJRULWPLNXV�OpSpVpEHQ�V]�OHWHWW��+Li�ED�YDQ�Ui�YRQDWNR]y��RSHUiWRU���V]DEiO\��D]�D�3URORJ�SURJUDP�V]iPiUD�OiWKDWDWODQ��WHV]WHOKH�WHWOHQ�PDUDG��KLV]HQ�D�FpOiOOtWiV�D[LyPD�FHQWULNXV��QLQFV�D[LyPD��DPHO\�ÄPR]JiVED�LJ\HNH]Qp�KR]QL´��.pW�GROJRW�WHKHW�QN��YDJ\�XWyODJ�KR]]iYHVV]�N�H]W�D]�RSHUiWRUW�D]�DOJHEUDL�OHtUiVKR]��pV�~MDEE�D[LyPiYDO�IHMH]]�N�NL�D�YHOH�V]HPEHQL�HOYiUiVDLQNDW���YDJ\�QHP�YHVV]�N�ILJ\HOHPEH�D�NRPSDWLELOLWiV�HOOHQ�U]pVHNRU��0RVW�D]�XWyEELW�YiODV]WMXN��PRQGYiQ��QHP YDODPLIDMWD�HNYL�YDOHQFLiW�WDUWR]XQN�EL]RQ\tWDQL��KDQHP�D�3�3�VSHFLILNiFLy�DOJHEUDLKR]� LOOHV]NHGpVpW��PiVUpV]W�HJ\V]HU& P&N|GpVH�N|QQ\HQ��V]HPPHO�LV�HOOHQ�UL]KHW��(J\HWOHQ�IRQWRV�PHJMHJ\]pVW�NHOO�PpJ�WHQQ�QN��0LYHO�D]�D�FpO��KRJ\�D�VSHFLILNiFLy�HVHWOHJHV�KLEiLUD�D�3URORJ�SURJUDP�HOOHQ�U]|WW�YiJiQ\RNRQ�PDUDGMRQ��V�~J\�PXWDVVD�NL�H]HNHW��V]iPRO�� 9pJUHKDMWiVD�XWiQ�JDUDQWiOWDQ�'HI iOODSRWED�NHU�O�D�VWUXNW~UD��PLN|]EHQ�YLVV]DDGRWW�pUWpNH�D�VWUXNW~UD�NRUiEEL�'HI�1HP'HI iOODSRWD��9DODKRJ\�tJ\�6]LJQDW~UD��+LEiV"�9HUHP���9HUHP�[�/RJLNDL$[LyPD��9 1HP'HI�� +LEiV"�9� �9�9HUHP�,JD]� � 9z1HP'HI�

Page 18: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

QXQN� NHOO� D� 3URORJ� DODSYHW� KR]]iiOOiViUD�� EDFNWUDFN�NHO� NHUHVL� D]� LOOHV]NHG� PLQWiW�� 7HKiW�DKRO JDUDQWiOWDQ�pUWHOPHWOHQ�D�EDFNWUDFN��RWW�PHJ�NHOO�DNDGiO\R]QL�D�YLVV]DOpSpVW��ËJ\�NHOO�WHQ�QL�±Q\LOYiQYDOyDQ± D�FpOiOOtWiV�HJ\HV�ORJLNDLODJ�I�JJHWOHQ�UpV]HL�N|]|WW��GH�D]�D[LyPiN�HVHWp�EHQ�LV�V]iPRV�KHO\HQ�$�PHJDNDGiO\R]iV�3URORJ�HV]N|]H�D�YiJiV��$�YiJiV�RSHUiWRU�P&N|GpVH�NpW�SRQWRQ� LV�EHIR�O\iVROMD�D�YpJUHKDMWiVW��� D�V]DEiO\EDQ�D�YiJiV�HO�WWL�IRUPXOiNUD�PiU�QHP�WpU�YLVV]D��pV�D�V]DEiO\�)DLO�OHO�]iUXO��� WRYiEEi�D�V]DEiO\�HGGLJ�PpJ�QHP�YL]VJiOW�DOWHUQDWtYiLW�VHP�IRJMD�YL]VJiOQL�(PLDWW�D�YiJiVW�WDUWDOPD]y�DOJHEUDL�D[LyPiNKR]�WDUWR]y�V]DEiO\RN�XWROVy��HJ\pENpQW�pSSHQ�D]�DOJHEUDL�D[LyPD�VpU�OpVpW�NLMHOHQW� DOWHUQDWtYiUD�QHP�NHU�OKHW�D�VRU��(]�NRPRO\�JRQG��.LNH�U�OpVpUH�SHUV]H�YDQ�PyG��HJ\HVtWV�N�HJ\�|QiOOy�ÄDO�V]DEiO\EDQ´�D�YiJiVW�WDUWDOPD]y�IRUPXOiW��V� tJ\�DQQDN��HJ\pENpQW�QHP�OHY���DOWHUQDWtYiL�PDUDGQDN�NL�D�YLVV]DOpSpVNRUL�YpJUHKDMWiVEyO��GH�D]�HJ\�V]LQWWHO�IHOMHEEL�ÄD[LRPDWLNXV´�V]DEiO\�WRYiEEL�DOWHUQDWtYiL�]DYDUWDODQXO�pUYpQ\HV�O�KHWQHN�� hJ\HOQL� NHOO� SHUV]H� DUUD�� KRJ\� D] LPSOLNiFLyN� NyGROiViQiO� NpW� iJUD� V]DNDGW� NyG�GDUDERN�HJ\HWOHQ�DO�V]DEiO\EDQ�PDUDGMDQDN�3pOGD� V]DEiO\�YiJiVVDO V]DEiO\�NRUUHNW�YiJiVVDOD[LRPD��9�LJD]��LIYHUHPEH�9�(�:��DQG ��DQGWHWR�:�(�:��

D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD�B��9�LJD]��LIYHUHPEH�9�(�:��DQG ��DQGWHWR�:�(�:��6�HJ\�LPSOLNiFLyW�WDUWDOPD]y�SpOGD�V]DEiO\�YiJiVVDO V]DEiO\�NRUUHNW�YiJiVVDO

D[LRPD�+�YHUHP�B�GHI��LJD]��LIXUHV(�YHUHP�B�GHI��LJD]��DQG ��DQGWHWR�YHUHP�B�GHI��B�YHUHP�B�QHP'HI�RUXUHV(�B�KDPLV��D[LRPD�+�YHUHP�B�GHI��LJD]��LID[LRPD�+B��$[LRPD�+B��YHUHP�B�GHI��LJD]��LIXUHV(�YHUHP�B�GHI��LJD]��DQG ��DQGWHWR�YHUHP�B�GHI��B�YHUHP�B�QHP'HI�RUXUHV(�B�KDPLV��

9pJH]HW�O�N|YHWNH]]pN�D�YHUHPQHN�D�3URORJ�UHQGV]HUEHQ�HJ\HVtWHWW�VSHFLILNiFLyMD�3pOGD�'RPDLQV71HP'HI� �QHP'HI��GHI7(OHP� �,QWHJHU79HUHP� �7(OHP 79HUHP.� �YHUHP�79HUHP�71HP'HI�7/RJLNDL� �LJD]��KDPLV

Page 19: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

3UHGLFDWHVXUHV�79HUHP.�XUHV(�79HUHP.�� LQSXW ���7/RJLNDL��� RXWSXW ��WHWR�79HUHP.��� LQSXW �7(OHP�79HUHP.��� RXWSXW ��YHUHPEH�79HUHP.�7(OHP���� LQSXW �79HUHP.��� RXWSXW ��YHUHPERO�79HUHP.���� LQSXW �7(OHP�79HUHP.��� RXWSXW ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�+�79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ���� �KLED�D[LyPD� �D[LRPD�+B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ���� �KLED�D[LyPD� �D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�+�79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ���� �KLED�D[LyPD� �D[LRPD�+B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ���� �KLED�D[LyPD� �&ODXVHVXUHV�YHUHP�>@�GHI���XUHV(�YHUHP�B�QHP'HI��B���� �,PS(UU$[� �XUHV(�YHUHP�>@�GHI��LJD]��XUHV(�YHUHP�>B@�GHI��KDPLV��XUHV(�YHUHP�>B_B@�GHI��KDPLV��WHWR�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �,PS(UU$[� �WHWR�YHUHP�>(_9@�GHI��(�YHUHP�>(_9@�GHI����� �33� �WHWR�YHUHP�>@�GHI��B�YHUHP�>@�QHP'HI����� �33��(UU� �YHUHPEH�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �,PS(UU$[� �YHUHPEH�YHUHP�9�GHI��(�YHUHP�>(_9@�GHI����� �33� �YHUHPERO�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �,PS(UU$[� �YHUHPERO�YHUHP�>(_9@�GHI��(�YHUHP�9�GHI������ �33� �YHUHPERO�YHUHP�>@�GHI��B�YHUHP�B�QHP'HI������ �33��(UU� �D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIXUHV�9��DQG XUHV(�9�LJD]��D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIYHUHPEH�9�B�YHUHP�:�GHI���DQG ��DQGXUHV(�YHUHP�:�GHI��KDPLV��D[LRPD��9�LJD]�LID[LRPD�B��9�LJD]�D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIYHUHPEH�9�(�:��DQG ��DQG WHWR�:�(�:��

Page 20: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

D[LRPD�+�YHUHP�B�GHI��LJD]��LID[LRPD�+B��YHUHP�B�GHI��LJD]��D[LRPD�+�B�KDPLV��D[LRPD�+B��YHUHP�B�GHI��LJD]��LIXUHV(�YHUHP�B�GHI��LJD]��DQG ��DQGWHWR�YHUHP�B�GHI��B�YHUHP�B�QHP'HI�RUXUHV(�B�KDPLV��D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��DQG D[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIYHUHPEH�9�(�:��DQG ��DQG YHUHPERO�:�(�9��D[LRPD�B��9�LJD]��LIXUHV(�9�KDPLV��DQG ��DQG YHUHPERO�9�(�:��DQG ��DQG YHUHPEH�:�(�9��RUXUHV(�9�LJD]��D[LRPD�+�YHUHP�B�GHI��LJD]��LID[LRPD�+B��YHUHP�B�GHI��LJD]��D[LRPD�+�B�KDPLV��D[LRPD�+B��YHUHP�B�GHI��LJD]��LIXUHV(�YHUHP�B�GHI��LJD]��DQG ��DQGYHUHPERO�YHUHP�B�GHI��B�YHUHP�B�QHP'HI�RUXUHV(�B�KDPLV��*RDOFOHDUZLQGRZ�DQG� ����D[LyPD�WHV]WMH�� �� ��UHV�GHI��UH�LJD]�H� �9�� YHUHP�>@�GHI��DQGD[LRPD��9���-R(����DQGZULWH������-R(����DQG ZULWH�����9�����UH���DQG QODQG���DQG� �QHP��UHV�GHI��UH�LJD]�H� �9� YHUHP�>B@�GHI��DQGD[LRPD��9��-R(���DQGZULWH������-R(���DQG ZULWH�����9����UH����DQG QODQG���DQG«�� �«�pV�D�W|EEL�D[LyPiUD�LV��pUWHOHPV]HU& D]RQRVtWy�PyGRVtWiVRNNDO�«� �0HJMHJ\]pV��D�WRYiEEL�D[LyPiN�EHLOOHV]WpVH�VHPPL�HOYL�JRQGRW�QHP�MHOHQW��FVDN�EiQWyDQ�XQDO �PDV��(]W�D�ÄJ\DNRUODWL´�SUREOpPiW�NL�OHKHW�N�V]|E|OQL�D�NyG�D�OpQ\HJHW�QHP�pULQW� iWDODNtWi�ViYDO� �QpKiQ\� LVPpWO�G� IXQNFLy� |QiOOy� V]DEiO\ED� V]HUYH]pVpYHO�� HON�O|QtWpVpYHO��� $� %��I�JJHOpN WDUWDOPD]�HJ\�LO\HQ�FpOODO�PyGRVtWRWW�3URORJ�SURJUDPRW��

Page 21: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

���$�38',1*�35Ï%È-$/HIXWWDWYD� D]� tJ\� PHJWHUYH]HWW pV� NyGROW� 3URORJ� SURJUDPRW� QpPL� FVDOyGiVW� KR]RWW� D]� HUHG�PpQ\��/��D������iEUiW�

�����iEUD�² IXWiVL�HUHGPpQ\�D�YHUHP�KLiQ\RVDQ�VSHFLILNiOW�D[LyPD�HVHWpQ0LQW�OiWKDWy��D]�HOV� D[LyPD�PiVRGLN�WHV]WHVHWH��WXGQLLOOLN��QHP��UHV��GHILQLiOW��D]D]�OHJiOLV�iO�ODSRWEDQ� OHY� YHUHPUH�DONDOPD]YD��KDPLV�HUHGPpQ\UH�YH]HWHWW��(OHPH]YH�D]�D[LyPD�PHJOH�KHW�VHQ� U|YLG� V]|YHJpW�� pV� EHOHJRQGROYD�PRQGDQLYDOyMiED�� UiM|KHW�QN�� D]�D[LyPD�QHP�ÄWHO �MHV´��ÈOOtWiVD��KRJ\�ÄhUHV"�hUHV�´��QHP�IHMH]L�NL�D]W��PL�OHJ\HQ D]�hUHV"�I�JJYpQ\�YiODV]D�D�QHP���HOHPHW�WDUWDOPD]y�YHUHP�HVHWpQ�)RJWXQN� WHKiW� HJ\� KLEiW"�1HP��$]� D[LyPDUHQGV]HU� QHP� KLEiV�� KLV]HQ� D� ÄQHP� �UHV� YHUHP´�HVHWpYHO�D����D[LyPD�IRJODONR]LN��$]�SHUV]H�NpWVpJWHOHQ��KRJ\�D]�pULQWHWW�D[LyPD�|QPDJiEDQ�QHP�ÄWHOMHV´� +D�HO�DNDUMXN�NHU�OQL�D�WHV]W�V]LJRU~�ÄNULWLNiMiW´��PyGRVtWDQXQN�NHOO�D]����D[Ly�PiW�� ÄY hUHV�� hUHV"�Y�´��$�NyGPyGRVtWiV� D�&ODXVHV UpV]W� pULQWL��$�PHJOpY� ÄOHJiOLV´�DGDWUD�YRQDWNR]y�LJD]�pUWpN& NLMHOHQWpV�D]��UHV�YHUHPUH�DONDOPD]KDWy��0RQGMXN�NL�WHKiW��KRJ\�D�QHP��UHV�YHUHPUH�D]�hUHV"�I�JJYpQ\�KDPLVVDO�YiODV]RO�&ODXVHV«D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD��YHUHP�B�QHP'HI��LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIXUHV�9��DQG XUHV(�9�LJD]��D[LRPD�B��9�LJD]��LIQRW�XUHV�9���DQG QRW�XUHV(�9�LJD]���«

Page 22: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

�����iEUD�² IXWiVL�HUHGPpQ\MDYtWRWW�YHUHP�VSHFLILNiFLy�XWiQ(]�UiYLOiJtW�DUUD��KRJ\�V]iPtWDQL�NHOO�RO\DQ�D[LyPDUHQGV]HUUH�LV��DPHO\QpO�W|EE�D[LyPD�IRJDO �PD]�PHJ�HJ\��D�WHV]WHOpVL�ILOR]yILiQN�V]HPSRQWMiEyO�HJ\EH�WDUWR]y�iOOtWiVW��$]�LO\HQNRU�NLM|Y�ÄNULWLND´�QHP�MHOHQW�IHOWpWOHQ�KLEiW��.�O|Q�YL]VJiODWRW�LJpQ\HO�7LSLNXVDEE�KLED�D]��DPLNRU�HJ\�RSHUiWRU�HO�IHOWpWHO�KLiQ\RV�� ,Gp]]�N�HO� H]W�~J\��KRJ\�SO��D�7HW� RSHUiWRU�HO�IHOWpWHOpW�HJ\V]HU&HQ�NLKDJ\MXN��>3U�@

�����iEUD�² IXWiVL�HUHGPpQ\�KLiQ\RV�7HWK VSHFLILNiFLy�HVHWpQ$�PyGV]HU�PHJQ\XJWDWyDQ�V]LJRU~QDN��WDOiQ�W~O]RWWDQ�LV�V]LJRU~QDN"�"��PXWDWNR]RWW�+DV]QRV�WRYiEEL�NtVpUOHWQHN�OiWV]LN�D�YHUHPPHO�NDSFVRODWEDQ NLPRQGDQL�iOOtWiVRNDW��V�HOOHQ��UL]QL��NHW�D�SURJUDP�GHILQLiOWD�YHUHP�V]DEiO\RN�WHUpEHQ��/iVVXQN�HUUH�LV�HJ\�SpOGiW��>3U�@$�YHUHP�HJ\�MyO�LVPHUW�WXODMGRQViJiW�IRJDOPD]KDWMXN�PHJ�D�N|YHWNH]� WpWHOOHO��Ä$�YHUHP�HJ\�/,)2�V]HUNH]HW´� (]W�tJ\�IRUPDOL]iOKDWMXN���Q�1�����Y� hUHV � �L�>���Q@���YL 9HUHPEH�YL���L� �ZQ YQ � �N�>���Q@�����9HUHPE�O�ZQ�N��� �ZQ�N�HQ�N����� HQ�N�� Q�N�� ���

Page 23: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

$�ÄEL]RQ\tWiV´�D�N|YHWNH]���� 7|OWV�N�I|O�D�YHUPHW����1�V]iPRNNDO��L��HOHPpQHN�D]�pUWpNH�OHJ\HQ�L��WHKiW�HJ\H]]HQ�PHJ�D�EHWpWHO�VRUV]iPiYDO��D]�LG�UHQG�N|QQ\& HOOHQ�U]pVH�NHGYppUW��� 9HJ\�N� NL EHO�OH� D]� HOHPHNHW�� pV� HOOHQ�UL]]�N�� KRJ\� D� N��NpQW� NLYHWW� D]� 1±N����NpQW�EHWHWW�HOHP�H��YDJ\LV�D]�1±N���pUWpN&���pSS�H]�MHOHQWL�D�EL]RQ\tWDQGy�IRUGtWRWW�VRUUHQGHW�$]�HO�EELHNEHQ�IHOpStWHWW�SURJUDP�NLVHEE�PyGRVtWiViYDO�NDSKDWMXN�D�PHJROGy�SURJUDPRW��$�3URORJ� D[LyPiN� pV� V]DEiO\RN� N|]�O� NLKDJ\KDWyN� D]RN�� DPHO\HN� D]� DOJHEUDL� VSHFLILNiFLyKR]�WDUWR]QDN��D�*RDO UpV]�WHOMHVHQ�NLFVHUpO�GLN�«3UHGLFDWHV«HOOHQRUL]�79HUHP.�,QWHJHU�OHWUHKR]�79HUHP.�,QWHJHU�DOOLWDV�,QWHJHU�&ODXVHV«DOOLWDV�1��LIOHWUHKR]�9�1��� ��������1��YHUHP�OpWUHKR]iVD ��DQGHOOHQRUL]�9�1��� �1����������VRUUHQGEHQ�YHKHW�N�NL�D]�HOHPHN ��OHWUHKR]�9����LIXUHV�9��OHWUHKR]�9�1��LI1�� 1��DQG OHWUHKR]�9��1���DQG YHUHPEH�9��1�9��HOOHQRUL]�B����HOOHQRUL]�9�1��LI1�� 1��DQG YHUHPERO�9�(�9�� DQG ( 1�DQGHOOHQRUL]�9��1���*RDOFOHDUZLQGRZ�DQG�1 «�LGH�LUDQGy�D�YHUHPKRVV]�« DQGDOOLWDV�1��DQG:ULWH��ÈOOLWiV�LJD] ��1���HOHP& YHUHPUH����DQG QO

0LYHO� HVHWOHJHV� KLEiN� NLPXWDWiVD� D� FpO�� MREE� IHONpV]�OQL� D� SURJUDP�NRPRO\DEE�HOWpYHO\HGp�VHLUH���� YDODPLO\HQ�LOOHV]NHGpVL�JRQG�PLDWWL�ÄYpJWHOHQ´�NHUHVpVL�FLNOXVED�HVpV��� QHPGHILQLiOW�pUWpN�YiUDWODQ�NLM|YHWHOH�(]HNUH�D�KLEDOHKHW�VpJHNUH�JRQGROYD�ÄERQ\ROtWMXN´�D�SURJUDPXQN�V]DEiO\DLW�HNpSSHQ���$�NyG�PyGRVtWiVDLW�NLHPHOW�N��« DOOLWDV�1��LIOHWUHKR]�9�1��� ��������1��YHUHP�OpWUHKR]iVD ��DQG��DQG � D]�HO�]�Q�W~OMXWYD�YLVV]DOpSpVQHN�QLQFV�pUWHOPH �ZULWH�9��DQG QO�DQG9 YHUHP�B�GHI��� QHP�YROW�LOOHJiOLV�P&YHOHW ��DQG��DQG � D]�HGGLJLHNHQ�W~OMXWYD�YLVV]DOpSpVQHN�QLQFV�pUWHOPH �HOOHQRUL]�9�1��� �1����������VRUUHQGEHQ�YHKHW�N�NL�D]�HOHPHN ��

Page 24: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

« OHWUHKR]�9�1��LI1�� 1��DQG 1�! ��DQG OHWUHKR]�9��1���DQG YHUHPEH�9��1�9��DQG9 YHUHP�B�GHI��� QHP�YROW�LOOHJiOLV�P&YHOHW �RUZULWH��+LED�D�JHQHUiOiVNRU����DQG QO�DQG IDLO�« HOOHQRUL]�9�1��LI1�� 1��DQG 1�! ��DQG YHUHPERO�9�(�9���DQG ( 1�DQGHOOHQRUL]�9��1�� DQG9 YHUHP�B�GHI��� QHP�YROW�LOOHJiOLV�P&YHOHW �RUZULWH��+LED�D]�HOOHQ�U]pVNRU����DQG QO�DQG IDLO�$]�iOOtWiV V]DEiO\� Q\RPN|YHWpVpW� VHJtWL� FVDN� D� N|]pSWiMRQ� HOKHO\H]HWW� ZULWH RSHUiWRU��OpQ\HJLEE� N|]OHQG�MH� YDQ� D�OpWUHKR] pV� D]�HOOHQ�UL] V]DEiO\RNEDQ� HOKHO\H]HWW� NLtUi�VRNQDN��Ä+LED�«��´��$�KLED�iJDN�YpJpQ�WDOiOKDWy�)DLO D�V]DEiO\�QHP�WHOMHV�OpVpW HU�V]DNROMD�NL�� tJ\� JiWROMXN�PHJ� D� IXWiV� pUWHOPHWOHQ� IRO\WDWiViW�� (]W� ILJ\HOKHWM�N�PHJ� D]� DOiEEL� V]iQGp�NRVDQ�HOURQWRWW�VSHFLILNiFLy�HVHWpQ��$�KLED��D�9HUHPEH RSHUiWRU�GXSOiQ�KHO\H]L�EH�D]�HOHPHW��H]]HO�HOURQWMD�D]�HOHPHN�YiUW�HJ\PiVUDN|YHWNH]pVpW��YHUHPEH�YHUHP�9�GHI��(�YHUHP�>(�(_9@�GHI���$�SURJUDP�MHO]pVpW�PXWDWMD�D������iEUD�

�����iEUD�² IXWiVL�HUHGPpQ\�iOOtWiV�HOOHQKU]pV�URVV]�9HUHPEH�VSHFLILNiFLy�HVHWpQ

Page 25: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

0HJMHJ\]pV��D�KLEDMHO]pV�GXSOi]yGiViQDN�D]�D]�RND��KRJ\�D]�HOV�NpQW�NLYHWW�V]iPRW�����MyQDN�WDOiOWD��Ä«�YHUHPERO�9�(�9���DQG ( 1�«´��( LV��1 LV�����V�WRYiEEKDODGYD�D�N|YHWNH]�QpO��D���KHO\HWW���|W� WDOiOYD��1 ���( ���DNDGW�HO�� ËJ\�H]W� LV��PHJ�YLVV]DOpSYH�D]�HO�]�K|]��D]W� LV�HO�NHOOHWW�YHWQLH��Ä��DQG ZULWH�«�DQG IDLO´���9HJ\�N�pV]UH��KRJ\�YDOyMiEDQ�IHOHVOHJHV�D�ÄKL�ED�iJEDQ´�D�YiJiV��KLV]HQ�VHP�D�OpWUHKR]��VHP�D]�HOOHQ�UL] V]DEiO\RNQDN�QLQFV�PiV�DOWHUQDWtYiMD��DPLKH]�PLQWDLOOHV]WpV��U�J\pQ�YLVV]DWpUKHWQH D�3URORJ�SURJUDP��>3U�@

Page 26: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

���g66=()2*/$/È6$�PyGV]HUUH�YLVV]DWHNLQW�QN��pV�U|YLGHQ�|VV]HIRJODOMXN��KRJ\�D�NpWIpOH�VSHFLILNiFLy�NHOOpNHLW�KRJ\DQ�HJ\HVtWM�N�HJ\HWOHQ�3URORJ�SURJUDPEDQ������$]�RSHUiFLyN�V]DEiO\DODNMD��'RPDLQV�3UHGLFDWHV�2SHUiWRU�eUWHOPH]pVL�WDUWRPiQ\���eUWpNNpV]OHW3URORJ�SiUMD�

2SHUiWRU�eUWHOPH]pVL�WDUWRPiQ\���eUWpNNpV]OHW�V]LJQDW~UiM~�V]DEiO\�OHV]�0LQG� D]� pUWHOPH]pVL� WDUWRPiQ\W�� PLQG� D]� pUWpNNpV]OHWHW�� KD� KDOPD]RN� GLUHNWV]RU]DWiEyO� WH �Y�GLN�|VV]H��DNNRU�SDUDPpWHUHN�OLVWiMiYDO�tUMXN�OH��$�ÄI�´�SDUDPpWHU��D]D]�D�YL]VJiOW�VWUXNW~UD��KHO\pUH�� D�GHILQLiOWViJRW� LV� WDUWDOPD]y�NLE�YtWHWW� WtSXVW�NHOO�� tUMXN�� �.RQVWUXNWRU�pV�GHVWUXNWRU�HVHWpQ�D]�HJ\LN�SDUDPpWHU�±pUWHOHPV]HU&HQ± HOPDUDG��$� 3URORJ� SURJUDP� H]HN� XWiQ� IL[iOyGRWW� GHNODUiFLyV� UpV]H� D]� DOiEEL� OHV]�� DPHO\EHQ� WtSXVWyO��RV]WiO\WyO��I�JJ�HQ�PLQG|VV]H�D�7(OHP WtSXV�PDUDG�NLW|OWHQG���pV� WHUPpV]HWHVHQ�D]�RSHUi�WRURN� V]LJQDW~UiL�� �$� YiOWR]y� UpV]HNHW� NLHPHOW�N��� /iWKDWy�� KRJ\� EL]RQ\RV� Q\HOYL�NyGROiVL�NRQYHQFLyNDW�N|YHW�QN�x 7tSXVRN�QHYH�Ä7´�YHO�NH]G�GLN�x $�3URORJ�NyGROiV�NHGYppUW�ÄE�YtWHWW´�VWUXNW~UD�QHYH�D]�ÄDEV]WUDNW´�QHYH���Ä.´�'RPDLQV7(OHP� �"" � �JHQHULF�SDUDPpWHU� �71HP'HI� �QHP'HI��GHI76WUXNWXUD� �7(OHP 76WUXNWXUD.� �VUXNWXUD�76WUXNWXUD�71HP'HI�7/RJLNDL� �LJD]��KDPLV3UHGLFDWHV2S��76WUXNWXUD.�«�� �LQSXW�SDUDPpWHUHN� ��76WUXNWXUD.�«�� �RXWSXW�SDUDPpWHUHN� ���«

�����$]�RSHUiWRURN�3�3�VSHFLILNiFLyMiQDN�V]DEiO\PHJIHOHO�MH��&ODXVHV�$�3URORJ�&ODXVHV UpV]EH�NHU�OQHN�D]�RSHUiWRURN�V]DEiO\DL��(OV�NpQW�D�UiYRQDWNR]y�LPSOLFLW�HUURU�D[LyPD PHJIHOHO�MpW� NHOO�PHJIRJDOPD]QL��PDMG�33�VSHFLILNiFLyW�|QWM�N�3URORJ� V]DEiO\�DODNMiED��KD�D�KDV]QiODWNRU�KLED�iOODSRWED��QHP'HI�� MXW�D�VWUXNW~UD��DNNRU�HKKH]�LV� WDUWR]LN�V]DEiO\�� (ONpS]HOKHW��� KRJ\� D� I� VWUXNW~UiUD� YDJ\� FVDN� LQSXW�� YDJ\� FVDN� RXWSXW� pUWHOHPEHQ� YDQ� V]�NVpJ�� (NNRU� D�SDUDPpWHU�OLVWiQ�FVDN�HJ\V]HU�NHOO�V]HUHSHOMHQ�

Page 27: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

+D�D]�RSHUiWRU�P&N|GpVH�VRUiQ�D�VWUXNW~UD�iOODSRWiW�QHP�PyGRVtWMD��D]�LO\HQHNQHN�D]�H[SRUW�PRGXOEDQ�LV�I�JJYpQ\W�IHOHOWHW�QN�PHJ���DNNRU&ODXVHV«� �,PSOLFLW�HUURU�H[LyPD�� �2S��VWUXNWXUD�B�QHP'HI���� �LQSXW�VWUXNW~UDSDUDPpWHU��ÄV]DEDG´ �B��«�������������� �WRYiEEL�LQSXW�SDUDPpWHUHN �B��«��������������� �RXWSXW�SDUDPpWHUHN�ÄV]DEDGRN´ �� �33�VSHFLILNiFLy�� �2S��VWUXNWXUD�67�GHI���� �LQSXW�VWUXNW~UDSDUDPpWHU �B��«�������������� �WRYiEEL�LQSXW�SDUDPpWHUHN �B��«��������������� �RXWSXW�SDUDPpWHUHN� �«+D�D]�RSHUiWRU�SDUDPpWHUOLVWiMiQ�PLQG�LQSXW��PLQG�RXWSXW�V]HUHSEHQ�IHOEXNNDQ�D�VWUXNW~UD�SD�UDPpWHU��H]HN�V]HUHSHOQHN�D]�H[SRUW�PRGXOEDQ�HOMiUiVNpQW���DNNRU«� �,PSOLFLW�HUURU�H[LyPD�� �2SL�VWUXNWXUD�67�QHP'HI���� �LQSXW�VWUXNW~UDSDUDPpWHU �B��«�������������� �WRYiEEL�LQSXW�SDUDPpWHUHN�ÄV]DEDGRN´ �VWUXNWXUD�67�QHP'HI���� �RXWSXW�VWUXNW~UDSDUDPpWHU��YiOWR]DWODQ �B��«��������������� �WRYiEEL�RXWSXW�SDUDPpWHUHN�ÄV]DEDGRN´ �� �33�VSHFLILNiFLy�� �2SL�VWUXNWXUD�67L�QHP'HI���� �LQSXW�VWUXNW~UDSDUDPpWHU �B��«�������������� �WRYiEEL�LQSXW SDUDPpWHUHN� �VWUXNWXUD�67R�QHP'HI���� �RXWSXW�VWUXNW~UDSDUDPpWHU� �B��«��������������� �WRYiEEL�RXWSXW�SDUDPpWHUHN �� �HVHWOHJ��33�VSHFLILNiFLy��KLED�iOODSRWED�MXWiV� �2S��VWUXNWXUD�67�GHI���� �LQSXW�VWUXNW~UDSDUDPpWHU �B��«� ��� �WRYiEEL�LQSXW�SDUDPpWHUHN �VWUXNWXUD�67�QHP'HI���� �RXWSXW�VWUXNW~UDSDUDPpWHU��YiOWR]DWODQ�iOODSRWYiOWR]iV��GHIooQHP'HI �B��«��������������� �WRYiEEL�RXWSXW�SDUDPpWHUHN�ÄV]DEDGRN´ �9HJ\�N�pV]UH��PLQGHQ�RSHUiWRUKR]�OHJDOiEE�NpW 3URORJ�V]DEiO\�WDUWR]LN�

�����$]�DOJHEUDL�D[LyPiN�PLQW�V]DEiO\RN��3UHGLFDWHV�&ODXVHV�$]�D[LyPiN�V]LJQDW~UiMiW�HO�V]|U�D�3URORJ�3UHGLFDWHV UpV]pEHQ�NHOO�GHILQLiOQL��3UHGLFDWHV$[��76WUXNWXUD.�� D�I� VWUXNW~UD ��7/RJLNDL�� WHOMHV�O�H ��«

0DMG�D]�|VV]HI�JJpVW�D�&ODXVHV UpV]EHQ�KHO\H]]�N�HO��iW�OWHWYH�D�IRUPiOLVDQ�PHJDGRWW�D[L�yPiW�&ODXVHV«$[��76N�� I� WtSXV ���,91�� LJHQ�YDJ\�QHP ���LI«�D�IRUPiOLV�D[LyPD�NyGMD��D�V]HUHSO� I�JJYpQ\HN�3URORJ�I�JJYpQ\HVSiUMiQDN�KtYiViYDO «$[��B�KDPLV���� �PLQGHQ�HJ\pE�HVHWUH�KDPLV� �«

Page 28: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

9HJ\�N�pV]UH��PLQGHQ�D[LyPiKR]�OHJDOiEE�NpW 3URORJ�V]DEiO\�WDUWR]LN������$]�|VV]HLOOpV�YL]VJiODWiQDN�NH]GHPpQ\H]pVH��*RDO�$� WpQ\OHJHV� HOOHQ�U]pVW� ÄNLYiOWy´� FpOiOOtWiVW� PLQGHQ� D[LyPiUD� N�O|Q�N�O|Q� NpW HVHWUH� NHOO�PHJIRJDOPD]QL�x D]��UHV �pV�GHILQLiOW��VWUXNW~UiUD�x D�QHP �UHV��pV�GHILQLiOW��VWUXNW~UiUD�

*RDOFOHDUZLQGRZ�DQG� ��UHV�GHI��UH�LJD]�H� �67� VWUXNWXUD�>@�GHI��DQGD[��67��-R(���DQGZULWH������-R(���DQG ZULWH�����67����UH���DQG QODQG���� D�YLVV]DOpSpV�pUWHOPHWOHQ ��DQG� �QHP��UHV�GHI��UH�LJD]�H� �67 VWUXNWXUD�>B@�GHI��DQGD[��67�-R(��DQGZULWH������-R(��DQG ZULWH�����67���UH����DQG QODQG ��� D�YLVV]DOpSpV�pUWHOPHWOHQ ��DQG«�� �«�pV�D�W|EEL�D[LyPiUD�LV�«� �

Page 29: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

,52'$/20>.9����@.R]PD�/�� ² 9DUJD� /��� Å$GDWWtSXVRN�RV]WiO\D�µ��(/7(�77.� ,QIRUPDWLNDL�7DQV]pN&VRSRUW������>)+����@)HNHWH� ,�� ² +XQ\DGYiUL� /��� Å$]� DGDWWtSXV� DEV]WUDNFLyV� V]LQWMHLµ�� ,QIRUPDWLND� D� IHOVKRNWD�WiVEDQ·���NRQIHUHQFLD��'HEUHFHQ������>6]3*����@6]OiYL�3��² 3DS�*Qp��Å$GDWV]HUNH]HW�² 7tSXVRNµ��,QIRUPDWLND�D�IHOVKRNWDWiVEDQ·���NRQIHUHQ�FLD��'HEUHFHQ������>36]=V����@3DS�*Qp�² 6]OiYL�3��² =VDNy�/���Å0yGV]HUHV�SURJUDPR]iV�² $GDWWtSXVRNµ��(/7(�77.�,Q�IRUPDWLNDL�7DQV]pN&VRSRUW������>*1����@1��*HKDQL�² $�'�0F*HWWULFK��Å6RIWZDUH�6SHFLILFDWLRQ�7HFKQLTXHV�µ��$GGLVRQ�:HVOH\������>6]=V����@6]OiYL� 3�� ² =VDNy�/��� Å0yGV]HUHV� SURJUDPR]iV� ² *UiIRN�� JUiIDOJRULWPXVRN�µ��(/7(�77.�,QIRUPDWLNDL�7DQV]pN&VRSRUW������>6]3����@6]OiYL�3���Å3URJUDPRN��SURJUDPVSHFLILNiFLyN�µ��,QIRUPDWLND�D�IHOVKRNWDWiVEDQ·���NRQIHUHQFLD��'HEUHFHQ������>5.5%����@5LFK�.�²5RELQVRQ�3K���Å8VLQJ�7XUER�3URORJ�µ��%RUODQG�2VERUQH�0F*UDZ�+LOO� ����

Page 30: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

352*5$0+,9$7.2=È62.>3U�@6]OiYL�3���Å$�YHUHP�VSHFLILNiFLyLQDN�NRPSDWLELOLWiViW�HOOHQKU]K 3URORJ�SURJUDP�µ��KWWS���L]]R�LQI�HOWH�KX�V]ODYL�'RNWRUL�7LS6SHF.RPS�9(5(0��352>3U�@6]OiYL�3���Å$�YHUHP�VSHFLILNiFLyLQDN�NRPSDWLELOLWiViW�HOOHQKU]K 3URORJ�SURJUDP�² KLEiV�3�3�VSHFLILNiFLyYDO�µ��KWWS���L]]R�LQI�HOWH�KX�V]ODYL�'RNWRUL�7LS6SHF.RPS�9(5(0�+��352>3U�@6]OiYL�3���Å$�YHUHP�VSHFLILNiFLyLQDN�NRPSDWLELOLWiViW�HOOHQKU]K 3URORJ�SURJUDP�² HJ\�iOOtWiV�HOOHQKU]pVH�µ���KWWS���L]]R�LQI�HOWH�KX�V]ODYL�'RNWRUL�7LS6SHF.RPS�9(5(0$//�352>3U�@6]OiYL�3���Å$�YHUHP�VSHFLILNiFLyLQDN�NRPSDWLELOLWiViW�HOOHQKU]K 3URORJ�SURJUDP�² HJ\�iOOtWiV�HOOHQKU]pVH��KLEiV�3�3�VSHFLILNiFLy�PHOOHWW�µ��KWWS���L]]R�LQI�HOWH�KX�V]ODYL�'RNWRUL�7LS6SHF.RPS�9(5(0$/+�352

Page 31: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

)h**(/e.$��6RUR]DW�EHWpW$]�DOiEEL�NyGGDO�D�OpQ\HJHW�LJ\HNV]�QN�NLIHMH]QL��$�N�O|Q�Ä6RUR]DW�LQF´�ILOH�ED�NLHPHOW�NyGRW�D]��LQFOXGH�Ä6RUR]DW�LQF´ 3URORJ�XWDVtWiVVDO�LOOHV]WKHWM�N�D�PLQGHQNRUL�SURJ�UDPXQNKR]�

'RPDLQV76RUR]DW� �7(OHP 3UHGLFDWHV��D�VRUR]DWQDN�HOHP�H�D]�DGRWWDGLN�HOHPH�76RUR]DW��,QWHJHU�� GLN ���7(OHP��7/RJLNDL���D�VRUR]DWQDN�KRVV]D�KRVV]�76RUR]DW��,QWHJHU���D�NpW�VRUR]DW�HOHPHL�D]RQRVDN�H�D]�DGRWW�VRUV]iPLJ�D]RQRV�76RUR]DW��76RUR]DW��,QWHJHU�� LJ ��«&ODXVHVHOHPH�>@�B�B�KDPLV��HOHPH�>(_B@���(�LJD]��HOHPH�>B_6@�,�((�LJD]��LI,, ,���DQG ,!��DQG HOHPH�6�,,�((�LJD]��KRVV]�>@����KRVV]�>B_6@�+��LIKRVV]�6�++��DQG + ++���D]RQRV�B�B����D]RQRV�>(_6@�>(_7@�+��LI++ +���DQG D]RQRV�6�7��«%��0yGRVtWRWW�3URORJ�SURJUDP.LHPHOpVVHO�MHOH]W�N�D]�HOWpUpVW��>3U�@

'RPDLQV71HP'HI� �QHP'HI��GHI7(OHP� �,QWHJHU79HUHP� �7(OHP 79HUHP.� �YHUHP�79HUHP�71HP'HI�7/RJLNDL� �LJD]��KDPLV3UHGLFDWHVXUHV�79HUHP.�XUHV(�79HUHP.�� LQSXW ���7/RJLNDL��� RXWSXW ��WHWR�79HUHP.��� LQSXW �7(OHP�79HUHP.��� RXWSXW ��YHUHPEH�79HUHP.�7(OHP���� LQSXW �79HUHP.��� RXWSXW ��YHUHPERO�79HUHP.���� LQSXW �7(OHP�79HUHP.��� RXWSXW ��

Page 32: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�+�79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ���� �KLED�D[LyPD� �D[LRPD�+B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��D[LRPD�+�79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ���� �KLED�D[LyPD� �D[LRPD�+B��79HUHP.�7/RJLNDL�� �WHOMHV�O�H� ��HOOHQRU]HV��79HUHP.�HOOHQRU]HV��79HUHP.�HOOHQRU]HV��79HUHP.�HOOHQRU]HV�+�79HUHP.�HOOHQRU]HV��79HUHP.�HOOHQRU]HV�+�79HUHP.�&ODXVHVXUHV�YHUHP�>@�GHI���XUHV(�YHUHP�B�QHP'HI��B���� �,PS(UU$[� �XUHV(�YHUHP�>@�GHI��LJD]��XUHV(�YHUHP�>B@�GHI��KDPLV��XUHV(�YHUHP�>B_B@�GHI��KDPLV��WHWR�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �,PS(UU$[� �WHWR�YHUHP�>(_9@�GHI��(�YHUHP�>(_9@�GHI����� 33� �WHWR�YHUHP�>@�GHI��B�YHUHP�>@�QHP'HI����� �33��(UU� �YHUHPEH�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �,PS(UU$[� �YHUHPEH�YHUHP�9�GHI��(�YHUHP�>(_9@�GHI����� �33� �YHUHPERO�YHUHP�9�QHP'HI��B�YHUHP�9�QHP'HI����� �,PS(UU$[� �YHUHPERO�YHUHP�>(_9@�GHI��(�YHUHP�9�GHI������ �33� �YHUHPERO�YHUHP�>@�GHI��B�YHUHP�B�QHP'HI������ �33��(UU� �D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIXUHV�9��DQG XUHV(�9�LJD]��D[LRPD�B��9�LJD]��LIQRW�XUHV�9���DQG QRW�XUHV(�9�LJD]���D[LRPD��9�LJD]�LID[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD��9�LJD]��LIYHUHPEH�9�B�YHUHP�:�GHI���DQG���DQGXUHV(�YHUHP�:�GHI��KDPLV��D[LRPD��9�LJD]�LID[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIYHUHPEH�9�(�:��DQG ��DQG WHWR�:�(�:�

Page 33: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

D[LRPD�+�YHUHP�B�GHI��LJD]�LID[LRPD�+B��YHUHP�B�GHI��LJD]��D[LRPD�+�B�KDPLV��D[LRPD�+B��YHUHP�B�GHI��LJD]��LIXUHV(�YHUHP�B�GHI��LJD]��DQG���DQGWHWR�YHUHP�B�GHI��B�YHUHP�B�QHP'HI�RUXUHV(�B�KDPLV��D[LRPD��9�LJD]��LID[LRPD�B��9�LJD]��DQG D[LRPD�B��9�LJD]��D[LRPD��B�KDPLV��D[LRPD�B��9�LJD]��LIYHUHPEH�9�(�:��DQG ��DQG YHUHPERO�:�(�9��D[LRPD�B��9�LJD]��LIXUHV(�9�KDPLV��DQG ��DQG YHUHPERO�9�(�:��DQG ��DQG YHUHPEH�:�(�9��RUXUHV(�9�LJD]��D[LRPD�+�YHUHP�B�GHI��LJD]��LID[LRPD�+B��YHUHP�B�GHI��LJD]��D[LRPD�+�B�KDPLV��D[LRPD�+B��YHUHP�B�GHI��LJD]��LIXUHV(�YHUHP�B�GHI��LJD]� DQG���DQGYHUHPERO�YHUHP�B�GHI��B�YHUHP�B�QHP'HI�RUXUHV(�B�KDPLV��HOOHQRU]HV��7HV]W��LIZULWH������7HV]W���UH���DQGD[LRPD��7HV]W�-R(��DQGZULWH��"����-R(��DQG QO�HOOHQRU]HV��7HV]W��LIZULWH������7HV]W���UH���DQGD[LRPD��7HV]W�-R(��DQGZULWH��"����-R(��DQG QO�HOOHQRU]HV��7HV]W��LIZULWH������7HV]W���UH���DQGD[LRPD��7HV]W�-R(��DQGZULWH��"����-R(��DQG QO�HOOHQRU]HV��7HV]W��LIZULWH������7HV]W���UH���DQGD[LRPD��7HV]W�-R(��DQGZULWH��"����-R(��DQG QO�HOOHQRU]HV�+�7HV]W��LIZULWH���+���7HV]W���UH���DQGD[LRPD�+�7HV]W�-R(��DQGZULWH��"����-R(��DQG QO�*RDOFOHDUZLQGRZ�DQG� ����D[LyPD�WHV]WMH�� �� ��UHV�GHI��UH�LJD]�H� �9�� YHUHP�>@�GHI��DQG HOOHQRU]HV��9����DQG� �QHP��UHV�GHI��UH�LJD]�H� �9� YHUHP�>B@�GHI��DQG HOOHQRU]HV��9��DQG ��DQG � ����D[LyPD�WHV]WMH�� �

Page 34: 21'2/$72. $ 7Ã386 63(&,),.…&,–. .203$7,%,/,7…6…1$. 9,=6 ... · *rqgrodwrn d wtsxv vshflilniflynn rpsdwlelolwiviqdn yl]vjiodwiuyo ² , upv] ˘ r 7hw˘±9huhpeh±d[lypd 7hw˘

*RQGRODWRN�D�WtSXV�VSHFLILNiFLyN�NRPSDWLELOLWiViQDN�YL]VJiODWiUyO�² ,��UpV]

��

� ��UHV�GHI��UH�LJD]�H� �9�� YHUHP�>@�GHI��DQG HOOHQRU]HV��9����DQG� �QHP��UHV�GHI��UH�LJD]�H� �9� YHUHP�>B@�GHI��DQG HOOHQRU]HV��9��DQG ��DQG � ����D[LyPD�WHV]WMH�� �� ��UHV�GHI��UH�LJD]�H� �9�� YHUHP�>@�GHI��DQG HOOHQRU]HV��9����DQG� �QHP��UHV�GHI��UH�LJD]�H� �9� YHUHP�>B@�GHI��DQG HOOHQRU]HV��9���DQG ��DQG � ����D[LyPD�WHV]WMH�� �� ��UHV�GHI��UH�LJD]�H� �9�� YHUHP�>@�GHI��DQG HOOHQRU]HV��9����DQG� �QHP��UHV�GHI��UH�LJD]�H� �9� YHUHP�>B@�GHI��DQG HOOHQRU]HV��9���DQG ��DQG � ��+��D[LyPD�WHV]WMH�� �� ��UHV�GHI��UH�LJD]�H� �9��+ YHUHP�>@�GHI��DQG HOOHQRU]HV�+�9��+��DQG� �QHP��UHV�GHI��UH�LJD]�H� �9�+ YHUHP�>B@�GHI��DQG HOOHQRU]HV�+�9�+��