Professional Documents
Culture Documents
Mega Book About Delphi PDF
Mega Book About Delphi PDF
9tWDP9iVQD'HOSKLVWUiQNDFK
GOKIURQW
QLHIURQWD 3UHGQiND3UiFDVELWPDSRX
UDG 3UHGQiND-HGQRGXFKiDQLPiFLD
3UHGQiND5LHHQLH~ORK]RVN~N\
QDNRQLHFUDGX 7HVWNXVN~NH]PLQXOpKRURNX
QLHNRQLHFUDG\ 7HVWNXVN~NH
OHWQVHPHVWHU FYLHQLD
3UHGQiND%LQiUQHV~ERU\
3UHGQiND6SiMDQp]R]QDP\
3UHGQiND3RXLWLHVSiMDQFK]R]QDPRY
3UHGQiND%LQiUQHVWURP\
3UHGQiND3RXLWLHELQiUQ\FKVWURPRY
3UHGQiND7ULHGHQLD
3UHGQiND*UDI\
3UHGQiND$OJRULWP\SUHKDGiYDQLDJUDIX
3UHGQiND3UHKDGiYDQLHVQiYUDWRP
3UHGQiND%DFNWUDFNLQJQDJUDIRFK
3UHGQiND,QIRUPiFLHNXVN~NH
7HVWNXVN~NH
V~ERU\
SURJUDPRYiMHGQRWND.RU8QLWSDV
YHU]LD]PLQXOpKRURNX.RU8QLWSDVYLH]REUD]RYDWYDUNRU\WQDN\
SURJUDPRYiMHGQRWND9HOD.RU8QLWSDV
>8LWRQpOLQN\@>7LS\DWULN\@>.9,@>)0),@>$QGUHM@
$%.9,
EODKR#IPSKXQLEDVN
Tipy a triky
QDVWUiQNHVDVWiOHSUDFXMH
WLS\
]GUDQLHYSRWXSURFHG~UD&DNDMPLOLVHNXQG\
VS{VREDNRP{HWHRGPHUDDV
YORHQLHQDUD]YLDFULDGNRYGR0HPR
]PHQLWYDUIRUPXOiUD
DKDQLHIRUPXOiUD
DNRQDVWDYLSULHLQRNYGLDOyJXQDRWYRUHQLHV~ERUX
$%.9,
EODKR#IPSKXQLEDVN
]GUDQLHYSRWXSURFHG~UD&DNDMPLOLVHNXQG\
P{HWHMXSRXLQDSUYWHG\NHSRWUHEXMHWHYQHMDNHMDVWLSURJUDPXVSRPDOLYSLV\
SURFHG~UDY\XtYDWDQGDUGQpXQLW\6\V8WLOV)RUPV
SURFHGXUH&DNDM0LOOL6HF/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPH0LOOL6HFGLY0LOOL6HFGLYPRG0LOOL6HF
PRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
$%.9,
EODKR#IPSKXQLEDVN
VS{VREDNRP{HWHRGPHUDDV
QLHNHG\P{HWHSRWUHERYDRQDMSUHVQHMLH]LVWLWUYDQLHQHMDNpKRYSRWXY\XLMHPHUR]GLHODVXSR
YSRWHDSUHGYSRWRPIXQNFLD7LPH7R6WUXPRQtWHQWRDV]REUD]L
Y\XtYDVDWDQGDUGQXQLW6\V8WLOV
YDU
FDV7'DWH7LPH
EHJLQ
/RQJ7LPH)RUPDW
KPPVV]]]
FDV 1RZ
QHMDNYSRHW
0HPR/LQHV$GG
FDV
7LPH7R6WU1RZFDV
QDVWDYHQLHSUHPHQQHM/RQJ7LPH)RUPDW]DEH]SHtYSLVDVXDMYPLOLVHNXQGiFK
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM<>
UUWMPJSJBELZEP.FNP
YORHQLHQDUD]YLDFULDGNRYGR0HPR
YNODGDQLHYlLHKRPQRVWYDULDGNRYGRNRPSRQHQWX0HPRP{HQLHNHG\YHPLFLWHQH]GUDYSRHW
OHERSRNDGRPYORHQtULDGNDVDFHONRPSRQHQWSUHNUHVOt
YNODGDQpULDGN\VLP{HPHQDMSUYSULSUDYLGRMHGQpKRUHD]FDDSRWRPQDUD]LFKEXSULGDQDNRQLHF
DOHER]DLDWRNWH[WRYpKRRNQDDOHER~SOQHQDKUDGLREVDK0HPR
Y\XLMHPHYODVWQRVSURSHUW\7H[W
SURFHG~UDY\XtYDWDQGDUGQXQLW6\V8WLOV
YDU
ULDGN\VWULQJ
EHJLQ
0HPR/LQHV&OHDU0HPR/LQHV$GG
WDUW
ULDGN\
SULGiYDMULDGN\GRSUHPHQQHMULDGN\QDSU
IRUL WRGR
ULDGN\ ULDGN\,QW7R6WUL
0HPR/LQHV7H[W 0HPR/LQHV7H[WULDGN\
P{HWHRWHVWRYD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
/RQJ7LPH)RUPDW
KPPVV]]]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
ULDGN\VWULQJ
LLQWHJHU
FDV7'DWH7LPH
EHJLQ
0HPR/LQHV&OHDU0HPR/LQHV$GG
WDUW
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UUWMPJSJBELZEP.FNP
FDV 1RZ
ULDGN\
IRUL WRGR
ULDGN\ ULDGN\,QW7R6WUL
0HPR/LQHV7H[W 0HPR/LQHV7H[WULDGN\
0HPR/LQHV$GG
FDV
7LPH7R6WU1RZFDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
FDV7'DWH7LPH
EHJLQ
0HPR/LQHV&OHDU0HPR/LQHV$GG
WDUW
FDV 1RZ
IRUL WRGR
0HPR/LQHV$GG,QW7R6WUL
0HPR/LQHV$GG
FDV
7LPH7R6WU1RZFDV
HQG
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UU[NFOJUWBSGPSNVMSB
DNR]PHQLWYDUIRUPXOiUD
SRPRFRX&UHDWH5RXQG5HFW5JQ]DGHILQXMHPHREODVNWRUiSRSLVXMHQRYWYDUIRUPXOiUDYWRPWRSUtSDGH
MHWRREGQLNVR]DREOHQPLURKPL
Y\XtYDVDWDQGDUGQXQLW:LQGRZV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP+5JQ
EHJLQ
)UP &UHDWH5RXQG5HFW5JQ:LGWK+HLJKW
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
REODVP{HPHGHILQRYDDMSRPRFRXLQFKIXQNFLt
&UHDWH5HFW5JQ[\[\REGQLN
&UHDWH(OOLSWLF5JQ[\[\HOLSVD
&UHDWH3RO\JRQ5JQSROHBERGRYSRHWBERGRYUHLPSRO\JyQ
QDSU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP+5JQ
EHJLQ
)UP &UHDWH(OOLSWLF5JQ:LGWK+HLJKW
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
SRPRFRX&RPELQH5JQP{HPHYVOHGQ~REODVSRVNODGD]YLDFHUFK
SRVOHGQSDUDPHWHUPXVtE\MHGHQ]WFKWR
5*1B$1'SULHQLNREODVWt
5*1B',))UR]GLHOREODVWt
5*1B25]MHGQRWHQLHREODVWt
5*1B;25YOXQp]MHGQRWHQLHREODVWt
QDSU
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UU[NFOJUWBSGPSNVMSB
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP7PS+5JQ
EHJLQ
)UP &UHDWH(OOLSWLF5JQ:LGWKGLY+HLJKW
7PS &UHDWH(OOLSWLF5JQ:LGWKGLY:LGWK+HLJKW
&RPELQH5JQ)UP)UP7PS5*1B25
'HOHWH2EMHFW7PS
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
SRPRFQ~REODVPXVtPHSRSRXLWtY&RPELQH5JQ]UXLSRPRFRX'HOHWH2EMHFW
WPWRVS{VRERPP{HPHY\URELIRUPXOiUVGLHURXQDSU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP7PS+5JQ
EHJLQ
)UP &UHDWH5HFW5JQ:LGWK+HLJKW
7PS &UHDWH5HFW5JQ:LGWK+HLJKW
&RPELQH5JQ)UP)UP7PS5*1B',))
'HOHWH2EMHFW7PS
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
QDVOHGXM~FLSUtNODGY\WYiUDSULHVYLWQIRUPXOiUQDNWRURPRVWDQ~YLGLHOHQNRPSRQHQW\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP7PS+5JQ
U75HFW
LLQWHJHU
EHJLQ
,PDJH&DQYDV(OOLSVH
)UP
IRUL WR&RQWURO&RXQWGREHJLQ
U &RQWUROV>L@%RXQGV5HFW
2IIVHW5HFWU&OLHQW2ULJLQ;/HIW&OLHQW2ULJLQ<7RS
7PS &UHDWH5HFW5JQ,QGLUHFWU
LI)UP WKHQ)UP 7PS
HOVHEHJLQ
&RPELQH5JQ)UP)UP7PS5*1B25
'HOHWH2EMHFW7PS
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UU[NFOJUWBSGPSNVMSB
HQG
HQG
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UUBIBOJFGPSNVMSB
DNRDKDIRUPXOiU]DXERYRQ~REODV
QLHNHG\VDQiPP{HKRGLDE\VDIRUPXOiUPRKRODKDP\RXQLHOHQ]DPRGUKRUQWLWXOQSUXKDOH]D
XERYRQ~DVRNUHPNRPSRQHQWRYNWRUpUHDJXM~QDNOLNQXWLHP\RXQDSUWODLGOiWH[WRYpSORFK\0HPR
Y\XtYDM~VDWDQGDUGQpXQLW\:LQGRZVD0HVVDJHV
W\SH
7)RUP FODVV7)RUP
SXEOLF
SURFHGXUH:01&+LW7HVWYDU0VJ7:01&+LW7HVWPHVVDJH:0B1&+,77(67
HQG
SURFHGXUH7)RUP:01&+LW7HVWYDU0VJ7:01&+LW7HVW
EHJLQ
LQKHULWHG
LI0VJ5HVXOW KW&OLHQWWKHQ
0VJ5HVXOW KW&DSWLRQ
HQG
DNYRIRUPXOiULPiPHQDVWDYHQp%RUGHU6W\OHQDEV1RQHDOHERPRGUSUXKQLHMHYLGLWHQWDNWRWRMH
GREUVS{VREDE\EROIRUPXOiUSRV~YDWHQSRPRFRXP\L
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM<>
UUQSJFJOPLW50QFO%JBMPH
DNRQDVWDYLSULHLQRNYGLDOyJXQDRWYRUHQLHV~ERUX
DNYWDQGDUGQFKGLDOyJRFKQHQDVWDYtPHYODVWQRV,QLWLDO'LUWDNVDSUYNUiWRWYRUtWHQWRGLDOyJSRGDWRKR
NGHERORWYRUHQQHMDNGLDOyJYR:LQGRZVDVWRDOHSRWUHEXMHPHDE\VDQD]DLDWNXRWYRULOWHQSULHLQRNY
NWRURPVDQDFKiG]DQDDDSOLNiFLD
SUYpULHHQLHY\XtYDJOREiOQXSUHPHQQ~)RUFH&XUUHQW'LUHFWRU\]XQLWX6\V8WLOVDNMXQDVWDYtPHQD
WUXHYHWN\GLDOyJ\NWRUpQHPDM~QDVWDYHQp,QLWLDO'LUVDQDVWDYLDQDSULHLQRNVDSOLNiFLRX
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
)RUFH&XUUHQW'LUHFWRU\ WUXH
HQG
DOLHULHHQLHXND]XMHDNRQDVWDYL,QLWLDO'LUWHVQHSUHGYRODQtP2SHQ'LDORJ([HFXWH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
ILOHQDPHVWULQJ
EHJLQ
2SHQ'LDORJ,QLWLDO'LU ([WUDFW)LOH3DWK$SSOLFDWLRQ([H1DPH
LI2SHQ'LDORJ([HFXWHWKHQEHJLQ
ILOHQDPH 2SHQ'LDORJ)LOH1DPH
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM<>
1. vod do prostredia Delphi6
3RVOHGQi]PHQD
3UHRLGHPHSURJUDPRYDY'HOSKL
'HOSKLMHYL]XiOQHSURJUDPRYpSURVWUHGLHNWRUpVO~LQDYYRMDSOLNiFLtSUH26:LQGRZVSRGREQHDNR
9LVXDO%DVLF&%XLOGHUDSRGWDNpWRSURVWUHGLD]MHGQRGXXM~SURJUDPRYDQLH:LQGRZVDSOLNiFLt
Y]KDGDSOLNiFLHSRG:LQGRZVP{HPH]RVWDYRYD]SRQXN\NRPSRQHQWRYSULRPVDPRWQpYYRMRYp
SURVWUHGLHQDSU'HOSKLSRPiKDSUL]DOHRYDQt]RGSRYHGDM~FHKRNyGX
WDNpWRPRGHUQpSURJUDPRYDFLHMD]\N\XPRXM~]DDSURJUDPRYDREMHNWRYPSUtVWXSRPMHWR
PHWRGROyJLDEH]NWRUHMVDYV~DVQRVWLQH]DREtGHPHSULSUiFLYWtPHSULSUiFLVYHNPLSURMHNWPLSUL
WYRUEH:LQGRZVDSOLNiFLtDNHXQLLQpWDNSULSURJUDPRYDQtYURQtNX
Y'HOSKLVDSURJUDPXMHPRGHUQPSURJUDPRYDFtPMD]\NRPREMHNWRYPSDVFDORPWHQWRY\FKiG]D]
7XUER3DVFDOXDOHSULWRPVLWUHEDXYHGRPLH
SDVFDOVDYLQIRUPDWLFNHMNRPXQLWHSRYDXMH]DHVSHUDQWRSURJUDPRYDFtFKMD]\NRY
MHLGHiOQ\MD]\NDNR~YRGQSULY\XRYDQtSURJUDPRYDQLDP{HPHVDYRPQDXLYHPL
HIHNWtYQHSURJUDPRYDPRGHUQPLPHWyGDPL
NWRRYOiGDSDVFDODKNRQHVN{USUHMGHQDLQpSURFHGXUiOQHSURJUDPRYDFLHMD]\N\
'HOSKLSRVN\WXM~YHPLGREUpODGLDFHSURVWULHGN\
=RKRVDVNODGiSURVWUHGLH'HOSKL
KRUQSDQHONWRUREVDKXMHPHQXOLWXSRYHORYDOLWXNRPSRQHQWRY
]DYDMHLQSHNWRUREMHNWRYVNWRUPVDQDXtPHSUDFRYDQHVN{UXPRXMHPHQLU{]QHSDUDPHWUH
SRXLWFKNRPSRQHQWRYQDIRUPXOiUL
]Y\RN]DEHUiIRUPXOiUDHGLWRYDFLHRNQR
$NRY\WYRUtPHQRYSURMHNW
YR)LOHPHQX]YROtPH1HZDSRWRPY\EHULHPH$SSOLFDWLRQ
'HOSKLY\WYRULDQRYSURMHNWV~ERU3URMHFWGSU
Y\WYRUtVDSUi]GQ\IRUPXOiU)RUPNDGSURMHNWDSOLNiFLDREVDKXMHDVSRMHGHQIRUPXOiUMHWR
:LQGRZVRNQRNWRUpMH]DWLDSUi]GQHDOHQHVN{UVHPEXGHPHXNODGDU{]QHNRPSRQHQW\DNRWODLGOi
REUi]N\WH[W\HGLWRYDFLHRNLHQNDDSRG1DIRUPXOiU'HOSKLSRXLMHV~ERUVSUtSRQRXGIPQDSU
8QLWGIP
Y\WYRUtVDHWHMHGHQYHPLG{OHLWV~ERUEXGHREVDKRYDVDPRWQSRSLVSURJUDPXNWRUEXGHQLHR
URELVIRUPXOiURP1D]DLDWNXWHQWRSURJUDPVNRURQLQHREVDKXMHGHOSKLVHPDXWRPDWLFN\GDOR
PLQLPiOQXLQIRUPiFLXNWRUiMHSRWUHEQiDE\EROSURMHNWNRPSOHWQ6~ERUVSDVFDORYVNPSURJUDPRP
PiSUtSRQXSDVQDSU8QLWSDV
NHNOLNQHPHQLHNDPGRHGLWRYDFLHKRRNQDWUtSRGIRUPXOiURPREMDYtVDPRPHQWiOQ\REVDK
SURJUDPX
0RPHQWiOQHYHWN\WULV~ERU\H[LVWXM~OHQYSDPlWLSRtWDDDWUHEDLFKXORLQDGLVN
1DXNODGDQLHV~ERURY])LOHPHQX]YROtPH6DYH3URMHFW$VDXUtPHDGUHViUNDPVDPiSURMHNW
XORL2GSRU~DPHNDGSURMHNWXNODGDGRVDPRVWDWQpKRSRGDGUHViUD3ULXNODGDQtP{HPH]PHQL
PHQRSURMHNWXDMPHQRSURJUDPXNIRUPXOiUXPRPHQWiOQH8QLWSDVQDSUQDPRM7HVWSDV
3URMHNWVS~DPHSRYHORP5XQ]PHQX5XQDOHDVLVLUFKOR]Y\NQHWHQDNOiYHVRY~VNUDWNX)
7HUD]SURMHNWEHtREMDYtVDSUi]GQHRNQRSURMHNWXNRQtPHNOiYHVRP$OW)DOHERX]DYUHWtPDSOLNiFLH
-HGQRGXFKiJUDILND
=DQHPHYHPLMHGQRGXFKRXJUDILNRXYJUDILFNHMSORFKHYHNRVWLDVSR[EXGHPHSRPRFRXJUDILFNpKR
SHUDNUHVOLQHMDNpJHRPHWULFNp~WYDU\1iSUYSURJUDPGRJUDILFNHMSORFK\QDNUHVOtREGQLN
'RSUi]GQHKRIRUPXOiUDSRORtPHJUDILFN~SORFKXDMHGQRWODLGOR
DNRJUDILFNiSORFKDQiPSRVO~LNRPSRQHQW,PDJH]SDOHW\NRPSRQHQWRY$GGLWLRQDO
SRGREQHY\EHULHPHWODLGOR%XWWRQ]RWDQGDUGQHMSDOHW\
DNRP\ORPGRIRUPXOiUDYORtWHNRPSRQHQWNWRUWDPPDQHFKFHWHMHGQRGXFKRQDQDMSUYNOLNQLWH
P\RXDSRWRPKR]UXtWHNOiYHVRP'HO
PRPHQWiOQ\REVDKHGLWRYDFLHKRRNQD
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV9DULDQWV&ODVVHV*UDSKLFV&RQWUROV)RUPV
'LDORJV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 GIP`
HQG
'RSURJUDPXSULEXGOLGYDQRYpULDGN\NWRUpGHILQXM~GYDQRYpSUYN\YQDRPRNQH,PDJHJUDILFNi
SORFKDD%XWWRQWODLGOR
7HUD]QDSURJUDPXMHPHDNRVDEXGHVSUiYDSURJUDPNHNOLNQHPHQDWODLGORFKFHOLE\VPHDE\VD
GRJUDILFNHMSORFK\QDNUHVOLOLQHMDNpJUDILFNp~WYDU\
'YRMNOLNQHPHYRIRUPXOiULQDWODLGOR%XWWRQDYWHG\VDQiPYHGLWRYDFRPRNQHSULSUDYt~VHNSURJUDPX
GRNWRUpKRP{HPHStVDSRVWXSQRVSUtND]RY7iWRSRVWXSQRVVDEXGHY\NRQiYDSRDVEHKX
SURJUDPXYG\SR]DWODHQtWODLGODNOLNQXWtQDWODLGOR
YVXQXODVDSUHGSULSUDYHQiDVSURJUDPX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
HQG
SULGDOLVPHMHGHQULDGRN
DE\VDQDNUHVOLOREGQLN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV5HFWDQJOH
HQG
DSURJUDPVSXVWtPHNOiYHVRP)3RNOLNQXWtQDWODLGOR%XWWRQVDYELHOHMJUDILFNHMSORFKHREMDYt
REGQLN
$E\VPHVLGREXG~FQD]MHGQRGXLOLDVSUHKDGQLOL]iSLVQDLFKSURJUDPRYQDPLHVWR,PDJH&DQYDV
EXGHPHStVDMHGQRGXFKRJDNRJUDILFNiSORFKD]DNWRUP]DERGNRXQDVOHGXMHPHQRSUtND]XNWRU
FKFHPHY\NRQD5HFWDQJOH]QDPHQiREGQLN1DWRDOHPXVtPHNRPSLOiWRUXY\VYHWOLREXGHWRJ
]QDPHQD
GYRMNOLNQHPHGRIRUPXOiUDPLPR,PDJHDMPLPR%XWWRQDYWHG\VDYHGLWRYDFRPRNQHREMDYt
QRY~VHNSURJUDPXWXEXGHPHGHILQRYDSUtND]\NWRUpVDPDM~Y\NRQDSULLQLFLDOL]iFLL
IRUPXOiUDWMVN{UDNRVDIRUPXOiUREMDYt
VHPGRStHPHJ ,PDJH&DQYDVSRWRPVDYUiWLPHRQLHNRNRULDGNRYY\LHDGRStHPH
MHGHQULDGRNDMGRGHILQtFLHIRUPXOiUDYDUJ7&DQYDV
WHUD]FHOSURJUDPY\]HUiQDVOHGRYQH
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV9DULDQWV&ODVVHV*UDSKLFV&RQWUROV)RUPV
'LDORJV6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 GIP`
YDU
J7&DQYDV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J5HFWDQJOH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
HQG
REGQLNRYP{HPHQDNUHVOLDMYLDFQDSUREGQLN\SRGVHERX
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
EHJLQ
J5HFWDQJOH
J5HFWDQJOH
J5HFWDQJOH
HQG
SUtND]\QDY]iMRPRGGHXMHPHERGNRLDUNRX
YHWN\REGQLN\EROLQDNUHVOHQpWHQNPLHUQ\PSHURPDEROLY\SOQHQpELHORXIDUERXDWULE~W\SHUDDM
YSOQHP{HPHPHQLWDNPLWRSULUDRYDFtPLSUtND]PL
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
EHJLQ
J5HFWDQJOH
J3HQ&RORU FO5HG
J5HFWDQJOH
J3HQ&RORU FO%OXH
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J5HFWDQJOH
HQG
SUYREGQLNPiLHUQ\REYRGGUXKHUYHQDWUHWtPiKUXEPRGUREYRGDMHY\SOQHQOWRXIDUERX
UH]HUYRYDQpVORYiEHJLQDHQGR]QDXM~]DLDWRNDNRQLHF~VHNXSDVFDORYVNpKRSURJUDPX
DOHMXNiHPHSRXLWLHMHGQRGXFKFKSUHPHQQFKDIRUF\NOX
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
YDU
LLQWHJHU
EHJLQ
IRUL WRGR
J5HFWDQJOHL
L
HQG
WHQWRSURJUDPQDNUHVOtREGQLNRY
SUYULDGRNYDULLQWHJHUGHILQXMHMHGQXFHORtVHOQ~SUHPHQQ~
P{HQDGRE~GDKRGQRW\]LQWHUYDOXWM
FHORtVHOQiDULWPHWLNDSDVFDOXSR]QiWLHWRRSHUiFLH GLYDPRG
FHORtVHOQpSUHPHQQp]DEHUDM~YSDPlWLSRtWDDEDMW\WMELWRY
SUtND]IRUF\NOXYSDVFDOHPiYHREHFQWYDU
IRUULDGLDFDBSUHPHQQi YUD]WRYUD]GRSUtND]
SUHULDGLDFXSUHPHQQ~SUHPHQQ~F\NOXIRUSODWt
SULUDGtVDMHMKRGQRWDDN~QDGRE~GDYUD]
YUD]VDY\KRGQRWtQD]DLDWNXF\NOX
DNMHMHKRKRGQRWDPHQLDDNRKRGQRWDYUD]F\NOXVVDQHY\NRQi
DNMHYUD] YUD]F\NOXVSUHEHKQHSUiYHUD]
LQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYUD]DYUD]
PXVtE\RUGLQiOQHKRW\SX]DWLDSR]QiPHOHQFHORtVHOQRUGLQiOQ\W\SLQWHJHU
MHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLWMQHVPLHE\QDDYHMVWUDQHLDGQHKR
SULUDRYDFLHKRSUtND]XSRDVSUHFKRGXIRUF\NOX
SRVNRQHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDXMHPH
"
3R]QiPND3RVNRQHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYUD]DQL
LDGQXLQ~MHMSRGREQ~
DOtSURJUDPXND]XMHDNRP{HPHYF\NOHRSDNRYDYLDFSUtND]RYX]DYULHPHLFKPHG]LEHJLQDHQG
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
YDU
LLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO%OXH
IRUL WRGREHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
YLPQLWHVLQDIRUPiWRYDQLHEHJLQDHQGWHQWRVS{VREEXGHPHSRXtYDYREMHNWRYRPSDVFDOHY
'HOSKL
SRXLOLVPHDOLHJUDILFNpSUtND]\0RYH7RD/LQH7RNWRUpGRVWiYDM~V~UDGQLFHERGRYYURYLQH
0RYH7RSUHVXQLHJUDILFNpSHURQD]DGDQ~SR]tFLXDSULWRPQHNUHVOtLDUX/LQH7RWLHSUHV~YDJUDILFNp
SHURDOH]DVHERXNUHVOtLDUXPRPHQWiOQRXIDUERXDKU~ENRXWMSRGD3HQ&RORUD3HQ:LGWK
GRSOQtPHYSLVWH[WXGRJUDILFNHMSORFK\SUtND]RP7H[W2XWNWRUGRVWDQHV~UDGQLFHDQHMDNWH[W
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
YDU
LLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO*UHHQ
IRUL WRGREHJLQ
J7H[W2XWL
,QW7R6WUL
J0RYH7RL
J/LQH7R
LL
HQG
HQG
SRXLOLVPHWDQGDUGQ~IXQNFLX,QW7R6WUNWRUi]FHOpKRtVODY\UREtWH[WDE\VPHKRPRKOLY\StVD
7H[W2XWYLHY\SLVRYDOHQ]QDNRYpUHD]FHQDSUJ7H[W2XW
$NRVDPi"
=KUQXWLHJUDILFNFKSUtND]RYDDWULE~WRY
P{HPH]PHQLSULUDRYDFtPLSUtND]PL
J3HQ&RORU FO5HGQDVWDYtIDUEXSHUDQDHUYHQ~
DOLHPHQiIDULHEQDSUFO%ODFNFO:KLWHFO5HGFO%OXHFO<HOORZFO*UHHQ
J3HQ:LGWK QDVWDYtKU~ENXSHUD
J3HQ6W\OH SV'DVKQDVWDYtWONUHVOHQLDLDUQDLDUNRYDQLQpWO\DNRSV6ROLG
QRUPiOQHLDU\IXQJXM~OHQSUHKU~ENX
SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
REGQLNNWRUVPHNUHVOLOLQD]DLDWNXVDQHVNODGiOHQ]RLDUDOHMHY\SOQHQELHORXIDUERX
3RGREQHDNRVPHPHQLOLQDVWDYHQLDJUDILFNpKRSHUDP{HPHPHQLDMQDVWDYHQLDSUHY\SDQLH
J%UXVK&RORU FO<HOORZQDVWDYtIDUEXYSOQH
J%UXVK6W\OH EV9HUWLFDOQDVWDYtUDIRYDQLHEV6ROLGMHQRUPiOQHY\SDQLH
EV&OHDU]QDPHQiREGQLNEH]Y\SOQHQpKRYQ~WUD
DOLHWO\EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
SRGREQHDNRREGQLNVDNUHVOtDMHOLSVDQDVWDYHQpDWULE~W\SHUDSUHREU\VDSDUDPHWUHYSOQHSUH
YQ~WUR
J(OOLSVH[\[\]DGiYDPHV~UDGQLFHRStVDQpKRREGQLNDDNMHREGQLNRP
WYRUHFQDNUHVOtVDNUXK
YSLVWH[WRYpKRUHD]FD
IXQNFLDNWRUiY\WYiUDWH[WRYUHD]HFQDSU,QW7R6WU
SUHStVPR
J)RQW&RORU IDUED
J)RQW+HLJKW YHNRVYNDWMYHNRVStVPD
J)RQW1DPH PHQRIRQWX
$ULDO
7LPHV1HZ5RPDQ
J)RQW6W\OH WO
KRGQRWRXMHQHMDNiSRGPQRLQDPQRLQ\>IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW@
EHULHVDGR~YDK\DMWOWHWFDDNMHQDSUJ%UXVK6W\OH EV&OHDUWDNVDWH[WY\StHQD
QLHNWRUpWDQGDUGQpIXQNFLHY3DVFDOH
VLQFRV
URXQGWUXQFDEV
UDQGRP
,QW7R6WU
DOLHG{OHLWpLQIRUPiFLH
QH]DEXGQ~SUHGVS~DQtPXNODGDV~ERU\QDGLVNEHLDFLSURMHNWP{HYEXG~FQRVWL]KRGL'HOSKL
DOHERV\VWpP
GiVDQDVWDYL$XWRVDYHYPHQX7RROVSRORND(QYLURQPHQW2SWLRQV
6~ERU\SURMHNWX
'35WH[WRYSDVFDORYVNV~ERUSRSLVXMH]RKRVDVNODGiSURMHNW
3$6SDVFDORYVNSURJUDP
3ULXORHQtSURMHNWXDQHVN{UDMSRVS~DQtDSOLNiFLHVDDVWREXG~DXWRPDWLFN\Y\WYiUDDMV~ERU\V
LQPLSUtSRQDPL
5(6WHQWRV~ERUDNFKEDWDNVDY\WYRUtDXWRPDWLFN\REVDKXMHOHQLNRQXDSOLNiFLH
'&8SUHORHQiSURJUDPRYiMHGQRWND
(;(VSXVWLWHQSURJUDP
3R]RUSULSUHQiDQtSURMHNWXGRLQpKRDGUHViUDDOHERQDLQGLVNQHNRStUXMWHV~ERU\VSUtSRQRX'6.
SUDNWLFN\YiPVWDtSUHQLHV'35')03$6SUtSDGQH5(6YHWNRRVWDWQpVDY\WYiUDNRPSLOiWRURP
SULRPSUHQHVHQ'6.P{HQDURELYHNpSUREOpP\
1HSRYLQQi'RPiFDORKD1'
DFKRYQLFHSRPRFRX0RYH7RD/LQH7RUHVSSRPRFRX5HFWDQJOHY\SDQLHU{]Q\PLIDUEDPL
S\UDPtGD]RWYRUHNRYWURMXKROQtNRY
V~VWUHGQpNUXQLFHPHG]LNUXLDU{]Q\PLIDUEDPL
SULHEHKIXQNFLHVLQUHVSLQFKIXQNFLt
QDSRtWDRFKY+D+MHQDLQWDORYDQDMGUXKSURGXNWRG%RUODQGX&%XLOGHU]MHGQRGXHQHE\
VDGDORSRYHGDHMHWR'HOSKLYNWRURPMHY\PHQHQ3DVFDO]D&3URVWUHGLHMHYHPLSRGREQp
'HOSKL3UHVN~PDMWH%XLOGHUD]LVWLWHNWRUpDVWLV~WDNSRGREQpHLPDVLUR]XPLHWH+DGDMWHV~YLVORVWL
DMYSURJUDPRFK2EMHNWRY3DVFDOD&
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
1DXtPHVDSUDFRYDVREMHNWRPNRU\WQDND
NRU\WQDNRXEXGHPHQD]YDSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHSULRP
P{H]DVHERX]DQHFKiYDVWRSXLDUX
SRtWDVLRNRU\WQDNHPXVtSDPlWDU{]QXLQIRUPiFLXQDSUNGHVDQDFKiG]DYSORFKHNWRUP
VPHURPMHQDWRHQiDNpPiQDVWDYHQpSHURLMHSHUR]GYLKQXWp
NRU\WQDNDPiSUHGGHILQRYDQpU{]QHSRYHO\YlLQRXVO~LDQD]PHQXSRORK\VPHUXDOHERQDVWDYHQt
SHUD
.HEXGHPHFKFLHSUDFRYDVNRU\WQDNRX
QDMSUYPXVtPH]DGHILQRYDSUHPHQQ~W\SXNRU\WQDNDQDSUYDUN7.RU
SRWRPPXVtPHY\WYRULRLYLW~WRNRU\WQDNXSHFLiOQ\P'HOSKLSUtND]RP
N 7.RU&UHDWH
SRGREQHVDY'HOSKLY\WYiUDM~YHWN\ZLQGRZVSUYN\QDSUJUDILFNiSORFKD7,PDJHWODLGOR7%XWWRQ
DW
RGWRKRWRPRPHQWXJUDILFNpSHURH[LVWXMHDP{HPHKRULDGLSUtND]PLQDSUSUtND]RP
NDERGNXSRGREQHDNRSUHSUtND]\SUHJUDILFN~SORFKXYPLQXOHMSUHGQiNH
$NRY\WYRUtPHSURMHNWVNRU\WQDNRX
SUDFRYDY'HOSKLPXVtPHGRQiKRSURJUDPXSULGDULDGRN
XVHV.RU8QLW
RNUHPWRKRPXVtPH]DGHNODURYDNRU\WQDLXSUHPHQQ~QDSULGHQWLILNiWRUN
SR]ULWHSURJUDPNWRUSRPRFRXNRU\WQDN\NUHVOtWYRUHFVRVWUDQRX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
NRPSOHWQ8QLWSDV
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV9DULDQWV&ODVVHV*UDSKLFV&RQWUROV)RUPV
'LDORJV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
.RU8QLW
^5 GIP`
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
HQG
WDNWRWREXGHY\]HUDYJUDILFNHMSORFKH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
.RU\WQDLHSUtND]\
SHURMHVSXVWHQpDMHLHUQHWHQNp
XKO\V~YVWXSRFKP{XE\DMQLHFHOptVOD
XKROMHQDVHYHURVWDWQpXKO\VDXUXM~YVPHUHRWiDQLDKRGUXLLHN
DQL[D\QHPXVLDE\FHOptVOD
VNUiWHQWYDUN 7.RU&UHDWHEH]SDUDPHWURY]QDPHQiHNRU\WQDNDVDY\WYRUtYVWUHGH
SORFK\
N'RSUHGXGNDBNURNX
QHPXVtE\FHOpDQLNODGQptVOR
N9SUDYRXKRO
N9ODYRXKRO
N=PHQ6PHUXKRO
NRU\WQDNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
N3+
SHURKRUH
N3'
SHURGROH
N=PHQ;<[\
DNMHSHURGROHWDNVDNUHVOtLDUD
N=PHQ)3IDUED
IDUHEQiNRQWDQWDFO%ODFNFO5HGFO%OXH
!
N=PHQ+3KU~END
XERYRQpFHOpNODGQptVOR
*UDILFNiSORFKD
SRGREQHDNRQDPLQXOHMSUHGQiNHYHNRVJUDILFNHMSORFK\]iYLVtRGYHNRVWLNRPSRQHQWX,PDJHQD
IRUPXOiUL
EXGHPHSUHGSRNODGDHMHYHNiDVSR[DNWXiOQXYHNRVVDP{HPHGR]YHGLH]
NODGQpKRGQRW\YSUDYRD\RYiRVPiNODGQpKRGQRW\QDGRURSDQHDNRYPDWHPDWLNH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
PiPHNGLVSR]tFLLSUtND]]PD]NWRU]PDHREVDKJUDILFNHMSORFK\SULRPNRU\WQDNDRVWiYDQDVYRMRP
PLHVWH]PD]QLHMHNRU\WQDtSUtND]QHStHPHSUHGQHKRN
.RU\WQDLDSURJUDPRYiMHGQRWNDXQLW
DE\VPHPRKOLSUDFRYDVNRU\WQDRXJUDILNRXDGHILQRYDVLYODVWQpNRU\WQDN\PXVtPHVLSURMHNWY
'HOSKLSHFLiOQHSULSUDYLVWLDKQLWHVLSULSUDYHQ~SURJUDPRY~MHGQRWNXXQLWQDSUiFXVNRU\WQDNDPL
.RU8QLWSDV
NHEXGHWHFKFLHSUDFRYDVNRU\WQDtPXQLWRPQDMSUYPXVtWHSUHNRStURYDWHQWRV~ERUGRDGUHViUD
NGHVDQDFKiG]DYiSURMHNWDSRWRPPXVtPHGRV~ERUX8QLWSDVV~ERUYNWRURPMHGHILQRYDQp
VSUiYDQLHIRUPXOiUDSULGDMHGHQULDGRNQDMOHSLH]DULDGRNVRVORYRPLPSOHPHQWDWLRQ
XVHV.RU8QLW
WHQWR]DEH]SHtH'HOSKLEXG~SR]QDNRU\WQDLXJUDILNX3URJUDPRYiMHGQRWND.RU8QLWMHWLH
SURJUDPYSDVFDOHDP{HWHVLMXSUH]ULHDNMXRWYRUtWHSRPRFRX2SHQYPHQX)LOHQHVN{UVD
QDXtPHSRUR]XPLHYlLQHNRQWUXNFLtYWRPWRSURJUDPH
3UYpMHGQRGXFKpSURJUDP\
3UHGSRNODGiPHHQDIRUPXOiULMHJUDILFNiSORFKDNRPSRQHQW,PDJHDWODLGOR%XWWRQNWRUPVD
EXGHVS~DQHMDNiDNFLDQDSUY\WYRUHQLHNRU\WQDN\DQDNUHVOHQLHQHMDNpKRREUi]ND
SURJUDPNUHVOtSLUiOX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
NGRSUHGX
L
NYSUDYR
HQG
HQG
DOtSUtNODGY\XLMHYQRUHQpF\NO\
SURJUDPQDNUHVOtRWRHQFKURYQRVWUDQQFKWURMXKROQtNRY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
YDU
N7.RU
LMLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUM WRGREHJLQ
IRUL WRGREHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
HQG
SULHEHKNUHVOHQLDVPHQHPRKOLGREUHVOHGRYDOHERSUHEHKORYHPLUFKOR
YSRHWP{HPHVSRPDRYD
]QDPHQi]GUDQLHVHNXQGX
XKO\DMGN\QHPXVLDE\FHOptVODKRFLVDNRU\WQDNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
SRPDOpNUHVOHQLHWURMXKROQtND
YDU
N7.RU
LMLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
HQG
9LDFNRU\WQDLHN
YSURJUDPHP{HPHY\WYRULDDMULDGLQDUD]YLDFNRU\WQDLHN
GiPHLPU{]QHPHQiQDSUNNDSUHGNDGNRU\WQDtSUtND]QDStHPHSUtVOXQpPHQRQDSU
NGRSUHGX
GYHNRU\WQDN\NUHVOLDSDUDOHOQH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
YDU
NN7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
IRUL WRGREHJLQ
NGRSUHGXFDNDM
NGRSUHGXFDNDM
NYSUDYR
NYSUDYR
HQG
HQG
DOLH~ORK\
]DXMtPDYiSLUiOD
YDU
N7.RU
GLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUG WRGREHJLQ
NGRSUHGX
NYSUDYRGY\VN~DMWHNYSUDYRG
FDNDM
HQG
HQG
NUXQLFDDNRSUDYLGHOQXKROQtNVRVWUDQRX
YDU
N7.RU
QLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
OXSHNYHWXMHY\WYRUHQ]GYRFKWYUNUXKRY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
YDU
N7.RU
LMQLQWHJHU
EHJLQ
N 7.RU&UHDWH
N=PHQ+3N=PHQ)3FO5HG
IRUL WRGREHJLQ
IRUM WRGREHJLQ
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
NYSUDYR
HQG
NYSUDYR
HQG
HQG
SURJUDPNUHVOtYHREHFQ1XKROQtN
FRQVW
1 VHPP{HPHQDVWDYLXERYRQ~KRGQRWX1XKROQtND
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WR1GREHJLQ
NGRSUHGX
NYSUDYR1
HQG
HQG
2EMHNWNRU\WQDND
VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYFKSUHPHQQFKQDSUSR]tFLDIDUED
PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQp
WDNPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDN\SUHPHQQpW\SX
7.RU
PXVLDE\Y\WYRUHQpQLHGHNODURYDQpSHFLiOQ\PVS{VRERP7.RU&UHDWHDNPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXtYD
WDNPWRSUHPHQQPKRYRUtPH2%-(.7DW\SRP]NWRUFKY\WYiUDPHREMHNW\QDSU7.RUKRYRUtPH
NWRUiERODLQWDQFLRXWULHG\7&DQYDV
]DWLDVLRREMHNWRFKWUHED]DSDPlWDHV~WRSUHPHQQpNWRUpP{XYVHEHREVDKRYDYHDVWDYRYFK
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
7ULHGDNRU\WQDND7.RU
)3D+3QHV~LQIRUPiFLXRIDUEHSHUDDKU~ENHSHUD
VYRMHSHURVSXVWHQpGROH
QLHNWRUp]WFKWRSUHPHQQFKP{HPHYSURJUDPHQRUPiOQHSRXtYDVSUtSRQRXNQDSU
N6PHU N6PHUMHWRWRLVWpDNRNYSUDYR
N+3
N)3 FO%OXH
REVDKXMHDOLHPHWyG\QDSUY\SOQSLVVPHURP
DOLHNRU\WQDLHSUtND]\
SRPRFQpSUtND]\
3UHVXQ;<[\
SUHVXQLHNRU\WQDNXGRERGX[\SULRPQHNUHVOtLDUXDMNHPiVSXVWHQpSHUR
9\SOQIDUED
Y\SOQtIDUHEQHRKUDQLHQ~REODVSRGNRU\WQDNRXGDQRXIDUERX
3LVWH[W
Y\StHGRSORFK\WH[W
Y\MDGUXMHDEVRO~WQ\XKROYVWXSRFKGRNWRUpKRE\VDPXVHODRWRLNRU\WQDNDDE\EROD
QDWRHQiNERGX[\
QDMDVWHMLHVDSRXLMHDNRN=PHQ6PHUN6PHURP[\
3UiFDVIDUEDPL
XVPHVD]R]QiPLOLVQLHNRNPLVLWXiFLDPLNHVPH]DGiYDOLQHMDN~IDUEXIDUEDSHUDIDUEDYSOQH
IDUEDREU\VXGRWHUD]VPHSRXtYDOLSUHGGHILQRYDQpNRQWDQW\QDSUFO%ODFNFO5HGFO%OXHDSRG
YR:LQGRZVVDIDUEDXUXMHWURMLFRXtVHONWRUpY\MDGUXM~YDNRPPQRVWYHWUHEDQDPLHDWUL]iNODGQp
IDUE\HUYHQ~]HOHQ~DPRGU~DE\Y]QLNODLDGDQiIDUEDPQRVWYiWFKWR]ORLHNVD]DGiYDM~FHOP
tVORPRGGR
QDSUDNQDPLHDPHHUYHQHM]HOHQHMDPRGUHMY]QLNQHMDVQiPRGUiIDUED
HUYHQHM]HOHQHMDPRGUHMMHLHUQDYHWN\]ORN\SR]QDPHQiELHOX
HUYHQHM]HOHQHMDPRGUHMY\UREtOW~DSRG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
YR:LQGRZVVDWLHWR]ORN\QD]YDM~5HG*UHHQ%OXHWHGD5*%DY'HOSKLP{HPHIDUE\GHILQRYDDM
SRPRFRXIXQNFLH5*%NWRUiGRVWiYDtVODSRSLVXM~FH]DVW~SHQLH]ORLHN
Y\PHQXMHPHYHWN\XLWRQpSUHGGHILQRYDQpIDUE\SRH[SHULPHQWXMWHVQLPLXYiG]DPHLFK5*%
KRGQRW\
PHQiQLHNWRUFKSUHGGHILQRYDQFK
IDULHE
FO%ODFN 5*%
FO0DURRQ 5*%
FO*UHHQ 5*%
FO2OLYH 5*%
FO1DY\ 5*%
FO3XUSOH 5*%
FO7HDO 5*%
FO*UD\ 5*%
FO6LOYHU 5*%
FO5HG 5*%
FO/LPH 5*%
FO<HOORZ 5*%
FO%OXH 5*%
FO)XFKVLD 5*%
FO$TXD 5*%
FO/W*UD\ 5*%
FO'N*UD\ 5*%
FO:KLWH 5*%
QDVOHGXM~FLSURJUDPLOXVWUXMHSRXLWLH5*%IXQNFLH
NUHVOHQLHU{]QRIDUHEQFKSU~NRY
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWHN+3
IRUL WRGREHJLQ
N)3 5*%
L
NGRSUHGX
N3UHVXQ;<N;N<
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%
L
L
NGRSUHGX
N3UHVXQ;<N;N<
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%UDQGRPUDQGRPUDQGRP
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
NGRSUHGX
N3UHVXQ;<N;N<
HQG
HQG
)RUPiWRYDQLHSURJUDPRY
YlLQDSURIHVLRQiOQ\FKSURJUDPiWRURYMHYHPLFLWOLYiQDQDIRUPiWRYDQLHSURJUDPRYDYHPLDVWRSUY
SRKDGQDSURJUDPSUH]UDGtLMHSURJUDPiWRU]DLDWRQtNDPDWpUDOHERVN~VHQHMtSURJUDPiWRU
MHX]QiYDQFKQLHNRNRVS{VRERYIRUPiWRYDQLDSDVFDORYVNFKSURJUDPRYDMHQLHNRNRSUDYLGLHONWRUp
SODWLDVNRURSUHYHWN\WLHWRWO\
SUtND]\NWRUpV~QDURYQDNHM~URYQLYQRUHQLDV~EXQDWRPLVWRPULDGNXDOHER]DtQDM~YWRP
LVWRPVWSFL
]iWYRUN\]ORHQFKSUtND]RYQDSUEHJLQDHQGDNQLHV~YMHGQRPULDGNX
V~RGVDGHQpYWRPLVWRPVWSFL
DOHEREHJLQMHQDNRQFLQDGUDGHQpKRSUtND]XDSUtVOXQpHQGMH]DURYQDQpQD]DLDWRN
QDGUDGHQpKRSUtND]XWDNWR]DSLVXMHPHYHWN\SUtNODG\YSUHGQiNDFK
SRHWPHG]LHURGVDGHQLHQD]DLDWNXULDGNDE\PDOROLQHiUQHY\MDGURYD~URYHYQRUHQLDSUtND]X
QDMDVWHMLHMHNDGpDOLHYQRUHQLHRGVXQXWpRPHG]HU\
]OpQDIRUPiWRYDQLHSURJUDPXVDSRYDXMH]D]ORP\VHQRVDVO~LOHQQDVNRPSOLNRYDQLHLWDWHQRVWL
SURJUDPXSR]ULWHVLSUHIRUPiWRYDQSUHGFKiG]DM~FLSURJUDP
~P\VHOQH]OHQDIRUPiWRYDQSURJUDP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN7.RULLQWHJHUEHJLQ
N 7.RU&UHDWH
N+3
IRUL WRGREHJLQ
N)3 5*%
LNGRSUHGX
WHQWRSURJUDPSRVSXVWHQtUREtSUHVQHWRLVWpDNRSUHGFKiG]DM~FLSUtNODGV5*%SUHNODGDX'HOSKLMH
MHGQRDNRMHWRQDIRUPiWRYDQp
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBLB
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
3. Podmienky a procedry
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
RREMHNWRYRPSDVFDOH
MHGQRGXFKpSUHPHQQpXYiG]DPHYGHNODUiFLLYDU]DWLDVPHLFKSRXtYDOLDNRSUHPHQQpF\NORYQDSU
YDULMLQWHJHU
SUtND]\]ORHQSUtND]EHJLQDHQGSUtND]F\NOXIRUQDSUIRUL WRGR
GHNODURYDQLHREMHNWRYFKSUHPHQQFKQDSUJ7&DQYDVN7.RU
RYL]XiOQRPSURVWUHGt'HOSKL
DSOLNiFLDVDVNODGi]IRUPXOiUDQDNWRUP{HPHXPLHVWLU{]QHNRPSRQHQW\]SDOHW\NRPSRQHQWRYQDSU,PDJH
JUDILFNiSORFKDDOHER%XWWRQWODLGOR
SURFHG~UDPHWyGDSURFHGXUH7)RUP%XWWRQ&OLFNVO~LQDWRNHSRWUHEXMHPH]DGHILQRYDDNFLH
NWRUpVDY\NRQDM~SR]DWODHQtWODLGOD%XWWRQYEHLDFHMDSOLNiFLL
SURFHG~UDPHWyGDSURFHGXUH7)RUP)RUP&UHDWHVO~LQDWRNHSRWUHEXMHPHDE\VDQHMDNpDNFLH
Y\NRQDOLSULWDUWHDSOLNiFLHHWHSUHG]REUD]HQtPIRUPXOiUD
JUDILFNiSORFKDSUHVQHMLHMHM&DQYDVPiSUHGGHILQRYDQFKYHDSUtND]RYSRPRFRXNWRUFKP{HPHGRQHM
NUHVOLDQDVWDYRYDU{]QHDWULE~W\SHUD
RSHFLiOQRPJUDILFNRPSHUHREMHNWHNRU\WQDND
PXVtPHKRQDMSUY]DGHNODURYDQDSUN7.RUDSRWRPKRY\WYRULQLHNGHYJUDILFNHMSORFKH
QDSUN 7.RU&UHDWH
P{HPHKRULDGLDQDVWDYRYDPXDWULE~W\SRPRFRXPQRLQ\PHWyG'RSUHGX9ODYR=PHQ;<
NRU\WQDLHNP{HPH]DGHILQRYDDSRXtYDQDUD]DMYLDF
RVDEXGHPHXLGQHV
DOLHSURJUDPRYpNRQWUXNFLHSDVFDOXSRGPLHQHQF\NOXVDSRGPLHQHQSUtND]SULWRPVD]R]QiPLPHVORJLFNPW\SRP
SURFHG~U\DNRLFKGHILQXMHPHDQDDNRPSULQFtSHSRWRPSUDFXM~
JOREiOQHORNiOQHSUHPHQQpDIRUPiOQHSDUDPHWUH]KUQLHPHMHGQRGXFKpW\S\LQWHJHUUHDODERROHDQ
XNiHPHSUiFXVYLDFWODLGODPLYDSOLNiFLL
/RJLFNpKRGQRW\ORJLFNpYUD]\
QDMDVWHMLHVO~LQDYHWYHQLHYSRWXF\NOXVVSRGPLHQNRXQD]DLDWNXDOHERQDNRQFLZKLOHUHSHDW
DOHERSUHSRGPLHQHQSUtND]LI
YG\MHEXSUDYGLYDOHERQHSUDYGLYPiMHGQX]GYRFKORJLFNFKKRGQ{WWUXHDOHERIDOVH
ORJLFNpRSHUiWRU\QRWRUDQG[RU
SUHFHQGHQFLHRSHUiWRURY]DWLDQLHV~YHWN\
QRW XQiUQH
GLYPRGDQG PXOWLSOLNDWtYQH
RU[RU DGLWtYQH
!! ! LQ UHODQp
NDGYUD]VDY\KRGQRFXMH]DYDGRSUDYD
SUREOpPQDSUVG! DQGG
PiE\G! DQGG
:KLOHF\NOXV F\NOXVVSRGPLHQNRXQD]DLDWNX
WiWRSURJUDPRYiNRQWUXNFLDVO~LQDRSDNRYDQLHSUtND]RYNPMHVSOQHQiQHMDNiSRGPLHQND
YHREHFQWYDUSUtND]XMH
ZKLOHSRGPLHQNDGRSUtND]
F\NORP
DNSRGPLHQNDEXGHPDVWiOHKRGQRWXWUXHWDNY]QLNQHQHNRQHQF\NOXV
SRG:LQGRZVVWPP{XE\REURYVNpSUREOpP\QLHNHG\WUHEDUHWDUWRYDFHOV\VWpP
QDSUZKLOHWUXHGR
DNQHNRQHQF\NOXVDOHERYHPLGOKRWUYDM~FLF\NOXVQHREVDKXMHSHFLiOQXYVXYNXSUH:LQGRZV
WDNSRDVF\NOXVDV\VWpPQHGRVWDQHNXVORYXDWPVDQDSUQRUPiOQHQHGi]KRGLEHLDFL
SURJUDP
DE\VD:LQGRZVGRVWDONXVORYXWHORF\NOXP{HPHVSRPDOLSURFHG~URXFDNDM
LQPULHHQtPMHUD]]DDVSRXLYRODQLH$SSOLFDWLRQ3URFHVV0HVVDJHVNWRUpSXVWt:LQGRZVQD
FKYtXNXVORYXDWPGRYROtSRXtYDWHRYLXNRQLDSOLNiFLXDOHER]DWODLWODLGORDSRGDMWRWR
YRODQLHDOHWURFKXVSRPDOtSULHEHKYSRWX
SRXLWLHF\NOX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
GLQWHJHU
EHJLQ
N 7.RU&UHDWH
G
ZKLOHGGREHJLQ
NGRSUHGXGNYODYR
G G
FDNDM$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HQG
SRXLWLHQHNRQHQpKRF\NOXZKLOHWUXHGR
YDU
N7.RU
GXKROLQWHJHU
EHJLQ
N 7.RU&UHDWH
ZKLOHWUXHGREHJLQ
]PD]XKRO UDQGRPQiKRGQptVORRGGR
G N3UHVXQ;<
ZKLOHGGREHJLQ
NGRSUHGXGNYODYRXKRO
G G
HQG
FDNDM
HQG
HQG
3R]QiPND
SRVOHGQSUtNODGMH]DXMtPDYWPHWDNiWRDSOLNiFLDVDDLHXNRQXMHDNFLDNWRUiVDVS~DSR
]DWODHQtWODLGODQDSU%XWWRQ&OLFNYDNDQHNRQHQpPXF\NOXQLNG\QHNRQt
WDN~WRDSOLNiFLXP{HPH]DVWDYL]SURVWUHGLD'HOSKLSRPRFRXYRE\3URJUDP5HVHW&WUO)Y
PHQX5XQ
GUXKRXPRQRVRXMHSRXLWLHXGDORVWLRQ&ORVHQDIRUPXOiUL
NOLNQHPHQDQHMDNpYRQpPLHVWRQDIRUPXOiUL)RUPWDNDE\VDY,QSHNWRUHREMHNWRYY
KRUQHMDVWLREMDYLOWH[W)RUP7)RUP
NOLNQHPHQD]iORNX(YHQWVDSRWRPGYRMNOLNQHPHQDYRQpSROtNRYULDGNXRQ&ORVH
YQDRPSURJUDPHVDSULSUDYtSURFHG~UD)RUP&ORVHGRNWRUHMGRStHPHSUtND]KDOW
DOHERY\XLMHPHNRU\WQDLXIXQNFLXY]GNWRUiY\SRtWDY]GLDOHQRVNRU\WQDN\RG]DGDQpKRERGXY
URYLQH
F\NOXVVNRQtNHVDNRU\WQDNDSULYHPLY]GLDOLRGWDUWRYpKRERGX
G N3UHVXQ;<
ZKLOHN9]GGREHJLQ
NGRSUHGXGNYODYRXKRO
G G
HQG
)RUF\NOXVYODVWQHQHSRWUHEXMHPHOHERVDGiSUHStVDSRPRFRXZKLOH
QDSU
IRUF\NOXV
IRUL WRGRNGRSUHGXL
P{HPHSUHStVDSRPRFRXZKLOH
L
ZKLOHL GREHJLQ
NGRSUHGXL
L L
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDNXGRQHNRQHQDVDSUHFKiG]DSRREUD]RYNHQiKRGQHVDRWRtRQHMDNXKROD
Y\NURtRQHMDN~NRQWDQWQ~Y]GLDOHQRV3RXtYDPHWDQGDUGQ~IXQNFLXUDQGRPtVORNWRUi
]DNDGPYUiWLLQ~QiKRGQ~KRGQRWXRGDSRtVOR1HNRQHQF\NOXVUREtPHSRPRFRXVWiOH
SUDYGLYpKRORJLFNpKRYUD]XWUXHP{HPHKRDOHXNRQLX]DYUHWtPSURMHNWX
QiKRGQiSUHFKiG]ND
YDU
N7.RU
EHJLQ
N 7.RU&UHDWH
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HQG
.RU\WQDNDYHPLUFKORXMGH]SORFK\SUH3RN~VLPHVDSUHWRVWUiLNRU\WQDNXDE\QHY\OD]QHMDNHM
REODVWLWMDNDMY\MGHWDNMXLKQHYUiWLPHVSl3RXLMHPHQRYSUtND]YHWYHQLDLIPiGYDYDULDQW\
]DWLDWHQMHGQRGXFKt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQSUtND]QHY\NRQiDOHSUHVNRt
QiKRGQiSUHFKiG]NDNRU\WQDNDXUREtNURNVSlNHVDSULYHPLY]GLDOLRGWDUWRYpKRERGX
YDU
N7.RU
EHJLQ
N 7.RU&UHDWH
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQ
NGRSUHGX
$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HQG
9\VN~DMWHVLQLHNRNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRXORJLFNFK
RSHUiWRURYDQGDRUWUHEDVLXYHGRPLHSRGPLHQNDYWFKWRSUtNODGRFKY\MDGUXMHHNRU\WQDND
RSXVWLODVWUiHQ~REODVWMHMH]OHDWUHEDVDYUiWL
NRVRWYRUHF
LINY]G!DQGNY]G!DQGNY]G!WKHQ
VQHKXOLDNQDPLHVWR$SSOLFDWLRQ3URFHVV0HVVDJHVP{HPHSRXL,PDJH5HSDLQW
YDU
N7.RU
EHJLQ
N 7.RU&UHDWH
N)3 FO:KLWH]PD]FO/W*UD\
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!DQGNY]G!DQGNY]G!WKHQ
NGRSUHGX
,PDJH5HSDLQW
HQG
HQG
YWRPWRSUtNODGHVPHY\KRGLOL$SSOLFDWLRQ3URFHVV0HVVDJHVDE\VPHY{EHFQLHRYJUDILFNHMSORFKH
YLGHOLPXVtPHSULGD]REUD]HQLHJUDILFNHMSORFK\QDSUSRPRFRX,PDJH5HSDLQWXYHGRPWHVLH
WHUD]EXGHWURFKXNRPSOLNRYDQHMLHXNRQLWDNWREHLDFLSURMHNWOHERWXQiPQHSRP{HDQLKDOWYR
)RUP&ORVH
1'
VWUiHQ~QiKRGQ~SUHFKiG]NXRSUDYWHWDNDE\VDNRU\WQDNDSRK\ERYDODOHQYREODVWL
PHVLDFDNRUR]GLHOGYRFKNUXQtF
VORYHQVNGYRMNUtDNR]MHGQRWHQLHWURFKREGQLNRY
HOLSVD
SUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDNDQHY\VW~SLOD]RVWUiHQHMREODVWLDWRWDNH
VR]GYLKQXWPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSl$NWREROR2.WDNVSUDYtNURNVRVSXVWHQP
SHURPLQDNQHUREtQLDSRN~DVDtVLQPVPHURP
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\NDGiQHFKPiVYRMXFKUiQHQ~REODVP{XNUHVOLDMLQRX
IDUERX
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\Y\WYRUHQpYVWUHGHSORFK\VFKUiQHQRXREODVRXNUXKRPV
SRORPHURPSULRPNDGiNRU\WQDNDPiKUXEpSHURVIDUEDPLOWiPRGUiD]HOHQiDSRK\EXM~VD
NURNRP
3URFHG~U\SRGSURJUDP\
MHWRSRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMDVWLSURJUDPXVPRQRVRXY\YRODW~WRDVSRPRFRX
SUtVOXQpKRPHQD
SRPRFRXSRGSURJUDPRYP{HPHULHLSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHHQLH]KRUDQDGRO
YSDVFDOHP{XE\SRGSURJUDP\
SURFHG~U\
IXQNFLHYUiWLDQHMDN~KRGQRWX
PDM~YKRGXHV~YLDFQiVREQHSRXLWHQp
QHVN{UXYLGtPHDMUHNXU]LX
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
ORNiOQHGHNODUiFLHSUHSURFHG~UX
EHJLQ
WHORSURFHG~U\
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHWYRUFDYLPQLPHVLHYDUN7.RUPXVtE\GHNODURYDQp
HWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDVNRU\WQDNRX
SURFHG~UDVWYRUHFMHYQRUHQiY7)RUP%XWWRQ&OLFN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHVWYRUHF
YDU
LLQWHJHU
EHJLQ
IRUL WRGREHJLQ
NGRSUHGXNYSUDYR
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
VWYRUHF
N3UHVXQ;<
VWYRUHF
N3UHVXQ;<
VWYRUHF
HQG
$NRSUDFXMHSRtWDSULYRODQtSURFHG~U\
SUHSDVFDOSODWt
LGHQWLILNiWRUVDP{HSRXtYDDNHEROGHNODURYDQ
WDQGDUGQpGHNODUiFLHWDQGDUGQpW\S\IXQNFLHSRGSURJUDP\V~GHILQRYDQpDNRNHE\HWHSUHG
SURJUDPRP ~URYH
SUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
LGHQWLILNiWRUMHYLGLWHQOHQQDVYRMHM~URYQLDQDYHWNFKYQRUHQFK~URYQLDFKNGHQLHMHSUHGHILQRYDQ
GHILQRYDQpSURFHG~U\V~QDY\tFK~URYQLDFKDNRQiSURJUDPRQLYLGLDGHNODUiFLHWRKRWRSURJUDPX
DNEROLSUHGLFKGHILQtFLRXDOHVDPRWQSURJUDPQHYLGtGRYQ~WUDSURFHG~U
SURFHG~UDVWYRUHFYLGtSUHPHQQ~NNRU\WQDNXDOHSURJUDPQHYLGtSUHPHQQ~LGHILQRYDQ~YWHMWR
SURFHG~UHVWYRUHF
YGDQRPSURJUDPH
QD~URYQLV~YHWN\WDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S7.RUSURFHG~UD]PD]DSRG
QD~URYQLMHGHILQtFLDIRUPXOiUX7)RUPDOHDM
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
GRNWRUHMStHPHQiSURJUDP
QD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
QD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{HPHSRVODQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHSHFLDOLW\
QDVWDYRYDYJOREiOQ\FKSUHPHQQFKQDSUYHNRVNUHVOHQpKRWYRUFDYSRGSURJUDPH]DGHILQXMHPH
SHFLiOQHORNiOQHSUHPHQQpW]YIRUPiOQHSDUDPHWUHGRNWRUFKVDSUHGVDPRWQPYRODQtPSULUDGLD
LQLFLDOL]XM~KRGQRW\VNXWRQFKSDUDPHWURY
SURFHG~UDVWYRUHFVSDUDPHWURPYHNRVVWUDQ\WYRUFD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
YDU
MLQWHJHUPRKROE\WRE\DMLGHQWLILNiWRUL
EHJLQ
N 7.RU&UHDWH
M
ZKLOHM GREHJLQ
VWYRUHFMKRGQRWDYUD]XMMHVNXWRQSDUDPHWHU
NYODYR
M M
HQG
HQG
3RGSURJUDPP{HPDDMYLDFSDUDPHWURYEXURYQDNpKRDOHERU{]Q\FKW\SRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHSRO\QGXLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
EHJLQ
N 7.RU&UHDWH
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
HQG
1'
QDStWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPHN]ORHQVRWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\LDGQHGRSUHGXDQLRWiDQLD
QDStWHGRPWDNDE\]DDOYDYRPGROQRPURKXDVNRQLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHNFKGRPRYYHGDVHED
]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORHQ]GYRFKWYUNUXQtF]DNUXQLFXP{HPH
SRYDRYDQDSUSUDYLGHOQXKROQtNDDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW]ORHQ]QOXSLHQNRY
QHMDNHMYHNRVWLDIDUE\
=iNODGQpMHGQRGXFKpW\S\
DOHMEXGHPHSRWUHERYDURELSRO\DMSUHLQpDNRFHOpKRGQRW\GN\UHVSXKODQDSUSUHSUDYLGHOQ
XKROQtN
0XVtPHWHGDSRXtYDQRYW\SUHDO3DVFDOMHSUtVQHW\SRYMD]\N
NDGiSUHPHQQiPXVtPDGRSUHGXXUHQVYRMW\SQHGiVDSRDVEHKXPHQL
NDGiRSHUiFLDSUDFXMHOHQVXULWPW\SRPQDSUGLY
H[LVWXMHYQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUPHGRWHUDMLHSR]QDWN\RLQWHJHUDE\VPHOHSLHSRFKRSLOLUHDO
,QWHJHU
KRGQRW\V~]LQWHUYDOX
]DEHUiEDMW\ ELWRYELW]QDPLHQNR
GHILQRYDQpV~DULWPHWLFNpRSHUiFLH
GLYPRGRELGYDRSHUDQG\V~FHOptVOD
SULUDRYDFtSUtND]QDRERFKVWUDQiFKFHOptVOD
UHODQpRSHUiFLH
SUHGVXFFIXQNFLH
LQFGHFSUtND]\
WDQGDUGQpIXQNFLHQDSUVTUDEV
HVWQiVWNRYpNRQWDQW\QDSUH
5HDO
tVODY\MDGUHQpGHVDWLQQP]iSLVRPDMVH[SRQHQWRP
REVDKXMHGHVERGNXH[SRQHQWSULEOLQH
XNiN\UHiOQ\FKtVHO((
SUHNDGptVORQHYLHPHXULQDVOHGRYQpUHiOQHtVOR
WMPHG]LDPRQRH[LVWXMHtVORQHPi]P\VHOQDVOHGRYQtN
WMQHIXQJXMHSUHGDQLVXFF
tVORQDSU
DQDORJLFN\VUHODQPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
QHIXQJXMHDQLLQFGHF
UHiOQHRSHUiFLHYHPLDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRtWDL
WDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
NRQWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQWDQW\WUXHIDOVHDNRSUHGWPGHILQRYDQpQDHNRQWDQW\
YSDPlWL EDMW
RSHUiFLHDQGRUQRW[RU
YHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYVOHGNRPMHORJLFNiKRGQRWD
UHOiFLH
SULUDGHQLHQHH[LVWXMHNRQYHU]LD
SUHGVXFF
RSUDYHQiSURFHG~UDSRO\VUHiOQ\PLSDUDPHWUDPL
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXGNYSUDYRXGHFQ
HQG
HQG
YDU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGR
SRO\LLUHiOQHGHOHQLH
HQG
9LDFWODLGLHODWODLGORVYLDFVWDYPL
9SUtNODGHYNWRURPVPHGHPRQWURYDOLSRXLWLHSURFHG~U\SRO\VPHYLDFNUiWYRODOLW~WRSURFHG~UX
P{HPHWRXURELDM]DGHILQRYDQtPYLDFHUFKWODLGLHOSULRPSRGNDGPWODLGORPEXGHNUHVOHQLH
LQpKR~WYDUX
NRU\WQDNDMHWXGHILQRYDQiDNRJOREiOQDSUHPHQQi
YDU
N7.RUNRU\WQDNDMHWXJOREiOQDDE\MXYLGHOLYHWN\SURFHG~U\
SURFHGXUHSRO\QGXLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
3UREOpPNWRUWXWUHEDY\ULHLMHWHQHE\VDQiPKRGLORDE\VDNRU\WQDNDDXWRPDWLFN\Y\WYRULODSUL
WDUWHSURJUDPXDQLHDSR]DWODHQtWODLGOD%XWWRQNDGpWODLGORE\PRKORPDVYRMXNRU\WQDNXDOH
WRPiVYRMHQHYKRG\
NRU\WQDNDVDY\WYRUt
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N'RSUHGXN9SUDYR
HQG
(WHXNiHPHDNRY\XLMHGLQpWODLGORNWRUpSRVWXSQHEXGHPDU{]QHIXQNFLHSRVWXSQHVDEXGH
PHQLVWDYWRKRWRWODLGOD
MHGQRWODLGORY\NRQiYDU{]QHDNFLH
YDU
VWDYLQWHJHU SUHPHQQiVWDYMHLQLFLDOL]RYDQiQD
N7.RU
SURFHGXUHSRO\QGXLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LIVWDY WKHQEHJLQ
N 7.RU&UHDWHVWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
WYRUHF
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PD
HQGHOVHLIVWDY WKHQEHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
HQG
YLPQLWHVLVS{VREQDIRUPiWRYDQLDYQRUHQFKSUtND]RYLIQLHNWRUtSURJUDPiWRULSUHIHUXM~SUiYHWDNpWR
IRUPiWRYDQLH
%XWWRQ&DSWLRQ
NUXQLFD
]PHQtVDWH[WQDWODLGOH
VWODLGORPE\VPHYEXG~FQRVWLPRKOLY\XLQDSUDMWRWR
%XWWRQ(QDEOHG IDOVH]DEORNXMHVDWODLGOR
%XWWRQ(QDEOHG WUXHWODLGORVDRGEORNXMH]QRYXVDP{HWODL
WRLVWp]DStHPHHOHJDQWQHMLHSRPRFRX]ORHQpKRSUtND]XFDVHSRGDQHMDNHMKRGQRW\VDY\NRQi
MHGHQ]PRQFKSUtND]RYDOHERLDGQ\
SRXLWLHYHWYHQLDFDVH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
FDVHVWDYRI
EHJLQ
N 7.RU&UHDWHVWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQG
EHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
WYRUHF
HQG
EHJLQ
]PD]SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PD
HQG
EHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
HQG
HQG
YHREHFQWYDUSUtND]XFDVHMH
FDVHYUD]RI
NRQWDQWDSUtND]
NRQWDQWDSUtND]
HOVHSUtND]\
HQG
YHNY]QDPQHPiQHVN{UXYLGtPHDMLQpSUtSXVWQpW\S\
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVDEXGHPHGQHVXL
QRYMHGQRGXFKW\SFKDUDQRYNRPSOH[QHMtW\SWH[WRYV~ERU
XNiHPHDNRVDSUDFXMHVWH[WRYPV~ERURPDNpWXSODWLDSUDYLGOiDNRVDULHLDMHGQRGXFKp
~ORK\
XNiHPH]RSiU~ORKYNWRUFKVDSUDFXMHVNRU\WQDNDPLDVWH[WRYPLV~ERUPL
7\S&+$5
]QDNRYpNRQWDQW\YDSRVWURIRFKDOHERNyG
Y3DVFDOHQLHV~LDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
WUHEDVLSDPlWD
$
%
=
D
E
]
]QDNRYpIXQNFLHSUHGVXFFRUGFKDUYSDVFDOHIXQJXMHDMFKU
WUHEDVLSDPlWD
RUG
RUG
RUG
DOHER
RUG
$
RUG
D
RUG
$
WM
$
D
DNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
SUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
W\SFKDUY\XLMHPHQDMPlSULSUiFLVRV~ERUPL
SUtNODGIRUF\NOXSUHU{]QHW\S\
YDU
L[LQWHJHU
EERROHDQ
]FKDU
EHJLQ
IRUL WRGRF\NOXVSUHMGHNUiW
IRUE IDOVHWRWUXHGRF\NOXVSUHMGHNUiW
IRUE [ WR[ GRF\NOXVSUHMGHDOHERNUiW
IRU]
$
WR
=
GRF\NOXVSUHMGHNUiW
IRU] SUHG
WRVXFF
GRF\NOXVSUHMGHNUiW
7H[WRYiSORFKD
DE\VPHPRKOLH[SHULPHQWRYDVR]QDNPLVWH[WRYRXLQIRUPiFLRXQDXtPHVDY'HOSKLSUDFRYDV
WH[WRYRXSORFKRX
GRSUi]GQHKRIRUPXOiUDSRORtPHNRPSRQHQW0HPRWULHGD70HPRSRGREQHDNRJUDILFN~SORFKX
,PDJHEXGHPHDKDDMW~WRSORFKXY\WYRUtVDNRPSRQHQWVPHQRP0HPRYDYRPKRUQRPULDGNXVD
REMDYtWH[W0HPR
]DWLDVDQDXtPHOHQQLHNRNRSUtND]RYQDSUiFXVWH[WRYRXSORFKRXDUR]XPLHLPEXGHPHDQHVN{U
3RGREQHDNRVPHStVDOL,PDJH&DQYDVD]DWPSUtND]EXGHPHWHUD]StVD0HPR/LQHVD]DWR
SUtND]
0HPR/LQHV&OHDUY\LVWtYHWN\ULDGN\
0HPR/LQHV$GG
QHMDNWH[W
SULGiDOtULDGRNVGDQPWH[WRPQDNRQLHF
XNiNDDVWLSURJUDPXVMHGQPNRPSRQHQWRP0HPRNWRUY\SLVXMHNyG\StVPHQ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
]FKDU
EHJLQ
0HPR/LQHV&OHDU
IRU]
D
WR
]
GR
0HPR/LQHV$GG]
,QW7R6WURUG]
NStVPHQXSULOHStPHG]HUXDtVHOQNyG]QDNX
HQG
7H[WRYpV~ERU\7(;7
SDVFDOXPRXMHVHNYHQQSUtVWXSGRV~ERUXDOHDMSULDP\XYLGtPHQHVN{U
VWH[WRYPLV~ERUPLVDGiSUDFRYDOHQVHNYHQQPSUtVWXSRP
PXVtVDUR]OLRYDL]RV~ERUXtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
YVWXSQV~ERUOHQtWDSULSUDYHQp~GDMH
YVWXSQV~ERUOHQ]DSLVRYDQDNRQLHFV~ERUX
GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDDMV~DVQH]QHKRtWD
QDYRQNDMHMSDPlWLGLVNRYV~ERU
SRPRFQiYQ~WRUQiSDPlQDXtPHVDQHVN{U
2SHUiFLHVRV~ERUPL
$NRSUDFXMHPHVWH[WRYPV~ERURP
GHNODURYDQLHSUHPHQQHMW\SXWH[WRYV~ERU
YDUW7H[W)LOHSUHPHQQiWMHW\SXWH[WRYV~ERU
SULUDGHQLHI\]LFNpKRV~ERUXQDMDVWHMLHQDGLVNX
$VVLJQ)LOHW
PHQRBV~ERUX
GiYDMWHVLSR]RUQDXYiG]DQLHSOQHMFHVW\QDGLVNXNQHMDNpPXV~ERUXDNVDWDNWRSURJUDP
SUHQHVLHQDLQSRtWDVYHNRXSUDYGHSRGREQRVRXWLHWRDEVRO~WQHFHVW\NV~ERURPQHEXG~
IXQJRYDSRXtYDMWHUDGHMUHODWtYQHFHVW\RGPRPHQWiOQHMDGUHV\SURMHNWXWDPNGHVD
QDFKiG]D(;(V~ERU
RWYRUHQLHV~ERUX
EXQDtWDQLHPXVtXH[LVWRYD
5HVHWW
DOHER]iSLVDNXH[LVWXMHWDNVDQDMSUYY\SUi]GQL
5HZULWHW
SUiFDVRV~ERURPWMVDPRWQptWDQLHDOHER]DSLVRYDQLH
&ORVH)LOHW
WH[WRYV~ERU SRVWXSQRVULDGNRYDMSUi]GQD
$NPiPHQHMDNV~ERU
YLGtPH YVNXWRQRVWL
DE _D_E_(ROQ!__F_G_H_(ROQ!_I_
FGH A
I XND]RYDWH
tWDQLH]RV~ERUX
7HVWRYDQLHNRQFDV~ERUXDNRQFDULDGND
WDQGDUGQiORJLFNiIXQNFLD(RIW VNUDWND](QG2I)LOH
YUiWLWUXHDNMHXND]RYDWHQDVWDYHQ]DSRVOHGQP]QDNRPV~ERUX
WDQGDUGQiORJLFNiIXQNFLD(ROQW VNUDWND](QG2I/L1H
YUiWLWUXHDNMHXND]RYDWHQD]QDNH(ROQ!DOHERDM]DSRVOHGQP]QDNRPV~ERUXWMDNSODWt
V~ERUXQHUREtQL
32=25SRPRFRXUHDGW]MHPRQptWDDM]QDNX(ROQ!OHQHWiWRVDSRWRPFKiSHDNR
]QDN\DDQLHDNRQHMDNSHFLiOQ\]QDN
SUtND]UHDGOQW]MHVNUiWHQWYDUSUHUHDGW]UHDGOQW
tWDQLHQDNRQFLV~ERUXY\YROiYVWXSQRYVWXSQ~FK\EX
9QDVOHGXM~FRPSUtNODGH]LVWtPHSRHWPHG]LHUYWH[WRYRPV~ERUHPHG]HU\W[W
YDU
W7H[W)LOH
]FKDU
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHG]HU\W[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGREHJLQ
UHDGW]
LI]
WKHQLQFSRFHW
HQG
&ORVH)LOHW
0HPR/LQHV$GG
3RHWPHG]LHUYV~ERUH
,QW7R6WUSRFHW
GRWH[WRYHMSORFK\
HQG
3UtNODG=LVWtPHSRHWULDGNRYWH[WRYpKRV~ERUXWH[WW[W
YDU
W7H[W)LOH
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGREHJLQ
UHDGOQWLQFSRFHW
HQG
&ORVH)LOHW
0HPR/LQHV$GG
3RHWULDGNRYYV~ERUH
,QW7R6WUSRFHW
HQG
3UtNODG=LVWtPHGNXQDMGOKLHKRULDGNDV~ERUXWH[WW[W
YDU
W7H[W)LOH
]FKDU
PD[GO]NDLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[
ZKLOHQRW(RIWGREHJLQ
GO]ND
ZKLOHQRW(ROQWGREHJLQ
UHDGW]LQFGO]ND
HQG
UHDGOQWQHVPLHVDWX]DEXGQ~
LIGO]ND!PD[WKHQPD[ GO]ND
HQG
&ORVH)LOHW
0HPR/LQHV$GG
'NDQDMGOKLHKRULDGND
,QW7R6WUPD[
HQG
=iSLVGRV~ERUX
V~ERUWUHEDRWYRULSRPRFRX5HZULWHW
DNV~ERUXH[LVWRYDOWDNKQHSR5HZULWHVD]UXtMHKRREVDK
DNV~ERUHWHQHH[LVWRYDOY\WYRUtVDVSUi]GQ\PREVDKRP
XND]RYDWHYV~ERUHMHYG\QDVWDYHQQDMHKRNRQLHF
YQDVOHGXM~FRPSUtNODGHY\XLMHPH
0HPR/LQHV/RDG)URP)LOHPHQRBV~ERUX
SRPRFRXNWRUpKR]DStHPHREVDKFHOpKRV~ERUXGRWH[WRYHMSORFK\
3UtNODG9\WYRUtPHV~ERUWH[WW[W]StVPHQ
D
D
]
DY\StHPHMHKRREVDKGR7H[WRYHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
]]FKDU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
IRU]
D
WR
]
GREHJLQ
IRU] ]WR
]
GRZULWHW]
ZULWHOQW
HQG
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9\WYRUtPHNySLXV~ERUXXQLWSDVGRV~ERUXWH[WW[W
YDU
WW7H[W)LOH
]FKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
LI(ROQWWKHQEHJLQ
UHDGOQWZULWHOQW
HQG
HOVHEHJLQ
UHDGW]
VSUDFXMQDtWDQ]QDN
ZULWHW]
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
LQYDULDQWNRStURYDQLDV~ERUXQHYtPDPHVLNRQFHULDGNRYDSUHUiEDPHPDOpStVPHQiQDYHNp
YDU
WW7H[W)LOH
]FKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGREHJLQ
UHDGW]
LI]!
D
DQG]
]
WKHQ
] FKDURUG]RUG
D
RUG
$
DOHERGHF]
ZULWHW]
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3R]Q
1'
SRVWXSQRVPHG]LHUQDKUDPHG]HURX
Y\KROHQPHG]HURYpULDGN\
Y\KRPHG]HU\QDNRQFLULDGNRY
SRVWXSQRV]QDNRY
HQG
QDKUD
5HVHWD5HZULWHQDWHQLVWV~ERUQDGLVNX
YDUIJ7H[W)LOH
$VVLJQ)LOHI
DW[W
5HVHWI
$VVLJQ)LOHJ
DW[W
5HZULWHJ
tWDQLHtVHO
SRWRPSUHNRQYHUWXMH]QDN\]RYVWXSXQDtVORDDNMHtVORXNRQHQpQHPHG]HURYP]QDNRPQDSU
DOHER
WDNY\KOiVLFK\EX,QYDOLGQXPHULFIRUPDW
tWDQLHtVODQDNRQFLV~ERUXWMSODWtHRIDOHDMDNV~WDPOHQPHG]HU\YUiWLKRGQRWXWUHEDVDWRKRWR
Y\YDURYD
SURIHVLRQiOQ\VRIWYpUWDNWRUHDGQDtWDQLHtVHOQHSRXtYDOHERFK\EDYV~ERUHVS{VREtFK\ERY~
3UtNODG3URJUDPQiMGHPD[LPiOQHtVORYV~ERUHFHOFKtVHO
YDU
W7H[W)LOH
FLVORPD[LQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[ PD[LQWSUHGGHILQRYDQiNRQWDQWD
ZKLOHQRW(RIWGREHJLQY\VN~DMWH6HHN(RI
UHDGWFLVOR
LIFLVOR!PD[WKHQPD[ FLVOR
HQG
&ORVH)LOHW
LIPD[ PD[LQWWKHQ
0HPR/LQHV$GG
V~ERUMHSUi]GQ\
HOVH
0HPR/LQHV$GG
PD[LPiOQHtVORYV~ERUHMH
,QW7R67UPD[
HQG
]QDN\IXQNFLD(RIW]DSRVOHGQPtVORPYUiWLIDOVHHWHQLHMHNRQLHFV~ERUXDOHXWDPQLHMH
LDGQHtVORWHGDQDtWDVDKRGQRWD
YWDNHMWRVLWXiFLLP{HPHQDPLHVWR(RIWSRXLWDQGDUGQ~IXQNFLX6HHN(RIWNWRUiVN{UDNRRGSRYLH
QDVWDYV~ERUXRGILOWUXMHYHWN\PHG]HURYp]QDN\
SRGREQHH[LVWXMH6HHN(ROQWNWRUiWHVWXMHNRQLHFULDGNDDOHQDMSUYRGILOWUXMHPHG]HU\DWDEXOiWRU\
]QDN\VNyGRP
3R]Q3ULSRXLWtIXQNFLH6HHN(ROQWD6HHN(RIWVDRGLJQRUXM~YHWN\PHG]HU\WDEXOiWRU\DYSUtSDGH
6HHN(RIWLNRQFHULDGNRY3UHWRWLHWRIXQNFLHQLHV~YHPLYKRGQpSULtWDQt]QDNRYSRXtYDPHLFK
KODYQHSULtWDQttVHO]WH[WRYpKRV~ERUX
=iSLVtVHO
3UtNODG=RV~ERUXWH[WW[WEXGHPHNRStURYDYHWN\tVODGRV~ERUXWH[WW[WSULRPLFKEXGHPH
]DUDRYDSRWURFKGRULDGND
YDU
WW7H[W)LOH
FLVORSRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
SRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGWFLVOR
LISRFHW WKHQEHJLQ
ZULWHOQWSRFHW
HQG
HOVHEHJLQ
LISRFHW!WKHQZULWHW
LQFSRFHW
HQG
ZULWHWFLVOR
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9V~ERUHV~UHiOQHtVODPiPH]LVWLSRHWtVHONWRUpPDM~KRGQRWXPHQLXDNRMH
SULHPHUYHWNFKtVHOYV~ERUH
YDU
W7H[W)LOH
FLVORVXPDSULHPHUUHDO
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDtWDQLH
VXPD SRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGWFLVOR
VXPD VXPDFLVORLQFSRFHW
HQG
5HVHWWQDVWDYHQLHSR]tFLHQD]DLDWRNV~ERUX
SULHPHU VXPDSRFHWSRFHW
SRFHWXQHSRWUHEXMHPH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGWFLVOR
LIFLVORSULHPHUWKHQLQFSRFHW
HQG
0HPR/LQHV$GG
SRHWSRGSULHPHUQFK
,QW7R67USRFHW
HQG
)RUPiWRYDFtSDUDPHWHUYRZULWH
]D]QDNRPDOHER]QDNRYPUHD]FRP
ZULWHW
R]QDXMHH]QDNVDY\StHQDtUNXWMQDMSUYPHG]LHUDSRWRP
ZULWHW
GHOSKL
QDNRNRUHD]HFMHGOKtDNRIRUPiWRYDFtSDUDPHWHU]DStHVDNRPSOHWQUHD]HFWMLJQRUXMHVDIRUPiW
IRUPiWRYDFtSDUDPHWHU]DFHOPtVORPR]QDXMHtUNXGRNWRUHMVDPi]DStVDtVORDNE\QHYRORGR
GDQHMtUN\IRUPiWVDLJQRUXMH
ZULWHW
]DStHGYHPHG]HU\]DNWRUpGitVOR
IRUPiWRYDFtSDUDPHWHU]DUHiOQ\PtVORPWLHR]QDXMHtUNXtVORVDY\StHYVHPLORJDULWPLFNRP
WYDUHGUXKIRUPiWRYDFtSDUDPHWHUR]QDXMHSRHWGHVDWLQQFKPLHVW
ZULWHWVLQ
]DStH(
ZULWHWFRV
]DStH
7H[WRYpV~ERU\DNRU\WQDN\
3ULSRPHPHSUtND]FDVHNWRUSUHRUGLQiOQXKRGQRWX]DEH]SHtY\NRQDQLHQHMDNHMYHWY\SRGDSUtVOXQHM
NRQWDQW\YHREHFQH
FDVHRUGLQiOQ\BYUD]RI
NRQWDQWDSUtND]
NRQWDQWDSUtND]
HOVHSUtND]\WiWRYHWYDP{HFKED
HQG
3UtNODGGDQMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDNXGOStVORQDSU
GSGSG
SULRPStVPHQiDtVODV~QDY]iMRPRGGHOHQpDVSRMHGQRXPHG]HURXDOHERQRYPULDGNRP
NRU\WQDNDLQWHUSUHWXMHWHQWRV~ERU
YDU
W7H[W)LOH
N7.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
Y\OHSHQiYHU]LDVSRXLWtP6HHN(RIW
YDU
W7H[W)LOH
N7.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]S
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
3UtNODGYV~ERUHV~VORYiGRSUHGXYSUDYRYODYRSKSG]NDGpKRDVSRStVPHQi]D
QLHNWRUPLQDVOHGXMHtVOR
YDU
W7H[W)LOH
N7.RU
]]]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQEHJLQ
UHDGWSNGRSUHGXS
HQG
HOVHLI]
Y
DQG]
S
WKHQEHJLQ
UHDGWSNYSUDYRS
HQG
HOVHLI]
Y
DQG]
O
WKHQEHJLQ
UHDGWSNYODYRS
HQG
HOVHLI]
S
DQG]
K
WKHQ
N3+
HOVHLI]
S
DQG]
G
WKHQ
N3'
HQG
&ORVH)LOHW
HQG
3R]Q
ULHHQLHWHMWR~ORK\P{HPH]MHGQRGXLDNVLEXGHPHYtPDOHQStVPHQRVORYYWRPWRSUtSDGHE\
VDGDOSRXLSUtND]FDVH
3UtNODG
Y\WYiUDQLHV~ERUXVSRVWXSQRVRXV~UDGQtF
YDU
W7H[W)LOH
N7.RU
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN;
N<
NYSUDYRXGHFQ
HQG
HQG
YDU
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HZULWHW
N 7.RU&UHDWH
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
YDU
W7H[W)LOH
N7.RU
[\UHDO
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N=PHQ;<[\
HQG
&ORVH)LOHW
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDN\
YDU
W7H[W)LOH
N7.RU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN;[
N<\
[ N;\ N<
NYSUDYRXGHFQ
HQG
HQG
YDU
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HZULWHW
N 7.RU&UHDWH[ N;\ N<
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDNXY\JHQHUXMHPHQDQiKRGQ~SR]tFLXDXUtPHQiKRGQ~YHNRVREUi]ND
UDQGRP
YDU
W7H[W)LOH
N7.RU
[\IUHDO
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
N 7.RU&UHDWH
UDQGRPL]H
IRUL WRGREHJLQ
5HVHWW
N3UHVXQ;<UDQGRPUDQGRP
I UDQGRPQiKRGQiYHNRV
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N]PHQ[\N;[
IN<\
I
HQG
HQG
&ORVH)LOHW
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SR]QiPHSURFHG~U\VSDUDPHWUDPLYLHPHPHFKDQL]PXVYRODQLDSRGSURJUDPX
RNUHPMHGQRGXFKFKW\SRYLQWHJHUUHDOERROHDQDFKDUSR]QiPHDM]ORHQW\SWH[WRYV~ERU
NWRUMHUHSUH]HQWXMHSRVWXSQRV]QDNRY
RVDEXGHPHGQHVXL
]R]QiPLPHVDVU{]Q\PLW\SPLIRUPiOQ\FKSDUDPHWURY
QDXtPHVDQRY]ORHQW\S]QDNRYUHD]HFNWRUWLHUHSUH]HQWXMHSRVWXSQRV]QDNRY
3DUDPHWUHSURFHG~U
=DQHPHWDNRXWR~ORKRXQDStHPHSURJUDPYNWRURPVDNRU\WQDN\EXG~VWiOHSRK\ERYDSRVYRMLFK
NUXKRFK6~DVQHVQLPLVDWUHWLDNRU\WQDNDEXGHVWiOHVQDLE\SUHVQHYVWUHGHPHG]LQLPLDNRNHE\EROD
YVWUHGHJXPHQHMQLWHNWRUiMHSULSHYQHQiQDWFKWRGYRFKNRU\WQDNiFK
9\WYRUtPHVLSRPRFQ~SURFHG~UXSRFLWDMBVWUHGNWRUi]GYRFKNRU\WQDLHNNDNY\SRtWDV~UDGQLFH
VWUHGX[\SUHWUHWLXNRU\WQDNX
WUHWLDNRU\WQDNDMHYG\PHG]LDOtPLGYRPD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NNN7NRU
[\UHDO
SURFHGXUHSRFLWDMBVWUHG
EHJLQ
[ N;N;
\ N<N<
HQG
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
SRFLWDMBVWUHG
N 7.RU&UHDWH[\N)3 FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNYSUDYR
NGRSUHGXNYODYR
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
SRFLWDMBVWUHG
N=PHQ;<[\
FDNDM
HQG
HQG
9WRPWRSUtNODGHVPHY\WYRULOLSURFHG~UXSRFLWDMBVWUHGEH]IRUPiOQ\FKSDUDPHWURYOHERWiWRYLGtDMQD
NRU\WQDN\NNDMQDSUHPHQQp[D\7LHWRSUHPHQQpV~SUHXJOREiOQHQLHV~WRMHMORNiOQHSUHPHQQp
7HQWRVS{VRENHSURFHG~UDSRXtYDJOREiOQHSUHPHQQpQLHMHYG\SRXLWHQOHERQLHNHG\P{HPH
SRWUHERYDY\SRtWDVWUHGLQFKGYRFKNRU\WQDLHNDYVOHGRNGDGRLQFKGYRFKSUHPHQQFKDOHER
VDPRWQ~SURFHG~UXFKFHPHPDJOREiOQXDWiWRQHEXGHYLGLHQDSRWUHEQpSUHPHQQpORNiOQHYQDHM
SURFHG~UH%XWWRQ&OLFN
ORKXSUHSURJUDPXMHPHWDNDE\VDQHSRXLOLJOREiOQHSUHPHQQpDOHIRUPiOQHSDUDPHWUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNN7.RU[[\\UHDO
EHJLQ
[[ N;N;
\\ N<N<
HQG
YDU
NNN7.RU
[\UHDO
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
SRFLWDMBVWUHGNN[\
N 7.RU&UHDWH[\N)3 FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNYSUDYR
NGRSUHGXNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
FDNDM
HQG
HQG
7DNWR]DStVDQSURJUDPQHEXGHIXQJRYDOHERIRUPiOQHSDUDPHWUH[[D\\V~ORNiOQHSUHPHQQpNWRUpV~
LQLFLDOL]RYDQpKRGQRWDPLVNXWRQFKSDUDPHWURYDSRVNRQHQtSURFHG~U\VDLFKKRGQRW\]DE~GDM~'RWHUD]
]QiP\PHFKDQL]PXVIRUPiOQ\FKSDUDPHWURYQiPYWRPWRSUtSDGHQHSRP{HSRWUHEXMHPHQLHRQRYp
)RUPiOQHSDUDPHWUHYSDVFDOH
([LVWXM~U{]QHSUtVWXS\NLQIRUPiFLiPSUHGVWDYPHVLQDSUGLiUSUHNWRUPDM~U{]QHRVRE\U{]QHSUtVWXSRYp
SUiYD
YODVWQtN]iSLVtWDQLH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
VHNUHWiUNDSUtVWXSNGXSOLNiWXtWDQLHPRGLILNiFLDNySLH
VHNUHWiUNDOHQtWDQLH
RVWDWQtLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
~SOQtWDQLH]iSLV
OHQtWDQLH
OHQ]iSLV
~SOQSUtVWXSNGXSOLNiWX
LDGHQ
3R]QiPHWDQGDUGQpSURFHG~U\QDSUiFXVRV~ERUPL
SURFHG~UDUHDGW[
SUtVWXSNV~ERUXWQDtWDQLH
NSUHPHQQHM[QD]iSLVS{YRGQREVDKSUHPHQQHMQiVQH]DXMtPD
SURFHG~UDZULWHW[
SUtVWXSNV~ERUXWQD]iSLV
NSUHPHQQHM[QDtWDQLH
W\S\SDUDPHWURYY3DVFDOH
SUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
~SOQSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRXYDUSDUDPHWUH
SDUDPHWUH
9SUHGFKiG]DM~FRPSUtNODGHVPHSURFHG~UHSRFLWDMBVWUHGSRVODOLYHWN\SDUDPHWUHDNRKRGQRWRYpWMSRXLOL
YRODQLHKRGQRWRXRVDWHGDVWDQH
Y\SRtWDM~VDKRGQRW\VNXWRQFKSDUDPHWURYVNWRUPLMHSURFHG~UDYRODQiYWRPWRSUtSDGHNND
PRPHQWiOQHKRGQRW\[D\
RGRY]GiVDULDGHQLHSURFHG~UHSULRPVDSUHXY\WYRULDORNiOQHSUHPHQQpNN[[\\DGRWFKWRVD
SULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRtWDOL
VNRU\WQDNDPLJUDILFNPLSHUDPLQHEXGHSUREOpPOHERQHSRWUHEXMHPHPHQLKRGQRW\NRU\WQDLHN
SUREOpPEXGHVSUHPHQQPL[D\
WXE\VDQiPYLDFKRGLO~SOQSUtVWXSNWPWRSUHPHQQPWMSRWUHERYDOLE\VPHYRODQLHDGUHVRX
Y3DVFDOHVDWR]DStHUH]HUYRYDQPVORYRPYDUSUHGSUtVOXQPSDUDPHWURP
NRUHNWQpULHHQLHSUHGFKiG]DM~FHM~ORK\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNN7.RUYDU[[\\UHDO
EHJLQ
[[ N;N;
\\ N<N<
HQG
7HUD]]KUPHYHWN\GRWHUDMLHSR]QDWN\RWRPDNRSUDFXMHSRtWDSULYRODQtSURFHG~U\
DMKRGQRWRYpIRUPiOQHSDUDPHWUHV~ORNiOQHSUHPHQQpOHQV~LQLFLDOL]RYDQpKRGQRWDPL
VNXWRQFKSDUDPHWURYGXSOLNiW
SUHPHQQpSDUDPHWUHVDQLNGHQHY\WYiUDM~V~WROHQGRDVQpQRYpPHQiSUHPHQQFK
VNXWRQFKSDUDPHWURY
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYHWN\SUtND]\SRGSURJUDPX
]UXLDVDORNiOQHSUHPHQQpWHGDDMQRYpKRGQRW\KRGQRWRYFKIRUPiOQ\FKSDUDPHWURY
ULDGHQLHVDYUiWL]DPLHVWRYSURJUDPHRGNLDEROSRGSURJUDPYRODQ
8NiPHVLWHUD]LQ~YHU]LXWHMWR~ORK\NGHMHGQD]NRU\WQDLHNFKRGtSRREYRGHWYRUFDDGUXKiSRNUXQLFL
9LPQLWHVLHSURFHG~UXSRFLWDMBVWUHGVPHY\WLDKOLSUHG%XWWRQ&OLFNWDNHVDVWDODJOREiOQRX
NHMHGQD]NRU\WQDLHNFKRGtSRREYRGHWYRUFD
SURFHGXUHSRFLWDMBVWUHGNN7.RUYDU[[\\UHDO
EHJLQ
[[ N;N;
\\ N<N<
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NNN7.RU
[\UHDO
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
SRFLWDMBVWUHGNN[\
N 7.RU&UHDWH[\N)3 FO5HG
ZKLOHWUXHGREHJLQ
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
IRUL WRGREHJLQVN~VWHLQSRHWRSDNRYDQtQDSU
NGRSUHGX
NGRSUHGXNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
FDNDM
HQG
NYSUDYRVN~VWHLQpXKO\DSRG
HQG
HQG
)XQNFLH
PiPHSURFHG~UXNWRUiYUiWLSRPRFRXSDUDPHWUDPLQLPXP]GYRFKtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
SRGSURJUDPP{HPHGHILQRYDYWYDUHIXQNFLH
YKODYLNHSRGSURJUDPXPXVtPHRNUHPIRUPiOQ\FKSDUDPHWURY]DGDDMW\SIXQNFLH
YWHOHIXQNFLHVDPXVtGRSHFLiOQHMORNiOQHMSUHPHQQHM5HVXOWSULUDGLQHMDNiKRGQRWDWiWREXGH
YVOHGNRPIXQNFLH
ORNiOQDSUHPHQQi5HVXOWMHDXWRPDWLFN\X]DGHNODURYDQiP\MXQHVPLHPHGHNODURYDDMH
URYQDNpKRW\SXDNRMHW\SIXQNFLH
32=25WiWRSUHPHQQiPiQD]DLDWNXQHGHILQRYDQ~KRGQRWXWMDNGRQHMQLQHSULUDGtPH
YVOHGNRPEXGHQH]P\VHO
DWHUD]PLQDNRIXQNFLD
3UtNODG\
/RJLFNiIXQNFLDMHFLIUDNWRUiYUDFLDWUXHDNMHYVWXSQSDUDPHWHUFLIURX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
W~WRIXQNFLX]DStHPHHOHJDQWQHMLH
IXQNFLD]LVWtLMHtVORQHSiUQH
)XQNFLDNWRUiYUDFLD]QDN]RYVWXSXSULRPYUDFLD
DNEROHROQ
DNEROHRI]QDNRYiSUHPHQQi]MH
JOREiOQD
IXQNFLDVSUDFXMHMHGHQ]QDN]RYVWXSX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
YDU
]FKDU
HOVHLIHROQWWKHQEHJLQ]
UHDGOQWHQG
HOVHUHDGW]
5HVXOW ]
HQG
3R]QiPND
YLPQLWHVLSRXLWLHWH[WRYpKRV~ERUXDNRIRUPiOQHKRSDUDPHWUD]DSDPlWDMWHVLHWH[WRYV~ERUDNR
SDUDPHWHUPXVtE\YG\W\SXYDUSDUDPHWHU
=DXMtPDYiMHSRWRPDVSURJUDPXNWRUiSUHVNDNXMHYHWN\PHG]HU\DNRQFHULDGNRY
ZKLOH]QDNW
GR
3UtNODGVSRtWDQtPPRFQLQ\tVOD
QDMSUYFK\EQpULHHQLH
7iWRIXQNFLDREDVYUiWLQHVSUiYQ\YVOHGRNSULRPP\QHYLHPHLPRPHQWiOQ\YVOHGRNMHGREU
SUHWRYRYDUSDUDPHWULEXGHPHYUiWLPHLQIRUPiFLXLQHSUHWLHNROYVOHGRN
IXQNFLDSRtWDPRFQLQXtVOD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
PD[LQWMHSUHGGHILQRYDQiNRQWDQWDNWRUiREVDKXMHPD[LPiOQHFHOptVORWM
)XQNFLDUDQGRPQiKRGQptVOR]R]DGDQpKRLWHUYDOX
1'
FHORtVHOQiIXQNFLDNWRUiSRtWD16'GYRFKSULURG]HQFKtVHO(XNOLGRYPDOJRULWPRP
IXQNFLD]LVWtLGDQptVORMHSUYRtVOR
ST
GYHSULURG]HQptVODVDQD]YDM~SULDWHVNpDNMHNDGp]QLFKURYQpV~WXYHWNFKGHOLWHRYGUXKpKR
=QDNRYpUHD]FH
~GDMRYW\SNWRUREVDKXMHSRVWXSQRV]QDNRYFKDU
SRURYQDMWHV7H[W)LOH
]QDN\YSRVWXSQRVWLV~RtVORYDQpRGDSRPRPHQWiOQXGNXUHD]FD
IXQNFLD/HQJWKYUiWLPRPHQWiOQXGNX
'HOSKLVLXFKRYiYDGNXYEDMWRFKWMWHRUHWLFN\E\PD[LPiOQDGNDPRKODE\JLJDEDMWRYY
VNXWRQRVWLMHREPHG]HQiPRQRVDPL:LQGRZVPRQROHQJLJDEDMWRWHVWXMWHQDYDRP
SRtWDL
GHNODUXMHPH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
YDUVVWULQJ
SUHPHQQiVP{HPD]DWLDQHGHILQRYDQ~KRGQRWXPXVtPHQLHRSULUDGLUHD]FRY~NRQWDQWX
V
UHD]HF
SUHPHQQiVREVDKXMHSRVWXSQRV]QDNRYGN\SUY]QDNMH
U
GUXK
H
DW
/HQJWKVMHWHUD]
UHD]FRYpNRQWDQW\V~X]DYUHWpURYQDNRDNR]QDNRYpNRQWDQW\YDSRVWURIRFK
SUi]GQ\UHD]HF
V
SUHPHQQiVREVDKXMHSUi]GQXSRVWXSQRV]QDNRYGNDMH
P{HPHSUDFRYDVMHGQRWOLYPLSUYNDPLSRVWXSQRVWLWMVRMHGQRWOLYPL]QDNPLYUHD]FL
V
DEFGHI
V>@
QDMSUYVPHGRVSULUDGLOL]QDNRYUHD]HFDSRWRPVPHYRP]DPHQLOLWt]QDN]QDN
F
]D
KYLH]GLNX
QHVPLHPHVDRGYROiYDQD]QDN\PLPRUR]VDKXDPRPHQWiOQDGNDQDSU
V>@
UHD]HFPi]DWLDGNXOHQ
VS{VREtFK\ERY~VSUiYX
RNUHPSULUDGHQtP{HPHUHD]FH]DSLVRYDGRWH[WRYpKRV~ERUXDWLHLFKP{HPH]RV~ERUXtWD
RSHUiFLHVR]QDNRYPLUHD]FDPL
QDSU
DEF
!
$%&
MDQD
MDQR
KRYRUtPHWRPXOH[LNRJUDILFNpXVSRULDGDQLH
SRVWXSQHVDSRURYQiYD]QDN]D]QDNRPNPV~URYQDNpYRERFKUHD]FRFKWDNVD
SRNUDXMHYSRURYQiYDQtNHVDQDUD]tQDUR]GLHOQH]QDN\WDNWLHWRVDSRURYQDM~DQDVWDYLD
YVOHGRNSRURYQDQLD
SRURYQiYDQLHVDPRWQFK]QDNRYVDUREtSRGDSUDYLGLHOFKDUWMPHQtMH]QDNVPHQtP
DVFLLNyGRP
]UHD]HQLHUHD]FRY
MHSRO\PRUIQRSHUiWRU]iYLVtRGW\SXRSHUDQGRYQDSU
V
DEF
GHI
V
DEFGHI
V
IRUL WRGRV V
V
.UiWNH]QDNRYpUHD]FH
Y7XUERSDVFDOHVWHPRKOLSR]QDW\SVWULQJSULNWRURPVPHGRKUDQDWFK]iWYRULHN]DSLVRYDOLQHMDNp
tVORRGGRPD[LPiOQXGNXUHD]FDQDSU
YDUVVWULQJ>@
R]QDXMHHSUHPHQQiVEXGHP{HPDPD[LPiOQXGNX]QDNRYSULUDGHQLHGOKLHKRUHD]FD
VS{VREtRGKRGHQLHYHWNFK]QDNRY]D]QDNRP
DMY'HOSKLIXQJXM~WDNpWRUHD]FHP\LFKEXGHPHSRXtYDYHPL]ULHGND
]iSLV
YDUVVWULQJ
R]QDRYDOUHD]HFPD[LPiOQHMGN\]QDNRYWRWRMH]UHMPHXY'HOSKLLQDN
SULSULUDRYDQt DNMHDYiVWUDQDNUDWLDDNRSUDYiWDNVDUHD]HFRUHH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYVOHGQpV
DEFGHIJKLM
WHQWRW\SUHD]FRYEXGHPHSRXtYDYHPL]ULHGNDOHQYSHFLiOQ\FKSUtSDGRFK
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
/HQJWKUHD]HF
WiWRIXQNFLDYUiWLPRPHQWiOQXGNXUHD]FD
6HW/HQJWKUHD]FRYiBSUHPHQQiGND
WiWRSURFHG~UDQDVWDYtGNXUHD]FD
SUHNUiWNHUHD]FHQHVPLHSUHVLDKQXGHNODURYDQpPD[LPXP
DNMHPHQLDDNRPRPHQWiOQDGND]QDN\QDNRQFLVDVWUiFDM~
&RS\UHD]HFRGNRNR
WiWRIXQNFLDYUiWLQRYUHD]HFSRGUHD]HFS{YRGQpKR
DNMHRGPLPRUR]VDKXYUiWLSUi]GQ\UHD]HFWM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
DNSRWUHEXMHPHSRGUHD]HFRGQHMDNpKRLQGH[XDGRNRQFDQHPXVtPHY\SRtWDSUHVQSRHW
DOHP{HPHSRXLNRQWDQWXPD[,QWQDSU
V FRS\
DEFGH
PD[,QW
3RVSRGUHD]HFUHD]HF
WiWRIXQNFLDYUiWL]DLDWRQLQGH[SUYpKRYVN\WXSRGUHD]FDYUHD]FLDOHERDNVDYUHD]FL
SRGUHD]HFQHQDFKiG]DQDSU
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
3RGSURJUDP\QDUHD]FRFK
SURJUDP]LVWtSRHWYHWNFKYVN\WRYSRGUHD]FDYUHD]FL
YDU
VSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM0D[,QW
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3R]QiPND
YLPQLWHVLSRXLWLHLQHMNRQWUXNFLHF\NOXDWRF\NOXUHSHDW
WHQWRF\NOXVRSDNRYDQHY\NRQiYDWHORF\NOXSUtND]\PHG]LVORYDPLUHSHDWDXQWLODSRNDGRPWDNRPWR
XYHGRPWHVLHWHORF\NOXVDY\NRQiYG\DVSRUD]DMNHMHSRGPLHQNDKQHQD]DLDWNXVSOQHQi
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
SUtNODGYHWN\YVN\W\]QDNX
QDKUD
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL0D[,QW
XQWLOL
1'
Y\ULHWHDMSUHSUtSDGHYHWN\YVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXQHQDKUiG]D
XNiHPHDNRE\VPHPRKOLVDPLQDSURJUDPRYDQDSUIXQNFLXSRV
XNiNDIXQNFLHSRV
3R]QiPND
YRZKLOHSRGPLHQNH]DLDWRQtFL~ELD]DSLVRYDQDVLHO IDOVHMHWRNDUHGpUDGHM]DSLVXMHPHQRW
QDVLHO
SULUDGHQLHQDVLHO S FRS\V5HVXOWOHQJWKS]DLDWRQtFLV~QLHNHG\VFKRSQt]DStVD
)XQNFLDGHOHWHVRGNRONR
]PHQtUHD]HFVWDNHY\SXVWtNRONR]QDNRY]S{YRGQpKRVRGSR]tFLHRG
XNiNDIXQNFLHGHOHWH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
SURFHGXUHGHOHWHYDUVVWULQJRGNRONRLQWHJHU
EHJLQ
V FRS\VRGFRS\VRGNRONR0D[,QW
HQG
3URFHG~UDLQVHUWFRVRG
YORtSRGUHD]HFFRGRUHD]FDVRG]DGDQHMSR]tFLHRG
XNiNDSURFHG~U\LQVHUW
SURFHGXUHLQVHUWFRQVWFRVWULQJYDUVVWULQJRGLQWHJHU
EHJLQ
V FRS\VRGFRFRS\VRG0D[,QW
HQG
3URFHG~UDVWUtVORV
SUHYRGtVODQDUHD]HF
QDSU
VWUV!V
QDD]MHGQRGXHQiYHU]LD
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU
]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
3URFHG~UDYDOVFLVORRN
SUHYRGUHD]FDQDtVOR
QDSU
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
QDD]MHGQRGXHQiYHU]LD
SURFHGXUHYDOFRQVWVVWULQJYDULRNLQWHJHU
YDU
SLQWHJHU
]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GREHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'
SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHtVOD
3UtNODG=DNDG]QDNYUHD]FLSULGDM
QDMSUYFK\EQpULHHQLH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
IRUL WROHQJWKVGR5HVXOW 5HVXOWV>L@
HQG
1'
1DStWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHD]FLPDOpStVPHQiQDYHNp
1DStWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHD]HFQDXGDQ~tUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
1DStWHIXQNFLXNWRUiSUHYVWXSQUHD]HFVGYRPDVORYDPLRGGHOHQPLPHG]HURXY\WYRUtUHD]HFNWRU
PiWLHWRVORYiYRSDQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
'HOSKLPiSUHGGHILQRYDQpWLHWRXLWRQpIXQNFLHYSURJUDPHPXVtE\XVHV
6\V8WLOV
RSODWtVDVQLPL]R]QiPLDSRXtYDLFKP{HWHVLLFKFYLQHQDSURJUDPRYDDMVDPLDNR1'
7LH'HOSKLSRQ~NDM~WLHWRIXQNFLHQDSUiFXVRV~ERUPL
WLHWRIXQNFLHYUiWLDWUXHDNSUHEHKOLEH]FK\E\DNQiVFK\EQYVOHGRNQH]DXMtPDP{HPHWLHWRIXQNFLH
YRODDNRNHE\WREROLSURFHG~U\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWSFB[DF
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
6. Polia
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SR]QiPHQLHNWRUpMHGQRGXFKpW\S\LQWHJHUFKDUERROHDQDUHDO
SR]QiPHDMQLHNWRUp]ORHQpW\S\VWULQJD7H[W)LOHSUDYGHSRGREQHDMREMHNWNRU\WQDNDMH
]ORHQW\S
RVDEXGHPHGQHVXL
]R]QiPLPHVDVQRYPMHGQRGXFKPW\SRPLQWHUYDODVQRYP]ORHQPW\SRPSROH
QDXtPHVDDNRVDSUDFXMHVSRRPNWRUpMHSDUDPHWURPSRGSURJUDPX
XYLGtPHSUtNODG\QDSROHNRU\WQDLHN
7\SLQWHUYDO
LQWHUYDOMHRGYRGHQ]Ei]RYpKRW\SXWHQWRP{HE\OHQRUGLQiOQ\W\S
QDSULQWHJHUDNRQWDQW\Ei]RYpKRW\SX
GHILQRYDQLHPLQPD[NGHPLQ PD[
SUHEHUiYODVWQRVWLDRSHUiFLHEi]RYpKRW\SXLQWHUYDOMHRUGLQiOQ\W\S
SUHPHQQiNWRUiMHWRKWRW\SXP{HQDGRE~GDOHQKRGQRW\]LQWHUYDOX
QHSULDPDGHILQtFLD
YDU[
SULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SH
LQWHUYDO W\SHLGHQWLILNiWRUBW\SX SRSLVBW\SX
FHOH LQWHJHU
PDOH E\WH
PSLV
D
]
FLIU\
QLHNWRUpMHGQRGXFKpW\S\SUHGHILQRYDQpY3DVFDOH
W\SH
,QWHJHU
/RQJLQW NY{OLNRPSDWLELOLWHV7XUER
SDVFDORP
6PDOOLQW
6KRUWLQW
%\WH
:RUG
&DUGLQDO
,QW
&KDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
YHWN\SUYN\SRDV~URYQDNpKRW\SX SROHVDVNODGi]YHDMHGQRGXFKtFKSUHPHQQFK
WLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
W\SBLQGH[XXERYRQRUGLQiOQ\W\S
W\SBSUYNRYXERYRQW\S
XQHSODWtHFHOiWUXNW~UDPXVt]DEHUDPHQHMDNR.%DNRWRERORY7XUERSDVFDOH
REPHG]HQLHQDYHNRVMHOHQWDNpDE\WR]YOiGDO:LQGRZVDWHQEH]SUREOpPRY]YOiGQHGRVYHD0%
'HOSKLGRYROt]DGHNODURYDPD[LPiOQH*%WUXNW~UXDOH:LQGRZVPiNGLVSR]tFLLSUHDSOLNiFLX
YlLQRXOHQQLHNRNR0%
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQH*%WRMHXYHD
DUUD\>E\WH@RILQWHJHU.%%
DUUD\>FKDU@RIERROHDQ.%%
]DSDPlWDMWHVL
EDMWRY
*% JLJDEDMW 0%
.%
% EDMWRY
WURFKXYLDFDNRPLOLDUGDEDMWRY
SRHWSUYNRYSRDPXVtE\]QiP\SULNRPSLOiFLL
YHWN\SUYN\SRDVDQHGDM~QDUD]QDtWDDQLY\StVDMHGLQPSUtND]RPUHDGZULWHWUHEDWRUR]StVD
QDSUSRPRFRXIRUF\NOX
3UtNODG3URJUDPNWRURNDGRPSUYNXQDtWDQpKRSRDY\StHLMHMHKRKRGQRWDQDGSULHPHURPDOHER
SRGSULHPHURPYHWNFKYVWXSQFKSUYNRYUHVSLMHWRSULHPHU
MHGQRGXFKiSUiFDVSRRPFHOFKtVHO
FRQVW
PD[
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
SSROH
LLQGH[
VLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
IRUL WRPD[GRUHDGWS>L@
&ORVH)LOHW
$VVLJQ)LOHW
Y\SLVW[W
5HZULWHW
V
IRUL WRPD[GRLQFVS>L@
ZULWHOQW
3ULHPHU
VPD[
IRUL WRPD[GR
LIS>L@VPD[WKHQZULWHOQWS>L@
SRG
HOVHLIS>L@!VPD[WKHQZULWHOQWS>L@
QDG
HOVHZULWHOQWS>L@
SULHPHU
&ORVH)LOHW
HQG
QLHNRNRY\OHSHQt
WLHWRIXQJXM~SUHW\SDOHERSUHPHQQ~W\SXSROHDOHDMSUHXERYRQpRUGLQiOQHW\S\DSUHPHQQp
IXQNFLDKLJKYUiWLSUHSROHLQGH[PD[LPiOQHKRSUYNXSUHRUGLQiOQ\W\SYUiWLPD[LPiOQXKRGQRWX
IXQNFLDORZYUiWLSUHSROHLQGH[PLQLPiOQHKRSUYNXSUHRUGLQiOQ\W\SYUiWLPLQLPiOQXKRGQRWX
IXQNFLDOHQJWKIXQJXMHOHQSUHSROHDVWULQJSUHSROHYUiWLSRHWSUYNRYSUHVWULQJPRPHQWiOQX
GNX
YLPQLWHVLHS>L@VPD[VPHQDKUDGLOLS>L@
OHQJWKSVWHQWRSRtWDWRLVWpDOHSUDFXMHOHQY
FHOFKtVODFK
EH]SRXLWLDUHiOQHMDULWPHWLN\
W\SH
SROH DUUD\>@RILQWHJHUSRHWSUYNRYMH
YDU
SSROH
LVLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
IRUL ORZSWRKLJKSGRUHDGWS>L@
&ORVH)LOHW
$VVLJQ)LOHW
Y\SLVW[W
5HZULWHW
V
IRUL ORZSWRKLJKSGRLQFVS>L@
ZULWHOQW
3ULHPHU
VOHQJWKS
IRUL ORZSWRKLJKSGR
LIS>L@
OHQJWKSVWKHQZULWHOQWS>L@
SRG
HOVHLIS>L@
OHQJWKS!VWKHQZULWHOQWS>L@
QDG
HOVHZULWHOQWS>L@
SULHPHU
&ORVH)LOHW
HQG
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
IRUPiOQHSDUDPHWUHW\SXSROHP{XE\WURFKW\SRY
YDUSDUDPHWHUQHY\KUDG]XMHVDLDGQDQRYiSDPlDOHSRGSURJUDPSULDPRPDQLSXOXMHVR
VNXWRQPSDUDPHWURP
FRQVWSDUDPHWHUSRGREQHDNRYDUSDUDPHWHUOHQVDQiPQHGRYROtYSRGSURJUDPHWRWDNpKRWR
SRDSULUDRYD
KRGQRWRYSDUDPHWHUSULYRODQtSRGSURJUDPXVDY\WYRUtGXSOLNiWFHOpKRSRDURYQDNHMYHNRVWLD
YSRHWYHPLPtDSDPlSUHORNiOQHSUHPHQQpDDVWRSURJUDPQDWRPWRDMKOiVLFK\E\
SULGHILQRYDQtIRUPiOQ\FKSDUDPHWURYQHVPLHPHQHSULDPRGHILQRYDQRYW\SWMP{HPHXYiG]DOHQ
LGHQWLILNiWRU\W\SRY
Y\KUDGLDVDYHWN\ORNiOQHSUHPHQQpDMKRGQRWRYpIRUPiOQHSDUDPHWUH
Y\KUDGtVDMHGQDSHFLiOQDORNiOQDSUHPHQQi5HVXOWNWRUiMHURYQDNpKRW\SXDNRW\S
IXQNFLHWHGDSROHWiWRSUHPHQQiPi]DWLDQHGHILQRYDQ~KRGQRWX
SRVNRQHQtYSRWXIXQNFLHVD]DEXGQ~XYROQLDYHWN\ORNiOQHSUHPHQQpOHQKRGQRWD
5HVXOWVDVWDQHYVOHGNRPFHOHMIXQNFLH
3UtNODGSURFHG~UDSUHVXQNWRUiSUHV~YDSUYN\SRDEGRSRDD
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQ
D E
HQG
EHJLQ
SUHVXQ[\
HQG
1DStHPHSURJUDPNWRU
QiKRGQHJHQHUXMHGRSRD;SUYN\]LQWHUYDOXQ
Y\StHSROH;
SUHVXQLHSROH;GRSRD<]YLKRGQRW\YSROL<RDY\StHSROH<
SURFHG~U\DIXQNFLHVSROLDPL
W\SH
SROH DUUD\>@RILQWHJHU
SURFHGXUHY\SLVYDUW7H[W)LOHFRQVWSSROH
YDU
LLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGRZULWHWS>L@
ZULWHOQW
HQG
SURFHGXUHSUHVXQYDUDSROHFRQVWESROH
EHJLQ
D E
HQG
SURFHGXUHLQFYDUDSROH
YDU
LLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGRD>L@ D>L@V\VWHPLQFD>L@
HQG
YDU
[\SROH
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
Y\SLVW[W
5HZULWHW
UDQGRPL]H
[ QDKRGQH
Y\SLVW[
SUHVXQ\[
LQF\
Y\SLVW\
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
FLVODW[W
HQG
YLPQLWHVLHVPHY\WYRULOLIXQNFLXLQFQD]YHQLHKRGQ{WSUYNRYYSROLWPVPHSUHNU\OLS{YRGQ
WDQGDUGQLGHQWLILNiWRUIXQNFLHLQFDSUHWRKRXYS{YRGQRPY]QDPHSRXtYDQHP{HPHY
NRPHQWiULP{HWHYLGLHDNRVDWHQWRSUREOpPDMWDNGiRGVWUiQL
&K\EQpSRXLWLHW\SRY
SURFHGXUHDEDUUD\>@RIFKDU
W\SIRUPiOQHKRSDUDPHWUDEQLHMHLGHQWLILNiWRU
SURFHGXUH[\
W\SIRUPiOQHKRSDUDPHWUD\QLHMHLGHQWLILNiWRU
W\SIXQNFLHPXVtE\]DGDQLGHQWLILNiWRURPW\SX
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
SROLD]QDNRYGR]QDNRYMHPRQpY\StVDSRPRFRXZULWHOQ
YDUVSROH
EHJLQ
V
DEFGHIJKLM
SRYROHQpSULUDGHQLHSUHVQHMGN\DNRMHGHNODURYDQi
LQDN7\SHPLVPDWFKQDSUV
DEF
SROH]QDNRYVDQHGiQDUD]FHOpQDtWDSRPRFRXUHDG
YQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJDSRWRPUHDGYLH
tWDDMVWULQJ\NWRUpV~NUDWLHDXNRQtLFKQHVN{UXYLGtPHSRXLWLHDMWDNFKWR]QDNRYFKUHD]FRY
3ROLDNRU\WQDLHN
QNRU\WQDLHNY\JHQHUXMHPHYHGDVHEDQDYRGRURYQHMSULDPNH
NDGHMQDVWDYtPHLQXKRO
YHWN\QDUD]QDNUHVOLDNUXQLFX
SRPDOiYHU]LD
FRQVW
Q
YDU
LMLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGR
N>L@ 7.RU&UHDWH
LL
IRUM WRGR
IRUL WRQGREHJLQ
N>L@'RSUHGXN>L@9SUDYR
FDNDM
HQG
HQG
]UFKOHQLHSURJUDPX
FRQVW
Q
YDU
LMLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
LL
N>L@+3
HQG
IRUM WRGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
FDNDM
HQG
HQG
3R]QiPND
QRYSDVFDORYVNSUtND]ZLWKYRYQ~WULQHKRVDSUHGQRVWQHSUDFXMHVGDQRXNRU\WQDNRX
RVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
]YOiGQHWRDMQDSUNRU\WQDLHNDOHWUHEDLFK]DKXVWL7.RU&UHDWH
L
-HGQRGXFKiDQLPiFLDSRPRFRXNRU\WQDLHN
SUHGFKiG]DM~FLSUtNODGWDNWRMHGQRGXFKRSR]PHQtPH
F\NOXVIRUQDKUDGtPHQHNRQHQPZKLOHWUXHGR
VN{UDNRVDYHWN\NRU\WQDN\SRKQ~RPDONURNDRWRLD]PDHPHREUD]RYNXWMQDREUD]RYNH
RVWiYDOHQSRVOHGQiVWRSD
NU~HQLHNRU\WQDLHN
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
LL
N>L@+3
HQG
ZKLOHWUXHGREHJLQ
]PD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
FDNDM
HQG
HQG
P{HPHVWRXWRLGHRXU{]QHH[SHULPHQWRYD
NRU\WQDN\RNUHPWRKRHSUHMG~QHMDNPDONURNP{XSRSULWRPQLHRNUHVOL
NDGiNRU\WQDNDVDP{HRWiDRLQXKRO
P{HPHJUDILFNHMSORFKH]PHQLIDUEXSR]DGLD
]UFKOHQiYHU]LD
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
LL
N>L@+3
N>L@)3 FO<HOORZ
HQG
ZKLOHWUXHGREHJLQ
]PD]FO1DY\
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX'RSUHGX9SUDYRLQ
HQG
FDNDM
HQG
HQG
DOtSUtNODG
YWRPWRSUtNODGHNRU\WQDN\QHY\JHQHUXMHPHQDMHGQHMSULDPNHDOHURYQRPHUQHQDNUXQLFL
QDMSUYLFKYHWN\Y\WYRUtPHYVWUHGHSORFK\NDG~QDWRtPHLQPVPHURPDSRWRPVR]GYLKQXWP
SHURPSUHMG~QHMDN~URYQDN~Y]GLDOHQRV
SRXLOLVPHYODVWQRVNRU\WQDN\6PHUSRPRFRXNWRUHMP{HPHQDVWDYRYDDEVRO~WQHQDWRHQLH
NRU\WQDN\
NRU\WQDN\QDNUXQLFL
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
ZLWKN>L@GREHJLQ
+3 )3 FO%OXH
3+6PHU Q
L'RSUHGX3'
6PHU 6PHU
HQG
HQG
ZKLOHWUXHGREHJLQ
]PD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
FDNDM
HQG
HQG
1'
YSUHGFKiG]DM~FRPSUtNODGHNRU\WQDN\QHEXG~NUHVOLPDONURNDOHQDNUHVOLD~VHN\WDNDE\EROL
F\NOLFN\SRVSiMDQp
H[SHULPHQWXMWHVU{]Q\PLQDVWDYHQLDPLSRLDWRQFKVPHURYNRU\WQDLHNQDPLHVWR6PHU 6PHU
NRU\WQDN\VDQDKiDM~
QNRU\WQDLHNY\JHQHUXMHPHQDQiKRGQFKSR]tFLiFK
YNDGRPNURNXVDNDGiNRU\WQDNDSRVXQLHRY]GLDOHQRVWLNVYRMHMQDVOHGRYQtNHSRVOHGQiVD
SRVXQLHNSUYHM
QDKiDND
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
[[\\UHDO
EHJLQ
UDQGRPL]H
]PD]QDVWDYLDVDSUHPHQQpVLUNDDY\VND
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWHUDQGRPVLUNDUDQGRPY\VND
N>L@+3
N>L@)3 UDQGRP
HQG
ZKLOHWUXHGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
[[ N>LPRGQ@;\\ N>LPRGQ@<
6PHU 6PHURP[[\\
'RSUHGX9]G[[\\
HQG
FDNDM
HQG
HQG
YLPQLWHVLSRXLWHLPRGQ
SRXLOLVPHQRY~NRU\WQDLXIXQNFLX6PHURPNWRUiY\SRtWDDEVRO~WQ\XKRORGNRU\WQDN\NQHMDNpPX
ERGXYURYLQH
YWRPWRSUtNODGHE\ERODVLOHStNRQHQF\NOXVQDPLHVWRZKLOHWUXHGRNHHSRQHMDNRPDVHVD
YHWN\NRU\WQDN\VWUHWQ~YMHGQRPERGH
SURJUDPWURFKXXSUDYtPHNRU\WQDN\RNUHPWRKRHSUHMG~Y]GLDOHQRVWLNXVYRMHMQDVOHGRYQtNH
QDNUHVOLDNQHMDMVSRMQLFX
NRU\WQDN\NUHVOLD]DXMtPDYpREUD]FH
FRQVW
Q
YDU
LMLQWHJHU
NDUUD\>Q@RI7.RU
[[\\GUHDO
EHJLQ
]PD]FO%ODFN
UDQGRPL]H
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWHUDQGRPVLUNDUDQGRPY\VND
N>L@+3
N>L@)3 UDQGRP
HQG
IRUM WRGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
[[ N>LPRGQ@;\\ N>LPRGQ@<G 9]G[[\\
6PHU 6PHURP[[\\
GRSUHGXG'RSUHGXGG
HQG
FDNDM
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
WUXNW~URYDQW\SSROHMH]ORHQ]SUYNRYURYQDNpKRW\SXSULVWXSXMHPHNQLPSRPRFRXLQGH[X
RVDEXGHPHGQHVXL
NRPSRQHQWHGLWRYDFtULDGRN
QRY]ORHQW\S]i]QDPNWRUVDP{HVNODGDVSUYNRYU{]Q\FKW\SRYSULVWXSXMHPHNQLP
SRPRFRXPHQD
U{]QHPHWyG\KDGDQLDLQIRUPiFLHYXWULHGHQHMQHXWULHGHQHMWDEXNH
.RPSRQHQW(GLWHGLWRYDFtULDGRNNRPSRQHQW(GLW]RWDQGDUGQHMSDOHW\NRPSRQHQWRY
VO~LQDLQWHUDNWtYQH]DGiYDQLH]QDNRYpKRUHD]FDGRSURJUDPX
SRDVEHKXSURJUDPXP{HSRXtYDWHGRWRKWRULDGNDStVDUHVSXSUDYRYDQHMDNWH[W
SURJUDPP{H]LVWLREVDKULDGNDUHVSKRPHQL
SUHQiVQDMG{OHLWHMRXVWDYRYRXSUHPHQQRXEXGH7H[WYQHMVDQDFKiG]DPRPHQWiOQ\REVDK
HGLWRYDFLHKRULDGND
MHW\SXVWULQJ
SRXtYDWHNWRUHGLWXMHWHQWRULDGRNVWODtQHMDNNOiYHVQDNOiYHVQLFLStVPHQitVOLFHSHFLiOQH
]QDN\DNR(QWHU(VFDSRG
P{HPHRWHVWRYDSRPRFRX
YRIRUPXOiULEXGHWH[WRYpRNQR0HPRWODLGOR%XWWRQDHGLWRYDFtULDGRN(GLW
]DWODHQLHWODLGODSUHNRStUXMHREVDKHGLWRYDFLHKRULDGNDGRWH[WRYHMSORFK\HGLWRYDFtULDGRN
SRWRPY\LVWt
WHVWHGLWRYDFLHKRULDGND
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR/LQHV$GG(GLW7H[W
(GLW7H[W
(GLW6HW)RFXV
HQG
ERORE\GREUHNHE\VPHSRNDGRP]DGDQtWH[WXQHPXVHOLNOLNDQDWODLGORDOHIXQJRYDORE\DM
]DWODHQLHNOiYHVX(QWHU
SULGiPHVSUDFRYDQLHXGDORVWLRQ.H\3UHVVSUH(GLW
GYRMNOLNQHPH2Q.H\3UHVVY\WYRUtVDPHWyGD(GLW.H\3UHVVWiWRPHWyGDVD]DYROiYG\NH
VDEXGHQLHR]DSLVRYDGRHGLWRYDFLHKRULDGNDQiVYDNEXGH]DXMtPDOHQNOiYHV(QWHU!V
NyGRP
SRVWODHQt(QWHUVD]DWODtWODLGOR%XWWRQ
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\ WKHQ%XWWRQ&OLFN
HQG
7\S]i]QDPUHFRUG
SUHPHQQiW\SX]i]QDPVDVNODGi]RVYRMLFKV~NURPQFKSUHPHQQFK
SUtVWXSSRPRFRXPHQDSRORN\VHOHNWRU
VFHOP]i]QDPRPQLHMHSRYROHQDQLYVWXSDQLYVWXSOHQSRSRORNiFK
SULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
P{XE\SRXLWpDNRSDUDPHWUHSURFHG~UUHVSYVOHGRNIXQNFLH
QDSU
W\SH
]D]QDP UHFRUG
PHQRDUUD\>@RIFKDUEDMWRY
URFQLNEDMW
SULHPHUUHDOEDMWRY
HQG
YSDPlWLV~SRORN\XORHQpWHVQH]DVHERX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
DSUDFXMHPHVQLPLWDNWR
YDU
]]D]QDP
EHJLQ
]PHQR
-DQ+UDVNR
]URFQLN
]SULHPHU
HQG
W\SYHNWRU
W\SH
YHNWRU UHFRUG[\UHDOHQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
YYYHNWRU
UUHDO
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
EHJLQ
Y 6WU7R9HNWRU(GLW7H[W
0HPR/LQHV$GG
YHNWRU
YHNWRU7R6WUY
0HPR/LQHV$GG
GO]ND
)ORDW7R6WUGO]NDY
HQG
YSURJUDPHSUHGSRNODGiPHHYRIRUPXOiULMH(GLW(GLW0HPRD%XWWRQ9HNWRU]DGiPHGR(GLWD
XKROGR(GLWQDSU
1'
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlRYDQLH]PHQRYDQLHVNDOiUQ\V~LQ]LVWHQLHXKOD
PHG]LGYRPDYHNWRUPLDSRG
3UtNODG
3RVWXSQHQDQLHNRNRNURNRYEXGHPHULHLWDNWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNp
LQIRUPiFLHRPHVWiFKQDPDSH=DWLDQiV]DXMtPDM~OHQSUYpWULKRGQRW\]NDGpKRULDGNDDWRPHQR
UHD]HFXNRQHQ
DV~UDGQLFH[D\QDREUD]RYNHRGGHOHQpPHG]HURX
1DMSUYSUHtWDPHWLHWRLQIRUPiFLHGRSRD
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
ZKLOH]!
GREHJLQ
PHQR PHQR]UHDGW]
HQG
UHDGOQW[\
HQG
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
SRFHWLQWHJHUSRHWQDtWDQFKSUYNRYYSROLS
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWSRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
LQFSRFHWS>SRFHW@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRSRFHWGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
HQG
1'
RNUHPPHQDDV~UDGQtFMHYNDGRPULDGNXV~ERUXDMLQIRUPiFLDRSRWHRE\YDWHRYDtVHOQNyGWiWX
GRNWRUpKRWRWRPHVWRSDWUtQDSU5 65 GRSOWHWRGRGHNODUiFLHW\SXDDMGRSURJUDPX
DOLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDN\QDSR]tFLiFKPLHVWY\StHPHNXQLPLFKPHQiD
EXGHPHRDNiYD]DGiYDQLHGYRMtFPLHVWDNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHLDURX
1DNRNREXGHPHDOHMKDGDLQIRUPiFLHRPHVWHSRGDMHKRPHQDQDStHPHVLSRPRFQ~IXQNFLXQD
KDGDQLH
YUiWLEXLQGH[GRSRDQDOHERDNUHD]HFYSROLQHQiMGH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
GRIRUPXOiUDXPLHVWQLPH,PDJH%XWWRQ(GLWD0HPR
YSURJUDPHVLYLPQLWHYQRUHQpSUtND]\ZLWK
WHUD]NRPSOHWQSURJUDP
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
SRFHWLQWHJHU
NDUUD\>PD[@RI7.RU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
LLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWSRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
LQFSRFHWS>SRFHW@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRSRFHWGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
IRUL WRSRFHWGREHJLQ
ZLWKS>L@GRN>L@ 7.RU&UHDWH[\
ZLWKN>L@GREHJLQ
+3 )3 FO*UHHQ'RSUHGX
+3 )3 FO%ODFN
,PDJH&DQYDV%UXVK6W\OH EV&OHDUWH[WPiSULHVYLWQpSR]DGLH
3LVS>L@PHQR
HQG
HQG
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W(GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKN>L@GREHJLQ
ZLWKS>L@GR=PHQ;<[\
ZLWKS>L@GR=PHQ;<[\
HQG
HQG
HQG
WUXNW~UDWDEXND
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
FRQVW
PD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RI7.RU
HQG
UHDGW]
ZKLOH]!
GREHJLQ
PHQR PHQR]UHDGW]
HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
EHJLQ
ZLWKWDEGREHJLQ
LQFSRFHWS>SRFHW@ SS
HQG
HQG
YDU
WDEWDEXOND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
W7H[W)LOH
EHJLQ
WDESRFHW LQLFLDOL]iFLDWDEXN\
$VVLJQ)LOHW
PHVWDW[W
5HVHWW
ZKLOHQRW6HHN(RIWGR
]DUDGWDE&LWDM5LDGRNW
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
&ORVH)LOHW
IRUL WRWDESRFHWGR
ZLWKWDES>L@GREHJLQN>L@WXHWHQHH[LVWXMH
N>L@ 7.RU&UHDWH[\
ZLWKN>L@GREHJLQ
+3 )3 FO*UHHQ'RSUHGX
+3 )3 FO%ODFN
,PDJH&DQYDV%UXVK6W\OH EV&OHDU
3LVS>L@PHQR
HQG
HQG
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKWDEN>L@GREHJLQ
ZLWKS>L@GR=PHQ;<[\
ZLWKS>L@GR=PHQ;<[\
HQG
HQG
(GLW6HO6WDUW
(GLW6HO/HQJWK /HQJWKV
HQG
QDWHVWRYDQLHSURJUDPXP{HWHSRXLV~ERUPHVWDW[WDDNRSRGNODGSUH,PDJHSRXLWHELWPDSX
PDSDEPS
MHYHPLG{OHLWpVSUiYQHFKiSDDDMSRXtYDSUtND]ZLWKYLPQLWHVLULDGRNZLWKWDEN>L@GRWRWRMH
VNUiWHQWYDUNRQWUXNFLHZLWKWDEGRZLWKN>L@GRDNE\WXQHERODLDUNDDOHERGNDZLWKWDEN>L@GR
WDNYRYQ~WULZLWKE\VPHPXVHOLNXS>L@DS>L@StVDWDEWMWDES>L@DWDES>L@
QDVOHGXM~FH]iSLV\]QDPHQDM~WRLVWp
ZLWKWDEN>L@GREHJLQ
ZLWKS>L@GR=PHQ;<[\
ZLWKS>L@GR=PHQ;<[\
HQG
DMWRWR
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
ZLWKWDEN>L@GREHJLQ
ZLWKWDES>L@GR=PHQ;<[\
ZLWKWDES>L@GR=PHQ;<[\
HQG
DMWRWR
ZLWKWDEGREHJLQ
N>L@=PHQ;<S>L@[S>L@\
N>L@=PHQ;<S>L@[S>L@\
HQG
DMWRWR
WDEN>L@=PHQ;<WDES>L@[WDES>L@\
WDEN>L@=PHQ;<WDES>L@[WDES>L@\
1'
XNiND]LVRYDQLDDVXWUYDQLDSUtND]RY
YDU
WDEDUUD\>@RILQWHJHU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
FDV7'DWH7LPH
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
6FUHHQ&XUVRU FU+RXU*ODVV
FDV 1RZ]DSDPlWiVLPRPHQWiOQ\DV
IRUL WRGRWHVWRYDQiDVSURJUDPX
KODGDMUDQGRPPD[LQW
/DEHO&DSWLRQ &DV7R6WU1RZFDVY\StHDVWUYDQLDWHVWX
6FUHHQ&XUVRU FU'HIDXOW
HQG
SRXLOLVPHWXNRPSRQHQW/DEHONWRUVO~LOHQQDYSLVMHGQRGXFKpKRWH[WXGRIRUPXOiUD
WLHVLP{HWHYLPQ~HIXQNFLXKODGDMVPHYRODOLDNRNHE\WRERODSURFHG~UDYWRPWRSUtSDGHVD
Y\YROiIXQNFLDDSRWRPVD]DKRGtMHMY\SRtWDQYVOHGRN
H[LVWXMHDMWDQGDUGQiIXQNFLDSRGREQiQDHM&DV7R6WUDWR7LPH7R6WUSRH[SHULPHQWXMWHVRX
SRPRFRX6FUHHQ&XUVRUP{HPHSRDVGOKLHWUYDM~FLFKYSRWRY]DSQ~NXU]RUP\LQDWYDU
SUHVSDFtFKKRGtQ
+DGDQLHLQIRUPiFLtYWDEXNH
$OJRULWPXVKDGDQLDP{HPHY\OHSLDNEXGHPHSUHGSRNODGDHWDEXNDMHY]RVWXSQHXWULHGHQi
DEHFHGQHOH[LNRJUDILFN\
Y\OHSHQpKDGDQLH
]LVWLWHREXGHIXQNFLDKODGDMY\KDGiYDDN]QHMY\KRGtPHSRGLDUNQXW~DV
XWULHGHQ~WDEXNXP{HPHSUHKDGiYDDMRGNRQFD
KDGDQLHRGSRVOHGQpKRSUYNX
3UHGSRNODGDOLVPHHWDEXNDMHXWULHGHQiP{HPHRSUDYLSURFHG~UX]DUDGQDSUWDNWR
]DUDRYDQLHGRXVSRULDGDQHMWDEXN\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
YDU
LLQWHJHU
EHJLQ
ZLWKWDEGREHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGREHJLQ
S>L@ S>L@GHFL
HQG
S>L@ SS
LQFSRFHW
HQG
HQG
YQ~WRUQZKLOHF\NOXVSRVXQLHSUYN\WDEXN\WDNDE\VDQRYiSRORNDPRKOD]DVXQ~QDVSUiYQHPLHVWR
]UHMPHSUHGSRNODGiPHH]DUDRYDQSUYRNVDHWHYWDEXNHQHQDFKiG]D
%LQiUQHY\KDGiYDQLH
1DXtPHVDQRYW\SDOJRULWPXELQiUQHY\KDGiYDQLHSRGREQDNRNHKDGiPHYWHOHIyQQRP
]R]QDPH
RWYRUtPHYVWUHGH]R]QDPXDNMHKDGDQpVORYRYDEHFHGHVN{UDNRVORYRYVWUHGHWDNEXGHPH
SRNUDRYDYSUHGQHMSRORYLFL]R]QDPXLQDNYGUXKHMSRORYLFL
RSlYRY\EUDQHMSRORYLFL]R]QDPXVDSR]ULHPHGRMHKRVWUHGXDSRURYQiPHVKDGDQPVORYRP
WDNWREXGHPHSRVWXSQHKDGDYPHQRPDPHQRP~VHNX]R]QDPXDNPQHQDUD]tPHQD
KDGDQpVORYR
WUHEDVL]DSDPlWDHWRIXQJXMHOHQDNMHSROHWDEXNDXWULHGHQi
DOJRULWPXVELQiUQHKRY\KDGiYDQLD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[[OBN
WZIBEWBOJF
VQDWHVDSRFKRSLUR]GLHO\PHG]LRERPDULHHQLDPL
1'
SRGREQHDNRSUHGWPRWHVWXMWHSULHPHUQDVQiMGHQLDSUYNX
SRN~VWHVDPDWHPDWLFN\Y\SRtWDPD[LPiOQ\DVQDQiMGHQLHUHVSQD]LVWHQLHHVDWDPSUYRN
QHQDFKiG]D
YSUHGFKiG]DM~FRPSUtNODGHVPHVWDPLY\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXN\GDQpPHVWR
]DFKRYiVDY]RVWXSQpXVSRULDGDQLHWDEXN\
DOHMY\WYRUWHY\KRGNWRUiY\KRGt]WDEXN\YHWN\PHVWiPHG]LPDPYOH[LNRJUDILFNRP
XVSRULDGDQt
SUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDLHOSRPRFRXELQiUQHKRY\KDGiYDQLD
WMQDPHQHMSRURYQDQtDDSRWRPWDEXNXSRVXQXODWHGDY\WYRULOYRQpPLHVWRSUHQRYpPHVWR
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
8. Dvojrozmern polia, obrzky
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
MHGQRUR]PHUQpSROLDSUYNRYURYQDNpKRW\SXQDSUMHGQRGXFKpW\S\DOHERNRU\WQDN\
WUXNW~URYDQW\S]i]QDP
RVDEXGHPHGQHVXL
XNiHPHHSUYNDPLSRDP{XE\UHD]FHDOHDMLQpSROLD
XNiHPHDNRVDSUDFXMHVREUi]NDPLYJUDILFNHMSORFKHEXGHPHSUDFRYDSRMHGQRWOLYFK
SL[HORFKIDUHEQpERG\REUi]ND
XYLGtPHQRYpYODVWQRVWLNRPSRQHQWRY
0HPRSUiFDVULDGNDPLSRPRFRX6WULQJV>@
,PDJHSUiFDVIDUHEQPLERGNDPLSRPRFRX3L[HOV
%XWWRQWH[WQDWODLGOH7LWOH
DWLHVD]R]QiPLPHVQRYPNRPSRQHQWRP(GLW
XYLGtPHQLHNWRUpMHGQRGXFKpXGDORVWLRQ0RXVH0RYHRQ.H\3UHVV
3ROH]QDNRYFKUHD]FRY
~GDMRYiWUXNW~UDSROHP{HPDSUYN\XERYRQpKRW\SXWHGDDM]QDNRYUHD]HF
VWDNPLWRSUHPHQQPLNWRUpV~SUYNDPLSRDVDSUDFXMHURYQDNRDNRVMHGQRGXFKPLSUHPHQQPLW\SX
UHD]HF
SURJUDPLOXVWUXMHSRXLWLHSRD]QDNRYFKUHD]FRY
YDU
W7H[W)LOH
SDUUD\>@RIVWULQJ
LMQLQWHJHU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
Q
ZKLOHQRWHRIWDQGQKLJKSGREHJLQ
LQFQUHDGOQWS>Q@
HQG
&ORVH)LOHW
IRUL WRQGR
IRUM WROHQJWKS>L@GR
LIM RUS>L@>M@
WKHQS>L@>M@ XSFDVHS>L@>M@
0HPR&OHDU
IRUL WRQGR
0HPR/LQHV$GGS>L@
HQG
]iSLVS>L@>M@R]QDXMHMW\]QDNLWHKRUHD]FDP{HPHWR]DStVDVNUiWHQHS>LM@
DVSURJUDPXILOWUXMHPHG]HU\QD]DLDWNXDNRQFLNDGpKRUHD]FD
IRUL WRQGREHJLQ
M ZKLOHM /HQJWKS>L@DQGS>LM@
GRLQFM
GHOHWHS>L@M
M /HQJWKS>L@ZKLOHM! DQGS>LM@
GRGHFM
6HW/HQJWKS>L@M
HQG
]UHMPHWRWRLVWpE\VDGDORMHGQRGXFKLH]UHDOL]RYDSRPRFRXWDQGDUGQHMIXQNFLH7ULP
7H[WRYiSORFKD
(WHVDYUiWLPHNXNRPSRQHQWXWH[WRYiSORFKD70HPR8SR]QiPHPHWyG\
0HPR/LQHV&OHDUY\LVWtYHWN\ULDGN\
0HPR/LQHV$GG
QHMDNWH[W
SULGiDOtULDGRNVGDQPWH[WRPQDNRQLHF
0HPR/LQHV/RDG)URP)LOH
PHQRBV~ERUX
REVDKSORFK\QDKUDGtREVDKRP]DGDQpKR
V~ERUX
1DULDGN\/LQHVWH[WRYHMSORFK\VDP{HPHSR]HUDDNRQDMHGQRUR]PHUQpSROH]QDNRYFKUHD]FRY
6WULQJV0HWyGD&OHDUWRWRSROHLQLFLDOL]XMHWM]UXtYHWN\SUYN\SRDDSUYSUYRNVLQGH[RP
Y\SUi]GQL0HWyGD$GGSULGiQDNRQLHFWRKRWRSRDQRYUHD]HF0RPHQWiOQ\SRHWULDGNRY]LVWtPH
SRPRFRX0HPR/LQHV&RXQW3RPRFRX6WULQJVP{HPHPRGLILNRYDNRQNUpWQHULDGN\WH[WRYHM
SORFK\QDSU
0HPR/LQHV6WULQJV>@
PPPPPP
]PHQtPHNDGULDGRNWH[WRYHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WR0HPR/LQHV&RXQWGR
0HPR/LQHV6WULQJV>L@
0HPR/LQHV6WULQJV>L@
!
HQG
ORJLFNiVWDYRYiSUHPHQQi0HPR5HDG2QO\VO~LQDWRDE\VPHSRXtYDWHRYLPRKOLSRYROL]DNi]D
]DSLVRYDGRWH[WRYHMSORFK\QDSU0HPR5HDG2QO\ IDOVH]DNiHSRXtYDWHRYLPRGLILNRYD
SORFKXSRPRFRXNOiYHVQLFHDP\LSUtND]PL]SURJUDPXMHWRVWiOHGRYROHQp
9LDFUR]PHUQpSROLD
=RYHREHFQtPHSROLDSUYNDPLSRDP{HE\RSlSROHDNMHSUYNRPMHGQRUR]PHUQpSROHWDNYVOHGQW\S
MHGYRMUR]PHUQpSROH1DSUD>@>@R]QDXMHGUXKSUYRNYWYUWRPSROLYlLQRXVLGYRMUR]PHUQp
SROHSUHGVWDYXMHPHDNRWDEXNXYNWRUHMNDGSUYRNOHtYQHMDNRPULDGNXDQHMDNRPVWSFLQDSU
D>@>@P{HR]QDRYDSUYRNYWRPULDGNXDYRPVWSFLVNUiWHQHWRP{HPH]DStVDD>@
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHX]DSOQHQp1DStWHSURJUDPNWRUSUHVXQLHSUY
ULDGRNGRGUXKpKRGUXKGRWUHWLHKRDWDSRVOHGQGRSUYpKRPRWLYiFLDURORYDQLHREUi]NDDNRYR
VYHWHOQFKQRYLQiFK
1DMSUYQLHSHNQpULHHQLH
YDU
DDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
]DSOQHQLHSRD
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]NUDMLH
W\SH
ULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDU
DSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
Y\XLOLVPHWRHW\SNDGpKRULDGNDSRDDMHURYQDNDNRSUHPHQQiU
QLHQDMOHStVS{VREULHHQLD
FRQVW
1
W\SH
SROH DUUD\>11@RILQWHJHU
YDU
DSROH
LMLQWHJHU
RNERROHDQ
EHJLQ
LQLFLDOL]iFLDSRD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQEHJLQ
RN IDOVH
EUHDN
HQG
YRQ
LIRNWKHQMHV\PHWULFNi
HQG
WRWRULHHQLHVDVQDtSRXLSUtND]EUHDNNWRUVS{VREtY\VNRHQLH]QDMYQ~WRUQHMLHKRF\NOXWRWRMH
QHGRVWDWRQpOHERDMWDNVDEXG~NRQWURORYDHWHYHWN\QDVOHGXM~FHULDGN\SRD
DOLHULHHQLHMH]OpSRXtYDSUtND]JRWRWHQWRSUtND]MHSUHQiVDEVRO~WQH]DNi]DQ
YHPL]OVS{VREULHHQLD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQEHJLQ
RN IDOVH
JRWRYRQMHWRDEVRO~WQH]DNi]DQp
HQG
VSUiYQHULHHQLH
RN WUXHL
ZKLOHRNDQGL 1GREHJLQ
M
ZKLOHRNDQGMLGREHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
VSUiYQHULHHQLHVY\XLWtPH[LWYRIXQNFLL
SUtND]H[LW]QDPHQiRNDPLWpXNRQHQLHSRGSURJUDPXDNRNHE\VDVNRLORQDSRVOHGQpHQG
SRGSURJUDPX
.RStUXMHPHDPRGLILNXMHPHREUi]N\
$E\VDQiPOHSLHQDWUpQRYDODSUiFDVGYRMUR]PHUQPSRRPY\WYRUtPHVLY'HOSKLQRYSURMHNWYNWRURP
EXG~GYHJUDILFNpSORFK\'RSUYHMQDtWDPH]QHMDNpKRV~ERUXELWPDSXDW~WRSRWRPSUHNRStUXMHPHGR
GUXKHMSORFK\3ULNRStURYDQtMXP{HPHU{]QHPHQLSUtSDGQHPHQLVS{VRE\NRStURYDQLD6REUi]NDPL
EXGHPHSUDFRYDDNRVGYRMUR]PHUQPSRRPSULRPSUYLQGH[SRDEXGHY\MDGURYD[RY~V~UDGQLFX
IDUHEQHMERGN\SL[HO%RGN\tVOXMHPHRGGRtUND
1DMSUYVLSULSUDYPHQRYSURMHNWGRIRUPXOiUDYORtPHGYHJUDILFNpSORFK\,PDJHXSUDYtPHLP
UR]PHU\DE\EROLURYQDNRYHNp[
GRIRUPXOiUDYORtPHQLHNRNRWODLGLHOSRVWXSQHLPEXGHPHSULUDRYDU{]QHIXQNFLHGYRMNOLNQXWtPQD
SUtVOXQpWODLGORIRUPXOiUWHUD]Y\]HUiQHMDNRWDNWR
SURMHNWXORtPHGRQHMDNpKRDGUHViUDQDGLVNXDWLHVHPSUHNRStUXMHPHQLHNRNRREUi]NRYV~ERURYV
SUtSRQRX%03P{HWHVLVWLDKQXWLHWRV~ERU\REUD]N\]LS
GYRMNOLNQHPHQD%XWWRQDSULUDGtPHPXDNFLXQDtWDQLHELWPDS\QDSUWLJHUEPSGRSUYHMJUDILFNHM
SORFK\,PDJH
GRJUDILFNHMSORFK\VDQDtWDREUi]RN]RV~ERUX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
SRGREQHP{HPHWODLGOX%XWWRQSULUDGLQHMDN~LQ~ELWPDSX
WODLGOR%XWWRQEXGHVO~LQDNRStURYDQLHREUi]ND],PDJHGRSORFK\,PDJH
IXQJXMHWRQDURYQDNRPSULQFtSHDNR6WULQJVYWH[WRYHMSORFKH0HPRWHGD3L[HOVMHDNRGYRMUR]PHUQp
SROHSUYNRYW\SX7&RORUIDUED
SRVWXSQpNRStURYDQLHSRULDGNRFK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGR
J3L[HOV>[\@ J3L[HOV>[\@
,PDJH5HSDLQW
HQG
HQG
,PDJH5HSDLQWSUHNUHVOtGUXK~JUDILFN~SORFKXSRSUHNRStURYDQtNDGpKRULDGNDLQDNE\VD]REUD]LOD
D]iYHUHQi]PHQD
DOtYDULDQWVDKUiVIDUEDPLFH]LFKSRORN\5*%
SUiFDVR]ORNDPLIDUE\ERGRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
UJEE\WH
F7&RORU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGREHJLQ
F J3L[HOV>[\@
U *HW59DOXHFJ *HW*9DOXHFGLYE *HW%9DOXHF
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
IXQNFLD*HW59DOXHYUiWLHUYHQ~]ORNXIDUE\SRGREQH*HW*9DOXHD*HW%9DOXHYUiWLD]HOHQ~DPRGU~
]ORNX
3UiFDVP\RX
Y'HOSKLVDVP\RXSUDFXMHSRPRFRXXGDORVWtNWRUpDXWRPDWLFN\Y]QLNDM~SULNDGRPSRK\EHP\LQD
REUD]RYNH
SULSRK\EHP\LW~WRXGDORVGRVWiYDWHQNRPSRQHQWIRUPXOiUDQDGNWRUPVDP\QDFKiG]D
QDStHPHSURFHG~UXNWRUiVD]DYROiYG\NHSRKQHPHNXU]RURPP\LQDGSORFKRX,PDJHWiWR
SURFHG~UDSUHNRStUXMHOHQMHGQXERGNX],PDJHDWRSUHVQH]SR]tFLHP\L
QDMSUYYRIRUPXOiULNOLNQHPHQD,PDJHDSRWRPY,QSHNWRUH2EMHNWRY)SUHSQHPH]iORNXNDUWX
(YHQWVDGYRMNOLNQHPHQDSUDY~DVULDGNDV2Q0RXVH0RYH
SULSUDYtVDSURFHG~UD7)RUP,PDJH0RXVH0RYHGRNWRUHMQDStHPH
VSUDFRYDQLHXGDORVWLSULNDGRPSRKQXWtP\LQDGSORFKRX,PDJH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
YDU
JJ7&DQYDV
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
J3L[HOV>[\@ J3L[HOV>[\@
HQG
SULRP;D<V~V~UDGQLFHERGXQDGNWRUPVDQDFKiG]DNXU]RUP\L
SURFHG~UXY\OHStPHWDNHVDSUHNRStUXMHDMPDOpRNROLHERGX;<
Y\OHSHQiSURFHG~UD
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
FRQVW
G
YDU
JJ7&DQYDV
LMLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRUL ;GWR;GGR
IRUM <GWR<GGR
J3L[HOV>LM@ J3L[HOV>LM@
HQG
Y,QSHNWRUH2EMHNWRYP{HPHMHGQRGXFKR]PHQLDMSRSLV\WODLGLHOQDSUWDNWRYRIRUPXOiULNOLNQHPH
QD%XWWRQWPVDRVHOHNWXMHYLQSHNWRUHSUHSQHPH]iORNX3URSHUWLHVD]PHQtPHSUDY~DV
ULDGND&DSWLRQQDXERYRQWH[WQDSU7LJHU
P{HVDYiPVWDHJUDILFNiSORFKDSULNDGRPSUHNUHVRYDQtYHPLEOLNiYWHG\SRP{HULDGRNNWRU
SULGiPHGRSURFHG~U\)RUP&UHDWHWiWRSURFHG~UDVDY\WYRUtGYRMNOLNQXWtPGRIRUPXOiUDQDSUi]GQH
PLHVWREH]NRPSRQHQWX
DE\JUDILFNpSORFK\QHEOLNDOL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
HQG
1'
SULNRStURYDQtSL[HORYP{HWHSRV~YD]DLDWRNNDGpKRULDGNDRQHMDN~Y\SRtWDQ~KRGQRWXQDSU
SRPRFRXIXQNFLHVLQ
REUi]N\P{HWHSUHNOiSDSRGDU{]Q\FKRVt
REUi]RNVDGi]YlRYD]PHQRYDUHVSNRStURYDYLDFNUiWQDU{]QHSR]tFLHYQHMDNHMDVWL
]DKXVRYDDSRG
MH]DXMtPDYpSRKUDVDVIDUEDPLURELU{]QHMDV\VWPDYRYDREUi]RNNXRNUDMRPSORFK\]YUD]RYD
OHQQHMDN~IDUHEQ~]ORNXQDSUGR]HOHQD
]REUi]NDSUHNRStURYDOHQWLHSL[HO\NWRUpV~RGQHMDNpKRERGXQDSUQLHDOHMDNRQDSU
RVWDWQpSL[HO\]DIDUELQDELHOR
RWRLREUi]RN,PDJHRVWXSRY
GiWRYiWUXNW~UDQDSUSRPRFQpSROH
3UtNODGVNRU\WQDNRXDHGLWRYDFtPULDGNRP
QDSURJUDPXMHPHWDNpWRVSUiYDQLH
YJUDILFNHMSORFKHEXGHNRU\WQDNDDW~WREXGHPHULDGLSUtND]PLNWRUpVD]DSLVXM~GR
HGLWRYDFLHKRULDGND
Y,QSHNWRUHREMHNWRYVDQDVWDYtPHQDNRPSRQHQW(GLWSUHSQHPH8GDORVWL(YHQWVD
GYRMNOLNQHPH2Q.H\3UHVVY\WYRUtVDPHWyGD(GLW.H\3UHVVWiWRPHWyGDVD]DYROiYG\NH
VDEXGHQLHR]DSLVRYDGRHGLWRYDFLHKRULDGNDQiVYDNEXGH]DXMtPDOHQNOiYHV(QWHU!V
NyGRP
SURJUDPEXGHUR]SR]QiYDW~WRPQRLQXSUtND]RY
GRSUHGXYODYRYSUDYRSKSG]PHQIS]PHQKS
SDUDPHWHUSUtND]XMHRGQHKRRGGHOHQDVSRMHGQRXPHG]HURX
(GLW7H[WMHPRPHQWiOQ\REVDKHGLWRYDFLHKRULDGND
WDQGDUGQiIXQNFLD6WU7R,QW'HISUHYHGLHUHD]HFQDtVORDDNUHD]HFQLHMHVSUiYQH]DGDQpFHOp
tVORWDNYUiWLGUXKSDUDPHWHUIXQNFLHW]YQiKUDGQ~KRGQRWXGHIDXOW
SRPRFRXFRQVWP{HPHGHILQRYDDMSROHNRQWiQW]DLGHQWLILNiWRUNRQWDQW\QDStHPHGHILQtFLX
SRDD]D]QDPLHQNRURYQRVWLGR]iWYRULHNSRVWXSQHY\PHQXMHPHYHWN\NRQWDQW\
SURJUDP
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
(GLW7H[W
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
FRQVW
WDEDUUD\>@RIVWULQJ
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
IDUE\DUUD\>@RI7&RORU
FO%ODFNFO%OXHFO5HGFO*UHHQFO*UD\FO1DY\FO<HOORZFO:KLWH
YDU
VVWULQJ
LSLQWHJHU
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V /RZHU&DVHFRS\VL
L ZKLOHL KLJKWDEDQGWDE>L@!VGRLQFL
ZLWKNGR
FDVHLRI
'RSUHGXS
9ODYRS
9SUDYRS
3+
3'
LIS! ORZIDUE\DQGS KLJKIDUE\WKHQ
=PHQ)3IDUE\>S@
=PHQ+3S
HOVHH[LW
HQG
(GLW7H[W
HQG
SURJUDPY\OHStPHWDNH]DEH]SHtPHDE\ERORNRU\WQDNXYLGLHQDNUHVOtPHMX]HOHQP
WURMXKROQtNRPWURMXKROQtNEXGHQDWRHQYVPHUHQDWRHQLDNRU\WQDN\YG\NHVDNRU\WQDNDSRKQH
DOHERRWRtSUHNUHVOtVDFHOiJUDILFNiSORFKDQDMSUYEH]NRU\WQDN\DQD]iYHUMXGRNUHVOtPHYQRYHM
SRORKHSRPRFQiSURFHG~UDNUHVOL
EXGHPHVLSDPlWDSRVWXSQRVYHWNFKGRWHUDMtFKSUtND]RYSROHSULND]\
SUtND]]PD]Y\SUi]GQLW~WR]DSDPlWDQ~SRVWXSQRV
SURJUDP
YDU
N7.RU
SULND]\DUUD\>@RIUHFRUGSULND]SDUDPLQWHJHUHQG
SRFHWLQWHJHU
SURFHGXUHNUHVOL
FRQVW
IDUE\DUUD\>@RI7&RORU
FO%ODFNFO%OXHFO5HGFO*UHHQFO*UD\FO1DY\FO<HOORZFO:KLWH
YDU
LLQWHJHU
EHJLQ
ZLWKNGREHJLQ
)3 FO%ODFN+3 =PHQ;<VLUNDY\VND6PHU 3'
]PD]
IRUL WRSRFHWGR
ZLWKSULND]\>L@GR
FDVHSULND]RI
'RSUHGXSDUDP
9ODYRSDUDP
9SUDYRSDUDP
3+
3'
LISDUDP! ORZIDUE\DQGSDUDP KLJKIDUE\WKHQ
=PHQ)3IDUE\>SDUDP@
=PHQ+3SDUDP
SRFHW
HQG
QDNUHVOtURYQRUDPHQQ]HOHQWURMXKROQtN
)3 FO/LPH+3 3'
9SUDYR'RSUHGX9ODYR'RSUHGX
9ODYR'RSUHGX9ODYR'RSUHGX
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
(GLW7H[W
NUHVOL
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
FRQVW
WDEDUUD\>@RIVWULQJ
]PD]
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDU
VVWULQJ
LSLQWHJHU
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V /RZHU&DVHFRS\VL
L ZKLOHL KLJKWDEDQGWDE>L@!VGRLQFL
LIL!KLJKWDEWKHQH[LW
LIL WKHQSRFHW SUtND]]PD]
HOVHEHJLQ
LQFSRFHWSULND]\>SRFHW@SULND] LSULND]\>SRFHW@SDUDP S
HQG
NUHVOL
(GLW7H[W
.H\ HGLWRYDFtULDGRNVPH~VSHQHVSUDFRYDOL
HQG
1'
QDPLHVWRHGLWRYDFLHKRULDGNDSRXLWHWH[WRY~SORFKXGRNWRUHMVD]DSLVXMHFHOiSRVWXSQRVNRU\WQDtFK
SUtND]RYDFHOiVDVSUDFRYiYDDGRNRQFDDOHERSRSUYQHGRNRQHQUHVSQHVSUiYQ\SUtND]
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
]iNODGQpRUGLQiOQHW\S\LQWHJHUFKDUDERROHDQDRGQLFKYLHPHRGYRGLQRYW\SLQWHUYDO
RVDEXGHPHGQHVXL
QDXtPHVDQRYRUGLQiOQ\W\SY\PHQRYDQW\S
QDXtPHVDSUDFRYDVSDVFDORYVNPLPQRLQDPL
XNiHPHDNRVLP{HPHQDVLPXORYDDMYHNpPQRLQ\
9\PHQRYDQW\SHQXPHUDWHGW\SH
MHRUGLQiOQ\W\SNWRUGHILQXMHPHY\PHQRYDQtPYHWNFKSUtSXVWQFKKRGQ{WGDQpKRW\SX
Y\PHQRYDQpKRGQRW\V~LGHQWLILNiWRU\NRQWiQWLFKRUGLQiOQHKRGQRW\V~tVODRGGRSRHWQDSU
W\SHW\]GHQ SRQXWRVWUVWYSLDVREQHG
GHILQXMHQRYRUGLQiOQ\W\SSUHPHQQpWRKWRW\SXP{XQDGRE~GDKRGQRWXOHQ]WRKWR]R]QDPX
NRQWiQW
Y\PHQRYDQW\SQDUR]GLHORGLQWHUYDOXQLHMHNRPSDWLELOQVRLDGQ\PLQPW\SRPLQWHUYDOSUHEHUi
YHWN\YODVWQRVWLDMNRQWDQW\QDGUDGHQpKRW\SXDWLHMHVQtPNRPSDWLELOQGRYRXMHQDY]iMRPVD
SULUDRYDPLHDVDYRSHUiFLiFKDSRG
GHNODUiFLDY\PHQRYDQpKRW\SXRNUHPVDPRWQpKRW\SXDXWRPDWLFN\GHILQXMHDMLGHQWLILNiWRU\NRQWiQW
WRKWRW\SXWMVGHNODUiFLRXW\SXW\]GHQVD]DGHNODURYDORDMLGHQWLILNiWRURYDNRNHE\FRQVWSRQ
XWR VWU
Y\PHQRYDQW\SMHRUGLQiOQ\DWHGDVQtPIXQJXM~YHWN\WDQGDUGQpIXQNFLHDSURFHG~U\NWRUpSUDFXM~V
XNiND
W\SH
W\]GHQ SRQXWRVWUVWYSLDVREQHG
YDU
GW\]GHQ
EHJLQ
G SRQ
G SUHGSLDG VWY
G VXFFVREG QHG
G XWR
LQFGG VWU
LQFGG VRE
L RUGSRQL SUYiNRQWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX
SUiFDVY\PHQRYDQPW\SRP
WDQGDUGQpIXQNFLHSURFHG~U\RUGSUHGVXFFORZKLJKLQFGHF
P{HPHKRSRXLDNRLQGH[SUYNRYSRDUHVSULDGLDFDSUHPHQQiF\NOX
DMW\SERROHDQMHY\PHQRYDQW\SWMDNRNHE\W\SHERROHDQ IDOVHWUXH
Y\PHQRYDQW\SVDQHGiY\StVDDQLSUHtWD
RUGLQiOQDKRGQRWDMHGHILQRYDQiWDNHSUYiNRQWDQWDW\SXPiYQ~WRUQ~KRGQRWXDYHWN\
SUDFXMHPHLEDVRUGLQiOQ\PLKRGQRWDPLDOHERVLY\WYRUtPHSRPRFQpSROHPLHQNRQWiQWQDSU
SUHtWDQLHDYSLVY\PHQRYDQpKRW\SXSRPRFRXSRDPLHQNRQWiQW
FRQVW
DDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDU
VVWULQJ
EHJLQ
V (GLW7H[W
G ORZW\]GHQ
ZKLOHGKLJKW\]GHQDQGD>G@!VGRLQFG
LID>G@!VWKHQ
0HPR/LQHV$GG
FK\ED
HOVH
0HPR/LQHV$GGD>VXFFG@VSDGQHDNG QHG
HQG
]LVWLWHYRPMHFK\EQpWDNpWRULHHQLH
FRQVW
DDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDU
VVWULQJ
EHJLQ
V (GLW7H[W
G ORZW\]GHQ
ZKLOHG KLJKW\]GHQDQGD>G@!VGRLQFG
LIG!KLJKW\]GHQWKHQ
0HPR/LQHV$GG
FK\ED
HOVH
0HPR/LQHV$GGD>VXFFG@
HQG
Y\PHQRYDQW\SVPHXSRXtYDOLQDSU
QDVOHGXM~FHW\S\V~XSUHGGHILQRYDQp
W\SH
73HQ6W\OH SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
SV&OHDUSV,QVLGH)UDPH
7%UXVK6W\OH EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
EV)'LDJRQDOEV%'LDJRQDOEV&URVVEV'LDJ&URVV
DP\VPHPRKOLStVD
J3HQ6W\OH SV'DVK
J%UXVK6W\OH EV9HUWLFDO
IXQNFLDYUiWLNRQWDQWXY\PHQRYDQpKRW\SX
W\SH
SRU PHQVLURYQ\YDFVL
LQpPRQRVWLGHILQRYDQLDY\PHQRYDQpKRW\SXY'HOSKL
]DWLDVPHVDQDXLOLHSUYpNRQWDQWDY\PHQRYDQpKRW\SXPiRUGLQiOQXKRGQRWXDSRVOHGQiSRHW
WRWRSUDYLGORP{HPHSRGDSRWUHE\]PHQLSULGHILQRYDQtY\PHQRYDQpKRW\SXP{HPH]iURYH
DNMH]DNRQWDQWRXFHOptVORWRWRGHILQXMHMHKRRUGLQiOQXKRGQRWX
GRVWiYDRY\LXDNRSUHGFKiG]DM~FDNRQWDQWD
YLDFLGHQWLILNiWRURYNRQWiQWP{HPDURYQDNpRUGLQiOQHKRGQRW\
PHG]LPLQLPiOQRXDPD[LPiOQRXKRGQRWRXQHPXVLDE\YHWN\RUGLQiOQHKRGQRW\SRPHQRYDQp
NRQWDQWDPLQDSUYW\SHSRUPiNRQWDQWDURYQ\KRGQRWXDKRGQRWXVPHQHSRPHQRYDOLDM
WDNP{HSUHPHQQiWDNpKRWRY\PHQRYDQpKRW\SXQDGRE~GDDMQHSRPHQRYDQpKRGQRW\QDSU
YDUSSRU SRU
]WRKRWRY\SOYDHSUHY\PHQRYDQW\SMHG{OHLWiPLQLPiOQDDPD[LPiOQDNRQWDQWDWLHWRGYH
GHILQXM~LQWHUYDODYHWN\RVWDWQpNRQWDQW\OHQSRPHQ~YDM~QLHNWRUpKRGQRW\]GDQpKRLQWHUYDOXQDSU
GHILQRYDQiMHGQDNRQWDQWDWRKRWRW\SXVSHFVRUGLQiOQRXKRGQRWRX
DMSRPRFRXFRQVWP{HPHGRGDWRQH]DGHILQRYDDOLHNRQWDQW\GRY\PHQRYDQpKRW\SXQDSU
FRQVWH[WUDFLVOR
NWURPNRQWDQWiPW\SXFLVORGRGHILQRYDODOLXVRUGLQiOQRXKRGQRWRX
7\SPQRLQD
MHWDN~GDMRYW\SNWRUXPRXMHYSDVFDOHSUDFRYDVLVWRXWULHGRXPQRtQSRGREQPVS{VRERPDNR
MHWRREY\NOpYPDWHPDWLNH
YSDVFDOHMHSRYROHQpY\WYiUDPQRLQ\]ORHQpOHQ]SUYNRYURYQDNpKRDWRRUGLQiOQHKRW\SXKRYRUtPH
GHILQtFLDPQRLQ\VDYG\VNODGiDM]GHILQtFLHMHMEi]RYpKRW\SXQDSU]iSLVVHWRIGHILQXMH
QDSU
W\SH
P VHWRI
YDU
DEP
SUiFDVW\SRPPQRLQD
PQRLQRYpNRQWDQW\>@>@>@>@>@
DOHDM>@>@>@
RSHUiFLHREDRSHUDQG\PXVLDE\NRPSDWLELOQpPQRLQ\PDM~NRPSDWLELOQpEi]RYpW\S\
]MHGQRWHQLHD DE
SULHQLND D >@
UR]GLHOD E>@
SUtVOXQRVSUYNXSUYRSHUDQGMHEi]RYpKRW\SXGUXKMHPQRLQD
tVORMHSUYNRPPQRLQ\DLILQDWKHQ
UHOiFLH
URYQRVQHURYQRVLID EWKHQLIF!>@WKHQ
SUtNODG\
YDU
]FKDU
LI]LQ>
$
=
D
]
@WKHQ
LIQRW]LQ>
@WKHQ
WHVWRYDQLHRGSRYHGHiQRQLH
FRQVW
DQR >
D
$
\
<
@QLH >
Q
1
@
V (GLW7H[W
LIV!
YDU
[VHWRI
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
QDPQRLQiFKQHIXQJXMHZULWHY\SLVXMHPHLFKSRPRFRXF\NOX
W\SH
ED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVFRQVWPPQR]LQD
YDU
LED]D
VVWULQJ
EHJLQ
V
>
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQV V,QW7R6WUL
0HPR/LQHV$GGV
@
HQG
YSLVSUYNRYPQRLQ\GRV~ERUXWDNDE\VD]DSRVOHGQ\PtVORPQHY\SLVRYDODLDUND
SURFHGXUHY\SLVFRQVWW7H[W)LOHFRQVWPPQR]LQD
YDU
LED]D
EHJLQ
ZULWHW
>
E IDOVH
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQEHJLQ
LIEWKHQZULWHW
ZULWHWLE WUXH
HQG
ZULWHW
@
HQG
1'
Y\SLVRYDQLHPQRLQ\DMVLQWHUYDOPLQDSU>@
tWDQLHPQRLQ\]RYVWXSXQDYVWXSHP{XE\DMLQWHUYDO\
3UtNODG
DYHWNFKWXGHQWRY
EGREUFKWXGHQWRYSULHPHUGRNWRUtPDM~LQWHUQiW
FGREUFKWXGHQWRYNWRUtQHPDM~LQWHUQiW
SURJUDP
W\SH
ED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
SURFHGXUHFLWDM7DEYDUWWDEYDUQLQWHJHU
YDU
I7H[W)LOH
EELQWHJHU
]FKDU
EHJLQ
$VVLJQ)LOHI
VWXGW[W
5HVHWI
Q
ZKLOHQRWVHHNHRIIGREHJLQ
LQFQ
ZLWKW>Q@GREHJLQ
PHQR
UHSHDWUHDGI]LI]!
WKHQPHQR PHQR]XQWLO]
UHDGOQI]QEE
LQWHU EE
HQG
HQG
&ORVH)LOHI
HQG
SURFHGXUHY\SLVFRQVWWWDEPPQ
YDU
LED]D
EHJLQ
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ0HPR/LQHV$GGW>L@PHQR
HQG
YDU
WWDE
DEPQDLQGH[\GRWDEXN\WSUHNWRUFK]Q
ELQGH[\GRWDEXN\WNWRUtPDM~LQWHUQiW
QLLQWHJHU
EHJLQ
FLWDM7DEWQtWDQLHWDEXN\
D >@E >@
IRUL WRQGREHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
0HPR/LQHV$GG
9VHWFL
Y\SLVW>Q@
0HPR/LQHV$GG
GREULPDMXLQWUDN
Y\SLVWD
E
0HPR/LQHV$GG
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
DMWOIRQWXMHGHILQRYDQDNRPQRLQD
GHNODUiFLHYV\VWpPHGHOSKLY\]HUDM~SULEOLQHWDNWR
W\SH
7)RQW6W\OH IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW
7)RQW6W\OHV VHWRI7)RQW6W\OH
SUHIRQWMHGHILQRYDQp
)RQW7)RQW6W\OHV
DSUHWRP{HPH]DStVD
J)RQW6W\OH >@
J)RQW6W\OH >IV%ROG@
J)RQW6W\OH J)RQW6W\OH>IV,WDOLF@
0HPR)RQW6W\OH >IV,WDOLFIV8QGHUOLQH@
3UtNODG
1DStHPHSURJUDPNWRUY\WYRUtSRGPQRLQX0PQRLQ\WDN~H
MH]PQRLQ\
DNLMH]PQRLQ\WDNLDMLV~]PQRLQ\
ULHHQLH
YDU
PVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQEHJLQ
P P>
L@
LMHYG\]
LI
L WKHQP P>
L@
DNMHDM
L]SULGiPHKRGRPQRLQ\
HQG
HQG
2EPHG]HQLDSUHPQRLQ\
QDSU
YDU
PDUUD\>PD[@RIVHWRI
SULGiYDPH[GRWDNHMWRPQRLQ\
P>[GLY@ P>[GLY@>[PRG@
]LVWtPHLMH[YPQRLQH
LI>[PRG@LQP>[GLY@WKHQ
SRXLWLHYHNHMPQRLQ\
W\SH
PQR]LQD VHWRIE\WHWM
PQ DUUD\>@RIPQR]LQD
YDU
PPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
LILPRGLQP>LGLY@WKHQEHJLQ
M
L
P>MGLY@ P>MGLY@>MPRG@
M
L
LIMGLY WKHQ
P>MGLY@ P>MGLY@>MPRG@
HQG
Y\SLVSURFHG~UDNWRUiY\StHtVOD]PQRLQ\
HQG
(UDWRVWHQRYHVLWR
QDMSUYVRE\DMQRXPQRLQRX
YDU
PVHWRIE\WH
LMLQWHJHU
VVWULQJ
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQEHJLQ
M
L
ZKLOHM GREHJLQ
P P>M@LQFML
HQG
HQG
V
IRUL WRGR
LILLQPWKHQ
V V,QW7R6WUL
0HPR/LQHV$GGV
HQG
9\WYRUtPHVLSRPRFQpSURFHG~U\DIXQNFLHQDSUiFXVYHNPLPQRLQDPLDSRXLMHPHLFKSULULHHQt~ORK\
(UDWRVWHQRYHVLWR
SRPRFQpSRGSURJUDP\SUHSUiFXVYHNPLPQRLQDPL
FRQVW
PD[PQ
W\SH
PQR]LQD UHFRUG
PDUUD\>PD[PQ@RIVHWRIE\WH
PD[LQWHJHUPD[LPiOQHtVORYPQRLQH
HQG
SURFHGXUHLQLF0QYDUPQPQR]LQDP[LQWHJHU
YDU
LLQWHJHU
EHJLQ
LIP[!PD[PQ
WKHQP[ PD[PQ
PQPD[ P[
IRUL WRP[GLYGRPQP>L@ >@
HQG
SURFHGXUHSULGDM0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHYVHWN\0QYDUPQPQR]LQD
YDU
LLQWHJHU
EHJLQ
ZLWKPQGREHJLQ
IRUL WRPD[GLYGRP>L@ >@
YHWN\RNUHPSRVOHGQHM
P>PD[GLY@ >PD[PRG@
HQG
HQG
SURFHGXUHXEHU0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
ULHHQLH~ORK\HUDWRVWHQRYHVLWR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
PQPQR]LQD
LMLQWHJHU
EHJLQ
LQLF0QPQYVHWN\0QPQXEHU0QPQXEHU0QPQ
IRUL WRPQPD[GLYGR
LIY0QPQLWKHQEHJLQ
M LL
ZKLOHM PQPD[GREHJLQ
XEHU0QPQMLQFML
HQG
HQG
0HPR/LQHV$GGY\SLV0QPQ
0HPR/LQHV$GG
SRHWSUYNRY
,QW7R6WUSRFHW0QPQ
HQG
5HDOL]iFLDPQRLQ\YSDPlWLSRtWDD
SDVFDORYVNiPQRLQD SRVWXSQRVELWRY
QDSUSUHVHWRIMHY\KUDGHQFKELWRYWMEDMWRY
YNDGRPELWHMHEXSUYRNQHSDWUtGRPQRLQ\DOHERSUYRNSDWUtGRPQRLQ\
D >@Y\QXOXMHYHWN\ELW\
D >@QDVWDYtLEDELW\RVWDWQpY\QXOXMH
DELGHSRELWRFKDUREtRSHUiFLXELQiUQH25
PQRLQD]DEHUiEDMWRY
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
RVDEXGHPHGQHVXL
WH[WRYpV~ERU\VR]ORLWHMRXWUXNW~URXMHQLHNHG\YKRGQpSUHGVSUDFRYDOH[LNiOQRXDQDO]RX
YSURJUDPHP{HPHPDQLSXORYDDMVREUi]NDPLP{HPHLFKQDSUtNODGRSHLDWNRYDGR
JUDILFNHMSORFK\
/H[LNiOQDDQDO]DVNHQHUVFDQQHU
DOJRULWPXVNWRUVO~LQDSUHGVSUDFRYDQLHWH[WRYpKRYVWXSXUR]ORtWH[WQDORJLFNpDVWLW]YOH[LNiOQH
MHGQRWN\OH[pP\
QDMOHSLHVDY\XLMHSULVSUDFRYDQt]GURMRYFKWH[WRYSURJUDPRYQDMDVWHMLHYSDVFDOH
NRQWDQWDNRQWDQWD]QDNRYUHD]HFSHFLiOQHV\PERO\QDSU]iWYRUN\ERGNRLDUNDLDUND
UHODQpDDULWPHWLFNpRSHUiWRU\DSRG
SRPRFRXWDNpKRWRDOJRULWPXP{HPHYHPLMHGQRGXFKRVSUDFRYDLGHQWLILNiWRU\SUHPHQQFK
DOHERSURFHG~UU{]Q\PVS{VRERPY\SLVRYDSDVFDORYVNSURJUDPIDUHEQHY\]QDRYDQLHNWRUp
DVWLDSRG
SULQFtSSUiFHMHWHQWRSURFHG~UDVNHQHUYG\NHMH]DYRODQi]DQDO\]XMHDOLXDVWH[WXDY
JOREiOQ\FKSUHPHQQFKYUiWLQDVOHGXM~FXOH[pPXW\SOH[pP\GRSOQNRYiLQIRUPiFLDOH[pP\
KRGQRWDSUHtVORDOHERUHD]HFLGHQWLILNiWRU
SRVSUDFRYDQtNDGHMOH[pP\VNHQHUYWH[WRYRPV~ERUHVNRQtQDVWDYHQQD]QDNXWHVQH]D
OH[pPRXMHMDVQpHYG\NHMH]DYRODQXPXVtSRtWDVWPHMHPRQRQDVWDYHQQD
SUYRP]QDNXQHMDNHMOH[pP\DOHERQDSUQDPHG]HUHSUHGRX
QLHNWRUpUHD]FHV~SULVSUDFRYiYDQtWH[WXQHG{OHLWpDSUHWRLFKP{HVNHQHUILOWURYDQDSU
XUtPHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVRYD]DGHILQXMHPHJOREiOQXSUHPHQQ~
Y\PHQRYDQpKRW\SX
OH[NRQLHFLGHQWFLVORUHWD]HFV\PERO
Y\WYRUtPHSRPRFQ~SURFHG~UX]QDNNWRUitWDV~ERUDGRJOREiOQHM]QDNRYHMSUHPHQQHM]SULUDGt
QDtWDQ]QDN
NHMHNRQLHFV~ERUXPRKROE\VDSRXLDMLQ]QDNQDSU
QDNRQFLULDGNDSULRPVSUDFXMHWHQWRNRQLHFULDGNDDMWXE\PRKROE\LQ]QDNQDSU
LQDNSUHtWD]QDN]RV~ERUX
]FKDUDMW7H[W)LOHV~JOREiOQHSUHPHQQp
SURFHG~UD]QDN
YDU
]FKDU
W7H[W)LOH
SURFHGXUH]QDNSURFHG~UDQDtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
Y\WYRUtPHSURFHG~UXVNHQHUNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHSRVWXSQRVWL]QDNRYNWRUpWYRULD
QHMDNpOH[pP\NDGpYRODQLH]LVWtQDVOHGXM~FXOH[pPX
SURFHG~UDVNHQHU
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
RN IDOVH
UHSHDW
FDVH]RI
XMHNRQLHFV~ERUX
EHJLQ
OH[ NRQLHFRN WUXH
HQG
^
]DtQDNRPHQWiU
EHJLQ
QiMGHPHNQHPXGUXK~]iWYRUNXDOHERSUtGHPHQDNRQLHFV~ERUX
HQG
]DtQDUHD]HF
$
=
D
]
]DtQDLGHQWLILNiWRU
HOVH
HQGFDVH
XQWLORN
HQG
YWHOHVDPRWQpKRSURJUDPXVDQDFKiG]DRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQF\NOXV
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
VSUDFRYDQLHWFKOH[pPNWRUpSRWUHEXMHPH
VNHQHU
HQG
3UtNODG
0iPHGDQSDVFDORYVNXQLWXQLWSDV]LVWtPHLNXNDGpPXEHJLQSULVO~FKDMHGHQHQGQDNRNRY
SURJUDPRFKP{XE\DMLQpNRQWUXNFLHNWRUFKV~DVRXMHHQGPXVtPHSRtWDDMVQLPLUHFRUGFDVHD
FODVVWDNWLHQDNRQFLXQLWXMHMHGHQHQGQDY\H3RXLMHPHWDNWRDOJRULWPXVSULNDGRPEHJLQUHFRUG
SULSRtWDPHDSULHQGRGSRtWDPHDNPRPHQWiOQ\V~HWEXGHPHQtDNR]QDPHQiHSUiYHERORYLDF
HQGDNRRWYRUHQFKEHJLQSRVNRQHQtDQDO]\PXVtE\V~HWOHERQD]iYHUMHMHGQRHQGVERGNRX
VNHQHUQHSRWUHEXMHYUiWLYHWN\W\S\OH[pPVWDtQiPOHQLGHQWLGHQWLILNiWRU
EXGHPHILOWURYDNRPHQWiUH^`DDWLHNRQWDQW\]QDNRYpUHD]FHOHERE\PRKOLREVDKRYDQDSU
VORYRHQGDWDNpWRE\VPHQHPDOL]DSRtWD
]MHGQRGXHQVNHQHU
YDU
OH[NRQLHFLGHQW
KRGQVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
RN IDOVH
UHSHDW
FDVH]RI
EHJLQ
OH[ NRQLHFRN WUXH
HQG
^
EHJLQ
UHSHDW]QDNXQWLO]LQ>
`
@
]QDN
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQ
UHSHDW]QDNXQWLO]LQ>@
HQG
HQG
EHJLQ
]QDN
ZKLOHQRW]LQ>
@GR]QDN
LI]
WKHQ]QDN
HQG
$
=
D
]
B
EHJLQ
KRGQ
SURJUDPNWRUVSUDFRYiYDWH[WGRVWiYDRGVNHQHUDOHQW\S\OH[pPNRQLHFDLGHQWSUHWRYWHOHF\NOX
MHMDVQpHOH[pPDMHLGHQW
VSUDFRYDQLHWH[WX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
SRFLQWHJHU
EHJLQ
0HPR/LQHV/RDG)URP)LOH
XQLWSDV
0HPR/LQHV$GG
$VVLJQ)LOHW
XQLWSDV
5HVHWW
]QDNVNHQHUSRF
ZKLOHOH[!NRQLHFGREHJLQ
KRGQ /RZHU&DVHKRGQ
LIKRGQ
EHJLQ
RUKRGQ
FDVH
RU
KRGQ
UHFRUG
RUKRGQ
FODVV
WKHQEHJLQ
LISRFWKHQ0HPR/LQHV$GG
]OHMH
LQFSRF
0HPR/LQHV$GG
KRGQ
,QW7R6WUSRF
HQG
HOVHLIKRGQ
HQG
WKHQEHJLQ
GHFSRF
0HPR/LQHV$GG
KRGQ
,QW7R6WUSRF
HQG
VNHQHU
HQG
&ORVH)LOHW
LISRF!WKHQ
0HPR/LQHV$GG
]OHMHSRFHW
,QW7R6WUSRF
HOVH
0HPR/LQHV$GG
RN
HQG
SRXYDXMWHQDGWPRE\ERORWUHED]PHQLDE\VPHYHGHOLKOiVLFK\EXSULXERYRQRPWH[WH]D
]iYHUHQPHQG]DNWRUPMHERGND
3UtNODG
7H[WRYV~ERUXQLWSDVREVDKXMHSDVFDORYVNSURJUDPWUHEDYRPQDKUDGLYHWN\YVN\W\LGHQWLILNiWRUDU
UHD]FRPUVDPR]UHMPHHQDKUiG]DVDQHEXGHDQLYUHD]FRFKDQLYNRPHQWiURFK
]DGHILQXMHPHSRPRFQ~SURFHG~UXSLVNWRUiY\StH]QDN]GRYVWXSQpKRV~ERUXW
SURFHG~UDSLV
YDU
W7H[W)LOH
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
SURFHG~UDVNHQHU
YDU
OH[NRQLHFLGHQW
KRGQVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
RN IDOVH
UHSHDW
FDVH]RI
EHJLQ
OH[ NRQLHFRN WUXH
HQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
SLV]QDN
LI]
WKHQEHJLQ
UHSHDWSLV]QDNXQWLO]LQ>@
HQG
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
KRGQ
VDPRWQSURJUDPQDtWD]GYRFKNRPSRQHQWRYHGLWRYDFtULDGRNGYDUHD]FHLGHQWLILNiWRUNWRU
QDKUiG]DPHDUHD]HFNWRUPQDKUiG]DPH(GLWD(GLWYWH[WRYHMSORFKH0HPRVDY\StHREVDK
V~ERUXSUHGDMSRQDKUiG]DQt
SURJUDPQDKUDGtLGHQWLILNiWRULQPUHD]FRP
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR/LQHV/RDG)URP)LOH
XQLWSDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
UUVWULQJYHWN\YVN\W\U]PHQtQDU
EHJLQ
U /RZHU&DVH7ULP(GLW7H[W
U 7ULP(GLW7H[W
LIU
RUU
WKHQEHJLQ
6KRZ0HVVDJH
1DMSUY]DGDMREDUHD]FH
H[LW
HQG
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
XQLWDSDV
5HZULWHW
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
SRXLOLVPHGYHV\VWpPRYpSURFHG~U\'HOHWH)LOHD5HQDPH)LOHDE\VPHPRKOLSUHStVDS{YRGQ
REVDKV~ERUXXQLWSDVQRYPRSUDYHQPREVDKRP
3UtNODG
3URJUDPEXGHtWDWH[WRYV~ERUXQLWSDVYNWRURPVDQDFKiG]DQHMDNSDVFDORYVNSURJUDPDY\WYRUt
V~ERUXQLWDSDVNWRUEXGHPD[LPiOQH]KXVWHQQDQHMDN~]DGDQ~tUNXULDGNDQDSU]QDNRY9NDGRP
ULDGNXEXGHPD[LPiOQ\SRHW]QDNRYNWRUpVDVHP]PHVWLDDYV~ERUHEXGHPLQLPiOQ\SRHWPHG]LHUWDNDE\
SURJUDPHWHRVWDOIXQNQ.RPHQWiUH]SURJUDPXY\QHFKiPH
DE\EROSURJUDPURYQDNRIXQNQDNRRULJLQiOPXVtPHNRPHQWiUHNWRUp]DtQDM~]QDNRPWLH
SUHQLHVGRYVWXSXEXGHWRSUHQiVSHFLiOQ\V\PEROQDSU^5
GIP`
QLHNWRUpSDVFDORYVNpYLDF]QDNRYpOH[pP\E\PRKOLURELSUREOpP\NHE\VDUR]GHOLOLGRGYRFKULDGNRY
QDMSUYGRVY\OHSHQVNHQHU
YDU
OH[NRQLHFLGHQWFLVORUHWD]HFV\PERO
KRGQVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQLHF
]QDPHQi]QDNWDEXOiWRU
EHJLQ
RN IDOVH]QDN
HQG
^
EHJLQ
KRGQ ]]QDNOH[ V\PERO
RN ]
QDSUSUH^5
GIP`
ZKLOHQRW]LQ>
`
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
KRGQ KRGQ]]QDN
HQG
EHJLQ
]QDNKRGQ
OH[ UHWD]HF
UHSHDW
ZKLOHQRW]LQ>
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
LI]
WKHQ]QDN
LI]
WKHQKRGQ KRGQ
XQWLO]!
HQG
$
=
D
]
B
EHJLQ
KRGQ
OH[ LGHQW
ZKLOH]LQ>
$
=
D
]
B
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
HQG
EHJLQ
KRGQ ]]QDNOH[ FLVOR
ZKLOH]LQ>
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQNRPHQWiU
UHSHDW]QDNXQWLO]LQ>@
RN IDOVH
HQG
HOVHEHJLQ
KRGQ
OH[ V\PERO
HQG
HQG
EHJLQ
KRGQ ]]QDNOH[ V\PERO
LI]
WKHQ
EHJLQKRGQ KRGQ]]QDNHQG
HQG
EHJLQ
KRGQ ]]QDNOH[ V\PERO
LI]
WKHQ
EHJLQKRGQ KRGQ]]QDNHQG
HQG
!
EHJLQ
KRGQ ]]QDNOH[ V\PERO
LI]
RUKRGQ
DQG]
!
WKHQ
EHJLQKRGQ KRGQ]]QDNHQG
HQG
HOVH
OH[ V\PEROKRGQ ]]QDN
HQG
XQWLORN
HQG
VDPRWQDOJRULWPXV]KXVRYDQLDWH[WXPHG]LQLHNWRUpGYRMLFH]DVHERXLG~FLFKOH[pPPXVtPHSULGiYD
PHG]HUX
Y\WYiUDQLH]KXVWHQpKRSDVFDORYVNpKRSURJUDPX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
PD[VLU
YDU
W7H[W)LOH
LVLULQWHJHUVLUGRWHUDMLDtUNDULDGND
EEERROHDQLYNODGDPHG]HU\PHG]LOH[pP\
VVWULQJ
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
XQLWDSDV
5HZULWHW
VLU E IDOVH
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
E OH[LQ>FLVORLGHQW@V KRGQ
LIOH[ UHWD]HFWKHQEHJLQ
V
IRUL WROHQJWKVGR
LIKRGQ>L@
WKHQV V
HOVHV VKRGQ>L@
V
KRGQ
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQEHJLQ
ZULWHOQWVLU
HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHWVLQFVLUOHQJWKV
VNHQHU
HQG
&ORVH)LOHW&ORVH)LOHW
HQG
1'
%LWPDS\
YWHMWRDVWLP{HWHSRXLV~ERU\]SUHGFKiG]DM~FLFKSUHGQiRNREUD]N\]LSDOHDMQRYpV~ERU\VREUi]NDPL
REUD]N\]LS
SUHtWDQLHREUi]ND]RV~ERUXGRJUDILFNHMSORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
SRPRFRXWRKWRVS{VREXVDQLHNHG\]PHQtJUDILFNiSORFKDDWLHEXGHQHSRXLWHQNHSRWUHEXMHPH
ELWPDSXXPLHVWQLQLHGRDYpKRKRUQpKRURKXDOHQDQHMDNpNRQNUpWQHV~UDGQLFH
EXGHPHSUDFRYDVQRYPREMHNWRPELWPDSDP{HPHVLYLPQ~LVW~SRGREQRVVREMHNWRP
NRU\WQDND
GHNODURYDQtPSUHPHQQHMEPS7%LWPDSREMHNWLQWDQFLDHWHQHY]QLNiQRYREMHNWWUHEDHWH
Y\WYRUL
EPS 7%LWPDS&UHDWHY\WYRUtVDQRYiELWPDSDREUi]RNNWRUMH]DWLDSUi]GQ\PiUR]PHU\
[
GRH[LVWXM~FHKRREMHNWXELWPDSDP{HPHSUHtWDREUi]RN]RV~ERUXSRPRFRX/RDG)URP)LOHDN
XELWPDSDPDODQHMDNREVDKWHQWRVDVWUiFDDQDKUDGtVDSUHtWDQPREUi]NRP]PHQtVDMHM
YHNRV
WHUD]P{HPHRSHLDWNRYDQiQRYREMHNWELWPDSDGRJUDILFNHMSORFK\,PDJHSRPRFRX
PHWyG\'UDZ
DPDOLE\VPHVLQD]iYHU]Y\NQ~QDMHGQRG{OHLWpSUDYLGORYG\NHVNRQtPHSUDFRYDV
REMHNWRPELWPDSDWDNMXPXVtPHXYRQL]RV\VWpPXSRPRFRXPHWyG\)UHHELWPDSDMHWRWL
WDNSHFLiOQ\REMHNWNWRURGHUSiYD]GURMH]:LQGRZVDDNWDNFKWR]GURMRY:LQGRZVPLQLHPH
SULYHDV\VWpPVDP{H]U~WL
ELWPDSDGRSR]DGLDJUDILFNHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
,PDJH&DQYDV'UDZEPS
EPS)UHH
HQG
PHWyGD'UDZRSHLDWNXMHELWPDSXGR&DQYDVXQDV~UDGQLFH]DGDQpGYRPDSUYPLSDUDPHWUDPLWLHWR
XUXM~DYKRUQURKNODGHQpKRREUi]NDSULWRPP{HQHMDNiDVREUi]ND]SORFK\Y\SDGQ~QLHNHG\
VDP{XKRGLDM]iSRUQpV~UDGQLFHREUi]ND
H[LVWXMHHWHSHFLiOQ\SUtSDGPHWyG\'UDZSRORHQLHREUi]NDGRSORFK\VR]PHQRXYHNRVWL
6WUHWFK'UDZREUi]RNP{HPHXERYRQH]PHQLDOHER]YlLP{HPHKRQDSUtNODGQDWLDKQXQD
FHO~JUDILFN~SORFKX
6WUHWFK'UDZPiGYDSDUDPHWUHSUYPMHREGQLNUHFWDQJOHGRNWRUpKRWUHEDXPLHVWQLREUi]RND
QDWLDKQXWLHREUi]NDQDFHO~SORFKX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
,PDJH&DQYDV6WUHWFK'UDZ5HFW,PDJH:LGWK,PDJH+HLJKWEPS
EPS)UHH
HQG
XNiHPHW\SLFN~SUiFXVELWPDSRXRSHLDWNXMHPHREUi]RNYLDFNUiWYHGDVHEDDSRGVHEDWDNDE\
SUHVQHY\SOQLOFHOpSR]DGLHJUDILFNHMSORFK\
RNDFKOLNRYDQLHSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
[\ZKLQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
SR]DGLHEPS
Z ,PDJH:LGWKK ,PDJH+HLJKW\
ZKLOH\KGREHJLQ
[
ZKLOH[ZGREHJLQ
,PDJH&DQYDV'UDZ[\EPS
LQF[EPS:LGWK
HQG
LQF\EPS+HLJKW
HQG
EPS)UHH
HQG
1'
Y\FHQWUXMHWHELWPDSXGRJUDILFNHMSORFK\
Y\NDFKOLNXMWHSORFKXGYRMQiVREQH]YlHQP]PHQHQPREUi]NRP
QDWLDKQLWHREUi]RNWDNDE\SRNU\OFHO~SORFKXDOHSULWRPDE\RVWDOSRPHUVWUiQREUi]ND]DFKRYDQ
SUDYGHSRGREQHREUi]RNYMHGQRPUR]PHUHP{HY\SDGQ~]SORFK\
SUHGSRNODGDMPHHPiPHSULSUDYHQFKV~ERURY%03ELWPiSPDOFKREUi]NRYEPSEPS
EPSEPSSR]DWODHQtWODLGODVDQDQiKRGQRPPLHVWHSORFK\SRORtQiKRGQHY\EUDQMHGHQ]
REUi]NRY
QiKRGQREUi]RNQDQiKRGQ~SR]tFLXSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPS
,QW7R6WUUDQGRP
EPS
,PDJH&DQYDV'UDZUDQGRP,PDJH:LGWKEPS:LGWK
UDQGRP,PDJH+HLJKWEPS+HLJKWEPS
EPS)UHH
HQG
DNSRXLMHREUi]N\]RV~ERUXREUD]N\]LSP{HWHVLYLPQ~HQLHNWRUpDVWLREUi]NRYV~ELHOHDOH
ERORE\NUDMLHNHE\EROLSULHVYLWQpELWPDSiPP{HPHMHGQXIDUEXXULDNRSULHVYLWQ~DSRWRP
NODGHQLHREUi]NDGRSORFK\SRPRFRX'UDZDOHER6WUHWFK'UDZSRQHFKiSULHVYLWQpDVWLQH]PHQHQp
ELWPDSHPXVtPH]DGHILQRYDGYHVWDYRYpSUHPHQQpYODVWQRVWL7UDQVSDUHQW&RORUD7UDQVSDUHQW
SUYRXGHILQXMHPHIDUEXNWRUiVDVWDQHSULHVYLWQRXDGUXKRX]DStQDPHP{HPHDMY\SQ~UHLP
SULHVYLWQHMIDUE\QDSU
REUi]N\VSULHVYLWQPLDVDPL
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPS
,QW7R6WUUDQGRP
EPS
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
,PDJH&DQYDV'UDZUDQGRP,PDJH:LGWKEPS:LGWK
UDQGRP,PDJH+HLJKWEPS+HLJKWEPS
EPS)UHH
HQG
P{HPHSUDFRYDQLHOHQVELWPDSDPLNWRUpVPHSUHtWDOL]RV~ERUXDOHELWPDSXVLP{HPHQDNUHVOLDM
VDPLELWPDSDPiURYQDN&DQYDVDNRJUDILFNiSORFKD,PDJHDWHGDGRQHMP{HPHNUHVOLURYQDNP
VS{VRERP
DNQHEXGHPHGRSUiYHY\WYRUHQHMELWPDS\7%LWPDS&UHDWHtWDV~ERUSRPRFRX/RDG)URP)LOHDOH
SURJUDPRPY\WYRUHQREUi]RN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LLQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS:LGWK EPS+HLJKW
EPS&DQYDV%UXVK&RORU FO:KLWH
EPS&DQYDV)LOO5HFW5HFWEPS:LGWKEPS+HLJKW
IRUL GRZQWRGR
ZLWKEPS&DQYDVGREHJLQ
LIRGGLWKHQ%UXVK&RORU FO<HOORZ
HOVH%UXVK&RORU FO5HG
(OOLSVH
L
L
L
L
HQG
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
,PDJH&DQYDV'UDZUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWEPS
EPS)UHH
HQG
GRELWPDS\P{HPHRSHLDWNRYDDMLQpELWPDS\Y\WYRUtPHELWPDSXVROWPNUXKRPDGRQHM
RSHLDWNXMHPHQiKRGQHY\EUDQ~ELWPDSXQDSU
SRXLWLHGYRFKELWPiS
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPSEPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS:LGWK EPS+HLJKW
EPS&DQYDV%UXVK&RORU FO:KLWH
EPS&DQYDV)LOO5HFW5HFWEPS:LGWKEPS+HLJKW
ZLWKEPS&DQYDVGREHJLQ
%UXVK&RORU FO<HOORZ
(OOLSVH
HQG
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPS
,QW7R6WUUDQGRP
EPS
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
EPS&DQYDV'UDZEPS:LGWKGLYEPS+HLJKWGLYEPS
EPS)UHH
MHHWHYHDLQFKPRQRVWtDNRSUDFRYDVELWPDSDPLQDSU
QDPLHVWREPS/RDG)URP)LOH
EPSEPS
P{HPHSRPRFRX
,PDJH3LFWXUH*UDSKLFRSHLDWNXMHFHO~JUDILFN~SORFKXGR&DQYDVXELWPDS\Wi
DVNWRUiVDQH]PHVWtEXGHRGUH]DQi]UHMPHELWPDSDXPXVtPDSUHGWPWRYRODQtP
QDVWDYHQ~YHNRVQDSUEPS:LGWK EPS+HLJKW SRGREQHE\VPHPRKOL
SRXLDM6WUHWFK'UDZ
PHWyGD&RS\5HFWMHSRGREQi6WUHWFK'UDZOHQP{HPH]DGDQLHOHQREGQLNNDPVDNRStUXMH
&DQYDVREUi]NDSORFK\NWRUVDNRStUXMHQDSUEPS&DQYDV,PDJH&DQYDV
REGQLNYUH]XREUi]NDNWRUVDEXGHNRStURYDQDSU5HFW
SRXLWLH&RS\5HFWQDMHGQRGXFKRPSUtNODGH]ELWPDS\WLJUDY\VWULKQHPHOHQKODYX
RSHLDWNRYDQLHOHQDVWLREUi]ND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
[\[\ZKLQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
[ UDQGRP,PDJH:LGWK\ UDQGRP,PDJH+HLJKWNDP
,PDJH&DQYDV&RS\5HFW5HFW[\[Z\KEPS&DQYDV5HFW[\[Z\K
EPS)UHH
HQG
DE\JUDILFNiSORFKDQHEOLNDOD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
HQG
%LWPDSDDNRJOREiOQDSUHPHQQi
DVWRVDQiPP{HKRGLDE\VPHQHPXVHOLDVWRSRXtYDQ~ELWPDSXDOHDMYLDFELWPiSPRQRDM
SROHELWPiSWHVQHSUHGSRXLWtPY\WYRULDSUHtWD]RV~ERUXDSRSRXLWtQDSUSR'UDZMXSRPRFRX
)UHHXYRQL
QDMMHGQRGXFKtPVS{VRERPMHY\WYRUHQLHJOREiOQ\FKSUHPHQQFKSULWDUWHIRUPXOiUD)RUP&UHDWH
SRWRPMHGREUHQH]DEXGQ~XYRQLWDNpWRELWPDS\SULNRQFLDSOLNiFLH)RUP'HVWUR\
ELWPDSDDNRJOREiOQDSUHPHQQi
YDU
EPS7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
[\ZKLQWHJHU
EHJLQ
Z UDQGRPK UDQGRP
[ UDQGRP,PDJH:LGWKZ\ UDQGRP,PDJH+HLJKWK
,PDJH&DQYDV6WUHWFK'UDZ5HFW[\[Z\KEPS
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
.ySLDELWPDS\
DNSRWUHEXMHPHSUHNRStURYDREVDKMHGQHMELWPDS\GRGUXKHMQLNG\QHVPLHPHSRXLRE\DMQp
SULUDGHQLHQDSU
FK\EQpULHHQLH
YDU
EE7%LWPDS
EHJLQ
E 7%LWPDS&UHDWHE 7%LWPDS&UHDWH
E/RDG)URP)LOH
PLULEPS
E EWiLVWiELWPDSDGRVWDODGUXKpPHQRE
SRtYDQLHELWPDS\E
E)UHHE)UHH
WiWRDVSURJUDPXVSDGQHOHERSRE)UHHXQHH[LVWXMHDQLEDWHGDVDQHGiXURELE)UHH
SUYpVSUiYQHULHHQLH
NRStURYDQLHMHGQHMELWPDS\GR&DQYDVXGUXKHMELWPDS\
YDU
EE7%LWPDS
EHJLQ
E 7%LWPDS&UHDWHE 7%LWPDS&UHDWH
E/RDG)URP)LOH
PLULEPS
GUXKpVSUiYQHULHHQLH
SRXLWLHPHWyG\$VVLJQ
YDU
EE7%LWPDS
EHJLQ
E 7%LWPDS&UHDWHE 7%LWPDS&UHDWH
E/RDG)URP)LOH
PLULEPS
E$VVLJQE
SRtYDQLHELWPDS\E
E)UHHE)UHH
=KUQXWLHWULHG\7%LWPDS
7%LWPDSMHSUHGGHILQRYDQiWULHGDNWRUiVO~LQDPDQLSXOiFLXVREUi]NDPLP{HPHVLMXSUHGVWDYLDNRREVDK
V~ERUXVSUtSRQRX%03GiVDVQtPSUDFRYDQDSUYSURJUDPH3DLQW6NLFiU7iWRWULHGDPiQLHNRNR
XLWRQFKVWDYRYFKSUHPHQQFKYODVWQRVWLSURSHUW\DPHWyG
QLHNWRUpVWDYRYpSUHPHQQp
:LGWK+HLJKWPRPHQWiOQDtUNDDYNDREUi]NDP{HPHMX]PHQLSULUDGHQtPQRYFKKRGQ{WGR
WFKWRSUHPHQQFK
&DQYDVJUDILFNiSORFKDREUi]ND
7UDQVSDUHQWLPiQHMDNpSULHVYLWQpDVWLLQDNMHWRQHSULHVYLWQREGQLN
7UDQVSDUHQW&RORUNWRUiIDUEDYREUi]NXMHSRYDRYDQi]DSULHVYLWQ~
QLHNWRUpPHWyG\
NRQWUXNWRU&UHDWHY\WYRUt]DWLDSUi]GQ\REUi]RN
)UHHXYRQtELWPDSX]SDPlWL:LQGRZV
/RDG)URP)LOHQDtWDREUi]RN]RV~ERUXYRIRUPiWH%03
6DYH7R)LOHXORtREUi]RNGRV~ERUXYRIRUPiWH%03
$VVLJQXUREtNySLXREUi]ND]LQHMELWPDS\
7,PDJH
&DQYDV)LOO5HFW
&DQYDV3L[HOV>ULDGRNVWSHF@
&DQYDV5HFWDQJOH(OOLSVH7H[W2XW
&DQYDV0RYH7R/LQH7R3RO\JRQ3RO\OLQH)ORRG)LOO
DWHGDP{HPHWPWRPHWyGDPQDVWDYLSHURWHWHFIRQWQDSU&DQYDV3HQ&RORU
&DQYDV'UDZRSHLDWNXMHLQ~ELWPDSX
&DQYDV6WUHWFK'UDZRSHLDWNXMHLQ~ELWPDSXSULRPMXP{H]YlL]PHQL
&DQYDV&RS\5HFWRSHLDWNXMHYUH]LQpKR&DQYDVXELWPDS\DOHERJUDILFNHMSORFK\
&DQYDV%UXVK&RS\SRGREQ&RS\5HFWMHGQX]IDULHESULNRStURYDQtYLHQDKUDGLLQRX
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SR]QiPHPHFKDQL]PXVYRODQLDSRGSURJUDPRY
]DSDPlWiVDQiYUDWRYiDGUHVD
Y\KUDGtVDSDPlSUHORNiOQHSUHPHQQpDMKRGQRWRYpSDUDPHWUHWLHVDDMLQLFLDOL]XM~
Y\NRQiVDWHORSRGSURJUDPX
XYROQtVDSDPlORNiOQ\FKSUHPHQQFK]DEXGQ~VDLFKKRGQRW\
SURJUDPSRNUDXMHQD]DSDPlWDQHMQiYUDWRYHMDGUHVH
RVDEXGHPHGQHVXL
1HNRQHQiUHNXU]LD
QDWHVWRYDQLHUHNXU]tYQ\FKSURFHG~UP{HWHY\XLSULSUDYHQ3URMHNWGRWRKRWRSURMHNWXP{HWH
SULGiYDDOLHSURFHG~U\QDODGHQLH
YWRPWRWHVWRYDFRPSURMHNWHVLYLPQLWHDNRVDSRPRFRXGYRFKSRPRFQFKSURFHG~USXVKDSRS
VLPXOXMHLQQRV]iVREQtND
WHUD]VLXSR]ULWHSUY~UHNXU]tYQXSURFHG~UX
SURFHG~UD[\YROiVDPXVHED
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXV
N9ODYR
FDNDM
[\V
HQG
EHJLQ
N 7.RU&UHDWH
[\
N)UHH
HQG
WUDVXMHPHWHQWRSURJUDP
]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
QDNUHVOtVDLDUDGN\VNRU\WQDNDVDRWRtGRDYDRVWXSRY
]QRYXVDYROiSURFHG~UD[\VSDUDPHWURPV]PHQHQPVWMY\WYRUtVDQRYiORNiOQDSUHPHQQi
V WiWRSUHPHQQiVDY\WYiUDQD]iVREQtNX
IXQJXMHWX]QiP\PHFKDQL]PXVYRODQLDSRGSURJUDPRY
WRWRVDUREtGRQHNRQHQDDOHDVRPVD]DSOQtSDPlSRtWDDNWRUiMHXUHQiQDPHFKDQL]PXV
RGREHUDQLH]YUFKX
HWHVLYLPQLWHN)UHHQDNRQFLSURJUDPXWHQWRSUtND]SRGREQHDNRSULELWPDSiFKXYRXMHNRU\WQDNX
KRFLYWRPWRNRQNUpWQRPSUtNODGHVDQDWHQWRULDGRNYSRHWQLNG\QHGRVWDQH
&KYRVWRYiUHNXU]LDQHSUDYi
QLHNGHYWHOHUHNXU]tYQHMSURFHG~U\VDPXVtQDFKiG]DWHVWNWRU]DEH]SHtHYQLHNWRUFKSUtSDGRFK
UHNXU]LDVNRQt
QDMDVWHMLHWREXGHPHULHLW]YWULYLiOQ\PSUtSDGRPQD]DLDWRNSRGSURJUDPXXPLHVWQLPH
SRGPLHQHQSUtND]LINWRURWHVWXMHWULYLiOQ\SUtSDGSUtSDGNHXQHEXGHUHNXU]tYQHYRODQLHULHHQLH
WDNHMWR~ORK\MHXWULYLiOQH
YSUtSDGHHLIQHPiVSOQHQ~SRGPLHQNXQLHMHWRWULYLiOQ\SUtSDGY\NRQDM~VDQDVOHGXM~FHSUtND]\
NWRUpXEXG~REVDKRYDUHNXU]tYQHYRODQLHULHHQLHWDNHMWR~ORK\MHQHWULYLiOQHY\DGXMHVLUHNXU]LX
SLUiOD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQQLQHUREOHQVNRQL
HOVHEHJLQ
N'RSUHGXV
N9ODYR
FDNDM
VSLUV
HQG
HQG
EHJLQ
N 7.RU&UHDWH
VSLU
N)UHH
HQG
VQDSU
YLPQLPHVLHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWH]DNWRUPXQHQDVOHGXM~DOLH
SUtND]\SURFHG~U\ !WRWRYRODQLHVDGiDKNRSUHStVDF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
SUHSLVSRPRFRXZKLOHF\NOX
ZKLOHV GREHJLQ
N'RSUHGXV
N9ODYR
FDNDM
V V
HQG
UHNXU]LDIXQJXMHDMEH]JUDILN\
QDStHPHSURFHG~UXNWRUiY\StHtVOD111
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQQLQHUREOHQVNRQL
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
HQG
HQG
EHJLQ
Y\SLV
HQG
]LVWLWHDNRVD]PHQtYVWXSDNVDY\PHQtYRODQLH0HPR/LQHV$GGDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQL
HOVHEHJLQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQGXWRQLHMHFKYRVWRYiUHNXU]LD
HQG
3UDYiUHNXU]LD
SLUiOD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN)3 FO5HGDVNRQL
HOVHEHJLQ
N'RSUHGXVN9ODYR
FDNDM
VSLUV
N9SUDYRN'RSUHGXV
FDNDM
HQG
HQG
WUDVXMWHMHMYRODQLHSUH
VSLU
WDNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDSRPRFRXGYRFKF\NORY
SRFHW
ZKLOHV GREHJLQRVDGHMHSUHGUHNXU]tYQ\PYRODQtP
N'RSUHGXVN9ODYRV VLQFSRFHW
FDNDM
HQG
N)3 FO5HGWULYLiOQ\SUtSDG
ZKLOHSRFHW!GREHJLQRVDGHMHSRY\QiUDQt]UHNXU]LH
V VN9SUDYRN'RSUHGXVGHFSRFHW
FDNDM
HQG
DOLHSUtNODG\
VSURFHG~URXY\SLVVPHVDXKUDOL
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQL
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQG
HQG
NGHVDY\StXKYLH]GLN\"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQ0HPR/LQHV$GG
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQG
HQG
RSlVNRU\WQDNRX
SULSRPtQDPH]QiPXSURFHG~UXSRO\
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
N'RSUHGXV
N9ODYRX
GHFQ
HQG
FDNDM
HQG
]LVWLWHRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHG~UDVWYRUHF
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQQLQHUREOHQVNRQL
HOVHEHJLQ
SRO\D
VWYRUHFD
HQG
HQG
SURFHG~UDVWYRUHF
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQL`N9ODYR
HOVHEHJLQ
SRO\D
VWYRUHFD
SRO\D
HQG
HQG
YSRHWIDNWRULiOXUHNXU]tYQRXIXQNFLRX
WULYLiOQ\PSUtSDGRPMHWX~ORKDY\ULHLQDSUYLHPHWRDMEH]UHNXU]LH
UHNXU]tYQHSUtSDG\V~WDNpQHSODWtWULYLiOQ\SUtSDGNWRUpV~XWDN]ORLWpHQDQHSRWUHEXMHPH
UHNXU]LX
KRFLWRWRULHHQLHQLHMHFKYRVWRYiUHNXU]LDSRUHNXU]tYQRPYRODQtIDNWVDPXVtHWHQiVRELYLHPHKR
MHGQRGXFKRSUHStVDSRPRFRXF\NOX
1'
]DStWHSRO\SRPRFRXUHNXU]LHEH]]iSLVXF\NOX
]DStWHILERQDFFLKRSRVWXSQRVUHNXU]tYQRXIXQNFLRX]LVWLWHNRNRNUiWVDUHNXU]tYQH]DYROiSUHGDQpQ
ULHWHUHNXU]LRXLQp]QiPHPDWHPDWLFNpIXQNFLHQDSUQDMYltVSRORQGHOLWHSRPRFRXHXNOLGRYKR
DOJRULWPXXPRFRYDQLHtVODQDFHORtVHOQH[SRQHQWSRPRFRXQiVREHQLDYSRHWNRPELQDQpKR
tVODDSRG
%LQiUQHVWURP\
QDNUHVOLPHSRPRFRXNRU\WQDHMJUDILN\ELQiUQ\VWURP~URYQHQ
SUHQ QDNUHVOtVDLDUD
YRYHWNFK~URYQLDFKV~NRQiUHURYQDNRGOKp
ELQiUQ\VWURPSRGVWURP\VDQHVNUDFXM~
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQ
N'RSUHGX
N'RSUHGX
HQG
HOVH
ZLWKNGREHJLQ
'RSUHGX
9ODYRQDWRVDQDNUHVOHQLHDYpKRSRGVWURPX
VWURPQQDNUHVOLDYSRGVWURPQ~URYQH
9SUDYRQDWRVDQDNUHVOHQLHSUDYpKRSRGVWURPX
VWURPQQDNUHVOLSUDYSRGVWURPQ~URYQH
9ODYRQDWRVDGRS{YRGQpKRVPHUX
'RSUHGXYUiVDQDS{YRGQpPLHVWR
HQG
FDNDM
HQG
ELQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\tFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQEHJLQVKUXEtPLYHWYDPL
'RSUHGXY
9SUDYR'RSUHGX9ODYR
'RSUHGXY
HQG
HOVHEHJLQ
'RSUHGXY
9ODYR
VWURPQY
9SUDYR
VWURPQY
9ODYR
'RSUHGXY
HQG
FDNDM
HQG
QDNRNRVDNRU\WQDNDQHYUDFLDSUHVQHSRWHMLVWHMLDUHDOHVPDORXRGFKONRXDWiWRRGFKONDVDVWiOH
]YlXMHY]QLNiWHQWR]DXMtPDYHIHNW
1'
ULHHQLHEH]UHNXU]LHEXGHPHWRVSRORQHULHLQHVN{U
GRNUHVOLVWURPXOtVWRN\QDSRVOHGQFKYHWYiFK
QiKRGQHQDVWDYLYHNRVSRGVWURPXQiKRGQHQDVWDYLXKROYHWLHY
SRGD~URYQHYQRUHQLDPHQLKU~ENXSHUD
VWURPNWRUVDUR]YHWYXMHQLHQDGYHDOHQDWULDVWLVDQD]YDWHUQiUQ\
WHUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQ
SRO\D
HOVH
ZLWKNGREHJLQ
'RSUHGXD9ODYR
IRUL WRGREHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
FDNDM
HQG
1DStHPHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHNRVWLD
Q QHUREtQL
Q WYRUHFVRVWUDQRXGN\D
WYRUFHYNDGRPURKXWYRUFD
SURFHGXUHVVVQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQQHUREQLOHQVNRQL
HOVH
IRUL WRGREHJLQ
N'RSUHGXD
N9ODYR
FDNDM
VVVQDVN~VWHVVVQD
HQG
HQG
YLPQLWHVLHWRQLHMHFKYRVWRYiUHNXU]LD
REUi]RNY\]HUiWDNWRGUXKMHSUHUHNXU]tYQHYRODQLHVVVQD
NODVLFNiUHNXU]tYQDNULYND
VQHKRYiYORND
YDU
N7.RU
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
FDNDM
HQG
YDU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
YORFND
N9ODYR
HQG
N)UHH
HQG
N9SUDYR
)UDNWiO\
&NULYND
YDU
N7.RU
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
FNULYNDVN~VWHFNULYND
N)UHH
HQG
'UDLDNULYNDVDVNODGi]GYRFK]UNDGORYFKSURFHG~UOGUDNDSGUDN
SUREOpPMHSULLFKY]iMRPQRPYRODQtP{HPHWRY\ULHLEX
SRPRFRXGLUHNWtY\IRUZDUG
YDU
N7.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
FDNDM
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
OGUDN
N)UHH
HQG
Y]iMRPQpYQRUHQLHSURFHG~U
YDU
N7.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
FDNDM
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
OGUDN
N)UHH
HQG
YLPQLWHVLHNRU\WQDNDSULNUHVOHQtNULYN\QHSUHMGHSRLDGQHMLDUHYLDFNUiW
NULYNXP{HPHNUHVOLOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRLMHDYiDOHER
SUDYi
GUDLDNULYNDMHGQRXSURFHG~URX
YDU
N7.RU
SURFHGXUHGUDNQLQWHJHUVUHDOXLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
GUDNQV
NYODYRX
GUDNQV
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
GUDN
N)UHH
HQG
+LOEHUWRYDNULYND
+LOEHUWRYDNULYNDVDWLHVNODGi]GYRFK]UNDGORYFKDVWtGHILQXMHPHLFKMHGQRXSURFHG~URX
YDU
N7.RU
SURFHGXUHKLOEHUWQLQWHJHUVUHDOXLQWHJHU
EHJLQ
LIQ!WKHQEHJLQ
NYODYRX
KLOEHUWQVXNGRSUHGXVNYSUDYRX
KLOEHUWQVXNGRSUHGXV
KLOEHUWQVXNYSUDYRXNGRSUHGXV
KLOEHUWQVXNYODYRX
FDNDM
HQG
HQG
EHJLQ
N 7.RU&UHDWH
KLOEHUWVN~VWHKLOEHUW
N)UHH
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
GRJUDILFNHMSORFK\]DWLDYLHPHNUHVOLSRPRFRXDOJRULWPRY
RVDEXGHPHGQHVXL
DNRP{HPHSRXtYDWHRYLXPRQLNUHVOLGRJUDILFNHMSORFK\SRPRFRXP\L
0\
SULSUiFLV3L[HOVYJUDILFNHMSORFKHVPHWURFKXH[SHULPHQWRYDOLDMVP\RXSULSRK\ERFKP\RXQDG
JUDILFNRXSORFKRX,PDJHVPH]REUD]RYDOLSUtVOXQpERGN\REUi]NDY\XLOLVPHXGDORV
RQ0RXVH0RYHNWRUiGRREVOXQHMSURFHG~U\,PDJH0RXVH0RYHSRVLHODDMV~UDGQLFHP\LY
SDUDPHWURFK;D<
QDXtPHVDDNRVDSUDFXMHVP\RXJUDILFNiSORFKDPiU{]QHXGDORVWL
RQ0RXVH'RZQ]DWODLOLVPHQDGSORFKRXQLHNWRUpWODLGORP\L
RQ0RXVH0RYHP\VDKEHQDGSORFKRX
RQ0RXVH8SSXVWLOLVPHWODLGORP\L
]DQHPHQDMMHGQRGXFKtPSUtSDGRPYRIRUPXOiULPiPHJUDILFN~SORFKX,PDJHDSULUDGtPHMHMXGDORV
RQ0RXVH0RYHGYRMNOLNQHPHQDULDGRNVRQ0RXVH0RYHY]iORNH(YHQWVSUH,PDJHY,QSHNWRUH
REMHNWRY
SRK\EP\LNUHVOtERGN\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
,PDJH&DQYDV3L[HOV>;<@ FO%ODFN
HQG
SRK\ERPP\LQDSORFKRXVDQDSUtVOXQFKPLHVWDFK]REUD]XM~ERGN\
XVPHVLPRQR]Y\NOLHYHPLDVWRNHUREtPHVJUDILNRXDWiWREOLNiWUHEDGR)RUP&UHDWHSULGD
ULDGRN
DE\JUDILFNiSORFKDQHEOLNDOD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
NUHVOHQtPERGLHNVDYHPLDNRQLHRQDR]DMQDNUHVOtSUHWRVDP{HPHSRN~VLQDPLHVWRERGN\
3L[HOVNUHVOLLDU\/LQH7R
SRK\EP\LVSiMDLDU\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
,PDJH&DQYDV/LQH7R;<
HQG
WHUD]VDQDR]DMVSiMDM~LDU\SRGDSRK\EXP\LOHQHLDU\VDNUHVOLDDMNHVDWODLGORP\LQH]DWODt
Y\XLMHPHSDUDPHWHU6KLIWMHW\SX76KLIW6WDWHDSUHWHQWRSODWt
W\SH76KLIW6WDWH VHWRI
VV6KLIWVV$OWVV&WUOVV/HIWVV5LJKWVV0LGGOHVV'RXEOH
YWRPWRSDUDPHWULVDP{HPHGR]YHGLHLV~]DWODHQpWODLGOiQDP\LDOHERQLHNWRUpSHFLiOQH
NOiYHV\QDNOiYHVQLFL
Y\XLMHPHWRQDWRHLDU\VDNUHVOLOHQDNMH]DWODHQpDYpWODLGORP\L
NUHVOtVDOHQSUL]DWODHQRPWODLGOHP\L
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
,PDJH&DQYDV/LQH7R;<
HQG
HWHVWiOHWRQLHMHVSUiYQHULHHQLHSR]DWODHQtWODLGODE\VDJUDILFNpSHURPDORSRVXQ~GR
WDUWRYpKRERGXNUHVOHQLDDOHEH]VSRMHQLDVSUHGFKiG]DM~FLPERGRPY\XLMHPHXGDORV
RQ0RXVH'RZQYNWRUHMVDQDVWDYtPHGRWDUWRYpKRERGXSRPRFRX0RYH7R
SULGiPH]DLDWRNNUHVOHQHMLDU\
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
,PDJH&DQYDV0RYH7R;<
HQG
SRXLWLHSRPRFQHMSUHPHQQHM
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
YDU
GROHERROHDQ IDOVH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH 6KLIW >VV/HIW@DOHERGROH VV/HIWLQ6KLIW
LIGROHWKHQ,PDJH&DQYDV0RYH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIGROHWKHQ,PDJH&DQYDV/LQH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH IDOVH
HQG
NUHVOHQLHPDFK~
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
YDU
ULQWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
ZLWK,PDJH&DQYDVGREHJLQ
U UDQGRP
3HQ&RORU UDQGRP5*%UDQGRP
%UXVK&RORU 3HQ&RORU
(OOLSVH;U<U;U<U
HQG
HQG
YSURFHG~UHSUHXGDORVRQ0RXVH0RYHP{HPHQDQHMDNpPLHVWRYRIRUPXOiULY\SLVRYDPRPHQWiOQX
SR]tFLXP\L
QLHNDPGRIRUPXOiUDXPLHVWQLPHQRYNRPSRQHQW/DEHOWH[WYRIRUPXOiULNHEXGHPHPHQLMHKR
NRQWUROQpYSLV\SRDVSRK\EXP\LQDGJUDILFNRXSORFKRX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU;
,QW7R6WU<
HQG
6NLFiUNUHVOLDFDDSOLNiFLD
DOHMXNiHPHSRVWXSQ~NRQWUXNFLXMHGQRGXFKHMNUHVOLDFHMDSOLNiFLH
SUYiYHU]LDSURJUDPX
YDU
GROHERROHDQ IDOVH
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
%XWWRQ&OLFN]PDHVDJUDILFNiSORFKD
/DEHO&DSWLRQ
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW&OLHQW5HFW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH VV/HIWLQ6KLIW
LIGROHWKHQ,PDJH&DQYDV0RYH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU;
,QW7R6WU<
LIGROHWKHQ,PDJH&DQYDV/LQH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
EHJLQ
GROH IDOVH
HQG
3DOHWDIDULHE
GUXKPNURNRPEXGHSULGDQLHIDUHEQHMSDOHW\DE\VPHPRKOL]YROLIDUEXNUHVOHQLD
QDGJUDILFN~SORFKXQDMSUYSRORtPHPHQLXJUDILFN~SORFKX,PDJHNWRUiEXGHREVDKRYDQHMDN
DNWXiOQD]YROHQiIDUEDSULWDUWHSURJUDPXLHUQD
NOLNQXWtPGR,PDJHVD]YROtIDUEDNUHVOLDFHKRSHUDQDVWDYtVDIDUEDSHUDSUH,PDJHDWLHVD]DIDUEt
,PDJH
VSUDFRYDQLHY\EUDQHMIDUE\SHUD
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
,PDJH&DQYDV3HQ&RORU ,PDJH&DQYDV3L[HOV>;<@
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU ,PDJH&DQYDV3HQ&RORU
)LOO5HFW&OLHQW5HFW
HQG
HQG
DVLE\ERORGREUpNHE\EROR,PDJH]DIDUEHQpXSULWDUWHSURJUDPXGR)RUP&UHDWHSULGiPHMHKR
]DIDUEHQLH
LQLFLDOL]iFLD]REUD]HQLDDNWXiOQHMIDUE\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU ,PDJH&DQYDV3HQ&RORU
)LOO5HFW&OLHQW5HFW
HQG
HQG
3RV~YDSRVXYQiOLWD
IRUPXOiUL
HWHPXVtPH]PHQLGYHVWDYRYpSUHPHQQpSURSHUW\0LQD0D[NWRUpY\MDGUXM~PLQLPiOQXD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
PD[LPiOQXGRVLDKQXWHQ~KRGQRWXSUHSRV~YDQDVWDYtPH0LQQDD0D[QDSUQD
SUHWHQWRNRPSRQHQWY\XLMHPHXGDORVRQ&KDQJHNWRUiMH]DYRODQiYG\NHSRXtYDWHSRV~YD
EHFDQDOLWHSRGDPRPHQWiOQHMSR]tFLHEHFDEXGHPHQDVWDYRYDKU~ENXSHUDJUDILFNHMSORFK\
RQ&KDQJHSURFHG~UDVDDXWRPDWLFN\SULSUDYtGYRMNOLNRPQDNRPSRQHQWYRIRUPXOiUL
VSUDFRYDQLHQDVWDYRYDQLDKU~EN\SHUD
SURFHGXUH7)RUP7UDFN%DU&KDQJH6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV3HQ:LGWK 7UDFN%DU3RVLWLRQ
HQG
7ODLGOiQiVWURMRYNUHVOHQLD
NDGDMQDMMHGQRGXFKtNUHVOLDFLSURJUDPXPRXMHNUHVOLU{]Q\PLQiVWURMPLQDSUQLHOHQRGUXN\
SHURPDOHDM~VHN\REGQLN\HOLSV\DOHDMY\SDIDUERXQHMDNpREODVWL
QDWR]DGHILQXMHPHPDOFKWODLGLHONRPSRQHQWRY6SHHG%XWWRQWLHWRPDM~QDUR]GLHORGNODVLFNpKR
%XWWRQYLDFY\OHSHQt
NHQDQHNOLNQHPHP{XRVWD]DWODHQpY\MDGUXMH]YROHQQiVWURM
RNUHPWH[WXP{XREVDKRYDREUi]RNP{HWHSRH[SHULPHQWRYDV*O\SK
P{HPHLFK]RVNXSLGRVNXSLQ\YNWRUHMLEDMHGQRWODLGOREXGH]DWODHQp]DWODHQLHLQpKR
]DGHILQXMHPHJOREiOQXSUHPHQQ~UH]LPNWRUiEXGHREVDKRYDPRPHQWiOQH]YROHQQiVWURMWiWR
SUHPHQQiVDEXGHQDVWDYRYDYXGDORVWLRQ&OLFNSUHYHWN\6SHHG%XWWRQ6SHHG%XWWRQ
QDSU
YDU
UH]LPSHURXVHFNDREGO]QLNHOLSVDY\SOQ SHUR
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP SHUR
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP XVHFND
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP REGO]QLN
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
DVLE\ERORNUDMLHNHE\VPHQHPXVHOLY\WYiUDSUHNDGpWODLGOR]YOiSURFHG~UXYLQHMDSOLNiFLLE\LFK
PRKORE\RYHDYLDFDOHQDStVDOLMHGQXXQLYHU]iOQXQDSU6SHHG%XWWRQ&OLFNE\PRKODE\VSRORQi
SUHYHWN\
SRWRPDNRMX]DGHILQXMHPHMXQDVWDYtPHYHWNPRVWDWQPWODLGOiPQiVWURMRYY]iORNHXGDORVWL
(YHQWVLQSHNWRUDREMHNWRYSUH6SHHG%XWWRQVDQDVWDYtPHQDULDGRNVXGDORVRXRQ&OLFND]SRQXN\
Y\EHULHPH6SHHG%XWWRQ&OLFNWRWRXUREtPHSUHYHWN\WODLGOiQiVWURMRYDNVPHVWLKOLY\WYRUL
6SHHG%XWWRQ&OLFN]UXtPHLFKWDNHY\SUi]GQLPHWHORSURFHG~UDSRXORHQt6DYHXQLWXVD
NRUHNWQH]UXLDFHOpSURFHG~U\
6SHHG%XWWRQ&OLFNWHUD]QD]iNODGHSDUDPHWUD6HQGHU]LVWtNWRUNRPSRQHQWMX]DYRODODQD]iNODGH
WRKRQDVWDYtSUHPHQQ~UH]LP
XQLYHU]iOQD6SHHG%XWWRQ&OLFNSURFHG~UD
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP SHUR
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP XVHFND
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP REGO]QLN
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP HOLSVD
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP Y\SOQ
HQG
VN{UDNRVDSXVWtPHGRXSUDYRYDQLDSURFHG~U,PDJH0RXVH'RZQD,PDJH0RXVH0RYHDE\]YOiGDOL
QRYpQiVWURMHPXVtPHY\VYHWOLDNREXG~SUDFRYD
~VHNDREGQLNDHOLSVDEXG~SUDFRYDQDYHPLSRGREQRPSULQFtSHSULWDUWHQiVWURMDWHGD
]DWODHQtP\RXVD]DSDPlWiPRPHQWiOQ\VWDYJUDILFNHMSORFK\YSRPRFQHMELWPDSHEPS
JOREiOQDSUHPHQQiW\SX7%LWPDSDSUHNDGRPDKDQtQiVWURMDQDSU~VHN\VDQDMSUYJUDILFNi
SORFKDYUiWLGRWRKRWRS{YRGQpKRVWDYXDSRWRPVDQDNUHVOtQRYi~VHNDPXVtPHVLSULWRP
SDPlWDSRLDWRQERGNUHVOHQLDQDSUYJOREiOQ\FKSUHPHQQFK[D\
SRPRFQiSUHPHQQiEPSVDPXVtLQLFLDOL]RYDY)RUP&UHDWH
UHLPY\SDQLDREODVWLMHHWHMHGQRGXFKtFHOVD]UHDOL]XMHSUL]DWODHQtWODLGODP\LWMY
VSUDFRYDQLHYHWNFKUHLPRY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
YDU
GROHERROHDQ IDOVH
UH]LPSHURXVHFNDREGO]QLNHOLSVDY\SOQ SHUR
EPS7%LWPDS
[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
%XWWRQ&OLFN]PDHVDJUDILFNiSORFKD
/DEHO&DSWLRQ
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU ,PDJH&DQYDV3HQ&RORU
)LOO5HFW&OLHQW5HFW
HQG
EPS 7%LWPDS&UHDWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH VV/HIWLQ6KLIW
LIGROHWKHQ
ZLWK,PDJH&DQYDVGR
FDVHUH]LPRI
SHUR
0RYH7R;<
XVHFNDREGO]QLNHOLSVD
EHJLQ
EPS$VVLJQ,PDJH3LFWXUH
[ ;\ <
HQG
Y\SOQ
EHJLQ
%UXVK&RORU 3HQ&RORU
)ORRG)LOO;<3L[HOV>;<@IV6XUIDFH
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU;
,QW7R6WU<
LIGROHWKHQ
ZLWK,PDJH&DQYDVGR
FDVHUH]LPRI
SHUR
/LQH7R;<
XVHFND
EHJLQ
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
'UDZEPS
0RYH7R[\/LQH7R;<
HQG
REGO]QLN
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
%UXVK6W\OH EV&OHDU
5HFWDQJOH[\;<
HQG
HOLSVD
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
%UXVK6W\OH EV&OHDU
(OOLSVH[\;<
HQG
HQG
HQG
=DNUWiYDFLHSROtNR
HWHXUREtPHSRVOHGQpY\OHSHQLHXPRQtPHSRXtYDWHRYLSURJUDPXDE\VLPRKRO]YROLLREGQLN
UHVSHOLSVDEXG~SULY\NUHVOHQtY\SOQHQpIDUERX]DWLDVPHLFKY\URELOLGHUDYpQDVWDYLOLVPH
%UXVK6W\OH EV&OHDU
GRIRUPXOiUDYORtPHHWHMHGHQNRPSRQHQW]DNUWiYDFLHSROtNR&KHFN%R[QDVWDYtPHPXSRSLV
&DSWLRQQDSUQDSOQDRSUDYtPHYPHWyGH,PDJH0RXVH0RYHNUHVOHQLHREGQLNDDHOLSV\
SRXLWLH&KHFN%R[X
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
REGO]QLN
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
%UXVK6W\OH EV6ROLG
HOVH
%UXVK6W\OH EV&OHDU
5HFWDQJOH[\;<
HQG
HOLSVD
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
%UXVK6W\OH EV6ROLG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
HOVH
%UXVK6W\OH EV&OHDU
(OOLSVH[\;<
HQG
HQG
HQG
DSURMHNWMHKRWRYUR]ORHQLHNRPSRQHQWRYP{HE\WDNpWR
=KUQXWLH
tUNDWH[WEXEOLQNRYKHOSDSRG
Y'HOSKLVDWDNWRW\SVWDYRYFKSUHPHQQFKQD]YD9ODVWQRVWM3URSHUW\
Y\XLMHPHKODYQH]DEHKXSURJUDPXQLHNWRUpIXQJXM~OHQ]DEHKXDSUHWRYLQSHNWRUHREMHNWRYQLHV~
PHQRNRPSRQHQWX1DPHWUHED]PHQLKQHDNRVDSRORtGRIRUPXOiUDDNKRFKFHPHPHQLLQDN
QLHNWRUpVLWXiFLH'HOSKLQHPXVLDVSUiYQHXKiGQXDRSUDYLW~WR]PHQXNRUHNWQH
QLHNWRUpXLWRQpYODVWQRVWLSURSHUW\QiP]QiP\FKNRPSRQHQWRY
IRUPXOiU7)RUP
&DSWLRQUHD]HFWLWXORNRNQD
&OLHQW:LGWK&OLHQW+HLJKWYHNRVYQ~WUDRNQDQLHREYRGXRNQDSUHWHQMHYHNRV:LGWKD
+HLJKW
/HIW7RS[RYiD\RYiV~UDGQLFDRNQDQDREUD]RYNHP{HPHFHOpRNQRSRV~YD
9LVLEOHLMHRNQRYLGLWHQp
:LQGRZ6WDWHRNQRP{HPH]PLQLPDOL]RYD]PD[LPDOL]RYD
2Q3DLQW
WODLGOR7%XWWRQ
&DSWLRQWH[WQDWODLGOH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
)RQWURYQDNRDNRYJUDILFNHMSORFKH
+HLJKW:LGWKYHNRV
/HIW7RSSRORKDYRIRUPXOiUL
9LVLEOHP{HPHKRVNU\
+LQW6KRZ+LQWVWULQJDERROHDQEXEOLQNRYKHOSDLVDPi]REUD]RYD
(QDEOHGP{HPHKR]DEORNRYDIDOVH]QDPHQiHWODLGOREXGH]DHGHQp
YODVWQRVWL:LGWK+HLJKW/HIW7RS9LVLEOH+LQW6KRZ+LQW(QDEOHGIXQJXM~VNRURURYQDNRSUHVNRUR
YHWN\W\S\NRPSRQHQWRY
JUDILFNiSORFKD7,PDJH
SRSLVXMHYHNRVSORFK\
PDOpWODLGOR76SHHG%XWWRQYHPLSRGREQpRE\DMQpPXWODLGOXDOHWLHWRWODLGOiP{XWYRUL
*URXS,QGH[SRUDGRYptVORVNXSLQ\WODLGLHONWRUpVDQDY]iMRPY\OXXM~
'RZQLMH]DWODHQp
*O\SKREUi]RN
SRVXYQiOLWD77UDFN%DU
0LQ0D[PLQLPiOQDDPD[LPiOQDKRGQRWD
3RVLWLRQPRPHQWiOQDKRGQRWD
2ULHQWDWLRQWU+RUL]RQWDOWU9HUWLFDO
]DNUWiYDFLHSROtNR7&KHFN%R[
&DSWLRQWH[W]DSROtNRP
)RQWStVPRSUHWH[W
&KHFNHGLMH]DNUWQXWp
WH[W7/DEHO
&DSWLRQDNUHD]HFREVDKXMHEXGHYLDFULDGNRY
)RQWStVPRSUHWH[W
WH[WRYiSORFKD70HPR
&RORUIDUEDSRGNODGX
)RQWStVPR
/LQHVREVDKWH[WRYHMSORFK\SROHUHD]FRY
5HDG2QO\LPiSRXtYDWH]DNi]DQpPHQLREVDK
HGLWRYDFtULDGRN7(GLWMHYHPLSRGREQ70HPR
&RORUIDUEDSRGNODGX
)RQWStVPR
7H[WPRPHQWiOQ\REVDKULDGND
5HDG2QO\LPiSRXtYDWH]DNi]DQpPHQLREVDK
3DVVZRUG&KDUDNREVDKXMHQDSU
WDNVDQDPLHVWR]DGiYDQFK]QDNRYEXG~Y\SLVRYD
KYLH]GLN\SRXtYDVDSUL]DGiYDQtKHVOD
SUtVOXQiXGDORVQDSUNOLNQHVD]PHQtVDKEHVDDSRG
WLHWRSURFHG~U\GHILQXMHPHWDNHY]iORNH(YHQWVYULDGNXSULGDQHMXGDORVWLGYRMNOLNQHPHYSUDYRP
VWSFLDOHERVL]YROtPHSURFHG~UX]XH[LVWXM~FHMSRQXN\SURFHG~U
QHGRSLVXMWHPDQXiOQHLDGQHQRYpSURFHG~U\QDVSUDFRYiYDQLHXGDORVWtYG\SRXLWHLQSHNWRU
REMHNWRY
DNSRWUHEXMHWHQHMDN~SURFHG~UXREVOXKXM~FXXGDORV]UXLQDMOHSLHWRXUREtWHWDNHY\LVWtWHREVDK
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
SURFHG~U\QHFKiWHYQHMOHQSRLDWRQEHJLQDNRQFRYHQGDSULQDVOHGXM~FRPXORHQtQDGLVNQDSU
&WUO6MX'HOSKLDXWRPDWLFN\Y\KRGt
0\DNRU\WQDN\
NRU\WQDNDMHJUDILFNpSHURNWRUpGRNiHQHMDNpYHFLQDY\HMHGQRGXFKRYLHQDWRLV~UDGQLFRY~
V~VWDYXYJUDILFNHMSORFKHLFKP{HPHGHILQRYDXERYRQSRHW
SUYSUtNODGLOXVWUXMHSRXLWLHNRU\WQDN\DNRRE\DMQpKRJUDILFNpKRSHUD
NUHVOHQLHNRU\WQDNRX
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN3+
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
N3'
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
N=PHQ;<;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
N3+
HQG
SULSRK\EHNRU\WQDNDNUHVOt~VHN\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
N6PHU N6PHURP;<
N3UHVXQ;<;<
N'RSUHGX
N'RSUHGX
HQG
P{HPHSULGD]PD]
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
]PD]
N6PHU N6PHURP;<
N3UHVXQ;<;<
N'RSUHGX
N'RSUHGX
HQG
DOHER
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
YDU
LLQWHJHU
EHJLQ
N6PHU N6PHURP;<
N3UHVXQ;<;<
IRUL WRGREHJLQ
N'RSUHGXN9SUDYR
HQG
HQG
DOHERIDUHEQpSDOLN\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
N6PHU N6PHURP;<
N3UHVXQ;<;<
N+3 N)3 UDQGRP
N'RSUHGX
N+3 N'RSUHGXN+3
N'RSUHGXN'RSUHGX
HQG
DOHERURYQRVWUDQQWURMXKROQtN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
]PD]
N6PHU N6PHURP;<
N3UHVXQ;<;<
N+3 N)3 FO*UHHQ
N9SUDYRN'RSUHGXN9ODYRN'RSUHGX
N9ODYRN'RSUHGXN9ODYRN'RSUHGX
HQG
DOtSUtNODGXNiHJHQHURYDQLHNRU\WQDLHNSULNOLNDQtP\RXNOLNQXWLHQDYRQpPLHVWRY\JHQHUXMHQRY~
NRU\WQDNXNOLNQXWLHQDXH[LVWXM~FXNRU\WQDNXMXPLHUQHRWRt
NOLNDQLHQDNRU\WQDN\
YDU
NDUUD\>@RI7.RU
QLQWHJHU DNWXiOQ\SRHWNRU\WQDLHN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
]PD]DE\VDJUDILFNiSORFKD]REUD]LODXSULWDUWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
LLQWHJHU
EHJLQ
L ZKLOHL QDQGQRWN>L@%OL]NR;<GRLQFL
LIL QWKHQ
ZLWKN>L@GREHJLQ
9SUDYR'RSUHGX'RSUHGX
HQG
HOVHEHJLQ
LQFQN>Q@ 7.RU&UHDWH;<
ZLWKN>Q@GREHJLQ
+3 )3 UDQGRP
'RSUHGX'RSUHGX
HQG
HQG
HQG
1'
QRYpNRU\WQDN\E\PRKOLY]QLNDQDNOLNQXWLHVR]DWODHQPSUDYPWODLGORPP\LQDDYpWODLGOR
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
P{HNRU\WQDNDXURELQHMDN~DNFLXQDNUHVOLQHMDNREUi]RNDOHERVDSULOHStQDP\DGR
QDVOHGXM~FHKRNOLNQXWLDSXWXMHVP\RX
DVRYD
SUHGFKiG]DM~FX~ORKXYNWRUHMVPHNOLNDQtPY\WYiUDOLQRYpNRU\WQDN\UHVSLFKRWiDOLWURFKX
SR]PHQtPHNOLNQXWLHQDNRU\WQDNXQDWDUWXMHNUHVOHQLHNUXQLFHDWRSRPDO\SRXLPH]QiPX
SURFHG~UXFDNDM
NOLNQXWLHQDWDUWXMHNUXQLFX
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
LMLQWHJHU
EHJLQ
L ZKLOHL QDQGQRWN>L@%OL]NR;<GRLQFL
LIL!QWKHQEHJLQ
LQFQN>Q@ 7.RU&UHDWH;<
ZLWKN>Q@GREHJLQ+3 )3 UDQGRP
'RSUHGXHQG
HQG
HOVH
ZLWKN>L@GR
IRUM WRGREHJLQ
'RSUHGX9SUDYR
FDNDMVOHHS,PDJH5HSDLQW
HQG
HQG
Y]QLNi]DXMtPDYHIHNWNOLNQXWLHQDNRU\WQDNXMXUR]EHKQHSRDVWRKRWRNOLNDQLDP{HPHDOHMNOLND
GRSORFK\QDLQpNRU\WQDN\DVLDKNRRGKDOtWHHNDGpQRYpNOLNQXWLHQDNRU\WQDNX]DVWDYt
SUHGFKiG]DM~FLSRK\EDQDWDUWXMHQRYSRK\ESRVNRQHQtWRKRWRQRYpKRSRK\EXVDGRNRQtDMWHQ
SR]DVWDYHQ
DNQDPLHVWRFDNDMSRXLMHPHV\VWpPRYSRGSURJUDPVOHHS]DNRPHQWRYDQiDVWDNVDWHQWRHIHNW
VWUDWtSRUR]EHKQXWtNRU\WQDN\SURJUDPQHUHDJXMHDNPNRU\WQDNDQHGREHKQHFHO~NUXQLFX
FHOpMHWRVS{VREHQpWPHYSURFHG~UHFDNDMMHXNU\Wp$SSOLFDWLRQ3URFHVV0HVVDJHVWR
]QDPHQiHSRDVDNDQLDPLOLVHN~QGGRYROtPH:LQGRZVUHDJRYDQDLQpXGDORVWLQDSUDMQD
NOLNQXWLHP\RXDWHGDXPRQtPH]QRYXQDWDUWRYDQRY~NUXQLFXSRMHMVNRQHQtVDSRNUDXMHY
SUHUXHQHMDNFLL
SURFHG~UDVOHHSQHPiYVHEH]DEXGRYDQpWDNpWRPHFKDQL]P\DSUHWRMHYHPLQHEH]SHQi
XNiHPHLQVS{VREDNRVDULHLSUREOpPVRVSRPDRYDQtPDNFLtSRXLMHPHQRYNRPSRQHQWDVRYD
7LPHU]SDOHW\NRPSRQHQWRY6\VWHPSRORtPHKRQLHNDPGRSORFK\MHWRQHYL]XiOQ\NRPSRQHQWD
WHGDSRVSXVWHQtDSOLNiFLHQHEXGH]REUD]HQ
DVRYDVLP{HPHSUHGVWDYLDNRKRGLQ\NWRUpVQHMDNRXIUHNYHQFLRXWLNDM~SULNDGRPWLNQXWtP{X
Y\NRQDQHMDN~DNFLX
IUHNYHQFLXWLNDQLDQDVWDYtPHYVWDYRYHMSUHPHQQHM,QWHUYDOSR]DVWDYHQLHQDWDUWRYDQLHDVRYDD
P{HPHXURELORJLFNRXVWDYRYRXSUHPHQQRX(QDEOHGWUXH]QDPHQiHKRGLQ\EHLDIDOVH]QDPHQi
HVPHLFKSR]DVWDYLOL
DVRYDPiMHGLQ~XGDORVRQ7LPHUNWRUiVDQDWDUWXMHSRXSO\QXWtWLNDFLHKRLQWHUYDOXWM]RGSRYHGi
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
MHMSURFHG~UD7LPHU7LPHU
YQDVOHGXM~FRPSUtNODGHSUHGSRNODGiPHDVRYDVRVHNXQGRYPWLNDQtPWM,QWHUYDOMH
NRU\WQDNDEXGHNUHVOL~VHNXGN\DNDG~VHNXQGXVDRWRtRVWXSRY
VHNXQGRYiUXLND
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN+3
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
]PD]
N9SUDYR
N'RSUHGX
N'RSUHGX
HQG
SUtNODGVNRU\WQDNDPLNWRUpVDSRNOLNQXWtUR]EHKQ~SRNUXQLFLSUHSURJUDPXMHPHSRPRFRXDVRYDD
SUHNDG~NRU\WQDNXVLEXGHPHSDPlWDYSROLNRONRNRNRNURNRYSRNUXQLFLHWHPXVtSUHEHKQ~
NRU\WQDN\NU~LDSRVYRMLFKNUXQLFLDFK
YDU
NDUUD\>@RI7.RU
NRONRDUUD\>@RILQWHJHU
QLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
]PD]
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
LLQWHJHU
EHJLQ
L ZKLOHL QDQGQRWN>L@%OL]NR;<GRLQFL
LIL!QWKHQEHJLQ
LQFQN>Q@ 7.RU&UHDWH;<
ZLWKN>Q@GREHJLQ+3 'RSUHGX+3 HQG
NRONR>Q@
HQG
HOVHEHJLQ
N>L@)3 UDQGRP
NRONR>L@
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
LINRONR>L@!WKHQ
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
GHFNRONR>L@
HQG
HQG
DVRYDX7LPHUVPHQDVWDYLOL,QWHUYDOQDPLOLVHN~QG
QD]iYHUXNiHPHSUtNODGSUiFHVDVRYDRPDELWPDSDPLQDQHMDNRPSR]DGtQDSUQDIRWRJUDILL
WLJHUEPSVDEXGHSRPDO\SRK\ERYDQHMDNREUi]RNQDSURSLFDEPSWiWRVDEXGHRGUiDRG
ERQFKVWLHQJUDILFNHMSORFK\DNRORSWDRGVWLHQPLHVWQRVWLYV~ERUHRSLFDWLJHU]LSV~RELGYHELWPDS\
RNUHPJUDILFNHMSORFK\,PDJHXPLHVWQLPHDVRYD7LPHUVSUHPHQQRX,QWUHYDOQDVWDYHQRXQD
MHGQRGXFKiDQLPiFLD
YDU
SR]DGLHREU7%LWPDS
[\G[G\[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
SR]DGLH 7%LWPDS&UHDWH
SR]DGLH/RDG)URP)LOH
WLJHUEPS
REU 7%LWPDS&UHDWH
REU/RDG)URP)LOH
RSLFDEPS
REU7UDQVSDUHQW&RORU FO:KLWH
REU7UDQVSDUHQW WUXH
[ \ G[ G\
[ REU:LGWKGLY\ REU+HLJKWGLY
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV'UDZSR]DGLH
,PDJH&DQYDV6WUHWFK'UDZ,PDJH&OLHQW5HFWSR]DGLH
LQF[G[LI[[RU[! ,PDJH:LGWK[WKHQG[ G[
LQF\G\LI\\RU\! ,PDJH+HLJKW\WKHQG\ G\
,PDJH&DQYDV'UDZ[[\\REU
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZBBTPWB
QDPLHVWR'UDZSULNUHVOHQtSR]DGLDP{HPHSRXLDMLQpSURVWULHGN\QDSUY\NDFKOLNRYDQLHDOHER
6WUHWFK'UDZDOHWLHP{XYUD]QHVSRPDOLSULHEHKDQLPiFLH
1'
XPLHVWQLWHGRSORFK\YltSRHWNRU\WQDLHNQDSUSUDYLGHOQHLFKUR]PLHVWQLWHQDSULDPNHDOHER
NUXQLFLDQHFKDMWHVDLFKKEDSRGDQHMDNFKSUDYLGLHOQDSUU{]QRXUFKORVRXSRNUXQLFLDOHER
NPLWDKRUHGROXWLHVU{]QRXUFKORVRXQDSUSUYiQHFKPiUFKORVGUXKiWUHWLD
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
13. vod do OOP
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
XYLHPHSUDFRYDVQLHNWRUPLGUXKPLREMHNWRYQDSUVNRU\WQDNDPLELWPDSPLDWLHVPQRKPL
NRPSRQHQWPLNWRUpV~YODVWQHWLHREMHNW\
RVDEXGHPHGQHVXL
]iNODGQpSUDYLGOiSULGHILQRYDQtDMHGQRGXFKRPSRXtYDQtREMHNWRY
]R]QiPLPHVDVSRMPDPLWULHGDLQWDQFLDPHWyGDNRQWUXNWRUGHGLQRV
YRGGR2EMHNWRYR2ULHQWRYDQpKR3URJUDPRYDQLD
3ULSRPHPHVLDNpSRMP\VPH]DYLHGOLYSUHGQiNHSULGHILQRYDQtNRU\WQDN\
2EMHNWNRU\WQDND
VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYFKSUHPHQQFKQDSUSR]tFLDIDUED
PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQp
WDNPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDN\SUHPHQQpW\SX
7.RU
PXVLDE\Y\WYRUHQpQLHGHNODURYDQpSHFLiOQ\PVS{VRERP7.RU&UHDWHDNPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXtYD
WDNPWRSUHPHQQPKRYRUtPH2%-(.7DW\SRP]NWRUFKY\WYiUDPHREMHNW\QDSU7.RUKRYRUtPH
NWRUiERODLQWDQFLRXWULHG\7&DQYDV
]DWLDVLRREMHNWRFKWUHED]DSDPlWDHV~WRSUHPHQQpNWRUpP{XYVHEHREVDKRYDYHDVWDYRYFK
=GRWHUDMtFKVN~VHQRVWtYLHPHHVREMHNWRPNRU\WQDNDVDSUDFXMHYHPLSRGREQHDNRVRE\DMQP
]i]QDPRPUHFRUG3R]ULPHVDQDWLHWRGHNODUiFLHGHILQXMHPHPLHVWRERGYJUDILFNHMSORFKH
SRURYQDQLHGHNODUiFLt]i]QDPXDWLUHG\
W\SH W\SH
]0LHVWR UHFRUG 70LHVWR FODVV
[\LQWHJHU [\LQWHJHU
HQG HQG
YDU YDU
]P]0LHVWR RP70LHVWR
LQWDQFLD WULHGD&UHDWHDOHER
LQWDQFLD WULHGD&UHDWHSDUDPHWUH
QDSUPXVtPH]DStVDP 70LHVWR&UHDWH
VSRORNDPL]i]QDPXDMREMHNWXSUDFXMHPH~SOQHURYQDNRQDSUP{HPHSRXLZLWK
]Y\NQHPHSRVNRQHQtSUiFHVREMHNWRPWHQWR]UXLSRPRFRX)UHHQDSURP)UHHMHWR
SRGREQpX]DWYRUHQLXV~ERUXSRPRFRX&ORVH)LOH
$N]DGHILQXMHPH70LHVWRDNRWULHGXQDPLHVWR]i]QDPX]tVNDYDPHVLOQQiVWURMREMHNWRYRRULHQWRYDQp
SURJUDPRYDQLH8NiHPHQRY~YODVWQRVNWRU~SRVN\WXM~LEDREMHNW\
'HGHQLH
GHNODURYDQLHRGYRGHQHMWULHG\
W\SH
70LHVWR FODVV
[\LQWHJHU
HQG
YDU
P70LHVWR
E7%RG
WULHGD7%RGMHY\WYRUHQiWDNHPiYHWN\YODVWQRVWLWULHG\70LHVWRDSULGDODVLQRY~VWDYRY~SUHPHQQ~
YLGWMWiWRWULHGDPiVWDYRYpSUHPHQQpQRYpSRMP\
WULHGD7%RGY]QLNODDNRSRWRPRNWULHG\70LHVWRGHVFHQGHQWW\SH>GL
VHQGHQW@
WULHGD70LHVWRMHSUHGRNWULHG\7%RGDQFHVWRUW\SH>DHQVHVWH@
WULHGD7%RG]GHGLODYHWN\YODVWQRVWLWULHG\70LHVWRLQKHULW
NDGiWULHGDP{HPDXERYRQSRHWSRWRPNRYDOHOHQMHGLQpKRSUHGND
SRWRPNRYLDP{XGRGHILQRYDQRYpVWDYRYpSUHPHQQpDOHP{XDMSUHGHILQRYDX]GHGHQp
SUtNODGGHPRQWUXMHSRXLWLHLQWDQFLtWFKWRWULHG
W\SH
70LHVWR FODVV
[\LQWHJHU
HQG
7%RG FODVV70LHVWR
YLGERROHDQ
HQG
YDU
P70LHVWR
E7%RG
EHJLQ
P 70LHVWR&UHDWH
E 7%RG&UHDWH
P[ P\
ZLWKEGREHJLQ
[ \ P\
HQG
P)UHH
E)UHH
HQG
0HWyG\REMHNWX
V~WRSURFHG~U\DOHERIXQNFLHNWRUpVDGHNODUXM~YRYQ~WULREMHNWXDV~VQtPSHYQHVSRMHQp
VO~LDQDSUQDPRGLILNRYDQLHVWDYRYFKSUHPHQQFK]DEH]SHXM~VSUiYDQLHREMHNWX
]DGHILQXMHPHSURFHG~UXQDQDVWDYHQLHKRGQ{WVWDYRYFKSUHPHQQFK
GHILQRYDQLHWULHG\
SURFHGXUH70LHVWR=PHQ;<1RYH;1RYH<LQWHJHU
EHJLQ
[ 1RYH;\ 1RYH<
HQG
DE\W~WRGHILQtFLXSDVFDOVSUiYQHSRFKRSLOWMHSDWUtNWULHGH70LHVWRPXVtE\MHMKODYLND
]DGHILQRYDQiDMYGHILQtFLLWULHG\
GHNODURYDQLHPHWyG\
W\SH
70LHVWR FODVV
[\LQWHJHU
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU
HQG
WLHWRGYHGHILQtFLHPHWyG\PXVLDE\LGHQWLFNp
YRYQ~WULPHWyG\VDSUDFXMHVRVWDYRYPLSUHPHQQPLPRPHQWiOQHMWULHG\DNRNHE\ERODRENORSHQi
QHYLGLWHQPSUtND]RPZLWK
QDNRNRWULHGD7%RGMHSRWRPNRPWULHG\70LHVWRWDN]GHGLODDMPHWyG\WULHG\70LHVWRDSUHWRDM
LQWDQFLHWULHG\7%RGP{XSRXtYDWLHWRPHWyG\
GHGHQLHPHWyG\
YDU
E7%RG
EHJLQ
E 7%RG&UHDWH
E=PHQ;<YRODQLHPHWyG\
SUHNU\WiPHWyGD
W\SH
7%RG FODVV70LHVWR
YLGERROHDQ
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
HQG
SURFHGXUH7%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
[ 1RYH;\ 1RYH<YLG 1RY\9LG
HQG
DOHERP{HPHY\XLSULGHILQRYDQtSUHNUYDM~FHMPHWyG\DM]GHGHQ~PHWyGXQDSU
]GHGHQLHPHWyG\SULSUHNU\Wt
SURFHGXUH7%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
LQKHULWHG=PHQ;<1RYH;1RYH<
YLG 1RY\9LG
HQG
1DVOHGXM~FLSUtNODGXNiHSRXLWLHREMHNWRYNUXQtF
Y\WYRUHQLHNUXKXY\NUHVOHQLHXNU\WLH]PHQXIDUE\DSRVXQREUi]NX
SURFHG~UDNWRUiVSUDFRYiYDXGDORV2Q)RUP&UHDWH7)RUP)RUP&UHDWHSULUDGtGRJOREiOQHM
SUHPHQQHMJ ,PDJH&DQYDV
DOHM]DGHILQXMHPHJOREiOQHSUHPHQQpW\SX7.UXK
QDSUYpWODLGORVDQLHNGHYSORFKHY\WYRUtNUXQLFDQHMDNHMYHNRVWLDIDUE\
SRGREQHDMQDDWODLGORDOLHNUXQLFH
SUtNODGVNUXQLFDPL
YDU
J7&DQYDV
^WULHGD7.UXK`
W\SH
7.UXK FODVVSRWRPRN72EMHFW
[\ULQWHJHU
I7&RORU
YLGERROHDQ
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
LQKHULWHG&UHDWH
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDU
DEF7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
.RQWUXNWRUREMHNWX
MHWRSHFLiOQDSURFHG~UDNWRUiVDSRXtYDLEDSUHY\WYRUHQLHQRYHMLQWDQFLH
MHMKODYQRX~ORKRXMHY\KUDGLYSRtWDLPLHVWRSUHVDPRWQREMHNWDGRSUHPHQQHMLQWDQFLHSULUDGL
UHIHUHQFLXQDWRWRPLHVWR
RNUHPWRKRP{HWiWRSURFHG~UDNRQWUXNWRUQDSUDMLQLFLDOL]RYDREVDK\VWDYRYFKSUHPHQQFK
SUtSDGQHURELLQpDNFLH
QDPLHVWRSURFHGXUHPXVtPHGHNODURYDVORYRPFRQVWUXFWRU
YLPQLWHVLHNRQWUXNWRUVPHSRXtYDOLDMYSUHGFKiG]DM~FRPSUtNODGHRWULHGH70LHVWR
P 70LHVWR&UHDWHDSULWRPVPHKRQLNGHQHGHNODURYDOLDQLQHGHILQRYDOLSODWtMHGQDG{OHLWiYHF
NDGiWULHGDNWRUHMQHXYHGLHPHSUHGNDMHRGYRGHQiMHSRWRPNRP]iNODGQHMWULHG\72EMHFWWHQWR
REMHNWPiGHILQRYDQNRQWUXNWRU&UHDWHNWRUPiSUi]GQHWHORWM
SODWt
FRQVWUXFWRU72EMHFW&UHDWH
EHJLQ
HQG
DSUHWRQHPi]P\VHOYQDPLGHILQRYDQRPNRQWUXNWRUHWULHG\NWRUiQHPiSUHGNDStVD
LQKHULWHG&UHDWH
QDPLHVWR7.UXK FODVVE\VPHPRKOLGHNODURYDDM7NUXK FODVV72EMHFWERORE\WRWRLVWp
NRQWUXNWRURYP{HE\GHILQRYDQFKDMYLDFPXVLDVDOtLPHQRPQDSU
GUXKNRQWUXNWRU
W\SH
7.UXK FODVV
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
&UHDWH[[\\UU
8ND]
HQG
]DGHILQRYDOLVPHGUXKNRQWUXNWRU&UHDWHNWRUVDOtLRGSUYpKRWPHREMHNWSRVNRQWUXRYDQt
KQH]REUD]t
]UHMPHNHMHGHILQRYDQFKYLDFNRQWUXNWRURYSULY\WYiUDQtQRYHMLQWDQFLHVDPXVtPHUR]KRGQ~NWRU
]NRQWUXNWRURYSRXLMHPHYG\P{HPHSRXLOHQMHGHQ
3RNUDXMHPHYUR]UREHQRPSURMHNWH
WYUWpWODLGORUR]KEHNUXK\WDNHNDGVDSDUDOHOQHSRKQHQHMDNPVPHURPNURNRY
SRXLMHPHQDWRDVRYD7LPHUQDVWDYtPHPXYLQSHNWRUH,QWHUYDOQDD(QDEOHGQD)DOVH
SRV~YDQLHNUXKRY
YDU
SRFLQWHJHU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
DSRVXQ
ESRVXQ
FSRVXQ
GHFSRF
LISRF WKHQ7LPHU(QDEOHG IDOVH
HQG
OHQHDNE\VPHVWODLOLWRWRWODLGORSUHGWPDNRVPHY\URELOLYHWN\NUXK\SURJUDPQiPVSDGQHQDX
]QiPHMFK\EH$FFHVYLRODWLRQDWDGGUHVVSUHWRPXVtPH]DEH]SHLHSRV~YDEXGHPHOHQWHQ
NUXKNWRUXEROQDR]DMY\UREHQ$NR]LVWtPHLERODLQWDQFLDXY\WYRUHQi&UHDWH"
YVNXWRQRVWLYSUHPHQQHMDQLHMHSULDPRREVDKREMHNWXVWDYRYpSUHPHQQpWDNDNRE\WRERORY
]i]QDPHDOHUHIHUHQFLDQDQHMDNpPLHVWRYSDPlWLSRtWDDNGHVDQDR]DMWHQWRREMHNWQDFKiG]D
NPQLHMHREMHNWY\WYRUHQVNRQWUXRYDQWDNYSUHPHQQHMDQLHMHLDGQDUHIHUHQFLDRVDYSDVFDOH
R]QDXMHVORYRPQLODWHGD
WHVWRYDQLHQDQLO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF WKHQ7LPHU(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
D QLO
E QLO
F QLO
HQG
GRKRGOLVPHVDHNDGREMHNWPXVtPHSRVNRQHQtXYRQLSRPRFRX)UHHYQDRPSUtNODGHWR
XUREtPHYXGDORVWL2Q)RUP'HVWUR\
]iYHUHQp]UXHQLHLQWDQFLt
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHHLID!QLOWKHQD'HVWUR\
E)UHH
F)UHH
HQG
NRUHNWQp]UXHQLHLQWDQFLH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQ
ZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHH
D QLODE\DQHUHIHUHQFRYDORQDXQHGHILQRYDQREMHNW
HQG
LIE!QLOWKHQ
ZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQ
ZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
9ODVWQRVWLREMHNWRY
HQNDSVXOiFLDHQFDSVXODWLRQ]DSX]GUHQLH
QRYGiWRYW\SWULHGDFODVV
VSRMHQLHW\SXUHFRUGDSURFHG~U\IXQNFLHSUHPDQLSXOiFLXVRVWDYRYPLSUHPHQQPL
GHGLQRVLQKHULWDQFH
RGGHILQRYDQpKRREMHNWXP{HPHRGYRGLFHO~KLHUDUFKLXREMHNWRY
WMSRWRPNRYNWRUtGHGLDSUtVWXSNGiWRYPDMSURJUDPRYP]ORNiP
SRO\PRUIL]PXV
]GLHDQLHDNFLtYKLHUDUFKLLREMHNWRY
EXGHPHVDXLDQHVN{U
1'
]DQLWHWXGRYDV~ERU.RU8QLWSDVXE\VWHGRVYHD]WRKRPRKOLUR]XPLH
]DGHILQXMWHWULHGXSUHYHNptVODQDSU
WULHGDYHNptVOD
FRQVW
PD[
W\SH
79HONH&LVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRHWSODWQFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[ORQJLQW
SURFHGXUHSULFLWDM[ORQJLQW
SURFHGXUHQDVRE[ORQJLQW
SURFHGXUHY\SLV
HQG
DE\VDGDOQDSUY\SRtWDYHNIDNWRULiOQDSU
SRXLWLHYHNFKtVHO
YDU
I79HONH&LVOR
EHJLQ
I 79HONH&LVOR&UHDWH
ISULUDG
IRUL WR1GRIQDVREL
IY\SLV
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
NHGHILQXMHPHQHMDNIRUPXOiU'HOSKLQDWRSULSUDYtV~ERU8QLWSDVYNWRURPMHVDPRWQ
SURJUDPYV~ERUH8QLWGIPMHLQIRUPiFLDRNRPSRQHQWRFKYRIRUPXOiUL
NHSRWUHEXMHPHSUDFRYDVNRU\WQDNDPLPXVtPH]DLPSOHPHQWDWLRQQDStVDXVHV.RU8QLW
DE\'HOSKLYHGHORNGHV~NRU\WQDN\GHILQRYDQp
RVDEXGHPHGQHVXL
Y\WYiUDYODVWQpSURJUDPRYpMHGQRWN\WUXNW~UXDYODVWQRVWLXQLWRY
RV~WRG\QDPLFNpSROLDDDNRVDVQLPLSUDFXMH
RV~WRSDUDPHWUHW\SXRWYRUHQpSROHDDNRLFKP{HPHSRXtYD
3URJUDPRYpMHGQRWN\XQLW\
EDOtNSUHGGHILQRYDQFKSRGSURJUDPRYSUHPHQQFKW\SRYDNRQWiQW
SRXtYDM~VD
DNRNQLQLFHSRGSURJUDPRYNWRUpVDGDM~SULSRMLNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD
]GURMRYpKRNyGXWDQGDUGQiMHGQRWND6\VWHPREVDKXMHWDQGDUGQpSDVFDORYVNpSURFHG~U\D
IXQNFLHQDSU$VVLJQ)LOH5HVHWZULWHFRS\LQVHUWFRVRUGRGGSLDOHDMWULHGX72EMHFW
DNRSURJUDPRYNyGNWRUSRSLVXMHVSUiYDQLHIRUPXOiUDQDMDVWHMLHPiNDGIRUPXOiUYDSOLNiFLL
VYRMXMHGQRWNXQDSU8QLWSDVY\WYRUHQMHDXWRPDWLFN\SURVWUHGtP'HOSKLSULY\WYiUDQtQRYpKR
IRUPXOiUDSRSLVNRPSRQHQWRYYRIRUPXOiULMHYV~ERUHVSUtSRQRX')0
DVWRKRP{HPHSRXLQDUR]OHQHQLHUR]VLDKOHKRSURJUDPXGRORJLFN\V~YLVLDFLFKPHQtFK
PRGXORYUHVSQDSRSLVQHMDNHMDVWLKLHUDUFKLHREMHNWRY
V~YV~ERURFKVSUtSRQRX3$6 !SRSUHNRPSLORYDQtMHLFKNyGYV~ERUHVSUtSRQRX'&8DE\
VPHPRKOLQHMDNXQLWSRXLYQDRPSURJUDPHQHSRWUHEXMHPHMHKR]GURMRYWYDU3$6DOHVWDt
QiPV~ERU'&8
'HILQtFLDXQLWX
XQLWPHQR8QLWXPHQRXQLWXVDPXVt]KRGRYDVPHQRPV~ERUX
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQWiQWW\SRYDMWULHG
SUHPHQQFKSURFHG~UDIXQNFLtOHQLFKKODYLN\NDGNWR
MHGQRWNXSRXtYDNQLPP{HSULVWXSRYDDNRNVYRMLPYODVWQP`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMQFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRQp
StVDEH]RKDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQWiQWW\SRYSUHPHQQFKSURFHG~U
DIXQNFLt`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LQLWLDOL]DWLRQWLHWRDVWLP{XFKED
LQLFLDOL]iFLDXQLWXVSXVWtVDWHVQHSUHGVSXVWHQtP
KODYQpKRSURJUDPX
ILQDOL]DWLRQ
ILQDOL]iFLDXQLWXVSXVWtVDSRVNRQHQtKODYQpKRSURJUDPX
HQG
-HGQRWN\P{HPHSRXLYLQFKSURJUDPRFKUHVSMHGQRWNiFKWDNHGRDVWLGHNODUiFLtXVHV
QDStHPHPHQRMHGQRWN\DNVDMHGQRWNDQHQDFKiG]DYWRPLVWRPDGUHViULDNRVDPRWQSURMHNW
PXVtPH]DStVDPHQRV~ERUXDMVFHVWRXPHQRV~ERUXVDDMWDNPXVt]KRGRYDVQi]YRPMHGQRWN\
QDSU
XVHV0HVVDJHV9HNWRU\LQ
?YHNWRU\SDV
3RPRFQ\8QLW
SRUDGLHPLHQMHGQRWLHNYSRSLVHXVHVXUXMHSRUDGLHLFKLQLFLDOL]iFLt
SUtNODGGHPRQWUXMHMHGQRGXFK~SURJUDPRYXMHGQRWNXVLQLFLDOL]iFLRXDILQDOL]iFLRX
XNiNRYXQLW
XQLW0RM8QLW
LQWHUIDFH
SURFHGXUH]DSLVVVWULQJ
LPSOHPHQWDWLRQ
YDU
W7H[W)LOH
SURFHGXUH]DSLVVVWULQJ
EHJLQ
ZULWHOQWV
HQG
LQLWLDOL]DWLRQ
$VVLJQ)LOHW
G?WHVWW[W
5HZULWHW
ILQDOL]DWLRQ
&ORVH)LOHW
HQG
3URJUDPRYiMHGQRWND6WDFN8QLW]iVREQtN
~GDMRYiWUXNW~UD]iVREQtNVWDFNMHSULSURJUDPRYDQtYHPLDVWRSRXtYDQiDSULWRPMHGRV
MHGQRGXFKiQDWRDE\VPHQDQHMY\VYHWOLOLSRXLWLHSURJUDPRYFKMHGQRWLHN
MHWR~GDMRYiWUXNW~UDNWRUiVDSRGREiSRVWXSQRVWLSUYNRYOHQVS{VRESULGiYDQLDDXEHUDQLDSUYNRYMH
SHFLILFN
SUYN\GRWUXNW~U\P{HPHSULGiYDOHQQDNRQLHFRSHUiFLRXSXVK
SUYN\]RWUXNW~U\P{HPHRGREHUDOHQ]NRQFDRSHUiFLDSRS
SRPRFQiRSHUiFLDHPSW\VO~LQDRWHVWRYDQLHLMHWUXNW~UDSUi]GQD
]iVREQtN]UHDOL]XMHPHDNRWULHGX
XQLW6WDFN8QLW
LQWHUIDFH
FRQVW
PD[6WDFN
W\SH
73UYRN VWULQJ
76WDFN FODVV
VWDUUD\>PD[6WDFN@RI73UYRN
YUFKPD[VWDFN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJVREVDKXMH6KRZ0HVVDJH
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOWRNQRVRVSUiYRX
HQG
FRQVWUXFWRU76WDFN&UHDWH
EHJLQ
YUFK
HQG
SURFHGXUH76WDFNSXVKS73UYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQ]iVREQtN
LQFYUFKVW>YUFK@ S
HQG
SURFHGXUH76WDFNSRSYDUS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
S VW>YUFK@GHFYUFK
HQG
IXQFWLRQ76WDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>YUFK@
HQG
IXQFWLRQ76WDFNIXOOERROHDQ
EHJLQ
5HVXOW YUFK PD[6WDFN
HQG
IXQFWLRQ76WDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
QDMOHSLHMHY\WYiUDQRYpXQLW\SRPRFRX1HZ!8QLWYPHQX)LOHY\WYRUtVDVNRURSUi]GQ\XQLWQDSU
QRYXQLW
XQLW8QLW
LQWHUIDFH
LPSOHPHQWDWLRQ
HQG
WHQWRSRPRFRX6DYH$VYPHQX)LOHP{HPHSUHPHQRYDDWPVD]PHQtDMKODYLNDXQLWXQDSUQD
6WDFN8QLW
WDNWRGHILQRYDQXQLWWHGDWULHGX]iVREQtNP{HPHSRXLYRVYRMRPSURJUDPH
SRXLWLH]iVREQtND
XVHV6WDFN8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN
YDU
WW7H[W)LOH
]76WDFN
VVWULQJ
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
[W[W
5HZULWHW
] 76WDFN&UHDWH
ZKLOHQRWHRIWGREHJLQ
UHDGOQWV]SXVKV
HQG
ZKLOHQRW]HPSW\GREHJLQ
]SRSVZULWHOQWV
HQG
])UHH
&ORVH)LOHW&ORVH)LOHW
HQG
HWHVLYLPQLWHHQD]iYHUSURJUDPXVPHSRXLOL])UHHSRGREQHDNRSULELWPDSiFKMHGREUHQD]iYHU
QH]DEXGQ~REMHNW]UXLWMXYROQL]SDPlWLSRtWDD
SR]ULPHVDDNRY\]HUiKODYQSURJUDPWM'HOSKLSURMHNWDSOLNiFLH3URMHFWGSU
KODYQSURJUDP
SURJUDP3URMHFW
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
6WDFN8QLWLQ
6WDFN8QLWSDV
^5 UHV`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
WHQWRV~ERUMHWLHSDVFDORYVN]GURMRYNyGDOHQDUR]GLHORGSURJUDPRYHMMHGQRWN\REVDKXMHOHQ
GHNODUiFLHDKODYQSURJUDPWMWRRVDVSXVWtSRWDUWHSURJUDPXSRLQLFLDOL]iFLLXQLWRY]UHMPH
$SSOLFDWLRQMHQHMDNiSHFLiOQDLQWDQFLD]UHMPHMHGHNODURYDQiYXQLWH)RUPVRNWRU~VDVWDUi'HOSKL
DWHQWRKODYQSURJUDPOHQ]DYROiQHMDNpPHWyG\WHMWRLQWDQFLH
'\QDPLFNpSROLD
GHNODUXMHPHLFK
YDU
DDUUD\RIW\SBSUYNX
]QDPHQiWRHSUHPHQQiDWRKRWRW\SX]DWLDQHPiXUHQ~YHNRVWMSRHWSUYNRY
YHNRVSRDPXVtPH]DGHILQRYDSRPRFRX
WRWRMHWRLVWpDNR6HW/HQJWKD
D FRS\LQpBSROHRGBSUYNXSRHWURYQDNRDNRSUL]QDNRYFKUHD]FRFK
WDQGDUGQiIXQNFLD/HQJWKYUDFLDPRPHQWiOQXYHNRVSRDSUHQLOMHWR
/HQJWKD
DNXSROHREVDKXMHQHMDNpSUYN\DPHQtPHMHKRYHNRVSRPRFRX6HW/HQJWKEXQHMDNpSUYN\
VWUDWtPHDOHERSUL]YlRYDQtGN\SULEXGQ~QDNRQLHFQRYpSUYN\]DWLDHWHVQHGHILQRYDQRX
KRGQRWRX
]iVREQtN]UHDOL]XMHPHSRPRFRXG\QDPLFNpKRSRD
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
73UYRN VWULQJ
76WDFN FODVV
VWDUUD\RI73UYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRU76WDFN&UHDWH
EHJLQ
VW QLO
HQG
SURFHGXUH76WDFNSXVKFRQVWS73UYRN
EHJLQ
6HW/HQJWKVW/HQJWKVWVW>+LJKVW@ S
HQG
SURFHGXUH76WDFNSRSYDUS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
S VW>+LJKVW@6HW/HQJWKVW/HQJWKVW
HQG
IXQFWLRQ76WDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>+LJKVW@
HQG
IXQFWLRQ76WDFNHPSW\ERROHDQ
EHJLQ
5HVXOW /HQJWKVW DOHER5HVXOW VW QLO
HQG
HQG
1DNRNRP{HE\RSHUiFLDQDIXNRYDQLDG\QDPLFNpKRSRDSRPHUQHGUDKiWMDVRYRQiURQi
P{HPHSROH]YlRYDSRYltFK~VHNRFKQDSU
G\QDPLFNpSROHVDQDIXNXMHSRYltFKNURNRFK
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
73UYRN VWULQJ
76WDFN FODVV
VWDUUD\RI73UYRN
YUFKLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRU76WDFN&UHDWH
EHJLQ
VW QLOYUFK
HQG
SURFHGXUH76WDFNSXVKFRQVWS73UYRN
EHJLQ
LQFYUFK
LIYUFK!+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
VW>YUFK@ S
HQG
SURFHGXUH76WDFNSRSYDUS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
S VW>YUFK@GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
IXQFWLRQ76WDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>YUFK@
HQG
IXQFWLRQ76WDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
]76WDFN
N7.RU
LLQWHJHU
UUHDO73UYRN
EHJLQ
N 7.RU&UHDWH
] 76WDFN&UHDWH
IRUL WRGREHJLQ
N'RSUHGXL
N9SUDYR]SXVKL
HQG
FDNDM
NIS FO5HG
ZKLOHQRW]HPSW\GREHJLQ
]SRSUNYODYRNGRSUHGXU
HQG
])UHH
HQG
3DUDPHWHURWYRUHQpSROH
3RWUHEXMHPHSURFHG~UXNWRUiGRVWDQHSRVWXSQRVtVHODQDMHM]iNODGHQDNUHVOtNULYNXWDNH
SRVWXSQH]QHMEXGHEUDGN\SUHSUtND]GRSUHGXD]DNDGPVDRWRtRVWXSRYYSUDYR1DNRNR
QHSR]QiPHGNXYVWXSQHMSRVWXSQRVWLWMSRDSRXLMHPHW]YSDUDPHWHURWYRUHQpSROHWMVNXWRQP
SDUDPHWURPP{HE\XERYRQpMHGQRUR]PHUQpSROHNWRUpVD]KRGXMHVW\SRPSUYNRY=DSLVXMHPH
QDSU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
WDNWRIRUPiOQ\SDUDPHWHUQLHMHG\QDPLFNpSROH
SUtNODG
YDU
N7.RU
SURFHGXUHNUHVOLGDUUD\RIUHDO
YDU
LLQWHJHU
EHJLQ
IRUL ORZGWRKLJKGGREHJLQORZGMHYG\
N'RSUHGXG>L@
N9SUDYR
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
GGDUUD\>@RIUHDO
EHJLQ
N 7.RU&UHDWH
NUHVOLGG
HQG
'HOSKLXPRXM~SRVODDNRVNXWRQSDUDPHWHUW\SXRWYRUHQpSROHDMNRQWDQWXRWYRUHQpSROHWM
SRVWXSQRVKRGQ{WURYQDNpKRW\SXDNRSUYN\RWYRUHQpKRSRDX]DYUHW~YKUDQDWFK]iWYRUNiFKQDSU
SRXLWLHNRQWDQW\RWYRUHQpSROH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
NUHVOL>@
HQG
XSR]QiPHSURFHG~UX3RO\JRQNWRUiIXQJXMHY&DQYDVHJUDILFNHMSORFK\PiSDUDPHWHURWYRUHQpSROH
W\SX73RLQWDWDQGDUGQiIXQNFLD3RLQWY\UiED]i]QDPW\SX73RLQWWMQLHRDNR
WDQGDUGQiSURFHG~UD3RO\JRQ
W\SH
73RLQW UHFRUG[\LQWHJHUHQG
SURFHGXUH7&DQYDV3RO\JRQFRQVW3RLQWVDUUD\RI73RLQW
P{HPHMHGQRGXFKRYRODWDN~WRSURFHG~UXNRQWDQWRXRWYRUHQpKRSRDQDSU
YRODQLHSURFHG~U\3RO\JRQ
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
WULHGD7.RUMHGHILQRYDQiYXQLWH.RU8QLW
GHILQXMHQLHNRNRVWDYRYFKSUHPHQQFK[\VPHU)3DQLHNRNRPHWyG&UHDWH'RSUHGX
RVDEXGHPHGQHVXL
DNRMHQDR]DMGHILQRYDQiWULHGD7.RUREVDKXMHV~NURPQpVWDYRYpSUHPHQQpDYHUHMQpVWDYRYp
SUHPHQQpW\SXYODVWQRV
SULQLHNWRUFKPHWyGDFKMHSULSRMHQpUH]HUYRYDQpVORYRRYHUULGHRYHUORDGDOHERYLUWXDO
XYLGtPHVS{VREDNRVDY\NUHVXM~QDREUD]RYNXWYDU\NRU\WQDLHN
.RU8QLW
SRGUREQHVDSR]ULHPHQDSURJUDPRY~MHGQRWNX.RU8QLW
GHNODUiFLDWULHG\7.RU
W\SH
7.RU FODVV
SULYDWH
);)<)6PHUUHDO
)'ROHERROHDQ
))37&RORU
)+3LQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHRYHUORDG
FRQVWUXFWRU&UHDWHQ[Q\UHDOXKROUHDO RYHUORDG
GHVWUXFWRU'HVWUR\RYHUULGH
SURSHUW\;UHDOUHDG);
SURSHUW\<UHDOUHDG)<
SURSHUW\6PHUUHDOUHDG)6PHUZULWH=PHQ6PHU
SURSHUW\'ROHERROHDQUHDG)'ROHZULWH=PHQ3HUR
SURSHUW\)37&RORUUHDG))3ZULWH=PHQ)3
SURSHUW\+3LQWHJHUUHDG)+3ZULWH=PHQ+3
HQG
YlLQXYHFtEXSR]QiPHDOHERVPHVQLPLXSUDFRYDOLP{HPHWXYLGLHQLHNRNRQRYLQLHN
YHWN\VWDYRYpSUHPHQQpDPHWyG\V~UR]GHOHQpGRGYRFKYHNFKVNXStQSULYDWHDSXEOLF
RNUHPNRQWUXNWRUD&UHDWHMHWXGHILQRYDQDMGHWUXNWRU'HVWUR\VN~RYPVORYRPRYHUULGH
VNRUR]DYHWNPLGHILQtFLDPLPHWyGMHN~RYpVORYRYLUWXDONWRUpKRY]QDPVDEXGHPHXL
QHVN{U
NRQWUXNWRU&UHDWHPiSUHGYROHQpSDUDPHWUHGHIDXOWKRGQRW\
YODVWQRV
SRVWXSQHVD]R]QiPLPHVWPLWRQRYLQNDPL
3ULYiWQHGHILQtFLH
]DGHNODUXMHPHYLQWHIDFHDVWLQHMDNpKRXQLWXWDNRVWDWQpXQLW\NWRUpW~WRGHNODUiFLXYLGLDP{X
SUDFRYDOHQVSXEOLFGHNODUiFLDPLDOHYLPSOHPHQWDWLRQDVWLVDPRWQpKRXQLWXV~YHWN\
GHNODUiFLHURYQRFHQQp
SULSUiFLVIRUPXOiURPQDSUYWULHGH7)RUPP{HPHYLGLHHQLHNWRUpSUYN\VWDYRYpSUHPHQQpD
PHWyG\QLHV~YDQLMHGQHM]WFKWRVNXStQRNUHPWFKWRGYRFKVNXStQMHDMDOLDSXEOLVKHGNWRUiMH
VNRURURYQDNiDNRSXEOLFDOH]DWLDSUHMHGQRGXFKRVSUHGSRNODGDMPHHMX'HOSKLSRWUHEXM~SUH
NRPSRQHQW\DPHWyG\NWRUpV~]YLD]DQpVQHMDNPIRUPXOiURP
3UHGYROHQpSDUDPHWUH
NRU\WQDNXP{HPHVNRQWUXRYDQDSUWDNWR
N 7.RU&UHDWH
N 7.RU&UHDWH[\
SUHGYROHQSDUDPHWHUMHDMYGHILQtFLLSURFHG~U\]PD]
9LDFYDULDQWRYMHGQHMSURFHG~U\
MHWRVS{VRESRPRFRXNWRUpKRP{HPHQD]YDU{]QHSURFHG~U\MHGQPPHQRPUHVSNHMHGQD
SURFHG~UDPiYLDFYDULDQWRYDE\SDVFDOSULYRODQtWDNHMWRSURFHG~U\VSUiYQHUR]KRGRONWRUYDULDQWPi
SRXLPXVLDVDWLHWRYDULDQW\OtLEXSRWRPSDUDPHWURPDOHERW\SPLSDUDPHWURY
YGHNODUiFLiFKWULHG\YGHNODUiFLLPHWyG\]DKODYLNXSURFHG~U\]DStHPHUH]HUYRYDQpVORYR
RYHUORDG
WRWRVORYR]DStHPH]DYHWN\YDULDQW\
YLGtPHGYHGHILQtFLHSUH&UHDWHREDYDULDQW\VDOtLDSRWRPSDUDPHWURY
9ODVWQRVWLSURSHUW\
VWDYRYpSUHPHQQpVN~RYPVORYRPSURSHUW\V~SHFLiOQHDWULE~W\WULHG\QLHV~WRSDPlRYp
SRORN\WULHG\DNRY]i]QDPH
VNXWRQPVWDYRYPSUHPHQQPMHY\KUDGHQpQHMDNpSDPlRYpPLHVWRP{HPH]LVWLMHMKRGQRWX
UHVSMXPHQLWRMHDQDOyJLDSRORNiP]i]QDPRY
YLUWXiOQDVWDYRYiSUHPHQQiYODVWQRVPXVtPDSULUDGHQpQHMDNpDNFLHQDtWDQLHUHVS
PRGLILNRYDQLHWDNHMWRVWDYRYHMSUHPHQQHM
SRPRFRXWRKRWRPHFKDQL]PXP{HPHNRQWURORYDSUtVWXSNXVNXWRQPVWDYRYPSUHPHQQPDOHER
P{HPHSUHWDNpWRVWDYRYpSUHPHQQpY\SRtWDLFKKRGQRWXDNHEXG~SRDGRYDQptWDQp
V\QWD[
SURSHUW\PHQRW\SUHDGSRORND_PHWyGDZULWHSRORND_PHWyGD
SRORND_PHWyGDMHEXRE\DMQiSRORNDVNXWRQiVWDYRYiSUHPHQQiREMHNWXKRFLDMSULYiWQDDOHER
SUHUHDGPHWyGDPXVtE\EH]SDUDPHWURYiIXQNFLDURYQDNpKRW\SXDNRW\SYODVWQRVWL
SUHZULWHPHWyGDPXVtE\MHGQRSDUDPHWURYiSURFHG~UDVKRGQRWRYPDOHERFRQVWSDUDPHWURP
URYQDNpKRW\SXDNRW\SYODVWQRVWL
MHGQD]DVWtUHDGDOHERZULWHP{HFKED !SRWRPWHQWRSUtVWXSQLHMHSRYROHQQDSUQHGiVDPHQL
KRGQRWDVWDYRYHMSUHPHQQHMLEDtWD
YG\NHVDYSURJUDPHEXGHtWDUHVSPHQLKRGQRWDWDNHMWRYLUWXiOQHMVWDYRYHMSUHPHQQHM
YODVWQRVWLWDNVDEXSUHtWDKRGQRWDUHVSSULUDGtGRSRORN\DOHERVD]DYROiSUtVOXQiPHWyGD
QDSUNRU\WQDNDPiWLHWRYODVWQRVWL
SURSHUW\;UHDOUHDG);
SURSHUW\<UHDOUHDG)<
SURSHUW\6PHUUHDOUHDG)6PHUZULWH=PHQ6PHU
SURSHUW\)37&RORUUHDG))3ZULWH=PHQ)3
YWHG\GRVWDQHPHKRGQRWXV~NURPQHMSUHPHQQHM);
YODVWQRV<MHQDWRPURYQDNR
YODVWQRV6PHUP{HPHtWDDMPHQLSULtWDQtWHMWRSUHPHQQHMVDYUiWLKRGQRWDV~NURPQHMSUHPHQQHM
9DORPSUtNODGHVWDYRYiSUHPHQQiYODVWQRVSUHPYVNXWRQRVWLPDQLSXOXMHVRV~NURPQRX
SUHPHQQRXISUHPOHQSULMHMtWDQtVDDXWRPDWLFN\]YLSRtWDGORSRF
SRtWDGORtWDQLDSUHPHQQHM
W\SH
[[ FODVV
SULYDWH
ISUHPUHDO
SRFLQWHJHU
IXQFWLRQKRGQRWDUHDO
SXEOLF
SURSHUW\SUHPUHDOUHDGKRGQRWDZULWHISUHP
HQG
IXQFWLRQ[[KRGQRWDUHDO
IXQNFLDSRtWDSRHWSUtVWXSRYNXVWDYRYHMSUHPHQQHM
EHJLQ
5HVXOW ISUHPLQFSRF
HQG
QHVN{UXYLGtPHDMDOLHPRQRVWLVWDYRYFKSUHPHQQFKYODVWQRVWt
'HWUXNWRU'HVWUR\
MHSRGREQNRQWUXNWRUXDXWRPDWLFN\VD]DYROiSULPHWyGH)UHHWMNHUXtPHREMHNWP{HPHQD
]iYHUY\NRQDQHMDNpXSUDWRYDFLHDNFLHQDSUXYROQLELWPDSXVNU\NRU\WQDNXDSRG
YRODQLHPHWyG\REM)UHHQHMDNpKRREMHNWXREMVLP{HPH]MHGQRGXHQHSUHGVWDYLDNR
LIREM!QLOWKHQREM'HVWUR\
WDNWR)UHHIXQJXMHOHQVGHWUXNWRURP'HVWUR\KRFLYRYHREHFQRVWLE\VPHPRKOLPDYLDF
GHWUXNWRURYVU{]Q\PLPHQDPL
.RQWUXNWRUDGHWUXNWRUNRU\WQDLHN
JOREiOQHSUHPHQQp
YDU
NRU\DUUD\RI7.RU
PD[NRULQWHJHU
YNWRUFKVD]DSDPlWiYDM~YHWN\Y\WYRUHQpNRU\WQDN\WHQWRPHFKDQL]PXVVO~LOHQDNRXNiNDSUiFH
VG\QDPLFNPSRRPDYWHMWRYHU]LLSURJUDPRYHMMHGQRWN\.RU8QLWQHPiYHNY]QDP
G\QDPLFNpSROHNRU\VO~LQD]DSDPlWDQLHVLYHWNFKGRWHUD]Y\WYRUHQFKNRU\WQDLHN
SUHPHQQiPD[NRUREVDKXMHLQGH[PD[LPiOQHSULUDGHQHMNRU\WQDN\YSROLNRU\SROHNRU\
QH]YlXMHPHSULNDGHMQRYHMNRU\WQDNHRDOHUD]]DDV]YltPHRDPD[NRU\MHYWHG\PHQLH
DNR+LJKNRU\
WRWRSROHNRU\VDDNWXDOL]XMHY7.RU&UHDWHDY7.RU'HVWUR\
SUHPHQQiJ7&DQYDVVO~LQDNUHVOHQLHGRJUDILFNHMSORFK\
YLPQLWHVLDNRNRQWUXNWRU&UHDWHLQLFLDOL]XMHVWDYRYpSUHPHQQp
NRQWUXNWRU
FRQVWUXFWRU7.RU&UHDWHQ[Q\XKROUHDO
YDU
LLQWHJHU
EHJLQ
,QLFLDOL]XM
); Q[)< Q\)6PHU XKRO
))3 FO%ODFN)+3
)'ROH WUXH
L ZKLOHL PD[NRUDQGNRU\>L@!QLOGRLQFL
LIL!KLJKNRU\WKHQ6HW/HQJWKNRU\/HQJWKNRU\
NRU\>L@ VHOILIL!PD[NRUWKHQPD[NRU L
HQG
YLPQLWHVLDNRGUXKYDULDQWNRQWUXNWRUDEH]SDUDPHWURYYROiVYRMSUYYDULDQWVSDUDPHWUDPL
GUXKYDULDQWNRQWUXNWRUD
FRQVWUXFWRU7.RU&UHDWH
EHJLQ
,QLFLDOL]XM
&UHDWHVLUNDY\VND
HQG
DMGHWUXNWRU'HVWUR\SUDFXMHVSRRPNRU\
GHWUXNWRU
GHVWUXFWRU7.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
L ZKLOHL PD[NRUDQGNRU\>L@!VHOIGRLQFL
LIL PD[NRUWKHQNRU\>L@ QLO
LQKHULWHG
HQG
LQKHULWHGQD]iYHUPHWyG\MHXNiNRXWRKRHQHWUHED]DEXGQ~VSXVWLXSUDWRYDFLHDNFLHDMSUH
WULHGXSUHGNDYQDRPSUtSDGHMHWR]E\WRQpOHERSUHGRNWULHG\7.RUPiSUi]GQ\GHWUXNWRUWULHGD
7.RUMHSRWRPNRPWULHG\72EMHFW
9MHGQRWNH.RU8QLWV~RNUHPWULHG\7.RUYLQWHUIDFHDVWLGHILQRYDQpDMQHMDNpNRQWDQW\SUHPHQQpD
SURFHG~U\DWHGDV~YLGLWHQpSUHSURJUDP\NWRUpPDM~XVHV.RU8QLW
=PD]PiMHGHQSUHGYROHQSDUDPHWHUIDUEXSR]DGLDJUDILFNHMSORFK\EH]SDUDPHWUD]PDHJUDILFN~
SORFKXQDELHOR
&DNDMSR]GUtY\NRQiYDQLHSURJUDPXR]DGDQSRHWPLOLVHN~QGSRDVWRKRWRDNDQLDVDY\NRQiYD
$SSOLFDWLRQ3URFHVV0HVVDJHV
SUHPHQQpVLUNDDY\VNDREVDKXM~tUNXDYNXNRU\WQDHMJUDILFNHMSORFK\
.RU8QLWQHPiDQLDVLQLWLDOL]DWLRQDQLILQDOL]DWLRQOHERLQLFLDOL]iFLDSUHPHQQFKVDUREtDSULSUYRP
7.RU&UHDWHUHVSSUL1DVWDY3ORFKX
SR]ULPHVLLQLFLDOL]iFLXNWRUiVDVSXVWtSUHGSUYPY\YRODQtP7.RU&UHDWHMHMQDMG{OHLWHMRX~ORKRXMH
QiMVYQDHMDSOLNiFLLQHMDN~JUDILFN~SORFKX7,PDJHQHPi]P\VHOVDVQDLGRGHWDLORYSRFKRSL
DNRWRIXQJXMH
LQLFLDOL]iFLD
SURFHGXUH,QLFLDOL]XM
YDU
LQLQWHJHU
I7)RUP
EHJLQ
LIJ!QLOWKHQH[LW
I $SSOLFDWLRQ0DLQ)RUP
LII QLOWKHQEHJLQ
Q $SSOLFDWLRQ&RPSRQHQW&RXQWL
ZKLOHLQDQGQRW$SSOLFDWLRQ&RPSRQHQWV>L@LV7)RUPGRLQFL
LIL QWKHQEHJLQ
6KRZ0HVVDJH
YDGQiDSOLNiFLDQHQDLHOVRPIRUPXOiU
+DOW
HQG
I 7)RUP$SSOLFDWLRQ&RPSRQHQWV>L@
HQG
Q I&RQWURO&RXQWL
ZKLOHLQDQGQRWI&RQWUROV>L@LV7,PDJHGRLQFL
LIL! QWKHQEHJLQ
6KRZ0HVVDJH
YDGQiDSOLNiFLDQHQDLHOVRPJUDILFN~SORFKX
KDOW
HQG
1DVWDY3ORFKX7,PDJHI&RQWUROV>L@
HQG
SRPRFQiSURFHG~UD1DVWDY3ORFKX
SURFHGXUH1DVWDY3ORFKXS7,PDJH
EHJLQ
LIJ!QLOWKHQH[LW
LIS2ZQHULV7)RUPWKHQ
7)RUPS2ZQHU'RXEOH%XIIHUHG WUXH
J S&DQYDV
VLUND S:LGWKY\VND S+HLJKW
HQG
DNW~WRSURFHG~UX]DYROiPHVQHMDNRXJUDILFNRXSORFKRXSUHGSUYPY\WYRUHQtPNRU\WQDN\WDNWiWRVD
VWDQHSORFKRXSUHNRU\WQDN\LQDNVDVS~DPHFKDQL]PXVDXWRPDWLFNpKRKDGDQLDSUYHMJUDILFNHM
SORFK\
SUtNODGVYODVWQRXWULHGRXPRM.RU
0DOiXNiNDSRWRPNDWULHG\7.RUNWRUGRGHILQXMHPHWyGXQDNUHVOHQLHELQiUQHKRVWURPX
RGYRGHQiWULHGDRG7.RU
XVHV
.RU8QLW
W\SH
70RMD.RU FODVV7.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
SURFHGXUH70RMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQEHJLQ
YODYR
VWURPQV
YSUDYR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
EHJLQ
N 70RMD.RU&UHDWH&UHDWHMH]GHGHQ
NVWURPVWURPMHPHWyGDWULHG\70RMD.RU
N)UHH
HQG
ERORE\GREUHNHE\VWHVL]Y\NDOLGiYDGHILQtFLHQRYFKWULHGGRVDPRVWDWQFKSURJUDPRYFKMHGQRWLHN
QDSUWiWRWULHGDE\ERODGHILQRYDQiYXQLWHPRMD.RU8QLWDYXQLWHVIRUPXOiURPE\VDLEDSRXtYDOD
PRMD.RU8QLWSDV
XQLWPRMD.RU8QLW
LQWHUIDFH
XVHV
.RU8QLW
W\SH
70RMD.RU FODVV7.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
LPSOHPHQWDWLRQ
SURFHGXUH70RMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQEHJLQ
YODYR
VWURPQV
YSUDYR
VWURPQV
YODYR
HQG
GRSUHGXV
HQG
HQG
DV8QLWSDV
XVHV
PRMD.RU8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
EHJLQ
N 70RMD.RU&UHDWH&UHDWHMH]GHGHQ
NVWURPVWURPMHPHWyGDWULHG\70RMD.RU
N)UHH
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SR]QiPH~GDMRY~WUXNW~UX]iVREQtNNWRUiPiGYH]iNODGQpRSHUiFLHSXVKDSRSYORHQLHD
YEHUKRGQRW\
SULYRODQLDFKSURFHG~UDIXQNFLLSRtWDY\XtYDPHFKDQL]PXV]iVREQtNDSULNDGRPYRODQt
SRGSURJUDPXVDGR]iVREQtND]DSDPlWiQiYUDWRYiDGUHVDDWLHVDQDRPY\WYRULDYHWN\
ORNiOQHSUHPHQQpDMKRGQRWRYpIRUPiOQHSDUDPHWUH
RVDEXGHPHGQHVXL
XNiHPHDNRVDGiDMYHPL]ORLWiUHNXU]tYQDSURFHG~UDSUHStVDGRQHUHNXU]tYQHKRWYDUX
Y\XLMHPHQDWR]iVREQtN
]iVREQtNSRXLMHPHDMQDVSUDFRYDQLHU{]Q\FKW\SRYDULWPHWLFNFKYUD]RYXYLGtPHRV~YUD]\
YLQIL[RYRPSUHIL[RYRPDSRVWIL[RYRPWYDUH
]DGHILQXMHPHHWHMHGQX~GDMRY~WUXNW~UXUDGIURQWSRGREiVDQD]iVREQtNVWPUR]GLHORP
HKRFLKRGQRW\YNODGiPHQDNRQLHFUDGXY\EHUiPHLFK]R]DLDWNXUDGX
3UHSLVUHNXU]LHQDQHUHNXU]LX
0iPHUHNXU]tYQXNRU\WQDLXPHWyGXNWRUiNUHVOtSLUiOX
W\SH
70RMD.RU FODVV7.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUH70RMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
SRPRFRX]iVREQtNDY\WYRUtPHQHUHNXU]tYQXPHWyGX
QDMSUY]DGHILQXMHPHWULHGX]iVREQtNSUHQDXNRQNUpWQX~ORKXSUYRN]iVREQtNDEXGH]i]QDPNWRU
REVDKXMHSRORN\YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
WLHXSUDYtPHPHWyG\SXVKDSRSWDNDE\VDQiPVR]iVREQtNRPSUDFRYDORSRKRGOQHMLH
SULVS{VREHQiWULHGD76WDFN
W\SH
73UYRN UHFRUGYQLQWHJHUVUHDOHQG
76WDFN FODVV
VWDUUD\RI73UYRN
SURFHGXUHSXVKYYQQLQWHJHUVVUHDO
SURFHGXUHSRSYDUYYQQLQWHJHUYDUVVUHDO
HQG
SURFHGXUH76WDFNSXVKYYQQLQWHJHUVVUHDO
EHJLQ
6HW/HQJWKVW/HQJWKVW
ZLWKVW>KLJKVW@GREHJLQ
Y YYQ QQV VV
HQG
HQG
SURFHGXUH76WDFNSRSYDUYYQQLQWHJHUYDUVVUHDO
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
ZLWKVW>KLJKVW@GREHJLQ
YY YQQ QVV V
HQG
6HW/HQJWKVW/HQJWKVW
HQG
SUHStPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiKRQRYpKR]iVREQtND
W\SH
70RMD.RU FODVV7.RU
SURFHGXUHVSLU1QLQWHJHUVUHDO
HQG
SURFHGXUH70RMD.RUVSLU1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHUQLHRDNRQiYUDWRYiDGUHVD
EHJLQ
] 76WDFN&UHDWH
]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQVQiYUDWSRUHNXU]tYQRPYRODQt
]SXVKQVUHNXU]tYQHYRODQLH
HQG
EHJLQ
9SUDYR'RSUHGXV
HQG
HQG
HQG
])UHHPDOE\H[LVWRYDGHWUXNWRU76WDFN'HVWUR\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
EHJLQ
N 70RMD.RU&UHDWH
NVSLU1
N)UHH
HQG
SURFHG~UDVDGiXSUDYLWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUH70RMD.RUVSLU1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHU
EHJLQ
] 76WDFN&UHDWHY
ZKLOHY!GREHJLQ
FDVHYRI
LIQ WKHQEHJLQ
9ODYRY EXGHWUHEDURELSRS
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ
9SUDYR'RSUHGXVY EXGHWUHEDURELSRS
HQG
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
])UHH
HQG
3UtNODG
SUHStHPHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDHMJUDILN\QDQHUHNXU]tYQX
SURFHGXUH70RMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
DV
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
VWURPQV
DV
9SUDYR
VWURPQV
DV
9ODYR'RSUHGXV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH70RMD.RUVWURP1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHU
EHJLQ
] 76WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9SUDYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9ODYR'RSUHGXV
HQG
HQG
HQG
])UHH
HQG
7RXWR]iVREQtNRYRXPHWyGRXQHYLHPHURELIXQNFLH9QDVOHGXM~FRPSUtNODGHVLWRXNiHPHQD
)LERQDFFLKRSRVWXSQRVWL'HILQRYDQiMHUHNXUHQWQHWDNWR
) ) )1 )1)1SUH1!
UHNXU]tYQDSURFHG~UDNWRUiSRtWD1Wp)LERQDFFLKRtVOR
YDU
IILQWHJHUJOREiOQDSUHPHQQiYNWRUHMMHY\SRtWDQiKRGQRWD
SURFHGXUHILEQLQWHJHU
YDU
ILQWHJHU
EHJLQ
DV
LIQWKHQII
HOVHEHJLQ
ILEQ
DV
I II
ILEQ
DV
II III
HQG
HQG
QHUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\73UYRNY76WDFNMHXWHUD]LQpKRW\SX
SURFHGXUHILE1QLQWHJHU
YDU
IYLQWHJHU
]76WDFN
EHJLQ
] 76WDFN&UHDWH]SXVKQI
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQI
FDVHYRI
LIQWKHQII
HOVHEHJLQ
]SXVKQIQiYUDW
]SXVKQIUHNXU]tYQHYRODQLH
HQG
EHJLQ
I II]SXVKQIQiYUDW
3UtNODG
QDStHPHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORN\
SURFHGXUH70RMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH70RMD.RUYORFND1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHU
EHJLQ
] 76WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV
HQG
HQG
HQG
])UHH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
LLQWHJHU
EHJLQ
N 70RMD.RU&UHDWH
IRUL WRGREHJLQNYORFND1NYODYRHQG
N)UHH
HQG
$ULWPHWLFNpYUD]\
YPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXtYDW]YLQIL[RY]iSLVDULWPHWLFNFKYUD]RYMH
GHILQRYDQQDVOHGRYQH
RSHUDQGQDSUtVORDOHERSUHPHQQiMHLQIL[RYYUD]
DN;D<V~LQIL[RYpYUD]\WDNLQIL[RYPLYUD]PLV~DM
SUHYUiWHQ3RVN]iSLV
3UHIL[
RSHUiWRUMHSUHGRSHUDQGDPL
QDSUP{HPHSUHtWDDNRVtWDMD
3RVWIL[
RSHUiWRUMH]DRSHUDQGDPL
QDSUP{HPHSUHtWDDNR]REHUDSRWRPLFKVtWDM
3RVNpIRUP\PDM~RSURWLLQIL[XW~YKRGXHQHSRWUHEXMHPH]iWYRUN\QDXUHQLHSUHFHQGHQFLHRSHUiWRURY
YG\MHMHGQR]QDQHGDQpSRUDGLHY\KRGQRFRYDQLD
9DNDWRPXMHDMY\KRGQRFRYDQLHWDNFKWRYUD]RYYHPLMHGQRGXFKpSRPRFRX]iVREQtND
1DSU
SUHLQIL[
SUHIL[
^SRXtYDVDYLQFKMD]\NRFKQDSU/,63`
SRVWIL[
3UREOpP\VXQiUQ\PRSHUiWRURPWUHEDKRUR]OtLRGELQiUQHKR]Y\NQHVD]QDLLQP]QDPLHQNRP
QDSUVERGNRXDOHERB
SURJUDPQDY\KRGQRWHQLHSRVWIL[XQDtWDQpKR]RYVWXSX
XVHV6WDFN8QLWW\SH73UYRN LQWHJHU
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
]76WDFN
[\LLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
] 76WDFN&UHDWH
V (GLW7H[W(GLW7H[W
L
ZKLOHL /HQJWKVGREHJLQ
FDVHV>L@RI
EHJLQ
[
ZKLOHV>L@LQ>
@GREHJLQ
[ [
RUGV>L@RUG
LQFL
HQG
]SXVK[GHFL
HQG
B
EHJLQ]SRS[]SXVK[HQGXQiUQHPtQXV
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\
[HQG
EHJLQ]SRS[]SRS\]SXVK\GLY[HQG
HQG
LQFL
HQG
]SRS[])UHH
0HPR/LQHV$GGV
,QW7R6WU[
HQG
1'
XSUDYWHSURJUDPQDSRVWIL[VUHiOQRXDULWPHWLNRX
Y\KRGQRWLSUHIL[
SUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
~SOQHX]iWYRUNRYDQYUD]MHLQIL[YNWRURPMHNDGiRSHUiFLDX]iWYRUNRYDQiQDSU
NY{OLSUHFHQGHQFLLRSHUiWRURY
XUREWHSUHYRG\]GR~SOQHX]iWYRUNRYDQpKRGR]SUHSRVWIL[X
Y\KRGQRWH~SOQHX]iWYRUNRYDQYUD]
SUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
Y\KRGQRFXMWHYUD]\VSUHPHQQPLSUtSVXQiUQ\PLIXQNFLDPLVSUDFXM~VDURYQDNRDNRXQiUQHPtQXV
5$'48(8()5217),)2
GiWRYiWUXNW~UDSRVWXSQRVSRORLHN]RUDGHQFK]DVHERX
DNSUtGHQRYiSRORNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
Y\EHUDSRORN\]R]DLDWNXUDGXIURQWKHDGKODYLND
PHWyG\
VHUYH REVO~
DSSHQG SULGDMQDNRQLHF
4XHXH8QLWSDV
XQLW4XHXH8QLW
LQWHUIDFH
W\SH
743UYRN VWULQJ
74XHXH FODVV
TDUUD\RI743UYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHVHUYHYDUS743UYRN
SURFHGXUHDSSHQGS743UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRU74XHXH&UHDWH
EHJLQ
T QLO
HQG
SURFHGXUH74XHXHVHUYHYDUS743UYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
S T>@
T FRS\TPD[LQW
HQG
SURFHGXUH74XHXHDSSHQGS743UYRN
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@ S
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
HQG
1DStHPHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\WYiUDQRYV~ERUWDNHYWRPWRV~ERUHV~
YHWN\ULDGN\YVWXSQpKRV~ERUXD]DQLPLHWHUD]WLHLVWpULDGN\
]GYRMHQV~ERU
XVHV
4XHXH8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
T74XHXH
IJ7H[W)LOH
W743UYRN
EHJLQ
T 74XHXH&UHDWH
$VVLJQ)LOHI
8QLWSDV
5HVHWI
$VVLJQ)LOHJ
WHVWSDV
5HZULWHJ
ZKLOHQRWHRIIGREHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GREHJLQ
TVHUYHWZULWHOQJW
HQG
&ORVH)LOHJ&ORVH)LOHI
T)UHH
0HPR/LQHV$GG
KRWRYR
HQG
1'
SUHUREWHWULHGX74XHXHWDNDE\VDQLHSULNDGHMRSHUiFLLDSSHQGDOHERVHUYHPXVHODPHQLYHNRV
G\QDPLFNpKRSRDTDOHDE\VDSRGREQHDNRSUL]iVREQtNXSDPlWDODNWXiOQ\SRHWD]PHQDYHNRVWL
SRDVDWHGDURELODPHQHMDVWR
UHSUH]HQWiFLDUDGXYSROL
F\NOLFNpSROHWYiULPHVDHVWDWLFNpSROHRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHE\FKYRVW
SULLHOQDNRQLHFSRDSUHVXQLHPHKR]QRYXQD]DLDWRN
SUREOpP\VUR]SR]QDQtPSUi]GQHKRDSOQpKRUDGXULHHQLHSDPlWiPHVLSRHWSRORLHN
SUHUREWHWULHGX74XHXHWDNDE\VWHY\XLOLF\NOLFNpSROHPXVtWHGRGHILQRYDDMPHWyGXIXOO
UR]PDRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK
]iVREQtNRY]DUiNDYRIURQWH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
REMHNWRYpSURJUDPRYDQLHSUHQiV]QDPHQiHP{HPHGHILQRYDQRYpWULHG\DWLHY\WYiUDLQWDQFLH
WFKWRWULHG
WULHG\PDM~GYHYODVWQRVWL]DSX]GUHQLHYMHGQRPFHONXV~VWDYRYpSUHPHQQpDPHWyG\DGHGLQRV
RVDEXGHPHGQHVXL
EH]DOHMYODVWQRVWLSRO\PRUIL]PXVE\ERODSUiFDVREMHNWPLYHPLREPHG]HQi
SRO\PRUIL]PXVMHVLOQPHFKDQL]PXV]GLHDQLDPHWyG
YDNDNRPSDWLELOLWHLQWDQFLtP{HPHSUDFRYDVSRO\PRUIQPLREMHNWPLDMSRO\PRUIQPLSDUDPHWUDPL
WULHGD7.UXKD76WYRUHF
1DSUHGQiNH~YRGGRREMHNWRYpKRSURJUDPRYDQLDVPHURELOLSURMHNWYNWRURPVPH]DGHILQRYDOLWULHGX
7.UXK
X]QiPDGHILQtFLDWULHG\7.UXK
YDU
J7&DQYDV
W\SH
7.UXK FODVV
SULYDWH
[\ULQWHJHU
I7&RORU
YLGERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
QDWULWODLGOiVPHSULUDGLOLY\WYRUHQLHWURFKLQWDQFLtWHMWRWULHG\WYUWpWODLGORKEDORVWPLWRNUXKPLSLDWH
UXLORYHWN\LQWDQFLH
DW~WRWULHGXVPHSRXtYDOLQDSUWDNWR
YDU
DEF7.UXK
SRFLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF WKHQ7LPHU(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQ
ZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHHD QLO
HQG
LIE!QLOWKHQ
ZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQ
ZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
GRGHILQXMHPHQRY~WULHGX76WYRUHFSRGWULHGX7.UXK
W\SH
76WYRUHF FODVV7.UXK
SXEOLF
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUH76WYRUHFXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH76WYRUHFVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH76WYRUHF=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH76WYRUHFSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
MHGQD]SUHPHQQFKLQWDQFLtNUXKXEXGHWHUD]WYRUHF
YDU
D7.UXK
E76WYRUHF
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWH
E=PHQ)DUEXFO5HG
EXND]
HQG
WDNWRY\OHSHQSURMHNWIXQJXMHVSUiYQHGUXKpWODLGORY\WYRUtWYRUHFDWYUWpWODLGORUR]KEHYHWN\
~WYDU\
DNSRURYQiPHPHWyG\=PHQ)DUEXDSRVXQYRERFKWULHGDFK]LVWtPHHV~~SOQHLGHQWLFNpWDNHVDLFK
SRN~VLPHYWULHGH76WYRUHFY\KRGLNRPSLOiWRUXWRQHYDGtSRFKRStHVDPDM~]GHGLDOHSURMHNWX
QHIXQJXMHVSUiYQH
6WDWLFNpPHWyG\
DN]DYROiPH76WYRUHFSRVXQ]DYROiVD7.UXKVNU\DQLH76WYRUHFVNU\
7.UXKSRVXQ!7.UXKVNU\
A
_
76WYRUHFSRVXQ76WYRUHFVNU\
9LUWXiOQHPHWyG\
SRWUHERYDOLE\VPHDE\7.UXKSRVXQSRFKRSLOHERO]DYRODQ]SRWRPNDDWHGDQHEXGHYRODVYRM
7.UXKVNU\DOHSRWRPNRYXPHWyGXVNU\
7.UXKSRVXQ7.UXKVNU\VNU\MHYLUWXiOQD
A?
_?
76WYRUHFSRVXQ!76WYRUHFVNU\VNU\MHYLUWXiOQD
]UHMPHVDWRQHGiXURELSRDVNRPSLOiFLHOHER7.UXKSRVXQQHP{HWXLHQLHNHG\YEXG~FQRVWLVL
QLHNWRQLHNGHLQGHQDSURJUDPXMHYHDSRWRPNRYNWRUpEXG~YROD7.UXKSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHDYU{]Q\FKVWXSRFKREMHNWRYHMKLHUDUFKLH!
QDSUYWHG\DNU{]QHWULHG\]GHGLDVSRORQ~PHWyGXQDSUPHWyGXSRVXQDOHGHWDLO\SUHU{]QH
REMHNW\]RGSRYHGDM~LFK]YOiWQRVWLDPQDSUPHWyGDVNU\
9DVQiDQHVNRUiYl]ED
NRPSLOiWRURNDPLWpUR]KRGQXWLHSULVWDWLFNFKPHWyGDFK
RGORHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
W\SXREMHNW
SULVWDWLFNFKPHWyGDFKNRPSLOiWRUKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRPRGGDQHM
~URYQHNGHMHGHILQRYDQiPHWyGD
SULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRDVEHKXVDKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURP
NSUHGNRPDOHRG~URYQHLQWDQFLH
YDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNFK
QHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
YGHNODUiFLLREMHNWXYLUWXDO
DNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQDPDOLE\PD
NRQWUXNWRUREMHNWXLQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXNX
]i]QDPH
KRYRUtPHHNRQWUXNWRUP{HE\SRXLWDMQDLQLFLDOL]RYDQLHVWDYRYFKSUHPHQQFKMHKRKODYQi
IXQNFLDMHY\KUDGLSDPlSUHREMHNWDLQLFLDOL]RYD907
.RQWUXNWRU\DGHWUXNWRU\
FRQVWUXFWRU&UHDWHXERYRQpPHQRP{HPDDMSDUDPHWUH
GHVWUXFWRU'HVWUR\RYHUULGHY72EMHFWMH'HVWUR\YLUWXDO
.RPSDWLELOLWDWULHGREMHNWRYFKW\SRY
PHG]LLQWDQFLDPL
PHG]LIRUPiOQ\PLDVNXWRQPLSDUDPHWUDPL
3UtNODG\
PiPHGHNODUiFLH
YDU
DF7.UXK
E76WYRUHF
SRWRPMHSRYROHQp
SURFHGXUH]PHQN7.UXK
EHJLQ
N=PHQ)DUEXFO%OXH
NSRVXQ
HQG
DWLHP{HE\YRODQp
]PHQE
!IRUPiOQ\SDUDPHWHUNMHSRO\PRUIQREMHNWU{]QRURG
!SRWRPRNP{HNGHNRYHNQDKUDGLSUHGNDSUHGRNP{H]DVWXSRYDSRWRPND
3RO\PRUIQREMHNW
NHGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNREMHNWP{HWRE\YODVWQHXERYRQSRWRPRNWRKRWRREMHNWX
]DWLDQHYLHPH]LVWLNWRU
XPRXMHVSUDFRYDREMHNW\NWRUFKW\SQLHMH]QiP\
XPRXMHY\XLPHWyG\SUHGNRYVRSHFLILFNPL]PHQDPL~SUDYDPL
P{HPHY\URELDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]LURYDQLH
XPRXMHPHQLQLHNWRUpDVWLEH]]GURMRYFKWH[WRY
YDNDYLUWXiOQ\PPHWyGDPPRQRPHQLLQQRVQLHNWRUFKSURFHG~U
SUtNODGVSRO\PRUIQPWYRUFRPE\PDOY\]HUDWDNWR
W\SH
7.UXK FODVV
SURFHGXUHXND]YLUWXDO
SURFHGXUHVNU\YLUWXDO
HQG
YDU
D7.UXK
E7.UXK
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SUtNODGQDSRO\PRUIQpSROH
]DGHILQXMHPHQRY~WULHGX77URMSRWRPRN7.UXK
^7URMXKROQLN`
W\SH
77URM FODVV7.UXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
SURFHGXUH77URMXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[U\@
YLG WUXH
HQG
SURFHGXUH77URMVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[U\@
YLG IDOVH
HQG
SROHSEXGHSRO\PRUIQpSROH
FRQVW
Q
YDU
SDUUD\>Q@RI7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRUL WRQGRS>L@ QLO
UDQGRPL]H
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
L[\ULQWHJHU
EHJLQ
IRUL WRQGREHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
U UDQGRP
FDVHUDQGRPRI
S>L@ 7.UXK&UHDWH[\U
S>L@ 76WYRUHF&UHDWH[\U
S>L@ 77URM&UHDWH[\U
HQG
HQG
IRUL WRQGRS>L@XND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
LIS>L@!QLOWKHQ
ZLWKS>L@GREHJLQ
LIYLGWKHQVNU\
)UHH
S>L@ QLO
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRQGR
LIS>L@!QLOWKHQS>L@SRVXQLPRGLPRG
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRS>L@)UHH
HQG
3R]QiPN\
]DWLDRSUYNRFKSRO\PRUIQpKRSRDSQHYLHPH]LVWLDNpKRV~QDR]DMW\SX
YLHPHHEXV~WRLQWDQFLHWULHG\NUXKDOHERMHKRSRWRPNRYLD
NDGSUYRNViPVHEDYLHVSUiYQHXNi]DVNU\D]DIDUELSRVXQ~
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
DNRIXQJXMHSRO\PRUIL]PXVRV~WRYLUWXiOQHPHWyG\
RVDEXGHPHGQHVXL
DNRIXQJXMHSRO\PRUIL]PXVSUHNRU\WQDN\DNRKRP{HPHY\XLDNRSUDFXMHPHVSRO\PRUIQP
SRRPNRU\WQDLHNWULHGD79HOD.RU
LQGH[RYDQpYODVWQRVWLSURSHUW\
SUHW\SRYDQLHUHVS]LVRYDQLHLMHGDQiLQWDQFLDQHMDNpKRW\SX
9LUWXiOQHPHWyG\WULHG\7.RU
'HILQtFLDWULHG\7.RUPiVNRURYHWN\PHWyG\YLUWXiOQH7R]QDPHQiHEXGHPHP{FYQDLFKSURJUDPRFK
Y\XtYDSRO\PRUIL]PXV2NUHPWRKRQLHNWRUpPHWyG\WULHG\7.RUY\XtYDM~LQpNRU\WQDLHPHWyG\DWHGDLFK
SUHGHILQRYDQLHPi]DQiVOHGRN]PHQXVSUiYDQLDDMWFKWRPHWyG1DSUDNRSUDYtPH=PHQ;<SRWRPWREXGH
PDYSO\YDMQDPHWyGX'RSUHGX
PDOSUtNODG
W\SH
7.RU FODVV7.RU
SURFHGXUH=PHQ;<Q[Q\UHDORYHUULGH
HQG
SURFHGXUH7.RU=PHQ;<Q[Q\UHDO
EHJLQ
LQKHULWHG=PHQ;<;Q\
HQG
SURFHGXUH7.RU=PHQ;<Q[Q\UHDO
EHJLQ
LQKHULWHG=PHQ;<Q[<
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
NNN7.RU
XLQWHJHU
EHJLQ
N 7.RU&UHDWHN+3 N)3 FO5HG
N 7.RU&UHDWHN+3 N)3 FO%OXH
N 7.RU&UHDWHN+3 N)3 FO*UHHQ
UHSHDW
]PD]
NGRSUHGXNGRSUHGXNGRSUHGX
FDNDM
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
YWRPWRSUYRPSUtNODGHVDNRU\WQDN\SRK\EXM~~SOQHURYQDNPVS{VRERPDNE\EROLYHWN\WUL
URYQDNHMWLHG\7.RUWDNE\VPHYLGHOLNUHVEXOHQMHGQHM]QLFKSRVOHGQHM]HOHQHM
NDNPDM~]PHQHQpVSUiYDQLHWDNHNPHQtLED<RY~V~UDGQLFXDNPHQtOHQ;RY~
DNRGNRPHQWXMHWHSUtND]]PD]QDSULHEHQp]PD]iYDQLHSORFK\WDNNRU\WQDN\QHEXG~NUHVOLLDU\DOH
EXG~VD]REUD]RYDNUiWN\PLSDOLNDPL
YQDVOHGXM~FRPSUtNODGH]DWLDQHY\XtYDPHLDGQHSUHGHILQRYDQLHPHWyGSRPRFRXGYRFKNRU\WQDLHN
NUHVOtPHP\RXGRSORFK\
RE\DMQpNUHVOHQLHP\RX
YDU
NN7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN3+N)3 FO/W*UD\N+3
N 7.RU&UHDWHN3+
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
N3+N=PHQ;<;<N3'
N3+N=PHQ;<;<N3'
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
YDU
XYUHDO
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
X N6PHURP;<Y N9]G;<
N6PHU XN'RSUHGXY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
N6PHU XN'RSUHGXY
HQG
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
N)UHHN)UHH
HQG
GRGHILQXMHPHQRY~WULHGXNWRUHMSRRSUDYtPHPHWyGX=PHQ6PHUDE\QDVWDYRYDODXKROQDRSDQ
WULHGD70RMD.RUPi]PHQHQ=PHQ6PHU
W\SH
70RMD.RU FODVV7.RU
SURFHGXUH=PHQ6PHUXKROUHDORYHUULGH
HQG
SURFHGXUH70RMD.RU=PHQ6PHUXKROUHDO
EHJLQ
LQKHULWHG=PHQ6PHUXKRO
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN3+N)3 FO/W*UD\N+3
N 70RMD.RU&UHDWHN3+
HQG
WHUD]VDEXGHNRU\WQDNDVSUiYDYHPLXGQH
]DXMtPDYHIHNWY]QLNQHDMYWHG\NHY,PDJH0RXVH'RZQY\KRGtPHSUtND]N3'
YDOHMVpULLSUtNODGRYGHPRQWUXMHPHU{]QHSR]PHQHQpGRSUHGX
QDMSUY]iNODGQiYHU]LDEH]SR]PHQHQHMNRU\WQDN\QDNOLNQXWLHGRSORFK\VDQDWRPPLHVWHQDNUHVOt
GRPHN
GRPHN\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURFHGXUHGRPFHNN7.RUGUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WRGREHJLQ
N'RSUHGXG
N9SUDYR
HQG
N9ODYR
IRUL WRGREHJLQ
N'RSUHGXG
N9SUDYR
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
N7.RU
EHJLQ
UDQGRPL]H
N 7.RU&UHDWH;<N)3 UDQGRP
GRPFHNN
N)UHH
HQG
DNNRU\WQDNDQHGRNiHUREL~VHN\SUHVQHMGN\DOHVQHMDNRXSUDYGHSRGREQRVRXVDPOLR
P{XY]QLND]DXMtPDYpNUHVE\
QHSUHVQiGND
W\SH
7.RU FODVV7.RU
SURFHGXUH'RSUHGXGO]NDUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGO]NDUHDO
EHJLQ
LQKHULWHG'RSUHGXGO]ND
UDQGRP
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
N7.RU
EHJLQ
UDQGRPL]H
N 7.RU&UHDWH;<N)3 UDQGRP
GRPFHNN
N)UHH
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
QHSUHVQpRWiDQLHYSUDYR
W\SH
7.RU FODVV7.RU
SURFHGXUH9SUDYRXUHDORYHUULGH
HQG
SURFHGXUH7.RU9SUDYRXUHDO
EHJLQ
LQKHULWHG9SUDYRX
UDQGRP
HQG
DNE\VPHRGYRGLOLWULHGX7.RU]7.RUGRVWDOLE\VPHNRU\WQDNXNWRUiQHYLHURELDQLSUHVQp
'RSUHGXDQLSUHVQp9SUDYR
NRPELQRYDQiWULHGDSUHEHUiYODVWQRVWL]7.RU
W\SH
7.RU FODVV7.RU
DOLHGYHWULHG\LOXVWUXM~LQpYDULDQW\]PHQHQHMPHWyG\'RSUHGX
LQpYHU]LH'RSUHGX
W\SH
7.RU FODVV7.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
9ODYRUDQGRP
LQKHULWHGWRMHWRLVWpDNRLQKHULWHG'RSUHGXG
9ODYRUDQGRP
LQKHULWHG
9ODYRUDQGRP
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
LQKHULWHG
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
9ODYR
ZKLOHG! GREHJLQ
LQKHULWHG'RSUHGX
9SUDYR
LQKHULWHG'RSUHGX
9ODYR
G G
HQG
9SUDYR
LQKHULWHG'RSUHGXG
HQG
RWHVWXMWHNUHVOHQLHGRPHNDNRU\WQDNRXNWRUiMHLQWDQFLRXWFKWRWULHG
SRH[SHULPHQWXMWHVWPDN7.RUUHVS7.RUEXGHRGYRGHQiQLH]7.RUDOH]7.RUDOHER7.RU
QDVOHGXM~FLMHGQRGXFKSUtNODGLOXVWUXMHSROHNRU\WQDLHNNWRUpVDSRK\EXM~SRU{]QHYHNFK
NUXQLFLDFK
NRU\WQDLHN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
NDUUD\>@RI7.RU
EHJLQ
IRUL WRGREHJLQ
N>L@ 7.RU&UHDWHN>L@+3
HQG
UHSHDW
]PD]
IRUL WRGREHJLQ
N>L@'RSUHGXLN>L@9SUDYR
HQG
FDNDM
XQWLOIDOVH
HQG
DNWPWRNRU\WQDNiPRSUDYtPHPHWyGX=PHQ;<WDNEXGHPHYLGLHWHQWRSRK\ESRNUXQLFLDFK]ERNX
SUHGHILQXMHPH=PHQ;<
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
W\SH
7.RU FODVV7.RU
SURFHGXUH=PHQ;<[[\\UHDORYHUULGH
HQG
SURFHGXUH7.RU=PHQ;<[[\\UHDO
EHJLQ
,QKHULWHG=PHQ;<;\\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
NDUUD\>@RI7.RU
EHJLQ
IRUL WRGREHJLQ
N>L@ 7.RU&UHDWHN>L@+3
HQG
LQFKNRU\WQDLHNEXGHNUHVOLURYQDNRYHNFKNUXQtFNWRUpDOHEXG~U{]QHYHNp
URYQDNRYNFKNUXQtF
W\SH
70RMD.RU FODVV7.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH70RMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NDUUD\>@RI7.RU
LMLQWHJHU
EHJLQ
IRUL WRGR
LIUDQGRP WKHQ
N>L@ 70RMD.RU&UHDWHL
HOVH
N>L@ 7.RU&UHDWHL
IRUL WRGRN>L@+3
IRUL WRGR
LIN>L@LV70RMD.RUWKHQN>L@)3 FO5HG
IRUM WRGREHJLQWXVDNUHVOLDNUXQLFH
IRUL WRGRN>L@'RSUHGX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
IRUL WRGRN>L@9SUDYR
FDNDM
HQG
IRUL WRGR
N>L@)UHH
HQG
YLPQLWHVLULDGRNYNWRURPVPH]DIDUELOLWLHNRU\WQDN\NWRUpV~RGYRGHQp]70RMD.RUSRXLOLVPHQD
WRRSHUiWRUDVNWRURWHVWXMHLMHLQWDQFLDGDQHMWULHG\DOHERWULHG\NWRUiMHSRWRPNRPWHMWRWULHG\
DVWRX]DLDWRQtFNRXFK\ERXMHWHVWLIN>L@LV7.RUWKHQWRWLYHWN\SUYN\N>L@V~RGYRGHQp]
7.RUDMNHV~RGYRGHQp]QHMDNFKWULHGNWRUpV~SRWRPNDPL7.RUWHGDWHQWRWHVWMHVSOQHQ
YG\
YWRPWRSUtNODGHVDQLHNWRUpNRU\WQDLHPHWyG\DVWRYRODM~SUHYHWN\H[LVWXM~FHNRU\WQDN\DVLE\VD
QiPWXKRGLODQHMDNiWULHGDNWRUi]DS~]GULSROHNRU\WQDLHNDKURPDGQpPHWyG\SUHWRWRSROH
7ULHGDQDREVOXKXYLDFNRU\WQDLHN79HOD.RU
V~NURPQpG\QDPLFNpSROH)NNRU\WQDLHNDLFKSRHW)SNSRPRFRXYODVWQRVWtSURSHUW\XPRQtPH
tWDWLHWRVWDYRYpSUHPHQQpDOHQLHPRGLILNRYD
PHWyG\QDSULGiYDQLHGRWRKRWRSRD
PHWyGD8URE.RUMHGHILQRYDQiYWURFKU{]Q\FKYHU]LiFKYHU]LDEH]SDUDPHWURYYHU]LDVWURPD
tVHOQPLSDUDPHWUDPL[\DXDYHU]LDVSRO\PRUIQRXNRU\WQDNRXSRGDW\SXYRODQFK
SDUDPHWURYVD'HOSKLUR]KRGQ~NWRU~]WFKWRYHU]LtQDR]DM]DYRODM~SRXLMHPHSHFLILNiWRU
RYHUORDG
VWDYRYpSUHPHQQpYODVWQRVWLSRPRFRXNWRUFKSRYROtPHtWDQLHV~NURPQFKDWHGDFKUiQHQFK
VWDYRYFKSUHPHQQFK
YODVWQRVNNWRUiVSUtVWXSQtSROH)NMHLQGH[RYDQiVWDYRYiSUHPHQQiWR]QDPHQiHPHWyGD
GDM.RUPXVtPDMHGHQSDUDPHWHUW\SXLQGH[DPXVtWRE\IXQNFLDNWRUiYUDFLDSUtVOXQ~KRGQRWX
VWDYRYHMSUHPHQQHM
GHNODUiFLHWULHG\
W\SH
79HOD.RU FODVV
SULYDWH
)NDUUD\RI7.RU
)SNLQWHJHU
IXQFWLRQGDM.RULLQWHJHU7.RU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH8URE.RURYHUORDG
SURFHGXUH8URE.RU[\UHDOXUHDO RYHUORDG
SURFHGXUH8URE.RUQN7.RURYHUORDG
SURFHGXUH=UXV.RULLQWHJHURYHUORDG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURSHUW\N>LLQWHJHU@7.RUUHDGGDM.RU
SURSHUW\SNLQWHJHUUHDG)SN
HQG
UHDOL]iFLDN~RYFKPHWyG
FRQVWUXFWRU79HOD.RU&UHDWH
EHJLQ
)SN
HQG
GHVWUXFWRU79HOD.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR)SNGR)N>L@)UHH
HQG
SURFHGXUH79HOD.RU8URE.RU
EHJLQ
8URE.RU7.RU&UHDWHWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH79HOD.RU8URE.RU[\XUHDO
EHJLQ
8URE.RU7.RU&UHDWH[\XWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH79HOD.RU8URE.RUQN7.RU
EHJLQ
LI)SN!KLJK)NWKHQ6HW/HQJWK)N/HQJWK)N
)N>)SN@ QN
LQF)SN
HQG
SURFHGXUH79HOD.RU=UXV.RULLQWHJHU
EHJLQ
LIL! DQGL)SNWKHQEHJLQ
)N>L@)UHH)N>L@ QLO
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
HQG
HQG
SURFHGXUH79HOD.RU=UXV.RUQN7.RU
YDU
LLQWHJHU
EHJLQ
L ZKLOHL)SNDQG)N>L@!QNGRLQFL
=UXV.RULDQLWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH79HOD.RU8SUDFY\KRGtQLONRU\WQDN\]SRD
YDU
LMLQWHJHU
EHJLQ
M
IRUL WR)SNGR
LI)N>L@!QLOWKHQEHJLQ
)N>M@ )N>L@LQFM
HQG
)SN M
HQG
PHWyGD'RSUHGXSRVXQLHYHWN\NRU\WQDN\
SURFHGXUH79HOD.RU'RSUHGXGUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WR)SNGR
LI)N>L@!QLOWKHQ
)N>L@'RSUHGXG
HQG
QDURYQDNRPSULQFtSHDNRPHWyGD'RSUHGXSUDFXM~VNRURYHWN\RVWDWQpPHWyG\
PHWyGD%Ot]NRYUiWLNRU\WQDNXNWRUiMHGRVWDWRQHEOt]NRRGERGX[\
3UtNODG
WHUD]P{HPHSUHStVDSUtNODGVNUXQLFDPLVSRXLWtPWULHG\79HOD.RU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
SRXLWLHWULHG\79HOD.RU
XVHV
.RU8QLW9HOD.RU8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
Y79HOD.RU
LMLQWHJHU
EHJLQ
Y 79HOD.RU&UHDWH
IRUL WRGR
LIUDQGRP WKHQ
Y8URE.RU70RMD.RU&UHDWHL
HOVH
Y8URE.RUL
Y+3
IRUL WRYSNGR
LIYN>L@LV70RMD.RUWKHQYN>L@)3 FO5HG
IRUM WRGREHJLQ
Y'RSUHGX
Y9SUDYR
FDNDM
HQG
Y)UHH
HQG
]iSLVSRPRFRXSUtND]XZLWK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LMLQWHJHU
EHJLQ
ZLWK79HOD.RU&UHDWHGREHJLQ
IRUL WRGR
LIUDQGRP WKHQ
8URE.RU70RMD.RU&UHDWHL
HOVH
8URE.RUL
+3
IRUL WRSNGR
LIQRWN>L@LV70RMD.RUWKHQN>L@)3 FO5HG
IRUM WRGREHJLQ
]PD]'RSUHGX'RSUHGX
'RSUHGX
9SUDYR
FDNDM
HQG
)UHH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
HQG
HQG
YWRPWRULHHQtVPHQHSRWUHERYDOLSUHPHQQ~YW\SX79HOD.RUWHQWRREMHNWH[LVWRYDOOHQSRDVSODWQRVWL
ZLWK
SUtND]LIQRWN>L@LV70RMD.RUWKHQWHVWXMHWLHNRU\WQDN\NWRUpQLHV~WULHG\70RMD.RUDWHGDV~WR
YHWN\RVWDWQp
3UtNODG
NRU\WQDN\QDNUHVOLDVtQXV
W\SH
70RMD.RU FODVV7.RU
SULYDWH
NUHDO
SXEOLF
FRQVWUXFWRU&UHDWH[\UHDOXUHDO
SURFHGXUH.RHINNUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
FRQVWUXFWRU70RMD.RU&UHDWH[\XUHDO
EHJLQ
LQKHULWHGN
HQG
SURFHGXUH70RMD.RU.RHINNUHDO
EHJLQ
N NN
HQG
SURFHGXUH70RMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
N
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
ZLWK79HOD.RU&UHDWHGREHJLQ
IRUL WR,PDJH:LGWKGLYGREHJLQ
8URE.RU70RMD.RU&UHDWH
L
70RMD.RUN>SN@NRHIVLQ
UDG
LSRVOHGQHXUREHQiNRU\WQDND
HQG
'RSUHGX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
)UHHXYRQtLQWDQFLX79HOD.RUSROHNRU\WQDLHN
HQG
HQG
VLQXVRYpNRU\WQDN\NPLWDM~
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
ZLWK79HOD.RU&UHDWHGREHJLQ
IRUL WR,PDJH:LGWKGLYGREHJLQ
8URE.RU70RMD.RU&UHDWH
L
N>SN@DV70RMD.RUNRHIVLQ
UDG
L
HQG
+3
'RSUHGX
UHSHDW
YSUDYR
IRUL WRGREHJLQ
]PD]
'RSUHGX
FDNDM
HQG
XQWLOIDOVH
HQG
HQG
YGUXKRPSUtNODGHP{HPHYLGLHLQYDULDQWSUHW\SRYDQLDSRXLOLVPHRSHUiWRUDVNWRUPVD
SR]ULHPHQDQHMDN~LQWDQFLXNRU\WQDNXDNRE\ERODLQHMWULHG\VYRMSRWRPRN
3URMHNWNWRUEROQDVN~NHY
]DGDQLH
1DStWHSURJUDPNWRUEXGHULHLQDVOHGRYQ~~ORKXWH[WRYV~ERUVXERUW[WREVDKXMH
SRVWXSQRVSUtND]RYSUHNRU\WQDNXNWRUiSRSLVXMHQHMDNREUi]RN1DMSUY]DGHILQXMHWHWULHGX
7.RUSRWRPNDWULHG\7.RUNWRUiEXGHREVDKRYDMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUI7H[W)LOH
7iWRPHWyGDVDQDVWDYtQD]DLDWRNV~ERUXINRU\WQDNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\Y
V~ERUH1DNRNRWDNWRNUHVOHQREUi]RNP{HE\EXSUtOLYHNDOHERPDODOHERP{H
SUHVDKRYDRNUDMHJUDILFNHMREUD]RYN\EXGHKRWUHED]PHQLDOHER]YlLUHVSSULLQLFLDOL]RYDQt
NRU\WQDN\QH]DDNUHVOLYVWUHGHSORFK\DOH]YROLVLGRPRYVN~SR]tFLXYKRGQHMLHDWRWDNDE\
QDtUNXDOHERYNXEROPD[LPiOQHPRQHYHN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
1DULHHQLHWHMWR~ORK\]DGHILQXMHWHHWHGYHSRGWULHG\WULHG\7.RUWULHGD7.RUEXGHVO~LQD
]LVWHQLHUR]PHURYREUi]NDSRPRFRX]GHGHQHMPHWyG\NUHVOLSULRPQDREUD]RYNHVDEXGH
SRK\ERYDVR]GYLKQXWPSHURP7ULHGD7.RUWLHSRGWULHGDWULHG\7.RUEXGHYHGLHQDNUHVOL
GDQREUi]RN]GHGHQRXPHWyGRXNUHVOLSULRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNH
REUi]RNEXGHSRDGRYDQHMYHNRVWL
7H[WRYV~ERUVXERUW[WVDVNODGi]WDNFKWRYLHWSUYptVORNDGHMYHW\MHW\SXRUGLQiOQD
KRGQRWD]
W\SH73ULN SGRSYOSYSSISSSKSSG
9iSURJUDPWHGDQDMSUYSRStHWULWULHG\7.RU7.RUD7.RU3RWRPSRPRFRXLQWDQFLHWULHG\
7.RUVGRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NDSRXLMHPHQDWRVWDYRYpSUHPHQQp
PLQ;PLQ<PD[;DPD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHF
SRPRFRXLQWDQFLHWULHG\7.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQ
REUi]RNVSUiYQHMYHNRVWL2EHNRU\WQDN\PDM~URYQDNSRLDWRQVPHU]DGDQNRQWDQWRX
SURJUDPXQDSU
FRQVW8
1DWHVWRYDQLHSURJUDPXP{HWHSRXLV~ERU\VXERUW[WDOHERVXERUW[W
5LHHQLH
QDMSUYOHQY\NUHVOtPHV~ERUSRPRFRXLQWDQFLH.RUDE\VPHPRKOLYLGLHPRPHQWiOQ\REVDK
V~ERUX
W\SH
7.RU FODVV7.RU
SURFHGXUHNUHVOLYDUW7H[W)LOH
HQG
SURFHGXUH7.RUNUHVOLYDUW7H[W)LOH
W\SH
73ULN SGRSYOSYSSISSSKSSG
YDU
S73ULN
LLQWHJHU
EHJLQ
3+5HVHWW
ZKLOHQRWVHHN(RIWGREHJLQ
UHDGWLS 73ULNL
LIS SISWKHQUHDGWL
FDVHSRI
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
FRQVW
X
VXERU
VXERUW[W
WRWRVO~LOHQQDRWHVWRYDQLHPHWyG\NUHVOL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHWVXERU
ZLWK7.RU&UHDWHGREHJLQQHSRWUHEXMHPHSUHPHQQ~W\SX7.RU
6PHU X
NUHVOLW
)UHH
HQG
&ORVH)LOHW
HQG
WHUD]GRGHILQXMHPH.RUD.RU
W\SH
7.RU FODVV7.RU
ESERROHDQ
PLQ[PLQ\PD[[PD[\UHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
SURFHGXUH3+RYHUULGH
SURFHGXUH3'RYHUULGH
HQG
SURFHGXUH7.RU3+
EHJLQ
LQKHULWHGS IDOVH
HQG
SURFHGXUH7.RU3'
EHJLQ
S WUXH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURFHGXUH[\
EHJLQ
LIQRWSWKHQH[LWDNMHSHURKRUH
LIERU;PLQ[WKHQPLQ[ ;
LIERU;!PD[[WKHQPD[[ ;
LIERU<PLQ\WKHQPLQ\ <
LIERU<!PD[\WKHQPD[\ <
E IDOVH
HQG
EHJLQ
[\LQKHULWHG[\
HQG
WULHGD7.RU
W\SH
7.RU FODVV7.RU
UUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
WODLGOR%XWWRQQDWDUWXMHFHODOJRULWPXV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
UUUUUHDO
EHJLQ
$VVLJQ)LOHWVXERU
ZLWK7.RU&UHDWHXGREHJLQ
E WUXHEXGHWUHEDLQLFLDOL]RYDPLQ[PD[[PLQ\PD[\
NUHVOLW7.RUQDR]DMQHNUHVOtOHQ]LVXMHREODV
U VLUNDPD[[PLQ[VLUNDDY\VNDV~SUHPHQQH].RU8QLW
U Y\VNDPD[\PLQ\
LIUUWKHQUU UHOVHUU U
ZLWK7.RU&UHDWHUU
PLQ[UU
PLQ\XGREHJLQ
U UUQDVWDYtPLHUNXSUH'RSUHGX
NUHVOLW
)UHH
HQG
)UHH
HQG
&ORVH)LOHW
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOLPSZUOBLZ
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SULSUiFLVNRPSRQHQWRP7(GLWVPHY\XLOLXGDORVRQ.H\3UHVV
RVDEXGHPHGQHVXL
RYOiGDQLHSURJUDPXSRPRFRXNOiYHVQLFHQDSUNOiYHVRYtSRN
RWYRUHQLHDOLHKRIRUPXOiUD
.OiYHVQLFD
VNOiYHVQLFRXSUDFXMHPHSRPRFRXWURFKXGDORVWt
RQ.H\'RZQSUiYHERO]DWODHQQHMDNNOiYHV
RQ.H\8SSUiYHEROSXVWHQQHMDNNOiYHV
RQ.H\3UHVVVWODLOLVPHRE\DMQNOiYHVNWRUPiVYRM$6&,,NyG
SUYpGYHXGDORVWLR]QiPLDQLH$6&,,NyGNOiYHVXDOHYLUWXiOQ\NyGY+HOSHVLSR]ULWHLGHQWLILNiWRU\NRQWiQW
DWLHYSDUDPHWUL6KLIW]LVWtPHLEROSULWRP]DWODHQQDSU6KLIWDOHER&WUOSRGREQHDNRSULXGDORVWLDFKSUL
SUiFLVP\RX
QDVOHGXM~FLSURJUDPXNiHSRXLWLHNOiYHVQLFHGRIRUPXOiUDXPLHVWQLPHNRPSRQHQW\/DEHOD7LPHU
QDVWDYtPHPXQHMDNNUiWN\,QWHUYDOWHUD]P{HPHQDNOiYHVQLFLV~DVQHWODLDMYLDFtSRNDWPULDGL
SRK\EWH[WXSRSORFKHIRUPXOiUD
SRK\EWH[WXYRIRUPXOiUL
YDU
G[G\LQWHJHUP{HPHSUHGSRNODGDHV~LQLFLDOL]RYDQpQD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
ZLWK/DEHOGREHJLQ
/HIW /HIWG[
QHGiVDXURELLQF/HIWG[OHER/HIWQLHMHSUHPHQQi
7RS 7RSG\
HQG
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
YNBHVFDSH&ORVH
HQG
HQG
SURFHGXUH7)RUP)RUP.H\8S6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIW
YNBULJKWG[
YNBXS
YNBGRZQG\
HQG
HQG
SULSUiFLVNOiYHVQLFRXVLWUHEDGiYDSR]RUQDLQpNRPSRQHQW\NWRUpNUDGQ~LQIRUPiFLH]NOiYHVQLFH
QDSU0HPR%XWWRQ(GLWDSRGQDMMHGQRGXFKLHULHHQLHYSUtSDGHHFKFHPHSUDFRYDV
NOiYHVQLFRXMHLFKQHSRXtYDDOHERVSUDFRYiYDYVWXS]NOiYHVQLFHQDWFKWRNRPSRQHQWRFK
3UtNODG
WH[W]DGiYDQ]NOiYHVQLFHY\SLVXMHPHGRJUDILFNHMSORFK\,PDJH(QWHUSRVXQLHNXU]RURULDGRNQLLH
SUtNODGLOXVWUXMHSRXLWLHRQ.H\3UHVV
SUYiMHGQRGXFKiYHU]LD
YDU
[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
[ \
ZLWK,PDJH&DQYDV)RQWGREHJLQ
1DPH
$ULDO
+HLJKW 6W\OH >IV%ROG@
HQG
HQG
SURFHGXUH7)RUP)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\!
WKHQEHJLQ
,PDJH&DQYDV7H[W2XW[\.H\
LQF[
HQG
HOVHLI.H\ WKHQEHJLQ
[ LQF\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
HQG
HQG
GUXKiYHU]LDXND]XMHDNRP{HPH]REUD]RYDWH[WRYNXU]RU]iURYHSRXtYDPHWyGX7H[W([WHQG
SRPRFRXNWRUHM]LVWttUNXDYNXY\SLVRYDQpKR]QDNX
GUXKiYHU]LDSURSRUQpStVPRDNXU]RU
YDU
[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
[ \
ZLWK,PDJH&DQYDV)RQWGREHJLQ
1DPH
$ULDO
+HLJKW 6W\OH >IV%ROG@
0RYH7R[\/LQH7R[\+HLJKW
HQG
HQG
SURFHGXUH7)RUP)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
V76L]H
EHJLQ
ZLWK,PDJH&DQYDVGREHJLQ]PDHNXU]RU
3HQ&RORU FO:KLWH
0RYH7R[\/LQH7R[\)RQW+HLJKW
HQG
LI.H\!
WKHQZLWK,PDJH&DQYDVGREHJLQ
7H[W2XW[\.H\
V 7H[W([WHQW.H\LQF[VF[
LI[!,PDJH:LGWKWKHQ.H\
HQG
LI.H\ WKHQEHJLQ
V ,PDJH&DQYDV7H[W([WHQW
0
[ LQF\VF\
HQG
ZLWK,PDJH&DQYDVGREHJLQQDNUHVOtNXU]RU
3HQ&RORU FO%ODFN
0RYH7R[\/LQH7R[\)RQW+HLJKW
HQG
HQG
1'
3UtNODG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
YDORPSUtNODGHULDGLPHtSNDPLYLDFNRU\WQDLHNOHQMHGQD]QLFKMHDNWtYQD(QWHUSUHStQDDNWtYQRV
QDQDVOHGXM~FXNRU\WQDNX
YLDFNRU\WQDLHN
YDU
N79HOD.RU
DNWLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H]PD]
N 79HOD.RU&UHDWH
IRUL WRUDQGRPGR
N8URE.RUUDQGRPVLUNDUDQGRPY\VND
N+3
NN>DNW@)3 FO5HG
N'RSUHGX
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
N)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWNN>DNW@9ODYR
YNBULJKWNN>DNW@9SUDYR
YNBXSZLWKNN>DNW@GREHJLQ
)3 FO%ODFN'RSUHGX)3 FO5HG'RSUHGX
HQG
YNBUHWXUQEHJLQ
ZLWKNN>DNW@GREHJLQ)3 FO%ODFN'RSUHGXHQG
DNW DNWPRGNSN
ZLWKNN>DNW@GREHJLQ)3 FO5HG'RSUHGXHQG
HQG
HQG
HQG
GUXKiYHU]LDYL]XDOL]XMHDNWtYQXNRU\WQDNXDMHMPRPHQWiOQ\VPHU
Y\XtYDPHWXSRPRFQ~ELWPDSXQD]DSDPlWDQLHVLVWDYXSORFK\WHVQHSUHGY\NUHVOHQtPHUYHQHMtSN\
]iURYHVRYOiGDQtPNOiYHVQLFHEHtDVRYDNWRUKEHDNWtYQXNRU\WQDNXSRPDOFKNURNRFK
YLDFNRU\WQDLHN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
YDU
N79HOD.RU
DNWLQWHJHU
EPS7%LWPDS
SURFHGXUHNUHVOL$NWLYQX
EHJLQ
EPS$VVLJQ)RUP,PDJH3LFWXUH
ZLWKNN>DNW@GREHJLQ
)3 FO5HG'RSUHGX
+3 'RSUHGX
+3 'RSUHGX
)3 FO%ODFN
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H]PD]
N 79HOD.RU&UHDWH
IRUL WRUDQGRPGR
N8URE.RUUDQGRPVLUNDUDQGRPY\VND
N+3
N'RSUHGX
EPS 7%LWPDS&UHDWH
NUHVOL$NWLYQX
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
N)UHHEPS)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
,PDJH&DQYDV'UDZEPS
FDVH.H\RI
YNBOHIWNN>DNW@9ODYR
YNBULJKWNN>DNW@9SUDYR
YNBXSNN>DNW@'RSUHGX
YNBUHWXUQDNW DNWPRGNSN
YNBHVFDSH&ORVH
HQG
NUHVOL$NWLYQX
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV'UDZEPS
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
ZLWKNN>DNW@GREHJLQ
'RSUHGX9ODYR
HQG
NUHVOL$NWLYQX
HQG
3UtNODG
YSUtNODGH]DGHILQXMHPHMHGQRGXFKREMHNWVELWPDSRXNWRUVDSRWRPKEHQLHNWRUPVPHURPDRGUiD
VDRGRNUDMRYSORFK\VPHUVDXUXMHNOiYHVPLtSRN
GHILQRYDQLHMHGQRGXFKpKRREMHNWXVELWPDSRX
W\SH
72EUD]RN FODVV
EPS7%LWPDS
[\G[G\LQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJ[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSRVXQVLUY\VLQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
HQG
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJ[[\\LQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOHPHQR
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
[ [[\ \\G[ G\
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
EHJLQ
EPS)UHH
HQG
SURFHGXUH72EUD]RNSRVXQVLUY\VLQWHJHU
EHJLQ
LQF[G[LQF\G\
LI[RU[!VLUWKHQG[ G[
LI\RU\!Y\VWKHQG\ G\
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EPS:LGWKGLY\EPS+HLJKWGLYEPS
HQG
SUiFDVREUi]NRYPREMHNWRPDVNOiYHVQLFRX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
YDU
D72EUD]RN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H
D 72EUD]RN&UHDWH
RSLFDEPS
UDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKW
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV)LOO5HFW,PDJH&OLHQW5HFW
DSRVXQ,PDJH:LGWK,PDJH+HLJKW
DNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
ZLWKDGR
FDVH.H\RI
YNBOHIWGHFG[
YNBULJKWLQFG[
YNBXSGHFG\
YNBGRZQLQFG\
YNBKRPH
EHJLQ
G[ G\
HQG
HQG
HQG
P{HPHH[SHULPHQWRYDVRGUiDQtPREMHNWXQDKUDQLFLSORFK\
SURFHGXUH72EUD]RNSRVXQVLUY\VLQWHJHU
EHJLQ
LQF[G[LQF\G\
LI[WKHQEHJLQG[ DEVG[GLY[ HQG
LI[!VLUWKHQEHJLQG[ DEVG[GLY[ VLUHQG
LI\WKHQEHJLQG\ DEVG\GLY\ HQG
LI\!Y\VWKHQEHJLQG\ DEVG\GLY\ Y\VHQG
HQG
2WYRUHQLHDOLHKRIRUPXOiUD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
YQDHMDSOLNiFLLP{HPHSUDFRYDDMVYLDFHUPLIRUPXOiUPL
QLHNHG\VDQiPP{HKRGLSUHDOLHYSLV\JUDILNXDNRGLDOyJRYpRNQRSUH]DGiYDQLH
SDUDPHWURYDSRGWDNWRIRUPXOiUP{HIXQJRYDE\RWYRUHQSDUDOHOQHVKODYQPIRUPXOiURP
LQRNHG\SRWUHEXMHPHRWYRULQRYIRUPXOiUWDNDE\EROKODYQIRUPXOiU]DWLDEORNRYDQDDNDOR
VDNPVDWHQWRQRYQH]DYULHQDSUSUHLQIRUPiFLHRSURJUDPH
YPHQX)LOH]YROtPH1HZD)RUPDXWRPDWLFN\VDY\WYRUtQRYXQLW8QLWSDVGRWRKRWRQRYpKR
IRUPXOiUDP{HPHSRXNODGDXERYRQpNRPSRQHQW\QDSUWH[WSRPRFRX/DEHODOHERWODLGOR%XWWRQ
VWH[WRP2N
GR%XWWRQ&OLFNP{HPHSULUDGLQDSUtNODG&ORVHX]DYUHWLHIRUPXOiUD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
&ORVH
HQG
DE\VPHWHQWRQRYIRUPXOiUPRKOLRWYRUL]KODYQpKRRNQDPXVtPH]D,PSOHPHQWDWLRQYORLULDGRN
XVHV8QLWDQDSUQDQHMDNpWODLGORSULUDGLRWYRUHQLHIRUPXOiUD
QDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
)RUP6KRZ0RGDODOHER)RUP6KRZ
HQG
6KRZ0RGDO]QDPHQiHVDQRYpRNQRRWYRUtWDNHVDDNiQDMHKRX]DYUHWLHDSRWRPVDSRNUDXMH
YKODYQRPIRUPXOiUL
DNE\VPHQDPLHVWRWRKRSRXLOL6KRZWDNE\VDGUXKpRNQRRWYRULORDEROLE\DNWtYQHREHKODYQpDMWRWR
QRYp
VNRQWUXRYDQLHQRYpKRIRUPXOiUD
QDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
I7)RUP
EHJLQ
LI6KLIW >VV5LJKW@WKHQEHJLQ
I 7)RUP&UHDWHVHOI
ZLWKIGREHJLQ
1DPH
PRMIRUPXODU
&DSWLRQ
2SURJUDPH
:LGWK
+HLJKW
%RUGHU6W\OH EV6LQJOH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MWFTOJDB
BMGPSNVMS
3RVLWLRQ SR6FUHHQ&HQWHU
ZLWK7/DEHO&UHDWHIGREHJLQ
1DPH
/DEHO
3DUHQW I
)RQW+HLJKW
)RQW1DPH
$ULDO
&DSWLRQ
1LHRRPRMRPSURJUDPH
MHWRXNiNRYSURJUDP
QDSUiFXVU{]Q\PLNRPSRQHQWPL
/HIW
7RS
$XWR6L]H WUXH
HQG
ZLWK7%XWWRQ&UHDWHIGREHJLQ
1DPH
2N
3DUHQW I
&DSWLRQ
2N
/HIW
7RS
:LGWK
+HLJKW
0RGDO5HVXOW PU2.
HQG
6KRZ0RGDO]REUD]tQRYIRUPXOiUDDNiQDMHKR]DWYRUHQLH
)UHH]UXtQRYIRUPXOiU
HQG
HQG
HQG
3R]QiPND
DNYSURVWUHGt'HOSKLSULY\WYiUDQtIRUPXOiUD]YROtPHFH]SUDYRNOLNRYpPHQX9LHZDV7H[W]REUD]tVD
WH[WRYiIRUPDGHILQtFLtNRPSRQHQWRYQDIRUPXOiULWRWRP{HPHY\XLSULNRQWUXRYDQtIRUPXOiUDUHVS
NRPSRQHQWRYYQDRPSURJUDPH
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
20. Dynamick premenn
3RVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SR]QiPHJOREiOQHDORNiOQHSUHPHQQp
QLHNWRUpSUHPHQQpV~UHIHUHQFLDPLLQFKSUHPHQQFKQDSULQWDQFLHREMHNWRY
RVDEXGHPHGQHVXL
DNRVDSUDFXMHVG\QDPLFNPLSUHPHQQPLDNRVDY\WYiUDM~DDNRVDUXLD
XNiHPHSRXLWHQHW\SRYpKRVPHUQtNDDQHW\SRYFKIRUPiOQ\FKSDUDPHWURY
'\QDPLFNpSUHPHQQp
PQRKpSUHPHQQpNWRUpVPHGRWHUD]SRXtYDOLEROLVWDWLFNp
LFKYHNRVDDGUHVDYSDPlWLERODXUHQiXSRDVNRPSLOiFLH
JOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYHWNFKXQLWRYVDY\KUDGLDYMHGQRP
GiWRYRPVHJPHQWH
ORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
'HOSKLPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNFKSUHPHQQFK
SUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDOHYSHFLiOQRP
VHJPHQWHNWRUMHXUHQSUHYHWN\G\QDPLFNpSUHPHQQpKHDSKDOGD
XVPHSUDFRYDOLVRSHFLiOQ\PLSUtSDGPLG\QDPLFNFKSUHPHQQFKG\QDPLFNpSROLDDUUD\RI
6PHUQtNRYpSUHPHQQp
VPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRtWDLV~EDMWRYp
W\SXG\QDPLFNiSUHPHQQiP{HE\XERYRQpKRW\SXQDSUtVORUHD]HFSROHPQRLQD]i]QDP
WMDNDMHWHQLHMHQHGHILQRYDQiYG\SUHVQHYLHPHW\SG\QDPLFNHMSUHPHQQHMQDNWRU~RGND]XMH
SULGHILQRYDQtW\SXVPHUQtNP{HE\]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
EXVPHUQtNXH[LVWXM~FHMSUHPHQQHM
YDULLQWHJHU
VALQWHJHU
EHJLQ
V #LDGUHVDH[LVWXM~FHMSUHPHQQHM
6A
DOHERP{HPHY\WYRULQRY~G\QDPLFN~SUHPHQQ~DMHMDGUHVXSULUDGLGRVPHUQtNRYHMSUHPHQQHM
YDUVALQWHJHU
EHJLQ
QHZVDGUHVDQRYRY\WYRUHQHMG\QDPLFNHMSUHPHQQHM
VA
VSUHPHQQRXQDNWRU~RGND]XMHVPHUQtNP{HPHSUDFRYDURYQDNRDNRVRE\DMQRXSUHPHQQRXNX
VPHUQtNRYHMSUHPHQQHMSULStHPH]QDNAVWULHND
VPHUQtNRYpSUHPHQQpP{HPHQDY]iMRPSULUDG]RYDUHVSSRURYQiYDQDURYQRVDOHERQHURYQRV
MHGLQHDNV~LGHQWLFNpKRW\SX
WDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPXERYRQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPLFN~SUHPHQQ~DQLNLQWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRQHMDVWLSDPlWLKHDSYHNRVVL]HRIW\S
YlLQRXMHWRWURFKXYLDF]iYLVtRGRUJDQL]iFLHVSUiY\SDPlWLNWRUiVDVWDUiRKHDS
GRSSULUDGtDGUHVXWHMWRQRYHMG\QDPLFNHMSUHPHQQHM
GLVSRVHSAW\S
.RQWDQWQVPHUQtN1,/
XQLYHU]iOQDNRQWDQWDSUHYHWN\VPHUQtNRYpW\S\
SRXtYDVDYWHG\NHSRWUHEXMHPHUR]OtLSUtSDGHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DHHWHQHRGND]XMHQDLDGQX
QDSU
LIS QLOWKHQQHZS
VRVPHUQtNPLV~SRYROHQpOHQUHODQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SXUHVSV
QLO
1LHNWRUp]iVDG\VOXQpKRSURJUDPRYDQLD
VQDtPHVDDE\YHWN\VPHUQtNRYpSUHPHQQpPDOLEXQLODOHERVNXWRQHXND]RYDOLQDQHMDNp
SUHPHQQpWMQHEROLQHGHILQRYDQp
DNS QLO !RGND]SAKOiVL]QiPXFK\EX$FFHVV9LRODWLRQDSUHWRVDYSURJUDPHDVWRY\VN\WXMHRWi]ND
LIS QLOSUtSDGQHLIS!QLO
QLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGHQtHMHGHILQRYDQiD
U{]QDRGQLOUDGHMEXPHSHVLPLVWLDYHWNRNRQWUROXMPH
3UtNODG\SUiFHVRVPHUQtNPL
G\QDPLFNiSUHPHQQiFHOptVOR
YDUVALQWHJHU
EHJLQ
QHZVVA
IRUL WRGRVA VAL
ZULWHOQWVA
GLVSRVHVV QLO
G\QDPLFN]i]QDP
W\SH]D]QDP UHFRUG[\LQWHJHUHQG
YDU]A]D]QDP
EHJLQ
QHZ]]A[ ]A\
ZLWK]AGRJ0RYH7R[\
LQF]A[GHF]A\
J/LQH7R]A[]A\
G\QDPLFNpMHGQRUR]PHUQpSROH
W\SHSROH DUUD\>@RIUHDO
YDUSASROH
EHJLQ
QHZSIRUL WRGRUHDGWSA
IRUL GRZQWRGRSA>L@ SA>L@SA>L@
SUREOpPVYHNPSRRPDNRORNiOQDSUHPHQQi
W\SHSROH DUUD\>@RILQWHJHU
SURFHGXUHWHVW
YDUSSROH
EHJLQ
S>@
HQG
WDNpWRSROHFKFHY]QLNQ~QD]iVREQtNXSRDVYRODQLDWHMWRSURFHG~U\V\VWpPPiDOHSUREOpPVWDN
YHNPSRRP
YHNpSROHDNRORNiOQDSUHPHQQi
W\SHSROH DUUD\>@RILQWHJHU
YDU
QLQWHJHU
SURFHGXUHWHVW
YDU
SASROH
EHJLQ
QHZS
LQFQSA>@ Q
)RUP0HPR/LQHV$GG,QW7R6WUSA>@
GLVSRVHS
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZKLOHWUXHGRWHVW
HQG
VPHUQtNQDREMHNW
W\SH
PQR]LQD VHWRIE\WHEDMWRY
SROH DUUD\>@RIAPQR]LQD
EDMWRYLQDNEH]AE\EROREDMWRY
YDU
GDWDSROH
LLQWHJHU
EHJLQ
IRUL WRGRQHZGDWD>L@
IRUL WRGRGDWD>L@A >UDQGRP@
IRUL WRGRGLVSRVHGDWD>L@
XYRQHQKHDSP{HVDDOHMYWRPWRSURMHNWHSRXtYD
HQG
SUtNODG\MHGQRDGYRMUR]PHUQFKSROtVPHUQtNRY
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROHRE\DMQpUR]PHUQpSROH
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDU
DSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
VPHUQtNQDSROH
W\SH
VSROH DUUD\>@RIALQWHJHUSROHVPHUQtNRYQDLQWHJHU
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDU
FVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@VL]HRIF
IRUL WRGRVL]HRIF>L@
IRUM WRGREHJLQVL]HRIF>L@A
QHZF>L@A>M@
F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@VL]HRIG VL]HRIGA
IRUL WRGRVL]HRIGA>L@
IRUM WRGREHJLQVL]HRIGA>L@A
QHZGA>L@A>M@
GA>L@A>M@A LM
HQG
HQG
]i]QDP\SROLDDVPHUQtN\
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDU
D3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
LMLQWHJHU
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGREHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
SRVWXSQpSUHtWDQLHSUHPHQQHMFA>L@A\A>M@
F MHW\SX3SROH3]D]Q VPHUQtN
FA MHW\SXSROH3]D]Q DUUD\
FA>L@ MHW\SX3]D]Q VPHUQtN
FA>L@A MHW\SX]D]Q UHFRUG
FA>L@A\ MHW\SX3SROH VPHUQtN
FA>L@A\A MHW\SXSROH DUUD\
FA>L@A\A>M@ MHW\SXLQWHJHU
]iSLVVPHUQtNRYDQHMSUHPHQQHMP{HPHVNUiWL]QDNAY\QHFKiPHDNVLKRYHGLD'HOSKL
MHGQR]QDQHGRP\VOLHWMDN]DAQDVOHGXMHERGNDDOHERKUDQDWi]iWYRUND>
6PHUQtNQDVPHUQtN
QDVOHGXM~FLSUtNODGOHQLOXVWUXMHQH]Y\DMQpSRXLWLHVPHUQtNRY
W\SH
3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDU
L3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
6SUiYDSDPlWL0HPRU\PDQDJHPHQW
$OORF0HP&RXQWSRHWSDPlRYFKEORNRY
$OORF0HP6L]HGNDY\KUDGHQFKSDPlRYFKEORNRY
IXQNFLD*HW+HDS6WDWXVYUiWLDOLHXLWRQpLQIRUPiFLHRVSUiYHSDPlWL
UH]HUYRYDQpVORYRQLOMHSHFLiOQDVPHUQtNRYiNRQWDQWDYQ~WRUQHMHUHSUH]HQWRYDQiEDMWDPLV
KRGQRWRX
VPHUQtNRYRSHUiWRU#SUHPHQQiYUiWLVPHUQtNUHIHUHQFLXDGUHVXQDGDQ~SUHPHQQ~QHVN{U
XYLGtPHDMVPHUQtNQDSURFHG~UXYVOHGNRPMHVPHUQtNW\SXAW\SDNMHW\SW\SRPSUHPHQQHM
VPHUQtNRYiDULWPHWLNDSRPRFRXWDQGDUGQFKSURFHG~ULQFDGHFP{HPHSRV~YDKRGQRWXVPHUQtND
RGNXW\SXQDNWRURGND]XMH
PDOiXNiNDVPHUQtNRYHMDULWPHWLN\
YDU
SALQWHJHU
DDUUD\>@RILQWHJHU
LLQWHJHU
EHJLQ
S #D>@
IRUL WRGREHJLQ
SA LGHFS
HQG
IRUL WRGR
0HPR/LQHV$GG,QW7R6WUD>L@
HQG
GUXKSUtNODGVPHUQtNRYHMDULWPHWLN\
YDU
SSALQWHJHU
DDUUD\>@RILQWHJHU
LLQWHJHU
EHJLQ
IRUL WRGRD>L@ L
S #D>@S #D>@
IRUL WRGREHJLQ
SA SASASA SASASA SASA
LQFSGHFS
HQG
IRUL WRGR
0HPR/LQHV$GG,QW7R6WUD>L@
HQG
1HW\SRYVPHUQtNW\S32,17(5
XQLYHU]iOQ\VPHUQtNSRGREQHDNRQLO
NRPSDWLELOQVRYHWNPLVPHUQtNPLP{HPHKRSULUDGLGRVPHUQtNRYHMSUHPHQQHMXERYRQpKRW\SXD
QDRSDNP{HWRE\YHPLQHEH]SHQpDKNRP{HPHVWUDWLNRQWUROXQDGVPHUQtNPL
QHP{HPHSRPRFRXQHKRSUDFRYDVG\QDPLFNRXSUHPHQQRXQDNWRU~RGND]XMHEXKRSULUDGtPHGR
W\SRYpKRVPHUQtNDDOHERKRSUHW\SXMHPH
NHVQtPFKFHPHSUDFRYDWDNEXQDMSUYGRQHKRSULUDGtPHXQHMDNKRWRYVPHUQtNQDG\QDPLFN~
SUHPHQQ~DOHERY\KUDGtPHQRY~G\QDPLFN~SDPlSRPRFRXWDQGDUGQHMSURFHG~U\
*HW0HPSUHPHQQiBW\SXBSRLQWHUGNDMHWRSRGREQp1HZ
1HZS *HW0HPS6L]H2ISA
WDNWRY\KUDGHQ~SDPlXYRQtPHWDQGDUGQRXSURFHG~URX)UHH0HPSUHPHQQiBW\SXBSRLQWHUMHWR
SRGREQp'LVSRVH
'LVSRVHS )UHH0HPS
SRXLWLHXYLGtPHSULQHW\SRYFKIRUPiOQ\FKSDUDPHWURFK
1HW\SRYIRUPiOQ\SDUDPHWHU
IRUPiOQ\SDUDPHWHUNWRUQHPiXYHGHQW\S
YWHOHSURFHG~U\KRP{HPHSRXLQDVOHGXM~FLPLVS{VREPL
SUHW\SRYDQtPQDNRQNUpWQ\W\S
DOHERSRPRFRXGLUHNWtY\DEVROXWHMHWRSUHW\SRYDQLHSRDVGHNODUiFLt
DOHERSRVODDNRQHW\SRYSDUDPHWHUGRLQHMSURFHG~U\
QDSUWDQGDUGQiSURFHG~UD0RYHRGNLDNDPNRNRBEDMWRY
DOHER]iSLVUHVSQDtWDQLHGR]QHW\SRYpKRV~ERUXEXGHPHYLGLHQHVN{U
SURFHGXUHY\PHQYDUDEGO]NDLQWHJHU
YDU
W3RLQWHU
EHJLQ
*HW0HPWGO]ND
0RYHDWAGO]ND0RYHEDGO]ND0RYHWAEGO]ND
)UHH0HPW
HQG
SRXLWLHRSHUiWRUD#DVPHUQtNRYHMDULWPHWLN\LQF
S #D
ZKLOHGO]ND!GREHJLQ
5HVXOW 5HVXOW,QW7R+H[SA
LQFS
GHFGO]ND
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VDUUD\>@RIFKDU
LLQWHJHU
EHJLQ
V
$KRM'HOSKL
/DEHO&DSWLRQ GXPSVVL]HRIV
L
/DEHO&DSWLRQ GXPSLVL]HRIL
HQG
'LUHNWtYD$%62/87(
LQiYHU]LDHVWQiVWNRYpKRYSLVXNXVXSDPlWL
LIGO]ND!WKHQGO]ND
IRUL WRGO]NDGR
5HVXOW 5HVXOW,QW7R+H[S>L@
HQG
'\QDPLFNpSROLD
UHSUH]HQWRYDQpV~VPHUQtNRPQDMHGQRUR]PHUQpSROH
GHNODUiFLDQHDORNXMHSDPlPDOLE\VPHSULUDGLQLO
VDDXWRPDWLFN\XYRQtQLHRDNR)UHH0HP
DN;D<V~SUHPHQQpURYQDNpKRW\SXG\QDPLFNpSROHSRWRP; <VS{VREtH;UHIHUHQFXMHQDWRLVWp
YSUtNODGH
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
$>@
% $WHUD]V~REHSROLDYSDPlWLLGHQWLFNp
%>@ DMKRGQRWRX$>@MH
6HW/HQJWK%WHUD]V~REHSROLDYSDPlWLQDU{]Q\FKPLHVWDFK
HQG
SULSRURYQiYDQtSUHPHQQFKW\SXG\QDPLFNpSROHVDSRURYQiYDM~LFKUHIHUHQFLHDQLHQLHKRGQRW\SROt
QDSU
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
6HW/HQJWK%
$>@
%>@
LI$ %WKHQ
HQG
SUHPHQQiW\SXG\QDPLFNpSROH]DEHUiEDMW\ VPHUQtNQDG\QDPLFN\DORNRYDQpSROH
EXMHWRQLODOHERVPHUQtNQDEORNSDPlWLNWRUMHREDMWRYGOKtDNRYHNRVSRD
EDMW\SRXLWpQDSRHWUHIHUHQFLt
EDMW\QDSRHWSUYNRYSRD/HQJWK
]DWPQDVOHGXM~SUYN\SRD
YLDFUR]PHUQpG\QDPLFNpSROHMHUHSUH]HQWRYDQp~SOQHURYQDNRMHWRG\QDPLFNpSROHVPHUQtNRYQD
G\QDPLFNpSROLD
=QDNRYpUHD]FH6WULQJ
V~SRGREQpG\QDPLFNPSROLDPWLHV~WRVPHUQtN\QDSROLD]QDNRY
SRGREQHVDSDPlWiDMSRHWUHIHUHQFLtDDNWXiOQDGNDUHD]FD/HQJWK
XNRQHQUHD]HF
SUi]GQ\UHD]HFMHXFKRYDQDNRQLODOHGRVWULQJRYHMSUHPHQQHMVDQHP{HSULUDGLQLO
QHP{HPHSRXtYDDQL1HZDQL'LVSRVHDQLLQpSURFHG~U\VSUiY\SDPlWLQHP{HPHSRXtYDA
WHUD]E\VPHXPRKOLSRFKRSLWHQWRSUtNODG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VVWULQJ
EHJLQ
V
DKRM'HOSKL
ODEHO&DSWLRQ GXPSV>@/HQJWKV
QHIXQJXMHLEDGXPSV/HQJWKVVMHVPHUQtN
HQG
=QDNRYpUHD]FHXNRQHQpQXOOWHUPLQDWHGVWULQJV
V~SRGREQp]QDNRYPUHD]FRPY&D&
QLHNHG\LFKWUHEDSR]QDSULSUiFLVRV\VWpPRP:LQGRZVQDQLHM~URYQL
MHWRSRVWXSQRV]QDNRYXNRQHQi]QDNRP
SDPlWL
SUHGGHILQRYDQW\S3&KDUVPHUQtNQDSRVWXSQRV]QDNRYWMAFKDU
SUDFRYDVWDNPLWRUHD]FDPLP{HPH
YWDQGDUGQFKSURFHG~UDFKDIXQNFLiFK5HDG5HDGOQ6WU9DO:ULWH:ULWHOQ9DO$VVLJQ)LOH
5HQDPH
WDQGDUGQHDNRVG\QDPLFNPSRRP]QDNRY
SRPRFRXYHNHMPQRLQ\SHFLiOQ\FKIXQNFLtSUHWDNpWRUHD]FHQDSU
6WU&DW]UHD]HQLH
6WU&RPSSRURYQDQLH
6WU&RS\VNRStURYDQLH
6WU/HQGNDUHD]FD
P{HPHY\XLDMVPHUQtNRY~DULWPHWLNX
QDVOHGXM~FLSUtNODGLOXVWUXMHSUiFXVQXOOWHUPLQDWHGVWULQJV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
ST3&KDU
EHJLQ
*HW0HPSPRKOLE\VPHSRXLDM6WU1HZDOHER6WU$OORF
6WU&RS\S
PLOXMHPGHOSKL
T S
ZKLOHTA!GREHJLQ
TA 8SFDVHTA
LQFTSRVXQQDQDVOHGXM~FL]QDNUHD]FD
HQG
/DEHO&DSWLRQ S
/DEHO&DSWLRQ GXPSS6WU/HQS
)UHH0HPS
HQG
,QWDQFLHWULHG
NDGiSUHPHQQiREMHNWWMLQWDQFLDQHMDNHMWULHG\MHVPHUQtNQDG\QDPLFN\DORNRYDQEORNSDPlWL
WUHEDQDWRP\VOLHSULSRURYQiYDQtDMSULUDRYDQtQDSUJ ,PDJH&DQYDVDOHERLI
J3HQ )RUP&DQYDV3HQWKHQ
YHWN\VWDYRYpSUHPHQQpV~XFKRYDQpSRGREQHDNRYW\SH]i]QDP
LQIRUPiFLHRPHWyGDFKVDXNODGDM~GRWDEXN\907YLUWXDOPHWKRGWDEOHMHMHGLQiSUHYHWN\LQWDQFLH
GDQHMWULHG\
RNUHPPHWyGREVDKXMHDMLQpLQIRUPiFLHRLQWDQFLLQDSULQIRUPiFLHRGNHWULHGH
MHMDVQpSUHRMHQH]P\VHOQDPLHVWRN .RU&UHDWHSRXLN&UHDWHNMHQHGHILQRYDQpDOHERQLO
DWHGDQtPQHP{HPHUHIHUHQFRYD
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
ELWPDS\YLHPH]RV~ERUXSUHtWDYLHPHLFKY\NUHVOLGRJUDILFNHMSORFK\DWLHLFKYLHPH]DStVD
GRV~ERUX
SUiFDVIDUHEQPLERGPLELWPDS\SRPRFRX3L[HOVMHDVWRQHSRXLWHQHSRPDOi
RVDEXGHPHGQHVXL
DNEXGHPHSUDFRYDVIDUHEQPLERGPLELWPDS\SRPRFRX6FDQ/LQHSUiFDVDYHPL]UFKOLD
NRQHQHP{HPHY\WYiUDYHPL]DXMtPDYpHIHNW\VREUi]NDPL
Y\NRQDQLHQLHNWRUFKG{OHLWFKDVWtSURJUDPXP{HPHFKUiQLNRQWUXNFLRXWU\ILQDOO\HQG
3UiFDVELWPDSRX
SULDP\SUtVWXSNMHGQpPXFHOpPXULDGNXELWPDS\DYHPLUFKORP{HPHIDUHEQp]ORN\QLHOHQtWDDOH
DMPRGLILNRYD
YVOHGNRP6FDQ/LQH>\@W~WRYODVWQRVP{HPHOHQtWDMHQHW\SRYVPHUQtNQDSRVWXSQRVWMSROH
5*%]ORLHNWURMtFEDMWRY
WURMLFDIDUHEQFK]ORLHN5*%
W\SH
75*% UHFRUG
%*5E\WH
HQG
NSRVWXSQRVWLP{HPHSULVWXSRYDQDSUWDNDNRVQXOOWHUPLQDWHGVWULQJ
W\SH
35*% A75*%
YDU
G35*%
G EPS6FDQ/LQH>\@
IRUL WREPS:LGWKGREHJLQ
GA5
LQFGQDVOHGXM~FLSL[HO
HQG
DOHERDNRVPHUQtNQDSROH
W\SH
75*%$UUD\ DUUD\>ZRUG@RI75*%GRVWDWRQHYHNiKUDQLFD
35*%$UUD\ A75*%$UUD\
YQDVOHGXM~FLFKSUtNODGRFKSUHGSRNODGiPHHPiPHNGLVSR]tFLLJOREiOQXSUHPHQQ~EPSGRNWRUHMYR
)RUP&UHDWHSUHtWDPHQHMDN~ELWPDSXYR)RUP'HVWUR\MXXYRQtPHDYRIRUPXOiULMHSRORHQ,PDJH
YHNRVWL[
QDtWDQLHD]REUD]HQLHELWPDS\
YDU
EPS7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
SDUURWVEPS
,PDJH&DQYDV'UDZEPS
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
]UNDGORYRRWRtPHELWPDSX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
G EPS6FDQ/LQH>L@
IRUM WRZGR
G>M@ G>ZM@GA>M@ GA>ZM@
HQG
,PDJH&DQYDV'UDZEPS
EPS)UHH
HQG
&KUiQHQpSUtND]\
SULSURJUDPRYDQtVDDVWRVWUHWiYDPHVRVLWXiFLRXHQLHNWRUpSUtND]\SRWUHEXMHPHEH]SRGPLHQHQH
Y\NRQDDMNHVD]QHMDNFKG{YRGRYSUHUXtYSRHWQDSUSUHYVN\WFK\E\DOHERXNRQHQLH
SURFHG~U\SRPRFRXH[LW
QDSUYG\NHYSURFHG~UHY\WYRUtPHSRPRFQ~ELWPDSXSUHGXNRQHQtPMXPXVtPH]UXL
SRGREQHYG\NHRWYRUtPHV~ERUQD]iYHUKRPXVtPH]DWYRUL
P{HPHSRXLNRQWUXNFLXWU\SRVWXSQRV3UtND]RYILQDOO\SRVWXSQRV3UtND]RYHQG
DNSRDVY\NRQiYDQLDSUYHMSRVWXSQRVWLSUtND]RYY]QLNQHQHMDNpSUHUXHQLHH[LWEUHDNVSDGQXWLH
QDFK\EHWDNVDSRNUDXMHYGUXKHMSRVWXSQRVWLSUtND]RY
DNSUYiDVVNRQtEH]FK\E\WDNVDQRUPiOQHSRNUDXMHYGUXKHMDVWL
WU\HQGVLP{HWHSUHGVWDYLDNREHJLQHQGSULRPDNYRPQDVWDQHQHMDNpSUHUXHQLH
Y\NRQDM~VDHWHXSUDWRYDFLHDNFLH
NRQWUXNFLHWU\HQGP{XE\QDY]iMRPYQRUHQpURYQDNRDNREHJLQHQG
MHGQRGXFKpSUtNODG\QDWU\ILQDOO\HQG
WDNWRVOXQHE\VPHPDOLSUDFRYDVRV~ERURP
$VVLJQ)LOHW
V~ERUW[W
5HZULWHWDOHER5HVHWW
WU\
SUiFDVRV~ERURP
ILQDOO\
&ORVH)LOHW
HQG
WDNWRVOXQHE\VPHPDOLSUDFRYDVELWPDSDPL
EPS 7%LWPDS&UHDWH
WU\
SUiFDVELWPDSRX
ILQDOO\
EPS)UHH
HQG
]UNDGORYRRWRtPHELWPDSXDMVWU\DILQDOO\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
G EPS6FDQ/LQH>L@
IRUM WRZGR
G>M@ G>ZM@GA>M@ GA>ZM@
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
RWRHQLHRVWXSRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK K
EPS+HLJKW Z
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
IRUM WRZGREHJLQ
G EPS6FDQ/LQH>M@
G>L@ G>M@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
F\NOLFNSRVXQFHOFKULDGNRYRMHGHQUHVSYLDFVPHURPKRUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>LPRGK@G EPS6FDQ/LQH>LKGLYPRGK@
G EPS6FDQ/LQH>L@
PRYHGAGAZ
VL]HRI75*%
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
DOHERP{HPHY\JHQHURYDQHMDN~YODVWQ~ELWPDSX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<,QWHJHU
G35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
G>[@5 ;YODVWQHGA>[@5 ;
G>[@* <
G>[@% ;<GLY
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
YHPL]DXMtPDYUR]PD]iYDFtHIHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;UDQGRP
LIV;WKHQV; V;LIV;!WKHQV; V;
V< <UDQGRP
LIV<WKHQV< V<LIV<!WKHQV< V<
G EPS6FDQ/LQH>V<@
G>;@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SUtSDGQHHIHNWUR]DKRYDQLDRGVWUHGXVPHURPNXRNUDMRP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;
GLY
V< <
GLY
G EPS6FDQ/LQH>V<@
G>[@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SRVOHGQHIHNWY\OHStPHSULGiPHDVRYDSUHNWRU(QDEOHG IDOVHDLQWHUYDO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG QRW7LPHU(QDEOHG
HQG
RGNRQWDQW\Y5DQGRP]iYLVtDNRUFKORVDEXGH~WYDUUR]PD]iYD
QD]iYHUGRVWUHGXELWPDS\GiYDPHVNRURQiKRGQH]DIDUEHQ~ERGNX
1'
SRGREQHDNRUR]PD]iYDQLHVDVRYDRP]UHDOL]XMWHDMF\NOLFNpURORYDQLHVDVRYDRP
GRIRUPXOiUDSRORWHDM7UDFN%DUSRPRFRXNWRUpKREXGHWHPHQLSRHWRNRNRULDGNRYVDEXGH
SRV~YDWMUFKORVSRV~YDQLD
]UHDOL]XMWHRQDMNUDMLHRWiDQLHELWPDS\RXERYRQXKRO
UR]PD]iYDQLHELWPDS\NDGSL[HOVDY\SRtWDDNRSULHPHUVRVYRMLPLVXVHGPLVWDtVXVHGRYYULDGNX
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
YLHPHNUHVOLDKEDELWPDS\YJUDILFNHMSORFKH
RVDEXGHPHGQHVXL
DNR]DEH]SHLVWULHGDQLHIi]QHMDNHMDQLPiFLH
RMHWRSOiQRYDFtNDOHQGiUDDNRVDGiSRXLQDDQLPiFLH
0DOiDQLPDQiDSOLNiFLD
3RVWXSQHEXGHPHY\WYiUDWDN~WRDSOLNiFLX
YJUDILFNHMSORFKHMHDNRSRGNODGQHMDNiYHNiELWPDSD,PDJH]DEHUiFHO~SORFKXIRUPXOiUXQDVWDYLOL
VPHPX$OLJQQDDO&OLHQW
NDGPNOLNQXWtPP\RXGRSORFK\VDQDWRPPLHVWHY\WYRUtDQLPRYDQREUi]RNWLHWREXG~SRVWXSQH
VWULHGDVYRMHIi]\
NDGREUi]RNVDEXGHSRPDO\SRK\ERYDQHMDNPVPHURPSULRPDNQDMHGQHMVWUDQHY\SDGQH]
SORFK\WDNVDREMDYtQDRSDQRPNRQFL
QHVN{U]DEH]SHtPHDE\VDNDGREUi]RNPRKRODQLPRYDVU{]QRXIUHNYHQFLRXQLHNWRUpREUi]N\
EXG~VWULHGDIi]\DVWHMLHDNRLQp
YHWN\REUi]N\]SURMHNWXVLP{HWHVWLDKQX]ELWPDS\]LS
7ULHGDDQLPRYDQREUi]RN
DQLPiFLXEXGHPH]DEH]SHRYDF\NOLFNPVWULHGDQtPIi]ELWPiS9SUYHMYHU]LLEXGHPHSUHGSRNODGD
HNDG~Ii]XDQLPiFLHPiPHXORHQ~YMHGQRPV~ERUHQDSU
QDNRNRFKFHPH]DEH]SHLDE\QLHNWRUpDVWLELWPDS\EROLSULHVYLWQpSUHELWPDS\YQDHMDSOLNiFLLVD
GRKRGQHPHHSULHVYLWQiIDUEDMHIDUEDERGXYDYRPKRUQRPURKXSUYHMELWPDS\WM
ELWPDSD&DQYDV3L[HOV>@
]DGHILQXMHPHWULHGX
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\ILQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
DPHWyG\
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
YDU
LLQWHJHU
WF7&RORUSULHVYLWQiIDUED
EHJLQ
6HW/HQJWKEPSRFHW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP)LOHPHQR,QW7R6WUL
EPS
LIL WKHQWF EP>L@&DQYDV3L[HOV>@
EP>L@7UDQVSDUHQW&RORU WF
EP>L@7UDQVSDUHQW WUXH
HQG
[ [[\ \\
I SUYiIi]D
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKEPGR
EP>L@)UHH
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EP>I@:LGWKGLY\EP>I@+HLJKWGLYEP>I@
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
HQG
YRIRUPXOiULMH,PDJHD7LPHUNWRUPiQDVWDYHQ,QWHUYDOQDKRGQRWX
VSUDFRYDQLHXGDORVWt
YDU
DDUUD\RI72EUD]RN
EJ7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP)LOH
MD]HUREPS
,PDJH&DQYDV'UDZEJ
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
EJ)UHH
IRUL WRKLJKDGRD>L@)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
6HW/HQJWKD/HQJWKD
D>+LJKD@ 72EUD]RN&UHDWH
YWDN
[\
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
LID QLOWKHQH[LW
,PDJH&DQYDV'UDZEJ
IRUL WRKLJKDGR
ZLWKD>L@GREHJLQ
NURN
NUHVOL,PDJH&DQYDV
HQG
HQG
YDNDQDVWDYHQLX'RXEOH%XIIHUHG]DEH]SHtPHHDQLPRYDQLHREUi]NRYQHEXGHEOLND
YSUD[LVDDVWRQDPLHVWRYLDFV~ERURYVELWPDSDPLSUHIi]\DQLPiFLHSRXtYDMHGQDELWPDSDNWRUi
YHGDVHEDREVDKXMHYHWN\Ii]\DSURJUDPVLW~WRYHN~ELWPDSXUR]VWULKiQDSUSUH
Y\WYRUtPHQRYNRQWUXNWRU
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
YDU
LZKLQWHJHU
WF7&RORU
E7%LWPDS
EHJLQ
6HW/HQJWKEPSRFHW
E 7%LWPDS&UHDWH
WU\
E/RDG)URP)LOHPHQR
EPS
WF E&DQYDV3L[HOV>@
Z E:LGWKGLYSRFHWK E+HLJKW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
ZLWKEP>L@GREHJLQ
:LGWK Z+HLJKW K
&DQYDV&RS\5HFW5HFWZKE&DQYDV5HFWL
ZL
ZK
7UDQVSDUHQW&RORU WF
7UDQVSDUHQW WUXH
HQG
HQG
ILQDOO\
E)UHH
HQG
[ [[\ \\I
HQG
DNOLNQXWLHP\RXGRSORFK\QDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
DD 72EUD]RN&UHDWH
YWDN
[\
DD 72EUD]RN&UHDWH
]DMR
[\
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
SRXLOLVPHWXPHWyGXWULHG\7&DQYDV
&RS\5HFWFRQVW'HVW75HFW&DQYDV7&DQYDVFRQVW6RXUFH75HFW
NWRUiNRStUXMHDV]LQpKRREUi]NDYGUXKRPSDUDPHWUL&DQYDVGRQDHMJUDILFNHMSORFK\UHVS
ELWPDS\'HVWSHFLILNXMHREGQLN75HFW/HIW7RS5LJKW%RWWRPGRNWRUpKRVDEXGHNRStURYDD
6RXUFHSHFLILNXMHREGQLN]NWRUpKRVDEXGHNRStURYD
8ORHQLHELWPiSGRSURMHNWX
XYLDFNUiWE\VDQiPKRGLORNHE\VPHVQDLPSURMHNWRPQDSU3URMHFWH[HQHPXVHOLQRVLQLHNHG\DM
YlLHPQRVWYRELWPiSDDMLQFKV~ERURYPRQRVWtMHQLHNRNRQDSU
GRIRUPXOiUDKRFLNDPSRORtPHQLHNRNRNRPSRQHQWRY,PDJHDQDVWDYtPHLPYODVWQRV9LVLEOHQD
XORLGRSURMHNWX(;(WDNpWRV~ERU\QHEXGHPHtWDSRPRFRX/RDG)URP)LOHDOHSRPRFRX
/RDG)URP5HVRXUFH1DPH
XNiHPHGUXK~PRQRV
QDMSUYSULSUDYtPHWH[WRYV~ERU%LWPDS\UFVWPWRREVDKRP
%LWPDS\UFMHRE\DMQWH[WRYV~ERUP{HPHKRY\WYRULDMY'HOSKLHGLWRUH
MD]HUR%,70$3MD]HUREPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
]DMR%,70$3]DMREPS
QDMSUYGR3URMHFWGSUSULGiPHMHGHQULDGRN
SURJUDP3URMHFW
^5
%LWPDS\UHV
%LWPDS\UF
`
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
^5 5(6`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
DYHWN\/RDG)URP)LOHSR]PHQtPHWDNWR
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR,QW7R6WUL
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJSRFHW[[\\LQWHJHU
WU\
E/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP5HVRXUFH1DPH+,QVWDQFH
MD]HUR
YLPQLWHVLHSRSUYHMNRPSLOiFLLVDDXWRPDWLFN\Y\WYRULOGRVYHNV~ERU%LWPDS\UHVWHQWRX
REVDKXMHYHWN\ELWPDS\YVOHGQiDSOLNiFLD3URMHFWH[HXQHSRWUHEXMHQDVSXVWHQLHYHNp
PQRVWYRELWPiSXLFKPiXORHQpYVHEH
3RK\EDQLPRYDQFKREUi]NRY
SUtGiPHPHWyGX=PHQ';<DY\OHStPHPHWyGXNURN
SURFHGXUH72EUD]RN=PHQ';<G[[G\\LQWHJHUU75HFW
EHJLQ
G[ G[[G\ G\\REG U
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWWKHQLQF[ULJKWOHIW
LI[! ULJKWWKHQGHF[ULJKWOHIW
LI\WRSWKHQLQF\ERWWRPWRS
LI\! ERWWRPWKHQGHF\ERWWRPWRS
HQG
HQG
]UHMPHNRQWUXNWRUEXGHLQLFLDOL]RYDG[DG\QD
SULY\WYRUHQtQRYpKRREUi]NDPXQDVWDYtPHSRK\EDMREGQLNQDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
DQLPRYDQpREUi]N\VDEXG~WHUD]KED
$QLPRYDQREUi]RNVLQPSRK\ERP
GRSURMHNWXSULGiPHQRYREUi]RN]HPHJXXD]PHQtPHMHMVSUiYDQLH
QDRNUDMLSORFK\VDEXGHRGUiD
W\SH
72EUD]RN FODVV72EUD]RN
SURFHGXUHNURNRYHUULGH
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWRU[! ULJKWWKHQG[ G[
LI\WRSRU\! ERWWRPWKHQG\ G\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
QH]DEXGQHPHDM]HPHJXODEPSSULGDGR%LWPDS\UF
3OiQRYD
GHILQtFLDSOiQRYDD
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
WLP7'DWH7LPH
RE72EMHFW
HQG
SURFHGXUHLQVHUWWLNLQWHJHURE72EMHFW
SURFHGXUHVHUYHYDURE72EMHFW
IXQFWLRQILUVW72EMHFW
IXQFWLRQWRSWLPH7'DWH7LPH
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHLQVHUWWLNLQWHJHURE72EMHFW
YDU
LLQWHJHU
WLP7'DWH7LPH
EHJLQ
WLP 1RZWLN06HFV3HU'D\
L ZKLOHL +LJKTDQGT>L@WLP WLPGRLQFL
6HW/HQJWKT/HQJWKT
PRYHT>L@T>L@/HQJWKTL
6L]H2IT>@
T>L@WLP WLP
T>L@RE RE
HQG
SURFHGXUH74XHXHVHUYHYDURE72EMHFW
EHJLQ
LIHPSW\WKHQRE QLO
HOVHEHJLQ
RE T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
ILUVWMHDNRVHUYHOHQKRGQRWXYUiWLDNRYVOHGRNIXQNFLH
IXQFWLRQ74XHXHILUVW72EMHFW
EHJLQ
LIHPSW\WKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
IXQFWLRQ74XHXHWRSWLPH7'DWH7LPH
EHJLQ
LIHPSW\WKHQ5HVXOW QRZDVQLHNHG\YEXG~FQRVWL
HOVH5HVXOW T>@WLP
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
YDU
T74XHXH
YLPQLWHVLHVPHQHY\WYRULOLNRQWUXNWRU&UHDWHVSRDKOLVPHVDQDWRH'HOSKLDXWRPDWLFN\
LQLFLDOL]XM~VWDYRYpSUHPHQQpNWRUpV~G\QDPLFNpSROLDUHD]FHDREMHNW\WLHWRPDM~KRGQRWXQLOUHVS
SUi]GQ\UHD]HF
YHWNPREMHNWRPDQLPRYDQREUi]RNSULGiPHQRY~VWDYRY~SUHPHQQ~WLNNWRUiEXGHREVDKRYDDVY
PVQD]PHQXDOHMIi]\
SULGiPHWLN
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\IG[G\LQWHJHU
REG75HFW
WLNLQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH=PHQ';<G[[G\\LQWHJHUU75HFWYLUWXDO
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
WLN
HQG
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHWLQWHJHU
WLN
HQG
GRPHWyG\NURNGRSOQtPHQDSOiQRYDQLHDOLHKRYRODQLDNURN
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[!RUG\!WKHQEHJLQ
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWWKHQLQF[ULJKWOHIW
LI[! ULJKWWKHQGHF[ULJKWOHIW
LI\WRSWKHQLQF\ERWWRPWRS
LI\! ERWWRPWKHQGHF\ERWWRPWRS
HQG
HQG
LIWLN!WKHQ
TLQVHUWWLNVHOI
HQG
SURFHGXUH72EUD]RNNURN
LIWLN!WKHQ
TLQVHUWWLNVHOI
HQG
DSULY\WYRUHQtREMHNWRYLPKQHY\JHQHUXMHPHDVRYLQWHUYDO
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
DDWLN
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
TLQVHUWDDDE\VDQDWDUWRYDO
HQG
HWH7LPHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EERROHDQ
S72EMHFW
EHJLQ
E IDOVH
ZKLOHQRWTHPSW\DQGTWRSWLPH 1RZGREHJLQ
TVHUYHS72EUD]RNSNURN
72EUD]RNTILUVWNURN
E WUXH
HQG
LIEWKHQEHJLQ
,PDJH&DQYDV'UDZEJ
1'
REMHNWXP{HPHQDSOiQRYDYLDFU{]Q\FKDNFLtYU{]Q\FKDVRFKY\P\VOLWHDNRSOiQRYDXWLPHUX
SRYHGDHPiSUHU{]QHREMHNW\VS~DU{]QHDNFLHQLHOHQNURN
VWDYRYiSUHPHQQiWLNNWRUiVDSRXtYDDNRDVQDSUHFKRGGRQDVOHGXM~FHMIi]\E\PRKODE\EX
(WHMHGHQSUtNODGQDSRXLWLHUDGX
XNiHPHULHHQLHWDNHMWR~ORK\
GRJUDILFNHMSORFK\P{HPHNUHVOLLHUQHLDU\SRPRFRXDYpKRWODLGODP\L
NHQLHNDPNOLNQHPHSUDYPWODLGORPP\LWDNVDRGWRKRWRERGX]DQHQDYHWN\VWUDQ\tULQHMDNi
IDUEDDWRWRY\SDQLHVD]DVWDYtDQDLHUQHMLDUHDOHERQHMDNR]DIDUEHQHMREODVWL
SUDYPWODLGORPP\LP{HPHQDUD]QDWDUWRYDYLDFY\SDFtFKDNFLt
Y\XLMHPHRE\DMQ~GiWRY~WUXNW~UXUDG
QDMSUYNODVLFNUDGSDPlWiPHVLV~UDGQLFHERGXDIDUEX
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
[\LQWHJHU
FRO7&RORU
HQG
SURFHGXUHDSSHQG[\LQWHJHUFRO7&RORU
SURFHGXUHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHDSSHQG[\LQWHJHUFRO7&RORU
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@[ [T>+LJKT@\ \T>+LJKT@FRO FRO
HQG
SURFHGXUH74XHXHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
EHJLQ
LIHPSW\WKHQEHJLQVKRZPHVVDJH
HPSW\
H[LWHQG
[ T>@[\ T>@\FRO T>@FRO
PRYHT>@T>@/HQJWKT
6L]HRIT>@
6HW/HQJWKT/HQJWKT
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
Y\XLMHPHNRPSRQHQW77LPHUVQDVWDYHQP,QWHUYDOQDSUQD
PHWyGD7LPHU7LPHU
YDU
T74XHXH
J7&DQYDV
EERROHDQLVDNUHVOtDKDQtPP\L
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
T 74XHXH&UHDWH
UDQGRPL]H
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
FRQVW
FRODUUD\>@RI7&RORU
FO5HGFO%OXHFO*UHHQFO<HOORZFO$TXDFO/LPH
EHJLQ
E 6KLIW >VV/HIW@
LIEWKHQJ0RYH7R[\
HOVHLI6KLIW >VV5LJKW@WKHQ
TDSSHQG[\FRO>UDQGRP/HQJWKFRO@
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LIEWKHQJ/LQH7R[\
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
E IDOVH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
[\LQWHJHU
FRO7&RORU
EHJLQ
LITHPSW\WKHQH[LW
TVHUYH[\FRO
LIJ3L[HOV>[\@!FO:KLWHWKHQH[LW
J3L[HOV>[\@ FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
HQG
WDNpWRY\IDUERYDQLHSORFK\QHMDNPLIDUEDPLMHYHPLSRPDOpDOHU{]Q\PLY\OHSHQLDPLVDP{HXUFKOL
$SSOLFDWLRQ(YHQWVRQ,GOH
W~WR~ORKXP{HPHULHLWDNHQDPLHVWR77LPHUSRXLMHPHQRYNRPSRQHQW7$SSOLFDWLRQ(YHQWV
7LPHUY\KRGtPHDQDKUDGtPHKR7$SSOLFDWLRQ(YHQWV]SDOHW\$GGLWLRQDO
URYQDNRDNR7LPHUMHWRQHYL]XiOQ\NRPSRQHQWWHGDKR]DEHKXSURJUDPXQHEXGHYLGLH
Y\XLMHPHMHKRXGDORVRQ,GOHNWRUEXGH]DYRODQSRGREQHDNRRQ7LPHUSUHDVRYDDOHYG\
YWHG\NH:LQGRZVQHPDM~RURELWMNHPRPHQWiOQHQLHV~]DDRYDQpLQPL~ORKDPL
KQHDNRSUtGHQHMDNiLQiXGDORVQDSUSRKQHPHDOHERNOLNQHPHP\RXDOHERSULLHOWLNRG
DVRYDDDSRGDOLHYRODQLHRQ,GOHVDXQH]UHDOL]XMH
WHGDGRRQ,GOHGiPHVSUDFRYDQLHMHGQpKRERGX]IURQWXDNDM~FLFKERGRYDR]QiPLPHV\VWpPX
QDPLHVWRPHWyG\7LPHU7LPHUQDStHPH$SSOLFDWLRQ(YHQWV,GOH
SURFHGXUH7)RUP$SSOLFDWLRQ(YHQWV,GOH6HQGHU72EMHFWYDU'RQH%RROHDQ
YDU
[\LQWHJHU
FRO7&RORU
EHJLQ
'RQH THPSW\LI'RQHWKHQH[LW
TVHUYH[\FRO
LIJ3L[HOV>[\@!FO:KLWHWKHQH[LW
J3L[HOV>[\@ FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
HQG
1'
XUFKOLWHSUiFXVUDGRPSROH]YlXMWHQDSUVNURNRPSDPlWDMWHVL]DLDWRNDSRHWSUYNRYDSROH
SRV~YDMWHOHQYQXWQFKSUtSDGRFK
DOLHXUFKOHQLHYPHWyGH7LPHU7LPHUUHVS$SSOLFDWLRQ(YHQWV,GOHVSUDFXMWHQLHOHQMHGHQERGDOH
QDSUYF\NOHQDUD]
Y\P\VOLWHLQpSUDYLGOiIDUEHQLDQLHOHQNHMHELHODIDUEDDOHQDSUQLHLHUQDDU{]QDRGDNWXiOQHMDSRG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
SUtNODGVNODGDQLHUR]VWULKDQpKRREUi]ND
1DStWHSURJUDPNWRUQiPXPRQtSRVNODGDUR]VWULKDQREUD]1D]DLDWNXKU\MHYSORFKH
UR]VWULKDQQHMDNYHNREUi]RNQDU{]QHYHNpN~VN\REGQLN\SULRPVDWLHWRN~VN\Y{EHF
QHSUHNUYDM~ORKRXKUiDMHSRV~YDQtPWFKWRN~VNRYDKDQtPP\RXSRVNODGDS{YRGQREUD]
3URJUDPPXSULWRPQHGRYROtDE\LDGHQN~VRNY\SDGRO]SORFK\RNUDMHKUDFHMSORFK\V~SULDKDQt
SUHNiNRXDWHGDDKDQLHVDQDRP]DVWDYt.~VN\REUD]XVDP{XYSULHEHKXKU\SUHNUYD
9HWN\YVWXSQpLQIRUPiFLHV~YWH[WRYRPV~ERUHREUD]W[WNWRUREVDKXMH
YSUYRPULDGNXMHPHQRELWPDSRYpKRV~ERUXVHWHQHQDVWULKDQPREUD]RP
YGUXKRPULDGNXV~ERUXV~GYHtVODNWRUpGHILQXM~tUNXDYNXKUDFHMSORFK\QDSU
NRPSRQHQWXWULHG\7,PDJHYWHMWRSORFKHVDEXG~SRV~YDQDVWULKDQpN~VN\REUD]X
QDVOHGXM~FHULDGN\V~ERUXREVDKXM~SRFHOFKtVHOV~WRLQIRUPiFLHRUR]VWULKDQFKN~VNRFK
REGQLNRFKSUYpW\ULtVODSRSLVXM~REGQLNYREUD]HDWRV~UDGQLFH[D\DYHNRV
REGQLNDtUNXDYNXSRVOHGQpGYHtVODV~V~UDGQLFHREGQLNDXPLHVWQHQpKRYKUDFHM
SORFKH
P{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDREUD]MHFHOUR]VWULKDQQDGLVMXQNWQp
REGQLN\
QDY\VWULKQXWLHREGQLND]REUD]XP{HWHY\XLPHWyGX&RS\5HFWDOHER'UDZ
.~VN\REUD]XYSURJUDPHUHDOL]XMWHDNRLQWDQFLHWULHG\7.XVRNQDSUVWDNRXWRGHNODUiFLRXP{HWH
QLHRSULGDDOHERPLHUQHSR]PHQL
7.XVRN FODVV
EP7%LWPDS
[\VLUNDY\VNDLQWHJHU
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtKRDMVUiPLNRP
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ]LVWtLVDGRNOLNOR
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
6DPRWQ~KUXUHDOL]XMWHWULHGRX7+UDNWRUHMGHNODUiFLDE\PDODY\]HUDSULEOLQHWDNWR
7+UD FODVV
NDUUD\RI7.XVRN
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNN7.XVRNSULGiQRYN~VRNGRSRD
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtYHWN\N~VN\
SURFHGXUH0RXVH'RZQ[\LQWHJHU
SURFHGXUH0RXVH0RYH[\LQWHJHU
SURFHGXUH0RXVH8S
HQG
7+UDVLPXVtSDPlWDNWRUN~VRNVDPRPHQWiOQHDKiP\RX7HQWREXGHY\NUHVRYDQDNR
SRVOHGQ]RYHWNFKDWHGDEXGHQDGYHWNPLRVWDWQPLN~VNDPL1DY\HEXGHSRDVDKDQLD
RUiPRYDQHUYHQPUiPLNRPWRWR]DEH]SHLDREHPHWyG\NUHVOL
3URJUDPQHPXVt]LVRYDLXMHFHOREUD]SRVNODGDQ
6WDYRYpSUHPHQQpWULHG7.XVRND7+UDP{HWHSRXtYDOHQYPHWyGDFKWFKWRWULHG
6~ERU\QDWHVWRYDQLHP{HWHVWLDKQX]VNXVND]LS
W\SH
7.XVRN FODVV
EP7%LWPDS
[\VLUNDY\VNDLQWHJHU
FRQVWUXFWRU&UHDWHEPS7%LWPDS[YEPS\YEPSQVLUNDQY\VNDQ[Q\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7FDQYDVVHOERROHDQ
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.XVRN&UHDWHEPS7%LWPDS[YEPS\YEPSQVLUNDQY\VNDQ[Q\LQWHJHU
EHJLQ
EP 7%LWPDS&UHDWH
VLUND QVLUNDY\VND QY\VND[ Q[\ Q\
EP:LGWK VLUNDEP+HLJKW Y\VND
^EP&DQYDV&RS\5HFW5HFWVLUNDY\VNDEPS&DQYDV
5HFW[YEPS\YEPS[YEPSVLUND\YEPSY\VND`
EP&DQYDV'UDZ[YEPS\YEPSEPS
HQG
GHVWUXFWRU7.XVRN'HVWUR\
EHJLQ
EP)UHH
HQG
SURFHGXUH7.XVRNNUHVOLF7FDQYDVVHOERROHDQ
EHJLQ
F'UDZ[\EP
LIVHOWKHQEHJLQ
F%UXVK6W\OH EV&OHDU
F3HQ&RORU FO5HG
F3HQ:LGWK
F5HFWDQJOH[\[VLUND\Y\VND
HQG
HQG
SURFHGXUH7.XVRNSRVXQG[G\LQWHJHU
EHJLQ
LQF[G[LQF\G\
HQG
W\SH
7+UD FODVV
NDUUD\RI7.XVRN
[\VLUND3ORFK\Y\VND3ORFK\VHOLQWHJHU
FRQVWUXFWRU&UHDWHVXERUVWULQJ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNN7.XVRN
SURFHGXUHNUHVOLF7FDQYDV
SURFHGXUH0RXVH'RZQ[\LQWHJHU
SURFHGXUH0RXVH0RYH[\LQWHJHU
SURFHGXUH0RXVH8S
HQG
FRQVWUXFWRU7+UD&UHDWHVXERUVWULQJ
YDU
W7H[W)LOH
VVWULQJ
EPS7%LWPDS
[\VLUY\V[\LQWHJHU
EHJLQ
$VVLJQ)LOHWVXERU5HVHWW
UHDGOQWV
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOHV
UHDGOQWVLUND3ORFK\Y\VND3ORFK\
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\VLUY\V[\
SULGDM7.XVRN&UHDWHEPS[\VLUY\V[\
HQG
EPS)UHH
&ORVH)LOHW
VHO LDGHQQLHMHRVHOHNWRYDQ
HQG
SURFHGXUH7+UDSULGDMNN7.XVRN
EHJLQ
6HW/HQJWKN/HQJWKN
N>+LJKN@ NN
HQG
GHVWUXFWRU7+UD'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKNGR
N>L@)UHH
HQG
SURFHGXUH7+UDNUHVOLF7FDQYDV
YDU
LLQWHJHU
EHJLQ
F%UXVK6W\OH EV6ROLG
F%UXVK&RORU FO/W*UD\
F)LOO5HFW5HFWVLUND3ORFK\Y\VND3ORFK\
IRUL WR+LJKNGR
LIL!VHOWKHQ
N>L@NUHVOLFIDOVH
LIVHO! WKHQDE\EROY\NUHVOHQQDGYHWNPLRVWDWQPL
N>VHO@NUHVOLFWUXH
HQG
SURFHGXUH7+UD0RXVH'RZQ[\LQWHJHU
EHJLQ
VHO +LJKN
ZKLOHVHO! DQGQRWN>VHO@NOLN[\GRGHFVHO
[ [\ \
HQG
SURFHGXUH7+UD0RXVH0RYH[\LQWHJHU
EHJLQ
LIVHO! WKHQEHJLQ
N>VHO@SRVXQ[[\\
LIN>VHO@[WKHQN>VHO@[
LIN>VHO@[N>VHO@VLUND!VLUND3ORFK\WKHQN>VHO@[ VLUND3ORFK\
N>VHO@VLUND
LIN>VHO@\WKHQN>VHO@\
LIN>VHO@\N>VHO@Y\VND!Y\VND3ORFK\WKHQN>VHO@\ Y\VND3ORFK\
N>VHO@Y\VND
[ [\ \
HQG
HQG
SURFHGXUH7+UD0RXVH8S
EHJLQ
VHO
HQG
YDU
KUD7+UD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
KUD 7+UD&UHDWH
REUD]W[W
,PDJH:LGWK KUDVLUND3ORFK\,PDJH+HLJKW KUDY\VND3ORFK\
KUDNUHVOL,PDJH&DQYDV
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
KUD)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
KUD0RXVH'RZQ[\
KUDNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
KUD0RXVH0RYH[\
KUDNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
KUD0RXVH8S
KUDNUHVOL,PDJH&DQYDV
HQG
SUtNODGSUiFDVNRU\WQDNDPL
1DStWHSURJUDPNWRUXPRQt]DKUDVDWDN~WRKUX
]RVSRGXJUDILFNHMSORFK\Y\OHWXM~VPHURPQDKRUU{]QRXUFKORVRXU{]QH]DIDUEHQpEDOyQ\
~ORKRXKUiDMHWULDIDWLHWREDOyQ\tSNRXNDGWUDIHQEDOyQSUDVNQHDQDMHKRPLHVWHVD
QDStHWH[W%80
EDOyQ\V~UHSUH]HQWRYDQpNRU\WQDNDPLNWRUFKWYDUMHIDUHEQHVXKROQtNVRVWUDQRX
SUHWRWR]DGHILQXMWHWULHGX7%DORQ
VWDYRYiSUHPHQQiNVO~LDNRNRHILFLHQWSUHPHWyGX'RSUHGXYDNDWRPXWRNRHILFLHQWX
EXGHP{FNRU\WQDNDFKRGLWURFKXSRPDOLH
NRQWUXNWRU&UHDWHY\WYRUtNRU\WQDNXQDQiKRGQHMSR]tFLLDOHQDGROQHMKUDQHSORFK\
QDVWDYtVWDYRY~SUHPHQQ~NQDQiKRGQ~KRGQRWX]LQWHUYDOX!
YHWN\WLHWREDOyQ\EXGHWHXFKRYiYDYSRO\PRUIQRPSROLWULHG\79HOD.RU
VPHURPQDYFKRGREMDYtVDQDPLHVWHNOLNQXWLDP\RXDOHOHQDNVDNOLNORQLHYLDFDNR
RGDYpKRRNUDMDSORFK\.OLNQ~P{HPHNHG\NRYHNDNtSNDHWHQHRGOHWHODPLPR
SORFK\WDNVDSUHVXQLHQDPLHVWRNOLNQXWLD
tSNDVDVWiOHURYQRPHUQHSRK\EXMHVPHURPQDYFKRGDDNSULVYRMRPSRK\EHSUHMGHFH]
QHMDNEDOyQWDNWHQWRSUDVNQHD]DQHFKiQiSLV%80QHPXVtWHVLYtPDVLWXiFLXDN
tSNDXOHWtYRQ]SORFK\]UHMPHQRYPNOLNQXWtPVD]QRYXREMDYtYSORFKH
YHWN\EDOyQ\NWRUpSUDVNQ~DOHERY\OHWLD]SORFK\YRQE\VD]SRDNRU\WQDLHNPDOL]UXL
PHWyGRX=UXV.RU
YQiKRGQFKDVRYFKLQWHUYDORFKDOH]DSRGPLHQN\HEDOyQRYQLHMHYLDFDNRVDVWiOH
JHQHUXM~QRYpEDOyQ\
SRK\EtSN\SRK\EEDOyQRYDOHDMQiKRGQpJHQHURYDQLHEDOyQRYDDMUXHQLHEDOyQRY
EXGHWHURELSRPRFRXDVRYDD77LPHU
W\SH
7%DORQ FODVV7.RU
NUHDO
FRQVWUXFWRU&UHDWH
SURFHGXUHGRSUHGXGUHDORYHUULGH
HQG
FRQVWUXFWRU7%DORQ&UHDWH
FRQVW
IDUUD\>@RI7&RORU FO5HGFO%OXHFO*UHHQFO<HOORZFO3XUSOH
FO%ODFN
EHJLQ
LQKHULWHG&UHDWHUDQGRPVLUNDY\VND
=PHQ7YDU>@
=PHQ)DUEX7YDUXI>UDQGRP/HQJWKI@
3+8ND]
N UDQGRP
HQG
SURFHGXUH7%DORQGRSUHGXGUHDO
EHJLQ
LQKHULWHGGRSUHGXG
N
HQG
YDU
VLS7.RU
EDORQ\79HOD.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H]PD]
VLS 7.RU&UHDWHVLUND
VLS3+
VLS=PHQ7YDU>@
EDORQ\ 79HOD.RU&UHDWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI;WKHQEHJLQ
VLS=PHQ;<;<VLS8ND]
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
VLS'RSUHGX
LIEDORQ\SNDQGUDQGRP WKHQ
EDORQ\8URE.RU7%DORQ&UHDWH
EDORQ\'RSUHGX
ZLWKEDORQ\GREHJLQ
IRUL WRSNGR
LIN>L@Y]GVLS;VLS<WKHQEHJLQ
=UXV.RUL
VLS3LV
%80
HQG
HOVHLIN>L@<WKHQ=UXV.RUL
8SUDF
HQG
,PDJH5HSDLQW
HQG
DOLH]DGDQLD]PLQXOpKRURNXQiMGHWHQDVWUiQNH=DGDQLD
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
7HVW]3URJUDPRYDQLDSUHURQtNNURN
'DQpV~WULDULWPHWLFNpYUD]\YSRVWIL[RYRP]iSLVHDWULYSUHIL[RYRP]iSLVH
.DGpPXSRVWIL[RYpPXYUD]X]RGSRYHGiSUiYHMHGHQSUHIL[RY]iSLV1iMGLWHWLHWRGYRMLFH
1DVOHGXM~FDSURFHG~UDY]RVWXSQHXWULHGLSUYN\UDGXTSULRPYSDUDPHWULQGRVWiYDPRPHQWiOQXGNX
UDGX
SURFHGXUHWULHGT4XHXHQLQWHJHU
YDU
SUSUYRN
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
TVHUYHS
IRUM WRQLGREHJLQ
TVHUYHS
LISSWKHQTDSSHQGS
HOVHEHJLQTDSSHQGSS SHQG
HQG
TDSSHQGS
IRUM WRLGREHJLQ
TVHUYHSTDSSHQGS
HQG
HQG
HQG
2P\ORPVDYSURJUDPHQLHNWRUpLGHQWLILNiWRU\UQDKUDGLOLLGHQWLILNiWRURPS2SUDYWHSURJUDP
=DGHILQRYDOLVPHSRO\PRUIQpSROHSNWRUpP{HREVDKRYDLQWDQFLHWULHG\7%RGUHVSRGQHM
RGYRGHQFKW\SRY76WYRUHFDOHER7.UXK7ULHGD7%RGREVDKXMHOHQGYHVWDYRYpSUHPHQQp[D\D
NRQWUXNWRU&UHDWHVGYRPDFHORtVHOQPLSDUDPHWUDPLQDLQLFLDOL]RYDQLHVWDYRYFKSUHPHQQFK
1HGRSDWUHQtPV~YSROLQLHNWRUpLQWDQFLHWULHG\7%RGLGHQWLFNpDSUHWRLFKFKFHPHQDKUDGLNySLRX
SUtVOXQpKRREMHNWXDE\EROLYHWN\LQWDQFLHYSROLU{]QHSUHPHQQpYLHPHHLQWDQFLHV~YODVWQH
VPHUQtN\GRG\QDPLFNHMSDPlWL,QWDQFLHRGYRGHQFKWULHG76WYRUHFD7.UXKQiVQH]DXMtPDM~WLHWR
QHFKFHPHNRQWURORYDDQLPHQL'RSOWHSURJUDP
YDU
SDUUD\RI7%RG
IRUL WRBBBBBBBBBBBBBGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQEHJLQ
M L
ZKLOHM KLJKSDQGBBBBBBBBBBBBBBBGR
LQFM
LIM KLJKSWKHQ
S>BBBBBB@ BBBBBBBBBBBBBBBBBBBBBBBB
HQG
'DQiMHUHNXU]tYQDUHD]FRYiIXQNFLD
D=LVWLWHNRNRNUiWVDREMDYtFLIUD
YRYVOHGNXSUHWHVW
E9\KRGQRWHLQIL[RYDULWPHWLFNYUD]NWRUY]QLNQH]WHVW
=DGHILQRYDOLVPHWULHGXPQR]LQDNWRUiXPRQtSUDFRYDVGiWRYRXWUXNW~URXPQRLQDPQRtQ3UYNDPL
WDNHMWRPQRLQ\EXG~OHQSRGPQRLQ\PQRLQ\>@9Q~WRUQHMHWiWRPDOiPQRLQD0UHSUH]HQWRYDQi
tVORP&RGGRWDNHLW\ELWELQiUQHKR]iSLVX&KRYRUtRSUtWRPQRVWLtVODLYPQRLQH02SUDYWH
SURJUDP
W\SH
PQ VHWRI
PQR]LQD FODVV
PVHWRIE\WH
FRQVWUXFWRU&UHDWHRYHUULGH
SURFHGXUHSULGDMSPQYLUWXDORYHUULGH
SURFHGXUHY\KRGSPQ
IXQFWLRQMHSPQERROHDQ
SULYDWH
IXQFWLRQSUHURESPQE\WH
HQG
FRQVWUXFWRUPQR]LQD&UHDWHRYHUULGH
EHJLQ
P >@
HQG
SURFHGXUHPQR]LQDY\KRGSPQ
EHJLQ
BBBBBBBBBBBBBBBBBBBBBBBBB
HQG
SURFHGXUHNUHVOL[\YLQWHJHU
YDU
44XHXH
EHJLQ
4 4XHXH&UHDWH
UHSHDW
LIY!WKHQEHJLQ
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
HQG
LI4HPSW\WKHQEUHDN
4VHUYH[\Y
XQWLOY
4IUHH
HQG
3URFHG~UX]DYROiPHVWPLWRSDUDPHWUDPLNUHVOL
D1DNUHVOLWHSULEOLQREUi]RNY\WYRUHQWRXWRSURFHG~URX
E9\SRtWDMWHFHONRY~GNXYHWNFKQDNUHVOHQFKLDUYLHPHHVDXULWHQHSUHNUYDM~.Y{OL
MHGQRGXFKRVWLXYDXMHPHGNX~VHN\Y\WYRUHQHMSUtND]PL0RYH7R[\/LQH7R[Y\Y]DY
MHGQRWLHNQDPLHVWRSUHVQHMKRGQRW\Y
VTUW
'ROH[LNiOQHMDQDO]\VPHSULGDOLFHORtVOHQpNRQWDQW\]DGDQpYHVWQiVWNRYHMV~VWDYH2SUDYWHDV
SURJUDPXDE\SUDFRYDONRUHNWQH
FDVH]RI
EHJLQ
OH[ FLVORKRG
ZKLOH]LQ>
$
I
@GREHJLQ
]QDN
LI]
WKHQKRG KRGRUG]
HOVHLI]
D
WKHQKRG KRGRUG]
HOVHKRG KRGRUG]
KRG KRG
HQG
HQG
1DVOHGXM~FDDVSURJUDPXSUDFXMHVWH[WRYPLV~ERUPL3UHGSRNODGiPHHQD]DLDWNXXPDM~
YHWN\SULUDGHQpQHMDNpI\]LFNpV~ERU\$VVLJQ)LOH9VWXSQV~ERUNWRUMHRWYRUHQDNRW>@PiQD
]DLDWNXULDGNRYSULRPNDG]QLFKREVDKXMHSUiYHMHGQRtVORSRUDGRYptVORULDGNDYV~ERUHWM
SRVWXSQHtVOD=LVWLWHREXGHREVDKRYDV~ERUW>@SRVNRQHQtSURJUDPX
YDU
WDUUD\>@RI7H[W)LOH
UHVHWW>@IRUL WRGRUHZULWHW>L@
L Q
ZKLOHQRWHRIW>@GREHJLQ
UHDGOQW>@VZULWHOQW>L@V
L LPRGLQFQ
HQG
UHZULWHW>@IRUL WRGRUHVHWW>L@
L
ZKLOHQ!GREHJLQ
ZKLOHHRIW>L@GRL LPRG
UHDGOQW>L@VZULWHW>@V
GHFQ
HQG
YDU
DDUUD\RIDUUD\RILQWHJHU
EPS7%LWPDS
6HW/HQJWKDBBBBBBBBBBBBBB
IRUL WREPSBBBBBBBBBBBBBBGREHJLQ
D>L@ QLO
IRUM WREPSBBBBBBBBBBBBGR
LIEPSBBBBBBBBBBBBBB!FO:KLWHWKHQEHJLQ
6HW/HQJWKDBBBBBBBBBBBBBBBB
D>BBBBBBBBBBBBBB@ M
HQG
HQG
'DQpMHSUYNRYpSROHSVPHUQtNRYQDFHORtVHOQpSROLDWiWRWUXNW~UDWYRUtGYRMUR]PHUQ~WDEXNX
SROHULDGNRYSULRPULDGN\P{XPDQDY]iMRPU{]QXGNX9NDGRPULDGNXMHREVDKRPQXOWpKR
SUYNXtVORNWRUpXGiYDSRHW]Y\QFKSUYNRYWRKWRULDGNDWHGDEH]QXOWpKR1DVOHGXM~FDDV
SURJUDPXSRVWXSQHSUHFKiG]DYHWN\ULDGN\SRDD]NDGpKRY\KDG]XMHYHWN\SUYN\NWRUFKKRGQRWD
MHPHQLDDNR9\KRGHQLHSUYNX]QDPHQiHVDULDGRNSUtVOXQHVNUiWLDXSUDYtWDNDE\REVDKRYDO
OHQVSUiYQHSUYN\-HPRQpHQLHNWRYWRPWRSURJUDPHQHMDNpVWULHN\XEUDOUHVSSULGDO9ORWH
FKEDM~FHDY\]QDWHQHVSUiYQHXPLHVWQHQpVWULHN\7LHVWULHN\NWRUpQDGDQRPPLHVWHQLHV~
FK\ERXQHFKDMWHWDN'HNODUiFLHQHRSUDYXMWH
W\SH
ULDGRN DUUD\>ZRUG@RILQWHJHU
SULDGRN AULDGRN
YDU
SDUUD\>@RISULDGRN
SLSULDGRN
IRUL WRGR
LISA>L@!QLOWKHQEHJLQ
Q S>L@>@AQQ Q
IRUM WRQGR
LIS>L@A>M@WKHQGHFQQ
LIQQ!QWKHQEHJLQ
JHWPHPSLAQQ
VL]HRILQWHJHU
SLA>@ QQN
IRUM WRQGR
LIS>LM@! WKHQEHJLQ
LQFNSLA>N@ SA>LM@
HQG
IUHHPHPS>L@S>L@A SLA
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
7HVW]3URJUDPRYDQLDSUHURQtN
0iPHGDQpWLHWRGHNODUiFLHWULHG
W\SH
7%RG FODVVSURFHGXUHXUREHQG
7.UXK FODVV7%RGULQWHJHUSURFHGXUHXUREHQG
7(OLSVD FODVV7.UXKSURFHGXUHXUREHQG
76WYRUHF FODVV7%RGDLQWHJHUSURFHGXUHXUREHQG
DSRO\PRUIQpSROH
YDUSDUUD\RI7%RG
QDSULHNWRPXHPHWyGDXUREQLHMHYLUWXiOQDFKFHPHDE\VDSUHNDGREMHNWVSXVWLOVSUiYQ\YDULDQW
SUH7.UXKD7(OLSVDFKFHPHNUHVOLOHQDNU!UHVSSUH76WYRUHFD!
'RSOWHFKEDM~FHDVWLQHGRSDMWHLDGQHEHJLQDHQG
0iPHGDQpSROHG\QDPLFNFKSROtUHD]FRY
YDUWDUUD\>
D
]
@RIDUUD\RIVWULQJ
'RWRKRWRSRDSRWUHEXMHPHSULGiYDQRYpUHD]FHDWRWDNHVDSR]ULHPHQDSUYpStVPHQR
SULGiYDQpKRUHD]FDDDNMHWRPDOpStVPHQRRG
D
GR
]
SULGiPHWHQWRUHD]HFGRSUtVOXQpKRSUYNX
SRDWGRW>
D
@SULGiYDPHUHD]FH]DtQDM~FHStVPHQRP
D
GRW>
E
@UHD]FH]DtQDM~FHStVPHQRP
E
DW.DGSUYRNSRDWREVDKXMHG\QDPLFNpSROHUHD]FRYQRYpUHD]FHSULGiYDPHGRWFKWRSROtQD
NRQLHFDNRQRYSUYRNWMSUYUHD]HF]DtQDM~FLStVPHQRP
D
EXGHYW>
D
@GUXKYW>
D
@DW0iPH
GDQ~SURFHG~UXNWRUiPiSULGiYDGRWRKRWRSRDQDUD]YLDFUHD]FRYSULRPMHMYVWXSQSDUDPHWHUMH
RWYRUHQpSROHUHD]FRYQDSUE\PDORIXQJRYDSULGDM>
DEF
[\]
DKRM
@=R]iSLVXSURFHG~U\VDVWUDWLOL
YHWN\]iWYRUN\>@^`DMLDUN\
SURFHGXUHSULGDMVDUUD\1RIVWULQJ
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKVLGR
LIQRWVL
DQGQRWVLLQ
D
]
WKHQEHJLQ
6HW/HQJWKWVL/HQJWKWVL
WVLKLJKWVL VL
HQG
HQG
6SUiYQHLFKGRSOWHDQLQHNUWDMWH
0iPHGDQpGHNODUiFLHWULHGYNWRUFKV~QHMDNpFK\E\9DRX~ORKRXMHRSUDYLYHWN\FK\E\DOHRQLH
MHFK\ERXVDRSUDYRYDQHVPLH
W\SH
FODVV 7=YHU
SULYDWH
IYHOLQWHJHU
HQG
'DQYUD]YSRVWIL[HNWRUREVDKXMHtVHOQpNRQWDQW\DMLGHQWLILNiWRU\SUHPHQQFKWUHEDSUHStVDGR
SUHIL[RYpKRWYDUXDOHWDNDE\VDSULWRPY\KRGQRWLOLYHWN\NRQWDQWQpSRGYUD]\
0iPHGDQpSROHVPHUQtNRYQDFHOptVOD
YDUDDUUD\>@RIALQWHJHU
YSROLMHXSULUDGHQFKU{]Q\FKG\QDPLFNFKSUHPHQQFKWDNHLW\SUYRNREVDKXMHKRGQRWXLPRG
=LVWLWHREXGHYSROLDSRVNRQHQtWRKRWRF\NOX"
UHSHDW
E WUXH
IRUL KLJKDGRZQWRGREHJLQ
M
ZKLOHD>L@!QLODQGM KLJKDGR
LID>M@!QLODQGD>L@AD>M@APRG WKHQEHJLQ
GLVSRVHD>L@D>L@ QLOE IDOVH
HQG
HOVH
LQFM
HQG
XQWLOE
'RSURJUDPXMWHPHWyG\SUHWULHGXNWRUiUHDOL]XMHPQRLQXQHXVSRULDGDQFKGYRMtFY\PHQRYDQpKRW\SX
7$EF7MWDNiWRPQRLQDP{HREVDKRYDQHXVSRULDGDQpGYRMLFHQDSUDED[FFDSRG7RH
V~WRQHXVSRULDGDQpGYRMLFH]QDPHQiHVLEXGHPHSUHNDGSUYRN[\DXWRPDWLFN\XFKRYiYDDM
\[
W\SH
7$EF DEFGHIJKLMNOPQRSTUVWXYZ[\]
701 FODVV
PQDUUD\>7$EF@RIVHWRI7$EF
SURFHGXUHSULGDMSS7$EF
SURFHGXUHY\KRGSS7$EF
IXQFWLRQMHSUYRNSS7$EFERROHDQ
IXQFWLRQSRFHWLQWHJHURYHUORDG
IXQFWLRQSRFHWS7$EFLQWHJHURYHUORDG
HQG
SURFHGXUH701SULGDMSS7$EF
EHJLQ
PQ>S@ PQ>S@>S@
PQ>S@ PQ>S@>S@
HQG
SURFHGXUH701Y\KRGSS7$EF
EHJLQ
PQ>S@
HQG
IXQFWLRQ701SRFHWLQWHJHUSRHWYHWNFKGYRMtFYPQRLQH
YDU
EHJLQ
5HVXOW
IRUGR
IRUGR
5HVXOW
HQG
3URFHG~UDERGNUHVOtHUYHQ~ERGNXDOHMMHGDQiUHNXU]tYQDIXQNFLD
SURFHGXUHUREQLQWHJHU
EHJLQ
N'RSUHGX
LIQ WKHQERG
HOVHEHJLQ
N9ODYRUREQ
N9SUDYRUREQ
N9ODYR
HQG
N'RSUHGX
HQG
D.RNRERGLHNVDQDNUHVOtSUHYRODQLHURE"
E3UHDNHQDMPHQLHQVDQDNUHVOtDVSRHUYHQFKERGLHN"
1iMGLWHDVSRU{]QHYVWXSQpUHD]FHGN\QDNWRUFKWiWRIXQNFLDYUiWLWUXHDSULWRPREVDKXMH
DVSR]QDN\
D
DM
E
DM
F
YDUSLQWHJHUSMHSRtWDGOR]iVDKRY
[\73RLQWVWUHGNUXQLFH
J7&DQYDV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
/DEHO&DSWLRQ
S
J ,PDJH&DQYDV
J3HQ&RORU FO5HG
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP6HQGHU72EMHFW
EHJLQ
J)LOO5HFW,PDJH&OLHQW5HFW
[\ 3RLQWUDQGRPUDQGRP
J(OOLSVH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIWKHQH[LW
LQFS
ODEHO
HQG
1DVOHGXM~FD~ORKDVDXYWHVWHSUHQHGRVWDWRNPLHVWDQHREMDYLOD
9QHMDNHMG\QDPLFNHMSDPlWLVDQDFKiG]DSRVWXSQRV]QDNRYFKUHD]FRYYWHMWRSRVWXSQRVWLMHSUHG
VDPRWQPUHD]FRP]DGDQiGNDYEDMWRYRPFHORPtVOHD]DQtPQDVOHGXMHSUtVOXQSRHW
]QDNRYYHWN\UHD]FHV~YGDQHMSDPlWLWHVQH]DVHERX0iPHGDQ~IXQNFLXUR]NRGXMNWRUiYHWN\
WLHWRUHD]FHY\WLDKQHGRG\QDPLFNpKRSRDUHD]FRY)XQNFLDGRVWiYDYMHGQRPSDUDPHWULVPHUQtNQD
G\QDPLFN~SDPlDWLHGNXWHMWRSDPlWL'RSOWHFKEDM~FHDVWL
W\SH
UHWD]FH DUUD\RIVWULQJ
$%.9,
EODKR#IPSKXQLEDVN
6N~ND]SURJUDPRYDQLD
=DGDQLD~ORK
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
WHUPtQVN~N\ V~ERU\NXVN~NH
RSUDYQWHUPtQVN~N\ V~ERU\NXVN~NH
%RGRYDFLDWDEXND]RVHPHVWUD
SRVOHGQi]PHQD
M~Q
FYLHQLH
SUHGQiNDYRGGRSURVWUHGLD'HOSKL
SUHGQiND2EMHNW.RU\WQDND.RU8QLWSDV.RU8QLW]LS
FYLHQLH
SUHGQiND3RGPLHQN\DSURFHG~U\
SUHGQiND7H[WRYpV~ERU\
FYLHQLH
SUHGQiND3DUDPHWUHSURFHG~UDIXQNFLH
SUHGQiND3ROLDD]QDNRYpUHD]FH
FYLHQLH
SUHGQiND3UiFDVUHD]FDPLYLDFUR]PHUQpSROLD
SUHGQiND7\S]i]QDPWDEXN\Y\KDGiYDQLH
FYLHQLH
SUHGQiND9\PHQRYDQW\SW\SPQRLQDVNHQHU
SUHGQiND5HNXU]LD
FYLHQLH
SUHGQiND3UiFDVP\RXDVQLHNWRUPLNRPSRQHQWPL
SUHGQiNDDVRYDWDEXNRYNRPSRQHQWELWPDS\
FYLHQLH
SUHGQiNDYRGGR2EMHNWRYR2ULHQWRYDQpKR3URJUDPRYDQLD
SUHGQiND3URJUDPRYpMHGQRWN\G\QDPLFNpDRWYRUHQpSROLD
FYLHQLH
SUHGQiND3URJUDPRYiMHGQRWND.RU8QLW
SUHGQiND3RXLWLH]iVREQtNDUDG
FYLHQLH
SUHGQiND3RO\PRUIL]PXV
SUHGQiND3RO\PRUIQpNRU\WQDN\
FYLHQLH
SUHGQiND.OiYHVQLFD'\QDPLFNpSUHPHQQp
SUHGQiND6PHUQtN\3UiFDVELWPDSRX
FYLHQLH
SUHGQiND-HGQRGXFKiDQLPiFLD
FYLHQLH
SUHGQiND9]RURYpULHHQLH~ORK]RVN~N\
7HVW]3URJUDPRYDQLDSUHURQtN!!!9VOHGN\WHVWX
V~ERUREUD]N\]LSNSUHGQiNH.%
V~ERUELWPDS\]LSNSUHGQiNH.%
>3UDYLGOi@>6N~ND@>)DQDWLFL@>3URMHNW\@>%RGRYDQLH@
>+RPHSDJH@>(PDLO@>%RUODQG@>1HNUDGXF]@
*UDSKLFVE\+H\<RX
FYLHQLH
~ORK\]SULMtPDLHN
9DULDQW$
3ULMtPDFLHSRKRYRU\]LQIRUPDWLN\
'DQiDVSURJUDPXSUDFXMHVQSUYNRYPFHORtVHOQRPSRRPDtVHO]PQRLQ\^`
N V P
IRUL WRQGR
EHJLQ
V VD>L@N N
ZKLOHV!GR
EHJLQN NV VD>LN@HQG
LIV WKHQ
LIN!PWKHQP N
HQG
ZULWHOQP
D=LVWLWHRY\StHWHQWRSURJUDPDNQ DSROHDPiKRGQRW\
E1DYUKQLWHSUYNRYpSROHtVHO]PQRLQ\^`WDNpDE\SURJUDPY\StVDOtVOR
9P~]HXYSRWRYHMWHFKQLN\VPHREMDYLOLKLVWRULFN~FHORtVHOQ~NDONXODNXNWRUiDQDGYHWODLGOi
Y{EHFQHIXQJXMH-HGQRWODLGORPiR]QDHQLH>
@DSRMHKR]DWODHQtVDtVORQDGLSOHMLY\QiVREt
'UXKpWODLGOR>@]QtLtVORQDGLVSOHMLRDOHLEDDNMHYlLHDNR
D1D]DLDWNXMHQDGLVSOHMLtVOR$NRGRVLDKQHPHQDRQDMPHQtSRHWVWODHQttVOR"
E1D]DLDWNXMHQDGLVSOHMLtVOR.RNRU{]Q\FKYVOHGNRYVDGiGRVLDKQXQDGLVSOHMLDNSlNUiW
SRVWXSQHVWODtPHQHMDNp]WODLGLHO>
@DOHER>@GR~YDK\EHULHPHOHQtVODNWRUpVDGRVLDKOLSR
SLDWRPVWODHQtWODLGOD"
9SR]QiPNDFKMHGQpKRSURJUDPiWRUDVDQDLHO~U\YRNSURJUDPXY]DEXGQXWRPSURJUDPRYDFRP
MD]\NX$3RGDULORVDQiPUR]O~WLWLHWRSUDYLGOiMD]\NDYHWN\LQWUXNFLHVDVNODGDM~]WURFKDVWt
NyGXRSHUiFLH SULUDGHQLH
FHORtVHOQpGHOHQLH]Y\RNSRFHORtVHOQRPGHOHQt!WHVW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFWPE
QDQXOX
SUHPHQQHMVNWRURXVDY\NRQiRSHUiFLD
VNRNX
1LHNWRUpLQWUXNFLHQDY\H]DtQDM~QiYHVWtPQDVNRNtVOR]DNWRUPMHGYRMERGNDR]QDXMHPLHVWR
YSURJUDPHQDNWRUpEXGHPRQpVNRLLQWUXNFLRXWHVWXQDQXOX
1DSU[]QDPHQiHN[VDSULtWD![]QDPHQiHDN[VDQHURYQiWDNSURJUDPSRNUDXMH
QDQiYHVWt
0iWHGDQQDVOHGXM~FLSURJUDPYMD]\NX$
\ ][ X]X\X X]XX\X]!]\
D=LVWLWHREXGHYSUHPHQQHM\DNYSUHPHQQHM[ERORQD]DLDWNXtVOR
E=LVWLWHNRNRH[LVWXMHU{]Q\FKSlFLIHUQFKtVHO[]ORHQFKOHQ]FLILHUNDGiFLIUDVD
PXVtY\VN\WQ~SUiYHUD]DE\SURJUDPVNRQLOVKRGQRWRXYSUHPHQQHM\
3UHGSRNODGDMPHHYSURJUDPRYDFRPMD]\NXPiPHGHILQRYDQ~SURFHG~UXGDMVWURPDSDUDPHWUDPLU
VDKNWRUiGRSHFLiOQHMGYRMUR]PHUQHMWDEXN\FHOFKtVHO]DStHGRUWpKRULDGNXDVWpKRVWSFD
MHGQRtVORK5LDGN\DMVWSFHtVOXMHPHRG9SURJUDPRYDFRPMD]\NXXQHPiPHDOLXSURFHG~UX
QDSUHtWDQLHKRGQRW\]RLDGQHKRSROtND
1DStWHSURJUDPNWRUW~WRWDEXNX]DSOQttVODPLOHQVSRXLWtPSURFHG~U\GDMSRGDQDVOHGXM~FHKR
QiYRGX
DYSUYRPULDGNXDYSUYRPVWSFLEXG~RVWDWQpSROtNDV~]DWLDSUi]GQH
ENDGpLQpSROtNRMHV~WRPVXVHGQpKRSROtNDQDGVHERXDVXVHGQpKRSROtND]DYD
=DSOWHSUYFK1ULDGNRYD1VWSFRYWDEXN\SULRPQHVPLHWHSRXLLDGQHSRPRFQpSROLD+RGQRWD
1MHNRQWDQWDSURJUDPXQDSU1 3RP{FNDYWDEXNHV~]DStVDQptVODSDVFDORYKRWURMXKROQtND
WYRULDKRNRPELQDQptVOD
0{HWHSRXLXERYRQSURJUDPRYDFtMD]\NNWRUVWHSRXtYDOLQDVWUHGQHMNROH
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
1. prednka: vod do prostredia Delphi
SUHGQiND
YRGGRSURVWUHGLD'HOSKL
3UHRLGHPHSURJUDPRYDY'HOSKL
YHPLQiP]MHGQRGXXM~SURJUDPRYDQLH:LQGRZVDSOLNiFLHQDVWDUp'26DSOLNiFLHE\VPHPDOL
]DEXGQ~SRVN\WXM~W]YYL]XiOQHSURJUDPRYDQLHY]KDGDSOLNiFLHSRG:LQGRZVP{HPH]RVWDYRYD
]SRQXN\NRPSRQHQWRYSULRP'HOSKLQiPYHPLSRPiKDM~SUL]DOHRYDQtNyGX
XPRXM~QiP]DDSURJUDPRYDREMHNWRYPSUtVWXSRPMHWRPHWRGROyJLDEH]NWRUHMVDYV~DVQRVWL
QH]DREtGHPHSULSUiFLYWtPHSULSUiFLVYHNPLSURMHNWPLSULWYRUEH:LQGRZVDSOLNiFLtDNHXQLLQp
WDNSULSURJUDPRYDQtYURQtNX
QHPXVtPHPDREDY\HSULREMHNWRYRPSURJUDPRYDQtEXGHNyG]E\WRQHQHHIHNWtYQ\
SUHQDHPDOpNROVNpSURMHNW\GRULDGNRYWRDVLQHEXGHPDLDGHQY]QDP
SUHYlLHSURMHNW\VDSUDYGHSRGREQHYUD]QH]YLSURGXNWLYLWDSURJUDPRYDQLDWDNHWRPRQp
VSRPDOHQLHVWRMt]DWR
QiKODYQFLHMHQDXLVDHIHNWtYQHSURJUDPRYDPRGHUQPLPHWyGDPLDQLHY\WYiUDR
QDM~VSRUQHMtNyG
Y'HOSKLVDSURJUDPXMHPRGHUQPSURJUDPRYDFtPMD]\NRP2EMHNWRY3DVFDOWHQWRY\FKiG]D]7XUER
3DVFDOXDOH
SDVFDOVDYLQIRUPDWLFNHMNRPXQLWHSRYDXMH]DHVSHUDQWRSURJUDPRYDFtFKMD]\NRY
MHLGHiOQ\MD]\NDNR~YRGQSULY\XRYDQtSURJUDPRYDQLD
NWRRYOiGDSDVFDODKNRQHVN{USUHMGHQDLQpSURFHGXUiOQHSURJUDPRYDFLHMD]\N\
'HOSKLSRVN\WXM~YHPLGREUpODGLDFHSURVWULHGN\
=RKRVDVNODGiSURVWUHGLH'HOSKL
WDNWR
DVNODGiVD]WFKWRDVWt
KRUQSDQHONWRUREVDKXMHPHQXOLWXSRYHORYDOLWXNRPSRQHQWRY
]DYDMHLQSHNWRUREMHNWRYVNWRUPVDQDXtPHSUDFRYDQHVN{UXPRXMHPHQLU{]QHSDUDPHWUH
SRXLWFKNRPSRQHQWRYQDIRUPXOiUL
]Y\RN]DEHUiIRUPXOiUDHGLWRYDFLHRNQR
$NRY\WYRUtPHQRYSURMHNW
YR)LOHPHQX]YROtPH1HZ$SSOLFDWLRQ
'HOSKLY\WYRULDQRYSURMHNWV~ERU3URMHFWGSU
:LQGRZVRNQRNWRUpMH]DWLDSUi]GQHDOHQHVN{UVHPEXGHPHXNODGDU{]QHNRPSRQHQW\DNR
WODLGOiREUi]N\WH[W\HGLWRYDFLHRNLHQNDDSRG1DIRUPXOiU'HOSKLSRXLMHV~ERUVSUtSRQRXGIP
QDSU8QLWGIP
9\WYRUtVDHWHMHGHQYHPLG{OHLWV~ERUEXGHREVDKRYDVDPRWQSRSLVSURJUDPXNWRUEXGH
QLHRURELVIRUPXOiURP1D]DLDWNXWHQWRSURJUDPVNRURQLQHREVDKXMHGHOSKLVHP
DXWRPDWLFN\GDORPLQLPiOQXLQIRUPiFLXNWRUiMHSRWUHEQiDE\EROSURMHNWNRPSOHWQ6~ERUV
SDVFDORYVNPSURJUDPRPPiSUtSRQXSDVQDSU8QLWSDV
.HNOLNQHPHQLHNDPGRHGLWRYDFLHKRRNQDWUtSRGIRUPXOiURPREMDYtVDPRPHQWiOQ\REVDK
SURJUDPX
0RPHQWiOQHYHWN\WULV~ERU\H[LVWXM~OHQYSDPlWLSRtWDDDWUHEDLFKXORLQDGLVN
1DXNODGDQLHV~ERURY])LOHPHQX]YROtPH6DYH3URMHFW$VDXUtPHDGUHViUNDPVDPiSURMHNW
XORL2GSRU~DPHNDGSURMHNWXNODGDGRVDPRVWDWQpKRSRGDGUHViUX3ULXNODGDQtP{HPH
]PHQLPHQRSURMHNWXDMPHQRSURJUDPXNIRUPXOiUXPRPHQWiOQH8QLWSDVQDSUQDPRM7HVWSDV
3URMHNWVS~DPHSRYHORP5XQ]PHQX5XQDOHDVLVLUFKOR]Y\NQHWHQDNOiYHVRY~VNUDWNX)
7HUD]SURMHNWEHtREMDYtVDSUi]GQHRNQRSURMHNWXNRQtPHNOiYHVRP$OW)DOHERX]DYUHWtPDSOLNiFLH
-HGQRGXFKiJUDILND
=DQHPHYHPLMHGQRGXFKRXJUDILNRXYJUDILFNHMSORFKHYHNRVWLDVSR[EXGHPHSRPRFRXJUDILFNpKR
SHUDNUHVOLQHMDNpJHRPHWULFNp~WYDU\1iSUYSURJUDPGRJUDILFNHMSORFK\QDNUHVOtREGQLN
'RSUi]GQHKRIRUPXOiUXSRORtPHJUDILFN~SORFKXDMHGQRWODLGOR
DNRJUDILFNiSORFKDQiPSRVO~LNRPSRQHQW,PDJH]SDOHW\NRPSRQHQWRY$GGLWLRQDO
SRGREQHY\EHULHPHWODLGOR%XWWRQ]RWDQGDUGQHMSDOHW\
DNRP\ORPGRIRUPXOiUXYORtWHNRPSRQHQWNWRUWDPPDQHFKFHWHMHGQRGXFKRQDQDMSUYNOLNQLWH
P\RXDSRWRPKR]UXtWHNOiYHVRP'HO
3R]ULPHVDWHUD]GRHGLWRYDFLHKRRNQD
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV
)RUPV
'LDORJV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 ')0`
HQG
'RSURJUDPXSULEXGOLGYDQRYpULDGN\NWRUpGHILQXM~GYDQRYpSUYN\YQDRPRNQH,PDJHJUDILFNi
SORFKDD%XWWRQWODLGOR
7HUD]QDSURJUDPXMHPHDNRVDEXGHVSUiYDSURJUDPNHNOLNQHPHQDWODLGORFKFHOLE\VPHDE\VDGR
JUDILFNHMSORFK\QDNUHVOLOLQHMDNpJUDILFNp~WYDU\
'YRMNOLNQHPHYRIRUPXOiULQDWODLGOR%XWWRQDYWHG\VDQiPYHGLWRYDFRPRNQHSULSUDYt~VHNSURJUDPX
GRNWRUpKRP{HPHStVDSRVWXSQRVSUtND]RY7iWRSRVWXSQRVVDEXGHY\NRQiYDSRDVEHKXSURJUDPX
YG\SR]DWODHQtWODLGODNOLNQXWtQDWODLGOR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
HQG
SULGiPHVHPMHGHQULDGRN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV5HFWDQJOH
HQG
DSURJUDPVSXVWtPHNOiYHVRP)3RNOLNQXWtQDWODLGOR%XWWRQVDYELHOHMJUDILFNHMSORFKHREMDYt
REGQLN
$E\VPHVLGREXG~FQD]MHGQRGXLOLDVSUHKDGQLOL]iSLVQDLFKSURJUDPRYQDPLHVWR,PDJH&DQYDV
QRY~VHNSURJUDPXWXEXGHPHGHILQRYDSUtND]\NWRUpVDPDM~Y\NRQDSULLQLFLDOL]iFLL
IRUPXOiUXWMVN{UDNRVDIRUPXOiUREMDYt
VHPGRStHPHJ ,PDJH&DQYDVSRWRPVDYUiWLPHRQLHNRNRULDGNRYY\LHDGRStHPH
MHGHQULDGRNDMGRGHILQtFLHIRUPXOiUXJ7&DQYDV
7HUD]FHOSURJUDPY\]HUiQDVOHGRYQH
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV
)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 ')0`
YDUJ7&DQYDV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J5HFWDQJOH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
HQG
REGQLNRYP{HPHQDNUHVOLDMYLDFQDSUREGQLN\SRGVHERX
EHJLQ
J5HFWDQJOH
J5HFWDQJOH
J5HFWDQJOH
HQG
SUtND]\QDY]iMRPRGGHXMHPHERGNRLDUNRX
YHWN\REGQLN\EROLQDNUHVOHQpWHQNPLHUQ\PSHURPDEROLY\SOQHQpELHORXIDUERXDWULE~W\SHUDDM
YSOQHP{HPHPHQLWDNPLWRSULUDRYDFtPLSUtND]PL
EHJLQ
J5HFWDQJOH
J3HQ&RORU FO5HG
J5HFWDQJOH
J3HQ&RORU FO%OXH
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J5HFWDQJOH
HQG
SUYREGQLNPiLHUQ\REYRGGUXKHUYHQDWUHWtPiKUXEPRGUREYRGDMHY\SOQHQOWRXIDUERX
UH]HUYRYDQpVORYiEHJLQDHQGR]QDXM~]DLDWRNDNRQLHF~VHNXSDVFDORYVNpKRSURJUDPX
DOHMXNiHPHSRXLWLHMHGQRGXFKFKSUHPHQQFKDIRUF\NOX
YDULLQWHJHU
EHJLQ
IRUL WRGR
J5HFWDQJOHL
L
HQG
WHQWRSURJUDPQDNUHVOtREGQLNRY
SUYULDGRNYDULLQWHJHUGHILQXMHMHGQXFHORtVHOQ~SUHPHQQ~P{HQDGRE~GDKRGQRW\]
LQWHUYDOXWMFHORtVHOQiDULWPHWLNDSDVFDOXSR]QiWLHWR
RSHUiFLH
GLYDPRG
FHORtVHOQpSUHPHQQp]DEHUDM~YSDPlWLSRtWDDEDMW\WMELWRY
SUtND]IRUF\NOXYSDVFDOHPiYHREHFQWYDU
IRUULDGLDFDBSUHPHQQi YUD]WRYUD]GRSUtND]
SUHULDGLDFXSUHPHQQ~SUHPHQQ~F\NOXIRUSODWt
SULUDGtVDMHMKRGQRWDDN~QDGRE~GDYUD]
YUD]VDY\KRGQRWtQD]DLDWNXF\NOX
DNMHMHKRKRGQRWDPHQLDDNRKRGQRWDYUD]F\NOXVVDQHY\NRQi
DNMHYUD] YUD]F\NOXVSUHEHKQHSUiYHUD]
LQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYUD]DYUD]
PXVtE\RUGLQiOQHKRW\SX]DWLDSR]QiPHOHQFHORtVHOQRUGLQiOQ\W\SLQWHJHU
MHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLWMQHVPLHE\QDDYHMVWUDQHLDGQHKR
SULUDRYDFLHKRSUtND]XSRDVSUHFKRGXIRUF\NOX
SRVNRQHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDXMHPH
"
3R]QiPND3RVNRQHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYUD]DQL
LDGQXLQ~MHMSRGREQ~
DOtSURJUDPXND]XMHDNRP{HPHYF\NOHRSDNRYDYLDFSUtND]RYX]DYULHPHLFKPHG]LEHJLQDHQG
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO%OXH
IRUL WRGR
EHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
W~WRDVSURJUDPXP{HPH]DStVDDMYLQRPQDIRUPiWRYDQtWHQWRVDEHQHMLHSRXtYDY'HOSKL
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO%OXH
IRUL WRGREHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
GRSOQtPHYSLVWH[WXGRJUDILFNHMSORFK\SUtND]RP7H[W2XWNWRUGRVWDQHV~UDGQLFHDQHMDNWH[W
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO*UHHQ
IRUL WRGREHJLQ
J7H[W2XWL
,QW7R6WUL
J0RYH7RL
J/LQH7R
LL
HQG
HQG
SRXLOLVPHWDQGDUGQ~IXQNFLX,QW7R6WUNWRUi]FHOpKRtVODY\UREtWH[WDE\VPHKRPRKOLY\StVD
7H[W2XWYLHY\SLVRYDOHQ]QDNRYpUHD]FH
=KUQXWLHJUDILFNFKSUtND]RYDDWULE~WRY
P{HPH]PHQLSULUDRYDFtPLSUtND]PL
J3HQ&RORU FO5HGQDVWDYtIDUEXSHUDQDHUYHQ~
DOLHPHQiIDULHEQDSUFO%ODFNFO:KLWHFO5HGFO%OXHFO<HOORZFO*UHHQ
J3HQ:LGWK QDVWDYtKU~ENXSHUD
J3HQ6W\OH SV'DVKQDVWDYtWONUHVOHQLDLDUQDLDUNRYDQLQpWO\DNRSV6ROLG
QRUPiOQHLDU\IXQJXM~OHQSUHKU~ENX
SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
REGQLNNWRUVPHNUHVOLOLQD]DLDWNXVDQHVNODGiOHQ]RLDUDOHMHY\SOQHQELHORXIDUERX3RGREQH
DNRVPHPHQLOLQDVWDYHQLDJUDILFNpKRSHUDP{HPHPHQLDMQDVWDYHQLDSUHY\SDQLH
J%UXVK&RORU FO<HOORZQDVWDYtIDUEXYSOQH
J%UXVK6W\OH EV9HUWLFDOQDVWDYtUDIRYDQLHEV6ROLGMHQRUPiOQHY\SDQLH
EV&OHDU]QDPHQiREGQLNEH]Y\SOQHQpKRYQ~WUD
DOLHWO\EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
SRGREQHDNRREGQLNVDNUHVOtDMHOLSVDQDVWDYHQpDWULE~W\SHUDSUHREU\VDSDUDPHWUHYSOQHSUHYQ~WUR
WYRUHFQDNUHVOtVDNUXK
YSLVWH[WRYpKRUHD]FD
DOHERIXQNFLDNWRUiY\WYiUDWH[WRYUHD]HFQDSU,QW7R6WU
SUHStVPR
J)RQW&RORU IDUED
J)RQW+HLJKW YHNRVYNDStVPHQ
J)RQW1DPH PHQRIRQWX
$ULDO
7LPHV1HZ5RPDQ
J)RQW6W\OH WO
KRGQRWRXMHQHMDNiSRGPQRLQDPQRLQ\>IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW@
QLHNRWUpWDQGDUGQpIXQNFLHY3DVFDOH
VLQFRV
URXQGWUXQFDEV
UDQGRP
,QW7R6WU
DOLHG{OHLWpLQIRUPiFLH
2GSRU~DQpQDVWDYHQLDNRPSLOiWRUDPHQX3URMHFWSRORND2SWLRQV
QH]DEXGQ~SUHGVS~DQtPXNODGDVERU\QDGLVNEHLDFLSURMHNWP{HYEXG~FQRVWL]KRGL'HOSKLDOHER
V\VWpP
GiVDQDVWDYL$XWRVDYHYPHQX7RROVSRORND(QYLURQPHQW2SWLRQV
6~ERU\SURMHNWX
'35WH[WRYSDVFDORYVNV~ERUSRSLVXMH]RKRVDVNODGiSURMHNW
3$6SDVFDORYVNSURJUDP
3ULXORHQtSURMHNWXDQHVN{UDMSRVS~DQtDSOLNiFLHVDDVWREXG~DXWRPDWLFN\Y\WYiUDDMV~ERU\VLQPL
SUtSRQDPL
5(6WHQWRV~ERUDNFKEDWDNVDY\WYRUtDXWRPDWLFN\REVDKXMHOHQLNRQXDSOLNiFLH
'&8SUHORHQiSURJUDPRYiMHGQRWND
(;(VSXVWLWHQSURJUDP
3R]RUSULSUHQiDQtSURMHNWXGRLQpKRDGUHViUXDOHERQDLQGLVNQHNRStUXMWHV~ERU\VSUtSRQRX'6.
SUDNWLFN\YiPVWDtSUHQLHV'35')03$6SUtSDGQH5(6YHWNRRVWDWQpVDY\WYiUDNRPSLOiWRURP
SULRPSUHQHVHQ'6.P{HQDURELYHNpSUREOpP\
1HSRYLQQi'RPiFDORKD1'
DFKRYQLFHSRPRFRX0RYH7RD/LQH7RUHVSSRPRFRX5HFWDQJOHY\SDQLHU{]Q\PLIDUEDPL
S\UDPtGD]RWYRUHNRYWURMXKROQtNRY
V~VWUHGQpNUXQLFHPHG]LNUXLDU{]Q\PLIDUEDPL
SULHEHKIXQNFLHVLQUHVSLQFKIXQNFLt
QDSRtWDRFKY+D+MHQDLQWDORYDQDMGUXKSURGXNWRG%RUODQGX&%XLOGHU]MHGQRGXHQHE\VD
GDORSRYHGDHMHWR'HOSKLYNWRURPMHY\PHQHQ3DVFDO]D&3URVWUHGLHMHYHPLSRGREQp'HOSKL
3UHVN~PDMWH%XLOGHUD]LVWLWHNWRUpDVWLV~WDNSRGREQpHLPDVLUR]XPLHWH+DGDMWHV~YLVORVWLDMY
SURJUDPRFK2EMHNWRY3DVFDOD&
SRVOHGQi]PHQD
SUHGQiND
2EMHNW.RU\WQDND
1DXtPHVDSUDFRYDVREMHNWRPNRU\WQDNDEXGHPHSRXtYDXQLW.RU8QLWSDV.RU8QLW]LS
MHWRSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHSULRPP{H]DQHFKiYD]DVHERX
VWRSXLDUX
NRU\WQDNDVLRVHEHQHVLHQHMDN~LQIRUPiFLXQDSUNGHVDQDFKiG]DYURYLQHNWRUPVPHURPMH
QDWRHQiDNpPiQDVWDYHQpSHURLMHSHUR]GYLKQXWp
SRORKDNRU\WQDN\P{HE\]REUD]HQiQHMDNPJHRPHWULFNPWYDURPQDMDVWHMLH]HOHQP
WURMXKROQtNRPWHQWRY\MDGUXMHMHMPRPHQWiOQXSRORKXDVPHUQDWRHQLD
NRU\WQDNDPiSUHGGHILQRYDQpQHMDNpSRYHO\YlLQRXVO~LDQD]PHQXSRORK\VPHUXDOHER
QDVWDYHQtSHUD
.HEXGHPHFKFLHSUDFRYDVNRU\WQDNRX
QDMSUYPXVtPH]DGHILQRYDSUHPHQQ~W\SXNRU\WQDNDQDSUYDUN.RU
SRWRPPXVtPHY\WYRULRLYLW~WRNRU\WQDNXSHFLiOQ\PGHOSKLSUtND]RP
N .RU&UHDWH
SRGREQHVDYGHOSKLY\WYiUDM~YHWN\ZLQGRZVSUYN\QDSUJUDILFNiSORFKD7,PDJHWODLGOR
7%XWWRQDW
RGWRKRWRPRPHQWXJUDILFNpSHURH[LVWXMHDP{HPHKRULDGLSUtND]PLQDSUSUtND]RP
SUHPHQQHMNDERGNXSRGREQHDNRSUHSUtND]\SUHJUDILFN~SORFKXYPLQXOHMSUHGQiNH
3R]ULPHW~WRDVSURJUDPXYNWRUHMNRU\WQDNDQDNUHVOtWYRUHFVRVWUDQRX
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
IRUL WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
WDNWRWREXGHY\]HUDYJUDILFNHMSORFKH
.RU\WQDLHSUtND]\
PiXNU\WWYDUSHURMHVSXVWHQpDMHLHUQHWHQNp
XKO\V~YVWXSRFKP{XE\DMQLHFHOptVOD
XKROMHQDVHYHURVWDWQpXKO\VDXUXM~YVPHUHRWiDQLDKRGUXLLHN
DQL[D\QHPXVLDE\FHOptVOD
N'RSUHGXGNDBNURNX
QHPXVtE\FHOpDQLNODGQptVOR
N9SUDYRXKRO
N9ODYRXKRO
N=PHQ6PHUXKRO
NRU\WQDNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
N3+
SHURKRUH
N3'
SHURGROH
N=PHQ;<[\
DNMHSHURGROHWDNVDNUHVOtLDUD
N8ND]
NRU\WQDNDVD]REUD]XMH]HOHQPURYQRUDPHQQPWURMXKROQtNRP
QHVN{UVDQDXtPHPHQLMHMWYDUDMIDUEX
N6NU\
N=PHQ)3IDUED
IDUHEQiNRQWDQWDFO%ODFNFO5HGFO%OXH
LQWHUYDOX!
N=PHQ+3KU~END
XERYRQpFHOpNODGQptVOR
*UDILFNiSORFKD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
SRGREQHDNRQDPLQXOHMSUHGQiNHYHNRVJUDILFNHMSORFK\]iYLVtRGYHNRVWLNRPSRQHQWX,PDJHQD
IRUPXOiUL
EXGHPHSUHGSRNODGDHMHYHNiDVSR[
QDUR]GLHORGWDQGDUGQHMZLQGRZVJUDILN\PiNRU\WQDLDJUDILNDLQDNQDVWDYHQpV~UDGQpRVL
KRGQRW\YSUDYRD\RYiRVPiNODGQpKRGQRW\QDKRUSUHVQHDNRYPDWHPDWLNH
WR]QDPHQiH[RYpV~UDGQLFHYSORFKHV~]LQWHUYDOX!D\RYp]!
PiPHNGLVSR]tFLLSUtND]]PD]NWRU]PD]HREVDKJUDILFNHMSORFK\SULRPNRU\WQDNDRVWiYDQD
VYRMRPPLHVWH]PD]QLHMHNRU\WQDtSUtND]QHStHPHSUHGQHKRN
.RU\WQDLDSURJUDPRYiMHGQRWNDXQLW
DE\VPHPRKOLSUDFRYDVNRU\WQDRXJUDILNRXDGHILQRYDVLYODVWQpNRU\WQDN\PXVtPHVLSURMHNWY
'HOSKLSHFLiOQHSULSUDYLVWLDKQLWHVLSULSUDYHQ~SURJUDPRY~MHGQRWNXXQLWQDSUiFXV
NRU\WQDNDPL.RU8QLWSDV.RU8QLW]LS
NHEXGHWHFKFLHSUDFRYDVNRU\WQDtPXQLWRPQDMSUYPXVtWHSUHNRStURYDWHQWRV~ERUGRDGUHViUD
NGHVDQDFKiG]DYiSURMHNWDSRWRPPXVtPHGRV~ERUX8QLWSDVV~ERUYNWRURPMHGHILQRYDQp
VSUiYDQLHIRUPXOiUXSULGDMHGHQULDGRNQDMOHSLH]DULDGRNVRVORYRPLPSOHPHQWDWLRQ
XVHV.RU8QLW
WHQWR]DEH]SHtH'HOSKLEXG~SR]QDNRU\WQDLXJUDILNX3URJUDPRYiMHGQRWND.RU8QLWMHWLH
SURJUDPYSDVFDOHDP{HWHVLMXSUH]ULHDNMXRWYRUtWHSRPRFRX2SHQYPHQX)LOHQHVN{UVD
QDXtPHSRUR]XPLHYlLQHNRQWUXNFLtYWRPWRSURJUDPH
3UYpMHGQRGXFKpSURJUDP\
3UHGSRNODGiPHHQDIRUPXOiULMHJUDILFNiSORFKDNRPSRQHQW,PDJHDWODLGOR%XWWRQNWRUPVD
EXGHVS~DQHMDNiDNFLDQDSUY\WYRUHQLHNRU\WQDN\DQDNUHVOHQLHQHMDNpKRREUi]NX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGREHJLQ
NGRSUHGX
L
NYSUDYR
HQG
HQG
DOtSUtNODGY\XLMHYQRUHQpF\NO\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUM WRGREHJLQ
IRUL WRGREHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
HQG
QDSULHNWRPXHKQHSRY\WYRUHQt&UHDWHNRU\WQDN\VPHMX]REUD]LOLNXND]SULHEHKNUHVOHQLD
VPHQHPRKOLGREUHVOHGRYDOHERSUHEHKORYHPLUFKOR
YSRHWP{HPHVSRPDRYD
]QDPHQiSR]GUDQLHVHNXQGX
DNQDXERYRQpPLHVWRSURJUDPXSULGiPHSULUDGHQLHVSRPDO tVORtVORPXVtE\QHMDNp
FHOptVORWDNRGWRKRWRPRPHQWXVDY\NRQDQLHNDGpKRNRU\WQDLHKRSUtND]XSR]GUt
SUtVOXQSRHWPLOLVHN~QGWRWRtVORP{HPHSRDVYSRWXPHQL]QDPHQiEH]
SR]GUDQLD
XKO\DMGN\QHPXVLDE\FHOptVODKRFLVDNRU\WQDNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGREHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
HQG
9LDFNRU\WQDLHN
YSURJUDPHP{HPHY\WYRULDULDGLDMQDUD]YLDFNRU\WQDLHN
GiPHLPU{]QHPHQiQDSUNNDSUHGNDGNRU\WQDtSUtND]QDStHPHSUtVOXQpPHQRQDSU
NXND]QDSUtNODG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
YDUNN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
VSRPDO
IRUL WRGREHJLQ
NGRSUHGX
NGRSUHGX
NYSUDYR
NYSUDYR
HQG
HQG
DOLH~ORK\
]DXMtPDYiSLUiOD
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUG WRGREHJLQ
NGRSUHGX
NYSUDYRGY\VN~DMWHNYSUDYRG
HQG
HQG
NUXQLFDDNRSUDYLGHOQXKROQtNVRVWUDQRX
YDUN.RU
QLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
OXSHNYHWXMHY\WYRUHQ]GYRFKWYUNUXKRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
YDUN.RU
LMQLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N=PHQ+3N=PHQ)3FO5HG
IRUL WRGREHJLQ
IRUM WRGREHJLQ
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
NYSUDYR
HQG
NYSUDYR
HQG
HQG
QDVOHGXM~FLSURJUDPNUHVOtYHREHFQ1XKROQtN
FRQVW1
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WR1GREHJLQ
NGRSUHGX
NYSUDYR1
HQG
HQG
2EMHNWNRU\WQDND
SUHPHQQpW\SX.RU\WQDND7LHWRNRU\WQDNRYpSUHPHQQpVDOtLDRGRE\DMQFKSUHPHQQFKWP
H
VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYFKSUHPHQQFKQDSUSR]tFLDIDUED
WYDU
PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYp
SUHPHQQpWDNPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQ
NRU\WQDN\SUHPHQQpW\SX.RU
PXVLDE\Y\WYRUHQpQLHGHNODURYDQpSHFLiOQ\PVS{VRERP.RU&UHDWHDNPVD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
WDNWRQHY\WYRULDQHVP~VDY{EHFSRXtYD
WDNPWRSUHPHQQPKRYRUtPH2%-(.7DW\SRP]NWRUFKY\WYiUDPHREMHNW\QDSU.RU
SUHPHQQiJNWRUiERODLQWDQFLRXWULHG\7&DQYDV
]DWLDVLRREMHNWRFKWUHED]DSDPlWDHV~WRSUHPHQQpNWRUpP{XYVHEHREVDKRYDYHD
VWDYRYpSUHPHQQp
;6XU<VXUD6PHUXUXM~PRPHQWiOQXSRORKXYSORFKHDQDWRHQLHYVWXSRFK
)3D+3QHV~LQIRUPiFLXRIDUEHSHUDDKU~ENHSHUD
PRPHQWiOQHVYRMHSHURVSXVWHQpGROH
QLHNWRUp]WFKWRSUHPHQQFKP{HPHYSURJUDPHQRUPiOQHSRXtYDVSUtSRQRXNQDSU
NVPHU NVPHUMHWRWRLVWpDNRNYSUDYR
NKS
NIS FO%OXH
VWDYRYpSUHPHQQp;6XUD<6XUP{HPHPHQLOHQSRPRFRXPHWyGQDSU=PHQ;<DOHLFK
KRGQRWXP{HPHSRXtYDQDSU
=PHQ7YDU
DOLHNRU\WQDLHSUtND]\
SRPRFQpSUtND]\
3UHVXQ;<[\
SUHVXQLHNRU\WQDNXGRERGX[\SULRPQHNUHVOtLDUXDMNHPiVSXVWHQpSHUR
9\SOQIDUED
Y\SOQtIDUHEQHRKUDQLHQ~REODVSRGNRU\WQDNRXGDQRXIDUERX
3LVWH[W
Y\StHGRSORFK\WH[W
Y\MDGUXMHDEVRO~WQ\XKROYVWXSRFKGRNWRUpKRE\VDPXVHODRWRLNRU\WQDNDDE\EROD
QDWRHQiNERGX[\
QDMDVWHMLHVDSRXLMHDNRN=PHQ6PHUN6PHURP[\
]PHQDWYDUX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
=PHQ7YDUREU\V
REU\VMHSRVWXSQRVtVHONWRUiSRSLVXMHSRVWXSQDNUHVOHQLHWYDUXNRU\WQDN\
>XKROGNDXKROGNDXKROGND@
SURJUDPVLSULNUHVOHQtREU\VXQDMSURWRtYSUDYRRXKROQDNUHVOtLDUXGN\GNDRSlVD
RWRtRXKRODQDNUHVOtLDUXGN\GOND
QDSU=PHQ7YDU>@WDQGDUGQWURMXKROQtNRYWYDU
Y\VN~DMWH=PHQ7YDU>@
=PHQ)DUEX7YDUXIDUED
WYDUVDEXGHY\NUHVORYD]DGDQRXIDUERX
=PHQ+UXENX7YDUXKU~END
SUHKU~EN\!VDYUD]QHVSRPDOtY\NUHVRYDQLHWYDUXNRU\WQDN\
3UiFDVIDUEDPL
XVPHVD]R]QiPLOLVQLHNRNPLVLWXiFLDPLNHVPH]DGiYDOLQHMDN~IDUEXIDUEDSHUDIDUEDYSOQH
IDUEDREU\VXGRWHUD]VPHSRXtYDOLSUHGGHILQRYDQpNRQWDQW\QDSUFO%ODFNFO5HGFO%OXHDSRG
YR:LQGRZVVDIDUEDXUXMHWURMLFRXtVHONWRUpY\MDGUXM~YDNRPPQRVWYHWUHEDQDPLHDWUL
]iNODGQpIDUE\HUYHQ~]HOHQ~DPRGU~DE\Y]QLNODLDGDQiIDUEDPQRVWYiWFKWR]ORLHNVD
]DGiYDM~FHOPtVORPRGGR
QDSUDNQDPLHDPHHUYHQHM]HOHQHMDPRGUHMY]QLNQHMDVQiPRGUiIDUED
HUYHQHM]HOHQHMDPRGUHMMHLHUQDYHWN\]ORN\SR]QDPHQiELHOX
HUYHQHM]HOHQHMDPRGUHMY\UREtOW~DSRG
YR:LQGRZVVDWLHWR]ORN\QD]YDM~5HG*UHHQ%OXHWHGD5*%DY'HOSKDFKP{HPHIDUE\
GHILQRYDDMSRPRFRXIXQNFLH5*%NWRUiGRVWiYDtVODSRSLVXM~FH]DVW~SHQLH]ORLHN
Y\PHQXMHPHYHWN\XLWRQpSUHGGHILQRYDQpIDUE\SRH[SHULPHQWXMWHVQLPLXYiG]DPHLFK5*%
KRGQRW\
FO%ODFN 5*%
FO0DURRQ 5*%
FO*UHHQ 5*%
FO2OLYH 5*%
FO1DY\ 5*%
FO3XUSOH 5*%
FO7HDO 5*%
FO*UD\ 5*%
FO6LOYHU 5*%
FO5HG 5*%
FO/LPH 5*%
FO<HOORZ 5*%
FO%OXH 5*%
FO)XFKVLD 5*%
FO$TXD 5*%
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNKS
IRUL WRGREHJLQ
NIS 5*%
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%
L
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%UDQGRPUDQGRPUDQGRP
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
HQG
)RUPiWRYDQLHSURJUDPRY
YlLQDSURIHVLRQiOQ\FKSURJUDPiWRURYMHYHPLFLWOLYiQDQDIRUPiWRYDQLHSURJUDPRYDYHPLDVWR
SUYSRKDGQDSURJUDPSUH]UDGtLMHSURJUDPiWRU]DLDWRQtNDPDWpUDOHERVN~VHQHMtSURJUDPiWRU
MHX]QiYDQFKQLHNRNRVS{VRERYIRUPiWRYDQLDSDVFDORYVNFKSURJUDPRYDMHQLHNRNRSUDYLGLHO
NWRUpSODWLDVNRURSUHYHWN\WLHWRWO\
SUtND]\NWRUpV~QDURYQDNHM~URYQLYQRUHQLDV~EXQDWRPLVWRPULDGNXDOHER]DtQDM~YWRP
LVWRPVWSFL
]iWYRUN\]ORHQFKSUtND]RYQDSUEHJLQDHQGDNQLHV~YMHGQRPULDGNX
V~RGVDGHQpYWRPLVWRPVWSFL
DOHEREHJLQMHQDNRQFLQDGUDGHQpKRSUtND]XDSUtVOXQpHQGMH]DURYQDQpQD]DLDWRN
QDGUDGHQpKRSUtND]XWDNWRV~StVDQpVNRURYHWN\SUtNODG\YSUHGQiNH
SRHWPHG]LHURGVDGHQLHQD]DLDWNXULDGNXE\PDOROLQHiUQHY\MDGURYD~URYHYQRUHQLD
SUtND]XQDMDVWHMLHMHNDGpDOLHYQRUHQLHRGVXQXWpRPHG]HU\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB0CKFLU,PSZUOBLB
]OpQDIRUPiWRYDQLHSURJUDPXVDSRYDXMH]D]ORP\VHQRVDVO~LOHQQDVNRPSLNRYDQLHLWDWHQRVWL
SURJUDPXSR]ULWHVLSUHIRUPiWRYDQSUHGFKiG]DM~FLSURJUDP
YDUN.RULLQWHJHUEHJLQ
N .RU&UHDWH
NKS
IRUL WRGREHJLQ
NIS 5*%
LNGRSUHGX
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
3. prednka: Podmienky a procedry
SUHGQiND
3RGPLHQN\DSURFHG~U\
ORJLFNYUD]ORJLFNpKRGQRW\
QDMDVWHMLHVO~LQDYHWYHQLHYSRWXF\NOXVVSRGPLHQNRXQD]DLDWNXDOHERQDNRQFLZKLOHUHSHDW
DOHERSUHSRGPLHQHQSUtND]LI
YG\MHEXSUDYGLYDOHERQHSUDYGLYPiMHGQX]GYRFKORJLFNFKKRGQ{WWUXHDOHERIDOVH
ORJLFNpRSHUiWRU\QRWRUDQG[RU
SUHFHQGHQFLHRSHUiWRURY]DWLDQLHV~YHWN\
QRW XQiUQH
GLYPRGDQG PXOWLSOLNDWtYQH
RU[RU DGLWtYQH
!! ! LQ UHODQp
NDGYUD]VDY\KRGQRFXMH]DYDGRSUDYD
:KLOHF\NOXV F\NOXVVSRGPLHQNRXQD]DLDWNX
YHREHFQWYDU
ZKLOHSRGPLHQNDGRSUtND]
RWHVWXMHVDSRGPLHQNDDDNMHSUDYGLYiWUXHWDNVDY\NRQiSUtND]WMWHORF\NOXDFHOpVDWRRSDNXMH
F\NORP
DNSRGPLHQNDEXGHPDVWiOHKRGQRWXWUXHWDNY]QLNQHQHNRQHQF\NOXV
ZKLOHWUXHGR
DNYWHOHF\NOXSRXtYDPHQHMDNpNRU\WQDLHSUtND]\WLHWRPDM~YVHEH]DEXGRYDQ~RFKUDQX
DE\XPRQLOL:LQGRZVXNRQLDM]DF\NOHQpSURJUDP\
DNQHNRQHQF\NOXVDOHERYHPLGOKRWUYDM~FLF\NOXVQHREVDKXMHSHFLiOQXYVXYNXSUH
:LQGRZVWDNSRDVF\NOXVDV\VWpPQHGRVWDQHNXVORYXDWPVDQDSUQHGiDQL]KRGLEHLDFL
SURJUDP
P\Y.RU8QLWSDVSRXtYDPHYRODQLH$SSOLFDWLRQ3URFHVV0HVVDJHV
SRXLWLHF\NOX
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
G
ZKLOHGGREHJLQ
NGRSUHGXGNYODYRY\VN~DMWHSUHU{]QHXKO\
G G
HQG
HQG
&KFHOLE\VPHY\OHSLWHVWXNRQHQLDF\NOXWDNDE\VNRQLODNVDNRU\WQDNDY]GLDOLRGDVSRR
N[VXUDN\VXUMHVS{VREDNR]LVWLMHMPRPHQWiOQHV~UDGQLFH
ZKLOHVTUWN[VXU
N[VXUN\VXU
N\VXUGR
ZKLOHVTUWVTUN[VXUVTUN\VXUGR
DOHERY\XLMHPHNRU\WQDLXIXQNFLXY]GNWRUiY\SRtWDY]GLDOHQRVNRU\WQDN\RG]DGDQpKRERGXY
URYLQH
G
ZKLOHNY]GGREHJLQ
NGRSUHGXGNYODYR
G G
HQG
)RUF\NOXVYODVWQHQHSRWUHEXMHPHOHERVDGiSUHStVDSRPRFRXZKLOH
QDSU
IRUL WRGRNGRSUHGXL
P{HPHSUHStVDSRPRFRXZKLOH
L
ZKLOHL GREHJLQ
NGRSUHGXL
L L
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDNXGRQHNRQHQDVDSUHFKiG]DSRREUD]RYNHQiKRGQHVDRWRtRQHMDNXKROD
YDUN.RU
EHJLQ
N .RU&UHDWHNXND]
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
HQG
HQG
.RU\WQDNDYHPLUFKORXMGH]SORFK\SUH3RN~VLPHVDSUHWRVWUiLNRU\WQDNXDE\QHY\OD]
QHMDNHMREODVWLWMDNDMY\MGHWDNMXLKQHYUiWLPHVSl3RXLMHPHQRYSUtND]YHWYHQLDLIPiGYD
YDULDQW\]DWLDWHQMHGQRGXFKt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQSUtND]QHY\NRQiDOHSUHVNRt
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQNGRSUHGX
HQG
9\VN~DMWHVLQLHNRNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRX
ORJLFNFKRSHUiWRURYDQGDRUWUHEDVLXYHGRPLHSRGPLHQNDYWFKWRSUtNODGRFKY\MDGUXMHH
NRU\WQDNDRSXVWLODVWUiHQ~REODVWMHMH]OHDWUHEDVDYUiWL
NRVRWYRUHF
LINY]G!DQGNY]G!DQGNY]G!
WKHQ
1'
PHVLDFDNRUR]GLHOGYRFKNUXQtF
VORYHQVNGYRMNUtDNR]MHGQRWHQLHWURFKREGQLNRY
HOLSVX
SUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDNDQHY\VW~SLOD]RVWUiHQHMREODVWLDWRWDN
HVR]GYLKQXWPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSl$NWREROR2.WDNVSUDYtNURNVR
VSXVWHQPSHURPLQDNQHUREtQLDSRN~DVDtVLQPVPHURP
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\NDGiQHFKPiVYRMXFKUiQHQ~REODVPRXNUHVOLDMLQRX
IDUERX
SULRPNDGiPiKUXEpSHURVIDUEDPLOWiPRGUiD]HOHQiDSRK\EXM~VDNURNRPSUtS
3URFHG~U\SRGSURJUDP\
MHWRSRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMDVWLSURJUDPXVPRQRVRXY\YRODW~WRDV
SRPRFRXSUtVOXQpKRPHQD
SRPRFRXSRGSURJUDPRYP{HPHULHLSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHHQLH]KRUDQDGRO
Y3DVFDOHP{XE\SRGSURJUDP\
SURFHG~U\
IXQNFLHYUiWLDQHMDN~KRGQRWX
PDM~YKRGXHV~YLDFQiVREQHSRXLWHQp
QHVN{UXYLGtPHDMUHNXU]LX
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
ORNiOQHGHNODUiFLHSUHSURFHG~UX
EHJLQ
WHORSURFHG~U\
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHWYRUFDYLPQLPHVLHYDUNNRUPXVtE\GHNODURYDQp
HWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDVNRU\WQDNRX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
SURFHGXUHVWYRUHF
YDULLQWHJHU
EHJLQ
IRUL WRGREHJLQ
NGRSUHGXNYSUDYR
HQG
HQG
EHJLQ
N .RU&UHDWHNXND]
VWYRUHF
N3UHVXQ;<
VWYRUHF
N3UHVXQ;<
VWYRUHF
HQG
$NRSUDFXMHSRtWDSULYRODQtSURFHG~U\
NHVDREMDYtYSURJUDPHPHQRSURFHG~U\PXVHODE\GHILQRYDQiYGHNODUiFLiFKLGHR
YRODQLHWHMWRSURFHG~U\WM
]DSDPlWiVDQiYUDWRYiDGUHVDNDPVDEXGHWUHEDYUiWL
Y\WYRULDVDORNiOQHSUHPHQQpSURFHG~U\VQHGHILQRYDQRXKRGQRWRX^QHVN{UDMIRUPiOQH
SDUDPHWUH`
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYHWN\SUtND]\SRGSURJUDPX
]UXLDVDORNiOQHSUHPHQQp
ULDGHQLHVDYUDWL]DPLHVWRYSURJUDPHRGNLDEROSRGSURJUDPYRODQ
SUH3DVFDOSODWt
LQGHQWLILNiWRUVDP{HSRXtYDDNHEROGHNODURYDQ
SUHGSURJUDPRP ~URYH
SUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
LGHQWLILNiWRUMHYLGLWHQOHQQDVYRMHM~URYQLDQDYHWNFKYQRUHQFK~URYQLDFKNGHQLHMH
SUHGHILQRYDQ
GHILQRYDQpSURFHG~U\V~QDY\tFK~URYQLDFKDNRQiSURJUDPRQLYLGLDGHNODUiFLHWRKRWR
GHILQRYDQ~YWHMWRSURFHG~UHVWYRUHF
YGDQRPSURJUDPH
QD~URYQLV~YHWN\WDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S.RUSUHPHQQi
VSRPDODSRG
QD~URYQLMHGHILQtFLDIRUPXOiUX7)RUPDOHDM
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
GRNWRUHMStHPHQiSURJUDP
QD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
QD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{HPHSRVODQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHSHFLDOLWN\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
YDUMLQWHJHUPRKROE\WRE\DMLGHQWLILNiWRUL
EHJLQ
N .RU&UHDWHNXND]
M
ZKLOHM GREHJLQ
VWYRUHFMKRGQRWDYUD]XMMHVNXWRQSDUDPHWHU
NYODYR
M M
HQG
HQG
3RGSURJUDPP{HPDDMYLDFSDUDPHWURYEXURYQDNpKRDOHERU{]Q\FKW\SRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
EHJLQ
N .RU&UHDWH
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
HQG
1'
QDStWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPHN]ORHQVRWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\LDGQHGRSUHGXDQLRWiDQLD
QDStWHGRPWDNDE\]DDOYDYRPGROQRPURKXDVNRQLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHNFKGRPRYYHGDVHED
]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORHQ]GYRFKWYUNUXQtF]DNUXQLFX
P{HPHSRYDRYDQDSUSUDYLGHOQXKROQtNDDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW]ORHQ]
QOXSLHQNRYQHMDNHMYHNRVWLDIDUE\
=iNODGQpMHGQRGXFKpW\S\
DOHMEXGHPHSRWUHERYDURELSRO\DMSUHQLHFHOpKRGQRW\GN\UHVSXKODQDSUSUHSUDYLGHOQXKROQtN
0XVtPHWHGDSRXtYDQRYW\SUHDO3DVFDOMHSUtVQHW\SRYMD]\N
NDGiSUHPHQQiPXVtPDGRSUHGXXUHQVYRMW\SQHGiVDSRDVEHKXPHQL
NDGiRSHUiFLDSUDFXMHOHQVXULWPW\SRPQDSUGLY
H[LVXMHYQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUPHGRWHUDMLHSR]QDWN\RLQWHJHUDE\VPHOHSLHSRFKRSLOLUHDO
,QWHJHU
KRGQRW\V~]LQWHUYDOX
]DEHUiEDMW\ ELWRYELW]QDPLHQNR
GHILQRYQpV~DULPHWLFNpRSHUiFLH GLYPRGRELGYDRSHUDQG\V~FHOptVOD
SULUDRYDFtSUtND]QDRERFKVWUDQiFKFHOptVOD
UHODQpRSHUiFLH
SUHGVXFFIXQNFLH
LQFGHFSUtND]\
WDQGDUGQpIXQNFLHQDSUVTUDEV
HVWQiVWNRYpNRQWDQW\QDSUH
5HDO
tVODY\MDGUHQpGHVDWLQQP]iSLVRPDMVH[SRQHQWRP
REVDKXMHGHVERGNXH[SRQHQWSULEOLQH
XNiN\UHiOQ\FKtVHO((
SUHNDGptVORQHYLHPHXULQDVOHGRYQpUHiOQHtVOR
WMPHG]LDPRQRH[LVWXMHtVORQHPi]P\VHOQDVOHGRQtN
WMQHIXQJXMHSUHGDQLVXFF
RSHUiFLHY\]HUDM~URYQDNRDOHV~WRLQpRSHUiFLHURELDVUHiOQ\PLtVODPL
REDRSHUDQG\V~
UHiOQH
DXWRPDWLFNiNRQYHU]LDNHVDSULUHiOQHMRSHUiFLLY\VN\WQHFHORtVOHQRSHUDQGNRQYHUWXMHVDQD
UHiOQHtVORQDSU
DQDORJLFN\VUHODQPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
QHIXQJXMHDQLLQFGHF
UHiOQHRSHUiFLHYHPLDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRtWDL
WDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
NRQWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQWDQW\WUXHIDOVHDNRSUHGWPGHILQRYDQpQDH
NRQWDQW\
YSDPlWL EDMW
RSHUiFLHDQGRUQRW[RU
YHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYVOHGNRPMHORJLFNiKRGQRWD
UHOiFLH
SUHGVXFF
RSUDYHQiSURFHG~UDSRO\VUHiOQ\PLSDUDPHWUDPL
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUNNRU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXGNYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGR
SRO\LLUHiOQHGHOHQLH
HQG
9LDFWODLGLHODWODLGORVYLDFVWDYPL
9SUtNODGHYNWRURPVPHGHPRQWURYDOLSRXLWLHSURFHG~U\SRO\VPHYLDFNUiWYRODOLW~WRSURFHG~UX
P{HPHWRXURELDM]DGHILQRYDQtPYLDFHUFKWODLGLHOSULRPSRGNDGPWODLGORPEXGHNUHVOHQLH
LQpKR~WYDUXQDSU
YDUN.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N .RU&UHDWHNXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
3UREOpPNWRUWXWUHEDY\ULHLMHWHQHE\VDQiPKRGLORDE\VDNRU\WQDNDDXWRPDWLFN\Y\WYRULOD
SULWDUWHSURJUDPXDQLHDSR]DWODHQtWDOLGOD%XWWRQNDGpWODLGORE\PRKORPDVYRMX
NRU\WQDNXDOHWRPiVYRMHQHYKRG\
3URFHG~UD)RUP&UHDWHPiWHQSUREOpPHKRFLSRDVMHMY\NRQiYDQLDXH[LVWXM~YRIRUPXOiULYHWN\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
1DVWDY3ORFKX)RUP,PDJH
N .RU&UHDWHNXND]
HQG
(WHXNiHPHDNRY\XLMHGLQpWODLGORNWRUpSRVWXSQHEXGHPDU{]QHIXQNFLHSRVWXSQHVDEXGH
PHQLVWDYWRKRWRWODLGOD
YDU
VWDYLQWHJHU SUHPHQQiVWDYMHLQLFLDOL]RYDQiQD
N.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
LIVWDY WKHQEHJLQ
N .RU&UHDWHNXND]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
WYRUHF
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PD
HQGHOVHLIVWDY WKHQEHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
%XWWRQ(QDEOHG WUXH
HQG
YLPQLWHVLVS{VREQDIRUPiWRYDQLDYQRUHQFKSUtND]RYLIQLHNWRUtSURJUDPiWRULSUHIHUXM~WDNpWR
IRUPiWRYDQLHDMWRWREXGHPHSRYDRYD]DVSUiYQHIRUPiWRYDQLHSURJUDPRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
LIVWDY WKHQ
EHJLQ
N .RU&UHDWHNXND]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQG
HOVHLIVWDY WKHQ
EHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
WYRUHF
HQG
HOVHLIVWDY WKHQ
EHJLQ
]PD]SRO\VWDY
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PD
HQG
HOVHLIVWDY WKHQ
EHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
%XWWRQ(QDEOHG WUXH
HQG
YLPQLWHVLHSUHPHQQpNDMVWDYPXVLDE\JOREiOQHLQDNNHE\EROLQLHNGHORNiOQHE\VD]DE~GDOD
LFKSUHGFKiG]DM~FDKRGQRWD
SRXLOLVPHQRYLQN\
%XWWRQ(QDEOHG IDOVH]DEORNXMHVDWODLGOR
%XWWRQ&DSWLRQ
NUXQLFD
]PHQtVDWH[WQDWODLGOH
%XWWRQ(QDEOHG WUXHWODLGORVDRGEORNXMH]QRYXVDP{HWODL
WRLVWp]DStHPHHOHJDQWQHMLHSRPRFRX]ORHQpKRSUtND]XFDVHSRGDQHMDNHMKRGQRW\VDY\NRQi
MHGHQ]PRQFKSUtND]RYDOHERLDGQ\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
FDVHVWDYRI
EHJLQ
N .RU&UHDWHNXND]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQG
EHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
WYRUHF
HQG
EHJLQ
]PD]SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PD
HQG
EHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXQLFD
HQG
HQG
%XWWRQ(QDEOHG WUXH
HQG
SRVOHGQi]PHQD
SUHGQiND
7H[WRYpV~ERU\
7\S&+$5
]QDNRYpNRQWDQW\YDSRVWURIRFKDOHERNyG
Y3DVFDOHQLHV~LDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
WUHEDVLSDPlWD
$
%
=
D
E
]
]QDNRYpIXQNFLHSUHGVXFFRUGFKUFKDU
WUHEDVLSDPlWD
RUG
RUG
RUG
DOHER
RUG
$
RUG
D
RUG
$
WM
$
D
DNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
SUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
SRXLMHQDMPlSUHSUiFXVRV~ERUPL
)25F\NOXVIXQJXMHOHERFKDUMHRUGLQiOQ\QDSU
YDUFFKDU
EHJLQ
IRUF
$
WR
=
GR]DSLVF
]iSLVGRWH[WRYHMSORFK\
HQG
DOHER
YDUFFKDU
EHJLQ
IRUF
D
WR
]
GR]DSLVF
,QW7R6WURUGF
NStVPHQXSULOHStPHG]HUXDtVHOQNyG]QDNX
HQG
7H[WRYiSORFKD
DE\VPHPRKOLH[SHULPHQWRYDVR]QDNPLVWH[WRYRXLQIRUPiFLRXQDXtPHVDY'HOSKLSUDFRYDV
WH[WRYRXSORFKRX
GRSUi]GQHKRIRUPXOiUXSRORtPHNRPSRQHQW0HPRWULHGD70HPRSRGREQHDNRJUDILFN~SORFKX
,PDJHEXGHPHDKDDMW~WRSORFKXY\WYRUtVDNRPSRQHQWVPHQRP0HPRYDYRPKRUQRPULDGNX
VDREMDYtWH[W0HPR
]DWLDVDQDXtPHOHQQLHNRNRSUtND]RYQDSUiFXVWH[WRYRXSORFKRXDUR]XPLHLPEXGHPHDQHVN{U
3RGREQHDNRVPHStVDOL,PDJH&DQYDVD]DWPSUtND]EXGHPHWHUD]StVD0HPR/LQHVD
]DWRSUtND]
0HPR/LQHV&OHDUY\LVWtYHWN\ULDGN\
0HPR/LQHV$GG
QHMDNWH[W
SULGiDOtULDGRNVGDQPWH[WRPQDNRQLHF
SRPRFQiSURFHG~UD]DSLVQDYSLVWH[WXDKQHDMXNiNDDVWLSURJUDPXVMHGQPNRPSRQHQWRP
0HPRNWRUY\SLVXMHNyG\StVPHQ
SURFHGXUH]DSLVVVWULQJ
EHJLQ
)RUP0HPR/LQHV$GGV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUFFKDU
EHJLQ
0HPR/LQHV&OHDU
IRUF
D
WR
]
GR
]DSLVF
,QW7R6WURUGF
HQG
7H[WRYpV~ERU\7(;7
SDVFDOXPRXMHVHNYHQQSUtVWXSGRV~ERUXDOHDMSULDP\XYLGtPHQHVN{U
VWH[WRYPLV~ERUPLVDGiSUDFRYDOHQVHNYHQQPSUtVWXSRP
PXVtVDUR]OLRYDL]RV~ERUXtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
YVWXSQV~ERUOHQtWDSULSUDYHQp~GDMH
YVWXSQV~ERUOHQ]DSLVRYDQDNRQLHFV~ERUX
GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDDMV~DVQH]QHKRtWD
QDYRQNDMHMSDPlWLGLVNRYV~ERU
SRPRFQiYQ~WRUQiSDPlQDXtPHVDQHVN{U
2SHUiFLHVRV~ERUPL
UHDG tWDQLHQDVOHGXM~FHMKRGQRW\]RV~ERUX
$NRSUDFXMHPHVWH[WRYPV~ERURP
GHNODURYDQLHSUHPHQQHMW\SXWH[WRYV~ERU
YDUW7H[W)LOHSUHPHQQiWMHW\SXWH[WRYV~ERU
SULUDGHQLHI\]LFNpKRV~ERUXQDMDVWHMLHQDGLVNX
$VVLJQ)LOHW
PHQRBV~ERUX
GiYDMWHVLSR]RUQDXYiG]DQLHSOQHMFHVW\QDGLVNXNQHMDNpPXV~ERUXDNVDWDNWRSURJUDP
SUHQHVLHQDLQSRtWDVYHNRXSUDYGHSRGREQRVRXWLHWRDEVRO~WQHFHVW\NV~ERURPQHEXG~
IXQJRYDSRXtYDMWHUDGHMUHODWtYQHFHVW\RGPRPHQWiOQHMDGUHV\SURMHNWX(;(V~ERUX
RWYRUHQLHV~ERUX
EXQDtWDQLHPXVtXH[LVWRYD
5HVHWW
DOHER]iSLVDNXH[LVWXMHWDNVDQDMSUYY\SUi]GQL
5HZULWHW
SUiFDVRV~ERURPWMVDPRWQptWDQLHDOHER]DSLVRYDQLH
&ORVH)LOHW
WH[WRYV~ERU SRVWXSQRVULDGNRYDMSUi]GQDXNRQHQi]QDNRX(RI!
$NPiPHQHMDNV~ERU
YLGtPH YVNXWRQRVWL
DE _D_E_(ROQ!__F_G_H_(ROQ!_I_
FGH
I XND]RYDWH
XND]RYDWH SR]tFLDYV~ERUHQD]DLDWNXQD]QDNXSRUHDGSRVXQR]QDN
tWDQLH]RV~ERUX
MHKRKRGQRWDGRSUHPHQQHMDXND]RYDWHVDSRVXQLH
7HVWRYDQLHNRQFDV~ERUXDNRQFDULDGND
WDQGDUGQiORJLFNiIXQNFLD(RIW VNUDWND](QG2I)LOH
YUiWLWUXHDNMHXND]RYDWHYV~ERUHQDVWDYHQQD]QDNX(RI!DOHERQDNRQFLV~ERUXDNWDP
]QDNDFKEDWDNVDQDNRQFLDXWRPDWLFN\JHQHUXMHV\VWpPRP
WDQGDUGQiORJLFNiIXQNFLD(ROQW VNUDWND](QG2I/L1H
YUiWLWUXHDNMHXND]RYDWHQD]QDNH(ROQ!DOHERDM]QDNH(RI!QDNRQFLV~ERUXVDV\VWpP
WYiULHMHWDPNRQLHFULDGND
]QDND(ROQ!VDYQ~WRUQHNyGXMHGYRPL]QDNPLDKRYRUtPHLP&5D/)
NRQFLV~ERUXQHUREtQL
32=25SRPRFRXUHDGW]MHPRQptWDDM]QDNX(ROQ!OHQHWiWRVDSRWRPFKiSHDNR
]QDN\DDQLHDNRQHMDNSHFLiOQ\]QDN
]QDND(RI!P{HYV~ERUHFKEDIXQNFLD(RIWDMWDNYUiWLQDNRQFLV~ERUXWUXHtWDQLHQD
NRQFLV~ERUXY\YROiYVWXSQRYVWXSQ~FK\EX
9QDVOHGXM~FRPSUtNODGH]LVWtPHSRHWPHG]LHUYWH[WRYRPV~ERUHPHG]HU\W[W
YDUW7H[W)LOH
FFKDU
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHG]HU\W[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF
WKHQSRFHW SRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWPHG]LHUYVXERUH
,QW7R6WUSRFHWGR
3R]QiPNRYHMSORFK\
HQG
3UtNODG=LVWtPHSRHWULDGNRYWH[WRYpKRV~ERUXWH[WW[W
YDUW7H[W)LOH
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGOQWLQFSRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWULDGNRYYVXERUH
,QW7R6WUSRFHW
HQG
3UtNODG=LVWtPHGNXQDMGOKLHKRULDGNDV~ERUXWH[WW[W
YDUW7H[W)LOH
FFKDU
PD[GO]NDLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUSURMGSU
5HVHWW
PD[
ZKLOHQRW(RIWGR
EHJLQ
GO]ND
ZKLOHQRW(ROQWGR
EHJLQUHDGWFLQFGO]NDHQG
UHDGOQWQHVPLHVDWX]DEXGQ~
LIGO]ND!PD[WKHQPD[ GO]ND
HQG
&ORVH)LOHW
]DSLV
'O]NDQDMGOKVLHKRULDGND
,QW7R6WUPD[
HQG
=iSLVGRV~ERUX
V~ERUWUHEDRWYRULSRPRFRX5HZULWHW
DNV~ERUXH[LVWRYDOWDNVDKQHSR5HZULWHVD]UXtMHKRREVDK
DNV~ERUHWHQHH[LVWRYDOY\WYRUtVDVSUi]GQ\PREVDKRP
XND]RYDWHYV~ERUHMHYG\QDVWDYHQQDMHKRNRQLHF
UHD]HF
SUtND]ZULWHOQW]DStHGRV~ERUX]QDNX(ROQ!WMUREtWRLVWpDNRZULWHW
3UtNODG9\WYRUtPHV~ERUWH[WW[W]StVPHQ
D
D
]
DY\StHPHMHKRREVDKGR7H[WRYHMSORFK\
SRPRFRX0HPR/LQHV/RDG)URP)LOHPHQRBV~ERUX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUW7H[W)LOH
FGFKDU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
IRUF
D
WR
]
GR
EHJLQ
IRUG FWR
]
GRZULWHWG
ZULWHOQW
HQG
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9\WYRUtPHNySLXV~ERUXXQLWSDVGRV~ERUXWH[WW[W
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
LI(ROQWWKHQ
EHJLQ
UHDGOQWZULWHOQW
HQG
HOVH
EHJLQ
UHDGWF
VSUDFXMQDtWDQ]QDN
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
LQYDULDQWNRStURYDQLDV~ERUXQHYtPDPHVLNRQFHULDGNRYDSUHUiEDPHPDOpStVPHQiQDYHNp
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF!
D
DQGF
]
WKHQ
F FKURUGFRUG
D
RUG
$
SUHUREHQLHPDOpKRStVPHQDQDYHNpF XSFDVHF
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
1'
SRVWXSQRVPHG]LHUQDKUDPHG]HURX
Y\KROHQPHG]HURYpULDGN\
Y\KRPHG]HU\QDNRQFLULDGNRY
SRVWXSQRV]QDNRY
HQG
QDKUD
5HVHWD5HZULWHQDWHQLVWV~ERUQDGLVNX
YDUIJ7H[W)LOH
$VVLJQ)LOHI
DW[W
5HVHWI
$VVLJQ)LOHJ
DW[W
5HZULWHJ
QHSUHGYtGDWHQpU{]QHYHU]LH3DVFDOXUHDJXM~U{]QH'HOSKLKOiVL,2FK\EX
tWDQLHtVHO
SRWRPSUHNRQYHUWXMH]QDN\]RYVWXSXQDtVORDDNMHtVORXNRQHQpQHPHG]HURYP]QDNRP
QDSU
DOHER
WDNY\KOiVLFK\EX,QYDOLGQXPHULFIRUPDW
3UtNODG3URJUDPQiMGHPD[LPiOQHtVORYV~ERUHFHOFKtVHO
YDUW7H[W)LOH
FLVORPD[LQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[ PD[LQWSUHGGHILQRYDQiNRQWDQWD
ZKLOHQRW(RIWGRY\VN~DMWH6HHN(RI
EHJLQ
UHDGWFLVOR
LIFLVOR!PD[WKHQPD[ FLVOR
HQG
&ORVH)LOHW
LIPD[ PD[LQWWKHQ
=DSLV
V~ERUMHSUi]GQ\
HOVH
=DSLV
PD[LPiOQHtVORYV~ERUHMH
,QW7R67UPD[
HQG
DNV~ERUREVDKRYDOQDSUOHQSUi]GQ\ULDGRNDOHEROHQPHG]HU\WDNSURJUDPY\StHHPD[LPXP
EROR
WRWRLVWpVDVWDQHDNV~ERUREVDKXMHOHQ]iSRUQptVODD]DSRVOHGQPtVORPV~HWHQHMDNpPHG]HURYp
]QDN\IXQNFLD(RIW]DSRVOHGQPtVORPYUiWLIDOVHHWHQLHMHNRQLHFV~ERUXDOHXWDPQLHMH
LDGQHtVORWHGDQDtWDVDKRGQRWD
YWDNHMWRVLWXiFLLP{HPHQDPLHVWR(RIWSRXLWDQGDUGQ~IXQNFLX6HHN(RIWNWRUiVN{UDNR
RGSRYLHQDVWDYV~ERUXRGILOWUXMHYHWN\PHG]HURYp]QDN\
SRGREQHH[LVWXMH6HHN(ROQWNWRUiWHVWXMHNRQLHFULDGNDDOHQDMSUYRGILOWUXMHPHG]HU\DWDEXOiWRU\
]QDN\VNyGRP
3R]Q3ULSRXLWtIXQNFLH6HHN(ROQD6HHN(RIVDRGLJQRUXM~YHWN\PHG]HU\WDEXOiWRU\DYSUtSDGH
6HHN(RILNRQFHULDGNRY7LHWRIXQFLHQLHV~YHPLYKRGQpSULtWDQt]QDNRYSRXtYDPHLFKKODYQHSUL
tWDQttVHO]WH[WRYpKRV~ERUX
=iSLVtVHO
UHiOQHtVOD]DSLVXM~YVHPLORJDULWPLFNRPWYDUHVPHG]HURXSUHGtVORP
3UtNODG=RV~ERUXWH[WW[WEXGHPHNRStURYDYHWN\tVODGRV~ERUXWH[WW[WSULRPLFKEXGHPH
]DUDRYDSRWURFKGRULDGND
YDUWW7H[W)LOH
FLVORSRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LISRFHW WKHQ
EHJLQ
ZULWHOQWSRFHW
HQG
HOVH
EHJLQ
LISRFHW!WKHQZULWHW
LQFSRFHW
HQG
ZULWHWFLVOR
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9V~ERUHV~UHiOQHtVODPiPH]LVWLSRHWtVHONWRUpPDM~KRGQRWXPHQLXDNRMHSULHPHU
YHWNFKtVHOYV~ERUH
YDUW7H[W)LOH
FLVORVXPDSULHPHUUHDO
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDtWDQLH
VXPD SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
VXPD VXPDFLVORLQFSRFHW
HQG
5HVHWW
QDVWDYHQLHSR]tFLHQD]DLDWRNV~ERUX
SULHPHU VXPDSRFHWSRFHW
SRFHWXQHSRWUHEXMHPH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LIFLVORSULHPHUWKHQLQFSRFHW
HQG
=DSLV
SRFHWSRGSULHPHUQ\FK
,QW7R67USRFHW
HQG
)RUPiWRYDFtSDUDPHWHUYRZULWH
]D]QDNRPDOHER]QDNRYPUHD]FRP
ZULWHW
R]QDXMHH]QDNVDY\StHQDtUNXWMQDMSUYPHG]LHUDSRWRP
ZULWHW
GHOSKL
QDNRNRUHD]HFMHGOKtDNRIRUPiWRYDFtSDUDPHWHU]DStHVDNRPSOHWQUHD]HFWMLJQRUXMHVD
IRUPiW
IRUPiWRYDFtSDUDPHWHU]DFHOPtVORPR]QDXMHtUNXGRNWRUHMVDPi]DStVDtVORDNE\QHYRORGR
GDQHMtUN\IRUPiWVDLJQRUXMH
ZULWHW
]DStHGYHPHG]HU\]DNWRUpGitVOR
IRUPiWRYDFtSDUDPHWHU]DUHiOQ\PtVORPWLHR]QDXMHtUNXtVORVDY\StHYVHPLORJDULWPLFNRP
WYDUHGUXKIRUPiWRYDFtSDUDPHWHUR]QDXMHSRHWGHVDWLQQFKPLHVW
ZULWHWVLQ
]DStH(
ZULWHWFRV
]DStH
SRVOHGQi]PHQD
SUHGQiND
3DUDPHWUHSURFHG~UDIXQNFLH
3DUDPHWUHSURFHG~U
=DQHPHWDNRXWR~ORKRXQDStHPHSURJUDPYNWRURPVDEXG~NRU\WQDN\VWiOHSRK\ERYDSRVYRMLFK
NUXKRFK6~DVQHVQLPLVDWUHWLDNRU\WQDNDEXGHVWiOHVQDLE\SUHVQHYVWUHGHPHG]LQLPLDNRNHE\ERODY
VWUHGHJXPHQHMQLWHNWRUiMHSULSHYQHQiQDWFKWRGYRFKNRU\WQDNiFK
9\WYRUtPHVLSRPRFQ~SURFHG~UXSRFLWDMBVWUHGNWRUi]GYRFKNRU\WQDLHNNDNY\SRtWD
SURFHGXUHSRFLWDMBVWUHG
EHJLQ
[ N[VXUN[VXU
\ N\VXUN\VXU
HQG
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHG
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHG
N=PHQ;<[\
HQG
HQG
9WRPWRSUtNODGHVPHY\WYRULOLSURFHG~UXSRFLWDMBVWUHGEH]IRUPiOQ\FKSDUDPHWURYOHERWiWR
YLGtDMQDNRU\WQDN\NNDMQDSUHPHQQp[D\7LHWRSUHPHQQpV~SUHXJOREiOQHQLHV~WR
MHMORNiOQHSUHPHQQp7HQWRVS{VRENHSURFHG~UDSRXtYDJOREiOQHSUHPHQQpQLHMHYG\
SRXLWHQOHERQLHNHG\P{HPHSRWUHERYDY\SRtWDVWUHGLQFKGYRFKNRU\WQDLHND
YVOHGRNGDGRLQFKGYRFKSUHPHQQFKDOHERVDPRWQ~SURFHG~UXFKFHPHPDJOREiOQXD
WiWRQHEXGHYLGLHQDSRWUHEQpSUHPHQQpORNiOQHYQDHMSURFHG~UH%XWWRQ&OLFN
ORKXSUHSURJUDPXMHPHWDNDE\VDQHSRXLOLJOREiOQHSUHPHQQpDOHIRUPiOQHSDUDPHWUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNNNRU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
YDUNNNNRU
[\UHDO
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
HQG
HQG
7DNWR]DStVDQSURJUDPQHEXGHIXQJRYDOHERIRUPiOQHSDUDPHWUH[[D\\V~ORNiOQH
SUHPHQQpNWRUpV~LQLFLDOL]RYDQpKRGQRWDPLVNXWRQFKSDUDPHWURYDSRVNRQHQtSURFHG~U\VD
LFKKRGQRW\]DE~GDM~'RWHUD]]QiP\PHFKDQL]PXVIRUPiOQ\FKSDUDPHWURYQiPYWRPWR
SUtSDGHQHSRP{HSRWUHEXMHPHQLHRQRYp
)RUPiOQHSDUDPHWUHYSDVFDOH
([LVWXM~U{]QHSUtVWXS\NLQIRUPiFLiPSUHGVWDYPHVLQDSUGLiUSUHNWRUPDM~U{]QHRVRE\U{]QHSUtVWXSRYp
SUiYD
YODVWQtN]iSLVtWDQLH
VHNUHWiUNDSUtVWXSNGXSOLNiWXtWDQLHPRGLILNiFLDNySLH
VHNUHWiUNDOHQtWDQLH
RVWDWQtLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
~SOQtWDQLH]iSLV
OHQtWDQLH
OHQ]iSLV
~SOQSUtVWXSNGXSOLNiWX
LDGHQ
3R]QiPHWDQGDUGQpSURFHG~U\QDSUiFXVRV~ERUPL
SURFHG~UDUHDGW[
SUtVWXSNV~ERUXWQDtWDQLH
NSUHPHQQHM[QD]iSLVS{YRGQREVDKSUHPHQQHMQiVQH]DXMtPD
SURFHG~UDZULWHW[
SUtVWXSNV~ERUXWQD]iSLV
NSUHPHQQHM[QDtWDQLH
W\S\SDUDPHWURYY3DVFDOH
SUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
~SOQSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRXYDUSDUDPHWUH
SDUDPHWUH
9SUHGFKiG]DM~FRPSUtNODGHVPHSURFHG~UHSRFLWDMBVWUHGSRVODOLYHWN\SDUDPHWUHDNRKRGQRWRYpWMSRXLOL
YRODQLHKRGQRWRXRVDWHGDVWDQH
Y\SRtWDM~VDKRGQRW\VNXWRQFKSDUDPHWURYVNWRUPLMHSURFHG~UDYRODQiYWRPWRSUtSDGHNND
PRPHQWiOQHKRGQRW\[D\
RGRY]GiVDULDGHQLHSURFHG~UHSULRPVDSUHXY\WYRULDORNiOQHSUHPHQQpNN[[\\DGRWFKWRVD
SULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRtWDOL
VNRU\WQDNDPLJUDILFNPLSHUDPLQHEXGHSUREOpPOHERQHSRWUHEXMHPHPHQLKRGQRW\NRU\WQDLHN
SUREOpPEXGHVSUHPHQQPL[D\
WXE\VDQiPYLDFKRGLO~SOQSUtVWXSNWPWRSUHPHQQPWMSRWUHERYDOLE\VPHYRODQLHDGUHVRX
Y3DVFDOHVDWR]DStHUH]HUYRYDQPVORYRPYDUSUHGSUtVOXQPSDUDPHWURP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
8NiPHVLWHUD]LQ~YHU]LXWHMWR~ORK\NGHMHGQD]NRU\WQDLHNFKRGtSRREYRGHWYRUFDDGUXKiSR
NUXQLFL9LPQLWHVLHSURFHG~UXSRFLWDMBVWUHGVPHY\WLDKOLSUHG%XWWRQ&OLFNWDNHVDVWDOD
JOREiOQRX
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUNNNNRU
[\UHDO
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
IRUL WRGRVN~VWHLQSRHWRSDNRYDQtQDSU
EHJLQ
NGRSUHGXNGRSUHGX
NYODYR
SRFLWDMBVWUHGNN[\
N=PHQ6PHUN6PHURP[\
N=PHQ;<[\
HQG
NYSUDYRVN~VWHLQpXKO\DSRG
HQG
HQG
)XQNFLH
0DMPHSURFHG~UXNWRUiYUDFLDSRPRFRXSDUDPHWUDPLQLPXP]GYRFKtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
DWHUD]DNRIXQNFLD
3UtNODG\
/RJLFNiIXQNFLDNWRUiYUDFLDWUXHDNMHYVWXSQSDUDPHWHUStVPHQRP
3R]QRGGMHXSUHGGHILQRYDQiDNRWDQGDUGQiIXQNFLD
IXQFWLRQRGG[LQWHJHUERROHDQ
EHJLQ
5HVXOW [PRG
HQG
&HORtVHOQiIXQNFLDNWRUiYUDFLDV~HWSUYFK1FHOFKtVHO
)XQNFLDNWRUiYUDFLD]QDN]RYVWXSXSULRPYUDFLD
DNEROHROQ
DNEROHRI]QDNRYi
SUHPHQQi]MHJOREiOQDDGHILQRYDQiQLHNGHY\LH
IXQFWLRQ]QDNYDUW7H[W)LOHFKDU
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ]
UHDGOQWHQG
HOVHUHDGW]
5HVXOW ]
HQG
=DXMtPDYiMHSRWRPDVSURJUDPXNWRUiSUHVNDNXMHYHWN\PHG]HU\DNRQFHULDGNRY
ZKLOH]QDNW
GR
)XQNFLDPRFQLQDFK\EQpULHHQLH
SUHWRYRYDUSDUDPHWULYUiWLLQHSUHWLHNROYVOHGRN
IXQFWLRQPRFQLQD[.LQWHJHUYDURNERROHDQLQWHJHU
YDUKUDQLFDLQWHJHU
EHJLQ
5HVXOW KUDQLFD PD[LQWGLY[
ZKLOH.!DQG5HVXOW KUDQLFDGREHJLQ
5HVXOW 5HVXOW
[
GHF.
HQG
RN .
HQG
)XQNFLDUDQGRPQiKRGQptVOR]R]DGDQpKRLWHUYDOX
1'
FHORtVHOQiIXQNFLDNWRUiSRtWD16'GYRFKSULURG]HQFKtVHO(XNOLGRYPDOJRULWPRP
IXQNFLD]LVWtLGDQptVORMHSUYRtVOR
WYDUST
GYHSULURG]HQptVODVDQD]YDM~SULDWHVNpDNMHNDGp]QLFKURYQpV~WXYHWNFKGHOLWHRYGUXKpKR
3UtNODG\QDWH[WRYpV~ERU\DNRU\WQDN\
3ULSRPHPHSUtND]FDVHNWRUSUHRUGLQiOQXKRGQRWX]DEH]SHtY\NRQDQLHQHMDNHMYHWY\SRGDSUtVOXQHM
NRQWDQW\YHREHFQH
FDVHRUGLQiOQ\BYUD]RI
NRQWDQWDSUtND]
NRQWDQWDSUtND]
HOVHSUtND]\WiWRYHWYDP{HFKED
HQG
3UtNODGGDQMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDNXGOStVORQDSU
GSGSG
SULRPStVPHQiDtVODV~QDY]iMRPRGGHOHQpDVSRMHGQRXPHG]HURXDOHERQRYPULDGNRPNRU\WQDND
PiLQWHUSUHWRYDWHQWRV~ERU
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
Y\OHSHQiYHU]LDVSRXLWtP6HHN(RIW
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]S
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
3UtNODGYV~ERUHV~VORYiGRSUHGXYSUDYRYODYRSKSG]NDGpKRDVSRStVPHQi]DQLHNWRUPL
QDVOHGXMHtVOR
YDUW7H[W)LOH
N.RU
]]]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQEHJLQ
[\GRV~ERUX
YDUW7H[W)LOH
N.RU
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN[VXU
N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
YDUW7H[W)LOH
N.RU
[\UHDO
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N=PHQ;<[\
HQG
&ORVH)LOHW
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDN\
YDUW7H[W)LOH
N.RU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN[VXU[
N\VXU\
[ N[VXU\ N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH[ N[VXU\ N\VXU
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
3UtNODGSUHGLQWHUSUHWRYDQtPY\JHQHUXMHPHNRU\WQDNXQDQiKRGQ~SR]tFLXUDQGRPDXUtPH
EHJLQ
$VVLJQ)LOHW
NRUW[W
N .RU&UHDWH
UDQGRPL]H
IRUL WRGREHJLQ
UHVHWW
N3UHVXQ;<UDQGRPUDQGRP
I UDQGRPQiKRGQiYHNRV
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N]PHQ[\N[VXU[
IN\VXU\
I
HQG
HQG
&ORVH)LOHW
HQG
SRVOHGQi]PHQD
SUHGQiND
3ROLDD]QDNRYpUHD]FH
7\SLQWHUYDO
LQWHUYDOMHRGYRGHQ]Ei]RYpKRW\SXWHQWRP{HE\OHQRUGLQiOQ\W\S
QDSULQWHJHUDNRQWDQW\Ei]RYpKRW\SX
GHILQRYDQLHPLQPD[NGHPLQ PD[
SUHEHUiYODVWQRVWLDRSHUiFLHEi]RYpKRW\SXLQWHUYDOMHRUGLQiOQ\W\S
SUHPHQQiNWRUiMHWRKWRW\SXP{HQDGRE~GDOHQKRGQRW\]LQWHUYDOX
QHSULDPDGHILQtFLD
YDU[
SULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SHLQWHUYDO W\SHLGHQWLILNiWRUBW\SX
SRSLVBW\SX
FHOH LQWHJHU
PDOH E\WH
PSLV
D
]
FLIU\
QLHNWRUpMHGQRGXFKpW\S\SUHGHILQRYDQpY3DVFDOH
W\SH,QWHJHU
/RQJLQW NYROL
NRPSDWLELOLWHV7XUER3DVFDORP
6PDOOLQW
6KRUWLQW
%\WH
:RUG
&DUGLQDO
&KDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
YHWN\SUYN\SRDV~URYQDNpKRW\SX SROHVDVNODGi]YHDMHGQRGXFKtFKSUHPHQQFK
WLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
W\SBLQGH[XXERYRQRUGLQiOQ\W\S
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
W\SBSUYNRYXERYRQW\S
XQHSODWtHFHOiWUXNW~UDPXVt]DEHUDPHQHMDNR.%DNRWRERORY7XUER3DVFDOH
REPHG]HQLHQDYHNRVMHOHQWDNpDE\WR]YOiGDO:LQGRZVDWHQEH]SUREOpPRY]YOiGQHGRVYHD0%
'HOSKLGRYROt]DGHNODURYDPD[LPiOQH*%WUXNW~UXDOH:LQGRZVPiNGLVSR]tFLLSUHDSOLNiFLX
YlLQRXOHQQLHNRNR0%
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQH*%WRMHXYHD
DUUD\>E\WH@RILQWHJHU.%%
DUUD\>FKDU@RIERROHDQ.%%
R]QDXMHPH
WURFKXYLDFDNRPLOLyQEDMWRY
*% JLJDEDMW 0%
.%
%
EDMWRYWURFKXYLDFDNRPLOLDUGDEDMWRY
SRHWSUYNRYSRDPXVtE\]QiP\SULNRPSLOiFLL
YHWN\SUYN\SRDVDQHGDM~QDtWDDQLY\StVDMHGLQPSUtND]RPUHDGZULWH
3UtNODG3URJUDPNWRURNDGRPSUYNXQDtWDQpKRSRDY\StHLMHMHKRKRGQRWDQDGSULHPHURP
DOHERSRGSULHPHURPYHWNFKYVWXSQFKSUYNRYUHVSLMHWRSULHPHU
FRQVW
PD[
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
SSROH
LLQGH[
VLQWHJHU
WWH[W)LOH
EHJLQ
$VVLJQ)LOHW
5HVHWW
IRUL WRPD[GRUHDGS>L@
&ORVH)LOHW
$VVLJQ)LOHW
5HZULWHW
V
IRUL WRPD[GRLQFVS>L@
ZULWHOQW
3ULHPHU
VPD[
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
IRUL WRPD[GR
LIS>L@VPD[WKHQZULWHOQWS>L@
32'
HOVHLIS>L@!VPD[WKHQZULWHOQWS>L@
1$'
HOVHZULWHOQWS>L@
35,(0(5
&ORVH)LOHW
HQG
NUDMLHE\ERORQDPLHVWRS>L@VPD[WHVWRYDS>L@
PD[V
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
3UtNODG1DStWHSURFHG~UXSUHVXQNWRUiSUHV~YDSUYN\SRDEGRSRDD
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
W\SRPIRUPiOQ\FKSDUDPHWURYPXVtE\LGHQWLILNiWRUW\SX
EHJLQ
D E
HQG
WUHEDVLXYHGRPLUR]GLHOPHG]LSUHPHQQPDKRGQRWRYPIRUPiOQ\PSDUDPHWURP
P{HPHY\XLDMFRQVWSDUDPHWUHWMSUtVWXSLEDQDtWDQLHQHUREtVD]E\WRQHGXSOLNiWSDUDPHWHUE
E\PDOE\UDGHMW\SXFRQVW
W\SSROHP{HE\DMYVOHGNRPIXQNFLHW\SIXQNFLHPXVtE\YG\]DGDQLGHQWLILNiWRURPW\SX
WDQGDUGQpIXQNFLHORZDKLJKVSDUDPHWURPLGHQWLILNiWRUW\SXSROHDOHERSUHPHQQiW\SXSROHYUiWLD
GROQ~DOHERKRUQ~KUDQLFXLQGH[XSRD
QHVN{UXYLGtPHDMSDUDPHWUHW\SXRWYRUHQpSROHRSHQDUUD\
1DStHPHSURJUDPNWRU
QiKRGQHJHQHUXMHGRSRD;SUYN\]LQWHUYDOXPD[LPXP
Y\StHSROH;
SUHVXQLHSROH;GRSRD<DY\StHSROH<
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
FRQVW
PD[
W\SH
SROH DUUD\>PD[@RILQWHJHU
SURFHGXUHY\SLVYDUW7H[W)LOHFRQVWSSROH
YDULLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGRZULWHWS>L@
ZULWHOQW
HQG
SURFHGXUHSUHVXQYDUDSROHFRQVWESROH
EHJLQ
D E
HQG
YDU
[\SROH
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HZULWHW
UDQGRPL]H
[ Y\UREBQDKRGQH
Y\SLVW[
SUHVXQ\[
Y\SLVW\
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
FLVODW[W
HQG
&K\EQpSRXLWLHW\SRY
SURFHGXUHDEDUUD\>@RIFKDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
W\SIRUPiOQHKRSDUDPHWUDEQLHMHLGHQWLILNiWRU
SURFHGXUH[\
W\SIRUPiOQHKRSDUDPHWUD\QLHMHLGHQWLILNiWRU
IXQFWLRQI]FKDUDUUD\>@RIFKDU
W\SIXQNFLHPXVtE\]DGDQLGHQWLILNiWRURPW\SX
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
SROLD]QDNRYGR]QDNRYMHPRQpY\StVDSRPRFRXZULWHOQ
YDUVSROH
EHJLQ
V
DEFGHIJKLM
SRYROHQpSULUDGHQLHSUHVQHMGN\DNRMHGHNODURYDQi
LQDN7\SHPLVPDWFKQDSUV
DEF
ZULWHOQWVSRYROHQYSLVSRPRFRXZULWHWLGHQWLILNiWRU
HQG
SROH]QDNRYVDQHGiQDUD]FHOpQDtWDSRPRFRXUHDG
YQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJDSRWRPUHDGYLH
QDLWiYDVWULQJ\NWRUpDNV~NUDWLHXNRQLDVD
=QDNRYpUHD]FH
Y7XUER3DVFDOHEROUHD]FRYW\S
VWULQJ>1@ DUUD\>1@RIFKDU
FHORtVHOQiNRQWDQWDR]QDXM~FDPD[LPiOQXGNXUHD]FD GND 1
1PRKORE\PD[LPiOQH
Y'HOSKL3DVFDOHMHY\OHSHQLH
VWULQJ DUUD\>PD[,QW@RIFKDUQDR]DMQHSODWtWRWRSULUDGHQLH
3DVFDOVLXFKRYiYDQLHYEDMWHDNRY7XUER3DVFDOHPRPHQWiOQXGNXEDMW\WMUHD]FHP{X
E\WHRUHWLFN\GOKpGRJLJDYVNXWRQRVWLOHQQLHNRNRVWRPHJD]iYLVtWRRG:LQGRZV
WDQGDUGQiIXQNFLD/HQJWKYUiWLPRPHQWiOQXGNXQLHY\KUDGHQpPLHVWRUHD]FD
3DVFDOWDNpWRUHD]FHLQWHUSUHWXMHSHFLiOQ\PVS{VRERPSUHGSRNODGiPHHYDUVVWULQJ
SUi]GQ\UHD]HF
V
UHD]HFQXORYHMGN\OHQJWKV
SULUDGHQLHNUDWtFKUHD]FRY
V
DEF
V>@
D
V>@
E
V>@
F
DOHQJWKV
GiVDSRXLDM
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
QDSU
DEF
!
$%&
MDQD
MDQR
^OH[LNRJUDILFNpXVSRULDGDQLH`
]UHD]HQLHUHD]FRY
MHSRO\PRUIQRSHUiWRU]iYLVtRGW\SXRSHUDQGRY
QDSU
V
DEF
GHI
V
DEFGHI
V
IRUL WRGRV V
V
SULSULUDRYDQt DNMHDYiVWUDQDNUDWLDDNRSUDYiWDNVDUHD]HFRUHH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYVOHGQpV
DEFGHIJKLM
/HQJWKUHD]HF
WiWRIXQNFLDYUDFLDPRPHQWiOQXGNXUHD]FD
6HW/HQJWKUHD]FRYiBSUHPHQQiGND
WiWRSURFHG~UDQDVWDYtGNXUHD]FD
QHVPLHSUHVLDKQXGHNODURYDQpPD[LPXP
DNMHPHQLDDNRPRPHQWiOQDGND]QDN\QDNRQFLVDVWUiFDM~
&RS\UHD]HFRGNRNR
YUDFLDQRYUHD]HFSRGUHD]HFS{YRGQpKR
DNMHRGPLPRUR]VDKXYUiWLSUi]GQ\UHD]HFWM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
DNSRWUHEXMHPHSRGUHD]HFRGQHMDNpKRLQGH[XDGRNRQFDQHPXVtPHY\SRtWDSUHVQSRHWDOH
P{HPHSRXLNRQWDQWXPD[,QWQDSU
V FRS\
DEFGH
PD[,QW
3RVSRGUHD]HFUHD]HF
YUDFLD]DLDWRQLQGH[SUYpKRYVN\WXSRGUHD]FDYUHD]FLDOHERDNVDYUHD]FLSRGUHD]HF
QHQDFKiG]DQDSU
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
3ROLDNRU\WQDLHN
3UtNODG3URJUDPY\JHQHUXMH1NRU\WQDLHNURYQRPHUQHQD[RYHMRVLVU{]Q\PLSRLDWRQPL
VPHUPLQDWRHQLD
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
LL
N>L@XND]
HQG
IRUM WRGR
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
HQG
3R]QiPND
QRYSDVFDORYVNSUtND]ZLWKYRYQ~WULNWRUpKRVDSUDFXMHVGDQRXNRU\WQDNRX
RVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
,QpSUtNODG\
SUHNRU\WQDLHNMHWRYHPLSRPDOpOHERREUD]RYNDVDSUHNUHVXMHSRNDGHM]PHQHNDGHMMHGQHM
NRU\WQDN\
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GREHJLQ
XND]SK
HQG
HQG
ZKLOHWUXHGR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
HQG
P{HPHWRXUFKOLSRXLWtPNRU\WQDHMSURFHG~U\1DUD]NWRUiSUHSQHNRU\WQDLXJUDILNXGRUHLPXY
NWRURPVDREUD]RYNDSUHNUHVOtDSULQDVOHGRYQRP]DYRODQtWHMWRSURFHG~U\PHG]LYRODQLDPL1DUD]VD
VNRURQLQHSUHNUHVXMHDWHGDVDYVOHGRNY\NUHVOtYHPLUFKOR
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
1DUD]
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GREHJLQ
XND]SK
HQG
HQG
1DUD]
ZKLOHWUXHGREHJLQ
IRUL WRQGRZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
1DUD]
HQG
HQG
3UtNODGNRU\WQDN\NPLWDM~KRUHGROXU{]QRXUFKORVRX
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
1DUD]
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GREHJLQ
XND]SK
HQG
HQG
1DUD]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
ZKLOHWUXHGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXLFKRGLDVR]GYLKQXWPSHURP
LIDEV\VXU!WKHQEHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
YSUDYR
HQG
HQG
1DUD]
HQG
HQG
Y\OHSHQpNPLWDQLHYHWN\NRU\WQDN\V~VWiOHRWRHQpQDVHYHU
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
VDUUD\>Q@RIUHDO
EHJLQ
1DUD]
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GREHJLQ
XND]SK
V>L@ L
=PHQ+UXENX7YDUX
HQG
HQG
ZKLOHWUXHGREHJLQ
1DUD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXV>L@
LIDEV\VXU!WKHQEHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
V>L@ V>L@HORPY]DG
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMJBB[OBLPWSFB[DF
HQG
3R]QYHWN\NRU\WQDN\V~VWiOHQDWRHQpQDVHYHUSUHWRVLYV>L@PXVtPHSDPlWDVPHUMD]G\
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SUHGQiND
3UiFDVUHD]FDPLYLDFUR]PHUQp
SROLD
3RGSURJUDP\QDUHD]FRFK
3URJUDP]LVWtSRHWYHWNFKYVN\WRYSRGUHD]FDYUHD]FL
YDU
VSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM0D[,QW
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3UtNODG9HWN\YVN\W\]QDNX
QDKUD
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL0D[,QW
XQWLOL
1'
Y\ULHWHDMSUHSUtSDGHYHWN\YVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXQHQDKUiG]D
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
]DSLVXMHPHQRWQDVLHO
SULUDGHQLHQDVLHO S FRS\V5HVXOWOHQJWKS]DLDWRQtFLV~QLHNHG\VFKRSQt
]DStVD
SR]tFLHRG
SURFHGXUHGHOHWHYDUVVWULQJRGNRONRLQWHJHU
EHJLQ
V FRS\VRGFRS\VRGNRONR0D[,QW
HQG
LQVHUWFRVRG!YORtSRGUHD]HFFRGRUHD]FDVRG]DGDQHMSR]tFLHRG
SURFHGXUHLQVHUWFRQVWFRVWULQJYDUVVWULQJRGLQWHJHU
EHJLQ
V FRS\VRGFRFRS\VRG0D[,QW
HQG
VWUtVORV!]PHQDtVODQDUHD]HF
QDSU
VWUV!V
VWUV!V
VWUV!V
VWUV!V
QDD]MHGQRGXHQiYHU]LD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
YDOVFLVORRN!]PHQDUHD]FDQDtVOR
QDSU
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
QDD]MHGQRGXHQiYHU]LD
SURFHGXUHYDOFRQVWVVWULQJYDULRNLQWHJHU
YDU
SLQWHJHU
]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GREHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'
SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHtVOD
3UtNODG=DNDG]QDNYUHD]FLSULGDM
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
IRUL WROHQJWKVGR5HVXOW 5HVXOWV>L@
HQG
1'
1DStWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHD]FLPDOpStVPHQiQDYHNp
1DStWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHD]HFQDXGDQ~tUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
1DStWHIXQNFLXNWRUiSUHYVWXSQUHD]HFVGYRPDVORYDPLRGGHOHQPLPHG]HURXY\WYRUtUHD]HF
NWRUPiWLHWRVORYiYRSDQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
'HOSKLPiSUHGGHILQRYDQpWLHWRXLWRQpIXQNFLHYSURJUDPHPXVtE\XVHV6\V8WLOV
IXQFWLRQ8SSHU&DVHFRQVW6VWULQJVWULQJ
IXQFWLRQ/RZHU&DVHFRQVW6VWULQJVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
RSODWtVDVQLPL]R]QiPLDSRXtYDLFKP{HWHVLLFKFYLQHQDSURJUDPRYDDMVDPLDNR1'
7LH'HOSKLSRQ~NDWLHWRIXQNFLHQDSUiFXVRV~ERUPL
WLHWRIXQNFLHYUDFDM~WUXHDNSUHEHKOLEH]FK\E\DNQiVFK\EQYVOHGRNQH]DXMtPDP{HPHWLHWRIXQNFLH
YRODDNRNHE\WREROLSURFHG~U\
7H[WRYiSORFKD
(WHVDYUiWLPHNXNRPSRQHQWXWH[WRYiSORFKD70HPR8SR]QiPHPHWyG\
0HPR/LQHV&OHDUY\LVWtYHWN\ULDGN\
0HPR/LQHV$GG
QHMDNWH[W
SULGiDOtULDGRNVGDQPWH[WRPQDNRQLHF
0HPR/LQHV/RDG)URP)LOH
PHQRBV~ERUX
REVDKSORFK\QDKUDGtREVDKRP]DGDQpKR
V~ERUX
0HPR/LQHV6WULQJV>@
PPPPPP
]PHQtPHNDGULDGRNWH[WRYHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WR0HPR/LQHV&RXQWGR
0HPR/LQHV6WULQJV>L@
0HPR/LQHV6WULQJV>L@
!
HQG
ORJLFNiVWDYRYiSUHPHQQi0HPR5HDG2QO\VO~LQDWRDE\VPHSRXtYDWHRYLPRKOL
SRYROL]DNi]D]DSLVRYDGRWH[WRYHMSORFK\QDSU0HPR5HDG2QO\ IDOVH]DNiH
SRXtYDWHRYLPRGLILNRYDSORFKXSRPRFRXNOiYHVQLFHDP\LSUtND]PL]SURJUDPXMHWRVWiOH
GRYROHQp
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
9LDFUR]PHUQpSROLD
=RYHREHFQtPHSROLDSUYNDPLSRDP{HE\RSlSROHDNMHSUYNRPMHGQRUR]PHUQpSROHWDNYVOHGQW\S
MHGYRMUR]PHUQpSROH
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHX]DSOQHQp1DStWHSURJUDPNWRUSUHVXQLH
SUYULDGRNGRGUXKpKRGUXKGRWUHWLHKRDWDSRVOHGQGRSUYpKRPRWLYiFLDURORYDQLH
REUi]NXDNRYRVYHWHOQFKQRYLQiFK
1DMSUYQLHSHNQpULHHQLH
YDU
DDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
]DSOQHQLHSRD
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]NUDMLH
W\SH
ULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDU
DSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
3UtNODG3URJUDP]LVXMHLMHGYRMUR]PHUQpSROHV\PHWULFNpSRGDKODYQHMGLDJRQiO\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
FRQVW
1
W\SH
SROH DUUD\>11@RILQWHJHU
YDU
DSROH
LMLQWHJHU
RNERROHDQ
LQLFLDOL]iFLDSRD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQEHJLQ
RN IDOVH
JRWRYRQMHWRDEVRO~WQH]DNi]DQp
HQG
YRQ
LIRNWKHQMHV\PHWULFNi
VSUiYQHULHHQLH
RN WUXHL
ZKLOHRNDQGL 1GREHJLQ
M
ZKLOHRNDQGMLGREHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
.RStUXMHPHDPRGLILNXMHPHREUi]N\
$E\VDQiPOHSLHQDWUpQRYDODSUiFDVGYRMUR]PHUQPSRRPY\WYRUtPHVLY'HOSKLQRYSURMHNWYNWRURP
EXG~GYHJUDILFNpSORFK\'RSUYHMQDtWDPH]QHMDNpKRV~ERUXELWPDSXDW~WRSRWRPSUHNRStUXMHPHGR
GUXKHMSORFK\3ULNRStURYDQtMXP{HPHU{]QHPHQLSUtSDGQHPHQLVS{VRE\NRStURYDQLD6REUi]NDPL
EXGHPHSUDFRYDDNRVGYRMUR]PHUQPSRRPSULRPSUYLQGH[SRDEXGHY\MDGURYD[RY~V~UDGQLFX
IDUHEQHMERGN\SL[HO%RGN\tVOXMHPHRGGRtUND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
1DMSUYVLSULSUDYPHQRYSURMHNWGRIRUPXOiUXYORtPHGYHJUDILFNpSORFK\,PDJHXSUDYtPHLP
UR]PHU\DE\EROLURYQDNRYHNpSULEOLQH[
GRIRUPXOiUXYORtPHQLHNRNRWODLGLHOSRVWXSQHLPEXGHPHSULUDRYDU{]QHIXQNFLH
GYRMNOLNQXWtPQDSUtVOXQpWODLGORIRUPXOiUWHUD]Y\]HUiQHMDNRWDNWR
SURMHNWXORtPHGRQHMDNpKRDGUHViUDQDGLVNXDWLHVHPSUHNRStUXMHPHQLHNRNRREUi]NRYV~ERURYV
SUtSRQRX%03P{HWHVLVWLDKQXWLHWRV~ERU\REUD]N\]LS
GYRMNOLNQHPHQD%XWWRQDSULUDGtPHPXDNFLXQDtWDQLHELWPDS\QDSUWLJHUEPSGRSUYHMJUDILFNHM
SORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
SRGREQHP{HPHWODLGOX%XWWRQSULUDGLQHMDN~LQ~ELWPDSX
WODLGOR%XWWRQEXGHVO~LQDNRStURYDQLHREUi]ND],PDJHGRSORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGR
J3L[HOV>[\@ J3L[HOV>[\@
,PDJH5HSDLQW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
HQG
HQG
,PDJH5HSDLQWSUHNUHVOtGUXK~JUDILFN~SORFKXSRSUHNRStURYDQtNDGpKRULDGNDLQDNE\VD]REUD]LOD
D]iYHUHQi]PHQD
DOtYDULDQWVDKUiVIDUEDPLFH]LFKSRORN\5*%
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
UJEE\WH
F7&RORU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGREHJLQ
F J3L[HOV>[\@
U *HW59DOXHFJ *HW*9DOXHFE *HW%9DOXHF
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
IXQNFLD*HW59DOXHYUDFLDHUYHQ~]ORNX]IDUE\
DOHMP{HPHQDStVDSURFHG~UXNWRUiVD]DYROiYG\NHSRKQHPHNXU]RURPP\LQDGSORFKRX
,PDJHQHFKWiWRSURFHG~UDSUHNRStUXMHOHQMHGQXERGNX],PDJHDWRSUHVQH]SR]tFLHP\L
QDMSUYYRIRUPXOiULRVHOHNWXMHPH,PDJHVWDtMHGQRGXFKNOLNSRWRPY,QSHNWRUH2EMHNWRY)
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SULSUDYtVDSURFHG~UD7)RUP,PDJH0RXVH0RYHGRNWRUHMQDStHPH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
JJ7&DQYDV
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
J3L[HOV>[\@ J3L[HOV>[\@
HQG
SULRP;D<V~V~UDGQLFHERGXQDGNWRUPVDQDFKiG]DNXU]RUP\L
SURFHG~UXY\OHStPHWDNHVDSUHNRStUXMHDMPDOpRNROLHERGX[\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
FRQVW
G
YDU
JJ7&DQYDV
LMLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRUL GWRGGR
IRUM GWRGGR
J3L[HOV>[L\M@ J3L[HOV>[L\M@
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
Y,QSHNWRUH2EMHNWRYP{HPHMHGQRGXFKR]PHQLDMSRSLV\WODLGLHOQDSUWDNWRYRIRUPXOiUL
NOLNQHPHQD%XWWRQWPVDRVHOHNWXMHYLQSHNWRUHSUHSQHPH]iORNX3URSHUWLHVD]PHQtPH
SUDY~DVULDGND&DSWLRQQDXERYRQWH[WQDSU7LJHU
1'
SULNRStURYDQtSL[HORYP{HWHSRV~YDQDSU]DLDWN\ULDGNRYRQHMDN~IXQNFLXVLQ
REUi]N\P{HPHSUHNOiSDSRGDU{]Q\FKRVt
REUi]RNVDGi]YlRYD]PHQRYDUHVSNRStURYDYLDFNUiWQDU{]QHSR]tFLHYQHMDNHMDVWL
]DKXVRYDDSRG
MH]DXMtPDYpSRKUDVDVIDUEDPLURELU{]QHMDV\VWPDYRYDREUi]RNNXRNUDMRPSORFK\]YUD]RYD
OHQQHMDN~IDUHEQ~]ORNXQDSUGR]HOHQD
]REUi]NDSUHNRStURYDOHQWLHSL[HO\NWRUpV~RGQHMDNpKRERGXQDSUQLHDOHMDNRQDSU
RVWDWQpSL[HO\]DIDUELQDELHOR
RWRLREUi]RN,PDJHRVWXSRYSULRPQHSRXLMHWH,PDJHDQLLQ7,PDJHDDQLLQ~GiWRY~
WUXNW~UXQDSUSRPRFQpSROH
3UtNODGVNRU\WQDNRXDHGLWRYDFtPULDGNRP
NRPSRQHQW(GLW]RWDQGDUGQHMSDOHW\NRPSRQHQWRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
QDSURJUDPXMHPHWDNpWRVSUiYDQLH
YJUDILFNHMSORFKHEXGHNRU\WQDNDDW~WREXGHPHULDGLSUtND]PLNWRUpVD]DSLVXM~GR
HGLWRYDFLHKRULDGND
Y,QSHNWRUHREMHNWRYVDQDVWDYtPHQDNRPSRQHQW(GLWSUHSQHPH8GDORVWL(YHQWVD
GYRMNOLNQHPH2Q.H\3UHVVY\WYRUtVDPHWyGD(GLW.H\3UHVVWiWRPHWyGDVD]DYROiYG\NH
VDEXGHQLHR]DSLVRYDGRHGLWRYDFLHKRULDGNDQiVYDNEXGH]DXMtPDOHQNOiYHV(QWHU!
SURJUDPEXGHUR]SR]QiYDW~WRPQRLQXSUtND]RY
GRSUHGXYODYRYSUDYRSKSG]PHQIS]PHQKS
SDUDPHWHUSUtND]XMHRGQHKRRGGHOHQDVSRMHGQRXPHG]HURX
(GLW7H[WMHPRPHQWiOQ\REVDKHGLWRYDFLHKRULDGND
WDQGDUGQiIXQNFLD6WU7R,QW'HISUHYHGLHUHD]HFQDtVORDDNUHD]HFQLHMHVSUiYQH]DGDQpFHOp
tVORWDNYUiWLGUXKSDUDPHWHUIXQNFLH
SRPRFRXFRQVWP{HPHGHILQRYDDMSROHNRQWiQW]DLGHQWLILNiWRUNRQWDQW\QDStHPH
GHILQtFLXSRDD]DURYQtWNRGR]iWYRULHNSRVWXSQHY\PHQXMHPHYHWN\NRQWDQW\
SURJUDP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
YDUN.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
1DVWDY3ORFKX)RUP,PDJH
N .RU&UHDWHN8ND]
(GLW7H[W
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
FRQVWWDEDUUD\>@RIVWULQJ
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDU
VVWULQJ
LSLQWHJHU
EHJLQ
LI.H\ WKHQEHJLQ
V (GLW7H[W
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V FRS\VL
L KLJKWDEZKLOHL! ORZWDEDQGWDE>L@!VGRGHFL
ZLWKNGR
FDVHLRI
GRSUHGXS
YODYRS
YSUDYRS
SK
SG
]PHQISS
]PHQKSS
HQG
(GLW7H[W
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
SUHGQiND
7\S]i]QDPWDEXN\
Y\KDGiYDQLH
7\S]i]QDPUHFRUG
=i]QDP
SROH QWLFDSRORLHNNWRUpPXVLDE\URYQDNpKRW\SX
]i]QDP QWLFDSUHPHQQFKQHPXVLDE\URYQDNpKRW\SX
SUHPHQQiW\SX]i]QDPVDVNODGi]RVYRMLFKV~NURPQFKSUHPHQQFK
SUtVWXSSRPRFRXPHQDSRORN\VHOHNWRU
VFHOP]i]QDPRPQLHMHSRYROHQDQLYVWXSDQLYVWXSOHQSRSRORNiFK
SULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
P{XE\SRXLWpDNRSDUDPHWUHSURFHG~UUHVSYVOHGRNIXQNFLH
QDSU
W\SH
]D]QDP UHFRUG
PHQRDUUD\>@RIFKDUEDMWRY
URFQLNEDMW
SULHPHUUHDOEDMWRY
HQG
YSDPlWLV~SRORN\XORHQpWHVQH]DVHERX
PHQR URFQLN SULHPHU
DSUDFXMHPHVQLPLWDNWR
YDU]]D]QDP
EHJLQ
]PHQR
-DQ+UDVNR
]URFQLN
]SULHPHU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
3RPRFRX]i]QDPXUHSUH]HQWXMHPHYHNWRUDNRGYRMLFXtVHOV~UDGQtF
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR/LQHV&OHDU
0HPR/LQHV$GG
=DGDMYHNWRU
0HPR/LQHV$GG
"""
0HPR/LQHV$GG
=DGDMXKRO
0HPR/LQHV$GG
"""
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
W\SH
YHNWRU UHFRUG[\UHDOHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
HQG
YDU
YYYHNWRU
UUHDO
EHJLQ
Y 6WU7R9HNWRU0HPR/LQHV6WULQJV>@
0HPR/LQHV$GG
0HPR/LQHV$GG
YHNWRU
YHNWRU7R6WUY
0HPR/LQHV$GG
GO]ND
)ORDW7R6WUGO]NDY
1'
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlRYDQLH]PHQRYDQLHVNDOiUQ\V~LQ]LVWHQLHXKOD
PHG]LGYRPDYHNWRUPLDSRG
3RVWXSQHEXGHPHULHLWDNWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNpLQIRUPiFLHRPHVWiFKQD
PDSH=DWLDQiV]DXMtPDM~OHQSUYpWULKRGQRW\]NDGpKRULDGNXDWRPHQRUHD]HFXNRQHQ
D
V~UDGQLFH[D\QDREUD]RYNH1DMSUYQDtWDPHWLHWRLQIRUPiFLHGRSRD
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
HQG
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
QLLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGREHJLQ
LQFQ
S>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
HQG
1'
RNUHPPHQDDV~UDGQtFMHYNDGRPULDGNXV~ERUXDMLQIRUPiFLDRSRWHRE\YDWHRYDtVHOQNyGWiWX
DOLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDN\QDSR]tFLiFKPLHVWY\StHPHNXQLPLFKPHQiDEXGHPH
RDNiYD]DGiYDQLHGYRMtFPLHVWDNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHLDURX
1DNRNREXGHPHDOHMKDGDLQIRUPiFLHRPHVWHSRGDMHKRPHQDQDStHPHVLSRPRFQ~IXQNFLXQD
KDGDQLHYUiWLEXLQGH[GRSRDDOHERDNKRYSROLQHQiMGH
IXQFWLRQKODGDMFRQVWPVWULQJLQWHJHU
EHJLQ
5HVXOW Q
ZKLOH5HVXOW!DQGS>5HVXOW@PHQR!PGRGHF5HVXOW
HQG
WHUD]NRPSOHWQSURJUDPYRIRUPXOiULMH,PDJH%XWWRQ(GLWD0HPR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
QLQWHJHUSRHWSUYNRYWDEXN\
YDU
NDUUD\>PD[@RI.RU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGREHJLQ
LQFQ
S>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
IRUL WRQGREHJLQ
ZLWKS>L@GRN>L@ .RU&UHDWH[\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W(GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKN>L@GREHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
HQG
3URJUDPWURFKXY\OHStPHQDNRNRSROLDSDNDSUHPHQQiQSRHWSUYNRYVSROXV~YLVLDY\WYRUtPH]
QLFKMHGLQ~GiWRY~WUXNW~UXWDEXNX
FRQVW
PD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RI.RU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
EHJLQ
ZLWK5HVXOWGREHJLQ
PHQR
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
EHJLQ
ZLWKWDEGREHJLQ
LQFSRFHW
S>SRFHW@ SS
HQG
HQG
YDU
WDEWDEXOND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
LLQWHJHU
EHJLQ
WDESRFHW LQLFLDOL]iFLDWDEXN\
$VVLJQ)LOHW
PHVWDW[W
5HVHWW
ZKLOHQRW6HHN(RIWGR
]DUDGWDE&LWDM5LDGRNW
&ORVH)LOHW
IRUL WRWDESRFHWGR
ZLWKWDES>L@GREHJLQN>L@WXHWHQHH[LVWXMH
N>L@ .RU&UHDWH[\
ZLWKN>L@GREHJLQXND]SLVPHQRHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
HQG
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKWDEN>L@GREHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
(GLW6HO6WDUW
(GLW6HO/HQJWK /HQJWKV
HQG
-HYHPLG{OHLWpVSUiYQHFKiSDDDMSRXtYDSUtND]ZLWK
1'
MHGQpKRtVODRGPHULDPHNRNRWUYiKDGDQtDY\StVDQYVOHGRNSRWRPY\GHOtPH
P{HWHSRXLIXQNFLX1RZDSURFHG~UX'HFRGH7LPHQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
YDU
FDV7'DWH7LPH
EHJLQ
FDV 1RZ]DSDPlWiVLPRPHQWiOQ\DV
WHVWRYDQiDVSURJUDPX
0HPR/LQHV$GG&DV7R6WU1RZFDVY\StHDVWUYDQLD
WHVWX
HQG
H[LVWXMHDMSRGREQiIXQNFLD7LPH7R6WUSRH[SHULPHQWXMWHVRX
+DGDQLHLQIRUPiFLtYWDEXNH
$OJRULWPXVKDGDQLDP{HPHY\OHSLDNEXGHPHSUHGSRNODGDHWDEXNDMHY]RVWXSQHXWULHGHQi
DEHFHGQHOH[LNRJUDILFN\
IXQFWLRQKODGDMFRQVWWDEWDEXONDFRQVWPVWULQJLQWHJHU
EHJLQ
5HVXOW
ZKLOH5HVXOW WDESRFHWDQGWDES>5HVXOW@PHQRPGR
LQF5HVXOW
LI5HVXOW!WDESRFHWRUWDES>5HVXOW@PHQR!PWKHQ
5HVXOW
HQG
]LVWLWHREXGHIXQNFLDKODGDMY\KDGiYDDN]QHMY\KRGtPHSRGLDUNQXW~DV
GiVDQDSURJUDPRYDDMLQDN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
3UHGSRNODGDOLVPHHWDEXNDMHXWULHGHQiP{HPHRSUDYLSURFHG~UX]DUDGQDSUWDNWR
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
YDULLQWHJHU
EHJLQ
ZLWKWDEGREHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGREHJLQ
S>L@ S>L@
GHFL
HQG
S>L@ SS
LQFSRFHW
HQG
HQG
YQ~WRUQZKLOHF\NOXVSRVXQLHSUYN\WDEXN\WDNDE\VDQRYiSRORNDPRKOD]DVXQ~QDVSUiYQHPLHVWR
]UHMPHSUHGSRNODGiPHH]DUDRYDQSUYRNVDHWHYWDEXNHQHQDFKiG]D
%LQiUQHY\KDGiYDQLH
1DXtPHVDQRYW\SDOJRULWPXELQiUQHY\KDGiYDQLHSRGREQDNRNHKDGiPHYWHOHIyQQRP
]R]QDPH
RWYRUtPHYVWUHGH]R]QDPXDNMHKDGDQpVORYRYDEHFHGHVN{UDNRVORYRYVWUHGHWDNEXGHPH
SRNUDRYDYSUHGQHMSRORYLFL]R]QDPXLQDNYGUXKHMSRORYLFL
RSlYRY\EUDQHMSRORYLFL]R]QDPXVDSR]ULHPHGRMHKRVWUHGXDSRURYQiPHVKDGDQPVORYRP
WDNWREXGHPHSRVWXSQHKDGDYPHQRPDPHQRP~VHNX]R]QDPXDNPQHQDUD]tPHQD
KDGDQpVORYR
WUHEDVL]DSDPlWDHWRIXQJXMHOHQDNMHSROHWDEXNDXWULHGHQi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB5ZQ[[OBN
UBCVLZ
WZIBEWBOJF
DOHER
1'
SRGREQHDNRSUHGWPRWHVWXMWHSULHPHUQDVQiMGHQLDSUYNX
SRN~VWHVDPDWHPDWLFN\Y\SRtWDPD[LPiOQ\DVQDQiMGHQLHUHVSQD]LVWHQLHHVDWDPSUYRN
QHQDFKiG]D
YSUHGFKiG]DM~FRPSUtNODGHVPHVWDPLY\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXN\GDQpPHVWR
]DFKRYiVDY]RVWXSQpXVSRULDGDQLHWDEXN\
DOHMY\WYRUWHY\KRGNWRUiY\KRGt]WDEXN\YHWN\PHVWiPHG]LPDPYOH[LNRJUDILFNRP
XVSRULDGDQt
SUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDLHOSRPRFRXELQiUQHKRY\KDGiYDQLD
WMQDPHQHMSRURYQDQtDDSRWRPWDEXNXSRVXQXODWHGDY\WYRULOYRQpPLHVWRSUHQRYpPHVWR
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
9. prednka: Vymenovan typ, typ mnoina, skener
SUHGQiND
9\PHQRYDQW\SPQRLQD
VNHQHU
9\PHQRYDQW\S
MHRUGLQiOQ\W\SNWRUGHILQXMHPHY\PHQRYDQtPYHWNFKSUtSXVWQFKKRGQ{WGDQpKRW\SX
Y\PHQRYDQpKRGQRW\V~LGHQWLILNiWRU\NRQWiQWLFKRUGLQiOQHKRGQRW\V~tVODRGGRSRHW
XNiND
W\SH
W\]GHQ SRQXWRVWUVWYSLDVREQHG
]iURYHVD]DGHILQRYDORNRQWiQWDNRNHE\
FRQVWSRQ XWR
YDU
GW\]GHQ
EHJLQ
G SRQ
G SUHGSLDG VWY
G VXFFVREG QHG
G XWR
LQFGG VWU
LQFGG VRE
L RUGSRQ
L SUYiNRQWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX
L RUGXWRL
G W\]GHQ
G SLDLGHQWLILNiWRUW\SXVDGiSRXLDNRIXQNFLD
G ORZW\]GHQG SRQ
G KLJKGG QHGMHWRNDUHGp
SUiFDVY\PHQRYDQPW\SRPHQXPHUDWHGW\SH
MHWRRUGLQiOQ\W\SIXQJXM~RUGSUHGVXFFORZKLJKLQFGHF
P{HPHKRSRXLDNRLQGH[SUYNRYSRD
DMW\SERROHDQMHY\PHQRYDQW\SWMDNRNHE\W\SHERROHDQ IDOVHWUXH
Y\PHQRYDQW\SVDQHGiY\StVDDQLQDtWD
QDtWDQLHY\PHQRYDQpKRW\SXSRPRFRXSRDPLHQNRQWiQW
FRQVW
DDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDU
VVWULQJ
V (GLW7H[W
G ORZW\]GHQ
ZKLOHGKLJKW\]GHQDQGD>G@!VGRLQFG
LID>G@!VWKHQ]DSLV
FK\ED
Y\PHQRYDQW\SVPHXSRXtYDOLQDSUQDVOHGRYQpW\S\V~XSUHGGHILQRYDQp
W\SH
73HQ6W\OH SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
SV&OHDUSV,QVLGH)UDPH
7%UXVK6W\OH EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
EV)'LDJRQDOEV%'LDJRQDOEV&URVV
EV'LDJ&URVV
DP\VPHPRKOLStVD
J3HQ6W\OH SV'DVK
J%UXVK6W\OH EV9HUWLFDO
9QDVOHGXM~FRPSUtNODGHIXQNFLDSRURYQDMYUiWLMHGQX]KRGQ{WY\PHQRYDQpKRW\SXPHQVLURYQ\
YDFVLSRGDWRKRYDNHMUHOiFLLV~GYDUHD]FH
W\SH
SRU PHQVLURYQ\YDFVL
7\SPQRLQD
W\SH
P VHWRI
YDU
DEP
SUiFDVW\SRPPQRLQD
PQRLQRYpNRQWDQW\>@>@>@>@>@
RSHUiFLH
]MHGQRWHQLHD DE
SULHQLND D >@
UR]GLHOD E>@
SUtVOXQRVSUYNXLILQDWKHQ
UHOiFLH
URYQRVQHURYQRVLID EWKHQLIF!>@WKHQ
3UtNODG\
YDU
]FKDU
LI]LQ>
$
=
D
]
@WKHQ
LIQRW]LQ>
@WKHQ
WHVWRYDQLHRGSRYHGHiQRQLH
FRQVW
DQR >
D
$
\
<
@QLH >
Q
1
@
V (GLW7H[W
LIV!
YDU
[VHWRI
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
QDPQRLQiFKQHIXQJXMHZULWHY\SLVXMHPHLFKSRPRFRXF\NOX
W\SH
ED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVFRQVWPPQR]LQD
YDU
LED]D
VVWULQJ
EHJLQ
V
>
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQV V,QW7R6WUL
0HPR/LQHV$GGV
@
HQG
YSLVSUYNRYPQRLQ\GRV~ERUXWDNDE\VDQDNRQFLQHY\SLVRYDODLDUND
SURFHGXUHY\SLVFRQVWW7H[W)LOHFRQVWPPQR]LQD
YDU
LED]D
EHJLQ
ZULWHW
>
E IDOVH
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ
EHJLQ
LIEWKHQZULWHW
ZULWHWLE WUXH
HQG
ZULWHW
@
HQG
1'
Y\SLVRYDQLHPQRLQ\DMVLQWHUYDOPLQDSU>@
tWDQLHPQRLQ\]RYVWXSXQDYVWXSHP{XE\DMLQWHUYDO\
1DStHPHSURJUDPNWRU]WH[WRYpKRV~ERUX678'7;7QDtWDPHQiWXGHQWRYWXGHQWRYMHPHQHMDNR
LFKSULHPHUQp]QiPN\DLQIRUPiFLXRWRPLWXGHQWGRVWDODOHERQHGRVWDOLQWHUQiWYWYDUHDOHER3URJUDP
SRWRPY\StH
DYHWNFKWXGHQWRY
EGREUFKWXGHQWRYSULHPHUGRNWRUtPDM~LQWHUQiW
FGREUFKWXGHQWRYNWRUtQHPDM~LQWHUQiW
W\SH
ED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
SURFHGXUHFLWDM7DEYDUWWDEYDUQLQWHJHU
YDU
I7H[W)LOH
EELQWHJHU
]FKDU
EHJLQ
$VVLJQ)LOHI
VWXGW[W
5HVHWI
Q
ZKLOHQRWVHHNHRIIGREHJLQ
LQFQ
ZLWKW>Q@GREHJLQ
PHQR
UHSHDWUHDGI]LI]!
WKHQPHQR PHQR]XQWLO]
UHDGOQI]QEE
LQWHU EE
HQG
HQG
&ORVH)LOHI
HQG
SURFHGXUHY\SLVFRQVWWWDEPPQ
YDU
LED]D
EHJLQ
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ0HPR/LQHV$GGW>L@PHQR
HQG
YDU
WWDE
DEPQDLQGH[\GRWDEXN\WSUHNWRUFK]Q
ELQGH[\GRWDEXN\WNWRUtPDM~LQWHUQiW
QLLQWHJHU
EHJLQ
FLWDM7DEWQQDtWDQLHWDEXN\
D >@E >@
IRUL WRQGREHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
0HPR/LQHV$GG
9VHWFL
Y\SLVW>Q@
0HPR/LQHV$GG
GREULPDMXLQWUDN
Y\SLVWD
E
0HPR/LQHV$GG
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
0QRLQXY\XLMHPHDMSUL]PHQHWOXIRQWX
W\SH
7)RQW6W\OH IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW
7)RQW6W\OHV VHWRI7)RQW6W\OH
SUHIRQWMHGHILQRYDQp
)RQW7)RQW6W\OHV
J)RQW6W\OH >@
J)RQW6W\OH >IV%ROG@
J)RQW6W\OH J)RQW6W\OH>IV,WDOLF@
0HPR)RQW6W\OH >IV8QGHUOLQH@
QHVN{UXYLGtPHSRXLWLHPQRtQDMSULNUHVOHQtP\RXGRJUDILFNHMSORFK\NOLNDQLHDKDQLH
P\RX
1DStHPHSURJUDPNWRUY\WYRUtSRGPQRLQX0PQRLQ\WDN~H
DMH]PQRLQ\
EDNLMH]PQRLQ\WDNLDMLV~]PQRLQ\
YDU
PVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQEHJLQ
P P>
L@
LMHYG\]
LI
L WKHQP P>
L@
DNMHDM
L]SULGiPHKRGRPQRLQ\
HQG
HQG
2EPHG]HQLDSUHPQRLQ\
P{HPHQDVLPXORYDYlLHPQRLQ\SRPRFRXSRDPQRtQ
YDUPDUUD\>PD[@RIVHWRI
SULGiYDPH[GRWDNHMWRPQRLQ\
P>[GLY@ P>[GLY@>[PRG@
]LVWtPHLMH[YPQRLQH
LI>[PRG@LQP>[GLY@WKHQ
W\SH
PQR]LQD VHWRI
PQ DUUD\>@RIPQR]LQD
YDU
PPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
9DORPSUtNODGHVLQDSUiFXVYHNPLPQRLQDPLY\WYRUtPHSRPRFQpSURFHG~U\DIXQNFLHD
SRXLMHPHLFKSULULHHQt~ORK\(UDWRVWHQRYHVLWR
FRQVW
PD[PQ
W\SH
PQR]LQD UHFRUG
PDUUD\>PD[PQ@RIVHWRI
PD[PD[PQ
HQG
SURFHGXUHLQLF0QYDUPQPQR]LQDP[LQWHJHU
YDU
LLQWHJHU
EHJLQ
PQPD[ P[
IRUL WRP[GLYGRPQP>L@ >@
HQG
SURFHGXUHSULGDM0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHY\SLV0QFRQVWPQPQR]LQD
YDU
LLQWHJHU
EERROHDQ
VVWULQJ
EHJLQ
V
>
E IDOVH
IRUL WRPQPD[GR
LIY0QPQLWKHQEHJLQ
LIEWKHQV V
V V,QW7R6WULE WUXH
HQG
0HPR/LQHV$GGV
@
HQG
SURFHGXUHYVHWN\0QYDUPQPQR]LQD
YDU
LLQWHJHU
EHJLQ
ZLWKPQGREHJLQ
IRUL WRPD[GLYGRP>L@ >@
YHWN\RNUHPSRVOHGQHM
P>PD[GLY@ >PD[PRG@
HQG
HQG
SURFHGXUHXEHU0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
YDU
PQPQR]LQD
LMLQWHJHU
EHJLQ
LQLF0QPQ
PD[PQYVHWN\0QPQXEHU0QPQ
XEHU0QPQ
IRUL WRPQPD[GLYGR
LIY0QPQLWKHQEHJLQ
M LL
ZKLOHM PQPD[GREHJLQ
XEHU0QPQMLQFML
HQG
HQG
Y\SLV0QPQ
0HPR/LQHV$GG
SRFHWSUYNRY
,QW7R6WUSRFHW0QPQ
HQG
5HDOL]iFLDPQRLQ\YSDPlWLSRtWDD
SDVFDORYVNiPQRLQD SRVWXSQRVELWRY
QDSUSUHVHWRIMHY\KUDGHQFKELWRYWMEDMWRY
YNDGRPELWHMHEXSUYRNQHSDWUtGRPQRLQ\DOHERSUYRNSDWUtGRPQRLQ\
D >@Y\QXOXMYHWN\ELW\
D >@QDVWDYLEDELW\RVWDWQpY\QXOXM
DELGHSRELWRFKDUREtRSHUiFLXELQiUQH25
PQRLQD]DEHUiEDMWRY
/H[LNiOQDDQDO]DVNHQHUVFDQQHU
3UDYLGOiSUHY\WYRUHQLHVNHQHUD
XUtPHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVRYDOH[pPDSDVFDORYVNpKRSURJUDPXMHQDSU
LGHQWLILNiWRUtVORUHD]HFNRPHQWiU
OH[NRQLGFLVOR
Y\WYRUtPHSURFHG~UX]QDNNWRUitWDV~ERUDYJOREiOQHMSUHPHQQHM]QDVWDYtKRGQRWX
NHMHNRQLHFV~ERUX
QDNRQFLULDGNDSULRPVSUDFXMHWHQWRNRQLHFULDGND
LQDNSUHtWD]QDN]RV~ERUX
]FKDUDMW7H[W)LOHV~JOREiOQHSUHPHQQp
SURFHGXUH]QDNSURFHG~UDQDtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
QLHNHG\VDQiPKRGtSRPRFQiSURFHG~UDSLVNWRUi]DSLVXMHYWHG\NHWUHEDDNDPWUHEDQDSUVNHQHU
P{HYLVWFKVLWXiFLiFK]DSLVRYDGRV~ERUX
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
Y\WYRUtPHSURFHG~UXVNHQHUNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHOH[pP\NWRUpFKFHPH]LVWLNDGp
YRODQLH]LVWtQDVOHGRYQ~OH[pPX
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
XMHNRQLHFV~ERUX
EHJLQ
OH[ NRQRN WUXH
HQG
^
]DtQDNRPHQWiU
EHJLQ
DNMHGREUQiMGHPHNQHPXGUXK~]iWYRUNX
DOHERSUtGHPHQDNRQLHFV~ERUX
HQG
]DtQDUHD]HF
$
=
D
]
]DtQDLGHQWLILNiWRU
HOVH
HQGFDVH
XQWLORN
HQG
RN]QDPHQiHVPHQDOLOH[pPXP{HPHXNRQLWRWRYRODQLH !YOH[MHW\SOH[pP\YLQFK
SUHPHQQFKMHDOLDLQIRUPiFLDQDSUUHD]HFLGHQWLILNiWRUDSUHPHQQHM
YWHOHVDPRWQpKRSURJUDPXVDQDFKiG]DRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQF\NOXV
]QDNVNHQHU
ZKLOHOH[!NRQGREHJLQ
VSUDFRYDQLHWFKOH[pPNWRUpSRWUHEXMHPH
VNHQHU
HQG
%XGHPHULHLWDNWRSUtNODG'DQMHWH[WRYV~ERUSURJUDPSDVNWRUREVDKXMHQHMDNSDVFDORYVN
SURJUDP3URJUDPQDtWD]GYRFKHGLWRYDFtFKULDGNRY(GLWD(GLWGYDUHD]FHUDUY\WYRUtV~ERU
SURJUDPSDVNWRUMHNySLRXV~ERUXSURJUDPSDVSULRPYHWN\YVN\W\LGHQWLILNiWRUDUV~
QDKUDGHQpLGHQWLILNiWRURPU
9NRPHQWiURFKVWDLDMHGQRGXFKp^`D]QDNRYFKUHD]FRFKYVN\W\UQHEXGHPHQDKUiG]DDN
KDGiPHLWDN]UHMPHQHY\KRYXM~LILLL
SUHGSRNODGiPHHYVSUDFRYiYDQRPWH[WRYRPV~ERUHSDVFDORYVNRPSURJUDPHQLHV~NRQWDQW\UHiOQH
tVOD
YDU
]FKDU
WW7H[W)LOH
OH[NRQLHFLGHQW
UVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQLHFRN WUXHHQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
U
ZKLOH]LQ>
$
=
D
]
B
@GREHJLQ
U U]]QDN
HQG
OH[ LGHQWRN WUXH
HQG
HOVH
SLV]QDN
HQGFDVH
XQWLORN
HQG
YDU
UUVWULQJ
EHJLQ
U 8SSHU&DVH7ULP(GLW7H[W
U 7ULP(GLW7H[W
LIU
RUU
WKHQEHJLQ
6KRZ0HVVDJH
1DMSUY]DGDMREDUHD]FH
H[LW
HQG
$VVLJQ)LOHW
SURJUDPSDV
UHVHWW
$VVLJQ)LOHW
SURJUDPSDV
UHZULWHW
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
LI8SSHU&DVHU UWKHQZULWHWU
HOVHZULWHWU
VNHQHU
HQG
&ORVH)LOHW&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
SURJUDPSDV
HQG
XYHGRPWHVLHDSRVWURIYNRQWDQWiFK]QDNRYUHD]HFPXVtPHStVD]GYRMHQH
1'
8SUDYWHSURJUDPWDNHQDtWDQLHNRNRLGHQWLILNiWRURYNWRUpWUHEDQDKUDGLDNQLPSUtVOXQSRHW
LGHQWLILNiWRURYNWRUPLLFKWUHEDQDKUDGL
1DStHPHSURJUDPNWRUtWDWH[WRYV~ERUSURJUDPSDVYNWRURPVDQDFKiG]DQHMDN
SDVFDORYVNSURJUDPDY\WYRUtV~ERUSURJUDPSDVNWRUEXGHPD[LPiOQH]KXVWHQQD]DGDQ~
tUNXULDGNDWMYNDGRPULDGNXEXGHPD[LPiOQ\SRHW]QDNRYNWRUpVDVHP]PHVWLDDYV~ERUH
EXGHPLQLPiOQ\SRHWPHG]LHUWDNDE\SURJUDPHWHRVWDOIXQNQ.RPHQWiUH]SURJUDPX
Y\QHFKiPH
FRQVW
PD[VLU
YDU
I7H[W)LOH
]FKDU
OH[NRQLHFFLVORUHWD]HFLGHQWLQH
VVWULQJKRGQRWDUHD]FDLGHQWLILNiWRUDDLQpKR]R
VNHQHUD
KRGQRWDLQWHJHUKRGQRWDtVOD
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVNHQHU
YDU
RNERROHDQ
SLQWHJHU
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
^
EHJLQ
ZKLOHQRW]LQ>
`
@GR]QDN
]QDNRN IDOVH
HQG
EHJLQ
KRGQRWD OH[ FLVOR
ZKLOH]LQ>
@GREHJLQ
KRGQRWD
KRGQRWDRUG]RUG
]QDN
HQG
HQG
$
=
B
EHJLQ
V
OH[ LGHQW
ZKLOHXSFDVH]LQ>
$
=
B
@GREHJLQ
V V]]QDN
HQG
HQG
EHJLQ
S V
]QDNOH[ UHWD]HF
ZKLOH]!DQGSGR
LI]
WKHQ
LIS WKHQEHJLQS V V
]QDNHQG
HOVHEHJLQLQFS]QDNHQG
HOVHLIS WKHQEHJLQV V]]QDNHQG
HOVHLQFS
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQ
RN IDOVH
UHSHDW
]QDN
LI]
WKHQEHJLQ
ZKLOH]
GR]QDN
RN ]
HQG
XQWLO] RURN
RN IDOVH]QDN
HQG
HOVHEHJLQOH[ LQHV
HQG
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
!
EHJLQ
OH[ LQHV ]]QDN
LIV
DQG]LQ>
!
@WKHQEHJLQ
V V]]QDN
HQG
HOVHLIV
!
DQG]
WKHQEHJLQ
V V]]QDN
HQG
HQG
HOVH
V ]OH[ LQH]QDN
HQG
XQWLORN
HQG
YDU
J7H[W)LOH
LVLULQWHJHUVLUGRWHUDMLDtUNDULDGND
EEERROHDQLYNODGDPHG]HU\PHG]LOH[pP\
VVVWULQJ
EHJLQ
$VVLJQ)LOHI
SURJUDPSDV
5HVHWI
$VVLJQ)LOHJ
SURJUDPSDV
5HZULWHJ
VLU E IDOVH
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
E OH[LQ>FLVORLGHQW@
FDVHOH[RI
FLVORVWUKRGQRWDV
UHWD]HF
EHJLQ
VV
IRUL WROHQJWKVGR
LIV>L@
WKHQVV VV
HOVHVV VVV>L@
V
VV
HQG
HOVHYHWN\RVWDWQpOH[pP\V~YUHD]FLV
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQEHJLQ
ZULWHOQJVLU
HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHJVLQFVLUOHQJWKV
VNHQHU
HQG
&ORVH)LOHI&ORVH)LOHJ
0HPR/LQHV/RDG)URP)LOH
SURJUDPSDV
HQG
1'
GRUREWHGRVNHQHUDDMNRPHQWiUH
NRPHQWiUHNWRUp]DtQDM~]QDNRPPDM~YSDVFDOHSHFLiOQ\Y]QDPDSUHWRLFKWUHED]DFKRYDDQLH
RGILOWURYDGRUREWHWRVNHQHUD
GRUREWHVNHQHUDMSUHUHiOQHtVODHVWQiVWNRYpNRQWDQW\
D]QDNRYpNRQWDQW\V
SRVOHGQi]PHQD
SUHGQiND
5HNXU]LD
1HNRQHQiUHNXU]LD
SURFHG~UD[\YROiVDPXVHED
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXV
N9ODYR
[\V
HQG
EHJLQ
N .RU&UHDWH
[\
HQG
WUDVXMHPHWHQWRSURJUDP
]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
QDNUHVOtVDLDUDGN\VNRU\WQDNDVDRWRtGRDYDRVWXSRY
]QRYXVDYROiSURFHG~UD[\VSDUDPHWUDPL]PHQHQPVQDVWMY\WYRUtVDQRYiORNiOQDSUHPHQQi
V WiWRSUHPHQQiVDY\WYiUDQD]iVREQtNX
VSRPHPHVLQDPHFKDQL]PXVYRODQLDSURFHG~U]DSDPlWDQLHQiYUDWRYHMDGUHV\Y\KUDGHQLH
IRUPiOQ\FKSDUDPHWURYDORNiOQ\FKSUHPHQQFK
WRWRVDUREtGRQHNRQHQDDOHDVRPVD]DSOQtRSHUDQiSDPlSRtWDDYWRPWRSUtSDGHSUHWHLH
]iVREQtN6WDFNRYHUIORZ
SULGiYDQLHQDYUFK
RGREHUDQLH]YUFKX
&KYRVWRYiUHNXU]LDQHSUDYi
SLUiOD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQQLQHUREOHQVNRQL
HOVHEHJLQ
N'RSUHGXV
N9ODYR
VSLUV
HQG
HQG
EHJLQ
N .RU&UHDWH
VSLU
HQG
WUDVXMPHYRODQLHVRVLPXOiFLRXQD]iVREQtNXSUHWUDVRYDQLHMHGREUp]YROLYlLXSRLDWRQ~KRGQRWX
VQDSU
YLPQLPHVLHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWHNWRUpMHSRVOHGQPSUtND]RP
SURFHG~U\ !WRWRYRODQLHVDGiDKNRSUHStVDF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
SUHSLVSRPRFRXZKLOHF\NOX
ZKLOHV GREHJLQ
N'RSUHGXV
N9ODYR
V V
HQG
1DStHPHSURFHG~UXNWRUiY\StHtVOD111
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQQLQHUREOHQVNRQL
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
HQG
HQG
EHJLQ
Y\SLV
HQG
=LVWLWHDNRVD]PHQtYVWXSDNVDY\PHQtYRODQLH0HPR/LQHV$GGDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQL
HOVHEHJLQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQGXWRQLHMHFKYRVWRYiUHNXU]LD
HQG
3UDYiUHNXU]LD
SLUiOD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN=PHQ)3FO5HGDVNRQL
HOVHEHJLQ
N'RSUHGXVN9ODYR
VSLUV
N9SUDYRN'RSUHGXV
HQG
HQG
WUDVXMWHMHMYRODQLHSUH
VSLU
7DNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDSRPRFRXGYRFKF\NORY
SRFLDWV V
ZKLOHV GREHJLQRVDGHMHSUHGUHNXU]LRX
N'RSUHGXVN9ODYRV V
HQG
N=PHQ)3FO5HGUREtVDYSUtSDGHVNRQLWULYLiOQ\
SUtSDG
ZKLOHV!SRFLDWVGREHJLQRVDGHMHSRQiYUDWRFK]
UHNXU]LH
V VN9SUDYRN'RSUHGXV
HQG
3UH]QiPXSURFHG~UXSRO\]LVWLWHRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
N'RSUHGXV
N9ODYRX
GHFQ
HQG
HQG
SURFHG~UDVWYRUHF
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQQLQHUREOHQVNRQL
HOVHEHJLQ
SRO\D
VWYRUHFD
HQG
HQG
SURFHG~UDVWYRUHF
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQL`N9ODYR
HOVHEHJLQ
SRO\D
VWYRUHFD
SRO\D
HQG
HQG
&KFHPHY\SRtWDIDNWRULiOSULURG]HQpKRtVOD1SULRPYLHPHH Q Q
Q
SUHQ QDNUHVOtVDLDUD
YRYHWNFK~URYQLDFKV~NRQiUHURYQDNRGOKp
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQ
N'RSUHGX
N'RSUHGX
HQG
HOVHZLWKNGREHJLQ
'RSUHGX
9ODYRQDWRVDQDNUHVOHQLHDYpKRSRGVWURPX
VWURPQQDNUHVOLDYSRGVWURPQ~URYQH
9SUDYRQDWRVDQDNUHVOHQLHSUDYpKRSRGVWURPX
VWURPQQDNUHVOLSUDYSRGVWURPQ~URYQH
9ODYRQDWRVDGRS{YRGQpKRVPHUX
'RSUHGXYUiVDQDS{YRGQpPLHVWR
HQG
HQG
%LQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\tFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQEHJLQ
'RSUHGXY
DMVKUXEtPLYHWYDPL
9SUDYR'RSUHGX9ODYR
'RSUHGXY
HQG
HOVHEHJLQ
'RSUHGXY
9ODYRQDWRVDQDNUHVOHQLHDYpKR
SRGVWURPX
VWURPQYQDNUHVOLDYSRGVWURPQ~URYQH
9SUDYRQDWRVDQDNUHVOHQLHSUDYpKR
SRGVWURPX
VWURPQYQDNUHVOLSUDYSRGVWURPQ~URYQH
9ODYRQDWRVDGRS{YRGQpKRVPHUX
'RSUHGXYYUiVDQDS{YRGQpPLHVWR
HQG
HQG
1'
ULHHQLHEH]UHNXU]LHEXGHPHWRVSRORQHULHLQHVN{U
GRNUHVOLVWURPXOtVWRN\QDSRVOHGQFKYHWYiFK
QiKRGQHQDVWDYLYHNRVSRGVWURPXQiKRGQHQDVWDYLXKROYHWLHY
SRGD~URYQHYQRUHQLDPHQLKU~ENXSHUD
7HUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQ
SRO\D
HOVHZLWKNGREHJLQ
'RSUHGXD9ODYR
IRUL WRGREHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
HQG
1DStHPHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHNRVWLD
Q QHUREtQL
Q WYRUHFVRVWUDQRXGN\D
SURFHGXUHVVVQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQQHUREQLOHQVNRQL
HOVH
IRUL WRGREHJLQ
N'RSUHGXD
N9ODYR
VVVQDVN~VWHVVVQD
HQG
HQG
1DStHPHSURFHG~UXQDNUHVOHQLHVQHKRYHMYORN\
YDU
N.RU
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
HQG
YDU
LLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGREHJLQ
YORFND
N9ODYR
HQG
HQG
)UDNWiO\
&NULYND
YDU
N.RU
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
HQG
EHJLQ
N .RU&UHDWH
FNULYNDVN~VWHFNULYND
HQG
'UDLDNULYNDVDVNODGi]GYRFK]UNDGORYFKSURFHG~UQDMSUYFK\EQpULHHQLH
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
HQG
3UREOpPMHSULLFKY]iMRPQRPYRODQtP{HPHWRY\ULHLEX
SRPRFRXGLUHNWtY\IRUZDUG
DOHERY]iMRPQPYQRUHQtP
Y]iMRPQpYQRUHQLHSURFHG~U
YDU
N.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
OGUDN
HQG
YLPQLWHVLHNRU\WQDNDSULNUHVOHQtNULYN\QHSUHMGHSRLDGQHMLDUHYLDFNUiW
.ULYNXP{HPHNUHVOLOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRLMHDYi
DOHERSUDYi
YDU
N.RU
SURFHGXUHGUDNQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
GUDNQV
NYODYRS
GUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
GUDN
HQG
+LOEHUWRYDNULYNDVDWLHVNODGi]GYRFK]UNDGORYFKDVWtGHILQXMHPHLFKMHGQRXSURFHG~URX
YDU
N.RU
SURFHGXUHKLOEHUWQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ!WKHQEHJLQ
NYODYRS
KLOEHUWQVSNGRSUHGXVNYSUDYRS
KLOEHUWQVSNGRSUHGXV
KLOEHUWQVSNYSUDYRS
NGRSUHGXV
KLOEHUWQVSNYODYRS
HQG
HQG
EHJLQ
N .RU&UHDWH
KLOEHUWVN~VWHKLOEHUW
HQG
SRVOHGQi]PHQD
SUHGQiND
3UiFDVP\RXDVQLHNWRUPL
NRPSRQHQWPL
3UiFDVP\RX
3RVWXSQHEXGHPHY\WYiUDMHGQRGXFK~DSOLNiFLXNUHVOLDFLSURJUDPSDLQW
FLHRPMHYLGLHSRVWXSQ~WYRUEXMHGQRGXFKHMDSOLNiFLH
PDRGYDKXVN~DSUDFRYDVU{]Q\PLDMQH]QiP\PLNRPSRQHQWPL
6SHHG%XWWRQ7UDFN%DU&KHFN%R[
]tVNDQHMDNpVN~VHQRVWLVSRMPDPLSURSHUW\DHYHQW
YVOHGQWYDUQDHMDSOLNiFLHEXGHSULEOLQHWDNWR
7&DQYDVQDMHM&DQYDV
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDVJUDILFNiSORFKD
HQG
GYRMNOLNRPGR]iORN\(9(176YLQSHNWRUHREMHNWRYPiPHQDVWDYHQNRPSRQHQW,PDJHQDULDGRN
2Q0RXVH0RYHVDSULSUDYtSUi]GQDSURFHG~UDGRNWRUHMGRStHPH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J3L[HOV>[\@ FO%ODFN
HQG
WHUD]P{HPHWHQWRSURMHNWVSXVWLSULSRK\EHP\RXQDGSORFKRXVD]DQHFKiYDM~ERGN\DOHOHQSUL
SRPDORPSRK\EHP\RXVDQDNUHVOtVSRMLWiLDUD
SURFHG~UXY\OHStPHNUHVOHQtPLDU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J/LQH7R[\
HQG
SDUDPHWHU6KLIWMHW\SX76KLIW6WDWHSUHNWRUSODWt
Y\XLMHPHWRQDWRHEXGHPHNUHVOLOHQDNEXGH]DWODHQpDYpWODLGORP\L
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQLIVV/HIWLQ6KLIWWKHQ
J/LQH7R[\
HQG
XMHWRRWURFKXOHSLHLDU\VDNUHVOLDLEDSUL]DWODHQRPWODLGOHP\LNHWODLGORSXVWtPHDQDLQRP
PLHVWHRSl]DWODtPHWDNVDDMWLHWRGYDERG\VSRMDLDURX
REVO~LPHDMW~WRVLWXiFLXSUL]DWODHQtDYpKRWODLGODP\LVN{UDNREXGHPHVSiMDLDU\SUHVXQLHPH
JUDILFNpSHURQDW~WRQRY~SR]tFLXSRXLMHPHXGDORVRQ0RXVH'RZQ
YLQSHNWRUHREMHNWRYGYRMNOLNQDULDGRN2Q0RXVH'RZQDGRStHPH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WXE\VDGDORWHVWRYDVWODHQLHDYpKRWODLGODP\L
J0RYH7R[\
HQG
SULGiPHWODLGOR%XWWRQNWRUp]PDHJUDILFN~SORFKX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J%UXVK&RORU FO:KLWH
J%UXVK6W\OH EV6ROLG
J)LOO5HFW,PDJH&OLHQW5HFW
HQG
DOHMGRIRUPXOiUDP{HPHSRORLXERYRQpWH[W\WLHWRP{HPH]DEHKXPHQL
]RWDQGDUGQHMSDOHW\Y\EHULHPHNRPSRQHQW/DEHODSRORtPHKRQDYRQpPLHVWRQDIRUPXOiUVHP
EXGHPHStVDV~UDGQLFHP\LDNVDMHMNXU]RUEXGHSRK\ERYDQDGJUDILFNRXSORFKRXSULGiPHGR
,PDJH0RXVH0RYH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LI6KLIW >VV/HIW@WKHQ
J/LQH7R[\
HQG
3DOHWDDOLDJUDILFNiSORFKD
&KFHPHY\WYRULSDOHWXIDULHEDE\VPHPRKOLNUHVOLU{]Q\PLIDUEDPLGRIRUPXOiUDSRORtPHDOLXJUDILFN~
SORFKX,PDJHDGRQHMQDNUHVOtPHQDSUIDUHEQFKREGQLNRY9ORPHGRIRUPXOiUDHWHMHGQXPHQt
JUDILFN~SORFKX,PDJHNWRUiEXGHREVDKRYDPRPHQWiOQHY\EUDQ~IDUEX
IDUHEQpREGQLN\QDNUHVOtPHYPHWyGH)RUP&UHDWH
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
FRQVW
SDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO*UHHQFO<HOORZ
FO:KLWHFO*UD\FO1DY\
YDU
LMZKLQWHJHU
EHJLQ
J ,PDJH&DQYDV
SDOHWD ,PDJH&DQYDV
IDUED ,PDJH&DQYDV
Z ,PDJH:LGWKGLYK ,PDJH+HLJKWGLY
SDOHWD%UXVK6W\OH EV6ROLG
IRUL WRGR
IRUM WRGREHJLQ
SDOHWD%UXVK&RORU S>L
M@
SDOHWD)LOO5HFW5HFWL
ZM
KL
ZZM
KK
HQG
IDUED%UXVK6W\OH EV6ROLG
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
DE\WRIXQJRYDOREXGHPHPHQLIDUEXSHUDJUDILFNHMSORFK\JSRGDNOLNQXWpKRPLHVWDYSDOHWH
SDOHWD(9(172Q0RXVH'RZQSUH,PDJH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J3HQ&RORU SDOHWD3L[HOV>[\@
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
3RVXYQiOLWD
3UHQDVWDYRYDQLHKU~EN\SHUDSRXLMHPHNRPSRQHQW7UDFN%DUY\EHULHPHKR]SDOHW\NRPSRQHQWRY:LQ
3RORtPHKRGRIRUPXOiUDDQDVWDYtPHMHKRYHNRVSRV~YDQtPLHUQ\FKWYRUHNRY
-HWRSRVXYQiOLWDSULSRV~YDQtNWRUHMY]QLNiXGDORV2Q&KDQJHNRQNUpWQXKRGQRWXP{HPH]LVWL
RWHVWRYDQtPVWDYRYHMSUHPHQQHM3RVLWLRQ3ULY]QLNXSRVXYQHMOLW\MHMPD[LPXPMHDPLQLPXP9
LQSHNWRUHREMHNWRY]PHQtPHPLQLPXP0LQQD
YXGDORVWLRQ&KDQJHSUH7UDFN%DUEXGHPHPHQLKU~ENXSHUDYJUDILFNHMSORFKH
SURFHGXUH7)RUP7UDFN%DU&KDQJH6HQGHU72EMHFW
EHJLQ
J3HQ:LGWK 7UDFN%DU3RVLWLRQ
HQG
WHUD]P{HWHY\VN~DNUHVOLLDU\VXERYRQRXKU~ENRXRGGR
P{HWHQDPLHVWRNRPSRQHQWX7UDFN%DUSRXLNRPSRQHQW6FUROO%DUY\VN~DMWHDSRURYQDMWHLFK
7ODLGOiUHLPRY
%XGHPHNUHVOLYU{]Q\FKUHLPRFKQDSUSHURY\SDQLHREODVWLNUHVOHQLH~VHN\REGQLNDHOLSV\DSRG
5HLP\EXGHPHSUHStQDWM]RYHWNFKWODLGLHOQDUHLP\EXGHYG\SUiYHMHGQRWODLGOR]DWODHQp0DOp
WODLGOiQDSUHStQDQLHUHLPRYXUREtPHSRPRFRXNRPSRQHQWX6SHHG%XWWRQYGRSOQNRYHMSDOHWH$GGLWLRQDO
SRORtPHWFKWRWODLGLHOGRIRUPXOiUDWHVQHYHGDVHEDDQDStHPHLPWH[W\]DStHPHLFKYLQSHNWRUH
REMHNWRYGRVWDYRYHMSUHPHQQHM&DSWLRQSRGREQHP{HPH]PHQLDMIRQWDYHNRVStVPDQDWODLGOiFK
DE\]QLFKEROR]DWODHQpYG\LEDMHGQRWODLGORY\WYRUtPH]QLFKMHGQXJUXSXDWPVD]DEH]SHtH
YG\NHVDMHGQRWODLGOR]DWODtWDNGRYWHG\]DWODHQpVD]GYLKQH
GRSOQtPHQRY~SUHPHQQ~UH]LPY\PHQRYDQpKRW\SXGYRMNOLNRPQDNDGp]WFKWRWODLGLHOVDY\WYRULD
SUi]GQHSURFHG~U\QDSU6SHHG%XWWRQ&OLFNDGRNDGHM]QLFKGRStHPHSULUDGHQLHSUtVOXQpKRUHLPX
YLQLFLDOL]iFLL)RUP&UHDWHVPH]DWODLOLSUYpWODLGORDWHGDVDQDVWDYLOSUYUHLPSHUR
W\SH
W5H]LP SHURY\SOQXVHFNDREGO]QLNHOLSVD
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
UH]LPW5H]LP
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
6SHHG%XWWRQ'RZQ WUXH
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP SHUR
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP Y\SOQ
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP XVHFND
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP REGO]QLN
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP HOLSVD
HQG
DE\DMSHURUHDJRYDORQDWHQWRUHLPRSUDYtPH,PDJH0RXVH'RZQD,PDJH0RXVH0RYHQDMSUYOHQ
SUYpGYDUHLP\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHUR
J/LQH7R[\
Y\SOQ
^QHUREQL`
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHUR
J0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HQG
HQG
NUHVOLDFHSHURSUHSQHPHGRSHFLiOQHKRUHLPXNWRUQHNUHVOtIDUERXDOHWDNHNDGHMERGNH
]LQYHUWXMHIDUEXQDSUGRSOQNRYiNXELHOHMMHLHUQDNHUYHQHMMHEOHGRPRGUiDSRG
YDNDWRPXWRDNYWRPWRUHLPHQDNUHVOtPHGYDNUiWWHQLVW~WYDUWDNVDYUiWLS{YRGQVWDYJUDILFNHM
SORFK\
DKDNUHVOHQ~WYDU
YSUHPHQQFK[D\VLSDPlWiPHV~UDGQLFHQDSRVOHG\QDNUHVOHQpKR~WYDUX
GRSOQtPHVSUDFRYDQLHXGDORVWt2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8SQDMSUYOHQSUHNUHVOHQLH
JXPHQFKLDUUHLPXVHFND
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
UH]LPW5H]LP
[\[\LQWHJHU
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHUR
J0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
XVHFND
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
[ [\ \[ [\ \
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHUR
J/LQH7R[\
Y\SOQ
^QHUREQL`
XVHFND
EHJLQ
J0RYH7R[\J/LQH7R[\
[ [\ \
J0RYH7R[\J/LQH7R[\
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LP XVHFNDWKHQEHJLQ
J0RYH7R[\J/LQH7R[\
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J0RYH7R[\J/LQH7R[\
HQG
HQG
.UHVOHQLHREGQLNDDHOLSV\IXQJXMHQDWRPWRLVWRPSULQFtSH8UREtPHSRPRFQ~SURFHG~UX.UHVOLNWRUi
QDNUHVOt~WYDUSRGDKRGQRW\SUHPHQQHMUH]LPDWLH]DSQHY\SQHJXPHQUHLPSHUDSRGDWRKRL
]DtQDPHDOHERNRQtPHDKDQLH
.UHVOLEXGHPDSDUDPHWHUPW\SX70RGHY\PHQRYDQW\SVWURPDKRGQRWDPLGRZQPRYHDXSY
2Q0RXVH0RYHD2Q0RXVH8SQHP{HE\YQLFKYQRUHQiDOHPXVtE\GHILQRYDQiQDJOREiOQHM~URYQL
PXVtPHMHMKODYLNXXYLHVYGHNODUiFLiFK7)RUP]DQDHSRPRFQpSUHPHQQpJSDOHWD
W\SH
W0RGH GRZQPRYHXS
SURFHGXUH7)RUP.UHVOL[\LQWHJHUPW0RGH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFND
J3RO\/LQH>3RLQW[\3RLQW[\@
REGO]QLN
J5HFWDQJOH[\[\
HOLSVD
J(OOLSVH[\[\
HQG
HQG
EHJLQ
LIP GRZQWKHQEHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIP XSWKHQEHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
HQG
XWYDU[\
[ [\ \
HQG
WPVD]PHQLDDMSURFHG~U\NWRUpREVOXKXM~XGDORVWL2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8S
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHUR
J0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HOVH
NUHVOL[\GRZQ
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHUR
J/LQH7R[\
Y\SOQ
^QHUREQL`
HOVH
NUHVOL[\PRYH
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LPLQ>XVHFNDREGO]QLNHOLSVD@WKHQ
NUHVOL[\XS
HQG
=DNUWiYDFLHSROtNR
1DXtPHVDSUDFRYDVR]DNUWiYDFtPSROtNRP&KHFN%R[
SUHUHLP\REGQLNDHOLSVDE\VDQLHNHG\KRGLORNUHVOLDMY\SOQHQ~WYDUWMQDVWDYLIDUEXDWOWHWFD
J%UXVK&RORUDJ%UXVK6W\OH
]DStQDDY\StQDWHQWRUHLPEXGHPHSRPRFRX]DNUWiYDFLHKRSROtNDNRPSRQHQW&KHFN%R[Y
WDQGDUGQHMSDOHWH
XPLHVWQLPHKRGRIRUPXOiUDDSUHStHPHPX&DSWLRQQDSUQD=DIDUEL
&KHFNHGR]QDXMHLMH]DNUWiYDFLHSROtNR]DNUWQXWpWMDN&KHFN%R[&KHFNHGMHWUXHWDNMH
]DNUWQXWp
RSUDYtPHSURFHG~UX.UHVOL
SURFHGXUH7)RUP.UHVOL[\LQWHJHUPW0RGH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFND
J3RO\/LQH>3RLQW[\3RLQW[\@
REGO]QLN
J5HFWDQJOH[\[\
HOLSVD
J(OOLSVH[\[\
HQG
HQG
EHJLQ
LIP GRZQWKHQEHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK&RORU FO:KLWH
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIP XSWKHQEHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J%UXVK&RORU J3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
HQG
XWYDU[\
[ [\ \
HQG
=KUQXWLH
tUNDWH[WEXEOLQNRYKHOSDSRG
Y'HOSKLVDWDNWRW\SVWDYRYFKSUHPHQQFKQD]YD9ODVWQRVWM3URSHUW\
Y\XLMHPHKODYQH]DEHKXSURJUDPXQLHNWRUpIXQJXM~OHQ]DEHKXDSUHWRYLQSHNWRUHREMHNWRYQLHV~
PHQRNRPSRQHQWX1DPHWUHED]PHQLKQHDNRVDSRORtGRIRUPXOiUDDNKRFKFHPHPHQLLQDN
QLHNWRUpVLWXiFLH'HOSKLQHPXVLDVSUiYQHXKiGQXDRSUDYLW~WR]PHQXNRUHNWQH
QLHNWRUpXLWRQpYODVWQRVWLSURSHUW\QiP]QiP\FKNRPSRQHQWRY
IRUPXOiU7)RUP
&DSWLRQUHD]HFWLWXORNRNQD
&OLHQW:LGWK&OLHQW+HLJKWYHNRVYQ~WUDRNQDQLHREYRGXRNQDSUHWHQMHYHNRV
:LGWKD+HLJKW
/HIW7RS[RYiD\RYiV~UDGQLFDRNQDQDREUD]RYNHP{HPHFHOpRNQRSRV~YD
9LVLEOHLMHRNQRYLGLWHQp
:LQGRZ6WDWHRNQRP{HPH]PLQLPDOL]RYD]PD[LPDOL]RYDRNQR
2Q3DLQW
WODLGOR7%XWWRQ
&DSWLRQWH[WQDWODLGOH
)RQWURYQDNRDNRYJUDILFNHMSORFKH
+HLJKW:LGWKYHNRV
/HIW7RSSRORKDYRIRUPXOiUL
9LVLEOHP{HPHKRVNU\
+LQW6KRZ+LQWVWULQJDERROHDQEXEOLQNRYKHOSDLVDPi]REUD]RYD
(QDEOHGP{HPHKR]DEORNRYDIDOVH]QDPHQiHWODLGOREXGH]DHGHQp
YODVWQRVWL:LGWK+HLJKW/HIW7RS9LVLEOH+LQW6KRZ+LQW(QDEOHGIXQJXM~VNRURURYQDNRSUHVNRUR
YHWN\W\S\NRPSRQHQWRY
JUDILFNiSORFKD7,PDJH
SRSLVXMHYHNRVSORFK\
PDOpWODLGOR76SHHG%XWWRQYHPLSRGREQpRE\DMQpPXWODLGOXDOHWLHWRWODLGOiP{XWYRUL
*URXS,QGH[SRUDGRYptVORVNXSLQ\WODLGLHONWRUpVDQDY]iMRPY\OXXM~
'RZQLMH]DWODHQp
*O\SKREUi]RNXYLGtPHQHVN{U
SRVXYQiOLWD77UDFN%DU
0LQ0D[PLQLPiOQDDPD[LPiOQDKRGQRWD
3RVLWLRQPRPHQWiOQDKRGQRWD
2ULHQWDWLRQWU+RUL]RQWDOWU9HUWLFDO
]DNUWiYDFLHSROtNR7&KHFN%R[
&DSWLRQWH[W]DSROtNRP
)RQWStVPRSUHWH[W
&KHFNHGLMH]DNUWQXWp
WH[W7/DEHO
&DSWLRQDNUHD]HFREVDKXMHEXGHYLDFULDGNRY
)RQWStVPRSUHWH[W
WH[WRYiSORFKD70HPR
&RORUIDUEDSRGNODGX
)RQWStVPR
/LQHVREVDKWH[WRYHMSORFK\SROHUHD]FRY
5HDG2QO\LPiSRXtYDWH]DNi]DQpPHQLREVDK
HGLWRYDFtULDGRN7(GLWMHYHPLSRGREQ70HPR
&RORUIDUEDSRGNODGX
)RQWStVPR
7H[WPRPHQWiOQ\REVDKULDGND
5HDG2QO\LPiSRXtYDWH]DNi]DQpPHQLREVDK
3DVVZRUG&KDUDNREVDKXMHQDSU
WDNVDQDPLHVWR]DGiYDQFK]QDNRYEXG~Y\SLVRYD
KYLH]GLN\SRXtYDVDSUL]DGiYDQtKHVOD
SUtVOXQiXGDORVQDSUNOLNQHVD]PHQtVDKEHVDDSRG
WLHWRSURFHG~U\GHILQXMHPHWDNHY]iORNH(YHQWVYULDGNXSULGDQHMXGDORVWLGYRMNOLNQHPHYSUDYRP
VWSFL
QHGRSLVXMWHPDQXiOQHLDGQHQRYpSURFHG~U\QDVSUDFRYiYDQLHXGDORVWtYG\SRXLWHLQSHNWRUREMHNWRY
DNSRWUHEXMHWHQHMDN~SURFHG~UXREVOXKXM~FXXGDORV]UXLQDMOHSLHWRXUREtWHWDNHY\LVWtWHREVDK
SURFHG~U\QHFKiWHYQHMOHQSRLDWRQEHJLQDNRQFRYHQGDSULQDVHOGXM~FHMNRPSLOiFLLMX'HOSKL
DXWRPDWLFN\Y\KRGt
SRVOHGQi]PHQD
SUHGQiND
DVRYDWDEXNRY
NRPSRQHQWELWPDS\
0\DNRU\WQDND
~SOQHURYQDNPPHFKDQL]PRPDNRVPHQDPLQXOHMSUHGQiNHNOLNDOLDNUHVOLOLGRJUDILFNHMSORFK\
P{HPHSUDFRYDDMVJUDILFNPSHURPNRU\WQDNRX
QDMSUYXNiHPHY\WYiUDQLHNRU\WQDLHNSRPRFRXNOLNQXWLDSUDYPWODLGORPP\LDVSXVWHQLHQHMDNHM
SUHPHQQpGHILQRYDQpY.RU8QLW
FRQVW
PD[
YDU
NDUUD\>PD[@RI.RU
SRFLQWHJHUSRHWNRU\WQDLHNYSROL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
NOLNLLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQEHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQEHJLQ
NOLN SRF
ZKLOHNOLN!DQGQRWN>NOLN@%OL]NR;[\<GR
GHFNOLN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
LINOLN!WKHQZLWKN>NOLN@GR
IRUL WRGREHJLQ
GRSUHGXYSUDYRFDNDM
HQG
HQG
HQG
NRU\WQDLDIXQNFLD%OL]NR]LVWtLVDQHMDNERGQDFKiG]DEOt]NRNRU\WQDN\
RVLHWHWUHEDYLPQ~QDWRPWRSURMHNWH
NUHVOLOD]DVWDQHDNUXQLFX]DQHNUHVOLGUXKi
SRVNRQHQtNUHVOHQLDGUXKHMNRU\WQDN\SRNUDXMHSUYiDGRNUHVOtNUXQLFX
WDNWRP{HPHSRVWXSQHQDNOLNDYLDFNRU\WQDLHNDNDGiPiUR]UREHQ~VYRMXNUXQLFX
P{HPHNOLNQ~DMYLDFNUiWQDW~LVW~DWLHGRNRQLDVYRMHNUXQLFHYRSDQRPSRUDGtDNR
]DDOL
!!!DNSRDVVSUDFRYiYDQLDQHMDNHMXGDORVWLQDSU2Q0RXVH'RZQY]QLNQHQRYiXGDORV
NWRU~WUHEDVSUDFRYDWDNVSUDFRYiYDQLHS{YRGQHMSURFHG~U\VDSUHUXtDSRNUDXMHVDY
SURFHG~UHSUHQRY~XGDORVNHWiWRQRYiSURFHG~UDVNRQtWDNVDSRNUDXMHYWHMVWDUHM
]UHMPHQDWRSRtWDY\XtYDSRGREQPHFKDQL]PXVYRODQtDNRSULUHNXU]LL
WHQWRPHFKDQL]PXVSUHUXHQLDPRPHQWiOQHKRY\NRQiYDQLDSURFHG~U\QHMDNRX
XGDORVRXIXQJXMHOHQYDNDWRPXHYNDGRPNRU\WQDRPSUtND]HMH]DEXGRYDQp
SRYROHQLHDWHGDVSUDFRYDQLHDOtFKSUHUXHQt$SSOLFDWLRQ3URFHVV0HVVDJHV
1'
QDSURJUDPXMWHDKDQLHNRU\WQDN\P\RX
SULRQ0RXVH'RZQ]LVWtWHQDNWRU~NRU\WQDNXVDNOLNORP{HWHQDSU]PHQLMHMWYDU
SULRQ0RXVH0RYHVDNOLNQXWiNRU\WQDNDEXGHKED]DP\RX
SULRQ0RXVH8SVDDKDQHMNRU\WQDNHYUiWLS{YRGQWYDU
DVRYD7LPHU
DVRYDMHSHFLiOQ\NRPSRQHQWNWRUNHSRORtPHGRIRUPXOiUDWDNSRDVEHKXSURJUDPXQLHMH
YLGLHQLHMHWRYL]XiOQ\NRPSRQHQWDOHWHQWRNRPSRQHQWYLHJHQHURYDXGDORVWLYQHMDNFK
DVRYFKLQWHUYDORFKWRMHMHKRKODYQi~ORKD
NRPSRQHQW77LPHUVDQDFKiG]DYSDOHWHNRPSRQHQWRY6\VWHP
DVRYDP{HPHSRORLGRIRUPXOiUDQDXERYRQpPLHVWRSRDVEHKXSURJUDPXYDNQLHMHYLGLH
QLHMHWRYL]XiOQ\NRPSRQHQW
MHKRQDMG{OHLWHMRXXGDORVRXMH2Q7LPHUP{HPHQDGYRMNOLNQ~DRWYRUtVDSURFHG~UDQD
VSUDFRYDQLHWHMWRXGDORVWLQDSU7)RUP7LPHU7LPHU
DVRYDPiGYHG{OHLWpVWDYRYpSUHPHQQpSURSHUW\
,QWHUYDOWXQDSOiQXMHPHDVNHG\VDY\JHQHUXMHQDVOHGXM~FDXGDORV2Q7LPHUY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
PLOLVHNXQGiFKSUHQiSURJUDPVHPQDVWDYtPHQDSUWMMHGQXVWRWLQXVHNXQG\
(QDEOHGQDVWDYXMHLVDPiJHQHURYDQDVOHGXM~FDXGDORVSR,QWHUYDOPLOLVHNXQGiFK
DOHERVDDNiNPQLHNWRQHQDVWDYt(QDEOHGQD7UXHDWPVD]DQHRGSRtWDYDDV
SUHGFKiG]DM~FLSURMHNWSR]PHQtPHWDNHDYNOLNP\RXY\WYiUDQRYpNRU\WQDN\DYHWN\GRWHUD]
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQDOHERVV5LJKW
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRSRFGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
HQG
$MYWRPWRSURMHNWHMHVNU\WFKQLHNRNR]iNHUQRVWt
SURJUDPVSDGQ~QDFK\EH$FFHVVYLRODWLRQDWDGGUHVVNWRUiYlLQRX]QDPHQiHFKFHPH
SUDFRYDVLQWDQFRLXWULHG\.RUNWRUiHWHQHERODY\WYRUHQi&UHDWH
DNRMHWRPRQpYHQLNGHYWRPWRSURJUDPHQLHMHPLHVWRNGHE\EROSRNXVRSUiFXVHWH
QHGHILQRYDQRXNRU\WQDNRX"
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
SUREOpPRYPPLHVWRPMHIRUF\NOXVY7LPHU7LPHURGGRSRFWRWLXGDORV2Q7LPHU
NDG~VWRWLQXVHNXQG\P{HY]QLNQ~KRFLNHG\DMSRDVY\NRQiYDQLDSURFHG~U\
3ORFKD0RXVH'RZQWMKRFLDMSRSUtND]HLQFSRFDSRDV.RU&UHDWH
YWRPWRPLHVWHVDP{HWiWRSURFHG~UDSUHUXLDVSXVWLF\NOXVRGGRSRFSRFMHDOHXR
YLDFDNRSRHWGHILQRYDQFKNRU\WQDLHN
RSUDYtPHVSUDFRYDQLHXGDORVWL2Q0RXVH'RZQQDSUWDNWR
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N>SRF@ .RU&UHDWH;[\<LQFSRFN>SRF@8ND]
HQG
HQG
DOtSUREOpPMHVNU\WYWRPHDNH[LVWXMHXYHDNRU\WQDLHNSURFHG~UD7LPHU7LPHUQHPXVtGR
MHGQHMVWRWLQ\VHNXQG\VWLKQ~VNRQLVYRMXSUiFXHWHSUHGY\NRQDQtPYHWNFKSUtND]RYEXGH
]QRYX]DYRODQiSUYpNRU\WQDN\VDSHNQHKEXSRVOHGQpEXVWRMDDOHERVDSRKQ~OHQUD]]DDV
WRWRVD]Y\NQHULHLWDNHYWHMWRSURFHG~UHQD]DLDWNX]DEORNXMHPHQDVOHGXM~FHJHQHURYDQLH
SURFHG~URX1DUD]
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRSRFGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
1DUD]
7LPHU(QDEOHG WUXH
HQG
%LWPDS\
YMHGQHM]PLQXOFKSUHGQiRNVPHSUDFRYDOLVELWPDSRXYV~ERUHWLJHUEPSVPHPDOLSULSUDYHQ
REUi]RNDWHQWRVPH]REUD]LOLYJUDILFNHMSORFKH
WHUD]XNiHPHDNRP{HPHREUi]RNSULUDGLDNRWYDUNRU\WQDN\
QDMSUYOHQSR]PHQtPHSUHGFKiG]DM~FLSUtNODGWDNDE\SRSORFKHOLHWDORQLHNRNRNRU\WQDLHN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
FRQVW
PD[
YDU
NDUUD\>PD[@RI.RU
SRFLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
UDQGRPL]H
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N>SRF@ .RU&UHDWH;[\<UDQGRPLQFSRF
N>SRF@8ND]N>SRF@SK
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRSRFGR
ZLWKN>L@GREHJLQ
YSUDYRUDQGRP
GRSUHGX
LI;VXU[WKHQ=PHQ;<[<VXU
LI;VXU![WKHQ=PHQ;<[<VXU
LI<VXU!\WKHQ=PHQ;<;VXU\
LI<VXU\WKHQ=PHQ;<;VXU\
HQG
1DUD]
7LPHU(QDEOHG WUXH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
YLHPHHNRU\WQDNHP{HPH]PHQLWYDUSRPRFRXPHWyG\=PHQ7YDUWHMWRPHWyGHDOHP{HPH
DNRSDUDPHWHUGDQLHOHQSRSLVNUHVE\WYDUXNRU\WQDN\DOHDMREUi]RNELWPDSX
NHHFKFHPHSUDFRYDVELWPDSDPLSRWUHEXMHPHQDMSUYSULSUDYLSUHPHQQ~W\SX7%LWPDSREMHNW
FRQVW
PD[
YDU
NDUUD\>PD[@RI.RU
SRFLQWHJHU
EPSDUUD\>@RI7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
UDQGRPL]H
IRUL WRGREHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
EPS>L@ 7%LWPDS&UHDWH
EPS>L@/RDG)URP)LOH
EPS
FKUL
EPS
EPS>L@7UDQVSDUHQW&RORU FO:KLWH
EPS>L@7UDQVSDUHQW WUXH
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N>SRF@ .RU&UHDWH;[\<UDQGRPLQFSRF
N>SRF@=PHQ7YDUEPS>UDQGRP@
N>SRF@8ND]N>SRF@SK
HQG
HQG
QDVOHGXM~FLSUtNODGLOXVWUXMHDKDQLHGUDJRYDQLHELWPDS\SRSORFKH
SRDVDKDQLDMHWiWRELWPDSDRUiPLNRYDQi
NHHYLHPHHREUi]RNYELWPDSHPiELHOHRNROLHR]QDtPHW~WRIDUEXDNRSULHVYLWQ~DWPVDVWDQ~
WLHWRDVWLSULHVYLWQp
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SULYDWH
EPS7%LWPDS
EJ7%LWPDS
J7&DQYDV
EERROHDQLDKiPELWPDSXSRSORFKH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
RSLFDEPS
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
EJ 7%LWPDS&UHDWH
E IDOVH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
EJ)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
E WUXH
]DSDPlWiPHVLPRPHQWiOQ\REVDKFHOHM
SORFK\
EJ$VVLJQ,PDJH3LFWXUH
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIEWKHQEHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLH
SORFK\
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIEWKHQEHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLH
SORFK\
J'UDZ;<EPS
E IDOVH
HQG
HQG
ELWPDSDEJMHSRPRFQi]DSDPlWiPHVLYQHMVWDYJUDILFNHMSORFK\WHVQHSUHGWPDNR]DQHPHDKD
ELWPDSXSRSORFKH
=KUQXWLHWULHG\7%LWPDS
7%LWPDSMHSUHGGHILQRYDQiWULHGDNWRUiVO~LQDPDQLSXOiFLXVREUi]NDPLP{HPHVLMXSUHGVWDYLDNR
REVDKV~ERUXVSUtSRQRX%03GiVDVQtPSUDFRYDQDSUYSURJUDPH3DLQW6NLFiU7iWRWULHGDPiQLHNRNR
XLWRQFKVWDYRYFKSUHPHQQFKYODVWQRVWLSURSHUW\DPHWyG
QLHNWRUpVWDYRYpSUHPHQQp
:LGWK+HLJKWPRPHQWiOQDtUNDDYNDREUi]NDP{HPHMX]PHQLSULUDGHQtPQRYFKKRGQ{WGR
WFKWRSUHPHQQFK
&DQYDVJUDILFNiSORFKDREUi]ND
7UDQVSDUHQWLPiQHMDNpSULHVYLWQpDVWLLQDNMHWRQHSULHVYLWQREGQLN
7UDQVSDUHQW&RORUNWRUiIDUEDYREUi]NXMHSRYDRYDQi]DSULHVYLWQ~
QLHNWRUpPHWyG\
NRQWUXNWRU&UHDWHY\WYRUt]DWLDSUi]GQ\REUi]RN
)UHHXYRQtELWPDSX]SDPlWL:LQGRZV
/RDG)URP)LOHQDtWDREUi]RN]RV~ERUXYRIRUPiWH%03
6DYH7R)LOHXORtREUi]RNGRV~ERUXYRIRUPiWH%03
7%LWPDSQH]QDPHQiXURELNySLXELWPDS\DOHNySLXUHIHUHQFLHQDELWPDSXWMSRWRPLQWDQFLH
RGND]XM~QDW~LVW~ELWPDSXSRXLWLHYLGtPHSUL=PHQ7YDUGRNWRUpPXVPHDNRSDUDPHWHUSRVODOL
EPS>LQGH[@
&DQYDV)LOO5HFW
&DQYDV3L[HOV>ULDGRNVWSHF@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
&DQYDV5HFWDQJOH(OOLSVH7H[W2XW
&DQYDV0RYH7R/LQH7R3RO\JRQ3RO\OLQH)ORRG)LOO
DWHGDP{HPHWPWRPHWyGDPQDVWDYLSHURWHWHFIRQWQDSU&DQYDV3HQ&RORU
&DQYDV'UDZRSHLDWNXMHLQ~ELWPDSX
&DQYDV6WUHWFK'UDZRSHLDWNXMHLQ~ELWPDSXSULRPMXP{H]YlL]PHQL
7DEXNRYNRPSRQHQW6WULQJ*ULG
7DEXNRYNRPSRQHQWMHWDNiJUDILFNiSORFKDNWRUiMHUR]GHOHQiQDQLHNRNRULDGNRYDQLHNRNRVWSFRY
WYRULDWDEXNX'HOSKLYHGLDGRMHGQRWOLYFKSROtRNWDEXN\DXWRPDWLFN\]DSLVRYDQHMDNpUHD]FHMHWR
GYRMUR]PHUQiWDEXNDUHD]FRYUHVSXPRXM~SRXtYDWHRYLSRDVEHKXDSOLNiFLHHGLWRYDMHGQRWOLYp
SROtND3RHWULDGNRYDVWSFRYVDGiPHQLQLHOHQSRDV]RVWDYRYDQLDIRUPXOiUXYLQSHNWRUHREMHNWRYDOH
DMSRDVEHKXSURJUDPX
=DQHPHVQRYPSURMHNWRPSRORtPH6WULQJ*ULGYGRSOQNRYHM$GGLWLRQDOSDOHWHNRPSRQHQWRYGR
IRUPXOiUXDUR]WLDKQHPHKRWDNDE\QHPDOSRVXYQpOLW\VFUROOEDU
SUYULDGRNUHVSVWSHFP{HE\IL[Q
WLHWRPDM~HGSRGNODG
YORHQiWDEXNDPiSUHGYROHQFK
ULDGNRY[VWSFRYSULRPSUYULDGRNDMVWSHFV~IL[Qp
]UXtPHIL[RYDQLHSUYpKRVWSFDGR)L[HG&ROVGiPH
]DKXVWtPHULDGN\GR'HIDXOW5RZ+HLJKWGiPH
GYRMNOLNQHPHGR2SWLRQVDUR]EDOtVDYHDULDGNRYGRNWRUFKVD]DGiYDWUXHIDOVHV~WRSUYN\
PQRLQ\7*ULG2SWLRQ]PHPHJR5DQJH6HOHFWQD)DOVH
]PHPHSRHWULDGNRYQDPHQHMVDQHGiOHERMHGHQMHIL[QDQHIL[QFKPXVtE\DVSR
GR5RZ&RXQWGiPH
DOHMGRIRUPXOiUDSRORtPHHWHGYHWODLGOiDQDSURJUDPXMHPHQDtWDQLHD]PD]DQLHWDEXN\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
VVWULQJ
]FKDU
QPLQWHJHU
EHJLQ
$VVLJQ)LOHW
WHVWW[W
5HVHWW
ZKLOHQRWVHHNHRIWGR
ZLWK6WULQJ*ULGGREHJLQ
Q 5RZ&RXQWP SRUDGRYptVORSRVOHGQpKR
ULDGND
SRHWVWSFRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
UHDGW]
SRORN\YULDGNXV~RGGHOHQp
ZKLOHQRWHROQWDQG]!
GREHJLQ
V V]UHDGW]
HQG
LI]!
WKHQV V]
&HOOV>PQ@ VPWVWSHFDQWULDGRN
LQFP
HQG
UHDGOQW
5RZ&RXQW 5RZ&RXQWSULGDMQDNRQLHFMHGHQULDGRN
HQG
&ORVH)LOHW
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK6WULQJ*ULGGREHJLQ
5RZ&RXQW QDVWDYPLQSRHWULDGNRYWM
5RZV>@&OHDUY\PDREVDKULDGNX
HQG
HQG
SRPRFRX&HOOV>VWSFHULDGN\@P{HPHPDQLSXORYDVSUYNDPLWDEXN\]QDNRYPLUHD]FDPL
VWDYRYiSUHPHQQi5RZV>ULDGRN@REVDKXMHNRPSOHWQULDGRNYNWRURPV~SUYN\RGGHOHQp
P{HPHLQLFLDOL]RYDSUYIL[QULDGRN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SULUDGtPHFHOULDGRNQDUD]
6WULQJ*ULG5RZV>@7H[W
0HQR
8OLFD
0HVWR
'DWXP
+REE\
HQG
'HOSKLQiPGiYDPRQRVDE\VPHVDPLY\NUHVRYDOLREVDKNDGHMEXQN\WDEXN\XGDORV
2Q'UDZ&HOOWUHEDVLGDSR]RUDNUHVOLOHQGRY\]QDHQpKRREGQLNDSDUDPHWHU5HFW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ,QWHJHU5HFW75HFW6WDWH
7*ULG'UDZ6WDWH
YDU
KVWULQJ
EHJLQ
K 6WULQJ*ULG&HOOV>$&RO$5RZ@
LI$5RZ WKHQWH[W\YIL[QRPULDGNXEXG~
PRGUp
6WULQJ*ULG&DQYDV)RQW&RORU FO%OXH
HOVHLISRV
R
K!WKHQWH[W\NWRUpREVDKXM~StVPHQR
R
6WULQJ*ULG&DQYDV)RQW&RORU FO5HGEXG~HUYHQp
6WULQJ*ULG&DQYDV%UXVK&RORU FO<HOORZEXG~QDOWRP
SR]DGt
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RSK
SRGREQpDNR7H[W2XWDOHDMRKUDQLXM~FL
REGQLN
HQG
DE\EROLMHGQRWOLYpSRORN\WDEXN\SRDVEHKXSURJUDPXHGLWRYDWHQpWUHED]DSQ~Y2SWLRQYREX
3UtNODGYNWRURPXNiHPHSRXLWLHWDEXNRYpKRNRPSRQHQWXDNRKUDFHMSORFK\SUHSLNYRUN\
KUDFLDSORFKD6WULQJ*ULG[EH]IL[QFKULDGNRYDVWFSRYtUNDDMYNDWYRUHNRYMHIRQW
VPHQDVWDYLOLQD$ULDO%ROGYHNRVWL6L]HSULNOLNDQtGRSROtRNVDVWULHGDYREXG~]DSD
]DSLVRYD]QDN\
[
D
R
XGDORVRQ6HOHFW&HOOY]QLNQHYWHG\NHVDNOLNQHGRQHMDNpKRSROtNDWDEXN\
YDU
KUDFERROHDQ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
KUDF WUXH
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
YDU
KFKDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
EHJLQ
LI6WULQJ*ULG&HOOV>$&RO$5RZ@
WKHQEHJLQ
LIKUDFWKHQK
[
HOVHK
R
6WULQJ*ULG&HOOV>$&RO$5RZ@ K
KUDF QRWKUDF
HQG
&DQ6HOHFW IDOVHQHRVHOHNWXMWRWRSROtNR
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQW5HFW75HFW6WDWH7*ULG'UDZ6WDWH
EHJLQ
LIJG6HOHFWHGLQ6WDWHWKHQ
6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFW
DNVDPiY\NUHVOLVHOHNFLDSROtND
WDNVD]PDHSRPRFRX;25NUHVOHQLD
HQG
1LHNHG\SULSURJUDPRYDQtSRWUHEXMHPHDE\VDSRY\NRQiYDQtQHMDNHMSRVWXSQRVWLSUtND]RYYG\QD
]iYHUY\NRQDOLQHMDNpXNRQRYDFLHSUtND]\1DSUY\WYRUtPHELWPDSXQLHRVRXUREtPHQDSU
RSHLDWNXMHPHGRSORFK\DQD]iYHUMXEH]SRGPLHQHQHSRWUHEXMHPHXYRQL]SDPlWH)UHHDMNHE\
SURJUDPVSDGROQDQHMDNRPFK\EQRPSUtND]H
'HOSKLXPRXM~WDN~WRSRVWXSQRVSUtND]RYY\KOiVL]DFKUiQHQiSRVWXSQRVMHX]DYUHWiPHG]L
UH]HUYRYDQPLVORYDPLWU\ILQDOO\3RWRPSUtND]\PHG]LILQDOO\DHQGVDY\NRQDM~DMNHE\
FKUiQHQiSRVWXSQRVVSDGODDOHERREVDKRYDODQDSUDMH[LW
QDVOHGXM~FLSUtNODGXND]XMHSRXLWLHELWPiSYWDEXNRYRPNRPSRQHQWHDSRXLWLHNRQWUXNFLH
WU\ILQDOO\HQGSRR]QDHQtSROtNDWDEXN\VHPEXGHPHY\NUHVRYDMHGQX]ELWPiS
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ,QWHJHU5HFW75HFW6WDWH7*ULG'UDZ6WDWH
YDU
EP7%LWPDS
EHJLQ
OHQWHQMHGHQNWRUMH
RVHOHNWRYDQ
LIJG6HOHFWHGLQ6WDWHWKHQEHJLQ
EP 7%LWPDS&UHDWH
WU\
EP/RDG)URP)LOH
EPS
LQWWRVWU$&RO$5RZPRG
EPS
6WULQJ*ULG&DQYDV'UDZ5HFW/HIW5HFW7RSEP
ILQDOO\
EP)UHH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
HQG
HQG
HQG
1'
QDSURJUDPXMWHSDOHWX]SUHGFKiG]DM~FHMSUHGQiN\SRPRFRXWDEXNRYpKRNRPSRQHQWX
SR]DGLHNDGpKRSROtNDMH]DIDUEHQpU{]Q\PLIDUEDPL
GRR]QDHQpKRSROtND]DStHPHQHMDN~]QDNXQDSU
DOHERKRLQDNR]QDtPH
SULXGDORVWLRQ6HOHFW&HOOVD]PHQtIDUEDSHUDJUDILFNHMSORFK\NUHVOLDFHKRSURJUDPX
=KUQXWLHNRPSRQHQWX6WULQJ*ULG
XLWRQpVWDYRYpSUHPHQQpSURSHUW\
5RZ&RXQW&RO&RXQW)L[HG&ROV)L[HG5RZV
&HOOV>D&ROD5RZ@&ROV>,QGH[@5RZV>,QGH[@
'HIDXOW5RZ+HLJKW'HIDXOW5RZ+HLJKWSRLDWRQiYHNRVSROtRN
&RO:LGWKV>,QGH[@5RZ+HLJKWV>,QGH[@PRPHQWiOQDYHNRVSROtRNSRDV
EHKXPRQRPHQL
SRDVGL]DMQX6FUROO%DUV$OLJQ
:LGWK+HLJKW
&DQYDV
2SWLRQVVHWRIJR)L[HG9HUW/LQHJR)L[HG+RU]/LQHJR9HUW/LQH
JR+RU]/LQHJR5DQJH6HOHFWJR'UDZ)RFXV6HOHFWHGJR5RZ6L]LQJ
JR&RO6L]LQJJR5RZ0RYLQJJR&RO0RYLQJJR(GLWLQJJR7DEV
JR5RZ6HOHFWJR$OZD\V6KRZ(GLWRUJR7KXPE7UDFNLQJ
PHWyG\
SROtNXWDEXN\VDQDFKiG]DERG;<
XGDORVWL
2Q0RXVH'RZQSDUDPHWUH;D<V~V~UDGQLFHP\L !P{HPHSRXL
0RXVH7R&HOO
2Q6HOHFW&HOOSDUDPHWUH&RO5RZ/RQJLQWDYDU&DQ6HOHFW%RROHDQ
2Q'UDZ&HOOSDUDPHWUH
&RO5RZ/RQJLQW5HFW75HFW6WDWH7*ULG'UDZ6WDWH
NGH7*ULG'UDZ6WDWH VHWRIJG6HOHFWHGJG)RFXVHGJG)L[HG
SRXLWLHQDSU
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RS
6WULQJ*ULG&HOOV>&RO5RZ@
DOHERDM6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLBBTPWB
UBCVLPWLPNQPOFOU
CJUNBQZ
DOLHSRXLWLHWDEXNRYpKRNRPSRQHQWX6WULQJ*ULG
H[SORUHUV~ERURYSRGREQHDNRYR:LQNH]REUD]XMHDMGHWDLO\
H[FHORYVNiWDEXND
NDOHQGiU
KUDPtQ\
KU\QDDFKRYQLFL
SH[HVR
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
13. prednka: vod do Objektovo Orientovanho Programovania
SUHGQiND
YRGGR2EMHNWRYR
2ULHQWRYDQpKR3URJUDPRYDQLD
3ULSRPHPHVLDNpSRMP\VPH]DYLHGOLYSUHGQiNHSULGHILQRYDQtNRU\WQDN\
2EMHNWNRU\WQDND
VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYFKSUHPHQQFKQDSUSR]tFLDIDUEDWYDU
PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQp
WDNPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDN\SUHPHQQpW\SX
.RU
PXVLDE\Y\WYRUHQpQLHGHNODURYDQpSHFLiOQ\PVS{VRERP.RU&UHDWHDNPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXtYD
WDNPWRSUHPHQQPKRYRUtPH2%-(.7DW\SRP]NWRUFKY\WYiUDPHREMHNW\QDSU.RUKRYRUtPH
NWRUiERODLQWDQFLRXWULHG\7&DQYDV
]DWLDVLRREMHNWRFKWUHED]DSDPlWDHV~WRSUHPHQQpNWRUpYVHEHP{XREVDKRYDYHDVWDYRYFK
=GRWHUDMtFKVN~VHQRVWtYLHPHHVREMHNWRPNRU\WQDNDVDSUDFXMHYHPLSRGREQHDNRVRE\DMQP
YDU YDU
]P]0LHVWR RPR0LHVWR
GUXKiGHILQtFLDGHNODUXMHWULHGXDWHGDSUHPHQQiRPMHREMHNWDSUHSRXtYDWHDSULWRPY]QLNDM~WLHWR
UR]GLHO\
SUHPHQQi]PW\SX]0LHVWRXSRVYRMRP]DGHNODURYDQtH[LVWXMHD]DWLDPiQHGHILQRYDQ~KRGQRWX
SUHPHQQiRPW\SXR0LHVWRWMLQWDQFLDWULHG\R0LHVWR]DWLDHWHQLHMHY\WYRUHQiDSUHWRVRX
LQWDQFLD WULHGD&UHDWHDOHER
LQWDQFLD WULHGD&UHDWHSDUDPHWUH
QDSUPXVtPH]DStVDRP R0LHVWR&UHDWH
VSRORNDPL]i]QDPXDMREMHNWXSUDFXMHPH~SOQHURYQDNRQDSUP{HPHSRXLZLWK
]Y\NQHPHSRVNRQHQtSUiFHVREMHNWRPWHQWR]UXLSRPRFRX)UHHQDSURP)UHHMHWRSRGREQp
X]DWYRUHQLXV~ERUXSRPRFRX&ORVH
$N]DGHILQXMHPH0LHVWRDNRWULHGXQDPLHVWR]i]QDPX]tVNDYDPHVLOQQiVWURMREMHNWRYRRULHQWRYDQp
SURJUDPRYDQLH8NiPHVLQRY~YODVWQRVNWRU~SRVN\WXM~LEDREMHNW\
'HGHQLH
]KRWRYHMWULHG\P{HPHY\WYRULDOLHRGYRGHQpWULHG\WDNH'HOSKiPMD]\NXSDVFDO
R]QiPLPHHFKFHPHSRQHFKDYHWNRRXEROR]DGHILQRYDQpGRWHUD]DSULGiPHQHMDNpQRYp
SRORN\VWDYRYpSUHPHQQp
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDU
RPR0LHVWR
RER%RG
7ULHGDR%RGMHY\WYRUHQiWDNHPiYHWN\YODVWQRVWLWULHG\R0LHVWRDSULGDODVLQRY~VWDYRY~
SUHPHQQ~YLGWMWiWRWULHGDPiVWDYRYpSUHPHQQp
1RYpSRMP\
WULHGDR%RGY]QLNODDNRSRWRPRNWULHG\R0LHVWRGHVFHQGHQWW\SH>GL
VHQGHQW@
WULHGDR0LHVWRMHSUHGRNWULHG\R%RGDQFHVWRUW\SH>DHQVHVWH@
WULHGDR%RG]GHGLODYHWN\YODVWQRVWLWULHG\R0LHVWRLQKHULW
NDGiWULHGDP{HPDXERYRQSRHWSRWRPNRYDOHOHQMHGLQpKRSUHGND
SRWRPNRYLDP{XGRGHILQRYDQRYpVWDYRYpSUHPHQQpDOHP{XDMSUHGHILQRYDX
]GHGHQp
SUtNODGGHPRQWUXMHSRXLWLHLQWDQFLtWFKWRWULHG
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDU
RPR0LHVWR
RER%RG
EHJLQ
RP R0LHVWR&UHDWH
RE R%RG&UHDWH
RP[ RP\
ZLWKREGREHJLQ
[ \ RP\
HQG
RP)UHH
RE)UHH
HQG
0HWyG\REMHNWX
V~WRSURFHG~U\DOHERIXQNFLHNWRUpVDGHNODUXM~YRYQ~WULREMHNWXDV~VQtPSHYQHVSRMHQp
VO~LDQDSUQDPRGLILNRYDQLHVWDYRYFKSUHPHQQFK]DEH]SHXM~VSUiYDQLHREMHNWX
]DGHILQXMHPHSURFHG~UXQDQDVWDYHQLHKRGQ{WVWDYRYFKSUHPHQQFK
SURFHGXUHR0LHVWR=PHQ;<1RYH;1RYH<LQWHJHU
EHJLQ
[ 1RYH;\ 1RYH<
HQG
DE\W~WRGHILQtFLXSDVFDOVSUiYQHSRFKRSLOWMHSDWUtNWULHGHR0LHVWRPXVtE\MHMKODYLND
]DGHILQRYDQiDMYGHILQtFLLWULHG\
W\SH
R0LHVWR FODVV
[\LQWHJHU
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU
HQG
WLHWRGYHGHILQtFLHPHWyG\PXVLDE\LGHQWLFNp
YRYQ~WULPHWyG\VDSUDFXMHVRVWDYRYPLSUHPHQQPLPRPHQWiOQHMWULHG\DNRNHE\ERODRENORSHQi
QHYLGLWHQPSUtND]RPZLWK
QDNRNRWULHGDR%RGMHSRWRPNRPWULHG\R0LHVWRWDN]GHGLODDMPHWyG\WULHG\R0LHVWRDSUHWRDM
LQWDQFLHWULHG\R%RGP{XSRXtYDWLHWRPHWyG\
YDU
RER%RG
EHJLQ
RE R%RG&UHDWH
RE=PHQ;<YRODQLHPHWyG\
SRWRPRNP{HSUHNU\PHWyGXVYRMKRKRFLNWRUpKRSUHGNDP{HKRFLDM]PHQLW\SDSRHW
SDUDPHWURYQDSU
W\SH
R%RG FODVVR0LHVWR
YLGERROHDQ
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
HQG
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
[ 1RYH;\ 1RYH<YLG 1RY\9LG
HQG
DOHERP{HPHY\XLSULGHILQRYDQtSUHNUYDM~FHMPHWyG\DM]GHGHQ~PHWyGXQDSU
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
LQKHULWHG=PHQ;<1RYH;1RYH<
YLG 1RY\9LG
HQG
1DVOHGXM~FLSUtNODGXNiHSRXLWLHREMHNWRYNUXQtF
Y\WYRUHQLHNUXKXY\NUHVOHQLHXNU\WLH]PHQXIDUE\DSRVXQREUi]NX
SURFHG~UDNWRUiVSUDFRYiYDXGDORV2Q)RUP&UHDWH7)RUP)RUP&UHDWHSULUDGtGRJOREiOQHMSUHPHQQHM
J ,PDJH&DQYDV
DOHM]DGHILQXMHPHJOREiOQHSUHPHQQpW\SX7.UXK
QDSUYpWODLGORVDQLHNGHYSORFKHY\WYRUtNUXQLFDQHMDNHMYHNRVWLDIDUE\
SRGREQHDMQDDWODLGORLQpNUXQLFH
W\SH
7)RUP FODVV7)RUP
SULYDWH
SRFLQWHJHU
HQG
YDU
)RUP7)RUP
J7&DQYDV
^WULHGD7.UXK`
W\SH
7.UXK FODVVSRWRPRN72EMHFW
[\ULQWHJHU
I7&RORU
YLGERROHDQ
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
LQKHULWHG&UHDWH
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDU
DEF7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
YWRPWRSUtNODGHVPHSUHGHILQRYDOLDMNRQWUXRYDQLHREMHNWX&UHDWH
.RQWUXNWRUREMHNWX
MHWRSHFLiOQDSURFHG~UDNWRUiVDSRXtYDLEDSUHY\WYRUHQLHQRYHMLQWDQFLH
MHMKODYQRX~ORKRXMHY\KUDGLYSRtWDLPLHVWRSUHVDPRWQREMHNWDGRSUHPHQQHMLQWDQFLHSULUDGL
UHIHUHQFLXQDWRWRPLHVWR
RNUHPWRKRP{HWiWRSURFHG~UDNRQWUXNWRUQDSUDMLQLFLDOL]RYDREVDK\VWDYRYFKSUHPHQQFK
SUtSDGQHURELLQpDNFLH
QDPLHVWRSURFHGXUHPXVtPHGHNODURYDVORYRPFRQVWUXFWRU
YLPQLWHVLHNRQWUXNWRUVPHSRXtYDOLDMYSUHGFKiG]DM~FRPSUtNODGHRWULHGHR0LHVWR
LQKHULWHG&UHDWH
QDPLHVWR7.UXK FODVVE\VPHPRKOLGHNODURYDDM7NUXK FODVV72EMHFWERORE\WRWR
LVWp
SRNUDXMHPHYUR]UREHQRPSURMHNWH
WYUWpWODLGORUR]KEHNUXK\WDNHNDGVDSDUDOHOQHSRKQHQHMDNPVPHURPNURNRY
SRXLMHPHQDWRDVRYD7LPHUQDVWDYtPHPXYLQSHNWRUH,QWHUYDOQDD(QDEOHGQD)DOVH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF VWDYRYiSUHPHQQiY7)RUP
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
DSRVXQ
ESRVXQ
FSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
OHQHDNE\VPHVWODLOLWRWRWODLGORSUHGWPDNRVPHY\URELOLYHWN\NUXK\SURJUDPQiPVSDGQHQDX
]QiPHMFK\EH$FFHVYLRODWLRQDWDGGUHVVSUHWRPXVtPH]DEH]SHLHSRV~YDEXGHPHOHQWHQNUXK
NWRUXEROQDR]DMY\UREHQ$NR]LVWtPHLERODLQWDQFLDXY\WYRUHQi&UHDWH"
YVNXWRQRVWLYSUHPHQQHMDQLHMHSULDPRREVDKREMHNWXVWDYRYpSUHPHQQpWDNDNRE\WRERORY
]i]QDPHDOHUHIHUHQFLDQDQHMDNpPLHVWRYSDPlWLSRtWDDNGHVDQDR]DMWHQWRREMHNWQDFKiG]D
NPQLHMHREMHNWY\WYRUHQVNRQWUXRYDQWDNYSUHPHQQHMDQLHMHLDGQDUHIHUHQFLDRVDYSDVFDOH
R]QDXMHVORYtNRPQLODWHGD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
D QLO
E QLO
F QLO
HQG
ERORE\GREUp]Y\NQ~VLQD]DLDWRNSURJUDPXQDSUGR)RUP&UHDWHGDSULUDGHQLD
D QLOE QLO
GRKRGOLVPHVDHNDGREMHNWPXVtPHSRVNRQHQtXYRQLSRPRFRX)UHHYQDRPSUtNODGHWR
XUREtPHYXGDORVWL2Q)RUP'HVWUR\
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHHLID!QLOWKHQD'HVWUR\
E)UHH
F)UHH
HQG
SLDWHWODLGORXYRQtYHWN\LQWDQFLHDEF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHH
D QLODE\DQHUHIHUHQFRYDORQDXQHGHILQRYDQ
REMHNW
HQG
LIE!QLOWKHQZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
9ODVWQRVWLREMHNWRY
HQNDSVXOiFLDHQFDSVXODWLRQ]DSX]GUHQLH
QRYGiWRYW\SWULHGDFODVV
VSRMHQLHW\SXUHFRUGDSURFHG~U\IXQNFLHSUHPDQLSXOiFLXVRVWDYRYPLSUHPHQQPL
GHGLQRVLQKHULWDQFH
RGGHILQRYDQpKRREMHNWXP{HPHRGYRGLFHO~KLHUDUFKLXREMHNWRY
WMSRWRPNRYNWRUtGHGLDSUtVWXSNGiWRYPDMSURJUDPRYP]ORNiP
SRO\PRUIL]PXV
]GLHDQLHDNFLtYKLHUDUFKLLREMHNWRY
EXGHPHVDXLDQHVN{U
1'
]DQLWHWXGRYDV~ERU.RU8QLWSDVXE\VWHGRVYHD]WRKRPRKOLUR]XPLH
]DGHILQXMWHWULHGXSUHYHNptVODQDSU
FRQVW
PD[
W\SH
YHONHBFLVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRHWSODWQFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[ORQJLQW
SURFHGXUHSULFLWDM[ORQJLQW
SURFHGXUHQDVRE[ORQJLQW
SURFHGXUHY\SLV
HQG
DE\VDGDOQDSUY\SRtWDYHNIDNWRULiOQDSU
YDU
IYHONHBFLVOR
EHJLQ
I YHONHBFLVOR&UHDWH
ISULUDG
IRUL WR1GRIQDVREL
IY\SLV
HQG
SRVOHGQi]PHQD
SUHGQiND
3URJUDPRYpMHGQRWN\G\QDPLFNp
DRWYRUHQpSROLD
3URJUDPRYpMHGQRWN\XQLW\
EDOtNSUHGGHILQRYDQFKSRGSURJUDPRYSUHPHQQFKW\SRYDNRQWiQW
SRXtYDM~VD
DNRNQLQLFHSRGSURJUDPRYNWRUpVDGDM~SULSRMLNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD
]GURMRYpKRNyGXWDQGDUGQiMHGQRWND6\VWHPREVDKXMHWDQGDUGQpSDVFDORYVNpSURFHG~U\D
IXQNFLHQDSU$VVLJQ)LOH5HVHWZULWHFRS\LQVHUWFRVRUGRGGSLDOHDMWULHGX72EMHFW
DNRSURJUDPRYNyGNWRUSRSLVXMHVSUiYDQLHIRUPXOiUDQDMDVWHMLHPiNDGIRUPXOiUY
DSOLNiFLLVYRMXMHGQRWNXQDSU8QLWSDVY\WYRUHQMHDXWRPDWLFN\SURVWUHGtP'HOSKLSUL
Y\WYiUDQtQRYpKRIRUPXOiUDSRSLVNRPSRQHQWRYYRIRUPXOiULMHYV~ERUHVSUtSRQRX')0
DVWRKRP{HPHSRXLQDUR]OHQHQLHUR]VLDKOHKRSURJUDPXGRORJLFN\V~YLVLDFLFKPHQtFK
PRGXORYUHVSQDSRSLVQHMDNHMDVWLKLHUDUFKLHREMHNWRY
V~YV~ERURFKVSUtSRQRX3$6 !SRSUHNRPSLORYDQtMHLFKNyGYV~ERUHVSUtSRQRX'&8DE\
VPHPRKOLQHMDNXQLWSRXLYQDRPSURJUDPHQHSRWUHEXMHPHMHKR]GURMRYWYDU3$6DOHVWDt
QiPV~ERU'&8
'HILQtFLDXQLWX
XQLWPHQR8QLWXPHQRXQLWXVDPXVt]KRGRYDVPHQRPV~ERUX
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQWiQWW\SRYDMWULHG
SUHPHQQFKSURFHG~UDIXQNFLtOHQLFKKODYLN\NDGNWR
MHGQRWNXSRXtYDNQLPP{HSULVWXSRYDDNRNVYRMLPYODVWQP
`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMQFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRQp
StVDEH]RKDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]
IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQWiQWW\SRYSUHPHQQFKSURFHG~U
DIXQNFLt`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LQLWLDOL]DWLRQWLHWRDVWLP{XFKED
LQLFLDOL]iFLDXQLWXVSXVWtVDWHVQHSUHGVSXVWHQtP
KODYQpKRSURJUDPX
ILQDOL]DWLRQ
ILQDOL]iFLDXQLWXVSXVWtVDSRVNRQHQtKODYQpKRSURJUDPX
HQG
-HGQRWN\P{HPHSRXLYLQFKSURJUDPRFKUHVSMHGQRWNiFKWDNHGRDVWLGHNODUiFLtXVHV
QDStHPHPHQRMHGQRWN\DNVDMHGQRWNDQHQDFKiG]DYWRPLVWRPDGUHViULDNRVDPRWQSURMHNW
PXVtPH]DStVDPHQRV~ERUXDMVFHVWRXPHQRV~ERUXVDDMWDNPXVt]KRGRYDVQi]YRP
MHGQRWN\QDSU
XVHV0HVVDJHV9HNWRU\LQ
?YHNWRU\SDV
3RPRFQ\8QLW
SRUDGLHPLHQMHGQRWLHNYSRSLVHXVHVXUXMHSRUDGLHLFKLQLFLDOL]iFLt
3URJUDPRYiMHGQRWND6WDFN8QLW]iVREQtN
~GDMRYiWUXNW~UD]iVREQtNVWDFNMHSULSURJUDPRYDQtYHPLDVWRSRXtYDQiDSULWRPMHGRV
MHGQRGXFKiQDWRDE\VPHQDQHMY\VYHWOLOLSRXLWLHSURJUDPRYFKMHGQRWLHN
MHWR~GDMRYiWUXNW~UDNWRUiVDSRGREiSRVWXSQRVWLSUYNRYOHQVS{VRESULGiYDQLDDXEHUDQLD
SUYNRYMHSHFLILFN
SUYN\GRWUXNW~U\P{HPHSULGiYDOHQQDNRQLHFRSHUiFLRXSXVK
SUYN\]RWUXNW~U\P{HPHRGREHUDOHQ]NRQFDRSHUiFLDSRS
SRPRFQiRSHUiFLDHPSW\VO~LQDRWHVWRYDQLHLMHWUXNW~UDSUi]GQD
XQLW6WDFN8QLW
LQWHUIDFH
FRQVW
PD[VWDFN
W\SH
SUYRN VWULQJ
VWDFN FODVV
VWDUUD\>PD[VWDFN@RISUYRN
YUFKPD[VWDFN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJVREVDKXMH6KRZ0HVVDJH
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOWRNQRVRVSUiYRX
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
YUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQ]iVREQtN
HOVHEHJLQ
LQFYUFKVW>YUFK@ S
HQG
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
S VW>YUFK@GHFYUFK
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNIXOOERROHDQ
EHJLQ
5HVXOW YUFK PD[VWDFN
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
QDMOHSLHMHY\WYiUDQRYpXQLW\SRPRFRX1HZYPHQX)LOHYWRPWRGLDOyJXY\EHULHPH8QLW
Y\WYRUtVDVNRURSUi]GQ\XQLWQDSU
XQLW8QLW
LQWHUIDFH
LPSOHPHQWDWLRQ
HQG
WHQWRSRPRFRX6DYH$VYPHQX)LOHP{HPHSUHPHQRYDDWPVD]PHQtDMKODYLNDXQLWX
SR]ULPHVDDNRY\]HUiKODYQSURJUDPWM'HOSKLSURMHNWDSOLNiFLH3URMHFWGSU
SURJUDP3URMHFW
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
8QLWLQ
8QLWSDV
^5 5(6`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
WHQWRV~ERUMHWLHSDVFDORYVN]GURMRYNyGDOHQDUR]GLHORGSURJUDPRYHMMHGQRWN\REVDKXMHOHQ
'\QDPLFNpSROLD
GHNODUXMHPHLFK
YDU
DDUUD\RIW\SBSUYNX
]QDPHQiWRHSUHPHQQiDWRKRWRW\SX]DWLDQHPiXUHQ~YHNRVWMSRHWSUYNRY
YHNRVSRDPXVtPH]DGHILQRYDSRPRFRX
WRWRMHWRLVWpDNR6HW/HQJWKD
D FRS\LQpBSROHRGBSUYNXSRHWURYQDNRDNRSUL]QDNRYFKUHD]FRFK
WDQGDUGQiIXQNFLD/HQJWKYUDFLDPRPHQWiOQXYHNRVSRDSUHQLOMHWR
DOHERSUL]YlRYDQtGN\SULEXGQ~QDNRQLHFQRYpSUYN\]DWLDHWHVQHGHILQRYDQRXKRGQRWRX
]iVREQtN]UHDOL]XMHPHSRPRFRXG\QDPLFNpKRSRD
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
SUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLO
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
6HW/HQJWKVW/HQJWKVWVW>+LJKVW@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
S VW>+LJKVW@6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>+LJKVW@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW /HQJWKVW DOHER5HVXOW VW QLO
HQG
HQG
1DNRNRP{HE\RSHUiFLDQDIXNRYDQLDG\QDPLFNpKRSRDSRPHUQHGUDKiWMDVRYRQiURQi
P{HPHSROH]YlRYDSRYltFK~VHNRFKQDSU
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
SUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
YUFKLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLOYUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LQFYUFK
LIYUFK!+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
VW>YUFK@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
S VW>YUFK@GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
SUtNODGYNWRURPSRXLMHPH]iVREQtNVSROXVNRU\WQDNRXSUHGSRNODGiPHHSUYN\]iVREQtNDV~tVOD
QDSUW\SHSUYRN UHDO
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VVWDFN
N.RU
LLQWHJHU
UUHDO
EHJLQ
N .RU&UHDWH
V VWDFN&UHDWH
IRUL WRGREHJLQ
NGRSUHGXL
NYSUDYRVSXVKL
HQG
FDNDM
NIS FO5HG
ZKLOHQRWVHPSW\GREHJLQ
VSRSUNYODYRNGRSUHGXU
HQG
V)UHH
HQG
3DUDPHWHURWYRUHQpSROH
3RWUHEXMHPHSURFHG~UXNWRUiGRVWDQHSRVWXSQRVtVHODQDMHM]iNODGHQDNUHVOtNULYNXWDNHSRVWXSQHEXGH]
QHMEUDGN\SUHSUtND]GRSUHGXD]DNDGPVDRWRtRVWXSRYYSUDYR1DNRNRQHSR]QiPHGNXYVWXSQHM
SRVWXSQRVWLWMSRDSRXLMHPHW]YSDUDPHWHURWYRUHQpSROHWMVNXWRQPSDUDPHWURPP{HE\XERYRQp
MHGQRUR]PHUQpSROHNWRUpVD]KRGXMHVW\SRPSUYNRY=DSLVXMHPHQDSU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
WDNWRIRUPiOQ\SDUDPHWHUQLHMHG\QDPLFNpSROH
9RYQ~WULSURFHG~U\SULVWXSXMHPHNSUYNRPSRDVLQGH[PLRG/RZGDSR+LJKGSULRP/RZGMHYG\D
+LJKGMHYG\/HQJWKG1HP{HPHSRXL6HW/HQJWKDQLFRS\
1DSU
YDU
N.RU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKGGREHJLQ
N'RSUHGXG>L@
N9SUDYR
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
GGDUUD\>@RIUHDO
EHJLQ
N .RU&UHDWH
NUHVOLGG
HQG
'HOSKLXPRXM~SRVODDNRVNXWRQSDUDPHWHUW\SXRWYRUHQpSROHDMNRQWDQWXRWYRUHQpSROHWM
SRVWXSQRVKRGQ{WURYQDNpKRW\SXDNRSUYN\RWYRUHQpKRSRDX]DYUHW~YKUDQDWFK]iWYRUNiFK
QDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N .RU&UHDWH
NUHVOL>@
HQG
$NYLHPHHSURFHG~UD3RO\JRQNWRUiIXQJXMHY&DQYDVHJUDILFNHMSORFK\PiSDUDPHWHURWYRUHQp
SROHW\SX7SRLQWDWDQGDUGQiIXQNFLD3RLQWY\UiED]i]QDPW\SX73RLQWWMQLHRDNR
W\SH
73RLQW UHFRUG[\/RQJLQWHQG
SURFHGXUH7&DQYDV3RO\JRQFRQVW3RLQWVDUUD\RI73RLQW
SRVOHGQi]PHQD
SUHGQiND
3URJUDPRYiMHGQRWND.RU8QLW
.RU8QLW
SRGUREQHVDSR]ULHPHQDSURJUDPRY~MHGQRWNX.RU8QLWQDMSUYGHNODUiFLDWULHG\.RU
W\SH
.RU FODVV
SULYDWH
;6XU<6XU6PHUUHDO
'ROHERROHDQ
)37&RORU
+3LQWHJHU
8ND]DQDERROHDQ
SREU\VDUUD\RIUHDO
IREU\V7&RORU
KREU\VLQWHJHU
WYDU7%LWPDS
SURFHGXUH8ND]F7&DQYDV
SXEOLF
FRQVWUXFWRU&UHDWH[UHDO \UHDO XUHDO
GHVWUXFWRU'HVWUR\RYHUULGH
YLUWXDO
SURFHGXUH=PHQ7YDUW7%LWPDSRYHUORDGYLUWXDO
SURFHGXUH=PHQ)DUEX7YDUXI7&RORUYLUWXDO
SURFHGXUH=PHQ+UXENX7YDUXKLQWHJHUYLUWXDO
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\<6XUUHDOUHDG<6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
SURSHUW\'ROHERROHDQUHDG'ROHZULWH=PHQ3HUR
SURSHUW\)37&RORUUHDG)3ZULWH=PHQ)3
SURSHUW\+3LQWHJHUUHDG+3ZULWH=PHQ+3
SURSHUW\)DUED7YDUX7&RORUUHDGIREU\VZULWH=PHQ)DUEX7YDUX
SURSHUW\+UXEND7YDUXLQWHJHUUHDGKREU\VZULWH
=PHQ+UXENX7YDUX
HQG
YlLQXYHFtEXSR]QiPHDOHERVPHVQLPLXSUDFRYDOL
WULHGDREVDKXMHQLHNRNRVWDYRYFKSUHPHQQFKDX]LFKQi]YXMHMDVQpQDRVO~LD
VWDYRYiSUHPHQQiSREU\VMHW\SXG\QDPLFNpSROHDVO~LQDSRSLVREU\VXNRU\WQDN\
QDSUWURMXKROQtND
VWDYRYiSUHPHQQiWYDUEXGHREVDKRYDEXELWPDSXNWRUiMHWYDURPNRU\WQDN\DOHER
QLODNMHMQLHMHSULUDGHQLDGHQELWPDSRYWYDU
PHWyGD=PHQ7YDUPiSDUDPHWHURWYRUHQpSROHNWRUpVDSRGREiQDG\QDPLFNpSROH
SUHPHQQHMSREU\V
P{HPHWXYLGLHQLHNRNRQRYLQLHN
YHWN\VWDYRYpSUHPHQQpDPHWyG\V~UR]GHOHQpGRGYRFKYHNFKVNXStQSULYDWHDSXEOLF
RNUHPNRQWUXNWRUD&UHDWHMHWXGHILQRYDQDMGHWUXNWRU'HVWUR\VN~RYPVORYRP
RYHUULGH
VNRUR]DYHWNPLGHILQtFLDPLPHWyGMHN~RYpVORYRYLUWXDONWRUpVDEXGHPHXLQHVN{U
NRQWUXNWRU&UHDWHPiSUHGYROHQpSDUDPHWUHGHIDXOWKRGQRW\
SURSHUW\YODVWQRV
PHWyGD=PHQ7YDUPiRNUHPYLUWXDOSULGDQpDMN~RYpVORYRRYHUORDG
SRVWXSQHVD]R]QiPLPHVWPLWRQRYLQNDPL
3ULYiWQHGHILQtFLH
PHWyG\QLHV~YDQLMHGQHM]WFKWRVNXStQRNUHPWFKWRGYRFKVNXStQMHDMDOLDSXEOLVKHGNWRUi
MHVNRURURYQDNiDNRSXEOLFDOH]DWLDSUHMHGQRGXFKRVSUHGSRNODGDMPHHMX'HOSKLSRWUHEXM~SUH
NRPSRQHQW\DPHWyG\NWRUpV~]YLD]DQpVQHMDNPIRUPXOiURP
3UHGYROHQpSDUDPHWUH
LFKWPLWRKRGQRWDPL]DQiV
OHQKRGQRWRYpDOHERFRQVWSDUDPHWUHP{XE\SUHGYROHQpGHIDXOWQLHYDUSDUDPHWUH
NRU\WQDNXP{HPHVNRQWUXRYDQDSUWDNWR
N .RU&UHDWH
N .RU&UHDWH
N .RU&UHDWH[\
YLPQLWHVLHNRQWUXNWRU&UHDWHKODYQHLQLFLDOL]XMHVWDYRYpSUHPHQQp
FRQVWUXFWRU.RU&UHDWH[\XUHDO
YDU
LLQWHJHU
EHJLQ
,QLFLDOL]XM
;6XU [<6XU \6PHU X
)3 FO%ODFN+3
'ROH WUXH8ND]DQD IDOVH
SREU\V QLOKREU\V
=PHQ7YDU>@IREU\V FO*UHHQ
'HWUXNWRU'HVWUR\
MHSRGREQNRQWUXNWRUXDXWRPDWLFN\VD]DYROiSULPHWyGH)UHHWMNHUXtPHREMHNWP{HPHQD
]iYHUY\NRQDQHMDNpXSUDWRYDFLHDNFLH
YRODQLHPHWyG\)UHHQHMDNpKRREMHNWXREMVLP{HPH]MHGQRGXHQHSUHGVWDYLDNR
LIREM!QLOWKHQREM'HVWUR\
DMGHWUXNWRU'HVWUR\SUDFXMHVSRRPNRU\
GHVWUXFWRU.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
LI8ND]DQDWKHQGHFSXND]
SREU\V QLO
L ZKLOHL PD[NRUDQGNRU\>L@!VHOIGRLQFL
LIL PD[NRUWKHQNRU\>L@ QLO
WHVW
LQKHULWHG
HQG
LQKHULWHGQD]iYHUPHWyG\MHXNiNRXWRKRHQHWUHED]DEXGQ~VSXVWLXSUDWRYDFLHDNFLHDMSUH
WULHGXSUHGNDYQDRPSUtSDGHMHWR]E\WRQpOHERSUHGRNWULHG\.RUPiSUi]GQ\GHWUXNWRUWULHGD
.RUMHSRWRPNRPWULHG\72EMHFW
9ODVWQRVWLSURSHUW\
VWDYRYpSUHPHQQpVN~RYPVORYRPSURSHUW\V~SHFLiOQHDWULE~W\WULHG\QLHV~WRSDPlRYp
SRORN\WULHG\DNRY]i]QDPH
RE\DMQPVWDYRYPSUHPHQQPMHY\KUDGHQpQHMDNpSDPlRYpPLHVWRP{HPH]LVWLMHMKRGQRWX
UHVSMXPHQLWRMHDQDOyJLDSRORNiP]i]QDPRY
DNRHVWDYRYiSUHPHQQiYODVWQRVPXVtPDSULUDGHQpQHMDNpDNFLHQDtWDQLHUHVSPRGLILNRYDQLH
WDNHMWRVWDYRYHMSUHPHQQHM
SRPRFRXWRKRWRPHFKDQL]PXP{HPHNRQWURORYDSUtVWXSNXVNXWRQPVWDYRYPSUHPHQQP
DOHERP{HPHSUHWDNpWRVWDYRYpSUHPHQQpY\SRtWDLFKKRGQRWXDNHEXG~SRDGRYDQptWDQp
V\QWD[
SURSHUW\PHQRW\SUHDGSRORND_PHWyGDZULWHSRORND_PHWyGD
SRORND_PHWyGDMHEXRE\DMQiSRORNDVNXWRQiVWDYRYiSUHPHQQiREMHNWXKRFLDMSULYiWQDDOHER
SUHUHDGPHWyGDPXVtE\EH]SDUDPHWURYiIXQNFLDURYQDNpKRW\SX
SUHZULWHPHWyGDPXVtE\MHGQRSDUDPHWURYiSURFHG~UDVKRGQRWRYPDOHERFRQVWSDUDPHWURP
URYQDNpKRW\SX
MHGQD]DVWtUHDGDOHERZULWHP{HFKED !SRWRPWHQWRSUtVWXSQLHMHSRYROHQQDSUQHGiVD
PHQLKRGQRWDVWDYRYHMSUHPHQQHMLEDtWD
YG\NHVDYSURJUDPHEXGHtWDUHVSPHQLKRGQRWDWDNHMWRDNRHVWDYRYHMSUHPHQQHM
YODVWQRVWLWDNVDEXSUHtWDKRGQRWDUHVSSULUDGtGRSRORN\DOHERVD]DYROiSUtVOXQiPHWyGD
QDSUNRU\WQDNDPiDMWLHWRYODVWQRVWL
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
R]QDPHQiHWDN~WRVWDYRY~SUHPHQQ~;6XUQHP{HPHPHQLQDSUSULUDRYDFtPSUtND]RPOHQ
tWDYWHG\GRVWDQHPHKRGQRWXV~NURPQHMSUHPHQQHM;6XU
9DORPSUtNODGHVWDYRYiSUHPHQQiYODVWQRVSUHPYVNXWRQRVWLPDQLSXOXMHVRV~NURPQRX
SUHPHQQRX[SUHPOHQSULMHMtWDQtVDDXWRPDWLFN\]YLSRtWDGORSRF
W\SH
[[ FODVV
SULYDWH
[SUHPUHDO
SRFLQWHJHU
IXQFWLRQKRGQRWDUHDO
SXEOLF
SURSHUW\SUHPUHDOUHDGKRGQRWDZULWH[SUHP
HQG
IXQFWLRQ[[KRGQRWDUHDO
IXQNFLDSRtWDSRHWSUtVWXSRYNXVWDYRYHM
SUHPHQQHM
EHJLQ
5HVXOW [SUHPLQFSRF
HQG
QHVN{UXYLGtPHDMDOLHPRQRVWLVWDYRYFKSUHPHQQFKYODVWQRVWt
9\NUHVRYDQLHWYDURYNRU\WQDLHN
-HGQRWND.RU8QLWPi]DGHILQRYDQpQLHNWRUpG{OHLWpV~NURPQpSUHPHQQpV~GHNODURYDQpLEDY
LPSOHPHQWDWLRQDVWL
NRU\DUUD\RINRU
PD[NRULQWHJHU
G\QDPLFNpSROHNRU\VO~LQDV~NURPQp]DSDPlWDQLHVLYHWNFKGRWHUD]Y\WYRUHQFK
NRU\WQDLHNSRWUHEXMHPHWRQDY\NUHVRYDQLHWYDURYNRU\WQDLHNWURMXKROQtNRYSULNDGHM
]PHQHJUDILFNHMSORFK\SURFHG~UDWREM0\0HVVDJHMH]DYRODQiRSHUDQPV\VWpPRP
:LQGRZVWHVQHSUHGWPDNRWUHEDSUHNUHVOLW~WRJUDILFN~SORFKXYRIRUPXOiULQDSUNHVDY
SORFKHQLHR]PHQLORWiWRSURFHG~UDYROiSUHNDG~NRU\WQDNXV~NURPQ~PHWyGX8ND]
SUHPHQQiPD[NRUREVDKXMHLQGH[PD[LPiOQHSULUDGHQHMNRU\WQDN\YSROLNRU\SROHNRU\
QH]YlXMHPHSULNDGHMQRYHMNRU\WQDNHRDOHUD]]DDV]YltPHRDPD[NRU\MHYWHG\
PHQLHDNR+LJKNRU\
7RWRSROHNRU\VDDNWXDOL]XMHY.RU&UHDWHDY.RU'HVWUR\
SXND]LQWHJHUSRHWNRU\WQDLHNYJUDILFNHMSORFKHNWRUpQHPDM~VNU\WWYDUV~XNi]DQp
EORNERROHDQLMHEORNRYDQiDNWXDOL]iFLDJUDILFNHMSORFK\SRPRFRX1DUD]
SUHPHQQpJ7&DQYDVPHPELWPDS7%LWPDSDP\)RUP7)RUPVO~LDQDNUHVOHQLHGRJUDILFNHM
SORFK\DQD]REUD]RYDQLHWYDURYNRU\WQDLHN
9MHGQRWNH.RU8QLWV~RNUHPWULHG\.RUYLQWHUIDFHDVWLGHILQRYDQpDMQHMDNpNRQWDQW\SUHPHQQpD
SURFHG~U\DWHGDV~YLGLWHQpSUHSURJUDP\NWRUpPDM~XVHV.RU8QLW
=PD]PiMHGHQSUHGYROHQSDUDPHWHUIDUEXSR]DGLDJUDILFNHMSORFK\EH]SDUDPHWUD]PDH
JUDILFN~SORFKXQDELHOR
1DUD]WLHPiSUHGYROHQSDUDPHWHUDNMHWHQWRSRGSURJUDP]DYRODQVSDUDPHWURPIDOVHWDNVD
Y\SQHEORNRYDFtUHLP
YLPQLWHVLH1DUD]MHIXQNFLRXNWRUiYUDFLDS{YRGQUHLPEORNRYDQLDDNMHYRODQiDNR
SURFHG~UDWDNYVOHGQiKRGQRWDVDVWUiFD
SUHPHQQp[D\REVDKXM~V~UDGQLFHVWUHGXNRU\WQDHMJUDILFNHMSORFK\
SRPRFQiSURFHG~UDWHVWVO~LQDWRDE\VDDXWRPDWLFN\SRNDGRPNRU\WQDRPSUtND]H'RSUHGX
9SUDYR=PHQ)3DSRGXPRQLOR:LQGRZVDE\XURELORYHWN\DNFLHNWRUpVD]DWLDQD]ELHUDOL
$SSOLFDWLRQ3URFHVV0HVVDJHVDWLHVDYJUDILFNHMSORFKHSUHNUHVOLDYHWN\NRWU\WQDN\]DYROiVD
WREMP\0HVVDJH
YLPQLWHVLHMHYRODQiQD]iYHUNDGHMNRU\WQDHMPHWyG\
W~WRSURFHG~UXP{HPHYRODDM]QiKRSURJUDPXDNFKFHPHQDSUtNODG]DEH]SHL
SUHNUHVOHQLHNRU\WQDLHNYSORFKH
WHQWRPHFKDQL]PXVYHPLVSRPDXMHSULHEHKYSRWXSUiFXNRU\WQDLHN !]UFKRYDFt
SURFHGXUHWHVW
EHJLQ
LIP\)RUP!QLOWKHQ
,QYDOLGDWH5HFWP\)RUP+DQGOHQLOIDOVH
LIVSRPDO!WKHQFDNDMVSRPDO
HOVH$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUHWHVW
EHJLQ
LIQRWEORNWKHQWHVW
HQG
SRDQHGiVDWRMHGQRGXFKPSULUDGHQtPDQLFRS\
SURFHGXUH.RU=PHQ7YDUFRQVWREU\VDUUD\RIUHDO
YDU
LLQWHJHU
EHJLQ
WYDU QLO
6HW/HQJWKSREU\V/HQJWKREU\V
IRUL WRKLJKREU\VGRSREU\V>L@ REU\V>L@
WHVW
HQG
PHWyGD=PHQ7YDUPiHWHMHGHQYDULDQWNHGHILQXMHPHWYDUNRU\WQDN\DNRELWPDSX
YGHNODUiFLiFKWULHG\MHUH]HUYRYDQpVORYRRYHUORDGWR]QDPHQiHGHILQtFLDPiYLDFYDULDQWRY
YDULDQW\VDPXVLDQDY]iMRPOtLSRWRPDOHERW\SPLSDUDPHWURYDE\'HOSKLYHGHOLMHGQR]QDQH
XULNWRUYDULDQWMHYRODQ
SURFHGXUH.RU=PHQ7YDUW7%LWPDS
EHJLQ
WYDU W
WHVW
HQG
SULYiWQDPHWyGD8ND]]DEHSHXMH]REUD]HQLHNRU\WQDN\GRSUtVOXQpKR&DQYDVX
DNWRQLHMHELWPDSRYiNRU\WQDNDWYDU QLOWDNVDEXGHLQWHUSUHWRYD]R]QDPtVHOYG\QDPLFNRP
SROLSREU\VDNRSRVWXSQRVRWRHQtDLDUSULNUHVOHQtWYDUX
SURFHGXUH.RU8ND]F7&DQYDV
YDU
LLQWHJHU
[\VUHDO
EHJLQ
LIQRW8ND]DQDWKHQH[LW
LIWYDU!QLOWKHQ
F'UDZURXQG;6XU;WYDU:LGWKGLY
<URXQG<6XUWYDU+HLJKWGLYWYDU
HOVHLISREU\V!QLOWKHQEHJLQ
F0RYH7RURXQG;6XU;<URXQG<6XU
F3HQ&RORU IREU\V
F3HQ:LGWK KREU\V
F3HQ6W\OH SV6ROLG
[ ;6XU\ <6XUV 6PHU
IRUL ORZSREU\VWRKLJKSREU\VGREHJLQ
LIQRWRGGLWKHQV VSREU\V>L@
HOVHLISREU\V>L@!WKHQEHJLQ
[ [VLQV
UDG
SREU\V>L@
\ \FRVV
UDG
SREU\V>L@
F/LQH7RURXQG[;<URXQG\
HQG
HQG
HQG
HQG
SRPRFQ~PHWyGXP\0HVVDJHWXXYiG]DPHOHQSUHWRDE\VWHPDOLPRQRVYLGLHDNRVDQDR]DM
]REUD]LDNRU\WQDN\
NRU\WQDN\VDQHNUHVOLDSULDPRGRJUDILFNHMSORFK\DOHYWRPPRPHQWHNH:LQGRZVFKF~
SUHNUHVRYDQLH
QD]DLDWNXP\0HVVDJHVDRWHVWXMHLVDLGHSUHNUHVRYDQiIRUPXOiUVJUDILFNRXSORFKRX
SURFHGXUHWREMP\0HVVDJHYDU0VJ70VJYDU+DQGOHG%RROHDQ
YDU
'&KGF
3673DLQW6WUXFW
L6DYH,QGH[LQWHJHU
EHJLQ
LIIODQG0VJPHVVDJH :0B3DLQWDQG0VJKZQG P\)RUP+DQGOH
WKHQ
EHJLQ
IO IDOVH
LISXND]!WKHQEHJLQ
ZLWKPHPELWPDSGR
%LW%OW&DQYDV+DQGOHZLGWKKHLJKWJ+DQGOH65&&23<
IRUL WRPD[NRUGR
LINRU\>L@!QLOWKHQNRU\>L@8ND]PHPELWPDS&DQYDV
'& %HJLQ3DLQWP\)RUP+DQGOH36
WU\
6DYH,QGH[ 6DYH'&'&
ZLWKPHPELWPDSGR
%LW%OW'&/HIW7RSZLGWKKHLJKW&DQYDV+DQGOH65&&23<
5HVWRUH'&'&6DYH,QGH[
ILQDOO\
(QG3DLQWP\)RUP+DQGOH36
HQG
HQG
IO WUXH
HQG
HQG
QHPi]P\VHOVDVQDLGRGHWDLORYSRFKRSLDNRWRIXQJXMH
.RU8QLWQHPiDQLDVLQLWLDOL]DWLRQDQLILQDOL]DWLRQOHERLQLFLDOL]iFLDSUHPHQQFKVDUREtDSUL
SUYRP.RU&UHDWHUHVSSUL1DVWDY3ORFKX
SUtNODGVYODVWQRXWULHGRXPRM.RU
0DOiXNiNDSRWRPNDWULHG\.RUNWRUGRGHILQXMHPHWyGXQDNUHVOHQLHELQiUQHKRVWURP
W\SH
PRM.RU FODVV.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
SURFHGXUHPRM.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQ
EHJLQ
YODYR
VWURPQV
YSUDYR
VWURPQV
YODYR
HQG
GRSUHGXV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUNPRM.RU
EHJLQ
N PRM.RU&UHDWH
NVWURP
HQG
SRVOHGQi]PHQD
SUHGQiND
3RXLWLH]iVREQtNDUDG
3UHSLVUHNXU]LHQDQHUHNXU]LX
0iPHUHNXU]tYQXNRU\WQDLXPHWyGXNWRUiNUHVOtSLUiOX
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
SRPRFRX]iVREQtNDY\WYRUtPHQHUHNXU]tYQXPHWyGX
QDMSUY]DGHILQXMHPHWULHGX]iVREQtNSUHQDXNRQNUpWQX~ORKXSUYRN]iVREQtNDEXGH]i]QDPNWRU
REVDKXMHSRORN\YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
W\SHSUYRN UHFRUGYQLQWHJHUVUHDOHQG
WLHXSUDYtPHPHWyG\SXVKDSRSWDNDE\VDQiPVR]iVREQtNRPSUDFRYDORSRKRGOQHMLH
W\SH
VWDFN FODVV
VWDUUD\RISUYRN
SURFHGXUHSXVKYYQQLQWHJHUVVUHDO
SURFHGXUHSRSYDUYYQQLQWHJHUYDUVVUHDO
HQG
SURFHGXUHVWDFNSXVKYYQQLQWHJHUVVUHDO
EHJLQ
LQFYUFK
SURFHGXUHVWDFNSRSYDUYYQQLQWHJHUYDUVVUHDO
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
ZLWKVW>YUFK@GREHJLQ
YY YQQ QVV V
HQG
GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
HQG
SUHStPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiKRQRYpKR]iVREQtND
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLU1QLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLU1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHUQLHRDNRQiYUDWRYiDGUHVD
EHJLQ
] 6WDFN&UHDWH
]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQVQiYUDWSRUHNXU]tYQRPYRODQt
]SXVKQVUHNXU]tYQHYRODQLH
HQG
EHJLQ
9SUDYR'RSUHGXV
HQG
HQG
HQG
])UHHPDOE\H[LVWRYDGHWUXNWRU
VWDFN'HVWUR\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NPRMD.RU
EHJLQ
N PRMD.RU&UHDWH
NVSLU1
N)UHH
HQG
SURFHG~UDVDGiXSUDYLWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUHPRMD.RUVSLU1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWHY
ZKLOHY!GREHJLQ
FDVHYRI
LIQ WKHQEHJLQ
9ODYRY EXGHWUHEDUREL
SRS
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ
9SUDYR'RSUHGXVY EXGHWUHEDUREL
SRS
HQG
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
])UHH
HQG
3UtNODGSUHStHPHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDHMJUDILN\QD
QHUHNXU]tYQX
SURFHGXUHPRMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
DV
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
VWURPQV
DV
9SUDYR
VWURPQV
DV
9ODYR'RSUHGXV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH0RMD.RUVWURP1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9SUDYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9ODYR'RSUHGXV
HQG
HQG
HQG
])UHH
HQG
7RXWR]iVREQtNRYRXPHWyGRXQHYLHPHURELIXQNFLH9QDVOHGXM~FRPSUtNODGHVLWRXNiHPHQD
)LERQDFFLKRSRVWXSQRVWL'HILQRYDQiMHUHNXUHQWQHWDNWR
) ) )1 )1)1SUH1!
1DStHPHUHNXU]tYQXSURFHG~UXNWRUiSRtWD1Wp)LERQDFFLKRtVOR
YDU
IILQWHJHUJOREiOQDSUHPHQQiYNWRUHMMHY\SRtWDQi
KRGQRWD
SURFHGXUHILEQLQWHJHU
YDU
ILQWHJHU
EHJLQ
DV
LIQWKHQII
HOVHEHJLQ
ILEQ
DV
I II
ILEQ
DV
II III
HQG
HQG
QHUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\SUYRNYVWDFNMHXWHUD]LQpKRW\SX
SURFHGXUHILE1QLQWHJHU
YDU
IYLQWHJHU
]VWDFN
EHJLQ
] 6WDFN&UHDWH]SXVKQI
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQI
FDVHYRI
LIQWKHQII
HOVHEHJLQ
]SXVKQIQiYUDW
]SXVKQIUHNXU]tYQHYRODQLH
HQG
EHJLQ
I II]SXVKQIQiYUDW
]SXVKQIILEQ
HQG
II III
HQG
HQG
])UHH
HQG
3UtNODGQDStHPHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORN\
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUHPRMD.RUYORFND1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV
HQG
HQG
HQG
])UHH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NPRMD.RU
LLQWHJHU
EHJLQ
N PRMD.RU&UHDWH
IRUL WRGREHJLQNYORFND1NYODYRHQG
N)UHH
HQG
$ULWPHWLFNpYUD]\
YPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXtYDW]YLQIL[RY]iSLVDULWPHWLFNFKYUD]RYMH
GHILQRYDQQDVOHGRYQH
RSHUDQGQDSUtVORDOHERSUHPHQQiMHLQIL[RYYUD]
DN;D<V~LQIL[RYpYUD]\WDNLQIL[RYPLYUD]PLV~DM
SUHYUiWHQ3RVN]iSLV
3UHIL[
RSHUiWRUMHSUHGRSHUDQGDPL
QDSUP{HPHSUHtWDDNRVtWDMD
3RVWIL[
RSHUiWRUMH]DRSHUDQGDPL
QDSUP{HPHSUHtWDDNR]REHUDSRWRPLFKVtWDM
3RVNpIRUP\PDM~RSURWLLQIL[XW~YKRGXHQHSRWUHEXMHPH]iWYRUN\QDXUHQLHSUHFHQGHQFLHRSHUiWRURY
YG\MHMHGQR]QDQHGDQpSRUDGLHY\KRGQRFRYDQLD
9DNDWRPXMHDMY\KRGQRFRYDQLHWDNFKWRYUD]RYYHPLMHGQRGXFKpSRPRFRX]iVREQtND
1DSU
SUHLQIL[
SUHIL[
^SRXtYDVDYLQFKMD]\NRFKQDSU/,63`
SRVWIL[
3UREOpP\VXQiUQ\PRSHUiWRURPWUHEDKRUR]OtLRGELQiUQHKR]Y\NQHVD]QDLLQP]QDPLHQNRP
QDSUVERGNRXDOHERB
SURJUDPQDY\KRGQRWHQLHSRVWIL[XQDtWDQpKR]RYVWXSX
XVHV6WDFN8QLWSUYRN LQWHJHU
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
]VWDFN
[\LLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
] VWDFN&UHDWH
V (GLW7H[W(GLW7H[W
L
ZKLOHL /HQJWKVGREHJLQ
FDVHV>L@RI
EHJLQ
[
ZKLOHV>L@LQ>
@GREHJLQ
[ [
RUGV>L@RUG
LQFL
HQG
]SXVK[GHFL
HQG
B
EHJLQ]SRS[]SXVK[HQGXQiUQH
PtQXV
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\
[HQG
EHJLQ]SRS[]SRS\]SXVK\GLY[HQG
HQG
LQFL
HQG
]SRS[])UHH
0HPR/LQHV$GGV
,QW7R6WU[
HQG
1'
XSUDYWHSURJUDPQDSRVWIL[VUHiOQRXDULWPHWLNRX
Y\KRGQRWLSUHIL[
SUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
~SOQHX]iWYRUNRYDQYUD]MHLQIL[YNWRURPMHNDGiRSHUiFLDX]iWYRUNRYDQiQDSU
Y\KRGQRWH~SOQHX]iWYRUNRYDQYUD]
SUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
Y\KRGQRFXMWHYUD]\VSUHPHQQPLSUtSVXQiUQ\PLIXQNFLDPLVSUDFXM~VDURYQDNRDNRXQiUQHPtQXV
5$'48(8()5217),)2
GiWRYiWUXNW~UDSRVWXSQRVSRORLHN]RUDGHQFK]DVHERX
DNSUtGHQRYiSRORNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
Y\EHUDSRORN\]R]DLDWNXUDGXIURQWKHDGKODYLND
PHWyG\
VHUYH REVO~
DSSHQG SULGDMQDNRQLHF
4XHXH8QLWSDV
XQLW4XHXH8QLW
LQWHUIDFH
W\SH
TSUYRN VWULQJ
TXHXH FODVV
TDUUD\RITSUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHVHUYHYDUSTSUYRN
SURFHGXUHDSSHQGSTSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUTXHXH&UHDWH
EHJLQ
T QLO
HQG
SURFHGXUHTXHXHVHUYHYDUSTSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVHEHJLQ
S T>@
T FRS\T/HQJWKT
HQG
HQG
SURFHGXUHTXHXHDSSHQGSTSUYRN
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@ S
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
HQG
1DStHPHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\WYiUDQRYV~ERUWDNHYWRPWRV~ERUHV~YHWN\
ULDGN\YVWXSQpKRV~ERUXD]DQLPLHWHUD]WLHLVWpULDGN\
XVHV
4XHXH8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
T4XHXH
IJ7H[W)LOH
WSUYRN
EHJLQ
T 4XHXH&UHDWH
$VVLJQ)LOHI
8QLWSDV
5HVHWI
$VVLJQ)LOHJ
WHVWSDV
5HZULWHJ
ZKLOHQRWHRIIGREHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GREHJLQ
TVHUYHWZULWHOQJW
HQG
&ORVH)LOHJ&ORVH)LOHI
T)UHH
0HPR/LQHV$GG
KRWRYR
HQG
1'
SUHUREWHWULHGX4XHXHWDNDE\VDQLHSULNDGHMRSHUiFLLDSSHQGDOHERVHUYHPXVHODPHQLYHNRV
G\QDPLFNpKRSRDTDOHDE\VDSRGREQHDNRSUL]iVREQtNXSDPlWDODNWXiOQ\SRHWD]PHQDYHNRVWLSRD
VDWHGDURELODPHQHMDVWR
UHSUH]HQWiFLDUDGXYSROL
F\NOLFNpSROHWYiULPHVDHVWDWLFNpSROHRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHE\FKYRVW
SULLHOQDNRQLHFSRDSUHVXQLHPHKR]QRYXQD]DLDWRN
SUREOpP\VUR]SR]QDQtPSUi]GQHKRDSOQpKRUDGXULHHQLHSDPlWiPHVLSRHWSRORLHN
SUHUREWHWULHGX4XHXHWDNDE\VWHY\XLOLF\NOLFNpSROHPXVtWHGRGHILQRYDDMPHWyGXIXOO
UR]PDRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK]iVREQtNRY
]DUiNDYRIURQWH
SRVOHGQi]PHQD
SUHGQiND
3RO\PRUIL]PXV
1DSUHGQiNH~YRGGRREMHNWRYpKRSURJUDPRYDQLDVPHURELOLSURMHNWYNWRURPVPH]DGHILQRYDOLWULHGX
7.UXKDQDWULWODLGOiVPHSULUDGLOLY\WYRUHQLHWURFKLQWDQFLtWHMWRWULHG\WYUWpWODLGORKEDORVWPLWR
NUXKPLSLDWHUXLORYHWN\LQWDQFLH
KODYQiDVSURMHNWX
W\SH
7.UXK FODVV
SULYDWH
[\ULQWHJHU
I7&RORU
YLGERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDU
DEF7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHHD QLO
HQG
LIE!QLOWKHQZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
GRGHILQXMHPHQRY~WULHGX76WYRUHFSRGWULHGX7.UXK
W\SH
76WYRUHF FODVV7.UXK
SXEOLF
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUH76WYRUHFXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH76WYRUHFVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH76WYRUHF=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH76WYRUHFSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
MHGQD]SUHPHQQFKLQWDQFLtNUXKXEXGHWHUD]WYRUHF
YDU
D7.UXK
E76WYRUHF
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
WDNWRY\OHSHQSURMHNWIXQJXMHVSUiYQHGUXKpWODLGORY\WYRUtWYRUHFDWYUWpWODLGORUR]KEH
YHWN\~WYDU\
$NSRURYQiPHPHWyG\=PHQ)DUEXDSRVXQYRERFKWULHGDFK]LVWtPHHV~~SOQHLGHQWLFNpWDNHVDLFK
SRN~VLPHYWULHGH76WYRUHFY\KRGL.RPSLOiWRUXWRQHYDGtSRFKRStHVDPDM~]GHGLDOHSURMHNWX
QHIXQJXMHVSUiYQH9\VN~DMWHWR
6WDWLFNpPHWyG\
DN]DYROiPH76WYRUHFSRVXQ]DYROiVD7.UXKVNU\DQLH76WYRUHFVNU\
7.UXKSRVXQ!7.UXKVNU\
A
_
76WYRUHFSRVXQ76WYRUHFVNU\
9LUWXiOQHPHWyG\
SRWUHERYDOLE\VPHDE\7.UXKSRVXQSRFKRSLOHERO]DYRODQ]SRWRPNDDWHGDQHEXGHYRODVYRM
7.UXKVNU\DOHSRWRPNRYXPHWyGXVNU\
7.UXKSRVXQ7.UXKVNU\YLUWXiOQD
A?
_?
76WYRUHFSRVXQ!76WYRUHFVNU\YLUWXiOQD
]UHMPHVDWRQHGiXURELSRDVNRPSLOiFLHOHER7.UXKSRVXQQHP{HWXLHQLHNHG\YEXG~FQRVWLVL
QLHNWRQLHNGHLQGHQDSURJUDPXMHYHDSRWRPNRYNWRUpEXG~YROD7.UXKSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHDYU{]Q\FKVWXSRFKREMHNWRYHMKLHUDUFKLH!
9DVQiDQHVNRUiYl]ED
NRPSLOiWRURNDPLWpUR]KRGQXWLHSULVWDWLFNFKPHWyGDFK
RGORHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
W\SXREMHNW
SULVWDWLFNFKPHWyGDFKNRPSLOiWRUKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRPRGGDQHM
~URYQHNGHMHGHILQRYDQiPHWyGD
SULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRDVEHKXVDKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLL
VPHURPNSUHGNRPDOHRG~URYQHLQWDQFLH
YDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNFK
QHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
YGHNODUiFLLREMHNWXYLUWXDO
DNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQDPDOLE\PD
NRQWUXNWRUREMHNWXLQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXNX
KRYRUtPHHNRQWUXNWRUP{HE\SRXLWDMQDLQLFLDOL]RYDQLHVWDYRYFKSUHPHQQFKMHKR
KODYQiIXQNFLDMHY\KUDGLSDPlSUHREMHNWDLQLFLDOL]RYD907
.RQWUXNWRU\DGHWUXNWRU\
FRQVWUXFWRU&UHDWHXERYRQpPHQRP{HPDDMSDUDPHWUH
GHVWUXFWRU'HVWUR\RYHUULGHY72EMHFWMH'HVWUR\YLUWXDO
.RPSDWLELOLWDWULHGREMHNWRYFKW\SRY
PHG]LLQWDQFLDPL
PHG]LIRUPiOQ\PLDVNXWRQPLSDUDPHWUDPL
3UtNODG\
YDU
DF7.UXK
E76WYRUHF
3RYROHQp
SURFHGXUH]PHQN7.UXK
EHJLQN=PHQ)DUEXFO%OXHNSRVXQHQG
P{HE\YRODQp
!SRWRPRNP{HNGHNRYHNQDKUDGLSUHGNDSUHGRNP{H]DVWXSRYDSRWRPND
3RO\PRUIQREMHNW
NHGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNREMHNWP{HWRE\YODVWQHXERYRQSRWRPRNWRKRWR
REMHNWX]DWLDQHYLHPH]LVWLNWRU
XPRXMHVSUDFRYDREMHNW\NWRUFKW\SQLHMH]QiP\
XPRXMHY\XLPHWyG\SUHGNRYVRSHFLILFNPL]PHQDPL~SUDYDPL
SUHEXG~FHKRSRXtYDWHDXPRQtPHUR]LURYDQLHPHWyG
P{HPHY\URELDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]LURYDQLH
XPRXMHPHQLQLHNWRUpDVWLEH]]GURMRYFKWH[WRY
YDNDYLUWXiOQ\PPHWyGDPPRQRPHQLLQQRVQLHNWRUFKSURFHG~U
3UtNODGVSRO\PRUIQPWYRUFRPE\PDOY\]HUDWDNWR
W\SH
7.UXK FODVV
SURFHGXUHXND]YLUWXDO
SURFHGXUHVNU\YLUWXDO
HQG
YDU
D7.UXK
E7.UXK
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
1DVOHGXM~FLSUtNODGGHPRQWUXMHSRO\PRUIQpSROH
^7URMXKROQLN`
W\SH
77URM FODVV7.UXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
SURFHGXUH77URMXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[
U\@
YLG WUXH
HQG
SURFHGXUH77URMVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[
U\@
YLG IDOVH
HQG
FRQVW
Q
YDU
SDUUD\>Q@RI7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRUL WRQGRS>L@ QLO
UDQGRPL]H
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
L[\ULQWHJHU
EHJLQ
IRUL WRQGREHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
LIS>L@!QLOWKHQ
ZLWKS>L@GREHJLQ
LIYLGWKHQVNU\
)UHH
S>L@ QLO
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRQGR
LIS>L@!QLOWKHQS>L@SRVXQLPRGLPRG
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRS>L@)UHH
HQG
3R]QiPN\
]DWLDRSUYNRFKSRO\PRUIQpKRSRDSQHYLHPH]LVWLDNpKRV~QDR]DMW\SX
YLHPHHEXV~WRLQWDQFLHWULHG\NUXKDOHERMHKRSRWRPNRYLD
NDGSUYRNViPVHEDYLHVSUiYQHXNi]DVNU\D]DIDUELSRVXQ~
SRVOHGQi]PHQD
SUHGQiND
3RO\PRUIQpNRU\WQDN\
9LUWXiOQHPHWyG\WULHG\.RU
'HILQtFLDWULHG\.RUPiVNRURYHWN\PHWyG\YLUWXiOQH7R]QDPHQiHEXGHPHP{FYQDLFKSURJUDPRFK
Y\XtYDSRO\PRUIL]PXV2NUHPWRKRQLHNWRUpPHWyG\WULHG\.RUY\XtYDM~LQpNRU\WQDLHPHWyG\DWHGDLFK
SUHGHILQRYDQLHPi]DQiVOHGRN]PHQXVSUiYDQLDDMWFKWRPHWyG1DSUDNRSUDYtPH=PHQ;<SRWRPWREXGH
PDYSO\YDMQDPHWyGX'RSUHGX
0DOSUtNODG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NNN.RU
XLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
UHSHDW
NGRSUHGXNGRSUHGXNGRSUHGX
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
%XGHPHULHLYltSURMHNWNWRUEROQDVN~NHY
1DStWHSURJUDPNWRUEXGHULHLQDVOHGRYQ~~ORKXWH[WRYV~ERUVXERUW[WREVDKXMHSRVWXSQRVSUtND]RY
SUHNRU\WQDNXNWRUiSRSLVXMHQHMDNREUi]RN1DMSUY]DGHILQXMHWHWULHGX.RUSRWRPNDWULHG\.RUNWRUi
EXGHREVDKRYDMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUI7H[W)LOH
7iWRPHWyGDVDQDVWDYtQD]DLDWRNV~ERUXINRU\WQDNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\YV~ERUH
1DNRNRWDNWRNUHVOHQREUi]RNP{HE\EXSUtOLYHNDOHERPDODOHERP{HSUHVDKRYDRNUDMH
JUDILFNHMREUD]RYN\EXGHKRWUHED]PHQLDOHER]YlLUHVSSULLQLFLDOL]RYDQtNRU\WQDN\QH]DDNUHVOL
YERGHDOH]YROLVLGRPRYVN~SR]tFLXYKRGQHMLHDWRWDNDE\QDtUNXDOHERYNXEROPD[LPiOQH
PRQHYHN
1DULHHQLHWHMWR~ORK\]DGHILQXMHWHHWHGYHSRGWULHG\WULHG\.RUWULHGD.RUEXGHVO~LQD]LVWHQLH
UR]PHURYREUi]NXSRPRFRX]GHGHQHMPHWyG\NUHVOLSULRPQDREUD]RYNHVDEXGHSRK\ERYDVR]GYLKQXWP
SHURP7ULHGD.RUWLHSRGWULHGDWULHG\.RUEXGHYHGLHQDNUHVOLGDQREUi]RN]GHGHQRXPHWyGRX
NUHVOLSULRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNHREUi]RNEXGHSRDGRYDQHMYHNRVWL
7H[WRYV~ERUVXERUW[WVDVNODGi]WDNFKWRYLHWSUYptVORNDGHMYHW\MHW\SXRUGLQiOQDKRGQRWD]
W\SHSULN SGRSYOSYSSISSSKSSG
9iSURJUDPWHGDQDMSUYSRStHWULWULHG\.RU.RUD.RU3RWRPSRPRFRXLQWDQFLHWULHG\.RUV
GRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NXSRXLMHPHQDWRVWDYRYpSUHPHQQpPLQ;PLQ<PD[;D
PD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHFSRPRFRXLQWDQFLHWULHG\
.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQREUi]RNVSUiYQHMYHNRVWL2EH
NRU\WQDN\PDM~URYQDNGRPRYVNVPHU]DGDQNRQWDQWRXSURJUDPXQDSU
FRQVW8
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
5LHHQLH1DMSUYOHQY\NUHVOtPHV~ERUSRPRFRXLQWDQFLH.RUDE\VPHPRKOLYLGLH
PRPHQWiOQ\REVDKV~ERUX
W\SH
.RU FODVV.RU
SURFHGXUHNUHVOLYDUW7H[W)LOH
HQG
SURFHGXUH.RUNUHVOLYDUW7H[W)LOH
W\SH
SULN SGRSYOSYSSISSSKSSG
YDU
SSULN
LLQWHJHU
EHJLQ
3+5HVHWW
ZKLOHQRWVHHN(RIWGREHJLQ
UHDGWLS SULNL
LIS SISWKHQUHDGWL
FDVHSRI
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
FRQVW
X
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
VXERUW[W
1DVWDY3ORFKX)RUP,PDJH
.RU&UHDWHXNUHVOLWQHSRWUHEXMHPHSUHPHQQ~W\SX
.RU
&ORVH)LOHW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
HQG
WHUD]GRGHILQXMHPH.RUD.RU
W\SH
.RU FODVV.RU
ESERROHDQ
PLQ[PLQ\PD[[PD[\UHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
SURFHGXUH3+RYHUULGH
SURFHGXUH3'RYHUULGH
HQG
SURFHGXUH.RU3+
EHJLQ
LQKHULWHGS IDOVH
HQG
SURFHGXUH.RU3'
EHJLQ
S WUXH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
SURFHGXUH[\
EHJLQ
LIQRWSWKHQH[LW
LIERU;6XUPLQ[WKHQPLQ[ ;6XU
LIERU;6XU!PD[[WKHQPD[[ ;6XU
LIERU<6XUPLQ\WKHQPLQ\ <6XU
LIERU<6XU!PD[\WKHQPD[\ <6XU
E IDOVH
HQG
EHJLQ
[\LQKHULWHG[\
HQG
W\SH
.RU FODVV.RU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
UUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
UUUUUHDO
VLUY\VLQWHJHU
EHJLQ
$VVLJQ)LOHW
VXERUW[W
VLU ,PDJH:LGWKY\V ,PDJH+HLJKW
ZLWK.RU&UHDWHXGREHJLQ
E WUXHWUHEDLQLFLDOL]RYDPLQ[PD[[PLQ\PD[\
NUHVOLW
U VLUPD[[PLQ[
U Y\VPD[\PLQ\
LIUUWKHQUU UHOVHUU U
ZLWK.RU&UHDWHVLUUU
PLQ[Y\VUU
PLQ\XGREHJLQ
U UUQDVWDYtPLHUNXSUH'RSUHGX
NUHVOLW
HQG
HQG
&ORVH)LOHW
HQG
7ULHGDQDREVOXKXYLDFNRU\WQDLHN9HOD.RU
V~NURPQpG\QDPLFNpSROHNNRU\WQDLHNDLFKSRHWSNSRPRFRXYODVWQRVWtSURSHUW\XPRQtPHtWD
WLHWRVWDYRYpSUHPHQQpDOHQLHPRGLILNRYD
PHWyG\QDSULGiYDQLHGRWRKRWRSRD
PHWyGD8URE.RUMHGHILQRYDQiYGYRFKU{]Q\FKYHU]LiFKYHU]LDVWURPDtVHOQPLSDUDPHWUDPL[
\DXDYHU]LDVSRO\PRUIQRXNRU\WQDNRXSRGDW\SXYRODQFKSDUDPHWURYVD'HOSKLUR]KRGQ~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
NWRU~]WFKWRYHU]LtQDR]DM]DYRODM~SRXLMHPHSHFLILNiWRURYHUORDG
VWDYRYpSUHPHQQpYODVWQRVWLSRPRFRXNWRUFKSRYROtPHtWDQLHV~NURPQFKDWHGDFKUiQHQFK
VWDYRYFKSUHPHQQFK
YODVWQRVNNWRUiVSUtVWXSQtSROHNMHLQGH[RYDQiVWDYRYiSUHPHQQiWR]QDPHQiHPHWyGD
GDM.RUPXVtPDMHGHQSDUDPHWHUW\SXLQGH[DPXVtWRE\IXQNFLDNWRUiYUDFLDSUtVOXQ~KRGQRWX
VWDYRYHMSUHPHQQHM
'HNODUiFLHWULHG\
W\SH
9HOD.RU FODVV
SULYDWH
NDUUD\RI.RU
SNLQWHJHU
IXQFWLRQGDM.RULLQWHJHU.RU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH8URE.RU[UHDO \UHDO XUHDO
RYHUORDG
SURFHGXUH8URE.RUQN.RURYHUORDG
SURFHGXUH=UXV.RULLQWHJHURYHUORDG
SURFHGXUH=UXV.RUQN.RURYHUORDG
SURFHGXUH8SUDF
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9\SOQIY7&RORU
IXQFWLRQ%OL]NR[\UHDO.RU
SURSHUW\N>LLQWHJHU@.RUUHDGGDM.RU
SURSHUW\SNLQWHJHUUHDGSN
HQG
UHDOL]iFLDN~RYFKPHWyG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
FRQVWUXFWRU9HOD.RU&UHDWH
EHJLQ
SN
HQG
GHVWUXFWRU9HOD.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WRSNGRN>L@)UHH
LQKHULWHG
HQG
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
8URE.RU.RU&UHDWH[\XWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH9HOD.RU8URE.RUQN.RU
EHJLQ
LISN!KLJKNWKHQ6HW/HQJWKN/HQJWKN
N>SN@ QN
LQFSN
HQG
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL! SNWKHQH[LW
N>L@)UHHN>L@ QLO
HQG
SURFHGXUH9HOD.RU=UXV.RUQN.RU
YDU
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
SURFHGXUH9HOD.RU8SUDFY\KRGtQLONRU\WQDN\]SRD
YDU
LMLQWHJHU
EHJLQ
M
IRUL WRSNGR
LIN>L@!QLOWKHQEHJLQ
N>M@ N>L@LQFM
HQG
SN M
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDU
LLQWHJHU
EERROHDQ
EHJLQ
E 1DUD]WUXH]DSDPlWiVLUHLP
IRUL WRSNGR
LIN>L@!QLOWKHQ
N>L@'RSUHGXG
1DUD]E
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
9QDVOHGXM~FRPSUtNODGHNDGiWYUWiNRU\WQDNDEXGHWURFKXLQi
LPSOHPHQWDWLRQ
XVHV
.RU8QLW9HOD.RU8QLW
^5 ')0`
W\SH
PRMD.RU FODVV.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
Y9HOD.RU
LLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
ZLWKYGREHJLQ
IRUL WRGR
LILPRG WKHQEHJLQ
8URE.RUPRMD.RU&UHDWHL
N>SN@=PHQ)3FO5HG
HQG
HOVH
8URE.RUL
PRKORE\E\DM
8URE.RU.RU&UHDWHL
XND]
IRUL WRGREHJLQ
'RSUHGX9ODYRYHWN\NUHVOLDNUXQLFX
HQG
IRUL WRSNGR
LIN>L@LVPRMD.RUWKHQN>L@9SUDYR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
OHQDNMHWRPRMD.RURWRtVDHORPY]DG
HQG
Y)UHH
HQG
SRXLOLVPHUHODQRSHUiWRULVSRPRFRXNWRUpKRYLHPH]LVWLLMHGDQREMHNWLQWDQFLRXGDQHMWULHG\
DOHERSRWRPNRPWHMWRWULHG\
1DVOHGXM~FLSUtNODGGHPRQWUXMHQXWQRVSUHW\SRYDLQWDQFLXDNSRWUHEXMHPHY\YRODPHWyGXDOHERDM
FRQVWUXFWRUPRMD.RU&UHDWH[\XUHDO
EHJLQ
LQKHULWHGN
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
Y Y]GLDOHQRVPHG]LNRU\WQDNDPL
YDU
LQVLULQWHJHU
EHJLQ
VLU ,PDJH:LGWK
Q VLUGLYY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
ZLWK9HOD.RU&UHDWHGREHJLQ
IRUL WRQGREHJLQ
8URE.RUPRMD.RU&UHDWHY
LVLUGLY
PRMD.RUN>SN@NRHIVLQY
UDG
L
HQG
'RSUHGX
)UHH
HQG
HQG
DOtSUtNODGY\XtYDWULHGXPRMD.RU]SUHGFKiG]DM~FHKRSUtNODGXNRU\WQDN\WXNPLWDM~WDNHLFK
PD[LPiWYRULDVtQXV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
Y Y]GLDOHQRVPHG]LNRU\WQDNDPL
U GNDNURNX
QU GLYUSRHWNURNRYSUHSRONUXQLFX
YDU
LQVLULQWHJHU
EHJLQ
VLU ,PDJH:LGWK
Q VLUGLYY
ZLWK9HOD.RU&UHDWHGREHJLQ
IRUL WRQGREHJLQ
8URE.RUPRMD.RU&UHDWHY
LVLUGLY
N>SN@DVPRMD.RUNRHIVLQY
UDG
L
HQG
3+8ND]
UHSHDW
IRUL WRQUGR'RSUHGXU
IRUL WR
QUGR'RSUHGXU
IRUL WRQUGR'RSUHGXU
XQWLOIDOVH
HQG
HQG
2SlVPHSUHW\SRYDOLDOHSRXLOLVPHRSHUiWRUDVNWRUPVDSR]ULHPHQDQHMDN~LQWDQFLXNRU\WQDNX
DNRE\ERODLQHMWULHG\VYRMSRWRPRN
DOtSUtNODGXND]XMHQiKRGQpSUHFKiG]N\YLDFHUFKNRU\WQDLHN9WRPWRULHHQtV~PDOpFK\E\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
IDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDU
Y9HOD.RU
LLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
ZLWKYGREHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRP
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
ZKLOHWUXHGREHJLQ
'RSUHGX
9SUDYRUDQGRPWHQWRUDQGRPWXMHSRGUD]
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
Y)UHHVHPVDQLNG\QHGRVWDQH
HQG
SRGUD]RPYSUHGFKiG]DM~FRPULHHQtMHWRHYHWN\NRU\WQDN\GRVWiYDM~DNRQiKRGQXKROWRLVWp
tVOR
VSUiYQHULHHQLHSULRPVPHVHPSULGDOLDMSRVWXSQpQiKRGQpPL]QXWLHNRU\WQDLHN=UXV.RU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
IDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H
1DUD]
ZLWK9HOD.RU&UHDWHGREHJLQ
IRUL WRUDQGRPGR8URE.RU
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
ZKLOHWUXHGREHJLQ
LIUDQGRP WKHQEHJLQ
=UXV.RUUDQGRPSN
XSUDFDNE\QHEROXSUDFVSDGQHYDORPIRU
F\NOH
HQG
'RSUHGX
IRUL WRSNGRN>L@9SUDYRUDQGRP
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
HQG
1DNOLNDQLHQDNRU\WQDN\P{HPHSRXLPHWyGX%OL]NR
YDU
Y9HOD.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H
1DVWDY3ORFKX)RUP,PDJH
Y 9HOD.RU&UHDWH
ZLWKYGREHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRPUDQGRP
XND]
HQG
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
Y)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
YDU
N.RU
MLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOLB1PMZNPSGOLPSZUOBLZ
EHJLQ
LIVV/HIWLQ6KLIWWKHQEHJLQ
N Y%OL]NR[[\\
LIN!QLOWKHQZLWKNGR
IRUM WRGREHJLQ
'RSUHGX9ODYR
HQG
HQG
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
19. prednka: Klvesnica. Dynamick premenn
SUHGQiND
.OiYHVQLFD'\QDPLFNpSUHPHQQp
.OiYHVQLFD
VNOiYHVQLFRXSUDFXMHPHSRPRFRXWURFKXGDORVWt
RQ.H\'RZQSUiYHERO]DWODHQQHMDNNOiYHV
RQ.H\8SSUiYHEROSXVWHQQHMDNNOiYHV
RQ.H\3UHVVVWODLOLVPHRE\DMQNOiYHVNWRUPiVYRM$6&,,NyG
SUYpGYHXGDORVWLR]QiPLDQLH$6&,,NyGNOiYHVXDOHYLUWXiOQ\NyGY+HOSHVLSR]ULWHLGHQWLILNiWRU\NRQWiQW
DWLHYSDUDPHWUL6KLIW]LVWtPHLEROSULWRP]DWODHQQDSU6KLIWDOHER&WUOSRGREQHDNRSULXGDORVWLDFKSUL
SUiFLVP\RX
QDVOHGXM~FLSURJUDPXNiHSRXLWLHNOiYHVQLFHGRIRUPXOiUDXPLHVWQtPHNRPSRQHQW\/DEHOD7LPHU
QDVWDYtPHPXQHMDNNUiWN\,QWHUYDOWHUD]P{HPHQDNOiYHVQLFLV~DVQHWODLDMYLDFtSRNDWP
ULDGLSRK\EWH[WXSRSORFKHIRUPXOiUD
YDU
G[LQWHJHU
G\LQWHJHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
ZLWK/DEHOGREHJLQ
/HIW /HIWG[
QHGiVDXURELLQF/HIWG[OHER/HIWQLHMH
SUHPHQQi
7RS 7RSG\
HQG
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
YNBHVFDSH&ORVH
HQG
HQG
SURFHGXUH7)RUP)RUP.H\8S6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
HQG
HQG
3ULSUiFLVNOiYHVQLFRXVLWUHEDGiYDSR]RUQDLQpNRPSRQHQW\NWRUpNUDGQ~LQIRUPiFLH]NOiYHVQLFH
QDSU0HPR%XWWRQ(GLWDSRGQDMMHGQRGXFKLHULHHQLHYSUtSDGHHFKFHPHSUDFRYDVNOiYHVQLFRX
MHLFKQHSRXtYD
QDVOHGXM~FLSUtNODGLOXVWUXMHV~DVQpSRXLWLHRQ.H\'RZQSUHtSN\DLQpSHFLiOQHNOiYHV\D
RQ.H\3UHVVSUHRE\DMQpNOiYHV\StVPHQDtVOLF
YDU
Y9HOD.RU
N.RUSRPRFQiNRU\WQDND
VVWULQJ
DFWLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
1DVWDY3ORFKX)RUP,PDJH
N .RU&UHDWH
ZLWKYGREHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRP
UDQGRP
XND]
HQG
DFW
YN>DFW@=PHQ)DUEX7YDUXFO5HG
V
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVHNH\RI
YNBEDFN
EHJLQ
N=PHQ)3FO:KLWHN3LVV
GHOHWHVOHQJWKV
N=PHQ)3FO%ODFNN3LVV
HQG
YNBHVFDSH&ORVH
YNBOHIWYN>DFW@YODYR
YNBXSYN>DFW@GRSUHGX
YNBULJKWYN>DFW@YSUDYR
YNBGRZQYN>DFW@GRSUHGX
YNBUHWXUQ
EHJLQ
YN>DFW@=PHQ)DUEX7YDUXFO*UHHQ
DFW DFWPRGYSN
YN>DFW@=PHQ)DUEX7YDUXFO5HG
HQG
HQG
HQG
SURFHGXUH7)RUP)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\!
WKHQEHJLQ
V V.H\N3LVV
HQG
HQG
QDVOHGXM~FLSUtNODGGHPRQWUXMHQLHOHQSUiFXVNOiYHVQLFRXDOHDMGHILQRYDQLHMHGQRGXFKpKRREMHNWXV
ELWPDSRX
W\SH
72EUD]RN FODVV
EP7%LWPDS
[\G[G\LQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\G[[G\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSRVXQVLUY\VLQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
HQG
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPVWULQJ
[[\\G[[G\\LQWHJHU
EHJLQ
EP 7%LWPDS&UHDWH
EP/RDG)URP)LOHP
EP7UDQVSDUHQW&RORU FO:KLWH
EP7UDQVSDUHQW WUXH
[ [[\ \\G[ G[[G\ G\\
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
EHJLQ
EP)UHH
HQG
SURFHGXUH72EUD]RNSRVXQVLUY\VLQWHJHU
EHJLQ
LQF[G[LQF\G\
LI[RU[!VLUWKHQG[ G[
LI\RU\!Y\VWKHQG\ G\
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EP:LGWKGLY\EP+HLJKWGLYEP
HQG
YDU
D72EUD]RN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H
D 72EUD]RN&UHDWH
RSLFDEPS
UDQGRP,PDJH:LGWK
UDQGRP,PDJH+HLJKW
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV)LOO5HFW,PDJH&OLHQW5HFW
DSRVXQ,PDJH:LGWK,PDJH+HLJKW
DNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
ZLWKDGR
FDVH.H\RI
YNBOHIWGHFG[
YNBULJKWLQFG[
YNBXSGHFG\
YNBGRZQLQFG\
YNBKRPH
EHJLQ
G[ G\
HQG
HQG
HQG
2WYRUHQLHDOLHKRIRUPXOiUD
QDMMHGQRGXFKtPULHHQtPNWRUpVWHVLXLVWHY\VN~DOLMHY\WYRUHQLHQRYpKRIRUPXOiUDPHQX)LOH
SRORND1HZ)RUPGRNWRUpKRSRXNODGiPHSRWUHEQpNRPSRQHQW\DQDSU]QiKRKODYQpKRIRUPXOiUD
WHQWRQRYRWYRUtPHEXSRPRFRX)RUP6KRZDOHER)RUP6KRZ0RGDOQH]DEXGQLPHGR]R]QDPX
SRXLWFKXQLWRYSULGDW8QLWQDSUXVHV8QLW
QRYIRUPXOiUQDSURNQRVLQIRUPiFLDPLRSURJUDPHP{HPHY\WYRULDMSULDPRYSURJUDPHQDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
I7)RUP
EHJLQ
LI6KLIW >VV5LJKW@WKHQEHJLQ
7LPHU(QDEOHG IDOVH
I 7)RUP&UHDWHVHOI
ZLWKIGREHJLQ
1DPH
PRMIRUPXODU
&DSWLRQ
2SURJUDPH
:LGWK
+HLJKW
%RUGHU6W\OH EV6LQJOH
3RVLWLRQ SR6FUHHQ&HQWHU
ZLWK7/DEHO&UHDWHIGREHJLQ
1DPH
/DEHO
3DUHQW I
)RQW+HLJKW
)RQW1DPH
$ULDO
&DSWLRQ
1LHRRPRMRPSURJUDPH
MHWRXNiNRYSURJUDP
QDSUiFXVU{]Q\PLNRPSRQHQWPL
/HIW
7RS
$XWR6L]H WUXH
HQG
ZLWK7%XWWRQ&UHDWHIGREHJLQ
1DPH
2N
3DUHQW I
&DSWLRQ
2N
/HIW
7RS
:LGWK
+HLJKW
0RGDO5HVXOW PU2.
HQG
6KRZ0RGDOLED6KRZE\QHPDOR]P\VHO
)UHH
HQG
7LPHU(QDEOHG WUXH
HQG
HQG
'\QDPLFNpSUHPHQQp
6NRURYHWN\SUHPHQQpNWRUpVPHGRWHUD]SRXtYDOLEROLVWDWLFNp
LFKYHNRVDDGUHVDYSDPlWLERODXUHQiXSRDVNRPSLOiFLH
JOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYHWNFKXQLWRYVDY\KUDGLDYMHGQRPGiWRYRP
VHJPHQWH
ORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
'HOSKLPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNFKSUHPHQQFK
SUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDOHYSHFLDOQRPVHJPHQWH
NWRUMHXUHQSUHYHWN\G\QDPLFNpSUHPHQQpKHDSKDOGD
6PHUQtNRYpSUHPHQQp
V~SUHPHQQpNWRUpVDSRXtYDM~QDSUtVWXSNG\QDPLFNPSUHPHQQP
DVWRV~WRVWDWLFNpSUHPHQQp
SULWDUWHSURJUDPXPDM~QHGHILQRYDQ~KRGQRWX
SULY\KUDGHQtSDPlWLSUHG\QDPSUHPHQQ~VDGRVPHUQtNRYHMSUHPHQQHMGRVWDQHDGUHVD VPHUQtNQDW~WR
G\QDPLFN~SUHPHQQ~
VPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRtWDLV~EDMWRYp
NRQNUpWQHKRW\SXG\QDPLFNiSUHPHQQiP{HE\XERYRQpKRW\SXQDSUtVORUHD]HFSROHPQRLQD
]i]QDPWMDNDMHWHQLHMHQHGHILQRYDQiYG\SUHVQHYLHPHW\SG\QDPLFNHMSUHPHQQHMQDNWRU~
RGND]XMH
SULGHILQRYDQtW\SXVPHUQtNP{HE\]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
RE\DMQRXSUHPHQQRX
VPHUQtNRYpSUHPHQQpP{HPHQDY]iMRPSULUDG]RYDUHVSSRURYQiYDQDURYQRVDOHERQHURYQRV
MHGLQHDNV~LGHQWLFNpKRW\SX
.RQWDQWQVPHUQtN1,/
XQLYHU]iOQDNRQWDQWDSUHYHWN\VPHUQtNRYpW\S\
SRXtYDVDYWHG\NHSRWUHEXMHPHUR]OtLSUtSDGHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DHHWHQHRGND]XMHQDLDGQX
Y'HOKSLVDWRWLQHGi]LVWLLPiQHMDNiQLHOHQVPHUQtNRYiSUHPHQQiQHGHILQRYDQ~KRGQRWX
S QLO
SXQHPiQHGHILQRYDQ~KRGQRWXDSULWRPVDEXGHGDRWHVWRYDHQHRGND]XMHQDLDGQXG\QDPLFN~
QDSU
LIS QLOWKHQQHZS
VRVPHUQtNPLV~SRYROHQpOHQUHODQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SXUHVSVQLO
WDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPXERYRQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHIHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPSUHPHQQ~DQLNLQWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRQHMDVWLSDPlWLKHDSYHNRVVL]HRIW\S
YlLQRXMHWRWURFKXYLDF]iYLVtRGRUJDQL]iFLHVSUiY\SDPlWLNWRUiVDVWDUiRKHDS
S DGUHVDY\KUDGHQiYRYRQHMSDPlWL
GLVSRVHSAW\S
SR]ULWHVLY+HOSHWDQGDUGQ~IXQNFLX*HW+HDS6WDWXVNWRUiYUiWLLQIRUPiFLHRDNWXiOQRPVWDYHKHDS
DOLH]iVDG\VOXQpKRSURJUDPRYDQLD
VQDtPHVDDE\YHWN\VPHUQtNRYpSUHPHQQpPDOLEX1,/DOHERVNXWRQHXND]RYDOLQDY\WYRUHQp
SUHPHQQpWMQHEROLQHGHILQRYDQp
DNS 1,/ !RGND]SAKOiVL]QiPXFK\EX$FFHVV9LRODWLRQDSUHWRVDYSURJUDPHDVWRY\VN\WXMH
RWi]ND
LIS 1,/SUtSDGQHLIS!1,/
QLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGHQtHMHGHILQRYDQiD
U{]QDRG1,/UDGHMEXPHSHVLPLVWLDYHWNRNRQWUROXMPH
3UtNODG\SUiFHVRVPHUQtNPL
-HGQRUR]PHUQpSROHVPHUQtNRY
W\SH
PQR]LQD VHWRIE\WHEDMWRY
SROH DUUD\>@RIAPQR]LQD
EDMWRYLQDNEH]AE\EROR
EDMWRY
YDU
GDWDSROH
LLQWHJHU
EHJLQ
IRUL WRGRQHZGDWD>L@
IRUL WRGRGDWD>L@A >UDQGRP@
IRUL WRGRGLVSRVHGDWD>L@
XYRQHQKHDSP{HVDDOHMYWRPWRSURMHNWHSRXtYD
HQG
3UtNODG\MHGQRDGYRMUR]PHUQFKSROtVPHUQtNRY
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROHRE\DMQpUR]PHUQpSROH
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDU
DSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
VPHUQtNQDSROH
W\SH
VSROH DUUD\>@RIALQWHJHUSROHVPHUQtNRYQDLQWHJHU
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDU
FVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@VL]HRIF
IRUL WRGRVL]HRIF>L@
IRUM WRGREHJLQVL]HRIF>L@A
QHZF>L@A>M@
F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@VL]HRIG VL]HRIGA
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDU
D3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
LMLQWHJHU
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGREHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
3RVWXSQpSUHtWDQLHSUHPHQQHMFA>L@A\A>M@
VNUDFRYDQLH]iSLVXRVPHUQtNRYDQHMSUHPHQQHM]QDNAP{HPHY\QHFKDDNVLKRYHGLD'HOSKLMHGQR]QDQH
GRP\VOLH
SRVOHGQi]PHQD
SUHGQiND
6PHUQtN\3UiFDVELWPDSRX
6PHUQtNQDVPHUQtN
QDVOHGXM~FLSUtNODGOHQLOXVWUXMHQH]Y\DMQpSRXLWLHVPHUQtNRY
W\SH
3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDU
L3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
6SUiYDSDPlWL0HPRU\PDQDJHPHQW
WiWRVSUiYDVDVWDUiRXGULDYDQLHREVDGHQFKDXYROQHQFKDVWtG\QDPLFNHMSDPlWLKHDS
WDQGDUGQpSURFHGU\1HZ'LVSRVH*HW0HP5HDOORF0HPD)UHH0HPY\XtYDM~VSUiYXSDPlWL
REVDKXMHHWHEDMWRY~KODYLNXGNXEORNXDLQpVWDWYRYpLQIRUPiFLH
VSUiYDXGULDYDWLHWRGYHSUHPHQQp
$OORF0HP&RXQWSRHWSDPlRYFKEORNRY
$OORF0HP6L]HGNDY\KUDGHQFKSDPlRYFKEORNRY
IXQNFLD*HW+HDS6WDWXVYUiWLDOLHXLWRQpLQIRUPiFLHRVSUiYHSDPlWL
5H]HUYRYDQpVORYRQLOMHSHFLiOQDVPHUQtNRYiNRQWDQWDYQ~WRUQHMHUHSUH]HQWRYDQiEDMWDPLVKRGQRWRX
1HW\SRYVPHUQtNW\S32,17(5
XQLYHU]iOQ\VPHUQtNSRGREQHDNRQLO
NRPSDWLELOQVRYHWNPLVPHUQtNPLP{HPHKRSULUDGLGRVPHUQtNRYHMSUHPHQQHMXERYRQpKRW\SXD
QDRSDNP{HWRE\YHPLQHEH]SHQpDKNRP{HPHVWUDWLNRQWUROXQDGVPHUQtNPL
QHP{HPHSRPRFRXQHKRSUDFRYDVG\QDPLFNRXSUHPHQQRXQDNWRU~RGND]XMHEXKRSULUDGtPHGR
W\SRYpKRVPHUQtNDDOHERKRSUHW\SXMHPH
NHVQtPFKFHPHSUDFRYDWDNEXQDMSUYGRQHKRSULUDGtPHXQHMDNKRWRYVPHUQtNQDG\QDPLFN~
SUHPHQQ~DOHERY\KUDGtPHQRY~G\QDPLFN~SDPlSRPRFRXWDQGDUGQHMSURFHG~U\
*HW0HPSUHPHQQiBW\SXBSRLQWHUGNDMHWRSRGREQp1HZ
1HZS *HW0HPS6L]H2ISA
WDNWRY\KUDGHQ~SDPlXYROQtPHWDQGDUGQRXSURFHG~URX)UHH0HPSUHPHQQiBW\SXBSRLQWHUMHWR
SRGREQp'LVSRVH
'LVSRVHS )UHH0HPS
SRXLWLHXYLGtPHSULQHW\SRYFKIRUPiOQ\FKSDUDPHWURFK
1HW\SRYIRUPiOQ\SDUDPHWHU
IRUPiOQ\SDUDPHWHUNWRUQHPiXYHGHQW\S
YWHOHSURFHG~U\KRP{HPHSRXLQDVOHGRYQPLVS{VREPL
SUHW\SRYDQtPQDNRQNUpWQ\W\S
DOHERSRPRFRXGLUHNWtY\DEVROXWHMHWRSUHW\SRYDQLHSRDVGHNODUiFLt
DOHERSRVODDNRQHW\SRYSDUDPHWHUGRLQHMSURFHG~U\
QDSUWDQGDUGQiSURFHG~UD0RYHRGNLDNDPNRNRBEDMWRY
DOHER]iSLVUHVSQDtWDQLHGR]QHW\SRYpKRV~ERUXEXGHPHYLGLHQHVN{U
SURFHGXUHY\PHQYDUDEGO]NDLQWHJHU
DEP{XE\XERYRQFKW\SRY
YDU
W3RLQWHU
EHJLQ
*HW0HPWGO]ND
0RYHDWAGO]ND0RYHEDGO]ND0RYHWAEGO]ND
)UHH0HPW
HQG
SRXLWLHRSHUiWRUD#DVPHUQtNRYHMDULWPHWLN\
S #D
ZKLOHGO]ND!GREHJLQ
5HVXOW 5HVXOW,QW7R+H[SA
LQFSS S
GHFGO]ND
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VDUUD\>@RIFKDU
LLQWHJHU
EHJLQ
V
$KRM'HOSKL
/DEHO&DSWLRQ GXPSVVL]HRIV
L
/DEHO&DSWLRQ GXPSLVL]HRIL
HQG
YLPQLWHVLRSHUiWRUURYQDNRIXQJXMHDMNWRUPVDNDGUHVHSULSRtWDVL]HRIEi]RpKRW\SXWMVD
VPHUQtN
'LUHNWtYD$%62/87(
LQiYHU]LDHVWQiVWNRYpKRYSLVXNXVXSDPlWL
LIGO]ND!WKHQGO]ND
IRUL WRGO]NDGR
5HVXOW 5HVXOW,QW7R+H[S>L@
HQG
'\QDPLFNpSROLD
UHSUH]HQWRYDQpV~VPHUQtNRPQDMHGQRUR]PHUQpSROH
GHNODUiFLDQHDORNXMHSDPlPDOLE\VPHSULUDGLQLO
DXWRPDWLFN\XYRQtQLHRDNR)UHH0HP
DN;D<V~SUHPHQQpURYQDNpKRW\SXG\QDPLFNpSROHSRWRP; <VS{VREtH;UHIHUHQFXMHQDWRLVWp
YSUtNODGH
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
$>@
% $
%>@
HQG
KRGQRWRX$>@MH
SULSRURYQiYDQtSUHPHQFKW\SXG\QDPLFNpSROHVDSRURYQiYDM~LFKUHIHUHQFLHDQLHQLHKRGQRW\
SROtQDSU
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
6HW/HQJWK%
$>@
%>@
LI$ %WKHQ
HQG
$ %YUiWL)$/6(DOH$>@ %>@YUiWL758(
SUHPHQQiW\SXG\QDPLFNpSROH]DEHUiEDMW\ VPHUQtNQDG\QDPLFN\DORNRYDQpSROH
EXMHWRQLODOHERVPHUQtNQDEORNSDPlWLNWRUMHREDMWRYGOKtDNRYHNRVSRD
EDMW\SRXLWpQDSRHWUHIHUHQFLt
EDMW\QDSRHWSUYNRYSRD/HQJWK
]DWPQDVOHGXM~SUYN\SRD
9LDFUR]PHUQpG\QDPLFNpSROHMHUHSUH]HQWRYDQp~SOQHURYQDNRMHWRG\QDPLFNpSROHVPHUQtNRYQDG\QDPLFNp
SROLD
=QDNRYpUHD]FH6WULQJ
V~SRGREQpG\QDPLFNPSROLDPWLHV~WRVPHUQtN\QDSROLD]QDNRY
SRGREQHVDSDPlWiDMSRHWUHIHUHQFLtDDNWXiOQDGNDUHD]FD/HQJWK
]DSRVOHGQP]QDNRPYSROLMHYG\QHGiVDLQGH[RYDYDNDWRPXMHSRXLWHQDMDNR
XNRQHQUHD]HF
SUi]GQ\UHD]HFMHXFKRYDQDNRQLODOHGRVWULQJRYHMSUHPHQQHMQHP{HSULUDGLQLO
QHP{HPHSXtYDDQL1HZDQL'LVSRVHDQLLQpSURFHG~U\VSUiY\SDPlWLQHP{HPHSRXtYDA
WHUD]E\VPHXPDOLSRFKRSLWHQWRSUtNODG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VVWULQJ
EHJLQ
V
DKRM'HOSKL
ODEHO&DSWLRQ GXPSV>@/HQJWKV
QHIXQJXMHLEDGXPSV/HQJWKVVMHVPHUQtN
HQG
=QDNRYpUHD]FHXNRQHQpQXOOWHUPLQDWHGVWULQJV
V~SRGREQp]QDNRYPUHD]FRPY&D&
QLHNHG\LFKWUHEDSR]QDSULSUiFLVRV\VWpPRP:LQGRZVQDQLHM~URYQL
MHWRSRVWXSQRV]QDNRYXNRQHQi]QDNRP
G\QDPLFNHMSDPlWL
SUHGGHILQRYDQW\S3&KDUVPHUQtNQDSRVWXSQRV]QDNRYWMAFKDU
SUDFRYDVWDNPLWRUHD]FDPLP{HPH
YWDQGDUGQFKSURFHG~UDFKDIXQNFLDFK5HDG5HDGOQ6WU9DO:ULWH:ULWHOQ
9DO$VVLJQ)LOH5HQDPH
WDQGDUGQHDNRVG\QDPLFNPSRRP]QDNRY
SRPRFRXYHNHMPQRLQ\SHFLiOQ\FKIXQNFLtSUHWDNpWRUHD]FHQDSU
6WU&DW]UHD]HQLH
6WU&RPSSRURYQDQLH
6WU&RS\VNRStURYDQLH
6WU/HQGNDUHD]FD
P{HPHY\XLDMVPHUQtNRY~DULWPHWLNX
QDVOHGXM~FLSUtNODGLOXVWUXMHSUiFXVQXOOWHUPLQDWHGVWULQJV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
ST3&KDU
EHJLQ
*HW0HPSPRKOLE\VPHSRXLDM6WU1HZDOHER
6WU$OORF
6WU&RS\S
PLOXMHPGHOSKL
T S
ZKLOHTA!GREHJLQ
TA 8SFDVHTA
LQFTSRVXQQDQDVOHGXM~FL]QDNUHD]FD
HQG
/DEHO&DSWLRQ S
/DEHO&DSWLRQ GXPSS6WU/HQS
)UHH0HPS
HQG
,QWDQFLHWULHG
NDGiSUHPHQQiREMHNWWMLQWDQFLDQHMDNHMWULHG\MHVPHUQtNQDG\QDPLFN\DORNRYDQEORNSDPlWL
LQIRUPiFLHRPHWyGDFKVDXNODGDM~GRWDEXN\907YLUWXDOPHWKRGWDEOHMHMHGLQiSUHYHWN\LQWDQFLH
GDQHMWULHG\
RNUHPPHWyGREVDKXMHDMLQpLQIRUPiFLHRLQWDQFLLQDSULQIRUPiFLHRGNHWULHGH
MHMDVQpSUHRMHQH]P\VHOQDPLHVWRN .RU&UHDWHSRXLN&UHDWHNMH]UHMPHQLODQHP{HPH
UHIHUHQFRYDQLORP
3UiFDVELWPDSRX
SUtVWXSNMHGQpPXFHOpPXULDGNXELWPDS\DYHPLUFKORP{HPHIDUHEQp]ORN\QLHOHQtWDDOHDM
PRGLILNRYD
W\SH
35*% A75*%
YDU
G35*%
G EPS6FDQ/LQH>\@
IRUL WREPS:LGWKGREHJLQ
GA5
LQFGQDVOHGXM~FLSL[HO
HQG
DOHERDNRVPHUQtNQDSROH
W\SH
75*%$UUD\ DUUD\>ZRUG@RI75*%GRVWDWRQHYHNiKUDQLFD
35*%$UUD\ A75*%$UUD\
YQDVOHGXM~FLFKSUtNODGRFKSUHGSRNODGiPHHPiPHNGLVSR]tFLLJOREiOQXSUHPHQQ~EPSGRNWRURHMYR
)RUP&UHDWHQDtWDPHQHMDN~ELWPDSXYR)RUP'HVWUR\MXXYRQtPHDYRIRUPXOiULMHSRORHQ,PDJH
YHNRVWL[
W\SH
7)RUP FODVV7)RUP
SULYDWH
EPS7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
SDUURWVEPS
,PDJH&DQYDV'UDZEPS
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
]UNDGORYRRWRtPHELWPDSX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
G EPS6FDQ/LQH>L@
IRUM WRZGR
G>M@ G>ZM@GA>M@ GA>ZM@
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
RWRHQLHRVWXSRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK K
EPS+HLJKW Z
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
IRUM WRZGREHJLQ
G EPS6FDQ/LQH>M@
G>L@ G>M@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
F\NOLFNSRVXQFHOFKULDGNRYRMHGHQUHVSYLDFVPHURPKRUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>LPRGK@
G EPS6FDQ/LQH>LKGLYPRGK@
G EPS6FDQ/LQH>L@
PRYHGAGAZ
VL]HRI75*%
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
DOHERP{HPHY\JHQHURYDQHMDN~YODVWQ~ELWPDSX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<,QWHJHU
G35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
G>[@5 ;YODVWQHGA>[@5 ;
G>[@* <
G>[@% ;<GLY
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
YHPL]DXMtPDYUR]PD]iYDFtHIHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;UDQGRP
LIV;WKHQV; V;LIV;!WKHQV; V;
V< <UDQGRP
LIV<WKHQV< V<LIV<!WKHQV< V<
G EPS6FDQ/LQH>V<@
G>;@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SUtSDGQHHIHNWUR]DKRYDQLDRGVWUHGXVPHURPNXRNUDMRP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;
GLY
V< <
GLY
G EPS6FDQ/LQH>V<@
G>[@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SRVOHGQHIHNWY\OHStPHSULGiPHDVRYDSUHNWRU(QDEOHG IDOVHDLQWHUYDO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;
GLY5DQGRPVN~VWHQDSU
V< <
GLY5DQGRPVN~VWHQDSU
G EPS6FDQ/LQH>V<@
G>[@ G>V;@
HQG
HQG
G EPS6FDQ/LQH>@
G>@5 5DQGRPG>@5GLY
G>@* 5DQGRPG>@*GLY
G>@% 5DQGRPG>@%GLY
EPS)UHH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG QRW7LPHU(QDEOHG
HQG
RGNRQWDQW\Y5DQGRP]DYLVtDNRUFKORVDEXGH~WYDUUR]PD]iYD
QD]iYHUGRVWUHGXELWPDS\GiYDPHVNRURQiKRGQH]DIDUEHQ~ERGNX
1'
SRGREQHDNRUR]PD]iYDQLHVDVRYDRP]UHDOL]XMWHDMF\NOLFNpURORYDQLHVDVRYDRP
GRIRUPXOiUXSRORWHDM7UDFN%DUSRPRFRXNWRUpKREXGHWHPHQLSRHWRNRNRULDGNRYVDEXGH
SRV~YDWMUFKORVSRV~YDQLD
]UHDOL]XMWHRQDMNUDMLHRWiDQLHELWPDS\RXERYRQXKRO
UR]PD]iYDQLHELWPDS\NDGSL[HOVDY\SRtWDDNRSULHPHUVRVYRMLPLVXVHGPLVWDtVXVHGRYYULDGNX
SRVOHGQi]PHQD
SUHGQiND
-HGQRGXFKiDQLPiFLD
3RVWXSQHEXGHPHY\WYiUDWDN~WRDSOLNiFLX
YJUDILFNHMSORFKHMHDNRSRGNODGQHMDNiYHNiELWPDSD,PDJH]DEHUiFHO~SORFKXIRUPXOiUXQDVWDYLOL
VPHPX$OLJQQDDO&OLHQW
NDGPNOLNQXWtPP\RXGRSORFK\VDQDWRPPLHVWHY\WYRUtDQLPRYDQREUi]RNWLHWREXG~SRVWXSQH
VWULHGDVYRMHIi]\
NDGREUi]RNVDEXGHSRPDO\SRK\ERYDQHMDNPVPHURPSULRPDNQDMHGQHMVWUDQHY\SDGQH]
SORFK\WDNVDREMDYtQDRSDQRPNRQFL
QHVN{U]DEH]SHtPHDE\VDNDGREUi]RNPRKRODQLPRYDVU{]QRXIUHNYHQFLRXQLHNWRUpREUi]N\EXG~
VWULHGDIi]\DVWHMLHDNRLQp
YHWN\REUi]N\]SURMHNWXVLP{HWHVWLDKQX]ELWPDS\]LS
7ULHGDDQLPRYDQREUi]RN
$QLPiFLXEXGHPH]DEH]SHRYDF\NOLFNPVWULHGDQtPIi]ELWPiS9SUYHMYHU]LLEXGHPHSUHGSRNODGDH
NDG~Ii]XDQLPiFLHPiPHXORHQ~YMHGQRPV~ERUHQDSU
1DNRNRFKFHPH]DEH]SHLDE\QLNHNWRUpDVWLELWPDS\EROLSULHVYLWQpSUHELWPDS\YQDHMDSOLNiFLLVD
GRKRGQHPHHSULHVYLWQiIDUEDMHIDUEDERGXYDYRPKRUQRPURKXSUYHMELWPDS\WM
ELWPDSD&DQYDV3L[HOV>@
]DGHILQXMHPHWULHGX
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\ILQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJSRFHW[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
DPHWyG\
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJ
SRFHW[[\\LQWHJHU
YDU
LLQWHJHU
WF7&RORUSULHVYLWQiIDUED
EHJLQ
6HW/HQJWKEPSRFHW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP)LOHPHQR,QW7R6WUL
EPS
LIL WKHQWF EP>L@&DQYDV3L[HOV>@
EP>L@7UDQVSDUHQW&RORU WF
EP>L@7UDQVSDUHQW WUXH
HQG
[ [[\ \\
I SUYiIi]D
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKEPGR
EP>L@)UHH
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EP>I@:LGWKGLY\EP>I@+HLJKWGLYEP>I@
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
HQG
YRIRUPXOiULMH,PDJHD7LPHUNWRUPiQDVWDYHQ,QWHUYDOQDKRGQRWX
YDU
DDUUD\RI72EUD]RN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP)LOH
MD]HUREPS
,PDJH&DQYDV'UDZEJ
SRP 7%LWPDS&UHDWH
SRP:LGWK EJ:LGWK
SRP+HLJKW EJ+HLJKW
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
EJ)UHHSRP)UHH
IRUL WRKLJKDGRD>L@)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
6HW/HQJWKD/HQJWKD
D>+LJKD@ 72EUD]RN&UHDWH
YWDN
[\
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
LID QLOWKHQH[LW
7LPHU(QDEOHG IDOVH
SRP&DQYDV'UDZEJ
YSUD[LVDDVWRQDPLHVWRYLDFV~ERURYVELWPDSDPLSUHIi]\DQLPiFLHSRXtYDMHGQDELWPDSDNWRUiYHGD
VHEDREVDKXMHYHWN\Ii]\DSURJUDPVLW~WRYHN~ELWPDSXUR]VWULKiQDSUSUH
Y\WYRUtPHQRYNRQWUXNWRU
FRQVWUXFWRU72EUD]RN&UHDWHFRQVW
PHQRVWULQJSRFHW[[\\LQWHJHU
YDU
LZKLQWHJHU
WF7&RORU
E7%LWPDS
EHJLQ
6HW/HQJWKEPSRFHW
E 7%LWPDS&UHDWH
WU\
E/RDG)URP)LOHPHQR
EPS
WF E&DQYDV3L[HOV>@
Z E:LGWKGLYSRFHWK E+HLJKW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
ZLWKEP>L@GREHJLQ
:LGWK Z+HLJKW K
&DQYDV&RS\5HFW5HFWZK
E&DQYDV
5HFWL
ZL
ZK
7UDQVSDUHQW&RORU WF
7UDQVSDUHQW WUXH
HQG
HQG
ILQDOO\
E)UHH
HQG
[ [[\ \\
I
HQG
DNOLNQXWLHP\RXGRSORFK\QDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
DD 72EUD]RN&UHDWH
YWDN
[\
DD 72EUD]RN&UHDWH
]DMR
[\
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
8ORHQLHELWPiSGRSURMHNWX
XYLDFNUiWE\VDQiPKRGLORNHE\VPHVQDLPSURMHNWRPQDSU3URMHFWH[HQHPXVHOLQRVLQLHNHG\DM
YlLHPQRVWYRELWPiSDDMLQFKV~ERURYPRQRVWtMHQLHNRNRQDSU
GRIRUPXOiUDKRFLNDPSRORtPHQLHNRNRNRPSRQHQWRY,PDJHDQDVWDYtPHLPYODVWQRV9LVLEOHQD
XORLGRSURMHNWX(;(WDNpWRV~ERU\QHEXGHPHtWDSRPRFRX/RDG)URP)LOHDOHSRPRFRX
/RDG)URP5HVRXUFH1DPH
XNiHPHGUXK~PRQRVQDMSUSULSUDYtPHWH[WRYV~ERU%LWPDS\UFVWPWRREVDKRP
MD]HUR%,70$3MD]HUREPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
]DMR%,70$3]DMREPS
SRPRFRXLGHQWLILNiWRUDSUHGVORYRP%,70$3VDEXGHPHYSURJUDPHRGYROiYDQDGDQ~ELWPDSX
QDMSUYGR3URMHFWGSUSULGiPHMHGHQULDGRN
SURJUDP3URMHFW
^5
%LWPDS\UHV
%LWPDS\UF
`
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
^5 5(6`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
DYHWN\/RDG)URP)LOHSR]PHQtPHWDNWR
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJ
SRFHW[[\\LQWHJHU
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR,QW7R6WUL
FRQVWUXFWRU72EUD]RN&UHDWHFRQVW
PHQRVWULQJSRFHW[[\\LQWHJHU
WU\
E/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP5HVRXUFH1DPH+,QVWDQFH
MD]HUR
YLPQLWHVLHSRSUYHMNRPSLOiFLLVDDXWRPDWLFN\Y\WYRULOGRVYHNV~ERU%LWPDS\UHVWHQWRX
REVDKXMHYHWN\ELWPDS\
3RK\EDQLPRYDQFKREUi]NRY
SURFHGXUH72EUD]RN=PHQ';<G[[G\\LQWHJHUU75HFW
EHJLQ
G[ G[[G\ G\\REG U
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWWKHQLQF[ULJKWOHIW
LI[! ULJKWWKHQGHF[ULJKWOHIW
LI\WRSWKHQLQF\ERWWRPWRS
LI\! ERWWRPWKHQGHF\ERWWRPWRS
HQG
HQG
]UHMPHNRQWUXNWRUEXGHLQLFLDOL]RYDG[DG\QD
SULY\WYRUHQtQRYpKRREUi]NDPXQDVWDYtPHSRK\EDMREGQLNQDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
DQLPRYDQpREUi]N\VDEXG~WHUD]KED
$QLPRYDQREUi]RNVLQPSRK\ERP
GRSURMHNWXSULGiPHQRYREUi]RN]HPHJXOXD]PHQtPHMHMVSUiYDQLHQDRNUDMLSORFK\VDEXGHRGUiD
W\SH
72EUD]RN FODVV72EUD]RN
SURFHGXUHNURNRYHUULGH
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWRU[! ULJKWWKHQG[ G[
LI\WRSRU\! ERWWRPWKHQG\ G\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
3OiQRYD
SOiQRYDRPEXGHSHFLiOQ\IURQWGRNWRUpKRVDSULGiYDQLHQDNRQLHFDOHQDVSUiYQHPLHVWRSRGDDVX
PHWyGDLQFOXGH
SOiQRYD
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
WLP7'DWH7LPH
RE72EMHFW
HQG
SURFHGXUHLQFOXGHWLNLQWHJHURE72EMHFW
SURFHGXUHVHUYHYDURE72EMHFW
IXQFWLRQILUVW72EMHFW
IXQFWLRQWRSWLPH7'DWH7LPH
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHLQFOXGHWLNLQWHJHURE72EMHFW
YDU
LLQWHJHU
WLP7'DWH7LPH
EHJLQ
WLP 1RZWLN06HFV3HU'D\
L ZKLOHL +LJKTDQGT>L@WLP WLPGRLQFL
6HW/HQJWKT/HQJWKT
PRYHT>L@T>L@/HQJWKTL
6L]H2IT>@
T>L@WLP WLP
T>L@RE RE
HQG
SURFHGXUH74XHXHVHUYHYDURE72EMHFW
EHJLQ
LIHPSW\WKHQRE QLO
HOVHEHJLQ
RE T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
IXQFWLRQ74XHXHILUVW72EMHFW
EHJLQ
LIHPSW\WKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
IXQFWLRQ74XHXHWRSWLPH7'DWH7LPH
EHJLQ
LIHPSW\WKHQ5HVXOW QRZDVQLHNHG\YEXG~FQRVWL
HOVH5HVXOW T>@WLP
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
YDU
T74XHXH
YHWNPREMHNWRPDQLPRYDQREUi]RNSULGiPHQRY~VWDYRY~SUHPHQQ~WLNNWRUiEXGHREVDKRYDDVY
PVQD]PHQXDOHMIi]\
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\IG[G\LQWHJHU
REG75HFW
WLNLQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJSRFHWLQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJSRFHWLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH=PHQ;<[[\\LQWHJHUYLUWXDO
SURFHGXUH=PHQ';<G[[G\\LQWHJHUU75HFWYLUWXDO
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJSRFHWLQWHJHU
WLN
HQG
QDNRQLHFPHWyG\NURNGRSOQtPH
SURFHGXUH72EUD]RNNURN
LIWLN!WKHQ
TLQFOXGHWLNVHOI
HQG
DSULY\WYRUHQtREMHNWRYLPKQHY\JHQHUXMHPHDVRYLQWHUYDO
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
DDWLN
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
TLQFOXGHDD
HQG
HWH7LPHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EERROHDQ
S72EMHFW
EHJLQ
LITHPSW\WKHQH[LW
7LPHU(QDEOHG IDOVHE IDOVH
ZKLOHTWRSWLPH 1RZGREHJLQ
TVHUYHS72EUD]RNSNURN
72EUD]RNTILUVWNURN
E WUXH
HQG
LIEWKHQEHJLQ
SRP&DQYDV'UDZEJ
IRUL WRKLJKDGR
D>L@NUHVOLSRP&DQYDV
,PDJH&DQYDV'UDZSRP
HQG
7LPHU(QDEOHG WUXH
HQG
SORFKXSUHNUHVXMHPHOHQDNVDQDQHMQLHR]PHQLORSUHPHQQiE
1'
REMHNWXP{HPHQDSOiQRYDYLDFU{]Q\FKDNFLtYU{]Q\FKDVRFKY\P\VOLWHDNRSOiQRYDXWLPHUX
SRYHGDHPiSUHU{]QHREMHNW\VS~DUR]QHDNFLHQLHOHQNURN
VWDYRYiSUHPHQQiWLNNWRUiVDSRXtYDDNRDVQDSUHFKRGGRQDVOHGXM~FHMIi]\E\PRKODE\EX
(WHMHGHQSUtNODGQDSRXLWLHUDGX
XNiHPHULHHQLHWDNHMWR~ORK\
GRJUDILFNHMSORFK\P{HPHNUHVOLLHUQHLDU\SRPRFRXDYpKRWODLGODP\L
NHQLHNDPNOLNQHPHSUDYPWODLGORPP\LWDNVDRGWRKRWRERGX]DQHQDYHWN\VWUDQ\tUL
QHMDNiIDUEDDWRWRY\SDQLHVD]DVWDYtDQDLHUQHMLDUHDOHERQHMDNR]DIDUEHQHMREODVWL
SUDYPWODLGORPP\LP{HPHQDUD]QDWDUWRYDYLDFY\SDFtFKDNFLt
Y\XLMHPHRE\DMQ~GiWRY~WUXNW~UXUDG
QDMSUYNODVLFNUDGSDPlWiPHVLV~UDGQLFHERGXDIDUEX
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
[\LQWHJHU
FRO7&RORU
HQG
SURFHGXUHDSSHQG[\LQWHJHUFRO7&RORU
SURFHGXUHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHDSSHQG[\LQWHJHUFRO7&RORU
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@[ [T>+LJKT@\ \T>+LJKT@FRO FRO
HQG
SURFHGXUH74XHXHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
EHJLQ
LIHPSW\WKHQEHJLQVKRZPHVVDJH
HPSW\
H[LWHQG
[ T>@[\ T>@\FRO T>@FRO
PRYHT>@T>@/HQJWKT
6L]HRIT>@
6HW/HQJWKT/HQJWKT
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
Y\XLMHPHNRPSRQHQW7$SSOLFDWLRQ(YHQWV]SDOHW\NRPSRQHQWRY$GGLWLRQDOSRGREQHDNR7LPHUMHWR
QHYL]XiOQ\NRPSRQHQWDSUHWRKRP{HPHSRORLKRFLNDPGRIRUPXOiUDQiVEXGH]DXMtPDMHGLQi
XGDORVRQ,GOHWMPHWyGD$SSOLFDWLRQ(YHQWV,GOH
YDU
T74XHXH
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
T 74XHXH&UHDWH
UDQGRPL]H
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
FRQVW
FRODUUD\>@RI7&RORU
FO5HGFO%OXHFO*UHHQFO<HOORZFO$TXDFO/LPH
EHJLQ
E 6KLIW >VV/HIW@
LIEWKHQ
J0RYH7R[\
HOVHLI6KLIW >VV5LJKW@WKHQ
TDSSHQG[\FRO>UDQGRP/HQJWKFRO@
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIEWKHQJ/LQH7R[\
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
E IDOVH
HQG
SURFHGXUH7)RUP$SSOLFDWLRQ(YHQWV,GOH6HQGHU72EMHFW
YDU'RQH%RROHDQ
YDU
[\LQWHJHU
FRO7&RORU
EHJLQ
LITHPSW\WKHQH[LW
'RQH IDOVH
TVHUYH[\FRO
LIJ3L[HOV>[\@!FO:KLWHWKHQH[LW
J3L[HOV>[\@ FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
HQG
WiWRXGDORVVDVSXVWtYG\YWHG\NHV\VWpPQHPiRURELQDSUSUiYHQHNUHVOtPHP\RX
1'
XUFKOLWHSUiFXVUDGRPSROH]YlXMWHQDSUVNURNRPSDPlWDMWHVL]DLDWRNDSRHWSUYNRYDSROH
SRV~YDMWHOHQYQXWQFKSUtSDGRFK
DOLHXUFKOHQLHYPHWyGH$SSOLFDWLRQ(YHQWV,GOHVSUDFXMWHQLHOHQMHGHQERGDOHQDSUYF\NOH
QDUD]
Y\P\VOLWHLQpSUDYLGOiIDUEHQLDQLHOHQNHMHELHODIDUEDDOHQDSUQLHLHUQDDU{]QDRGDNWXiOQHMDSRG
SRVOHGQi]PHQD
SUHGQiND
9]RURYpULHHQLH~ORK]RVN~N\
~ORKD]PLQXOpKRNROVNpKRURNX
=DGDQLH
)DUDyQ]DGDO$EGXORYLY\LVWLYHWN\NYiGUHMHKRQRYHMS\UDPtG\=DDPiQDXERYRQRPNYiGULYVSRGQRP
UDGHDSRVWXSQHPiY\LVWLYHWN\NYiGUH3\UDPtGDPiYVSRGQRPUDGH1NYiGURYYUDGHQDGQLPLMH1
NYiGURYDWDYQDMY\RP1WRPUDGHMHXOHQMHGHQ$E\WRSUH$EGXODQHERODWDNiMHGQRWYiUQDURERWDIDUDyQ
PXY\P\VOHOHWHGYHSUDYLGOi
SULSUHFKiG]DQt]MHGQpKRNYiGUXQDVXVHGQQLNG\QHVPLHtVQDNYiGHUYWRPLVWRPUDGHDOHQDVXVHGQYR
Y\RPDOHERQLRPDNH[LVWXMHDSULWRPXQHVPLH]S\UDPtG\RGtV
DNQDQHMDNNYiGHUVW~SLGUXKNUiWWDNVDWHQWRRGMHKRQ{K]DSLQtDWUHEDVHPSUtMVQLHNHG\]QRYXWUHWtNUiWD
]QRYXKRY\LVWLGUXKpVW~SHQLHQDWHQLVWNYiGHUKR]D]QDt]DHWHQHLVWHQp
1DStWHSURJUDPSRPRFRXNWRUpKRVDSRN~VLWHSUHMVYHWN\SROtNDS\UDPtG\NDGpQHSiUQ\SRHWNUiW.YiGUH
S\UDPtG\]REUD]XMWHSRPRFRXELWPiSNDPHQEPSSLQDYDNDPHQEPSLVWDKUiDELWPDSRXKUDFEPSELHOX
IDUEXXUREWHSULHVYLWQRX
+UiVDEXGHRYOiGDNOLNDQtPDYPWODLGORPP\LQDNYiGUH3ULWDUWHSURJUDPXKUiHWHQLHMH]REUD]HQDOHDNiVD
QDSUYpNOLNQXWLHGRVSRGQpKRUDGX
1D]DLDWNXKU\P{XE\QLHNWRUpNYiGUHS\UDPtG\XLVWp3RLDWRQ~LQIRUPiFLXQDtWDWH]WH[WRYpKRV~ERUXYVWXSW[W
SUYULDGRNREVDKXMHtVOR1WRWRQLHMHYlLHDNR
YDOtFKULDGNRFKP{XQDVOHGRYDV~UDGQLFHLVWFKNYiGURYYS\UDPtGHRGGHOHQpV~PHG]HUDPLDQRYPL
ULDGNDPLV~UDGQLFHV~]DGDQpDNRGYRMLFHtVHOULDGRNDVWSHFWLHWRGYHtVODV~QDY]iMRP]UHD]HQpDPDM~
PHG]LVHERX]QDN
P{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQH
1DULHHQLH~ORK\]DGHILQXMWHWLHWRWULHG\VDVSRWPLWRPHWyGDPL
7.DPHQ&UHDWHNRQWUXNWRUNUHVOLGRFDQYDVXDNOLNIXQNFLD]LVWtLVDQDNOLNOR
SRVXQKUiDDSUHIDUEHQLHNDPHD
3\UDPLGXUHSUH]HQWXMWHDNRG\QDPLFNpSROHG\QDPLFNFKSROtNDPHRYSULRPNDGULDGRNLFKPiLQSRHW
5LHHQLH
WULHGD7.DPHQ
W\SH
7.DPHQ FODVV
VWDYERROHDQ
[\LQWHJHU
EDUUD\>ERROHDQ@RI7%LWPDS
FRQVWUXFWRU&UHDWH[[\\LQWHJHUEE7%LWPDS
SURFHGXUHNUHVOLF7&DQYDV
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ
HQG
FRQVWUXFWRU7.DPHQ&UHDWH[[\\LQWHJHUEE7%LWPDS
EHJLQ
[ [[\ \\E>IDOVH@ EE>WUXH@ EVWDY IDOVH
HQG
SURFHGXUH7.DPHQNUHVOLF7&DQYDV
EHJLQ
FGUDZ[\E>VWDY@
HQG
W\SH
7+UDF FODVV
UVLQWHJHU
E7%LWPDS
FRQVWUXFWRU&UHDWHEE7%LWPDS
SURFHGXUHNUHVOL[\LQWHJHUF7&DQYDV
IXQFWLRQWHVWUUVVLQWHJHUERROHDQ
HQG
FRQVWUXFWRU7+UDF&UHDWHEE7%LWPDS
EHJLQ
U V E EEHWHQLHMHQDLDGQRPNDPHQL
HQG
SURFHGXUH7+UDFNUHVOL[\LQWHJHUF7&DQYDV
EHJLQ
FGUDZ[\E
HQG
W\SH
73\UDPLGD FODVV
QLQWHJHU
SDUUD\RIDUUD\RI7.DPHQ
K7+UDF
FRQVWUXFWRU&UHDWHQQLQWHJHUEEEK7%LWPDS
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHFLWDMYDUW7H[W)LOH
IXQFWLRQNOLN[\LQWHJHUERROHDQ
HQG
FRQVWUXFWRU73\UDPLGD&UHDWHQQLQWHJHUEEEK7%LWPDS
YDU
LMVLUVLUY\V[\LQWHJHU
EHJLQ
VLU E:LGWKVLU VLUGLYY\V E+HLJKW
[ \ QQ
Y\V
Q QQ6HW/HQJWKSQ
IRUL WR+LJKSGREHJLQ
6HW/HQJWKS>L@QL
IRUM WR+LJKS>L@GR
S>LM@ 7.DPHQ&UHDWH[M
VLUL
VLU\L
Y\VEE
HQG
K 7+UDF&UHDWHEK
HQG
SURFHGXUH73\UDPLGDFLWDMYDUW7H[W)LOH
YDU
VVWULQJ
LLQWHJHU
FFKDU
EHJLQ
V
UHSHDW
LIHROQWWKHQEHJLQF
UHDGOQWHQG
HOVHUHDGWF
LIF!
WKHQV VF
HOVHLIV!
WKHQEHJLQ
L SRV
V
S>6WU7R,QWFRS\VL
6WU7R,QWFRS\VLPD[LQW@VWDY WUXH
V
HQG
XQWLOHRIW
HQG
SURFHGXUH73\UDPLGDNUHVOLF7&DQYDV
YDU
LMLQWHJHU
EHJLQ
IRUL WR+LJKSGR
IRUM WR+LJKS>L@GR
S>LM@NUHVOLF
LIKU! WKHQZLWKKS>UV@GR
KNUHVOL[\F
HQG
HQG
YRIRUPXOiULMHMHGLQ,PDJHNWRUpPXVPHQDVWDYLOLSURSHUW\$OLJQQDDO&OLHQW
YDU
S\U73\UDPLGD
EKEE7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
W[7H[W)LOH
QLQWHJHU
EHJLQ
EK 7%LWPDS&UHDWHEK/RDG)URP)LOH
KUDFEPS
EK7UDQVSDUHQW&RORU FO:KLWH
EK7UDQVSDUHQW WUXH
E 7%LWPDS&UHDWHE/RDG)URP)LOH
NDPHQEPS
E 7%LWPDS&UHDWHE/RDG)URP)LOH
NDPHQEPS
$VVLJQ)LOHW[
YVWXSW[W
5HVHWW[
UHDGOQW[Q
S\U 73\UDPLGD&UHDWHQEEEK
S\UFLWDMW[
&ORVH)LOHW[
S\UNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EK)UHH
E)UHH
E)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIVV/HIWLQ6KLIWWKHQ
LIS\UNOLN;<WKHQS\UNUHVOL,PDJH&DQYDV
HQG
ELWPDS\DWHVWRYDFtWH[WRYV~ERUP{HWHVWLDKQX]NDPHQ]LS
~ORKD]PLQXOpKRNROVNpKRURNX
=DGDQLH
1DStWHSURJUDPNWRUEXGHSRPRFRXNRU\WQDLHNVLPXORYDSRK\EHUYtNDQDREUD]RYNHHUYtNVDVNODGi]
QLHNRNFKGLHOLNRYNDGGLHOLNMHMHGQDNRU\WQDNDVWURMXKROQtNRYPWYDURPSULRPSUYiKODYDMH]HOHQiD
RVWDWQpV~HGpDSRK\EXMHVDSRGDWFKWRSUDYLGLHO
KODYDVDYlLQRXSRK\EXMHQiKRGQHWMQDMSUYVDRWRtRQiKRGQXKRO]LQWHUYDOXXX!DSUHMGHY]GLDOHQRVG
DNHUYtNY\LHO]REUD]RYN\MHKRKODYDVDQDWRtNERGXDQLHRQiKRGQXKRO
DNNOLNQHPHP\RXQLHNGHGRSORFK\HUYtNVDRWRtVPHURPNP\LDSRNUDXMHYRVYRMRPSRK\EH
RVWDWQpGLHOLN\HUYtNDVDSRK\EXM~WDNHYNDGRPNURNXVDQDMSUYNDGGLHOLNQDWRtNXVYRMPXSUHGFKRGFRYLD
DNMHRGQHKRY]GLDOHQDVSRGNXGGWDNSUHMGHWDN~GNXDE\EROY]GLDOHQSUHVQHGGLQDNVWRMtQDPLHVWH
HUYtNPiQD]DLDWNXGNXGLHOLNRY
2NUHPHUYtNDVDYSORFKHQDFKiG]D1N~VNRYSRWUDY\QD]DLDWNXKU\V~QiKRGQHUR]KiG]DQpSRSORFKHDMWLHWRV~
]REUD]HQpNRU\WQDNDPLVWYDURPHUYHQNUtLN$NKODYDHUYtNDSUHMGHEOt]NRQHMDNHMSRWUDY\SRXLWHPHWyGXEOt]NR
WDNWHQWRN~VRNSRWUDY\]PL]QH]UXtVDSUtVOXQiNRU\WQDNDDHUYtNVDQDNRQFLSUHGLRMHGHQGLHOLNSULEXGQHMHGQD
NRU\WQDNDQDSR]tFLLSRVOHGQpKRGLHOLND
HUYtNDDM]R]QDPN~VNRYSRWUDY\UHSUH]HQWXMWHGYRPDWULHGDPLQDSU
7&HUYLN FODVV 73RWUDYD FODVV
Y9HOD.RU Y9HOD.RU
FRQVWUXFWRU&UHDWHQLQWHJHU FRQVWUXFWRU&UHDWHQLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNURNHUYtNXUREtMHGHQNURN HQG
SURFHGXUHSULGDMSULGiGLHOLNQDNRQLHF
HUYtND
HQG
0HWyGDSULGDMSULGiQRY~NRU\WQDNXQDSR]tFLXGRWHUD]SRVOHGQHMY]R]QDPHNRU\WQDLHN
1DSRK\EHUYtNDWUHEDDVRYDKQHSRMHKRSUYRPQDWDUWRYDQtVD]DEORNXMHDDOHMUREtQHNRQHQF\NOXVYNWRURPVD
KEHHUYtNDNRQWUROXMHSRWUDYD
9SURJUDPH]DGHILQXMWHNRQWDQW\SUHGN\DXKROQDSUWDNWR
FRQVW
G X GG 1
5LHHQLH
WULHGD7&HUYLN
W\SH
7&HUYLN FODVV
Y9HOD.RU
FRQVWUXFWRU&UHDWHQLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNURNHUYtNXUREtMHGHQNURN
SURFHGXUHSULGDMSULGiGLHOLNQDNRQLHFHUYtND
HQG
FRQVWUXFWRU7&HUYLN&UHDWHQLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
Y8URE.RU
ZLWKYN>@GREHJLQ
=PHQ7YDU>@
=PHQ+UXENX7YDUX
3+8ND]
HQG
ZKLOHQ!GREHJLQ
SULGDM
GHFQ
HQG
HQG
GHVWUXFWRU7&HUYLN'HVWUR\
EHJLQ
Y)UHH
HQG
SURFHGXUH7&HUYLNNURN
YDU
LLQWHJHU
Y]UHDO
EHJLQ
ZLWKYN>@GREHJLQ
9SUDYRUDQGRP
XX'RSUHGXG
LIDEV[VXU![RUDEV\VXU!\WKHQ
=PHQ6PHU6PHURP
HQG
IRUL WRYSNGR
ZLWKYN>L@GREHJLQ
SURFHGXUH7&HUYLNSULGDM
EHJLQ
Y8URE.RUYN>YSN@[VXUYN>YSN@\VXU
ZLWKYN>YSN@GREHJLQ
=PHQ)DUEX7YDUXFO'N*UD\
3+8ND]
HQG
HQG
WULHGD73RWUDYD
W\SH
73RWUDYD FODVV
Y9HOD.RU
FRQVWUXFWRU&UHDWHQLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
FRQVWUXFWRU73RWUDYD&UHDWHQLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
ZKLOHQ!GREHJLQ
Y8URE.RUUDQGRP
[[UDQGRP
\\
YN>YSN@=PHQ)DUEX7YDUXFO5HG
YN>YSN@=PHQ7YDU>@
GHFQ
HQG
Y8ND]
HQG
GHVWUXFWRU73RWUDYD'HVWUR\
EHJLQ
Y)UHH
HQG
QD]DLDWRNSULGiPHQDSU
XVHV
.RU8QLW9HOD.RU8QLW
FRQVW
G X GG 1
DVSUDFRYDQLHXGDORVWt
YDU
FHUY7&HUYLN
SRWU73RWUDYD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
N.RU
EHJLQ
7LPHU(QDEOHG IDOVHVSXVWtVDOHQSUYNUiW
1DUD]5DQGRPL]H
FHUY 7&HUYLN&UHDWH
SRWU 73RWUDYD&UHDWH1
ZKLOHWUXHGREHJLQ
FHUYNURN
ZLWKFHUYYN>@GRN SRWUYEOL]NR[VXU\VXU
LIN!QLOWKHQEHJLQ
FHUYSULGDM
SRWUY=UXV.RUN
HQG
1DUD]
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
ZLWKFHUYYN>@GR
=PHQ6PHU6PHURP;[\<
HQG
Y\WYRUHQLHLQWDQFLtFHUYDSRWUPRKORE\DMYR)RUP&UHDWHDOHSRWRPE\WDPPXVHORSULEXGQ~
MDYRODQLH1DWDY3ORFKX
SRVOHGQi]PHQD
7HVW]3URJUDPRYDQLDSUH
URQtN
'DQpV~WULDULWPHWLFNpYUD]\YSRVWIL[RYRP]iSLVHDWULYSUHIL[RYRP]iSLVH
D
E
F
[
\
]
.DGpPXSRVWIL[RYpPXYUD]X]RGSRYHGiSUiYHMHGHQSUHIL[RY]iSLV1iMGLWHWLHWRGYRMLFH
1DVOHGXM~FDSURFHG~UDY]RVWXSQHXWULHGLSUYN\UDGXTSULRPYSDUDPHWULQGRVWiYDPRPHQWiOQX
GNXUDGX
SURFHGXUHWULHGT4XHXHQLQWHJHU
YDU
SUSUYRN
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
TVHUYHS
IRUM WRQLGREHJLQ
TVHUYHS
LISSWKHQTDSSHQGS
HOVHEHJLQTDSSHQGSS SHQG
HQG
TDSSHQGS
IRUM WRLGREHJLQ
TVHUYHSTDSSHQGS
HQG
HQG
HQG
2P\ORPVDYSURJUDPHQLHNWRUpLGHQWLILNiWRU\UQDKUDGLOLLGHQWLILNiWRURPS2SUDYWHSURJUDP
=DGHILQRYDOLVPHSRO\PRUIQpSROHSNWRUpP{HREVDKRYDLQWDQFLHWULHG\7%RGUHVSRGQHM
RGYRGHQFKW\SRY76WYRUHFDOHER7.UXK7ULHGD7%RGREVDKXMHOHQGYHVWDYRYpSUHPHQQp[D\D
NRQWUXNWRU&UHDWHVGYRPDFHORtVHOQPLSDUDPHWUDPLQDLQLFLDOL]RYDQLHVWDYRYFKSUHPHQQFK
1HGRSDWUHQtPV~YSROLQLHNWRUpLQWDQFLHWULHG\7%RGLGHQWLFNpDSUHWRLFKFKFHPHQDKUDGLNySLRX
SUtVOXQpKRREMHNWXDE\EROLYHWN\LQWDQFLHYSROLU{]QHSUHPHQQpYLHPHHLQWDQFLHV~YODVWQH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
VPHUQtN\GRG\QDPLFNHMSDPlWL,QWDQFLHRGYRGHQFKWULHG76WYRUHFD7.UXKQiVQH]DXMtPDM~
WLHWRQHFKFHPHNRQWURORYDDQLPHQL'RSOWHSURJUDP
YDU
SDUUD\RI7%RG
IRUL WRBBBBBBBBBBGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQEHJLQ
M L
ZKLOHM KLJKSDQGBBBBBBBBBBBBGR
LQFM
LIM KLJKSWKHQ
S>BBB@ BBBBBBBBBBBBBBBBBBBB
HQG
'DQiMHUHNXU]tYQDUHD]FRYiIXQNFLD
IXQFWLRQWHVWQLQWHJHUVWULQJ
EHJLQ
LIQWKHQ5HVXOW
HOVH5HVXOW ,QW7R6WUQWHVWQ
,QW7R6WUQWHVWQ,QW7R6WUQ
HQG
D=LVWLWHNRNRNUiWVDREMDYtFLIUD
YRYVOHGNXSUHWHVW
E9\KRGQRWHLQIL[RYDULWPHWLFNYUD]NWRUY]QLNQH]WHVW
=DGHILQRYDOLVPHWULHGXPQR]LQDNWRUiXPRQtSUDFRYDVGiWRYRXWUXNW~URXPQRLQDPQRtQ
3UYNDPLWDNHMWRPQRLQ\EXG~OHQSRGPQRLQ\PQRLQ\>@9Q~WRUQHMHWiWRPDOiPQRLQD0
UHSUH]HQWRYDQitVORP&RGGRWDNHLW\ELWELQiUQHKR]iSLVX&KRYRUtRSUtWRPQRVWLtVODLY
PQRLQH02SUDYWHSURJUDP
W\SH
PQ VHWRI
PQR]LQD FODVV
PVHWRIE\WH
FRQVWUXFWRU&UHDWHRYHUULGH
SURFHGXUHSULGDMSPQYLUWXDORYHUULGH
SURFHGXUHY\KRGSPQ
IXQFWLRQMHSPQERROHDQ
SULYDWH
IXQFWLRQSUHURESPQE\WH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
FRQVWUXFWRUPQR]LQD&UHDWHRYHUULGH
EHJLQ
P >@
HQG
SURFHGXUHPQR]LQDY\KRGSPQ
EHJLQ
BBBBBBBBBBBBBBBBBBBBBBBBB
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
SURFHGXUHNUHVOL[\YLQWHJHU
YDU
44XHXH
EHJLQ
4 4XHXH&UHDWH
UHSHDW
LIY!WKHQEHJLQ
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
HQG
LI4HPSW\WKHQEUHDN
4VHUYH[\Y
XQWLOY
4IUHH
HQG
3URFHG~UX]DYROiPHVWPLWRSDUDPHWUDPLNUHVOL
D1DNUHVOLWHSULEOLQREUi]RNY\WYRUHQWRXWRSURFHG~URX
E9\SRtWDMWHFHONRY~GNXYHWNFKQDNUHVOHQFKLDUYLHPHHVDXULWHQHSUHNUYDM~.Y{OL
MHGQRGXFKRVWLXYDXMHPHGNX~VHN\Y\WYRUHQHMSUtND]PL0RYH7R[\/LQH7R[Y\
Y]DYMHGQRWLHNQDPLHVWRSUHVQHMKRGQRW\Y
VTUW
'ROH[LNiOQHMDQDO]\VPHSULGDOLFHORtVOHQpNRQWDQW\]DGDQpYHVWQiVWNRYHMV~VWDYH2SUDYWHDV
SURJUDPXDE\SUDFRYDONRUHNWQH
FDVH]RI
EHJLQ
OH[ FLVORKRG
ZKLOH]LQ>
$
I
@GREHJLQ
]QDN
LI]
WKHQKRG KRGRUG]
HOVHLI]
D
WKHQKRG KRGRUG]
HOVHKRG KRGRUG]
KRG KRG
HQG
HQG
1DVOHGXM~FDDVSURJUDPXSUDFXMHVWH[WRYPLV~ERUPL3UHGSRNODGiPHHQD]DLDWNXXPDM~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
'DQpMHSUYNRYpSROHSVPHUQtNRYQDFHORtVHOQpSROLDWiWRWUXNW~UDWYRUtGYRMUR]PHUQ~WDEXNX
SROHULDGNRYSULRPULDGN\P{XPDQDY]iMRPU{]QXGNX9NDGRPULDGNXMHREVDKRPQXOWpKR
SUYNXtVORNWRUpXGiYDSRHW]Y\QFKSUYNRYWRKWRULDGNDWHGDEH]QXOWpKR1DVOHGXM~FDDV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
SURJUDPXSRVWXSQHSUHFKiG]DYHWN\ULDGN\SRDD]NDGpKRY\KDG]XMHYHWN\SUYN\NWRUFK
KRGQRWDMHPHQLDDNR9\KRGHQLHSUYNX]QDPHQiHVDULDGRNSUtVOXQHVNUiWLDXSUDYtWDNDE\
REVDKRYDOOHQVSUiYQHSUYN\-HPRQpHQLHNWRYWRPWRSURJUDPHQHMDNpVWULHN\XEUDOUHVSSULGDO
9ORWHFKEDM~FHDY\]QDWHQHVSUiYQHXPLHVWQHQpVWULHN\7LHVWULHN\NWRUpQDGDQRPPLHVWHQLHV~
FK\ERXQHFKDMWHWDN'HNODUiFLHQHRSUDYXMWH
W\SH
ULDGRN DUUD\>ZRUG@RILQWHJHU
SULDGRN AULDGRN
YDU
SDUUD\>@RISULDGRN
SLSULDGRN
IRUL WRGR
LISA>L@!QLOWKHQEHJLQ
Q S>L@>@AQQ Q
IRUM WRQGR
LIS>L@A>M@WKHQGHFQQ
LIQQ!QWKHQEHJLQ
JHWPHPSLAQQ
VL]HRILQWHJHU
SLA>@ QQN
IRUM WRQGR
LIS>LM@! WKHQEHJLQ
LQFNSLA>N@ SA>LM@
HQG
IUHHPHPS>L@S>L@A SLA
HQG
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
DWJFOJFHSBGJDLBLPSZUOBJFQSLB[Z
FYLHQLH
*UDILFNpDNRU\WQDLHSUtND]\
*UDILND
9\StWHtVODQDXKORSULHNX]DGHILQRYDQHMJUDILFNHMSORFK\
YDU
LLQWHJHU
EHJLQ
IRUL WRGR
J7H[W2XWL
L
,QW7R6WUL
HQG
9\StWHtVODGRULDGNRYDVWSFRYWPLWRGYRPDVS{VREPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFHSBGJDLBLPSZUOBJFQSLB[Z
YDU
LMFLQWHJHU
EHJLQ
F
IRUM WRGR
IRUL WRGREHJLQ
F F
J7H[W2XWM
L
,QW7R6WUF
J7H[W2XWL
M
,QW7R6WUF
HQG
HQG
1DNDGpVWODHQLHWODLGODVDQDStHQDQiKRGQHMSR]tFLLPRGUpVORYR3DVFDODHUYHQp'HOSKL%H]
UDQGRPL]HVDSURJUDPVSUiYDVWiOHURYQDNRWMVORYiVDYG\SRVSXVWHQtSURJUDPXY\SLVXM~QD
URYQDNFKSR]tFLiFK
EHJLQ
UDQGRPL]H
J)RQW+HLJK
J)RQW&RORU FO5HG
J7H[W2XWUDQGRPUDQGRP'HOSKL
J)RQW&RORU FO%OXH
J7H[W2XWUDQGRPUDQGRP3DVFDO
HQG
9\StWHPRGUpVORYi
,ORYH'HOSKL
VRVLYPWLHRP9\WYRUWHNRQWDQWXFRQVWYHWD
,ORYH'HOSKL
QH]DEXGQLWHXURELSULHVYLWQpSR]DGLHStVPHQ3UHGWHWLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFHSBGJDLBLPSZUOBJFQSLB[Z
1DNUHVOLWHWURMXKROQtNDSRWRPIDUHEQ~S\UDPtGX]PDOFKWURMXKROQtNRY3RHWWURMXKROQtNRYY
GROQRPUDGHDYHNRVVWUDQ\PDOpKRWURMXKROQtND]YRWHRSlDNRNRQWDQW\FRQVWD 1
3RXLWHQRYSUtND]3RO\JRQ
3RO\JRQ>3RLQW[\3RLQW[\3RLQW[\@NWRUSRVSiMD]DGDQpERG\D
Y\SOQt~WYDUXUHQRXIDUERX
3RVWODHQtWODLGODQDQiKRGQFKSR]tFLiFKDOHYWYRUFRYHMVLHWLXUHQHMYHNRVRXNRQWDQW\D
VWUDQ\WYRUFDWURMXKROQtNDDSRORPHUXNUXQLFHY\NUHVXMWHHUYHQWYRUHFOWWURMXKROQtNDPRGU~
NUXQLFX
1DNUHVOLWHV~VWUHGQpNUXQLFH8YHGRPWHVLR]QDPHQiHNUXQLFHV~Y\SOQHQp9\P\VOLWHWDN
VS{VRENUHVOHQLDDE\WRQHYDGLORDQDNUHVOLWHLFKWDNDE\ERODNDGi]QLFKU{]QHMIDUE\=RSDNXMWHVL
SULWRPSUtND]GRZQWR
1DStWHSURJUDPNWRUY\NUHVOtQDREUD]RYNXNUXKRYQiKRGQHMIDUE\REYRGDMYSOPDM~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFHSBGJDLBLPSZUOBJFQSLB[Z
URYQDNpDOHQiKRGQHY\EUDQpIDUE\NUXK\PDM~YHNRVWLD
.RU\WQDN\
1DNUHVOLWHWHUNUtWDEOHWNXVOQNRSRPRFRX=PHQ+3
3RPRFRXNRU\WQDLHNQDNUHVOLWHWURMXKROQtNRY~DSlXKROQtNRY~SLUiOXVVWUDQDPLWDNDE\VD
NUHVOLOLQDUD]
1DNUHVOLWHQDVOHGXM~FLREUi]RN
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFDZLMZ
QSPDFESZBUFYUPWTCPSZ
FYLHQLH
&\NO\SURFHG~U\DWH[WRYp
V~ERU\
.RU\WQDLDJHRPHWULDF\NO\DSURFHG~U\
1DStWHSURFHG~U\NWRUpEXG~SRPRFRXNRU\WQDHMJUDILN\NUHVOLQDVOHGXM~FHREUi]N\.GHMHWR
YKRGQpY\XLWHSURFHG~UX32/<
SURFHGXUH8OLN\SRFHWLQWHJHU
VWUDQDUHDO
SURFHGXUH6WYRUFHQLQWHJHUVGVUHDO
QSRHWWYRUFRYVGNDVWUDQ\GV
SUHNU\YQDYNX1DNUHVOLWHMHGQP
DKRP
1DSURJUDPXMWHVLPXOiFLXSRK\EXGYRFKW~ODYFKNRU\WQDLHNNWRUpPDM~QDFKUEWRFKPDJQHW\
.RU\WQDN\VDKEXQiKRGQHSRREUD]RYNHDNHVDGRVWDQ~GRY]iMRPQHMEOt]NRVWLY]GLDOHQRVG
RWRLDVDR
1DStWHSURJUDPYNWRURPNRU\WQDNDQiKRGQRXSUHFKiG]NRXQDNUHVOtNYHWLQNXVWUHG\OXSHRYWYRULD
YUFKRO\SUDYLGHOQpKRSlXKROQtND$NVDNRU\WQDNDQDFKiG]DYRYQ~WRUQRPNUXKXNUHVOtOWP
SHURPDNMHPLPRYQ~WRUQpKRNUXKXYQLHNWRURP]OXSHRYNUHVOtHUYHQPSHURP
D1HGRYRWHNRU\WQDNHNUHVOLPLPRNYHWLQ\
E0LPRNYHWLQ\NRU\WQDNDNUHVOtYQHMDNHMRKUDQLHQHMREODVWL]HOHQPSHURPWUiYX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFDZLMZ
QSPDFESZBUFYUPWTCPSZ
7H[WRYpV~ERU\
6FKpPDQDVSUDFRYDQLHV~ERUX
ZKLOHQRWHRIIGR
LIHROQIWKHQEHJLQ
UHDGOQIVSUDFXMNRQLHFULDGNXYVWXSQpKRV~ERUX
HQGHOVHEHJLQ
UHDGIFKVSUDFXM]QDN
HQG
1DStWHSURJUDPNWRUSUHNRStUXMHYVWXSQWH[WRYV~ERUYVWXSW[WGRYVWXSQpKRV~ERUXY\VWXSW[WWDN
H
DYVWXSQV~ERUQHEXGHREVDKRYDPHG]HU\NWRUpVDQDFKiG]DOLYRYVWXSQRPV~ERUHQDNRQFLULDGNRY
ESRVWXSQRVPHG]LHUYRYVWXSQRPWH[WRYRPV~ERUHEXGHQDKUDGHQiLEDMHGQRXPHG]HURX
6~ERUJJJW[[E\EROQRUPiOQ\WH[WRYNHE\]DNDGP]QDNRPERODM]QDN]DQLHNWRUPL
FKEDM~9\WYRUWHQRUPiOQ\WH[WRYV~ERUJJJW[W3RXLMHPHQRYpSUtND]\
5HQDPH)LOH2OG1HZVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFDZLMZ
QSPDFESZBUFYUPWTCPSZ
'HOHWH)LOH1DPHVWULQJ
)LOH([LVWVQDPHVWULQJ%RROHDQ
1DStWHSURJUDPNWRUVSRtWDDY\StHSRGVHEDSRHWVORYYNDGHMYHWHYVWXSQpKRWH[WRYpKRV~ERUX
9HWDMHSRVWXSQRVVORYXNRQHQiERGNRX6ORYiV~RGGHOHQpMHGQRXPHG]HURXDOHERNRQFRPULDGNX
6~ERUMHNRUHNWQ
9WH[WRYRPV~ERUHVORYDW[WMHYNDGRPULDGNXMHGQRVORYR1DStWHSURJUDPNWRUY\WYRUtV~ERU
QDMGOKVLW[WYNWRURPEXG~YHWN\VORYi]RYVWXSQpKRV~ERUXNWRUpPDM~GNXDNRQDMGOKLHVORYR
YVWXSQpKRV~ERUXQHKDGDMWHQDMSUYGNXQDMGOKLHKRVORYD]RYVWXSQpKRV~ERUX
1DStWHSURJUDPNWRUYSDVFDORYVNRPV~ERUHXSUDYtULDGN\REVDKXM~FH]QDNWDNWRPHG]HU\]D
Y\KRGt]R]Y\NXULDGNXDNMHQHSUi]GQ\Y\UREtQRYULDGRNWDNHWHQWREXGH]DtQDURYQDNP
SRWRPPHG]LHUDNERO]DERGNRLDUNRXLQiYHU]LDQRYULDGRNEXGH]DtQDYG\SRGSUYPVORYRP
S{YRGQpKRULDGNXSDVFDORYVN\
1DStWHSURJUDPNWRUSUHNRStUXMHMHGHQV~ERUGRGUXKpKRDOHWDNHYHWN\ULDGN\EXG~PDGNX
]QDNRYWMYORtPHG]LVORYiURYQRPHUQHWRNRPHG]LHUDE\VDULDGRNQDWLDKROQD]QDNRY
'DQMHV~ERUFHOFKtVHOQDY]iMRPRGGHOHQFKPHG]HUDPLDNRQFDPLULDGNRY1DStWHSURJUDPY
NWRURPEXGHNRU\WQDNDLQWHUSUHWRYDWHQWRV~ERUQDVOHGRYQH
DNVDYULDGNXQDFKiG]DOHQMHGQRtVOR]QDPHQiGNXNURNXGRSUHGX
DNVDYULDGNXQDFKiG]DM~GYHtVODV~WRGN\VWUiQREGQLNDNWRUPiNRU\WQDNDQDNUHVOLQD
SR]tFLLNGHVDSUiYHQDFKiG]D
DNVDYULDGNXQDFKiG]DM~WULtVODV~WRSDUDPHWUHSURFHG~U\SRO\
0{HWHSUHGSRNODGDHVDYLDGQRPULDGNXV~ERUXQHQDFKiG]DYLDFtVHODNRWUL
'DQMHV~ERUFHOFKtVHORGGHOHQFKQDY]iMRP
DPHG]HUDPLDNRQFDPLULDGNRY
EERGNRLDUNDPLDNRQFDPLULDGNRY
1iMGLWHGUXKpQDMPHQLHtVOR
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBJFL
FYLHQLH
)XQNFLHSROLDDSROLD
NRU\WQDLHN
)XQNFLH
1DStWHFHORtVHOQ~IXQNFLXNWRUiSUHYVWXSQSDUDPHWHU1Y\SRtWD1Wp)LERQDFFLKRtVOR
IXQFWLRQ)LERQDFFLQLQWHJHULQWHJHU
YDU
IILLQWHJHUPLQLPDOL]XMWHSRHWORNiOQ\FK
SUHPHQQFK
EHJLQ
I I 5HVXOW I
IRUL WRQGREHJLQ
5HVXOW II
I II 5HVXOW
HQG
HQG
1DStWHSURJUDPNWRUKDGiYHWN\VSULDWHOHQptVODPHQLHDNR]DGDQp16SULDWHOHQPLVDQD]YDM~
GYHSULURG]HQptVODDNRNDGRP]QLFKSODWtHMHV~WRPYHWNFKGHOLWHRYGUXKpKRtVODEH]QHKR
VDPpKR8UREWHVLIXQNFLXQDV~HWGHOLWHRYtVOD
IXQFWLRQ6XFHW'HOLWHORYQLQWHJHULQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WRQGLYGR
LIQPRGL WKHQLQF5HVXOWL
HQG
SURFHGXUH6SULDWHOHQH&LVODQLQWHJHU
YDU
LMLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBJFL
IRUL WRQGR
IRUM WRQGR
LI6XFHW'HOLWHORYL MDQG6XFHW'HOLWHORYM LWKHQ
0HPR/LQHV$GG,QW7R6WUL
,QW7R6WUM
HQG
1DStWHFHORtVHOQ~IXQNFLXVWURPLSDUDPHWUDPL&.D1NWRUiYVXQLHFLIUX&QD.WHPLHVWRVSUDYD
YtVOH1WHGDYUiWL]PRGLILNRYDQptVOR1$NVDWRXURELQHGi.MHYlLHDNRSRHWFLILHUtVOD
1YUiWLQH]PHQHQptVOR1
3ROLD
0iPHSROHFLILHUDUUD\>@RIUHSUH]HQWXM~FHGHVDFLIHUQptVOD9\WYRUWHIXQNFLH
NWRUp]WDNpKRWRW\SXY\WYRULDLQWHJHUDQDVSl]LQWHJHUXGDQW\S
1'Y\WYRULIXQNFLXQDVtWDQLHGYRFKWDNFKWRtVHO
1DStWHSURJUDPNWRUSUHtWD]RYVWXSQpKRV~ERUXWH[WDSRDY\StHYDEHFHGQRPSRUDGt
StVPHQiNWRUpVDYRPY\VN\WOLSUiYHUD]
YDU
SDUUD\>
$
=
@RILQWHJHU
]FKDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
IRU]
$
WR
=
GRS>]@
UHDGW]
ZKLOH]!
GREHJLQ
LI8SFDVH]
=
DQG8SFDVH]!
$
WKHQ
LQFS>8SFDVH]@
UHDGW]
HQG
IRU]
$
WR
=
GR
LIS>]@ WKHQ0HPR/LQHV$GG]
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBJFL
9SROL$V~OHQDOHER1DStWHSURJUDPNWRUPKRXWULHGLWH6NDGPSUYNRPPDQLSXOXMWHOHQ
UD]
1'DNV~SUYNDPLSRDD
3ROLDNRU\WQDLHN
LQYDULDQWNRU\WQDN\PDM~SHURKRUHDYG\NHVDSUHVXQ~Y\LHXYHGHQPVS{VRERPQDNUHVOLD
VDVSRMQLFHPHG]LLRXDLRXNRU\WQDNRXWDNWREXG~Y]QLND]DXMtPDYpGSDYXLQN\
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGREHJLQ
N>L@ .RU&UHDWHUDQGRPUDQGRP
N>L@SGN>L@XND]
HQG
ZKLOHWUXHGREHJLQ
IRUL WRQGREHJLQ
N>L@]PHQVPHUN>L@VPHURPN>L@[VXUN>L@\VXU
N>L@GRSUHGXN>L@Y]GN>L@[VXUN>L@\VXU
HQG
ZLWKN>Q@GREHJLQ
]PHQVPHUVPHURPN>@[VXUN>@\VXU
GRSUHGXY]GN>@[VXUN>@\VXU
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBJFL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBJFL
HQG
IRUL QWRSRFGR
N>L@GRSUHGXGO>L@
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF3FB[DF
WJBDSP[NFSOQPMJBBUZQ[[OBN
FYLHQLH
5HD]FHYLDFUR]PHUQpSROLDD
W\S]i]QDP
5HD]FH
1DStWHIXQNFLXNWRUiYUiWL758(DNUHD]HFNWRUMHMHMSDUDPHWURPMHSDOLQGURPLQDNYUiWL
)$/6(3UHGSRNODGDMWHH
DUHD]HFREVDKXMHMHGQRVORYR
EUHD]HFREVDKXMHYHWX1HEHUWHGR~YDK\PHG]HU\DQLUR]GLHOPHG]LPDOPLDYHNPLStVPHQDPL
DIXQNFLDMH3DOLQGURP"VMHQ\PVORYRP
IXQFWLRQMH3FRQVWVVWULQJERROHDQ
YDU
LLQWHJHU
EHJLQ
L
5HVXOW WUXH
ZKLOH5HVXOWDQGL OHQJWKVGLYGREHJLQ
5HVXOW XSFDVHV>L@ XSFDVHV>OHQJWKVL@
LQFL
HQG
HQG
EIXQNFLDMH3DOLQGURP"VYHWRX
IXQFWLRQMH33VVWULQJERROHDQ
EHJLQ
5HVXOW WUXH
ZKLOH5HVXOWDQGOHQJWKV!GR
LIV>@
WKHQV FRS\VOHQJWKV
HOVHLIV>OHQJWKV@
WKHQ6HW/HQJWKV/HQJWKV
HOVHEHJLQ
5HVXOW XSFDVHV>@ XSFDVHV>OHQJWKV@
V FRS\VOHQJWKV
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF3FB[DF
WJBDSP[NFSOQPMJBBUZQ[[OBN
3UHNRStUXMWHYVWXSQWH[WRYV~ERUYVWXSW[WGRYVWXSQpKRWH[WRYpKRV~ERUXY\VWXSW[WWDNHQD
]iSLVGRYVWXSQpKRV~ERUXSRXLMHWHOHQMHGLQSUtND]ZULWHQLHYF\NOH
YDU
VUVWULQJ
EHJLQ
V
ZKLOHQRWHRILGREHJLQ
UHDGOQLU
V VUDNFK\EDORQDNRQFLVXERUX&5/)
WDNKRWDPSULGDDOHWRMHRN
HQG
ZULWHRV
HQG
1DStWHSURFHG~UXNWRUiYRYVWXSQRPUHD]FLQDKUDGtYHWN\YVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXQHQDKUiG]DMWH
VS{VRESDPlWiPVLLQGH[DWHQ]YlXMHPSULSRV~YDQt
VS{VREWYRUtPNySLXVWULQJX
9LFUR]PHUQpSROH
9\WODWHSUYN\REGQLNRYHMPDWLFH0[1YSRUDGtYDNRPOHLDQDSLUiOHYHG~FHM]DYpKRKRUQpKR
URKXGRVWUHGXWRLVWpDOHMHPRQp]DGDWDUWRYERGDVPHUWRHQLD
9JUDILFNHMSORFKH,PDJHPiPHWYRUFRYREUi]RN2WRWHWHQWRREUi]RNRVWEH]SRPRFQHM
ELWPDS\DSRD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF3FB[DF
WJBDSP[NFSOQPMJBBUZQ[[OBN
YH]PHPHVLERG\]MHGQpKRNYDGUDQWX
QDUD]RWRtPHV\PHWULFNpERG\
YDU
J7&DQYDV
S7FRORU
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRU[ WR,PDJH:LGWKGLYGR
IRU\ WR,PDJH+HLJKWGLYGREHJLQ
S J3L[HOV>[\@
J3L[HOV>[\@ J3L[HOV>,PDJH:LGWK\[@
J3L[HOV>,PDJH:LGWK\[@
J3L[HOV>,PDJH:LGWK[,PDJH:LGWK
\@
J3L[HOV>,PDJH:LGWK[,PDJH:LGWK\@
J3L[HOV>\,PDJH:LGWK[@
J3L[HOV>\,PDJH:LGWK[@ S
HQG
HQG
3RWUHEXMHPH]PHQLREUi]RNQDSRORYLQ~tUNXDSRORYLQ~YNX0RKOLE\VPHWRURELWDNH]
NDGpKRGUXKpKRULDGNDYG\]REHULHPHNDGGUXKERG7DNWRE\VDYDNPRKORVWDHVWUDWtPH
QHMDNpLQIRUPiFLH3UHGVWDYWHVLLHUQRELHOXPULHNX]NWRUHME\VPHSULWDNRPVS{VREH
]PHQRYDQLDPRKOLGRVWDLVWRLHUQ\DOHERLVWRELHO\REUi]RN9\WYRUWHWHGD]REUi]ND]PHQHQp
REUi]N\DE\VPHLFKSUtSPRKOLSRURYQDDQHVWUDWLOLWDNLQIRUPiFLH
REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
7\S]i]QDP
=SUHGQiN\PiPH]DGHILQRYDQW\SW\SHYHNWRU UHFRUG[\UHDOHQG'RUREWHDOLH
IXQNFLHYHNWRURYHMDULWPHWLN\SRVXQ\]YlRYDQLH]PHQRYDQLHVNDOiUQ\V~LQ]LVWHQLHXKODPHG]L
GYRPDYHNWRUPLDSRG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF3FB[DF
WJBDSP[NFSOQPMJBBUZQ[[OBN
1'=DGHILQXMWHW\SNRPSOH[QptVORVUHiOQRXDLPDJLQiUQRXDVRXDY\WYRUWHSURFHG~U\DIXQNFLH
SUHY\StVQLHVtWDQLHRGtWDQLHQiVREHQLH
.UVWQpPHQiVLXGULDYDMWHYGiWRYHMWUXNW~UHXWULHGHQpSRGDDEHFHG\SUL]DUDRYDQtSRXLWHELQiUQH
Y\KDGiYDQLH
FRQVW
PD[ V~ERUPiPD[ULDGNRYPD[U{]Q\FK
PLHQ
W\SH
PHQR UHFRUG
PHQRVWULQJ
NRONRZRUG
HQG
YDU
SROHDUUD\>PD[@RIPHQR
W7H[W)LOH
VVWULQJ
SPLHQLQWHJHU
SURFHGXUHSRVXQBRGRGLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL SPLHQGRZQWRRGGRSROH>L@ SROH>L@
HQG
SURFHGXUH]DUDGPVWULQJ
YDU
]NVSR]LFHLQWHJHU
ERORERROHDQ
EHJLQ
LISPLHQ WKHQEHJLQ
SROH>@PHQR P
SROH>@NRONR
LQFSPLHQ
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF3FB[DF
WJBDSP[NFSOQPMJBBUZQ[[OBN
HOVHEHJLQ
ELQiUQHY\KDGiYDQLH
] N SPLHQ
ZKLOH]NGREHJLQ
V ]NGLY
LISROH>V@PHQRPWKHQ] V
HOVHLISROH>V@PHQR!PWKHQN V
HOVHEHJLQ] VN VHQG
HQG
QDVWDYHQLHSR]tFLH
LI] NDQGSROH>]@PHQR PWKHQEHJLQ
SR]LFH ]EROR WUXH
HQG
HOVHEHJLQ
EROR IDOVH
LI] NWKHQ
LISROH>]@PHQR!PWKHQSR]LFH ]
HOVHSR]LFH ]
HOVHEHJLQ
LIN WKHQSR]LFH
LIN!DQGPSROH>N@PHQRWKHQSR]LFH N
LIPSROH>]@PHQRWKHQSR]LFH ]
LIP!SROH>]@PHQRWKHQSR]LFH ]
HQG
HQG
]DUDGHQLHPHQD
LIERORWKHQLQFSROH>SR]LFH@NRONR
HOVHEHJLQ
SRVXQBRGSR]LFH
LQFSPLHQ
SROH>SR]LFH@PHQR P
SROH>SR]LFH@NRONR
HQG
HQG
HQG
SURFHGXUHY\SLVBPHQD
YDU
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF3FB[DF
WJBDSP[NFSOQPMJBBUZQ[[OBN
IRUL WRSPLHQGR
0HPR/LQHV$GGSROH>L@PHQR
LQWWRVWUSROH>L@NRONR
HQG
EHJLQ
$VVLJQ)LOHW
PLILW[W
5HVHWW
SPLHQ
ZKLOHQRWHRIWGREHJLQ
UHDGOQWV
V FRS\VSRV
V
]DUDGV
HQG
&ORVH)LOHW
Y\SLVBPHQD
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
FYLHQLH
6NHQHUUHNXU]LD
6NHQHU
YDU
]FKDU
WW7H[W)LOH
SURFHGXUH]QDNSURFHG~UDQDtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
'DQMHWH[WRYV~ERUSURJUDPSDVNWRUREVDKXMHQHMDNSDVFDORYVNSURJUDP6NRStUXMWHREVDKWRKWR
V~ERUXGRWH[WRYpKRV~ERUXSURJUDPSDVSULRPYNySLLEXG~]QHJRYDQpUHODQpRSHUiWRU\
]DPHQt]D! DQDRSDN
!]DPHQt]D DQDRSDN
]DPHQt]D!DQDRSDN
'DMWHSR]RUQDSULUDGHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
YDU
OH[NRQUHO
UVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
XMHNRQLHFV~ERUX
EHJLQ
OH[ NRQRN WUXH
HQG
^
EHJLQLJQRUXMHPHNRPHQWiUH
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
!
EHJLQ
U
UHSHDWU U]]QDNXQWLOQRW]LQ>
!
@
OH[ UHORN WUXH
HQG
EHJLQP{HE\SULUDGHQLH
SLV]QDN
LI]
WKHQEHJLQSLV]QDNHQG
HQG
HOVH
SLV]QDN
HQGFDVH
XQWLORN
HQG
EHJLQ
$VVLJQ)LOHW
SURJUDPSDV
5HVHWW
$VVLJQ)LOHW
SURJUDPSDV
5HZULWHW
]QDNVNHQHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
ZKLOHOH[!NRQGREHJLQ
LIU
WKHQZULWHW
!
HOVHLIU
WKHQZULWHW
!
HOVHLIU
WKHQZULWHW
!
HOVHLIU
!
WKHQZULWHW
HOVHLIU
!
WKHQZULWHW
HOVHLIU
!
WKHQZULWHW
VNHQHU
HQG
&ORVH)LOHW&ORVH)LOHW
HQG
'DQMHWH[WRYV~ERUDSDVNWRUREVDKXMHQHMDNSDVFDORYVNSURJUDP1DStWHSURJUDPNWRU
SUHtWDWHQWRV~ERUQiMGHYRPYHWN\YVN\W\FHORtVHOQFKNRQWiQW
DY\StHIUHNYHQQ~WDEXNXWFKWRYVN\WRYXVSRULDGDQ~Y]RVWXSQH
YDU
OH[NRQFFLVOR
FSRFBWLLQWHJHU
WDEXONDDUUD\>@RIUHFRUGFLVORSRFHWLQWHJHUHQG
SURFHGXUHVNHQHU
YDU
RNERROHDQ
]]FKDU
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQXMHNRQLHFV~ERUX
OH[ NRQRN WUXH
HQG
^
EHJLQLJQRUXMHPHNRPHQWiUH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
UHSHDW]QDNXQWLO]LQ>
`
@
]QDN
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQNRPHQWiU
UHSHDW
] ]]QDN] ]
XQWLO] RU]
DQG]
]QDN
HQG
HQG
EHJLQ
]QDN
LI]
WKHQ
UHSHDW]QDNXQWLO]LQ>@
HQG
EHJLQ
UHSHDW]QDNXQWLO]LQ>
@
]QDN
HQG
D
]
$
=
B
ZKLOHXSFDVH]LQ>
$
=
B
@GR]QDN
EHJLQ
U ]]QDN
ZKLOH]LQ>
@GREHJLQU U]]QDNHQG
LISRV
U WKHQEHJLQOH[ FFLVORRN WUXHHQG
HQG
EHJLQ
U ]]QDN
LI]LQ>
@WKHQEHJLQ
ZKLOH]LQ>
@GREHJLQU U]]QDNHQG
LISRV
U WKHQEHJLQOH[ FFLVORRN WUXHHQG
HQG
HQG
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
]QDN
HQGFDVH
XQWLORN
HQG
EHJLQ
$VVLJQ)LOHW
DSDV
5HVHWW
]QDNVNHQHU
SRFBW
ZKLOHOH[!NRQGREHJLQ
F 6WU7R,QWU
L
ZKLOHL SRFBWDQGWDEXOND>L@FLVOR!FGRLQFL
LIL SRFBWWKHQ
LQFWDEXOND>L@SRFHW
HOVHEHJLQ
LQFSRFBW
WDEXOND>SRFBW@FLVOR F
WDEXOND>SRFBW@SRFHW
HQG
VNHQHU
HQG
&ORVH)LOHW
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
IRUL WRSRFBWGR
ZLWKWDEXOND>L@GR
ZULWHOQWFLVOR
SRFHW
&ORVH)LOHW
HQG
WHVWSDVEXGHREVDKRYD]S{YRGQpKRV~ERUXOHQNRPHQWiUH
]QDN\YRERFKV~ERURFKPXVLDE\]DStVDQpWDNHNHE\VPHYSLV\RERFKV~ERURYXURELOLQD
SULHVYLWQpIyOLHDWLHWRSUHVQHQDVHEDSRORLOLGRVWDOLE\VPHS{YRGQV~ERUWHVWSDV
3R]QYSURJUDPHQHSRXtYDMWHLDGQHSROLDDQLUHD]FH2EDYVWXSQpV~ERU\WHVWSDVDWHVWSDVQHVP~
REVDKRYDQDNRQFLULDGNRYLDGQHPHG]HU\9VWXSQV~ERUWHVWSDVP{HWHtWDOHQUD]0DOLE\VWH
SRtWDVWPHV\PERO^VDP{HQDFKiG]DDMYUHD]FRYFKNRQWDQWiFK8YDXMWHOHQNRPHQWiUHY^`
]iWYRUNiFKDQLHY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
5HNXU]LD
9\WYRUWHtVHOQpIXQNFLHNWRUpUHNXU]LRXY\SRtWDM~
QW~PRFQLQDtVOD
QWp)LERQDLKRtVOR
NRPELQDQptVOREH]IDNWRULiORYFH]3DVFDORYWURMXKROQtN
RYHDNUDMLHULHHQLH
EHJLQ
LIQWKHQ5HVXOW
HOVH5HVXOW )LEQ
HQG
&Q &QQ &QP &QP&QP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
9\WYRUWHIXQNFLXNWRUiUHNXU]LRX
]LVWtLMH]DGDQVWULQJSDOLQGURP
REUiWLVWULQJ
REUiWLULDGN\YV~ERUHSRULDGNRFKSR]QDNRFK
EHJLQ
5HVXOW V\PVOHQJWKV
HQG
WKHQ5HVXOW
HOVH5HVXOW SUHYUDWFRS\VOHQJWKVV>@
HQG
SUHYUDWLWH[WRY\VXERUSRULDGNRFK
SURFHGXUHSUHYUDWBVXERU
EHJLQ
$VVLJQ)LOHW
YVWXSW[W
5HVHWW
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
SUHYUDWBVXE
&ORVH)LOHW
HQG
SURFHGXUHSUHYUDWBVXE
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
YDU
VVWULQJ
EHJLQ
LIQRWHRIWWKHQEHJLQ
UHDGOQWV
SUHYUDWBVXE
ZULWHOQWV
HQG
HQG
SUHYUDWLWH[WRY\VXERUSR]QDNRFK
SURFHGXUHSUHYUDWBVXERU
EHJLQ
$VVLJQ)LOHW
YVWXSW[W
5HVHWW
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
SUHYUDWBVXE
&ORVH)LOHW
HQG
SURFHGXUHSUHYUDWBVXE
YDU
VVWULQJ
EHJLQ
LIQRWHRIWWKHQEHJLQ
UHDGOQWV
V SUHYUDWV
SUHYUDWBVXE
ZULWHOQWV
HQG
HQG
.RU\WQDNRXQDNUHVOLWHWLHWRUHNXU]tYQHREUi]N\.WRUp]QLFKVDGDM~QDNUHVOLEH]UHNXU]LHOHQSRPRFRX
F\NOXZKLOH".WRUpVDGDM~QDNUHVOLMHGQPDKRPVUHNXU]LRXLEH]"
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
SURFHGXUH7URMXKROQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQWKHQQL
HOVH
IRUL WRGREHJLQ
7URMXKROQV
N'RSUHGXV
N9ODYR
HQG
HQG
SURFHGXUH7URMXKROQLQWHJHUVUHDO
EHJLQ
LIQWKHQQL
HOVHEHJLQ
N'RSUHGXV
N9ODYR
7URMXKROQV
N9SUDYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFTLFOFS
SFLVS[JB
SURFHGXUH7URMXKROQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
N'RSUHGXV
N9ODYR
IRUL WRGREHJLQ
7URMXKROQV
N9SUDYR
HQG
N9SUDYR
N'RSUHGXV
HQG
HQG
SURFHGXUH9ORFNDQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQWKHQQL
HOVH
IRUL WRGREHJLQ
N'RSUHGXV
9ORFNDQV
N'RSUHGXV
N9SUDYR
HQG
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
FYLHQLH
3UiFDVP\RXDVRYD
WDEXNRYNRPSRQHQW
3UiFDVP\RX
SUDFXMHPHVSURFHG~UDPL
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
NGH
W\SH
70RXVH%XWWRQ PE/HIWPE5LJKWPE0LGGOH
76KLIW6WDWH VHWRIVV6KLIWVV$OWVV&WUO
VV/HIWVV5LJKWVV0LGGOHVV'RXEOH
1DStWHSURJUDPNWRUSRNOLNQXWtDYPWODLGORPP\LGRJUDILFNHMSORFK\QDNUHVOtQDGDQHMSR]tFLL
REGQLNQiKRGQFKUR]PHURYDSRNOLNQXWtSUDYPWODLGORPP\LQDNUHVOtHOLSVXQiKRGQFK
UR]PHURY$NMHSULNOLNDQtVWODQHQNOiYHV6KLIWNUHVOtPHWYRUHFDNUXQLFX
GDMWHVLSR]RUQDY\SDQLHWUHEDQDVWDYLJ%UXVK6W\OH EV&OHDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDUULQWHJHU
EHJLQ
J%UXVK6W\OH EV&OHDU
U UDQGRP
LI6KLIW >VV/HIW@WKHQ
J5HFWDQJOH[\[U\5DQGRP
HOVHLI6KLIW >VV5LJKW@WKHQ
J(OOLSVH[\[U\5DQGRP
HOVHLI6KLIW >VV6KLIWVV/HIW@WKHQ
J5HFWDQJOH[\[U\U
HOVHLI6KLIW >VV6KLIWVV5LJKW@WKHQ
J(OOLSVH[\[U\U
HQG
1DStWHSURJUDPNWRUEXGHNUHVOLQDJUDILFN~SORFKXREGQLN\VWODHQLHDYpKRWODLGODP\L
GHILQRYDQLHDYpKRKRUQpKRYUFKRODREGQLNDDKDQtPDSXVWHQtPQDVWDYHQLHSURWLDKOpKRYUFKROD
GDMWHVLSR]RUQDY\SDQLHDQDSUHNUHVRYDQLHWUHEDQDVWDYL
J3HQ0RGH SP;RU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
[ [\ \
[ [\ \
J3HQ&RORU FO:KLWH
J3HQ0RGH SP;RU
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[\[\DMWDNMHWRQXORYREGQLN
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
J5HFWDQJOH[\[\
[ [\ \
J5HFWDQJOH[\[\
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
J5HFWDQJOH[\[\
J3HQ&RORU FO%ODFNUHVSLQiIDUED
J3HQ0RGH SP&RS\
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[\[\
HQG
.RU\WQDN\DP\
1DStWHSURJUDPYNWRURPNRU\WQDNDYG\SULVWODHQtWODLGODP\LNUHVOtSRGDSRK\EXP\N\
6~DVQHVWRXWRNRU\WQDNRXY\WYRUWHMHMNySLHSRGDRVt[D\NWRUpEXG~NUHVOL]UNDGORYRSRGD
SUtVOXQHMRVL
YDU
NDUUD\>@RINRU
WDKDWERROHDQ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDULLQWHJHU
EHJLQ
WDKDW 6KLIW >VV/HIW@
LIWDKDWWKHQEHJLQ
N>@ .RU&UHDWH;[\<
N>@ .RU&UHDWH;[\<
N>@ .RU&UHDWH;[\<
N>@ .RU&UHDWH;[\<
IRUL WRGREHJLQN>L@SGN>L@XND]HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LIWDKDWWKHQEHJLQ
N>@]PHQ[\;[\<
N>@]PHQ[\;[\<
N>@]PHQ[\;[\<
N>@]PHQ[\;[\<
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
HQG
1DUD]
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
YDU
LLQWHJHU
EHJLQ
LIWDKDWWKHQEHJLQ
IRUL WRGRN>L@)UHH
WDKDW IDOVH
HQG
HQG
1DStWHSURJUDPYNWRURPVDSULNOLNQXWtGRSORFK\YG\Y\JHQHUXMHNRU\WQDNDDSRNOLNQXWtQD
WODLGOR]DQ~NRU\WQDN\Y\NUHVRYDQDVYRMRPPLHVWHYG\YltDYltELQiUQ\VWURPDNRNHE\
UiVWROQRYVWURPEXGHPDGOKLHNRQiUHDEXGHPDYLDF~URYQtDSRVWURP~URYQH0D[8URYHQ
.RU\WQDN\VLXGULDYDMWHYSROLDYG\NHQLHNWRUiNRU\WQDNDVNRQtNUHVOHQLHY\KRWHMX]SRD
QDKUDWHMXSRVOHGQRXDVNUiWHSROH3RXLWH7LPHU
FRQVW
0D[
0D[8URYHQ
W\SH
SROHNRU DUUD\>0D[@RIUHFRUG
XURYHQGOLQWHJHU
N.RU
HQG
YDU
SSROHNRU
SRFLQWHJHU
SRF
7LPHU(QDEOHG IDOVH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
S>SRF@N .RU&UHDWH;[\<
LQFSRF
S>SRF@N8ND]
S>SRF@NSG
S>SRF@XURYHQ
S>SRF@GO
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG WUXH
HQG
SURFHGXUHVWURPNNRUQLQWHJHUYUHDO
EHJLQ
ZLWKNGREHJLQ
'RSUHGXY
LIQ!WKHQEHJLQ
9ODYRQDWRVDQDNUHVOHQLHDYpKRVWURPX
VWURPNQYQDNUHVOLDYVWURPQ~URYQH
9SUDYRQDWRVDQDNUHVOHQLHSUDYpKRVWURPX
VWURPNQYQDNUHVOLSUDYSRGVWURPQ~URYQH
9ODYRQDWRVDGRS{YRGQpKRVPHUX
HQG
'RSUHGXYYUiVDQDS{YRGQpPLHVWR
HQG
HQG
SURFHGXUH72NQR7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
LISRF!WKHQEHJLQ
1DUD]
IRUL WRSRFGR
ZLWKS>L@GREHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
N=PHQ)3FO:KLWH
VWURPNXURYHQGO
LQFXURYHQ
LQFGO
N=PHQ)3FO%ODFN
VWURPNXURYHQGO
HQG
FDNDM
L
ZKLOHL SRFGR
ZLWKS>L@GR
LIXURYHQ! 0D[8URYHQWKHQEHJLQ
N=PHQ)3FO:KLWH
VWURPNXURYHQGO
N)UHH
S>L@ S>SRF@
GHFSRF
HQG
HOVHLQFL
HQG
7LPHU(QDEOHG WUXH
HQG
7DEXNRYNRPSRQHQW
1DStWHSURJUDPNWRUXPRQtGYRPKUiRPKUDSH[HVR+UDFLXSORFKXY\NUHVOLWHSRPRFRX
NRPSRQHQWX6WULQJ*ULG.DUWLN\EXG~QDPLHVWRREUi]NRYREVDKRYDVORYi1HRWRHQiNDUWLNDEXGH
]Qi]RUQHQiQDSUDNRWYRUHFPRGUHMIDUE\RWRHQiNDUWLNDEXGHWYRUHFQDSUHUYHQHMIDUE\V
ELHO\PQiSLVRP$NV~RWRHQpGYHNDUWLN\VURYQDNPVORYRP]PL]Q~]KUDFHMSORFK\YSUtVOXQHM
EXQNHVDQHEXGHY\NUHVRYDQL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
FRQVW
SULDG
SVWOS
SRFHW SULDG
SVWOSPXVtE\SiUQH
SRFHW SRFHWGLY
VORYRDUUD\>SRFHW@RIVWULQJ
VNROD
VWURP
URERW
SRKDU
PRELO
VOQNR
NOXFH
DWODV
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
7LPHU77LPHU
SURFHGXUH
SULYDWH
WDKE\WH ]DLDWRN XRGRNU\Wp
XRGRNU\Wp !DNDVDQDWLPHU
VWOSHFULDGRNUVE\WH
VWDYDUUD\>SVWOSSULDG@RI
XKiGQXWp ]DNU\Wp RGRNU\Wp
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LMLQWHJHU
SROHDUUD\>SRFHW@RIVWULQJ
VVVWULQJ
EHJLQ
7LPHU(QDEOHG IDOVH
ZLWK6WULQJ*ULGGREHJLQPRQRQHWUHEDDN
&RO&RXQW SVWOS
:LGWK 'HIDXOW&RO:LGWK*ULG/LQH:LGWK
SVWOS
5RZ&RXQW SULDG
+HLJKW 'HIDXOW5RZ+HLJKW*ULG/LQH:LGWK
SULDG
HQG
UDQGRPL]H
WDK
IRUL WRSRFHWGREHJLQ
SROH>L@ VORYR>L@
SROH>LSRFHW@ VORYR>L@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
HQG
IRUL SRFHWGRZQWRGREHJLQPLHDQLHSRD
M UDQGRPL
VV SROH>M@
SROH>M@ SROH>L@
SROH>L@ VV
HQG
IRUL WRSVWOSGR
IRUM WRSULDGGREHJLQ
VWDY>LM@
6WULQJ*ULG&HOOV>LM@ SROH>L
SULDGM@
HQG
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQW5HFW75HFW6WDWH7*ULG'UDZ6WDWH
EHJLQ
LIVWDY>$&RO$5RZ@WKHQEHJLQQLHMHWH[W
LIVWDY>$&RO$5RZ@ WKHQ
6WULQJ*ULG&DQYDV%UXVK&RORU FO:KLWH
HOVH6WULQJ*ULG&DQYDV%UXVK&RORU FO%OXH
6WULQJ*ULG&DQYDV)LOO5HFW5HFW
HQG
HOVHEHJLQ
6WULQJ*ULG&DQYDV%UXVK&RORU FO5HG
6WULQJ*ULG&DQYDV)RQW&RORU FO:KLWH
6WULQJ*ULG&DQYDV7H[W5HFW
5HFW5HFW/HIW5HFW7RS6WULQJ*ULG&HOOV>$&RO$5RZ@
HQG
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
EHJLQ
LIWDK RUVWDY>$&RO$5RZ@!WKHQH[LW
LQFWDKVWDY>$&RO$5RZ@
FDVHWDKRI
EHJLQVWOSHF $&ROULDGRN $5RZHQG
EHJLQU $5RZV $&RO7LPHU(QDEOHG WUXHHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJFQSDBTNZPV
BTPWB
UBCVLPWLPNQPOFOU
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
EE\WH
EHJLQ
7LPHU(QDEOHG IDOVH
ZLWK6WULQJ*ULGGREHJLQ
E RUG&HOOV>VWOSHFULDGRN@!&HOOV>VU@
VWDY>VWOSHFULDGRN@ E
VWDY>VU@ E
WDK
5HSDLQWSUHNUHVOtYHWN\SROtND
!]DNU\MHDOHER]UXtRGRNU\Wp
HQG
HQG
1'
RSUDYWHWHQWRSURJUDPWDNDE\VSUiYQHIXQJRYDODMSUHQHSiUQ\SRHWNDUWLLHNQDSUSUHSRHW
NDUWLLHN[Y\JHQHUXMHGYRMtFDMHGQDNDUWLNDXSULWDUWHEXGHYVWDYHWMDNRNHE\XEROD
XKiGQXWi
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
FYLHQLH
223DG\QDPLFNpSROLD
223
1DStWHSURJUDPNWRUSRtWD1IDNWRULiO1Wp)LEtVOR
FRQVW
PD[
W\SH
9HONH&LVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRHWSODWQFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[LQWHJHURYHUORDG
SURFHGXUHSULUDG[9HONH&LVORRYHUORDG
SURFHGXUHSULFLWDM[LQWHJHURYHUORDG
SURFHGXUHSULFLWDM[9HONH&LVORRYHUORDG
SURFHGXUHQDVRE[LQWHJHU
IXQFWLRQY\SLVVWULQJ
HQG
FRQVWUXFWRU9HONH&LVOR&UHDWH
YDU
LLQWHJHU
EHJLQ
S
IRUL WRPD[GRF>L@
HQG
SURFHGXUH9HONH&LVORSULUDG[LQWHJHU
EHJLQ
S
UHSHDW
LQFS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
F>S@ [PRG
[ [GLY
XQWLO[
HQG
SURFHGXUH9HONH&LVORSULUDG[9HONH&LVOR
EHJLQ
S [SF [F
HQG
SURFHGXUH9HONH&LVORSULFLWDM[LQWHJHU
YDU
LVXFLQWHJHU
EHJLQ
L
ZKLOH[!DQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
VXF F>L@[
F>L@ VXFPRG
[ VXFGLY
LQFL
HQG
HQG
SURFHGXUH9HONH&LVORSULFLWDM[9HONH&LVOR
YDU
LVXFSUHQRVLQWHJHU
EHJLQ
L SUHQRV
ZKLOHSUHQRV!RUL SDQGL [SDQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
LIL![SWKHQEHJLQ
[S L[F>L@
HQG
VXF F>L@[F>L@SUHQRV
F>L@ VXFPRG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
SUHQRV VXFGLY
LQFL
HQG
HQG
SURFHGXUH9HONH&LVORQDVRE[LQWHJHU
YDU
LVXFSUHQRVLQWHJHU
EHJLQ
L SUHQRV
ZKLOHSUHQRV!RUL SDQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
VXF F>L@
[SUHQRV
F>L@ VXFPRG
SUHQRV VXFGLY
LQFL
HQG
HQG
IXQFWLRQ9HONH&LVORY\SLVVWULQJ
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL SGRZQWRGR
5HVXOW 5HVXOWFKUF>L@RUG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
IQDVREL
0HPR/LQHV$GG,QW7R6WUL
IY\SLV
HQG
I)UHH
HQG
1'
]DGHILQXMWHPHWyG\QDUR]GLHOSRGLHOQiVREHQLHVYHNPtVORPDSRG
XUREWHFODVV9HONH&LVORSRPRFRXG\QDPLFNpKRSRD
1'
]DGHILQXMWHWULHGXQDSUiFXVYHNWRUPL
=DGHILQXMWHWULHGX2VREDVRVWDYRYPLSUHPHQPLPHQRYHNDGUHVDDVPHWyGDPLQDLQLFLDOL]iFLX
SUHGVWDYHQLHVDD]LVWHQLHLGDQiRVREDMHDOHERQLHMHPODGtNRP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
=DGHILQXMWHDOHMSRWRPNDWHMWRWULHG\2VRED3VQRYRXVWDYRYRXSUHPHQQRXSRKODYLHDQRYRX
PHWyGRX2VORYHQLHSUHGNRYDPHWyGDERODYPXVNRPURGH
W\SH
2VRED FODVV
PHQRVWULQJ
YHNE\WH
DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WH
IXQFWLRQ3UHGVWDY6DVWULQJRYHUORDG
SURFHGXUH3UHGVWDY6DNDP76WULQJVRYHUORDG
IXQFWLRQ0ODGLNERROHDQ
IXQFWLRQ2VORYHQLHVWULQJ
HQG
FRQVWUXFWRU2VRED&UHDWHFRQVWPDVWULQJYE\WH
EHJLQ
PHQR PDGUHVD DYHN Y
HQG
SURFHGXUH2VRED3UHGVWDY6DNDP76WULQJV
EHJLQ
NDP$GG
0HQR
PHQR
NDP$GG
$GUHVD
DGUHVD
NDP$GG
9HN
,QW7R6WUYHN
LIPODGLNWKHQNDP$GG
MHPODGtN
HOVHNDP$GG
QLHMHPODGtN
HQG
IXQFWLRQ2VRED3UHGVWDY6DVWULQJ
EHJLQ
5HVXOW
9ROiPVD
PHQR
EYDPY
DGUHVD
DPiP
,QW7R6WUYHN
URNRY
HQG
IXQFWLRQ2VRED0ODGLNERROHDQ
EHJLQ
5HVXOW YHN
HQG
IXQFWLRQ2VRED2VORYHQLHVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
EHJLQ
5HVXOW
9iHQSiQ
PHQR
HQG
W\SH
2VRED3 FODVV2VRED
SRKODYLHERROHDQWUXH HQD
FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WHSERROHDQ
IXQFWLRQ2VORYHQLHVWULQJ
HQG
FRQVWUXFWRU2VRED3&UHDWHFRQVWPDVWULQJYE\WHSERROHDQ
EHJLQ
LQKHULWHG&UHDWHPDY
SRKODYLH S
HQG
IXQFWLRQ2VRED32VORYHQLHVWULQJ
EHJLQ
LISRKODYLHWKHQ5HVXOW
9iHQiSDQL
PHQR
HOVH5HVXOW LQKHULWHG2VORYHQLH
HQG
'\QDPLFNpSROLD
=DGHILQXMWHWULHGX7DE9HNRYYNWRUHMEXGHPHXGULDYDGDWDEi]XXGt]RUDGHQFKSRGDYHNX
SRXLMHPHWULHGX2VRED]SUHGFKSUtNODGX
'RQHMDNHMLQWDQFLHWULHG\7DE9HNRYQDtWDMWHLQIRUPiFLH]RYVWXSXRMHGQRWOLYFKXRFKDY\StWH
YHWNFKPODGtNRY]WHMWRWDEXN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
W\SH
7DE9HNRY FODVV
WDUUD\RIRVRED
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMFRQVWPDVWULQJYE\WH
SURFHGXUHY\SLVBPODGLNRYNDP76WULQJV
HQG
FRQVWUXFWRU7DE9HNRY&UHDWH
EHJLQ
W QLO
HQG
SURFHGXUH7DE9HNRYSULGDMFRQVWPDVWULQJYE\WH
YDU
RRRVRED
LLQWHJHU
EHJLQ
RR 2VRED&UHDWHPDY
6HW/HQJWKW/HQJWKW
L +LJKW
ZKLOHL! DQGW>L@YHN!YGREHJLQ
W>L@ W>L@
GHFL
HQG
W>L@ RR
HQG
SURFHGXUH7DE9HNRYY\SLVBPODGLNRYNDP76WULQJV
YDU
LLQWHJHU
EHJLQ
L
ZKLOHL +LJKWDQGW>L@PODGLNGREHJLQ
NDP$GGW>L@PHQR
LQFL
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
YDU
WY7DE9HNRY
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WY 7DE9HNRY&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
YLQWHJHU
EHJLQ
Y 6WU7R,QW'HI(GLW7H[W
LIY!WKHQ
WYSULGDM(GLW7H[W(GLW7H[WY
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WYY\SLVBPODGLNRY0HPR/LQHV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
0HPR&OHDU
ZLWKWYGR
IRUL WR+LJKWGR
W>L@3UHGVWDY6D0HPR/LQHV
HQG
=DGHILQXMWHWLHGX32/<1029
DSRO\QyPUHSUH]HQWXMWHG\QDPLFNPSRRPNRHILFLHQWRYSUHQHH[LVWXM~FHPRFQLQ\MHNRHI
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
NRHILFLHQW\QDSUW\SX,QWHJHU
ESRO\QyPUHSUH]HQWXMWHG\QSRRPUHNRUGRYNRHILFLHQWDVWXSHNWRUpEXGHREVDKRYDOHQ
OHQ\VQHQXORYPNRHILFLHQWRPXVSRULDGDQpSRGDVWXSD
F]DGHILQXMWHQDMSUYWULHGX7&OHQNRHILFLHQWVWXSHDPHWyG\QDLQLFLDOL]iFLXDY\StVDQLHD
73RO\QRPSRWRPEXGHREVDKRYDWG\QDPLFNpSROH7&OHQRY
QDMMHGQRGXFKLDYHU]LD
W\SH
73RO\QRP FODVVSUHQHH[LVWXM~FHPRFQLQ\MHNRHI
NRHIDUUD\RILQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHQDFLWDMVVWULQJ
SURFHGXUHY\SLVNDP76WULQJV
SURFHGXUHSULFLWDMS73RO\QRP
HQG
FRQVWUXFWRU73RO\QRP&UHDWH
EHJLQ
NRHI QLO
HQG
SURFHGXUH73RO\QRPQDFLWDMVVWULQJ
YVVXNRHILFLHQW\SRO\QRPXRGQDMPHQHMPRFQLQ\RGGHOHQp
EHJLQ
V V
NRHI QLO
ZKLOHV!
GREHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>+LJKNRHI@ 6WU7R,QWFRS\VSRV
V
GHOHWHVSRV
V
HQG
HQG
SURFHGXUH73RO\QRPY\SLVNDP76WULQJV
YDU
LORQJLQW
VVWULQJ
EHJLQ
L KLJKNRHIV
ZKLOHL! GREHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF001BEZOBNJDLQPMJB
LINRHI>L@!WKHQEHJLQ
LIL!KLJKNRHIWKHQV V
V V,QW7R6WUNRHI>L@
LIL!WKHQV V
[A
,QW7R6WUL
HQG
GHFL
HQG
NDPDGGV
HQG
SURFHGXUH73RO\QRPSULFLWDMS73RO\QRP
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKSNRHIGREHJLQ
LIL!+LJKNRHIWKHQEHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>L@
HQG
LQFNRHI>L@SNRHI>L@
HQG
HQG
1'
=DGHILQXMWHWULHGX9(.725SRPRFRXG\QDPLFNpKRSRDSUHXERYRQHiUQHYHNWRU\$N
EXGHPHFKFLHQDSUVtWDYDGYDYHNWRU\U{]QHMiUQRVWLWDNVDEXY\KOiVLFK\EDDOHERVDWHQ
NUDWtGRSOQtQXODPL
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF[TPCOL
SBE
BSJUNWSB[Z
FYLHQLH
=iVREQtNUDGDULWPYUD]\
=iVREQtN
PHG]LPHWyG\QDSUiFXVR]iVREQtNRPVPHSULGDOLQRY~IXQNFLXWRSNWRUiYUiWLKRGQRWXQD
YUFKX]iVREQtNDSULRPY]iVREQtNXMXSRQHFKi
W\SH
SUYRN FKDU
VWDFN FODVV
VWDUUD\RISUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>+LJKVW@
HQG
9QDVOHGXM~FLFK~ORKiFKSUHGSRNODGiPHHPiPHNGLVSR]tFLLMHGQX]QDNRY~SUHPHQQ~MHGHQ]QDNRY
]iVREQtNDtWDPHMHGHQULDGRNWH[WRYpKRV~ERUXXNRQHQQDSU]QDNRPORKRXMHQDStVDIXQNFLX
NWRUi]LVWtLYVWXSQULDGRNV~ERUXMHQHMDNpKRNRQNUpWQHKRWYDUX
DQEQ Q
DQEP Q P
ZFZUNGHZMH]DEHFHG\^DE`DZUMH]UNDGORYREUD]VORYDZ
DQELFDEVQL
D EURYQDNSRHWDRNDMERN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF[TPCOL
SBE
BSJUNWSB[Z
DQEQ Q
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHF
D
GREHJLQ
VSXVKFUHDGWF
HQG
ZKLOHF
E
DQGQRWVHPSW\GREHJLQ
VSRSFUHDGWF
HQG
5HVXOW F DQGVHPSW\
V)UHH
HQG
DQEP Q P
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHF
D
GREHJLQ
VSXVKFUHDGWF
HQG
ZKLOHF
E
GREHJLQ
LIQRWVHPSW\WKHQVSRSF
UHDGWF
HQG
5HVXOW F DQGVHPSW\
V)UHH
HQG
ZFZUNGHZMH]DEHFHG\^DE`DZUMH]UNDGORYREUD]VORYD
Z
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF[TPCOL
SBE
BSJUNWSB[Z
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHFLQ>
D
E
@GREHJLQ
VSXVKFUHDGWF
HQG
LIF
F
WKHQEHJLQ
UHDGWF
ZKLOHQRWVHPSW\DQGF VWRSGREHJLQ
VSRSFUHDGWF
HQG
5HVXOW F DQGVHPSW\
HQG
HOVH5HVXOW IDOVH
V)UHH
HQG
D EURYQDNSRHWDRNDMERN
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHFLQ>
D
E
@GREHJLQ
LIVHPSW\RUF VWRSWKHQVSXVKF
HOVHVSRSF
UHDGWF
HQG
5HVXOW F DQGVHPSW\
V)UHH
HQG
0iPH]iVREQtNWYRUHQ]SUYNRYW\SXLQWHJHU3RPRFRXSRPRFQpKR]iVREQtNDVSUDFXMWHtVODY
]iVREQtNXWDNH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF[TPCOL
SBE
BSJUNWSB[Z
DY\KiGHWHYHWN\QXORYpSUYN\
EYHWN\QXORYpSUYN\SUHPLHVWQLWHQDVSRGRN]iVREQtND
SURFHGXUHY\KRGVVWDFN
YDU
SVWDFN
LLQWHJHU
EHJLQ
S VWDFN&UHDWH
ZKLOHQRWVHPSW\GREHJLQ
VSRSL
LIL!WKHQSSXVKL
HQG
ZKLOHQRWSHPSW\GREHJLQ
SSRSLVSXVKL
HQG
S)UHH
HQG
SURFHGXUHSUHVXQVVWDFN
YDU
SVWDFN
LMLQWHJHU
EHJLQ
S VWDFN&UHDWHM
ZKLOHQRWVHPSW\GREHJLQ
VSRSL
LIL!WKHQSSXVKL
HOVHLQFM
HQG
ZKLOHM!GREHJLQ
VSXVKGHFM
HQG
ZKLOHQRWSHPSW\GREHJLQ
SSRSLVSXVKL
HQG
S)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF[TPCOL
SBE
BSJUNWSB[Z
1DStWHORJLFN~IXQNFLXDEFNWRUiYUiWLWUXHDNMHYRYVWXSQRPULDGNXURYQDNSRHWDRNERNDF
RN9\XLWHGYHLQWDQFLHVWDFN2NUHPGYRFK]iVREQtNRYP{HWHSRXLXOHQMHGQX]QDNRY~
SRPRFQ~SUHPHQQ~
3RUR]PDMWHLE\VWHYHGHOLY\ULHLW~WR~ORKXOHQSRPRFRXMHGQpKR]iVREQtNDDNSULWRP
Y\XLMHWHUHNXU]LXWDNVWHYODVWQHSRXLOLGUXK]iVREQtNP{HWHDMWRWRY\VN~D
IXQFWLRQDEFYDUW7H[W)LOHERROHDQ
YDU
VVVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWHV VWDFN&UHDWH
UHDGWF
ZKLOHFLQ>
D
E
F
@GREHJLQ
FDVHFRI
D
EHJLQ
LIVHPSW\RU
D
VWRSWKHQVSXVK
D
HOVHVSRSF
LIVHPSW\RU
D
VWRSWKHQVSXVK
D
HOVHVSRSF
HQG
E
LIVHPSW\RU
E
VWRSWKHQVSXVK
E
HOVHVSRSF
F
LIVHPSW\RU
F
VWRSWKHQVSXVK
F
HOVHVSRSF
HQG
UHDGWF
HQG
5HVXOW F DQGVHPSW\DQGVHPSW\
V)UHHV)UHH
HQG
1'
3RPRFRXGYRFK]iVREQtNRY]UHDOL]XMWHWDNpWRWULHGHQLH
1D]DLDWNXPiPHtVODYSUYRP]iVREQtNX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJFOJF[TPCOL
SBE
BSJUNWSB[Z
9\EHULHPHSUYpGYHtVODSRURYQiPHLFK0HQLH]QLFKYORtPHGRGUXKpKR]iVREQtND
9\EHULHPHDOLHtVOR]SUYpKR]iVREQtND3RURYQiPHKRVtVORPNWRUpQiPRVWDORSUL
SUHGFKiG]DM~FRPSRURYQiYDQt0HQLHtVORYORtPHGRGUXKpKR]iVREQtND
2SDNXMHPHDNPSUY]iVREQtNQLHMHSUi]GQ\3ULWRPWRSUHVSDQtVPHPRKOLVSRtWDSRHW
WULHGHQFKtVHO
7HUD]PiPHYGUXKRP]iVREQtNXYHWN\tVODSULWRPQDYUFKXMHQDMYlLH]QLFK
3RGREQHSUHV\SHPHtVOD]GUXKpKR]iVREQtNDGRSUYpKRDOHWHUD]YNODGiPHGRSUYpKR
]iVREQtNDYlLH]SRURYQiYDQFKtVHO
3RGRVWDWRQRPRSDNRYDQtWRKWRDOJRULWPXEXG~tVODY]iVREQtNXXWULHGHQp
3RXYDXMWHDNRSRPRFRX]iVREQtNDQDVLPXORYDUDGDQDRSDN
$ULWPHWLFNpYUD]\
1'
1DYUKQLWHDOJRULWPXVQDSUHSLVDULWPHWLFNpKRYUD]X]SUHIL[RYpKRWYDUXGRSRVWIL[RYpKRWYDUX
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
1. termn skky
WHUPtQVN~N\] GR
SURJUDPRYDQLD
SUtNODGVNODGDQLHUR]VWULKDQpKRREUi]NX
1DStWHSURJUDPNWRUQiPXPRQtSRVNODGDUR]VWULKDQREUD]1D]DLDWNXKU\MHYSORFKH
UR]VWULKDQQHMDNYHNREUi]RNQDU{]QHYHNpN~VN\REGQLN\SULRPVDWLHWRN~VN\Y{EHF
QHSUHNUYDM~ORKRXKUiDMHSRV~YDQtPWFKWRN~VNRYDKDQtPP\RXSRVNODGDS{YRGQREUD]
3URJUDPPXSULWRPQHGRYROtDE\LDGHQN~VRNY\SDGRO]SORFK\RNUDMHKUDFHMSORFK\V~SULDKDQt
SUHNiNRXDWHGDDKDQLHVDQDRP]DVWDYt.~VN\REUD]XVDP{XYSULHEHKXKU\SUHNUYD
9HWN\YVWXSQpLQIRUPiFLHV~YWH[WRYRPV~ERUHREUD]W[WNWRUREVDKXMH
YSUYRPULDGNXMHPHQRELWPDSRYpKRV~ERUXVHWHQHQDVWULKDQPREUD]RP
YGUXKRPULDGNXV~ERUXV~GYHtVODNWRUpGHILQXM~tUNXDYNXKUDFHMSORFK\QDSU
NRPSRQHQWXWULHG\7,PDJHYWHMWRSORFKHVDEXG~SRV~YDQDVWULKDQpN~VN\REUD]X
QDVOHGXM~FHULDGN\V~ERUXREVDKXM~SRFHOFKtVHOV~WRLQIRUPiFLHRUR]VWULKDQFK
N~VNRFKREGQLNRFKSUYpW\ULtVODSRSLVXM~REGQLNYREUD]HDWRV~UDGQLFH[D\D
YHNRVREGQLNDtUNXDYNXSRVOHGQpGYHtVODV~V~UDGQLFHREGQLNDXPLHVWQHQpKRY
KUDFHMSORFKH
P{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDREUD]MHFHOUR]VWULKDQQDGLVMXQNWQp
REGQLN\
QDY\VWULKQXWLHREGQLND]REUD]XP{HWHY\XLPHWyGX&RS\5HFW
.~VN\REUD]XYSURJUDPHUHDOL]XMWHDNRLQWDQFLHWULHG\7.XVRNQDSUVWDNRXWRGHNODUiFLRXP{HWH
QLHRSULGDDOHERPLHUQHSR]PHQL
7.XVRN FODVV
EP7%LWPDS
[\VLUNDY\VNDLQWHJHU
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtKRDMVUiPLNRP
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ]LVWtLVDGR
NOLNOR
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
6DPRWQ~KUXUHDOL]XMWHWULHGRX7+UDNWRUHMGHNODUiFLDE\PDODY\]HUDSULEOLQHWDNWR
7+UD FODVV
NDUUD\RI7.XVRN
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNN7.XVRNSULGiQRYN~VRNGRSRD
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtYHWN\N~VN\
SURFHGXUH0RXVH'RZQ[\LQWHJHU
SURFHGXUH0RXVH0RYH[\LQWHJHU
SURFHGXUH0RXVH8S
HQG
7+UDVLPXVtSDPlWDNWRUN~VRNVDPRPHQWiOQHDKiP\RX7HQWREXGHY\NUHVRYDQDNR
SRVOHGQ]RYHWNFKDWHGDEXGHQDGYHWNPLRVWDWQPLN~VNDPL1DY\HEXGHSRDVDKDQLD
RUiPRYDQHUYHQPUiPLNRPWRWR]DEH]SHLDREHPHWyG\NUHVOL
3URJUDPQHPXVt]LVRYDLXMHFHOREUD]SRVNODGDQ
6WDYRYpSUHPHQQpWULHG7.XVRND7+UDP{HWHSRXtYDOHQYPHWyGDFKWFKWRWULHG
SUtNODGSUiFDVNRU\WQDNDPL
1DStWHSURJUDPNWRUXPRQt]DKUDVDWDN~WRKUX
]RVSRGXJUDILFNHMSORFK\Y\OHWXM~VPHURPQDKRUU{]QRXUFKORVRXU{]QH]DIDUEHQpEDOyQ\
~ORKRXKUiDMHWULDIDWLHWREDOyQ\tSNRXNDGWUDIHQEDOyQSUDVNQHDQDMHKRPLHVWHVD
QDStHWH[W%80
EDOyQ\V~UHSUH]HQWRYDQpNRU\WQDNDPLNWRUFKWYDUMHIDUHEQHVXKROQtNVRVWUDQRXSUH
WRWR]DGHILQXMWHWULHGX7%DORQ
7%DORQ FODVV.RU
NUHDO
FRQVWUXFWRU&UHDWH
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
VWDYRYiSUHPHQQiNVO~LDNRNRHILFLHQWSUHPHWyGX'RSUHGXYDNDWRPXWRNRHILFLHQWXEXGH
P{FNRU\WQDNDFKRGLWURFKXSRPDOLH
NRQWUXNWRU&UHDWHY\WYRUtNRU\WQDNXQDQiKRGQHMSR]tFLLDOHQDGROQHMKUDQHSORFK\
VPHURPQDYFKRGREMDYtVDQDPLHVWHNOLNQXWLDP\RXDOHOHQDNVDNOLNORQLHYLDFDNR
RGDYpKRRNUDMDSORFK\.OLNQ~P{HPHNHG\NRYHNDNtSNDHWHQHRGOHWHODPLPRSORFK\
WDNVDSUHVXQLHQDPLHVWRNOLNQXWLD
tSNDVDVWiOHURYQRPHUQHSRK\EXMHVPHURPQDYFKRGDDNSULVYRMRPSRK\EHSUHMGHFH]
QHMDNEDOyQWDNWHQWRSUDVNQHD]DQHFKiQiSLV%80QHPXVtWHVLYtPDVLWXiFLXDNtSND
XOHWtYRQ]SORFK\]UHMPHQRYPNOLNQXWtPVD]QRYXREMDYtYSORFKH
YHWN\EDOyQ\NWRUpSUDVNQ~DOHERY\OHWLD]SORFK\YRQE\VD]SRDNRU\WQDLHNPDOL]UXL
PHWyGRX=UXV.RU
YQiKRGQFKDVRYFKLQWHUYDORFKDOH]DSRGPLHQN\HEDOyQRYQLHMHYLDFDNRVDVWiOH
JHQHUXM~QRYpEDOyQ\
SRK\EtSN\SRK\EEDOyQRYDOHDMQiKRGQpJHQHURYDQLHEDOyQRYDDMUXHQLHEDOyQRYEXGHWH
URELSRPRFRXDVRYDD77LPHU
WHUPtQVN~N\] SR
SURJUDPRYDQLD
SUtNODGKDGDQLHGYRMtFREUi]NRY
1DStWHSURJUDPNWRUXPRQtKUDKUX.DUWLN\1DKUDFHMSORFKHV~UR]PLHVWQHQpGYRMLFHNDUWLLHN
NWRUpVDRGOLXM~REUi]NDPL1LHNWRUpGYRMLFHVDP{XY\VN\WRYDDMYLDFNUiW.DUWLN\VDP{X
QDY]iMRPSUHNUYDORKRXKUiDMH]R]ELHUDGYRMLFHURYQDNFKNDUWLLHNDY\SUi]GQLWPKUDFLX
SORFKX+UiP{HRGREHUDOHQWDN~GYRMLFXURYQDNFKNDUWLLHNNWRUpQLHV~SUHNU\WpLDGQ\PL
LQPLNDUWLNDPL3RLDWRQpUR]ORHQLHNDUWLLHNMH]DGDQpYWH[WRYRPV~ERUHKUDW[WNWRUY
NDGRPULDGNXREVDKXMHWURMLFXFHOFKtVHOSRSLVXM~FLFKMHGQXNDUWLNX
SUYptVORMH]LQWHUYDOXDR]QDXMHSRUDGRYptVORREUi]NXU{]Q\FKW\SRYNDUWLLHNMH
DLFKELWPDS\V~YV~ERURFKKEPSKEPSKEPS
DOLHGYHtVODV~V~UDGQLFHNDUWLN\YSORFKHSULRPSUHGSRNODGiPHHKUDFLDSORFKDMH
YHNiDVSR[ERGRY
SUHGSRNODGiPHHNDUWLN\EXG~SRORHQpYSORFKHYSRUDGtDNRV~YV~ERUHWMSUYiNDUWLND
]RV~ERUXMHQDMVSRGQHMLDQDSORFKH
3UYPNOLNQXWtPQDQHMDN~NDUWLNXNWRUiQLHMHSUHNU\WiLQRXVDWiWRRUiPLNXMHHUYHQPKUXEP
UiPLNRP3URJUDPWHUD]DNiQDNOLNQXWLHQDNDUWLNXVURYQDNPREUi]NRP$QLWiWRGUXKiNDUWLND
QHVPLHE\SUHNU\WiLDGQRXLQRX$NVD~VSHQHQDODGYRMLFDURYQDNFKREUi]NRYREHNDUWLN\VD]
SORFK\RGVWUiQLD$NGUXKiNOLNQXWiNDUWLNDQH]RGSRYHGiREUi]NXDOHERMHSUHNU\WiQHMDNRXLQRX
NDUWLNRXSURJUDPQHPXVtXURELQLP{HStSQX
2SlWRYQpNOLNQXWLHQDR]QDHQ~NDUWLNXMXRG]QDt
.DG~NDUWLNXUHSUH]HQWXMWHYSURJUDPHLQWDQFLRXWULHG\7.DUWLFNDNWRUiE\PDODY\]HUDWDNWR
P{HWHQLHRSULGDUHVSPLHUQHSR]PHQL
7.DUWLFND FODVV
EP7%LWPDS
[\LQWHJHU
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDV
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ
IXQFWLRQSUHNU\YD[[\\LQWHJHUERROHDQ
HQG
6DPRWQiKUDEXGHYSURJUDPHWLHUHSUH]HQWRYDQiWULHGRX7+UD
7+UD FODVV
NDUUD\RI7.DUWLFND
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDV
SUtNODG+DQRMVNpNRU\WQDN\
1DStWHSURJUDPNWRUXPRQtKUiRYLULHLKODYRODP+DQRMVNpYHH1DSUYRP]WURFKNROtNRYMH
QDYOHHQFKQU{]QHYHNFKGLVNRYV~XVSRULDGDQpWDNHQDMYlt]QLFKMHQDVSRGXNRS\QDSU
SUHQ
~ORKRXKUiDMHSUHQLHVYHWN\GLVN\QDGUXKUHVSQDWUHWtNROtNSULRPSUHQiDVDGiOHQSR
MHGQRPDWRYG\OHQQDMY\tGLVN]GDQHMNRS\
SUHQiDQGLVNVDP{HQDYOLHFEXQDSUi]GQ\NROtNDOHERQDYUFKNRS\YNWRUHMQDMY\tGLVNMH
YltDNRPRPHQWiOQHSUHQiDQ
3URJUDPVDEXGHRYOiGDP\RX
DNVDNOLNQHQDVWSHFVGLVNPLWDNQDMY\t]QLFKVDY\VXQLHQDGNROtN
DNMHQHMDNGLVNY\VXQXWDNOLNQHVDQDQHMDNLQVWSHFWDNVDY\VXQXWGLVNSUHVXQLHQDG
WHQWRVWSHF
DNMHQHMDNGLVNY\VXQXWQDGQHMDNPVWSFRPDNOLNQHVDQDWHQWRVWSHFWDNGLVNVDVSXVWtQD
YUFKWHMWRNRS\VDPR]UHMPHOHQDNV~VSOQHQpSUDYLGOiKU\
NOLNQXWLHQD]OHY\EUDQVWSHFQHXUREtQLP{HStSQX
.DGGLVNUHSUH]HQWXMWHNRU\WQDNRXWULHG\7'LVN
VD]DtQDYVWUHGHGROQHMVWUDQ\REGQLND
PHWyGDSRVXQSUHQHVLHNRU\WQDNXQDGSUtVOXQVWSHFDPHWyGDSROR]SRVXQLHNRU\WQDNXQDG
PRPHQWiOQHQDMY\tGLVNYGDQRPVWSFL
9HWN\NRU\WQDN\YSURMHNWHPXVLDE\SUYNDPLSRO\PRUIQpKRSRDWULHG\9HOD.RU
WHUPtQVN~N\] GR
SURJUDPRYDQLD
SUtNODGNODXQLQDFKRGQtNX
1DStWHSURJUDPNWRUEXGHGHPRQWURYDMHGQRGXFKDQLPRYDQSRK\EYLDFHUFKREMHNWRYQD
QDNUHVOHQHMNXNDWHMLDUHFKRGQtNXREMHNWPLEXG~ELWPDS\PDOpKRNODXQDQDELF\NOLDQDNUHVOHQi
LDUDVDSUHtWD]WH[WRYpKRV~ERUXGUDKDW[W7HQWRV~ERUYNDGRPULDGNXREVDKXMHGYRMLFXFHOFK
tVHOV~UDGQLFHERGXQDLDUH7LHWRERG\V~]DGDQpGRVWDWRQHKXVWRDE\VDREMHNW\PRKOL
SRK\ERYDVNRNPLRGMHGQpKRERGXNQDVOHGRYQpPXLDUDMH]DF\NOHQiSRVOHGQERGMHEOt]NR
SUYpKRDWHGDREMHNWP{HSRNUDRYDRG]DLDWNX
$QLPiFLDREMHNWXMHWYRUHQiELWPDSDPLEEPSEEPSEEPSEEPSSULRPSL[HOYDYRP
SDUDPHWUHG\QDPLFNpSROLDR]QDXM~VPHUQtN\QDWLHWRSROLD
GUDKD DUUD\RI73RLQW
REUD]N\ DUUD\RI7%LWPDS
7.ODXQ FODVV
SGUDKD
EREUD]N\
FRQVWUXFWRU&UHDWHSSGUDKDEEREUD]N\
SURFHGXUH.UHVOLF7&DQYDV
SURFHGXUHSRVXQYRODQi]7+UDPHWyG\SRK\E
HQG
=UHMPHVLPXVtWHYWHMWRWULHGHXFKRYDDMPRPHQWiOQHtVORIi]\DQLPiFLHSR]tFLXQDGUiKHUFKORV
SRK\EXDHWHDOLHLQIRUPiFLH
6DPRWQ~KUXUHSUH]HQWXMWHDNRREMHNWWULHG\7+UD
7+UD FODVV
NDUUD\RI7.ODXQ
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNOLN[\LQWHJHUYRODQpQDSU],PDJH0RXVH'RZQ
SURFHGXUHSRK\EF7&DQYDV
HQG
0HWyGDSRK\EEXGH]UHMPHYRODQi]DVRYDDY\NUHVOtYHWNFKNODXQRYDWLHLFKSRVXQLHPHWyGD
SRVXQQDDOLXIi]XDQLPiFLHDDOtERGGUiK\
6WDYRYpSUHPHQQpWULHG7.ODXQD7+UDP{HWHSRXtYDOHQYPHWyGDFKWFKWRWULHG
SUtNODGKODYRODPNRU\WQDNLHN
1DStWHSURJUDPNWRUQiPXPRQtSRPRFRXNRU\WQDLHN]DKUDVDVKODYRODPRPYWYRUFRYHM
VLHWL[MHNDUWLLHNNWRUpV~SRVWXSQHRtVORYDQpRGGRDDOHMRG$GR)QDPLHVWRtVHO
DMHGQRSROtNRMHSULWRPYRQp+UiP{HQDWRWRSROtNRSUHVXQ~XERYRQ~VXVHGQ~
NDUWLNXDWDNWRXYRQLLQpSROtNRWDNWRP{HSUHV~YDNDUWLN\GRU{]Q\FKSR]tFLt&LHRPMH
SRSUHV~YDNDUWLN\WDNDE\EROLXVSRULDGDQpY]RVWXSQHRGDGR)DSRVOHGQpSROtNRERORYRQp
WYRUFRYiVLH[MHYSORFKHQDNUHVOHQiDOHVDPRWQptVODEXG~WYDU\NRU\WQDLHNSULRPVDEXG~
SUDYGHSRGREQHY\XLMHWHDMGYRMUR]PHUQpSROHLQGH[RYNRU\WQDLHN
DUUD\>@RIDE\VWHYHGHOLQDNWRURPSROtNXKUDFHMSORFK\VD
QDFKiG]DNWRUiNRU\WQDND
9WH[WRYRPV~ERUHWYDUW[WV~XFKRYDQpWYDU\SUHNRU\WQDLHNYNDGRPULDGNXMHMHGQD
SRVWXSQRVtVHOSUHPHWyGX=PHQ7YDUP{HWHSUHGSRNODGDHV~ERUMHNRUHNWQ
6DPRWQpNRU\WQDN\tVODGHILQXMWHDNRLQWDQFLHWULHG\7&LVORNWRUpKRGHNODUiFLDE\PDODY\]HUD
SULEOLQHWDNWR
7&LVOR FODVV.RU
FRQVWUXFWRU&UHDWHYDUW7H[W)LOHQDtWDULDGRN]RV~ERUX
SURFHGXUHKRUH
SURFHGXUHGROH
SURFHGXUHYODYRUHLQWURGXFH
SURFHGXUHYSUDYRUHLQWURGXFH
HQG
UHLQWURGXFHMHWXOHQSUHWRDE\'HOSKLQHKOiVLOLFK\EXHVPHSUHNU\OLYLUWXiOQHPHWyG\VWDWLFNPL
+EDVWPLWRNRU\WQDNDPLP{HPHOHQSRPRFRXWFKWRW\URFKPHWyGKRUHGROHYODYRYSUDYR
NDGi]QLFKSRVXQLHNRU\WQDNXRYGDQRPVPHUHQHPDOE\VDDOHPHQLVPHUQDWRHQLD
NRU\WQDN\
WYRUFRYiVLHPiWYRUFHYHNRVWL[SULRPDYKRUQURKQDMDYHMLHKRKRUQpKRWYRUFDMH
DE\EROLNRU\WQDN\RQDMOHSLHYWFKWRWYRUFRFKXORHQpV~QD[RYFKV~UDGQLFLDFK
D\RYFKV~UDGQLFLDFK
3URJUDPSULWDUWHQiKRGQHSRPLHDSR]tFLHNRU\WQDLHNYKUDFHMSORFKH]UHMPHYNDGRPSROtNX
WYRUFRYHMVLHWHEXGHMHGQDNRU\WQDNDRNUHPMHGQpKRSROtNDNWRUpEXGHSUi]GQH
WHUPtQVN~N\] SR
SURJUDPRYDQLD
SUtNODGURERW]DIDUEXMHWYRUHN\
1DStWHSURJUDPSRPRFRXNWRUpKRVDEXGHGDULDGLPDOURERWYWYRUFRYHMVLHWL[WYRUHNRY
WYRUHN\VLHWHPDM~YHNRV[3RVWDYLNDURERWDMHDQLPRYDQiW\UPLSRVWXSQRVDPLELWPiSY
]iYLVORVWLRGVPHUXMHKRQDWRHQLDYVPHUHQDVHYHUV~WRELWPDS\UEPSUEPSUEPSY
VPHUHQDYFKRGV~WRELWPDS\UEPSUEPSELWPDS\SUHVPHUMXKV~UEPSDUEPS
SUHVPHU]iSDGUEPSDUEPS9HWN\WLHWRELWPDS\PDM~SULHVYLWQ~IDUEXXUHQ~DYP
KRUQPSL[HORPDWUHEDLFKQDV~UDGQLFX[\Y\NUHVRYDWDNHVWUHGELWPDS\EXGHYWRPWRERGH
1D]DLDWNXEXGHWYRUFRYiVLHSUi]GQDYHWN\MHMWYRUHN\V~ELHOH5RERWVDSULWDUWHEXGH
QDFKiG]DYDYRPKRUQRPWYRUHNXQDWRHQQDYFKRG3RDVKU\EXGHURERWVWiOHNUiDEXQD
PLHVWHDOHERYPRPHQWiOQRPVPHUHQDWRHQLDGRSUHGXWMEXGHVWULHGDVYRMHIi]\DQLPiFLH3RXLWH
QDWRDVRYDVLQWHUYDORP
5RERWDYSURJUDPHUHSUH]HQWXMWHDNRLQWDQFLXWULHG\75RERW
75RERW FODVV
EPDUUD\>@RI7%LWPDS
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHGDOVLDBID]DDOLDIi]DDQLPiFLH
SURFHGXUHYSUDYR
SURFHGXUHYODYR
SURFHGXUHNURNYGDQRPVPHUHGRSUHGXSL[HORY
HQG
6DPRWQ~KUXUHSUH]HQWXMWHWLHDNRLQWDQFLXWULHG\7+UDQDSUWDNWR
7+UD FODVV
U75RERW
SDUUD\>@RILQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHGRSUHGXQDWDUWXMURERWDGRSUHGX
SURFHGXUHNURN
HQG
0HWyGDNURNWULHG\7+UDVDEXGHYRODYDVRYDL]DNDGPURERWRYLQDVWDYtQDVOHGXM~FXIi]X
DQLPiFLHDDNMHQDWDUWRYDQpGRSUHGXWDNURERWHWHXUREtYVYRMRPVPHUHPDONURN
1LHNGHYRIRUPXOiULEXG~HWHXPLHVWQHQpWULWODLGOi'RSUHGX9DYRD9SUDYR3RPRFRX
WFKWRWODLGLHOEXGHPHRYOiGDURERWD7ODLGOi9DYRD9SUDYRRWRLDURERWDSUtVOXQP
VPHURPWODLGOR'RSUHGXQDWDUWXMHURERWDDE\VDGRVWDOGRVXVHGQpKRWYRUFDVLHWHDNQLHMHQD
RNUDMLVLHWHRWRHQVPHURPYRQWMSRPRFRXDVRYDDVDURERWGRVWDQHQDVXVHGQpSROtNRDWDP
EXGH]DVHNUiDQDPLHVWH3RDVNUiDQLDQDVXVHGQpSROtNRURERWQHSRVO~FKDDQLQDRWiDQLDDQLQD
DOLH'RSUHGX
5RERWYG\NHSUtGHQDQHMDNpSROtNR]PHQtMHKRIDUEXQDMHGQX]WFKWRWURFKPRGUiHUYHQi
ELHODNHYRMGHQDELHOHSROtNR]DIDUEtKRQDPRGUpNHQHVN{UYRMGHQDPRGUp]DIDUEtKRQD
HUYHQpDHUYHQp]DVHQDELHOH
SUtNODGSHLDWNRYDQLHNRU\WQDLHN
1DStWHSURJUDPNWRUQDREUD]RYNH]REUD]tQLHNRNRNRU\WQDLHNNDGi]QLFKPiSUHGGHILQRYDQ
QHMDNWYDUDXPRQtVQLPLLQWHUDNWtYQHSUDFRYDSRPRFRXP\L.RU\WQDN\PRQRDKDVR
VWODHQPDYPWODLGORPDSUDYPWODLGORPRWiDQDPLHVWHVPHURPNP\LY
,0DJH0RXVH0RYHQDPLHVWR=PHQ;<YROiPH=PHQ6PHU6N{UDNRVDNRU\WQDND]DQHDKD
QDQRYpPLHVWRDOHERRWiDQDMSUY]DQHFKiQDWRPWRS{YRGQRPPLHVWHRWODRNVYRMKRWYDUX
7YDU\NRU\WQDLHNV~]DGDQpYV~ERUHWYDU\W[WDNRSRVWXSQRVtVHOVWULHGDVDRWRHQLHYSUDYRD
SUHVXQGRSUHGX9NDGRPULDGNXWRKWRV~ERUXMHGHILQRYDQREU\VSUHMHGQXNRU\WQDNX
1D]DLDWNXSURJUDPY\JHQHUXMHSUtVOXQSRHWNRU\WQDLHNSRGDSRWXULDGNRYYV~ERUHQD
QiKRGQFKSR]tFLiFKRWRHQpQDVHYHU.DGiNRU\WQDNDGRVWiYDSUtVOXQWYDU]RV~ERUX
.RU\WQDN\Y\WYRUWHDNRLQWDQFLHWULHG\PRMD.RU
PRMD.RU FODVV.RU
FRQVWUXFWRU&UHDWHYDUW7H[W)LOHQDtWDULDGRN]RV~ERUX
SURFHGXUHSHFLDWNDRSHLDWNXMHVYRMWYDUGRSORFK\
HQG
.DGiNRU\WQDNDVL]DSDPlWiDMSRVWXSQRVNWRUiGHILQXMHMHMWYDUDPHWyGRXSHFLDWNDYLHW~WR
SRVWXSQRVY\NUHVOL
9HWN\NRU\WQDN\PDMWHXORHQpYSRO\PRUIQRPSROLWULHG\9HOD.RU
WHUPtQVN~N\] GR
SURJUDPRYDQLD
SUtNODGU\E\YU\EQtNX
1DStWHSURJUDPNWRUXPRQtVOHGRYDSRK\EUEYU\EQtNXYNWRURPVDQDFKiG]DM~DWLHSRK\EXM~
U{]QHW\S\YRGQpKRKP\]XQLHNWRUKP\]MHRWUiYHQDU\E\SRRPNDS~LQKP\]U\EiPFKXWtD
QHNRGtLP6SROXYHWNFKW\SRYKP\]XMHYU\EQtNXVWiOHSULEOLQHWMYG\NHMHQHMDN
]RUDWU\ERXDOHERSRDVHViPXPULHSRWLNRFKDVRYDDQDLQRPPLHVWHU\EQtNDVDP{H
QiKRGQHREMDYLQRYNXVQiKRGQpKRW\SXMHGRYDWDOHERMHGO
5\E\VWiOHSOiYDM~U{]QRXUFKORVRXYU{]QHMKENH]DYDGRSUDYDDVSlQDRNUDMLU\EQtNDVDRWRLD
PHQtVPHU
%LWPDSDSR]DGLDU\EQtNDMHYV~ERUHSR]DGLHEPSDMHYHNRVWL[%LWPDS\SUHU\E\V~Y
V~ERURFKU\EDEPSDU\EDEPSMHGQXSRXLWHSUHSOiYDQLHMHGQPVPHURPGUXK~SUHRSDQ
VPHUDPHQiV~ERURYSUHELWPDS\KP\]XV~YWH[WRYRPV~ERUHKP\]W[WYNDGRPULDGNXWRKWR
V~ERUXMHMHGQRPHQRELWPDS\SUHGNWRUPMH]QDN
DOHER
=QDPLHQNRSOXVR]QDXMHMHGOKP\]D
]QDPLHQNRPtQXVMHGRYDW%LHODIDUEDMHSULHVYLWQiELWPDSDNWRU~SRWUHEXMHPHY\NUHVOLQD
V~UDGQLFH[\EXGHPDQDWHMWRV~UDGQLFLVYRMVWUHG
$NQDSOiYDM~FXU\EXNOLNQHPHP\RXWDNWiWRVDRWRtHORPY]DGDSOiYDRSDQPVPHURPWDNWR
QLHNHG\P{HPH]DFKUiQLU\EXSUHGMHGRYDWPKP\]RP
5\E\DKP\]UHDOL]XMWHQDSUWDNPLWRWULHGDPL
75\ED FODVV
[\VPHUG[LQWHJHU
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQ
HQG
7+P\] FODVV
[\W\SG[G\]LYRWLQWHJHU
FRQVWUXFWRU&UHDWHWW\S[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQ
HQG
DVDPRWQ~KUXWULHGRX
7+UD FODVV
U\E\DUUD\RI75\ED
KP\]DUUD\RI7+P\]
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQ
SURFHGXUHNOLN[\LQWHJHU
SURFHGXUHSULGDMBU\EX[\LQWHJHU
SURFHGXUH]UXVBU\EXLLQWHJHU
HQG
6RVWDYRYPLSUHPHQQPLWFKWRWULHGSUDFXMWHOHQYPHWyGDFKWFKWRWULHG
SUtNODGELQiUQ\VWURP
1DStWHSURJUDPNWRUXPRQtWDNWRH[SHULPHQWRYDVELQiUQ\PVWURPRP
YJUDILFNHMSORFKHMHQDNUHVOHQELQiUQ\VWURP
RNUHPWRKRVDWXQDFKiG]DM~SRVXYQpOLW\SRPRFRXNWRUFKP{HPHPHQLSDUDPHWUH
Y\NUHVOHQpKRVWURPXWDNWRSRV~YDQtPSUYHMOLW\VDPHQt~URYHYQRUHQLDVWURPXRGGR
SRV~YDQtPGUXKHMOLW\VDPHQtSRLDWRQiYHNRVVWURPXRGGRSRV~YDQtPWUHWHMOLW\
VDPHQtXKRORNWRUVDRGFK\XMHDYDMSUDYSRGVWURPRG]YLVOpKRVPHUXDWR]LQWHUYDOXRG
GRVWXSRY
SRV~YDQtPXERYRQHM]OtWVDFHOVWURPSUHNUHVOtVQRYPLSDUDPHWUDPLSULRPVDJUDILFNi
SORFKDQDMSUY]PDHSURFHG~URX]PD]
ELQiUQ\VWURPVDNUHVOtNODVLFNRXUHNXU]tYQRXIXQNFLRXVWURPDSDUDPHWUDPL~URYHYQRUHQLD
YHNRVDXKROSULRPYHNRVDYpKRSRGVWURPXMHPRPHQWiOQHMYHNRVWLDSUDYpKR
SRGVWURPXPRPHQWiOQHMYHNRVWLXKROYUHNXU]tYQ\FKYRODQLDFKRVWiYDQH]PHQHQ
3RVXYQpOLW\UHDOL]XMWHWULHGRX7/LVWDNWRUiMHRGYRGHQiRGWULHG\.RU
NRU\WQDNHKUXEWYDUDSRPRFRXPHWyG\WYDULQLFLDOL]XMHKRGQRWXVWDYRYHMSUHPHQQHMKQD
0HWyGDWYDU]PHQtWYDUNRU\WQDNHQD
SULRPNRU\WQDNDMHQDWRHQiQDVHYHU]DtQDNUHVOLYSULHVHQtNXDYpUDPHQRPiGNXKDREH
UDPHQiVSROXV~GOKp=iURYHVR]PHQRXWYDUXWiWRPHWyGD]PHQtNRU\WQDNH[RY~V~UDGQLFX
WDNDE\DYNRQLHFUDPHQDEROQDREUD]RYNHVWiOHQDWRPLVWRPPLHVWH
0HWyGDSRVXQVDEXGHYROD],PDJH0RXVH0RYHDVO~LQDSRV~YDQLHOLW\SRPRFRXP\LDNR
SDUDPHWHUMHMSRVLHODPH[RY~V~UDGQLFXP\L
9HWN\NRU\WQDN\OLW\XFKRYiYDMWHYSRO\PRUIQRPSROLWULHG\9HOD.RU
9\XLWHSURFHG~UX1DUD]NWRUiYUD]QHXUFKOLNUHVOHQLHVWURPX
WHUPtQVN~N\] SR
SURJUDPRYDQLD
SUtNODG]DDURYDQU\EQtN
1DStWHSURJUDPNWRUQiPXPRQt]DKUDVDKUX]DDURYDQU\EQtN
9U\EQtNXVDQDFKiG]DRVWURYHNRYNWRUpV~UR]PLHVWQHQpYVLHWL[
1DVSRGQRPEUHKXU\EQtNDVDQDFKiG]DURERWNWRUpKRP{HPHULDGLSRPRFRXNOiYHVRY
W\URFKtSRNWHQWRVDSRK\EXMHYP\VOHQHMVLHWL[YNWRUHMSUYULDGRN]RGSRYHGiKRUQpPX
EUHKXU\EQtNDLHVW\ULDGRN]RGSRYHGiGROQpPXEUHKXU\EQtNDDVWUHGQpW\ULULDGN\SUHVQH
]RGSRYHGDM~SR]tFLiPRVWURYRY5RERWVDQDRERFKEUHKRFKP{HSRK\ERYDYRGRURYQH
VWiOHVDQDFKiG]DYQHMDNHMSR]tFLLVLHWHDOHP{HVW~SLDMQDRVWURY\DSUHVNDNRYDQD
VXVHGQp
2VWURY\V~]DDURYDQpDYSUHVQFKDVRYFKLQWHUYDORFKVDSRQiUDM~DY\QiUDM~DQHMDNDV
V~~SOQHSRGYRGRX$NURERWVW~SLQDSRQRUHQRVWURYDOHERVDRVWURYSRGQtPSRQRUt
SURJUDPStSQHDURERWVDREMDYtQDGROQRPEUHKXU\EQtND
5\EQtNMHYELWPDSHU\EQLNEPSDPiUR]PHU\[9V~ERURFKRVWURYEPSDRVWURYEPS
MHIi]Y\QiUDQLDDSRQiUDQLDRVWURYX~SOQHSRQRUHQRVWURY]QDPHQiHVDQHY\NUHVOtLDGQD
ELWPDSD9V~ERUHURERWEPSMHREUi]RNURERWD7H[WRYV~ERURVWURY\W[WREVDKXMHLQIRUPiFLHR
RVWURYRFK9NDGRPULDGNXMHSRStVDQMHGHQRVWURYSUYpGYHtVODV~V~UDGQLFHRVWURYDYSORFKHV~
WRV~UDGQLFHVWUHGXELWPDS\QDVOHGXMHtVORNWRUpY\MDGUXMHUFKORVVWULHGDQLDIi]Y\QiUDQLDD
SRQiUDQLDUFKORVVWULHGDQLDELWPiSDSRVOHGQptVORYULDGNXY\MDGUXMHDVNWRUMHRVWURY
SRQRUHQ
9SURJUDPHSRXLWHMHGHQDVRYDNWRUEXGHPDQDVWDYHQLQWHUYDOQDDtVODNWRUpY\MDGUXM~
UFKORVVWULHGDQLDELWPiSUHVSDVSRQRUHQLDRVWURYXV~YODVWQHSRW\WLNRYWRKRWRDVRYDDQDSU
UFKORVR]QDXMHHPHG]LNDGRXIi]RXRVWURYDGYDWLN\VDQLQHPHQtR]QDXMHHRVWURYPHQt
Ii]\NDGWLN3UHRVWURYVDVRPSRQRUHQLD]QDPHQiHSRSRVWXSQRP]REUD]HQtIi]RVWURYD
VDQDWLNRYRVWURYQH]REUD]XMHMHSRQRUHQ
2VWURY\DMVDPRWQ~KUXUHSUH]HQWXMWHWULHGDPLNWRUFKGHNODUiFLHE\PDOLY\]HUDSULEOLQHWDNWR
72VWURY FODVV
[\LQWHJHU
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHNURNRVWURYXUREtMHGHQWLN
HQG
7+UD FODVV
EJEU7%LWPDSELWPDSDSR]DGLDDURERWD
SDUUD\>@RI72VWURY
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHNURNYHWN\RVWURY\XURELDMHGHQWLN
HQG
6RVWDYRYPLSUHPHQQPLWFKWRWULHGSUDFXMWHOHQYLFKPHWyGDFK
SUtNODGNRU\WQDtVWURP
1DStWHSURJUDPNWRUSRPRFRXNRU\WQDLHNY\WYRUtELQiUQ\VWURP7HQWRVWURPQHEXGHQDNUHVOHQY
SORFKHDOHEXGHSRVNODGDQOHQ]WYDURYNRU\WQDLHNYSORFKHVDEXGHQDFKiG]DQLHNRNR
NRU\WQDLHNNWRUFKWYDURPQHEXGHWURMXKROQtNDOHOHQU{]QHGOKiKUXEiLHUQDLDUD7LHWR
NRU\WQDN\EXG~UR]PLHVWQHQpWDNH]RVYRMLFKWLHOY\WYRULDVNXWRQELQiUQ\VWURP
$E\VPHPRKOLSUHYHULHQDR]DMYSORFKHQLHMHQLNUHVOHQpDV~WROHQNRU\WQDN\YRIRUPXOiUL
EXGHWODLGORSR]DWODHQtNWRUpKRVDYHWN\NRU\WQDN\RWRLDRVWXSRYYSUDYR
9HWN\NRU\WQDN\V~WULHG\YHWYDNWRUiMHRGYRGHQiRG.RUDGHNODURYDQiQDVOHGRYQH
MHMWYDU
0HWyGDSRVXQUHODWtYQHSRVXQLHNRU\WQDNXRG[DG\
9HWN\NRU\WQDN\YSURJUDPHXFKRYiYDMWHYSRO\PRUIQRPSROLWULHG\9HOD.RU
DOHM]DGHILQXMWHUHNXU]tYQXSURFHG~UXVWURPNWRUiY\WYRUtELQiUQ\VWURPJHQHURYDQtPQRYFK
NRU\WQDLHNWULHG\YHWYD
SURFHG~UDEXGHPDSDUDPHWUHNRU\WQDNXYNRUHQLVWURPX~URYHYQRUHQLDDYHNRV
VWURPXGNDNPHDVWURPX
GDQiNRU\WQDNDSUHMGHGRSUHGXVR]GYLKQXWPSHURPGDQ~Y]GLDOHQRVRWRtVDQDMSUY
NRU\WQDNXWULHG\YHWYDDOHVNRHILFLHQWRPDSUHXDMSUDYSRGVWURP
QD]iYHUVDNRU\WQDNDYNRUHQLVWURPXYUiWLQDVYRMHS{YRGQpPLHVWR
3RWDUWHSURJUDPXVD]NRU\WQDLHNY\JHQHUXMHVWURP~URYQHDYHNRVWL=DWODHQtPQDWODLGOR
P{HPHYHWY\RWiD
$NNOLNQHPHP\RXQLHNGHGRSORFK\WDNFHOVWURPVDSUHVDKXMHQDW~WRQRY~SR]tFLXWMQDW~WR
QRY~SR]tFLXVDSUHVXQLHOHQNRU\WQDNDNWRUiWYRUtNPHDYHWN\RVWDWQpVDSRVXQ~UHODWtYQHNXQHM
QDWHQWRSRVXQSRXLWHSULSUDYHQ~PHWyGXSRVXQ
WHUPtQVN~N\]
SURJUDPRYDQLD
SUtNODGKUiPHVDVSDY~NRP
1DStWHSURJUDPNWRUQiPXPRQtSR]RURYDVSUiYDQLHSDY~ND
YPLHVWQRVWLQDGOiNHVDSRK\EXMHSDY~NSULRPDNQDUD]tQDRNUDMPLHVWQRVWLDOHERQDQHMDNp
SUHNiN\WDNQHMDNR]PHQtVPHUDSRNUDXMHDOHM
QDGOiNHP{HPHSUHSDY~NDY\WYiUDSUHNiN\GUHYHQPLNRFNDPLSRPRFRXP\LP{HPH
SR]tFLRXSDY~ND
VDPRWQiPLHVWQRVMHYHNiSUHVQH[DSRNU\WiMHELWPDSRXGOD]NDEPSQDNRNRP{H
E\WiWRELWPDSDPHQLDDNRPLHVWQRVWUHEDRXSRNU\FHO~PLHVWQRV
SDY~NVDRWiDGRMHGQpKR]VPHURYVHYHUVHYHURYFKRGYFKRGDDMELWPiSQDMHKR
SUDYGHSRGREQRVRX]PHQtVPHURVWXSRYDNPiSUHGVHERXSUHNiNXWDNVD
SRVWXSQHRWiDYSUDYRDKDGiSUYYRQVPHU
YHNRVNURNXSDY~NDMHSL[HORYDDNLGHLNPRWDNRSL[HORYYRERFKV~UDGQLFLDFK
DVRYDNWRUEXGHKEDSDY~NRPQDVWDYWHQDSUQDLQWHUYDO
3DY~NDYSURJUDPHUHSUH]HQWXMWHREMHNWRPWULHG\73DYXNDVDPRWQ~KUXREMHNWRPWULHG\7+UD
'HNODUiFLHWFKWRWULHGE\PDOLY\]HUDQHMDNRWDNWRP{HWHLFKGRSOQLRQRYpVWDYRYpSUHPHQQpD
PHWyG\DWLHPLHUQH]PHQL
73DYXN FODVV
EPDUUD\>@RI7%LWPDS
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7FDQYDV
SURFHGXUHNURN
IXQFWLRQSUHND]NDLMLQWHJHUERROHDQ
HQG
7+UD FODVV
EJEN7%LWPDSELWPDS\SR]DGLDDNRFN\
S73DYXN
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
SURFHGXUHNURN
SURFHGXUHSROR][\LQWHJHUEERROHDQSRORtRGREHULH
NRFNX
HQG
0HWyGDSUHND]NDE\PRKOD]LVRYDLMHSUHSDY~NDSUHNiNRXNRFNDYLWRPULDGNXDLWRPVWSFL
1HSRXtYDMWHVWDYRYpSUHPHQQpWFKWRGYRFKWULHGPLPRPHWyGWFKWRWULHG
SUtNODGNRU\WQDNRYiDXWRVWUiGD
1DStWHSURJUDPNWRUXPRQt]DKUDVDKUXDXWRVWUiGD
1DREUD]RYNHVDSRK\EXM~DXWiQLHNWRUp]DYDGRSUDYDQLHNWRUpYRSDQRPVPHUHORKRX
KUiDMHSUHEHKQ~PHG]LDXWDPL]RVSRGXREUD]RYN\QDYUFKWDNDE\KRSULWRPQH]UD]LOR
LDGQHDXWR
$XWiDMKUiV~UHDOL]RYDQpSRPRFRXNRU\WQDLHNDXWiXGUXMWHYSRO\PRUIQRPSROLWULHG\
9HOD.RU7YDUNRU\WQDLHNVDSUHtWD]RV~ERUXDXWDW[WSUYULDGRNV~ERUXSUHDXWiLG~FH
YDYRDGUXKULDGRNSUHLG~FHYSUDYR
$XWiMD]GLDYMD]GQFKSUXKRFKSULRPQDREUD]RYNHVDVWULHGDM~MD]GQpSUXK\YNWRUFKLG~
DXWi]DYDGRSUDYDDRSDQHNDGGUXKLGHRSDQHDXWiV~QDWRHQpGRSUtVOXQpKRVPHUX
9NDGRPMD]GQRPSUXKXP{HtV]DVHERXDMYLDFiXWGRNRQFDVDP{XSUHGELHKDQHYDGt
HVDSULWRPSUHNUYDM~
$XWiV~QiKRGQHJHQHURYDQpYQHMDNFKDVRYFKLQWHUYDORFKVSUDYGHSRGREQRVRXWM
SORFK\.RU\WQDNDKUiDMHVWiOHRWRHQiQDVHYHU-HMWYDUMHYWUHRPULDGNXV~ERUXDXWDW[W
DVRYDNWRUKEHYHWNPLDXWDPLQDVWDYWHQDLQWHUYDO
9SURJUDPHSRXLWHNRQWDQW\QDSRHWMD]GQFKSUXKRYY]GLDOHQRVPHG]LSUXKPLHOHPHQWiUQ\NURN
SUHKUiDQDSU
FRQVWSUXK\ Y]GLDO NURN
DE\VD]PHQRXWFKWRNRQWiQWGDOLDKNRQDVWDYRYDSDUDPHWUHKU\
$XWi]DGHILQXMWHDNRLQWDQFLHWULHG\7$XWDRGYRGHQpRG.RU
WURFKXSUHNU\M~LFKWYDU\3RNROt]LLDXWDVKUiRPVDSUHIDUEtWYDUDXWDHUYHQRXIDUERXDKUD
SRNUDXMH
WHUPtQVN~N\]
SURJUDPRYDQLD
SUtNODGKUDSDGDM~FHHWyQ\
1DStWHSURJUDPNWRUQiPXPRQtKUDQDVOHGXM~FXKUX
+UDFLXSORFKXWYRUtWYRUFRYiVLHVWSFRYSRULDGNRY
1LHNGHQDGKUDFRXSORFKRXVDQiPSRVWXSQH]REUD]XMHYG\MHGHQQiKRGQHY\EUDQHWyQ]
GHVLDWLFKPRQFKGUXKRYHWyQRYDNRE\ULDGRN
HWyQVDSRDV]DGDQpKRDVRYpKRLQWHUYDOXNRQWDQWDYSURJUDPHQDSUWLNRYDVRYDD
SRPDO\SUHV~YDQDGKUDFRXSORFKRXRGMHMDYpKRRNUDMDNSUDYpPXDQDVSlSULRPVDRWiD
DQLPXMH
$NSRDVWRKWRDVRYpKRLQWHUYDOXNOLNQHPHDYPWODLGORPP\LGRQLHNWRUpKRVWSFDKUDFHM
SORFK\HWyQ]DQHSDGDYWRPWRVWSFLQDGRO
$NQHNOLNQHPHGRLDGQHKRVWSFDKUDFHMSORFK\SRXSO\QXWtGDQpKRDVRYpKRLQWHUYDOXHWyQ
]DQHSDGDYVWSFLQDGNWRUPVDSUiYHQDFKiG]D
$MSRDVSDGDQLDHWyQXYKUDFHMSORFKHP{HPHNOLNQXWtP]PHQLVWSHFHWyQSUHVNRtGR
QRYRR]QDHQpKRVWSFDDDOHMSDGiYRPSUHVNRtGRWRKRLVWpKRULDGNXDWRLEDDNMH
SUtVOXQpSROtNRKUDFHMSORFK\YRQp
3ULSDGDQtVDHWyQWLHRWiDDQLPXMHDQDNRQLHFVDXPLHVWQLQDQDMVSRGQHMLHYRQpSROtNRY
GDQRPVWSFL
$NVDSRXPLHVWQHQtHWyQXQDFKiG]DM~YVWSFLHWHDOLHURYQDNpHWyQ\PHG]LQLPLVD
P{XQDFKiG]DHWyQ\DMLQFKGUXKRYFHOVWSHFVDY\SUi]GQL
+UDVNRQtDNMHYMHGQRPVWSFLHWyQRYDVWSHFVDQHGiY\SUi]GQL
3RDVKU\VDSRtWDVNyUH]DXORHQHWyQVDVNyUH]YLR=DY\SUi]GQHQLHVWSFDVDNX
VNyUHSULSRtWDWRNRERGRYNRNRHWyQRYERORYWRPWRVWSFL
*UDILFNiSORFKDEXGHYHNRVWLDVSR[9QHMEXGHSRORHQiKUDFLDSORFKDYHNRVWL[
WDNDE\QDGRXERORHWHGRVPLHVWDNGHVDEXG~REMDYRYDHWyQ\+UDFLDSORFKDEXGH]REUD]HQi
ELWPDSRX]RV~ERUXSORFKDEPS
%LWPDS\SUHHWyQ\V~XORHQpYGHVLDWLFKV~ERURFKDEPSEEPSFEPSMEPSSULRPYNDGHM
WHMWRELWPDSHMHYHGDVHEDXORHQFKIi]DQLPiFLHWRKRLVWpKRHWyQX9DRX~ORKRXEXGHDM
UR]VWULKDFHO~W~WRELWPDSXQDELWPiSMHGQRWOLYFKIi]HWyQX9HNRVMHGQHMPDOHMELWPDS\MH
[%LHODIDUEDYWFKWRELWPDSiFKMHSULHVYLWQi
HWyQYSURJUDPHUHSUH]HQWXMWHREMHNWRPWULHG\7=HWRQDVDPRWQ~KUXREMHNWRPWULHG\7+UD
'HNODUiFLHWFKWRWULHGE\PRKOLY\]HUDQHMDNRWDNWRP{HWHLFKGRSOQLRQRYpVWDYRYpSUHPHQQpD
PHWyG\DWLHLFKPLHUQHSR]PHQL
7$QLP%LWPDSD DUUD\>@RI7%LWPDS
7=HWRQ FODVV
EPS7$QLP%LWPDSD
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQKEHVDDOHERSDGi
SURFHGXUHSDGDMVWOSHFLQWHJHU]DKiMLSDGDQLH
HQG
7+UD FODVV
EDUUD\>@RI7$QLP%LWPDSD
SDUUD\>@RI7=HWRQ
]7=HWRQKEDM~FLVDHWyQ
FRQVWUXFWRU&UHDWH
SURFHGXUHQRY\=HWRQJHQHUXMHQRYHWyQ
SURFHGXUHNUHVOLFHO~SORFKXVRHWyQPL
SURFHGXUHNURNYRODQp]DVRYDDKEHWHVWXMH
SURFHGXUHNOLN[LQWHJHUNOLNORVDGRSORFK\QD[
V~UDGQ
HQG
1HSRXtYDMWHVWDYRYpSUHPHQQpWFKWRGYRFKWULHGPLPRPHWyGWFKWRWULHG
SUtNODGNRUiON\RG1DWiON\
1DSURJUDPXMWHMHGQRGXFK~KUX.RUiON\RG1DWiON\YNWRUHMMH~ORKRXKUiDSR]ELHUDUR]V\SDQp
NRUiOLN\
1DWiONHVDUR]WUKRONRUiOLNRYQiKUGHOQtNDYHWN\NRUiOLN\VDUR]V\SDOLSR]HPL3ULWDUWHSURJUDPX
VDYJUDILFNHMSORFKHQDQiKRGQFKSR]tFLiFKY\JHQHUXMHU{]QRIDUHEQFKJX{RNNRUiOLNRY
+UiPiNGLVSR]tFLLQHNRQHQ~QL7iWRVD]DQHRGYtMDSR]DWODHQtDYpKRWODLGODP\LDRGYtMDVD
SRDVDKDQLDP\LYJUDILFNHMSORFKHVDQL]REUD]XMHWHQNRXLDURX$NVDMHMPRPHQWiOQ\]DLDWRN
QDSR]tFLLP\LRFLWQHQDGQHMDNPNRUiOLNRPWHQWRVDQDYOHLHQDQDNUHVOHQ~QLWDNHSRSXWXMH]R
VYRMHMPRPHQWiOQHMSR]tFLHSRGUiKHQLWLDQDMHMYRQNRQLHF1DYOLHNDVDP{XDMYLDFHUpNRUiOLN\
QDUD]DSRDVWRKRMHPRQpDKDQLDOHM
.HXNRQtPHDKDQLHQLWHWMSXVWtPHDYpWODLGORP\LQDYOHHQpNRUiOLN\HWHGRSXWXM~QDVYRMH
SR]tFLHDP\XP{HPH]DDDKDQRY~QLDQDYOLHNDDOLHNRUiOLN\5D]QDYOHHQNRUiOLNQD
QHMDN~QLVDX]QRYXQDYOLHNDQHGi
1LYSURJUDPHUHSUH]HQWXMWHG\QDPLFNPSRRPERGRYDUUD\RI73RLQWSULRPSRDV
DKDQLDQLWHVLGRKR]DSDPlWiYDMWHLEDWLHERG\NWRUpV~RGVYRMKRSUHGFKiG]DM~FHKRVXVHGD
Y]GLDOHQpDVSRJUDILFNFKERGRY1DYOLHNDM~FHVDNRUiOLN\SRWRPVNiXSRWFKWRERGRFKY
RSDQRPSRUDGtSULRPSUYNRUiOLNQLWHSXWXMHGRSRVOHGQpKRERGXGRPLHVWDNGHVPH]DDOLDKD
P\GUXKGRSUHGSRVOHGQpKRPLHVWDWUHWtGRSUHGSUHGSRVOHGQpKRDW=UHMPHQDDOLXQLRSl
SXWXM~NRUiOLN\DQDMHMNRQLHF
.RUiOLN\YSURJUDPHUHSUH]HQWXMWHNRU\WQDNDPLWULHG\7.RUDOLNRGYRGHQHMRG.RUSULRPYHWN\
V~XORHQpYSRO\PRUIQRPSROLNWULHG\9HOD.RU7YDURPWFKWRNRU\WQDLHNMHHVXKROQtNVR
VWUDQRXSULRPNRU\WQDNDMHYVWUHGHWRKRWRHVXKROQtND,FKWYDU\V~QiKRGQH]DIDUEHQpDVSR
W\UPLU{]Q\PLIDUEDPL7ULHGX7.RUDOLNE\VWHPDOL]DGHILQRYDSULEOLQHWDNWR
7.RUDOLN FODVV.RU
SROHERGRY
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUWSROH
SURFHGXUHSRKQL
HQG
SULRPNDGiNRU\WQDNDE\VLPDODSDPlWDVYRMHSROHERGRYSRSLVXM~FHDVQLWHSRNWRUHMSXWXMH
RSUDYQWHUPtQ]
SURJUDPRYDQLD
SUtNODGPUDYHFXSUDWXMHPUDYHQLVNR
9PUDYHQLVNXYWYDUHODE\ULQWXV~SRUR]KDG]RYDQpJXPRYpFXNUtN\0UDYHFXSUDWRYDVDLFKVQDt
WODHQtPSUHVXQ~GRPLHVWNGHQDQHDNDM~GHWLN\PUDYHN\1DStWHSURJUDPNWRUXPRQt
PUDYFRYLSRXSUDWRYDPUDYHQLVNRDGRWODLJXPRYpFXNUtN\GRFLHRYFKPLHVWWDNDE\YNDGRP
FLHRYRPPLHVWHEROFXNUtNFXNUtNRYP{HE\YLDFDNRFLHRYFKPLHVW
1D]DLDWNXVDY\NUHVOtPUDYHQLVNRDYRPPUDYHFFXNUtN\DFLHRYpPLHVWD+UiRYOiGDPUDYFD
VWOiDQtPNOiYHVRYtSRNP{HVDSRKQ~QDVXVHGQpSROtNROHQDNMHWRWRYRQpDOHERP{H
SRWODLMHGHQFXNUtNSUtVOXQPVPHURP&XNUtNP{HSRWODLOHQQDYRQpSROtNR9RQpSROtNR
MHEXSUi]GQHDOHERFLHRYp
,QIRUPiFLHREOXGLVNXV~YWH[WRYRPV~ERUHDQWKLOOW[WNWRUREVDKXMH
YSUYRPULDGNXV~GYHFHOptVODUR]PHU\PUDYHQLVNDSRHWVWSFRYDSRHWULDGNRY
QDVOHGXM~FHULDGN\V~ERUXSRSLVXM~MHGQRWOLYpSROtNDPUDYHQLVNDNWRUpV~REVDGHQpQHMDNP
REMHNWRP.DGULDGRNREVDKXMHMHGHQ]QDNDGYHFHOptVOD=QDNKRYRUtRDNREMHNWLGH
D
DQWPUDYHF
Z
ZDOOVWHQD
F
FDQG\FXNUtND
W
WDUJHWFLHtVODKRYRULDSR]tFLX
REMHNWXYEOXGLVNXVWSHFDULDGRNtVOXMHPHLFKRG
P{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQH
-HGQRWOLYpREMHNW\YPUDYHQLVNXVDEXG~Y\NUHVRYDDNRELWPDS\6~XORHQpYV~ERURFKZDOOEPS
FDQG\EPSDWDUJHWEPS0UDYHFP{HE\RWRHQW\UPLVPHUPLSUHWRQDMHKRY\NUHVOHQLHPiWH
W\ULELWPDS\DQWEPSDQWEPSYNWRUFKELHODIDUEDR]QDXMHSULHVYLWQ~5R]PHUYHWNFK
ELWPiSDWHGDDMYHNRVSROtNDPUDYHQLVNDMH[SL[HORY
8YHGRPWHVLHSRDVKU\P{HE\QDMHGQRPSROtNXDMFXNUtNDMFLHRYpPLHVWRYLGLHMHOHQ
FXNUtNDWHGDNHFXNUtN]WRKRWRPLHVWDRGWODtPHREMDYtVDFLHRYpPLHVWR
.HPUDYHFGRWODtQDNDGpFLHRYpPLHVWRQHMDNFXNUtNSURJUDPY\StHVSUiYX+85
9SURJUDPHSRXLWHWLHWRWULHG\GHILQtFLHP{HWHPLHUQHPRGLILNRYD
70UDYHF FODVV
[\VLQWHJHU
E$QWDUUD\>@RI7%LWPDS
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
HQG
7+UD FODVV
SDUUD\>@RIHPSW\ZDOOWDUJHWFDQG\FDQG\WDUJHW
P70UDYHF
E:DOOE7DUJHWE&DQG\7%LWPDS
VLUY\VLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
SURFHGXUHSRVXQ
HQG
9SURJUDPHUHSUH]HQWXMWHPUDYHQLFNRKUDFLXSORFKXGYRMUR]PHUQPSRRPSQHEXGHYlLHDNR
[SULRP]RYHWNFKW\URFKVWUiQEXGHRENROHVHQpVWHQDPL
SUtNODGNYHWLQNRYiKUD
1DStWHSURJUDPNWRUXPRQt]DKUDVDQDSRtWDLW~WRKUX
QDREUD]RYNXVDSRPRFRXNRU\WQDHMJUDILN\QDNUHVOtUDGRYSRNYHWLQNiFKQiKRGQH
]DIDUEHQFKHUYHQRXD]HOHQRXIDUERX
KUiSRWRPSRPRFRXtSRNYDYRYSUDYRKRUHGROHSRK\EXMHNXU]RURPYRGRURYQiPRGUi
DSURJUDPXDOHMQHUHDJXMHQDtSN\
1DNUHVOHQLHNYHWLQN\]DGHILQXMWHWULHGXPRMD.RU
VSRMHQpWYUNUXQLFHSULRPSUHGSRNODGiPHHNUXKMHXKROQtNVRVWUDQRX0HWyGDNYHWNUHVOt
NYHWNWRUVDVNODGi]RVWRQN\GN\QDNWRUHMV~GYDOtVWRN\URYQDNpKRWYDUXDNROXSHQHD
VDPRWQpRNYHWLHVDVNODGi]ROXSLHQNRYNWRUpV~URYQRPHUQHUR]RVWDYHQp0HWyGD]PHQ]PHQt
IDUEXNYHWXSUHPHQQiIDUEDDSUHNUHVOtNYHWQRYRXIDUERX9HWNFKNRU\WQDLHNNYHWRYMH
SUYNDPLYHOD.RU.XU]RUUHDOL]XMWHDNRDOLXNRU\WQDNXNWRUHMWYDUMHPRGUiKUXEiYRGRURYQi
LDUD
SULHEHK]LPQpKRVHPHVWUD
&9,(1,$
FYLHQLDV~KRGLQ\WGHQQHVSRORQpULHHQLH~ORKSULWDEXOL
FYLHQLH]DtQDPLQ~WRYRXSURJUDPiWRUVNRXUR]FYLNRXQDMDVWHMLHVDULHLSUtNODG
SRGREQ]SUHGFKiG]DM~FHKRFYLHQLDP{HWHQDRPSRXtYDXERYRQpVYRMH
PDWHULiO\]RLW\NQLK\
UR]FYLN\VDERGXM~ERGRY]DVHPHVWHUVDStHUR]FYLLHND]QLFKVDNXVN~NH
Y\EHULHQDMOHStFKWMPD[LPiOQHERGRY
~DVQDFYLHQLDFKMHSRYLQQiDNSRWUHEXMHWHRGtVSRUR]FYLNHRVSUDYHGOQtWHVD
FYLLDFHPXSUHG]DLDWNRPLQDNVDYDDUR]FYLNDQH]DSRtWD
SRDVVHPHVWUDP{HWH]tVNDYDRGFYLLDFHKRSUpPLRYpERG\]DU{]QHQiURQHMLH~ORK\
NXVN~NHPD[LPiOQHERGRY
35('1.<
V~NUiWSRKRGLQ\WGHQQH~DVMHQHSRYLQQi
VWUXQiRVQRYDSUHGQiN\EXGHYSULHEHKXQLHNRNFKGQtXYHUHMQHQiQD:HEHQiMGHWHQD
VHUYHUL.9,ZZZHGLIPSKXQLEDVN
6(0(675/1<352-(.7
SRDVVHPHVWUDVDPRVWDWQHY\SUDFXMHWHSURMHNWSRGD]DGDQLDGRVWDQHKRYSULHEHKX
VHPHVWUDRGVYRMKRFYLLDFHKRWHQWRYiPR]QiPLDMWHUPtQQDRGRY]GDQLHSURMHNWXEXGH
WRQDMQHVN{UGRWHUPtQXSUDNWLFNHMVN~N\
DNSURMHNWRGRY]GiWHFYLLDFHPXGRWHUPtQXP{H]D]tVNDPD[LPiOQHERGRY
PD[LPiOQHERGRY]tVNDYDWH]DSUHVQ~UHDOL]iFLX]DGDQLDDDOtFKERGRYP{HWH]tVND
]DYHFLQDY\H
=9(5(17(67
QDNRQFLVHPHVWUDSUHEHKQH]iYHUHQStVRPQWHVWNWRUEXGHWUYDPLQ~WDREVDKRYD
~ORKQLHMHSRYROHQpSRXtYDQLHLDGQ\FKSRPRFQFKPDWHULiORYNQLK\]RLW\
DKiN\
P{HWHQDRP]tVNDPD[LPiOQHERGRY
]iYHUHQWHVWQLHMHSRYLQQDQLHMHPRQpVLKRQDKUDGLYLQRPWHUPtQH
35$.7,&.6..$35,327$,
SRDVVN~REQpKRREGRELDPXVtWHDEVROYRYDSUDNWLFN~VN~NXSULSRtWDLY
SRtWDRYFKXHEQLDFK+D+
YSULHEHKXKRGLQ\EXGHWHULHLGYH~ORK\]DNWRUpP{HWH]tVNDPD[LPiOQHERGRY
ERGRY]DNDG~
SULSRtWDLQHVPLHWHSRXtYDLDGQHSRPRFQpPDWHULiO\RNUHPVYRMKRMHGQRVWUiQNRYpKR
DKiNXPD[LPiOQHUR]PHUX$
+2'127(1,(
YVOHGQpKRGQRWHQLHSUHGPHWXMH]QiPNRX$(UHVS);Y\SRtWDVD]RV~WXERGRY]R
VHPHVWUDERGRY]DSURMHNWWHVWXDSUDNWLFNHMVN~N\SULSRtWDL
UR]FYLN\
SURMHNW
WHVW
SULSRtWDL
V~HW
PD[LPiOQHP{HWHWDNWR]tVNDERGRYDNSRtWDPHDMSUpPLRYpERG\WDNPD[
YULDGQRPWHUPtQHGRVWDQHWH]QiPNXOHQDNVWH]DSUDNWLFN~VN~NX]tVNDOLDVSRERGRY
DWRSRGDWHMWRWDEXN\
]QiPND$
]QiPND%
]QiPND&
]QiPND'
]QiPND(
DNVWHGRVWDOLPHQHMDNRERGRYDOHERQDSUDNWLFNHMVN~NHVWHPDOLPHQHMDNRERGRY
EXGHWHKRGQRWHQt]QiPNRX);WMQHY\KRYHO
DNVWHQHSURVSHOLQDULDGQRPWHUPtQHP{HWHSRLDGDRRSUDYQWHUPtQVN~N\SUYi
RSUDYQiVN~NDVDVNODGiOHQ]SUDNWLFNHMDVWLSULSRtWDLDQLHMHSULQHMSRGPLHQND
PLQLPiOQHKRSRWXERGRYSUYRSUDYQWHUPtQVN~N\PXVtSUHEHKQ~SRDV
VN~REQpKRREGRELD
GUXKRSUDYQWHUPtQDNVWHQHY\KRYHOLDQLQDRSUDYQRPWHUPtQHVDP{HNRQDDMSR
VNRQHQtVN~REQpKRREGRELDDRNUHPSUDNWLFNHMDVWLSULSRtWDLREVDKXMHDM~VWQH
SUHVN~DQLH
352*5$029$1,(35()$1$7,.29
QLHNWRUPSUYiNRPNWRUtV~XSRNURLOHMtYSURJUDPRYDQtP{HE\RGSXVWHQi~DVQD
FYLHQLDFK
YSULHEHKXWGDVHPHVWUDSUHEHKQHW]Y7HVWSUHIDQDWLNRY]~DVWQLVDKRP{H
XERYRQSUYiNNWRUVLP\VOtH]YOiGDXLYR]LPQpKRVHPHVWUDQDWHVWVDEXGHWUHED
GRSUHGXSULKOiVL
WHVWEXGHWUYDPLQ~WDEXGHVDVNODGD]R~ORK
QDWHVWHVDGR]YLHWHPLQLPiOQHNULWpULiNWRUpPXVtWHVSOQLDE\VWHVDVWDOLIDQDWLNPL
SRDVVHPHVWUDIDQDWLFLQHPXVLDQDYWHYRYDFYLHQLDStVDUR]FYLN\
MHGLQHRPXVLDMHULHLQiURQHMtVHPHVWUiOQ\SURMHNW]DNWRUP{X]tVNDERGRY
SUHGSRNODGiPHHSURMHNWEXGHIUHHZDUHVRSHQVRXUFHQD~URYQLMHGQRGXFKtFK
VKDUHZDUHXWLOtWQD,QWHUQHWHDEXGHSXEOLNRYDQQD:HEH
WDNWLHP{XULHL]iYHUHQWHVW]DERGRYD]UHMPHVD]~DVWQLDSUDNWLFNHMVN~N\SUL
SRtWDL
SURMHNW
WHVW
SULSRtWDL
V~HW
352*5$029$1,(9'(/3+,
YSUYRPURQtNXEXGHPHSURJUDPRYDYMD]\NXREMHNWRYSDVFDOYRYYRMRYRPSURVWUHGt
'HOSKLWDQGDUGQiYHU]LD
QD0))MH'HOSKLQDLQWDORYDQpYSRtWDRYFKXHEQLDFK+D+DNFKFHWHSUDFRYDY
'HOSKLDMPLPRNRO\ERORE\GREUHDE\VWHVL]DN~SLOLULDGQXYHU]LX
FHQ\V~SULEOLQHWDNpWRSR]ULZZZLQSULVHF]
VWDQGDUG
SURIHVVLRQDO
HQWHUSULVH
DNPiWHPRPHQWiOQHYLDFVN~VHQRVWtVLQPSURJUDPRYDFtPMD]\NRPDNRSDVFDOQDSU
&-DYDDOHER9%VWHYRYHNHMYKRGHOHERSUHFKRGQDSDVFDOEXGHSUHYiVYHPL
SULURG]HQDSUtMHPQDSURVWUHGLH'HOSKLYiVLVWHSRWHt
DNE\VWHUDGHMSURJUDPRYDOLYLQRPSURJUDPRYDFRPMD]\NXDNRSDVFDOQDSU&-DYD
P{HWHVDWHLQDWRHYRY\tFKURQtNRFKVDVWUHWQHWHVWPLWRMD]\NPLYU{]Q\FK
LQFKSUHGPHWRFK
7HVW]SURJUDPRYDQLDSUHIDQDWLNRY VHSW
=DStWHWULHGX7%RGNWRUiGHILQXMHIDUHEQ~ERGNXYQHMDNHMJUDILFNHMSORFKH7ULHGDREVDKXMH
VWDYRYpSUHPHQQp[D\V~UDGQLFHSRORK\ERGXGYHFHOptVODDVWDYRY~SUHPHQQ~IYNWRUHMVD
SDPlWiIDUEDERGN\W\SX7&RORU1DStWHNRQWUXNWRU&LWDMVMHGQPSDUDPHWURPW\SXWH[WRY
V~ERU7H[W)LOHMHXRWYRUHQQDtWDQLHDQDVWDYHQMHQD]DLDWNXSUtVOXQpKRULDGNDNWRU
QDtWDVWDYRYpSUHPHQQp]MHGQpKRULDGNDV~ERUXV~ERUREVDKXMHYNDGRPULDGNXDVSRFHOp
tVODRGGHOHQp]QDNRP
SUYpGYHV~V~UDGQLFHWUHWLHtVORMHIDUEDDOLHtVODYULDGNXEXGHWH
LJQRURYD3UHGSRNODGDMWHHV~ERUMHNRUHNWQDOHMQDStWHGHWUXNWRU'HVWUR\DYLUWXiOQX
PHWyGX.UHVOLVMHGQPSDUDPHWURPW\SX7&DQYDVNWRUiQDNUHVOtGRGDQpKR&DQYDVXQDGDQp
V~UDGQLFHIDUHEQ~ERGNX
=DGHILQXMWHWULHGX78WYDUNWRUiREVDKXMHG\QDPLFNpSROHLQWDQFLtWULHG\7%RGVWDYRYi
SUHPHQQiS1DStWHNRQWUXNWRU&UHDWHLQLFLDOL]XMHSDNRSUi]GQHSROHGHWUXNWRU'HVWUR\
XYRQtYHWN\REMHNW\YSROLDPHWyG\3ULGDM.UHVOLD6SDMDM0HWyGD3ULGDMVMHGQP
SDUDPHWURPW\SX7%RGSULGiQDNRQLHFSRDS]DGDQERGDOHOHQDNWHQWRQLHMHSUtOLEOt]NR
GRWHUD]SRVOHGQpPXERGXYSROL3UtOLEOt]NR]QDPHQiHWHQWRERGPiY]GLDOHQRVRG
SUHGFKiG]DM~FHKRPHQLX3UtOLEOt]N\ERGQH]DUDGtGRSRDDOHKRXYRQtSRXLWtP
GHWUXNWRUD0HWyGD.UHVOLY\NUHVOtYHWN\ERGN\YSROLPHWyGD6SDMDMLFKWDNWLHY\NUHVOtD
QDY\HLFKSRVWXSQHSRVSiMDLHUQ\PL~VHNDPLOHQSRVHEHLG~FHERG\YSROL2EHWLHWRPHWyG\
PDM~SDUDPHWHUW\SX7&DQYDV
=DGHILQXMWHWULHGX7%RGNWRUiMHSRWRPNRPWULHG\7%RG7iWREXGHPDGRGHILQRYDQ~QRY~
VWDYRY~SUHPHQQ~YHOYNWRUHMVDXFKRYiYDYHNRVERGN\FHOptVOR7HMWRWULHGHSUHGHILQXMWH
YLUWXiOQXPHWyGX.UHVOLSRPRFRXNWRUHMVDQDNUHVOtERGNDSUtVOXQHMYHNRVWLDWLHNRQWUXNWRU
&LWDM]WH[WRYpKRV~ERUXP{HQDtWDDMWYUWptVORY\MDGUXM~FHYHNRVDNYSUtVOXQRP
ULDGNXWYUWptVORFKEDQDVWDYtVDYHNRV=DEH]SHWHDE\DMWULHGD78WYDUVSUiYQH
SUDFRYDODQLHOHQVREMHNWDPL7%RGDOHDMVREMHNWDPL7%RGWMDE\SROHPRKORREVDKRYD
REMHNW\MHGQHMDMGUXKHMWULHG\
SR]ULWHVLPLQXORURQWHVWSUHIDQDWLNRY
]iXMHPFRYLDRWHVWQH]DEXGQLWHVD]DStVDGRKiUNXSUHGPLHVWQRVRX
,
WHVWDVLEXGHSRDVSUHGQiN\YSRVOXFKiUQL$
7HVW]SURJUDPRYDQLDSUHIDQDWLNRY VHSW
PHQRXNRQHQp]QDNRP
URNQDURGHQLDXNRQHQ
PD[LPiOQHSUYNRY~SRVWXSQRVFHOFKtVHOQDY]iMRPRGGHOHQFKPHG]HURXNWRUiMH
XNRQHQiNRQFRPULDGNXDNWXiOQHQDtWDQSRHWSUYNRYWUHEDXORLGRSRORN\SRFHW
5LDGRNP{HY\]HUDQDSUWDNWR-DQNR+UDNR
3UHW~WRWULHGX]DGHILQXMWHDMGHWUXNWRU8YROQL
0{HWHSUHGSRNODGDHWH[WRYV~ERUSDUDPHWHUNRQWUXNWRUDMHXRWYRUHQQDtWDQLHDMH
NRUHNWQ
1DStWHIXQNFLX3RURYQDMVGYRPDSDUDPHWUDPLW\SX76NDXWNWRUiYUiWLMHGQX]KRGQ{W
Y\PHQRYDQpKRW\SXPHQVLURYQ\YDFVLSRGDWRKRYDNHMUHOiFLLV~SRORN\PHQRSUtVOXQFK
LQWDQFLt
=DGHILQXMWHWULHGX72GGLHONWRUiREVDKXMHSUYNRYpMHGQRUR]PHUQpSROHLQWDQFLtWULHG\
76NDXWY7XUER3DVFDOHVPHUQtNRYQDLQWDQFLHDSRtWDGORDNWXiOQHKRSRWXSUYNRY2NUHP
NRQWUXNWRUDNWRULQLFLDOL]XMHSROHQDStWHPHWyGX=DUDGNWRUiDNRSDUDPHWHUGRVWDQHMHGHQ
REMHNW76NDXWY7XUER3DVFDOHVPHUQtNQDKRD]DUDGtKRGRSRDWDNDE\SUYN\YSROLEROL
VWiOHXWULHGHQpY]RVWXSQHSRGDPHQD1DSRURYQiYDQLHGYRFKREMHNWRYSRXLWHIXQNFLX
3RURYQDM]GUXKpKRSUtNODGX$NVDYSROLQDFKiG]DREMHNWVURYQDNPPHQRPWDNKRWUHED
SUHStVDQRYPREVDKRPVWDUREMHNWWUHEDXYRQLSUtVOXQPGHWUXNWRURP
3UHWULHGX72GGLHOQDStWHPHWyGXIXQNFLX+ODGDMVMHGQPSDUDPHWURP]QDNRYP
UHD]FRPNWRUiYRVYRMRPSROLLQWDQFLt76NDXWQiMGHREMHNWVKDGDQPPHQRPDYUiWLMHKR
LQGH[YWRPWRSROL$NWDNSUYRNQHQiMGHYUiWL+DGDQLHUHDOL]XMWHELQiUQ\PY\KDGiYDQtP
SROHMHXWULHGHQpSRPRFRXUHNXU]LHWMQHSRXLWHF\NOXV
7pP\SURMHNWRY QRY
3UDYLGOiSUHVHPHVWUiOQ\SURMHNW
'HOSKLWDQGDUG
SRXtYDOHQNRPSRQHQW\]'HOSKL
QHGHILQRYDLDGQHYODVWQp
]GURMRYRPWYDUH
KUDFLDGRVNDDMKUDFLHNDPHQHPXVLDE\REMHNW\
SRXLWLHWH[WRYpKRV~ERUXQD]DSDPlWDQLHQDVWDYHQtVLWXiFLH
G{UD]QDQDIRUPiWRYDQLHSURJUDPX
PD[ERGRY]DPLQLPiOQXYHU]LXSRGD]DGDQLD
QDY\HERG\GRERGRY]DXPHOHFNGRMHPDSURJUDPiWRUVN~QiURQRV
WpPXVLYROtWH]SRQ~NDQHMPQRLQ\DOHERVLY\P\VOtWHVYRMXYODVWQ~DOHER]PRGLILNXMHWHQLHNWRU~SRQ~NDQ~PDOE\MX
VFKYiOLFYLLDFL
WpPDPXVtE\GRVNRYiKUDEXSUHKUiDVROLWpUDOHERSUHYLDFKUiRYNWRUtVDVWULHGDM~YDKDQt
SRtWDQLHMHSURWLKUiDOHLQWHOLJHQWQiKUDFLDGRVNDD]iURYHUR]KRGFD
'LDQLFD
+UXKUDM~KUiLQDWYRUFRYRPSROL[[D[3UYKUiVL
]YROtQLHNWRU]RV\PERORY DSRORtKRQDKRUQpDYp
SROtNR3RWRPVLMHGHQ]WFKWRV\PERORYY\EHULHGUXKKUiDSRORt
KRQDYHGDMLHSROtNRWDNDE\GLDQLFDSRNUDRYDODDOHM+UDNRQt
DNVDSRGDUtMHGQpPX]KUiRYXPLHVWQLV\PEROQDVSRGQpSUDYp
SROtNRYWHG\Y\KUiYDDOHERMHGRQ~WHQXPLHVWQLV\PEROQDNUDM
KUDFLHKRSRDWDNHVDXQHGiSRNUDRYDYWHG\SUHKUiYD
%ORN\
+UXKUDM~KUiLQDWYRUFRYRPSROL[+UiLVDVWULHGDM~YR
Y\SORYDQtYG\GYRFKSULDKOFKYRGRURYQHDOHER]YLVOHWYRUHNRY
NWRUpHWHQLHV~Y\SOQHQp3UYNWRUWDNQHP{HVSUDYL]iSDV
SUHKUiYD
+H[
+UXKUDM~KUiLQDKUDFHMSORFKHNWRUiPiSRGREX[
HVXKRQtNRYFKSROtRN.DG]KUiRYPiVYRMXIDUEXDMHKR
~ORKRXMHVSRMLV~YLVORXUHD]RXVYRMLFK]QDLHNSUtVOXQpSURWLDKOp
VWUDQ\+UiLVDVWULHGDM~DSULNDGRPDKXSRORLDQDMHGQRYRQp
SROtNRSORFK\VYRMX]QDNX9\KUiYDKUiNWRUSUHSRMtVYRMH
SURWLDKOpVWUDQ\DNRSUY
6NRURKH[
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH1[1+UiLVWULHGDYR
]DIDUEXM~VYRMRXIDUERXMHGQXVWUDQXQLHNWRUpKRPDOpKRWYRUHND
SULRPNULRYDQLHFLHVWU{]QHMIDUE\QLHMHSRYROHQp9\KUiYDKUi
NWRUSUYVSRMtVYRMHGYHYRSUHGXUHQpVWUDQ\V~YLVORXFHVWRX
%ULGJHLW
+UXKUDM~KUiLQDSHFLiOQHMKUDFHMSORFKH.DG]KUiRYPiVYRMX
IDUEXDMHKR~ORKRXMHVSRMLV~YLVORXSRVWXSQRVRXVYRMLFKLDURN
SUtVOXQpSURWLDKOpVWUDQ\+UiLVDVWULHGDM~DSULNDGRPDKXVSRMD
]YLVORXDOHERYRGRURYQRXLDURXGYDVXVHGLDFHERG\VYRMHMIDUE\
QHVP~SUHWQ~LDGQXV~SHURYXLDUX9\KUiYDKUiNWRUSUHSRMt
VYRMHSURWLDKOpVWUDQ\DNRSUY
&HVWD
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH[.DG]KUiRYPi
VYRMXIDUEXDMHKR~ORKRXMHVSRMLV~YLVORXSRVWXSQRVRXVYRMLFKLDURN
XKORSULHRNSUtVOXQpSURWLDKOpVWUDQ\+UiLVDVWULHGDM~SUL
Y\]QDRYDQtXKORSULHRNGRWYRUHNRY1LHMHGRYROHQpY\]QDRYD
XKORSULHN\YRWYRUHNRFKNWRUpXEROLSRXLWpDQLGRVYRMLFKDQLGR
V~SHURYFK8KORSULHN\RERFKV~SHURYVDQHVP~VYRMLPLNRQFDPL
GRWND9\KUiYDKUiNWRUSUHSRMtVYRMHSURWLDKOpVWUDQ\DNRSUY
0RVW
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH[.DGPi
ILJ~URNIDUHEQHRGOtHQFKRGV~SHURYFK3RLDWRQ~SRORKX]DGiYD
REUi]RN=DtQDM~FHKRXUtOyV.WRMHQDDKXP{HSUHVXQ~QLHNWRU
]RVYRMLFKNDPHRYYRGRURYQHDOHER]YLVOHRXERYRQSRHWSROt
3UHVNDNRYDSULWRPLQpNDPHQHQLHMHGRYROHQp9\KUiYDKUiNWRU
DNRSUYY\EXGXMHPRVWWMXPLHVWQLYHWN\NDPHQHGRMHGQpKR
YRGRURYQpKRUDGX
3LNYRUN\
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH[SUtSDGQHDMLQp
UR]PHU\+UiLVDVWULHGDM~SUL]DNUHVRYDQtVYRMLFK]QDLHNGR
SROtRNNWRUpV~HWHSUi]GQH3UYNRPXVDSRGDUtY\]QDLVpULX
URYQDNFK]QDLHNYRGRURYQH]YLVORDOHERXKORSULHQHY\KUiYD
6WSFRYpSLNYRUN\
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH[SUtSDGQHDMLQp
UR]PHU\+UiLVLVWULHGDYRY\EHUDM~VWSHFNDPVYRMX]QDNX
XPLHVWQLDQLHYDNULDGRN=QDNDSDGQHQDSUYpYRQpSROtNR
]YROHQpKRVWSFD]GROD3UYNRPXVDSRGDUtY\]QDLVpULX
URYQDNFK]QDLHNYRGRURYQH]YLVORDOHERXKORSULHQHY\KUiYD
3ULHVWRURYpSLNYRUN\
+UXKUDM~KUiL+UDFtPSRRPMHNRFND[[NWRUiMHQDNUHVOHQi
SRSRVFKRGLDFKDNRWYRUFH[.DGWYRUHFUHSUH]HQWXMHMHGQX
YUVWYXNRFN\+UiLVWULHGDYRXPLHVWXM~VYRMH]QDN\NUtLN\D
NROLHVNDGRSUi]GQ\FKSROtW\URFKWYRUFRY&LHRPNDGpKRKUiDMH
XPLHVWQLVYRMH]QDN\YHGDVHEDQDSULDPNXYVPHUHURYQREHQRP
VKUDQDPLNRFN\DOHERYVPHUHMHMVWHQRYHMLWHOHVRYHMXKORSULHN\
9\KUiYDKUiNWRUpPXVDWRSRGDUt$NVD]DSOQLDYHWN\SROtNDD
QLNWRQHGRVLDKQHFLHKUDVDNRQtUHPt]RX1DREUi]NXMHSUtNODG
UHPt]\
YiE
+UXKUDM~KUiLQDXERYRQHYHNHMWYRUFRYHMKUDFHMSORFKH1D
]DLDWNXKU\VDY\JHQHUXMHU{]Q\FKEDULpUYLREUi]RNWLHWRSROtND
QHP{HY\XtYDDQLMHGHQKUi+UiLVDVWULHGDM~SUL]DNUHVRYDQt
VYRMLFK]QDLHNGRXERYRQFKSROtRN9G\NHMHGHQKUiY\WYRUt
V~YLVOUDGVYRMLFK]QDLHN]YLVOHYRGRURYQHXKORSULHQH]DStHVL
ERG7LHWR]QDN\VDXQHP{XDOHMSRXtYD.HMHSULHVWRU
Y\HUSDQYtD]RPVDVWiYDWHQNWRGRVLDKROYltSRHW+UXPRQR
REPHG]LDMDVRYR
8OXOR
+UXKUDM~KUiLQDXERYRQHYHNHMWYRUFRYHMKUDFHMSORFKH+UiL
VDVWULHGDM~SULNODGHQtVYRMLFKStVPHQQDXERYRQpSROtNDSORFK\
SUYKUiPiStVPHQNi8/2DGUXK$0,3UYKUiY\KUiYDDN
VDPXSRGDUt]RVWDYLVORYR8/8/2YXERYRQRP]{VPLFKVPHURY
'UXKKUiY\KUiYDDNVDPXSRGDUt]RVWDYLVORYR$0$0,WDNLVWRY
XERYRQRPVPHUH
=iNODGQH
+UXKUDM~KUiLQDWYRUHNRYHMKUDFHMSORFKH[+UiLVWULHGDYR
XPLHVWXM~VYRM]QDNQDYRQpSROtNRSORFK\6QDLDVDXPLHVWRYD
VYRMH]QDN\GR]iNODGQt +UDNRQtDNV~YHWN\SROtND
REVDGHQp9\KUiYDWHQNWRPiQDNRQLHFYLDF]iNODGQtSULRPYLDFHUp
]iNODGQHP{XPDVSRORQp]QDN\
/RN
+UXKUDM~KUiLQDWYRUHNRYHMKUDFHMSORFKHPLQLPiOQH[+UiL
VWULHGDYRXPLHVWXM~VYRMH]QDN\GRY\]QDHQpKRWYRUFD9SUtSDGHH
PHG]LGYRPD]QDNPLDMU{]Q\PLXPLHVWQHQPLYULDGNXDOHERVWSFLMH
SUiYHMHGQRSROtNRYRQpP{HKUiNWRUWDN~WRSR]tFLXY\WYRULO
XPLHVWQLVYRM]QDNGRWHMWRPHG]HU\7RWRP{HURELGRYWHG\SRNLD
MHWRPRQp+UDSRNUDXMHDNPVDQH]DSOQtFHOWYRUHF9\KUiYD
KUiNWRUYRPXPLHVWQLOYLDFVYRMLFK]QDNRY1DREUi]NXV~
MHGQRWOLYpDK\KUiRYR]QDHQptVODPLtVODVKYLH]GLNRXV~WLHDK\
NWRUpY]QLNOLSRORHQtPSUYHM]QDN\YDKX
WYRUFRYiPDSD
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKHPLQLPiOQH[SRHW
SROtRNPXVtE\SiUQ\+UiLPDM~NGLVSR]tFLLIDUE\6WULHGDYR
Y\SDM~SRMHGQRPSROtNXDNVXVHGtWRWRSROtNRVWUDQRXDOHERDM
URKRPVSROtNRPY\IDUEHQPURYQDNRXIDUERX]DStHVLKUi]D
NDGpWDNpWRSROtNRWUHVWQERG+UDNRQtDNV~YHWN\SROtND
Y\IDUEHQp9\KUiYDKUiNWRUQD]ELHUDOQDMPHQtSRHWWUHVWQFK
ERGRY
WYRUHN\
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKHVYHNRVRXPLQLPiOQH
[+UiLVWULHGDYRY\]QDXM~YG\MHGQXVWUDQXXERYRQpKR
WYRUHND.WRY\]QDtSRVOHGQ~VWUDQXWYRUHNDQDNUHVOtGRQHKR
VYRMX]QDNXDLGHHWHUD]9\KUiYDKUiNWRUPiQDKUDFRPSROL
]D]QDHQFKYLDF]QDLHN
7URMXKROQtN\
+UXKUDM~KUiLQDWURMXKROQtNRYHMKUDFHMSORFKHVR]iNODGRX
PLQLPiOQHERGLHN+UiLVDVWULHGDM~YVSiMDQtYG\ERGLHN.WR
VYRMRXLDURXX]DYULHMHGQRWNRYWURMXKROQtN]DNUHVOtGRQHKRVYRMX
]QDNXDSRNUDXMHYKUH9\KUiYDWHQNWRY\WYRUtYLDFWURMXKROQtNRY
1D]DUpQ
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKHYHNRVWLPLQLPiOQH
[+UiLVDVWULHGDM~YRY\]QDRYDQtMHGQHMDOHERYLDFVWUiQ
MHGQRWOLYFKWYRUHNRYWDNHGRSORFK\]DNUHVOLDURYQ~LDUX
XERYRQHMGN\LDUDQHVPLHSUHFKiG]DFH]LDU\NWRUpEROL
Y\]QDHQp+UiP{HYMHGQRPNROH]DNUHVOLOHQLDUX.WRY\]QDt
SRVOHGQ~VWUDQXDNpKRNRYHNWYRUHNDNWRUpKRRVWDWQpVWUDQ\V~X
Y\]QDHQpDWPKRGRNRQtY\]QDtGRWYRUHNDVYRMX]QDNX
9\KUiYDWHQKUiNWRUPiYLDF]QDLHN
+DYDQD
+UXKUDM~KUiLQDSHFLiOQHMKUDFHMSORFKH+UiLVDVWULHGDM~Y
XNODGDQtHWyQRYVYRMHMIDUE\YG\QDMHGHQSULHVHQtNKUDFLHKRSOiQX
9\KUiYDWHQNRPXVDDNRSUYpPXSRGDUtY\WYRULMHGHQ]QDVOHGXM~FLFK
REUD]FRY
PRVWV~YLVOiVpULDHWyQRYNWRUpVSiMDM~DNpNRYHNURK\
KUDFLHKRSOiQX
SUVWHQHFV~YLVOiX]DYUHWiVpULDHWyQRYYMHMYQ~WULPXVtE\
DVSRMHGHQSULHVHQtNKUDFHMSORFK\
KRUVNpVHGORV~YLVOiVpULDHWyQRYVSiMDM~FDDNpNRYHN
VWUDQ\KUDFLHKRSOiQXURK\KUDFLHKRSOiQXQHSDWULDLDGQHM
VWUDQH
9HNKDG
+UXKUDM~DVSRGYDMDKUiLQDSHFLiOQHMKUDFHMSORFKH.DGKUiVL
QD]DLDWNX]YROtWDUWRYDQLHSROtNRQDNWRUpSRORtVYRMX]QDNX
+UiLVDVWULHGDM~SRVWXSQH]DNUHVXM~VYRMX]QDNXGRYRQpKRSROtND
VXVHGLDFHKRQLHYDNURKRPVRWYRUHNRPGRNWRUpKRVYRMX]QDNX
SRORLOLYSUHGFKiG]DM~FRPNROH3ROtNRVERGNRXR]QDXMHSRVOHGQ
DK+UiNWRUXQHP{HSRORLVYRMX]QDNXSUHKUiYD
$QJOLFNVROLWDLUH
+UDSUHKUiD+UDVDKUiQDSHFLiOQHMSORFKHQDNWRUHMV~
UR]PLHVWQHQpILJ~UN\RNUHPVWUHGQpKRSROtNDORKRXMHDE\QD
SORFKH]RVWDORRQDMPHQHMILJ~URN$E\KUiPRKRORGVWUiQLMHGQX
ILJ~UNXPXVtMXSUHVNRLVXVHGLDFRXILJ~UNRXQDSUi]GQHSROtNR
NWRUpVDQDFKiG]DYURYQDNRPUDGHVWSFLDNRY\SDGiYDM~FDILJ~UND
)LJ~UN\PXVLDSULDPRVXVHGL+UDVDNRQtDNVDQHGiXURELLDGHQ
DOtDK
6PHU\
+UXP{XKUDGYDMDDW\ULDKUiLQDSHFLiOQHMKUDFHMSORFKH1D
]DLDWNXVLUR]PLHVWQLDVYRMHILJ~UN\GRURKRYKUDFLHKRSOiQX,FK
FLHRPMHSULYLHVVYRMXILJ~UNXGRVWUHGRYpKRSRD.RPXVDWRSRGDUt
DNRSUYpPXY\KUiYD+UiLVDVWULHGDM~YKiG]DQtNRFNRXQDNWRUHM
V~VPHU\ 3RGDVPHUXQDNRFNHVDKUi
SRVXQLHQDDOtSULHVHQtN$NMHQDNRFNHVPHUNWRUPQLHMHPRQp
SRVWXSRYDSRNUDXMHDOtKUi1DMHGQRPSULHVHQtNXVDP{H]tV
DMYLDFHURILJ~URN
3DOHN
+UXKUDM~GYDMDDW\ULDKUiLQDWYRUHNRYHMKUDFHMSORFKH1D
]DLDWNXV~ILJ~UN\QDVWUHGRYRPSROtNX.DGKUiNWRUMHQDUDGH
KRGtIDUHEQRXNRFNRX DSRVWXSXMHVYRMRX
ILJ~UNRXQDDOtSULHVHQtNNXIDUEHNWRUiERODQDNRFNH$NSDGQH
LHUQDIDUEDLGHDOtKUi.WRVDSUYGRVWDQHQDQLHNWRU~IDUHEQ~
FHVWXY\KUiYD
7ULKH[
+UXKUDM~KUiLQDSHFLiOQHMKUDFHMSORFKH.DG]KUiRYPiN
GLVSR]tFLLKUDFLHNDPHQHRGOtHQpRGV~SHURYFK+UiLLFK
VWULHGDYRNODG~QDERG\KUDFHMSORFK\9\KUiYDKUiNWRUpPXVD
SUYpPXSRGDUtXPLHVWQLVYRMHNDPHQHQDSULDPNX
5HYHUVL
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKHPLQLPiOQH[
5R]ORHQLHILJ~URNQD]DLDWNXKU\MHQDREUi]NX+UiNWRUMHQD
DKXXPLHVWQLVYRMXILJ~UNXQDYRQpSROtNRWDNDE\PHG]LWRXWRD
DORXMHKRILJ~UNRXYRGRURYQH]YLVORXKORSULHQHERODDVSRMHGQD
V~SHURYDDLDGQHYRQpSROtNR9HWN\V~SHURYHILJ~UN\NWRUpWDNWR
]DMPHVDVWDQ~MHKRSUHIDUELDVDQDMHKRIDUEX+UDNRQtNHV~
YHWN\SROtND]DSOQHQpDOHERRVWDOLILJ~UN\OHQMHGQHMIDUE\9\KUiYD
KUiNWRUPiSRVNRQHQtKU\YLDFILJ~URNQDSORFKH
6NLS
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKHPLQLPiOQH[QHSiUQ\
SRHW.DGKUiPiVYRM]QDN3UYKUiXPLHVWQLVYRM]QDNGR
XERYRQpKRWYRUHNDDOHQLHQDNUDMLWYRUFD3RWRPVWULHGDYR
XPLHVWXM~VYRMH]QDN\GRXERYRQpKRYRQpKRWYRUHNDXP{H
E\QDNUDML3RNLDWPY]QLNQHVLWXiFLDHQDQLHNWRURP]R
VXVHGQFKWYRUHNRYVXVHGQpWYRUFHPDM~VSRORQ~VWUDQXDOHER
YUFKROMHXERYRQ]QDND]DQtPMHYRQWYRUHNP{HKUi
QDNUHVOLVYRM]QDNDMGRWRKWRYRQpKRWYRUHNDDNRNHE\ERO]QDN
SUHVNRLO3ULWRP]QDN]RVWiYDDMQDSROtNXRGNLDVNiNDO9
SUtSDGHHVDSRSUHVNRHQtQDVN\WQHDOLDPRQRVVNRNXVPLHKUi
SRNUDRYD0{HVDVWDHSRXPLHVWQHQt]QDNXPiKUiPRQRV
VNiNDYLDFHUPLVPHUPL9WHG\VDPXVtUR]KRGQ~LEDSUHMHGHQ]
QLFK+UDVDNRQtSR]DSOQHQtYHWNFKWYRUHNRYYHNpKRWYRUFD
9\KUiYDKUiNWRUXPLHVWQLOYLDFVYRMLFK]QDNRYUHPt]DQLHMH
PRQi
DMRYiKUD
+UXKUDM~KUiLQDSHFLiOQHMKUDFHMSORFKH.DG]KUiRYPiN
GLVSR]tFLLKUDFtFKNDPHRYRGOtHQFKRGV~SHURYFK+UiL
VWULHGDYRNODG~NDPHQHQDERG\KUDFHMSORFK\VFLHRPDE\YODVWQp
XORHQpNDPHQHY\WYiUDOLRQDMYLDFWYRUFRYW\ULNDPHQHY\WYiUDM~
WYRUHFDNVDQDFKiG]DM~YRYUFKRORFKXERYRQpKRDMLNPR
XPLHVWQHQpKRP\VOHQpKRWYRUFDWYRUFHP{XPDQLHNWRUpYUFKRO\
VSRORQp3RXORHQtYHWNFKKUDFtFKNDPHRYVDVSRtWDNWRUKUi
Y\WYRULOYltSRHWWYRUFRYLFKYHNRVQHUR]KRGXMHDWHQVDVWiYD
YtD]RP
WYRUFRIyELD
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH[6WULHGDYRXPLHVWXM~
GRMHKRYRQFKSROtRNVYRMH]QDN\QDSUNUtLNNROLHVNR3UHKUiYD
KUiNWRUpKRQLHNWRUp]QDN\Y\WYRULDYUFKRO\P\VOHQpKRWYRUFDKRFL
DMLNPRXPLHVWQHQpKR
.RQR
+UXKUDM~KUiLQDWYRUFRYHMKUDFHMSORFKH[3RLDWRQp
UR]RVWDYHQLHILJ~URNMHQDREUi]NX2]DLDWNXVDUR]KRGQHOyVRP+Ui
NWRUMHQDDKXVPLHSUHPLHVWQLNWRU~NRYHN]RVYRMLFKILJ~URNLNPR
RMHGQRSROHDKDMHPRQpGRSUHGXDMGR]DGXQHPRQRVDDKX
Y]GD9\KUiYDKUiNWRUDNRSUYSUHPLHVWQLYHWN\VYRMHILJ~UN\GR
SRVWDYHQLDNWRUpQD]DLDWNX]DXMtPDOLILJ~UN\V~SHUD
/RJLN
+UDSUHKUiD
3H[HVR
+UXKUDM~KUiL
'iPD
+UXKUDM~KUiL
0O\Q
+UXKUDM~KUiL
3DVLDQV
+UDSUHKUiD
ORYHHQHKQHYDMVD
+UDSUHDYLDFKUiRY
3RXLWiOLWHUDW~UD
$QGUHD$QJLROLQR+U\VWYHUHNRYDQPSDStUHPDWXNRX3RUWiO3UDKD
'HQLVH&KDXYHORYi9LYLDQH0LFKHORYi1iPW\SURVWROQtKU\GWt3RUWiO3UDKD
9ODGLPtU%XUMDQXGPLOD%XUMDQRYi0DWHPDWLFNpKU\3<7$*25$6%UDWLVODYD
3RVOHGQi]PHQD
JUDILND
*UDILFNiSORFKD
YRYHWNFK~ORKiFKSUHGSRNODGiPHHYJOREiOQHMSUHPHQQHMJMHSULUDGHQ&DQYDVJUDILFNHMSORFK\
,PDJHWMSODWtJ ,PDJH&DQYDV
DOHMSUHGSRNODGiPHHQDIRUPXOiULMHWODLGOR%XWWRQDYlLQD~ORKMHREVDKRPSURFHG~U\
7)RUP%XWWRQ&OLFN
YQLHNWRUFKSUtNODGRFKVDY\XtYDQRYJUDILFNSUtND]3RO\JRQNWRUPiWDNpWRYRODQLH
YSLVtVHO
Y\StWHtVODQDXKORSULHNX YDU
]DGHILQRYDQHMJUDILFNHMSORFK\ LLQWHJHU
EHJLQ
IRUL WRGR
J7H[W2XWL
L
,QW7R6WUL
HQG
YSLVtVHO
Y\StWHtVODGRWYRUFD YDU
[ LMFLQWHJHU
EHJLQ
SRVWSFRFK F
SRULDGNRFK IRUM WRGR
IRUL WRGREHJLQ
F F
J7H[W2XWM
L
,QW7R6WUF
J7H[W2XWL
M
,QW7R6WUF
HQG
HQG
YSLVWH[WRYQDQiKRGQpSR]tFLH
QDNDGpVWODHQLHWODLGODVD EHJLQ
QDStHQDQiKRGQHMSR]tFLLPRGUp UDQGRPL]H
VORYR3DVFDODHUYHQp'HOSKL J)RQW+HLJK
J)RQW&RORU FO5HG
EH]UDQGRPL]HVDSURJUDPVSUiYD J7H[W2XWUDQGRPUDQGRP'HOSKL
VWiOHURYQDNRWMVORYiVDYG\SR J)RQW&RORU FO%OXH
VSXVWHQtSURJUDPXY\SLVXM~QD J7H[W2XWUDQGRPUDQGRP3DVFDO
URYQDNFKSR]tFLiFK HQG
YSLVWH[WXVWLHRP
Y\StWHPRGUpVORYi
,ORYH'HOSKL
FRQVW
VRVLYPWLHRPY\WYRUWH YHWD
,ORYH'HOSKL
NRQWDQWX YDU
FRQVWYHWD
,ORYH'HOSKL
L[\LQWHJHU
QH]DEXGQLWHXURELSULHVYLWQp EHJLQ
SR]DGLHStVPHQ [ \
J%UXVK6W\OH EV&OHDU
SUHGWHWLH J)RQW+HLJKW
J)RQW1DPH
$ULDO
J)RQW6W\OH >IV%ROG@
J)RQW&RORU FO/W*UD\
J7H[W2XW[\YHWD
^IRUL WRGR
J7H[W2XW[L\
LYHWD`
J)RQW&RORU FO%OXH
J7H[W2XW[\YHWD
HQG
URYQRVWUDQQWURMXKROQtN
QDNUHVOLURYQRVWUDQQWURMXKROQtN FRQVW
VRVWUDQRXDWUHEDSRXL0RYH7RD Y\VND URXQGD
D/LQH7R YDU
[\LQWHJHU
EHJLQ
[ \
J0RYH7R[\J/LQH7R[DGLY\Y\VND
J/LQH7R[D\
J/LQH7R[\
HQG
Y\IDUEHQURYQRVWUDQQWURMXKROQtN
QDNUHVOLY\IDUEHQURYQRVWUDQQ FRQVW
WURMXKROQtNVRVWUDQRXDWUHED D Y\VND URXQGD
SRXL3RO\JRQ YDU
[\LQWHJHU
EHJLQ
[ \
J%UXVK&RORU FO%OXH
J3RO\JRQ>3RLQW[\3RLQW[DGLY\Y\VND
3RLQW[D\@
HQG
S\UDPtGD
QDNUHVOLQSRVFKRGRY~ FRQVW
WURMXKROQtNRY~S\UDPtGX Q D Y\VND URXQGD
SRPRFRX0RYH7RD/LQH7R YDU
LM[[[\LQWHJHU
YHNRVVWUDQ\WURMXKROQtNDMHD EHJLQ
\ ,PDJH+HLJKW[
NUHVOtVDPHWyGRXFLNFDNSR
IRUL QGRZQWRGREHJLQ
SRVFKRGLDFK J0RYH7R[\[[ [
IRUM WRLGREHJLQ
J/LQH7R[[DGLY\Y\VND
[[ [[DJ/LQH7R[[\
HQG
J/LQH7R[\\ \Y\VND[ [DGLY
HQG
HQG
GYRMIDUHEQiS\UDPtGD
QDNUHVOLQSRVFKRGRY~ FRQVW
WURMXKROQtNRY~S\UDPtGXIDUHEQp Q D Y\VND URXQGD
WURMXKROQtN\NUHVOLWHSRPRFRX YDU
3RO\JRQ LM[[[\LQWHJHU
EHJLQ
\ ,PDJH+HLJKW[
J%UXVK&RORU FO<HOORZ
J3RO\JRQ>3RLQW[\
3RLQW[Q
DGLY\Q
Y\VND
3RLQW[Q
D\@
J%UXVK&RORU FO%OXH
IRUL QGRZQWRGREHJLQ
[[ [
IRUM WRLGREHJLQ
J3RO\JRQ>3RLQW[[\
3RLQW[[DGLY\Y\VND
3RLQW[[D\@
[[ [[D
HQG
\ \Y\VND[ [DGLY
HQG
HQG
U{]QHIDUHEQp~WYDU\
]DGHILQRYDWULWODLGOiNWRUpQD FRQVW
QiKRGQpSR]tFLHQDNUHVOLD D
HUYHQWYRUHF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
OWURYQRVWUDQQWURMXKROQtN
YDU
PRGUNUXK
[\LQWHJHU
EHJLQ
YHWN\~WYDU\V~YHNpSRGDD [ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
J%UXVK&RORU FO5HG
J5HFWDQJOH[\[D\D
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
[\LQWHJHU
EHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
J%UXVK&RORU FO<HOORZ
J3RO\JRQ>3RLQW[\
3RLQW[DGLY\URXQGD
3RLQW[D\@
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
[\LQWHJHU
EHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
J%UXVK&RORU FO%OXH
J(OOLSVH[\[D\D
HQG
QiKRGQpIDUHEQp~WYDU\YWYRUFRYHMVLHWL
SULHEHKIXQNFLH
SURJUDPQDNUHVOtSULHEHKIXQNFLH YDU
VLQXV LLQWHJHU
EHJLQ
J0RYH7R
IRUL WR,PDJH:LGWKGR
J/LQH7RLURXQG
VLQL
SL
HQG
NUXQLFD
SRPRFRXIXQNFLtVLQDFRVD YDU
SUtND]RY0RYH7RD/LQH7R [\ULLQWHJHU
QDNUHVOLWHNUXQLFX EHJLQ
[ \ U
J0RYH7R[U\
IRUL WRGR
J/LQH7R[URXQGU
FRVL
SL
\URXQGU
VLQL
SL
HQG
V~VWUHGQpNUXK\
QDNUHVOLV~VWUHGQFKNUXKRYV YDU
SRORPHUPL LLQWHJHU
EHJLQ
NDGNUXKEXGHY\IDUEHQ IRUL GRZQWRGREHJLQ
QiKRGQRXIDUERX J%UXVK&RORU
5*%UDQGRPUDQGRPUDQGRP
J(OOLSVH
L
L
L
L
HQG
HQG
PDFKXOH
Y\NUHVOLQDREUD]RYNXNUXKRY YDU
QiKRGQHMIDUE\REYRGDMYSO [\ULLQWHJHU
PDM~URYQDNpNUXK\PDM~YHNRVWL EHJLQ
D IRUL WRGREHJLQ
J3HQ&RORU
5*%UDQGRPUDQGRPUDQGRP
J%UXVK&RORU J3HQ&RORU
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
U UDQGRP
J(OOLSVH[U\U[U\U
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
NRU\WQDND
.RU\WQDLDJUDILND
YHNpERGN\
SR]DWODHQtWODLGODVDQD YDU
QiKRGQHMSR]tFLLY\WYRUt N7.RU
NRU\WQDNDDWiQDNUHVOtQiKRGQH EHJLQ
YHN~IDUHEQ~ERGNX N 7.RU&UHDWHUDQGRP,PDJH:LGWK
UDQGRP,PDJH+HLJKW
Y\XLWHH'RSUHGX N)3 5*%UDQGRPUDQGRPUDQGRP
QDNUHVOtERGERGNX N+3 UDQGRP
N'RSUHGX
HQG
WHU
SRPRFXYHNFKIDUHEQFKERGLHN YDU
QDNUHVOLV~VWUHGQFKNUXKRY N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWHUDQGRPL]H
IRUL GRZQWRGREHJLQ
N)3 5*%UDQGRPUDQGRPUDQGRP
N+3 L
N'RSUHGX
HQG
HQG
GYRMIDUHEQWHU
WHU]RV~VWUHGQFKNUXKRYY YDU
NWRURPVDVWULHGDM~OHQIDUE\ N7.RU
LLQWHJHU
QHSRXtYDMWHLI EHJLQ
N 7.RU&UHDWHUDQGRPL]H
IRUL GRZQWRGREHJLQ
N)3 FO5HG
N+3 L
N'RSUHGX
N)3 FO<HOORZ
N+3 L
N'RSUHGX
HQG
HQG
GYRMIDUHEQWHU
WRLVWpLQPVS{VRERP FRQVW
I LQWHJHUFO5HGI LQWHJHUFO<HOORZ
YLPQLWHVLNRQWDQW\IDINWRUp YDU
V~FHORtVHOQpDY]QLNOL]NyGRY N7.RU
GYRFKIDULHEWLHVLYLPQLWH LIDUEDLQWHJHU
ULDGRNYNWRURPVDSULUDXMH EHJLQ
IDUED 7&RORUIWXVPHFHOp N 7.RU&UHDWH
tVORSUHW\SRYDOLQD7&RORU IDUED 7&RORUI
IRUL GRZQWRGREHJLQ
WLHWRSUHW\SRYiYDQLDVDURELDOHQ] N)3 7&RORUIDUED
SURJUDPiWURVNHMVOXQRVWLY N+3 L
VNXWRQRVWLMH7&RORUFHORtVHOQ N'RSUHGX
W\SWDNHSUHW\SRYiYDN\P{HWH IDUED IIIDUED
Y\QHFKD HQG
HQG
NUt
SRPRFRXKUXEFKU{]QH YDU
]DIDUEHQFKLDUQDNUHVOLNUt N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
N+3
IRUL WRGREHJLQ
N'RSUHGXN'RSUHGXN9SUDYR
HQG
N+3 N)3 FO:KLWH
IRUL WRGREHJLQ
N'RSUHGXN'RSUHGXN9SUDYR
HQG
HQG
VOQNR
QDNUHVOLOWpVOQNRQDPRGURP YDU
SRGNODGH N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH]PD]FO%OXH
N)3 FO<HOORZN+3
IRUL WRGREHJLQ
N'RSUHGX
N'RSUHGX
N9SUDYR
HQG
N+3
N'RSUHGX
HQG
GYHSLUiO\
SRPRFRXNRU\WQDLHNQDNUHVOLWH YDU
WURMXKROQtNRY~DSlXKROQtNRY~ NN7.RU
SLUiOXVVWUDQDPLWDNDE\VD LLQWHJHU
NUHVOLOLQDUD] EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
IRUL WRGREHJLQ
N'RSUHGXL
N9ODYR
N'RSUHGXL
N9SUDYR
FDNDM
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
SRGPLHQN\DSURFHG~U\
.RU\WQDN\NUHVOLDSRPRFRXSURFHG~U
YRYHWNFK~ORKiFKSUHGSRNODGiPHHYJOREiOQDSUHPHQQiNW\SX7.RUMHXLQLFLDOL]RYDQiWM
NRU\WQDNDXH[LVWXMHQLHNGHYSORFKH
Y~ORKiFKP{HWHSUHGSRNODGDHH[LVWXMHSUHGGHILQRYDQiSURFHG~UDSRO\VWURPLSDUDPHWUDPLSRHW
RSDNRYDQtGNDNURNXDXKRO
HVXKROQtN\
QDStWHSURFHG~UX YDU
XOHQLQWHJHUDUHDO N7.RU
QDNUHVOtYHGDVHEDQHVXKROQtNRY
VRVWUDQRXD SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
N'RSUHGXG
N9SUDYRX
GHFQ
HQG
HQG
SURFHGXUHXOHQLQWHJHUDUHDO
EHJLQ
ZKLOHQ!GREHJLQ
SRO\D
N9SUDYR
GHFQ
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
]PD]N3UHVXQ;<
XOH
HQG
VOQNR
WYRUFH
VFKRG\
1iKRGQpSUHFKiG]N\
PHVLDF
PHWyGRXVWUiHQHMQiKRGQHM EHJLQ
SUHFKiG]N\]DEH]SHWHDE\ ]PD]N3UHVXQ;<
NRU\WQDNDQHY\OD]REODVWL ZKLOHWUXHGREHJLQ
PHVLDF N9SUDYRUDQGRPN'RSUHGX
PXVtE\YSUYHMNUXQLFLV LIN9]G!RUN9]GWKHQ
SRORPHURPDVWUHGRP N'RSUHGX
FDNDM
QHVPLHE\YGUXKHMNUXQLFL HQG
VSRORPHURPDVWUHGRP HQG
IDUHEQpV~VWUHGQpNUXK\
PHWyGRXVWUiHQHMQiKRGQHM EHJLQ
SUHFKiG]N\Y\IDUELWHGYD ]PD]N3UHVXQ;<
V~VWUHGQpNUXK\ ZKLOHWUXHGREHJLQ
YQ~WRUQOWRXSRORPHU N9SUDYRUDQGRPN'RSUHGX
YRQNDMtHUYHQRXSRORPHU LIN9]GWKHQN)3 FO<HOORZ
HOVHLIN9]GWKHQN)3 FO5HG
HOVHN'RSUHGX
FDNDM
HQG
HQG
IDUHEQPHVLDF
PHWyGRXVWUiHQHMQiKRGQHM EHJLQ
SUHFKiG]N\Y\IDUELWHPHVLDF ]PD]FO%ODFNN3UHVXQ;<
OWRXSULHQLNNUXKRY ZKLOHWUXHGREHJLQ
WPDYRPRGURXFHOpQD N9SUDYRUDQGRPN'RSUHGX
LHUQRPSR]DGt LIN9]G!WKHQN'RSUHGX
PXVtE\YSUYHMNUXQLFLV HOVHLIN9]G!WKHQN)3 FO<HOORZ
SRORPHURPDVWUHGRP HOVHN)3 FO1DY\
FDNDM
QHVPLHE\YGUXKHMNUXQLFL HQG
VSRORPHURPDVWUHGRP HQG
]HPHJXD
1DSURJUDPXMWHQiKRGQ~ YDU
SUHFKiG]NXNRU\WQDLHN NNN7.RU
NWRUpV~Y\WYRUHQpYVWUHGH [\UHDO
SORFK\VFKUiQHQRXREODVRX EHJLQ
NUXKRPVSRORPHURP N 7NRU&UHDWHN)3 FO%OXHN+3
SULRPNDGiNRU\WQDNDPi N 7NRU&UHDWHN)3 FO*UHHQN+3
KUXEpSHURVIDUEDPLOWi N 7NRU&UHDWHN)3 FO<HOORZN+3
PRGUiD]HOHQiDSRK\EXMHVD [ N;\ N<
NURNRP ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRPN'RSUHGX
NYSUDYRUDQGRPN'RSUHGX
NYSUDYRUDQGRPN'RSUHGX
LINY]G[\!WKHQN'RSUHGX
LINY]G[\!WKHQN'RSUHGX
LINY]G[\!WKHQN'RSUHGX
FDNDM
HQG
HQG
.RU\WQDN\VDQDY]iMRPYLGLD
VtQXV
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
WH[WRYpV~ERU\
7H[WRYpV~ERU\
YRYHWNFK~ORKiFKVLWUHEDGiYDSR]RUQDtWDQLH]DNRQFRPV~ERUX
SULULHHQt~ORKVDQHVP~SRXtYDDQLUHD]FHDQLSROLD
NRStURYDQLHV~ERUXEH]PHG]LHUQDNRQFLULDGNRY
1DStWHSURJUDPNWRU YDU
SUHNRStUXMHYVWXSQWH[WRY WW7H[W)LOH
V~ERUYVWXSW[WGRYVWXSQpKR ]FKDU
V~ERUXY\VWXSW[WWDNH SLQWHJHU
EHJLQ
DYVWXSQV~ERUQHEXGH $VVLJQ)LOHW
WHVWW[W
5HVHWW
REVDKRYDPHG]HU\NWRUpVD $VVLJQ)LOHW
WHVWW[W
5HZULWHW
QDFKiG]DOLYRYVWXSQRPV~ERUH S
QDNRQFLULDGNRY ZKLOHQRWHRIWGR
LIHROQWWKHQEHJLQ
ESRVWXSQRVPHG]LHUYR UHDGOQWZULWHOQWS
YVWXSQRPWH[WRYRPV~ERUHEXGH HQG
QDKUDGHQiLEDMHGQRXPHG]HURX HOVHEHJLQ
YULHHQtWUHEDLQFQDKUDGL UHDGW]
SULUDGHQtPYNRPHQWiUL LI]
WKHQLQFSS
HOVHEHJLQ
ZULWHW]SS
HQG
HQG
&ORVH)LOHW&ORVH)LOHW
HQG
SRXLWLHSRPRFQpKRV~ERUX
6~ERUJJJW[WE\EROQRUPiOQ\ FRQVW
WH[WRYNHE\]DNDGP]QDNRP PHQR
JJJW[W
ERODM]QDN]D YDU
QLHNWRUPLFKEDM~9\WYRUWH WW7H[W)LOH
QRUPiOQ\WH[WRYV~ERUJJJW[W WPSLQWHJHU
3RXLMHPHQRYpSUtND]\ ]FKDU
EHJLQ
5HQDPH)LOH2OG1HZVWULQJ WPS ZKLOH)LOH([LVWV,QW7R6WUWPSGRLQFWPS
5HQDPH)LOHPHQR,QW7R6WUWPS
'HOHWH)LOH1DPHVWULQJ $VVLJQ)LOHW,QW7R6WUWPS5HVHWW
$VVLJQ)LOHWPHQR5HZULWHW
)LOH([LVWVQDPHVWULQJ%RROHDQ ZKLOHQRWHRIWGREHJLQ
UHDGW]
LI] WKHQZULWHW
%XGHPHPXVLHSRXLSRPRFQ
HOVHLI]!WKHQZULWHW]
V~ERUNWRUQD]iYHU]UXtPH
HQG
0HQRSRPRFQpKRV~ERUX
&ORVH)LOHW&ORVH)LOHW
PXVtPHY\P\VOLHWDNpSUHNWRUp
'HOHWH)LOH,QW7R6WUWPS
HWHQHH[LVWXMHLDGHQV~ERU
HQG
3R]QQDJHQHURYDQLHPHQDSRPRFQpKRV~ERUX
H[LVWXM~SHFLDOL]RYDQpV\VWpPRYp
IXQNFLH*HW7HPS)LOH1DPH*HW7HPS'ULYH
Y\KRGHQLHNRPHQWiURY]SDVFDORYVNpKRSURJUDPX
3URJUDP]SDVFDORYVNpKR YDU
SURJUDPXY\KRGtYHWN\ WW7H[W)LOH
NRPHQWiUHY^`]iWYRUNiFK ]FKDU
3UHGSRNODGiPHHWLHWRV\PERO\ NRPERROHDQ
VDQHY\VN\WXM~YLDGQ\FK EHJLQ
UHD]FRFKYV~ERUH $VVLJQ)LOHW
WHVWSDV
5HVHWW
$VVLJQ)LOHW
WHVWSDV
5HZULWHW
NRP IDOVH
ZKLOHQRWHRIWGREHJLQ
UHDGW]
LI]
^
WKHQNRP WUXH
LIQRWNRPWKHQZULWHW]
LI]
`
WKHQNRP IDOVH
HQG
&ORVH)LOHW&ORVH)LOHW
PHPROLQHV/RDG)URP)LOH
WHVWSDV
HQG
NRU\WQDN\DV~ERU
'DQMHV~ERUFHOFKtVHO YDU
QDY]iMRPRGGHOHQFK N7.RU
PHG]HUDPLDNRQFDPLULDGNRY
1DStWHSURJUDPYNWRURPEXGH SURFHGXUHSRO\QGXLQWHJHU
NRU\WQDNDLQWHUSUHWRYDWHQWR EHJLQ
V~ERUQDVOHGRYQH ZKLOHQ!GREHJLQ
N'RSUHGXG
DNVDYULDGNXQDFKiG]DOHQ N9SUDYRX
MHGQRtVOR]QDPHQiGNXNURNXGHFQ
GRSUHGX HQG
DNVDYULDGNXQDFKiG]DM~GYH HQG
tVODV~WRGN\VWUiQREGQLND
YDU
NWRUPiNRU\WQDNDQDNUHVOLQD
W7H[W)LOH
SR]tFLLNGHVDSUiYHQDFKiG]D
[[[LLQWHJHU
DNVDYULDGNXQDFKiG]DM~WUL
EHJLQ
tVODV~WRSDUDPHWUHSURFHG~U\
$VVLJQ)LOHW
NRUW[W
5HVHWW
SRO\
N 7.RU&UHDWH
ZKLOHQRWVHHNHRIWGREHJLQ
0{HWHSUHGSRNODGDHVDY
UHDGW[
LDGQRPULDGNXV~ERUX
LIVHHNHROQWWKHQ
QHQDFKiG]DYLDFtVHODNRWUL
N'RSUHGX[
HOVHEHJLQ
UHDGW[
LIVHHNHROQWWKHQ
IRUL WRGREHJLQ
N'RSUHGX[N9SUDYR
N'RSUHGX[N9SUDYR
HQG
HOVHEHJLQ
UHDGW[
SRO\[[[
HQG
HQG
HQG
&ORVH)LOHW
HQG
tVODYV~ERUHRGGHOHQp
'DQMHV~ERUFHOFKtVHO YDU
RGGHOHQFKQDY]iMRP W7H[W)LOH
ERGNRLDUNDPLDNRQFDPL VXFHW[LQWHJHU
ULDGNRY=LVWLWHV~HWYHWNFK ]FKDU
tVHO EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
VXFHW
ZKLOHQRWVHHNHRIWGREHJLQ
[
UHSHDW
LIQRWHROQWWKHQUHDGW]
HOVH]
LI]!
DQG]
WKHQ
[ [
RUG]RUG
XQWLO]
LQFVXFHW[
HQG
&ORVH)LOHW
0HPR/LQHV$GG
V~HW
,QW7R6WUVXFHW
HQG
PD[LPXP]tVHOYV~ERUH
'DQMHV~ERUFHOFKtVHO YDU
RGGHOHQFKQDY]iMRP W7H[W)LOH
PHG]HUDPLDNRQFDPLULDGNRY PD[[LQWHJHU
1iMGLWHQDMYlLHtVOR EROERROHDQ
EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
ERO IDOVH
ZKLOHQRWVHHNHRIWGREHJLQ
UHDGW[
LIQRWERORU[!PD[WKHQEHJLQ
PD[ [ERO WUXH
HQG
HQG
&ORVH)LOHW
LIEROWKHQ
0HPR/LQHV$GG
PD[LPXP
,QW7R6WUPD[
HOVH
0HPR/LQHV$GG
LDGQHtVORYV~ERUH
HQG
GUXKpPLQLPXPYV~ERUH
'DQMHV~ERUFHOFKtVHO YDU
RGGHOHQFKQDY]iMRP W7H[W)LOH
PHG]HUDPLDNRQFDPLULDGNRY PLQPLQ[EROLQWHJHU
1iMGLWHGUXKpQDMPHQLHtVOR EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HVHWWERO
ZKLOHQRWVHHNHRIWGREHJLQ
UHDGW[
LIERO RU[PLQWKHQEHJLQ
PLQ PLQPLQ [
LIEROWKHQLQFERO
HQG
HOVHLIERO DQG[!PLQWKHQEHJLQ
PLQ [ERO
HQG
HOVHLIERO DQG[PLQDQG[!PLQWKHQ
PLQ [
HQG
&ORVH)LOHW
LIERO WKHQ
0HPR/LQHV$GG
PLQLPXP
,QW7R6WUPLQ
HOVH
0HPR/LQHV$GG
PiORtVHOYV~ERUH
HQG
DOLH~ORK\
9WH[WRYRPV~ERUHVORYDW[WMHYNDGRPULDGNXMHGQRVORYR1DStWHSURJUDPNWRUY\WYRUtV~ERU
QDMGOKVLW[WYNWRURPEXG~YHWN\VORYi]RYVWXSQpKRV~ERUXNWRUpPDM~GNXDNRQDMGOKLHVORYR
YVWXSQpKRV~ERUXQHKDGDMWHQDMSUYGNXQDMGOKLHKRVORYD]RYVWXSQpKRV~ERUX
1DStWHSURJUDPNWRUYSDVFDORYVNRPV~ERUHXSUDYtULDGN\REVDKXM~FH]QDNWDNWRPHG]HU\]D
9HWDMHSRVWXSQRVVORYXNRQHQiERGNRX6ORYiV~RGGHOHQpMHGQRXPHG]HURXDOHERNRQFRPULDGNX
6~ERUMHNRUHNWQtVHOQpIXQNFLH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
IXQNFLHD]QDNRYpUHD]FH
tVHOQpIXQNFLH
)LERQDFFLKRtVOD
DOLH~ORK\
1DStWHFHORtVHOQ~IXQNFLXVWURPLSDUDPHWUDPLFNDQNWRUiYVXQLHFLIUXFQDNWHPLHVWRVSUDYDY
EOtHQFDPL%OtHQFDPLVDQD]YDM~GYHSUYRtVODNWRUFKUR]GLHOMHQDSUDV~EOtHQFL
=QDNRYpUHD]FH
SDOLQGURP\
UHD]HF ZKLOHQRWHRIWGREHJLQ
UHDGOQWU5HVXOW 5HVXOWU
HQG
&ORVH)LOHW
HQG
DOLH~ORK\
9\OHSLWHIXQNFLXSDOLQGRUPWDNHLJQRUXMHPHG]HU\DQHUR]OLXMHPDOpDYHNpStVPHQi1DSUDMWRWR
V~SDOLQGURP\-HOHQRYLSLYRQHOHMDOHER.RE\OD0D0DO\%RN
1DStWHSURFHG~UXNWRUiYRYVWXSQRPUHD]FLQDKUDGtYHWN\YVN\W\
VDQDKUDGLD
YVXQXW~
PHG]HUXXQHQDKUiG]DMWH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
SROLD
3ROLD
HUDWRVWHQRYHVLWR
1DStWHSURFHG~UXNWRUiPHWyGRX SURFHGXUHHVLWR
HUDWRVWHQRYKRVLWDQiMGHDY\StHGR FRQVW
0HPRYHWN\SUYRtVODGRQ Q
NRQWDQWD YDU
HDUUD\>Q@RIERROHDQ
LMLQWHJHU
VVWULQJ
EHJLQ
0HPR/LQHV&OHDUV
IRUL WRQGRH>L@ WUXH
IRUL WRQGR
LIH>L@WKHQEHJLQ
V V,QW7R6WUL
M LL
ZKLOHM QGREHJLQ
H>M@ IDOVHLQFML
HQG
HQG
0HPR/LQHV$GGV
HQG
IUHNYHQQiWDEXNDStVPHQYV~ERUH
1DStWHSURJUDPNWRUSUHtWD]R YDU
YVWXSQpKRV~ERUXWH[WDSR
D W7H[W)LOH
Y\StHYDEHFHGQRPSRUDGtPDOp SDUUD\>
D
]
@RILQWHJHU
StVPHQiNWRUpVDYRPY\VN\WOLSUiYH]FKDU
UD] EHJLQ
$VVLJQ)LOHW
WHVWW[W
5HVHWW
GRUREWHWDNDE\VDQHUR]OLRYDOL IRU] ORZSWRKLJKSGRS>]@
PDOpDYHNpStVPHQi ]
ZKLOHQRWHRIWDQG]!
GREHJLQ
UHDGW]
LI]!
D
DQG]
]
WKHQLQFS>]@
HQG
&ORVH)LOHW
IRU] ORZSWRKLJKSGR
LIS>]@ WKHQ0HPR/LQHV$GG]
HQG
F\NOLFNSRVXQSRD
3URFHG~UDSRVXQF\NOLFN\SRVXQLHSUYN\ W\SH
SRDRMHGHQYSUDYRQHSRXLMHSRPRFQp SROH DUUD\>@RILQWHJHU
SROH
SURFHGXUHSRVXQYDUSSROH
YDU
LSLQWHJHU
EHJLQ
S S>KLJKS@
IRUL KLJKSGRZQWRORZSGR
S>L@ S>L@
S>ORZS@ S
HQG
SROHtVHOGRUHD]FD
)XQNFLD3ROH7R6WUY\WYRUtUHD]HF] W\SH
SUYNRYFHORtVHOQHKRSRDSULSUDYHQ SROH DUUD\>@RILQWHJHU
QDYSLV
IXQFWLRQ3ROH7R6WUYDUSSROHVWULQJ
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL ORZSWRKLJKSGR
5HVXOW 5HVXOW,QW7R6WUS>L@
HQG
DOLH~ORK\
0iPHSROHFLILHUDUUD\>@RIUHSUH]HQWXM~FHGHVDFLIHUQptVOD9\WYRUWHIXQNFLHNWRUp]
WDNpKRWRW\SXY\WYRULDLQWHJHUDQDVSl]LQWHJHUXGDQW\S9\WYRULIXQNFLXQDVtWDQLHGYRFKWDNFKWR
tVHO
9SROL$V~OHQDOHER1DStWHSURFHG~UXNWRUiKRXWULHGLY]RVWXSQH1LHMHSRYROHQpQDMSUYVSRtWD
SRHWDSRWRPWHQWRSRHWSULUDGLGRSUYFKSUYNRYSRDD]Y\RNGRSOQL0{HWHSUYRNSRD
XFKRYDGRQHMDNHMSUHPHQQHMDSRWRPKRSULUDGLGRLQpKRSUYNXUHVSY\PHQLREVDK\GYRFK
SUHPHQQFK5LHWHW~WR~ORKXDNV~SUYNDPLSRDD
3URFHG~UDSRVXQ.F\NOLFN\SRVXQLHSUYN\SRDRNSUYNRYYSUDYRQHSRXLMHSRPRFQpSROHDQLYF\NOH
NNUiWQHSRV~YDMWHRSUYRN
3ROHNRU\WQDLHN
QXKROQtN
1DMSUYXPLHVWQLPHQ FRQVW
NRU\WQDLHNYRYUFKRORFK Q G S
SUDYLGHOQpKRQXKROQtNDQD YDU
NUXQLFLVSRORPHURPG NDUUD\>Q@RI7.RU
LMYLQWHJHU
3RWRPVDQDWRLDWDNHNDGi EHJLQ
MHVPHURPNVYRMHM IRUL WRQGREHJLQ
QDVOHGXM~FHM.RQWDQWDS N>L@ 7.RU&UHDWH
XUXMHRNRNRMHQDVOHGXM~FD ZLWKN>L@GREHJLQ
NRU\WQDNDQDSUS 3+6PHU L
Q'RSUHGXG
]QDPHQiHQDVOHGXM~FRXMH HQG
HQG
IRUL WRQGR
1D]iYHUYHWN\QDUD]SUHMG~ ZLWKN>L@GREHJLQ
Y]GLDOHQRVNVYRYHM M LSPRGQ
QDVOHGXM~FHMNURNRP 6PHU 6PHURPN>M@;N>M@<
3'
HQG
Y URXQGN>SPRGQ@9]GN>@;N>@<
IRUM WRYGREHJLQ
IRUL WRQGR
N>L@'RSUHGX
FDNDM
HQG
HQG
NU~HQLHQNRU\WQDLHN
8PLHVWQLWHURYQRPHUQHQ FRQVW
NRU\WQDLHNQDYRGRURYQHM Q
SULDPNHDNDG~SRVWXSQH YDU
QDWRWHRVWXSRY3RWRPVD LLQWHJHU
EXGHNDGiSRK\ERYDSR NDUUD\>Q@RI7.RU
VYRMHMNUXQLFL'RSUHGXD [[\\UHDO
9SUDYRSULRPYNDGRP EHJLQ
NURNXY\NUHVOtPH~VHN\NWRUp IRUL WRQGREHJLQ
VSiMDM~GYHVXVHGQp N>L@ 7.RU&UHDWH
LL
NRU\WQDN\ N>L@+3
HQG
ZKLOHWUXHGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
]PD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
[[ [\\ \=PHQ;<N>L@;N>L@<
=PHQ;<[[\\
HQG
FDNDM
HQG
HQG
QSRRYQtNRYQDKiDMHGQXNRU\WQDNX
QQiKRGQHUR]PLHVWQHQFK FRQVW
NRU\WQDLHNQDKiDMHGQX Q G NRHI VWYRUHF
NRU\WQDNXNWRUiFKRGtSR YDU
REYRGHWYRUFDVNRQWDQWQP NDUUD\>Q@RI7.RU
NURNRPGQDKiDM~FH LMLQWHJHU
NRU\WQDN\VDKEXVNURNRP EHJLQ
]PD]
NRHI
G3RGDNRHILFLHQWXNRHI
EXG~Y]QLNDU{]QHNULYN\ N>@ 7.RU&UHDWH
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWHUDQGRPVLUNDUDQGRPY\VND
N>L@)3 UDQGRP
YLPQLWHVLHSUL N>L@+3
QDVWDYHQtQiKRGQHMIDUE\VPH HQG
SRXLOL IRUM WRGREHJLQSRHWNURNRYQDKiDN\
ZLWKN>@GREHJLQ
UDQGRP 'RSUHGXG
LIMPRGVWYRUHF WKHQ9SUDYR
QDPLHVWR HQG
IRUL WRQGR
5*%UDQGRP ZLWKN>L@GREHJLQ
UDQGRP 6PHU 6PHURPN>@;N>@<
UDQGRP 'RSUHGXG
NRHI
HQG
YWRPWRSUtSDGHWRGiYD FDNDM
URYQDNpYVOHGN\ HQG
HQG
DOLH~ORK\
1NRU\WQDLHNMHQD]DLDWNXURYQRPHUQHUR]RVWDYHQFKQDYRGRURYQHMSULDPNHYHWN\V~QDWRHQpQD
VHYHUNRU\WQDN\EXG~VWiOHFKRGLQHMDNRXUFKORVRXQDSUSUYiNURNRPGUXKiNURNRP$N
SUHNURLDKUDQLFXDOHERWDNVDRWRLDDLG~RSDQPVPHURP=DEH]SHWHDE\NRU\WQDN\
QLNG\QHY\OL]KUDQtFD
1DSORFKHMH1QiKRGQHUR]RVWDYHQFKNRU\WQDLHN3UYi]QLFKFKRGtVWiOHURYQROHQQDRNUDMLSORFK\VD
RGUD]tDNRJXOHQtNRYiJXDQDRNUDMLVWROD9HWN\RVWDWQpVDQDY]iMRPQDKiDMXGUXKiLGHVWiOH]D
SUYRXWUHWLD]DGUXKRX
SRPRFRXSRDNRU\WQDLHNQDNUHVOLWHSUDYLGHOQ1XKROQtNVRYHWNPLXKORSULHNDPLWDNHXKORSULHN\
VDEXG~Y\NUHVRYDQDUD]NDG~XKORSULHNXEXGHNUHVOLMHGQDNRU\WQDND]DEH]SHWHDE\MX
NUHVOLODQDNURNRYYG\GN\
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
]i]QDP\
7\S=i]QDP
NRPSOH[QptVOR
SUHW\SNRPSOH[QptVORY\WYRUWHWLHWR W\SH
IXQNFLH NRPSOH[ UHFRUGULUHDOHQG
LIDU!WKHQ
5HVXOW )ORDW7R67UDU
LIDL!WKHQEHJLQ
LIDL WKHQ5HVXOW 5HVXOW
L
HOVHLIDLWKHQ
5HVXOW 5HVXOW)ORDW7R67UDL
L
HOVHEHJLQ
LI5HVXOW!
WKHQ5HVXOW 5HVXOW
LIDL WKHQ5HVXOW 5HVXOW
L
WKHQ5HVXOW
HQG
IUHNYHQQiWDEXNDNUVQFKPLHQ
GHNODUiFLH
GHILQXMWHSROH]i]QDPRYNWRUp FRQVW
REVDKXM~PHQRDSRHWYVN\WRY PD[
W\SH
]D]QDP UHFRUG
PHQRVWULQJ
NRONRLQWHJHU
HQG
YDU
SROHDUUD\>PD[@RI]D]QDP
QLQWHJHUSRHWPLHQYWDEXNH
KDGDM
SURFHGXUHY\SLV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
0HPR/LQHV$GGSROH>L@PHQR
,QW7R6WUSROH>L@NRONR
HQG
DOLH~ORK\
Y\OHSHQiYHU]LDXWULHGHQiWDEXNDSUL]DUDRYDQtELQiUQHY\KDGiYDQLH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
GYRMUR]PHUQpSROLDREUi]N\
'YRMUR]PHUQpSROLD
YSLVGYRMUR]PHUQpKRtVOHQpKRSRD
SURFHG~UDY\SLVNWRUiGRWH[WRYHMSORFK\ FRQVW
Y\StHREVDKGYRMUR]PHUQpKRSRDFHOFK P Q VLUND
tVHOP[QGUXKPSDUDPHWURPSURFHG~U\MH
SUHPHQiW\SX76WULQJVDE\VPHMXPRKOL W\SH
YRODQDSUSUH0HPR/LQHV SROH DUUD\>PQ@RILQWHJHU
IRUM WRQGREHJLQ
V
,QW7R6WUS>LM@
V VFRS\VOHQJWKVVLUNDPD[LQW
HQG
W$GGV
HQG
HQG
RtVORYDQLHSUYNRYSRD
]DSOWHGYRMUR]PHUQpSROHP[QSRVWXSQHSR YDU
ULDGNRFKtVODPLP
Q SSROH
LMNLQWHJHU
EHJLQ
N
IRUL WRPGR
IRUM WRQGREHJLQ
S>LM@ NLQFN
HQG
Y\SLVS0HPR/LQHV
HQG
QiKRGQpKRGQRW\
]DSOWHGYRMUR]PHUQpSROHP[QQiKRGQH YDU
tVODPLP
QWDNDE\YRPNDGptVOR SSROH
ERORSUiYHUD] LMNSRFHWLQWHJHU
KDUUD\>P
Q@RILQWHJHU
EHJLQ
IRUL WRP
QGRK>L@ L
SRFHW P
Q
IRUL WRPGR
IRUM WRQGREHJLQ
N UDQGRPSRFHW
S>LM@ K>N@
K>N@ K>SRFHW@GHFSRFHW
HQG
Y\SLVS0HPR/LQHV
HQG
]DSDQLHLNPR
]DSOWHGYRMUR]PHUQpSROHP[QSRVWXSQH YDU
tVODPLP
QLNPRQDSU SSROH
LMNLQWHJHU
EHJLQ
N
IRUL WRPQGR
IRUM WRLGR
LIM PDQGLM QWKHQEHJLQ
S>MLM@ NLQFN
HQG
Y\SLVS0HPR/LQHV
HQG
DOLH~ORK\
]DSOWHSUYN\REGQLNRYHMWDEXN\0[1tVODPLP[QYSRUDGtYDNRPOHLDQDSLUiOHYHG~FHM]
DYpKRKRUQpKRURKXGRVWUHGX
2EUi]RNDNRGYRMUR]PHUQpSROHIDUHEQFKERGRYSL[HORY
YRIRUPXOiULPiPHGYHJUDILFNpSORFK\,PDJHD,PDJHV~URYQDNRYHNpWYRUFRYpQDSU[
Y,PDJHXPiPHQDtWDQ~QHMDN~ELWPDSXQDSUSRPRFRX,PDJH3LFWXUH/RDG)URP)LOHWLJHUEPS
RWRHQLHYSUDYR
GR,PDJHVDSUHNRStUXMH,PDJH YDU
RWRHQRVWXSRYYSUDYRY JJ7&DQYDV
VPHUHRWiDQLDKRGLQRYFKUXLLHN [\ZLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
Z ,PDJH:LGWK
IRU\ WRZGREHJLQ
IRU[ WRZGR
J3L[HOV>Z\[@ J3L[HOV>[\@
J3L[HOV>\Z[@ J3L[HOV>[\@RWRYDYR
,PDJH5HSDLQW
HQG
HQG
RWiDQLHQDPLHVWH
RWRWH,PDJHQDPLHVWHEH] YDU
SRPRFQpKR,PDJHDEH]SRD J7&DQYDV
[\ZLQWHJHU
REUi]RNUR]GHOtPH F7&RORU
XKORSULHNDPLQDW\UL EHJLQ
NYDGUDQW\ J ,PDJH&DQYDVZ ,PDJH:LGWK
IRU\ WRZGLYGREHJLQ
NDGERG]MHGQpKR IRU[ \WRZ\GREHJLQ
NYDGUDQWXSRVWXSQH F J3L[HOV>[\@
RWRtPHRVWXSRY J3L[HOV>[\@ J3L[HOV>Z\[@
WMQDUD]RWRtPH J3L[HOV>Z\[@ J3L[HOV>Z[Z\@
V\PHWULFNpERG\ J3L[HOV>Z[Z\@ J3L[HOV>\Z[@
J3L[HOV>\Z[@ F
HQG
,PDJH5HSDLQW
HQG
HQG
]YOQHQREUi]RN
SUHNRStUXMWHREUi]RN],PDJHGR YDU
,PDJHWDNHNDGULDGRNMH JJ7&DQYDV
SRVXQXWRXSUDYHQ~IXQNFLXVtQXV [\SRVXQZLQWHJHU
QDSU EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
Z ,PDJH:LGWK
IRU\ WRZGREHJLQ
SRVXQ URXQG
VLQ\
SL
IRU[ WRZGR
J3L[HOV>[SRVXQ\@ J3L[HOV>[\@
,PDJH5HSDLQW
HQG
HQG
REUi]RNGRWH[WRYpKRV~ERUX
Y\WYRUWHWH[WRYV~ERUNWRUEXGHY YDU
NDGRPULDGNXREVDKRYDIDUE\ J7&DQYDV
ERGRYULDGNDREUi]NX7&RORUV~ [\LQWHJHU
YODVWQHLQWHJHU W7H[W)LOH
EHJLQ
J ,PDJH&DQYDV
$VVLJQ)LOHW
WLJHUW[W
5HZULWHW
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGR
ZULWHWJ3L[HOV>[\@
ZULWHOQW
HQG
&ORVH)LOHW
HQG
REUi]RN]WH[WRYpKRV~ERUX
]REUD]WHREUi]RNXORHQYWH[WRYRP YDU
V~ERUH J7&DQYDV
[\ILQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WLJHUW[W
5HVHWW
J ,PDJH&DQYDV\
ZKLOHQRWVHHNHRIWGREHJLQ
[
ZKLOHQRWVHHNHROQWGREHJLQ
UHDGWIJ3L[HOV>[\@ ILQF[
HQG
UHDGOQW,PDJH5HSDLQWLQF\
HQG
&ORVH)LOHW
HQG
UR]WYUWHQLHREUi]ND
REUi]RN],PDJH]PHQtPHQD YDU
WYUWLQXDW\ULNUiWSUHNRStUXMHPHGR JJ7&DQYDV
,PDJHNDGiWDNiWRWYUWLQDEXGH [\[[\\ZZLQWHJHU
REVDKRYDLQpERGN\]S{YRGQpKR EHJLQ
REUi]NDWM]S{YRGQpKRREUi]ND J ,PDJH&DQYDVJ ,PDJH&DQYDV
]REHULHPHWYRULFHERGRY[D Z ,PDJH:LGWKZ ZGLY
NDG~]WFKWRERGLHNUR]GHOtPHGR IRU\ WRZGREHJLQ
LQHMWYUWLQ\QDSU IRU[ WRZGREHJLQ
[[ [GLY[PRG
Z
\\ \GLY\PRG
Z
J3L[HOV>[[\\@ J3L[HOV>[\@
HQG
,PDJH5HSDLQW
HQG
HQG
~SUDYD5*%
SUHNRStUXMWHREUi]RN],PDJHGR YDU
,PDJHWDNHSULWRPVD]IDUE\ JJ7&DQYDV
NDGHMERGN\QDMSUYY\UREtWURMLFD [\ZLQWHJHU
]ORLHN5*%DSRWRPVDYNDGHM UJEE\WH
]ORNHY\QXOXM~VSRGQpELW\QDSUU I7&RORU
GLY
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
YL]XiOQHSRURYQDMWHRED Z ,PDJH:LGWK
REUi]N\ IRU\ WRZGREHJLQ
IRU[ WRZGREHJLQ
I J3L[HOV>[\@U *HW59DOXHI
J *HW*9DOXHIE *HW%9DOXHI
U UGLY
J JGLY
E EGLY
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
DOLH~ORK\
SRVOHGQSUtNODGP{HWHY\XLWDNHGRREUi]ND]DNyGXMHWHQHMDNWH[WRYV~ERUYNDGHM]ORNH5*%
QDMSUYY\QXOXMHWHVSRGQpELW\DSRWRPVHPYORtWHELW\]WH[WRYpKRV~ERUXNDGEDMWV~ERUXVD
SRVWXSQHUR]GHOtQDGYDSROEDMW\EDMW\EDMWGLYDEDMWPRG
SRGREQHVDGi]DNyGRYDGRYRQFKSROEDMWRYDM~SOQHLQREUi]RNGRNDGpKR5*%GRMHKR
VSRGQFKSROEDMWRYNDGpKRSL[HOXYORtPHKRUQpELW\REUi]NDQDMOHSLHURYQDNpKRUR]PHUX
SRN~VWHVDWRXWRPHWyGRXRGKDOLDNREUi]RNMHXNU\WYWLJHUEPS
DMLGHXUR]WYUWHQLDREUi]NDQLHNHG\P{HPHSRYDRYD]D]DNyGRYDQLHQDSURJUDPXMWHRSDQ~PHWyGX
NUR]WYURYDQLX]NDGHMWYUWLQ\VDSRVWXSQHVNODGDM~]RGSRYHGDM~FHSL[HO\DNE\VPHDOHQHPDOL
UR]WYUWHQMHGHQREUi]RNDOHQDSUW\ULU{]QHWDNWDNpWRVNODGDQLHWYUWtQQiPWLHWRWYUWLQRYpREUi]N\
SRPLHDSR]ULWHQDSUV~ERUVW\ULEPSRE\DMQpUR]WYURYDQLHQiPWHUD]YUiWLS{YRGQVWDY
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
PQRLQ\
0QRLQ\
QDVOHGXM~~ORK\QDPQRLQXtVHOSUHYHWN\SUHGSRNODGiPHWLHWRGHNODUiFLH
W\SH
ED]D
PQR]LQD VHWRIED]D
IXQNFLDY\WYRUt]PQRLQ\UHD]HF
QiKRGQpJHQHURYDQLHPQRLQ\ IXQFWLRQJHQHUXMPQR]LQD
YDU
SUHNDGSUYRNKRGtPHPLQFX LED]D
SRGDYVOHGNX]DUDGtPHQH]DUDGtPHEHJLQ
GRYVOHGNX 5HVXOW >@
IRUL ORZED]DWRKLJKED]DGR
LIUDQGRP WKHQ5HVXOW 5HVXOW>L@
HQG
SRHWSUYNRYPQRLQ\
DOLH~ORK\V~QDPQRLQX]QDNRYSUHYHWN\SUHGSRNODGiPHWLHWRGHNODUiFLH
W\SH
]PQR]LQD VHWRIFKDU
StVPHQiYUHD]FL
]
5HVXOW 5HVXOW
@
LI5HVXOW>@
WKHQGHOHWH5HVXOW
HQG
]PQRLQ\UHD]H
IRU]
WRGR
LI]LQPQWKHQ
5HVXOW 5HVXOW]
HQG
SRHWSUYNRY
DOLH~ORK\
IXQNFLDSUH]DGDQpQY\WYRUtPQRLQXYHWNFKGHOLWHRYQNWRUpV~PHQLHDNR
Y\WYRULPQRLQXYHWNFKtVHOGRNWRUpREVDKXM~FLIUX
Y\WYRULPQRLQXYHWNFKtVHOGRYNWRUHMSUHYHWN\SUYN\SODWtHYLFKGYRMNRYRP]iSLVHMH
SiUQ\SRHWFLILHUDMY\P\VOLWHVLDMLQpSRGPLHQN\QDSUURYQDNSRHWDDSRG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
ELWPDS\
%LWPDS\
FHQWURYDQLH
Y\FHQWURYDQLHREUi]ND YDU
REUD]RNEPSGR,PDJH EPS7%LWPDS
[\LQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
REUD]RNEPS
[ ,PDJH:LGWKEPS:LGWKGLY
\ ,PDJH+HLJKWEPS+HLJKWGLY
,PDJH&DQYDV'UDZ[\EPS
EPS)UHH
HQG
RSHLDWNXMREUi]RNDNV~]QiPHV~UDGQLFHMHKRVWUHGX
QDWLDKQXWLHVR]DFKRYDQtPSRPHUXVWUiQ
PD[SRXLMHPHPLQ
REUi]RNYPULHNHYJULGH
GYHELWPDS\EPSEPSD YDU
EPSEPSV~URYQDNRYHNp EPSEPS7%LWPDS
Y\NDFKOLNRYDDFKRYQLFRYR [\LQWHJHU
EEERROHDQ
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPSEPS
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPSEPS
\ E WUXH
ZKLOH\,PDJH+HLJKWGREHJLQ
[ E E
ZKLOH[,PDJH:LGWKGREHJLQ
LIEWKHQ,PDJH&DQYDV'UDZ[\EPS
HOVH,PDJH&DQYDV'UDZ[\EPS
LQF[EPS:LGWKE QRWE
HQG
LQF\EPS+HLJKWE QRWE
HQG
EPS)UHHEPS)UHH
HQG
QDMYlLDELWPDSD
PiPHELWPiSEEPS YDU
EEPSEEPS EPS7%LWPDS
LLPD[VXFPD[LQWHJHU
QDMYlLX]WFKWRELWPiS EHJLQ
WUHEDY\NUHVOLGR,PDJH EPS 7%LWPDS&UHDWH
PD[
QDMYlLDQHFKMHQDSUV IRUL WRGREHJLQ
QDMYltPV~LQRPLUN\D EPS/RDG)URP)LOH
E
,QW7R6WUL
EPS
YN\ VXF EPS:LGWK
EPS+HLJKW
LIVXF!PD[WKHQEHJLQ
PD[ VXFLPD[ L
HQG
HQG
EPS/RDG)URP)LOH
E
,QW7R6WULPD[
EPS
ZLWK,PDJH&DQYDVGREHJLQ
'UDZEPS
)RQW&RORU FO5HG
7H[W2XW
,QW7R6WUEPS:LGWK
[
,QW7R6WUEPS+HLJKW
HQG
EPS)UHH
HQG
DOLH~ORK\
GDQpV~ELWPDS\EEPSEEPSE1EPS]LVWLQDMYlLXtUNXDQDMYlLXYNXDSRWRPYWDNRPWR
JULGHY\NUHVOLYHWN\ELWPDS\GR,PDJHQDSU,PDJHMH[PD[LPiOQDtUNDERODDYND
WMJULGMH[SRWULELWPDS\YMHGQRPULDGNXGRSUYpKRULDGNDVDY\NUHVOLDEEPSEEPS
GRGUXKpKRRG\V~UDGQLFHEEPSEEPS
3UpPLRYiGRPiFD~ORKD
QDStWHSURJUDPNWRUY\StHXERYRQSDVFDORYVNSURJUDPVY\VYLHWHQtPOH[pP
YHWN\UH]HUYRYDQpVORYiEXG~WXQPStVPRPEROG
HUYHQpQDSUDM
DEFG
HIJK
]UHMPHSRXLMHWHVNHQHU]SUHGQiN\GRNWRUpKRGRSOQtWHFKEDM~FHDVWL
YSLVEXGHYQHSURSRUQRPIRQWHQDSU&RXULHU1HZ
YVWXSP{HE\
GR&DQYDVXQHMDNHMJUDILFNHMSORFK\WRWREXGHQDMPHQHMKRGQRWHQpULHHQLH
GRNRPSRQHQWX5LFK(GLWSRGREQ0HPRDOHXPRXMHQDVWDYRYDWOIRQWXDIDUE\
GRV~ERUXYRIRUPiWH+70/
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
UHNXU]LD
UHNXU]tYQHtVHOQpIXQNFLH
YHWN\WLHWRUHNXU]tYQHIXQNFLHE\VDGDOL]DStVDDMEH]UHNXU]LHQDSUSRPRFRXF\NORYQDRX~ORKRXMH
QDFYLLVDULHLWLHWR~ORK\UHNXU]tYQHKRFLPQRKRNUiWV~WRYHPLQHHIHNWtYQHULHHQLD
NWDPRFQLQDtVODQ
DOLH~ORK\
UHNXU]tYQHQiVREHQLHGYRFKFHOFKtVHOSRPRFRXV~WX
YUHNXU]tYQRPDOJRULWPHNWHMPRFQLQ\PLQLPDOL]XMWHSRHWQiVREHQtQDSUSUHYSRHWVWDLD
QiVREHQLDOHER[VDGiXURELQDQiVREHQLHDWHGD
SRGREQHVDGiRSWLPDOL]RYDDMV~HW
UHNXU]LDD]QDNRYpUHD]FH
VUHD]FDPLVDYHPL]ULHGNDSUDFXMHSRPRFRXUHNXU]LHYlLQRXYSUD[LVDSRXtYDM~QHUHNXU]tYQH
DOJRULWP\SRPRFRXF\NORY
SDOLQGRUP
SUHYUiWHQLHUHD]FD
SUHYUiWHQLHSRUDGLDULDGNRYYV~ERUH
EHJLQ
$VVLJQ)LOHWPHQR5HVHWW
$VVLJQ)LOHW
[
PHQR5HZULWHW
SUHYUDW
&ORVH)LOHW&ORVH)LOHW
HQG
SUHYUiWHQLHREVDKXV~ERUXYHU]LD
YSUHGFKiG]DM~FRPSUtNODGH SURFHGXUHSUHYUDW
EXGHPHPHQLOHQYQRUHQ~ YDU
SURFHG~UXSUHYUDW ]FKDU
EHJLQ
YHU]LDULHHQLDMHYHPLSRGREQiLIHRIWWKHQQL
SUHYUDFDQLXSRUDGLDULDGNRYOHQ HOVHEHJLQ
VDtWDD]DSLVXMHSRMHGQRP UHDGW]
]QDNXSUREOpPY]QLNiVGYRMLFRX SUHYUDW
]QDNRY LI] WKHQZULWHOQW
HOVHLI]!WKHQZULWHW]
HQG
HQG
SUHYUiWHQLHREVDKXV~ERUXYHU]LD
YHU]LDY\XtYDUHD]FRY~ SURFHGXUHSUHYUDW
IXQNFLXSUHYUDWNWRUiSUHYUDFLD YDU
]QDNRYUHD]HF VVWULQJ
EHJLQ
LIHRIWWKHQQL
HOVHEHJLQ
UHDGOQWV
SUHYUDW
ZULWHOQWSUHYUDWV
HQG
HQG
DOLH~ORK\
QDStWHUHNXU]tYQXIXQNFLXNWRUiY\JHQHUXMH]QDNRYUHD]HFQKYLH]GLLHNQDSUKY
QDStWHUHNXU]tYQXIXQNFLXNWRUiSUHGDQpQYUiWL]QDNRYUHD]HF]ORHQ]WRNFKKYLH]GLLHN
DNRMHQWpILERQDFFLKRtVORYRIXQNFLLQHSRXtYDMWHLQptVOHQpSUHPHQQpRNUHPIRUPiOQHKR
SDUDPHWUDQ
UHNXU]tYQHNULYN\
YHWN\NULYN\NUHVOtPHSRPRFRXNRU\WQDN\NWRUiMH]DGHILQRYDQiYJOREiOQHMSUHPHQQHMNDMH
Y\WYRUHQiQLHNGHYVWUHGHSORFK\
SULULHHQt~ORKVDVQDWHY~WYDUH~URYQHQQiMV~WYDU~URYQHQDWLHSRVWXSDNRWRY\XLMHWH
WURMXKROQtN\
HOVHEHJLQ
N'RSUHGXV
N9ODYR
WURMXKROQV
N9SUDYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
HQG
HQG
WURMXKROQtNRYiS\UDPtGD
SURFHGXUHWURMXKROQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
N'RSUHGXV
XYHGRPWHVLHWHQWRREUi]RNY]QLNRO N9ODYR
MHGQPDKRP IRUL WRGREHJLQ
WURMXKROQV
DNRE\VWHPRKOLY\XLWHQWR N9SUDYR
DOJRULWPXVQDQDNUHVOHQLH HQG
UHNXU]tYQHKRREUi]NDWURMXKRO N9SUDYR
MHGQPDKRP" N'RSUHGXV
HQG
HQG
WURMXKROQtNRYiS\UDPtGD
HOVH
IRUL WRGREHJLQ
N'RSUHGXV
YORFNDQV
N'RSUHGXV
N9SUDYR
HQG
HQG
DOLH~ORK\
SRN~VWHVDQLHNWRU~]WFKWR~ORKY\ULHLEH]NRU\WQDN\OHQWDQGDUGQPLSUtND]PLJUDILFNHM
SORFK\0RYH7RD/LQH7R
QiMGLWHSRVWXSSUH
QDVOHGXM~FLUHNXU]tYQ\REUi]RNY]QLNROURYQDNPSRVWXSRPOHQQDPLHVWR]DWRHQLDYDYRUHVS
YSUDYRRVWXSRYVDQDMSUYRWRtRSRWRPXUREtPDONURNDSRWRPRSlR
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
P\DVRYD
P\
QiKRGQpREGQLN\DHOLSV\
SURJUDPNWRUSRNOLNQXWtDYP YDU
WODLGORPP\LGRJUDILFNHMSORFK\ J7FDQYDV
QDNUHVOtQDGDQHMSR]tFLLREGQLN
QiKRGQFKUR]PHURYDSRNOLNQXWt SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
SUDYPWODLGORPP\LQDNUHVOtHOLSVX EHJLQ
QiKRGQFKUR]PHURY 'RXEOH%XIIHUHG WUXH
J ,PDJH&DQYDV
DNMHSULNOLNDQtVWODQHQNOiYHV6KLIW J%UXVK6W\OH EV&OHDU
NUHVOtPHWYRUHFDNUXQLFX HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DELQWHJHU
EHJLQ
D UDQGRP
LIVV6KLIWLQ6KLIWWKHQE D
HOVHE UDQGRP
LIVV/HIWLQ6KLIWWKHQ
J5HFWDQJOH[D\E[D\E
HOVHLIVV5LJKWLQ6KLIWWKHQ
J(OOLSVH[D\E[D\E
HQG
REGQLN
DKDQtPP\LVDQDDKXMHREGQLN YDU
EPS7%LWPDS
[\LQWHJHU
WDKDPERROHDQ IDOVH
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
,PDJH&DQYDV%UXVK6W\OH EV&OHDU
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
EPS 7%LWPDS&UHDWH
EPS$VVLJQ,PDJH3LFWXUH
[ ;\ <
WDKDP WUXH
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LIWDKDPWKHQEHJLQ
,PDJH&DQYDV'UDZEPS
,PDJH&DQYDV5HFWDQJOH[\;<
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
EPS)UHH
WDKDP IDOVH
HQG
DOLH~ORK\
DKDQtPVDNUHVOtNUXQLFDVRVWUHGRPYSRLDWRQRPERGHDKDQLD
NUHVOHQLHQDVOHSRNPVDQLHRNUHVOtGRSORFK\DKDQtPP\RXYJUDILFNHMSORFKHVDQLQHPHQtD
SRSXVWHQtWODLGODP\LVDQDR]DMQDNUHVOt]DGDQiNUHVED
SRGREQPPHFKDQL]PRPVDGi]DEH]SHLGRGDWRQpSUHIDUEHQLHQDNUHVOHQHMLDU\LQRXIDUERXUHVS
LQRXKU~ENRX
P\DNRU\WQDND
LDUDVKYLH]GLNDPL
DKDQLHP\RXNUHVOtPDOpKYLH]GLN\ YDU
QiKRGQiYHNRVRGGRSULRP N7.RU
QRYiKYLH]GLNDVDQDNUHVOtDNHMHM NUHVOLERROHDQ
Y]GLDOHQRVRGSUHGFKiG]DM~FHMMH
DVSR SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRUR]PDMWHRE\VDPXVHOR N 7.RU&UHDWH
]PHQLDE\VDNRU\WQDNDKEDOD NUHVOL IDOVH
VSROXVP\RXDSULWRPE\VDNUHVOLOL HQG
KYLH]GLN\
SURFHGXUHKYLH]GLFNDV[\LQWHJHU
YDU
LLQWHJHU
EHJLQ
N3UHVXQ;<[\
SRO\V
IRUL WRGREHJLQ
N'RSUHGXVN9SUDYR
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
NUHVOL 6KLIW >VV/HIW@
LINUHVOLWKHQ
KYLH]GLFNDUDQGRP;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LINUHVOLDQGNY]G;<! WKHQ
KYLH]GLFNDUDQGRP;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
NUHVOL IDOVH
HQG
SURJUDPYNWRURPNRU\WQDNDYG\SULVWODHQtWODLGODP\LNUHVOtSRGDSRK\EXP\L6~DVQHVWRXWR
NRU\WQDNRXY\WYRUWHMHMNySLHSRGDRVt[D\NWRUpEXG~NUHVOL]UNDGORYRSRGDSUtVOXQHMRVL
LQLFLDOL]iFLD
YDU
NDUUD\>@RI7.RU
NUHVOLERROHDQ
ZKLQWHJHULUNDDYNDSORFK\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
]PD]
Z ,PDJH:LGWKK ,PDJH+HLJKW
NUHVOL IDOVH
HQG
]DWODHQLHDYpKRWODLGODP\LY\WYRUtNRU\WQDN\
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
NUHVOL 6KLIW >VV/HIW@
LINUHVOLWKHQEHJLQ
N>@ 7.RU&UHDWH;<
N>@ 7.RU&UHDWHZ;K<
N>@ 7.RU&UHDWHZ;<
N>@ 7.RU&UHDWH;K<
HQG
HQG
DKDQLHP\LSRV~YDYHWN\NRU\WQDN\
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LINUHVOLWKHQEHJLQ
N>@=PHQ;<;<
N>@=PHQ;<Z;K<
N>@=PHQ;<Z;<
N>@=PHQ;<;K<
HQG
HQG
SXVWHQLHP\LXYROQtYHWN\NRU\WQDN\
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
LINUHVOLWKHQEHJLQ
N>@)UHHN>@)UHHN>@)UHHN>@)UHH
NUHVOL IDOVH
HQG
HQG
DOLH~ORK\
NOLNQXWLHQDSUi]GQHPLHVWRY\WYRUtQRY~NRU\WQDNXDQDWRPWRPLHVWHWiWRQDNUHVOtYHN~ERGNX]NWRUHM
WUt~VHNDY\MDGUXM~FDVPHQDWRHQLDNRU\WQDN\WDNWR]REUD]HQiNRU\WQDNDYSORFKHVDGiSUHV~YD
QDLQ~SR]tFLXDKDQtP]DYHN~ERGNXDKDQtP]D~VHNXNRU\WQDNDLEDPHQtVPHU]UHMPHSUL
SUHNUHVRYDQtWYDUXNRU\WQDN\SUHSUHV~YDQtDRWiDQtE\VDPRKODFHOiJUDILFNiSORFKD]PD]iYDD
YHWN\NRU\WQDN\QDNUHVOLRG]QRYD
DVRYD
EOLNDQLHWH[WX
YSROVHNXQGRYFKLQWHUYDORFK YDU
PiYJUDILFNHMSORFKHEOLND W\SLQWHJHU
QHMDNWH[WQDSU'HOSKLEXGH
VDVWULHGDPRGUiDHUYHQi SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
IDUEDStVPD EHJLQ
LIW\S WKHQ
7LPHUPiQDVWDYHQp ,PDJH&DQYDV)RQW&RORU FO5HG
HOVH
(QDEOHG 7UXH
,PDJH&DQYDV)RQW&RORU FO%OXH
,QWHUYDO
,PDJH&DQYDV)RQW6L]H
,PDJH&DQYDV7H[W2XW
'HOSKL
W\S W\S
HQG
SUXKRYDQiSORFKD
SULWDUWHSURJUDPXVDSRVWXSQH YDU
QDNUHVOLDPRGUpREGQLN\tUN\ [LQWHJHU
YN\VNRURQDYNXSORFK\
]DSOQLDVPHG]HUDPLFHO~ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
SORFKX EHJLQ
'RXEOH%XIIHUHG WUXH
SR]DSOQHQtFHOHMSORFK\ ,PDJH&DQYDV%UXVK&RORU FO%OXH
DVRYD]DVWDQH [
HQG
7LPHUPiQDVWDYHQp
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
(QDEOHG 7UXH ,PDJH&DQYDV5HFWDQJOH[[,PDJH+HLJKW
,QWHUYDO LQF[
LI[!,PDJH:LGWKWKHQ7LPHU(QDEOHG IDOVH
HQG
V~VWUHGQpNUXQLFH
QDPLHVWHNOLNQXWLDVD]DQ~ YDU
SRVWXSQHNUHVOLV~VWUHGQp [[\\ULQWHJHU
NUXQLFHVSRORPHURPRGV
NURNRPQLHYlLHDNR SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SULNOLNQXWtSRDVNUHVOHQLDVD 'RXEOH%XIIHUHG WUXH
]UXtPRPHQWiOQHNUHVOHQLHD ,PDJH&DQYDV%UXVK6W\OH EV&OHDU
]DQHQRYpQDQRYRPPLHVWH HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
7LPHUPiQDVWDYHQp
EHJLQ
[[ ;\\ <U 7LPHU(QDEOHG WUXH
(QDEOHG )DOVH HQG
,QWHUYDO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV(OOLSVH[[U\\U[[U\\U
LQFU
LIU!WKHQ7LPHU(QDEOHG IDOVH
HQG
VHPDIRU
YJUDILFNHMSORFKHVDQDMSUY YDU
QDNUHVOtHUYHQNUXKWHQVDR VWDYLQWHJHU
VHN~QGSUHIDUEtQDOWRDR
DOLHVHNXQG\QD]HOHQR SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
]HOHQiIDUEDY\GUtVHN~QG YDU
RSlVDQDVHNXQGXREMDYt F7&RORU
OWiDFHOpVDWRRSDNXMH EHJLQ
FDVHVWDYRI
WDNWRVHPDIRUVDQDWDUWXMH EHJLQ
SUYPNOLNQXWtPQLHNGHGR F FO5HG7LPHU,QWHUYDO
SORFK\NDGpDOLHNOLNQXWLH HQG
EXVHPDIRU]DVWDYtDOHER EHJLQ
]QRYXQDWDUWXMH F FO<HOORZ7LPHU,QWHUYDO
HQG
EHJLQ
F FO*UHHQ7LPHU,QWHUYDO
HQG
EHJLQ
F FO<HOORZ7LPHU,QWHUYDO
HQG
HQG
VWDY VWDYPRG
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU F
(OOLSVH
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
7LPHU(QDEOHG QRW7LPHU(QDEOHG
HQG
DOLH~ORK\
SRGREQi~ORKDSUHGFKiG]DM~FHMVNOLNDQtPDSRVWXSQPNUHVOHQtPV~VWUHGQFKNUXQtFDNVDNOLNQH
SRDVNUHVOHQLDNUXQtFWRWRNUHVOHQLHVDSUHUXtQDQRYRPPLHVWHVDSRVWXSQHQDNUHVOLDQRYpNUXQLFH
DSRVNRQHQtWRKRWRNUHVOHQLDVDSRNUDXMHYSUHUXHQRPNUHVOHQt
DVRYDDNRU\WQDN\
VHPDIRU
SUHGFKiG]DM~FX~ORKXULHWH YDU
SRPRFRXNRU\WQDN\SULNOLNQXWt VWDYLQWHJHU
GRSORFK\QDGDQRPPLHVWH N7.RU QLO
Y]QLNQHNRU\WQDNDWiEOLNiDNR
VHPDIRUERGNDVKU~ENRXSHUD SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
DDOLHNOLNQXWLHMX]UXt EHJLQ
FDVHVWDYRI
EHJLQ
N)3 FO5HG7LPHU,QWHUYDO
HQG
EHJLQ
N)3 FO<HOORZ7LPHU,QWHUYDO
HQG
EHJLQ
N)3 FO*UHHQ7LPHU,QWHUYDO
HQG
EHJLQ
N)3 FO<HOORZ7LPHU,QWHUYDO
HQG
HQG
VWDY VWDYPRG
N'RSUHGX
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ;<,QWHJHU
EHJLQ
LIN!QLOWKHQEHJLQ
N)UHHN QLO7LPHU(QDEOHG IDOVH]PD]
HQG
HOVHEHJLQ
N 7.RU&UHDWH;<N+3
7LPHU(QDEOHG WUXH
VWDY
HQG
HQG
SURJUDPYNWRURPVDSULNOLNQXWtGRSORFK\Y\JHQHUXMHNRU\WQDNDDKQHNRU\WQDND]DQHY\NUHVRYD
QDVYRMRPPLHVWHYG\YltDYltELQiUQ\VWURPDNRNHE\UiVWROQRYVWURPEXGHPDGOKLHNRQiUH
DEXGHPDYLDF~URYQtDSRVWURP~URYQH0D[8URYHQNRU\WQDN\VLXGULDYDMWHYSROLDYG\NH
QLHNWRUiNRU\WQDNDVNRQtNUHVOHQLHY\KRWHMX]SRDQDKUDWHMXSRVOHGQRXDVNUiWHSROH
ELQiUQ\VWURP
Y\WYRUtPHSROHNRU\WQDLHN FRQVW
]i]QDPRYNWRUpREVDKXM~DM 0D[8URYHQ
LQIRUPiFLHRPRPHQWiOQHM~URYQLD
YHNRVWLVWURPX W\SH
SROHNRU DUUD\>@RIUHFRUG
XURYHQLQWHJHU
GOUHDO
N7.RU
HQG
YDU
SSROHNRU
SRFLQWHJHU SRHWNRU\WQDLHN
NOLNQXWLH
DOLH~ORK\
XSUDYWHSURJUDPVUDVWRPVWURPRYWDNDE\VD~URYHVWURPXYDVRYDL]Y\RYDODQDSURDOH
GRSURFHG~U\VWURPVDSROH]DRNU~KOHQiKRGQRWD
NRU\WQDNDVDSRPDO\SRK\EXMH]DNXU]RURPP\LYG\VDRWRtVPHURPNXNXU]RUXDSUHMGHGRSUHGX
GNXUHVSNUDWLXDNMHEOt]NR
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
REMHNW\
2EMHNW\
WULHGD9HNptVOR
]DGHILQXMWHWULHGX79HONH&LVOR FRQVW
NWRUiEXGHUHDOL]RYDYHDFLIHUQp PD[ PD[LPiOQ\SRHWFLILHU
QDSUFHOptVODDMV
DULWPHWLNRX W\SH
79HONH&LVOR FODVV
SROHEDMWRY FDUUD\>PD[@RI
PHWyG\QDSULUDGHQLH SPD[SRHWSODWQFKFLILHU
SULtWDQLHQiVREHQLHFHOP FRQVWUXFWRU&UHDWH
tVORP SURFHGXUHSULUDG[LQWHJHU
YSLVYUiWLUHD]HF SURFHGXUHSULUDG6WU[VWULQJ
SURFHGXUHSULFLWDM[LQWHJHU
QDMSUYULHWHEH]VWDYRYHM SURFHGXUHQDVRE[LQWHJHU
SUHPHQQHMSSRHWSODWQFKFLILHU IXQFWLRQY\SLVVWULQJ
WMSUDFXMWHVRYHWNPLFLIUDPLRG HQG
GRPD[
NRQWUXNWRU
FRQVWUXFWRU79HONH&LVOR&UHDWH
YDU
LLQWHJHU
EHJLQ
S
IRUL WRPD[GRF>L@
HQG
SULUDGtFHOptVOR
GREHJLQ
LQFS
F>S@ RUG[>/HQJWK[@
6HW/HQJWK[/HQJWK[
HQG
HQG
V~HWDV~LQ
SURFHGXUH79HONH&LVORSULFLWDM[LQWHJHU
YDU
QDMSUY]MHGQRGXHQiYHU]LDEH]S LLQWHJHU
SRWXSODWQFKFLILHU EHJLQ
L
SULFLWDM[LQWHJHU ZKLOH[!DQGL PD[GREHJLQ
YDU LIL!SWKHQEHJLQ
LLQWHJHU S LF>L@
EHJLQ HQG
IRUL WRPD[GREHJLQ [ F>L@[
[ F>L@[ F>L@ [PRG
F>L@ [PRG [ [GLY
[ [GLY LQFL
HQG HQG
HQG HQG
SURFHGXUH79HONH&LVORQDVRE[LQWHJHU
YDU
LVXFSUHQRVLQWHJHU
EHJLQ
L SUHQRV
ZKLOHSUHQRV!RUL SDQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
VXF F>L@
[SUHQRV
F>L@ VXFPRG
SUHQRV VXFGLY
LQFL
HQG
HQG
SUHYRGQDUHD]HF
IXQFWLRQ79HONH&LVORY\SLVVWULQJ
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL SGRZQWRGR
5HVXOW 5HVXOWFKUF>L@RUG
HQG
IDNWRULiO
YDU
I79HONH&LVOR
LLQWHJHU
EHJLQ
I 79HONH&LVOR&UHDWH
ISULUDG
IRUL WRGREHJLQ
IQDVREL
0HPR/LQHV$GG,QW7R6WUL
IY\SLV
HQG
I)UHH
HQG
DOLH~ORK\
GRStWHPHWyGXQDSULtWDQLHYHNpKRtVODDSRPRFRXQHMY\SRtWDMWHQLHNWRUpYHNpILERQDFFLKRtVOR
QDYUKQLWHDULWPHWLNXSUHSUiFXVUDFLRQiOQPLtVODPLGRYHNFKtVHODMGHVDWLQQ~DVDY\SRtWDMWHQD
QHMDN~SUHVQRVH]iNODGSULURG]HQFKORJDULWPRYDSL
]DGHILQXMWHWULHG\QDSUiFXVYHNWRUPLDVNRPSOH[QPLLVODPL
WULHGD2VRED
VWDYRYpSUHPHQQp W\SH
72VRED FODVV
PHQRYHNDGUHVD PHQRVWULQJ
YHNE\WH
PHWyG\ DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHPDVWULQJYE\WH
LQLFLDOL]iFLD
IXQFWLRQ3UHGVWDY6DVWULQJ
SUHGVWDYHQLHVD
IXQFWLRQ0ODGLNERROHDQ
]LVWHQLHLGDQiRVREDMH
IXQFWLRQ2VORYHQLHVWULQJ
DOHERQLHMHPODGtNRP HQG
RVORYHQLH
FRQVWUXFWRU72VRED&UHDWHPDVWULQJYE\WH
EHJLQ
PHQR PDGUHVD DYHN Y
HQG
IXQFWLRQ72VRED3UHGVWDY6DVWULQJ
EHJLQ
5HVXOW
9ROiPVD
PHQR
EYDPY
DGUHVD
DPiP
,QW7R6WUYHN
URNRY
HQG
IXQFWLRQ72VRED0ODGLNERROHDQ
EHJLQ
5HVXOW YHN
HQG
IXQFWLRQ72VRED2VORYHQLHVWULQJ
EHJLQ
5HVXOW
9iHQSiQ
PHQR
HQG
SRWRPRNWULHG\72VRED
WULHGD72VRED3 W\SH
72VRED3 FODVV72VRED
VQRYRXVWDYRYRX SRKODYLHERROHDQWUXH HQD
SUHPHQQRXSRKODYLH FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WH
VQRYRXPHWyGRX SERROHDQ
2VORYHQLHSUHGNRYD IXQFWLRQ0ODGLNERROHDQ
PHWyGDERODYPXVNRP IXQFWLRQ2VORYHQLHVWULQJ
URGH HQG
IXQNFLDPODGLNDNMHWR
IXQFWLRQ72VRED32VORYHQLHVWULQJ
EHJLQ
LISRKODYLHWKHQ5HVXOW
9iHQiSDQL
PHQR
HOVH5HVXOW LQKHULWHG2VORYHQLH
HQG
IXQFWLRQ72VRED30ODGLNERROHDQ
EHJLQ
5HVXOW YHN RUSRKODYLHDQGYHN
HQG
DOLH~ORK\
SUHGSRNODGDMWHHYV~ERUH]R]QDPW[WMHSULSUDYHQ]R]QDPXGtNRWUPVDEXGHSRVLHODOLVW]R
V~ERUXOLVWW[W]R]QDPXGtREVDKXMHWLHWRLQIRUPiFLHPHQRYHNDGUHVDDSRKODYLHGROLVWXEXGHWUHED
SULGDSUYULDGRNDGUHVXGUXKULDGRNRVORYHQLHDDNRSRVOHGQULDGRNEX$KRMDNWREROPODGtND
LQDN'RYLGHQLD3URJUDPQDtWDREDV~ERU\Y\WYRUt]QLFKSROHRV{EW\SX72VRED3DSUHNDG~RVREX
Y\WYRUtOLVWVGDQPLGRSOQHQPLDVDPLOLVW\P{HWHY\StVDGR0HPR
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
G\QDPLFNpSROLD
%DQQHU
7H[W
'\QDPLFNpSROHFHOFKtVHO
SUHGSRNODGiPHGHNODUiFLX
W\SH73ROH DUUD\RILQWHJHU
QiKRGQREVDKSRD
YSLVSRD
VWDWLFNpSROH
IRUL WRKLJKSGR
G\QDPLFNpSROH
5HVXOW 5HVXOW
,QW7R6WUS>L@
HQG
V~HWSUYNRYSRD
VSRMHQLHGYRFKSROt
DOHER
DOLH~ORK\
]DGHILQXMWHSRGREQpSURFHG~U\SUHG\QDPLFNpSROH]QDNRYFKUHD]FRYDWLHIXQNFLHYDSR]NWRUp]LVWLD
LVDQHMDNUHD]HFQiFKDG]DYSROLUHD]FRYUHVSQDNWRUHMSR]tFLLQDSU
LIYVORYR>
GRSUHGX
YODYR
YSUDYR
]PD]
SK
@WKHQ
FDVHSR]VORYR>
GRSUHGX
YODYR
YSUDYR
]PD]
SK
@RI
QDYUKQLWHWULHG\QDSUiFXVSRVWXSQRVRXtVHOUHVSUHD]FRY
VORYQtNG\QDPLFNpSROHGYRMtFUHD]FRY
SUHGSRNODGiPHGHNODUiFLH
W\SH
7=D]QDP UHFRUGDEVWULQJHQG
73ROH DUUD\RI7=D]QDP
SRPRFQpIXQNFLH
QDSUtNODG
YDU
D73ROH
EHJLQ
D Y\URE>]D]QDP
GRJ
SHV
]D]QDP
FDW
PDFND
]D]QDP
FRZ
NUDYD
@
YSLVWDEXN\
IRUL WRKLJKSGR
5HVXOW 5HVXOWS>L@D
S>L@E
HQG
KDGDYWDEXNH
SURFHGXUHY\KRG[VWULQJYDUS73ROH
YDU
LLQWHJHU
EHJLQ
L SR][SLILWKHQH[LW
S>L@ S>KLJKS@
6HW/HQJWKS/HQJWKS
HQG
]DStGRV~ERUX
SURFHGXUH]DSLVVXERUVWULQJSDUUD\RI7=D]QDP
YDU
W7H[W)LOH
LLQWHJHU
EHJLQ
$VVLJQ)LOHWVXERU5HZULWHW
IRUL WRKLJKSGR
ZULWHOQWS>L@D
S>L@E
&ORVH)LOHW
HQG
SUHtWDM]RV~ERUX
SURFHGXUHFLWDMVXERUVWULQJYDUS73ROH
YDU
W7H[W)LOH
VVVWULQJ
LLQWHJHU
EHJLQ
S QLO
$VVLJQ)LOHWVXERU5HVHWW
ZKLOHQRWVHHNHRIWGREHJLQ
UHDGOQWVL SRV
V
LIL WKHQV V
HOVHEHJLQ
DOLH~ORK\
QDYUKQLWHWULHGXQDSUiFXVRVORYQtNRP
GYRMUR]PHUQpG\QDPLFNpSROH
SUHGSRNODGiPHGHNODUiFLX
W\SH73ROH DUUD\RIDUUD\RILQWHJHU
SULGDMQRYULDGRN
YSLVSRD
IRUL WRKLJKSGREHJLQ
IRUM WRKLJKS>L@GR
5HVXOW 5HVXOW,QW7R6WUS>LM@
5HVXOW 5HVXOW
HQG
HQG
]iSLVGRV~ERUX
SURFHGXUH]DSLVVXERUVWULQJS73ROH
YDU
W7H[W)LOH
LMLQWHJHU
EHJLQ
$VVLJQ)LOHWVXERU5HZULWHW
IRUL WRKLJKSGREHJLQ
IRUM WRKLJKS>L@GR
ZULWHWS>LM@
ZULWHOQW
HQG
&ORVH)LOHW
HQG
tWDQLH]RV~ERUX
SURFHGXUHFLWDMVXERUVWULQJYDUS73ROH
YDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHWVXERU5HVHWW
S QLO
ZKLOHQRWHRIWGREHJLQ
6HW/HQJWKS/HQJWKS
S>KLJKS@ QLO
ZKLOHQRW6HHN(ROQWGREHJLQ
6HW/HQJWKS>KLJKS@/HQJWKS>KLJKS@
UHDGWS>KLJKSKLJKS>KLJKS@@
HQG
UHDGOQW
HQG
&ORVH)LOHW
HQG
tWDQLH]RV~ERUXYHU]LD
&ORVH)LOHW
HQG
DOLH~ORK\
QDYUKQLWHWULHGXQDSUiFXVGYRMUR]PHUQPLSROLDPLtVHOGRSOWHPHWyG\QDSUV~HWGYRFKSROtRWRHQLH
SRGDKODYQHMXKORSULHN\FKEDM~FHSUYN\QDKUDWH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
WULHG\VG\QDPLFNPSRRP
%DQQHU
7H[W
WDEXNDRV{E
WULHGD77DE2VREDYNWRUHMEXGHPHXGULDYDGDWDEi]XXGt]RUDGHQFKSRGDYHNXSRXLMHPHWULHGX
72VRED]SUHGFKFYLHQt
WULHGD2VRED
VWDYRYpSUHPHQQp W\SH
72VRED FODVV
PHQRYHNDGUHVD PHQRVWULQJ
YHNE\WH
PHWyG\ DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHPDVWULQJYE\WH
LQLFLDOL]iFLD
IXQFWLRQ3UHGVWDY6DVWULQJ
SUHGVWDYHQLHVD
IXQFWLRQ0ODGLNERROHDQ
]LVWHQLHLGDQiRVREDMHDOHER
IXQFWLRQ2VORYHQLHVWULQJ
QLHMHPODGtNRP HQG
RVORYHQLH
FRQVWUXFWRU72VRED&UHDWHPDVWULQJYE\WH
EHJLQ
PHQR PDGUHVD DYHN Y
HQG
IXQFWLRQ72VRED3UHGVWDY6DVWULQJ
EHJLQ
5HVXOW
9ROiPVD
PHQR
EYDPY
DGUHVD
DPiP
,QW7R6WUYHN
URNRY
HQG
IXQFWLRQ72VRED0ODGLNERROHDQ
EHJLQ
5HVXOW YHN
HQG
IXQFWLRQ72VRED2VORYHQLHVWULQJ
EHJLQ
5HVXOW
9iHQSiQ
PHQR
HQG
GHNODUiFLDWULHG\SUHWDEXNXRV{E
W\SH
77DE2VRED FODVV
WDUUD\RI72VRED
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMPDVWULQJYE\WH
SURFHGXUHY\SLVBPODGLNRYNDP76WULQJV
HQG
FRQVWUXFWRU77DE2VRED&UHDWH
EHJLQ
W QLO
HQG
SULGDSUYRNGRWDEXN\
GRLQWDQFLHWULHG\77DE2VRED YDU
QDtWDMWHLQIRUPiFLH]RYVWXSXR WY77DE2VRED
MHGQRWOLYFKXRFKDY\StWH
YHWNFKPODGtNRY]WHMWRWDEXN\ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WY 77DE2VRED&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
YLQWHJHU
EHJLQ
Y 6WU7R,QW'HI(GLW7H[W
LIY!WKHQ
WYSULGDM(GLW7H[W(GLW7H[WY
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WYY\SLVBPODGLNRY0HPR/LQHV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
0HPR&OHDU
ZLWKWYGR
IRUL WR+LJKWGR
W>L@3UHGVWDY6D0HPR/LQHV
HQG
3RO\QRP\
WULHGD73RO\QRP
SRO\QyPUHSUH]HQWXMWH W\SH
G\QDPLFNPSRRP 73RO\QRP FODVV
NRHILFLHQWRYSUH NRHIDUUD\RILQWHJHU
QHH[LVWXM~FHPRFQLQ\MHNRHIFRQVWUXFWRU&UHDWH
NRHILFLHQW\V~W\SX SURFHGXUHQDFLWDMVVWULQJ
,QWHJHU SURFHGXUHY\SLVNDP76WULQJV
SURFHGXUHSULFLWDMS73RO\QRP
HQG
FRQVWUXFWRU73RO\QRP&UHDWH
EHJLQ
NRHI QLO
HQG
QDtWDQLH]UHD]FD
GREHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>+LJKNRHI@ 6WU7R,QWFRS\VSRV
V
GHOHWHVSRV
V
HQG
HQG
YSLVSRO\QRPXGRMHGQpKRULDGND0HPR
SURFHGXUH73RO\QRPY\SLVNDP76WULQJV
YDU
LORQJLQW
VVWULQJ
EHJLQ
L KLJKNRHIV
ZKLOHL! GREHJLQ
LINRHI>L@!WKHQEHJLQ
LIL!KLJKNRHIWKHQV V
V V,QW7R6WUNRHI>L@
LIL!WKHQV V
[A
,QW7R6WUL
HQG
GHFL
HQG
NDPDGGV
HQG
V~HWGYRFKSRO\QRPRY
SURFHGXUH73RO\QRPSULFLWDMS73RO\QRP
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKSNRHIGREHJLQ
LIL!+LJKNRHIWKHQEHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>L@
HQG
LQFNRHI>L@SNRHI>L@
HQG
HQG
DOLH~ORK\
73RO\QRPSRWRPEXGHREVDKRYDWG\QDPLFNpSROH7&OHQRY
]DGHILQXMWHWULHGX79HNWRUSRPRFRXG\QDPLFNpKRSRDSUHXERYRQHiUQHYHNWRU\$NEXGHPHFKFLH
QDSUVtWDGYDYHNWRU\U{]QHMiUQRVWLWDNVDEXY\KOiVLFK\EDDOHERVDWHQNUDWtGRSOQtQXODPL
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
]iVREQtNDULWPHWLFNpYUD]\
%DQQHU
7H[W
=iVREQtN]QDNRY
PHWyGDWRS
PHG]LPHWyG\QDSUiFXVR W\SH
]iVREQtNRPSULGiPHQRY~IXQNFLX 73UYRN FKDU
WRSNWRUiYUiWLKRGQRWXQDYUFKX 76WDFN FODVV
]iVREQtNDSULRPY]iVREQtNXMX VWDUUD\RI73UYRN
SRQHFKi FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
IXQFWLRQVWDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>+LJKVW@
HQG
YQDVOHGXM~FLFK~ORKiFKSUHGSRNODGiPHHPiPHNGLVSR]tFLLMHGQX]QDNRY~SUHPHQQ~MHGHQ]QDNRY
]iVREQtNDtWDPHMHGHQULDGRNWH[WRYpKRV~ERUXXNRQHQQDSU]QDNRPORKRXMHQDStVD
IXQNFLXNWRUi]LVWtLYVWXSQULDGRNV~ERUXMHQHMDNpKRNRQNUpWQHKRWYDUX
QDMSUYOHQDSRWRPURYQDNSRHWOHQE
DOLH~ORK\
GUXK]iVREQtN
P{HWHY\VN~DSRXLWLHMHGQpKR]iVREQtNDDUHNXU]LH
=iVREQtNFHOFKtVHO
Y\KRYHWN\QXORYpSUYN\
DOLH~ORK\
QDSURJUDPXMWHWDNpWRWULHGHQLHNWRUpY\XLMHGYD]iVREQtN\
QD]DLDWNXPiPHtVODYSUYRP]iVREQtNX
Y\EHULHPHSUYpGYHtVODSRURYQiPHLFKPHQLH]QLFKYORtPHGRGUXKpKR]iVREQtND
Y\EHULHPHDOLHtVOR]SUYpKR]iVREQtNDSRURYQiPHKRVtVORPNWRUpQiPRVWDORSUL
SUHGFKiG]DM~FRPSRURYQiYDQtPHQLHtVORYORtPHGRGUXKpKR]iVREQtND
RSDNXMHPHDNPSUY]iVREQtNQLHMHSUi]GQ\SULWRPWRSUHVSDQtVPHPRKOLVSRtWDSRHW
WULHGHQFKtVHO
WHUD]PiPHYGUXKRP]iVREQtNXYHWN\tVODSULWRPQDYUFKXMHQDMYlLH]QLFK
SRGREQHSUHV\SHPHtVOD]GUXKpKR]iVREQtNDGRSUYpKRDOHWHUD]YNODGiPHGRSUYpKR
]iVREQtNDYlLH]SRURYQiYDQFKtVHO
SRGRVWDWRQRPRSDNRYDQtWRKWRDOJRULWPXEXG~tVODY]iVREQtNXXWULHGHQp
$ULWPHWLFNpYUD]\
SRVWIL[RY]iSLV
DOLH~ORK\
QDYUKQLWHDOJRULWPXVQDY\KRGQRFRYDQLHYUD]RYYSUHIL[RYRPWYDUHDVLVDSRXLMHMHGHQDOHERDMYLDF
]iVREQtNRY
QDYUKQLWHDOJRULWPXVQDY\KRGQRFRYDQLHYUD]XYWYDUH~SOQHX]iWYRUNRYDQpKRLQIL[XQDSUQiMGHPH
SUY~SUDY~]iWYRUNXSRWRPKDGiPHNXQHMSULVO~FKDM~FXDY~Y\KRGQRWtPHSRGYUD]PHG]L]iWYRUNDPL
DQDKUDGtPHKRYVOHGNRP
QDYUKQLWHDOJRULWPXVQDSUHSLVDULWPHWLFNpKRYUD]X]SUHIL[RYpKRWYDUXGRSRVWIL[RYpKRWYDUX
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
SRO\PRUIL]PXV
%DQQHU
7H[W
3RO\PRUIL]PXV
V~NURPQiNRU\WQDND
=DGHILQXMWH70RMD.RUNWRUi W\SH
EXGHREVDKRYDVYRMX 70RMD.RU FODVV7.RU
V~NURPQ~NRU\WQDNX7iWRVD SULYDWH
EXGHSRK\ERYDV~DVQHV NN7.RU
S{YRGQRXDOHEXGHPD SXEOLF
QDVWDYHQpKUXEpHGpSHUR FRQVWUXFWRU&UHDWH[[\\UHDOXXUHDO
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH=PHQ;<[[\\UHDORYHUULGH
7UHEDVLGiYDSR]RUQD3+D HQG
3'
FRQVWUXFWRU70RMD.RU&UHDWH[[\\XXUHDO
EHJLQ
LQKHULWHG
NN 7.RU&UHDWH[[\\XX
NN+3 NN)3 FO/W*UD\
HQG
GHVWUXFWRU70RMD.RU'HVWUR\
EHJLQ
NN)UHH
LQKHULWHG
HQG
SURFHGXUH70RMD.RU=PHQ;<[[\\UHDO
EHJLQ
LI'ROHWKHQNN=PHQ;<[[\\
HOVHNN3UHVXQ;<[[\\
LQKHULWHG
HQG
]LVWHQLHGN\FHVW\
.RU\WQDNDEXGHPDVYRMX W\SH
V~NURPQ~SUHPHQQ~YNWRUHMVL 70RMD.RU FODVV7.RUDOHER70RMD.RU
EXGHSRtWDSUHMGHQ~GNX SULYDWH
1DMSUYWRY\ULHWHSRPRFRX GO]UHDOQHWUHEDLQLFLDOL]RYDQD
'RSUHGXDSRWRP=PHQ;< SXEOLF
0RPHQWiOQHSUHMGHQiGND SURFHGXUH'RSUHGXGUHDORYHUULGHEX
EXGHSUtVWXSQiSRPRFRX
SURFHGXUH=PHQ;<[[\\UHDORYHUULGHDOHER
SURSHUW\GO]NDXPRQtSUtVWXS
SURSHUW\GO]NDUHDOUHDGGO]
OHQQDtWDQLH
HQG
7UHEDVLGiYDSR]RUQDWRLMH SURFHGXUH70RMD.RU'RSUHGXGUHDO
SHURKRUHDOHERGROH EHJLQ
LQKHULWHG
LI'ROHWKHQGO] GO]G
HQG
DOHER
SURFHGXUH70RMD.RU=PHQ;<[[\\UHDO
EHJLQ
LI'ROHWKHQGO] GO]Y]G[[\\
LQKHULWHG
HQG
SRXLWLH]LVRYDQLDGN\FHVW\
.RU\WQDNX]DGHILQXMWH YDU
SRPRFRXSUHPHQQHMWULHG\ N7.RU
7.RUDE\ERORWUHED EHJLQ
SUHW\SRYiYD N 70RMD.RU&UHDWH
/DEHO&DSWLRQ )ORDW7R6WU70RMD.RUNGO]ND
N)UHH
HQG
+LHUDUFKLDNRU\WQDLHN
WYRUOtVWRN
7ULHGD7.RUPiGHILQRYDQ~PHWyGX W\SH
VWYRUOLVWRNQDNUHVOHQLHWYRUOtVWND 7.RU FODVV7.RU
YHNRVWLGURYQRVWUDQQp SURFHGXUHVWYRUOLVWRNGUHDO
WURMXKROQtN\ HQG
SURFHGXUH7.RUVWYRUOLVWRNGUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WRGREHJLQ
'RSUHGXG
LILPRG WKHQ9SUDYR
HOVH9SUDYR
HQG
HQG
SUHUXRYDQp'RSUHGX
7ULHGD7.RUSRWRPRN7.RU W\SH
NUHVOtSUHUXRYDQp'RSUHGX 7.RU FODVV7.RU
SUHMGHQiGNDVDUR]GHOtQDWUHWLQ\D SURFHGXUH'RSUHGXGUHDORYHUULGH
VWUHGQ~SUHMGHVR]GYLKQXWPSHURP HQG
SURFHGXUH7.RU'RSUHGXGUHDO
YDU
EERROHDQ
EHJLQ
E 'ROH
LQKHULWHG'RSUHGXG
3+
LQKHULWHG'RSUHGXG
LIEWKHQ3'
LQKHULWHG'RSUHGXG
HQG
WLHRYDQp'RSUHGX
W\SH
7.RU FODVV7.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
YDU
I7FRORU
EHJLQ
I )3)3 FO/W*UD\+3 +3
LQKHULWHG'RSUHGXG
LQKHULWHG'RSUHGXG
)3 I+3 +3
LQKHULWHG'RSUHGXG
HQG
SRXLWLH
.UHVOHQLHNRU\WQDNRX
]UNDGORYiNRU\WQDND
7ULHGD70RMD.RUEXGHSUHNOiSD W\SH
V~UDGQLFHWDNDE\SRK\ENRU\WQDN\ 70RMD.RU FODVV7.RU
EROV\PHWULFNSRGDP\VOHQHM\RYHM SURFHGXUH=PHQ;<[[\\UHDORYHUULGH
RVLSUHFKiG]DM~FHMVWUHGRPSORFK\ HQG
SURFHGXUH70RMD.RU=PHQ;<[[\\UHDO
EHJLQ
LQKHULWHG=PHQ;<VLUND[[\\
HQG
NUHVOHQLHUXNRX
DVSURJUDPXY\XLMH70RMD.RUD YDU
]DEH]SHtNUHVOHQLHGYRPL NN7.RU
NRU\WQDNDPLRE\DMQRXD
]UNDGORYRX SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
=DP\VOLWHVDSUHRY N 7.RU&UHDWH
,PDJH0RXV'RZQNRU\WQDNDN N 70RMD.RU&UHDWH
QHP{HUREL3UHVXQ;<DNR HQG
NRU\WQDNDNDOHPXVtSRXL
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
=PHQ;<VR]GYLKQXWPSHURP
EHJLQ
N)UHHN)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
N3UHVXQ;<;<
N3+N=PHQ;<;<N3'
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N=PHQ;<;<
N=PHQ;<;<
HQG
HQG
QG~
'RSOWHULHHQLHRDOLHGYH
]UNDGORYpNRU\WQDN\SRGDRVL[D
SRGDRERFK
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
79HOD.RU
%DQQHU
7H[W
QRYpNRU\WQDN\NOLNDQtPP\RX
NOLNDQLH
1DNDGpNOLNQXWLHGRSORFK\VDQD YDU
WRPWRPLHVWHY\WYRUtQRYiNRU\WQDND Y79HOD.RU
VQiKRGQPXKORPKU~EN\D
QiKRGQHMIDUE\ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
Y 79HOD.RU&UHDWH]PD]
HQG
8YHGRPWHVLHNSUiYHY\WYRUHQHM
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
NRU\WQDNHPiPHSUtVWXSFH]YN>YSN
EHJLQ
@ Y)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
Y8URE.RU;<UDQGRP
ZLWKYN>YSN@GREHJLQ
+3 )3 UDQGRP
HQG
HQG
DVRYD
1iKRGQiSUHFKiG]ND
7.RU
,QWDQFLHWULHG\7.RUVLEXG~ W\SH
SDPlWDPLHVWRNGHVDQDURGLOL 7.RU FODVV7.RU
VWUHGDWLHSRPRFQ~SUHPHQQ~U [\UUHDO
SRORPHUNUXKX3ULNDGRP'RSUHGX FRQVWUXFWRU&UHDWH[[\\UUUHDO
NRU\WQDND]LVWtLVDRGVYRMKRVWUHGX SURFHGXUH'RSUHGXGUHDORYHUULGH
QHY]GLDOLODYLDFDNRUDDNiQRYUiWLVD HQG
RSUHMGHQ~Y]GLDOHQRV
FRQVWUXFWRU7.RU&UHDWH[[\\UUUHDO
EHJLQ
LQKHULWHG&UHDWH[[\\
[ [[\ \\U UU
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG
LIY]G[\!UWKHQLQKHULWHG'RSUHGXG
HQG
Y\WYRUHQLHNRU\WQDLHN
LQWHUSUHWRYDQLHWH[WRYpKRV~ERUXNRU\WQDNRX
YWH[WRYRPV~ERUHNUHVOLW[WMHSRStVDQQHMDNREUi]RNNWRUEXGHWUHEDQDNUHVOLQLHNRNPL
NRU\WQDNDPL
NDGULDGRNSRSLVXMHQHMDN~DVREUi]NDSUHMHGQXNRU\WQDNXDPiQDVOHGRYQ~WUXNW~UXYHWN\tVOD
YV~ERUHV~FHOp
]DtQDWURPLtVODPL[\DXNWRUpSUHW~WRNRU\WQDNXGHILQXM~SRLDWRQ~SRORKXDVPHU
QDWRHQLDYURYLQH
]DWPQDVOHGXMHSRVWXSQRVtVHONWRUiSRSLVXMHSRVWXSQRVYRODQtPHWyGGRSUHGXDYSUDYR
EXG~YRODQpVWULHGDYRQDMSUYGRSUHGXDSRWRPYSUDYR
WiWRSRVWXSQRVP{HE\SiUQHMDMQHSiUQHMGN\
WDNWRV~SRStVDQpYHWN\ULDGN\NDGSUHMHGQXNRU\WQDNX
SUYNRYpFHORtVHOQpSROHSUHSRVWXSQRVDQHMDNpVWDYRYpSUHPHQQpSUHGNXDLQGH[GRWHMWR
SRVWXSQRVWL
DOHM]DGHILQXMHWHPHWyGXURENWRUiDNVDGi]UHDOL]XMHMHGHQNURNSRVWXSQRVWLWMMHGQXGYRMLFX
VWOiDQtQHMDNpKRWODLGODY\NRQiMHGHQNURNSUHNDG~H[LVWXM~FXNRU\WQDNXDNQLHNWRUiNRU\WQDND
XY\NRQDODYHWN\VYRMHSUtND]\]DQLNQH]UXtVD
GHILQtFLDWULHG\70RMD.RU
VWDYRYpSUHPHQQp W\SH
70RMD.RU FODVV7.RU
SROHSSDUDPHWUHSUtND]RY SDUUD\>@RILQWHJHU
SSSRHWSUtND]RY SSL[LQWHJHU
L[LQGH[PRPHQWiOQHKRSUtND]X FRQVWUXFWRU&UHDWHYDUW7H[W)LOH
IXQFWLRQUREERROHDQ
HQG
FRQVWUXFWRU70RMD.RU&UHDWHYDUW7H[W)LOH
YDU
[\XLQWHJHU
EHJLQ
UHDGW[\X
LQKHULWHG&UHDWH[\X
SS L[
ZKLOHQRW6HHN(ROQWGREHJLQ
LQFSSUHDGWS>SS@
HQG
UHDGOQW
HQG
IXQFWLRQ70RMD.RUUREERROHDQ
EHJLQ
5HVXOW L[ SS
LI5HVXOWWKHQEHJLQ
'RSUHGXS>L[@LQFL[
LIL[ SSWKHQEHJLQ
9SUDYRS>L[@LQFL[
HQG
HQG
HQG
VDPRWQSURJUDP
~ORKXQDMSUYY\ULHLPHSRPRFRX YDU
79HOD.RU Y79HOD.RU
WHUD]MXSUHSURJUDPXMHPHSRPRFRX W\SH
70RM9HOD.RU 70RM9HOD.RU FODVV79HOD.RU
SURFHGXUH1DFLWDMPHQRVWULQJ
MHWRRGYRGHQiWULHGDRG SURFHGXUH5RE
79HOD.RU HQG
PiPHWyGX1DFLWDMQDtWD
SURFHGXUH70RM9HOD.RU5RE
YDU
LLQWHJHU
EHJLQ
IRUL WRSNGR
LIQRW70RMD.RUN>L@UREWKHQ
=UXV.RUL
8SUDF
HQG
SURJUDP
SURJUDPSUH7PRM9HOD.RU YDU
)RUP&UHDWHD%XWWRQ&OLFNYRODM~ Y70RM9HOD.RU
PHWyG\1DFLWDMD5RE
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
Y 70RM9HOD.RU&UHDWH
Y1DFLWDM
NUHVOLW[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWKYGREHJLQ
5RE
LISN WKHQEHJLQ
%XWWRQ(QDEOHG IDOVH
)UHH
,PDJH5HSDLQW
HQG
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
WH[WRYpV~ERU\
SRVWXSQRV]QDNRYNWRUiP{HREVDKRYDSHFLiOQ\]QDNNRQFDULDGNDMHULDGNRYR
RULHQWRYDQ
tWDVDGiOHQSRVWXSQHRG]DLDWNXGRNRQFDSRGREQH]DSLVRYDVDGiOHQQDNRQLHF
V~ERUXVHNYHQQSUtVWXS
SUHtWDQLHVDGiQDVWDYLQD]DLDWRNV~ERUX
DXWRPDWLFNpNRQYHU]LHSULtWDQt]DSLVRYDQtLQFKW\SRYDNR]QDN
SULRWYRUHQtV~ERUXPXVtPHXULLMHV~ERUOHQQD]iSLVDOHEROHQQDtWDQLH
RVDEXGHPHGQHVXL
GYDW\S\ELQiUQ\FKV~ERURYW\SRYpDQHW\SRYp
~GDMRYSU~GVWUHDP
7\S\V~ERURY
9'HOSKLP{HPHVRV~ERUPLSUDFRYDU{]Q\PLVS{VREPL
1DMSUYVD]R]QiPLPHVRVWDUPWORPSRWRPSUHMGHPHQDQRYWOSU~G\
%LQiUQHV~ERU\
SRVWXSQRVYLHWEXURYQDNpKRW\SXDOHERU{]Q\FKW\SRYKRYRUtPHRV~ERURFKVSHYQRXD
SUHPHQOLYRXGNRXYLHW
MHGQRXRSHUiFLRX5HDGDOHER:ULWHP{HPHQDUD]SUHtWDDOHER]DStVDYLDFYLHW
]RV~ERUXP{HPHV~DVQHtWDDMGRQHKR]DSLVRYDEH]WRKRDE\VPHPXVHOLQLHRSUHStQD
]DSLVRYDSULDP\SUtVWXS
XND]RYDWHYV~ERUHSR]tFLDVDSRNDGHMRSHUiFLLtWDQLH]iSLVDXWRPDWLFN\SRV~YDQDQDVOHGXM~FX
YHWXP{HPHVRV~ERURPSUDFRYDVHNYHQQH
Y3DVFDOHV~WRGYDW\S\SUiFHVELQiUQ\PLV~ERUPL
W\SRYpELQiUQHV~ERU\XSULGHNODURYDQtV~ERUXXUtPHW\SYHW\DWPDMGNXYHW\GRV~ERUX
P{HPH]DSLVRYDOHQYHW\WRKWRW\SXDWLH]QHKRtWDOHQGRSUHPHQQFKWRKWRW\SXSR]tFLDYHW\Y
V~ERUHVDY\MDGUXMHSRWRPYLHWNWRUpV~SUHGGDQRXYHWRXtVORYDQLHRGGR)LOH6L]H
QHW\SRYpELQiUQHV~ERU\P{HPHGRQHKR]DSLVRYDXERYRQp~GDMHSUHPHQQpDWLH]QHKRtWD
GRSUHPHQQFKXERYRQFKW\SRYSULRWYiUDQtPXVtPHXULYHNRVHOHPHQWiUQHKREORNXDSRWRP
YHWN\SR]tFLHYV~ERUHDGN\EXG~XURYDQpYWFKWREORNRFKGHIDXOWMH
7\SRYpELQiUQHV~ERU\
W\SHV~ERU ILOHRILGHQWLILNiWRUBW\SXW\SYHW\
SR]RUYHWDQHVPLHREVDKRYDLDGQHDVWLVQLHSHYQRXGNRXQDSUG\QDPLFNpSROLDVWULQJ\V~ERU\
VPHUQtN\DLQpG\QDPLFNpSUHPHQQp
$VVLJQ)LOH5HVHW5HZULWH&ORVH)LOHURYQDNpDNRSUHWH[WRYpV~ERU\
5HDG:ULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
5HDGISUHPHQQiBW\SXBYHWDBV~ERUX
:ULWHISUHPHQQiBW\SXBYHWDBV~ERUX
SUHUHDGDMZULWHP{HE\DMYLDFSUHPHQQFKRGGHOHQFKLDUNDPL
(RIIDNRSUHWH[WRYV~ERU
)LOH6L]HISRHWYLHWV~ERUX
ILOHSRVI
SUtNODG
YDU
I)LOHRILQWHJHU
LMLQWHJHU
EHJLQ
$VVLJQ)LOHI
FLVODGDW
5HZULWHI
IRUL WRGR:ULWHILEDMWRY
&ORVH)LOHIQHWUHEDDNQDVOHGXMH5HVHW
5HVHWItWDQLHRG]DLDWNX
IRUL WRGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUMVHNYHQQptWDQLH
HQG
VOXQHMLHSRNRQLHFV~ERUX
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
QHVPLHVDSRXLUHDGOQDQLZULWHOQQHH[LVWXMH]QDNDNRQFDULDGND
YSLVV~ERUXRG]DGX
IRUL )LOH6L]HIGRZQWRGREHJLQ
6HHNIL5HDGIMSULDPHtWDQLH
0HPR/LQHV$GG,QW7R6WUM
HQG
SULGDMYHWXQDNRQLHFV~ERUX
6HHNI)LOH6L]HI
KRFLVDDNRSRVOHGQURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYD
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDGRWYRUHQV~ERUMH
DXWRPDWLFN\DMQDtWDQLHDMQD]iSLV
IRUL WRGR:ULWHIL
VNUDFRYDQLHV~ERUX
6HHNI7UXQFDWHIV~ERUPiWHUD]YHW\
&ORVH)LOHI
HQG
SURFHG~UDY\KRGY\KRGttWXYHWXWDNHMXQDKUDGtSRVOHGQRXDSRVOHGQ~]UXt
W\SH
YHWD LQWHJHU
76XERU ILOHRIYHWD
SURFHGXUHY\KRGYDUI76XERULLQWHJHU
YDU
YYHWD
EHJLQ
6HHNI)LOH6L]HIUHDGIYQDtWDQLHSRVOHGQHM
6HHNILZULWHIY]iSLVDNRLWHM
6HHNI)LOH6L]HI7UXQFDWHIY\KRGHQLHSRVOHGQHM
HQG
Y\KRGIY\KRGIY\KRGIYHWDQDSR]tFLLREVDKXMHtVOR
0HPR/LQHV$GG
SRY\KRGHQt
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
7DNWRSUtNODGERONHG\VLQDVN~NH
QHH[LVWXMH
DVULHHQLD
YDU
IILOHRILQWHJHU
F7&DQYDV
SURFHGXUHVWURP[\YLQWHJHU
YDU
[\OSLQWHJHU
EHJLQ
LIYWKHQH[LW
VHHNIY
UHDGI[\OS
F0RYH7R[\
F/LQH7R[\
VWURP[\O
VWURP[\S
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN
YDU
[\YLQWHJHU
EHJLQ
F ,PDJH&DQYDV
$VVLJQ)LOHI
VWURPGDW
5HVHWI
UHDGI[\Y
VWURP[\Y
&ORVH)LOHI
HQG
SUHW\SRYpELQiUQHV~ERU\VDDXWRPDWLFN\SUHSRtWDYD6HHN)LOH3RV)LOH6L]HSRGDGN\YHW\QDSU
1HW\SRYELQiUQ\V~ERU
YDUIILOH
3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDLDGQDNRQWURODQDW\S]DSLVRYDQHMtWDQHMSUHPHQQHM
QHIXQJXMHUHDGZULWHPXVtVDWRURELLQDN
%ORFN5HDGYDU))LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiQHW\SRYSDUDPHWHU]QDPHQiXERYRQW\S
SRFHWSRHWtWDQFKEORNRYW\SXLQWHJHU
Y\VOHGRNVNXWRQHQDtWDQSRHWEORNRY
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQR
YVWXSQHMFK\EHLQDNSRNUDXMHDP{HPHRWHVWRYDLQDVWDODFK\ED
%ORFN:ULWHYDUI)LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiXERYRQpKRW\SX
SRFHWYUD]XGiYDM~FLSRHW]DStVDQFKEORNRYW\SXLQWHJHU
Y\VOHGRNVNXWRQH]DStVDQSRHWEORNRYURYQDNRDNRSUH%ORFN5HDG
DNVDQHXYHGLHGNDBEORNXWDNVDSUHGSRNODGi
6HHN)LOH3RV)LOH6L]HSUDFXM~Y]iYLVORVWLQDGNHEORNX
3UtNODG
NRStURYDQLHV~ERUXSRPRFRXW\SRYpKRV~ERUX
YDU
DEILOHRIE\WH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWD
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOHQRW(RIDGREHJLQ
5HDGD[
:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUXSRMHGQRPEDMWH
YDU
DEILOH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHNRVEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOH)LOH3RVD)LOH6L]HDGREHJLQQRW(RID
%ORFN5HDGD[
%ORFN:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUXSRXLWtPSRPRFQHMSDPlWH
FRQVW
GO]ND
YDU
DEILOH
[DUUD\>GO]ND@RIE\WHN%EXIIHU NUDMLHE\ERORSRPRFRX
SRLQWUD
GDGELQWHJHU
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHNRVEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
UHSHDW
%ORFN5HDGD[GO]NDGD
%ORFN:ULWHE[GDGE
XQWLOGD RUGD!GEDNGD!GEWDNQDVWDODFK\EDSUL]iSLVH
LIGD!WKHQ6KRZ0HVVDJH
FK\EDSUL]iSLVH
&ORVH)LOHD
&ORVH)LOHE
HQG
9ODVWQiWULHGD76XERU
YODVWQiWULHGXNWRUiREDOtQHW\SRYV~ERU
W\SH
76XERU FODVV
SULYDWH
IILOH
IXQFWLRQJHWSRVLQWHJHU
SURFHGXUHVHWSRVSLQWHJHU
IXQFWLRQJHWVL]HLQWHJHU
SURFHGXUHVHWVL]HSLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJQRY\ERROHDQ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHUHDGYDUEGLQWHJHUYLUWXDO
SURFHGXUHZULWHYDUEGLQWHJHUYLUWXDO
SURSHUW\SRVLWLRQLQWHJHUUHDGJHWSRVZULWHVHWSRV
SURSHUW\VL]HLQWHJHUUHDGJHWVL]HZULWHVHWVL]H
HQG
FRQVWUXFWRU76XERU&UHDWHPVWULQJQRY\ERROHDQ
EHJLQ
$VVLJQ)LOHIP
LIQRY\WKHQ5HZULWHIHOVH5HVHWI
HQG
GHVWUXFWRU76XERU'HVWUR\
EHJLQ
&ORVH)LOHI
HQG
SURFHGXUH76XERUUHDGYDUEGLQWHJHU
EHJLQ
%ORFN5HDGIEG
HQG
SURFHGXUH76XERUZULWHYDUEGLQWHJHU
EHJLQ
%ORFN:ULWHIEG
HQG
IXQFWLRQ76XERUJHWSRVLQWHJHU
EHJLQ
5HVXOW )LOH3RVI
HQG
SURFHGXUH76XERUVHWSRVSLQWHJHU
EHJLQ
6HHNIS
HQG
IXQFWLRQ76XERUJHWVL]HLQWHJHU
EHJLQ
5HVXOW )LOH6L]HI
HQG
SURFHGXUH76XERUVHWVL]HSLQWHJHU
YDU
SSLQWHJHU
EHJLQ
SS )LOH3RVI
6HHNIS7UXQFDWHI
LISS!SWKHQSS S
VHHNISS
HQG
DP{HPHWRSRXL
YDU
I76XERU
LLQWHJHU
EHJLQ
I 76XERU&UHDWH
VXERUGDW
WUXH
WU\
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGREHJLQHRI
IUHDGLVL]HRIL
0HPR/LQHV$GGLQWWRVWUL
HQG
ILQDOO\
I)UHHQDPLHVWR&ORVH)LOH
HQG
HQG
'iWRYSU~GWULHGD76WUHDP
9'HOSKLH[LWXMH]iNODGQiWULHGD7VWUHDPNWRUi]RYHREHFXMHPHWyG\QD]DSLVRYDQLHDtWDQLH~GDMRY]
QHMDNpKR]i]QDPRYpKRPpGLD7iWRWULHGD]DNU\MHLPSOHPHQWiFLXI\]LFNpKRV~ERUX
76WUHDPMHDEVWUDNWQiWULHGDSUDFXMHPHEXVMHMNRQNUpWQ\PLSRGWULHGDPLQDSU7)LOH6WUHDPDOHERVL
]UHDOL]XMHPHYODVWQ~SRGWULHGX76WUHDPXYHGHQpPHWyG\DEVWUDFWQHPiGHILQRYDQpOHQGHNODURYDQp
YODVWQRVWLSURSHUW\
3RVLWLRQ
6L]H
PHWyG\
NGH2ULJLQ VR)URP%HJLQQLQJVR)URP&XUUHQWVR)URP(QG
:ULWHFRQVW%XIIHU&RXQWLQWHJHULQWHJHU
:ULWH%XIIHUFRQVW%XIIHU&RXQWLQWHJHU
G{OHLWpV~RGYRGHQpWULHG\QDSU
7)LOH6WUHDP
FRQVWUXFWRU&UHDWHFRQVW)LOH1DPHVWULQJ0RGH:RUG
NGH0RGH
IP&UHDWHY\WYRUtV~ERU
IP2SHQ5HDGOHQtWDQLH
IP2SHQ:ULWHOHQ]iSLV
IP2SHQ5HDG:ULWHDM]iSLVDMtWDQLH
70HPRU\6WUHDP
/RDG)URP)LOHFRQVW)LOH1DPHVWULQJ
/RDG)URP6WUHDP6WUHDP76WUHDP
6DYH7R)LOHFRQVW)LOH1DPHVWULQJ
6DYH7R6WUHDP6WUHDP76WUHDP
DSRVOHGQSUtNODGP{HPHSUHStVDSRPRFRX76WUHDPXWDNWR
YDU
I76WUHDP
LLQWHJHU
EHJLQ
I 7)LOH6WUHDP&UHDWH
VXERUGDW
IP&UHDWH
WU\
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGREHJLQ
IUHDGLVL]HRIL
0HPR/LQHV$GGLQWWRVWUL
HQG
ILQDOO\
I)UHH
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
QLHNWRUpRSHUiFLHVDVQLPLURELDDLHOHERV~PHQHMHIHNWtYQHQDSUSULGiYDSUYRNGRVWUHGX
SRD]QDPHQiHQDMSUYSROHRSUHGLPHSRWRPQHMDN~DVSUYNRYYSDPlWLSRVXQLHPHDQD
YRQpPLHVWRYORtPHQRYSUYRN
SRGREQHIXQJXMHDMWULHGD7/LVWSUHEHUiVDQDFYLHQLDFKMH]DORHQiQDG\QDPLFNRPSROL
RVDEXGHPHGQHVXL
XNiHPHVSiMDQp]R]QDP\]R]QDPSUYNRYYNWRURPVLNDGSUYRNSDPlWiVYRMKRQDVOHGRYQtND
YNODGDDY\KDG]RYDSUYN\]R]R]QDPXMHYHPLMHGQRGXFKp
LQGH[RYDSUYN\]R]QDPXMHGRVDVRYRQHHIHNWtYQDRSHUiFLD
6SiMDQp]R]QDP\OLQNHGOLVW
6SiMDQp]R]QDP\EXGHPHSRXtYDQDMPlDNRWUpQLQJSUHG\QDPLFNp~GDMRYpWUXNW~U\UHDOL]RYDQpSRPRFRX
VPHUQtNRY
3UYiYHU]LDVWDUWO
]R]QDPSRPRFRXVPHUQtNRYQD]i]QDP
W\SH
SUYRN LQWHJHU
39UFKRO A79UFKRO
79UFKRO UHFRUG
LQIRSUYRN
QH[W39UFKRO
HQG
YDU
]S39UFKRO
EHJLQ
] QLO]MHSUi]GQ\]R]QDP
/DEHO&DSWLRQ
]R]QDP
S ]
ZKLOHS!QLOGREHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WUSALQIR
S SAQH[W
HQG
XYRQHQLHSUYNRY]R]QDPXFK\EQpULHHQLH
ZKLOH]!QLOGREHJLQ
GLVSRVH]
] ]AQH[W
HQG
XYRQHQLHSUYNRY]R]QDPXVSUiYQHULHHQLH
ZKLOH]!QLOGREHJLQ
S ]AQH[W
GLVSRVH]
] S
HQG
3R]QiPND
DNMHLQIRDVQHMDNiG\QDPLFNiSUHPHQQiQDSUVWULQJG\QDPLFNpSROHREMHNWDOHERVPHUQtNQD
QHMDN~WUXNW~UXWDNGLVSRVHYUFKROXDXWRPDWLFN\QHXYRXMHDMWLHWRSUHPHQQpWLHWREXG~QDDOHM
XGULDYDQpYKHDS
WRWRP{HQLHNHG\VS{VRELSUREOpP\VG\QDPLFNRXSDPlRX]UHMPHSUHPDOpNROVNp~ORK\QLHDOHY
EXG~FQRVWLSULQHMDNFK]ORLWHMtFK~ORKiFKP{HPHQDWRWRQDWUDIL
WDNpLVWpG{VOHGN\WRPiDMYWHG\NHLQIRDVMH]i]QDPNWRUYVHEHREVDKXMHQLHRG\QDPLFNp
SUHWRQLHNHG\SUHGVDPRWQPGLVSRVHVDXYRXMHDMSDPlG\QDPLFNpKRLQIRQDSUSUHVWULQJWRP{H
E\]ALQIR
DOHERSUHG\QDPLFNpSROH]ALQIR QLODDSRWRPVDUREtGLVSRVH]
3RVWXSQpSULGiYDQLHSUYNRYGR]R]QDPX
Y\WYiUDPH]R]QDPSULGiYDQtPYLPQLWHVLHVPHSUHVWDOLSRXtYDVWULHNXA
] QLO
IRUL WRGREHJLQ
QHZSSLQIR LSQH[W ]
] S
HQG
SUYN\VDSULGiYDOLQD]DLDWRNY]R]QDPHV~YRSDQRPSRUDGt
SULGiYDQLHSUYNRYQDNRQLHF]R]QDPXWUHEDQiMVSRVOHGQSUYRNY]R]QDPHD]DQDSRMLQRY
SUYRN
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHEHJLQ
N ]
ZKLOHNQH[W!QLOGRN NQH[WQiMGHSRVOHGQSUYRNY]R]QDPH
NQH[W S
HQG
HQG
&ORVH)LOHW
HIHNWtYQHMLHULHHQLHRSODWtVDSDPlWDVLSRVOHGQSUYRNY]R]QDPHQHEXGHKRWUHEDVWiOH
KDGD
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLON QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
&ORVH)LOHW
QLHNHG\EXGHPHSRXtYDZLWK
S ]
ZKLOHS!QLOGR
ZLWKSAGREHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WULQIR
S QH[W
HQG
9UFKRO]R]QDPXEXGHREMHNW
=DGHILQXMHPHWULHGX7=R]QDPNWRUi]DEH]SHt]iNODGQpRSHUiFLHQDG]R]QDPRPEXGHPDGYHVWDYRYp
SUHPHQQp]DLDWRNDNRQLHF]R]QDPX
SUYN\]R]QDPXEXG~REMHNW\WMV~WRVPHUQtN\
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
QH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQ79UFKRO
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNQ79UFKRO
EHJLQ
LQIR LQH[W Q
HQG
GHVWUXFWRU79UFKRO'HVWUR\
EHJLQ
QH[W)UHH!UHNXU]LDQDSUSUHGOKp]R]QDP\SUREOpPVR]iVREQtNRP
QH[W QLOYVNXWRQRVWLWRWRSULUDGHQLHQLHMHSRWUHEQp
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
3R]QiPND
QHXYRXM~DPXVtWR]DEH]SHLSURJUDPiWRU
SRXLWH]R]QDPX]YUFKRORYNWRUpV~REMHNW\
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWH79UFKRO&UHDWH79UFKRO&UHDWHQLO
/DEHO&DSWLRQ SY\SLVSQH[WY\SLVSQH[WQH[WY\SLV
SQH[WQH[W)UHH
SQH[W)UHH
S)UHH
WULHGD7=R]QDP
QDMSUYOHQQDMMHGQRGXFKLHPHWyG\WULHG\7=R]QDP
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLOYVNXWRQRVWLWRWRXUREtDXWRPDWLFN\NRQWUXNWRU
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
S79UFKRO
EHJLQ
5HVXOW
S ]
ZKLOHS!QLOGREHJLQ
5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWHLQLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
SURFHGXUH7=R]QDPYVXQSUHGLQWHJHULSUYRN
YDU
ST79UFKRO
EHJLQ
LISUHGWKHQSULGDM=L
HOVHEHJLQ
T ]
ZKLOHT!QLODQGSUHG!GREHJLQ
GHFSUHG
T TQH[W
HQG
S 79UFKRO&UHDWHLQLO
LIT QLOWKHQNQH[W S
HOVHEHJLQ
SQH[W TQH[W
TQH[W S
HQG
LISQH[W QLOWKHQN S
HQG
HQG
1'
GRWULHG\7=R]QDPGRSOWHPHWyG\
IXQFWLRQSRFHWLQWHJHU
SURFHGXUHY\KRG=Y\KRGtSUYSUYRN
SURFHGXUHY\KRG.Y\KRGtSRVOHGQSUYRN
SURFHGXUHSUHYUDWSUHYUiWLSRUDGLHSUYNRYY]R]QDPH
SURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DLDWRN
]QRYXQiMGHPLQLPXP]R]Y\NXGiKR]DPLQLPXP
SURFHGXUH]DUDGLSUYRN
]DUDGtSUYRNGR]R]QDPXDE\RVWDO]R]QDPXWULHGHQ
SURFHGXUHY\KRG'XSOLNDW\
Y\KRGtYUFKRO\VURYQDNPLQIRQHFKiOHQSUY]QLFK
IXQFWLRQLW\LLQWHJHU79UFKROYUiWLtW\SUYRN
SUHGSRNODGDMWHHVWDYRYpSUHPHQQpLQIRDQH[WV~V~NURPQpDP{XVDLQLFLDOL]RYDOHQY
3RO\PRUIQ]R]QDP
SUYNDPL]R]QDPXP{XE\QLHOHQLQWDQFLHWULHG\79UFKRODOHDMXERYRQpRGYRGHQpWULHG\
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=S79UFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.S79UFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRNRYHUORDG
SURFHGXUHYVXQSUHGLQWHJHUS79UFKRORYHUORDG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
SQH[W ]] S
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
EHJLQ
SURFHGXUH7=R]QDPSULGDM.S79UFKRO
EHJLQ
SQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
WHVWSRO\PRUIQpKR]R]QDPX
W\SH
79UFKRO FODVV79UFKRO
LQIRVWULQJ
FRQVWUXFWRU&UHDWHLVWULQJQ79UFKROSR]RUQLHQ79UFKRO
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRU79UFKRO&UHDWHLVWULQJQ79UFKRO
EHJLQ
LQIR LQIR LQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
LQIR
HQG
YDU
]7=R]QDP
LLQWHJHU
EHJLQ
] 7=R]QDP&UHDWH
IRUL WRGR
LIUDQGRP WKHQ
]SULGDM=LLQWDQFLDWULHG\79UFKRO
RMHWRLVWpDNR]SULGDM=79UFKRO&UHDWHLQLO
HOVH
]SULGDM=79UFKRO&UHDWH,QW7R6WUL
[
QLO
/DEHO&DSWLRQ ]Y\SLV
HQG
3RXLWLHYODVWQRVWt
W\SH
7=R]QDP FODVV
IXQFWLRQLW\LLQWHJHU79UFKRO
SURFHGXUH]PHQLLQWHJHUS79UFKRO
SURSHUW\SUY\79UFKROUHDG]
SURSHUW\SRVOHGQ\79UFKROUHDGN
SURSHUW\SUYN\>LLQWHJHU@79UFKROUHDGLW\ZULWH]PHQGHIDXOW
HQG
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
YDU
TU79UFKRO
EHJLQ
LILWKHQSULGDM=S
HOVHEHJLQ
T LW\L
LIT QLORUTQH[W QLOWKHQSULGDM.S
HOVHEHJLQ
U TQH[WTQH[W SSQH[W UQH[W
U)UHH
HQG
HQG
HQG
YDNDYODVWQRVWLSUYN\P{HPHNXSUYNRP]R]QDPXSULVWXSRYDDNRNXSUYNRPSRDQDSU
IRUL WRGR
]SUYN\>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]SUYN\>L@Y\SLV
QDSU
IRUL WRGR
]>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]>L@Y\SLV
1'
]LVWLWHSUHRQHEXGHIXQJRYDWDNiWRYPHQDSUYNRY]R]QDPX
YDU
W79UFKRO
W ]>L@
]>L@ ]>L@
]>L@ W
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
Y\WYRULOLVPHWULHGX7=R]QDPSRPRFRXNWRUHMP{HPHYHPLSRKRGOQHSUDFRYDVMHGQRVPHUQP
VSiMDQP]R]QDPRP
RVDEXGHPHGQHVXL
SURFHGXUiOQ\W\SDMHKRY\XLWLHSULSUiFLVRVSiMDQP]R]QDPRP
SHFLiOQHW\S\VSiMDQFK]R]QDPRYGYRMVPHUQVSiMDQ]R]QDPF\NOLFNVSiMDQ]R]QDPD
VSiMDQ]R]QDPVILNWtYQ\PYUFKRORP
(YLGRYDQLH]PHQ\Y]R]QDPH
QDSUtNODG
W\SH
7$NFLD D3ULGDMD=PHQD=UXV
7=R]QDP FODVV
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDYLUWXDO
HQG
SURFHGXUH7=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
EHJLQ
HQG
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
EHJLQ
R]QDPLWSD=PHQ
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
R]QDPLWSD3ULGDM
HQG
SURFHGXUH7=R]QDP]UXVS79UFKRO
EHJLQ
R]QDPLWSD=UXV
HQG
$NE\VPHQLHNHG\YEXG~FQRVWLSRWUHERYDOLQDSUY\SLVRYDLQIRUPiFLHRYHWNFK]PHQiFKY]R]QDPH
GRQHMDNpKR0HPRVWDtSUHGHILQRYDYLUWXiOQHR]QDPLWDKQHXYLGtPHYHWN\]PHQ\
QDSUtNODG
W\SH
70RM=R]QDP FODVV7=R]QDP
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDRYHUULGH
HQG
SURFHGXUH70RM=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
7HQWRSUtVWXSPiQDSUWDN~QHYKRGXHQLHNHG\EXGHWUHEDY\UiEDQRYpSRGWULHG\DNFKFHPHPHQL
VSUiYDQLHPHWyG\R]QDPLW1LHNHG\WR]E\WRQHVNRPSOLNXMHQiYUKSURMHNWX,QVS{VRENWRUQiP
XPRQtURELWRLVWpDOHLQDNMHSRPRFRXSURFHGXUiOQHKRW\SX
3URFHGXUiOQ\W\S
QDSUtNODG
SURFHGXUiOQ\W\SP{HPH]DGHILQRYDDMWDNHKRGQRWDPLP{XE\OHQPHWyG\QHMDNHMWULHG\]D
GHILQtFLXPXVtPHXYLHVRIREMHFW
QDSUtNODG
VSUHPHQRXW\SXSURFHGXUDP{HPHSUDFRYDWDNWR
QDSUtNODG
SURFHGXUHSS79UFKROD7$NFLD
EHJLQ
VSUDFXMYUFKRO
HQG
W\SH
SURFHGXUD SURFHGXUHS79UFKROD7$NFLD
YDU
SUSURFHGXUD
EHJLQ
SU S
SUYD3ULGDMMHWRLVWpDNRSYD3ULGDM
SU QLOWHUD]XSUYRODQHVPLHPH
DNPiPHGYHJOREiOQHSURFHG~U\SDSNWRUpPDM~URYQDNpIRUPiOQHSDUDPHWUHDNRGHILQtFLDW\SX
SURFHGXUD
WDNP{HPHDM
YDU
SUDUUD\>@RISURFHGXUD SS
SU>@YD3ULGDM]DYROiSURFHG~UXS
SU>@YQH[WD=PHQ]DYROiSURFHG~UXS
LMHKRGQRWRXSUHPHQQHMSURFSURFHGXUiOQHKRW\SXQLODOHERQLHQHP{HPHWHVWRYDWDNWR
LISURF!QLOWKHQ
KOiVLODE\VDFK\EDHYRODQLHSURFPiPiORSDUDPHWURY
SRXLMHPHWDQGDUGQ~IXQNFLX$VVLJQHGNWRUi]LVWtLMHYSURFHGXUiOQHMSUHPHQQHMSULUDGHQiQHQLORYi
KRGQRWDQDSU
LI$VVLJQHGSURFWKHQSURFYD=PHQ
1DVOHGXM~FLSUtNODGXNiHDNRP{HPHYLUWXiOQXPHWyGXR]QDPLWQDKUDGLSURFHGXUiOQRXVWDYRYRX
SUHPHQQRXDN=PHQD2Q&KDQJH
QDSUtNODG
W\SH
SURFHGXUD SURFHGXUHS79UFKROD7$NFLD
7=R]QDP FODVV
SULYDWH
WDN=PHQDSURFHGXUD
WDN=PHQDMHV~NURPQiSRXtYDWHMXP{HPHQLOHQSRPRFRXSURSHUW\
SXEOLF
SURSHUW\DN=PHQDSURFHGXUD^UHDGWDN=PHQD`ZULWHWDN=PHQD
HQG
9DGHWDPNGHERORYRODQLHR]QDPLWSUtGHYRODQLHDN=PHQDQDSU
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
LI$VVLJQHGWDN=PHQDWKHQWDN=PHQDSD3ULGDM
HQG
3UtNODGSRXLWLD
QDSUtNODG
SURFHGXUH]PHQDS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
] 7=R]QDP&UHDWH
]DN=PHQD ]PHQD
]DN=PHQD QLOKRFLNHG\P{HPH]PHQLREVDKSUHPHQQHMDN=PHQD
3RXLWLHSURFHGXUiOQ\FKW\SRYXNiHPHDMQDLQFKSUtNODGRFK
0HWyGDYVHWN\
6SXVWtQHMDN~DNFLXQDNDGRPYUFKROHVSiMDQpKR]R]QDPXQDSU
W\SH
SULND] SURFHGXUHS79UFKRO
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH7=R]QDPYVHWN\SUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
)LOWURYDQYSLV
9\StHOHQWLHYUFKRO\]R]QDPXNWRUpVSDM~QHMDN~SRGPLHQNXQDSU
W\SH
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
IXQFWLRQY\SLVVWULQJRYHUORDG
IXQFWLRQY\SLVIILOWHUVWULQJRYHUORDG
HQG
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
EHJLQ
5HVOXW Y\SLVQLOYSLVEH]SRGPLHQN\WMYHWN\
HQG
0HWyGDYVHWN\VILOWURPUHVSVYLDFHUPLSUtND]PLNWRUpVDY\NRQDM~VNDGPY\KRYXM~FLP
YUFKRORP
W\SH
SULND] SURFHGXUHS79UFKRO
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUDUUD\RISULND]RYHUORDG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQSUS
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUDUUD\RISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ
IRUL ORZSUWRKLJKSUGRSU>L@S
S SQH[W
HQG
HQG
YQDVOHGXM>FRPSUtNODGHSUHGSRNODGiPHH79UFKROMHRGYRGHQ]79UFKRODREVDKXMHVWULQJRY~
SUHPHQQ~LQIR]SUHGFKiG]DM~FHMSUHGQiN\
SUtNODG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR>@ XSFDVH79UFKROSLQIR>@
HOVHLQFSLQIR
HQG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR
[
79UFKROSLQIR
HOVHLQFSLQIR
HQG
0HPR/LQHV$GG]Y\SLVQLO
0HPR/LQHV$GG]Y\SLVI
0HPR/LQHV$GG]Y\SLVI
]YVHWN\ISU
0HPR/LQHV$GG]Y\SLV
]YVHWN\QLO>SUSUSU@
0HPR/LQHV$GG]Y\SLV
3RO\QyP\
7ULHGD73RO\QRPMHXNiNDSRXLWLDVSiMDQFK]R]QDPRY3RO\QyPMHUHDOL]RYDQVSiMDQP]R]QDPRP
SULRPNDGYUFKRO]R]QDPXREVDKXMHMHGHQOHQSRO\QyPXDNRGYRMLFXNRHILFLHQWUHDODH[SRQHQWLQWHJHU
'RKRGQHPHVDHOHQ\SRO\QyPXV~XVSRULDGDQp]RVWXSQHSRGDH[SRQHQWRYD]R]QDPQHREVDKXMHOHQ\V
QXORYPNRHILFLHQWRP
GHNODUiFLH
W\SH
79UFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[W79UFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHNUHDOHLQWHJHUQ79UFKRO
EHJLQ
NRHI NH[SR HQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW )ORDW7R6WUNRHI
[A
,QW7R6WUH[SR
HQG
W\SH
SURF SURFHGXUHY79UFKRO
73RO\QRP FODVV
SULYDWH
]79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
IXQFWLRQY\SLVVWULQJ
SURFHGXUHGHULY
SURFHGXUHSULFLWDMS73RO\QRP
SURFHGXUHRGFLWDMS73RO\QRP
SURFHGXUHY\QDVRES73RO\QRP
SURFHGXUHY\GHOS73RO\QRP
SURFHGXUHY\QDVRE.NUHDO
IXQFWLRQKODGDMHLQWHJHU79UFKRO
HQG
SURFHGXUH73RO\QRPSULGDMNUHDOHLQWHJHU
YDU
S79UFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] 79UFKRO&UHDWHNH]
HOVHLISH[SR HWKHQEHJLQ
SNRHI SNRHIN
LISNRHI WKHQY\KRGH
HQG
HOVHSQH[W 79UFKRO&UHDWHNHSQH[W
HQG
SURFHGXUH73RO\QRPY\KRGHLQWHJHU
YDU
ST79UFKRO
EHJLQ
LI]!QLOWKHQ
LI]H[SR HWKHQEHJLQ
T ]] ]QH[WT)UHH
HQG
HOVHEHJLQ
S KODGDMH
LIS!QLODQGSQH[W!QLODQGSQH[WH[SR HWKHQEHJLQ
T SQH[WSQH[W SQH[WQH[WT)UHH
HQG
HQG
HQG
SURFHGXUH73RO\QRPYVHWN\SUSURF
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
SURFHGXUHGHULYY79UFKRO
EHJLQ
ZLWKYGREHJLQ
NRHI NRHI
H[SR
GHFH[SR
HQG
HQG
YDU
VWUVWULQJ
SURFHGXUHY\SLVY79UFKRO
EHJLQ
VWU VWUYY\SLV
HQG
SURFHGXUH73RO\QRPGHULY
EHJLQ
Y\KRG
YVHWN\GHULY
HQG
IXQFWLRQ73RO\QRPY\SLVVWULQJ
EHJLQ
VWU
YVHWN\Y\SLV
LIVWU!
1'
GRGHILQXMWHFKEDM~FHPHWyG\
]DGHILQXMWHDOLHPHWyG\QD
XORHQLHtWDQLHSRO\QyPXGR]R6WUHDPX
Y\KRGQRWHQLHSRO\QyPXSUHQHMDN~NRQNUpWQXKRGQRWX[
Y\WYRUHQLHWDEXN\KRGQ{WSUHQHMDNp[]GDQpKRLQWHUYDOXDSUHGDQNURNWDEXNXKRGQ{WWUHED
]DStVDGR6WUHDPDOHERQDNUHVOLJUDI
'YRMVPHUQVSiMDQ]R]QDP
.DGYUFKROVLSDPlWiDMVYRMKRSUHGFKRGFXVWDYRYiSUHPHQQiSUHY
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
SUHYQH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNSQ79UFKRO
EHJLQ
LQIR LSUHY SQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO
N79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=Y79UFKRO
SURFHGXUHSULGDM.Y79UFKRO
SURFHGXUHYVXQ3UHGSUHGY79UFKRO
SURFHGXUHYVXQ=D]DY79UFKRO
SURFHGXUHY\KRGY79UFKRO
SURSHUW\SUY\79UFKROUHDG]
SURSHUW\SRVOHGQ\79UFKROUHDGN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=Y79UFKRO
EHJLQ
YSUHY QLOYQH[W ]
LIN QLOWKHQN Y
HOVH]SUHY Y
] Y
HQG
SURFHGXUH7=R]QDPSULGDM.Y79UFKRO
EHJLQ
YSUHY NYQH[W QLO
LIN QLOWKHQ] Y
HOVHNQH[W Y
N Y
HQG
SURFHGXUH7=R]QDPYVXQ3UHGSUHGY79UFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVHEHJLQ
SURFHGXUH7=R]QDPYVXQ=D]DY79UFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVHEHJLQ
YQH[W ]DQH[W]DQH[W YYSUHY ]D
YQH[WSUHY Y
HQG
HQG
SURFHGXUH7=R]QDPY\KRGY79UFKRO
EHJLQ
LIY QLOWKHQQL
HOVHLI] YWKHQEHJLQ
] ]QH[W
LI]!QLOWKHQ]SUHY QLOHOVHN QLO
Y)UHH
HQG
HOVHEHJLQ
YSUHYQH[W YQH[W
LIYQH[W!QLOWKHQYQH[WSUHY YSUHY
HOVHN YSUHY
Y)UHH
HQG
HQG
=DF\NOHQ]R]QDP
6SRPHPHVLQDSRVOHGQ~~ORKX]SUHGFKiG]DM~FHMSUHGQiN\
SUHRQLHMHNRUHNWQWDNWRY\PHQSUHRE\DMQ]R]QDP
SURFHGXUH7=R]QDPY\PHQLLLQWHJHU
YDU
W79UFKRO
EHJLQ
W SUYN\>L@
SUYN\>L@ SUYN\>L@
SUYN\>L@ W
HQG
1'
Y\ULHWHPHWyGXY\PHQNRUHNWQH
&\NOLFN]R]QDP
SRVOHGQSUYRNRGND]XMHQDSUY
DNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
WUHEDVSUiYQHUR]SR]QDNRQLHF]R]QDPXQDSUSUHYSLVYHWN\KDGDQLHKRGQRW\DSRG
P{HPHSRXLOHQMHGLQVPHUQtNDWRQDSRVOHGQSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH]DLDWRN
]R]QDPXWHGDQHWUHEDSRWRPXGULDYDGYDVPHUQtN\
QDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\DSRG
=R]QDPVILNWtYQ\PYUFKRORP
SUi]GQ\]R]QDP
SUHSURJUDPXMWHSULGDM=DOHDMLQpPHWyG\
UR]P\VOLWHVLDNRVD]PHQtF\NOLFN]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQ]R]QDPVILNWtYQ\P
YUFKRORPF\NOLFNGYRMVPHUQ
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
SR]QiPHU{]QHW\S\VSiMDQFK]R]QDPRYV~WRQDMMHGQRGXFKLHG\QDPLFNpWUXNW~U\
RVDEXGHPHGQHVXL
DOLDG\QDPLFNiWUXNW~UDMHVWURPQDMMHGQRGXFKtW\SMHELQiUQ\VWURP
VRVWURPRPVDQDMDVWHMLHSUDFXMHSRPRFRXUHNXU]LH
ELQiUQ\Y\KDGiYDFtVWURP
=iNODGQpSRMP\
*UDIMHPQRLQDYUFKRORYSRVSiMDQFKKUDQDPL9RULHQWRYDQRPJUDIHV~KUDQ\XVSRULDGDQpGYRMLFHYUFKRORY
XUXM~DMVPHUSUHSRMHQLDYUFKRORY
6WURPMHWDNRULHQWRYDQJUDIYNWRURP
MHMHGHQYUFKROSHFLiOQ\NRUHGRWRKWRYUFKROXQHYHGLHLDGQDKUDQDtSND
GRYHWNFKRVWDWQFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
JUDIMHV~YLVO
7HUPLQROyJLD
DNQHMDNYUFKROQHPiLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQYUFKROVWURPX
SRGVWURPQHMDNYUFKROSRYDXMHPH]DNRUHDYtPDPHVLOHQMHKRV\QRYDLFKV\QRYDW
FHVWDSRVWXSQRVYUFKRORYVSRMHQFKKUDQDPLOHQMHGQPVPHURP
ELQiUQ\VWURPNDGYUFKROPiPD[LPiOQHV\QRY
5HSUH]HQWiFLDVWURPRY
DNRYKDOGHYMHGQRUR]PHUQRPSROL
NDGSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
SUYSUYRNMHNRUH
WUHEDHYLGRYDGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
SROHYUFKRORYNGHYUFKROREVDKXMHLQIRDLQGH[\GRSRDSUHDYpKRDSUDYpKRV\QD
1'
Y\VN~DMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiWUXNW~UDSUHELQiUQ\VWURP
GHILQtFLDELQiUQHKRVWURPX
W\SH
76WURP FODVV
LQIRSUYRN
OS76WURP
FRQVWUXFWRU&UHDWHLSUYRNQOQS76WURP
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRU76WURP&UHDWHLSUYRNQOQS76WURP
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQ76WURPWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
YDUV76WURP
V QLOSUi]GQ\VWURP
1'
]LVWLWHNRNRH[LVWXMHU{]Q\FKVWURPRY]ORHQFK]1YUFKRORY"
=iNODGQpDOJRULWP\
SUHFKiG]DQLDYUFKROPLVWURPRY
3UHRUGHUQDMSUYLQIRUPiFLXYRYUFKROHSRWRPYDYRPSRGVWURPHDQD]iYHUYSUDYRP
,QRUGHUQDMSUYVSUDFXMHDYSRGVWURPSRWRPLQIRYRYUFKROHDQD]iYHUYSUDYRPSRGVWURPH
3RVWRUGHUQDMSUYVSUDFXMHDYSRWRPSUDYSRGVWURPDQD]iYHULQIRYVDPRWQRPYUFKROH
QDSURJUDPXMHPHPHWyG\SUHRUGHULQRUGHUSRVWRUGHUWLHWRSRVWXSQHVSUDFXM~YHWN\YUFKRO\SRGD
SHFLILFNpKRSRUDGLD
SURFHGXUH76WURPY\SLVY\StHOHQMHGHQYUFKRO NRUH
EHJLQ
)RUP0HPR/LQHV$GGWH[W
HQG
SURFHGXUH76WURPSUHRUGHU
EHJLQ
Y\SLV
LIO!QLOWKHQOSUHRUGHU
LIS!QLOWKHQSSUHRUGHU
HQG
SURFHGXUH76WURPLQRUGHU
EHJLQ
LIO!QLOWKHQOLQRUGHU
Y\SLV
LIS!QLOWKHQSLQRUGHU
HQG
SURFHGXUH76WURPSRVWRUGHU
EHJLQ
LIO!QLOWKHQOSRVWRUGHU
LIS!QLOWKHQSSRVWRUGHU
Y\SLV
HQG
1'
QDXWHVDUXQHY\WYRULSRVWXSQRVWLKRGQ{WYUFKRORYSRGDYHWNFKWURFKDOJRULWPRY
V~GDQpGYHSRVWXSQRVWLtVHONWRUpUHSUH]HQWXM~QDSULQRUGHUDSRVWRUGHUYSLVQHMDNpKRVWURPX
QDNUHVOLWHWHQWRVWURP
QDYUKQLWHDOJRULWPXVNWRUVNRQWUXXMHVWURPQD]iNODGHQHMDNFKGYRFKSRVWXSQRVWttVHO
0HWyGDQDSULGiYDQLHYUFKROXQDQiKRGQpPLHVWRGRVWURPXP{HPHY\XLSULODGHQtDOJRULWPRYVR
VWURPDPL
SULGiOLVWQDQiKRGQpPLHVWRYVWURPH
SURFHGXUH76WURPQDKRGQH3ULGDMLSUYRN
EHJLQ
LIUDQGRP WKHQ
LIO QLOWKHQO 76WURP&UHDWHLQLOQLO
HOVHOQDKRGQH3ULGDML
HOVH
LIS QLOWKHQS 76WURP&UHDWHLQLOQLO
HOVHSQDKRGQH3ULGDML
HQG
V 76WURP&UHDWHQLOQLO
IRUL WRGRVQDKRGQH3ULGDML
XYHGRPWHVLHSULGiYDYUFKROSRPRFRXWRKWRDOJRULWPXP{HPHOHQYWHG\DNMHVWURPQHSUi]GQ\
3RXLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
PHWyGDYHWN\
W\SH
76WURP FODVV
QLHRDNRIRUZDUG VXEXMHPHRFKYtXVDREMDYtGHNODUiFLD
76WURP
SULND] SURFHGXUHV76WURP
SUYRN LQWHJHU
76WURP FODVV
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH76WURPYVHWN\SUSULND]
EHJLQ
SUVHOI
LIO!QLOWKHQOYVHWN\SU
LIS!QLOWKHQSYVHWN\SU
HQG
3RXLWLHSURFHGXUiOQHKRSDUDPHWUD
YDU
VWUVWULQJ
SURFHGXUHWHVWV76WURP
EHJLQ
VWU VWU
VWH[W
HQG
EHJLQ
VWU
WHVW
LIV!QLOWKHQVYVHWN\WHVW
)RUP0HPR/LQHV$GGVWU
HQG
DOLHDOJRULWP\QDVWURPRFK
SRHWOLVWRYVWURPX
IXQFWLRQ76WURPSRFHWOLVWRYLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
HOVHEHJLQ
5HVXOW
LIO!QLOWKHQLQF5HVXOWOSRFHWOLVWRY
LIS!QLOWKHQLQF5HVXOWSSRFHWOLVWRY
HQG
HQG
7ULYHU]LHIXQNFLHQDYSRHWV~WXKRGQ{WYVWURPHUHNXU]tYQDPHWyGDQHUHNXU]tYQDPHWyGDUHNXU]tYQD
JOREiOQDIXQNFLD
V~HW
IXQFWLRQ76WURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIO!QLOWKHQLQF5HVXOWOVXFHW
LIS!QLOWKHQLQF5HVXOWSVXFHW
HQG
IXQFWLRQ76WURP15VXFHWLQWHJHUQHUHNXU]tYQDYHU]LD
YDU
VWDFNDUUD\>@RI76WURP
VSLQWHJHUVWDFNSRLQWHU XND]RYDWHQDYUFK
]iVREQtND
V76WURP
EHJLQ
5HVXOW
VS VWDFN>VS@ VHOI
UHSHDW
LIVWDFN>VS@ QLOWKHQGHFVS
HOVHEHJLQ
V VWDFN>VS@
LQF5HVXOWVLQIR
VWDFN>VS@ VO
LQFVS
VWDFN>VS@ VS
HQG
XQWLOVS
HQG
'YHYHU]LHDOJRULWPXQD]LVWHQLHKEN\VWURPXDNRPHWyGDDDNRJOREiOQDIXQNFLD
KENDVWURPX
IXQFWLRQ76WURPKOENDLQWHJHU
EHJLQ
LIO!QLOWKHQ
LIS!QLOWKHQ5HVXOW PD[OKOENDSKOENDPD[MH]XQLWX0DWK
HOVH5HVXOW OKOEND
HOVHLIS!QLOWKHQ5HVXOW SKOEND
HOVH5HVXOW
HQG
1'
QHUHNXU]tYQHKENDSRHWYUFKRORYSUHRUGHU
Y]GLDOHQRVQDMEOLLHKROLVWXRGNRUHDSO\WLQD
DOLHSRMP\
MHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNREVDKYUFKRORY
~URYQHNDGYUFKROYVWURPHPiVYRMX~URYHOHYHO
NRUHMHY~URYQL
MHKRV\QRYLDV~~URYQH
V\QRYLDYUFKROX~URYQH8PDM~~URYH8
YNDGHM~URYQL8MHPD[8YUFKRORY
tUNDVWURPX QDMYltSRHWYUFKRORYQDMHGQHM~URYQL
tUNDVWURPXSR]RUDOJRULWPXVMHYHPLQHHIHNWtYQ\
IXQFWLRQ76WURPVLUNDLQWHJHU
YDU
QSLQWHJHU
EHJLQ
Q 5HVXOW
UHSHDW
S SRFHWQDXURYQLQ
LIS!5HVXOWWKHQ5HVXOW S
LQFQ
XQWLOS
HQG
1'
Y\P\VOLWHHIHNWtYQHMtDOJRULWPXVQD]LVWHQLHtUN\VWURPX
0HWyGDNUHVOLQDNUHVOtVWURPGRJUDILFNHMSORFK\GRQHMDNpKRFDQYDVX
NUHVOLVWURP
SURFHGXUH76WURP.UHVOLJ7&DQYDVVLU[\LQWHJHU
EHJLQ
VLU VLUGLY
LIO!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
O.UHVOLJVLU[VLU\
HQG
LIS!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
S.UHVOLJVLU[VLU\
HQG
J7H[W2XW[\WH[W
HQG
1'
JHQHURYDQLH~SOQpKRVWURPX
RtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]DYDGRSUDYD
Y\StWHYUFKRO\SR~URYQLDFK
SULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVRXSUHXERYRQpPLHVWR
%LQiUQ\Y\KDGiYDFtVWURP
YHWN\KRGQRW\QDDYRRGRWFDV~PHQLHDNRRWHF
YHWN\KRGQRW\QDSUDYRRGRWFDV~YlLHDNRRWHF
YHWN\SRGVWURP\V~WLH%96
YSLVSRPRFRXDOJRULWPXLQRUGHUY\StHXWULHGHQ~SRVWXSQRV
GHILQtFLXVWURPXUR]GHOtPHQDGHILQtFLXYUFKROXVWURPX
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
OS79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQS79UFKRO
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNQOQS79UFKRO
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQ79UFKROWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
DWULHGDVWURPREVDKXMHOHQVPHUQtNQDNRUHVWURPX
W\SH
7%96WURP FODVV
SULYDWH
NRUHQ79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLV
IXQFWLRQKODGDMLSUYRN79UFKRO
SURFHGXUHYOR]LSUYRN
SURFHGXUH]UXVLSUYRN
HQG
FRQVWUXFWRU7%96WURP&UHDWH
EHJLQ
NRUHQ QLO
HQG
SURFHGXUH7%96WURPY\SLV
SURFHGXUHY\SLVV79UFKRO
EHJLQ
LIV QLOWKHQH[LW
)RUP0HPR/LQHV$GGVWH[W
Y\SLVVO
Y\SLVVS
HQG
EHJLQ
Y\SLVNRUHQ
HQG
+DGDQLHYELQiUQRPY\KDGiYDFRPVWURPH
DOJRULWPXVVDSRVWXSQHYQiUDGRVWURPXSULRPQD]iNODGHKRGQRW\YRYUFKROHVDUR]KRGXMHL
SRNUDXMHYDYRDOHERYSUDYR
NHQHQiMGHYUFKROYUiWLQLO
KDGDQLHY%96
1'
SUHSURJUDPXMWHPHWyGXKODGDMUHNXU]tYQ\PDOJRULWPRP
QDStWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
9ORHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
YORHQLHQRYHMKRGQRW\GR%96
SURFHGXUH7%96WURPYOR]LSUYRN
SURFHGXUHYOR]YDUV79UFKRO
EHJLQ
LIV QLOWKHQV 79UFKRO&UHDWHLQLOQLO
HOVHLIVLQIR LWKHQQLOHERVDQDLHO
HOVHLIVLQIR!LWKHQYOR]VO
HOVHYOR]VS
HQG
EHJLQ
YOR]NRUHQ
HQG
1'
PHWyGXYOR]SUHSURJUDPXMWHQHUHNXU]tYQ\PDOJRULWPRP
5XHQLHYUFKROXWDNDE\RVWDOVWURP%96
SUREOpPMHLEDVUXHQtPYUFKROXNWRUPiRERFKV\QRYGDQDOJRULWPXVQiMGHPLQLPXPYSUDYRP
SRGVWURPHYUFKROXWRWRPLQLPXPY\KRGtDMHKRKRGQRWXGiQDPLHVWRUXHQpKRYUFKROX
Y\KRGHQLHYUFKROX]%96
SURFHGXUH7%96WURP]UXVLSUYRN
SURFHGXUH]UXVYDUV79UFKRO
EHJLQ
LIV QLOWKHQQL
HOVHLIVLQIR!LWKHQ]UXVVO
HOVHLIVLQIRLWKHQ]UXVVS
HOVHLIVO QLODQGVS QLOWKHQEHJLQV)UHHV QLOHQG
HOVHLIVO QLOWKHQV VS
HOVHLIVS QLOWKHQV VO
HOVHVLQIR ]UXVPLQVS]SUDYpKRSRGVWURPXPLQLPiOQ\SUYRN
HQG
EHJLQ
]UXVNRUHQ
HQG
1'
UHDOL]RYDEH]UHNXU]LHQHWUHEDVWDFN
RSUDYWHDOJRULWPXVWDNDE\VDQHXYRRYDOPLQLPiOQ\DOHUXHQYUFKRODPLQLPiOQ\YUFKROVD
SUHVPHUQtNRYDOQDPLHVWRUXHQpKRYUFKROX
SUREOpPVGHJHQHURYDQPLVWURPDPL]iYLVtRGSRUDGLDYOR]
GDQiXWULHGHQiSRVWXSQRVY\WYRULRQDMY\YiHQHMt%96
GDQ%96WUHEDSUHXVSRULDGDWDNDE\YVOHGQ%96PDOPLQLPiOQHPRQ~KENX
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
ELQiUQHVWURP\
ELQiUQ\Y\KDGiYDFtVWURP
RVDEXGHPHGQHVXL
DOLHW\S\VWURPRYDULWPHWLFNVWURPYHREHFQVWURPYHREHFQ]R]QDPOH[LNRJUDILFNVWURP
NRPSRQHQW77UHH9LHZ
$ULWPHWLFNpVWURP\
ELQiUQ\VWURP
YRYQ~WRUQFKYUFKRORFKV~ELQiUQHRSHUiFLH
YOLVWRFKV~RSHUDQG\QDSUtVODDOHERLGHQWLILNiWRU\SUHPHQQFK
G{OHLWiYODVWQRVNDGYUFKROPiDOHERV\QRYQHP{HPDLED
DNVDVWURPY\StHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLVQDSU
VWURPVDVNODGi]GYRFKW\SRYYUFKRORY7$2SHUDFLDD7$2SHUDQG
W\SH
73UYRN LQWHJHU
7$6WURP FODVV
IXQFWLRQKRGQRWD73UYRNYLUWXDODEVWUDFW
IXQFWLRQSUHIL[VWULQJYLUWXDODEVWUDFW
HQG
FRQVWUXFWRU7$2SHUDFLD&UHDWH]FKDUOOSS7$6WURP
EHJLQ
RS ]O OOS SS
HQG
IXQFWLRQ7$2SHUDFLDKRGQRWD73UYRN
EHJLQ
FDVHRSRI
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWD
SKRGQRWD
5HVXOW OKRGQRWDGLYSKRGQRWD
HOVHUDLVH([FHSWLRQ&UHDWH
QHUR]XPLHP
RS
HQG
HQG
IXQFWLRQ7$2SHUDFLDSUHIL[VWULQJ
EHJLQ
5HVXOW
RSOSUHIL[SSUHIL[
HQG
FRQVWUXFWRU7$2SHUDQG&UHDWHK73UYRN
EHJLQ
KRG K
HQG
IXQFWLRQ7$2SHUDQGKRGQRWD73UYRN
EHJLQ
5HVXOW KRG
HQG
IXQFWLRQ7$2SHUDQGSUHIL[VWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
D7$6WURP
EHJLQ
D 7$2SHUDFLD&UHDWH
7$2SHUDFLD&UHDWH
7$2SHUDQG&UHDWH
7$2SHUDQG&UHDWH
7$2SHUDFLD&UHDWH
7$2SHUDQG&UHDWH
7$2SHUDQG&UHDWH
0HPR/LQHV$GG
SUHIL[
DSUHIL[
0HPR/LQHV$GG
KRGQRWD
LQWWRVWUDKRGQRWD
HQG
3R]Q
GLUHNWtYDDEVWUDFW
]DEH]SHtHEi]RYiWULHGDGHILQXMHYLUWXiOQHPHWyG\
WLHWRPHWyG\VDQHVP~YRODSULDPRVS{VREtWRFK\ERY~VSUiYXP{XVDYRODOHQMHMSUHNU\Wp
RYHUULGHPHWyG\
YDNDWRPXWRP{HPHGHILQRYDDEVWUDNWQ~ED]RY~WULHGX
QDSUDM76WUHDPPiQLHNWRUpPHWyG\DEVWUDFWUHDGZULWHDVHHN
SUtND]UDLVH([FHSWLRQ&UHDWH
WH[WFK\E\
VS{VREtSUHUXHQLHYSRWXVGDQRXFK\ERYRXVSUiYRX
1'
]UHDOL]XMWHSRVWIL[RYD~SOQHX]iWYRUNRYDQLQIL[RYYSLVDULWPHWLFNpKRVWURPX
VNRQWUXXMWHDULWPHWLFNVWURP]SUHIL[RYpKRSRVWIL[RYpKR~SOQHX]iWYRUNRYDQpKR]iSLVX
QDYUKQLWHWUHWtW\SYUFKROXSUHPHQQi
KRGQRWDYUiWLKRGQRWXSUHPHQQHM]WDEXN\WDEXNDMHGYRMVWSFRYpSROHLGHQWLILNiWRUSUHPHQQHMD
KRGQRWDSUHPHQQHM
DULWPHWLFNVWURPVDGiUHSUH]HQWRYDMHGLQPW\SRPYUFKROXNWRUREVDKXMH]O~HQpVWDYRYpSUHPHQQp
]RYHWNFKW\SRYYUFKRORYDWLHVWDYRY~SUHPHQQ~NWRUiY\MDGUXMHW\SYUFKROXQDSURSHUDQG
RSHUiWRUQDSURJUDPXMWHPHWyG\SUHWDN~WRUHSUH]HQWiFLX
QDSUtNODG
W\SH
7$6WURP FODVV
W\SRSHUDQGRSHUDFLD
KRGLQWHJHU
RSFKDU
OS7$6WURP
FRQVWUXFWRU&UHDWH2SHUDQGKLQWHJHU
FRQVWUXFWRU&UHDWH2SHUDFLX]FKDUOOSS7$VWURP
HQG
9HREHFQpVWURP\
NDGYUFKROPiXERYRQSRHWV\QRY
DNMH1iUQ\WM]NDGpKRYUFKROXPD[1YUFKRORYP{HPHKRUHSUH]HQWRYDWDNWR
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\>1@RI76WURP
HQG
DOHERQHRKUDQLHQG\QDPLFNSRHWV\QRY
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\RI76WURP
HQG
DVWRVDYSUD[LSRXtYDDMLQiUHSUH]HQWiFLDY\FKiG]D]ELQiUQHKRVWURPXEXGHPHMXYRODV\QEUDW
YNDGRPYUFKROHLQIRUPiFLD
VPHUQtNSUYQDMDYHMtQDMVWDUtSUYRURGHQV\Q
VPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORQPRWFRP
UHD]YUFKRORYVSRMHQFKVPHUQtNRPEUDWWYRUtMHGQRVPHUQVSiMDQ]R]QDPV\QRYQHMDNpKR
YUFKROX
VWURPYDYRMHUHSUH]HQWRYDQSRPRFRXV\QEUDWYSUDYR
UHSUH]HQWiFLDYHREHFQpKRVWURPXSRPRFRXV\QEUDW
W\SH
76WURP FODVV
LQIR73UYRN
V\QEUDW76WURP
HQG
3R]QNRUHYlLQRXQHPiEUDWRYDNE\PDOYROiPHW~WRWUXNW~UXOHV
1'
YRYHWNFKWURFKUHSUH]HQWiFLiFK
KENDtUNDV~HWKRGQ{W
YSLVDNRUHD]HFDOHERQDNUHVOHQLHGR&DQYDVX
]LVWLLMHVWURPELQiUQ\SRHWOLVWRY
SUHNyGRYDELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLHWUHEDVLXYHGRPLDVDVWUDWtLQIRUPiFLDRWRPH
QDSUDYV\QQHH[LVWXMHDOHSUDYiQR
SULGDMLMSUYRNSULGDQRYpKRV\QDtWHPXYUFKROXY~URYQLM
Y\WYRULDOHERQDtWDWH[WRYV~ERUSRSLVXM~FLVWURPNDGULDGRNMHGHQYUFKROSRHWPHG]LHUQD
]DLDWNXULDGNDR]QDXMH~URYHYQRUHQLDNRUHSUYULDGRN]DtQDYVWSFLMHKRV\QRYLD]DtQDM~QD
GUXKFKVWSFRFK
9HREHFQp]R]QDP\
9HREHFQ]R]QDPMH
DWyPQDSUVWULQJtVOR
SRVWXSQRVDWyPRYD]R]QDPRYDMSUi]GQDX]DYUHWiYRNU~KO\FK]iWYRUNiFK
3RXLMHPHSRGREQ~UHSUH]HQWiFLXDNRSUHDULWPHWLFNpVWURP\DEVWUDNWQiEi]RYiWULHGDDRGQHMRGYRGHQpGYD
W\S\YUFKRORYSULRPWUXNW~UDVDSRGREiYHREHFQpPXVWURPXW\SXV\QEUDWQDSU
GHILQtFLDKLHUDUFKLHWULHG
W\SH
73UYRN VWULQJ
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
3UtNODGLOXVWUXMHtWDQLHGREUpKRYHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHMWUXNW~U\DMHKRYSLVYURYQDNRP
WYDUH
SUtNODG
W\SH
73UYRN VWULQJ
YDU
OH[NRQO]S]DWXUREtPHVLVNHQHUNWRUEXGHUR]SR]QiYD
KRGQRWD73UYRNYJOREiOQHMSUHPHQQHMKRGQRWDDNiPHKRGQRWXDWyPX
]FKDU
YVWXSVWULQJYVWXSQDQDO\]RYDQUHD]HF
SURFHGXUHVNHQHUWDQGDUGQVNHQHU
YDU
RNERROHDQ
SURFHGXUH]QDN
EHJLQ
LIYVWXS
WKHQ]
HOVHEHJLQ] YVWXS>@GHOHWHYVWXSHQG
HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GREHJLQ
KRGQRWD KRGQRWD]]QDN
HQG
OH[ DW
HQG
HOVH
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
W\SH
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRU7$WRP&UHDWHK73UYRN
EHJLQ
KRGQ K
HQG
IXQFWLRQ7$WRPY\SLVVWULQJ
EHJLQ
5HVXOW KRGQ
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
V7=R]QDP
EHJLQ
5HVXOW
V VHOI
UHSHDW
LIVV\Q!QLOWKHQ5HVXOW 5HVXOWVV\QY\SLV
V VGDOVL
XQWLOV QLO
5HVXOW 5HVXOW
HQG
IXQFWLRQ79VHRE=R]QDPSUY\79VHRE=R]QDP
EHJLQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXUREL359<
PRKORE\DMDEVWUDFW
HQG
IXQFWLRQ7=R]QDPSUY\79VHRE=R]QDP
EHJLQ
5HVXOW V\Q
LI5HVXOW QLOWKHQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXUREL359<]SUi]GQHKR]R]QDPX
HQG
IXQFWLRQFLWDM79VHRE=R]QDP
IXQFWLRQFLWDMFKYRVW7=R]QDP
EHJLQ
LIOH[ S]WKHQEHJLQ
5HVXOW QLOVNHQHU
HQG
HOVHLIOH[ NRQWKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HQG
EHJLQ
LIOH[ DWWKHQEHJLQ
5HVXOW 7$WRP&UHDWHKRGQRWD
VNHQHU
HQG
HOVHLIOH[ O]WKHQEHJLQ
VNHQHU
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HOVH5HVXOW QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
V79VHRE=R]QDP
EHJLQ
YVWXS (GLW7H[W]
VNHQHUV FLWDM
LIV QLOWKHQ
0HPR/LQHV$GG
SUi]GQ\]R]QDPQLO
HOVH
0HPR/LQHV$GGVY\SLV
HQG
1'
WHVWRYDFtSURJUDPQHREVDKXMHXYRRYDQLHSDPlWLPHWyGD'HVWUR\GRSURJUDPXMWHMX
IXQNFLHNWRUpYUiWLDtW\SRVOHGQSUYRN]R]QDPX]R]QDPEH]SUYpKRSUYNXEH]SRVOHGQpKREH]t
WHKRSUYNX
NySLDYHREHFQpKR]R]QDPXSRHWDWyPRYSRHWYVN\WRY
SRURYQDQLHGYRFK]R]QDPRY
SUHYUDWSULSRM]79VHRE=R]QDP
]PHWHUHSUH]HQWiFLXYHREHFQpKR]R]QDPXWDNHYUFKROMHEXDWyPDOHERREVDKXMHG\QDPLFNpSROH
VYRMLFKSUYNRY
UHDOL]XMWHQDtWDQLHYSLVDDMRVWDWQpPHWyG\
/H[LNRJUDILFNpVWURP\
YELQiUQRPVWURPHNDGiFHVWDRGNRUHDGRXERYRQpKRYUFKROXMHGQR]QDQHUHSUH]HQWXMHWHQWR
YUFKROQDSU//3///33/R]QDXMHYUFKROVOOSOOOSSOSRGREQHVDGiR]QDRYD
XERYRQYUFKRODMY1iUQRPVWURPHSRXLMHPH1StVPHQDEHFHG\QDSU
D
N
OH[LNRJUDILFNpVWURP\V~1iUQHVWURP\
NDGYUFKROUHSUH]HQWXMHSUYFK.]QDNRY]RVORYD.MHY]GLDOHQRVRGNRUHD
NRUHUHSUH]HQWXMHSUi]GQHVORYR
V\QRYLDNRUHDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDW
YLQIRSRORNHP{HPHUHSUH]HQWRYDLQIRUPiFLXU{]QHKRW\SXQDSUSRHWYVN\WRYGDQpKRVORYD
UHD]HFUHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQQ~WDEXNXVORYQDYVWXSH]DEHFHG\^DE`
QDMSUYY\WYRUtPHOH[LNRJUDILFNVWURPGRLQIRSRHWYVN\WRY
Y\StHPHFHVWXNQHQXORYPYUFKRORPDMVKRGQRWRX
ULHHQLH
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
E
@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMFRQVWVVWULQJ
SURFHGXUHY\SLVW76WULQJVFRQVWVVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>
D
@ QLOS>
E
@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMFRQVWVVWULQJ
EHJLQ
LIV
WKHQLQFSRFHW
HOVHLIV>@LQ>
D
E
@WKHQEHJLQ
LIS>V>@@ QLOWKHQS>V>@@ 7/H[6WURP&UHDWH
S>V>@@SULGDMFRS\VPD[LQW
HQG
HOVH
SURFHGXUH7/H[6WURPY\SLVW76WULQJVFRQVWVVWULQJ
EHJLQ
LISRFHW!WKHQW$GG,QW7R6WUSRFHW
V
LIS>
D
@!QLOWKHQS>
D
@Y\SLVWV
D
LIS>
E
@!QLOWKHQS>
E
@Y\SLVWV
E
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
O7/H[6WURP
EHJLQ
O 7/H[6WURP&UHDWH
OSULGDM
DEDD
OSULGDM
EE
OSULGDM
OSULGDM
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
OSULGDM
DEDDEED
OSULGDM
DEDDEDE
OSULGDM
DDEE
OSULGDM
DEDE
OSULGDM
DDEE
OSULGDM
DEDD
OY\SLV0HPR/LQHV
HQG
3R]Q
SRXLOLVPHSUHGGHILQRYDQ~WULHGX76WULQJVSRVWXSQRVUHD]FRYQDSU0HPR/LQHVMHW\SX76WULQJV
XPiPHVN~VHQRVWLHSUH76WULQJVH[LVWXM~PHWyG\&OHDUD$GGDOHV~GHILQRYDQpDMPHWyG\
'HOHWH,QVHUW/RDG)URP6WUHDP/RDG)URP)LOH
XLWRQpYODVWQRVWLSURSHUW\WULHG\&RXQW6WULQJV>LQGH[@7H[W
1'
SULGDMDMY\SLVV~UHNXU]tYQH !P{HSUHWLHF]iVREQtNSUHUREWHEH]UHNXU]LH
YWHVWRYDFRPSURJUDPHY\StWHDMSRHWYUFKRORYVWURPXKENXVWURPXSRHWU{]Q\FKVORYGN\
PHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
GRURELSUH1SUYNRY~DEHFHGX
QDSU
D
M
iUQ\VWURP
QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
PHWyG\WULHG\NWRUpQiMGX
VORYiGDQHMGN\
QDMNUDWLHQDMGOKLHVORYi
QDMNUDWLHVORYR]DtQDM~FHGDQPUHD]FRP
GNDQDMGOKLHKRVORYD KENDVWURPX
QDYUKQLWHPHWyG\QDUXHQLHVORYDDOHERYHWNFKVORYNWRUp]DtQDM~QHMDNPUHD]FRP
SUHPHQQHMSRFHWEXGHLQIRUPiFLDRWRPLSDWUtGRPQRLQ\ !]UHDOL]XMWHRSHUiFLH]MHGQRWHQLD
SULHQLNX
.RPSRQHQW77UHH9LHZ
7HQWR'HOSKLNRPSRQHQWXPRXMH]REUD]L~GDMHNWRUpPDM~VWURPRY~WUXNW~UXYRYL]XiOQHMIRUPHQDSU
.RPSRQHQW77UHH9LHZMHGRVNRPSOH[QWXSRStHPHOHQQLHNRNRVWDYRYFKSUHPHQQFKDPHWyG
YUFKROPLVWURPXV~LQWDQFLHWULHG\77UHH1RGH
,WHPV>L@YUiWLtW\YUFKRO
,WHPV&RXQWSRHWV\QRY
$GG&KLOG)LUVW
/RDG)URP)LOHPHQRBV~ERUX]WH[WRYpKRV~ERUXQDtWDNRPSOHWQVWURPNDGULDGRNSRSLVXMH
MHGHQYUFKROVWURPXSRHWPHG]LHUUHVSWDEXOiWRURYQD]DLDWNXULDGNDY\MDGUXMHYQRUHQLHYUFKROX
6DYH7R)LOHPHQRBV~ERUXY\WYRUtWH[WRYV~ERUNWRUSRSLVXMHNRPSOHWQVWURP
&RXQWSRHWV\QRY
,WHP>L@VPHUQtNQDtWHKRV\QD
3DUHQWVPHUQtNQDRWFD
6HOHFWHGLMHPiE\R]QDHQR]QDHQP{HE\PD[LPiOQHMHGHQYUFKROYFHORPVWURPH
,QGH[NRNMHWRV\QVYRMKRRWFD
/HYHOYDNHM~URYQLVWURPXMHWHQWRYUFKRO
7H[WWH[WRYUHD]HFYGDQRPYUFKROH
DQLHNWRUpG{OHLWpPHWyG\QDSU
'HOHWH]UXtYUFKRO
'HOHWH&KLOGUHQ]UXtYHWN\GHWL
*HW1H[W6LEOLQJQDVOHGXM~FLEUDW
*HW3UHY6LEOLQJSUHGFKiG]DM~FLEUDW
*HW)LUVW&KLOGSUYV\Q
QDSUWiWRDVSURJUDPXY\WYRUtVWURPVYUFKROPL
YDU
NYY77UHH1RGH
EHJLQ
N 7UHH9LHZ,WHPV$GGQLO
NRUHVWURPX
Y 7UHH9LHZ,WHPV$GG&KLOGN
GUXKYUFKRO
Y 7UHH9LHZ,WHPV$GGY
WUHWtYUFKRO
Y 7UHH9LHZ,WHPV$GG&KLOGN
WUHWtYUFKRO
WRMHWRLVWpDNRSUHGFKiG]DM~FLULDGRN
0DOWHVWRYDFtSURMHNW
QDIRUPXOiUSRORWHNRPSRQHQW\
77UHH9LHZ]SDOHW\:LQ
7(GLW
7%XWWRQVSRSLVPL3ULGDMD3ULGDMV\QD
7&KHFN%R[VSRSLVRP3ULGiYDMQD]DLDWRN
SURMHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG&KLOG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GG&KLOGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
7UHH9LHZ6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
LI)LOH([LVWV
VWURPW[W
WKHQ
7UHH9LHZ/RDG)URP)LOH
VWURPW[W
HQG
SURFHGXUH7)RUP)RUP&ORVH6HQGHU72EMHFWYDU$FWLRQ7&ORVH$FWLRQ
EHJLQ
7UHH9LHZ6DYH7R)LOH
VWURPW[W
HQG
1'
Y\WYRUWH7UHH9LHZ]RWUXNW~U\DGUHViURY
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVDEXGHPHGQHVXL
U{]QHDOJRULWP\WULHGHQt
VS~DQLHSDUDOHOQpKRSURFHVXYOiNQD
7ULHGHQLD
VSRORQpGHNODUiFLHSUHDOLHWULHGHQLD
YDU
SDUUD\>1@RILQWHJHU
SURFHGXUHY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
W S>L@S>L@ S>M@S>M@ W
HQG
3ULU{]Q\FKDOJRULWPRFKWULHGHQtQiVEXGH]DXMtPDDNRHIHNWtYQHWHQWRSUDFXMH3UHPDOSRHWSUYNRYDVLQLH
MHYHPLSRGVWDWQpLDOJRULWPXVEHDODOHERPLOLVHN~QGDOHSUHYlLHSRVWXSQRVWLKRGQ{WQDSUPLOLyQ
XP{H]DYiLLWULHGHQLHSREHtDOHERVHN~QG9]KDGRPQDHIHNWtYQRVDOJRULWPXV~
G{OHLWpLQIRUPiFLHQDSURSRWHSRURYQiYDQtDSRWHYPHQPHG]LSUYNDPL
0{HWHVLVWLDKQXGHPRQWUDQSURMHNWQDYL]XDOL]iFLXSULHEHKXWULHGHQtYSURMHNWHP{HWHQDVWDYRYD
NRQWDQW\VLUERGDFDVDRGNRPHQWRYDQtPQLHNWRUpKR]WULHGHQtKRP{HWHRWHVWRYD
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
VNRURQDMKRULHDNpP{HE\P{HPHKRSRXLOHQSUHPDOpSROLDYVLWXiFLLNHQH]iOHtQDUFKORVWL
3RURYQiYDQLHGYRFKSUYNRYYHGDVHEDGRSUYNXSRDVPHQtPLQGH[RPLGHPHQt]QLFK3RMHGQRP
SUHFKRGHSRRPVDXULWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRD3RWRPRVWiYDXWULHGL1SUYNRYSRD
SRVOHGQMHXQDVYRMRPPLHVWH
EXEOLQNRYpWULHGHQLH
SURFHGXUH%XEEOH6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
3R]Q
0LQ6RUW
1iMGHY~VHNXSRDPLQLPiOQ\SUYRNY\PHQtKRVSUYPSUYNRP~VHNXDSRVXQLHGROQ~KUDQLFXWULHGHQpKR
~VHNXRWMWULHGHQ~VHNSRDVDVNUiWLRDW
WULHGHQLHPLQVRUW
SURFHGXUH0LQ6RUW
YDU
LMPLQLQWHJHU
EHJLQ
IRUL WR1GREHJLQ
PLQ L
IRUM LWR1GR
LIS>M@S>PLQ@WKHQPLQ M
Y\PHQLPLQ
HQG
HQG
3R]Q
7ULHGHQLHYV~YDQtP,QVHUW6RUW
,VWiDVSRDMHXXWULHGHQi]DUDGtQRYSUYRNQDVYRMHPLHVWRDSUHGLXWULHGHQ~VHNR
WULHGHQLHYV~YDQtP
SURFHGXUH,QVHUW6RUW
YDU
LMWLQWHJHU
EHJLQ
SUHGSRNODGYF\NOH
LMHXWULHGHQ~VHNYVXS>L@WDNDE\RVWDOXWULHGHQ
IRUL WR1GREHJLQ
M LW S>L@
ZKLOHM! DQGS>M@!WGREHJLQKDGDQLHYKRGQpKRPLHVWDSUHSUYRN
S>L@
S>M@ S>M@
GHFM
HQG
S>M@ W
HQG
HQG
3R]Q
RSlMHWRYHPLSRPDODOJRULWPXVSRURYQDWHQV%XEEOH6RUWRP
7ULHGHQLH]OXRYDQtP0HUJH6RUW
PHWyGDUR]GHXMDSDQXMWMDKLHVDXWULHGLPHQHMSRORLHNDNRYHD
DOJRULWPXV
SROHUR]GHOtPHQDGYHSULEOLQHURYQDNRYHNpDVWLSULQHSiUQRPSRWHMHMHGQDDVYlLD
SRWRPVD]DREHUDMPHVNDGRX]WFKWRGYRFKDVWt]YOiDWRWDNPLVWPVS{VRERPWM
UR]GHOtPHMXQDGYHDVWL
]QRYXYH]PLPHSUY~]QLFKDUR]GHPHMXQDGYHDWDNPQHGRVWDQHPHMHGQRSUYNRYp
~VHN\
MH]UHMPpHMHGQDSRORNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpDVWL
WHUD]SRXLMHPHGUXK~DVDOJRULWPX]O~HQLHGYRFKXWULHGHQFKDVWtWDNDE\DMQRYRY]QLNQXWi
DVERODXWULHGHQiWMGRVWiYDPHDVVGYRPDSRORNDPL
SRGREQHVDUR]GHOtD]O~LDMGUXKiDV]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~GYRMSUYNRY~
DV
WHQLVWDOJRULWPXV]O~HQLDGYRFKXWULHGHQFKDVWtSRXLMHPHDMWHUD]DGRVWiYDPHXWULHGHQ~
WYRUSUYNRY~DV
DOJRULWPXVVDEXGHRSDNRYDDNPQHEXGHXWULHGHQpFHOpSROH
WRWRWULHGHQLHVDSRXtYDQDMPlSULWULHGHQtSUYNRYVSiMDQFK]R]QDPRY]OXRYDQLHGYRFKSROtEH]
SRPRFQpKRSRDMHYHPLQiURQiRSHUiFLDDP{HSRND]LHIHNWtYQRVFHOpKRDOJRULWPX
WRWRWULHGHQLHSDWUtPHG]LW]YUFKOHWULHGHQLDHIHNWtYQRVMHUiGRYR1
ORJ1
WULHGHQLHVSiMDQpKR]R]QDPX
W\SH
7=R]QDP FODVV
KLQWHJHU
QH[W7=R]QDP
HQG
SURFHGXUH0HUJH6RUWYDU]7=R]QDP
SURFHGXUHUR]GHOS7=R]QDPYDUGS7=R]QDP
YDU
VWUHGSRP7=R]QDP
EHJLQ
LIS QLOWKHQGS QLOQHERORRGHOL
HOVHEHJLQ
VWUHG S
SRP VWUHGQH[W
ZKLOHSRP!QLOGREHJLQSRNLDQLHMHQDNRQFL]R]QDPX
SRP SRPQH[WSRVXVDRMHGHQNURN
LISRP!QLOWKHQEHJLQHWHQLHVRPQDNRQFL
VWUHG VWUHGQH[WSRVXVWUHGRMHGHQNURN
SRP SRPQH[WSRVXVDRGUXKNURN
HQG
HQG
GS VWUHGQH[WYUiVPHUQtNQDSUYRNNWRUMHVWUHGQ
VWUHGQH[W QLO]PRGLILNXMS{YRGQGOK]R]QDPQD
SRORYLQ
HQG
HQG
SURFHGXUH]OXFSS7=R]QDPYDUS7=R]QDP
YDU
N7=R]QDP
EHJLQ
LIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHLIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHEHJLQRED]R]QDP\V~QHSUi]GQH
LISK SKWKHQEHJLQY\ULHPHSUYSUYRNQRYpKR]R]QDPX
S S
S SQH[W
HQG
HOVHEHJLQ
S S
S SQH[W
HQG
N SY\WYiUDPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRFVPHUQtND
N
ZKLOHS!QLODQGS!QLOGR
LISK SKWKHQEHJLQ
NQH[W SN SS SQH[W
HQG
HOVHEHJLQ
NQH[W SN SS SQH[W
HQG
LIS QLOWKHQNQH[W SY\SUi]GQLOVD]R]QDPS
HOVHNQH[W SY\SUi]GQLOVD]R]QDPS
HQG
HQG
YDU
GUXKDSRO7=R]QDP
EHJLQ
LI]!QLODQG]QH[W!QLOWKHQEHJLQDVSRSUYN\
UR]GHO]GUXKDSRO
0HUJH6RUW]
0HUJH6RUWGUXKDSRO
]OXF]GUXKDSRO]
HQG
HQG
3R]Q
UHNXU]tYQDSURFHG~UD0HUJH6RUWVSUDFXMHFHO]R]QDPWDNHKRUR]GHOtQDGYHDVWLVSULEOLQH
URYQDNPSRWRPSUYNRYQDWLHWR]DYROiW~LVW~SURFHG~UXSRNLDV~]R]QDP\YLDFDNRMHGQRSUYNRYpD
SRWRPWDNWRY]QLNQXWp]R]QDP\]O~L
SURFHG~UDUR]GHOVDEXGHVQDLQiMVSRORYLFXFHOpKR]R]QDPXNWRUGRVWiYDFH]VPHUQtNSDYUiWL
GYD]R]QDP\VSULEOLQHURYQDNPSRWRPSUYNRYVWUHGVDEXGHKDGDWDNHSR]R]QDPHEXG~
SXWRYDGYDVPHUQtN\MHGHQSRMHGQRPNURNXDGUXKSRGYRFKDDNVDGUXKVPHUQtNSUHSUDFXMHQD
NRQLHF]R]QDPX]UHMPHSUYNWRULHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
DNPiPHGREUHUR]GHOHQ]R]QDPQDGYHDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWRGYH
DVWL]O~LDWRWDNDE\DMQRYGOKt]R]QDPRVWDOXWULHGHQSURFHG~UD]OXFWHGDSUHFKiG]DRERPD
]R]QDPDPLDY\WYiUD]QLFKQRY
1'
XVSRULDGDYSROLSRPRFRXSRPRFQpKRSRD
XVSRULDGDYSROLEH]SRPRFQpKRSRDDVLEXGHSULYHDSRVXQRYSRD
WULHGLELQiUQ\V~ERUVGYRPDSRPRFQPLV~ERUPL
5FKOHWULHGHQLH4XLFN6RUW
YSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~L
WULHGHQLH4XLFN6RUWY\WYiUDGYHDVWLSRDWDNDE\LFKQHERORWUHED]OXRYDDOHDE\LFKVWDLORLED
SRORL]DVHED
YSUYRPNURNXVDMHGHQSUYRNY\EHULH]DSLYRWDYSULQFtSHWRP{HE\XERYRQSUYRNP\
Y\EHUPHSUYSUYRN]GDQHMSRVWXSQRVWL
SRGDWRKWRSLYRWDUR]GHPHYVWXSQ~SRVWXSQRVSUYNRYQDGYHDVWLSULRPYSUYHM]QLFKEXG~
tVODPHQLHDNRSLYRWDYGUXKHMtVODYlLHDURYQpDNRSLYRWYQDMOHSRP]SUtSDGRYVD
SRVWXSQRVUR]GHOtQDGYHDVWLVSULEOLQHURYQDNPSRWRPSUYNRYYQDMKRURPSUtSDGHYDN
]UHMPHQDQXODSUYNRYNWRUpEXGHWYRULSUY~DVDQDYHWN\RVWDWQpSUYN\
SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULDVWLDVVMHGLQPSUYNRPNWRUPMHSLYRW
DVYNWRUHMV~SUYN\PHQLHDNRSLYRWDDVVSUYNDPLYltPLDOHERURYQPLDNRMHSLYRW
SRWRPURYQDNPVS{VRERPXWULHGLPHGUXK~DVSUYN\PHQLHDNRSLYRWDWUHWLXDVSUYN\
YlLHDNRSLYRW
SRLFKXWULHGHQtGUXK~DWUHWLXDVSRORtPHYHGDVHEDSULRPSLYRWGiPHQDVSUiYQHPLHVWR
UFKOHWULHGHQLH
SURFHGXUH4XLFN6RUW
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDU
SLYRWLQWHJHU
LLQWHJHU
EHJLQ
SLYRW S>]@LS ]SLYRWMHSUYSUYRN
IRUL ]WRNGRSUHMGLYHWN\SUYN\PHG]L]DN
LIS>L@SLYRWWKHQEHJLQSR]HUDQSUYRNSDWUtGRSUYHMDVWLSRD
MHRMHGHQYLDFWDNFKRV~PHQLHDNR
SLYRW
LQFLSY\PHQLSL
HQG
Y\PHQ]LSGDMSLYRWQDVSUiYQHPLHVWR
YLSMHLQGH[QDNWRURPMHXPLHVWQHQSLYRW
HQG
SURFHGXUHTXLFN]NLQWHJHU
YDU
LSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
EHJLQ
TXLFN1
HQG
3R]Q
SURFHG~UDTXLFNMHUHNXU]tYQDDWULHGLDVSRDPHG]LLQGH[PL]DNSULRPQDMSUYYROiSURFHG~UX
UR]GHOQDUR]GHOHQLHWHMWRDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWDOJRULWPXVQDDVSRD
SUHGLQGH[RPQDNWRURPMHSLYRWDQDDVSRD]DSLYRWRP
SURFHG~UDUR]GHOGiYDSUYN\PHQLHDNRSLYRWQD]DLDWRNSRDSUYN\YlLHDOHERURYQpDNRSLYRWQD
NRQLHFSRDDSRVNRQHQtWRKWRXSUDWRYDQLDGiHWHSLYRWQDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
DNERORSROHXWULHGHQpHWHSUHGVDPRWQPWULHGHQtPWDNMH]YROHQQDMKRUtPRQSLYRWSUHWRVDQD
]DLDWNXUR]GHO]Y\NQHSULGD
Y\PHQ]]NGLY
1'
YSUD[LVDYlLQRXSRXtYDEH]UHNXU]LHSUHSURJUDPXMWHWRWRWULHGHQLHEH]UHNXU]LH
WULHGLVSiMDQ]R]QDP
WULHGLELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
EXGHPHWULHGLSROH
KDOGDMHGiWRYiWUXNW~UDNWRUi
PiWYDUVNRUR~SOQpKRELQiUQHKRVWURPXOHQQDSRVOHGQHM~URYQLELQiUQHKRVWURPXP{XFKED
H[LVWXM~
]UHMPHYNRUHQLKDOG\MHYG\PD[LPiOQ\SUYRN
KDOGXEXGHPHUHSUH]HQWRYDYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNHNRUHVWURPXMHQD
Y\WYRUHQLHKDOG\
QDMYlLHSUYN\
WULHGHQLHKDOGRX
SURFHGXUH+HDS6RUW
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
EHJLQDNH[LVWXMHV\Q!QDVWDYtVDQDYlLHKR]QLFK
LI
L PWKHQEHJLQDVSRMHGHQV\QH[LVWXMH
L
LYLMHDYV\Q
LILPDQGS>L@!S>L@WKHQL L
SUDYV\QEROYltDSUHWRMHYLSUDYV\QLQDNRVWiYDYLDY
V\Q
HQG
HQG
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
YDU
LLQWHJHUSUHGSRNODGiPHHRGNGRPWRXKDOGDMHSULGiPHNW\
EHJLQ
L NSRVXQLP
ZKLOHS>N@S>L@GREHJLQ
Y\PHQNL
N L
SRVXQLPYLMHQRYYltV\Q
HQG
HQG
SURFHGXUHY\WYRUBKDOGX
YDU
LLQWHJHU
EHJLQ
IRUL 1GLYGRZQWRGRXSUDFBKDOGXL1
HQG
YDU
LLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L 1EHUSRVWXSQHYHWN\SUYN\
ZKLOHL!GREHJLQ
Y\PHQLY\PHNRUHDSRVOHGQ]DWLDQHXWULHGHQtW\
SUYRN
GHFL]PHQLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHMHDVL]O
HQG
HQG
3R]Q
SURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQPLGYRPDLQGH[PLSRDWMSRMHMVNRQHQtMH
DVSRD.D0KDOGRXSULRPSURFHG~UDSUHGSRNODGiHDV.D0MHKDOGDDOHWPHVPH
SULGDOLSUYRNQDPLHVWR.PRKODVDKDOGD.D0SRND]LDSUHWRWUHEDSROH]QRYXXKDOGRYDWM
]DEH]SHLDE\DMSUH.SODWLORHPiRERFKV\QRYPHQtFKDNRRQViPDNWRWDNQLHMHWUHEDKR
]UHMPHY\PHQLVYltP]RV\QRYDSRVWXSRSDNRYDSUHWRKWRV\QDDSUtVOXQSRGVWURP
SRPRFQiSURFHG~UDSRVXQSRV~YDSUYSDUDPHWHUQDYlLHKRV\QD
1'
QDPLHVWRWULHGHQLDSUYNRYSRDSUHKDG]RYDQtPKRGQ{WUHDOL]XMWHWULHGHQLHOHQSRPRFRXWULHGHQLDLQGH[RY
SRDWMY\WYRUtWHSROHtVHORGORZSDGRKLJKSLQGH[RYpSROHDWRWRSROHSUHXVSRULDGDWHWDN
Y\WYRUtWHMHKRSHUPXWiFLXHQDSUMHKRYSLVYSRUDGtLQGH[RYYWRPWRSROLY\StHXVSRULDGDQpSROH
WDNpWRWULHGHQLHUHDOL]XMWHSUHYHWN\GRWHUD]]QiPHWULHGHQLD
QDStWHSURJUDPNWRUSRURYQiUFKORVU{]Q\FKWULHGLDFLFKDOJRULWPRYSUHWRLVWpSROHFHOFKtVHO
P{HWHSRXLQDSUIXQNFLX7LPHNWRUiYUDFLDPRPHQWiOQ\DVWHVWXMWHWRSUHU{]QHYHNpSROLD
QiKRGQFKtVHOQDSUDSUYNRY
5DGL[6RUW
WULHGHQLHSRFLIUiFK
SULSUDYtPH.SRPRFQFKN{SRNGRNWRUFKEXGHPHSUHKDG]RYDKRGQRW\]RYVWXSQHMSRVWXSQRVWL
.SRHWU{]Q\FKKRGQ{WNWRUpP{XQDGRE~GDMHGQRWOLYpFLIU\QDSUSUHtVODSUH]QDN\D
SRG
YSUYRPSUHFKRGHSRVWXSQHSUHKDG]XMHPHYHWN\KRGQRW\GRSUtVOXQHMN{SN\SRGDSRVOHGQHM
FLIU\
SRWRPYHWN\N{SN\VSRMtPH]RUDGtPHRSlGRMHGQHMSRVWXSQRVWL
YGUXKRPSUHFKRGHSUHKDG]XMHPHKRGQRW\GRN{SRNSRGDSUHGSRVOHGQHMFLIU\
RSlLFKSRWRPVSRMtPHGRMHGQHMSRVWXSQRVWL
WRWRSRVWXSQHRSDNXMHPHSUHYHWN\FLIU\QD]iYHUMHFHOiSRVWXSQRVXWULHGHQiY]RVWXSQH
WDNWRVDGREUHWULHGLDVSiMDQp]R]QDP\
SULSUiFLVSROLDPLVLWHQWRDOJRULWPXVY\DGXMHYHDSRPRFQFKSROt
1'
QDSURJUDPXMWHWRWRWULHGHQLHSUHVSiMDQp]R]QDP\SROHELQiUQ\V~ERU
7KUHDGYOiNQD
RSHUDQV\VWpP:LQGRZVGRYROtVSXVWLGYHDOHERYLDFSURFHG~UQDUD]DWLHQiPXPRXMHDE\WRWR
ULDGLOQiSURJUDPWRPXWRVDKRYRUtPXOWLWKUHDGLQJYLDFYOiNHQ
WULHGD77KUHDGYOiNQRXPRXMHStVDQLHSDUDOHOQFKDSOLNiFLt
NHFKFHPHDE\QLHREHDORSDUDOHOQHY\UREtPHWRPXLQWDQFLXWULHG\NWRUiMHSRWRPNRP77KUHDG
VDPRWQiWULHGD77KUHDGMHDEVWUDNWQiDQHYLHURELQLNRQNUpWQH
NRQWUXNWRU77KUHDGPiORJLFNSDUDPHWHUNWRUPR]QiPLPHLVDPiYOiNQRWKUHDGVSXVWLKQHSUL
Y\WYRUHQtDOHERDQHVN{U]DYRODQtPPHWyG\5HVXPHWUXH]QDPHQiHSURFHVMHYSR]DVWDYHQRP
VWDYH6XVSHQGDWUHEDKRRLYLPHWyGRX5HVXPH
VSXVWHQLHYOiNQDWKUHDGX]QDPHQiHVDVSXVWtWHORPHWyG\([HFXWHWiWRMHY77KUHDGGHILQRYDQi
DNRYLUWXDODDEVWUDFW
NHYOiNQRWKUHDGSRWUHEXMHSUDFRYDVIRUPXOiURPY\NUHVOLQLHRQDVWDYLNRPSRQHQWPXVtE\
MHGQRGXFKSUtNODGSRXLWLDWULHG\7KUHDG
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQYRIRUPXOiULV~GYHWODLGOi67$57D6723
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 GIP`
W\SH
7%RGNXM7KUHDG FODVV77KUHDG
SULYDWH
SURFHGXUHFRVL
SURWHFWHG
SURFHGXUH([HFXWHRYHUULGH
HQG
SURFHGXUH7%RGNXM7KUHDGFRVL
EHJLQ
ZLWK)RUPGR
&DQYDV3L[HOV>UDQGRP&OLHQW:LGWKUDQGRP&OLHQW+HLJKW@ FO5HG
HQG
SURFHGXUH7%RGNXM7KUHDG([HFXWH
EHJLQ
UHSHDW
6\QFKURQL]HFRVL
XQWLO7HUPLQDWHG
HQG
YDU
ERGNRYDQLH77KUHDGPRKORE\DMERGNRYDQLH7%RGNXM7KUHDG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
ERGNRYDQLH 7%RGNXM7KUHDG&UHDWHIDOVHKQHVDDMVSXVWt
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
ERGNRYDQLH)UHH
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
3R]Q
PHWyG\)RUP0RXVH'RZQDM)RUP0RXVH0RYHXPRXM~NUHVOLGRIRUPXOiUDDMSRDVERGNRYDQLD
SDUDOHOQPSURFHVRP
YLPQLWHVLHYLUWXiOQDPHWyGD([HFXWHQLHMHDQLSULYDWHDQLSXEOLFMHYDVWLSURWHFWHGWR
]QDPHQiHMHQLHRDNRSULYDWHDOHSUHSURJUDPiWRURYNWRUtEXG~SURJUDPRYDRGYRGHQpWULHG\]
77KUHDGMHWRQRUPiOQHSUtVWXSQiPHWyGDDSUHYHWNFKRVWDWQFKMHWRSULYDWH
$SSOLFDWLRQRQ,GOH
7DNWRLVWHIHNWVDGiXURELDMEH]YOiNQDSRPRFRXXGDORVWLRQ,GOHY\XLWLHDVXNHDSOLNiFLDQLQHUREt
Y\XLWLHXGDORVWLRQ,GOH
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQ
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
SULYDWH
SURFHGXUHERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
HQG
SURFHGXUH7)RUPERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
EHJLQ
&DQYDV3L[HOV>UDQGRP&OLHQW:LGWKUDQGRP&OLHQW+HLJKW@ FO5HG
'RQH IDOVH
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
$SSOLFDWLRQ2Q,GOH ERGNXM
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
$SSOLFDWLRQ2Q,GOH QLO
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
3UHWHN\WULHGHQt
.HXYLHPHY\WYiUDDVS~DSDUDOHOQpSURFHG~U\P{HPH]UHDOL]RYDSUHWHN\U{]Q\FKWULHGHQtSULRP
EXGHPHWLHWRWULHGHQLDYL]XDOL]RYD.DGiKRGQRWDYSROLEXGHYJUDILFNHMSORFKH,PDJH]REUD]HQiEX
IDUHEQRXERGNRXDOHER~VHNRXDNRYKLVWRJUDPH9PHQDGYRFKSUYNRYYSROLDOHERSULUDGHQLHQHMDNHM
KRGQRW\GRSUYNXSRDVDEXGHUHDOL]RYDSRPRFQPLPHWyGDPLY\PHQUHVSSULUDGNWRUpEXG~]iURYH
SUHNUHVRYDJUDILFN~SORFKX
IRUPXOiU
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
6WDUW7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SULYDWH
VDUUD\>@RI77KUHDG
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
6RUW7KUHDGEXEEOHVRUWPLQVRUWLQVHUWVRUWPHUJHVRUWTXLFNVRUWKHDSVRUW
^5 ')0`
SURFHGXUH7)RUP6WDUW&OLFN6HQGHU72EMHFW
YDU
SSROH
LLQWHJHU
EHJLQ
'RXEOH%XIIHUHG WUXH
VWDUW(QDEOHG IDOVH
6HW/HQJWKS,PDJH:LGWK
UDQGRPL]H
IRUL WRKLJKSGRS>L@ UDQGRP,PDJH+HLJKW
V>@ 7%XEEOH6RUW&UHDWHS,PDJH
V>@ 70LQ6RUW&UHDWHS,PDJH
V>@ 7,QVHUW6RUW&UHDWHS,PDJH
V>@ 70HUJH6RUW&UHDWHS,PDJH
V>@ 74XLFN6RUW&UHDWHS,PDJH
V>@ 7+HDS6RUW&UHDWHS,PDJH
IRUL WRGRV>L@5HVXPHDWXVDWRQDUD]YHWNR
RGWDUWXMH
HQG
9HWN\W\S\WULHGHQtY\WYRUtPHDNRSRWRPNDDEVWUDNWQHMWULHGLDFHMWULHG\76RUW7KUHDGWiWRREVDKXMHYHWNR
RSRWUHEXMHSDUDOHOQHY\NRQiYDQpWULHGHQLHQDSU]REUD]RYDQLHY\PLHDQLHSUYNRYLQLFLDOL]iFLXDSRG
RNUHPVDPRWQpKRWULHGHQLDPHWyG\VRUWWiWREXGHGRGHILQRYDQiDYSRWRPNRFKWHMWRWULHG\
1DMOHSLHVDUREtQRYiWKUHDGWULHGDWDNHFH]PHQX)LOH1HZ]YROtPH7KUHDG2EMHFW!Y\WYRUtVDXQLW
NWRUREVDKXMHVFKpPXWKUHDGXW~WRDOHMGRUREtPH
DEVWUDNWQiWULHGLDFDWULHGD76RUW7KUHDG
XQLW6RUW7KUHDG
LQWHUIDFH
XVHV
&ODVVHV*UDSKLFV([W&WUOV
W\SH
SROH DUUD\RILQWHJHUDUUD\>1@RILQWHJHU
SURFHGXUHV\QFKURSULUDG
SURFHGXUH.UHVOLI7&RORU
SURFHGXUHV\QFKUR.UHVOL
SURWHFWHGP{XE\SRXtYDQpOHQYSRWRPNRFK
76RUW7KUHDG
SURFHGXUHY\PHQLMLQWHJHU
SURFHGXUH6RUWYLUWXDODEVWUDFW
SURFHGXUH([HFXWHRYHUULGH
SURSHUW\S>L[LQWHJHU@LQWHJHUUHDGGDMSZULWHSULUDG
SURSHUW\1LQWHJHUUHDGGDM1
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWQSSROHLP7,PDJH
HQG
LPSOHPHQWDWLRQ
^76RUW7KUHDG`
FRQVWUXFWRU76RUW7KUHDG&UHDWHFRQVWQSSROHLP7,PDJH
EHJLQ
LQKHULWHG&UHDWHWUXHYOiNQRVDKQHQHVSXVWtEXGHWUHED5HVXPH
SS FRS\QS/HQJWKQS
Y\V LP+HLJKW
J LP&DQYDV
.UHVOLFO%OXH
3ULRULW\ WS/RZHVW
)UHH2Q7HUPLQDWH WUXHREMHNWVDDXWRPDWLFN\XYRQtSRVNRQHQt
([HFXWH
HQG
IXQFWLRQ76RUW7KUHDGGDM1LQWHJHU
EHJLQ
5HVXOW /HQJWKSS
HQG
SURFHGXUH76RUW7KUHDG.UHVOL3UYRNLLQWHJHUI7&RORU
EHJLQ
J3L[HOV>LY\VSS>L@@ INHFKFHPHY\NUHVRYDLEDERGN\
J3HQ&RORU IJ0RYH7RLY\VJ/LQH7RLY\VSS>L@
HQG
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
LIL MWKHQH[LW
W SS>L@S>L@ SS>M@S>M@ W
HQG
SURFHGXUH76RUW7KUHDGSULUDGLKRGQLQWHJHU
EHJLQ
LISS>L@ KRGQWKHQH[LW
YL LYM KRGQ
6\QFKURQL]HV\QFKURSULUDG
HQG
SURFHGXUH76RUW7KUHDGV\QFKURSULUDG
EHJLQ
.UHVOL3UYRNYLFO:KLWH
SS>YL@ YM
.UHVOL3UYRNYLFO%OXH
HQG
SURFHGXUH76RUW7KUHDG([HFXWH
EHJLQ
6RUW
.UHVOLFO5HG
HQG
SURFHGXUH76RUW7KUHDG.UHVOLI7&RORU
EHJLQ
II I
6\QFKURQL]HV\QFKUR.UHVOL
HQG
SURFHGXUH76RUW7KUHDGV\QFKUR.UHVOL
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKSSGR
.UHVOL3UYRNLII
HQG
HQG
WULHGD7%XEEOH6RUWP{HE\GHILQRYDQiWDNWR
XQLWEXEEOHVRUW
LQWHUIDFH
XVHV
6RUW7KUHDG
W\SH
7%XEEOH6RUW FODVV76RUW7KUHDG
SURWHFWHG
SURFHGXUH6RUWRYHUULGH
HQG
LPSOHPHQWDWLRQ
SURFHGXUH7%XEEOH6RUW6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
HQG
0HUJH6RUWP{HPHSUHURELWDNDE\VDGDOYL]XDOL]RYDWMEH]VSiMDQpKR]R]QDPXSRXLOLVPHWXSRPRFQp
SROH
SUHUREHQ0HUJH6RUWSUHYL]XDOL]iFLX
SURFHGXUH70HUJH6RUW6RUW
SURFHGXUH]OXF]VNLQWHJHU
YDU
SRPSROH
LLLLQWHJHU
EHJLQ
6HW/HQJWKSRPN]
IRUL WRN]GRSRP>L@ S>]L@
SURFHGXUHPHUJH]NLQWHJHU
YDU
VWUHGLQWHJHU
EHJLQ
LI]! NWKHQH[LW
VWUHG ]NGLYUR]GH
PHUJH]VWUHG
PHUJHVWUHGN
]OXF]VWUHGN
HQG
EHJLQ
PHUJH1
HQG
1'
VNRPSOHWL]XMWHSURJUDPQDSUHWHN\WULHGHQt
SRN~VWHVDQDYUKQ~VS{VRE]REUD]HQLDSUYNRYYSROLDNLFKEXGHYLDFDNRtUNDSUtVOXQpKR,PDJH
QDSUYMHGQRPVWSFLEXGHYLDFSUYNRY
SRN~VWHVDQDYUKQ~SURJUDPWDNDE\VDGDOR]YROLNWRUpWULHGHQLHEXGHYNWRUHM,PDJHSORFKHUHVS
DNpSROHVDEXGHWULHGLQDSUQiKRGQHJHQHURYDQpY]RVWXSQHXVSRULDGDQp]RVWXSQHXVSRULDGDQp
SROHVURYQDNPLSUYNDPLDSRG
DNGRPHWyG\([HFXWH]DY\YRODQLHPHWyG\6RUWGiWHQHMDNpSUtND]\WLHWRVDY\NRQDM~DSRVNRQHQt
WULHGHQLDPLQDSU5DGL[6RUW7UHH6RUW6KDNHU6RUW
3R]Q
Y\NUHVRYDQLHSULHEHKXP{HPHXUFKOLWDNHDMPHWyGXY\PHQWULHG\76RUW7KUHDG]UHDOL]XMHPH
MHGLQPV\QFKURQL]RYDQtPWMQHEXGHVDYQHMGYDNUiWYRODSULUDGQDSU
XUFKOHQY\PHQ
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
EHJLQ
LIL MWKHQH[LW
YL LYM M
6\QFKURQL]HV\QFKURY\PHQ
HQG
SURFHGXUH76RUW7KUHDGV\QFKURY\PHQ
YDU
WLQWHJHU
EHJLQ
.UHVOL3UYRNYLFO:KLWH
.UHVOL3UYRNYMFO:KLWH
W SS>YL@SS>YL@ SS>YM@SS>YM@ W
.UHVOL3UYRNYLFO%OXH
.UHVOL3UYRNYMFO%OXH
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
G\QDPLFNpWUXNW~U\~GDMRY]R]QDP\DVWURP\
RVDEXGHPHGQHVXL
U{]QHUHSUH]HQWiFLH~GDMRYHMWUXNW~U\JUDI
*UDI\
JUDIVDVNODGi
]PQRLQ\YUFKRORY9 ^99`
DNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQJUDI
DNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQJUDI
]Qi]RUQHQLHJUDIX
YUFKRO\V~NROLHVND
KUDQ\V~VSRMRYQtN\DNMHJUDIRULHQWRYDQWDNtSN\
DSOLNiFLH
PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQJUDI
VXVHGLDFHWiW\REODVWL
VNXSLQDXGtNWRUtVDQDY]iMRPSR]QDM~
QHV~YLVOEH]F\NORYDF\NOLFN
QHV~YLVOVF\NORP
QRUPiOQ\VWURP DF\NOLFNRULHQWRYDQJUDIGRNDGpKRYUFKROXYHGLHKUDQD
RNUHPNRUHD]QHKRH[LVWXMHFHVWDGRYHWNFKRVWDWQFKYUFKRORY
RULHQWRYDQJUDIMH
VLOQHV~YLVODN]NDGpKRH[LVWXMHFHVWDGRNDGpKR
VODERV~YLVODNE\EH]RULHQWiFLHEROV~YLVO
LQIRUPiFLHYJUDIH
YNDGRPYUFKROHSRGREQHDNRYVWURPH
QDSUY]GLDOHQRVPLHVWFHQDFHVWRYQpKROtVWND
NRPSRQHQWV~YLVOSRGJUDIGLVMXQNWQVR]Y\NRPJUDIX
5HSUH]HQWiFLHJUDIX
D3ROHPQRtQVXVHGRY
*UDIMHPQRLQDYUFKRORY9SUHNDGYUFKROY 9H[LVWXMHPQRLQD$YPQRLQDVXVHGRYNGH$YMH
SRGPQRLQRX9
SROHPQRtQVXVHGRY
W\SH
79UFKRO\ PD[
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RIVHWRI79UFKRO\
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ >@
HQG
SURFHGXUH7*UDISULGDM+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQJUDI
HQG
SURFHGXUH7*UDI]UXV+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQJUDI
HQG
W\SH
7*UDI FODVV
JDUUD\>79UFKRO\@RI
UHFRUGFODVV
VXVVHWRI79UFKRO\
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
3R]Q
SUHQHRULHQWRYDQJUDIPXVtSODWLHDNZJ>Y@SRWRPDMYJ>Z@
SUREOpP\
OHQGRYUFKRORY
QHGDM~VDWDNWRUHSUH]HQWRYDRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
E7DEXNDVXVHGQRVWt
KRGQRWRX
WDEXNDVXVHGQRVWt]QDPHQiGYRMUR]PHUQ~PDWLFXKUiQ
W\SH
79UFKRO\ PD[
79DKD LQWHJHU
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\79UFKRO\@RI79DKDERROHDQSUHQHRKRGQRWHQ
JUDI
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\Y79DKD
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
LM79UFKRO\
EHJLQ
SURFHGXUH7*UDISULGDM+UDQXDE79UFKRO\Y79DKD
EHJLQ
J>DE@ Y
J>ED@ YSUHQHRULHQWRYDQJUDI
HQG
SURFHGXUH7*UDI]UXV+UDQXDE79UFKRO\
EHJLQ
J>DE@
J>ED@ SUHQHRULHQWRYDQJUDI
HQG
F3ROHVSiMDQFK]R]QDPRYVXVHGRY
-HGQRUR]PHUQpSROHMHGQRVPHUQFKVSiMDQFK]R]QDPRY
W\SH
79UFKRO\ PD[
7+UDQD FODVV
FLVOR79UFKRO\
QH[W7+UDQD
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
HQG
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\YLQWHJHU
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7+UDQD&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
EHJLQ
FLVOR FYDKD YQH[W Q
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ QLO
HQG
SURFHGXUH7*UDISULGDM+UDQXDE79UFKRO\YLQWHJHU
EHJLQ
]UXV+UDQXDE
J>D@ 7+UDQD&UHDWHEYJ>D@
]UXV+UDQXEDSUHQHRULHQWRYDQJUDI
J>E@ 7+UDQD&UHDWHDYJ>E@
HQG
SURFHGXUH7*UDI]UXV+UDQXDE79UFKRO\
YDU
VW7+UDQD
EHJLQ
LIJ>D@!QLOWKHQEHJLQ
V J>D@
LIVFLVOR EWKHQEHJLQ
J>D@ VQH[WV)UHH
HQG
HOVHEHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!EGRV VQH[W
LIVQH[W!QLOWKHQEHJLQ
W VQH[WVQH[W WQH[WW)UHH
HQG
HQG
HQG
LIJ>E@!QLOWKHQEHJLQ
V J>E@
LIVFLVOR DWKHQEHJLQ
J>E@ VQH[WV)UHH
HQG
HOVHEHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!DGRV VQH[W
LIVQH[W!QLOWKHQEHJLQ
W VQH[WVQH[W WQH[WW)UHH
HQG
HQG
HQG
HQG
5HVXOW V!QLO
HQG
3R]Q
DNSRWUHEXMHPHPDYRYUFKRORFKDOLHLQIRUPiFLHWDNYWULHGH7*UDIY\WYRUtPHQRYpSROHDOHERSROHJ
EXGHSROHYUFKRORYUHFRUGDOHERFODVVSULRPNDGYUFKRORNUHP]R]QDPXKUiQREVDKXMHDMQHMDN~
VYRMXLQIRUPiFLXQDSUPHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
G=R]QDP]R]QDPRYYUFKRORY
*UDIDNRMHGQRVPHUQVSiMDQ]R]QDPYHWNFKYUFKRORYJUDIXSULRPYNDGRPYUFKROHMH]DLDWRN
VSiMDQpKR]R]QDPXKUiQNWRUpY\FKiG]DM~]WRKWRYUFKROXNDGiKUDQDREVDKXMHVPHUQtNQDYUFKRO
GRSUYpKR]R]QDPXVNWRUPMHGDQYUFKROVSRMHQWRXWRKUDQRX
]R]QDP]R]QDPRY
W\SH
7+UDQD FODVVNDG]i]QDPUHSUH]HQWXMHMHGQXKUDQX
S79UFKROQLHNWRUYUFKROJUDIX
79DKDLQWHJHU
QH[W7+UDQD
HQG
79UFKRO FODVV
VXV7+UDQD]R]QDPVXVHGRY ]R]QDPKUiQ]GDQpKRYUFKROX
PHQR[\LQIRUPiFLDRYUFKROH
QH[W79UFKRO
HQG
7*UDI 79UFKROSUYYUFKROYVSiMDQRP]R]QDPHYHWNFKYUFKRORY
H'\QDPLFNpSROHG\QDPLFNFKSROt
*UDIMHSROHYUFKRORYSULRPNDGYUFKROREVDKXMHSROHKUiQ]R]QDPVYRMLFKVXVHGLDFLFKYUFKRORY
G\QDPLFNpSROHG\QDPLFNFKSROt
W\SH
79DKD LQWHJHU
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYptVORYUFKROXGRNWRUpKRYHGLHKUDQD
YDKD79DKDSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFLQWHJHUY79DKD
HQG
79UFKRO FODVV
SULYDWH
PHQRVWULQJ
[\LQWHJHU
VXVDUUD\RI7+UDQD
IXQFWLRQLQGH[+UDQ\FLQWHJHULQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJ[[\\LQWHJHU
SURFHGXUHSULGDM+UDQXFLQWHJHUY79DKD
SURFHGXUH]UXV+UDQXFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FLQWHJHUY79DKDRYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\V7+UDQDY79DKDRYHUORDG
IXQFWLRQMH+UDQDFLQWHJHUERROHDQ
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROPVWULQJ[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFLQWHJHU
SURFHGXUHSULGDM+UDQXFFLQWHJHUY79DKDRYHUORDG
SURFHGXUHSULGDM+UDQXYY79UFKROY79DKDRYHUORDG
SURFHGXUH]UXV+UDQXFFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
IXQFWLRQMH+UDQDFFLQWHJHUERROHDQ
HQG
^7+UDQD`
FRQVWUXFWRU7+UDQD&UHDWHFLQWHJHUY79DKD
EHJLQ
FLVOR FYDKD Y
HQG
^79UFKRO`
FRQVWUXFWRU79UFKRO&UHDWHPVWULQJ[[\\LQWHJHU
EHJLQ
PHQR P
[ [[\ \\
VXV QLO
HQG
SURFHGXUH79UFKROSULGDM+UDQXFLQWHJHUY79DKD
EHJLQ
LIQRWMH+UDQDFWKHQEHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ 7+UDQD&UHDWHFY
HQG
HQG
SURFHGXUH79UFKRO]UXV+UDQXFLQWHJHU
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQEHJLQ
VXV>L@)UHHVXV>L@ VXV>KLJKVXV@
6HW/HQJWKVXVKLJKVXV
HQG
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\FLQWHJHUY79DKD
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQVXV>L@YDKD Y
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\V7+UDQDY79DKD
YDU
LLQWHJHU
EHJLQ
L
ZKLOHL KLJKVXVDQGVXV>L@!VGRLQFL
LIL KLJKVXVWKHQVXV>L@YDKD Y
HQG
^7*UDI`
FRQVWUXFWRU7*UDI&UHDWH
EHJLQ
J QLO
HQG
SURFHGXUH7*UDISULGDM9UFKROPVWULQJ[[\\LQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ 79UFKRO&UHDWHP[[\\
HQG
SURFHGXUH7*UDI]UXV9UFKROFLQWHJHU
YDU
LMLQWHJHU
EHJLQ
LIF KLJKJWKHQEHJLQ
IRUL WRKLJKJGR]UXV+UDQXLF
J>F@)UHH
IRUL FWRKLJKJGRJ>L@ J>L@
6HW/HQJWKJKLJKJ
IRUL WRKLJKJGR
IRUM WRKLJKJ>L@VXVGR
LIJ>L@VXV>M@FLVOR!FWKHQGHFJ>L@VXV>M@FLVOR
HQG
HQG
SURFHGXUH7*UDISULGDM+UDQXFFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
LIQRWMH+UDQDFFWKHQEHJLQ
J>F@SULGDM+UDQXFY
J>F@SULGDM+UDQXFYSUHQHRULHQWRYDQ\JUDI
HQG
HOVH
]PHQ9DKX+UDQ\FFY
HQG
SURFHGXUH7*UDISULGDM+UDQXYY79UFKROY79DKD
YDU
LMLQWHJHU
EHJLQ
L ZKLOHL KLJKJDQGJ>L@!YGRLQFL
M ZKLOHM KLJKJDQGJ>M@!YGRLQFM
LIL KLJKJDQGM KLJKJWKHQ
SULGDM+UDQXLMY
HQG
SURFHGXUH7*UDI]UXV+UDQXFFLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJWKHQEHJLQ
J>F@]UXV+UDQXF
J>F@]UXV+UDQXFSUHQHRULHQWRYDQHJUDI\
HQG
HQG
SURFHGXUH7*UDI]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
J>F@]PHQ9DKX+UDQ\FY
HQG
Y\NUHVOHQLHJUDIXGRJUDILFNHMSORFK\
W\SH
79UFKRO FODVV
SURFHGXUH.UHVOLF7&DQYDV
HQG
7*UDI FODVV
SURFHGXUH.UHVOLF7&DQYDV
HQG
SURFHGXUH79UFKRO.UHVOLF7&DQYDV
EHJLQ
F(OOLSVH[\[\
F7H[W2XW[\PHQR
HQG
SURFHGXUH7*UDI.UHVOLF7&DQYDV
YDU
LM[[\\LQWHJHU
EHJLQ
ZLWKFGREHJLQ
%UXVK6W\OH EV&OHDU
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
3HQ&RORU FO%OXH
.UHVOLFY\NUHVOtYUFKRODNRNUXQLFX
3HQ&RORU FO*UHHQ
7DNWRJUDIP{HPHRWHVWRYDQDSUtNODGWDNWR
MHGQRGXFKWHVW
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H
J 7*UDI&UHDWH
JSULGDM9UFKRO
SUY\
UDQGRPUDQGRP
JSULGDM9UFKRO
GUXK\
UDQGRPUDQGRP
JSULGDM9UFKRO
WUHWL
UDQGRPUDQGRP
JSULGDM+UDQX
JSULGDM+UDQX
JSULGDM+UDQX
J.UHVOL,PDJH&DQYDV
HQG
1DVOHGXM~FLSUtNODGLOXVWUXMHSULGiYDQLHYUFKRORYDKUiQGRJUDIX
VSUDFRYDQLHNOLNQXWLDGRJUDILFNHMSORFK\
YDU
J7*UDI
SRFHWLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
UDQGRPL]H
J 7*UDI&UHDWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
LLQWHJHU
EHJLQ
JSULGDM9UFKRO,QW7R6WUSRFHW;<
IRUL WRSRFHWGR
LIUDQGRP WKHQ
J3ULGDM+UDQXLSRFHWUDQGRP
J.UHVOL,PDJH&DQYDV
LQFSRFHW
HQG
3R]Q
WHQWRSUtNODGQHJHQHUXMH~SOQJUDIDOHVSUDYGHSRGREQRVRXVSRMtQRYYUFKROVXH[LVWXM~FLPL
YWRPWRSUtNODGHVLYLPQLWHHSRWUHEXMHPHSRPRFQ~SUHPHQQ~SRFHWQD]DSDPlWDQLHVLSRWX
1'
NDGpGYDYUFKRO\V~VSRMHQpKUDQRX
MHSUiYH.QiKRGQHY\JHQHURYDQFKKUiQ
GDQJUDIY\NUHVOLWHWDNHYNDGRPYUFKROHY\StHWHtVORSRHWKUiQNWRUi]QHKRY\FKiG]DM~W]Y
iUQRVYUFKROX
SUHGDQJUDI]LVWLWHSRHWL]RORYDQFKYUFKRORY
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
H[LVWXM~U{]QHUHSUH]HQWiFLHJUDIRYJUDIYLHPHY\WYRULDMY\NUHVOLGRJUDILFNHMSORFK\
WUXNW~UX~GDMRYVWURPYLHPHSUHFKiG]DDOJRULWPDPLW\SXLQRUGHUSUHRUGHUSRVWRUGHU
RVDEXGHPHGQHVXL
]iNODGQpQDMMHGQRGXFKLHDOJRULWP\QDSUHFKiG]DQLHYUFKRORYYJUDIH
]LVWHQLHSRWXNRPSRQHQWRYJUDIXDWPDMV~YLVORVJUDIX
QiMGHQLHQDMNUDWHMFHVW\YJUDIHSRPRFRXDOJRULWPXGRKEN\
3UHKDGiYDQLHJUDIRY
%XGHPHULHL~ORK\YNWRUFKEXGHPHSRVWXSQHSUHFKiG]DYHWN\YUFKRO\JUDIX
SUHKDGiYDQLHVD]DQH]QHMDNpKRXERYRQpKRYUFKROX
NDGYUFKROQDYWtYLPHPD[LPiOQHUD]DPRQRSUiYHUD]]iYLVtRGDSOLNiFLH
3RVWXSXMHPHGYRPDVS{VREPL
GRKEN\SRGREQHDNRSUHRUGHUYVWURPRFK
GRtUN\DNRSR~URYQLDFKYVWURPRFK
=DGHILQXMHPHSRPRFQpSROHQDSUHKDGiYDQLHYNWRURPVDSDPlWiVDLEROYUFKROXQDYWtYHQ
DVWRWREYDVWDYRYiSUHPHQQiWULHG\7*UDI
YDUYLVLWHGDUUD\>YUFKRO\@RIERROHDQ
P{HVDURELDMDNR
YDUYLVLWHGVHWRIYUFKRO\
$OJRULWPXVGRKEN\
YHREHFQH
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
%XGHPHSUHGSRNODGDHPiPHGHILQRYDQpPHWyG\QD]LVWHQLHKUDQ\]DIDUEHQLHYUFKROXDKUDQ\
QDSUSUHJUDIUHSUH]HQWRYDQSRRPPQRtQ
W\SH
7*UDI FODVV
JDUUD\RIUHFRUG
[\LQWHJHU
PVHWRIE\WH
HQG
YLVLWHGVHWRIE\WHPQRLQDQDYWtYHQFKYUFKRORY
HQG
SURFHGXUH7*UDI]DIDUEL9UFKROYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF(OOLSVH[U\U[U\U
HQG
SURFHGXUH7*UDI]DIDUEL+UDQXYYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF0RYH7R[\
ZLWKJ>Y@GRF/LQH7R[\
HQG
DOHDMSUHG\QDPLFNpSROHG\QDPLFNFKSROt
W\SH
7+UDQD FODVV
FLVORLQWHJHU
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
79UFKRO FODVV
[\LQWHJHU
VXVDUUD\RI7+UDQD
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
YLVLWHGVHWRIE\WH
HQG
YDU
LLQWHJHU
EHJLQ
L KLJKJ>Y@VXVZKLOHL! DQGJ>Y@VXV>L@FLVOR!YGRGHFL
5HVXOW L!
HQG
$WHUD]NRQNUpWQHDOJRULWPXVSUHKDGiYDQLDGRKEN\
]DIDUEXMHQDYWtYHQpYUFKRO\DMKUDQ\SRNWRUFKSUHFKiG]D
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYFO5HGVSUDFXMYUFKRO
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLFO5HGVSUDFXMKUDQX
GRKOEN\L
HQG
HQG
2WHVWXMPHWHQWRDOJRULWPXVQDWDNRPWRJUDIH
SUHGSRNODGDMPHHSUHKDGiYDQLHWDUWXMHPHYR
YUFKROH
WHQWRYUFKROVD]DIDUEtQDHUYHQR
YRIRUF\NOHVDQiMGHSUYHWHQHQDYWtYHQVXVHG
YUFKROXYUFKRO]DIDUEtVDKUDQDDUHNXU]tYQHVD
YROiGRKOEN\SUH
DMWHQWRYUFKROVD]DIDUEtQDHUYHQRDQiMGHVDMHKR
VXVHG
]DIDUEtVDKUDQDDRSlYUHNXU]tYQRPYRODQtVD]DIDUEt
DM
SUYHWHQHQDYWtYHQVXVHGMH]DIDUEtVDNQHPX
KUDQDDUHNXU]tYQHVDYROiGRKOEN\SUHYUFKRO
QDNRNRXQHPiQHQDYWtYHQFKVXVHGRYWRWR
YRODQLHOHQ]DIDUEtDNRQt
SRNUDXMHF\NOXVSUHYUFKROQiMGHVDVXVHGD
]DIDUEtVDKUDQD
DOJRULWPXVNRQtDWHUD]P{HPHYLGLHNWRUpKUDQ\VD
]DIDUELOL
1HUHNXU]tYQ\DOJRULWPXVNWRULEDGRPQRLQ\QDYWtYHQFKYUFKRORYSULGiYHWN\WLHNWRUpV~GRVLDKQXWHQp]
QHMDNpKRSRLDWRQpKRYUFKROX
QHUHNXU]tYQ\DOJRULWPXVGRKEN\
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
V76WDFN
EHJLQ
V 76WDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
XQWLOVHPSW\
V)UHH
HQG
+RFLWHQWRDOJRULWPXVY\]HUiYSRULDGNXDNKRRWHVWXMHPHQDURYQDNRPMHGQRGXFKRPJUDIH]LVWtPHH
QLHNWRUYUFKROVDEXGHVSUDFRYiYD]DIDUERYDGYDNUiWDWRP{HE\YQLHNWRUFKVLWXiFLiFKQHSULMDWHQp
RSl]DQHPHVYUFKRORPQDMSUYVDYORtGRSUi]GQHKR]iVREQtNDQD]DLDWNXUHSHDWF\NOXVD
Y\EHULHDVSUDFXMH]DHYLGXMHDPRQRDM]DIDUEt
YRIRUF\NOHVDGRWHUD]SUi]GQHKR]iVREQtNDYORLDVXVHGLDWMGR]iVREQtNDSULEXGQ~
QD]DLDWNXUHSHDWF\NOXVD]YUFKX]iVREQtNDY\EHULH]DHYLGXMHDYHWN\HWHQHQDYWtYHQpYUFKRO\
VNWRUPLVXVHGtVDSULGDM~GR]iVREQtNDGR]iVREQtNDSULEXGQHWMMHWDP
]YUFKX]iVREQtNDVDY\EHULH]DHYLGXMHVDDYORLDVDQDYUFK]iVREQtNDQHQDYWtYHQtVXVHGLDWMY
VSUiYQHE\PDOQHUHNXU]tYQ\DOJRULWPXVY\]HUDWDNWR
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
V76WDFN
EHJLQ
V 76WDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
HQG
XQWLOVHPSW\
V)UHH
HQG
IDUEHQLHYHWNFKKUiQDYUFKRORY
SURFHGXUH7*UDIGRKOEN\YLQWHJHUI7&RORU
YDU
LLQWHJHU
V76WDFN
EHJLQ
V 76WDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI
LIQRWLLQYLVLWHGWKHQVSXVKL
HQG
HQG
XQWLOVHPSW\
V)UHH
HQG
3R]Q
=UHMPHSUHGNDGPYRODQtPDOJRULWPXGRKOEN\E\ERORWUHEDQHMDNRQDVWDYLPQRLQXQDYWtYHQFK
YUFKRORYYLVLWHGQDSUi]GQX
DOJRULWPXVGRKEN\P{HPHSRXLQD
]LVWHQLHSRWXNRPSRQHQWRYJUDIXUHVSLMHJUDIV~YLVO
QiMGHQLHQHMDNHMFHVW\PHG]LGYRPDYUFKROPL
]LVWHQLHLV~GYDYUFKRO\YWRPLVWRPNRPSRQHQWH
]DIDUERYDQLHYUFKRORYDKUiQ
]DIDUEtYHWN\NRPSRQHQW\DYUiWLLFKSRHW
FRQVW
IDUUD\>PD[@RI7&RORU
IXQFWLRQ7*UDINRPSRQHQW\LQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\LI>5HVXOW@
LQF5HVXOW
HQG
HQG
$OJRULWPXVGRtUN\
QDMSUYYHREHFQH
SURFHGXUHGRVLUN\Y
YDU
T74XHXH
ZLQWHJHU
EHJLQ
T 74XHXH&UHDWHTDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
IRUZ WRKLJKJGRLIMH+UDQDYZWKHQ
LIQRWZLQYLVLWHGWKHQ
TDSSHQGZ
HQG
XQWLOTHPSW\
T)UHH
HQG
.RQNUpWQHSRXLMHPHDOJRULWPXVSUHKDGiYDQLDGRtUN\QD]DIDUERYDQLHYUFKRORYSRGDWRKRDNRDOHNRV~
RGSRLDWRQpKRYUFKROXY
DOJRULWPXVGRtUN\
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
T74XHXHYRIURQWHVLSUHNDGYUFKROSDPlWiPHMHKR~URYH
Y]GLDOHQRV
EHJLQ
T 74XHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI>X@IMHQHMDNpSROHIDULHE
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
TDSSHQGLX
HQG
XQWLOTHPSW\
T)UHH
HQG
3R]Q
SRURYQDMWHWHQWRDOJRULWPXVVQHUHNXU]tYQ\PSUHKDGiYDQtPGRKEN\
SRXtYDPHUDGGRNWRUpKRYNODGiPHDMY\EHUiPHYG\GYHFHORtVHOQpKRGQRW\
YV~ERUHJUDI]LSMHMHGQRGXFKXNiNRYSURMHNWVDOJRULWPRPGRtUN\
]DIDUEtOHQKUDQ\JUDIXSRGDWRKRDNRDOHNRV~GRGDQpKRYUFKROX
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
T74XHXH
EHJLQ
T 74XHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI>X@
TDSSHQGLX
HQG
HQG
XQWLOTHPSW\
T)UHH
HQG
PHWyGDSRtWDY]GLDOHQRVGYRFKYUFKRORY
IXQNFLDYUiWLDNQHH[LVWXMHFHVWD]YGRY
5R]tULPHWHQWRDOJRULWPXVQLHOHQQD]LVWHQLHY]GLDOHQRVWLGYRFKYUFKRORYDOHDMQD]DSDPlWDQLHWHMWR
QDMNUDWHMFHVW\3RXLMHPHWDN~WRLGHXY\WYRUtPHSRPRFQpSROHYNWRURPVLEXGHPHSUHNDGYUFKRO
SDPlWDMHKRSUHGFKRGFXYFHVWHWMYG\NHVLYUDGH]DSDPlWiPHYUFKRODSSHQGNWRUSOiQXMHPHY
EXG~FQRVWLSUHVN~PD]DSDPlWiPHVLVQtPDMMHKRSUHGFKRGFXRGNLDVPHNQHPXSULOL.HYUFKRO]
IURQWXY\EHULHPHVHUYHWDNYLHPHDMMHKRSUHGFKRGFXQDFHVWHDP{HPHVLKR]DHYLGRYDYSRPRFQRPSROL
1D]iYHUNHVPHGRUD]LOLGRFLHDSRPRFRXSUHGFKRGFRYXORHQFKYSRPRFQRPSROLVDYLHPHSRVWXSQH
YUDFDVSlDWHGDYLHPHVNRQWUXRYDYVOHGQpG\QDPLFNpSROHKRGQRWDYSROL]QDPHQiHYUFKROQHPi
SUHGFKRGFXMHSUYQDFHVWH
KDGDQLHQDMNUDWHMFHVW\YJUDIH
W\SH
SRVWXSQRVW DUUD\RILQWHJHU
3R]Q
]KUPHSRXLWLHDOJRULWPXGRtUN\
SRGREQHDNRGRKEN\YLHPH]LVWLYUFKRO\NWRUpSDWULDGRMHGQpKRNRPSRQHQWXDWHGDDM]LVWLSRHW
NRPSRQHQWRY
YLHPH]LVWL]DIDUELYUFKRO\KUDQ\URYQDNRY]GLDOHQpRGGDQpKRYUFKROX
YLHPH]LVWLY]GLDOHQRVUHVSQDMNUDWLXFHVWXPHG]LGYRPDYUFKROPLYJUDIH
1'
RGODWHWLHWRDOJRULWP\YU{]Q\FKUHSUH]HQWiFLiFKJUDIX
]UHDOL]XMWHSUHYRG\PHG]LU{]Q\PLUHSUH]HQWiFLDPLJUDIRYQDSUJUDIUHSUH]HQWRYDQSRRPPQRtQ
SUHNRQYHUWXMWHGRG\QDPLFNpKRSRDG\QDPLFNFKSROt
SUHYRGELQiUQHKR1iUQHKRYHREHFQpKRVWURPXGRRULHQWRYDQpKRQHRULHQWRYDQpKRJUDIX
Y\JHQHURYDJUDIQDSUDFKRYQLFX1[1
YUFKRO\V~VXVHGQpSRGDSRK\EXNUiDNRD
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
DOJRULWP\SUHKDGiYDQLDJUDIXGRKEN\DGRtUN\
RVDEXGHPHGQHVXL
KDGDQLHULHHQLDQHMDNHM~ORK\SRVWXSQPNRQWUXRYDQtPWRKRWRULHHQLD
SULWRPVDVQDtPHtPVN{URGKDGQ~L]DWLDNRQWUXRYDQpULHHQLHPiSHUVSHNWtYXDOHERWR
WUHEDVN~VLLQDN
3UHKODGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
5LHLPH~ORK\W\SX
3RGREQHDNRSUHKDGiYDQLHJUDIXGRKEN\
HYLGXMHPHNGHVPHXEROLPRQRSRVWXSQHNRQWUXXMHPHULHHQLH
tPVN{UWUHEDUR]SR]QDHVPHVDY\GDOL]OPVPHURPDYUiWLVDQDQDMEOLLXRGERNX !Y\VN~D
LQVPHU
SULQiYUDWHYSUHKDGiYDQtWUHEDYUiWL]DHYLGRYDQVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQLQHYROLGR
VOHSHMXOLN\
ORK\EXGHPHULHLWDNHNRPSOHWQp~GDMRYpWUXNW~U\DYHWN\DOJRULWP\X]DYULHPHGRWULHG\QDSU
78ORKDDRGGHOtPHRGIRUPXOiUDGRVDPRVWDWQpKRXQLWXQDSUXQLW8ORKD
GiPQDDFKRYQLFL[
DOJRULWPXVSUHKODGiYDQLD
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDFBWDK
LINRQLHFWKHQY\SLV
HOVH
Y\VN~DMQDVOHGXM~FLDKYHWN\PRQRVWL
KODGDMQDVOHGXM~FLBDK
RG]QDFBWDK
HQG
XSUHVQtPHSUH~ORKX1GiP
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHUVPXVtE\ORNiOQDDVWiFK\EDDNRVDODGt
EHJLQ
]D]QDFBWDKQDSUG>ULDGVWOS@ WUXH
LIULDG 1WKHQY\SLV
HOVHSUHULDGULDGRNYHWN\PRQRVWLVWSFD
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDFBWDKQDSUG>ULDGVWOS@ IDOVH
HQG
9\OHStPHHYLGRYDQLHDKRY
KODYQSUREOpPMHHYLGRYDQLHXKORSULHRNYUR]PHUQRPSROLMHWR]E\WRQHNRPSOLNRYDQp
Y\WYRUtPHORJLFNpSROLDYRQVWSHFYRQpLNPpXKORSULHN\YRQpRSDQpXKORSULHN\
XKORSULHNRYpSROLD
ULDGVWOS
XV~WRYpXKORSULHN\DUUD\>
Q@
XUR]GLHORYpXKORSULHN\DUUD\>QQ@
VWDUUD\>Q@RILQWHJHU
SURJUDP
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
XQLW8QLWGDP
LQWHUIDFH
XVHV
*UDSKLFV
FRQVW
Q
W\SH
78ORKD FODVV
SULYDWH
VWDUUD\>Q@RIERROHDQYRQpVWSFH
XDUUD\>
Q@RIERROHDQYRQpXKORSULHN\W\SX
XDUUD\>QQ@RIERROHDQYRQpXKORSULHN\W\SX
ULHVHQLHDUUD\>Q@RILQWHJHUULHHQtPMHQWLFDtVHO
F7&DQYDV
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHY\SLV
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDV
SURFHGXUHULHV
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV
FRQVWUXFWRU78ORKD&UHDWHFF7&DQYDV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
F FF
HQG
SURFHGXUH78ORKDULHV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRKODGDML
HQG
SURFHGXUH78ORKDKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
]DSDPlWiPVLDKNY{OLYSLVX
ULHVHQLH>ULDG@ VWOS
]D]QDtPREVDGHQpSROtND
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
SUHULDGULDGRNYHWN\PRQRVWLVWSFD
IRUV WRQGR
LIP{HWKHQ
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
XYRQtPVWSHFDXKORSULHN\ !RG]QDtPDK
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
SURFHGXUH78ORKDY\SLV
FRQVW
VLU
YDU
LMLQWHJHU
EHJLQ
ZLWKFGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
%UXVK6W\OH EV&OHDU
3HQ&RORU FO%ODFN
IRUL WRQGREHJLQ
5HFWDQJOHL
VLUVLUL
VLUVLUQ
VLUVLU
5HFWDQJOHVLUL
VLUQ
VLUVLUL
VLUVLU
HQG
%UXVK6W\OH EV6ROLG
%UXVK&RORU FO5HG
IRUL WRQGREHJLQ
M ULHVHQLH>L@
(OOLSVHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HQG
HQG
D]IRUPXOiUDWRQDWDUWXMHPHQDSUWDNWR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
ZLWK78ORKD&UHDWH,PDJH&DQYDVGREHJLQ
ULHV
)UHH
HQG
HQG
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
DVWREXGHPHSRWUHERYD]REUD]RYDSULHEHKEDFNWUDFNLQJX
SRPRFQiPHWyGDNUHVOL'DPXYLHQDNUHVOLUHVS]PD]DGiPXQDDFKRYQLFL
SRNDGRPQDNUHVOHQtGiP\VDYSRHWQDFKYtX]GUtSRPRFQRXSURFHG~URXFDNDM
SRQiMGHQtSUYpKRULHHQLDVDQDVWDYtSUHPHQQiRNQDWUXHWRWRQiPXPRQtY\VNRL]
UHNXU]tYQHKREDFNWUDFNLQJX
]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
XQLW8QLWGDP
LQWHUIDFH
XVHV
*UDSKLFV
FRQVW
Q
W\SH
78ORKD FODVV
SULYDWH
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
ULHVHQLHDUUD\>Q@RILQWHJHU
F7&DQYDV
RNERROHDQ
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHNUHVOL'DPXLMLQWHJHUEERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDV
SURFHGXUHULHV
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV)RUPV
SURFHGXUHFDNDM0LOOL6HF/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPH0LOOL6HFGLY
0LOOL6HFGLYPRG0LOOL6HFPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
FRQVWUXFWRU78ORKD&UHDWHFF7&DQYDV
YDU
LLQWHJHU
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
F FF
HQG
FRQVW
VLU
SURFHGXUH78ORKDULHV
YDU
LLQWHJHU
EHJLQ
RN IDOVH
ZLWKFGREHJLQSULSUDYtPHSUi]GQXDFKRYQLFX
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
%UXVK6W\OH EV&OHDU
3HQ&RORU FO%ODFN
IRUL WRQGREHJLQ
5HFWDQJOHL
VLUVLUL
VLUVLUQ
VLUVLU
5HFWDQJOHVLUL
VLUQ
VLUVLUL
VLUVLU
HQG
HQG
IRUL WRQGRKODGDML
HQG
SURFHGXUH78ORKDKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHU
EHJLQ
LIRNWKHQH[LW
ULHVHQLH>ULDG@ VWOS
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
NUHVOL'DPXULDGVWOSWUXHFDNDMQDNUHVOtGiPX
LIULDG 1WKHQRN WUXH
HOVH
IRUV WRQGR
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
LIRNWKHQH[LW
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
NUHVOL'DPXULDGVWOSIDOVH]PDHGiPX
HQG
SURFHGXUH78ORKDNUHVOL'DPXLMLQWHJHUEERROHDQ
EHJLQ
ZLWKFGREHJLQ
%UXVK6W\OH EV6ROLG
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
3HQ&RORU FO%ODFN
LIEWKHQEHJLQ
%UXVK&RORU FO5HG
(OOLSVHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HOVHEHJLQ
%UXVK&RORU FO:KLWH
5HFWDQJOHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HQG
HQG
1'
YHWNFKULHHQtSUH[MHDOH]QLFKV~PQRKpOHQRWRHQLHDFKRYQLFHUHVS]UNDGORQiMGLWH
YHWN\U{]QHULHHQLD
UR]RVWDYWHPLQLPiOQ\SRHWGiPQDDFKRYQLFL1[1DE\RKUR]RYDOLYHWN\SROtNDDFKRYQLFH
'UXKYDULDQWULHHQLDGiPSRPRFRXEDFNWUDFNLQJX
EDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORLGiPXDOHOHQULDGRNDVDPDMX
Y\VN~DSRORLGRYHWNFKVWSFRYMHWRVNRURWRLVWpDNRSUHGWP
QDMSUYYRYHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYDKDOHOHQ~URYHYNWRUHMKDGiPHQRY
DKKODGDMSRVWXSQHVN~DYHWN\PRQpDK\YGDQHM~URYQL
YHREHFQH
SURFHGXUHKODGDM~URYHQ
YDU
EHJLQ
IRUWDK YPRPHQWiOQHM~URYQLGR
LIPR]HWDKWKHQEHJLQ
]D]QDFBWDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGXM~FDB~URYH
RG]QDFBWDK
HQG
HQG
DSUHSUREOpPGiP
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
SURFHGXUH78ORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
ULHVHQLH>ULDG@ VWOS
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUH78ORKDULHV
EHJLQ
KODGDM
HQG
ULHHQLHGRSOQtPHRWRWR
QDMSUYVDYHWN\ULHHQLDY\StXGR/LVW%R[X
SRWRPNOLNQXWLHQDQLHNWRUpULHHQLHY/LVW%R[HKR]REUD]tGRJUDILFNHMSORFK\,PDJH&DQYDV
WULHGX]DGHILQXMHPHGRXQLWX
XQLW8QLWGDP
LQWHUIDFH
XVHV
*UDSKLFV6WG&WUOV
FRQVW
Q
W\SH
78ORKD FODVV
SULYDWH
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
ULHVHQLHDUUD\>Q@RILQWHJHU
O7/LVW%R[
SRFHWLQWHJHU
SURFHGXUHKODGDMULDGLQWHJHU
SURFHGXUHQRYH5LHVHQLH
SXEOLF
FRQVWUXFWRU&UHDWHOO7/LVW%R[
SURFHGXUHULHV
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
SURFHGXUHY\SLVF7&DQYDVVVWULQJ
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV
FRQVWUXFWRU78ORKD&UHDWHOO7/LVW%R[
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
O OO
HQG
SURFHGXUH78ORKDULHV
EHJLQ
SRFHW O,WHPV&OHDU
KODGDM
HQG
SURFHGXUH78ORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
ULHVHQLH>ULDG@ VWOS
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG QWKHQQRYH5LHVHQLH
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUH78ORKDQRYH5LHVHQLH
YDU
LLQWHJHU
VVWULQJ
EHJLQ
LQFSRFHW
V ,QW7R6WUSRFHW
IRUL WRQGRV V,QW7R6WUULHVHQLH>L@
O,WHPV$GGV
HQG
SURFHGXUH78ORKDY\SLVF7&DQYDVVVWULQJ
FRQVW
VLU
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
YDU
LMLQWHJHU
EHJLQ
GHOHWHVSRV
V
ZLWKFGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
%UXVK6W\OH EV&OHDU
IRUL WRQGREHJLQ
5HFWDQJOHL
VLUVLUL
VLUVLUQ
VLUVLU
5HFWDQJOHVLUL
VLUQ
VLUVLUL
VLUVLU
HQG
%UXVK6W\OH EV6ROLG
%UXVK&RORU FO5HG
IRUL WRQGREHJLQ
M RUGV>L@RUG
(OOLSVHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HQG
HQG
DIRUPXOiU
YDU
X78ORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
X 78ORKD&UHDWH/LVW%R[
XULHV
/LVW%R[6HOHFWHG>@ WUXH
XY\SLV,PDJH&DQYDV/LVW%R[,WHPV6WULQJV>@
HQG
SURFHGXUH7)RUP/LVW%R[&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
L /LVW%R[,WHPV&RXQW
ZKLOHL! DQGQRW/LVW%R[6HOHFWHG>L@GRGHFL
LIL! WKHQ
XY\SLV,PDJH&DQYDV/LVW%R[,WHPV6WULQJV>L@
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
X)UHH
HQG
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
3R]Q
Y\JHQHURYDQLHYHWNFKULHHQtQLHMHQDMOHSLHURELYR)RUP&UHDWHYQLHNWRUFK~ORKiFKWRSRWRP
P{HWUYDGRVGOKRNPVDREMDYtIRUPXOiU
QDY\NUHVOHQLHULHHQLDY\XtYDPHUHD]FH]/LVW%R[XWRWRP{HQLHNHG\URELSUREOpP\QDSUSUH1
YlLHDNRSUHUREWHWRQHMDNR
'RPHNMHGQPDKRP
GRPHNMHQHRULHQWRYDQJUDIVYUFKROPL
EXGHPHKRUHSUH]HQWRYDWDEXNRXVXVHGQRVWtWULHGX]DGHILQXMHPHYVDPRVWDWQRPXQLWH
XQLW8QLW'RPFHN
LQWHUIDFH
XVHV
*UDSKLFV
W\SH
77DEXOND DUUD\>@RIERROHDQ
78ORKD FODVV
SULYDWH
E77DEXONDJUDIDNRWDEXNDVXVHGQRVWt
GDUUD\>@RILQWHJHUSRVWXSQRVYUFKRORYPRPHQWiOQHULHHQLH
SRFHWLQWHJHUSRHWULHHQt
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHJHQHUSLLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDV
SURFHGXUHVWDUW
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
FRQVW
W WUXHI IDOVH
FRQVWUXFWRU78ORKD&UHDWHFF7&DQYDV
FRQVW
WDE77DEXOND
IWWWIWIWWIWWIWWWWWIWIIWWI
EHJLQ
E WDESRFHW F FF
HQG
SURFHGXUH78ORKDVWDUW
YDU
LLQWHJHU
EHJLQ
ZLWKFGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
HQG
IRUL WRGREHJLQ]DDP{HPHYXERYRQRPYUFKROH
G>@ L
JHQHUL
HQG
WHUD]XPiPHYHWN\ULHHQLD
HQG
SURFHGXUH78ORKDNUHVOL
FRQVW
[\DUUD\>@RI73RLQW
[\[\[\[\[\
EHJLQ
LQFSRFHW
QDNUHVOHQLHGRPHNDGR&DQYDVX
GRPHN\WUHED]YlLDNDGQHMDNRSRVXQ~
F0RYH7R[\>G>@@[[\>G>@@\
IRUL WRGREHJLQ
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
F/LQH7R[\>G>L@@[[\>G>L@@\
HQG
HQG
ULHHQLH~ORK\P{HPH]IRUPXOiUD]DYRODQDSUWDNWR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
ZLWK78ORKD&UHDWH,PDJH&DQYDVGREHJLQ
VWDUW
)UHH
HQG
HQG
1'
SURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYHWNFKULHHQtIDUHEQHUR]OtWHSRUDGLHKUiQDOHERY\SLVXMWH
SRUDGRYptVORKUDQ\
]REUD]XMWHSULHEHKEDFNWUDFNLQJX
]PHWHSURJUDPWDNDE\QDLHOOHQSUYpULHHQLHDDE\UHNXU]LDNRUHNWQHVNRQLODDE\VDSRNUDRYDOR
]DJHQHUY78ORKDVWDUW
WLDYQDS~WL
+ODYRODPWLDYQDS~WL
WLDYS{MGHYNDUDYiQHGQt
YHGHFN\VDXNi]DORHDNDYDSR]HUiQDGRSUDYQ~]QDNXFHOGHWDNVDMXQDXt
SUHWRQDPDRYDOLQD]DGN\WLDYU{]Q\FK]QDLHN
]QDLHNNDGGHMHMHGQDDYDYHG~FDDWiVDQLQHXt
DY\RtVOXMHPHDP{HPHSUHGSRNODGDHSUYGHLG~YSRUDGtMHYHG~FD
GUXKGHP{HE\GUXKiYHG~FDDW
DY\YNDUDYiQDFKEXGHPH]QDLGRSRD3DUUD\>@RILQWHJHU3>@SUYGH
YSROL%>LM@VL]DSDPlWiPHLVDMWDDYDPiHWHQDXL]QDNXQD]DGNXLWHMWUXH]QDPHQiHHWH
MXQHYLHDWHGDP{HtV]DRX
XQLWNWRUREVDKXMHGHILQtFLXWULHG\
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
XQLW8QLW7DY\
LQWHUIDFH
XVHV
&ODVVHV
FRQVW
1
W\SH
78ORKD FODVV
SULYDWH
3DUUD\>11@RILQWHJHU
%DUUD\>11@RIERROHDQ
%5VHWRI1
SRFHWLQWHJHUSRHWQiMGHQFKULHHQt
P76WULQJV0HPRGRNWRUpKR]DSLVXMHPHQiMGHQpULHHQLD
SURFHGXUHEDFNWUDFNLQJUVLQWHJHU
SURFHGXUHY\SLV
SXEOLF
FRQVWUXFWRU&UHDWHPP76WULQJV
SURFHGXUHULHV
HQG
LPSOHPHQWDWLRQ
XVHV
6\V8WLOV
SURFHGXUH78ORKDULHV
YDU
LMLQWHJHU
EHJLQ
IRUL WR1GR
IRUM WR1GR
%>LM@ WUXH
3>@
IRUL WR1GREHJLQ
3>L@ L3>L@ L%>LL@ IDOVH
HQG
SRFHW P&OHDU
EDFNWUDFNLQJ
HQG
SURFHGXUH78ORKDY\SLV
YDU
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
LMLQWHJHU
VVWULQJ
EHJLQ
LQFSRFHW
P$GG,QW7R6WUSRFHW
IRUL WR1GREHJLQ
V
IRUM WR1GRV V,QW7R6WU3>LM@
P$GGV
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK78ORKD&UHDWH0HPR/LQHVGREHJLQ
ULHV
)UHH
HQG
HQG
1'
Y\OHSLWHDOJRULWPXVWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXEROLSRVOHGQpDWHGDXQHP{XE\
SRVOHGQp^WHVWP{H` !YUD]QHWRXUFKOLSURJUDP
GRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
]LVWLWHSRHWULHHQtSUH1
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIBEWBOJFTOWSBUPN
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
http://www.delphi.input.sk/pl35.html
SRVOHGQi]PHQD
RVPHVDGRWHUD]QDXLOL
]R]QiPLOLVPHVDVULHHQtPQLHNWRUFK~ORKQDNWRUpVDGiSRXLPHFKDQL]PXVSUHKDGiYDQLDV
QiYUDWRPQDSUV~WRU{]QHPDWHPDWLFNpKODYRODP\
RVDEXGHPHGQHVXL
QDWURFKSUtNODGRFKXYLGtPHY\XLWLHEDFNWUDFNLQJDMSUH~ORK\VJUDIPL
3UHKDGiYDQLHJUDIXVQiYUDWRPEXGHPHLOXVWURYDQDSUtNODGRFK]RVN~RN]PLQXOFKURNRY9lLQD
VN~NRYFKSUtNODGRYPiWDN~WRVFKpPX
WUHED]DGHILQRYDWULHGX7*UDINWRUiEXGHDVWRREVDKRYDPHWyGXEDFNWUDFNLQJ
WiWRWULHGDPXVtE\GHILQRYDQiYVDPRVWDWQRPXQLWHQDSU8QLW*UDISDVXQLWQHVPLHREVDKRYDLDGQH
JOREiOQHSUHPHQQpDQLVDRGYROiYDQDXQLWVIRUPXOiURPQDSU8QLWSDV
YWULHGH7*UDIV~YHWN\VWDYRYpSUHPHQQpV~NURPQpSULYDWHDYHUHMQpP{XE\OHQQLHNWRUpPHWyG\
QDSU&UHDWHD6WDUWQDRGWDUWRYDQLHSUHKDGiYDQLD
YlLQRXP{HWHSRXLXERYRQ~YQ~WRUQ~UHSUH]HQWiFLXJUDIXVDPR]UHMPHPXVtVSDSRGPLHQN\
]DGDQLDQDSURKRGQRWHQJUDIJUDIVYLDFDNRYUFKROPLDSRG
SRSLVJUDIXMHYQHMDNRPELQiUQRPV~ERUHNWRUWUHEDtWDSRPRFRX76WUHDP
JUDIEXGHWUHEDY\NUHVOLGRJUDILFNHMSORFK\QDSUGR,PDJH&DQYDVSUHWRSULMHKRLQLFLDOL]RYDQtVD
DVWRSRVLHODWHQWR&DQYDVDNRSDUDPHWHUNRQWUXNWRUD
JUDIVDQDMDVWHMLHY\WYiUDSRDV)RUP&UHDWHDOHSUHKDGiYDQLHVDVS~DEXFH]QHMDNpWODLGOR
PDQDDKiNX
DVWREXGHPHSRWUHERYDEDFNWUDFNLQJSUHGDVQHXNRQLXYHGRPWHVLHMHWRUHNXU]tYQDSURFHG~UD
]NWRUHMVDQHGiMHGQRGXFKRY\VNRLSRPRFRXH[LWSRXLWHQDWRSRPRFQpORJLFNpSUHPHQQp
9\WYiUDQLHRKRGQRWHQLDKUiQJUDIX
9VNXPQ~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOW~GLXSUHDHQRVWLQLHNRNFKXOtFDNULRYDWLHNYPHVWH8OLFH
GRVWDOLFHORtVHOQpNODGQpRKRGQRWHQLDDKRGQRW\NULRYDWLHNVDSRWRPY\SRtWDOLDNRV~W\KRGQ{WXOtFNWRUp
YFKiG]DM~GRNULRYDWN\1HGRSDWUHQtPVDSRNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRtWDLSULRPVD]PDS\
RKRGQRWHQt]DFKRYDOLOHQKRGQRW\NULRYDWLHN9DRX~ORKRXEXGHQDStVDSURJUDPNWRUVDSRN~VLQiMVWDNp
RKRGQRWHQLHFLHVW]NWRUpKRVDSUHGWPPRKOLSRtWDKRGQRW\NULRYDWLHN
3UHGSRNODGiPHHSOiQPHVWDMHRKRGQRWHQQHRULHQWRYDQJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~
NULRYDWN\7HQWRJUDIMH]DGDQYV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGNRXYLHWYNWRURPNDGiYHWDSRSLVXMH
MHGQXNULRYDWNX
YHWD]DtQDRKRGQRWHQtPNULRYDWN\LQWHJHU
DOHMQDVOHGXM~FHOptVODLQWHJHU[RYiD\RYiV~UDGQLFDXPLHVWQHQLHNULRYDWN\YSORFKH
]DWPQDVOHGXMH]R]QDPSRUDGRYFKtVHONULRYDWLHNVNWRUPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDP
EDMWRYXNRQHQQXORYRXKRGQRWRXSUYiNULRYDWNDYV~ERUHPiSRUDGRYptVOR
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHYLDFDNRNULRYDWLHN6~ERUQDtWDMWH
SRPRFRX76WUHDP
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORRQDMSRKRGOQHMLH1DREUD]RYNHKRY\NUHVOLWH
WDNHYUFKRO\VDQDNUHVOLDPDOPNU~NRPVtVHOQPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYD
tVHOQpRKRGQRWHQLHXOLFH+UDQ\QDNUHVOLWHHGRXIDUERX9RYDRPSURJUDPH]DGHILQXMWHWULHGX7*UDIY
VDPRVWDWQHMSURJUDPRYHMMHGQRWNHQDSU8QLW*UDISDVSULRPVDWHQWRXQLWP{HRGYROiYDXVHVOHQQD
WDQGDUGQpGHOSKLXQLW\QHVPLHVDYRPSRXLQDSUXVHV8QLWDQHVP~YRPE\GHILQRYDQpLDGQH
JOREiOQHSUHPHQQp9HWN\VWDYRYpSUHPHQQpWULHG\7*UDIE\PDOLE\SULYiWQH
$NSURJUDPQiMGHULHHQLHWDNY\StHRWRPVSUiYX$NSURJUDPQHQiMGHLDGQHULHHQLHWLHRWRPY\StH
VSUiYX
*UDILFN~SORFKXP{HWHUHDOL]RYDNRPSRQHQWRP7,PDJHYHNRVWLPLQLPiOQH[2NUHP7,PDJHSRXLWH
WODLGORNRPSRQHQW7%XWWRQNWRUpQDWDUWXMHVDPRWQpULHHQLH~ORK\
3R]QiPN\NULHHQLX
RKRGQRWHQJUDIEXGHPHUHSUH]HQWRYDWDEXNRXVXVHGQRVWt
ORJLFNiIXQNFLDRN]LVXMHLH[LVWXMHYUFKROSUHNWRU
EXQHPiYRQ~KUDQXDKRGQRWDYUFKROX!
DOHERH[LVWXMHYRQiKUDQDDKRGQRWDYUFKROX
YWHG\YUiWLKRGQRWXIDOVHR]QDPHQiHWRQHY\KRYXMHULHHQLX
EDFNWUDFNLQJSRVWXSQHSUHFKiG]DYHWN\YRQpKUDQ\JUDIXDSRN~DVDLFKRKRGQRFRYDU{]Q\PL
KRGQRWDPL
SRXtYDPHIXQNFLXPLQNWRUiMHYGHILQRYDQiXQLWH0DWK
YLPQLWHVLW~WRKUXE~VFKpPXSUHKDGiYDQLDVQiYUDWRP
]iNODGQiVFKpPDULHHQLD
YDU
QLQWHJHUSRHWYUFKRORYJUDIX
JDUUD\>@RIUHFRUG
[\LQWHJHU
KLQWHJHUtVORYRYUFKROH
VDUUD\>@RILQWHJHUtVODQDKUDQiFK
HQG
IXQFWLRQRNERROHDQ
YDU
LMLQWHJHU
EHJLQ
5HVXOW IDOVH
IRUL WRQGREHJLQ
M ZKLOHM QDQGJ>L@V>M@!YROQHGRLQFM
LIM Q J>L@K WKHQH[LW
HQG
5HVXOW WUXH
HQG
SURFHGXUHEDFNWUDFNLQJ
YDU
LMNLQWHJHU
EHJLQ
KDGiXERYRQ~HWHQHRKRGQRWHQ~KUDQX
L M
UHSHDW
LQFMLIM!QWKHQEHJLQLQFLM LHQG
XQWLOL QRUJ>L@V>M@ YROQH
LIL QWKHQEHJLQQDLHOULHHQLH
PDP WUXHH[LW
HQG
Y\VN~DMYHWN\PRQRVWLRKRGQRWHQLDWHMWRKUDQ\
IRUN PLQJ>L@KJ>M@KGRZQWRGREHJLQ
]D]QDDK
J>L@V>M@ NJ>M@V>L@ N
GHFJ>L@KNGHFJ>M@KN
SLVLMNFDNDMQDSttVORNPHG]LYUFKRO\LDM
LIRNWKHQEHJLQ
EDFNWUDFNLQJ
LIPDPWKHQH[LWVWDtOHQSUYpULHHQLH
HQG
RG]QDDK
SLVLM]PDtVORQDKUDQHPHG]LYUFKROPLLDM
J>L@V>M@ YROQHJ>M@V>L@ YROQH
LQFJ>L@KNLQFJ>M@KN
HQG
HQG
VNRURNRPSOHWQ8QLW*UDISDV
FRQVW
PD[
W\SH
7*UDI FODVV
SULYDWH
QLQWHJHU
JDUUD\>PD[@RIUHFRUG
K[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
HQG
F7&DQYDV
PDPERROHDQXPiPULHHQLH
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHKODGDM
HQG
FRQVW
QLHMHVSRM YROQH
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV
YDU
LMLQWHJHU
SE\WH
W76WUHDP
EHJLQ
F FF
IRUL WRPD[GR
IRUM WRPD[GRJ>L@V>M@ QLHMHVSRM
Q
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
LQFQ
ZLWKJ>Q@GREHJLQ
W5HDGKW5HDG[W5HDG\
UHSHDW
W5HDGS
LIS!WKHQEHJLQ
V>S@ YROQHJ>S@V>Q@ YROQHMHKUDQD]DWLDEH]KRGQRW\
HQG
XQWLOS
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO/W*UD\
IRUL WRQGR
IRUM LWRQGR
LIJ>L@V>M@!QLHMHVSRMWKHQEHJLQ
ZLWKJ>L@GRF0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
F3HQ&RORU FO%ODFN
F%UXVK6W\OH EV6ROLG
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
F7H[W2XW[\,QW7R6WUK
HQG
HQG
SURFHGXUH7*UDIKODGDM
EHJLQ
PDP IDOVH
EDFNWUDFNLQJ
F)RQW+HLJKW
LIPDPWKHQ
F7H[W2XW
1DLHOVRPULHHQLH
HOVH
F7H[W2XW
1HQDLHOVRPULHHQLH
HQG
SURFHGXUHFDNDMPVLQWHJHU
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ
SURFHGXUHSLVLMFLVLQWHJHU
YDU
[\LQWHJHU
EHJLQ
[ J>L@[J>M@[GLY\ J>L@\J>M@\GLY
F)LOO5HFW5HFW[\[\
LIFLV!WKHQF7H[W2XW[\,QW7R6WUFLV
HQG
IXQFWLRQRNERROHDQ
YDU
LMLQWHJHU
EHJLQ
5HVXOW IDOVH
IRUL WRQGREHJLQ
M ZKLOHM QDQGJ>L@V>M@!YROQHGRLQFM
LIM Q J>L@K WKHQH[LW
HQG
5HVXOW WUXH
HQG
YDU
LMNLQWHJHU
EHJLQ
L M
UHSHDW
LQFMLIM!QWKHQEHJLQLQFLM LHQG
XQWLOL QRUJ>L@V>M@ YROQH
LIL QWKHQEHJLQPDP WUXHH[LWHQG
IRUN PLQJ>L@KJ>M@KGRZQWRGREHJLQ
J>L@V>M@ NJ>M@V>L@ NGHFJ>L@KNGHFJ>M@KN
SLVLMNFDNDM
LIRNWKHQEHJLQ
EDFNWUDFNLQJLIPDPWKHQH[LW
HQG
SLVLM
J>L@V>M@ YROQHJ>M@V>L@ YROQHLQFJ>L@KNLQFJ>M@KN
HQG
HQG
VWLDKQLWHVLWHVWRYDFLH~GDMRYpV~ERU\
P{HWHVLVWLDKQXNRPSOHWQSURMHNW
+DGDQLHRQDMGOKHMFHVW\YJUDIH
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGQLNRYS{GRU\VYHNRVWL0[1MHGQRWNRYFKWYRUFRY9WHMWRKDOH
VDQDFKiG]DM~U{]QHVNULQHSROLFHVWURMHDLQpSUHNiN\NWRUpYG\]DEHUDM~QHMDN~REGQLNRY~REODVY
]iNODGQHMVLHWLKDO\3RGQLNN~SLOLVWLDFHKRURERWDNWRUPiREFKiG]DKDOXDSULWRPLVWLQHREVDGHQpDVWL
KDO\.HHURERWMHFLWOLYQDYOKN~GOiNXNWRU~SRVHEH]DQHFKiYDSULLVWHQtYSRGQLNXVDUR]KRGOLHNP
VDWiWRSRUXFKDQHRGVWUiQLSRN~VLDVDSUHURERWDQDYUKQ~WDN~WUDVXDE\Y\LVWLOPD[LPiOQ\SULHVWRUDSULWRP
GYDNUiWQHYVW~SLOQDWHQLVWWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYV~ERUHKDODGDWP{HWHSUHGSRNODGDHMH]DGDQNRUHNWQH
V~ERUVSUDFXMWHSRPRFRX76WUHDP3UYpGYDEDMW\REVDKXM~YHNRVKDO\SRHWULDGNRYDVWSFRYWYRUFRYHM
VLHWHQLHV~YlLHDNR=DWPQDVOHGXM~YHW\DGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiN\YGYRFK
EDMWRFKV~UDGQLFDDYpKRKRUQpKRWYRUFDSUHNiN\ULDGRNVWSHFDYDOtFKGYRFKEDMWRFKYHNRV
SUHNiN\SRHWULDGNRYDVWSFRY
9iSURJUDPQDMSUYQDtWDDY\NUHVOtKDOXQDREUD]RYNXWDNHVDQDNUHVOtWYRUFRYiVLHYHNRV
MHGQRWNRYpKRWYRUFDMHYNRQWDQWHSURJUDPX9DREVDGHQpSROtNDVDY\IDUELDWPDYRHGRXIDUERXDOHMVD
DNiHSRXtYDWHP\RX]DGiWDUWRY~SR]tFLXURERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtNR
SURJUDPDNiQRYpNOLNQXWLHWDUWRY~SR]tFLXQHMDNRIDUHEQHY\]QDWH
/DE\ULQWYSURJUDPHUHSUH]HQWXMWHSRPRFRXQHRULHQWRYDQpKRJUDIXYNWRURPNDGWYRUHFMHMHGHQYUFKRO
JUDIX'YDYUFKRO\V~VSRMHQpKUDQRXDNSUtVOXQpSROtNDVXVHGLD1HMDNRVL]DHYLGXMWHREVDGHQpYUFKRO\
NWRUpEXG~REFKiG]DQpDOJRULWPRPKDGDQLD*UDIUHSUH]HQWXMWHQDSUSRRP]R]QDPRYVXVHGRYNGHSROH
P{HE\DMGYRMUR]PHUQpD]R]QDPVXVHGRYP{HE\UHDOL]RYDQWYRUSUYNRYPSRRPNDGYUFKROPi
PD[LPiOQHVXVHGRY9RYDRPSURJUDPH]DGHILQXMWHWULHGX7*UDIYVDPRVWDWQHMSURJUDPRYHMMHGQRWNH
QDSU8QLW*UDISDVSULRPVDWHQWRXQLWP{HRGYROiYDXVHVOHQQDWDQGDUGQpGHOSKLXQLW\QHVPLHVDY
RPSRXLQDSUXVHV8QLWDQHVP~YRPE\GHILQRYDQpLDGQHJOREiOQHSUHPHQQp9HWN\VWDYRYp
SUHPHQQpWULHG\7*UDIE\PDOLE\SULYiWQH
9MHNRQWDQWDSURJUDPXQDSUFRQVW9
3R]QiPN\NULHHQLX
JUDIEXGHPHUHSUH]HQWRYDPHWyGRXSROHSROtYUFKRORYWMSUHNDGYUFKROEXGHLFKPD[LPiOQH
[VLEXGHPHSDPlWDSROHPD[LPiOQHSUYNRYpYHWNFKVXVHGRYY\XLMHPHSUHGGHILQRYDQ~
WUXNW~UX73RLQWWRMHUHFRUG[\LQWHJHU
SROtNDVSUHNiNDPL]D]QDtPHWDNHLPQDVWDYtPHHXEROLQDYWtYHQp
EXGRYDQ~FHVWXEXGHPHXNODGDGRG\QDPLFNpKRSRDFHVWDDYSROLPD[FHVWDVLEXGHPHSDPlWD
PRPHQWiOQHQDMGOKLHULHHQLH
EDFNWUDFNLQJEXGHPHYL]XDOL]RYDWDNHGRQDYWtYHQFKYUFKRORYJUDIXWMGRVWUHGRYSROtRN
WYRUFRYHMVLHWHGiYDPHLHUQHERGN\P{HSURJUDPY\OHSLWDNHEXGHWHQDPLHVWRERGLHNNUHVOL
FHO~FHVWXSRPRFRXLDU
YLPQLWHVLW~WRKUXE~VFKpPXSUHKDGiYDQLDVQiYUDWRP
]iNODGQiVFKpPDULHHQLD
YDU
JDUUD\>@RIUHFRUG
SVSRHWVXVHGRY
VXVDUUD\>@RI73RLQW
YLVERROHDQQDYWtYHQpSROtNRDOHERSUHNiND
HQG
SURFHGXUHEDFNWUDFNLQJ[\LQWHJHU
YDU
NLQWHJHU
EHJLQ
DNPiULHHQLHVNRQL
LIVWRSRU/HQJWKPD[FHVWD PD[GO]NDWKHQH[LW
]D]QDDK
J>[\@YLV WUXHF3L[HOV>[
YY\
YY@ FO%ODFN
6HW/HQJWKFHVWD/HQJWKFHVWDFHVWD>+LJKFHVWD@ 3RLQW[\
LI/HQJWKFHVWD!/HQJWKPD[FHVWDWKHQPD[FHVWD FHVWD
FDNDM
Y\VN~DMYHWN\PRQRVWLSRNUDRYDQLDFHVW\
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQ
EDFNWUDFNLQJVXV>N@[VXV>N@\
RG]QDDK
J>[\@YLV IDOVHF3L[HOV>[
YY\
YY@ FO:KLWH
6HW/HQJWKFHVWD/HQJWKFHVWD
HQG
VNRURNRPSOHWQ8QLW*UDISDV
W\SH
7*UDI FODVV
SULYDWH
PD[\PD[[E\WH
JDUUD\>@RIUHFRUG
SV
VXVDUUD\>@RI73RLQW
YLVERROHDQ
HQG
PD[FHVWDFHVWDDUUD\RI73RLQW
PD[GO]NDLQWHJHU
FDNDM0\VERROHDQ
VWRSERROHDQ
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ[\LQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHVWDUW[\LQWHJHU
SURFHGXUH]DVWDY
HQG
FRQVW
Y Y YGLYYHNRVSROtNDWYRUFRYHMSORFK\
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHSULGDMLMLLMMLQWHJHU
EHJLQ
LILLRULL!PD[\RUMMRUMM!PD[[WKHQH[LW
ZLWKJ>ML@GREHJLQ
LQFSVVXV>SV@ 3RLQWMMLL
HQG
HQG
YDU
W76WUHDP
[\LQWHJHU
[[\\Y\VVLUE\WH
EHJLQ
F FF
LQLFLDOL]XMJUDI
IRU\ WRPD[\GR
IRU[ WRPD[[GR
ZLWKJ>[\@GREHJLQ
SV YLV IDOVH
HQG
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
W5HDGPD[\W5HDGPD[[
JHQHUXM~SOQJUDI
IRU\ WRPD[\GR
IRU[ WRPD[[GREHJLQ
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
HQG
]DNi]DEORNRYDQpSROtND
ZKLOHW3RVLWLRQW6L]HGREHJLQ
W5HDG\\W5HDG[[W5HDGY\VW5HDGVLU
IRU\ WRY\VGR
IRU[ WRVLUGR
J>[[[\\\@YLV WUXH
HQG
W)UHH
]LVWLSRHWYRQFKSROtRN
PD[GO]ND
IRU\ WRPD[\GR
IRU[ WRPD[[GR
LIQRWJ>[\@YLVWKHQLQFPD[GO]ND
NUHVOL
FDNDM0\V WUXH
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F%UXVK6W\OH EV6ROLG
IRUL WRPD[\GR
IRUM WRPD[[GREHJLQ
LIJ>ML@YLVWKHQ
F%UXVK&RORU FO*UD\
HOVH
F%UXVK&RORU FO:KLWH
F5HFWDQJOHM
YYL
YYM
YL
Y
HQG
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ[\LQWHJHU
YDU
NLQWHJHU
EHJLQ
DNPiULHHQLHVNRQL
LIVWRSRU/HQJWKPD[FHVWD PD[GO]NDWKHQH[LW
]D]QDDK
J>[\@YLV WUXHF3L[HOV>[
YY\
YY@ FO%ODFN
6HW/HQJWKFHVWD/HQJWKFHVWDFHVWD>+LJKFHVWD@ 3RLQW[\
LI/HQJWKFHVWD!/HQJWKPD[FHVWDWKHQPD[FHVWD FHVWD
FDNDM
Y\VN~DMYHWN\PRQRVWLSRNUDRYDQLDFHVW\
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQ
EDFNWUDFNLQJVXV>N@[VXV>N@\
RG]QDDK
J>[\@YLV IDOVHF3L[HOV>[
YY\
YY@ FO:KLWH
6HW/HQJWKFHVWD/HQJWKFHVWD
HQG
SURFHGXUH7*UDIVWDUW[\LQWHJHU
YDU
L[[\\LQWHJHU
EHJLQ
LIQRWFDNDM0\VWKHQH[LW
[ [GLYY\ \GLYY
LI[!PD[[RU\!PD[\RUJ>[\@YLVWKHQH[LW
FDNDM0\V IDOVH
VWRS IDOVH
FHVWD QLOPD[FHVWD QLO
[[ [
YY\\ \
YY
F3HQ&RORU FO5HG
F0RYH7R[[\\F/LQH7R[[\\
F0RYH7R[[\\F/LQH7R[[\\
EDFNWUDFNLQJ[\
Y\NUHVOLULHHQLH
F0RYH7R[
YY\
YY
IRUL WR+LJKPD[FHVWDGR
ZLWKPD[FHVWD>L@GRF/LQH7R[
YY\
YY
HQG
SURFHGXUH7*UDI]DVWDY
EHJLQR]QiPEDFNWUDFNLQJXDE\VNRQLO
VWRS WUXH
HQG
VWLDKQLWHVLWHVWRYDFLH~GDMRYpV~ERU\
P{HWHVLVWLDKQXNRPSOHWQSURMHNW
+DGDQLHL]RPRUIL]PX
1DKDGDQLHMHGQR]QDQpKRSULUDGHQLDPHG]LYUFKROPLJUDIXSRXLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUE\PRKROSUDFRYDQDSUWDNWRSRN~VLPHVDSUYpPXYUFKROX*SULUDGLQHMDNYUFKRO]
*PXVtPDURYQDNSRHWVXVHGRYSRWRPGUXKpPXYUFKROX*QHMDN]*NWRUHWHQHEROSULUDGHQD
PiURYQDNSRHWVXVHGRYDW3ULWRPSRNDGRPNURNXEDFNWUDFNLQJXWUHEDNRQWURORYDLSRGJUDI\
REVDKXM~FHY*DY*XY\EUDQpYUFKRO\V~L]RPRUIQpPQRLQ\LFKVXVHGRYV~]KRGQp
3URJUDPQDMSUYQDtWDGYDV~ERU\LFKPHQiEXG~GHILQRYDQpYNRQWDQWiFKSURJUDPXVXERUDVXERU
Y\NUHVOtLFKQDREUD]RYNXDVSXVWtDOJRULWPXVEDFNWUDFNLQJ3ULHEHKDOJRULWPX]Qi]RUXMWHQDREUD]RYNH
PRPHQWiOQHSULUDGHQpYUFKRO\VSRMWHQDY]iMRP~VHNDPLQHMDNHMIDUE\3RVNRQHQtDOJRULWPXSURJUDPY\StH
VSUiYXEX*UDI\V~L]RPRUIQpDOHER*UDI\QLHV~L]RPRUIQp9SUtSDGHHSURJUDPQDLHOL]RPRUIL]PXV
SRQHFKiSUtVOXQpGYRMLFHYUFKRORYVSRMHQp~VHNDPLVWDtQiMVMHGQRULHHQLH
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGNRXYLHWDPDM~QDVOHGRYQ~WUXNW~UX
NDGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
YHWD]DtQDGYRMLFRXFHOFKtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
]DWPQDVOHGXMHSRHWVXVHGQFKYUFKRORYE\WH
YUFKROJUDIXPitVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYJUDIRYV~PHQLHDNRDWHGDDNEXGHJUDILFNiSORFKDLURNiDVSRFHO
REUi]RNJUDIXYRMGHQDSRORYLFXSORFK\3UYQDtWDQJUDIY\NUHVOLWHQDS{YRGQFKV~UDGQLFLDFKYUFKRORY
GUXKJUDISRVXWHRGRSUDYD9UFKRO\JUDIRY]REUD]WHPDOPLNROLHVNDPLKUDQ\~VHNDPLQDSUELHOHM
IDUE\*UDI\UHSUH]HQWXMWHYSDPlWLWDNDE\VDYiPVQLPLGREUHSUDFRYDOR9RYDRPSURJUDPH]DGHILQXMWH
WULHG\7*UDID78ORKDYVDPRVWDWQFKSURJUDPRYFKMHGQRWNiFKQDSU8QLW8ORKDSDVD8QLW*UDISDVSULRP
VDWLHWRXQLW\P{XRGYROiYDXVHVOHQQDWDQGDUGQpGHOSKLXQLW\QHVPLHVDYQLFKSRXLQDSUXVHV8QLW
DQHVP~YQLFKE\GHILQRYDQpLDGQHJOREiOQHSUHPHQQp9HWN\VWDYRYpSUHPHQQpWULHG\78ORKDE\PDOLE\
SULYiWQHP{HWHMX]DGHILQRYDQDSUWDNWR
W\SH
78ORKD FODVV
SULYDWH
**7*UDI
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHPPVWULQJ
SURFHGXUHVWDUW
HQG
9V~ERUHQHPXVLDE\YHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRNRPiE\JUDIQHRULHQWRYDQ
]DEH]SHWHVSUiYQXUHSUH]HQWiFLX0{HWHSUHGSRNODGDHV~ERU\V~NRUHNWQp6SUDFXMWHLFKSRPRFRX
76WUHDP
3R]QiPN\NULHHQLX
JUDI\EXGHPHUHSUH]HQWRYDSRRPPQRtQVXVHGRYSULRPGRVWDYRYHMSUHPHQQHMVWXSHQSUHNDG
YUFKROSUHGY\SRtWDPHMHKRVWXSHWMSRHWKUiQNWRUp]QHKRY\FKiG]DM~
YLPQLWHVLW~WRKUXE~VFKpPXSUHKDGiYDQLDVQiYUDWRP
]iNODGQiVFKpPDULHHQLD
YDU
QLQWHJHU
**
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
VWXSHQLQWHJHU
HQG
LVDSULGDQtPLWHKRYUFKROXQHSRND]LOGRWHUDMtL]RPRUIL]PXV
IXQFWLRQWHVWLMLQWHJHUERROHDQ
YDU
NLQWHJHU
EHJLQ
5HVXOW IDOVH
LIMLQYWKHQH[LW
LI*J>L@VWXSHQ!*J>M@VWXSHQWKHQPXVtVHGLHVWXSHRERFK
YUFKRORY
H[LW
IRUN WRLGR
LINLQ*J>L@V!W>N@LQ*J>M@VWKHQH[LW
5HVXOW WUXH
HQG
HOVHEDFNWUDFNLQJL
LIPDPWKHQH[LWDNPiPULHHQLHQHFKFHPSRND]LYVOHGQp
LDU\
RG]QDDK
FLDUDLMLQYHU]QiLDUDPHG]LYUFKROPL]*D*
Y Y>M@
HQG
HQG
VNRURNRPSOHWQ8QLW*UDISDV
W\SH
7*UDI FODVV
SXEOLF
QLQWHJHU
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
VWXSHQLQWHJHU
HQG
F7&DQYDV
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDVSRVXQLQWHJHU
SURFHGXUHNUHVOL
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDVSRVXQLQWHJHU
YDU
W76WUHDP
LNLQWHJHU
SE\WH
SROHDUUD\>E\WH@RIE\WH
EHJLQ
F FF
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
Q
ZKLOHW3RVLWLRQW6L]HGR
ZLWKJ>Q@GREHJLQ
LQFQ
W5HDG[W5HDG\LQF[SRVXQ
W5HDGSW5HDGSROH>@S
IRUL WRSGREHJLQ
V V>SROH>L@@J>SROH>L@@V J>SROH>L@@V>Q@
HQG
HQG
W)UHH
SUHNDGYUFKROY\SRtWDMVWXSH
IRUL WRQGR
ZLWKJ>L@GREHJLQ
VWXSHQ
IRUN WRQGR
LINLQVWKHQLQFVWXSHQ
HQG
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO%ODFN
F%UXVK6W\OH EV&OHDU
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
IRUM LWRQGR
LIMLQVWKHQEHJLQ
F0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
HQG
HQG
VNRURNRPSOHWQ8QLW8ORKDSDV
W\SH
78ORKD FODVV
SULYDWH
QLQWHJHU
**7*UDI
WDUUD\>E\WH@RILQWHJHUWUDQVIRUPiFLD]*GR*
YVHWRIE\WHPQRLQDXSULUDGHQFKYUFKRORY]*
PDPERROHDQXPiPULHHQLH
F7&DQYDV
SURFHGXUHEDFNWUDFNLQJLLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPPVWULQJFF7&DQYDVVLUNDLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRU78ORKD&UHDWHPPVWULQJFF7&DQYDVVLUNDLQWHJHU
EHJLQ
F FF
* 7*UDI&UHDWHPF
* 7*UDI&UHDWHPFVLUNDGLY
F)RQW&RORU FO5HG
F)RQW+HLJKW
Q *Q
PDP Q!*Q
LIPDPWKHQ
F7H[W2XW
1HVHGtSRHWYUFKRORY*UDI\QLHV~L]RPRUIQp
HQG
SURFHGXUH78ORKDVWDUW
EHJLQ
LIPDPWKHQH[LW
Y >@
EDFNWUDFNLQJ
LIPDPWKHQ
F7H[W2XW
*UDI\V~L]RPRUIQp
HOVH
F7H[W2XW
*UDI\QLHV~L]RPRUIQp
HQG
SURFHGXUH78ORKDEDFNWUDFNLQJLLQWHJHU
SURFHGXUHFLDUDLMLQWHJHU
EHJLQ
F3HQ0RGH SP;RU
F3HQ&RORU FO5HG
F0RYH7R*J>L@[*J>L@\
F/LQH7R*J>M@[*J>M@\
FDNDM
HQG
YDU
MLQWHJHU
EHJLQ
IRUM WRQGR
LIWHVWLMWKHQEHJLQ
W>L@ MY Y>M@FLDUDLM
LIL QWKHQPDP WUXH
HOVHEDFNWUDFNLQJL
LIPDPWKHQH[LW
FLDUDLMY Y>M@
HQG
HQG
VWLDKQLWHVLWHVWRYDFLH~GDMRYpV~ERU\
P{HWHVLVWLDKQXNRPSOHWQSURMHNW
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
%RGRYDQLH
UR]FYLN\
SUpPLD
SURMHNW
WHVW
SULSRtWDL
V~HW
9VOHGQi]QiPND
]QiPND$
]QiPND%
]QiPND&
]QiPND'
]QiPND(
]QiPND)[
7HVWNXVN~NHSUHEHKQHYVWUHGXRGYSRVOXFKiUDFK$%D)
7HUPtQ\SUDNWLFNHMVN~N\EXG~YGRFKDYG\RGYKDOiFK
+D+
QDVN~NXVDSULKOiVWHFH]ZHERY~VWUiQNX6N~N\SULKODVRYDVDP{HWHGRSRWRPWRGiWXPH
YiPEXGHQLHNWRUWHUPtQSULGHOHQ
QDVN~NXP{HWHSUtVXRGYWHG\PiWHPLQ~WQDY\H
P{HWHSRXtYDYODVWQDKiNIRUPiWX$
SUYFKPLQ~WVN~N\P{HWHY]iMRPQHVSROXSUDFRYDWRWRVDWNDOHQWFKNWRUtQDVN~NXSUtGX
V~DVQH
3UHULHWHVL~ORK\]PLQXORURQpKRWHVWX
QD]DLDWNXNDGpKRSUtNODGXXYiG]DPHSRHWERGRYNWRUpVDGDOL]tVND]DSUtNODGSULHPHUQH]tVNDQSRHWERGRY
YDU
JDUUD\>
D
G
D
G
@RIE\WH
SRFHWLQWHJHU
SURFHGXUHEDFNYFKDU
YDU
LFKDU
MERROHDQ
EHJLQ
M WUXH
IRUL
D
WR
G
GR
LIJ>YL@!WKHQEHJLQ
GHFJ>YL@GHFJ>LY@M IDOVH
EDFNL
LQFJ>YL@LQFJ>LY@
HQG
LIMWKHQLQFSRFHW
HQG
=LVWLWHREXGHYSUHPHQQHMSRFHWSR]DYRODQtEDFN
D
SURFHGXUHNRSLUXMVVVWULQJPD[LQWHJHU
YDU
WW76WUHDP
EXISRLQWHU
EHJLQ
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
WU\
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
BBBBBBBBBEXIBBBBBBBBBB
WU\
ZKLOHW3RVLWLRQW6L]HGR
W:ULWHBBBBBBBBBW5HDGBBBBBBBBBB
ILQDOO\
BBBBBBBBBEXIBBBBBBBBBB
WBBBBBBBBBBBBBBBBBBB]DWYRUL
HQG
ILQDOO\
WBBBBBBBBBBBBBBBBBBB]DWYRUL
HQG
HQG
'RSOWHFKEDM~FHDVWLSURJUDPX
DDNE\VPHYUFKRO\Y\StVDOLSUHRUGHURPGRVWDOLE\VPHY]RVWXSQHXVSRULDGDQ~SRVWXSQRVU{]Q\FK
tVHODOHMYLHPHHYHWN\YUFKRO\NWRUpV~URYQDNRY]GLDOHQpRGNRUHDPDM~VYRMXtVHOQ~KRGQRWX
]ORHQ~OHQ]URYQDNFKFLILHUQDSUVDPpWM2tVOXMWHVWURP
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMLLQWHJHU
IXQFWLRQY\SLVLMLQWHJHUVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>@ QLOS>@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMLLQWHJHU
EHJLQ
LIL WKHQLQFSRFHW
HOVHEHJLQ
LIS>LPRG@ QLOWKHQS>LPRG@ 7/H[6WURP&UHDWH
S>LPRG@SULGDMLGLY
HQG
HQG
HOVH5HVXOW
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVLM
M
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVL
M
HQG
O 7/H[6WURP&UHDWH
IRUL WRGROSULGDML
/DEHO&DSWLRQ OY\SLV
9SURJUDPHMHFK\EDDSUHWRQiPYSLVQHGiVSUiYQHYVOHGN\
D=LVWLWHRVDSUHVQHY\StH
E2SUDYWHFK\EX
F=LVWLWHRVDY\StHSRRSUDYHFK\E\
9\StWHREVDKSRDSRVNRQHQtSURFHG~U\
W\SH
7*UDI FODVV
JDUUD\RIVHWRIE\WH
SURFHGXUHSULGDM9UFKRO
SURFHGXUHSULGDM+UDQXLMLQWHJHU
HQG
SURFHGXUH7*UDISULGDM+UDQXLMLQWHJHU
EHJLQ
LIL!MWKHQEHJLQ
J>L@ J>L@>M@J>M@ J>M@>L@
HQG
HQG
SURFHGXUH7*UDISULGDM9UFKRO
YDU
LMLQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
L KLJKJJ>L@ >@M LGLY
ZKLOHM!GREHJLQ
SULGDM+UDQXLM
M MGLY
HQG
HQG
3R]DYRODQt
J 7*UDI&UHDWH
IRUL WRGRJSULGDM9UFKRO
VDY\WYRUtJUDIVYUFKROPL
D1DNUHVOLWHWHQWRJUDI
E1DYUKQLWHGRJUDIXPLQLPiOQ\SRHWQRYFKKUiQWDNDE\VDWHQWRJUDIVWDOV~YLVO
DVDOJRULWPXY\]HUiWDNWR
YDU
SDUUD\>@RILQWHJHU
SRFHWLQWHJHU
SURFHGXUHPHUJH6RUW]NLQWHJHU
YDU
VLQWHJHU
EHJLQ
LQFSRFHW
LI]NWKHQEHJLQ
V ]NGLY
PHUJH6RUW]V
PHUJH6RUWVN
]OXF]VN
HQG
HQG
3RPRFQiSURFHG~UD]OXF]O~LXWULHGHQpDVWL
=LVWLWHNRNRNUiWVD]DYROiWiWRUHNXU]tYQDSURFHG~UDPHUJH6RUWSUHGDQpSROHDNMHSUYpYRODQLH
PHUJH6RUWWM]DXMtPDQiVKRGQRWDSUHPHQQHMSRFHW
YDU
SDUUD\>@RILQWHJHU
V 7%96&UHDWH
L M
ZKLOHLGREHJLQ
VYOR]S>L@VYOR]S>L@LQFL
V]UXVS>M@LQFM
HQG
1DNUHVOLWHYVOHGQVWURP3UHGSRNODGiPHHPHWyGD]UXVNHWUHED]DPLHDY\KDG]RYDQYUFKROV
PLQLPiOQ\PYUFKRORP]SUDYpKRSRGVWURPX
W\SH
SULND] BBBBBBBBBBBBBBBBBBBBBBBBB
ILOWHU BBBBBBBBBBBBBBBBBBBBBBBBB
ISULND] UHFRUGIILOWHUSUSULND]HQG
7=R]QDP FODVV
]N79UFKRO
SURFHGXUHYVHWN\ISDUUD\RIISULND]
HQG
SURFHGXUH7=R]QDPYVHWN\ISDUUD\RIISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
IRUL ORZISWRKLJKISGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQ
BBBBBBBBBBBBBBBBBBBBBBBBB
S SQH[W
HQG
HQG
$NYSROLISMHQDPLHVWRILOWUDQLO]QDPHQiWRHSUtVOXQSUtND]VDPiY\NRQD
5LHHQLHSUtNODGXSUDNWLFNHMVN~N\]PLQXOpKRURNX
$JHQW-DPHV%RQGGRVWDOPDSXQHSULDWHVNpKR~]HPLD3RWUHEXMHVDGRVWD]YFKRGLVNRYpKR
PLHVWDERG$GRFLHRYpKRPLHVWDERG%DE\PRKROVSOQLWDMQpSRVODQLHRGRY]GDLIURYDQ~GHSHX
DJHQWNH-DQH%RQGRYHM$QDO\WLFNpSLRQiQHVWUHGLVNR]D]QDLOR-DPHVRYLGRPDS\QDYHWN\FHVW\
EH]SHQRVSUHFKRGXSRWHMWRFHVWHYEH]SHQRVR]QDXMHHEXGHQDQHMXULWH]QHNRGQHQ
R]QDXMHDEVRO~WQXEH]SHQRVEH]DNpKRNRYHNQHEH]SHLD
1DYUKQLWH-DPHVRYLRQDMEH]SHQHMLXWUDVXDY\SRtWDMWHMHMFHONRY~EH]SHQRV8YHGRPWHVLHDN
MHQDWUDVHDVSRMHGHQ~VHNVEH]SHQRVRXWDNFHOiWUDVDPiW~WREH]SHQRV$OH~VHN
QH]QDPHQiHFHOiWUDVDPi&HONRYiEH]SHQRVWUDV\MHWHGDGHILQRYDQiDNRV~LQ
SUDYGHSRGREQRVWtMHGQRWOLYFKFLHVWQDWUDVH
JUDIMHMHGQRUR]PHUQpSROHYUFKRORY
SUHNDGYUFKROVLSDPlWiVYRMHV~UDGQLFHQDREUD]RYNHDMHGQRUR]PHUQpEDMWRYpSROHYNWRURP
V~XFKRYDQpYiK\UHVSLQIRUPiFLDRWRPHYUFKROQHPiVSRMHQLHVLQPYUFKRORP
-HWRYODVWQH]PRGLILNRYDQiWDEXNDVXVHGQRVWt7RHQHMDNpGYDYUFKRO\QLHV~VSRMHQpFHVWRXEXGHWH
UHSUH]HQWRYDLQRXKRGQRWRXDNRR]QDXMHDEVRO~WQHQHEH]SHQ~FHVWX*UDI]DGHILQXMWHDNRWULHGX
7*UDIYVDPRVWDWQRPXQLWHQDSU8QLW*UDISDVSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQWUXNWRUDDPHWyGNWRUpRGWDUWXM~UHVS]DVWDYLDEDFNWUDFNLQJ7HQWR
XQLWVDP{HRGYROiYDXVHVOHQQDWDQGDUGQpGHOSKLXQLW\QHVPLHVDYRPSRXLQDSUXVHV8QLW
DQHVP~YRPE\GHILQRYDQpLDGQHJOREiOQHSUHPHQQp
$QDO\WLFNpVWUHGLVNRLQIRUPiFLHRPDSHSULSUDYLORGRELQiUQHKRV~ERUXERQGGDWYNWRURPMHNDGiYHWD
SUHPHQOLYHMGN\DRSLVXMHMHGHQYUFKROJUDIX.DGYUFKROPiVYRMHSRUDGRYptVORRGGRQLHMH
WRtVORYHW\YV~ERUHSULRPWLHWRSRUDGRYptVODQHPXVLDWYRULV~YLVO~SRVWXSQRV7LHWRSRUDGRYp
tVODEXG~LQGH[PLYRYDHMGiWRYHMWUXNW~UHJUDI.DGiYHWDV~ERUXREVDKXMHWLHWRLQIRUPiFLH
SRUDGRYptVORYUFKROX
V~UDGQLFHYPDSHGYHFHOptVOD[D\
FHVW\
SRVWXSQRVMHXNRQHQiFHOPtVORP
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDG~KUDQX
]DStHMHMEH]SHQRV9FKRGLVNRYpDMFLHRYpPLHVWRYJUDIHQHMDNRY\]QDWH3RVWODHQtWODLGODWDUW
VDQDRPVSXVWtDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQKDGiQDMOHSLXFHVWXSRDV
EDFNWUDFNLQJXVD]DIDUEXMHPRPHQWiOQDFHVWDSULRPQLHNGHQDREUD]RYNHVDY\SLVXMHMHMPRPHQWiOQD
EH]SHQRVFHOHMWUDV\$NVDSRDVEDFNWUDFNLQJXVWODtWODLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOt
GRWHUD]QDMOHSLHULHHQLH$NQHH[LVWXMHLDGQDWUDVDDOHERYHWN\WUDV\PDM~EH]SHQRVSURJUDP
RWRPY\StHVSUiYX
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\ERQG]LS
XQLW8QLW*UDI
LQWHUIDFH
XVHV
*UDSKLFV
FRQVW
PD[
W\SH
79UFKRO FODVV
[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
YLVLWHGERROHDQ
FRQVWUXFWRU&UHDWH
HQG
7*UDI FODVV
SULYDWH
JDUUD\>PD[@RI79UFKRO
]DFNRQLQWHJHU
FHVWDPD[FHVWDDUUD\RILQWHJHU
PD[KUHDO
VWRSERROHDQ
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJLLQWHJHUKUHDO
SURFHGXUHFLDUDLMLQWHJHUFRO7&RORU
SXEOLF
FRQVWUXFWRU&UHDWHPHQRVWULQJFF7&DQYDV
SURFHGXUHVWDUW
SURFHGXUH]DVWDY
HQG
LPSOHPHQWDWLRQ
XVHV
&ODVVHV6\V8WLOV)RUPV
FRQVW
QLH
FRQVWUXFWRU79UFKRO&UHDWH
YDU
LLQWHJHU
EHJLQ
IRUL WRPD[GRV>L@ QLH
YLVLWHG IDOVH
HQG
FRQVWUXFWRU7*UDI&UHDWHPHQRVWULQJFF7&DQYDV
YDU
W76WUHDP
LMNLQWHJHU
EHJLQ
F FF
W 7)LOH6WUHDP&UHDWHPHQRIP2SHQ5HDG
N
ZKLOHW3RVLWLRQW6L]HGREHJLQ
W5HDGL
J>L@ 79UFKRO&UHDWH
LIN WKHQ]DF L
HOVHLIN WKHQNRQ L
LQFN
ZLWKJ>L@GREHJLQ
W5HDG[W5HDG\
UHSHDW
W5HDGMLIM!WKHQW5HDGV>M@
XQWLOM
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ:LGWK
IRUL WRPD[GR
LIJ>L@!QLOWKHQ
ZLWKJ>L@GREHJLQ
IRUM LWRPD[GR
LIV>M@!QLHWKHQEHJLQ
FLDUDLMFO'N*UD\
F7H[W2XW[J>M@[GLY\J>M@\GLY,QW7R6WUV>M@
HQG
HQG
F3HQ:LGWK
F%UXVK&RORU FO%OXHZLWKJ>]DF@GRF(OOLSVH[\[\
F%UXVK&RORU FO5HGZLWKJ>NRQ@GRF(OOLSVH[\[\
HQG
SURFHGXUH7*UDIVWDUW
YDU
LLQWHJHU
EHJLQ
VWRS IDOVHPD[K
EDFNWUDFNLQJ]DF
SURFHGXUH7*UDIFLDUDLMLQWHJHUFRO7&RORU
EHJLQ
F3HQ&RORU FRO
ZLWKJ>L@GRF0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
SURFHGXUHFDNDMPV/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJLLQWHJHUKUHDO
YDU
MLQWHJHU
EHJLQ
LIK RUKPD[KWKHQH[LW
J>L@YLVLWHG WUXH6HW/HQJWKFHVWD/HQJWKFHVWDFHVWD>KLJKFHVWD@ L
LIL NRQWKHQEHJLQ
LIK!PD[KWKHQEHJLQ
PD[K KPD[FHVWD FHVWD
HQG
HQG
HOVH
IRUM WRPD[GR
LIJ>M@!QLODQGQRWJ>M@YLVLWHGDQGJ>L@V>M@!QLHWKHQEHJLQ
FLDUDLMFO5HGFDNDM
EDFNWUDFNLQJMK
J>L@V>M@
FLDUDLMFO'N*UD\
LIVWRSWKHQH[LW
HQG
J>L@YLVLWHG IDOVH6HW/HQJWKFHVWD/HQJWKFHVWD
HQG
SURFHGXUH7*UDI]DVWDY
EHJLQ
VWRS WUXH
HQG
HQG
XQLWVIRUPXOiURP
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
%XWWRQ7%XWWRQ
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
8QLW*UDI
^5 ')0`
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
J 7*UDI&UHDWH
ERQGGDW
,PDJH&DQYDV
%XWWRQ(QDEOHG WUXH
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
%XWWRQ(QDEOHG WUXH
JVWDUW
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
J]DVWDY
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
9SUYNRYRPFHORtVHOQRPSROLPiPHWLHWRtVOD
'RSOWHWDEXNXSRGDWRKRDNEXGHREVDKSRDSRVNRQHQtYRODQLDSURFHG~U\Y\WYRUBKDOGX
1DVOHGXM~FDPHWyGDY\SLVXMHYUFKRO\QHRULHQWRYDQpKRJUDIXPHWyGRXGRtUN\
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDULLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
Y\StKRGQRWXYUFKROXY
IRUL WRGR
LIMH+UDQDYLWKHQ
TDSSHQGL
HQG
XQWLOTHPSW\
T)UHH
HQG
$'(*,&%)+
YQ~WRUQHYGiWRYHMWUXNW~UHSODWtPiVXVHGRYPiVXVHGRYPiVXVHGDPiVXVHGRY
PiVXVHGRYPiVXVHGRYPiVXVHGRYPiVXVHGRYPiVXVHGRY
tVODVDSRVWXSQHSULGiYDOLGRSUi]GQHKRELQiUQHKRY\KDGiYDFLHKRVWURPXWDNHSUHNDG
YUFKROVWURPXSODWLORKENDDYpKRDSUDYpKRSRGVWURPXVDOtLPD[LPiOQHRDSULWRPKENDDYpKR
QHERODQLNG\YlLDDNRKENDSUDYpKRSRGVWURPX1DYUKQLWHSRUDGLHtVHOYDNRPVDSULGiYDOLGR
VWURPX
.RNROLVWRYPiOH[LNRJUDILFNVWURPGRNWRUpKRVPHYORLOLYHWN\VORYiGN\]ORHQpOHQ]StVPHQ
^DEF`SULRPWLHWRREVDKXM~URYQDNSRHWStVPHQDDME"
SURFHGXUHXUREYDUDDUUD\RIAUHDO
YDU
LMLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGREHJLQ
M L
UHSHDWLQFMXQWLOM KLJKDDQGD>L@ D>M@
LIM KLJKDWKHQEHJLQ
GLVSRVHD>M@AD>M@A D>L@A
HQG
HQG
HQG
=LVWLWHNRNRH[LVWXMHU{]Q\FKDULWPHWLFNFKVWURPRYNWRUpREVDKXM~SUiYHWLHWRU{]QHRSHUiWRU\
D
W\ULU{]QHRSHUDQG\]PQRLQ\^`
SURFHGXUHNRG\YDUW76WUHDP
YDU
WDEDUUD\>@RIUHFRUGSSRLQWHUGLQWHJHUHQG
VVWULQJ
N
GLQWHJHU
EHJLQ
IRUN WRGRWDE>N@S QLO
ZKLOHW3RVLWLRQW6L]HGREHJLQ
W5HDGNVL]HRIN
W5HDGGVL]HRIG
6HW/HQJWKVG
W5HDGV>@G
LIWKHQEHJLQ
6HW/HQJWKV
0RYHWDE>N@G
)UHH0HP
HQG
*HW0HPWDE>N@S
WDE>N@G /HQJWKV
0RYHV>@
HQG
HQG
$NY\StHPHYHWN\KRGQRW\]ELQiUQHKRY\KDGiYDFLHKRVWURPXDOJRULWPRPSRVWRUGHUGRVWDQHPH
WDN~WRSRVWXSQRVtVHO
D9\StWHSRVWXSQRVYUFKRORYDOJRULWPRPSUHRUGHU
E=WRKWRVWURPXVPHY\KRGLOLYHWN\OLVW\9\StWHSRVWXSQRVYUFKRORYWRKWRVWURPXDOJRULWPRP
LQRUGHU
'DQiSURFHG~UDVRUWMHKODYQRXSURFHG~URXTXLFNVRUWXSULRPYROiSRPRFQ~SURFHG~UXUR]GHONWRUi
DNRSLYRWDY\EHULHSUYRNVLQGH[RP]NGLYDSRGDQHKRUR]GHOtSUYN\SRD3UHGSRNODGDMWHH
UR]GHO]DFKRYiUHODWtYQHSRUDGLHSUYNRYYUR]GHOHQFKGYRFKDVWLDFK
SURFHGXUHVRUW]NLQWHJHU
YDU
SLYRWLQWHJHU
EHJLQ
LI]NWKHQEHJLQ
ZULWH
UR]GHO]NSLYRW
VRUW]SLYRWVRUWSLYRWN
HQG
HQG
.RNRKYLH]GLLHNVDY\StHDNVPHQDWULHGHQLH]DGDOLSUYNRYpSROHtVHOVKRGQRWDPLSRVWXSQHRG
GR
3UHMHGQRVPHUQVSiMDQ]R]QDPSRWUHEXMHPH]DGHILQRYDPHWyGXYVHWN\NWRUiEXGHSRVWXSQH
WHVWRYDU{]QHILOWURYDFLHIXQNFLHDDNMHQHMDNi]QLFKVSOQHQiWDNVDVSXVWtSUtVOXQSUtND])LOWHUDM
SUtND]]DGHNODUXMWHDNRSURFHGXUiOQHW\S\VMHGQPSDUDPHWURPW\SX79UFKRO
W\SH
SULND] BBBBBBBBBBBBBBBBBBBBBBBBB
ILOWHU BBBBBBBBBBBBBBBBBBBBBBBBB
ISULND] UHFRUGIILOWHUSUSULND]HQG
7=R]QDP FODVV
]N79UFKRO
SURFHGXUHYVHWN\ISDUUD\RIISULND]
HQG
SURFHGXUH7=R]QDPYVHWN\ISDUUD\RIISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
IRUL ORZISWRKLJKISGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQ
BBBBBBBBBBBBBBBBBBBBBBBBB
S SQH[W
HQG
HQG
$NYSROLISMHQDPLHVWRILOWUDQLO]QDPHQiWRHSUtVOXQSUtND]VDPiY\NRQD
$%.9,
EODKR#IPSKXQLEDVN
3UHGQiN\DFYLHQLDYOHWQRPVHPHVWUL
SUHGQiND%LQiUQHV~ERU\
FYLHQLH
SUHGQiND6SiMDQp]R]QDP\
FYLHQLH
SUHGQiND3RXtYDQLHVSiMDQFK]R]QDPRY
FYLHQLH
SUHGQiND%LQiUQHVWURP\
FYLHQLH
SUHGQiND3RXLWLHELQiUQ\FKVWURPRY
FYLHQLH
SUHGQiND7ULHGHQLD
FYLHQLH
SUHGQiND*UDI\
FYLHQLH
SUHGQiND$OJRULWP\SUHKDGiYDQLDJUDIX
FYLHQLH
SUHGQiND3UHKDGiYDQLHVQiYUDWRP
FYLHQLH
SUHGQiND%DFNWUDFNLQJQDJUDIRFK
FYLHQLH
SUHGQiND,QIRUPiFLHNXVN~NH
FYLHQLH
7HVWNXVN~NH !!!YVOHGN\WHVWX
6N~ND
6N~ND
6N~ND
6N~ND
6N~ND
6N~ND
6N~ND
6N~ND
>3UDYLGOi@>)DQDWLFL@>3URMHNW\@>%RGRYDQLH@>+RPH@>'HOSKL@>1HNUDGXF]@>(PDLO@
*UDSKLFVE\.HOO\
SUHGQiND%LQiUQHV~ERU\ IHE
7\S\V~ERURY
9'HOSKLP{HPHVRV~ERUPLSUDFRYDU{]Q\PLVS{VREPL
'HOSKLWOWULHGD76WUHDP GiWRYSU~G
1DMSUYVD]R]QiPLPHVRVWDUPWORPSRWRPSUHMGHPHQDQRYWOSU~G\
7H[WRYpV~ERU\
SRVWXSQRV]QDNRYNWRUiP{HREVDKRYDSHFLiOQ\]QDNNRQFDULDGNDMHULDGNRYRRULHQWRYDQ
tWDVDGiOHQSRVWXSQHRG]DLDWNXGRNRQFDSRGREQH]DSLVRYDVDGiOHQQDNRQLHFV~ERUXVHNYHQQSUtVWXS
SUHtWDQLHVDGiQDVWDYLQD]DLDWRNV~ERUX
DXWRPDWLFNpNRQYHU]LHSULtWDQt]DSLVRYDQtLQFKW\SRYDNR]QDN
SULRWYRUHQtV~ERUXPXVtPHXULLMHV~ERUOHQQD]iSLVDOHEROHQQDtWDQLH
%LQiUQHV~ERU\
SRVWXSQRVYLHWEXURYQDNpKRW\SXDOHERU{]Q\FKW\SRYKRYRUtPHRV~ERURFKVSHYQRXDSUHPHQOLYRXGNRX
YLHW
MHGQRXRSHUiFLRX5HDGDOHER:ULWHP{HPHQDUD]SUHtWDDOHER]DStVDYLDFYLHW
]RV~ERUXP{HPHV~DVQHtWDDMGRQHKR]DSLVRYDEH]WRKRDE\VPHPXVHOLQLHRSUHStQD
SUtVWXS
XND]RYDWHYV~ERUHSR]tFLDVDSRNDGHMRSHUiFLLtWDQLH]iSLVDXWRPDWLFN\SRV~YDQDQDVOHGRYQ~YHWXP{HPH
VRV~ERURPSUDFRYDVHNYHQQH
Y3DVFDOHV~WRGYDW\S\SUiFHVELQiUQ\PLV~ERUPL
W\SRYpELQiUQHV~ERU\XSULGHNODURYDQtV~ERUXXUtPHW\SYHW\DWPDMGNXYHW\GRV~ERUXP{HPH
]DSLVRYDOHQYHW\WRKWRW\SXDWLH]QHKRtWDOHQGRSUHPHQQFKWRKWRW\SXSR]tFLDYHW\YV~ERUHVDY\MDGUXMH
SRWRPYLHWNWRUpV~SUHGGDQRXYHWRXtVORYDQLHRGGR)LOH6L]H
QHW\SRYpELQiUQHV~ERU\P{HPHGRQHKR]DSLVRYDXERYRQp~GDMHSUHPHQQpDWLH]QHKRtWDGR
SUHPHQQFKXERYRQFKW\SRYSULRWYiUDQtPXVtPHXULYHNRVHOHPHQWiUQHKREORNXDSRWRPYHWN\SR]tFLHY
V~ERUHDGN\EXG~XURYDQpYWFKWREORNRFKGHIDXOWMH
7\SRYpELQiUQHV~ERU\
W\SHV~ERU ILOHRILGHQWLILNiWRUBW\SXW\SYHW\
SR]RUYHWDQHVPLHREVDKRYDLDGQHDVWLVQLHSHYQRXGNRXQDSUG\QDPLFNpSROLDVWULQJ\V~ERU\VPHUQtN\D
LQpG\QDPLFNpSUHPHQQp
$VVLJQ)LOH5HVHW5HZULWH&ORVH)LOHURYQDNpDNRSUHWH[WRYpV~ERU\
5HDG:ULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
5HDGISUHPHQQiBW\SXBYHWDBV~ERUX
:ULWHISUHPHQQiBW\SXBYHWDBV~ERUX
SUHUHDGDMZULWHP{HE\DMYLDFSUHPHQQFKRGGHOHQFKLDUNDPL
(RIIDNRSUHWH[WRYV~ERU
)LOH6L]HISRHWYLHWV~ERUX
VSDGQH
DOH]iSLV]DNRQLHFV~ERUXQDSUSUHVHHNIILOHVL]HIZULWHISUHP !MH2.
ILOHSRVI
UHZULWHI VHHNIWUXQFDWHI
3UtNODG
YDU
I)LOHRILQWHJHU
LMLQWHJHU
EHJLQ
$VVLJQ)LOHI
FLVODGDW
5HZULWHI
IRUL WRGR:ULWHILEDMWRY
&ORVH)LOHIQHWUHEDDNQDVOHGXMH5HVHW
5HVHWItWDQLHRG]DLDWNX
IRUL WRGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUMVHNYHQQptWDQLH
HQG
VOXQHMLHSRNRQLHFV~ERUX
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
QHVPLHVDSRXLUHDGOQDQLZULWHOQQHH[LVWXMH]QDNDNRQFDULDGNX
YSLVV~ERUXRG]DGX
IRUL )LOH6L]HIGRZQWRGREHJLQ
6HHNIL5HDGIMSULDPHtWDQLH
0HPR/LQHV$GG,QW7R6WUM
HQG
SULGDMYHWXQDNRQLHFV~ERUX
6HHNI)LOH6L]HI
KRFLVDDNRSRVOHGQURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYD
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDGRWYRUHQV~ERUMH
DXWRPDWLFN\DMQDtWDQLHDMQD]iSLV
IRUL WRGR:ULWHIL
VNUDFRYDQLHV~ERUX
6HHNI7UXQFDWHIV~ERUPiWHUD]YHW\
&OR6H)LOHI
HQG
SURFHG~UDY\KRGY\KRGtLWXYHWXWDNHMXQDKUDGtSRVOHGQRXDSRVOHGQ~]UXt
W\SH
YHWD LQWHJHU
76XERU ILOHRIYHWD
SURFHGXUHY\KRGYDUI76XERULLQWHJHU
YDU
MYHWD
EHJLQ
6HHNI)LOH6L]HIUHDGIMQDtWDQLHSRVOHGQHM
6HHNILZULWHIM]iSLVDNRLWHM
6HHNI)LOH6L]HI7UXQFDWHIY\KRGHQLHSRVOHGQHM
HQG
Y\KRGIY\KRGIY\KRGIYHWDQDSR]tFLLREVDKXMHtVOR
0HPR/LQHV$GG
SRY\KRGHQL
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
3RGREQSUtNODGERONHG\VLQDVN~NH
DDVULHHQLD
YDU
IILOHRILQWHJHU
F7&DQYDV
SURFHGXUHVWURP[\YLQWHJHU
YDU
[\OSLQWHJHU
EHJLQ
LIYWKHQH[LW
VHHNIY
UHDGI[\OS
F0RYH7R[\
F/LQH7R[\
VWURP[\O
VWURP[\S
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN
YDU
[\YLQWHJHU
EHJLQ
F ,PDJH&DQYDV
$VVLJQ)LOHI
VWURPGDW
5HVHWI
UHDGI[\Y
VWURP[\Y
&ORVH)LOHI
HQG
SUHW\SRYpELQiUQHV~ERU\VDDXWRPDWLFN\SUHSRtWDYD6HHN)LOH3RV)LOH6L]HSRGDGN\YHW\QDSU
1HW\SRYELQiUQ\V~ERU
YDUIILOH
3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDLDGQDNRQWURODQDW\S]DSLVRYDQHMtWDQHMSUHPHQQHM
QHIXQJXMHUHDGZULWHPXVtVDWRURELLQDN
%ORFN5HDGYDU))LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiQHW\SRYSDUDPHWHU]QDPHQiXERYRQW\S
SRFHWSRHWtWDQFKEORNRYW\SXLQWHJHU
Y\VOHGRNVNXWRQHQDtWDQSRHWEORNRY
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQRYVWXSQHMFK\EH
LQDNSRNUDXMHDP{HPHRWHVWRYDLQDVWDODFK\ED
%ORFN:ULWHYDUI)LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiXERYRQpKRW\SX
SRFHWYUD]XGiYDM~FLSRHW]DStVDQFKEORNRYW\SXLQWHJHU
Y\VOHGRNVNXWRQH]DStVDQSRHWEORNRYURYQDNRDNRSUH%ORFN5HDG
DNVDQHXYHGLHGNDBEORNXWDNVDSUHGSRNODGi
VHHNILOHSRVILOHVL]HSUDFXM~Y]iYLVORVWLQDGNHEORNX
3UtNODG
NRStURYDQLHV~ERUXSRPRFRXW\SRYpKRV~ERUX
YDU
DEILOHRIE\WH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWD
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOHQRW(RIDGREHJLQ
5HDGD[
:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUX
FRQVW
GO]ND
YDU
DEILOH
[DUUD\>GO]ND@RIE\WHN%EXIIHU NUDMLHE\ERORSRPRFRX
SRLQWUD
ODOELQWHJHU
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHNRVEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
UHSHDW
EORFNUHDGD[GO]NDOD
EORFNZULWHE[ODOE
XQWLOOD RUOD!OEDNOD!OEWDNQDVWDODFK\EDSUL]iSLVH
LIOD!WKHQ6KRZ0HVVDJH
FK\EDSUL]iSLVH
&ORVH)LOHD
&ORVH)LOHE
HQG
9\WYRUPHVLYODVWQ~WULHGXNWRUiREDOtQHW\SRYV~ERU
W\SH
76XERU FODVV
SULYDWH
IILOH
IXQFWLRQJHWSRVLQWHJHU
SURFHGXUHVHWSRVSLQWHJHU
IXQFWLRQJHWVL]HLQWHJHU
SURFHGXUHVHWVL]HSLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHUHDGYDUEGLQWHJHUYLUWXDO
SURFHGXUHZULWHYDUEGLQWHJHUYLUWXDO
SURSHUW\SRVLWLRQLQWHJHUUHDGJHWSRVZULWHVHWSRV
SURSHUW\VL]HLQWHJHUUHDGJHWVL]HZULWHVHWVL]H
HQG
FRQVWUXFWRU76XERU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
EHJLQ
$VVLJQ)LOHIP
LIQRY\WKHQ5HZULWHIHOVH5HVHWI
HQG
GHVWUXFWRU76XERU'HVWUR\
EHJLQ
&ORVH)LOHI
HQG
SURFHGXUH76XERUUHDGYDUEGLQWHJHU
EHJLQ
%ORFN5HDGIEG
HQG
SURFHGXUH76XERUZULWHYDUEGLQWHJHU
EHJLQ
%ORFN:ULWHIEG
HQG
IXQFWLRQ76XERUJHWSRVLQWHJHU
EHJLQ
5HVXOW )LOH3RVI
HQG
SURFHGXUH76XERUVHWSRVSLQWHJHU
EHJLQ
VHHNIS
HQG
IXQFWLRQ76XERUJHWVL]HLQWHJHU
EHJLQ
5HVXOW )LOH6L]HI
HQG
SURFHGXUH76XERUVHWVL]HSLQWHJHU
YDUSSLQWHJHU
EHJLQ
SS )LOH3RVI
VHHNIS7UXQFDWHI
LISS!SWKHQSS S
VHHNISS
HQG
DP{HPHWRSRXL
YDU
I76XERU
LLQWHJHU
EHJLQ
I 76XERU&UHDWH
VXERUGDW
WUXH
WU\
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGREHJLQHRI
IUHDGLVL]HRIL
PHPROLQHVDGGLQWWRVWUL
HQG
ILQDOO\
I)UHH
HQG
HQG
'iWRYSU~GWULHGD76WUHDP
9'HOSKLH[LWXMH]iNODGQiWULHGD7VWUHDPNWRUi]RYHREHFXMHPHWyG\QD]DSLVRYDQLHDtWDQLH~GDMRY]QHMDNpKR
]i]QDPRYpKRPpGLD7iWRWULHGD]DNU\MHLPSOHPHQWiFLXI\]LFNpKRV~ERUX
76WUHDPMHDEVWUDNWQiWULHGDSUDFXMHPHEXVMHMNRQNUpWQ\PLSRGWULHGDPLQDSU7)LOH6WUHDPDOHERVL]UHDOL]XMHPH
YODVWQ~SRGWULHGX76WUHDPXYHGHQpPHWyG\DEVWUDFWQHPiGHILQRYDQpOHQGHNODURYDQp
YODVWQRVWLSURSHUW\
3RVLWLRQ
6L]H
PHWyG\
NGH2ULJLQ VR)URP%HJLQQLQJVR)URP&XUUHQWVR)URP(QG
:ULWHFRQVW%XIIHU&RXQWLQWHJHULQWHJHU
:ULWH%XIIHUFRQVW%XIIHU&RXQWLQWHJHU
G{OHLWpV~RGYRGHQpWULHG\QDSU
7)LOH6WUHDP
FRQVWUXFWRU&UHDWHFRQVW)LOH1DPHVWULQJ0RGH:RUG
NGH0RGH
IP&UHDWHY\WYRUtV~ERU
IP2SHQ5HDGOHQtWDQLH
IP2SHQ:ULWHOHQ]iSLV
IP2SHQ5HDG:ULWHDM]iSLVDMtWDQLH
70HPRU\6WUHDP
/RDG)URP)LOHFRQVW)LOH1DPHVWULQJ
/RDG)URP6WUHDP6WUHDP76WUHDP
6DYH7R)LOHFRQVW)LOH1DPHVWULQJ
6DYH7R6WUHDP6WUHDP76WUHDP
'HOSKL SRVOHGQi]PHQD !
SUHGQiND6SiMDQp]R]QDP\ IHE
6SiMDQp]R]QDP\
FYLQHVPHURELOLWULHGX7/LVW
G\QDPLFNpSROHVPHUQtNRYDOHERKRGQ{WQHMDNpKRW\SXNWRUpVDDXWRPDWLFN\SRGDSRWUHE\QDIXNXMH
UHVS]PHQXMH
P{HPHGRQHKRSULGiYDSUYN\KRFLNDPY\KDG]RYD]QHKRDSRG
DNDOHSULDVWRPHQtPHWUXNW~UXSUHKDG]XMHPHSUYN\YV~YDPHY\KDG]XMHPHDSROHMHGRVYHNpP{HWR
YUD]QHVSRPDRYDYSRHWOHER7/LVWPXVtSRV~YDKRUHGROHYHNpNXV\SRD
LQPPRQPULHHQtPE\EROVSiMDQ]R]QDP]R]QDPSUYNRYUHDOL]RYDQWDNHNDGSUYRNVLSDPlWiVYRMKR
6SiMDQp]R]QDP\EXGHPHSRXtYDQDMPlDNRWUpQLQJSUHG\QDPLFNpGiWRYpWUXNW~U\UHDOL]RYDQpSRPRFRXVPHUQtNRY
W\SH
SUYRN LQWHJHU
3YUFKRO A79UFKRO
79UFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
YDU
]S3YUFKRO
EHJLQ
] QLO]MHSUi]GQ\]R]QDP
QHZ]]ALQIR ]AQH[W QLO]MHMHGQRSUYNRY]R]QDP
QHZSSALQIR SAQH[W QLOSMHMHGQRSUYNRY]R]QDP
]AQH[W S]MHGYRMSUYNRY]R]QDP
QHZSSALQIR SAQH[W QLOSMHMHGQRSUYNRY]R]QDP
]AQH[WAQH[W S]MHWURMSUYNRY]R]QDP
HQG
YSLVSUYNRY]R]QDPX
XYRQHQLHSUYNRY]R]QDPX
FK\EQpULHHQLH
ZKLOH]!QLOGREHJLQ
GLVSRVH]
] ]AQH[W
HQG
VSUiYQHULHHQLH
ZKLOH]!QLOGREHJLQ
S ]AQH[W
GLVSRVH]
] S
HQG
3R]QiPND
DNMHLQIRDVQHMDNiG\QDPLFNiSUHPHQQiQDSUVWULQJG\QDPLFNpSROHREMHNWDOHERVPHUQtNQDQHMDN~WUXNW~UX
WDNGLVSRVHYUFKROXDXWRPDWLFN\QHXYRQtDMWLHWRSUHPHQQpDWLHWREXG~QDDOHMXGULDYDQpYKHDS
WRWRP{HQLHNHG\VS{VRELSUREOpP\VG\QDPLFNRXSDPlRX]UHMPHSUHPDOpNROVNp~ORK\QLHDOHYEXG~FQRVWL
SULQHMDNFK]ORLWHMtFK~ORKiFKP{HPHQDWRWRQDWUDIL
WDNpLVWpG{VOHGN\WRPiDMYWHG\NHLQIRDVMH]i]QDPNWRUYVHEHREVDKXMHQLHRG\QDPLFNp
SUHWRQLHNHG\SUHGVDPRWQPGLVSRVHVDXYRXMHDMSDPlG\QDPLFNpKRLQIRQDSUSUHVWULQJWRP{HE\
]ALQIR
DOHERSUHG\QDPLFNpSROH]ALQIR QLODDSRWRPVDUREtGLVSRVH]
SRVWXSQpSULGiYDQLHSUYNRYGR]R]QDPXYLPQLWHVLHVPHSUHVWDOLSRXtYDVWULHNXA
] QLO
IRUL WRGREHJLQ
QHZSSLQIR LSQH[W ]
] S
HQG
SUYN\VDSULGiYDOLQD]DLDWRNY]R]QDPHV~YRSDQRPSRUDGt
SULGiYDQLHSUYNRYQDNRQLHF]R]QDPXWUHEDQiMVSRVOHGQSUYRNY]R]QDPHD]DQDSRMLQRYSUYRN
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHEHJLQ
N ]
ZKLOHNQH[W!QLOGRN NQH[WQiMGHSRVOHGQSUYRNY]R]QDPH
NQH[W S
HQG
HQG
&ORVH)LOHW
HIHNWtYQHMLHULHHQLHRSODWtVDSDPlWDVLSRVOHGQSUYRNY]R]QDPHQHEXGHKRWUHEDVWiOHKDGD
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLON QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
&ORVH)LOHW
QLHNHG\EXGHPHSRXtYDZLWK
S ]
ZKLOHS!QLOGR
ZLWKSAGREHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WULQIR
S QH[W
HQG
9UFKRO]R]QDPXEXGHREMHNW
=DGHILQXMHPHWULHGX7=R]QDPNWRUi]DEH]SHt]iNODGQpRSHUiFLHQDG]R]QDPRPEXGHPDGYHVWDYRYpSUHPHQQp
]DLDWRNDNRQLHF]R]QDPX3UYN\]R]QDPXEXG~REMHNW\WMV~WRVPHUQtN\
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
QH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQ79UFKRO
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNQ79UFKRO
EHJLQ
LQIR LQH[W Q
HQG
GHVWUXFWRU79UFKRO'HVWUR\
EHJLQ
QH[W)UHH!UHNXU]LDQDSUSUHGOKp]R]QDP\SUREOpPVR]iVREQtNRP
QH[W QLO
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
3R]QiPND
PXVtWR]DEH]SHLSURJUDPiWRU
VN{UDNRVDSXVWtPHGRWULHG\7=R]QDP
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWH79UFKRO&UHDWH79UFKRO&UHDWHQLO
/DEHO&DSWLRQ SY\SLVSQH[WY\SLVSQH[WQH[WY\SLV
SQH[WQH[W)UHHSQH[W)UHHS)UHH
QDMSUYOHQQDMMHGQRGXFKLHPHWyG\WULHG\7=R]QDP
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
S79UFKRO
EHJLQ
5HVXOW
S ]
ZKLOHS!QLOGREHJLQ
5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWHLQLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
SURFHGXUH7=R]QDPYVXQSUHGLQWHJHULSUYRN
YDU
ST79UFKRO
EHJLQ
LISUHGWKHQSULGDM=L
HOVHEHJLQ
T ]
ZKLOHT!QLODQGSUHG!GREHJLQ
GHFSUHG
T TQH[W
HQG
S 79UFKRO&UHDWHLQLO
LIT QLOWKHQNQH[W S
HOVHEHJLQ
SQH[W TQH[W
TQH[W S
HQG
LISQH[W QLOWKHQN S
HQG
HQG
1'
GRWULHG\7=R]QDPGRSOWHPHWyG\
IXQFWLRQSRFHWLQWHJHU
SURFHGXUHY\KRG=Y\KRGtSUYSUYRN
SURFHGXUHY\KRG.Y\KRGtSRVOHGQSUYRN
SURFHGXUHSUHYUDWSUHYUiWLSRUDGLHSUYNRYY]R]QDPH
SURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DLDWRN
]QRYXQiMGHPLQLPXP]R]Y\NXGiKR]DPLQLPXP
SURFHGXUH]DUDGLSUYRN
]DUDGtSUYRNGR]R]QDPXDE\RVWDO]R]QDPXWULHGHQ
SURFHGXUHY\KRG'XSOLNDW\
Y\KRGtYUFKRO\VURYQDNPLQIRQHFKiOHQSUY]QLFK
IXQFWLRQLW\LLQWHJHU79UFKROYUiWLLW\SUYRN
SUHGSRNODGDMWHHVWDYRYpSUHPHQQpLQIRDQH[WV~V~NURPQpDP{XVDLQLFLDOL]RYDOHQYNRQWUXNWRUHSUHWULHGX
3RO\PRUIQ]R]QDP
3UYNDPL]R]QDPXP{XE\QLHOHQLQWDQFLHWULHG\SUYRNDOHDMXERYRQpRGYRGHQpWULHG\
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=S79UFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.S79UFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRNRYHUORDG
SURFHGXUHYVXQSUHGLQWHJHUS79UFKRORYHUORDG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
SQH[W ]] S
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
EHJLQ
SULGDM.79UFKRO&UHDWHLQLO
HQG
SURFHGXUH7=R]QDPSULGDM.S79UFKRO
EHJLQ
SQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
WHVWSRO\PRUIQpKR]R]QDPX
W\SH
79UFKRO FODVV79UFKRO
LQIRVWULQJ
FRQVWUXFWRU&UHDWHLVWULQJQ79UFKROSR]RUQLHQ79UFKRO
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRU79UFKRO&UHDWHLVWULQJQ79UFKRO
EHJLQ
LQIR LQIR LQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
LQIR
HQG
FRQVW
VDUUD\>@RIVWULQJ
SUY\
GUXK\
WUHWL
VWYUW\
SLDW\
YDU
]7=R]QDP
LLQWHJHU
EHJLQ
] 7=R]QDP&UHDWH
IRUL WRGREHJLQ
LIUDQGRP WKHQ
]SULGDM=L
HOVH
]SULGDM.L
]SULGDM.79UFKRO&UHDWHV>L@QLO
HQG
/DEHO&DSWLRQ ]Y\SLV
HQG
3RXLWLHYODVWQRVWt
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
YDU
TU79UFKRO
EHJLQ
LILWKHQSULGDM=S
HOVHEHJLQ
T LW\L
LIT QLORUTQH[W QLOWKHQSULGDM.S
HOVHEHJLQ
U TQH[WTQH[W SSQH[W UQH[W
U)UHH
HQG
HQG
HQG
9DNDYODVWQRVWLSUYN\P{HPHNXSUYNRP]R]QDPXSULVWXSRYDDNRNXSUYNRPSRDQDSU
IRUL WRGR
]SUYN\>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]SUYN\>L@Y\SLV
IRUL WRGR
]>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]>L@Y\SLV
1'
=LVWLWHSUHRQHEXGHIXQJRYDWDNiWRYPHQDSUYNRY]R]QDPX
YDUW79UFKRO
W ]>L@
]>L@ ]>L@
]>L@ W
'HOSKL SRVOHGQi]PHQD !
SUHGQiND3RXtYDQLHVSiMDQFK IHE
]R]QDPRY
(YLGRYDQLH]PHQ\Y]R]QDPH
7=R]QDP FODVV
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDYLUWXDO
HQG
SURFHGXUH7=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
EHJLQ
HQG
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
EHJLQ
R]QDPLWSD=PHQ
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
R]QDPLWSD3ULGDM
HQG
SURFHGXUH7=R]QDP]UXVS79UFKRO
EHJLQ
R]QDPLWSD=UXV
HQG
$NE\VPHQLHNHG\YEXG~FQRVWLSRWUHERYDOLQDSUY\SLVRYDLQIRUPiFLHRYHWNFK]PHQiFKY]R]QDPHGRQHMDNpKR
0HPRVWDtSUHGHILQRYDYLUWXiOQHR]QDPLWDKQHXYLGtPHYHWN\]PHQ\QDSU
W\SH
70RM=R]QDP FODVV7=R]QDP
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDRYHUULGH
HQG
SURFHGXUH70RM=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
7HQWRSUtVWXSPiQDSUWDN~QHYKRGXHQLHNHG\EXGHWUHEDY\UiEDQRYpSRGWULHG\DNFKFHPHPHQLVSUiYDQLHPHWyG\
R]QDPLW1LHNHG\WR]E\WRQHVNRPSOLNXMHQiYUKSURMHNWX,QVS{VRENWRUQiPXPRQtURELWRLVWpDOHLQDNMH
SRPRFRXSURFHGXUiOQHKRW\SX
3URFHGXUiOQ\W\S
SDUDPHWUHGDQFKW\SRY
KRGQRWRXP{HE\OHQJOREiOQDSURFHG~UDQHVPLHWRE\ORNiOQDSURFHG~UDDQLPHWyGDQHMDNHMWULHG\
SURFHGXUiOQ\W\SP{HPH]DGHILQRYDDMWDNHKRGQRWDPLP{XE\OHQPHWyG\QHMDNHMWULHG\]DGHILQtFLX
PXVtPHXYLHVRIREMHFWQDSU
SURFHGXUDWDNP{HPHDM
YDU
SUDUUD\>@RISURFHGXUD SS
SU>@YD3ULGDM]DYROiSURFHG~UXS
SU>@YQH[WD=PHQ]DYROiSURFHG~UXS
LMHKRGQRWRXSUHPHQQHMSURFSURFHGXUiOQHKRW\SXQLODOHERQLHQHP{HPHWHVWRYDWDNWR
LISURF!QLOWKHQ
KOiVLODE\VDFK\EDHYRODQLHSURFPiPiORSDUDPHWURYSRXLMHPHWDQGDUGQ~IXQNFLX$VVLJQHGNWRUi]LVWtLMHY
SURFHGXUiOQHMSUHPHQQHMSULUDGHQiQHQLORYiKRGQRWDQDSU
1DVOHGXM~FLSUtNODGXNiHDNRP{HPHYLUWXiOQXPHWyGXR]QDPLWQDKUDGLSURFHGXUiOQRXVWDYRYRXSUHPHQQRXDN=PHQD
2Q&KDQJH
W\SH
SURFHGXUD SURFHGXUHS79UFKROD7$NFLD
7=R]QDP FODVV
SULYDWH
WDN=PHQDSURFHGXUDMHV~NURPQiSRXtYDWHMXP{HPHQLOHQSRPRFRX
SURSHUW\
SXEOLF
SURSHUW\DN=PHQDSURFHGXUDUHDGWDN=PHQDZULWHWDN=PHQD
HQG
9DGHWDPNGHERORYRODQLHR]QDPLWSUtGHYRODQLHDN=PHQDQDSU
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
LI$VVLJQHGDN=PHQDWKHQDN=PHQDSD3ULGDM
HQG
0{HPHWRSRXLQDSUWDNWR
]DGHILQXMHPHVLVYRMXSURFHG~UXVSUiYQHKRW\SX
SULUDGtPHGRDN=PHQD
SURFHGXUH]PHQDS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
] 7=R]QDP&UHDWH
]DN=PHQD ]PHQD
]DN=PHQD QLOKRFLNHG\P{HPH]PHQLREVDKSUHPHQQHMDN=PHQD
3RXLWLHSURFHGXUiOQ\FKW\SRYXNiHPHDMQDLQFKSUtNODGRFK
0HWyGDYVHWN\
6SXVWtQHMDN~DNFLXQDNDGRPYUFKROHVSiMDQpKR]R]QDPXQDSU
W\SH
SULND] SURFHGXUHS79UFKRO
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH7=R]QDPYVHWN\SUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
)LOWURYDQYSLV
9\StHOHQWLHYUFKRO\]R]QDPXNWRUpVSDM~QHMDN~SRGPLHQNXQDSU
W\SH
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
IXQFWLRQY\SLVVWULQJRYHUORDG
IXQFWLRQY\SLVIILOWHUVWULQJRYHUORDG
HQG
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
EHJLQ
5HVOXW Y\SLVQLOYSLVEH]SRGPLHQN\WMYHWN\
HQG
0HWyGDYVHWN\VILOWURPUHVSVYLDFHUPLSUtND]PLNWRUpVDY\NRQDM~VNDGPY\KRYXM~FLPYUFKRORP
W\SH
SULND] SURFHGXUHS79UFKRO
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUDUUD\RISULND]RYHUORDG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQSUS
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUDUUD\RISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ
IRUL ORZSUWRKLJKSUGRSU>L@S
S SQH[W
HQG
HQG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR>@ XSFDVH79UFKROSLQIR>@
HOVHLQFSLQIR
HQG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR
[
79UFKROSLQIR
HOVHLQFSLQIR
HQG
/DEHO&DSWLRQ ]Y\SLVQLO
/DEHO&DSWLRQ ]Y\SLVI
/DEHO&DSWLRQ ]Y\SLVI
]YVHWN\ISU
/DEHO&DSWLRQ ]Y\SLV
]YVHWN\QLO>SUSUSU@
/DEHO&DSWLRQ ]Y\SLV
YSUtNODGHSUHGSRNODGiPHH79UFKROMHRGYRGHQ]79UFKRODREVDKXMHVWULQJRY~SUHPHQQ~LQIR]SUHGFKiG]DM~FHM
SUHGQiN\
3RO\QyP\
7ULHGD73RO\QRPMHXNiNDSRXLWLDVSiMDQFK]R]QDPRY3RO\QyPMHUHDOL]RYDQVSiMDQP]R]QDPRPSULRPNDG
YUFKRO]R]QDPXREVDKXMHMHGHQOHQSRO\QyPXDNRGYRMLFXNRHILFLHQWUHDODH[SRQHQWLQWHJHU'RKRGQHPHVDHOHQ\
SRO\QyPXV~XVSRULDGDQp]RVWXSQHSRGDH[SRQHQWRYD]R]QDPQHREVDKXMHOHQ\VQXORYPNRHILFLHQWRP
W\SH
79UFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[W79UFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHNUHDOHLQWHJHUQ79UFKRO
EHJLQ
NRHI NH[SR HQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW )ORDW7R6WUNRHI
[A
,QW7R6WUH[SR
HQG
W\SH
SURF SURFHGXUHY79UFKRO
73RO\QRP FODVV
SULYDWH
]79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
IXQFWLRQY\SLVVWULQJ
SURFHGXUHGHULY
SURFHGXUHSULFLWDMS73RO\QRP
SURFHGXUHRGFLWDMS73RO\QRP
SURFHGXUHY\QDVRES73RO\QRP
SURFHGXUHY\GHOS73RO\QRP
SURFHGXUHY\QDVRE.NUHDO
SURFHGXUH73RO\QRPSULGDMNUHDOHLQWHJHU
YDU
S79UFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] 79UFKRO&UHDWHNH]
HOVHLISH[SR HWKHQEHJLQ
SNRHI SNRHIN
LISNRHI WKHQY\KRGH
HQG
HOVHSQH[W 79UFKRO&UHDWHNHSQH[W
HQG
SURFHGXUH73RO\QRPY\KRGHLQWHJHU
YDU
ST79UFKRO
EHJLQ
LI]!QLOWKHQ
LI]H[SR HWKHQEHJLQ
T ]] ]QH[WT)UHH
HQG
HOVHEHJLQ
S KODGDMH
LIS!QLODQGSQH[W!QLODQGSQH[WH[SR HWKHQEHJLQ
T SQH[WSQH[W SQH[WQH[WT)UHH
HQG
HQG
HQG
SURFHGXUH73RO\QRPYVHWN\SUSURF
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
SURFHGXUHGHULYY79UFKRO
EHJLQ
ZLWKYGREHJLQ
NRHI NRHI
H[SR
GHFH[SR
HQG
HQG
YDU
VWUVWULQJ
SURFHGXUHY\SLVY79UFKRO
EHJLQ
VWU VWUYY\SLV
HQG
SURFHGXUH73RO\QRPGHULY
EHJLQ
Y\KRG
YVHWN\GHULY
HQG
IXQFWLRQ73RO\QRPY\SLVVWULQJ
EHJLQ
VWU
YVHWN\Y\SLV
LIVWU!
1'
GRGHILQXMWHFKEDM~FHPHWyG\
]DGHILQXMWHDOLHPHWyG\QD
XORHQLHtWDQLHSRO\QyPXGR]R6WUHDPX
Y\KRGQRWHQLHSRO\QyPXSUHQHMDN~NRQNUpWQXKRGQRWX[
Y\WYRUHQLHWDEXN\KRGQ{WSUHQHMDNp[]GDQpKRLQWHUYDOXDSUHGDQNURNWDEXNXKRGQ{WWUHED]DStVDGR
6WUHDPDOHERQDNUHVOLJUDI
'YRMVPHUQVSiMDQ]R]QDP
.DGYUFKROVLSDPlWiDMVYRMKRSUHGFKRGFXVWDYRYiSUHPHQQiSUHY
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
SUHYQH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNSQ79UFKRO
EHJLQ
LQIR LSUHY SQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO
N79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=Y79UFKRO
SURFHGXUHSULGDM.Y79UFKRO
SURFHGXUHYVXQ3UHGSUHGY79UFKRO
SURFHGXUHYVXQ=D]DY79UFKRO
SURFHGXUHY\KRGY79UFKRO
SURSHUW\SUY\79UFKROUHDG]
SURSHUW\SRVOHGQ\79UFKROUHDGN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=Y79UFKRO
EHJLQ
YSUHY QLOYQH[W ]
LIN QLOWKHQN Y
HOVH]SUHY Y
] Y
HQG
SURFHGXUH7=R]QDPSULGDM.Y79UFKRO
EHJLQ
YSUHY NYQH[W QLO
LIN QLOWKHQ] Y
HOVHNQH[W Y
N Y
HQG
SURFHGXUH7=R]QDPYVXQ3UHGSUHGY79UFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVHEHJLQ
YSUHY SUHGSUHYSUHGSUHY YYQH[W SUHG
YSUHYQH[W Y
HQG
HQG
SURFHGXUH7=R]QDPYVXQ=D]DY79UFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVHEHJLQ
YQH[W ]DQH[W]DQH[W YYSUHY ]D
YQH[WSUHY Y
HQG
HQG
SURFHGXUH7=R]QDPY\KRGY79UFKRO
EHJLQ
LIY QLOWKHQQL
HOVHLI] YWKHQEHJLQ
] ]QH[W
LI]!QLOWKHQ]SUHY QLOHOVHN QLO
Y)UHH
HQG
HOVHEHJLQ
YSUHYQH[W YQH[W
LIYQH[W!QLOWKHQYQH[WSUHY YSUHY
HOVHN YSUHY
Y)UHH
HQG
HQG
&\NOLFN]R]QDP
6SRPHPHVLQDSRVOHGQ~~ORKX]SUHGFKiG]DM~FHMSUHGQiN\SUHRQLHMHNRUHNWQWDNWRY\PHQSUHRE\DMQ]R]QDP
SURFHGXUH7=R]QDPY\PHQLLLQWHJHU
YDU
W79UFKRO
EHJLQ
W SUYN\>L@
SUYN\>L@ SUYN\>L@
SUYN\>L@ W
HQG
1'
Y\ULHWHPHWyGXY\PHQNRUHNWQH
&\NOLFN]R]QDP
SRVOHGQSUYRNRGND]XMHQDSUY
DNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
WUHEDVSUiYQHUR]SR]QDNRQLHF]R]QDPXQDSUSUHYSLVYHWN\KDGDQLHKRGQRW\DSRG
P{HPHSRXLOHQMHGLQVPHUQtNDWRQDSRVOHGQSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH]DLDWRN]R]QDPX
WHGDQHWUHEDSRWRPXGULDYDGYDVPHUQtN\
QDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\DSRG
=R]QDPVILNWtYQ\PYUFKRORP
WDNWR]R]QDPQLNG\QHEXGHSUi]GQ\ !]MHGQRGXLDVDYHWN\PHWyG\OHERQHPXVLDWHVWRYDQDSUi]GQ\]R]QDP
SUHSURJUDPXMWHSULGDM=DOHDMLQpPHWyG\
UR]P\VOLWHVLDNRVD]PHQtF\NOLFN]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQ]R]QDPVILNWtYQ\PYUFKRORP
F\NOLFNGYRMVPHUQ
'HOSKL SRVOHGQi]PHQD !
SUHGQiND%LQiUQHVWURP\ PDU
3RGJUDIRPUR]XPLHPHPQRLQXYUFKRORYSRVSiMDQFKKUDQDPL9RULHQWRYDQRPJUDIHV~KUDQ\XVSRULDGDQpGYRMLFH
YUFKRORYXUXM~DMVPHUSUHSRMHQLDYUFKRORY
6WURPMHWDNRULHQWRYDQJUDIYNWRURPMHMHGHQYUFKROSHFLiOQ\
NRUHGRWRKWRYUFKROXQHYHGLHLDGQDKUDQDtSND
GRYHWNFKRVWDWQFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
JUDIMHV~YLVO
7HUPLQROyJLD
DNQHMDNYUFKROQHPiLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQYUFKROVWURPX
SRGVWURPQHMDNYUFKROSRYDXMHPH]DNRUHDYtPDPHVLOHQMHKRV\QRYDLFKV\QRYDW
FHVWDSRVWXSQRVYUFKRORYVSRMHQFKKUDQDPLOHQMHGQPVPHURP
ELQiUQ\VWURPNDGYUFKROPiPD[V\QRY
5HSUH]HQWiFLDVWURPRY
DNRYKDOGHYMHGQRUR]PHUQRPSROL
NDGSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
SUYSUYRNMHNRUH
WUHEDHYLGRYDGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
SROHYUFKRORYNGHYUFKROREVDKXMHLQIRDLQGH[\GRSRDSUHDYpKRDSUDYpKRV\QD
SROHYUFKRORYNDGYUFKROPiVSiMDQ]R]QDPV\QRY
1'Y\VN~DMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiWUXNW~UDSUHELQiUQ\VWURP
W\SH
76WURP FODVV
LQIRSUYRN
OS76WURP
FRQVWUXFWRU&UHDWHLSUYRNQOQS76WURP
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRU76WURP&UHDWHLSUYRNQOQS76WURP
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQ76WURPWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
YDUV76WURP
V QLOSUi]GQ\VWURP
V 76WURP&UHDWHQLOQLO
V 76WURP&UHDWH76WURP&UHDWHQLOQLO76WURP&UHDWHQLOQLO
V 76WURP&UHDWH76WURP&UHDWH76WURP&UHDWHQLOQLO
76WURP&UHDWHQLOQLO
76WURP&UHDWH76WURP&UHDWHQLOQLO
76WURP&UHDWHQLOQLO
1'
NRNRH[LVWXMHU{]Q\FKVWURPRY]ORHQFK]1YUFKRORY"
=iNODGQpDOJRULWP\
QDQDYWtYHQLHSRVWXSQHYHWNFKYUFKRORYQDSUYSLVKRGQ{W
SUH1YUFKRORYELQiUQ\VWURP1PRQFKSUHFKRGRYOHQQLHNWRUp]QLFKV~UR]XPQp !DOJRULWP\SUHFKiG]DQLD
YUFKROPLVWURPRY
3UHRUGHUQDMSUYLQIRUPiFLXYRYUFKROHSRWRPYDYRPSRGVWURPHDQD]iYHUYSUDYRP
,QRUGHUQDMSUYVSUDFXMHDYSRGVWURPSRWRPLQIRYRYUFKROHDQD]iYHUYSUDYRPSRGVWURPH
3RVWRUGHUQDMSUYVSUDFXMHDYSRWRPSUDYSRGVWURPDQD]iYHULQIRYVDPRWQRPYUFKROH
QDSURJUDPXMHPHPHWyG\SUHRUGHULQRUGHUSRVWRUGHUWLHWRSRVWXSQHVSUDFXM~YHWN\YUFKRO\SRGDSHFLILFNpKR
SRUDGLD
SURFHGXUH76WURPSUHRUGHU
EHJLQ
Y\SLV
LIO!QLOWKHQOSUHRUGHU
LIS!QLOWKHQSSUHRUGHU
HQG
SURFHGXUH76WURPLQRUGHU
EHJLQ
LIO!QLOWKHQOLQRUGHU
Y\SLV
LIS!QLOWKHQSLQRUGHU
HQG
SURFHGXUH76WURPSRVWRUGHU
EHJLQ
LIO!QLOWKHQOSRVWRUGHU
LIS!QLOWKHQSSRVWRUGHU
Y\SLV
HQG
1'
QDXWHVDUXQHY\WYRULSRVWXSQRVWLKRGQ{WYUFKRORYSRGDYHWNFKWURFKDOJRULWPRY
V~GDQpGYHSRVWXSQRVWLtVHONWRUpUHSUH]HQWXM~QDSULQRUGHUDSRVWRUGHUYSLVQHMDNpKRVWURPX
QDNUHVOLWHWHQWRVWURP
QDYUKQLWHDOJRULWPXVNWRUVNRQWUXXMHVWURPQD]iNODGHQHMDNFKGYRFKSRVWXSQRVWttVHO
V 76WURP&UHDWHQLOQLO
IRUL WRGRVQDKRGQH3ULGDML
3RXLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
SURFHGXUH76WURPYVHWN\SUSURF
EHJLQ
SUVHOI
LIO!QLOWKHQOYVHWN\SU
LIS!QLOWKHQSYVHWN\SU
HQG
3RXLWLHSURFHGXUiOQHKRSDUDPHWUD
YDU
VWUVWULQJ
SURFHGXUHWHVWV76WURP
EHJLQ
VWU VWU
VWH[W
HQG
EHJLQ
VWU
WHVW
LIV!QLOWKHQVYVHWN\WHVW
)RUP0HPR/LQHV$GGVWU
HQG
DOLHDOJRULWP\QDVWURPRFK
3RHWOLVWRYVWURPX
IXQFWLRQ76WURPSRFHWOLVWRYLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
HOVHEHJLQ
5HVXOW
LIO!QLOWKHQLQF5HVXOWOSRFHWOLVWRY
LIS!QLOWKHQLQF5HVXOWSSRFHWOLVWRY
HQG
HQG
7ULYHU]LHIXQNFLHQDYSRHWV~WXKRGQ{WYVWURPHUHNXU]tYQDPHWyGDQHUHNXU]tYQDPHWyGDUHNXU]tYQDJOREiOQDIXQNFLD
IXQFWLRQ76WURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIO!QLOWKHQLQF5HVXOWOVXFHW
LIS!QLOWKHQLQF5HVXOWSVXFHW
HQG
IXQFWLRQ76WURP15VXFHWLQWHJHUQHUHNXU]tYQDYHU]LD
YDU
VWDFNDUUD\>@RI76WURP
VSLQWHJHUVWDFNSRLQWHU XND]RYDWHQDYUFK]iVREQtND
V76WURP
EHJLQ
5HVXOW
VS VWDFN>VS@ VHOI
UHSHDW
LIVWDFN>VS@ QLOWKHQGHFVS
HOVHEHJLQ
V VWDFN>VS@
LQF5HVXOWVLQIR
VWDFN>VS@ VO
LQFVS
VWDFN>VS@ VS
HQG
XQWLOVS
HQG
HQG
'YHYHU]LHDOJRULWPXQD]LVWHQLHKEN\VWURPXDNRPHWyGDDDNRJOREiOQDIXQNFLD
IXQFWLRQ76WURPKOENDLQWHJHU
EHJLQ
LIO!QLOWKHQ
LIS!QLOWKHQ5HVXOW PD[OKOENDSKOENDPD[MH]XQLWX0DWK
HOVH5HVXOW OKOEND
HOVHLIS!QLOWKHQ5HVXOW SKOEND
HOVH5HVXOW
HQG
1'
QHUHNXU]tYQHKENDSRHWYUFKRORYSUHRUGHU
Y]GLDOHQRVQDMEOLLHKROLVWXRGNRUHDSO\WLQD
DOLHSRMP\
MHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNREVDKYUFKRORY
~URYQHNDGYUFKROYVWURPHPiVYRMX~URYHOHYHO
NRUHMHY~URYQL
MHKRV\QRYLDV~~URYQH
V\QRYLDYUFKROX~URYQH8PDM~~URYH8
YNDGHM~URYQL8MHPD[8YUFKRORY
~SOQVWURP~URYQH8PiYNDGHM]~URYQtD8PD[LPiOQ\SRHWYUFKRORY
IXQFWLRQ76WURPVLUNDLQWHJHU
YDU
QSLQWHJHU
EHJLQ
Q 5HVXOW
UHSHDW
S SRFHWQDXURYQLQ
LIS!5HVXOWWKHQ5HVXOW S
LQFQ
XQWLOS
HQG
0HWyGDNUHVOLQDNUHVOtVWURPGRJUDILFNHMSORFK\GRQHMDNpKRFDQYDVX
SURFHGXUH76WURP.UHVOLJ7&DQYDVVLU[\LQWHJHU
EHJLQ
VLU VLUGLY
LIO!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
O.UHVOLJVLU[VLU\
HQG
LIS!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
S.UHVOLJVLU[VLU\
HQG
J7H[W2XW[\WH[W
HQG
HQG
1'
RtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]DYDGRSUDYD
Y\StWHYUFKRO\SR~URYQLDFK
SULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVRXSUHXEPLHVWR
%LQiUQ\Y\KDGiYDFtVWURP
YHWN\KRGQRW\QDDYRRGRWFDV~PHQLHDNRRWHF
YHWN\KRGQRW\QDSUDYRRGRWFDV~YlLHDNRRWHF
YHWN\SRGVWURP\V~WLH%96
YSLVLQRUGHURPY\StHXWULHGHQ~SRVWXSQRV
GHILQtFLXVWURPXUR]GHOtPHQDGHILQtFLXYUFKROXVWURPX
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
OS79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQS79UFKRO
IXQFWLRQWH[WVWULQJYLUWXDO
SURFHGXUH.UHVOLJ7&DQYDVVLU[\LQWHJHU
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNQOQS79UFKRO
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQYUFKROWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
SURFHGXUH79UFKRO.UHVOLJ7&DQYDVVLU[\LQWHJHU
DWULHGDVWURPREVDKXMHOHQVPHUQtNQDNRUHVWURPX
W\SH
7%96WURP FODVV
SULYDWH
NRUHQ79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLV
IXQFWLRQKODGDMLSUYRN79UFKRO
SURFHGXUHYOR]LSUYRN
SURFHGXUH]UXVLSUYRN
HQG
FRQVWUXFWRU7%96WURP&UHDWH
EHJLQ
NRUHQ QLO
HQG
SURFHGXUH7%96WURPY\SLV
SURFHGXUHY\SLVV79UFKRO
EHJLQ
LIV QLOWKHQH[LW
)RUP0HPR/LQHV$GGVWH[W
Y\SLVVO
Y\SLVVS
HQG
EHJLQ
Y\SLVNRUHQ
HQG
+DGDQLHYELQiUQRPY\KDGiYDFRPVWURPH
DOJRULWPXVVDSRVWXSQHYQiUDGRVWURPXSULRPQD]iNODGHKRGQRW\YRYUFKROHVDUR]KRGXMHLSRNUDXMHYDYRDOHER
YSUDYR
NHQHQiMGHYUFKROYUiWLQLO
IXQFWLRQ7%96WURPKODGDMLSUYRN79UFKRO
EHJLQ
5HVXOW NRUHQ
ZKLOH5HVXOW!QLODQG5HVXOWLQIR!LGR
LI5HVXOWLQIR!LWKHQ5HVXOW 5HVXOWO
HOVH5HVXOW 5HVXOWS
HQG
1'
SUHSURJUDPXMWHPHWyGXKODGDMUHNXU]tYQ\PDOJRULWPRP
QDStWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
9ORHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
SURFHGXUHYOR]YDUV79UFKRO
EHJLQ
LIV QLOWKHQV YUFKRO&UHDWHLQLOQLO
HOVHLIVLQIR LWKHQQLOHERVDQDLHO
HOVHLIVLQIR!LWKHQYOR]VO
HOVHYOR]VS
HQG
EHJLQ
YOR]NRUHQ
HQG
1'
PHWyGXYOR]SUHSURJUDPXMWHQHUHNXU]tYQ\PDOJRULWPRP
5XHQLHYUFKROXWDNDE\RVWDOVWURP%96
SUREOpPMHLEDVUXHQtPYUFKROXNWRUPiRERFKV\QRYGDQDOJRULWPXVQiMGHPLQLPXPYSUDYRPSRGVWURPHYUFKROX
WRWRPLQLPXPY\KRGtDMHKRKRGQRWXGiQDPLHVWRUXHQpKRYUFKROX
SURFHGXUH7%96WURP]UXVLSUYRN
SURFHGXUH]UXVYDUV79UFKRO
EHJLQ
LIV QLOWKHQQL
HOVHLIVLQIR!LWKHQ]UXVVO
HOVHLIVLQIRLWKHQ]UXVVS
HOVHLIVO QLODQGVS QLOWKHQEHJLQV)UHHV QLOHQG
HOVHLIVO QLOWKHQV VS
HOVHLIVS QLOWKHQV VO
HOVHVLQIR ]UXVPLQVS]SUDYpKRSRGVWURPXPLQLPiOQ\SUYRN
HQG
EHJLQ
]UXVNRUHQ
HQG
1'
UHDOL]RYDEH]UHNXU]LHQHWUHEDVWDFN
RSUDYWHDOJRULWPXVWDNDE\VDQHXYRRYDOPLQLPiOQ\DOHUXHQYUFKRODPLQLPiOQ\YUFKROVDSUHVPHUQtNRYDOQD
PLHVWRUXHQpKRYUFKROX
SUREOpPVGHJHQHURYDQPLVWURPDPL]iYLVtRGSRUDGLDYOR]
GDQiXWULHGHQiSRVWXSQRVY\WYRULRQDMY\YiHQHMt%96
GDQ%96WUHEDSUHXVSRULDGDWDNDE\YVOHGQ%96PDOPLQLPiOQHPRQ~KENX
'HOSKL SRVOHGQi]PHQD !
SUHGQiND PDU
3RXLWLHELQiUQ\FKVWURPRY
$OJHEUDLFNpVWURP\
ELQiUQ\VWURP
YRYQ~WRUQFKYUFKRORFKV~ELQiUQHRSHUiFLH
YOLVWRFKV~RSHUDQG\QDSUtVODDOHERLGHQWLILNiWRU\SUHPHQQFK
G{OHLWiYODVWQRVNDGYUFKROPiDOHERV\QRYQHP{HPDLED
DNVDVWURPY\StHSUHRUGHU!Y]QLNQHSUHIL[]iSLV
DNVDVWURPY\StHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLV
6WURPVDVNODGi]GYRFKW\SRYYUFKRORY7$OJ2SHUDFLDD7$OJ2SHUDQG
W\SH
73UYRN LQWHJHU
7$OJ6WURP FODVV
IXQFWLRQKRGQRWD73UYRNYLUWXDODEVWUDFW
IXQFWLRQSUHIL[VWULQJYLUWXDODEVWUDFW
HQG
FRQVWUXFWRU7$OJ2SHUDFLD&UHDWH]FKDUOOSS7$OJ6WURP
EHJLQ
RS ]O OOS SS
HQG
IXQFWLRQ7$OJ2SHUDFLDKRGQRWD73UYRN
EHJLQ
FDVHRSRI
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWD
SKRGQRWD
5HVXOW OKRGQRWDGLYSKRGQRWD
HOVHUDLVH([FHSWLRQ&UHDWH
QHUR]XPLHP
RS
HQG
HQG
IXQFWLRQ7$OJ2SHUDFLDSUHIL[VWULQJ
EHJLQ
5HVXOW
RSOSUHIL[SSUHIL[
HQG
FRQVWUXFWRU7$OJ2SHUDQG&UHDWHK73UYRN
EHJLQ
KRG K
HQG
IXQFWLRQ7$OJ2SHUDQGKRGQRWD73UYRN
EHJLQ
5HVXOW KRG
HQG
IXQFWLRQ7$OJ2SHUDQGSUHIL[VWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
D7$OJ6WURP
EHJLQ
D 7$OJ2SHUDFLD&UHDWH
7$OJ2SHUDFLD&UHDWH
7$OJ2SHUDQG&UHDWH
7$OJ2SHUDQG&UHDWH
7$OJ2SHUDFLD&UHDWH
7$OJ2SHUDQG&UHDWH
7$OJ2SHUDQG&UHDWH
0HPR/LQHV$GG
SUHIL[
DSUHIL[
0HPR/LQHV$GG
KRGQRWD
LQWWRVWUDKRGQRWD
HQG
3R]Q
GLUHNWtYDDEVWUDFW
]DEH]SHtHEi]RYiWULHGDGHILQXMHYLUWXiOQHPHWyG\
WLHWRPHWyG\VDQHVP~YRODSULDPRVS{VREtWRFK\ERY~VSUiYXP{XVDYRODOHQMHMSUHNU\WpRYHUULGH
PHWyG\
YDNDWRPXWRP{HPHGHILQRYDDEVWUDNWQ~ED]RY~WULHGX
QDSUDM76WUHDPPiQLHNWRUpPHWyG\DEVWUDFWUHDGZULWHDVHHN
SUtND]UDLVH([FHSWLRQ&UHDWH
WH[WFK\E\
VS{VREtSUHUXHQLHYSRWXVGDQRXFK\ERYRXVSUiYRX
1'
]UHDOL]XMWHSRVWIL[RYD~SOQHX]iWYRUNRYDQLQIL[RYYSLVDOJHEUDLFNpKRVWURPX
VNRQWUXXMWHDOJHEUDLFNVWURP]SUHIL[RYpKRSRVWIL[RYpKR~SOQHX]iWYRUNRYDQpKR]iSLVX
QDYUKQLWHWUHWtW\SYUFKROXSUHPHQQi
KRGQRWDYUiWLKRGQRWXSUHPHQQHM]WDEXN\WDEXNDMHGYRMVWSFRYpSROHLGHQWLILNiWRUSUHPHQQHMDKRGQRWD
SUHPHQQHM
DOJHEUDLFNVWURPVDGiUHSUH]HQWRYDMHGLQPW\SRPYUFKROXNWRUREVDKXMH]O~HQpVWDYRYpSUHPHQQp]R
9HREHFQpVWURP\
NDGYUFKROPiXERYRQSRHWV\QRY
$NMH1iUQ\WM]NDGpKRYUFKROXPD[1YUFKRORYP{HPHKRUHSUH]HQWRYD
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\>1@RI76WURP
HQG
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\RI76WURP
HQG
DVWRVDYSUD[LSRXtYDDMLQiUHSUH]HQWiFLDY\FKiG]D]ELQiUQHKRVWURPXEXGHPHMXYRODV\QEUDW
YNDGRPYUFKROHLQIRUPiFLD
VPHUQtNSUYQDMDYHMtQDMVWDUtSUYRURGHQV\Q
VPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORQPRWFRP
UHD]YUFKRORYVSRMHQFKVPHUQtNRPEUDWWYRUtMHGQRVPHUQVSiMDQ]R]QDPV\QRYQHMDNpKRYUFKROX
5HSUH]HQWiFLDYHREHFQpKRVWURPXSRPRFRXV\QEUDW
W\SH
76WURP FODVV
LQIR73UYRN
V\QEUDW76WURP
HQG
3R]QNRUHYlLQRXQHPiEUDWRYDNE\PDOYROiPHW~WRWUXNW~UXOHV
1'YRYHWNFKWURFKUHSUH]HQWiFLiFK
KENDtUNDV~HWKRGQ{W
YSLVDNRUHD]HFDOHERQDNUHVOHQLHGR&DQYDVX
]LVWLLMHVWURPELQiUQ\SRHWOLVWRY
SUHNyGRYDELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLH
Y\WYRULDOHERQDtWDWH[WRYV~ERUSRSLVXM~FLVWURPNDGULDGRNMHGHQYUFKROSRHWPHG]LHUQD]DLDWNXULDGND
R]QDXMH~URYHYQRUHQLDNRUHSUYULDGRN]DtQDYVWSFLMHKRV\QRYLD]DtQDM~QDGUXKFKVWSFRFK
9HREHFQp]R]QDP\
9HREHFQ]R]QDPMH
DWyPQDSUVWULQJtVOR
SRVWXSQRVDWyPRYD]R]QDPRYDMSUi]GQDX]DYUHWiYRNU~KO\FK]iWYRUNiFK
3RXLMHPHSRGREQ~UHSUH]HQWiFLXDNRSUHDOJHEUDLFNpVWURP\DEVWUDNWQiEi]RYiWULHGDDRGQHMRGYRGHQpGYDW\S\
YUFKRORYSULRPWUXNW~UDVDEXGHSRGREDYHREHFQpPXVWURPXW\SXV\QEUDW
W\SH
73UYRN VWULQJ
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
GDOVL7=R]QDP
IXQFWLRQY\SLVVWULQJRYHUULGH
IXQFWLRQSUY\79VHRE=R]QDPRYHUULGH
HQG
3UtNODGLOXVWUXMHtWDQLHGREUpKRYHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHMWUXNW~U\DMHKRYSLVYURYQDNRPWYDUH
W\SH
73UYRN VWULQJ
YDU
OH[NRQO]S]DWXUREtPHVLVFDQHUNWRUEXGHUR]SR]QiYD
KRGQRWD73UYRNYJOREiOQHMSUHPHQQHMKRGQRWDDNiPHKRGQRWXDWyPX
]FKDU
YVWXSVWULQJYVWXSQDQDO\]RYDQUHD]HF
SURFHGXUHVFDQWDQGDUGQVFDQHU
YDU
RNERROHDQ
SURFHGXUH]QDN
EHJLQ
LIYVWXS
WKHQ]
HOVHEHJLQ] YVWXS>@GHOHWHYVWXSHQG
HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GREHJLQ
KRGQRWD KRGQRWD]]QDN
HQG
OH[ DW
HQG
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
W\SH
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
FRQVWUXFWRU7$WRP&UHDWHK73UYRN
EHJLQ
KRGQ K
HQG
IXQFWLRQ7$WRPY\SLVVWULQJ
EHJLQ
5HVXOW KRGQ
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
V7=R]QDP
EHJLQ
5HVXOW
V VHOI
UHSHDW
LIVV\Q!QLOWKHQ5HVXOW 5HVXOWVV\QY\SLV
V VGDOVL
XQWLOV QLO
5HVXOW 5HVXOW
HQG
IXQFWLRQ79VHRE=R]QDPSUY\79VHRE=R]QDP
EHJLQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXUREL359<
PRKORE\DMDEVWUDFW
HQG
IXQFWLRQ7=R]QDPSUY\79VHRE=R]QDP
EHJLQ
5HVXOW V\Q
LI5HVXOW QLOWKHQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXUREL359<]SUi]GQHKR]R]QDPX
HQG
IXQFWLRQFLWDM79VHRE=R]QDP
IXQFWLRQFLWDMFKYRVW7=R]QDP
EHJLQ
LIOH[ S]WKHQEHJLQ
5HVXOW QLOVFDQ
HQG
HOVHLIOH[ NRQWKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HQG
EHJLQ
LIOH[ DWWKHQEHJLQ
5HVXOW 7$WRP&UHDWHKRGQRWD
VFDQ
HQG
HOVHLIOH[ O]WKHQEHJLQ
VFDQ
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HOVH5HVXOW QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
V79VHRE=R]QDP
EHJLQ
YVWXS (GLW7H[W]
VFDQV FLWDM
LIV QLOWKHQ
0HPR/LQHV$GG
SUi]GQ\]R]QDPQLO
HOVH
0HPR/LQHV$GGVY\SLV
HQG
1'
WHVWRYDFtSURJUDPQHREVDKXMHXYRRYDQLHSDPlWLPHWyGD'HVWUR\GRSURJUDPXMWHMX
IXQNFLHNWRUpYUiWLDLW\SRVOHGQSUYRN]R]QDPX]R]QDPEH]SUYpKRSUYNXEH]SRVOHGQpKREH]LWHKRSUYNX
NySLDYHREHFQpKR]R]QDPXSRHWDWyPRYSRHWYVN\WRY
SRURYQDQLHGYRFK]R]QDPRY
SUHYUDWSULSRM]79VHRE=R]QDP
]PHWHUHSUH]HQWiFLXYHREHFQpKR]R]QDPXWDNHYUFKROMHEXDWyPDOHERREVDKXMHG\QDPLFNpSROHVYRMLFK
SUYNRY
UHDOL]XMWHQDtWDQLHYSLVDDMRVWDWQpPHWyG\
/H[LNRJUDILFNpVWURP\
YELQiUQRPVWURPHNDGiFHVWDRGNRUHDGRXERYRQpKRYUFKROXMHGQR]QDQHUHSUH]HQWXMHWHQWRYUFKROQDSU
//3///33/R]QDXMHYUFKROVOOSOOOSSOSRGREQHVDGiR]QDRYDXERYRQYUFKRODMY1
iUQRPVWURPHSRXLMHPH1StVPHQDEHFHG\QDSU
D
N
OH[LNRJUDIVWURP\V~1iUQHVWURP\
NDGYUFKROUHSUH]HQWXMHSUYFK.]QDNRY]RVORYD.MHY]GLDOHQRVRGNRUHD
NRUHUHSUH]HQWXMHSUi]GQHVORYR
V\QRYLDNRUHDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDW
YLQIRSRORNHP{HPHUHSUH]HQWRYDLQIRUPiFLXU{]QHKRW\SXQDSUSRHWYVN\WRYGDQpKRVORYDUHD]HF
UHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQQ~WDEXNXVORYQDYVWXSH]DEHFHG\^DE`
QDMSUYY\WYRUtPHOH[LNRJUDILFNVWURPGRLQIRSRHWYVN\WRY
Y\StHPHFHVWXNQHQXORYPYUFKRORPDMVKRGQRWRX
ULHHQLH
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
E
@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMFRQVWVVWULQJ
SURFHGXUHY\SLVW76WULQJVFRQVWVVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>
D
@ QLOS>
E
@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMFRQVWVVWULQJ
EHJLQ
LIV
WKHQLQFSRFHW
HOVHLIV>@LQ>
D
E
@WKHQEHJLQ
LIS>V>@@ QLOWKHQS>V>@@ 7/H[6WURP&UHDWH
S>V>@@SULGDMFRS\VPD[LQW
HQG
HOVH
SULGDMFRS\VPD[LQWUDLVH([FHSWLRQ&UHDWH
FK\EQ\]QDN
V>@
HQG
SURFHGXUH7/H[6WURPY\SLVW76WULQJVFRQVWVVWULQJ
EHJLQ
LISRFHW!WKHQW$GG,QW7R6WUSRFHW
V
LIS>
D
@!QLOWKHQS>
D
@Y\SLVWV
D
LIS>
E
@!QLOWKHQS>
E
@Y\SLVWV
E
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
O7/H[6WURP
EHJLQ
O 7/H[6WURP&UHDWH
OSULGDM
DEDD
OSULGDM
EE
OSULGDM
OSULGDM
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
OSULGDM
DEDDEED
OSULGDM
DEDDEDE
OSULGDM
DDEE
OSULGDM
DEDE
OSULGDM
DDEE
OSULGDM
DEDD
OY\SLV0HPR/LQHV
HQG
3R]Q
SRXLOLVPHSUHGGHILQRYDQ~WULHGX76WULQJVSRVWXSQRVUHD]FRYQDSU0HPR/LQHVMHW\SX76WULQJV
XPiPHVN~VHQRVWLHSUH76WULQJVH[LVWXM~PHWyG\&OHDUD$GGDOHV~GHILQRYDQpDMPHWyG\'HOHWH
,QVHUW/RDG)URP6WUHDP/RDG)URP)LOH
XLWRQpYODVWQRVWLSURSHUW\WULHG\&RXQW6WULQJV>LQGH[@7H[W
1'
SULGDMDMY\SLVV~UHNXU]tYQH !P{HSUHWLHF]iVREQtNSUHUREWHEH]UHNXU]LH
YWHVWRYDFRPSURJUDPHY\StWHDMSRHWYUFKRORYVWURPXKENXVWURPXSRHWU{]Q\FKVORYGN\
PHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
GRURELSUH1SUYNRY~DEHFHGX
QDSU
D
M
iUQ\VWURP
QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
PHWyG\WULHG\NWRUpQiMGX
VORYiGDQHMGN\
QDMNUDWLHQDMGOKLHVORYi
QDMNUDWLHVORYR]DtQDM~FHGDQPUHD]FRP
GNDQDMGOKLHKRVORYD KENDVWURPX
QDYUKQLWHPHWyG\QDUXHQLHVORYDDOHERYHWNFKVORYNWRUp]DtQDM~QHMDNPUHD]FRP
SRPRFRXOH[LNiOQHKRVWURPXUHSUH]HQWXMWHPQRLQ\VORY]QHMDNHMDEHFHG\QDPLHVWRVWDYRYHMSUHPHQQHMSRFHWEXGH
LQIRUPiFLDRWRPLSDWUtGRPQRLQ\ !]UHDOL]XMWHRSHUiFLH]MHGQRWHQLDSULHQLNX
.RPSRQHQW77UHH9LHZ
7HQWR'HOSKLNRPSRQHQWXPRXMH]REUD]L~GDMHNWRUpPDM~VWURPRY~WUXNW~UXYRYL]XiOQHMIRUPHQDSU
.RPSRQHQW77UHH9LHZMHGRVNRPSOH[QWXSRStHPHOHQQLHNRNRVWDYRYFKSUHPHQQFKDPHWyG
YUFKROPLVWURPXV~LQWDQFLHWULHG\77UHH1RGH
,WHPV>L@YUiWLLW\YUFKRO
,WHPV&RXQWSRHWV\QRY
$GG&KLOG)LUVW
/RDG)URP)LOHPHQRBV~ERUX]WH[WRYpKRV~ERUXQDtWDNRPSOHWQVWURPNDGULDGRNSRSLVXMHMHGHQYUFKRO
VWURPXSRHWPHG]LHUUHVSWDEXOiWRURYQD]DLDWNXULDGNDY\MDGUXMHYQRUHQLHYUFKROX
6DYH7R)LOHPHQRBV~ERUXY\WYRUtWH[WRYV~ERUNWRUSRSLVXMHNRPSOHWQVWURP
&RXQWSRHWV\QRY
,WHP>L@VPHUQtNQDLWHKRV\QD
3DUHQWVPHUQtNQDRWFD
6HOHFWHGLMHPiE\R]QDHQR]QDHQP{HE\PD[LPiOQHMHGHQYUFKROYFHORPVWURPH
,QGH[NRNMHWRV\QVYRMKRRWFD
/HYHOYDNHM~URYQLVWURPXMHWHQWRYUFKRO
7H[WWH[WRYUHD]HFYGDQRPYUFKROH
DQLHNWRUpG{OHLWpPHWyG\QDSU
'HOHWH]UXtYUFKRO
'HOHWH&KLOGUHQ]UXtYHWN\GHWL
*HW1H[W6LEOLQJQDVOHGXM~FLEUDW
*HW3UHY6LEOLQJSUHGFKiG]DM~FLEUDW
*HW)LUVW&KLOGSUYV\Q
1DSUWiWRDVSURJUDPXY\WYRUtVWURPVYUFKROPL
YDU
NYY77UHH1RGH
EHJLQ
N 7UHH9LHZ,WHPV$GGQLO
NRUHVWURPX
Y 7UHH9LHZ,WHPV$GG&KLOGN
GUXKYUFKRO
Y 7UHH9LHZ,WHPV$GGY
WUHWtYUFKRO
Y 7UHH9LHZ,WHPV$GG&KLOGN
WUHWtYUFKRO
WRMHWRLVWpDNRSUHGFKiG]DM~FLULDGRN
0DOWHVWRYDFtSURMHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG&KLOG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GG&KLOGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
7UHH9LHZ6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
LI)LOH([LVWV
VWURPW[W
WKHQ
7UHH9LHZ/RDG)URP)LOH
VWURPW[W
HQG
SURFHGXUH7)RUP)RUP&ORVH6HQGHU72EMHFWYDU$FWLRQ7&ORVH$FWLRQ
EHJLQ
7UHH9LHZ6DYH7R)LOH
VWURPW[W
HQG
1'
Y\WYRUWH7UHH9LHZ]RWUXNW~U\DGUHViURY
'HOSKL SRVOHGQi]PHQD !
SUHGQiND7ULHGHQLD PDU
7ULHGHQLD
SURFHGXUHY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
W S>L@S>L@ S>M@S>M@ W
HQG
3ULU{]Q\FKDOJRULWPRFKWULHGHQtQiVEXGH]DXMtPDDNRHIHNWtYQHWHQWRSUDFXMH3UHPDOSRHWSUYNRYDVLQLHMHYHPL
SRGVWDWQpLDOJRULWPXVEHDODOHERPLOLVHN~QGDOHSUHYlLHSRVWXSQRVWLKRGQ{WQDSUPLOLyQXP{H]DYiLL
WULHGHQLHSREHtDOHERVHN~QG9]KDGRPQDHIHNWtYQRVDOJRULWPXV~G{OHLWpLQIRUPiFLHQDSURSRWH
SRURYQiYDQtDSRWHYPHQPHG]LSUYNDPL
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
VNRURQDMKRULHDNpP{HE\P{HPHKRSRXLOHQSUHPDOpSROLDYVLWXiFLLNHQH]iOHtQDUFKORVWL
3RURYQiYDQLHGYRFKSUYNRYYHGDVHEDGRSUYNXSRDVPHQtPLQGH[RPLGHPHQt]QLFK3RMHGQRPSUHFKRGHSRRPVD
XULWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRD3RWRPRVWiYDXWULHGL1SUYNRYSRDSRVOHGQMHXQDVYRMRPPLHVWH
SURFHGXUH%XEEOH6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
3R]Q
0LQ6RUW
1iMGHY~VHNXSRDPLQLPiOQ\SUYRNY\PHQtKRVSUYPSUYNRP~VHNXDSRVXQLHGROQ~KUDQLFXWULHGHQpKR~VHNXRWM
WULHGHQ~VHNSRDVDVNUiWLRDW
SURFHGXUH0LQ6RUW
YDU
LMPLQLQWHJHU
EHJLQ
IRUL WR1GREHJLQ
PLQ L
IRUM LWR1GR
LIS>M@S>PLQ@WKHQPLQ M
Y\PHQLPLQ
HQG
HQG
3R]Q
7ULHGHQLHYV~YDQtP,QVHUW6RUW
,VWiDVSRDMHXXWULHGHQi]DUDGtQRYSUYRNQDVYRMHPLHVWRDSUHGLXWULHGHQ~VHNR
SURFHGXUH,QVHUW6RUW
YDU
LMWLQWHJHU
EHJLQ
SUHGSRNODGYF\NOHLMHXWULHGHQ~VHNYVXS>L@WDNDE\RVWDO
XWULHGHQ
IRUL WR1GREHJLQ
M LW S>L@
ZKLOHM! DQGS>M@!WGREHJLQKDGDQLHYKRGQpKRPLHVWDSUHSUYRNS>L@
S>M@ S>M@
GHFM
HQG
S>M@ W
HQG
HQG
3R]Q
RSlMHWRYHPLSRPDODOJRULWPXVSRURYQDWHQV%XEEOH6RUWRP
7ULHGHQLH]OXRYDQtP0HUJH6RUW
PHWyGDUR]GHXMDSDQXMWMDKLHVDXWULHGLPHQHMSRORLHNDNRYHD
DOJRULWPXV
SROHUR]GHOtPHQDGYHSULEOLQHURYQDNRYHNpDVWLSULQHSiUQRPSRWHMHMHGQDDVYlLD
SRWRPVD]DREHUDMPHVNDGRX]WFKWRGYRFKDVWt]YOiDWRWDNPLVWPVS{VRERPWMUR]GHOtPHMXQDGYH
DVWL
]QRYXYH]PLPHSUY~]QLFKDUR]GHPHMXQDGYHDWDNPQHGRVWDQHPHMHGQRSUYNRYp~VHN\
MH]UHMPpHMHGQDSRORNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpDVWL
WHUD]SRXLMHPHGUXK~DVDOJRULWPX]O~HQLHGYRFKXWULHGHQFKDVWtWDNDE\DMQRYRY]QLNQXWiDVEROD
XWULHGHQiWMGRVWiYDPHDVVGYRPDSRORNDPL
SRGREQHVDUR]GHOtD]O~LDMGUXKiDV]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~GYRMSUYNRY~DV
WHQLVWDOJRULWPXV]O~HQLDGYRFKXWULHGHQFKDVWtSRXLMHPHDMWHUD]DGRVWiYDPHXWULHGHQ~WYRUSUYNRY~
DV
DOJRULWPXVVDEXGHRSDNRYDDNPQHEXGHXWULHGHQpFHOpSROH
WRWRWULHGHQLHVDSRXtYDQDMPlSULWULHGHQtSUYNRYVSiMDQFK]R]QDPRY]OXRYDQLHGYRFKSROtEH]SRPRFQpKR
SRDMHYHPLQiURQiRSHUiFLDDP{HSRND]LHIHNWtYQRVFHOpKRDOJRULWPX
WRWRWULHGHQLHSDWUtPHG]LW]YUFKOHWULHGHQLDHIHNWtYQRVMHUiGRYR1
ORJ1
WULHGHQLHVSiMDQpKR]R]QDPX
W\SH
7=R]QDP FODVV
KLQWHJHU
QH[W7=R]QDP
HQG
SURFHGXUH0HUJH6RUWYDU]7=R]QDP
SURFHGXUHUR]GHOS7=R]QDPYDUGS7=R]QDP
YDU
VWUHGSRP7=R]QDP
EHJLQ
LIS QLOWKHQGS QLOQHERORRGHOL
HOVHEHJLQ
VWUHG S
SRP VWUHGQH[W
ZKLOHSRP!QLOGREHJLQSRNLDQLHMHQDNRQFL]R]QDPX
SRP SRPQH[WSRVXVDRMHGHQNURN
LISRP!QLOWKHQEHJLQHWHQLHVRPQDNRQFL
VWUHG VWUHGQH[WSRVXVWUHGRMHGHQNURN
SRP SRPQH[WSRVXVDRGUXKNURN
HQG
HQG
GS VWUHGQH[WYUiVPHUQtNQDSUYRNNWRUMHVWUHGQ
VWUHGQH[W QLO]PRGLILNXMS{YRGQGOK]R]QDPQDSRORYLQ
HQG
HQG
SURFHGXUH]OXFSS7=R]QDPYDUS7=R]QDP
YDU
N7=R]QDP
EHJLQ
LIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHLIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHEHJLQRED]R]QDP\V~QHSUi]GQH
LISK SKWKHQEHJLQY\ULHPHSUYSUYRNQRYpKR]R]QDPX
S S
S SQH[W
HQG
HOVHEHJLQ
S S
S SQH[W
HQG
N SY\WYiUDPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRFVPHUQtND
N
ZKLOHS!QLODQGS!QLOGR
LISK SKWKHQEHJLQ
NQH[W SN SS SQH[W
HQG
HOVHEHJLQ
NQH[W SN SS SQH[W
HQG
LIS QLOWKHQNQH[W SY\SUi]GQLOVD]R]QDPS
HOVHNQH[W SY\SUi]GQLOVD]R]QDPS
HQG
HQG
YDU
GUXKDSRO7=R]QDP
EHJLQ
LI]!QLODQG]QH[W!QLOWKHQEHJLQDVSRSUYN\
UR]GHO]GUXKDSRO
0HUJH6RUW]
0HUJH6RUWGUXKDSRO
]OXF]GUXKDSRO]
HQG
HQG
3R]Q
UHNXU]tYQDSURFHG~UD0HUJH6RUWVSUDFXMHFHO]R]QDPWDNHKRUR]GHOtQDGYHDVWLVSULEOLQHURYQDNPSRWRP
SUYNRYQDWLHWR]DYROiW~LVW~SURFHG~UXSRNLDV~]R]QDP\YLDFDNRMHGQRSUYNRYpDSRWRPWDNWRY]QLNQXWp
]R]QDP\]O~L
SURFHG~UDUR]GHOVDEXGHVQDLQiMVSRORYLFXFHOpKR]R]QDPXNWRUGRVWiYDFH]VPHUQtNSDYUiWLGYD
]R]QDP\VSULEOLQHURYQDNPSRWRPSUYNRYVWUHGVDEXGHKDGDWDNHSR]R]QDPHEXG~SXWRYDGYD
VPHUQtN\MHGHQSRMHGQRPNURNXDGUXKSRGYRFKDDNVDGUXKVPHUQtNSUHSUDFXMHQDNRQLHF]R]QDPX]UHMPH
SUYNWRULHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
DNPiPHGREUHUR]GHOHQ]R]QDPQDGYHDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWRGYHDVWL]O~LD
WRWDNDE\DMQRYGOKt]R]QDPRVWDOXWULHGHQSURFHG~UD]OXFWHGDSUHFKiG]DRERPD]R]QDPDPLDY\WYiUD]
QLFKQRY
1'
XVSRULDGDYSROLSRPRFRXSRPRFQpKRSRD
XVSRULDGDYSROLEH]SRPRFQpKRSRDDVLEXGHSULYHDSRVXQRYSRD
WULHGLELQiUQ\V~ERUVGYRPDSRPRFQPLV~ERUPL
5FKOHWULHGHQLH4XLFN6RUW
YSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~L
WULHGHQLH4XLFN6RUWY\WYiUDGYHDVWLSRDWDNDE\LFKQHERORWUHED]OXRYDDOHDE\LFKVWDLORLEDSRORL]DVHED
YSUYRPNURNXVDMHGHQSUYRNY\EHULH]DSLYRWDYSULQFtSHWRP{HE\XERYRQSUYRNP\Y\EHUPHSUY
SUYRN]GDQHMSRVWXSQRVWL
SRGDWRKWRSLYRWDUR]GHPHYVWXSQ~SRVWXSQRVSUYNRYQDGYHDVWLSULRPYSUYHM]QLFKEXG~tVODPHQLH
DNRSLYRWDYGUXKHMtVODYlLHDURYQpDNRSLYRWYQDMOHSRP]SUtSDGRYVDSRVWXSQRVUR]GHOtQDGYHDVWL
VSULEOLQHURYQDNPSRWRPSUYNRYYQDMKRURPSUtSDGHYDN]UHMPHQDQXODSUYNRYNWRUpEXGHWYRULSUY~
DVDQDYHWN\RVWDWQpSUYN\
SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULDVWLDVVMHGLQPSUYNRPNWRUPMHSLYRWDVYNWRUHM
V~SUYN\PHQLHDNRSLYRWDDVVSUYNDPLYltPLDOHERURYQPLDNRMHSLYRW
SRWRPURYQDNPVS{VRERPXWULHGLPHGUXK~DVSUYN\PHQLHDNRSLYRWDWUHWLXDVSUYN\YlLHDNR
SLYRW
SRLFKXWULHGHQtGUXK~DWUHWLXDVSRORtPHYHGDVHEDSULRPSLYRWGiPHQDVSUiYQHPLHVWR
5FKOHWULHGHQLH
SURFHGXUH4XLFN6RUW
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDU
SLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]SLYRWMHSUYSUYRN
IRUL ]WRNGRSUHMGLYHWN\SUYN\PHG]L]DN
LIS>L@SLYRWWKHQEHJLQSR]HUDQSUYRNSDWUtGRSUYHMDVWLSRD
MHRMHGHQYLDFWDNFKRV~PHQLHDNRSLYRW
LQFSPLQY\PHQSPLQL
HQG
Y\PHQ]SPLQGDMSLYRWQDVSUiYQHPLHVWR
LS SPLQYUiLQGH[QDNWRURPMHXPLHVWQHQSLYRW
HQG
SURFHGXUHTXLFN]NLQWHJHU
YDU
LSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
EHJLQ
TXLFN1
HQG
3R]Q
SURFHG~UDTXLFNMHUHNXU]tYQDDWULHGLDVSRDPHG]LLQGH[PL]DNSULRPQDMSUYYROiSURFHG~UXUR]GHOQD
UR]GHOHQLHWHMWRDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWDOJRULWPXVQDDVSRDSUHGLQGH[RPQD
NWRURPMHSLYRWDQDDVSRD]DSLYRWRP
SURFHG~UDUR]GHOGiYDSUYN\PHQLHDNRSLYRWQD]DLDWRNSRDSUYN\YlLHDOHERURYQpDNRSLYRWQDNRQLHFSRDD
SRVNRQHQtWRKWRXSUDWRYDQLDGiHWHSLYRWQDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
DNERORSROHXWULHGHQpHWHSUHGVDPRWQPWULHGHQtPWDNMH]YROHQQDMKRUtPRQSLYRWSUHWRVDQD]DLDWNX
UR]GHO]Y\NQHSULGD
Y\PHQ]]NGLY
1'
WULHGLSROHEH]UHNXU]LH
WULHGLVSiMDQ]R]QDP
WULHGLELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
EXGHPHWULHGLSROH
KDOGDMHGiWRYiWUXNW~UDNWRUi
PiWYDUVNRUR~SOQpKRELQiUQHKRVWURPXOHQQDSRVOHGQHM~URYQLELQiUQHKRVWURPXP{XFKEDV\QRYLD
YUFKRORYSUHGSRVOHGQHM~URYQHDWRWDNHDNFKEDQHMDNV\QWDNEXG~FKEDDMYHWFLV\QRYLDYSUDYRQD
QDMQLHM~URYQL
SUHYHWN\YUFKRO\VWURPXSODWtHRWHFPiYlLXDOHERURYQ~KRGQRWXDNRMHKRV\QRYLDDNH[LVWXM~
]UHMPHYNRUHQLKDOG\MHYG\PD[LPiOQ\SUYRN
KDOGXEXGHPHUHSUH]HQWRYDYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNHNRUHVWURPXMHQDLQGH[HDL
Y\WYRUHQLHKDOG\
QHXWULHGHQpKRSRDDQRYpXKDOGRYDQLHWMRSUDYDKDOG\
]DNDGPSUDFXMHPHVRNUDWtPSRRPKDOGRX!QDMHKRNRQFLVDSRVWXSQHV~VWUHXM~QDMYlLHSUYN\
7ULHGHQLHKDOGRX
SURFHGXUH+HDS6RUW
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
EHJLQDNH[LVWXMHV\Q!QDVWDYtVDQDYlLHKR]QLFK
LI
L PWKHQEHJLQDVSRMHGHQV\QH[LVWXMH
L
LYLMHDYV\Q
LILPDQGS>L@!S>L@WKHQL L
SUDYV\QEROYltDSUHWRMHYLSUDYV\QLQDNRVWiYDYLDYV\Q
HQG
HQG
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
YDU
LLQWHJHUSUHGSRNODGiPHHRGNGRPWRXKDOGDMHSULGiPHNW\
EHJLQ
L NSRVXQLP
ZKLOHS>N@S>L@GREHJLQ
Y\PHQNL
N L
SRVXQLPYLMHQRYYltV\Q
HQG
HQG
SURFHGXUHY\WYRUBKDOGX
YDU
LLQWHJHU
EHJLQ
IRUL 1GLYGRZQWRGRXSUDFBKDOGXL1
HQG
YDU
LLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L 1EHUSRVWXSQHYHWN\SUYN\
ZKLOHL!GREHJLQ
Y\PHQLY\PHNRUHDSRVOHGQ]DWLDQHXWULHGHQWMLW\
SUYRN
GHFL]PHQLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHMHDVL]O
HQG
HQG
3R]Q
SURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQPLGYRPDLQGH[PLSRDWMSRMHMVNRQHQtMHDVSRD
.D0KDOGRXSULRPSURFHG~UDSUHGSRNODGiHDV.D0MHKDOGDDOHWPHVPHSULGDOLSUYRNQDPLHVWR
.PRKODVDKDOGD.D0SRND]LDSUHWRWUHEDSROH]QRYXXKDOGRYDWM]DEH]SHLDE\DMSUH.SODWLORHPi
RERFKV\QRYPHQtFKDNRRQViPDNWRWDNQLHMHWUHEDKR]UHMPHY\PHQLVYltP]RV\QRYDSRVWXSRSDNRYDSUH
WRKWRV\QDDSUtVOXQSRGVWURP
SRPRFQiSURFHG~UDSRVXQSRV~YDSUYSDUDPHWHUQDYlLHKRV\QD
1'
QDPLHVWRWULHGHQLDSUYNRYSRDSUHKDG]RYDQtPKRGQ{WUHDOL]XMWHWULHGHQLHOHQSRPRFRXWULHGHQLDLQGH[RYSRDWM
Y\WYRUtWHSROHtVHORGORZSDGRKLJKSLQGH[RYpSROHDWRWRSROHSUHXVSRULDGDWHWDNY\WYRUtWHMHKR
SHUPXWiFLXHQDSUMHKRYSLVYSRUDGtLQGH[RYYWRPWRSROLY\StHXVSRULDGDQpSROH
WDNpWRWULHGHQLHUHDOL]XMWHSUHYHWN\GRWHUD]]QiPHWULHGHQLD
QDStWHSURJUDPNWRUSRURYQiUFKORVU{]Q\FKWULHGLDFLFKDOJRULWPRYSUHWRLVWpSROHFHOFKtVHOP{HWHSRXL
QDSUIXQNFLX7LPHNWRUiYUDFLDPRPHQWiOQ\DVWHVWXMWHWRSUHU{]QHYHNpSROLDQiKRGQFKtVHOQDSUD
SUYNRY
7KUHDGYOiNQD
RSHUDQV\VWpP:LQGRZVGRYROtVSXVWLGYHDOHERYLDFSURFHG~UQDUD]DWLHQiPXPRXMHDE\WRWRULDGLOQi
SURJUDPWRPXWRVDKRYRUtPXOWLWKUHDGLQJYLDFYOiNHQ
WULHGD77KUHDGYOiNQRXPRXMHStVDQLHSDUDOHOQFKDSOLNiFLt
NHFKFHPHDE\QLHREHDORSDUDOHOQHY\UREtPHWRPXLQWDQFLXWULHG\NWRUiMHSRWRPNRP77KUHDGVDPRWQi
WULHGD77KUHDGMHDEVWUDNWQiDQHYLHURELQLNRQNUpWQH
NRQWUXNWRU77KUHDGPiORJLFNSDUDPHWHUNWRUPR]QiPLPHLVDPiYOiNQRWKUHDGVSXVWLKQHSULY\WYRUHQt
DOHERDQHVN{U]DYRODQtPPHWyG\5HVXPH
VSXVWHQLHYOiNQDWKUHDGX]QDPHQiHVDVSXVWtWHORPHWyG\([HFXWHWiWRMHY77KUHDGGHILQRYDQiDNRYLUWXDOD
DEVWUDFW
NHYOiNQRWKUHDGSRWUHEXMHSUDFRYDVIRUPXOiURPY\NUHVOLQLHRQDVWDYLNRPSRQHQWPXVtE\
XQLW%RGNXM
LQWHUIDFH
XVHV
&ODVVHV
W\SH
7%RGNXM7KUHDG FODVV77KUHDG
SULYDWH
SURFHGXUHFRVL
SURWHFWHG
SURFHGXUH([HFXWHRYHUULGH
HQG
LPSOHPHQWDWLRQ
XVHV
*UDSKLFV8QLW
SURFHGXUH7%RGNXM7KUHDGFRVL
EHJLQ
)RUP&DQYDV3L[HOV>UDQGRP)RUP&OLHQW:LGWKUDQGRP)RUP&OLHQW+HLJKW@ FO5HG
HQG
SURFHGXUH7%RGNXM7KUHDG([HFXWH
EHJLQ
UHSHDW
6\QFKURQL]HFRVL
XQWLO7HUPLQDWHG
HQG
HQG
VDPRWQ8QLW
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQYRIRUPXOiULV~GYHWODLGOi67$57D6723
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
SULYDWH
ERGNRYDQLH77KUHDG
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
ERGNRYDQLH 7%RGNXM7KUHDG&UHDWHIDOVHKQHVDDMVSXVWt
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
ERGNRYDQLH)UHH
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
0HWyG\)RUP0RXVH'RZQDM)RUP0RXVH0RYHXPRXM~NUHVOLGRIRUPXOiUDDMSRDVERGNRYDQLDSDUDOHOQP
SURFHVRP
$SSOLFDWLRQRQ,GOH
7DNWRLVWHIHNWVDGiXURELDMEH]YOiNQDSRPRFRXXGDORVWLRQ,GOHY\XLWLHDVXNHDSOLNiFLDQLQHUREt
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQ
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
SULYDWH
SURFHGXUHERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
HQG
SURFHGXUH7)RUPERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
EHJLQ
&DQYDV3L[HOV>UDQGRP&OLHQW:LGWKUDQGRP&OLHQW+HLJKW@ FO5HG
'RQH IDOVH
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
$SSOLFDWLRQ2Q,GOH ERGNXM
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
$SSOLFDWLRQ2Q,GOH QLO
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
3UHWHN\WULHGHQt
.HXYLHPHY\WYiUDDVS~DSDUDOHOQpSURFHG~U\P{HPH]UHDOL]RYDSUHWHN\U{]Q\FKWULHGHQtSULRPEXGHPHWLHWR
WULHGHQLDYL]XDOL]RYD.DGiKRGQRWDYSROLEXGHYJUDILFNHMSORFKH,PDJH]REUD]HQiEXIDUHEQRXERGNRXDOHER
~VHNRXDNRYKLVWRJUDPH9PHQDGYRFKSUYNRYYSROLDOHERSULUDGHQLHQHMDNHMKRGQRW\GRSUYNXSRDVDEXGH
UHDOL]RYDSRPRFQPLPHWyGDPLY\PHQUHVSSULUDGNWRUpEXG~]iURYHSUHNUHVRYDJUDILFN~SORFKX
'RIRUPXOiUDXPLHVWQLPHURYQDNRYHNFK,PDJHQDSU[DWDUWRYDFLHWODLGOR
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
6WDUW7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SULYDWH
VDUUD\>@RI77KUHDG
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
6RUW7KUHDGEXEEOHVRUWPLQVRUWLQVHUWVRUWPHUJHVRUWTXLFNVRUWKHDSVRUW
^5 ')0`
SURFHGXUH7)RUP6WDUW&OLFN6HQGHU72EMHFW
YDU
SSROH
LLQWHJHU
EHJLQ
VWDUW(QDEOHG IDOVH
6HW/HQJWKS,PDJH:LGWK
UDQGRPL]H
IRUL WRKLJKSGRS>L@ UDQGRP,PDJH+HLJKW
V>@ 7%XEEOH6RUW&UHDWHS,PDJH
V>@ 70LQ6RUW&UHDWHS,PDJH
V>@ 7,QVHUW6RUW&UHDWHS,PDJH
V>@ 70HUJH6RUW&UHDWHS,PDJH
V>@ 74XLFN6RUW&UHDWHS,PDJH
V>@ 7+HDS6RUW&UHDWHS,PDJH
IRUL WRGRV>L@5HVXPHDWXVDWRQDUD]YHWNRRGWDUWXMH
HQG
9HWN\W\S\WULHGHQtY\WYRUtPHDNRSRWRPNDDEVWUDNWQHMWULHGLDFHMWULHG\76RUW7KUHDGWiWRREVDKXMHYHWNRRSRWUHEXMH
SDUDOHOQHY\NRQiYDQpWULHGHQLHQDSU]REUD]RYDQLHY\PLHDQLHSUYNRYLQLFLDOL]iFLXDSRGRNUHPVDPRWQpKRWULHGHQLD
PHWyG\VRUWWiWREXGHGRGHILQRYDQiDYSRWRPNRFKWHMWRWULHG\
XQLW6RUW7KUHDG
LQWHUIDFH
XVHV
&ODVVHV*UDSKLFV([W&WUOV
W\SH
SROH DUUD\RILQWHJHUDUUD\>1@RILQWHJHU
SURSHUW\1LQWHJHUUHDGGDM1
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWQSSROHLP7,PDJH
HQG
LPSOHPHQWDWLRQ
^76RUW7KUHDG`
FRQVWUXFWRU76RUW7KUHDG&UHDWHFRQVWQSSROHLP7,PDJH
EHJLQ
LQKHULWHG&UHDWHWUXHYOiNQRVDKQHQHVSXVWtEXGHWUHED5HVXPH
SS FRS\QS/HQJWKQS
Y\V LP+HLJKW
J LP&DQYDV
.UHVOLFO%OXH
3ULRULW\ WS/RZHVW
)UHH2Q7HUPLQDWH WUXHREMHNWVDDXWRPDWLFN\XYRQtSRVNRQHQt([HFXWH
HQG
IXQFWLRQ76RUW7KUHDGGDM1LQWHJHU
EHJLQ
5HVXOW /HQJWKSS
HQG
SURFHGXUH76RUW7KUHDG.UHVOL3UYRNLLQWHJHUI7&RORU
EHJLQ
J3L[HOV>LY\VSS>L@@ INHFKFHPHY\NUHVRYDLEDERGN\
J3HQ&RORU IJ3RO\OLQH>3RLQWLY\V3RLQWLY\VSS>L@@
HQG
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
LIL MWKHQH[LW
W SS>L@S>L@ SS>M@S>M@ W
HQG
SURFHGXUH76RUW7KUHDGSULUDGLKRGQLQWHJHU
EHJLQ
LISS>L@ KRGQWKHQH[LW
YL LYM KRGQ
6\QFKURQL]HV\QFKURSULUDG
HQG
SURFHGXUH76RUW7KUHDGV\QFKURSULUDG
EHJLQ
.UHVOL3UYRNYLFO:KLWH
SS>YL@ YM
.UHVOL3UYRNYLFO%OXH
HQG
SURFHGXUH76RUW7KUHDG([HFXWH
EHJLQ
6RUW
.UHVOLFO5HG
HQG
SURFHGXUH76RUW7KUHDG.UHVOLI7&RORU
EHJLQ
II I
6\QFKURQL]HV\QFKUR.UHVOL
HQG
SURFHGXUH76RUW7KUHDGV\QFKUR.UHVOL
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKSSGR
.UHVOL3UYRNLII
HQG
HQG
3RWRPWULHGD7%XEEOH6RUWP{HE\GHILQRYDQiWDNWR
XQLWEXEEOHVRUW
LQWHUIDFH
XVHV
6RUW7KUHDG
W\SH
7%XEEOH6RUW FODVV76RUW7KUHDG
SURWHFWHG
SURFHGXUH6RUWRYHUULGH
HQG
LPSOHPHQWDWLRQ
SURFHGXUH7%XEEOH6RUW6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
HQG
0HUJH6RUWP{HPHSUHURELWDNDE\VDGDOYL]XDOL]RYDWMEH]VSiMDQpKR]R]QDPXSRXLOLVPHWXSRPRFQpSROH
SURFHGXUH70HUJH6RUW6RUW
SURFHGXUH]OXF]VNLQWHJHU
YDU
SRPSROH
LLLLQWHJHU
EHJLQ
6HW/HQJWKSRPN]
IRUL WRN]GRSRP>L@ S>]L@
SURFHGXUHPHUJH]NLQWHJHU
YDU
VWUHGLQWHJHU
EHJLQ
LI]! NWKHQH[LW
VWUHG ]NGLYUR]GH
PHUJH]VWUHG
PHUJHVWUHGN
]OXF]VWUHGN
HQG
EHJLQ
PHUJH1
HQG
1'
VNRPSOHWL]XMWHSURJUDPQDSUHWHN\WULHGHQt
SRN~VWHVDQDYUKQ~VS{VRE]REUD]HQLDSUYNRYYSROLDNLFKEXGHYLDFDNRtUNDSUtVOXQpKR,PDJHQDSUYMHGQRP
VWSFLEXGHYLDFSUYNRY
SRN~VWHVDQDYUKQ~SURJUDPWDNDE\VDGDOR]YROLNWRUpWULHGHQLHEXGHYNWRUHM,PDJHSORFKHUHVSDNpSROHVD
EXGHWULHGLQDSUQiKRGQHJHQHURYDQpY]RVWXSQHXVSRULDGDQp]RVWXSQHXVSRULDGDQpSROHVURYQDNPLSUYNDPLD
SRG
DNGRPHWyG\([HFXWH]DY\YRODQLHPHWyG\6RUWGiWHQHMDNpSUtND]\WLHWRVDY\NRQDM~DSRVNRQHQtSUtVOXQpKR
QDSU5DGL[6RUW7UHH6RUW6KDNHU6RUW
3R]QY\NUHVRYDQLHSULHEHKXP{HPHXUFKOLWDNHDMPHWyGXY\PHQWULHG\76RUW7KUHDG]UHDOL]XMHPHMHGLQP
V\QFKURQL]RYDQtPWMQHEXGHVDYQHMGYDNUiWYRODSULUDGQDSU
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
EHJLQ
LIL MWKHQH[LW
YL LYM M
6\QFKURQL]HV\QFKURY\PHQ
HQG
SURFHGXUH76RUW7KUHDGV\QFKURY\PHQ
YDU
WLQWHJHU
EHJLQ
.UHVOL3UYRNYLFO:KLWH
.UHVOL3UYRNYMFO:KLWH
W SS>YL@SS>YL@ SS>YM@SS>YM@ W
.UHVOL3UYRNYLFO%OXH
.UHVOL3UYRNYMFO%OXH
HQG
'HOSKL SRVOHGQi]PHQD !
SUHGQiND*UDI\ PDU
*UDI\
JUDIVDVNODGi
]PQRLQ\YUFKRORY9 ^99`
DNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQJUDI
DNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQJUDI
]Qi]RUQHQLHJUDIX
YUFKRO\V~NROLHVND
KUDQ\V~VSRMRYQtN\DNMHJUDIRULHQWRYDQWDNtSN\
DSOLNiFLH
PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQJUDI
VXVHGLDFHWiW\REODVWL
VNXSLQDXGtNWRUtVDQDY]iMRPSR]QDM~
QHV~YLVOEH]F\NORYDF\NOLFN
QHV~YLVOVF\NORP
QRUPiOQ\VWURP DF\NOLFNRULHQWRYDQJUDIGRNDGpKRYUFKROXYHGLHKUDQD
RNUHPNRUHD]QHKRH[LVWXMHFHVWDGRYHWNFKRVWDWQFKYUFKRORY
RULHQWRYDQJUDIMH
VLOQHV~YLVODN]NDGpKRH[LVWXMHFHVWDGRNDGpKR
VODERV~YLVODNE\EH]RULHQWiFLHEROV~YLVO
LQIRUPiFLHYJUDIH
YNDGRPYUFKROHSRGREQHDNRYVWURPH
QDSUY]GLDOHQRVPLHVWFHQDFHVWRYQpKROtVWND
NRPSRQHQWV~YLVOSRGJUDIGLVMXQNWQVR]Y\NRPJUDIX
5HSUH]HQWiFLHJUDIX
D3ROHPQRtQVXVHGRY
*UDIMHPQRLQDYUFKRORY9SUHNDGYUFKROY9H[LVWXMHPQRLQD$YPQRLQDVXVHGRYNGH$YMHSRGPQRLQRX9
W\SH
79UFKRO\ PD[DOHERPD[
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RIVHWRI79UFKRO\
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\
SURFHGXUH=UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ >@
HQG
SURFHGXUH7*UDI3ULGDM+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQJUDI
HQG
SURFHGXUH7*UDI=UXV+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQJUDI
HQG
$NVLWUHEDRNDGRPYUFKROHSDPlWDQHMDN~LQIRUPiFLXWDN]DGHNODUXMHPHQDSU
W\SH
7*UDI FODVV
JDUUD\>79UFKRO\@RI
UHFRUGFODVV
VXVVHWRI79UFKRO\
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\
SURFHGXUH=UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
3R]Q
SUHQHRULHQWRYDQJUDIPXVtSODWLHDNZJ>Y@SRWRPDMYJ>Z@
SUREOpP\
OHQGRYUFKRORY
QHGDM~VDWDNWRUHSUH]HQWRYDRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
E7DEXNDVXVHGQRVWt
7DEXNDVXVHGQRVWt]QDPHQiGYRMUR]PHUQ~PDWLFXKUiQ
W\SH
79UFKRO\ PD[DOHERPD[
79DKD LQWHJHU
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\79UFKRO\@RI79DKDERROHDQSUHQHRKRGQRWHQJUDI
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\Y79DKD
SURFHGXUH=UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
LM79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GR
IRUM ORZ79UFKRO\WRKLJK79UFKRO\GR
J>LM@
DOHERILOOFKDUJVL]HRIJ
HQG
SURFHGXUH7*UDI3ULGDM+UDQXDE79UFKRO\Y79DKD
EHJLQ
J>DE@ Y
J>ED@ YSUHQHRULHQWRYDQJUDI
HQG
SURFHGXUH7*UDI=UXV+UDQXDE79UFKRO\
EHJLQ
J>DE@
J>ED@ SUHQHRULHQWRYDQJUDI
HQG
F3ROHVSiMDQFK]R]QDPRYVXVHGRY
-HGQRUR]PHUQpSROHMHGQRVPHUQFKVSiMDQFK]R]QDPRY
W\SH
79UFKRO\ PD[
7+UDQD FODVV
FLVOR79UFKRO\
QH[W7+UDQD
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
HQG
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\YLQWHJHU
SURFHGXUH=UXV+UDQXDE79UFKRO\
FRQVWUXFWRU7+UDQD&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
EHJLQ
FLVOR FYDKD YQH[W Q
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ QLO
HQG
SURFHGXUH7*UDI3ULGDM+UDQXDE79UFKRO\YLQWHJHU
EHJLQ
=UXV+UDQXDE
J>D@ 7+UDQD&UHDWHEYJ>D@
=UXV+UDQXEDSUHQHRULHQWRYDQJUDI
J>E@ 7+UDQD&UHDWHDYJ>E@
HQG
SURFHGXUH7*UDI=UXV+UDQXDE79UFKRO\
YDU
VW7+UDQD
EHJLQ
LIJ>D@!QLOWKHQEHJLQ
V J>D@
LIVFLVOR EWKHQEHJLQ
J>D@ VQH[WV)UHH
HQG
HOVHEHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!EGRV VQH[W
LIVQH[W!QLOWKHQEHJLQ
W VQH[WVQH[W WQH[WW)UHH
HQG
HQG
HQG
LIJ>E@!QLOWKHQEHJLQ
V J>E@
LIVFLVOR DWKHQEHJLQ
J>E@ VQH[WV)UHH
HQG
HOVHEHJLQ
3R]Q
DNSRWUHEXMHPHPDYRYUFKRORFKDOLHLQIRUPiFLHWDNYWULHGH7*UDIY\WYRUtPHQRYpSROHDOHERSROHJEXGHSROH
YUFKRORYUHFRUGDOHERFODVVSULRPNDGYUFKRORNUHP]R]QDPXKUiQREVDKXMHDMQHMDN~VYRMXLQIRUPiFLXQDSU
PHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
G=R]QDP]R]QDPRYYUFKRORY
*UDIDNRMHGQRVPHUQVSiMDQ]R]QDPYHWNFKYUFKRORYJUDIXSULRPYNDGRPYUFKROHMH]DLDWRNVSiMDQpKR]R]QDPX
KUiQNWRUpY\FKiG]DM~]WRKWRYUFKROXNDGiKUDQDREVDKXMHVPHUQtNQDYUFKROGRSUYpKR]R]QDPXVNWRUPMHGDQ
YUFKROVSRMHQWRXWRKUDQRX
W\SH
7+UDQD FODVVNDG]i]QDPUHSUH]HQWXMHMHGQXKUDQX
S79UFKROQLHNWRUYUFKROJUDIX
79DKDLQWHJHU
QH[W7+UDQD
HQG
79UFKRO FODVV
VXV7+UDQD]R]QDPVXVHGRY ]R]QDPKUiQ]GDQpKRYUFKROX
PHQR[\LQIRUPiFLDRYUFKROH
QH[W79UFKRO
HQG
7*UDI 79UFKROSUYYUFKROYVSiMDQRP]R]QDPHYHWNFKYUFKRORY
H'\QDPLFNpSROHG\QDPLFNFKSROt
*UDIMHSROHYUFKRORYSULRPNDGYUFKROREVDKXMHSROHKUiQ]R]QDPVYRMLFKVXVHGLDFLFKYUFKRORY
-HGQRGXFKLDYHU]LD
W\SH
79DKD LQWHJHU
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYptVORYUFKROXGRNWRUpKRYHGLHKUDQD
YDKD79DKDSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFLQWHJHUY79DKD
HQG
79UFKRO FODVV
SULYDWH
PHQRVWULQJ
[\LQWHJHU
VXVDUUD\RI7+UDQD
IXQFWLRQLQGH[+UDQ\FLQWHJHULQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH.UHVOLF7&DQYDV
SURFHGXUH3ULGDM+UDQXFLQWHJHUY79DKD
SURFHGXUH=UXV+UDQXFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FLQWHJHUY79DKDRYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\V7+UDQDY79DKDRYHUORDG
IXQFWLRQMH+UDQDFLQWHJHUERROHDQ
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFLQWHJHU
SURFHGXUH3ULGDM+UDQXFFLQWHJHUY79DKDRYHUORDG
SURFHGXUH3ULGDM+UDQXYY79UFKROY79DKDRYHUORDG
SURFHGXUH=UXV+UDQXFFLQWHJHU
SURFHGXUH.UHVOLLP7,PDJH
SURFHGXUH]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
IXQFWLRQMH+UDQDFFLQWHJHUERROHDQ
HQG
^7+UDQD`
FRQVWUXFWRU7+UDQD&UHDWHFLQWHJHUY79DKD
EHJLQ
FLVOR FYDKD Y
HQG
^79UFKRO`
FRQVWUXFWRU79UFKRO&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
EHJLQ
PHQR P
[ [[\ \\
VXV QLO
HQG
SURFHGXUH79UFKRO.UHVOLF7&DQYDV
EHJLQ
F(OOLSVH[\[\
F7H[W2XW[\PHQR
HQG
SURFHGXUH79UFKRO3ULGDM+UDQXFLQWHJHUY79DKD
EHJLQ
LIQRWMH+UDQDFWKHQEHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ 7+UDQD&UHDWHFY
HQG
HQG
SURFHGXUH79UFKRO=UXV+UDQXFLQWHJHU
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQEHJLQ
VXV>L@)UHHVXV>L@ VXV>KLJKVXV@
6HW/HQJWKVXVKLJKVXV
HQG
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\FLQWHJHUY79DKD
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQVXV>L@YDKD Y
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\V7+UDQDY79DKD
YDU
LLQWHJHU
EHJLQ
L
ZKLOHL KLJKVXVDQGVXV>L@!VGRLQFL
LIL KLJKVXVWKHQVXV>L@YDKD Y
HQG
^*UDI`
FRQVWUXFWRU7*UDI&UHDWH
EHJLQ
J QLO
HQG
SURFHGXUH7*UDISULGDM9UFKROFRQVWPVWULQJ[[\\LQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ 79UFKRO&UHDWHP[[\\
HQG
SURFHGXUH7*UDI]UXV9UFKROFLQWHJHU
YDU
LMLQWHJHU
EHJLQ
LIF KLJKJWKHQEHJLQ
IRUL WRKLJKJGR]UXV+UDQXLF
J>F@)UHH
IRUL FWRKLJKJGRJ>L@ J>L@
6HW/HQJWKJKLJKJ
SURFHGXUH7*UDI3ULGDM+UDQXFFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
LIQRWMH+UDQDFFWKHQEHJLQ
J>F@3ULGDM+UDQXFY
J>F@3ULGDM+UDQXFYSUHQHRULHQWRYDQ\JUDI
HQG
HOVH
]PHQ9DKX+UDQ\FFY
HQG
SURFHGXUH7*UDI3ULGDM+UDQXYY79UFKROY79DKD
YDU
LMLQWHJHU
EHJLQ
L ZKLOHL KLJKJDQGJ>L@!YGRLQFL
M ZKLOHM KLJKJDQGJ>M@!YGRLQFM
LIL KLJKJDQGM KLJKJWKHQ
3ULGDM+UDQXLMY
HQG
SURFHGXUH7*UDI=UXV+UDQXFFLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJWKHQEHJLQ
J>F@=UXV+UDQXF
J>F@=UXV+UDQXFSUHQHRULHQWRYDQHJUDI\
HQG
HQG
SURFHGXUH7*UDI]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
J>F@]PHQ9DKX+UDQ\FY
HQG
HOVH5HVXOW IDOVH
HQG
SURFHGXUH7*UDI.UHVOLLP7,PDJH
YDU
LM[[\\LQWHJHU
EHJLQ
ZLWKLP&DQYDVGREHJLQ
)LOO5HFWLP&OLHQW5HFW
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
3HQ&RORU FO%OXH
.UHVOLLP&DQYDV
3HQ&RORU FO*UHHQ
IRUM WRKLJKVXVGREHJLQ
ZLWKJ>VXV>M@FLVOR@GREHJLQ[[ [\\ \HQG
0RYH7R[\
/LQH7R[[\\
7H[W2XW[[[GLY\\\GLY,QW7R6WUVXV>M@YDKD
HQG
HQG
HQG
HQG
'RWDNpKRWRJUDIXSULGiPHQLHNRNRSRPRFQFKPHWyGNWRUpXPRQLD]RYHREHFQLSUiFXVYUFKROPLDKUDQDPLLOXVWUXMH
WRDOtQDVOHGXM~FLSUtNODG
W\SH
79UFKRO FODVV
SULYDWH
PHQRVWULQJ
[\LQWHJHU
VXVDUUD\RI7+UDQD
DNWXDOQD+UDQDLQWHJHU
IXQFWLRQGDM3UYX7+UDQD
IXQFWLRQLQGH[+UDQ\FLQWHJHULQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH.UHVOLF7&DQYDV
SURFHGXUH3ULGDM+UDQXFLQWHJHUY79DKD
SURFHGXUH=UXV+UDQXFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FLQWHJHUY79DKDRYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\V7+UDQDY79DKDRYHUORDG
IXQFWLRQMH+UDQDFLQWHJHUERROHDQ
IXQFWLRQSRVO+UDQD7+UDQD
IXQFWLRQGDOVLD+UDQD7+UDQD
SURSHUW\SUYD+UDQD7+UDQDUHDGGDM3UYX
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
DNWXDOQ\YUFKLQWHJHU
IXQFWLRQGDMSUY\YUFK79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFLQWHJHU
SURFHGXUH3ULGDM+UDQXFFLQWHJHUY79DKDRYHUORDG
SURFHGXUH3ULGDM+UDQXYY79UFKROY79DKDRYHUORDG
SURFHGXUH=UXV+UDQXFFLQWHJHU
SURFHGXUH.UHVOLLP7,PDJH
SURFHGXUH]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
IXQFWLRQMH+UDQDFFLQWHJHUERROHDQ
IXQFWLRQGDOVLYUFKRO79UFKRO
IXQFWLRQSRVOYUFKRO79UFKRO
SURSHUW\SUY\9UFKRO79UFKROUHDGGDMSUY\YUFK
HQG
^79UFKRO`
FRQVWUXFWRU79UFKRO&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
EHJLQ
DNWXDOQD+UDQD
HQG
SURFHGXUH79UFKRO=UXV+UDQXFLQWHJHU
EHJLQ
DNWXDOQD+UDQD
HQG
IXQFWLRQ79UFKROGDM3UYX7+UDQD
EHJLQ
LIVXV!QLOWKHQEHJLQ
DNWXDOQD+UDQD
5HVXOW VXV>@
HQG
HOVHEHJLQ
DNWXDOQD+UDQD
5HVXOW QLO
HQG
HQG
IXQFWLRQ79UFKROSRVO+UDQD7+UDQD
EHJLQ
LIVXV!QLOWKHQ5HVXOW VXV>KLJKVXV@
HOVH5HVXOW QLO
HQG
IXQFWLRQ79UFKROGDOVLD+UDQD7+UDQD
EHJLQ
LIDNWXDOQD+UDQDKLJKVXVWKHQEHJLQ
LQFDNWXDOQD+UDQD
5HVXOW VXV>DNWXDOQD+UDQD@
HQG
HOVHEHJLQ
DNWXDOQD+UDQD
5HVXOW QLO
HQG
HQG
^*UDI`
FRQVWUXFWRU7*UDI&UHDWH
EHJLQ
DNWXDOQ\YUFK
HQG
SURFHGXUH7*UDI]UXV9UFKROFLQWHJHU
EHJLQ
DNWXDOQ\YUFK
HQG
IXQFWLRQ7*UDIGDMSUY\YUFK79UFKRO
EHJLQ
LIJ!QLOWKHQEHJLQ
DNWXDOQ\YUFK
5HVXOW J>@
HQG
HOVHEHJLQ
DNWXDOQ\YUFK
5HVXOW QLO
HQG
HQG
IXQFWLRQ7*UDISRVOYUFKRO79UFKRO
EHJLQ
LIJ!QLOWKHQ5HVXOW J>KLJKJ@
HOVH5HVXOW QLO
HQG
IXQFWLRQ7*UDIGDOVLYUFKRO79UFKRO
EHJLQ
LIDNWXDOQ\YUFKKLJKJWKHQEHJLQ
LQFDNWXDOQ\YUFK
5HVXOW J>DNWXDOQ\YUFK@
HQG
HOVHEHJLQ
DNWXDOQ\YUFK
5HVXOW QLO
HQG
HQG
9\JHQHURYDQLH~SOQpKRJUDIXP{HPHXURELSRWRPQDSUWDNWR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH
UDQGRPL]H
HQG
YDU
FBYUFKROXLQWHJHU
HQG
=PHQDKRGQ{WYiKYHWNFKKUiQYJUDIH
'HOSKL SRVOHGQi]PHQD !
SUHGQiND DSU
$OJRULWP\SUHKDGiYDQLDJUDIX
3UHKDGiYDQLHJUDIRY
%XGHPHULHL~ORK\YNWRUFKEXGHPHSRVWXSQHSUHFKiG]DYHWN\YUFKRO\JUDIX
3RVWXSXMHPHGYRPDVS{VREPL
GRKEN\SRGREQHDNRSUHRUGHUYVWURPRFK
GRtUN\DNRSR~URYQLDFKYVWURPRFK
=DGHILQXMHPHSRPRFQpSROHQDSUHKDGiYDQLHYNWRURPVDSDPlWiVDLEROYUFKROXQDYWtYHQDVWRWREYDVWDYRYi
SUHPHQQiWULHG\7*UDI
YDUYLVLWHGDUUD\>YUFKRO\@RIERROHDQ
P{HVDURELDMDNR
YDUYLVLWHGVHWRIYUFKRO\
$OJRULWPXVGRKEN\
YHREHFQH
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
%XGHPHSUHGSRNODGDHPiPHGHILQRYDQpPHWyG\QD]LVWHQLHKUDQ\]DIDUEHQLHYUFKROXDKUDQ\QDSUSUHJUDI
UHSUH]HQWRYDQSRRPPQRtQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
W\SH
7*UDI FODVV
JDUUD\RIUHFRUG
[\LQWHJHU
PVHWRIE\WH
HQG
YLVLWHGVHWRIE\WHPQRLQDQDYWtYHQFKYUFKRORY
HQG
SURFHGXUH7*UDI]DIDUEL9UFKROYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF(OOLSVH[U\U[U\U
HQG
SURFHGXUH7*UDI]DIDUEL+UDQXYYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF0RYH7R[\
ZLWKJ>Y@GRF/LQH7R[\
HQG
DOHDMSUHG\QDPLFNpSROHG\QDPLFNFKSROt
W\SH
7+UDQD FODVV
FLVORLQWHJHU
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
79UFKRO FODVV
[\LQWHJHU
VXVDUUD\RI7+UDQD
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
YLVLWHGVHWRIE\WH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
EHJLQ
L KLJKJ>Y@VXVZKLOHL! DQGJ>Y@VXV>L@FLVOR!YGRGHFL
5HVXOW L!
HQG
$WHUD]NRQNUpWQHDOJRULWPXVSUHKDGiYDQLDGRKEN\]DIDUEXMHQDYWtYHQpYUFKRO\DMKUDQ\SRNWRUFKSUHFKiG]D
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYFO5HGVSUDFXMYUFKRO
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLFO5HGVSUDFXMKUDQX
GRKOEN\L
HQG
HQG
2WHVWXMPHWHQWRDOJRULWPXVQDWDNRPWRJUDIH
SUHGSRNODGDMPHHSUHKDGiYDQLHWDUWXMHPHYRYUFKROH
WHQWRYUFKROVD]DIDUEtQDHUYHQR
YRIRUF\NOHVDQiMGHSUYHWHQHQDYWtYHQVXVHGYUFKROXYUFKRO
]DIDUEtVDKUDQDDUHNXU]tYQHVDYROiGRKOEN\SUH
DMWHQWRYUFKROVD]DIDUEtQDHUYHQRDQiMGHVDMHKRVXVHG
]DIDUEtVDKUDQDDRSlYUHNXU]tYQRPYRODQtVD]DIDUEtDM
SUYHWHQHQDYWtYHQVXVHGMH]DIDUEtVDNQHPXKUDQDDUHNXU]tYQH
VDYROiGRKOEN\SUHYUFKROQDNRNRXQHPiQHQDYWtYHQFK
VXVHGRYWRWRYRODQLHOHQ]DIDUEtDNRQt
SRNUDXMHF\NOXVSUHYUFKROQiMGHVDVXVHGD]DIDUEtVDKUDQD
DOJRULWPXVNRQtDWHUD]P{HPHYLGLHNWRUpKUDQ\VD]DIDUELOL
1HUHNXU]tYQ\DOJRULWPXVNWRULEDGRPQRLQ\QDYWtYHQFKYUFKRORYSULGiYHWN\WLHNWRUpV~GRVLDKQXWHQp]QHMDNpKR
SRLDWRQpKRYUFKROX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
XQWLOVHPSW\
V)UHH
HQG
+RFLWHQWRDOJRULWPXVY\]HUiYSRULDGNXDNKRRWHVWXMHPHQDURYQDNRPMHGQRGXFKRPJUDIH]LVWtPHHQLHNWRUYUFKROVD
EXGHVSUDFRYiYD]DIDUERYDGYDNUiWDWRP{HE\YQLHNWRUFKVLWXiFLiFKQHSULMDWHQp
RSl]DQHPHVYUFKRORPQDMSUYVDYORtGRSUi]GQHKR]iVREQtNDQD]DLDWNXUHSHDWF\NOXVDY\EHULHDVSUDFXMH
]DHYLGXMHDPRQRDM]DIDUEt
YRIRUF\NOHVDGRWHUD]SUi]GQHKR]iVREQtNDYORLDVXVHGLDWMGR]iVREQtNDSULEXGQ~
QD]DLDWNXUHSHDWF\NOXVD]YUFKX]iVREQtNDY\EHULH]DHYLGXMHDYHWN\HWHQHQDYWtYHQpYUFKRO\VNWRUPL
VXVHGtVDSULGDM~GR]iVREQtNDGR]iVREQtNDSULEXGQHWMMHWDP
]YUFKX]iVREQtNDVDY\EHULH]DHYLGXMHVDDYORLDVDQDYUFK]iVREQtNDQHQDYWtYHQtVXVHGLDWMY]iVREQtNX
6SUiYQHE\PDOQHUHNXU]tYQ\DOJRULWPXVY\]HUDWDNWR
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
HQG
XQWLOVHPSW\
V)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
NRPSRQHQWX
SURFHGXUH7*UDIGRKOEN\YLQWHJHUI7&RORU
YDU
LLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI
LIQRWLLQYLVLWHGWKHQVSXVKL
HQG
HQG
XQWLOVHPSW\
V)UHH
HQG
3R]Q
=UHMPHSUHGNDGPYRODQtPDOJRULWPXGRKOEN\E\ERORWUHEDQHMDNRQDVWDYLPQRLQXQDYWtYHQFKYUFKRORYYLVLWHGQD
SUi]GQX
DOJRULWPXVGRKEN\P{HPHSRXLQD
]LVWHQLHSRWXNRPSRQHQWRYJUDIXUHVSLMHJUDIV~YLVO
QiMGHQLHQHMDNHMFHVW\PHG]LGYRPDYUFKROPL
]LVWHQLHLV~GYDYUFKRO\YWRPLVWRPNRPSRQHQWH
]DIDUERYDQLHYUFKRORYDKUiQ
IXQFWLRQ7*UDINRPSRQHQW\LQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\LI>5HVXOW@
LQF5HVXOW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
HQG
HQG
$OJRULWPXVGRtUN\
.RQNUpWQHSRXLMHPHDOJRULWPXVSUHKDGiYDQLDGRtUN\QD]DIDUERYDQLHYUFKRORYSRGDWRKRDNRDOHNRV~RG
SRLDWRQpKRYUFKROXY
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
TTXHXHYRIURQWHVLSUHNDGYUFKROSDPlWiPHMHKR~URYHY]GLDOHQRV
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI>X@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
TDSSHQGLX
HQG
XQWLOTHPSW\
T)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
SRURYQDMWHWHQWRDOJRULWPXVVQHUHNXU]tYQ\PSUHKDGiYDQtPGRKEN\
3R]Q
SRXtYDPHUDGGRNWRUpKRYNODGiPHDMY\EHUiPHYG\GYHFHORtVHOQpKRGQRW\
1DVOHGXM~FDYHU]LD]DIDUEtOHQKUDQ\JUDIXSRGDWRKRDNRDOHNRV~GRGDQpKRYUFKROX
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI>X@
TDSSHQGLX
HQG
HQG
XQWLOTHPSW\
T)UHH
HQG
1DVOHGXM~FDPHWyGDSRtWDOHQY]GLDOHQRVGYRFKYUFKRORY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
HQG
HQG
)XQNFLDYUiWLDNQHH[LVWXMHFHVWD]YGRY
5R]tULPHWHQWRDOJRULWPXVQLHOHQQD]LVWHQLHY]GLDOHQRVWLGYRFKYUFKRORYDOHDMQD]DSDPlWDQLHWHMWRQDMNUDWHM
FHVW\3RXLMHPHWDN~WRLGHXY\WYRUtPHSRPRFQpSROHYNWRURPVLEXGHPHSUHNDGYUFKROSDPlWDMHKRSUHGFKRGFXY
FHVWHWMYG\NHVLYUDGH]DSDPlWiPHYUFKRODSSHQGNWRUSOiQXMHPHYEXG~FQRVWLSUHVN~PD]DSDPlWiPHVLVQtP
DMMHKRSUHGFKRGFXRGNLDVPHNQHPXSULOL.HYUFKRO]IURQWXY\EHULHPHVHUYHWDNYLHPHDMMHKRSUHGFKRGFXQD
FHVWHDP{HPHVLKR]DHYLGRYDYSRPRFQRPSROL1D]iYHUNHVPHGRUD]LOLGRFLHDSRPRFRXSUHGFKRGFRYXORHQFK
YSRPRFQRPSROLVDYLHPHSRVWXSQHYUDFDVSlDWHGDYLHPHVNRQWUXRYDYVOHGQpG\QDPLFNpSROHKRGQRWDYSROL
]QDPHQiHYUFKROQHPiSUHGFKRGFXMHSUYQDFHVWH
W\SH
SRVWXSQRVW DUUD\RILQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB"MHPSJUNZQSFIBEWBOJBHSBGV
3R]Q
KLJKQDMNUDWVLD&HVWDYYYUiWLGNXFHVW\
]KUPHSRXLWLHDOJRULWPXGRtUN\
SRGREQHDNRGRKEN\YLHPH]LVWLYUFKRO\NWRUpSDWULDGRMHGQpKRNRPSRQHQWXDWHGDDM]LVWLSRHWNRPSRQHQWRY
YLHPH]LVWL]DIDUELYUFKRO\KUDQ\URYQDNRY]GLDOHQpRGGDQpKRYUFKROX
YLHPH]LVWLY]GLDOHQRVUHVSQDMNUDWLXFHVWXPHG]LGYRPDYUFKROPLYJUDIH
1'
RGODWHWLHWRDOJRULWP\YU{]Q\FKUHSUH]HQWiFLiFKJUDIX
]UHDOL]XMWHSUHYRG\PHG]LU{]Q\PLUHSUH]HQWiFLDPLJUDIRYQDSUJUDIUHSUH]HQWRYDQSRRPPQRtQSUHNRQYHUWXMWH
GRG\QDPLFNpKRSRDG\QDPLFNFKSROt
SUHYRGELQiUQHKR1iUQHKRYHREHFQpKRVWURPXGRRULHQWRYDQpKRQHRULHQWRYDQpKRJUDIX
Y\JHQHURYDJUDIQDSUDFKRYQLFX1[1
YUFKRO\V~VXVHGQpSRGDSRK\EXNUiDNRD
'HOSKL SRVOHGQi]PHQD !
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
SUHGQiND DSU
3UHKDGiYDQLHVQiYUDWRP
3UHKDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
5LHLPH~ORK\W\SX
PDWHPDWLFNpKODYRODP\
GiPQDDFKRYQLFLGRPHNMHGQPDKRPWLDYN{QDDFKRYQLFL
U{]QHSUREOpP\QDJUDIRFK
QiMVFHVWXVQDMPHQtPRKRGQRWHQtP]$GR%Y\KRGLPD[SRHWKUiQDE\
3RGREQHDNRSUHKDGiYDQLHJUDIXGRKEN\
HYLGXMHPHNGHVPHXEROLPRQRSRVWXSQHNRQWUXXMHPHULHHQLH
tPVN{UWUHEDUR]SR]QDHVPHVDY\GDOL]OPVPHURPDYUiWLVDQDQDMEOLLXRGERNX !Y\VN~DLQVPHU
SULQiYUDWHYSUHKDGiYDQtWUHEDYUiWL]DHYLGRYDQVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQLQHYROLGRVOHSHM
XOLN\
GiPQDDFKRYQLFL[
DOJRULWPXVSUHKDGiYDQLD
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDBDK
LINRQLHFWKHQY\SLV
HOVH
Y\VN~DMQDVOHGRYQDKYHWN\PRQRVWL
KODGDMQDVOHGRYQBDK
RG]QDBDK
HQG
XSUHVQtPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHUVPXVtE\ORNiOQDDVWiFK\EDDNRVDODGt
EHJLQ
]D]QDBDKQDSUG>ULDGVWOS@ WUXH
LIULDG 1WKHQY\SLV
HOVHSUHULDGULDGRNYHWN\PRQRVWLVWSFD
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDBDKQDSUG>ULDGVWOS@ IDOVH
HQG
9\OHStPHHYLGRYDQLHDKRY
KODYQSUREOpPMHHYLGRYDQLHXKORSULHRNYUR]PHUQRPSROLMHWR]E\WRQHNRPSOLNRYDQp
Y\WYRUtPHORJLFNpSROLDYRQVWSHFYRQpLNPpXKORSULHN\YRQpRSDQpXKORSULHN\
XKORSULHNRYpSROLD
VWDUUD\>Q@RILQWHJHU
SURJUDP
FRQVW
Q
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQYRQpVWSFH
XDUUD\>
Q@RIERROHDQYRQpXKORSULHN\W\SX
XDUUD\>QQ@RIERROHDQYRQpXKORSULHN\W\SX
VWOSHFDUUD\>Q@RILQWHJHUULHHQtPMHQWLFDtVHO
J76WULQJ*ULG
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULG
SURFHGXUHULHV
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHY\SLV
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULG
YDU
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
SURFHGXUHXORKDULHV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRKODGDML
HQG
SURFHGXUHXORKDKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHU
EHJLQ
]DSDPlWiPVLDKNY{OLYSLVX
VWOSHF>ULDG@ VWOS
]D]QDtPREVDGHQpSROtND
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
SUHULDGULDGRNYHWN\PRQRVWLVWSFD
IRUV WRQGR
LIP{HWKHQ
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
XYRQtPVWSHFDXKORSULHN\ !RG]QDtPDK
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
SURFHGXUHXORKDY\SLV
YDU
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>VWOSHF>L@L@
2
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
ZLWKXORKD&UHDWH6WULQJ*ULGGREHJLQ
ULHV
)UHH
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
1'
SURJUDPQHFKQiMGHOHQULHHQLHDSUHKDGiYDQLHVNRQt
]Qi]RUXMWHSULHEHKEDFNWUDFNLQJX
Y6WULQJ*ULGH]REUD]XMWHNODGHQLHDXEHUDQLHGiP
YHWNFKULHHQtSUH[MHDOH]QLFKV~PQRKpOHQRWRHQLHDFKRYQLFHUHVS]UNDGORQiMGLWHYHWN\U{]QH
ULHHQLD
UR]RVWDYWHPLQLPiOQ\SRHWGiPQDDFKRYQLFL1[1DE\RKUR]RYDOLYHWN\SROtNDDFKRYQLFH
'UXKYDULDQWULHHQLDGiPSRPRFRXEDFNWUDFNLQJX
EDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORLGiPXDOHOHQULDGRNDVDPDMXY\VN~DSRORLGR
YHWNFKVWSFRYMHWRVNRURWRLVWpDNRSUHGWP
QDMSUYYRYHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYDKDOHOHQ~URYHYNWRUHMKDGiPQRYDKKODGDM
SRVWXSQHVN~DYHWN\PRQpDK\YGDQHM~URYQL
YHREHFQH
SURFHGXUHKODGDM~URYH
YDU
EHJLQ
IRUDKYPRPHQWiOQHM~URYQLGR
LIPR]HDKWKHQEHJLQ
]D]QDBDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGXM~FDB~URYH
RG]QDBDK
HQG
HQG
DSUHSUREOpPGiP
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
1DMSUYVDYHWN\ULHHQLDY\StXGR/LVW%R[XDSRWRPNOLNQXWLHQDQLHNWRUpULHHQLHY/LVW%R[HKR]REUD]tY6WULQJ*ULGH
FRQVW
Q
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
VWOSHFDUUD\>Q@RILQWHJHU
J76WULQJ*ULG
O7/LVW%R[
SRFLQWHJHU
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
SURFHGXUHULHV
SURFHGXUHKODGDMULDGLQWHJHU
SURFHGXUHQRYH5LHVHQLH
SURFHGXUHY\SLVVVWULQJ
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
J JJO OO
SRF
HQG
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
LISRF!WKHQH[LWDNQiPVWDtOHQULHHQLH
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
VWOSHF>ULDG@ VWOS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQQRYH5LHVHQLH
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUHXORKDQRYH5LHVHQLH
YDU
LLQWHJHU
VVWULQJ
EHJLQ
LQFSRF
V ,QW7R6WUSRF
IRUL WRQGRV V,QW7R6WUVWOSHF>L@
O,WHPV$GGV
HQG
SURFHGXUHXORKDY\SLVVVWULQJ
YDU
LMLQWHJHU
EHJLQ
GHOHWHVSRV
V
IRUL WRQGREHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>RUGV>L@RUG
L@
2
HQG
HQG
YDU
XXORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
X XORKD&UHDWH6WULQJ*ULG/LVW%R[
XULHV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
X)UHH
HQG
SURFHGXUH7)RUP/LVW%R[&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
L /LVW%R[,WHPV&RXQW
ZKLOHL! DQGQRW/LVW%R[6HOHFWHG>L@GRGHFL
LIL! WKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
XY\SLV/LVW%R[,WHPV6WULQJV>L@
HQG
'RPHNMHGQPDKRP
ORKRXMHQDNUHVOLGRPHNMHGQPDKRPD]LVWLYHWN\ULHHQLDQDNUHVOLQDREUD]RYNH
'RPHNMHQHRULHQWRYDQJUDIVYUFKROPL%XGHPHKRUHSUH]HQWRYDWDEXNRXVXVHGQRVWt
W\SH
WDEXOND DUUD\>@RIERROHDQ
XORKD FODVV
EWDEXOND
GDUUD\>@RILQWHJHU
SLQWHJHU
SRFLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHNUHVOL
SURFHGXUHJHQHUSLLQWHJHU
HQG
FRQVW
W WUXHI IDOVHYHO
FRQVWUXFWRUXORKD&UHDWH
FRQVW
WDEWDEXOND
IWWWIWIWWIWWIWW
WWWIWIIWWI
EHJLQ
E WDES SRF
HQG
SURFHGXUHXORKDNUHVOL
FRQVW
[\DUUD\>@RI73RLQW
[\[\[\[\[\
YDU
L[\SLQWHJHU
VVWULQJ
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
QDNUHVOHQLHGR&DQYDVX,PDJH
LQFSRFV ,QW7R6WUSRF
IRUL WRGRV V,QW7R6WUG>L@
)RUP0HPR/LQHV$GGV
HQG
SURFHGXUHXORKDVWDUW
EHJLQ
JHQHU
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
ZLWKXORKD&UHDWHGREHJLQ
VWDUW
)UHH
HQG
HQG
1'
SURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYHWNFKULHHQtIDUHEQHUR]OtWHSRUDGLHKUiQDOHERY\SLVXMWHSRUDGRYptVOR
KUDQ\
]REUD]XMWHSULHEHKEDFNWUDFNLQJX
]PHWHSURJUDPWDNDE\QDLHOOHQSUYpULHHQLHDUHNXU]LDNRUHNWQHVNRQLODDE\VDSRNUDRYDOR]DJHQHUY
XORKDVWDUW
WLDYQDS~WL
+ODYRODPWLDYQDS~WL
WLDYS{MGHYNDUDYiQHGQt
YHGHFN\VDXNi]DORHDNDYDSR]HUiQDGRSUDYQ~]QDNXFHOGHWDNVDMXQDXt
SUHWRQDPDRYDOLQD]DGN\WLDYU{]Q\FK]QDLHN
MHMHGQDDYDYHG~FDDWiVDQLQHXt
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
DY\RtVOXMHPHDP{HPHSUHGSRNODGDHSUYGHLG~YSRUDGt
MHYHG~FD
GUXKGHP{HE\GUXKiYHG~FDDW
DY\YNDUDYiQDFKEXGHPH]QDLGRSRD3DUUD\>@RILQWHJHU
3>@SUYGH
YSROL%>LM@VL]DSDPlWiPHLVDMWDDYDPiHWHQDXL]QDNXQD]DGNXLWHMWUXH]QDPHQiHHWHMXQHYLHDWHGD
P{HtV]DRX
SURJUDP
FRQVW
1
YDU
3DUUD\>11@RILQWHJHU
%DUUD\>11@RIERROHDQ
%5%3VHWRI1
SRFLQWHJHU
SURFHGXUHY\SLV
YDU
LMLQWHJHU
VVWULQJ
EHJLQ
LQFSRFLISRF!WKHQH[LW
)RUP0HPR/LQHV$GG,QW7R6WUSRF
IRUL WR1GREHJLQ
V
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOLB1SFIBEWBOJFTOWSBUPN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LMLQWHJHU
WLP7'DWH7LPH
EHJLQ
%XWWRQ(QDEOHG IDOVH
IRUL WR1GRIRUM WR1GR%>LM@ WUXH
3>@
IRUL WR1GREHJLQ
3>L@ L3>L@ L%>LL@ IDOVH
HQG
/RQJ7LPH)RUPDW
KPPVV]]]
WLP 1RZ
WDY\
)RUP0HPR/LQHV$GG
FDV
7LPH7R6WU1RZWLP
)RUP0HPR/LQHV$GG
SRFHW
,QW7R6WUSRF
HQG
1'
Y\OHSLWHDOJRULWPXVWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXEROLSRVOHGQpDWHGDXQHP{XE\SRVOHGQp^WHVW
P{H` !YUD]QHWRXUFKOLSURJUDP
GRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
]LVWLWHSRHWULHHQtSUH1
'HOSKL SRVOHGQi]PHQD !
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
10. prednka: Backtracking na grafoch
SUHGQiND%DFNWUDFNLQJQDJUDIRFK DSU
3UHKDGiYDQLHJUDIXVQiYUDWRPLOXVWUXMHPHQDSUtNODGRFK]RVN~RN
9\WYiUDQLHRKRGQRWHQLDKUiQJUDIX
9VNXPQ~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOW~GLXSUHDHQRVWLQLHNRNFKXOtFDNULRYDWLHNYPHVWH8OLFHGRVWDOLFHORtVHOQp
NODGQpRKRGQRWHQLDDKRGQRW\NULRYDWLHNVDSRWRPY\SRtWDOLDNRV~W\KRGQ{WXOtFNWRUpYFKiG]DM~GRNULRYDWN\1HGRSDWUHQtP
VDSRNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRtWDLSULRPVD]PDS\RKRGQRWHQt]DFKRYDOLOHQKRGQRW\NULRYDWLHN9DRX~ORKRX
EXGHQDStVDSURJUDPNWRUVDSRN~VLQiMVWDNpRKRGQRWHQLHFLHVW]NWRUpKRVDSUHGWPPRKOLSRtWDKRGQRW\NULRYDWLHN
3UHGSRNODGiPHHSOiQPHVWDMHRKRGQRWHQQHRULHQWRYDQJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~NULRYDWN\7HQWRJUDIMH
]DGDQYV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGNRXYLHWYNWRURPNDGiYHWDSRSLVXMHMHGQXNULRYDWNX
YHWD]DtQDRKRGQRWHQtPNULRYDWN\LQWHJHU
DOHMQDVOHGXM~FHOptVODLQWHJHU[RYiD\RYiV~UDGQLFDXPLHVWQHQLHNULRYDWN\YSORFKH
]DWPQDVOHGXMH]R]QDPSRUDGRYFKtVHONULRYDWLHNVNWRUPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDPEDMWRYXNRQHQ
QXORYRXKRGQRWRXSUYiNULRYDWNDYV~ERUHPiSRUDGRYptVOR
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHYLDFDNRNULRYDWLHN6~ERUQDtWDMWHSRPRFRX76WUHDP
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORRQDMSRKRGOQHMLH1DREUD]RYNHKRY\NUHVOLWHWDNHYUFKRO\VD
QDNUHVOLDPDOPNU~NRPVtVHOQPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDtVHOQpRKRGQRWHQLHXOLFH+UDQ\QDNUHVOLWH
HGRXIDUERX
*UDILFN~SORFKXP{HWHUHDOL]RYDNRPSRQHQWRP7,PDJHYHNRVWLPLQLPiOQH[2NUHP7,PDJHSRXLWHWODLGORNRPSRQHQW
7%XWWRQNWRUpQDWDUWXMHVDPRWQpULHHQLH~ORK\
3R]QiPN\
RKRGQRWHQJUDIEXGHPHUHSUH]HQWRYDWDEXNRXVXVHGQRVWt
ORJLFNiIXQNFLDRN]LVXMHLH[LVWXMHYUFKROSUHNWRU
EXQHPiYRQ~KUDQXDKRGQRWDYUFKROX!
DOHERH[LVWXMHYRQiKUDQDDKRGQRWDYUFKROX
EDFNWUDFNLQJSRVWXSQHSUHFKiG]DYHWN\YRQpKUDQ\JUDIXDSRN~DVDLFKRKRGQRFRYDU{]Q\PLKRGQRWDPL
QDVSRPDOHQLH]REUD]RYDQLDSULHEHKXEDFNUDFNLQJXSRXtYDPHSRPRFQ~SURFHG~UXFDNDM
DVULHHQLD
FRQVW
QLHMHVSRM YROQH PD[
W\SH
7*UDI FODVV
QLQWHJHU
JDUUD\>PD[@RIUHFRUG
K[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
HQG
F7&DQYDV
PDPERROHDQ
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJLMLQWHJHU
SURFHGXUHKODGDM
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV
YDU
LMLQWHJHU
SE\WH
W76WUHDP
EHJLQ
F FF
IRUL WRPD[GR
IRUM WRPD[GRJ>L@V>M@ QLHMHVSRM
Q
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
LQFQ
ZLWKJ>Q@GREHJLQ
W5HDGKW5HDG[W5HDG\
UHSHDW
W5HDGS
LIS!WKHQEHJLQ
V>S@ YROQHJ>S@V>Q@ YROQH
HQG
XQWLOS
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO/W*UD\
IRUL WRQGR
IRUM LWRQGR
LIJ>L@V>M@!QLHMHVSRMWKHQEHJLQ
ZLWKJ>L@GRF0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
F3HQ&RORU FO%ODFN
F%UXVK6W\OH EV6ROLG
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
F7H[W2XW[\,QW7R6WUK
HQG
HQG
SURFHGXUH7*UDIKODGDM
EHJLQ
PDP IDOVH
EDFNWUDFNLQJ
F)RQW+HLJKW
LIPDPWKHQ
F7H[W2XW
1DLHOVRPULHHQLH
HOVH
F7H[W2XW
1HQDLHOVRPULHHQLH
HQG
SURFHGXUHFDNDMPVLQWHJHU
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJLMLQWHJHU
SURFHGXUHSLVLMFLVLQWHJHU
YDU
[\LQWHJHU
EHJLQ
[ J>L@[J>M@[GLY\ J>L@\J>M@\GLY
F)LOO5HFW5HFW[\[\
LIFLV!WKHQF7H[W2XW[\,QW7R6WUFLV
HQG
IXQFWLRQRNERROHDQ
YDU
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
M ZKLOHM QDQGJ>L@V>M@!YROQHGRLQFM
LIM Q J>L@K WKHQEHJLQ
5HVXOW IDOVHH[LW
HQG
HQG
5HVXOW WUXH
HQG
YDU
NLQWHJHU
EHJLQ
UHSHDWKDGiHWHQHRKRGQRWHQ~KUDQX
LQFMLIM!QWKHQEHJLQLQFLM LHQG
XQWLOL QRUJ>L@V>M@ YROQH
LIL QWKHQEHJLQQDLHOULHHQLH
PDP WUXHH[LW
HQG
IRUN PLQJ>L@KJ>M@KGRZQWRGREHJLQPLQMHYXQLWH0DWK
J>L@V>M@ NJ>M@V>L@ NGHFJ>L@KNGHFJ>M@KN
LIRNWKHQEHJLQ
SLVLMN&DNDM
EDFNWUDFNLQJLMLIPDPWKHQH[LWVWDtOHQSUYpULHHQLH
SLVLM&DNDM
HQG
J>L@V>M@ YROQHJ>M@V>L@ YROQHLQFJ>L@KNLQFJ>M@KN
HQG
HQG
WHVWRYDFLH~GDMRYpV~ERU\
+DGDQLHRQDMGOKHMFHVW\YJUDIH
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGQLNRYS{GRU\VYHNRVWL0[1MHGQRWNRYFKWYRUFRY9WHMWRKDOHVDQDFKiG]DM~U{]QH
VNULQHSROLFHVWURMHDLQpSUHNiN\NWRUpYG\]DEHUDM~QHMDN~REGQLNRY~REODVY]iNODGQHMVLHWLKDO\3RGQLNN~SLOLVWLDFHKR
URERWDNWRUPiREFKiG]DKDOXDSULWRPLVWLQHREVDGHQpDVWLKDO\.HHURERWMHFLWOLYQDYOKN~GOiNXNWRU~SRVHEH
]DQHFKiYDSULLVWHQtYSRGQLNXVDUR]KRGOLHNPVDWiWRSRUXFKDQHRGVWUiQLSRN~VLDVDSUHURERWDQDYUKQ~WDN~WUDVXDE\
Y\LVWLOPD[LPiOQ\SULHVWRUDSULWRPGYDNUiWQHYVW~SLOQDWHQLVWWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYV~ERUHKDODGDWP{HWHSUHGSRNODGDHMH]DGDQNRUHNWQHV~ERUVSUDFXMWHSRPRFRX
76WUHDP3UYpGYDEDMW\REVDKXM~YHNRVKDO\SRHWULDGNRYDVWSFRYWYRUFRYHMVLHWHQLHV~YlLHDNR=DWPQDVOHGXM~
YHW\DGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiN\YGYRFKEDMWRFKV~UDGQLFDDYpKRKRUQpKRWYRUFDSUHNiN\ULDGRNVWSHFD
YDOtFKGYRFKEDMWRFKYHNRVSUHNiN\SRHWULDGNRYDVWSFRY
9iSURJUDPQDMSUYQDtWDDY\NUHVOtKDOXQDREUD]RYNXWDNHVDQDNUHVOtWYRUFRYiVLHYHNRVMHGQRWNRYpKRWYRUFDMHY
NRQWDQWHSURJUDPX9DREVDGHQpSROtNDVDY\IDUELDWPDYRHGRXIDUERXDOHMVDDNiHSRXtYDWHP\RX]DGiWDUWRY~SR]tFLX
URERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtNRSURJUDPDNiQRYpNOLNQXWLHWDUWRY~SR]tFLXQHMDNRIDUHEQHY\]QDWH
DVULHHQLD
FRQVW
Y Y YGLYYHNRVSROtNDWYRUFRYHMSORFK\
W\SH
7*UDI FODVV
PD[\PD[[E\WH
JDUUD\>@RIUHFRUG
SVSRHWVXVHGRY
VXVDUUD\>@RI73RLQW
YLVERROHDQ
HQG
PD[FFDUUD\RI73RLQWPD[LPiOQDDPRPHQWiOQDFHVWD
PPSLQWHJHUPD[LPiOQHPRQiFHVWD SRHWQHREVDGHQFKSROtRN
VWRSFDNDM0\VERROHDQ
JU7&DQYDV
FRQVWUXFWRU&UHDWHPVWULQJJUU7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ[\LQWHJHU
SURFHGXUHVWDUW[\LQWHJHU
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJJUU7&DQYDV
SURFHGXUHSULGDMLMLLMMLQWHJHU
EHJLQ
LILLRULL!PD[\RUMMRUMM!PD[[WKHQH[LW
ZLWKJ>ML@GREHJLQ
LQFSVVXV>SV@ 3RLQWMMLL
HQG
HQG
YDU
W76WUHDP
[\LQWHJHU
[[\\Y\VVLUE\WH
EHJLQ
JU JUU
IRU\ WRPD[\GR
IRU[ WRPD[[GR
ZLWKJ>[\@GREHJLQ
SV YLV IDOVH
HQG
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
W5HDGPD[\W5HDGPD[[
IRU\ WRPD[\GR
IRU[ WRPD[[GREHJLQ
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
HQG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
JU%UXVK6W\OH EV6ROLG
IRUL WRPD[\GR
IRUM WRPD[[GREHJLQ
LIJ>ML@YLVWKHQ
JU%UXVK&RORU FO*UD\
HOVH
JU%UXVK&RORU FO:KLWH
JU5HFWDQJOHM
YYL
YYM
YL
Y
HQG
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ[\LQWHJHU
YDU
NLQWHJHU
EHJLQ
LIVWRSRU/HQJWKPD[F PPSWKHQH[LW
J>[\@YLV WUXHJU3L[HOV>[
YY\
YY@ FO%ODFN]D]QDDK
6HW/HQJWKF/HQJWKFF>+LJKF@ 3RLQW[\
LI/HQJWKF!/HQJWKPD[FWKHQPD[F F
FDNDM
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQ
EDFNWUDFNLQJVXV>N@[VXV>N@\
SURFHGXUH7*UDIVWDUW[\LQWHJHU
YDU
L[[\\LQWHJHU
EHJLQ
LIQRWFDNDM0\VWKHQH[LW
EDFNWUDFNLQJ[\
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH
KDODGDW
,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
JVWDUW;GLYY<GLYY
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LIJFDNDM0\VWKHQH[LW
%XWWRQ(QDEOHG IDOVH
JVWRS WUXH
HQG
WHVWRYDFLH~GDMRYpV~ERU\
+DGDQLHL]RPRUIL]PX
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGNRXYLHWDPDM~QDVOHGRYQ~WUXNW~UX
NDGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
YHWD]DtQDGYRMLFRXFHOFKtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
]DWPQDVOHGXMHSRHWVXVHGQFKYUFKRORYE\WH
tVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYJUDIRYV~PHQLHDNRDWHGDDNEXGHJUDILFNiSORFKDLURNiDVSRFHOREUi]RNJUDIXYRMGHQD
SRORYLFXSORFK\3UYQDtWDQJUDIY\NUHVOLWHQDS{YRGQFKV~UDGQLFLDFKYUFKRORYGUXKJUDISRVXWHRGRSUDYD9UFKRO\
JUDIRY]REUD]WHPDOPLNROLHVNDPLKUDQ\~VHNDPLQDSUELHOHMIDUE\*UDI\UHSUH]HQWXMWHYSDPlWLWDNDE\VDYiPVQLPLGREUH
SUDFRYDOR
9V~ERUHQHPXVLDE\YHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRNRPiE\JUDIQHRULHQWRYDQ]DEH]SHWHVSUiYQX
UHSUH]HQWiFLX0{HWHSUHGSRNODGDHV~ERU\V~NRUHNWQp6SUDFXMWHLFKSRPRFRX76WUHDP
DVULHHQLD
W\SH
7*UDI FODVV
QLQWHJHU
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
HQG
F7&DQYDV
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV[LQWHJHU
SURFHGXUHNUHVOL
IXQFWLRQVWXSHQLLQWHJHULQWHJHU
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV[LQWHJHU
YDU
W76WUHDP
LLQWHJHU
SE\WH
VVDUUD\>E\WH@RIE\WH
EHJLQ
F FF
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
Q
ZKLOHW3RVLWLRQW6L]HGR
ZLWKJ>Q@GREHJLQ
LQFQ
W5HDG[W5HDG\LQF[[
W5HDGSW5HDGVV>@S
IRUL WRSGREHJLQ
V V>VV>L@@J>VV>L@@V J>VV>L@@V>Q@
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO%ODFN
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
IRUM LWRQGR
LIMLQVWKHQEHJLQ
F0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
HQG
HQG
W\SH
78ORKD FODVV
JDUUD\>@RI7*UDI
WDUUD\>E\WH@RILQWHJHU
YVHWRIE\WHPQRLQDXSULUDGHQFKYUFKRORY]*
PDPERROHDQXPiPULHHQLH
F7&DQYDV
FRQVWUXFWRU&UHDWHPPVWULQJLP7,PDJH
SURFHGXUHVWDUW
SURFHGXUHEDFNWUDFNLQJLLQWHJHU
HQG
FRQVWUXFWRU78ORKD&UHDWHPPVWULQJLP7,PDJH
EHJLQ
F LP&DQYDV
J>@ 7*UDI&UHDWHPF
J>@ 7*UDI&UHDWHPFLP:LGWKGLY
F)RQW&RORU FO5HG
F)RQW+HLJKW
PDP J>@Q!J>@Q
LIPDPWKHQ
F7H[W2XW
1HVHGtSRHWYUFKRORY*UDI\QLHV~L]RPRUIQp
HQG
SURFHGXUH78ORKDVWDUW
EHJLQ
LIPDPWKHQH[LW
Y >@
EDFNWUDFNLQJ
LIPDPWKHQ
F7H[W2XW
*UDI\V~L]RPRUIQp
HOVH
F7H[W2XW
*UDI\QLHV~L]RPRUIQp
HQG
LVDSULGDQtPLWHKRYUFKROXQHSRND]LOGRWHUDMtL]RPRUIL]PXV
IXQFWLRQWHVWLMLQWHJHUERROHDQ
YDU
NLQWHJHU
EHJLQ
5HVXOW IDOVH
LIJ>@VWXSHQL!J>@VWXSHQMWKHQH[LWPXVtVHGLHVWXSHRERFKYUFKRORY
IRUN WRLGR
LINLQJ>@J>L@V!W>N@LQJ>@J>M@VWKHQH[LW
5HVXOW WUXH
HQG
YDU
MLQWHJHU
EHJLQ
IRUM WRJ>@QGR
LIQRWMLQYDQGWHVWLMWKHQEHJLQ
YDU
X78ORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
X 78ORKD&UHDWH
JUDIGDW
JUDIGDW
,PDJH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
XVWDUW
HQG
WHVWRYDFLH~GDMRYpV~ERU\
'HOSKL SRVOHGQi]PHQD !
SUHGQiND,QIRUPiFLHNXVN~NH DSU
%RGRYDQLH
%RG\SRDVVHPHVWUDDYVN~REQRPREGREt
UR]FYLN\SRDVVHPHVWUD
SURMHNW
WHVWNXVN~NH
SUDNWLFNiVN~ND
VSROX
6SROXP{HWH]tVNDPD[LPiOQHSUpPLRYFKERGRY
9VOHGQi]QiPND
3RDEVROYRYDQtSUDNWLFNHMVN~N\VD]QiPNDY\SRtWDWDNWR
$
%
&
'
(
)[
$NVDQDSUDNWLFNHMVN~NH]tVNDORPHQHMDNRERGRY]QiPNDMH)[
7HVWNXVN~NHSUHEHKQHYVWUHGXRGYSRVOXFKiUDFK$%D&
7HUPtQ\SUDNWLFNHMVN~N\EXG~YGRFKDYG\RGYKDOiFK+
D+
3UHULHWHVL~ORK\]PLQXORURQpKRWHVWX
7HVW]3URJUDPRYDQLDSUHURQtN PiM
QD]DLDWNXNDGpKRSUtNODGXXYiG]DPHSRHWERGRYNWRUpVDGDOL]tVND]DSUtNODGSULHPHUQH]tVNDQSRHWERGRY
3R]QSRGUXKRPNURNXE\PDOLE\YSRVOHGQFKGYRFKSUYNRFKSRDGYHPD[LPiOQHKRGQRW\
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDU
LLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGY
YLVLWHG >@
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
Y\StKRGQRWXYUFKROXY
IRUL WRSRFBYUFKRORYGR
LIMH+UDQDYLWKHQ
TDSSHQGL
HQG
XQWLOTHPSW\
T)UHH
HQG
0HWyGXGRVLUN\VPH]DYRODOLVSRLDWRQPYUFKRORP$'RStWHGRJUDIXRVWDWQp]QDN\WDNDE\VDYUFKRO\Y\StVDOLY
SRUDGt
$'(*,&%)+
YQ~WRUQHYGiWRYHMWUXNW~UHV~YUFKRO\YSRUDGt]DYDGRSUDYD]KRUDQDGRO
SURFHGXUHXUREYDUDDUUD\RIAUHDO
YDU
LMLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGREHJLQ
M LUHSHDWLQFMXQWLOM KLJKDDQGD>L@ D>M@
LIM KLJKDWKHQEHJLQGLVSRVHD>M@AD>M@A D>L@AHQG
HQG
HQG
SURFHGXUHNRG\YDUWWH[WILOH
YDU
WDEDUUD\>@RI
UHFRUGSSRLQWHUGLQWHJHUHQG
VVWULQJ
N
EHJLQ
IRUN WRGRWDE>N@S QLO
ZKLOHQRWHRIWGREHJLQ
UHDGOQWNV
LIWKHQEHJLQ
VHWOHQJWKV
PRYHWDE>N@G
IUHHPHP
HQG
JHWPHPWDE>N@S
WDE>N@G OHQJWKV
PRYHV>@
HQG
HQG
SURFHGXUHVRUW]NLQWHJHU
YDU
SLYRWLQWHJHU
EHJLQ
LI]NWKHQEHJLQ
ZULWH
UR]GHO]NSLYRW
VRUW]SLYRWVRUWSLYRWN
HQG
HQG
9\P\VOLWHVHGHPSUYNRYpSROHU{]Q\FKtVHOSUHNWRUpVDY\StHKYLH]GLLHN
W\SH
7$WRP LQWHJHU
Y]R]QDP FODVVHQG
D6ORYQHSRStWHRY\SRtWDIXQNFLDOLVS
E1DYUKQLWHYVWXSQYHREHFQ]R]QDPNWRUREVDKXMHOHQDWyP\DNDGptVORSUiYHUD]WDNDE\
YVOHGNRPIXQNFLHERORtVOR
7HRUHWLFN\VDGDOR]tVNDERGRY]WRKRVDEUDORPD[LPiOQHSULHPHUEROERGX
8NiNRYSUtNODG]RVN~N\
.RPSOHWQpULHHQLHMHGQpKRSUtNODGX]PLQXORURQHMVN~N\1DMSUY]DGDQLH
9UiPFLDNFLHLVWpUXN\VDYOiGDUR]KRGODGRNDGpKRRNUHVXQDVDGLMHGQpKRDJHQWDNWRUEXGHGEDQDLVWRWX1DNRNRVD
NRDOtFLDVNODGi]RW\URFKVWUiQDE\ERODRQDMYLDF]DEH]SHHQiNRUHNWQRVNRQWUROYOiGDVDX]QLHVODHYNDGFKGYRFK
VXVHGLDFLFKRNUHVRFKPXVtE\NRQWUROyUQRPLQRYDQLQRXSROLWLFNRXVWUDQRX2NUHPWRKRVLSUHPLpUY\KUDGLOSUiYRGRQLHNWRUFK
QDMVNRUXPSRYDQHMtFKRNUHVRYGRVDGLDJHQWRY]RVYRMHMVWUDQ\VDPR]UHMPHHWLHWRRNUHV\QHP{XE\QDY]iMRPVXVHGLDFH
SUHGSRNODGiPHHSUHPLpUMHOHQRPMHGQHM]NRDOLQFKVWUiQ
1DStWHSURJUDPNWRUSRP{H~UDGXYOiG\QDYUKQ~UR]ORHQLHSUHGVWDYLWHRYVWUiQNRDOtFLHGRMHGQRWOLYFKRNUHVRYSULRPVD
EXGHUHSHNWRYDSUHPLpURYQiYUKQDQLHNWRUpRNUHV\3URJUDPQDMSUYQDtWDLQIRUPiFLHRRNUHVRFK]RV~ERUXRNUHV\GDWSRWRPY
JUDILFNHMSORFKH]REUD]t]DWLDQH]DIDUEHQ~PDSX7HUD]VDDNiQDQLHNRNRNOLNQXWtGRQLHNWRUFKRNUHVRYNWRUpVD]DIDUELDIDUERX
SUHPLpURYHMVWUDQ\3RNOLNQXWtQDWODLGOR7$57VDVSXVWtDOJRULWPXVNWRUEXGHKDGDUR]GHOHQLHRNUHVRYSUHMHGQRWOLYpVWUDQ\
.DGiVWUDQDEXGHPDXUHQ~MHGQXIDUEXDWRXIDUERXVD]DIDUELDQDPDSHMHMSULGHOHQpRNUHV\
6~ERURNUHV\GDWPiQDVOHGXM~FXWUXNW~UX
NDGRNUHVMHSRStVDQMHGQPEORNRP~GDMRY
EORN]DtQDSR]tFLRXRNUHVQpKRPHVWDYJUDILFNHMSORFKHV~WRGYHWYRUEDMWRYpFHOptVOD
DOHMQDVOHGXMHPQRLQDSRUDGRYFKtVHOVXVHGLDFLFKRNUHVRYRNUHV\tVOXMHPHRGYV~ERUHMHWRXORHQpDNRW\SVHWRI
E\WH
]DWPLGHSRVWXSQRVERGRYREU\VXRNUHVXWHGDQDMSUYSRHWWFKWRERGRYEDMWDSRWRPWHQWRSRHWGYRMtFFHOFKtVHO[
RYiD\RYiV~UDGQLFDRSlWYRUEDMWRYpFHOptVOD
3UHGSRNODGDMWHHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHYLDFDNRRNUHVRYDLFKREU\V\QHEXG~SR]RVWiYD]YLDFDNR
ERGRY6~ERUVSUDFXMWHOHQSRPRFRX76WUHDP
ORKXULHWHSRPRFRXDOJRULWPXSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJSULRPSULHEHQH]DIDUEXMWHRGIDUEXMWHSULUDGHQpRNUHV\
*UDI]DGHILQXMWHSRPRFRXWULHG\DUHSUH]HQWXMWHWDNDE\VDYiPVQtPRQDMOHSLHSUDFRYDOR7ULHGXGHILQXMWHYRGGHOHQHM
SURJUDPRYHMMHGQRWNHQDSU*UDI8QLWSULRPRNUHPQLHNRNFKYHUHMQFKPHWyGYHNWRRVWDWQpGHILQXMWHDNRSULYiWQHSUHPHQQpD
PHWyG\
.RPSOHWQpULHHQLHQDMSUYXQLWNWRUGHILQXMHWULHGX
XQLW*UDI8QLW
LQWHUIDFH
XVHV
:LQGRZV&ODVVHV*UDSKLFV
W\SH
79UFKRO FODVV
PVHWRIE\WHPQRLQDVXVHGRY
S73RLQWSR]tFLDRNUHVQpKRPHVWD
REDUUD\RI73RLQWREU\V
ILQWHJHUIDUED
FRQVWUXFWRU&UHDWHW76WUHDP
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
H[ERROHDQLXPiULHHQLH
JU7&DQYDV
SURFHGXUHSULGDM2NUHVW76WUHDP
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHPHQRVWULQJJJU7&DQYDV
SURFHGXUH]DIDUEL.OLN[\LQWHJHU
SURFHGXUHVWDUW
HQG
LPSOHPHQWDWLRQ
XVHV
6\V8WLOV)RUPV
FRQVW
IDUEDDUUD\>@RI7&RORU FO:KLWHFO%OXHFO5HGFO<HOORZFO*UHHQ
FRQVWUXFWRU79UFKRO&UHDWHW76WUHDP
YDU
EE\WH
LLQWHJHU
EHJLQ
I
W5HDGS6L]H2IS
W5HDGP6L]H2IP
W5HDGE6L]H2IE6HW/HQJWKREE
IRUL WREGRW5HDGRE>L@6L]H2IRE>L@
HQG
FRQVWUXFWRU7*UDI&UHDWHPHQRVWULQJJJU7&DQYDV
YDU
W76WUHDP
EHJLQ
JU JJU
W 7)LOH6WUHDP&UHDWHPHQRIP2SHQ5HDG
WU\
ZKLOHW3RVLWLRQW6L]HGRSULGDM2NUHVW
ILQDOO\
W)UHH
HQG
NUHVOL
HQG
SURFHGXUH7*UDISULGDM2NUHVW76WUHDP
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>+LJKJ@ 79UFKRO&UHDWHW
HQG
SURFHGXUH7*UDINUHVOL
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
JU%UXVK&RORU IDUED>I@
JU3RO\JRQRE
JU7H[W2XWS[S\,QW7R6WUL
HQG
HQG
SURFHGXUH7*UDI]DIDUEL.OLN[\LQWHJHU
YDU
LMLQWHJHU
EHJLQ
L +LJKJZKLOHL! DQGVTUJ>L@S[[VTUJ>L@S\\!GRGHFL
LILWKHQH[LW
ZLWKJ>L@GREHJLQ
LII!WKHQEHJLQI NUHVOLHQGXERO]DIDUEHQRGIDUEL
HOVHEHJLQ
M +LJKJZKLOHM! DQGQRWMLQPRUJ>M@I GRGHFM
LIMWKHQEHJLQI INUHVOLHQG
HQG
HQG
HQG
SURFHGXUH7*UDIVWDUW
EHJLQ
H[ IDOVH
EDFNWUDFNLQJ
JU%UXVK&RORU FO:KLWH
JU)RQW+HLJKW
LIH[WKHQEHJLQ
JU)RQW&RORU FO*UHHQ
JU7H[W2XW
QDLHOVRPULHHQLH
HQG
HOVHEHJLQ
JU)RQW&RORU FO5HG
JU7H[W2XW
~ORKDQHPiULHHQLH
HQG
HQG
SURFHGXUH&DNDMPV/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ
YDU
LMIILQWHJHU
EHJLQ
WUHEDKDGDHWHQH]DIDUEHQYUFKROQLHNWRUpEROL]DIDUEHQpNOLNDQtP
L +LJKJZKLOHL! DQGJ>L@I!GRGHFL
LILWKHQEHJLQ
H[ WUXHH[LWKXUiYHWN\YUFKRO\JUDIXV~X]DIDUEHQp
HQG
IRUII WRGREHJLQ
M +LJKJZKLOHM! DQGQRWMLQJ>L@PRUJ>M@I!IIGRGHFM
LIMWKHQEHJLQ
J>L@I IINUHVOLR]QD
FDNDMNYROLVSRPDOHQLXY\NUHVRYDQLDSULHEHKXEDFNWUDFNLQJX
EDFNWUDFNLQJSRNUDXMHPHYQDVOHGXM~FRPYUFKROH
LIH[WKHQH[LWXMHQiMGHQpQHMDNpULHHQLH
J>L@I NUHVOLRG]QD
HQG
HQG
J>L@I NUHVOL
HQG
HQG
XQLWVIRUPXOiURP
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
*UDI8QLW
^5 ')0`
YDU
J7*UDI
VWDUWERROHDQ IDOVHLMHXVSXVWHQEDFNWUDFNLQJEORNRYDQpNOLNDQLHP\RX
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH
RNUHV\GDW
,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVWDUWWKHQEDFNWUDFNLQJHWHQHEHtP{H]DIDUEL
J]DIDUEL.OLN;<
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
VWDUW WUXH
JVWDUW
HQG
HQG
WHVWRYDFt~GDMRYV~ERU
'HOSKL SRVOHGQi]PHQD !
7HVWNXVN~NH PiM
1HRULHQWRYDQRKRGQRWHQJUDIMH]DGDQWDEXNRXVXVHGQRVWt3URFHG~UDEDFNMHQHMDNDOJRULWPXVSUHKDGiYDQLD
VQiYUDWRPQDJUDIH
YDU
JDUUD\>
D
G
D
G
@RIE\WH
SRFHWLQWHJHU
SURFHGXUHEDFNYFKDU
YDU
LFKDU
MERROHDQ
EHJLQ
M WUXH
IRUL
D
WR
G
GR
LIJ>YL@!WKHQEHJLQ
GHFJ>YL@GHFJ>LY@M IDOVH
EDFNL
LQFJ>YL@LQFJ>LY@
HQG
LIMWKHQLQFSRFHW
HQG
=LVWLWHREXGHYSUHPHQQHMSRFHWSR]DYRODQtEDFN
D
3URFHG~UDNRSLUXMSUHNRStUXMHREVDKV~ERUXVPHQRPVGRV~ERUXVPHQRPV3UL
NRStURYDQtSRXLMHSRPRFQEXIHUYHNRVWLPD[
SURFHGXUHNRSLUXMVVVWULQJPD[LQWHJHU
YDU
WW76WUHDP
EXISRLQWHU
EHJLQ
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
WU\
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
BBBBBBBBBEXIBBBBBBBBBB
WU\
ZKLOHW3RVLWLRQW6L]HGR
W:ULWHBBBBBBBBBW5HDGBBBBBBBBBB
ILQDOO\
BBBBBBBBBEXIBBBBBBBBBB
WBBBBBBBBBBBBBBBBBBB]DWYRUL
HQG
ILQDOO\
WBBBBBBBBBBBBBBBBBBB]DWYRUL
HQG
HQG
'RSOWHFKEDM~FHDVWLSURJUDPX
=LVWLWHNRNRH[LVWXMHU{]Q\FKDOJHEUDLFNFKVWURPRYNWRUFKLQRUGHUMH
3UHELQiUQ\VWURPQHSR]QiPHKRGQRW\YRYUFKRORFKDOHYLHPHHPiWHQWRWYDU
DDNE\VPHYUFKRO\Y\StVDOLSUHRUGHURPGRVWDOLE\VPHY]RVWXSQHXVSRULDGDQ~
SRVWXSQRVU{]Q\FKtVHODOHMYLHPHHYHWN\YUFKRO\NWRUpV~URYQDNR
Y]GLDOHQpRGNRUHDPDM~VYRMXtVHOQ~KRGQRWX]ORHQ~OHQ]URYQDNFKFLILHU
QDSUVDPpWM2tVOXMWHVWURP
,GHXOH[LNRJUDILFNpKRVWURPXY\XLMHPHQD]LVWHQLHIUHNYHQQHMWDEXN\]FHOFKtVHO
SULRPWLHWRtVODEXGHPHUR]REHUDSRELWRFKD]WRKRWRVDEXGHPHUR]KRGRYDNDP
SRNUDRYDYVWURPH
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMLLQWHJHU
IXQFWLRQY\SLVLMLQWHJHUVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>@ QLOS>@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMLLQWHJHU
EHJLQ
LIL WKHQLQFSRFHW
HOVHEHJLQ
LIS>LPRG@ QLOWKHQS>LPRG@ 7/H[6WURP&UHDWH
S>LPRG@SULGDMLGLY
HQG
HQG
HOVH5HVXOW
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVLM
M
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVL
M
HQG
O 7/H[6WURP&UHDWH
IRUL WRGROSULGDML
/DEHO&DSWLRQ OY\SLV
9SURJUDPHMHFK\EDDSUHWRQiPYSLVQHGiVSUiYQHYVOHGN\
D=LVWLWHRVDSUHVQHY\StH
E2SUDYWHFK\EX
F=LVWLWHRVDY\StHSRRSUDYHFK\E\
3UHGY\NRQDQtPSURFHG~U\9\WYRU+DOGXY\]HUiSROH]NWRUpKRFKFHPHY\WYRULKDOGX
WDNWR
9\StWHREVDKSRDSRVNRQHQtSURFHG~U\
1HRULHQWRYDQJUDIMHUHSUH]HQWRYDQSRRPPQRtQVXVHGRY
W\SH
7*UDI FODVV
JDUUD\RIVHWRIE\WH
SURFHGXUHSULGDM9UFKRO
SURFHGXUHSULGDM+UDQXLMLQWHJHU
HQG
SURFHGXUH7*UDISULGDM+UDQXLMLQWHJHU
EHJLQ
LIL!MWKHQEHJLQ
J>L@ J>L@>M@J>M@ J>M@>L@
HQG
HQG
SURFHGXUH7*UDISULGDM9UFKRO
YDU
LMLQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
L KLJKJJ>L@ >@M LGLY
ZKLOHM!GREHJLQ
SULGDM+UDQXLM
M MGLY
HQG
HQG
3R]DYRODQt
J 7*UDI&UHDWH
IRUL WRGRJSULGDM9UFKRO
VDY\WYRUtJUDIVYUFKROPL
D1DNUHVOLWHWHQWRJUDI
E1DYUKQLWHGRJUDIXPLQLPiOQ\SRHWQRYFKKUiQWDNDE\VDWHQWRJUDI
VWDOV~YLVO
3RPRFRXWULHGHQLD]OXRYDQtPFKFHPHXWULHGLSUYNRYpSROH
DVDOJRULWPXY\]HUiWDNWR
YDU
SDUUD\>@RILQWHJHU
SRFHWLQWHJHU
SURFHGXUHPHUJH6RUW]NLQWHJHU
YDU
VLQWHJHU
EHJLQ
LQFSRFHW
LI]NWKHQEHJLQ
V ]NGLY
PHUJH6RUW]V
PHUJH6RUWVN
]OXF]VN
HQG
HQG
3RPRFQiSURFHG~UD]OXF]O~LXWULHGHQpDVWL
=LVWLWHNRNRNUiWVD]DYROiWiWRUHNXU]tYQDSURFHG~UDPHUJH6RUWSUHGDQpSROHDN
MHSUYpYRODQLHPHUJH6RUWWM]DXMtPDQiVKRGQRWDSUHPHQQHMSRFHW
0iPHGDQ~SRVWXSQRVtVHONWRU~EXGHPHSRVWXSQHSULGiYDGRELQiUQHKR
Y\KDGiYDFLHKRVWURPXSRPRFRXQDVOHGRYQpKRSRVWXSX
YDU
SDUUD\>@RILQWHJHU
V 7%96&UHDWH
L M
ZKLOHLGREHJLQ
VYOR]S>L@VYOR]S>L@LQFL
V]UXVS>M@LQFM
HQG
1DNUHVOLWHYVOHGQVWURP3UHGSRNODGiPHHPHWyGD]UXVNHWUHED]DPLHD
Y\KDG]RYDQYUFKROVPLQLPiOQ\PYUFKRORP]SUDYpKRSRGVWURPX
3UHMHGQRVPHUQVSiMDQ]R]QDPSRWUHEXMHPH]DGHILQRYDPHWyGXYVHWN\NWRUiEXGH
SRVWXSQHWHVWRYDU{]QHILOWURYDFLHIXQNFLHDDNMHQHMDNi]QLFKVSOQHQiWDNVDVSXVWt
SUtVOXQSUtND])LOWHUDMSUtND]]DGHNODUXMWHDNRSURFHGXUiOQHW\S\VMHGQPSDUDPHWURP
W\SX79UFKRO
W\SH
SULND] BBBBBBBBBBBBBBBBBBBBBBBBB
ILOWHU BBBBBBBBBBBBBBBBBBBBBBBBB
ISULND] UHFRUGIILOWHUSUSULND]HQG
7=R]QDP FODVV
]N79UFKRO
SURFHGXUHYVHWN\ISDUUD\RIISULND]
HQG
SURFHGXUH7=R]QDPYVHWN\ISDUUD\RIISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
IRUL ORZISWRKLJKISGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQ
BBBBBBBBBBBBBBBBBBBBBBBBB
S SQH[W
HQG
HQG
$NYSROLISMHQDPLHVWRILOWUDQLO]QDPHQiWRHSUtVOXQSUtND]VDPiY\NRQD
'HOSKL SRVOHGQi]PHQD !
FYLHQLH
6PHUQtN\
0DMPHSROH
YDUDDUUD\RIALQWHJHU
QLHNWRUpSUYN\V~QLOLQpV~VPHUQtNPLQDLQWHJHU
9SROLP{HPHPDXORHQpLQIRUPiFLHRY\PHNDQFKKRGLQiFKWXGHQWRY69\WYRUWHSUtND]\SUH
]DUDGHQLHQRYpKRWXGHQWDVKRGLQDPLKQDNRQLHFSRDDNQHPiY\PHNDQpKRGLQ\SROtNRPiKRGQRWXQLO
Y\SRtWDQLHV~WXY\PHNDQFKKRGtQFHOHMWULHG\SUtSSULHPHUX
]YHQLHY\PHNDQFKKRGtQSUHWXGHQWDVtVORPL
YDU
DDUUD\RIALQWHJHU
QRYVKRGQRWRXK
VHWOHQJWKD/HQJWKD
LIK WKHQD>L@ QLO
HOVHEHJLQ
QHZD>L@
D>L@A K
HQG
V~HW
VXFHW
IRUL WR+LJKDGR
LID>L@!QLOWKHQ
VXFHW VXFHWD>L@A
]YLWHKR
LID>L@!QLOWKHQLQFD>L@A
HOVHEHJLQ
QHZD>L@
D>L@A
HQG
7~LVW~~ORKXULHWHSUHSROHQHW\SRYFKVPHUQtNRY
YDUDDUUD\RISRLQWHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
YDU
DDUUD\RISRLQWHU
QRYVKRGQRWRXK
VHWOHQJWKD/HQJWKD
LIK WKHQD>L@ QLO
HOVHEHJLQ
JHWPHPD>L@VL]HRILQWHJHU
PRYHKD>L@AVL]HRILQWHJHU
HQG
V~HW
VXFHW
IRUL WR+LJKDGR
LID>L@!QLOWKHQ
VXFHW VXFHWLQWHJHUD>L@A
]YLWHKR
LID>L@!QLOWKHQLQFLQWHJHUD>L@A
HOVHEHJLQ
JHWPHPD>L@VL]HRILQWHJHU
LQWHJHUD>L@A U PRYHUD>L@AVL]HRILQWHJHU
HQG
7ULHGD7/LVW
9'HOSKLMHSUHGGHILQRYDQiWULHGD7/LVW XGULDYDG\QDPLFNpSROHSRLQWURYDVWRVDSRXtYDQDSUiFXVR]R]QDPRP
REMHNWRY3RN~VLPHVDQDSURJUDPRYDMHKRPHWyG\
W\SH
P\7/LVW FODVV
SULYDWH
)/LVWDUUD\RISRLQWHU
)&RXQW,QWHJHU
SURFHGXUH6HW&RXQW1HZ&RXQW,QWHJHU
IXQFWLRQ*HW,QGH[,QWHJHU3RLQWHU
SURFHGXUH3XW,QGH[,QWHJHU,WHP3RLQWHU
SXEOLF
IXQFWLRQ$GG,WHP3RLQWHU,QWHJHU
SURFHGXUH'HOHWH,QGH[,QWHJHU
SURSHUW\&RXQW,QWHJHUUHDG)&RXQWZULWH6HW&RXQW
SURSHUW\,WHPV>,QGH[,QWHJHU@3RLQWHUUHDG*HWZULWH3XW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH'HOHWH,QGH[,QWHJHU
SURFHGXUHP\7/LVW'HOHWH,QGH[,QWHJHU
EHJLQ
LI,QGH[RU,QGH[! )&RXQWWKHQ(UURU
P\7/LVWLQGH[PLPR
'HF)&RXQW
LI,QGH[)&RXQWWKHQ
6\VWHP0RYH)/LVW>,QGH[@)/LVW>,QGH[@)&RXQW,QGH[
6L]H2I3RLQWHU
HQG
SURSHUW\&RXQW,QWHJHUUHDG)&RXQWZULWH6HW&RXQW
SURFHGXUHP\7/LVW6HW&RXQW1HZ&RXQW,QWHJHU
YDU
,,QWHJHU
EHJLQ
LI1HZ&RXQWWKHQ(UURU
P\7/LVWLQGH[PLPR
LI1HZ&RXQW!/HQJWK)/LVWWKHQ6HW&DSDFLW\1HZ&RXQWSROHHWHQHERORWDNp
GOKp
LI1HZ&RXQW!)&RXQWWKHQ]YltPH
)LOO&KDU)/LVW>)&RXQW@1HZ&RXQW)&RXQW
6L]H2I3RLQWHU
HOVHPDHPH
IRU, )&RXQWGRZQWR1HZ&RXQWGR'HOHWH,
)&RXQW 1HZ&RXQW
HQG
SURSHUW\,WHPV>,QGH[,QWHJHU@3RLQWHUUHDG*HWZULWH3XW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUHP\7/LVW3XW,QGH[,QWHJHU,WHP3RLQWHU
EHJLQ
LI,QGH[RU,QGH[! )&RXQWWKHQ(UURU
P\7/LVWLQGH[PLPR
)/LVW>,QGH[@ ,WHP
HQG
DOLHPHWyG\DNR
1'
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
ELQiUQHV~ERU\
9\VYHWOL
W\SVWULQJ>@QDUR]GLHORGVWULQJQLHMHVPHUQtNDOHVWDWLFN\Y\KUDGHQiSDPlYHNRVWLRYLDFDNRtVORY>@
YUHFRUGNWRUpVD]DSLVXM~GRV~ERUXtWDM~]RV~ERUXVDQHP{HSRXLVWULQJDOHP{HVWULQJ>tVOR@
1DVOHGXM~FLSUtNODGULHL
DNRW\SRY
DNRQHW\SRYVGNRXEORNXVL]HRIYHWD
DNRQHW\SRYVGNRXEORNXEH]SUHPHQQHMW\SXYHWDDOHVSUHPHQQPLW\SXVWULQJ>@E\WH
SRPRFRX76WUHDP
'DQMHELQiUQ\V~ERUVWXGHQWLGDWNWRUREVDKXMHLQIRUPiFLHRWXGHQWRFKWXGXM~FLFKQDRGERUHLQIRUPDWLNDYSUYRP
URQtNX9HWDYV~ERUHMHW\SX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
VSROX]LDNE\WH
HQG
NGHSRORNDVSROXLDNREVDKXMHtVORYHW\YV~ERUHYNWRUHMMHPHQRDOLHKRVSROXLDND]URYQDNpKRNU~NXSRVOHGQ]
NU~NXY]R]QDPHRGND]XMHQDSUYpKR]URYQDNpKRNU~NX1DStWHSURJUDPNWRUY\WYRUtELQiUQ\V~ERUNUX]RNGDW
7HQWRV~ERUE\PDOREVDKRYDYHWNFKWXGHQWRYNWRUtSDWULDGRURYQDNpKRNU~NXDNRSUYWXGHQWYV~ERUH
VWXGHQWLGDW
SRPRFRXW\SRYpKRV~ERUX
YDU
IIIILOHRIYHWD
YYHWD
EHJLQ
$VVLJQ)LOHII
VWXGHQWLGDW
5HVHWII
$VVLJQ)LOHI
NUX]RNGDW
5HZULWHI
LIQRW(RIIIWKHQEHJLQ
5HDGIIY
:ULWHIY
ZKLOHYVSROX]LDN!GREHJLQ
VHHNIIYVSROX]LDN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
5HDGIIY
:ULWHIY
HQG
HQG
&ORVH)LOHII
&ORVH)LOHI
HQG
QHW\SRYVGNRXYHW\VL]HRIYHWD
YDU
IIIILOH
YYHWD
LLQWHJHU
EHJLQ
$VVLJQ)LOHII
VWXGHQWLGDW
5HVHWIIVL]HRIY
$VVLJQ)LOHI
NUX]RNGDW
5HZULWHIVL]HRIY
LIQRW(RIIIWKHQEHJLQ
%ORFN5HDGIIYL
%ORFN:ULWHIYL
ZKLOHYVSROX]LDN!GREHJLQ
VHHNIIYVSROX]LDN
%ORFN5HDGIIYL
%ORFN:ULWHIYL
HQG
HQG
&ORVH)LOHII
&ORVH)LOHI
HQG
QHW\SRYVGNRXYHW\EH]SUHPHQQHMW\SXYHWD
YDU
IIIILOH
PVWULQJ>@
VE\WH
LLQWHJHU
EHJLQ
$VVLJQ)LOHII
VWXGHQWLGDW
5HVHWII
$VVLJQ)LOHI
NUX]RNGDW
5HZULWHI
LIQRW(RIIIWKHQEHJLQ
%ORFN5HDGIIPVL]HRIPL
%ORFN:ULWHIPVL]HRIPL
%ORFN5HDGIIVVL]HRIVL
%ORFN:ULWHIVVL]HRIVL
ZKLOHV!GREHJLQ
VHHNIIV
VL]HRIPVL]HRIV
%ORFN5HDGIIPVL]HRIPL
%ORFN:ULWHIPVL]HRIPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
%ORFN5HDGIIVVL]HRIVL
%ORFN:ULWHIVVL]HRIVL
HQG
HQG
&ORVH)LOHII
&ORVH)LOHI
HQG
SRPRFRX6WUHDP
YDU
III7)LOH6WUHDP
YYHWD
EHJLQ
II 7)LOH6WUHDP&UHDWH
VWXGHQWLGDW
IP2SHQ5HDG
I 7)LOH6WUHDP&UHDWH
NUX]RNGDW
IP&UHDWH
LIII3RVLWLRQ!II6L]HWKHQEHJLQ
II5HDGYVL]HRIY
I:ULWHYVL]HRIY
ZKLOHYVSROX]LDN!GREHJLQ
IIVHHNYVSROX]LDN
VL]HRIYVR)URP%HJLQQLQJ
II5HDGYVL]HRIY
I:ULWHYVL]HRIY
HQG
HQG
II'HVWUR\
I'HVWUR\
HQG
'DQpGHNODUiFLH
W\SH
6WXGHQW UHFRUG
PHQRSULH]YVWULQJ
URFQLNE\WH
NUX]RNVWULQJ
DGUHVDVWULQJ
HQG
36WXGHQW A6WXGHQW
3ROH6WXG DUUD\RI36WXGHQW
6W9HWD UHFRUG
PHQRSULH]YVWULQJ>@
URFQLNE\WH
NUX]RNVWULQJ>@
VWSULHPUHDO
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
1DStWHSURFHG~UXDNWXDOVSDUDPHWURP33ROH6WXGNWRUiEXGHDNWXDOL]RYD3SRGD~GDMRYYELQiUQRPV~ERUH
QHY\KRYHOLGDWSHYQiGNDYLHWWDNHXYRQtPLHVWDYSDPlWLNWRUp]DEHUDM~]i]QDP\RWXGHQWRFKXYHGHQFKYWRPWR
V~ERUH9HW\YV~ERUHV~W\SX6W9HWD
~ORKXULHLW\SRYPV~ERURPDMSRPRFRX76WUHDP
1DStWHSURJUDPNWRULQWHUSUHWXMHELQiUQ\V~ERUNRUGDWYNWRURPVDQDFKiG]DM~SUtND]\NRU\WQDHMJUDILN\9NDGHM
YHWHV~ERUXMHMHGHQSUtND]9HW\YV~ERUHV~U{]QHMGN\DV~YRPWHVQH]DVHERX.DGiYHWD]DtQDEDMWRYPNyGRP
SUtND]X
W\SHSULND] R'RSUHGXR9ODYRR9SUDYRR=PHQ)3R3+R3'
=DSUtND]PLR'RSUHGXR9ODYRR9SUDYRQDVOHGXMHYV~ERUHLFKSDUDPHWHUUHiOQHtVOR]DSUtND]RPR=PHQ)3QDVOHGXMH
MHKRSDUDPHWHUFHOptVORDSUtND]\R3+DR3'QHPDM~SDUDPHWUH
~ORKXULHWHSRPRFXQHW\SRYpKRV~ERUXD76WUHDP
'DQMHELQiUQ\V~ERUVORYQLNGDWYNWRURPV~VORYiXORHQpWDNWREDMWXUXMHGNXVORYD]DQtPQDVOHGXMHVORYR
SUtVOXQSRHWEDMWRY6ORYiV~XVSRULDGDQpOH[LNRJUDILFN\1DStWHERROHRYVN~IXQNFLX%LQBMHVVWULQJERROHDQNWRUi
]LVWtLVDGDQpVORYRVQDFKiG]DYVORYQtNX3RXLWHELQiUQHY\KDGiYDQLH
SRPRFQpIXQNFLHSRFHW6ORYDLWH6ORYRLLQWHJHU
SRXLWH76WUHDP
'DQiGHNODUiFLDYHW\V~ERUX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
SULHPHUUHDO
LQWHUQDWERROHDQ
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
6SiMDQp]R]QDP\
0iPH]DGHILQRYDQpWULHG\SUHSUiFXVRVSiMDQP]R]QDPRPLFKPHWyG\P{HPHY\XLSULGHILQRYDQtDOtFKPHWyG
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
QH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
7=R]QDP FODVV
SULYDWH
]79UFKRO]DLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=S79UFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.L79UFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
SURSHUW\]DFLDWRN79UFKROUHDG]
SURSHUW\NRQLHF79UFKROUHDGN
HQG
SRVWXSQHGRGHILQXMWHPHWyG\
FRQVWUXFWRU&UHDWHQLQWHJHU
KQHY\WYRUtQSUYNRYFHORtVOHQ]R]QDPVtVODPLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FRQVWUXFWRU7=R]QDP&UHDWHQLQWHJHU
EHJLQ
] QLON QLODOHER&UHDWH
ZKLOHQ!GREHJLQ
] 79UFKRO&UHDWHQ]
LIN QLOWKHQN ]
GHFQ
HQG
HQG
DOHER
FRQVWUXFWRU7=R]QDP&UHDWHQLQWHJHU
EHJLQ
] QLON QLO
ZKLOHQ!GREHJLQ
SULGDM=Q
GHFQ
HQG
HQG
IXQFWLRQSRFHWLQWHJHU
IXQFWLRQ7=R]QDPSRFHWLQWHJHU
YDU
S79UFKRO
EHJLQ
5HVXOW S ]
ZKLOHS!QLOGREHJLQ
LQF5HVXOW
S SQH[W
HQG
HQG
SURFHGXUH]UXV=
]UXtSUYYUFKRO
SURFHGXUH]UXV.
]UXtSRVOHGQYUFKRO
SURFHGXUH]UXVSYUFKRO
]UXtYUFKROSSR]RUDNSY]R]QDPHQHH[LVWXMH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH7=R]QDP]UXV=
YDU
S79UFKRO
EHJLQ
LI]!QLOWKHQEHJLQ
S ]] ]QH[WS)UHH
LI] QLOWKHQN QLO
HQG
HQG
SURFHGXUH7=R]QDP]UXV.
YDU
S79UFKRO
EHJLQ
LI] QLOWKHQH[LW
LI] NWKHQEHJLQ
])UHH] QLON QLO
HQG
HOVHEHJLQ
S ]ZKLOHSQH[W!NGRS SQH[WQiMGHSUHGSRVOHGQ
N)UHHN SNQH[W QLO
HQG
HQG
SURFHGXUH7=R]QDP]UXVSYUFKRO
YDU
T79UFKRO
EHJLQ
LI] QLOWKHQH[LW
LIS ]WKHQ=UXV=
HOVHEHJLQ
T ]ZKLOHT!QLODQGTQH[W!SGRT TQH[W
LIT!QLOWKHQEHJLQ
TQH[W SQH[W
LITQH[W QLOWKHQN T
S)UHH
HQG
HQG
HQG
SURFHGXUHSUHYUDW
SUHYUiWLSRUDGLHYUFKRORYY]R]QDPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH]R]QDPSUHYUDW
YDU
ST79UFKRO
EHJLQ
LI] NWKHQH[LW]R]QDPMHSUi]GQ\DOHERMHGQRSUYNRY
N ]S ]
ZKLOHS!QLOGREHJLQ
T SQH[W
SQH[W ]
] S
S T
HQG
NQH[W QLO
HQG
FRQVWUXFWRUNRSLDS7=R]QDP
XUREtSRVWXSQHNySLXYHWNFKYUFKRORY
SR]RUQDWRHSUHSV~SUHPHQQp]DNSULYiWQHQHYDGtYPHWyGH7=R]QDPX
XURELNRSLDDMDNRRE\DMQ~PHWyGXQDMSUYPXVtXYRQLS{YRGQREVDKVYRMKR]R]QDPX
FRQVWUXFWRU7=R]QDPNRSLDS7=R]QDP
YDU
T79UFKRO
EHJLQ
&UHDWH] QLON QLO
T S]
ZKLOHT!QLOGREHJLQ
SULGDM.TLQIR
T TQH[W
HQG
HQG
SURFHGXUH]DUDGLSUYRN
SUHGSRNODGiPHH]R]QDPMHY]RVWXSQHXWULHGHQSRGDLQIR
]DUDGtQDVSUiYQHPLHVWR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH7=R]QDP]DUDGLSUYRN
YDU
SYUFKRO
EHJLQ
LI] QLORU]LQIR!LWKHQ3ULGDM=L
HOVHEHJLQ
S ]
ZKLOHSQH[W!QLODQGSQH[WLQIRLGRS SQH[W
LISQH[W QLOWKHQ3ULGDM.L
HOVHSQH[W 79UFKRO&UHDWHLSQH[W
HQG
HQG
SURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DLDWRN]QRYXQiMGHPLQLPXP]R]Y\NXGiKR]DPLQLPXPDW
SURFHGXUHY\KRG'XSO
NWRUiY\KRGtYHWN\SUYN\VURYQDNRXKRGQRWRXQHFKiOHQMHGHQSUYYVN\W
SURFHGXUHY\KRGLFLQWHJHU
]R]R]QDPXY\KRGtRGLWHKRSUYNXFSUYNRYSRGREQHDNRGHOHWHSUHUHD]FH
1'
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
'YRMVPHUQVSiMDQ]R]QDP
6~GDQpGHNODUiFLHSUHGYRMVPHUQVSiMDQ]R]QDP
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
SUHYQH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
7=R]QDP FODVV
SULYDWH
]79UFKRO
N79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
1DStWHPHWyG\SUHGYRMVPHUQVSiMDQ]R]QDP
GYRMNWRUi]GYRMVPHUQpKRVSiMDQpKR]R]QDPXNWRUPi]DWLDYHWNFKSUHY QLOY\WYRUtSRVSiMDQGYRMVPHUQ
VSiMDQ]R]QDP
SURFHGXUH7=R]QDPGYRM
YDU
S79UFKRO
EHJLQ
LI] QLOWKHQH[LW
HOVHEHJLQ
S ]
ZKLOHSQH[W!QLOGREHJLQ
SQH[WSUHY S
S SQH[W
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
HQG
HQG
PHWyG\SULGDM=YVXQ3UHGY\KRG
RWRFNWRUiRWiDGYRMVPHUQVSiMDQ]R]QDPDMUHNXU]tYQH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH7=R]QDPRWRF
YDU
ST79UFKRO
EHJLQ
LI]!QLOWKHQEHJLQ
N ]
S ]
ZKLOHS!QLOGREHJLQ
T SQH[W
SQH[W SSUHY
SSUHY T
] S
S T
HQG
HQG
HQG
IXQFWLRQPLQ79UFKROYUiWLPLQLPiOQ\YUFKRO
PLQVRUWQDGYRMVPHUQRPVSiMDQRP]R]QDPH
&\NOLFN]R]QDP
=DGHILQXMPHWULHGXSUHF\NOLFN]R]QDPYNWRURP
SRVOHGQSUYRNRGND]XMHQDSUY
DNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
WUHEDVSUiYQHUR]SR]QDNRQLHF]R]QDPXQDSUSUHYSLVYHWN\KDGDQLHKRGQRW\DSRG
P{HPHSRXLOHQMHGLQVPHUQtNDWRQDSRVOHGQSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH]DLDWRN]R]QDPX
WHGDQHWUHEDSRWRPXGULDYDGYDVPHUQtN\
W\SH
7&\NO=R]QDP FODVV
SULYDWH
N79UFKRONRQLHF]R]QDPXNQH[WMH]DFLDWRN
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
IXQFWLRQSRFHWLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FRQVWUXFWRU7&\NO=R]QDP&UHDWH
EHJLQ
N QLO
HQG
GHVWUXFWRU7&\NO=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
LIN!QLOWKHQEHJLQ
ZKLOHNQH[W!NGREHJLQ
S NQH[WNQH[W SQH[WS)UHH
HQG
N)UHH
HQG
HQG
IXQFWLRQ7&\NO=R]QDPY\SLVVWULQJ
YDU
S79UFKRO
EHJLQ
5HVXOW
LIN!QLOWKHQEHJLQ
S NQH[W
UHSHDW
5HVXOW 5HVXOWSY\SLV
S SQH[W
XQWLOS NQH[W
HQG
HQG
SURFHGXUH7&\NO=R]QDPSULGDM=LSUYRN
EHJLQ
LIN QLOWKHQEHJLQ
N 79UFKRO&UHDWHLQLO
NQH[W N
HQG
HOVHNQH[W 79UFKRO&UHDWHLNQH[W
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH7&\NO=R]QDPSULGDM.LSUYRN
EHJLQ
LIN QLOWKHQEHJLQ
N 79UFKRO&UHDWHLQLO
NQH[W N
HQG
HOVHEHJLQ
NQH[W 79UFKRO&UHDWHLNQH[WSULGDM=
N NQH[W
HQG
HQG
IXQFWLRQ7&\NO=R]QDPSRFHWLQWHJHU
YDU
S79UFKRO
EHJLQ
5HVXOW
LIN!QLOWKHQEHJLQ
S NQH[W
UHSHDW
LQF5HVXOW
S SQH[W
XQWLOS NQH[W
HQG
HQG
SURFHGXUH7&\NO=R]QDPYVXQSUHGLQWHJHULSUYRN
YDU
ST79UFKRO
EHJLQ
LISUHGRUN QLOWKHQSULGDM=L
HOVHEHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
T NQH[W
ZKLOHT!NDQGSUHG!GREHJLQ
GHFSUHG
T TQH[W
HQG
LIT NWKHQSULGDM.L
HOVHEHJLQ
S 79UFKRO&UHDWHLQLO
SQH[W TQH[W
TQH[W S
HQG
HQG
HQG
SURFHGXUH7&\NO=R]QDP]UXV=
YDU
S79UFKRO
EHJLQ
LIN!QLOWKHQ
LIN NQH[WWKHQEHJLQNIUHHN QLOHQG
HOVHEHJLQ
S NQH[WNQH[W SQH[WS)UHH
HQG
HQG
SURFHGXUH7&\NO=R]QDP]UXV.
YDU
S79UFKRO
EHJLQ
LIN!QLOWKHQ
LIN NQH[WWKHQEHJLQNIUHHN QLOHQG
HOVHEHJLQ
S NQH[WZKLOHSQH[W!NGRS SQH[WQiMGHSUHGSRVOHGQ
SQH[W NQH[WN)UHHN S
HQG
HQG
SURFHGXUH7&\NO=R]QDPY\KRGS79UFKRO
YDU
T79UFKRO
EHJLQ
LIN QLOWKHQH[LW
LIS NQH[WWKHQ=UXV=
HOVHEHJLQ
T NQH[WZKLOHT!NDQGTQH[W!SGRT TQH[W
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
LIT!NWKHQEHJLQ
TQH[W SQH[W
LITQH[W NQH[WWKHQN T
S)UHH
HQG
HQG
HQG
1'
=DGHILQXMWHDOLHPHWyG\WULHG\F\NOLFN]R]QDP3RUR]PDMWHQDGGYRMVPHUQPF\NO]R]QDPRP
=R]QDPVILNWtYQ\PYUFKRORP
SUHSURJUDPXMWHSULGDM=DLQpPHWyG\
UR]P\VOLWHVLDNRVD]PHQtF\NOLFN]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQ]R]QDPVILNWtYQ\PYUFKRORP
F\NOLFNGYRMVPHUQ
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
%LQiUQHVWURP\
-HGDQW\S
W\SH
73UYRN LQWHJHU
76WURP FODVV
LQIR73UYRN
OS76WURP
FRQVWUXFWRU&UHDWHL73UYRNQOQS76WURP
IXQFWLRQWH[WVWULQJYLUWXDOUHD]FRYpY\MDGUHQLHYUFKROD
HQG
QDNUHVOLWHVLQH~SOQVWURPKEN\DVSRWULUXQHKRY\StWHSUHRUGHURPLQRUGHURPSRVWRUGHURP
SUHRUGHU
LQRUGHU
SRVWRUGHU
RSDQi~ORKDQHMDNQH~SOQVWURPVYUFKROPLWUHED]DSOQLStVPHQNDPL
SURJUDPRYDQLH
WDNDE\SUHRUGHU
LQRUGHUSRVWRUGHUY\StVDOWRWRVORYRQ
QDNUHVOLWHVWURPNWRUpKRSRVWRUGHUMH
IGHDFE
DLQRUGHUMH
EIFGDH
'RGHILQXMWHPHWyG\WULHG\76WURPDOHERSRGSURJUDP\SUDFXM~FHVELQiUQ\PVWURPRP
Y\StVDOLVW\VWURPX
DNRJOREDOQDIXQNFLD
IXQFWLRQY\SLVOLVWRYV76WURPVWULQJ
EHJLQ
LIV QLOWKHQ5HVXOW
HOVHLIVO QLODQGVS QLOWKHQ5HVXOW
VWH[W
HOVH5HVXOW Y\SLVOLVWRYVOY\SLVOLVWRYVS
HQG
DNRPHWyGDWULHG\
IXQFWLRQ76WURPY\SLVOLVWRYVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
WH[WWULYLiOQ\SUtSDG
HOVHEHJLQ
LIO!QLOWKHQ5HVXOW OY\SLVOLVWRYHOVH5HVXOW
LIS!QLOWKHQ5HVXOW 5HVXOWSY\SLVOLVWRY
HQG
HQG
JHQHURYDQLH~SOQpKRVWURPXKEN\1
tVOXMHPHYUFKRO\SR~URYQLDFKNRUHMHQMHKRSRGVWURP\V~QDOLVW\V~
DNRJOREiOQDIXQNFLD
IXQFWLRQ*HQHUQLQWHJHU76WURP
EHJLQ
LIQWKHQ5HVXOW QLO
HOVH5HVXOW 76WURP&UHDWHQJHQHUQJHQHUQ
HQG
DNRNRQWXNWRUWULHG\
FRQVWUXFWRU76WURP8SOQ\QLQWHJHU
EHJLQ
LQIR QO QLOS QLO
LIQ!WKHQEHJLQ
WXWUHEDXYLHVDMPHQRWULHG\76WURPLQDNVDWRY\WYRUt]OH
O 76WURP8SOQ\Q
S 76WURP8SOQ\Q
HQG
HQG
YDU[LQWHJHU JOREiOQDSUHPHQQi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
VSUiYQHQDSUWDNWR
IXQFWLRQJHQHUQLQWHJHU76WURP
YDU
LLLQWHJHU
OOSS76WURP
EHJLQ
LIQWKHQ5HVXOW QLO
HOVHEHJLQ
LQF[
LL [OO JHQHUQSS JHQHUQ5HVXOW 76WURP&UHDWHLLOOSS
DOHER
LL [5HVXOW 76WURP&UHDWHLLJHQHUQJHQHUQ
HQG
HQG
1'EH]JOREiOQHMSUHPHQQHM
tVOXMHPHYUFKRO\SRVWXSQHSR~URYQLDFKNRUHMHMHKRSRGVWURP\LFKSRGVWURP\
NySLDVWURPXDNRJOREiOQDIXQNFLDPHWyGDWULHG\DNRQWUXNWRUWULHG\
JOREiOQDIXQNFLD
IXQFWLRQ.RSLDV76WURP76WURP
EHJLQ
LIV QLOWKHQ5HVXOW QLO
HOVH5HVXOW 76WURP&UHDWHVLQIR.RSLDVO.RSLDVS
HQG
DNRPHWyGDWULHG\76WURP
IXQFWLRQ76WURPNRSLUXM76WURP
EHJLQ
5HVXOW 76WURP&UHDWHLQIRQLOQLO
LIO!QLOWKHQ5HVXOWO ONRSLUXM
LIS!QLOWKHQ5HVXOWS SNRSLUXM
HQG
DNRUHNXU]tYQ\NRQWUXNWRU
FRQVWUXFWRU76WURP.RSLDV76WURP
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
GHVWUXFWRU76WURP'HVWUR\
EHJLQ
O)UHHLIO!QLOWKHQO'HVWUR\
S)UHH
HQG
IXQFWLRQ76WURPQDMSO\WVLBOLVW76WURPYUiWLOLVWYVWURPHVQDMPHQRXKENRX QDMSO\Wt
EXGHPDYDUSDUDPHWHUYNWRURPYUiWLKENXQiMGHQpKRYUFKROD
1'
SR]PHWHQDMSOWDNDE\PHWyGDYUiWLODQDMY\tD]iURYHQDMDYHMtQH~SOQYUFKROQHPiRERFKV\QRY
PHWyGDY\PHQNWRUiSUHNDGYUFKROY\PLHDMHKRDYDSUDYSRGVWURP
IXQNFLDSRFHWVSDUDPHWURPSW\SX73UYRNNWRUiYUiWLSRHWYVN\WRYSUYNXSYVWURPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH76WURPY\SLVVWULQJ
YDU
TTXHXH
V76WURP
EHJLQ
T TXHXH&UHDWHTDSSHQGVHOI5HVXOW
UHSHDW
TVHUYHV5HVXOW 5HVXOWVWH[W
LIVO!QLOWKHQTDSSHQGVO
LIVS!QLOWKHQTDSSHQGVS
XQWLOTHPSW\
HQG
1'
PiMHGQpKRDOHERLDGQHKRV\QD
QDStWHtVHOQ~IXQNFLX=,67,VMHGQPSDUDPHWURPW\SXVWURPNWRUi]LVWtSRHWYUFKRORYYVWURPHNWRUpV~Y
%LQiUQHY\KDGiYDFLHVWURP\
$NRY\]HUi%96DNGRQHKRSRVWXSQHYNDGiPHYUFKRO\VLQIRP"$NR]RVWURPXY\PDHPH
YUFKROVLQIRPDOHER"
GHNODUiFLH
W\SH
79UFKRO FODVV
LQIR73UYRN
OS79UFKRO
FRQVWUXFWRU&UHDWHL73UYRNQOQS79UFKRO
HQG
7%96WURP FODVV
SULYDWH
NRUHQ79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
QDStWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
IXQFWLRQ7%96WURPPLQ79UFKRO
EHJLQ
5HVXOW PLQNRUHQ
HQG
IXQFWLRQ7%96WURPQHUHNBPLQ79UFKRO
EHJLQ
5HVXOW NRUHQ
ZKLOH5HVXOW!QLODQG5HVXOWO!QLOGR
5HVXOW 5HVXOWO
HQG
QHUHNXU]tYQ\DUHNXU]tYQ\KODGDM
EHJLQ
5HVXOW UHNBKODGDMNRUHQL
HQG
QHUHNXU]tYQ\YOR]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH7%96WURPYOR]L73UYRN
YDU
Y79UFKRO
EHJLQ
LINRUHQ QLOWKHQNRUHQ 79UFKRO&UHDWHLQLOQLO
HOVHEHJLQ
Y NRUHQ
ZKLOHYLQIR!LGR
LILYLQIRWKHQEHJLQ
LIYO QLOWKHQYO 79UFKRO&UHDWHLQLOQLO
Y YO
HQG
HOVHEHJLQ
LIYS QLOWKHQYS 79UFKRO&UHDWHLQLOQLO
Y YS
HQG
HQG
HQG
1'
RSUDYWHDOJRULWPXVUXHQLDYUFKROXWDNDE\VDQHXYRORYDOPLQLPiOQ\YUFKRODOHUXHQDPLQLPiOQ\YUFKROVD
SUHVPHUQtNRYDOQDPLHVWRUXHQpKRYUFKROX
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
$OJHEUDLFNpVWURP\
YSRVWIL[H
DQDNUHVOLWHSUHQHKRDOJHEUDLFNVWURP
'DQMHDULWPHWLFNYUD]]DStVDQYLQIL[RYRPWYDUH
1DNRNRYRPFKEDM~RNU~KOH]iWYRUN\DQHSRtWDPHVSULRULWRXRSHUiWRURYPRQRWHQWRDULWPHWLFNYUD]
LQWHUSUHWRYDU{]Q\PLVS{VREPLMHPRQp]QHKRY\WYRULYLDFU{]Q\FKDULWPHWLFNFKVWURPRYNWRUFKYSLV
LQRUGHURPYUiWL]DGDQYUD]1DStWHYHWN\YUD]\YSUHIL[RYRPWYDUHNWRUp]RGSRYHGDM~YHWNPPRQP
LQWHUSUHWiFLiPGDQpKRLQIL[RYpKRYUD]X
$OJHEUDLFNVWURPVPH]DGHILQRYDOLDNRDEVWUDNWQ~Ei]RY~WULHGXVDEVWUDNWQPLPHWyGDPLDGYDW\S\SRWRPNRYWHMWR
WULHG\7$OJ2SHUDFLDD7$OJ2SHUDQG
W\SH
7$OJ6WURP FODVV
HQG
7$OJ2SHUDFLD FODVV7$OJ6WURP
RSFKDU
OSDVWURP
FRQVWUXFWRU&UHDWH]FKDUOOSS7$OJ6WURP
HQG
7$OJ2SHUDQG FODVV7$OJ6WURP
KRGSUYRN
FRQVWUXFWRU&UHDWHKSUYRN
HQG
9\WYRUWHPHWyGXQDY\StVDQLH~SOQHX]iWYRUNRYDQpKRDOJUHEUDLFNpKRVWURPX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
W\SH
7$OJ6WURP FODVV
IXQFWLRQX]DWYRUNXMVWULQJYLUWXDODEVWUDFW
HQG
7$OJ2SHUDFLD FODVV
IXQFWLRQX]DWYRUNXMVWULQJRYHUULGH
HQG
7$OJ2SHUDQG FODVV
IXQFWLRQX]DWYRUNXMVWULQJRYHUULGH
HQG
IXQFWLRQ7$OJ2SHUDFLDX]DWYRUNXMVWULQJ
EHJLQ
5HVXOW
OX]DWYRUNXMRSSX]DWYRUNXM
HQG
IXQFWLRQ7$OJ2SHUDQGX]DWYRUNXMVWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
9\WYRUWHIXQNFLXQDVNRQWUXRYDQLHDOJHEUDLFNpKRVWURPX]SUHIL[RYpKR]iSLVXSUHIL[GRVWDQHPHYUDGHVWULQJRY
YDU
TTXHXHUDGVWULQJRY
IXQFWLRQVNRQVWUXXM7$OJ6WURP
YDU
VVWULQJ
EHJLQ
TVHUYHV
LIOHQJWKV!RUQRWV>@LQ>
@WKHQ
5HVXOW 7$OJ2SHUDQG&UHDWHVWUWRLQWV
HOVHEHJLQ
5HVXOW 7$OJ2SHUDFLD&UHDWHV>@QLOQLO
7$OJ2SHUDFLD5HVXOWO VNRQVWUXXM
7$OJ2SHUDFLD5HVXOWS VNRQVWUXXM
HQG
HQG
9HREHFQpVWURP\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
6~UHSUH]HQWRYDQpMHGQRX]QDVOHGXM~FLFKWUXNW~U
DNRSROHV\QRY
W\SH
7VWURP FODVV
LQIRSUYRN
V\QDUUD\>1@RI7VWURP
HQG
DOHERG\QDPLFNpSROHV\QRY
W\SH
7VWURP FODVV
LQIRSUYRN
V\QDUUD\RI7VWURP
HQG
DOHERV\QEUDWUHSUH]HQWiFLD
W\SH
7VWURP FODVV
LQIRSUYRN
V\QEUDW7VWURP
HQG
9RYHWNFKWURFKUHSUH]HQWiFLiFKUHDOL]XMWHIXQNFLHQDYSRHWKEN\VWURPXDIXQNFLHQDV~HWKRGQ{W
KENDVWURPX
IXQFWLRQ76WURPKOENDLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WR1GR
LIV\Q>L@!QLOWKHQ5HVXOW PD[5HVXOWV\Q>L@KOEND
LQF5HVXOW
HQG
IXQFWLRQ76WURPKOENDLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WRKLJKV\QGR
LIV\Q>L@!QLOWKHQ5HVXOW PD[5HVXOWV\Q>L@KOEND
LQF5HVXOW
HQG
IXQFWLRQ76WURPKOENDLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
YDU
V76WURP
EHJLQ
5HVXOW V V\Q
ZKLOHV!QLOGREHJLQ
5HVXOW PD[5HVXOWVKOEND
V VEUDW
HQG
LQF5HVXOW
HQG
V~HWKRGQ{W
IXQFWLRQ76WURPVXFHWLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW LQIR
IRUL WR1GR
LIV\Q>L@!QLOWKHQLQF5HVXOWV\Q>L@VXFHW
HQG
IXQFWLRQ76WURPVXFHWLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW LQIR
IRUL WRKLJKV\QGR
LIV\Q>L@!QLOWKHQLQF5HVXOWV\Q>L@VXFHW
HQG
IXQFWLRQ76WURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIV\Q!QLOWKHQLQF5HVXOWV\QVXFHW
LIEUDW!QLOWKHQLQF5HVXOWEUDWVXFHW
HQG
DOLHSUtNODG\
tUNDSRHWOLVWRY
LMHVWURPELQiUQ\
SUHNyGRYDELQiUQ\VWURPGRYHREHFQpKRVWURPX
/H[LNRJUDILFNpVWURP\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
'DQiMHSRVWXSQRVVORY
PDPDPDHPXDHPDPDPDPXXPPHPXPHDPPHPHPH
1DNUHVOLWHSUtVOXQOH[LNRJUDILFNVWURPSUHDEHFHGX^DHPX`QDKUDQ\VWURPX]DStWHSUtVOXQpStVPHQRGR
YUFKRORYSRHWYVN\WRYSUtVOXQpKRSRGUHD]FD
.RNROLVWRYPiOH[LNRJUDILFNVWURPGRNWRUpKRVPHYORLOLYHWN\VORYiGN\PD[LPiOQHDM]ORHQpOHQ]
StVPHQ^DEF`SULRPREVDKXM~URYQDNSRHWStVPHQDDME"
/H[LNRJUDILFNVWURPMHSRStVDQ\WULHGRX
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
]
@RI7/H[6WURP
SURFHGXUHSULGDMFRQVWVVWULQJ
HQG
SURFHGXUH7/H[6WURPY\SLVNLQWHJHUFRQVWVVWULQJW76WULQJV
YDU
LFKDU
EHJLQ
LIN WKHQ
LISRFHW!WKHQW$GGV
HOVH
HOVH
IRUL ORZSWRKLJKSGR
LIS>L@!QLOWKHQS>L@Y\SLVNVLW
HQG
PHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
WKHQ5HVXOW VHOI
HOVH5HVXOW S>V>@@KODGDMFRS\VPD[LQW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
5HVXOW 5HVXOWS>V>L@@
HQG
HQG
1'
IXQNFLDNWRUi]LVWtNRNRU{]Q\FKVORYMHUHSUH]HQWRYDQFKYVWURPH
IXQNFLDYUiWLQDMIUHNYHQWRYDQHMLHVORYR
IXQNFLD]LVWtIUHNYHQFLXVORYDVVWULQJNWRUpGRVWDQHDNRSDUDPHWHU
9HREHFQ]R]QDP
W\SH
73UYRN VWULQJ
79VHRE=R]QDP FODVV
HQG
7$WRP FODVV79VHRE=R]QDP
KRGQ73UYRN
FRQVWUXFWRU&UHDWHK73UYRN
HQG
7=R]QDP FODVV79VHRE=R]QDP
V\Q79VHRE=R]QDP
GDOVL7=R]QDP
FRQVWUXFWRU&UHDWHV79VHRE=R]QDPG7=R]QDP
HQG
1DStWHSURFHG~U\DIXQNFLHSUHSUiFXVRYHREHFQP]R]QDPRP
IXQFWLRQOHQJWKLQWHJHUNWRUiYUDFLDGNXYHREHFQpKR]R]QDPXSRHWSUYNRYQDQDMY\HM~URYQL
IXQFWLRQ79VHRE=R]QDPOHQJWKLQWHJHUYLUWXDODEVWUDFW
IXQFWLRQ7=R]QDPOHQJWKLQWHJHURYHUULGH
IXQFWLRQ7$WRPOHQJWKLQWHJHURYHUULGH
IXQFWLRQ7=R]QDPOHQJWKLQWHJHU
YDU
V7=R]QDP
EHJLQ
V VHOI5HVXOW
ZKLOHV!QLOGREHJLQ
LQF5HVXOW
V VGDOVL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
HQG
HQG
IXQFWLRQ7$WRPOHQJWKLQWHJHU
EHJLQ
5HVXOW
HQG
7HVWRYSUtNODG3UHYHREHFQ]R]QDPPiPHGDQ~QDVOHGXM~FXIXQNFLX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
D6ORYQHSRStWHRY\SRtWDIXQNFLDOLVS
E1DYUKQLWHYVWXSQYHREHFQ]R]QDPNWRUREVDKXMHOHQDWyP\DNDGptVORSUiYHUD]WDNDE\YVOHGNRP
IXQNFLHERORtVOR
1'
IXQFWLRQEH]SUY\79VHRE=R]QDPYUDFLDVPHUQtNQD]R]QDPEH]SUYpKRSUYNX
IXQFWLRQSRVO79VHRE=R]QDPNWRUiYUDFLDVPHUQtNQDSRVOHGQSUYRN
IXQFWLRQEH]SRVO79VHRE=R]QDPNWRUiYUDFLDNySLXYHREHFQpKR]R]QDPXEH]SRVOHGQpKRSUYNX
OHQQDQDMY\HM~URYQLDNWDNQHH[LVWXMHYUDFLD1,/
FRQVWUXFWRUFRQV[\79VHRE=R]QDPNWRUVSiMDGYD]R]QDP\[D\GRQRYpKR]R]QDPXWDNH[MH
V\QD\MHDOt
SURFHGXUHSUHYUDWRWRtYHREHFQ]R]QDP
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
6WURP\
SUtNODG\QDYHREHFQVWURP
W\SH
76WURP FODVV
LQIRSUYRN
V\QEUDW76WURP
HQG
KENDYHREHFQpKRVWURPX
PHWyGDIXQNFLDDUQRVWLQWHJHUNWRUiYUiWLPD[LPiOQ\SRHWV\QRYY\VN\WXM~FLFKVDYVWURPH
IXQFWLRQ76WURPDUQRVWLQWHJHU
YDU
SRP76WURP
EHJLQ
LIV\Q QLOWKHQ5HVXOW
HOVHEHJLQ
5HVXOW
SRP V\QEUDW
ZKLOHSRP!QLOGREHJLQLQF5HVXOWSRP SRPEUDWHQG
HQG
LIV\Q!QLOWKHQ5HVXOW PD[5HVXOWV\QDUQRVW
LIEUDW!QLOWKHQ5HVXOW PD[5HVXOWEUDWDUQRVW
HQG
7ULHGHQLD
9SROLUHDOL]XMWHQLHNRNRSUHFKRGRYWULHGHQt%XEEOH6RUW0LQ6RUWD,QVHUW6RUW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
DOJRULWPXVWULHGHQLD5DGL[6RUW
0DMPHYVWXSQ~SRVWXSQRV1tVHOtVODPDM~URYQDNSRHWFLILHUP{XDOHQHPXVLDPD
Y\WYRUPHVLYHGLHUNDVQi]YDPLGRNWRUFKEXGHPHGRDVQHYNODGDtVODSRGDQLHNWRUFKFLILHU
WULHGLPHWDNWR
SRVWXSQHEHULHPHYHWN\tVODDKiGHPHLFKGRYHGLHURNSRGDSRVOHGQHMFLIU\GRYHGLHUNDSULGiYDPH
QRYptVORYG\QDYUFK
YRYHGLHUNDFKY]QLNQ~NUiWNHSRVWXSQRVWLtVHOQLHNWRUpP{XE\DMSUi]GQHSRVWXSQRVWL
WLHWRSRVWXSQRVWLSRWRPRSlVSRMtPH]UHD]tPHDWRWDNDE\]DtVORPNWRUpMHQDYUFKXYHGLHUNDVQLtP
Qi]YRPQDVOHGRYDORtVORNWRUpVDQDFKiG]DQDGQHYHGLHUNDVY\tPQi]YRP
WDNWRSRNUDXMHPHSUHDOLHFLIU\RGNRQFDSUHYHWN\FLIU\
3UHYHGLHUNDP{HWHSRXLGiWRY~WUXNW~UXSROHVSiMDQFK]R]QDPRYtVHONWRUpGRGDQpKRYHGLHUNDSDWULD
$OJRULWPXVQDMSUYSUHFYLWHUXQHQDSUVWPLWRKRGQRWDPL
W\SH
YHGLHUND DUUD\>@RI7=R]QDP
SURFHGXUH7]R]QDP5DGL[6RUW
YDU
YYHGLHUND
RLQGH[ME\WH
LLQWHJHU
EHJLQ
L
SFLI PD[SRHWFLILHUtVHO
IRUR WRSFLIGREHJLQ
IRUM WRGRY>M@ 7]R]QDPFUHDWH
ZKLOH]!QLOGREHJLQUR]KiGGRYHGLHURN
LQGH[ ]LQIRGLYLPRG
Y>LQGH[@SULGDM.]LQIR
]UXV=
HQG
IRUM WRGREHJLQ]UHD]YHGLHUND
SULOHS.Y>M@
Y>M@GHVWUR\
HQG
L L
HQG
HQG
0HUJH6RUW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
5FKOHWULHGHQLH4XLFN6RUW
SURFHGXUHTXLFN]NLQWHJHU
YDU
LSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRWYLSLYRWGRVWDQHPHQRYLQGH[SLYRWD
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
9\WYRUWHSURFHG~UXUR]GHOWDNDE\SUHKDGiYDODSROHGYRPDVPHUPL]R]DLDWNXDRGNRQFDDQDY]iMRPY\PLHDODGYD
Y\PLHDQLDKRGQpSUYN\
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDU
SLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]SLYRWMHSUYSUYRN
L ]
M N
ZKLOHLMGREHJLQ
ZKLOHS>L@SLYRWDQGLNGRLQFL
ZKLOHS>M@! SLYRWDQGM!]GRGHFM
LILMWKHQEHJLQ
Y\PHQLM
SPLQ L
HQG
HQG
Y\PHQ]SPLQ
LS SPLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
HQG
7ULHGHQLHKDOGRX+HDS6RUW
KDOGDMHGiWRYiWUXNW~UDNWRUi
PiWYDUVNRUR~SOQpKRELQiUQHKRVWURPX
SUHYHWN\YUFKRO\VWURPXSODWtHRWHFPiYlLXDOHERURYQ~KRGQRWXDNRMHKRV\QRYLDDNH[LVWXM~]UHMPHY
NRUHQLKDOG\MHYG\PD[LPiOQ\SUYRN
KDOGXEXGHPHUHSUH]HQWRYDYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNHNRUHVWURPXMHQDLQGH[HDLW\
7HVWRYSUtNODG91SUYNRYRPFHORtVHOQRPSROLPiPHXORHQ~KDOGX1HGRSDWUHQtPVDGYDSUYN\QDY]iMRPY\PHQLOL
9\PHWHLFK
SURFHGXUH+HDS6RUW
YDU
LLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L 1EHUSRVWXSQHYHWN\SUYN\
ZKLOHL!GREHJLQ
Y\PHQLY\PHNRUHDSRVOHGQ]DWLDQHXWULHGHQWMLW\
SUYRN
GHFL]PHQLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHMHDVL]O
HQG
HQG
=UHDOL]XMWHUXQHGYDNURN\WRKRWRWULHGHQLD
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
*UDI\
SROHPQRtQVXVHGRY
W\SH
79UFKRO\ PD[DOHERPD[
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RIVHWRI79UFKRO\
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
OHQGRYUFKRORYQHGDM~VDWDNWRUHSUH]HQWRYDRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
WDEXNDVXVHGQRVWt
GYRMUR]PHUQiPDWLFDKUiQP{HPHRKRGQRWLKUDQ\
W\SH
79UFKRO\ PD[DOHERPD[
79DKD LQWHJHU
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\79UFKRO\@RI79DKDERROHDQSUHQHRKRGQRWHQJUDI
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
SROHVSiMDQFK]R]QDPRYVXVHGRY
DNRVLSDPlWDQHMDNpLQIRYRYUFKROH"QRYpSROHDOHERJDNRSROH]i]QDPRYDOHERWULHGVWPLWRLQIRUPiFLDPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
W\SH
79UFKRO\ PD[
7+UDQD FODVV
FLVOR79UFKRO\
QH[W7+UDQD
FRQVWUXFWRU&UHDWHF79UFKRO\Q7+UDQD
HQG
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
]R]QDP]R]QDPRYYUFKRORY
W\SH
7+UDQD FODVVNDG]i]QDPUHSUH]HQWXMHMHGQXKUDQX
S79UFKROQLHNWRUYUFKROJUDIX
QH[W7+UDQD
HQG
79UFKRO FODVV
VXV7+UDQD]R]QDPVXVHGRY ]R]QDPKUiQ]GDQpKRYUFKROX
QH[W79UFKRO
HQG
7*UDI 79UFKROSUYYUFKROYVSiMDQRP]R]QDPHYHWNFKYUFKRORY
G\QDPLFNpSROHG\QDPLFNFKSROt
W\SH
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYptVORYUFKROXGRNWRUpKRYHGLHKUDQD
FRQVWUXFWRU&UHDWHFLQWHJHU
HQG
79UFKRO FODVV
SULYDWH
[\LQWHJHU
VXVDUUD\RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
0iPHJUDINWRUMHRULHQWRYDQ8UREWH]QHKRQHRULHQWRYDQJUDIWMDNLGHKUDQD]$GR%QHFKLGHDM]%GR$
JUDI
JUDI
JUDI
tWDQLHD]iSLVGRV~ERUX
$NRPRQR]DGDJUDIYV~ERUH
MHGQDYHWDSUHNDGYUFKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
PHQRYUFKROX
SR]tFLDYUFKROX
]QDNRPDOHER]DGiPHDNRSUY~LQIRUPiFLXSRHWVXVHGRYDOHERLQVS{VRE
YUFKRO PHQRDSR]tFLDKUDQD GYRMLFDPLHQ
YV~ERUHLEDKUDQ\DNR~VHN\V~UDGQLFHGYRFKERGRY
ERGNWRUVD]DWLDQHY\VN\WROUHSUH]HQWXMHQRYYUFKRO
QHH[LVWXMHL]RORYDQYUFKRO
]DGDQpKUDQ\NWRUpYJUDIHQLHV~
=iNODGQpGHNODUiFLHJUDIRYDVLSRWUHEXMHPH]PRGLILNRYDDE\VPHVLYHGHOLSDPlWDDOLHLQIRUPiFLHRYUFKRORFKDOHER
KUDQiFK
*UDIMHSRStVDQYV~ERUHPDSDGDWNWRUpKRYHW\SRSLVXM~UR]ORHQLHRViGQDPDSHDWLHFHVW\PHG]LRVDGDPL
.DGiYHWDREVDKXMH
V~UDGQLFHRVDG\QDREUD]RYNHGYHFHOptVODLQWHJHU
SRVWXSQRVtVHOE\WHVXVHGLDFLFKRViGXNRQHQiKRGQRWRXRVDG\V~RtVORYDQpYSRUDGtYLHWYV~ERUH
*UDIUHSUH]HQWXMWHYSDPlWLDNRSROHPQRtQVXVHGRYWDEXNXVXVHGQRVWtDOHERG\QDPLFNpSROHG\QDPLFNFKSROt
VXVHGRY
]PRGLILNRYDQpSROHPQRtQVXVHGRY
W\SH
72VDGD UHFRUG
[\LQWHJHU
VXVVHWRI79UFKRO\
HQG
7*UDI FODVV
JDUUD\>79UFKRO\@RI72VDGD
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
HQG
HQG
G\QDPLFNpSROHG\QDPLFNFKSROtVXVHGRY
FRQVWUXFWRU7*UDI&UHDWHYDUI76WUHDP
YDU
[\LQWHJHU
EE\WH
EHJLQ
J QLO
ZKLOHI3RVLWLRQI6L]HGREHJLQ
IUHDG[VL]HRILQWHJHU
IUHDG\VL]HRILQWHJHU
6HW/HQJWKJ/HQJWKJP{HPHGHILQRYDDNR
J>KLJKJ@ 79UFKRO&UHDWH[\PHWyGX7*UDISULGDM9UFKRO
IUHDGE
ZKLOHE!GREHJLQ
J>KLJKJ@SULGDM+UDQXE
IUHDGEVL]HRIE
HQG
HQG
HQG
SURFHGXUH79UFKROSULGDM+UDQXFKUDQ\
EHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ 7+UDQD&UHDWHF
HQG
GDMHYELQiUQRPV~ERUHV~XORHQpQDVOHGRYQH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
WDEXNDVXVHGQRVWt
FRQVW
PD[
W\SH
7*UDI FODVV
SRFHWLQWHJHUSRHWYUFKRORYREFt
SR]DUUD\>PD[@RI73RLQW
JDUUD\>PD[PD[@RILQWHJHU
Y]GLDOHQRVPHG]LREFDPLUHVSLH[LVWXMHPHG]LQLPL
FHVWD
HQG
9\NUHVOHQLHJUDIX
9V~ERUHSULEXGRODOt~GDMSUHFHVWXPHG]LRVDGDPLMHMGNDDNYDOLWDSRQiFHVWDFHVWDWULHG\GLDQLFD
9\NUHVOLWHJUDIVRKRGQRWHQPLKUDQDPLWDNHKRGQRWDKUDQ\EXGHXURYDKU~ENXY\NUHVRYDQHMLDU\FHVW\
SUH*UDI
W\SH
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYptVORYUFKROXGRNWRUpKRYHGLHKUDQD
Y]GNDWLQWHJHUY]GLDOHQRVDNDWHJyULDFHVW\
FRQVWUXFWRU&UHDWHFYNLQWHJHU
HQG
79UFKRO FODVV
[\LQWHJHU
VXVDUUD\RI7+UDQD
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
FRQVWUXFWRU&UHDWH
HQG
SURFHGXUH7*UDI.UHVOLF7&DQYDV
YDU
LM[[\\LQWHJHU
EHJLQ
ZLWKFGREHJLQ
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
.UHVOLLP&DQYDVY\NUHVOtYUFKRODNRNUXQLFX
IRUM WRKLJKVXVGREHJLQ
ZLWKJ>VXV>M@FLVOR@GREHJLQ[[ [\\ \HQG
0RYH7R[\
3HQ:LGWK VXV>M@NDW
/LQH7R[[\\
7H[W2XW[[[GLY\\\GLY,QW7R6WUVXV>M@Y]G
HQG
HQG
HQG
HQG
2Wi]ND$NRY\NUHVOLRULHQWRYDQpJUDI\"1DSUVRtSNDPL$NR]UHDOL]RYDDE\tSN\QHY\FKiG]DOL]RVWUHGXNUXQLFHDOH
RGNUDMD"
*UDI\DP\
=UHDOL]XMWHSULGiYDQLHYUFKRORYDKUiQGRJUDIX
.OLNQXWtPGRSORFK\Y\WYRUWHQDGDQRPPLHVWHQRYYUFKROJUDIX]DWLDVDPRVWDWQYUFKROEH]KUiQ
.OLNQXWtPGRSORFK\EOt]NRH[LVWXM~FHKRYUFKROXR]QDWHWHQWRYUFKROSUHNUHVOLWHKRLQRXIDUERXDDOtP
NOLNQXWtPQDH[LVWXM~FLYUFKROY\WYRUWHKUDQXPHG]LWPLWRGYRPDYUFKROPLR]QDHQLHSUYpKRYUFKROX]PL]QH
1DMSUYY\WYRUWHPHWyGXWULHG\JUDINWRUiYUiWLLQGH[YUFKROXQDNWRUVPHNOLNOLDOHERDNVPHQHNOLNOLQDLDGQ\YUFKRO
IXQFWLRQJUDINOLN[\LQWHJHULQWHJHUSUH*UDI
EHJLQ
5HVXOW KLJKJ
ZKLOH5HVXOW! DQGVTU[J>5HVXOW@[VTU\J>5HVXOW@\!U
UGR
GHF5HVXOW
HQG
DOHM]DGHILQXMHWHSURFHG~UX0RXVH'RZQNWRUiUHDOL]XMHSULGiYDQLHR]QDRYDQLHYUFKRORYDSULGiYDQLHKUiQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
YDU
YLQWHJUHUSUHPHQQiYNWRUHMVLSDPlWiPHSUYR]QDHQYUFKRO
]QDPHQiH]DWLDQHEROR]QDHQLDGQ\YUFKRO
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
LLQWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
L JNOLN[\
LILWKHQEHJLQJSULGDM9UFKRO[\Y HQG
HOVHLIYWKHQEHJLQY LJ]DIDUEL9UFKROLFO5HGHQG
HOVHEHJLQJSULGDM+UDQXYLY HQG
HQG
GRSULGDM9UFKRODSULGDM+UDQXVPHSULGDOLNUHVOLQDSUHNUHVOHQLHJUDIX
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
$OJRULWP\QDJUDIRFK
6~GDQpGHNODUiFLH
W\SH
YUFKRO\ Q
7*UDI FODVV
JDUUD\RIVHWRIE\WH
FRQVWUXFWRU&UHDWH
IXQFWLRQMH+UDQDYYLQWHJHUERROHDQ
HQG
7*UDI FODVV
JDUUD\>YUFKRO\YUFKRO\@RIERROHDQ
FRQVWUXFWRU&UHDWH
IXQFWLRQMH+UDQDYYLQWHJHUERROHDQ
HQG
7+UDQD FODVV
FLVORLQWHJHUtVORVXVHGQpKRYUFKROX
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
79UFKRO FODVV
VXVDUUD\RI7+UDQD
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXYLQWHJHU
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
FRQVWUXFWRU&UHDWH
IXQFWLRQMH+UDQDYYLQWHJHUERROHDQ
SURFHGXUH3ULGDM9UFKRO
SURFHGXUH=UXV9UFKROYLQWHJHU
SURFHGXUH3ULGDM+UDQXYYLQWHJHU
SURFHGXUH=UXV+UDQXYYLQWHJHU
HQG
DOJRULWP\GRKEN\DGRtUN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
ZLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ WRKLJKJGR
LIMH+UDQDYZDQGQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
TTXHXH
ZLQWHJHU
EHJLQ
T TXHXH&UHDWHTDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ WRKLJKJGR
LIMH+UDQDYZDQGQRWZLQYLVLWHGWKHQ
TDSSHQGZ
HQG
XQWLOTHPSW\
T)UHH
HQG
QDStWHPHWyG\7*UDIXNWRUpYUiWLDSRHWYUFKRORYGRNWRUFKVDP{HPGRVWD]GDQpKRYUFKROX]PRGLILNXMWH
SUHGFKiG]DM~FHPHWyG\
GRKEN\
IXQFWLRQ7*UDIGRNRONRYLQWHJHULQWHJHU
YDU
ZLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
5HVXOW
IRUZ WRKLJKJGR
LIMH+UDQDYZDQGQRWZLQYLVLWHGWKHQ
LQF5HVXOWGRNRONRZ
HQG
GRtUN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
]LVWLLMHQHRULHQWRYDQJUDIV~YLVOY\XLPHSUHGFKiG]DM~FXIXQNFLXVWDtDNVDSRHWYUFKRORYGRNWRUFKVDGi
GRVWD]MHGQpKRYUFKROXURYQi1NGH1MHSRHWYHWNFKYUFKRORY
IXQFWLRQ7*UDIVXYLVO\ERROHDQ
EHJLQ
LIJ QLORU/HQJWKJ WKHQ5HVXOW WUXH
HOVH5HVXOW GRNRONR /HQJWKJ
HQG
PHWyGDNWRUiYUiWLSRHWNRPSRQHQWRY
IXQFWLRQ7*UDI3RFHW.RPSLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\LDOHERGRVLUN\
LQF5HVXOW
HQG
HQG
0iPHQHRULHQWRYDQJUDI1DStWHIXQNFLXIXQFWLRQ7*UDI1DMGL$UWLNXODFLXLQWHJHUNWRUi]LVWtLJUDI
REVDKXMHWDNYUFKROHSRMHKRRGVWUiQHQtVD]YLSRHWNRPSRQHQWRYYUiWLEXtVORYUFKROXDOHERDNWDN
QHH[LVWXMH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
PHWyGX3RFHW.RPS]DGHNODUXMHPHDNRRYHUORDG
IXQFWLRQ7*UDI3RFHW.RPSYLQWHJHULQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\L
LQF5HVXOW
HQG
HQG
IXQFWLRQ7*UDI1DMGL$UWLNXODFLXLQWHJHU
YDU
SNLLQWHJHU
EHJLQ
SN 3RFHW.RPS5HVXOW
L
ZKLOHL KLJKJDQG5HVXOWGREHJLQ
LISN3RFHW.RPSLWKHQ5HVXOW L
LQFL
HQG
HQG
JUDIVDVNODGiSUiYH]GYRFKNRPSRQHQWRYPHWRGDSULGDM0RVWGRSOQtWDN~KUDQXPRVWHJUDIVDVWDQHV~YLVO
SURFHGXUH7*UDISULGDM0RVW
YDU
LLQWHJHU
EHJLQ
YLVLWHG >@GRKOEN\YRYLVLWHGV~OHQYUFKRO\NRPSRQHQWX
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
3ULGDM+UDQXLH[LW
HQG
HQG
]RYHREHFQLSUHGFKiG]DM~FLSUtNODGSULGDM0RVW\QHYLHPHNRNRNRPSRQHQWRYJUDIREVDKXMHWUHEDSULGD
PLQLPiOQ\SRHWKUiQDE\VDVWDOV~YLVO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
0iPHQHRULHQWRYDQV~YLVOJUDI1DStWHSURFHG~UXNWRUi]QHKRY\KRGtWDNpKUDQ\EH]NWRUFKJUDIRVWiYDV~YLVOWM
QLHV~PRVWRP9\WYRUtPH]JUDIXW]YNRVWUXSRVWXSQHUXtPHKUDQ\DNVPHSRUXLOLV~YLVORVJUDIXWDNMXYUiWLPHVSl
SURFHGXUH7*UDINRVWUD
YDU
LMSNLQWHJHU
EHJLQ
SN 3RFHW.RPSSRHWNRPSRQHQWRYJUDIX
IRUL WRKLJKJGR
IRUM LWRKLJKJGR
LIMH+UDQDLMWKHQEHJLQ
=UXV+UDQXLM
LI3RFHW.RPS!SNWKHQ
3ULGDM+UDQXLM
HQG
HQG
1DMSUYSRPRFQ~PHWyGXQDYSRHWVWXSDYUFKROX
IXQFWLRQ7*UDIVWXSHQYLQWHJHULQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQLQF5HVXOW
HQG
IXQNFLDGDVD
IXQFWLRQ7*UDIGDVDERROHDQ
YDU
LSLQWHJHU
EHJLQ
5HVXOW IDOVH
LI3RFHW.RPS!WKHQH[LW
S
IRUL WRKLJKJGR
LIRGGVWXSHQLWKHQEHJLQ
LQFSLIS!WKHQH[LW
HQG
5HVXOW S!H[LVWXMHJUDINWRUPiSUiYHQHSiUQ\YUFKRO"
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
9\O~L]JUDIXYHWN\YUFKRO\NWRUpPDM~QHSiUQ\VWXSH
QDMSUYWUHED]LVWLPQRLQXUXHQFKYUFKRORYDSRWRPLFKQDUD]YHWN\]UXL
~YDK\SUHU{]QHUHSUH]HQWiFLHSUREOpPP{HQDURELPHWyGD=UXV9UFKRONWRUiSRVXQLHYVHWN\QDVOHGXM~FHYUFKRO\
IXQJXMHOHQDNMHSRHWYUFKRORYPHQtDNR
SURFHGXUHJUDI]UXVNNLQWHJHU
YDU
LLQWHJHU
PVHWRIE\WH
EHJLQ
P >@
IRUL WRKLJKJGR
LIRGGVWXSHQLWKHQP P>L@
IRUL WRKLJKJGR
LILLQPWKHQ=UXV9UFKROL
HQG
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
%DFNWUDFNLQJ
-HGDQiPHWyGDWULHG\~ORKD
YDU
LLQWHJHU
XORKDEDFNWUDFNLQJV]VWULQJ
EHJLQ
LI]
WKHQY\SLVV
HOVH
IRUL WROHQJWK]GR
EDFNWUDFNLQJV]>L@FRS\]LFRS\]L
HQG
D2SUDYWHGUREQ~FK\ELNXNY{OLNWRUHMVDSURJUDP]DF\NOt
E3UHVQHY\StWHWRRY\StHWHQWRRSUDYHQSURJUDPSRYRODQtXORKDEDFNWUDFNLQJ
[\]
-HGDQiWULHGD
FRQVW
1
W\SH
XORKD FODVV
DDUUD\>11@RIE\WH
SLQWHJHU
FRQVWUXFWRUFUHDWH
SURFHGXUHEDFNLMLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRUXORKDFUHDWH
EHJLQ
ILOOFKDUDVL]HRIDS
HQG
SURFHGXUHXORKDEDFNLMLQWHJHU
EHJLQ
LILLQ>Q@DQGMLQ>Q@DQGD>LM@ WKHQ
LIL 1DQGM 1WKHQLQFS
HOVHEHJLQ
D>LM@
EDFNLMEDFNLMEDFNLM
D>LM@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
HQG
HQG
SURFHGXUHXORKDVWDUW
EHJLQ
EDFN
Y\SLVS
HQG
=LVWLWHDN~~ORKXULHLKRGQRWXSUHPHQQHMS
'DQSURJUDPQLHR]LVXMHQDQHRULHQWRYDQRPRKRGQRWHQRPJUDIHSRPRFRXSUHKDGiYDQLDVQiYUDWRP
YDU
JDUUD\>QQ@RIFKDU
LSLQWHJHU
SURFHGXUHEDFNWUDFNLLQWHJHUVVWULQJ
YDU
MLQWHJHU
EHJLQ
LIV
WKHQLQFS
HOVH
IRUM WRQGR
LIJ>LM@ V>@WKHQEHJLQ
J>LM@
J>ML@
EDFNWUDFNMFRS\V
J>LM@ V>@J>ML@ V>@
HQG
HQG
SURFHGXUHVWDUW
EHJLQ
QDtWDQLHJUDIX
S
IRUL WRQGREDFNWUDFNL
DDEDFF
Y\SLVS
HQG
1DNUHVOLWHJUDIVSLDWLPLYUFKROPLDRQDMPHQtPSRWRPKUiQWDNDE\SURFHG~UDVWDUWY\StVDODtVOR
'DQMHV~YLVOJUDIUHSUH]HQWRYDQSRRPPQRtQVXVHGRYDYUFKRO\[D\1DStWHSURJUDPNWRUY\StHYHWN\FHVW\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
YHG~FH]YUFKROD[GRYUFKROD\YGDQRPJUDIH
SURFHGXUHEDFN[\LQWHJHUFVWULQJ
YDU
LLQWHJHU
EHJLQ
LI[ \WKHQY\SLVF
HOVHEHJLQ
YLVLWHG YLVLWHG>[@
IRUL WR+LJKJGR
LILLQJ>[@DQGQRWLLQYLVLWHGWKHQ
EDFNL\FLQWWRVWUL
YLVLWHG YLVLWHG>[@
HQG
-HGDQitVHOQiDFKRYQLFD[SROtRN9NDGRPSROtNXVDQDFKiG]DM~QHMDNpFHOptVOD1DStWHSURJUDPNWRU]LVWt
YHWN\FHVW\]+GR3'URKXWDNDE\VXHWYHWNFKtVHOQDSROtNDFKFHVW\EROSUiYH1.DGpSROtNRVDP{HQDYWtYL
OHQUD]DPiPD[LPiOQHVXVHGRYFH]VWUDQ\
W\SH
YUFKRO FODVV
FLVORLQWHJHU
VXVDUUD\RILQWHJHU
YLVERROHDQ
HQG
XORKD FODVV
JDUUD\>@RIYUFKRO
QLQWHJHU
VXFHWLQWHJHU
FDUUD\RILQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHEDFNLLQWHJHU
SURFHGXUHVWDUWLLQWHJHU
HQG
SURFHGXUHXORKDVWDUWLLQWHJHU
EHJLQ
F QLO
EDFN
HQG
SURFHGXUHXORKDEDFNLLQWHJHU
YDU
NLQWHJHU
EHJLQ
]D]QDDK
J>L@YLV WUXH
VXFHW VXFHWJ>L@FLVOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
RG]QDDK
J>L@YLV IDOVH
VXFHW VXFHWJ>L@FLVOR
6HW/HQJWKF/HQJWKF
HQG
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
FYLHQLH
5LHHQLHSUtNODGX]PLQXORURQHMVN~N\
=DGDQLH
3DUODPHQWRGKODVRYDOHMHSRWUHEQpY\NRQDSRVODQHFNSULHVNXPQDQLHNWRUFKPLQLVWHUVWYiFKDLQFKWiWQ\FKLQWLW~FLiFK
3RGDSUHGSLVRYQDNDG~LQWLW~FLXPXVtSUtVWURMLFDSRVODQFRYDQDNRNRVDSULHVNXPY\NRQiQDUD]YRYHWNFK1LQWLW~FLiFK
YSDUODPHQWHXULOL
1SRVODQFRYNWRUtVD]~DVWQLDWRKRWRSULHVNXPX-H]QiPHHQLHNWRUtSRVODQFLQHPDM~NXVHEHQDMOHSt
SUDFRYQY]DKDQHERORE\SUHWRGREUHNHE\YMHGQHMWURMLFLEROLWDNtGYDMDNWRUtPDM~Y]iMRPQpNRQIOLNW\.DQFHOiULD
SDUODPHQWX]LVRYDODPHG]LSRVODQFDPLLFKY]DK\WMRGNDGpKRVLY\SWDOD]R]QDPNROHJRYDNROHJVNWRUPLV~RFKRWQt
VSROXSUDFRYDYMHGQHMWURMLFL3ULWRPDNSRVODQHF$XYLHGROSRVODQFD%HMHVQtPRFKRWQVSROXSUDFRYDDOHSRVODQHF%
]DEXGROQDVYRMRP]R]QDPHXYLHVSRVODQFD$WDNSUHGSRNODGiPHHGYRMLFD$%MHYSRULDGNX1DStWHSURJUDPNWRUSRP{H
NDQFHOiULLSDUODPHQWXXULWURMLFHSUHSDUODPHQWQSULHVNXPWDNDE\YLDGQHMWURMLFLQHY]QLNRONRQIOLNW
9V~ERUHWURMN\GDWV~YHWN\LQIRUPiFLHQDWRDE\VPHPRKOLULHL~ORKX
RNDGRPSRVODQFRYLMHYV~ERUHMHGHQ~GDMRYEORN
EORN]DtQDPHQRPSRVODQFD
]DQtPV~V~UDGQLFHYJUDILFNHMSORFKHDE\VPHULHHQLHPRKOL]DNUHVOLGRJUDIX
SRWRPQDVOHGXMH]R]QDPPLHQNROHJRYNWRUMHXNRQHQSUi]GQ\PUHD]FRP
PHQRNDGpKRSRVODQFDMHYV~ERUHXORHQpWDNHQDMSUYMHYMHGQRPEDMWHGNDUHD]FDD]DRXQDVOHGXMHVDPRWQi
SRVWXSQRV]QDNRYWHMWRGN\
V~UDGQLFH[D\V~YV~ERUHXORHQpDNRWYRUEDMWRYpFHOptVOD
6RV~ERURPSUDFXMWHOHQSRPRFRX76WUHDP0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDSRVODQFRYQLHMHYLDFDNR7LH
P{HWHSUHGSRNODGDHNDGSRVODQHFPiDVSRGYRFKNROHJRYVNWRUPLMHRFKRWQVSROXSUDFRYDDNHQDSUtNODGYVYRMRP
]R]QDPHQHXYLHGROQLNRKR]UHMPHVDREMDYLODVSRQDGYRFK]R]QDPRFKVYRMLFKNROHJRY
9]DK\PHG]LSRVODQFDPLUHSUH]HQWXMWHQHRULHQWRYDQPJUDIRPYNWRURPYUFKRO\R]QDXM~SRVODQFRYDKUDQ\R]QDXM~RFKRWX
VSROXSUDFRYDYQ~WRUQHJUDIUHSUH]HQWXMWHSRRPPQRtQ]DGHILQXMWHKRYWULHGH7*UDI7ULHGXGHILQXMWHYRGGHOHQHM
SURJUDPRYHMMHGQRWNHQDSU*UDI8QLWSULRPRNUHPQLHNRNFKYHUHMQFKPHWyGYHNWRRVWDWQpGHILQXMWHDNRSULYiWQH
SUHPHQQpDPHWyG\3URJUDPKQHSRWDUWHQDtWDV~ERUY\WYRUt]QHKRJUDIDY\NUHVOtKRGRJUDILFNHMSORFK\QDSUHGPL
LDUDPLYUFKRO\JUDIXQHPXVtWH]REUD]RYDNU~NDPLDQLStVDNXQtPPHQiSRVODQFRY3RNOLNQXWtQDWODLGOR7$57VD]DQH
KDGDULHHQLH~ORK\DSRDVWRKRWRKDGDQLDVDWRWRWODLGOR]DEORNXMH(QDEOHGQDVWDYtQDIDOVH
.RPSOHWQpULHHQLHQDMSUYXQLWNWRUGHILQXMHWULHGX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
XQLW*UDI8QLW
LQWHUIDFH
XVHV
*UDSKLFVVWGFWUOV
W\SH
79UFKRO FODVV
VVHWRIE\WH
[\LQWHJHU
PHQRVWULQJ
FRQVWUXFWRU&UHDWHVWVWULQJ
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
QDVLHOERROHDQ
YVHWRIE\WHQDYWtYHQpYUFKRO\
JU7&DQYDV
EXWWRQ7%XWWRQ
IXQFWLRQKODGDMVWVWULQJLQWHJHU
SURFHGXUHSULGDM+UDQXLMLQWHJHU
SURFHGXUHNUHVOL
SURFHGXUHNUHVOL+UDQXLMLQWHJHU
SURFHGXUHEDFNWUDFNLQJ
SURFHGXUHNUHVOL7URMLMSLQWHJHUF7&RORU
SXEOLF
FRQVWUXFWRU&UHDWHJJU7&DQYDVVXERUVWULQJ
SURFHGXUHVSXVWLD%XWWRQ7%XWWRQ
HQG
LPSOHPHQWDWLRQ
XVHV
&ODVVHV6\V8WLOV)RUPV
FRQVWUXFWRU79UFKRO&UHDWHVWVWULQJ
EHJLQ
PHQR VWV >@[ \
HQG
FRQVWUXFWRU7*UDI&UHDWHJJU7&DQYDVVXERUVWULQJ
YDU
W76WUHDP
IXQFWLRQFLWDM6WULQJVWULQJ
YDU
EE\WH
EHJLQ
W5HDGE6HW/HQJWK5HVXOWE
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
YDU
LLQWHJHU
VWVWULQJ
EHJLQ
JU JJUQDVLHO IDOVH
W 7)LOH6WUHDP&UHDWHVXERUIP2SHQ5HDG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
L KODGDMFLWDM6WULQJ
ZLWKJ>L@GREHJLQ
W5HDG[W5HDG\
UHSHDW
VW FLWDM6WULQJ
LIVW!
WKHQSULGDM+UDQXLKODGDMVW
XQWLOVW
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDISULGDM+UDQXLMLQWHJHU
EHJLQ
J>L@V J>L@V>M@
J>M@V J>M@V>L@
HQG
SURFHGXUH7*UDIVSXVWLD%XWWRQ7%XWWRQ
EHJLQ
EXWWRQ D%XWWRQ
EXWWRQ(QDEOHG IDOVH
LIQDVLHOWKHQQDVLHO IDOVH
HOVHEHJLQ
Y >@
EDFNWUDFNLQJ
JU)RQW+HLJKW
JU7H[W2XW
WRMHYHWNR
HQG
HQG
SURFHGXUH&DNDMPV/RQJLQW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ
YDU
LMNLQWHJHU
EHJLQ
L ZKLOHL KLJKJDQGLLQYGRLQFL
LIL!KLJKJWKHQEHJLQ
QDVLHO WUXHEXWWRQ(QDEOHG WUXH
ZKLOHQDVLHOGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HOVHEHJLQ
Y Y>L@
IRUM LWRKLJKJGR
LIQRWMLQYDQGMLQJ>L@VWKHQEHJLQ
Y Y>M@
IRUN MWRKLJKJGR
LIQRWNLQYDQGNLQJ>L@VDQGNLQJ>M@VWKHQEHJLQ
Y Y>N@
NUHVOL7URMLMNFO*UHHQ&DNDM
EDFNWUDFNLQJ
NUHVOL7URMLMNFO/W*UD\&DNDM
Y Y>N@
HQG
Y Y>M@
HQG
Y Y>L@
HQG
HQG
SURFHGXUH7*UDINUHVOL7URMLMSLQWHJHUF7&RORU
EHJLQ
JU3HQ&RORU F
NUHVOL+UDQXLM
NUHVOL+UDQXMS
NUHVOL+UDQXSL
HQG
SURFHGXUH7*UDINUHVOL+UDQXLMLQWHJHU
EHJLQ
JU3HQ:LGWK
JU0RYH7RJ>L@[J>L@\
JU/LQH7RJ>M@[J>M@\
HQG
SURFHGXUH7*UDINUHVOL
YDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
LMLQWHJHU
EHJLQ
JU3HQ&RORU FO/W*UD\
IRUL WRKLJKJGRZLWKJ>L@GR
IRUM LWRKLJKJGR
LIMLQVWKHQNUHVOL+UDQXLM
JU3HQ:LGWK
JU3HQ&RORU FO%ODFN
IRUL WRKLJKJGRZLWKJ>L@GRJU(OOLSVH[\[\
HQG
HQG
XQLWVIRUPXOiURP
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
*UDI8QLW
^5 ')0`
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH,PDJH&DQYDV
WURMN\GDW
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJFOJF
JVSXVWL%XWWRQ
HQG
HQG
WHVWRYDFt~GDMRYV~ERU
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
Skka z programovania
6N~ND]SURJUDPRYDQLDSUHURQtN
$JHQW-DPHV%RQGGRVWDOPDSXQHSULDWHVNpKR~]HPLD3RWUHEXMHVDGRVWD]YFKRG]LHKRPLHVWD
ERG$GRFLHRYpKRPLHVWDERG%DE\PRKROVSOQLWDMQpSRVODQLHRGRY]GDLIURYDQ~GHSHX
DJHQWNH-DQH%RQGRYHM$QDO\WLFNpSLRQiQHVWUHGLVNR]D]QDLOR-DPHVRYLGRPDS\QDYHWN\FHVW\
EH]SHQRVSUHFKRGXSRWHMWRFHVWHYEH]SHQRVR]QDXMHHEXGHQDQHMXULWH]QHNRGQHQ
R]QDXMHDEVRO~WQXEH]SHQRVEH]DNpKRNRYHNQHEH]SHLD
1DYUKQLWH-DPHVRYLRQDMEH]SHQHMLXWUDVXDY\SRtWDMWHMHMFHONRY~EH]SHQRV8YHGRPWHVLHDN
MHQDWUDVHDVSRMHGHQ~VHNVEH]SHQRVRXWDNFHOiWUDVDPiW~WREH]SHQRV$OH~VHN
QH]QDPHQiHFHOiWUDVDPi&HONRYiEH]SHQRVWUDV\MHWHGDGHILQRYDQiDNRV~LQ
SUDYGHSRGREQRVWtMHGQRWOLYFKFLHVWQDWUDVH
JUDIMHMHGQRUR]PHUQpSROHYUFKRORY
SUHNDGYUFKROVLSDPlWiVYRMHV~UDGQLFHQDREUD]RYNHDMHGQRUR]PHUQpEDMWRYpSROHYNWRURP
V~XFKRYDQpYiK\UHVSLQIRUPiFLDRWRPHYUFKROQHPiVSRMHQLHVLQPYUFKRORP
-HWRYODVWQH]PRGLILNRYDQiWDEXNDVXVHGQRVWt7RHQHMDNpGYDYUFKRO\QLHV~VSRMHQpFHVWRXEXGHWH
UHSUH]HQWRYDLQRXKRGQRWRXDNRR]QDXMHDEVRO~WQHQHEH]SHQ~FHVWX*UDI]DGHILQXMWHDNR
WULHGXVPHWyGDPLQDtWDQLH]RV~ERUXY\NUHVOHQLHVSXVWHQLHEDFNWUDFNLQJXDSRG
$QDO\WLFNpVWUHGLVNRLQIRUPiFLHRPDSHSULSUDYLORGRELQiUQHKRV~ERUXERQGGDWYNWRURPMHNDGi
YHWDSUHPHQOLYHMGN\DRSLVXMHMHGHQYUFKROJUDIX.DGYUFKROPiVYRMHSRUDGRYptVORRGGR
QLHMHWRtVORYHW\YV~ERUHSULRPWLHWRSRUDGRYptVODQHPXVLDWYRULV~YLVO~SRVWXSQRV7LHWR
SRUDGRYptVODEXG~LQGH[PLYRYDHMGiWRYHMWUXNW~UHJUDI.DGiYHWDV~ERUXREVDKXMHWLHWR
LQIRUPiFLH
SRUDGRYptVORYUFKROX
V~UDGQLFHYPDSHGYHFHOptVOD[D\
FHVW\
SRVWXSQRVMHXNRQHQiFHOPtVORP
YUFKROYSUYHMYHWHV~ERUXFLHRYpPLHVWRMHYRYUFKROHYGUXKHMYHWHV~ERUX
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDG~KUDQX
]DStHMHMEH]SHQRV9FKRG]LHDMFLHRYpPLHVWRYJUDIHQHMDNRY\]QDWH3RVWODHQtWODLGODWDUWVD
QDRPVSXVWtDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQKDGiQDMOHSLXFHVWXSRDV
EDFNWUDFNLQJXVD]DIDUEXMHPRPHQWiOQDFHVWDSULRPQLHNGHQDREUD]RYNHVDY\SLVXMHMHMPRPHQWiOQD
EH]SHQRVFHOHMWUDV\$NVDSRDVEDFNWUDFNLQJXVWODtWODLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOt
GRWHUD]QDMOHSLHULHHQLH$NQHH[LVWXMHLDGQDWUDVDDOHERYHWN\WUDV\PDM~EH]SHQRVSURJUDPR
WRPY\StHVSUiYX
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\ERQG]LS
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
8VLORYQNUWNR]DtQDPDY]iKUDGNHYHNpSUREOpP\QLHNWRUpMHKRSUDFQHY\EXGRYDQpFKRGELN\VD
SRVWXSQH]DYDXM~KOLQRXDRQLFKQHVWtKDYHWN\]QRYXD]QRYXSUHEXGRYiYD6XVHGNDP\NDPX
SRUDGLODHDNPi1NRP{URNNWRUpV~SRVSiMDQpFKRGELNDPLPDORE\PXVWDL1FKRGELLHNDE\
VD]NDGHMNRP{UN\PRKROGRVWDGRNDGHM$NE\VDVSUiYQHUR]KRGRONWRUpFKRGELN\VDPXRSODWt
XGULDYDDNWRUpXQHSRWUHEXMHXHWULORE\PXWRYHDQiPDK\1DYUKQLWHSURJUDPNWRUNUWNRYL
SRP{HY\EUDWDNPLQLPiOQ\SRHWFKRGELLHNSULNWRURPVDVWiOHGRVWDQHGRYHWNFKVYRMLFK
NRP{URNDSULWRPFHONRYiGNDWFKWRFKRGELLHNEXGHPLQLPiOQD
9UHLJUDIRYP{HPHQDX~ORKXSUHUR]SUiYDWDNWRGDQMHQHRULHQWRYDQRKRGQRWHQJUDI~ORKRXMH
QiMVPLQLPiOQXPQRLQXKUiQWDN~DE\JUDIRVWDOV~YLVODSULWRPV~HWRKRGQRWHQtWFKWRY\EUDQFK
KUiQEROPLQLPiOQ\7DNpPXWRSRGJUDIXKRYRUtPHPLQLPiOQDNRVWUDJUDIX3UHNRVWUXJUDIXV1
YUFKROPLSODWtHPi1KUiQ1DULHHQLHWHMWR~ORK\Y\XLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJYNWRURPVDEXG~SRVWXSQHRGVWUDRYDKUDQ\D]LVRYDLMHVWiOHHWHV~YLVO
*UDIUHSUH]HQWXMWHWDEXNRXVXVHGQRVWtYNWRURPRKRGQRWHQLH]QDPHQiHSUtVOXQpGYDYUFKRO\QLH
V~VSRMHQp0{HWHSUHGSRNODGDHYUFKRORYQLHMHYLDFDNR*UDI]DGHILQXMWHDNRWULHGXY
VDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyGGHILQXMWHDNRSULYDWHRNUHP
NRQWUXNWRUDDPHWyG\QDRGWDUWRYDQLHEDFNWUDFNLQJX
V~UDGQLFHSUYpKRYUFKROXGYHFHOptVOD[D\
V~UDGQLFHGUXKpKRYUFKROXGYHFHOptVOD[D\
RKRGQRWHQLHKUDQ\UHiOQHtVORW\SUHDO
9HWN\FHOptVODYV~ERUHV~W\SXLQWHJHU6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWH
SUHGSRNODGDHV~ERUMHNRUHNWQ1H]DEXGQLWHHJUDIMHQHRULHQWRYDQDWHGDHRKRGQRWHQLHVLWUHED
]D]QDLDMQDKUDQXYRSDQRPVPHUH
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDG~KUDQX
]DStHMHMRKRGQRWHQLH.DGYUFKRO]DNUHVOLWHPDOPNU~NRP3RVWODHQtWODLGODWDUWVDVSXVWt
DOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~DRGVWUDRYDQLHNWRUp
KUDQ\]DNDGP]LVXMHLMHJUDIVWiOHV~YLVODDNRVWDQHLED1KUiQ]DSDPlWiYDVLQDMOHSLH
ULHHQLHVPLQLPiOQ\PV~WRPRKRGQRWHQtWRWREXGHSRWUHERYDQDWRDE\QD]iYHUYHGHOWRWR
QDMOHSLHULHHQLH]REUD]L3RDVEDFNWUDFNLQJXVDRGIDUEXM~PRPHQWiOQH]UXHQpKUDQ\QDSU
VYHWORHGRXIDUERXSULRPQLHNGHQDREUD]RYNHVDY\SLVXMHV~HWRKRGQRWHQtPRPHQWiOQHQDMOHSLHKR
ULHHQLD$NVDSRDVEDFNWUDFNLQJXVWODtWODLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]
QDMOHSLHULHHQLH$NVDULHHQLHQHSRGDULORQiMVSURJUDPRWRPY\StHVSUiYX
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\NUWNR]LS
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
'HWLN\YPDWHUVNHMNROHVDYHPLSRWHLOLNHGRVWDOLYHN~NUDELFXVQRYPREUi]NRYPGRPLQRP
3RWGQLUDGRVWtVQRYRXKURXVD]LVWLORHVDQLHNRNRNDPHRYVWUDWLOR1LHNWRUpGHWLVD]WRKRWDN
UR]~WRVWLOLDVDUR]SODNDOLP\VOHOLVLHVD]R]Y\QFKNDPHRYXQHGiSRVNODGDQDYl]XM~FD
SRVWXSQRVNDPHRY
1DStWHSURJUDPNWRUGHWLNiPSRP{H]GRPLQRYFKNDPHRY]RVWDYLRQDMGOKLXSRVWXSQRVY
NWRUHMGYDVXVHGQpNDPHQHPDM~URYQDNREUi]RN0\XYLHPHHWDN~WR~ORKXP{HPHSUHIRUPXORYD
GRWHUPLQROyJLHJUDIRY
VNRQWUXXMHPHJUDIYNWRURPYNDGRPYUFKROHEXGHMHGHQKUDFtNDPHWMGYRMLFDREUi]NRY
GYDYUFKRO\VSRMtPHKUDQRXOHQDNPDM~VSRORQDVSRMHGHQREUi]RN
YWDNRPWRJUDIHEXGHPHKDGDRQDMGOKLXFHVWXSULRPEXGHPHGiYDSR]RUQDWRDE\
1DULHHQLHWHMWR~ORK\Y\XLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ
*UDIUHSUH]HQWXMWHSRRPYUFKRORY
W\SH
79UFKRO FODVV
EE7%LWPDSREUi]N\
[\LQWHJHUV~UDGQLFHYUFKROXYSORFKH
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
NRQLHFERROHDQ
SURFHGXUHNUHVOL
IXQFWLRQMH+UDQDLMLQWHJHUERROHDQ
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHVWRS
HQG
*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQWUXNWRUDDPHWyG\QDRGWDUWRYDQLHUHVS]DVWDYHQLHEDFNWUDFNLQJX
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQ
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXWDNHYUFKRO\
URYQRPHUQHUR]PLHVWQLQDP\VOHQHMNUXQLFLVRVWUHGRPYVWUHGHSORFK\DVUR]XPQPSRORPHURP
KUDQ\QDNUHVOLWHVYHWORHGRXIDUERX'RNDGpKRYUFKROX]DNUHVOLWHREDREUi]N\]RGSRYHGDM~FHNDPHX
3RVWODHQtWODLGODWDUWVDVSXVWtDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQH
SRN~DQiMVYHWN\FHVW\YJUDIHDSRVNRQHQt]DNUHVOtQiMGHQ~QDMGOKLXFHVWX3ULHEHKEDFNWUDFNLQJX
]Qi]RUXMWH]DIDUERYDQtPDRGIDUERYDQtPKUiQ$NVDSRDVEDFNWUDFNLQJXVWODtWODLGOR6WRSWDN
DOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]QDMOHSLHULHHQLH3RDVSULHEHKXSUHKDGiYDQLDNRQWUXRYDQLD
FHVW\DDMQD]iYHUVDYVSRGQHMDVWLSORFK\SRVWXSQH]RVWDYXMHNRUHNWQiSRVWXSQRVNDPHRY
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\GRPLQR]LS
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
0DOOHQLYNUWNR,,VSDOYEUO{NXDGRYHHUH-HKRPDPLNXWRQD]ORVWLORDWDNVLSRYHGDODR]
P{MKRV\QHNDY\UDVWLHNHEXGHWDNOHQLYDXKRDMLODEXGL9VWiYDMNUWNR,,Ui]QHVDPX
SULKRYRULODDNGQHVNDQHSRFK\WiFKUREiLNRYYRYHWNFKQDLFKEUO{NRFKWDNDQDVNXWNXSDOLNRX
Y\REtYDPRPDOFKXGiNNUWNR,,URELQHFKFHORVDPXDOHPXVHOYVWD
.UWLDURGLQDPDODY\EXGRYDQFKQLHNRNREUO{NRY]NWRUFKYlLQDERODVSRMHQiWXQHOPL.DGGH
NUWLFDVNUWRPSUHOLH]DOLYHWN\EUO{N\D]ELHUDOLWRRPDM~QDMUDGHMFKUREiLN\7HUD]PDODMPDO
OHQLYNUWNR,,]ELHUD$OHNHHEROFHONRPLQWHOLJHQWQQDMSUYSRXYDRYDO1DMOHSLHNHFH]
NDGEUO{WHNSUHMGHPSUiYHUD]DS{MGHPSRWDNFKFKRGEiFKHV~HWLFKGRNEXGHQDMPHQt
6DPR]UHMPHHPDOOHQLYNUWNR,,FKFHOVYRMXFHVWXVNRQLRSlYRVYRMRPEUO{NXDE\PRKROVSD
DGRDOHMYHHUH
ORKD1DStWHSURJUDPNWRUQDtWDLQIRUPiFLHREUO{NRFKDWXQHORFKDQiMGHSUHPDOpKROHQLYpKR
NUWND,,QDMNUDWtF\NOXVSUHFKiG]DM~FLFH]YHWN\EUO{N\
9UHLJUDIRYP{HPHQDX~ORKXSUHUR]SUiYDWDNWRGDQMHQHRULHQWRYDQRKRGQRWHQJUDI~ORKRXMH
QiMVF\NOXVNWRUSUHFKiG]DNDGPYUFKRORPSUiYHUD]DSULWRPV~HWRKRGQRWHQtKUiQQDWHMWRFHVWH
EXGHPLQLPiOQ\1DULHHQLHWHMWR~ORK\Y\XLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJY
NWRURPVDEXG~SRVWXSQHJHQHURYDYHWN\F\NO\SUHFKiG]DM~FHYHWNPLYUFKROPL
*UDIUHSUH]HQWXMWHWDEXNRXVXVHGQRVWt0{HWHSUHGSRNODGDHYUFKRORYQLHMHYLDFDNR*UDI
]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyGGHILQXMWH
DNRSULYDWHRNUHPNRQWUXNWRUDDPHWyG\QDRGWDUWRYDQLHUHVS]DVWDYHQLHEDFNWUDFNLQJX
6FKpPDWXQHORYPDOpKROHQLYpKRNUWND,,MHSRStVDQiYELQiUQRPV~ERUHNUWNR,,GDWUHVS
NUWNR,,GDW.DGiYHWDV~ERUXSRSLVXMHMHGHQWXQHOWMMHGQXKUDQXJUDIX
WXQHOMHEXMHGQD~VHNDDOHERVDVNODGi]SRVWXSQRVWLQDYl]XM~FLFK~VHLHN
SRVWXSQRV~VHLHNMHYV~ERUHGHILQRYDQiSRVWXSQRVRXV~UDGQtFERGRYQDSU[\[\[
\]QDPHQiHKUDQDYHGLH]YUFKROX[\GRYUFKROX[\DSUHFKiG]DERGRP[\NWRU
DOHQLHMHYUFKRORPJUDIX
V~UDGQLFHYHWNFKERGRYV~GYHFHOpQHQXORYptVOD[D\
NDGiSRVWXSQRVV~UDGQtFMHXNRQHQiQXORXMHGQRFHOptVOR
9HWN\FHOptVODYV~ERUHV~W\SXLQWHJHU6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWH
SUHGSRNODGDHV~ERUMHNRUHNWQ1H]DEXGQLWHHJUDIMHQHRULHQWRYDQDWHGDHGHILQtFLDWXQHOXSODWt
DMSUHKUDQXYRSDQRPVPHUH2KRGQRWHQLHNDGHMKUDQ\JUDIXY\SRtWDMWHDNRV~HWGRN~VHLHN]
NWRUFKVDKUDQDVNODGiGN\VWDt]DRNU~KRYDQDFHOptVOD
*UDIP{HWHUHSUH]HQWRYDQDSUWDNWR
W\SH
SROH DUUD\RI73RLQW
W+UDQD FODVV
KLQWHJHURKRGQRWHQLHKUDQ\V~HWGRN~VHLHN
SSROHSRVWXSQRVV~UDGQtFERGRY
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
HQG
7*UDI FODVV
SULYDWH
YDUUD\>E\WH@RI73RLQWV~UDGQLFHYUFKRORYJUDIX
JDUUD\>E\WHE\WH@RI7+UDQDWDEXNDVXVHGQRVWt
QLQWHJHUSRHWYUFKRORYJUDIX
F7&DQYDV
SURFHGXUHEDFNWUDFNLQJ
SURFHGXUHNUHVOL
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHVWRS
HQG
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDIDUHEQHY\]QDt
YUFKRO\PDOPNU~NRP3RVWODHQtWODLGODWDUWVDVSXVWtDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJ7HQVDSRVWXSQHSRN~DJHQHURYDYHWN\F\NO\D]DSDPlWiYDVLQDMOHSLHULHHQLHV
PLQLPiOQ\PV~WRPRKRGQRWHQtWRWREXGHSRWUHERYDQDWRDE\QD]iYHUYHGHOWRWRQDMOHSLHULHHQLH
]REUD]L3RDVEDFNWUDFNLQJXVD]DIDUEXM~PRPHQWiOQHSRXLWpKUDQ\$NVDSRDVEDFNWUDFNLQJXVWODt
WODLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]QDMOHSLHULHHQLH$NVDULHHQLHQHSRGDULOR
QiMVSURJUDPRWRPY\StHVSUiYX
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\NUWNR,,]LS
3R]QWiWR~ORKDMHSUHEUDWi]URQtNDNRUHSRQGHQQpKRVHPLQiUD]SURJUDPRYDQLD
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
%UXFH:LOOLVSULFHVWXMHGR%UDWLVODY\DE\WXQDWRLOVYRMQDMQRYtILOP3UHWRHE\VDFHVWRX]OHWLVNDQD
PLHVWRQDWiDQLDQHUiG]GURYDOILOPRYWiESRLDGDOPLHVWQXGRSUDYQ~SROtFLXDE\PXQDODWUDVX
NWRUiEXGHQDMUFKOHMLD1LHNWRUpNULRYDWN\Y%UDWLVODYHEYDM~GRV]DSFKDWpDGiVDSUHGSRNODGDH
QDGHQtIDQ~LNRYLDE\VYRMLGROOHQWDNDKNRQHSXVWLOL3UHWRVDGRSUDYQiSROtFLDVQDtQiMVWUDVX]
OHWLVNDQDPLHVWRQDWiDQLDNWRUiMHRPRQRQDMSULHSXVWQHMLD3ULHSXVWQRVNULRYDWLHNVDY\MDGUXMHY
SHUFHQWiFKDSULHSXVWQRVFHOHMWUDV\VDSRtWDDNRV~LQSULHSXVWQRVWtNULRYDWLHNNWRUPLWUDVD
SUHFKiG]D
1DStWHSURJUDPNWRUGRSUDYQHMSROtFLLSRP{H]RVWDYLRQDMSULHSXVWQHMLXWUDVX]OHWLVNDQDPLHVWR
QDWiDQLDILOPX
9WHUPLQROyJLLJUDIRYPRQRW~WR~ORKXSUHIRUPXORYDWDNWR.ULRYDWN\EXG~UHSUH]HQWRYDQpYUFKROPL
QHRULHQWRYDQpKRJUDIX.DGYUFKROEXGHPDSULUDGHQ~KRGQRWXSULHSXVWQRVNULRYDWN\'YD
YUFKRO\V~VSRMHQpKUDQRXDNV~SUtVOXQpNULRYDWN\VSRMHQpFHVWRX9WDNRPWRJUDIHEXGHWHKDGD
FHVWX]SRLDWRQpKRYUFKROXGRNRQFRYpKRYUFKROXQDNWRUHMMHV~LQKRGQ{WYRYUFKRORFKNWRUPL
SUHFKiG]DRQDMYlt1DULHHQLHWHMWR~ORK\Y\XLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJ
W\SH
FKDU DUUD\>@RIFKDU
79UFKRO FODVV
PHQRFKDU
[\LQWHJHU
SE\WHSHUFHQWi
VXVVHWRIE\WHPQRLQDVXVHGRY
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
NRQLHFERROHDQ
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWRS
SURFHGXUHNOLN[\LQWHJHU
HQG
*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQWUXNWRUDDPHWyG\QDNOLNDQLHGRJUDIXP\RXD]DVWDYHQLH
EDFNWUDFNLQJX
DNYHWD]DtQD]QDNRP
N
]QDPHQiWRHSRSLVXMHNULRYDWNX]DWPWR]QDNRPQDVOHGXMH
GYRMStVPHQRYpPHQRNULRYDWN\DOHMV~UDGQLFHNULRYDWN\YJUDILFNHMSORFKHGYHFHOptVOD
LQWHJHUDSULHSXVWQRVNULRYDWN\YSHUFHQWiFKE\WH
DNYHWD]DtQD]QDNRP
X
YHWDSRSLVXMHMHGQXXOLFX]DWPWR]QDNRPQDVOHGXM~GYH
GYRMStVPHQRYpPHQiNULRYDWLHN
GDMWHSR]RUQDWRHGHILQtFLHXOtFDNULRYDWLHNP{XE\YV~ERUHSRPLHDQp
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQ
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDIDY\NUHVOtWHQWRJUDIQDREUD]RYNXKUDQ\QDNUHVOt
VYHWORHGRXIDUERX'RNDGpKRYUFKROXY\StHMHKRSULHSXVWQRV3RWRPSURJUDPDNiQDNOLNQXWLH
NWRUPVDIDUHEQHR]QDtWDUWRYYUFKRODGUXKpNOLNQXWLHNWRUPVDIDUHEQHR]QDtFLHRYYUFKRO$N
VDNOLNQHQDR]QDHQYUFKROWHQWRVDRG]QDt+QHSRXUHQtWDUWRYpKRDFLHRYpKRYUFKROXVDVSXVWt
DOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~DQiMVYHWN\FHVW\YJUDIH
]RWDUWRYpKRGRFLHRYpKRYUFKROXDSRVNRQHQt]DNUHVOtQiMGHQ~QDMSULHSXVWQHMLXFHVWX3ULHEHK
EDFNWUDFNLQJX]Qi]RUXMWHSULHEHQP]DIDUERYDQtPDRGIDUERYDQtPKUiQ$NVDSRDVEDFNWUDFNLQJX
VWODtWODLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]QDMOHSLHULHHQLH$NDOJRULWPXVULHHQLH
QHQiMGHY\StHRWRPVSUiYX3RQDNUHVOHQtULHHQLDSURJUDPRSlDNiQDXUHQLHGYRMLFHWDUWRYpKRD
FLHRYpKRYUFKROXNOLNQXWtPP\RX3UYpWDNpWRNOLNQXWLH]PDHGRWHUDMLHULHHQLHDIDUHEQHR]QDt
WDUWRYYUFKRO
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\PHVWR]LS
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
0HVWVNiK\JLHQLNDSULODQDNRQWUROXQLHNWRUFKG{OHLWFKSULHVWRURYQDQDHMIDNXOWH=GiVDDOHHMH
WURFKXSRSOHWHQiDHSRDVVYRMHMREFK{G]N\VWiOHFKRGtQDWLHLVWpPLHVWDDQHYLHVDY\PRWD]EXGRY\
YRQWHGDWDGHNDGLDYRODGREXGRY\7UHEDMHMSRP{FY\SUDFRYDWDNSOiQREFK{G]N\SRPRFRX
NWRUpKRREtGHYHWN\QDSOiQRYDQpG{OHLWpSULHVWRU\GRLDGQHMPLHVWQRVWLQHYVW~SLYLDFNUiWD~VSHQHVD
YUiWLQDYUiWQLFXWDPNGH]DDODREFK{G]NX3ULWRPWUHEDPLQLPDOL]RYDSRHW]E\WRQHQDYWtYHQFK
SULHVWRURY
9WHUPLQROyJLLJUDIRYPRQRW~WR~ORKXSUHIRUPXORYDWDNWR9HWN\PLHVWQRVWLEXG~UHSUH]HQWRYDQp
YUFKROPLQHRULHQWRYDQpKRJUDIX2NDGRPYUFKROHVLSDPlWiPHLMHWRG{OHLWYUFKRO$NV~GYH
PLHVWQRVWLVSRMHQpFKRGERXWDNYJUDIHV~SUtVOXQpYUFKRO\VSRMHQpKUDQRX9WDNRPWRJUDIHEXGHWH
KDGDF\NOXV]GDQpKRSRLDWRQpKRYUFKROXNWRUEXGHSUHFKiG]DRQDMYltPSRWRPG{OHLWFK
YUFKRORYDNWDNFKF\NORYH[LVWXMHYLDFY\EHULHWHQDMNUDWt1DULHHQLHWHMWR~ORK\Y\XLWHDOJRULWPXV
SUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ
W\SH
79UFKRO FODVV
FLVORtVORPLHVWQRVWL
[\LQWHJHU
GROH]LW\ERROHDQ
VXVVHWRIE\WH
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
NRQLHFERROHDQ
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHNOLN[\LQWHJHU
HQG
*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQWUXNWRUDDPHWyG\QDNOLNDQLHGRJUDIXP\RX
0LHVWQRVWLIDNXOW\V~SRStVDQpYELQiUQRPV~ERUHIDNXOWDGDWUHVSIDNXOWDGDWIDNXOWDGDW
.DGiYHWDV~ERUXSRSLVXMHMHGQXPLHVWQRV
YHWD]DtQDtVORPPLHVWQRVWLEDMW\SUH
DOHMQDVOHGXM~V~UDGQLFHPLHVWQRVWLYJUDILFNHMSORFKHGYHFHOptVODLQWHJHU
YDORPEDMWHMHDOHERSULRPR]QDXMHHPLHVWQRVMHG{OHLWiDHPLHVWQRVQLHMH
G{OHLWi
SRWRPQDVOHGXMH]R]QDPtVHOVXVHGQFKPLHVWQRVWtSUHNDGptVOREDMW\XNRQHQtVORP
NHHMHJUDIQHRULHQWRYDQDNMHYV~ERUHGHILQRYDQiKUDQD]$GR%WDNDXWRPDWLFN\WR
]QDPHQiDM]%GR$
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQ
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDIDY\NUHVOtWHQWRJUDIQDREUD]RYNXSULRPIDUHEQHRGOtL
G{OHLWpYUFKRO\'RNDGpKRYUFKROXY\StHtVORPLHVWQRVWLNWRU~YUFKROUHSUH]HQWXMH3RWRPSURJUDP
DNiQDNOLNQXWLHP\RXQDQHMDNYUFKROWPWRVDR]QDtWDUWRYYUFKROWUHEDKRY\]QDLIDUHEQH
WHVWXMWHNOLNQXWLHYQHMDNHMEOt]NRVWLSRORK\YUFKROX+QHSRXUHQtWDUWRYpKRYUFKROXVDVSXVWt
DOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~DQiMVYHWN\F\NO\YJUDIH
]RWDUWRYpKRYUFKROXNWRUpSUHFKiG]DM~G{OHLWPLYUFKROPL3RVNRQHQt]DNUHVOtQDMNUDWtQiMGHQ
F\NOXVVRQDMYLDFG{OHLWPLYUFKROPL3ULHEHKEDFNWUDFNLQJX]Qi]RUXMWHSULHEHQP]DIDUERYDQtPD
RGIDUERYDQtPKUiQ$NVDSRDVEDFNWUDFNLQJXNOLNQHP\RXGRJUDILFNHMSORFK\WDNDOJRULWPXV]DVWDQH
$NDOJRULWPXVQHQiMGHRSWLPiOQHULHHQLHUHVSDNERO]DVWDYHQNOLNQXWtPHWHSUHGVNRQHQtP
Y\NUHVOtULHHQLHNWRUpSUHFKiG]DRPRQRQDMYltPSRWRPG{OHLWFKYUFKRORYQLHQXWQHYHWNPL
3RQDNUHVOHQtULHHQLDSURJUDPRSlDNiQDXUHQLHWDUWRYpKRYUFKROXNOLNQXWtPP\RX7DNpWR
NOLNQXWLH]PDHGRWHUDMLHULHHQLHDIDUHEQHR]QDtQRYWDUWRYYUFKRODRSlVSXVWtSUHKDGiYDQLH
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\IDNXOWD]LS
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
2NUHV.RF~UNRYRVDVNODGi]1PDOFKGHGLQLHN1LHNWRUp]WFKWRGHGLQLHNV~SRVSiMDQpFHVWDPLDOH
LDYHPLQt]NHMNYDOLW\6WDURVWD.RF~UNRYDVDUR]KRGROLQYHVWRYDGRRSUDY\FLHVWDOHNY{OL
REPHG]HQPILQDQFLiPYSUYHMHWDSHRSUDYtOHQLFKPLQLPiOQ\SRHW0DOWDN~SUHGVWDYXHSR
RSUDYiFKFLHVWVDEXGHPRQpGRVWD]NDGHMGHGLQN\GRNDGHMOHQSRRSUDYHQFKKRFLQLHNHG\WR
QHPXVtE\QDMNUDWLDFHVWD1HFKDOVLY\KRWRYLW~GLXSRGDNWRUHMVDRKRGQRWLODG{OHLWRVNDGHM
FHVW\tVORPRGGRtPYlLHWPG{OHLWHMLD$VDPR]UHMPHHEXGHKDGDPQRLQXFLHVWV
RQDMYlRXG{OHLWRVRX]UHMPHWDNFKFLHVWY\EHULHSUHVQH1
9UHLJUDIRYP{HPHQDX~ORKXSUHUR]SUiYDWDNWRGDQMHQHRULHQWRYDQRKRGQRWHQJUDI~ORKRXMH
QiMVPLQLPiOQXPQRLQXKUiQWDN~DE\JUDIRVWDOV~YLVODSULWRPV~HWRKRGQRWHQtWFKWRY\EUDQFK
KUiQEROPD[LPiOQ\7DNpPXWRSRGJUDIXKRYRUtPHPD[LPiOQDNRVWUDJUDIX3UHNRVWUXJUDIXV1
YUFKROPLSODWtHPi1KUiQ1DULHHQLHWHMWR~ORK\Y\XLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJYNWRURPVDEXG~SRVWXSQHRGVWUDRYDKUDQ\D]LVRYDLMHVWiOHHWHV~YLVO
*UDIUHSUH]HQWXMWHWDEXNRXVXVHGQRVWtYNWRURPRKRGQRWHQLH]QDPHQiHSUtVOXQpGYDYUFKRO\QLH
V~VSRMHQp0{HWHSUHGSRNODGDHYUFKRORYQLHMHYLDFDNR*UDI]DGHILQXMWHDNRWULHGXY
VDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYpSUHPHQQpDYlLQXPHWyGGHILQXMWHDNRSULYDWHRNUHP
NRQWUXNWRUDDPHWyGQDRGWDUWRYDQLHD]DVWDYHQLHEDFNWUDFNLQJXQDSUWDNWR
7*UDI FODVV
SULYDWH
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VXVDUUD\>E\WH@RIE\WH
HQG
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHVWRS
HQG
V~UDGQLFHSUYpKRYUFKROXGYHFHOptVOD[D\
V~UDGQLFHGUXKpKRYUFKROXGYHFHOptVOD[D\
RKRGQRWHQLHKUDQ\FHOptVORW\SEDMW
9HWN\V~UDGQLFHV~W\SXLQWHJHU6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWHSUHGSRNODGD
HV~ERUMHNRUHNWQ1H]DEXGQLWHHJUDIMHQHRULHQWRYDQDWHGDHRKRGQRWHQLHVLWUHED]D]QDLDMQD
KUDQXYRSDQRPVPHUH
3URJUDPXORtWLHWR~GDMHGRWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDG~KUDQX
]DStHMHMRKRGQRWHQLH.DGYUFKRO]DNUHVOLWHPDOPNU~NRP3RVWODHQtWODLGODWDUWVDVSXVWt
DOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~DRGVWUDRYDQLHNWRUp
KUDQ\]DNDGP]LVXMHLMHJUDIVWiOHV~YLVODDNRVWDQHLED1KUiQ]DSDPlWiYDVLQDMOHSLH
ULHHQLHVPD[LPiOQ\PV~WRPRKRGQRWHQtWRWREXGHSRWUHERYDQDWRDE\QD]iYHUYHGHOWRWR
QDMOHSLHULHHQLH]REUD]L3RDVEDFNWUDFNLQJXVDRGIDUEXM~PRPHQWiOQH]UXHQpKUDQ\QDSU
VYHWORHGRXIDUERXSULRPQLHNGHQDREUD]RYNHVDY\SLVXMHV~HWRKRGQRWHQtPRPHQWiOQHQDMOHSLHKR
ULHHQLD$NVDSRDVEDFNWUDFNLQJXVWODtWODLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]
QDMOHSLHULHHQLH$NVDULHHQLHQHSRGDULORQiMVSURJUDPRWRPY\StHVSUiYX
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\NRFXU]LS
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHURQtN
1DStWHSURJUDPNWRUEXGHKDGDFHVWXYREGQLNRYRPODE\ULQWH/DE\ULQWVDVNODGi]0[1SROtRN0
ULDGNRY[1VWSFRYSULRPPHG]LQLHNWRUPLVXVHGQPLSROtNDPLV~VWHQ\/DE\ULQWMHSRStVDQYELQiUQRP
V~ERUHODE\ULQWGDWNWRUREVDKXMH
YHWDREVDKXMHSR]tFLHGYRFKVXVHGQFKSROtRNWMtVORULDGNDDtVORVWSFDSUYpKRSROtNDDWLHtVOR
ULDGNDDVWSFDGUXKpKRSROtND
9HWN\tVODYV~ERUHV~EDMW\6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWHSUHGSRNODGDHV~ERUMH
NRUHNWQ
/DE\ULQWYSURJUDPHUHSUH]HQWXMWHSRPRFRXQHRULHQWRYDQpKRJUDIXYNWRURPNDGpSROtNRMHMHGHQYUFKROJUDIX
'YDYUFKRO\V~VSRMHQpKUDQRXDNSUtVOXQpSROtNDVXVHGLDDQLHMHPHG]LQLPLVWHQD*UDIUHSUH]HQWXMWHWDNDE\
VD9iPVQtPGREUHSUDFRYDORQDSUSRRPSROtVXVHGRYNGHSROHP{HE\DMGYRMUR]PHUQpXYHGRPWHVLH
NDGYUFKROPiPD[LPiOQHVXVHGRY*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULRPYHWN\VWDYRYp
SUHPHQQpDYlLQXPHWyGGHILQXMWHDNRSULYDWHRNUHPNRQWUXNWRUDDPHWyGNWRUpVSUDFXM~NOLNQXWLHP\RXD
]UHMPHRGWDUWXM~UHVS]DVWDYLDEDFNWUDFNLQJQDSUWDNWR
79UFKRO FODVV
VXVDUUD\VXVHGLD
YLVERROHDQLEROQDYWtYHQ
FRQVWUXFWRU&UHDWH
IXQFWLRQNOLN[[\\LQWHJHUERROHDQLVDGRQHKRNOLNOR
SURFHGXUH]QDFNDF7&DQYDVI7&RORUQDNUHVOt]QDNXQHMDNHMIDUE\
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDVPVWULQJQDtWDQLHJUDIX]RV~ERUX
SURFHGXUHNOLN[\LQWHJHUNOLNORVDQLHNDPGR,PDJH
HQG
/DE\ULQWQDREUD]RYNHY\NUHVOLWHWDNHYWYRUFRYHMVLHWLYHNRVWL0[1NGHMHGQRSROtNRMHYHNRVWL9HO[9HO
QDNUHVOLWHVWHQ\KUXERXLDURX
.OLNQXWtPQDQLHNWRUp]SROtRNODE\ULQWXXUtWHWDUWRYpSROtNRDOtPNOLNQXWtPQDQHR]QDHQpSROtNR
ODE\ULQWXVDXUtFLHRYpSROtNRDWPVDVSXVWtDOJRULWPXVKDGDQLDFHVW\WDUWRYpDMFLHRYpSROtNRIDUHEQH
RGOtWH
1DWHVWRYDQLHSURJUDPXP{HWHSRXL~GDMRYpV~ERU\ODE\ULQW]LS
$% 6N~ND/
WHVWSUHIDQDWLNRYSUHEHKROP{HWHVLSR]ULHMHKR]DGDQLH
WDEXNDYVOHGNRYWHVWX
YHWFLVSOQLOLNULWpULiSUHIDQDWLNRY
ERGRYDQLHERORPD[ERGRY]DSUtNODGYSRVOHGQRPVWSFLMHV~HWERORWUHED]tVNDDVSR
ERGRY
SUDYLGOiQD]tVNDYDQLHERGRYSUHIDQDWLNRY
IDQDWLNVDQHPXVt]~DVWRYDFYLHQtDURELUR]FYLN\
PXVtQDMQHVN{UYWGQLSUHGVN~NRXRGRY]GDSURMHNW
P{HStVDWHVWNXVN~NH]DERGRY
NHRGRY]GiNRPSOHWQSURMHNWDXWRPDWLFN\]tVNDYDERGRYQDPLHVWRUR]FYLLHN
SUDNWLFNiVN~NDDDMKRGQRWHQLHPiURYQDNpNULWpULiDNRSUHQHIDQDWLNRY
VHPHVWUiOQHSURMHNW\
WpPXSURMHNWXVLY\EHUWHSRGDYODVWQFK]iXMPRY
P{HWHVDLQSLURYDWpPDPLSUHQHIDQDWLNRYSHGDJRJLFNVRIWYpU
DOHER]LPQPVHPHVWURPXLWRQiDSOLNiFLDSRG:LQGRZV
WpPXSURMHNWXMHGREUHRGNRQ]XOWRYDVWDtHPDLORPtPVN{U
]DSURMHNWVDGi]tVNDPD[LPiOQHERGRY]WRKR
ERGDNGRRGRY]GiVWDtHPDLORPNYDOLWQQiYUKSURMHNWX
ERGDNGRRGRY]GiDVSREHWDYHU]LX
ERG\DNVDNRPSOHWQSURMHNWY]GURMRYRPWYDUHGi]YHUHMQLQDLQWHUQHWH
MHGRVWDWRQHSUHKDGQLWDWHQDMHSRFKRSLWHQSUHSUYiNDLQIRUPDWLND
GRERGRY]D]DXMtPDY~WpPXGL]DMQDOJRULWPLFN~QiURQRVXLWRQRVWpP\DSRG
WHUPtQ\
tPVN{UNRQ]XOWRYDWpPX
GRStVRPQQiYUKSURMHNWX
GRDVSREHWDYHU]LD
QDMQHVN{UYWGQLSUHGVN~NRXNRPSOHWQSURMHNW
$9HREHFQpSUDYLGOiPXVLDE\VSOQHQpDE\EROSURMHNWSULMDW
SURJUDPMHXUHQSUH,$.$DQLHSUHXLWHDSUH]iNODGQ~DOHERVWUHGQ~NROX
PDOE\VO~LQDXHQLHY\VYHWRYDQLHH[SHULPHQWRYDQLHKUDQLHVDVQRYPLSRMPDPL
QHPDOE\E\QDVN~DQLHDQLQDWHVWRYDQLHDDQLE\WRQHPDODE\K\SHUWH[WRYiXHEQLFD
VSUiYQHQDIRUPiWRYDQ
PXVtE\RVREQHRGRY]GDQQLHQHVN{UDNRYWGQLSUHGVN~NRX
RNUHPWRKR
PDOE\E\QDDVRGRY]GDQVYRMPXFYLLDFHPX
NYDOLWQQiYUKSURMHNWXGR
DVSREHWDYHU]LDGRNRQFDYXE\YVHPHVWULGR
SOQiYHU]LDSRGRKRGHVFYLLDFLPDOHQLHQHVN{UDNRYWGQLSUHGVN~NRX
P\VOLHQDWRDE\
EROXLWHRFKRWQSRXLWHQWRSURMHNWQDVYRMRPY\XRYDQt
LDNDMXLWHUR]XPHORYOiGDQLXSURJUDPX
VDSRPRFRXQHKRGDODSRFKRSLQDXLSUHFYLLQHMDNiOiWND]RNROVNpKRXLYD
WMPDOE\]RGSRYHGDUHiOQHMWpPHNRO\
VDSiLOGHRP
VDSRGREDOQDSURIHVLRQiOQHY\WYRUHQVRIWYpUJUDILNDDQLPiFLH]YXN\
P{HWHVDLQSLURYDNRPHUQPLKUDPLGRNWRUFKYORtWHSHGDJRJLFNREVDK
&ERGRYDQLH !KRGQRWLVDEXGHOHQSURMHNWNWRUVSDYHREHFQpSUDYLGOi$
RWYRUHQRVSUHXLWHDXLWHPiPRQRVSRPRFRXQHMDNFKYROLHEQDVWDYLSDUDPHWUH
VRIWYpUXXLWHPiPRQRVSR]ULHVLORJV~ERUPD[
SRXtYDWHVNiSUtWXOQRVXVHUIULHQGO\RGROQRVYRLQHYKRGQpPXVSUiYDQLX
SRXtYDWHDPD[
DOJRULWPLFNiQiURQRVPD[
StVRPQiGRNXPHQWiFLDSUHXLWHDYRIRUPiWHKWPOPD[
!]DSURMHNWVDGi]tVNDPD[ERGRYSUtSDGQHQDYQLPRQH]DXMtPDYpSURMHNW\P{H
FYLLDFLSRXLDMSUpPLRYpERG\
'GHOSKL
'HOSKLVWDQGDUGSRGRKRGHVFYLLDFLPDMSURILYHU]LDGHOSKL
SRXtYDOHQYODVWQNyGFXG]LHXQLW\OHQYRG{YRGQHQFKSUtSDGRFKQDSUJLIXQLW
SRGRKRGHVFYLLDFLP
P{HWHSRXtYDYHWN\NRPSRQHQW\Y'HOSKLQHGHILQRYDLDGQHQRYpNRPSRQHQW\
VFYLLDFLPVLP{HWHGRKRGQ~DM+:SDUDPHWUHSRtWDDQDNWRURPVDEXGHSURMHNW
RGRY]GiYDJUDILFNiNDUWDUR]OtHQLHSDPlSULHVWRUQD+'SRXLWLH&'UHVSLQpKR
PpGLD
(]DXMtPDYpOLQN\QDLQWHUQHWH
$UFKtYYXERYpKRVRIWYpUXQD.9,
.LGV'RPDLQ
%R%UYDNWXiOQtYEUQHMOHStFKYROQtLWHOQFKYXNRYFKSURJUDP
:LQ6LWH(GXFDWLRQ&HQWHU
7KH(GXFDWLRQDO6RIWZDUH&RRSHUDWLYHDUFKtYYRQHtULWHQFKYXERYFKSURJUDPRY
<DKRROLJDQV<$+22SUHGHWL
1iPHW\SURMHNWRY
QDVOHGXMHQLHNRNRQiPHWRY]NWRUFKVDP{HWHLQSLURYDSULQiYUKXYODVWQHMWpP\
SUYRXND
LQWHUDNWtYQDUR]SUiYNDYNWRUHMVD]YLHUDWiQHMDNRVSUiYDM~
FKRURE\~UD]\
GRSUDYQiYFKRYD
WULHGHQLHWYDURYIDULHE
VORYHQVNMD]\N
KU\VY\EUDQPLVORYDPL
SUHFYLRYDQLHStVDQLDUXNRX
GHWVNWH[WRYHGLWRU&UHDWLYH:ULWHU
FXG]tMD]\N
ULDGHQLHSUtEHKXMHGQRGXFKPLYHWDPL
PDWHPDWLND
SRW\SUHPDOpGHWLSUHFKRGFH]GHVLDWNXQiVREHQLHGHOHQLH
SRtWDQLHVR]iSRUQPLtVODPL
NRQWUXNQiJHRPHWULD
JUDI\IXQNFLt
I\]LND
PHFKDQLND
ULHHQLDKODYRODPRYVNODGDQtPNODGLHN
HOHNWULQD
RSWLND
DVWURQyPLDKYLH]G\SODQpW\UDNHW\
LQIRUPDWLND
KUDQLHVDVURERWRP
SULQFtSSUiFHSURFHVRUDSHULIpULt
tVHOQpV~VWDY\NyGRYDQLHLIU\
WDEXNRYSURFHVRU
SURJUDPRYDQLHSUHQDMPHQtFKSRPRFRXREUi]NRYFKSUtND]RY
SUtURGRSLV
]RR
]YLHUDWiQDPDSH
KiGDQLHKDGDQLHUR]SR]QiYDQLH]YLHUDWYOHVH
FKpPLD
SHULRGLFNiV~VWDYDSUYNRY
FKHPLFNpODERUDWyULXPH[SHULPHQW\
]HPHSLV
DWODV
PDSD
KUDQLFHYRGQpWRN\SRKRULDPHVWiSULHP\VHO
VLPFLW\
GHMHSLV
KUDFLYLOL]iFLD
VLPXOiFLHKLVWRULFNFKERMRY
LYRWYSUDYHNX
GRSUDYDYVWRURt
Y\QiOH]\
ELROyJLD
ERWDQLNDUDVWOLQN\
]YLHUDWi
ORYHN
KXGREQiYFKRYD
VSHYQtN
KXGREQpEOXGLVNR
KXGREQSX]]OHVSUiYQHSRVNODGDUR]VWULKDQ~VNODGEX
WYRUHQLHVNODGLHE
7HVWSUHIDQDWLNRY]3URJUDPRYDQLD
-HGQRVPHUQVSiMDQ]R]QDPREVDKXMH]QDNRYpUHD]FHDMH]DGHNODURYDQWDNWR
W\SH
79UFKRO FODVV
FRQVWUXFWRU&UHDWHFRQVWVVWULQJQ79UFKRO
SULYDWH
LQIRVWULQJ
QH[W79UFKRO
HQG
7=R]QDP FODVV
]N79UFKRO]DLDWRNDNRQLHF]R]QDPX
FRQVWUXFWRU&UHDWHVWUHDP76WUHDP
HQG
1DSURJUDPXMWHREDNRQWUXNWRU\&UHDWH.RQWUXNWRUWULHG\7=R]QDP]RWYRUHQpKR~GDMRYpKR
SU~GXVWUHDPY\WYRUtVSiMDQ]R]QDPSULRPYV~ERUHNDGEORN~GDMRYSRSLVXMHMHGHQ
UHD]HFDWRWDNH]DtQDFHOPtVORPEDMW\GNRXUHD]FD]DNWRUPQDVOHGXMHSUtVOXQ
SRHW]QDNRY6~ERUMHNRUHNWQ9WULHGH79UFKROQHVPLHWHPHQLV~NURPQpVWDYRYpSUHPHQQp
PLPRNRQWUXNWRUD
/H[LNRJUDILFNVWURPMHGHILQRYDQ
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
]
@RI7/H[6WURP
HQG
3UHW~WRWULHGXQDStWHPHWyGXIXQNFLXNWRUiYUiWLQDMNUDWLHVORYRXORHQpYWRPWRVWURPH
6WDYRYiSUHPHQQiSRFHWREVDKXMHSRHWYVN\WRYVORYDNRQLDFHKRYWRPWRYUFKROHWM
R]QDXMHHQHH[LVWXMHVORYRNWRUpYWRPWRYUFKROHNRQt
$OJHEUDLFNVWURPMHGHNODURYDQ
W\SH
7$OJ6WURP FODVV
W\SRSHUDQGRSHUDWRU
RSFKDURSHUiFLD
KRGLQWHJHURSHUDQG
OS7$OJ6WURPREDSRGYUD]\SUHRSHUiWRU
IXQFWLRQSRVWIL[VWULQJYUD]YSRVWIL[RYRP]iSLVH
IXQFWLRQKRGQRWDLQWHJHUKRGQRWDYUD]X
HQG
3UHGSRNODGDMWHHVWURPMHVNRQWUXRYDQNRUHNWQHWMHDQLODQLSSUHRSHUiWRUQLHV~QLORYp
1DSURJUDPXMWHREHPHWyG\
1HRULHQWRYDQJUDIMHUHSUH]HQWRYDQSRRPPQRtQ
W\SH
7*UDI FODVV
JDUUD\RIVHWRIE\WH
IXQFWLRQY]GDEE\WHLQWHJHU
HQG
1DSURJUDPXMWHPHWyGXY]GNWRUiYUiWLY]GLDOHQRVGNXQDMNUDWHMFHVW\GYRFKYUFKRORYY
JUDIH$NPHG]LWPLWRYUFKROPLQHH[LVWXMHFHVWDWDNIXQNFLDYUiWL3RXLWHEXDOJRULWPXVGR
KEN\DOHERSUHKDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
3R]QNXYHWNP~ORKiPDNSRXLMHWHQHMDNpSRPRFQpPHWyG\WDNLFKDMQDSURJUDPXMWH
$%
SUHURQtN IHE
]LPQVHPHVWHU
-HGQRGXFKiJUDILNDY'HOSKL
=DGDQLD~ORK]FYLHQLD 6N~ND]
2EMHNWNRU\WQDNDNRU\WQDLDJUDILND
3RGPLHQN\DSURFHG~U\
SURJUDPRYDQLD
]DGDQLDV~ERU\WDEXNDKRGQRWHQLD
=DGDQLD~ORK]FYLHQLD
7H[WRYpV~ERU\
3DUDPHWUHDIXQNFLH
=DGDQLD~ORK]FYLHQLD '{OHLWpGiWXP\
3ROLDD]QDNRYpUHD]FH
3UiFDVUHD]FDPLYLDFUR]PHUQpSROLD VHPHVWHUNRQtSRVOHGQi
SUHGQiND
=DGDQLD~ORK]FYLHQLD GRVDWUHEDSULKOiVLQDVN~NX
7\S]i]QDP WHVWDM]iSRWRYiStVRPNDVDXVNXWRQtY
5HNXU]LD WFKNWRUtQHPDM~DVSR]R
3UiFDVP\RX VHPHVWUD
GRRGRY]GD]iSRWRY
=DGDQLD~ORK]FYLHQLD SURJUDPDE\ERODPRQiSUpPLDV
0\DNRU\WQDND FYLLDFLPP{HWHGRKRGQ~DMQHVNRUt
7DEXNRYNRPSRQHQW WHUPtQ
VN~NDSULSRtWDL
=DGDQLD~ORK]FYLHQLD ++
YRGGR223 YGRFKRSUDYQpWHUPtQ\
VN~N\
3URJUDPRYpMHGQRWN\G\QDPLFNpDRWYRUHQpSROLD
SRVOHGQPRQWHUPtQRGRY]GDQLD
=DGDQLD~ORK]FYLHQLD ]iSRWRYpKRSURJUDPX
3URJUDPRYiMHGQRWND.RU8QLW
3RXLWLH]iVREQtNDUDG IDQDWLFL
RERGRYWHVW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPOL
=DGDQLD~ORK]FYLHQLD NXVN~NH
SURMHNWRGRY]GDDVSREHWD
3RO\PRUIL]PXV
YHU]LXGRLQDNVDVWUiFD
3RO\PRUIQpNRU\WQDN\ QiURNQDSUpPLRYpERG\
=DGDQLD~ORK]FYLHQLD NRPSOHWQ~YHU]LXSURMHNWX
RGRY]GDQDMQHVN{UGR
.OiYHVQLFDDELWPDS\
9]RURYpSUtNODG\]RVN~N\
5LHHQLHGYRMLFH~ORK]RVN~N\
7HVWNXVN~NH
9VOHGN\RSUDYQHM
NRPSOHWGHOSKL]V]LS.%
]iSRWRYHMStVRPN\
'{OHLWpV~ERU\
NRU\WQDLDMHGQRWNDYHU]LDSUH'HOSKLD
.RU8QLW2NQR8QLWVSR]QiPNRYRXSORFKRX
MHGQRWNDSUHYHDNRU\WQDLHNYHU]LDSUH'HOSKLD
9VOHGN\WHVWXNX
.RU8QLW9HOD.RU8QLW2NQR8QLWEH]
VN~NH
SR]QiPNRYHMSORFK\
NRU\WQDNDSUH'HOSKLSUHURELO-iQ0LQDURYLHFK
NRU\WQDNDSUH'HOSKLYHU]LD]R]DLDWNXVHPHVWUD
&YLHQLD]SURJUDPRYDQLD
L L L L L L
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPOL
)DQDWLFL
3ULHEHK]LPQpKRVHPHVWUD
QiYWHYDSUHGQiRNQHSRYLQQi
SRYLQQRVWL]FYLHQtERGRYDQp
RQH~DVWLQHWUHEDRVSUDYHGOQHQLH
QHH[PRQRVQiKUDG\
9VWXSQWHVWSUHIDQDWLNRYGiVD]tVNDPD[ERGRY
$UHLPSUHIDQDWLNRYWMQDStVDOYVWXSQWHVWDVSRQDERGRY]ERGRY
DNQHGRVLDKQHDVSRERGRYWLHWRVLQHRGQiDNXVN~NH
]tVNDYDWPWRERGRYNWRUpV~QXWQpQD]tVDQLH]iSRWXY=6DNXVN~NHVL
RGQiDYHWN\ERG\NWRUpQDYVWXSQRPWHVWH]tVNDO
[ERGRY [
DOLHERG\WXGHQW]tVNDYDWPHSULQHVLHQDSURJUDPRYDQVHPHVWUiOQ\
SURJUDP
\ERGRY \
WDNWR]tVNDQV~HWERGRYVLWXGHQWRGQiD]RVHPHVWUD[\ ERGRY
%RVWDWQtWXGHQWLQHStVDOLYVWXSQWHVWDOHERQDRPQH]tVNDOLDVSRERGRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPOL
UR]FYLLHN
[ERGRY [
'20&(/2+<SULEOLQHNDGGUXKWGHPRQR]tVNDPtQXV
=iSRHW
EHU~VDERG\]DVHPHVWHU[\
WXGHQWNWRU]tVNDOFH]VHPHVWHUPHQHMDNR[ERGRYQH]tVNDYD]iSRHW
WXGHQWNWRU]tVND]RVHPHVWUDERGRYP{H]tVNDERG\NWRUpPXFKEDM~GRQD
]iSRWRYHMStVRPNH]tVNDYD]iSRHWYQiKUDGQRPWHUPtQHNXVN~NHVLRGQiDOHQERGRY
DMNHE\QDStVRPNHYLDF
DNWXGHQW]tVNDDVSRERGRY]tVNDYD]iSRHWYULDGQRPWHUPtQHDYHWN\ERG\VLRGQiD
NXVN~NH
N]tVNDQLX]iSRWXMHQXWQpRGRY]GDQLH]iSRWRYFKSURJUDPRYDOHERVHPHVWUiOQHKR
SURJUDPXDNWXGHQWSDWULOGRNDWHJyULH$
6N~ND
WHUPtQ\VN~RNWGQHSUHG]DLDWNRPVN~NRYpKRREGRELD
WHUPtQ\
PiWHQiURNQDULDGQ\WHUPtQDNQHXVSHMHWHWDNRSUDYQWHUPtQOHQGRNRQFD
VN~REQpKR
RSUDYQWHUPtQDNGiY\XXM~FLYSURJUDPRYDQtWRQLHMH]Y\NRP
RVSUDYHGOQLVD]QH~DVWL]RVN~N\GRGQt
SRGPLHQNRXNXVN~NHMH]tVNDQLH]iSRWXDNQHPi]iSRHWWDNVWUDWDWHUPtQX
NERGRPNWRUpVLSULQLHVRO]RVHPHVWUD[\ ]tVNDYDDOLHSRDVSULHEHKXVN~N\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPOL
RGODGHQLHSURJUDPRYQDSRtWDLSRERGRYSRYROHQDKiN
QDULDGQRPWHUPtQHWUHED]SUDNWLFNHMDVWL]tVNDDVSRERGRYLQDNMH
]QiPND1(9<+29(/
1(9<+29(/
'2%5(
9(0,'2%5(
! 9%251(
PRQRV]tVNDQLDHSVLORQRYHMSUpPLHNERGRP~SUDYDSURJUDPXULHHQLH
YHREHFQHMHM~ORK\DSRGUHVSHSVLORQRYHMVWUDW\]DQH~SUDYX
3RN\Q\N]iSRWRYpPXSURJUDPX
QDMQHVN{UGRGRVWDQHWHRGVYRMKRFYLLDFHKRNRQNUpWQXWpPX]iSRWRYpKRSURJUDPX
~ORKRXMHQDStVDSURJUDPY'HOSKLNWRU]DEH]EHtREVOXKXMHGQRGXFKHMGDWDEi]\SULRP
NDGWXGHQWGRVWDQHLQ~WHPDWLFN~REODV
'DWDEi]RYSURJUDPPXVt]DEH]SHRYDQDVOHGXM~FH]iNODGQHIXQNFLH
LQLFLDOL]iFLDGDWDEi]\SURJUDPXPRXMHSUiFXVYLDFHUPLGDWDEi]RYPLV~ERUPLQLHQXWQH
V~DVQH
SUHGRWYRUHQtPGDWDEi]RYpKRV~ERUXVDXUREtMHKRV\QWDNWLFNiNRQWURODDYSUtSDGHFK\E\VD
SURJUDPVQDtQDtWDPD[LPiOQHPQRVWYRVSUiYQ\FK~GDMRY
]iSLVSULGDQLHQRYHMSRORN\PRGLILNiFLDHGLWRYDQLHSRORN\Y\PD]DQLH]UXHQLH
SRORN\VXULWPVWXSRPXLYDWHVNpKRNRQIRUWX
Y\KDGiYDQLHSRORLHNSRGDN~D
LPSRUWH[SRUWVSiMDQLHUR]GHRYDQLHGDWDEi]RYFKV~ERURYQHSRYLQQp
3ULWRPWUHEDGRGULD
NDGiSRORNDGDWDEi]\PXVtE\REMHNWRPQHSRYLQQp
SURJUDPPXVtREVDKRYDWHVWRYDFtV~ERUVDVSRSRORNDPL
SULG{OHLWFKRSHUiFLDFKDNRMHY\PD]DQLHSRORN\SUtSDGQHLQLFLDOL]iFLDGDWDEi]\VD
REMDYXM~YDURYQpVSUiY\
GDWDEi]DMHXORHQiYWUXNWXURYDQRPWH[WRYRPV~ERUHYNWRURPMHGQRWOLYpSRORN\GDWDEi]\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPOL
'HOSKLVWDQGDUGVDQHVP~SRXtYDNRPSRQHQW\]SDOHW\'DWD$FFHVVD'DWD&RQWUROV
3UHGSRNODGRPQDRGRY]GDQLHMHIXQNQRVFHOpKRV\VWpPXVSROXVYKRGQHIRUPiWRYDQP
]GURMRYPSURJUDPRP
3UpPLRYpERG\VDXGHXM~]DQDGWDQGDUGQpVSOQHQLH]iNODGQFKIXQNFLtDRULJLQDOLWXFHOpKR
SURMHNWX
7HUPtQ\QDRGRY]GiYDQLH
3RNLDFKFHWHPDQiURNQDSUpPLXPXVtWHRGYR]GD]iSRWRYSURJUDPQDMQHVN{UGRNRQFD
]iSRWRYpKRWGDYUiPFLNRQ]XOWDQFKKRGtQ
7HVWSUHIDQDWLNRY
YRWYUWRNVHSWHPEUDSRDVSUHGQiN\SRVOXFKiUH$R
WUHEDVDGRSUHGXSULKOiVLSDSLHUQDVNOHQHQHMVWHQHSUHG,
StVRPQWHVWWUYiPLQ~W
REMHNWRYpKRSURJUDPRYDQLDMHSRYLQQiDNQLHMHY\ULHHQiDVSRQDWDNVDWHVWQHSRtWD
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
;BOBNFT%FMQIJ
-HGQRGXFKiJUDILNDY
VHSW
'HOSKL
=DtQDPHV'HOSKL
3ULSRPHPHVL7XUER3DVFDODMHKRSURVWUHGLH
SRXtYDOVDMD]\N3DVFDONWRUEROYDNDILUPH%RUODQGUR]tUHQR
XQLW\QH]iYLVOHNRPSLORYDQpSURJUDPRYpMHGQRWN\QDSU*UDSK&UW
REMHNWRYiQDGVWDYED
UHD]FRYW\SVWULQJ
HGLWRYDSURJUDP
VS~DDODGLQDSUNURNRYDSUH]HUDVLREVDK\SUHPHQQFK
JHQHURYDQNyG
Y\WYiUDOVDVSXVWLWHQSURJUDPV~ERUVSUtSRQRX(;(
SURJUDPP{HY\XtYDJUDILFNUHLPREUD]RYN\DOHSRWUHEXMHQDWR%*,V~ERU\UHVSLQpSRPRFQpV~ERU\V
IRQWDPL
3RURYQDMPHWRV'HOSKDPL
QDMPlQDSRGSRUXSURJUDPRYDQLDSRG:LQGRZV
REMHNW\PDM~QRY~ILOR]RILX
RGSDGOLU{]QHREPHG]HQLDGiWRYFKWUXNW~USROLDGR.%VWULQJ\GR]QDNRYDSRG
SURVWUHGLHEHtSRG:LQGRZV:::LQ17
SURJUDP\P{HPHQLHOHQHGLWRYDDODGLDOH
P{HPHQDYUKQ~YL]XiOQRXIRUPRXKUXEY]KDGSURJUDPXW]YIRUPXOiUXRNQD
'HOSKL]DEH]SHXMHVSROXSUiFXVSUtVOXQPLNQLQLFDPL
SUDFXMHPHVSUHGSURJUDPRYDQPLVWDYHEQPLNDPHPL NRPSRQHQWDPL
JHQHUXMHNyG
VSXVWLWHQSURJUDP(;(MHELWRY
YlLQRXV~SURJUDP\:LQGRZVDSOLNiFLDPLGiVDXURELDM'26DSOLNiFLD
3UYSURJUDP
QDSUHGQiNDFKVDSURVWUHGtP'HOSKLEXGHPH]DREHUDOHQPLQLPiOQH
]DQHPHYHPLMHGQRGXFKRXJUDILNRX
YJUDILFNHMSORFKHYHNRVWLSULEOLQH[EXGHPHSRPRFRXJUDILFNpKRSHUDNUHVOLQHMDNpJHRPHWULFNp
~WYDU\
]DQHPHVSUHGSULSUDYHQPSURJUDPRPPRQRKRVWLDKQX]SUY\]LSDOHERY\WYRULPDQXiOQHSRSLVMHY
SUDNWLFNHMDVWLSUHGQiN\NWRUXPi]DGHILQRYDQ~JUDILFN~SORFKXDMHGQRWODLGORQDVSXVWHQLHSURJUDPX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
P{HPHYLGLHHV~UDGQLFHV~RULHQWRYDQp]DYpKRKRUQpKRURKXGRSUDYpKRGROQpKR
YSUYRPSUtNODGHQDNUHVOtPHREGQLN
EHJLQ
J5HFWDQJOH
HQG
StVPHQRJVERGNRXQD]DLDWNXSUtND]XR]QDXMHNUHVOHQLHGRSULSUDYHQHMJUDILFNHMSORFK\JUDILFNFKSO{FK
E\PRKORE\DMYLDFSUtND]5HFWDQJOHQDNUHVOtREGQLNNWRUpKRVWUDQ\V~URYQREHQpVRVDPLDYKRUQ
URKREGQLNDMHYERGHDSUDYGROQ
SRVSXVWHQtSURJUDPXDNOLNQXWtQDWODLGOR%XWWRQVDQDNUHVOtREGQLN
REGQLNRYP{HPHQDNUHVOLDMYLDFQDSUREGQLN\SRGVHERX
EHJLQ
J5HFWDQJOH
J5HFWDQJOH
J5HFWDQJOH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
SUtND]\QDY]iMRPRGGHXMHPHERGNRLDUNRX
YHWN\REGQLN\EROLQDNUHVOHQpWHQNPLHUQ\PSHURPDEROLY\SOQHQpELHORXIDUERXDWULE~W\SHUDDMYSOQH
P{HPHPHQLWDNPLWRSULUDRYDFtPLSUtOND]PL
EHJLQ
J5HFWDQJOH
J3HQ&RORU FO5HG
J5HFWDQJOH
J3HQ&RORU FO%OXH
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J5HFWDQJOH
HQG
SUYREGQLNPiLHUQ\REYRGGUXKHUYHQDWUHWtPiKUXEPRGUREYRGDMHY\SOQHQOWRXIDUERX
UH]HUYRYDQpVORYiEHJLQDHQGR]QDXM~]DLDWRNDNRQLHFSDVFDORYVNpKRSURJUDPXXNiHPHVLSRXLWLH
MHGQRGXFKFKSUHPHQQFKDIRUF\NOX
YDULLQWHJHU
EHJLQ
IRUL WRGR
J5HFWDQJOHL
L
HQG
WHQWRSURJUDPQDNUHVOtREGQLNRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
SUYULDGRNYDULLQWHJHUGHILQXMHMHGQXFHORtVHOQ~SUHPHQQ~P{HQDGRE~GDKRGQRW\]LQWHUYDOX
WMFHORtVHOQiDULWPHWLNDSDVFDOXSR]QiWLHWRRSHUiFLH
GLYDPRG
FHORtVHOQpSUHPHQQp]DEHUDM~YSDPlWLSRtWDDEDMW\WMELWRY
SUtND]IRUF\NOXYSDVFDOH
9HREHFQH
IRUULDGLDFDBSUHPHQQi YUD]WRYUD]GRSUtND]
5LDGLDFDBSUHPHQQiSUHPHQQiSUHF\NOXVIRU
SULUDGtVDMHMKRGQRWDDN~QDGRE~GDYUD]
YUD]VDY\KRGQRWtQD]DLDWNXF\NOX
DNMHMHKRKRGQRWDPHQLDDNRKRGQRWDYUD]F\NOXVVDQHY\NRQi
DNMHYUD] YUD]F\NOXVSUHEHKQHSUiYHUD]
LQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYUD]DYUD]
PXVtE\RUGLQiOQHKRW\SX]DWLDSR]QiPHOHQFHORtVHOQRUGW\SLQWHJHU
MHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLWMQHVPLHE\QDDYHMVWUDQHLDGQHKR
SULUDRYDFLHKRSUtND]XSRDVSUHFKRGXIRUF\NOX
SRVNRQHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDXMHPH
"
3R]QiPND3RVNRQHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYUD]DQLLDGQX
LQ~MHMSRGREQ~
DOtSURJUDPXND]XMHDNRP{HPHYF\NOHRSDNRYDYLDFSUtND]RYX]DYULHPHLFKPHG]LEHJLQDHQG
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU
IRUL WRGR
EHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
GRSOQtPHYSLVWH[WXGRJUDILFNHMSORFK\SUtND]RP7H[W2XWNWRUGRVWDQHV~UDGQLFHDQHMDNWH[W
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
J3HQ&RORU FO*UHHQ
IRUL WRGR
EHJLQ
J7H[W2XWL
,QW7R6WUL
J0RYH7RL
J/LQH7R
LL
HQG
HQG
SRXLOLVPHWDQGDUGQ~IXQNFLX,QW7R6WUNWRUi]FHOpKRtVODY\UREtWH[WDE\VPHKRPRKOLY\StVD
'(/3+,
QD~YRGSUHGSRNODGDMPHHY'HOSKiFKPiPHQDtWDQSUHGSULSUDYHQSURMHNW]RV~ERUXSUY\]LS
WHQWRSURJUDPSRQDWDUWRYDQt)]REUD]tSUi]GQH:LQGRZVRNQROHQVMHGQPWODLGORPDSUi]GQRXJUSORFKRX
SR]DWODHQtWRKRWRWODLGODNOLNQXWtPP\RXVD]DWLDQLQHXGHMH
RNQRQiKRSURJUDPXP{HPHYR:LQGRZVSRV~YDDMPHQLPXYHNRVDP{HPHKRDMXNRQL$OW)
]SUHGSULSUDYHQpKRSURJUDPXVLEXGHPHQD]DLDWRNYtPDOHQDV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
HQG
GYHORPtWNDR]QDXM~]DLDWRNNRPHQWiUDQDPLHVWRQLFKVHPEXGHPHStVDSURJUDP]DQHPHY\NUHVOHQtP
REGQLND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J5HFWDQJOH
HQG
*UDILFNpSUtND]\
SULUDRYDFtPLSUtND]PL
J3HQ&RORU FO5HGQDVWDYtIDUEXSHUDQDHUYHQ~
DOLHPHQiIDULHEQDSUFO%ODFNFO:KLWHFO5HGFO%OXHFO<HOORZFO*UHHQ
J3HQ:LGWK QDVWDYtKU~ENXSHUD
J3HQ6W\OH SV'DVKQDVWDYtWONUHVOHQLDLDUQDLDUNRYDQLQpWO\DNRSV6ROLG
QRUPiOQHLDU\IXQJXM~OHQSUHKU~ENX
SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
REGQLNNWRUVPHNUHVOLOLQD]DLDWNXVDQHVNODGiOHQ]RLDUDOHMHY\SOQHQELHORXIDUERX3RGREQHDNRVPH
PHQLOLQDVWDYHQLDJUDILFNpKRSHUDP{HPHPHQLDMQDVWDYHQLDSUHY\SDQLH
J%UXVK&RORU FO<HOORZQDVWDYtIDUEXYSOQH
J%UXVK6W\OH EV9HUWLFDOQDVWDYtUDIRYDQLHEV6ROLGMHQRUPiOQHY\SDQLHEV&OHDU
]QDPHQiREGQLNEH]Y\SOQHQpKRYQ~WUD
EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
SRGREQHDNRREGQLNVDNUHVOtDMHOLSVDQDVWDYHQpDWULE~W\SHUDSUHREU\VDSDUDPHWUHYSOQHSUHYQ~WUR
QDNUHVOtVDNUXK
YSLVWH[WRYpKRUHD]FD
NWRUiY\WYiUDWH[WRYUHD]HFQDSU,QW7R6WU
SUHStVPR
J)RQW&RORU IDUED
J)RQW+HLJKW YHNRVYNDStVPHQ
J)RQW1DPH PHQRIRQWX
$ULDO
7LPHV1HZ5RPDQ
J)RQW6W\OH WOSRGPQRLQD>IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW@
QLHNRWUpWDQGDUGQpIXQNFLHY3DVFDOH
VLQFRV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
URXQG
UDQGRP
,QW7R6WU
.OiYHVRYpVNUDWN\
)VSXVWHQLHSURJUDPX
$OW)XNRQHQLHEHLDFHKRSURJUDPX
)SUHSQXWLHPHG]LIRUPXOiURPDHGLWRYDFtPRNQRP
)]REUD]tREMHNWRYLQSHNWRU
)&WUO)KHOSNRQWH[WRYKHOS
))VDYHORDGDNMH]DSQXWpNODVLFNpERUODQGRYVNpUR]ORHQLHNOiYHVRYFKVNUDWLHN
1'
DFKRYQLFHSRPRFRX0RYH7RD/LQH7RUHVSSRPRFRX5HFWDQJOHY\SDQLHU{]Q\PLIDUEDPL
S\UDPtGD]RWYRUHNRYWURMXKROQtNRY
SULHEHKIXQNFLHVLQUHVSLQFKIXQNFLt
/LWHUDW~UD
7KRPDV%LQ]LQJHU1DXWHVHSURJUDPRYDWY'HOSKL*UDGD
XERYRQpXHEQLFH'HOSKLD3DVFDOXQLHMHWUHED]KiDNQLK\SUHYYRMiURYDSURIHVLRQiORY
3UDNWLFNiDVSULSRtWDL
1DWDUWXMPH'HOSKL
'HOSKLVLSULWDUWHSDPlWiRVDURELORQDSRVOHG\DSUHWRDNMHSULWDUWHQHMDNSURJUDPRWYRUHQWDNYPHQX)LOH
]YROtPH1HZ$SSOLFDWLRQ
9KRUQHMDVWLYLGtPHKODYQSiVWODLGLHODYMHKRSUDYHMSRORYLFLDVWLSRQXNXNRPSRQHQWRY
9DYHMDVWLE\PDOE\2EMHNWRYLQSHNWRUEXGHPHKRSRXtYDQD]PHQXNRPSRQHQWRYYRIRUPXOiULDNWRWR
RNQRQHYLGtPHREMDYtVDSRVWODHQt)
9VWUHGHV~GYHRNQiHGLWRYDFLHDRNQRIRUPXOiUXNWRUpVDDVWRSUHNUYDM~NOiYHV)LFKQDY]iMRPY\PLHD
7RRQiP'HOSKLSRQ~NORDNRQRY~DSOLNiFLXMHYVNXWRQRVWLXSUHGSULSUDYHQSURJUDPNWRUE\VPHPRKOL
VSXVWL
SRVSXVWHQtE\VD]REUD]LOROHQSUi]GQHRNQRWHQWRSURJUDP]DWLDQLLQpQHYLHP{HPHKROHQ]DVWDYLQDSU
$OW)
6N{UDNRWHQWRSURJUDPVSXVWtPHPXVtPHKRQDMSUYXORLQDGLVNQDMOHSLH6DYH3URMHFW$VDMHGREUHVLKQH
RG]DLDWNX]Y\NQ~QDWRHMHGREUHNDGSURMHNWXORLQDGLVNGRQRYpKRSRGDGUHViUXQDSUQDVYRMGLVN
(?3URMHNW\?3URJ?
3URJUDPP{HPHVSXVWLQDSUNOiYHVRP)
3URJUDPXMHPHMHGQRGXFK~JUDILNX
1iSUYSURJUDPGRJUDILFNHMSORFK\QDNUHVOtREQLN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
'RSUi]GQHKRIRUPXOiUXSRORtPHJUDILFN~SORFKXDMHGQRWODLGOR
DNRJUDILFNDSORFKDQiPSRVO~LNRPSRQHQW,0$*(]SDOHW\NRPSRQHQWRY$GGLWLRQDO
SRGREQHY\EHULHPHWODLGOR%87721]RWDQGDUGQHMSDOHW\
DNRP\ORPGRIRUPXOiUXYORtWHNRPSRQHQWNWRUWDPPDQHFKFHWHMHGQRGXFKRQDQDMSUYNOLNQLWHP\RXD
SRWRPKR]UXtWHNOiYHVRP'HO
3R]ULPHVDWHUD]GRHGLWRYDFLHKRRNQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
SORFK\QDNUHVOLOLQHMDNpJUDILFNp~WYDU\
'YRMNOLNQHPHYRIRUPXOiULQDWODLGOR%XWWRQDYWHG\VDQiPYHGLWRYDFRPRNQHSULSUDYt~VHNSURJUDPXGRNWRUpKR
P{HPHStVDSRVWXSQRVSUtND]RY7iWRSRVWXSQRVVDEXGHY\NRQiYDSRDVEHKXSURJUDPXYG\SR]DWODHQt
WODLGODNOLNQXWtQDWODLGOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
QDSUYSRNXVVHPSULGiPHMHGHQULDGRN
DSURJUDPVSXVWtPHNOiYHVRP)3RNOLNQXWtQDWODLGOR%XWWRQVDYELHOHMJUDILFNHMSORFKHREMDYtREGQLN
.OiYHVRP$OW)SURJUDPXNRQtPH
$E\VPHVLGREXG~FQD]MHGQRGXLOLDVSUHKDGQLOL]iSLVQDLFKSURJUDPRYQDPLHVWR,PDJH&DQYDVEXGHPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
3RVSXVWHQtE\PDOSUDFRYD~SOQHURYQDNRWMQDNUHVOLREGQLN
7\S\V~ERURYYSURMHNWHY'HOSKL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
8QLWSDVSURJUDPRYSRSLVIRUPXOiUXRDDNRPiIRUPXOiUUREL SRGREiVDQDNODVLFNSDVFDORYVN
SURJUDP
8QLWGIPYQ~WRUQiGHILQtFLDGHOSKLIRUPXOiUX DNpDNGHV~NRPSRQHQW\YRIRUPXOiULQDSU,PDJHD
%XWWRQ
8QLWGFXSUHORHQ8QLWSDVYVWDURPSDVFDOHWSX
2GSRU~DPHQDVOHGRYQpQDVWDYHQLDNRPSLOiWRUD
PHQX7RROVSRGPHQX2SWLRQV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
PHQX3URMHFWSRGPHQX2SWLRQV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BOBNFT%FMQIJ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
2EMHNWNRU\WQDND
VHSW
NRU\WQDLDJUDILND
1DXtPHVDSUDFRYDVREMHNWRPNRU\WQDND
MHWRSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHSULRPP{H]DQHFKiYD]DVHERXVWRSXLDUX
NRU\WQDNDVLRVHEHQHVLHQHMDN~LQIRUPiFLXQDSUNGHVDQDFKiG]DYURYLQHNWRUPVPHURPMHQDWRHQiDNpPi
QDVWDYHQpSHURLMHSHUR]GYLKQXWp
SRORKDNRU\WQDN\P{HE\]REUD]HQiQHMDNPJHRPHWULFNPWYDURPQDMDVWHMLH]HOHQPWURMXKROQtNRPWHQWR
Y\MDGUXMHMHMPRPHQWiOQXSRORKXDVPHUQDWRHQLD
NRU\WQDNDPiSUHGGHILQRYDQpQHMDNpSRYHO\YlLQRXVO~LDQD]PHQXSRORK\VPHUXDOHERQDVWDYHQtSHUD
.HEXGHPHFKFLHSUDFRYDVNRU\WQDNRX
QDMSUYPXVtPH]DGHILQRYDSUHPHQQ~W\SXNRU\WQDNDQDSUYDUN.RU
SRWRPPXVtPHY\WYRULRLYLW~WRNRU\WQDNXSHFLiOQ\PGHOSKLSUtND]RPN .RU&UHDWH
SRGREQHVDYGHOSKLY\WYiUDM~YHWN\ZLQGRZVSUYN\QDSUJUDILFNiSORFKD7,PDJHWODLGOR7%XWWRQDW
SRGREQHDNRSUHSUtND]\SUHJUDILFN~SORFKXYPLQXOHMSUHGQiNH
3R]ULPHW~WRDVSURJUDPXYNWRUHMNRU\WQDNDQDNUHVOtWYRUHFVRVWUDQRX
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
.RU\WQDLHSUtND]\
QDSR]tFLL[\VDY\WYRUtNRU\WQDNDVRVPHURPXKRO
PiXNU\WWYDUSHURMHVSXVWHQpDMHLHUQHWHQNp
XKO\V~YVWXSRFKP{XE\DMQLHFHOptVOD
XKROMHQDVHYHURVWDWQpXKO\VDXUXM~YVPHUHRWiDQLDKRGUXLLHN
DQL[D\QHPXVLDE\FHOptVOD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
'RSUHGXGNDBNURNX
QHPXVtE\FHOpDQLNODGQptVOR
9SUDYRXKRO
9ODYRXKRO
=PHQ6PHUXKRO
NRU\WQDNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
3+
SHURKRUH
3'
SHURGROH
=PHQ;<[\
DNMHSHURGROHWDNVDNUHVOtLDUD
8ND]
NRU\WQDNDVD]REUD]XMH]HOHQPURYQRUDPHQQPWURMXKROQtNRP
QHVN{UVDQDXtPHPHQLMHMWYDUDMIDUEX
6NU\
=PHQ)3IDUED
IDUHEQiNRQWDQWDFO%ODFNFO5HGFO%OXH
DNRIDUEDVDP{HSRXLDMNRQWUXNFLD5*%tVORtVORtVORNGHtVODP{XE\!
=PHQ+3KU~END
XERYRQpFHOpNODGQptVOR
*UDILFNiSORFKD
SRGREQHDNRQDPLQXOHMSUHGQiNHYHNRVJUDILFNHMSORFK\]iYLVtRGYHNRVWLNRPSRQHQWX,PDJHQDIRUPXOiUL
EXGHPHSUHGSRNODGDHMHYHNiDVSR[
QDUR]GLHORGWDQGDUGQHMZLQGRZVJUDILN\PiNRU\WQDLDJUDILNDLQDNQDVWDYHQpV~UDGQpRVL
RYiRVPiNODGQpKRGQRW\QDKRUSUHVQHDNRYPDWHPDWLNH
WR]QDPHQiH[RYpV~UDGQLFHYSORFKHV~]LQWHUYDOX!D\RYp]!
PiPHNGLVSR]tFLLSUtND]]PD]NWRU]PD]HREVDKJUDILFNHMSORFK\SULRPNRU\WQDNDRVWiYDQDVYRMRPPLHVWH]PD]
QLHMHNRU\WQDtSUtND]QHStHPHSUHGQHKRN
.RU\WQDLDSURJUDPRYiMHGQRWNDXQLW
DE\VPHPRKOLSUDFRYDVNRU\WQDRXJUDILNRXDGHILQRYDVLYODVWQpNRU\WQDN\PXVtPHVLSURMHNWY'HOSKLSHFLiOQH
SULSUDYLVWLDKQLWHVLKR]NRU]LSSURMHNWQLHMHSULSUDYHQSUH'HOSKL
YSURMHNWHVLYLPQLPHWLHWRGHWDLO\
VDPRWQSURJUDPMHYV~ERUH2NQR8QLWSDVDREVDKXMHYLDFSUHGGHILQRYDQFKSURFHG~U
]DWLDMHSUHQiV]DXMtPDYiOHQ~SOQHSRVOHGQiSURFHG~UD
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
NWRUiVDDXWRPDWLFN\VSXVWtSULWDUWHQiKRSURMHNWX
PRPHQWiOQHWHORWHMWRSURFHG~U\MHPDOSUtNODG]~YRGXSUHGQiN\QDNUHVOHQLHWYRUFDWHQWRSUtNODGP{HWH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
SUHSLVRYDYODVWQPLSURJUDPDPL
YULDGNX]DVORYRPLPSOHPHQWDWLRQMHULDGRN
XVHV.RU8QLW
NWRU]DEH]SHtH'HOSKLEXG~SR]QDNRU\WQDLXJUDILNX.RU8QLWMHSURJUDPRYiMHGQRWNDXQLWYNWRUHMMH
NRPSOHWQH]DGHILQRYDQpVSUiYDQLHNRU\WQDLHN7HQWRV~ERUVLP{HWHSUH]ULHDNRWYRUtWH.RU8QLWSDVSRPRFRX
)2SHQYPHQX)LOHQHVN{UVDQDXtPHSRUR]XPLHYlLQHNRQWUXNFLt
YRIRUPXOiULYROiVD2NQRMHRNUHPJUDILFNHMSORFK\NRPSRQHQW3ORFKDHWHSULSUDYHQNRPSRQHQW
3R]QDPN\WHQWRQiPXPRQtY\SLVRYDU{]QHSRPRFQpWH[WRYpLQIRUPiFLHSRDVY\NRQiYDQLDQiKRSURJUDPX
SUtSQDtWDYDU{]QH~GDMH7HQWRNRPSRQHQWMHPRPHQWiOQHVNU\WDNUXQH]YltPHSUDYRNUDMIRUPXOiUX
WDNVDREMDYt
3UYpMHGQRGXFKpSURJUDP\
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
L
NYSUDYR
HQG
HQG
YG\EXGHPHPRGLILNRYDOHQSURFHG~UX72.12:0VWDUW
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUM WRGR
EHJLQ
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
HQG
VHNXQGX
DNQDXERYRQpPLHVWRSURJUDPXSULGiPHSULUDGHQLHVSRPDO tVORtVORPXVtE\QHMDNpFHOptVORWDNRG
WRKRWRPRPHQWXVDY\NRQDQLHNDGpKRNRU\WQDLHKRSUtND]XSR]GUtSUtVOXQSRHWPLOLVHN~QGWRWRtVOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
P{HPHSRDVYSRWXPHQL]QDPHQiEH]SR]GUDQLD
SUtND]FDNDM(QWHU]DVWDYtYSRHWDSRNUDXMHVDDSRVWODHQtNOiYHVX(QWHU!
XKO\DMGN\QHPXVLDE\FHOptVODKRFLVDNRU\WQDNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGR
EHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
HQG
9LDFNRU\WQDLHN
YSURJUDPHP{HPHY\WYRULDULDGLDMQDUD]YLDFNRU\WQDLHN
GiPHLPU{]QHPHQiQDSUNNDSUHGNDGNRU\WQDtSUtND]QDStHPHSUtVOXQpPHQRQDSUNXND]
YDUNN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
VSRPDO
IRUL WRGR
EHJLQ
NGRSUHGX
NGRSUHGX
NYSUDYR
NYSUDYR
HQG
HQG
DOLH~ORK\
]DXMtPDYiSLUiOD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUG WRGR
EHJLQ
NGRSUHGX
NYSUDYRGY\VN~DMWH
NYSUDYRG
HQG
HQG
NUXQLFDDNRSUDYLGHOQXKROQtNVRVWUDQRX
YDUN.RU
QLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUQ WRGR
EHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
OXSHNYHWXMHY\WYRUHQ]GYRFKWYUNUXKRY
YDUN.RU
LMQLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N=PHQ+3N=PHQ)3FO5HG
IRUL WRGR
EHJLQ
IRUM WRGR
EHJLQ
IRUQ WRGR
EHJLQ
NGRSUHGX
NYSUDYR
HQG
NYSUDYR
HQG
NYSUDYR
HQG
HQG
2EMHNWNRU\WQDND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
7LHWRNRU\WQDNRYpSUHPHQQpVDOtLDRGRE\DMQFKSUHPHQQFKWPH
VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYFKSUHPHQQFKQDSUSR]tFLDIDUEDWYDU
PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQpWDNPWR
SUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDN\SUHPHQQpW\SX.RU
PXVLDE\Y\WYRUHQpQLHGHNODURYDQpSHFLiOQ\PVS{VRERP.RU&UHDWHDNPVDWDNWRQHY\WYRULDQHVP~VD
Y{EHFSRXtYD
WDNPWRSUHPHQQPKRYRUtPH2%-(.7DW\SRP]NWRUFKY\WYiUDPHREMHNW\QDSU.RUKRYRUtPH75,('$SR
DQJOLFN\REMHFWDFODVVQLHNHG\VDREMHNWXKRYRUtDMLQWDQFLDWULHG\
RNUHPNRU\WQDLDNVPHVDXVWUHWOLDMVLQPLREMHNWDPLQDSU3ORFKD2NQR3R]QDPN\DYPLQXOHMSUHGQiNH)RUP
,PDJH%XWWRQDMSUHPHQQiJNWRUiERODLQWDQFLRXWULHG\7&DQYDV
]DWLDVLRREMHNWRFKWUHED]DSDPlWDHV~WRSUHPHQQpNWRUpYVHEHP{XREVDKRYDYHDVWDYRYFKSUHPHQQFKDWLH
7ULHGDNRU\WQDND.RU
;6XU<VXUD6PHUXUXM~PRPHQWiOQXSRORKXYSORFKHDQDWRHQLHYVWXSRFK
)3D+3QHV~LQIRUPiFLXRIDUEHSHUDDKU~ENHSHUD
GROH
QLHNWRUp]WFKWRSUHPHQQFKP{HPHYSURJUDPHQRUPiOQHSRXtYDVSUtSRQRX
NQDSU
NVPHU NVPHUMHWRWRLVWpDNRNYSUDYR
NKS
NIS FO%OXH
VWDYRYpSUHPHQQp;6XUD<6XUP{HPHPHQLOHQSRPRFRXPHWyGQDSU=PHQ;<DOHLFKKRGQRWXP{HPH
SRXtYDQDSU
SUDNWLFNHMDVWLSUHGQiN\
3UDNWLFNiDVSULSRtWDL
DOLHNRU\WQDLHSUtND]\
SRPRFQpSUtND]\
3UHVXQ;<[\
!Y\SOQtIDUHEQHRKUDQLHQ~REODVSRGNRU\WQDNRXGDQRXIDUERX
3LVWH[W
!Y\StHGRSORFK\WH[W
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
!Y\MDGUXMHDEVRO~WQ\XKROYVWXSRFKGRNWRUpKRE\VDPXVHODRWRLNRU\WQDNDDE\ERODQDWRHQiNERGX
[\
!QDMDVWHMLHVDSRXLMHDNRN=PHQ6PHUN6PHURP[\
]PHQDWYDUX
=PHQ7YDUREU\V
!REU\VMHSRVWXSQRVtVHONWRUiSRSLVXMHSRVWXSQDNUHVOHQLHWYDUXNRU\WQDN\
>XKROGNDXKROGNDXKROGND@
!SURJUDPVLSULNUHVOHQtREU\VXQDMSURWRtYSUDYRRXKROQDNUHVOtLDUXGN\GNDRSlVDRWRtRXKROD
QDNUHVOtLDUXGN\GOND
!QDSU=PHQ7YDU>@WDQGDUGQWURMXKROQtNRYWYDU
!Y\VN~DMWH=PHQ7YDU>@
=PHQ)DUEX7YDUXIDUED
!WYDUVDEXGHY\NUHVORYD]DGDQRXIDUERX
=PHQ+UXENX7YDUXKU~END
!SUHKU~EN\!VDYUD]QHVSRPDOtY\NUHVRYDQLHWYDUXNRU\WQDN\
3RXLWLHWH[WRYHMSORFK\3R]QiPN\
WiWRWH[WRYiSORFKDVDREMDYtNHQDWLDKQHPHIRUPXOiUVPHURPYSUDYRDM]DEHKXSURJUDPX
P{HPHGRQHMStVDSURFHG~URXZULWHOQNWRUHM]DGiPHY\SLVRYDQUHD]HFQDSU
YDUN.RU
QLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
ZULWHOQ
]DFLDWRN
IRUQ WRGR
EHJLQ
ZULWHOQ,QW7R6WUQ
VWUDQD
NGRSUHGX
NYSUDYR
HQG
ZULWHOQ
NRQLHF
HQG
DNSRWUHEXMHPHSRDVEHKXSURJUDPXRGRNU\UHVSVNU\W~WRWH[WRY~SORFKXP{HPHSRXLSURFHG~UX
3R]QDPN\8ND]WUXHDOHER3R]QDPN\8ND]IDOVH
WUXH]QDPHQiHVDIRUPXOiU]YltWDNHEXGHYLGLH3R]QDPN\IDOVH]QDPHQiHVDIRUPXOiU]PHQtDE\ERORYLGLH
OHQJUDILFN~SORFKX
QDtWDQLHtVOD]WH[WRYHMSORFK\P{HPHXURELSURFHG~URX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
NHVDYSULEHKXSURJUDPXQDUD]tQDWHQWRSUtND]SURJUDP]DVWDQHDGRYROtQiPStVDGRWH[WRYHMSORFK\
SRVWODHQtNOiYHVX(QWHU!VD]REHULHFHORtVHOQiKRGQRWD]SRVOHGQpKRULDGNXWH[WRYHMSORFK\DNWDPQLHMHWDND
SULUDGtVDGRGDQHMSUHPHQQHMQDSUQDVOHGRYQSURJUDPNUHVOt1XKROQtN
YDUN.RU
LQLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
ZULWHOQ
=DGDMSRHWVWUiQ1XKROQtND
UHDGOQ,QWQ
IRUL WRQGR
EHJLQ
NGRSUHGX
NYSUDYRQ
HQG
ZULWHOQ
QDNUHVOLOVRP
,QW7R6WUQ
XKROQtN
HQG
SURFHG~UDFDNDM(QWHUSUDFXMHVNRURURYQDNRDNRUHDGOQ,QWVWPUR]GLHORPHVDQLQHSULUDXMHGRLDGQHM
SUHPHQQHMLEDVDDNiQDXNRQHQLH]DGiYDQLHYVWXSXWMNOiYHV(QWHU!
3UiFDVIDUEDPL
]HOHQ~DPRGU~DE\Y]QLNODLDGDQiIDUEDPQRVWYiWFKWR]ORLHNVD]DGiYDM~FHOPtVORPRGGR
QDSUDNQDPLHDPHHUYHQHM]HOHQHMDPRGUHMY]QLNQHMDVQiPRGUiIDUED
HUYHQHM]HOHQHMDPRGUHMMHLHUQDYHWN\]ORN\SR]QDPHQiELHOX
HUYHQHM]HOHQHMDPRGUHMY\UREtOW~DSRG
YR:LQGRZVVDWLHWR]ORN\QD]YDM~5HG*UHHQ%OXHWHGD5*%DY'HOSKDFKP{HPHIDUE\GHILQRYDDMSRPRFRX
IXQNFLH5*%NWRUiGRVWiYDtVODSRSLVXM~FH]DVW~SHQLH]ORLHN
Y\PHQXMHPHYHWN\XLWRQpSUHGGHILQRYDQpIDUE\SRH[SHULPHQWXMWHVQLPLXYiG]DPHLFK5*%KRGQRW\
FO%ODFN 5*%
FO0DURRQ 5*%
FO*UHHQ 5*%
FO2OLYH 5*%
FO1DY\ 5*%
FO3XUSOH 5*%
FO7HDO 5*%
FO*UD\ 5*%
FO6LOYHU 5*%
FO5HG 5*%
FO/LPH 5*%
FO<HOORZ 5*%
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNKS
IRUL WRGR
EHJLQ
NIS 5*%
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGR
EHJLQ
NIS 5*%
L
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGR
EHJLQ
NIS 5*%UDQGRPUDQGRPUDQGRP
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
HQG
)RUPiWRYDQLHSURJUDPRY
YlLQDSURIHVLRQiOQ\FKSURJUDPiWRURYMHYHPLFLWOLYiQDQDIRUPiWRYDQLHSURJUDPRYDYHPLDVWRSUYSRKDGQD
SURJUDPSUH]UDGtLMHSURJUDPiWRU]DLDWRQtNDPDWpUDOHERVN~VHQHMtSURJUDPiWRU
MHX]QiYDQFKQLHNRNRVS{VRERYIRUPiWRYDQLDSDVFDORYVNFKSURJUDPRYDMHQLHNRNRSUDYLGLHONWRUpSODWLDVNRURSUH
YHWN\WLHWRWO\
SUtND]\NWRUpV~QDURYQDNHM~URYQLYQRUHQLDV~EXQDWRPLVWRPULDGNXDOHER]DtQDM~YWRPLVWRPVWSFL
V~WXDMYQLPN\DNVDSRXLMH&WO]iWYRUNRYDQLD
MHNDGpDOLHYQRUHQLHRGVXQXWpRPHG]HU\
]OpQDIRUPiWRYDQLHSURJUDPXVDSRYDXMH]D]ORP\VHQRVDVO~LOHQQDVNRPSLNRYDQLHLWDWHQRVWLSURJUDPXSR]ULWHVL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBLB
LPSZUOBJBHSBGJLB
SUHIRUPiWRYDQSUHGFKiG]DM~FLSURJUDP
YDUN.RULLQWHJHUEHJLQ
N .RU&UHDWH
NKS
IRUL WRGREHJLQ
NIS 5*%
LNGRSUHGX
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
3. Prednka - podmienky a procedry
3RGPLHQN\D
VHS
SURFHG~U\
ORJLFNYUD]ORJLFNpKRGQRW\
QDMDVWHMLHVO~LQDYHWYHQLHYSRWXF\NOXVVSRGPLHQNRXQD]DLDWNXDOHERQDNRQFLZKLOH
UHSHDWDOHERSUHSRGPLHQHQSUtND]LI
MHGQD]GYRFKKRGQ{WWUXHDOHERIDOVH
ORJLFNpRSHUiWRU\QRWRUDQG[RU
SUHFHQGHQFLHRSHUiWRURY]DWLDQLHV~YHWN\
QRW XQiUQH
GLYPRGDQG PXOWLSOLNDWtYQH
RU[RU DGLWtYQH
!! ! LQ UHODQp
Y\KRGQRFXMHVD]DYDGRSUDYD
:KLOHF\NOXV F\NOXVVSRGPLHQNRXQD]DLDWNX
YHREHFQWYDU
ZKLOHSRGPLHQNDGRSUtND]
RWHVWXMHVDSRGPLHQNDDDNMHSUDYGLYiWUXHWDNVDY\NRQiSUtND]WMWHORF\NOXDFHOpVDWR
RSDNXMH
DNEXGHSRGPLHQNDQHSUDYGLYiIDOVHWDNVDWHORF\NOXXQHY\NRQiDSRNUDXMHVDQDSUtND]H]D
F\NORP
DNSRGPLHQNDEXGHPDVWiOHKRGQRWXWUXHWDNY]QLNQHQHNRQHQF\NOXV
SRG:LQGRZVVWPP{XE\REURYVNpSUREOpP\QLHNHG\WUHEDUHWDUWQ~FHOV\VWpP
QDSUZKLOHWUXHGR
DNYWHOHF\NOXSRXtYDPHQHMDNpNRU\WQDLHSUtND]\WLHWRPDM~YVHEH]DEXGRYDQ~
RFKUDQXDE\XPRQLOL:LQGRZVXNRQLDM]DF\NOHQpSURJUDP\
DNQHNRQHQF\NOXVDOHERYHPLGOKRWUYDM~FLF\NOXVQHREVDKXMHSHFLiOQXYVXYNXSUH
:LQGRZVWDNSRDVF\NOXVDV\VWpPQHGRVWDQHNXVORYXDWPVDQDSUQHGiDQL]KRGL
EHLDFLSURJUDPP\Y.RU8QLWSDVSRXtYDPHYRODQLH$SSOLFDWLRQ3URFHVV0HVVDJHV
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
G
ZKLOHGGR
EHJLQ
NGRSUHGXGNYODYRY\VN~DMWHSUHU{]QHXKO\
G G
HQG
HQG
DOHERY\XLMHPHNRU\WQDLXIXQNFLXY]GNWRUiY\SRtWDY]GLDOHQRVNRU\WQDN\RG]DGDQpKRERGXY
URYLQH
G
ZKLOHNY]GGR
EHJLQ
NGRSUHGXGNYODYR
G G
HQG
)RUF\NOXVYODVWQHQHSRWUHEXMHPHOHERVDGiSUHStVDSRPRFRXZKLOH
QDSU
IRUL WRGRNGRSUHGXL
P{HPHSUHStVDSRPRFRXZKLOH
L
ZKLOHL GR
EHJLQ
NGRSUHGXL
L L
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDNXGRQHNRQHQDVDSUHFKiG]DSRREUD]RYNHQiKRGQHVDRWRtRQHMDNXKROD
Y\NURtRQHMDN~NRQWDQWQ~Y]GLDOHQRV3RXtYDPHWDQGDUGQ~IXQNFLXUDQGRPtVORNWRUi]DNDGP
YUiWLLQ~QiKRGQ~KRGQRWXRGDSRtVOR1HNRQHQF\NOXVUREtPHSRPRFRXVWiOHSUDYGLYpKR
ORJLFNpKRYUD]XWUXHP{HPHKRDOHXNRQLX]DYUHWtPSURMHNWX
YDUN.RU
EHJLQ
N .RU&UHDWHNXND]
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
HQG
HQG
.RU\WQDNDYHPLUFKORXMGH]SORFK\SUH3RN~VLPHVDSUHWRVWUiLNRU\WQDNXDE\QHY\OD]QHMDNHM
REODVWLWMDNDMY\MGHWDNMXLKQHYUiWLPHVSl3RXLMHPHQRYSUtND]YHWYHQLDLIPiGYDYDULDQW\
]DWLDWHQMHGQRGXFKt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQSUtND]QHY\NRQiDOHSUHVNRt
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQNGRSUHGX
HQG
9\VN~DMWHVLQLHNRNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRXORJLFNFK
RSHUiWRURYDQGDRUWUHEDVLXYHGRPLHSRGPLHQNDYWFKWRSUtNODGRFKY\MDGUXMHHNRU\WQDND
RSXVWLODVWUiHQ~REODVWMHMH]OHDWUHEDVDYUiWL
NRVRWYRUHF
LIDEVN[VXUDEVN\VXU!WKHQNGRSUHGX
REGQLNVRVWUDQDPLDDVWUHGRPY
LINY]G!DQGNY]G!DQGNY]G!
WKHQ
1'
PHVLDFDNRUR]GLHOGYRFKNUXQtF
VORYHQVNGYRMNUtDNR]MHGQRWHQLHWURFKREGQLNRY
HOLSVX
SUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDNDQHY\VW~SLOD]RVWUiHQHMREODVWLDWR
WDNHVR]GYLKQXWPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSlDNWREROR2.WDNVSUDYtNURN
VRVSXVWHQPSHURPLQDNQHUREtQLDSRN~DVDtVLQPVPHURP
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\NDGiQHFKPiVYRMXFKUiQHQ~REODVPRXNUHVOLDM
LQRXIDUERX
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\Y\WYRUHQpYERGHVFKUiQHQRXREODVRXNUXKV
SRORPHURPSULRPNDGiPiKUXEpSHURVIDUEDPLOWiPRGUiD]HOHQiDSRK\EXM~VD
NURNRPSUtS
3URFHG~U\SRGSURJUDP\
SRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMDVWLSURJUDPXVPRQRVRXY\YRODW~WRDVSRPRFRX
SUtVOXQpKRPHQD
3RPRFRXSRGSURJUDPRYP{HPHULHLSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHHQLH]KRUDQDGRO
Y3DVFDOHP{XE\SRGSURJUDP\
SURFHG~U\
IXQNFLHYUiWLDQHMDN~KRGQRWX
PDM~YKRGXHV~YLDFQiVREQHSRXLWHQp
QHVN{UXYLGtPHDMUHNXU]LX
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
ORNiOQHGHNODUiFLHSUHSURFHG~UX
EHJLQ
WHORSURFHG~U\
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHWYRUFDYLPQLPHVLHYDUNNRUPXVtE\GHNODURYDQp
HWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDVNRU\WQDNRX
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
SURFHGXUHVWYRUHF
YDULLQWHJHU
EHJLQ
IRUL WRGR
EHJLQNGRSUHGXNYSUDYRHQG
HQG
EHJLQ
N .RU&UHDWHNXND]
VWYRUHF
N3UHVXQ;<
VWYRUHF
N3UHVXQ;<
VWYRUHF
HQG
$NRSUDFXMHSRtWDSULYRODQtSURFHG~U\
WHMWRSURFHG~U\WM
]DSDPlWiVDQiYUDWRYiDGUHVDNDPVDEXGHWUHEDYUiWL
Y\WYRULDVDORNiOQHSUHPHQQpSURFHG~U\VQHGHILQRYDQRXKRGQRWRX^QHVN{UDMIRUPiOQH
SDUDPHWUH`
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYHWN\SUtND]\SRGSURJUDPX
]UXLDVDORNiOQHSUHPHQQp
ULDGHQLHVDYUDWL]DPLHVWRYSURJUDPHRGNLDEROSRGSURJUDPYRODQ
SUH3DVFDOSODWt
LQGHQWLILNiWRUVDP{HSRXtYDDNHEROGHNODURYDQ
WDQGDUGQpGHNODUiFLHWDQGDUGQpW\S\IXQNFLHSRGSURJUDP\V~GHILQRYDQpDNRNHE\HWHSUHG
SURJUDPRP ~URYH
SUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
LGHQWLILNiWRUMHYLGLWHQOHQQDVYRMHM~URYQLDQDYHWNFKYQRUHQFK~URYQLDFKNGHQLHMH
SUHGHILQRYDQ
GHILQRYDQpSURFHG~U\V~QDY\tFK~URYQLDFKDNRQiSURJUDPRQLYLGLDGHNODUiFLHWRKRWR
GHILQRYDQ~YWHMWRSURFHG~UHVWYRUHF
YGDQRPSURJUDPH
QD~URYQLV~YHWN\WDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S.RUSUHPHQQi
VSRPDODSRG
QD~URYQLMHGHILQtFLDIRUPXOiUX72NQRDOHDMSURFHGXUH72NQR:0VWDUWYDU
PVJWPHVVDJHGRNWRUHMStHPHQiSURJUDP
QD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
QD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{HPHSRVODQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHSHFLDOLWN\
QDVWDYRYDYJOREiOQ\FKSUHPHQQFKQDSUYHNRVNUHVOHQpKRWYRUFDYSRGSURJUDPH]DGHILQXMHPH
SHFLiOQHORNiOQHSUHPHQQpW]YIRUPiOQHSDUDPHWUHGRNWRUFKVDSUHGVDPRWQPYRODQtPSULUDGLD
LQLFLDOL]XM~KRGQRW\VNXWRQFKSDUDPHWURY
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
YDUMLQWHJHUPRKROE\WRE\DMLGHQWLILNiWRUL
EHJLQ
N .RU&UHDWHNXND]
M
ZKLOHM GR
EHJLQ
VWYRUHFMKRGQRWDYUD]XMMHVNXWRQSDUDPHWHU
NYODYR
M M
HQG
HQG
3RGSURJUDPP{HPDDMYLDFSDUDPHWURYEXURYQDNpKRDOHERU{]Q\FKW\SRY
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGR
EHJLQNGRSUHGXGNYSUDYRXHQG
HQG
EHJLQ
N .RU&UHDWH
SRO\
3R]QDPN\8ND]WUXH
ZULWHOQ
NUX]QLFDSRO\
FDNDM(QWHU
]PD]
SRO\
ZULWHOQ
KYLH]GDSRO\
FDNDM(QWHU
]PD]
SRO\
ZULWHOQ
WYRUHFSRO\
FDNDM(QWHU
SRO\
ZULWHOQ
WYRUHFSRO\
FDNDM(QWHU
SRO\
ZULWHOQ
WYRUHFSRO\
ZULWHOQ
.RQLHF
HQG
1'
QDStWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPHN]ORHQVRWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\LDGQHGRSUHGXDQLRWiDQLD
QDStWHGRPWDNDE\]DDOYDYRPGROQRPURKXDVNRQLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHNFKGRPRYYHGDVHED
]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORHQ]GYRFKWYUNUXQtF]DNUXQLFX
P{HPHSRYDRYDQDSUSUDYLGHOQXKROQtNDDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW
]ORHQ]QOXSLHQNRYQHMDNHMYHNRVWLDIDUE\
DOHMEXGHPHSRWUHERYDURELSRO\DMSUHQLHFHOpKRGQRW\GN\UHVSXKODQDSUSUHSUDYLGHOQ
XKROQtN
0XVtPHWHGDSRXtYDQRYW\SUHDO3DVFDOMHSUtVQHW\SRYMD]\N
NDGiSUHPHQQiPXVtPDGRSUHGXXUHQVYRMW\SQHGiVDSRDVEHKXPHQL
NDGiRSHUiFLDSUDFXMHOHQVXULWPW\SRPQDSUGLY
H[LVXMHYQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUPHGRWHUDMLHSR]QDWN\RLQWHJHUDE\VPHOHSLHSRFKRSLOLUHDO
,QWHJHU
KRGQRW\V~]LQWHUYDOX
]DEHUiEDMW\ ELWRYELW]QDPLHQNR
GHILQRYQpV~DULPHWLFNpRSHUiFLH GLYPRGRELGYDRSHUDQG\V~FHOptVOD
SULUDRYFtSUtND]REDFHOp
UHODQp
SUHGVXFFIXQNFLH
LQFGHFSUtND]\
WDQGDUGQpIXQNFLHQDSUVTUDEV
HVWQiVWNRYpNRQWDQW\H
5HDO
tVODY\MDGUHQpGHVDWLQQP]iSLVRPDMVH[SRQHQWRP
REVDKXMHGHVERGNXH[SRQHQW
XNiN\UHiOQ\FKtVHO((
SUHNDGptVORQHYLHPHXULQDVOHGRYQpUHiOQHtVOR
WMPHG]LDPRQRH[LVWXMHtVORQHPi]P\VHOQDVOHGRQtN
WMQHIXQJXMHSUHGDVXFF
RSHUiFLHY\]HUDM~URYQDNRDOHV~WRLQpRSHUiFLHURELDVUHiOQ\PLtVODPL
RED
RSHUDQG\V~UHiOQH
DXWRPDWLFNiNRQYHU]LDNHVDSULUHiOQHMRSHUiFLLY\VN\WQHFHORtVOHQRSHUDQGNRQYHUWXMHVDQD
UHiOQHtVORQDSU
DQDORJLFN\VUHODQPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
QHIXQJXMHDQLLQFGHF
UHiOQHRSHUiFLHYHPLDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRtWDL
WDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
NRQWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQWDQW\WUXHIDOVHDNRSUHGWPGHILQRYDQpQDH
NRQWDQW\
YSDPlWL EDMW
RSHUiFLHDQGRUQRW[RU
YHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYVOHGNRPMHORJLFNiKRGQRWD
UHOiFLH
SUHGVXFF
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNRU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGR
SRO\LLUHiOQHGHOHQLH
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7H[WRYpV~ERU\ RNW
]iNODGQpW\S\NWRUpXSR]QiPHLQWHJHUUHDOERROHDQ
DOtW\SFKDU
7\S&+$5
]QDNRYpNRQWDQW\YDSRVWURIRFKDOHERNyG
Y3DVFDOHQLHV~LDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
WUHEDVLSDPlWD
$
%
=
D
E
]
]QDNRYpIXQNFLHSUHGVXFFRUGFKUFKDU
WUHEDVLSDPlWD
RUG
RUG
RUG
DOHER
RUG
$
RUG
D
RUG
$
WM
$
D
DNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
SUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
SRXLMHQDMPlSUHSUiFXVRV~ERUPL
)25F\NOXVIXQJXMHOHERFKDUMHRUGLQiOQ\QDSU
YDUFFKDU
EHJLQ
IRUF
$
WR
=
GR]DSLVF
]iSLVGRWH[WRYHMSORFK\3R]QiPN\
HQG
DOHER
YDUFFKDU
EHJLQ
IRUF
D
WR
]
GR]DSLVF
,QW7R6WURUGF
NStVPHQXSULOHStPHG]HUXDtVHOQNyG]QDNX
HQG
7H[WRYpV~ERU\7(;7
SDVFDOXPRXMHVHNYHQQSUtVWXSGRV~ERUXDOHDMSULDP\XYLGtPHQHVN{U
VWH[WRYPLV~ERUPLVDGiSUDFRYDOHQVHNYHQQPSUtVWXSRP
PXVtVDUR]OLRYDL]RV~ERUXtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
YVWXSQV~ERUOHQtWDSULSUDYHQpLQIRUPiFLH
YVWXSQV~ERUOHQ]DSLVRYDQDNRQLHFV~ERUX
GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDDMV~DVQH]QHKRtWD
QDYRQNDMHMSDPlWLGLVNRYV~ERU
SRPRFQiYQ~WRUQiSDPlQDXtPHVDQHVN{U
2SHUiFLHVRV~ERUPL
$NRSUDFXMHPHVWH[WRYPV~ERURP
GHNODURYDQLHSUHPHQQHMW\SXWH[WRYV~ERU
YDUW7H[W)LOHSUHPHQQiWMHW\SXWH[WRYV~ERU
SULUDGHQLHI\]LFNpKRV~ERUXQDMDVWHMLHQDGLVNX
$VVLJQ)LOHW
PHQRBV~ERUX
RWYRUHQLHV~ERUX
EXQDtWDQLHPXVtXH[LVWRYD
5HVHWW
DOHER]iSLVDNXH[LVWXMHWDNVDQDMSUYY\SUi]GQL
5HZULWHW
SUiFDVRV~ERURPWMVDPRWQptWDQLHDOHER]DSLVRYDQLH
&ORVH)LOHW
1HMDNV~ERU
YLGtPH YVNXWRQRVWL
DE _D_E_(ROQ!__F_G_H_(ROQ!_I_
FGH
I XND]RYDWH
XND]RYDWH SR]tFLDYV~ERUHQD]DLDWNXQD]QDNXSRUHDGSRVXQR]QDN
tWDQLH]RV~ERUX
7HVWRYDQLHNRQFDV~ERUXDNRQFDULDGND
WDQGDUGQiORJLFNiIXQNFLD(RIW VNUDWND](QG2I)LOH
YUiWLWUXHDNMHXND]RYDWHYV~ERUHQDVWDYHQQD]QDNX(RI!DOHERQDNRQFLV~ERUXDN
WDP]QDNDFKEDWDNVDQDNRQFLDXWRPDWLFN\JHQHUXMHV\VWpPRP
WDQGDUGQiORJLFNiIXQNFLD(ROQW VNUDWND](QG2I/L1H
YUiWLWUXHDNMHXND]RYDWHQD]QDNH(ROQ!DOHERDM]QDNH(RI!QDNRQFLV~ERUXVD
V\VWpPWYiULHMHWDPNRQLHFULDGND
]QDND(ROQ!VDYQ~WRUQHNyGXMHGYRPL]QDNPLDKRYRUtPHLP&5D/)
NRQFLV~ERUXQHUREtQL
32=25SRPRFRXUHDGW]MHPRQptWDDM]QDNX(ROQ!OHQHWiWRVDSRWRPFKiSH
DNR]QDN\DDQLHDNRQHMDNSHFLiOQ\]QDN
]QDND(RI!P{HYV~ERUHFKEDIXQNFLD(RIWDMWDNYUiWLQDNRQFLV~ERUXWUXHtWDQLHQD
NRQFLV~ERUXY\YROiYVWXSQRYVWXSQ~FK\EX
3UtNODG0iPHWH[WRYV~ERUPHG]HU\W[W0iPH]LVWLNRNRMHYRPPHG]LHU
YDUW7H[W)LOH
FFKDU
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHG]HU\W[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF
WKHQSRFHW SRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWPHG]LHUYVXERUH
,QW7R6WUSRFHWGR
3R]QiPNRYHMSORFK\
HQG
3UtNODG=LVWtPHSRHWULDGNRYWH[WRYpKRV~ERUXWH[WW[W
YDUW7H[W)LOH
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGOQWLQFSRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWULDGNRYYVXERUH
,QW7R6WUSRFHW
HQG
3UtNODG=LVWtPHGNXQDMGOKLHKRULDGNDV~ERUXWH[WW[W
YDUW7H[W)LOH
FFKDU
PD[GO]NDLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUSURMGSU
5HVHWW
PD[
ZKLOHQRW(RIWGR
EHJLQ
GO]ND
ZKLOHQRW(ROQWGR
EHJLQUHDGWFLQFGO]NDHQG
UHDGOQWQHVPLHVDWX]DEXGQ~
LIGO]ND!PD[WKHQPD[ GO]ND
HQG
&ORVH)LOHW
]DSLV
'O]NDQDMGOKVLHKRULDGND
,QW7R6WUPD[
HQG
=iSLVGRV~ERUX
V~ERUWUHEDRWYRULSRPRFRX5HZULWHW
DNV~ERUXH[LVWRYDOWDNVDKQHSR5HZULWHVD]UXtMHKRREVDK
DNV~ERUHWHQHH[LVWRYDOY\WYRUtVDVSUi]GQ\PREVDKRP
XND]RYDWHYV~ERUHMHYG\QDVWDYHQQDMHKRNRQLHF
3UtNODG9\WYRUtPHV~ERUWH[WW[W]StVPHQ
D
D
]
DY\StHPHMHKRREVDKGR3R]QiPNRYHMSORFK\
SUtND]8ND]6XERUPHQRBV~ERUX
YDUW7H[W)LOH
FGFKDU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
IRUF
D
WR
]
GR
EHJLQ
IRUG FWR
]
GRZULWHWG
ZULWHOQW
HQG
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
3UtNODG9\WYRUtPHNySLXV~ERUXRNQRXQLWSDVGRV~ERUXWH[WW[W
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
RNQRXQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
LI(ROQWWKHQ
EHJLQ
UHDGOQWZULWHOQW
HQG
HOVH
EHJLQ
UHDGWF
VSUDFXMQDtWDQ]QDN
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
LQYDULDQWNRStURYDQLDV~ERUXQHYtPDPHVLNRQFHULDGNRYSURJUDPSUHUiEDPDOpStVPHQiQDYHNp
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
RNQRXQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF!
D
DQGF
]
WKHQ
F FKURUGFRUG
D
RUG
$
SUHUREHQLHPDOpKRStVPHQDQDYHNpF XSFDVHF
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
1'
SRVWXSQRVPHG]LHUQDKUDPHG]HURX
Y\KROHQPHG]HURYpULDGN\
Y\KRPHG]HU\QDNRQFLULDGNRY
SRVWXSQRV]QDNRY
HQG
QDKUD
5HVHWD5HZULWHQDWHQLVWV~ERUQDGLVNX
YDUIJ7H[W)LOH
$VVLJQ)LOHI
DW[W
5HVHWI
$VVLJQ)LOHJ
DW[W
5HZULWHJ
QHSUHGYtGDWHQpU{]QHYHU]LH3DVFDOXUHDJXM~U{]QHP{H]UXLV~ERU
tWDQLHtVHO
DOHERSRWRPSUHNRQYHUWXMH]QDN\]RYVWXSXQDtVORDDNMHtVORXNRQHQpQHPHG]HURYP
]QDNRPQDSU
DOHER
WDNY\KOiVLFK\EX,QYDOLGQXPHULFIRUPDW
tWDQLHtVODQDNRQFLV~ERUXYUiWLKRGQRWXWUHEDVDWRKRWRY\YDURYD
SURIHVLRQiOQ\VRIWYpUQHSRXtYDWDNWRUHDGQDtWDQLHtVHOOHERFK\EDYV~ERUHVS{VREt
XNRQHQLHSURJUDPXY\P{HWHSRXtYDWDNpWRtWDQLHOHQDNMHY]DGDQtYVORYQHSRYHGDQp
HMHV~ERUNRUHNWQDtVORMHXNRQHQpPHG]HURYP]QDNRP
QHVN{UXYLGtPHDMLQEH]SHQVS{VREtWDQLDtVHO
3UtNODG3URJUDPQiMGHPD[LPiOQHtVORYV~ERUHFHOFKtVHO
YDUW7H[W)LOH
FLVORPD[LQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[ PD[LQWSUHGGHILQRYDQiNRQWDQWD
ZKLOHQRW(RIWGRY\VN~DMWH6HHN(RI
EHJLQ
UHDGWFLVOR
LIFLVOR!PD[WKHQPD[ FLVOR
HQG
&ORVH)LOHW
LIPD[ PD[LQWWKHQ
=DSLV
V~ERUMHSUi]GQ\
HOVH
=DSLV
PD[LPiOQHtVORYV~ERUHMH
,QW7R67UPD[
HQG
PHG]HURYp]QDN\IXQNFLD(RIW]DSRVOHGQPtVORPYUiWLIDOVHHWHQLHMHNRQLHFV~ERUXDOH
XWDPQLHMHLDGQHtVORWHGDQDtWDVDKRGQRWD
YWDNHMWRVLWXiFLLP{HPHQDPLHVWR(RIWSRXLWDQGDUGQ~IXQNFLX6HHN(RIWNWRUiVN{UDNR
RGSRYLHQDVWDYV~ERUXRGILOWUXMHYHWN\PHG]HURYp]QDN\
SRGREQHH[LVWXMH6HHN(ROQWNWRUiWHVWXMHNRQLHFULDGNDDOHQDMSUYRGILOWUXMHPHG]HU\D
WDEXOiWRU\]QDN\VNyGRP
=iSLVtVHO
]DStH
UHiOQHtVOD]DSLVXM~YVHPLORJDULWPLFNRPWYDUHVPHG]HURXSUHGtVORP
3UtNODG=RV~ERUXWH[WW[WEXGHPHNRStURYDYHWN\tVODGRV~ERUXWH[WW[WSULRPLFKEXGHPH
]DUDRYDSRWURFKGRULDGND
YDUWW7H[W)LOH
FLVORSRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LISRFHW WKHQ
EHJLQ
ZULWHOQWSRFHW
HQG
HOVH
EHJLQ
LISRFHW!WKHQZULWHW
LQFSRFHW
HQG
ZULWHWFLVOR
HQG
&ORVH)LOHW
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
3UtNODG9V~ERUHV~UHiOQHtVODPiPH]LVWLSRHWtVHONWRUpPDM~KRGQRWXPHQLXDNRMHSULHPHU
YHWNFKtVHOYV~ERUH
YDUW7H[W)LOH
FLVORVXPDSULHPHUUHDO
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDtWDQLH
VXPD SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
VXPD VXPDFLVORLQFSRFHW
HQG
5HVHWW
QDVWDYHQLHSR]tFLHQD]DLDWRNV~ERUX
SULHPHU VXPDSRFHWSRFHW
SRFHWXQHSRWUHEXMHPH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LIFLVORSULHPHUWKHQLQFSRFHW
HQG
=DSLV
SRFHWSRGSULHPHUQ\FK
,QW7R67USRFHW
HQG
)RUPiWRYDFtSDUDPHWHUYRZULWH
]D]QDNRPDOHER]QDNRYPUHD]FRP
ZULWHW
R]QDXMHH]QDNVDY\StHQDtUNXWMQDMSUYPHG]LHUDSRWRP
ZULWHW
GHOSKL
QDNRNRUHD]HFMHGOKtDNRIRUPiWRYDFtSDUDPHWHU]DStHVDNRPSOHWQUHD]HFWMLJQRUXMHVD
IRUPiW
IRUPiWRYDFtSDUDPHWHU]DFHOPtVORPR]QDXMHtUNXGRNWRUHMVDPi]DStVDtVORDNE\
QHYRORGRGDQHMtUN\IRUPiWVDLJQRUXMH
ZULWHW
]DStHGYHPHG]HU\]DNWRUpGitVOR
IRUPiWRYDFtSDUDPHWHU]DUHiOQ\PtVORPWLHR]QDXMHtUNXtVORVDY\StHY
VHPLORJDULWPLFNRPWYDUHGUXKIRUPiWRYDFtSDUDPHWHUR]QDXMHSRHWGHVDWLQQFKPLHVW
ZULWHWVLQ
]DStH(
ZULWHWFRV
]DStH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
)XQNFLHD
RNW
SDUDPHWUH
3DUDPHWUHSURFHG~U
=DQHPHWDNRXWR~ORKRXQDStHPHSURJUDPYNWRURPVDEXG~NRU\WQDN\VWiOHSRK\ERYDSRVYRMLFK
NUXKRFK6~DVQHVQLPLVDWUHWLDNRU\WQDNDEXGHVWiOHVQDLE\SUHVQHYVWUHGHPHG]LQLPLDNRNHE\
ERODYVWUHGHJXPHQHMQLWHNWRUiMHSULSHYQHQiQDWFKWRGYRFKNRU\WQDNiFK9\WYRUtPHVLSRPRFQ~
SURFHG~UXSRFLWDMBVWUHGNWRUi]GYRFKNRU\WQDLHNNDNY\SRtWDV~UDGQLFHVWUHGX[\SUHWUHWLX
NRU\WQDNX
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNNNRU
[\UHDO
SURFHGXUHSRFLWDMBVWUHG
EHJLQ
[ N[VXUN[VXU
\ N\VXUN\VXU
HQG
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHG
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHG
N=PHQ;<[\
HQG
HQG
9WRPWRSUtNODGHVPHY\WYRULOLSURFHG~UXSRFLWDMBVWUHGEH]IRUPiOQ\FKSDUDPHWURYOHERWiWRYLGtDM
QDNRU\WQDN\NNDMQDSUHPHQQp[D\7LHWRSUHPHQQpV~SUHXJOREiOQHQLHV~WRMHMORNiOQH
SUHPHQQp7HQWRVS{VRENHSURFHG~UDSRXtYDJOREiOQHSUHPHQQpQLHMHYG\SRXLWHQOHER
QLHNHG\P{HPHSRWUHERYDY\SRtWDVWUHGLQFKGYRFKNRU\WQDLHNDYVOHGRNGDGRLQFKGYRFK
SUHPHQQFKDOHERVDPRWQ~SURFHG~UXFKFHPHPDJOREiOQXDWiWRQHEXGHYLGLHQDSRWUHEQp
SUHPHQQpORNiOQHYQDHMSURFHG~UH:0VWDUW
ORKXSUHSURJUDPXMHPHWDNDE\VDQHSRXLOLJOREiOQHSUHPHQQpDOHIRUPiOQHSDUDPHWUH
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
SURFHGXUHSRFLWDMBVWUHGNNNRU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
YDUNNNNRU
[\UHDO
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
HQG
HQG
7DNWR]DStVDQSURJUDPQHEXGHIXQJRYDOHERIRUPiOQHSDUDPHWUH[[D\\V~ORNiOQHSUHPHQQp
NWRUpV~LQLFLDOL]RYDQpKRGQRWDPLVNXWRQFKSDUDPHWURYDSRVNRQHQtSURFHG~U\VDLFKKRGQRW\
]DE~GDM~'RWHUD]]QiP\PHFKDQL]PXVIRUPiOQ\FKSDUDPHWURYQiPYWRPWRSUtSDGHQHSRP{H
SRWUHEXMHPHQLHRQRYp
)RUPiOQHSDUDPHWUHYSDVFDOH
U{]QHSUtVWXS\NLQIRUPiFLiPSUHGVWDYPHVLQDSUGLiUSUHNWRU
YODVWQtN]iSLVtWDQLH
VHNUHWiUNDSUtVWXSNGXSOLNiWXtWDQLHPRGLILNiFLDNySLH
VHNUHWiUNDOHQtWD
RVWDWQtLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
~SOQtWDQLH]iSLV
OHQtWDQLH
OHQ]iSLV
~SOQSUtVWXSNGXSOLNiWX
LDGHQ
3R]QiPHWDQGDUGQpSURFHG~U\QDSUiFXVRV~ERUPL
SURFHG~UDUHDGW[
SUtVWXSNV~ERUXWQDtWDQLH
NSUHPHQQHM[QD]iSLVS{YRGQREVDKSUHPHQQHMQiVQH]DXMtPD
ZULWHW[
SUtVWXSNV~ERUXWQD]iSLV
NSUHPHQQHM[QDtWDQLH
W\S\SDUDPHWURYY3DVFDOH
SUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
~SOQSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRXYDUSDUDPHWUH
SDUDPHWUH
9SUHGFKiG]DM~FRPSUtNODGHVPHSURFHG~UHSRFLWDMBVWUHGSRVODOLYHWN\SDUDPHWUHDNRKRGQRWRYpWM
SRXLOLYRODQLHKRGQRWRX
Y\SRtWDM~VDKRGQRW\VNXWRQFKSDUDPHWURYVNWRUPLMHSURFHG~UDYRODQiYWRPWRSUtSDGHN
NDPRPHQWiOQHKRGQRW\[D\
RGRY]GiVDULDGHQLHSURFHG~UHSULRPVDSUHXY\WYRULDORNiOQHSUHPHQQpNN[[\\DGR
WFKWRVDSULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRtWDOL
VNRU\WQDNDPLJUDILFNPLSHUDPLQHEXGHSUREOpPOHERQHSRWUHEXMHPHPHQLKRGQRW\
NRU\WQDLHNSUREOpPEXGHVSUHPHQQPL[D\
WXE\VDQiPYLDFKRGLO~SOQSUtVWXSNWPWRSUHPHQQPWMSRWUHERYDOLE\VPHYRODQLH
DGUHVRX
Y3DVFDOHVDWR]DStHUH]HUYRYDQPVORYRPYDUSUHGSUtVOXQPSDUDPHWURP
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
8NiPHVLWHUD]LQ~YHU]LXWHMWR~ORK\NGHMHGQD]NRU\WQDLHNFKRGtSRREYRGHWYRUFDDGUXKiSR
NUXQLFL9LPQLWHVLHSURFHG~UXSRFLWDMBVWUHGVPHY\WLDKOLSUHG:0VWDUWWDNHVDVWDODJOREiOQRX
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNNNRU
[\UHDO
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
IRUL WRGRVN~VWHLQSRHWRSDNRYDQtQDSU
EHJLQ
NGRSUHGXNGRSUHGX
NYODYR
SRFLWDMBVWUHGNN[\
N=PHQ6PHUN6PHURP[\
N=PHQ;<[\
HQG
NYSUDYRVN~VWHLQpXKO\DSRG
HQG
HQG
)XQNFLH
0DMPHSURFHG~UXNWRUiYUDFLDSRPRFRXSDUDPHWUDPLQLPXP]GYRFKtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
DWHUD]DNRIXQNFLD
3UtNODG\
1DStWHORJLFN~IXQNFLXNWRUiYUDFLDWUXHDNMHYVWXSQSDUDPHWHUStVPHQRP
1DStWHORJLFN~IXQNFLXMHFLIUDNWRUiYUDFLDWUXHDNMHYVWXSQSDUDPHWHUFLIURX
1DStWHFHORtVHOQ~IXQNFLXNWRUiYUDFLDKRGQRWXQDtWDQHMFLIU\LQDN
1DStWHORJLFN~IXQNFLXNWRUiYUDFLDWUXHDNMHFHOptVORNWRUpMHMHMSDUDPHWURPQHSiUQHRGGMHX
SUHGGHILQRYDQiDNRWDQGDUGQiIXQNFLD
1DStWHFHORtVHOQ~IXQNFLXNWRUiYUDFLDV~HWSUYFK1FHOFKtVHOYVWURPSDVFDOHEROLVWPWR
SUREOpP\
1DStWHIXQNFLXNWRUiYUDFLD]QDN]RYVWXSXSULRPYUDFLD
DNEROHROQ
DNEROHRI]QDNRYi
SUHPHQQi]MHJOREiOQDDGHILQRYDQiQLHNGHY\LH
!WUHEDVLYLPQ~IRUPiWRYDQLHSRVWXSQRVWLHOVHLI
WHUD]QDSUDVSURJUDPX
ZKLOH]QDNW
GR
SUHVNDNRYDQLHYHWNFKPHG]LHUDNRQFRYULDGNRY
)XQNFLDPRFQLQDFK\EQpULHHQLH
WiWRIXQNFLDREDVYUiWLQHVSUiYQ\YVOHGRNSULRPP\QHYLHPHLPRPHQWiOQ\YVOHGRNMHGREU
SUHWRYRYDUSDUDPHWULYUiWLLQHSUHWLHNROYVOHGRN
)XQNFLDUDQGRPQiKRGQptVOR]R]DGDQpKRLWHUYDOX
)XQNFLDY]GY]GLDOHQRVGYRFKNRU\WQDLHN
1'
FHORtVHOQ~IXQNFLXNWRUiSRtWD16'GYRFKSULURG]HQFKtVHO(XNOLGRYPDOJRULWPRP
IXQNFLD]LVWtLGDQptVORMHSUYRtVR
]iNODGQWYDUST
GYHSULURG]HQptVODVDQD]YDM~SULDWHVNpDNMHNDGp]QLFKURYQpV~WXYHWNFKGHOLWHRY
3UtNODG\QDWH[WRYpV~ERU\DNRU\WQDN\
3RXLMHPHQRYSUtND]FDVHNWRUSUHRUGLQiOQXKRGQRWX]DEH]SHtY\NRQDQLHQHMDNHMYHWY\SRGD
SUtVOXQHMNRQWDQW\YHREHFQH
FDVHRUGLQiOQ\BYUD]RI
NRQWDQWDSUtND]
NRQWDQWDSUtND]
HOVHSUtND]\WiWRYHWYDP{HFKED
HQG
3UtNODGGDQMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDNXGOStVORQDSU
GSGSG
SULRPStVPHQiDtVODV~QDY]iMRPRGGHOHQpDVSRMHGQRXPHG]HURXDOHERQRYPULDGNRP
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGR
EHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
WRLVWpDOHVSRXLWtP6HHN(RIW
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGW]S
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
YDUW7H[W)LOH
N.RU
]]]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGW]]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQ
EHJLQUHDGWSNGRSUHGXSHQG
HOVHLI]
Y
DQG]
S
WKHQ
EHJLQUHDGWSNYSUDYRSHQG
HOVHLI]
Y
DQG]
O
WKHQ
EHJLQUHDGWSNYODYRSHQG
HOVHLI]
S
DQG]
K
WKHQ
NSK
HOVHLI]
S
DQG]
G
WKHQ
NSG
HQG
&ORVH)LOHW
HQG
9LPQLWHVLIRUPiWRYDQLHNRQWUXNFLtLIHOVHLISRGVHERX
YDUW7H[W)LOH
N.RU
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU
N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH
SRO\
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
XVHV.RU8QLW
YDUW7H[W)LOH
N.RU
[\UHDO
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N=PHQ;<[\
HQG
&ORVH)LOHW
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDN\
YDUW7H[W)LOH
N.RU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU[
N\VXU\
[ N[VXU\ N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH[ N[VXU\ N\VXU
SRO\
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
YDUW7H[W)LOH
N.RU
[\IUHDO
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
N .RU&UHDWH
UDQGRPL]H
IRUL WRGR
EHJLQ
UHVHWW
N3UHVXQ;<UDQGRPUDQGRP
I UDQGRPQiKRGQiYHNRV
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N]PHQ[\N[VXU[
IN\VXU\
I
HQG
HQG
&ORVH)LOHW
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3ROLDD]QDNRYpUHD]FH RNW
7\SLQWHUYDO
SUHPHQQiNWRUiMHWRKWRW\SXP{HQDGRE~GDOHQKRGQRW\]LQWHUYDOX
QHSULDPDGHILQtFLD
YDU[
SULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SH,QWHJHU
/RQJLQW NYROLNRPSDWLELOLWHV7XUER3DVFDORP
6PDOOLQW
6KRUWLQW
%\WH
:RUG
&DUGLQDO
&KDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
YHWN\SUYN\SRDV~URYQDNpKRW\SX SROHVDVNODGi]YHDMHGQRGXFKtFKSUHPHQQFK
WLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
W\SBLQGH[XXERYRQRUGLQiOQ\W\S
W\SBSUYNRYXERYRQW\S
XQHSODWtHFHOiWUXNW~UDPXVt]DEHUDPHQHMDNR.%DNRWRERORY7XUER3DVFDOH
REPHG]HQLHMHOHQQDWRDE\WR]YOiGDO:LQGRZVDWHQEH]SUREOpPRY]YOiGQHGRVYHD0%
'HOSKLGRYROt]DGHNODURYDPD[LPiOQH*%WUXNW~UXDOH:LQGRZVPiNGLVSR]tFLLSUHDSOLNiFLXYlLQRXOHQQLHNRNR0%
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQH*%WRMHXYHD
DUUD\>E\WH@RILQWHJHU.%%
DUUD\>FKDU@RIERROHDQ.%%
R]QDXMHPH
*% JLJDEDMW 0% .% % EDMWRYWURFKXYLDFDNRPLOLDUGDEDMWRY
SRHWSUYNRYSRDPXVtE\]QiP\SULNRPSLOiFLL
YHWN\SUYN\SRDVDQHGDM~QDtWDDQLY\StVDMHGLQPUHDGZULWH
3UtNODG1DStWHSURJUDPNWRURNDGRPYVWXSQRPSUYNXY\StHLMHMHKRKRGQRWDQDGSULHPHURPDOHERSRGSULHPHURPYHWNFKYVWXSQFKSUYNRY
FRQVWPD[
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDUSSROH
LLQGH[
VLQWHJHU
EHJLQ
]DSLV
=DGDM
,QW7R6WUPD[
KRGQ{W
IRUL WRPD[GRFLWDM,QWS>L@
V
IRUL WRPD[GRLQFVS>L@
]DSLV
3ULHPHU
)ORDW7R6WUVPD[
IRUL WRPD[GR
LIS>L@VPD[WKHQ]DSLV,QW7R6WUS>L@
32'
HOVHLIS>L@!VPD[WKHQ]DSLV,QW7R6WUS>L@
1$'
HOVH]DSLV,QW7R6WUS>L@
35,(0(5
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
3UtNODG1DStWHSURFHG~UXSUHVXQNWRUiSUHV~YDSUYN\SRDEGRSRDD
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQYGHILQtFLLW\SXIRUPiOQ\FKSDUDPHWURYPXVtE\LGHQWLILNiWRUBW\SX
D E
HQG
WUHEDVLXYHGRPLUR]GLHOPHG]LSUHPHQQPDKRGQRWRYPIRUPiOQ\PSDUDPHWURP
P{HPHY\XLDMFRQVWSDUDPHWUHWMSUtVWXSLEDQDtWDQLHQHUREtVD]E\WRQHGXSOLNiWSDUDPHWHUEE\PDOE\UDGHMW\SXFRQVW
W\SSROHP{HE\DMYVOHGNRPIXQNFLHW\SIXQNFLHPXVtE\YG\]DGDQLGHQWLILNiWRURPW\SX
WDQGDUGQpIXQNFLH/RZD+LJKVSDUDPHWURPLGHQWLILNiWRUW\SXSROHDOHERSUHPHQQiW\SXSROHYUiWLDGROQ~DOHERKRUQ~KUDQLFXLQGH[XSRD
QHVN{UXYLGtPHDMSDUDPHWUHW\SXRWYRUHQpSROHRSHQDUUD\
1DStHPHSURJUDPNWRU
QiKRGQHJHQHUXMHGRSRD;SUYN\]LQWHUYDOXPD[LPXP
Y\StHSROH;
SUHVXQLHSROH;GRSRD<Y\StHSROH<
FRQVWPD[
W\SHSROH DUUD\>PD[@RILQWHJHU
SURFHGXUHY\SLVYDUW7H[W)LOHFRQVWSSROH
YDULLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
EHJLQ
IRUL ORZSWRKLJKSGRZULWHWS>L@
ZULWHOQW
HQG
SURFHGXUHSUHVXQYDUDSROHFRQVWESROH
EHJLQ
D E
HQG
YDU[\SROH
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HZULWHW
UDQGRPL]H
[ Y\UREBQDKRGQH
Y\SLVW[
SUHVXQ\[
Y\SLVW\
&ORVH)LOHW
HQG
&K\EQpSRXLWLHW\SRY
SURFHGXUHDEDUUD\>@RIFKDU
W\SQLHMHLGHQWLILNiWRU
SURFHGXUH[\
W\SIRUPiOQHKRSDUDPHWUDQLHMHLGHQWLILNiWRU
IXQFWLRQI]FKDUDUUD\>@RIFKDU
W\SIXQNFLHPXVtE\]DGDQLGHQWLILNiWRURPIXQNFLH
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
SROLD]QDNRYGR]QDNRYMHPRQpY\StVDSRPRFRXZULWHOQ
YDUVSROH
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
V
DEFGHIJKLM
SRYROHQpSULUDGHQLHSUHVQHMGN\DNRMHGHNODURYDQiLQDN7\SHPLVPDWFKQDSUV
DEF
ZULWHOQWVSRYROHQYSLVSRPRFRXZULWHWLGHQWLILNiWRU
HQG
SROH]QDNRYVDQHGiQDUD]FHOpQDtWDSRPRFRXUHDG
YQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJDSRWRPUHDGYLHQDLWiYDVWULQJ\NWRUpDNV~NUDWLHXNRQLDVD
=QDNRYpUHD]FH
SHFLiOQ\]iSLV
VWULQJ>1@ DUUD\>1@RIFKDU
FHORtVHOQiNRQWDQWDR]QDXM~FHPD[LPiOQXGNXUHD]FD GND 1
VWULQJ DUUD\>PD[,QW@RIFKDU
SUi]GQ\UHD]HFSUHYDUVVWULQJ
V
UHD]HFQXORYHMGN\OHQJWKV
SULUDGHQLHNUDWtFKUHD]FRY
V
DEF
V>@
D
V>@
E
V>@
F
DOHQJWKV
GiVDSRXLDM
QDSU
DEF
!
$%&
MDQD
MDQR
^OH[LNRJUDILFNpXVSRULDGDQLH`
]UHD]HQLHUHD]FRY
MHSRO\PRUIQRSHUiWRU]iYLVtRGW\SXRSHUDQGRY
QDSU
V
DEF
GHI
V
DEFGHI
V
IRUL WRGRV V
V
SULSULUDRYDQt DNMHDYiVWUDQDNUDWLDDNRSUDYiWDNVDUHD]HFRUHH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYVOHGQpV
DEFGHIJKLM
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
/HQJWKUHD]HF
WiWRIXQNFLDYUDFLDPRPHQWiOQXGNXUHD]FD
6HW/HQJWKUHD]FRYiBSUHPHQQiGND
WiWRSURFHG~UDQDVWDYtGNXUHD]FD
QHVPLHSUHVLDKQXGHNODURYDQpPD[LPXP
DNMHNUDWLDDNRPRPHQWiOQDGND]QDN\QDNRQFLVDVWUiFDM~
&RS\UHD]HFRGNRNR
YUDFLDQRYUHD]HFSRGUHD]HFS{YRGQpKR
DNMHRGPLPRUR]VDKXYUiWLSUi]GQ\UHD]HFWM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
DNSRWUHEXMHPHSRGUHD]HFRGQHMDNpKRLQGH[XDGRNRQFDQHPXVtPHY\SRtWDSUHVQSRHWDOHP{HPHSRXLNRQWDQWXPD[,QWQDSU
V FRS\
DEFGH
PD[,QW
3RVSRGUHD]HFUHD]HF
YUDFLD]DLDWRQLQGH[SUYpKRYVN\WXSRGUHD]FDYUHD]FLDOHERDNVDYUHD]FLSRGUHD]HFQHQDFKiG]DQDSU
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
3ROLDNRU\WQDLHN
3UtNODG9\JHQHUXMH1NRU\WQDLHNURYQRPHUQHQD[RYHMRVLVU{]Q\PLSRLDWRQPLVPHUPLQDWRHQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
LL
N>L@XND]
HQG
IRUM WRGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
HQG
3R]QiPND
QRYSDVFDORYVNSUtND]ZLWKYRYQ~WULNWRUpKRVDSUDFXMHVGDQRXNRU\WQDNRX
RVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
]YOiGQHWRDMQDSUNRU\WQDLHNDOHWUHEDLFK]DKXVWL.RU&UHDWH
L
,QpSUtNODG\
SUHNRU\WQDLHNMHWRYHPLSRPDOpOHERREUD]RYNDVDSUHNUHVXMHSRNDGHM]PHQHNDGHMMHGQHMNRU\WQDN\
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GR
EHJLQ
XND]SK
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
HQG
P{HPHWRXUFKOLSRXLWtPNRU\WQDHMSURFHG~U\1DUD]NWRUiSUHSQHNRU\WQDLXJUDILNXGRUHLPXYNWRURPVDREUD]RYNDSUHNUHVOtDSULQDVOHGRYQRP
]DYRODQtWHMWRSURFHG~U\PHG]LYRODQLDPL1DUD]VDVNRURQLQHSUHNUHVXMHDWHGDVDGRXUREtYHPLUFKOR
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
1DUD]
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GR
EHJLQ
XND]SK
HQG
HQG
1DUD]
ZKLOHWUXHGR
EHJLQ
IRUL WRQGRZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
1DUD]
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GR
EHJLQ
XND]SK
HQG
HQG
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXLFKRGLDVR]GYLKQXWPSHURP
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
YSUDYR
HQG
HQG
HQG
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
VDUUD\>Q@RIUHDO
EHJLQ
1DUD]
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GR
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWSFB[DF
XND]SK
V>L@ L
=PHQ+UXENX7YDUX
HQG
HQG
ZKLOHWUXHGR
EHJLQ
1DUD]
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXV>L@
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
V>L@ V>L@HORPY]DG
HQG
HQG
HQG
HQG
3R]QiPND
YHWN\NRU\WQDN\V~VWiOHQDWRHQpQDVHYHUSUHWRVLYV>L@PXVtPHSDPlWDVPHUMD]G\
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
3UiFDVUHD]FDPL
RNW
YLDFUR]PHUQpSROLD
3RGSURJUDP\QDUHD]FRFK
3URJUDP]LVWtSRHWYHWNFKYVN\WRYSRGUHD]FDYUHD]FL
YDUVSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM0D[,QW
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3UtNODG9HWN\YVN\W\]QDNX
QDKUD
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL0D[,QW
XQWLOL
1'
Y\ULHWHDMSUHSUtSDGHYHWN\YVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXQHQDKUiG]D
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
3R]QiPND
YRZKLOHSRGPLHQNH]DLDWRQtFL~ELD]DSLVRYDQDVLHO IDOVHMHWRNDUHGpUDGHM]DSLVXMHPHQRWQDVLHO
SULUDGHQLHQDVLHO S FRS\V5HVXOWOHQJWKS]DLDWRQtFLV~QLHNHG\VFKRSQt]DStVD
SURFHGXUHLQVHUWFRQVWFRVWULQJYDUVVWULQJRGLQWHJHU
EHJLQ
V FRS\VRGFRFRS\VRG0D[,QW
HQG
QDD]MHGQRGXHQiYHU]LD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
QDD]MHGQRGXHQiYHU]LD
SURFHGXUHYDOFRQVWVVWULQJYDULRNLQWHJHU
YDUSLQWHJHU
]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GR
EHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'
SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHtVOD
3UtNODG=DNDG]QDNYUHD]FLSULGDM
5{]QHULHHQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
IRUL WROHQJWKVGR5HVXOW 5HVXOWV>L@
HQG
1'
1DStWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHD]FLPDOpStVPHQiQDYHNp
1DStWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHD]HFQDXGDQ~tUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
1DStWHIXQNFLXNWRUiSUHYVWXSQUHD]HFVGYRPDVORYDPLRGGHOHQPLPHG]HURXY\WYRUtUHD]HFNWRUPiWLHWRVORYiY
RSDQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
'HOSKLPiSUHGGHILQRYDQpWLHWRXLWRQpIXQNFLHYSURJUDPHPXVtE\XVHV6\V8WLOV
IXQFWLRQ8SSHU&DVHFRQVW6VWULQJVWULQJ
IXQFWLRQ/RZHU&DVHFRQVW6VWULQJVWULQJ
RSODWtVDVQLPL]R]QiPLDSRXtYDLFKP{HWHVLLFKFYLQHQDSURJUDPRYDDMVDPLDNR1'
7LH'HOSKLSRQ~NDWLHWRIXQNFLHQDSUiFXVRV~ERUPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
WLHWRIXQNFLHYUDFDM~WUXHDNSUHEHKOLEH]FK\E\DNQiVFK\EQYVOHGRNQH]DXMtPDP{HPHWLHWRIXQNFLHYRODDNRNHE\WR
EROLSURFHG~U\
3R]QiPNRYEORN
$E\VPHPRKOLWUpQRYDSUiFXVUHD]FDPLQHSRWUHEXMHPHNRU\WQDLXJUDILNXNRU\WQDtSURMHNWDOHP{HPHVLSULSUDYLYODVWQ~
MHGQRGXFK~YHU]LXSR]QiPNRYHMWH[WRYHMSORFK\
RWYRUtPHQRYSUi]GQ\SURMHNWVLVWPIRUPXOiURP1HZ$SSOLFDWLRQ
]RWDQGDUGQHMSDOHW\NRPSRQHQWRYYORtPHGRIRUPXOiUX0HPRWH[WRY~SORFKXDWDUWRYDFLHWODLGOR%XWWRQ
WHUD]E\PDOIRUPXOiUY\]HUDDVLWDNWR
GYRMNOLNQHPHQDWODLGOR%XWWRQD'HSOKLQiPSULSUDYLDSURFHG~UXNWRUiVDDXWRPDWLFN\VSXVWtNHSRDVEHKXSURMHNWX
VDNOLNQHQDWODLGOR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
_
HQG
GRWHMWRSURFHG~U\P{HPHStVDSUtND]\QDSUQDWHVWRYDQLHDOJRULWPRYVUHD]FDPLNWRUpEXG~StVDGRWH[WRYHMSORFK\
0HPR
]DQHPHSUtND]RP0HPR&OHDUNWRU]PDHVDREVDKSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
NHWHQWRSURMHNWVSXVWtPH)YWH[WRYHMSORFKHYLGtPHWH[W
0HPR
NOLNQXWtPQD%XWWRQVDSORFKDY\LVWtNOLNQXWtP
GRWH[WRYHMSORFK\VDWDPREMDYtNXU]RUDGRYROtQiPWDPKRFLRStVDUHVSPRGLILNRYDVHOHNWRYDP\RXDSRG
WH[WRY~SORFKXVLP{HPHSUHGVWDYLDNRSROHUHD]FRYNWRUpPiLQGH[\RGDSRPRPHQWiOQ\SRHWULDGNRY
NDGULDGRNMHMHGHQVWULQJNHEXGHPHPHQLREVDKWRKRWRSRDEXGHVDPHQLDMWH[WRYiSORFKDDQDRSDN
Y\VN~DPH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR/LQHV6WULQJV>@
WH[WRYiSORFKD
HQG
PRPHQWiOQ\SRHWULDGNRYYUiWLIXQNFLD0HPR/LQHV&RXQWSURFHG~UD0HPR/LQHV$SSHQGUHD]HF
SULGiQDNRQLHFQRYULDGRN]YLSRHWULDGNRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
0HPR&OHDU
IRUL WRGR
0HPR/LQHV$SSHQG,QW7R6WUL
ULDGRN
0HPR/LQHV$SSHQG
0HPR/LQHV$SSHQG
SRHWULDGNRYMH
,QW7R6WU0HPR/LQHV&RXQW
HQG
URYQDNRDNRVPHGRIRUPXOiUXYORLOLWODLGOR%XWWRQSRGQHKRYORtPH%XWWRQDGYRMNOLNRPRWYRUtPHSURFHG~UX
7)RUP%XWWRQ&OLFNP{HPHGRQHMQDStVDQDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WR0HPR/LQHV&RXQWGR
0HPR/LQHV6WULQJV>L@
0HPR/LQHV6WULQJV>L@
!
HQG
ORJLFNiVWDYRYiSUHPHQQi0HPR5HDG2QO\VO~LQDWRDE\VPHSRXtYDWHRYLPRKOLSRYROL]DNi]D]DSLVRYDGR
WH[WRYHMSORFK\QDSU0HPR5HDG2QO\ IDOVH]DNiHSRXtYDWHRYLPRGLILNRYDSORFKXSRPRFRXNOiYHVQLFHDP\L
SUtND]PL]SURJUDPXMHWRVWiOHGRYROHQp
SUHWXGXMWHSURFHG~U\&LWDM=DSLV&LWDM,QWDSRG]2NQR8QLWYNRU\WQDRPSURMHNWH
9LDFUR]PHUQpSROLD
=RYHREHFQtPHSROLDSUYNDPLSRDP{HE\RSlSROHDNMHSUYNRPMHGQRUR]PHUQpSROHWDNYVOHGQW\SMHGYRMUR]PHUQp
SROH
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHX]DSOQHQp1DStWHSURJUDPNWRUSUHVXQLHSUYULDGRNGRGUXKpKRGUXK
GRWUHWLHKRDWDSRVOHGQGRSUYpKRPRWLYiFLDURORYDQLHREUi]NXDNRYVYHWHOQFKQRYLQiFK1DMSUYQLHSHNQpULHHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
YDUDDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
]DSOQHQLHSRD
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]NUDMLH
W\SHULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDUDSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
3URJUDP]LVXMHLMHGYRMUR]PHUQpSROHV\PHWULFNpSRGDKODYQHMGLDJRQiO\
FRQVW1
W\SHSROH DUUD\>11@RILQWHJHU
YDUDSROH
LMLQWHJHU
RNERROHDQ
LQLFLDOL]iFLDSRD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQ
EHJLQ
RN IDOVH
JRWRYRQMHWRDEVRO~WQH]DNi]DQp
HQG
YRQ
LIRNWKHQMHV\PHWULFNi
VSUiYQHULHHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
RN WUXHL
ZKLOHRNDQGL 1GR
EHJLQ
M
ZKLOHRNDQGMLGR
EHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
.RStUXMHPHDPRGLILNXMHPHREUi]N\
$E\VDQiPOHSLHQDWUpQRYDODSUiFDVGYRMUR]PHUQPSRRPY\WYRUtPHVLY'HOSKLWDNQRYSURMHNWYNWRURPEXG~GYH
JUDILFNpSORFK\GRSUYHMQDtWDPH]QHMDNpKRV~ERUXELWPDSXDW~WRSRWRPSUHNRStUXMHPHGRGUXKHMSORFK\3ULNRStURYDQtMX
P{HPHU{]QHPHQLSUtSDGQHPHQLVS{VRE\NRStURYDQLD6REUi]NDPLEXGHPHSUDFRYDDNRVGYRMUR]PHUQPSRRPSULRP
SUYLQGH[SRODEXGHY\MDGURYD[RY~V~UDGQLFXIDUHEQHMERGN\SL[HO%RGN\tVOXMHPHRGGRtUND
1DMSUYVLSULSUDYPHQRYSURMHNWGRIRUPXOiUXYORtPHGYHJUDILFNpSORFK\,PDJHXSUDYtPHLPUR]PHU\DE\EROL
URYQDNRYHNpSULEOLQH[
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
SRGREQHP{HPHWODLGOX%XWWRQSULUDGLQHMN~LQ~ELWPDSX
WODLGOR%XWWRQEXGHVO~LQDNRStURYDQLHREUi]NX],PDJHGRSORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUJJ7&DQYDV
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGR
EHJLQ
IRU[ WR,PDJH:LGWKGR
J3L[HOV>[\@ J3L[HOV>[\@
,PDJH5HSDLQW
HQG
HQG
,PDJH5HSDLQWSUHNUHVOtGUXK~JUDILFN~SORFKXSRSUHNRStURYDQtNDGpKRULDGNDLQDNE\VD]REUD]LODD]iYHUHQi
]PHQD
DOtYDULDQWVDKUiVIDUEDPLDNR5*%
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUJJ7&DQYDV
[\LQWHJHU
UJEE\WH
F7&RORU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGR
EHJLQ
IRU[ WR,PDJH:LGWKGR
EHJLQ
F J3L[HOV>[\@
U *HW59DOXHFJ *HW*9DOXHFE *HW%9DOXHF
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
IXQNFLD*HW59DOXHYUDFLDHUYHQ~]ORNX]IDUE\
P{HPHQDStVDSURFHG~UXNWRUiVD]DYROiYG\NHVDSRKQHNXU]RURPP\LQDGSORFKRX,PDJHQHFKWiWRSURFHG~UD
SUHNRStUXMHOHQMHGQXERGNX],PDJHDWRSUHVQH]SR]tFLHP\L
QDMSUYYRIRUPXOiULRVHOHNWXMHPH,PDJHVWDtMHGQRGXFKNOLNSRWRPY,QSHNWRUH2EMHNWRY)SUHSQHPH]iORNX
NDUWX(YHQWVDGYRMNOLNQHPHQDSUDY~DVULDGNDV2Q0RXVH0RYH
SULSUDYtVDSURFHG~UD7)RUP,PDJH0RXVH0RYHGRNWRUHMQDStHPH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
YDUJJ7&DQYDV
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
J3L[HOV>[\@ J3L[HOV>[\@
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SULRP;D<V~V~UDGQLFHERGXQDGNWRUPVDQDFKiG]DNXU]RUP\L
SURFHG~UXY\OHStPHWDNHVDSUHNRStUXMHDMPDOpRNROLHERGX[\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
FRQVWG
YDUJJ7&DQYDV
LMLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRUL GWRGGR
IRUM GWRGGR
J3L[HOV>[L\M@ J3L[HOV>[L\M@
HQG
Y,QSHNWRUH2EMHNWRYP{HPHMHGQRGXFKR]PHQLDMSRSLV\WODLGLHOQDSUWDNWRYRIRUPXOiULNOLNQHPHQD%XWWRQ
WPVDRVHOHNWXMHYLQSHNWRUHSUHSQHPH]iORNX3URSHUWLHVD]PHQtPHSUDY~DVULDGND&DSWLRQQDXERYRQWH[W
QDSU7LJHU
1'
SULNRStURYDQtSL[HORYP{HWHSRV~YDQDSU]DLDWN\ULDGNRYRQHMDN~IXQNFLXVLQ
REUi]N\P{HPHSUHNOiSDSRGDU{]Q\FKRVt
REUi]RNVDGi]YlRYD]PHQRYDUHVSNRStURYDYLDFNUiWQDU{]QHSR]tFLHYQHMDNHMDVWL]DKXVRYDDSRG
MH]DXMtPDYpSRKUDVDVIDUEDPLURELU{]QHMDV\VWPDYRYDREUi]RNNXRNUDMRPSORFK\]YUD]RYDOHQQHMDN~
IDUHEQ~]ORNXQDSUGR]HOHQD
]REUi]NDSUHNRStURYDWOHQWLHSL[HO\NWRUpV~RGQHMDNpKRERGXQDSUQLHGDOHMDNRQDSURVWDWQpSL[HO\
]DIDUELQDELHOR
RWRLREUi]RN,PDJHRVWXSRYSULRPQHSRXLMHWHLDGQ\DOt,PDJHDQLLQ~GiWRY~WUXNW~UXQDSUSRPRFQpSROH
3UtNODG5LDGHQLHNRU\WQDN\YSRPRFRXSUtND]RY]DGiYDQFKYWH[WRYHMSORFKHSDUDPHWHURGSUtND]XRGGHOtPHMHGQRX
PHG]HURXDQHStHPHKRGR]iWYRULHNQDSUGRSUHGX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SDBTSFB[DBNJ
WJBDSP[NFSOQPMJB
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWWDEDUUD\>@RIVWULQJ
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDUN.RU
VVWULQJ
LSLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
]DSLV
=DGDYDMSULND]\
ZKLOHWUXHGR
EHJLQ
FLWDMVtWD]SRVOHGQpKRULDGNDWH[WRYHMSORFK\
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V FRS\VL
L KLJKWDEZKLOHL! ORZWDEDQGWDE>L@!VGRGHFL
ZLWKNGR
FDVHLRI
GRSUHGXS
YODYRS
YSUDYRS
SK
SG
]PHQISS
]PHQKSS
HQG
HQG
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
Typ zznam
7\S]i]QDP RNW
7\S]i]QDPUHFRUG
=i]QDP
SROH QWLFDSRORLHNNWRUpPXVLDE\URYQDNpKRW\SX
]i]QDP QWLFDSUHPHQQFKQHPXVLDE\URYQDNpKRW\SX
SUHPHQQiW\SX]i]QDPVDVNODGi]RVYRMLFKV~NURPQFKSUHPHQQFK
SUtVWXSSRPRFRXPHQDSRORN\VHOHNWRU
VFHOP]i]QDPRPQLHMHSRYROHQDQLYVWXSDQLYVWXSOHQSRSRORNiFK
SULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
P{XE\SRXLWpDNRSDUDPHWUHSURFHG~UUHVSYVOHGRNIXQNFLH
QDSU
W\SH
]D]QDP UHFRUG
PHQRDUUD\>@RIFKDUEDMWRY
URFQLNEDMW
SULHPHUUHDOEDMWRY
HQG
YSDPlWLV~SRORN\XORHQpWHVQH]DVHERX
YDU]]D]QDP
EHJLQ
]PHQR
-DQ+UDVNR
]URFQLN
]SULHPHU
HQG
3RPRFRX]i]QDPXUHSUH]HQWXMHPHYHNWRUDNRGYRMLFXtVHOV~UDGQtF
W\SHYHNWRU UHFRUG[\UHDOHQG
SURFHGXUHQDFLWDMYDUYYHNWRU
YDUVVWULQJ
EHJLQ
]DSLV
=DGDMYHNWRU
FLWDMV
Y[ 6WU7R)ORDWFRS\VSRV
V
Y\ 6WU7R)ORDWFRS\VSRV
VPD[LQW
HQG
SURFHGXUHY\SLVYYHNWRU
EHJLQ
]DSLV
)ORDW7R6WUY[
)ORDW7R6WUY\
HQG
YDUYYYHNWRU
UUHDO
VVWULQJ
EHJLQ
QDFLWDMY
]DSLV
GO]ND
)ORDW7R6WUGO]NDY
]DSLV
=DGDMXKRO
FLWDMVU 6WU7R)ORDWV
Y RWRFYU
Y\SLVY
]DSLV
GO]ND
)ORDW7R6WUGO]NDY
HQG
1'
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlRYDQLH]PHQRYDQLHVNDOiUQ\V~LQ]LVWHQLHXKODPHG]LGYRPD
YHNWRUPLDSRG
3RVWXSQHEXGHPHULHLWDNWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNpLQIRUPiFLHRPHVWiFKQDPDSH=DWLDQiV]DXMtPDM~
OHQSUYpWULKRGQRW\]NDGpKRULDGNXDWRPHQRUHD]HFGR]QDNRYDV~UDGQLFH[D\QDREUD]RYNH1DMSUYQDtWDPHWLHWR
LQIRUPiFLHGRSRD
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
FRQVWPD[
YDUSDUUD\>PD[@RILQIR
QLLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGR
EHJLQ
LQFQS>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
]DSLV,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
HQG
1'
RNUHPPHQDDV~UDGQtFMHYNDGRPULDGNXV~ERUXDMLQIRUPiFLDRSRWHRE\YDWHRYDtVHOQNyGWiWXGRNWRUpKRWRWRPHVWR
DOLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDN\QDSR]tFLiFKPLHVWY\StHPHNXQLPLFKPHQiDEXGHPHRDNiYD]DGiYDQLH
GYRMtFPLHVWDNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHLDURX
1DNRNREXGHPHDOHMKDGDLQIRUPiFLHRPHVWHSRGDMHKRPHQDQDStHPHVLSRPRFQ~IXQNFLXQDKDGDQLHYUiWLEXLQGH[GR
SRDDOHERDNKRYSROLQHQiMGH
WHUD]NRPSOHWQSURJUDP
FRQVWPD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
YDUSDUUD\>PD[@RILQIR
QLQWHJHU
YDUW7H[W)LOH
NDUUD\>PD[@RI.RU
LLLLQWHJHU
VVWULQJ
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGR
EHJLQ
LQFQS>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
]DSLV,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
IRUL WRQGR
EHJLQ
ZLWKS>L@GRN>L@ .RU&UHDWH[\
ZLWKN>L@GREHJLQ8ND]3LVS>L@PHQRHQG
HQG
UHSHDW
]DSLV
=DGDMGYHPHVWiRGGHOHQp
FLWDMV
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
FRQVWPD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RI.RU
HQG
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
EHJLQ
ZLWKWDEGR
EHJLQ
LQFSRFHWS>SRFHW@ SS
HQG
HQG
YDUWDEWDEXOND
W7H[W)LOH
LLLLQWHJHU
VVWULQJ
EHJLQ
WDESRFHW LQLFLDOL]iFLDWDEXN\
$VVLJQ)LOHW
PHVWDW[W
5HVHWW
ZKLOHQRW6HHN(RIWGR
]DUDGWDE&LWDM5LDGRNW
&ORVH)LOHW
IRUL WRWDESRFHWGRZLWKWDES>L@GRN>L@WXHWHQHH[LVWXMH
EHJLQ
N>L@ .RU&UHDWH[\
ZLWKN>L@GREHJLQXND]SLVPHQRHQG
HQG
UHSHDW
]DSLV
=DGDMGYHPHVWiRGGHOHQp
FLWDMV
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKWDEN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
-HYHPLG{OHLWpVSUiYQHFKiSDDDMSRXtYDSUtND]ZLWK
1'
NRNRWUYiKDGDQtDY\StVDQYVOHGRNSRWRPY\GHOtPHP{HWHSRXLIXQNFLX1RZDSURFHG~UX'HFRGH7LPH
QDSU
SURFHGXUH]DSLV&DV7LPH7'DWH7LPH
YDU+RXU0LQ6HF06HF:RUG
EHJLQ
'HFRGH7LPH7LPH+RXU0LQ6HF06HF
]DSLV,QW7R6WU+RXU
,QW7R6WU0LQ
,QW7R6WU6HF
,QW7R6WU06HF
V
HQG
YDUFDV7'DWH7LPH
FDV 1RZ]DSDPlWiVLPRPHQWiOQ\DV
WHVWRYDQiDVSURJUDPX
]DSLV&DV1RZFDVY\StHDVWUYDQLDWHVWRYDQpKRSURJUDPX
9DORPVDV~VWUHPHQDKDGDQLHLQIRUPiFLtYWDEXNH
$OJRULWPXVKDGDQLDP{HPHY\OHSLDNEXGHPHSUHGSRNODGDHWDEXNDMHXWULHGHQiDEHFHGQHY]RVWXSQHOH[LNRJUDILFN\
DOHER
1'
]LVWLWHDNREXGHY\KDGiYDKODGDMDN]QHMY\KRGtPHSRGLDUNQXW~DV
3UHGSRNODGDOLVPHHWDEXNDMHXWULHGHQiP{HPHRSUDYLSURFHG~UX]DUDQDSUWDNWR
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
YDULLQWHJHU
EHJLQ
ZLWKWDEGR
EHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGR
EHJLQS>L@ S>L@GHFLHQG
S>L@ SS
LQFSRFHW
HQG
HQG
YQ~WRUQZKLOHF\NOXVUR]VXQLHSUYN\WDEXN\WDNDE\VDQRYiSRORNDPRKOD]DVXQ~QDVSUiYQHPLHVWR
1DXtPHVDQRYW\SDOJRULWPXY\KDGiYDQLDW]YELQiUQHY\KDGiYDQLHSRGREQHDNRNHKDGiPHYWHOHIyQQRP]R]QDPH
WUHEDVL]DSDPlWDHWRIXQJXMHOHQDNMHSROHWDEXNDXWULHGHQi
DOHER
1'
SRGREQHDNRSUHGWPRWHVWXMWHSULHPHUQDVQiMGHQLDSUYNX
SRN~VWHVDPDWHPDWLFN\Y\SRtWDPD[LPiOQ\DVQDQiMGHQLHUHVSQD]LVWHQLHHVDWDPQHQDFKiG]D
Y\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXN\GDQpPHVWR
Y\WYRUWHY\KRGNWRUiY\KRGt]WDEXN\YHWN\PHVWiPHG]LPDP
SUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDLHOSRPRFRXELQiUQHKRY\KDGiYDQLDWMQDPHQHM
SRURYQDQtDDSRWRPWDEXNXUR]VXQXO
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
9\PHQRYDQ
RNW
W\SPQRLQ\VFDQQHU
9\PHQRYDQW\S
W\SHW\]GHQ SRQXWRVWUVWYSLDVREQHG
]iURYHVD]DGHILQRYDORNRQWiQWDNRNHE\FRQVWSRQ
XWR
YDUGW\]GHQ
EHJLQ
G SRQ
G SUHGSLDG VWY
G VXFFVREG QHG
G XWR
LQFGG VWU
LQFGG VRE
L RUGSRQL SUYiNRQWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX
L RUGXWRL
G W\]GHQG SLDLGHQWLILNiWRUW\SXVDGiSRXLDNR
IXQNFLD
G ORZW\]GHQG SRQ
G KLJKGG QHG
SUiFDVY\PHQRYDQPW\SRPHQXPHUDWHGW\SH
MHWRRUGLQiOQ\W\SIXQJXM~RUGSUHGVXFFORZKLJKLQFGHF
P{HPHKRSRXLDNRLQGH[SUYNRYSRD
DMW\SERROHDQMHY\PHQRYDQW\SWMDNRNHE\W\SHERROHDQ IDOVHWUXH
Y\PHQRYDQW\SVDQHGiY\StVDDQLQDtWD
QDtWDQLHY\PHQRYDQpKRW\SXSRPRFRXSRDPLHQNRQWiQW
FRQVWDDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDUVVWULQJ
FLWDMV
G ORZW\]GHQ
ZKLOHGKLJKW\]GHQDQGD>G@!VGRLQFG
LID>G@!VWKHQ]DSLV
FK\ED
Y\PHQRYDQW\SVPHXSRXtYDOLQDSUQDVOHGRYQpW\S\V~XSUHGGHILQRYDQp
W\SH
73HQ6W\OH SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
SV&OHDUSV,QVLGH)UDPH
7%UXVK6W\OH EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
EV)'LDJRQDOEV%'LDJRQDOEV&URVVEV'LDJ&URVV
DP\VPHPRKOLStVD
J3HQ6W\OH SV'DVK
J%UXVK6W\OH EV9HUWLFDO
9SUtNODGH]WHVWXSUHIDQDWLNRYERORWUHEDQDStVDIXQNFLXSRURYQDMNWRUiYUiWLMHGQX]KRGQ{W
Y\PHQRYDQpKRW\SXPHQVLURYQ\YDFVLSRGDWRKRYDNHMUHOiFLLV~GYDUHD]FH
W\SHSRU PHQVLURYQ\YDFVL
7\SPQRLQD
W\SHP VHWRI
YDUDEP
SUiFDVW\SRPPQRLQD
PQRLQRYpNRQWDQW\>@>@>@>@>@
RSHUiFLH
]MHGQRWHQLHD DE
SULHQLND D >@
UR]GLHOD E>@
SUtVOXQRVSUYNXLILQDWKHQ
UHOiFLH
URYQRVQHURYQRVLID EWKHQLIF!>@WKHQ
3UtNODG\
YDU]FKDU
LI]LQ>
$
=
D
]
@WKHQ
LIQRW]LQ>
@WKHQ
FRQVWDQR >
D
$
\
<
@QLH >
Q
1
@
UHSHDW]DSLV
RGSRYHG
FLWDMVV V
XQWLOV>@LQ
DQRQLH
LIV>@LQDQRWKHQ
YDU[VHWRI
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
QDPQRLQiFKQHIXQJXMHZULWHY\SLVXMHPHSRPRFXF\NOX
W\SHED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVPPQR]LQD
YDULED]D
VVWULQJ
EHJLQ
V
>
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQV V,QW7R6WUL
]DSLVV
@
HQG
GRVERUXWDNDE\VDQDNRQFLQHY\SLVRYDODLDUND
SURFHGXUHY\SLVFRQVWW7H[W)LOHPPQR]LQD
YDULED]D
EHJLQ
ZULWHW
>
E IDOVH
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ
EHJLQ
LIEWKHQZULWHW
ZULWHWLE WUXH
HQG
ZULWHW
@
HQG
1'
Y\SLVRYDQLHPQRLQ\DMVLQWHUYDOPLQDSU>@
tWDQLHPQRLQ\]RYVWXSXQDYVWXSHPXE\DMLQWHUYDO\
1DStHPHSURJUDPNWRU]WH[WRYpKRV~ERUX678'7;7QDtWDPHQiWXGHQWRYWXGHQWRYMHPHQHMDNR
LFKSULHPHUQp]QiPN\DLQIRUPiFLXRWRPLWXGHQWGRVWDODOHERQHGRVWDOLQWHUQiWYWYDUHDOHER
3URJUDPSRWRPY\StH
DYHWNFKWXGHQWRY
EGREUFKNWRUtPDM~LQWHUQiWSULHPHUGR
FGREUFKWXGHQWRYNWRUtQHPDM~LQWHUQiW
SURJUDP
W\SHED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
SURFHGXUHFLWDM7DEYDUWWDEYDUQLQWHJHU
YDUI7H[W)LOH
EELQWHJHU
]FKDU
EHJLQ
$VVLJQ)LOHI
VWXGW[W
5HVHWI
Q
ZKLOHQRWVHHNHRIIGR
EHJLQ
LQFQ
ZLWKW>Q@GR
EHJLQ
PHQR
UHSHDWUHDGI]LI]!
WKHQPHQR PHQR]XQWLO]
UHDGOQI]QEE
LQWHU EE
HQG
HQG
&ORVH)LOHI
HQG
SURFHGXUHY\SLVFRQVWWWDEPPQ
YDULED]D
EHJLQ
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ]DSLVW>L@PHQR
HQG
YDUWWDE
DEPQDLQGH[\GRWDEXN\WSUHNWRUFK]Q
ELQGH[\GRWDEXN\WNWRUtPDM~LQWHUQiW
QLLQWHJHU
EHJLQ
FLWDM7DEWQQDtWDQLHWDEXN\
D >@E >@
IRUL WRQGR
EHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
]DSLV
9VHWFL
Y\SLVW>Q@
]DSLV
GREULPDMXLQWUDN
Y\SLVWD
E
]DSLV
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
0QRLQXY\XLMHPHDMSUL]PHQHWOXIRQWX
W\SH
7)RQW6W\OH IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW
7)RQW6W\OHV%DVH VHWRI7)RQW6W\OH
SUHIRQWMHGHILQRYDQp
VW\OHVHWRI7)RQW6W\OHV%DVH
J)RQW6W\OH >@
J)RQW6W\OH >IV%ROG@
J)RQW6W\OH J)RQW6W\OH>IV,WDOLF@
QHVN{UXYLGtPHSRXLWLHPQRtQDMSULNUHVOHQtP\RXGRJUDILFNHMSORFK\NOLNDQLHDKDQLHP\RX
1DStHPHSURJUDPNWRUY\WYRUtSRGPQRLQX0PQRLQ\WDN~H
DMH]PQRLQ\
EDNLMH]PQRLQ\WDNLDMLV~]PQRLQ\
SURJUDP
YDUPVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQ
EHJLQ
P P>
L@
LMHYG\]
LI
L WKHQP P>
L@DNMHDM
L]
SULGiPHKRGRPQRLQ\
HQG
HQG
2EPHG]HQLDSUHPQRLQ\
P{HPHQDVLPXORYDYlLHPQRLQ\SRPRFRXSRDPQRtQ
YDUPDUUD\>PD[@RIVHWRI
SULGD[GRPQRLQ\
P>[GLY@ P>[GLY@>[PRG@
]LVWLLMH[YPQRLQH
LI>[PRG@LQP>[GLY@WKHQ
W\SHPQR]LQD VHWRI
PQ DUUD\>@RIPQR]LQD
YDUPPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
LILPRGLQP>LGLY@WKHQ
EHJLQ
M
L
P>MGLY@ P>MGLY@>MPRG@
M
L
LIMGLYWKHQ
P>MGLY@ P>MGLY@>MPRG@
HQG
Y\SLVSURFHG~UDNWRUiY\StHtVOD]PQRLQ\
HQG
YDORPSUtNODGHVLQDSUiFXVYHNPLPQRLQDPLY\WYRUtPHSRPRFQpSURFHG~U\DIXQNFLHD
SRXLMHPHLFKSULULHHQt~ORK\(UDWRVWHQRYHVLWR
FRQVWPD[PQ
W\SH
PQR]LQD UHFRUG
PDUUD\>PD[PQ@RIVHWRI
PD[PD[PQ
HQG
SURFHGXUHLQLF0QYDUPQPQR]LQDP[LQWHJHU
YDULLQWHJHU
EHJLQ
PQPD[ P[
IRUL WRP[GLYGRPQP>L@ >@
HQG
SURFHGXUHSULGDM0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHY\SLV0QFRQVWPQPQR]LQD
YDULLQWHJHU
EERROHDQ
VVWULQJ
EHJLQ
V
>
E IDOVH
IRUL WRPQPD[GR
LIY0QPQLWKHQ
EHJLQ
LIEWKHQV V
V V,QW7R6WULE WUXH
HQG
]DSLVV
@
HQG
SURFHGXUHYVHWN\0QYDUPQPQR]LQD
YDULLQWHJHU
EHJLQ
ZLWKPQGR
EHJLQ
IRUL WRPD[GLYGRP>L@ >@YHWN\RNUHP
SRVOHGQHM
P>PD[GLY@ >PD[PRG@
HQG
HQG
SURFHGXUHXEHU0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
YDUPQPQR]LQD
LMLQWHJHU
EHJLQ
LQLF0QPQ
PD[PQYVHWN\0QPQXEHU0QPQXEHU0QPQ
IRUL WRPQPD[GLYGR
LIY0QPQLWKHQ
EHJLQ
M LL
ZKLOHM PQPD[GR
EHJLQXEHU0QPQMLQFMLHQG
HQG
Y\SLV0QPQ
]DSLV
SRFHWSUYNRY
,QW7R6WUSRFHW0QPQ
HQG
5HDOL]iFLDPQRLQ\YSDPlWLSRtWDD
SDVFDORYVNiPQRLQD SRVWXSQRVELWRY
QDSUSUHVHWRIMHELWRYWMEDMWRY
YNDGRPELWHMHEXSUYRNQHSDWUtGRPQRLQ\
DOHERSUYRNSDWUtGRPQRLQ\
D >@Y\QXOXMYHWN\ELW\
D >@QDVWDYLEDELW\RVWDWQpY\QXOXM
DELGHSRELWRFKDUREtRSHUiFLX25
PQRLQD]DEHUiE\WH
/H[LNiOQDDQDO]DVFDQQHU
3UDYLGOiSUHY\WYRUHQLHVFDQQHUD
XUHQLHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVRYDOH[pPDSDVFDORYVNpKRSURJUDPX
QDSULGHQWLILNiWRUtVORUHD]HFNRPHQWiU
OH[NRQLGFLVOR
Y\WYRUHQLHSURFHG~U\]QDNNWRUitWDV~ERUDYJOREiOQHMSUHPHQQHM]QDVWDYt
NHMHNRQLHFV~ERUX
SULNRQFLULDGNXSULRPVSUDFXMHNRQLHFULDGNX
LQDNSUHtWD]QDN]RV~ERUX
]FKDUDMW7H[W)LOHV~JOREiOQHSUHPHQQp
SURFHGXUH]QDNSURFHG~UDQDtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
QLHNHG\VDQiPKRGtSRPRFQiSURHG~UDSLVNWRUi]DSLVXMHNHWUHEDDNDPWUHEDQDSUGR
V~ERUXQDSUVFDQQHUP{HYLVWFKVLWXiFLiFKY\WYiUDDMYVWXS
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
Y\WYRUHQLHSURFHG~U\VFDQNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHOH[pP\NWRUpFKFHPH]LVWL
NDGpYRODQLH]LVWtQDVOHGRYQ~OH[pPX
SURFHGXUHVFDQ
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQRN WUXHHQGXMHNRQLHFV~ERUX
^
]DtQDNRPHQWiUDNMHGREUQiMGHPHNQHPXGUXK~
]iWYRUNXDOHERSUtGHPHQDNRQLHFV~ERUX
]DtQDUHD]HF
$
=
D
]
]DtQDLGHQWLILNiWRU
HOVH
HQGFDVH
XQWLORN
HQG
RN]QDPHQiHVPHQDOLOH[pPXP{HPHXNRQLWRWRYRODQLH !YOH[MHW\S
OH[pP\YLQFKSUHPHQQFKMHDOLDLQIRUPiFLDQDSUUHD]HFLGHQWLILNiWRUD
SUHPHQQHM
YWHOHVDPRWQpKRSURJUDPXRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQF\NOXV
]QDNVFDQ
ZKLOHOH[!NRQGR
EHJLQ
VSUDFRYDQLHWFKOH[pPNWRUpSRWUHEXMHPH
VFDQ
HQG
%XGHPHULHLWDNWRSUtNODG'DQMHWH[WRYV~ERUWHVWSDVNWRUREVDKXMHQHMDNSDVFDORYVN
SURJUDP3URJUDPQDtWDGYDUHD]FHUDUY\WYRUtV~ERUWHVWSDVNWRUMHNySLRXV~ERUXWHVWSDV
SULRPYHWN\YVN\W\LGHQWLILNiWRUDUV~QDKUDGHQpLGHQWLILNiWRURPU%XGHPHXYDRYDDMNRPHQWiUH
VWDLDMHGQRGXFKp^`D]QDNRYpUHD]FHYNWRUFKVDYVN\W\UQHQDKUiG]DM~UDNKDGiPHLWDN
]UHMPHQHY\KRYXM~LILLL
YDU]FKDU
WW7H[W)LOH
OH[NRQLHFLGHQW
UVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
SURFHGXUHVFDQSUHGSRNOiGDPHHQLHV~UHiOQHtVOD
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQLHFRN WUXHHQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
U
ZKLOH]LQ>
$
=
D
]
B
@GR
EHJLQ
U U]]QDN
HQG
OH[ LGHQWRN WUXH
HQG
HOVHSLV]QDN
HQGFDVH
XQWLORN
HQG
YDUUUVWULQJ
EHJLQ
$VVLJQ)LOHW
WHVWSDV
UHVHWW
$VVLJQ)LOHW
WHVWSDV
UHZULWHW
]DSLV
=DGDMGYDLGHQWLILNDWRU\
]DSLV
SUY\
FLWDMU
]DSLV
GUXK\
FLWDMU
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
LI8SSHU&DVHU 8SSHU&DVHUWKHQZULWHWU
HOVHZULWHWU
VFDQ
HQG
&ORVH)LOHW&ORVH)LOHW
]DSLV
KRWRYR
HQG
1'
8SUDYWHWDNDE\Y\KDGiYDQLHUHD]FRYQH]iYLVHORRGPDOFKYHNFKStVPHQ
8SUDYWHSURJUDPWDNHQDtWDQLHNRNRLGHQWLILNiWRURYNWRUpWUHEDQDKUDGLDNQLPSUtVOXQ
SRHWLGHQWLILNiWRURYNWRUPLLFKWUHEDQDKUDGL
1DStHPHSURJUDPNWRUtWDWH[WRYV~ERUSURJUDPSDVYNWRURPVDQDFKiG]DQHMDNSDVFDORYVN
SURJUDPDY\WYRUtV~ERUSURJUDPSDVNWRUEXGHPD[LPiOQH]KXVWHQQD]DGDQ~tUNXULDGNXWMY
NDGRPULDGNXEXGHPD[LPiOQ\SRHW]QDNRYNWRUpVDVHP]PHVWLDDYV~ERUHEXGHPLQLPiOQ\SRHW
PHG]LHUWDNDE\SURJUDPHWHRVWDOIXQNQ.RPHQWiUH]SURJUDPXY\QHFKiPH
FRQVWPD[VLU
YDUI7H[W)LOH
]FKDU
OH[NRQLHFFLVORUHWD]HFLGHQWLQH
VVWULQJKRGQRWDUHD]FDLGHQWLILNiWRUDDLQpKR]R
VFDQQHUD
KRGQRWDORQJLQWKRGQRWDtVOD
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVFDQ
YDURNERROHDQ
SLQWHJHU
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
^
EHJLQ
ZKLOHQRW]LQ>
`
@GR]QDN
]QDNRN IDOVH
HQG
EHJLQ
KRGQRWD OH[ FLVOR
ZKLOH]LQ>
@GR
EHJLQ
KRGQRWD
KRGQRWDRUG]RUG
]QDN
HQG
HQG
$
=
B
EHJLQ
V
OH[ LGHQW
ZKLOHXSFDVH]LQ>
$
=
B
@GR
EHJLQV V]]QDNHQG
HQG
EHJLQ
S V
]QDNOH[ UHWD]HF
ZKLOH]!DQGSGR
LI]
WKHQ
LIS WKHQEHJLQS V V
]QDNHQG
HOVHEHJLQLQFS]QDNHQG
HOVHLIS WKHQEHJLQV V]]QDNHQG
HOVHLQFS
HQG
EHJLQ
]QDN
LI]
WKHQ
EHJLQ
RN IDOVH
UHSHDW
]QDN
LI]
WKHQ
EHJLQ
ZKLOH]
GR]QDN
RN ]
HQG
XQWLO] RURN
RN IDOVH]QDN
HQG
HOVHEHJLQOH[ LQHV
HQG
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
!
EHJLQ
OH[ LQHV ]]QDN
LIV
DQG]LQ>
!
@WKHQ
EHJLQV V]]QDNHQG
HOVHLIV
!
DQG]
WKHQ
EHJLQV V]]QDNHQG
HQG
HOVHV ]OH[ LQH]QDN
HQG
XQWLORN
HQG
YDUJ7H[W)LOH
LVLULQWHJHUVLUGRWHUDMLDtUNDULDGNX
EEERROHDQLYNODGDPHG]HU\PHG]LOH[pP\
VVVWULQJ
EHJLQ
$VVLJQ)LOHI
SURJUDPSDV
UHVHWI
$VVLJQ)LOHJ
SURJUDPSDV
UHZULWHJ
VLU E IDOVH
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
E OH[LQ>FLVORLGHQW@
FDVHOH[RI
FLVORVWUKRGQRWDV
UHWD]HF
EHJLQ
VV
IRUL WROHQJWKVGR
LIV>L@
WKHQVV VV
HOVHVV VVV>L@
V
VV
HQG
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQ
EHJLQZULWHOQJVLU HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHJVLQFVLUOHQJWKV
VFDQ
HQG
&ORVH)LOHI&ORVH)LOHJ
HQG
1'8
GRUREWHGRVFDQQHUDDMNRPHQWDUH
GRUREWHVFDQQHUDMSUHUHiOQHtVODHVWQiVWNRYpNRQWDQW\
D]QDNRYpNRQWDQW\V
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
5HNXU]LD RNW
1HNRQHQiUHNXU]LD
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXVN9ODYR
[\V
HQG
EHJLQ
N .RU&UHDWH
[\
HQG
2WUDVXMPHWHQWRSURJUDP
]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
QDNUHVOtVDLDUDGN\VNRU\WQDNDVDRWRtGRDYDRVWXSRY
]QRYXVDYROiSURFHG~UD[\VSDUDPHWUDPL]PHQHQPVQDVWMY\WYRUtVDQRYiORNiOQD
Y\KUDGHQLHIRUPiOQ\FKSDUDPHWURYDORNiOQ\FKSUHPHQQFK
WRWRVDUREtGRQHNRQHQDDOHDVRPVD]DSOQtRSHUDQiSDPlSRtWDDYWRPWRSUtSDGH
SUHWHHQLH]iVREQtND6WDFNRYHUIORZ
SULGiYDQLHQDYUFK
RGREHUDQLH]YUFKX
&KYRVWRYiUHNXU]LDQHSUDYi
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQVNRQL
HOVH
EHJLQN'RSUHGXVN9ODYRVSLUVHQG
HQG
EHJLQ
N .RU&UHDWH
VSLU
2WUDVXMPHYRODQLHVRVLPXOiFLRXQD]iVREQtNX
YLPQLPHVLHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWHNWRUpMHSRVOHGQP
SUtND]RPSURFHG~U\ !WRWRYRODQLHVDGiDKNRSUHStVDF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
ZKLOHV GR
EHJLQN'RSUHGXVN9ODYRV VHQG
1DStHPHSURFHG~UXNWRUiY\StH111
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQL
HOVHEHJLQ]DSLV,QW7R6WUQY\SLVQHQG
HQG
EHJLQ
Y\SLV
HQG
=LVWLWHDNRVD]PHQtYVWXSDNVDY\PHQt]DSLVDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQL
HOVHEHJLQY\SLVQ]DSLV,QW7R6WUQHQGXWRQLHMH
FKRVWRYiUHNXU]LD
HQG
3UDYiUHNXU]LD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN=PHQ)3FO5HGVNRQL
HOVH
EHJLQ
N'RSUHGXVN9ODYR
VSLUV
N9SUDYRN'RSUHGXV
HQG
HQG
2WUDVXMWHMHMYRODQLHSUH
VSLU
7DNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDSRPRFRXGYRFKF\NORY
SRFLDWV V
ZKLOHV GRRVDGHMHSUHGUHNXU]LRX
EHJLQ
N'RSUHGXVN9ODYRV V
HQG
N=PHQ)3FO5HGUREtVDYSUtSDGHVNRQLWULYLiOQ\
SUtSDG
ZKLOHV!SRFLDWVGR
EHJLQRVDGHMHSRQiYUDWRFK]UHNXU]LH
V VN9SUDYRN'RSUHGXV
HQG
3UH]QiPXSURFHG~UXSRO\]LVWLWHRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQN'RSUHGXVN9ODYRXGHFQHQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQL`
HOVH
EHJLQ
SRO\DVWYRUHFD
HQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQL`N9ODYR
HOVH
EHJLQ
SRO\DVWYRUHFDSRO\D
HQG
HQG
1DNUHVOLPHSRPRFRXNRU\WQDHMJUDILN\ELQiUQ\VWURP~URYQH1
SUHQ QDNUHVOtVDLDUD
SUHQ!LDUDELQVWURPQ~URYQHELQVWURPQ~URYQH
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQN'RSUHGXN'RSUHGXHQG
HOVHZLWKNGR
EHJLQ
'RSUHGX9ODYRQDWRVDQDNUHVOHQLHDYpKR
SRGVWURPX
VWURPQQDNUHVOLDYSRGVWURPQ~URYQH
9SUDYRQDWRVDQDNUHVOHQLHSUDYpKR
SRGVWURPXQ~URYQH
VWURPQQDNUHVOLSUDYSRGVWURPQ~URYQH
9ODYR'RSUHGXQDWRVDGRS{YRGQpKRVPHUXDYUi
VDQDS{YRGQpPLHVWR
HQG
HQG
%LQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\tFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQ
EHJLQ
'RSUHGXY
DMVKUXEtPLYHWYDPL
9SUDYR'RSUHGX9ODYR
'RSUHGXY
HQG
HOVH
EHJLQ
'RSUHGXY9ODYRQDWRVDQDNUHVOHQLHDYpKRVWURPX
VWURPQYQDNUHVOLDYVWURPQ~URYQH
9SUDYRQDWRVDQDNUHVOHQLHSUDYpKRVWURPX
Q~URYQH
VWURPQYQDNUHVOLSUDYVWURPQ~URYQH
9ODYR'RSUHGXYQDWRVDGRS{YRGQpKRVPHUXDYUi
VDQDS{YRGQpPLHVWR
HQG
HQG
1'
ULHHQLHEH]UHNXU]LHEXGHVDURELRQHVN{U
GRNUHVOLVWURPXOtVWRN\QDSRVOHGQFKYHWYiFK
QiKRGQHQDVWDYLYHNRVSRGVWURPXQiKRGQHQDVWDYLXKROYHWLHY
SRGD~URYQHYQRUHQLDPHQLKU~ENXSHUD
7HUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQSRO\D
HOVHZLWKNGR
EHJLQ
'RSUHGXD9ODYR
IRUL WRGR
EHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
HQG
1DStHPHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHNRVWLD
Q QHUREtQL
Q WYRUHFVRVWUDQRXGN\D
SURFHGXUHVVVQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQVNRQL
HOVH
IRUL WRGR
EHJLQ
N'RSUHGXDN9ODYRVVVQDVN~VWHVVVQ
D
HQG
HQG
1DStHPHSURFHG~UXQDNUHVOHQLHVQHKRYHMYORN\
YDUN.RU
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVH
EHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
HQG
YDULLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGREHJLQYORFNDN9ODYRHQG
HQG
)UDNWiO\
&NULYND
YDUN.RU
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
HQG
EHJLQ
N .RU&UHDWH
FNULYNDVN~VWHFNULYND
HQG
'UDLDNULYNDVDVNODGi]GYRFK]UNDGORYFKSURFHG~UQDMSUYFK\EQpULHHQLH
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
3UREOpPMHSULLFKY]iMRPQRPYRODQt
EXSRPRFRXGLUHNWtY\IRUZDUG
DOHERY]iMRPQPYQRUHQtP
YDUN.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
OGUDN
HQG
YLPQLWHVLHNRU\WQDNDSULNUHVOHQtNULYN\QHSUHMGHSRLDGQHMLDUHYLDFNUiW
.ULYNXP{HPHNUHVOLOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRLMHDYiDOHER
SUDYi
YDUN.RU
SURFHGXUHGUDNQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
GUDNQVNYODYRS
GUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
GUDN
HQG
+OLEHUWRYDNULYNDVDWLHVNODGi]GYRFK]UNDGORYFKDVWtGHILQXMHPHMHGQRXSURFHG~URX
YDUN.RU
SURFHGXUHKLOEHUWQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ!WKHQ
EHJLQ
NYODYRS
KLOEHUWQVSNGRSUHGXVNYSUDYRS
KLOEHUWQVSNGRSUHGXV
KLOEHUWQVSNYSUDYRS
NGRSUHGXV
KLOEHUWQVSNYODYRS
HQG
HQG
EHJLQ
N .RU&UHDWH
KLOEHUWVN~VWHKLOEHUW
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3UiFDVP\RX RNW
3UiFDVP\RX
9\WYRUtPHMHGQRGXFK~DSOLNiFLXJUDILFNHGLWRU
=DQHPHQRYSURMHNWEH]NRU\WQDLHNGRIRUPXOiUXSRORtPHJUDILFN~SORFKX,PDJHDXUREtPH
VNUDWNXQDMHM&DQYDV
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDVJUDILFNiSORFKD
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
J3L[HOV>[\@ FO%ODFN
HQG
SULSRK\EHP\RXQDGSORFKRXVD]DQHFKiYDM~ERGN\
Y\OHStPHNUHVOHQtPLDU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
J/LQH7R[\
HQG
SDUDPHWHU6KLIWMHW\SX76KLIW6WDWH
SODWt76KLIW6WDWH VHWRIVV6KLIWVV$OWVV&WUOVV/HIWVV5LJKW
VV0LGGOHVV'RXEOH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
J/LQH7R[\
HQG
GYRMNOLNQDULDGRN2Q0RXVH'RZQ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WXE\VDGDORWHVWRYDVWODHQLHSUDYpKRWODLGODP\L
J0RYH7R[\
HQG
SULGiPHWODLGOR%XWWRQ]PDHJUDILFN~SORFKX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J%UXVK&RORU FO:KLWH
J%UXVK6W\OH EV6ROLG
J)LOO5HFW,PDJH&OLHQW5HFW
HQG
QDIRUPXOiUP{HPHSRORLXERYRQpWH[W\WLHWRP{HPH]DEHKXPHQL]RWDQGDUGQHMSDOHW\
Y\EHULHPHNRPSRQHQW/DEHODSRORtPHKRQDYRQpPLHVWRQDIRUPXOiUVHPEXGHPHStVDV~UDGQLFH
P\LDNVDMHMNXU]RUEXGHSRK\ERYDQDGJUDILFNRXSORFKRXSULGiPHGR,PDJH0RXVH0RYH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LI6KLIW >VV/HIW@WKHQ
J/LQH7R[\
HQG
8UREtPHVLSDOHWXDOLDJUDILFNiSO{ND
&KFHPHY\WYRULSDOHWXIDULHEDE\VPHPRKOLNUHVOLU{]Q\PLIDUEDPLGRIRUPXOiUXSRORtPHDOt
LPDJH,PDJHDGRQHKRQDSUIDUHEQFKREGQLNRYQDNUHVOtPHLFKY)RUP&UHDWHDHWHMHGHQ
PDOLNLPDJH,PDJHNWRUEXGHREVDKRYDPRPHQWiOQHY\EUDQ~IDUEX
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
FRQVWSDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO*UHHQFO<HOORZFO:KLWHFO*UD\
FO1DY\
YDULMZKLQWHJHU
EHJLQ
J ,PDJH&DQYDV
SDOHWD ,PDJH&DQYDV
IDUED ,PDJH&DQYDV
Z ,PDJH:LGWKGLYK ,PDJH+HLJKWGLY
SDOHWD%UXVK6W\OH EV6ROLG
IRUL WRGR
IRUM WRGR
EHJLQ
SDOHWD%UXVK&RORU S>L
M@
SDOHWD)LOO5HFW5HFWL
ZM
KL
ZZM
KK
HQG
IDUED%UXVK6W\OH EV6ROLG
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
DE\WRIXQJRYDOREXGHPHPHQLIDUEXSHUDJUDILFNHMSORFK\JSRGDNOLNQXWpKRPLHVWDYSDOHWH
SDOHWD(9(172Q0RXVH'RZQ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J3HQ&RORU SDOHWD3L[HOV>[\@
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
3RVXYQiOLWD
WHUD]SUHQDVWDYRYDQLHKU~EN\SHUDY\EHULHPHNRPSRQHQW7UDFN%DU]SDOHW\NRPSRQHQWRY:LQ
SRORtPHGRIRUPXOiUXDSULVS{VREtPHPXMHKRYHNRVSRV~YDQtPLHUQ\FKWYRUHNRY
SRVXYQiOLWDSULSRV~YDQtY]QLNQHXGDORV2Q&KDQJHP{HPH]LVWLRWHVWRYDQtPVWDYRYHM
SUHPHQQHM3RVLWLRQ
SUL]PHQHMHKRSRORK\XGDORV2Q&KDQJH]PHQtPHKU~ENXSHUD
GHIDXOWPiOLWDPLQDPD[DVDQHKRGtSUHWRRSUDYtPHYLQWHNWRUHREMHNWRY0LQQD
SURFHGXUH7)RUP7UDFN%DU&KDQJH6HQGHU72EMHFW
EHJLQ
J3HQ:LGWK 7UDFN%DU3RVLWLRQ
HQG
7ODLGOiUHLPRY
%XGHPHNUHVOLYU{]Q\FKUHLPRFKQDSUSHURY\SDQLH~VHN\REQLN\HOLSV\DSRG
XUREtPHVLPDOpWODLGOiQDSUHStQDQLHUHLPRY]GRSOQNRYHM$GGLWLRQDOSDOHW\6SHHG%XWWRQ
SRORtPHLFKGRIRUPXOiUXWHVQHYHGDVHEDDQDStHPHLPWH[W\VWDYSUHP&DSWLRQYLQSHNWRUH
REMHNWRY
DE\]QLFKEROR]DWODHQpYG\LEDMHGQRWODLGORR]QiPLPHHWYRULDMHGQXJUXSXDWPVD
]DEH]SHtHYG\NHVDMHGQRWODLGOR]DWODtWDNGRYWHG\]DWODHQpVD]GYLKQH
W\SH
W5H]LP SHURY\SOQXVHFNDREGO]QLNHOLSVD
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
UH]LPW5H]LP
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
6SHHG%XWWRQ'RZQ WUXH
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP SHUR
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP Y\SOQ
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP XVHFND
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP REGO]QLN
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP HOLSVD
HQG
DE\DMSHURUHDJRYDORQDWHQWRUHLPRSUDYtPH,PDJH0RXVH'RZQD,PDJH0RXVH0RYHQDMSUYOHQ
SUYpGYDUHLP\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHURJ/LQH7R[\
Y\SOQ^QHUREQL`
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHURJ0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HQG
HQG
NUHVOLDFHSHURSUHSQHPHGRSHFLiOQHKRPyGXNWRUQHNUHVOtIDUERXDOHWDNHNDGHMERGNH
]LQYHUWXMHIDUEXQDSUGRSOQNRYiNXELHOHMMHLHUQDNHUYHQHMMHEOHGRPRGUiDSRG
YDNDWRPXWRDNYWRPWRPyGHQDNUHVOtPHGYDNUiWWHQLVW~WYDUWDNVDYUiWLS{YRGQVWDY
JUDILFNHMSORFK\
NPEXGHSRXtYDWHDKDP\RXQHSXVWtDYpWODLGORP\LEXGHVDVWiOHUXLSUHGFKiG]DM~FL
~WYDUDNUHVOLYQRYHMSR]tFLL
YSUHPHQQFKYDVWLSULYDWHY7)RUP[D\VL]DSDPlWiPHSRLDWRQERG]NWRUpKRVD
]DDODKDNUHVOHQ~WYDU
YSUHPHQQFK[D\VLSDPlWiPHV~UDGQLFHSRVOHGQHQDNUHVOHQpKR~WYDUX
6SUDFRYDQLHXGDORVWt2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8SQDMSUYOHQSUHNUHVOHQLHJXPHQFK
LDU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHURJ0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
XVHFND
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
[ [\ \[ [\ \
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHURJ/LQH7R[\
Y\SOQ
XVHFND
EHJLQ
J0RYH7R[\J/LQH7R[\
[ [\ \
J0RYH7R[\J/LQH7R[\
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LP XVHFNDWKHQ
EHJLQ
J0RYH7R[\J/LQH7R[\
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J0RYH7R[\J/LQH7R[\
HQG
HQG
.UHVOHQLHREGQLNDDHOLSV\IXQJXMHQDWRPWRLVWRPSULQFtSH8UREtPHSRPRFQ~SURFHG~UX.UHVOLNWRUi
QDNUHVOt~WYDUSRGDKRGQRW\SUHPHQQHMUH]LPDWLH]DSQHY\SQHJXPHQPyGSRGDWRKRL]DtQDPH
DOHERNRQtPHDKDQLH.UHVOLEXGHPDSDUDPHWHUEYNWRURPEXGHPHUR]OLRYDL]DtQDPH
SRNUDXMHPHDOHERNRQtPHDKD.HHFKFHPHDE\WiWRSURFHG~UDERODYLGLWHQiYRYHWNFK
WURFKSURFHG~UDFK2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8SQHP{HE\YQLFKYQRUHQiDOH
PXVtE\GHILQRYDQiQDJOREiOQHM~URYQLPXVtPHMHMKODYLNXXYLHVYGHNODUiFLiFK7)RUP]DQDH
SRPRFQpSUHPHQQpJSDOHWD
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SURFHGXUH.UHVOL[\LQWHJHUEE\WH
HQG
SURFHGXUH7)RUP.UHVOL[\LQWHJHUEE\WH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFNDJ3RO\/LQH>3RLQW[\3RLQW[\@EHJLQ
J0RYH7R[\J/LQH7R[\HQG
REGO]QLNJ5HFWDQJOH[\[\
HOLSVDJ(OOLSVH[\[\
HQG
HQG
EHJLQ
LIE WKHQ
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIE WKHQ
EHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
HQG
XWYDU[\
[ [\ \
HQG
WPVD]PHQLDDMSURFHG~U\NWRUpREVOXKXM~XGDORVWL2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8S
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHURJ0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HOVHNUHVOL[\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHURJ/LQH7R[\
Y\SOQ
HOVHNUHVOL[\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LPLQ>XVHFNDREGO]QLNHOLSVD@WKHQNUHVOL[\
HQG
SURFHGXUH7)RUP.UHVOL[\LQWHJHUEE\WH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFNDJ3RO\/LQH>3RLQW[\3RLQW[\@
REGO]QLNJ5HFWDQJOH[\[\
HOLSVDJ(OOLSVH[\[\
HQG
HQG
EHJLQ
LIE WKHQ
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK&RORU FO:KLWH
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIE WKHQ
EHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J%UXVK&RORU J3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
HQG
XWYDU[\
[ [\ \
HQG
.RPSOHWQSURJUDPY\]HUiSULEOLQHWDNWR
=KUQXWLH
Y\XLMHPHKODYQH]DEHKXSURJUDPXQLHNWRUpIXQJXM~OHQ]DEHKXDSUHWRQLHVXYLQSHNWRUH
REMHNWRY
PHQRNRPSRQHQWX1DPHWUHED]PHQLKQHDNRVDSRORtGRIRUPXOiUXDNKRFKFHPHPHQL
LQDNQLHNWRUpVLWXiFLH'HOSKLQHPXVLDVSUiYQHXKiGQXDRSUDYLW~WR]PHQXNRUHNWQH
QLHNWRUpXLWRQpSURSHUW\SUHQiV]QiP\FKNRPSRQHQWRY
IRUPXOiU7)RUP
&DSWLRQUHD]HFWLWXORNRNQD
&OLHQW:LGWK&OLHQW+HLJKWYHNRVYQ~WUDRNQDQLHREYRGWM:LGWK+HLJKW
/HIW7RS[RYiD\RYiV~UDGQLFDRNQDQDREUD]RYNHP{HPHFHOpRNQR
SRV~YD
9LVLEOHLMHYLGLWHQp
:LQGRZ6WDWHPRHPH]PLQLPDOL]RYD]PD[LPDOL]RYDRNQR
XGDORVWL2Q3DLQW
WODLGOR7%XWWRQ
&DSWLRQWH[WQDWODLGOH
)RQWURYQDNRDNRYJUDILFNHMSORFKH
+HLJKW:LGWKYHNRV
/HIW7RSSRORKDQDIRUPXOiUL
9LVLEOHP{HPHKRVNU\
+LQW6KRZ+LQWVWULQJDERROHDQEXEOLQNRYKHOSDLVDPi]REUD]RYD
YODVWQRVWL:LGWK+HLJKW/HIW7RS9LVLEOH+LQW6KRZ+LQW(QDEOHGIXQJXM~VNRURURYQDNR
VNRURSUHYHWN\W\S\NRPSRQHQWRY
JUDILFNiSORFKD7,PDJH
SORFK\
&OLHQW5HFWIXQJXMHOHQSRDVEHKXSURJUDPXKRGQRWDW\SX75HFWWMREGQLN
NWRUSRSLVXMHYHNRVSORFK\
PDOpWODLGOR76SHHG%XWWRQYHPLSRGREQRE\DMQpPXDOHP{XWYRULVNXSLQX
Y]iMRPQHVDY\OXXM~EXGHPD[LPiOQHMHGQR]QLFK]DWODHQpP{HPDDMREUi]RN
&DSWLRQWH[WQDWODLGOHP{HE\VSROXVREUi]NRP
*URXS,QGH[SRUDGRYptVORVNXSLQ\WODLGLHONWRUpVDQDY]iMRPY\OXXM~
'RZQLMH]DWODHQp
*O\SKREUi]RNXYLGtPHQHVN{U
SRVXYQiOLWD77UDFN%DU
0LQ0D[PLQLPiOQDDPD[LPiOQDKRGQRWD
3RVLWLRQPRPHQWiOQDKRGQRWD
2ULHQWDWLRQWU+RUL]RQWDOWU9HUWLFDO
]DNUWiYDFLHSROtNR7&KHFN%R[
&DSWLRQWH[W]DSROtNRP
)RQWStVPRSUHWH[W
&KHFNHGLMH]DNUWQXWp
WH[W7/DEHO
&DSWLRQDNUHD]HFREVDKXMHEXGHYLDFULDGNRY
)RQWStVPRSUHWH[W
SUtVOXQiXGDORVQDSUNOLNQHVD]PHQtVDKEHVDDSRG
GHILQXMHPHWDNHGYRMNOLNQHPHYSUDYRPVWSFL]iORN\(YHQWV
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
0\D
QRY
NRU\WQDND
QRYt.RU8QLWYV~ERUH.RU]LS
=DQHPHMHGQRGXFKRX~ORKRXYNRU\WQDHMJUDILFNHMSORFKHVDYVWUHGHQDFKiG]DNRU\WQDNDW~WR
FKFHPHDKDP\RXSRSORFKH
1DNRNRFKFHPHDE\SUHPHQQiNW\SX.RULQWDQFLDNWULHG\.RUERODYLGLWHQiDMYSURFHG~UDFK
NWRUp]DEH]SHXM~SRK\E\DNOLNDQLDP\RXY3ORFKHW~WRSUHPHQQ~DMQLHNWRUpDOLH]DGHILQXMHPH
DNRJOREiOQHQHEXG~YRYQ~WULSURFHG~U\DOHSUHGRX
YDUN.RUWRWRVXJOREiOQHSUHPHQQp
WDKDWERROHDQ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
N .RU&UHDWHN8ND]
WDKDW IDOVH
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WDKDW 6KLIW >VV/HIW@
HQG
SURFHGXUH72NQR3ORFKD0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIWDKDWWKHQ
N=PHQ;<;[\<SR]RUQDSUHSRHW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
SURFHGXUH72NQR3ORFKD0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WDKDW IDOVH
HQG
SR]QJOREiOQHSUHPHQQpNDMWDKDWE\PRKOLE\DMYSULYDWHWULHG\72NQRGRNRQFDE\WREROR
SURJUDPiWRUVN\NUDMLHDOHDVSRVDGQHVQDXtPHQLHRQRYp
0RPHQWiOQHP{HPHKRFLNGHNOLNQ~GRSORFK\DNRU\WQDNDWDPGRVNRtSRSUYRP2Q0RXVH0RYH
9\XLMHPHSUHGGHILQRYDQ~NRU\WQDLXIXQNFLX%OL]NRNWRUi]LVWtLMHQHMDNERGEOt]NRNRU\WQDN\D
NRU\WQDNXEXGHPHDKDOHQDNVPHEOt]NRMHMSR]tFLHQLHFHOpKRWURMXKROQtNDRSUDYtPHVSUDFRYDQLH
XGDORVWL2Q0RXVH'RZQ
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WDKDW 6KLIW >VV/HIW@DQGN%OL]NR;[\<
HQG
3URMHNWY\OHStPHWDNWRQD]DLDWNXY3ORFKHQHEXGHLDGQDNRU\WQDNDSUDYNOLNGRSORFK\]DNDGP
Y\JHQHUXMHQRY~NRU\WQDNXDYNOLNDKiSUtVOXQ~NRU\WQDNX
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
WDKDWLQWHJHU
SRFLQWHJHUPRPHQWiOQ\SRHWNRU\WQDLHN
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
SURFHGXUH72NQR3ORFKD0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIWDKDW!WKHQ
N>WDKDW@=PHQ;<;[\<
HQG
SURFHGXUH72NQR3ORFKD0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIWDKDW!WKHQN>WDKDW@=PHQ+UXENX7YDUXYUiWLPHS{YRGQ~
KU~ENXWYDUX
WDKDW
HQG
3R]QSUHPHQQiWDKDWR]QDXMHtVORNRU\WQDN\NWRU~PRPHQWiOQHDKiPH]QDPHQiHLDGQX
VPHQHNOLNOL
9\OHStPHSURFHG~UXSUH2Q0RXVH0RYHWDNDE\VDNRU\WQDNDQDWiDODDKDQPVPHURP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
SURFHGXUH72NQR3ORFKD0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIWDKDW!WKHQZLWKN>WDKDW@GR
EHJLQ
=PHQ6PHU6PHURP;[\<
=PHQ;<;[\<
HQG
HQG
$E\VPHOHSLHSRFKRSLOLRUREt:LQGRZVNHSULFKiG]DM~QHMDNpXGDORVWLDWLHWRVDVSUDFRYiYDM~
QDLPLSURFHG~UDPLWURFKXSR]PHQtPHDKDFtSURMHNWQDPLHVWRDKDQLDNRU\WQDN\SRNOLNQXWt
DYPWODLGORPP\LWiWROHQSRPDO\XUREtNUXKXKROQtN
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
WDKDWLQWHJHU
SRFLQWHJHU
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
EHJLQ
WDKDW SRF
ZKLOHWDKDW!DQGQRWN>WDKDW@%OL]NR;[\<GR
GHFWDKDW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
LIWDKDW!WKHQZLWKN>WDKDW@GR
EHJLQ
IRUL WRGR
EHJLQGRSUHGXYSUDYRFDNDMHQG
HQG
HQG
HQG
RVLWUHEDYLPQ~QDWRPWRSURMHNWH
]DVWDQHDNUXQLFX]DQHNUHVOLGUXKi
SRVNRQHQtNUHVOHQLDGUXKHMNRU\WQDN\SRNUDXMHSUYiDGRNUHVOtNUXQLFX
WDNWRP{HPHSRVWXSQHQDNOLNDYLDFNRU\WQDLHNDNDGiPiUR]UREHQ~VYRMXNUXQLFXP{HPH
NOLNQ~DMYLDFNUiWQDW~LVW~DWLHGRNRQLDVYRMHNUXQLFHYRSDQRPSRUDGtDNR]DDOL
!!!DNSRDVVSUDFRYiYDQLDQHMDNHMXGDORVWLQDSU2Q0RXVH'RZQY]QLNQHQRYiXGDORV
NWRU~WUHEDVSUDFRYDWDNVSUDFRYiYDQLHS{YRGQHMSURFHG~U\VDSUHUXtDSRNUDXMHVDY
SURFHG~UHSUHQRY~XGDORVNHWiWRQRYiSURFHG~UDVNRQtWDNVDSRNUDXMHYWHMVWDUHM
]UHMPHQDWRSRtWDY\XtYDSRGREQPHFKDQL]PXVYRODQtDNRSULUHNXU]LL
1DDORPSUtNODGHXYLGtPH]DXMtPDYpVLWXiFLHNWRUpP{XY]QLNQ~SULVSUDFRYiYDQtQRYFKDQRYFK
XGDORVWt1DXtPHVDSRXtYDDVRYD7LPHUMHWRSHFLiOQ\NRPSRQHQWNWRUNHSRORtPHGR
IRUPXOiUXWDNSRDVEHKXSURJUDPXQLHMHYLGLHQLHMHWRYL]XiOQ\NRPSRQHQWDOHWHQWRNRPSRQHQW
YLHJHQHURYDXGDORVWLYQHMDNFKDVRYFKLQWHUYDORFK
7LPHUVDQDFKiG]DYSDOHWHNRPSRQHQWRY6\VWHPDGRIRUPXOiUXKRP{HPHSRORLQDXERYRQp
PLHVWR
-HKRQDMG{OHLWHMRXXGDORVRXMH2Q7LPHUP{HPHQDGYRMNOLNQ~DRWYRUtVDSURFHG~UDQD
VSUDFRYDQLHWHMWRXGDORVWLQDSU72NQR7LPHU7LPHU7LPHUPiGYHG{OHLWpVWDYRYpSUHPHQQp
SURSHUW\
,QWHUYDOWXQDSOiQXMHPHDVNHG\VDY\JHQHUXMHQDVOHGRYQiXGDORV2Q7LPHUYPLOLVHNXQGiFK
SUHQiSURJUDPVHPQDVWDYtPHWMMHGQXVWRWLQXVHNXQG\
(QDEOHGLVDPiJHQHURYDQDVOHGRYQiXGDORVSR,QWHUYDOPLOLVHNXQGiFKDOHERWRDNiNP
QLHNWRQHXUREt7UXHDSRWRPVD]DQHRGSRtWDYDDV
3UHGFKiG]DM~FLSURMHNWSR]PHQtPHWDNHSUDYNOLNP\RXY\WYiUDQRYpNRU\WQDN\DYHWN\GRWHUD]
Y\WYRUHQpNRU\WQDN\RGGRSRFSRPDO\NU~LDSRVYRMLFKNUXQLFLDFK
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
SRFLQWHJHU
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
SRF
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HQG
SURFHGXUH72NQR7LPHU7LPHU6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRSRFGRZLWKN>L@GR
EHJLQGRSUHGXYSUDYRHQG
HQG
$MYWRPWRSURMHNWHMHVNU\WFKQLHNRNR]iOXGQRVWt
NDG~VWRWLQXVHNXQG\P{HY]QLNQ~KRFLNHG\DMSRDVY\NRQiYDQLDSURFHG~U\
3ORFKD0RXVH'RZQWMKRFLDMPHG]LSUtND]PLLQFSRFN>SRF@ .RU&UHDWHD
WHGDYWRPWRPLHVWHVDP{HWiWRSURFHG~UDSUHUXLDVSXVWLF\NOXVRGGRSRFNWRUpMHDOHXR
YLDFDNRSRHWGHILQRYDQFKNRU\WQDLHN
RSUDYtPHVSUDFRYDQLHXGDORVWL2Q0RXVH'RZQQDSUWDNWR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
N>SRF@ .RU&UHDWH;[\<LQFSRFN>SRF@8ND]
HQG
HQG
DOtSUREOpPMHVNU\WYWRPHSURFHG~UD7LPHU7LPHUQHPXVtGRMHGQHMVWRWLQ\VHNXQG\VWLKQ~
VNRQLVYRMXSUiFXDXEXGH]QRYX]DYRODQiSUYpNRU\WQDN\VDSHNQHKEXSRVOHGQpEXVWRMD
DOHERVDSRKQ~OHQUD]]DDV7RWRVD]Y\NQHULHLWDNHYWHMWRSURFHG~UHQD]DLDWNX]DEORNXMHPH
QDVOHGXM~FHJHQHURYDQLHXGDORVWL7LPHU(QDEOHG IDOVHDWHVQHSUHGMHMNRQFRPDVRYDRSl
SRYROtPH
3UHYHDNRU\WQDLHNMHLFKSUHNUHVRYDQLHYHPLSRPDOpP{HPHVLSRP{FDMNRU\WQDRXSURFHG~URX
QDUD]
SURFHGXUH72NQR7LPHU7LPHU6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRSRFGRZLWKN>L@GR
EHJLQGRSUHGXYSUDYRHQG
1DUD]
7LPHU(QDEOHG WUXH
HQG
3UiFXVDVRYDRPRGORtPHDYUiWLPHVDNSUHGFKiG]DM~FHPXDKDQLXNRU\WQDLHNP\RX]IRUPXOiUX
RGVWUiQLPHNRPSRQHQW7LPHUDYSURFHG~UH7LPHU7LPHUY\KRGtPHYHWN\ULDGN\RNUHPEHJLQDHQG
'HOSKLSULQDMEOLHMNRPSLOiFLLRGVWUiQLW~WR]E\WRQ~SURFHG~UXDMVGHNODUiFLRXQD]DLDWNXV~ERUX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
$E\VPHPRKOLSUDFRYDVRVNXSLQRXUiGLRWODLGLHO PDONU~RNNWRUP{HE\]DNUWQXWDPi
SULVHEHQHMDNY\VYHWXM~FLWH[WWMVWDNRXPQRLQRXUiGLRWODLGLHONWRUpVDQDY]iMRPY\OXXM~
PXVtPHQDMSUYSHFLiOQHRUiPLNRYDDVIRUPXOiUX5DGLR*URXSYWDQGDUGQHMSDOHWHNRPSRQHQWRYD
GRWHMWRREODVWLQDXNODGDUiGLRWODLGOi5DGLR%XWWRQWLHYWDQGDUGQHMSDOHWH7PWRWODLGOiP
SULUDGtPHQDSUWDNpWRWH[W\SURSHUW\&DSWLRQ
1DRX~ORKRXEXGH]DEH]SHLWRHSULY\WYiUDQtQRYHMNRU\WQDN\NOLNQXWLHSUDYPWODLGORPP\L
GR3ORFK\VDSURJUDPSR]ULHQDWRNWRUpUiGLRWODLGORMH]DNUWQXWpQDSU5DGLR%XWWRQ&KHFNHGD
SRGDWRKR]PHQtWYDUNRU\WQDNH$E\XDMQD]DLDWNXSURJUDPXERORQHMDNpWODLGOR]DNUWQXWpGR
:0VWDUWSULGiPHULDGRN
5DGLR%XWWRQ&KHFNHG WUXH
3URJUDPWHUD]Y\]HUiQDVOHGRYQH
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
5DGLR%XWWRQ&KHFNHG WUXH
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<
LI5DGLR%XWWRQ&KHFNHGWKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>
@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
EHJLQ
WDKDW SRF
ZKLOHWDKDW!DQGQRWN>WDKDW@%OL]NR;[\<GR
GHFWDKDW
LIWDKDW!WKHQ
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
DSURJUDP
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
5DGLR%XWWRQ&KHFNHG WUXH
/LVW%R[,WHPV$GG
HUYHQ
/LVW%R[,WHPV$GG
PRGU
/LVW%R[,WHPV$GG
]HOHQ
/LVW%R[,WHPV$GG
LHUQ\
/LVW%R[,WHP,QGH[ R]QDtVDULDGRNWM]HOHQi
IDUED
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
FRQVWIDUUD\>@RI7&RORU FO5HGFO%OXHFO*UHHQFO%ODFN
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<
LI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>
@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
LI/LVW%R[,WHP,QGH[!WKHQ
N>SRF@=PHQ)DUEX7YDUXI>/LVW%R[,WHP,QGH[@
N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
EHJLQ
WDKDW SRF
ZKLOHWDKDW!DQGQRWN>WDKDW@%OL]NR;[\<GR
GHFWDKDW
LIWDKDW!WKHQ
HQG
HQG
DOtPNURNRPYQDHMDSOLNiFLLEXGH3RSXS0HQXSRNOLNQXWtSUDYPWODLGORPP\LGRJUDILFNHM
SORFK\WXDXWRPDWLFN\QHY]QLNQHQRYiNRU\WQDNDDOHREMDYtVDPHQXVYREDPL
=PD]SORFKX
9\WYRUQRYXNRU\WQDFNX
=UXVYVHWN\NRU\WQDFN\
DSRYREH]WRKRWRPHQXVDY\NRQiSUtVOXQiDNFLD1DMSUYPXVtPHYORLNRPSRQHQW3RSXS0HQX
WDQGDUGQiSDOHWDNRPSRQHQWRYKRFLNGHGRIRUPXOiUXDMWHQWRNRPSRQHQWQLHMHYL]XiOQ\SRDVEHKX
VDEXGH]REUD]RYDQD]iNODGHSUtND]RYDOHERQHMDNFKXGDORVWtDOHM]DGHILQXMHPHSRORN\PHQX
0HQX,WHPWDNHGYRMNOLNQHPHGRNRPSRQHQWX3RSXS0HQXD]PHQtPHSURSHUW\&DSWLRQSRVWXSQH
WURPULDGNRPPHQXQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
$E\VDWRWRPHQXDXWRPDWLFN\REMDYRYDORSULNOLNQXWtSUDYPWODLGORPP\LGRSORFK\PXVtPHREVDK
VWDYRYHMSUHPHQQHMSURSHUW\3RSXS0HQXQDVWDYLWQDKRGQRWX3RSXS0HQXDSUH3RSXS0HQX
QDVWDYLW$XWR3RSXSQD7UXH
3URFHG~UDSUHXGDORV2Q0RXVH'RZQWHUD]XSUHSUDYNOLNQHY\UiEDNRU\WQDN\OHQ]DSDPlWi
SR]tFLXP\LGRJOREiOQ\FKSUHPHQQFK[[D\\
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
[[ ;[\\ \<[[D\\V~JOREiOQHSUHPHQQp
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
HQG
3RVWXSQPGYRMNOLNQXWtPGRSRORLHNPHQXY3RSXS0HQXVDY\JHQHUXM~SUi]GQHSURFHG~U\NWRUp
GRSOQtPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
SURFHGXUH72NQR=PD]SORFKX&OLFN6HQGHU72EMHFW
EHJLQ
]PD]
HQG
SURFHGXUH72NQR9\UREQRYXNRU\WQDFNX&OLFN6HQGHU72EMHFW
FRQVWIDUUD\>@RI7&RORU FO5HGFO%OXHFO*UHHQFO%ODFN
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH[[\\
LI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>
@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
N>SRF@=PHQ)DUEX7YDUXI>/LVW%R[,WHP,QGH[@
N>SRF@8ND]
HQG
SURFHGXUH72NQR=UXVYVHWN\NRU\WQDFN\&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRSRFGRN>L@'HVWUR\WXWUHEDRSUDYHQ.RU8QLWSDV
SRF
HQG
'R3RSXS0HQXSULGiPHHWHQRY~SRORNX1RYHWODFLGORNWRUpGRIRUPXOiUXYORtQRYpWODLGOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
W\SH
72NQR FODVV7)RUP
SULYDWH
SURFHGXUH8ND]6XERUFRQVWPHQRVWULQJ
SURFHGXUH&LWDM6XERUFRQVWPHQRVWULQJ
SURFHGXUH0RMH7ODFLGOR6HQGHU72EMHFW
HQG
SURFHGXUH72NQR1RYHWODFLGOR&OLFN6HQGHU72EMHFW
YDUW7%XWWRQ
EHJLQ
W 7%XWWRQ&UHDWHVHOIVHOIR]QDXMHVHEDVDPpKRWM
PRPHQWiOQDLQWDQFLDWULHG\72NQR
ZLWKWGR
EHJLQ
1DPH
QRYH
&DSWLRQ
1RYHWODLGOR
3DUHQW VHOI
/HIW
7RS
:LGWK
+HLJKW
2Q&OLFN 0RMH7ODFLGOR
HQG
1RYHWODFLGOR(QDEOHG IDOVHWDNWRVD]DEORNXMHSRORNDPHQX
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
SURFHGXUH72NQR2SURJUDPH&OLFN6HQGHU72EMHFW
YDUI7)RUP
EHJLQ
I 7)RUP&UHDWHVHOI
ZLWKIGR
EHJLQ
1DPH
PRMIRUPXODU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZBLPSZUOBLB
&DSWLRQ
2SURJUDPH
:LGWK
+HLJKW
%RUGHU6W\OH EV6LQJOH
3RVLWLRQ SR6FUHHQ&HQWHU
ZLWK7/DEHO&UHDWHIGR
EHJLQ
1DPH
/DEHO
3DUHQW I
)RQW+HLJKW
)RQW1DPH
$ULDO
&DSWLRQ
1LHRRPRMRPSURJUDPH
MHWR
XNiNRYSURJUDP
QDSUiFXVU{]Q\PLNRPSRQHQWDPL
/HIW
7RS
$XWR6L]H WUXH
:LGWK
+HLJKW
HQG
ZLWK7%XWWRQ&UHDWHIGR
EHJLQ
1DPH
2N
&DSWLRQ
2N
/HIW
7RS
:LGWK
+HLJKW
0RGDO5HVXOW PU2.
3DUHQW I
HQG
6KRZ0RGDO
)UHH
HQG
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
7DEXNRYNRPSRQHQW QRY
HUVWYRY\UREHQiWDEXNDPi
]PHPHSURSHUW\WDNWR
]UXtPHIL[RYDQLHSUYpKRVWSFDGR)L[HG&ROVGiPH
]DKXVWtPHULDGN\GR'HIDXOW5RZ+HLJKWGiPH
GYRMNOLNQHPHGR2SWLRQVDUR]EDOtVDYHDULDGNRYGRNWRUFKVD]DGiYDWUXHIDOVHV~WRSUYN\PQRLQ\7*ULG2SWLRQ
]PHPHJR5DQJH6HOHFWQD)DOVH
]PHPHSRHWULDGNRYQDPHQHMVDQHGiOHERMHGHQMHIL[QDQHIL[QFKPXVtE\DVSR5RZ&RXQWGiPH
DOHMGRIRUPXOiUXSRORtPHHWHGYHWODLGOiDQDSURJUDPXMHPHQDtWDQLHD]PD]DQLHWDEXN\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUW7H[W)LOH
VVWULQJ
]FKDU
QPLQWHJHU
EHJLQ
$VVLJQ)LOHW
WHVWW[W
5HVHWW
ZKLOHQRWVHHNHRIWGRZLWK6WULQJ*ULGGR
EHJLQ
Q 5RZ&RXQWP SRUDGRYptVORSRVOHGQpKRULDGNX
ZKLOHQRWVHHNHROQWDQGP&RO&RXQWGRSRHWVWSFRY
EHJLQ
V
UHDGW]
ZKLOHQRWHROQWDQG]!
GRSRORN\YULDGNXV~RGGHOHQp
EHJLQ
V V]UHDGW]
HQG
LI]!
WKHQV V]
&HOOV>PQ@ VPWVWSHFDQWULDGRN
LQFP
HQG
UHDGOQW
5RZ&RXQW 5RZ&RXQWSULGDMQDNRQLHFMHGHQULDGRN
HQG
&ORVH)LOHW
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
ZLWK6WULQJ*ULGGR
EHJLQ
5RZ&RXQW QDVWDYPLQSRHWULDGNRYWM
5RZV>@&OHDUY\PDREVDKULDGNX
HQG
HQG
NOLNQHPHQD>@SUH)LOWHUDGRWDEXN\]DStHPHQDSU
7H[WRYV~ERU
D
W[W
GR2SWLRQVSUHRI)LOH0XVW([LVW]DSQHPH7UXH
WHUD]SURJUDPY\]HUi
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
6WULQJ*ULG5RZV>@7H[W
0HQR
8OLFD
0HVWR
'DWXP
+REE\
SULUDGLOLVPHFHOULDGRNQDUD]
HQG
SURFHGXUH7)RUP1RY\&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK6WULQJ*ULGGR
EHJLQ
5RZ&RXQW
5RZV>@&OHDU
HQG
HQG
SURFHGXUH7)RUP2WYRU&OLFN6HQGHU72EMHFW
YDUW7H[W)LOH
VVWULQJ
]FKDU
QPLQWHJHU
EHJLQ
*HW'LUV
2SHQ'LDORJ,QLWLDO'LU V
LIQRW2SHQ'LDORJ([HFXWHWKHQH[LW
$VVLJQ)LOHW2SHQ'LDORJ)LOHQDPH5HVHWW
ZKLOHQRWVHHNHRIWGR
ZLWK6WULQJ*ULGGR
EHJLQ
Q 5RZ&RXQWP
ZKLOHQRWVHHNHROQWDQGP&RO&RXQWGR
EHJLQ
V
UHDGW]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
SURFHGXUH7)RUP=DSLV&OLFN6HQGHU72EMHFW
EHJLQ
]DStVDGRV~ERUX
HQG
SURFHGXUH7)RUP.RQLHF&OLFN6HQGHU72EMHFW
EHJLQ
&ORVH
HQG
7HUD]QDSURJUDPXMHPHSURFHG~UXNWRUiSUHXVSRULDGDULDGN\WDNHQHMDNVWSHFEXGHXWULHGHQY]RVWXSQH
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
SULYDWH
SURFHGXUH7ULHGFLQWHJHU
HQG
SURFHGXUH7)RUP7ULHGFLQWHJHU
YDULMPLQQLQWHJHU
VVWULQJ
EHJLQ
ZLWK6WULQJ*ULGGR
EHJLQ
Q 5RZ&RXQWSUHGSRVOHGQULDGRNMHSRVOHGQQDWULHGHQLH
IRUL WRQGR
EHJLQ
PLQ L
IRUM LWRQGR
LI&HOOV>FM@&HOOV>FPLQ@WKHQPLQ MKDGiPHPLQLPXP
LIPLQ!LWKHQ
IRUM WR&RO&RXQWGRSRHWVWSFRY
EHJLQ
V &HOOV>ML@&HOOV>ML@ &HOOV>MPLQ@&HOOV>MPLQ@ VYPHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
HQG
HQG
HQG
HQG
$NHVDNOLNQHGRIL[RYDQpKRULDGNXGRQHMDNpKRVWSFDWDNVDYHWN\ULDGN\XWULHGLDSRGDGDQpKRVWSFD
SURFHGXUH7)RUP6WULQJ*ULG0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
YDU$&RO$5RZ/RQJLQW
EHJLQ
6WULQJ*ULG0RXVH7R&HOO;<$&RO$5RZ
LI6KLIW >VV/HIW@DQGD5RZ WKHQ7ULHGD&RO
HQG
'HOSKLQiPGiYDPRQRVDE\VPHVDPLY\NUHVRYDOLREVDKNDGHMEXQN\WDEXN\XGDORV2Q'UDZ&HOOWUHEDVLGDSR]RUDNUHVOLOHQ
GRY\]QDHQpKRREGQLNDSDUDPHWHU5HFW
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
YDUKVWULQJ
EHJLQ
K 6WULQJ*ULG&HOOV>&RO5RZ@
LI5RZ WKHQ
6WULQJ*ULG&DQYDV)RQW&RORU FO%OXHWH[W\YIL[QRPULDGNXEXG~PRGUp
HOVHLISRV
R
K!WKHQWH[W\NWRUpREVDKXM~StVPHQR
R
6WULQJ*ULG&DQYDV)RQW&RORU FO5HGEXG~HUYHQp
6WULQJ*ULG&DQYDV%UXVK&RORU FO<HOORZEXG~QDOWRPSR]DGt
DFKRYQLFD
YDORPSUtNODGH]6WULQJ*ULGXUREtPHDFKRYQLFX[EH]IL[QFKULDGNRYDVWSRYtUN\DMYN\WYRUHNRYIRQWVPHQDVWDYLOLQD
$ULDO%ROGYHNRVWLSULNOLNDQtGRSROtRNVDVWULHGDYREXG~]DSD
[
D
R
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
SURFHGXUH6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
SULYDWH
KUDFERROHDQ
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
KUDF WUXH
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU
&DQ6HOHFW%RROHDQ
YDUKVWULQJ
EHJLQ
K 6WULQJ*ULG&HOOV>&RO5RZ@
LIK
WKHQ
EHJLQ
LIKUDFWKHQK
[
HOVHK
R
6WULQJ*ULG&HOOV>&RO5RZ@ K
KUDF QRWKUDF
HQG
&DQ6HOHFW IDOVHQHRVHOHNWXMWRWRSROtNR
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
EHJLQ
LIJG6HOHFWHGLQ6WDWHWKHQ
6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFWDNVDPiY\NUHVOLVHOHNFLDSROtNDWDNVD
]PDH;25NUHVOHQLH
HQG
3DOHWD
9DOHMXNiNHY\XLMHPHWDEXNRYNRPSRQHQWDNRIDUHEQ~SDOHWX'RIRUPXOiUXVPHSRORLOLJUDILFN~SORFKX,PDJHDWDEXNX
6WULQJ*ULGULDGNRYDVWSFH6WULQJ*ULGVPHXSUDYLOLQDVOHGRYQH
WDEXNDPiUR]PHU\[&RO&RXQW5RZ&RXQW
YHNRVNRPSRQHQWXMH[ZLGWKKHLJKW
YHNRVSROtRNMH['HIDXOW&RO:LGWK'HIDXOW5RZ+HLJKW
IRQWMH$ULDOYHNRV%ROG
2SWLRQVMH>JR9HUW/LQHJR+RU]/LQH@
6FUROO%DUVMHVV1RQH
9SURJUDPHMH]DGHILQRYDQpNRQWDQWQpSROHIIDULHENWRUpSRXLMHPHYSDOHWH9\EUDQiIDUEDMHYSDOHWHR]QDHQiKYLH]GLNRXSUHWREROR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
WUHEDY6WULQJ*ULGQDVWDYLDMIRQWDWiWRMHQDQLHNWRUFKWPDYFKIDUEiFK]REUD]HQiOWRXIDUERX
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
6WULQJ*ULG76WULQJ*ULG
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
SURFHGXUH6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
SURFHGXUH,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
J7&DQYDV
HQG
FRQVWIDUUD\>@RI7FRORU
FO$TXDFO%ODFNFO%OXHFO'N*UD\FO)XFKVLDFO*UD\FO*UHHQFO/LPHFO/W*UD\
FO0DURRQFO1DY\FO2OLYHFO3XUSOHFO5HGFO6LOYHUFO7HDOFO:KLWHFO<HOORZ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
ZLWK6WULQJ*ULGGREHJLQ&RO 5RZ HQGRVHOHNWRYDQLHLHUQHMIDUE\
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
YDUII7&RORU
EHJLQ
II I>&RO5RZ@
6WULQJ*ULG&DQYDV%UXVK&RORU II
LIJG6HOHFWHGLQ6WDWHWKHQDNMHWRVHOHNWRYDQpSROtNR
EHJLQ
LIII FO%ODFNRUII FO1DY\RUII FO0DURRQWKHQDNMHWRWPDYiIDUED
6WULQJ*ULG&DQYDV)RQW&RORU FO<HOORZ
HOVH
6WULQJ*ULG&DQYDV)RQW&RORU FO%ODFN
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RS
HQG
HOVH
6WULQJ*ULG&DQYDV)LOO5HFW5HFW
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU
&DQ6HOHFW%RROHDQ
EHJLQ
J3HQ&RORU I>&RO5RZ@SULVHOHNWRYDQtSROtNDVDQDVWDYtDMIDUEDSHUDY
JUDILFNHMSORFKH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVLPWLPNQPOFOU
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
J0RYH7R[\
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQJ/LQH7R[\
HQG
=KUQXWLHNRPSRQHQWX6WULQJ*ULG
XLWRQpVWDYRYpSUHPHQQpSURSHUW\
5RZ&RXQW&RO&RXQW)L[HG&ROV)L[HG5RZV
&HOOV>D&ROD5RZ@&ROV>,QGH[@5RZV>,QGH[@
'HIDXOW5RZ+HLJKW'HIDXOW5RZ+HLJKWSRLDWRQiYHNRVSROtRN
&RO:LGWKV>,QGH[@5RZ+HLJKWV>,QGH[@PRPHQWiOQDYHNRVSROtRNSRDVEHKXPRQRPHQL
SRDVGL]DMQX6FUROO%DUV$OLJQ
:LGWK+HLJKW
&DQYDV
2SWLRQVVHWRIJR)L[HG9HUW/LQHJR)L[HG+RU]/LQHJR9HUW/LQHJR+RU]/LQH
JR5DQJH6HOHFWJR'UDZ)RFXV6HOHFWHGJR5RZ6L]LQJJR&RO6L]LQJJR5RZ0RYLQJ
JR&RO0RYLQJJR(GLWLQJJR7DEVJR5RZ6HOHFWJR$OZD\V6KRZ(GLWRUJR7KXPE7UDFNLQJ
PHWyG\
0RXVH7R&HOO;<,QWHJHUYDU$&RO$5RZ/RQJLQW
XGDORVWL
2Q6HOHFW&HOOSDUDPHWUH6HQGHU72EMHFW&RO5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
2Q'UDZ&HOOSDUDPHWUH6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW6WDWH
7*ULG'UDZ6WDWH
NGH7*ULG'UDZ6WDWH VHWRIJG6HOHFWHGJG)RFXVHGJG)L[HG
QDSU
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RS6WULQJ*ULG&HOOV>&RO5RZ@
DOHERDM6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFW
DOLHSRXLWLHWDEXNRYpKRNRPSRQHQWX6WULQJ*ULG
H[SORUHUV~ERURYSRGREQHDNRYR:LQNH]REUD]XMHDMGHWDLO\
H[FHORYVNiWDEXND
NDOHQGiU
KUDPtQ\
KU\QDDFKRYQLFL
SH[HVR
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
vod do Objektovo Orientovanho Programovania
YRGGR
2EMHNWRYR
2ULHQWRYDQpKR
QRY
3URJUDPRYDQLD
3ULSRPHPHVLDNpSRMP\VPH]DYLHGOLYSUHGQiNHSULGHILQRYDQtNRU\WQDN\
2EMHNWNRU\WQDND
VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYFKSUHPHQQFKQDSUSR]tFLDIDUED
WYDU
PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYp
SUHPHQQpWDNPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQ
NRU\WQDN\SUHPHQQpW\SX.RU
PXVLDE\Y\WYRUHQpQLHGHNODURYDQpSHFLiOQ\PVS{VRERP.RU&UHDWHDNPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXtYD
WDNPWRSUHPHQQPKRYRUtPH2%-(.7DW\SRP]NWRUFKY\WYiUDPHREMHNW\QDSU.RU
PLQXOHMSUHGQiNH)RUP,PDJH%XWWRQDMSUHPHQQiJNWRUiERODLQWDQFLRXWULHG\7&DQYDV
]DWLDVLRREMHNWRFKWUHED]DSDPlWDHV~WRSUHPHQQpNWRUpYVHEHP{XREVDKRYDYHD
=GRWHUDMtFKVN~VHQRVWtYLHPHHVREMHNWRPNRU\WQDNDVDSUDFXMHYHPLSRGREQHDNRVRE\DMQP
]i]QDPRPUHFRUG3R]ULPHVDQDWLHWRGHNODUiFLH
W\SH W\SH
]0LHVWR UHFRUG R0LHVWR FODVV
[\LQWHJHU [\LQWHJHU
HQG HQG
YDU]P]0LHVWR YDURPR0LHVWR
SUHPHQQi]PW\SX]0LHVWRXSRVYRMRP]DGHNODURYDQtH[LVWXMHD]DWLDPiQHGHILQRYDQ~
KRGQRWXDOHP{HPHGRQHMGRMHMSRORLHNSULUDG]RYDQDSU]P[
SUHPHQQiRPW\SXR0LHVWRWMLQWDQFLDWULHG\R0LHVWR]DWLDHWHQLHMHY\WYRUHQiDSUHWR
LQWDQFLD WULHGD&UHDWHDOHERLQWDQFLD
WULHGD&UHDWHSDUDPHWUH
QDSUPXVtPH]DStVDRP R0LHVWR&UHDWH
VSRORNDPL]i]QDPXDMREMHNWXSUDFXMHPH~SOQHURYQDNRQDSUP{HPHSRXLZLWK
]Y\NQHPHVLSRVNRQHQtSUiFHVREMHNWRPWHQWR]UXLSRPRFRX)UHHQDSURP)UHHMHWR
SRGREQHX]DWYRUHQLXV~ERUXSRPRFRX&ORVH
$N]DGHILQXMHPH0LHVWRDNRWULHGXQDPLHVWR]i]QDPX]tVNDYDPHVLOQQiVWURMREMHNWRYRRULHQWRYDQp
SURJUDPRYDQLH8NiPHVLQRY~YODVWQRVNWRU~SRVN\WXM~LEDREMHNW\
'HGHQLH
]KRWRYHMWULHG\P{HPHY\WYRULDOLHRGYRGHQpWULHG\WDNHSDVFDOXR]QiPLPHHFKFHPHSRQHFKD
YHWNRRXEROR]DGHILQRYDQpGRWHUD]DSULGiPHQHMDNpQRYpSRORN\VWDYRYpSUHPHQQp
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDURPR0LHVWR
RER%RG
7ULHGDR%RGMHY\WYRUHQiWDNHPiYHWN\YODVWQRVWLWULHG\R0LHVWRDSULGDODVLQRY~VWDYRY~
SUHPHQQ~YLGWMWiWRWULHGDPiVWDYRYpSUHPHQQp
1RYpSRMP\
WULHGDR%RGY]QLNODDNRSRWRPRNWULHG\R0LHVWRGHVFHQGHQWW\SH>GL
VHQGHQW@
WULHGDR0LHVWRMHSUHGRNWULHG\R%RGDQFHVWRUW\SH>DHQVHVWH@
WULHGDR%RG]GHGLODYHWN\YODVWQRVWLWULHG\R0LHVWRLQKHULW
NDGiWULHGDP{HPDXERYRQSRHWSRWRPNRYDOHOHQMHGLQpKRSUHGND
SRWRPNRYLDP{XGRGHILQRYDQRYpVWDYRYpSUHPHQQpDOHP{XDMSUHGHILQRYDX]GHGHQp
3UtNODG
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDURPR0LHVWR
RER%RG
EHJLQ
RP R0LHVWR&UHDWH
RE R%RG&UHDWH
0HWyG\REMHNWX
V~WRSURFHG~U\DOHERIXQNFLHNWRUpVDGHNODUXM~YRYQ~WULREMHNWXDV~VQtPSHYQHVSRMHQp
VO~LDQDSUQDPRGLILNRYDQLHVWDYRYFKSUHPHQQFK]DEH]SHXM~VSUiYDQLHREMHNWX
]DGHILQXMHPHSURFHG~UXQDQDVWDYHQLHKRGQ{WVWDYRYFKSUHPHQQFK
SURFHGXUHR0LHVWR=PHQ;<1RYH;1RYH<LQWHJHU
EHJLQ
[ 1RYH;\ 1RYH<
HQG
DE\W~WRGHILQtFLXSDVFDOVSUiYQHSRFKRSLOWMHSDWUtNWULHGHR0LHVWRPXVtE\MHMKODYLND
]DGHILQRYDQiDMYGHILQtFLLWULHG\
W\SH
R0LHVWR FODVV
[\LQWHJHU
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU
HQG
WLHWRGYHGHILQtFLHPHWyG\PXVLDE\LGHQWLFNp
9RYQ~WULPHWyG\VDSUDFXMHVRVWDYRYPLSUHPHQQPLPRPHQWiOQHMWULHG\DNRNHE\ERODRENORSHQi
QHYLGLWHQPSUtND]RPZLWK
1DNRNRWULHGDR%RGMHSRWRPNRPWULHG\R0LHVWRWDN]GHGLODDMPHWyG\DSUHWRDMLQWDQFLHWULHG\R%RG
P{XWHUD]SRXtYDW~WRPHWyGX
YDURER%RG
EHJLQ
RE R%RG&UHDWH
RE=PHQ;<YRODQLHPHWyG\
3RWRPRNP{HSUHNU\PHWyGXVYRMKRKRFLNWRUpKRSUHGNDP{HPXKRFLDM]PHQLW\SDSRHW
SDUDPHWURYQDSU
W\SH
R%RG FODVVR0LHVWR
YLGERROHDQ
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
HQG
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
[ 1RYH;\ 1RYH<YLG 1RY\9LG
HQG
DOHERP{HPHY\XLSULGHILQRYDQtSUHNUYDM~FHMPHWyG\DM]GHGHQ~PHWyGXQDSU
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
LQKHULWHG=PHQ;<1RYH;1RYH<DOHERDM
R0LHVWR=PHQ;<1RYH;1RYH<
YLG 1RY\9LG
HQG
3UtNODGQDNUXQLFHDNRREMHNW\
PHWyGDPLQDY\WYRUHQLHNUXKXY\NUHVOHQLHXNU\WLH]PHQXIDUE\DSRVXQREUi]NX
SURFHG~UDNWRUiVSUDFRYiYDXGDORV2Q)RUP&UHDWH7)RUP)RUP&UHDWHSULUDGtGRSUHPHQQHM
J ,PDJH&DQYDVJMHWLHJOREiOQDSUHPHQQi
DOHM]DGHILQXMHPHJOREiOQHSUHPHQQpW\SXR.UXK
QDSUYpWODLGORVDQLHNGHYSORFKHY\WYRUtNUXQLFDQHMDNHMYHNRVWLDIDUE\
SRGREQHDMQDDWODLGOiLQpNUXQLFH
1DSU
W\SH
7)RUP FODVV7)RUP
SULYDWH
SRFLQWHJHU
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
J7&DQYDV
R.UXK
W\SH
R.UXK FODVVSRWRPRN72EMHFW
[\ULQWHJHU
I7&RORU
YLGERROHDQ
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRUR.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
LQKHULWHG&UHDWH
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUHR.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUHR.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUHR.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUHR.UXKSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDUDEFR.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D R.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E R.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F R.UXK&UHDWHFXND]
HQG
WYUWpWODLGORUR]KEHNUXK\WDNHNDGVDSDUDOHOQHSRKQHQHMDNPVPHURPNURNRY3RXLMHPH
QDWRDVRYD7LPHUQDVWDYtPHPXYLQSHNWRUH,QWHUYDOQDD(QDEOHGQD)DOVH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
DSRVXQ
ESRVXQ
FSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
OHQHDNE\VPHVWODLOLWRWRWODLGORSUHGWPDNRVPHY\URELOLYHWN\NUXK\SURJUDPQiPVSDGQHQDX
]QiPHMFK\EH$FFHVYLRODWLRQDWDGGUHVVSUHWRPXVtPH]DEH]SHLHSRV~YDEXGHPHOHQWHQNUXK
NWRUXEROQDR]DMY\UREHQ$NR]LVWtPHLERODLQWDQFLDXY\WYRUHQi&UHDWH"
9VNXWRQRVWLYSUHPHQQHMDQLHMHSULDPRREVDKREMHNWXVWDYRYpSUHPHQQpWDNDNRE\WRERORY
]i]QDPHDOHUHIHUHQFLDQDQHMDNpPLHVWRYSDPlWLSRLWDDNGHVDQDR]DMWHQWRREMHNWQDFKiG]D
.PQLHMHREMHNWY\WYRUHQVNRQWUXRYDQWDNYSUHPHQQHMDQLHMHLDGQDUHIHUHQFLDRVDYSDVFDOH
R]QDXMHVORYtNRPQLODWHGD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
D QLO
E QLO
F QLO
HQG
$VLE\ERORGREUpVL]Y\NQ~QD]DLDWRNSURJUDPXQDSUGR)RUP&UHDWHGDSULUDGHQLDD QLOE QLO
'RKRGOLVPHVDHNDGREMHNWPXVtPHSRVNRQHQtXYRQLSRPRFRX)UHHYQDRPSUtNODGHWR
XUREtPHYXGDORVWL2Q)RUP'HVWUR\
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHHLID!QLOWKHQD'HVWUR\
E)UHH
F)UHH
HQG
3LDWHWODLGORXYRQtYHWN\LQDQFLHDEF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQZLWKDGR
EHJLQLIYLGWKHQVNU\)UHHD QLOHQGLQDNE\D
UHIHUHQFRYDORQDXQHGHILQRYDQREMHNWYSDPlWL
LIE!QLOWKHQZLWKEGR
EHJLQLIYLGWKHQVNU\)UHHE QLOHQG
LIF!QLOWKHQZLWKFGR
EHJLQLIYLGWKHQVNU\)UHHF QLOHQG
HQG
9ODVWQRVWL
HQNDSVXOiFLDHQFDSVXODWLRQ]DS~]GUHQLH
QRYGiWRYW\SWULHGDFODVV
VSRMHQLHW\SXUHFRUGDSURFHG~U\IXQFNFLHSUHPDQLSXOiFLXVRVWDYRYPLSUHPHQQPL
GHGLQRVLQKHULWDQFH
RGGHILQRYDQpKRREMHNWXP{HPHRGYRGLFHO~KLHUDUFKLXREMHNWRY
WMSRWRPNRYNWRUpGHGLDSUtVWXSNGiWRYPDMSURJUDPRYP]ORNiP
SRO\PRUIL]PXV
]GLHODQLHDNFLtYKLHUDUFKLLREMHNWRY
EXGHPHVDXLDQHVN{U
1'
]DQLWHWXGRYDV~ERU.RU8QLWSDVXE\VWHGRVYHD]WRKRPRKOLUR]XPLH
]DGHILQXMWHWULHGXSUHYHNptVODQDSU
FRQVWPD[
W\SH
YHONHBFLVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRHWSODWQFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[ORQJLQW
SURFHGXUHSULFLWDM[ORQJLQW
SURFHGXUHQDVRE[ORQJLQW
SURFHGXUHY\SLV
HQG
DE\VDGDOQDSUY\SRtWDYHNIDNWRULiOQDSU
YDUIYHONHBFLVOR
I YHONHBFLVOR&UHDWH
ISULUDG
IRUL WR1GRIQDVREL
IY\SLV
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3URJUDPRYp
MHGQRWN\G\QDPLFNpD QRY
RWYRUHQpSROLD
3URJUDPRYpMHGQRWN\XQLW\
EDOtNSUHGGHILQRYDQFKSRGSURJUDPRYSUHPHQQFKW\SRYDNRQWiQW
SRXtYDM~VD
DNRNQLQLFHSRGSURJUDPRYNWRUpVDGDM~SULSRMLNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD
]GURMRYpKRNyGXWDQGDUGQiMHGQRWND6\VWHPREVDKXMHWDQGDUGQpSDVFDORYVNpSURFHG~U\
DIXQNFLHQDSU$VVLJQ)LOH5HVHWZULWHFRS\LQVHUWFRVRUGRGGSLDOHDMWULHGX
72EMHFW
SURJUDPRYNyGNWRUSRSLVXMHVSUiYDQLHIRUPXOiUXQDMDVWHMLHPiNDGIRUPXOiUY
DSOLNiFLLVYRMXMHGQRWNXY\WYRUHQMHDXWRPDWLFN\SURVWUHGtP'HOSKLSULY\WYiUDQt
QRYpKRIRUPXOiUXSRSLVNRPSRQHQWRYYRIRUPXOiULMHYV~ERUHVSUtSRQRX')0
DVWRKRP{HPHSRXLQDUR]OHQHQLHUR]VLDKOHKRSURJUDPXGRORJLFN\V~YLVLDFLFK
PHQtFKPRGXORYUHVSQDSRSLVQHMDNHMDVWLKLHUDUFKLHREMHNWRY
V~YV~ERURFKVSUtSRQRX3$6 !SRSUHNRPSLORYDQtMHLFKNyGYV~ERUHVSUtSRQRX'&8
DE\VPHPRKOLQHMDNXQLWSRXLYQDRPSURJUDPHQHSRWUHEXMHPHMHKR]GURMRYWYDU
3$6DOHVWDtQiPV~ERU'&8
'HILQtFLDXQLWX
XQLWPHQRBXQLWXPHQRXQLWXE\VDPDOR]KRGRYDVPHQRPV~ERUX
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQWiQWW\SRYDMWULHG
SUHPHQQFK
SURFHG~UDIXQNFLtOHQLFKKODYLN\NDGNWRMHGQRWNXSRXtYD
NQLPP{HSULVWXSRYDDNRNVYRMLPYODVWQP`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMHQFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRQp
StVDEH]RKDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQWiQWW\SRYSUHPHQQFKSURFHG~U
DIXQNFLt`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LQLWLDOL]DWLRQWLHWRDVWLP{XFKED
LQLFLDOL]iFLDXQLWXVSXVWtVDWHVQHSUHGVSXVWHQtPKODYQpKR
SURJUDPX
ILQDOL]DWLRQ
ILQDOL]iFLDXQLWXVSXVWtVDSRVNRQHQtKODYQpKRSURJUDPX
HQG
-HGQRWN\P{HPHSRXLYLQFKSURJUDPRFKUHVSMHGQRWNiFKWDNHGRDVWLGHNODUiFLtXVHVQDStHPH
PHQRMHGQRWN\DNVDPHQRMHGQRWN\QH]KRGXMHVPHQRPV~ERUXPXVtPH]DStVDDMPHQRV~ERUXQDSU
XVHV0HVVDJHV9HNWRU\LQ
XQLWSDV
3RPRFQ\8QLW
SRUDGLHPLHQMHGQRWLHNYSRSLVHXVHVXUXMHSRUDGLHLFKLQLFLDOL]iFLt
3UtNODGQD]iVREQtN
XQLW6WDFN8QLW
LQWHUIDFH
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ
VWDFN FODVV
VWDUUD\>PD[VWDFN@RISUYRN
YUFKPD[VWDFN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJV
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
YUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQ]iVREQtN
HOVH
EHJLQ
LQFYUFKVW>YUFK@ S
HQG
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
EHJLQ
S VW>YUFK@GHFYUFK
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNIXOOERROHDQ
EHJLQ
5HVXOW YUFK PD[VWDFN
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
3R]ULPHVDDNRY\]HUiKODYQSURJUDPWM'HOSKLSURMHNWDSOLNiFLH.RU3URMGSU
SURJUDP.RU3URM
XVHV
)RUPV
2NQR8QLWLQ
2NQR8QLWSDV
^2NQR`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP72NQR2NQR
$SSOLFDWLRQ5XQ
HQG
WHQWRV~ERUMHWLHSDVFDORYVN]GURMRYNyGDOHQDUR]GLHORGMHGQRWN\REVDKXMHOHQGHNODUiFLHDKODYQ
SURJUDPWMWRRVDVSXVWtSRWDUWHSURJUDPXSRLQLFLDOL]iFLLXQLWRY]UHMPH$SSOLFDWLRQMHQHMDNi
SHFLiOQDLQWDQFLDRNWRU~VDVWDUi'HOSKLDWHQWRKODYQSURJUDPOHQ]DYROiQHMDNpPHWyG\WHMWR
LQWDQFLH
'\QDPLFNpSROLD
32=25QHIXQJXM~Y'HOSKL
GHNODUXM~VD
YDUDDUUD\RIW\SBSUYNX
D]QDPHQiWRHSUHPHQQiDWRKRWRW\SX]DWLDQHPiXUHQ~YHNRVWMSRHWSUYNRY
PXVtPH]DGHILQRYDW~WRYHNRV
WDQGDUGQiIXQNFLD/HQJWKYUDFLDPRPHQWiOQXYHNRVSRDSUHQLOMHWR
1DSU]iVREQtNSRPRFRXG\QDPLFNpKRSRD
XQLW6WDFN8QLW
LQWHUIDFH
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJVREVDKXMH6KRZ0HVVDJH
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOWRNQRVRVSUiYRX
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLO
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
6HW/HQJWKVW/HQJWKVWVW>+LJKVW@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
EHJLQ
S VW>+LJKVW@6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>+LJKVW@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW /HQJWKVW DOHER5HVXOW VW QLO
HQG
HQG
1DNRNRMHRSHUiFLDQDIXNRYDQLDG\QDPLFNpKRSRDGUDKi DVRYRQiURQiEXGHPHSROH
]YlRYDSRYltFK~VHNRFKQDSUWM
XQLW6WDFN8QLW
LQWHUIDFH
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
YUFKLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJV
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLOYUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LQFYUFK
LIYUFK!+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
VW>YUFK@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
EHJLQ
S VW>YUFK@GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
1DSUSRXLWLHVSROXVNRU\WQDNRXSUHGSRNODGiPHHSUYN\]iVREQtNDV~tVODQDSUW\SH
SUYRN UHDO
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUVVWDFN
N.RU
LLQWHJHU
UUHDO
EHJLQ
N .RU&UHDWHV VWDFN&UHDWH
IRUL WRGR
EHJLQ
NGRSUHGXL
NYSUDYRVSXVKL
HQG
FDNDM
NIS FO5HG
ZKLOHQRWVHPSW\GR
EHJLQ
VSRSUNYODYRNGRSUHGXU
HQG
HQG
3DUDPHWHURWYRUHQpSROH
3RWUHEXMHPSURFHG~UXNWRUiGRVWDQHSRVWXSQRVtVHODQDMHM]iNODGHQDNUHVOtNULYNXWDNHSRVWXSQH
EXGH]QHMEUDGN\SUHSUtND]GRSUHGXD]DNDGPVDRWRtRVWXSRYYSUDYR1DNRNRQHSR]QiPH
GNXYVWXSQHMSRVWXSQRVWLWMSRDSRXLMHPHW]YSDUDPHWHURWYRUHQpSROHWMVNXWRQP
SDUDPHWURPP{HE\XERYRQpMHGQRUR]PHUQpSROHNWRUpVD]KRGXMHVW\SRPSUYNRY=DSLVXMHPH
QDSU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
WDNWRIRUPiOQ\SDUDPHWHUQLHMHG\QDPLFNpSROH
9RYQ~WULSURFHG~U\SULVWXSXMHPHNSUYNRPSRDVLQGH[DPLRG/RZGDSR+LJKGSULRP/RZGMH
YG\D+LJKGMHYG\/HQJWKG1HP{HPHSRXL6HW/HQJWKDQLFRS\
1DSU
YDUN.RU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
YDULLQWHJHU
EHJLQ
IRUL WRKLJKGGR
EHJLQ
N'RSUHGXG>L@
N9SUDYR
HQG
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWGGDUUD\>@RIUHDO
EHJLQ
N .RU&UHDWH
NUHVOLGG
HQG
'HOSKLXPRXM~SRVODDNRVNXWRQSDUDPHWHUW\SXRWYRUHQpSROHDMNRQWDQWXRWYRUHQpSROHWM
SRVWXSQRVKRGQ{WURYQDNpKRW\SXDNRSUYN\RWYRUHQpKRSRDX]DYUHWiYKUDQDWFK]iWYRUNiFKQDSU
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
N .RU&UHDWH
NUHVOL>@
HQG
$NYLHPHHSURFHG~UD3RO\JRQNWRUiIXQJXMHY&DQYDVHJUDILFNHMSORFK\PiSDUDPHWHURWYRUHQpSROH
W\SX7SRLQWDWDQGDUGQiIXQNFLD3RLQWY\UiED]i]QDPW\SX73RLQWWMQLHRDNR
W\SH73RLQW UHFRUG[\/RQJLQWHQG
SURFHGXUH7&DQYDV3RO\JRQFRQVW3RLQWVDUUD\RI73RLQW
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3URJUDPRYi
QRY
MHGQRWND.RU8QLW
1RYiYHU]LD.RU8QLWNWRUiXDOHQHIXQJXMHSUH'HOSKLMHRGODGHQiY'HOSKLDPDODE\E\IXQNQi
DMY'HOSKL
3RGUREQHMLHVDSR]ULHPHQDMHGQRWNX.RU8QLWQDMSUYGHNODUiFLDWULHG\.RU
W\SH
.RU FODVV
SULYDWH
;6XU<6XU6PHUUHDO
'ROHERROHDQ
)37&RORU
+3LQWHJHU
8ND]DQDERROHDQ
SREU\VDUUD\RIUHDO
IREU\V7&RORU
KREU\VLQWHJHU
SURFHGXUH8ND]F7&DQYDV
SXEOLF
FRQVWUXFWRU&UHDWH[UHDO \UHDO XUHDO
GHVWUXFWRU'HVWUR\RYHUULGH
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\<6XUUHDOUHDG<6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
SURSHUW\'ROHERROHDQUHDG'ROHZULWH=PHQ3HUR
SURSHUW\)37&RORUUHDG)3ZULWH=PHQ)3
SURSHUW\+3LQWHJHUUHDG+3ZULWH=PHQ+3
SURSHUW\)DUED7YDUX7&RORUUHDGIREU\VZULWH=PHQ)DUEX7YDUX
SURSHUW\+UXEND7YDUXLQWHJHUUHDGKREU\VZULWH=PHQ+UXENX7YDUX
HQG
9lLQXYHFtXSR]QiPH
PHG]LVWDYRYPLSUHPHQQPLMHDMSREU\VNWRUiMHW\SXG\QDPLFNpSROH
VYlLQRXPHWyGVPHXSUDFRYDOLWDNHE\QiPQHPDORURELSUREOpP\SRFKRSLLFKSDUDPHWUH
PHWyGD=PHQ7YDUPiSDUDPHWHURWYRUHQpSROH
XWXMHQLHNRNRQRYLQLHNNWRUp]DWLDQHSR]QiPH
YHWN\VWDYRYpSUHPHQQpDPHWyG\V~UR]GHOHQpGRGYRFKYHNFKVNXStQSULYDWHDSXEOLF
RNUHPNRQWUXNWRUD&UHDWHMHWXGHILQRYDQDMGHWUXNWRU'HVWUR\N~RYpVORYRRYHUULGH
SRFKRStPHQHVN{U
VNRUR]DYHWNPLGHILQtFLDPLPHWyGMHN~RYpVORYRYLUWXDONWRUpVDEXGHPHXLQHVN{U
NRQWUXNWRU&UHDWHPiSUHGYROHQpSDUDPHWUHGHIDXOW
SURSHUW\YODVWQRV
3ULYiWQHGHILQtFLH
VWDYRYpSUHPHQQpDPHWyG\QLHV~YDQLMHGQHM]WFKWRVNXStQRNUHPWFKWRGYRFKVNXStQMHDM
DOLDSXEOLVKHGNWRUiMHVNRURURYQDNiDNRSXEOLFDOH]DWLDSUHMHGQRGXFKRV
SUHGSRNODGDMPHHMX'HOSKLSRWUHEXM~SUHNRPSRQHQW\DPHWyG\NWRUpV~]YLD]DQpVQHMDNP
IRUPXOiURP
3UHGYROHQpSDUDPHWUH
LFK]DQiVWPLWRKRGQRWDPL
OHQKRGQRWRYpDOHERFRQVWP{XE\SUHGYROHQpGHIDXOW
SUHGYROHQp
NRU\WQDNXP{HPHVNRQWUXRYDQDSUWDNWR
N .RU&UHDWH
N .RU&UHDWH
N .RU&UHDWH[\
9ODVWQRVWLSURSHUW\
VWDYRYpSUHPQQpVN~RYPVORYRPSURSHUW\V~SHFLiOQHDWULE~W\WULHG\QHPXVLDWRE\
SDPlRYpSRORN\WULHG\DNRY]i]QDPH
RE\DMQPVWDYRYPSUHPHQQPMHY\KUDGHQpQHMDNpSDPlRYpPLHVWRP{HPH]LVWLMHM
KRGQRWXUHVSMXPHQLDQDOyJLDSRORNiP]i]QDPRY
YODVWQRVPXVtPDSULUDGHQpQHMDNpDNFLHQDtWDQLHUHVSPRGLILNRYDQLHWDNHMWRVWDYRYHM
SUHPHQQHM
XPRXM~NRQWURORYDSUtVWXSNXVWDYRYPSUHPHQQPDXPRXM~DE\EROLWDNpWRVWDYRYp
SUHPHQQpY\SRtWDQpDNHEXG~SRDGRYDQptWDQp
V\QWD[
SURSHUW\PHQRW\SUHDGSRORND_PHWyGDZULWHSRORND_PHWyGD
SRORND_PHWyGDMHEXRE\DMQiSRORNDVWDYRYiSUHPHQQiREMHNWXKRFLDMSULYiWQDDOHER
SUHUHDGPHWyGDPXVtE\EH]SDUDPHWURYiIXQNFLDURYQDNpKRW\SX
SUHZULWHPHWyGDPXVtE\MHGQRSDUDPHWURYiSURFHG~UDVKRGQRWRYPDOHERFRQVWSDUDPHWURP
URYQDNpKRW\SX
MHGQD]DVWtUHDGDOHERZULWHP{HFKED !SRWRPWHQWRSUtVWXSQLHMHSRYROHQQDSUQHGiVD
PHQLKRGQRWDVWDYRYHMSUHPHQQHMLEDtWD
YG\NHVDYSURJUDPHEXGHtWDUHVSPHQLKRGQRWDVWDYRYHMSUHPHQQHMYODVWQRVWLWDNVD
EXSUHtWDKRGQRWDUHVSSULUDGtGRSRORN\DOHERVD]DYROiSUtVOXQiPHWyGD
QDSUNRU\WQDNDPiDMWLHWRYODVWQRVWL
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
R]QDPHQiHVWDYRY~SUHPHQQ~;6XUQHP{HPHPHQLQDSUSULUDRYDFtPSUtND]RPOHQtWD
YWHG\GRVWDQHPHKRGQRWXV~NURPQHMSUHPHQQHM;6XU
9DORPSUtNODGHVWDYRYiSUHPHQQiYODVWQRVSUHPYVNXWRQRVWLPDQLSXOXMHVRV~NURPQRX
SUHPHQQRX[SUHPOHQSULMHMtWDQtVDDXWRPDWLFN\]YLSRtWDGORSRF
W\SH
[[ FODVV
SULYDWH
[SUHPUHDO
SRFLQWHJHU
IXQFWLRQKRGQRWDUHDO
SXEOLF
SURSHUW\SUHPUHDOUHDGKRGQRWDZULWH[SUHP
HQG
IXQFWLRQ[[KRGQRWDUHDOIXQNFLDSRtWDSRHWSUtVWXSRYNX
VWDYRYHMSUHPHQQHM
EHJLQ
5HVXOW [SUHPLQFSRF
HQG
QHVN{UXYLGtPHDMDOLHPRQRVWLVWDYRYFKSUHPHQQFKYODVWQRVWt
-HGQRWND.RU8QLWPi]DGHILQRYDQpQLHNWRUpG{OHLWpV~NURPQpSUHPHQQpLEDYLPSOHPHQWDWLRQDVWL
NRU\DUUD\RINRU
PD[NRULQWHJHU
G\QDPLFNpSROHNRU\VO~LQDWDMQpV~NURPQp]DSDPlWDQLHVLYHWNFKGRWHUD]Y\WYRUHQFKNRU\WQDLHN
SRWUHEXMHPHWRQD
DXWRPDWLFNp]UXHQLHYHWNFKLQWDQFLtNRU\WQDLHNSULVNRQHQtSURJUDPXPHWyGD
72NQR)RUP'HVWUR\YROiSURFHG~UX=UXV.RU\
Y\NUHVRYDQLHWYDURYNRU\WQDLHNWURMXKROQtNRYSULNDGHM]PHQHJUDILFNHMSORFK\PHWyGD
72NQR:03DLQWMH]DYRODQi:LQGRZVDPLWHVQHSUHGWPDNRWUHEDSUHNUHVOL2NQRQDSUNH
VDYSORFKHQLHR]PHQLORWiWRPHWyGDYROiSURFHG~UX'RNUHVOL.RU\
7RWRSROHNRU\VDDNWXDOL]XMHY.RU&UHDWHDY.RU'HVWUR\
9MHGQRWNH.RU8QLWV~RNUHPWULHG\.RUYLQWHUIDFHDVWLGHILQRYDQpDMQHMDNpNRQWDQW\SUHPHQQpD
SURFHG~U\=PD]D1DUD]PDM~SUHYROHQpSDUDPHWUH[D\V~V~UDGQLFHVWUHGXNRU\WQDHMJUDILFNHM
SORFK\
3RPRFQiSURFHG~UDWHVWVO~LQDWRDE\VDDXWRPDWLFN\SRNDGRPNRU\WQDRPSUtND]H'RSUHGX
9SUDYR=PHQ)3DSRGXPRQLOR:LQGRZVDE\XURELORYHWN\DNFLHNWRUpVD]DWLDQD]ELHUDOLDWLHVD
YJUDILFNHMSORFKHSUHNUHVOLDYHWN\NRWU\WQDN\]DYROiVD:03DLQW
7HQWRPHFKDQL]PXVYHPLVSRPDXMHSULHEHKYSRWXSUiFXNRU\WQDLHN !]UFKRYDFt
PHFKDQL]PXVSURFHG~UDWHVWQHEXGHQLHNHG\URELQLMHWRGRVQHEH]SHQpDOHDDOLDSRPRFQi
SURFHG~UDQDUD]Y\NRQiS{YRGQ~IXQNFLXWHVWWMSUHNUHVOtNRU\WQDN\DQDFKYtXGiVORYR:LQGRZV
SURFHGXUHWHVW
EHJLQ
70\&DQYDVJ&KDQJHG
,QYDOLGDWH5HFW$SSOLFDWLRQ0DLQ)RUP+DQGOHQLOIDOVH
LIVSRPDO!WKHQFDNDMVSRPDO
HOVH$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUHWHVW
EHJLQ
LIQRWEORNWKHQWHVW
HQG
HQG
QLHNWRUp]DXMtPDYpGHWDLO\
Y=PHQ;<VDLDUDQHNUHVOtSRPRFRX0RYH7RD/LQH7RDOHSRPRFRX3RO\/LQHOHER/LQH7RQHPXVt
QDNUHVOLSRVOHGQ~ERGNX]LDU\DWRP{HQLHNHG\URELSUREOpP
Y=PHQ7YDUSRWUHEXMHPHNRPSOHWQ~KRGQRWXSDUDPHWUDRWYRUHQpSROHSUHNRStURYDGRG\QDPLFNpKR
SRDQHGiVDWRMHGQRGXFKPSULUDGHQtPDQLFRS\
SURFHGXUH.RU=PHQ7YDUFRQVWREU\VDUUD\RIUHDO
YDULLQWHJHU
EHJLQ
6HW/HQJWKSREU\V/HQJWKREU\V
IRUL WRKLJKREU\VGRSREU\V>L@ REU\V>L@
WHVW
HQG
SUHRMHYXQLWH.RU8QLWDVLQLWLDOL]DWLRQSUi]GQDDOHYRILQDOL]DWLRQMHRVL"
QHPRKOLVPHVHPGDLQLFLDOL]iFLXJUDILFNHMSORFK\"
DNpWRPiG{VOHGN\"YLQLWLDOL]DWLRQLQFKXQLWRYQHVPLHPHSRXtYDQL].RU8QLWOHERWHQVD
]LQLFLDOL]XMHDNHEXGHSULSUDYHQIRUPXOiU
PDOiXNiNDSRWRPNDWULHG\.RUNWRUGRGHILQXMHPHWyGXQDNUHVOHQLHELQiUQHKRVWURP
W\SH
PRM.RU FODVV.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
SURFHGXUHPRM.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQ
EHJLQ
YODYR
VWURPQV
YSUDYR
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRM.RU
EHJLQ
N PRM.RU&UHDWH
NVWURP
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RXLWLH
QRY
]iVREQtNDUDG
3UHSLVUHNXU]LHQDQHUHNXU]LX
0iPHUHNXU]tYQXPHWyGX
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
7ULHGX]iVREQtN]DGHILQXMHPHSUHNRQNUpWQX~ORKXSUYRN]iVREQtNDMH]i]QDPNWRUREVDKXMHSRORN\
YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
W\SHSUYRN UHFRUGYQLQWHJHUVUHDOHQG
3UHStPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiKR]iVREQtND
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHUQLHRDNRQiYUDWRYiDGUHVD
EHJLQ
] 6WDFN&UHDWH
]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQVQiYUDWSRUHNXU]tYQRPYRODQt
]SXVKQVUHNXU]tYQHYRODQLH
HQG
EHJLQ9SUDYR'RSUHGXVHQG
HQG
HQG
])UHHPDOE\H[LVWRYDGHWUXNWRUVWDFN'HVWUR\
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRMD.RU
EHJLQ
N PRMD.RU&UHDWH
NVSLU
HQG
3URFHG~UDVDGiXSUDYLWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWHY
ZKLOHY!GR
EHJLQ
FDVHYRI
LIQ WKHQEHJLQ9ODYRY HQGEXGHWUHED
URELSRS
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ9SUDYR'RSUHGXVY HQGEXGHWUHED
URELSRS
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
])UHH
HQG
7RXWR]iVREQtNRYRXPHWyGRXQHYLHPHURELIXQNFLH9QDVOHGXM~FRPSUtNODGHVLWRXNiHPHQD
)LERQDFFLKRSRVWXSQRVWL'HILQRYDQiMHUHNXUHQWQHWDNWR
1DStPHUHNXU]tYQXSURFHG~UXNWRUiSRtWD1Wp)LERQDFLLKRtVOR
YDUIILQWHJHUJOREiOQDSUHPHQQiYNWRUHMMHY\SRtWDQiKRGQRWD
SURFHGXUHILE1LQWHJHU
YDUILQWHJHU
EHJLQ
DV
LIQWKHQII
HOVH
EHJLQ
ILE1
DV
I II
ILE1
DV
II III
HQG
HQG
1HUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\SUYRNYVWDFNMHXWHUD]LQpKRW\SX
SURFHGXUHILE1LQWHJHU
YDUIYLQWHJHU
]VWDFN
EHJLQ
] 6WDFN&UHDWH]SXVKQI
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQI
FDVHYRI
LIQWKHQII
HOVH
EHJLQ
]SXVKQIQiYUDW
]SXVKQIUHNXU]tYQHYRODQLH
HQG
EHJLQ
I II]SXVKQIQiYUDW
]SXVKQIILEQ
HQG
II III
HQG
HQG
])UHH
HQG
3UHStHPHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDHMJUDILN\QDQHUHNXU]tYQX
SURFHGXUHPRMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
DV
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
VWURPQV
DV
9SUDYR
VWURPQV
DV
9ODYR'RSUHGXV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH0RMD.RUVWURPQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9SUDYR
]SXVKQV
]SXVKQV
HQG
EHJLQ9ODYR'RSUHGXVHQG
HQG
HQG
])UHH
HQG
1DStHPHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORN\
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ]SXVKQV]SXVKQVHQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ9SUDYR]SXVKQVHQG
HQG
HQG
])UHH
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRMD.RU
LLQWHJHU
EHJLQ
N PRMD.RU&UHDWH
IRUL WRGREHJLQNYORFNDNYODYRHQG
HQG
$ULWPHWLFNpYUD]\
YPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXtYDW]YLQIL[RY]iSLVDULWPHWLFNFKYUD]RY
MHGHILQRYDQQDVOHGRYQH
RSHUDQGQDSUtVORDOHERSUHPHQQiMHLQIL[RYYUD]
DN;D<V~LQIL[RYpYUD]\WDNLQIL[RYPLYUD]PLV~DM
SULY\KRGQRFRYDQtVDY\XtYDREY\NOiSUHFHQGHQFLDRSHUiWRURY
SUHYUiWHQ3RVN]iSLV
3UHIL[
RSHUiWRUMHSUHGRSHUDQGDPL
QDSUP{HPHSUHtWDDNRVtWDMD
3RVWIL[
RSHUiWRUMH]DRSHUDQGDPL
QDSUP{HPHSUHtWDDNR]REHUDSRWRPLFKVtWDM
3RVNpIRUP\PDM~RSURWLLQIL[XW~YKRGXHQHSRWUHEXMHPH]iWYRUN\QDXUHQLHSUHFHQGHQFLH
RSHUiWRURYYG\MHMHGQR]QDQHGDQpSRUDGLHY\KRGQRFRYDQLD
9DNDWRPXMHDMY\KRGQRFRYDQLHWDNFKWRYUD]RYYHPLMHGQRGXFKpSRPRFRX]iVREQtND
1DSU
SUHLQIL[
SUHIL[
^LQpMD]\N\/,63`
SRVWIL[
3UREOpP\]XQiUQ\PRSHUiWRURPWUHEDKRUR]OtLRGELQiUQHKR]Y\NQHVD]QDLLQP
]QDPLHQNRPQDSUVERGNRXDOHERB
3URJUDPQDY\KRGQRWHQLHSRVWIL[XQDtWDQpKR]RYVWXSX
XVHV6WDFN8QLWSUYRN LQWHJHU
SURFHGXUH72NQR:0VWDUW
YDU]VWDFN
[\LLQWHJHU
VVWULQJ
EHJLQ
3R]QDPN\8ND]WUXH
] VWDFN&UHDWH
=DSLV
=DGDMYUD]YSRVWIL[RYRPWYDUH
&LWDMVL
ZKLOHL /HQJWKVGR
EHJLQ
FDVHV>L@RI
EHJLQ
[
ZKLOHV>L@LQ>
@GR
EHJLQ
[ [
RUGV>L@RUG
LQFL
HQG
]SXVK[GHFL
HQG
B
EHJLQ]SRS[]SXVK[HQGXQiUQHPtQXV
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\
[HQG
EHJLQ]SRS[]SRS\]SXVK\GLY[HQG
HQG
LQFL
HQG
]SRS[=DSLV
YVOHGRN
,QW7R6WU[
])UHH
HQG
1'
XSUDYWHSURJUDPQDSRVWIL[VUHiOQRXDULWPHWLNRX
Y\KRGQRWLSUHIL[
SUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
~SOQHX]iWYRUNRYDQYUD]MHLQIL[YNWRURPMHNDGiRSHUiFLDR]iWYRUNRYDQiQDSU
Y\KRGQRWH~SOQHX]iWYRUNRYDQYUD]
SUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
Y\KRGQRFXMWHYUD]\VSUHPHQQPLSUtSVXQiUQ\PLIXQNFLDPLVSUDFXM~VDURYQDNRDNRXQiUQH
PtQXV
5$'48(8()5217),)2
GiWRYiWUXNW~UDSRVWXSQRVSRORLHN]RUDGHQFK]DVHERX
DNSUtGHQRYiSRORNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
Y\EHUDSRORN\]R]DLDWNXUDGXIURQWKHDGKODYLND
PHWyG\
VHUYH REVO~
DSSHQG SULGDMQDNRQLHF
5HSUH]HQWiFLDUDGXYSROL
F\NOLFNpSROHWYiULPHVDHSROHRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHE\
FKYRVWSULLHOQDNRQLHFSRDSUHVXQLHPHKR]QRYXQD]DLDWRNSUREOpP\V
UR]SR]QDQtPSUi]GQHKRDSOQpKRUDGXULHHQLHSDPlWDQtPVLSRWXSRORLHN
4XHXH8QLWSDV
XQLW4XHXH8QLW
LQWHUIDFH
FRQVWPD[4XHXH
W\SHSUYRN VWULQJ
TXHXH FODVV
TDUUD\>PD[4XHXH@RISUYRN
KOSRFPD[4XHXH
FRQVWUXFWRU&UHDWH
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
IXQFWLRQIXOOERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJV
FRQVWUXFWRUTXHXH&UHDWH
EHJLQ
KO SRF
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
EHJLQ
S T>KO@GHFSRF
KO KOPRGPD[4XHXH
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
SOQ\
HOVH
EHJLQ
T>KOSRFPRGPD[4XHXH@ SLQFSRF
HQG
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
5HVXOW SRF
HQG
IXQFWLRQTXHXHIXOOERROHDQ
EHJLQ
5HVXOW SRF PD[4XHXH
HQG
HQG
1DStHPHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\WYiUDQRYV~ERUWDNHYWRPWRV~ERUHV~
YHWN\ULDGN\YVWXSQpKRV~ERUXD]DQLPLHWHUD]WLHLVWpULDGN\
XVHV4XHXH8QLW
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUT4XHXH
IJ7H[W)LOH
WSUYRN
EHJLQ
T 4XHXH&UHDWH
$VVLJQ)LOHI
2NQR8QLWSDV
UHVHWI
$VVLJQ)LOHJ
WHVWSDV
UHZULWHJ
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GR
EHJLQ
TVHUYHWZULWHOQJW
HQG
&ORVH)LOHJ&ORVH)LOHI
T)UHH
=DSLV
KRWRYR
HQG
1'
SUHUREWHWULHGX4XHXHWDNDE\VWHY\XLOLG\QDPLFNpSROHSUtSDGQHULHWHGiWRY~WUXNW~UXQLH
F\NOLFNPG\QDPLFNPSRRPDOHSRNDGRPYEHUHSUYNXVHUYHYHWN\SUYN\SRVXWH
RSUDYLPHWyG\HPSW\DIXOOWDNDE\HPSW\YG\YUiWLOIDOVHDNERORSUi]GQHGiWDPQHMDN
UR]PDRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK
]iVREQtNRY]DUiNDYRIURQWH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RO\PRUIL]PXV QRY
1DSUHGQiNHVPHURELOLSURMHNWYNWRURPVPH]DGHILQRYDOLWULHGXNUXKDQDWULWODLGOiVPHSULUDGLOLY\WYRUHQLH
WURFKLQWDQFLtWHMWRWULHG\WYUWpWODLGORKEDORVWPLWRNUXKPL
W\SH
NUXK FODVV
SULYDWH
[\ULQWHJHU
I7&RORU
YLGERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
GRGHILQXMHPHQRY~WULHGXVWYRUHFSRGWULHGXNUXK
W\SH
VWYRUHF FODVVNUXK
SXEOLF
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUHVWYRUHFXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG WUXH
HQG
SURFHGXUHVWYRUHFVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUHVWYRUHF=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUHVWYRUHFSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
MHGQD]SUHPHQQFKLQWDQFLtNUXKXEXGHWHUD]VWYRUHF
YDUDNUXK
EVWYRUHF
FNUXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E VWYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
WDNWRY\OHSHQSURMHNWIXQJXMHVSUiYQHGUXKpWODLGORY\WYRUtWYRUHFDWYUWpWODLGORUR]KEHYHWN\~WYDU\
$NSRURYQiPHPHWyG\=PHQ)DUEXDSRVXQYRERFKWULHGDFK]LVWtPHHV~~SOQHLGHQWLFNpWDNHVDLFKSRN~VLPHY
WULHGHVWYRUHFY\KRGL.RPSLOiWRUXWRQHYDGtSRFKRStHVDPDM~]GHGLDOHSURMHNWXQHIXQJXMHVSUiYQH
6WDWLFNpPHWyG\
DN]DYROiPHVWYRUHFSRVXQ]DYROiVDNUXKVNU\DQLHVWYRUHFVNU\
NUXKSRVXQ!NUXKVNU\
A
_
VWYRUHFSRVXQVWYRUHFVNU\
9LUWXiOQHPHWyG\
SRWUHERYDOLE\VPHDE\NUXKSRVXQSRFKRSLOHERO]DYRODQ]SRWRPNDDWHGDQHEXGHYRODVYRMNUXKVNU\
DOHSRWRPNRYXPHWyGXVNU\
NUXKSRVXQNUXKVNU\YLUWXiOQD
A?
_?
VWYRUHFSRVXQ!VWYRUHFVNU\YLUWXiOQD
]UHMPHVDWRQHGiXURELSRDVNRPSLOiFLHOHERNUXKSRVXQQHP{HWXLHQLHNHG\YEXG~FQRVWLVLQLHNWR
QLHNGHLQGHQDSURJUDPXMHYHDSRWRPNRYNWRUpEXG~YRODNUXKSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHODYU{]Q\FKVWXSRFKREMHNWRYHMKLHUDUFKLH!
9DVQiDQHVNRUiYl]ED
NRPSLOiWRURNDPLWpUR]KRGQXWLHSULVWDWLFNFKPHWyGDFK
RGORHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
W\SXREMHNW
SULVWDWLFNFKPHWyGDFKNRPSLOiWRUKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRPRGGDQQHM
~URYQHNGHMHGHILQRYDQiPHWyGD
SULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRDVEHKXVDKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPN
SUHGNRPDOHRG~URYQHLQWDQFLH
YDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNFK
QHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
YGHNODUiFLLREMHNWXYLUWXDO
DNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQDPDOLE\PD
SRWUHEQpQD]DKiMHQLHDNFLH
PXVtE\YRODQVN{UDNRXERYRQiPHWyGDFK\EDSRDVEHKXSURJUDPX$FFHVVYLRODWLRQ
NDGREMHNWREVDKXMH9079LUWXDO0HWKRG7DEOH
NRQWUXNWRULQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXNX
KRYRUtPHHNRQWUXNWRUP{HE\SRXLWDMQDLQLFLDOL]RYDQLHVWDYRYFKSUHPHQQFKMHKRKODYQi
IXQNFLDMHY\KUDGLSDPlSUHREMHNWDLQLFLDOL]RYD907
.RQWUXNWRU\DGHWUXNWRU\
FRQVWUXFWRU&UHDWHXERYRQpPHQRP{HPDDMSDUDPHWUH
GHVWUXFWRU'HVWUR\RYHUULGHY72EMHFWMH'HVWUR\YLUWXDO
.RPSDWLELOLWDWULHGREMHNWRYFKW\SRY
PHG]LLQWDQFLDPL
PHG]LIRUPiOQ\PLDVNXWRQPLSDUDPHWUDPL
3UtNODG\
YDU
DFNUXK
EVWYRUHF
3RYROHQp
SURFHGXUH]PHQNNUXK
EHJLQN=PHQ)DUEXFO%OXHNSRVXQHQG
P{HE\YRODQp
!SRWRPRNP{HNGHNRYHNQDKUDGLSUHGNDSUHGRNP{H]DVWXSRYDSRWRPND
3RO\PRUIQREMHNW
NHGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNREMHNWP{HWRE\YODVWQHXERYRQSRWRPRNWRKRWRREMHNWX
YRYHREHFQRVWLVDQHGi]LVWLNWRU
XPRXMHVSUDFRYDREMHNW\NWRUFKW\SQLHMH]QiP\
XPRXMHY\XLPHWyG\SUHGNRYVRSHFLILFNPL]PHQDPL~SUDYDPL
SUHEXG~FHKRSRXtYDWHDXPRQtPHUR]LURYDQLHPHWyG
P{HPHY\URELDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]LURYDQLH
XPRXMHPHQLQLHNWRUpDVWLEH]]GURMRYFKWH[WRY
YDNDYLUWXiOQ\PPHWyGDPPRQRPHQLLQQRVQLHNWRUFKSURFHG~U
3UtNODGVSRO\PRUIQPWYRUFRPE\PDOY\]HUD
W\SH
VWYRUHF FODVVNUXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
YDUDNUXK
ENUXK
FNUXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E VWYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
1DVOHGXM~FLSUtNODGGHPRQWUXMHSRO\PRUIQpSROH
7URMXKROQLN
W\SH
WURM FODVVNUXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
SURFHGXUHWURMXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
SURFHGXUHWURMVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[U\@
YLG IDOVH
HQG
FRQVWQ
YDUSDUUD\>Q@RINUXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRUL WRQGRS>L@ QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
UDQGRPL]H
IRUL WRQGR
FDVHUDQGRPRI
S>L@ NUXK&UHDWHUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWUDQGRP
S>L@ VWYRUHF&UHDWHUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWUDQGRP
S>L@ WURM&UHDWHUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWUDQGRP
HQG
IRUL WRQGRS>L@XND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRQGR
LIS>L@!QLOWKHQS>L@SRVXQLPRGLPRG
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRQGRS>L@)UHH
HQG
3R]QiPN\
RSUYNRFKSRDSQHYLHPHDNpKRV~QDR]DMW\SXWXWRDQLQHYLHPH]LVWL
YLHPHHEXV~WRLQWDQFLHWULHG\NUXKDOHERMHKRSRWRPNRYLD
NDGSUYRNViPVHEDYLHVSUiYQHXNi]DVNU\D]DIDUEL
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RO\PRUIQp
QRY
NRU\WQDN\
'HILQtFLDWULHG\.RUPiVNRURYHWN\PHWyG\YLUWXiOQH7R]QDPHQiHEXGHPHP{FYQDLFK
SURJUDPRFKY\XtYDSRO\PRUIL]PXV2NUHPWRKRQLHNWRUpPHWyG\WULHG\.RUY\XtYDM~LQpNRU\WQDLH
PHWyG\DWHGDLFKSUHGHILQRYDQLHPi]DQiVOHGRN]PHQXVSUiYDQLDDMWFKWRPHWyG1DSUDNRSUDYtPH
=PHQ;<SRWRPWREXGHPDWYSO\YDMQDPHWyGX'RSUHGX0DOSUtNODG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNN.RU
XLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
UHSHDW
NGRSUHGXNGRSUHGXNGRSUHGX
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
8NiHPHVLYltSURMHNWNWRUEROQDVN~NHY
1DStWHSURJUDPNWRUEXGHULHLQDVOHGRYQ~~ORKXWH[WRYV~ERUVXERUW[WREVDKXMHSRVWXSQRV
SUtND]RYSUHNRU\WQDNXNWRUiSRSLVXMHQHMDNREUi]RN1DMSUY]DGHILQXMHWHWULHGX.RUSRWRPND
WULHG\.RUNWRUiEXGHREVDKRYDMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUI7H[W)LOH
7iWRPHWyGDVDQDVWDYtQD]DLDWRNV~ERUXINRU\WQDNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\Y
V~ERUH1DNRNRWDNWRNUHVOHQREUi]RNP{HE\EXSUtOLYHNDOHERPDODOHERP{H
SUHVDKRYDRNUDMHJUDILFNHMREUD]RYN\EXGHKRWUHED]PHQLDOHER]YlLUHVSSULLQLFLDOL]RYDQt
NRU\WQDN\QH]DDNUHVOLYERGHDOH]YROLVLGRPRYVN~SR]tFLXYKRGQHMLHDWRWDNDE\QD
tUNXDOHERYNXEROPD[LPiOQHPRQHYHN
1DULHHQLHWHMWR~ORK\]DGHILQXMHWHHWHGYHSRGWULHG\WULHG\.RUWULHGD.RUEXGHVO~LQD
]LVWHQLHUR]PHURYREUi]NXSRPRFRX]GHGHQHMPHWyG\NUHVOLSULRPQDREUD]RYNHVDEXGHSRK\ERYD
VR]GYLKQXWPSHURP7ULHGD.RUWLHSRGWULHGDWULHG\.RUEXGHYHGLHQDNUHVOLGDQREUi]RN
]GHGQRXPHWyGRXNUHVOLSULRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNHREUi]RNEXGH
SRDGRYDQHMYHNRVWL
7H[WRYV~ERUVXERUW[WVDVNODGi]WDNFKWRYLHWSUYptVORNDGHMYHW\MHW\SXRUGLQiOQDKRGQRWD
]
W\SHSULN SGRSYOSYSSISSSKSSG
9iSURJUDPWHGDQDMSUYSRStHWULWULHG\.RU.RUD.RU3RWRPSRPRFRXLQWDQFLHWULHG\.RU
VGRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NXSRXLMHPHQDWRVWDYRYpSUHPHQQpPLQ;
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
PLQ<PD[;DPD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHF
SRPRFRXLQWDQFLHWULHG\.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQ
REUi]RNVSUiYQHMYHNRVWL2EHNRU\WQDN\PDM~URYQDNGRPRYVNVPHU]DGDQNRQWDQWRX
SURJUDPXQDSU
FRQVW8
5LHHQLH
1DMSUYOHQY\NUHVOtPHV~ERUSRPRFRXLQWDQFLH.RUDE\VPHPRKOLYLGLHPRPHQWiOQ\REVDKV~ERUX
W\SHSULN SGRSYOSYSSISSSKSSG
W\SH
.RU FODVV.RU
SURFHGXUHNUHVOLYDUW7H[W)LOH
HQG
SURFHGXUH.RUNUHVOLYDUW7H[W)LOH
YDUSSULN
LLQWHJHU
EHJLQ
3+UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
UHDGWLS SULNL
LIS SISWKHQUHDGWL
FDVHSRI
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWX
YDUW7H[W)LOH
EHJLQ
$VVLJQ)LOHW
VXERUW[W
.RU&UHDWHXNUHVOLWQHSRWUHEXMHPHSUHPHQQ~W\SX.RU
&ORVH)LOHW
HQG
WHUD]GRGHILQXMHPH.RUD.RU
W\SH
.RU FODVV.RU
ESERROHDQ
PLQ[PLQ\PD[[PD[\UHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
SURFHGXUH3+RYHUULGH
SURFHGXUH3'RYHUULGH
HQG
SURFHGXUH.RU3+
EHJLQ
LQKHULWHGS IDOVH
HQG
SURFHGXUH.RU3'
EHJLQ
S WUXH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
SURFHGXUH[\
EHJLQ
LIQRWSWKHQH[LW
LIERU;6XUPLQ[WKHQPLQ[ ;6XU
LIERU;6XU!PD[[WKHQPD[[ ;6XU
LIERU<6XUPLQ\WKHQPLQ\ <6XU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
W\SH
.RU FODVV.RU
UUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWX VLU Y\V
YDUW7H[W)LOH
UUUUUHDO
EHJLQ
$VVLJQ)LOHW
VXERUW[W
ZLWK.RU&UHDWHXGR
EHJLQ
E WUXH
NUHVOLW
U VLUPD[[PLQ[
U Y\VPD[\PLQ\
LIUUWKHQUU UHOVHUU U
ZLWK.RU&UHDWHVLUUU
PLQ[Y\VUU
PLQ\XGR
EHJLQ
U UUQDVWDYtPLHUNXSUH'RSUHGX
NUHVOLW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
HQG
&ORVH)LOHW
HQG
7ULHGDQDREVOXKXYLDFNRU\WQDLHN9HOD.RU
'RXQLWX9HOD.RU8QLW]DGHILQXMHPHQRY~WULHGX9HOD.RU7iWRWULHGDVDEXGHVWDUDRG\QDPLFNp
SRO\PRUIQpSROHNRU\WQDLHNXPRQtSULGiYDDY\KDG]RYDNRU\WQDN\DWLHSDUDOHOQHY\NRQiYD
YHWN\NRU\WQDLHSUtND]\PHWyG\'HILQtFLDWULHG\REVDKXMH
V~NURPQpG\QDPLFNpSROHNNRU\WQDLHNDLFKSRHWSNSRPRFRXYODVWQRVWtSURSHUW\
XPRQtPHtWDWLHWRVWDYRYpSUHPHQQp
PHWyG\QDSULGiYDQLHGRWRKRWRSRD
PHWyGD8URE.RUMHGHILQRYDQiYGYRFKU{]Q\FKYHU]LiFKYHU]LDVWURPDtVHOQPL
SDUDPHWUDPL[\DXDYHU]LDVSRO\PRUIQRXNRU\WDQNRXSRGDW\SXYRODQFK
SDUDPHWURYVD'HOSKLUR]KRGQ~NWRU~]WFKWRYHU]LtQDR]DM]DYRODM~
PHWyG\YHREHFQHXERYRQpSRGSURJUDP\NWRUpGHILQXMHPHYU{]Q\FKYHU]LiFKPXVLD
PDXYHGHQSHFLILNiWRURYHUORDG
VWDYRYpSUHPHQQpYODVWQRVWLSRPRFRXNWRUFKSRYROtPHtWDQLHV~NURPQFKDWHGD
FKUiQHQFKVWDYRYFKSUHPHQQFK
YODVWQRVNNWRUiVSUtVWXSQtSROHNMHLQGH[RYDQiVWDYRYiSUHPHQQiWR]QDPHQiH
PHWyGDJHW.RUPXVtPDMHGHQSDUDPHWHUW\SXLQGH[DPXVtWRE\IXQNFLDNWRUiYUDFLD
SUtVOXQ~KRGQRWXVWDYRYHMSUHPHQQHM
'HNODUiFLHWULHG\
W\SH
9HOD.RU FODVV
SULYDWH
NDUUD\RI.RU
SNLQWHJHU
IXQFWLRQJHW.RULLQWHJHU.RU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH8URE.RU[UHDO \UHDO XUHDO RYHUORDG
SURFHGXUH8URE.RUQN.RURYHUORDG
SURFHGXUH=UXV.RULLQWHJHURYHUORDG
SURFHGXUH=UXV.RUQN.RURYHUORDG
SURFHGXUH8SUDF
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9\SOQIY7&RORU
IXQFWLRQ%OL]NR[\UHDO.RU
SURSHUW\N>LLQWHJHU@.RUUHDGJHW.RU
SURSHUW\SNLQWHJHUUHDGSN
HQG
UHDOL]iFLDN~RYFKPHWyG
FRQVWUXFWRU9HOD.RU&UHDWH
EHJLQ
SN
HQG
GHVWUXFWRU9HOD.RU'HVWUR\
YDULLQWHJHU
EHJLQ
IRUL WRSNGRN>L@)UHH
LQKHULWHG
HQG
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
8URE.RU.RU&UHDWH[\XWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH9HOD.RU8URE.RUQN.RU
EHJLQ
LQFSN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL! SNWKHQH[LW
N>L@)UHHN>L@ QLO
HQG
SURFHGXUH9HOD.RU=UXV.RUQN.RU
YDULLQWHJHU
EHJLQ
L ZKLOHLSNDQGN>L@!QNGRLQFL
LILSNWKHQ=UXV.RUN>L@DQLWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH9HOD.RU8SUDFY\KRGtQLONRU\WQDN\]SRD
YDULMLQWHJHU
EHJLQ
M
IRUL WRSNGR
LIN>L@!QLOWKHQ
EHJLQN>M@ N>L@LQFMHQG
SN M
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDULLQWHJHU
EERROHDQ
EHJLQ
E 1DUD]WUXH]DSDPlWiVLUHLP
IRUL WRSNGR
LIN>L@!QLOWKHQ
N>L@'RSUHGXG
1DUD]E
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
HQG
9QDVOHGXM~FRPSUtNODGHNDGDWYUWiNRU\WQDNDEXGHWURFKXLQi
W\SH
PRMD.RU FODVV.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUY9HOD.RU
LLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRGR
LILPRG WKHQ
EHJLQ
8URE.RUPRMD.RU&UHDWHL
N>SN@=PHQ)3FO5HG
HQG
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
8URE.RUL
PRKORE\E\DM
8URE.RU.RU&UHDWHL
XND]
IRUL WRGR
EHJLQ'RSUHGX9ODYRHQGYHWN\NUHVOLDNUXQLFX
IRUL WRSNGR
LIN>L@LVPRMD.RUWKHQN>L@9SUDYROHQPRMD.RU
VDRWRLDHORPY]DG
HQG
Y)UHH
HQG
SRXLOLVPHUHODQRSHUiWRULVSRPRFRXNWRUpKRYLHPH]LVWLLMHGDQiLQWDQFLDGDQHMWULHG\DOHERMHM
SRWRPNRP
1DVOHGXM~FLSUtNODGGHPRQWUXMHQXWQRVSUHW\SRYDLQWDQFLXDNSRWUHEXMHPHY\YRODPHWyGXDOHER
DMSRXLVWDYRY~SUHPHQQ~NWRU~QHSR]QiSUHGRN]iNODGQiWULHGDDOHLEDSRWRPRN.RU\WQDN\
QDNUHVOLDVtQXV
W\SH
PRMD.RU FODVV.RU
NUHDO
FRQVWUXFWRU&UHDWH[UHDO \UHDO XUHDO
SURFHGXUH.RHINNUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
FRQVWUXFWRUPRMD.RU&UHDWH[\XUHDO
EHJLQ
LQKHULWHGN
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
EHJLQ
LQKHULWHG'RSUHGXG
N
HQG
DOtSUtNODGY\XtYDWULHGXPRMD.RU]SUHGFKiG]DM~FHKRSUtNODGXNRU\WQDN\WXNPLWDM~WDNHLFK
PD[LPiWYRULDVtQXV
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWQ QQ Q
U GNDNURNX
QU GLYU
YDULLQWHJHU
EHJLQ
ZLWK9HOD.RU&UHDWHGR
EHJLQ
IRUL WRQGR
EHJLQ
8URE.RUPRMD.RU&UHDWHQQ
L
N>SN@DVPRMD.RUNRHIVLQQQ
UDG
L
HQG
3+8ND]
UHSHDW
IRUL WRQUGR'RSUHGXU
IRUL WR
QUGR'RSUHGXU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
DOtSUtNODGXND]XMHQiKRGQpSUHFKiG]N\YLDFHUFKNRU\WQDLHN9WRPWRULHHQtV~PDOpFK\E\
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWIDUUD\>@RI7&RORU FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDUY9HOD.RU
LLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRP
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
ZKLOHWUXHGR
EHJLQ
'RSUHGX9SUDYRUDQGRPWHQWRUDQGRPWXMH
SRGUD]
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
Y)UHHVHPVDQLNG\QHGRVWDQH
HQG
VSUiYQHULHHQLHSULRPVPHVHPSULGDOLDMSRVWXSQpQiKRGQpPL]QXWLHNRU\WQDLHN=UXV.RU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
YDUY9HOD.RUWXMHGHNODURYDQQRYREMHNW
SURFHGXUH72NQR)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
Y)UHHVHPVRPSULGDO]UXHQLHQRYpKRREMHNWX
PDORE\WRSUtMVSUHG=UXV.RU\
=UXV.RU\
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWIDUUD\>@RI7&RORU FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDULLQWHJHU
EHJLQ
UDQGRPL]H
1DUD]
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR8URE.RU
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
ZKLOHWUXHGR
EHJLQ
LIUDQGRP WKHQ
EHJLQ=UXV.RUUDQGRPSNXSUDFHQGDNE\QHERO
XSUDFVSDGQHYDORPIRUF\NOH
'RSUHGX
IRUL WRSNGRN>L@9SUDYRUDQGRP
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
HQG
1DNOLNDQLHQDNRU\WQDN\P{HPHSRXLWLPHWyGX%OL]NR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOLPSZUOBLZ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDULLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR8URE.RUUDQGRP
UDQGRPUDQGRP
XND]
HQG
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDUN.RU
MLQWHJHU
EHJLQ
LIVV/HIWLQ6KLIWWKHQ
EHJLQ
N Y%OL]NR[[\\
LIN!QLOWKHQZLWKNGR
IRUM WRGR
EHJLQ'RSUHGX9ODYRHQG
HQG
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
Klvesnica a bitmapy
.OiYHVQLFDD
QRY
ELWPDS\
2SUDYDY.RU8QLWSDV9HOD.RU8QLWSDVD]MHGQRGXHQ2NQR8QLWSDVEH]SR]QiPNRYHMWH[WRYHMSORFK\
0HPRWUHEDY\KRGLDM]IRUPXOiUX1RYH]LSREVDKXMHYHWN\WLHWRV~ERU\
.OiYHVQLFD
VNOiYHVQLFRXSUDFXMHPHSRPRFRXWURFKXGDORVWt
RQ.H\'RZQSUiYHERO]DWODHQQHMDNNOiYHV
RQ.H\8SSUiYHEROSXVWHQQHMDNNOiYHV
RQ.H\3UHVVVWODLOLVPHRE\DMQNOiYHVNWRUPiVYRM$6&,,NyG
SUYpGYHXGDORVWLR]QiPLDQLH$6&,,NyGNOiYHVXDOHYLUWXiOQ\NyGY+HOSHVLSR]ULWHLGHQWLILNiWRU\
NRQWiQWDWLHYSDUDPHWUL6KLIW]LVWtPHLEROSULWRP]DWODHQQDSU6KLIWDOHER&WUOSRGREQHDNRSUL
XGDORVWLDFKSULSUiFLVP\RX
QDVOHGXM~FLSURJUDPXNiHSRXLWLHNOiYHVQLFHGRIRUPXOiUXXPLHVWQtPHNRPSRQHQW\/DEHOD
7LPHUQDVWDYtPHPXQHMDNNUiWN\,QWHUYDOWHUD]P{HPHQDNOiYHVQLFLV~DVQHWODLDMYLDFtSRND
WPULDGLSRK\EWH[WXSRSORFKHIRUPXOiUX
YDUG[LQWHJHU
G\LQWHJHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
ZLWK/DEHOGR
EHJLQ
/HIW /HIWG[QHGiVDLQF/HIWG[OHER/HIWQLHMH
SUHPHQQi
7RS 7RSG\
HQG
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
YNBHVFDSH&ORVH
HQG
HQG
SURFHGXUH7)RUP)RUP.H\8S6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
HQG
HQG
3ULSUiFLVNOiYHVQLFRXVLWUHEDGiYDSR]RUQDLQpNRPSRQHQW\NWRUpNUDGQ~LQIRUPiFLH]NOiYHVQLFH
QDSU0HPRWM3R]QiPNRYiSORFKD%XWWRQ7ODLGORDSRGQDMMHGQRGXFKLHULHHQLHYSUtSDGHH
FKFHPHSUDFRYDVNOiYHVQLFRXMHLFKQHSRXtYD
YDUY9HOD.RU
YDUDFWLQWHJHU
N.RUSRPRFQiNRU\WQDND
VVWULQJ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDULLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWHN .RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR8URE.RUUDQGRP
UDQGRP
UDQGRP
XND]
HQG
YN>DFW@=PHQ)DUEX7YDUXFO5HG
HQG
SURFHGXUH72NQR)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVHNH\RI
YNBEDFN
EHJLQ
N=PHQ)3FO:KLWHN3LVV
GHOHWHVOHQJWKV
N=PHQ)3FO%ODFNN3LVV
HQG
YNBHVFDSH&ORVH
9.B/()7YN>DFW@YODYR
9.B83YN>DFW@GRSUHGX
9.B5,*+7YN>DFW@YSUDYR
9.B'2:1YN>DFW@GRSUHGX
YNBUHWXUQ
EHJLQ
YN>DFW@=PHQ)DUEX7YDUXFO*UHHQ
DFW DFWPRGYSN
YN>DFW@=PHQ)DUEX7YDUXFO5HG
HQG
HQG
HQG
SURFHGXUH72NQR)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\!
WKHQ
EHJLQ
V V.H\N3LVV
HQG
HQG
%LWPDS\
7%LWPDSMHSUHGGHILQRYDQiWULHGDNWRUiVO~LQDPDQLSXOiFLXVREUi]NDPLP{HPHVLMXSUHGVWDYLDNR
REVDKV~ERUXVSUtSRQRX%03GiVDVQtPSUDFRYDQDSUYSURJUDPH3DLQW7iWRWULHGDPiQLHNRNR
XLWRQFKVWDYRYFKSUHPHQQFKYODVWQRVWLSURSHUW\DPHWyG
QLHNWRUpVWDYRYpSUHPHQQp
:LGWK+HLJKWtUNDDYNDREUi]NX
&DQYDVJUDILFNiSORFKDREUi]NX
7UDQVSDUHQWLPiQHMDNpSULHVYLWQpDVWLLQDNMHWRQHSULHVYLWQREGQLN
7UDQVSDUHQW&RORUNWRUiIDUEDYREUi]NXMHSRYDRYDQi]DSULHVYLWQ~
QLHNWRUpPHWyG\
NRQWUXNWRU&UHDWHY\WYRUt]DWLDSUi]GQ\REUi]RN
/RDG)URP)LOHQDtWDREUi]RN]RV~ERUXYRIRUPiWH%03
6DYH7R)LOHXORtREUi]RNGRV~ERUXYRIRUPiWH%03
WULHG\7%LWPDSQH]QDPHQiXURELNySLXELWPDS\DOHNySLXUHIHUHQFLHQDELWPDSXWMSRWRP
LQWDQFLHRGND]XM~QDW~LVW~ELWPDSXSRXLWLHXYLGtPHYSUtNODGH
P{HPHSUDFRYDV&DQYDVRPWMVGYRMUR]PHUQPSRRPIDUHEQFKSL[HORYGRELWPDS\P{HPH
NUHVOLP{HPHSUDFRYDVMHGQRWOLYPLSL[HOPL~SOQHURYQDNRDNRYRE\DMQHMJUDILFNHMSORFKH
7,PDJH
&DQYDV)LOO5HFW
&DQYDV3L[HOV>ULDGRNVWSHF@
&DQYDV5HFWDQJOH(OOLSVH7H[W2XW
&DQYDV0RYH7R/LQH7R3RO\JRQ3RO\OLQH)ORRG)LOO
DWHGDP{HPHWPWRPHWyGDPQDVWDYLSHURWHWHFIRQW
&DQYDV'UDZRSHLDWNXMHLQ~ELWPDSX
&DQYDV6WUHWFK'UDZRSHLDWNXMHLQ~ELWPDSXSULRPMXP{H]YlL]PHQL
9QDVOHGXM~FLFKSUtNODGRFKP{HPHSRXLWLHWRXNiNRYpELWPDS\
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH)RUP'HVWUR\6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
EPS7%LWPDS
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
RSLFDEPS
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
J'UDZ;<EPS
HQG
-HYHPLG{OHLWp]DEH]SHLDE\VDNDGiQDPLY\WYRUHQiELWPDSD7%LWPDS&UHDWHEH]SRGPLHQHQH
XYRQLOD)UHHDNE\VDQDSUSRVSDGQXWtSURJUDPXQH]YOiGORW~WRXYRQLRGHUSiPH]GURM]
RSHUDQpKRV\VWpPX:LQGRZVDWPSRVWXSQHP{HPH]QHIXQNQLV\VWpP:LQGRZVPiWLHWR]GURMH
OHQREPHG]HQpKRSRWX
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH)RUP'HVWUR\6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
SURFHGXUH,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
EPS7%LWPDS
EJ7%LWPDS
J7&DQYDV
EERROHDQLDKiPELWPDSXSRSORFKH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
RSLFDEPS
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
EJ 7%LWPDS&UHDWH
E IDOVH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
EJ)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
EHJLQ
E WUXH
EJ$VVLJQ,PDJH3LFWXUH]DSDPlWiPHVLPRPHQWiOQ\
REVDKFHOHMSORFK\
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIEWKHQ
EHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLHSORFK\
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIEWKHQ
EHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLHSORFK\
J'UDZ;<EPS
E IDOVH
HQG
HQG
%LWPDSD%JMHSRPRFQi]DSDPlWiPHVLYQHMVWDYJUDILFNHMSORFK\WHVQHSUHGWPDNR]DQHPHDKD
ELWPDSXSRSORFKH
1LHNHG\SULSURJUDPRYDQtSRWUHEXMHPHDE\VDSRY\NRQiYDQtQHMDNHMSRVWXSQRVWLSUtND]RYYG\QD
]iYHUY\NRQDOLQHMDNpXNRQRYDFLHSUtND]\1DSUY\WYRUtPHELWPDSXQLHRVRXUREtPHQDSU
RSHLDWNXMHPHGRSORFK\DQD]iYHUMXEH]SRGPLHQHQHSRWUHEXMHPHXYRQL)UHHDMNHE\SURJUDP
VSDGROQDQHMDNRPFK\EQRPSUtND]H
'HOSKLXPRXM~WDN~WRSRVWXSQRVSUtND]RYY\KOiVL]DFKUiQHQiSRVWXSQRVMHX]DYUHQiPHG]L
UH]HUYRYDQPLVORYDPLWU\ILQDOO\DRQDVOHGXMHPHG]LILQDOO\DHQGV~SUtND]\NWRUpVDY\NRQDM~DM
NHE\FKUiQHQiSRVWXSQRVVSDGODDOHERREVDKRYDODQDSUDMH[LW
3ULSUiFLVELWPDSDPLWRY\XLMHPHQDMDVWHMLHWDNWR
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
FRQVWREUDUUD\>@RIVWULQJ
RSLFDEPS
]DMREPS
KURFKEPS
YDUEPS7%LWPDS
EHJLQ
LI6KLIW >VV/HIW@WKHQ
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS/RDG)URP)LOHREU>UDQGRPOHQJWKREU@
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
J'UDZ;<EPS
ILQDOO\
EPS)UHH
HQG
HQG
HQG
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
SURFHGXUH6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW$&RO$5RZ,QWHJHU
5HFW75HFW6WDWH7*ULG'UDZ6WDWH
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ,QWHJHU5HFW75HFW6WDWH7*ULG'UDZ6WDWH
YDUEP7%LWPDS
EHJLQ
LIJG6HOHFWHGLQ6WDWHWKHQOHQWHQMHGHQNWRUMH
RVHOHNWRYDQ
EHJLQ
EP 7%LWPDS&UHDWH
WU\
EP/RDG)URP)LOH
EPS
LQWWRVWU$&RO$5RZPRG
EPS
6WULQJ*ULG&DQYDV'UDZ5HFW/HIW5HFW7RSEP
ILQDOO\
EP)UHH
HQG
HQG
HQG
1DPLHVWR&DQYDV'UDZP{HPHSRXL
6WULQJ*ULG&DQYDV6WUHWFK'UDZ5HFWEP
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
9]RURYpSUtNODG\
GHF
]RVN~N\
SUtNODGREDSUtNODG\V~PLHUQHXSUDYHQpRULJLQiOQH]DGDQLD]RVN~N\]SUHGFKiG]DM~FLFKURNRY
1DSURJUDPXMWHKUX.$57,.<LQSLURYDQHMKURX0DKMRQJ
1DKUDFHMSORFKHV~UR]PLHVWQHQpGYRMLFHNDUWLLHNRGOLXM~FLFKVDIDUERXDREUi]NRPELWPDSD
.DUWLN\VDP{XSUHNUYDORKRXKUiDMH]R]ELHUDGYRMLFHURYQDNFKNDUWLLHNDY\SUi]GQLWP
KUDFLXSORFKX.DUWLN\V~]REUD]HQpDNRIDUHEQpREGQLN\tUN\6,5DYN\9<66~RUiPLNRYDQp
HGPKUXEPUiPLNRPDYRYQ~WUHREUi]RNQDOWRPSRGNODGH
3DUDPHWUHNDUWLLHNQDtWDMWH]RV~ERUXNDUWLFN\W[WNWRUPiQDVOHGXM~FXWUXNW~UX
SUYULDGRNREVDKXMHGYDFHORtVHOQpSDUDPHWUH6,5D9<6
QDVOHGXM~FHULDGN\REVDKXM~WYRULFHNDGULDGRNMHGQXSRSLVXM~FHMHGQRWOLYpNDUWLN\
SUYpGYHtVODXGiYDM~V~UDGQLFHDYpKRKRUQpKRURKXNDUWLN\YSRUDGtULDGRNVWSHF
YSRORYLQHMPLHUNH9<6D6,5WM9<6GLYD6,5GLY
QDVOHGXMHStVPHQRPHQRV~ERUXVELWPDSRXDtVORIDUE\NDUWLN\IDULHEQLHMHYLDF
DNR
3URJUDPQDtWDV~ERU]REUD]tNDUWLN\QDREUD]RYNXDXPRQtKUiRYLNOLNDQtPDYPWODLGORP
P\LR]QDRYDGYRMLFHNDUWLLHN3UYPNOLNQXWtPQDNDUWLNXVDWiWRR]QDtMHMUiPLNVDSUHNUHVOt
HUYHQRXIDUERXGUXKPNOLNQXWtPQDR]QDHQ~NDUWLNXVDWiWRRG]QDt$NXMHQHMDNiNDUWLND
R]QDHQiDKUiNOLNQHQDLQ~NDUWLNXVURYQDNRXIDUERXDREUi]NRPREHNDUWLN\]PL]Q~]KUDFHM
SORFK\3ULNOLNQXWtPLPRNDUWLLHNDOHERQDNDUWLNXNWRUiVDIDUERXDOHER]QDNRPQH]KRGXMHV
R]QDHQRXSURJUDP]DStSD.OLNQ~VDP{HOHQQDNDUWLNXNWRUiQLHMHSUHNU\WiLDGQRXLQRX
3RY\SUi]GQHQtKUDFHMSORFK\SURJUDPSRJUDWXOXMHKUiRYL
.DUWLN\YSURJUDPHUHSUH]HQWXMWHREMHNWDPL'HILQXMWHWULHGXNDUWWHMWRWXNW~U\
NDUW FODVV
ULDGRNVWSHFIDUED
StVPHQRPHQDV~ERUXREUi]NX
ELWPDSD
SRGDSRWUHE\DOLHVWDYRYpSUHPHQQp
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\
SURFHGXUHNUHVOLQDNUHVOtNDUWLNX
IXQFWLRQNOLNLVDQDXNOLNORP\RX
IXQFWLRQSUHNU\YLVDSUHNUYDVLQRXNDUWLNRX
PRQRDOLHPHWyG\
HQG
.DUWLN\YSURJUDPHXORWHYG\QDPLFNRPSROL0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHD
NDUWLN\VD]PHVWLDGRREODVWL[1DIDUEHQLHREUi]NRY]YRWHU{]Q\FKIDULHE.]DGDQLX
GRVWiYDWHWHVWRYDFLHV~ERU\NDUWLFN\W[WNDUWLFN\W[WV~ERU\ELWPiSDEPSEEPSNEPSD
QLHNRNR]YXNRYZDYHNWRUpP{HWHY\XLYKUH
1DMSUYWULHGDNDUW
YDUJ7&DQYDVJUDILFNiKUDFLDSORFKD
VLUY\VVLUY\VLQWHJHU
W\SH
NDUW FODVV
UVILQWHJHU
]FKDU
YLGERROHDQ
EPS7%LWPDS
FRQVWUXFWRU&UHDWHYDUW7H[W)LOH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLVHOERROHDQ
IXQFWLRQNOLN[\LQWHJHUERROHDQ
IXQFWLRQSUHNU\YUUVVLQWHJHUERROHDQ
HQG
FRQVWUXFWRUNDUW&UHDWHYDUW7H[W)LOH
FRQVWIIDUUD\>@RI7&RORU
FO%OXHFO3XUSOHFO5HGFO*UHHQFO%ODFN
YDULMLQWHJHU
EHJLQ
UHDGOQWUV]]IYLG WUXH
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH]
EPS
IRUL WREPSZLGWKGR
IRUM WREPSKHLJKWGR
LIEPS&DQYDV3L[HOV>LM@ FO/W*UD\WKHQ
EPS&DQYDV3L[HOV>LM@ II>I@
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
HQG
GHVWUXFWRUNDUW'HVWUR\
EHJLQ
EPS)UHH
LQKHULWHG
HQG
SURFHGXUHNDUWNUHVOLVHOERROHDQ
EHJLQ
LIQRWYLGWKHQH[LW
LIVHOWKHQJ3HQ&RORU FO5HG
HOVHJ3HQ&RORU FO*UD\
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J%UXVK6W\OH EV6ROLG
J5HFWDQJOHV
VLUU
Y\VV
VLUVLUU
Y\VY\V
J'UDZV
VLUVLUEPSZLGWKGLYU
Y\VY\VEPSKHLJKWGLY
EPS
HQG
HQG
6DPRWQSURJUDPGR7)RUPVPHGRGHILQRYDOLSRPRFQ~SURFHG~UXPHWyGX.UHVOL
YDUSDUUD\RINDUW
QLQWHJHUSRHWNDUWLLHN
QQLQWHJHUPRPHQWiOQ\SRHWQDSORFKH
VHOLQWHJHUtVORVHOHNWRYDQHMNDUWLN\LDGQD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUW7H[W)LOH
EHJLQ
J ,PDJH&DQYDV
$VVLJQ)LOHW
NDUWLFN\W[W
5HVHWWQ
UHDGOQWVLUY\V
VLU VLUGLYY\V Y\VGLY
ZKLOHQRWVHHNHRIWGR
EHJLQ
LIQ!KLJKSWKHQ6HW/HQJWKS/HQJWKS
S>Q@ NDUW&UHDWHW
LQFQ
HQG
&ORVH)LOHW
VHO
QQ Q
.UHVOL
HQG
SURFHGXUH7)RUP.UHVOL
YDULLQWHJHU
EHJLQ
J%UXVK&RORU FO:KLWH
J)LOO5HFW,PDJH&OLHQW5HFW
IRUL WRQGR
S>L@NUHVOLL VHO
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDUVLLQWHJHU
EHJLQ
LI6KLIW!>VV/HIW@WKHQH[LW
V Q
ZKLOHV! DQGQRWS>V@NOLN[\GRGHFV
LIVWKHQ
EHJLQ
0HVVDJH%HHS0%B2.
H[LW
HQG
L V
ZKLOHLQDQGQRWS>L@SUHNU\YS>V@US>V@VGRLQFL
LILQWKHQ
EHJLQ
VQG3OD\6RXQG
RKRKZDY
61'B$6<1&
H[LW
HQG
LIVHOWKHQVHO V
HOVHLIV VHOWKHQVHO
HOVHLIS>VHO@] S>V@]DQGS>VHO@I S>V@IWKHQ
EHJLQ
S>VHO@YLG IDOVHS>V@YLG IDOVHVHO
GHFQQ
VQG3OD\6RXQG
<HVZDY
61'B$6<1&
HQG
HOVH
EHJLQ
VQG3OD\6RXQG
1RZDY
61'B$6<1&
H[LW
HQG
.UHVOL
LIQQ WKHQ
EHJLQ
VQG3OD\6RXQG
$SODXVZDY
61'B$6<1&
6KRZ0HVVDJH
+85$
&ORVH
HQG
HQG
9LVWFKVLWXiFLiFKP{HPHSUDFRYDSULDPRQDSORFKHIRUPXOiUXDQHSRWUHEXMHPHQDWRJUDILFN~SORFKX
,PDJH9WRPWRSUtSDGHPXVtPHSRXLXGDORVRQ3DLQWDDE\SUHNUHVRYDQLHNDUWLLHNQHEOLNDOR
QDVWDYtPHWDMQ~SUHPHQQ~IRUPXOiUX
'RXEOH%XIIHUHG WUXH
8NiHPHWRQDSUHGFKiG]DM~FRPSUtNODGHWXXYiG]DPHOHQWLHDVWLNWRUpPXVtPH]PHQL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUW7H[W)LOH
EHJLQ
J &DQYDV
'RXEOH%XIIHUHG WUXHQDPLHVWR.UHVOL
HQG
SURFHGXUH7)RUP)RUP3DLQW6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRQGR
S>L@NUHVOLL VHO
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDUVLLQWHJHU
EHJLQ
5HSDLQWQDPLHVWR.UHVOL
HQG
SUtNODG
1DStWHSURJUDPNWRUXPRQt]DKUDVDKUX'\QDPLW
SRVSXVWHQt]DULDGHQLDRGSiOLOG\QDPLW
]iSDOQiQ~UDVDEXGHNOiVDKDQtPP\LSRSORFKHSULRPVDEXGHY\NUHVRYD
KUXERXWPDYRHGRXIDUERX
DKDQLH]DQHPHNOLNQXWtPYEOt]NRVWLRGSDRYDFLHKR]DULDGHQLDSRV~YDQLHP\L
]DSiOL]iSDOQiQ~UD
SRVWXSQpKRUHQLH]iSDOQHMQ~U\tUHQLHSODPHDQDSUOWRXIDUERXUHDOL]XMWHWDNHVD
P{HVD]DKUDSUtVOXQ]YXN
1DUHSUH]HQWiFLXKU\]DGHILQXMWHWULHGXKUDNWRUiREVDKXMHYHWN\G{OHLWpLQIRUPiFLHDPHWyG\
KUD FODVV
VQXUDDUUD\RI73RLQW
V[\N[\7SRLQWSR]tFLDRGSDRYDFLHKR]DULDGHQLDD
G\QDPLWXWDUWDNRQLHF
VWDYPR]HPWDKDPFDNDPKRULPNRQLHF
DOLHSRPRFQpSUHPHQQp
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\
SURFHGXUH6WDUW7DKDM]DKiMHQLHDKDQLDQ~U\
SURFHGXUH7DKDMS73RLQWSULGDDOtERGSULDKDQt
Q~U\
SURFHGXUH6WDUW+RUL]DKiMHQLHKRUHQLD
IXQFWLRQ+RULERROHDQMHGHQNURNKRUHQLDIDOVHDNX
GRUD]LONG\QDPLWX
DOLHPHWyG\
HQG
9SUHPHQQHMVWDYVLXGUXMHWHSULHEHKKU\QDMSUYVDDNiQDDKDQLHQ~U\PR]HPSRWRPVDDKi
Q~UDWDKDPSRWRPVDDNiQDRGSiOHQLHFDNDPSRWRPQ~UDKRUtKRULPDQD]iYHUMHSR
YEXFKXDDNiVDQDXNRQHQLHDSOLNiFLH
.~ORKHGRVWDQHWHV~ERU\VELWPDSDPLDQLHNRNR]YXNRYZDYHNWRUpP{HWHSRXLSRDVKU\
1DMSUYWULHGDKUD
XVHV00V\VWHP
YDUJ7&DQYDV
W\SH
KUD FODVV
VQXUDDUUD\RI73RLQW
V[\N[\K[\K[\7SRLQW
L[LQWHJHU
VWDYPR]HPWDKDPFDNDPKRULPNRQLHF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH6WDUW7DKDM
SURFHGXUH7DKDMS73RLQW
SURFHGXUH6WDUW+RUL
IXQFWLRQ+RULERROHDQ
HQG
FRQVWUXFWRUKUD&UHDWH
YDUEPS7%LWPDS
EHJLQ
V[\ 3RLQWN[\ 3RLQW
EPS 7%LWPDS&UHDWH
WU\
EPS/RDG)URP)LOH
RGSDOEPS
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
J'UDZV[\[V[\\EPSKHLJKWEPS
EPS/RDG)URP)LOH
G\QDPLWEPS
J'UDZN[\[N[\\EPSKHLJKWEPS
ILQDOO\
EPS)UHH
HQG
VWDY PR]HP
J3HQ&RORU FO*UD\
J3HQ:LGWK
J0RYH7RV[\[V[\\
HQG
GHVWUXFWRUKUD'HVWUR\
EHJLQ
VQXUD QLO
LQKHULWHG
HQG
SURFHGXUHKUD6WDUW7DKDM
EHJLQ
VWDY WDKDP
6HW/HQJWKVQXUDVQXUD>@ V[\
HQG
SURFHGXUHKUD7DKDMS73RLQW
EHJLQ
LIVWDY!WDKDPWKHQH[LW
LIY]GSVQXUD>KLJKVQXUD@WKHQH[LW
6HW/HQJWKVQXUD/HQJWKVQXUD
LIY]GSN[\WKHQ
EHJLQS N[\VWDY FDNDPHQG
VQXUD>KLJKVQXUD@ S
J/LQH7RS[S\
HQG
SURFHGXUHKUD6WDUW+RUL
EHJLQ
K[\ V[\L[ K[\ K[\VWDY KRULP
VQG3OD\6RXQG
VWDUWZDY
61'B6<1&
VQG3OD\6RXQG
KRULZDY
61'B/223RU61'B$6<1&
HQG
IXQFWLRQKUD+RULERROHDQ
YDUEP7ELWPDS
YUHDO
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO/W*UD\
J3RO\OLQH>K[\K[\@
J3HQ&RORU FO<HOORZ
J3RO\OLQH>K[\K[\@
K[\ K[\
VQG3OD\6RXQG
Y\EXFKZDY
61'B$6<1&
VWDY NRQLHF
EP 7%LWPDS&UHDWH
WU\
EP/RDG)URP)LOH
Y\EXFKEPS
EP7UDQVSDUHQW&RORU FO:KLWH
EP7UDQVSDUHQW 7UXH
J'UDZN[\[EPZLGWKGLYN[\\EPKHLJKWGLYEP
ILQDOO\
EP)UHH
HQG
HQG
PHWyG\IRUPXOiUXREVDKXMHJUDILFNNRPSRQHQW,PDJHDDVRYD7LPHU
YDUKKUD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
K KUD&UHDWH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
K)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@DQGY]G3RLQW[\KV[\WKHQ
FDVHKVWDYRI
PR]HP
K6WDUW7DKDM
FDNDP
EHJLQ
K6WDUW+RUL
7LPHU,QWHUYDO
7LPHU(QDEOHG WUXH
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
K7DKDM3RLQW[\
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LIKKRULWKHQ7LPHU(QDEOHG WUXH
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
5LHHQLHGYRMLFH
GHF
~ORK]RVN~N\
6N~ND]SURJUDPRYDQLDSUHL0,D), GRREHGD
1DStWHSURJUDPNWRUXPRQt]DKUDVDVURERWRP.DUORP
URERW.DUHOVDSRK\EXMHYWYRUFRYHMVLHWLUR]PHURYULDGNRYSRVWSFRYSULRP
UR]PHU\SROtNDQDREUD]RYNHV~[WiWRVLHMHUHDOL]RYDQiWDEXNRYP
NRPSRQHQWRP
URERWMHYG\QDWRHQYMHGQRP]RVPHURYVHYHUYFKRGMXK]iSDGD]REUD]HQ
MHGQRX]ELWPiSURERWEPSURERWEPSURERWEPSDURERWEPS
URERWVDULDGLQDVOHGXM~FLPLNOiYHVPL
tSNDKRUHUHVSGROHURERWY\NRQiMHGHQNURNGRSUHGXUHVSY]DGY
PRPHQWiOQRPVPHUHDNVDQHGiSURJUDPStSQH
tSNDYDYRUHVSYSUDYRURERWVDRWRtYDYRUHVSYSUDYRRVWXSRY
tVOLFD
]DIDUEtSROtNRSRGURERWRPSUtVOXQRXIDUERXMHELHOD
HUYHQiPRGUiRVWDWQpIDUE\VLP{HWHXERYRQH]YROL
&WUOStVPHQRQDWDUWRYDQLHGHILQRYDQLDSUtVOXQpKRPDNUDWMRGWRKRWR
PRPHQWXVD]DSDPlWiYDM~YHWN\NOiYHVQLFRYpSUtND]\GRUHD]FDD]iURYHVD
Y\NRQiYDM~GHILQRYDQLHPDNUDVDXNRQtRSlWRYQPVWODHQtP&WUO
XERYRQpStVPHQRSRDVGHILQRYDQLDPDNUDMHYDYRPKRUQRPURKXY\StVDQi
VSUiYD0$.52DSUtVOXQpStVPHQR
$
=
VSXVWtSUtVOXQpPDNURDNVDSRDVGHILQtFLHPDNUDY\YROiQHMDNp
PDNURWDNWRWRVDQDR]DMY\NRQiDGRGHILQtFLHPDNUDVD]DStXOHQVDPRWQp
SUtND]\PDNUD
0DNURMH]DSDPlWDQiSRVWXSQRVSUtND]RYNWRUiGRVWiYDMHGQRStVPHQRYpPHQR
$
=
D
Y\YROiVDVWODHQtPSUtVOXQpKRNOiYHVXQD]DLDWNXPDM~YHWN\PDNUiSUi]GQHSRVWXSQRVWL
0DNURMHYQ~WRUQHNyGRYDQpDNR]QDNRYUHD]HFYNWRURPtSN\V~]DStVDQpPDOPL
StVPHQDPL
O
S
G
]
SUHYODYRYSUDYRGRSUHGXDY]DGD]DIDUERYDQLHSROtNDSUtVOXQRXFLIURX
3URJUDPSULWDUWHQDtWDV~ERUNDUHOW[WWHMWRWUXNW~U\
SUYFKULDGNRYREVDKXMHSRFLILHUNWRUpUHSUH]HQWXM~IDUE\SUtVOXQFKSROtRN
WYRUFRYHMVLHWHSUYULDGRNV~ERUXSRSLVXMHSROtNDULDGNDVLHWHGUXKULDGRN
V~ERUXGUXKULDGRNDW
YDORPULDGNXQDVOHGXM~WULFHOptVODSR]tFLDDQDWRHQLHURERWDULDGRNVWSHF
3ULNRQHQtSURJUDPXVD]DSDPlWiGRWRKRWRV~ERUXNRPSOHWQVWDYSURJUDPX
&HO~KUXUHSUH]HQWXMWHWULHGRXKUDVWPLWRVWDYRYPLSUHPHQQPLDPHWyGDPLY\NUHVOHQLHD
SRG
W\SH
KUD FODVV
SR]tFLDDVPHU
SROHELWPiSSUHURERWD
KUDFLDSORFKDDNRGYRMUR]PHUQpSROHtVHOIDULHE
SROHGHILQtFLtPDNLHU
DOLHVWDYRYpSUHPHQQp
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\
SURFHGXUHGRSUHGXGLQWHJHUSRKQLURERWDGRSUHGXY]DG
SUHG
SURFHGXUHYSUDYRGLQWHJHURWRURERWDYSUDYRYDYR
SUHG
SURFHGXUHIDUELILQWHJHU]DIDUELSROtNRSRG.DUORP
SURFHGXUHPDNUR]FKDUDNVDGHILQXMHPDNURSULGDM
SUtND]]
DOLHPHWyG\
HQG
=LVRYDQLHVWODHQFKNOiYHVRYXUREWHPHWyGDPLSUHXGDORVWLRQ.H\3UHVVDRQ.H\'RZQSUH
WDEXNRYNRPSRQHQW
0{HWHSUHGSRNODGDHV~ERUNDUHOW[WMHNRUHNWQ
.]DGDQLXGRVWiYDWHV~ERU\NDUHOW[WURERWEPSURERWEPSURERWEPSD
URERWEPS
1DStWHSURJUDPNWRUSRPRFRXNRU\WQDLHN]UHDOL]XMHQDVOHGRYQHIHNW
DNSRPRFRXP\LVR]DWODHQPDYPWODLGORPQLHRQDNUHVOtPHMHGQPDKRP]
WHMWRNUHVE\VDVWDQHREU\VQRYHMNRU\WQDN\DP{HPHNUHVOLDOLXNUHVEXVDPRWQi
NUHVEDRVWDQHQDNUHVOHQiYSORFKH
YHWN\WDNWRY\WYRUHQpQRYpNRU\WQDN\UHDOL]XMWHSRPRFRX9HOD.RUVDSRPDO\
SRVWXSQRVSRYHORYYSUDYRDGRSUHGXDREU\V]DIDUEtWHQD]HOHQR
=DGHILQXMWHWULHGXPRMD.RUNWRUiPiGRGHILQRYDQ~PHWyGXSRKQLWiWRPHWyGDSRVXQLH
NRU\WQDNXRYGDQRPVPHUHDSRWRP]PHQtVPHUEXQiKRGQHDOHERDNNRU\WQDND
Y\SDGOD]SORFK\WDNMXQDWRtVPHURPNERGX
.]DGDQLXGRVWiYDWHNRPSOHWQSURMHNWVNRU\WQDtPLMHGQRWNDPL.RU8QLWD9HOD.RU8QLW
DVIRUPXOiURP2NQR
ULHHQLDRERFK~ORK
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7HVWNXVN~NH GHF
7HVW]3URJUDPRYDQLDSUHURQtN
D'DQMHDULWPHWLFNYUD]YSRVWIL[RYRP]iSLVH
9\SRtWDMWHMHKRKRGQRWX
E'DQMHDULWPHWLFNYUD]YSUHIL[RYRP]iSLVH
=DStWHKRYSRVWIL[RYRPWYDUH
1DVOHGXM~FRXPHWyGRXNRU\WQDNDNUHVOtELQiUQ\VWURP
SURFHGXUHPRMD.RUVWURPGLQWHJHU
EHJLQ
LIG!WKHQ
EHJLQ
SGGRSUHGXG
YODYR
VWURPGGLY
YSUDYR
VWURPGGLY
YODYR
SKGRSUHGXG
HQG
HQG
9\SRtWDMWHGNXQDNUHVOHQHMLDU\SR]DYRODQtNVWURP
2]QDWHDRSUDYWHYHWN\FK\E\YWHMWRGHILQtFLLWULHG\QRYiWULHGDE\PDODXPRQLNUHVOLLDU\
YPLHUNHUNRQWUXNWRU&UHDWHLQLFLDOL]XMHW~WRPLHUNXFK\E\QHWUHED]G{YRGRYD
W\SH
PRMD.RU FODVVNRU
SXEOLF
UUHDO
SULYDWH
FRQVWUXFWRU&UHDWHUUUHDORYHUULGH
SURFHGXUHGRSUHGXGUHDOYLUWXDO
FRQVWUXFWRU&UHDWHUUUHDO
EHJLQ
LQKHULWHG&UHDWH
U UU
HQG
SURFHGXUHPRMD.RUVWDU\GRSUHGX
EHJLQ
GRSUHGXG
HQG
1DVOHGXM~FDDVSURJUDPXGHILQXMHWULHGXUDGSRPRFRXG\QDPLFNpKRSRDWDNHVWDYRYi
SUHPHQQiGHOWDR]QDXMHRNRNRPD[LPiOQHMHG\QDPLFNpSROHYlLHDNRVNXWRQSRHW
SUYNRYUDGXPLQLPDOL]XMWHYRODQLHSURFHG~U\6HW/HQJWK
W\SH
SUYRN LQWHJHU
TXHXH FODVV
TDUUD\RISUYRN
GHOWDSRFLQWHJHU
FRQVWUXFWRU&UHDWHGLQWHJHU
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
FRQVWUXFWRUTXHXH&UHDWHGLQWHJHU
EHJLQ
GHOWD G6HW/HQJWKTGHOWDSRF
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
EHJLQ
GHFSRFS T>SRF@
LIWKHQ6HW/HQJWKT
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
YDULLQWHJHU
EHJLQ
LIWKHQ6HW/HQJWKT
IRUL SRFGRZQWRGRT>L@ T>L@
T>@ SLQFSRF
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
5HVXOW SRF
HQG
'RSOWHFKEDM~FHDVWLSURJUDPX
9QDVOHGXM~FHMDVWLSURJUDPXPiPHYUHD]FLVQDtWDQQHMDNWH[WRYV~ERUWDNH]DNDGP
ULDGNRPMH]QDN3URJUDPE\PDOWHQWRUHD]HF]DStVDGRWH[WRYpKRV~ERUXWDNHULDGN\
EXG~]DStVDQpYRSDQRPSRUDGtQD]DLDWNXMHSRVOHGQULDGRNSULRPNDGULDGRN]DtQD
URYQDNPSRWRPPHG]LHUDNRERORYRYVWXSQRPV~ERUHD]Y\RNULDGNXMHSUHYUiWHQ1LHNWRUp
LGHQWLILNiWRU\MVDRP\ORPSUHStVDOLQDLQiMGLWHDRSUDYWHLFK
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
M /HQJWKV
IRUL MGRZQWRGR
LIL RUV>L@ WKHQ
EHJLQ
N
ZKLOHN LLDQGV>LN@
GR
EHJLQZULWHW
LQFNHQG
ZKLOHL!LNGREHJLQGHFLZULWHWV>L@HQG
ZULWHOQW
L L
HQG
&ORVH)LOHW
'DQiDVSURJUDPXSUDFXMHVGiWRYRXWUXNW~URXUDG=LVWLWHNRNRNUiWVDY\YROiPHWyGDVHUYH
YDUTTXHXH
LLQWHJHU
EHJLQ
T 4XHXH&UHDWHTDSSHQG
ZKLOHQRWTHPSW\GR
EHJLQ
TVHUYHL
LIL WKHQEHJLQTDSSHQG
LTDSSHQGLHQG
HQG
HQG
1DVOHGXM~FLSURJUDPE\PDOY\NUHVRYDQDQiKRGQpSR]tFLHSORFKD,PDJHMHYHNi[
HUYHQ~HOLSVXDDNKUiVWLKQHGRQHMNOLNQ~]YLVDSRtWDGOR~VSHQFK]iVDKRYWH[WRY
NRPSRQHQW/DEHO]REUD]XMHSRHW'RSURJUDPXMWHFKEDM~FHDVWL
YDUF;F<SLQWHJHU
J7&DQYDV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
/DEHO&DSWLRQ
S
J ,PDJH&DQYDV
J3HQ&RORU FO5HG
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP6HQGHU72EMHFW
EHJLQ
J)LOO5HFW,PDJH&OLHQW5HFW
F; UDQGRPF< UDQGRP
J(OOLSVH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
LIWKHQ
EHJLQ
LQFSODEHO
HQG
HQG
'ROH[LNiOQHMDQDO]\SRWUHEXMHPHSULGDSHFLiOQ\W\SNRPHQWiUDLGHQWLILNiWRU5(0R]QDXMH
H]Y\RNULDGNXDMWRWRVORYRMHSRYDRYDQ]DNRPHQWiU2SUDYWHDGRSOWHDVSURJUDPX
DE\SURJUDPSUDFRYDONRUHNWQH
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVFDQ
YDURNERROHDQ
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
$
=
B
EHJLQ
V
ZKLOHXSFDVH]LQ>
$
=
B
@GR
EHJLQV V]]QDNHQG
LIXSSHUFDVHV
5(0
WKHQ
HQG
UHDOL]iFLDDOtFKOH[pP
XQWLORN
HQG
1DVOHGXM~FDWULHGDSRSLVXMHPQRLQXGYRMtFStVPHQRDtVOR9PQRLQHVDQDFKiG]DGYRMLFD
StVPHQRtVORDNYP>StVPHQR@VDQDFKiG]DSUtVOXQptVOR'RSURJUDPXMWHPHWyG\
W\SH
FLVOR
PQR] FODVV
PDUUD\>
D
]
@RIVHWRIFLVOR
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLVYDUW7H[W)LOH
SURFHGXUHSULGDMVVWULQJ
HQG
FRQVWUXFWRUPQR]&UHDWH
YDU]FKDU
EHJLQ
IRU]
D
WR
]
GRP>]@ >@
HQG
Y\StHYHWN\SUYN\PQRLQ\YHWNRGRMHGQpKRULDGNXRGGHOHQpPHG]HURX
QDSUDDFT
SURFHGXUHPQR]Y\SLVYDUW7H[W)LOH
YDU]FKDU
LFLVOR
EHJLQ
ZULWHOQW
HQG
SULGiSUYRNGRPQRLQ\UHD]HFREVDKXMHSUY]QDNPDOpStVPHQRDWHVWQH]DQtPMH
tVOR
UHD]HFMHVSUiYQ\QHWUHEDNRQWURORYDQDSUSULGDM
T
SURFHGXUHPQR]SULGDMVVWULQJ
EHJLQ
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
&YLHQLD]3URJUDPRYDQLD
1DStWHSURJUDPNWRU
Y\StHtVODQDXKORSULHNX]DGHILQRYDQHMJUDILFNHM
SORFK\
Y\StHtVODGRULDGNRYDVWSFRYWPWLWRGYRPD
VS{VREPL
QDNDGpVWODHQLHWODLGODQDStHQDQiKRGQHMSR]tFLL
PRGUpVORYR3DVFDODHUYHQp'HOSKL8SR]RUQLHEH]
UDQGRPL]HVDSURJUDPVSUiYDVWiOHURYQDNRWMVORYi
VDYG\SRVSXVWHQtSURJUDPXY\SLVXM~QDURYQDNFK
SR]tFLiFK
Y\StHPRGUpVORYi
,ORYH'HOSKL
VRVLYPWLHRP
9\WYRUWHNRQWDQWXFRQVWYHWD
,ORYH'HOSKL
QH]DEXGQLWHXURELSULHVYLWQpSR]DGLHStVPHQ
1'SUHGWHWLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[QSPHSBNPWBOJB
Y\WYRUtWYRUFRY~VLH1[1WYRUHNRYVYHNRVRXWYRUHNDD2EHWLHWRtVORY\WYRUWHDNR
NRQWDQW\2EUi]RNY]QLNROSUHGHNODUiFLX
QDNUHVOt]WURMXKROQtNRYQDVOHGXM~FXS\UDPtGX3\UDPtGDY]QLNODSUHNRQWDQW\FRQVWD 1
3R]ULPHVDQDQRYSUtND]3RO\JRQ
1DSU
EHJLQ
J%UXVK&RORU FO5HG
J3RO\JRQ>3RLQW3RLQW3RLQW3RLQW@
HQG
3RPRFRXWRKWRSUtND]XQDNUHVOLWHWYRUHFMHKRYHNRV]YRWHRSlDNRNRQWDQWX
1'1DNUHVOLWHWURMXKROQtNDSRWRPIDUHEQ~S\UDPtGX]PDOFKWURMXKROQtNRY3RHWWURMXKROQtNRYYGROQRP
UDGHDYHNRVVWUDQ\PDOpKRWURMXKROQtND]YRWHRSlDNRNRQWDQW\FRQVWD 1
3RVWODHQtWODLGODQDQiKRGQFKSR]tFLiFKDOHYWYRUFRYHMVLHWLXUHQHMYHNRVRX
NRQWDQW\DVWUDQ\WYRUFDWURMXKROQtNDDSRORPHUXNUXQLFHY\NUHVXMWHHUYHQWYRUHF
OWWURMXKROQtNDPRGU~NUXQLFX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[QSPHSBNPWBOJB
1DNUHVOLWHV~VWUHGQpNUXQLFH8YHGRPWHVLR]QDPHQiHNUXQLFHV~Y\SOQHQp
9\P\VOLWHWDNVS{VRENUHVOHQLDDE\WRQHYDGLORDQDNUHVOLWHLFKWDNDE\EROD
NDGi]QLFKU{]QHMIDUE\=RSDNXMWHVLSULWRPSUtND]GRZQWR
1DNUHVOLHWHSULHEHKIXQNFLHVLQ[
1'1DNUHVOLWHVLQ[DMSRPRFRXPRGUFKLDUN\RYHM
V~UDGQLFL
1'9\XLWtPWFKLVWFKIXQNFLtQDNUHVOLWHQDVOHGXM~FHREUi]N\
3RPRFRXSUtND]X3RO\JRQQDNUHVOLWHREUi]RN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[QSPHSBNPWBOJB
NWRUY\NUHVOtQDREUD]RYNXNUXKRYQiKRGQHMIDUE\REYRGDM
YSOPDM~URYQDNpDOHQiKRGQHY\EUDQpIDUE\NUXK\PDM~YHNRVWL
D
NWRUQDNUHVOtQDQiKRGQRPPLHVWHSORFK\SLUiOX]LDU
0RQLND7RPFViQ\LRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[1SPHSBNPWBOJB
&YLHQLD]3URJUDPRYDQLD
3UHFYLHQLHNRU\WQDHMJHRPHWULHF\NORYDSURFHG~UVSDUDPHWUDPLYRODQPL
KRGQRWRX
1DStWHSURFHG~U\NWRUpEXG~SRPRFRXNRU\WQDHM
JUDILN\NUHVOLQDVOHGXM~FHREUi]N\
D8OLN\SRFHWLQWHJHUVWUDQDUHDO
6N~VWHQDStVDSURFHG~UXEH]SRXLWLDSUtND]X
'RSUHGX
E/XSHQVUHDONGHVMHYHNRVVWUDQ\
SUDYLGHOQpKRQXKROQtNDNWRUPDSUR[LPXMHPH
WYUNUXQLFX
F6HGPRNUDVNDQLQWHJHUVUHDO
NGHQMHSRHWOXSHRY
G6OQNRQLQWHJHUGOVUHDONGHQ
MHSRHWO~RYGOMHGNDO~DDVMHGND
REO~ND
H6WYRUFHQLQWHJHUVGVUHDONGH
QMHSRHWWYRUFRYVMHGNDVWUDQ\DGVMH
SUHNU\YQDYNX
2EUi]RNQDNUHVOLWHMHGQPDKRP
3RXtYDMWHSURFHG~UNX3RO\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[1SPHSBNPWBOJB
1DSURJUDPXMWHVLPXOiFLXSRK\EXGYRFKW~ODYFKNRU\WQDLHNNWRUpPDM~QDFKUEWRFKPDJQHW\
.RU\WQDN\VDKEXQiKRGQHSRREUD]RYNHDNHVDGRVWDQ~GRY]iMRPQHMEOt]NRVWLY]GLDOHQRVG
RWRLDVDR
1DStWHSURJUDPYNWRURPNRU\WQDNDQiKRGQRXSUHFKiG]NRX
QDNUHVOtNYHWLQNXVWUHG\OXSHRYWYRULDYUFKRO\SUDYLGHOQpKR
SlXKROQtND$NVDNRU\WQDNDQDFKiG]DYRYQ~WRUQRPNUXKX
NUHVOtOWPSHURPDNMHPLPRYQ~WRUQpKRNUXKXYQLHNWRURP]
OXSHRYNUHVOtHUYHQPSHURP
D1HGRYRWHNRU\WQDNHNUHVOLPLPRNYHWLQ\
E0LPRNYHWLQ\NRU\WQDNDNUHVOtYQHMDNHMRKUDQLHQHMREODVWL
]HOHQPSHURPWUiYX
1DNUHVOLWHJUDI
IXQNFLH
I[ VLQ[
QDVOHGRYQP
VS{VRERP
-HGQDNRU\WQDNDVD
EXGHKEDSR
NUXQLFLGUXKi
NRU\WQDNDEXGH
URYQRPHUQH
]YlRYDVYRMX[
RY~V~UDGQLFXD\
RY~V~UDGQLFXEXGH
PDWRWRQ~V\
RYRXV~UDGQLFRX
SUYHMNRU\WQDN\
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJF[1SPHSBNPWBOJB
&YLHQLD]3URJUDPRYDQLD
7H[WRYpV~ERU\SUHFYLHQLHVFKpP\QDVSUDFRYDQLHV~ERUX
NRStURYDQLHV~ERUX
ZKLOHQRWHRIIGR
LIHROQIWKHQ
EHJLQ
UHDGOQIVSUDFXMNRQLHFULDGNXYVWXSQpKRV~ERUX
HQG
HOVH
EHJLQ
UHDGIFKVSUDFXM]QDN
HQG
D1HSRXtYDMWHVWULQJ\
E=DP\VOLWHVDQDGYKRGQRVRXSRXLWLD6HHN(ROQ6HHN(RI
1DStWHSURJUDPNWRUSUHNRStUXMHYVWXSQWH[WRYV~ERUYVWXSW[WGRYVWXSQpKRV~ERUX
Y\VWXSW[WWDNH
DYVWXSQV~ERUQHEXGHREVDKRYDPHG]HU\NWRUpVDQDFKiG]DOLYRYVWXSQRPV~ERUHQDNRQFL
ULDGNRYEH]6HHN(ROQDVQtP
ESRVWXSQRVPHG]LHUYRYVWXSQRPWH[WRYRPV~ERUHEXGHQDKUDGHQiLEDMHGQRXPHG]HURX
1DStWHSURJUDPNWRUSUHNRStUXMHREVDKSDVFDORYVNpKRV~ERUX.RU8QLWSDVGR
.RU8QLWSDVSULRPY\QHFKiNRPHQWiUHY^`
6~ERUJJJW[[E\EROQRUPiOQ\WH[WRYNHE\]DNDGP]QDNRPERODM]QDN]D
QLHNWRUPLFKEDM~9\WYRUWHQRUPiOQ\WH[WRYV~ERUJJJW[W
3RXLMHPHQRYpSUtND]\
5HQDPH)LOH2OG1HZVWULQJ
'HOHWH)LOH1DPHVWULQJ
)LOH([LVWVQDPHVWULQJ%RROHDQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJF[1SPHSBNPWBOJB
1DStWHSURJUDPNWRUVSRtWDDY\StHSRGVHEDSRHWVORYYNDGHMYHWHYVWXSQpKRWH[WRYpKR
V~ERUX9HWDMHSRVWXSQRVVORYXNRQHQiERGNRX6ORYiV~RGGHOHQpMHGQRXPHG]HURXDOHER
NRQFRPULDGNX6~ERUMHNRUHNWQ
9WH[WRYRPV~ERUHVORYDW[WMHYNDGRPULDGNXMHGQRVORYR1DStWHSURJUDPNWRUY\WYRUt
V~ERUQDMGOKVLW[WYNWRURPEXG~YHWN\VORYi]RYVWXSQpKRV~ERUXNWRUpPDM~GNXDNR
QDMGOKLHVORYRYVWXSQpKRV~ERUXQHKDGDMWHQDMSUYGNXQDMGOKLHKRVORYD]RYVWXSQpKRV~ERUX
1DStWHSURJUDPNWRUYSDVFDORYVNRPV~ERUHXSUDYtULDGN\REVDKXM~FH]QDNWDNWR
PHG]HU\]DY\KRGt
]R]Y\NXULDGNXDNMHQHSUi]GQ\Y\UREtQRYULDGRNWDNHWHQWREXGH]DtQDURYQDNP
SRWRPPHG]LHUDNERO]DERGNRLDUNRX
LQiYHU]LDQRYULDGRNEXGH]DtQDYG\SRGSUYPVORYRPS{YRGQpKRULDGNXSDVFDORYVN\
1DStWHSURJUDPNWRUSUHNRStUXMHMHGHQV~ERUGRGUXKpKRDOHWDNHYHWN\ULDGN\EXG~PDGNX
]QDNRYWMYORtPHG]LVORYiURYQRPHUQHWRNRPHG]LHUDE\VDULDGRNQDWLDKROQD]QDNRY
'DQMHV~ERUFHOFKtVHOQDY]iMRPRGGHOHQFKPHG]HUDPLDNRQFDPLULDGNRY1DStWHSURJUDPY
NWRURPEXGHNRU\WQDNDLQWHUSUHWRYDWHQWRV~ERUQDVOHGRYQH
DNVDYULDGNXQDFKiG]DOHQMHGQRtVOR]QDPHQiGNXNURNXGRSUHGX
DNVDYULDGNXQDFKiG]DM~GYHtVODV~WRGN\VWUiQREGQLNDNWRUPiNRU\WQDND
QDNUHVOLQDSR]tFLLNGHVDSUiYHQDFKiG]D
DNVDYULDGNXQDFKiG]DM~WULtVODV~WRSDUDPHWUHSURFHG~U\SRO\
0{HWHSUHGSRNODGDHVDYLDGQRPULDGNXV~ERUXQHQDFKiG]DYLDFtVHODNRWUL
'DQMHV~ERUFHOFKtVHORGGHOHQFKQDY]iMRP
DPHG]HUDPLDNRQFDPLULDGNRY
EERGNRLDUNDPLDNRQFDPLULDGNRY
1iMGLWHGUXKpQDMPHQLHtVOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJF[1SPHSBNPWBOJB
9\WYRUWHWULSURFHG~U\PRMGRSUHGXPRMYSUDYRPRMYODYRWDNDE\YLDFQiVREQpYRODQLDWHM
LVWHMPHWyG\EH]SURVWUHGQH]DVHERXNRU\WQDNDQHY\NRQiYDODSRVWXSQHDOHQDMSUYOHQNXPXORYDOD
SDUDPHWUHDSUtVOXQSUtND]Y\NRQDODDSR]DYRODQtLQHMPHWyG\6~DVQHVY\NRQDQtPSUtND]XVD
WHQWR]DStHDMGRV~ERUXY\NRQDMW[W1DSUSRVWXSQRVSUtND]RYPRMGRSUHGX
PRMGRSUHGXPRMGRSUHGXPRMYSUDYRPRMYSUDYRE\
NRU\WQDNDY\NRQDODDNRPRMGRSUHGXPRMYSUDYR
32=10.$8YHGRPWHVLHWUHEDNXPXORYD]YOiNODGQpD]iSRUQpNRHILFLHQW\SUH
PRMGRSUHGXNY{OLSRK\EXGRSUHGXDGR]DGXSRWHMLVWHMLDUH
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJF[1SPHSBNPWBOJB
&YLHQLD]3URJUDPRYDQLD
3UtNODG\QDSUHFYLRYDQLH
3UHFYLWHSUtNODG\QDIXQNFLHSRGDYODVWQpKRYEHUXQDSU
1DStWHFHORtVHOQ~IXQNFLXNWRUiSUHYVWXSQSDUDPHWHU1Y\SRtWD1Wp)LERQDFFLKRtVOR
1DStWHSURJUDPNWRUKDGiYHWN\VSULDWHOHQptVODPHQLHDNR]DGDQp16SULDWHOHQPLVDQD]YDM~
GYHSULURG]HQptVODDNRNDGRP]QLFKSODWtHMHV~WRPYHWNFKGHOLWHRYGUXKpKRtVODEH]QHKR
VDPpKR8UREWHVLIFLXQDV~HWGHOLWHRYtVOD
1DStWHFHORtVHOQ~IXQNFLXVWURPLSDUDPHWUDPL&.D1NWRUiYVXQLHFLIUX&QD.WHPLHVWRVSUDYDY
tVOH1WHGDYUiWL]PRGLILNRYDQptVOR1$NVDWRXURELQHGi.MHYlLHDNRSRHWFLILHUtVOD1
YUiWLQH]PHQHQptVOR1
1DStWHSURJUDPNWRUQDtWDSULURG]HQptVOR1DQiMGHYHWN\GYRMLFHtVHO]LQWHUYDOX>1
1@NWRUp
V~EOtHQFDPL%OtHQFDPLVDQD]YDM~GYHSUYRtVODNWRUFKUR]GLHOMHQDSUDV~EOtHQFL
SRXLWHERRORYVN~IXQNFLXQD]LVRYDQLHSUYRtVODNWRU~VLSUHGWPQDStWH
3ROLD
1DStWHSURJUDPNWRUQDtWDYD]RYVWXSQpKRV~ERUXWH[WDSRDY\StHYDEHFHGQRPSRUDGt
StVPHQiNWRUpVDYRPY\VN\WOLSUiYHUD]
9SROL$V~OHQDOHER1DStWHSURJUDPNWRUPKRXWULHGLWH6NDGPSUYNRPPDQLSXOXMWHOHQUD]
1'DNV~SUYNDPLSRDD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJF[1SPHSBNPWBOJB
1DStWH
DSURFHG~UX
EIXQNFLX
326813NWRUiF\NOLFN\SRVXQLHSUYN\SRDYSUDYRYDYRR.SUYNRYEH]SRV~YDQLDNDGpKRSUYNX
.NUiW
6WULQJ\
1DStWHIXQNFLXNWRUiYUiWL758(DNUHD]HFNWRUMHMHMSDUDPHWURPMHSDOLQGURPLQDNYUiWL)$/6(
3UHGSRNODGDMWHH
DUHD]HFREVDKXMHMHGQRVORYR
EUHD]HFREVDKXMHYHWX1HEHUWHGR~YDK\PHG]HU\DQLUR]GLHOPHG]LPDOPLDYHNPLStVPHQDPL
3UHNRStUXMWHYVWXSQWH[WRYV~ERU
967837;7
GRYVWXSQpKRWH[WRYpKRV~ERUX
9<67837;7
WDN
HQD]iSLVGRYVWXSQpKRV~ERUXSRXLMHWHOHQMHGLQSUtND]ZULWHQLHYF\NOH
SROLDNRU\WQDLHN
1NRU\WQDLHNVDF\NOLFN\QDKiDLYiQDKiDLWXSRVOHGQiSUY~WDNHLYiVDQDWRtNLWHM
DSUHMGHGHVDWLQXLFKY]GLDOHQRVWL.RU\WQDN\QD]DLDWNXY\WYRUWHQDQiKRGQFKV~UDGQLFLDFKD
SULUDWHLPQiKRGQ~IDUEXSHUD
LQYDULDQWNRU\WQDN\PDM~SHURKRUHDYG\NHVDSUHVXQ~Y\LHXYHGHQPVS{VRERPQDNUHVOLD
VDVSRMQLFHPHG]LLRXDLRXNRU\WQDNRXWDNWREXG~Y]QLND]DXMtPDYpGSDYXLQN\
1QiKRGQHUR]PLHVWQHQFKNRU\WQDLHNQDKiDMHGQXNRU\WQDNXNWRUiFKRGtSRREYRGHSUDYLGHOQpKR
QXKROQtNDVNRQWDQWQPNURNRPGQDKiDM~FHNRU\WQDN\VDKEXVNURNRPNRHI
G3RGDYRE\Q
XKROQtNDDNRHILFLHQWXEXG~Y]QLNDU{]QHNULYN\
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJF[1SPHSBNPWBOJB
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[1SPHSBNPWBOJB
&YLHQLD]3URJUDPRYDQLD
7\S]i]QDP
=SUHGQiN\PiPH]DGHILQRYDQW\SW\SHYHNWRU UHFRUG[\UHDOHQG'RUREWHDOLH
IXQNFLHYHNWRURYHMDULWPHWLN\SRVXQ\]YlRYDQLH]PHQRYDQLHVNDOiUQ\V~LQ]LVWHQLHXKODPHG]L
GYRPDYHNWRUPLDSRG
9WH[WRYRPV~ERUHL0,W[WPiPD[LPiOQHULDGNRYMHYNDGRPULDGNXMHGQRPHQR
DSULH]YLVNRWXGHQWD=LVWLWHNRNRNUiWVDY\VN\WOLMHGQRWOLYpNUVWQpPHQi5LDGN\tWDMWHDNRVWULQJ
.UVWQpPHQiVLXGULDYDMWHYGiWRYHMWUXNW~UHXWULHGHQpSRGDDEHFHG\SUL]DUDRYDQtSRXLWHELQiUQH
Y\KDGiYDQLH
9\PHQRYDQW\SPQRLQ\VFDQQHU
1DMDVWHMLHUR]SR]QiYDQpOH[pP\YSDVFDORYVNFKSURJUDPRFK
,'(17,),.725QDSUQi]Y\SUHPHQQFKW\SRYNRQWiQWUH]HUYRYDQpVORYi
6(/1.217$17$UR]OLXMHPHFHORtVHOQpUHiOQHYGHVDWLQQRPWYDUHDY
VHPLORJDULWPLFNRPWYDUHHVWQiVWNRYpSRGDSRWUHE\
5($=&29.217$17$32=25$NVDYUHD]FRYHMNRQWDQWHY\VN\WXMHDSRVWURI
PXVtE\]GYRMHQ+RGQRWDWDNHMWRUHD]FRYHMNRQWDQW\SRWRPREVDKXMHOHQ-('(1DSRVWURI
.20(175(
=1$.35,5$'(1,$5(/$1e23(5725<%2'.$'9(%2'.<LQWHUYDOSRGD
SRWUHE\
'DQMHWH[WRYV~ERU352*5$03$6NWRUREVDKXMHQHMDNSDVFDORYVNSURJUDP6NRStUXMWHREVDK
WRKWRV~ERUXGRWH[WRYpKRV~ERUX352*5$03$6SULRPYNySLLEXG~]QHJRYDQpUHODQp
RSHUiWRU\
]DPHQt]D! DQDRSDN
!]DPHQt]D DQDRSDN
]DPHQt]D!DQDRSDN
'DMWHSR]RUQDSULUDGHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJFOJB[1SPHSBNPWBOJB
'DQMHWH[WRYV~ERU352*5$03$6NWRUREVDKXMHQHMDNSDVFDORYVNSURJUDP'RWH[WRYpKR
V~ERUX5(7$=&(3$6Y\StWHKRGQRW\YHWNFKUHD]FRYFKNRQWiQW]RYVWXSQpKRV~ERUX,Q
YDULDQW=DSLVXMWHOHQKRGQRW\QDY]iMRPU{]Q\FKUHD]FRYFKNRQWiQW
'DQMHWH[WRYV~ERU$3$6NWRUREVDKXMHQHMDNSDVFDORYVNSURJUDP1DStWHSURJUDPNWRU
SUHtWDWHQWRV~ERUQiMGHYRPYHWN\YVN\W\FHORtVHOQFKNRQWiQW
DY\StHIUHNYHQQ~WDEXNXWFKWRYVN\WRYXVSRULDGDQ~Y]RVWXSQH
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
Cvicenia z Programovania/06
&YLHQLD]3URJUDPRYDQLD
5HNXU]LD
9\WYRUWHtVHOQpIXQNFLHNWRUpUHNXU]LRXY\SRtWDM~
QW~PRFQLQDtVOD
QWp)LERQDLKRtVOR
NRPELQDQptVOREH]IDNWRULiORYFH]3DVFDORYWURMXKROQtN
9\WYRUWHIXQNFLXNWRUiUHNXU]LRX
REUiWLVWULQJ
REUiWLULDGN\YV~ERUHULDGN\tWDMWHGRVWULQJRY
]LVWtLMH]DGDQVWULQJSDOLQGURP
.RU\WQDNRXQDNUHVOLWHWLHWRUHNXU]tYQHREUi]N\.WRUpVDGDM~QDNUHVOLEH]UHNXU]LHSRPRFRXF\NOX
ZKLOH".WRUpVDGDM~QDNUHVOLMHGQPDKRPVUHNXU]LRXLEH]"
3UiFDVP\RX
SUDFXMHPHVSURFHG~UDPL
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ
70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW
76KLIW6WDWH;<,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ
70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
NGH
70RXVH%XWWRQ PE/HIWPE5LJKWPE0LGGOH
76KLIW6WDWH VHWRIVV6KLIWVV$OWVV&WUOVV/HIWVV5LJKW
VV0LGGOHVV'RXEOH
1DStWHSURJUDPNWRUEXGHNUHVOLQDJUDILFN~SORFKXREGQLN\VWODHQLHDYpKRWODLGODP\L
GHILQRYDQLHDYpKRKRUQpKRYUFKRODREGQLNDDKDQtPDSXVWHQtPQDVWDYHQLHSURWLDKOpKRYUFKROD
GDMWHVLSR]RUQDY\SDQLHDQDSUHNUHVRYDQLHWUHEDQDVWDYLJ3HQ0RGH SP;RU
GRSOWHSURJUDPSULDKDQtVRVWODHQP6KLIWRPNUHVOtPHQLHREGQLNDOHWYRUHF
5RPDQ+UXHFN
&YLHQLD]3URJUDPRYDQLD
.RU\WQDN\DP\
1DStWHSURJUDPYNWRURPNRU\WQDNDYG\SULVWODHQtWODLGODP\LNUHVOtSRGDSRK\EXP\N\
6~DVQHVWRXWRNRU\WQDNRXY\WYRUWHMHMNySLHSRGDRVt[D\NWRUpEXG~NUHVOL]UNDGORYRSRGD
SUtVOXQHMRVL
1DStWHSURJUDPYNWRURPDNVPHGRSORFK\NOLNOLP\RXQDWRPWRPLHVWHVDY\WYRUtQRYi
NRU\WQDND7iWRVD]DQHQiKRGQHSUHFKiG]DDYHWN\GRWHUD]H[LVWXM~FHNRU\WQDN\MXEXG~
SUHQDVOHGRYDQDKiD
1DStWHSURJUDPYNWRURPVDSULNOLNQXWtGRSORFK\YG\Y\JHQHUXMHNRU\WQDNDDSRNOLNQXWtQD
WODLGOR]DQ~NRU\WQDN\Y\NUHVRYDQDVYRMRPPLHVWHYG\YltDYltELQiUQ\VWURPDNRNHE\
UiVWROQRYVWURPEXGHPDGOKLHNRQiUHDEXGHPDYLDF~URYQtDSRVWURP~URYQH0D[8URYHQ
.RU\WQDN\VLXGULDYDMWHYSROLDYG\NHQLHNWRUiNRU\WQDNDVNRQtNUHVOHQLHY\KRWHMX]SRD
QDKUDWHMXSRVOHGQRXDVNUiWHSROH
3RXLWH7LPHU
7DEXND
1DStWHSURJUDPNWRUXPRQtGYRPKUiRPKUDSH[HVR+UDFLXSORFKXY\NUHVOLWHSRPRFRX
NRPSRQHQWX6WULQJ*ULG.DUWLN\EXG~QDPLHVWRREUi]NRYREVDKRYDVORYi1HRWRHQiNDUWLNDEXGH
]Qi]RUQHQiQDSUDNRWYRUHFPRGUHMIDUE\RWRHQiNDUWLNDEXGHWYRUHFQDSUHUYHQHMIDUE\VELHO\P
QiSLVRP$NV~RWRHQpGYHNDUWLN\VURYQDNPVORYRP]PL]Q~]KUDFHMSORFK\YSUtVXQHMEXQNHVD
QHEXGHY\NUHVRYDQL
&YLHQLD]3URJUDPRYDQLD
7ULHG\XQLW\
1'XUREWHFODVVYHONHBFLVORSRPRFRXG\QDPLFNpKRSRD
=DGHILQXMWHXQLWQDSUiFXVYHNWRUPL
=DGHILQXMWHWULHGXRVREDVSRORNDPLPHQRYHNDGUHVDDVPHWyGDPLQDLQLFLDOL]iFLXSUHGVWDYHQLH
VDD]LVWHQLHLGDQiRVREDMHDOHERQLHMHPODGtNRPQDSU
W\SH
2VRED FODVV
PHQRVWULQJ
YHNE\WH
DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WH
SURFHGXUH3UHGVWDYVD
IXQFWLRQ0ODGLNERROHDQ
HQG
'\QDPLFNpSROLD
=DGHILQXMWHWULHGX7DEXONDYNWRUHMEXGHPHXGULDYDGDWDEi]XXGtQDSU
W\SH
7DEXOND FODVV
WDUUD\RI2VRED
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDMPDVWULQJYE\WH
SURFHGXUH9\SLV
HQG
DGRQHMDNHMLQWDQFLHWULHG\7DEXONDQDtWDMWHLQIRUPiFLH]RYVWXSXRMHGQRWOLYFKXRFKDY\StWH
YHWNFKPODGtNRY]WHMWRWDEXN\
1'WDEXNX]RUJDQL]XMWHGRYHNRYFKVNXStQDNRUR]PHUQpSROH
WDUUD\>@RIDUUD\RI2VRED
NGHLW\SUYRNWDEXN\REVDKXMHSROHRV{EVURYQDNPYHNRPLURNRY
=DGHILQXMWHWLHGX3RO\QRPRY
DSRO\QyPUHSUH]HQWXMWHG\QDPLFNPSRRPNRHILFLHQWRYSUHQHH[LVWXM~FHPRFQLQ\MHNRHILFLHQW
ESRO\QyPUHSUH]HQWXMWHG\QDPLFNPSRRP]i]QDPRYNRHILFLHQWDVWXSHNWRUpEXGH
REVDKRYDOHQOHQ\VQHQXORYPNRHILFLHQWRPXVSRULDGDQpSRGDVWXSD
=DGHILQXMWHQDMSUYWULHGXFOHQNRHILFLHQWVWXSHDPHWyG\QDLQLFLDOL]iFLXDY\StVDQLHD
SRO\QRPSRWRPEXGHREVDKRYDG\QDPLFNpSROHFOHQRY
1'=DGHILQXMWHWULHGXYHNWRUSRPRFRXG\QDPLFNpKRSRDSUHXERYRQHiUQHYHNWRU\$N
EXGHPHFKFLHQDSUVtWDYDGYDYHNWRU\U{]QHMiUQRVWLWDNVDEXY\KOiVLFK\EDDOHERVDWHQ
NUDWtGRSOQtQXODPL
MDQ
MDQIHE
=DGDQLHQDVN~NHMDQGRREHGD V~ERU\
=DGDQLHQDVN~NHMDQSRREHGH V~ERU\
=DGDQLHQDVN~NHMDQGRREHGD V~ERU\
=DGDQLHQDVN~NHMDQSRREHGH V~ERU\
=DGDQLHQDVN~NHMDQGRREHGD V~ERU\
=DGDQLHQDVN~NHMDQSRREHGH V~ERU\
=DGDQLHQDVN~NHMDQGRREHGD V~ERU\
=DGDQLHQDVN~NHMDQSRREHGH V~ERU\
=DGDQLHQDVN~NHMDQGRREHGD V~ERU\
=DGDQLHQDVN~NHMDQSRREHGH V~ERU\
=DGDQLHQDVN~NHMDQSRREHGH V~ERU\
=DGDQLHQDVN~NHMDQGRREHGD V~ERU\
=DGDQLHQDVN~NHIHEGRREHGD V~ERU\
3UHGEHQpKRGQRWHQLH
]RVH ULDGQ\ RSUDYQ
PHVWUD ERG\ SUpPLD H[ WHVW WHUPtQ ]QiPND WHUPtQ ]QiPND
%DM]tN7LERU , ) "
%DOJDYi(YD ,
%DOWRYi
$OH[DQGUD , "
%DUWHOW
5LFKDUG ,
%HODV
%UDQLVODY ,
%HYLODTXD
3HWHU , " "
%ODKR
/DGLVODY , ) "
%Oi]VRYLWV
*iERU ,
%XMiN
7RPi , )
DQHFN
0LFKDO , )
HFK
)UDQWLHN , )
t)LOLS , "
'RELWHIDQ , )
'RULF
0DUHN ,
'YRiNRYi
-DQD , =
']DPNR
7RPi ,
)LOR0DUWLQ , =
)LOR5RQDOG , )
.DUDV
0DUWLQ ,
)RUQHU
9ODGLPtU , "
)UDWUL
0LFKDO ,
)UOLND3HWHU , 3=
)XUGtN
0DUWLQ , "
*DUGR
6WDQLVODY ,
*XEi
0DUWLQ , 3= "
+DOLFN
3HWHU , )
+DPDM
XGRYtW ,
+DPDU
'XDQ ,
+LWND0LFKDO , )
+|JHU7RPi ,
+RORWiN
2QGUHM ,
+RPROD
0DUWLQ ,
+URPLDN
0DULiQ ,
+URQVN
0DUWLQ , )
-DQRHN
0LFKDO , "
-RPEtN
2QGUHM ,
.DGOLF
0LFKDO , )
.LiWV
/DGLVODY ,
.PH-iQ ,
.RDQ
0DUWLQ , "
.RL$GULiQ ,
.RK~W0DWHM , )
.RULQHN
3DYRO , "
.RiO
0DUFHO ,
.R]HM3HWHU , )
.UiWN\
0DULDQ , "
.UXSD
0DUWLQ , "
.XEtN0DWHM , ) "
.XNDQ
0DUWLQ , 3= "
/DFKRYi
-DQD ,
/DQJ0DUWLQ ,
0DUFLQiN
0DULiQ ,
0DWHMRYL
7RPi , "
0DWLDRYVN
0DUR , " "
0LFKDOLND
-iQ , )
0LQDURYLHFK
-iQ , )
0RORWD
7RPi , "
0RUiYHN
0DULDQ , "
1DOHYDMNR
7RPi , "
3iORV*XVWiY , 3=
3DSS-iQ , "
3DUiN-R]HI , =
3HNDU0LOR , = "
3HUQHFN
0DUWLQ , )
3HWUiHN
7RPi , "
3HWUtN7RPi ,
3LOL,YDQ ,
3RODQ0LFKDO , =
5RWK
9ODGLPtU ,
5XPSOHU
3HWHU ,
6iQ\
0LURVODY ,
6HPDQ
2QGUHM ,
6NDOQ$GDP , = "
6OH]LDN
0DUWLQ , )
6PDiN
%RULV ,
6]DNV]RQ
1RUEHUW ,
DUNDQRYi
0iULD ,
LPNR'DQLHO , = "
LPODWtN
0DUWLQ ,
LPRQtN
5RVWLVODY ,
LUi0DUWLQ , )
LPL
0DULiQ , )
PLG0DUWLQ ,
RWW
%UDQLVODY ,
WHIHN
0DUWLQ ,
WHIND3HWHU ,
WLEUDQ
3HWHU , )
XEURYi
=ODWLFD ,
7UQRYHF
0DUWLQ , )
7XUDQ
$QGUHM ,
9DNR-XUDM ,
:DUWLDN
5DVWLVODY , ) " "
:LHGHUPDQQ
9ODGLPtU , )
=DJ\L
1RUEHUW ,
=DFKDU
9RMWHFK ,
=YROHQVNi
=GHQND , = "
%RLN7RPi ,LE " "
HUYHQDN
7DWMDQD ,LE
.Rt0LFKDO ,LE
0DHN
3DWULN ,LE 3= "
3RPLFKDO
3DWULN ,LE
6WHMVNDO
0DUWLQ ,LE
WUED
-DURVODY ,LE "
%LVNXSL-iQ X), =
%HO\XV0DW~ X0, =
%ULQ]D%RULV X0, = "
&LEXOND
7RPi X0, =
+ODYi
0LFKDO X0, )
+UQLDULN
0LFKDO X0,
&KUREiN
-~OLXV X0,
.DODV
%UDQLVODY X0,
.DUDNRYi
$OH[DQGUD X0, "
.DiN3HWHU X0,
/DXULQF
3HWHU X0, " "
0DOiU
0DUWLQ X0,
0DWHMtHN
XER X0, "
0DWUND
6DPXHO X0,
0pV]iURV
$QGUHM X0, "
0LFKDOtN
0DUHN X0,
1HPiN-iQ X0, )
1RYRWQ
3HWHU X0, " "
3HWUi
$QGUHM X0,
3RORKRYi
9LHUD X0,
5LJy=VROW X0, 3=
6LWWD7RPi X0, "
6]HNXOD
5yEHUW X0,
WXJHO3DYRO X0, )
=iKUDGQi
'DULQD X0, "
HQXFK
3DYRO X0,
7DND
$OHNVDQGUD L
2QGUiNRYi
0iULD X0) 3= "
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
7H[WRYV~ERUYVWXSW[WREVDKXMHSRSLVLYpKRREUD]X
SUYULDGRNREVDKXMHPHQRELWPDS\NWRUiEXGHSRGNODGRPEDFNJURXQGREUD]X
NDGDOtULDGRNREVDKXMHSRSLVMHGQpKRREMHNWX
SUYpGYHFHOptVODV~V~UDGQLFHREMHNWXYSORFKH
QDNRQFLULDGNXMHPHQRELWPDS\REUi]NX
P{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQH
1DStWHSURJUDPNWRUQDtWDWHQWRV~ERUQDtWDSUtVOXQpELWPDS\D]REUD]tLFKGRIRUPXOiUXEXSULDPRGR
IRUPXOiUXDOHERGRJUDILFNHMSORFK\UR]PHU\QHFKV~DVSR[3RPRFRXDVRYDDVDYHWN\REMHNW\Y
SORFKHSRK\EXM~WDNHVDLPVWiOHPHQLDV~UDGQLFHSRGDYHNWRUDSRVXQXWLD$NE\QLHNWRUREMHNWPDO
Y\SDGQ~]SORFK\WDNVDSUtVOXQHM]ORNHYHNWRUDY[DOHERY\]PHQt]QDPLHQNR9RIRUPXOiUL]DGHILQXMWH
WODLGOR>8OR@NWRUPP{HPHXORLGRV~ERUXYVWXSW[WPRPHQWiOQ\VWDYREMHNWRY%LWPDS\REMHNWRYPDM~
SULHVYLWQpDVWL]DGHILQRYDQpELHORXIDUERX
$NQLHNWRUREMHNW]DWODtPHDYPWODLGORPP\LYHWN\REMHNW\]DVWDQ~DNOLNQXWpPXREMHNWXP{HPH]PHQL
MHKRYHNWRUSRV~YDQLDDMQDQXORY3RDVDKDQLDP\RXVDNUHVOtYHNWRUHUYHQi~VHNDRGNOLNQXWpKRERGX
SRPRPHQWiOQ\3ULSXVWHQtP\LVDWHQWRYHNWRU]PDHDGDQREMHNWVDRGWRKRWRPRPHQWXEXGHSRK\ERYD
SRGDWRKRWRQRYpKRYHNWRUD]DQ~VDSRK\ERYDDMYHWN\RVWDWQpREMHNW\
3RDV]DWODHQLDNOiYHVX&WUO!YHWN\REMHNW\]DVWDQ~DSRDVWRKRWRP{HPHXERYRQpREMHNW\SRSORFKH
DKDWPWRDKDQPREMHNWRPVDY\QXOXMHLFKYHNWRUSRV~YDQLD
2EMHNW\]DGHILQXMWHDNRLQWDQFLHWHMWRWULHG\GHNODUiFLHP{HWHSRGDSRWUHE\WURFKX]PHQL
W\SH
REUD]RN FODVV
[\Y[Y\LQWHJHU
PHQRVWULQJPHQRV~ERUXVELWPDSRX
EPS7%LWPDS
FRQVWUXFWRU&UHDWHYDUW[7H[W)LOHQDtWDLQIRUPiFLH]RV~ERUX
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLJ7&DQYDVY\NUHVOtGRSORFK\
IXQFWLRQNOLNP[P\LQWHJHUERROHDQLVDNOLNORP\RX
SURFHGXUH]DSLVYDUW[7H[W)LOH
HQG
1D]DLDWNXSURJUDPXMHSORFKDSUi]GQD.OLNQXWLHGRSORFK\Y\WYRUtQRY~NRU\WQDNXVWYDURPPDOpKRNU~NX
.DGpDOLHNOLNQXWLHY\WYiUDQRYpNRU\WQDN\.DGiWDNWRY\WYRUHQiNRU\WQDNDMHVSRMHQi~VHNRXV
SUHGFKiGDM~FRXRNUHPSUYHMSRGDSRUDGLDY\WYiUDQFKNRU\WQDLHN7iWD~VHNDMHV~DVRXWYDUXNRU\WQDN\
WYDUMHNU~RNDGOKiLDUD.OLNQXWLHQDH[LVWXM~FXNRU\WQDNXQHY\WYRUtQRY~DOHXPRQtMXDKDSRSORFKH
SRDVDKDQLDWUHEDDNWXDOL]RYDWYDUVDPRWQHMDKDQHMNRU\WQDN\DMMHMQDVOHGRYQtND
3ULWDUWHSURJUDPXDNWHQWRV~ERUH[LVWXMHVDQDSUtVOXQFKPLHVWDFKY\JHQHUXM~NRU\WQDN\DSURJUDPLFK
XPRQtDKDSRSORFKHDY\WYiUDQRYp
1DSROHNRU\WDQLHNSRXLWHWULHGX9HOD.RU
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DStWHSURJUDPNWRUXPRQtMHGQpPXKUiRYLULDGLURERWDYODE\ULQWH
ODE\ULQWVDVNODGi]RVWLHQDQDFKiG]DVDYRPURERWDQHMDNpIDUHEQpNUDELFHNWRUpEXGHURERWSUHQiD
URERWDP{HPHULDGLP\RXWDNHPXNOLNQXWtPQLHNGHYULDGNXDOHERYVWSFLYNWRURPVDQDFKiG]D
XUtPHVPHUSRK\EXDRQVDSRWRPSRPDO\SRK\EXMHGDQPVPHURPDNPQHQDUD]tQDQHMDN~
SUHNiNXDMNUDELFHV~SUHKRSUHNiN\
URERWMH]REUD]HQELWPDSRXYHNRVWL[ERGRYELWPDS\SUtVOXQHQDWRHQFKURERWRYV~YV~ERURFK
UEPSUEPSUEPSDUEPS
VWHQ\V~HGp]ORHQp]RWYRUHNRY[ERGRY
NUDELFHV~]REUD]HQpWYRUHNPLYHNRVWL[U{]Q\FKQiKRGQFKIDULHE
DNURERWQHQHVLHNUDELFXDQDUD]tQDQHMDN~WDNNOLNQXWtPQDW~WRNUDELFXMXXFKRStDDOHMVDSRK\EXMHV
5RERWDDMNUDELFH]DGHILQXMWHDNRLQWDQFLHQHMDNHMWULHG\NWRUiEXGHREVDKRYDPLQLPiOQHWLHWRPHWyG\
LQLFLDOL]DQiY\NUHVOHQLHWHVWLVDP{HSRKQ~PRPHQWiOQHGHILQRYDQPVPHURP
/DE\ULQWMH]DGDQYWH[WRYRPV~ERUHURERWW[W.DGULDGRNV~ERUXSRSLVXMHMHGHQULDGRNODE\ULQWXNDG
]QDNYRPUHSUH]HQWXMH[ERGRYQDREUD]RYNHSULRP]QDN
[
UHSUH]HQWXMHVWHQX
SR]tFLDKUiD
N
U{]QRIDUHEQpNUDELFH
YRQpSROtNR
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDYHWN\ULDGN\REVDKXM~URYQDNSRHW]QDNRY1DSULHNWRPX
HSRLDWRQODE\ULQWDMREMHNW\QDREUD]RYNHV~]RWYRUHNRY[URERWDMNUDELFHVDP{XSRK\ERYDY
NDGRPVPHUHSRERGRFK
3RK\EURERWDULDWHFH]7LPHU
1DStWHSURJUDPSRPRFRXNWRUpKRP{HPHULHLSUREOpPDFKRYpKRNRD
QDDFKRYQLFL15[1615D16V~NRQWDQW\SURJUDPXDY\MDGUXM~SRHWULDGNRYDSRHWVWSFRY
SROtRNSUYPDKRPQLHNGHXPLHVWQLPHDFKRYpKRNRD
DOHMSRPRFRXP\LSRVWXSQHXUXMHPHSROtNDQDNWRUpVDSUHV~YDWHQWRN{
WRWRSROtNRSUHVXQLHSROtNRVD]DIDUEtDVSRMt]HOHQRXLDURXVSUHGFKiG]DM~FLP
YSRLDWRQHMVLWXiFLLKU\QDNDGRPSROtNXVHGtMHGQDNRU\WQDNDWYDUXHGXKROQtNDYSULHEHKX
KU\VDQLHNWRUPNRU\WQDNiPPHQtIDUEDWYDUXDQLHNWRUpNRU\WQDN\VDVSiMDM~LDURXSROtNRVNRRP
PiNRU\WQDNXVHUYHQRXIDUERXXQDYWtYHQpSROtNREH]NRDPi]HOHQ~IDUEXWYDUX7LHWR
NRU\WQDN\UHDOL]XMWHSRPRFRXYODVWQHMWULHG\RGYRGHQHM].RUYNWRUHMV~QHMDNpSRPRFQpVWDYRYp
SUHPHQQpQDSUSR]tFLDYDFKRYQLFLLMHSROtNRREVDGHQpDSRGDDOHMY\XLWHWULHGX9HOD.RUWDN
DE\VWHXQHSRWUHERYDOLLDGQHLQpSROLD
9SURJUDPH]DGHILQXMWHNRQWDQW\SUHYHNRVDFKRYQLFHDYHNRVSROtNDQDSU
FRQVW15 16 YHO
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
)DUDyQ]DGDO$EGXORYLY\LVWLYHWN\NYiGUHMHKRQRYHMS\UDPtG\=DDPiQDXERYRQRPNYiGULYVSRGQRP
UDGHDSRVWXSQHPiY\LVWLYHWN\NYiGUH3\UDPtGDPiYVSRGQRPUDGH1NYiGURYYUDGHQDGQLPLMH1
NYiGURYDWDYQDMY\RP1WRPUDGHMHXOHQMHGHQ$E\WRSUH$EGXODQHERODWDNiMHGQRWYiUQDURERWD
IDUDyQPXY\P\VOHOHWHGYHSUDYLGOi
SULSUHFKiG]DQt]MHGQpKRNYiGUXQDVXVHGQQLNG\QHVPLHtVQDNYiGHUYWRPLVWRPUDGHDOHQD
YDOtFKULDGNRFKP{XQDVOHGRYDV~UDGQLFHLVWFKNYiGURYYS\UDPtGHRGGHOHQpV~PHG]HUDPLD
QRYPLULDGNDPLV~UDGQLFHV~]DGDQpDNRGYRMLFHtVHOULDGRNDVWSHFWLHWRGYHtVODV~QDY]iMRP
]UHD]HQpDPDM~PHG]LVHERX]QDN
P{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQH
1DStWHSURJUDPNWRUEXGHSRPRFRXNRU\WQDLHNVLPXORYDSRK\EHUYtNDQDREUD]RYNHHUYtNVDVNODGi]
QLHNRNFKGLHOLNRYNDGGLHOLNMHMHGQDNRU\WQDNDVWURMXKROQtNRYPWYDURPSULRPSUYiKODYDMH]HOHQiD
RVWDWQpV~VYHWORHGpDSRK\EXMHVDSRGDWFKWRSUDYLGLHO
KODYDVDYlLQRXSRK\EXMHQiKRGQHWMQDMSUYVDRWRtRQiKRGQXKRO]LQWHUYDOXXX!DSUHMGH
Y]GLDOHQRVG
DNVDHUYtNY\LHO]REUD]RYN\MHKRKODYDVDQDWRtNERGXDQLHRQiKRGQXKRO
DNNOLNQHPHP\RXQLHNGHGRSORFK\HUYtNVDRWRtVPHURPNP\LDSRNUDXMHYRVYRMRPSRK\EH
RVWDWQpGLHOLN\HUYtNDVDSRK\EXM~WDNHYNDGRPNURNXVDNDGGLHOLNQDWRtNXVYRMPX
SUHGFKRGFRYLDDNMHRGQHKRY]GLDOHQDVSRGNXGGWDNSUHMGHWDN~GNXDE\EROY]GLDOHQSUHVQH
GGLQDNVWRMtQDPLHVWH
HUYtNPiQD]DLDWNXGNXGLHOLNRY
2NUHPHUYtNDVDYSORFKHQDFKiG]D1N~VNRYSRWUDY\QD]DLDWNXKU\V~QiKRGQHUR]KiG]DQpSRSORFKHDM
WLHWRV~]REUD]HQpNRU\WQDNDPLVWYDURPHUYHQNUtLN$NKODYDHUYtNDSUHMGHEOt]NRQHMDNHMSRWUDY\
SRXLWHPHWyGXEOt]NRWDNWHQWRN~VRNSRWUDY\]PL]QH]UXtVDSUtVOXQiNRU\WQDNDDHUYtNVDQDNRQFL
SUHGLRMHGHQGLHOLNSULEXGQHMHGQDNRU\WQDNDQDSR]tFLLSRVOHGQpKRGLHOLND
HUYtNDDM]R]QDPN~VNRYSRWUDY\UHSUH]HQWXMWHGYRPDWULHGDPLQDSU
1DSRK\EHUYtNDQHWUHEDDVRYDYSURFHG~UH:0VWDUWXUREWHQHNRQHQF\NOXVYNWRURPVDKEHHUYtND
NRQWUROXMHSRWUDYD
9SURJUDPH]DGHILQXMWHNRQWDQW\SUHGN\DXKROQDSUWDNWR
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DStWHSURJUDPNWRUXPRQtMHGQpPXKUiRYL]DKUDVDKUXDEN\
YMD]LHUNXMHYHGDVHEDUR]PLHVWQHQFK1NDPHRYQDNWRUFKVHGt1DELHNMHGHQNDPHMHYRQ
REUi]RNMD]HUDMHYV~ERUHMD]HUREPSDNDPHMHYV~ERUHNDPHQEPSELHODIDUEDMHSULHVYLWQi
NDGiDENDPiVYRMHtVORRGGR1REUi]N\DELHNV~YV~ERURFK]DEDEPS]DEDEPS
]DEDEPSSULRPELHODIDUEDE\PDODE\SULHVYLWQiP{HWHSUHGSRNODGDH1QHEXGHYlLHDNR
QD]DLDWNXKU\V~DEN\QiKRGQHUR]PLHVWQHQpQDSUWDNWRBNGHBVPHY\MDGULOLSUi]GQ\
NDPH
~ORKRXKUiDLFKEXGHXVSRULDGDY]RVWXSQHWDNDE\SUYiDENDERODQDSUYRPNDPHQL1WiQD1WRPD
NDPHDOHERLEDSRVNRtQDPLHVWH
SULVNiNDQtP{HDENDSUHVNRLQDYRQNDPHEXDNMHWHQWRVXVHGQDOHERDNSULWRPPXVt
SUHVNRLLEDMHGQXVXVHGQ~DENX
SR~VSHQRPY\ULHHQt~ORK\YHWN\DEN\SRVWXSQHY\VNRLDQDPLHVWH
%LWPDSXMD]HUDY\NUHVOLWHWDNDE\GROQRNUDMELWPDS\EROQDGROQRPRNUDMLJUDILFNHMSORFK\GUDZP{HPD
]iSRUQ~\RY~V~UDGQLFXNDPHQHV~UR]RVWDYHQpYRY]GLDOHQRVWLRGVHEDQHPXVHOLE\E\QDMHGQHMSULDPNH
DOHQiKRGQH!RNRORP\VOHQHMSULDPN\SL[HORYRGVSRGQpKRRNUDMDSORFK\3UYNDPHQHFKMH
RGDYpKRRNUDMD6NiNDQLHDELHNDQLPXMWHWMSRPRFRXDVRYDDUR]ORWHVNRNQDQLHNRNRHWiSDVSR
DEN\UHVSNDPHQH]DGHILQXMWHDNRLQWDQFLHWULHGVPHWyGDPLQDLQLFLDOL]iFLXVNiNDQLH]LVWHQLHLVDNOLNORD
SRGREQH
9SURJUDPHSRXLWHNRQWDQW\QDSRHWDELHN1YNXYVNRNX9DSRGQDSU
FRQVW1 9
1DStWHSURJUDPNWRUEXGHULHLQDVOHGRYQ~~ORKXWH[WRYV~ERUVXERUW[WREVDKXMHSRVWXSQRVSUtND]RYSUH
NRU\WQDNXNWRUiSRSLVXMHQHMDNREUi]RN.DGSUtND]YV~ERUH]DtQDUHD]FRPStVPHQD]DQLHNWRUPL
SUtND]PLMHDMFHORtVHOQSDUDPHWHU3UtND]\DMtVHOQpSDUDPHWUHV~QDY]iMRPRGGHOHQpDVSRMHGQRXPHG]HURX
UHVSNRQFRPULDGNRY9V~ERUHVDP{XY\VN\WQ~OHQWLHWRSUtND]\GRSUHGXYODYRYSUDYRRSDNXMDNRQLHF
SULRPRNUHPNRQLHFPDM~YHWN\RVWDWQpMHGHQSDUDPHWHU3UYpWULSUtND]\]RGSRYHGDM~PHWyGDPWULHG\.RU
3UtND]RSDNXMXPRQtRSDNRYDQHMDN~SRVWXSQRVSUtND]RY]RV~ERUXXNRQHQ~SUtND]RPNRQLHF3RtWDMWHV
WPHPHG]LSUtND]PLYWHOHF\NOXRSDNXMP{XE\RSlYQRUHQpF\NO\RSDNXMQDSU
RSDNXMRSDNXMGRSUHGXYODYRNRQLHFYSUDYRNRQLHF
QDNUHVOtQDY]iMRPSRRWRHQpWYRUFH
1DY\NUHVOHQLHV~ERUX]DGHILQXMHWHWULHGXPRMD.RUSRWRPNDWULHG\.RUNWRUiEXGHREVDKRYDVWDYRYpSUHPHQQp
DPHWyG\
SULND]\DUUD\RISUtND]SULND]MHQDSU]i]QDPRMHGQRPSUtND]HYSRVWXSQRVWL
NUHVOLPHQRVWULQJPHQRV~ERUXQDtWDV~ERUGRWUXNW~U\
Y\NRQDM[LQWHJHU[MHtVOR]i]QDPXYSROL
RSDNXMQLQWHJHU[LQWHJHUQMHSRHWRSDNRYDQt
3DUDPHWHU[YPHWyGDFK9\NRQDMD2SDNXMREVDKXMHtVOR]i]QDPXYG\QDPLFNRPSROLRGNWRUpKRVDPDM~
LQWHUSUHWRYDSUtND]\
0HWyGD9\NRQDMQDSUtND]HNRQLHFVNRQtQDSUtND]HRSDNXM]DYROiPHWyGX2SDNXM2SDNXMSUHQQHXUREt
QL
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHLDGQHLQpSUtND]\DQLLQp]QDN\
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DStWHSURJUDPNWRUXPRQt]DKUDVDOXQDSDUNRY~KUX7ULDIDQLHEDOyQLNRY
KUiGUtYUXNHtSNXQDDYHMVWUDQHREUD]RYN\DFK\VWiVDMXKRGLPHG]LEDOyQ\
]RVSRGXREUD]RYN\VDQiKRGQHY\QiUDM~U{]QRIDUHEQpEDOyQ\DU{]QRXUFKORVRXVDSRK\EXM~QDKRU
REUD]RYN\WDP]DVD]PL]Q~
KUiP{HSRPRFRXP\LDKDVYRMXtSNXKRUHGROHDNHMXYLKQHSRWLDKQHVPHURPYSUDYRD
Y\SLVXMHSRHW]RVWUHOHQFKEDOyQLNRY
%DOyQLN\UHSUH]HQWXMWHDNRLQWDQFLHWHMWRWULHG\GHILQtFLXP{HWHPLHUQH]PHQL
SUHGPHW FODVV
[\LQWHJHU
E7%LWPDS
FRQVWUXFWRUFUHDWHQE7%LWPDSQ[Q\LQWHJHU
DOLHPHWyG\
HQG
9HWN\EDOyQLN\NWRUpVDSRK\EXM~SRSORFKHXFKRYDMWHYG\QDPLFNRPSROLNWRUpKRYHNRVVDPHQtSRGD
WRKRDNRVDEDOyQLN\REMDYXM~QDVSRGXREUD]RYN\DPL]Q~QDYUFKXUHVSSR]DVLDKQXWttSNRX9QHMDNFK
QHSUDYLGHQFKDVRYFKLQWHUYDORFKQiKRGQHJHQHUXMWHEDOyQLN\U{]Q\FKIDULHEU{]Q\FKUFKORVWtSRK\EXV
U{]Q\PL[RYPLV~UDGQLFDPLYSUDYHMSRORYLFLSORFK\%DOyQLN\V~YSLDWLFKV~ERURFKEDORQEPS
EDORQEPStSNDMHYV~ERUHVLSEPSYRYHWNFKELWPDSiFKE\PDODE\ELHODIDUEDSULHVYLWQi1DSRK\E
YHWNFKREMHNWRYSRXLWHDVRYD
'iYDMWHVLSR]RUDE\VWHXVWUiLOLSRXLWLHELWPiSYSURMHNWHV~ERU\VELWPDSDPLtWDMWHOHQUD]
1DStWHSURJUDPNWRUXPRQtKUDKUX6SiMDMtVOD]QiPHM]GHWVNFKDVRSLVRY
~ORKRXKUiDMHSRVSiMDtVODQDREUD]RYNHYRY]RVWXSQRPSRUDGtRGGRPD[LPiOQHKRtPY]QLNQH
REU\VQHMDNpKRREUi]NX
KUiXUXMHtVODNOLNQXWtPDYpKRWODLGODP\LDNQHNOLNQHVSUiYQHR]YHVDYDURYQWyQSURFHG~UD
SUHNUHVOtKUXERXLDURXSURJUDPWHUD]XOHQDNiQDXNRQHQLH
tVODWMYUFKRO\REUi]NXUHDOL]XMWHNRU\WQDNDPLSUYN\YHOD.RU7LHWRVDSRDVKU\QHEXG~KEDLEDEXG~
Y\SLVRYDtVODDEXGHVDQDQHNOLND9UFKRO\REUi]NXV~]DGDQpYWH[WRYRPV~ERUHVSRMW[WNWRUREVDKXMH
GYRMLFHtVHOV~UDGQtFERGRY6~ERUMHNRUHNWQ.RU\WQDN\UHDOL]XMWHWULHGRXPRMD.RUGHILQtFLXP{HWH
PLHUQHXSUDYL
PRMD.RU FODVV.RU
FLVORLQWHJHU
FRQVWUXFWRU&UHDWH[\FFLVORLQWHJHU
SURFHGXUHSLVIDUED7&RORU
SURFHGXUHFLDUD[\UHDOIDUED7&RORU~VHNDGRGDQpKRERGXDYUiWLVD
VSl
HQG
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DSURJUDPXMWHKUX6NiNDM~FL-iQRtN
]ERMQtFN\NDSLWiQ-XUDM-iQRtNVWRMtQDEUHKXULHN\DSRWUHEXMHVDGRVWDQDMHMGUXKEUHKQDDVWLHY
ULHNHSOiYDM~EUYQiSRNWRUFKP{HSUHVNiNDQDGUXKEUHKVDPR]UHMPHQHVPLHVSDGQ~GRYRG\
EUYQiSOiYDM~YULHNHYW\URFKUDGRFKYG\YSiUQ\FKUDGRFKVSUDYDGRDYDDYQHSiUQ\FKUDGRFK
SULEXGQHWUXKOLNDSRVWXSQHWDNDNREXGHPHKUDEXG~SULE~GDREUi]N\-iQRtNDDWUXKOLLHN
REUD]RYNDMHUR]GHOHQiQDWULIDUHEQpSiV\KRUQ]HOHQMHFLHRYEUHKDQDRPVDREMDYXM~SRVWDYLN\
DWUXKOLN\VWUHGQSiVMHPRGUDYRPSOiYDM~EUYQiVSRGQ]HOHQSiVMHWDUWRYQSUH-iQRtNDDQD
]DLDWNXVWRMtQDEUHKXULHN\QLHNGHYVWUHGH
2EUi]N\NXKUHV~YV~ERURFKMDQRVLNEPSGUHYREPSDWUXKODEPSYHWN\WULPDM~PDELHOXDNRSULHVYLWQ~
IDUEX9NDMHGQpKRUDGXEUYLHQMHYNRQWDQWHSURJUDPXY]GDFLHRYEUHKQDREUD]RYNHPiYNXYNRQWDQWH
EUHKYHWN\RVWDWQpKRGQRW\QDREUD]RYNHY\SRtWDMWH]WFKWRNRQWiQW3RGREQH]DGHILQXMWHNRQWDQW\SUH
SRW\EUYLHQYMHGQRWOLYFKUDGRFKSRFDUFKORVSRK\EXWFKWRUDGRYU\FKQDSUWDNWRSRGDSRWUHE\VL
WLHWRGHNODUiFLHSR]PHWH
FRQVWY]G EUHK
SRFDUUD\>@RILQWHJHU
U\FKDUUD\>@RILQWHJHU
-iQRtNVNiHQDKRUSR]DWODHQtNOiYHVXPHG]HUDEXVNRtQDEUYQRDYWHG\VDVQtPYH]LHQDNUDML
REUD]RYN\VDXWRStDOHERVNRtPLPRDYWHG\VDXWRStQDVYRMRPPLHVWH]PL]QHYKRUQRPSiVHVDREMDYt
WUXKOLNDDSRNUiWNRPDVHVDREMDYtQDWDUWRYQHMSR]tFLL$NVDSULVNRNXGRVWDQHQDSURWLDKOEUHKMHKR
REUi]RNVDREMDYtYKRUQRPSiVHDSRNUiWNRPDVHVDREMDYt]DVHQDWDUWRYQHMSR]tFLL
-iQRtNDDMEUYQiUHSUH]HQWXMWHDNRLQWDQFLHQHMDNFKYDPLQDYUKQXWFKWULHG
WDNWRSUYpWULtVOD]QDPHQDM~[\DSRLDWRQVPHUDOLHWULSRSLVXM~IDUEXSHUDNRU\WQDN\DNR
WURMLFDSDUDPHWURYSUH5*%IXQNFLDUJE
SUHGSRNODGDMWHHV~ERUMH]DGDQNRUHNWQH
1DStWHSURJUDPNWRUQDtWDGDQWH[WRYV~ERUY\WYRUtYRPSRStVDQpNRU\WQDN\NWRUpEXG~NUHVOL
]DGHILQRYDQREUi]RNDOHNDGi]RVYRMHMGRPRYVNHMSR]tFLHVRVYRMLPQDWRHQtPDGDQRXIDUERX=UHMPHQDMSUY
SUHYHGLHWHSRVWXSQRVERGRYGRSRVWXSQRVWLNRU\WQDtFKSUtND]RYYSUDYRDGRSUHGXDDWLHWRSUtND]\VDEXG~
Y\NRQiYDGDQPLNRU\WQDNDPL0{HWHVL]DGHILQRYDSRPRFQ~NRU\WQDNXNWRUiEXGHVR]GYLKQXWPSHURP
REFKiG]DERG\REUi]NXDSRtWDSDUDPHWUHSUHGRSUHGXY]GLDOHQRVRGSUHGFKiG]DM~FHKRERGXDYSUDYR
XKRORGPRPHQWiOQHKRQDWRHQLDSRPRFRXPHWyG\VPHURP3RVWXSQRVNRU\WQDtFKSUtND]RYXNODGDMWHGR
G\QDPLFNpKRSRD
=DGHILQXMWHWULHGXPRMD.RU
PRMD.RU FODVV.RU
G[G\GVPHULQWHJHU
FRQVWUXFWRU&UHDWHYDUW[7H[W)LOH
SURFHGXUHGRPRY
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
HQG
6WDYRYpSUHPHQQpG[G\DGVPHUVLSDPlWDM~GRPRYVN~SR]tFLXWDPNGHY]QLNODDPHWyGDGRPRYSUHVXQLH
NRU\WQDNXGRGRPRYVNHMSR]tFLH0HWyGDNUHVOL]LQWHUSUHWXMHREUi]RNXORHQYG\QDPLFNRPSROL
3URJUDPSRQDtWDQtV~ERUXDY\WYRUHQtNRU\WQDLHNDNRSUYN\9HOD.RUSRVWXSQHY\NUHVOtREUi]RNYHWNPL
NRU\WQDNDPLPHWyGDNUHVOLDSRWRPSRNOLNQXWtP\RX]PDHREUD]RYNXD]QRYXQDNUHVOtWHQWRREUi]RNDOH
SDUDOHOQHYHWNPLNRU\WQDNDPLQDUD]
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DStWHSURJUDPNWRUXPRQtPDOPGHRPVNODGD]iPRN]PDOFKNDUWLLHN
SORFKDMH]YLVOHUR]GHOHQiQDGYHDVWLRGGHOHQpV~KUXERXLDURXDYiDVtUN\VLUREVDKXMH
Y]RURYFK1NDUWLLHNNWRUpVDEXG~SRDVKU\DKDGRGUXKHMDVWLSORFK\
NDUWLN\UHDOL]XMWHDNRLQWDQFLHVYRMHMWULHG\NDUWLFNDV~WYRUHQpELWPDSDPLURYQDNHMYHNRVWLD
QDtWDWHLFK]RV~ERURY]EPS]EPSELHODIDUEDYWFKWRELWPDSiFKMHSULHVYLWQi
SULDKDQtNDUWLN\]DYHMDVWLSORFK\VDQDMSUYY\UREtMHMNySLDDDWiVDSRWRPDKiGRKUDFHMDVWL
SORFK\DKDQLHNDUWLN\YKUDFHMDVWLSORFK\QHY\UiEDNySLX
NHVDDKDQiNUDWLNDSXVWtPLPRKUDFHMSORFK\WDN]PL]QHYRYDRPSURJUDPHVD]UXtSUtVOXQi
LQWDQFLD]R]R]QDPXYHWNFKNDUWLLHNUHDOL]XMWHKRG\QDPLFNPSRRP
NHVDDKDQiNDUWLNDSXVWtYKUDFHMSORFKHWDNGRVNRtGRQDMEOLLHKRSROtNDP\VOHQHMVLHWHYHNRVWL
NDUWLN\]DEH]SHWHDE\VDQDWRLVWpPLHVWRQHGDOLSRORLGYHNDUWLN\GUXKiXNODGDQiRGVNRtQD
QHMDNpYRQpPLHVWRYWRPLVWRPVWSFL
DKDQLHNDUWLN\]UHDOL]XMWHWDNDE\VPHMXGUDOL]DWRPLHVWRNGHVPHQDQHM]DWODLOLWODLGORP\L
3ULNRQHQtSURJUDPXVDPRPHQWiOQHUR]ORHQLHNDUWLLHNYKUDFHMSORFKH]DStHGRV~ERUX]DPRNW[WWDNHY
NDGRPULDGNXMHSRStVDQiMHGQDNDUWLNDULDGRNDVWSHFP\VOHQHMVLHWHDSRUDGRYptVORNDUWLN\Y]R]QDPH
Y]RURYFKNDUWLLHN3ULWDUWHSURJUDPXDNH[LVWXMHV~ERU]DPRNW[WVDWHQWRQDtWDDKQHVDY\JHQHUXM~
SUtVOXQpNDUWLN\GRKUDFHMSORFK\
=DGHILQXMWHNRQWDQWXSURJUDPXVLUQDSUQDNWRUiY\MDGUXMHtUNXDYHMDVWLSORFK\YWHMWRDVWLQD
]DLDWNXSURJUDPXY\JHQHUXMWH1Y]RURYFKNDUWLLHNQDQiKRGQpSR]tFLH
1DStWHSURJUDPNWRUXPRQtKUDKUX-DEND
1DVWURPHMHQLHNRNRHUYHQFKMDERNDSRGVWURPRPVDSRK\EXMHYR]tNGRNWRUpKREXGHPH]ELHUDWLHWR
MDEND9R]tNVDSRK\EXMHVDPRVWDWQHNRQWDQWQRXUFKORVRXEX]DYDGRSUDYDDOHERRSDQHYG\QDNUDML
REUD]RYN\]PHQtVPHU+UDEXGHPHWDNHEXGHPHP\RXNOLNDQDQLHNWRUpMDENDDWLHWR]DQ~SDGDQDGRO
NRQWDQWQRXUFKORVRX$NLFKSULLFKSiGH]DFK\WtYR]tNWDNVDEXG~YR]LVSROXVQtPLQDNVD]DVWDYLD
QDVSRGXREUD]RYN\
-DENDDMYR]tNUHDOL]XMWHNRU\WQDNDPLSULRPYHWN\MDENDWULHG\PRMD.RUEXG~SUYNDPLWULHG\YHOD.RU
-DENDEXG~PDWYDUHUYHQHMNUXQLFHWHGDQDSUXKROQtN9\JHQHURYDQpEXG~QiKRGQHV\RYRX
V~UDGQLFRX! .RU\WQDNDYR]tNEXGHPDWLH]PHQHQWYDUQDSUQDREGQLNtUN\VLUDEXGHVDQDFKiG]DQD
VSRGXJUDILFNHMSORFK\
9SURJUDPHSRXLWHNRQWDQW\QDSRHWMDERNLFKPLQLPiOQXDPD[LPiOQXUFKORVSDGDQLDDUFKORVSRK\EX
YR]tNDUFKORVMHSDUDPHWURPPHWyG\GRSUHGXtUNXYR]tNDQDSU
FRQVWQ UMPLQ UMPD[ UY VLU
7ULHGDPRMD.RUE\PRKODE\GHNODURYDQiQDSUWDNWRP{HWHPLHUQH]PHQL
PRMD.RU FODVV.RU
U\FKLQWHJHU
YHOLQWHJHU
FRQVWUXFWRU&UHDWH
IXQFWLRQ%OL]NR[\UHDOERROHDQRYHUULGH
HQG
.RQWUXNWRU&UHDWHY\JHQHUXMHQiKRGQ~SR]tFLXQiKRGQ~UFKORVSDGDQLDU\FK]LQWHUYDOXUMPLQDUMPD[
WYDUQDSUHUYHQiNUXQLFDYHNRVWLYHOYHNRVVWUDQ\XKROQtNDQiKRGQptVOR]QHMDNpKRLQWHUYDOX
0HWyGD%OL]NRMHSUHGHILQRYDQiWDNDE\VDXPRQLORNOLNQ~RQDMSUHVQHMLHQDWYDUNRU\WQDN\
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DStWHSURJUDPSRPRFRXNWRUpKRVD]DKUiPHKUXODE\ULQW
ODE\ULQWVDVNODGi]YHNHMWYRUFRYHMVLHWHSULRPNDGpSROtNRODE\ULQWXMHEXYRQpELWPDSD
]QDNUHSUH]HQWXMHMHGQRSROtNRODE\ULQWXV~ERUMHNRUHNWQ
YRQpSROtNR
SROtNRVKUiRP
SROtNDVR]YLHUDWNDPL
D
E
SUHNiN\]RGSRYHGDM~LPELWPDS\SEPSSEPS
KUiVDSRK\EXMHYODE\ULQWHSRPRFRXtSRNP{HVW~SLOHQQDYRQpSROtNRRNUHPQHKRVDY
QHMDNFKQiKRGQFKLQWHUYDORFKSRK\EXM~DM]YLHUDWNiVDPR]UHMPHHWLHP{XVW~SLOHQQDSUi]GQH
SROtNR
]ODE\ULQWXMHQDREUD]RYNHY\VYLHWHQpOHQPDOpRNQRMHWRYUH]YHNRVWL[SROtRNSULRPKUiMH
YG\YVWUHGHWRKRWRYUH]XQD]DLDWNXYLGtPHRNROLHKUiDDSRWRPSRDVMHKRSRK\EXSRODE\ULQWH
KUiVDVWiOHQDFKiG]DYVWUHGHYUH]XDPHQtVDOHQRNROLH
]UHMPHDNVDQHMDNp]YLHUDWNRSRKQHDWiWR]PHQDVDWNDYUH]XWDNWRXYLGtPH
YUH][SROtRNUHDOL]XMWHSRPRFRXNRPSRQHQWX76WULQJ*ULGYHNRVWL[SROtRNNDGH[
SL[HORY
/DE\ULQWYSURJUDPHUHDOL]XMWHDNRREMHNWVNRQWUXNWRURPNWRUQDtWDV~ERUDVPHWyGDPLQD]DEH]SHHQLH
Y\NUHVOHQLDSROtNDQLHNGHGR6WULQJ*ULGXUHVSQDSRK\EKUiDD]YLHUDWLHN
1DStWHSURJUDPNWRUEXGHULHLQDVOHGXM~FX~ORKX1DMSUYGRYROtNUHVOLREUi]N\SRPRFRXP\L3RWRP
NDGpVWODHQLHPHG]HU\]PDHSORFKXDNDGpVWODHQLHNOiYHVX(QWHU!EXGHY\NUHVRYDWLHLVWpREUi]N\QD
WFKLVWFKSRLDWRQFKSR]tFLiFKDOHYG\RWRHQpRSURWLSUHGFKiG]DM~FHPXQDWRHQLXRQHMDNSRHWVWXSRY
NRQWDQWDRWRFGRSUDYD
NOLNOR
]DSDPlWDMWHVLMHMGRPRYVN~SR]tFLXSRLDWRQXKROQD]DLDWNX
]DSDPlWDQ~SRVWXSQRVREUD]
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DStWHSURJUDPNWRUVDXPRQtKUDKUX-DEND
1DVWURPHMHQLHNRNRHUYHQFKMDERNDSRGVWURPRPVDSRK\EXMHYR]tNGRNWRUpKREXGHPH]ELHUDWLHWR
MDEND9R]tNVDSRK\EXMHVDPRVWDWQHNRQWDQWQRXUFKORVRXEX]DYDGRSUDYDDOHERRSDQHYG\QDNUDML
REUD]RYN\]PHQtVPHU+UDEXGHPHWDNHEXGHPHP\RXNOLNDQDQLHNWRUpMDENDDWLHWR]DQ~SDGDQDGRO
NRQWDQWQRXUFKORVRX$NLFKSULLFKSiGH]DFK\WtYR]tNWDNVDEXG~YR]LVSROXVQtPQDYR]tNXVDREMDYt
tVOR SRHWMDERNQDYR]tNXLQDNVD]DVWDYLDQDVSRGXREUD]RYN\
-DENDDMYR]tNUHDOL]XMWHSRPRFRXREMHNWRYQDSUWDNWR
REMHNW FODVV
VWDYRYpSUHPHQQpQDSUUFKORVSRK\EXUHVSSDGDQLD
FRQVWUXFRU&UHDWH
SURFHGXUHSRVXQ
SURFHGXUHNUHVOLJ7&DQYDV
HQG
MDEOFNR FODVVREMHNW
IXQFWLRQNOLNERROHDQ
HQG
YR]LN FODVVREMHNW
HQG
9V~ERUHVWURPW[WV~SRStVDQpMDENDQDVWURPH
NDGULDGRNSRSLVXMHMHGQRMDENR
REVDKXMHtVOD[[\D\DUHD]HFPHQRV~ERUXVELWPDSRX
[RY~V~UDGQLFXMDENDJHQHUXMWHQiKRGQHYLQWHUYDOH[[URYQDNRDM\RY~V~UDGQLFXY\\
2EUi]RNYR]tNDMHYV~ERUHYR]tNEPS3R]DGLHSORFK\QDNWRUHMV~MDENDDMYR]tNMHYV~ERUHSORFKDEPS
9HWN\ELWPDS\VMDENDPLDMYR]tNPDM~SULHVYLWQ~ELHOXIDUEX
1DStWHSURJUDPNWRUXPRQt]DKUDVDQDSRtWDLW~WRKUX
QDREUD]RYNXVDSRPRFRXNRU\WQDHMJUDILN\QDNUHVOtUDGRYSRNYHWLQNiFKQiKRGQH]DIDUEHQFK
HUYHQRXD]HOHQRXIDUERX
KUiSRWRPSRPRFRXtSRNYDYRYSUDYRKRUHGROHSRK\EXMHNXU]RURPYRGRURYQiPRGUiLDUNDSRG
XDOHMQHUHDJXMHQDtSN\
1DNUHVOHQLHNYHWLQN\]DGHILQXMWHWULHGXPRMD.RU
PRMD.RU FODVVNRU
IDUEDERROHDQIDOVH ]HOHQiWUXH HUYHQi
FRQVWUXFWRU&UHDWH[\LQWHJHUIIDUEDERROHDQ
SURFHGXUHOXSHQ
SURFHGXUHNYHW
SURFHGXUH]PHQ
HQG
0HWyGDOXSHQNUHVOtOXSHNYHWXV~WRGYHQDY]iMRPVSRMHQpWYUNUXQLFHSULRPSUHGSRNODGiPHHNUXKMH
XKROQtNVRVWUDQRX0HWyGDNYHWNUHVOtNYHWNWRUVDVNODGi]RVWRQN\GN\QDNWRUHMV~GYDOtVWRN\
URYQDNpKRWYDUXDNROXSHQHDVDPRWQpRNYHWLHVDVNODGi]ROXSLHQNRYNWRUpV~URYQRPHUQHUR]RVWDYHQp
0HWyGD]PHQ]PHQtIDUEXNYHWXSUHPHQQiIDUEDDSUHNUHVOtNYHWQRYRXIDUERX9HWNFKNRU\WQDLHN
NYHWRYMHSUYNDPLYHOD.RU.XU]RUUHDOL]XMWHDNRDOLXNRU\WQDNXNWRUHMWYDUMHPRGUiKUXEiYRGRURYQiLDUD
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DStWHSURJUDPSRPRFRXNWRUpKREXGHPHVOHGRYDVSUiYDQLHP\LYODE\ULQWH
ODE\ULQWVDQDFKiG]DYWYRUFRYHMVLHWLQLHNWRUpSROtNDV~YRQpQDQLHNWRUFKMHVWHQDDQLHNWRUpV~
SUHNOiSDFLHYLVWFKVLWXiFLiFKV~SULHFKRGQp
PDOiP\NDVDQiKRGQHSRK\EXMHSRODE\ULQWHDKDGiSROtNRQDNWRURPMHV\U
QiKRGQSRK\E]QDPHQiHP\NDVLQiKRGQHY\EHULHVPHUDDNMHWPVPHURPYRQpSROtNRWDNWDP
YRMGH
P\NDMH]REUD]HQiMHGQRX]RW\URFKELWPiSP\VEPSP\VEPSSRGDWRKRYDNRPVPHUHMH
MHGQRXIDUERX
9V~ERURFKODEEPSODEEPSQiMGHWH]RGSRYHGDM~FHELWPDS\SUHSROtNDODE\ULQWX/DE\ULQWUHDOL]XMWH
SRPRFRXNRPSRQHQWX6WULQJ*ULGNWRUPiSROtNDYHNRVWL[SL[HORYWHQWRQHEXGHYltDNRULDGNRY
SRVWSFRY9SURJUDPH]DGHILQXMWHWULHGX+UDNWRUiEXGHREVDKRYDYHWN\SRWUHEQpGiWRYpWUXNW~U\
LQIRUPiFLHRSROtNDFKSR]tFLXP\LELWPDS\DSRGDPHWyG\QDQDtWDQLHODE\ULQWX]RV~ERUXQDNUHVOHQLH
MHGQpKRSROtNDODE\ULQWXGR&DQYDVX6WULQJ*ULGXQiKRGQSRK\EP\LDSRG
/DE\ULQWMHGHILQRYDQYWH[WRYRPV~ERUHODE\ULQWW[WNDG]QDNSRSLVXMHMHGQRSROtNRODE\ULQWXV~ERUMH
NRUHNWQ
YRQpSROtNR
WDUWRYiSR]tFLDP\L
SR]tFLDSROtNDVRV\URP
[
VWHQD
D
E
F
SUHNOiSDFLHSROtNDWURFKW\SRYIDULHE
$NP\SUtGHQDSROtNRVRV\URPX]WRKRWRSROtNDQHRGtGHOHQVDQiKRGQHYUWtQDPLHVWH
1DStWHSURJUDPNWRUEXGHURELQDVOHGRYQHIHNW
DNEXGHPHSRPRFRXP\LVR]DWODHQPDYPWODLGORPNUHVOLQLHRGRSORFK\WDNVDPRWQiNUHVED
VDQDREUD]RYNHQHREMDYXMHKQHDOHNUHVOtMXNRU\WQDNDVQHMDNPPDOPNURNRP
WDNWRP{HPHQDREUD]RYNHQDNUHVOLYLDF~WYDURYDWLHWRVDSRVWXSQHREMDYLDWMDNP\SXVWtPHD
]DQHPHNUHVOLQLHNGHLQGHWDNNRU\WQDNDWLHWHQWR~VHNSUHVNRtVR]GYLKQXWPSHURP
=DGHILQXMWHW\SSULND]DWULHGXPRMD.RUGHNODUiFLXP{HWHPLHUQH]PHQL
W\SH
SULND] UHFRUGW\SWSKWSGERG73RLQWHQG
HQG
3RDVNUHVOHQLDP\RXSRSORFKHEXGHWHERG\NUHVE\XNODGDNRU\WQDNHGRG\QDPLFNpKRSRDSODQDWREX
W\SXWSKDOHERWSGSRGDWRKRLVDGRSUtVOXQpKRERGXWUHEDGRVWDVR]GYLKQXWPSHURPWSKDOHER
VSXVWHQPWSG0HWyG\SULGDM3+DSULGDM3'SULGiYDM~GRWRKRWRG\QDPLFNpKRSRDYHW\SUtVOXQpKRW\SX
0HWyGDXURE.URNVSUDYtMHGHQPDONURN]REUi]NX]SRDSODQSULRPVSUDFRYiYDQERGNXNWRUpPXVD
NRU\WQDNDEOtLPiLQGH[YVWDYRYHMSUHPHQQHML['NDHOHPHQWiUQHKRNURNXMHYNRQWDQWHSURJUDPXNURN
P{HPDKRGQRWXQDSU.RU\WQDNDSULNUHVOHQtLDU\QHVPLHSUHMVGOKt~VHNDNRNURNDNMHYHPLEOt]NR
FLHRYpKRERGXWDNVDGRQHKRSUHVXQLHSULDPR
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D),
1DStWHSURJUDPNWRUEXGHVLPXORYDLYRWPUDYFRY
YVWUHGHJUDILFNHMSORFK\VDYQHMDNFKQiKRGQFKLQWHUYDORFKY\QiUDM~PUDYFH]QHMDNpKRPUDYHQLVND
QDSUYDVRYDLVSUDYGHSRGREQRVRXNDGPUDYHFMHUHDOL]RYDQDNRLQWDQFLDWULHG\70UDYHF
YHWN\PUDYFHV~YG\QDPLFNRPSROLWULHGD70UDYHFRNUHPNRQWUXNWRUDPXVtREVDKRYDPHWyGXQD
Y\NUHVOHQLHGRSORFK\QDSUSURFHGXUHNUHVOLJ7&DQYDVDPHWyGXNWRUi]DEH]SHtQiKRGQ
SRK\EPUDYFDSRSORFKHWiWRPHWyGDE\PRKODYUDFDLQIRUPiFLXRWRPLPUDYHF]RPUHORGKODGX
UHVSLVDPXQDURGLOQRYPUDYHFEXGHY\VYHWOHQpQLLH
NDGPUDYHFVDQiKRGQHSRK\EXMHSRSORFKHYMHGQRP]RVPHURYSDUDOHOQHVRVDPLSULRPV
SUDYGHSRGREQRVRX]PHQtVPHUSULVYRMRPSRK\EHPXSULNDGRPNURNXXE~GDMHGQDMHGQRWND
HQHUJLHSULQDURGHQtPiMHGQRWLHNXPULHNHW~WRHQHUJLXPLQLH.HSULVYRMRPQiKRGQRP
SXWRYDQtREMDYtYSORFKHSRWUDYXERGNDIDUE\FO2OLYHWDNMX]SORFK\Y\PDHDHQHUJLDVDPX]YLR
MHGQRWLHN
DNPUDYHFSUHLHODVSRNURNRYDPiHWHDVSRMHGQRWLHNHQHUJLHQDMHKRSR]tFLLVDQDURGt
SR]tFLHPUDYFDRSDQPVPHURPDNRMHMHKRVPHUSRK\EXS{YRGQpPUDYFHV~PRGUpGHWLV~]HOHQp
PRGUpPUDYFHNWRUpLM~DVSRNURNRYVDSUHIDUELDQDHUYHQRP{XURGLGHWL]HOHQpPUDYFH
NWRUpLM~DVSRNURNRYVDSUHIDUELDQDVYHWOR]HOHQpFO/LPH
NHEXGHPHNOLNDGRSORFK\P\RXQDWRWRPLHVWRVDSRORtWYRUHN[ERGLHNSRWUDY\IDUE\FO2OLYH
QLHNGHYURKXSORFK\Y\SLVXMWHPRPHQWiOQ\SRHWPUDYFRYSUtSDGQHLQpSRW\
SRN~VWHVDSURJUDPXURELWDNDE\REUD]RYNDQHEOLNDOD
1DStWHSURJUDPNWRUEXGHSRPRFRXNRU\WQDLHNUHDOL]RYDQDVOHGRYQ~~ORKX
QDLVWHMJUDILFNHMSORFKHQDNUHVOLWHYRYNHKUXELXYRGRURYQ~LDUXSRFHOHMtUNHWRWREXGH
DNRE\SRGODKDPLHVWQRVWL
NH]DQHWHDKDP\RXSRSORFKHDOHLEDQDGSRGODKRXEXG~QDDKXP\LY]QLNDNRU\WQDN\Y
WYDUHHUYHQFKORSWLLHNWYDURPNRU\WQDN\QHFKMHNUXQLFDXKROQtNVRVWUDQRXSULRP
SR]tFLDNRU\WQDN\MHYVWUHGHNUXQLFHD]WRKRWRVWUHGXY\FKiG]D~VHNDQDREYRGORSWLN\QHY]QLNDM~
SULYHPLKXVWRRGSUHGFKiG]DM~FHMY]QLNQHQDVOHGXM~FDQLHEOLLHPHUDQpOHQYRYRGRURYQRPVPHUH
DNRERGRY
XSRDVDKDQLDP\L]DQ~YHWN\XH[LVWXM~FHORSWLN\SDGDNSRGODKHDE\ERODLO~]LDVNiNDQLD
UHDOLVWLFNiLFKUFKORVVDPXVtPHQLYKRUQHMSRORKHSRK\EXMHQXORYiSRWRPUDVWLHDUDVWLHSULRGUD]H
RG]HPHMHQDMYlLDSRWRP]DVDNOHViDNOHViDNQXOHRSlYKRUQRPERGHNWRPXSRXLMHWH
QDVOHGRYQItJHORSWLNDDNRE\URWRYDODQDSHYQHMQLWLMHMGNDVDURYQiY]GLDOHQRVWLRGSRGODK\N
KRUQpPXERGXNDGiORSWLNDPiVYRMYODVWQSRORPHURNRORERGXNWRUMHMHMPLHVWRPGRSDGXQD
GOiNH]WRKWRURWRYDQLDYDNORSWLNDSUHEHUiLED\RY~]ORNXWHGDSUHPLHWDNUXKRYSRK\EQD
]YLVO~SULDPNXORSWLNDQHURWXMHSRFHOHMNUXQLFLDOHLEDSRMHMKRUQHMSRORYLFLORSWLNDY]QLNiQD
QDMY\RPERGHNUXQLFHDMHQDWRHQiYRYRGRURYQRPVPHUH
FHO~LO~]LXHWHY\OHSLWHWDNWRNDGHMORSWLNHVDEXGH]PHQRYDMHMSRORPHUYG\SRRGUD]HRG
SRGODK\WDNHEXGHY\VNDNRYDVWiOHPHQHMDPHQHMSRLVWRPDVHWHGDSRVWXSQHYHWN\ORSWLN\]RVWDQ~
OHDQDSRGODKH
YG\NH]DQHPHDKDQtPY\UiEDQRYpORSWLN\YHWN\VWDUpVD]UXLD
=DGHILQXMWHWULHGXPRMD.RUSRWRPRN.RUYWHMWRWULHGHSUHGHILQXMWHPHWyGX=PHQ;<WDNDE\VDNRU\WQDNH
PHQLODLED\RYiV~UDGQLFDWMDMNHE\VDQDSUSRPRFRXGRSUHGXPDODSUHVXQ~QDXERYRQpPLHVWRSORFK\
WRWRVDSUHPLHWQHQD]YLVO~SULDPNXDOHM]DGHILQXMWHPHWyGXSRK\ENWRU]DEH]SHtMHGHQNURNSRK\EX
NRU\WQDN\SRNUXQLFLNUXQLFDMHXKROQtNVRVWUHGRPQDSRGODKHDVRVWUDQRXNURNVWDYRYiSUHPHQQi
WULHG\PRMD.RU9G\NHVDPiNRU\WQDNDSULSRK\EHGRVWDSRGSRGODKXWDN]PHQtVPHURVWXSRYD
]PHQtNURN
9XERYRQRPPRPHQWHSURJUDPUHDJXMHQDNOiYHV\/D6NOiYHVRP6XORtPHPRPHQWiOQXSRORKXVPHUDNURN
YHWNFKNRU\WQDLHNGRV~ERUXORSW\W[W]DEH]SHtPHWyGDXOR]VSDUDPHWURPW\SX7H[W)LOHWULHG\PRMD.RU
NOiYHV/]UXtYHWN\H[LVWXM~FHNRU\WQDN\DY\WYRUtQRYpSRGDREVDKXV~ERUXORSW\W[WWULHGHPRMD.RU
]DGHILQXMWHNRQWUXNWRU&UHDWHVSDUDPHWURPW\SX7H[W)LOHWHQWRNRQWUXNWRUY\WYRUtNRU\WQDNXSUHVQHYWRP
LVWRPVWDYHDNRERODXORHQiPHWyGRXXOR]
9HWN\ORSWLN\PXVLDE\SUYNDPLWULHG\9HOD.RU3RK\EORSWLLHNULDGLDVRYDQDXUFKOHQLHSUiFHSRXLWH
SURFHG~UX1DUD]
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D),
1DStWHSURJUDPNWRUQiPXPRQtSRVNODGDUR]VWULKDQREUD]
QDSORFKHV~SRUR]NODGDQpREGQLNRYpN~VN\UR]VWULKDQpKRREUD]XWLHWRN~VN\VDQDY]iMRP
QHSUHNUYDM~DQLQHY\WDM~]SORFK\
SRPRFRXDKDQLDP\RXLFKP{HPHSUHV~YDSRSORFKHSULRPE\VDQLNG\QHPDOLQDY]iMRPSUHNUYD
DDQLE\QHPDOLY\SDGQ~]SORFK\RVWDWQpN~VN\DMRNUDMHSORFK\V~SUHDKDQN~VRNSUHNiNRXDQD
QHMVDDKDQLH]DVWDYt
YVWXSRPGRSURJUDPXMHWH[WRYV~ERUREUD]W[WNWRUREVDKXMHWLHWRLQIRUPiFLH
SUYULDGRNMHPHQRELWPDS\VREUD]RPNWRUVDEXGHUR]VWULKiYDQDREGQLN\
QDVOHGXMHULDGRNVGYRPDtVODPLtUNDDYNDSORFK\QDNWRUHMVDEXGHKUD
QDVOHGXM~FHULDGN\SRSLVXM~MHGQRWOLYpREGQLN\REVDKXM~SRtVHOQDNDGREGQLN[
\VLUNDY\VND[\WLHWRR]QDXM~V~UDGQLFHDYpKRKRUQpKRURKXREGQLNDYELWPDSHREUD]X
MHKRYHNRVDPRPHQWiOQHV~UDGQLFHYSORFKH
ELWPDSXREUD]XP{HWHUR]VWULKDQDSUWDNHGRSULSUDYHQHMPDOHMELWPDS\MHGQpKRN~VNX
N~VN\REUD]XUHDOL]XMWHDNRLQWDQFLHWULHG\NXVRNNWRUiRNUHPNRQWUXNWRUDDGHWUXNWRUDREVDKXMHDM
SRPRFQpPHWyG\QD]LVWHQLHLVDNOLNORQDREMHNWDLVDGiVQtPQHMDNPVPHURPSRKQ~WiWRPHWyGD
P{HPDSDUDPHWHULQIRUPiFLXRLQRPREGQLNXDP{HWHMXYRODSULDKDQtP\RXSRVWXSQHVR
YHWNPLRVWDWQPLREGQLNPLYHWN\WLHWRN~VN\XORWHGRG\QDPLFNpKRSRD
SURJUDPQHPXVtNRQWURORYDLMHREUD]SRVNODGDQVSUiYQH
SRN~VWHVDSURJUDPXURELWDNDE\REUD]RYNDQHEOLNDODP{HWHY\XLNUHVOHQLHSULDPRGRIRUPXOiUX
SRPRFRXXGDORVWL2Q3DLQWVQDVWDYHQRXSUHPHQQRX'RXEOH%XIIHUHGQDWUXH
1DStWHSURJUDPSRPRFRXNWRUpKREXG~IDUELDFHPUDYFHY\PDRYiYDQHMDNpREODVWLREUD]RYN\
QDMSUYVDJUDILFNiSORFKDRUiPXMHKUXEPLHUQ\PUiPLNRPKU~EN\
SRWRPVDGRQHMQDKiGHQiKRGQSRHWRGGRVODPLHN~VHLHNQDQiKRGQFKSR]tFLiFKSRG
RGYRGHQiRG.RUWHQWRPUDYHFVD]DQHQiKRGQHSRK\ERYDYSORFKHSULRPQHYEHKQHQDLHUQX
IDUEX
DNSULY]QLNXPUDYFDPiWHQWRSRGVHERXLHUQXIDUEXWDNPUDYHFSUHMGHGRSHFLiOQHKRVWDYXY
NWRURPXQHEXGHQLURELYORJLFNHMVWDYRYHMSUHPHQQHMVL]DSDPlWiWHHMHWRYDGQH
Y\UREHQPUDYHF
DNSULY]QLNXPiSRGVHERXELHOXIDUEXWDNVDPXQDVWDYtQiKRGQiIDUEDSRXLWHIXQNFLX5*%V
WURPLQiKRGQPLtVODPL]LQWHUYDOX
DNPiSULY]QLNXSRGVHERXLQ~DNRELHOXDOHERLHUQXIDUEXQDVWDYtVDPXWiWRDNRIDUEDSHUD
Y]GLDOHQRVVNRQWUROXMHLE\SULWRPWRNURNXQHVW~SLOQDVODPNXSUHMGHVR]GYLKQXWPSHURP
Y]GLDOHQRV]DSDPlWiVLIDUEXSRGVHERXDYUiWLVDDNMHSUHGQtPLHUQDIDUEDWDNVDRWRt
HORPY]DGLQDNSUHMGHY]GLDOHQRVVRVSXVWHQPSHURPNUHVOtVYRMRXIDUERXSHUDWRWRE\
PDODURELPHWyGDSRK\EWULHG\PUDYHF]UHMPHYDGQHY\UREHQPUDYHFVDKEDQHEXGH
RNUHPNRQWUXNWRUDQiKRGQHY\EHULHIDUEXSHUDSRGDSUDYLGLHOY\LH]DGHILQXMWHDMPHWyGX
IXQNFLDIDUEDNWRUiYUiWLPRPHQWiOQXIDUEXSRGNRU\WQDNRXY&DQYDVH3ORFK\Y\XLWH
YODVWQRV3L[HOV
NDGpDOLHNOLNQXWLHY\WYRUtQRYpKRPUDYFDNWRUSDUDOHOQHY\NUHVXMHVYRMXREODVVYRMRXIDUERXSHUD
$% 6N~ND=
6N~ND]SURJUDPRYDQLDSUHL0,D),
1DStWHSURJUDPSRPRFRXNWRUpKREXGHPHULDGLURERWDYODE\ULQWH
YWYRUFRYHMVLHWLODE\ULQWXVDVDPRVWDWQHSRK\EXMHURERWYSUDYLGHOQFKDVRYFKLQWHUYDORFKVD
SUHV~YDQDVXVHGQpYRQpSROtNRSUtSDGQHQDMSUY]PHQtVPHUDDSRWRPVDSUHVXQLHURERWYLGtMHGQR
SROtNRSUHGVHERXDYLHQDKPDWDVWHQXEXSUDYRXDOHERDYRXUXNRX
URERWMHQDSURJUDPRYDQQDVOHGRYQHVWiOHPiY\VXQXW~EXSUDY~DOHERDY~UXNXYG\VDVQDt
SULGULDYDVWHQ\WRXUXNRXNWRU~PiSUiYHY\VXQXW~WMDNPiQDSUtVOXQHMVWUDQHVWHQXDSUHGVHERX
YRQRVSUDYtNURNYSUHGDNQHPiQDSUtVOXQHMVWUDQHVWHQXWDNVDGRWRKRWRVPHUXQDWRtDVSUDYtNURN
YSUHGDNPiQDSUtVOXQHMVWUDQHDOHDMSUHGVHERXVWHQXWDNVDRWRtGRRSDQHMVWUDQ\DNRMHY\VXQXWi
MHKRUXND
NOiYHVRPPHG]HUDP{HPHURERWRYLSUHKDG]RYDDNWtYQXUXNX
YODE\ULQWHVDQDGOiNHQDQLHNWRUFKSROtNDFKQDFKiG]DM~OWpNUXK\~ORKRXURERWDMHY\]ELHUD
YHWN\WLHWRNUXK\NHSUtGHQDSROtNRVNUXKRPWHQWRVDY\PDHD]QtLVDSRtWDGORHWH]RVWiYDM~FLFK
NUXKRY
ODE\ULQWMH]DGDQYWH[WRYRPV~ERUHURERWW[WWHQWRV~ERUREVDKXMHQLHNRNRURYQDNRGOKFKULDGNRY
]QDNRYNDG]QDNSRSLVXMHMHGQRSROtNR
[
VWHQDSROtNRY\SOWHPRGURXIDUERX
YRQpSROtNRY\SOWHHGRXIDUERX
R
SROtNRVNUXKRPOWiNUXQLFDQDHGRPSROtNX
V~ERUMH]DGDQNRUHNWQH
URERWD]Qi]RUQLWHMHGQRX]{VPLFKELWPiSURERWSEPSURERWOEPSSRGDWRKRYDNRPVPHUHMH
QDWRHQDNWRU~UXNXPiY\VXQXW~URERWDUHSUH]HQWXMWHREMHNWRPVNRQWUXNWRURPDPHWyGDPLQD
Y\NUHVOHQLHGRSORFK\DSRVXQXWLHURERWDRMHGHQNURNYELWPDSiFKMHELHODIDUEDSULHVYLWQi
ODE\ULQWUHSUH]HQWXMWHWDEXNRYPNRPSRQHQWRP6WULQJ*ULGVSROtNDPLYHNRVWL[
1DStWHSURJUDPSRPRFRXNWRUpKRVL]DKUiPHKUXFK\WDQLHU\ELLHN
YU\EQtNXPRGUpSR]DGLHSOiYDM~U{]QHYHNpU{]QH]DIDUEHQpU\E\tPYlLDWPSOiYDUFKOHMLH
WYDUU\E\Y\WYRUWH]GYRFKU{]QHYHNFKNRVRWYRUFRYNWRUpV~WHVQHYHGDVHED
U\EN\VDYQiKRGQFKLQWHUYDORFKREMDYXM~QDQiKRGQFKSR]tFLiFKDSOiYDM~QiKRGQPVPHURPYG\
VPHURPQDKRU
QD]DLDWNXKU\MHXGLFDVNU\WiSRNOLNQXWtQLHNGHGRSORFK\VDQDWRPWRPLHVWHREMDYtXGLFDMHM
KiLNDDNiNPVDNQHMQHSULEOtLQHMDNiU\EDNDGpDOLHNOLNQXWLHSUHVDKXMHXGLFX
DNVDQDXGLFXFK\WtQHMDNiU\EDMHEOt]NRKiLNDWiWRVDSUHVWDQHSRK\ERYDVRVWDWQPL
U\EDPLDOHVSROXVXGLFRXVDUFKORY\WLDKQH]U\EQtNDDNSRDVY\DKRYDQLDU\E\KUiNOLNQH
P\RXGRSORFK\WDNXGLFDFK\WHQ~U\EXSXVWtWiWR]QRYXSOiYHVRVWDWQPLDDNiVDQDQHMDN~
DOLX
5\E\UHDOL]XMWHDNRLQWDQFLHQRYHMWULHG\5\EDRGYRGHQi].RUWiWREXGHPDRNUHPNRQWUXNWRUDY\WYRUt
U\EDFtWYDUQiKRGQHMIDUE\DMPHWyGXSRK\ENWRUiYGDQRPVPHUHSRKQHU\ERX]RGSRYHGDM~FRXUFKORVRX
YHNpSOiYDM~UFKORPDOpSRPDO\9HWN\U\E\XORWHYWUXNW~UH9HOD.RU+iLNMHVDPRVWDWQiNRU\WQDND
PLPR9HOD.RU5\E\SRK\EXMWHSRPRFRXDVRYDD
$% 6N~ND=
&YLHQLD]3URJUDPRYDQLD
3RO\PRUIL]PXV
=DGHILQXMPHVLWDN~WRKLHUDUFKLXNRU\WQDLHN
W\SH
,QD.RUD FODVV.RU
SURFHGXUHVWYRUOLVWRN
HQG
RVD]PHQtDNPHWyG\GRSUHGXSRWRPNRYWULHG\,QD.RUQHEXG~YLUWXiOQHDOHVWDWLFNp
QHEXG~RYHUULGH"
WULHGD9HOD.RU
5XQH
DY\KRGQRWHSRVWIL[RYWYDUYUD]X
DSUHStWHKRQDSUHIL[RYWYDU
ESUHStWHSUHIL[RYWYDUYUD]X
QDSRVWIL[RYWYDUD
Y\KRGQRWHKR
1DYUKQLWHDOJRULWPXVQDSUHSLVDULWPHWLFNpKRYUD]X]SUHIL[RYpKRWYDUXGRSRVWIL[RYpKRWYDUX
2EMHNW\GHGLQRVSUHGHILQRYDQLH
=DGHILQXMWHVLYODVWQ~WULHGX
'HILQXMWHWULHGX&,.&$.B.25$SRWRPND.25NWRUHMSUHGHILQXMHWHPHWyGX'RSUHGXGUHDO
WDNDE\VDQDPLHVWRURYQHMLDU\NUHVOLODFLNFDNRYLWiNULYNDURYQRVWUDQQpWURMXKROQtN\
=DGHILQXMWHWULHGX,QDB.RUDSRWRPND.RUNWRUiEXGHREVDKRYDQDY\HVWDYRY~SUHPHQQ~
NRHIUHDODSRWUHEQpPHWyG\SUDFXM~FHVWRXWRVWDYRYRXSUHPHQQRX3UHGHILQXMWHWLHPHWyGX
'RSUHGXGUHDOWDNDE\NRU\WQDNDYG\SUHODQDPLHVWRY]GLDOHQRVWLGY]GLDOHQRVG
NRHI
3RPRFRXLQWDQFLt,QDB.RUDQDStWHSURJUDPYNWRURPEXGHMHGQDNRU\WQDNDNUHVOLSRGDNXU]RUD
P\LDLQiNRU\WQDNDEXGHWHQWRREUi]RNYHGDNUHVOL]YlHQ]PHQHQ
&YLHQLD]3URJUDPRYDQLD
WULHGD9HOD.RU
1DStWHSURJUDPNWRUXPRQtVDGLVWURP\SRPRFRXP\LDNRU\WQDLHN
QDMSUY]DGHILQXMWHRGYRGHQ~WULHGXRG.RUNWRUiEXGHYHGLHQDNUHVOLELQiUQ\VWURPEXGHVD
NUHVOLDYQiUDGRUHNXU]LHNPMHGNDVWUiQYlLDDNRGNDKUDQ\VWURPXVDYUHNXU]LL
VWiOH]PHQXMHQDSRORYLFX
UDVWVWURPXVDEXGHURELWDNHVDQDMSUYS{YRGQSUHNUHVOtELHORXIDUERXDQDWRPLVWRPPLHVWH
VDQDNUHVOt]YlHQQRYPHWyGDNUHVOL
DNWXiOQDYHNRVVWURPXMHYVWDYRYHMSUHPHQQHM'QDSRLDWNXMHDVWiOHVD]YlXMH
NUiW
NOLNQXWtPP\LVDQDSUtVOXQRPPLHVWHQDURGtQRYiVWURPRYiNRU\WQDNDNWRUiEXGH
SRVWXSQHY\NUHVRYDVWiOHYltDYltVWURPMHMSRLDWRQpQDWRHQLHQHFKMHQiKRGQptVOR
RGGR
SULDKDQtP\LVR]DWODHQPWODLGORPVDSRVWXSQHEXG~JHQHURYDQRYpDQRYpNRU\WQDN\
NWRUpKQH]DQ~UiVSULRPNDGiDOLDVDQDURGtOHQDNVDP\SRVXQXODDVSR
Y]GLDOHQRVRGSUHGFKiG]DM~FHM
NRU\WQDNDNWRUiXY\NUHVOLODVWURPYHNRVWLGGNRQWDQWDSURJUDPXQDSUVD]UXt]R
]R]QDPX9HOD.RU
6N~VWHV7LPHURPLEH]QHKR
,QWHUSUHWiFLDWH[WRYpKRV~ERUX
9WH[WRYRPV~ERUHNUHVOLW[WMHSRStVDQQHMDNREUi]RNNWRUEXGHWUHEDQDNUHVOLQLHNRNPL
NRU\WQDNDPL.DGULDGRNSRSLVXMHQHMDN~DVREUi]NXSUHMHGQXNRU\WQDNXDPiQDVOHGRYQ~
WUXNW~UXYHWN\tVODYV~ERUHV~FHOp
]DtQDWURPLtVODPL[\DXNWRUpSUHW~WRNRU\WQDNXGHILQXM~SRLDWRQ~SRORKXDVPHU
QDWRHQLDYURYLQH
]DWPQDVOHGXMHSRVWXSQRVtVHONWRUiSRSLVXMHSRVWXSQRVYRODQtPHWyGGRSUHGXDYSUDYR
EXG~YRODQpVWULHGDYRQDMSUYGRSUHGXDSRWRPYSUDYR
WiWRSRVWXSQRVP{HE\SiUQHMDMQHSiUQHMGN\
WDNWRV~SRStVDQpYHWN\ULDGN\NDGSUHMHGQXNRU\WQDNX
GRWHMWRSRVWXSQRVWLDOHM]DGHILQXMHWHPHWyGXURENWRUiDNVDGi]UHDOL]XMHMHGHQNURNSRVWXSQRVWL
WMMHGQXGYRMLFXGRSUHGXDYSUDYR
3URJUDPQDMSUYQDtWDGDQV~ERUY\WYRUtSUtVOXQSRHWNRU\WQDLHNQDGHILQRYDQFKSR]tFLiFK
XNiHLFKWYDU3ULVWODHQtDYpKRWODLGODP\LY\NRQiMHGHQNURNSUHNDG~H[LVWXM~FXNRU\WQDNX
$NQLHNWRUiNRU\WQDNDXY\NRQDODYHWN\VYRMHSUtND]\]DQLNQH]UXtVD
9VOHGN\RSUDYQHM]iSRWRYHM
StVRPN\
%HO\XV0DW~ ]DSRtWDQp
%LVNXSL-iQ ]DSRtWDQp
%ULQ]D%RULV ]DSRtWDQp
&LEXOND7RPi ]DSRtWDQp
&Vt]L/DGLVODY QH]DSRtWDQp
'XGD7RPi QH]DSRtWDQp
'YRiNRYi-DQD ]DSRtWDQp
)LOR0DUWLQ ]DSRtWDQp
)UOLND3HWHU SRGPLHQHQ]iSRHW
*HRUJLRX0DUWLQ QH]DSRtWDQp
*XEi0DUWLQ SRGPLHQHQ]iSRHW
+iPRUQtN-R]HI QH]DSRtWDQp
+HUNRYi-DQD QH]DSRtWDQp
-DQNRyYi$GULHQD QH]DSRtWDQp
.XNDQ0DUWLQ SRGPLHQHQ]iSRHW
0DHN3DWULN SRGPLHQHQ]iSRHW
2FKDED7RPi QH]DSRtWDQp
2QGUiNRYi0iULD SRGPLHQHQ]iSRHW
2QGUHMtN9ODGLPtU QH]DSRtWDQp
2UYR3DYRO QH]DSRtWDQp
3DMWi5yEHUW QH]DSRtWDQp
3iORV*XVWiY SRGPLHQHQ]iSRHW
3DUiN-R]HI ]DSRtWDQp
3HNDU0LOR ]DSRtWDQp
3RODQ0LFKDO ]DSRtWDQp
5LJy=VROW SRGPLHQHQ]iSRHW
6NDOQ$GDP ]DSRtWDQp
LPNR'DQLHO ]DSRtWDQp
LPXQL7LPRWHM QH]DSRtWDQp
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[O[BQPDFUIUNM [
<>
7TMFELZPQSBWOFK[QPUPWFKQTPNLZ
RXQWHIDQ QH]DSRtWDQp
9DUJD0DUHN QH]DSRtWDQp
=YROHQVNi=GHQND ]DSRtWDQp
SRGPLHQHQ]iSRHW
FYLLDFLXUtNULWpULiSULRGRY]GiYDQt]iSRWRYpKRSURMHNWX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[O[BQPDFUIUNM [
<>
Vsledky testu ku skke
9VOHGN\WHVWXNXVN~NH
0HQR 6~HW
%DM]tN7LERU ,
%DOJDYi(YD ,
%DOWRYi$OH[DQGUD ,
%DUWHOW5LFKDUG ,
%HODV%UDQLVODY ,
%HYLODTXD3HWHU ,
%ODKR/DGLVODY ,
%Oi]VRYLWV*iERU ,
%XMiN7RPi ,
DQHFN0LFKDO ,
t)LOLS ,
&Vt]L/DGLVODY ,
'RELWHIDQ ,
'RULF0DUHN ,
'YRiNRYi-DQD ,
']DPNR7RPi ,
)LOR0DUWLQ ,
)LOR5RQDOG ,
.DUDV0DUWLQ ,
)RUQHU9ODGLPtU ,
)UDWUL0LFKDO ,
)UOLND3HWHU ,
)XUGtN0DUWLQ ,
*DUGR6WDQLVODY ,
*HRUJLRX0DUWLQ ,
*XEi0DUWLQ ,
UR]ORHQLHERGRY
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGYLDF
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
0,D
0HQR =iSRiN =iSRHW 6SROX
%HO\XV
0DW~
%ULQ]D
%RULV
&LEXOND
7RPi
+UQLDULN
0LFKDO
.DODV
%UDQLVODY
.DiN
3HWHU
/DXULQF
3HWHU
6LWWD
7RPi
/DVW8SGDWHGRQ
(PDLONXELQFRYD#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[NJBIUN<>
$WJFOJB[QSPHSBNPWBOJB.*C
&YLHQLD]SURJUDPRYDQLD0,E
7XEXGHERGRYDFLDWDEXND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[NJCIUN<>
$WJFOJB[QSPHSBNPWBOJB.*B
&YLHQLD]SURJUDPRYDQLD0,D
7XEXGHERGRYDFLDWDEXND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[NJBIUN<>
'BOBUJDJWSPOLV
RNW
7HVWSUHIDQDWLNRY
]DGDQLHWHVWXSUHIDQDWLNRY
WDEXNDYVOHGNRYWHVWX
3ULHEHK]LPQpKRVHPHVWUDSUHIDQDWLND
QHPXVtDOHP{HQDYWHYRYDFYLHQLDDQLStVDUR]FYLN\
]YROtVLWpPXVHPHVWUiOQHKRSURMHNWX]WFKWRREODVWt
SRtWDRYiKUDDOHERVLPXOiFLD
LQWHUQHWKWPO
PXOWLPpGLDJUDILFNpD]YXNRYpHGLWRU\SUHKUiYDHDSRG
RNUHPWDQGDUGQFK
WpPXSURMHNWXWUHEDSUHNRQ]XOWRYDVRPQRXQDMQHVN{UGRNRQFDRNWyEUDEXHPDLORPDOHER
RVREQH
EHWDYHU]LXSURMHNWXWUHEDRGRY]GDQDMQHVN{UFH]]iSRWRYWGH
NRPSOHWQ~YHU]LXWUHEDRGRY]GDQDMQHVN{UWGHSUHGVN~NRX
RGRY]GDQSURMHNWMHSRGPLHQNRXQD]tVNDQLH]iSRWX
]DSURMHNWMHPRQp]tVNDDERGRYNWRUpVDSRtWDM~NXVN~NHERG\V~QDMPl]D
]ORLWRVSUREOpPXDNYDOLWXULHHQLD
GL]DMQDSRKRGOLHSULRYOiGDQt
]DXMtPDYpQiSDG\DQHWUDGLQpULHHQLD
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[GBOLFDIUN<>
Test z programovania pre fanatikov
7HVW]SURJUDPRYDQLDSUHIDQDWLNRY VHSW
PHQRXNRQHQp]QDNRP
URNQDURGHQLDXNRQHQ
PD[LPiOQHSUYNRY~SRVWXSQRVFHOFKtVHOQDY]iMRPRGGHOHQFKPHG]HURXNWRUiMH
XNRQHQiNRQFRPULDGNXDNWXiOQHQDtWDQSRHWSUYNRYWUHEDXORLGRSRORN\SRFHW
5LDGRNP{HY\]HUDQDSUWDNWR-DQNR+UDNR
3UHW~WRWULHGX]DGHILQXMWHDMGHWUXNWRU8YROQL
0{HWHSUHGSRNODGDHWH[WRYV~ERUSDUDPHWHUNRQWUXNWRUDMHXRWYRUHQQDtWDQLHDMH
NRUHNWQ
1DStWHIXQNFLX3RURYQDMVGYRPDSDUDPHWUDPLW\SX76NDXWNWRUiYUiWLMHGQX]KRGQ{W
Y\PHQRYDQpKRW\SXPHQVLURYQ\YDFVLSRGDWRKRYDNHMUHOiFLLV~SRORN\PHQRSUtVOXQFK
LQWDQFLt
=DGHILQXMWHWULHGX72GGLHONWRUiREVDKXMHSUYNRYpMHGQRUR]PHUQpSROHLQWDQFLtWULHG\
76NDXWY7XUER3DVFDOHVPHUQtNRYQDLQWDQFLHDSRtWDGORDNWXiOQHKRSRWXSUYNRY2NUHP
NRQWUXNWRUDNWRULQLFLDOL]XMHSROHQDStWHPHWyGX=DUDGNWRUiDNRSDUDPHWHUGRVWDQHMHGHQ
REMHNW76NDXWY7XUER3DVFDOHVPHUQtNQDKRD]DUDGtKRGRSRDWDNDE\SUYN\YSROLEROL
VWiOHXWULHGHQpY]RVWXSQHSRGDPHQD1DSRURYQiYDQLHGYRFKREMHNWRYSRXLWHIXQNFLX
3RURYQDM]GUXKpKRSUtNODGX$NVDYSROLQDFKiG]DREMHNWVURYQDNPPHQRPWDNKRWUHED
SUHStVDQRYPREVDKRPVWDUREMHNWWUHEDXYRQLSUtVOXQPGHWUXNWRURP
3UHWULHGX72GGLHOQDStWHPHWyGXIXQNFLX+ODGDMVMHGQPSDUDPHWURP]QDNRYP
UHD]FRPNWRUiYRVYRMRPSROLLQWDQFLt76NDXWQiMGHREMHNWVKDGDQPPHQRPDYUiWLMHKR
LQGH[YWRPWRSROL$NWDNSUYRNQHQiMGHYUiWL+DGDQLHUHDOL]XMWHELQiUQ\PY\KDGiYDQtP
SROHMHXWULHGHQpSRPRFRXUHNXU]LHWMQHSRXLWHF\NOXV
9VOHGN\WHVWXSUHIDQDWLNRY
0HQR .U~RN SUtNODG SUtNODG SUtNODG SUtNODG 6SROX )DQDWLN
%DM]tN7LERU , iQR
%HODV%UDQLVODY ,
%HYLODTXD3HWHU ,
%ODKR/DGLVODY , iQR
%XMiN7RPi , iQR
DQHFN0LFKDO , iQR
HFK)UDQWLHN , iQR
t)LOLS ,
'RELWHIDQ , iQR
'RMDQ$QGUHM ,
)LOR5RQDOG , iQR
)RUQHU9ODGLPtU ,
)UDWUL0LFKDO ,
+DOLFN3HWHU , iQR
+DPDU'XDQ ,
+LWND0LFKDO , iQR
+URQVN0DUWLQ , iQR
-DQRHN0LFKDO ,
-RPEtN2QGUHM ,
.DGOLF0LFKDO , iQR
.LWNR5RPDQ ,
.RDQ0DUWLQ ,
.Rt0LFKDO ,
.RL$GULiQ ,
.RK~W0DWHM , iQR
.R]HM3HWHU , iQR
.XEtN0DWHM , iQR
/DQJ0DUWLQ ,
0DUFLQiN0DULiQ ,
0DWLDRYVN0DUR ,
0LFKDOLND-iQ , iQR
3R]QiPNDPD[LPiOQ\SRHWERGRYNWRUVLRGQHVLHWHNXVN~NHMH
SUHURQtN PiM
OHWQVHPHVWHU
'\QDPLFNpSUHPHQQp
6PHUQtN\ 6N~ND]
=DGDQLD~ORK]FYLHQLD SURJUDPRYDQLD
%LQiUQHV~ERU\
=DGDQLD~ORK]FYLHQLD
6SiMDQp]R]QDP\
=DGDQLD~ORK]FYLHQLD
3RXtYDQLHVSiMDQFK]R]QDPRY
=DGDQLD~ORK]FYLHQLD
%LQiUQHVWURP\
=DGDQLD~ORK]FYLHQLD
3RXLWLHELQiUQ\FKVWURPRY
=DGDQLD~ORK]FYLHQLD
7ULHGHQLD
=DGDQLD~ORK]FYLHQLD
*UDI\
=DGDQLD~ORK]FYLHQLD
$OJRULWP\SUHKDGiYDQLDJUDIX
=DGDQLD~ORK]FYLHQLD
3UHKDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
=DGDQLD~ORK]FYLHQLD
%DFNWUDFNLQJQDJUDIRFK
=DGDQLD~ORK]FYLHQLD
NRPSOHWGHOSKLOV]LS.%
&YLHQLD]SURJUDPRYDQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPOL
7HVWSUHIDQDWLNRYYVOHGN\WHVWX
]YRWHVLWpPXSURMHNWXSRGDYODVWQpKRYEHUXWUHEDMXVRPQRXSUHNRQ]XOWRYDQDMOHSLHH
PDLORP
SURMHNWE\VWHPDOLRGRY]GDGRNRQFD]iSRWRYpKRWGD
3ULHEHKOHWQpKRVHPHVWUD
QiYWHYDSUHGQiRNQHSRYLQQi
SRYLQQRVWL]FYLHQtERGRYDQp
RQH~DVWLQHWUHEDRVSUDYHGOQHQLH
QHH[PRQRVQiKUDG\
$UHLPSUHIDQDWLNRYWMQDStVDOYVWXSQWHVWDVSRQDERGRY]ERGRY
DNQHGRVLDKQHDVSRERGRYWLHWRVLQHRGQiDNXVN~NH
]tVNDYDWPWRERGRYNWRUpV~QXWQpQD]tVNDQLH]iSRWXY/6DNXVN~NHVL
RGQiDYHWN\ERG\NWRUpQDYVWXSQRPWHVWH]tVNDO
[ERGRY [
DOLHERG\WXGHQW]tVNDYDWPHSULQHVLHQDSURJUDPRYDQVHPHVWUiOQ\
SURJUDP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPOL
\ERGRY \
WDNWR]tVNDQV~HWERGRYVLWXGHQWRGQiD]RVHPHVWUD[\ ERGRY
%RVWDWQtWXGHQWLQHStVDOLYVWXSQWHVWDOHERQDRPQH]tVNDOLDVSRERGRY
ERG\]tVNDYD]PRQRSRWRPVDSRtWDOHQQDM~VSHQHMtFK
UR]FYLLHN
[ERGRY [
'20&(/2+<SULEOLQHNDGGUXKWGHPRQR]tVNDPtQXV
=iSRHW
EHU~VDERG\]DVHPHVWHU[\
WXGHQWNWRU]tVNDOFH]VHPHVWHUPHQHMDNR[ERGRYQH]tVNDYD]iSRHW
WXGHQWNWRU]tVND]RVHPHVWUDERGRYP{H]tVNDERG\NWRUpPXFKEDM~GRQD
]iSRWRYHMStVRPNH]tVNDYD]iSRHWYQiKUDGQRPWHUPtQHNXVN~NHVLRGQiDOHQERGRY
DMNHE\QDStVRPNHYLDF
DNWXGHQW]tVNDDVSRERGRY]tVNDYD]iSRHWYULDGQRPWHUPtQHDYHWN\ERG\VLRGQiD
NXVN~NH
N]tVNDQLX]iSRWXMHQXWQpRGRY]GDQLH]iSRWRYFKSURJUDPRYDOHERVHPHVWUiOQHKR
SURJUDPXDNWXGHQWSDWULOGRNDWHJyULH$
6N~ND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPOL
WHUPtQ\VN~RNWGQHSUHG]DLDWNRPVN~NRYpKRREGRELD
WHUPtQ\
PiWHQiURNQDULDGQ\WHUPtQDNQHXVSHMHWHWDNRSUDYQWHUPtQOHQGRNRQFD
VN~REQpKR
RSUDYQWHUPtQDNGiY\XXM~FLYSURJUDPRYDQtWRQLHMH]Y\NRP
RVSUDYHGOQLVD]QH~DVWL]RVN~N\GRGQt
SRGPLHQNRXNXVN~NHMH]tVNDQLH]iSRWXDNQHPi]iSRHWWDNVWUDWDWHUPtQX
NERGRPNWRUpVLSULQLHVRO]RVHPHVWUD[\ ]tVNDYDDOLHSRDVSULHEHKXVN~N\
RGODGHQLHSURJUDPXQDSRtWDLSRYROHQDKiN
QDULDGQRPWHUPtQHWUHED]SUDNWLFNHMDVWL]tVNDDVSRERGRYLQDNMH
]QiPND1(9<+29(/
1(9<+29(/
'2%5(
9(0,'2%5(
! 9%251(
PRQRV]tVNDQLDHSVLORQRYHMSUpPLHNERGRP~SUDYDSURJUDPXULHHQLH
YHREHFQHMHM~ORK\DSRGUHVSQHHSVLORQRYHMVWUDW\]DQH~SUDYX
3RN\Q\N]iSRWRYpPXSURJUDPX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPOL
QDMQHVN{UGR"""GRVWDQHWHRGVYRMKRFYLLDFHKRNRQNUpWQXWpPX]iSRWRYpKRSURJUDPX
~ORKRXMHQDStVDSURJUDPY'HOSKLNWRUSULRPNDGWXGHQWGRVWDQHLQ~WHPDWLFN~
REODV
3UHGSRNODGRPQDRGRY]GDQLHMHIXQNQRVFHOpKRSURMHNWXVSROXVYKRGQHIRUPiWRYDQP
]GURMRYPSURJUDPRP
3UpPLRYpERG\VDXGHXM~]DQDGWDQGDUGQpVSOQHQLH]iNODGQFKIXQNFLtDRULJLQDOLWXFHOpKR
SURMHNWX
7HUPtQ\QDRGRY]GiYDQLH
3RNLDFKFHWHPDQiURNQDSUpPLXPXVtWHRGYR]GD]iSRWRYSURJUDPQDMQHVN{UGRNRQFD
]iSRWRYpKRWGDYUiPFLNRQ]XOWDQFKKRGtQ
7HVWSUHIDQDWLNRY
YSRQGHORNIHEUXiUDSRVOXFKiUH)RMHGLQWHUPtQ
WUHEDVDGRSUHGXSULKOiVLSDSLHUQDVNOHQHQHMVWHQHSUHG,
StVRPQWHVWWUYiPLQ~W
ULHLVDSUtNODGRY]WpP]OHWQpKRVHPHVWUDDNQLHMHY\ULHHQDVSRQDERGRY]WDN
VDWHVWQHSRtWDWMGiVD]tVNDDERGRY
G\QDPLFNpGiWRYpWUXNW~U\]R]QDP\VWURP\JUDI\
ELQiUQHV~ERU\
WULHGHQLDEDFNWUDFNLQJ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
Dynamick premenn
'\QDPLFNp
IHE
SUHPHQQp
6NRURYHWN\SUHPHQQpNWRUpVPHGRWHUD]SRXtYDOLEROLVWDWLFNp
LFKYHNRVDDGUHVDYSDPlWLERODXUHQiXSRDVNRPSLOiFLH
JOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYHWNFKXQLWRYVDY\KUDGLDYMHGQRP
GiWRYRPVHJPHQWH
ORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
'HOSKLPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNFKSUHPHQQFK
SUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDOHYSHFLDOQRP
VHJPHQWHNWRUMHXUHQSUHYHWN\G\QDPLFNpSUHPHQQpKHDSKDOGD
6PHUQtNRYpSUHPHQQp
V~SUHPHQQpNWRUpVDSRXtYDM~QDSUtVWXSNG\QDPLFNPSUHPHQQP
DVWRV~WRVWDWLFNpSUHPHQQp
SULWDUWHSURJUDPXPDM~QHGHILQRYDQ~KRGQRWX
SULY\KUDGHQtSDPlWLSUHG\QDPSUHPHQQ~VDGRVPHUQtNRYHMSUHPHQQHMGRVWDQHDGUHVD
VPHUQtNQDW~WRG\QDPLFN~SUHPHQQ~
VPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRtWDLV~EDMWRYp
SUHPHQQ~NRQNUpWQHKRW\SXG\QDPLFNiSUHPHQQiP{HE\XERYRQpKRW\SXQDSUtVOR
UHD]HFSROHPQRLQD]i]QDPWMDNDMHWHQLHMHQHGHILQRYDQiYG\SUHVQHYLHPHW\S
G\QDPLFNHMSUHPHQQHMQDNWRU~RGND]XMH
SULGHILQRYDQtW\SXVPHUQtNP{HE\]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
RE\DMQRXSUHPHQQRX
VPHUQtNRYpSUHPHQQpP{HPHQDY]iMRPSULUDG]RYDUHVSSRURYQiYDQDURYQRVDOHER
QHURYQRVMHGLQHDNV~LGHQWLFNpKRW\SX
.RQWDQWQVPHUQtN1,/
XQLYHU]iOQDNRQWDQWDSUHYHWN\VPHUQtNRYpW\S\
SRXtYDVDYWHG\NHSRWUHEXMHPHUR]OtLSUtSDGHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DHHWHQHRGND]XMHQDLDGQX
Y'HOKSLVDWRWLQHGi]LVWLLPiQHMDNiQLHOHQVPHUQtNRYiSUHPHQQiQHGHILQRYDQ~KRGQRWX
S QLO
SXQHPiQHGHILQRYDQ~KRGQRWXDSULWRPVDEXGHGDRWHVWRYDHQHRGND]XMHQDLDGQX
G\QDPLFN~QDSU
LIS QLOWKHQQHZS
VRVPHUQtNPLV~SRYROHQpOHQUHODQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SX
UHVSVQLO
LIS SRUS QLOWKHQMHRN
LIS!SWKHQFK\EQQHSUtSXVWQWHVW
WDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPXERYRQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHIHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPSUHPHQQ~DQLNLQWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRQHMDVWLSDPlWLKHDSYHNRVVL]HRIW\S
YlLQRXMHWRWURFKXYLDF]iYLVtRGRUJDQL]iFLHVSUiY\SDPlWLNWRUiVDVWDUiRKHDS
S DGUHVDY\KUDGHQiYRYRQHMSDPlWL
GLVSRVHSAW\S
G\QDPLFNHMSUHPHQQHMYKHDSHVDSUDYGHSRGREQHSRNRGLODKRGQRWDXMX
QHVPLHPHSRXtYD
SR]ULWHVLY+HOSHWDQGDUGQ~IXQNFLX*HW+HDS6WDWXVNWRUiYUiWLLQIRUPiFLHRDNWXiOQRPVWDYHKHDS
DOLH]iVDG\VOXQpKRSURJUDPRYDQLD
VQDtPHVDDE\YHWN\VPHUQtNRYpSUHPHQQpPDOLEX1,/DOHERVNXWRQHXND]RYDOLQD
Y\WYRUHQpSUHPHQQpWMQHEROLQHGHILQRYDQp
DNS 1,/ !RGND]SAKOiVL]QiPXFK\EX$FFHVV9LRODWLRQDSUHWRVDYSURJUDPHDVWR
Y\VN\WXMHRWi]ND
LIS 1,/SUtSDGQHLIS!1,/
QLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGHQtHMH
GHILQRYDQiDU{]QDRG1,/UDGHMEXPHSHVLPLVWLDYHWNRNRQWUROXMPH
-HGQRUR]PHUQpSROHVPHUQtNRY
W\SHPQR]LQD VHWRIE\WHEDMWRY
SROH DUUD\>@RIAPQR]LQDEDMWRYLQDNEH]AE\EROR
EDMWRY
YDUGDWDSROH
LLQWHJHU
EHJLQ
IRUL WRGRQHZGDWD>L@
IRUL WRGRGDWD>L@A >UDQGRP@
IRUL WRGRGLVSRVHGDWD>L@
XYROQHQ\KHDSPR]HVDGDOHMYWRPWRSURMHNWHSRX]LYDW
HQG
3UtNODG\MHGQRDGYRMUR]PHUQFKSROtVPHUQtNRY
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROHRE\DMQpUR]PHUQpSROH
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDUDSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
W\SHVSROH DUUD\>@RIALQWHJHU^SROHVPHUQtNRYQDLQWHJHU`
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDUFVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@VL]HRIF
IRUL WRGRVL]HRIF>L@
IRUM WRGRVL]HRIF>L@A
EHJLQ
QHZF>L@A>M@F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@VL]HRIG VL]HRIGA
IRUL WRGRVL]HRIGA>L@
=i]QDP\SROLDDVPHUQtN\
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDUD3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
LMLQWHJHU
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGR
EHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
3RVWXSQpSUHtWDQLHSUHPHQQHMFA>L@A\A>M@
VNUDFRYDQLH]iSLVXRVPHUQtNRYDQHMSUHPHQQHM]QDNAP{HPHY\QHFKDDNVLKRYHGLD'HOSKL
MHGQR]QDQHGRP\VOLH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6PHUQtN\ IHE
6PHUQtNQDVPHUQtN
QDVOHGXM~FLSUtNODGOHQLOXVWUXMHSRXLWLHVPHUQtNRY
W\SH3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDUL3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
6SUiYDSDPlWL0HPRU\PDQDJHPHQW
WiWRVSUiYDVDVWDUiRXGULDYDQLHREVDGHQFKDXYROQHQFKDVWtG\QDPLFNHMSDPlWLKHDS
WDQGDUGQpSURFHGU\1HZ'LVSRVH*HW0HP5HDOORF0HPD)UHH0HPY\XtYDM~VSUiYX
SDPlWL
NDGY\KUDGHQSDPlRYEORNQDSUSRPRFRX1HZPiGNX]DRNU~KOHQ~QDQDMEOLt
QiVRERNDREVDKXMHHWHEDMWRY~KODYLNXGNXEORNXDLQpVWDWYRYpLQIRUPiFLH
VSUiYDXGULDYDWLHWRGYHSUHPHQQp
$OORF0HP&RXQWSRHWSDPlRYFKEORNRY
$OORF0HP6L]HGNDY\KUDGHQFKSDPlRYFKEORNRY
IXQNFLD*HW+HDS6WDWXVYUiWLDOLHXLWRQpLQIRUPiFLHRVSUiYHSDPlWL
5H]HUYRYDQpVORYRQLOMHSHFLiOQDVPHUQtNRYiNRQWDQWDYQ~WRUQHMHUHSUH]HQWRYDQiEDMWDPLV
KRGQRWRX
VPHUQtNRYFKSUHPHQQFKERORSUtVQHNRQWURORYDQpGHOSKDPL
1HW\SRYVPHUQtNW\S32,17(5
XQLYHU]iOQ\VPHUQtNSRGREQHDNRQLO
NRPSDWLELOQVRYHWNPLVPHUQtNPLP{HPHKRSULUDGLGRVPHUQtNRYHMSUHPHQQHM
XERYRQpKRW\SXDQDRSDNP{HWRE\YHPLQHEH]SHQpDKNRP{HPHVWUDWLNRQWUROXQDG
VPHUQtNPL
QHP{HPHSRPRFRXQHKRSUDFRYDVG\QDPLFNRXSUHPHQQRXQDNWRU~RGND]XMHEXKR
SULUDGtPHGRW\SRYpKRVPHUQtNDDOHERKRSUHW\SXMHPH
EXGRQHKRSULUDGtPHXQHMDNKRWRYVPHUQtNQDG\QDPLFN~SUHPHQQ~DOHERY\KUDGtPH
QRY~G\QDPLFN~SDPlSRPRFRXWDQGDUGQHMSURFHG~U\*HW0HPSUHPHQQiBW\SXBSRLQWHUGND
MHWRSRGREQp1HZ
1HZS *HW0HPS6L]H2ISA
WDNWRY\KUDGHQ~SDPlXYROQtPHWDQGDUGQRXSURFHG~URX)UHH0HPSUHPHQQiBW\SXBSRLQWHU
MHWRSRGREQp'LVSRVH
'LVSRVHS )UHH0HPS
SRXLWLHXYLGtPHSULQHW\SRYFKIRUPiOQ\FKSDUDPHWURFK
1HW\SRYIRUPiOQ\SDUDPHWHU
IRUPiOQ\SDUDPHWHUNWRUQHPiXYHGHQW\S
YWHOHSURFHG~U\KRP{HPHSRXL
SUHW\SRYDQtPQDNRQNUpWQ\W\S
DOHERSRPRFRXGLUHNWtY\DEVROXWHMHWRSUHW\SRYDQLHSRDVGHNODUiFLt
DOHERSRVODDNRQHW\SRYSDUDPHWHUGRLQHMSURFHG~U\
QDSUWDQGDUGQiSURFHG~UD0RYHRGNLDNDPNRNRBEDMWRY
DOHER]iSLVUHVSQDtWDQLHGR]QHW\SRYpKRV~ERUXEXGHPHYLGLHQHVN{U
SRXLWLHRSHUiWRUD#DVPHUQtNRYHMDULWPHWLN\
S #D
ZKLOHGO]ND!GR
EHJLQ
5HVXOW 5HVXOW,QW7R+H[SA
LQFSS S
GHFGO]ND
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUVDUUD\>@RIFKDU
LLQWHJHU
EHJLQ
V
$KRM'HOSKL
ODEHO&DSWLRQ GXPSVVL]HRIV
L
ODEHO&DSWLRQ GXPSLVL]HRIL
HQG
'LUHNWtYD$%62/87(
LQiYHU]LDHVWQiVWNRYpKRYSLVXNXVXSDPlWL
LIGO]ND!WKHQGO]ND
IRUL WRGO]NDGR
5HVXOW 5HVXOW,QW7R+H[S>L@
HQG
'\QDPLFNpSROLD
UHSUH]HQWRYDQpV~VPHUQtNRPQDMHGQRUR]PHUQpSROH
GHNODUiFLDQHDORNXMHSDPlPDOLE\VPHSULUDGLQLO
WRWRVDDXWRPDWLFN\XYRQtQLHRDNR)UHH0HP
DN;D<V~SUHPHQQpURYQDNpKRW\SXG\QDPLFNpSROHSRWRP; <VS{VREtH;UHIHUHQFXMHQD
YDU$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
$>@
% $
%>@
HQG
KRGQRWRX$>@MH
SULSRURYQiYDQtSUHPHQFKW\SXG\QDPLFNpSROHVDSRURYQiYDM~LFKUHIHUHQFLHDQLHQLHKRGQRW\SROt
QDSU
YDU$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
6HW/HQJWK%
$>@
%>@
LI$ %WKHQ
HQG
$ %YUiWL)$/6(DOH$>@ %>@YUiWL758(
SUHPHQQiW\SXG\QDPLFNpSROH]DEHUiEDMW\ VPHUQtNQDG\QDPLFN\DORNRYDQpSROH
EXMHWRQLODOHERVPHUQtNDQEORNSDPlWLNWRUMHREDMWRYGOKtDNRYHNRVSROD
EDMW\SRXLWpQDSRHWUHIHUHQFLt
EDMW\QDSRHWSUYNRYSRD/HQJWK
]DWPQDVOHGXM~SUYN\SROD
9LDFUR]PHUQpG\QDPLFNpSROHMHUHSUH]HQWRYDQp~SOQHURYQDNRMHWRG\QDPLFNpSROHVPHUQtNRYQD
G\QDPLFNpSROLD
=QDNRYpUHD]FH6WULQJ
V~SRGREQpG\QDPLFNPSROLDPWLHV~WRVPHUQtN\QDSROLD]QDNRY
SRGREQHVDSDPlWiDMSRHWUHIHUHQFLtDDNWXiOQDGNDUHD]FD/HQJWK
XNRQHQUHD]HF
SUi]GQ\UHD]HFMHXFKRYDQDNRQLODOHGRVWULQJRYHMSUHPHQQHMQHP{HSULUDGLQLO
QHP{HPHSXtYDDQL1HZDQL'LVSRVHDQLLQpSURFHG~U\VSUiY\SDPlWLQHP{HPHSRXtYDA
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUVVWULQJ
EHJLQ
V
DKRM'HOSKL
ODEHO&DSWLRQ GXPSV>@/HQJWKVQLHLEDVWRMHVPHUQtN
HQG
=QDNRYpUHD]FHXNRQHQpQXOOWHUPLQDWHGVWULQJV
V~SRGREQp]QDNRYPUHD]FRPY&D&
QLHNHG\LFKWUHEDSR]QDSULSUiFLV:LQGRZVQDQLtFK~URYQLDFK
MHWRSRVWXSQRV]QDNRYXNRQHQi]QDNRP
DOHERYG\QDPLFNHMSDPlWL
SUHGGHILQRYDQW\S3&KDUVPHUQtNQDSRVWXSQRV]QDNRYWMAFKDU
SUDFRYDVWDNPLWRUHD]FDPLP{HPH
YWDQGDUGQFKSURFHG~UDFKDIXQNFLDFK5HDG5HDGOQ6WU9DO:ULWH
:ULWHOQ9DO$VVLJQ)LOH5HQDPH
WDQGDUGQHDNRVG\QDPLFNPSRRP]QDNRY
SRPRFRXYHNHMPQRLQ\SHFLiOQ\FKIXQNFLtSUHWDNpWRUHD]FHQDSU
6WU&DW]UHD]HQLH
6WU&RPSSRURYQDQLH
6WU&RS\VNRStURYDQLH
6WU/HQGNDUHD]FD
P{HPHY\XLDMVPHUQtNRY~DULWPHWLNX
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUST3&KDU
EHJLQ
*HW0HPSPRKOLE\VPHSRXLDM6WU1HZDOHER6WU$OORF
6WU&RS\S
PLOXMHPGHOSKL
T S
ZKLOHTA!GR
EHJLQTA XSFDVHTALQFTHQG
ODEHO&DSWLRQ S
ODEHO&DSWLRQ GXPSS6WU/HQS
)UHH0HPS
HQG
,QWDQFLHWULHG
NDGiSUHPHQQiREMHNWWMLQWDQFLDQHMDNHMWULHG\MHVPHUQtNQDG\QDPLFN\DORNRYDQEORN
SDPlWL
WUHEDQDWRP\VOLHSULSRURYQiYDQtDMSULUDRYDQtQDSUJ ,PDJH&DQYDVDOHERLI
J3HQ )RUP&DQYDV3HQWKHQ
YHWN\VWDYRYpSUHPHQpV~XFKRYDQpSRGREQHDNRYW\SH]i]QDP
LQIRUPiFLHRPHWyGDFKVDXNODGDM~GRWDEXN\907YLUWXDOPHWKRGWDEOHMHMHGLQiSUHYHWN\
LQWDQFLHGDQHMWULHG\
RNUHPPHWyGREVDKXMHDMLQpLQIRUPiFLHRLQWDQFLLQDSULQIRUPiFLHRGNHWULHGH
MHMDVQpSUHRMHQH]P\VHOQDPLHVWRN .RU&UHDWHSRXLN&UHDWHNMH]UHMPHQLOD
QHP{HPHUHIHUHQFRYDQLORP
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
%LQiUQHV~ERU\ IHE
9'HOSKLP{HPHVRV~ERUPLSUDFRYDU{]Q\PLVS{VREPL
'HOSKLWOWULHGD76WUHDP GiWRYSU~G
QDMSUYVD]R]QiPLPHVRVWDUPWORPSRWRPSUHMGHPHQDQRYWOSU~G\
7H[WRYpV~ERU\
SRVWXSQRV]QDNRYNWRUiP{HREVDKRYDSHFLiOQ\]QDNNRQFDULDGNDMHULDGNRYRRULHQWRYDQ
tWDVDGiOHQSRVWXSQHRG]DLDWNXGRNRQFDSRGREQH]DSLVRYDVDGiOHQQDNRQLHFV~ERUX
VHNYHQQSUtVWXS
SUHtWDQLHVDGiQDVWDYLQD]DLDWRNV~ERUX
DXWRPDWLFNpNRQYHU]LHSULtWDQt]DSLVRYDQtLQFKW\SRYDNR]QDN
SULRWYRUHQtV~ERUXPXVtPHXULLMHV~ERUOHQQD]iSLVDOHEROHQQDtWDQLH
%LQiUQHV~ERU\
SRVWXSQRVYLHWEXURYQDNpKRW\SXDOHERU{]Q\FKW\SRYKRYRUtPHRV~ERURFKVSHYQRXGNRX
YLHWDSUHPHQOLYRXGNRX
MHGQRXRSHUiFLRX5HDGDOHER:ULWHP{HPHQDUD]QDtWDDOHER]DStVDYLDFYLHW
]RV~ERUXP{HPHV~DVQHtWDDMGRQHKR]DSLVRYDEH]WRKRDE\VPHPXVHOLQLHRSUHStQD
]DSLVRYDSULDP\SUtVWXS
XND]RYDWHYV~ERUHSR]tFLDVDSRNDGHMRSHUiFLLtWDQLH]iSLVDXWRPDWLFN\SRV~YDQD
QDVOHGRYQ~YHWXP{HPHVRV~ERURPSUDFRYDVHNYHQQH
Y3DVFDOHV~WRGYDW\S\SUiFHVELQiUQ\PLV~ERUPL
W\SRYpELQiUQHV~ERU\XSULGHNODURYDQtV~ERUXXUtPHW\SYHW\DWPDMGNXYHW\GR
V~ERUXP{HPH]DSLVRYDOHQYHW\WRKRWRW\SXDWLH]QHKRtWDOHQGRSUHPHQQFKWRKRWRW\SX
SR]tFLDYHW\YV~ERUHVDY\MDGUXMHSRWRPYLHWNWRUpV~SUHGGDQRXYHWRXtVORYDQLHRGGR
)LOH6L]H
QHW\SRYpELQiUQHV~ERU\P{HPHGRQHKR]DSLVRYDXERYRQp~GDMHSUHPHQQpDWLH]
QHKRtWDGRSUHPHQQFKXERYRQFKW\SRYSULRWYiUDQtPXVtPHXULYHNRV
HOHPHQWiUQHKREORNXDSRWRPYHWN\SR]tFLHYV~ERUHDGN\EXG~XURYDQpYWFKWREORNRFK
GHIDXOWMH
7\SRYpELQiUQHV~ERU\
W\SHLGHQWLILNiWRU ILOHRILGHQWLILNiWRUBW\SXW\SYHW\
SR]RUYHWDQHVPLHREVDKRYDLDGQHDVWLVQLHSHYQRXGNRXQDSUG\QDPLFNpSROLDVWULQJ\
V~ERU\VPHUQtN\DLQpG\QDPLFNpSUHPHQQp
$VVLJQ)LOH5HVHW5HZULWH&ORVH)LOHURYQDNpDNRSUHWH[WRYpV~ERU\
5HDG:ULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
5HDGISUHPHQQiBW\SXBYHWDBV~ERUX
:ULWHISUHPHQQiBW\SXBYHWDBV~ERUX
SUHUHDGDMZULWHP{HE\DMYLDFSUHPHQQFKRGGHOHQFKLDUNDPL
(RIIDNRSUHWH[W
)LOH6L]HISRHWYLHWV~ERUX
YHWN\YHW\RGILOHSRVI
UHZULWHI VHHNIWUXQFDWHI
3UtNODG
YDUI)LOHRILQWHJHU
LMLQWHJHU
EHJLQ
$VVLJQ)LOHI
FLVODGDW
5HZULWHI
IRUL WRGR:ULWHILEDMWRY
&ORVH)LOHIQHWUHEDDNQDVOHGXMH5HVHW
5HVHWItWDQLHRG]DLDWNX
IRUL WRGR
EHJLQ
5HDGIM0HPR/LQHV$GG,QW7R6WUMVHNYHQQptWDQLH
HQG
VOXQHMLHSRNRQLHFV~ERUX
5HVHWI
ZKLOHQRW(RIIGR
EHJLQ
5HDGIM0HPR/LQHV$GG,QW7R6WUM
HQG
QHVPLHVDSRXLUHDGOQDQLZULWHOQQHH[LVWXMH]QDNDNRQFDULDGNX
YSLVV~ERUXRG]DGX
IRUL )LOH6L]HIGRZQWRGR
EHJLQ
6HHNIL5HDGIM0HPR/LQHV$GG,QW7R6WUMSULDPHtWDQLH
HQG
SULGDMYHWXQDNRQLHFV~ERUX
6HHNI)LOH6L]HI
KRFLVDDNRSRVOHGQURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYD
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDGRWYRUHQV~ERUMH
DXWRPDWLFN\DMQDtWDQLHDMQD]iSLV
IRUL WRGR:ULWHIL
VNUDFRYDQLHV~ERUX
6HHNI7UXQFDWHIV~ERUPiWHUD]YHW\
&OR6H)LOHI
HQG
SURFHG~UDY\KRGY\KRGtLWXYHWXWDNHMXQDKUDGtSRVOHGQRXDSRVOHGQ~]UXt
SURFHGXUHY\KRGLLQWHJHU
YDUMLQWHJHUYHWD
EHJLQ
6HHNI)LOH6L]HIUHDGIMQDtWDQLHSRVOHGQHM
6HHNILZULWHIM]iSLVDNRLWHM
6HHNI)LOH6L]HI7UXQFDWHIY\KRGHQLHSRVOHGQHM
HQG
Y\KRGY\KRGY\KRGYHWDQDSR]tFLLREVDKXMHtVOR
0HPR/LQHV$GG
SRY\KRGHQL
5HVHWI
ZKLOHQRW(RIIGR
EHJLQ
5HDGIM0HPR/LQHV$GG,QW7R6WUM
HQG
3UtNODGERORNHG\VLQDVN~NHY]LPQRPVHPHVWUL
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVWURPLZRUG
HQG
YDUIILOHRILQWHJHU
SURFHGXUHPRMD.RUVWURPLZRUG
YDUVLQWHJHU
EHJLQ
LIL!)LOH6L]HIWKHQH[LW
6HHNIL
5HDGIV
LIV WKHQH[LW
'RSUHGXV9ODYR
VWURP
L9SUDYR
VWURP
L9ODYR
'RSUHGXV
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRMD.RU
EHJLQ
$VVLJQ)LOHI
VWURPGDW
5HVHWI
SUHW\SRYpELQiUQHV~ERU\VDDXWRPDWLFN\SUHSRtWDYD6HHN)LOH3RV)LOH6L]HSRGDGN\YHW\QDSU
1HW\SRYELQiUQ\V~ERU
YDUIILOH
3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDLDGQDNRQWURODQDW\S]DSLVRYDQHMtWDQHM
SUHPHQQHM
QHIXQJXMHUHDGZULWHPXVtVDWRURELLQDN
%ORFN5HDGYDU))LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiQHW\SRYSDUDPHWHU]QDPHQiXYRYRQW\S
SRFHWSRHWtWDQFKEORNRYW\SXLQWHJHU
Y\VOHGRNVNXWRQHQDtWDQSRHWEORNRY
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQR
YVWXSQHMFK\EHLQDNSRNUDXMHDP{HPHWRRWHVWRYD
%ORFN:ULWHYDUI)LOHYDU%XI&RXQWLQWHJHU>YDU5HVXOWLQWHJHU@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiXERYRQpKRW\SX
SRFHWYUD]XGiYDM~FLSRHW]DStVDQFKEORNRYW\SXLQWHJHU
Y\VOHGRNVNXWRQH]DStVDQSRHWEORNRYURYQDNRDNRSUH%ORFN5HDG
DNVDQHXYHGLHGNDBEORNXWDNVDSUHGSRNODGi
VHHNILOHSRVILOHVL]HSUDFXM~Y]iYLVORVWLQDGNHEORNX
3UtNODG
NRStURYDQLHV~ERUXSRPRFRXW\SRYpKRV~ERUX
SURFHGXUHNRSLU
YDUDEILOHRIE\WH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWD
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOHQRW(RIDGR
EHJLQ
5HDGD[
:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUX
SURFHGXUHNRSLU
FRQVWGO]ND
YDUDEILOH
[DUUD\>GO]ND@RIE\WHN%EXIIHU NUDMLHE\ERORSRPRFRXSRLQWUD
ODOELQWHJHU
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHNRVEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
UHSHDW
EORFNUHDGD[GO]NDOD
EORFNZULWHE[ODOE
XQWLOOD RUOD!OEDNOD!OEWDNQDVWDODFK\EDSUL]iSLVH
LIOD!WKHQ6KRZ0HVVDJH
FK\EDSUL]iSLVH
&ORVH)LOHD
&ORVH)LOHE
HQG
9\WYRUPHVLYODVWQ~WULHGXNWRUiREDOtQHW\SRYV~ERU
W\SH
VXERU FODVV
SULYDWH
IILOH
IXQFWLRQJHWSRVLQWHJHU
SURFHGXUHVHWSRVSLQWHJHU
IXQFWLRQJHWVL]HLQWHJHU
SURFHGXUHVHWVL]HSLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHUHDGYDUEGLQWHJHUYLUWXDO
SURFHGXUHZULWHYDUEGLQWHJHUYLUWXDO
SURSHUW\SRVLWLRQLQWHJHUUHDGJHWSRVZULWHVHWSRV
SURSHUW\VL]HLQWHJHUUHDGJHWVL]HZULWHVHWVL]H
HQG
FRQVWUXFWRUVXERU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
EHJLQ
$VVLJQ)LOHIP
LIQRY\WKHQ5HZULWHIHOVH5HVHWI
HQG
GHVWUXFWRUVXERU'HVWUR\
EHJLQ
&ORVH)LOHI
HQG
SURFHGXUHVXERUUHDGYDUEGLQWHJHU
EHJLQ
%ORFN5HDGIEG
HQG
SURFHGXUHVXERUZULWHYDUEGLQWHJHU
EHJLQ
%ORFN:ULWHIEG
HQG
IXQFWLRQVXERUJHWSRVLQWHJHU
EHJLQ
5HVXOW )LOH3RVI
HQG
SURFHGXUHVXERUVHWSRVSLQWHJHU
EHJLQ
VHHNIS
HQG
IXQFWLRQVXERUJHWVL]HLQWHJHU
EHJLQ
5HVXOW )LOH6L]HI
HQG
SURFHGXUHVXERUVHWVL]HSLQWHJHU
YDUSSLQWHJHU
EHJLQ
SS )LOH3RVI
VHHNIS7UXQFDWHI
LISS!SWKHQSS S
VHHNISS
HQG
DP{HPHWRSRXL
YDUIVXERU
LLQWHJHU
EHJLQ
I VXERU&UHDWH
VXERUGDW
WUXH
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGRHRI
EHJLQ
IUHDGLVL]HRILPHPROLQHVDGGLQWWRVWUL
HQG
I)UHH
HQG
'iWRYSU~GWULHGD76WUHDP
WULHGDNWRUi]DNU\MHLPSOHPHQWiFLXI\]LFNpKRV~ERUX
76WUHDPMHDEVWUDNWQiWULHGDWUHED]QHMUHDOL]RYDNRQNWUpWQHSRGWULHG\76WUHDPXYHGHQpPHWyG\
QHPiGHILQRYDQpOHQGHNODURYDQp
YODVWQRVWLSURSHUW\
3RVLWLRQ
6L]H
PHWyG\
NGH2ULJLQ VR)URP%HJLQQLQJVR)URP&XUUHQWVR)URP(QG
:ULWHFRQVW%XIIHU&RXQW/RQJLQW/RQJLQW
:ULWH%XIIHUFRQVW%XIIHU&RXQW/RQJLQW
G{OHLWpV~RGYRGHQpWULHG\QDSU
7)LOH6WUHDP
FRQVWUXFWRU&UHDWHFRQVW)LOH1DPHVWULQJ0RGH:RUG
NGH0RGH
IP&UHDWHY\WYRUtV~ERU
IP2SHQ5HDGOHQtWDQLH
IP2SHQ:ULWHOHQ]iSLV
IP2SHQ5HDG:ULWHDM]iSLVDMtWDQLH
70HPRU\6WUHDP
/RDG)URP)LOHFRQVW)LOH1DPHVWULQJ
/RDG)URP6WUHDP6WUHDP76WUHDP
6DYH7R)LOHFRQVW)LOH1DPHVWULQJ
6DYH7R6WUHDP6WUHDP76WUHDP
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6SiMDQp
IHE
]R]QDP\
6SiMDQp]R]QDP\
FYLQHVPHURELOLWULHGX7/LVW
G\QDPLFNpSROHVPHUQtNRYDOHERKRGQ{WQHMDNpKRW\SXNWRUpVDDXWRPDWLFN\SRGD
SRWUHE\QDIXNXMHUHVS]PHQXMH
P{HPHGRQHKRSULGiYDSUYN\KRFLNDPY\KDG]RYD]QHKRDSRG
DNDOHSULDVWRPHQtPHWUXNW~UXSUHKDG]XMHPHSUYN\YV~YDPHY\KDG]XMHPHDSROHMHGRV
YHNpP{HWRYUD]QHVSRPDRYDYSRHWOHER7/LVWPXVtSRV~YDKRUHGROHYHNpNXV\SRD
LQPPRQPULHHQtPE\EROVSiMDQ]R]QDP]R]QDPSUYNRYUHDOL]RYDQWDNHNDGSUYRN
VLSDPlWiVYRMKRQDVOHGRYQtNDDQDSUSULYV~YDQtSUYNXVWDtMHKRSUHGFKRGFRYLQDVWDYL
QDVOHGRYQtNDMHGQRSULUDGHQLHDSUYRNMHVSUiYQH]DOHQHQ
VSiMDQp]R]QDP\EXGHPHSRXtYDQDMPlDNRWUpQLQJSUHG\QDPLFNpGiWRYpWUXNW~U\UHDOL]RYDQp
SRPRFRXVPHUQtNRY
W\SH
SUYRN LQWHJHU
3YUFKRO AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
YDU]S3YUFKRO
EHJLQ
] QLO]MHSUi]GQ\]R]QDP
QHZ]]ALQIR ]AQH[W QLO]MHMHGQRSUYNRY]R]QDP
QHZSSALQIR SAQH[W QLOSMHMHGQRSUYNRY]R]QDP
]AQH[W S]MHGYRMSUYNRY]R]QDP
YSLVSUYNRY]R]QDPX
,QW7R6WU]AQH[WAQH[WALQIR
DOHERYHREHFQH
/DEHO&DSWLRQ
]R]QDP
S ]
ZKLOHS!QLOGR
EHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WUSALQIR
S SAQH[W
HQG
XYRQHQLHSUYNRY]R]QDPX
FK\EQpULHHQLH
ZKLOH]!QLOGR
EHJLQ
GLVSRVH]
] ]AQH[W
HQG
VSUiYQHULHHQLH
ZKLOH]!QLOGR
EHJLQ
S ]AQH[W
GLVSRVH]
] S
HQG
SRVWXSQpSULGiYDQLHSUYNRYGR]R]QDPX
] QLO
IRUL WRGR
EHJLQ
QHZSSLQIR LSQH[W ]
] S
HQG
SUYN\VDSULGiYDOLQD]DLDWRNY]R]QDPHV~YRSDQRPSRUDGt
SULGiYDQLHSUYNRYQDNRQLHF]R]QDPXWUHEDQiMVSRVOHGQSUYRNY]R]QDPHD]DQDSRMLQRY
SUYRN
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLO
ZKLOHQRWVHHNHRIWGR
EHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVH
EHJLQ
N ]
ZKLOHNQH[W!QLOGRN NQH[WQiMGHSRVOHGQSUYRNY]R]QDPH
NQH[W S
HQG
HQG
&ORVH)LOHW
HIHNWtYQHMLHULHHQLHRSODWtVDSDPlWDVLSRVOHGQSUYRNY]R]QDPHQHEXGHKRWUHEDVWiOHKDGD
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLON QLO
ZKLOHQRWVHHNHRIWGR
EHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
&ORVH)LOHW
QLHNHG\EXGHPHSRXtYDZLWK
S ]
ZKLOHS!QLOGRZLWKSAGR
EHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WULQIR
S QH[W
HQG
=DGHILQXMHPHWULHGX]R]QDPNWRUi]DEH]SHt]iNODGQpRSHUiFLHQDG]R]QDPRPEXGHPDGYHVWDYRYp
SUHPHQQp]DLDWRNDNRQLHF]R]QDPX3UYN\]R]QDPXEXG~REMHNW\WMV~WRVPHUQtN\
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
QH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQYUFKRO
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNQYUFKRO
EHJLQ
LQIR LQH[W Q
HQG
GHVWUXFWRUYUFKRO'HVWUR\
EHJLQ
QH[W)UHH!UHNXU]LDQDSUSUHGOKp]R]QDP\SUREOpPVR]iVREQtNRP
QH[W QLO
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
VN{UDNRVDSXVWtPHGRWULHG\]R]QDP
YDUSYUFKRO
EHJLQ
S YUFKRO&UHDWHYUFKRO&UHDWHYUFKRO&UHDWHQLO
/DEHO&DSWLRQ SY\SLVSQH[WY\SLVSQH[WQH[WY\SLV
SQH[WQH[W)UHHSQH[W)UHHS)UHH
QDMSUYOHQQDMMHGQRGXFKLHPHWyG\WULHG\]R]QDP
W\SH
]R]QDP FODVV
SULYDWH
]YUFKRO]DLDWRN]R]QDPX
NYUFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
HQG
FRQVWUXFWRU]R]QDP&UHDWH
EHJLQ
GHVWUXFWRU]R]QDP'HVWUR\
YDUSYUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQS ]QH[W])UHH] SHQG
HQG
IXQFWLRQ]R]QDPY\SLVVWULQJ
YDUSYUFKRO
EHJLQ
5HVXOW
S ]
ZKLOHS!QLOGR
EHJLQ
5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
EHJLQ
] YUFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
YDUSYUFKRO
EHJLQ
S YUFKRO&UHDWHLQLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
SURFHGXUH]R]QDPYVXQSUHGLQWHJHULSUYRN
YDUSTYUFKRO
EHJLQ
LISUHGWKHQSULGDM=L
HOVH
EHJLQ
T ]
ZKLOHT!QLODQGSUHG!GR
EHJLQGHFSUHGT TQH[WHQG
S YUFKRO&UHDWHLQLO
LIT QLOWKHQNQH[W S
HOVH
EHJLQ
SQH[W TQH[WTQH[W S
HQG
LISQH[W QLOWKHQN S
HQG
HQG
1'
GRWULHG\]R]QDPGRSOWHPHWyG\
IXQFWLRQSRFHWLQWHJHU
SURFHGXUHY\KRG=Y\KRGtSUYSUYRN
SURFHGXUHY\KRG.Y\KRGtSRVOHGQSUYRN
SURFHGXUHSUHYUDWSUHYUiWLSRUDGLHSUYNRYY]R]QDPH
SURFHGXUHXWULHGQiMGHPLQLPXPGiKRQD]DLDWRN]QRYXQiMGH
PLQLPXP]R]Y\NXGiKR]DPLQLPXP
SURFHGXUH]DUDGLSUYRN]DUDGtSUYRNGR]R]QDPXDE\RVWDO]R]QDP
XWULHGHQ
SURFHGXUHY\KRG'XSOLNDW\Y\KRGtYUFKRO\VURYQDNPLQIRQHFKiOHQ
SUY]QLFK
IXQFWLRQLW\LLQWHJHUYUFKROYUiWLLW\SUYRN
3RO\PRUIQ]R]QDP SUYNDPL]R]QDPXP{XE\QLHOHQLQWDQFLHWULHG\SUYRNDOHDMXERYRQp
RGYRGHQpWULHG\
W\SH
]R]QDP FODVV
SULYDWH
]YUFKRO]DLDWRN]R]QDPX
NYUFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=SYUFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.SYUFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRNRYHUORDG
SURFHGXUHYVXQSUHGLQWHJHUSYUFKRORYHUORDG
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
EHJLQ
] YUFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM=SYUFKRO
EHJLQ
SQH[W ]] S
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
EHJLQ
SULGDM.YUFKRO&UHDWHLQLO
HQG
SURFHGXUH]R]QDPSULGDM.SYUFKRO
EHJLQ
SQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
WHVWSRO\PRUIQpKR]R]QDPX
W\SH
YUFKRO FODVVYUFKRO
LQIRVWULQJ
FRQVWUXFWRU&UHDWHLVWULQJQYUFKRO
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRUYUFKRO&UHDWHLVWULQJQYUFKRO
EHJLQ
LQIR LQIR LQH[W Q
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW
LQIR
HQG
FRQVWVDUUD\>@RIVWULQJ
SUY\
GUXK\
WUHWL
VWYUW\
SLDW\
YDU]]R]QDP
LLQWHJHU
EHJLQ
] ]R]QDP&UHDWH
IRUL WRGR
EHJLQ
LIUDQGRP WKHQ]SULGDM=LHOVH]SULGDM.L
]SULGDM.YUFKRO&UHDWHV>L@QLO
HQG
/DEHO&DSWLRQ ]Y\SLV
HQG
3URSHUW\YODVWQRVWL
W\SH
]R]QDP FODVV
IXQFWLRQLW\LLQWHJHUYUFKRO
SURFHGXUH]PHQLLQWHJHUSYUFKRO
SURSHUW\SUY\YUFKROUHDG]
SURSHUW\SRVOHGQ\YUFKROUHDGN
SURSHUW\SUYN\>LLQWHJHU@YUFKROUHDGLW\ZULWH]PHQGHIDXOW
HQG
SURFHGXUH]R]QDP]PHQLLQWHJHUSYUFKRO
YDUTUYUFKRO
EHJLQ
LILWKHQSULGDM=S
HOVH
EHJLQ
T LW\L
LIT QLORUTQH[W QLOWKHQSULGDM.S
HOVH
EHJLQ
U TQH[WTQH[W SSQH[W UQH[W
U)UHH
HQG
HQG
HQG
YDNDYODVWQRVWLSUYN\P{HPHNXSUYNRP]R]QDPXSULVWXSRYDDNRNXSUYNRPSRDQDSU
IRUL WRGR
]SUYN\>L@ YUFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]SUYN\>L@Y\SLV
IRUL WRGR
]>L@ YUFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]>L@Y\SLV
1'
]LVWLWHSUHRQHEXGHIXQJRYDWDNiWRYPHQDSUYNRY]R]QDPX
YDUWYUFKRO
W ]>L@
]>L@ ]>L@
]>L@ W
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RXtYDQLH
PDU
VSiMDQFK]R]QDPRY
(YLGRYDQLH]PHQ\Y]R]QDPH
GRWULHG\]R]QDPSULGiPHYLUWXiOQXPHWyGXR]QDPLWQRWLI\DGRNDGHMPHWyG\NWRUiQHMDNR
PRGLILNXMH]R]QDPSULGiPHYRODQLHWHMWRPHWyG\QDSU
W\SH
7$NFLD D3ULGDMD=PHQD=UXV
]R]QDP FODVV
SXEOLF
SURFHGXUHR]QDPLWSYUFKRODNFLD7$NFLDYLUWXDO
HQG
SURFHGXUH]R]QDPR]QDPLWSYUFKRODNFLD7$NFLD
EHJLQ
HQG
SURFHGXUH]R]QDP]PHQLLQWHJHUSYUFKRO
EHJLQ
R]QDPLWSD=PHQ
HQG
SURFHGXUH]R]QDPSULGDM=SYUFKRO
EHJLQ
R]QDPLWSD3ULGDM
HQG
SURFHGXUH]R]QDP]UXVSYUFKRO
EHJLQ
R]QDPLWSD=UXV
HQG
DNE\VPHQLHNHG\YEXG~FQRVWLSRWUHERYDOLQDSUY\SLVRYDLQIRUPiFLHRYHWNFK]PHQiFKY]R]QDPH
GRQHMDNpKR0HPRVWDtSUHGHILQRYDYLUWXiOQHR]QDPLWDKQHXYLGtPHYHWN\]PHQ\QDSU
W\SH
PRM=R]QDP FODVV]R]QDP
SXEOLF
SURFHGXUHR]QDPLWSYUFKRODNFLD7$NFLDRYHUULGH
HQG
SURFHGXUHPRM=R]QDPR]QDPLWSYUFKRODNFLD7$NFLD
FRQVWDDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
7HQWRSUtVWXSPiQDSUWDN~QHYKRGXHQLHNHG\EXGHWUHEDY\UiEDQRYpSRGWULHG\DNFKFHPHPHQL
VSUiYDQLHPHWyG\R]QDPLW1LHNHG\WR]E\WRQHVNRPSOLNXMHQiYUKSURMHNWX,QVS{VRENWRUQiP
XPRQtURELWRLVWpDOHLQDNMHSRPRFRXSURFHGXUiOQHKRW\SX
3URFHGXUiOQ\W\S
KRGQRWRXQHMDNpKRSURFHGXUiOQHKRW\SXMHEXQLODOHERSURFHG~UDDOHERIXQNFLDLVWpKRW\SX
SULGHILQRYDQtSURFHGXUiOQHKRW\SXWUHED]DGHILQRYDPHQiDW\S\SDUDPHWURYQDSU
NWRUiPiSUiYHGYDSDUDPHWUHGDQFKW\SRY
KRGQRWRXP{HE\OHQJOREiOQDSURFHG~UDQHVPLHWRE\ORNiOQDSURFHG~UDDQLPHWyGDQHMDNHM
WULHG\
SURFHGXUiOQ\W\SP{HPH]DGHILQRYDDMWDNHKRGQRWDPLP{XE\OHQPHWyG\QHMDNHMWULHG\
]DGHILQtFLXPXVtPHXYLHVRIREMHFWQDSU
GHILQtFLDW\SXSURFHGXUDWDNP{HPHDM
YDUSUDUUD\>@RISURFHGXUD SS
SU>@YD3ULGDM]DYROiSURFHG~UXS
SU>@YQH[WD=PHQ]DYROiSURFHG~UXS
LMHKRGQRWRXSUHPHQQHMSURFSURFHGXUiOQHKRW\SXQLODOHERQLHQHP{HPHWHVWRYDWDNWR
LISURF!QLOWKHQ
KOiVLODE\VDFK\EDHYRODQLHSURFPiPiORSDUDPHWURYSRXLMHPHWDQGDUGQ~IXQNFLX
$VVLJQHGNWRUi]LVWtLMHYSURFHGXUiOQHMSUHPHQQHMSULUDGHQiQHQLORYiKRGQRWDQDSU
1DVOHGXM~FLSUtNODGXNiHDNRP{HPHYLUWXiOQXPHWyGXR]QDPLWQDKUDGLWSURFHGXUiOQRXVWDYRYRX
SUHPHQQRXDN=PHQD2Q&KDQJH
W\SH
SURFHGXUD SURFHGXUHSYUFKROD7$NFLD
]R]QDP FODVV
SULYDWH
WDN=PHQDSURFHGXUDMHV~NURPQiSRXtYDWHMXP{HPHQLOHQSRPRFRX
SURSHUW\
SXEOLF
SURSHUW\DN=PHQDSURFHGXUDUHDGWDN=PHQDZULWHWDN=PHQD
HQG
YDGHWDPNGHERORYRODQLHR]QDPLWSUtGHYRODQLHDN=PHQDQDSU
SURFHGXUH]R]QDPSULGDM=SYUFKRO
EHJLQ
LI$VVLJQHGDN=PHQDWKHQDN=PHQDSD3ULGDM
HQG
0{HPHWRSRXLQDSUWDNWR
]DGHILQXMHPHVLVYRMXSURFHG~UXVSUiYQHKRW\SX
SULUDGtPHGRDN=PHQD
SURFHGXUH]PHQDSYUFKRODNFLD7$NFLD
FRQVWDDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
] ]R]QDP&UHDWH
]DN=PHQD ]PHQD
]DN=PHQD QLOKRFLNHG\P{HPH]PHQLREVDKSUHPHQQHMDN=PHQD
3RXLWLHSURFHGXUiOQ\FKW\SRYVLXNiHPHDMQDLQFKSUtNODGRFK
PHWyGDYVHWN\
VSXVWtQHMDN~DNFLXQDNDGRPYUFKROHVSiMDQpKR]R]QDPXQDSU
W\SH
SULND] SURFHGXUHSYUFKRO
]R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH]R]QDPYVHWN\SUSULND]
YDUSYUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
SUS
S SQH[W
HQG
HQG
ILOWURYDQYSLV
Y\StHOHQWLHYUFKRO\]R]QDPXNWRUpVSDM~QHMDN~SRGPLHQNXQDSU
W\SH
ILOWHU IXQFWLRQSYUFKROERROHDQ
]R]QDP FODVV
SXEOLF
IXQFWLRQY\SLVVWULQJRYHUORDG
IXQFWLRQY\SLVIILOWHUVWULQJRYHUORDG
HQG
S ]
ZKLOHS!QLOGR
EHJLQ
LIQRW$VVLJQHGIRUISWKHQ5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
IXQFWLRQ]R]QDPY\SLVVWULQJ
EHJLQ
5HVOXW Y\SLVQLOYSLVEH]SRGPLHQN\WMYHWN\
HQG
PHWyGDYVHWN\VILOWURPUHVSVYLDFHUPLSUtND]PLNWRUpVDY\NRQDM~VNDGPY\KRYXM~FLPYUFKRORP
W\SH
SULND] SURFHGXUHSYUFKRO
ILOWHU IXQFWLRQSYUFKROERROHDQ
]R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUDUUD\RISULND]RYHUORDG
HQG
SURFHGXUH]R]QDPYVHWN\IILOWHUSUSULND]
YDUSYUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
LIQRW$VVLJQHGIRUISWKHQSUS
S SQH[W
HQG
HQG
SURFHGXUH]R]QDPYVHWN\IILOWHUSUDUUD\RISULND]
YDUSYUFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
LIQRW$VVLJQHGIRUISWKHQ
IRUL ORZSUWRKLJKSUGRSU>L@S
S SQH[W
HQG
HQG
SURFHGXUHSUSYUFKRO
EHJLQ
LISLVYUFKROWKHQ
YUFKROSLQIR>@ XSFDVHYUFKROSLQIR>@
HOVHLQFSLQIR
HQG
SURFHGXUHSUSYUFKRO
EHJLQ
LISLVYUFKROWKHQYUFKROSLQIR
[
YUFKROSLQIR
HOVHLQFSLQIR
HQG
/DEHO&DSWLRQ ]Y\SLVQLO
/DEHO&DSWLRQ ]Y\SLVI
/DEHO&DSWLRQ ]Y\SLVI
]YVHWN\ISU
/DEHO&DSWLRQ ]Y\SLV
]YVHWN\QLO>SUSUSU@
/DEHO&DSWLRQ ]Y\SLV
YSUtNODGHSUHGSRNODGiPHHYUFKROMHRGYRGHQ]YUFKRODREVDKXMHVWULQJRY~SUHPHQQ~LQIR]
SUHGFKiG]DM~FHMSUHGQiN\
3RO\QyP\
7ULHGDSRO\QRPMHXNiNDSRXLWLDVSiMDQFK]R]QDPRY3RO\QRPMHUHDOL]RYDQVSiMDQP]R]QDPRP
SULRPNDGYUFKRO]R]QDPXREVDKXMHMHGHQOHQSRO\QRPXDNRGYRMLFXNRHILFLHQWUHDODH[SRQHQW
LQWHJHU'RKRGQHPHVDHOHQ\SRO\QRPXV~XVSRULDGDQp]RVWXSQHSRGDH[SRQHQWRYD]R]QDP
QHREVDKXMHOHQ\VQXORYPNRHILFLHQWRP
W\SH
YUFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[WYUFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRUYUFKRO&UHDWHNUHDOHLQWHJHUQYUFKRO
EHJLQ
NRHI NH[SR HQH[W Q
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW )ORDW7R6WUNRHI
[A
,QW7R6WUH[SR
HQG
W\SH
SURF SURFHGXUHYYUFKRO
SRO\QRP FODVV
SULYDWH
]YUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
IXQFWLRQY\SLVVWULQJ
SURFHGXUHGHULY
SURFHGXUHSULFLWDMSSRO\QRP
SURFHGXUHRGFLWDMSSRO\QRP
SURFHGXUHY\QDVRESSRO\QRP
SURFHGXUHY\GHOSSRO\QRP
SURFHGXUHY\QDVRE.NUHDO
IXQFWLRQKODGDMHLQWHJHUYUFKRO
HQG
SURFHGXUHSRO\QRPSULGDMNUHDOHLQWHJHU
YDUSYUFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] YUFKRO&UHDWHNH]
HOVHLISH[SR HWKHQ
EHJLQ
SNRHI SNRHIN
LISNRHI WKHQY\KRGH
HQG
HOVHSQH[W YUFKRO&UHDWHNHSQH[W
HQG
SURFHGXUHSRO\QRPY\KRGHLQWHJHU
YDUSTYUFKRO
EHJLQ
LI]!QLOWKHQ
LI]H[SR HWKHQ
EHJLQ
T ]] ]QH[WT)UHH
HQG
HOVH
EHJLQ
S KODGDMH
LIS!QLODQGSQH[W!QLODQGSQH[WH[SR HWKHQ
EHJLQ
T SQH[WSQH[W SQH[WQH[WT)UHH
HQG
HQG
HQG
SURFHGXUHSRO\QRPYVHWN\SUSURF
YDUSYUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
SUS
S SQH[W
HQG
HQG
SURFHGXUHGHULYYYUFKRO
EHJLQ
ZLWKYGR
EHJLQ
NRHI NRHI
H[SR
GHFH[SR
HQG
HQG
YDUVWUVWULQJ
SURFHGXUHY\SLVYYUFKRO
EHJLQ
VWU VWUYY\SLV
HQG
SURFHGXUHSRO\QRPGHULY
EHJLQ
Y\KRGYVHWN\GHULY
HQG
IXQFWLRQSRO\QRPY\SLVVWULQJ
EHJLQ
VWU
YVHWN\Y\SLV
LIVWU!
GRGHILQXMWHFKEDM~FHPHWyG\
]DGHILQXMWHDOLHPHWyG\QD
XORHQLHQDtWDQLHSRO\QyPXGR]R6WUHDPX
Y\KRGQRWHQLHSRO\QyPXSUHQHMDN~NRQNUpWQXKRGQRWX[
Y\WYRUHQLHWDEXN\KRGQ{WSUHQHMDNp[]GDQpKRLQWHUYDOXDSUHGDQNURNWDEXNX
KRGQ{WWUHED]DStVDGR6WUHDPDOHERQDNUHVOLJUDI
'YRMVPHUQVSiMDQ]R]QDP
NDGYUFKROVLSDPlWiDMVYRMKRSUHGFKRGFXVWDYRYiSUHPHQQiSUHY
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
SUHYQH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNSQYUFKRO
EHJLQ
LQIR LSUHY SQH[W Q
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
W\SH
]R]QDP FODVV
SULYDWH
]YUFKRO
NYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=YYUFKRO
SURFHGXUHSULGDM.YYUFKRO
SURFHGXUHYVXQ3UHGSUHGYYUFKRO
SURFHGXUHYVXQ=D]DYYUFKRO
SURFHGXUHY\KRGYYUFKRO
SURSHUW\SUY\YUFKROUHDG]
SURSHUW\SRVOHGQ\YUFKROUHDGN
HQG
FRQVWUXFWRU]R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU]R]QDP'HVWUR\
YDUSYUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQS ]QH[W])UHH] SHQG
HQG
SURFHGXUH]R]QDPSULGDM=YYUFKRO
EHJLQ
YSUHY QLOYQH[W ]
LIN QLOWKHQN Y
HOVH]SUHY Y
] Y
HQG
SURFHGXUH]R]QDPSULGDM.YYUFKRO
EHJLQ
YSUHY NYQH[W QLO
LIN QLOWKHQ] Y
HOVHNQH[W Y
N Y
HQG
SURFHGXUH]R]QDPYVXQ3UHGSUHGYYUFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVH
EHJLQ
YSUHY SUHGSUHYSUHGSUHY YYQH[W SUHG
YSUHYQH[W Y
HQG
HQG
SURFHGXUH]R]QDPYVXQ=D]DYYUFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVH
EHJLQ
YQH[W ]DQH[W]DQH[W YYSUHY ]D
YQH[WSUHY Y
HQG
HQG
SURFHGXUH]R]QDPY\KRGYYUFKRO
EHJLQ
LIY QLOWKHQQL
HOVHLI] YWKHQ
EHJLQ
] ]QH[W
LI]!QLOWKHQ]SUHY QLOHOVHN QLO
Y)UHH
HQG
HOVH
EHJLQ
YSUHYQH[W YQH[W
LIYQH[W!QLOWKHQYQH[WSUHY YSUHY
HOVHN YSUHY
Y)UHH
HQG
HQG
&\NOLFN]R]QDP
PRWLYiFLDYDGQY\PHQSUHRE\DMQ]R]QDP
SURFHGXUH]R]QDPY\PHQLLLQWHJHU
YDUWYUFKRO
EHJLQ
W SUYN\>L@
SUYN\>L@ SUYN\>L@
SUYN\>L@ W
HQG
]R]QDPVDYHPLDVWRSULWDNRPWRY\PLHDQt]DF\NOtQHMDNYUFKROPiVYRMKRQDVOHGRYQtNDQH[W
QLHNWRUpKR]SUHGFKiG]DM~FLFKY]R]QDPH
1'
Y\ULHWHPHWyGXY\PHQNRUHNWQH
&\NOLFN]R]QDP
SRVOHGQSUYRNRGND]XMHQDSUY
DNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
WUHEDVSUiYQHUR]SR]QDNRQLHF]R]QDPXQDSUSUHYSLVYHWN\KDGDQLHKRGQRW\DSRG
P{HPHSRXLOHQMHGLQVPHUQtNDWRQDSRVOHGQSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH
]DLDWRN]R]QDPXWHGDQHWUHEDSRWRPXGULDYDGYDVPHUQtN\
QDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\DSRG
=R]QDPVILNWtYQ\PYUFKRORP
XSULLQLFLDOL]iFLL]R]QDPXNRQWUXNWRU&UHDWHVDY\WYRUtMHGHQYUFKRONWRUEXGHILNWtYQ\
QHEXGHQiV]DXMtPDKRGQRWDYRYUFKROH
WDNWR]R]QDPQLNG\QHEXGHSUi]GQ\ !]MHGQRGXLDVDYHWN\PHWyG\OHERQHPXVLDWHVWRYD
QDSUi]GQ\]R]QDP
SUHSURJUDPXMWHSULGDM=DOHDMLQpPHWyG\
UR]P\VOLWHVLDNRVD]PHQtF\NOLFN]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQ]R]QDPV
ILNWtYQ\PYUFKRORPF\NOLFNGYRMVPHUQ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
%LQiUQHVWURP\ PDU
3RGJUDIRPUR]XPLHPHPQRLQXYUFKRORYSRVSiMDQFKKUDQDPL9RULHQWRYDQRPJUDIHV~KUDQ\
XVSRULDGDQpGYRMLFHYUFKRORYXUXM~DMVPHUSUHSRMHQLDYUFKRORY
6WURPMHWDNRULHQWRYDQJUDIYNWRURPMHMHGHQYUFKROSHFLiOQ\
NRUHGRWRKWRYUFKRODQHYHGLHLDGQDKUDQDtSND
GRYHWNFKRVWDWQFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
JUDIMHV~YLVO
7HUPLQROyJLD
DN]QHMDNpKRYUFKROD$YHGLHKUDQDtSNDGRYUFKROD%WDNYUFKRO$QD]YHPHRWFRPDOHER
SUHGFKRGFRPDYUFKRO%V\QRP
DNV~GYDYUFKRO\VSRMHQpKUDQRXKRYRUtPHHVSROXVXVHGLD
DNQHMDNYUFKROQHPiLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQYUFKROVWURPX
SRGVWURPQHMDNYUFKROSRYDXMHPH]DNRUHDYtPDPHVLOHQMHKRV\QRYDLFKV\QRYDW
FHVWDSRVWXSQRVYUFKRORYVSRMHQFKKUDQDPLOHQMHGQPVPHURP
NRUH
ELQiUQ\VWURPNDGYUFKROPiPD[V\QRY
5HSUH]HQWiFLDVWURPRY
DNRYKDOGHYMHGQRUR]PHUQRPSROL
NDGSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
SUYSUYRNMHNRUH
WUHEDHYLGRYDGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
SROHYUFKRORYNGHYUFKROREVDKXMHLQIRDLQGH[\GRSRDSUHDYpKRDSUDYpKRV\QD
SROHYUFKRORYNDGYUFKROPiVSiMDQ]R]QDPV\QRY
1'Y\VN~DMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiWUXNW~UDSUHELQiUQ\VWURP
W\SH
VWURP FODVV
LQIRSUYRN
OSVWURP
FRQVWUXFWRU&UHDWHLSUYRNQOQSVWURP
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRUVWURP&UHDWHLSUYRNQOQSVWURP
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQVWURPWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
YDUVVWURP
V QLOSUi]GQ\VWURP
V VWURP&UHDWHQLOQLO
V VWURP&UHDWHVWURP&UHDWHQLOQLOVWURP&UHDWHQLOQLO
V VWURP&UHDWHVWURP&UHDWHVWURP&UHDWHQLOQLO
VWURP&UHDWHQLOQLO
VWURP&UHDWHVWURP&UHDWHQLOQLO
VWURP&UHDWHQLOQLO
1'
NRNRH[LVWXMHU{]Q\FKVWURPRY]ORHQFK]1YUFKRORY"
=iNODGQpDOJRULWP\
QDQDYWtYHQLHSRVWXSQHYHWNFKYUFKRORYQDSUYSLVKRGQ{W
SUH1YUFKRORYELQiUQ\VWURP1PRQFKSUHFKRGRYOHQQLHNWRUp]QLFKV~UR]XPQp !
DOJRULWP\SUHFKiG]DQLDYUFKROPLVWURPRY
3UHRUGHU
,QRUGHU
3RVWRUGHU
SURFHG~U\SUHRUGHULQRUGHUSRVWRUGHUNWRUpVSUDFXM~YUFKROSRGD]DGDQHMSURFHG~U\
SURFHGXUHVWURPSUHRUGHU
EHJLQ
Y\SLV
LIO!QLOWKHQOSUHRUGHU
LIS!QLOWKHQSSUHRUGHU
HQG
SURFHGXUHVWURPLQRUGHU
EHJLQ
LIO!QLOWKHQOLQRUGHU
Y\SLV
LIS!QLOWKHQSLQRUGHU
HQG
SURFHGXUHVWURPSRVWRUGHU
EHJLQ
LIO!QLOWKHQOSRVWRUGHU
LIS!QLOWKHQSSRVWRUGHU
Y\SLV
HQG
1'
QDXWHVDUXQHY\WYRULSRVWXSQRVWLKRGQ{WYUFKRORYSRGDYHWNFKWURFKDOJRULWPRY
V~GDQpGYHSRVWXSQRVWLtVHONWRUpUHSUH]HQWXM~QDSULQRUGHUDSRVWRUGHUYSLVQHMDNpKRVWURPX
QDNUHVOLWHWHQWRVWURP
QDYUKQLWHDOJRULWPXVNWRUVNRQWUXXMHVWURPQD]iNODGHQHMDNFKGYRFKSRVWXSQRVWttVHO
V VWURP&UHDWHQLOQLO
IRUL WRGRVQDKRGQH3ULGDML
3RXLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
SURFHGXUHVWURPYVHWN\SUSURF
EHJLQ
SUVHOI
LIO!QLOWKHQOYVHWN\SU
LIS!QLOWKHQSYVHWN\SU
HQG
SRXLWLHSURFHGXUiOQHKRSDUDPHWUD
YDUVWUVWULQJ
SURFHGXUHWHVWVVWURP
EHJLQ
VWU VWU
VWH[W
HQG
EHJLQ
VWU
WHVW
LIV!QLOWKHQVYVHWN\WHVW
)RUP0HPR/LQHV$GGVWU
HQG
DOLHDOJRULWP\QDVWURPRFK
SRHWOLVWRYVWURPX
IXQFWLRQVWURPSRFHWOLVWRYLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
HOVH
EHJLQ
5HVXOW
LIO!QLOWKHQLQF5HVXOWOSRFHWOLVWRY
LIS!QLOWKHQLQF5HVXOWSSRFHWOLVWRY
HQG
HQG
WULYHU]LHIXQNFLHQDYSRHWV~WXKRGQ{WYVWURPHUHNXU]tYQDPHWyGDQHUHNXU]tYQDPHWyGDUHNXU]tYQD
JOREiOQDIXQNFLD
IXQFWLRQVWURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIO!QLOWKHQLQF5HVXOWOVXFHW
LIS!QLOWKHQLQF5HVXOWSVXFHW
HQG
IXQFWLRQVWURP15VXFHWLQWHJHUQHUHNXU]tYQDYHU]LD
YDUVWDFNDUUD\>@RIVWURP
VSLQWHJHUVWDFNSRLQWHU XND]RYDWHQDYUFK]iVREQtND
VVWURP
EHJLQ
5HVXOW
VS VWDFN>VS@ VHOI
UHSHDW
LIVWDFN>VS@ QLOWKHQGHFVS
HOVH
EHJLQ
V VWDFN>VS@
LQF5HVXOWVLQIR
VWDFN>VS@ VO
LQFVS
VWDFN>VS@ VS
HQG
XQWLOVS
HQG
GYHYHU]LHDOJRULWPXQD]LVWHQLHKEN\VWURPXDNRPHWyGDDDNRJOREiOQDIXQNFLD
IXQFWLRQVWURPKOENDLQWHJHU
EHJLQ
LIO!QLOWKHQ
LIS!QLOWKHQ5HVXOW PD[OKOENDSKOENDPD[MH]XQLWX0DWK
HOVH5HVXOW OKOEND
HOVHLIS!QLOWKHQ5HVXOW SKOEND
HOVH5HVXOW
HQG
1'
QHUHNXU]tYQHKENDSRHWYUFKRORYSUHRUGHU
Y]GLDOHQRVQDMEOLLHKROLVWXRGNRUHDSO\WLQD
DOLHSRMP\
MHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNREVDKYUFKRORY
~URYQHNDGYUFKROYVWURPHPiVYRMX~URYHOHYHO
NRUHMHY~URYQL
MHKRV\QRYLDV~~URYQH
V\QRYLDYUFKROD~URYQH8PDM~~URYH8
YNDGHM~URYQL8MHPD[A8YUFKRORY
~SOQVWURP~URYQH8PiYNDGHM]~URYQtD8PD[LPiOQ\SRHWYUFKRORY
IXQFWLRQVWURPVLUNDLQWHJHU
YDUQSLQWHJHU
EHJLQ
Q 5HVXOW
UHSHDW
S SRFHWQDXURYQLQ
LIS!5HVXOWWKHQ5HVXOW S
LQFQ
XQWLOS
HQG
PHWyGDNUHVOLQDNUHVOtVWURPGRJUDILFNHMSORFK\GRQHMDNpKRFDQYDVX
SURFHGXUHVWURP.UHVOLJ7&DQYDVVLU[\LQWHJHU
EHJLQ
VLU VLUGLY
LIO!QLOWKHQ
EHJLQ
J0RYH7R[\J/LQH7R[VLU\
O.UHVOLJVLU[VLU\
HQG
LIS!QLOWKHQ
EHJLQ
J0RYH7R[\J/LQH7R[VLU\
S.UHVOLJVLU[VLU\
HQG
J7H[W2XW[\WH[W
HQG
1'
JHQHURYDQLH~SOQpKRVWURPX
RtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]DYDGRSUDYD
Y\StWHYUFKRO\SR~URYQLDFK
SULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVRXSUHXEPLHVWR
%LQiUQ\Y\KDGiYDFtVWURP
YHWN\KRGQRW\QDDYRRGRWFDV~PHQLHDNRRWHF
YHWN\KRGQRW\QDSUDYRRGRWFDV~YlLHDNRRWHF
YHWN\SRGVWURP\V~WLH%96
YSLVLQRUGHURPY\StHXWULHGHQ~SRVWXSQRV
GHILQtFLXVWURPXUR]GHOtPHQDGHILQtFLXYUFKRODVWURPX
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
OSYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQSYUFKRO
IXQFWLRQWH[WVWULQJYLUWXDO
SURFHGXUH.UHVOLJ7&DQYDVVLU[\LQWHJHU
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNQOQSYUFKRO
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQYUFKROWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
SURFHGXUHYUFKRO.UHVOLJ7&DQYDVVLU[\LQWHJHU
DWULHGDVWURPREVDKXMHOHQVPHUQtNQDNRUHVWURPX
W\SH
VWURP FODVV
SULYDWH
NRUHQYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLV
IXQFWLRQKODGDMLSUYRNYUFKRO
SURFHGXUHYOR]LSUYRN
SURFHGXUH]UXVLSUYRN
HQG
FRQVWUXFWRUVWURP&UHDWH
EHJLQ
NRUHQ QLO
HQG
SURFHGXUHVWURPY\SLV
SURFHGXUHY\SLVVYUFKRO
EHJLQ
LIV QLOWKHQH[LW
)RUP0HPR/LQHV$GGVWH[W
Y\SLVVO
Y\SLVVS
HQG
EHJLQ
Y\SLVNRUHQ
HQG
KDGDQLHYELQiUQRPY\KDGiYDFRPVWURPH
DOJRULWPXVVDSRVWXSQHYQiUDGRVWURPXSULRPQD]iNODGHKRGQRW\YRYUFKROHVDUR]KRGXMHL
SRNUDXMHYDYRDOHERYSUDYR
NHQHQiMGHYUFKROYUiWLQLO
IXQFWLRQVWURPKODGDMLSUYRNYUFKRO
EHJLQ
5HVXOW NRUHQ
ZKLOH5HVXOW!QLODQG5HVXOWLQIR!LGR
LI5HVXOWLQIR!LWKHQ5HVXOW 5HVXOWO
HOVH5HVXOW 5HVXOWS
HQG
1'
UHNXU]tYQ\KODGDM
QDStWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
YORHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
UR]KRGXMHLSRNUDXMHYDYRDOHERYSUDYR
DNYUFKROVGDQRXKRGQRWRXQiMGHWDNGRVWURPXQRYYUFKROQHYORtDOHVNRQt
SURFHGXUHVWURPYOR]LSUYRN
SURFHGXUHYOR]YDUVYUFKRO
EHJLQ
LIV QLOWKHQV YUFKRO&UHDWHLQLOQLO
HOVHLIVLQIR LWKHQQLOHERVDQDLHO
HOVHLIVLQIR!LWKHQYOR]VO
HOVHYOR]VS
HQG
EHJLQ
YOR]NRUHQ
HQG
1'QHUHNXU]tYQ\YOR]
UXHQLHYUFKRODWDNDE\RVWDO%96
SUREOpPMHLEDVUXHQtPYUFKROXNWRUPiRERFKV\QRYGDQDOJRULWPXVQiMGHPLQLPXPYSUDYRP
SRGVWURPHYUFKROXWRWRPLQLPXPY\KRGtDMHKRKRGQRWXGiQDPLHVWRUXHQpKRYUFKROX
SURFHGXUHVWURP]UXVLSUYRN
IXQFWLRQ]UXVPLQYDUVYUFKROSUYRN
YDUTYUFKRO
EHJLQ
LIVO QLOWKHQ
EHJLQ
5HVXOW VLQIRT VV VST)UHH
HQG
HOVH5HVXOW ]UXVPLQVO
HQG
SURFHGXUH]UXVYDUVYUFKRO
EHJLQ
LIV QLOWKHQQL
HOVHLIVLQIR!LWKHQ]UXVVO
HOVHLIVLQIRLWKHQ]UXVVS
HOVHLIVO QLODQGVS QLOWKHQEHJLQV)UHHV QLOHQG
HOVHLIVO QLOWKHQV VS
1'
UHDOL]RYDEH]UHNXU]LHQHWUHEDVWDFN
RSUDYWHDOJRULWPXVWDNDE\VDQHXYRORYDOPLQLPiOQ\DOHUXHQYUFKRODPLQLPiOQ\YUFKROVD
SUHVPHUQtNRYDOQDPLHVWRUXHQpKRYUFKROX
SUREOpPVGHJHQHURYDQPLVWURPDPL]iYLVtRGSRUDGLDYOR]
GDQiXWULHGHQiSRVWXSQRVY\WYRULRQDY\YiHQHMt%96
GDQ%96WUHEDSUHXVSRULDGDWDNDE\YVOHGQ%96PDOPLQLPiOQHPRQ~KENX
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RXLWLH
PDU
ELQiUQ\FKVWURPRY
$OJHEUDLFNpVWURP\
ELQiUQ\VWURP
YRYQ~WRUQFKYUFKRORFKV~ELQiUQHRSHUiFLH
YOLVWRFKV~RSHUDQG\QDSUtVODDOHERLGHQWLILNiWRU\SUHPHQQFK
G{OHLWiYODVWQRVNDGYUFKROPiDOHERV\QRYQHP{HPDLED
VWURPDQDRSDN
DNVDVWURPY\StHSUHRUGHU!Y]QLNQHSUHIL[]iSLV
DNVDVWURPY\StHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLV
VWURPVDVNODGi]GYRFKW\SRYYUFKRORYDRSHUDFLDDDRSHUDQG
W\SH
SUYRN LQWHJHU
DVWURP FODVV
IXQFWLRQKRGQRWDSUYRNYLUWXDODEVWUDFW
IXQFWLRQSUHIL[VWULQJYLUWXDODEVWUDFW
HQG
HQG
FRQVWUXFWRUDRSHUDFLD&UHDWH]FKDUOOSSDVWURP
EHJLQ
RS ]O OOS SS
HQG
IXQFWLRQDRSHUDFLDKRGQRWDSUYRN
EHJLQ
FDVHRSRI
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWD
SKRGQRWD
5HVXOW OKRGQRWDGLYSKRGQRWD
HOVHUDLVH([FHSWLRQ&UHDWH
QHUR]XPLHP
RS
HQG
HQG
IXQFWLRQDRSHUDFLDSUHIL[VWULQJ
EHJLQ
5HVXOW
RSOSUHIL[SSUHIL[
HQG
FRQVWUXFWRUDRSHUDQG&UHDWHKSUYRN
EHJLQ
KRG K
HQG
IXQFWLRQDRSHUDQGKRGQRWDSUYRN
EHJLQ
5HVXOW KRG
HQG
IXQFWLRQDRSHUDQGSUHIL[VWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUDDVWURP
EHJLQ
D DRSHUDFLD&UHDWH
DRSHUDFLD&UHDWH
DRSHUDQG&UHDWH
DRSHUDQG&UHDWH
DRSHUDFLD&UHDWH
DRSHUDQG&UHDWH
DRSHUDQG&UHDWH
0HPR/LQHV$GG
SUHIL[
DSUHIL[
0HPR/LQHV$GG
KRGQRWD
LQWWRVWUDKRGQRWD
HQG
1'
]UHDOL]XMWHSRVWIL[D~SOQHX]iWYRUNRYDQLQIL[
VNRQWUXRYDDOJHEUDLFNVWURP]SUHIL[RYpKR]iSLVX
QDYUKQLWHWUHWtW\SYUFKROXSUHPHQQi
KRGQRWDYUiWLKRGQRWXSUHPHQQHM]WDEXN\WDEXNDMHGYRMVWSFRYpSROHLGHQWLILNiWRU
SUHPHQQHMDKRGQRWDSUHPHQQHM
DOJHEUDLFNVWURPVDGiUHSUH]HQWRYDMHGLQPW\SRPYUFKROXNWRUREVDKXMH]O~HQpVWDYRYp
SUHPHQQp]RYHWNFKW\SRYYUFKRORYDWLHVWDYRY~SUHPHQQ~NWRUiY\MDGUXMHW\SYUFKROXQDSU
RSHUDQGRSHUiWRUQDSURJUDPXMWHPHWyG\SUHWDN~WRUHSUH]HQWiFLX
9HREHFQpVWURP\
]NDGpKRYUFKRODXERYRQSRHWV\QRY
DNMH1iUQ\WM]NDGpKRYUFKRODPD[1YUFKRORYP{HPHKRUHSUH]HQWRYD
W\SH
VWURP FODVV
LQIRSUYRN
V\QDUUD\>1@RIVWURP
HQG
W\SH
VWURP FODVV
LQIRSUYRN
V\QDUUD\RIVWURP
HQG
DVWRVDYSUD[LSRXtYDDMLQiUHSUH]HQWiFLDY\FKiG]D]ELQiUQHKRVWURPXEXGHPHMXYRODV\QEUDW
YNDGRPYUFKROHLQIRUPiFLD
VPHUQtNSUYQDMDYHMtQDMVWDUtSUYRURGHQV\Q
VPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORQPRWFRP
UHD]YUFKRORYVSRMHQFKVPHUQtNRPEUDWWYRUtMHGQRVPHUQVSiMDQ]R]QDPV\QRY
QHMDNpKRYUFKROD
UHSUH]HQWiFLDYHREHFQpKRVWURPXSRPRFRXV\QEUDW
W\SH
VWURP FODVV
LQIRSUYRN
V\QEUDWVWURP
HQG
3R]QNRUHYlLQRXQHPiEUDWRYDNE\PDOYROiPHW~WRWUXNW~UXOHV
1'YRYHWNFKWURFKUHSUH]HQWiFLiFK
KENDtUNDV~HWKRGQ{WSRHWOLVWRY
YSLVDNRUHD]HFDOHERQDNUHVOHQLHGR&DQYDVX
]LVWLLMHVWURPELQiUQ\SRHWOLVWRY
SUHNyGRYDELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLH
Y\WYRULDOHERQDtWDWH[WRYV~ERUSRSLVXM~FLVWURPNDGULDGRNMHGHQYUFKROSRHWPHG]LHU
QD]DLDWNXULDGNXR]QDXMH~URYHYQRUHQLDNRUHSUYULDGRN]DtQDYVWSFLMHKRV\QRYLD
]DtQDM~QDGUXKFKVWSFRFK
9HREHFQp]R]QDP\
]R]QDPVDVNODGi
DWyPQDSUVWULQJtVOR
SRVWXSQRVDWyPRYD]R]QDPRYDMSUi]GQDX]DYUHWiYRNU~KO\FK]iWYRUNiFK
SRXLMHPHSRGREQ~UHSUH]HQWiFLXDNRSUHDOJHEUDFNpVWURP\Ei]RYiWULHGDDRGQHMRGYRGHQpGYDW\S\
YUFKRORYSULRPWUXNW~UDVDEXGHSRGREDYHREHFQpPXVWURPXW\SXV\QEUDW
W\SH
7$WRP VWULQJ
Y]R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\Y]R]QDPYLUWXDO
HQG
3UtNODGLOXVWUXMHtWDQLHGREUpKRYHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHMWUXNW~U\DMHKRYSLVY
URYQDNRPWYDUH
W\SH
7$WRP VWULQJ
SURFHGXUHVFDQWDQGDUGQVFDQHU
YDURNERROHDQ
SURFHGXUH]QDN
EHJLQ
LIYVWXS
WKHQ]
HOVHEHJLQ] YVWXS>@GHOHWHYVWXSHQG
HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GR
EHJLQKRGQRWD KRGQRWD]]QDNHQG
OH[ DW
HQG
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
W\SH
Y]R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\Y]R]QDPYLUWXDO
HQG
FRQVWUXFWRUDWRP&UHDWHK7$WRP
EHJLQ
KRGQ K
HQG
IXQFWLRQDWRPY\SLVVWULQJ
EHJLQ
5HVXOW KRGQ
HQG
IXQFWLRQ]R]QDPY\SLVVWULQJ
YDUV]R]QDP
EHJLQ
5HVXOW
V VHOI
UHSHDW
LIVV\Q!QLOWKHQ5HVXOW 5HVXOWVV\QY\SLV
V VGDOVL
XQWLOV QLO
5HVXOW 5HVXOW
HQG
IXQFWLRQY]R]QDPSUY\Y]R]QDP
EHJLQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXUREL359<
HQG
IXQFWLRQ]R]QDPSUY\Y]R]QDP
EHJLQ
5HVXOW V\Q
LI5HVXOW QLOWKHQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXUREL359<]SUi]GQHKR
]R]QDPX
HQG
IXQFWLRQFLWDMY]R]QDP
IXQFWLRQFLWDMFKYRVW]R]QDP
EHJLQ
LIOH[ S]WKHQEHJLQ5HVXOW QLOVFDQHQG
HOVHLIOH[ NRQWKHQ5HVXOW QLO
HOVH
EHJLQ
5HVXOW ]R]QDP&UHDWH
]R]QDP5HVXOWV\Q FLWDM
]R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HQG
EHJLQ
LIOH[ DWWKHQ
EHJLQ
5HVXOW DWRP&UHDWHKRGQRWDVFDQ
HQG
HOVHLIOH[ O]WKHQ
EHJLQ
VFDQ
5HVXOW ]R]QDP&UHDWH
]R]QDP5HVXOWV\Q FLWDM
]R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HOVH5HVXOW QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUVY]R]QDP
EHJLQ
YVWXS (GLW7H[W]
VFDQV FLWDM
LIV QLOWKHQ0HPR/LQHV$GG
SUi]GQ\]R]QDPQLO
HOVH0HPR/LQHV$GGVY\SLV
HQG
1'
WHVWRYDFtSURJUDPQHREVDKXMHXYRRYDQLHSDPlWLGRSURJUDPXMWHWR
IXQNFLHSUHSUY\LW\SRVOHGQ\]R]QDPEH]SUYpKRSUYNXEH]SRVOHGQpKREH]LWHKRSUYNX
NySLDSRHWDWyPRYSRHWYVN\WRY
SRURYQDQLHGYRFK]R]QDPRY
]PHWHUHSUH]HQWiFLXYHREHFQpKR]R]QDPXWDNHYUFKROMHEXDWRPDOHERREVDKXMH
G\QDPLFNpSROHVYRMLFKSUYNRY
UHDOL]XMWHQDtWDQLHYSLVDDMRVWDWQpPHWyG\
/H[LNRJUDILFNpVWURP\
YELQVWURPHNDGiFHVWDRGNRUHDGRXERYRQpKRYUFKRODMHGQR]QDQHUHSUH]HQWXMHWHQWR
YUFKROQDSU//3///33/R]QDXMHYUFKROVOOSOOOSSOSRGREQHVDGi
R]QDRYDXERYRQYUFKRODMY1iUQRPVWURPHSRXLMHPH1StVPHQDEHFHG\QDSU
D
N
OH[LNRJUDIVWURP\V~1iUQHVWURP\
NDGYUFKROUHSUH]HQWXMHSUYFK.]QDNRY]RVORYD.MHY]GLDOHQRVRGNRUHD
NRUHUHSUH]HQWXMHSUi]GQHVORYR
V\QRYLDNRUHDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDW
YLQIRSRORNHP{HPHUHSUH]HQWRYDLQIRUPiFLXU{]QHKRW\SXQDSUSRHWYVN\WRYGDQpKR
VORYDUHD]HFUHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQQ~WDEXNXVORYQDYVWXSH]DEHFHG\^DE`
QDMSUYY\WYRUtPHOH[LNRJUDILFNVWURPGRLQIRSRHWYVN\WRY
Y\StHPHFHVWXNQHQXORYPYUFKRORPDMVKRGQRWRX
ULHHQLH
W\SH
OVWURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
E
@RIOVWURP
SURFHGXUHSULGDMFRQVWVVWULQJ
SURFHGXUHY\SLVW76WULQJVFRQVWVVWULQJ
HQG
SURFHGXUHOVWURPSULGDMFRQVWVVWULQJ
EHJLQ
LIV
WKHQLQFSRFHW
HOVHLIV>@LQ>
D
E
@WKHQ
EHJLQ
LIS>V>@@ QLOWKHQS>V>@@ OVWURP&UHDWH
S>V>@@SULGDMFRS\VPD[LQW
HQG
HOVH
SULGDMFRS\VPD[LQWUDLVH([FHSWLRQ&UHDWH
FK\EQ\
]QDN
V>@
HQG
SURFHGXUHOVWURPY\SLVW76WULQJVFRQVWVVWULQJ
EHJLQ
LISRFHW!WKHQW$GG,QW7R6WUSRFHW
V
LIS>
D
@!QLOWKHQS>
D
@Y\SLVWV
D
LIS>
E
@!QLOWKHQS>
E
@Y\SLVWV
E
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUOOVWURP
EHJLQ
O OVWURP&UHDWH
OSULGDM
DEDD
OSULGDM
EE
OSULGDM
OSULGDM
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
OSULGDM
DEDDEED
OSULGDM
DEDDEDE
OSULGDM
DDEE
OSULGDM
DEDE
OSULGDM
DDEE
OSULGDM
DEDD
OY\SLV0HPR/LQHV
HQG
1'
SULGDMDMY\SLVV~UHNXU]tYQH !P{HSUHWLHF]iVREQtNSUHUREWHEH]UHNXU]LH
YWHVWRYDFRPSURJUDPHY\StWHDMSRHWYUFKRORYVWURPXKENXVWURPXSRHWU{]Q\FKVORYGN\
PHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
GRURELSUH1SUYNRY~DEHFHGX
QDSU
D
M
iUQ\VWURP
QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
QiMV
VORYiGDQHMGN\
QDMNUDWLHQDMGOKLHVORYi
QDMNUDWLHVORYR]DtQDM~FHGDQPUHD]FRP
GNDQDMGOKLHKRVORYD KENDVWURPX
QDYUKQLWHPHWyG\QDUXHQLHVORYDDOHERYHWNFKVORYNWRUp]DtQDM~QHMDNPUHD]FRP
OH[LNRJUDILFNVWURPY\WYiUDYELQiUQRPV~ERUHQDPLHVWRVPHUQtNRYEXG~VHHNDGUHV\YLHW
QLO QDSU
SRPRFRXOH[LNiOQHKRVWURPXUHSUH]HQWXMWHPQRLQ\VORY]QHMDNHMDEHFHG\QDPLHVWRVWDYRYHM
SUHPHQQHMSRFHWEXGHLQIRUPiFLDRWRPLSDWUtGRPQRLQ\ !]UHDOL]XMWHRSHUiFLH]MHGQRWHQLD
SULHQLNX
.RPSRQHQW7UHH9LHZ
WHQWR'HOSKLNRPSRQHQWXPRXMH]REUD]L~GDMHNWRUpPDM~VWURPRY~WUXNW~UXYRYL]XiOQHMIRUPH
QDSU
NRPSRQHQW77UHH9LHZMHGRVNRPSOH[QWXSRStHPHOHQQLHNRNRVWDYRYFKSUHPHQQFKDPHWyG
YUFKROPLVWURPXV~LQWDQFLHWULHG\77UHH1RGH
,WHPV>L@YUiWLLW\YUFKRO
,WHPV&RXQWSRHWV\QRY
SRGREQHDM$GG&KLOG)LUVW
/RDG)URP)LOHPHQRBV~ERUX]WH[WRYpKRV~ERUXQDtWDNRPSOHWQVWURPNDGULDGRN
SRSLVXMHMHGHQYUFKROVWURPXSRHWPHG]LHUUHVSWDEXOiWRURYQD]DLDWNXULDGNXY\MDGUXMH
YQRUHQLHYUFKROD
6DYH7R)LOHPHQRBV~ERUXY\WYRUtWH[WRYV~ERUNWRUSRSLVXMHNRPSOHWQVWURP
WRWREROLPHWyG\DSURSHUW\WULHG\77UHH9LHZDMVDPRWQYUFKRO77UHH1RGHPiG{OHLWpVWDYRYp
SUHPHQQpQDSU
&RXQWSRHWV\QRY
,WHP>L@VPHUQtNQDLWHKRV\QD
3DUHQWVPHUQtNQDRWFD
6HOHFWHGLMHPiE\RVHOHNWRYDQPD[LPiOQHMHGHQYUFKROYFHORPVWURPHP{HE\
RVHOHNWRYDQ
,QGH[NRNDWMHWRV\QVYRMKRRWFD
/HYHOYDNHM~URYQLVWURPXMHWHQWRYUFKRO
7H[WWH[WRYUHD]HFYGDQRPYUFKROH
DQLHNWRUpG{OHLWpPHWyG\QDSU
'HOHWH]UXtYUFKRO
'HOHWH&KLOGUHQ]UXtYHWN\GHWL
*HW1H[W6LEOLQJQDVOHGXM~FLEUDW
*HW3UHY6LEOLQJSUHGFKiG]DM~FLEUDW
*HW)LUVW&KLOGSUYV\Q
QDSUWiWRDVSURJUDPXY\WYRUtVWURPVYUFKROPL
YDUNYY77UHH1RGH
EHJLQ
N 7UHH9LHZ,WHPV$GGQLO
NRUHVWURPX
Y 7UHH9LHZ,WHPV$GG&KLOGN
GUXKYUFKRO
Y 7UHH9LHZ,WHPV$GGY
WUHWtYUFKRO
Y 7UHH9LHZ,WHPV$GG&KLOGN
WUHWtYUFKRO
WRMHWRLVWp
DNRSUHGFKiG]DM~FLULDGRN
PDOWHVWRYDFtSURMHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUVHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUVHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG&KLOG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GG&KLOGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
7UHH9LHZ6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
LI)LOH([LVWV
VWURPW[W
WKHQ
7UHH9LHZ/RDG)URP)LOH
VWURPW[W
HQG
SURFHGXUH7)RUP)RUP&ORVH6HQGHU72EMHFWYDU$FWLRQ
7&ORVH$FWLRQ
EHJLQ
7UHH9LHZ6DYH7R)LOH
VWURPW[W
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7ULHGHQLD PDU
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
VNRURQDMKRULHDNpP{HE\P{HPHKRSRXLOHQSUHPDOpSROLDYVLWXiFLLNHQH]iOHtQDUFKORVWL
SRURYQiYDQLHGYRFKSUYNRYYHGDVHEDGRSUYNXSRDVPHQtPLQGH[RPLGHPHQt]QLFK
SRMHGQRPSUHFKRGHSRRPVDXULWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRDSRWRPRVWiYDXWULHGL1SUYNRY
SRDSRVOHGQMHXQDVYRMRPPLHVWH
SURFHGXUH7%XEEOH6RUW6RUW
YDULMLQWHJHU
EHJLQ
IRUL KLJKSGRZQWRORZSGR
IRUM ORZSWRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
0LQ6RUW
QiMGHY~VHNXSRDPLQLPiOQ\SUYRNY\PHQtKRVSUYPSUYNRPVNUiWLWULHGHQ~VHNSRDRDW
SURFHGXUH70LQ6RUW6RUW
YDULMPLQLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGR
EHJLQ
PLQ L
IRUM LWRKLJKSGR
LIS>M@S>PLQ@WKHQPLQ M
Y\PHQLPLQ
HQG
HQG
SRURYQDQtMHURYQDNRDNR%XEEOH6RUWDOHYUD]QHPHQHMYPHQ
WRWRWULHGHQLHP{HPHSRXLYWHG\NHSRURYQDQLHGYRFKSUYNRYSRDMHUFKOHDSRPDO~YPHQXGYRFKSUYNRY
SRWUHEXMHPHXURELRQDMPHQHMNUiW
7ULHGHQLHYV~YDQtP,QVHUW6RUW
LVWiDVSRDMHXWULHGHQi]DUDGtQRYSUYRNQDVYRMHPLHVWR
SURFHGXUH7,QVHUW6RUW6RUW
YDULMWLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGR
EHJLQSUHGSRNODGLMHXWULHGHQ~VHNYVXS>L@WDNDE\
RVWDOXWULHGHQ
M LW S>L@
ZKLOHM!ORZSDQGS>M@!WGR
EHJLQKDGDQLHYKRGQpKRPLHVWDSUHSUYRNS>L@
S>M@ S>M@GHFMYSUHWHNRFKWULHGHQtSRXLMHPH
SULUDGMS>M@
HQG
S>M@ WYSUHWHNRFKWULHGHQtSRXLMHPH
SULUDGMW
HQG
HQG
RSlMHWRYHPLSRPDODOJRULWPXVSRURYQDWHQV%XEEOH6RUWRP
7ULHGHQLH]OXRYDQtP0HUJH6RUW
PHWyGDUR]GHXMDSDQXMWMDKLHVDXWULHGLPHQHMSRORLHNDNRYHD
DOJRULWPXV
SROHUR]GHOtPHQDGYHSULEOLQHURYQDNRYHNpDVWLSULQHSiUQRPSRWHMHMHGQDDVYlLD
SRWRPVD]DREHUDMPHVNDGRX]WFKWRGYRFKDVWt]YOiDWRWDNPLVWPVS{VRERPWMUR]GHOtPHMXQD
GYHDVWL
]QRYXYH]PLPHSUY~]QLFKDUR]GHPHMXQDGYHDWDNPQHGRVWDQHPHMHGQRSUYNRYp~VHN\
MH]UHMPpHMHGQDSRORNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpDVWL
WHUD]SRXLMHPHGUXK~DVDOJRULWPX]O~HQLHGYRFKXWULHGHQFKDVWtWDNDE\DMQRYRY]QLNQXWiDVEROD
XWULHGHQiWMGRVWiYDPHDVVGYRPDSRORNDPL
SRGREQHVDUR]GHOtD]O~LDMGUXKiDV]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~GYRMSUYNRY~DV
WHQLVWDOJRULWPXV]O~HQLDGYRFKXWULHGHQFKDVWtSRXLMHPHDMWHUD]DGRVWiYDPHXWULHGHQ~WYRUSUYNRY~
DV
DOJRULWPXVVDEXGHRSDNRYDDNPQHEXGHXWULHGHQpFHOpSROH
WRWRWLUHGHQLHVDSRXtYDQDMPlSULWULHGHQtSUYNRYVSiMDQFK]R]QDPRY]OXRYDQLHGYRFKSROtEH]SRPRFQpKR
SRDMHYHPLQiURQiRSHUiFLDDP{HSRND]LHIHNWtYQRVFHOpKRDOJRULWPX
WRWRWULHGHQLHSDWUtPHG]LW]YUFKOHWULHGHQLDHIHNWtYQRVMHUiGRYR1
ORJ1
WULHGHQLHVSiMDQiKR]R]QDPX
W\SH]R]QDP FODVVKLQWHJHUQH[W]R]QDPHQG
SURFHGXUH0HUJH6RUWYDU]]R]QDP
SURFHGXUHUR]GHOS]R]QDPYDUGS]R]QDP
YDUVWUHGSRP]R]QDP
EHJLQ
LIS QLOWKHQGS QLOQHERORRGHOL
HOVH
EHJLQ
VWUHG S
SRP VWUHGQH[W
ZKLOHSRP!QLOGRSRNLDQLHMHQDNRQFL]R]QDPX
EHJLQ
SRP SRPQH[WSRVXVDRMHGHQNURN
LISRP!QLOWKHQHWHQLHVRPQDNRQFL
EHJLQ
VWUHG VWUHGQH[WSRVXVWUHGRMHGHQNURN
SRP SRPQH[WSRVXVDRGUXKNURN
HQG
HQG
GS VWUHGQH[WYUiVPHUQtNQDSUYRNNWRUMHVWUHGQ
VWUHGQH[W QLO]PRGLILNXMS{YRGQGOK]R]QDPQDSRORYLQ
HQG
HQG
SURFHGXUH]OXFSS]R]QDPYDUS]R]QDP
YDUN]R]QDP
EHJLQ
LIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHLIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHRED]R]QDP\V~QHSUi]GQH
EHJLQ
LISK SKWKHQY\ULHPHSUYSUYRNQRYpKR]R]QDPX
EHJLQ
S SS SQH[W
HQG
HOVH
EHJLQ
S SS SQH[W
HQG
N SY\WYiUDPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRF
VPHUQtNDN
ZKLOHS!QLODQGS!QLOGR
LISK SKWKHQ
EHJLQ
NQH[W SN SS SQH[W
HQG
HOVH
EHJLQ
NQH[W SN SS SQH[W
HQG
LIS QLOWKHQNQH[W SY\SUi]GQLOVD]R]QDPS
HOVHNQH[W SY\SUi]GQLOVD]R]QDPS
HQG
HQG
YDUGUXKDSRO]R]QDP
EHJLQ
LI]!QLODQG]QH[W!QLOWKHQDVSRSUYN\
EHJLQ
UR]GHO]GUXKDSRO
0HUJH6RUW]
0HUJH6RUWGUXKDSRO
]OXF]GUXKDSRO]
HQG
HQG
UHNXU]tYQDSURFHG~UD0HUJH6RUWVSUDFXMHFHO]R]QDPWDNHKRUR]GHOtQDGYHDVWLVSULEOLQHURYQDNP
SRWRPSUYNRYQDWLHWR]DYROiW~LVW~SURFHG~UXSRNLDV~]R]QDP\YLDFDNRMHGQRSUYNRYpDSRWRPWDNWR
Y]QLNQXWp]R]QDP\]O~L
SURFHG~UDUR]GHOVDEXGHVQDLQiMVSRORYLFXFHOpKR]R]QDPXNWRUGRVWiYDFH]VPHUQtNSDYUiWLGYD
]R]QDP\VSULEOLQHURYQDNPSRWRPSUYNRYVWUHGVDEXGHKDGDWDNHSR]R]QDPHEXG~SXWRYDGYD
VPHUQtN\MHGHQSRMHGQRPNURNXDGUXKSRGYRFKDDNVDGUXKVPHUQtNSUHSUDFXMHQDNRQLHF]R]QDPX]UHMPH
SUYNWRULHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
DNPiPHGREUHUR]GHOHQ]R]QDPQDGYHDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWRGYHDVWL]O~L
DWRWDNDE\DMQRYGOKt]R]QDPRVWDOXWULHGHQSURFHG~UD]OXFWHGDSUHFKiG]DRERPD]R]QDPDPLDY\WYiUD]
QLFKQRY
1'
XVSRULDGDYSROLSRPRFRXSRPRFQpKRSRD
XVSRULDGDYSROLEH]SRPRFQpKRSRDDVLEXGHSULYHDSRVXQRYSRD
WULHGLELQiUQ\V~ERUVGYRPDSRPRFQPLV~ERUPL
5FKOHWULHGHQLH4XLFN6RUW
YSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~L
WRWRWULHGHQLHY\WYiUDGYHDVWLSRDWDNDE\LFKQHERORWUHED]OXRYDDOHDE\LFKVWDLORLEDSRORL]DVHED
YSUYRPNURNXVDMHGHQSUYRNY\EHULH]D3,927DYSULQFtSHWRP{HE\XERYRQSUYRNP\Y\EHUPH
SUYSUYRN]GDQHMSRVWXSQRVWL
SRGDWRKWRSLYRWDUR]GHPHYVWXSQ~SRVWXSQRVSUYNRYQDGYHDVWLSULRPYSUYHM]QLFKEXG~tVOD
PHQLHDNRSLYRWDYGUXKHMtVODYlLHDURYQpDNRSLYRWYQDMOHSRP]SUtSDGRYVDSRVWXSQRVUR]GHOtQD
GYHDVWLVSULEOLQHURYQDNPSRWRPSUYNRYYQDMKRURPSUtSDGHYDN]UHMPHQDQXODSUYNRYNWRUp
EXGHWYRULSUY~DVDQDYHWN\RVWDWQpSUYN\
SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULDVWLDVVMHGLQPSUYNRPNWRUPMHSLYRWDVY
NWRUHMV~SUYN\PHQLHDNRSLYRWDDVVSUYNDPLYltPLDOHERURYQPLDNRMHSLYRW
SRWRPURYQDNPVS{VRERPXWULHGLPHGUXK~DVSUYN\PHQLHDNRSLYRWDWUHWLXDVSUYN\YlLHDNR
SLYRW
SRLFKXWULHGHQtGUXK~DWUHWLXDVSRORtPHYHGDVHEDSULRPSLYRWGiPHQDVSUiYQHPLHVWR
SURFHGXUH74XLFN6RUW6RUW
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDUSLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]SLYRWMHSUYSUYRN
IRUL ]WRNGRSUHMGLYHWN\SUYN\PHG]L]DN
LIS>L@SLYRWWKHQSR]HUDQSUYRNSDWUtGRSUYHMDVWLSRD
EHJLQMHRMHGHQYLDFWDNFKRV~PHQLHDNRSLYRW
LQFSPLQY\PHQSPLQL
HQG
Y\PHQ]SPLQGDMSLYRWQDVSUiYQHPLHVWR
LS SPLQYUiLQGH[QDNWRURPMHXPLHVWQHQSLYRW
HQG
SURFHGXUHTXLFN]NLQWHJHU
YDULSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
EHJLQ
TXLFNORZSKLJKS
HQG
SURFHG~UDTXLFNMHUHNXU]tYQDDWULHGLDVSRDPHG]LLQGH[DPL]DNSULRPQDMSUYYROiSURFHG~UXUR]GHOQD
UR]GHOHQLHWHMWRDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWDOJRULWPXVQDDVWSRDSUHGLQGH[RPQD
NWRURPMHSLYRWDQDDVSRD]DSLYRWRP
SURFHG~UDUR]GHOGiYDSUYN\PHQLHDNRSLYRWQD]DLDWRNSRDSUYN\YlLHDOHERURYQpDNRSLYRWQDNRQLHFSRD
DSRVNRQHQtWRKWRXSUDWRYDQLDGiHWHSLYRWQDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
DNERORSROHXWULHGHQpHWHSUHGVDPRWQPWULHGHQtPWDNMH]YROHQQDMKRUtPRQSLYRWSUHWRVDQD]DLDWNX
UR]GHO]Y\NQHSULGD
Y\PHQ]]NGLY
1'
WULHGLSROHEH]UHNXU]LH
WULHGLVSiMDQ]R]QDP
WULHGLELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
EXGHPHWULHGLSROH
KDOGDMHGiWRYiWUXNW~UDNWRUi
PiWYDUVNRUR~SOQpKRELQiUQHKRVWURPXOHQQDSRVOHGQHM~URYQLELQiUQHKRVWURPXP{XFKEDV\QRYLD
YUFKRORYSUHGSRVOHGQHM~URYQHDWRWDNHDNFKEDQHMDNV\QWDNEXG~FKEDDMYHWFLSUDYHMtV\QRYLD
QDSRVOHGQHM~URYQL
SUHYHWN\YUFKRO\VWURPXSODWtHRWHFPiYlLXDOHERURYQ~KRGQRWXDNRMHKRV\QRYLDDNH[LVWXM~
]UHMPHYNRUHQLKDOG\MHYG\PD[LPiOQ\SUYRN
KDOGXEXGHPHUHSUH]HQWRYDYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNHNRUHVWURPXMHQDLQGH[H
Y\WYRUHQLHKDOG\
YKDOGHMHNRUHWMSUYSUYRNQDMYltSUYRN]RYHWNFKMHKRYPHQDVSRVOHGQPSUYNRPHWH
QHXWULHGHQpKRSRDDQRYpXKDOGRYDQLH
SURFHGXUH7+HDS6RUW6RUW
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
EHJLQDNH[LVWXMHV\Q!QDVWDYtVDQDYlLHKR]QLFK
LI
L PWKHQDVSRMHGHQV\QH[LVWXMH
EHJLQ
L
LYLMHDYV\Q
LILPDQGS>L@!S>L@WKHQL L
SUDYV\QEROYltDSUHWRMHYLSUDYV\QLQDNRVWiYDYLDY
V\Q
HQG
HQG
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
YDULLQWHJHUSUHGSRNODGiPHHRGNGRPWRXKDOGDMHSULGiPHN
W\
EHJLQ
L NSRVXQLP
ZKLOHS>N@S>L@GR
EHJLQ
Y\PHQNLS>N@ S>L@
N L
SRVXQLPYLMHQRYYltV\Q
HQG
HQG
SURFHGXUHY\WYRUBKDOGX
YDULLQWHJHU
EHJLQ
IRUL KLJKSGLYGRZQWRGRXSUDFBKDOGXLKLJKS
HQG
YDULLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L KLJKSEHUSRVWXSQHYHWN\SUYN\
ZKLOHL!GR
EHJLQ
Y\PHQLY\PHQNRUHDSRVOHGQ]DWLDQHXWULHGHQWML
W\SUYRN
GHFL]PHQLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHMHDVL]O
HQG
HQG
SURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQPLGYRPDLQGH[DPLSRDWMSRMHMVNRQHQtMHDV
SRD.D0KDOGRXSULRPSURFHG~UDSUHGSRNODGiHDV.D0MHKDOGDDOHWPHVPHSULGDOLSUYRNQD
PLHVWR.PRKODVDKDOGD.D0SRND]LDSUHWRWUHEDSROH]QRYXXKDOGRYDWM]DEH]SHLDE\DMSUHRWFD.
SODWLORHPiRERFKV\QRYPHQtFKDNRRQViPDNWRWDNQLHMHWUHEDKR]UHMPHY\PHQLVYltP]RV\QRYD
SRVWXSRSDNRYDSUHWRKWRV\QDDSUtVOXQSRGVWURP
SRPRFQiSURFHG~UDSRVXQSRV~YDSUYSDUDPHWHUQDYlLHKRV\QD
1'
QDPLHVWRWULHGHQLDSUYNRYSRDSUHKDG]RYDQtPKRGQ{WUHDOL]XMWHWULHGHQLHOHQSRPRFRXWULHGHQLDLQGH[RYSRDWM
Y\WYRUtWHSROHtVHORGORZSDGRKLJKSDWRWRSROHSUHXVSRULDGDWHWDNY\WYRUtWHMHKRSHUPXWiFLXHQDSUMHKR
YSLVYSRUDGtLQGH[RYYWRPWRSROLY\StHXVSRULDGDQpSROH
WDNpWRWULHGHQLHUHDOL]XMWHSUHYHWN\GRWHUD]]QiPHWULHGHQLD
7KUHDGYOiNQD
:LQGRYROtVSXVWLGYHDOHERYLDFSURFHG~UQDUD]DWLHQiPXPRXMHDE\WRWRULDGLOQiSURJUDPWRPXWRVD
KRYRUtPXOWLWKUHDGLQJ
WULHGD77KUHDGXPRXMHStVDQLHSDUDOHOQFKDSOLNiFLt
NHFKFHPHDE\QLHREHDORSDUDOHOQHY\UREtPHWRPXLQWDQFLXWULHG\NWRUiMHSRWRPNRP77KUHDGVDPRWQi
WULHGD77KUHDGMHDEVWUDNWQiDQHYLHURELQLNRQNUpWQH
NRQWUXNWRU77KUHDGPiORJLFNSDUDPHWHUNWRUPR]QiPLPHLVDPiWKUHDGVSXVWLKQHSULY\WYRUHQtDOHERD
QHVN{U]DYRODQtPPHWyG\5HVXPH
VSXVWHQLHWKUHDGX]QDPHQiHVDVSXVWtWHORPHWyG\([HFXWHWiWRMHY77KUHDGGHILQRYDQiDNRYLUWXDODDEVWUDFW
1DVOHGXM~FLSUtNODGGHPRQWUXMHMHGQRGXFKpSRXLWLHWKUHDGX9WULHGH7%RGNXM7KUHDGGHILQXMHPHPHWyGX([HFXWH
WHORSDUDOHOQHEHLDFHMSURFHG~U\NWRUiEXGHGRQHNRQHQDDOHERNPQHEXGHSRLDGDYNDXNRQLWKUHDG
7HUPLQDWHGNUHVOLERGN\GR&DQYDVXIRUPXOiUX
1DMOHSLHVDUREtQRYiWKUHDGWULHGDWDNHFH]PHQX)LOH1HZ]YROtPH7KUHDG2EMHFW!Y\WYRUtVDXQLWNWRU
REVDKXMHVFKpPXWKUHDGXW~WRDOHMGRUREtPH
XQLW%RGNXM
LQWHUIDFH
XVHV
&ODVVHV
W\SH
7%RGNXM7KUHDG FODVV77KUHDG
SULYDWH
SURFHGXUHFRVL
SURWHFWHG
SURFHGXUH([HFXWHRYHUULGH
HQG
LPSOHPHQWDWLRQ
XVHV*UDSKLFV8QLW
SURFHGXUH7%RGNXM7KUHDGFRVL
EHJLQ
)RUP&DQYDV3L[HOV>UDQGRP)RUP&OLHQW:LGWKUDQGRP)RUP&OLHQW+HLJKW@ FO5HG
)RUP&DQYDV3L[HOV>UDQGRPUDQGRP@ FO5HG
HQG
SURFHGXUH7%RGNXM7KUHDG([HFXWH
EHJLQ
UHSHDW
6\QFKURQL]HFRVL
XQWLO7HUPLQDWHG
HQG
HQG
VDPRWQ8QLW
W\SH
7)RUP FODVV7)RUP
VWDUW7%XWWRQYRIRUPXOiULVXGYHWODLGOi67$57D6723
VWRS7%XWWRQ
SURFHGXUHVWDUW&OLFN6HQGHU72EMHFW
SURFHGXUHVWRS&OLFN6HQGHU72EMHFW
SULYDWH
ERGNRYDQLH77KUHDG
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUWHQDEOHG IDOVH
VWRSHQDEOHG WUXH
ERGNRYDQLH 7%RGNXM7KUHDG&UHDWHIDOVHKQHVDDMVSXVWt
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUWHQDEOHG WUXH
VWRSHQDEOHG IDOVH
ERGNRYDQLH)UHH
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW
76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVVOHIWLQVKLIWWKHQH[LW
FDQYDV3HQ:LGWK
FDQYDV3HQFRORU FOEOXH
FDQYDVPRYHWR[\
FDQYDVOLQHWR[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIQRWVVOHIWLQVKLIWWKHQH[LW
FDQYDVOLQHWR[\
HQG
PHWyG\)RUP0RXVH'RZQDM)RUP0RXVH0RYHXPRXM~NUHVOLGRIRUPXOiUXDMSRDVERGNRYDQLDSDUDOHOQP
SURFHVRP
3UHWHN\WULHGHQt
.HXYLHPHY\WYiUDDVS~DSDUDOHOQpSURFHG~U\P{HPH]UHDOL]RYDSUHWHN\U{]Q\FKWULHGHQtSULRPEXGHPHWLHWR
WULHGHQLDYL]XDOL]RYD.DGiKRGQRWDYSROLEXGHYJUDILFNHMSORFKH,PDJH]REUD]HQiEXIDUHEQRXERGNRXDOHER
~VHNRXDNRYKLVWRJUDPH9PHQDGYRFKSUYNRYYSROLDOHERSULUDGHQLHQHMDNHMKRGQRW\GRSUYNXSRDVDEXGH
UHDOL]RYDSRPRFQPLPHWyGDPLY\PHQUHVSSULUDGNWRUpEXG~]iURYHSUHNUHVRYDJUDILFN~SORFKX
'RIRUPXOiUXXPLHVWQLPHURYQDNRYHNp,PDJHQDSU[DWDUWRYDFLHWODLGOR
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
6WDUW7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SULYDWH
VDUUD\>@RI77KUHDG
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV6RUW7KUHDGEXEEOHVRUWPLQVRUWLQVHUWVRUWPHUJHVRUWTXLFNVRUWKHDSVRUW
^5 ')0`
SURFHGXUH7)RUP6WDUW&OLFN6HQGHU72EMHFW
YDUSSROH
LLQWHJHU
EHJLQ
VWDUW(QDEOHG IDOVH
6HW/HQJWKS,PDJH:LGWK
UDQGRPL]H
IRUL WRKLJKSGRS>L@ UDQGRP,PDJH+HLJKW
V>@ 7%XEEOH6RUW&UHDWHS,PDJH
LQWHUIDFH
XVHV
&ODVVHV*UDSKLFV([W&WUOV
W\SH
SROH DUUD\RILQWHJHU
LPSOHPHQWDWLRQ
^76RUW7KUHDG`
FRQVWUXFWRU76RUW7KUHDG&UHDWHFRQVWQSSROHLP7,PDJH
EHJLQ
LQKHULWHG&UHDWHWUXH
S FRS\QS/HQJWKQS
Y\V LP+HLJKW
J LP&DQYDV
J)LOO5HFWLP&OLHQW5HFW
.UHVOLFO%OXH
)UHH2Q7HUPLQDWH WUXHREMHNWVDDXWRPDFN\XYRQtSRVNRQHQt([HFXWH
HQG
SURFHGXUH76RUW7KUHDG.UHVOL3UYRNLLQWHJHUI7&RORU
EHJLQ
J3L[HOV>LY\VS>L@@ INHFKFHPHY\NUHVRYDLEDERGN\
J3HQ&RORU IJ3RO\OLQH>3RLQWLY\V3RLQWLY\VS>L@@
HQG
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
EHJLQ
LIL MWKHQH[LW
YL LYM M
6\QFKURQL]HV\QFKURY\PHQ
HQG
SURFHGXUH76RUW7KUHDGV\QFKURY\PHQ
YDUWLQWHJHU
EHJLQ
.UHVOL3UYRNYLFO:KLWH
.UHVOL3UYRNYMFO:KLWH
W S>YL@S>YL@ S>YM@S>YM@ W
.UHVOL3UYRNYLFO%OXH
.UHVOL3UYRNYMFO%OXH
HQG
SURFHGXUH76RUW7KUHDGSULUDGLKRGQLQWHJHU
EHJLQ
LIS>L@ KRGQWKHQH[LW
YL LYM KRGQ
6\QFKURQL]HV\QFKURSULUDG
HQG
SURFHGXUH76RUW7KUHDGV\QFKURSULUDG
EHJLQ
.UHVOL3UYRNYLFO:KLWH
S>YL@ YM
.UHVOL3UYRNYLFO%OXH
HQG
SURFHGXUH76RUW7KUHDG([HFXWH
EHJLQ
6RUW
HQG
SURFHGXUH76RUW7KUHDG.UHVOLI7&RORU
EHJLQ
II I
6\QFKURQL]HV\QFKUR.UHVOL
HQG
SURFHGXUH76RUW7KUHDGV\QFKUR.UHVOL
YDULLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGR
.UHVOL3UYRNLII
HQG
HQG
3RWRPWULHGD7%XEEOH6RUWP{HE\GHILQRYDQiWDNWR
XQLWEXEEOHVRUW
LQWHUIDFH
XVHV6RUW7KUHDG
W\SH
7%XEEOH6RUW FODVV76RUW7KUHDG
SURWHFWHG
SURFHGXUH6RUWRYHUULGH
HQG
LPSOHPHQWDWLRQ
SURFHGXUH7%XEEOH6RUW6RUW
YDULMLQWHJHU
EHJLQ
IRUL KLJKSGRZQWRORZSGR
HQG
YLPQLWHVLHWXQHSRWUHEXMHPHSUHUXLY\NRQiYDQLHWKUHDGXQDSUSRPRFRXLI7HUPLQDWHGWKHQH[LWDN
QHSUHGSRNODGiPHHVN{UDNRVDVNRQtVDPRWQpWULHGHQLHEXGHPHSRDGRYDXNRQLWHQWRSURFHVSURFHVVDXNRQt
DXWRPDWLFN\SULNRQHQtDSOLNiFLH
0HUJH6RUWP{HPHSUHURELWDNDE\VDGDOYL]XDOL]RYDWMEH]VSiMDQpKR]R]QDPXSRXLOLVPHWXSRPRFQpSROH
SURFHGXUH70HUJH6RUW6RUW
SURFHGXUH]OXF]VNLQWHJHU
YDUSRPSROH
LLLLQWHJHU
EHJLQ
SRP FRS\S]N]
L ]L V
IRUL ]WRNGR
LIL!VRUL NDQGSRP>L]@!SRP>L]@WKHQ
EHJLQSULUDGLSRP>L]@LQFLHQG
HOVH
EHJLQSULUDGLSRP>L]@LQFLHQG
HQG
SURFHGXUHPHUJH]NLQWHJHU
YDUVWUHGLQWHJHU
EHJLQ
LI7HUPLQDWHGWKHQH[LW
LI]! NWKHQH[LW
VWUHG ]NGLYUR]GHO
PHUJH]VWUHG
PHUJHVWUHGN
]OXF]VWUHGN
HQG
EHJLQ
PHUJHORZSKLJKS
HQG
3RYLQQiGRPiFD~ORKD
VNRPSOHWXMWHSURJUDPQDSUHWHN\WULHGHQtPDOLE\SUHWHNDDVSRU{]QHWULHGHQLDDVSRMHGQRWULHGHQLHE\
PDORE\MHGQR]UFKO\FK
SRN~VWHVDQDYUKQ~VS{VRE]REUD]HQLDSUYNRYYSROLDNLFKEXGHYLDFDNRtUNDSUtVOXQpKR,PDJHQDSUY
MHGQRPVWSFLEXGHYLDFSUYNRY
SRN~VWHVDQDYUKQ~SURJUDPWDNDE\VDGDOR]YROLNWRUpWULHGHQLHEXGHYNWRUHM,PDJHSORFKHUHVSDNpSROHVD
EXGHWULHGLQDSUQiKRGQHJHQHURYDQpY]RVWXSQHXVSRULDGDQp]RVWXSQHXVSRULDGDQpSROHVURYQDNPLSUYNDPLD
SRG
DNGRPHWyG\([HFXWH]DY\YRODQLHPHWyG\6RUWGiWHQHMDNpSUtND]\WLHWRVDY\NRQDM~DSRVNRQHQtSUtVOXQpKR
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
*UDI\ DSU
VNODGiVD]PQRLQ\YUFKRORY9 ^99`
]PQRLQ\KUiQ+KUDQDMHGYRMLFDYZNGHYZLQ9
DNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQJUDI
DNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQJUDI
]Qi]RUQHQLHJUDIX
YUFKRO\V~NROHNi
KUDQ\V~VSRMRYQtN\DNRULHQWRYDQJUDIWDNtSN\
DSOLNiFLH
PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQJUDI
VXVHGLDFHWiW\REODVWL
VNXSLQDXGtNWRUtVDQDY]iMRPSR]QDM~
QHV~YLVOEH]F\NORYDF\NOLFN
QHV~YLVOVF\NORP
QRUPiOQ\VWURP DF\NOLFNRULHQWRYDQJUDIGRNDGpKRYUFKRODYHGLHKUDQD
RNUHPNRUHD]QHKRH[LVWXMHFHVWDGRYHWNFKRVWDWQFKYUFKRORY
RULHQWRYDQJUDIVLOQHV~YLVODN]NDGpKRH[LVWXMHFHVWDGRNDGpKR
VODERDNE\EH]RULHQWiFLHEROV~YLVO
LQIRUPiFLHYJUDIHYNDGRPYUFKROHSRGREQHDNRYVWURPH
QDSUY]GLDOHQRVPLHVWFHQDFHVWOtVWND
NRPSRQHQWV~YLVOSRGJUDIGLVMXQNWQVR]Y\NRPJUDIX
5HSUH]HQWiFLHJUDIX
D3ROHPQRtQVXVHGRY
JUDIMHPQRLQDYUFKRORYDSUHNDGYUFKROYLQ9H[LVWXMHPQRLQD$YPQRLQDVXVHGRYNGH$YMHSRGPQRLQRX9
W\SH
YUFKRO\ PD[DOHERPD[
VXVHGLD VHWRIYUFKRO\
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RIVXVHGLD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDEYUFKRO\
SURFHGXUH=UXV+UDQXDEYUFKRO\
IXQFWLRQMH+UDQDDEYUFKRO\ERROHDQ
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GRJ>L@ >@
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQJUDI
HQG
SURFHGXUH*UDI=UXV+UDQXDEYUFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQJUDI
HQG
3R]Q
SUHQHRULHQWRYDQJUDIPXVtSODWLHDNZLQJ>Y@SRWRPDMYLQJ>Z@
LQIRRYUFKRORFKEXDNRQRYpSROHDOHERSROHJMHSROHYUFKRORYUHFRUGDOHERFODVVSULRPNDGYUFKRORNUHPPQRLQ\
VXVHGRYREVDKXMHDMQHMDN~VYRMXLQIRUPiFLXQDSUPHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
SUREOpP\
OHQGRYUFKRORY
QHGDM~VDWDNWRUHSUH]HQWRYDRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
E7DEXNDVXVHGQRVWt
WDEXNDVXVHGQRVWt]QDPHQiGYRMUR]PHUQ~PDWLFXKUiQ
W\SH
YUFKRO\ PD[DOHERPD[
YDKD LQWHJHUERROHDQSUHJUDI\VQHRKRGQRWHQPLKUDQDPL
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\YUFKRO\@RIYDKD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDEYUFKRO\YYDKD
SURFHGXUH=UXV+UDQXDEYUFKRO\
IXQFWLRQMH+UDQDDEYUFKRO\ERROHDQ
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULMYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GR
IRUM ORZYUFKRO\WRKLJKYUFKRO\GR
J>LM@
DOHERILOOFKDUJVL]HRIJ
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\YYDKD
EHJLQ
J>DE@ Y
J>ED@ YSUHQHRULHQWRYDQJUDI
HQG
SURFHGXUH*UDI=UXV+UDQXDEYUFKRO\
EHJLQ
J>DE@
J>ED@ SUHQHRULHQWRYDQJUDI
HQG
F3ROHVSiMDQFK]R]QDPRYVXVHGRY
MHGQRUR]PHUQpSROHMHGQRVPHUQFKVSiMDQFK]R]QDPRY
W\SH
YUFKRO\ PD[
KUDQD FODVV
FLVORYUFKRO\
QH[WKUDQD
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFYUFKRO\YLQWHJHUQKUDQD
HQG
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RIKUDQD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDEYUFKRO\YLQWHJHU
SURFHGXUH=UXV+UDQXDEYUFKRO\
IXQFWLRQMH+UDQDDEYUFKRO\ERROHDQ
HQG
FRQVWUXFWRUKUDQD&UHDWHFYUFKRO\YLQWHJHUQKUDQD
EHJLQ
FLVOR FYDKD YQH[W Q
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GRJ>L@ QLO
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\YLQWHJHU
EHJLQ
=UXV+UDQXDE
J>D@ KUDQD&UHDWHEYJ>D@
=UXV+UDQXEDSUHQHRULHQWRYDQJUDI
J>E@ KUDQD&UHDWHDYJ>E@
HQG
SURFHGXUH*UDI=UXV+UDQXDEYUFKRO\
YDUVWKUDQD
EHJLQ
LIJ>D@!QLOWKHQ
EHJLQ
V J>D@
LIVFLVOR EWKHQEHJLQJ>D@ VQH[WVIUHHHQG
HOVH
EHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!EGRV VQH[W
LIVQH[W!QLOWKHQ
EHJLQ
W VQH[WVQH[W WQH[WWIUHH
HQG
HQG
HQG
LIJ>E@!QLOWKHQ
EHJLQ
V J>E@
LIVFLVOR DWKHQEHJLQJ>E@ VQH[WVIUHHHQG
HOVH
EHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!DGRV VQH[W
LIVQH[W!QLOWKHQ
EHJLQ
W VQH[WVQH[W WQH[WWIUHH
HQG
HQG
HQG
HQG
3R]Q
KUiQREVDKXMHDMQHMDN~VYRMXLQIRUPiFLXQDSUPHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
G=R]QDP]R]QDPRYYUFKRORY
JUDIDNRMHGQRVPHUQVSiMDQ]R]QDPYHWNFKYUFKRORYJUDIXSULRPYNDGRPYUFKROHMH]DLDWRNVSiMDQpKR]R]QDPXKUiQNWRUp
Y\FKiG]DM~]WRKRWRYUFKRODNDGiKUDQDREVDKXMHVPHUQtNQDYUFKROGRSUYpKR]R]QDPXVNWRUPMHGDQYUFKROVSRMHQWRXWR
KUDQRX
W\SH
KUDQD FODVVNDG]i]QDPUHSUH]HQWXMHMHGQXKUDQX
SYUFKROQLHNWRUYUFKROJUDIX
YDKDLQWHJHU
QH[WKUDQD
HQG
YUFKRO FODVV
VXVKUDQD]R]QDPVXVHGRY ]R]QDPRPKUiQ]GDQpKRYUFKROD
LQIRLQIRUPiFLDRYUFKROH
QH[WYUFKRO
HQG
JUDI YUFKROSUYYUFKROYVSiMDQRP]R]QDPHYHWNFKYUFKRORY
H'\QDPLFNpSROHG\QDPLFNFKSROt
JUDIMHSROHYUFKRORYSULRPNDGYUFKROREVDKXMHSROHKUiQ]R]QDPVYRMLFKVXVHGLDFLFKYUFKRORY
W\SH
YUFKRO\ LQWHJHU
KUDQ\ LQWHJHU
KUDQD FODVV
FLVORYUFKRO\
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFYYUFKRO\
HQG
YUFKRO FODVV
SULYDWH
PHQRVWULQJ
LQIRLQWHJHU
[\LQWHJHU
VXVDUUD\RIKUDQD
DNWXDOQD+UDQDKUDQ\
IXQFWLRQGDM3UYXKUDQD
IXQFWLRQLQGH[+UDQ\FYUFKRO\LQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJL[[\\LQWHJHU
SURFHGXUH.UHVOLYDULP7,PDJH
SURFHGXUH3ULGDM+UDQXFYUFKRO\YLQWHJHU
SURFHGXUH=UXV+UDQXFYUFKRO\
SURFHGXUH]PHQ9DKX+UDQ\FYUFKRO\YLQWHJHURYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\VKUDQDYLQWHJHURYHUORDG
IXQFWLRQSRVO+UDQDKUDQD
IXQFWLRQGDOVLD+UDQDKUDQD
IXQFWLRQMH+UDQDFYUFKRO\ERROHDQ
SURSHUW\SUYD+UDQDKUDQDUHDGGDM3UYX
HQG
*UDI FODVV
SULYDWH
JDUUD\RIYUFKRO
DNWXDOQ\YUFKYUFKRO\
IXQFWLRQGDMSUY\YUFKYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROPVWULQJLLQWHJHU[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFYUFKRO\
^KUDQD`
FRQVWUXFWRUKUDQD&UHDWHFYUFKRO\YLQWHJHU
EHJLQ
FLVOR FYDKD Y
HQG
^YUFKRO`
FRQVWUXFWRUYUFKRO&UHDWHPVWULQJL[[\\LQWHJHU
EHJLQ
PHQR P
LQIR L
[ [[\ \\
VXV QLO
DNWXDOQD+UDQD
HQG
SURFHGXUHYUFKRO.UHVOLYDULP7,PDJH
EHJLQ
LP&DQYDV(OOLSVH[\[\
LP&DQYDV7H[W2XW[\PHQR
HQG
IXQFWLRQYUFKROGDM3UYXKUDQD
EHJLQ
LIVXV!QLOWKHQ
EHJLQ
DNWXDOQD+UDQD 5HVXOW VXV>@
HQG
HOVH
EHJLQ
DNWXDOQD+UDQD 5HVXOW QLO
HQG
HQG
IXQFWLRQYUFKROSRVO+UDQDKUDQD
EHJLQ
IXQFWLRQYUFKROGDOVLD+UDQDKUDQD
EHJLQ
LIDNWXDOQD+UDQDKLJKVXVWKHQ
EHJLQ
LQFDNWXDOQD+UDQD5HVXOW VXV>DNWXDOQD+UDQD@
HQG
HOVH
EHJLQ
DNWXDOQD+UDQD 5HVXOW QLO
HQG
HQG
SURFHGXUHYUFKRO3ULGDM+UDQXFYUFKRO\YLQWHJHU
EHJLQ
LIQRWMH+UDQDFWKHQ
EHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ KUDQD&UHDWHFY
HQG
DNWXDOQD+UDQD
HQG
SURFHGXUHYUFKRO=UXV+UDQXFYUFKRO\
YDULLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQ
EHJLQ
VXV>L@IUHHVXV>L@ VXV>KLJKVXV@
6HW/HQJWKVXVKLJKVXV
HQG
DNWXDOQD+UDQD
HQG
SURFHGXUHYUFKRO]PHQ9DKX+UDQ\FYUFKRO\YLQWHJHU
YDULLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQVXV>L@YDKD Y
HQG
SURFHGXUHYUFKRO]PHQ9DKX+UDQ\VKUDQDYLQWHJHU
YDULLQWHJHU
EHJLQ
L
ZKLOHL KLJKVXVDQGVXV>L@!VGRLQFL
LIL KLJKVXVWKHQVXV>L@YDKD Y
HQG
^*UDI`
FRQVWUXFWRU*UDI&UHDWH
EHJLQ
J QLO
DNWXDOQ\YUFK
HQG
SURFHGXUH*UDISULGDM9UFKROPVWULQJLLQWHJHU[[\\LQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ YUFKRO&UHDWHPL[[\\
DNWXDOQ\YUFK
HQG
SURFHGXUH*UDI]UXV9UFKROFYUFKRO\
YDULYUFKRO\
MLQWHJHU
EHJLQ
LIF KLJKJWKHQ
EHJLQ
IRUL WRKLJKJGR]UXV+UDQXLF
J>F@IUHH
IRUL FWRKLJKJGRJ>L@ J>L@
6HW/HQJWKJKLJKJ
IRUL WRKLJKJGR
IRUM WRKLJKJ>L@VXVGR
LIJ>L@VXV>M@FLVOR!FWKHQGHFJ>L@VXV>M@FLVOR
DNWXDOQ\YUFK
HQG
HQG
SURFHGXUH*UDI3ULGDM+UDQXFFYUFKRO\YLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJDQGQRWMH+UDQDFFWKHQ
EHJLQ
J>F@3ULGDM+UDQXFY
J>F@3ULGDM+UDQXFYSUHQHRULHQWRYDQ\JUDI
HQG
HQG
SURFHGXUH*UDI3ULGDM+UDQXYYYUFKROYLQWHJHU
YDULMYUFKRO\
EHJLQ
L M
ZKLOHL KLJKJDQGJ>L@!YRUM KLJKJDQGJ>M@!YGR
EHJLQ
LIL KLJKJDQGJ>L@!YWKHQLQFL
LIM KLJKJDQGJ>M@!YWKHQLQFM
HQG
LIL KLJKJDQGM KLJKJWKHQ3ULGDM+UDQXLMY
HQG
SURFHGXUH*UDI=UXV+UDQXFFYUFKRO\
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
EHJLQ
J>F@=UXV+UDQXF
J>F@=UXV+UDQXFSUHQHRULHQWRYDQHJUDI\
HQG
HQG
SURFHGXUH*UDI]PHQ9DKX+UDQ\FFYUFKRO\YLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
J>F@]PHQ9DKX+UDQ\FY
HQG
IXQFWLRQ*UDIGDMSUY\YUFKYUFKRO
EHJLQ
LIJ!QLOWKHQ
EHJLQ
DNWXDOQ\YUFK 5HVXOW J>@
HQG
HOVH
EHJLQ
DNWXDOQ\YUFK 5HVXOW QLO
HQG
HQG
IXQFWLRQ*UDISRVOYUFKROYUFKRO
EHJLQ
LIJ!QLOWKHQ5HVXOW J>KLJKJ@
HOVH5HVXOW QLO
HQG
IXQFWLRQ*UDIGDOVLYUFKROYUFKRO
EHJLQ
LIDNWXDOQ\YUFKKLJKJWKHQ
EHJLQ
LQFDNWXDOQ\YUFK5HVXOW J>DNWXDOQ\YUFK@
HQG
HOVH
EHJLQ
DNWXDOQ\YUFK 5HVXOW QLO
HQG
HQG
SURFHGXUH*UDI.UHVOLYDULP7,PDJH
YDULYUFKRO\
MLQWHJHU
EHJLQ
ZLWKLP&DQYDVGR
EHJLQ
)LOO5HFW5HFWLP+HLJKWLP:LGWK
IRUL WRKLJKJGR
ZLWKJ>L@GR
EHJLQ
3HQ&RORU FO%OXH
.UHVOLLP
3HQ&RORU FO*UHHQ
IRUM WRKLJKVXVGR
EHJLQ
ZLWKJ>VXV>M@FLVOR@GR0RYH7R[\
/LQH7R[\
7H[W2XWJ>VXV>M@FLVOR@[[GLY
J>VXV>M@FLVOR@\\GLY
,QW7R6WUVXV>M@YDKD
HQG
HQG
HQG
HQG
Y\JHQHURYDQLH~SOQpKRJUDIXP{HPHXURELSRWRPQDSUWDNWR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J JUDI&UHDWH
UDQGRPL]H
HQG
YDUFBYUFKRODLQWHJHU
]PHQDKRGQ{WYiKYHWNFKKUiQYJUDIH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
$OJRULWP\
DSU
SUHKDGiYDQLDJUDIX
GRKEN\SRGREQHDNRSUHGRUGHUYVWURPRFK
GRtUN\DNRSR~URYQLDFKYVWURPRFK
SRPRFQpSROHQDSUHKDGiYDQLHDVWRWREYDVWDYRYiSUHPHQQiWULHG\JUDI
YDUYLVLWHGDUUD\>YUFKRO\@RIERROHDQ
SDPlWiVDLEROYUFKROXQDYWtYHQ
P{HVDURELDMDNR
YDUYLVLWHGVHWRIYUFKRO\
YGQHQHMSUHGQiNHSRXLMHPHOHQYDULDQWVPQRLQRX
$OJRULWPXVGRKEN\
YHREHFQH
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
EXGHPHSUHGSRNODGDHPiPHGHILQRYDQpPHWyG\QD]LVWHQLHKUDQ\]DIDUEHQLHYUFKRODDKUDQ\QDSU
SUHJUDIUHSUH]HQWRYDQSRRPPQRtQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
W\SH
JUDI FODVV
JDUUD\RI
UHFRUG
[\LQWHJHU
PVHWRIE\WH
HQG
YLVLWHGVHWRIE\WHPQRLQDQDYWtYHQFKYUFKRORY
HQG
SURFHGXUHJUDI]DIDUEL9UFKROYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF(OOLSVH[U\U[U\U
HQG
SURFHGXUHJUDI]DIDUEL+UDQXYYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF0RYH7R[\
ZLWKJ>Y@GRF/LQH7R[\
HQG
DOHDMSUHG\QDPLFNpSROHG\QDPLFNFKSROt
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
W\SH
KUDQD FODVV
FLVORLQWHJHU
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
YUFKRO FODVV
[\LQWHJHU
VXVDUUD\RIKUDQD
HQG
JUDI FODVV
JDUUD\RIYUFKRO
YLVLWHGVHWRIE\WH
HQG
DWHUD]NRQNUpWQHDOJRULWPXVSUHKDGiYDQLDGRKEN\]DIDUEXMHQDYWtYHQpYUFKRO\DMKUDQ\SRNWRUFK
SUHFKiG]D
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
SURFHGXUHJUDIGRKOEN\YLQWHJHU
YDULLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYFO5HGVSUDFXMYUFKRO
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
EHJLQ
]DIDUEL+UDQXYLFO5HGVSUDFXMKUDQX
GRKOEN\L
HQG
HQG
QHUHNXU]tYQ\DOJRULWPXVNWRULEDGRPQRLQ\QDYWtYHQFKYUFKRORYSULGiYHWN\WLHNRWUpV~
GRVLDKQXXWHQp]QHMDNpKRSRLDWRQpKRYUFKROD
SURFHGXUHJUDIGRKOEN\YLQWHJHU
YDULLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
XQWLOVHPSW\
V)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
SURFHGXUHJUDIGRKOEN\YLQWHJHUI7&RORU
YDULLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQ
EHJLQ
]DIDUEL+UDQXYLI
LIQRWLLQYLVLWHGWKHQVSXVKL
HQG
XQWLOVHPSW\
V)UHH
HQG
3R]Q
]UHMPHSUHGNDGPYRODQtPDOJRULWPXGRKOEN\E\ERORWUHEDQHMDNRQDVWDYLPQRLQXQDYWtYHQFK
YUFKRORYQDSUQDSUi]GQX
DOJRULWPXVGRKEN\P{HPHSRXLQD
]LVWHQLHSRWXNRPRQHQWRYJUDIXUHVSLMHJUDIV~YLVO
QiMGHQLHQHMDNHMFHVW\PHG]LGYRPDYUFKROPL
]LVWHQLHLV~GYDYUFKRO\YWRPLVWRPNRPSRQHQWH
]DIDUERYDQLHYUFKRORYDKUiQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
FRQVWIDUUD\>PD[@RI7&RORU
IXQFWLRQJUDINRPSRQHQW\LQWHJHU
YDULLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQ
EHJLQGRKOEN\LI>5HVXOW@LQF5HVXOWHQG
HQG
$OJRULWPXVGRtUN\
SRGREQHDNRSULSUHKDGiYDQtVWURPXGRtUN\SR~URYQLDFKSRWUHEXMHPHUDGIURQWEXGHP
SRVWXSRYDDMSULDOJRULWPHSUHJUDIQDMSUYYHREHFQH
SURFHGXUHGRVLUN\Y
YDUTTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQ
TDSSHQGZ
HQG
XQWLOTHPSW\
T)UHH
HQG
NRQNUpWQHSRXLMHPHDOJRULWPXVSUHKDGiYDQLDGRtUN\QD]DIDUERYDQLHYUFKRORYSRGDWRKRDNR
DOHNRV~RGSRLDWRQpKRYUFKRODY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDULXLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI>X@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
TDSSHQGLX
HQG
XQWLOTHPSW\
T)UHH
HQG
SRURYQDMWHWHQWRDOJRULWPXVVQHUHNXU]tYQ\PSUHKDGiYDQtPGRKEN\
3R]Q
SRXtYDPHUDGNWRUYNDGRPSUYNXPiGYHFHORtVHOQpKRGQRW\
QDVOHGXM~FDYHU]LD]DIDUEtOHQKUDQ\JUDIXSRGDWRKRDNRDOHNRV~GRGDQpKRYUFKROD
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDULXLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
EHJLQ
]DIDUEL+UDQXYLI>X@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
TDSSHQGLX
HQG
HQG
XQWLOTHPSW\
T)UHH
HQG
YUFKRO\NWRUpPDM~RGGDQpKRYUFKRODURYQDN~Y]GLDOHQRVGNXFHVW\V~]DIDUEHQpURYQDNRXIDUERX
QDVOHGXM~FDPHWyGDSRtWDOHQY]GLDOHQRVGYRFKYUFKRORY
UR]tULPHWHQWRDOJRULWPXVQLHOHQQD]LVWHQLHY]GLDOHQRVWLGYRFKYUFKRORYDOHQiMGHPHW~WRQDMNUDWLH
FHVWXSRXLMHPHWDN~WRLGHXY\WYRUtPHSRPRFQpSROHYNWRURPVLEXGHPHSUHNDGYUFKROSDPlWD
MHKRSUHGFKRGFXYFHVWHWMYG\NHVLYRIURQWH]DSDPlWiPHYUFKRODSSHQGNWRUSOiQXMHPHY
EXG~FQRVWLSUHVN~PD]DSDPlWiPHVLVQtPDMMHKRSUHGFKRGFXRGNLDVPHNQHPXSULOLDNHYUFKRO
]IURQWXY\EHULHPHVHUYHWDNYLHPHDMMHKRSUHGFKRGFXQDFHVWHDP{HPHVLWR]DHYLGRYDY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
SRPRFQRPSROL1D]iYHUNHVPHGRUD]LOLGRFLHDSRVWXSQHVDYSRPRFQRPSROLYUiWLPHVSl
]QDPHQiHYUFKROQHPiSUHGFKRGFXMHSUYQDFHVWHDWHGDYLHPHVNRQWUXRYDYVOHGQpG\QDPLFNp
SROH
W\SHSRVWXSQRVW DUUD\RILQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIBEWBOJBHSBGV
T)UHH
HQG
HQG
3R]Q
KLJKQDMNUDWVLD&HVWDYYYUiWLGNXFHVW\
]KUPHSRXLWLHDOJRULWPXGRtUN\
SRGREQHDNRGRKEN\YLHPH]LVWLYUFKRO\NWRUpSDWULDGRMHGQpKRNRPSRQHQWXP{HPH
SRPRFRXQHKR]LVWLSRHWNRPSRQHQWRY
YLHPH]LVWL]DIDUELYUFKRO\KUDQ\URYQDNRY]GLDOHQpRGGDQpKRYUFKROD
YLHPH]LVWLY]GLDOHQRVUHVSQDMNUDWLXFHVWXPHG]LGYRPDYUFKROPLYJUDIH
1'
RGODWHWLHWRDOJRULWP\YU{]Q\FKUHSUH]HQWiFLiFKJUDIX
]UHDOL]XMWHSUHYRG\PHG]LU{]Q\PLUHSUH]HQWiFLDPLJUDIRYQDSUJUDIUHSUH]HQWRYDQSRRP
PQRtQSUHNRQYHUWXMWHGRG\QDPLFNpKRSRDG\QDPLFNFKSROt
SUHYRGELQiUQHKR1iUQHKRYHREHFQpKRVWURPXGRRULHQWQHRULHQWJUDIX
Y\JHQHURYDJUDIQDSUDFKRYQLFX1[1
YUFKRO\V~VXVHGQpSRGDSRK\EXNUiDNRD
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
prednka
3UHKDGiYDQLHV
DSU
QiYUDWRP
3UHKDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
PDWHPDWLFNpKODYRODP\
GiPQDDFKRYQLFLGRPHNMHGQPDKRPWLDYN{QDDFKRYQLFL
U{]QHSUREOpP\QDJUDIRFK
QiMVFHVWXVQDMPHQtPRKRGQRWHQtP]$GR%Y\KRGLPD[SRHWKUiQDE\
SRGREQHDNRSUHKDGiYDQLHJUDIXGRKEN\
HYLGXMHPHNGHVPHXEROLPRQRSRVWXSQHNRQWUXXMHPHULHHQLH
tPVN{UWUHEDUR]SR]QDHVPHVDY\GDOL]OPVPHURPDYUiWLVDQDQDMEOLLXRGERNX !
Y\VN~DLQVPHU
SULQiYUDWHYSUHKDGiYDQtWUHEDYUiWL]DHYLGRYDQVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQL
QHYROLGRVOHSHMXOLN\
YRYHREHFQRVWLMHWRYHPLQHHIHNWtYQ\DOJRULWPXVKUXEiVLODSRPRFRXNWRUpKRVDGiY\ULHL
GiPQDDFKRYQLFL[
UR]RVWDYLGiP\WDNDE\VDQDY]iMRPQHRKUR]RYDOLURYQRDMXKORSULHQH
]UHMPHYNDGRPULDGNXDVWSFLEXGHSUiYHMHGQD
DOJRULWPXVSUHKDGiYDQLD
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDBDK
LINRQLHFWKHQY\SLV
HOVH
Y\VN~DMQDVOHGRYQDKYHWN\PRQRVWL
KODGDMQDVOHGRYQBDK
RG]QDBDK
HQG
XSUHVQtPH
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDUVLQWHJHUVPXVtE\ORNiOQDDVWiFK\EDDNRVD
ODGt
EHJLQ
]D]QDBDKQDSUG>ULDGVWOS@ WUXH
LIULDG 1WKHQY\SLV
HOVHSUHULDGULDGRNYHWN\PRQRVWLVWSFD
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDBDKQDSUG>ULDGVWOS@ IDOVH
HQG
9\OHStPHHYLGRYDQLHDKRY
KODYQSUREOpPMHHYLGRYDQLHXKORSULHRNYUR]PHUQRPSROLMHNRPSOLN
ERRORYVNpSROLDYRQVWSHFYRQpLNPpXKORSULHN\YRQpRSDQpXKORSU
XKORSULHNRYpSROLD
VWDUUD\>Q@RILQWHJHU
SURJUDP
FRQVWQ
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
VWOSHFDUUD\>Q@RILQWHJHU
J76WULQJ*ULG
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULG
SURFHGXUHULHV
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHY\SLV
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULG
YDULLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
J JJ
HQG
SURFHGXUHXORKDULHV
YDULLQWHJHU
EHJLQ
IRUL WRQGRKODGDML
HQG
SURFHGXUHXORKDKODGDMULDGVWOSLQWHJHU
YDUVLQWHJHU
EHJLQ
]DSDPlWiPVLDKNYROLYSLVX
VWOSHF>ULDG@ VWOS
]D]QDtPREVDGHQpSROtND
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
SUHULDGULDGRNYHWN\PR]QRVWLVWSFD
IRUV WRQGR
LIP{HWKHQ
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
XYRQtPVWSHFDXKORSULHN\ !RG]QDtPDK
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
SURFHGXUHXORKDY\SLV
YDULMLQWHJHU
EHJLQ
IRUL WRQGR
EHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>VWOSHF>L@L@
2
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUXXORKD
EHJLQ
X XORKD&UHDWH6WULQJ*ULG
WU\
XULHV
ILQDOO\
X)UHH
HQG
HQG
1'
]Qi]RUXMWHSULHEHKEDFNWUDFNLQJX
Y6WULQJ*ULGH]REUD]XMWHNODGHQLHDXEHUDQLHGiP
UR]RVWDYLPLQLPiOQ\SRHWGiPQDDFKRYQLFL1[1DE\RKUR]RYDOLYHWN\SROtNDDFKRYQLFH
'UXKYDULDQWULHHQLDGiPSRPRFRXEDFNWUDFNLQJX
EDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORLGiPXDOHOHQULDGRNDVDPDMX
Y\VN~DSRORLGRYHWNFKVWSFRYMHWRVNRURWRLVWpDNRSUHGWP
QDMSUYYRYHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYDKDOHOHQ~URYHYNWRUHMKDGiP
QRYDKKODGDMSRVWXSQHV~DYHWN\PRQpDK\YGDQHM~URYQL
YHREHFQH
SURFHGXUHKODGDM~URYH
YDU
EHJLQ
IRUDKYPRPHQWiOQHM~URYQLGR
LIPR]HDKWKHQ
EHJLQ
]D]QDBDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGRYQiB~URYH
RG]QDBDK
HQG
HQG
DSUHSUREOpPGiP
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDUVWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQ
EHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
1DMSUYVDYHWN\ULHHQLDQDV\S~GR/LVW%R[XDSRWRPNOLNQXWLHQDQLHNWRUpULHHQLHY/LVW%R[HKR
]REUD]tY6WULQJ*ULGH
FRQVWQ
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
VWOSHFDUUD\>Q@RILQWHJHU
J76WULQJ*ULG
O7/LVW%R[
SRFLQWHJHU
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
SURFHGXUHULHV
SURFHGXUHKODGDMULDGLQWHJHU
SURFHGXUHQRYH5LHVHQLH
SURFHGXUHY\SLVVVWULQJ
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
YDULLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
J JJO OO
SRF
HQG
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDUVWOSLQWHJHU
EHJLQ
LISRF!WKHQH[LW
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQ
EHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQQRYH5LHVHQLH
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUHXORKDQRYH5LHVHQLH
YDULLQWHJHU
VVWULQJ
EHJLQ
LQFSRF
V ,QW7R6WUSRF
IRUL WRQGRV V,QW7R6WUVWOSHF>L@
O,WHPV$GGV
HQG
SURFHGXUHXORKDY\SLVVVWULQJ
YDULMLQWHJHU
EHJLQ
GHOHWHVSRV
V
IRUL WRQGR
EHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>RUGV>L@RUG
L@
2
HQG
HQG
YDUXXORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
X XORKD&UHDWH6WULQJ*ULG/LVW%R[
XULHV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
X)UHH
HQG
SURFHGXUH7)RUP/LVW%R[&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
L /LVW%R[,WHPV&RXQW
ZKLOHL! DQGQRW/LVW%R[6HOHFWHG>L@GRGHFL
LIL! WKHQ
XY\SLV/LVW%R[,WHPV6WULQJV>L@
HQG
'RPHNMHGQPDKRP
QDNUHVOLGRPHNMHGQPDKRPD]LVWLYHWN\ULHHQLDQDNUHVOLQDREUD]RYNH
GRPHN QHRULHQWRYDQJUDIVYUFKROPL
EXGHPHUHSUH]HQWRYDWDEXNRXVXVHGQRVWt
W\SH
WDEXOND DUUD\>@RIERROHDQ
XORKD FODVV
EWDEXOND
GDUUD\>@RILQWHJHU
SLQWHJHU
SRFLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHNUHVOL
SURFHGXUHJHQHUSLLQWHJHU
HQG
FRQVWUXFWRUXORKD&UHDWH
FRQVWWDEWDEXOND
IWWWIWIWWIWWIWW
WWWIWIIWWI
EHJLQ
E WDES SRF
HQG
SURFHGXUHXORKDNUHVOL
FRQVW[\DUUD\>@RI73RLQW
SURFHGXUHXORKDVWDUW
EHJLQ
JHQHU
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUXXORKD
EHJLQ
X XORKD&UHDWH
WU\
XVWDUW
ILQDOO\
X)UHH
HQG
HQG
1'
SURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYHWNFKULHHQtIDUHEQHUR]OLRYDSRUDGLHKUiQDOHER
]DSLVRYDSRUDGRYptVORKUDQ\
]REUD]XMWHSULHEHKEDFNWUDFNLQJX
DNE\NUHVOLREVDKRYDODKDOWSURJUDPE\NRQLOSRQiMGHQtULHHQLDDWHGDQHYLGHOLE\VPHQL
RSUDYWHJHQHUDE\SRQiMGHQtQHMDNpKRULHHQLDVDOHQY\PRWDO]UHNXU]LHDVOXQHVNRQLOWHGD
DE\PRKROSRNUDRYDKODYQSURJUDP
WLDYQDS~WL
KODYRODPWLDYQDS~WL
WLDYS{MGHYNDUDYiQHGQt
YHGHFN\VDXNi]DORHDNDYDSR]HUiQDGRSUDYQ~]QDNXFHOGHWDNVDMXQDXt
SUHWRQDPDORYDOLQD]DGN\WLDYU{]Q\FK]QDLHN
]QDLHNND]GGHMHMHGQDDYDYHG~FDDWiVDQLQHXt
DY\RtVOXMHPHDP{HPHSUHGSRNODGDHSUYGHLG~YSRUDGL
MHYHG~FD
GUXKGHP{HE\GUXKiYHG~FDDW
DY\YNDUDYiQDFKEXGHPH]QDLGRSRD3DUUD\>@RILQWHJHU
3>@SUYGH
YSROL%>LM@VL]DSDPlWiPHLVDMWDDYDPiHWHQDXL]QDNXQD]DGNXLWHMWUXH]QDPHQiH
HWHMXQHYLHDWHGDP{HtV]DRXWHGDLQLFLDOL]iFLD
SURJUDP
FRQVW1
YDU3DUUD\>11@RILQWHJHU
%DUUD\>11@RIERROHDQ
%5%3VHWRI1
SRFLQWHJHU
SURFHGXUHY\SLV
YDULMLQWHJHU
VVWULQJ
EHJLQ
LQFSRFLISRF!WKHQH[LW
)RUP0HPR/LQHV$GG,QW7R6WUSRF
IRUL WR1GR
EHJLQ
V
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULMLQWHJHU
WLP7'DWH7LPH
EHJLQ
%XWWRQ(QDEOHG IDOVH
IRUL WR1GRIRUM WR1GR%>LM@ WUXH
3>@
IRUL WR1GR
EHJLQ
3>L@ L3>L@ L%>LL@ IDOVH
HQG
/RQJ7LPH)RUPDW
KPPVV]]]
WLP 1RZ
WDY\
)RUP0HPR/LQHV$GG
FDV
7LPH7R6WU1RZWLP
)RUP0HPR/LQHV$GG
SRFHW
,QW7R6WUSRF
HQG
1'
Y\OHSLWHDOJRULWPXVWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXEROLSRVOHGQpDWHGDXQHP{X
E\SRVOHGQp^WHVWP{H` !YUD]QHWRXUFKOLSURJUDP
GRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
]LVWLWHSRHWULHHQtSUH1
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
%DFWUDFNLQJQD
PiM
JUDIRFK
ORK\]RVN~N\]SUHGFKiG]DM~FLFKURNRY
9VNXPQ~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOW~GLXSUHDHQRVWLQLHNRNFKXOtFDNULRYDWLHNYPHVWH8OLFHGRVWDOL
FHORtVHOQpNODGQpRKRGQRWHQLDDKRGQRW\NULRYDWLHNVDSRWRPY\SRtWDOLDNRV~W\KRGQ{WXOtFNWRUpYFKiG]DM~GR
NULRYDWN\1HGRSDWUHQtPVDSRNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRtWDLSULRPVD]PDS\RKRGQRWHQt]DFKRYDOLOHQ
KRGQRW\NULRYDWLHN9DRX~ORKRXEXGHQDStVDSURJUDPNWRUVDSRN~VLQiMVWDNpRKRGQRWHQLHFLHVW]NWRUpKRVD
SUHGWPPRKOLSRtWDKRGQRW\NULRYDWLHN
3UHGSRNODGiPHHSOiQPHVWDMHRKRGQRWHQQHRULHQWRYDQJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~NULRYDWN\7HQWR
JUDIMH]DGDQYV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGNRXYLHWYNWRURPNDGiYHWDSRSLVXMHMHGQXNULRYDWNX
YHWD]DtQDRKRGQRWHQtPNULRYDWN\LQWHJHU
DOHMQDVOHGXM~FHOptVODLQWHJHU[RYiD\RYiV~UDGQLFDXPLHVWQHQLHNULRYDWN\YSORFKH
]DWPQDVOHGXMH]R]QDPSRUDGRYFKtVHONULRYDWLHNVNWRUPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDPEDMWRY
XNRQHQQXORYRXKRGQRWRXSUYiNULRYDWNDYV~ERUHPiSRUDGRYptVOR
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHYLDFDNRNULRYDWLHN6~ERUQDtWDMWHSRPRFRX
76WUHDP
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORRQDMSRKRGOQHMLH1DREUD]RYNHKRY\NUHVOLWHWDNH
YUFKRO\VDQDNUHVOLDPDOPNU~NRPVtVHOQPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDtVHOQpRKRGQRWHQLH
XOLFH+UDQ\QDNUHVOLWHHGRXIDUERX
*UDILFN~SORFKXP{HWHUHDOL]RYDNRPSRQHQWRP7,PDJHYHNRVWLPLQLPiOQH[2NUHP7,PDJHSRXLWHWODLGOR
NRPSRQHQW7%XWWRQNWRUpQDWDUWXMHVDPRWQpULHHQLH~ORK\
DVULHHQLD
W\SH
XORKD FODVV
SLQWHJHUSRHWYUFKRORYJUDIX
JDUUD\>PD[@RIJUDIMHWDEXNDVXVHGQRVWt
UHFRUG
KLQWHJHU
[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
HQG
PDPERROHDQ
JU7&DQYDV
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJJJU7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHSLVFLVOR[\NLQWHJHU
SURFHGXUHVWDUW
SURFHGXUHURELMLQWHJHU
HQG
IRUL WRPD[GR
IRUM WRPD[GRJ>L@V>M@ QLHMHVSRM
I 7)LOH6WUHDP&UHDWHPHQRIP2SHQ5HDG
S
ZKLOHI3RVLWLRQI6L]HGRQRWHRI
EHJLQ
LQFS
ZLWKJ>S@GR
EHJLQ
I5HDGKVL]HRIKI5HDG[VL]HRI[
I5HDG\VL]HRI\
UHSHDW
I5HDGMMVL]HRIMM
LIMM!WKHQ
EHJLQ
J>S@V>MM@ YROQHJ>MM@V>S@ YROQH
HQG
XQWLOMM
HQG
HQG
I)UHH
NUHVOL
HQG
IXQFWLRQRNERROHDQ
YDULMNLQWHJHU
EHJLQ
5HVXOW IDOVH
IRUL WRSGR
EHJLQ
N IRUM WRSGRLIJ>L@V>M@ YROQHWKHQLQFN
LIN !J>L@K WKHQH[LW
HQG
5HVXOW WUXH
HQG
YDUNLQWHJHU
EHJLQ
UHSHDW
LQFMLIM!SWKHQEHJLQLQFLM LHQG
XQWLOL SRUJ>L@V>M@ YROQH
LIL SWKHQ
EHJLQ
PDP WUXHH[LW
HQG
IRUN PLQJ>L@KJ>M@KGRZQWRGRPLQMHY
XQLWH0DWK
EHJLQ
J>L@V>M@ NJ>M@V>L@ NGHFJ>L@KNGHFJ>M@KN
LIRNWKHQ
EHJLQ
SLVLMN&DNDM
URELMLIPDPWKHQH[LWVWDtOHQSUYpULHHQLH
SLVLM&DNDM
HQG
J>L@V>M@ YROQHJ>M@V>L@ YROQHLQFJ>L@KN
LQFJ>M@KN
HQG
HQG
NRPSOHWQpULHHQLHY'HOSKLREVDKXMHU{]QH~GDMRYpV~ERU\QDWHVWRYDQLH
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGQLNRYS{GRU\VYHNRVWL0[1MHGQRWNRYFKWYRUFRY9WHMWRKDOHVD
QDFKiG]DM~U{]QHVNULQHSROLFHVWURMHDLQpSUHNiN\NWRUpYG\]DEHUDM~QHMDN~REGQLNRY~REODVY]iNODGQHMVLHWL
KDO\3RGQLNN~SLOLVWLDFHKRURERWDNWRUPiREFKiG]DKDOXDSULWRPLVWLQHREVDGHQpDVWLKDO\.HHURERWMH
FLWOLYQDYOKN~GOiNXNWRU~SRVHEH]DQHFKiYDSULLVWHQtYSRGQLNXVDUR]KRGOLHNPVDWiWR]iYDGDQHRGVWUiQL
SRN~VLDVDSUHURERWDQDYUKQ~WDN~WUDVXDE\Y\LVWLOPD[LPiOQ\SULHVWRUDSULWRPGYDNUiWQHYVW~SLOQDWHQLVWWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYV~ERUHKDODGDWP{HWHSUHGSRNODGDHMH]DGDQNRUHNWQHV~ERUVSUDFXMWH
SRPRFRX76WUHDP3UYpGYDEDMW\REVDKXM~YHNRVKDO\SRHWULDGNRYDVWSFRYWYRUFRYHMVLHWHQLHV~YlLHDNR
=DWPQDVOHGXM~YHW\DGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiN\YGYRFKEDMWRFKV~UDGQLFDDYpKRKRUQpKR
WYRUFDSUHNiN\ULDGRNVWSHFDYDOtFKGYRFKEDMWRFKYHNRVSUHNiN\SRHWULDGNRYDVWSFRY
9iSURJUDPQDMSUYQDtWDDY\NUHVOtKDOXQDREUD]RYNXWDNHVDQDNUHVOtWYRUFRYiVLHYHNRVMHGQRWNRYpKRWYRUFD
MHYNRQWDQWHSURJUDPX9DREVDGHQpSROtNDVDY\IDUELDWPDYRHGRXIDUERXDOHMVDDNiHSRXtYDWHP\RX]DGi
WDUWRY~SR]tFLXURERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtNRSURJUDPDNiQRYpNOLNQXWLHWDUWRY~
SR]tFLXQHMDNRIDUHEQHY\]QDWH
YUFKRO\V~VSRMHQpKUDQRXDNSUtVOXQpSROtNDVXVHGLD1HMDNRVL]DHYLGXMWHREVDGHQpYUFKRO\NWRUpEXG~REFKiG]DQp
DOJRULWPRPKDGDQLD*UDIUHSUH]HQWXMWHQDSUSRRP]R]QDPRYVXVHGRYNGHSROHP{HE\DMGYRMUR]PHUQpD]R]QDP
VXVHGRYP{HE\UHDOL]RYDQWYRUSUYNRYPSRRPNDGYUFKROPiPD[LPiOQHVXVHGRY
2NUHPWODLGOD6723P{HWHSRXLDMWODLGOR67$57NWRUpVSXVWtULHHQLH~ORK\QDNUHVOtVDODE\ULQWDDNiVDQD
NOLNQXWLH
9MHNRQWDQWDSURJUDPXQDSUFRQVW9
DVULHHQLD
W\SH
XORKD FODVV
PD[\PD[[E\WH
JDUUD\>@RI
UHFRUG
SVE\WHSRFHWVXVHGRY
VXVDUUD\>@RI73RLQW
YLVERROHDQ
HQG
PPSLQWHJHUPD[LPDOQHPR]QDFHVWD
PD[FFDUUD\RI73RLQWPD[LPDOQDDPRPHQWDOQDFHVWD
HVFERROHDQFLERORVWODFHQH6723
FDNDM0\VERROHDQ
JU7&DQYDV
FRQVWUXFWRU&UHDWHJJU7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFN[\LQWHJHU
SURFHGXUHVWDUW[\LQWHJHU
HQG
SURFHGXUHSULGDMLMLLMMLQWHJHU
EHJLQ
LILLRULL!PD[\RUMMRUMM!PD[[WKHQH[LW
ZLWKJ>ML@GR
EHJLQ
LQFSVVXV>SV@ 3RLQWMMLL
HQG
HQG
YDUI76WUHDP
[\LQWHJHU
[[\\Y\VVLUE\WH
EHJLQ
JU JJU
ILOOFKDUJVL]HRIJ
I 7)LOH6WUHDP&UHDWHPHQR
GDW
IP2SHQ5HDG
I5HDGPD[\VL]HRIPD[\I5HDGPD[[VL]HRIPD[[
IRU\ WRPD[\GR
IRU[ WRPD[[GR
EHJLQ
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
HQG
ZKLOHI3RVLWLRQI6L]HGR
EHJLQ
I5HDG\\VL]HRI\\
I5HDG[[VL]HRI[[
I5HDGY\VVL]HRIY\V
I5HDGVLUVL]HRIVLU
IRU\ WRY\VGR
IRU[ WRVLUGR
J>[[[\\\@YLV WUXH
HQG
I)UHH
PPS
IRU\ WRPD[\GR
IRU[ WRPD[[GR
LIQRWJ>[\@YLVWKHQLQFPPS
NUHVOL
FDNDM0\V WUXH
HQG
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQEDFNVXV>N@[VXV>N@\
RG]QDFWDK
J>[\@YLV IDOVH
JU3L[HOV>[
YYGLY\
YYGLY@ FO:KLWH
6HW/HQJWKF/HQJWKF
HQG
NRPSOHWQpULHHQLHY'HOSKLREVDKXMHU{]QH~GDMRYpV~ERU\QDWHVWRYDQLH
9MHGQRPDGUHViULQDGLVNXVPHQDOLQLHNRNRGiWRYFKV~ERURYNWRUpSRSLVXM~QHMDNpQHRULHQWRYDQpJUDI\5DGLE\
VPHRGYRFKJUDIRFK]LVWLOLLV~WRU{]QHJUDI\DOHERV~VLQDY]iMRPSRGREQpL]RPRUIQp1DStWHSURJUDPNWRU
QDtWDGYDELQiUQHV~ERU\SRSLVXM~FHGYDJUDI\Y\NUHVOtLFKQDREUD]RYNHD]LVWtRQLFKLV~DOHERQLHV~L]RPRUIQp
7MSURJUDPVDSRN~VLQiMVWDNpSULUDGHQLHPHG]LYUFKROPLWFKWRJUDIRYH]RGSRYHGDM~FHYUFKRO\PDM~URYQDNFK
VXVHGRY]UHMPHE\REDJUDI\PDOLPDURYQDNSRHWYUFKRORY
1DKDGDQLHMHGQR]QDQpKRSULUDGHQLDPHG]LYUFKROPLJUDIXSRXLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUE\PRKROSUDFRYDQDSUWDNWRSRN~VLPHVDSUYpPXYUFKROX*SULUDGLQHMDNYUFKRO]*PXVt
PDURYQDNSRHWVXVHGRYSRWRPGUXKpPXYUFKROX*QHMDN]*NWRUHWHQHEROSULUDGHQDPiURYQDNSRHW
VXVHGRYDW3ULWRPSRNDGRPNURNXEDFNWUDFNLQJXWUHEDNRQWURORYDLSRGJUDI\REVDKXM~FHY*DY*X
Y\EUDQpYUFKRO\V~L]RPRUIQpPQRLQ\LFKVXVHGRYV~]KRGQp
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGNRXYLHWDPDM~QDVOHGRYQ~WUXNW~UX
NDGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
YHWD]DtQDGYRMLFRXFHOFKtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
]DWPQDVOHGXMHSRHWVXVHGQFKYUFKRORYE\WH
JUDIXPitVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYJUDIRYV~PHQLHDNRDWHGDDNEXGHJUDILFNiSORFKDLURNiDVSRFHOREUi]RN
JUDIXYRMGHQDSRORYLFXSORFK\3UYQDtWDQJUDIY\NUHVOLWHQDS{YRGQFKV~UDGQLFLDFKYUFKRORYGUXKJUDISRVXWHR
GRSUDYD9UFKRO\JUDIRY]REUD]WHPDOPLNROHNDPLKUDQ\~VHNDPLQDSUELHOHMIDUE\*UDI\UHSUH]HQWXMWHY
SDPlWLWDNDE\VDYiPVQLPLGREUHSUDFRYDOR
9V~ERUHQHPXVLDE\YHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRNRPiE\JUDIQHRULHQWRYDQ]DEH]SHWH
VSUiYQXUHSUH]HQWiFLX0{HWHSUHGSRNODGDHV~ERU\V~NRUHNWQp6SUDFXMWHLFKSRPRFRX76WUHDP
DVULHHQLD
W\SH
XORKD FODVV
QLQWHJHU
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
HQG
YVHWRIE\WH
WDUUD\>E\WH@RIE\WHL]RPRUIL]PXV
PDPERROHDQ
JU7&DQYDV
[[LQWHJHURGSRORYLFHVDQDNUHVOtJUDI
FRQVWUXFWRU&UHDWHLP7,PDJH
SURFHGXUHNUHVOLJUDILQWHJHU
SURFHGXUHEDFNLLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRUXORKD&UHDWHLP7,PDJH
SURFHGXUHQDFLWDMJUDILQWHJHUFRQVWPHQRVWULQJ
YDUI76WUHDP
LLQWHJHU
SE\WH
VVDUUD\>E\WH@RIE\WH
EHJLQ
I 7)LOH6WUHDP&UHDWHPHQR
GDW
IP2SHQ5HDG
Q
ZKLOHI3RVLWLRQI6L]HGRZLWKJ>JUDIQ@GR
EHJLQ
LQFQ
I5HDG[VL]HRI[I5HDG\VL]HRI\
I5HDGSVL]HRIS
I5HDGVV>@S
IRUL WRSGR
EHJLQV V>VV>L@@J>JUDIVV>L@@V J>JUDIVV>L@@V>Q@
HQG
HQG
I)UHH
NUHVOLJUDI
HQG
YDUQLQWHJHU
EHJLQ
JU LP&DQYDV[[ LP:LGWKGLY
ILOOFKDUJVL]HRIJ
QDFLWDMVXERUQ Q
QDFLWDMVXERU
PDP Q!Q
JU)RQW&RORU FO5HG
LIPDPWKHQ
JU7H[W2XW
1HVHGtSRHWYUFKRORY*UDI\QLHV~L]RPRUIQp
HQG
S
IRUN WRQGRLINLQJ>LM@VWKHQLQFS
SRF S
HQG
YDUMLQWHJHU
EHJLQ
IRUM WRQGR
LIQRWMLQYDQGSRFL SRFMWKHQ
EHJLQ
W>L@ MY Y>M@
LIWHVWLMWKHQ
EHJLQ
/LQHJ>L@[J>L@\J>M@[J>M@\&DNDM
LIL QWKHQ
EHJLQ
JU7H[W2XW
*UDI\V~L]RPRUIQp
PDP WUXHH[LW
HQG
EDFNLLIPDPWKHQH[LWVWDtMHGQRULHHQLH
/LQHJ>L@[J>L@\J>M@[J>M@\&DNDM
HQG
Y Y>M@
HQG
HQG
NRPSOHWQpULHHQLHY'HOSKLREVDKXMHU{]QH~GDMRYpV~ERU\QDWHVWRYDQLH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
&YLHQLD]3URJUDPRYDQLD /6
6~GDQpGHNODUiFLH
FRQVW1
W\SH35HDO AUHDO
3ROH DUUD\>1@RI35HDO
1DStWHSRGSURJUDP\QDSUiFXVWPWRSRRP
)XQNFLX0D[LPXPW\SX35HDOVMHGQPSDUDPHWURP33ROHNWRUiKDGiSUYRNV
PD[LPiOQRXKRGQRWRXYSROL3DMHMYVOHGNRPMHVPHUQtNQDWHQWRSUYRN3R]RUQDSUYN\SRD
3VKRGQRWRX1,/$NV~YHWN\KRGQRW\YSROL3URYQp1,/IXQNFLDYUDFLDKRGQRWX1,/
3URFHG~UX9\WYRUVMHGQPSDUDPHWURP33ROHNWRUiY\WYiUDWRWRSROHQiKRGQP
SULUDGHQtP1KRGQ{W$NVDY\JHQHUXMHWDNiKRGQRWDNWRUiXYSROLERODQHY\WYiUDVDSUH
XQRYpPLHVWRY+HDSDOHSUHVPHUQtNXMHVDQDLQ~VPHUQtNRY~SUHPHQQ~NWRUiXND]XMHQD
URYQDN~KRGQRWX
%RROHRYVN~IXQNFLX5RYQDNHNWRUHMYVOHGNRPMHWUXHDNYSROL3NWRUpMHMHMSDUDPHWURP
V~DVSRGYDSUYN\NWRUpXND]XM~QDWRLVWpPLHVWRYSDPlWL
3URFHG~UX=MHGQRWVMHGQPSDUDPHWURP33ROHNWRUiSUHUREtWRWRSROHWDNHYHWN\
SUYN\NWRUpXND]XM~QDURYQDNpKRGQRW\W\SXUHDOSUHVPHUQtNXMHQDMHGQX]WFKWRURYQDNFK
KRGQ{WDRVWDWQpXYRQt]SDPlWL
3URFHG~UX5R]GHOVMHGQPSDUDPHWURP33ROHNWRUiSUHUREtWRWRSROHWDNHDNGYDSUYN\
XND]XM~QDMHGQRPLHVWRYSDPlWLVKRGQRWRX+Y\WYRUtQRYpPLHVWRY+HDSGiPXKRGQRWX+D
GUXK~VPHUQtNRY~SUHPHQQ~QDQDVWDYt7DNWRWRXUREtVRYHWNPLSUYNDPLSRD3
6~GDQpGHNODUiFLHQDUHSUH]HQWiFLXWHOHIyQQHKR]R]QDPX
W\SH
=D]QDP UHFRUG
PHQRVWULQJ
$GUHVDVWULQJ
7HO&LQWHJHU
HQG
3=D]QDP A=D]QDP
FRQVW1
YDU
WHO=R]QDPDUUD\>1@RI3=D]QDP
IWH[W)LOH
S7HO&LQWHJHU
1DStWHSURJUDPNWRU
QDtWDGRWHMWRWUXNW~U\LQIRUPiFLH]WH[WRYpKRV~ERUXPHQRDGUHVDDWHO&V~YVDPRVWDWQRP
ULDGNX
Y\StHWLHWRLQIRUPiFLHGRIRUPXOiUDQDSUGR6WULQJ*ULGX
XWULHGLLFKQDSUPLQVRUWRPSRGDWHOHIyQQHKRtVODWDNHSULWULHGHQtY\XLMHYPHQX
VPHUQtNRY
6~GDQpGHNODUiFLHQDUHSUH]HQWiFLXMHGiOQHKROtVWND
W\SH
-HGOR UHFRUGQD]RYVWULQJFHQDUHDOHQG
3-HGOR A-HGOR
YDU
-HG/LVWRNDUUD\>@RI3-HGOR
IWH[W)LOH
9WH[WRYRPV~ERUHVDQDFKiG]DM~YMHGQRPULDGNXQDMSUYNyGMHGODSRWRPMHKRFHQDDQi]RY
1DStWHSURJUDPNWRU
QDtWD~GDMH]WH[WRYpKRV~ERUXGRSDPlWHWDNHY\KUDGtSDPlLEDMHGOiPNWRUpVDQDR]DM
QDFKiG]DM~YMHGiOQRPOtVWNX
Y\StHMHGiOQ\OtVWRNXWULHGHQSRGDNyGX
6~GDQpGHNODUiFLHQDUHSUH]HQWiFLXPDWLFH
W\SH
5LDGRN DUUD\>@RILQWHJHU
65LDGRN A5LDGRN
35LDGRN DUUD\>@RI65LDGRN
YDU
P35LDGRN
1DStWHSURFHG~UX
1DSOQNWRUiQDSOQtW~WRPDWLFXtVODPLQiKRGQPLDOHERLFKQDtWD]WH[WRYpKRV~ERUX
9\SLVNWRUiY\StHPDWLFXQDSUGR6WULQJ*ULG
9\PHQ5LDGN\NWRUiGRVWDQHDNRYVWXStVODULDGNRYDY\PHQtWLHWRULDGN\WDNHY\PHQt
SUtVOXQpVPHUQtN\
9VHWN\$NR5LDGRNNWRUiGRVWDQHDNRYVWXStVORULDGNXYPDWLFLDYHWN\ULDGN\VPHUQtN\
SUHVPHUXMHQDWHQWRULDGRNRVWDWQpULDGN\XYRQt]+HDS
9\QHFKDM1HSDUQHNWRUiXYRQtSDPlNWRU~]DEHUDOLQHSiUQHULDGN\PDWLFH
'Y\WYRUL]QLHNWRUpKRSUtNODGXSUtVOXQ~WULHGX
07
&YLHQLH]'HOSKL
SRVWXSQHY\OHSXMHPH~ORKX
GDQpSROHYDUSDUUD\RIALQWHJHUQLHNWRUpSUYN\V~QLOLQpV~VPHUQtNPLQD
G\QDPLFNpLQWHJHU
SURJUDPYHWNPQLORYPSULUDGtQRYpNDWXOHVtVODPLDE\VDSULHPHUYHWNFKSUYNRY
SULEOLQHURYQDOSULHPHUXYHWNFKQHQLORYFK
~ORKXULHWHMHGQPF\NORPYF\NOHYHWNPQLORYPY\UREtPHNDWXOHVKRGQRWRXMHGQX]
QLFKVL]DSDPlWiPHYVPHUQtNRYHMSUHPHQQHMDSRF\NOHMHM]PHQtPHKRGQRWX
~ORKXULHWHDMSUHYDUSDUUD\RISRLQWHUYLHPHHYHWN\QHQLORYpV~VPHUQtN\QD
LQWHJHU
Y\UREtPHWULHGXVWDFNQDMSUYSUH
SUYRN UHFRUG
SSRLQWHU
GOLQWHJHU
HQG
VWDFN FODVV
SULYDWH
VDUUD\RISUYRN
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSXVKYDULGLQWHJHU
SURFHGXUHSRSYDUL
SURFHGXUHSRS6WULQJYDULVWULQJ
IXQFWLRQHPSW\ERROHDQ
HQG
]SUYNXXURELWULHGXDRSUDYLSXVKDSRS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
SUYRN FODVV
SSRLQWHU
GOZRUG
FRQVWUXFWRU&UHDWHYDULGZRUG
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
QHIXQJXMHWRSUHVWULQJY\OHSLYHU]LXDMSUHVWULQJ\SR]RUQDSUi]GQHVWULQJ\
SUYRN FODVV
SSRLQWHU
GOZRUG
FRQVWUXFWRU&UHDWHYDULGZRUGRYHUORDG
FRQVWUXFWRU&UHDWHFRQVWLVWULQJRYHUORDG
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
VWDFN FODVV
SULYDWH
VDUUD\RISUYRN
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSXVKYDULGZRUGRYHUORDG
SURFHGXUHSXVKFRQVWLVWULQJRYHUORDG
SURFHGXUHSRSYDUL
SURFHGXUHSRS6WULQJYDULVWULQJ
IXQFWLRQHPSW\ERROHDQ
HQG
1'WRLVWpSUH4XHXH
QLHF\NOLFNpSROHSULGiYDQDNRQLHFSROH]YlRYDQDSURDOHERSRVXQ~YDYRDNDVSR
YRQFKXEHUD]R]DLDWNX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
SUYRN FODVV
SSRLQWHU
GOZRUG
FRQVWUXFWRU&UHDWHYDULGZRUG
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
TXHXH FODVV
SULYDWH
TDUUD\RISUYRN
]DFSRFLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHDSSHQGYDULGZRUG
SURFHGXUHVHUYHYDUL
IXQFWLRQHPSW\ERROHDQ
HQG
'HOSKLMHSUHGGHILQRYDQiWULHGD7/LVW G\QDPLFNpSROHSRLQWURYQDSURJUDPXMHPHQLHNWRUpMHKRPHWyG\
WXEXGH]MHGQRGXHQiYHU]LD
7/LVW FODVV
SULYDWH
)/LVWDUUD\RISRLQWHU
)&RXQW,QWHJHU
SURWHFWHG
IXQFWLRQ*HW,QGH[,QWHJHU3RLQWHU
SURFHGXUH*URZYLUWXDO
SURFHGXUH3XW,QGH[,QWHJHU,WHP3RLQWHU
SURFHGXUH6HW&DSDFLW\1HZ&DSDFLW\,QWHJHU
IXQFWLRQ*HW&DSDFLW\,QWHJHU
SURFHGXUH6HW&RXQW1HZ&RXQW,QWHJHU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQ$GG,WHP3RLQWHU,QWHJHU
SURFHGXUH&OHDUYLUWXDO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
SURFHGXUH'HOHWH,QGH[,QWHJHU
SURFHGXUH(UURUFRQVW0VJVWULQJ
SURFHGXUH([FKDQJH,QGH[,QGH[,QWHJHU
IXQFWLRQ([SDQG7/LVW
IXQFWLRQ([WUDFW,WHP3RLQWHU3RLQWHU
IXQFWLRQ)LUVW3RLQWHU
IXQFWLRQ,QGH[2I,WHP3RLQWHU,QWHJHU
SURFHGXUH,QVHUW,QGH[,QWHJHU,WHP3RLQWHU
IXQFWLRQ/DVW3RLQWHU
SURFHGXUH0RYH&XU,QGH[1HZ,QGH[,QWHJHU
IXQFWLRQ5HPRYH,WHP3RLQWHU,QWHJHU
SURFHGXUH3DFN
SURSHUW\&DSDFLW\,QWHJHUUHDG*HW&DSDFLW\ZULWH6HW&DSDFLW\
SURSHUW\&RXQW,QWHJHUUHDG)&RXQWZULWH6HW&RXQW
SURSHUW\,WHPV>,QGH[,QWHJHU@3RLQWHUUHDG*HWZULWH3XW
GHIDXOW
HQG
QDMSU$GGD'HOHWHSRWRPSURSHUW\&RXQWD,WHPVDSRVWXSQHRVWDWQp
RVDQHVWLKQHWDN1'QDLQWHUQHWHEXGHNRPSOHWQpULHHQLHY'HOSKL+HOSHVLP{XSR]ULH
SRSLVMHGQRWOLYFKPHWyG
ERORE\GREUHNHE\VLWRWRULHHQLHSUHWXGRYDOL
1DFYLHQLDFKE\VDPDOLQDXLQDY\H
DNSRWUHEXMHPHY\KOiVLFK\EX
QDSUEHJLQ6KRZ0HVVDJH
323SUD]GQ\VWDFN
KDOWHQG
P{HPHSRXLUDLVH([FHSWLRQ&UHDWH
323SUD]GQ\VWDFN
WHQWRVS{VREVDEXGHPHXLQHVN{UQLHMHWR~SOQKDOWDSOLNiFLHDOHSURJUDPVDYLH]
QHKRVSDPlWD
ILOOFKDUYDU;&RXQW,QWHJHU9DOXH%\WH
SRGREQpPRYHGDQPEDMWRPY\SOQt~VHNSDPlWLQDSU
SRXtYDVDY7/LVWQDY\QXORYDQLHDVWLSRDSRLQWURYWMSUYN\SRDVDY\QLOXM~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
&YLHQLH]'HOSKL
9\VYHWOL
W\SVWULQJ>@QDUR]GLHORGVWULQJQLHMHVPHUQtNDOHVWDWLFN\Y\KUDGHQiSDPlYHNRVWLRYLDFDNR
tVORY>@
YUHFRUGNWRUpVD]DSLVXM~GRV~ERUXtWDM~]RV~ERUXVDQHP{HSRXLVWULQJDOHP{HVWULQJ>tVOR@
1DVOHGXM~FLSUtNODGULHL
DNRW\SRY
DNRQHW\SRYVGNRXEORNXVL]HRIYHWD
DNRQHW\SRYVGNRXEORNXEH]SUHPHQQHMW\SXYHWDDOHVSUHPHQQPLW\SXVWULQJ>@E\WH
SRPRFRX76WUHDP
'DQMHELQiUQ\V~ERUVWXGHQWLGDWNWRUREVDKXMHLQIRUPiFLHRWXGHQWRFKWXGXM~FLFKQD
RGERUHLQIRUPDWLNDYSUYRPURQtNX9HWDYV~ERUHMHW\SX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
VSROX]LDNE\WH
HQG
NGHSRORNDVSROXLDNREVDKXMHtVORYHW\YV~ERUHYNWRUHMMHPHQRDOLHKRVSROXLDND]
URYQDNpKRNU~NXSRVOHGQ]NU~NXY]R]QDPHRGND]XMHQDSUYpKR]URYQDNpKRNU~NX
1DStWHSURJUDPNWRUY\WYRUtELQiUQ\V~ERUNUX]RNGDW7HQWRV~ERUE\PDOREVDKRYD
YHWNFKWXGHQWRYNWRUtSDWULDGRURYQDNpKRNU~NXDNRSUYWXGHQWYV~ERUHVWXGHQWLGDW
'DQpGHNODUiFLH
W\SH
6WXGHQW UHFRUG
PHQRSULH]YVWULQJ
URFQLNE\WH
NUX]RNVWULQJ
DGUHVDVWULQJ
HQG
36WXGHQW A6WXGHQW
3ROH6WXG DUUD\RI36WXGHQW
6W9HWD UHFRUG
PHQRSULH]YVWULQJ>@
URFQLNE\WH
NUX]RNVWULQJ>@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
VWSULHPUHDO
HQG
1DStWHSURFHG~UXDNWXDOVSDUDPHWURP33ROH6WXGNWRUiEXGHDNWXDOL]RYD3SRGD~GDMRYY
ELQiUQRPV~ERUHQHY\KRYHOLGDWSHYQiGNDYLHWWDNHXYRQtPLHVWDYSDPlWLNWRUp]DEHUDM~
]i]QDP\RWXGHQWRFKXYHGHQFKYWRPWRV~ERUH9HW\YV~ERUHV~W\SX6W9HWD
~ORKXULHLW\SRYPV~ERURPDMSRPRFRX76WUHDP
1DStWHSURJUDPNWRULQWHUSUHWXMHELQiUQ\V~ERUNRUGDWYNWRURPVDQDFKiG]DM~SUtND]\
NRU\WQDHMJUDILN\9NDGHMYHWHV~ERUXMHMHGHQSUtND]9HW\YV~ERUHV~U{]QHMGN\DV~Y
RPWHVQH]DVHERX.DGiYHWD]DtQDEDMWRYPNyGRPSUtND]X
W\SHSULND] R'RSUHGXR9ODYRR9SUDYRR=PHQ)3R3+R3'
=DSUtND]PLR'RSUHGXR9ODYRR9SUDYRQDVOHGXMHYV~ERUHLFKSDUDPHWHUUHiOQHtVOR]D
SUtND]RPR=PHQ)3QDVOHGXMHMHKRSDUDPHWHUFHOptVORDSUtND]\R3+DR3'QHPDM~SDUDPHWUH
~ORKXULHWHSRPRFXQHW\SRYpKRV~ERUXD76WUHDP
'DQMHELQiUQ\V~ERUVORYQLNGDWYNWRURPV~VORYiXORHQpWDNWREDMWXUXMHGNXVORYD]D
QtPQDVOHGXMHVORYRSUtVOXQSRHWEDMWRY6ORYiV~XVSRULDGDQpOH[LNRJUDILFN\1DStWH
ERROHRYVN~IXQNFLX%LQBMHVVWULQJERROHDQNWRUi]LVWtLVDGDQpVORYRVQDFKiG]DYVORYQtNX
3RXLWHELQiUQHY\KDGiYDQLH
SRPRFQpIXQNFLHSRFHW6ORYDLWH6ORYRLLQWHJHU
SRXLWH76WUHDP
'DQiGHNODUiFLDYHW\V~ERUX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
SULHPHUUHDO
LQWHUQDWERROHDQ
HQG
GDQMHV~ERUVWXGHQWLGDWNWRUpKRYHW\V~W\SXYHWD9\WYRUWHLQGH[RYpV~ERU\XVSHVQLGDWD
LQWHUQDWGDWNWRUpREVDKXM~tVODYLHWRGV~ERUXVWXGHQWLGDWNWRUtV~~VSHQtSULHPHUGR
UHVSNWRUtPDM~LQWHUQiW1D]iNODGHLQGH[RYpKRV~ERUXLQGH[GDWY\WYRUWH]RV~ERUX
VWXGHQWLGDWV~ERUY\EHUGDWOHQWFKYLHWNWRUFKtVORMHYV~ERUHLQGH[RY
SRXLWH76WUHDP
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
&YLHQLH]'HOSKL
3UHFYLRYDVSiMDQp]R]QDP\
SUHGSRNODGiPHHXMHGHILQRYDQpP{HVDY\XLSULGHILQRYDQtDOtFKPHWyG
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
QH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
]R]QDP FODVV
SULYDWH
]YUFKRO]DLDWRN]R]QDPX
NYUFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=SYUFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.LYUFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
SURSHUW\]DFLDWRNYUFKROUHDG]
SURSHUW\NRQLHFYUFKROUHDGN
HQG
SRVWXSQHGRGHILQXMWHPHWyG\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
KQHY\WYRUtQSUYNRYFHORtVOHQ]R]QDPVtVODPLQ
IXQFWLRQSRFHWLQWHJHU
SURFHGXUH]UXV=
]UXtSUYYUFKRO
SURFHGXUH]UXV.
]UXtSRVOHGQYUFKRO
SURFHGXUH]UXVSYUFKRO
]UXtYUFKROSSR]RUDNSY]R]QDPHQHH[LVWXMH
SURFHGXUHSUHYUDW
SUHYUiWLSRUDGLHYUFKRORYY]R]QDPH
FRQVWUXFWRUNRSLDS]R]QDP
XUREtSRVWXSQHNySLXYHWNFKYUFKRORY
SR]RUQDWRHSUHSV~SUHPHQQp]DNSULYiWQH
XURELNRSLDDMDNRRE\DMQ~PHWyGXQDMSUYPXVtXYRQLS{YRGQREVDKVYRMKR]R]QDPX
QHVPLHVDSRXL'HVWUR\
SURFHGXUH]DUDGLSUYRN
SUHGSRNODGiPHH]R]QDPMHY]RVWXSQHXWULHGHQSRGDLQIR
]DUDGtQDVSUiYQHPLHVWR
SURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DLDWRN]QRYXQiMGHPLQLPXP]R]Y\NXGiKR]DPLQLPXPDW
SURFHGXUHY\KRG'XSO
NWRUiY\KRGtYHWN\SUYN\VURYQDNRXKRGQRWRXQHFKiOHQMHGHQSUYYVN\W
IXQFWLRQQDMGLLSUYRNLQWHJHU
]LVWtLQGH[SUYNXL
SURFHGXUHY\KRGLFLQWHJHU
]R]R]QDPXY\KRGtRGLWHKRSUYNXFSUYNRYSRGREQHDNRGHOHWHSUHUHD]FH
SRYLQQi'
'DQMHELQiUQ\V~ERUVORYHQJOGDWYNWRURPV~GYRMLFHVORYXORHQpWDNWREDMWGND
VORYD]DQtPQDVOHGXMHVORYRSUtVOXQSRHWEDMWRYEDMWGNDVORYDD]DQtPGUXKp
VORYRQDMSUYVORYHQVNpVORYRD]DQtPDQJOLFNHNYLYDOHQW6~ERUMHNRUHNWQREVDKXMH
SiUQ\SRHWVORY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
1DStWHSURJUDPNWRUY\WYRUtQRYELQiUQ\V~ERUHQJOVORYGDWYNWRURPEXG~GYRMLFH
VORYOH[LNRJUDILFN\XVSRULDGDQpSRGDGUXKpKRVORYD]GYRMLFH3RXLWHVSiMDQ]R]QDP
NWRUEXGHWHXGULDYDXWULHGHQ.DGYUFKRO]R]QDPXEXGHREVDKRYDGYDVWULQJ\D
VPHUQtNQH[W'RWULHG\VORYQLNVSiMDQ]R]QDPGRGHILQXMWHPHWyG\QDQDtWDQLH]R
VWUHDPXDWLHQD]iSLVGRVWUHDPXQDSU/RDG)URP6WUHDP6DYH7R6WUHDPVORYiGR
]R]QDPXSULGiYDMWHPHWyGRX]DUDGNWRUi]DUDGtGYRMLFXVORYQDVSUiYQHPLHVWRGR
VORYQtNDDE\EROVWiOHXVSRULDGDQSRGDDQJOLFNpKRVORYD
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
&YLHQLH]'HOSKL
1DMSUYSUHFYLLRE\DMQpVSiMDQp]R]QDP\
VSiMDQPL]R]QDPDPLUHSUH]HQWXMHPHPQRLQ\WDNWR]R]QDPREVDKXMHOHQU{]QHtVODXWULHGHQp
Y]RVWXSQH
Y\WYRUWHPHWyG\WULHG\]R]QDPNWRUpUHDOL]XM~PQRLQRYpRSHUiFLHSDUDPHWHUPMHWLHPQRLQRY
]R]QDP
7ULHGDSRO\QRP
W\SH
YUFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[WYUFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQYUFKRO
HQG
SRO\QRP FODVV
SULYDWH
]YUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURSHUW\]DFYUFKROUHDG]
HQG
'RGHILQXMWHGRWULHG\SRO\QRPPHWyG\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
KRGQRWX[
SURFHGXUHGRWDEW76WUHDP[UHDO
GRWH[WRYpKRV~ERUXSULGiMHGHQULDGRNVGYRPDtVODPL[DKRGQRWD[SRXLWH)ORDW7R6WU[
SURFHGXUHNUHVOLLP7,PDJH[[UHDO
GRLPDJHQDNUHVOtJUDINGH[MHYLQWHUYDOH[D[WUHEDQDMSUYSRGDLP:LGWK]LVWLSRHW
SRtWDQFKKRGQ{W[SRWRPY\SRtWDPLQDPD[KRGQRWXD]YROLPLHUNXSUH\V~UDGQLFX
QHULHLGRGHWDLORYOHQNUiWN\QiUWULHHQLDSUtSDGQHDNR'
SURFHGXUHY\QDVRE.NUHDOY\QiVREtSRO\QyPNRHILFLHQWRPN
SURFHGXUHSULFLWDMSSRO\QRP
SURFHGXUHY\QDVRESSRO\QRP
SURFHGXUHY\GHOSSRO\QRP
'YRMVPHUQVSiMDQ]R]QDP
PLQPD[VPHUQtNQDPLQUHVSPD[YUFKRO
RSUDYRSUDYtVPHUQtN\SUHYVPHUQtN\QH[WV~2.
PLQVRUWUHVSPD[VRUWY\XLWHPLQDPD[
6~GDQpGHNODUiFLHSUHGYRMVPHUQVSiMDQ]R]QDP
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
SUHYQH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
]R]QDP FODVV
SULYDWH
]YUFKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
NYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=YYUFKRO
SURFHGXUHSULGDM.YYUFKRO
SURFHGXUHYVXQ3UHGSUHGYYUFKRO
SURFHGXUHYVXQ=D]DYYUFKRO
SURFHGXUHY\KRGYYUFKRO
SURSHUW\SUY\YUFKROUHDG]
SURSHUW\SRVOHGQ\YUFKROUHDGN
HQG
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
&YLHQLH]'HOSKL
%LQiUQHVWURP\
-HGDQW\S
W\SH
SUYRNLQWHJHU
VWURP FODVV
LQIRSUYRN
OSVWURP
FRQVWUXFWRU&UHDWHLSUYRNQOQSVWURP
IXQFWLRQWH[WVWULQJYLUWXDOUHD]FRYpY\MDGUHQLHYUFKROD
HQG
QDNUHVOLWHVLQH~SOQVWURPKEN\DVSRWULUXQHKRY\StWHSUHRUGHURPLQRUGHURP
SRVWRUGHURP
RSDQi~ORKDQHMDNQH~SOQVWURPVYUFKROPLWUHED]DSOQLStVPHQNDPL
SURJUDPRYDQLH
'RGHILQXMWHPHWyG\WULHG\VWURP
IXQFWLRQVWURPY\SLVOLVWRYVWULQJY\StVDOLVW\VWURPX
IXQFWLRQVWURPY\SLVOLVWRYVWULQJ
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
WH[WWULYLiOQ\
SUtSDG
HOVH
EHJLQ
LIO!QLOWKHQ5HVXOW OY\SLVOLVWRYHOVH
5HVXOW
LIS!QLOWKHQ5HVXOW 5HVXOWSY\SLVOLVWRY
HQG
HQG
IXQFWLRQVWURPVXFHWOLVWRYSUYRNV~HWOLVWRY
IXQFWLRQVWURPVXFHWOLVWRYSUYRN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW LQIRWULYLiOQ\SUtSDG
HOVH
EHJLQ
LIO!QLOWKHQ5HVXOW OVXFHWOLVWRYHOVH
5HVXOW
LIS!QLOWKHQ5HVXOW 5HVXOWSVXFHWOLVWRY
HQG
HQG
IXQFWLRQVWURPPLQOLVWVWURPYUiWLPLQLPiOQ\OLVWVPLQKRGQRWRXP{HWH
URELDMPLQLPiOQ\YUFKROYVWURPH
IXQFWLRQVWURPPLQOLVWVWURP
YDUOOSSVWURP
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW VHOIWULYLiOQ\SUtSDG
HOVH
EHJLQ
LIO!QLOWKHQOO OPLQOLVW
LIS!QLOWKHQSS SPLQOLVW
LIS QLORUO!QLODQGOOLQIR SSLQIRWKHQ
5HVXOW OO
HOVH5HVXOW SS
HQG
HQG
IXQFWLRQVWURPQDMSO\WVLBOLVWVWURPYUiWLOLVWYVWURPHVQDMPHQRXKENRX
QDMSO\Wt
SUDYGHSRGREQHEXGHPDYDUSDUDPHWHUYNWRURPYUiWLKENXQiMGHQpKRYUFKRODQDSU
YDUOOSSVWURPOKSKLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQEHJLQ5HVXOW VHOIK
HQG
HOVH
EHJLQ
LIO!QLOWKHQOO OQDMSOOKHOVHOK PD[LQW
LIS!QLOWKHQSS SQDMSOSKHOVHSK PD[LQW
LIOK SKWKHQEHJLQ5HVXOW OOK OKHQG
HOVHEHJLQ5HVXOW SSK SKHQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
SR]PHWHWDNDE\PHWyGDYUiWLODQDMY\tD]iURYHQDMDYHMtQH~SOQYUFKROQHPi
RERFKV\QRY
SURFHGXUHVWURP9<0(1NWRUiSUHNDGYUFKROY\PLHDMHKRDYDSUDYSRGVWURP
VWURPH
IXQFWLRQJHQHUQLQWHJHUVWURPY\UREt~SOQVWURPKEN\1QDSU
EHJLQ
LIQWKHQ5HVXOW QLO
HOVH5HVXOW VWURP&UHDWHJHQHUQJHQHUQ
HQG
tVORYDYUFKRO\SULY\UiEDQtSRPRFRXSUHRUGHULQRUGHUSRVWRUGHUQDSUSRPRFRX
JOREiOQHMSUHPHQQHM
YDU[LQWHJHU JOREDOQDSUHPHQQi
tVORYDYUFKRO\SR~URYQLDFKQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
EHJLQ
LIQWKHQ5HVXOW QLO
HOVH5HVXOW VWURP&UHDWH[JHQHUQ
[JHQHUQ
[
HQG
DNRUHNXU]tYQ\NRQWUXNWRUYUFKRO\YMHGQHM~URYQLPDM~URYQDNptVOR
FRQVWUXFWRUVWURP8SOQ\QLQWHJHU
EHJLQ
LQIR QO QLOS QLO
LIQ!WKHQ
EHJLQ
O VWURP8SOQ\QWXWUHEDXYLHVDMPHQRWULHG\VWURP
LQDNVDWRY\WYRUt]OH
S VWURP8SOQ\Q
HQG
HQG
NySLDVWURPX
JOREiOQDIXQNFLDQLHPHWyGD
EHJLQ
LIV QLOWKHQ5HVXOW QLO
HOVH
5HVXOW VWURP&UHDWHVLQIR.RSLDVO.RSLDVS
HQG
DNRPHWyGDWULHG\VWURP
IXQFWLRQVWURPNRSLUXMVWURP
EHJLQ
5HVXOW VWURP&UHDWHLQIRQLOQLO
LIO!QLOWKHQ5HVXOWO ONRSLUXM
LIS!QLOWKHQ5HVXOWS SNRSLUXM
HQG
DNRUHNXU]tYQ\NRQWUXNWRU
FRQVWUXFWRUVWURP.RSLDVVWURP
EHJLQ
LQIR VLQIRO QLOS QLOQHWUHEDOHERVDWRQDLQLFLDOL]XMH
DXWRPDWLFN\
LIVO!QLOWKHQO VWURP.RSLDVO
LIVS!QLOWKHQS VWURP.RSLDVS
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
EHJLQ
O)UHH
S)UHH
HQG
FKRGHQLHSRELQiUQRPVWURPHSR~URYQLDFKVSRXLWtP48(8(QDSU
SURFHGXUHVWURPY\SLVVWULQJ
YDUTTXHXH
VVWURP
EHJLQ
T TXHXH&UHDWHTDSSHQGVHOI5HVXOW
UHSHDW
TVHUYHV5HVXOW 5HVXOWVWH[W
LIVO!QLOWKHQTDSSHQGVO
LIVS!QLOWKHQTDSSHQGVS
XQWLOTHPSW\
HQG
SURFHGXUH3ULGDM9UFKROSSUYRNSULGiYUFKROGRVWURPXWDNDE\SULY\WYiUDQt
VWURPXOHQSRPRFRXWDNpKRWRSULGiYDQLDY]QLNODKDOGDWMVWURPVDSRVWXSQH]DSDSR
~URYQLDFK
SRXLWHPRGLILNiFLXQDMSO\WVLBOLVWNWRUiYUiWLQDMSO\WtQH~SOQYUFKROWMNWRU
QHPiRERFKV\QRYPiMHGQpKRDOHERLDGQHKRV\QD
1'QDStWHtVHOQ~IXQNFLX=,67,VMHGQPSDUDPHWURPW\SXVWURPNWRUi]LVWtSRHWYUFKRORYY
VWURPHNWRUpV~YSRORYLQHMYNHGROQiFHOiDVEH]JOREiOQ\FKSUHPHQQFK9NDSUi]GQHKR
VWURPXMHYNDVWURPXVMHGQPYUFKRORP NRUHRPMH
%LQiUQHY\KDGiYDFLHVWURP\
]DGDDNRSUtNODG\QDSUHFYLHQLHGRPD1'
UXQHSUHFYLLYNODGDQLHDY\PD]iYDQLHYUFKRODYVWURPH
QDStWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
UHNXU]tYQ\KODGDM
QHUHNXU]tYQ\YOR]
RSUDYWHDOJRULWPXVUXHQLDYUFKRODWDNDE\VDQHXYRORYDOPLQLPiOQ\YUFKRODOHUXHQD
PLQLPiOQ\YUFKROVDSUHVPHUQtNRYDOQDPLHVWRUXHQpKRYUFKROX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
&YLHQLH]'HOSKL
%LQiUQHY\KDGiYDFLHVWURP\
YHWN\KRGQRW\QDDYRRGRWFDV~PHQLHDNRRWHFYHWN\KRGQRW\QDSUDYRRGRWFDV~YlLHDNRRWHF
YHWN\SRGVWURP\V~WLH%96YSLVLQRUGHURPY\StHXWULHGHQ~SRVWXSQRV
'HILQtFLXVPHUR]GHOLOLQDVWURPDYUFKRO
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
OSYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQSYUFKRO
HQG
VWURP FODVV
SULYDWH
NRUHQYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
1DNUHVOLWHQH~SOQELQVWURPDQDStWHXVSRULDGDQ~SRVWXSQRVtVLHO1DSOWHVWURP]DGDQPL
tVODPLWDNDE\EROELQiUQ\Y\KDGiYDFt
5XQHSUHFYLLYNODGDQLHDY\PD]iYDQLHYUFKRODYVWURPH
1DStWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRXVWDt
SRYHGDDNRY\]HUDM~RWR]QDPHQiQiMVPLQPD[Y%96
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
IXQFWLRQVWURPPLQYUFKRO IXQFWLRQVWURPPLQYUFKRO
IXQFWLRQPLQYYUFKRO EHJLQ
YUFKRO 5HVXOW NRUHQ
EHJLQ ZKLOH5HVXOW!QLODQG
LIY QLORUYO QLOWKHQ 5HVXOWO!QLOGR
5HVXOW Y 5HVXOW 5HVXOWO
HOVH5HVXOW PLQYO HQG
HQG
EHJLQ
5HVXOW PLQNRUHQ
HQG
UHNXU]tYQ\KODGDM
IXQFWLRQVWURPUHNBKODGDMLSUYRNYUFKRO
SURFHGXUHVWURPYOR]LSUYRN
YDUYYUFKRO
EHJLQ
LINRUHQ QLOWKHQNRUHQ YUFKRO&UHDWHLQLOQLO
HOVH
EHJLQ
Y NRUHQ
ZKLOHYLQIR!LGR
LILYLQIRWKHQ
EHJLQ
LIYO QLOWKHQYO YUFKRO&UHDWHLQLOQLO
Y YO
HQG
HOVH
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
$OJHEUDLFNpVWURP\
W\SH
DVWURP FODVV
HQG
DRSHUDFLD FODVVDVWURP
RSFKDU
OSDVWURP
FRQVWUXFWRU&UHDWH]FKDUOOSSDVWURP
HQG
DRSHUDQG FODVVDVWURP
KRGSUYRN
FRQVWUXFWRU&UHDWHKSUYRN
HQG
1DStWHDULWPHWLFNYUD]
YSUHIL[H
YSRVWIL[H
DQDNUHVOLWHSUHQHKRDOJHEUDLFNVWURP
9\WYRUWHIXQNFLXQDVNRQWUXRYDQLHDOJHEUDLFNpKRVWURPX]SUHIL[RYpKR]iSLVXSUHIL[GRVWDQHPH
YUDGHVWULQJRY
YDUTTXHXH
IXQFWLRQVNRQVWUXXMDVWURP
YDUVVWULQJ
EHJLQ
TVHUYHV
LIOHQJWKV!RUV>@LQ>
@WKHQ
5HVXOW DRSHUDQG&UHDWHVWUWRLQWV
HOVH
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
/H[LNRJUDILFNpVWURP\
W\SH
OVWURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
]
@RIOVWURP
SURFHGXUHSULGDMFRQVWVVWULQJ
HQG
GR0HPRY\StHYHWN\VORYiGN\N
SURFHGXUHOVWURPY\SLVNLQWHJHUVVWULQJ
YDULFKDU
EHJLQ
LIN WKHQ
LISRFHW!WKHQ0HPR/LQHV$GGV
HOVH
HOVH
IRUL ORZSWRKLJKSGR
LIS>L@!QLOWKHQS>L@Y\SLVNVL
HQG
1'NRNRU{]Q\FKVORYMHUHSUH]HQWRYDQFKYVWURPH
Y\StHQDMIUHNYHQWRYDQHMLHVORYR
]LVWtIUHNYHQFLXVORYDVVWULQJNWRUpGRVWDQHDNRSDUDPHWHU
9HREHFQ]R]QDPNWRVWtKD
W\SH
7$WRP VWULQJ
Y]R]QDP FODVV
HQG
DWRP FODVVY]R]QDP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
KRGQ7$WRP
FRQVWUXFWRU&UHDWHK7$WRP
HQG
]R]QDP FODVVY]R]QDP
V\QY]R]QDP
GDOVL]R]QDP
FRQVWUXFWRU&UHDWHVY]R]QDPG]R]QDP
HQG
1DStWHSURFHG~U\DIXQNFLHSUHSUiFXVRYHREHFQP]R]QDPRP
IXQFWLRQOHQJWKLQWHJHUNWRUiYUDFLDGNXYHREHFQpKR]R]QDPXSRHWSUYNRYQD
QDMY\HM~URYQL
IXQFWLRQY]R]QDPOHQJWKLQWHJHUYLUWXDODEVWUDFW
IXQFWLRQ]R]QDPOHQJWKLQWHJHURYHUULGH
IXQFWLRQDWRPOHQJWKLQWHJHURYHUULGH
IXQFWLRQ]R]QDPOHQJWKLQWHJHU
YDUV]R]QDP
EHJLQ
V VHOI5HVXOW
ZKLOHV!QLOGR
EHJLQ
LQF5HVXOW
V VGDOVL
HQG
HQG
IXQFWLRQDWRPOHQJWKLQWHJHU
EHJLQ
5HVXOW
HQG
2VWDWQpVWDtURELOHQSUHWULHGX]R]QDP
IXQFWLRQSUY\Y]R]QDPYUiWLSUYSUYRN]R]QDPX
IXQFWLRQEH]SUY\Y]R]QDPYUDFLDVPHUQtNQD]R]QDPEH]SUYpKRSUYNX
IXQFWLRQSRVOY]R]QDPNWRUiYUDFLDVPHUQtNQDSRVOHGQSUYRN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
3'
3RGDSUHGQiN\]Y\WYRUWHSUHWHNWULHGLDFLFKDOJRULWPRY9\EHUWHVLDVSRWULHGHQLD]WRKR
DVSRMHGQRUFKOH1DMOHSLHMHGQRSRPDOpDRVWDWQpUFKOH
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
&YLHQLH]'HOSKL
7ULHGHQLD
DOJRULWPXVWULHGHQLD5DGL[6RUW
PDMPHYVWXSQ~SRVWXSQRV1tVHOtVODPDM~URYQDNSRHWFLILHUP{XDOHQHPXVLDPD
Y\WYRUPHVLYHGLHUNDVQi]YDPLGRNURUFKEXGHPHGRDVQHYNODGDtVODSRGD
QLHNWRUFKFLILHU
WULHGLPHWDNWR
SRVWXSQHEHULHPHYHWN\tVODDKiGHPHLFKGRYHGLHURNSRGDSRVOHGQHMFLIU\GR
YHGLHUNDSULGiYDPHQRYptVORYG\QDYUFK
YRYHGLHUNDFKY]QLNQ~NUiWNHSRVWXSQRVWLtVHOQLHNWRUpP{XE\DMSUi]GQHSRVWXSQRVWL
WLHWRSRVWXSQRVWLSRWRPRSlVSRMtPH]UHD]tPHDWRWDNDE\]DtVORPNWRUpMHQDYUFKX
YHGLHUNDVQLtPQi]YRPQDVOHGRYDORtVORNWRUpVDQDFKiG]DQDGQHYHGLHUNDVY\tP
Qi]YRP
WDNWRSRNUDXMHPHSUHDOLHFLIU\RGNRQFDSUHYHWN\FLIU\
3UHYHGLHUNDP{HWHSRXLGiWRY~WUXNW~UXSROHVSiMDQFK]R]QDPRYtVHONWRUpGRGDQpKR
YHGLHUNDSDWULD
$OJRULWPXVP{HWHQDMSUYSUHFYLLUXQHQDWDEXOL
SURFHGXUH]R]QDP5DGL[6RUW
YDUYYHGLHUND
RLQGH[ME\WH
LLQWHJHU
EHJLQ
L
IRUR WRSFLIGRSFLIJOREiOQDSUHPHQQiPD[SRHW
FLILHU]DGDQFKtVHO
EHJLQ
IRUM WRGRY>M@ ]R]QDPFUHDWH
ZKLOH]!QLOGRUR]KiGGRYHGLHURN
EHJLQ
LQGH[ ]LQIRGLYLPRG
Y>LQGH[@SULGDM.]LQIR
]UXV=
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJFOJF
IRUM WRGR]UHD]YHGLHUND
EHJLQ
SULOHS.Y>M@
Y>M@)UHH
HQG
L L
HQG
HQG
4XLFN6RUW
SURFHGXUHTXLFN]NLQWHJHU
YDULSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
9\WYRUWHSURFHG~UXUR]GHOWDNDE\SUHKDGiYDODSROHGYRPDVPHUPL]R]DLDWNXDRGNRQFDD
QDY]iMRPY\PLHDODGYDY\PLHDQLDKRGQpSUYN\
0HUJH6RUW
8VSRULDGDMWHSROHDOJRULWPRP0HUJH6RUWEH]SRXLWLDSRPRFQpKRSRD
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
&YLHQLH]'HOSKL
*UDI\
SROHPQRtQVXVHGRY
W\SH
YUFKRO\ PD[DOHERPD[
VXVHGLD VHWRIYUFKRO\
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RIVXVHGLD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
WDEXNDVXVHGQRVWtP{HPHRKRGQRWLKUDQ\
W\SH
YUFKRO\ PD[DOHERPD[
YDKD LQWHJHUERROHDQSUHJUDI\VQHRKRGQRWHQPL
KUDQDPL
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\YUFKRO\@RIYDKD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
SROHVSiMDQFK]R]QDPRYVXVHGRY
W\SH
YUFKRO\ PD[
KUDQD FODVV
FLVORYUFKRO\
QH[WKUDQD
FRQVWUXFWRU&UHDWHFYUFKRO\YLQWHJHUQKUDQD
HQG
*UDI FODVV
SULYDWH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
JDUUD\>YUFKRO\@RIKUDQD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
]R]QDP]R]QDPRYYUFKRORYQHEXGHPHYHPLSRXtYD
W\SH
KUDQD FODVVNDG]i]QDPUHSUH]HQWXMHMHGQXKUDQX
SYUFKROQLHNWRUYUFKROJUDIX
YDKDLQWHJHU
QH[WKUDQD
HQG
YUFKRO FODVV
VXVKUDQD]R]QDPVXVHGRY ]R]QDPRPKUiQ]GDQpKR
YUFKROD
LQIRLQIRUPiFLDRYUFKROH
QH[WYUFKRO
HQG
JUDI YUFKRO
G\QDPLFNpSROHG\QDPLFNFKSROtEXGHPHKODYQHSRXtYD
W\SH
YUFKRO\ LQWHJHU
KUDQ\ LQWHJHU
KUDQD FODVV
FLVORYUFKRO\tVORVXVHGQpKRYUFKROD
FRQVWUXFWRU&UHDWHFYUFKRO\
HQG
YUFKRO FODVV
[\LQWHJHUV~UDGQLFHYUFKROD
VXVDUUD\RIKUDQD
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
HQG
*UDI FODVV
JDUUD\RIYUFKRO
FRQVWUXFWRU&UHDWH
HQG
tWDQLHD]iSLVGRV~ERUX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
*UDIMHSRStVDQYV~ERUHPDSDGDWNWRUpKRYHW\SRSLVXM~UR]ORHQLHRViGQDPDSHDWLHFHVW\
PHG]LRVDGDPL.DGiYHWDREVDKXMH
V~UDGQLFHRVDG\QDREUD]RYNHGYHFHOptVODLQWHJHU
SRVWXSQRVtVHOE\WHVXVHGLDFLFKRViGXNRQHQiKRGQRWRXRVDG\V~RtVORYDQpYSRUDGt
YLHWYV~ERUH
*UDIUHSUH]HQWXMWHYSDPlWLDNRSROHPQRtQVXVHGRYWDEXNXVXVHGQRVWtDOHERG\QDPLFNpSROH
G\QDP\FNFKSROtVXVHGRY
FRQVWPD[
W\SH
YUFKRO\ PD[
VXVHGLD VHWRIYUFKRO\
9UFKRO UHFRUG
[\LQWHJHU
VXVVXVHGLD
HQG
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RI9UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
FRQVWUXFWRU1DFLWDMI7)LOH6WUHDP
SURFHGXUH3ULGDM+UDQXDEYUFKRO\
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GR
ZLWKJ>L@GR
EHJLQ
[ \ VXV >@
HQG
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\
EHJLQ
J>D@VXV J>D@VXV>E@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
J>E@VXV J>E@VXV>D@SUHQHRULHQWRYDQ
JUDI
HQG
FRQVWUXFWRU*UDI1DFLWDMI7)LOH6WUHDP
YDUDEE\WH
EHJLQ
&UHDWH
D
ZKLOHI3RVLWLRQI6L]HGR
EHJLQ
IUHDGJ>D@[
IUHDGJ>D@\
IUHDGE
ZKLOHE!GR
EHJLQ
SULGDM+UDQXDE
IUHDGEVL]HRIE
HQG
LQFD
HQG
HQG
FRQVWUXFWRUKUDQD&UHDWHFYUFKRO\
EHJLQ
FLVOR F
HQG
FRQVWUXFWRUYUFKRO&UHDWH[[\\LQWHJHU
EHJLQ
[ [[\ \\
VXV QLO
HQG
SURFHGXUHYUFKROSULGDM+UDQXFKUDQ\
EHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ KUDQD&UHDWHF
HQG
SURFHGXUHJUDISULGDM9UFKRO[[\\LQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ YUFKRO&UHDWH[[\\
HQG
FRQVWUXFWRUJUDI&UHDWHYDUI7)LOH6WUHDP
YDU[\LQWHJHUEE\WH
EHJLQ
J QLO
ZKLOHI3RVLWLRQI6L]HGR
EHJLQ
IUHDG[IUHDG\
SULGDM9UFKRO[\
IUHDGE
ZKLOHE!GR
EHJLQ
J>KLJKJ@SULGDM+UDQXE
IUHDGEVL]HRIE
HQG
HQG
HQG
3RNUDRYDQLHDNMHJUDIQHRULHQWRYDQDH[LVWXMHKUDQD>99@PXVtH[LVWRYDDMKUDQD>99@
YV~ERUHWRWDNQHPXVtE\
,Qp]DGDQLH'iWDYELQiUQRPV~ERUHV~XORHQpQDVOHGRYQH
YSUYHMYHWHMHXYHGHQpFHOptVORQLQWHJHUNWRUp]RGSRYHGiSRWXREFt
DOHMQDVOHGXM~SUHNDG~REHFMHMV~UDGQLFHQDREUD]RYNHW\SXLQWHJHUDQtVHOLQWHJHU
NWRUp]RGSRYHGDM~
Y]GLDOHQRVWLDPGDQHMREFHRGRVWDWQFKREFtSRNLDGYHREFHQLHV~VSRMHQpFHVWRXMHWiWR
Y]GLDOHQRV
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDYUFKRORYQLHMHYLDFDNR
9\NUHVOHQLHJUDIX
5HDOL]XMWHY\NUHVOHQLHQLHNWRUpKR]SUHGFKiG]DM~FLFKJUDIRYQDtWDQFK]RV~ERUXGR
JUDILFNHMSORFK\9UFKRO\NUHVOLWHNU~NDPL
SURFHGXUHJUDINUHVOLSUH*UDI
YDULMLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
F3HQ&RORU FO%ODFN
F)LOO5HFW)RUP,PDJH&OLHQW5HFW
IRUL WRKLJKJGR
ZLWKJ>L@GR
EHJLQ
F(OOLSVH[U\U[U\U
IRUM LWRKLJKJGR
LIMH+UDQDLMWKHQ
EHJLQ
F0RYH7R[\ZLWKJ>M@GR
F/LQH7R[\
HQG
HQG
HQG
2Wi]ND$NRY\NUHVOLRULHQWRYDQpJUDI\"1DSUVRtSNDPL$NR]UHDOL]RYDDE\tSN\
QHY\FKiG]DOL]RVWUHGXNUXQLFHDOHRGNUDMD"
9V~ERUHSULEXGRODOt~GDMSUHFHVWXPHG]LRVDGDPLMHMNYDOLWDSRQiFHVWDFHVWD
WULHG\GLDQLFD9\NUHVOLWHJUDIVRKRGQRWHQPLKUDQDPLWDNHKRGQRWDKUDQ\EXGH
XURYDKU~ENXY\NUHRYDQHMLDU\FHVW\
*UDI\DP\
=UHDOL]XMWHSULGiYDQLHYUFKRORYDKUiQGRJUDIX
.OLNQXWtPGRSORFK\Y\WYRUWHQDGDQRPPLHVWHQRYYUFKROJUDIX]DWLDVDPRVWDWQ
YUFKROEH]KUiQ
.OLNQXWtPGRSORFK\EOt]NRH[LVWXM~FHKRYUFKRODR]QDWHWHQWRYUFKROSUHNUHVOLWHKRLQRX
IDUERXDDOtPNOLNQXWtPQDH[LVWXM~FLYUFKROY\WYRUWHKUDQXPHG]LWPLWRGYRPD
YUFKROPLR]QDHQLHSUYpKRYUFKROD]PL]QH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDULLQWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
L JNOLN[\
LILWKHQEHJLQJSULGDM9UFKRO[\Y HQG
HOVHLIYWKHQEHJLQY L
J]DIDUEL9UFKROLFO5HGHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
&YLHQLH]'HOSKL
6~GDQpGHNODUiFLH
W\SH
YUFKRO\ PD[
*UDI FODVV
JDUUD\>YUFKRO\@RIVHWRIYUFKRO\
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\>YUFKRO\YUFKRO\@RIERROHDQ
FRQVWUXFWRU&UHDWH
HQG
KUDQD FODVV
FLVORYUFKRO\tVORVXVHGQpKRYUFKROD
FRQVWUXFWRU&UHDWHFYUFKRO\
HQG
YUFKRO FODVV
VXVDUUD\RIKUDQD
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\RIYUFKRO
FRQVWUXFWRU&UHDWH
HQG
YHREHFQp~ORK\DNQLHMHGDQiUHSUH]HQWiFLDY\EHUWHVLSUtSDGQHVN~VWHYLDFHUp
0iPHQHRULHQWRYDQJUDI1DStWHIXQNFLXIXQFWLRQJUDI1DMGL$UWLNXODFLXLQWHJHU
NWRUi]LVWtLJUDIREVDKXMHWDNYUFKROHSRMHKRRGVWUiQHQtVD]YLSRHWNRPSRQHQWRYYUiWLEX
tVORYUFKRODDOHERDNWDNQHH[LVWXMH
]PRGLILNXMHPHPHWyGXQDYSRHWSRWXNRPSRQHQWRYDE\XQHSRtWDODVQHMDNPYUFKRORP
DNRNHE\EROY\KRGHQ
IXQFWLRQJUDISRFHWNYYUFKRO\LQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
YDULLQWHJHU
EHJLQ
5HVXOW YLVLWHG >Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQ
EHJLQGRKOEN\LLQF5HVXOWHQG
HQG
0iPHQHRULHQWRYDQV~YLVOJUDI1DStWHSURFHG~UXNWRUi]QHKR^Y\WYRUtQRYJUDIWDNH`Y\KRGtWLH
KUDQ\NWRUpQLHV~PRVWRP7RRRVWDQHWYRUtNRVWUX
QDSUSRVWXSQHSUHFKiG]DPHYHWN\KUDQ\
"~YDK\RVUHSUH]HQWiFLRX
RPHQLDNWUHEDY\WYRULQRYJUDINWRUREVDKXMHOHQNRVWUX
SURFHGXUHJUDINRVWUD
YDULMYUFKRO\
EHJLQ
IRUL WRKLJKJGR
IRUM LWRKLJKJGR
LIMH+UDQDLMWKHQ
EHJLQ
=UXV+UDQXLM
LISRFHWN!WKHQSRHWNRPSRQHQWRYJUDIX
3ULGDM+UDQXLM
HQG
HQG
=LVWLLVDQHRULHQWRYDQJUDIGiQDNUHVOLMHGQPX]DYUHWPDKRPYHWN\YUFKRO\PXVLDE\
SiUQHDOHERSUiYHGYDYUFKRO\QHSiUQHKRVWXSD
~YDK\SUHU{]QHUHSUH]HQWiFLH
QDSUSUH*UDI
IXQFWLRQJUDIGDVDERROHDQ
YDULSLQWHJHU
EHJLQ
5HVXOW IDOVHS
LISRFHWN!WKHQH[LW
IRUL WRKLJKJGR
LIRGG/HQJWKJ>L@VXVWKHQ
EHJLQLQFSLIS!WKHQH[LWHQG
5HVXOW S!
HQG
9\O~L]JUDIXYHWN\YUFKRO\NWRUpPDM~VWXSHY\tQHGDQpN
QDMSUYWUHED]LVWLPQRLQXUXHQFKYUFKRORYDSRWRPLFKQDUD]YHWN\]UXL
~YDK\SUHU{]QHUHSUH]HQWiFLH
QDSUSUH*UDI
SURFHGXUHJUDI]UXVNNLQWHJHU
YDULLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
PVHWRIYUFKRO\
EHJLQ
P >@
IRUL WRKLJKJGR
LI/HQJWKJ>L@VXV!NWKHQP P>L@
IRUL WRKLJKJGR
LILLQPWKHQ=UXV9UFKROL
HQG
]LVWLSRHWYUFKRORYGRNWRUFKVDP{HPGRVWD]GDQpKRYUFKROX
JUDIVDVNODGiSUiYH]GYRFKNRPSRQHQWRYGRSOWHKUDQXDE\VDVWDOV~YLVO
QDSU
SURFHGXUHJUDISULGDM0RVW
YDULLQWHJHU
EHJLQ
YLVLWHG >@GRKOEN\YRYLVLWHGV~OHQYUFKRO\NRPSRQHQWX
L ZKLOHLLQYLVLWHGGRLQFL
3ULGDM+UUDQXL
HQG
]RYHREHFQLSUHGFKiG]DM~FLSUtNODGSULGDM0RVW\QHYLHPHNRNRNRPSRQHQWRYJUDIREVDKXMH
WUHEDSULGDPLQLPiOQ\SRHWKUiQDE\VDVWDOV~YLVO
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
&YLHQLH]'HOSKL
6~GDQpGHNODUiFLH
W\SH
YUFKRO\ PD[
*UDI FODVV
JDUUD\>YUFKRO\@RIVHWRIYUFKRO\
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\>YUFKRO\YUFKRO\@RIERROHDQ
FRQVWUXFWRU&UHDWH
HQG
KUDQD FODVV
FLVORYUFKRO\tVORVXVHGQpKRYUFKROD
FRQVWUXFWRU&UHDWHFYUFKRO\
HQG
YUFKRO FODVV
VXVDUUD\RIKUDQD
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\RIYUFKRO
FRQVWUXFWRU&UHDWH
HQG
%DFNWUDFNLQJ
-HGDQiPHWyGDWULHG\~ORKD
YDULLQWHJHU
SURFHGXUHXORKDEDFNWUDFNLQJFRQVWV]VWULQJ
EHJLQ
LI]
WKHQY\SLVV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
HOVH
IRUL WROHQJWK]GR
EDFNWUDFNLQJV]>L@FRS\]LFRS\]LPD[LQW
HQG
D2SUDYWHGUREQ~FK\ELNXNY{OLNWRUHMVDSURJUDP]DF\NOt
E3UHVQHY\StWHWRRY\StHWHQWRRSUDYHQSURJUDPSRYRODQtXORKDEDFNWUDFNLQJ
[\]
-HGDQiWULHGD
FRQVW1
W\SH
XORKD FODVV
DDUUD\>11@RIE\WH
SLQWHJHU
FRQVWUXFWRUFUHDWH
SURFHGXUHEDFNLMLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRUXORKDFUHDWH
EHJLQ
ILOOFKDUD1
1S
HQG
SURFHGXUHXORKDEDFNLMLQWHJHU
EHJLQ
LILLQ>Q@DQGMLQ>Q@DQGD>LM@ WKHQ
LIL 1DQGM 1WKHQLQFS
HOVH
EHJLQ
D>LM@
EDFNLMEDFNLMEDFNLM
D>LM@
HQG
HQG
SURFHGXUHXORKDVWDUW
EHJLQ
EDFN
Y\SLVS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJFOJF
HQG
=LVWLWHDN~~ORKXULHLKRGQRWXSUHPHQQHMS
ORKD]YODDMLHKRVN~NRYpKRWHVWX
'DQSURJUDPQLHR]LVXMHQDQHRULHQWRYDQRPRKRGQRWHQRPJUDIHSRPRFRXSUHKDGiYDQLDV
QiYUDWRP
YDUJDUUD\>QQ@RIFKDU
LSLQWHJHU
SURFHGXUHEDFNWUDFNLLQWHJHUFRQVWVVWULQJ
YDUMLQWHJHU
EHJLQ
LIV
WKHQLQFS
HOVHIRUM WRQGR
LIJ>LM@ V>@WKHQ
EHJLQ
J>LM@
J>ML@
EDFNWUDFNMFRS\VPD[LQW
J>LM@ V>@J>ML@ V>@
HQG
HQG
SURFHGXUHVWDUW
EHJLQ
QDFLWDQLHJUDIX
S
IRUL WRQGREDFNWUDFNL
DDEDFF
Y\SLVS
HQG
1DNUHVOLWHJUDIVSLDWLPLYUFKROPLDRQDMPHQtPSRWRPKUiQWDNDE\SURFHG~UDVWDUWY\StVDODtVOR
'DQMHV~YLVOJUDIUHSUH]HQWRYDQSRRPPQRtQVXVHGRYDYUFKRO\[D\1DStWHSURJUDPNWRUY\StH
YHWN\FHVW\YHG~FH]YUFKROD[GRYUFKROD\YGDQRPJUDIH
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
Skka
PiM
7HUPtQ\QDVN~NX
=DGDQLHWHVWXNXVN~NH!!!9VOHGN\WHVWX
=DGDQLHQDVN~NHPiMGRREHGD V~ERU\
=DGDQLHQDVN~NHPiMSRREHGH V~ERU\
=DGDQLHQDVN~NHPiM V~ERU\
=DGDQLHQDVN~NHPiMGRREHGD V~ERU\
=DGDQLHQDVN~NHPiMSRREHGH V~ERU\
=DGDQLHQDVN~NHPiMGRREHGD V~ERU\
=DGDQLHQDVN~NHPiMSRREHGH V~ERU\
=DGDQLHQDVN~NHPiMGRREHGD V~ERU\
=DGDQLHQDVN~NHPiMSRREHGH V~ERU\
SRGPLHQNRXNXVN~NHMH]iSRHW
NXVN~NHVLWXGHQWSULQHVLHERG\]RVHPHVWUDERG\]UR]FYLLHNNWRUpEROLQDGDSUpPLRYp
ERG\
RYSRVOXFKiUQL$EROWHVWNXVN~NH
QDRPVDGDOR]tVNDPD[LPiOQHERGRY
QLHVXQDRPSRYROHQpLDGQHPDWHULiO\DQLDKiN\
ULDGQ\WHUPtQVN~N\EXGHYGRFKYKDOiFK+D+
PD[LPiOQHVDGi]tVNDERGRY
WUHED]tVNDDVSRERGRY
ULHLVDMHGQD~ORKDKRGLQ\
P{HWHSRXtYDMHGHQDKiNIRUPiWX$
SUY~KRGLQXVLP{HWHQDY]iMRPSRUDGL
KRGQRWHQLH]RVHPHVWUDSUpPLDWHVWVN~ND
QHY\KRYHO
GREUH
YHPLGREUH
YERUQH
3UHGEHQpKRGQRWHQLH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7HVW]3URJUDPRYDQLD
SUHURQtN PiM
91SUYNRYRPFHORtVHOQRPSROLPiPHXORHQ~KDOGX
9MHGQRPNURNXWULHGHQtPKDOGRXKHDSVRUWVDSUYRN]NRUHDGRVWiYDPHG]LXWULHGHQpSRVOHGQ
SUYRNKDOG\VDSUHVXQLHQDMHKRPLHVWRGRNRUHDDSROHVDPLQLPiOQ\PL]PHQDPLVWDQHRSl
KDOGRX=UHDOL]XMHWHGYDNURN\WRKRWRWULHGHQLD'RWDEXOLHN]DStWHYVOHGN\SRSUYRPNURNX
DSRGUXKRPNURNX
3R]QSRGUXKRPNURNXE\PDOLE\YSRVOHGQFKGYRFKSUYNRFKSRDGYHPD[LPiOQHKRGQRW\
1DVOHGXM~FDPHWyGDY\SLVXMHYUFKRO\QHRULHQWRYDQpKRJUDIXPHWyGRXGRtUN\
SURFHGXUH
JUDIGRVLUN\YLQWHJHU
YDULLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWH
TDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHG
WKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
Y\StKRGQRWX
YUFKRODY
IRUL WR
SRFBYUFKRORYGR
LIMH+UDQDYL
WKHQ
TDSSHQGL
HQG
XQWLOTHPSW\
T)UHH
HQG
0HWyGXGRVLUN\VPH]DYRODOLVSRLDWRQPYUFKRORP$'RStWHGRJUDIXRVWDWQp]QDN\WDNDE\
VDYUFKRO\Y\StVDOLYSRUDGt
$'(*,&%)+
YQ~WRUQHYGiWRYHMWUXNW~UHV~YUFKRO\YSRUDGt]DYDGRSUDYD]KRUDQDGRO
tVODVDSRVWXSQHSULGiYDOLGRSUi]GQHKRELQiUQHKRY\KDGiYDFLHKRVWURPXWDNHKEND
VWURPXERODQDNRQLHFDRNUHPNRUHDDOLVWRYPDONDGYUFKROSUiYHMHGQpKRV\QD1DYUKQLWH
SRUDGLHtVHOYDNRPVDSULGiYDOLGRVWURPX
.RNROLVWRYPiOH[LNRJUDILFNVWURPGRNWRUpKRVPHYORLOLYHWN\VORYiGN\PD[LPiOQH
DM]ORHQpOHQ]StVPHQ^DEF`SULRPREVDKXM~URYQDNSRHWStVPHQDDME"
1DVOHGXM~FDSURFHG~UDYSROLVPHUQtNRYQDUHiOQHtVODYHWN\VPHUQtN\V~QD]DLDWNXU{]QH
XYRQtYHWN\G\QDPLFNpSUHPHQQpRNUHPSUYpKRYVN\WXNWRUpREVDKXM~URYQDNpKRGQRW\
GXSOLNiW\DSUHVPHUQtNXMHLFKQDMHGQX]QLFKLDYSURFHG~UHMHQLHNRNRFKE2SUDYWHLFK
SURFHGXUHXUREYDUDDUUD\RIAUHDO
YDULMLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGR
EHJLQ
M LUHSHDWLQFMXQWLOM KLJKDDQG
D>L@ D>M@
LIM KLJKDWKHQEHJLQGLVSRVHD>M@AD>M@A D>L@A
HQG
HQG
HQG
=LVWLWHNRNRH[LVWXMHU{]Q\FKDOJHEUDLFNFKVWURPRYNWRUpREVDKXM~SUiYHRSHUiWRU\
D
W\ULU{]QHRSHUDQG\^[\X]`
FKEDM~FHDVWLVPHUQtNSXND]XMHQDSRVWXSQRV]QDNRYSRORNDGREVDKXMHPRPHQWiOQX
GNX
SURFHGXUHNRG\YDUWWH[WILOH
YDUWDEDUUD\>@RIUHFRUGSSRLQWHUGLQWHJHUHQG
VVWULQJ
N
EHJLQ
IRUN WRGRWDE>N@S QLO
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQWNV
LIWKHQ
EHJLQ
VHWOHQJWKV
PRYHWDE>N@G
IUHHPHP
HQG
JHWPHPWDE>N@S
WDE>N@G OHQJWKV
PRYHV>@
HQG
HQG
'DQiSURFHG~UDVRUWMHKODYQRXSURFHG~URXTXLFNVRUWXSULRPYROiSRPRFQ~SURFHG~UXUR]GHO
NWRUiDNRSLYRWDY\EHULHSUYRNVLQGH[RP]NGLYDSRGDQHKRUR]GHOtSUYN\SRD
3UHGSRNODGDMWHHUR]GHO]DFKRYiUHODWtYQHSRUDGLHSUYNRYYUR]GHOHQFKGYRFKDVWLDFK
SURFHGXUHVRUW]NLQWHJHU
YDUSLYRWLQWHJHU
EHJLQ
LI]NWKHQ
EHJLQ
ZULWH
UR]GHO]NSLYRW
VRUW]SLYRWVRUWSLYRWN
HQG
HQG
9\P\VOLWHVHGHPSUYNRYpSROHU{]Q\FKtVHOSUHNWRUpVDY\StHKYLH]GLLHN
3UHYHREHFQ]R]QDPPiPHGDQ~QDVOHGXM~FXIXQNFLX
W\SH
7$WRP LQWHJHU
Y]R]QDP FODVVHQG
D6ORYQHSRStWHRY\SRtWDIXQNFLDOLVS
E1DYUKQLWHYVWXSQYHREHFQ]R]QDPNWRUREVDKXMHOHQDWyP\DNDGptVORSUiYH
UD]WDNDE\YVOHGNRPIXQNFLHERORtVOR
=ELQiUQHKRY\KDGiYDFLHKRVWURPXYNWRURPEROLYHWN\tVODRGGREROY\KRGHQYUFKROV
KRGQRWRX.HVPHYUFKRO\WRKRWRVWURPXY\StVDOLDOJRULWPRPSRVWRUGHUGRVWDOLVPH
SRVWXSQRV
D1DNUHVOLWHWHQWRELQiUQ\Y\KDGiYDFtVWURP
E1DNUHVOLWHDVSRGYDU{]QHELQiUQHY\KDGiYDFLHVWURP\]NWRUFKSRY\KRGHQtYUFKRODV
KRGQRWRXY]QLNROGDQVWURP
3R]QQDY\KRGHQLHYUFKROD]%96VDSRXLODOJRULWPXV]SUHGQiN\
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
9VOHGN\WHVWXNXVN~NH
0HQR 6~HW
%DM]tN7LERU ,
%DOJDYi(YD ,
%DOWRYi$OH[DQGUD ,
%DUWHOW5LFKDUG ,
%HODV%UDQLVODY ,
%ODKR/DGLVODY ,
%Oi]VRYLWV*iERU ,
%XMiN7RPi ,
DQHFN0LFKDO ,
t)LOLS ,
'RELWHIDQ ,
'RULF0DUHN ,
'YRiNRYi-DQD ,
']DPNR7RPi ,
)LOR0DUWLQ ,
)LOR5RQDOG ,
)RUQHU9ODGLPtU ,
)UDWUL0LFKDO ,
)UOLND3HWHU ,
*DUGR6WDQLVODY ,
+DOLFN3HWHU ,
+DPDMXGRYtW ,
+DPDU'XDQ ,
+HUNRYi-DQD ,
+LWND0LFKDO ,
+|JHU7RPi ,
UR]ORHQLHERGRY
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGYLDF
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
3DUODPHQWRGKODVRYDOHMHSRWUHEQpY\NRQDSRVODQHFNSULHVNXPQDQLHNWRUFKPLQLVWHUVWYiFKDLQFK
WiWQ\FKLQWLW~FLiFK3RGDSUHGSLVRYQDNDG~LQWLW~FLXPXVtSUtMVWURMLFDSRVODQFRYDQDNRNRVD
SULHVNXPY\NRQiQDUD]YRYHWNFK1LQWLW~FLiFKYSDUODPHQWHXULOL
1SRVODQFRYNWRUtVD]~DVWQLD
WRKRWRSULHVNXPX-H]QiPHHQLHNWRUtSRVODQFLQHPDM~NXVHEHQDMOHStSUDFRYQY]DKDQHERORE\
SUHWRGREUHNHE\YMHGQHMWURMLFLEROLWDNtGYDMDNWRUtPDM~Y]iMRPQpNRQIOLNW\.DQFHOiULDSDUODPHQWX
]LVRYDODPHG]LSRVODQFDPLLFKY]DK\WMRGNDGpKRVLY\SWDOD]R]QDPNROHJRYDNROHJVNWRUPL
V~RFKRWQtVSROXSUDFRYDYMHGQHMWURMLFL3ULWRPDNSRVODQHF$XYLHGROSRVODQFD%HMHVQtPRFKRWQ
VSROXSUDFRYDDOHSRVODQHF%]DEXGROQDVYRMRP]R]QDPHXYLHVSRVODQFD$WDNSUHGSRNODGiPHH
GYRMLFD$%MHYSRULDGNX1DStWHSURJUDPNWRUSRP{HNDQFHOiULLSDUODPHQWXXULWURMLFHSUH
SDUODPHQWQSULHVNXPWDNDE\YLDGQHMWURMLFLQHY]QLNRONRQIOLNW
9V~ERUHWURMN\GDWV~YHWN\LQIRUPiFLHQDWRDE\VPHPRKOLULHL~ORKX
RNDGRPSRVODQFRYLMHYV~ERUHMHGHQ~GDMRYEORN
EORN]DtQDPHQRPSRVODQFD
]DQtPV~V~UDGQLFHYJUDILFNHMSORFKHDE\VPHULHHQLHPRKOL]DNUHVOLGRJUDIX
SRWRPQDVOHGXMH]R]QDPPLHQNROHJRYNWRUMHXNRQHQSUi]GQ\PUHD]FRP
PHQRNDGpKRSRVODQFDMHYV~ERUHXORHQpWDNHQDMSUYMHYMHGQRPEDMWHGNDUHD]FDD]D
RXQDVOHGXMHVDPRWQiSRVWXSQRV]QDNRYWHMWRGN\
V~UDGQLFH[D\V~YV~ERUHXORHQpDNRWYRUEDMWRYpFHOptVOD
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDSRVODQFRY
QLHMHYLDFDNR7LHP{HWHSUHGSRNODGDHNDGSRVODQHFPiDVSRGYRFKNROHJRYVNWRUPLMH
RFKRWQVSROXSUDFRYDDNHQDSUtNODGYVYRMRP]R]QDPHQHXYLHGROQLNRKR]UHMPHVDREMDYLODVSRQD
GYRFK]R]QDPRFKVYRMLFKNROHJRY
9]DK\PHG]LSRVODQFDPLUHSUH]HQWXMWHQHRULHQWRYDQPJUDIRPYNWRURPYUFKRO\R]QDXM~SRVODQFRYD
KUDQ\R]QDXM~RFKRWXVSROXSUDFRYDYQ~WRUQHJUDIUHSUH]HQWXMWHSRRPPQRtQ]DGHILQXMWHKRY
WULHGHJUDI3URJUDPKQHSRWDUWHQDtWDV~ERUY\WYRUt]QHKRJUDIDY\NUHVOtKRGRJUDILFNHMSORFK\
QDSUHGPLLDUDPLYUFKRO\JUDIXQHPXVtWH]REUD]RYDNU~NDPLDQLStVDNXQtPPHQiSRVODQFRY
3RNOLNQXWtQDWODLGOR7$57VD]DQHKDGDULHHQLH~ORK\DSRDVWRKRWRKDGDQLDVDWRWRWODLGOR
]DEORNXMH(QDEOHGQDVWDYtQDIDOVH
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
.ULPLQiOQHMSROtFLLVDSRGDULORYMHGQRPPHVWHRGKDOLVLHPDILHNWRUHMSUHGPHWRPSRGQLNDQLDEROR
YSDOQtFWYR=tVNDOLWDMQpPDWHULiO\SRGDNWRUFKU{]QHVNXSLQN\PDILiQRYYU{]Q\FKGRFK
QDYWHYRYDOLRFKUDRYDQpSRGQLN\LDWLHWRLFKWUDV\EROL]DNyGRYDQpDSROtFLLVDQHGDUtSULUDGL
MHGQRWOLYPSRGQLNRPYPHVWHLFKNyG\1DStWHSURJUDPNWRUQDtWDSOiQPHVWDWMYHWN\SRGQLN\
NWRUpYRPSULFKiG]DM~GR~YDK\DMVPRQPLFHVWDPLPHG]LSRGQLNPLSRNWRUFKFKRGLHYDOL
PDILiQLDOHMSURJUDPQDtWDYHWN\]DNyGRYDQpWUDV\PDILiQRYDSRN~VLVDSULUDGLSRGQLNRPNyG\
WDNDE\SRWRPWLHWRNyG\]RGSRYHGDOLGDQPWUDViP
3URJUDPQDtWDGYDV~ERU\PHVWRGDWDWUDV\GDW6~ERUPHVWRGDWSRSLVXMHV~YLVOQHRULHQWRYDQJUDI
DPiW~WRWUXNW~UX
NDGYUFKROJUDIXMHSRStVDQMHGQPEORNRP~GDMRY
EORN]DtQDSR]tFLRXYUFKRODYJUDILFNHMSORFKH[D\V~GYHFHOpWYRUEDMWRYptVOD
DOHMSRNUDXMHSRVWXSQRVSRUDGRYFKtVHOYUFKRORYNWRUpVXVHGLDVGDQPYUFKRORP
SRVWXSQVWYRULDEDMW\DMHXNRQHQiYUFKRO\tVOXMHPHRGDQLHMHLFKYLDFDNR
6~ERUWUDV\GDWMHWYRUHQ
SRVWXSQRVDPLNyGRYNWRUpV~XNRQHQpKRGQRWRX
NyG\V~FHOpNODGQpWYRUEDMWRYptVOD
V~ERUP{HREVDKRYDDMLEDMHGQXWUDVX
NDGiWUDVDREVDKXMHDVSRMHGHQNyG
0{HWHSUHGSRNODGDHREDV~ERU\V~]DGDQpNRUHNWQH1DLFKVSUDFRYDQLHSRXLWH76WUHDP*UDIY
SDPlWLUHSUH]HQWXMWHDNRWULHGXJUDIDWRWDNDE\VDYiPVQtPGREUHSUDFRYDOR
9iSURJUDPSRQDWDUWRYDQtQDtWDDY\NUHVOtJUDISULRPYUFKRO\EXG~]DWLDSUi]GQHDKUDQ\EXG~
QDNUHVOHQpHGRXIDUERX3RVWODHQtWODLGOD7$57VDVSXVWtDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUVDSRVWXSQHSRN~VLSULUDRYDYUFKRORPJUDIXNyG\WDNDE\VDGDOLSUHMVYHWN\
]DGDQpWUDV\3ULHEHKEDFNWUDFNLQJX]Qi]RUXMWH]DIDUERYDQtPKUiQD]DSLVRYDQtPNyGRYGRYUFKRORY
JUDIX
$N~ORKDQHPiULHHQLHSURJUDPRWRPY\StHVSUiYXGRDYpKRKRUQpKRURKXJUDILFNHMSORFK\
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D),
9UiPFLDNFLHLVWpUXN\VDYOiGDUR]KRGODGRNDGpKRRNUHVXQDVDGLMHGQpKRDJHQWDNWRUEXGHGED
QDLVWRWX1DNRNRVDNRDOtFLDVNODGi]RW\URFKVWUiQDE\ERODRQDMYLDF]DEH]SHHQiNRUHNWQRV
NRQWUROYOiGDVDX]QLHVODHYNDGFKGYRFKVXVHGLDFLFKRNUHVRFKPXVtE\NRQWUROyUQRPLQRYDQ
LQRXSROLWLFNRXVWUDQRX2NUHPWRKRVLSUHPLpUY\KUDGLOSUiYRGRQLHNWRUFKQDMVNRUXPSRYDQHMtFK
RNUHVRYGRVDGLDJHQWRY]RVYRMHMVWUDQ\VDPR]UHMPHHWLHWRRNUHV\QHP{XE\QDY]iMRPVXVHGLDFH
SUHGSRNODGiPHHSUHPLpUMHOHQRPMHGQHM]NRDOLQFKVWUiQ
1DStWHSURJUDPNWRUSRP{H~UDGXYOiG\QDYUKQ~UR]ORHQLHSUHGVWDYLWHRYVWUiQNRDOtFLHGR
MHGQRWOLYFKRNUHVRYSULRPVDEXGHUHSHNWRYDSUHPLpURYQiYUKQDQLHNWRUpRNUHV\3URJUDPQDMSUY
QDtWDLQIRUPiFLHRRNUHVRFK]RV~ERUXRNUHV\GDWSRWRPYJUDILFNHMSORFKH]REUD]t]DWLDQH]DIDUEHQ~
PDSX7HUD]VDDNiQDQLHNRNRNOLNQXWtGRQLHNWRUFKRNUHVRYNWRUpVD]DIDUELDIDUERXSUHPLpURYHM
VWUDQ\3RNOLNQXWtQDWODLGOR7$57VDVSXVWtDOJRULWPXVNWRUEXGHKDGDUR]GHOHQLHRNUHVRYSUH
MHGQRWOLYpVWUDQ\.DGiVWUDQDEXGHPDXUHQ~MHGQXIDUEXDWRXIDUERXVD]DIDUELDQDPDSHMHM
SULGHOHQpRNUHV\
6~ERURNUHV\GDWPiQDVOHGXM~FXWUXNW~UX
NDGRNUHVMHSRStVDQMHGQPEORNRP~GDMRY
EORN]DtQDSR]tFLRXRNUHVQpKRPHVWDYJUDILFNHMSORFKHV~WRGYHWYRUEDMWRYpFHOptVOD
MHWRXORHQpDNRW\SVHWRIE\WH
]DWPLGHSRVWXSQRVERGRYREU\VXRNUHVXWHGDQDMSUYSRHWWFKWRERGRYEDMWDSRWRPWHQWR
SRHWGYRMtFFHOFKtVHO[RYiD\RYiV~UDGQLFDRSlWYRUEDMWRYpFHOptVOD
3UHGSRNODGDMWHHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHYLDFDNRRNUHVRYDLFKREU\V\QHEXG~
SR]RVWiYD]YLDFDNRERGRY6~ERUVSUDFXMWHOHQSRPRFRX76WUHDP
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
3UH]LGHQWVDUR]KRGRO]RUJDQL]RYDUHSUH]HQWDQSOHVSUHSRVODQFRYSDUODPHQWXDLFKSDUWQHURY'~ID
HVDNRQHQHSRGDUt]PLHULSROLWLNRY]U{]Q\FKWiERURY9\YUFKROHQtPSURJUDPXSOHVXE\PDOE\
NUXKRYWDQHFYNWRURPVDYHWFLSRVODQFLDMVSDUWQHUPLSRFK\WDM~]DUXN\DY\WYRULDYHNNUXK
SRUR]XPHQLD.DQFHOiULDSUH]LGHQWDGRVWDODQHDKN~~ORKX]LVWLRSRVODQFRFKWRLQiKRGRXQLHNWRUt
QLHV~PRPHQWiOQHQDY]iMRPWDNUR]YDGHQtHQHEXG~RFKRWQtGUDVDQDY]iMRP]DUXN\KRFLDMY
NUXKXSRUR]XPHQLD3RQLHNRNFKGRFKWYUGHMSUiFH]R]ELHUDOLWLHWRLQIRUPiFLHDXORLOLLFKGRV~ERUX
WDQHFGDW
V~ERUVDVNODGi]QLHNRNFKEORNRY~GDMRYSULRPNDGEORNSRSLVXMHMHGQpKR~DVWQtNDSOHVX
EORN]DtQDGYRPDFHOPLtVODPLV~UDGQLFDPL~DVWQtNDYJUDILFNHMSORFKHDE\VPHPRKOL
Y\NUHVOLNUXKSRUR]XPHQLDQDREUD]RYNHV~WRWYRUEDMWRYpFHOptVOD
DOHMQDVOHGXMHPQRLQDSRUDGRYFKtVHO~DVWQtNRYVNWRUPLQLHMHRFKRWQGUDVD]DUXN\
~DVWQtNRYtVOXMHPHRGYV~ERUHMHWRXORHQpDNRW\SVHWRIE\WH
YLPQLWHVLHEORN\PDM~SHYQ~GNXYHWN\V~URYQDNRGOKp
DN~DVWQtN$XYHGLHYVYRMRPQHSULMDWHQRP]R]QDPH~DVWQtND%SRWRP]UHMPH
SUHGSRNODGiPHHDQL~DVWQtN%VDQHEXGHGUDV$]DUXNXDMNHKRQiKRGRX]DEXGQHXYLHV
YVYRMRP]R]QDPH
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQH6SUDFRYiYDMWHKROHQSRPRFRX76WUHDP
1DIRUPXOiULGHILQXMWHDMGYHWODLGOi7$57D67233RVSXVWHQtDSOLNiFLHVDY\NUHVOtQDtWDQJUDID
DNiVDQDVWODHQLHWODLGOD7$573URJUDP]DQHKDGDQDMYltF\NOXVYJUDIHDOJRULWPXV
EDFNWUDFNLQJJHQHUXMHYHWN\F\NO\DSULWRPVL]DSDPlWiYDPRPHQWiOQHQDMGOKt1DNRNRWRSUH
QLHNWRUpJUDI\P{HE\DVRYRYHPLQiURQiRSHUiFLDEDFNWUDFNLQJE\PDOE\SUHUXLWHQWODLGORP
67231D]iYHUDMSRVWODHQtWODLGOD6723VDHUYHQRXIDUERXY\]QDtPD[LPiOQ\UHVSGRWHUD]
PD[LPiOQ\F\NOXVYJUDIH6WDtDNSURJUDPQiMGHOHQMHGQRULHHQLH
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
.RQHQHVDXSUDYXM~SROLWLFNpY]DK\PHG]LNRDOtFLRXDRSR]tFLRX.RDOLQpVWUDQ\XURELOLYRL
RSR]LQPYHNpJHVWRDSRQ~NOLLPHP{XQDYUKQ~VYRMLFKNDQGLGiWRYDNRULDGLWHRYUHVS
SUHGVHGRYGR]RUQFKUiGQLHNRNFKWiWQ\FKSRGQLNRY2SR]LQpVWUDQ\P{XGRNRQFDVDPpXULR
NWRUpSRGQLN\PDM~]iXMHPOHQPXVLDGRGUDMHGQXSRGPLHQNXLDGQHGYDSRGQLN\RNWRUpVDEXGH
VWDUDRSR]tFLDQHVP~PDSULDPHREFKRGQpY]DK\7RWRSUDYLGORVD]DYLHGORSUHWRDE\VD]DEUiQLOR
SROLWLFNpPX]DVDKRYDQLXRSR]tFLHGRHNRQRPLFNFKY]DKRY1DStWHSURJUDPNWRUVDSRN~VLQiMV
WDN~RQDMYlLXPQRLQXSRGQLNRYHLDGQHGYDQHPDM~QDY]iMRPREFKRGQpY]DK\=PLQLVWHUVWYD
KRVSRGiUVWYDVDQiPSRGDULOR]tVNDV~ERUREFKRGQFKY]DKRYPHG]LSRGQLNPLNWRUVPHSUHQDH
SRWUHE\PLHUQH]MHGQRGXLOL
,QIRUPiFLHN~ORKHPiPHYELQiUQRPV~ERUHSRGQLN\GDWNWRUPiQDVOHGXM~FXWUXNW~UX
V~ERUVDVNODGi]YLHWSHYQHMGN\SULRPNDGiYHWD]RGSRYHGiMHGQpPXREFKRGQpPXY]DKX
PHG]LGYRPDSRGQLNPL
NDGSRGQLNPiSULGHOHQRVHPEDMWRYNyGSULRPWHQWRNyGP{HPHY\XLQD]REUD]HQLH
SRGQLNXQDREUD]RYNHDNRMHGHQYUFKROJUDIXSUYpW\ULEDMW\NyGXWYRULD[RY~V~UDGQLFXD
DOLHW\UL\RY~P{HWHSUHGSRNODGDHWLHWRNyG\V~]YROHQpWDNHLFKV~UDGQLFHV~
VOXQptVOD
REFKRGQY]DKMHYV~ERUHY\MDGUHQGYRMLFRXNyGRYSRGQLNRYSULRPDNV~YWHMWRGYRMLFLRED
NyG\URYQDNpQH]QDPHQiWRVOXNXYJUDIHDOHLEDL]RORYDQYUFKRO
3UHGSRNODGDMWHHV~ERUMH]DGDQNRUHNWQH6SUDFXMWHKRSRPRFRX76WUHDP
3RVSXVWHQtDSOLNiFLHVDQDMSUYQDtWDV~ERUY\WYRUtVDJUDIDY\NUHVOtVDGRJUDILFNHMSORFK\3RWRPVD
DNiQDVWODHQLHWODLGOD7$57NWRUpQDWDUWXMHEDFNWUDFNLQJ3ULHEHKDOJRULWPX]REUD]XMWH
Y\VYLHWHQtPSUiYHVSUDFRYiYDQFKYUFKRORYYJUDIH3URJUDPKDGiYHWN\ULHHQLDGRNRPSRQHWXW\SX
/LVW%R[SULHEHQHSRDVEHKXEDFNWUDFNLQJXY\SLVXMH]R]QDPYHWNFKPRPHQWiOQHPD[LPiOQ\FK
PQRtQ.DGpULHHQLHEXGHY\SLVRYDQpDNRPQRLQDSRUDGRYFKtVHO]RGSRYHGDM~FLFKYUFKRORYQLH
NyGRYSRGQLNRY'EDMWHQDWRDE\VDY]R]QDPHULHHQtLDGQHQHRSDNRYDOR3RVNRQHQtDOJRULWPXVD
IDUHEQH]REUD]tSUYiQiMGHQiPD[LPiOQDPQRLQDYUFKRORY.DGYUFKRO]WHMWRPQRLQ\EXGH
Y\IDUEHQHUYHQRXIDUERXDWLHWRXWRIDUERXEXG~SUHNUHVOHQpDMSRORYLFHYHWNFKKUiQYHG~FLFK]
WFKWRYUFKRORY9/LVW%R[HV~]UHMPHYHWN\ULHHQLDDNOLNQXWLHQDXERYRQp]QLFKKR]REUD]tY
JUDILFNHMSORFKH
3R]Q3UtVOXQULDGRN/LVW%R[XQDVWDYtWHUHVS]LVWtWHNWRUMHQDVWDYHQSRPRFRXYODVWQRVWL
,WHP,QGH[
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
-HGQD]Y]QDPQHMtFKSROLWLFNFKVWUiQVDSULSUDYXMHQD]MD]GQDNWRURPVDEXG~ULHLG{OHLWp
SHUVRQiOQHRWi]N\8Ni]DORVDHYSLNiFKVWUDQ\H[LVWXMHYHPLVLOQpMDGUROHQRYLDNWRUpKR
QHX]QiYDM~SRNURNRYpPHWyG\SROLWLFNHMSUiFHDOHULDGLDVDSULQFtSDPLSRPQHSRWRSD,QPLVORYDPL
SRYHGDQpYVWUDQHH[LVWXMHSRGPQRLQDYNWRUHMMHNDG]DYLD]DQNDGpPXDSUHWRV~MHMOHQRYLD
YHPLDKNRPDQLSXORYDWHQt
9DRX~ORKRXEXGHRGKDOLWRWRMDGURDE\VPHVWUDQHSRPRKOL]EDYLVDWFKWRNRGOLYFKHOHPHQWRY
3UHGSRNODGDMPHHSHUVRQiOQ\~WYDUQiPGRGDOG{YHUQpLQIRUPiFLHRWRPNWRMHNRPX]DYLD]DQ1D
]iNODGHWFKWR~GDMRYVNRQWUXXMHWHJUDIYNWRURPYUFKRO\V~OHQRYLDVWUDQ\DRULHQWRYDQpKUDQ\
R]QDXM~Y]DK\PHG]LOHQPLtSND]$GR%]QDPHQiH$MHQHMDNR]DYLD]DQ%9WRPWR
RULHQWRYDQRPJUDIHEXGHWHKDGDWDN~SRGPQRLQXYUFKRORYYNWRUHMNDGYUFKROMHVSRMHQV
NDGPWMKDGiPH~SOQSRGJUDIDQDNRNRSRWUHEXMHPH]LVWLNRPSOHWQpQH]GUDYpMDGURVWUQ\
KDGiPHPD[LPiOQ\~SOQSRGJUDI
,QIRUPiFLHV~XORHQpYELQiUQRPV~ERUHVWUDQDGDWNWRUiREVDKXMHYHW\GYRFKW\SRY
YHWD]DtQDM~FD]QDNRPMHGHQEDMW
Y
R]QDXMHLQIRUPiFLXRMHGQRPOHQRYLVWUDQ\
QDVOHGXM~W\ULEDMW\OHQVNpKRtVOD]DWPQDVOHGXM~V~UDGQLFHYUFKRODJUDIXYJUDILFNHM
SORFKH[D\V~GYHWYRUEDMWRYpFHOptVOD
YHWD]DtQDM~FD]QDNRP
K
R]QDXMHLQIRUPiFLXRY]DKX$MH]DYLD]DQp%PHG]LGYRPDOHQPL
VWUDQ\
QDVOHGXM~GYHWYRUEDMWRYpOHQVNptVOD
YHW\YV~ERUHP{XE\U{]QHSRPLHDQpWDNHQDMSUYVDP{HYV~ERUHREMDYLYHWDRY]DKX
GYRFKOHQRYDDQHVN{UYV~ERUHVDREMDYtLQIRUPiFLDRWFKWROHQRFK
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDQHREVDKXMHYLDFDNROHQRY6~ERUVSUDFXMWHSRPRFRX
76WUHDP
*UDIGHILQXMWHSRPRFRXWULHG\VPHWyGDPLQDQDtWDQLHY\NUHVOHQLHDVDPRWQPDOJRULWPRP
SUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VDYiPVQtPSRKRGOQH
SUDFRYDOR
3ULVSXVWHQtDSOLNiFLHVDQDtWDJUDI]RV~ERUXDY\NUHVOtVDGRJUDILFNHMSORFK\WDNHYUFKRO\EXG~
KUXEpNROHNiDKUDQ\EXG~EXLHUQHDNV~RERMVPHUQpDOHERVYHWORHGpDNV~MHGQRVPHUQp3R
NOLNQXWtQDWODLGOR7$57VDVSXVWtDOJRULWPXVQDKDGDQLHPD[LPiOQHKR~SOQpKRSRGJUDIXSRPRFRX
EDFNWUDFNLQJXSRDVEHKXVDSULHEHQHY\IDUEXM~DRGIDUEXM~SUiYHVSUDFRYiYDQpYUFKRO\3R
VNRQHQtEHKXEDFNWUDFNLQJXSURJUDPY\NUHVOtULHHQLHIDUHEQHY\]QDtYHWN\YUFKRO\]ULHHQLDVSROX
VRYHWNPLKUDQDPLPHG]LWPLWRYUFKROPL
3R]QY~SOQRPSRGJUDIHPXVLDE\YHWN\KUDQ\RERMVPHUQp
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
6WiYDVDWUDGtFLRXHPQRKpPHVWiRUJDQL]XM~U{]QHPHVWVNpEHK\UHVSPDUDWyQ\1HGiYQRVDWDNWR
EHKNRQDODMY3UDKHD]~DVWQLORVDKRDMPQRKRY]QDPQFKRVREQRVWt1HFKEDOWDPDQLSUHPLpU
NWRUY\XLOSUDFRYQ~QiYWHYXHVNHM5HSXEOLN\D]~DVWQLOVDWRKRWRGHYlNLORPHWURYpKR0HVWVNpKR
EHKX$OHRUJDQL]iWRULWHMWRDNFLHQH]YOiGOL~SOQHVYRMH~ORK\DSRGDULORVDLPWRHSUHGLOLWUDVX
QLHNRNP~DVWQtNRPRQLHNRNRNLORPHWURY
1iV]DXMtPDWRLE\VPHQDPDSHPHVWDYHGHOLXULNDGLDYLHGODRILFLiOQDWUDDNDGLDEO~GLOL
V~DLDFLDNYLHPHWDUWRYDFLHRYERGYPDSHSR]QiPHGNXS{YRGQHMDMSUHGHQHMWUDWHD
SUHGSRNODGiPHHEHFLQHEHDOLYLDFNUiWSRWHMLVWHMXOLFLPRKOLYLDFNUiWSUHEHKQ~FH]W~LVW~
NULRYDWNX7LHSUHGSRNODGiPHHEHK]DDODMVNRQLOWDUWRYDMNRQFRYERGQDQHMDNHMNULRYDWNH
PRKOLE\E\DMLGHQWLFNp
9ELQiUQRPV~ERUHSUDKDGDWGRVWiYDPHLQIRUPiFLHRDVWLPDS\3UDK\YNWRUFKVDPRKRONRQDWHQWR
EHK9V~ERUHV~LQIRUPiFLHRNULRYDWNiFKYUFKRO\QHRULHQWRYDQpKRJUDIXDRXOLFLDFKKUDQ\JUDIX
NDGiXOLFDEXGHDVLXYHGHQiOHQUD]DOHR]QDXMHKUDQXRERPDVPHUPLWUXNW~UDV~ERUXMH
QDVOHGRYQi
QDMSUYV~]DVHERXXYHGHQpV~UDGQLFHYHWNFKNULRYDWLHN[D\V~GYHWYRUEDMWRYpFHOptVOD
WiWRSRVWXSQRVV~UDGQtFMHXNRQHQiWYRUEDMWRYPLKRGQRWDPLWRWRXQLHV~V~UDGQLFH
NULRYDWN\
DOHMDGRNRQFDV~ERUXQDVOHGXMHSRVWXSQRVSRSLVXXOtFNDGiXOLFDMH]D]QDHQiDNRGYRMLFD
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDQHREVDKXMHYLDFDNRNULRYDWLHN6~ERUVSUDFXMWH
SRPRFRX76WUHDP
*UDIYSURJUDPHGHILQXMWHDNRWULHGXVPHWyGDPLQDQDtWDQLHY\NUHVRYDQLHDVDPRWQDOJRULWPXV
KDGDQLDFHVW\SULRPYQ~WRUQ~UHSUH]HQWiFLXJUDIXQDYUKQLWHWDNDE\VDYiPVQtPRQDMOHSLH
SUDFRYDOR
3RVSXVWHQtDSOLNiFLHVDQDMSUYQDtWDV~ERUVNRQWUXXMHVDUHSUH]HQWiFLDJUDIXDY\NUHVOtVDGRJUDILFNHM
SORFK\Y\StWHDMtVODYUFKRORYDMGN\KUiQQLHNGHYVWUHGHKUDQ\WDUWRYDFLHRYYUFKROIDUHEQH
RGOtWH3RWRPSRVWODHQtWODLGOD7$57VDVSXVWtDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUQDMSUYQiMGHS{YRGQ~WUDVXDSRWRPREFKiG]NRY~9SURJUDPHEXGHWHPD
]DGHILQRYDQpNRQWDQW\YNWRUFKEXGHXUHQSRLDWRQDNRQFRYYUFKROYJUDIHDWLHGND
S{YRGQHMDMREFKiG]NRYHMWUDV\3ULHEHQH]Qi]RUXMWHEHKEDFNWUDFNLQJXWDNHEXGHWH]DIDUERYD
KUDQ\SRNWRUFKVDPRPHQWiOQHSUHFKiG]D$OJRULWPXVEDFNWUDFNLQJXE\PDOE\SUDYGHSRGREQH
QDYUKQXWWDNDE\YHGHOQiMVQHMDN~FHVWXSHFLILNRYDQHMGN\WMQLHNGHVLPXVtSDPlWD
PRPHQWiOQH]RVWDYHQ~FHVWXDWLHQDSUNRNRPHWURYPXHWHFKEDGRFLHD3RVNRQHQtKDGDQLD
RERFKWUiVLFKY\NUHVOtGRJUDIXU{]Q\PLIDUEDPLDSUY~]QLFKS{YRGQ~KUXERXLDURXDGUXK~WHQRX
3UHYHWN\WHVWRYDFLHV~ERU\P{HWHSRXLWLHWRNRQWDQW\SURJUDPXH[LVWXM~SUHQHULHHQLD
FRQVWY WDUWRYYUFKRO
Y FLHRYYUFKRO
G GNDS{YRGQHMWUDV\
G GNDREFKiG]NRYHMWUDV\
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
,VWiVRIWYpURYiILUPDVDUR]KRGODWHVWRYDQRYW\SYtUXVXDDMRFKUDQQp]DEH]SHHQLHSRtWDRYHMVLHWH
SHFLiOQHY\YLQXWpSURWLWRPXWRYtUXVX$NVDYtUXVRPQDLQILNXMHQLHNWRU]SRtWDRYVLHWHWDNVDYtUXV
]DQHYVLHWLSRVWXSQHtULGRVXVHGQFKSUHSRMHQFKSRtWDRYSULRPVDMHKR~LQRNSRVWXSQH]QLXMH
~PHUQHVDQWLYtURYPNRHILFLHQWRP]DULDGHQLDNWRUpMH]DYHVHQpQDNiEOL.DGpSUHSRMHQLHGYRFK
SRtWDRYPiQDVYRMRPNiEOL]DULDGHQLHDQWLYtURY~RFKUDQXNWRUiSUDFXMHVXULWPtVHOQP
NRHILFLHQWRPQD]QLRYDQLH~LQNXYtUXVX
.Y{OLWHVWRYDQLXDQWLYtURYpKR]DULDGHQLDDMQRYpKRYtUXVXSRWUHEXMHPHQiMVQDMPHQLXPQRLQX
SRtWDRYGRNWRUFKWUHEDQDVDGLYtUXVDE\VD]DYtULODFHOiVLH,QIRUPiFLHRSRtWDRYHMVLHWLV~
XORHQpYELQiUQRPV~ERUHVLHWGDWQDVOHGXM~FHMWUXNW~U\
SUYEDMWREVDKXMHSRHWSRtWDRY1QLHMHYltDNR
DOHMSUHNDGSRtWDQDVOHGXM~V~UDGQLFHQDNWRUFKKRQDNUHVOtPHQDREUD]RYNH[D\NDGp
YEDMWRFK
]DWP1SUYNRYpEDMWRYpSROHNWRUpSRSLVXMHNRHILFLHQW\SUHSRMHQLDGDQpKRSRtWDDVR
YHWNPLRVWDWQPLYVLHWLSULRPY\MDGUXMHHVSUtVOXQPSRtWDRPQLHMHSUHSRMHQLHLW\
SUYRNWRKRWRSRDR]QDXMHDNDQWLYtURYNRHILFLHQWMHPHG]LGDQPDLW\PSRtWDRP
1DStWHSURJUDPNWRUSRVSXVWHQtQDMSUYQDtWD]RV~ERUX~GDMHRSRtWDRYHMVLHWLQHRULHQWRYDQ
RKRGQRWHQJUDIVLUHSUH]HQWXMWHXERYRQRXGiWRYRXWUXNW~URXY\NUHVOtMXQDREUD]RYNXSULRP
QLHNGHQDKUDQHSUHSRMHQLDY\StHtVHOQNRHILFLHQW'DMWHVLSR]RUQDWRDE\9iJUDIREVDKRYDOYHWN\
KUDQ\QHRULHQWRYDQpSUHWRHYELQiUQRPV~ERUHP{XQLHNWRUpLQIRUPiFLHRVXVHGQRVWLFKEDDNPi
SUHSRMHQLH;<QHQXORYNRHILFLHQWSUHSRMHQLH<;P{HPDQXORY0{HWHSUHGSRNODGDHV~ERUMH
NRUHNWQSUtVOXQpQHQXORYpNRHILFLHQW\V~URYQDNp6RV~ERURPSUDFXMWHSRPRFRX76WUHDP*UDI
GHILQXMWHSRPRFRXWULHG\VPHWyGDPLQDQDtWDQLH]RV~ERUXQDY\NUHVOHQLHYJUDILFNHMSORFKHDQD
VDPRWQEDFNWUDFNLQJ*UDIUHSUH]HQWXMWHWDNDE\VDYiPVQtPGREUHSUDFRYDOR
3RNOLNQXWtQDWODLGOR7$57VDVSXVWtVDPRWQDOJRULWPXVKDGDQLDULHHQLDSRPRFXSUHKDGiYDQLDV
QiYUDWRPEDFNWUDFNLQJ9GDQRPQHRULHQWRYDQRPJUDIHEXGHKDGDPLQLPiOQXPQRLQXYUFKRORY
NWRUiVWDtQD]DYtUHQLHFHOHMSRtWDRYHMVLHWH$NVDYtUXVGRVWiYDGRQHMDNpKRSRtWDDDPiHWH
QHQXORY~LQRNP{HVDGRVWDVQXORYP~LQNRPtULVDDOHMYHWNPLSUHSRMHQLDPLSULRPVD
MHKR~LQRNQDNDGHMKUDQHJUDIX]QtLRSUtVOXQNRHILFLHQWLQN\YtUXVXNWRUpSUtGXGRMHGQpKR
SRtWDD]U{]Q\FKSRtWDRYVDQHVLWXM~DOHNDGSUtFKRGYtUXVXDMGRX]DYtUHQpKRSRtWDDVDDOHM
tULGRVXVHGQFK3RLDWRQiYHNRV~LQNXYtUXVXNWRUQDVDGtPHGRSRtWDRYMHNRQWDQWD
SURJUDPXXFLQRNQDSU
FRQVWXFLQRN
3ULHEHKDOJRULWPXEDFNWUDFNLQJ]Qi]RUXMWH]DIDUERYDQtPDRGIDUERYDQtPSUtVOXQFKYUFKRORY3R
VNRQHQtDOJRULWPXUHVSSRSUHUXHQtKDGDQLDNOLNQXWtPQDWODLGOR6723SURJUDPHUYHQRXIDUERX
Y\NUHVOtGRWHUD]QiMGHQpPLQLPiOQHULHHQLH7M6723SRDVEHKXEDFNWUDFNLQJXQH]UXtEHKSURJUDPX
DOHOHQKDGDQLHPLQLPiOQHMPQRLQ\YUFKRORYDWHGDPRPHQWiOQHQiMGHQ~PLQLPiOQXPQRLQXEXGH
SRYDRYD]DULHHQLH
$NPi~ORKDYLDFULHHQtVWDtQiMVMHGQRXERYRQp
$% 6N~ND/
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
3ROLFDMQSUH]LGHQWVDUR]KRGROHNRQHQHVNRQFXMHVPDILRX.HHULHHQLHYLGtYRY\MHGQiYDQtVR
VDPRWQPpIRPPDILHSRWUHEXMHVLVQtPGRKRGQ~VFK{G]NX=LVWLOYDNHWRQLHMHWDNpMHGQRGXFKpD
XY{EHFQLHODFQp'RVWDVDNXNUVWQpPXRWFRYLY\DGXMHQLHNRNFKVSURVWUHGNRYDWHRYNWRUtVLDOH
]DVYRMXVOXEXSWDM~QHPDOpSHQLD]H=tVNDOX]RSiUNRQWDNWRYQDGUREQFKPDILiQRYNWRUtPDM~]DVD
NRQWDNW\QDDOtFKPDILiQRYDWtQDDOtFK9\XLWLHNDGpKRWDNpKRWRNRQWDNWXQLHRVWRMt.HH
MHKRUR]SRHWMHREPHG]HQSRWUHEXMH]LVWLFH]NWRUFKPDILiQRYVDNLFKERVRYLGRVWDQHQDMODFQHMLH
GDMHRWRPQDNWRUFKPDILiQRYPiSROLFDMQULDGLWHNRQWDNWNWRUPDILiQGRNiHVSURVWUHGNRYD
NRQWDNWQDDOLHKRPDILiQDDNRNRWLHWRNRQWDNW\VWRMDV~XORHQpYELQiUQRPV~ERUHPDILDGDWY
WRPWRIRUPiWH
V~ERUVDVNODGi]QLHNRNFKEORNRYSULRPNDGSRSLVXMHEXQHMDNpKRPDILiQDDOHERQHMDN
NRQWDNW
EORN]DtQD]QDNRPNWRUKRYRUtLMHYEORNXSRStVDQPDILiQ]QDN
P
DOHERNRQWDNW]QDN
N
]D]QDNRP
P
QDVOHGXMHGYRMLFD]QDNRYLQLFLiON\PDILiQDDDOHMGYHFHOpWYRUEDMWRYptVOD
V~UDGQLFHQDREUD]RYNH
]D]QDNRP
N
QDVOHGXM~W\UL]QDN\LQLFLiON\GYRFKRV{EPDILiQRYNWRUpPDM~PHG]LVHERX
NRQWDNWD]DQLPLQDVOHGXMHFHOpWYRUEDMWRYptVORR]QDXM~FHNRNRWHQWRNRQWDNWVWRMt
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQH6SUDFRYiYDMWHKROHQSRPRFRX76WUHDP
*UDIYSURJUDPHGHILQXMWHDNRWULHGXVPHWyGDPLQDtWDQLHY\NUHVRYDQLHDKDGDQLHQDMODFQHMHMFHVW\
*UDIQDYUKQLWHWDNDE\VDYiPVQtPRQDMOHSLHSUDFRYDOR
3RVSXVWHQtDSOLNiFLHVDQDMSUYQDtWDV~ERUVNRQWUXXMHVDUHSUH]HQWiFLDJUDIXDY\NUHVOtVDGRJUDILFNHM
SORFK\9UFKRO\]DNUHVOLWHPDOPLNU~NDPLDQDKUDQ\Y\StWHFHQ\SUtVOXQFKNRQWDNWRY
7HUD]SURJUDPDNiQDXUHQLHWDUWRYpKRYUFKRODOHQPDILHNWRUpKRPiSROtFLDVSUDFRYDQpKRDMH
RFKRWQVSURVWUHGNRYDNRQWDNWVLQPLOHQPLDWLHXUHQLHFLHRYpKRYUFKRODPDILDiQVNHKRERVD
7LHWRYUFKRO\VDXUXM~NOLNQXWtPP\RXQDMSUYQDWDUWRY]DIDUEtVDQD]HOHQRDSRWRPQDFLHRY
]DIDUEtVDQDHUYHQRYUFKRO+QHDNRV~XUHQpREDYUFKRO\VSXVWtVDDOJRULWPXVSUHKDGiYDQLDV
QiYUDWRPEDFNWUDFNLQJNWRUQiMGHQDMODFQHMLXFHVWXRGSRLDWRQpKRSRNRQFRYYUFKRO3ULHEHK
EDFNWUDFNLQJX]Qi]RUXMWHSULHEHQH]DIDUERYDQtPKUiQSRNWRUFKVDPRPHQWiOQHSUHFKiG]D3R
VNRQHQtKDGDQLDVDHUYHQRXIDUERXY\NUHVOtQDMODFQHMLDFHVWDRGSUYpKRPDILiQDDNPDILiQVNHPX
pIRYL3URJUDPWHUD]RSlDNiQDNOLNDQLHP\RXDE\VDPRKOLY\EUDDOLHGYDYUFKRO\QDWHVWRYDQLH
DOJRULWPX
3R]Q
YHWN\FHQ\V~QiVRENDPLGHVDWLVtFRYNRU~QDV~XYHGHQpEH]'3+
DNQHVWtKDWHUHDOL]RYDNOLNDQLHP\RXSRLDWRQDNRQFRYYUFKROGHILQXMWHSRPRFRXGYRFK
NRQWiQWSURJUDPXQDSUFRQVWY Y
$% 6N~ND/
3ULHEHQiERGRYDFLDWDEXND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTLVTLBUBCVMLBIUN [
<>
1SJFCFOCPEPWBDJBUBCVLB
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTLVTLBUBCVMLBIUN [
<>
1SJFCFOCPEPWBDJBUBCVLB
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTLVTLBUBCVMLBIUN [
<>
$WJFOJB[QSPHSBNPWBOJB
&YLHQLD]SURJUDPRYDQLD
7XEXGHERGRYDFLDWDEXND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJLPIUN<>
Test pre fanatikov z Programovania 1i, 1MI, 1FI
7HVWSUHIDQDWLNRY]3URJUDPRYDQLDL0,),
1DStWHPHWyG\WULHG\0QR]LQDNWRUiUHSUH]HQWXMHGiWRYW\SPQRLQDUHiOQ\FKtVHOSRPRFRXMHGQRVPHUQpKRVSiMDQpKR
]R]QDPX3UYN\]R]QDPXQHPXVtWHXGULDYDXVSRULDGDQp=R]QDPMHSUtVWXSQSRPRFRXGYRFKVPHUQtNRYQD]DLDWRN
]R]QDPXDQDNRQLHFSRVOHGQSUYRN]R]QDPX3RXLWHQDVOHGXM~FHGHNODUiFLH
W\SH
SUYRN UHDO
]R]QDP FODVVLQIRSUYRNQH[W]R]QDPHQG
0QR]LQD FODVV
]N]R]QDP]DLDWRNDNRQLHF]R]QDPX
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMSSUYRNDNHWHYPQRLQHQHH[
SURFHGXUHY\KRGSSUYRNDNMHSUYNRPPQRLQ\
IXQFWLRQMHSUYRNSSUYRNERROHDQ]LVWtLMHSUYNRPPQRLQ\
HQG
9HREHFQVWURPUHSUH]HQWXMHPHSRPRFRXELQiUQHKRVWURPXWDNHDYVPHUQtNNDGpKRYUFKRODMHVPHUQtNQDSUYpKR
V\QDWRKWRYUFKRODDSUDYVPHUQtNMHVPHUQtNQDMHKREUDWDYUFKROQDWHMLVWHM~URYQLNWRUPiWRKRLVWpKRRWFD1DStWH
IXQNFLXDUQRVWNWRUi]LVWtiUQRVVWURPXPD[LPXPSRWXV\QRYYHWNFKYUFKRORY9HREHFQVWURPMHGHILQRYDQ
QDVOHGRYQPLW\SPL
W\SHSUYRN LQWHJHU
VWURP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNV\QEUDWVWURPHQG
9HREHFQVWURPMHUHSUH]HQWRYDQWDNHNDGYUFKROREVDKXMHLQIRDVDG\QDPLFNpSROHV\QRY
W\SH
VWURP FODVV
LQIRSUYRN
VDUUD\RIVWURPG\QDPLFNpSROHV\QRY
FRQVWUXFWRU&UHDWHLSUYRN
SURFHGXUHSULGDM6\QDV\QVWURPSULGiYUFKROXQRYpKRV\QD
IXQFWLRQKODGDMLSUYRNVWURP
HQG
=DGHILQXMWH]DGHNODURYDQpPHWyG\0HWyGDKODGDMYSRGVWURPHNWRUpKRNRUHRPMHVDPRWQYUFKROQiMGHYUFKROVLQIR
LDOHERYUiWLQLODNWDNYUFKROQHQiMGH
1HRULHQWRYDQJUDIMHSRStVDQWDEXNRXVXVHGQRVWt
W\SH
PQVXV VHWRIE\WH
JUDI FODVV
WDEDUUD\RIDUUD\RIERROHDQ
FRQVWUXFWRU&UHDWH
FRQVWUXFWRU&UHDWH)URP6WUHDPVXERU76WUHDP
SURFHGXUHSULGDM9UFKROPQPQVXV
SURFHGXUH]DSLVVXERU76WUHDP
HQG
=DGHILQXMWH]DGHNODURYDQpPHWyG\.RQWUXNWRU&UHDWH)URP6WUHDPY\WYRUtJUDI]~GDMRYNWRUpV~Y76WUHDP0HWyGD
]DSLV]DStHJUDIGRRWYRUHQpKR76WUHDPX76WUHDPREVDKXMHYHW\URYQDNHMGN\W\SXPQVXVWLHWRUHSUH]HQWXM~
PQRLQ\VXVHGRYSUHLWXYHWXREVDKXMHPQRLQXVXVHGRYLWHKRYUFKRODJUDIX0HWyGDSULGDM9UFKROSULGiGRJUDIX
QRYYUFKRODSRVSiMDKRVYUFKROPLNWRUpV~XYHGHQpYSDUDPHWULPQ
$%
9VOHGN\WHVWXSUHIDQDWLNRY
%DM]tN7LERU
%XMiN7RPi
DQHFN0LFKDO
'RELWHIDQ
)LOR5RQDOG
+DOLFN3HWHU
+DPDU'XDQ
+URQVN0DUWLQ
-DQRHN0LFKDO
.DGOLF0LFKDO
.R]HM3HWHU
/DQJ0DUWLQ
0LFKDOLND-iQ
0LQDURYLHFK-iQ
1HPiN-iQ
2NDMiN0DUWLQ
3HUQHFN0DUWLQ
3HWUtN7RPi
3LOL,YDQ
6HPDQ2QGUHM
6OH]LDN0DUWLQ
LPRQtN5RVWLVODY
LUi0DUWLQ
LPL0DULiQ
RWW%UDQLVODY
WHIHN0DUWLQ
WLEUDQ3HWHU
7UQRYHF0DUWLQ
9DNR-XUDM
3UHGQiN\]SURJUDPRYDQLDY]LPQRP MDQ
VHPHVWUL
YRGQiSUHGQiNDSULHEHKVHPHVWUD
3UHGQiND.RU\WQDLDJUDILND
3UHGQiND&\NOXV:+,/(DSURFHG~U\
3UHGQiND3UHPHQQpIRUPiOQHSDUDPHWUHWH[WRYUHLP
3UHGQiND7H[WRYpV~ERU\
3UHGQiND)XQNFLHSUtNODG\VRV~ERUPLDNRU\WQDNDPL
3UHGQiND7\S\SRXtYDWHRPGHILQRYDQpSROLDVWULQJ
3UHGQiND3RGSURJUDP\QDUHD]FRFK
3UHGQiND7\S]i]QDPUHFRUG
3UHGQiND8QLW&UWYLGHRSDPl
3UHGQiND8QLW\*UDSKD0\V8QLWULDGHQLHP\L
3UHGQiND5HNXU]LD
3UHGQiND.RU8QLWSRPRFRX223
3UHGQiND7ULHG\9HOD.RU]iVREQtNDUDG
3UHGQiND9\PHQRYDQW\SPQRLQDUHNXU]LDQDQHUHNXU]LXDULWPHWLFNpYUD]\
3UHGQiND'\QDPLFNpSUHPHQQp
3UHGQiND'\QDPLFNpREMHNW\
3UHGQiND'\QDPLFNpNRU\WQDN\
3UHGQiND7ULHGD9HOD.RUG\QDPLFNFKNRU\WQDLHN
3UHGQiND3RXLWLHREMHNWRYY~ORKiFKVYLGHRSDPlRX
3UHGQiND5LHHQLHGYRMLFH~ORK]RVN~N\
3UHGQiND8NiNRYWHVWNXVN~NH
7HVW]3URJUDPRYDQLDSUHURQtN
9VOHGN\WHVWX]3URJUDPRYDQLD
3URJUDPRYpMHGQRWN\VLP{HWHVWLDKQX
.RU8QLW]IWSIWSHGLIPSKXQLEDVN3DVFDO.RU8QLWSDV
0\V8QLW]IWSIWSHGLIPSKXQLEDVN3DVFDO0\V8QLWSDV
9HOD8QLW]IWSIWSHGLIPSKXQLEDVN3DVFDO9HOD8QLWSDV
9HOD]IWSIWSHGLIPSKXQLEDVN3DVFDO39HODSDV
=iNODGQpSRN\Q\N]iSRWRYPSURJUDPRP
3RGPLHQNRXNSUHY]DWLX]iSRWX]DERGRYMHMHKRIXQNQRVDUREXVWQRV
3URJUDPPXVtE\RYOiGDWHQSRPRFRXNOiYHVQLFHDP\LP{HWHY\XtYDOHQXQLWQDRYOiGDQLH
P\L]SUHGQiN\0\V8QLWUHVSMHKRPRGLILNiFLX
1HVPLHWHSRXtYD7XUER9LVLRQDQL'HOSKL
0iWHYDNPRQRV]tVNDSUpPLXPD[ERGRYSULRPSULERGRYDQtVD]RKDGXM~QDVOHGXM~FH
YHFL
LWDWHQRVNyGX
SRXLWLHREMHNWRY
FKRGHQLHSRDGUHViURFKYSUtSDGHSUiFHVRV~ERUPL
XPHOHFNGRMHP
U{]QHDLHPRGLILNiFLH~ORK\U{]QH~URYQHKU\NRQILJXURYDWHQRVKU\
XLYDWHVNiSUtWXOQRVDMHGQRGXFKRVRYOiGDQLD
Y\XtYDQLHP\L
7HUPtQ\QDRGRY]GiYDQLH
3RNLDFKFHWHPDQiURNQDSUpPLXPXVtWHRGYR]GD]iSRWRYSURJUDPQDMQHVN{UGRNRQFD
]iSRWRYpKRWGDYUiPFLNRQ]XOWDQFKKRGtQ,QiQDMQHVN{UGRNRQFDWGDSRNWRURPVD
EXGHSURJUDPRYDQLHVN~'REUiUDGDQHQHFKiYDMWHVLWRQDSRVOHGQ~FKYtX&YLLDFLQLHMHYG\
]RKQDWHQ
=DGDQLHYVWXSQpKRWHVWXSUHIDQDWLNRY
9VOHGQiWDEXNDYVWXSQpKRWHVWX
F&RS\ULJKW$QGUHM%ODKR
6N~ND]SURJUDPRYDQLDY]LPQRPVHPHVWUL MDQ
%RGRYDQLHSURJUDPRYDQLD
+RGQRWHQLHVN~N\
1(9<+29(/
'2%5(
9(0,'2%5(
9%251(
5LDGQHWHUPtQ\
WHUPtQMDQGRREHGD
WHUPtQMDQSRREHGH
WHUPtQMDQGRREHGD
WHUPtQMDQSRREHGH
WHUPtQMDQGRREHGD
WHUPtQMDQSRREHGH
WHUPtQMDQGRREHGD
RSUDYQpWHUPtQ\
WHUPtQIHEGRREHGD
WHUPtQIHESRREHGH
F&RS\ULJKW$QGUHM%ODKR
%RGRYDQLHSURJUDPRYDQLD
]iSRHW SUpPLD WHVW VN~ND V~HW ]QiPND GiWXP RSUDYQ
$PEUy0LFKDO L
$UEHW0LFKDO L
JK0DUHN L
%DFKRYi%DUERUD L S
%DUiN)UDQWLHN L
%DUWHN3HWHU L
%iEHO3DYRO L
%HQtN7RPi L
%HQHV=VROW L
%HR3HWHU L
%RGtN3HWHU L )
%RWW5RODQG L
%UXFKWHU3HWHU L
%XUJHU%RULV L
&KXGi.DULQD L
HUQ3DYRO L )
LPRYi.DWDUtQD L
DR-iQ L S
(LIOHU0DUWLQ L
)DNRYHF0DUFHO L
)DUNDV*DEULHO L
*UHEHt%UDQLVODY L
+DDQ0LOR L )
+RPROD-XUDM L
+RUiN3HWHU L
+UQLDULN0LFKDO L =
+XGHF3HWHU L )
,UPDQ9ODGLPtU L
7UHWtVWSHF
) IDQDWLN
= QiKUDGQ]iSRHW
2SUDYQWHUPtQ
WYUWRNIHEUXiUDR
SWYUWRNIHEUXiUDR
(PDLOEODKR#IPSKXQLEDVN
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DSURJUDPXMWHKUX5RELQVRQ
5RELQVRQVDQDFKiG]DQDRSXVWHQRPRVWURYHDFKFHVDGRVWDQDRVWURYQDNWRURPEYD5RELQVRQND
PHG]LLFKRVWURYPLVDQDFKiG]DPQRVWYRSRQiUDM~FLFKVDDY\QiUDM~FLFKVDRVWURYRY
5RELQVRQVDVQDtSUHVNiNDSRVXVHGLDFLFKRVWURYRFKDGRFLHDSULRPQHVPLHVSDGQ~GRPRUDUHVS
VDVQtPQHVPLHRVWURYSRQRULOHERE\KRYPRPHQWH]RUDOLUDORN\
5RELQVRQVDRYOiGDNOiYHVPLtSRN
6~RVWURYLHMHUHSUH]HQWRYDQpYWYRUFRYHMVLHWLYNWRUHMNDGWYRUHNPiYNX9<6ULDGNRYREUD]RYN\DtUNX
6,5VWSFRYREUD]RYN\9NDGRPSROtNXKUDFHMSORFK\VDQDFKiG]DRVWURYYQHMDNHMIi]HSRQiUDQLDDOHERPRUH
3ROtRNKUDFHMSORFK\MH0[10ULDGNRYD1VWSFRY+UDFLDSORFKDMHSRStVDQiYV~ERUH5RELQVRQW[W
SUYULDGRNREVDKXMHtVOD019<66,5
DOHMDGRNRQFDV~ERUXQDVOHGXM~WURMLFH]QDNULDGRNVWSHFNWRUpSRSLVXM~SROtNRQDV~UDGQLFLDFK
ULDGRNVWSHFD]QDNPiW~WRLQWHUSUHWiFLX
5RELQVRQRYRVWURY
FLHRYRVWURYV5RELQVRQNRX
YG\Y\QRUHQRVWURY
QLNG\QHY\QiUDQRVWURY
tVOLFD
R]QDXMHRVWURYNWRUVDY\QiUDVSUDYGHSRGREQRVRXtVOLFD
YHWN\RVWDWQpSROtNDV~RVWURY\NWRUpVDY\QiUDM~VSUDYGHSRGREQRVRX
P{HWHSUHGSRNODGDHV~ERUMHNRUHNWQ
3ROtNDKUDFHMSORFK\DMKUiDUHDOL]XMWHSRPRFRXREMHNWRYSULRPRNUHPLQLFLDOL]DQHMPHWyG\]DGHILQXMWHDM
PHWyGXQDY\NUHVOHQLHREMHNWXGRYLGHRSDPlWLQHSRXtYDMWH*RWR;<DWLHSUHSROtNRKUDFHMSORFK\PHWyGXQD
]PHQXVWDYXQDSUSRVWXSQpSRQiUDQLHRVWURYDY\QRUHQLHRVWURYDDSRGSOQHY\QRUHQRVWURYMHY\NUHVOHQ
]QDNRPSRVWXSQpSRQiUDQLHMH]REUD]HQp]QDNPLPRUHE\PDORE\PRGUp
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
9\WYRUWHWULHGX0RMD.RUNWRUiPiSULGDQ~VWDYRY~SUHPHQQ~VXVHG3.RUDPHWyG\=PHQ6XVHGD8URE7YDU
6WDYRYiSUHPHQQiVXVHGPiSULLQLFLDOL]iFLLKRGQRWX1,/PHWyGD=PHQ6XVHGVSDUDPHWURPW\SX3.RUSULUDGtGR
VWDYRYHMSUHPHQQHMVXVHG]DGDQ~KRGQRWX0HWyGD8URE7YDUEH]SDUDPHWURY]PHQtWYDUNRU\QDN\WDNH
WYDURPEXGH~VHNDGN\Y]GLDOHQRVWLNVXVHGRYLDWiWR~VHNDEXGHQDWRHQiNWRPXWRVXVHGRYL
9iSURJUDPQDMSUYY\JHQHUXMH1WDNFKWRNRU\WQDLHNQDQiKRGQFKSR]tFLiFKYSORFKH3RWRPNDGHM
NRU\WQDNHSULUDGtDNRVXVHGDQDVOHGRYQ~NRU\WQDNXLUHVS1WHMSULUDGtSUY~3UtND]8.$=E\PDO]REUD]L
VSRMQLFHPHG]LNRU\WQDNDPL
DOHMSURJUDPXPRQtSRPRFRXP\LDKDXERYRQ~NRU\WQDNXSULRPVDQLHNWRUPNRU\WQDNiPEXGHPXVLH
PHQLWYDUWDNSRPRFRX8URE7YDUDE\VSRMQLFHVWiOHVSiMDOLVXVHGQpNRU\WQDN\
0{HWHSRXLOHQXQLW\.RU8QLW9HOD8QLWD0\V8QLW
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DSURJUDPXMWHKUX.$57,.<
1DKUDFHMSORFKHV~UR]PLHVWQHQpGYRMLFHNDUWLLHNRGOLXM~FLFKVDIDUERXDREUi]NRP]QDNRP.DUWLN\VDP{X
SUHNUYDORKRXKUiDMH]R]ELHUDGYRMLFHURYQDNFKNDUWLLHNDY\SUi]GQLWPKUDFLXSORFKX.DUWLN\V~
]REUD]HQpDNRIDUHEQpREGQLN\YN\
9<6ULDGNRYDtUN\
6,5VWSFRYREUD]RYN\6~RUiPLNRYDQp]QDNRP
DYQ~WURMHY\SOQHQpSUtVOXQP]QDNRPFKDUDNWHUL]XM~FLPNDUWLNX
3DUDPHWUHNDUWLLHNQDtWDMWH]RV~ERUXNDUWLFN\W[WNWRUPiQDVOHGRYQ~WUXNW~UX
SUYULDGRNREVDKXMHGYDFHORtVHOQpSDUDPHWUH9<6D6,5
QDVOHGXM~FHULDGN\REVDKXM~WYRULFHNDGULDGRNMHGQXSRSLVXM~FHMHGQRWOLYpNDUWLN\
SUYpGYHtVODXGiYDM~V~UDGQLFHDYpKRKRUQpKRURKXNDUWLN\YSRUDGtULDGRNVWSHFYPLHUNH
9<6D6,5
QDVOHGXMH]QDNDtVORIDUE\NDUWLN\
3URJUDPQDtWDV~ERU]REUD]tNDUWLN\QDREUD]RYNXDXPRQtKUiRYLNOLNDQtPDYPWODLGORPP\LR]QDRYD
GYRMLFHNDUWLLHN3UYPNOLNQXWtPQDNDUWLNXVDWiWRR]QDtUiPLNVDY\NUHVOt]QDNRPIDUERXNDUWLN\
GUXKPNOLNQXWtPQDR]QDHQ~NDUWLNXVDWiWRRG]QDt$NXMHQHMDNiNDUWLNDR]QDHQiDKUiNOLNQHQDLQ~
NDUWLNXVURYQDNRXIDUERXD]QDNRPREHNDUWLN\]PL]Q~]KUDFHMSORFK\3ULNOLNQXWtPLPRNDUWLLHNDOHERQD
NDUWLNXNWRUiVDIDUERXDOHER]QDNRPQH]KRGXMHVR]QDHQRXSURJUDP]DStSD.OLNQ~VDP{HOHQQDNDUWLNX
NWRUiQLHMHSUHNU\WiLDGQRXLQRX
3RY\SUi]GQHQtKUDFHMSORFK\SURJUDPSRJUDWXOXMHKUiRYL
.DUWLN\YSURJUDPHUHSUH]HQWXMWHREMHNWDPL'HILQXMWHPHWyG\QDLQLFLDOL]iFLXY\NUHVOHQLHGRYLGHRSDPlWLQD
]LVWHQLHLVDQDXNOLNORUHVSSUHNUYDQLHVLQRXNDUWLNRX
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
1HSRXtYDMWH*RWR;<
1DStWHSURJUDPNWRU]REUD]tQDREUD]RYNHQNRU\WQDLHNQVU{]Q\PLREU\VPLDXPRQtVQLPLLQWHUDNWtYQH
SUDFRYDSRPRFRXP\L.RU\WQDN\PRQRDKDVRVWODHQPDYPWODLGORPDSUDYPWODLGORPRWiD
VPHURPNP\L9G\NHVDNRU\WQDNDDKDQtPSRORtQDQRYpPLHVWR]DQHFKiQDWRPWRPLHVWHRWODRNVYRMKR
REU\VX
2EU\V\NRU\WQDLHNV~]DGDQpYV~ERUHWYDU\W[WDNRSRVWXSQRVtVHOVWULHGDVDRWRHQLHYSUDYRDSUHVXQ
GRSUHGX9NDGRPULDGNXWRKWRV~ERUXMHGHILQRYDQREU\VSUHMHGQXNRU\WQDNX
3URJUDPQD]DLDWNXY\JHQHUXMHSUtVOXQSRHWNRU\WQDLHNSRGDSRWXULDGNRYYV~ERUHQDQiKRGQFK
SR]tFLiFKRWRHQpQDVHYHU.DGiNRU\WQDNDGRVWiYDSUtVOXQWYDU
3R]QiPND1DNRNRPHWyGD%OL]NRUR]SR]QiYDOHQPDOpRNROLHRNRORPRPHQWiOQHMSR]tFLHNRU\WQDN\D
VDPRWQpWYDU\P{XE\YHNpP\EXGHUHDJRYDOHQSULNOLNQXWtYEOt]NRVWLSR]tFLHNRU\WQDN\WYDU\V~YV~ERUH
]DGDQpWDNDE\ERORMDVQpNGHMHWiWRSR]tFLD
3R]QiPND2EU\VNRU\WQDN\NWRUVDPiRWODLSRDKDQtY\NUHVXMHSRPRFQiNRU\WQDNDWiWRMHVNU\Wi
QDMSUYVDQDVWDYtQDSR]tFLXNRU\WQDN\QDVWDYtVLMHMVPHUD]LQWHUSUHWXMHMHMREU\VWHQ]UHMPHPXVtE\QLHNGH
XORHQDE\EROSUtVWXSQSUHW~WRSRPRFQ~NRU\WQDNX
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DSURJUDPXMWHKUX3UHVNDNRYDQi
KUDFLDSORFKDMHDFKRYQLFD1[0VRHGPLDOWPLSROtNDPLDKUiVDOHQQDOWFKSROtNDFK
GYDMDKUiLPDM~SR0KUDFtFKNDPHRFKNWRUpV~YSRLDWRQFKSR]tFLiFKSUYKUiYGROQFKGYRFK
UDGRFKDGUXKYKRUQFKGYRFKUDGRFK
KUiLVWULHGDYRDKDM~QLHNWRUP]RVYRMLFKNDPHRYDWRYG\XKORSULHQHOHQSRSRYROHQFKSROtNDFK
QDYRQpSROtNR
MHGHQDK]QDPHQiEXSUHVXQQDVXVHGQpSROtNRDOHERSUHVNRHQLHQLHY\KRGHQLHVXVHGQpKRSROtND
DOHOHQDNMHYRQp
3ROtNRKUDFHMGRVN\PiUR]PHU9<6[6,5]QDNRYREUD]RYN\+UDFLHNDPHQHSUYpKRKUiDV~HUYHQpV~SHUD
PRGUpDV~]REUD]HQpREGQLNRP9<6[6,5YVWUHGHSROtND+UDVDRYOiGDSRPRFRXNOLNDQLDP\RX
IDUEDKUiDNWRUMHQDDKXMH]REUD]HQiIDUHEQPREGQLNRPYSUDYRPKRUQRPURKXREUD]RYN\
KUiNWRUMHQDDKXQDMSUYNOLNQHQDVYRMNDPHWHQWRVDR]QDtQDSUY\ERGNRYDQtPDSRWRPNOLNQH
QDFLHRYpSROtNR
DNMHDKYSRULDGNXWDNVDY\NRQiLQDNVDStSQHDDNiEXQD]DGDQLHVSUiYQHKRSROtNDDOHERQD
RG]QDHQLHNDPHD
019<6D6,5V~NRQWDQW\SURJUDPX01!9<6!6,5!QDSU
+UDFLHSROtNRUHSUH]HQWXMWHREMHNWRPVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHD]LVWHQLHLVDQDNOLNOR
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
1HSRXtYDMWH*RWR;<
1DStWHSURJUDPNWRUEXGHVLPXORYDSRK\EHOHNWULLHNSR]DF\NOHQHMGUiKH
SRPRFRXDKDQLDP\LVR]DWODHQPDYPWODLGORPVD]DQHY\WYiUDHOHNWULNRYiWUDLDUD
]DtQDM~FDYSUYRPERGHNOLNQXWLDNWRUiMHDOHMVWiOHVSRMLWiDMNHSXVWtPHWODLGORP\LD]DWODtPHQD
LQRPPLHVWHREUD]RYN\SURJUDPVLSULWRP]DSDPlWiYDYSROLV~UDGQLFHWHMWRGUiK\DSRtWDVLDMMHMGNX
DNPiGUiKDGNXDVSR''MHNRQWDQWDSURJUDPXQDSU' YSRLDWNXGUiK\VDQDURGt
SRLDWRQRPERGHGUiK\QDURGtQRYiHOHNWULNDDWLHVD]DQHSRPDO\KEDSRGUiKH
WDNWRVDQDSRLDWNXGUiK\YG\QDURGtQRYiHOHNWULNDDNGRWHUD]SRVOHGQiSUHODGUiKXGN\DVSR'
HOHNWULN\DNSRWRPGUiKXSUHGLPHRSlVDYHWN\SRKQ~
GUiKXP{HPH]DF\NOLDNMHQDURGHQiDVSRMHGQDHOHNWULNDDPRPHQWiOQ\NRQFRYERGGUiK\MHEOLLH
NSRLDWRQpPXERGXGUiK\DNRRGWRKRWRPRPHQWX]PL]QHNXU]RUP\LGUiKDVDXDOHMDKDQHGi
DWLHVDSUHVWDQ~URGLQRYpHOHNWULN\H[LVWXM~FHVWiOHMD]GLDGRNROD
(OHNWULN\GHILQXMWHSRPRFRXWULHG\9HOD.RUSULRPNDGiMHGQDVDQHVPLHSRK\ERYDUFKOHMLHYltP
NURNRPDNRDYG\MHQDWRHQiNQDVOHGXM~FHPXERGXGUiK\NRU\WQDN\V~XNi]DQp
0{HWHSUHGSRNODGDHGUiKDVDQHEXGHVNODGD]YLDFDNRERGRY
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DStWHSURJUDPNWRUXPRQt]IDUHEQFKWYRUHNRYVNODGDPR]DLNX
KUDFLDSORFKDGRNWRUHMVDEXGHVNODGDPR]DLNDMHSRStVDQiYV~ERUHPR]DLNDW[W
SUYULDGRNREVDKXMHGYHtVOD9<6D6,5NWRUpR]QDXM~YHNRVWYRUHNDWYRUFRYHMVLHWH
DOLHULDGN\V~ERUXSRSLVXM~0ULDGNRYKUDFHMSORFK\SULRPNDGULDGRNMHURYQDNRGOKDREVDKXMH1
SROtRNNDGpSROtNRMHSRStVDQpMHGQP]QDNRPFKDU
SROtNRKUDFHMSORFK\MHSUi]GQHY\NUHVOtVDLHUQRXIDUERX
QDSROtNXMHVWHQDFH]NWRU~VDQHGiSUHFKiG]DY\NUHVOtVDELHORXIDUERX
WDUWRYpSROtNRMHWLHSUi]GQHDOHVHPVDQHVN{UEXG~JHQHURYDIDUHEQpWYRUHN\PR]DLN\
U
J
E
\
FLHRYpSROtNDSUHU{]QHIDUHEQpWYRUHN\U HUYHQiJ ]HOHQiE PRGUi\ OWi
SROtNRVDY\NUHVOtY\ERGNRYDQpSULRPERGN\V~SUtVOXQHMIDUE\
1D]DLDWNXKU\SURJUDPY\NUHVOtQDtWDQ~KUDFLXSORFKXSULRPDVREUD]RYN\PLPRKUDFHMSORFK\EXGHHGi
DOHMVLSULSUDYtUDGIDUHEQFKWYRUHNRYYNWRURPMH]DVW~SHQSUHVQSRHW]NDGHMIDUE\SRGDUJE\]R
YVWXSQpKRV~ERUX7HQWRUDGEXGHQiKRGQHSRPLHDQ
1DWDUWRYRPSROtNXYV~ERUH]QDN
VDREMDYtSUYIDUHEQWYRUHN]SULSUDYHQpKRUDGXDKUiKRP{H
SUHV~YDSRPRFRXtSRNSRSORFKH3URJUDPQHGRYROtSRVXQ~WYRUHNQDREVDGHQpSROtNRQDSUVWHQD
$NRQiKOHWYRUHNSUtGHQDXERYRQpFLHRYpSROtNRSUtVOXQHMIDUE\WYRUHNVDQDWRWRPLHVWRSULOHSt
SROtNRMHREVDGHQpSURJUDPStSQHDQDWDUWRYpSROtNRGiQDVOHGXM~FL]SULSUDYHQpKRUDGX$NKUiSRDV
SUHV~YDQLDWYRUHNDVQtPY\SDGQH]KUDFHMSORFK\WHQWRVD]DUDGtQDNRQLHFSULSUDYHQpKRUDGXWYRUHNRYD
SURJUDPQDWDUWRYpSROtNRSULSUDYtPRPHQWiOQHSUY]UDGX
+UDNRQtVSUiYRX+85$DNVDKUiRYLSRGDUtXPLHVWQLYHWN\IDUHEQpWYRUHN\]UDGX
3ROtNRKUDFHMSORFK\UHSUH]HQWXMWHREMHNWRPVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHD]LVWHQLHMHKRVWDYX7LH
KUDFLXSORFKXUHSUH]HQWXMWHREMHNWRP
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
1HSRXtYDMWH*RWR;<
1DStWHSURJUDPNWRUXPRQtGYRPKUiRPKUDKUX752-8+2/1.
1DMSUYVDSRPRFRX9HODNRUY\JHQHUXMH1NRU\WQDLHNNWRUpOHLDYRYUFKRORFKSUDYLGHOQpKR1XKROQtNDVR
VWUHGRPY7LHWRNRU\WQDN\PDM~]PHQHQWYDUQDPDOOWNU~RN1DREUD]RYNHV~WLHWRYUFKRO\1
XKROQtNDQDY]iMRPSRVSiMDQpLDUDPLHGHMIDUE\NDGVNDGP
+UiLEXG~VWULHGDYRMHGHQPRGURXDGUXKHUYHQRXIDUERXR]QDRYDVSRMQLFHYUFKRORY+UDVDNRQtNH
QLHNWRU]KUiRYR]QDHQtPVSRMQLFHX]DYULHWURMXKROQtNNWRUpKRVWUDQ\V~URYQDNHMIDUE\7HQWRWURMXKROQtNVD
Y\NUHVOtGDQRXIDUERXKUXEPLLDUDPLDSURJUDPDNiQDVWODHQLH(6&
2]QDRYDQLHVSRMQtFVDUREtNOLNDQtPDYPWODLGORPP\LQDYUFKRO\1XKROQtND3RSUYRPNOLNQXWtQDYUFKROVD
WHQWR]DIDUEtIDUERXSUtVOXQpKRKUiDGUXKpNOLNQXWLHQDWHQLVWYUFKROKRRGIDUEt.OLNQXWtPQDDOtYUFKRODN
HWHVSRMQLFDQHEROD]DIDUEHQiVDWiWR]DIDUEtSUYYUFKROVDRGIDUEtDQDDKXMHDOtKUi$NVDVQDt]DIDUEL
X]DIDUEHQ~VSRMQLFXYODVWQRXDOHERSURWLKUiRYRXIDUERXSURJUDPStSQH
1MHNRQWDQWDSURJUDPXQDSU1
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DStWHSURJUDPNWRUXPRQt]DKUDVDVURERWRP.DUORP
URERW.DUHOVDSRK\EXMHYWYRUFRYHMVLHWLUR]PHURYULDGNRYSRVWSFRYSULRPUR]PHU\SROtNDQD
REUD]RYNHV~[DPHG]LSROtNDPLMHMHGHQ]QDNVNyGRP
URERWMHYG\QDWRHQYMHGQRP]RVPHURYVHYHUYFKRGMXK]iSDGD]REUD]HQMHGQP]R]QDNRY
A
!
Y
OWRXIDUERX
URERWVDULDGLQDVOHGXM~FLPLNOiYHVPL
tSNDKRUHUHVSGROHURERWY\NRQiMHGHQNURNGRSUHGXUHVSY]DGYPRPHQWiOQRPVPHUHDNVD
QHGiSURJUDPStSQH
tSNDYDYRUHVSYSUDYRURERWVDRWRtYDYRUHVSYSUDYRRVWXSRY
tVOLFD
]DIDUEtSROtNRSRGURERWRPSUtVOXQRXIDUERXMHLHUQDPRGUi
&WUOStVPHQRQDWDUWRYDQLHGHILQRYDQLDSUtVOXQpKRPDNUDWMRGWRKRWRPRPHQWXVD
]DSDPlWiYDM~YHWN\NOiYHVQLFRYpSUtND]\GRUHD]FDD]iURYHVDY\NRQiYDM~GHILQRYDQLHPDNUD
VDXNRQtRSlWRYQPVWODHQtP&WUOXERYRQpStVPHQRSRDVGHILQRYDQLDPDNUDMHYSUDYRP
KRUQRPURKXY\StVDQiVSUiYD0$.52DSUtVOXQpStVPHQR
$
=
VSXVWtSUtVOXQpPDNURDNVDSRDVGHILQtFLHPDNUDY\YROiQHMDNpPDNURWDNWRWRVD
QDR]DMY\NRQiDGRGHILQtFLHPDNUDVD]DStXOHQVDPRWQpSUtND]\PDNUD
(6&XORtYHWN\LQIRUPiFLHRWYRUFRYHMVLHWL.DUORYLDGHILQRYDQFKPDNUiFKGRV~ERUXD
SURJUDPVNRQt
SUYFKULDGNRYREVDKXMHSRFLILHUNWRUpUHSUH]HQWXM~IDUE\SUtVOXQFKSROtRNWYRUFRYHMVLHWH
YDORPULDGNXQDVOHGXMHSR]tFLDDQDWRHQLHURERWDULDGRNVWSHFVPHU VHYHU YFKRG MXK
]iSDG
DGRNRQFDV~ERUXQDVOHGXM~GHILQtFLHPDNLHUYRIRUPiWHStVPHQR GHILQtFLDPDNUD
3ROtNRWYRUFRYHMVLHWHDMURERWDUHSUH]HQWXMWHREMHNWDPLVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHDSRG
1HSRXtYDMWH*RWR;<
1DStWHSURJUDPNWRUSRPRFRXNRU\WQDLHN]UHDOL]XMHQDVOHGRYQHIHNW
YSUDYRDGRSUHGXDREU\V]DIDUEtWHQD]HOHQR
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
6N~ND]SURJUDPRYDQLDSUHL0,D), SR
1DStWHSURJUDPNWRUXPRQt]DKUDVDGRPLQRWHWULV
KUiP{HSRPRFRXNOiYHVQLFHRYOiGDWRWRSDGDQLH
]DGHILQXMHPHVLNRQWDQW\SURJUDPXQDSU
NOiYHVSDGQLVS{VREt]UFKOHQpSDGDQLHNDPHDSRXLWHGYHNRQWDQW\FDVDFDVNWRUpV~
SR]GUDQLDPLSUHQRUPiOQHD]UFKOHQpSDGDQLH32=25DMSRDVSR]GUDQLDE\PDOKUiPD
PRQRVRYOiGDSDGDQLH]NOiYHVQLFH
SDGDM~FLNDPHVD]DVWDYtQDSUHNiNHSRGVHERXQDKURPDGHQpNDPHQHDOHERGQRKUDFHMSORFK\
602/8
DSURJUDPNRQt
SROtNRKUDFHMSORFK\MHUR]PHUX[QDSUSOQFKDOHERUiPLNRYFK]QDNRY
FHOiREUD]RYNDPLPRKUDFHMSORFK\MHQHMDNRIDUHEQHRGOtHQiQDSUHGi
+UDFLXSORFKXUHSUH]HQWXMWHREMHNWRPVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHJHQHURYDQLHQRYpKRNDPHD
SDGDQLHNDPHDDSRG
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
1HSRXtYDMWH*RWR;<
1DStWHSURJUDPSULSRPtQDM~FLJXOHQtNVR]MHGQRGXHQPLSUDYLGODPLSUHRGUD]\
*XOHEXG~SUHGVWDYRYDNRU\WQDN\]WULHG\9HODNRU7LHWREXGHPHJHQHURYDNOLNDQtPSUDYPWODLGORP
P\LDYWHG\VDQDGDQRPPLHVWHY\WYRUtYG\QRYiNRU\WQDND
*XOHEXGHPHUR]KEDYDSRPRFRXDYpKRWODLGODP\L3UL]DWODHQtDYpKRWODLGODQDH[LVWXM~FX
NRU\WQDNXVDMHMIDUEDGRDVQH]PHQtQDHUYHQ~DDKDQtPP\LXUXMHPHDN~GUiKXPiGDQiJXDSUHMV
1QiVRERNGN\DKDQLDP\L3RDVDKDQLDP\LVDDNWtYQDHUYHQiNRU\WQDNDRWiDVPHURPRG
P\L3RSXVWHQtWODLGODP\LDNWtYQDNRU\WQDND]PHQtRSlIDUEXQD]HOHQ~D]DQHVDSRK\ERYDSRGD
SHFLILNRYDQFKSUDYLGLHOWMYXGDQRPVPHUHGUiKXGN\1
Y]GLDOHQRVP\LDNRU\WQDN\9HWN\
UR]KEDQpNRU\WQDN\VDSRK\EXM~NURNRP$MSRDVSRK\EXNRU\WQDLHNSURJUDPXPRQtY\WYiUDQRYp
NRU\WQDN\UHVSLFKVS~D
3URJUDPQD]DLDWNXQDtWDSRSLVREGQLNRY]RV~ERUX2%'7;7Y\NUHVOtLFKWPDYRPRGURXKUXERX
LDURXQDREUD]RYNXDXPRQtKUDVDNRU\WQDNRYJXOHQtN6~ERU2%'7;7REVDKXMHYNDGRPULDGNX
SRSLVMHGQpKRREGQLNDWMFHOptVODVQDVOHGXM~FRXWUXNW~URXSUYpGYHtVODXGiYDM~V~UDGQLFHDYpKR
KRUQpKRURKXREGQLNDYSRUDGt[\3RWRPQDVOHGXMHtUNDDYNDREGQLND0{WHSUHSRGNODGDH
V~ERUMHNRUHNWQ
1MHNRQWDQWDSURJUDPXQDSU1
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
6N~ND]SURJUDPRYDQLDSUHL0,D), GR
1DStWHSURJUDPNWRUXPRQt]DKUDVDSDPlRY~KUXWYRUFH
+UDFLDSORFKDREVDKXMHUDGRYSRVSFRYKUDFtFKSROtRNNDGpSROtNRMHQDREUD]RYNHYHNRVWL[
]QDNRY
QDWFKWRSROtNDFKMHQiKRGQHUR]KiG]DQFK1679WYRUFRYQiKRGQFKIDULHEY\NUHVOHQp]QDNPL
]U{]Q\FKIDULHE]YRWHVDPL
SURJUDPVLQiKRGQHY\JHQHUXMHSRVWXSQRVGN\13267WFKWRWYRUFRYSULRPWYRUFHVDYQHMP{X
RSDNRYDW~WRSRVWXSQRVKUiRYLSUHGYHGLHDMHKR~ORKRXMXEXGHNOLNDQtPP\RX]RSDNRYD
SRVWXSQRVSURJUDPQHSUHGYHGLHQDUD]FHO~DOHQDMSUYOHQSUYSUYRN]QHMDDNKUiKR]RSDNRYDOGREUH
SUHGYHGLHSUYpGYDSUYN\DW
DNVDKUiQLHNHG\SULRSDNRYDQtSRVWXSQRVWLSRSUHGYHGHQtSRtWDRPSRPOLSRtWDMX]RSDNXMHD
QHSUHGXMHSRVWXSQRVSRNLDMXKUiVSUiYQHQH]RSDNXMH
SRVWXSQRVVDSUHGYiG]DQDVOHGRYQPVS{VRERPSUtVOXQWYRUHFVD]YUD]QtWPHVDSUHNUHVOtSOQPL
WYRUFHURYQDNHMIDUE\YG\KUDM~URYQDNpWyQ\
DNVDKUiRYLSRGDUt]RSDNRYDFHO~SRVWXSQRVSURJUDPKR]DWRSRFKYiOLQHMDNRXVSUiYRXDSRVWODHQt
(6&NRQt
1DStWHSURJUDPNWRUSRPRFRXV~ERUXVWURPW[WQDNUHVOtELQiUQ\VWURP1DSRVOHGQFKYHWYiFKWRKRWRVWURPX
OLVWRFKWMYHWY\NWRUpVDXDOHMQHUR]YHWYXM~VDY\WYRULDHUYHQpIDUEDNRU\WQDN\SUYN\WULHG\9HOD.RU
MDENDVR]PHQHQPREU\VRPXKROQtNRPVRVWUDQRXREU\VQDVWDYWHSRPRFRXPHWyG\=PHQ7YDUDV~
QDWRHQpVPHURPQDGRO6WURPMHQDNUHVOHQ]HOHQRXKUXERXLDURXD]DtQDVDNUHVOLY
7H[WRYV~ERUVWURPW[WREVDKXMHYNDGRPULDGNXFHOptVODNWRUpSRSLVXM~MHGQXYHWYXVWURPXDMVXKODPLSUH
SRGVWURP\NWRUp]QHMY\FKiG]DM~3UYptVORR]QDXMHKENXYHWY\DOLHMHMGNXDDOLHGYHtVODGYDXKO\
RGNORQRGPRPHQWiOQHKRVPHUXYDYRSUHDYSRGVWURPDYSUDYRSUHSUDYSRGVWURP$NV~REDXKO\QXORYp
R]QDXMHWRHGDQiYHWYDXQHPiDOtHSRGVWURP\DWHGDMHOLVWRPVWURPXY\JHQHUXMHVDWXMDENR$N
SRWUHEXMHPHY\NUHVOLYHWYXQHMDNHMKEN\WDNWUHEDYV~ERUHQiMVSUYULDGRNWHMWR~URYQHNWRUHWHQHERO
SRXLW=UHMPHVLWUHEDSUHNDG~~URYHSDPlWDNRNRULDGNRY]RV~ERUXVPHXVSUDFRYDOL
9VWXSQV~ERUQHPRGLILNXMWHDDQLVLKRQHQDtWDYDMWHFHOGRSDPlWL
3RY\NUHVOHQtFHOpKRVWURPXMDENDSRPDO\SRSDGDM~QD]HPSULEOLQH\V~UDGQLFD
3URJUDPE\VDPDOGDYXERYRQRPRNDPLKXSUHUXLNOiYHVRP(6&
3ULHEHK]LPQpKRVHPHVWUD QRY
QiYWHYDSUHGQiRNQHSRYLQQi
SRYLQQRVWL]FYLHQtERGRYDQp
RQH~DVWLQHWUHEDRVSUDYHGOQHQLH
QHH[PRQRVQiKUDG\
9VWXSQWHVWSUHIDQDWLNRYGiVD]tVNDPD[ERGRY
$UHLPSUHIDQDWLNRYWMQDStVDOYVWXSQWHVWDVSRQDERGRY]ERGRY
DNQHGRVLDKQHDVSRERGRYWLHWRVLQHRGQiDNXVN~NH
]tVNDYDWPWRERGRYNWRUpV~QXWQpQD]tVDQLH]iSRWXY=6DNXVN~NHVL
RGQiDYHWN\ERG\NWRUpQDYVWXSQRPWHVWH]tVNDO
[ERGRY [
DOLHERG\WXGHQW]tVNDYDWPHSULQHVLHQDSURJUDPRYDQVHPHVWUiOQ\SURJUDP
\ERGRY \
WDNWR]tVNDQV~HWERGRYVLWXGHQWRGQiD]RVHPHVWUD[\ ERGRY
%RVWDWQtWXGHQWLQHStVDOLYVWXSQWHVWDOHERQDRPQH]tVNDOLDVSRERGRY
[ERGRY [
'20&(/2+<SULEOLQHNDGGUXKWGHPRQR]tVNDPtQXVERG\
[ ['8
DOLHERG\GRVWiYDWXGHQW]D]iSRWRYpSURJUDP\LQpDNWLYLW\
=iSRHW
EHU~VDERG\]DVHPHVWHU[\
WXGHQWNWRU]tVNDOFH]VHPHVWHUPHQHMDNR[ERGRYQH]tVNDYD]iSRHW
WXGHQWNWRU]tVND]RVHPHVWUDERGRYP{H]tVNDERG\NWRUpPXFKEDM~GRQD
]iSRWRYHMStVRPNH]tVNDYD]iSRHWYQiKUDGQRPWHUPtQHNXVN~NHVLRGQiDOHQERGRY
DMNHE\QDStVRPNHYLDF
DNWXGHQW]tVNDDVSRERGRY]tVNDYD]iSRHWYULDGQRPWHUPtQHDYHWN\ERG\VLRGQiDNX
VN~NH
N]tVNDQLX]iSRWXMHQXWQpRGRY]GDQLH]iSRWRYFKSURJUDPRYDOHERVHPHVWUiOQHKRSURJUDPX
DNWXGHQWSDWULOGRNDWHJyULH$
6N~ND
PRQREXGHSUHGWHUPtQ
WHUPtQ\VN~RNWGQHSUHG]DLDWNRPVN~NRYpKRREGRELD
WHUPtQ\
PiWHQiURNQDULDGQ\WHUPtQDNQHXVSHMHWHWDNRSUDYQWHUPtQOHQGRNRQFD
VN~REQpKR
RSUDYQWHUPtQDNGiY\XXM~FLYSURJUDPRYDQtWRQLHMH]Y\NRP
RVSUDYHGOQLVD]QH~DVWL]RVN~N\GRGQt
SRGPLHQNRXNXVN~NHMH]tVNDQLH]iSRWXDNQHPi]iSRHWWDNVWUDWDWHUPtQX
NERGRPNWRUpVLSULQLHVRO]RVHPHVWUD[\ ]tVNDYDDOLHSRDVSULHEHKXVN~N\
RGODGHQLHSURJUDPRYQDSRtWDLSRERGRYSRYROHQDKiN
QDULDGQRPWHUPtQHWUHED]SUDNWLFNHMDVWL]tVNDDVSRERGRYLQDNMH]QiPND
1(9<+29(/
1(9<+29(/
'2%5(
9(0,'2%5(
! 9%251(
PRQRV]tVNDQLDHSVLORQRYHMSUpPLHNERGRP~SUDYDSURJUDPXULHHQLHYHREHFQHMHM~ORK\
DSRGUHVSHSVLORQRYHMVWUDW\]DQH~SUDYX
URQtN
MHSUHYiVQiURQHMtDNRQDVOHGXM~FHOHERMHWRSUHFKRGQDLQWOW~GLD
QH]tVNDQLH]iSRWXQLHNHG\VWDt]RSiUDEVHQFLtYlLQRX]QDPHQiXNRQHQLHW~GLDPRQRVL
RSlSRGDSULKOiNXQD0))
QHVSUDYHQLHGHNDQVNHMVN~N\DOHERYLDFDNRQHXUREHQpRSUDYQpWHUPtQ\WLH]QDPHQi
XNRQHQLHW~GLD]URQtNDVD]YlDQHGRSRUXXMHSUHV~YDGRY\LHKRDQLRSDNRYDURQtN
.RU\WQDLDJUDILNDP{MSUYSURJUDP QRY
2NUHPREVDKXSURJUDPXVLYtPDMPHDMNUDVRSLVSURJUDPXRGVDG]RYDQLHMHGQRWOLYFKDVWtSURJUDPX
LFKYQiUDQLHGRVHEDSRPHQRYiYDQLHSUHPHQQFKDNRQWiQWWDNDE\VPHYHGHOLRNWRUi]QDPHQiDM
SRXSO\QXWtQHMDNpKRDVX
SURJUDPWHVW
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
NXND]
FDNDMNODYHV
HQG
7HQWRSURJUDPY\WYRUtNRU\WQDNX]REUD]tMXQDREUD]RYNHDDNiQDVWODHQLHXERYRQpKRNOiYHVX
3URJUDPMHQDStVDQYWDQGDUGQRP3DVFDOH9V~DVQRVWLQDSRtWDRFKQiMGHWH7XUER3DVFDODOHER
SUtSDGQH%RUODQG3DVFDO
3UYiDV
SURJUDPWHVW
KODYLNDSURJUDPXQHSRYLQQiDVY7XUER3DVFDOH
REVDKXMHUH]HUYRYDQpVORYRSURJUDPDQi]RYSURJUDPXNWRUVLSURJUDPiWRU]YROLOWHVW
P\KODYLNXSURJUDPXSRXtYDQHEXGHPH
'UXKiDV
XVHV.RU8QLW
YDUNNRU
GHNODUiFLHSURJUDPX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
]R]QDPSRXLWFKUR]tUHQtSURJUDPRYiMHGQRWND.RU8QLW
DSRSLVSUHPHQQFKWMGHNODUiFLHSUHPHQQFK
YGHNODUiFLLSUHPHQQFKVD]DtQDVORYtNRPYDUDV~YQHMQi]Y\YHWNFKSUHPHQQFKNWRUp
SURJUDPSRWUHEXMHSRDVVYRMKREHKX
PHQiSUHPHQQFKVDQD]YDM~LGHQWLILNiWRU\
,GHQWLILNiWRU
PiXERYRQ~GNXY]QDPQFKMHOHQSUYFK]QDNRY
PXVt]DtQDStVPHQRPDOHERSRGLDUNRYQtNRPSRWRPP{XQDVOHGRYDStVPHQiDQJOLFNHM
DEHFHG\tVOLFHDOHERSRGLDUNRYQtN
7XUER3DVFDOQHUR]OLXMHPDOpDYHNpStVPHQi
YQDRPSURJUDPHPiPHMHGLQ~SUHPHQQ~NNWRUHMW\SMHNRU
Y3DVFDOHPXVtE\NDGiSUHPHQQiNWRU~FKFHPHSRXtYDYSURJUDPHSRStVDQiYGHNODUiFLiFK
SULRPPXVtPDXUHQVYRMW\S
W\SNRUMHQRYW\SGHILQRYDQYSURJUDPRYHMMHGQRWNH.RU8QLWR]QDXMHHSUHPHQQiNMH
NRU\WQDNDDMHWRYQLPRQiSUHPHQQiRSURWLEHQPSUHPHQQPQDXtPHVDQHVN{U
7UHWLDDV
EHJLQ
SUtND]\SURJUDPX
HQG
WiWRDVSURJUDPXREVDKXMHSUtND]\NWRUpYHG~NULHHQLXQHMDNpKRSUREOpPXYWRPWRSUtSDGH
Y\WYRUHQLHD]REUD]HQLHNRU\WQDN\
SUtND]\VDY\NRQiYDM~MHGHQ]DGUXKPWDNDNRV~]DStVDQpPHG]LVORYDPLEHJLQDHQG
SUtND]\V~QDY]iMRPRGGHOHQp]QDNRP
.RU\WQDND
.RU\WQDNDMHSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHDP{H]DVHERX
]DQHFKiYDVWRSXLDU\3UHPHQQiW\SXNRU\WQDNDJUDILFNpSHURREVDKXMHQHMDNpLQIRUPiFLHR
VYRMRPVWDYHNGHVRPYURYLQHDNRVRPQDWRHQiDNRXIDUERXEXGHPNUHVOLLMHPDYLGLHDSRG
D]DURYHYLHNRU\WQDNDUHDJRYDSRVO~FKDQDQHMDNpSUtND]\SRYHO\SRPRFRXNWRUFKMXYODVWQH
ULDGLPH
.RU\WQDNDPiQLHNRNRSUHGGHILQRYDQFKSUtND]RYDQHVN{UVDQDXtPHGHILQRYDQRYp=DWLDVL
XYHGLHPHQDMG{OHLWHMLHQHVN{UDOLH
,QLW[\XKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
QDSR]tFLL[\VDY\WYRUtNRU\WQDNDVRVPHURPXKRO
GHIDXOWMHVNU\WiVRVSXVWHQPLHUQ\PWHQNPSHURP
XKO\V~YVWXSRFKP{XE\DMQLHFHOptVOD
XKROMHQDVHYHURVWDWQpXKO\VDXUXM~YVPHUHRWiDQLDKRGUXLLHN
[D\QHPXVLDE\FHOptVODSR]RUPD[
'RSUHGXGNDBNURNX
QHPXVtE\FHOptVOR
9SUDYRXKRO
XKO\V~YVWXSRFK
NRU\WQDNDVDRWRtRXKROYSUDYR
9ODYRXKRO
=PHQ6PHUXKRO
NRU\WQDNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
3+
SHURKRUH
3'
SHURGROH
=PHQ;<[\
DNMHSHURGROHWDNVDNUHVOtLDUD
3UHVXQ;<[\
QHQDNUHVOtLDUXDMNHMHSHURGROX
8ND]
NRU\WQDNDVD]REUD]XMH]HOHQPURYQRUDPHQQPWURMXKROQtNRP
QHVN{UVDQDXtPHPHQLMHMWYDUDMIDUEX
6NU\
=PHQ)3IDUED
tVORLHUQDPRGUi]HOHQiOWiELHOD
MHGREUpXURELVLWDEXNXDKiN
=PHQ+3KU~END
tVORDOHER
3RXtYDM~VDWDNHVD]DPHQRNRU\WQDN\Gi
D]DXVDGiPHQRSUtND]XSUtSDGQHSDUDPHWUH
DULWPHWLFNpYUD]\9HNpStVPHQiYQi]YRFKV~OHQSUHLWDWHQRV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
*UDILFNiSORFKD
PiYHNRV[
VWUHGV~UDGQHMV~VWDY\MHYVWUHGHREUD]RYN\[RYiMHSULEOLQHD\RYi
VPHU\DNRYPDWHPDWLNH
DOLHSUtND]\QLHV~WRSRYHO\NRU\WQDN\DOHMXRYSO\YXM~QHStXVDVPHQRPNRU\WQDN\D
SUHGGHNODURYDQiSUHPHQQiNURNXMORJLFNiKRGQRWDSUHPHQQi]DSQHY\SQHNURNRYDFtUHLP
SURFHG~UD=PD]NRU\WQDNDPXVtE\VNU\Wi
SURFHG~UD&DNDM.ODYHV
3UHIHVLRQiOQLSDVFDOLVWLV~FLWOLYtQDQDIRUPiWRYDQLHVYRMLFKSURJUDPRYDNDUHGpIRUPiWRYDQLHSRYDXM~
]D~P\VHOQ~SURYRNiFLXQDSUSUHNODGDX3DVFDOMHMHGQRLSUYiXNiNDY\]HUiWDNWR
XVHV.RU8QLW
YDUN
NRUEHJLQN
LQLW
N
XND]FDNDMNODYHVHQG
DOtSUtNODG
XVHV.RU8QLW
YDUNNRU
SLQWHJHU
EHJLQ
NLQLW
NXND]
S
NGRSUHGXSNYSUDYR
NGRSUHGXSGLY
FDNDMNODYHV
HQG
SMHFHORtVHOQiSUHPHQQiLQWHJHU
P{HPHVLMXSUHGVWDYLDNRQHMDN~NDWXNXVQHMDNPPHQRPYNWRUHMP{HE\QHMDNpFHOp
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
tVOR
PHQRBSUHPHQQHM
MHWRREODVSDPlWLSRtWDDYNWRUHMVDP{XQDFKiG]DKRGQRW\SUHPHQQHMGDQpKRW\SXY
WRPWRSUtSDGHLQWHJHU
KRGQRW\SUHPHQQFKVDSRDVSURJUDPXPHQLD
SURJUDPXVDPXVtQDFKiG]DYRYQ~WULLQWHUYDOXGDQpKRW\SXSUHPHQQFK
SUHW\SLQWHJHUWRMHELWRY
RSHUiFLHNWRUpVDGDM~VSUHPHQQRXURELPXVLDE\GHILQRYDQpQDWRPWRW\SH
QDW\SHLQWHJHUV~GHILQRYDQpRSHUiFLH GLYPRG
V~]UHMPp]SRXtYDQLDYPDWHPDWLNH
MHPDWHPDWLFNpQiVREHQLH
RSHUiFLDGLY]QDPHQiFHORtVHOQpGHOHQLH
GLY
PRG]QDPHQi]Y\RNSRFHORtVHOQRPGHOHQt
PRG
RNUHPW\SXLQWHJHUP{HSRtWDSRXtYDHWHYLDFW\SRYSRYLHPHVLRQLFKQHVN{U
RVDVWDQHSRVSXVWHQtSURJUDPX"
YSDPlWLSRtWDDVDY\KUDGtPLHVWRSUHYHWN\SUHPHQQpMHGQDW\SXLQWHJHUGUXKiMH
NRU\WQDND
SUHPHQQpPDM~QD]DLDWNXSURJUDPXQHGHILQRYDQpKRGQRW\R]QDtPHLFK
"
NDWXOLHNQHMDNpKRGQRW\
SRVWXSQHVDY\NRQiYDM~SUtND]\]WHODSURJUDPX
SUtSDGQpDULWPHWLFNpYUD]\VDY\KRGQRFXM~
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
XVHV.RU8QLW
FRQVWYHONRVW
YDUNNRU
EHJLQ
NLQLWNXND]
NGRSUHGXYHONRVW
NYODYR
NGRSUHGXYHONRVW
NYODYR
NGRSUHGXYHONRVW
FDNDMNODYHV
HQG
SRXLWLHNRQWDQW\YSURJUDPHKRGQRWDNWRUiVDQHPHQtDMHSRPHQRYDQiLGHQWLILNiWRURP
VSUHKDGXMHSURJUDPP{HE\LWDWHQHMtOHSLHPRGLILNRYDWHQ
3UtND]F\NOX)25
9HREHFQH
IRUULDGLDFDBSUHPHQQi YUD]WRYUD]GRSUtND]
5LDGLDFDBSUHPHQQiSUHPHQQiSUHF\NOXVIRU
SULUDGtVDMHMKRGQRWDDN~QDGRE~GDYUD]
YUD]VDY\KRGQRWtQD]DLDWNXF\NOX
DNMHMHKRKRGQRWDPHQLDDNRKRGQRWDYUD]F\NOXVVDQHY\NRQi
DNMHYUD] YUD]F\NOXVSUHEHKQHSUiYHUD]
LQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYUD]DYUD]
PXVtE\RUGLQiOQHKRW\SX]DWLDSR]QiPHOHQFHORtVHOQRUGW\SLQWHJHU
MHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLWMQHVPLHE\QDDYHMVWUDQHLDGQHKR
SULUDRYDFLHKRSUtND]XSRDVSUHFKRGXIRUF\NOX
SRVNRQHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDXMHPH
"
3R]QiPND3RVNRQHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYUD]DQLLDGQX
LQ~MHMSRGREQ~
SUtNODG\IRUF\NORY
IRUS WRGRNGRSUHGX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
SR]RUQDWRHY3DVFDOHH[LVWXMHDMSUi]GQ\SUtND]QDSU
IRUS WRGRNGRSUHGX
NRU\WQDNDSUHMGHOHQGNX
DNSRWUHEXMHPHY\NRQDYF\NOHYLDFSUtND]RYWDNPXVtPHSRXL]ORHQSUtND]RKUDQLHQ
EHJLQHQG
SURJUDPP{HREVDKRYDDMNRPHQWiUHX]DYUHWpY^`
YLPQLPHVLSUHPHQQ~NURNXMNWRU~VPHQLNGHQHGHNODURYDOLDSULUDXMHPHGRQHMPDJLFN~
KRGQRWXWUXHWiWRWDMQiSUHPHQQiMHGHNODURYDQiYXQLWH.RU8QLWDNHVDGRQHMSULUDGtWUXH
DOHERIDOVHWDN]DSQHY\SQHNURNRYDFtUHLPNRU\WQDtFKSUtND]RYQHVN{UVD]R]QiPLPHV
ORJLFNPW\SRPNWRUPiGYHKRGQRW\WUXHDIDOVH
XVHV.RU8QLW
YDUNNRU
LLQWHJHU
EHJLQ
NURNXM WUXH^]DSQHNURNRYDFtUHLP`
NLQLWNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
FDNDMNODYHV
HQG
F\NO\P{XE\YQRUHQpQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
XVHV.RU8QLW
YDUNNRU
LMLQWHJHU
EHJLQ
NLQLWNXND]
IRUM WRGR
EHJLQ
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
FDNDMNODYHV
HQG
YLPQLPHVLIRUPiWRYDQLHSURJUDPRY
XKO\DMGN\QHPXVLDE\FHOptVODKRFLVDNRU\WQDNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
XVHV.RU8QLW
YDUNNRU
LMLQWHJHU
EHJLQ
NLQLWNXND]
IRUL WRGR
EHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
FDNDMNODYHV
HQG
9LDFNRU\WQDLHN
YSURJUDPHP{HPHSRXLYLDFNRU\WQDLHNQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
XVHV.RU8QLW
YDUNNNRU
LLQWHJHU
EHJLQ
NURNXM WUXH
NLQLWNXND]
NLQLWNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
FDNDMNODYHV
HQG
DOHERSDUDOHOQH
XVHV.RU8QLW
YDUNNNRU
LLQWHJHU
EHJLQ
NURNXM WUXH
NLQLWNXND]
NLQLWNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NGRSUHGX
NYODYR
NYSUDYR
HQG
FDNDMNODYHV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
HQG
XVHV.RU8QLW
YDUNNNRU
LMLQWHJHU
EHJLQ
NLQLWNXND]
NLQLWNXND]
IRUL WRGR
EHJLQ
IRUM WRGR
EHJLQ
NGRSUHGX
NGRSUHGX
HQG
IRUM WRGR
EHJLQ
NYODYR
NYSUDYR
HQG
HQG
FDNDMNODYHV
HQG
DOLHSUtNODG\QDF\NO\SLUiO\
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
IRUG WRGR
EHJLQ
NGRSUHGX
G
NYODYR
HQG
FDNDMNODYHV
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
DOHER
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
IRUG WRGR
EHJLQ
NGRSUHGX
NYSUDYRG^Y\VNXVDMWHNYSUDYRG`
HQG
FDNDMNODYHV
HQG
$E\VWHPRKOLSRXtYDXQLW.RU8QLWWUHEDKRVWLDKQX]
IWSIWSHGLIPSKXQLEDVN3DVFDO.RU8QLWSDV
DXPLHVWQLGRDGUHViUXNGHVDQDFKiG]DM~YDHNRU\WQDNRYpSURJUDP\SUHNRStUXMWHVHPDM
HJDYJDEJL]QLHNWRUpKRSDVFDORYVNpKRDGUHViUX
=KUQXWLH
3DVFDORYVNpSURJUDP\VDVNODGDM~]GHNODUiFLtY\PHQ~YDM~SRXLWpSURJUDPRYpMHGQRWN\SRSLVXM~
SUHPHQQpDNRQWDQW\NWRUpVDEXG~SRXtYDD]WHODSURJUDPXSRVWXSQRVSUtND]RYPHG]LEHJLQD
HQGRGGHOHQpV~QDY]iMRP
.DGiSUHPHQQiPXVtPDXUHQVYRMW\S=DWLDSR]QiPHFHORtVHOQLQWHJHUDNRU\WQDNX
NRU
3R]QiPHSUtND]\
SULUDRYDFtQDSUS
NRU\WQDLHSUtND]\QDSUNGRSUHGXYVNXWRQRVWLV~WRSURFHG~U\XYLGtPHQHVN{U
SUtND]F\NOX)25QDSUIRUL WRGR
]ORHQSUtND]EHJLQHQG
SUi]GQ\SUtND]QDSUEHJLQHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOLB,PSZUOBJBHSBGJLB
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
2. Prednka: Cyklus WHILE a procedry
:+,/(F\NOXVSURFHG~U\ QRY
:+,/(F\NOXV
F\NOXVVSRGPLHQNRXQD]DLDWNX
9HREHFQWYDU
ZKLOHSRGPLHQNDGRSUtND]\
3RPLHQND
ORJLFNpRSHUiWRU\DQGRUQRW
QRW
GLYPRGDQG^MHUHiOQHGHOHQLH`
RU
! !!
Y\KRGQRFRYDQLHYUD]RYVDNRQi]DYDGRSUDYD
SR]RUQDWRHORJLFNpRSHUiFLHPDM~Y\LXSULRULWXDNRUHODQpSUHWRMHFK\ED
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
G
ZKLOHGGR
EHJLQ
NGRSUHGXGNYODYR^Y\VN~DMWHSUHU{]QHXKO\`
G G
HQG
FDNDMNODYHV
HQG
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
G
FDNDMNODYHV
ZKLOHNY]GGR^Y]GMHSUHGGHILQRYDQiNRU\WQIXQNFLD
YUDFLDY]GLDOHQRVRGQHMDNpKRERGX[\`
EHJLQ
NGRSUHGXGNYODYR^Y\VN~DMWHSUHU{]QHXKO\`
G G
HQG
FDNDMNODYHV
HQG
3UHSLV)25GR:+,/(
0DMPHSURJUDP
IRUL WRGRNGRSUHGXL
3UHStPHKRGRZKLOH
L ^LQLFLDOL]iFLD`
ZKLOHL GR
EHJLQ
NGRSUHGXL
L L^]PHQDSUHPHQQHMRGNWRUHM]iYLVtSRGPLHQND`
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDNXGRQHNRQHQDVDSUHFKiG]DSRREUD]RYNHQiKRGQHVDRWRtRQHMDNXKROD
Y\NURtRQHMDN~NRQWDQWQ~Y]GLDOHQRV3RXtYDPHWDQGDUGQ~IXQNFLXUDQGRPtVORNWRUi]DNDGP
YUiWLLQ~QiKRGQ~KRGQRWXRGDSRtVOR1HNRQHQF\NOXVUREtPHSRPRFRXVWiOHSUDYGLYpKR
ORJLFNpKRYUD]XWUXHP{HPHKRDOHXNRQLNOiYHVRP(VF!
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
HQG
HQG
3RN~VLPHVDVWUiLNRU\WQDNXDE\QHY\OD]QHMDNHMREODVWLWMDNDMY\MGHWDNMXLKQHYUiWLPHVSl
3RXLMHQRYSUtND]YHWYHQLDLIPiGYDYDULDQW\]DWLDWHQMHGQRGXFKt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQSUtND]QHY\NRQiDOHSUHVNRt
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQNGRSUHGX
HQG
HQG
9\VN~DMWHVLQLHNRNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRXORJLFNFK
RSHUiWRURYDQGDRUWUHEDVLXYHGRPLHSRGPLHQNDYWFKWRSUtNODGRFKY\MDGUXMHHNRU\WQDND
RSXVWLODVWUiHQ~REODVWMHMH]OHDWUHEDVDYUiWL
NRVRWYRUHF
LIDEVN[VXUDEVN\VXU!WKHQNGRSUHGX
REGQLNVRVWUDQDPLDDVWUHGRPY
LINY]G!DQGNY]G!DQGNY]G!
WKHQ
1'
PHVLDFDNRUR]GLHOGYRFKNUXQtF
VORYHQVNGYRMNUtDNR]MHGQRWHQLHWURFKREGQLNRY
HOLSVX
SUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDNDQHY\VW~SLOD]RVWUiHQHMREODVWLDWR
WDNHVR]GYLKQXWPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSlDNWREROR2.WDNVSUDYtNURN
VRVSXVWHQPSHURPLQDNQHUREtQLDSRN~DVDtVLQPVPHURP
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\NDGiQHFKPiVYRMXFKUiQHQ~REODVPRXNUHVOLDM
LQRXIDUERX
QDSURJUDPXMWHSDUDOHOQHNRU\WQDN\Y\WYRUHQpYERGHVFKUiQHQRXREODVRXNUXKV
SRORPHURPSULRPNDGiPiKUXEpSHURVIDUEDPLOWiPRGUiD]HOHQiDSRK\EXM~VD
NURNRPSUtS
3URFHG~U\SRGSURJUDP\
SRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMDVWLSURJUDPXVPRQRVRXY\YRODW~WRDVSRPRFRX
SUtVOXQpKRPHQD
3RPRFRXSRGSURJUDPRYP{HPHULHLSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHHQLH]KRUDQDGRO
Y3DVFDOHP{XE\SRGSURJUDP\
SURFHG~U\
IXQNFLHYUiWLDQHMDN~KRGQRWX
YLDFQiVREQHSRXLWHQp
UHNXU]LD^QHVN{U`
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
^ORNiOQHGHNODUiFLHSUHSURFHG~UXDNRSUHKODYQSURJUDP`
EHJLQ
^WHORSURFHG~U\`
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHWYRUFDYLPQLPHVLHYDUNNRUPXVtE\GHNODURYDQp
HWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDVNRU\WQDNRX
XVHV.RU8QLW
YDUNNRU
SURFHGXUHVWYRUHF
YDULLQWHJHU
EHJLQ
IRUL WRGR
EHJLQNGRSUHGXNYSUDYRHQG
HQG
EHJLQ
NLQLWNXND]
VWYRUHF
NSUHVXQ[\
VWYRUHF
N]PHQ[\
VWYRUHF
FDNDMNODYHV
HQG
$NRSUDFXMHSRtWDSULYRODQtSURFHG~U\
WHMWRSURFHG~U\WM
]DSDPlWiVDQiYUDWRYiDGUHVDNDPVDEXGHWUHEDYUiWL
Y\WYRULDVDORNiOQHSUHPHQQpSURFHG~U\VQHGHILQRYDQRXKRGQRWRX^QHVN{UDMIRUPiOQH
SDUDPHWUH`
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYHWN\SUtND]\SRGSURJUDPX
]UXLDVDORNiOQHSUHPHQQp
ULDGHQLHVDYUDWL]DPLHVWRYSURJUDPHRGNLDEROSRGSURJUDPYRODQ
SUH3DVFDOSODWt
LQGHQWLILNiWRUVDP{HSRXtYDDNHEROGHNODURYDQ
WDQGDUGQpGHNODUiFLHWDQGDUGQpW\S\IXQNFLHSRGSURJUDP\V~GHILQRYDQpDNRNHE\HWHSUHG
SURJUDPRP ~URYH
SUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
LGHQWLILNiWRUMHYLGLWHQOHQQDVYRMHM~URYQLDQDYHWNFKYQRUHQFK~URYQLDFKNGHQLHMH
SUHGHILQRYDQ
GHILQRYDQpSURFHG~U\V~QDY\tFK~URYQLDFKDNRKODYQSURJUDPRQLYLGLDGHNODUiFLH
YGDQRPSURJUDPH
QD~URYQLV~YHWN\WDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S.RUSUHPHQQi
.URNXMDSRG
QD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
QD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{HPHSRVODQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHSHFLDOLWN\
YDUMLQWHJHU^PRKROE\WRE\DMLGHQWLILNiWRUL`
EHJLQ
NLQLW
^IRUM WRGRVWYRUHFM
`
M
ZKLOHM GR
EHJLQ
VWYRUHFM^KRGQRWDYUD]XMMHVNXWRQSDUDPHWHU`
M M
HQG
FDNDMNODYHV
HQG
3RGSURJUDPP{HPDDMYLDFSDUDPHWURYEXURYQDNpKRDOHERU{]Q\FKW\SRY
XVHV.RU8QLW
YDUNNRU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGR
EHJLQNGRSUHGXGNYSUDYRXHQG
HQG
EHJLQ
NLQLW
SRO\
FDNDMNODYHV
]PD]
SRO\
FDNDMNODYHV
]PD]
SRO\
FDNDMNODYHV
SRO\
FDNDMNODYHV
SRO\
FDNDMNODYHV
HQG
1'
QDStWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPHN]ORHQVRWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\LDGQHGRSUHGXDQLRWiDQLD
QDStWHGRPWDNDE\]DDOYDYRPGROQRPURKXDVNRQLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHNFKGRPRYYHGDVHED
]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORHQ]GYRFKWYUNUXQtF]DNUXQLFX
P{HPHSRYDRYDQDSUSUDYLGHOQXKROQtNDDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW
]ORHQ]QOXSLHQNRYQHMDNHMYHNRVWLDIDUE\
DOHMEXGHPHSRWUHERYDURELSRO\DMSUHQLHFHOpKRGQRW\GN\UHVSXKODQDSUSUHSUDYLGHQ
XKROQtN
0XVtPHWHGDSRXtYDQRYW\SUHDO3DVFDOMHSUtVQHW\SRYMD]\N
NDGiSUHPHQQiPXVtPDGRSUHGXXUHQVYRMW\SQHGiVDSRDVEHKXPHQL
NDGiRSHUiFLDSUDFXMHOHQVXULWPW\SRPQDSUGLY
H[LVXMHYQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUPHGRWHUDMLHSR]QDWN\RLQWHJHUDE\VPHOHSLHSRFKRSLOLUHDO
,QWHJHU
KRGQRW\V~]LQWHUYDOX
]DEHUiE\WH ELWRYELW]QDPLHQNR
GHILQRYQpV~DULPHWLFNpRSHUiFLH GLYPRGRELGYDRSHUDQG\V~FHOptVOD
SULUDRYFtSUtND]REDFHOp
UHODQp
SUHGVXFFIXQNFLH
LQFGHFSUtND]\
WDQGDUGQpIXQNFLHQDSUVTUDEV
HVWQiVWNRYpNRQWDQW\H
5HDO
tVODY\MDGUHQpGHVDWLQQP]iSLVRPDMVH[SRQHQWRP
REVDKXMHGHVERGNXH[SRQHQW
XNiN\UHiOQ\FKtVHO((
SUHNDGptVORQHYLHPHXULQDVOHGRYQpUHiOQHtVOR
WMPHG]LDPRQRH[LVWXMHtVORQHPi]P\VHOQDVOHGRQtN
WMQHIXQJXMHSUHGDVXFF
RSHUiFLHY\]HUDM~URYQDNRDOHV~WRLQpRSHUiFLHURELDVUHiOQ\PLtVODPL
RED
RSHUDQG\V~UHiOQH
DXWRPDWLFNiNRQYHU]LDNHVDSULUHiOQHMRSHUiFLLY\VN\WQHFHORtVOHQRSHUDQGNRQYHUWXMHVDQD
UHiOQHtVORQDSU
DQDORJLFN\VUHODQPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
QHIXQJXMHDQLLQFGHF
UHiOQHRSHUiFLHYHPLDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRtWDL
WDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
NRQWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQWDQW\WUXHIDOVHDNRSUHGWPGHILQRYDQpQDH
NRQWDQW\
YSDPlWL E\WH
RSHUiFLHDQGRUQRW
YHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYVOHGNRPMHORJLFNiKRGQRWD
SUHFHGHQFLHRSHUiWRURY
QRWXQiUQDRSHUiFLD
GLYPRGDQGPXOWLSOLNDWtYQHRSHUiFLH
RUDGLWtYQH
!! ! UHODQp
SUtNODG\
SUHGVXFF
XVHV.RU8QLW
YDUNNRU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
EHJLQ
NLQLW
IRUL WRGRSRO\LL^UHiOQHGHOHQLH`
FDNDMNODYHV
HQG
3UHPHQQpIRUPiOQHSDUDPHWUHWH[WRY
UHLP QRY
3UtNODGQDFLNFDNRYpLDU\
XVHV.RU8QLW
YDUNNRU
SURFHGXUHGRSUHGXGUHDO
EHJLQ
NYSUDYR
ZKLOHG! GR
EHJLQ
NGRSUHGX
NYODYR
NGRSUHGX
NYSUDYR
NGRSUHGX
G G
HQG
NYODYR
NGRSUHGXG
HQG
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQGRSUHGXGNYSUDYRXGHFQHQG
HQG
EHJLQ
NLQLW
SRO\
FDNDMNODYHV
HQG
$MNRU\WQDNDP{HE\SDUDPHWURPSR]RUQHSUHVN~PDMWHVSUiYDQLHNRU\WQDN\DNRIRUPiOQHKR
SDUDPHWUDP{HEOEQ~DNMHXNi]DQi
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
SRO\N
FDNDMNODYHV
SRO\N
NXND]
FDNDMNODYHV
HQG
=GiVDHWRIXQJXMHDGRNRQFDE\WRIXQJRYDORDMSUHYLDFNRU\WQDLHN3RPHDOHULHLWDN~WR~ORKX
QDNUHVOtPHSUDYLGHQXKROQtNSULRPNDG~VXVHGQFKGYRMLFXVWUiQQDNUHVOtPHLQRXIDUERXSHUD
1DNUHVOHQLHGYRMLFHVWUiQSRXLMHPHQDHQRYpSRO\
XVHV.RU8QLW
SURFHGXUHSRO\NNRUQLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
NNRU
EHJLQ
NLQLW
IRUL WRGR
EHJLQ
N]PHQISL
SRO\N
HQG
NXND]^DE\VPHYLGHOLNGHNRU\WQDNDVNRQLOD`
FDNDMNODYHV
HQG
=GiVDHWR]UD]XQHIXQJXMH7UHEDSRFKRSLRVDVWDOR.DGpYRODQLHSRO\Y\WYRUtORNiOQH
SUHPHQQpDSUHNRStUXMHSULUDGtGRQLFKKRGQRW\VNXWRQFKSDUDPHWURY7HGDQDFKYtXVDY\WYRUt
NySLDNRU\WQDN\WiWRQDNUHVOtGYHLDU\QHMDNRXIDUERXDULDGHQLHVDYUiWLGRKODYQpKRSURJUDPXNGH
VWiOHH[LVWXMHJOREiOQDNRU\WQDNDNWRUiDOHVWiOHVWRMtQDVYRMRPS{YRGQRPPLHVWH
RWUHEDXURELDE\VDQHURELODNySLDNRU\WQDN\GRORNiOQHMSUHPHQQHMDOHDE\SURFHG~UDSUDFRYDOD
SULDPRVRVNXWRQPSDUDPHWURP"
3DUDPHWUHU{]QHSUtVWXS\NLQIRUPiFLiPQDSUGLiU
YODVWQtN]iSLVtWDQLH
VHNUHWiUNDSUtVWXSNGXSOLNiWXtWDQLHPRGLILNiFLDNySLH
VHNUHWiUNDOHQtWD
RVWDWQtLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
~SOQtWDQLH]iSLV
OHQtWDQLH
OHQ]iSLV
~SOQSUtVWXSNGXSOLNiWX
LDGHQ
1HVN{UXYLGtPHWDQGDUGQpSURFHG~U\QDYVWXSYVWXS
QDSUSURFHG~UDUHDG[SUtVWXSNLQSXWQDtWDQLH
NSUHPHQQHM[QD]iSLV
ZULWH[SUtVWXSNRXWSXWQD]iSLV
N[QDtWDQLH
W\S\SDUDPHWURYY3DVFDOH
SUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
~SOQSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRX
9SUHGFKiG]DM~FRPSUtNODGHVPHYKODYQRPSURJUDPH^SRO\N`SRXLOLYRODQLHKRGQRWRX
Y\SRtWDM~VDKRGQRW\VNXWRQFKSDUDPHWURYVNWRUPLMHSURFHG~UDYRODQiYWRPWRSUtSDGH
N
RGRY]GiVDULDGHQLHSURFHG~UHSULRPVDSUHXY\WYRULDORNiOQHSUHPHQQpNQGXDGRWFKWRVD
SULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRtWDOL
$VLE\VDQiPQDPLHVWHNRU\WQDNRYpKRSDUDPHWUDNYLDFKRGLO~SOQSUtVWXSWMSUHPHQQSDUDPHWHU
YRODQLHDGUHVRXOHERSRWRPE\WiWRSUHFHG~UDSUDFRYDODSULDPRVS{YRGQRXJOREiOQRXSUHPHQQRXN
6\QWDNWLFN\VDWRY3DVFDOH]DStHUH]HUYRYDQPVORYRPYDUSUHGSUtVOXQPSDUDPHWURP
XVHV.RU8QLW
SURFHGXUHSRO\YDUNNRUQLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
NNRU
EHJLQ
NLQLW
IRUL WRGR
EHJLQ
N]PHQISL
SRO\N
HQG
NXND]
FDNDMNODYHV
HQG
)XQJXMHWRDMSUHYLDFNRU\WQDLHN
XVHV.RU8QLW
SURFHGXUHSRO\YDUNNRUQLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
NNNRU
EHJLQ
NLQLW
NLQLW
IRUL WRGR
EHJLQ
SRO\NL
SRO\NL
FDNDMNODYHV
HQG
HQG
=DP\VOLPHVDQDFKYtXQDGPHQDPLNRU\WQDLHNYRYQ~WULSURFHG~U\SRO\IRUPiOQ\SDUDPHWHUNMH
SRDVEHKXSURFHG~U\EXNRU\WQDNRXNDOHERNWMWiWRNRU\WQDNDSRDVEHKXSURFHG~U\PiQD
FKYtXU{]QHPHQiUHVSSUHPHQQSDUDPHWHUYDUSDUDPHWHU]QDPHQiHVNXWRQSDUDPHWHUPXVt
E\SUHPHQQiGRVWDQHQDFKYtXDMQRYpPHQRNRU\WQDNDE\QDR]DMUHDJRYDODQDREHPHQD
DOtSUtNODGQHFKiPHGRQHNRQHQDSDUDOHOQHREFKiG]DGYHNRU\WQDN\GYDU{]QHNUXK\6~DVQHV
QLPLVDWUHWLDNRU\WQDNDEXGHVWiOHVQDLE\SUHVQHYVWUHGHPHG]LQLPLDNRNHE\ERODYVWUHGH
JXPHQHMQLWHNWRUiMHSULSHYQHQiQDWFKWRGYRFKNRU\WQDNiFK9\WYRUtPHVLSRPRFQ~SURFHG~UX
SRFLWDMBVWUHGGRNWRUHMSROHPHDNRSDUDPHWUHSUYpGYHNRU\WQDN\DWiWRY\SRtWDV~UDGQLFHVWUHGX
[\SUHWUHWLXNRU\WQDNX$NEXG~[D\IRUPiOQHSDUDPHWUH]UHMPHWRPXVLDE\SUHPHQQpSDUDPHWUH
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[\UHDO
EHJLQ
[ N[VXUN[VXU
\ N\VXUN\VXU
HQG
KODYQSURJUDPP{HY\]HUD
YDUNNNNRU
[\UHDO
EHJLQ
NLQLWNXND]
NLQLWNXND]
SRFLWDMBVWUHGNN[\
NLQLW[\NXND]N]PHQIS
ZKLOHWUXHGR
EHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHGNN[\
N]PHQ[\[\
HQG
HQG
$VLE\VPH]YOiGOLDMWDNpY\OHSHQLHHMHGQDNRU\WQDNDFKRGtSRNUXKXDGUXKiSRWYRUFLQDSU
YDUNNNNRU
[\UHDO
LLQWHJHU
EHJLQ
NLQLWNXND]
NLQLWNXND]
SRFLWDMBVWUHGNN[\
NLQLW[\NXND]N]PHQIS
ZKLOHWUXHGR
EHJLQ
IRUL WRGR^VN~VWHLQSRHWRSDNRYDQtQDSU`
EHJLQ
NGRSUHGXNGRSUHGX
NYODYR
SRFLWDMBVWUHGNN[\
N]PHQ[\[\
HQG
NYSUDYR^VN~VWHLQpXKO\DSRG`
HQG
HQG
3UiFDEH]NRU\WQDLHNWH[WRYUHLP
$NQHSRXLMHPHQD]DLDWNXQDLFKSURJUDPRYXVHV.RU8QLWSURJUDPEXGHEHDYWH[WRYRPUHLPH
]UHMPHSRWRPQHP{HSRXtYDDQLNRU\WQDN\WMP{HPHGRWH[WRYHMREUD]RYN\ULDGNRYSR
]QDNRYY\SLVRYDU{]QHWH[W\REVDK\SUHPHQQFKKRGQRW\YUD]RYSUtSDGQHQDLWiYD]NOiYHVQLFH
U{]QH~GDMHQDSUUHiOQHtVOD=iNODGQPLSUtND]PLV~WRSHFLiOQHWDQGDUGQpSURFHG~U\QD
Y\SLVRYDQLHQDREUD]RYNXUHVSQDtWDYDQLHKRGQ{WGRSUHPHQQFK]NOiYHVQLFHV~ZULWHDUHDG
:ULWH
6NXWRQPSDUDPHWURPWDQGDUGQHMSURFHG~U\ZULWHP{HE\EX]QDNRYUHD]HFX]DYUHWY
DSRVWURIRFKDOHERQHMDNYUD]DMVDPRWQiSUHPHQQiMHYUD]QHVN{UXYLGtPHHDM]QDNRYUHD]HFMH
YUD]0\XYLHPHHIRUPiOQ\SDUDPHWHUMH]UHMPHRGRY]GiYDQKRGQRWRXDQLHDGUHVRX
3UtNODG\
ZULWH
]QDNRY\UHWD]HF
ZULWH
ZULWHVTUW
$NWLHWRZULWHVSXVWtPH]DVHERXSUtVOXQpKRGQRW\EXG~Y\StVDQpWHVQH]DVHERXWMQDSR]tFLLNXU]RUD
VDY\StH
]QDNRY\UHWD]HF(
3URFHG~UDZULWHXPRXMHSRVWXSQRVYLDFHUFKYRODQt]DStVD~VSRUQHMLHDNRYLDFSDUDPHWURYQDSU
ZULWH
Y\SRFHW
DWLH]
DOHMH[LVWXMHYDULDQWSURFHG~U\ZULWHSRPRFRXNWRUpKRP{HPHSUHVXQ~NXU]RUQD]DLDWRNQRYpKR
ULDGNXSUtSVDQDMSUYDXWRPDWLFN\]DUROXMH
ZULWHOQ
$NMHZULWHOQYRODQVQHMDNPLSDUDPHWUDPLWDNWLHWRIXQJXM~DNRSUHZULWHD]DULDGNXMHVDDSRLFK
Y\StVDQt
9SLV]QDNRYFKUHD]FRY
.RQWDQW\]QDNRYpUHD]FHV~SRVWXSQRVWL]QDNRYX]DYUHWpYDSRVWURIRFK$NPiE\DSRVWURIXYHGHQY
]QDNRYRPUHD]FLPXVtE\]GYRMHQQDSU
ZULWHOQ
7H[WV
DSRVWURIRP
$NSRWUHEXMHPHGR]QDNRYpKRUHD]FDSULGD]QDNNWRUVDQHGiVOXQH]REUD]LP{HPHSRXL]iSLV
SRPRFRX]QDNXtVORUHSUH]HQWXMHMHGHQ]QDNV$6&,,NyGRPtVORDSRWRPWDNWR]QDNP{HPH
SULOHSLNUHD]FX
ZULWHOQ
]QDNRY\
UHWD]HF
QRY\ULDGRN
SHFLiOQDGYRMLFD]QDPHQiSUHFKRGQDQRYULDGRNWHGDSUHVQHWRLVWpDNRZULWHOQ
3URFHG~UDZULWHXPRXMHSRXLDMIRUPiWRYDFLHSDUDPHWUH]DY\SLVRYDQSDUDPHWHUXYHGLHPH
D
IRUPiWFHOptVORNWRUpR]QDXMHQDDN~tUNXVDGDQiKRGQRWDPiY\StVDDGRWHMWRtUN\VDQHMDNR
]DURYQiDOHERLQDNXSUDYt3UH]QDNRYpUHD]FHSODWtQDVOHGRYQp
DNIRUPiWFKEDDOHERMHWRWRtVORPHQLHDNRGNDUHD]FDWDNVDIRUPiWLJQRUXMHDY\StHVD
FHOUHD]HF
DNMHIRUPiWYlLHtVORDNRGNDUHD]FDWDNVDUHD]HF]DYDGRSOQtPHG]HUDPLWDNDE\PDO
tUNXSUHVQIRUPiWQDSU
ZULWHOQ
DEF
GHI
Y\StH
DEFGHI
1DNUHVOLPHVLREYRGSUDYRXKOpKRURYQRUDPHQQpKRWURMXKROQtNDVRVWUDQRX1KYLH]GLLHN
FRQVWQ
YDULLQWHJHU
EHJLQ
ZULWH
IRUL WRQGRZULWH
ZULWHOQ
IRUL QGRZQWRGRZULWHOQ
L
ZULWHOQ
HQG
9SLVFHOFKtVHO
&HOptVODEH]IRUPiWRYDFLHKRSDUDPHWUDVDY\SLVXM~QDPLQLPiOQ\SRHW]QDNRYQDSU
Y\StH
Y\StHSHNQH]DURYQDQ~WDEXNX
9SLVUHiOQ\FKtVHO
5HiOQHtVODP{XPDMHGQRDOHERGYHIRUPiWRYDFLHtVODSULRPDNMHXYHGHQpDMGUXKpWDNWRWR
R]QDXMHSRHWY\SLVRYDQFKGHVDWLQQFKFLILHUDYWHG\WRWRtVOR3DVFDOY\StHEH]H[SRQHQFLiOQHMDVWL
LQDNMHYG\Y\StVDQpYVHPLORJDULWPLFNRPWYDUH3UYptVORYG\R]QDXMHtUNXY\SLVRYDQHMREODVWL
SULRPRSlSODWtHDNE\VDQH]PHVWLORWDNVDPLQLPiOQHUR]WLDKQH9\SLV\UHiOQ\FKtVHOVLQDWUpQXMWH
VDPL
YDULLQWHJHU
EHJLQ
IRUL WRGR
ZULWHOQVLQLL
LVLQL
HQG
9SLVORJLFNFKKRGQ{W
/RJLFNpKRGQRW\758(D)$/6(VDY\SLVXM~URYQDNRDNRUHD]FH
758(
D
)$/6(
DWHGDQHPi
]P\VHODE\IRUPiWRYDFLHtVORERORPHQLHDNRUHVS1DSU
ZULWHOQ
5($'
WDQGDUGQiSURFHG~UDUHDGVO~LQDQDtWDYDQLHQHMDNFKKRGQ{W]DGDQFKSRPRFRXNOiYHVQLFHGR
SUHPHQQFKWMSULY\NRQiYDQtWHMWRSURFHG~U\VDYSRHWSR]DVWDYtDSRtWDRDNiYDHQDYVWXSHWM
NOiYHVPL]DGiPHQHMDNWH[WDWHQWRRGROHPHXNRQtPHNOiYHVRP(QWHU!3RWRPSURFHG~UDUHDG
WHQWRYVWXSUR]DQDO\]XMHDDNY\KRYXMHSUDYLGOiPSUHYVWXSQDSURDNiYDVDFHOptVORDQDYVWXSHMH
QDR]DMFHOptVORWDNSUtVOXQ~KRGQRWXSULUDGtGR]DGDQHMSUHPHQQHMLQDNSURJUDPVSDGQHVQHMDNRX
FK\ERYRXKOiNRX9LGtPHHIRUPiOQ\SDUDPHWHUSURFHG~U\UHDGPXVtE\W\SXSUHPHQQSDUDPHWHU
WMYDUSDUDPHWHUOHERSURFHG~UDEXGHPRGLILNRYDQHMDN~QDXSUHPHQQ~
3RGREQHDNRSUHZULWHDMSUHUHDGH[LVWXMHSHFLiOQ\YDULDQWUHDGOQNWRU]QDPHQiH]Y\RNYVWXSQpKR
ULDGNXVDLJQRUXMHDDNEXGHPHHWHFKFLHQDtWDQRYpKRGQRW\SRtWDEXGHDNDQDYVWXS]
NOiYHVQLFH
=GRWHUD]]QiP\FKW\SRYYLH3DVFDOQDtWDOHQGRtVHOQFKSUHPHQQFKDQLNRU\WQDNDDQLORJLFNW\S
VDQDtWDQHGDM~3ULtWDQttVHOVDQDMSUYQDYVWXSHSUHVNRLDYHWN\PHG]HU\DRDNiYDVDEX
]QDPLHQNRDOHERQHMDNiFLIUDRGWRKRWRPLHVWDVDVSUDFRYiYDtVORDSRNRQLHFULDGNXDOHERPHG]HUX
XERYRQLQ]QDNMHFK\EDQDSULDUND
1DtWDQLHFHOFKtVHO
YDUDEFGLQWHJHU
UHDGOQDEF
R]QDXMHHEXGRMHGQpKRULDGNXQDStHPHFHOptVODRGGHOHQpDVSRMHGQRXPHG]HURXDOHERLFK
UR]StHPHGRYLDFHUFKULDGNRY5HDGOQR]QDXMHHSRQDtWDQtWFKWRtVHOVD]Y\RNULDGNX]DWUHWtP
tVORPLJQRUXMHDMNHE\WDPERORWYUWptVORDYRODOLE\VPHUHDGG
YDUQFLVORVXFHWLQWHJHU
EHJLQ
Q VXFHW FLVOR
ZKLOHFLVOR!GR
EHJLQ
UHDGFLVORLQFVXFHWFLVOR
LIFLVOR!WKHQLQFQ
HQG
LIQ WKHQZULWHOQ
1LFVDQH]DGDORQDYVWXSH
HOVHZULWHOQ
3ULHPHU
Q
FLVHO
VXFHWQ
HQG
1DtWDQLHUHiOQ\FKtVHO
7H[WRYpV~ERU\
7\S&+$5
Y3DVFDOHQLHV~LDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
WUHEDVLSDPlWD
$
%
=
D
E
]
]QDNRYpIXQNFLHSUHGVXFFRUGFKUFKDU
WUHEDVLSDPlWD
RUG
RUG
RUG
DOHER
RUG
$
RUG
D
RUG
$
WM
$
D
DNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
SUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
UHDGZULWH
)25F\NOXVIXQJXMHOHERFKDUMHRUGLQiOQ\QDSU
IRUF
D
WR
]
GRZULWHF
DOHER
IRUF
=
GRZQWR
$
GR
EHJLQ
ZULWH
RUGFRUG
$
IRUG FWR
=
GRZULWHGZULWHOQ
HQG
tWDQLHGRNRQFDULDGNXHROQ
DOHER
3UtND]F\NOX 5(3($7
9HREHFQH
UHSHDWSUtND]\XQWLOSRGPLHQND
$NRSUHELHKDF\NOXVUHSHDW"
Y\NRQDM~VDSUtND]\WHORF\NOX
Y\KRGQRWtVDSRGPLHQNDF\NOX
DNMH758(F\NOXVNRQtDSRNUDXMHVDSUtND]PL]DQtP
DNMH)$/6(Y\NRQDM~VD]DVHYHWN\SUtND]\WMF\NOXVUHSHDWNRQtDNRQiKOH]DQHSRGPLHQND
SODWL
]DVHMHQXWQpDE\SRGPLHQNDPDODDQFXVN{ULQHVN{UQDGREXGQ~KRGQRWX758(LQDNMHWR
QHNRQHQF\NOXV
5R]GLHOPHG]LZKLOHDUHSHDW
SUtND]\SULZKLOHVDQHPXVLDY\NRQDDQLUD]DOHSULUHSHDWVDY\NRQDM~DVSRUD]
YHWN\SUtND]\NWRUpV~PHG]LUHSHDWDNQHPXSULVO~FKDM~FHPXXQWLOVDYSULHEHKXNDGpKRF\NOX
Y\NRQDM~ !QHWUHEDEHJLQHQG
QHVN~VHQtSURJUDPiWRULURELDDVWHMLHFK\E\SULSRXLWtUHSHDWDNRZKLOH
3RUR]PDMWHDNRSUHStVDZKLOHSRPRFXUHSHDWDRSDQH
3UtNODG1DYVWXSHMH]DGDQiYHWDULDGRNWH[WXXNRQHQ
1DStWHSURJUDPNWRU]LVWtSRHWtVOLFYWHMWR
YHWHYHWDMHDVSRVDPRWQi
YDUFKFKDU
SFLQWHJHU
EHJLQ
SF
UHSHDW
UHDGFK
LIFK!
DQGFK
WKHQSF SF
XQWLOFK
ZULWHOQ
3RFHWFLVOLF
SF
HQG
7H[WRYpV~ERU\ 7(;7
'HILQRYDQLH
YDUWWH[WW\SWH[WRYV~ERU
YWDQGDUGQRP3DVFDOHMHOHQVHNYHQQSUtVWXSGRV~ERUXY7XUER3DVFDOHDMSULDP\XYLGtPHQHVMN{U
VWH[WRYPLV~ERUPLVDGiSUDFRYDOHQVHNYHQQPSUtVWXSRP
PXVtVDUR]OLRYDL]RV~ERUXtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
YVWXSQV~ERUOHQtWDSULSUDYHQpLQIRUPiFLH
YVWXSQV~ERUOHQ]DSLVRYDQDNRQLHFV~ERUX
GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDDMV~DVQH]QHKRtWD
QDSRPRFQHMSDPlWLGLVNRYV~ERU
YVWXSQRYVWXSQp]DULDGHQLD
NOiYHVQLFDYVWXSQ
REUD]RYNDYVWXSQ
WODLDUHYVWXSQ
2SHUiFLHVRV~ERUPL
ZULWH ]iSLVLQIRUPiFLHQDNRQLHFV~ERUX
UHDG tWDQLHQDVOHGXM~FHMKRGQRW\]RV~ERUX
3UtNODG
ZULWHRXWSXW
D
ZULWH
D
UHDGLQSXWFKUHDGFK
LQSXWDRXWSXW
GYHSUHGGHILQRYDQpSUHPHQQp3DVFDOXDNRWH[WRYpV~ERU\
V~ERUXRXWSXWMHWDQGDUGQHSULUDGHQiREUD]RYND
V~ERUXLQSXWSULUDGHQiNOiYHVQLFDWMDNRNHE\ERODGHNODUiFLD
YDULQSXWRXWSXWWH[W
1HMDNV~ERU
YLGtPH YVNXWRQRVWL
DE _D_E_HROQ!__F_G_H_HROQ!_I_
FGH
I XND]RYDWH
XND]RYDWH SR]tFLDYV~ERUHQD]DLDWNXQD]QDNXSRUHDGSRVXQR]QDN
DVVLJQV~ERURYiBSUHPHQQi
SHFLILNiFLDB]DULDGHQLDBDOHERBV~ERUX
2WYRUHQLHV~ERUX
3UtNODG0iPHWH[WRYV~ERUPHG]HU\W[W0iPH]LVWLNRNRMHYRPPHG]LHU
YDUWWH[W
FFKDU
SRFHWLQWHJHU
EHJLQ
DVVLJQW
PHG]HU\W[W
UHVHWW
SRFHW
ZKLOHQRWHRIWGR
EHJLQ
UHDGWF
LIF
WKHQSRFHW SRFHW
HQG
ZULWHOQ
3RFHWPHG]LHUYVXERUH
SRFHW
HQG
3UtNODG9SLVFHOpKRV~ERUXQDREUD]RYNX
YDUWWH[W
FFKDU
EHJLQ
DVVLJQW
Y\SLVW[W
UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
ZKLOHQRWHROQWGR
EHJLQ
UHDGWFZULWHF
HQG
UHDGOQWZULWHOQ
HQG
HQG
9VWXSGRV~ERUX^DMREUD]RYNDMHWH[WRYV~ERU`
ZULWHV~ERURYiBSUHPHQQi]QDNRYiBNRQWDQWD
ZULWHOQV~ERURYiBSUHPHQQiQDSR]tFLXQDNWRUHMVDQDFKiG]DSULYSLVHGRV~ERUX]DStH]QDNX
HROQ!
FORVHW]iSLV]QDN\HRI!RGWHUD]VDXQHGiVRV~ERURPPDQLSXORYD
3UtNODG9\WYiUDQLHV~ERUXQDGLVNXSUHNRStUXMSURJUDPDQDKUDPDOpStVPHQiLFKYHNPLHNYLYDOHQWDPL
YDUWYWH[W
FFKDU
EHJLQ
DVVLJQW
Y\SLVSDV
UHVHWW
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDtWDQLH`
DVVLJQY
YY\SLVSDV
UHZULWHY
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQD]iSLV`
ZKLOHQRWHRIWGR
LIHROQWWKHQEHJLQUHDGOQWZULWHOQYHQG
HOVH
EHJLQ
UHDGWF
LIF!
D
DQGF
]
WKHQ
F FKURUGFRUG
D
RUG
$
^SUHUREHQLHPDOpKRStVPHQDQDYHNpF XSFDVHF`
ZULWHYF
HQG
FORVHY^QH]DEXGQLWH]DWYRULYVWXSQV~ERUOHERLQDNVDP{HDV
LQIRUPiFLHYV~ERUHVWUDWL`
HQG
6SUDFRYiYDQLHV~ERUXMHKRSUHNRStURYDQtPGRLQpKRV~ERUXSRSUtSDGHVQHMDNPL~SUDYDPL
YDUIJWH[W^I]DVWXSXMHYVWXSQV~ERU
JYVWXSQV~ERU`
FKFKDU^SUHPHQQiGRNWRUHMVDEXG~SRVWXSQHtWD]QDN\`
EHJLQ
ZKLOHQRWHRIIGR
EHJLQ
LIHROQIWKHQ
EHJLQ
UHDGOQI
^VSUDFXMNRQLHFULDGNX`
ZULWHOQJ
HQG
HOVH
EHJLQ
UHDGIFK^QDtWDM]QDN]RV~ERUXI`
^VSUDFXM]QDNFK`
ZULWHJFK^]DSt]QDNGRV~ERUXJ`
HQG
HQG
FORVHJ
9\VN~DMWHVL
ZULWH
DEF
GH
ZULWH
DEF
GH
ZULWH
DEF
GH
ZULWH ZULWHOQ
1'
SRVWXSQRVPHG]LHUQDKUDPHG]HURX
Y\KROHQPHG]HURYpULDGN\
Y\KRPHG]HU\QDNRQFLULDGNRY
SRVWXSQRV]QDNRY
HQG
QDKUD
3UtNODG
UHVHWDUHZULWHQDWHQLVWI\]LFNV~ERU
YDUIJWH[W
DVVLJQI
DSDV
UHVHWI
DVVLJQJ
DSDV
UHZULWHJ
QHSUHGYtGDWHQpU{]QHYHU]LH3DVFDOXUHDJXM~U{]QHP{H]UXLV~ERU
.RQLHFV~ERUX
UHDGFKQDNRQFLV~ERUXYU{]Q\FK3DVFDORFKVDFKRYiLQDNSUHQiVSULNDGRPtWDQtPXVtPHE\
SUHVYHGHQtHQLHMHNRQLHFV~ERUX SUDYLGORVOXQpKRSURJUDPRYDQLDP\WRYURQtNX
EXGHPHSRYDRYD]DYiQXFK\EX
SUREOpP\VUHSHDW
UHSHDW
UHDGIFK
ZULWHFK
XQWLOHRII
WMDNE\EROSUi]GQ\V~ERUVQDtPHVDtWD]DNRQFRPV~ERUX
3UtNODG9V~ERUHFLVODW[WV~YULDGNXFHOptVOD1DStWHSURJUDPNWRU]LVWtPD[LPiOQH]QLFK
YDUIWH[W
FPLQWHJHU
EHJLQ
DVVLJQI
FLVODW[W
UHVHWI
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDtWDQLH`
^UHDGOQIPSUHGtWDQLHSUYHMKRGQRW\DNRPD[LPDRDNMHV~ERUSUi]GQ\""
WMRSUDYDQD`
LIHRIIWKHQZULWHOQ
SUD]GQ\
HOVH
EHJLQ
UHDGOQIP
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIF
LIF!PWKHQP F
HQG
ZULWHOQ
PD[
P
HQG
HQG
3UtNODG9V~ERUHV~UHiOQHtVODPiPH]LVWLSRHWtVHONWRUpPDM~KRGQRWXPHQLXDNRMHSULHPHUYHWNFK
tVHOYV~ERUH
YDUIWH[W
FVSUUHDO
SRFHWLQWHJHU
EHJLQ
DVVLJQI
FLVODW[W
UHVHWI
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDtWDQLH`
V SRFHW
ZKLOHQRWHRIIGR
EHJLQ
UHDG^OQ`IF
V VFLQFSRFHW
HQG
UHVHWI
^QDVWDYHQLHSR]tFLHQD]DLDWRNV~ERUX`
SU VSRFHWSRFHW
^SRFHWXQHSRWUHEXMHPH`
ZKLOHQRWHRIIGR
EHJLQ
UHDG^OQ`IF
LIFSUWKHQLQFSRFHW
HQG
ZULWHOQ
SRFHWSRGSULHPHUQ\FK
SRFHW
HQG
)XQNFLHSUtNODG\VRV~ERUPLDNRU\WQDNDPL
0DMPHSURFHG~UXNWRUiYUDFLDSRPRFRXSDUDPHWUDPLQLPXP]GYRFKtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
DWHUD]DNRIXQNFLD
IXQFWLRQPLQDELQWHJHULQWHJHU
EHJLQ
LIDEWKHQPLQ DHOVHPLQ E
HQG
3UtNODG\
1DStWHORJLFN~IXQNFLXNWRUiYUDFLDWUXHDNMHYVWXSQSDUDPHWHUStVPHQRP
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
]QDNSUHWH[WRYV~ERU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
ZKLOH]QDN
GR
^SUHVNDNRYDQLHYHWNFKPHG]LHUDNRQFRYULDGNRY`
)XQNFLDPRFQLQDFK\EQpULHHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
)XQNFLDY]GY]GLDOHQRVGYRFKNRU\WQDLHN
FHORtVHOQ~IXQNFLXNWRUiSRtWD16'GYRFKSULURG]HQFKtVHO(XNOLGRYPDOJRULWPRP
IXQNFLD]LVWtLGDQptVORMHSUYRtVR
WYDUST
GYHSULURG]HQptVODVDQD]YDM~SULDWHVNpDNMHNDGp]QLFKURYQpV~WXYHWNFKGHOLWHRYGUXKpKR
3UtNODG\QDWH[WRYpV~ERU\DNRU\WQDN\
3RXLMHPHQRYSUtND]FDVHNWRUSUHRUGLQiOQXKRGQRWX]DEH]SHtY\NRQDQLHQHMDNHMYHWY\SRGDSUtVOXQHM
NRQWDQW\YHREHFQH
FDVHRUGLQiOQ\BYUD]RI
NRQWDQWDSUtND]
NRQWDQWDSUtND]
^HOVHSUtND]\`
HQG
3UtNODGGDQMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDNXGOStVORQDSU
GSGSG
SULRPStVPHQiDtVODV~QDY]iMRPRGGHOHQpDVSRMHGQRXPHG]HURXDOHERQRYPULDGNRP
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
XVHV.RU8QLW
YDUWWH[W
NNRU
]FKDU
SLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHVHWW
NLQLW
ZKLOHQRWHRIWGR
EHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]^P{HPHWXSRXLIXQNFLX]QDN`
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
FDNDMNODYHV
HQG
3UtNODGYV~ERUHV~VORYiGRSUHGXYSUDYRYODYRSKSG]NDGpKRDVSRStVPHQi]DQLHNWRUPL
QDVOHGXMHtVOR
XVHV.RU8QLW
YDUWWH[W
NNRU
]]]FKDU
SLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHVHWW
NLQLW
ZKLOHQRWHRIWGR
EHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQ
EHJLQ
UHDGW]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU
N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHZULWHW
NLQLW
SRO\
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
FORVHW
FDNDMNODYHV
HQG
3UtNODGNRU\WQDNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
XVHV.RU8QLW
YDUWWH[W
NNRU
[\UHDO
EHJLQ
DVVLJQW
NRUW[W
UHVHWW
NLQLW
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N]PHQ[\[\
HQG
FDNDMNODYHV
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDN\
XVHV.RU8QLW
YDUWWH[W
NNRU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU[
N\VXU\
[ N[VXU\ N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHZULWHW
NLQLW[ N[VXU\ N\VXU
SRO\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSLMBEZTPTCPSNJBLPSZUOBLBNJ
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
FORVHW
FDNDMNODYHV
HQG
3UtNODGSUHGLQWHUSUHWRYDQtPY\JHQHUXMHPHNRU\WQDNXQDQiKRGQ~SR]tFLXUDQGRPDXUtPHQiKRGQ~
YHNRVREUi]NXUDQGRP
XVHV.RU8QLW
YDUWWH[W
NNRU
[\IUHDO
LLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UDQGRPL]H
IRUL WRGR
EHJLQ
UHVHWW
NLQLWUDQGRPUDQGRP
I UDQGRP
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N]PHQ[\N[VXU[
IN\VXU\
I
HQG
HQG
FDNDMNODYHV
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
7\S\SRXtYDWHRPGHILQRYDQpSROLDVWULQJ
7\SLQWHUYDO
SUHPHQQiNWRUiMHWRKWRW\SXP{HQDGRE~GDOHQKRGQRW\]LQWHUYDOX
QHSULDPDGHILQtFLD
YDU[
SULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SHLQWHUYDO
^LGHQWLILNiWRUBW\SX`
^SRSLVW\SX`
FHOH LQWHJHU
PDOH E\WH
PSLV
D
]
FLIU\
QLHNWRUpMHGQRGXFKpW\S\SUHGHILQRYDQpY3DVFDOH
W\SHLQWHJHU
E\WH
VKRUWLQW
ZRUG
FKDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
YHWN\SUYN\SRDV~URYQDNpKRW\SX SROHVDVNODGi]YHDMHGQRGXFKtFKSUHPHQQFK
WLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
W\SBLQGH[XXERYRQRUGLQiOQ\W\S
W\SBSUYNRYXERYRQW\S
FHOiWUXNW~UDPXVt]DEHUDPHQHMDNRN%
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQHN%WRMHXSULYHD
DUUD\>E\WH@RILQWHJHUN%%
DUUD\>FKDU@RIERROHDQ
SRHWSUYNRYSRDPXVtE\]QiP\SULNRPSLOiFLL
YHWN\SUYN\SRDVDQHGDM~QDtWDDQLY\StVDMHGLQPUHDGZULWH
3UtNODG1DStWHSURJUDPNWRURNDGRPYVWXSQRPSUYNXY\StHLMHMHKRKRGQRWDQDGSULHPHURPDOHERSRG
SULHPHURPYHWNFKYVWXSQFKSUYNRY
FRQVWPD[
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDUSSROH
LLQGH[
VLQWHJHU
EHJLQ
IRUL WRPD[GRUHDGS>L@
V
IRUL WRPD[GRLQFVS>L@
ZULWHOQ
3ULHPHU
VPD[
IRUL WRPD[GR
EHJLQ
ZULWHS>L@
LIS>L@VPD[WKHQZULWHOQ
32'
HOVHLIS>L@!VPD[WKHQZULWHOQ
1$'
HOVHZULWHOQ
35,(0(5
HQG
HQG
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
3UtNODG1DStWHSURFHG~UXSUHVXQNWRUiSUHV~YDSUYN\SRDEGRSRDD
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQ^GHILQtFLDW\SXIRUPiOQ\FKSDUDPHWURY`
D E^PXVtE\LGHQWLILNiWRUBW\SX`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
HQG
WUHEDVLXYHGRPLUR]GLHOPHG]LSUHPHQQPDKRGQRWRYPIRUPiOQ\PSDUDPHWURP
YRODQLH
SUHVXQ[\
1DStHPHSURJUDPNWRU
QiKRGQHJHQHUXMHGRSRD;SUYN\]LQWHUYDOXPD[LPXP
Y\StHSROH;
SUHVXQLHSROH;GRSRD<Y\StHSROH<
FRQVWPD[
W\SHSROH DUUD\>PD[@RILQWHJHU
SURFHGXUHY\UREBQDKRGQHYDUSSROHPD[LPBKRGQRWDLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRPD[GRS>L@ UDQGRPPD[LPBKRGQRWD
HQG
SURFHGXUHY\SLVSSROH
YDULLQWHJHU
EHJLQ
IRUL WRPD[GRZULWHS>L@
ZULWHOQ
HQG
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQ
D E
HQG
YDU[\SROH
EHJLQ
UDQGRPL]H
Y\UREBQDKRGQH[
Y\SLV[
SUHVXQ\[
Y\SLV\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
UHDGOQ
HQG
&K\EQpSRXLWLHSROt
SURFHGXUHDEDUUD\>@RIFKDU
QLHMHLGHQWLILNiWRU
SURFHGXUH[\
QLHMHLGHQWLILNiWRU
IXQFWLRQI]FKDUSROH
SROHQHVPLHE\YVOHGNRPIXQNFLH
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
^SROLD]QDNRYGR]QDNRYMHPRQpY\StVDSRPRFRXZULWHOQ`
YDUVSROH
EHJLQ
V
DEFGHIJKLM
^SRYROHQpSULUDGHQLHSUHVQHMGN\DNRMHGHNODURYDQiLQDN7\SHPLVPDWFKQDSUV
DEF
`
ZULWHOQV^SRYROHQYSLVSRPRFRXZULWHLGHQWLILNiWRU`
HQG
SROH]QDNRYVDQHGiQDUD]FHOpQDtWDSRPRFRXUHDG
YQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJPXVtE\]DSQXWi
([WHQGHG6\QWD[WM^;`DSRWRPUHDGYLHQDLWiYDVWULQJ\NWRUpDNV~NUDWLHXNRQLDVD
=QDNRYpUHD]FH
SHFLiOQ\]iSLV
VWULQJ>1@ DUUD\>1@RIFKDU
FHORtVHOQiNRQWDQWDR]QDXM~FHPD[LPiOQXGNXUHD]FD GND 1
VWULQJ DUUD\>@RIFKDU
YSUYNXVDXFKRYiYDPRPHQWiOQDGNDDNR]QDNWM
3DVFDOWDNpWRVWULQJ\LQWHUSUHWXMHSHFLiOQ\PVS{VRERP
SUi]GQ\UHD]HFSUHYDUVVWULQJ>@
V
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
QDSU
DEF
!
$%&
MDQD
MDQR
^OH[LNRJUDILFNpXVSRULDGDQLH`
]UHD]HQLHUHD]FRY
MHSRO\PRUIQRSHUiWRU]iYLVtRGW\SXRSHUDQGRY
QDSU
V
DEF
GHI
^V
DEFGHI
`
V
IRUL WRGRV V
^V
`
SULSULUDRYDQt DNMHDYiVWUDQDNUDWLDDNRSUDYiWDNVDUHD]HFRUHH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYVOHGQpV
DEFGHIJKLM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
3ROLDNRU\WQDLHN
3UtNODG9\JHQHUXMH1NRU\WQDLHNURYQRPHUQHQD[RYHMRVLVU{]Q\PLSRLDWRQPLVPHUPLQDWRHQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
LL
XND]
HQG
IRUM WRGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
FDNDMNODYHV
HQG
3R]QiPND
QRYSDVFDORYVNSUtND]ZLWKYRYQ~WULNWRUpKRVDSUDFXMHVGDQRXNRU\WQDNRX
RVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
]YOiGQHWRDMQDSUNRU\WQDLHNDOHWUHEDLFK]DKXVWLLQLW
L
,QpSUtNODG\
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
LL
XND]SK
HQG
ZKLOHWUXHGR
IRUL WRQGR
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
FDNDMNODYHV
HQG
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
L
XND]SK
HQG
FDNDMNODYHV
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXL^FKRGLDVR]GYLKQXWPSHURP`
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
YSUDYR
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVWBUFPNEFGJOPWBO
QPMJB
TUSJOH
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
VDUUD\>Q@RIUHDO
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
L
XND]SK
V>L@ L
HQG
FDNDMNODYHV
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXV>L@
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
V>L@ V>L@^YSUDYR`
HQG
HQG
HQG
3R]QiPND
YHWN\NRU\WQDN\V~VWiOHQDWRHQpQDVHYHUSUHWRVLYV>L@PXVtPHSDPlWDVPHUMD]G\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
3RGSURJUDP\QDUHD]FRFK
3UtNODG1DStWHSURJUDPNWRU]LVWtSRHWYHWNFKYVN\WRYSRGUHD]FDYUHD]FL
YDUVSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3UtNODG9HWN\YVN\W\]QDNX
QDKUD
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL
XQWLOL
1'
Y\ULHWHDMSUHSUtSDGHYHWN\YVN\W\
VDQDKUDGLD
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
3R]QiPND
L OHQJWKVOHQJWKS
SURFHGXUHLQVHUWFRVWULQJYDUVVWULQJRGE\WH
EHJLQ
V FRS\VRGFRFRS\VRG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
SURFHGXUHYDOVVWULQJYDULRNLQWHJHU
YDUSE\WH]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GR
EHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'
SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHtVOD
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
3UtNODG=DNDG]QDNYUHD]FLSULGDM
5{]QHULHHQLD
IXQFWLRQSULGDMVVWULQJVWULQJ^FK\EQpULHHQLH`
YDULE\WH
EHJLQ
IRUL WROHQJWKVGRLQVHUW
VL
SULGDM V
HQG
IXQFWLRQSULGDMVVWULQJVWULQJ
YDULE\WH
EHJLQ
IRUL WROHQJWKVGRLQVHUW
V
L
SULGDM V
HQG
IXQFWLRQSULGDMVVWULQJVWULQJ
YDUSVWULQJ
LE\WH
EHJLQ
S
IRUL WROHQJWKVGRS SV>L@
SULGDM S
HQG
1'
1DStWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHD]FLPDOpStVPHQiQDYHNp
1DStWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHD]HFQDXGDQ~tUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
1DStWHIXQNFLXNWRUiSUHYVWXSQUHD]HFVGYRPDVORYDPLRGGHOHQPLPHG]HURXY\WYRUtUHD]HF
NWRUPiWLHWRVORYiYRSDQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
9LDFUR]PHUQpSROLD
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHX]DSOQHQp1DStWHSURJUDPNWRUSUHVXQLHSUYULDGRN
GRGUXKpKRGUXKGRWUHWLHKRDWDSRVOHGQGRSUYpKRPRWLYiFLDURORYDQLHREUi]NXDNRYVYHWHOQFK
QRYLQiFK
5LHHQLHQDMSUYQHSHNQH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
YDUDDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
^]DSOQHQLHSRD`
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]SHNQH
W\SHULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDUDSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
3UtNODG=LVWLWHLMHGYRMUR]PHUQpSROHV\PHWULFNpSRGDKODYQHMGLDJRQiO\
5LHHQLHQDMSUYNDUHGR
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
FRQVW1
W\SHSROH DUUD\>11@RILQWHJHU
YDUDSROH
LMLQWHJHU
RNERROHDQ
EHJLQ
IRUL WR1GR^]DSOQHQLHSRD`
EHJLQ
IRUM WR1GRUHDGD>LM@^]DGiYDQLHtVHO`
UHDGOQ
HQG
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQ
EHJLQ
RN IDOVH
JRWRYRQ^MHWRDEVRO~WQH]DNi]DQp`
HQG
YRQ
LIQRWRNWKHQZULWH
1,(
ZULWHOQ
-(6<0(75,&.$
HQG
6SUiYQHULHHQLH
RN WUXHL
ZKLOHRNDQGL 1GR
EHJLQ
M
ZKLOHRNDQGMLGR
EHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
3UtNODG9GYRMUR]PHUQRPSROLMHQDSU]KYLH]GLLHNQHMDNREUi]RN1DStWHSURJUDPNWRUGiGRGUXKpKR
SRDWHQWRREUi]RNRWRHQRVWXSRY
FRQVW1
W\SHSROH DUUD\>11@RIFKDU
SURFHGXUHQDFLWDMYDUSSROH
YDULMLQWHJHU
EHJLQ
IRUL WR1GR
EHJLQ
IRUM WR1GRUHDGS>LM@
UHDGOQ
HQG
HQG
SURFHGXUHY\SLVYDUSSROH
YDULLQWHJHU
EHJLQ
ZULWHOQ
IRUL WR1GRZULWHOQS>L@
HQG
YDUDESROH
EHJLQ
QDFLWDMD
Y\SLVD
RWRFDE
Y\SLVE
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
1'
EH]SRPRFQpKRSRD
3UtNODG1DStWHSURJUDPNWRU]LVXMHGNXFHVW\YODE\ULQWH/DE\ULQWRPSUHFKiG]DPHOHQDNGYHPLHVWQRVWL
VXVHGQLDMHGQRXVSRORQRXVWHQRX
FRQVW1
W\SHSROH DUUD\>11@RIERROHDQ
SURFHGXUHQDFLWDMYDUSSROH
YDULMLQWHJHU
FKFKDU
IWH[W
EHJLQ
DVVLJQI
ODEW[W
UHVHWI^QDtWDYDQLH]RV~ERUX`
IRUL WR1GR
EHJLQ
IRUM WR1GR
EHJLQ
UHDGIFKS>LM@ FK
^YSUtSDGH
MHFHVWDYRQi`
HQG
UHDGOQI
HQG
HQG
SURFHGXUHY\SLVYDUSSROH
YDULMLQWHJHU
EHJLQ
ZULWHOQ
IRUL WR1GR
EHJLQ
IRUM WR1GR
LIS>LM@WKHQZULWH
HOVHZULWH^SOQ]QDN`
ZULWHOQ
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
GZRUG
EHJLQ
G L RG\M RG[
ZKLOHS>LM@GR
EHJLQ
S>LM@ IDOVHLQFG
Y\SLVS^DMVY\NUHVRYDQtPSULHEHKX`
LIM1DQGS>LM@WKHQLQFM
HOVHLIL1DQGS>LM@WKHQLQFL
HOVHLIM!DQGS>LM@WKHQGHFM
HOVHLIL!DQGS>LM@WKHQGHFL
HQG
GO]ND G
HQG
YDUOSROH
EHJLQ^KODYQSURJUDP`
QDFLWDMO
Y\SLVO
ZULWHOQ
GO]ND
GO]NDO
HQG
1'
ULHWHKDGDQLHEH]PRGLILNiFLHSRDDMEH]SRPRFQpKRSRD
QiMGHQ~FHVWXY\ERGNXMWH
3R]QiPND
SUHGSRNODGiPHHMHY\SQXWpNRPSOHWQpY\KRGQRFRYDQLHERROHRYVNFKYUD]RYWMYRYHWNFKLI
RFKDNQLHMHVSOQHQiSUYiDVSRGPLHQN\GUXKiVDQHY\KRGQRFXMH
3UtNODG5LDGHQLHNRU\WQDN\YGLDOyJRYRPUHLPH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
XVHV.RU8QLW
FRQVWQWDE
WDEDUUD\>QWDE@RIVWULQJ>@
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDUNU.RU
VVVVWULQJ>@
LSLQWHJHU
SURFHGXUHSUHSLVQVVWULQJ
EHJLQ
U]PHQISUSLV
"
V
B
V QV
U]PHQISUSLV
"
V
B
HQG
EHJLQ
NLQLWNXND]
ULQLW
V
UHSHDW
SUHSLV
UHSHDW
FDNDMNODYHV
LINODYHV WKHQ^%DFN6SDFH!`
LIV!
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
]PHQKSS
HQG
XQWLOIDOVH
HQG
3URJUDPY\OHStPHQDVOHGRYQHSUiFXNRU\WQDN\UNWRUi]DEH]SHXMHQDtWDQLHGLDOyJRYpKRULDGNX
SUHVXQLHPHGRIXQNFLHGLDORJDW~WRIXQNFLXSUHVXQLHPHGRV~ERUXGLDORJSDV
WH[WRYV~ERUGLDORJSDV
IXQFWLRQGLDORJVWULQJ
YDUU.RU
VVWULQJ>@
SURFHGXUHSUHSLVQVVWULQJ
EHJLQ
U]PHQISUSLV
"
V
B
V QV
U]PHQISUSLV
"
V
B
HQG
EHJLQ
ULQLW
V
SUHSLV
UHSHDW
FDNDMNODYHV
LINODYHV WKHQ
LIV!
9KODYQRPSURJUDPHYORtPHWHQWRV~ERUSRPRFRXGLUHNWtY\^LPHQRBV~ERUX`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFB[DPDIBWJBDSP[NFSOQPMJB
XVHV.RU8QLW^PXVLE\WQRYVLDYHU]LD`
^LGLDORJ`
FRQVWQWDE
WDEDUUD\>QWDE@RIVWULQJ>@
GRSUHGX
GR
YODYR
YO
YSUDYR
YS
SK
SG
]PHQIS
]PHQKS
YDUN.RU
VVVVWULQJ>@
LSLQWHJHU
EHJLQ
NLQLWNXND]
UHSHDW
V GLDORJ
L SRV
V
V FRS\VLV FRS\VL
LIV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
Typ zznam - record
7\S]i]QDPUHFRUG
=i]QDP
SROHQWLFDSRORLHNNWRUpPXVLDE\URYQDNpKRW\SX
]i]QDPQWLFDSUHPHQQFKQHPXVLDE\URYQDNpKRW\SX
SUtVWXSSRPRFRXPHQDSRORN\VHOHNWRU
VFHOP]i]QDPRPQLHMHSRYROHQDQLYVWXSDQLYVWXSOHQSRSRORNiFK
SULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
QDSU
W\SH]D]QDP UHFRUG
PHQRVWULQJ>@^E\WH`
URFQLN^E\WH`
SULHPHUUHDO^E\WH`
HQG
YDU]]D]QDP
EHJLQ
]PHQR
DEFG
]URFQLN
]SULHPHU
HQG
3UtNODGSRPRFRX]i]QDPXUHSUH]HQWXMHPHYHNWRUDNRGYRMLFXtVHOV~UDGQtF
W\SHYHNWRU UHFRUG[\UHDOHQG
SURFHGXUHQDFLWDMYDUYYHNWRU
EHJLQ
ZULWH
=DGDMYHNWRU
UHDGOQY[Y\
HQG
SURFHGXUHY\SLVYYHNWRU
EHJLQ
ZULWHOQ
Y[
Y\
HQG
SURFHGXUHVXFHWXZYHNWRUYDUYYHNWRU
EHJLQ
Y[ X[Z[Y\ X\Z\
HQG
SURFHGXUHRWRFYDUYYHNWRUXKROUHDO
YDUXYHNWRU
EHJLQ
XKRO XKRO
SL^WDQGDUQiIXQNFLDYUiWLKRGQRWXSL`
X Y
Y[ FRVXKRO
X[VLQXKRO
X\
Y\ FRVXKRO
X\VLQXKRO
X[
HQG
YDUYYYYHNWRU
UUHDO
EHJLQ
QDFLWDMY
ZULWHOQ
GO]ND
GO]NDY
ZULWH
=DGDMXKRO
UHDGOQU
RWRFYU
Y\SLVY
ZULWHOQ
GO]ND
GO]NDY
HQG
1'
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlRYDQLH]PHQRYDQLHVNDOiUQ\V~LQ]LVWHQLHXKOD
PHG]LGYRPDYHNWRUPLDSRG
3RVWXSQHEXGHPHULHLWDNWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNpLQIRUPiFLHRPHVWiFKQD
PDSH=DWLDQiV]DXMtPDM~OHQSUYpWULKRGQRW\]NDGpKRULDGNXDWRPHQRUHD]HFGR]QDNRYDV~UDGQLFH
[D\QDREUD]RYNH1DMSUYQDtWDPHWLHWRLQIRUPiFLHGRSRD
FRQVWPD[
W\SHWPHQR VWULQJ>@
LQIR UHFRUG
PHQRWPHQR
[\LQWHJHU
HQG
SURFHGXUHFLWDMYDUWWH[WYDUSSLQIR
YDU]FKDU
EHJLQ
ZLWKSSGR
EHJLQ
PHQR
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
YDUSDUUD\>PD[@RILQIR
QLLQWHJHU
WWH[W
EHJLQ
DVVLJQW
PHVWDW[W
UHVHWWQ
ZKLOHQRWHRIWGR
EHJLQ
LQFQFLWDMWS>Q@
HQG
IRUL WRQGR
ZLWKS>L@GR
ZULWHOQL
PHQR
[
\
HQG
1'
RNUHPPHQDDV~UDGQtFMHYNDGRPULDGNXV~ERUXDMLQIRUPiFLDRSRWHRE\YDWHRYDtVHOQNyGWiWX
DOLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDN\QDSR]tFLiFKPLHVWY\StHPHNXQLPLFKPHQiDEXGHPH
RDNiYD]DGiYDQLHGYRMtFPLHVWDNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHLDURX
1DNRNREXGHPHDOHMKDGDLQIRUPiFLHRPHVWHSRGDMHKRPHQDQDStHPHVLSRPRFQ~IXQNFLXQDKDGDQLH
YUiWLEXLQGH[GRSRDDOHERDNKRYSROLQHQiMGH
9\XLMHPHSURFHG~UXGLDOyJ]SUHGFKiG]DM~FHMSUHGQiN\NWRUiMH]DStVDQiYV~ERUHGLDORJSDV3RWRP
NRPSOHWQSURJUDP
XVHV.RU8QLW
^LGLDORJ`
FRQVWPD[
W\SHWPHQR VWULQJ>@
LQIR UHFRUG
PHQRWPHQR
[\LQWHJHU
HQG
YDUSDUUD\>PD[@RILQIR
QLQWHJHU
SURFHGXUHFLWDMYDUWWH[WYDUSSLQIR
YDUWWH[W
NDUUD\>PD[@RINRU
LLLLQWHJHU
VVVVWULQJ
EHJLQ
DVVLJQW
PHVWDW[W
UHVHWWQ
ZKLOHQRWHRIWGR
EHJLQ
LQFQFLWDMWS>Q@
HQG
IRUL WRQGR
ZLWKN>L@S>L@GR
EHJLQ
LQLW[\XND]SLVPHQR
HQG
UHSHDW
V GLDORJ
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VL
LIL!DQGL!WKHQ
ZLWKN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
XVHV.RU8QLW
^LGLDORJ`
FRQVWPD[
W\SHWPHQR VWULQJ>@
LQIR UHFRUG
PHQRWPHQR
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RINRU
HQG
SURFHGXUHFLWDMYDUWWH[WYDUSSLQIR
YDU]FKDU
EHJLQ
ZLWKSSGR
EHJLQ
PHQR
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDSSLQIR
EHJLQ
ZLWKWDEGR
EHJLQ
LQFSRFHWS>SRFHW@ SS
HQG
HQG
KODGDM L
HQG
YDUWDEWDEXOND
WWH[W
LLLLQWHJHU
VVVVWULQJ
SSLQIR
EHJLQ
DVVLJQW
PHVWDW[W
UHVHWW
WDESRFHW ^LQLFLDOL]iFLDWDEXN\`
ZKLOHQRWHRIWGR
EHJLQ
FLWDMWSS]DUDGWDESS
HQG
IRUL WRWDESRFHWGRZLWKWDEN>L@S>L@GR
EHJLQ
LQLW[\XND]SLVPHQR
HQG
UHSHDW
V GLDORJ
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VL
LIL!DQGL!WKHQ
ZLWKWDEN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
-HYHPLG{OHLWpVSUiYQHFKiSDDDMSRXtYDSUtND]ZLWK
1'
]i]QDPXLQIRWMY]i]QDPHLQIRSULEXGQHSRORNDNNRUDWPSUHNDGpPHVWRPiPHSULSUDYHQ~
DMNRU\WQDNX
9DORPVDV~VWUHPHQDKDGDQLHLQIRUPiFLHYWDEXNH
1'
$OJRULWPXVKDGDQLDP{HPHY\OHSLDNEXGHPHSUHGSRNODGDHWDEXNDMHXWULHGHQiDEHFHGQHY]RVWXSQH
OH[LNRJUDILFN\
IXQFWLRQKODGDMYDUWDEWDEXONDPWPHQRLQWHJHU
YDULLQWHJHU
EHJLQ
L ZKLOHL WDESRFHWDQGWDES>L@PHQRPGRLQFL
LIL!WDESRFHWRUWDES>L@PHQR!PWKHQKODGDM
HOVHKODGDM L
HQG
DOHER
1'
]LVWLWHDNREXGHY\KDGiYDKODGDMDN]QHMY\KRGtPHSRGLDUNQXW~DV
3UHGSRNODGDOLVPHHWDEXNDMHXWULHGHQiP{HPHRSUDYLSURFHG~UX]DUDQDSUWDNWR
SURFHGXUH]DUDGYDUWDEWDEXONDSSLQIR
YDULLQWHJHU
EHJLQ
ZLWKWDEGR
EHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGR
EHJLQS>L@ S>L@GHFLHQG
S>L@ SS
LQFSRFHW
HQG
HQG
YQ~WRUQZKLOHF\NOXVUR]VXQLHSUYN\WDEXN\WDNDE\VDQRYiSRORNDPRKOD]DVXQ~QDVSUiYQHPLHVWR
1DXtPHVDQRYW\SDOJRULWPXY\KDGiYDQLDW]YELQiUQHY\KDGiYDQLHSRGREQHDNRNHKDGiPHY
WHOHIyQQRP]R]QDPHWUHEDVL]DSDPlWDHWRIXQJXMHOHQDNMHSROHWDEXNDXWULHGHQi
DOHER
1'
SRGREQHDNRSUHGWPRWHVWXMWHSULHPHUQDVQiMGHQLDSUYNX
SRN~VWHVDPDWHPDWLFN\Y\SRtWDPD[LPiOQ\DVQDQiMGHQLHUHVSQD]LVWHQLHHVDWDPQHQDFKiG]D
Y\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXN\GDQpPHVWR
Y\WYRUWHY\KRGNWRUiY\KRGt]WDEXN\YHWN\PHVWiPHG]LPDP
SUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDLHOSRPRFRXELQiUQHKRY\KDGiYDQLD
WMQDPHQHMSRURYQDQtDDSRWRPWDEXNXUR]VXQXO
8QLW&UWYLGHRSDPl
XVHV&UW
]QDPHQiSULEDOHQLHVDG\SRGSURJUDPRYQDSUiFXVREUD]RYNRX^XQLW`
]QDN\QDREUD]RYNHPDM~SR]tFLHVWSHFULDGRNWM[\
9&UWXQLWHV~WLHWRSURFHG~U\
&OU6FU]PDREUD]RYNX
'HO/LQH]PDULDGRNQDNWRURPMHNXU]RUDRVWDWQpSRVXQRMHGHQULDGRNY\LH
,QV/LQHYVXQRYULDGRNQDSR]tFLXQDNWRUHMMHNXU]RURVWDWQpULDGN\SRVXRMHGHQULDGRNQLLH
&OU(ROY\PD]Y\RNULDGNXQDSUDYRRGV~DVQHMSR]tFLHNXU]RUD
:KHUH;:KHUH<IXQNFLHNWRUpYUDFDM~KRGQRWXSR]tFLHNXU]RUDUHODWtYQHNRNQXQDSUJRWR[\ZKHUH[
ZKHUH\SRVXQNXU]RUDRMHGQXSR]tFLXYDYR
5HDG.H\QDtWDQLHMHGQpKR]QDNX]NOiYHVQLFHIXQNFLDYUDFLD]QDNPRQRYRODDMDNRSURFHG~UX
YWHG\DNiQDVWODHQLHQHMDNpKRNOiYHVX
3UtNODG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
XVHV&UW
EHJLQ
ZULWHOQ
DEFGHIJK
ZULWHOQ
SJNGILHGI
ZULWHOQ
GIGINI
ZULWHOQ
JRWR[\ZKHUH[ZKHUH\
UHDGNH\
FOUHRO
JRWR[\ZKHUH\
UHDGNH\
GHOOLQH
JRWR[\ZKHUH\
UHDGNH\
LQVOLQH
HQG
3UiFDVIDUEDPL
NDG]QDNREUD]RYN\PiQDVWDYHQ~VYRMXIDUEX
IDUEDSHUDWM]QDNXNWRUYLGtPHQDREUD]RYNH
IDUEDSR]DGLDQDNWRURPMH]QDNQDStVDQ
WH[WDWWUJOREiOQDSDVFDORYVNiSUHPHQQiXSUHGGHNODURYDQiDNRYDUWH[WDWWUE\WH
MHM]PHQRXVDGiGRVLDKQX]PHQDDMWH[WFRORUDMWH[WEDFNJURXQG
QD]DLDWNXPiKRGQRWXHGiIDUEDWH[WXLHUQHSR]DGLH
QDSU
WH[WDWWU
IDUEDSR]DGLDUHG
IDUEDStVPDOLJKWJUHHQ
EOLNDQLHMHQDVWDYHQp
WH[WDWWU $HVWQiVWNRYR
3UtNODGGYDVWSFHGUXKPiQDVWDYHQpEOLNDQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
IRUL WRGR
EHJLQ
WH[WFRORUL
ZULWH
DEFGHIJK
WH[WDWWU WH[WDWWU
ZULWHOQ
DEFGHIJK
HQG
3UtNODGFOUVFUGHOOLQHLQVOLQHFOUHROURELDVYRMXLQQRVYDNWXiOQHMIDUEHSR]DGLDQDSU
FOUVFU
IRUL WRGR
EHJLQ
WH[WFRORUL
ZULWHOQ
[FYFYFYFY
WH[WEDFNJURXQGL
LQVOLQH
UHDGNH\
HQG
3UtNODGIDUHEQpREGQLN\
IRUL WRGR
EHJLQ
ZLQGRZLLLL
WH[WEDFNJURXQGLPRG
FOUVFU
HQG
IRUL WRGR
EHJLQ
WH[WEDFNJURXQGLPRG
GHOOLQH
GHOD\
FOUVFU
HQG
3UiFDVNOiYHVQLFRXY&UW
UHDGQDtWDYD]QDN\]NOiYHVQLFHSR(QWHU!GiYDHFKRQDREUD]RYNX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
5HDG.H\YUDFLD]QDNNWRUEROVWODHQQDNOiYHVQLFLSRNLDQHERORQLVWODHQpDNiQDVWODHQLH
QLHRKRQHUREtHFKR
.H\3UHVVHGORJLFNiIXQNFLDGiYDWUXHDNERORQLHRVWODHQp
ZKLOH.H\3UHVVHGGR5HDG.H\
3UtNODGY\SLVRYDQLHVWODHQFKNOiYHVRYNPVDQLQHVWODtVWiOHY\SLVXMHWHQLVW]QDN
]
ZKLOHWUXHGR
EHJLQ
LI.H\3UHVVHGWKHQ] 5HDG.H\
ZULWH]
HQG
Y\VN~DMWHDMFUWOStVPHQRGRVWiYDPHQDREUD]RYNXQDSU&WUO$&WUO%DSRG
3UtNODGDNR]LVWLKRGQRW\NWRUpMHGQRWOLYpNOiYHV\SRVLHODM~
XVHV&UW
EHJLQ
ZKLOHWUXHGRZULWHRUG5HDG.H\
HQG
3UtNODGFKFHPHRUiPLNRYDDVREUD]RYN\RGDYpKRURKXVRV~UDGQLFDPL[\SRSUDYURK[\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
IRUM \WR\GR
EHJLQ
*RWR;<[M
IRUL [WR[GR
LIL [DQGM \WKHQZULWH
^QDPLHVWRP{HPHPHG]LDSRVWURI\]DStVD]QDNNWRUGRVWDQHPHVWODHQtP$OW
tVOLFQDQXPHULFNHMNOiYHVQLFL`
HOVHLIL [DQGM \WKHQZULWH
HOVHLIL [DQGM \WKHQZULWH
HOVHLIL [DQGM \WKHQZULWH
HOVHLIM \RUM \WKHQZULWH
HOVHLIL [RUL [WKHQZULWH
HOVHZULWH
HQG
3UtNODGtVODYHWNFK]QDNRYY$6&,,WDEXNH]LVWtPHSURJUDPRP
IRUL WRGR
ZULWHFKUL
!
L
=YXN\WLHV~V~DVRX&UW
-HGQRGXFKSURJUDPQD]PD]DQLHREUD]RYN\GDQRXIDUERX
XVHV&UW
EHJLQ
7H[W%DFNJURXQGEOXH&OU6FU
HQG
3UtNODG$NFKFHPHDE\SRXtYDWHPRKROQDVWDYLIDUEX]PD]DQLDY\SWDPHVLRGQHKRQHMDN~IDUEX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
XVHV&UW
YDUIDUEDE\WH
EHJLQ
UHSHDW
ZULWH
=DGDMFLVORIDUE\
UHDGOQIDUED
XQWLOIDUEDDQGIDUED!
7H[W%DFNJURXQGIDUED
&OU6FU
HQG
2EUD]RYNDDNRSHFLiOQHGYRMUR]PHUQpSROHYLGHRSDPl
UFKOHMLDDHIHNWtYQHMLDPRGLILNiFLDYLGHRSDPlWL
]PHQDYLGHRSDPlWLEH]SRK\EXNXU]RUD
PRQRV]REUD]LDM]QDN\NWRUpVDQHGDM~Y\SLVRYDSRPRFRX:5,7(QDSU
]PHQDYLGHRSDPlWLEH]KEDQLDNXU]RUD
PRQRVMHGQRGXFKpKR]iSLVXDMGRVWSFDULDGNX
3UtNODG1DStWHSURJUDPNWRUY\StHQDREUD]RYNXDVV~ERUX]PDHREUD]RYNXDYUiWLMHMS{YRGQREVDK
YSLVV~ERUXDSRWRPYUiWLDMREVDKVNWRUPVDYVWXSRYDORGRSURJUDPX
XVHVFUW
W\SH]QDN UHFRUGFFKDUDE\WHHQG
ULDGRN DUUD\>@RI]QDN
YLGHR DUUD\>@RIULDGRN^EDMWRY`
YDUFFKDU
YYLGHRDEVROXWHE
^PLHVWRYSDPlWLSRtWDDNGHVDXFKRYiYDREVDKREUD]RYN\WHUD]MHWDPXPLHVWQHQiDM
SUHPHQQiY`
VVVYLGHR^GYHSRPRFQHREUD]RYN\NWRUpPDM~Y\KUDGHQ~YODVWQ~SDPl`
IWH[W
EHJLQ
V Y^XFKRYDQLHS{YRGQHMREUD]RYN\`
WH[WDWWU FOUVFU
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGR
EHJLQUHDGIFZULWHFHQG
VV Y^XFKRYDQLHQRYHMREUD]RYN\`
UHDGNH\
WH[WDWWU FOUVFU^]PD]DQLHREUD]RYN\VQRYPLDWULE~WPL`
UHDGNH\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
Y VV^QiYUDWGUXKHM]XFKRYDQFKREUD]RYLHN`
UHDGNH\
Y V^QiYUDWSUYHM]XFKRYDQFKREUD]RYLHN`
UHDGNH\
HQG
3UtNODG1DStWHSURJUDPNWRUY\StHQDREUD]RYNXDVQHMDNpKRV~ERUXDSRWRPY\VYLHWLYHWN\
QHPHG]HURYp]QDN\YWH[WHQHMDNRXIDUERX3RVWODHQtNOiYHVXYUiWLREVDKS{YRGQHMREUD]RYN\
EHJLQ
V Y^XFKRYDQLHREUD]RYN\YSRPRFQHM`
WH[WDWWU FOUVFU^YSLVV~ERUXQDREUD]RYNX`
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGREHJLQUHDGIFZULWHFHQG
UHDGNH\
IRUL WRGR
IRUM WRGR
LIY>LM@F!
WKHQY>LM@D H
UHDGNH\
IRUL WRGR
IRUM WRGR
LIY>LM@F!
WKHQY>LM@D
LPRGUDQGRP
UHDGNH\
IRUL WRGR
IRUM WRGR
LIY>LM@F!
WKHQY>LM@D
UHDGNH\
Y V^QiYUDWS{YRGQHMREUD]RYN\`
UHDGNH\
HQG
3UtNODG1DStWHSURJUDPNWRUEXGHRSDQHURORYDREUD]RYNX3RVNRQHQtSURJUDPXVWODHQtP(VF!YUiWL
REVDKS{YRGQHMREUD]RYN\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
YDUUULDGRN
EHJLQ
V Y
WH[WDWWU FOUVFU
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGREHJLQUHDGIFZULWHFHQG
UHDGNH\
IRUL WRGR^URORYDQLH`
EHJLQ
U Y>@
IRUM GRZQWRGRY>M@ Y>M@
Y>@ U
GHOD\
HQG
UHDGNH\
Y V
HQG
WDQGDUGQiSURFHG~UD029(
PRYHRGNLDNDPNRNRBEDMWRY
3UtNODGSURJUDPNWRUEXGHURORYDREUD]RYNXQDMSUYYSUDYRDSRWRPYDYR
YDU]]QDN
EHJLQ
WH[WDWWU FOUVFU
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGREHJLQUHDGIFZULWHFHQG
UHDGNH\
UHSHDW^SRVWODHQLH(VF!`
IRUL WRGR
EHJLQ
] Y>L@^XFKRYDMVLSUY]QDN]SUtVOXQpKRULDGNX`
PRYHY>L@Y>L@^SUHVXQ]Y\RNULDGNX`
Y>L@ ]^DNRSRVOHGQ]QDN]DStXFKRYDQ`
HQG
XQWLONH\SUHVVHGDQGUHDGNH\
UHSHDW
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
IRUL WRGR^SRGREQHYSUDYR`
EHJLQ] Y>L@PRYHY>L@Y>L@Y>L@ ]HQG
XQWLONH\SUHVVHGDQGUHDGNH\
HQG
3UtNODG1DStWHSURJUDPNWRUSRV~YDSRREUD]RYNHSRPRFRXtSRNQHMDNWH[W
XVHVFUW
FRQVWKRUH GROH YODYR YSUDYR
W[VWULQJ>@
3DVFDO
W\SH]QDN UHFRUGFFKDUDE\WHHQG
ULDGRN DUUD\>@RI]QDN
YLGHR DUUD\>@RIULDGRN
YDUYYLGHRDEVROXWHE
YYLGHR
UULDGRN
[\GE\WH
LMLQWHJHU
WWH[W
FFKDU
EHJLQ
WH[WDWWU FOUVFU
DVVLJQW
YLGHRSDV
UHVHWW
ZKLOHQRWHRIWGREHJLQUHDGWFZULWHFHQG
Y Y
G OHQJWKW[
IRUL WRGGR
ZLWKU>L@GREHJLQF W[>L@D HHQG
[ \
UHSHDW
Y Y^REUD]RYNDEH]SRV~YDQpKRWH[WX`
PRYHUY>\[@
G^]REUD]HQLHSRV~YDQpKRWH[WX`
F UHDGNH\
FDVHFRI
KRUHLI\!WKHQGHF\
GROHLI\WKHQLQF\
YODYRLI[!WKHQGHF[
YSUDYRLI[ GWKHQLQF[
HQG
XQWLOF ^(VF!`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBN
FOUVFU
HQG
3UtNODG1DStWHSURJUDPNWRUSRV~YDSRREUD]RYNHSRPRFRXtSRNQHMDNREGQLNYUH]DVWLREUD]RYN\
XVHVFUW
FRQVWVLU Y\V
[E\WH \E\WH
KRUH GROH YODYR YSUDYR
W\SH]QDN UHFRUGFFKDUDE\WHHQG
ULDGRN DUUD\>@RI]QDN
YLGHR DUUD\>@RIULDGRN
YDUYYLGHRDEVROXWHE
YZYLGHR^ZREVDKSRV~YDQpKRREGQLND`
LMLQWHJHU
WWH[W
FFKDU
EHJLQ
WH[WDWWU FOUVFU
DVVLJQW
YLGHRSDV
UHVHWW
ZKLOHQRWHRIWGREHJLQUHDGWFZULWHFHQG
Y Y
IRUL WRY\VGR
IRUM WRVLUGR
ZLWKZ>LM@GREHJLQF Y>L\M[@FD HHQG
UHSHDW
Y Y
IRUL WRY\VGR
PRYHZ>L@Y>\L[@
VLU
F UHDGNH\
FDVHFRI
KRUHLI\!WKHQGHF\
GROHLI\ Y\VWKHQLQF\
YODYRLI[!WKHQGHF[
YSUDYRLI[ VLUWKHQLQF[
HQG
XQWLOF
FOUVFU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
Unity Graph a MysUnit (riadenie myi)
8QLWYHREHFQH
SURJUDPRYiMHGQRWND
EDOtNSUHGGHILQRYDQFKSRGSURJUDPRYSUHPHQQFKW\SRYDNRQWiQW
SRXtYDM~VD
DNRNQLQLFHNWRUpVDGDM~SULSRMLNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD]GURMRYpKR
NyGX
NY{OLUR]OHQHQLXUR]VLDKO\FKSURJUDPRYGRORJLFN\V~YLVLDFLFKPRGXORY
'HILQtFLDXQLWX
XQLWPHQRBXQLWX^PHQRXQLWXPXVtE\URYQDNpDNRPHQRV~ERUX`
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQWiQWW\SRYSUHPHQQFK
SURFHG~UDIXQNFLtOHQLFKKODYLN\NDGNWRMHGQRWNXSRXtYD
NQLPP{HSULVWXSRYDDNRNVYRMLPYODVWQP`
XVHVFRQVWW\SHYDUSURFHGXUHDIXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMHQFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRQp
StVDEH]RKDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQWiQWW\SRYSUHPHQQFKSURFHG~U
DIXQNFLt`
EHJLQ
^LQLFLDOL]iFLDXQLWXVSXVWtVDWHVQHSUHGVSXVWHQtPKODYQpKRSURJUDPX`
HQG
NHVDXQLWQDStHVNRPSLOXMHVDQDGLVN)QDGLVNXVDY\WYRUtV~ERUPHQRBXQLWXWSX
XQLWVDQHGiVS~D
YLQRPSURJUDPHVDGiSRXLDNGRSUYpKRULDGNXQDStHPH
XVHVPHQRBXQLWXPHQRBXQLWX^SRUDGLHMHGQRWLHNYDNRPLFKXYiG]DXVHVXUXMHSRUDGLHLFK
LQLFLDOL]iFLt`
3UtNODG-HGQRGXFKXQLWQDQDtWDQLHYSLVDVtWDQLHGYRFKYHNWRURY
XQLWYHNWRU\
LQWHUIDFH
FRQVWVL]H
W\SHYHNWRU DUUD\>VL]H@RIUHDO
SURFHGXUHUHDGYHFYDUYYHNWRU
SURFHGXUHZULWHYHFYDUYYHNWRU
SURFHGXUHDGGYHFYHF$YHF%YHNWRUYDUYHF&YHNWRU
LPSOHPHQWDWLRQ
SURFHGXUHZULWHYHF
YDULLQWHJHU
EHJLQ
IRUL WRVL]HGRZULWHY>L@
ZULWHOQ
HQG
SURFHGXUHUHDGYHF
YDULLQWHJHU
EHJLQ
IRUL WRVL]HGRUHDGY>L@
UHDGOQ
HQG
SURFHGXUHDGGYHFYHF$YHF%YHNWRUYDUYHF&YHNWRU
YDULLQWHJHU
EHJLQ
IRUL WRVL]HGRYHF&>L@ YHF$>L@YHF%>L@
HQG
EHJLQ^LQLFLDOL]iFLD`
HQG
3RXLWLHQiKRQRYpKRXQLWX
XVHVYHNWRU\
YDUYYHNWRU
EHJLQ
UHDGYHFY
ZULWHYHFY
HQG
8QLW*UDSK
XPRXMHSUDFRYDYJUDILFNRPUHLPHREUD]RYN\
REVDKXMHYLDFDNRJUDILFNFKSRGSURJUDPRYU{]QHSUHGGHILQRYDQpNRQWDQW\DW\S\
[RYiV~UDGQLFDRGGR*HW0D[;\RYiRGGR*HW0D[<
3URFHG~U\DIXQNFLH
,QLW*UDSKLQLFLDOL]iFLDJUDILN\
*UDSK5HVXOWYUiWLtVHOQNyGFK\E\SUHGFKiG]DM~FHMJUDILFNHMRSHUiFLH
*HW0D[;YUiWLPD[LPiOQX[RY~V~UDGQLFX
*HW0D[<YUiWLPD[LPiOQX\RY~V~UDGQLFX
&ORVH*UDSKXNRQtJUDILFNUHLP!SUHMGHVSlGRWH[WRYpKR
3UtNODG
XVHV*UDSK
YDUJGJPLQWHJHU
EHJLQ
JG 'HWHFW^]LVWtVLDN~JUDILFN~NDUWXPiSRtWDNRQWDQWD'HWHFWPiKRGQRWX`
^LQLFLDOL]iFLDJUDILN\`
,QLW*UDSKJGJP
FHVWDBNXBNQLQLFLBJUDILFNpKRBGULYHUX
^
F?WS?EJL
SUtSDGQHDM
DNMHHJDYJDEJLYDNWXiOQRPDGUHViUL`
LI*UDSK5HVXOW!WKHQEHJLQZULWHOQ
FK\EDJUDILN\
KDOWHQG
^REUD]RYNDMHYJUDILFNRPUHLPH`
&ORVH*UDSK^SUHSQXWLHVSlGRWH[WRYpKRUHLPX`
HQG
XQLW.RU8QLWWRWRUREt]DQiVXYVYRMHMLQLFLDOL]DQHMDVWLSUHWRVPHYJUDILNHXSULWDUWHSURJUDPX
YSLVWH[WXQDREUD]RYNX
IXQJXMHJUDILFNNXU]RUNWRUYDNQHYLGLH
2XW7H[WVY\StHVDWH[WYQDVWDYHQRPIRQWHQDVWDYHQHMYHNRVWLDSRVXQLHVDDMJUDILFN
NXU]RU
2XW7H[W;<[\VSULYSLVHMHPRQp]DGDDMV~UDGQLFHQDNWRUFKVDPiWH[W]DD
Y\SLVRYD
3UtNODG
XVHV&UW*UDSK
YDU*G*PI,QWHJHU
EHJLQ
*G 'HWHFW
,QLW*UDSK*G*P
G?ES?EJL
LI*UDSK5HVXOW!JU2NWKHQ^JU2.JUDILFNiNRQWDQWD `
EHJLQ
ZULWHOQ
&K\EDJUDILN\
KDOW
HQG
UDQGRPL]H
UHSHDW
I UDQGRPLII!WKHQI
3XW3L[HOUDQGRP*HW0D[;UDQGRP*HW0D[<I
XQWLO.H\3UHVVHG
&ORVH*UDSK
HQG
3UtNODG
IRUL WRGR
/LQHUDQGRP*HW0D[;UDQGRP*HW0D[<
UDQGRP*HW0D[;UDQGRP*HW0D[<
3UtNODGXUREUiPLN
0RYH7R/LQH7R*HW0D[;/LQH7R*HW0D[;*HW0D[<
/LQH7R*HW0D[</LQH7R
KU~EN\LDU
NGH/LQH6W\OH6ROLG/Q'RWWHG/Q&HQWHU/Q'DVKHG/Q
DNGH7KLFNQHVV1RUP:LGWK7KLFN:LGWK
3UtNODG1DStWHSURJUDPNWRUQDNUHVOtNUXQLFXSRPRFRXSUDYLGHOQpKR1XKROQtND
SURFHGXUHNUX]QLFD[\ULQWHJHU
FRQVW1
YDULLQWHJHUXUHDO
EHJLQ
X
SL1^Y\SRtWDQLHXKOXPHG]LVWUDQDPL`
0RYH7R[U\^SUHVXQSHUDQDREYRGNUXQLFH`
IRUL WR1GR^NUHVOHQLH`
/LQH7RWUXQF[U
FRVL
XWUXQF\U
VLQL
X
HQG
IXQJXMHVDPR]UHMPHDMSUHLQp1NUHVOHQLHWURMXKROQtNDWYRUFD
3UtNODG1DStWHSURFHG~UX1XKNWRUiNUHVOt1XKROQtNSUHGDQp1SRGU{]Q\PLSRLDWRQPLXKODPL
SURFHGXUH1XK1LQWHJHU[\UXUHDO
YDULLQWHJHUXXUHDO
EHJLQ
XX
SL1
0RYH7RWUXQF[U
FRVXWUXQF\U
VLQX
IRUL WR1GR
/LQH7RWUXQF[U
FRVL
XXXWUXQF\U
VLQL
XXX
HQG
3UtNODG1DStWHIXQNFLXNWRUiEXGHtWDWH[W]JUDILFNHMSORFK\
6HW)LOO6W\OH
UHSHDW
FK UHDGNH\LIFK WKHQUHDGNH\
LIFK!
WKHQEHJLQVV VVFK[ [HQG
LIFK WKHQLIVV!
WKHQGHFVV>@
%DU[[\[\
2XW7H[W;<[[\VV
B
XQWLOFKLQ>@
FLWDMJV VV
HQG
ORK\
Y\UDIXMWH1XKROQtNSRG]DGDQPXKORP
QDNUHVOLWHXKORSULHN\1XKROQtNDEH]SUHMGHQLDNUiWSRWHMLVWHMLDUH
QDNUHVOLWHFtSXKYLH]GX
5LDGHQLHP\L
9\XLMHPHV\VWpPRYXQLW'26D]QHKRSURFHG~UX,175DW\S5(*,67(56P{HWHDOHQHPXVtWHWRPX
UR]XPLH1DMSUYVLWRXNiHPHYWH[WRYRPUHLPHDQHVN{UYJUDILFNRPDYVSROXSUiFLV.RU\WQDNRX
3URFHG~UD,QWUYLHYHDV\VWpPRYFKIXQNFLtDMYHPLQHEH]SHQFKDMULDGHQLHP\L0iSDUDPHWUHSUY
PXVtE\NRQWDQWDDGUXKSUHPHQQiW\SX5HJLVWHUVGRNWRUHMQDVWDYtPHYVWXSQpSDUDPHWUHDWLHYQHM
]tVNDPHYVWXSQpSDUDPHWUH3UHMHGQRGXFKRVMHWURFKX]ORLWHMtVLP{HWHSUHGVWDYLHW\SMH
W\SH5HJLVWHUV UHFRUG
$;%;&;';ZRUG
$/$+%/%+&/&+'/'+E\WH
HQG
3ULYRODQtSURFHG~U\PXVtPHQDVWDYLSRORNX$;tVORPIXQNFLHSUtSDGQHQLHNHG\VDQDVWDYXM~DMDOLH
SRORN\QHMDNPLSDUDPHWUDPL$NVDPDM~YUiWLQHMDNpKRGQRW\RSlV~YQLHNWRUFKSRORNiFKQHWUHEDVLWR
SDPlWDDNWREXGHWUHEDQDVN~NHWDNGRVWDQHWHKRWRYXQLWY]GURMRYRPWYDUH1D%$5%,(EXG~DM
GQHQpXQLW\DMQLHNWRUpXNiNRYpSURJUDP\
0\V8QLWQDMSUYSUHWH[WRYUHLP
XQLW0\V8QLW
LQWHUIDFH
IXQFWLRQ,QLF0\VERROHDQ
IXQFWLRQ6WDY0\VLE\WH
SURFHGXUH8ND]0\V
SURFHGXUH6NU\0\V
YDU0\V;0\V<LQWHJHU
0\V7ODF
LPSOHPHQWDWLRQ
XVHV'RV
YDUUHJVUHJLVWHUV
,QLF0\VUHVHWXMHP\VDNPiQDVWDYHQpQHMDNpSHFLDOLW\QDSUNXU]RU
YUiWLIDOVHDNV~QHMDNpSUREOpP\
IXQFWLRQ,QLF0\VERROHDQ^YUiWLIDOVHDNV~QHMDNpSUREOpP\`
EHJLQ
UHJV$; ,QWUUHJV
,QLF0\V UHJV$; ))))
HQG
IXQNFLD6WDY0\VLQDVWDYtJOREiOQHSUHPHQQp0\V;0\V<D0\V7ODFSRGODPRPHQWiOQHKRVWDYX
P\L0\V7ODFPiKRGQRWXDNQLQLHMHVWODHQpLQDNDNDYpWODLGORDDNSUDYp
IXQFWLRQ6WDY0\VLE\WH
EHJLQ
UHJV$; ,QWUUHJV
0\V; UHJV&;GLY^SUHSRHWQDWH[WRYpV~UDGQLFH`
0\V< UHJV';GLY
LIUHJV%;DQG!WKHQ0\V7ODF
HOVHLIUHJV%;DQG!WKHQ0\V7ODF
HOVH0\V7ODF
6WDY0\VL 0\V7ODF
HQG
3ULSUiFLVYLGHRSDPlRXWUHEDYG\SUHGXERYRQRXPRGLILNiFLRXREUD]RYN\NXU]RUQDMSUYVNU\DD
SRWRP]QRYX]REUD]LtPDVWHMLHVDEXGHVNUYDDXND]RYDWPEXGHYLDFEOLND3ULWDUWH
SURJUDPXDMSRLQLFLDOL]iFLLMHP\DFtNXU]RUVNU\W
SURFHGXUH8ND]0\V
EHJLQ
UHJV$; ,QWUUHJV
HQG
SURFHGXUH6NU\0\V
EHJLQ
UHJV$; ,QWUUHJV
HQG
HQG
3UtNODGQD]LVRYDQLHV~UDGQtFYSORFKH
3URFHG~UD.OLNMH]DGHILQRYDQiXY0\V8QLWH
XVHV&UW0\V8QLW
^
IXQFWLRQ.OLNERROHDQ
EHJLQ
LI6WDY0\VL WKHQ.OLN IDOVH
HOVH
EHJLQ
ZKLOH6WDY0\VL!GR
.OLN WUXH
HQG
HQG
`
EHJLQ
,QLF0\V
&OU6FU
8ND]0\V^QHVPLHE\SUHG&OU6FU`
UHSHDW
LI.OLNWKHQ
EHJLQ
6NU\0\V
ZULWHOQ0\V;
0\V<^DOHER*RWR;<0\V;0\V<ZULWH
`
8ND]0\V
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
HQG
XVHV&UW0\V8QLW
W\SHYLGHR DUUD\>@RIUHFRUGFFKDUDE\WHHQG
YDUYYLGHRDEVROXWHE
YYYLGHR
WWH[W]FKDU
LM[\[\LQWHJHU
EHJLQ
WH[WDWWU FOUVFU
DVVLJQW
WH[WSDV
UHVHWW^YSLVQHMDNpKRWH[WRYpKRV~ERUX`
ZKLOHQRWHRIWGREHJLQUHDGW]ZULWH]HQG
Y Y[ \ [ \
,QLF0\V8ND]0\V
UHSHDW
LI6WDY0\VL WKHQEHJLQ[ 0\V;\ 0\V<HQG
HOVHLI[!0\V;RU\!0\V<WKHQ
EHJLQ
[ 0\V;\ 0\V<Y Y
IRUL PLQ[[WRPD[[[GR
IRUM PLQ\\WRPD[\\GR
Y>ML@D H
6NU\0\VY Y8ND]0\V
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
HQG
0\V8QLWSUHJUDILFNUHLP
-HVNRURURYQDNVPDORX]PHQRX
IXQNFLD6WDY0\VLXQHGHOtV~UDGQLFHDOHSULDPRYUDFLDV~UDGQLFH
IXQFWLRQ6WDY0\VLE\WH
EHJLQ
UHJV$; ,QWUUHJV
0\V; UHJV&;^GLY`
0\V< UHJV';^GLY`
LIUHJV%;DQG!WKHQ0\V7ODF
HOVHLIUHJV%;DQG!WKHQ0\V7ODF
HOVH0\V7ODF
6WDY0\VL 0\V7ODF
HQG
0\EXGHPHSRXtYDMHGHQXQLW0\V8QLWNWRUEXGHIXQJRYDYWH[WRYRPDMJUDILFNRPUHLPH
IWSIWSHGLIPSKXQLEDVN3DVFDO0\V8QLWSDV
3UtNODGGHPRQWUXMHYHPLMHGQRGXFKpVSiMDQLHNOLNQXWFKERGRY
XVHV*UDSK0\V8QLW&UW
YDULMLQWHJHU
EHJLQ
L 'HWHFW,QLW*UDSKLM
,QLF0\V8ND]0\V
UHSHDW
LI6WDY0\VL!WKHQ
EHJLQ
6NU\0\V
/LQH7R0\V;0\V<
8ND]0\V
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
&ORVH*UDSK
HQG
3URJUDPMHYHPLKO~S\OHERQHGRNiH]GYLKQ~SHUR8UREtPHY\OHSHQ~YHU]LXYSUHPHQQHMSKVLEXGHPH
SDPlWDLPiE\JUDILFNpSHURKRUHSULWDUWHDMSRQH]DWODHQtWODLGODP\LDOHERGROHSUL]DWODHQRP
WODLGOH
XVHV*UDSK0\V8QLW&UW
YDULMLQWHJHU
SKERROHDQ
EHJLQ
L 'HWHFW,QLW*UDSKLM
,QLF0\V8ND]0\VSK WUXH
UHSHDW
LI6WDY0\VL WKHQSK WUXH
HOVH
EHJLQ
6NU\0\V
LISKWKHQ0RYH7R0\V;0\V<
HOVH/LQH7R0\V;0\V<
8ND]0\V
SK IDOVH
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
&ORVH*UDSK
HQG
7UHWLDYHU]LDWRKRWRSURJUDPXXND]XMHUR]OLRYDQLHDYpKRDSUDYpKRWODLGODP\LSULSUDYRPWODLGOH]PDH
REUD]RYNX$E\P\DWDNYHDQHEOLNDODQDQLHNWRUFKV\VWpPRFKWDNVDVNUYDOHQDNVDPHQtMHMSRORKD
SULNUHVOHQt
XVHV*UDSK0\V8QLW&UW
YDULM[\LQWHJHU
SKERROHDQ
EHJLQ
L 'HWHFW,QLW*UDSKLM
,QLF0\V8ND]0\VSK WUXH
UHSHDW
FDVH6WDY0\VLRI
SK WUXH
LISKRU[!0\V;RU\!0\V<WKHQ^DYpWODLGORP\L`
EHJLQ
6NU\0\V
LISKWKHQ0RYH7R0\V;0\V<
HOVH/LQH7R0\V;0\V<
8ND]0\V
SK IDOVH[ 0\V;\ 0\V<
HQG
EHJLQ6NU\0\V&OHDU'HYLFH8ND]0\VSK WUXHHQG
^SUDYpWODLGOR`
HQG
XQWLO.H\SUHVVHGDQG5HDG.H\
&ORVH*UDSK
HQG
DOtSUtNODGGHPRQWUXMHSRXLWLHP\LVNRU\WQDNRXEXGHPHVP\RXKEDQHWHVWXMHPHLMHVWOiDQp
QHMDNpWODLGORDNRU\WQDNDVDSRPDO\NURNKEHVPHURPNPRPHQWiOQHMSR]tFLLP\L3RXLMHPH
NRU\WQDLXIXQNFLX6PHURPNWRUiYUiWLDEVRO~WQ\XKRON]DGDQpPXERGX
XVHV.RU8QLW0\V8QLW
YDUN.RU
EHJLQ
,QLF0\V
ZLWKNGR
EHJLQ
,QLW8ND]8ND]0\V
UHSHDW
6WDY0\VL^OHQQD]LVWHQLH0\V;D0\V<`
6NU\0\V
=PHQ6PHU6PHURP0\V;[\0\V<^SUHSRtWDQLHV~UDGQtF`
'RSUHGX
8ND]0\V
XQWLOIDOVH
HQG
HQG
1'SUHURELWDNDE\VDNRU\WQDNDRWiDODNP\LYHPLSRPDO\WMQDPLHVWR=PHQ6PHUWDPEXGHQDSU
9SUDYRRXKROVDEVKRGQRWRX 0$;8NRQWDQWDSURJUDPX
DOtSUtNODGGHPRQWUXMHSRXLWLHP\LSUHYLDF.RU
XVHV0\V8QLW.RU8QLW
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
LSNPD[
EHJLQ
,QLF0\V8ND]0\V
SN
UHSHDW
6NU\0\V
LI.OLNWKHQ
EHJLQ
LQFSN
ZLWKN>SN@GR
EHJLQ
,QLW0\V;[\0\V<UDQGRP
8ND]
HQG
HQG
IRUL WRSNGR
ZLWKN>L@GR
EHJLQ'RSUHGX9ODYRHQG
8ND]0\V
&DNDM
XQWLOIDOVH
HQG
5HNXU]LD
1HNRQHQiUHNXU]LD
XVHV.RU8QLW
YDUN.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXVN9ODYR
[\V
HQG
EHJLQ
NLQLW
[\
HQG
2GWUDVXMPHWHQWRSURJUDP
]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
QDNUHVOtVDLDUDGN\VNRU\WQDNDVDRWRtGRDYDRVWXSRY
]QRYXVDYROiSURFHG~UD[\VSDUDPHWUDPL]PHQHQPVQDVWMY\WYRUtVDQRYiORNiOQD
SUHWHHQLH]iVREQtND6WDFNRYHUIORZHUURU
SULGiYDQLHQDYUFK
RGREHUDQLH]YUFKX
&KYRVWRYiUHNXU]LDQHSUDYi
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQ^VNRQL`
HOVH
EHJLQN'RSUHGXVN9ODYRVSLUVHQG
HQG
EHJLQ
NLQLW
VSLU
2GWUDVXMPHYRODQLHVRVLPXOiFLRXQD]iVREQtNX
YLPQLPHVLHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWHNWRUpMHSRVOHGQPSUtND]RP
SURFHG~U\ !WRWRYRODQLHVDGiDKNRSUHStVDF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
ZKLOHV GR
EHJLQN'RSUHGXVN9ODYRV VHQG
3UtNODG1DStWHSURFHG~UXNWRUiY\StH111
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQ^VNRQL`
HOVHEHJLQZULWHOQQY\SLVQHQG
HQG
3UtNODG]LVWLWHDNRVD]PHQLYVWXSDNVDY\PHQtZULWHOQDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQ^VNRQL`
HOVHEHJLQY\SLVQZULWHOQQHQG
HQG
3UDYiUHNXU]LD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN=PHQ)3^VNRQL`
HOVH
EHJLQ
N'RSUHGXVN9ODYR
VSLUV
N9SUDYRN'RSUHGXV
HQG
HQG
2GWUDVXMWHMHMYRODQLHSUH
VSLU
7DNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDSRPRFRXGYRFKF\NORY
SRFLDWV V
ZKLOHV GR^RVDGHMHSUHGUHNXU]LRX`
EHJLQ
N'RSUHGXVN9ODYRV V
HQG
N=PHQ)3^UREtVDYSUtSDGHVNRQL`
ZKLOHV!SRFLDWVGR
EHJLQ^RVDGHMHSRQiYUDWRFK]UHNXU]LH`
V VN9SUDYRN'RSUHGXV
HQG
3UtNODGSUH]QiPXSURFHG~UXSRO\]LVWLWHRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQN'RSUHGXVN9ODYRXGHFQHQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQL`
HOVH
EHJLQ
SRO\DVWYRUHFD
HQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQL`N9ODYR
HOVH
EHJLQ
SRO\DVWYRUHFDSRO\D
HQG
HQG
3UtNODG1DNUHVOLPHSRPRFRXNRU\WQDHMJUDILN\ELQiUQ\VWURP~URYQH1
SUHQ QDNUHVOtVDLDUD
SUHQ!LDUDELQVWURPQ~URYQHELQVWURPQ~URYQH
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQN'RSUHGXN'RSUHGXHQG
HOVHZLWKNGR
EHJLQ
'RSUHGX9ODYR^QDWRVDQDNUHVOHQLHDYpKRSRGVWURPX`
VWURPQ^QDNUHVOLDYSRGVWURPQ~URYQH`
9SUDYR^QDWRVDQDNUHVOHQLHSUDYpKRSRGVWURPXQ~URYQH`
VWURPQ^QDNUHVOLSUDYSRGVWURPQ~URYQH`
9ODYR'RSUHGX^QDWRVDGRS{YRGQpKRVPHUXDYUiVDQDS{YRGQpPLHVWR`
HQG
HQG
3UtNODGELQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\tFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQ
EHJLQ
'RSUHGXY
^DMVKUXEtPLYHWYDPL`
^9SUDYR'RSUHGX9ODYR`
'RSUHGXY
HQG
HOVH
EHJLQ
'RSUHGXY9ODYR^QDWRVDQDNUHVOHQLHDYpKRVWURPX`
VWURPQY^QDNUHVOLDYVWURPQ~URYQH`
9SUDYR^QDWRVDQDNUHVOHQLHSUDYpKRVWURPXQ~URYQH`
VWURPQY^QDNUHVOLSUDYVWURPQ~URYQH`
9ODYR'RSUHGXY^QDWRVDGRS{YRGQpKRVPHUXDYUiVDQDS{YRGQpPLHVWR`
HQG
HQG
1'
ULHHQLHEH]UHNXU]LHEXGHVDURELRQHVN{U
GRNUHVOLVWURPXOtVWRN\QDSRVOHGQFKYHWYiFK
QiKRGQHQDVWDYLYHNRVSRGVWURPXQiKRGQHQDVWDYLXKROYHWLHY
3UtNODG7HUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQSRO\D
HOVHZLWKNGR
EHJLQ
'RSUHGXD9ODYR
IRUL WRGR
EHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
HQG
3UtNODG1DStWHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHNRVWLD
Q QHUREtQL
Q WYRUHFVRVWUDQRXGN\D
Q!WYRUHFYNWRUpKRNDGRPURKXGQXMHREUi]RNVVV~URYQH1YHNRVWLD
SURFHGXUHVVVQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQ^VNRQL`
HOVH
IRUL WRGR
EHJLQ
N'RSUHGXDN9ODYRVVVQD
HQG
HQG
3UtNODG1DStWHSURFHG~UXQDNUHVOHQLHVQHKRYHMYORN\
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVH
EHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
HQG
YRODQLH]KODYQpKRSURJUDPX
)UDNWiO\
&NULYND
XVHV.RU8QLW
YDUN.RU^NRU\WQDNDPXVtE\JOREiOQDDOHERDNRSDUDPHWHUSURFHG~U\`
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
HQG
EHJLQ
NLQLW
FNULYND
FDNDMNODYHV
HQG
'UDLDNULYNDVDVNODGi]GYRFK]UNDGORYFKSURFHG~UQDMSUYFK\EQpULHHQLH
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
3UREOpPMHSULLFKY]iMRPQRPYRODQt
EXSRPRFRXGLUHNWtY\IRUZDUG
DOHERY]iMRPQPYQRUHQtP
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
.ULYNXP{HPHNUHVOLOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRLMHDYiDOHERSUDYi
SURFHGXUHGUDNQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
GUDNQVNYODYRS
GUDNQV
HQG
HQG
DKODYQSURJUDPQDSU
NLQLW
GUDN^UHVSOGUDN`
+OLEHUWRYDNULYNDVDWLHVNODGi]GYRFK]UNDGORYFKDVWtGHILQXMHPHMHGQRXSURFHG~URX
SURFHGXUHKLOEHUWQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ!WKHQ
EHJLQ
NYODYRS
KLOEHUWQVSNGRSUHGXVNYSUDYRS
KLOEHUWQVSNGRSUHGXV
KLOEHUWQVSNYSUDYRS
NGRSUHGXV
KLOEHUWQVSNYODYRS
HQG
HQG
DKODYQSURUDPQDSU
NLQLW
KLOEHUW^S ]QDPHQiYDYRDS ]QDPHQiYSUDYR`
.RU8QLWSRPRFRX223 QRY
1DMSUY]MHGQRGXHQiYHU]LDXQLWXGHILQXM~FHKRWULHGX.RU
XQLW.RU8QLW
LQWHUIDFH
W\SH.RU REMHFW
;6XU<6XU6PHUUHDO
'ROHERROHDQ
)3+3E\WH
SURFHGXUH,QLW[\XUHDO
SURFHGXUH'RQH
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9SUDYRXUHDO
SURFHGXUH9ODYRXUHDO
SURFHGXUH=PHQ6PHUXUHDO
SURFHGXUH=PHQ;<[\UHDO
SURFHGXUH3UHVXQ;<[\UHDO
SURFHGXUH3+
SURFHGXUH3'
SURFHGXUH=PHQ)3QISLQWHJHU
SURFHGXUH=PHQ+3QKSLQWHJHU
HQG
YDU.ODYHVLQWHJHU
NURNXMERROHDQ
SURFHGXUHWHVW
SURFHGXUH&DNDM.ODYHV
FRQVWUDG SL
^ `
LPSOHPHQWDWLRQ
XVHV*UDSK&UW
SURFHGXUH&DNDM.ODYHV
EHJLQ
.ODYHV RUGUHDGNH\LI.ODYHV WKHQ.ODYHV RUGUHDGNH\
LI.ODYHV WKHQEHJLQ&ORVH*UDSKKDOWHQG
HQG
SURFHGXUHWHVW
YDUEERROHDQ
EHJLQ
E NURNXM
ZKLOHNH\SUHVVHGRUEGR
EHJLQ&DNDM.ODYHVE IDOVHHQG
HQG
SURFHGXUH.RU,QLW[\XUHDO
EHJLQ
;6XU [<6XU \6PHU X
)3 +3
'ROH WUXH
HQG
SURFHGXUH.RU'RQH
EHJLQ
HQG
SURFHGXUH.RU'RSUHGXGUHDO
EHJLQ
=PHQ;<;6XUVLQ6PHU
UDG
G<6XUFRV6PHU
UDG
G
HQG
SURFHGXUH.RU9SUDYRXUHDO
EHJLQ
=PHQ6PHU6PHUX
HQG
SURFHGXUH.RU9ODYRXUHDO
EHJLQ
=PHQ6PHU6PHUX
HQG
SURFHGXUH.RU=PHQ6PHUXUHDO
EHJLQ
6PHU XWHVW
HQG
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LIQRW'ROHWKHQ3UHVXQ;<[\
HOVH
EHJLQ
0RYH7RWUXQF;6XU;<WUXQF<6XU
6HW&RORU)36HW/LQH6W\OH+3
;6XU [<6XU \
/LQH7RWUXQF;6XU;<WUXQF<6XU
WHVW
HQG
HQG
SURFHGXUH.RU3UHVXQ;<[\UHDO
EHJLQ
;6XU [<6XU \
0RYH7RWUXQF;6XU;<WUXQF<6XU
WHVW
HQG
SURFHGXUH.RU3+
EHJLQ
'ROH IDOVHWHVW
HQG
SURFHGXUH.RU3'
EHJLQ
'ROH WUXHWHVW
HQG
SURFHGXUH.RU=PHQ)3QISLQWHJHU
EHJLQ
)3 DEVQISPRGWHVW
HQG
SURFHGXUH.RU=PHQ+3QKSLQWHJHU
EHJLQ
LIQKS!WKHQ+3 HOVH+3
WHVW
HQG
^ LQLFLDOL]iFLD `
YDUJGJPLQWHJHU
EHJLQ
JG 'HWHFW,QLW*UDSKJGJP
LI*UDSK5HVXOW!WKHQ
EHJLQZULWHOQ
3UREOHPVJUDILFN\PGULYHURP
KDOWHQG
; *HW0D[;GLY< *HW0D[<GLY
.ODYHV NURNXM IDOVH
HQG
3R]QiPN\
JUDILFNiNRU\WQDLDSORFKDPiVWUHGV~UDGQHMV~VWDY\YSUHPHQQFK[D\WLHWRKRGQRW\VDLQLFLDOL]XM~
YLQLFLDOL]DQHMDVWLXQLWX
EXGHPHLFKSRWUHERYDDMSULSUHSRtWDYDQtV~UDGQtFNWRUpVPH]tVNDOLRG0\V8QLW
YRULJLQiOQRP.RU8QLWV~DM]DWLDQH]QiPHYLUWXDOFRQVWUXFWRUDGHVFWUXFWRUQHYtPDMWHVLLFK
YHWN\VWDYRYpSUHPHQQpE\PDOLE\FKUiQHQpWDNDE\SRXtYDWHXQLWXQHPRKRODQLRP\ORPPHQLLFK
REVDK\SULDPRSULUDGHQtPDOHOHQYRODQtP]RGSRYHGDM~FLFKPHWyGWULHG\
Y\XLMHPHGLUHNWtYXSULYDWHNWRUiP{HE\V~DVRXGHILQtFLHWULHG\YHWN\VWDYRYpSUHPHQQp
DOHERPHWyG\NWRUpV~GHILQRYDQpYWHMWRSULYiWQHMDVWLV~YLGLWHQpOHQYLPSOHPHQWDQHMDVWL
XQLWXYNWRURPMHWULHGDGHILQRYDQi
GRGHILQXMHPHPHWyG\IXQNFLHNWRUpEXG~YUDFDKRGQRW\VWDYRYFKSUHPHQQFKQDSU[VXU
VPHU)3DSRG
W\SH.RU REMHFW
SURFHGXUH,QLW[\XUHDO
IXQFWLRQ;6XUUHDO
IXQFWLRQ<6XUUHDO
IXQFWLRQ6PHUUHDO
IXQFWLRQ'ROHERROHDQ
IXQFWLRQ8ND]DQDERROHDQ
IXQFWLRQ)3E\WH
IXQFWLRQ+3E\WH
SULYDWH^WUHEDY\VYHWOL`
;6XU<6XU6PHUUHDO
'ROH8ND]DQDERROHDQ
)3+3E\WH
SURFHGXUH8ND]^SRPRFQiPHWyGDQD]REUD]RYDQLHWYDUXNRU\WQDN\`
HQG
IXQFWLRQ.RU;6XUUHDO
EHJLQ
;6XU ;VXU
HQG
IXQFWLRQ.RU<6XUUHDO
EHJLQ
<6XU <VXU
HQG
=PD]QLHMHPHWyGDDOHSURFHG~UDXQLWX]PDHSORFKXSUHGMHMYRODQtPWUHEDVNU\YHWN\
NRU\WQDN\
=PHQ7YDUYDUREU\VPHWyGDNWRUiXPRXMHWYDUDMIDUEXNRU\WQDN\
NRU\WQDNDGRXGDQpKRVPHUX
9\SOQIYE\WHPHWyGDY\SOQt]DGDQRXIDUERXRKUDQLHQ~SORFKX
ERGX
3UtNODGQD]PHQXWYDUXNRU\WQDN\
XVHV.RU8QLW
FRQVWFLDUNDUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
FRQVWFLDUNDUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
FRQVWFLDUNDUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
FRQVWVWYRUUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
YDUNNRU
LLQWHJHU
EHJLQ
N,QLWN=PHQ7YDUFLDUNDN8ND]N3+
IRUL WRGR
EHJLQ
NYSUDYRNGRSUHGXFDNDM
LILPRG WKHQN=PHQ)DUEX7YDUXUDQGRP
HQG
3UtNODG=DGHILQXMHPHSRWRPNDWULHG\.25MHKRPHWyGXSRO\NWRUiNUHVOt1XKROQtNDPHWyGXNWRUiQDNUHVOt
WYRUHF
XVHV.RU8QLW
SURFHGXUHNRUSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQ
'RSUHGXV^]GHGHQiPHWyGD]WULHG\.RU`
9SUDYRX
GHFQ
HQG
HQG
SURFHGXUHNRUVWYRUHFVUHDO
EHJLQ
SRO\V
HQG
YDUNNRU
EHJLQ
NURNXM WUXH
N,QLW
N8ND]
NVWYRUHF
HQG
7ULHG\9HOD.RU]iVREQtNDUDG QRY
7ULHGD9HOD.RU
REMHNWREVOXKXM~FLSROHNRU\WQDLHN8QLW9HODUHDOL]XMHYHU]LXWULHG\9HOD.RUQHVN{UVDQDXtPH
GHILQLWtYQXYHU]LX
XQLW9HOD
LQWHUIDFH
XVHV.RU8QLW
FRQVW0D[.RU
W\SH9HOD.RU REMHFW
NDUUD\>0D[.RU@RI.RU
H[DUUD\>0D[.RU@RIERROHDQ
SN0D[.RU
SURFHGXUH,QLW
SURFHGXUH8URE.RU[\XUHDO
SURFHGXUH=UXV.RULLQWHJHU
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9SUDYRXUHDO
SURFHGXUH9ODYRXUHDO
SURFHGXUH=PHQ6PHUXUHDO
SURFHGXUH=PHQ;<[\UHDO
SURFHGXUH3UHVXQ;<[\UHDO
SURFHGXUH8ND]
SURFHGXUH6NU\
SURFHGXUH3+
SURFHGXUH3'
SURFHGXUH=PHQ)3QISLQWHJHU
SURFHGXUH=PHQ+3QKSLQWHJHU
SURFHGXUH=PHQ7YDUYDUREU\V
SURFHGXUH=PHQ)DUEX7YDUXILQWHJHU
SURFHGXUH=PD]
SURFHGXUH3LVVVWULQJ
SURFHGXUH9\SOQIYE\WH
IXQFWLRQ%OL]NR[\UHDOLQWHJHU
HQG
^ `
LPSOHPHQWDWLRQ
XVHV*UDSK
SURFHGXUH9HOD.RU,QLW
YDULLQWHJHU
EHJLQ
IRUL WR0D[.RUGRH[>L@ IDOVH
SN
HQG
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
LISN! 0D[.RUWKHQKDOW
LQFSNN>SN@,QLW[\XH[>SN@ WUXH
HQG
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL!SNRUQRWH[>L@WKHQH[LW
N>L@'RQHH[>L@ IDOVH
ZKLOHSN!DQGQRWH[>SN@GRGHFSN
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@'RSUHGXG
HQG
SURFHGXUH9HOD.RU9SUDYRXUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@9SUDYRX
HQG
SURFHGXUH9HOD.RU9ODYRXUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@9ODYRX
HQG
SURFHGXUH9HOD.RU=PHQ6PHUXUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ6PHUX
HQG
SURFHGXUH9HOD.RU=PHQ;<[\UHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ;<[\
HQG
SURFHGXUH9HOD.RU3UHVXQ;<[\UHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3UHVXQ;<[\
HQG
SURFHGXUH9HOD.RU3+
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3+
HQG
SURFHGXUH9HOD.RU3'
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3'
HQG
SURFHGXUH9HOD.RU8ND]
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@8ND]
HQG
SURFHGXUH9HOD.RU6NU\
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@6NU\
HQG
SURFHGXUH9HOD.RU=PHQ)3QISLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ)3QIS
HQG
SURFHGXUH9HOD.RU=PHQ+3QKSLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ+3QKS
HQG
SURFHGXUH9HOD.RU=PHQ7YDUYDUREU\V
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ7YDUREU\V
HQG
SURFHGXUH9HOD.RU=PHQ)DUEX7YDUXILQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ)DUEX7YDUXI
HQG
SURFHGXUH9HOD.RU9\SOQIYE\WH
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@9\SOQIY
HQG
SURFHGXUH9HOD.RU3LVVVWULQJ
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3LVV
HQG
SURFHGXUH9HOD.RU=PD]
YDULLQWHJHU
YDUUD\>0D[.RU@RIERROHDQ
EHJLQ
IRUL WRSNGR
LIH[>L@WKHQZLWKN>L@GREHJLQY>L@ XND]DQD6NU\HQG
&OHDU9LHZ3RUW
IRUL WRSNGR
LIH[>L@DQGY>L@WKHQN>L@8ND]
HQG
HQG
7HUD]P{HPHQDSURJUDPRYDNRU\WQDLHNNUHVOLDFLFKNUXQLFH
XVHV.RU8QLW9HOD^.RU8QLWPXVtE\NYROL&DNDM.ODYHVD.ODYHV`
FRQVWQ
YDUYVHWN\9HOD.RU
LLQWHJHU
EHJLQ
UDQGRPL]H
ZLWKYVHWN\GR
EHJLQ
,QLW
IRUL WRQGR
EHJLQ
8URE.RU
LL
N>L@=PHQ)3UDQGRP^PRQRSUDFRYDVRVRORNRU\WQDNRX`
^DOHERN>L@=PHQ)DUEX7YDUXUDQGRP`
HQG
8ND]
&DNDM.ODYHV
IRUL WRGR
EHJLQ
'RSUHGX9ODYR
LI.ODYHV WKHQ^SRVWODHQtPHG]HU\VDSUHSQH8ND]6NU\`
EHJLQ
LIN>@XND]DQDWKHQ6NU\HOVH8ND]
.ODYHV
HQG
HQG
HQG
&DNDM.ODYHV
HQG
=iVREQtNVWDFN
$EVWUDNWQiGiWRYiWUXNW~UD
RSHUiFLH
SXVKSULGDMQDYUFK]iVREQtND
SRSY\EHU]YUFKX]iVREQtND
LQLW
SUHGLNiW\HPSW\DIXOO
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ>@
VWDFN REMHFW
VWDUUD\>PD[VWDFN@RISUYRN
YUFKPD[VWDFN
SURFHGXUHLQLW
SURFHGXUHSXVKSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUHVWDFNLQLW
EHJLQ
YUFK
HQG
SURFHGXUHVWDFNSXVKSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQ\]DVREQLN
HOVH
EHJLQ
LQFYUFKVW>YUFK@ S
HQG
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3UD]GQ\]DVREQLN
HOVH
EHJLQ
S VW>YUFK@GHFYUFK
HQG
HQG
IXQFWLRQVWDFNIXOOERROHDQ
EHJLQ
IXOO YUFK!PD[VWDFN
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
HPSW\ YUFK
HQG
3R]QiPND
DNSRWUHEXMHPHGR]iVREQtNDGiYDYLDFU{]Q\FKW\SRYWDNSUYRNEXGHW\SX]i]QDPDPHWyG\SXVKDSRS
EXG~PDYLDFSDUDPHWURY SRORN\]i]QDPX
W\SSUYRNDVS{VREYRODQLDSXVKDSRS]iYLVLDRGNRQNUpWQHMDSOLNiFLH
3UtNODG1DStWHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\StHKRQDREUD]RYNXYRSDQRPSRUDGtULDGNRY
XVHV6WDFN8QLW
YDUV6WDFN
IWH[W
WSUYRN
EHJLQ
VLQLW
DVVLJQI
WHVWSDV
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWVSXVKW
HQG
ZKLOHQRWVHPSW\GR
EHJLQ
VSRSWZULWHOQW
HQG
HQG
5$'48(8()5217),)2
GiWRYiWUXNW~UDSRVWXSQRVSRORLHN]RUDGHQFK]DVHERX
DNSUtGHQRYiSRORNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
Y\EHUDSRORN\]R]DLDWNXUDGXURQWKHDGKODYLND
PHWyG\
VHUYH REVO~
DSSHQG SULGDMQDNRQLHF
5HSUH]HQWiFLDUDGXYSROL
F\NOLFNpSROHWYiULPHVDHSROHRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHE\FKYRVWSULLHOQD
NRQLHFSRDSUHVXQLHPHKR]QRYXQD]DLDWRNSUREOpP\VUR]SR]QDQtPSUi]GQHKRDSOQpKRUDGX
ULHHQLHSDPlWDQtPVLSRWXSRORLHN
XQLW4XHXH8QLW^V~ERUTXHXHXQLSDV`
LQWHUIDFH
FRQVWPD[4XHXH
W\SHSUYRN VWULQJ>@
TXHXH REMHFW
TDUUD\>PD[4XHXH@RISUYRN
KOSRFPD[4XHXH
SURFHGXUHLQLW
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
IXQFWLRQIXOOERROHDQ
HQG
LPSOHPHQWDWLRQ
SURFHGXUHFK\EDVVWULQJ
EHJLQ
ZULWHOQVKDOW
HQG
SURFHGXUHTXHXHLQLW
EHJLQ
KO SRF
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
EHJLQ
S T>KO@GHFSRF
KO KOPRGPD[4XHXH
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
SOQ\
HOVH
EHJLQ
T>KOSRFPRGPD[4XHXH@ SLQFSRF
HQG
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
HPSW\ SRF
HQG
IXQFWLRQTXHXHIXOOERROHDQ
EHJLQ
IXOO SRF PD[4XHXH
HQG
HQG
3UtNODG1DStWHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\WYiUDQRYV~ERUWDNHYWRPWRV~ERUHV~YHWN\
ULDGN\YVWXSQpKRV~ERUXD]DQLPLHWHUD]WLHLVWpULDGN\
XVHV4XHXH8QLW
YDUT4XHXH
IJWH[W
WSUYRN
EHJLQ
TLQLW
DVVLJQI
WHVWSDV
UHVHWI
DVVLJQJ
WHVWSDV
UHZULWHJ
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GR
EHJLQ
TVHUYHWZULWHOQJW
HQG
FORVHJ
HQG
1'8
MHGQRGXFKLDYHU]LDWHVWXSUHIDQDWLNRYRSUDYLPHWyG\HPSW\DIXOOWDNDE\HPSW\YG\YUiWLOIDOVHDN
ERORSUi]GQHGiWDPQHMDNSUYRNDDMIXOOYUDWLOIDOVHDNERORSOQpWDNDXWRPDWLFN\QDMSUYY\LVWt
UR]PDRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK]iVREQtNRY
]DUiNDYRIURQWH
9\PHQRYDQW\SPQRLQDUHNXU]LDQD
QHUHNXU]LXDULWPHWLFNpYUD]\ QRY
9\PHQRYDQW\S
W\SHW\]GHQ SRQXWRVWUVWYSLDVREQHG
^]iURYHVD]DGHILQRYDORNRQWiQWDNRNHE\FRQVWSRQ XWR `
YDUGW\]GHQ
EHJLQ
G SRQ
G SUHGSLD^G VWY`
G VXFFVRE^G QHG`
G XWR
LQFG^G VWU`
LQFG^G VRE`
L RUGSRQ^L SUYiNRQWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX`
L RUGXWR^L `
G W\]GHQ^G SLDLGHQWLILNiWRUW\SXVDGiSRXLDNRIXQNFLD`
Y\PHQRYDQW\SVDQHGiY\StVDDQLQDtWD
SRPiKDPHVLLQLFLDOL]iFLRXSRDKQHQD]DLDWNXSURJUDPX
FRQVWDDUUD\>W\]GHQ@RIVWULQJ>@
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDUVVWULQJ>@
UHDGV
G SRQ
ZKLOHGQHGDQGD>G@!VGRLQFG
LID>G@!VWKHQZULWHOQ
FK\ED
7\SPQRLQD
W\SHP VHWRI^QHMDNRUGLQiOQ\W\SKRYRUtPHPXEi]RYW\S`
W\SHP VHWRI
YDUDEP
PQRLQRYpNRQWDQW\>@>@>@>@>@
RSHUiFLH
]MHGQRWHQLHD DE
SULHQLND D >@
UR]GLHOD E>@
SUtVOXQRVSUYNXLILQDWKHQ
UHOiFLH
URYQRVQHURYQRVLID EWKHQLIF!>@WKHQ
3UtNODG\
YDU]FKDU
LI]QDNLQ>
$
=
D
]
@WKHQ
LIQRW]QDNLQ>
@WKHQ
FRQVWDQR >
D
$
\
<
@QLH >
Q
1
@
UHSHDW] UHDGNH\XQWLO]LQDQRQLH
LI]LQDQRWKHQ
YDU[VHWRI
EHJLQ
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
HQG
QDPQRLQiFKQHIXQJXMHZULWH
W\SHED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVPPQR]LQD
YDULED]D^`
EHJLQ
ZULWH
>
IRUL WRGR
LILLQPWKHQZULWHL
ZULWHOQ
@
HQG
DE\VDQDNRQFLQHY\SLVRYDODLDUND
ZULWH
>
E IDOVH
IRUL WRGR
LILLQPWKHQ
EHJLQ
LIEWKHQZULWH
ZULWHLE WUXH
HQG
ZULWHOQ
@
1'
Y\SLVRYDQLHPQRLQ\DMVLQWHUYDOPLQDSU>@
tWDQLHPQRLQ\]RYVWXSXQDYVWXSHPXE\DMLQWHUYDO\
3UtNODG1DStWHSURJUDPNWRU]WH[WRYpKRV~ERUX678'7;7QDtWDPHQiWXGHQWRYWXGHQWRYMH
PHQHMDNRLFKSULHPHUQp]QiPN\DLQIRUPiFLXRWRPLWXGHQWGRVWDODOHERQHGRVWDOLQWHUQiWY
WYDUHDOHER3URJUDPSRWRPY\StH
DYHWNFKWXGHQWRY
EGREUFKNWRUPDM~LQWHUQiW
FGREUFKWXGHQWRYNWRUtQHPDM~LQWHUQiW
W\SHED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ>@
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
YDUWWDE
DEPQ^DLQGH[\GRWDEXN\WSUHNWRUFK]Q `
^ELQGH[\GRWDEXN\WNWRUtPDM~LQWHUQiW`
QLLQWHJHU
SURFHGXUHFLWDMYDUWWDEYDUQLQWHJHU
YDUIWH[WEELQWHJHU
EHJLQ
DVVLJQI
VWXGW[W
UHVHWI
Q
ZKLOHQRWHRIIGR
EHJLQ
LQFQ
ZLWKW>Q@GR
EHJLQ
UHDGOQIPHQR]QEE
LQWHU EE
HQG
HQG
HQG
SURFHGXUHY\SLVYDUWWDEPPQ
YDULLQWHJHU
EHJLQ
IRUL WRGR
LILLQPWKHQZULWHOQW>L@PHQR
HQG
EHJLQ
^QDtWDQLHWDEXN\`
FLWDMWQ
D >@E >@
IRUL WRQGR
EHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
^YSLVYHWNFKWXGHQWRY`
ZULWHOQ
9VHWFL
Y\SLVW>Q@
^YSLVGREUFKNWRUPDM~LQWHUQiW`
ZULWHOQ
GREULPDMXLQWUDN
Y\SLVWD
E
^YSLVGREUFKWXGHQWRYNWRUtQHPDM~LQWHUQiW`
ZULWHOQ
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
3UtNODG1DStWHSURJUDPNWRUY\WYRUtSRGPQRLQX0PQRLQ\WDN~H
DMH]PQRLQ\
EDNLMH]PQRLQ\WDNLDMLV~]PQRLQ\
YDUPVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQ
EHJLQ
P P>
L@^
LMHYG\]`
LI
L WKHQP P>
L@^DNMHDM
L]
SULGiPHKRGRPQRLQ\`
HQG
HQG
2EPHG]HQLDSUHPQRLQ\
P{HPHQDVLPXORYDYlLHPQRLQ\SRPRFRXSRDPQRtQ
YDUPDUUD\>PD[@RIVHWRI
SULGD[GRPQRLQ\
P>[GLY@ P>[GLY@>[PRG@
]LVWLLMH[YPQRLQH
LI>[PRG@LQP>[GLY@WKHQ
5LHHQLHPLQXOpKRSUtNODGX
W\SHPQR]LQD VHWRI
PQ DUUD\>@RIPQR]LQD
YDUPPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
LILPRGLQP>LGLY@WKHQ
EHJLQ
M
L
P>MGLY@ P>MGLY@>MPRG@
M
L
LIMGLYWKHQ
P>MGLY@ P>MGLY@>MPRG@
HQG
Y\SLV^SURFHG~UDNWRUiY\StHtVOD]PQRLQ\`
HQG
9HNiPQRLQDDNRWULHGD
FRQVWPD[PQ
W\SHPQR]LQD REMHFW
PDUUD\>PD[PQ@RIVHWRI
PD[PD[PQ
SURFHGXUHLQLWP[LQWHJHU
SURFHGXUHSULGDMLLQWHJHU
IXQFWLRQYLLQWHJHUERROHDQ
SURFHGXUHY\SLV
HQG
SURFHGXUHPQR]LQDLQLWP[LQWHJHU
YDULLQWHJHU
EHJLQ
PD[ P[
IRUL WRPD[GLYGRP>L@ >@
HQG
SURFHGXUHPQR]LQDSULGDMLLQWHJHU
EHJLQ
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHPQR]LQDY\SLV
YDULLQWHJHU
EERROHDQ
EHJLQ
ZULWH
>
E IDOVH
IRUL WRPD[GR
LIYLWKHQ
EHJLQ
LIEWKHQZULWH
ZULWHLE WUXH
HQG
ZULWHOQ
@
HQG
YDUPQPQR]LQD
LLQWHJHU
EHJLQ
ZLWKPQGR
EHJLQ
LQLWSULGDM
IRUL WRPD[GLYGR
LIYLWKHQ
EHJLQ
SULGDM
LSULGDM
L
HQG
Y\SLV
HQG
HQG
3UtNODG(UDWRVWHQRYHVLWR
SURFHGXUHPQR]LQDYVHWN\
YDULLQWHJHU
EHJLQ
IRUL WRPD[GLYGRP>L@ >@^YHWN\RNUHPSRVOHGQHM`
P>PD[GLY@ >PD[PRG@
HQG
SURFHGXUHPQR]LQDXEHULLQWHJHU
EHJLQ
YDUPQPQR]LQD
LMLQWHJHU
EHJLQ
ZLWKPQGR
EHJLQ
LQLWYVHWN\XEHUXEHU
IRUL WRPD[GLYGR
LIYLWKHQ
EHJLQ
M LL
ZKLOHM PD[GR
EHJLQXEHUMLQFMLHQG
HQG
Y\SLV
HQG
HQG
5HDOL]iFLDPQRLQ\YSDPlWLSRtWDD
SDVFDORYVNiPQRLQD SRVWXSQRVELWRY
QDSUSUHVHWRIMHELWRY!EDMWRY
YNDGRPELWHMHEXSUYRNQHSDWUtGRPQRLQ\
DOHERSUYRNSDWUtGRPQRLQ\
D >@Y\QXOXMYHWN\ELW\
D >@QDVWDYLEDELW\RVWDWQpY\QXOXM
DELGHSRELWRFKDUREtRSHUiFLX25
PQRLQD]DEHUiE\WH
3UHSLVUHNXU]LHQDQHUHNXU]LXSRPRFRX]iVREQtND
0iPHUHNXU]tYQXPHWyGX
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
7ULHGX]iVREQtN]DGHILQXMHPHSUHNRQNUpWQX~ORKXSUYRN]iVREQtNXMH]i]QDPNWRUREVDKXMHSRORN\
YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
W\SHSUYRN UHFRUGYQLQWHJHUVUHDOHQG
3UHStPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiKR]iVREQtND
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHU^QLHRDNRQiYUDWRYiDGUHVD`
EHJLQ
]LQLW
]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV^QiYUDWSRUHNXU]tYQRPYRODQt`
]SXVKQV^UHNXU]tYQHYRODQLH`
HQG
EHJLQ9SUDYR'RSUHGXVHQG
HQG
HQG
HQG
3URFHG~UDVDGiXSUDYLWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHU
EHJLQ
]LQLWY
ZKLOHY!GR
EHJLQ
FDVHYRI
LIQ WKHQEHJLQ9ODYRY ^EXGHWUHEDURELSRS`
HQG
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ9SUDYR'RSUHGXVY ^EXGHWUHEDUREL
SRS`HQG
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
HQG
1DStPHUHNXU]tYQXSURFHG~UXNWRUiSRtWD1Wp)LERQDFLLKRtVOR
YDUIIORQJLQW^JOREiOQDSUHPHQQiYNWRUHMMHY\SRtWDQiKRGQRWD`
SURFHGXUHILE1LQWHJHU
YDUIORQJLQW
EHJLQ
^DV`
LIQWKHQII
HOVH
EHJLQ
ILE1
^DV`
I II
ILE1
^DV`
II III
HQG
HQG
1HUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\SUYRNYVWDFNMHXWHUD]LQpKRW\SX
SURFHGXUHILE1LQWHJHU
YDUIORQJLQWYLQWHJHU
VVWDFN
EHJLQ
VLQLWVSXVKQI
ZKLOHQRWVHPSW\GR
EHJLQ
VSRSYQI
FDVHYRI
LIQWKHQII
HOVH
EHJLQ
VSXVKQI^QiYUDW`
VSXVKQI^UHNXU]tYQHYRODQLH`
HQG
EHJLQ
I IIVSXVKQI^QiYUDW`
3UtNODG3UHStWHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDHMJUDILN\QDQHUHNXU]tYQX
SURFHGXUHPRMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
^DV`
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
VWURPQV
^DV`
9SUDYR
VWURPQV
^DV`
9ODYR'RSUHGXV
HQG
HQG
SURFHGXUH0RMD.RUVWURPQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
]LQLW]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
3UtNODG1DStWHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORN\
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
]LQLW]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ]SXVKQV]SXVKQVHQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ9SUDYR]SXVKQVHQG
HQG
HQG
HQG
$ULWPHWLFNpYUD]\SRXLWLH]iVREQtNX
YPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXtYDW]YLQIL[RY]iSLVDULWPHWLFNFKYUD]RY
MHGHILQRYDQQDVOHGRYQH
RSHUDQGQDSUtVORDOHERSUHPHQQiMHLQIL[RYYUD]
DN;D<V~LQIL[RYpYUD]\WDNLQIL[RYPLYUD]PLV~DM
SUHYUiWHQ3ROVN]iSLV
3UHIL[
RSHUiWRUMHSUHGRSHUDQGDPL
QDSUP{HPHSUHtWDDNRVtWDMD
3RVWIL[
RSHUiWRUMH]DRSHUDQGDPL
QDSUP{HPHSUHtWDDNR]REHUDSRWRPLFKVtWDM
3ROVNpIRUP\PDM~W~YKRGXRSURWLLQIL[XHQHSRWUHEXMHPHX]iWYRUNRYDQDXUHQLHSUHFHQGHQFLH
RSHUiWRURYYG\MHMHGQR]QDQHGDQpSRUDGLHY\KRGQRFRYDQLD
1DSU
SUHLQIL[
SUHIL[
^LQpMD]\N\/,63`
SRVWIL[
3UREOpP\]XQiUQ\PRSHUiWRURPWUHEDKRUR]OtLRGELQiUQHKR]Y\NQHVD]QDLLQP
]QDPLHQNRPQDSUVERGNRXDOHERB
3UtNODGY\KRGQRWHQLHSRVWIL[XQDtWDQpKR]RYVWXSX
XVHV6WDFN8QLW^SUYRN LQWHJHU`
YDUVVWDFN
[\LLQWHJHU
WVWULQJ
EHJLQ
VLQLW
ZULWH
"
UHDGOQWW W
L
ZKLOHW>L@!
GR
EHJLQ
FDVHW>L@RI
EHJLQ
[
ZKLOHW>L@LQ>
@GR
EHJLQ
[ [
RUGW>L@RUG
LQFL
HQG
VSXVK[GHFL
HQG
B
EHJLQVSRS[VSXVK[HQG^XQiUQHPtQXV`
EHJLQVSRS[VSRS\VSXVK\[HQG
EHJLQVSRS[VSRS\VSXVK\[HQG
EHJLQVSRS[VSRS\VSXVK\
[HQG
EHJLQVSRS[VSRS\VSXVK\GLY[HQG
HQG
LQFL
HQG
VSRS[ZULWHOQ
Y\VOHGRN
[
HQG
1'
XSUDYWHSURJUDPQDSRVWL[VUHiOQRXDULWPHWLNRX
Y\KRGQRWLSUHIL[
SUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
~SOQHX]iWYRUNRYDQYUD]MHLQIL[YNWRURPMHNDGiRSHUiFLDR]iWYRUNRYDQiQDSU
Y\KRGQRWH~SOQHX]iWYRUNRYDQYUD]
SUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
YUD]\VSUHPHQQPL
'\QDPLFNpSUHPHQQp QRY
9HWN\SUHPHQQpNWRUpVPHGRWHUD]SRXtYDOLEROLVWDWLFNp
LFKYHNRVDDGUHVDYSDPlWLERODXUHQiXSRDVNRPSLOiFLH
JOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYHWNFKXQLWRYVDY\KUDGLDYMHGQRP
GiWRYRPVHJPHQWHPD[.E
ORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
3DVFDOPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNFKSUHPHQQFK
SUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDSUHWRLFKYHNRV
6PHUQtNRYpSUHPHQQp
V~SUHPHQQpNWRUpVDSRXtYDM~QDSUtVWXSNG\QDPLFNPSUHPHQQP
DVWRV~WRVWDWLFNpSUHPHQQp
SULWDUWHSURJUDPXPDM~QHGHILQRYDQ~KRGQRWX
SULY\KUDGHQtSDPlWLSUHG\QDPSUHPHQQ~VDGRVPHUQtNRYHMSUHPHQQHMGRVWDQHDGUHVD
VPHUQtNQDW~WRG\QDPLFN~SUHPHQQ~
VPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRtWDLV~EDMWRYp
NRQNUpWQHKRW\SXG\QDPLFNiSUHPHQQiP{HE\XERYRQpKRW\SXQDSUtVORUHD]HFSROH
PQRLQD]i]QDPWMDNDMHWHQLHMHQHGHILQRYDQiYG\SUHVQHYLHPHW\SG\QDPLFNHM
SUHPHQQHMQDNWRU~RGND]XMH
SULGHILQRYDQtW\SXVPHUQtNP{HE\]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
VG\QDPLFNRXSUHPHQQRXDGUHVRYDQRXVPHUQtNRPQDSUSAP{HPHSUDFRYDURYQDNRDNRV
RE\DMQRXSUHPHQQRX
VPHUQtNRYpSUHPHQQpP{HPHQDY]iMRPSULUDG]RYDUHVSSRURYQiYDQDURYQRVDOHER
QHURYQRVMHGLQHDNV~LGHQWLFNpKRW\SX
.RQWDQWQVPHUQtN1,/
XQLYHU]iOQDNRQWDQWDSUHYHWN\VPHUQtNRYpW\S\
SRXtYDVDYWHG\NHSRWUHEXMHPHUR]OtLSUtSDGHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DHHWHQHRGND]XMHQDLDGQX
YSDVFDOHVDWRWLQHGi]LVWLLPiQHMDNiQLHOHQVPHUQtNRYiSUHPHQQiQHGHILQRYDQ~KRGQRWX
S QLO
SXQHPiQHGHILQRYDQ~KRGQRWXDSULWRPVDEXGHGDRWHVWRYDHQHRGND]XMHQDLDGQX
G\QDPLFN~QDSU
LIS QLOWKHQQHZS
VRVPHUQtNPLV~SRYROHQpOHQUHODQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SX
UHVSVQLO
LIS SRUS QLOWKHQ^MHRN`
LIS!SWKHQ^FK\EQQHSUtSXVWQWHVW`
WDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPXERYRQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHIHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPSUHPHQQ~DQLNLQWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRQHMDVWLSDPlWLKHDSYHNRVVL]HRIW\S
YlLQRXMHWRWURFKXYLDFQDMEOLtQiVRERN
S DGUHVDY\KUDGHQiYRYRQHMSDPlWL
GLVSRVHSAW\S
SULHEHQ~YHNRVYRQHMDVWLSDPlWHYUDFLDIXQNFLD
0HP$YDLOORQJLQW
QD]LVWHQLHPD[LPiOQHKXV~YLVOpKR~VHNXYRQHMDVWLSDPlWHSRXLMHPHIXQNFLX
0D[$YDLOORQJLQW
DOLH]iVDG\VOXQpKRSURJUDPRYDQLH
VQDtPHVDDE\YHWN\VPHUQtNRYpSUHPHQQpPDOLEX1,/DOHERVNXWRQHXND]RYDOLQD
Y\WYRUHQpSUHPHQQpWMQHEROLQHGHILQRYDQp
DNS 1,/ !RGND]SAE\PDOKOiVLFK\EXERKXLDQHKOiVLDQLSUHQHGHILQRYDQVPHUQtND
SUHWRVDYSURJUDPHDVWRY\VN\WXMHRWi]ND
LIS 1,/SUtSDGQHLIS!1,/
QLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGHQtHMH
GHILQRYDQiDU{]QDRG1,/UDGHMEXPHSHVLPLVWLDYHWNRNRQWUROXMPH
-HGQRUR]PHUQpSROHVPHUQtNRY
9HNpSROHY3DVFDOHP{HPHGHNODURYDQDSU
W\SHVWULQJ VWULQJ>@
3VWULQJ AVWULQJ
SROH DUUD\>@RI3VWULQJ^EH]AE\EROREDMWRY`
YDUGDWDSROH^E\WRY`
LLQWHJHU
EHJLQ
ZULWHOQ
3RFLDWRFQDYHONRVWYROQHMSDPDWLMH
0HP$YDLO
IRUL WRGRQHZGDWD>L@
GDWD>@A
359$
GDWD>@A
326/('1$
ZULWHOQ
+RGQRWDSUYHMSROR]N\MH
GDWD>@A
ZULWHOQ
+RGQRWDSRVOHGQHMSROR]N\MH
GDWD>@A
ZULWHOQ
ZULWHOQ
3UHGXYROQHQLP
ZULWHOQ
YHONRVWYROQHMSDPDWLMH
0HP$YDLO
E\WH
ZULWHOQ
QDMYDFVLYROQ\EORNSDPDWLMH
0D[$YDLO
E\WH
ZULWHOQ
IRUL WRGRGLVSRVHGDWD>L@
^XYRQLOLVPHSUYFKSRORLHN`
ZULWHOQ
3RXYROQHQL
ZULWHOQ
YHONRVWYROQHMSDPDWLMH
0HP$YDLO
E\WH
ZULWHOQ
QDMYDFVLYROQ\EORNSDPDWLMH
0D[$YDLO
E\WH
HQG
3UtNODG\MHGQRDGYRMUR]PHUQFKSROtVPHUQtNRY
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROH^RE\DMQpUR]PHUQpSROH`
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDUDSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
W\SHVSROH DUUD\>@RIALQWHJHU^SROHVPHUQtNRYQDLQWHJHU`
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDUFVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@^VL]HRIF
`
IRUL WRGR^VL]HRIF>L@ `
IRUM WRGR^VL]HRIF>L@A
`
EHJLQ
QHZF>L@A>M@F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@^VL]HRIG VL]HRIGA
`
IRUL WRGR^VL]HRIGA>L@ `
IRUM WRGR^VL]HRIGA>L@A
`
EHJLQ
QHZGA>L@A>M@GA>L@A>M@A LM
HQG
HQG
=i]QDP\SROLDDVPHUQtN\
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDUD3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGR
EHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
3RVWXSQpSUHtWDQLHSUHPHQQHMFA>L@A\A>M@
6PHUQtNQDVPHUQtN
W\SH3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDUL3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
IRUL WRGR
LIW>L@!QLOWKHQGLVSRVHW>L@
^GLVSRVHYVNXWRQRVWLQHWUHEDOHERSURJUDPNRQtSDPlKHDSVDDMWDNVWUDWt`
HQG
3R]QiPND
ILOOFKDUMHXLWRQDOHQHEH]SHQSRGREQHDNRPRYH
'\QDPLFNpREMHNW\ QRY
3ULSRPHPHVLVWDUtSUtNODGVWULHGRXERGDMHMSRWRPNDPLNUXKDVWYRUHF
W\SHERG REMHFW
[\LQWHJHU
IE\WH
YLGERROHDQ
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUHIDUEDIIE\WH
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUHERGLQLW[[\\LQWHJHU
EHJLQ
[ [[\ \\I YLG IDOVH
HQG
SURFHGXUHERGXND]
EHJLQ
SXWSL[HO[\IYLG WUXH
HQG
SURFHGXUHERGVNU\
EHJLQ
SXWSL[HO[\YLG IDOVH
HQG
SURFHGXUHERGIDUEDIIE\WH
EHJLQ
I IILIYLGWKHQXND]
HQG
SURFHGXUHERGSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
SURFHGXUHNUXKLQLW[[\\UULQWHJHU
EHJLQ
LQKHULWHGLQLW[[\\U UU
HQG
SURFHGXUHNUXKXND]
EHJLQ
VHWFRORUIFLUFOH[\UYLG WUXH
HQG
SURFHGXUHNUXKVNU\
EHJLQ
VHWFRORUFLUFOH[\UYLG IDOVH
HQG
SURFHGXUHNUXKIDUEDIIE\WH
EHJLQ
I IILIYLGWKHQXND]
HQG
SURFHGXUHNUXKSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
3UtNODGG\QDPLFNFKREMHNWRY
W\SH3NUXK ANUXK^WDNiWRGHNODUiFLDP{HE\VN{UDNRMHGHILQRYDQNUXK`
YDUNDUUD\>@RI3NUXK
EHJLQ
IRUL WRGR
EHJLQ
QHZN>L@
N>L@ALQLWUDQGRPUDQGRPUDQGRP
N>L@AXND]N>L@AIDUEDL
HQG
IRUM WRGR
ZLWKN>M@AGR
EHJLQ
IDUED
IRUL WRGRSRVXQ
IDUEDM
HQG
6WDWLFNpPHWyG\
3UREOpP
PHWyGDSRVXQMHYRYHWNFKWULHGDFKURYQDNiVN~VPHMXQHFKDLEDSUHWULHGXERGDYDGHLQGH
Y\KRGLSUtNODGYNWRURPWRQHIXQJXMH
DNWHUD]]DYROiPHNUXKSRVXQ]DYROiVDERGVNU\DQLHNUXKVNU\
ERGSRVXQ!ERGVNU\
A
_
NUXKSRVXQNUXKVNU\
9LUWXiOQHPHWyG\
SRWUHERYDOLE\VPHDE\ERGSRVXQSRFKRSLOHERO]DYRODQ]SRWRPNDDWHGDQHEXGHYROD
VYRMERGVNU\DOHSRWRPNRYXPHWyGXVNU\
ERGSRVXQERGVNU\^YLUWXDO`
A?
_?
NUXKSRVXQ!NUXKVNU\^YLUWXDO`
]UHMPHVDWRQHGiXURELSRDVNRPSLOiFLHOHERERGSRVXQQHP{HWXLHQLHNHG\Y
EXG~FQRVWLVLQLHNWRQLHNGHLQGHQDSURJUDPXMHYHDSRWRPNRYNWRUpEXG~YRODERGSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHODYU{]Q\FKVWXSRFKREMHNWRYHMKLHUDUFKLH!
9DVQiDQHVNRUiYl]ED
NRPSLOiWRURNDPLWpUR]KRGQXWLHSULVWDWLFNFKPHWyGDFK
RGORHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
SUHPHQQHMW\SXREMHNW
SULVWDWLFNFKPHWyGDFKNRPSLOiWRUKDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRP
RGGDQQHM~URYQHNGHMHGHILQRYDQiPHWyGD
SULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRDVEHKXVDKDGi]RGSRYHGDM~FHPHQRY
KLHUDUFKLLVPHURPNSUHGNRPDOHRG~URYQHLQWDQFLH
YDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNFK
QHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
YGHNODUiFLLREMHNWXYLUWXDO
DNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQD
PXVLDPDWLHYLUWXDODVURYQDNRXKODYLNRXQHVPLHVDSUHGHILQRYD
NDGREMHNWNWRUPiYLUWXiOQXPHWyGXPXVtPDNRQWUXNWRU
SRWUHEQpQD]DKiMHQLHDNFLH
PXVtE\YRODQVN{UDNRXERYRQiYLUWXiOQDPHWyGDP{HG{MVN]DEORNRYDQLX
V\VWpPX
NDGREMHNWREVDKXMH9079LUWXDO0HWKRG7DEOH
NRQWUXNWRULQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXNXEH]WHMWRLQLFLDOL]iFLHVDQHGiLDGQD
YLUWXiOQDPHWyGD]DYROD
NDGiLQWDQFLDREVDKXMHOHQVPHUQtNQDW~WRMHGLQ~SUHGDQ~WULHGXWDEXNX
.RQWUXNWRU\DGHWUXNWRU\
P{HE\LFKDMYLDF
FRQVWUXFWRULQLW^XERYRQpPHQRP{HPDDMSDUDPHWUH`
GHVWUXFWRUGRQHYLUWXDO^XERYRQpPHQR`
PRQRSRXLYQHZDGLVSRVHSUHVPHUQtN\QDREMHNW\
GLVSRVH3LQVWDQFLDGRQH
MHVNUiWHQ]iSLVSUH
3LQVWDQFLDAGRQHGLVSRVH3LQVWDQFLD
KRYRUtPHHNRQWUXNWRUP{HE\SRXLWDMQDLQLFLDOL]RYDQLHSRORLHNMHKRKODYQiIXQNFLD
MHLQLFLDOL]RYD907
.RPSDWLELOLWDWULHGREMHNWRYFKW\SRY
PHG]LLQWDQFLDPL
PHG]LVPHUQtNPLQDLQWDQFLH
PHG]LIRUPiOQ\PLDVNXWRQPLSDUDPHWUDPL
3UtNODG\
EERGNNUXK
SE3ERGSN3NUXK
3RYROHQp
DN
SURFHGXUH]PHQYDUEEERG
EHJLQEEIDUEDEESRVXQHQG
P{HE\YRODQp
!SRWRPRNP{HNGHNRYHNQDKUDGLSUHGNDSUHGRNP{H]DVWXSRYDSRWRPND
3RO\PRUIQREMHNW
NHGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNREMHNWP{HWRE\YODVWQHXERYRQSRWRPRN
WRKRWRREMHNWXYRYHREHFQRVWLVDQHGi]LVWLNWRU
XPRXMHVSUDFRYDREMHNW\NWRUFKW\SQLHMH]QiP\
XPRXMHY\XLPHWyG\SUHGNRYVRSHFLILFNPL]PHQDPL~SUDYDPL
SUHEXG~FHKRSRXtYDWHDXPRQtPHUR]LURYDQLHPHWyG
P{HPHY\URELDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]LURYDQLH
XPRXMHPHQLQLHNWRUpDVWLEH]]GURMRYFKWH[WRY
YDNDYLUWXiOQ\PPHWyGDPPRQRPHQLLQQRVQLHNWRUFKSURFHG~U
3UtNODGSROHREMHNWRYQDSUJHRP~WYDURY
W\SH3ERG AERG
ERG REMHFWSURFHGXUHXND]YLUWXDOHQG
3NUXK ANUXK
NUXK REMHFWERGHQG
3VWYRUHF AVWYRUHF
VWYRUHF REMHFWERGHQG
FRQVWQ
W\SHSROH3ERG DUUD\>Q@RI3ERG
YDUSASROH3ERG
QHZS
IRUL WRQGR
FDVHUDQGRPRI
QHZSA>L@LQLWUDQGRPUDQGRP^3%RG`
SA>L@ QHZ3NUXKLQLWUDQGRPUDQGRPUDQGRP
SA>L@ QHZ3VWYRUHFLQLWUDQGRPUDQGRPUDQGRP
HQG
IRUL WRQGRSA>L@AXND]
IRUM WRQGR
ZLWKSA>M@AGR
EHJLQ
IDUED
IRUL WRGRSRVXQ
IDUED
HQG
IRUL WRGR
IRUM WRQGR
SA>M@ASRVXQ
3R]QiPN\
RSUYNRFKSRDSQHYLHPHDNpKRV~QDR]DMW\SXWXWRDQLQHYLHPH]LVWL
YLHPHHEXV~WRLQWDQFLHWULHG\ERGDOHERMHKRSRWRPNRYLD
NDGSUYRNViPVHEDYLHVSUiYQHXNi]DVNU\D]DIDUEL
'\QDPLFNpNRU\WQDN\ GHF
'RUREtPHNRU\WQDtXQLW.RU8QLW
Y\WYRUtPHNRQWUXNWRUDMGHWUXNWRU
YHWN\PHWyG\RNUHPLQLWP{XE\YLUWXiOQH
W\SH3.RU A.RU
.RU REMHFW
FRQVWUXFWRU,QLW[\XUHDO
GHVWUXFWRU'RQHYLUWXDO
SURFHGXUH'RSUHGXGUHDOYLUWXDO
SURFHGXUH9SUDYRXUHDOYLUWXDO
SURFHGXUH9ODYRXUHDOYLUWXDO
SURFHGXUH=PHQ6PHUXUHDOYLUWXDO
HQG
6DPRWQpPHWyG\RVWiYDM~EH]]PHQ\OHQSULEXGROGHWUXNWRU'RQHWHQWRVNU\MHNRU\WQDNXSUtSDGQH]D
VHERXXSUDFHXYLGtPHQHVN{U7LHVLWUHEDXYHGRPLHNRQWUXNWRU,QLWLQLFLDOL]XMHQHMDNpVWDYRYp
SUHPHQQpDOHMHKRKODYQRXIXQNFLRXRGWHUD]MHLQLFLDOL]RYDWDMQVPHUQtN907EH]NWRUpKRE\XQL
QHIXQJRYDOR7LHVLYLPQLPH]DGHILQRYDQDMVPHUQtN3.RUNWRUQDPQHVN{UXPRQtY\WYiUD
SRO\PRUIQpG\QDPLFNpREMHNW\
'RSUHGXYROi=PHQ;<
9ODYR9SUDYRYRODM~=PHQ6PHU
$NRE\VPHWRPRKOLY\XL"$NE\VPHY\URELOLSRWRPNDNWRUPi]GHIRUPRYDQ~PHWyGX=PHQ;<
WDNHQDR]DMVDQDVWDYtOHQ[RYiV~UDGQLFDD\RYiVDQHPHQtWDNWDNiWRNRU\WQDNDVDYLHSRK\ERYD
OHQQDSULDPNHURYQREHQRXV[UREtVDSURMHNFLD$NE\VPHWHUD]GYHDOHERNRU\WQDN\QHFKDOL
URELWRLVWpDOHMHGQD]QLFKPiRSUDYHQp=PHQ;<WDNWiWRE\SURMHNWRYDODW~QRUPiOQXQDSUQD[RY~
RV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
XVHV.RU8QLW
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LQKHULWHG=PHQ;<[VXU\
HQG
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LQKHULWHG=PHQ;<[\VXU
HQG
YDUN.RU
N.RU
N.RU
XLQWHJHU
EHJLQ
NLQLW^NXND]^`NSK^`
NLQLWNXND]
NLQLWNXND]
UHSHDW
NGRSUHGXNGRSUHGXNGRSUHGX
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
3RGREQHE\VPHVDPRKOLSRKUDVWPHE\VDPHQLODPLHUNDDOHERURELORSRVXQXWLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LQKHULWHG=PHQ;<[
\
HQG
8NiHPHVLYltSURMHNWNWRUEROQDSUYRPWHUPtQHQDVN~NHYMHGHQ]GYRFKSUtNODGRY
1DStWHSURJUDPNWRUEXGHULHLQDVOHGRYQ~~ORKXWH[WRYV~ERUVXERUW[WREVDKXMHSRVWXSQRV
SUtND]RYSUHNRU\WQDNXNWRUiSRSLVXMHQHMDNREUi]RN1DMSUY]DGHILQXMHWHWULHGX.RUSRWRPND
WULHG\.RUNWRUiEXGHREVDKRYDMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUIWH[W
7iWRPHWyGDVDQDVWDYtQD]DLDWRNV~ERUXINRU\WQDNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\Y
V~ERUH1DNRNRWDNWRNUHVOHQREUi]RNP{HE\EXSUtOLYHNDOHERPDODOHERP{H
SUHVDKRYDRNUDMHJUDILFNHMREUD]RYN\EXGHKRWUHED]PHQLDOHER]YlLUHVSSULLQLFLDOL]RYDQt
NRU\WQDN\QH]DDNUHVOLYERGHDOH]YROLVLGRPRYVN~SR]tFLXYKRGQHMLHDWRWDNDE\QD
tUNXDOHERYNXEROPD[LPiOQHPRQHYHN
1DULHHQLHWHMWR~ORK\]DGHILQXMHWHHWHGYHSRGWULHG\WULHG\.RUWULHGD.RUEXGHVO~LQD
]LVWHQLHUR]PHURYREUi]NXSRPRFRX]GHGHQHMPHWyG\NUHVOLSULRPQDREUD]RYNHVDEXGHSRK\ERYD
VR]GYLKQXWPSHURP7ULHGD.RUWLHSRGWULHGDWULHG\.RUEXGHYHGLHQDNUHVOLGDQREUi]RN
]GHGQRXPHWyGRXNUHVOLSULRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNHREUi]RNEXGH
SRDGRYDQHMYHNRVWL
7H[WRYV~ERUVXERUW[WVDVNODGi]WDNFKWRYLHWSUYptVORNDGHMYHW\MHW\SXRUGLQiOQDKRGQRWD
]
W\SHSULN SGRSYOSYSSISSSKSSG
9iSURJUDPWHGDQDMSUYSRStHWULWULHG\.RU.RUD.RU3RWRPSRPRFRXLQWDQFLHWULHG\.RU
VGRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NXSRXLMHPHQDWRVWDYRYpSUHPHQQpPLQ;
PLQ<PD[;DPD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHF
SRPRFRXLQWDQFLHWULHG\.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
REUi]RNVSUiYQHMYHNRVWL2EHNRU\WQDN\PDM~URYQDNGRPRYVNVPHU]DGDQNRQWDQWRX
SURJUDPXQDSU
FRQVW8
0{HWHSRXLOHQXQLW.RU8QLW
5LHHQLH
XVHV.RU8QLW
W\SHSULN SGRSYOSYSSISSSKSSG
SURFHGXUHNRUNUHVOLYDUWWH[W
YDUSSULN
LLQWHJHU
EHJLQ
3+UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
UHDGWLS SULNL
LIS SISWKHQUHDGWL
FDVHSRI
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
^ `
SURFHGXUHNRU3+
EHJLQ
LQKHULWHG3+S IDOVH
HQG
SURFHGXUHNRU3'
EHJLQ
S WUXH
HQG
SURFHGXUHNRU'RSUHGXGUHDO
SURFHGXUH[\
YDU[\UHDO
EHJLQ
LIQRWSWKHQH[LW
[ ;6XU\ <6XU
LIERU[PLQ[WKHQPLQ[ [
LIERU[!PD[[WKHQPD[[ [
LIERU\PLQ\WKHQPLQ\ \
LIERU\!PD[\WKHQPD[\ \
E IDOVH
HQG
EHJLQ
[\LQKHULWHG'RSUHGXG[\
HQG
^ `
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
SURFHGXUHNRU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
^ `
FRQVWX
YDUNNRU
NNRU
WWH[W
UUUHDO
EHJLQ
DVVLJQW
VXERUW[W
ZLWKNGR
EHJLQ
LQLWXE WUXH
NUHVOLW
U PD[[PLQ[
U PD[\PLQ\
HQG
ZLWKNGR
EHJLQ
LIUUWKHQU UHOVHU U
LQLWU
NPLQ[U
NPLQ\X
NUHVOLW
HQG
&DNDM.ODYHV
HQG
3R]QiPN\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
WULHGD.RU]DGHILQRYDODPHWyGXNUHVOLNWRUiSRXtYDYHDU{]Q\FKYLUWXiOQ\FKPHWyG
WULHG\.RUD.RUGHGLDW~WRPHWyGXNUHVOLDOHNDGiYQHMGRGDWRQHQLHRSUHGHILQXMH
.RU]DEORNXMH3+D3'DY\OHSt'RSUHGXWDNDE\VD]DSDPlWiYDOLPD[UHVSPLQV~UDGQLFH
.RUSRRSUDYt'RSUHGXDE\VDNUHVOLORQHMDNPNRHILFLHQWRPUVWDYRYiSUHPHQQi
$E\VPHPRKOLSRFKRSLDOLHSHFLDOLW\SRXLWpY.RU8QLWHXNiHPHVLQLHNWRUpQRYpSUYN\
3DVFDOX
1HW\SRYVPHUQtN32,17(5
SRXLWLH
Y\KUDGHQLHG\QDPLFNHMSUHPHQQHMLVWHMYHNRVWLQHSHFLILNRYDQpKRW\SXSUDFXMHPHSRPRFRX
PRYH
QHMDN~G\QDPLFN~SUHPHQQ~QDSUSROH]i]QDPP{HPHY\KUDGLPHQLXDNRMH
]DGHNODURYDQiOHERSRDVYSRWXVPH]LVWLOLHVWDtPHQHM
1DSU
YDUVVWULQJ
SAVWULQJ
EHJLQ
UHDGOQV
JHWPHPSOHQJWKV
SA V
ZULWHOQSA
SA>OHQJWKV@
IUHHPHPSOHQJWKSA
HQG
DOHERSLQDYLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
YDUVVWULQJ
SSRLQWHU
EHJLQ
UHDGOQV
JHWPHPSOHQJWKV
PRYHVSAOHQJWKV
ZULWHOQVWULQJSA
E\WHSA^SUHW\SRYDQLH`
IUHHPHPSE\WHSA
HQG
'LUHNWtYD$%62/87(
DOHERQDSUYDUVVWULQJGOE\WHDEVROXWHV
1HW\SRYIRUPiOQ\SDUDPHWHU
YSURFHG~UHP{HPHSRXL
SUHW\SRYDQtP
DOHERSRPRFRXDEVROXWH
DOHERSRVODDNRQHW\SRYNDPVLDOHMQDSUSRPRFRXPRYHDOHER]DStVDQtPQDtWDQtP
GR]QHW\SRYpKRV~ERUXEXGHQHVN{U
QDSUYPHQDKRGQ{WGYRFKSUHPHQQFK
SURFHGXUHY\PHQYDUDEOZRUG^DEP{XE\XERYRQFKW\SRY`
YDUWSRLQWHU
EHJLQ
JHWPHPWO
PRYHDWAOPRYHEDOPRYHWAEO
IUHHPHPWO
HQG
DOHEREDMWRYYSLVXERYRQHMSUHPHQQHM
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
SURFHGXUHY\SLVVVWULQJYDUDOZRUG
YDUSDUUD\>@RIE\WHDEVROXWHD
LLQWHJHU
EHJLQ
ZULWHV
^LIO!WKHQO `
IRUL WROGRZULWHS>L@
ZULWHOQ
HQG
9\NUHVRYDQLHWYDUXNRU\WQDN\Y.RU8QLWH
.RU REMHFW
SURFHGXUH=PHQ7YDUYDUREU\VYLUWXDO
SURFHGXUH=PHQ)DUEX7YDUXILQWHJHUYLUWXDO
SULYDWH
IREU\VQREU\VLQWHJHU
SREU\VSRLQWHU
SURFHGXUH8ND]
HQG
2EU\VNRU\WQDN\VD]DSDPlWiYDDNRSRVWXSQRVPLQLSUtND]RYYSUDYRDGRSUHGX.HHWiWR
SRVWXSQRVP{HE\U{]QHMGN\]DSDPlWiPHVLMXYG\QDPLFNRPUHiOQRPSROLSiUQHMGON\DY
VWDYRYHMSUHPHQQHMSREU\VEXGHVPHUQtNQDWRWRSROH6WDYRYpSUHPHQQpIREU\VDQREU\VREVDKXM~
IDUEXDGNXSRVWXSQRVWL
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
SURFHGXUH.RU=PHQ)DUEX7YDUXILQWHJHU
EHJLQ
8ND]
IREU\V IPRG
8ND]
HQG
SURFHGXUH.RU8ND]
YDULLQWHJHU
[\VUHDO
SAUHDO
EHJLQ
LIQRW8ND]DQDWKHQH[LW
LISREU\V QLOWKHQH[LW
0RYH7RWUXQF;6XU;<WUXQF<6XU
6HW:ULWH0RGH;253XW
6HW&RORUIREU\V6HW/LQH6W\OH6ROLG/Q1RUP:LGWK
[ ;6XU\ <6XUV 6PHUS SREU\V
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLLPSZUOBLZ
IRUL WRQREU\VGR
EHJLQ
LIRGGLWKHQV VSA
HOVHLISA!WKHQ
EHJLQ
[ [VLQV
UDG
SA\ \FRVV
UDG
SA
/LQH7RWUXQF[;<WUXQF\
HQG
LQFS^ILQWDNWRUiSRVXQLHS]DG\QSUHPHQQ~`
HQG
6HW:ULWH0RGH1RUPDO3XW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
7ULHGD9HOD.RUG\QDPLFNFKNRU\WQDLHN GHF
VPHUQtNP{HRGND]RYDDMQDLQWDQFLHSRWRPNRYWULHG\.RUDWHGDNDGiNRU\WQDNDP{HPD
VYRMHSHFLILFNpVSUiYDQLH
SROHVPHUQtNRYQHPiDWDNpREPHG]HQLHQDYHNRVDNRSROHNRU\WQDLHNOHERYHNRV
LQWDQFLHWULHG\.RUMHEDMWRYWDNHSROHQHP{HE\DQLDSROHVPHUQtNRYP{HE\
YlLHDNR
DKLHVDQiPHYLGXMHHQHMDNSUYRNSRDNMHYRQ]UXHQiNRU\WQDNDOHERP{HPH
SRXLKRGQRWXVPHUQtNDQLOXQHSRWUHEXMHORJLFNpSROHH[VWDtNRQWURORYDSROHN
RHWH]PHQtPHQDWULHGH9HOD.RUXQLW9HOD8QLW
NHHWULHGD9HOD.RUQHPXVtREVDKRYDYLUWXiOQHPHWyG\QHGHILQXMHPHDQLLQLWDNRNRQWUXNWRU
DE\VD]MHGQRGXLORSULGiYDQLHSRO\PRUIQFKREMHNWRYGRSRDNSULGiPHPHWyGX3ULGDM.RU
W\SH9HOD.RU REMHFW
NDUUD\>0D[.RU@RI3.RU
SN0D[.RU
SURFHGXUH,QLW
SURFHGXUH8URE.RU[\XUHDO
SURFHGXUH3ULGDM.RUS3.RU
SURFHGXUH=UXV.RULLQWHJHU
SURFHGXUH'RSUHGXGUHDO
HQG
SURFHGXUH9HOD.RU,QLW
YDULLQWHJHU
EHJLQ
IRUL WR0D[.RUGRN>L@ QLO
SN
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
3ULGDM.RUQHZ3.RU,QLW[\X
HQG
SURFHGXUH9HOD.RU3ULGDM.RUS3.RU
EHJLQ
LISN! 0D[.RUWKHQKDOW
LQFSNN>SN@ S
HQG
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL!SNRUN>L@ QLOWKHQH[LW
GLVSRVHN>L@'RQH
N>L@ QLO
ZKLOHSN!DQGN>SN@ QLOGRGHFSN
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIN>L@!QLOWKHQN>L@A'RSUHGXG
HQG
0{HPHWRRWHVWRYDQDSUtNODGH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
XVHV9HOD8QLW.RU8QLW
W\SH3PRMD.RU APRMD.RU
PRMD.RU REMHFW.RU
SURFHGXUH'RSUHGXGUHDOYLUWXDO
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
YDUD9HOD.RU
LLQWHJHU
EHJLQ
ZLWKDGR
EHJLQ
LQLW
IRUL WRGR
LILPRG WKHQ
EHJLQ
3ULGDM.RUQHZ3PRMD.RULQLWL
N>SN@A=PHQ)3
HQG
HOVH
8URE.RUL
^PRKORE\E\DM3ULGDM.RUQHZ3.RULQLWL
`
IRUL WRGR
EHJLQ'RSUHGX9ODYRHQG
HQG
&DNDM.ODYHV
HQG
1DVOHGRYQSUtNODGLOXVWUXMHLQpY\XLWLHG\QDPLFNHMNRU\WQDN\SUHGHILQXMHPH]iNODGQ~JUDILFN~
PHWyGX'RSUHGXDWRWDNHVDGNDNURNXSUHQiVREtQHMDNPNRHILFLHQWRPWHQWRNRHILFLHQWVLEXGH
REMHNWSDPlWDYVWDYRYHMSUHPHQQHMN
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
W\SH3PRMD.RU APRMD.RU
PRMD.RU REMHFW.RU
NUHDO
FRQVWUXFWRU,QLW[\XUHDO
SURFHGXUH.RHINNUHDO
SURFHGXUH'RSUHGXGUHDOYLUWXDO
HQG
FRQVWUXFWRUPRMD.RU,QLW[\XUHDO
EHJLQ
LQKHULWHGLQLW[\XN
HQG
SURFHGXUHPRMD.RU.RHINNUHDO
EHJLQ
N NN
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
N
HQG
3RXLWLHWDNHMWRNRU\WQDN\EXGHQDVOHGRYQpY\WYRUtPHQNRU\WQDLHNNDGHMQDVWDYtPHLQNRHILFLHQW
EXG~SUDYLGHOQHUR]RVWDYHQpQD[RYHMRVL$NEXGHNRHILFLHQWQDSUIXQNFRLXVLQWDNNHWHUD]YHWN\
XURELDQDSUNURNWDNVD]LDUQDNUHVOtVLQXVRYND
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
YDUY9HOD.RU
LLQWHJHU
EHJLQ
ZLWKYGR
EHJLQ
LQLW
IRUL WRQGR
EHJLQ
3ULGDM.RUQHZ3PRMD.RULQLWQQ
L
3PRMD.RUN>SN@ANRHIVLQQQ
UDG
L
HQG
'RSUHGX
&DNDM.ODYHV
HQG
HQG
$OHERNPLWDQLHNRU\WQDLHNGRWYDUXVLQXVRYN\QHEXG~NUHVOLLDU\DOHEXG~]REUD]HQp
YDUY9HOD.RU
LLQWHJHU
EHJLQ
ZLWKYGR
EHJLQ
LQLW
IRUL WRQGR
EHJLQ
3ULGDM.RUQHZ3PRMD.RULQLWQQ
L
3PRMD.RUN>SN@ANRHIVLQQQ
UDG
L^SUHW\SRYDQLH`
^DNE\VPHWHQWRULDGRNY\KRGLOLYHWN\E\VDVSUiYDOLURYQDNR`
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
3+8ND]
UHSHDW
IRUL WRQUGR'RSUHGXU
IRUL WR
QUGR'RSUHGXU
IRUL WRQUGR'RSUHGXU
XQWLOIDOVH
HQG
HQG
1'
1DVOHGRYQSUtNODGLOXVWUXMHSRXLWLHP\L
XVHV.RU8QLW9HOD8QLW0\V8QLW
FRQVWQ
YDUY9HOD.RU
LMLQWHJHU
EHJLQ
UDQGRPL]H,QLF0\V
ZLWKYGR
EHJLQ
LQLW
IRUL WRQGR
8URE.RUUDQGRPUDQGRPUDQGRP
8ND]
8ND]0\V
UHSHDW
^WLHWRGYDF\NO\ZKLOHUHDOL]XM~DNDQLHQDNOLNQXWLH`
^NHE\EROLEH]YRODQLDWHVWSURJUDPE\VDQHGDOSUHUXL(6&!`
ZKLOH6WDY0\VL GRWHVW^WHVWMHYXQLWH.RU8QLW`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
ZKLOH6WDY0\VL!GRWHVW
L %OL]NR0\V;;<0\V<
LIL!WKHQ
EHJLQ
6NU\0\V
ZLWKN>L@AGR
IRUM WRGR
EHJLQ'RSUHGX9ODYRHQG
8ND]0\V
HQG
XQWLOIDOVH
HQG
HQG
1'
=DGDQLH]PLQXORURQHMVN~N\
1DStWHSURJUDPNWRUXPRQtVDGLVWURP\SRPRFRXP\LDNRU\WQDLHN
QDMSUY]DGHILQXMWHRGYRGHQ~WULHGXRG.RUNWRUiEXGHYHGLHQDNUHVOLELQiUQ\VWURPEXGH
VDNUHVOLDYQiUDGRUHNXU]LHNPMHGNDVWUiQYlLDDNRGNDKUDQ\VWURPXVDY
UHNXU]LLVWiOH]PHQXMHQDSRORYLFX
UDVWVWURPXVDEXGHURELWDNHVDQDMSUYS{YRGQSUHNUHVOtLHUQRXIDUERXDQDWRPLVWRP
PLHVWHVDQDNUHVOt]YlHQQRYPHWyGDNUHVOL
DNWXiOQDYHNRVVWURPXMHYVWDYRYHMSUHPHQQHM'QDSRLDWNXMHDVWiOHVD]YlXMH
NUiW
NOLNQXWtPP\LVDQDSUtVOXQRPPLHVWHQDURGtQRYiVWURPRYiNRU\WQDNDNWRUiEXGH
SRVWXSQHY\NUHVRYDVWiOHYltDYltVWURPMHMSRLDWRQpQDWRHQLHQHFKMHQiKRGQptVOR
RGGR
SULDKDQtP\LVR]DWODHQPWODLGORPVDSRVWXSQHEXG~JHQHURYDQRYpDQRYpNRU\WQDN\
NWRUpKQH]DQ~UiVSULRPNDGiDOLDVDQDURGtOHQDNVDP\SRVXQXODDVSR
Y]GLDOHQRVRGSUHGFKiG]DM~FHM
NRU\WQDNDNWRUiXY\NUHVOLODVWURPYHNRVWLGGNRQWDQWDSURJUDPXQDSUVD]UXt]R
]R]QDPX9HOD.RU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
XVHV0\V8QLW.RU8QLW9HOD8QLW
FRQVWGG
W\SHS0RMD.RU A0RMD.RU
0RMD.RU REMHFW.RU
GUHDO
SURFHGXUH6WURPDGUHDO
SURFHGXUH9\NRQDM
HQG
SURFHGXUH0RMD.RU6WURPDGUHDO
EHJLQ
LIDGWKHQH[LW
'RSUHGXDG
9ODYR
6WURPDG
9SUDYR
6WURPDG
9ODYR
'RSUHGXDG
HQG
SURFHGXUH0RMD.RU9\NRQDM
EHJLQ
LIG!GGWKHQH[LW^"WXE\VD]LOR]UXLVDPXVHED`
=PHQ)3
6WURPG
G G
=PHQ)3
6WURPG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLDILPSZUOBJFL
YDUR0[R0\LQWHJHU
YYHODNRU
LR6D6LQWHJHU
EHJLQ
,QLF0\V8ND]0\V
Y,QLW
DV
ZLWKYGR
UHSHDW
WHVW^DE\IXQJRYDO(VF!`
RV DV
DV 6WDY0\VL
LIDV DQGRV RUY]G0\V;0\V<R0[R0\!WKHQ
EHJLQ
R0[ 0\V;R0\ 0\V<
3ULGDM.RUQHZS0RMD.RU,QLW0\V;[\0\V<UDQGRP
S0RMD.RUN>SN@AG
HQG
^IRUL WRSNGRS0RMD.RUN>L@A9\NRQDM`
IRUL WRSNGR
LIN>L@!QLOWKHQ
ZLWKS0RMD.RUN>L@AGR
LIG!GGWKHQ=UXV.RUL
HOVHEHJLQ6NU\0\V9\NRQDM8ND]0\VHQG
LINODYHV WKHQ
EHJLQ6NU\0\V=PD]NODYHV 8ND]0\VHQG
XQWLOIDOVH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PVJUJFPCKFLUPWWMPIDITWJEFPQBNPV
3RXLWLHREMHNWRYY~ORKiFKVYLGHR
SDPlRX GHF
3UHULHLPHGYDSUtNODG\]RVN~N\]PLQXOpKRNURNX
)DUDyQ]DGDO$EGXORYLY\LVWLYHWN\NYiGUHMHKRQRYHMS\UDPtG\=DDPiQDXERYRQRP
NYiGULYVSRGQRPUDGHSRVWXSQHPiY\LVWLYHWN\NYiGUHWDNDE\VNRQLOQDQDMY\RPNYiGUL
3\UDPtGDPiYVSRGQRPUDGH1NYiGURYYUDGHQDGQLPLMH1NYiGURYDWDYQDMY\RP1
WRPUDGHMHXOHQMHGHQ$E\WRSUH$EGXODQHERODWDNiMHGQRWYiUQDURERWDIDUDyQPXY\P\VOHOHWH
GYHSUDYLGOi
SULSUHFKiG]DQt]MHGQpKRNYiGUXQDVXVHGQQLNG\QHVPLHtVQDNYiGHUYWRPLVWRPUDGH
DOHQDVXVHGQYRY\RPDOHERQLRPDNH[LVWXMHDSULWRPXQHVPLH]S\UDPtG\RGtV
DNQDQHMDNNYiGHUVW~SLGUXKNUiWWDNVDWHQWRRGMHKRQ{K]DSLQtDWUHEDVHPSUtMV
1DStWHSURJUDPSRPRFRXNWRUpKRVDSRN~VLWHSUHMVYHWN\SROtNDS\UDPtG\NDGpQHSiUQ\SRHW
NUiW3\UDPtGX]REUD]WHQHMDNP]QDNRPQDSU
QDSUSUHYNX
;
+UiD]REUD]WHQDSU]QDNRP
;
9\LVWHQpQDYWtYHQpQHSiUQ\SRHWNUiWSROtNR]D]QDWH
QHMDNRXIDUERXOHQYQ~WRUQp]QDN\+UiVDEXGHRYOiGDNOLNDQtPDYPWODLGORPP\LGR
YQ~WUDSROtNDSULQHVSUiYQRPNOLNQXWtSRtWDStSQH3ULWDUWHSURJUDPXKUiHWHQLHMH
]REUD]HQDOHDNiVDQDSUYpNOLNQXWLHGRVSRGQpKRUDGX3R~VSHQRPY\ULHHQt~ORK\SRtWD
Y\StH
+85$
9NDS\UDPtG\MH]DGDQiNRQWDQWRXSURJUDPX1QDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PVJUJFPCKFLUPWWMPIDITWJEFPQBNPV
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(6&!
%RORE\YKRGQpNHE\VWHSRXLOLWDNpWRGHILQtFLHWULHG
KUDF REMHFW
[\LQWHJHU
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHNUHVOLYDUYYLGHR
IXQFWLRQPR]H[[\\LQWHJHUERROHDQ^LP{HXURELDK`
HQG
VWY REMHFW^MHGHQNYiGHUS\UDPtG\`
[\LQWHJHU
IERROHDQ
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHNUHVOLYDUYYLGHR
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ^LVDQDNOLNOR`
SURFHGXUHSUHIDUEL
HQG
1HSRXtYDMWH*RWR;<0{HWHSRXLOHQXQLW\&UWD0\V8QLWPD[ERGRY
'UXKi~ORKDYNWRUHMVDREMHNW\DKDM~P\RX
1DSURJUDPXMWHKUX3HQWRPtQRYNWRUHM~ORKRXKUiDMHSRNU\Y\PHG]HQ~SORFKX
SUHGGHILQRYDQPL~WYDUPL7H[WRYV~ERUSHQWRPLQW[WREVDKXMHSRSLVU{]Q\FK~WYDURYNWRUPL
SRNUYDPHSORFKXLSRSLVSORFK\VDPRWQHM.DG~WYDUMHSRStVDQYV~ERUHQDQLHNRNFK
ULDGNRFK]DVHERXLW\~WYDULW\PStVPHQRPDEHFHG\SRXtYDPHYHNpStVPHQi$D/=D
SRSLVRP~WYDURYQDVOHGXMHY\KYLH]GLNRYDQ~WYDUSORFKDNWRU~PiKUiSRNU\.DG]QDN]R
V~ERUXStVPHQRKYLH]GLNDPHG]HUDSUHGVWDYXMHQDREUD]RYNHWYRUHF[]ORHQ]SUtVOXQpKR
]QDNX.DG~WYDUUHSUH]HQWXMWHREMHNWRP
9DRX~ORKRXMHQDtWDXYHGHQV~ERUY\NUHVOLKUDFLXSORFKXGRDYpKRKRUQpKRURKXREUD]RYN\
HGRXIDUERXDYHWN\~WYDU\XERYRQHUR]PLHVWQLSRREUD]RYNHDWLHLFK]REUD]LHGRXIDUERX
P{XVDDMSUHNUYD.OLNQXWtPDYPWODLGORPP\LQDQLHNWRU~WYDUVDWHQWRSUHIDUEtQDOWR
MHR]QDHQD]REUD]tVDWDNHMHQDGYHWNPLRVWDWQPL~WYDUPL$NMHQLHNWRU~WYDUR]QDHQ
WDNSRK\EP\LDMEH]VWODHQpKRWODLGOD]DEH]SHtMHKRSRV~YDQLHSRREUD]RYNH$N]QRYX
NOLNQHPHP\RXWDNVD]UXtR]QDHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PVJUJFPCKFLUPWWMPIDITWJEFPQBNPV
%RORE\YKRGQpNHE\VWHSRXLOLWDN~WRGHILQtFLXWULHG\
SHQW REMHFW^MHGHQ~WYDU`
[\LQWHJHU
SSDUUD\>@RIVWULQJ>@^SRSLV]QDNRY~WYDUX`
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHNUHVOLYDUYYLGHREERROHDQ
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ^LVDQDKRNOLNOR`
HQG
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(6&!
1HSRXtYDMWH*RWR;<0{HWHSRXLOHQXQLW\&UWD0\V8QLWPD[ERGRY
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
Rieenie dvojice loh zo skky
5LHHQLHGYRMLFH~ORK]RVN~N\ GHF
1DStWHSURJUDPNWRUXPRQt]DKUDVDKUX6NiNDM~FL-DQR-XPSLQJ-DFN
QDREUD]RYNHMHY\NUHVOHQFK1SRVFKRGt1URYQRPHUQHUR]RVWDYHQFKYRGRURYQFKLDU
UiPLNRY]QDN
KUi-DQRQDSUIDUHEQ]QDN
;
PiSUHNRQDWFKWR1SRVFKRGtSULRP]DtQDQDSUt]HPt
SRGSRVFKRGtPQLHMHY\NUHVOHQiLDUDDNOiYHVRPPHG]HUD!Y\VNRtRSRVFKRGLH
Y\LH
QDNDGRPSRVFKRGtDMSUt]HPtVDP{HSRK\ERYDNOiYHVPLtSNDYDYRDOHERYSUDYR
SULRPDNVDGRVWDQHQDRNUDMREUD]RYN\REMDYtVDQDRSDQRPNRQFLDNRNHE\EROD
REUD]RYND]DF\NOHQi
RNUHP-DQDVDYWHMWRKUHQDFKiG]DDM1'GLHUNWRUpDOHSXWXM~SRSRVFKRGLDFKSRGDLVWFK
SUDYLGLHONDGiGLHUDVDSRK\EXMHYQHMDNRPVPHUHSRQHMDNRPSRVFKRGtSULRPDNVD
VWUDWtQDRNUDMLREUD]RYN\SRVWXSQHVD]DQHREMDYRYDEXQDY\RPDOHERQLRP
SRVFKRGtDOHSXWRYDXEXGHYRSDQRPVPHUHGLHU\QHSXWXM~QDSUt]HPt
DNVDSRG-DQRPQDQHMDNRPSRVFKRGtREMDYtGLHUD-DQRSUHSDGQHQDQLLHSRVFKRGLH
-DQRYHSDGDQLHDMY\VNDNRYDQLHVDUHDOL]XMHURYQDNRXUFKORVRXDNRSRK\EGLHU
9SURJUDPH]DGHILQXMWHDSRXLWHWLHWRNRQWDQW\
FRQVW1 ^SRHWSRVFKRGt`
1' ^SRHWGLHU`
Y\VND ^YNDSRVFKRGLDWMSRVFKRGLDV~YL
Y\VNDULDGNRFKREUD]RYN\`
VLUND ^tUNDGLHU\`
FDV ^SR]GUDQLHY]iNODGQRPF\NOHSURJUDPXSUHGHOD\`
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(6&!
1HSRXtYDMWH*RWR;<0{HWHSRXLOHQXQLW&UWPD[ERGRY
9WH[WRYRPV~ERUHNUHVOLW[WMHSRStVDQQHMDNREUi]RNNWRUEXGHWUHEDQDNUHVOL
QLHNRNPLNRU\WQDNDPL.DGULDGRNSRSLVXMHQHMDN~DVREUi]NXSUHMHGQXNRU\WQDNXDPi
QDVOHGRYQ~WUXNW~UXYHWN\tVODYV~ERUHV~FHOp
]DtQDWURPLtVODPL[\DXNWRUpSUHW~WRNRU\WQDNXGHILQXM~SRLDWRQ~SRORKXDVPHU
QDWRHQLDYURYLQH
]DWPQDVOHGXMHSRVWXSQRVtVHONWRUiSRSLVXMHSRVWXSQRVYRODQtPHWyGGRSUHGXDYSUDYR
EXG~YRODQpVWULHGDYRQDMSUYGRSUHGXDSRWRPYSUDYR
WiWRSRVWXSQRVP{HE\SiUQHMDMQHSiUQHMGN\DXULWHQHEXGHGOKLDDNRtVHO
WDNWRV~SRStVDQpYHWN\ULDGN\NDGSUHMHGQXNRU\WQDNXXULWHLFKQHEXGHYLDFDNR
3URJUDPQDMSUYQDtWDGDQV~ERUY\WYRUtSUtVOXQSRHWNRU\WQDLHNQDGHILQRYDQFKSR]tFLiFK
XNiHLFKWYDUDDNiQDVWODHQLHQHMDNpKRNOiYHVX3RVWODHQtNOiYHVXY\NRQiMHGHQNURNSUH
NDG~NRU\WQDNXDRSlDNiQDVWODHQLHNOiYHVX7RWRFHOpVDRSDNXMHNPQLHV~YHWN\DVWL
REUi]NXY\NUHVOHQpDWHGDYHWN\NRU\WQDN\XNU\Wp
0{HWHSRXLOHQXQLW\.RU8QLWD9HOD8QLWPD[ERGRY
8NiNRYWHVWNXVN~NH GHF
%RGRYDQLHSUtNODGRYERORQDVOHGRYQpPD[LPiOQHDSULHPHUQp]DMHGQRWOLYpSUtNODG\
V~HW
9\StWHKR
YSUHIL[RYRPWYDUH
YSRVWIL[RYRPWYDUH
GDQDULWPHWLFNYUD]]DStVDQYSUHIL[RYRPWYDUH
-HGDQiQDVOHGXM~FDSURFHG~UD[\]NWRUiSUDFXMHVPHWyGDPLWULHG\VWDFN
W\SHVWDFNV DUUD\>ERROHDQ@RIVWDFN
SURFHGXUH[\]YDUVVWDFNVYDUNGHERROHDQ
YDUFGSUYRN
YERROHDQ
EHJLQ
UHSHDW
Y WUXH
V>NGH@SRSF
ZKLOHQRWV>NGH@LVHPSW\GR
EHJLQ
V>NGH@SRSG
LIF!G NGHWKHQ
EHJLQV>QRWNGH@SXVKGY IDOVHHQG
HOVHEHJLQV>QRWNGH@SXVKFF GHQG
HQG
NGH QRWNGH
V>NGH@SXVKF
XQWLOY
HQG
3ULYRODQtSURFHG~U\MHSDUDPHWHUNGH WUXHDYSDUDPHWULV>WUXH@MHXORHQFK
tVHOSUYptVORMHQDYUFKX]iVREQtND
REXGHKRGQRWRXSDUDPHWUDNGHDV>NGH@SRVNRQHQtSURFHG~U\tVODY\StWHRGYUFKX
]iVREQtND"
YDUTTXHXH
TLQLW
ZKLOHQRWHROQGR
EHJLQ
UHDG[
LITLVHPSW\RURGG[WKHQTDSSHQG[
HOVH
EHJLQ
TVHUYH\TDSSHQG[
ZKLOH\!GR
EHJLQ
GHF\TVHUYH[
HQG
HQG
HQG
9QDVOHGRYQHMGHNODUiFLLXQLWXQDGHILQRYDQLHG\QDPLFNHMWULHG\NRPSOH[QpKRtVODMHQLHNRNR
FKE2SUDYWHLFK
XVHV.RPSOH[
LPSOHPHQWDWLRQ
W\SH.RPSOH[ REMHFW
ULUHDO
SURFHGXUHLQLW
SURFHGXUHY\SLVYLUWXDO
HQG
3.RPSOH[ A.RPSOH[
SURFHGXUH3.RPSOH[LQLW
EHJLQU L HQG
LQWHUIDFH
SURFHGXUH3.RPSOH[Y\SLV
EHJLQZULWHU
LHQG
HQG
1DVOHGXM~FLSURJUDPELQiUQHY\KDGiSUYRNVKRGQRWRXSYXWULHGHQRPSROLD>@FHOFK
tVHO9DOJRULWPH[R]QDXMHGROQ~KUDQLFX~VHNXD\GNXQLHKRUQ~KUDQLFXWRKRWR~VHNX'RSOWH
FKEDM~FHY\ERGNRYDQpDVWLWDNDE\SUDFRYDONRUHNWQH
[ \
ZKLOH\!GR
EHJLQ
] \GLY
LIS D>[]@WKHQEHJLQ[ []\ HQG
HOVHLISD>[]@WKHQ\
HOVHEHJLQ[ []\ HQG
HQG
LI\ DQGD>[@ SWKHQZULWH[HOVHZULWHQHH[LVWXMH
=LVWLWHDNREXGHY\]HUDYVWXSQWH[WRYV~ERUJSUHQDVOHGRYQYVWXSQV~ERUISUHPHQQiEMH
GRVWDWRQHYHNp]QDNRYpSROH]QDNRPBR]QDXMHPHPHG]HUX
DEBFBBHROQ!HROQ!HROQ!BBDEFBBBHROQ!HROQ!HRI!
9WULHGHSUHSUiFXVYHNPLPQRLQDPLGRGHILQXMWHPHWyGXSUH]LVWHQLHLMHQHMDNptVOR
SUYNRPPQRLQ\'RSDMWHOHQY\ERGNRYDQ~DV6DPRWQiPQRLQDMHGHILQRYDQiYVWDYRYHM
SUHPHQQHMPDUUD\>@RIVHWRI
'DQiMHQDVOHGRYQiIXQNFLD
3URJUDPPi]DGHILQRYDQpOHQGYHJOREiOQHSUHPHQQp
YDU[\LQWHJHU
[ "
\ "
\ [\"
\ [\"
ZULWH[
'RSOWHFKEDM~FHDVWLWDNDE\SURJUDPY\StVDOtVOR
'DQSURJUDPVPHVSXVWLOLQDSUYNRYRPFHORtVHOQRPSROLSNWRUpPDORKRGQRW\
9\StWHKRGQRW\WRKRWRSRDSRXNRQHQtSURJUDPX
FRQVW1
IRUL WR1GR
IRUM 1LGRZQWRLGR
S>M@ S>M@S>L@
=LVWLWHDNiEXGHKRGQRWDSUHPHQQHMVW
YLDQRFH
SRVNRQHQtQDVOHGRYQpKRF\NOX
7HVW]3URJUDPRYDQLDSUHURQtN
GHF
D'DQMHDULWPHWLFNYUD]YSRVWIL[RYRP]iSLVH
9\StWHKRYSUHIL[RYRPWYDUH
E'DQMHDULWPHWLFNYUD]YSUHIL[RYRP]iSLVH
9\StWHKRDNR~SOQHX]iWYRUNRYDQLQIL[RYYUD]
'iWRYiWUXNW~UDUDGMHUHDOL]RYDQiSRPRFRXGYRFK]iVREQtNRY
W\SHTXHXH REMHFW
VDUUD\>@RIVWDFN
SURFHGXUHLQLW
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
IXQFWLRQIXOOERROHDQ
HQG
SURFHGXUHTXHXHLQLW
EHJLQ
V>@LQLWV>@LQLW
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
YDUWSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
EHJLQ
ZKLOHGR
EHJLQV>@SRSWV>@SXVKWHQG
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
YDUWSUYRN
EHJLQ
LIIXOOWKHQFK\ED
5DGMHSOQ\
HOVH
EHJLQ
ZKLOHGR
EHJLQV>@SRSWV>@SXVKWHQG
V>@SXVKS
HQG
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
HPSW\
HQG
IXQFWLRQTXHXHIXOOERROHDQ
EHJLQ
IXOO
HQG
'RSOWHY\ERGNRYDQpDVWLSURJUDPX
9QDVOHGRYQHMDVWLSURJUDPXNWRUiGHILQXMHWULHGXPRMD.RURSUDYWHYHWN\FK\E\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
FRQVWUXFWRUPRMD.RULQLW
EHJLQ
LQKHULWHGLQLWXX VPHU
HQG
SURFHGXUHPRMD.RUYODYRYLUWXDO
YDUXUHDO
EHJLQ
X VPHUX.RUYODYRXXXX X
HQG
SURFHGXUHPRMD.RU]PHQ[\[\UHDO
EHJLQ
GRSUHGXY]G[\
HQG
YDUWDUUD\>@RISRLQWHU
VVWULQJ
NL
SAVWULQJ
EHJLQ
IRUL WRGRW>L@ QLO
ZKLOHQRWHRIGR
EHJLQ
UHDGOQNVS W>N@
LIWKHQ
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
'RSOWHY\ERGNRYDQpDVWL
1DVOHGXMHGHILQtFLDWULHG\SUHPDQLSXOiFLXVPQRLQDPLGYRM]QDNRY
W\SHFKDU DUUD\>@RIFKDU
PQR]LQD REMHFW
PDUUD\>FKDU@RIVHWRIFKDU
FRQVWUXFWRULQLW
SURFHGXUHSULGDMFFKDUYLUWXDO
SURFHGXUHY\KRGFFKDUYLUWXDO
IXQFWLRQSUYRNFFKDUERROHDQYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
FRQVWUXFWRUPQR]LQDLQLW
YDUFFKDU
EHJLQ
HQG
SURFHGXUHPQR]LQDSULGDMFFKDU
EHJLQ
HQG
SURFHGXUHPQR]LQDY\KRGFFKDU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
EHJLQ
HQG
SURFHGXUHPQR]LQDY\SLV
YDUFFFKDU
EHJLQ
IRUF WRGR
IRUF WRGR
LIFLQP>F@WKHQZULWH
FF
HQG
D'RGHILQXMWHPHWyG\
E1DStWHNRNREDMWRY]DEHUiLQWDQFLDWULHG\PQR]LQD6L]H2IPQR]LQD
1DVOHGRYQSURJUDPQHMDNRVSUDFRYiYDQSUYNRYpSROHD
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
=LVWLWHRVDY\StHDNQDYVWXSHV~WLHWRtVOD
1DVOHGRYQSURJUDPVSUDFRYiYDWH[WRYV~ERUNWRUMHXYHGHQQLLH=LVWLWHRY\StH
YDUWWH[W
LLQWHJHU
FFFFKDU
VVWULQJ
EHJLQ
DVVLJQW
DEFW[W
UHVHWWV
UHDGWFF
UHSHDW
UHVHWW
IRUL WRRUGFGRUHDGOQW
IRUL WRRUGFGRUHDGWF
UHDGWFFFV VF
XQWLOF
DQGF
ZULWHOQV
HQG
6~ERUDEFW[W
IRF
TDZ
[]D
P]Q
JLXV
'DQiMHUHNXU]tYQDSURFHG~UD;<
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
SURFHGXUH;<QSLQWHJHU
YDULLQWHJHU
EHJLQ
LIQWKHQZULWHOQ
HOVH
EHJLQ
IRUL WRSGRZULWH
;<QSGLY
IRUL WRSGRZULWH
;<QSGLY
IRUL WRSGRZULWH
HQG
HQG
D=LVWLWHNRNRKYLH]GLLHNVDY\StHSUHYRODQLH;<
E3UHDNpQDMPHQLHQYRODQLH;<QY\StHDVSRKYLH]GLLHN"
9QDVOHGRYQHMDVWLSURJUDPXV~GHILQRYDQpQHMDNpWULHG\LQWDQFLHDMHGQDSURFHG~UD
W\SH3ERG AERG
ERG REMHFWHQG
3NUXK ANUXK
NUXK REMHFWERGHQG
3VWYRUHF AVWYRUHF
VWYRUHF REMHFWERGHQG
SURFHGXUH[\YDUSSERG
EHJLQHQG
YDUSESERGEERG
SNSNUXKNNUXK
SVSVWYRUHFVVWYRUHF
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
QHZ
E SEA
N E
[\EA
E V
SV SN
[\SV
V N
SV SE
HQG
2]QDWHYHWN\QHSUtSXVWQpSULUDGHQLDDYRODQLDSURFHG~U\
'DQMHQDVOHGRYQSURJUDP
W\SHW\S UHFRUGDAVWULQJEVWULQJHQG
W\S DUUD\>@RIAW\S
W\S UHFRUGDAW\SEW\SHQG
YDUDAW\S
LLQWHJHU
EHJLQ
QHZDQHZDD
IRUL WRGR
EHJLQ
QHZDD>L@QHZDE>L@
QHZDD>L@DQHZDE>L@D
HQG
IRUL WRGR
EHJLQ
DD>L@D
KDKD
DD>L@E
KRKR
DE>L@D
KLKL
DE>L@E
KHKH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPOL
HQG
'RSOWHYHWN\FKEDM~FHAYSURJUDPRYHMDVWLGHNODUiFLHQHPHWH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
http://www.delphi.input.sk/archiv/pascal.zs/tabulka.txt
9VOHGN\WHVWX]3URJUDPRYDQLD
632/8
$PEU0LFKDOL
$UEHW0LFKDOL
JK0DUHNL
%DFKRY%DUERUDL
%DUN)UDQWLHNL
%DUWHN3HWHUL
%HQN7RPL
%HQHV=VROWL
%HR3HWHUL
%RGN3HWHUL
%RWW5RODQGL
%UXFKWHU3HWHUL
%XUJHU%RULVL
&KXG.DULQDL
HUQ3DYROL
LPRY.DWDUQDL
(LIOHU0DUWLQL
)DNRYHF0DUFHOL
)DUNDV*DEULHOL
*UHEH%UDQLVODYL
+DDQ0LORL
+RPROD-XUDML
+RUN3HWHUL
+UQLDULN0LFKDOL
+XGHF3HWHUL
,UPDQ9ODGLPUL
-DEORQRYVN'YLGL
-DR0LURVODYL
-DXUD2QGUHML
.DOD0DWL
.RHQHN-QL
.RYLN-QL
.RYLN0DUWLQL
.RYURY0LODGDL
.UHVQHN3HWHUL
.XEDOD0LODQL
.XEQL3HWHUL
.\VHOLFD0LFKDOL
/HQ5EHUWL
/LSND3HWHUL
/RPDQ-OLXVL
/XHQL0DWHML
/OH\/DGLVODYL
0DURN-QL
0DUWYR%RULVL
0DDRYVN0DUWLQL
0H]HL0LFKDOL
0LQWO$QGUHML
0RNR0DUWLQL
1DYDULN0DWL
1LN0DULDQL
1RYRWQ5DVWLVODYL
2NDMN0DUWLQL
2QGUND3HWHUL
2QGUHMRYL3DYHOL
2UDYHFWHIDQL
3DLO7RPL
3DXGLW7RPL
3DXHU5RPDQL
3DYOVHN3DYHOL
3OII\2QGUHML
3HWUMQR-QL
3HWUX/DGLVODYL
3RORYNRY3HWUDL
3RUWH3HWHUL
3RWRN7RPL
3UHLVOHU3DWULNL
5DIDM3HWHUL
5LKD\RY=X]DQDL
6DER0DUWLQL
6RODQL-DURVODYL
6WDULQVN-XUDML
6WUDWLON0LFKDOL
6]LQHN3HWHUL
6]ORYN$WWLODL
WXUF-DNXEL
XSD3DYROL
7HUHN5DGRYDQL
7RPND-QL
7UL]QD-XUDML
7XLQVN9ODGLPUL
8UVQ\-XUDML
9DJDVN0DUWLQL
9DUJD5RPDQL
9DVLONR)HGRUL
9\Q0DUWLQL
:DOO-QL
=KUDGQ'DULQDL
HQXFK3DYROL
LDN3HWHUL
LJR,YDQL
%RN7RPLE
/DVODYN3HWHULE
3DYXN9ODGLPULE
6]DUND7RPLE
%DUWHOW5LFKDUGX0,
%H3HWHUX0,
&DJDUGD0LFKDOX0,
&LEXOND7RPX0,
L]PD]LD0LFKDOX0,
XUL-QX0,
)UDDVRY-DQDX0,
)XUGD5LFKDUGX0,
+DQ]HO3HWHUX0,
+XGHF0DUWLQX0,
+\EHQ-DURVODYX0,
.DUDERY0LORVODYDX0,
.RKDQRY,YHWDX0,
0DUWLQHF0DUWLQX0,
0DVDU\N0DUHNX0,
1HWN,YDQX0,
3PRY0DUWDX0,
5DGYDQVN0DUHNX0,
5XVQDNR0LURVODYX0,
6LWWD7RPX0,
6ODYNRY0ULDX0,
6XSXNRY0LFKDHODX0,
6]HNXOD5EHUWX0,
LNXURY9HURQLNDX0,
LNXURY=X]DQDX0,
WXJHO3DYROX0,
9UEN,YDQX0,
9ERK0DULQX0,
HUYHQNDXERPUX),
+ODY0LFKDOX),
.RUHF0DWHMX),
=DIND$QGUHMX),
0$;,0$/,67$
35,(0(5
7HVWSUHIDQDWLNRYSUHURQtN,0,D),
0iPHGDQpW\S\
W\SHFDV UHFRUGKRGPLQVHNE\WHHQG
YHWD UHFRUG
FFDV
LQIRVWULQJ>@
HQG
1DStWHSURJUDPNWRU]WH[WRYpKRV~ERUX967837;7QDtWDYDULDGN\FHOptVODDQHMDNWH[WQDY]iMRP
MHWRRGGHOHQpPHG]HURXWUXNW~U\YHWDD]DUDXMHLFKGRMHGQRUR]PHUQpKRSRDSODQNWRUpKRSUYN\V~W\SX
YHWDWDNDE\WRWRSROHERORY]RVWXSQHXWULHGHQpSRGDDVX0{HWHSUHGSRNODGDHYVWXSQV~ERUMH]DGDQ
NRUHNWQHQHREVDKXMHYLDFDNRULDGNRYDLDGQ\DVVDQHY\VN\WXMHYLDFDNRUD]3ULKDGDQtPLHVWDNDP
]DUDGLQRY~YHWXSRXLWHELQiUQHY\KDGiYDQLH
'DQMHELQiUQ\V~ERU3/$1'$7NWRUREVDKXMHYHW\W\SX]SUHGFKiG]DM~FHKRSUtNODGX7LHWRV~XWULHGHQp
Y]RVWXSQHSRGDDVX1DStWHSURJUDPNWRU]RWDQGDUGQpKRYVWXSXNOiYHVQLFDQDtWDPQRLQXtVHO]
LQWHUYDOXtVODQDYVWXSHV~RGGHOHQpPHG]HURXDSRWRP]ELQiUQHKRV~ERUXY\KRGtYHWN\YHW\NWRUp
PDM~SRORNXDVXVHNVHNXQG\Y]DGDQHMPQRLQH]RYVWXSX1HY\WYiUDMWHLDGQHDOLHSRPRFQp
V~ERU\
'DQMHWH[WRYV~ERU352*5$03$6YNWRURPMH]DStVDQSURJUDPY3DVFDOH6~ERUP{HREVDKRYD
NRPHQWiUHY^`]iWYRUNiFKDDMNRQWDQW\]QDNRYFKUHD]FRY1DStWHSURJUDPNWRU]LVWtNRNRNUiWVDY
GDQRPWH[WRYRPV~ERUHQDFKiG]DUH]HUYRYDQpVORYR(1'WHGDPLPRNRPHQWiURYD]QDNRYFKUHD]FRY
FRQVWPD[
W\SHSUYRN VWULQJ>@
TXHXH REMHFW
FRQVWUXFWRULQLW
SURFHGXUHVHUYHYDUSSUYRNYLUWXDO
SURFHGXUHDSSHQGSSUYRNYLUWXDO
IXQFWLRQHPSW\ERROHDQYLUWXDO
IXQFWLRQIXOOERROHDQYLUWXDO
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[T5FTUIUN [
<>
5FTUQSFGBOBUJLPWQSFSPOL*
.*B'*
SULYDWH
TDUUD\>PD[@RISUYRN
KOSRFPD[
HQG
0HWyGDDSSHQGUHVSVHUYHXNODGiQDNRQLHFUDGXUHVSY\EHUiKRGQRWXXORHQ~QD]DLDWNXUDGX0HWyG\
IXOODHPSW\VDSRXtYDM~DMYWFKWRGYRFKPHWyGDFKPHWyGDDSSHQGQDMSUY]LVWtLUDGQLHMHSOQIXOODDN
iQRYROiSUtND]KDOWLQDNXORtQDNRQLHFUDGXSRGREQHPHWyGDVHUYHQDMSUYVNRQWUROXMHLUDGQLHMH
SUi]GQ\HPSW\DDNiQRSURJUDPNRQtSUtND]RPKDOWLQDNY\EHULHKRGQRWX]R]DLDWNXUDGX6WDYRYi
SUHPHQQiKOREVDKXMHLQGH[GRSRDTNGH]DtQDVDPRWQUDGVSRRPSUDFXMHPHDNRVF\NOLFNPD
SUHPHQQiSRFREVDKXMHPRPHQWiOQ\SRHWSUYNRYUDGX
1DSURJUDPXMWHYHWN\PHWyG\WHMWRWULHG\1DYUKQLWHSRWRPNDTXHXHWHMWRWULHG\NWRUEXGHREVDKRYDOHQ
GYHRSUDYHQpPHWyG\IXOODHPSW\QHEXGHSRXtYDLDGQHSULYiWQHVWDYRYpSUHPHQQpDSULWRP]DEH]SHt
HWiWRQRYRGHILQRYDQiWULHGDQHVSDGQHDQLSUL]DSOQHQRPUDGHSUHDSSHQGPHWyGDIXOOY\LVWtUDGDQLSUL
SUi]GQRPSUHVHUYHPHWyGDHPSW\WDPYWHG\XORtMHGHQSUYRNQDSUSUi]GQ\UHD]HF
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[T5FTUIUN [
<>
7TMFEOUBCVLBUFTUVQSFGBOBUJLPW
9VOHGQiWDEXNDWHVWXSUHIDQDWLNRY
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TGBOUBCIUN [
<>
7TMFEOUBCVLBUFTUVQSFGBOBUJLPW
R]QDXMHHSRYLQQSUtNODGQHY\KRYRYDONYDOLWDWtYQHMSRGPLHQNHDWHVWVDDOHMDQLQHRSUDYRYDO
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TGBOUBCIUN [
<>
Pascal v letnom semestri
YOHWQRPVHPHVWHUL PiM
9VOHGQpKRGQRWHQLH
SURJUDPRYDQLD
3UHGQiND/H[LNiOQDDQDO]D
3UHGQiND7\SRYpELQiUQHV~ERU\
3UHGQiND1HW\SRYpELQiUQHV~ERU\WDEXNDSURFHG~UDIXQNFLtSUHU{]QHW\S\V~ERURY
3UHGQiND6SiMDQ]R]QDP
3UHGQiND3RXLWLHVSiMDQFK]R]QDPRY
3UHGQiND%LQiUQHVWURP\
3UHGQiND3RXLWLHELQiUQFKVWURPRY
3UHGQiND7ULHGHQLD
3UHGQiND*UDI\
3UHGQiND3UHKDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
3UHGQiND8NiN\EDFNWUDFNLQJXQDJUDIRFK
8NiNRYWHVW]SURJUDPRYDQLD]RNURNX
7HVW]SURJUDPRYDQLDYNURNX
9VOHGN\WHVWX]SURJUDPRYDQLD
=DGDQLHQDVN~NHGRREHGD
=DGDQLHQDVN~NHSRREHGH
=DGDQLHQDVN~NHGRREHGD
=DGDQLHQDVN~NHSRREHGH
=DGDQLHQDVN~NHGRREHGD
=DGDQLHQDVN~NHSRREHGH
3ULHEHKVHPHVWUD
=iSRHWVD]tVNDYD]DERGRY]RVHPHVWUDRGRY]GDQLH]iSRWRYpKRSURMHNWX
1iKUDGQi]iSRWRYiStVRPNDSUHWFKNWRUtPDM~OHQERGRY]RVHPHVWUDUR]FYLLHN
3RGPLHQNRXNXVN~NHMH]iSRHW]SURJUDPRYDQLD
%RGRYDQLH =QiPND
UR]FYLN\ YERUQH
SUpPLD YHPLGREUH
WHVW GREUH
VN~NDSUtNODGQD3&
QHY\KRYHO
VSROX
QDULDGQRPWHUPtQHWUHED]tVNDDVSRERGRY
=DGDQLHWHVWXSUHIDQDWLNRY
9VOHGN\WHVWXSUHIDQDWLNRY
F&RS\ULJKW$QGUHM%ODKR
%RGRYDFLDWDEXND]SURJUDPRYDQLD
SUHLEL0,D),
]iSRHW SUpPLD WHVW VN~ND V~HW ]QiPND GiWXP RSUDYQ
$PEUy0LFKDO L
$UEHW0LFKDO L
JK0DUHN L
%DFKRYi%DUERUD L
%DUWHN3HWHU L
%iEHO3DYRO L
%HQtN7RPi L "
%HQHV=VROW L
%HR3HWHU L
%RGtN3HWHU L )
%RWW5RODQG L
%UXFKWHU3HWHU L GHND
%XUJHU%RULV L
HUQ3DYRO L )
LPRYi.DWDUtQD L =
(LIOHU0DUWLQ L
)DNRYHF0DUFHO L
)DUNDV*DEULHO L
*UHEHt%UDQLVODY L
+DDQ0LOR L )
+RPROD-XUDM L )
+RUiN3HWHU L
+XGHF3HWHU L
,UPDQ9ODGLPtU L
-DEORQRYVN'iYLG L =
-DR0LURVODY L GHND
-DXUD2QGUHM L
.DOD0DW~ L
/DVW8SGDWHGRQ
%\$QGUHM%ODKR
/H[LNiOQDDQDO]D6FDQQHU IHE
3UDYLGOiSUHY\WYRUHQLH6FDQQHUD
XUHQLHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVRYDOH[pPDSDVFDORYVNpKRSURJUDPX
QDSULGHQWLILNiWRUtVORUHD]HFNRPHQWiU
OH[NRQLGFLVOR
Y\WYRUHQLHSURFHG~U\]QDNNWRUitWDV~ERUDYUDFLDYJOREiOQHMSUHPHQQHM]
NHMHNRQLHFV~ERUX
SULNRQFLULDGNXSULRPVSUDFXMHNRQLHFULDGNX
LQDNSUHtWD]QDN]RV~ERUX
SURFHGXUH]QDN^SURFHG~UDQDtWDQLH]RV~ERUX`
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQ] UHDGOQIHQG
HOVHUHDGI]
HQG
QLHNHG\VDQiPKRGtSRPRFQiSURHG~UDSLVNWRUi]DSLVXMHNHWUHEDDNDPWUHEDQDSUGR
V~ERUXQDSUVFDQQHUP{HYLVWFKVLWXiFLiFKY\WYiUDDMYVWXS
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQI
HOVHZULWHI]
HQG
Y\WYRUHQLHSURFHG~U\VFDQNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHOH[pP\NWRUpFKFHPH]LVWL
NDGpYRODQLH]LVWtQDVOHGRYQ~OH[pPX
SURFHGXUHVFDQ
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQRN WUXHHQG^XMHNRQLHFV~ERUX`
^
^]DtQDNRPHQWiUDNMHGREUQiMGHPHNQHPXGUXK~]iWYRUNXDOHERSUtGHPHQD
NRQLHFV~ERUX`
^]DtQDUHD]HF`
$
=
D
]
^]DtQDLGHQWLILNiWRU`
HOVH
HQG^FDVH`
XQWLORN
HQG
RN]QDPHQiHVPHQDOLOH[pPXP{HPHXNRQLWRWRYRODQLH !YOH[MHW\S
OH[pP\YLQFKSUHPHQQFKMHDOLDLQIRUPiFLDQDSUUHD]HFLGHQWLILNiWRUD
SUHPHQQHM
YKODYQRPSURJUDPHRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQF\NOXV
]QDNVFDQ
ZKLOHOH[!NRQGR
EHJLQ
^VSUDFRYDQLHWFKOH[pPNWRUpSRWUHEXMHPH`
VFDQ
HQG
3UtNODG
'DQMHWH[WRYV~ERUWHVWSDVNWRUREVDKXMHQHMDNSDVFDORYVNSURJUDP1DStWH
SURJUDPNWRUQDtWDGYDUHD]FHUDUY\WYRUtV~ERUWHVWSDVNWRUMHNySLRXV~ERUX
WHVWSDVSULRPYHWN\YVN\W\LGHQWLILNiWRUDUV~QDKUDGHQpLGHQWLILNiWRURPU'iYDMWH
VLSR]RUQDNRPHQWiUHVWDLDMHGQRGXFKp^`D]QDNRYpUHD]FHYNWRUFKVDYVN\W\U
QHQDKUiG]DM~UDNKDGiPHLWDN]UHMPHQHY\KRYXM~LILLL
YDU]FKDU
IJWH[W
OH[NRQLHFLGHQW
UUUVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQ] UHDGOQIHQG
HOVHUHDGI]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQJ
HOVHZULWHJ]
HQG
SURFHGXUHVFDQ^SUHGSRNOiGDPHHQLHV~UHiOQHtVOD`
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQLHFRN WUXHHQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
U
ZKLOH]LQ>
$
=
D
]
B
@GR
EHJLQ
U U]]QDN
HQG
OH[ LGHQWRN WUXH
HQG
HOVHSLV]QDN
HQG^FDVH`
XQWLORN
HQG
EHJLQ
DVVLJQI
WHVWSDV
UHVHWI
DVVLJQJ
WHVWSDV
UHZULWHJ
ZULWHOQ
=DGDMGYDLGHQWLILNDWRU\
ZULWH
SUY\
UHDGOQU
ZULWH
GUXK\
UHDGOQU
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
LIU UWKHQZULWHJU
HOVHZULWHJU
VFDQ
HQG
FORVHIFORVHJ
HQG
1'
8SUDYWHWDNDE\Y\KDGiYDQLHUHD]FRYQH]iYLVHORRGPDOFKYHNFKStVPHQ
8SUDYWHSURJUDPWDNHQDtWDQLHNRNRLGHQWLILNiWRURYNWRUpWUHEDQDKUDGLDNQLPSUtVOXQ
SRHWLGHQWLILNiWRURYNWRUPLLFKWUHEDQDKUDGL
3UtNODG
1DStWHSURJUDPNWRUtWDWH[WRYV~ERUSURJUDPSDVYNWRURPVDQDFKiG]DQHMDN
SDVFDORYVNSURJUDPDY\WYRUtV~ERUSURJUDPSDVNWRUEXGHPD[LPiOQH]KXVWHQQD
]DGDQ~tUNXULDGNXWMYNDGRPULDGNXEXGHPD[LPiOQ\SRHW]QDNRYNWRUpVDVHP
]PHVWLDDYV~ERUHEXGHPLQLPiOQ\SRHWPHG]LHUWDNDE\SURJUDPHWHRVWDOIXQNQ
.RPHQWiUH]SURJUDPXY\QHFKDMWH
FRQVWPD[VLU
YDUIJWH[W
]FKDU
OH[NRQLHFFLVORUHWD]HFLGHQWLQH
VVWULQJ^KRGQRWDUHD]FDLGHQWLILNiWRUDDLQpKR]R
VFDQQHUD`
KRGQRWDORQJLQW^KRGQRWDtVOD`
LVLULQWHJHU^VLUGRWHUDMLDtUNDULDGNX`
EEERROHDQ^LYNODGDPHG]HU\PHG]LOH[pP\`
VVVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVFDQ
YDURNERROHDQ
SLQWHJHU
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
^
EHJLQ
ZKLOHQRW]LQ>
`
@GR]QDN
]QDNRN IDOVH
HQG
EHJLQ
KRGQRWD OH[ FLVOR
ZKLOH]LQ>
@GR
EHJLQ
KRGQRWD
KRGQRWDRUG]RUG
]QDN
HQG
HQG
$
=
B
EHJLQ
V
OH[ LGHQW
ZKLOHXSFDVH]LQ>
$
=
B
@GR
EHJLQV V]]QDNHQG
HQG
EHJLQ
S V
]QDNOH[ UHWD]HF
ZKLOH]!DQGSGR
LI]
WKHQ
LIS WKHQEHJLQS V V
]QDNHQG
HOVHEHJLQLQFS]QDNHQG
HOVHLIS WKHQEHJLQV V]]QDNHQG
HOVHLQFS
HQG
EHJLQ
]QDN
LI]
WKHQ
EHJLQ
RN IDOVH
UHSHDW
]QDN
LI]
WKHQ
EHJLQ
ZKLOH]
GR]QDN
RN ]
HQG
XQWLO] RURN
RN IDOVH]QDN
HQG
HOVHEHJLQOH[ LQHV
HQG
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
!
EHJLQ
OH[ LQHV ]]QDN
LIV
DQG]LQ>
!
@WKHQ
EHJLQV V]]QDNHQG
HOVHLIV
!
DQG]
WKHQ
EHJLQV V]]QDNHQG
HQG
HOVHV ]OH[ LQH]QDN
HQG
XQWLORN
HQG
EHJLQ
DVVLJQI
SURJUDPSDV
UHVHWI
DVVLJQJ
SURJUDPSDV
UHZULWHJ
VLU E IDOVH
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
E OH[LQ>FLVORLGHQW@
FDVHOH[RI
FLVORVWUKRGQRWDV
UHWD]HF
EHJLQ
VV
IRUL WROHQJWKVGR
LIV>L@
WKHQVV VV
HOVHVV VVV>L@
V
VV
HQG
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQ
EHJLQZULWHOQJVLU HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHJVLQFVLUOHQJWKV
VFDQ
HQG
FORVHJ
HQG
1'8
GRUREWHVFDQQHUDMSUHUHiOQHtVODHVWQiVWNRYpNRQWDQW\
D]QDNRYpNRQWDQW\V
7\SRYpELQiUQHV~ERU\ IHE
%LQiUQ\V~ERU
SRVWXSQRVYLHWGHILQRYDQpKRURYQDNpKRW\SXQLHRDNRSROHSUYNRYURYQDNpKRW\SX
LQGH[RYDQpKRRGSRHWBYLHWBV~ERUX
W\SHLGHQWLILNiWRU ILOHRILGHQWLILNiWRUBW\SX^W\SYHW\`
DVVLJQUHVHWUHZULWHFORVHURYQDNpDNRSUHWH[WV~ERU\
UHDGZULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
UHDGISUHPHQQiBW\SXBYHWDBV~ERUX
ZULWHISUHPHQQiBW\SXBYHWDBV~ERUX
HRIIDNRSUHWH[W
ILOHVL]HISRHWYLHWV~ERUX
YHWN\YHW\RGILOHSRVI
UHZULWHI VHHNIWUXQFDWHI
3UtNODG\
YDUIILOHRILQWHJHU^GYRMEDMW\`
JILOHRIFKDU^EDMW\`
3UtNODG
1DStWHSURJUDPNWRUY\WYRUtELQiUQ\V~ERUFHOFKtVHOGRQHKR]DStHtVOD
Y\StHWHQWRV~ERUQDREUD]RYNXGRStHQDMHKRNRQLHFtVODVNUiWLV~ERUWDNH
EXGHREVDKRYDOHQtVOD
YDUIILOHRILQWHJHU
LMLQWHJHU
EHJLQ
DVVLJQI
FLVODGDW
UHZULWHI
IRUL WRGRZULWHIL^E\WH`
^FORVHIQHWUHEDDNQDVOHGXMHUHVHW`
UHVHWI^tWDQLHRG]DLDWNX`
IRUL WRGR
EHJLQ
UHDGIMZULWHOQM^VHNYHQQptWDQLH`
HQG
^VOXQHMLHSRNRQLHFV~ERUX`
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGIMZULWHOQM
HQG
^QHVPLHVDSRXLUHDGOQDQLZULWHOQQHH[LVWXMH]QDNDNRQFDULDGNX`
^YSLVV~ERUXRG]DGX`
IRUL ILOHVL]HIGRZQWRGR
EHJLQ
VHHNILUHDGIMZULWHOQM^SULDPHtWDQLH`
HQG
^SULGDMYHWXQDNRQLHFV~ERUX`
VHHNIILOHVL]HI
^KRFLVDDNRSRVOHGQURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYD
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDGRWYRUHQV~ERUMH
DXWRPDWLFN\DMQDtWDQLHDMQD]iSLV`
IRUL WRGRZULWHIL
^VNUDFRYDQLHV~ERUX`
VHHNIWUXQFDWHI^V~ERUPiWHUD]YHW\`
HQG
3UtNODG
WDNHLWXYHWXQDKUDGtSRVOHGQRX
3UtNODG
1DStWHSURJUDPNWRU]WH[WRYpKRV~ERUXY\WYRUtELQiUQ\V~ERU9WH[WRYRPV~ERUHVD
QDFKiG]DM~LQIRUPiFLHRNQLKiFK.DGiNQLKDPiYMHGQRPULDGNXLQIRUPiFLHRDXWRURYL
Qi]YHY\GDYDWHVWYHURNXY\GDQLDDFHQHRGGHOHQp0{HWHSUHGSRNODGDHV~ERU
MH]DGDQNRUHNWQH
W\SHUHW VWULQJ>@
YHWD UHFRUG
DXWRUQD]RYY\GDYUHW^E\WH`
URNLQWHJHU^E\WH`
FHQDUHDO^E\WH`
HQG
YDUIILOHRIYHWD
WWH[W
VVWULQJ
YYHWD
SURFHGXUHVSUDFXMVVWULQJYDUYYHWD
YDULNLQWHJHUVVUHW
EHJLQ
ZLWKYGR
EHJLQ
L
DXWRU VSUDFXMVL
QD]RY VSUDFXMVL
Y\GDY VSUDFXMVL
VV VSUDFXMVLYDOVVURNN
VV VSUDFXMVLYDOVVFHQDN
HQG
HQG
EHJLQ^KODYQSURJUDP`
DVVLJQI
NQLK\GDW
UHZULWHI
DVVLJQW
NQLK\W[W
UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQWVVSUDFXMVY
ZLWKYGR
ZULWHOQDXWRU
QD]RY
Y\GDY
URN
FHQD
ZULWHIY
HQG
FORVHIFORVHW
HQG
3UtNODG
3RNUDXMPHYSURJUDPHWPHQiPXPRQtY\StVDV~ERU]UXLQHMDN~NQLKXSRGD
DXWRUDSULGDNQLKX
^GHNODUiFLH]PLQXOpKRSUtNODGX`
SURFHGXUHY\SLV
EHJLQ
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGIY
ZLWKYGR
ZULWHOQDXWRU
QD]RY
Y\GDY
URN
FHQD
HQG
HQG
SURFHGXUH]UXV
YDUDQUHW
LLQWHJHU
QDVLHOERROHDQ
YYHWD
EHJLQ
ZULWH
DXWRU
UHDGOQD
ZULWH
QD]RY
UHDGOQQ
UHVHWIQDVLHO IDOVH
ZKLOHQRWHRIIDQGQRWQDVLHOGR
EHJLQ
UHDGIY
QDVLHO YDXWRU DDQGYQD]RY Q
HQG
LIQDVLHOWKHQ^]UXYHWXNWRUiMHSUHGYHWRXQDNWRUHMVDQDFKiG]D`
EHJLQ
L ILOHSRVI
VHHNIILOHVL]HIUHDGIY
VHHNILZULWHIY
VHHNIILOHVL]HIWUXQFDWHI
HQG
HOVHZULWHOQ
9VXERUHQLHMHWDNDNQLKD
HQG
SURFHGXUHSULGDM
YDUVVWULQJ
YYHWD
EHJLQ
ZULWHOQ
=DGDMXGDMHRQRYHMNQLKHGRMHGQHKRULDGNX
ZULWHOQ
DXWRUQD]RYY\GDYDWHOVWYRURNFHQDRGGHOHQH
UHDGOQV
VSUDFXMVY^]PLQXOpKRSURJUDPXLEDHQDtWDPH]NOiYHVQLFH`
VHHNIILOHVL]HIZULWHIY
HQG
EHJLQ^KODYQSURJUDP`
DVVLJQI
NQLK\GDW
^,`UHVHWI^,`
LI,25HVXOW!WKHQUHZULWHI
UHSHDW
ZULWH
9\SLV=UXV3ULGDM.RQLHF"
UHDGOQ]
FDVH]RI
9
Y
Y\SLV
=
]
]UXV
3
S
SULGDM
HOVHZULWHOQ
"""
HQG
XQWLO]
.
RU]
N
FORVHI
HQG
1'8
=DGHILQXMWHYHWXV~ERUXDMFHO~GDWDEi]XDNRREMHNWRYpW\S\SRGREQHDNRWULHG\.RUD
9HOD.RU
3UtNODGERORNHG\VLQDVN~NHY]LPQRPVHPHVWUL
XVHVR.RU
W\SHPRMD.RU REMHFW.RU
SURFHGXUHVWURPLZRUG
HQG
YDUIILOHRILQWHJHU
NPRMD.RU
SURFHGXUHPRMD.RUVWURPLZRUG
YDUVLQWHJHU
EHJLQ
LIL!ILOHVL]HIWKHQH[LW
VHHNIL
UHDGIV
LIV WKHQH[LW
'RSUHGXV9ODYR
VWURP
L9SUDYR
VWURP
L9ODYR
'RSUHGXV
HQG
EHJLQ
DVVLJQI
VWURPGDW
UHVHWI
NLQLW
NVWURP
&DNDM.ODYHV
HQG
1HW\SRYpELQiUQHV~ERU\ PDU
'RWHUD]VPHSUDFRYDOLVW\SRYPLV~ERUPLYDUIILOHRIYHWD
SR]QDOLVPHW\SYHW\DWHGDDMMHMGNX
DXWRPDWLFN\VDSUHSRtWDYD
1HW\SRYELQiUQ\V~ERU
YDUIILOH
3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDLDGQDNRQWURODQDW\S]DSLVRYDQHMtWDQHM
SUHPHQQHM
QHIXQJXMHUHDGZULWHPXVtVDWRURELLQDN
%ORFN5HDGYDU))LOHYDU%XI&RXQW:RUG>YDU5HVXOW:RUG@
)SUHPHQQiSUHQHW\SRYV~ERU
%XIQHMDNiSUHPHQQiQHW\SRYSDUDPHWHU]QDPHQiXYRYRQW\S
&RXQWSRHWtWDQFKYLHWW\SXZRUG
5HVXOWVNXWRQHQDtWDQSRHWYLHW
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQR
YVWXSQHMFK\EHLQDNSRNUDXMHDP{HPHWRRWHVWRYD
%ORFN:ULWHYDUI)LOHYDU%XI&RXQW:RUG>YDU5HVXOW:RUG@
)SUHPHQQiSUHQHW\SRYV~ERUX
%XIQHMDNiSUHPHQQiXERYRQpKRW\SX
&RXQWYUD]XGiYDM~FLSRHW]DStVDQFKYLHWW\SXZRUG
5HVXOWVNXWRQH]DStVDQSRHWYLHWURYQDNRDNRSUH%ORFN5HDG
DNVDQHXYHGLHGNDBYHW\WDNVDSUHGSRNODGi
VHHNILOHSRVILOHVL]HSUDFXM~Y]iYLVORVWLQDGNHYHW\
3UtNODG
0iPHSUHNRStURYDV~ERUDGDWQH]QiPHMWUXNW~U\GRV~ERUXEGDW
DSRPRFRXW\SRYpKRV~ERUX
YDUDEILOHRIE\WH
[E\WH
EHJLQ
DVVLJQD
DGDW
UHVHWD
DVVLJQE
EGDW
UHZULWHE
ZKLOHQRWHRIDGR
EHJLQ
UHDGD[
ZULWHE[
HQG
FORVHE
HQG
ESRPRFRXQHW\SRYpKRV~ERUX
YDUDEILOH
[DUUD\>@RIE\WH^N%EXIIHU`
ODOEZRUG
EHJLQ
DVVLJQD
DGDW
UHVHWD^EDMW YHNRVYHW\`
DVVLJQE
EGDW
UHZULWHE
UHSHDW
EORFNUHDGD[OD
EORFNZULWHE[ODOE
XQWLOOD RUOD!OE^DNOD!OEWDNQDVWDODFK\EDSUL]iSLVH`
LIOD!WKHQZULWHOQ
FK\EDSUL]iSLVH
FORVHE
HQG
3UtNODG
0DMPHV~ERUYDUIILOHRIVWULQJ9HW\WRKWRV~ERUXV~SHYQHMGN\
E\WH3UHNUiWNHUHD]FHV~YV~ERUHYHNpVWUDW\NGHQLHMH]D]QDPHQDQiLDGQD
LQIRUPiFLD
3UHWRQDYUKQHPHQRY~WUXNW~UX
GND REVDKUHD]FD E\WHQDGNXUHD]FDPD[GND
QDSU
DEFGHIJKLM [\]
1DStHPHSURJUDPNWRUQiKRGQHY\WYRUtV~ERUQDYUKQXWHMWUXNW~U\
FRQVWPD[
YDUIILOH
EDUUD\>PD[@RIFKDU
GOLMZRUG
EHJLQ
DVVLJQI
UHWD]FHGDW
UHZULWHI
IRUL WRGR
EHJLQ
G UDQGRPPD[^QiKRGQH]YROHQiGNDUHD]FD`
EORFNZULWHIGO
LIO!WKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
IRUM WRGGRE>M@ FKUUDQGRP
^]DSLVRYDQLHQiKRGQFKPDOFKStVPHQGRSRDE`
EORFNZULWHIEGO
LIO!GWKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
HQG
FORVHI
HQG
3UtNODG
tWDQLHYHW\]RV~ERUXQDYUKQXWHMWUXNW~U\YRSDQRPSRUDGt
FRQVWPD[
YDUIILOH
EDUUD\>PD[@RIFKDU
GOLMZRUG
IXQFWLRQSRFHWZRUG
YDUVORQJLQWGOLZRUG
EHJLQ
L V
UHSHDW
VHHNIV^QDVWDYVDQDVE\WHV~ERUX`
EORFNUHDGIGO
LIO WKHQ
EHJLQ
LQFLLQFVG^SRVXVDRGE\WRYWMQDDOLXYHWX`
HQG
XQWLOO!
SRFHW L
HQG
SURFHGXUHQDVWDYLLQWHJHU
YDUVORQJLQW
GZRUG
EHJLQ
V
ZKLOHL!GR
EHJLQ
VHHNIVEORFNUHDGIG
LQFVGGHFL
HQG
VHHNIV
HQG
EHJLQ
DVVLJQI
UHWD]FHGDW
UHVHWI
L SRFHW^VSRtWDMSRHWYHWNFKYLHWYV~ERUH`
ZKLOHL!GR
EHJLQ
QDVWDYL^QDVWDYVDQDLWXYHWX`
EORFNUHDGIGO^QDtWDMGNXYHW\`
LIO!WKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
EORFNUHDGIEGO^QDtWDMREVDKYHW\GRSRDE`
LIG!OWKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
ZULWHG
IRUM WRGGRZULWHE>M@
GHFL
ZULWHOQ
HQG
HQG
YHU]LDVSRRPLQGH[RY
W\SHWLQGH[ DUUD\>PD[Y@RIORQJLQW
YDUIILOH
EDUUD\>PD[@RIFKDU
GOLMZRUG
LQGH[AWLQGH[
SRFHWPD[Y
SURFHGXUH9\URE,QGH[
YDUVORQJLQWGOLZRUG
EHJLQ
L V
UHSHDW
VHHNIV
EORFNUHDGIGO
LIO WKHQ
EHJLQ
LQFLLQGH[A>L@ V
LQFVG
HQG
XQWLOO!
SRFHW L
HQG
EHJLQ
QHZLQGH[
DVVLJQI
UHWD]FHGDW
UHVHWI
9\URE,QGH[
IRUL SRFHWGRZQWRGR
EHJLQ
VHHNILQGH[A>L@
EORFNUHDGIG^QDtWDMGNXYHW\EH]NRQWURO\`
EORFNUHDGIEG
ZULWHG
IRUM WRGGRZULWHE>M@
ZULWHOQ
HQG
HQG
1'
SUHUREWHSURJUDPWDNDE\DMEXIHUEEROG\QDPLFNRXSUHPHQQRXSUtVWXSQFH]VPHUQtN
QDYUKQLWHDNRSUHURELSURJUDPDE\IXQJRYDODMSUHYLHW
SUHUREWHSURJUDPWDNDE\IXQJRYDOSUHXERYRQSRHWYLHWWDNWRWDEXNDLQGH[RYVD
Y\WYRUtYELQiUQRPV~ERUHILOHRIORQJLQWYNWRURPLWDYHWDREVDKXMHDGUHVX]DLDWNXLWHM
YHW\Y]DGDQRPV~ERUHKRYRUtVDWRPXLQGH[RYV~ERU
3UtNODG
9ELQiUQRPV~ERUHV~YHW\GYRFKW\SRYEXWYHWDDOHERWYHWD$NiYHWDQDVOHGXMHVD
GR]YLHPH]EDMWXEH]SURVWUHGQHSUHGFKiG]DM~FHKRSUtVOXQ~YHWXKRGQRW\DOHER
9\StHPHWHQWRV~ERUQDREUD]RYNX
W\SHWYHWD UHFRUGPHQRVWULQJ>@URFSULHPHUUHDOHQG
WYHWD UHFRUGWLWXOPHQRVWULQJ>@SODWORQJLQWHQG
YDUIILOH
YWYHWD
YWYHWD
WE\WH
EHJLQ
DVVLJQI
VXERUGDW
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
EORFNUHDGIW
LIW WKHQ
EHJLQ
EORFNUHDGIYVL]HRIY
ZLWKYGR
ZULWHOQ
VWXGHQW
PHQR
URFSULHPHU
HQG
HOVH
EHJLQ
EORFNUHDGIYVL]HRIY
ZLWKYGR
ZULWHOQ
XFLWHO
WLWXO
PHQR
SODW
6N
HQG
HQG
HQG
1'
SURJUDPNWRUY\WYRUtWDNWRV~ERU]QHMDNpKRWH[WRYpKRV~ERUX
6~ERUDNRREMHNW
XQLWW)LOH8QLW
LQWHUIDFH
W\SHSILOH AWILOH
WILOH REMHFW
IILOH
FRQVWUXFWRUFUHDWHPHQRVWULQJ
GHVWUXFWRUGHVWUR\YLUWXDO
SURFHGXUHUHDGYDUEXIGO]ZRUGYLUWXDO
SURFHGXUHZULWHYDUEXIGO]ZRUGYLUWXDO
SURFHGXUHVHHNSR]ZRUGYLUWXDO
IXQFWLRQHRIERROHDQYLUWXDO
IXQFWLRQVL]HZRUGYLUWXDO
IXQFWLRQSRVZRUGYLUWXDO
HQG
LPSOHPHQWDWLRQ
GHVWUXFWRUWILOHGHVWUR\
EHJLQ
FORVHI
HQG
EHJLQ
EORFNZULWHIEXIGO]
HQG
IXQFWLRQWILOHHRIERROHDQ
EHJLQ
HRI V\VWHPHRII
HQG
IXQFWLRQWILOHVL]HZRUG
EHJLQ
VL]H ILOHVL]HI
HQG
IXQFWLRQWILOHSRVZRUG
EHJLQ
SRV ILOHSRVI
HQG
HQG
3UtNODG\
9\WYRUHQLHDYSLVV~ERUX
XVHVW)LOH8QLW
YDUIWILOH
LLQWHJHU
EHJLQ
IFUHDWH
WHVWGDW
IRUL WRGRIZULWHL
IGHVWUR\
HQG
XVHVW)LOH8QLW
YDUIWILOH
LLQWHJHU
EHJLQ
IFUHDWH
WHVWGDW
ZKLOHQRWIHRIGR
EHJLQ
IUHDGLZULWHOQL
HQG
IGHVWUR\
HQG
XVHVW)LOH8QLW
FRQVWPDUUD\>@RIVWULQJ>@
WGDW
WGDW
WGDW
WGDW
YDUIDUUD\>@RISILOH
LLQWHJHU
EHJLQ
ILOOFKDUIVL]HRII^Y\QXOXMHFHOpSROHI`
IRUL WRGRI>L@ QHZSILOHFUHDWHP>L@
IRUL WRGR
I>UDQGRP@AZULWHL
IRUL WRGRI>L@AGHVWUR\
HQG
7DEXNDSURFHG~UDIXQNFLtSUHU{]QHW\S\V~ERURY
6SiMDQ]R]QDP/LQNHGOLVW PDU
'\QDPLFNpGiWRYpWUXNW~U\
SRDVYSRWXPHQtVYRMXYHNRVDWUXNW~UX
QDSUSUREOpP\VWDEXNRXMHGiOQ\OtVWRN]iVREQtNUDG
G\QDPLFNp
SRDVYSRWXVDPHQtLFKYHNRV]YlXM~D]PHQXM~VD
PHQtVDLFKWUXNW~UDWDEXNXWUHEDVWiOHSUHXVSRULDGDYDGR]iVREQtNXSULGiYDPHQDYUFKXEHUiPH]YUFKX
GRUDGXSULGiYDPHQDNRQLHF
EXGHPHUHDOL]RYDG\QDPLFNPLSUHPHQQPLWMMHGQDG\QDPLFNiWUXNW~UDEXGHNRSDG\QDPLFNFK
SUHPHQQFKQDY]iMRPSRVSiMDQFKSRPRFRXVPHUQtNRY
6SiMDQ]R]QDP
G\QDPLFNiGiWRYiWUXNW~UDSUYN\URYQDNpKRW\SXV~SRVSiMDQpGRMHGQpKRYODNXH[LVWXMHVPHUQtNQD
]DLDWRNNDGPiQDVOHGRYQtNDRNUHPSRVOHGQpKRWHQPiQDVOHGRYQtND1,/
GHNODUXMHPHMHGHQYUFKROVSiMDQpKR]R]QDPX
W\SH
SUYRN LQWHJHU
3YUFKRO AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
SUHPHQQpW\SX3YUFKRO
YDU]ST3YUFKRO
SUiFDVRVSiMDQP]R]QDPRP
] QLO^SUi]GQ\]R]QDP`
QHZ]]ALQIR ]AQH[W QLO^MHGQRSUYNRY]R]QDP`
QHZSSALQIR SAQH[W QLO^SMHMHGQRSUYNRY]R]QDP`
]AQH[W S^]MHGYRMSUYNRY`
QHZSSALQIR SAQH[W QLO^SMHMHGQRSUYNRY]R]QDP`
]AQH[WAQH[W S^]MHWURMSUYNRY`
MHGQRGXFKpVSUDFRYDQLHSUYNXY]R]QDPHYSLVLQIRDVWL
ZULWHOQ]ALQIR
]AQH[WALQIR
]AQH[WAQH[WALQIR
WDNWRVDWR]UHMPHQHUREtOHERDVWRQHYLHPHSRHWSUYNRYY]R]QDPHDRNUHPWRKRE\VPHVDXStVDOLWHGD
S ]^DE\VPHQH]DEXGOLVPHUQtNQDSUYSUYRNY]R]QDPH`
ZKLOHS!QLOGR
EHJLQ
ZULWHSALQIR
^VSUDFXMYUFKRO`
S SAQH[W^SRVXVDQDQDVOHGXM~FLSUYRN`
HQG
ZULWHOQ
XYRQLSDPlNWRU~GRWHUD]]DEHUDOVSiMDQ]R]QDP
ZKLOH]!QLOGR
EHJLQ
GLVSRVH]^&+<%1e5,((1,(`
] ]AQH[W
HQG
VWUDWLOLE\VPHVPHUQtNQDQDVOHGXM~FLYUFKROVSUiYQH
ZKLOH]!QLOGR
EHJLQ
S ]
] ]AQH[W
GLVSRVHS
HQG
Y\URELVSiMDQ]R]QDP]SUYNRYYNWRURPV~tVOD
IRUL WRGR
EHJLQ
QHZSSALQIR LSAQH[W ]^SULGiYDQLHSUYNRYQD]DLDWRN]R]QDPX`
] S
HQG
SUYN\Y]R]QDPHV~YRSDQRPSRUDGtWHGDYSLVE\ERO
DNFKFHPHPDSUYN\YSRUDGt
] QLO
ZKLOHQRWHROQGR
EHJLQ
QHZSUHDGSALQIRSAQH[W QLO^Y\UREPHVLQRYYUFKRO`
LI] QLOWKHQ] S
HOVH
EHJLQ
N ]^SRPRFQiSUHPHQQiQHVPLHPHVL]QLLSUHPHQQ~]`
ZKLOHNAQH[W!QLOGRN NAQH[W^QiMGHSRVOHGQYUFKRO`
NAQH[W S
HQG
HQG
YSUHGFKiG]DM~FRPSUtSDGHVDVWiOHSULSULGiYDQtQRYpKRSUYNXKDGiSRVOHGQSUYRNY]R]QDPHRQLHMH
HIHNWtYQH !VWDLORE\NHE\VPHVLWHQWRVPHUQtNQDSRVOHGQSUYRNSDPlWDOLDYHGHOLE\VPHRYHDDKLH
SULGiYD
] QLO
N QLO^VPHUQtNQDSRVOHGQYUFKRO]DWLDQHH[LVWXMH`
ZKLOHQRWHROQGR
EHJLQ
QHZSUHDGSALQIRSAQH[W QLO
LIN QLOWKHQ] S
HOVHNAQH[W S
N S
HQG
Y\KDG]RYDQLHSUYNRY]R]R]QDPXQDSUFKFHPHY\KRGLSUYRNWUHEDXYRQLSDPlNWRU~]DEHUDO
QDMSUYVDWUHEDQDVWDYLQDYUFKRODSRWRPPX]PHQLQDVOHGRYQtND
S ]L
ZKLOHS!QLODQGL GR
EHJLQLQFLS SAQH[WHQG
LIS!QLODQGSAQH[W!QLOWKHQ^DNMHGRVSUYNRYDVSR`
EHJLQ
T SAQH[W^SMHVPHUQtNQDTMHVPHUQtNQD`
SAQH[W TAQH[W
GLVSRVHT
HQG
HOVHZULWHOQ
=R]QDPQHREVDKXMHWRONRSUYNRY
=R]QDPDNRREMHNW
W\SH
SUYRN LQWHJHU^W\SSUYNRYY]R]QDPHP{HPHYHPLDKNRPHQLDYHWNRIXQJXMHDNRSUHGWP`
3YUFKRO AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
]R]QDP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHY\SLV
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHUFRSUYRN
SULYDWH
]3YUFKRO
N3YUFKRO
HQG
SURFHGXUH]R]QDPLQLW
EHJLQ] QLON QLOHQG
SURFHGXUH]R]QDPY\SLV
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQZULWHSALQIR
S SAQH[WHQG
ZULWHOQ
HQG
SURFHGXUH]R]QDPGRQH
YDUS3YUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQS ]] ]AQH[WGLVSRVHSHQG
N QLO
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
YDUS3YUFKRO
EHJLQ
QHZSSALQIR LSAQH[W ]
LI] QLOWKHQN S
] S
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
YDUS3YUFKRO
EHJLQ
QHZSSALQIR LSAQH[W QLO
LI] QLOWKHQ] S
HOVHNAQH[W S
N S
HQG
SURFHGXUH]R]QDPYVXQSUHGLQWHJHUFRSUYRN
YDUST3YUFKRO
EHJLQ
QHZSSALQIR FRSAQH[W QLO
LISUHG RUN QLOWKHQ
EHJLQSAQH[W ]] SHQG
HOVH
EHJLQ
T ]
ZKLOHT!QLODQGSUHG!GR
EHJLQGHFSUHGT TAQH[WHQG
LIT QLOWKHQNAQH[W S
HOVH
EHJLQ
SAQH[W TAQH[WTAQH[W S
HQG
HQG
LISAQH[W QLOWKHQN S
HQG
YDU]]R]QDP
LLQWHJHU
EHJLQ
]LQLWIRUL WRGR]SULGDM=L
]Y\SLV]GRQH
]LQLWIRUL WRGR]SULGDM.L
]Y\SLV
IRUL WRGR]YVXQ
L
L
1'
QDStWHPHWyG\
IXQFWLRQSRFHWLQWHJHU
SURFHGXUH]UXV^]UXtSUYSUYRNY]R]QDPH`
SURFHGXUH]UXV.^]UXtSRVOHGQSUYRNY]R]QDPH`
SURFHGXUH]UXVLLQWHJHU^]UXtLW\SUYRNYSRUDGt`
IXQFWLRQSRVO3YUFKRO^YUiWLVPHUQtNQDSRVOHGQSUYRN`
IXQFWLRQSRVO3YUFKRO^YUiWLVPHUQtNQDSUHGSRVOHGQSUYRN`
IXQFWLRQLW\LLQWHJHU3YUFKRO^YUiWLVPHUQtNQDLW\SUYRN`
.HViPYUFKROMHXREMHNWRP
W\SH
SUYRN LQWHJHU
3YUFKRO AYUFKRO
YUFKRO REMHFW
LQIRSUYRN
QH[W3YUFKRO
FRQVWUXFWRULQLWLSUYRNQ3YUFKRO
GHVWUXFWRUGRQHYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
FRQVWUXFWRUYUFKROLQLWLSUYRNQ3YUFKRO
EHJLQ^LQLFLDOL]XMHWDEYLUWXiOQ\FKPHWyG907`
LQIR LQH[W Q
HQG
QLHMHVSUiYQHULHHQLHUXtDMQDVOHGRYQtNRYNYROLUHNXU]LLE\SUHGOK]R]QDPSUHSOQLOV\VWpPRY]iVREQtN
QHEXGHPHWRSRXtYD
GHVWUXFWRUYUFKROGRQH
EHJLQ
LIQH[W!QLOWKHQGLVSRVHQH[WGRQH^UHNXU]LD`
QH[W QLO
HQG
VSUiYQHEXGHPHXYRRYDOHQVDPRWQYUFKRODQLHQDVOHGRYQtNRY
GHVWUXFWRUYUFKROGRQH
EHJLQ
QH[W QLO
HQG
SURFHGXUHYUFKROY\SLV
EHJLQ
ZULWHLQIR
HQG
DQXWQp]PHQ\YPHWyGDFKREMHNWX]R]QDP
SURFHGXUH]R]QDPY\SLV
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
SAY\SLV^YUFKROVDYLHViPY\StVD`
S SAQH[W
HQG
ZULWHOQ
HQG
SURFHGXUH]R]QDPGRQH
YDUS3YUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQ
S ]] ]AQH[W
GLVSRVHSGRQH
HQG
N QLO
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
EHJLQ
] QHZ3YUFKROLQLWL]
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
YDUS3YUFKRO
EHJLQ
S QHZ3YUFKROLQLWLQLO
LIN QLOWKHQ] S
HOVHNAQH[W S
N S
HQG
SURFHGXUH]R]QDPYVXQSUHGLQWHJHUFRSUYRN
YDUST3YUFKRO
EHJLQ
S QHZ3YUFKROLQLWFRQLO
RVWDWQpRVWiYDQH]PHQHQp]PLQXOpKRYVXQ
HQG
DMWDNWRP{HPHY\WYRULXYRQLWURMSUYNRY]R]QDP
1'
GRSOWHPHWyG\
SURFHGXUHY\KRG'XSO^Y\KRGtYHWN\SUYN\VURYQDNRXKRGQRWRXQHFKiOHQMHGHQ`
SURFHGXUHSUHYUDW^RWRt]R]QDPSUYVDVWDQHSRVOHGQP`
SURFHGXUHXWULHG^XWULHGL]R]QDPY]RVWXSQHSRGDSRORN\LQIR`
SURFHGXUH]DUDGY3YUFKRO^]DUDGtQRYSUYRNGR]R]QDPX`
3RO\PRUIQ]R]QDP
&KFHOLE\VPHGRVSiMDQpKR]R]QDPXGiYDDMtVODDMUHD]FHWM]UHMPHS{MGHRSRO\PRUIQEi]RYREMHNW3YUFKRO
SRWRPVLEXGHPHPXVLHY\WYRULSRWRPNDWRKWRREMHNWXNWRUEXGHPDYODVWQ~LQLFLDOL]iFLXDYODVWQYSLV
GHILQXMPHVLWHGDSRWRPND
W\SH
SUYRN VWULQJ>@
3YUFKRO AYUFKRO
FRQVWUXFWRUYUFKROLQLWVSUYRNQ3YUFKRO
EHJLQ
LQKHULWHGLQLWQ
LQIR V
HQG
SURFHGXUHYUFKROY\SLV
EHJLQZULWHLQIR
HQG
6DPR]UHMPHWRWRFHOpE\QHPDORY]QDPDNE\REMHNW=2=1$0DNDOSULSULGiYDQtQD]DLDWRNDOHERQD
NRQLHFLQIRDVDSUHWRKRPXVtPHXSUDYL
W\SH
]R]QDP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHY\SLV
SURFHGXUHSULGDM=Y3YUFKRO
SURFHGXUHSULGDM.Y3YUFKRO
SULYDWH
]3YUFKRO
N3YUFKRO
HQG
SURFHGXUH]R]QDPSULGDM=Y3YUFKRO
EHJLQ
YAQH[W ]] YLIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.Y3YUFKRO
EHJLQ
YAQH[W QLOLIN QLOWKHQ] YHOVHNAQH[W Y
N Y
HQG
(WHVLQDStPHPDOWHVWRYDFtSURJUDPNWRUEXGHVWULHGDYR]DUDRYDGRREMHNWX]R]QDPEXtVODDOHER
UHD]FH]SRD
FRQVWFDUUD\>@RISUYRN
SUY\
GUXK\
WUHWL
VWYUW
SLDW\
YDU]]R]QDP
LLQWHJHU
EHJLQ
ZULWHOQ
]LQLW
IRUL WRGR
EHJLQ
]SULGDM=QHZ3YUFKROLQLWLQLO
]SULGDM.QHZ3YUFKROLQLWF>L@QLO
HQG
]Y\SLV]GRQHUHDGOQ
HQG
3RXLWLHVSiMDQFK]R]QDPRY PDU
3URFHGXUiOQHW\S\
DNRKRGQRW\SUHPHQQFKDSDUDPHWURY
P{XE\DMDNRW\SRYDQpNRQWDQW\
QHP{XE\KRGQRWRXIXQNFLH
7\SVDGHNODUXMHSRGREQHDNRKODYLNDSURFHG~U\IXQNFLHVWPUR]GLHORPHMHY\QHFKDQpPHQR
SRGSURJUDPX1DSU
VDPRWQiSURFHG~UDPXVtPDURYQDN~KODYLNXGLUHNWtYXIDUDNMHYLQWHUIDFHDVWLXQLWX
YWHG\MHDXWRPDWLFN\IDU1DSU
SURFHGXUHY\SLVYDUYYUFKROIDU
EHJLQ
ZULWHYLQIR
HQG
DP{HPHGHNODURYDEX
YDUSSDUUD\>@RISURF
SS>@ Y\SLVSS>@ ]PHQ
SS>@SA^YRODQLHVQHMDNRXKRGQRWRX`
DOHERDMWDNWR
FRQVWSSDUUD\>@RISURF Y\SLV]PHQ
3ULNODGQDSURFHGXUiOQ\SDUDPHWHU
SURFHGXUH]R]QDPYVHWN\SUSURF
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQSUSAS SAQH[WHQG
HQG
FRQVWSDUUD\>@RISURF Y\SLV]PHQ
YDU]]R]QDP
LLQWHJHU
EHJLQ
]LQLWIRUL WRGR]SULGDM]L
]YVHWN\Y\SLVZULWHOQ
]YVHWN\]PHQ
]YVHWN\Y\SLVZULWHOQ
S>@]LW\AZULWHOQ^Y\StHOHQWUHWtSUYRN`
S>@ ]PHQ
S>@]LW\AQH[WA^]PHQtOHQGUXKSUYRN`
]GRQH
HQG
3RO\QyP\
5HSUH]HQWiFLDSRO\QyPRYSRPRFRXVSiMDQpKR]R]QDPX
YUFKRO\V~]RVWXSQHXVSRULDGDQpSRGDH[SRQDMSUYV~QDMY\LHH[SRQHQW\SRWRPQLLH
;A
;
SRORNDNRHIPXVtE\U{]QDRGLQDNQHH[LVWXMHYUFKROVGDQPH[SRQHQWRP
W\SH
3YUFKRO AYUFKRO
YUFKRO REMHFW
NRHIUHDO
H[SRLQWHJHU
QH[W3YUFKRO
FRQVWUXFWRULQLWNUHDOHLQWHJHUQ3YUFKRO
GHVWUXFWRUGRQHYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
SRO\QRP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
SURFHGXUHY\SLV
SURFHGXUHGHULY
SURFHGXUHSULFLWDMSSRO\QRP
SURFHGXUHRGFLWDMSSRO\QRP
SURFHGXUHY\QDVRESSRO\QRP
SURFHGXUHY\GHOSSRO\QRP
SURFHGXUHY\QDVRE.NUHDO
IXQFWLRQKODGDMHLQWHJHU3YUFKRO
^YUiWLVPHUQtNQDSUYRNVH[SR HDOHERVPHUQtNQDEH]SURVWUHGQpKR
SUHGFKRGFXDNQHH[DOHERQLODNQHH[DQLSUHGFKRGFD`
SULYDWH
]3YUFKRO
HQG
8UREPHDVSRQLHNWRUp]PHWyG
SURFHGXUHSRO\QRPSULGDMNUHDOHLQWHJHU
YDUS3YUFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] QHZ3YUFKROLQLWNH]
HOVHLISAH[SR HWKHQ
EHJLQ
SANRHI SANRHIN
LISANRHI WKHQY\KRGH
HQG
HOVHSAQH[W QHZ3YUFKROLQLWNHSAQH[W
HQG
SURFHGXUHSRO\QRPY\KRGHLQWHJHU
YDUST3YUFKRO
EHJLQ
LI]!QLOWKHQ
LI]AH[SR HWKHQ
EHJLQ
T ]] ]AQH[WGLVSRVHTGRQH
HQG
HOVH
EHJLQ
S KODGDMH
LIS!QLODQGSAQH[W!QLODQGSAQH[WAH[SR HWKHQ
EHJLQ
T SAQH[WSAQH[W SAQH[WAQH[WGLVSRVHTGRQH
HQG
HQG
HQG
SURFHGXUHSRO\QRPYVHWN\SUSURF
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQSUSAS SAQH[WHQG
HQG
SURFHGXUHSRO\QRPGHULY
EHJLQ
Y\KRGYVHWN\GHULY
HQG
SURFHGXUHSRO\QRPY\SLV
EHJLQ
YVHWN\Y\SLV
HQG
'YRMVPHUQVSiMDQ]R]QDP
W\SH
3YUFKRO AYUFKRO
YUFKRO REMHFW
LQIRSUYRN
SUHYQH[W3YUFKRO
FRQVWUXFWRULQLWLSUYRNSQ3YUFKRO
GHVWUXFWRUGRQHYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
]R]QDP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSULGDM=Y3YUFKRO
SURFHGXUHSULGDM.Y3YUFKRO
SURFHGXUHYVXQ3UHGSUHGY3YUFKRO
SURFHGXUHYVXQ=D]DY3YUFKRO
SURFHGXUHY\KRGY3YUFKRO
SULYDWH
]N3YUFKRO
HQG
SURFHGXUH]R]QDPSULGDM=Y3YUFKRO
EHJLQ
YASUHY QLOYAQH[W ]
LIN QLOWKHQN Y
HOVH]ASUHY Y
] Y
HQG
SURFHGXUH]R]QDPSULGDM.Y3YUFKRO
EHJLQ
YASUHY NYAQH[W QLO
LIN QLOWKHQ] Y
HOVHNAQH[W Y
N Y
HQG
SURFHGXUH]R]QDPYVXQ3UHGSUHGY3YUFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVH
EHJLQ
YASUHY SUHGASUHYSUHGASUHY YYAQH[W SUHG
YASUHYAQH[W Y
HQG
HQG
SURFHGXUH]R]QDPYVXQ=D]DY3YUFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVH
EHJLQ
YAQH[W ]DAQH[W]DAQH[W YYASUHY ]D
YAQH[WASUHY Y
HQG
HQG
SURFHGXUH]R]QDPY\KRGY3YUFKRO
EHJLQ
LIY QLOWKHQ^QLF`
HOVHLI] YWKHQ
EHJLQ
] ]AQH[W
LI]!QLOWKHQ]ASUHY QLOHOVHN QLO
GLVSRVHYGRQH
HQG
HOVH
EHJLQ
YASUHYAQH[W YAQH[W
LIYAQH[W!QLOWKHQYAQH[WASUHY YASUHY
HOVHN YASUHY
GLVSRVHYGRQH
HQG
HQG
&\NOLFN]R]QDP
MHYKRGQSULQLHNWRUFKDSOLNiFLDFK
DNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
SUREOpPVUR]SR]QDQtPNRQFD !
P{HPHSRXLOHQMHGLQVPHUQtNQDSRVOHGQSUYRNMHKRQDVOHGRYQtNMH]DLDWRN]R]QDPX
WHGDQHWUHEDSRWRPXGULDYDGYDVPHUQtN\DE\EROLNRQ]LVWHQWQp
QDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\
=R]QDPVILNWtYQ\PYUFKRORP
XSULLQLFLDOL]iFLL]R]QDPXPHWyGDLQLWVDY\WYRUtMHGHQYUFKRONWRUEXGHILNWtYQ\QHEXGHQiV
]DXMtPDKRGQRWDYRYUFKROH
WDNWR]R]QDPQLNG\QHEXGHSUi]GQ\ !]MHGQRGXLDVDYHWN\PHWyG\OHERQHPXVLDWHVWRYD
QDSUi]GQ\]R]QDP
SUHSURJUDPXMWHSULGDM=
UR]P\VOLWHVLDNRVD]PHQtF\NOLFNVILNWtYQ\PGYRMVPHUQVILNWtYQ\PF\NOLFNGYRMVPHUQ
=iVREQtNVWDFN
]QiP\]LPSOHPHQWiFLHYSROL
VN~VPHKRLPSOHPHQWRYDVSiMDQP]R]QDPRPY\WYRUPHVLXQLWR6WDFN
XQLWR6WDFN
LQWHUIDFH
W\SH
VSUYRN LQWHJHU^P{XE\DMLQpW\S\`
3VYUFKRO AVYUFKRO
VYUFKRO REMHFW
LQIRVSUYRN
QH[W3VYUFKRO
FRQVWUXFWRULQLWLVSUYRNQ3VYUFKRO
GHVWUXFWRUGRQHYLUWXDO
HQG
VWDFN REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSXVKLVSUYRN^YORSUYRN`
SURFHGXUHSRSYDULVSUYRN^Y\EHUSUYRN`
IXQFWLRQLVHPSW\ERROHDQ
SULYDWH
V3VYUFKRO^YUFK]iVREQtNX`
HQG
LPSOHPHQWDWLRQ
FRQVWUXFWRUVYUFKROLQLWLVSUYRNQ3VYUFKRO
EHJLQLQIR LQH[W QHQG
GHVWUXFWRUVYUFKROGRQH
EHJLQQH[W QLOHQG
SURFHGXUHVWDFNLQLW
EHJLQV QLOHQG
SURFHGXUHVWDFNGRQH
YDUY3VYUFKRO
EHJLQ
ZKLOHQRWLVHPSW\GR
EHJLQY VV VAQH[WGLVSRVHYGRQHHQG
V QLO
HQG
SURFHGXUHVWDFNSXVKLVSUYRN
EHJLQ
V QHZ3VYUFKROLQLWLV^SULGiQD]DLDWRNYUFK]iVREQtNX`
HQG
SURFHGXUHVWDFNSRSYDULVSUYRN
YDUY3VYUFKRO
EHJLQ
LILVHPSW\WKHQ
EHJLQZULWHOQ
323SUD]GQ\VWDFN
KDOWHQG
^]REHULH]R]DLDWNXYUFKX]iVREQtNX`
L VALQIRY VV VAQH[WGLVSRVHYGRQH
HQG
IXQFWLRQVWDFNLVHPSW\ERROHDQ
EHJLQ
LVHPSW\ V QLO
HQG
HQG
3RVN~VHQRVWLDFKVSRO\PRUIQPVSiMDQP]R]QDPRPYLHPHHVYUFKROMHG\QDPLFNREMHNWDWHGD
]iVREQtNE\PRKROREVDKRYDXERYRQW\S3UREOpPMHYWRPHNHYORtPHSUYRNGR]iVREQtNX
PHWyGRXSXVKVSiMDQpKR]R]QDPXVWUDWtPHLQIRUPiFLXRMHKRW\SHDE\VPHKRPRKOLNRUHNWQHY\EUD
PHWyGRXSRS
=iVREQtNP{HPHY\WYiUDWDNHSXVKDSRSEXG~GRVWiYDQHW\SRY~SUHPHQQ~DMHMGNXVWDtSUH
SXVKDQD]iVREQtNXEXGHVPHUQtNQDG\QDPLFN~SUHPHQQ~GDQHMYHNRVWL
XQLWR6WDFN
LQWHUIDFH
W\SH
3VYUFKRO AVYUFKRO
VYUFKRO REMHFW
SSRLQWHU
GOZRUG
QH[W3VYUFKRO
FRQVWUXFWRULQLWYDULGZRUGQ3VYUFKRO
GHVWUXFWRUGRQHYLUWXDO
HQG
VWDFN REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSXVKYDULGZRUG
SURFHGXUHSRSYDUL
IXQFWLRQLVHPSW\ERROHDQ
SULYDWH
V3VYUFKRO
HQG
LPSOHPHQWDWLRQ
FRQVWUXFWRUVYUFKROLQLWYDULGZRUGQ3VYUFKRO
EHJLQ
GO GJHWPHPSGOPRYHLSAGOQH[W Q
HQG
GHVWUXFWRUVYUFKROGRQH
EHJLQ
IUHHPHPSGOGO QH[W QLO
HQG
SURFHGXUHVWDFNLQLW
EHJLQ
V QLO
HQG
SURFHGXUHVWDFNGRQH
YDUY3VYUFKRO
EHJLQ
ZKLOHQRWLVHPSW\GR
EHJLQY VV VAQH[WGLVSRVHYGRQHHQG
V QLO
HQG
SURFHGXUHVWDFNSXVKYDULGZRUG
EHJLQ
V QHZ3VYUFKROLQLWLGV
HQG
SURFHGXUHVWDFNSRSYDUL
YDUY3VYUFKRO
EHJLQ
LILVHPSW\WKHQ
EHJLQZULWHOQ
323SUD]GQ\VWDFN
KDOWHQG
ZLWKVAGRPRYHSALGO
Y VV VAQH[WGLVSRVHYGRQH
HQG
IXQFWLRQVWDFNLVHPSW\ERROHDQ
EHJLQ
LVHPSW\ V QLO
HQG
HQG
3UtNODG
1DStWHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\StHKRQDREUD]RYNXYRSDQRP
SRUDGtULDGNRY
XVHVR6WDFN
YDUV6WDFN
IWH[W
WVWULQJ
EHJLQ
VLQLW
DVVLJQI
WHVWSDV
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWVSXVKWOHQJWKW
HQG
ZKLOHQRWVLVHPSW\GR
EHJLQ
VSRSWZULWHOQW
HQG
HQG
5DGIURQWTXHXH),)2
GiWRYiWUXNW~UDSRVWXSQRVSRORLHN]RUDGHQFK]DVHERX
DNSUtGHQRYiSRORNDSULGiVDQDNRQLHFUDGX
Y\EHUDSRORN\]R]DLDWNXUDGX
Y\XLMHPHQHW\SRYSDUDPHWHU
XQLWR4XHXH
LQWHUIDFH
W\SH
3TYUFKRO ATYUFKRO
TYUFKRO REMHFW
SSRLQWHU
GOZRUG
QH[W3TYUFKRO
FRQVWUXFWRULQLWYDULGZRUGQ3TYUFKRO
GHVWUXFWRUGRQHYLUWXDO
HQG
TXHXH REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHDSSHQGYDULGZRUG
SURFHGXUHVHUYHYDUL
IXQFWLRQLVHPSW\ERROHDQ
SULYDWH
TTN3TYUFKRO
HQG
LPSOHPHQWDWLRQ
FRQVWUXFWRUTYUFKROLQLWYDULGZRUGQ3TYUFKRO
EHJLQ
GO GJHWPHPSGOPRYHLSAGOQH[W Q
HQG
GHVWUXFWRUTYUFKROGRQH
EHJLQ
IUHHPHPSGOQH[W QLO
HQG
SURFHGXUHTXHXHLQLW
EHJLQ
SURFHGXUHTXHXHGRQH
YDUY3TYUFKRO
EHJLQ
ZKLOHQRWLVHPSW\GR
EHJLQY TT TAQH[WGLVSRVHYGRQHHQG
T QLO
HQG
SURFHGXUHTXHXHDSSHQGYDULGZRUG
YDUY3TYUFKRO
EHJLQ
Y QHZ3TYUFKROLQLWLGQLO
LITN QLOWKHQT Y
HOVHTNAQH[W Y
TN Y
HQG
SURFHGXUHTXHXHVHUYHYDUL
YDUY3TYUFKRO
EHJLQ
LILVHPSW\WKHQ
EHJLQZULWHOQ
6(59(SUD]GQ\TXHXH
KDOWHQG
PRYHTASALTAGO
Y TT TAQH[WGLVSRVHYGRQH
HQG
IXQFWLRQTXHXHLVHPSW\ERROHDQ
EHJLQ
LVHPSW\ T QLO
HQG
HQG
3UtNODG
1DStWHSURJUDPNWRUtWDWH[WRYV~ERULEDUD]DY\WYiUDQRYV~ERUWDNHYWRPWR
V~ERUHV~YHWN\ULDGN\YVWXSQpKRV~ERUXD]DQLPLHWHUD]WLHLVWpULDGN\
XVHVR4XHXH
YDUT4XHXH
IJWH[W
WVWULQJ
EHJLQ
TLQLW
DVVLJQI
WHVWSDV
UHVHWI
DVVLJQJ
WHVWSDV
UHZULWHJ
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWTDSSHQGWOHQJWKWZULWHOQJW
HQG
ZKLOHQRWTLVHPSW\GR
EHJLQ
TVHUYHWZULWHOQJW
HQG
TGRQHFORVHJ
HQG
%LQiUQHVWURP\ PDU
6WURPMHWDNJUDIYNWRURPMHMHGHQYUFKROSHFLiOQ\
NRUHGRWRKRWRQHYHGLHLDGQDKUDQDtSND
GRYHWNFKRVWDWQFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
JUDIMHVSRMLW
7HUPLQROyJLD
DN]QHMDNpKRYUFKROD$YHGLHKUDQDtSNDGRYUFKROD%WDNYUFKRO$QD]YHPHRWFRPDOHER
SUHGFKRGFRPDYUFKRO%V\QRP
DNV~GYDYUFKRO\VSRMHQpKUDQRXKRYRUtPHHVSROXVXVHGLD
DNQHMDNYUFKROQHPiLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQYUFKRO
SRGVWURPQHMDNYUFKROSRYDXMHPH]DNRUHDYtPDPHVLOHQMHKRV\QRYDLFKV\QRYDW
FHVWDSRVWXSQRVYUFKRORYVSRMHQFKKUDQDPLOHQMHGQPVPHURP
NRUH
ELQiUQ\VWURPNDGYUFKROPiPD[V\QRY
5HSUH]HQWiFLDVWURPRY
DNRYKDOGHYMHGQRUR]PHUQRPSROL
NDGSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
SUYSUYRNMHNRUH
WUHEDHYLGRYDGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
SROHYUFKRORYLQIRLQGH[\GRSRDSUHDYpKRDSUDYpKRV\QD
SROHYUFKRORYNDGYUFKROPiVSiMDQ]R]QDPV\QRY
1'Y\VN~DMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiWUXNW~UDSUHELQiUQ\VWURP
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
OSVWURP
HQG
1'NRNRH[LVWXMHU{]Q\FKVWURPRY]ORHQFK]1YUFKRORY"
=iNODGQpDOJRULWP\
QDQDYWtYHQLHSRVWXSQHYHWNFKYUFKRORYQDSUYSLVKRGQ{W
SUH1YUFKRORYELQiUQ\VWURP1PRQFKSUHFKRGRYOHQQLHNWRUp]QLFKV~UR]XPQp !
DOJRULWP\SUHFKiG]DQLDYUFKROPLVWURPRY
3UHRUGHU
,QRUGHU
3RVWRUGHU
SURFHG~U\SUHRUGHULQRUGHUSRVWRUGHUNWRUpVSUDFXM~YUFKROSRGD]DGDQHMSURFHG~U\
SURFHGXUHSUHRUGHUVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
ZULWHVALQIR
^QDMSUYVSUDFXMYUFKRO`
SUHRUGHUVAO
SUHRUGHUVAS
HQG
HQG
SURFHGXUHLQRUGHUVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
LQRUGHUVAO
ZULWHVALQIR
LQRUGHUVAS
HQG
HQG
SURFHGXUHSRVWRUGHUVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
SRVWRUGHUVAO^VSUDFXMDYSRGVWURP`
SRVWRUGHUVAS^VSUDFXMSUDYSRGVWURP`
ZULWHVALQIR
^VSUDFXMYUFKRO`
HQG
HQG
3RXLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
YSLVMHGQHMKRGQRW\
DSURFHG~U\SUHRUGHULQRUGHUSRVWRUGHUNWRUpVSUDFXM~YUFKROSRGD]DGDQHMSURFHG~U\
SURFHGXUHSUHRUGHUSSURFVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
SVALQIR^QDMSUYVSUDFXMYUFKRO`
SUHRUGHUSVAO
SUHRUGHUSVAS
HQG
HQG
DOLHDOJRULWP\QDVWURPRFK
SRHWYUFKRORYVWURPX
1'SRHWOLVWRYSRHWYQ~WRUQFKYUFKRORYWMSRHWYHWNFKEH]OLVWRY
V~HWtVHOYRYUFKRORFKDNV~YRYUFKRORFKFHOptVOD
QHUHNXU]tYQDYHU]LD
KENDVWURPX
1'
QHUHNXU]tYQHKENDSRHWYUFKRORYSUHRUGHU
Y]GLDOHQRVQDMEOLLHKROLVWXRGNRUHDSO\WLQD
DOLHSRMP\
RWHF SUHGFKRGFDV\Q QDVOHGRYQtN
GYDVWURP\V~SRGREQpDNPDM~URYQDN~WUXNW~UXURYQDNWYDU
MHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNREVDKYUFKRORY
~URYQHNDGYUFKROYVWURPHPiVYRMX~URYHOHYHO
NRUHMHY~URYQL
MHKRV\QRYLDV~~URYQH
V\QRYLDYUFKROD~URYQH8PDM~~URYH8
YNDGHM~URYQL8MHPD[A8YUFKRORY
~SOQVWURP~URYQH8PiYNDGHM]~URYQt8PD[LPiOQ\SRHWYUFKRORY
QHHIHNWLYQ\
IXQFWLRQSRFHWVVWURPQLQWHJHU
EHJLQ
LIV QLOWKHQSRFHW
HOVHLIQ WKHQSRFHW
HOVHSRFHW SRFHWVAOQSRFHWVASQ
HQG
LIS!PD[WKHQPD[ S
LQFQ
XQWLOS
VLUND PD[
HQG
1'
JHQHURYDQLH~SOQpKRVWURPX
RtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]DYDGRSUDYD
Y\StWHYUFKRO\SR~URYQLDFK
SULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVRXSUHXEPLHVWR
%LQiUQ\Y\KDGiYDFtVWURP
YHWN\KRGQRW\QDDYRRGRWFDV~PHQLHDNRRWHF
YHWN\KRGQRW\QDSUDYRRGRWFDV~YlLHDNRRWHF
YHWN\SRGVWURP\V~WLH%96
YSLVLQRUGHURPY\StHXWULHGHQ~SRVWXSQRV
KDGDQLHYELQiUQRPY\KDGiYDFRPVWURPH
QHUHNXU]tYQHULHHQLH
HQG
YORHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
SURFHGXUHYOR]YDUVVWURPLLQWHJHU
EHJLQ
LIV QLOWKHQ
EHJLQ
QHZVZLWKVAGREHJLQLQIR LO QLOS QLOHQG
HQG
HOVHLIVALQIR LWKHQ^QLOHERVDQDLHO`
HOVHLIVALQIR!LWKHQYOR]VAOL
HOVHYOR]VASL
HQG
1'QHUHNXU]tYQ\YOR]
UXHQLHYUFKRODWDNDE\RVWDO%96
SURFHGXUH]UXVYDUVVWURPLSUYRN
EHJLQ
LIV QLOWKHQ^QL`
HOVHLIVALQIR!LWKHQ]UXVVAOL
HOVHLIVALQIRLWKHQ]UXVVASL
HOVHLIVAO QLODQGVAS QLOWKHQV QLO^FKEDGLVSRVH
`
HOVHLIVAO QLOWKHQV VAS
HOVHLIVAS QLOWKHQV VAO
HOVHVALQIR ]UXVPLQVAS^]SUDYpKRSRGVWURPXPLQLPiOQ\
SUYRN`
HQG
1'
UHDOL]RYDEH]UHNXU]LHQHWUHEDVWDFN
SUREOpPVGHJHQHURYDQPLVWURPDPL]iYLVtRGSRUDGLDYOR]
GDQiXWULHGHQiSRVWXSQRVY\WYRULRQDY\YiHQHMt%96
3RXLWLHELQiUQ\FKVWURPRY PDU
$OJHEUDLFNpVWURP\
ELQiUQ\VWURP
YRYQ~WRUQFKYUFKRORFKV~ELQiUQHRSHUiFLH
YOLVWRFKV~RSHUDQG\QDSUtVODDOHERLGHQWLILNiWRU\SUHPHQQFK
G{OHLWiYODVWQRVNDGYUFKROPiDOHERV\QRYQHP{HPDLED
VWURPDQDRSDN
DNVDVWURPY\StHSUHRUGHU!Y]QLNQHSUHIL[]iSLV
DNVDVWURPY\StHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLV
1'
LQWHUSUHWRYDDOJHEUDLFNVWURP
VNRQWUXRYDDOJHEUDLFNVWURPQDSU]SUHIL[RYpKR]iSLVX
9HREHFQpVWURP\
]NDGpKRYUFKRODXERYRQSRHWV\QRY
DNMH1iUQ\WM]NDGpKRYUFKRODPD[1YUFKRORYP{HPHKRUHSUH]HQWRYD
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
V\QDUUD\>1@RIVWURP
HQG
SUREOpP\SUHYHREHFQpVWURP\QHRKUDQLHQSRHWV\QRY
UHSUH]HQWiFLD
YNDGRPYUFKROHLQIRUPiFLD
VPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORQPRWFRP
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
V\QEUDWVWURP
HQG
WDNWRVDGiNyGRYDXERYRQDMYHREHFQVWURP
QRUPiOQHNRUHQHPiEUDWRYDNE\PDOYROiPHW~WRWUXNW~UXOHV
1'
KEND
YSLV
]LVWLLMHVWURPELQiUQ\SRHWOLVWRY
SUHNyGRYDELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLH
9HREHFQp]R]QDP\
]R]QDPVDVNODGi
DWyPQDSUVWULQJtVOR
SRVWXSQRVDWyPRYD]R]QDPRYDMSUi]GQD
UHSUH]HQWRYDEXGHPHSRGREQHDNRYHREHFQVWURP
W\SHW$WRP VWULQJ>@
Y]R] AYUFKRO
YUFKRO UHFRUG
W\SDW]R]
KRGW$WRP^DNMHWRDWRPWMW\S DW`
V\QGDOVLY]R]^DNMHWR]R]QDPWMW\S ]R]`
HQG
WRWRMHQHHIHNWtYQHOHERQLHNWRUpSRORN\EXGHPHY\XtYDOHQYVLWXiFLLNHW\S DWDLQHOHQ
NHW\S ]R]
SRXLMHPHNRQWUXNFLXUHFRUGFDVH
W\SHW$WRP VWULQJ>@
Y]R] AYUFKRO
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGW$WRP
]R]V\QGDOVLY]R]
HQG
3UtNODG
1DStPHWHVWRYDFtSURJUDPQDtWDQLHGREUpKRYHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHM
WUXNW~U\DMHKRYSLVYURYQDNRPWYDUH
W\SHY]R] AYUFKRO
W$WRP VWULQJ>@
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGSUYRN
]R]V\QGDOVLY]R]
HQG
SURFHGXUHVFDQ^WDQGDUGQVFDQHU`
YDURNERROHDQ
SURFHGXUH]QDN
EHJLQLIHROQWKHQ] HOVHUHDG]HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GR
EHJLQKRGQRWD KRGQRWD]]QDNHQG
OH[ DWRP
HQG
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
SURFHGXUHFLWDMYDUVY]R]
SURFHGXUHFLWDMFKYYDUVY]R]
EHJLQ
LIOH[ S]WKHQEHJLQV QLOVFDQHQG
HOVHLIOH[ NRQWKHQV QLO
HOVH
EHJLQ
QHZVVAW\S ]R]
FLWDMVAV\Q
FLWDMFKYVAGDOVL
HQG
HQG
EHJLQ
LIOH[ DWRPWKHQ
EHJLQ
QHZVVAW\S DWVAKRG KRGQRWDVFDQ
HQG
HOVHLIOH[ O]WKHQ
EHJLQ
QHZVVAW\S ]R]VFDQ
FLWDMVAV\Q
FLWDMFKYVAGDOVL
HQG
HOVHV QLO
HQG
SURFHGXUHFK\EDVVWULQJ
EHJLQZULWHOQVKDOWHQG
EHJLQ^KODYQSURJUDP`
ZULWH
"
]
VFDQFLWDMVUHDGOQ
LIV QLOWKHQZULWH
SUD]GQ\]R]QDPQLO
HOVHLIVAW\S DWWKHQZULWH
DWRP
HOVHLIVAV\Q QLOWKHQZULWH
SUD]GQ\]R]QDP
HOVHZULWH
]R]QDP
Y\SLVVZULWHOQ
UHDGOQ
HQG
1'
IXQNFLHSUHSUY\LW\SRVOHGQ\
NySLDSRHWDWyPRYSRHWYVN\WRY
SRURYQDQLHGYRFK]R]QDPRY
]DGHILQRYDWULHGXYHREHFQ]R]QDPVPHWyGDPL
NRQWUXNWRU\LQLWFLWDMYDUWWH[W
/H[LNRJUDILFNpVWURP\
YELQVWURPHNDGiFHVWDRGNRUHDGRXERYRQpKRYUFKRODMHGQR]QDQHUHSUH]HQWXMHWHQWR
YUFKROQDSU//3///33/R]QDXMHYUFKROVAOAOASAOAOAOASASAOSRGREQHVDGiR]QDRYD
XERYRQYUFKRODMY1iUQRPVWURPHSRXLMHPH1StVPHQDEHFHG\QDSU
D
N
OH[LNRJUDIVWURP\V~1iUQHVWURP\
NDGYUFKROUHSUH]HQWXMHSUYFK.]QDNRY]RVORYD.MHY]GLDOHQRVRGNRUHD
NRUHUHSUH]HQWXMHSUi]GQHVORYR
V\QRYLDNRUHDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDW
YLQIRSRORNHP{HPHUHSUH]HQWRYDLQIRUPiFLXU{]QHKRW\SXQDSUSRHWYVN\WRYGDQpKR
VORYDUHD]HFUHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQQ~WDEXNXVORYQDYVWXSH]DEHFHG\^DE`
QDMSUYY\WYRUtPHOH[LNRJUDILFNVWURPGRLQIRSRHWYVN\WRY
Y\StHPHFHVWXNQHQXORYPYUFKRORPDMVKRGQRWRX
W\SHOVWURP AYUFKRO
YUFKRO UHFRUG
SRFHWLQWHJHU
SDUUD\>
D
E
@RIOVWURP
HQG
SURFHGXUHSULGDMYDUOOVWURPVVWULQJ
EHJLQ
LIO QLOWKHQ
EHJLQ
QHZO
ZLWKOAGR
EHJLQSRFHW S>
D
@ QLOS>
E
@ QLOHQG
HQG
LIV
WKHQLQFOASRFHW
HOVHLIV>@LQ>
D
E
@WKHQ
SULGDMOAS>V>@@FRS\V
HOVHEHJLQZULWHOQ
FK\EQ\]QDN
KDOWHQG
HQG
EHJLQ
L
ZKLOHO!QLODQGL OHQJWKVGR
EHJLQ
O OAS>V>L@@LQFL
HQG
LIO QLOWKHQKODGDM
HOVHKODGDM OASRFHW
HQG`
SURFHGXUHY\SLVOOVWURPVVWULQJ
EHJLQ
LIO!QLOWKHQ
EHJLQ
LIOASRFHW!WKHQZULWHOQOASRFHW
V
Y\SLVOAS>
D
@V
D
Y\SLVOAS>
E
@V
E
HQG
HQG
YDUOOVWURP
EHJLQ^KODYQSURJUDP`
O QLO
SULGDMO
DEDD
SULGDMO
SULGDMO
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
^`
Y\SLVO
HQG
1'
SULGDMDMY\SLVV~UHNXU]tYQHVNRQWSDUDPHWURPW\SXVWULQJ !YHPLUFKORSUHWHLH]iVREQtN
SUHUREWHQDYDUSDUDPHWUH
SUHUREWHEH]UHNXU]LH
QiMVYUFKROSUHGDQpVORYRYRPMH]UHMPHSRHWYVN\WRYSUHGDQpVORYRDMQHUHNXU]tYQHOHQ
SRPRFRXZKLOH
GRURELSUH1SUYNRY~DEHFHGX
QDSU
D
M
iUQ\VWURP
QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
QiMV
VORYiGDQHMGN\
QDMNUDWLHQDMGOKLHVORYi
QDMNUDWLHVORYR]DtQDM~FHGDQPUHD]FRP
GNDQDMGOKLHKRVORYD KENDVWURPX
OH[LNRJUDILFNVWURPY\WYiUDYELQiUQRPV~ERUHQDPLHVWRVPHUQtNRYEXG~VHHNDGUHV\YLHW
QLO QDSU
SRPRFRXOH[VWURPXUHSUH]PQRLQ\VORY]QHMDNHMDEHFHG\QDPLHVWR32&(7EXGHLSDWUt !
RSHUiFLH]MHGQRWHQLDSULHQLNX
]DGHILQXMWHOH[VWURPDNRWULHGX
9\YiHQpVWURP\
Y\YiHQpEDODQVRYDQpVWURP\MHVQDKDXGUDSULEOLQHURYQDNRYHNpDYpDSUDYpSRGVWURP\
RSHUiFLHYOR]D]UXVV~WURFKXNRPSOLNRYDQHMLHDOHKODGDMMHVNRURRSWLPiOQ\
DNMH1YUFKRORYKENDMHSULEOLQH>ORJ1@WMVWDtSULQDMKRURPORJ1SRURYQDQt
Y\YiHQp$9/VWURP\PDM~KENXPD[LPiOQH ORJ1
SRXtYDM~WRPQRKp'%V\VWpP\QDKDGDQLHLQIRUPiFLH
KUXEiLGHD
V~WRELQiUQHY\KDGiYDFLHVWURP\
SRGVWURP\V~WLH$9/
UHDOL]iFLD
YNDGRPYUFKROHVDSDPlWiEDODQV UR]GLHOPHG]LDSSRGVWURPRPWMR
NRNRMHSUDYSRGVWURPDtDNRDY
WRWRVDY\XLMHSULYOR]D]UXVWDNDE\ERORVWiOH$9/DNSULGiYDPGRDHMYHWY\
PXVtPQLHRSUHKRGL
1'
)LERQDFFLKRVWURP\
ELQiUQ\VWURPYNWRURPNDGYQ~WRUQYUFKROPiEDODQV
)LERQDFFLKRVWURP~URYQH1VD]RVWURMtWDNWR
]REHULHPH)LERQDFFLKRVWURP\~URYQH1D1DWLHWR]DYHVtPHDNRDSSRGVWURP\N
QRYpPXNRUHX
~URYHMHQLO~URYHMHOLVW
WDNpWRW\S\VWURPRYVDSRXtYDM~QDWHVWRYDQLHU{]Q\FKW\SRYY\KDGiYDFtFKVWURPRYSUH$9/
MHWRQDMKRUtSUtSDGVWURPVKENRXORJ1
1'
]RVWURMWH)LERQDFFLKRVWURP~URYQH1
RtVOXMH)LERQDFFLKRVWURP~URYQH1tVODPLWDNDE\LQRUGHUEROXVSRULDGDQ
Y]RVWXSQH
7ULHGHQLD PDU
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
QDMKRULHDNpP{HE\
SRURYQiYDQLHGYRFKSUYNRYYHGDVHEDDGRPHQLHKRLQGH[XSRDLGHPHQt]QLFK
SRMHGQRPSUHFKRGHSRRPVDXULWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRDSRWRPRVWiYD
XWULHGL1SUYNRYSRDSRVOHGQMHXQDVYRMRPPLHVWH
IRUL QGRZQWRGR
IRUM WRLGR^SUHEXEOiYDQLH~VHNXL`
LID>M@!D>M@WKHQ
EHJLQ
S D>M@D>M@ D>M@D>M@ S^YPHQDOHERY
PHQRPLQGH[HYltSUYRN`
HQG
SRHWYPHQQ
Q
0D[6RUW
QiMGLY~VHNXPD[LPiOQ\SUYRNY\PHKRVSRVOHGQPSUYNRPVNUiWULHGHQpSROHRDW
IRUL QGRZQWRGR
EHJLQ
P
IRUM WRLGR
LID>M@!D>P@WKHQP M
LIL!PWKHQ
EHJLQ
[ D>P@D>P@ D>L@D>L@ [
HQG
HQG
SRURYQDQtMHURYQDNRDNR%XEEOH6RUWDOHPHQHMYPHQ
7ULHGHQLHYV~YDQtP,QVHUW6RUW
LVWiDVSRDMHXWULHGHQi]DUDQRYSUYRNQDVYRMHPLHVWR
IRUL WRQGR
EHJLQ^SUHGSRNODGLMHXWULHGHQ~VHNYVXD>L@WDNDE\RVWDO
XWULHGHQ`
M LW D>L@
ZKLOHM!DQGD>M@!WGR
EHJLQ^KDGDQLHYKRGQpKRPLHVWDSUHSUYRND>L@`
D>M@ D>M@GHFM
HQG
D>M@ W
HQG
SRXLOHQYNUDMQFKSUtSDGRFK
1'QiMGLWHYKRGQpPLHVWDYDOJRULWPRFKWDNDE\VDWULHGHQLD]REUD]RYDOL
3UtNODG
-HGDQELQiUQ\V~ERUVWXGHQWGDWNWRUpKRYHW\V~WHMWRWUXNW~U\
VWXGHQW UHFRUG
PHQRSULH]VWULQJ>@
QDUGDWXP
HQG
1DStWHSURJUDPNWRUQDtWDGDQV~ERUGRQHMDNHMGiWRYHMWUXNW~U\DSRWRPXWULHGLW~WRWDEXNX
Y]RVWXSQHSRGDSULH]YLVNDNV~URYQDNpSRGDPLHQDDNV~DMWLHURYQDNpYXWULHGHQHMWDEXNHEXGH
QDMSUYORYHNNWRUMHVWDUt9\StWHXWULHGHQ~WDEXNX
FRQVWPD[
W\SHGDWXP UHFRUGGHQPHVURNLQWHJHUHQG
VWXGHQW UHFRUG
PHQRSULH]VWULQJ>@
QDUGDWXP
HQG
WVWXGHQW UHFRUGSLQWHJHUVDUUD\>PD[@RIVWXGHQWHQG
SURFHGXUHFLWDMYDUWWVWXGHQW
YDUIILOHRIVWXGHQW
EHJLQ
DVVLJQI
VWXGHQWGDW
UHVHWI
ZLWKWGR
EHJLQ
S
ZKLOHQRWHRIIGR
EHJLQ
LQFS
UHDGIV>S@
HQG
HQG
HQG
SURFHGXUHY\SLVYDUWWVWXGHQW
YDULLQWHJHU
EHJLQ
ZLWKWGR
IRUL WRSGR
ZLWKV>L@QDUGR
ZULWHOQSULH]
PHQR
GHQ
PHV
URN
HQG
HOVHPHQVLGDW [PHV\PHV
HOVHPHQVLGDW [URN\URN
HQG
YDUWWVWXGHQW
EHJLQ^KODYQSURJUDP`
FLWDMW
ZULWHOQ
WDEXOND
Y\SLVW
ZULWHOQ
DXWULHGHQD
WULHGW
Y\SLVW
UHDGOQ
HQG
7ULHGHQLH]OXRYDQtP0HUJH6RUW
PHWyGDUR]GHXMDSDQXMWMDKLHVDXWULHGLPHQHMSRORLHNDNRYHD
DOJRULWPXV
SROHUR]GHOtPHQDGYHSULEOLQHURYQDNRYHNpDVWLSULQHSiUQRPSRWHMHMHGQDDV
YlLD
SRWRPVD]DREHUDMPHVNDGRX]WFKWRGYRFKDVWt]YOiDWRWDNPLVWPVS{VRERPWM
UR]GHOtPHMXQDGYHDVW
]QRYXYH]PLPHSUY~]QLFKDUR]GHPHMXQDGYHDWDNPQHGRVWDQHPH
MHGQRSUYNRYp~VHN\
MH]UHMPpHMHGQDSRORNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpDVWL
WHUD]SRXLMHPHGUXK~DVDOJRULWPX]O~HQLHGYRFKXWULHGHQFKDVWtWDNDE\DM
QRYRY]QLNQXWiDVERODXWULHGHQiWMGRVWiYDPHDVVGYRPDSRORNDPL
SRGREQHVDUR]GHOtD]O~LDMGUXKiDV]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~
GYRMSUYNRY~DV
WHQLVWDOJRULWPXV]O~HQLDGYRFKXWULHGHQFKDVWtSRXLMHPHDMWHUD]DGRVWiYDPH
XWULHGHQ~WYRUSUYNRY~DV
DOJRULWPXVVDEXGHRSDNRYDDNPQHEXGHXWULHGHQpFHOpSROH
KODYQSURJUDP
FRQVWQ
W\SH]R]QDP AYUFKRO
YUFKRO UHFRUGKLQWHJHUQH[W]R]QDPHQG
YDUSSRP]R]QDP
LMLQWHJHU
EHJLQ
ZULWHOQ
PHUJHVRUW
UDQGRPL]HS QLO
IRUL WRQGR^Y\WYRUHQLHMHGQRVPHUQpKRVSiMDQpKR]R]QDPX
GN\1VQiKRGQPLKRGQRWDPLSULGiYDQtPQD]DLDWRN
`
EHJLQ
QHZSRP
SRPAK UDQGRPSRPAQH[W SS SRP
HQG
Y\SLVS
PHUJHVRUWS
Y\SLVS
HQG
SURFHG~UDPHUJHVRUWVSUDFXMHFHO]R]QDPWDNHKRUR]GHOtQDGYHDVWLVSULEOLQHURYQDNP
SURFHGXUHPHUJHVRUWYDUS]R]QDP
YDUGUXKDSRO]R]QDP
EHJLQ
LIS!QLODQGSAQH[W!QLOWKHQ^DVSRSUYN\`
EHJLQ
UR]GHOSGUXKDSRO
PHUJHVRUWS
PHUJHVRUWGUXKDSRO
]OXFSGUXKDSROS
HQG
HQG
SURFHG~UDUR]GHOVDEXGHVQDLQiMVSRORYLFXFHOpKR]R]QDPXNWRUGRVWiYDFH]VPHUQtNSD
YUiWLGYD]R]QDP\VSULEOLQHURYQDNPSRWRPSUYNRYVWUHGVDEXGHKDGDWDNHSR]R]QDPH
EXG~SXWRYDGYDVPHUQtN\MHGHQSRMHGQRPNURNXDGUXKSRGYRFKDDNVDGUXKVPHUQtN
SUHSUDFXMHQDNRQLHF]R]QDPX]UHMPHSUYNWRULHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
SURFHGXUHUR]GHOYDUSGS]R]QDP
YDUVWUHGSRP]R]QDP
EHJLQ
VWUHG S
LIVWUHG QLOWKHQGS QLO^QHERORRGHOL`
HOVH
EHJLQ
SRP VWUHGAQH[W
ZKLOHSRP!QLOGR^SRNLDQLHMHQDNRQFL]R]QDPX`
EHJLQ
SRP SRPAQH[W^SRVXVDRMHGHQNURN`
LISRP!QLOWKHQ^HWHQLHVRPQDNRQFL`
EHJLQ
VWUHG VWUHGAQH[W^SRVXVWUHGRMHGHQNURN`
SRP SRPAQH[W^SRVXVDRGUXKNURN`
HQG
HQG
GS VWUHGAQH[W^YUiVPHUQtNQDSUYRNNWRUMHVWUHGQ`
VWUHGAQH[W QLO^]PRGLILNXMS{YRGQGOK]R]QDPQDSRORYLQ`
HQG
HQG
DNPiPHGREUHUR]GHOHQ]R]QDPQDGYHDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWR
GYHDVWL]O~LDWRWDNDE\DMQRYGOKt]R]QDPRVWDOXWULHGHQSURFHG~UD]OXFWHGD
SUHFKiG]DRERPD]R]QDPDPLDY\WYiUD]QLFKQRY
SURFHGXUH]OXFSS]R]QDPYDUS]R]QDP
YDUSRVO]R]QDP
EHJLQ
LIS QLOWKHQS S^DNMH]R]QDPSSUi]GQ\`
HOVHLIS QLOWKHQS S^DNMH]R]QDPSSUi]GQ\`
HOVH^RED]R]QDP\V~QHSUi]GQH`
EHJLQ
LISAK SAKWKHQ^Y\ULHPHSUYSUYRNQRYpKR]R]QDPX`
EHJLQ
S SS SAQH[W
HQG
HOVH
EHJLQ
S SS SAQH[W
HQG
SRVO S^Y\WYiUDMPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRF
VPHUQtNDSRVO`
ZKLOHS!QLODQGS!QLOGR^SRNLDVDQHPLQLHDVSR
MHGHQ]R]R]QDPRY`
^SULGiYDPHGRQRYpKR]R]QDPXWDNDE\RVWDOXWULHGHQ`
LISAK SAKWKHQ
EHJLQ
SRVOAQH[W SSRVO SS SAQH[W
HQG
HOVH
EHJLQ
SRVOAQH[W SSRVO SS SAQH[W
HQG
LIS QLOWKHQSRVOAQH[W S^Y\SUi]GQLOVD]R]QDPS`
HOVHSRVOAQH[W S^Y\SUi]GQLOVD]R]QDPS`
HQG
HQG
1'
XVSRULDGDYSROLSRPRFRXSRPRFQpKRSRDYHNRVWLQUHVSQ
XVSRULDGDYSROLEH]SRPRFQpKRSRDSULYHDSRVXQRYSRD
WULHGLELQiUQ\V~ERUVGYRPDSRPRFQPL
WULHGL]R]QDPSROHEH]UHNXU]LH
5FKOHWULHGHQLH4XLFN6RUW
YSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~L
WRWRWULHGHQLHY\WYiUD]R]QDP\WDNDE\XEROLGREUpDDE\VWDLORLEDLFKSRORL]DVHEDDDE\VD
LFKXWULHGHQRVWPWRQHSRND]LOD
YSUYRPNURNXVDMHGHQSUYRNY\EHULH]D3,927DYSULQFtSHWRP{HE\XERYRQ
SUYRNP\Y\EHUPHSUYSUYRN]GDQHMSRVWXSQRVWL
SRGDWRKWRSLYRWDUR]GHPHYVWXSQ~SRVWXSQRVSUYNRYQDGYHDVWLSULRPYSUYHM]
QLFKEXG~tVODPHQLHDNRSLYRWDYGUXKHMtVODYlLHDURYQpDNRSLYRWYQDMOHSRP]
SUtSDGRYVDSRVWXSQRVUR]GHOtQDGYHDVWLVSULEOLQHURYQDNPSRWRPSUYNRYY
QDMKRURPSUtSDGHYDN]UHMPHQDQXODSUYRNRYNWRUpEXGHWYRULSUY~DVDQDYHWN\
RVWDWQpSUYN\
SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULDVWLDVVMHGLQPSUYNRPNWRUPMH
SLYRWDVYNWRUHMV~SUYN\PHQLHDNRSLYRWDDVVSUYNDPLYltPLDOHERURYQPL
DNRMHSLYRW
SRWRPURYQDNPVS{VRERPXWULHGLPHGUXK~DVSUYN\PHQLHDNRSLYRWDWUHWLXDV
SUYN\YlLHDNRSLYRW
SRLFKXWULHGHQtGUXK~DWUHWLXDVSRORtPHYHGDVHEDSULRPSLYRWGiPHQDVSUiYQH
PLHVWR
SURJUDP
FRQVWQ
W\SHSROH DUUD\>Q@RILQWHJHU
YDUSSROH
LLQWHJHU
EHJLQ
ZULWHOQ
TXLFNVRUW
UDQGRPL]H
IRUL WRQGRS>L@ UDQGRP^QiKRGQHY\JHQHUXMSROH`
IRUL WRQGRZULWHS>L@
ZULWHOQ
TXLFNVRUWQ^XWULHSRPRFRXTXLFNVRUWXFHOpSROH`
IRUL WRQGRZULWHS>L@
ZULWHOQ
HQG
SURFHG~UDTXLFNVRUWMHUHNXU]tYQDDWULHGLDVSRDPHG]LLQGH[DPL]DNSULRPQDMSUYYROi
SURFHG~UXUR]GHOQDUR]GHOHQLHWHMWRDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVW
DOJRULWPXVQDDVWSRDSUHGLQGH[RPQDNWRURPMHSLYRWDQDDVSRD]DSLYRWRP
SURFHGXUHTXLFNVRUW]NLQWHJHU
YDULSLYRWLQWHJHU
EHJLQ
LI]NWKHQ^DVSRSUYN\`
EHJLQ
UR]GHO]NLSLYRW
TXLFNVRUW]LSLYRW
TXLFNVRUWLSLYRWN
HQG
HQG
RVWiYDHWHQDStVDSURFHG~UXUR]GHONWRUi]UHMPHGiYDSUYN\PHQLHDNRSLYRWQD]DLDWRNSRD
SUYN\YlLHDOHERURYQpDNRSLYRWQDNRQLHFSRDDSRVNRQHQtWRKWRXSUDWRYDQLDGiHWHSLYRW
QDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDUSLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]^SLYRWMHSUYSUYRN`
IRUL ]WRNGR^SUHMGLYHWN\SUYN\PHG]L]DN`
LIS>L@SLYRWWKHQ^SR]HUDQSUYRNSDWUtGRSUYHMDVWLSRD`
EHJLQ
^MHRMHGHQYLDFWDNFKRV~PHQLHDNRSLYRW`
LQFSPLQY\PHQSPLQL
HQG
SRPRFQiSURFHG~UDY\PHQY\PLHDKRGQRW\SUYNRYVGDQPLLQGH[DPL
SURFHGXUHY\PHQLMLQWHJHU
YDU[LQWHJHU
EHJLQ[ S>L@S>L@ S>M@S>M@ [LQFSYHQG
DNMHXWULHGHQpSROHWDNMH]YROHQQDMKRUtPRQSLYRWSUHWRVDQD]DUR]GHOSULGi
1'
WULHGLSROHEH]UHNXU]LH
WULHGLVSiMDQ]R]QDP
WULHGLELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
WULHGHQLHSRDKDOGRX
KDOGDDNMHRWHFQDLQGH[H,V\QRYLDQDPLHVWDFKVLQGH[DPL
,D
,SULRPSODWtHRWHF
PiYlLXKRGQRWXDNRKRFLNWRU]RV\QRYDREDSRGVWURP\V~RSlKDOG\SUHMHGQRGXFKRV
SUHGSRNODGiPHHYHWN\SUYN\SRDV~U{]QH
GYHIi]\
Y\WYRUHQLHKDOG\
YKDOGHMHNRUHWMSUYSUYRNQDMYltSUYRN]RYHWNFKMHKRYPHQDVSRVOHGQP
SUYNRPHWHQHXWULHGHQpKRSRDDQRYpXKDOGRYDQLH
FRQVWQ
YDUDDUUD\>Q@RILQWHJHU
LMPWSSSLQWHJHU
EHJLQ
ZULWHOQ
KHDSVRUW
UDQGRPL]H
IRUL WRQGRD>L@ UDQGRP
IRUL WRQGRZULWHD>L@
ZULWHOQ
KHDSVRUWQ
IRUL WRQGRZULWHD>L@
ZULWHOQ
HQG
SURFHGXUHKHDSVRUWQLQWHJHU
EHJLQ
Y\WYRUBKDOGXQ
L Q^EHUSRVWXSQHYHWN\SUYN\`
ZKLOHL!GR
EHJLQ^Y\PHQDSRVOHGQ]DWLDQHXWULHGHQWMLW\
SUYRN`
W D>@D>@ D>L@D>L@ W
GHFL^]PHQLUR]PHUVWURPX`
XSUDFBKDOGXL^RSUDYVWURPNRUHMHDVL]O`
HQG
HQG
SURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQPLGYRPDLQGH[DPLSRDWMSRMHM
VNRQHQtMHDVSRD.D0KDOGRXSULRPSURFHG~UDSUHGSRNODGiHDV.D0MHKDOGD
DOHWPHVPHSULGDOLSUYRNQDPLHVWR.PRKODVDKDOGD.D0SRND]LDSUHWRWUHEDSROH
]QRYXXKDOGRYDWM]DEH]SHLDE\DMSUHRWFD.SODWLORHPiRERFKV\QRYPHQtFKDNRRQ
ViPDNWRWDNQLHMHWUHEDKR]UHMPHY\PHQLVYltP]RV\QRYDSRVWXSRSDNRYDSUHWRKWR
V\QDDSUtVOXQSRGVWURP
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
^SUHGSRNODGiPHHRGNGRPWRXKDOGDMHSULGiPHNW\`
YDULWLQWHJHU
EHJLQ
W D>N@L NSRVXQLP
ZKLOHD>N@D>L@GR
EHJLQ
D>N@ D>L@N LD>N@ W
SRVXQLP^YLMHQRYYltV\Q`
HQG
HQG
SURFHGXUHY\WYRUBKDOGXQLQWHJHU
YDULLQWHJHU
EHJLQ
SRPRFQiSURFHG~UDSRVXQSRV~YDSUYSDUDPHWHUQDYlLHKRV\QD
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
^DNH[LVWXMHV\Q!QDVWDYtVDQDYlLHKR]QLFK`
EHJLQ
LIL PGLYWKHQ^DVSRMHGHQV\QH[LVWXMH`
EHJLQ
L
L^YLMHDYV\Q`
LILPDQGD>L@!D>L@WKHQL L
^SUDYV\QEROYltDSUHWRMHYLSUDYV\QLQDNRVWiYDYLDYV\Q
`
HQG
HQG
1'
WULHGHQLHLQGH[RYSRDSUHYHWN\PRQpWULHGHQLD
*UDI\ DSU
VNODGiVD]PQRLQ\YUFKRORY9 ^99`
]PQRLQ\KUiQ+KUDQDMHGYRMLFDYZNGHYZLQ9
DNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQJUDI
DNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQJUDI
]Qi]RUQHQLHJUDIXYUFKRO\V~NROHNi
KUDQ\V~VSRMRYQtN\DNRULHQWRYDQJUDIWDNtSN\
DSOLNiFLH
PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQJUDI
VXVHGLDFHWiW\REODVWL
VNXSLQDXGtNWRUtVDQDY]iMRPSR]QDM~
QHV~YLVOEH]F\NORYDF\NOLFN
QHV~YLVOVF\NORP
QRUPiOQ\VWURP DF\NOLFNRULHQWRYDQJUDIGRNDGpKRYUFKRODYHGLHKUDQD
RNUHPNRUHD]QHKR(FHVWDGRYHWNFKRVWDWQFKYUFKRORY
RULHQWRYDQJUDIVLOQHV~YLVODN]NDGpKR(FHVWDGRNDGpKR
VODERDNE\EH]RULHQWiFLHEROV~YLVO
LQIRUPiFLHYJUDIHYNDGRPYUFKROHSRGREQHDNRYVWURPH
QDSUY]GLDOHQRVPLHVWFHQDFHVWOtVWND
NRPSRQHQW
5HSUH]HQWiFLHJUDIX
D3ROHPQRtQVXVHGRY
]GHIJUDI PQRLQDYUFKRORYDSUHNDGYUFKROYLQ9(PQRLQD$Y
$YMHSRGPQ9PQRLQDVXVHGRY
W\SHYUFKRO\ PD[
W\SHJUDI DUUD\>YUFKRO\@RIVHWRIYUFKRO\
SUHQHRULHQWRYDQJUDIPXVtDMZLQJ>Y@YLQJ>Z@
SUREOpP\
OHQGRYUFKRORY
QHGDM~VDRKRGQRWHQpJUDI\WMLQIRQDKUDQiFK
LQIRRYUFKRORFKEXDNRQRYpSROHDOHERSROHJUDIMHSROHUHFRUGRY
E7DEXNDVXVHGQRVWt
W\SHJUDI DUUD\>YUFKRO\YUFKRO\@RIERROHDQ
RKRGQRWHQJUDI
W\SHYDKD ZRUG^]QDPHQiQHH[KUDQX!]QDPHQiKUDQXVGDQRXKRGQRWRX`
W\SHJUDI DUUD\>YUFKRO\YUFKRO\@RIYDKD
F3ROHVSiMDQFK]R]QDPRYVXVHGRY
W\SH]R]QDP AVXVHG
VXVHG UHFRUG
FPD[^SRUDGRYptVORYUFKRODVXVHGD`
^YDKD`
QH[W]R]QDP
HQG
JUDI DUUD\>PD[@RI]R]QDP
LQIRRYUFKRORFKDNRQRYpSROHDOHERSROHUHFRUGRY
G=R]QDP]R]QDPRYYUFKRORY
W\SHJUDI AYUFKRO^JUDIDNRVSiMDQ]R]QDPYHWNFKYUFKRORYJUDIX`
YUFKRO UHFRUG
VXV]R]QDP^]R]QDPVXVHGRY`
^LQIRLQIRUPiFLDRYUFKROH`
QH[WJUDI
HQG
]R]QDP AVXVHG^]R]QDPMH]R]QDPRPKUiQ]GDQpKRYUFKROD`
VXVHG UHFRUG^NDG]i]QDPUHSUH]HQWXMHMHGQXKUDQX`
SJUDI^VPHUQtNQDQLHNWRUYUFKROJUDIX`
^YDKD`
QH[W]R]QDP
HQG
$OJRULWP\SUHKDGiYDQLDJUDIX
SUHKDGiYDQLHVD]DQH]QHMDNpKRXERYRQpKRYUFKROX
NDGYUFKROPD[UD]DPRQRSUiYHUD]]DYLVtRGDSOLNiFLH
GRKEN\SRGREQHDNRSUHGRUGHUYVWURPRFK
GRtUN\DNRSR~URYQLDFKYVWURPRFK
SRPRFQpSROHQDSUHKDGiYDQLH
YDUYLVLWHGDUUD\>PD[@RIERROHDQ
LEROYUFKROQDYWtYHQ
P{HVDURELDMDNR
YDUYLVLWHGVHWRIPD[
'RKEN\
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG>Y@ WUXH
VSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
LIQRWYLVLWHG>Z@WKHQGRKOEN\Z
HQG
QHUHNXU]tYQH
SURFHGXUHGRKOEN\Y
YDUVVWDFN
EHJLQ
VLQLWVSXVKY
UHSHDW
KODYQSURJUDP
EHJLQ
IRUY WRPD[GRYLVLWHG>Y@ IDOVH
IRUY YHWN\YUFKRO\YJUDIHGR
LIQRWYLVLWHG>Y@WKHQGRKOEN\Y
HQG
OHQSUHQHRULHQWRYDQJUDI
'RtUN\
]PHQDQHUHNXU]tYQHKRDOJRULWPXSRPRFRXIURQWX
SURFHGXUHGRVLUN\Y
YDUTTXHXH
EHJLQ
TLQLWTDSSHQGY
UHSHDW
TVHUYHYYLVLWHG>Y@ WUXHVSUDFXMY
IRUZ YHWNFKVXVHGRYYGR
LIQRWYLVLWHG>Z@WKHQTDSSHQGZ
XQWLOTLVHPSW\
TGRQH
HQG
KODYQSURJUDPURYQDNDNRSULGRKOEN\
32=257HQWRSURJUDPWLHQLHMH~SOQHVSUiYQ\QLHNWRUYUFKROVDP{HVSUDFRYDYLDFNUiW3UHP\VOLWHD
RSUDYWHWR
1'
SUHYRG\UHSUH]HQWiFLt
SUHYRGELQiUQHKR1iUQHKRYHREHFQpKRVWURPXGRRULHQWQHRULHQWJUDIX
Y\NUHVOLJUDIYJUDISORFKHREUD]RYN\GDQpV~V~UDGQLFHYUFKRORY
U{]QHNRPSRQHQW\U{]Q\PLIDUEDPL
Y\JHQHURYDJUDIQDSUDFKRYQLFX1[1
YUFKRO\V~VXVHGQpSRGDSRK\EXNUiDNRD
QiMVQDMNUDWLXFHVWX]$GR%SRGDGN\FHVW\SRGDPLQKRGQRW\FHVW\
]LVWLLMHJUDIDF\NOLFNQiMVF\NOXV
SUHGDQpGYDJUDI\]LVWLLV~SRO\PRUIQpDY\NUHVOL]RGSRYHGDM~FHYUFKRO\
]LVWLNRVWUXJUDIX
3UHKDGiYDQLHVQiYUDWRP
EDFNWUDFNLQJ DSU
3UHKDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
PDWHPDWLFNpKODYRODP\
GiPQDDFKRYQLFLGRPHNMHGQPDKRPWLDYN{QDDFKRYQLFL
U{]QHSUREOpP\QDJUDIRFK
QiMVFHVWXVQDMPHQtPRKRGQRWHQtP]$GR%Y\KRGLPD[SRHWKUiQDE\
SRGREQHDNRSUHKDGiYDQLHJUDIXGRKEN\
HYLGXMHPHNGHVPHXEROLPRQRSRVWXSQHNRQWUXXMHPHULHHQLH
tPVN{UWUHEDUR]SR]QDHVPHVDY\GDOL]OPVPHURPDYUiWLVDQDQDMEOLLXRGERNX !
Y\VN~DLQVPHU
SULQiYUDWHYSUHKDGiYDQtWUHEDYUiWL]DHYLGRYDQVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQL
QHYROLGRVOHSHMXOLN\
YRYHREHFQRVWLMHWRYHPLQHHIHNWtYQ\DOJRULWPXVKUXEiVLODSRPRFRXNWRUpKRVDGiY\ULHL
GiPQDDFKRYQLFL[
UR]RVWDYLGiP\WDNDE\VDQDY]iMRPQHRKUR]RYDOLURYQRDMXKORSULHQH
]UHMPHYNDGRPULDGNXDVWSFLEXGHSUiYHMHGQD
DOJRULWPXVSUHKDGiYDQLD
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDBDK
LINRQLHFWKHQY\SLV
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIBEWBOJFTOWSBUPN CBDLUSBDLJOH
^Y\VN~DMQDVOHGRYQDKYHWN\PRQRVWL`
KODGDMQDVOHGRYQBDK
RG]QDBDK
HQG
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDUVLQWHJHU^VPXVtE\ORNiOQDDVWiFK\EDDNRVDODGt`
EHJLQ
]D]QDBDK^QDSUG>ULDGVWOS@ WUXH`
LIULDG 1WKHQY\SLV
HOVH^SUHULDGULDGRNYHWN\PRQRVWLVWSFD`
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDBDK^QDSUG>ULDGVWOS@ IDOVH`
HQG
9\OHStPHHYLGRYDQLHDKRY
KODYQSUREOpPMHHYLGRYDQLHXKORSULHRNYUR]PHUQRPSROLMHNRPSOLN
ERRORYVNpSROLDYRQVWSHFYRQpLNPpXKORSULHN\YRQpRSDQpXKORSU
XKORSULHNRYpSROLD
VWDUUD\>Q@RILQWHJHU
KODYQSURJUDPLQLFLDOL]XMH
DY\VN~DSRORLSUY~GiPXGRSUYpKRULDGNXQDYHWN\PRQpVWSFH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIBEWBOJFTOWSBUPN CBDLUSBDLJOH
EDFNWUDFNLQJRYiSURFHG~UD
SURFHGXUHKODGDMULDGVWOSE\WH
YDUVQ
EHJLQ
^]DSDPlWiPVLDKNYROLYSLVX`
VWOSHF>ULDG@ VWOS
^]D]QDtPREVDGHQpSROtND`
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDG
VWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
^SUHULDGULDGRNYHWN\PR]QRVWLVWSFD`
IRUV WRQGR
^LIP{HWKHQ`
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
^XYRQtPVWSHFDXKORSULHN\ !RG]QDtPDK`
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
1'
]Qi]RUXMWHSULHEHKEDFNWUDFNLQJX
QDREUD]RYNHEXGHDFKRYQLFDD]REUD]XMWHNODGHQLHDXEHUDQLHGiP
UR]RVWDYLPLQLPiOQ\SRHWGiPQDDFKRYQLFL1[1DE\RKUR]RYDOLYHWN\SROtNDDFKRYQLFH
'UXKYDULDQWULHHQLDGiPSRPRFRXEDFNWUDFNLQJX
EDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORLGiPXDOHOHQULDGRNDVDPDMX
Y\VN~DSRORLGRYHWNFKVWSFRYMHWRVNRURWRLVWpDNRSUHGWP
QDMSUYYRYHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYDKDOHOHQ~URYHYNWRUHMKDGiP
QRYDKKODGDMSRVWXSQHV~DYHWN\PRQpDK\YGDQHM~URYQL
SURFHGXUHKODGDM~URYH
YDU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIBEWBOJFTOWSBUPN CBDLUSBDLJOH
IRUDKYPRPHQWiOQHM~URYQLGR
LIPR]HDKWKHQ
EHJLQ
]D]QDBDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGRYQiB~URYH
RG]QDBDK
HQG
HQG
DSUHSUREOpPGiP
SURFHGXUHKODGDMULDGE\WH
YDUVWOSQ
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQ
EHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDG
VWOS@ WUXH
HQG
HQG
DKODYQSURJUDPEXGHPDLED
KODGDM
'RPHNMHGQPDKRP
QDNUHVOLGRPHNMHGQPDKRPD]LVWLYHWN\ULHHQLDQDNUHVOLQDREUD]RYNH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIBEWBOJFTOWSBUPN CBDLUSBDLJOH
GRPHN QHRULHQWRYDQJUDIVYUFKROPL
EXGHPHUHSUH]HQWRYDWDEXNRXVXVHGQRVWt
EDFNWUDFNLQJRYiSURFHG~UD
KODYQ\SURJUDPRNUHPLQLFLDOL]RYDQLDJUDILN\
JHQHU
1'
SURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYHWNFKULHHQtIDUHEQHUR]OLRYDSRUDGLHKUiQ
]REUD]XMWHSULHEHKEDFNWUDFNLQJX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIBEWBOJFTOWSBUPN CBDLUSBDLJOH
DNE\NUHVOLREVDKRYDODKDOWSURJUDPE\NRQLOSRQiMGHQtULHHQLDRSUDYWHJHQHUDE\SR
QiMGHQtQHMDNpKRULHHQLDVDOHQY\PRWDO]UHNXU]LHDVOXQHVNRQLOWHGDDE\PRKRO
SRNUDRYDKODYQSURJUDP
WLDYQDS~WL
KODYRODPWLDYQDS~WL
WLDYS{MGHYNDUDYiQHGQt
YHGHFN\VDXNi]DORHDNDYDSR]HUiQDGRSUDYQ~]QDNXFHOGHWDNVDMXQDXt
SUHWRQDPDORYDOLQD]DGN\WLDYU{]Q\FK]QDLHN
]QDLHNND]GGHMHMHGQDDYDYHG~FDDWiVDQLQHXt
DY\RtVOXMHPHDP{HPHSUHGSRNODGDHSUYGHLG~YSRUDGL
MHYHG~FD
GUXKGHP{HE\GUXKiYHG~FDDW
DY\YNDUDYiQDFKEXGHPH]QDLGRSRD3DUUD\>@RILQWHJHU
3>@SUYGH
YSROL%>LM@VL]DSDPlWiPHLVDMWDDYDPiHWHQDXL]QDNXQD]DGNXLWHMWUXH]QDPHQiH
HWHMXQHYLHDWHGDP{HtV]DRXWHGDLQLFLDOL]iFLD
EDFNWUDFNLQJRYiSURFHG~UD
JOREiOQDSUHPHQQi%5VHWRI1]DSDPlWiYDVLLVPHXYGDQGHSRXLOLGR
NDUDYiQ\SUtVOXQ~DYX
SURFHGXUHWDY\UVLQWHJHU^ULDGRNVWOSHF`
YDULLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIBEWBOJFTOWSBUPN CBDLUSBDLJOH
EHJLQ
LIV WKHQEU >U@^]DtQDPHQRY~NDUDYiQX`
IRUL WR1GR
LIE>S>UV@L@DQGQRWLLQEUWKHQ^DNP{H`
EHJLQ
S>UV@ L^]DSDPlWDM`
E>S>UV@L@ IDOVHEU EU>L@^]D]QDDK`
LIU 1DQGV 1WKHQY\SLV^DNNRQLHF`
HOVHLIV 1WKHQWDY\U
HOVHWDY\UV^LQDNDOLX`
E>S>UV@L@ WUXHEU EU>L@^RG]QDDK`
HQG
LIV WKHQEU >1@^SUiYHVPHVNRQLOLNDUDYiQX`
HQG
1'
Y\OHSLWHDOJWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXEROLSRVOHGQpDWHGDXQHP{XE\
SRVOHGQp^WHVWP{H` !YUD]QHWRXUFKOLSURJUDP
GRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
]LVWLWHSRHWULHHQtSUH1
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
Ukky backtrackingu na grafoch
8NiN\EDFNWUDFNLQJXQDJUDIRFK DSU
ORK\]RVN~N\]SUHGFKiG]DM~FLFKURNRY
9VNXPQ~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOW~GLXSUHDHQRVWLQLHNRNFKXOtFDNULRYDWLHNYPHVWH8OLFH
GRVWDOLFHORtVHOQpNODGQpRKRGQRWHQLDDKRGQRW\NULRYDWLHNVDSRWRPY\SRtWDOLDNRV~W\KRGQ{WXOtFNWRUp
YFKiG]DM~GRNULRYDWN\1HGRSDWUHQtPVDSRNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRtWDLSULRPVD]PDS\
RKRGQRWHQt]DFKRYDOLOHQKRGQRW\NULRYDWLHN9DRX~ORKRXEXGHQDStVDSURJUDPNWRUVDSRN~VLQiMVWDNp
RKRGQRWHQLHFLHVW]NWRUpKRVDSUHGWPPRKOLSRtWDKRGQRW\NULRYDWLHN
3UHGSRNODGiPHHSOiQPHVWDMHRKRGQRWHQQHRULHQWRYDQJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~NULRYDWN\
7HQWRJUDIMH]DGDQYELQiUQRPV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGNRXYLHWYNWRURPNDGiYHWDSRSLVXMH
MHGQXNULRYDWNX
SUYpGYDEDMW\V~RKRGQRWHQLHNULRYDWN\LQWHJHU
DOHMQDVOHGXM~EDMW\[RYHMDEDMW\\RYHMV~UDGQLFHXPLHVWQHQLHNULRYDWN\QDREUD]RYNH
]DWPQDVOHGXMH]R]QDPSRUDGRYFKtVHONULRYDWLHNVNWRUPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDP
EDMWRYXNRQHQQXORYRXKRGQRWRXSUYiNULRYDWNDYV~ERUHPiSRUDGRYptVOR
0{HWHSUHGSRNODGDHV~ERUMH]DGDQNRUHNWQHDQHREVDKXMHYLDFDNRNULRYDWLHN
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORRQDMSRKRGOQHMLH1DREUD]RYNHKRY\NUHVOLWHWDN
HYUFKRO\VDQDNUHVOLDPDOPNU~NRPVtVHOQPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDtVHOQp
RKRGQRWHQLHXOLFH+UDQ\QDNUHVOLWHHGRXIDUERX
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWH]DVWDYLNOiYHVRP(VF!
0{HWHSRXLOHQXQLW\&UWD*UDSK
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGQLNRYS{GRU\VYHNRVWL0[1MHGQRWNRYFKWYRUFRY9WHMWRKDOHVD
QDFKiG]DM~U{]QHVNULQHSROLFHVWURMHDLQpSUHNiN\NWRUpYG\]DEHUDM~QHMDN~REGQLNRY~REODVY]iNODGQHM
VLHWLKDO\3RGQLNN~SLOLVWLDFHKRURERWDNWRUPiREFKiG]DKDOXDSULWRPLVWLQHREVDGHQpDVWLKDO\.HH
URERWMHFLWOLYQDYOKN~GOiNXNWRU~SRVHEH]DQHFKiYDSULLVWHQtYSRGQLNXVDUR]KRGOLHNPVDWiWR]iYDGD
QHRGVWUiQLSRN~VLDVDSUHURERWDQDYUKQ~WDN~WUDVXDE\Y\LVWLOPD[LPiOQ\SULHVWRUDSULWRPGYDNUiWQHYVW~SLOQD
WHQLVWWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYELQiUQRPV~ERUHKDODGDWP{HWHSUHGSRNODGDHMH]DGDQNRUHNWQH
3UYpGYDEDMW\REVDKXM~YHNRVKDO\SRHWULDGNRYDVWSFRYWYRUFRYHMVLHWHQLHV~YlLHDNR=DWP
QDVOHGXM~YHW\DGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiN\YGYRFKEDMWRFKV~UDGQLFDDYpKRKRUQpKRWYRUFD
SUHNiN\ULDGRNVWSHFDYDOtFKGYRFKEDMWRFKYHNRVSUHNiN\SRHWULDGNRYDVWSFRY
9iSURJUDPQDMSUYQDtWDDY\NUHVOtKDOXQDREUD]RYNXWDNHVDQDNUHVOtWYRUFRYiVLHYHNRVMHGQRWNRYpKR
WYRUFDMHYNRQWDQWHSURJUDPX9DREVDGHQpSROtNDVDY\IDUELDWPDYRHGRXIDUERXDOHMVDDNiHSRXtYDWH
P\RX]DGiWDUWRY~SR]tFLXURERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtNRSURJUDPStSQHDDNiQRYp
NOLNQXWLHWDUWRY~SR]tFLXQHMDNRIDUHEQHY\]QDWH3URJUDPE\VDPDOGDSULDNDQtQDNOLNQXWLH]DVWDYL
NOiYHVRP(VF!
9MHNRQWDQWDSURJUDPXQDSUFRQVW9
0{HWHSRXLOHQXQLW\&UW*UDSKD0\V8QLW
9MHGQRPDGUHViULQDGLVNXVPHQDOLQLHNRNRGiWRYFKV~ERURYNWRUpSRSLVXM~QHMDNpQHRULHQWRYDQpJUDI\5DGL
E\VPHRGYRFKJUDIRFK]LVWLOLLV~WRU{]QHJUDI\DOHERV~VLQDY]iMRPSRGREQpL]RPRUIQp1DStWHSURJUDP
NWRUQDtWDGYDELQiUQHV~ERU\SRSLVXM~FHGYDJUDI\Y\NUHVOtLFKQDREUD]RYNHD]LVWtRQLFKLV~DOHERQLHV~
L]RPRUIQp7MSURJUDPVDSRN~VLQiMVWDNpSULUDGHQLHPHG]LYUFKROPLWFKWRJUDIRYH]RGSRYHGDM~FHYUFKRO\
PDM~URYQDNFKVXVHGRY]UHMPHE\REDJUDI\PDOLPDURYQDNSRHWYUFKRORY
1DKDGDQLHMHGQR]QDQpKRSULUDGHQLDPHG]LYUFKROPLJUDIXSRXLWHDOJRULWPXVSUHKDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUE\PRKROSUDFRYDQDSUWDNWRSRN~VLPHVDSUYpPXYUFKROX*SULUDGLQHMDNYUFKRO]*
PXVtPDURYQDNSRHWVXVHGRYSRWRPGUXKpPXYUFKROX*QHMDN]*NWRUHWHQHEROSULUDGHQDPi
URYQDNSRHWVXVHGRYDW3ULWRPSRNDGRPNURNXEDFNWUDFNLQJXWUHEDNRQWURORYDLSRGJUDI\REVDKXM~FHY
*DY*XY\EUDQpYUFKRO\V~L]RPRUIQpPQRLQ\LFKVXVHGRYV~]KRGQp
3URJUDPQDMSUYQDtWDGYDELQiUQHV~ERU\LFKPHQiEXG~GHILQRYDQpYNRQWDQWiFKSURJUDPXVXERUDVXERU
Y\NUHVOtLFKQDRED]RYNXDVSXVWtDOJRULWPXVEDFNWUDFNLQJ3ULHEHKDOJRULWPX]Qi]RUXMWHQDREUD]RYNH
PRPHQWiOQHSULUDGHQpYUFKRO\VSRMWHQDY]iMRP~VHNDPLQHMDNHMIDUE\3RVNRQHQtDOJRULWPXSURJUDPY\StH
VSUiYXEX*UDI\V~L]RPRUIQpDOHER*UDI\QLHV~L]RPRUIQp9SUtSDGHHSURJUDPQDLHOL]RPRUIL]PXV
SRQHFKiSUtVOXQpGYRMLFHYUFKRORYVSRMHQp~VHNDPLVWDtQiMVMHGQRULHHQLH
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGNRXYLHWDPDM~QDVOHGRYQ~WUXNW~UX
NDGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
YHWD]DtQDGYRMLFRXFHOFKtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
]DWPQDVOHGXMHSRHWVXVHGQFKYUFKRORYE\WH
YUFKROJUDIXPitVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYV~PHQLHDNRDWHGDFHOREUi]RNJUDIXYRMGHQDSRORYLFXREUD]RYN\3UYQDtWDQ
JUDIY\NUHVOLWHQDS{YRGQFKV~UDGQLFLDFKYUFKRORYGUXKJUDISRVXWHRGRSUDYD9UFKRO\JUDIRY]REUD]WH
PDOPLNROHNDPLKUDQ\~VHNDPLQDSUELHOHMIDUE\*UDI\UHSUH]HQWXMWHYSDPlWLWDNDE\VDYiPVQLPLGREUH
SUDFRYDOR
9V~ERUHQHPXVLDE\YHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRNRPiE\JUDIQHRULHQWRYDQ]DEH]SHWH
VSUiYQXUHSUH]HQWiFLXJUDIP{HREVDKRYDDYUFKRORY0{HWHSUHGSRNODGDHV~ERU\V~NRUHNWQp
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(VF!
0{HWHSRXLOHQXQLW\&UWD*UDSK
7HVW]SURJUDPRYDQLD]RNURNX DSU
%RGRYDQLH
V~HW
PD[
SULHPHU
9SUYNRYRPFHORtVHOQRPSROLPiPHXORHQ~KDOGX
'DQMHDULWPHWLFNYUD]]DStVDQYSRVWIL[RYRPWYDUH
1DNUHVOLWH]RGSRYHGDM~FLDULWPHWLFNVWURPYRYQ~WRUQFKYUFKRORFKV~RSHUiFLHYOLVWRFK
RSHUDQG\
9HREHFQp]R]QDP\V~GHILQRYDQpGiWRYRXWUXNW~URX
W\SHW$WRP FKDU
Y]R] AYUFKRO
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGW$WRP
]R]V\QGDOVLY]R]
HQG
1DVOHGRYQiSURFHG~UD]PHQLFKPRGLILNXMH
SURFHGXUH]PHQ]Y]R]
YDUSY]R]
EHJLQ
LI]!QLODQG]AW\S ]R]WKHQ
LI]AGDOVL QLOWKHQ]PHQ]AV\Q
HOVH
EHJLQ
S ]AV\Q]AV\Q ]AGDOVLAV\Q]AGDOVLAV\Q S
]PHQ]AV\Q]PHQ]AGDOVLAGDOVL
HQG
HQG
D1DStWHDNRVD]PHQtYVWXSQYHREHFQ]R]QDP
3URFHG~UDSULGDMSULGiYDYUFKRO\GRiUQHKRVWURPXSRGREQPVS{VRERPDNRVDWRUREtY
OH[LNRJUDILFNRPVWURPH
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRZRUG
V\QDUUD\>@RIVWURP
HQG
SURFHGXUHSULGDMYDUVVWURP[\ZRUG
EHJLQ
LIV QLOWKHQ
EHJLQ
QHZVVALQIR
VAV\Q>@ QLOVAV\Q>@ QLOVAV\Q>@ QLO
HQG
LI[ WKHQVALQIR \
HOVHSULGDMVAV\Q>[PRG@[GLY\
HQG
DOHMV~GDQpGHNODUiFLHDDVSURJUDPX
YDUVVWURP
LZRUG
EHJLQ
V QLOIRUL WR1GRSULGDMVLL
D1DNUHVOLWHVWURPSUH1
E.RNRYHWNFKDQHQXORYFKYUFKRORYPiVWURPSUH1 "
F$NiMHKENDVWURPXSUH1 "
%LQiUQ\Y\KDGiYDFtVWURPY]QLNROSRVWXSQPSULGiYDQtPYUFKRORY]DDOLVPHRGSUi]GQHKR
VWURPXYWRPWRSRUDGt
D1DNUHVOLWHWHQWRVWURP
'DQiMHQDVOHGRYQiGHNODUiFLDQHRULHQWRYDQpKRJUDIXDSURFHG~UDSUHKDGiYDM~FDJUDIGRKEN\
FRQVWQ
JUDIDUUD\>Q@RIVHWRIQ
>@>@>@>@>@>@>@>@>@
YDUYLVVHWRIQ^PQRLQDQDYWtYHQFKYUFKRORYQD]DLDWNX
>@`
SURFHGXUHGRKOEN\LLQWHJHU
YDUMLQWHJHU
EHJLQ
YLV YLV>L@ZULWHL
IRUM WRQGR
LIQRWMLQYLVDQGMLQJUDI>L@WKHQ
GRKOEN\M
HQG
=LVWLWHDNPYUFKRORPPXVHOR]DtQDSUHKDGiYDQLHGRKEN\NHVNRQLORYRYUFKROH
1DStWHW~WRSRVWXSQRVQDYWHYRYDQFKYUFKRORY
'DQiMHSRVWXSQRVVORY
PDPDPDHPXDHPDPDPDPXXPPHPXPHDPPHPHPH
1DNUHVOLWHSUtVOXQOH[LNRJUDILFNVWURPSUHDEHFHGX^DHPX`QDKUDQ\VWURPX]DStWH
SUtVOXQpStVPHQRGRYUFKRORYSRHWYVN\WRYSUtVOXQpKRSRGUHD]FD
SURFHGXUHEDFNLMLQWHJHU
EHJLQ
LIL 1DQGM 0WKHQLQFS
HOVHLILLQ>1@DQGMLQ>0@DQGD>LM@
WKHQ
EHJLQ
D>LM@
EDFNLM
EDFNLM
EDFNLM
D>LM@
HQG
HQG
EHJLQ
ILOOFKDUD1
0D>@ S
EDFN
ZULWHOQS
HQG
'DQMHELQiUQ\VWURPWRKRWRWYDUX
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRZRUG
V\QEUDWVWURP
HQG
D=LVWLWHDNYVOHGRNYUiWLSUHGDQVWURP
E=NWRUpKRYUFKROXVWURPXWUHED]DDSUHNWRUSRGVWURPDE\EROYVOHGRNPD[LPiOQ\"
F9VWURPHRSUDYWHMHGHQYUFKROtVHOQ~KRGQRWXWDNDE\YVOHGRNIXQNFLHSUHFHOVWURPERO
7HVW]SURJUDPRYDQLDYNURNX PiM
%RGRYDQLH
V~HW
PD[
SULHPHU
%LQiUQ\VWURPVFHORtVHOQPLYUFKROPLVDDOJRULWPRP35(25'(5Y\StVDO
.WRUp]QDVOHGRYQFKSRVWXSQRVWtVDPRKOLY\StVDDOJRULWPRP,125'(5]WRKRLVWpKR
VWURPX"
D
E
F
G
H
tVOD]DNUHVOLWHGRELQiUQHKRY\KDGiYDFLHKRVWURPXPLQLPiOQHMKEN\WDNDE\YNRUHQLVWURPX
ERORRQDMYlLHtVOR
'DQSURJUDPQLHR]LVXMHQDQHRULHQWRYDQRPRKRGQRWHQRPJUDIHSRPRFRXSUHKDGiYDQLDVQiYUDWRP
YDUJDUUD\>QQ@RIFKDU
LSLQWHJHU
SURFHGXUHEDFNWUDFNLLQWHJHUVVWULQJ
YDUMLQWHJHU
EHJLQ
LIV
WKHQLQFS
HOVHIRUM WRQGR
LIJ>LM@ V>@WKHQ
EHJLQ
J>LM@
J>ML@
EDFNWUDFNMFRS\V
J>LM@ V>@J>ML@ V>@
HQG
HQG
EHJLQ
^QDFLWDQLHJUDIX`
S
IRUL WRQGREDFNWUDFNL
DDEDFF
ZULWHOQS
HQG
1DNUHVOLWHJUDIVSLDWLPLYUFKROPLDRQDMPHQtPSRWRPKUiQWDNDE\GDQSURJUDPY\StVDOtVOR
91SUYNRYRPFHORtVHOQRPSROLPiPHXORHQ~KDOGX1HGRSDWUHQtPVDGYDSUYN\QDY]iMRPY\PHQLOL
9\PHWHLFK
'DQMHDULWPHWLFNYUD]]DStVDQYLQIL[RYRPWYDUH
1DNRNRYRPFKEDM~RNU~KOH]iWYRUN\DQHSRtWDPHVSULRULWRXRSHUiWRURYPRQRWHQWR
DULWPHWLFNYUD]LQWHUSUHWRYDU{]Q\PLVS{VREPLMHPRQp]QHKRY\WYRULYLDFU{]Q\FK
DULWPHWLFNFKVWURPRYNWRUFKYSLVLQRUGHURPYUiWL]DGDQYUD]1DStWHYHWN\YUD]\Y
SUHIL[RYRPWYDUHNWRUp]RGSRYHGDM~YHWNPPRQPLQWHUSUHWiFLiPGDQpKRLQIL[RYpKRYUD]X
9HREHFQp]R]QDP\V~GHILQRYDQpGiWRYRXWUXNW~URX
W\SHW$WRP FKDU
Y]R] AYUFKRO
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGW$WRP
]R]V\QGDOVLY]R]
HQG
)XQNFLDXSUDYGRVWiYDDNRSDUDPHWUHVPHUQtNQDYHREHFQ]R]QDPDFHOptVOR
IXQFWLRQXSUDY]Y]R]QE\WHY]R]
YDU]]]Y]R]
EHJLQ
LI] QLORUQWKHQXSUDY QLO
HOVHLI]AW\S DWWKHQ
LIQ WKHQXSUDY ]HOVHXSUDY QLO
HOVH
EHJLQ
] XSUDY]AV\QQ] XSUDY]AGDOVLQ
LI] QLOWKHQXSUDY ]
HOVH
EHJLQ
QHZ]]AW\S ]R]
]AV\Q ]]AGDOVL ]
XSUDY ]
HQG
HQG
HQG
=LVWLWHDNpYHREHFQp]R]QDP\YUiWLYRODQLHXSUDYVR]R]QDPRP
V DEFGHIJ
DXSUDYV
EXSUDYV
9VOHGRNY\StWHYWH[WRYRPWYDUH
3UHiUQ\OH[LNRJUDILFNVWURPMHGHILQRYDQiSURFHG~UDYVXQNWRUiYVXQLHQRY~KRGQRWXGRVWURPX
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
KORQJLQW
QDUUD\>@RIVWURP
HQG
SURFHGXUHYVXQYDUVVWURPNORQJLQW
YDULLQWHJHU
EHJLQ
LIV QLOWKHQ
EHJLQ
3UHGSRNODGDMPHHGRSUi]GQHKRVWURPXVPHSRVWXSQHYVXQXOLtVOD
D.RNRYUFKRORYEXGHPDWHQWRVWURP"
E.RNROLVWRYEXGHPDWHQWRVWURP"
'DQMHOH[LNRJUDILFNVWURPYNWRURPNyGXMHPHSRHWYVN\WRYVORYQDGDEHFHGRX^DEF`
D.RNRU{]Q\FKVORYMH]DNyGRYDQFKYVWURPH"
E9\StWHYHWN\U{]QHVORYiNWRUpVDYVWURPHY\VN\WXM~DVSRNUiW
F9\StWHYHWN\U{]QHVORYiYVWURPHNWRUpQHREVDKXM~StVPHQR
F
G9\StWHYHWN\GYRMStVPHQRYpVORYiNWRUpVDQHY\VN\WOLDQLUD]
/RJLFNiIXQNFLD]LVWLYUiWLSUHELQiUQ\VWURPWUXHDNYRPH[LVWXMHDVSRMHGQDGYRMLFDU{]Q\FK
YUFKRORYVURYQDNRXLQIRUPDQRXDVRX'RSOWHFKEDM~FXDVSURJUDPX
W\SHVWURP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNOSVWURPHQG
EHJLQ
]LVWL ]LVWLVQLO
HQG
1DVOHGXM~FDSURFHG~UDY\SLVXMHYUFKRO\QHRULHQWRYDQpKRJUDIXPHWyGRXGRtUN\
SURFHGXUHGRVLUN\YYUFKRO
YDUZYUFKRO
TTXHXH
EHJLQ
TLQLWDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLVLWHG>Y@WKHQ
EHJLQ
YLVLWHG>Y@ WUXH
ZULWHY
IRUZ WR1GR
LI*>YZ@WKHQ
TDSSHQGZ
HQG
XQWLOTLVHPSW\
TGRQH
HQG
SULRPJUDIMHSRStVDQWDEXNRXVXVHGQRVWt*>YUFKROYUFKRO@RIERROHDQ=LVWLWHDN~SRVWXSQRV
Y\StHSURFHG~UDGRVLUN\DNVPHMX]DYRODOL
DVSRLDWRQPYUFKRORP
EVSRLDWRQPYUFKRORP
FVSRLDWRQPYUFKRORP
GVSRLDWRQPYUFKRORP
7DEXNDSURFHG~UDIXQNFLtSUHU{]QHW\S\V~ERURY
WH[W ILOHRIYHWD ILOH
DVVLJQ
UHVHW OHQQDtWDQLH DMtW]iS DMtW]iSGNDYHW\
UHZULWH OHQQD]iSLV DMtW]iS DMtW]iSGNDYHW\
FORVH
HRI
HROQ
VHHNHRI
VHHNHROQ
U{]QHW\S\SUHP
UHDG OHQSUHPHQQiW\SXYHWD
!NRQYHU]LD]FKDU
U{]QHW\S\SUHP
UHDGOQ
!NRQYHU]LD]FKDU
EORFNUHDG XERYRQiSUHPHQQi
U{]QHW\S\YUD]RY
ZULWH OHQSUHPHQQiW\SXYHWD
!NRQYHU]LDQDFKDU
U{]QHW\S\YUD]RY
ZULWHOQ
!NRQYHU]LDQDFKDU
EORFNZULWH XERYRQiSUHPHQQi
ILOHVL]H
ILOHSRV
VHHN
WUXQFDWH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTUBCVMLB@TVCPSPWIUN<>
http://www.delphi.input.sk/archiv/pascal.ls/tabulka.txt
9VOHGN\WHVWX]3URJUDPRYDQLD
632/8
$PEU0LFKDOL
$UEHW0LFKDOL
JK0DUHNL
%DFKRY%DUERUDL
%DUWHN3HWHUL
%EHO3DYROL
%HQN7RPL
%HQHV=VROWL
%HR3HWHUL
%RGN3HWHUL
%RWW5RODQGL
%UXFKWHU3HWHUL
%XUJHU%RULVL
HUQ3DYROL
LPRY.DWDUQDL
(LIOHU0DUWLQL
)DNRYHF0DUFHOL
)DUNDV*DEULHOL
*UHEH%UDQLVODYL
+DDQ0LORL
+RPROD-XUDML
+RUN3HWHUL
+XGHF3HWHUL
,UPDQ9ODGLPUL
-DEORQRYVN'YLGL
-DR0LURVODYL
-DXUD2QGUHML
.DOD0DWL
.RHQHN-QL
.RYLN-QL
.RYLN0DUWLQL
.RYURY0LODGDL
.XEDOD0LODQL
.XEQL3HWHUL
.\VHOLFD0LFKDOL
/HQ5EHUWL
/RPDQ-OLXVL
/XHQL0DWHML
/OH\/DGLVODYL
0DURN-QL
0DUWYR%RULVL
0H]HL0LFKDOL
0LQWO$QGUHML
0RNR0DUWLQL
1DYDULN0DWL
1LN0DULDQL
1RYRWQ5DVWLVODYL
2NDMN0DUWLQL
2QGUND3HWHUL
2UDYHFWHIDQL
3DLO7RPL
3DXGLW7RPL
3DXHU5RPDQL
3DYOVHN3DYHOL
3OII\2QGUHML
3HWUX/DGLVODYL
3RORYNRY3HWUDL
3RUWH3HWHUL
3RWRN7RPL
5DIDM3HWHUL
6DER0DUWLQL
6RODQL-DURVODYL
6WDULQVN-XUDML
6]LQHN3HWHUL
6]ORYN$WWLODL
WXUF-DNXEL
XSD3DYROL
7UL]QD-XUDML
7XLQVN9ODGLPUL
8UVQ\-XUDML
9DUJD5RPDQL
9\Q0DUWLQL
:DOO-QL
=KUDGQ'DULQDL
LDN3HWHUL
6]DUND7RPLE
%DUWHOW5LFKDUGX0,
%H3HWHUX0,
&DJDUGD0LFKDOX0,
&LEXOND7RPX0,
L]PD]LD0LFKDOX0,
XUL-QX0,
)UDDVRY-DQDX0,
)XUGD5LFKDUGX0,
+DQ]HO3HWHUX0,
+XGHF0DUWLQX0,
+\EHQ-DURVODYX0,
.DGF0LFKDOX0,
.DUDERY0LORVODYDX0,
.RKDQRY,YHWDX0,
0DUWLQHF0DUWLQX0,
0HGR-QX0,
3OHYD%UDQLVODYX0,
5DGYDQVN0DUHNX0,
6LWWD7RPX0,
6ODYNRY0ULDX0,
6]HNXOD5EHUWX0,
WXJHO3DYROX0,
9UEN,YDQX0,
9ERK0DULQX0,
=DIND$QGUHMX),
0$;,0$/,67$
35,(0(5
6N~ND]SURJUDPRYDQLDSUHL0,D), GRREHGD
90RQJROVNXV~SUH]LGHQWVNpYRE\YSOQRPSU~GH2EDMDSUH]LGHQWVNtNDQGLGiWLPDM~DEVROYRYDSUHGYROHEQpWXUQp
1DNRNRPDM~Y]iMRPQ~DYHU]LXYROHEQiNRPLVLDUR]KRGODHNDG]QLFKQDYWtYLQDRNUXQRPYMD]GHURYQDNSRHW
RViGSULRPLDGQXRVDGXSRDVVYRMKRWXUQpQHQDYWtYLDREDMDNDQGLGiWL
9WHUPLQROyJLLGiWRYHMWUXNW~U\JUDIE\VPHPRKOLSRYHGDHYROHEQiNRPLVLDVDSRN~VLQiMVQDQHRULHQWRYDQRPJUDIH
GYDRQDMYlLHGLVMXQNWQpF\NO\SULRPREDPXVLDE\URYQDNRGOKp3UHGSRNODGDMPHHF\NOXVE\PDOPDDVSR
YUFKRO\
V~UDGQLFHRVDG\QDREUD]RYNHGYHFHOptVODLQWHJHU
SRVWXSQRVtVHOE\WHVXVHGLDFLFKRViGXNRQHQiKRGQRWRXRVDG\V~RtVORYDQpYSRUDGtYLHWYV~ERUH
1H]DEXGQLWHHNHHMHJUDIQHRULHQWRYDQDH[LVWXMHKUDQD>99@PXVtH[LVWRYDDMKUDQD>99@YV~ERUHWRWDN
QHPXVtE\*UDIVLP{HWHQHMDNRLNRYQHUHSUH]HQWRYDYSDPlWL
0{HWHSUHGSRNODGDHRViGQLHMHYLDFDNRDWLHHV~ERUMHNRUHNWQ
3ULHEHKDOJRULWPX]Qi]RUXMWHQDREUD]RYNHY\IDUEXMWHPRPHQWiOQH]RVWURMHQpFHVW\GYRPDU{]Q\PLIDUEDPLDWRSRGD
WRKRLVD]RVWDYXMHFHVWDSUHSUYpKRNDQGLGiWDDOHERSUHGUXKpKR
$NSURJUDPQiMGHULHHQLHWDN]DVWDQHY\StHRWRPVSUiYXDDNiQD(VF!$NSURJUDPQHQiMGHLDGQHULHHQLHWLHR
WRPY\StHVSUiYX3URJUDPE\VDPDOGDYXERYRQRPPRPHQWH]DVWDYLNOiYHVRP(VF!
0{HWHSRXLOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ND]SURJUDPRYDQLDSUHL0,D), SRREHGH
9iSURJUDPQDMSUYQDtWD]ELQiUQHKRV~ERUXRNUHV\GDW~GDMHRWRPYNRNFKRNUHVRFKY\KUiYDM~MHGQRWOLYtNDQGLGiWL
WMDNMHSRHWYODMRLHNSUtVOXQHMIDUE\DWLHRGYRMLFLDFKRNUHVRYVURYQDNRXYODMRNRXWUXNW~UDV~ERUXMH
QDVOHGRYQiYHW\V~SUHPHQOLYHMGN\
XNRQHQiGYRMLFRX
SRVWXSQRVGYRMtFRNUHVRYLFKSRUDGRYFKtVHOY]R]QDPHV~UDGQtFV~W\SXE\WHNWRUpPDM~URYQDN~IDUEX
YODMRN\WMURYQDNpKRPRPHQWiOQHYtD]LDFHKRNDQGLGiWD
0{HWHSUHGSRNODGDHRNUHVRYQLHMHYLDFDNRDWLHHV~ERUMHNRUHNWQ
1H]DEXGQLWHHNHHMHJUDIQHRULHQWRYDQDH[LVWXMHKUDQD>99@PXVtH[LVWRYDDMKUDQD>99@YV~ERUHWRWDN
QHPXVtE\*UDIVLP{HWHQHMDNRLNRYQHUHSUH]HQWRYDYSDPlWL
$NSURJUDPQiMGHULHHQLHWDN]DVWDQHY\StHRWRPVSUiYXDDNiQD(VF!$NSURJUDPQHQiMGHLDGQHULHHQLHWLHR
WRPY\StHVSUiYX3URJUDPE\VDPDOGDYXERYRQRPPRPHQWH]DVWDYLNOiYHVRP(VF!
0{HWHSRXLOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ND]SURJUDPRYDQLDSUHL0,D), GRREHGD
%OtLDVDSUH]LGHQWVNpYRE\DPLQLVWHUVWYRYQ~WUDGRVWDOR]D~ORKX]DEH]SHLXPLHVWQHQLHYROHEQFKFHQWLHUWDNDE\PDO
NDGYROLQDMEOLLXYROHEQ~PLHVWQRVYRY]GLDOHQRVWLGRNP1DNRNRWUHEDPD[LPiOQHHWULWiWQHSURVWULHGN\
WUHEDPLQLPDOL]RYDDMSRHWYROHEQFKFHQWLHU'RVWDOLVPH~ORKXQDStVDSURJUDPNWRU]ELQiUQHKRV~ERUXYROE\GDW
QDtWDUR]ORHQLHREFtDY]GLDOHQRVWLPHG]LQLPLDQD]iNODGHWHMWRLQIRUPiFLHQDYUKQHRSWLPiOQHUR]ORHQLHYROHEQFK
FHQWLHUWDNDE\VSDOLKRUHXYHGHQ~SRGPLHQNX
'iWDYELQiUQRPV~ERUHV~XORHQpQDVOHGRYQH
]RGSRYHGDM~Y]GLDOHQRVWLDPGDQHMREFHRGRVWDWQFKREFtSRNLDGYHREFHQLHV~VSRMHQpFHVWRXMHWiWR
Y]GLDOHQRV
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDYUFKRORYQLHMHYLDFDNR
3ULHEHKEDFNWUDFNLQJX]Qi]RUXMWH]DIDUERYDQtPR]QDRYDQFKREFtWLHNWRUpVDR]QDXM~DOJRULWPRPSUHKDGiYDQLDGR
tUN\IDUELWHLQRXIDUERXDNRYROHEQpREFH
9SURJUDPH]DGHILQXMWHNRQWDQWXY]GWDNDE\ERORMHGQRGXFKp]PHQLPD[LPiOQXY]GLDOHQRVREFHRGYROHEQpKRFHQWUD
QDSU
FRQVWY]G
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(VF!
3RXtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ND]SURJUDPRYDQLDSUHL0,D), SRREHGH
-HSRSUH]LGHQWVNFKYREiFKDQRYR]YROHQSUH]LGHQWVDUR]KRGRODEVROYRYDRVODYQpWXUQpSRFHOHMNUDMLQH3UH]LGHQWVNi
NDQFHOiULDPi]D~ORKXPXQDSOiQRYDWUDVXWRKRWRWXUQpNWRUi]DtQDYKODYQRPPHVWHP{HNRQLYXERYRQRP
RNUHVH.DQFHOiUXSR]RUQLOVSROXSUDFRYQtNDNWRUWUDVXSOiQXMHHSUH]LGHQWE\XWUSHORNNHE\SULSUHFKRGH]MHGQpKR
RNUHVXGRGUXKpKR]LVWLOHYWRPWRGUXKRPRNUHVHGRVWDORGVYRMLFKYROLRYYUD]QHPHQHMKODVRYDNRYWRP
SUHGFKiG]DM~FRPRNUHVH3UHWRWUHEDWUDVXQDSOiQRYDWDNDE\SUH]LGHQWQDYWtYLORQDMYLDFRNUHVRYDOHDE\SULSUHFKRGH
GRQRYpKRRNUHVXQHNOHVOLMHKRYROHEQpSUHIHUHQFLHYLDFDNRRRSURWLSUHGFKiG]DM~FHPXRNUHVX
9DRX~ORKRXMHQDStVDSURJUDPNWRU]ELQiUQHKRV~ERUXWXUQHGDWQDtWDUR]ORHQLHRNUHVRYDSRHWKODVRYY
SHUFHQWiFKNWRUpYQLFKGRVWDODQD]iNODGHWHMWRLQIRUPiFLHQDYUKQHRSWLPiOQXWUDVXSUHWXUQpWDNDE\VSDODKRUH
XYHGHQpSRGPLHQN\
.DGiYHWDELQiUQHKRV~ERUXSRSLVXMHMHGHQYUFKROQHRULHQWRYDQpKRJUDIXYHW\V~SUHPHQOLYHMGN\
V~UDGQLFHRNUHVXQDREUD]RYNHGYHtVODW\SXLQWHJHU
tVOREDMWNWRUp]RGSRYHGiSRWXKODVRYYSHUFHQWiFKNWRUpGRVWDOSUH]LGHQWYGDQRPRNUHVH
SRHWVXVHGQFKRNUHVRYEDMW
SUHNDGVXVHGLDFLRNUHVV~UDGQLFHWRKRWRRNUHVXGYHtVODW\SXLQWHJHU
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDYUFKRORYQLHMHYLDFDNR1H]DEXGQLWHHNHHMHJUDIQHRULHQWRYDQ
DNH[LVWXMHKUDQD>YY@PXVtH[LVWRYDDMKUDQD>YY@DOHYV~ERUHWRWDNQHPXVtE\
9iSURJUDPXORtQDtWDQp~GDMHGRWUXNW~U\JUDIUHSUH]HQWRYDQSRRPPQRtQVXVHGRYY\NUHVOtWHQWRJUDIDVSXVWtQD
RPDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJNWRUQiMGHQDMOHSLHULHHQLH3ULHEHKEDFNWUDFNLQJX
]Qi]RUXMWH]DIDUERYDQtPSULHEHQH]RVWDYRYDQHMWUDV\
9SURJUDPH]DGHILQXMWHNRQWDQW\VRNDVWDUWDE\ERORPRQpSURJUDPWHVWRYDSUHU{]QHSHUFHQWXiOQHUR]GLHO\Y
SUHIHUHQFLiFKQDSUDSUHU{]QHWDUWRYDFLHYUFKRO\YJUDIHKODYQpPHVWRMHQDSUYUFKROQDSU
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(VF!
3RXtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ND]SURJUDPRYDQLDSUHL0,D), GRREHGD
3RDVSUHGYROHEQpKRPRUDWyULDQDLQIRUPiFLHRYROHEQFKSUHIHUHQFLiFKMHGQRWOLYFKNDQGLGiWRYQDSUH]LGHQWDVDQiP
SUHGVDOHQSRGDULOR]LVWLQHMDNpLQIRUPiFLHSUYpKR]NDQGLGiWRYE\VSUHYDKRX]YROLOLSULEOLQHY3SHUFHQWRNUHVRFK
GUXKpKR]NDQGLGiWRYY3RNUHVRYDYR]Y\QFKRNUHVRFKE\EROLSULEOLQHURYQDNpSUHIHUHQFLHRERFKNDQGLGiWRY=
DJHQW~U\NWRUiURELODWHQWRSULHVNXPVPHVDHWHGR]YHGHOLHQDPDSHQDNWRUHMPDOLIDUHEQH]D]QDHQpWLHWRSULHEHQp
YVOHGN\QHVXVHGLOLLDGQHGYDRNUHV\]URYQDNHMVNXSLQ\SUHIHUHQFLt9ELQiUQRPV~ERUHPDSDGDWPiPH]DGDQp
V~UDGQLFHRNUHVQFKPLHVWMHGQRWLOYFKRNUHVRYDWLHLQIRUPiFLHRWRPNWRUpRNUHV\QDY]iMRPVXVHGLD9HW\YV~ERUHV~
SHYQHMGN\DNDGi]QLFKSRSLVXMHMHGHQRNUHVLWDYHWDSRSLVXMHLW\RNUHV
YHWD]DtQDV~UDGQLFDPLRNUHVQpKRPHVWDQDREUD]RYNHGYHtVODW\SXLQWHJHU
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDYUFKRORYQLHMHYLDFDNR*UDIMHQHRULHQWRYDQDYV~ERUHV~YHWN\
KUDQ\]D]QDHQpRERPDVPHUPL
9iSURJUDPXORtQDtWDQp~GDMHGRWUXNW~U\JUDIUHSUH]HQWRYDQSRRPPQRtQVXVHGRYY\NUHVOtWHQWRJUDIDVSXVWtQD
RPDOJRULWPXVSUHKDGiYDQLDVQiYUDWRPEDFNWUDFNLQJNWRUQiMGHXERYRQpULHHQLHNWRUpY\KRYXMH]DGDQLX
3ULHEHKEDFNWUDFNLQJX]Qi]RUXMWHSULHEHQP]DIDUERYDQtPPDS\QHMDNPLU{]Q\PLIDUEDPLHWHQH]DIDUEHQRNUHV
E\PDOE\]Qi]RUQHQHGRXIDUERX$N~ORKDQHPiULHHQLHSURJUDPRWRPY\StHVSUiYX
+RGQRW\SHUFHQWSUHSUHIHUHQFLHNDQGLGiWRYGHILQXMWHYNRQWDQWiFKSURJUDPXDSRW\RNUHVRYNWRUp]RGSRYHGDM~WPWR
SHUFHQWiPY\SRtWDMWHVR]DXNU~KOHQtPURXQGQDSU
3URJUDPE\VDPDOGDYXERYRQRPPRPHQWHSUHUXLNOiYHVRP(VF!
3RXtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ND]SURJUDPRYDQLDSUHL0,D), SRREHGH
9QHPHQRYDQHMEDONiQVNHMNUDMLQHVDSUYNUiWFK\VWDM~SUH]LGHQWVNpYRE\'YDMDSUH]LGHQWVNtNDQGLGiWLV~]R
]QHSULDWHOHQFKVWUiQDWDNDMLFKYROLLV~UR]GHOHQtGRGYRFKWiERURY$E\SULYREiFKQHY]QLNOLQHMDNpSUREOpP\YOiGD
VDFK\VWDODXURELQDVOHGXM~FHRSDWUHQLH9NDGRPPHVWH]LVWLODYROHEQpSUHIHUHQFLHMHGQRWOLYFKNDQGLGiWRYDDNEROLY
GYRFKVXVHGQFKPHVWiFKWLHWRSUHIHUHQFLHYUD]QHRGOLQpWDNFKFHODX]DYULHFHVWXPHG]LWPLWRPHVWDPL=LVWLODYDN
HNHE\VDWRXURELOD]RVWDOLE\QLHNWRUpPHVWiDOHERVNXSLQ\PLHVW~SOQHRGUH]DQpRG]Y\NXNUDMLQ\3UHWRWUHEDQLHNWRUp
]WFKWRY\W\SRYDQFKFLHVWQHFKDRWYRUHQpDE\VD]DEH]SHLORHVD]NDGpKRPHVWDGiGRVWDGRNDGpKRPHVWD
9iSURJUDPSUHtWD]ELQiUQHKRV~ERUXEDONDQGDW~GDMHRUR]ORHQtPLHVWQDPDSHDRYROHEQFKSUHIHUHQFLiFKY
MHGQRWOLYFKPHVWiFK
.DGiYHWDV~ERUXSRSLVXMHMHGQRPHVWR
V~SUHIHUHQFLHGUXKpKRNDQGLGiWD
QDVOHGXMHSRVWXSQRVtVLHOVXVHGQFKPLHVWtVODW\SXE\WHXNRQHQiQXORX
0{HWHSUHGSRNODGDHV~ERUMHNRUHNWQDYUFKRORYQLHMHYLDFDNR.HHMHJUDIQHRULHQWRYDQDNYRPH[LVWXMH
KUDQD>YY@PXVtYRPH[LVWRYDDMKUDQD>YY@DOHYV~ERUHWRWDNQHPXVtE\
3ULHEHKEDFNWUDFNLQJX]Qi]RUXMWHSULHEHQP]DIDUERYDQtPUL]LNRYFKKUiQNWRUpSULGiYDWHNXJUDIX
.ULWLFN~KRGQRWXUR]GLHOXSUHIHUHQFLtYVXVHGQFKPHVWiFKGHILQXMWHYNRQWDQWHSURJUDPXQDSU
FRQVWNUL]D
3RXtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
7HVWSUHIDQDWLNRY]3URJUDPRYDQLDL0,),
1DStWHPHWyG\WULHG\70QR]LQDNWRUiUHSUH]HQWXMHGiWRYW\SPQRLQDUHiOQ\FKtVHOSRPRFRX
MHGQRVPHUQpKRVSiMDQpKR]R]QDPX3UYN\]R]QDPXQHPXVtWHXGULDYDXVSRULDGDQp=R]QDPMH
SUtVWXSQSRPRFXGYRFKVPHUQtNRYQD]DLDWRN]R]QDPXDQDNRQLHFSRVOHGQSUYRN]R]QDPX
3RXLWHQDVOHGXM~FHGHNODUiFLH
W\SHSUYRN UHDO
]R]QDP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNQH[W]R]QDPHQG
70QR]LQD REMHFW
]N]R]QDP^]DLDWRNDNRQLHF]R]QDPX`
SURFHGXUHLQLW
SURFHGXUHSULGDMSSUYRN^DNHWHYPQRLQHQHH[`
SURFHGXUHY\KRGSSUYRN^DNMHSUYNRPPQRLQ\`
IXQFWLRQMHSUYRNSSUYRNERROHDQ^]LVWtLMHSUYNRPPQRLQ\`
HQG
9HREHFQVWURPUHSUH]HQWXMHPHSRPRFRXELQiUQHKRVWURPXWDNHDYVPHUQtNNDGpKR
YUFKRODMHVPHUQtNQDSUYpKRV\QDWRKWRYUFKRODDSUDYVPHUQtNMHVPHUQtNQDQDVOHGXM~FHKR
EUDWDYUFKROQDWHMLVWHM~URYQLNWRUPiWRKRLVWpKRRWFD1DStWHIXQNFLXDUQRVWNWRUi]LVWt
iUQRVVWURPXPD[LPXPSRWXV\QRYYHWNFKYUFKRORY9HREHFQVWURPMHGHILQRYDQ
QDVOHGRYQPLW\SPL
W\SHSUYRN LQWHJHU
VWURP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNV\QEUDWVWURPHQG
1HRULHQWRYDQJUDIMHSRStVDQWDEXNRXPQRtQVXVHGRY
W\SHYUFKRO\ 1
JUDI DUUD\>YUFKRO\@RIVHWRIYUFKRO\
1DStWHIXQNFLX0D[.RPSNWRUi]LVWtSRHWYUFKRORYQDMYlLHKRNRPSRQHQWX.RPSRQHQWMH
WDNV~YLVOSRGJUDINWRUpKRLDGHQYUFKROQHPiVSRMHQLHVRVWDWQPLYUFKROPLJUDIX)XQNFLD
PiMHGHQSDUDPHWHUW\SXJUDI
1DStWHSURJUDPNWRUGRGYRMUR]PHUQpKRFHORtVHOQpKRSRD3UR]PHURY1[1GRSOQt
FKEDM~FHtVOD]DWLDV~UHSUH]HQWRYDQpQXORYRXKRGQRWRXWDNDE\Y]QLNROPDJLFNWYRUHF
V~W\SUYNRYSRULDGNRFKDMSRVWSFRFKV~WiLVWiNRQWDQWD.
3ROHP{HREVDKRYDOHQtVOD]LQWHUYDOX1YULDGNXDOHERYVWSFLVDtVORP{HQDFKiG]DDM
YLDFNUiWORKXULHWHPHWyGRXSUHKDGiYDQLDVRVSlWQPQiYUDWRPEDFNWUDFNLQJ$N
QHH[LVWXMHLDGQHULHHQLHSURJUDPY\StHVSUiYX6WDtQiMVMHGLQpULHHQLH
QDVS
9VOHGN\WHVWXSUHIDQDWLNRY
%RGtN3HWHU IDQDWLN
HUQ3DYRO IDQDWLN
-DXUD2QGUHM
+DDQ0LOR IDQDWLN
+RPROD-XUDM IDQDWLN
+XGHF3HWHU
.RHQHN-iQ "
.RYiLN-iQ IDQDWLN
.\VHOLFD0LFKDO
/HQp5yEHUW IDQDWLN
/RPDQ-~OLXV " "
0RNR0DUWLQ IDQDWLN
2NDMiN0DUWLQ " "
2QGUHMRYL3DYHO IDQDWLN
3DXHU5RPDQ
3HWUX/DGLVODY IDQDWLN
5DIDM3HWHU
6WDULQVN-XUDM "
6]DUND7RPi
9DJDVN0DUWLQ IDQDWLN
9\Q0DUWLQ IDQDWLN
0$;,0$/,67$ IDQDWLN
PD[LPiOQHVDGDORGRVLDKQXERGRY
SUtNODGR]QDHQ"QHERORSUDYRYDQERG\]QHKRE\QHRYSO\QLOLFHONRYYVOHGRN
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTGBOUBCIUN<>