'XEHQ 5HY '$
9tURYêSU$WRNRPU9RUWH[&$V
SURWRNROHP)RXQGDWLRQ)LHOGEXV
GHYLFHUHYLVLRQ
&=
8ä,9$7(/6.È
3Ë58ý.$
&=
9tURYêSU$WRNRPU9RUWH[
&$VSURWRNROHP
)RXQGDWLRQ)LHOGEXV
WH VL WXWR StUXþNX GtYH QHå ]DKiMtWH
EH]SHþQRVWQtFK ]iVDG SL LQVWDODFL D ~GUåE
StVWURMH P$åH YpVW N YiåQêP ]UDQQtP StS VPUWL
,QIRUPDFH REVDåHQp Y WpWR XåLYDWHOVNp StUXþFH MVRX
XUþHQ\ SRX]H MDNR SURVWHGHN SUR RVRE\ SRXþHQp
3 HþW
MDNRXNROLY SUiFL V S tVWURMHP 2SRPHQXWt
D GRNRQDOH VH]QiPHQp V YêUREQtP PDQXiOHP NWHUp
PDMt MLå ]NXãHQRVWL V LQVWDODFt D ~GUåERX S tVWURMH
9RUWH[ &$
9 S tSDG
GDOãtFK LQIRUPDFt WêNDMtFtFK VH ]Dt]HQt
NRQWDNWXMWH PtVWQt ]DVWRXSHQt ILUP\
)LVKHU5RVHPRXQW
$WRNRPU 9RUWH[ &$ )RXQGDWLRQ )LHOGEXV P $åH EêW
Q MHGQtP QHER YtFH SDWHQW\ 86$ =iYLVt Wpå
QD W\SX VQtPDþH &KUiQQR RVWDWQtPL Y\GDQêPL SDWHQW\ L SDWHQW\ GRVXG Y
t]HQt
9tURYê SU
FKUiQ
5RVHPRXQW D ORJR ILUP\ 5RVHPRXQW MVRX UHJLVWURYDQp REFKRGQt ]QDþN\
ILUP\ 5RVHPRXQW ,QF
7LWXOQt IRWRJUDILH &
5RVHPRXQW ,QF
0DUNHW %RXOHYDUG
&KDQKDVVHQ 01 86$
7HO 7HOH[ )D[ ZZZIUFRFRP
ZZZILVKHUURVHPRXQWF]
$ (YURSVNp XQLH
)LUPD )LVKHU5RVHPRXQW VSO XMH YãHFKQ\ SRåDGDYN\ NODGHQp
QD YêUREN\ VWiW
&=
2EVDK
ýiVWÒYRG
-DN SRXåtYDW WXWR StUXþNX ýiVW,QVWDODFH
3HKOHG %H]SHþQRVWQt ]SUiY\ 9DURYiQt 3RORKD XPtVWQt VQtPDþH +DUGZDURYi NRQILJXUDFH 0RQWiå SU$WRNRPUX EH]StUXERYpKR W\SX 0RQWiå SU$WRNRPUX StUXERYpKR W\SX =HPQQt SU$WRNRPUX 0RQWiå HOHNWURQLN\ 3LSRMHQt NDEHORYp WUXEN\ =DEUiQQt NRQGHQ]DFL .DEHORYi XFSiYND 3RVWXS HOHNWULFNpKR SLSRMHQt
6QtPDþ V RGGOHQRX HOHNWURQLNRX .DOLEUDFH 6RIWZDURYi NRQILJXUDFH ýiVW8YHGHQtGRSURYR]X
3HKOHG .OiYHV\ U\FKOp YROE\ 3URKOtåHQt NRQILJXUDþQtFK GDW =iNODGQt NRQILJXUDFH &=
ýiVW2GVWUDRYiQtSRUXFK
3HKOHG
%H]SHþQRVWQt ]SUiY\ 9DURYiQt ýiVW7HFKQLFNpSDUDPHWU\
3HKOHG 7HFKQLFNp ~GDMH )XQNþQt SURYHGHQt ÒGDMH R PDWHULiOHFK ýÈ67
&=
ÒYRG
-$.328äË9$778723Ë58ý.8
7DWR StUXþND Pi VORXåLW MDNR SRP$FND SL LQVWDODFL SURYR]X D ~GUåE YtURYpKR SU$WRNRPUX
9RUWH[ &$ )RXQGDWLRQ )LHOGEXV
ýiVW ,QVWDODFH
7DWR þiVW REVDKXMH SRN\Q\ SUR PHFKDQLFNRX D HOHNWULFNRX LQVWDODFL
ýiVW 8YHGHQt GR SURYR]X
=GH MVRX SRSViQ\ ]iNODGQt NURN\ SUR REVOXKX SU$WRNRPUX
ýiVW 7UDQVGXFHU EORN
=GH MH SRSViQ SHQRVRYê EORN YtURYpKR SU$WRNRPUX
ýiVW 2GVWUDRYiQt SRUXFK
7DWR þiVW SRMHGQiYi R ]S$VREHFK HãHQt PRåQêFK SUREOpP$ VRXYLVHMtFtFK V SURYR]HP VQtPDþH
D NRPXQLNiWRUX
ýiVW 7HFKQLFNp SDUDPHWU\
9 WpWR þiVWL MVRX XYHGHQ\ ]iNODGQt WHFKQLFNp ~GDMH R VQtPDþL Y\EUDQp ] NRPSOHWQtKR PDQXiOX
%(=3(ý12671Ë=35È9<
-HGQi VH R YêVWUDK\ NWHUp REVDKXMt QNWHUp SRVWXS\ WRKRWR PDQXiOX -HMLFK GRGUåHQt MH QXWQp SUR
]DFKRYiQt ]GUDYt SUDFRYQtN$ QHER SUR QH]QLþHQt YtURYpKR SU$WRNRPUX PRGHO &$
)RXQGDWLRQ )LHOGEXV
7(&+12/2*,()281'$7,21),(/'%86
-HGQi VH R SOQ GLJLWiOQt VpULRYê D GYRX YRGLþRYê NRPXQLNDþQt V\VWpP NWHUê SURSRMXMH SROQt
StVWURMH MDNR MVRX VHQ]RU\ SRKRQ\ D UHJXOiWRU\ -H WR YODVWQ ORFDO DUHD QHWZRUN PtVWQt Vt″
/$1 SUR StVWURMH NWHUp PDMt ]DEXGRYiQ\ PRåQRVWL SUR GLVWULEXFL t]HQt
)RXQGDWLRQ )LHOGEXV ]DFKRYiYi YãHFKQ\ SRGVWDWQp YODVWQRVWL DQDORJRYpKR VLJQiOX P$
MDNR MH SHQiãHQt P URQRVQp YHOLþLQ\ D VLJQDOL]DFH SRUXFK\ D SLGiYi GDOãt PRåQRVWL MDNR MVRX
QDS
=YêãHQp PRåQRVWL SHQRVX LQIRUPDFt GtN\ YODVWQRVWHP SOQ GLJLWiOQtKR V\VWpPX
&=
$ QD MHGQRP
=PHQãHQp QiURN\ QD YRGLþH WHUPLQiWRU\ GtN\ ]DSRMHQt YtFH StVWURM
SODWQpKR VWDQGDUGX
/HSãt PRåQRVWL YROE\ GRGDYDWHOH GtN\ VSOQ Qt REHFQ
0HQãt QiURN\ QD
tGLFt V\VWpP
GtN\ GLVWULEXFL ~ORK
t]HQt GR LQWHOLJHQWQtFK StVWURM$
GLJLWiOQt NRPXQLNDFL
5\FKOHMãt RGH]YD QD VNRNRYRX ]P QX GtN\ SOQ
$
SiUX YRGLþ ýÈ67
&=
,QVWDODFH
3(+/('
7DWR þiVW SRMHGQiYi R SRVWXSHFK VSUiYQp LQVWDODFH 9RUWH[X &$ )RXQGDWLRQ )LHOGEXV
-DN QDNRQILJXURYDW VQtPDþ QD P
LFt ODYLFL YL] ýiVW 8YHGHQt GR SURYR]X
9$529È1Ë
,QVWUXNFH D SRVWXS\ ]PtQ Qp Y WpWR NDSLWROH Y\åDGXMt ]YOiãWQt SR]RUQRVW SUR ]DMLãW Qt RVREQt
$
RFKUDQ\ S L SURYR]X ' tYH QHå ]DþQHWH SRVWXSRYDW SRGOH GDOãtFK SRN\Q S HþW WH VL QiVOHGXMtFt
YDURYiQt
832=2511Ë
9êEXFK P
$åH ]S$VRELW YiåQi ]UDQQt StS VPUW
‡
1HVQtPHMWH X]iY U VQtPDþH YH YêEXãQpP SURVW HGt SRNXG MH VQtPDþ SRG QDS WtP
‡
8MLVW WH VH ]GD VQtPDþ Y\KRYXMH GDQp EH]SHþQRVWQt ]yQ ‡
3UR SURVW HGt V QHEH]SHþtP YêEXFKX PXVt EêW VQtPDþ Y\EDYHQ SHYQêPL X]iY U\
832=2511Ë
3 L ]DQHGEiQt VSUiYQpKR SRVWXSX LQVWDODFH VH Y\VWDYXMHWH QHEH]SHþt NWHUp P
N YiåQêP ]UDQ
‡
QtP StS VPUWL
$
$åH YpVW
,QVWDODFL P åH SURYiG W SRX]H NYDOLILNRYDQi RVRED
2%(&1e32ä$'$9.<
$
9åG\ VH S HG LQVWDODFt SU WRNRP UX XMLVW WH åH MHKR SDUDPHWU\ Y\KRYXMt GDQp DSOLNDFL 3 L
$
REMHGQiQt MH QXWQp Y\SOQLW W]Y NRQILJXUDþQt OLVW NWHUê XPRåQt QDVWDYLW YtURYê SU WRNRP U WDN DE\
Y\KRYRYDO VSHFLILNDFL L 9DãtP
SOQ
$
OLERYROQêFK SRFK\EQRVWt NRQWDNWXMWH
SRåDGDYN P 9 S tSDG
ORNiOQt ]DVWRXSHQt ILUP\ )LVKHU5RVHPRXQW Y ýHVNp 5HSXEOLFH
32/2+$80Ë671Ë61Ë0$ý(
9\SUDFXMWH QiYUK WDN DE\ VQtPDþ ]$VWiYDO Y\SOQQ PHQêP PpGLHP D QH]DGUåRYDO VH WDN
Y QP QHåiGRXFt Y]GXFK 3L QiYUKX SRWUXEt SRþtWHMWH V SRåDGDYN\ QD URYQp GpON\ SRWUXEt SHG
D ]D VQtPDþHP ] G$YRGX ]DMLãWQt RSWLPiOQtKR UR]ORåHQt PHQpKR PpGLD 9HQWLO\ XPtVWWH
]D VQtPDþ
9HUWLNiOQtLQVWDODFH
9HUWLNiOQt LQVWDODFH VQtPDþH MH REHFQ GRSRUXþRYiQD þtPå EXGH ]DMLãWQ Y]HVWXSQê WRN PpGLD
3URXGQtP PpGLD Y]HVWXSQêP VP UHP EXGH ]DUXþHQR åH WOR VQtPDþH ]$VWDQH YåG\ QDSOQQR
PHQêP PpGLHP D MHKR SHYQp SHYQp þiVWL EXGRX URYQRPUQ UR]SWêOHQ\
6QtPDþ P$åH EêW PRQWRYiQ L Y VHVWXSQp SR]LFL ]HMPpQD X SO\Q$ 9åG\ MH DOH QXWQp ]DEH]SHþLW
]DSOQQp SRWUXEt PHQêP PpGLHP
32=1È0.$
9\YDUXMWH VH YHUWLNiOQt LQVWDODFL SUR VPU WRNX ]HVKRUD GRO$ ] G$YRGX QHEH]SHþt Y]QLNX ]SWQpKR
WODNX D ]DUXþHQt Y\SOQQt VQtPDþH PpGLHP
,QVWDODFHSURY\VRNpWHSORW\
,QVWDOXMWH WOR VQtPDþH WDN DE\ HOHNWURQLND StVWURMH E\OD XPtVWQD SR VWUDQ StS SRG ~URYQt
SRWUXEt YL] REU 9 QNWHUêFK StSDGHFK MH ]DSRWHEt WHSHOQ L]RORYDW SRWUXEt WDN DE\ WHSORWD
VQtPDþH QHSHViKOD ƒ&
2%5È=(. 3tNODG LQVWDODFH SUR Y\VRNp WHSORW\
,QVWDODFH VQtPDþH V SRORKRX
HOHNWURQLN\ SR VWUDQ
SRWUXEt
,QVWDODFH VQtPDþH V SRORKRX
HOHNWURQLN\ SRG ~URYQt SRWUXEt
$& $'
&=
0HQtQDSiH
3L DSOLNDFL PHQt SU$WRNX QD SiH VH Y\YDUXMWH LQVWDODFL ]Qi]RUQQp QD REUi]NX 7HQWR
]S$VRE LQVWDODFH P$åH ]D StWRPQRVWL RGORXþHQpKR NRQGHQ]iWX SL QDMtåGQt ]DStþLQLW YRGQt Ui]\
3L Y\VRNêFK Ui]HFK SDN P$åH GRMtW N WUYDOpPX SRãNR]HQt PLFt þiVWL VQtPDþH
HQt QD SiH
2%5È=(. 1HStSXVWQi LQVWDODFH SUR P
*%
&=
3RåDGDYN\QDURYQpSRWUXEt
,QVWDOXMWH WOR VQtPDþH WDN DE\ E\OD ]DFKRYiQD PLQLPiOQt URYQi GpOND SRWUXEt ]D VQtPDþHP
RGSRYtGDMtFt WL QiVRENX MHKR YQLWQtKR SU$P UX 7tPWR EXGH ]DUXþHQD GDQi SHVQRVW P HQt ]D
U$]QêFK SURYR]QtFK SRGPtQHN 3HVQp P HQt YtURYêP SU$WRNRPUHP Y\åDGXMH GHILQRYDQê D
XVWiOHQê U\FKORVWQt SURILO 9 VRXþDVQp GRE MLå QHQt Y\åDGRYiQR VWULNWQt SOQQt þDVWR SURVWRURY
QiURþQêFK XVSRiGiQt Y XUþLWêFK VLWXDFtFK Då GpOHN SHG SU$WRNRPUHP 3R LQWHQ]LYQtFK
WHVWHFK E\OR ]MLãWQR åH FK\ED NWHUi Y]QLNi QHGRGUåHQtP URYQêFK ~VHN$ MH RSDNRYDWHOQi D O]H QD
Qt YêVWXS ] SU$WRNRPUX NRPSHQ]RYDW YL] GiOH 'DOãt LQIRUPDFH R SRåDGRYDQêFK URYQêFK
~VHFtFK O]H QDMtW YH VSHFLDOL]RYDQpP NDWDORJX ³,QVWDODWLRQ HIIHFW RI YRUWH[ IORZPHWHU &$´
8PtVWQtVQtPDþHWODNXDWHSORW\
3RNXG MH ]DSRWHEt WODNRYi D WHSORWQt NRPSHQ]DFH PHQt PQRåVWYt VQtPDþHP 9RUWH[ &$
)RXQGDWLRQ )LHOGEXV LQVWDOXMWH VQtPDþH WODNX D WHSORW\ ]D VDPRWQêP SU$WRNRPUHP YL] REU *$
2%5È=(. 8PtVW Qt VQtPDþH WODNX D WHSORW\
+$5':$529È.21),*85$&(
+DUGZDURYp SURSRMN\ 9RUWH[X &$ )RXQGDWLRQ )LHOGEXV XPRå XMt QDVWDYHQt VLPXODþQtKR D
3 HStQDþH MVRX ]REUD]HQ\ QD REU 3RNXG VQtPDþ QHQt Y\EDYHQ /&' GLVSOHMHP MVRX SR
RGPRQWRYiQt X]iY UX VN t N\ HOHNWURQLN\ S HStQDþH S tVWXSQ\ ]H VWUDQ\ S tVWURMH 9 S tSDG
Y\EDYHQt /&' GLVSOHMHP MH EH]SHþQRVWQt D SRUXFKRYê S HStQDþ XPtVW Q QD /&' SDQHOX YL] REU
32=1È0.$
9 S tSDG åH EXGHWH PXVHW þDVWR P QLW QDVWDYHQt SURP QQêFK MH GRSRUXþRYiQR SRQHFKDW
$
EH]SHþQRVWQt S HStQDþ Y SROR]H 2)) ] G YRGX ]DEUiQ Qt YQLNX SUDFKX D MLQêFK QHþLVWRW
GR HOHNWURQLN\ VQtPDþH þDVWêP VQtPiQtP SRVWUDQQtKR NU\WX
$
2%5È=(. 3HStQDþH QD GHVFH SU WRNRP UX
$$
&=
3 HStQDþ XYH
$
WH GR VSUiYQp SRORK\ MLå E KHP XYiG Qt GR SURYR]X ] G YRGX ]DEUiQ Qt YQLNX
SUDFKX D MLQêFK QHþLVWRW GR HOHNWURQLN\ VQtPDþH GDOãtP VQtPiQtP SRVWUDQQtKR NU\WX
2%5È=(. 3HStQDþH QD /&' GLVSOHML
² =NXãHEQt UHåLP &=
6LPXODWH 0RGH
3HStQDþ SUR ]NXãHEQt UHåLP MH QXWQp SRXåtYDW VSROHþQ V IXQNFt VLPXODFH YVWXSQtKR DQDORJRYpKR
EORNX $, EORFN =DSQXWt SHStQDþH Pi ]D QiVOHGHN LJQRUDFL PHQêFK ~GDM$ D SHQiãHQt
XåLYDWHOHP ]DGDQêFK KRGQRW SU$WRNX =PQD VWDYX VH YåG\ SURMHYt Då SR UHVWDUWRYiQt StVWURMH
² %ORNDFH 7UDQVPLWWHU 6HFXULW\
3RPRFt SHStQDþH EORNDFH O]H FKUiQLW NRQILJXUDþQt GDWD 3RNXG MH WHQWR SHStQDþ Y SROR]H 21
MVRX YHãNHUp SRNXV\ R ]PQX NRQILJXUDFH ]DEORNRYiQ\ 1LFPpQ MH VWiOH PRåQê StVWXS N WPWR
GDW$P Y UHåLPX SURKOtåHQt 3HStQDþ MH QDVWDYHQ RG YêUREFH QD ]iNODG SRåDGDYNX ]iND]QtND
VWDQGDUGQ
Y SROR]H 2))
,167$/$&(35#72.2058
$
MDNR V REHFQêPL SRåDGDYN\
3U WRNRP U PXVt EêW LQVWDORYiQ V SRåDGDYN\ Y WRPWR PDQXiOX VWHMQ
$
QD LQVWDODFL S tUXE Y SU P\VOX
0217Èä35#72.2058%(=3Ë58%29e+27<38
9\FHQWUXMWH W OHVR VQtPDþH V RKOHGHP QD MHKR YQLW Qt UR]P U D UR]P U S LSRMRYDFtKR SRWUXEt
'DQi S HVQRVW VQtPDþH EXGH ]DUXþHQD SRX]H S L VSUiYQp LQVWDODFL
&=
.H NDåGpPX WOHVX VQtPDþH EH]StUXERYpKR W\SX VH GRGiYDMt VWHGLFt NURXåN\ &HQWURYiQt YL]
REU 3RVWXSXMWH GOH QiVOHGXMtFtFK ERG$
8PtVWWH VWHGLFt NURXåN\ QD NDåGRX VWUDQX WOHVD VQtPDþH
'R VSRGQtFK RWYRU$ WOHVD VQtPDþH PH]L StUXE\ SRWUXEt YORåWH ãURXE\
8ORåWH WOHVR VQtPDþH VH VWHGLFtPL NURXåN\ PH]L StUXE\ 3HVYGþWH VH åH XPtVWQt
VWHGLFtFK NURXåN$ MH VSUiYQp SRGOH R]QDþHQt QD VWHGLFtFK NURXåFtFK 7\ PXVt RGSRYtGDW
SRXåLWêP StUXEiP
3RXåtYiWHOOL VSDFHU SUR LQVWDOFL EH]StUXERYêFK SU$WRNRPU$ SUR VWDUãt DSOLNDFH
SRVWXSXMWH SRGOH LQVWUXNFt GiOH Y WpWR NDSLWROH
32=1È0.$
3HVYGþWH VH åH MH WOHVR VQtPDþH XPtVWQR WDN DE\ QHE\OR ]DEUiQQR StVWXSX N HOHNWURQLFH
StVWURMH D SLSRMRYDFt SRWUXEt SOXV VDPRWQê VQtPDþ QHE\O Y\VWDYHQ StPpPX ]GURML WHSOD
0H]L StUXE\ XPtVWWH ]EêYDMtFt ãURXE\
'RWiKQWH PDWN\ YH VOHGX SRGOH REUi]NX 3R GRWDåHQt ]NRQWUROXMWH StSDGQp QHWVQRVWL
32=1È0.$
3RåDGRYDQp ]DWtåHQt ãURXE$ SUR GRWDåHQt WVQQt MH RYOLYQQR DGRX IDNWRU$ YþHWQ SUDFRYQtKR
WODNX D WVQLFtKR PDWHULiOX MHKR ãtN\ D GDOãtFK SRGPtQHN 'DOãt DGD IDNWRU$ WDNp
RYOLYXMtFtPRåQp GRWDåHQt ãURXE$ Y\SOêYi ] PHQpKR NURXWLFtKR PRPHQWX NWHUê ]DKUQXMH VWDY
]iYLW$ WHQt PH]L KODYRX PDWN\ D StUXERX D URYQREåQRVW StUXE 9]KOHGHP N WPWR IDNWRU$P
P$åH EêW SRåDGXMtFt NURXWLFt PRPHQW SUR NDåGRX DSOLNDFL RGOLãQê 'UåWH VH ]iVDG XYHGHQêFK
Y $60( NyGX SUR WODNRYp QiGRE\ ýiVW 9,,, NDSLWROD R VSUiYQpP GRWDKRYiQt ãURXE$
63$&(5
3UR LQVWDODFL YtURYêFK SU$WRNRP U$ & Y DSOLNDFtFK NGH MH QXWQp GRGUåHW VWDYHEQt GpON\
StVWURM$ VWDUãt DG\ $ MH QXWQp LQVWDORYDW YHVWDYQê NXV VSDFHU 9 WDEXOFH MVRX YLGW
VWDQGDUGQ SRXåtYDQp YHVWDYQp NXV\
$
$ & Y DSOLNDFtFK
7$%8/.$ 3RXåLWHOQp YHVWDYQp NXV\ SUR LQVWDODFL SU WRNRP U
VWDUãtFK $
'LPHQ]H SU$WRNRPU$
5R]PU VSDFHUX >PP@
'1
'1
'1
'1
&=
3HVYGþWH VH åH WOR VQtPDþH MH VSUiYQ Y\FHQWURYiQR D WR PH]L StUXEDPL VWHMQpKR YQLWQtKR
$ SU P UX MDNR MH VQtPDþ
$
$%
2%5È=(. 0RQWiå SU WRNRP UX EH]S tUXERYpKR W\SX
$
2%5È=(. 0RQWiå SU WRNRP UX S tUXERYpKR W\SX
$%
&=
0217Èä35#72.20583Ë58%29e+27<38
0RQWiå SU$WRNRPUX StUXERYpKR W\SX MH SRGREQi PRQWiåL EåQpKR ~VHNX SRWUXEt -H ]DSRWHEt
SRX]H EåQêFK QiVWURM$ ]Dt]HQt D StVOXãHQVWYt ãURXE\ WVQQt 0DWN\ GRWDKXMWH YH VOHGX
XYHGHQpP QD REUi]NX 3RåDGRYDQp ]DWtåHQt ãURXE$ SUR GRWDåHQt WVQQt MH RYOLYQQR DGRX IDNWRU$ YþHWQ SUDFRYQtKR
WODNX D WVQLFtKR PDWHULiOX MHKR ãtN\ D GDOãtFK SRGPtQHN 'DOãt DGD IDNWRU$ WDNp RYOLYXMtFt
PRåQp GRWDåHQt ãURXE$ Y\SOêYi ] P HQpKR NURXWLFtKR PRPHQWX NWHUê ]DKUQXMH VWDY ]iYLW$
WHQt PH]L KODYRX PDWN\ D StUXERX D URYQREåQRVW StUXE 9]KOHGHP N WPWR IDNWRU$P P$åH EêW
SRåDGXMtFt WRþLYê PRPHQW SUR NDåGRX DSOLNDFL RGOLãQê 'UåWH VH ]iVDG XYHGHQêFK Y $60( NyGX
SUR WODNRYp QiGRE\ R VSUiYQpP GRWDKRYiQt ãURXE$
3HVYGþWH VH åH WOR VQtPDþH MH VSUiYQ Y\FHQWURYiQR D WR PH]L StUXEDPL VWHMQpKR YQLWQtKR
SU$PUX MDNR MH VQtPDþ
$
2%5È=(. 6OHG GRWDKRYiQt ãURXE ãURXE\
&=
ãURXE$
ãURXE$
=(011Ë35#72.2058
=HPQQt VQtPDþH QHQt X EåQêFK DSOLNDFt Y\åDGRYiQR QLFPpQ MHOL VQtPDþ GREH X]HPQQ
MH Y\ORXþHQD PRåQRVW Y]QLNX SRUXFK QiVOHGNHP ãXP$ 3UR ]HPQQt PRKRX EêW SRXåLW\ ]HPQLFt
SiVN\ 3RNXG Y\XåtYiWH YROEX SUHSHWRYp RFKUDQ\ 7 MH ]HPQQt SRPRFt ]HPQLFtFK SiVN$
Y\åDGRYiQR ] G$YRGX Qt]Np LPSHGDQFH
5R]KRGQHWHOL VH SRXåtYDW ]HPQLFt SiVN\ XSHYQWH MHGHQ NRQHF SiVNX SRG SRVWUDQQt ãURXE WOHVD
VQtPDþH D GUXKê NRQHF NDåGpKR ]HPQLFtKR SiVNX N ]HPL
0217Èä(/(.7521,.<
(OHNWURQLNX VQtPDþH LQWHJUiOQtKR L RGGOHQpKR SURYHGHQt MH ]DSRWHEt QDSiMHW ] YQMãtKR ]GURMH
9 StSDG PRQWiåH VQtPDþH V RGGOHQRX HOHNWURQLNRX XPtVWWH VNtNX HOHNWURQLN\ QD VWQX
StS QD SRWUXEt MHKRå SU$P U MH PP D PHQãt 3tVOXãHQVWYt SUR PRQWiå MH GRGiYiQR ]iURYH
VH VQtPDþHP V RGGOHQRX HOHNWURQLNRX
,QVWDODFHSURY\VRNpWHSORW\
,QVWDOXMWH WOR VQtPDþH WDN DE\ HOHNWURQLND StVWURMH E\OD XPtVWQD SR VWUDQ StS SRG ~URYQt
SRWUXEt YL] REU 9 QNWHUêFK StSDGHFK MH ]DSRWHEt WHSHOQ L]RORYDW SRWUXEt SHG WHSORWRX
Y\ããt QHå ƒ&
5R]KRGQHWHOL VH SRXåtYDW ]HPQLFt SiVN\ XSHYQWH MHGHQ NRQHF SiVNX SRG SRVWUDQQt ãURXE WOHVD
VQtPDþH D GUXKê NRQHF NDåGpKR ]HPQLFtKR SiVNX N ]HPL
3,32-(1Ë.$%(/29e758%.<
3UR ~þHO\ NDEHORYpKR SLSRMHQt MVRX Y NU\WX HOHNWURQLN\ GYD YVWXS\ W\SX 137 V PRåQRVWt
UHGXNFH QD 0[ StS 3* 7DWR SLSRMHQt MVRX Y\UREHQD VWDQGDUGQtPL ]S$VRE\ DYãDN
V RKOHGHP QD PtVWQt þL SURYR]Qt SHGSLV\ 3HVYGþWH VH ]GD MVRX QHY\XåLWp YVWXS\ ]DVOHSHQ\
] G$YRGX PRåQpKR YQLNQXWt YOKNRVWL SRStS MLQêFK OiWHN GR SURVWRUX HOHNWURQLN\
32=1È0.$
9 Q NWHUêFK S tSDGHFK MH ]DSRW HEt LQVWDORYDW W VQLFt NDEHORYp XFSiYN\ V W VQ QtP D ]DEUiQLW WDN
PRåQRVWL YQLNiQt YOKNRVWL GR PtVW NDEHORYpKR S LSRMHQt
=$%5È11Ë.21'(1=$&,
,QVWDODFt HOHNWURQLN\ VQtPDþH GR QHMY\ããtKR ERGX ]DEUiQtWH S tSDGQp NRQGHQ]DFL Y PtVWHFK
$
NDEHORYpKR S LSRMHQt 3 L MLQp SROR]H VQtPDþH VH P
3RNXG MVRX NDEHO\ S LYHGHQ\ NH VQtPDþL VKRUD YH
åH VWiW åH GR HOHNWURQLN\ YQLNQH YRGD
WH NDEHO\ QHMSUYH SRG ~URYH
VQtPDþH
D WHSUYH SDN QD YVWXSQt VWUDQX 9 Q NWHUêFK S tSDGHFK VH GRSRUXþXMt NDEHORYp XFSiYN\
V W VQ QtP
2%5È=(. 'RSRUXþHQi LQVWDODFH
$%
&=
.$%(/29È8&3È9.$
$
3RXåtYiWHOL PtVWR NDEHORYp WUXEN\ NDEHORYRX XFSiYNX GUåWH VH GiOH SRN\Q
YêUREFH 3 LSRMHQt
SURYiG MWH SRGOH VWDQGDUGQtFK ]iVDG D V RKOHGHP QD PtVWQt þL SURYR]Qt SRGPtQN\ 3 HVY GþWH VH
]GD MVRX QHY\XåLWp YVWXS\
iGQ
$
]DVOHSHQ\ ] G YRGX PRåQpKR YQLNQXWt YOKNRVWL SRS tS MLQêFK
OiWHN GR SURVWRUX HOHNWURQLN\
326783(/(.75,&.e+23,32-(1Ë
6SUiYQi HOHNWULFNi LQVWDODFH MH QXWQi SUR Y\ORXþHQt WåNR ]MLVWLWHOQêFK FK\E ]S$VREHQêFK
HOHNWURPDJQHWLFNêP ãXPHP SRStSDG ãXPHP PHQpKR VLJQiOX
1DSiMHQt
3HYRGQtN Y\åDGXMH PLQLPiOQ 9 GF D PD[LPiOQ 9 GF QD MHKR VYRUNiFK 1LNG\
QHSHNUDþXMWH WXWR PD[LPiOQt KRGQRWX 1LNG\ QHSLSRMXMWH SHYRGQtN N VWtGDYpPX QDSiMHQt
1DSiMHQt StVWURMH MH SURYiGQR SR NRPXQLNDþQt VEUQLFL )RXQGDWLRQ )LHOGEXV MH QXWQp SRXåtYDW
NURXFHQê VWtQQê GYRXSiU QHMOpSH QiVOHGXMtFt VSHFLILNDFH
$ SUR SLSRMHQt )RXQGDWLRQ )LHOGEXV
7$%8/.$ ,GHiOQt VSHFLILNDFH NDEHO
&KDUDNWHULVWLND
,PSHGDQFH
5R]PU
3ORFKD VWtQQt
=HVtOHQt
1HVWDELOLWD NDSDFLWDQFH
,GHiOQt VSHFLILNDFH
RKP$ SL N+]
$:* PP
GENP
Q)NP
3UR SLSRMHQt YRGLþ$ )LHOGEXVRYp VP\þN\ RGãURXEXMWH NU\W VYRUNRYQLFH YiURYpKR SU$WRNRP UX
YRUWH[ &$ )RXQGDWLRQ )LHOGEXV SHYRGQtN D SLSRMWH NODGQê D ]iSRUQê YRGLþ NH VSUiYQêP
VYRUNiP SRGOH REUi]NX &=
&=
$ YtURYpKR SU$WRNRPUX &$ )RXQGDWLRQ )LHOGEXV
2%5È=(. =DSRMHQt YRGLþ
61Ë0$ý62''/(128(/(.7521,.28
3RNXG VL REMHGQiWH MHGQX ] YROHE RGGOHQp HOHNWURQLN\ YROE\ 5 5 5 QHER 5;; EXGH
SU$WRNRPU GRGiQ YH GYRX þiVWHFK
WOHVR VQtPDþH V DGDSWpUHP LQVWDORYDQêP QD QiVWDYFL D N QPX SLSRMHQê SURSRMRYDFt
NRD[LiOQt NDEHO
VNtND HOHNWURQLN\ V PRQWiåQt NRQ]ROt
0RQWiå
1DPRQWXMWH WOHVR VQtPDþH QD SURYR]Qt SRWUXEt WDN MDN E\OR SRSViQR GtYH Y WpWR þiVWL
3LSHYQWH GUåiN D VNtNX HOHNWURQLN\ QD SRåDGRYDQp PtVWR 6NtND HOHNWURQLN\ P$åH EêW
SRVXQXWD QD GUåiNX SRGOH SRWHE\ SUR XVQDGQQt QDWDåHQt D SLSRMHQt YRGLþ$
.DEHORYpSLSRMHQt
&=
3LSRMWH YROQê NRQHF NRD[LiOQtKR NDEHOX NH VNtFH HOHNWURQLN\ SRGOH REUi]NX D QiVOHGXMtFtFK LQVWUXNFt
2%5È=(. ,QVWDODFH VQtPDþH V RGG OHQRX HOHNWURQLNRX
5R]KRGQHWHOL VH SUR YHGHQt NRD[LiOQtKR NDEHOX Y NDEHORYêFK WUXENiFK QHMG tYH SHþOLY
RG t]Q WH WUXENX QD SRåDGRYDQRX GpONX SUR GRVDåHQt S HVQpKR VSRMHQt VH VN t NRX HOHNWURQLN\
YHGHQt P$åH EêW XPtVWQD SURSRMRYDFt VNtND SUR StSDGQp QDVWDYHQt
.GHNROLY Y FHVW
NRD[LiOQtKR NDEHOX
$
3RVX WH DGDSWpU NDEHORYp WUXEN\ QHER NDEHORYRX SU FKRGNX S HV YROQê NRQHF NRD[LiOQtKR
NDEHOX D XSHYQ WH MHM N DGDSWpUX QD QiVWDYFL W OHVD VQtPDþH
3RXåLMHWHOL NDEHORYRX WUXENX SURWiKQ WH VNU] NRD[LiOQt NDEHO
$
8PtVW WH DGDSWpU NDEHORYp WUXEN\ QHER NDEHORYRX SU FKRGNX QD NRQHF NRD[LiOQtKR
NDEHOX
6HMP WH DGDSWpU VN t N\ HOHNWURQLN\
3RVX WH DGDSWpU S HV NRQHF NRD[LiOQtKR NDEHOX
3 LSRMWH ]HPQLFt YRGLþ NRD[LiOQtKR NDEHOX N ]HPQLFtPX ãURXEX DGDSWpUX VN t N\
GRWiKQWH PDWNX NRD[LiOQtKR NDEHOX NH VNtFH HOHNWURQLN\
3 LSRMWH D EH]SHþQ
9\URYQHMWH DGDSWpU VN t N\ D GRWiKQ WH W HPL ãURXE\
$
3 LãURXEXMWH DGDSWpU NDEHORYp WUXEN\ QHER NDEHORYRX SU FKRGNX N DGDSWpUX VN t N\
832=2511Ë
=DEUD WH YQLNiQt YOKNRVWL GR SURVWRU NDEHORYpKR S LSRMHQt LQVWDODFt SURSRMRYDFtKR NRD[LiOQtKR
NDEHOX YHGHQêP ]YOiãWQt NDEHORYRX WUXENRX QHER SRXåLWtP W VQLFt NDEHORYp XFSiYN\ QD RERX
NRQFtFK NDEHOX
&=
.$/,%5$&(
9tURYp SU$WRNRP U\ 9RUWH[ &$ )RXQGDWLRQ )LHOGEXV MVRX NDOLEURYiQ\ YH YêUREQtP ]iYRG
NDSDOLQRX D QHY\åDGXMt GDOãt NDOLEUDFL .DOLEUDþQt IDNWRU .IDNWRU MH Y\UDåHQ QD NDåGpP WOHVH
SU$WRNRPUX D ]iURYH YORåHQ GR SDP WL HOHNWURQLN\
62)7:$529È.21),*85$&(
1D ]iYU LQVWDODFH QDNRQILJXUXMWH VRIWZDUH VQtPDþH SRGOH SRåDGDYN$ YDãt DSOLNDFH %\OOL YãDN
SU$WRNRPU MLå SHGNRQILJXURYiQ YH YêUREQtP ]iYRG VQtPDþ P $åH EêW LQVWDORYiQ 3RNXG WDN
QHE\OR XþLQQR SRVWXSXMWH SRGOH QiYRGX Y ýiVWL 8YHGHQt GR SURYR]X
ýÈ67
8YHGHQtGRSURYR]X
3(+/('
.DSLWROD REVDKXMH ]iNODGQt LQIRUPDFH R þLQQRVWL SU$WRNRPUX SULQFLSX MHKR REVOXK\ D NRQILJXUDFH
'DOãt NDSLWRO\ EXGRX YQRYiQ\ MHGQRWOLYêP IXQNþQtP EORN$P SRGOH REHFQp PHWRGRORJLH StVWURM$ V
SURWRNROHP )RXQGDWLRQ )LHOGEXV
2EUi]HN XND]XMH ]iNODGQt VFKpPD WRNX LQIRUPDFt StVWURMHP
$
2EUi]HN )XQNþQt GLDJUDP YtURYpKR SU WRNRP UX &$ V SURWRNROHP )RXQGDWLRQ
)LHOGEXV
.DåGê NRQILJXUDþQt QiVWURM V NRPXQLNDFt )RXQGDWLRQ )LHOGEXV Pi MLQê StVWUXS NH NRQILJXUDFL
SHYRGQtNX 1NWHUp SRXåtYDMt VSHFLiOQt VRXERU\ QD]YDQp 'HYLFH GHVFULSWRU '' 3URWRåH WHQWR
SRVWXS QHQt REHFQê EXGH GiOH XYHGHQ SRVWXS PDQXiOQt NRQILJXUDFH
3,$=(1Ëâ7Ë7.8$$'5(6<
9tURYê SU$WRNRPU MH RGHVOiQ ] YêUREQtKR ]iYRGX V SUi]GQêP ãWtWNHP D V SUR]DWLPQt DGUHVRX NWHUi
XPRåXMH tGLFtPX V\VWpPX DXWRPDWLFN\ StVWURM UR]SR]QDW -HOL QXWQp ]PQLW ~GDMH R StVWURML SRXåLMH
VH IXQNFH YODVWQRVWL NRQILJXUDþQtKR QiVWURMH )RXQGDWLRQ )LHOGEXV '(/7$ 9 NWHUi SURYHGH
QiVOHGXMtFt þLQQRVWL
&=
&=
]PQX DGUHV\ QD SUR]DWLPQt ]PQX ãWtWNX QD XåLYDWHOHP SRåDGRYDQRX
]PQX DGUHV\ QD XåLYDWHOHP SRåDGRYDQRX
0iOL StVWURM SUR]DWLPQt DGUHVX MH PRåQp SRX]H ]PQLW DGUHVX QHER ãWtWHN YãHFKQ\ RVWDWQt SDUDPHWU\
Y RVWDWQtFK IXQNþQtFK EORFtFK MVRX GLVDEOHG QHSRYROHQp NH ]PQ
.21),*85$&(3(12629e+2%/2.8
1HQtOL Y GRE REMHGQiQt VSHFLILNRYiQR MLQDN MVRX SHGQDVWDYHQp SDUDPHWU\ YRGD ´ SRWUXEt SL
WHSORW ƒ&
.21),*85$&(267$71Ë&+%/2.#
$, %ORN
9VWXSQt EORN $, SRVN\WXMH SULPiUQt LQWHUIDFH PHQt N tGLFtPX V\VWpPX 3RVWXS SHGiYiQt LQIRUPDFt
PH]L $, D 3HQRVRYêP EORNHP MH
3DUDPHWU &+$11(/ NDQiO GHILQXMH NWHUê SDUDPHWU SHQRVRYpKR EORNX MH SRXåLWê $, EORNHP 8
YtURYpKR SU$WRNRPUX MH GRVWXSQê SRX]H MHGHQ $, NDQiO D WR $,&+$11(/ SLD]HQê SU$WRNX
'UXKê SDUDPHWU MH ;'B6&$/(81,76B,1'(; MHGQRWND SU$WRNX 6WDQGDUGQ MH QDVWDYHQD QD IWV
3RVOHGQt SDUDPHWU MH /B7<3( MHOL YãH QRUPiOQt SRXåLMH VH KRGQRWD ',5(&7 StPê 7HQWR
SDUDPHWU VH PQt MHQ Y StSDG ]PQ\ W\SX PHQt ,QGLUHFW QHER ,QGLUHFW6TXDUH5RRW
-H QXWQp PQLW MHGQRWOLYp SDUDPHWU\ YH YêãH XYHGHQpP SRDGt
.21),*85$&(35232-(1Ë$72.8,1)250$&Ë
3HG XYHGHQtP StVWURMH GR SURYR]X MH QXWQp SURYpVW SLD]HQt SRDGt H[HNXFH MHGQRWOLYêFK IXQNþQtFK
EORN$ -HGQRWOLYp )LHOGEXV KRVW NRQWUROHU\ N WRPX SRXåtYDMt UR]OLþQp SURVWHGN\ 9 SUD[L QHMþDVWML VH
SRXåtYDMt WRN\ SRGOH REUi]N$ D &=
HQt
2EUi]HN .RQILJXUDFH SUR P
2EUi]HN .RQILJXUDFH SUR t]HQt
&=
ýÈ67
3HQRVRYêEORN
3(+/('
9 WpWR þiVW MVRX VKUQXW\ ]iNODGQt NRQILJXUDþQt IXQNFH SU$WRNRPUX StVWXSQp Y SHQRVRYpP EORNX
'LDJUDP WRNX LQIRUPDFt Y WRPWR EORNX MH YLGW QD REUi]NX 2%5È=(. 'LDJUDP SHQRVRYpKR EORNX
'(),1,&(.$1È/8
9tURYê SU$WRNRPU PRGHO &$ Pi GHILQRYDQê SRX]H MHGHQ NDQiO NWHUê MH SLD]HQê KRGQRW
SU$WRNX
5<&+/È.21),*85$&(
'iOH EXGRX XYHGHQ\ QHMG$OHåLWMãt SDUDPHWU\ NWHUp MH
QXWQp QDVWDYLW MHOL XYiGQ YtURYê SURWRNRPU
PRGHO &$ GR SURYR]X 2VWDWQt SDUDPHWU\ MVRX QDVWDYHQ\ SRGOH QLFK D YH YWãLQ StSDG$ QHQt
QXWQi MHMLFK ]PQD SUR EOLåãt LQIRUPDFH YL] VSHFLDOL]RYDQê PDQXiO Y DQJOLFNpP MD]\NX
&=
&=
3R QDVWDYHQt YãHFK SDUDPHWU$ SRXåLMWH SDUDPHWU 5(67$57 YH ]GURMRYpP EORNX D UHVWDUWXMWH
352&(6625 3R QDMHWt V\VWpPX ]SW GR UHåLPX 21/,1( SRWRP ]NRQWUROXMWH ]DGDQRX NRQILJXUDFL
=È./$'1Ë.21),*85$&(
$E\ E\O SU$WRNRPU 9RUWH[ & SURYR]XVFKRSQê MH ]DSRWHEt QDNRQILJXURYDW ]iNODGQt SURPQQp
9H YWãLQ StSDG$ MH QDVWDYHQt RG YêUREFH GRVWDþXMtFt .RQILJXUDFH MH QXWQi SRNXG E\OR ]PQQR
]DGiQt D SRGPtQN\ DSOLNDFH
3RORåND7DJB'(6&
6QtPDþH MVRX R]QDþRYiQ\ Y VRXYLVORVWL V SRåDGDYN\ YDãt DSOLNDFH þtVOHP SRORåN\ 8PRåQt YiP
VQDGQRX LGHQWLILNDFL MHGQRWOLYêFK VQtPDþ$ 3RYROHQR MH ]QDN$
7\SPpGLD6HUYLFH7\SH
3UR NDåGp PHQt NDSDOLQ\ QHER SO\QXSiU\ MH ]DSRWHEt NRQNUpWQt NRQILJXUDFH StPR SUR GDQRX
DSOLNDFL 3RNXG QHQt SU$WRNRPU VSUiYQ QDNRQILJXURYiQ QHEXGRX RGSRYtGDW DQL YêVWXSQt
~GDMH9\EHUWH RGSRYtGDMtFt W\S PpGLD NDSDOLQD QHER SO\QSiUD /LTXLG QHER
*DV6WHDP
9êVWXSQtMHGQRWN\398QLWV
3U$WRNRPU 9RUWH[ & XPRåXMH ]REUD]RYDW MHGQRWN\ REMHPRYp KPRWQRVWQt VWDQGDUGQt
QRUPiOQt U\FKORVWQt QHER VSHFLiOQt 9ROXPHWULF 0DVV
67'1RUPDO 9HORFLW\
0RåQRVWL YROE\ MHGQRWHN
2EMHPRYp MHGQRWN\ 9ROXPHWULF 8QLWV
JDOV LPSJDOPLQ
JDOPLQLPSJDOKU
JDOKUOLWHUVV
$&)0OLWHUVPLQ
$&)+OLWHUVKU
EEOKU$&00
LPSJDOV$&0+
QHER 6SHFLDO
XQLWV
+PRWQRVWQt MHGQRWN\ 0DVV 8QLWV
&=
OEKU
VKWRQKU
NJV
NJKU
3RNXG ]YROtWH KPRWQRVWQt MHGQRWN\ MH ]DSRWHEt ]DGDW SURYR]Qt KXVWRWX PpGLD
32=1È0.$
9HãNHUp MHGQRWN\ VH Y]WDKXMt N SURYR]QtP SRGPtQNiP QDS DNWXiOQt NXELFNp PHWU\ ]D KRGLQX
.RQILJXUDFH SUR PHQt YH VWDQGDUGQtFK StS VSHFLiOQtFK MHGQRWNiFK YL] PDQXiO
3URYR]Qt KXVWRWD 3URFHVV 'HQVLW\
3URYR]Qt KXVWRWD PpGLD D MHGQRWN\ KXVWRW\ MH QXWQp ]DGDW SRX]H Y StSDG åH PtWH Y KPRWQRVWQtFK
MHGQRWNiFK 'HILQXMWH MHGQRWN\ KXVWRW\ SUR SRWHE\ SHSRþWX ] REMHPRYpKR Y\MiGHQt QD KPRWQRVWQt
%XGHWHOL PLW Y REMHPRYêFK StS VSHFLiOQtFK MHGQRWNiFK QHQt KRGQRWD SURYR]Qt KXVWRW\
Y\åDGRYiQD
=YROtWHOL QDStNODG QDPtVWR MHGQRWHN P K MHGQRWN\ KPRWQRVWQt NJK ]DGHMWH KRGQRWX KXVWRW\ SUR
YODVWQt SHSRþHW
32=1È0.$
9 StSDG åH ]YROtWH VSHFLiOQt MHGQRWN\ MDNR KPRWQRVWQt Y\MiGHQt PQRåVWYt PXVt EêW KRGQRWD SURYR]Qt
KXVWRW\ ]DGiQD MDNR SHYRGQt þtVOR FRQYHUVLRQ QXPEHU NWHUp MDNR MHGLQp VH EXGH SRGtOHW QD SHSRþWX
+RGQRWD KXVWRW\ EXGH SUR SHSRþHW GHDNWLYRYiQD
%XGHWHOL PLW Y KPRWQRVWQtFK MHGQRWNiFK MH ]DSRWHEt ]DGDW KRGQRWX KXVWRW\ PpGLD 3HVYGþWH
VH R VSUiYQpP ]DGiQt KRGQRW\ 7D EXGH SRXåLWD SUR NRQHþQê YêSRþHW &K\ED Y ]DGiQt RYOLYQt
YêVOHGQRX KRGQRWX PHQt KPRWQRVWQtKR SU$WRNX 3RNXG E\ VH POD Y SU$EKX PHQt P QLW
KRGQRWD KXVWRW\ Y ]iYLVORVWL QD ]PQ WODNX D WHSORW\ GRSRUXþXMHPH P LW Y REMHPRYêFK
MHGQRWNiFK
&=
6WDQGDUGQtQRUPiOQt MHGQRWN\ 67'1RUPDO )ORZ 8QLWV
6&)0
6&)+
1&00
1&0+
3U$WRNRPU 9RUWH[ & XPRåXMH PLW Y QRUPiOQtFK StS VWDQGDUGQtFK MHGQRWNiFK 9\EHUWH
MHGQRX ] QiVOHGXMtFtFK PRåQRVWt
=DGHMWH NRHILFLHQW KXVWRW\ 'HQVLW\ 5DWLR
SUR SHSRþHW ] DNWXiOQtFK KRGQRW QD QRUPiOQt
=DGHMWH SURYR]Qt D VWDQGDUGQt ]iNODGQt SRGPtQN\ GRMGH N DXWRPDWLFNpPX SHSRþWX
32=1È0.$
+RGQRWD SHYRGQtKR þtVOD EXGH VORXåLW N SHSRþWX SURWHþHQpKR PQRåVWYt QD VWDQGDUGQt KRGQRW\
&K\ED Y ]DGiQt RYOLYQt YêVOHGQRX KRGQRWX PHQt SU$WRNX9 StSDG ]PQ SURYR]QtFK KRGQRW
WODNX D WHSORW\ SRXåtYHMWH SUR PHQt REMHPRYp MHGQRWN\ 7\WR ]PQ\ QHMVRX NRPSHQ]RYiQ\
.RHILFLHQW KXVWRW\ 'HQVLW\ 5DWLR
.RHILFLHQW KXVWRW\ MH XUþHQ SUR SHYRG DNWXiOQtFK KRGQRW PQRåVWYt QD VWDQGDUGQt KRGQRW\ SRGOH
QiVOHGXMtFtFK URYQLF
6WDQGDUGQt KRGQRWD
DNWXiOQt KRGQRWD SHYRGQt IDNWRU
3RXåLMWH MHGQX ] QiVOHGXMtFtFK URYQLF SUR YêSRþHW SHYRGQtKR IDNWRUX D QiVOHGQê SHYRG ] DNWXiOQtFK
QD VWDQGDUGQt REMHPRYp MHGQRWN\ SU$WRNX
3HYRGQt IDNWRU
3HYRGQt IDNWRU
9êSRþHW NRHILFLHQWX KXVWRW\ KXVWRWD SL SURYR]QtFK SRGPtQNiFK
KXVWRWD SL VWDQGDUGQtFK SRGPtQNiFK
7E [ 3I [ =E
7I [ 3E [ =I
&DOFXODWH 'HQVLW\ 5DWLR
9êSRþHW NRHILFLHQWX KXVWRW\ MH GiQ GiOH XYHGHQRX URYQLFt SUR KRGQRW\ SL SURYR]QtFK D VWDQGDUGQtFK
SRGPtQNiFK
3URYR]Qt SRGPtQN\ 2SHUDWLQJ &RQGLWLRQV
7I
DEVROXWQt WHSORWD St SURYR]QtFK DNWXiOQtFK SRGPtQNiFK YH VWXSQtFK 5DQNLQH QHER .HOYLQ
3I
DEVROXWQt WODN SL SURYR]QtFK DNWXiOQtFK SRGPtQNiFK Y MHGQRWNiFK SVLD QHER N3D$
6WXSQ )DKUHQKHLW QHER &HOVLXV EXGRX DXWRPDWLFN\ SHYHGHQ\ QD VWXSQ 5DQNLQH þL .HOYLQ
=DGiQt Y MLQêFK MHGQRWNiFK EXGH DXWRPDWLFN\ SHYHGHQR +RGQRW\ PXVt EêW DEVROXWQt
VWODþLWHOQRVW SL SURYR]QtFK DNWXiOQtFK SRGPtQNiFK EH]UR]PUQi KRGQRWD
=I
=iNODGQt SRGPtQN\ %DVH &RQGLWLRQV
7E
DEVROXWQt WHSORWD St VWDQGDUGQtFK ]iNODGQtFK SRGPtQNiFK YH VWXSQtFK 5DQNLQH QHER .HOYLQ
3E
DEVROXWQt WODN SL VWDQGDUGQtFK SRGPtQNiFK Y MHGQRWNiFK SVLD QHER N3D$
=E
VWODþLWHOQRVW SL VWDQGDUGQtFK SRGPtQNiFK EH]UR]PUQi KRGQRWD
6WXSQ )DKUHQKHLW QHER &HOVLXV EXGRX DXWRPDWLFN\ SHYHGHQ\ QD VWXSQ 5DQNLQH þL .HOYLQ
=DGiQt Y MLQêFK MHGQRWNiFK EXGH DXWRPDWLFN\ SHYHGHQR +RGQRW\ PXVt EêW DEVROXWQt
3tNODG
1DNRQILJXUXMWH VQtPDþ 9RUWH[ & WDN DE\ YêVWXSQt KRGQRW\ E\O\ XGiYiQ\ YH VWDQGDUGQtFK
NXELFNêFK PHWUHFK ]D KRGLQX 6&0+ 0HQp PpGLXP MH YRGtN ]D SURYR]QtFK SRGPtQHN ƒ)
D SVLD =iNODGQt SRGPtQN\ MVRX ƒ) D SVLD 3HYRGQt IDNWRU EXGH
518,57 °R × 100 psia × 1,0006
= 5,587
629,67 °R × 14,7 psia × 1,0036
-HGQRWN\ U\FKORVWL IWV
9HORFLW\ 8QLWV
PV
&=
&=
6SHFLiOQt MHGQRWN\ 9ROERX
6SHFLDO 8QLWV
6SHFLDO 8QLWV MH PRåQp Y\WYRLW YODVWQt QHVWDQGDUGQt MHGQRWN\ NWHUp VH QHQDFKi]HMt Y VH]QDPX
MHGQRWHN 0RKRX EêW MDN KPRWQRVWQt WDN REMHPRYp 7DWR YROED Y\åDGXMH ]DGiQt QiVOHGXMtFtFK KRGQRW
REMHPRYp MHGQRWN\ ]iNODGQt MHGQRWN\ þDVX XåLYDWHOVNp MHGQRWN\ D SHYRGQt þtVOR
3tNODG
LW PQRåVWYt Y EDUHOHFK ]D PLQXWX PtVWR JDORQ$ ]D PLQXWX NGH MHGHQ EDUHO
3HGVWDYWH VL åH EXGHWH FKWtW P
$
MH JDORQ ‡
‡
‡
‡
%DVH YROXPH XQLW JDO
%DVH WLPH XQLW PLQ
8åLYDWHOVNp MHGQRWN\ 8VHU GHILQHG XQLW EU
3HYRGQt þtVOR &RQYHUVLRQ QXPEHU =iNO REMHPRYp MHGQRWN\ =iNO MHGQRWN\ þDVX 'DOãt LQIRUPDFH MDN SUDFRYDW VH VSHFLiOQtPL MHGQRWNDPL YL] GDOãt RGGtO
32=1È0.$
+$57 NRPXQLNiWRU EXGH ]REUD]RYDW SRX]H S HYHGHQp MHGQRWN\
=iNODGQt REMHPRYp MHGQRWN\ %DVH 9ROXPH 8QLW
NWHUêFK EXGH SURYiGQ SHSRþHW 3RPRFt
=iNODGQt REMHPRYp MHGQRWN\ MVRX MHGQRWN\ QD ]iNODG
+$57 NRPXQLNiWRUX ]YROWH MHGQRWNX
‡ *DOORQV JDORQ\ >JDO@
‡ /LWHUV OLWU\ >O@
‡ ,PSHULDO JDOORQV LPSHULiOQt JDORQ\ >,PS JDO@
‡ &XELF PHWHUV NXELFNp PHWU\ P >&XP@
‡ )HHW VWRS\ >IW@
‡ 0HWHUV PHWU\ >P@
‡ %DUUHOV EDUHO\ >EEO@ NGH VWDQGDUGQt EEO
JDO
‡ &XELF )HHW NXELFNp VWRS\ >FXIW@
=iNODGQt MHGQRWN\ þDVX %DVH 7LPH 8QLW
NWHUp VH EXGH SURYiGW SHSRþHW
=iNODGQt þDVRYi MHGQRWND SHGVWDYXMH MHGQRWNX QD ]iNODG
QD VSHFLiOQt MHGQRWN\
0LQXWHV
6HFRQGV
+RXUV
'D\V
‡
0LQXW\ ‡
6HNXQG\ ‡
+RGLQ\ ‡
'Q\ 8åLYDWHOVNp MHGQRWN\ 8VHU 'HILQHG 8QLW
8åLYDWHOHP GHILQRYDQi MHGQRWND MH SURP QQi QHVRXFt S HYRGQt LQIRUPDFL
/&' GLVSOHM 9RUWH[X & EXGH ]REUD]RYDW S tPR MHGQRWN\ NWHUp MVWH GHILQRYDOL +$57
NRPXQLNiWRU EXGH ]REUD]RYDW SRX]H ]QDN\ ³63&/´
3UR SRSLV QRYêFK MHGQRWHN MVRX N GLVSR]LFL ]QDN\
3HYRGQt þtVOR &RQYHUVLRQ 1XPEHU
GHILQRYDQp 3UR StPê
3RPRFt S HYRGQtKR þtVOD EXGRX S HSRþtWiYiQ\ ]iNODGQt MHGQRWN\ QD QRY
S HYRG PH]L MHGQRWOLYêPL REMHPRYêPL MHGQRWNDPL MH S HYRGQt þtVOR KRGQRWRX SRGtOX QRYp MHGQRWN\
N MHGQRWNiP ]iNODGQtP
3tNODG
$ RGSRYtGi REMHPX MHGQRKR
0DMtOL VH S HYiG W KRGQRW\ Y JDORQHFK QD EDUHO\ NGH JDORQ
EDUHOX MH S HYRGQt þtVOR URYQR JDO
EDUUHOV
5R]VDKPHQt5DQJH9DOXHV
9KRGQ ]YROHQê UR]VDK PHQt XPRåQt ]YWãLW UR]OLãHQt DQDORJRYpKR YêVWXSQtKR VLJQiOX
1HMSHVQMãtFK KRGQRW VH GRVDKXMH SUDFXMHOL VQtPDþ SRX]H Y UR]VDKX SHGSRNOiGDQêFK KRGQRW
SU$WRNX SUR GDQRX DSOLNDFL 1DVWDYHQt UR]VDKX QD SHGSRNOiGDQp OLPLW\ PHQt ]Yêãt YêNRQQRVW
SU$WRNRPUX
5R]VDK PHQt MH GHILQRYiQ SRPRFt VSRGQt KRGQRW\ /RZHU 5DQJH 9DOXH /59
D KRUQt KRGQRW\ 8SSHU 5DQJH 9DOXH 859 1DVWDYWH /59 D 859 Y UR]PH]t OLPLW GHILQRYDQêFK SUR
VQtPDþ Y ]iYLVORVWL QD UR]PUX SRWUXEt D SRXåLWpKR PDWHULiOX +RGQRW\ NWHUp VH Y\VN\WQRX YQ WRKRWR
UR]VDKX MLå QHRYOLYQt YêVWXSQt KRGQRWX 1DVWDYWH MHGQRWOLYp SURPQQp D ]DGHMWH MHMLFK KRGQRW\ NWHUp
GHILQXMt QRYê UR]VDK
3URYR]QtWHSORWD3URFHVV7HPSHUDWXUH
3URYR]Qt WHSORWD MH ]DGiYiQD ] G$YRGX NRPSHQ]DFH YOLYX WHSORWQt UR]WDåQRVWL SU$WRNRPUX D WR Y StSDG
åH VH OLãt RG UHIHUHQþQt WHSORW\ 3URYR]Qt WHSORWRX VH UR]XPt WHSORWD PpGLD Y PtVW PHQt
9QLWQtSU$PUVSRMRYDFtKRSRWUXEt0DWLQJ3LSH,',QVLGH'LDPHWHU
9QLWQt SU$PU VSRMRYDFtKR SRWUXEt VQtPDþH P$åH RYOLYQLW YVWXSQt HIHNW D RYOLYQLW PHQt -H ]DSRWHEt
]QiW SHVQê UR]PU SUR PRåQRVW NRUHNFH ]PtQQpKR HIHNWX +RGQRWX ]DGHMWH GR WpWR SURPQQp
5R]PU\ YQLWQtFK SU$PU$ SRWUXEt ,' SUR WtG\ D MVRX GiQ\ Y WDEXOFH 9 StSDG åH
UR]PU YDãHKR SRWUXEt VH QHQDFKi]t Y VH]QDPX NRQWDNWXMWH YêUREFH
&=
&=
7$%8/.$ 5R]P U\ SRWUXEt
5R]P U SRWU
6FKHGXOH 6FKHGXOH 6FKHGXOH ,QFKHV PP
,QFKHV PP
,QFKHV PP
,QFKHV PP
ò ò &+<%29È+/Èâ(1Ë93(12629e0%/2.8
9 SHQRVRYpP EORNX MVRX GRVWXSQp GYD SDUDPHWU\ %/2&.B(55 D ;'B(5525 3UYQt ] QLFK VORXåt
N SRSLVX FK\E Y EORNX NRQILJXUDþQt FK\ED FK\ED SURSRMHQt FK\ED SDPWL D SRG 'UXKê MH REHFQê
REHFQi FK\ED FK\ED HOHNWURQLN\ VRIWZDUX D SRG
',$*1267,.$
'HWDLOQMãt LQIRUPDFH R VWDWXVX PHQt MVRX GRVWXSQp SRPRFt SDUDPHWUX
7%B(/(&7521,&B67$786 3RPRFt VWDYX WRKRWR SDUDPHWUX MH PRåQp ]MLVWLW SRGUREQMãt LQIRUPDFH
R SRWHQFLiOQtP SUREOpPX
ýÈ67
&=
2GVWUDRYiQtSRUXFK
3(+/('
7DEXOND REVDKXMH QiYUK\ QD
HãHQt
E åQêFK SUREOpP
$ NWHUp VH PRKRX Y\VN\WQRXW SL SURYR]X
þL REVOX]H
9$529È1Ë
$
,QVWUXNFH D SRVWXS\ ]PtQ Qp Y WpWR NDSLWROH Y\åDGXMt ]YOiãWQt SR]RUQRVW ] G YRGX ]DMLãW Qt RVREQt
$
RFKUDQ\ S L SURYR]X ' tYH QHå ]DþQHWH SRVWXSRYDW SRGOH GDOãtFK SRN\Q S HþW WH VL QHMG tYH
QiVOHGXMtFt YDURYiQt
9êEXFK P
$åH ]S$VRELW YiåQi ]UDQQt StS VPUW
‡
1HVQtPHMWH X]iY U VQtPDþH YH YêEXãQpP SURVW HGt SRNXG MH VQtPDþ SRG QDS WtP
‡
8MLVW WH VH ]GD VQtPDþ Y\KRYXMH GDQp EH]SHþQRVWQt ]yQ ‡
3UR SURVW HGt V QHEH]SHþtP YêEXFKX PXVt EêW VQtPDþ Y\EDYHQ SHYQêPL X]iY U\
3 L ]DQHGEiQt VSUiYQpKR SRVWXSX LQVWDODFH VH Y\VWDYXMHWH QHEH]SHþt NWHUp P
N YiåQêP ]UDQ
‡
QtP StS VPUWL
$
,QVWDODFL P åH SURYiG W SRX]H NYDOLILNRYDQi RVRED
$åH YpVW
&=
$
$
7$%8/.$ =iNODGQt ]S VRE\ RGVWUD RYiQt SUREOpP 3t]QDN\
3RVWXS HãHQt
äiGQê YêVWXSQt VLJQiO
=iNODGQt ERG\ NRQWURO\
S L VNXWHþQpP SU WRNX
‡ =NRQWUROXMWH ]GD MH VQtPDþ VSUiYQ
$
LQVWDORYiQ GR SRWUXEt
SRGOH ãLSN\ QD W OHVH
‡ 3URYH
WH ]iNODGQt SURFHGXU\ NRQWURO YL] 1HRGSRYtGDMtFt
YêVWXS
‡ =NRQWUROXMWH D SURYH
WH ~SUDYX NRQILJXUDFH
Y QiVOHGXMtFtP SR DGt ³.IDFWRU VHUYLFH W\SH PDWHULDOV XQLWV
SURFHVV WHPSHUDWXUH GDPSLQJ YDOXH ILOWHU WUDFNLQJ GHQVLW\
SXOVH PRGH SXOVH VFDOLQJ OLQH VL]H SLSH GLDPHWHU /59 859
/3 FRUQHU WULJJHU OHYHO
ORZ IORZ FXWRII´
$
‡ 8MLVW WH VH åH SU WRþQp PQRåVWYt QHS HVDKXMH GDQp PH]H
$
‡ 'DOãt SRGUREQRVWL YL] 3RGUREQp HãHQt SUREOpP
PDQXiOX (OHNWURQLND
‡ 6SXVWWH ³VHOI WHVW´ NRPXQLNiWRUX
‡ 3RPRFt VLPXOiWRUX VQtPDþH SURY
WH YêVW VLJQiO
‡ =NRQWUROXMWH NRQILJXUDFL´ /)& WULJJHU OHYHO´
$
QRUPiOQtDNWXiOQt KRGQRW\ SU WRNX
‡ 9\P
WH HOHNWURQLNX
$SOLNDþQt SUREOpP\
‡ 3 HSRþtWHMWH SRåDGRYDQRX IUHNYHQFL VKRGXMHOL VH
V DNWXiOQt D ]NRQWUROXMWH NRQILJXUDFL
‡ =NRQWUROXMWH KRGQRW\ YLVNR]LW\ D VSHFLILFNp KPRWQRVWL
SUR GDQp SRGPtQN\
$
‡ 3 HSRþtWHMWH SRåDGDYN\ QD ]S WQê WODN D MHOL W HED ]Y\ãWH
SU WRþQp PQRåVWYt S tS SURYR]Qt WODN
ýLGOR
‡ =NRQWUROXMWH GRWDåHQt þLGOD IWOE
WH VSRMHQt NRD[LiOQtKR NDEHOX V þLGOHP D Y StSDG
WH
‡ 3URY WH RGSRU LPSHGDQFH þLGOD ! 0Ω Y StSDG QXWQRVWL
Y\PWH VHQ]RU YL] PDQXiO VWU ‡ =PWH NDSDFLWX þLGOD QD 60$ NRQHNWRUX ± S)
‡ 3URY
QXWQRVWL Y\P
3t]QDN\
3RVWXS HãHQt
äiGQê YêVWXSQt VLJQiO
=iNODGQt ERG\ NRQWURO\
S L VNXWHþQpP SU WRNX
‡ =NRQWUROXMWH ]GD MH VQtPDþ VSUiYQ
$
LQVWDORYiQ GR SRWUXEt
SRGOH ãLSN\ QD W OHVH
‡ 3URYH
WH ]iNODGQt SURFHGXU\ NRQWURO YL] 1HRGSRYtGDMtFt
YêVWXS
‡ =NRQWUROXMWH D SURYH
WH ~SUDYX NRQILJXUDFH
Y QiVOHGXMtFtP SR DGt ³.IDFWRU VHUYLFH W\SH PDWHULDOV
XQLWV SURFHVV WHPSHUDWXUH GDPSLQJ YDOXH ILOWHU WUDFNLQJ
GHQVLW\ SXOVH PRGH SXOVH VFDOLQJ OLQH VL]H SLSH
GLDPHWHU /59 859 /3 FRUQHU WULJJHU OHYHO
ORZ IORZ FXWRII´
$
‡ 8MLVW WH VH åH SU WRþQp PQRåVWYt QHS HVDKXMH GDQp PH]H
$
‡ 'DOãt SRGUREQRVWL YL] 3RGUREQp HãHQt SUREOpP
PDQXiOX (OHNWURQLND
‡ 6SXVWWH ³VHOI WHVW´ NRPXQLNiWRUX
‡ 3RPRFt VLPXOiWRUX VQtPDþH SURY
WH YêVW VLJQiO
‡ =NRQWUROXMWH NRQILJXUDFL´ /)& WULJJHU OHYHO´
$
QRUPiOQtDNWXiOQt KRGQRW\ SU WRNX
‡ 9\P
WH HOHNWURQLNX
$SOLNDþQt SUREOpP\
‡ 3 HSRþtWHMWH SRåDGRYDQRX IUHNYHQFL VKRGXMHOL VH
V DNWXiOQt D ]NRQWUROXMWH NRQILJXUDFL
‡ =NRQWUROXMWH KRGQRW\ YLVNR]LW\ D VSHFLILFNp KPRWQRVWL
SUR GDQp SRGPtQN\
$
‡ 3 HSRþtWHMWH SRåDGDYN\ QD ]S WQê WODN D MHOL W HED ]Y\ãWH
SU WRþQp PQRåVWYt S tS SURYR]Qt WODN
ýLGOR
‡ =NRQWUROXMWH GRWDåHQt þLGOD IWOE
WH VSRMHQt NRD[LiOQtKR NDEHOX V þLGOHP D Y StSDG
WH
‡ 3URY WH RGSRU LPSHGDQFH þLGOD ! 0Ω Y StSDG
QXWQRVWL Y\PWH VHQ]RU YL] PDQXiO ‡ =PWH NDSDFLWX þLGOD QD 60$ NRQHNWRUX ± S)
‡ 3URY
QXWQRVWL Y\P
&=
&=
3t]QDN\
3RVWXS HãHQt
1HRGSRYtGDMtFt YêVWXSQt
=iNODGQt ERG\ NRQWURO\
VLJQiO S L VNXWHþQpP
‡ 3URYH
$
SU WRNX
WH ]iNODGQt SURFHGXU\ NRQWURO YL] 1HRGSRYtGDMtFt
YêVWXS
WH ~SUDYX NRQILJXUDFH
‡ =NRQWUROXMWH D SURYH
Y QiVOHGXMtFtP SR DGt ³.IDFWRU VHUYLFH W\SH PDWHULDOV
XQLWV SURFHVV WHPSHUDWXUH GDPSLQJ YDOXH ILOWHU WUDFNLQJ
GHQVLW\ SXOVH PRGH SXOVH VFDOLQJ OLQH VL]H SLSH
GLDPHWHU /59 859 /3 FRUQHU WULJJHU OHYHO
ORZ IORZ FXWRII´
$
‡ 8MLVW WH VH åH SU WRþQp PQRåVWYt QHS HVDKXMH GDQp PH]H
$
‡ 'DOãt SRGUREQRVWL YL] 3RGUREQp HãHQt SUREOpP
PDQXiOX $SOLNDþQt SUREOpP\
‡ 3 HSRþtWHMWH SRåDGRYDQRX IUHNYHQFL VKRGXMHOL VH
V DNWXiOQt D ]NRQWUROXMWH NRQILJXUDFL
LQVWDORYiQ GR SRWUXEt
‡ =NRQWUROXMWH ]GD MH VQtPDþ VSUiYQ
SRGOH ãLSN\ QD W OHVH
‡ =NRQWUROXMWH KRGQRW\ YLVNR]LW\ D VSHFLILFNp KPRWQRVWL
SUR GDQp SRGPtQN\
$
‡ 3 HSRþtWHMWH SRåDGDYN\ QD ]S WQê WODN D MHOL W HED ]Y\ãWH
SU WRþQp PQRåVWYt S tS SURYR]Qt WODN
$
SRWHE\ ]QRYX LQVWDOXMWH VQtPDþ
‡ 6HLWH SURYR]Qt SDUDPHWU\ VLJQiOX SXOV\ þHUSDGOD UXãt
VSRMLWRVW PHQt
‡ =NRQWUROXMWH W VQ Qt S tS MLQp S HNiåN\ EUiQtFt SU WRNX
Y S tSDG
3UREOpP YLEUDFt
WH SURYR]Qt SDUDPHWU\ VLJQiOX
$
‡ 6H L
‡ 2WRþWH VQtPDþ R VWXS
‡ 3 LGHMWH GUåiN SRWUXEt SREOtå VQtPDþH N ]PtUQ Qt YLEUDFt
3RNXG MH VQtPDþ QDVWDYHQ QD P
HQt SU$WRNX SO\QX QHER
SiU\ D YLEUDFH S HVDKXMt KRGQRWX J ]Y\ãWH KRGQRWX
³/RZ )ORZ &XWRII /)&´ N ]DPH]HQt QHåiGRXFtKR YêVWXSX
$
S L QXORYpP SU WRNX =YêãHQt KRGQRW\ /)& ]iYLVt QD VtOH
YLEUDFt D UR]P UHFK VQtPDþH /)& MH MHGQR]QDþQê SUR
$
YWãt QHå VLJQiO YLEUDFt VQtPDþ VH XVWiOt
NDåGRX DSOLNDFL 3 L SRþiWHþQtP SU WRNX MH VLJQiO PQRåVWYt
PQRKRQiVREQ
$
QD VLJQiOX SU WRNX D Gi VSUiYQRX YêVWXSQt KRGQRWX
3t]QDN\
1HRGSRYtGDMtFt YêVWXSQt
VLJQiO S L VNXWHþQpP
$
SU WRNX
&=
3RVWXS HãHQt
+] UXãHQt
‡ 2EMHYtOL VH HOHNWULFNi QHER PDJQHWLFNi LQWHUIHUHQFH
]NRQWUROXMWH X]HPQ Qt VQtPDþH ]P
WH QDSWt QD
$
VYRUNiFK DQDORJRYpKR D SXOVQtKR YêVWXSX Y þL VN t FH
HOHNWURQLN\ % åQp QDS Wt 9UPV
‡ -HOL VQtPDþ LQVWDORYiQ Y EOt]NRVWL PRWRUX QHER HO WRSHQt
HQp
Y\]NRXãHMWH MLQRX SRORKX QDWRþHQt VQtPDþH 1DP
PDJQHWLFNp SROH PXVt EêW JDXVV
WH QDSWt PH]L VNtNRX
HOHNWURQLN\ D 60$ NRQHNWRUHP 1DSWt PXVt EêW 9UPV
‡ 0iWHOL VQtPDþ V RGG OHQRX HOHNWURQLNRX ]NXVWH ]DP QLW
]D LQWHJUiOQt VQtPDþ =P
ýLGOR
‡ 'HPRQWiå QHPi YOLY QD þLGOR MHOLNRå LQWHUIHUHQþQt XORåHQt
VWDQRYHQRX WROHUDQFL 2SDNRYDQRX GHPRQWiåt
$
Pi SHYQ
D PRQWiåt P åH EêW þLGOR XYROQ QR 9 WDNRYpP S tSDG
WH ]D QRYp
Y\P
‡ 3 HNRQWUROXMWH GRWDåHQt NRQHNWRUX þLGOD
‡ =NRQWUROXMWH GRWDåHQt þLGOD IWOE
WH VSRMHQt NRD[LiOQtKR NDEHOX V þLGOHP D Y StSDG
WH
‡ 3URY WH RGSRU LPSHGDQFH þLGOD ! 0Ω D Y StSDG
QXWQRVWL Y\PWH VHQ]RU YL] PDQXiO ‡ =PWH NDSDFLWX þLGOD QD 60$ NRQHNWRUX ± S)
‡ 3URY
QXWQRVWL Y\P
&=
3t]QDN\
3RVWXS HãHQt
9êVWXSQt VLJQiO
=iNODGQt ERG\ NRQWURO\
S L QXORYpP SU WRNX
‡ 3URYH
$
WH ]iNODGQt SURFHGXU\ NRQWURO YL] 1HRGSRYtGDMtFt
YêVWXS
‡ =NRQWUROXMWH D SURYH
WH ~SUDYX NRQILJXUDFH
Y QiVOHGXMtFtP SR DGt ³.IDFWRU VHUYLFH W\SH PDWHULDOV
XQLWV SURFHVV WHPSHUDWXUH GDPSLQJ YDOXH ± P$ WULP
ILOWHU WUDFNLQJ GHQVLW\ SXOVH PRGH SXOVH VFDOLQJ OLQH
VL]H SLSH GLDPHWHU /59 859 /3 FRUQHU WULJJHU OHYHO
ORZ IORZ FXWRII´
$
‡ 8MLVW WH VH åH SU WRþQp PQRåVWYt QHS HVDKXMH GDQp PH]H
‡ ‡ 'DOãt SRGUREQRVWL YL] 3RGUREQp HãHQt SUREOpP
$
PDQXiOX 3UREOpP YLEUDFt
WH SURYR]Qt SDUDPHWU\ VLJQiOX
=Y\ãWH /)& R MHGHQ GtO D PWH SURYR]Qt SDUDPHWU\ 3RNXG
WR DSOLNDFH GRYROXMH SRNUDþXMWH VWHMQêP ]S$VREHP
GR Y\HãHQt SUREOpPX
1DVWDYWH YWãt KRGQRWX ³WULJJHU OHYHO´ VWDQGDUGQ MH
QDVWDYHQD QD KRGQRWX ]Y\ãWH R MHGHQ GtO D PWH SURYR]Qt
SDUDPHWU\ 6WHMQêP ]S$VREHP SRNUDþXMWH GiOH QHå
‡ 6H L
1DVWDYWH Y Wãt KRGQRWX /)& SRNXG XPRåQt DSOLNDFH
GRViKQHWH YêVWXSQt KRGQRW\ QXOD QHER ³WULJJHU OHYHO´
URYQê -DNPLOH MHGQRX P QtWH WXWR KRGQRWX RY
$
XMWH
SURYR]Qt SDUDPHWU\ V SU WRNHP
$
‡ 1DWRþWH VQtPDþ R VWXS
‡ 3 LGHMWH GUåiN SRWUXEt SREOtå VQtPDþH N ]PtUQ Qt YLEUDFt
+] UXãHQt
‡ 2EMHYtOL VH HOHNWULFNi QHER PDJQHWLFNi LQWHUIHUHQFH
]NRQWUROXMWH X]HPQ Qt VQtPDþH =P
WH QDSWt QD
$
VYRUNiFK DQDORJRYpKR D SXOVQtKR YêVWXSX Y þL VN t FH
HOHNWURQLN\ % åQp QDS Wt 9UPV
‡ -HOL VQtPDþ LQVWDORYiQ Y EOt]NRVWL PRWRUX QHER HO WRSHQt
HQp
Y\]NRXãHMWH MLQRX SRORKX QDWRþHQt VQtPDþH 1DP
PDJQHWLFNp SROH PXVt EêW JDXVV
WH QDSWt PH]L VNtNRX
HOHNWURQLN\ D 60$ NRQHNWRUHP 1DSWt PXVt EêW 9UPV
‡ 0iWHOL VQtPDþ V RGG OHQRX HOHNWURQLNRX ]NXVWH ]DP QLW
]D LQWHJUiOQt VQtPDþ =P
$SOLNDþQt SUREOpP\
WH SURYR]Qt SDUDPHWU\ VLJQiOX SXOV\ þHUSDGOD UXãt
HQt
‡ ,QVWDOXMWH SU$WRNRYê XVPURYDþ
‡ =NRQWUROXMWH ]GD MVRX X]DY HQ\ YHãNHUp YHQWLO\
‡ 6H L
VSRMLWRVW P
HãHQt NRPSOLNRYDQ MãtFK SUREOpP
$ MDNR MVRX QDS NROtVDYê
$
$
SU WRN KOXN YHGHQt åiGQê
YêVWXSQt VLJQiO S L XUþLWpP SU WRNX D QDRSDN YL] PDQXiO ýÈ67
&=
7HFKQLFNpSDUDPHWU\
3(+/('
7DWR þiVW REVDKXMH YêþHW WHFKQLFNêFK GDW G$OHåLWêFK SUR PRQWiå D XYHGHQt GR SURYR]X &HONRYê
SHKOHG YL] PDQXiO 2EVDK
‡ 7HFKQLFNp ~GDMH
‡ )XQNþQt SURYHGHQt
‡ ÒGDMH R PDWHULiOHFK
7\WR LQIRUPDFH MVRX XYiGQ\ SUR YDãL SRWHEX DYãDN QHMVRX NRPSOHWQtP YêþWHP FHUWLILNDFt
VFKYiOHQt D SRGREQêFK LQIRUPDFt &HONRYê SHKOHG YL] PDQXiO 7(&+1,&.eÒ'$-(
3HVQRVW
=DKUQXMH OLQHDULWX K\VWHUH]L D RSDNRYDWHOQRVW
.DSDOLQ\ ² SL KRGQRWiFK 5H\QROGVRYD þtVOD 5G ! 3XOVQt YêVWXS
“ SURFHQW ] P HQp KRGQRW\
$QDORJRYê YêVWXS
MDNR SXOVQt SOXVQt SOXV “ SURFHQW ] UR]VDKX
3O\Q D SiUD ² 5G ! U\FKORVW QLåãt QHå IWV SUR UR]P U\ '1 D LQFK D LQFK
3XOVQt YêVWXS
“ SURFHQW ] PHQp KRGQRW\
$QDORJRYê YêVWXS
MDNR SXOVQt SOXVQt SOXV “ SURFHQW ] UR]VDKX
32=È0.$
3UR 5G QLåãt QHå VWDQRYHQê OLPLW Y]URVWH KRGQRWD NODGQp QHSHVQRVWL QD SURFHQW SUR
SXOVQt YêVWXS
3tNODG SURFHQW NX ± SURFHQW SUR NDSDOLQ\
&=
2SDNRYDWHOQRVW
]H VNXWHþQp KRGQRW\
6WDELOLWD
“ ] PHQp KRGQRW\ ]D YtFH QHå MHGHQ URN SURYR]X
9OLY ]P Q\ SURYR]Qt WHSORW\
8åLYDWHOHP MH ]DGiYiQD KRGQRWD SURYR]Qt WHSORW\ SUR DXWRPDWLFNRX NRUHNFL YOLYX WHSORW\
SURFHQWQt SRNOHV KRGQRW\ .IDNWRUX QD ƒ& ƒ) VH ]Y\ãXMH Y ]iYLVORVWL QD SURYR]Qt
WHSORW RG UHIHUHQþQt WHSORW\ ƒ& ƒ) StS XåLYDWHOVNp SURYR]Qt WHSORW
9OLY ]P Q\ RNROQt WHSORW\
1HPi YOLY
9OLY YLEUDFt
3L YHOPL Y\VRNêFK YLEUDFtFK P$åH QDVWDW FK\ED SHQHVHQi GR YêVWXSQtKR VLJQiOX SL QXORYpP
SU$WRNX
.RQVWUXNFH SU$WRNRPUX PLQLPDOL]XMH WHQWR YOLY 1DVWDYHQt SDUDPHWU$ ]SUDFRYiQt VLJQiOX MH
] YêUREQtKR ]iYRGX SURYHGHQR WDN DE\ E\OD Y\ORXþHQD PRåQRVW Y]QLNX WFKWR FK\E -HOL YãDN
SL QXORYpP SU$WRNX WDWR FK\ED ]MLãWQD O]H ML NRULJRYDW RGt]QXWtP Qt]NpKR SU$WRNX VSRXãWFt
~URYQt 7ULJJHU /HYHO QHER ILOWUHP GROQt SURSXVWL /RZSDVV )LOWHU
9WãLQD YLEUDþQtFK YOLY$ U\FKOH SHMGH GR YêVWXSQtKR VLJQiOX 3L SU$WRNX EOtåtFtP VH PLQLPX
QHVPt EêW X NDSDOLQ PD[LPiOQt YêFK\OND YLEUDFH YWãt QHå PP SDOFH GYRMQiVREQpKR
SRVXQXWt DPSOLWXG\ QHER J ]U\FKOHQt 8 SO\Q$ MVRX W\WR KRGQRW\ VWDQRYHQ\ QD PP
SDOFH GYRMQiVREQpKR SRVXQXWt DPSOLWXG\ QHER J ]U\FKOHQt
9OLY PRQWiåQt SRORK\
åiGQi PRQWiåQt SRORKD VQtPDþH QHPi YOLY QD SHVQRVW PHQt 6QtPDþ P$åH EêW PRQWRYiQ
GR YRGRURYQpKR VYLVOpKR QHER ãLNPpKR SRWUXEt
9OLY (0,5),
6QtPDþ V NURXFHQêP SiUHP YRGLþ$ SUR IUHNYHQFH UXãHQt RG 0+] GR 0+]
D HO SROH 9P QHER SUR IUHNYHQFH RG 0+] GR 0+] D HO SROH 9P Pi FK\EX
PHQãt QHå “ ] UR]VDKX 2GSRYtGi QRUP (1
9OLY UXãHQt PDJQHWLFNpKR SROH
3UR PDJ SROH $P UPV MH FK\ED PHQt PHQãt QHå “ ] UR]VDKX
2GSRYtGi QRUP (1
6pULRYp ]DSRMHQt SUR SRWODþHQt ãXPX
9êVWXSQt FK\ED PHQãt QHå “ ] UR]VDKX SL 9 UPV +]
2GSRYtGi QRUP ,(& ýiVW 3DUDOHOQt ]DSRMHQt SUR SRWODþHQt ãXPX
9êVWXSQt FK\ED PHQãt QHå “ ] UR]VDKX SL 9 UPV +]
2GSRYtGi QRUP ,(& ýiVW 9OLY QDSiMHQt
0HQãt QHå NDOLEURYDQpKR UR]VDKX QD 9
)81.ý1Ë3529('(1Ë
7\S PpGLD
&=
3RXåLWt SUR NDSDOLQ\ SO\Q\ D SiUX .DSDOLQ\ PXVt EêW KRPRJHQQt D VWHMQpKR VNXSHQVWYt
3U$PU SRWUXEt
3UR EH]StUXERYp SURYHGHQt
'1 D D SDOF$
3UR StUXERYp SURYHGHQt
'1 D D SDOF$
7tG\ SRWUXEt
6KHGXOHV 32=1È0.$
3RXåLWi VYWORVW SRWUXEt PXVt EêW GRGDWHþQ
QDVWDYHQRX KRGQRWRX
]DGiQD 6QtPDþH EXGRX GRGiQ\ ] YêUREQtKR ]iYRGX V
6KHGXOHV SRNXG QHQt XGiQR MLQDN
5R]VDK SRXåLWt
6FKRSQRVW P
HQt SU$WRNRPUX MH OLPLWRYiQD QD ]iNODG 5H\QROGVRYD þtVOD SUR QtåH XYHGHQp
VY WORVWL SRWUXEt . XUþHQt YKRGQp YHOLNRVWL VQtPDþH SUR SRXåLWt Y GDQêFK SURYR]QtFK SRGPtQNiFK
$
MH G OHåLWp DE\ E\OR Y\KRY QR KRGQRWiP 5H\QROGVRYD þtVOD
$
D U\FKORVWQtP OLPLW P SUR GDQp
$ SU P U\ SRWUXEt YL] WDEXON\ D 7$%8/.$ 3RåDGDYN\ QD 5H\QROGVRYR þtVOR
$ 3U P U SRWUXEt
5H\QROGVRYR
PP SDOFH
þtVOR
Då Då PLQ Då Då PLQ 5H\QROGVRYR þtVOR MH IXQNFt KXVWRW\ ρ YLVNR]LW\ µ FS 5'
$
VY WORVWL SRWUXEt ' D SU WRNX 9
9'ρ
µFS
&=
LWHOQp U\FKORVWL
7$%8/.$ 0LQLPiOQt P
SRXåLMWH Y Wãt KRGQRWX
PLQ U\FKORVW >VWRS\V@
.DSDOLQ\
3O\Q\
PLQ U\FKORVW >PV@
ρ QHER ρ QHER ρ QHER ρ QHER LWHOQp U\FKORVWL
7$%8/.$ 0D[LPiOQt P
SRXåLMWH PHQãt KRGQRWX
PD[ U\FKORVW >VWRS\V@
.DSDOLQ\
3O\Q\
PD[ U\FKORVW >PV@
ρ QHER ρ QHER ρ QHER 32=1È0.$
9 WDEXONiFK D MH KXVWRWD
ρ QHER ρ PpGLD ]D SURYR]QtFK SRGPtQHN
Y MHGQRWNiFK OEIW SUR IWV D NJP SUR PV
32=1È0.$
7DEXON\ D PDQXiOX XGiYDMt PLQPD[ UR]VDK\ SU$WRN$ SUR YRGX
Y]GXFK D VDWXURYDQRX SiUX SL QRUPiOQtFK SRGPtQNiFK
5R]VDK WHSORW\ PHQpKR PpGLD
=iNODGQt SURYHGHQt
± Då ƒ& ± Då ƒ)
9\VRNRWHSORWQt SURYHGHQt
± Då ƒ& ± Då ƒ)
9êVWXSQt VLJQiO\
.RPXQLNDþQt SURWRNRO )RXQGDWLRQ )LHOGEXV
7HSORWD RNROt
3URYR]Qt
± Då ƒ& ± Då ƒ)
± Då ƒ& ± Då ƒ) SUR SU$WRNRP U\ VH ]REUD]RYDFt MHGQRWNRX
6NODGRYDFt
± Då ƒ& ± Då ƒ)
± Då ƒ& ± Då ƒ) SUR SU$WRNRPU\ VH ]REUD]RYDFt MHGQRWNRX
7ODN
-PHQRYLWp KRGQRW\ SUR StUXERYp SURYHGHQt D SURYHGHQt EH] StUXE $16, WtGD D ',1 31 D -,6 . . D .
=REUD]RYiQt
$
9ROED /&' GLVSOHMH YiP XPRåQt ]REUD]RYDW KRGQRWX SU WRNX Y SURFHQWXiOQtP Y\MiG HQt YH
$
VNXWHþQêFK KRGQRWiFK SU WRNX QHER MDNR KRGQRW\ YêVW SURXGX
=GURM QDSiMHQt
$
3U WRNRP U MH QDSiMHQ ] YQ MãtKR ]GURMH SR VP\þFH SURWRNROX )RXQGDWLRQ )LHOGEXV
Ò'$-(20$7(5,È/(&+
.DEHORYp SLSRMHQt
$
.DEHORYp SU FKRGN\
± 137 3* QHER 0[ 7UYDOp S LSRMHQt DQRORJRYpKR
$
D SXOVQtKR VLJQiOX SRPRFt ãURXE 3LSRMHQt N SURYR]QtPX SRWUXEt
0RQWiå VQtPDþH PH]L StUXE\
$16, WtGD ',1 31 D -,6 . . D .
0RQWiå
,QWHJUiOQt VWDQGDUGQt
6NtND HOHNWURQLN\ MH VPRQWRYiQD V WOHP VQtPDþH
6 RGG OHQRX HOHNWURQLNRX VSHFLiOQt YROED
6NtND HOHNWURQLN\ QHQt StPRX VRXþiVWt WOHVD VQtPDþH (OHNWURQLND MH VSRMHQD VH VQtPDþHP
NRD[LiOQtP NDEHOHP R GpONiFK D PHWU$ D VWRS EH] PRåQRVWL QDVWDYHQt
1HVWDQGDUGQt GpON\ NRQ]XOWXMWH V YêUREFHP PRåQR Då P VWRS
&=
&=