5,90UDSSRUW ,QYHQWDULVDWLH,QIRKRXGHUVYDQ*HsPLWWHHUGH 6WRIIHQELM%UDQG *YDQGH:HUNHQ0*0HQQHQ 1-&YDQ%HOOH 'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQGH'LUHFWLHYDQKHW5,90LQKHW .DGHUYDQSURMHFW6³(PLVVLHVELM%UDQG´ 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[
5,90UDSSRUWSDJYDQ
$EVWUDFW
5HSRUWHGLVWKHH[SORUDWLYHVHDUFKIRUSURPSWO\DFFHVVLEOHLQIRUPDWLRQVRXUFHVRIILUH HPLVVLRQSURGXFWV,QWHUQHWZDVH[SORUHGDVWKHPDLQURXWHLQDGGLWLRQWRSHUVRQDO FRPPXQLFDWLRQKLQWVUHVXOWLQJLQDODUJHQXPEHURIVHHPLQJO\LQWHUHVWLQJLQIRUPDWLRQ HVSHFLDOO\GDWDEDVHVDQGUHSRUWV+RZHYHUWKHVRXJKWDIWHUVRXUFHVRILQWHUHVWZHUHVSDUVH 'DWDFRQFHUQLQJFRUUHVSRQGLQJPHDVXUHPHQWPHWKRGVDQGPHDVXUHPHQWVWUDWHJLHVGLGQRW FRPHXSZLWKWKHVHDUFKVWUDWHJ\DSSOLHG$OLWHUDWXUHVWXG\LVVXJJHVWHGLQRUGHUWRFRYHUWKDW DVSHFW5,90UDSSRUWSDJ
YDQ,QKRXG
6DPHQYDWWLQJ ,QOHLGLQJHQGRHO 2S]HWHQXLWYRHULQJ 5HVXOWDWHQ $DUGYDQLQIRUPDWLHKRXGHUV 2YHU]LFKWYDQLQIREURQQHQJHUHODWHHUGDDQEUDQGHPLVVLH &RQFOXVLHV $DQEHYHOLQJHQ %LMODJH 9ULMNRPHQGHYHUELQGLQJHQELMYHUVFKLOOHQGHEUDQGW\SHQ %LMODJH 7LWHOEODGGLR[LQHUDSSRUWJURHS3URI%XHNHQV9ULMH8QLYHUVLWHLW%UXVVHO %LMODJH 9HU]HQGOLMVW5,90UDSSRUWSDJYDQ
6DPHQYDWWLQJ
(HQYHUNHQQHQGHLQYHQWDULVDWLHZHUGXLWJHYRHUGQDDUµPRPHQWDDQ¶EHVFKLNEDUH LQIRUPDWLHEURQQHQEHWUHIIHQGHJHsPLWWHHUGHVWRIIHQELMEUDQG,QWHQVLHIZHUGJH]RFKWRS LQWHUQHWPDDURRNYLDSHUVRRQOLMNHQHWZHUNHQ0HWGHJHYROJGHZHUNZLM]HZHUGHQ]HHUYHHO LQWHUHVVDQWOLMNHQGHJHJHYHQVYRRUDOGDWDEDVHVHQUDSSRUWHQJHYRQGHQHFKWHUGLUHFW EHVFKLNEDUHEURQQHQRYHUYULMNRPHQGHVWRIIHQELMEUDQGHQLGHQWLWHLWW\SHHQKRHYHHOKHLG JHsPLWWHHUGHVWRIIHQEOHNHQVSDDU]DDP ,QIRUPDWLHRYHUPHHWPHWKRGHQHQPHHWVWUDWHJLHsQZHUGPHWGHJHYROJGHZHUNZLM]HQLHW JHYRQGHQ,QYHQWDULVDWLHYDQGDWDVSHFWGLHQWGHUKDOYHRSHHQDQGHUHZLM]HSODDWVWHYLQGHQ5,90UDSSRUWSDJ
YDQ,QOHLGLQJHQGRHO
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wQYHQWDULVHHUGHQJHs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
2S]HWHQXLWYRHULQJ
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µILUHHPLVVLRQ ¶ $DQGHKDQGYDQYHUNUHJHQUHVXOWDWHQZHUGYHUGHUµJHERUGXXUG¶5,90UDSSRUWSDJ
YDQ5HVXOWDWHQ
$DUGYDQLQIRUPDWLHKRXGHUV
'HJHYRQGHQLQIRUPDWLHKRXGHUVYHUVFKLOOHQVWHUNYDQNDUDNWHUYDULsUHQGYDQ]HHU SHUVRRQVJHERQGHQWRWLQVWLWXXWVJHUHJXOHHUG,QRQGHUVWDDQGHWDEHOZRUGWHHQVDPHQYDWWLQJ JHJHYHQYDQGHRQGHUVFKHLGHQW\SHQLQIRUPDWLHKRXGHUV 7DEHO7\SHQLQIRUPDWLHKRXGHUV 7\SHLQIRUPDWLHKRXGHU 9RRUEHHOGHQ 3HUVRQHQ SURI0DW]+DPEXUJ(PLVVLRQVIURP)LUHVDQG &KHPLFDO$FFLGHQWV'LVDVWHU0DQDJHPHQW$QDO\WLFDO 7DVNIRUFH SURI%XHNHQV%UXVVHOH[SHUWYRUPLQJHQYHUVSUHLGLQJ GLR[LQHQIXUDQHQHQ3&%¶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s 0LQVWHULH%=.'HQ+DDJ '()5$8.*RYHUQPHQWDO'HSDUWPHQW 'HSW(QYLURQPHQW)RRGDQG5XUDO$IIDLUVYRRUKHHQ '(75
5,90UDSSRUWSDJYDQ 'HLQIRUPDWLH]HOINDQRSYHUVFKLOOHQGHPDQLHUHQ]LMQµYHUSDNW¶]LH7DEHO 7DEHOµ9HUSDNNLQJV¶YRUPHQYDQLQIRUPDWLH 9RUP 9RRUEHHOG 3HUVRQHQ ]LH7DEHO 5DSSRUWHQ *XLGDQFHRQWKH,QWHUSUHWDWLRQRI0DMRU$FFLGHQWIRUWKH 3XUSRVHVRIWKH&20$+5HJXODWLRQV-XQH '(75/RQGRQ (QYLURQPHQWDO6DPSOLQJ$IWHUD&KHPLFDO$FFLGHQW8. 'HSDUWPHQWIRU(QYLURQPHQW)RRGHQ5XUDO$IIDLUV'()5$ /LWHUDWXXUVWXGLHURQGGHEHVWEHVFKLNEDUHWHFKQLHNHQGH EHSHUNLQJYDQGLR[LQHHPLVVLHVYDQHQPRJHOLMNH HPLVVLHZDDUGHQYRRULQGXVWULsOHSURFHVLQVWDOODWLHV-XQL *URHSSURI%XHNHQV%UXVVHO $VVHVVPHQWRI)LUHVLQ&KHPLFDO:DUHKRXVHV$QRYHUYLHZRI WKH72;),5(SURMHFW(GV.XUW(3HWHUVHQ)UDQN0DUNHUW 0RGHOOLQJ7R[LF,PSDFWVRQWKH$LUZD\6\VWHPIURP([SRVXUH WR)OXFWXDWLQJ&RQFHQWUDWLRQV1LMV-DQ'XLMP)UDQN0DUNHUW 6¡UHQ2WW5LV¡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
5,90UDSSRUWSDJ
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
2YHU]LFKWYDQLQIREURQQHQJHUHODWHHUGDDQ
EUDQGHPLVVLH
2QGHUVWDDQGLQWDEHOYRUPGHWDLOVHQHHQWHQWDWLHYHEHRRUGHOLQJYDQGHLQIREURQQHQ 7DEHO3HUVRRQVJHERQGHQLQIREURQ 1DDPµFR|UGLQDWHQ¶ .DUDNWHULVWLHNJHUHODWHHUGDDQ EUDQGHPLVVLH 3URI'U,QJ*HUKDUG0DW] 7HFKQLVFKH8QLYHUVLWlW+DPEXUJ +DUEXUJ $UEHLWVEHUHLFK0HWHFKQLN +DUEXUJHU6FKORVWUDH '+DPEXUJ*HUPDQ\ 3KRQH )D[ HPDLOPDW]#WXKDUEXUJGH %LM]RQGHUKHLG $SULQ+DUEXUJEH]RFKWGRRURD -DQ.OLHVWHQ*HUULWYDQGH:HUNHQLYP VHOHFWLHYDQHHQPRELHOH*&06 LVEHWURNNHQELMKHHIWHUYDULQJPHW *&06JHEUXLNELMEUDQGHQHQ FKHPLVFKHRQJHYDOOHQ ,VQDXZEHWURNNHQELMEUDQGZHHULQ 'XLWVODQGRDLQ+DPEXUJ +HHIWOLMVWPHWJHwGHQWLILFHHUGH VWRIIHQEUDQGHPLVVLHV µ)DVW2Q6LWH*&06$QDO\VLVRI (PLVVLRQVIURP)LUHVDQG&KHPLFDO $FFLGHQWV¶ µ$0RELOH*&066\VWHPIRU)DVW $QDO\VLVRI)LUHVDQG&KHPLFDO $FFLGHQWV¶ µ'LVDVWHU0DQDJHPHQW¶ µ(PHUJHQF\5HVSRQVH¶ µ$QDO\WLFDO7DVN)RUFH¶3ODQ",GHH" 3URI'U,U$OIRQV%XHNHQV 9ULMH8QLYHUVLWHLW%UXVVHO 'HSWRI&KHPLFDO(QJLQHHULQJ 3OHLQODDQ %UXVVHOV %HOJLXP 3KRQH HPDLODEXHNHQV#YXEDFEH %LM]RQGHUKHLG &RQWDFWQDYHHQEH]RHNYDQ%XHNHQVDDQ 5,90RSDGYLHVYDQ0DUFHO0HQQHQ RPYDQJULMNHOLWHUDWXXUVWXGLHRYHU (PLVVLHVYDQ'LR[LQHQHQ DDQYHUZDQWHVWRIIHQ3&')¶VHQ 3&%¶V 7KHUPLVFKHEHKDQGHOLQJYDQDIYDO ,QVFKDWWLQJEUXLNEDDUKHLG 1,(7KRRJYRRUGLUHFWHLQIR EHWUHIIHQGHH[SHUWLVHLVLQWHUQLQ EHODQJULMNHPDWHDDQZH]LJ =((5KRRJYRRUHYWVDPHQZHUNLQJ LQ(8SURMHNWHQ ,QVFKDWWLQJEUXLNEDDUKHLG 3RWHQWLHHOKRRJ !$GYLHVFRQWDFWYHUGHU RQWZLNNHOHQ/LMVWPHWEUDQG HPLVVLHVWRIIHQ]LHQWHNULMJHQ5,90UDSSRUWSDJ
YDQ 7DEHO5DSSRUWHQ 7LWHO 2SPHUNLQJHQ *XLGDQFHRQWKH,QWHUSUHWDWLRQRI 0DMRU$FFLGHQWIRUWKH3XUSRVHVRI WKH&20$+5HJXODWLRQV-XQH 7KH6WDWLRQDU\2IILFH'(75/RQGRQ KWWSZZZGHIUDJRYXNHQYLURQPHQW DFFLGHQWSGIFRPDKSGI &KDSWHUppQYDQGHDFFLGHQW VFHQDULRVLVµ),5(6¶ &RQFHSWDOIUDPHZRUNIRULGHQWLI\LQJ PDMRUDFFLGHQWKD]DUGVFHQDULRVDW SDUWLFXODUVLWHV6RXUFH3DWKZD\ 5HFHSWRUDSSURDFK *HHQVWRIIHQOLMVW ,QVFKDWWLQJEUXLNEDDUKHLG 1,(7YRRULQIRRYHUJHsPLWWHHUGH VWRIIHQ:(/DOV DFKWHUJURQGGRFXPHQWYRRU SUREOHPDWLHNEHQDGHULQJ (QYLURQPHQWDO6DPSOLQJ$IWHUD &KHPLFDO$FFLGHQW8.'HSDUWPHQW IRU(QYLURQPHQW)RRGHQ5XUDO $IIDLUV'()5$ KWWSZZZGHIUDJRYXNHQYLURQPHQW DFFLGHQWVDPSOLQJLQGH[KWP &KDSWHU&KHPLFDOVWKDWPLJKWEH DFFLGHQWDOO\UHOHDVHG7DEOH 7\SHVRIFRPSRXQGVUHOHDVHGGXULQJ DUDQJHRIILUHV=LHELMODJH =((535$.7,6&++$1'%2(. YRRUFDODPLWHLWHQPHW FKHPLFDOLsQ $DQEHYHOLQJFRQWDFW]RHNHQPHW DXWHXUVV /LWHUDWXXUVWXGLHURQGGHEHVW EHVFKLNEDUHWHFKQLHNHQGHEHSHUNLQJ YDQGLR[LQHHPLVVLHVYDQHQ PRJHOLMNHHPLVVLHZDDUGHQYRRU LQGXVWULs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¡5(10D\ KWWSZZZULVRHGNULVSXEOV\VULV 'U'KWP &RQWDFWSHUVRRQ $EVWUDFW +HWUDSSRUWLVHHQVDPHQYDWWLQJYDQKHW ZHWHQVFKDSSHOLMNUHVXOWDDWYDQKHW&(& (QYLURQPHQWSURMHFWPHWDOVWLWHO µ72;),5(*XLGHOLQHVIRU0DQDJHPHQW RI)LUHVLQ&KHPLFDO:DUHKRXVHV¶ 7KHSURMHFWZDVSHUIRUPHGLQWKHSHULRG LQDPXOWLQDWLRQDOFR RSHUDWLRQEHWZHHQSDUWQHUVIURP8QLWHG ,QVFKDWWLQJEUXLNEDDUKHLG 1,(7YRRULQIRRYHUJHs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¡KHHIWEUDQGQLHWODQJHUDOV ZHUNYHOGLQKDDUSURJUDPPDHQNDQ GHUKDOYHQDXZHOLMNVDOV LQIRUPDWLHEURQZRUGHQJHUDDGSOHHJG 7($5+60RGHOOLPJ7R[LF,PSDFWV RQWKH$LUZD\6\VWHPIURP([SRVXUH WR)OXFWXDWLQJ&RQFHQWUDWLRQV 1-'XLMP)0DUNHUW62WW 5LV¡1DWLRQDO/DERUDWRU\5RVNLOGH $XJXVW 5LV¡5(1 ,QFRRSHUDWLRQZLWK712 1HWKHUODQGVDQG'DQPDUNV )DUPDFHXWLVNH+¡MVNROHWKHVKRUW GXUDWLRQLPSDFWRIIOXFWXDWLQJ FRQFHQWUDWLRQVDVLQDWR[LFFORXGLQ WKHDWPRVSKHUHKDYHEHHQ LQYHVWLJDWHG µ6HOHFWHGVXEVWDQFHV¶YRRURQGHU]RHN
5,90UDSSRUWSDJ
YDQ YLDZHEVLWH KWWSZZZULVRHGNULVSXEO6<6ULV UKWP &RQWDFWSHUVRRQ 1LMV-DQ'XLMP 9RRU712ELMGUDJH -LW]H6FKDDIVPD712$SHOGRRUQ+&O1+&O&2&O+6HQ62
*HHQHPLVVLHJHJHYHQV ,62UHSRUWV *XLGHHQGHVHULH,6275 WHP 9DQEHODQJYRRUXLWYRHUHQYDQ RQGHU]RHN 6WDQGDDUGLVDWLHWHUPHQHQGHILQLWLHV 7R[LFLWHLWWHVWLQJ 7DEHO'DWDEDVHV ,&KHP($FFLGHQW'DWDEDVH 7KH&RPEXVWLRQ,QVWLWXWH%ULWLVK 6HFWLRQFR3URI-)*ULIILWKV6FKRRO RI&KHPLVWU\8QLYHUVLW\RI/HHGV /(('6/6-7 KWWSZZZFKHPHQJXFODFXNUHVHDUF KFRPEXVWLRQQOBQOBBKWPO %HWUHIIHQGH&'DDQJHYUDDJGGRRU *YG:SHUHPDLOGGQRYHQ MDQ*HHQUHVSRQVH RQWYDQJHQ 'HWLWHOEOLMIWLQWULJHUHQ µ,QGXVWULDO)LUHVDQG([SORVLRQV±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±DIHZVHFRQGVXVLQJSUHGHILQHG WHUPVDQGDIHZWHQVRIVHFRQGVZKHQWKH ZKROHGDWDEDVHLVVHDUFKHGXVLQJDIUHH WH[WNH\ZRUG«¶ ,QVFKDWWLQJEUXLNEDDUKHLG :HOOLFKWYRRUULVLFRVFKDWWLQJ LPPLVVLH1,(7YRRULGHQWLWHLW YDQEUDQGHPLVVLHVWRIIHQ $GYLHV &'RSYUDJHQELMSURI*ULIILWKV 1DJDDQRIHPLVVLHSURGXFWHQ ]LMQRSJHQRPHQ
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±-5&73 &RPPXQLW\'RFXPHQWDWLRQ&HQWUHRQ ,QGXVWULDO5LVN ,,VSUD9D ,WDO\ FODXGLRFDUQHYDOL#MUFLW µ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«¶ &(332&KHPLFDO$FFLGHQW+LVWRULHV &(332&KHPLFDO(PHUJHQF\ 3UHSDUHGQHVVDQG3UHYHQWLRQ2IILFH YDQGH(3$" KWWSZZZHSDJRYVZHUFHSSSXEVDF FVXPPDKWPO µ$FFLGHQW,QYHVWLJDWLRQV:LWK/LQNV 7R5HSRUWV¶ ,QVFKDWWLQJEUXLNEDDUKHLG 9RRUDOVQRJRQGXLGHOLMNRIHQKRH JRHGEUXLNEDDU .DQSDVZRUGHQEHNHNHQQDGDW WRHJDQJLVYHUNUHJHQ ,QVFKDWWLQJEUXLNEDDUKHLG NDQSDVZRUGHQEHRRUGHHOGQD EHVWXGHULQJ ,QVFKDWWLQJEUXLNEDDUKHLG 1,(7YRRUEUDQGHPLVVLH SURGXNWHQ $GYLHV 'DWDEDVHEHNLMNHQHQ EHRRUGHOHQ
5,90UDSSRUWSDJ
YDQ *81',*HIDKUJXW8QIDOO'DWHQEDQN LP,QWHUQHW KWWSZZZVWRUFN YHUODJGHJXQGLKWP µ:DVLVW*81'," 'DV)DFKPDJD]LQ*HIlKUOLFKH /DGXQJEHULFKWHWVHLWEHU -DKUHQLQVHLQHPPRQDWOLFKHQ 8QIDOO5HSRUWEHU8QIlOOHPLW *HIDKUJWHUQEHL7UDQVSRUW 8PVFKODJXQG/DJHUXQJ6HLW ZHUGHQVLHYRQGHU5HGDNWLRQLQ HLQHU8QIDOO'DWHQEDQNJHIKUW'LH 'DWHQ]X*HIDKUJXW 8QIlOOHQVWHOOW*HIlKUOLFKH/DGXQJ GHUgIIHQWOLFKNHLWLP,QWHUQHW NRVWHQORV]XU9HUIJXQJ¶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
&RQFOXVLHV
*HJHYHQVRYHUYULMNRPHQGHVWRIIHQELMEUDQGHQLGHQWLWHLWW\SHHQKRHYHHOKHLG]LMQ VSDDU]DDPGLUHFWEHVFKLNEDDUppQYDQGHZHLQLJHYRRUEHHOGHQ]LH%LMODJH 'HEHVWDDQGHWRHJDQNHOLMNHµDFFLGHQW¶GDWDEDVHVGDWDEDQNHQEHYDWWHQJHHQRI]HHUZHLQLJ LQIRRYHUYULMNRPHQGHVWRIIHQELMEUDQGHQ 8LWGHLQYHQWDULVDWLHEOLMNWGDWJHJHYHQVRYHUPHHWPHWKRGHQHQPHHWVWUDWHJLHsQQLHW RYHUYORHGLJEHVFKLNEDDU]LMQ,Q%LMODJHNDQPHQppQYDQGHVSDDU]DPHYRRUEHHOGHQ YLQGHQ5,90UDSSRUWSDJ
YDQ$DQEHYHOLQJHQ
&RQWDFWHQDDQJDDQHQRILQWHQVLYHUHQPHWSURI0DW]78+DPEXUJ+DUEXUJ 6DPHQZHUNLQJLQWHQVLYHUHQPHW.RHQ'HVPHWHQ]LMQSURPRWRU8QLYHUVLWHLWYDQ*HQW ,QYHQWDULVDWLHYRRUW]HWWHQRQGHUKRXGHQELMYYLDLQWHUQHWFRQJUHVEH]RHNHQQHWZHUNHQ 9RRUPHHWPHWKRGHQHQVWUDWHJLHsQGHZHWHQVFKDSSHOLMNHOLWHUDWXXUUDDGSOHJHQ]R PRJHOLMNPHWUDDGSOHJLQJYDQRQGHUSXQWJHQRHPGHSHUVRQHQ5,90UDSSRUWSDJYDQ
%LMODJH9ULMNRPHQGHYHUELQGLQJHQELMYHUVFKLOOHQGH
EUDQGW\SHQ
8LW(QYLURQPHQWDO6DPSOLQJ$IWHUD&KHPLFDO$FFLGHQW8.'HSDUWPHQWIRU(QYLURQPHQW )RRG 5XUDO$IIDLUVDYDLODEOHLQ$GREHIRUPDWIRUGRZORDGLQJIURP KWWSZZZGHIUDJRYXNHQYLURQPHQWDFFLGHQWVDPSOLQJLQGH[KWP5,90UDSSRUWSDJ
YDQ%LMODJH7LWHOEODGGLR[LQHUDSSRUWJURHS3URI
%XHNHQV9ULMH8QLYHUVLWHLW%UXVVHO
5,90UDSSRUWSDJYDQ