0HWPHGHZHUNLQJYDQ $OWHUUD:DJHQLQJHQ /(,'HQ+DDJ 5,90UDSSRUW 9LHUVFHQDULR¶VYDQKHWODQGJHEUXLNLQ $FKWHUJURQGUDSSRUWELMGH1DWLRQDOH 1DWXXUYHUNHQQLQJ 7GH1LMV/&URPPHQWXLMQ-0-)DUMRQ +/HQHPDQ:/LJWYRHW5GH1LHW.6FKRWWHQ HQ&6FKLOGHUPDQ 'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQ0DS1DWXXULQKHWNDGHUYDQKHWSURMHFW 1DWLRQDOH1DWXXUYHUNHQQLQJ 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[
SDJYDQ 5,90UDSSRUW
$EVWUDFW
7KH1DWLRQDO1DWXUH2XWORRNH[DPLQHVWKHHIIHFWVRIIXWXUHGHYHORSPHQWVLQVRFLHW\RQ QDWXUHDQGODQGVFDSHE\PHDQVRIIRXUVFHQDULRV7KHVHVFHQDULRVGHVFULEHWKHGHYHORSPHQW RI'XWFKVRFLHW\IURPWKHYLHZSRLQWRIWZRGLIIHUHQWFRQWUDGLFWRU\WUHQGVµJOREDOLVDWLRQ YHUVXVUHJLRQDOLVDWLRQ¶DQGµLQGLYLGXDOLVDWLRQYHUVXVFRRSHUDWLRQ¶ +HUHZHGHVFULEHWKHVSDWLDOTXDQWLILFDWLRQRIWKHVHIRXUVFHQDULRVLQWRIRXUPDSVIRUODQG XVHLQXVLQJWKH(QYLURQPHQW([SORUHUDQGWKH/DQG8VH6FDQQHU7KHVHODQGXVHPDSV IRUPWKHEDVLVIRUVXEVHTXHQWHPLVVLRQGLVWULEXWLRQDQGHIIHFWDQDO\VHV 7KHIRXUVFHQDULRVRIWKH1DWLRQDO1DWXUH2XWORRNKDYHEHHQFRQYHUWHGWRIXWXUHODQGXVH XVLQJWKHSUHVHQWODQGXVHDQGWKHGHYHORSPHQWVLQWKHYDULRXVODQGXVHIXQFWLRQVDFFRUGLQJ WRWKHVFHQDULRV3UHVHQWODQGXVHLVEDVHGRQµ%RGHPVWDWLVWLHN¶6RLOVWDWLVWLFV SURGXFHGE\6WDWLVWLFV1HWKHUODQGV7KHGHYHORSPHQWVRIUHVLGHQWLDODQGZRUNVLWHVDUHEDVHG RQWKHVRFDOOHGµ7UHQGYDULDQW¶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
,QKRXG
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sOH2SSHUYODNWHVLQ ,QGLYLGXDOLVWLVFKH:HUHOG5HJLRQDOH2SJDYHQWRW 6DPHQZHUNHQGH:HUHOG5HJLRQDOH2SJDYHQWRW ,QGLYLGXDOLVWLVFKH5HJLR5HJLRQDOH2SJDYHQWRW 6DPHQZHUNHQGH5HJLR5HJLRQDOH2SJDYHQWRW %LMODJH5HJLRQDOHRSJDYHQODQGERXZ ,QLWLsOH2SSHUYODNWH ,QGLYLGXDOLVWLVFKH:HUHOG 6DPHQZHUNHQGH:HUHOG ,QGLYLGXDOLVWLVFKH5HJLR 6DPHQZHUNHQGH5HJLR 9HU]HQGOLMVW
5,90UDSSRUW SDJYDQ
6DPHQYDWWLQJ
$DQGHKDQGYDQYLHUVFHQDULR¶VZRUGWLQGH1DWLRQDOH1DWXXUYHUNHQQLQJEHNHNHQZDWGH JHYROJHQYDQGLYHUVHRQWZLNNHOLQJHQLQGHPDDWVFKDSSLMNXQQHQ]LMQYRRUQDWXXUHQODQGVFKDS 'H]HYLHUVFHQDULR¶VVFKHWVHQGHRQWZLNNHOLQJYDQGHPDDWVFKDSSLMYDQXLWWZHHYHUVFKLOOHQGH WUHQGVµJOREDOLVHULQJYHUVXVUHJLRQDOLVHULQJ¶HQµLQGLYLGXDOLVHULQJYHUVXVVDPHQZHUNLQJ¶ 'LWUDSSRUWEHVFKULMIWGHXLWZHUNLQJYDQGH]HYLHUVFHQDULR¶VPHWGH/HHI2PJHYLQJV9HUNHQQHUHQ GH5XLPWH6FDQQHULQYLHUNDDUWHQYDQKHWODQGJHEUXLNLQ'H]HNDDUWHQYRUPHQGHEDVLV YRRUGHYHUGHUHHPLVVLHYHUVSUHLGLQJHQHIIHFWEHUHNHQLQJHQ 'HVFHQDULR¶VYDQGH1DWLRQDOH1DWXXUYHUNHQQLQJ]LMQYHUWDDOGQDDUKHWWRHNRPVWLJ ODQGJHEUXLNXLWJDDQGHYDQKHWKXLGLJODQGJHEUXLNHQGHYHURQGHUVWHOGHRQWZLNNHOLQJYDQGH YHUVFKLOOHQGHODQGJHEUXLNVIXQFWLHVLQGHVFHQDULR¶V9RRUKHWKXLGLJODQGJHEUXLNLVKLHUELM JHEUXLNJHPDDNWYDQGH&%6%RGHPVWDWLVWLHNYDQHQ/*1YDQYRRUKHWDJUDULVFK JHELHG'HJHVFKHWVWHUXLPWHOLMNHRQWZLNNHOLQJHQYDQZRQHQHQZHUNHQ]LMQJHEDVHHUGRSGH 7UHQGYDULDQW]RDOVGLHYRRUGHµ7RHWVRSGH9LMIGH1RWD5XLPWHOLMNH2UGHQLQJ¶LVRQWZLNNHOG 9RRUQDWXXULVPHHURQWZHUSPDWLJJHZHUNWZDDUELMRQGHUPHHUKHWWRWDOHDUHDDOQDWXXUWXVVHQGH VFHQDULR¶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¶V'HNDDUWHQZRUGHQYRRUKHWJURRWVWHJHGHHOWHEHSDDOGGRRUGHXLWJDQJVSXQWHQHQ DDQQDPHVLQGHVFHQDULR¶VHQGHXLWZHUNLQJLQKHWPRGHO'HNDDUWHQ]LMQLQGH 1DWXXUYHUNHQQLQJJHEUXLNWRPGHPRJHOLMNHHIIHFWHQYDQYHUVFKLOOHQGHUXLPWHOLMNH RQWZLNNHOLQJHQRSQDWXXUODQGVFKDSHQUHFUHDWLHWHEHSDOHQ5,90UDSSRUW SDJYDQ
,QOHLGLQJ
'H1DWLRQDOH1DWXXUYHUNHQQLQJ19.EHRRJWHHQEHHOGWHVFKHWVHQYDQGHPRJHOLMNH RQWZLNNHOLQJYDQQDWXXUHQODQGVFKDSLQ1HGHUODQGWRWLQUHODWLHWRWGHEHKRHIWHQDDQ JURHQELRGLYHUVLWHLWHQODQGVFKDS9LHUYRRUVWHOEDUHPDDUFRQWUDVWHUHQGHRQWZLNNHOLQJHQYDQ GHPDDWVFKDSSLMZRUGHQLQGH1DWXXUYHUNHQQLQJXLWJHZHUNWHQYHUWDDOGQDDUGHPRJHOLMNH RQWZLNNHOLQJYDQQDWXXUHQODQGVFKDS'HVFHQDULRVWXGLHLVXLWJHYRHUGLQGULHVWDSSHQ )RUPXOHULQJPDDWVFKDSSLMVFHQDULR¶V'HEHVFKULMYLQJYDQYLHUVFHQDULR¶VGLH EDQGEUHHGWHLQYRRUVWHOEDUHRQWZLNNHOLQJHQLQQRUPHQHQZDDUGHQHQZLM]HYDQ RUJDQLVDWLHYDQGHPDDWVFKDSSLMVFKHWVHQ'HVFHQDULR¶V]LMQEHVFKUHYHQLQGHYRUPYDQ VFKHPD¶VWDEHOOHQHQYHUKDOHQ 8LWZHUNLQJODQGJHEUXLN'HYHUWDOLQJYDQGH]HPDDWVFKDSSLMVFHQDULR¶VQDDUWH YHUZDFKWWHRQWZLNNHOLQJLQODQGJHEUXLN9RRUHONPDDWVFKDSSLMVFHQDULRLVppQ ODQGJHEUXLNVNDDUWJHPDDNW%LMGHYHUWDOLQJLVHUQDDUJHVWUHHIGRPGHFRQWUDVWHQWXVVHQ GHVFHQDULR¶V]RJURRWPRJHOLMNWHKRXGHQELQQHQGHNDGHUVYDQGHVFHQDULR¶V (IIHFWEHSDOLQJQDWXXU ODQGVFKDS'HYLHUODQGJHEUXLNVNDDUWHQ]LMQEHRRUGHHOGRS KXQHIIHFWHQRSGHJUDDGPHWHUVYRRUQDWXXUODQGVFKDSUHFUHDWLHHQEHOHYLQJ+LHUELMLV RQGHUPHHUJHEUXLNJHPDDNWYDQGHPRGHOOHQ1DWXXUSODQQHU:$580(&HQ%(/*,6 'LWUDSSRUWEHVFKULMIWGHODQGJHEUXLNVNDDUWHQGLHKRUHQELMGHVFHQDULR¶VHQGHZLM]HZDDURS GH]H]LMQVDPHQJHVWHOG'LWKRRIGVWXNEHJLQWHHUVWPHWHHQNRUWHEHVFKULMYLQJYDQGH PDDWVFKDSSLMVFHQDULR¶V )LJXXU6FKHPDWLVFKHZHHUJDYHYDQGHVFHQDULR¶VHQGHKRRIGWUHQGV VDP HQ Z HU NL QJ UHJLRQDOLVHULQJ ,QGLYLGXDOLVWLVFKHZHUHOG .RVPRSROLWLVFKYULMKHLGHQLQGLYLGXDOLVPH JURRWVFKDOLJKHLGUXLPHQJHYDULHHUG JURHQZRQHQQLHXZHODQGJRHGHUHQ 6DPHQZHUNHQGHZHUHOG (XURSHVHVDPHQZHUNLQJJURRWVFKDOLJH ODQGERXZFRPSDFWERXZHQUXLPWHYRRU ZDWHU ,QGLYLGXDOLVWLVFKHUHJLR 5HJLRQDDOEOLNYHOGGLIIHUHQWLDWLHLQ ODQGERXZQLHXZHFRDOLWLHV PR]DwHNODQGVFKDS 6DPHQZHUNHQGHUHJLR 5HJLRQDOHVDPHQZHUNLQJNOHLQVFKDOLJH ODQGERXZSURGXFWLHLQJHVORWHQUHJLRQDOH V\VWHPHQEHKRXGFXOWXXUODQGVFKDS LQG LYLGX DOLVHU LQJ JOREDOLVHULQJ ,: ,5 65 6:SDJYDQ 5,90UDSSRUW %LMGHIRUPXOHULQJYDQGHPDDWVFKDSSLMVFHQDULR¶V]LMQGHWUHQGVLQGHEHODQJULMNVWH PDDWVFKDSSHOLMNHRPJHYLQJVIDFWRUHQJHDQDO\VHHUGHQYHUZHUNWWRWYLHURQGHUOLQJGXLGHOLMN YHUVFKLOOHQGHPDDWVFKDSSLMVFHQDULR¶V 'HVFHQDULR¶VYDQGH19.ERXZHQYRRUWRSGHVFHQDULR¶VYDQGHH0LOLHXYHUNHQQLQJ5,90 DHQGH7RHWVRSGH9LMIGH1RWD5XLPWHOLMNHRUGHQLQJ5,90'HHFRQRPLVFKHHQ GHPRJUDILVFKHNHQWDOOHQ]LMQRQWOHHQGDDQGH/DQJH7HUPLMQ6FHQDULR¶VYDQKHW&3% 9RRUGHLQGLYLGXDOLVWLVFKHVFHQDULR¶V,:,5JHOGWKHW*&HQYRRUGHVDPHQZHUNHQGH VFHQDULR¶V6:HQ65KHW(&VFHQDULR,QDDQYXOOLQJKLHURS]LMQLQGH19.GHVRFLDDO FXOWXUHOHDVSHFWHQ]RDOVGHQDWXXUYLVLHHQKHWUHFUHDQWHQJHGUDJJHVFKHWVWHQ]LMQGH RQWZLNNHOLQJHQGLHHHQEHODQJULMNHLPSDFWKHEEHQRSQDWXXUHQODQGVFKDSYHUGHUXLWJHZHUNWWH ZHWHQZDWHUKXLVKRXGLQJODQGERXZZRQHQHQZHUNHQHQGHEHVWXXUOLMNHYHUKRXGLQJHQ'LW UHVXOWHHUGHLQHHQYLHUWDOFRQWUDVWHUHQGHVFHQDULR¶V/XWWLNHWDOGLHYHUVFKLOOHQRSKXQ PDWHYDQPRQGLDOLVHULQJUHJLRQDOLVHULQJHQLQKHWVWUHYHQQDDULQGLYLGXDOLVHULQJPDUNWZHUNLQJ HQFXOWXUHOHGLYHUJHQWLHILJ 'H]HUDSSRUWDJHULFKW]LFKRSGHUXLPWHOLMNHXLWZHUNLQJYDQGH]HVFHQDULR¶VYRRUGHIXQFWLHV ZRQHQZHUNHQQDWXXUODQGERXZHQZDWHUWRWODQGJHEUXLNVNDDUWHQYRRU3HUVFHQDULR]LMQ KLHUWRHGHWUHQGVLQRPJHYLQJVIDFWRUHQSHUIXQFWLHQDGHUXLWJHZHUNW9RRUZRQHQZHUNHQQDWXXU HQZDWHULVGHJURHLYDQKHWUXLPWHJHEUXLNYDVWJHVWHOGHQLQGHOLMQYDQKHWVFHQDULREHNHNHQKRH GH]HJURHL]LFKUHJLRQDDOHQORNDDO]DOPDQLIHVWHUHQ'HODQGERXZ]DOGDDUELMDDQUXLPWH LQERHWHQ%LMKHWRSVWHOOHQYDQGHVFHQDULR¶VHQGHXLWZHUNLQJWRWODQGJHEUXLNVNDDUWHQLVJHVWUHHIG GHUHODWLHIJURWHNHX]HYULMKHLGWHJHEUXLNHQRPFRQWUDVWHUHQGHVFHQDULR¶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¶VEHSDDOG ZRUGHQ 'H]HUDSSRUWDJHEHJLQWPHWHHQEHVFKULMYLQJYDQGHJHEUXLNWHPHWKRGLHNHQGHRS]HWYDQGH /HHI2PJHYLQJV9HUNHQQHUYRRUGH]HWRHSDVVLQJZDDUQDLQGHGDDURSYROJHQGHKRRIGVWXNNHQ WRWHQPHWGHVSHFLILHNHXLWZHUNLQJYDQGHIXQFWLHVZRQHQZHUNHQQDWXXUODQGERXZHQZDWHU ZRUGWJHVFKHWVW,QKRRIVWXNZRUGWKHWUHVXOWDDWGHVHWPHWODQGJHEUXLNVNDDUWHQYRRU JHSUHVHQWHHUG$IVOXLWHQGZRUGHQLQKRRIGVWXNRSEDVLVYDQGHEHYLQGLQJHQDDQEHYHOLQJHQ JHGDDQYRRUYHUJHOLMNEDUHWRHNRPVWLJHWRHSDVVLQJ
5,90UDSSRUW SDJYDQ
0HWKRGHQYDQ5XLPWHOLMNH$OORFDWLH
+HW5HNHQVFKHPD
2QGHUVWDDQGZRUGWVFKHPDWLVFKKHWUHNHQVFKHPDZHHUJHJHYHQGDWLQGHXLWZHUNLQJYDQGH19. VFHQDULR¶VWRWODQGJHEUXLNVNDDUWHQLVJHKDQWHHUGILJ 'H/HHI2PJHYLQJV9HUNHQQHULVJHEUXLNWRPGHEDVLVYDQKHWODQGJHEUXLNLQWHVFKHWVHQHQ GHJURHLYDQZRQHQZHUNHQQDWXXUHQUHFUHDWLHXLWWHZHUNHQ'H]HNDDUWEHHOGHQYDQ PHWGHRQWZLNNHOLQJYDQZRQHQZHUNHQQDWXXUHQUHFUHDWLHLVGRRUKHW/DQGERXZ(FRQRPLVFK ,QVWLWXXW/(,JHEUXLNWRPGHRQWZLNNHOLQJHQELQQHQGHODQGERXZWHEHSDOHQ/XLMWHWDO 'HUHVXOWDWHQYDQGH]HVWXGLH]LMQPHWEHKXOSYDQGH5XLPWH6FDQQHULQKHWHLQGEHHOG JHwQWHJUHHUG )LJXXU6FKHPDWLVFKHZHHUJDYHYDQGHYHUWDOLQJYDQGHVFHQDULR¶VQDDUKHWODQGJHEUXLNLQ 65 ,5 6: ,: /DQGJHEUXLN &ODLPV:RQHQ :HUNHQ1DWXXU 5HFUHDWLH /DQGERXZ PRGHO /DQGERXZ &ODLPV %DVLVNDDUW /HHI2PJHYLQJV 9HUNHQQHU .ZDQWLILFHULQJ :RQHQ:HUNHQ 1DWXXUHQ5HFUHDWLH 5XLPWH6FDQQHU $OORFDWLH/DQGERXZ $UF,QIR $OORFDWLH:DWHU .ZDQWLILFHULQJ :DWHU :DWHU 5HVWULFWLHV 8LWEUHLGLQJ :DWHU %DVLVNDDUW /DQGERXZ 65 ,5 6: GJNMIMIUZJRLYQUJNUJQN DHUJOHNIVMJDLJ]NEQ]NQ ENEGYNVYQNYQVNYQVQD JQZJSDJYDQ 5,90UDSSRUW :DWHUKHHIW]LMQHLJHQLQYORHGRSGHUXLPWHOLMNHG\QDPLHN'HUHVWULFWLHYHLQYORHGYDQZDWHURS GHUXLPWHOLMNHRUGHQLQJLVLQGH/HHI2PJHYLQJV9HUNHQQHUXLWJHZHUNW'HQLHXZHZDWHUJHELHGHQ ]LMQJHJHYHQHHQDDQWDOUDQGYRRUZDDUGHQLQHHQQDEHZHUNLQJPHW$UF,QIRRSGHNDDUWJH]HW +HW]HOIGHJHOGWYRRUHHQDDQWDOJURWHSURMHFWHQ]RDOVKHWSODQ:DWHUPDQZDDUELMHHQHLODQGYRRU GHNXVWZRUGWRQWZLNNHOGLQKHWVFHQDULR,:'HGHWDLOVYDQGH]HXLWZHUNLQJZRUGHQYRRUGH YHUVFKLOOHQGHODQGJHEUXLNVIXQFWLHVLQGHVSHFLILHNHKRRIGVWXNNHQEHVFKUHYHQ
2S]HWYDQGH/HHI2PJHYLQJV9HUNHQQHU
'H/HHI2PJHYLQJV9HUNHQQHULVJHEUXLNWRPGHVFHQDULR¶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¶VYHUGHHOGHQYHUWDDOGQDDU GHUHJLRQDOHRQWZLNNHOLQJYDQKHWUXLPWHJHEUXLN,QGH]HWRHSDVVLQJLVHFKWHUJHEUXLNJHPDDNW YDQGHPRJHOLMNKHLGLQGH/HHI2PJHYLQJV9HUNHQQHURPGHUHJLRQDOHJURHLYDQKHW UXLPWHJHEUXLNSHUIXQFWLHGLUHFWRSWHOHJJHQ 'H]HUHJLRQDOHJURHLYDQKHWUXLPWHJHEUXLNZRUGWYHUYROJHQVWRHJHZH]HQDDQGHFHOOHQPHWGH KRRJVWHµWUDQVLWLHSRWHQWLDDO¶UHVXOWHUHQGLQHHQQLHXZHODQGJHEUXLNVNDDUWRSHHQPJULG 'H]HWUDQVLWLHSRWHQWLDDOLVJHGHILQLHHUGDOVKHWJHZRJHQSURGXFWYDQGH%HOHLGVNDDUWGH *HVFKLNWKHLGVNDDUWHQGH2PJHYLQJVSRWHQWLDDO7IXQFWLH>[\@ 2PJHYLQJVSRWIXQFWLH>[\@ %HOHLGIXQFWLH>[\@*HVFKLNWKHLGIXQFWLH>[\@ 'H]H2PJHYLQJVSRWHQWLDDOJHHIWGHLQYORHGYDQGHRPJHYLQJKHWODQGJHEUXLNLQGHQDDVWJHOHJHQ JULGFHOOHQRSGHDOORFDWLHYDQGHYHUVFKLOOHQGHIXQFWLHVZHHU'HRQWZLNNHOLQJYDQGHIXQFWLH ZRQHQZRUGWELMYRRUEHHOGRSNRUWHDIVWDQGQHJDWLHIEHw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µIHDWXUHV¶NHQQHQJHHQHLJHQUXLPWHOLMNHG\QDPLHNHQNXQQHQRRNQLHWYDQIXQFWLHYHUDQGHUHQ GRRUGDW]HRYHUJHQRPHQZRUGHQGRRUHHQG\QDPLVFKHIXQFWLH+HWEXLWHQODQGOXFKWKDYHQV]RHW HQ]RXWZDWHU]LMQLQGH/HHI2PJHYLQJV9HUNHQQHUJHRSHUDWLRQDOLVHHUGDOV]RJHQDDPGHIHDWXUHV
5,90UDSSRUW SDJYDQ 'HWRHSDVVLQJYDQGH/HHI2PJHYLQJV9HUNHQQHULQKHWNDGHUYDQGH1DWXXUYHUNHQQLQJERXZW YRRUWRSKHWµ9LJHUHQGEHOHLG¶VFHQDULR]RDOVGDWLQKHWSURMHFWµ.DDUWEHHOGHQ¶'H1LMVHWDO ELVXLWJHZHUNW'H]HRS]HWYDQGH/HHI2PJHYLQJV9HUNHQQHULVYRRUGHXLWZHUNLQJYDQGH 19.VFHQDULR¶VDDQJHSDVW 9RRUGH19.LVGHVHWPHWODQGJHEUXLNVIXQFWLHVDDQJHSDVW3UDNWLVFKEHWHNHQWGLWGDWHUHHQ QLHXZHLQLWLHHOODQGJHEUXLNVNDDUWLVDDQJHPDDNWHQGDWGHJHVFKLNWKHLGKHWEHOHLGHQ&$UHJHOV YRRUGHQLHXZHODQGJHEUXLNVIXQFWLHV]LMQJHGHILQLHHUG'DDUQDDVWZRUGWGHUHJLRQDOHJURHLYDQ KHWUXLPWHJHEUXLNLQGH]HWRHSDVVLQJYRRUDOOHG\QDPLVFKHIXQFWLHVGLUHFWRSJHOHJGDDQKHW UXLPWHOLMNDOORFDWLHPRGHOLQGH/HHI2PJHYLQJV9HUNHQQHU,QRQGHUVWDDQGHSDUDJUDIHQZRUGHQ GH]HDDQSDVVLQJHQQDGHUWRHJHOLFKW 9RRUUHFUHDWLHHQJODVWXLQERXZLVLQDOOHGHVFHQDULR¶VYDQGH]HOIGHRQWZLNNHOLQJXLWJHJDDQDOV LQKHW9LJHUHQGEHOHLGVFHQDULRLQ.DDUWEHHOGHQ'HJODVWXLQERXZJURHLWQLHWHQEOLMIW]LWWHQZDDU KHW]LW5HFUHDWLHJURHLWWRWPHWKDUHJLRQDDOYHUGHHOGQDDUUDWRYDQKHWDDQWDO LQZRQHUVLQ
,QLWLHHO/DQGJHEUXLN
,QGH]HWRHSDVVLQJLVJHNR]HQGHVHWPHWODQGJHEUXLNVIXQFWLHVRSQLHXZWHGHILQLsUHQ'H RRUVSURQNHOLMNHRS]HW]RDOVGLHLVWRHJHSDVWLQKHWSURMHFW.DDUWEHHOGHQYRUPGHKLHUELMKHW XLWJDQJVSXQW*HJHYHQGHJHPHHQVFKDSSHOLMNHKRRIGOLMQHQYDQGHYHUVFKLOOHQGHVFHQDULR¶VLVHU YRRUJHNR]HQRPQDDVWZRQHQGXQHQZRQHQGLFKWDDQYXOOHQGµZRQHQLQµWJURHQ¶DOVHHQ VSHFLILHNHODQGJHEUXLNVIXQFWLHPHHWHQHPHQ'DDUQDDVWZRUGHQHULQSODDWVYDQ QDWXXUIXQFWLHVRQGHUVFKHLGHQ'H]HH[WUDODQGJHEUXLNVIXQFWLHVJDDQWHQNRVWHYDQGHIXQFWLHV NDQWRUHQHQVRFLDDOFXOWXUHOHYRRU]LHQLQJHQ]RDOVGLHELQQHQKHWSURMHFWµ.DDUWEHHOGHQ¶ZDUHQ JHRSHUDWLRQDOLVHHUG'H]HODDWVWHIXQFWLHV]LMQQXVDPHQPHWGHLQGXVWULHHQEHGULMIVWHUUHLQHQLQ HHQIXQFWLHµZHUNHQ¶RSJHQRPHQ 7DEHO&ODVVLILFDWLHYDQQDWXXULQKHWLQLWLHHOODQGJHEUXLNLQGH/HHI2PJHYLQJV9HUNHQQHU 5HIHUHQWLHEHHOG1DWXXU ,QLWLsOH/DQGJHEUXLNVNDDUW/29 G\QDPLVFKODQGVFKDS QDJHQRHJQDWXXUOLMN QDWXXUOLMNERVODQGVFKDS QDJHQRHJQDWXXUOLMN ORRIHQJHPHQJGERV KDOIQDWXXUOLMN KHLGHHQKRRJYHHQ KDOIQDWXXUOLMN PRHUDVHQULHWODQG KDOIQDWXXUOLMN KDOIQDWXXUOLMNJUDVODQG PXOWLIXQFWLRQHHODJUDULVFK PXOWLIXQFWLRQHHOJUDVODQG DNNHU PXOWLIXQFWLRQHHODJUDULVFK RSHQJHELHG PXOWLIXQFWLRQHHODJUDULVFK 1DDOGERV PXOWLIXQFWLRQHHOUHFUHDWLHI :DWHU QLHWPHHJHQRPHQ 2QEHNHQG QLHWPHHJHQRPHQ 'HLQLWLsOHODQGJHEUXLNVNDDUWLVJHGHILQLHHUGRSEDVLVYDQGH&%6%RGHPVWDWLVWLHNYDQ %6&%6'HODQGJHEUXLNVIXQFWLHVJODVWXLQERXZUHFUHDWLH]RHWHQ]RXWZDWHUHQ EXLWHQODQG]LMQGLUHFWJHUHODWHHUGDDQGH]HNDDUW'HNODVVHµRYHULJDJUDULVFK¶XLWGH %RGHPVWDWLVWLHNLVYHUGHURQGHUYHUGHHOGRSEDVLVYDQKHW/DQGJHEUXLN1HGHUODQG/*16& '/2+HWZRRQJHELHGXLWGH&%6%RGHPVWDWLVWLHNLVJHKHUFODVVLILFHHUGRSEDVLVYDQGH :RRQPLOLHXW\SRORJLH$%)2QGHU]RHNHQ,QIRUPDWLHZDDUELMGHZRRQPLOLHXW\SHQ]LMQ JHDJJUHJHHUGWRWYHUVWHGHOLMNLQJVW\SHQ - ZRQHQGLFKWPHWGH&HQWUXP6WHGHOLMNH&6HQGH%XLWHQ&HQWUXP%&ZRRQPLOLHXV - ZRQHQGXQPHWGH*URHQ6WHGHOLMNH*6HQGH&HQWUXP'RUSVH&'ZRRQPLOLHXVHQ - ZRQHQLQµWJURHQPHWGH5DQG'RUSVH5'ZRRQPLOLHXV5' ,QGHLQLWLs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
2YHULJDJUDULVFK /*1 'HUHVWYDQKHWDJUDULVFKJHELHG 7XLQERXZERRPJDDUGHQHWF
*UDVODQG /*1 *UDV *UDV
$NNHUERXZ /*1 $NNHUERXZ PDwVDDUGDSSHOHQELHWHQJUDQHQHQ PHQJNODVVHQ
*ODVWXLQERXZ %6µ *ODVWXLQERXZ *ODVWXLQERXZ :RQHQGLFKW :07 :RRQJHELHGLQFOSULPDLUH YRRU]LHQLQJHQJURHQVWURNHQ SDUNHHUSODDWVHQZHJHQNOHXWHUHQ EDVLVRQGHUZLMV :RRQPLOLHXW\SRORJLH&HQWUXP6WHGHOLMNHQ %XLWHQ&HQWUXP :RQHQGXQ :07 ,GHP :RRQPLOLHXW\SRORJLH*URHQ6WHGHOLMNHQ &HQWUXP'RUSV :RQHQLQµWJURHQ :07 ,GHP :RRQPLOLHXW\SRORJLH5DQG'RUSV :HUNHQ %6µ 'HOIVWRIZLQQLQJEHGULMIVWHUUHLQ RYHULJHRSHQEDUHYRRU]LHQLQJHQ VWRUWHQZUDNNHQRSVODJSODDWVHQ 'LHQVWYHUOHQHQGHVHFWRURYHULJ EHGULMIVWHUUHLQ6RFLDDOFXOWXUHOH YRRU]LHQLQJHQ ]DQGJULQGZLQQLQJHWFQXWVEHGULMYHQ KDYHQWHUUHLQYHHPDUNWHQJURRWKDQGHO SDUNHHUJDUDJHVUZ]L¶VRSVODJWHUUHLQHQ PLOLWDLUHREMHFWHQZLQNHOFHQWUDEDQNHQ PLQLVWHULHVKRUHFDSROLWLHEXUHDXVEUDQGZHHU UHFKWEDQNHQJHYDQJHQLVVHQSURYLQFLHKXLV ]LHNHQKXL]HQWKHDWHUVELRVFRSHQNHUNHQ NORRVWHUVFRQIHUHQWLHRRUGHQZLMNJHERXZHQ VRFLDOHZHUNSODDWVHQVFKROHQH[FO EDVLVRQGHUZLMVXQLYHUVLWHLWVJHERXZHQ 1DJHQRHJ
1DWXXUOLMN 5%1 '\QDPLVFKODQGVFKDSHQQDWXXUOLMNERVODQGVFKDS ,GHP +DOIQDWXXUOLMN 5%1 ORRIHQJHPHQJGERVKHLGHHQ
KRRJYHHQHQPRHUDVHQULHWODQG ,GHP 0XOWLIXQFWLRQHHO
$JUDULVFK 5%1 +DOIQDWXXUOLMNJUDVODQGHQPXOWLIXQFWLRQHHOJUDVODQGHQDNNHU HQRSHQJHELHG ,GHP 0XOWLIXQFWLRQHHO 5HFUHDWLHI 5%1 1DDOGERV ,GHP 5HFUHDWLH %6µ SDUNHQHQSODQWVRHQHQVSRUWWHUUHLQHQ GDJUHFUHDWLHYHREMHFWHQYRONVWXLQHQ YHUEOLMIVUHFUHDWLH
/XFKWKDYHQV %6µ /XFKWKDYHQV /XFKWKDYHQVDOOHVELQQHQGHKHNNHQEDQHQ RPOLJJHQGJUDV =RHWZDWHU %6µ =RHWZDWHU ,GHP =RXWZDWHU %6µ =RXW:DWHU ,GHP %HOJLs %6µ %HOJLs ,GHP 'XLWVODQG %6µ 'XLWVODQG ,GHP '\QDPLVFKH)XQFWLH6WDWLVFKH)XQFWLHHQ)HDWXUHV %6µ&%6%RGHPVWDWLVWLHN&%6/*1/DQGJHEUXLNVNDDUW1HGHUODQG6&'/2'H DJUDULVFKHIXQFWLHVRYHULJDJUDULVFKJUDVODQGHQDNNHUERXZ]LMQJHEDVHHUGRSGHNODVVH2YHULJ$JUDULVFKXLWGH%6 µGDWREY/*1YHUGHULVRSJHVSOLWVW:07:RRQPLOLHXW\SRORJLH""'HIXQFWLHVZRQHQGXQGLFKWHQLQ µWJURHQ]LMQJHEDVHHUGRSKHWZRRQJHELHGXLWGH%6¶GDWRSEDVLVYDQGH:RRQPLOLHXW\SRORJLHLVRSJHGHHOG 5%15HIHUHQWLHEHHOG1DWXXU5,90'HQDWXXUIXQFWLHV]LMQJHEDVHHUGRSGHNODVVHQERVGURJHHQQDWWH QDWXXUXLWGH%6µGLHREYKHW5HI%HHOG1DWXXURSQLHXZ]LMQJHGHILQLHHUG 'H]HLQLWLsOHODQGJHEUXLNVNDDUWPHWIXQFWLHVZRQHQRSEDVLVYDQGH:RRQPLOLHXW\SRORJLH IXQFWLHVQDWXXUDIJHOHLGXLWKHW5HIHUHQWLHEHHOG1DWXXUHQIXQFWLHZHUNHQLVJHEUXLNWLQGH XLWZHUNLQJYDQDOOH19.VFHQDULR¶V
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
'H*HVFKLNWKHLG%HOHLGVNDDUWHQHQ&$UHJHOV
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
'HUHJLRQDOHYHUGHOLQJYDQDFWLYLWHLWHQ
9RRUGH19.LVGHUHJLRQDOHRQWZLNNHOLQJGHJURHLYDQKHWUXLPWHJHEUXLNYRRUZRQHQ ZHUNHQHQQDWXXUVHSDUDDWSHUVFHQDULRHQODQGJHEUXLNVIXQFWLHXLWJHUHNHQG'H]HUHVXOWDWHQ]LMQ YHUYROJHQVGLUHFWRSJHOHJGDDQKHWUXLPWHOLMNDOORFDWLHPRGHO2SGH]HPDQLHUNRQGHQGH UHJLRQDOHRQWZLNNHOLQJHQEHWHURYHUHHQNRPVWLJGHXLWJDQJVSXQWHQYDQGHVFHQDULR¶V JHRSHUDWLRQDOLVHHUGZRUGHQ 'HVSHFLILHNHUHJLRQDOHYHUGHHOVOHXWHOVYRRUZRQHQZHUNHQHQQDWXXUZRUGHQLQGH GHVEHWUHIIHQGHKRRIVWXNNHQSHUVFHQDULREHVFKUHYHQ5,90UDSSRUW SDJYDQ
:RQHQ
'HNZDQWLWDWLHYHXLWZHUNLQJYDQGHIXQFWLHZRQHQLVYRRUDOOHGHVFHQDULR¶VJHEDVHHUGRSGH 7UHQGYDULDQW]RDOVGLHYRRUGH7RHWVRSGH9LMIGH1RWDUXLPWHOLMNHRUGHQLQJLVRQWZLNNHOG 5,902SEDVLVYDQGHUXLPWHOLMNHYHURQGHUVWHOOLQJHQHQDQGHUHXLWJDQJVSXQWHQLQGH 19.VFHQDULR¶V]LMQGHUXLPWHOLMNHFODLPVXLWGH]H7UHQGYDULDQWRSHHQDQGHUHPDQLHU RPJHUHNHQGQDDUVFHQDULRVSHFLILHNHDUHDOHQ =RDOVUHHGVEHVFKUHYHQLVGHRRUVSURQNHOLMNHXLWZHUNLQJLQGH/HHI2PJHYLQJV9HUNHQQHURSEDVLV YDQGH:RRQPLOLHXW\SRORJLHRPJH]HWQDDUYHUVWHGHOLMNLQJVW\SHQ - ZRQHQGLFKWPHWGH&HQWUXP6WHGHOLMNH&6HQGH%XLWHQ&HQWUXP%&ZRRQPLOLHXV - ZRQHQGXQPHWGH*URHQ6WHGHOLMNH*6HQGH&HQWUXP'RUSVH&'ZRRQPLOLHXVHQ - ZRQHQLQµWJURHQPHWGH5DQG'RUSVH5'ZRRQPLOLHXV ,QDOOHVFHQDULR¶VZRUGWWRWXLWJHJDDQYDQGHKXLGLJHRQWZLNNHOLQJHQSDVQD]XOOHQ VFHQDULRXLWJDQJVSXQWHQJHsIIHFWXHHUGJDDQZRUGHQ'HYHUVFKLOOHQLQRQWZLNNHOLQJWXVVHQGH VFHQDULR¶VKHEEHQEHWUHNNLQJRS - KHWDDQGHHOHHQHQPHHUJH]LQVZRQLQJHQ - GHWHUHDOLVHUHQGLFKWKHGHQDDQWDOZRQLQJHQSHUKHFWDUH - KHWDDQWDOWHERXZHQZRQLQJHQSHUUHJLR - YHUGHOLQJYDQGHWHERXZHQZRQLQJHQQDDUZRRQPLOLHX 'H]HVSHFLILHNHHOHPHQWHQZRUGHQLQRQGHUVWDDQGHSDUDJUDIHQSHUVFHQDULRQDGHUXLWJHZHUNW ,HGHUYDQGH]HSDUDJUDIHQJULMSWLQHHUVWHLQVWDQWLHWHUXJRSGHRRUVSURQNHOLMNH19.VFHQDULR¶V /XWWLNHWDOLQSUHSHQGHGDDULQDDQZH]LJHVSHFLILHNHHOHPHQWHQYRRUZRQHQRSEDVLVZDDUYDQ KHWVFHQDULRNZDQWLWDWLHIZRUGWXLWJHZHUNW3HUVFHQDULRZRUGHQGHYHURQGHUVWHOGH RQWZLNNHOLQJHQEHVFKUHYHQ 'HRQWZLNNHOLQJYDQGHZRQLQJYRRUUDDGLVJHEDVHHUGRSHHUGHUHXLWZHUNLQJHQ5,90 7RWKHWMDDULVHUJHHQYHUVFKLOLQUHJLRQDOHRQWZLNNHOLQJYHURQGHUVWHOG1DLVGH UHJLRQDOHYHUGHOLQJJHZLM]LJGFRQIRUPGHXLWJDQJVSXQWHQYDQGHYHUVFKLOOHQGHVFHQDULR¶V'H YHUVFKLOOHQLQGHVFHQDULR¶VNRPHQQDDUYRUHQGRRUHHQYHUVFKLOLQ - UHJLRQDOHRQWZLNNHOLQJ $IKDQNHOLMNYDQKHWVFHQDULRNHQQHQEHSDDOGHUHJLR¶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µVWHGHOLMNHU¶]XOOHQZRUGHQPDDUGDWQLHWSHUGHILQLWLHKHWDUHDDOVWHGHOLMNJHELHGRPYDQJULMNHU ]DOZRUGHQ 1DDVWGHQDGUXNRSKHWVWHGHOLMNZRQHQLVHURRNHHQEHODQJVWHOOLQJYRRUUXLPH HHQJH]LQVZRQLQJHQLQGHJURHQHODQGHOLMNHZRRQPLOLHXV'LWOHLGWWRW9LQH[DFKWLJH RQWZLNNHOLQJHQPDDURRNWRWUXLPRSJH]HWWHODQGVFKDSVSDUNHQPHWYLOOD¶VHQODQGKXL]HQHQ ZRQHQLQKHWHFKWHJURHQGULMYHQGHZRRQYRUPHQHQDYRQWXXUOLMNZRQHQ3URMHFWRQWZLNNHODDUV HQLQGLYLGXHQNRSHQODQGERXZJURQGRSRPZRQLQJHQRSUXLPHSHUFHOHQWHUHDOLVHUHQHQRRNRP QLHXZHODQGJRHGHUHQRSWH]HWWHQ1DWXXURUJDQLVDWLHNXQQHQRSGHPDUNWGHOHQYDQKXQ ODQGJRHGHUHQYHUNRSHQYRRUUXLPZRQHQHQODQGJRHGHUHQRPDQGHUHJHZHQVWH]DNHQ]RDOV ELMYRRUEHHOGGHILQDQFLHULQJYDQPLOLHXPDDWUHJHOHQWHUHDOLVHUHQ 5HJLRQDDOGRHQ]LFKRRNHQNHOHYHUDQGHULQJHQYRRU,QGLWVFHQDULRZRUGWELMYRRUEHHOGKHWSODQ µ:DWHUPDQ¶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µWJURHQHHQQDDU YHUKRXGLQJPHWGHDQGHUHRPOLJJHQGHUHJLR¶VH[WUHPHGUXNRSGHEHVFKLNEDUHUXLPWH$OV JHYROJKLHUYDQYLQGWHUHHQµRYHUORRS¶SODDWVQDDUGHRPOLJJHQGHUHJLR¶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¶V9RRUGH NXVWYDQ'HQ+DDJZRUGWKHW]RJHQDDPGHSODQ:DWHUPDQXLWJHYRHUGZDDUELMHURSHHQHLODQG ZRUGWRQWZLNNHOGYRRUGHNXVWKRRJZDDUGLJHZRQLQJHQLQGHJHZHQVWHZRRQPLOLHXVWH UHDOLVHUHQ(HQJHYROJKLHUYDQLVGDWHHQJURWHUGHHOYDQGHQLHXZERXZSURGXFWLHSODDWV]DO YLQGHQLQGHUHJLR+DDJODQGHQ'H]HXLWEUHLGLQJYDQGHZRQLQJYRRUUDDGJDDWPHWQDPHWHQ NRVWHQYDQGLHUHJLR¶VPHWHHQQDDUYHUKRXGLQJKRJHGUXNRSGHZRQLQJYRRUUDDG9520 ,QKHWELM]RQGHUGH&25238WUHFKWNHQWLQGLWVFHQDULRHHQJHULQJHUHWRHQDPHYDQGH ZRQLQJYRRUUDDGDDQJH]LHQHHQGHHOYDQGHVWHGHOLMNHRQWZLNNHOLQJLQDQGHUHUHJLR¶VRSJHYDQJHQ ]DOZRUGHQ0HWQDPHGHRQWZLNNHOLQJYDQGHIXQFWLHµZRQHQLQµWJURHQ¶LVLQGHUHJLR8WUHFKW ]RJURRWGDWHHQRYHUORRSQDDUGHRPOLJJHQGHUHJLR¶VSODDWVYLQGW 2QWZLNNHOLQJQDDUZRRQPLOLHX ,QGHYHURQGHUVWHOOLQJHQRPWUHQWGHRQWZLNNHOLQJYDQGHQLHXZERXZQDDUZRRQPLOLHX]LMQ UHJLRQDDOJHHQDIZLMNHQGHYHURQGHUVWHOOLQJHQJHPDDNW
5,90UDSSRUW SDJYDQ 9HUKRXGLQJHHQHQPHHUJH]LQVZRQLQJHQ 'HJURHLYDQGHZRQLQJYRRUUDDGEHVWDDWYRRUGHGLFKWVWHGHOLMNHZRRQPLOLHXV&6HQ%& JURWHQGHHOVXLWPHHUJH]LQVZRQLQJHQ,QGHDQGHUHZRRQPLOLHXV6*&'HQ5'ZRUGHQPHW QDPHHHQVJH]LQVZRQLQJHQJHUHDOLVHHUGGLHLQKHW5DQG'RUSVHZRRQPLOLHX5'HHQVWXNUXLPHU ]XOOHQ]LMQ]LHWDEHOYRRUGHNHQWDOOHQ 7DEHO$DQGHHOHHQJH]LQVZRQLQJHQLQGHQLHXZERXZLQ,QGLYLGXDOLVWLVFKH:HUHOG $DQGHHOHHQJH]LQVZRQLQJHQ 'LFKWVWHGHOLMN
&6HQ%& 'XQVWHGHOLMN*6HQ&' :RQHQLQµWJURHQ5'
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
0HHUJH]LQV &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
5DQGVWDG
(HQJH]LQV &6 %& *6 &' 5'
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
0HHUJH]LQVZRQLQJHQ &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
5DQGVWDG
(HQJH]LQVZRQLQJHQ &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
SDJYDQ 5,90UDSSRUW ,Q,:ZRUGWLQGHGLFKWVWHGHOLMNHZRRQPLOLHXV&HQWUXP6WHGHOLMNHQ%XLWHQ&HQWUXPHHQVWHUNH VWLMJLQJYDQGHZRQLQJGLFKWKHGHQYHUZDFKWWDEHO'H]HVWLMJLQJJHOGWXLWVOXLWHQGYRRUGH PHHUJH]LQVZRQLQJHQ,QHHQGHUJHOLMNOLEHUDDOVFHQDULRPDJYHUZDFKWZRUGHQGDWGHERXZYDQ DSSDUWHPHQWHQ PHHUJH]LQVZRQLQJHQLQGHVWHGHQLQKRJHGLFKWKHGHQSODDWVYLQGW$QGHU]LMGV ]DORRNLQGH]HJHELHGHQGHGLFKWKHLGYDQHHQJH]LQVZRQLQJHQODJHU]LMQGDQPRPHQWHHOKHWJHYDO LV2RNGLWSDVWLQHHQOLEHUDDOVFHQDULRLQGH]HGLFKWVWHGHOLMNHJHELHGHQPHWHHQH[WUHHPKRJH JURQGSULMVZRUGHQVRZLHVRUHODWLHIZHLQLJHHQJH]LQVZRQLQJHQJHERXZG,QGLHQ]HWRFK JHERXZGZRUGHQ]LMQGLWRQGDQNVGHKRJHJURQGSULMVJURWHZRQLQJHQRSHHQEHWUHNNHOLMNJURWH NDYHO 'HXLWZHUNLQJYDQ,:ZRUGWJHNHQPHUNWGRRUGHWHJHQVWULMGLJHWUHQGVGHYHUGHUJDDQGH µYHUJURRWVWHGHOLMNLQJ¶YDQGHJURWHVWHGHQWHJHQRYHUGHWRHQHPHQGHVXEXUEDQLVDWLHLQGHUHJLR
6DPHQZHUNHQGH:HUHOG
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µ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¶VLQGH5DQGVWDGEHVWDDWHQEOLMIWEHVWDDQZRUGW JHVSUHLGXLWJDDQGHYDQDIVWDQGHQEHVFKLNEDUHUXLPWH'LWOHLGWWRWYHUGHUHYHUVWHGHOLMNLQJYDQ JURWHGHOHQYDQKHWODQGRSJRHGEHUHLNEDUHORFDWLHVPHWQDPHODQJVRSHQEDDUYHUYRHUVDVVHQ 2QWZLNNHOLQJQDDUZRRQPLOLHX ,QGLWVFHQDULRYLQGWHHQGXLGHOLMNHYHUDQGHULQJSODDWVLQGHQLHXZERXZSHUZRRQPLOLHX:RQHQ LQµWJURHQPDJGDQUHGHOLMNJHZLOG]LMQLQGLWVFHQDULROLJWVWHUNGHQDGUXNRSFRPSDFWH YHUVWHGHOLMNLQJHQZRUGWKHWERXZHQLQJURHQQLHWODQJHUJHWROHUHHUG'HQLHXZERXZGLH WUHQGPDWLJLQGLWJURHQHZRRQPLOLHXJHZHQVW]RX]LMQZRUGWQDDUUDWRYHUGHHOGQDDUGHDQGHUH ZRRQPLOLHXV+HWUHVXOWDDWLVGDWZRQHQLQµWJURHQJHHQH[WUDUXLPWHLQEHVODJ]DOQHPHQ,QGH DQGHUHZRRQPLOLHXVYLQGWQRJZHOXLWEUHLGLQJSODDWV5,90UDSSRUW SDJYDQ 9HUKRXGLQJHHQHQPHHUJH]LQVZRQLQJHQ ,Q6:LVYHUGLFKWLQJHQFRPSDFWERXZHQKHWDGDJLXP'HDOJHPHQHWHQGHQVWRWYHUGXQQLQJLQ KHWGLFKWVWHGHOLMNHZRRQPLOLHXZRUGWRPJHNHHUG,QKHWGLFKWVWHGHOLMNZRRQPLOLHX]XOOHQZHHU RYHUZHJHQGPHHUJH]LQVZRQLQJHQJHUHDOLVHHUGZRUGHQWDEHO 7DEHO$DQGHHOHHQJH]LQVZRQLQJHQLQGHQLHXZERXZLQ6: $DQGHHOHHQJH]LQVZRQLQJHQ 'LFKWVWHGHOLMN
&6HQ%& 'XQVWHGHOLMN*6HQ&' :RQHQLQµWJURHQ5'
WUHQG DDQQDPH 'LFKWKHGHQ 9HUJHOHNHQPHWGHKXLGLJHGLFKWKHGHQLVHULQGH6DPHQZHUNHQGH:HUHOGHHQOLFKWHVWLMJLQJYDQ GHZRQLQJGLFKWKHGHQ]LHUHVSWDEHOHQ 7DEHO:RQLQJGLFKWKHGHQLQ6:QDDUZRQLQJW\SHZRRQPLOLHXHQUHJLRXLWJHGUXNWLQ ZRQLQJHQSHUKHFWDUH
0HHUJH]LQV &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
5DQGVWDG
(HQJH]LQV &6 %& *6 &' 5'
3HULIHHU 7XVVHQ 5DQGVWDG 'H]HVWLMJLQJJHOGW]RZHOYRRUGHHHQJH]LQVZRQLQJHQDOVYRRUPHHUJH]LQVZRQLQJHQ(U]DOGXV LQGHUHJHOLHWVFRPSDFWHUJHERXZGZRUGHQZDDUELM]LFKJHHQH[WUHPHRQWZLNNHOLQJHQYRRUGRHQ (UZRUGHQPHHUPHHUJH]LQVZRQLQJHQJHERXZGLQGLFKWKHGHQYHUJHOLMNEDDUPHWGHKXLGLJH9LQH[ ZLMNHQ
,QGLYLGXDOLVWLVFKH5HJLR
,Q,5NRPHQGHLQGLYLGXDOLVHULQJVWHQGHQVHQGHYHUJDDQGHUHJLRQDOLVHULQJVDPHQ0HWEHWUHNNLQJ WRWZRQHQSUHYDOHUHQGHZRRQZHQVHQPDDUELMGHYHUZH]HQOLMNLQJYDQGHZRRQZHQVHQEOLMIW PHQVWHUNJHULFKWRSGHHLJHQUHJLR%LQQHQGHHLJHQUHJLRZRUGW]RYHHOPRJHOLMNJHWUDFKWGH JHZHQVWHZRQLQJHQZRRQRPJHYLQJWHYLQGHQ,QGLHQGLWQLHWWHUHDOLVHUHQLVNLMNWPHQ YRRU]LFKWLQJQDDUGHRPOLJJHQGHUHJLR¶V(HQJHYROJKLHUYDQLVHHQEHKRRUOLMNVWHUNJHVSUHLGH RQWZLNNHOLQJYDQZRQHQHQZHUNHQ'HEHODQJVWHOOLQJYRRUKHWZRQHQLQGHVWDGQHHPWVWHUNDI +HWDUHDDOYRRUGHVWDGJURHLWQLHWPHHUDOVJHYROJYDQGHVWHUNHRQWZLNNHOLQJYDQGRUSVH ZRRQYRUPHQ$DQGHHQHNDQWGRRUKHWXLWGLMHQYDQGHGRUSHQDDQGHDQGHUHNDQWGRRUKHW RQWVWDDQYDQQLHXZHGRUSHQ 9HUGHULVHHQEHODQJULMNNHQPHUNYDQGLWVFHQDULRGDWZRQHQRSHQLQKHWZDWHUHHQYOXFKWQHHPW 3HUVDOGROHLGWGLWQLHWWRWHHQWRHQDPHYDQKHWDUHDDOZRQHQPDDUWRWHHQWRHQDPHYDQKHW PHHUYRXGLJJHEUXLNYDQKHWDUHDDOZDWHU %LQQHQGHEHVWDDQGHVWHGHOLMNHJHELHGHQYLQGWHHQµYHUEHWHULQJVVODJ¶SODDWV(HQJHYROJKLHUYDQ LVGDWGHEHVWDDQGHVWHGHQ]XOOHQµYHUGXQQHQ¶DOOHHQLQGHFHQWUDYDQGHVWHGHQZRUGHQQRJ QLHXZHKRRJERXZSURMHFWHQJHUHDOLVHHUG%LMDIEUDDNHQYHUYDQJLQJYDQPHHUJH]LQVZRQLQJHQ ZRUGHQGH]HELMQDVWDQGDDUGµYHUYDQJHQ¶GRRUHHQJH]LQVZRQLQJHQ(HQJHYROJYDQGH]H RQWZLNNHOLQJLVHHQH[WUHPHVXEXUEDQLVDWLH(HQYRRUEHHOGYDQHHQHQLJV]LQVYHUJHOLMNEDUH UXLPWHOLMNHFRQVWHOODWLH]LMQGHVXEXUEVYDQ/RV$QJHOHVSDJYDQ 5,90UDSSRUW 5HJLRQDOHRQWZLNNHOLQJ ,QDOOHUHJLR¶VYDQ1HGHUODQGYLQGWHHQYHUJHOLMNEDUHRQWZLNNHOLQJSODDWV7RFK]XOOHQPHWQDPH GHUHJLR¶VLQGH5DQGVWDGKHWVWHUNVWEOLMYHQJURHLHQDOVJHYROJYDQGH ZHUNJHOHJHQKHLGVRQWZLNNHOLQJ9DQXLW8WUHFKWHQ$PVWHUGDPYLQGWHURYHUORRSQDDUGH RPOLJJHQGHUHJLR¶VSODDWV'H]HRYHUORRSLVYRRUQDPHOLMNKHWJHYROJYDQGHJURWHYUDDJQDDU GXQVWHGHOLMNHHQJURHQHZRRQPLOLHXV'HJURWHGUXNGLHLQGH]HZRQLQJPDUNWHQEHVWDDWHQEOLMIW EHVWDDQZRUGWJHVSUHLGXLWJDDQGHYDQDIVWDQGHQEHVFKLNEDUHUXLPWHLQGHRPOLJJHQGHUHJLR¶V 'LWOHLGWWRWHHQYHUGHUHYHUVSUHLGHµROLHYOHNDFKWLJH¶YHUVWHGHOLMNLQJHQVXEXUEDQLVDWLH 2QWZLNNHOLQJQDDUZRRQPLOLHX +HWGLFKWVWHGHOLMNHZRRQPLOLHXVWDDWLQGLWVFHQDULRLQHHQNZDDGGDJOLFKW$OWKDQVGHYRRUNHXU JDDWVWHUNXLWQDDUPHHUGRUSVHZRRQPLOLHXV(HQJHYROJKLHUYDQLVGDWKHWGLFKWVWHGHOLMNH YHUVWHGHOLMNLQJVW\SHJDDWµYHUGRUSVHQ¶'DWZLO]HJJHQGDWRRNLQGHVWHGHQGHQDGUXN]DOOLJJHQ RSGHRQWZLNNHOLQJYDQPHHUGRUSVHZRRQYRUPHQ,QGHGLFKWVWHGHOLMNHJHELHGHQEHWHNHQWGLWGDW DOVHUVSUDNHLVYDQKHUVWUXFWXUHULQJGLWQLHWOHLGWWRWYHUGLFKWLQJPDDUWRWHHQYHUGXQQLQJYDQGH GLFKWKHLG,QKHWDOJHPHHQNLHVWPHQGDQRP]HOIVELQQHQGHVWHGHQµGRUSHQ¶WHRQWZLNNHOHQ(HQ JURRWGHHOYDQGHZRQLQJERXZRQWZLNNHOLQJHQGLHLQGHDQGHUHVFHQDULR¶VSODDWVYLQGWLQKHW GLFKWVWHGHOLMNHZRRQPLOLHX]DOLQGLWVFHQDULRSODDWVYLQGHQLQKHWGXQVWHGHOLMNHHQKHWZRQHQLQµW JURHQ 9HUKRXGLQJHHQHQPHHUJH]LQVZRQLQJHQ (HQQDGUXNLQGLWVFHQDULROLJWRSGHPHHUGRUSVHZRRQYRUPHQ'LWEHWHNHQWGDWHUQDDU YHUKRXGLQJPHHUHHQJH]LQVZRQLQJHQJHUHDOLVHHUG]XOOHQZRUGHQLQGHQLHXZERXZWDEHO +HWPHUHQGHHOYDQGHQLHXZWHERXZHQZRQLQJHQ]XOOHQHHQJH]LQVZRQLQJHQ]LMQ'HQLHXZWH ERXZHQPHHUJH]LQVZRQLQJHQ]XOOHQRRNQLHWH[WUHHPKRRJZRUGHQ,QGLWVFHQDULR]DOHHQ JHERXZPHWZRRQODJHQDOKRRJ]LMQKHWJHHQ]LFKQDWXXUOLMNUHIOHFWHHUWLQGHGLFKWKHGHQ 7DEHO$DQGHHOHHQJH]LQVZRQLQJHQLQGHQLHXZERXZLQ,5 $DQGHHOHHQJH]LQVZRQLQJHQ 'LFKWVWHGHOLMN
&6HQ%& 'XQVWHGHOLMN*6HQ&' :RQHQLQµWJURHQ5'
WUHQG DDQQDPH 'LFKWKHGHQ 9HUJHOHNHQPHWGHDQGHUHVFHQDULR¶VZRUGW,5JHNHQPHUNWGRRUGHODJHGLFKWKHGHQWDEHO,Q KHWGLFKWVWHGHOLMNHZRRQPLOLHX]XOOHQGHGLFKWKHGHQQLHWDIZLMNHQYDQGHKXLGLJHVLWXDWLH:HO ]XOOHQKLHUPLQGHUZRQLQJHQJHERXZGZRUGHQHQPHWQDPHPHHUHHQJH]LQVZRQLQJHQ'LW]DO GHUKDOYHOHLGHQWRWHHQYHUGHUHXLWEUHLGLQJYDQKHWGLFKWVWHGHOLMNHJHELHGPDDUZHOPHWPHHU HHQJH]LQVZRQLQJHQLQYHUJHOLMNEDUHGLFKWKHGHQDOVPRPHQWHHO,QKHWGXQVWHGHOLMNHJHELHGHQ YRRUKHWZRQHQLQµWJURHQ]XOOHQRRNPHHUHHQJH]LQVZRQLQJHQJHERXZGZRUGHQHQRRNQRJLQ ODJHUHGLFKWKHGHQ 7DEHO:RQLQJGLFKWKHGHQLQ,5QDDUZRQLQJW\SHZRRQPLOLHXHQUHJLRXLWJHGUXNWLQZRQLQJHQ SHUKHFWDUH
0HHUJH]LQV &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
5DQGVWDG
(HQJH]LQV &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
5,90UDSSRUW SDJYDQ
6DPHQZHUNHQGH5HJLR
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¶VVDPHQWRWHHQFRPSURPLVNXQQHQNRPHQ ,QGHVWHUNYHUVWHGHOLMNWHUHJLR¶VZRUGWJHERXZGLQEHWUHNNHOLMNKRJHGLFKWKHGHQ+LHUYLQGWHHQ GXLGHOLMNHFRQFHQWUDWLHSODDWV,QGHDQGHUHODQGVGHOHQZRUGWPHHUJHGLIIHUHQWLHHUGJHERXZG PDDUZHOFRQIRUPGHZRRQZHQVHQYDQGHFRQVXPHQWHQ$DQGHHQHNDQWEHVWDDWHUQRJVWHHGV HHQYUDDJQDDUVWHGHOLMNZRQHQPDDUDDQGHDQGHUHNDQWLVHURRNHHQVWHUNHYUDDJQDDUPHHU ODQGHOLMNHQUXLPHUZRQHQ,QDOOHJHYDOOHQ]RZHOYRRUVWHGHQDOVGRUSHQLVHUHHQWHQGHQVQDDU YHUGLFKWLQJYDQKHWEHVWDDQGHVWHGHOLMNHJHELHG8LWEUHLGLQJYLQGWSODDWVDDQJUHQ]HQGDDQGH EHVWDDQGHEHERXZLQJ 5HJLRQDOHRQWZLNNHOLQJ ,QDOOHUHJLR¶VYDQ1HGHUODQGYLQGWHHQYHUJHOLMNEDUHRQWZLNNHOLQJSODDWV7RFK]XOOHQPHWQDPH GHUHJLR¶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¶VJHOGWKLHURRNGDW]RYHHO PRJHOLMNQDDURSORVVLQJHQZRUGWJH]RFKWELQQHQGHHLJHQZRRQPLOLHXV2YHUORRSQDDUDQGHUH UHJLR¶VYLQGWDOQLHWSODDWVPDDURRNJHHQRYHUORRSQDDUDDQJUHQ]HQGHZLMNHQFTZRRQPLOLHXV 9HUKRXGLQJHHQHQPHHUJH]LQVZRQLQJHQ (HQQDGUXNLQGLWVFHQDULROLJWRSYHUGLFKWHHQFRPSDFWHZRRQYRUPHQ7RFKEHWHNHQWGLWGDWHU QDDUYHUKRXGLQJQRJYHHOHHQJH]LQVZRQLQJHQJHUHDOLVHHUG]XOOHQZRUGHQLQGHQLHXZERXZ+HW ZRQHQLQµWJURHQZLOPHQLQGLWVFHQDULR]RYHHOPRJHOLMNLQFRPSDFWHYRUPHQODWHQSODDWVYLQGHQ HQKLHUZRUGHQGDQLQYHUKRXGLQJRRNYHHOPHHUJH]LQVZRQLQJHQJHUHDOLVHHUGWDEHO 7DEHO$DQGHHOHHQJH]LQVZRQLQJHQLQGHQLHXZERXZLQ65 $DQGHHOHHQJH]LQVZRQLQJHQ 'LFKWVWHGHOLMN&6HQ%& 'XQVWHGHOLMN*6HQ&' :RQHQLQµWJURHQ5'
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
SDJYDQ 5,90UDSSRUW
7DEHO:RQLQJGLFKWKHGHQLQ65QDDUZRQLQJW\SHZRRQPLOLHXHQUHJLRXLWJHGUXNWLQ ZRQLQJHQSHUKHFWDUH
0HHUJH]LQV &6 %& *6 &' 5'
3HULIHHU
7XVVHQ
5DQGVWDG
(HQJH]LQV &6 %& *6 &' 5'
3HULIHHU 7XVVHQ 5DQGVWDG
2SHUDWLRQDOLVDWLH
$OOHW\SHQZRQHQ]LMQLQGH/HHI2PJHYLQJV9HUNHQQHUXLWJHZHUNWDOV]JQG\QDPLVFKHIXQFWLHV ZDDUELMGHUHJLRQDOHJURHLGLHGRRUKHWUXLPWHOLMNDOORFDWLHPRGHOZRUGWJHSODDWVWGLUHFWRS MDDUEDVLVZRUGWRSJHJHYHQ9RRULHGHUVFHQDULR]LMQGHUHJLRQDOHFODLPVEHOHLGVNDDUW JHVFKLNWKHLGVNDDUWHQGH&$UHJHOVLQGH/HHI2PJHYLQJV9HUNHQQHUJHGHILQLHHUG7DEHO JHHIWHHQRYHU]LFKWYDQGHRSHUDWLRQDOLVDWLHYDQZRQHQLQGH/HHI2PJHYLQJV9HUNHQQHU 7DEHO2SHUDWLRQDOLVDWLHYDQ:RQHQ 6FHQDULR ,: 6: ,5 65 7RWDOH&ODLPKD :RQHQ'LFKW :RQHQ'XQ :RQHQLQµWJURHQ 5HJLRQDOHYHUGHOLQJ 7UHQG9DULDQW*& :RQHQLQµWJURHQ H[WUDQDDU RPOLJJHQGHNXVWHQ =HHXZVH5HJLR¶V 7UHQG9DULDQW(& :RQHQ'XQ'LFKW HQ*URHQH[WUD RPOLJJHQGH5HJLR¶V ,: 7UHQG9DULDQW *pp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µWJURHQLQGHUHJLR8WUHFKWVWHPGHQLHWRYHUHHQPHWKHWLGHHYDQ:RQHQLQµWJURHQLQKHW VFHQDULR ,YPLQYRHULQJYDQ5RQGMH5DQGVWDG &ODLP1DWXXU9,-12$OOHV9RJHO +DELWDW5LFKWOLMQ*URQGZDWHUEHVFKHUPLQJVJHELHGHQ9LMQRVHOHFWLH%HOYHGqUH 8QHVFR 9HHQZHLGHJHELHGHQ5XLPWHYRRU:DWHUHQHQNHOHVSHFLILHNHSODQQHQXLW1,3 %XIIHUYDQPURQGEHVWDDQGEHERXZGJHELHG&%6%RGHPVWDWLVWLHNJHFRUULJHHUGHYHUVLH YROJHQVGHGHILQLWLHVYDQ/:'KD2SHQZDWHUHQKDYDQGH%HHNGDOHQ
5,90UDSSRUW SDJYDQ 'H5HJLRQDOH&ODLPV 'HUHJLRQDOHFODLPV]LMQYRRUDOOHVFHQDULR¶VEHUHNHQGRSEDVLVYDQKHWDDQWDOZRQLQJHQSHUSF W\SHHQZRRQPLOLHX]RDOVGLHWHQEHKRHYHYDQGH9,-127UHQGYDULDQWYRRU(&HQ*&]LMQ EHUHNHQG*HJHYHQGH]HDDQQDPHV]LMQSHUVFHQDULRHQSHUUHJLRGHDUHDOHQZRQHQGXQGLFKWHQ JURHQEHSDDOGYRRUHQ%LMODJH 'H%HOHLGVNDDUWHQ 'HEHOHLGVNDDUWHQYRRUDOOHGHVFHQDULR¶VZRUGHQZHHUJHJHYHQLQILJXXU+LHUXLWEOLMNW GXLGHOLMNKHWYHUVFKLOLQUHVWULFWLHIJHELHGWXVVHQGHµLQGLYLGXHHO¶JHRULsQWHHUGHVFHQDULR¶V,:HQ ,5YHUVXVGHRSµVDPHQZHUNLQJ¶JHULFKWHVFHQDULR¶V6:HQ65,Q,:HQ,5]LMQSUDNWLVFKJHHQ UHVWULFWLHVWHUZLMOLQ6:HQ65QDJHQRHJDOOHUXLPWHUHVWULFWLHILVYHURQGHUVWHOGYRRUZRQHQ )LJXXU'HEHOHLGVNDDUWHQYRRUZRQHQGXQHQGLFKWYRRUDOOHGHVFHQDULR¶V
SDJYDQ 5,90UDSSRUW 'HEHOHLGVNDDUWYRRUZRQHQNHQWLQ,:HQ,5JHHQUHVWULFWLHVPHHUWHQDDQ]LHQYDQGHUXLPWHOLMNH RUGHQLQJHUPDJRYHUDOJHERXZGZRUGHQEHKDOYHLQXLWHUZDDUGHQYDQGHJURWHULYLHUHQ,QEHLGH VFHQDULR¶VZRUGWHUYRRUJH]RUJGGDWGHULYLHUHQRSWLPDDOEHYDUHQNXQQHQZRUGHQ,Q,5PRJHQ RRNJHHQRQWZLNNHOLQJHQLQGHZDWHUZLQJHELHGHQSODDWVYLQGHQ ,Q6:ZRUGWKHWUXLPWHOLMNEHOHLGVWHUNEHwQYORHGGRRU(XURSHVHULFKWOLMQHQHQJHOGWZDWHUDOV RUGHQHQGSULQFLSH,QGHEHOHLGVNDDUWLVGLWJHRSHUDWLRQDOLVHHUGGRRUHHQUHVWULFWLHIUXLPWHOLMN EHOHLGWHYHURQGHUVWHOOHQYRRUDOOHEHVWDDQGHHQJHSODQGHQDWXXU&ODLP1DWXXU9,-12HQGH 9RJHOHQ+DELWDWULFKWOLMQJHELHGHQ9RRUGHLQWHUQDWLRQDDOEHODQJULMNHODQGVFKDSSHQHQ FXOWXXUJHELHGHQLVHUEHOHLGVPDWLJYDQXLWJHJDDQGDWLQGH9,-12VHOHFWLHYDQ81(6&2HQ %HOYpGqUHJHELHGHQHQGH9HHQZHLGHJHELHGHQQLHWJHERXZGPDJZRUGHQ'RRUGDWZDWHUDOV RUGHQHQGSULQFLSHJHOGWPDJHUQLHWJHERXZGZRUGHQLQGHXLWHUZDDUGHQYDQGHJURWHULYLHUHQ QLHWLQGHNXVW]RQHGHZDWHUEHUJLQJVJHELHGHQHQGHJURQGZDWHUEHVFKHUPLQJVJHELHGHQ'RRUKHW JURWHDDQWDOUHVWULFWLHVZRUGWGHEHVFKLNEDUHUXLPWHYRRUXLWEUHLGLQJVWHUNEHSHUNWPHWQDPHLQ GH5DQGVWDG ,Q65PDJHUDOOHHQJHERXZGZRUGHQELQQHQGHµURGHFRQWRXU¶9RRUGH]HWRHSDVVLQJLVGHµURGH FRQWRXU¶JHGHILQLHHUGDOVHHQ]RQHYDQPHWHUURQGGHEHVWDDQGHEHERXZLQJ IXQFWLHV ZRQHQHQZHUNHQXLWGH&%6%RGHPVWDWLVWLHN'DDUQDDVWPDJHULQ65RRNQLHWJHERXZG ZRUGHQLQHHQDDQWDOEHHNGDOHQHQWRHNRPVWLJHZDWHUUHWHQWLHJHELHGHQRPHHQDDQWDOSRWHQWLsOH UHJLRQDOHZDWHUEHUJLQJVSUREOHPHQRSWHORVVHQ(YHQDOVLQ6:LVGHUXLPWHYRRUXLWEUHLGLQJYDQ ZRQHQJHULQJ 'H*HVFKLNWKHLGVNDDUWHQ 'HJHVFKLNWKHLGVNDDUWHQYRRUZRQHQGXQHQGLFKWYHUVFKLOOHQQLHW]RYHHOWXVVHQGHYHUVFKLOOHQGH VFHQDULR¶VILJ,Q6:HQ65NULMJHQORFDWLHVQDELMHHQ16VWDWLRQHHQUHODWLHIKRJHUH JHVFKLNWKHLGWRHJHNHQG )LJXXU5HODWLHYHJHVFKLNWKHLGµZRQHQGXQ¶YRRU,:HQ6:
5,90UDSSRUW SDJYDQ 9RRUZRQHQLQµWJURHQLVHHQQLHXZH JHVFKLNWKHLGVNDDUWJHGHILQLHHUGRSEDVLV YDQKHWKXLGLJLQLWLHHOUXLPWHJHEUXLNHQ GHFXPXODWLHYHJHOXLGVEHODVWLQJILJ $DQJHQRPHQLVGDWLQSULQFLSHDOOH DJUDULVFKHJHELHGHQUHODWLHIJHVFKLNW]LMQ YRRUZRQHQLQµWJURHQHQLQJHYDOYDQ ,:HQ,5RRNGHQDWXXUJHELHGHQ'H UHODWLHYHJHVFKLNWKHLGQHHPWDILQ JHELHGHQPHWHHQKRJHUHFXPXODWLHYH JHOXLGVEHODVWLQJODQJVVQHOZHJHQHQ QDELM6FKLSKRO 'H&$UHJHOV 9RRUZRQHQLQµWJURHQ]LMQQLHXZH&$UHJHOVJHGHILQLHHUG'H&$UHJHOVEHVFKULMYHQKHW UXLPWHOLMNJHGUDJYDQGHIXQFWLHVWHQRS]LFKWHYDQHONDDU ,Q,:HQ,5ZRUGWGHIXQFWLHZRQHQLQµWJURHQJHNHQPHUNWGRRUGHRQWZLNNHOLQJYDQNOHLQH VWHUNJHVSUHLGHNHUQHQEHVWDDQGHXLWRIVOHFKWVHQNHOHJULGFHOOHQ'LWUXLPWHOLMNJHGUDJLV JHRSHUDWLRQDOLVHHUGLQGH&$UHJHOVGRRUGHIXQFWLHHHQUHODWLHIVWHUNHQHJDWLHYHDWWUDFWLYLWHLWWHQ RS]LFKWHYDQ]LFK]HOIPHHWHJHYHQGLHKHWKRRJVWLVYRRUGHQDDVWJHOHJHQFHOOHQHQPHW WRHQHPHQGHDIVWDQGDIQHHPW ,QGHPHHURSVDPHQZHUNLQJJHULFKWHVFHQDULR¶V6:HQ65RQWZLNNHOWGHIXQFWLHZRQHQLQµW JURHQ]LFKDOVZRRQZLMNHQPHWHHQUHODWLHIODJHZRRQGLFKWKHLGJURWHSHUFHOHQHQYHHOJURHQ QDELMEHVWDDQGHEHERXZLQJ+HWUXLPWHOLMNJHGUDJYDQZRQHQLQµWJURHQLVYHURQGHUVWHOG YHUJHOLMNEDDUWH]LMQPHWGDWYDQGHIXQFWLHZRQHQGXQ9RRU6:HQ65]LMQYRRUGH&$UHJHOV YDQZRQHQLQµWJURHQJHEDVHHUGRSGHUHJHOVYRRUZRQHQGXQ )LJXXU5HODWLHYHJHVFKLNWKHLGYRRU µZRQHQLQµWJURHQ¶LQ,:
5,90UDSSRUW SDJYDQ
:HUNHQ
'HNZDQWLWDWLHYHXLWZHUNLQJYDQGHIXQFWLHZHUNHQLVHYHQDOVZRQHQJHEDVHHUGRSGH 7UHQGYDULDQW]RDOVGLHYRRU7RHWVRSGH9LMIGH1RWDUXLPWHOLMNHRUGHQLQJLVXLWJHZHUNW5,90 9RRU,:HQ,5]LMQGHUHJLRQDOHSURJQRVHVYDQ712,QUR5,90YRRUKHW*& VFHQDULRJHEUXLNWYRRU6:HQ,5GHSURJQRVHVYRRUKHW(&VFHQDULR&3%1DWLRQDDOHQ UHJLRQDDOYHUVFKLOOHQGH]HVFHQDULR¶VQLHWYHHOLQKHWDUHDDOZHUNHQ'HVFHQDULR¶VYHUVFKLOOHQWHQ RS]LFKWHYDQHONDDULQGHRPYDQJHQORNDOLVHULQJYDQGHEHGULMIVWHUUHLQHQ,QWDEHOZRUGHQGH QDWLRQDOHWRWDOHQYRRUGHRQWZLNNHOLQJYDQGHIXQFWLHZHUNHQJHJHYHQ 7DEHO2QWZLNNHOLQJYDQKHWDUHDDOZHUNHQLQ,QGLYLGXDOLVWLVFKH:HUHOG 6:HQ65 ]HHKDYHQV (& RYHULJ ,:HQ,5 ]HHKDYHQV *& RYHULJ,QGLYLGXDOLVWLVFKH:HUHOG
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
'HRQWZLNNHOLQJHQWHQDDQ]LHQYDQGHIXQFWLHZHUNHQYDOOHQJURWHQGHHOVRQGHUGH YHURQGHUVWHOOLQJHQRYHUYHUVWHGHOLMNLQJGLHJHPDDNW]LMQYRRUZRQHQ2RNKLHUJHOGWGDW RQWZLNNHOLQJHQ]RYHHOPRJHOLMNFRPSDFWSODDWVYLQGHQ'H]HRQWZLNNHOLQJHQOHLGHQWRWKHW RQWVWDDQYDQPHJDEHGULMIVWHUUHLQHQ'H]HWHUUHLQHQZRUGHQµPHJDPHJD¶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ppQ ORFDWLH(U]DOLQGLWVFHQDULRGDQRRNJHHQ'HUGH0DDVYODNWHRQWZLNNHOGZRUGHQ'H KDYHQDFWLYLWHLWHQ]XOOHQQHWDOVLQGHKXLGLJHVLWXDWLHJHVSUHLGSODDWVYLQGHQRYHUPHHUGHUH KDYHQWHUUHLQHQLQ1HGHUODQG ,Q6:ZRUGW6FKLSKROYHUSODDWVWQDDUHHQQLHXZHORFDWLHLQGH1RRUG]HHGHDDQOHYHUHQGH GLHQVWHQHQGHµRYHUVODJ¶EOLMYHQRSGHKXLGLJHORFDWLHYDQ6FKLSKROLQGH+DDUOHPPHUPHHU 3HUVRQHQHQJRHGHUHQZRUGHQGDQ]RYHHOPRJHOLMNLQJHYORJHQRSGHORFDWLHLQGH1RRUG]HHHQ YHUYRHUGQDDU6FKLSKROPLGGHOVHHQRQGHUJURQGVHYHUELQGLQJ'HKXLGLJHORFDWLHEOLMIWGXV EHVWDDQDDQJH]LHQKLHUGH29HQDXWREHUHLNEDDUKHLGDDQZH]LJLV
,QGLYLGXDOLVWLVFKH5HJLR
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µNOHLQHUHSOXNMHV¶%HGULMIVWHUUHLQHQ]XOOHQ NOHLQHUTXDRPYDQJHQJHVSUHLGHUTXDORFDWLH]LMQHQRQWZLNNHOHQ]LFKPHWQDPHRSEDVLVYDQGH EHUHLNEDDUKHLGPHWGHDXWRQDELMKRRIGZHJHQHQRSHQDIULWWHQ1DDUZRRQPLOLHXVLVHUJHHQ YHUVFKLOLQRQWZLNNHOLQJYDQEHGULMIVWHUUHLQHQ%HUHLNEDDUKHLGHQLQIUDVWUXFWXXU]LMQLQDOOH JHYDOOHQVWXUHQG8LWHLQGHOLMN]DOGHZRRQZHUNPRELOLWHLW]DOGDDUGRRUVWHUNWRHQHPHQ6DPHQZHUNHQGH5HJLR
,Q65LVHUHHQODJHPRELOLWHLW'HPRELOLWHLWGLHSODDWVYLQGWLVPHWQDPHELQQHQGHUHJLR'LW EHWHNHQWGDWKLHUEHGULMYHQWHUUHLQHQDDQJUHQ]HQGDDQEHVWDDQGVWHGHOLMNJHELHGRQWZLNNHOG]XOOHQ ZRUGHQ2YHUDOYLQGWZHOLHWVSODDWV(U]XOOHQJHHQUHJLRQDOHODDWVWDDQQDWLRQDOHFRQFHQWUDWLHV YDQEHGULMIVWHUUHLQHQJDDQRSWUHGHQ1DDVWHHQJRHGHEHUHLNEDDUKHLGYLDGHZHJLVRRNHHQJRHGH EHUHLNEDDUKHLGPHWKHW29HHQEHODQJULMNHYRRUZDDUGHYRRUGHRQWZLNNHOLQJYDQ EHGULMIVWHUUHLQHQ5,90UDSSRUW SDJYDQ
2SHUDWLRQDOLVDWLH
'HIXQFWLHZHUNHQLVLQGH/HHI2PJHYLQJV9HUNHQQHUXLWJHZHUNWDOV]JQVHPLG\QDPLVFKH IXQFWLHZDDUELMGHUHJLRQDOHJURHLGLUHFWRSMDDUEDVLVHQSHU&2523UHJLRZRUGWRSJHJHYHQ 9RRULHGHUVFHQDULR]LMQGHUHJLRQDOHFODLPVEHOHLGVNDDUWJHVFKLNWKHLGVNDDUWHQGH&$UHJHOVLQ GH/HHI2PJHYLQJV9HUNHQQHUJHGHILQLHHUG7DEHOJHHIWHHQRYHU]LFKWYDQGHRSHUDWLRQDOLVDWLH YDQZRQHQLQGH/HHI2PJHYLQJV9HUNHQQHU 7DEHO2SHUDWLRQDOLVDWLHYDQ:HUNHQ 6FHQDULR ,: 6: ,5 657RWDOH&ODLP *& (& *& (& 5HJLRQDOHYHUGHOLQJ 7UHQG9DULDQW
5HJKHUYHUGHOLQJ YDQ=HHKDYHQ WHUUHLQHQQDDU 5LMQPRQG
7UHQG9DULDQW 7UHQG9DULDQW 7UHQG9DULDQW
%HOHLGVNDDUW :HUNHQPDJRYHUDO EHKDOYH&ODLP 5LYLHUHQJHELHG 1LHWLQ%HVWDDQGH *HSODQGH1DWXXU,QW 5HO&XOWXXU JHELHGHQHQ:DWHU EHUJLQJVJHELHGHQ :HUNHQPDJRYHUDO EHKDOYH&ODLP 5LYLHUHQJHELHGHQ :DWHUZLQJHELHGHQ :HUNHQPDJDOOHHQ ELQQHQGH5RGH &RQWRXUHQQLHWLQ QLHXZDDQWHOHJJHQ RSHQZDWHUHQ EHHNGDOHQ *HVFKLNWKHLG 1DELM+RRIGZHJHQ
2S $IULWWHQ 1DELM+RRIGZHJHQ2S $IULWWHQHQ16 6WDWLRQV
,: 6:
&$5HJHOV *URWHUH
EHGULMIVWHUUHLQHQ ,: *HVSUHLGHRQWZLNNHOLQJYDQ EHGULMIVWHUUHLQHQ ,5 %LM]RQGHUKHGHQ HKDHQH KD 0DDVYODNWHZRUGHQ RQWZLNNHOG H0DDVYODNWHZRUGW
RQWZLNNHOG H0DDVYODNWHZRUGWRQWZLNNHOG H0DDVYODNWHZRUGWQLHWRQWZLNNHOG
'H5HJLRQDOH&ODLPV 'HUHJLRQDOHFODLPV]LMQYRRUDOOHVFHQDULR¶VJHEDVHHUGRSEHZHUNLQJHQYDQ712,QURJHJHYHQV YRRUGH9,-127UHQGYDULDQW%LMODJH 'H%HOHLGVNDDUWHQ 9RRUGHIXQFWLHZHUNHQZRUGHQYRRUDOOHVFHQDULR¶VGH]HOIGHNDDUWHQJHEUXLNWDOVYRRUGHIXQFWLH ZRQHQGXQ,QGHµLQGLYLGXHHO¶JHRULsQWHHUGHVFHQDULR¶V,:HQ,5JHOGHQGDDUELMSUDNWLVFKJHHQ UXLPWHOLMNHUHVWULFWLHVPHHUWHUZLMOLQGHRSµVDPHQZHUNLQJ¶JHULFKWHVFHQDULR¶V6:HQ65 QDJHQRHJDOOHUXLPWHUHVWULFWLHILVYHURQGHUVWHOGYRRUZRQHQ9RRUYHUGHUHLQIRUPDWLHZRUGW YHUZH]HQQDDUSDUDJUDDI 'H*HVFKLNWKHLGVNDDUWHQ 'HJHVFKLNWKHLGVNDDUWHQYRRUZHUNHQYHUVFKLOOHQQLHW]RYHHOWXVVHQGHYHUVFKLOOHQGHVFHQDULR¶V ILJ'HJHVFKLNWKHLGYRRUZHUNHQLVJHRSHUDWLRQDOLVHHUGRSEDVLVYDQKHWLQLWLHHO ODQGJHEUXLNORFDWLHVZDDULQLWLHHOGHIXQFWLHZHUNHQYRRUNRPWGHNP]RQHVURQGRSHQ DIULWWHQYDQKHWKRRIGZHJHQQHWHQGHYHUVWRULQJGRRUJHOXLGDOVHHQDDQYXOOHQGHPDDWYRRUGH QDELMKHLGWRWHQGHLQWHQVLWHLWRSKHWKRRIGZHJHQQHW,Q6:HQ65NULMJHQORFDWLHVQDELMHHQ16 VWDWLRQDDQYXOOHQGHHQUHODWLHIKRJHUHJHVFKLNWKHLGWRHJHNHQG &ODLP1DWXXU9,-12$OOHV9RJHO +DELWDW5LFKWOLMQ*URQGZDWHUEHVFKHUPLQJVJHELHGHQ9,-12VHOHFWLH%HOYHGqUH 8QHVFR9HHQZHLGHJHELHGHQ5XLPWHYRRU:DWHUHQHQNHOHVSHFLILHNHSODQQHQXLW1,3 %XIIHUYDQPURQGEHVWDDQGEHERXZGJHELHG&%6%RGHPVWDWLVWLHN*HFRUULJHHUGHYHUVLH YROJHQVGHGHILQLWLHVYDQ/:'KD2SHQZDWHUHQKDYDQGH%HHNGDOHQ
SDJYDQ 5,90UDSSRUW )LJXXU5HODWLHYHJHVFKLNWKHLGµZHUNHQ¶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
5,90UDSSRUW SDJYDQ