'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQGH'LUHFWLHYDQKHW5,90LQKHW NDGHUYDQSURMHFW6³(PLVVLHVELMEUDQG´ 5LMNVLQVWLWXXWYRRU9RONVJH]RQGKHLGHQ0LOLHX5,903RVWEXV%$%LOWKRYHQ WHOHIRRQID[ 5,905DSSRUW 5HVXOWDWHQYDQPHWLQJHQGRRUGH0LOLHXRQJHYDOOHQGLHQVW ELMEUDQGHQ 0*0HQQHQ
5,90UDSSRUW 3DJYDQ
$EVWUDFW
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
,QKRXG
6DPHQYDWWLQJ ,QOHLGLQJ $OJHPHHQ 'HHOSURMHFWµPHHWJHJHYHQV02'ELMEUDQGHQ¶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¶V 'LR[LQHQ 2YHULJHFRPSRQHQWHQ 5LVLFR¶VYRRUJH]RQGKHLGHQPLOLHX *DVYRUPLJHFRPSRQHQWHQ 6WRIGHHOWMHVHQVWRIJHERQGHQFRPSRQHQWHQLQKDODWRLUHEORRWVWHOOLQJ 6WRIJHERQGHQFRPSRQHQWHQRUDOHEORRWVWHOOLQJ 0LOLHXVFKDGH &RQFOXVLHVHQDDQEHYHOLQJHQ 5HIHUHQWLHV %LMODJH%HVFKULMYLQJPHHWPHWKRGHQ %LMODJH$FKWHUJURQGZDDUGHQ 9HU]HQGOLMVW
5,90UDSSRUW 3DJYDQ
6DPHQYDWWLQJ
,QGHDIJHORSHQMDUHQKHHIWGH0LOLHX2QJHYDOOHQ'LHQVW02'YDQKHW5,90ELM RQJHYHHUWZLQWLJJURWHEUDQGHQHQEUDQGHQPHWJHYDDUOLMNHVWRIIHQPHWLQJHQYHUULFKWHQ DQGHUHLQIRUPDWLHYHU]DPHOGRPGHSRWHQWLsOHEORRWVWHOOLQJYDQRPZRQHQGHQHQ FRQWDPLQDWLHYDQKHWPLOLHXDOVJHYROJYDQGHEUDQGWHEHSDOHQ'H]HLQIRUPDWLHZRUGW JHEUXLNWRPYDVWWHVWHOOHQRIHUVSUDNHLVYDQULVLFR¶VYRRURPZRQHQGHQHQYRRUKHW PLOLHXDOVJHYROJYDQKHWYULMNRPHQYDQVFKDGHOLMNHVWRIIHQELMHHQEUDQG ,QGLWUDSSRUWZRUGHQGHUHVXOWDWHQYDQGH]HPHWLQJHQV\VWHPDWLVFKJHUDQJVFKLNWPHWDOV GRHOKLHUYDQLQ]LFKWWHNULMJHQLQZHONHYHUELQGLQJHQZRUGHQJHsPLWWHHUGELM YHUVFKLOOHQGHVRRUWHQEUDQGHQHQLQZHONHPDWHGH]HHPLVVLHVOHLGHQWRWYHUKRRJGH FRQFHQWUDWLHVLQGHRPJHYLQJ'H]HLQIRUPDWLHNDQRQGHUPHHUZRUGHQJHEUXLNWRPELM EUDQGHQLQGHWRHNRPVWEHWHUWHNXQQHQEHSDOHQZHONHVWRIIHQGHKRRJVWHSULRULWHLW KHEEHQELMKHWXLWYRHUHQYDQPHWLQJHQHQKHWPDNHQYDQEORRWVWHOOLQJVVFKDWWLQJHQ 8LWGHRQGHU]RHNVJHJHYHQVGLHGRRUGH02'ELMRQJHYHHUWZLQWLJEUDQGHQ]LMQ YHU]DPHOGNDQZRUGHQJHFRQFOXGHHUGGDWELQQHQHHQDIVWDQGYDQHQNHOHKRQGHUGHQ PHWHUVGHFRQFHQWUDWLHVDDQ&292&¶VHQ3$.¶VLQGHOXFKWYULMZHODOWLMGYHUKRRJGWRW VWHUNYHUKRRJG]LMQ'HKRRJVWHFRQFHQWUDWLHVZHUGHQDDQJHWURIIHQELMEUDQGHQPHWJURWH KRHYHHOKHGHQNRROZDWHUVWRIIHQ]RDOVHHQRSVODJORRGVPHWNXQVWVWRIIHQHHQYHUIIDEULHN HQHHQGHSRWZDDULQFKHPLVFKDIYDO]RDOVYHUYHQOLMPHQRSORVPLGGHOHQHQROLHUHVWHQ ODJHQRSJHVODJHQ+RJHFRQFHQWUDWLHVDDQ3$.¶VLQGHURRNSOXLPJDDQPHHVWDOJHSDDUG PHWYHUKRRJGHJHKDOWHQDDQ3$.¶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mJP%ORRWVWHOOLQJDDQ GH]HKRHYHHOKHGHQILMQVWRINDQ]HNHUELMJHYRHOLJHPHQVHQDDQOHLGLQJJHYHQWRW SULNNHOLQJYDQGHOXFKWZHJHQHQKRHVWHQ=LMJHYHQHFKWHULQKHWDOJHPHHQJHHQ DDQOHLGLQJWRWEOLMYHQGHNODFKWHQ%HUHNHQLQJHQYDQGHPRJHOLMNHRUDOHEORRWVWHOOLQJYDQ RPZRQHQGHQDDQVWRIIHQYLDFRQVXPSWLHYDQWLMGHQVGHEUDQGYHURQWUHLQLJGHJHZDVVHQRI YLDLQJHVWLHLQVOLNNHQYDQYHUVSUHLGHHQRSGHJURQGJHGHSRQHHUGHVWRIGHHOWMHVJHYHQ DDQGDWYLDGH]HURXWHVJHHQJH]RQGKHLGVULVLFR¶V]LMQWHYHUZDFKWHQ +RHZHOKHWLQVFKDWWHQYDQJH]RQGKHLGVULVLFR¶VYRRUEUDQGZHHUOLHGHQHQDQGHUH KXOSYHUOHQHUVQLHWWRWGHWDDNVWHOOLQJYDQGH02'EHKRRUWNDQXLWGHUHVXOWDWHQYDQGLW RQGHU]RHNZRUGHQDIJHOHLGGDW]LMELMEUDQGHQNXQQHQZRUGHQEORRWJHVWHOGDDQ DDQ]LHQOLMNHKRHYHHOKHGHQVWRIGHHOWMHVHQGDDULQYRRUNRPHQGHFRPSRQHQWHQDOV3$.¶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
5,90UDSSRUW 3DJYDQ
,QOHLGLQJ
$OJHPHHQ
'H0LOLHX2QJHYDOOHQ'LHQVW02'YDQKHW5,90KHHIWDOVWDDNRPELM PLOLHXFDODPLWHLWHQLQIRUPDWLHWHYHU]DPHOHQRPHHQEHRRUGHOLQJWHPDNHQYDQGH PRJHOLMNHJH]RQGKHLGVULVLFR¶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s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wQYHQWDULVHHUGHQJHsYDOXHHUGPDDUYHHODODGKRFLQKHWNDGHUYDQ ORSHQGHSURMHFWHQYHU]DPHOG+HWSUREOHHPGDDUELMLVGDWELMHONHFDODPLWHLWYDQZHJHGH JURWHWLMGVGUXNDOOHHQGHKRRJVWQRGLJHHQGDDUGRRUEHSHUNWHLQIRUPDWLHZRUGW YHU]DPHOGHQGDWFDODPLWHLWHQRQGHUOLQJ]HHUVWHUNYHUVFKLOOHQZDDUGRRUGHLQIRUPDWLH ]HHUGLYHUVLV +HWZRUGWGDDURP]LQYROJHDFKWGHEHVWDDQGHLQIRUPDWLHHQH[SHUWLVHRSGLWJHELHGLQ ELQQHQHQEXLWHQODQGV\VWHPDWLVFKWHLQYHQWDULVHUHQ+LHUWRHLVLQHHQSURMHFW 'H]HDIGHOLQJLVIRUPHHORSGUDFKWJHYHUYDQGH02'3DJYDQ 5,90UDSSRUW JHVWDUWPHWGHQDDPµ(PLVVLHVELMEUDQG¶'LWSURMHFWEHVWDDWYRRUORSLJXLWGULH GHHOSURMHFWHQQDPHOLMN ,QYHQWDULVDWLHYDQLQIRUPDWLHEURQQHQHQLQIRUPDWLHKRXGHUVRPWUHQWGLWRQGHUZHUS ,QYHQWDULVDWLHYDQLQIRUPDWLHGLHLVYHU]DPHOGELMGHEUDQGHQZDDUGH02' JHGXUHQGHGHDIJHORSHQMDUHQLVLQJH]HWRPPHWLQJHQWHYHUULFKWHQYDQYULMNRPHQGH HQLQGHRPJHYLQJYHUVSUHLGHVWRIIHQ ,QYHQWDULVDWLHHQYDVWOHJJLQJYDQLQIRUPDWLHRYHUGHDDUGYDQGHHPLVVLHVZHONH VWRIIHQNRPHQHUYULMHQRYHUPRGHOOHQPHHWPHWKRGHQHQPHHWVWUDWHJLHsQRP YHUVSUHLGLQJHQEORRWVWHOOLQJELMEUDQGYDVWWHVWHOOHQ (LQGGRHOYDQKHWSURMHFWLVHHQV\VWHPDWLVFKRYHU]LFKWWHPDNHQELMYRRUEHHOGLQGHYRUP YDQHHQGDWDEDVHZDDUXLWLQNRUWHWLMGNDQZRUGHQDIJHOH]HQZHONHVRRUWHQYHUELQGLQJHQ LQZHONHPDWHYHUZDFKWNXQQHQZRUGHQELMYHUVFKLOOHQGHW\SHQEUDQGHQ'LWRYHU]LFKW NDQLQGHWRHNRPVWZRUGHQJHEUXLNWRPELMHHQEUDQGWHEHSDOHQZHONHVWRIIHQGHKRRJVWH SULRULWHLWKHEEHQELMKHWXLWYRHUHQYDQPHWLQJHQKHWPDNHQYDQEORRWVWHOOLQJVVFKDWWLQJHQ HQKHWEHRRUGHOHQYDQPRJHOLMNHJH]RQGKHLGVULVLFR¶V2RN]RXKHWRYHU]LFKWEHKXOS]DDP NXQQHQ]LMQELMKHWLQGLHQQRGLJWUHIIHQYDQPDDWUHJHOHQWHUEHVFKHUPLQJYDQGH EHYRONLQJHQYDQGHDDQZH]LJHKXOSYHUOHQHUV +HWHHUVWHGHHOSURMHFWLVLQMXQLDIJHURQGPHWHHQUDSSRUWDJH9DQGH:HUNHQHWDO +HWRQGHUKDYLJHUDSSRUWKHHIWEHWUHNNLQJRSKHWWZHHGHGHHOSURMHFW
'HHOSURMHFWµPHHWJHJHYHQV02'ELMEUDQGHQ¶
'H02'LVJHGXUHQGHGHDIJHORSHQMDUHQELMHHQDDQWDOEUDQGHQLQJH]HW+LHUELMLVHHQ JURRWDDQWDOJHJHYHQVYHU]DPHOGGLHYDQEHODQJ]LMQYRRUKHWRSERXZHQYDQNHQQLVHQ H[SHUWLVHRYHUVWRIIHQGLHYULMNRPHQELMEUDQGHQ,QGLWUDSSRUWLVGHLQIRUPDWLHGLHLQGH DIJHORSHQMDUHQGRRUGH02'LVYHUJDDUGELMEUDQGHQZHHUJHJHYHQHQV\VWHPDWLVFK JHUDQJVFKLNW+HWEHODQJULMNVWHGRHOKLHUYDQLVLQ]LFKWWHNULMJHQLQZHONHYHUELQGLQJHQ ZRUGHQJHs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sQWHUHQ ELMKHWXLWYRHUHQYDQPHWLQJHQELMEUDQGHQHQKHWEHRRUGHOHQYDQPRJHOLMNH JH]RQGKHLGVULVLFR¶VHQVFKDGHDDQKHWPLOLHX (HQDQGHUHEHSHUNLQJLVGDWGHDFWLYLWHLWHQYDQGH02']LFKDIVSHOHQLQKHWHIIHFWJHELHG HQQLHWLQKHWEURQJHELHG'HUHGHQKLHUYRRULVGDWGHWDDNVWHOOLQJYDQGH02'LVJHULFKW RSGHJH]RQGKHLGVULVLFR¶VYDQRPZRQHQGHQHQSDVVDQWHQHQGHHYHQWXHOHPLOLHXVFKDGH5,90UDSSRUW 3DJYDQ HQQLHWRSPRJHOLMNHJH]RQGKHLGVULVLFR¶VYDQEUDQGZHHUOLHGHQHQDQGHUHKXOSYHUOHQHUV GLH]LFKPHHVWDOYHHOGLFKWHUELMHHQEUDQGEHYLQGHQGDQRPZRQHQGHQ'HFRQFOXVLHVLQ GLWUDSSRUWWHQDDQ]LHQYDQJH]RQGKHLGVULVLFR¶VKHEEHQGDQRRNJHHQEHWUHNNLQJRS EUDQGZHHUOLHGHQHQDQGHUHKXOSYHUOHQHUV 'LWUDSSRUWLVYHUGHUDOVYROJWLQJHGHHOG,QKRRIGVWXNZRUGWHHQRYHU]LFKWJHJHYHQYDQ GHEUDQGHQZDDUGH02'LQGHDIJHORSHQMDUHQLVLQJH]HWHQYDQGHPHHWDFWLYLWHLWHQ GLHGDDUELM]LMQYHUULFKW'HUHVXOWDWHQYDQGHPHWLQJHQZRUGHQV\VWHPDWLVFK ZHHUJHJHYHQLQKRRIGVWXN,QKRRIGVWXNZRUGWSHUFRPSRQHQWRIJURHSFRPSRQHQWHQ EHVSURNHQELMZHONHW\SHQEUDQGHQ]LMLQYHUKRRJGHFRQFHQWUDWLHV]LMQDDQJHWURIIHQHQLQ ZHONHPDWH,QKRRIGVWXNZRUGWNRUWLQJHJDDQRSPRJHOLMNHJH]RQGKHLGVULVLFR¶VYRRU RPZRQHQGHQHQSDVVDQWHQHQGHHYHQWXHOHPLOLHXVFKDGHDOVJHYROJYDQGHHPLVVLHVHQ YHUVSUHLGLQJYDQVWRIIHQELMGHLQGLWUDSSRUWJHQRHPGHEUDQGHQ7HQVORWWHZRUGHQLQ KRRIGVWXNGHFRQFOXVLHVYDQGLWRQGHU]RHNZHHUJHJHYHQHQZRUGWHHQDDQWDO DDQEHYHOLQJHQJHGDDQ
5,90UDSSRUW 3DJYDQ
2YHU]LFKWEUDQGHQHQPHHWDFWLYLWHLWHQ
$IEDNHQLQJSHULRGH
'H02'EHVWDDWUXLPMDDU,QGHHHUVWHMDUHQYDQKDDUEHVWDDQLV]HHFKWHU]HOGHQ LQJH]HWELMEUDQGHQ(p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
,QGHJHVHOHFWHHUGHSHULRGHYDQUXLPMDDULVGH02'LQWRWDDOUXLPPDDORSJHURHSHQ LQYHUEDQGPHWHHQEUDQG,QHQNHOHYDQGH]HJHYDOOHQ]LMQJHHQPHWLQJHQYHUULFKWPDDU LVPRQGHOLQJRIVFKULIWHOLMNDGYLHVXLWJHEUDFKW+HWJLQJGDDUELMRQGHUDQGHUHRPKHW XLWYRHUHQYDQYHUVSUHLGLQJVEHUHNHQLQJHQDGYLVHULQJRYHUGHYRUPLQJYDQEHSDDOGH VWRIIHQRIGRRUYHUZLM]LQJQDDUDQGHUHLQVWDQWLHVELMYRRUEHHOG712LQJHYDOYDQEUDQGHQ ZDDUELMYRRUZDWEHWUHIWJH]RQGKHLGVULVLFR¶VXLWVOXLWHQGYHUVSUHLGLQJYDQDVEHVWGHHOWMHV UHOHYDQWZDV%LMpp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µGXXU¶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sPLWWHHUGHVWRIIHQ RQJXQVWLJZDVPHWJURWHUHSRWHQWLsOHJH]RQGKHLGVULVLFR¶VWRWJHYROJ,QWHJHQVWHOOLQJWRW ELMHHQIHOOHEUDQGVWLMJWGHURRNSOXLPWLMGHQVGHVPHXOIDVHQDPHOLMNQDXZHOLMNV ZDDUGRRUGDQN]LMGHJHULQJHYHUVSUHLGLQJGHFRQFHQWUDWLHVYDQYULMNRPHQGHVWRIIHQRS OHHIQLYHDXUHODWLHIKRRJNXQQHQ]LMQ 'HRPYDQJYDQHONHEUDQGLVXLWJHGUXNWLQHHQVFKDDOYDULsUHQGYDQUHODWLHINOHLQH EUDQGWRW]HHUJURWHEUDQG'HVFKDWWLQJYDQGHRPYDQJLVRQGHUPHHUJHEDVHHUGRS KHWRSSHUYODNYDQKHWJHERXZGDWYHUEUDQGLVKHWYROXPHRIGHPDVVDDDQYHUEUDQGH PDWHULDOHQHQGHDDUGYDQGHYHUEUDQGHPDWHULDOHQYRRU]RYHUGDDUJHJHYHQVYDQ EHVFKLNEDDUZDUHQ ,QGHODDWVWHNRORPZRUGWRQGHUVFKHLGJHPDDNWWXVVHQµWLMGHQVGHEUDQG¶µWLMGHQVGH VPHXOIDVH¶HQµQDGHEUDQG¶+LHUPHHZRUGHQEHGRHOGUHVSHFWLHYHOLMNGHIDVHZDDULQ VSUDNHLVYDQHHQKHYLJHEUDQGGHIDVHZDDULQGHEUDQGQLHWPHHUKHYLJLVPDDUHUQRJ ZHOHHQIRUVHURRNRQWZLNNHOLQJSODDWVYLQGWLQKHWDOJHPHHQLVKHWVHLQµEUDQGPHHVWHU¶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
5,90UDSSRUW 3DJYDQ
7DEHO2YHU]LFKWYDQGHEUDQGHQZDDUELMGH02'PHWLQJHQKHHIWYHUULFKW
/RFDWLH 7\SHEHGULMIRIJHERXZ 'DWXP
DDQYDQJ 'XXU 2PYDQJ )DVHHQGXXUDFWLYLWHLWHQ02' $PVWHUGDP &DFDRERQHQRSVODJ RNWREHU XXU 7LMGHQVEUDQG
XXU +HHUKXJRZDDUG 0HXEHOZLQNHOVQDFNEDU
ILHWVHQZLQNHOHQHQNHOH NRHOLQVWDOODWLHV
PDDUW XXU 7LMGHQVEUDQG XXU 3XWWHQ 2SVODJORRGVPHWYRRU
QDPHOLMNNXQVWVWRIRQGHU DQGHUH39&
PHL XXU 1DEUDQG
6FKLHGDP &DFDRERQHQRSVODJ PDDUW XXU 7LMGHQVVPHXOIDVH
XXU :DDOZLMN *URRWKDQGHOLQOHHUHQ
UXEEHU MDQXDUL XXU 7LMGHQVVPHXOIDVHXXU
$DOVPHHU 9HUIIDEULHN PDDUW XXU 7LMGHQVVPHXOIDVH
XXU
'UDFKWHQ &KHPLVFKDIYDOGHSRW PHL XXU 7LMGHQVXXUHQQD
EUDQG (QVFKHGH 9XXUZHUNIDEULHNHQJURRW
DDQWDOJHERXZHQ PHL XXU 7LMGHQVXXUHQQDEUDQGWRWXXU
1DDUGHQ 0HWDDOVPHOWHU MXQL XXU 1DEUDQGXXU
%HYHUZLMN 7UDQVIRUPDWRU VHSWHPEHU
XXU 1DEUDQG *HQHPXLGHQ 7DSLMWIDEULHN RNWREHU XXU 7LMGHQVVPHXOIDVH XXU $955LMQPRQG 2SVODJORRGVYRRUJURI
KXLVYXLO RNWREHU XXU 7LMGHQVVPHXOIDVHXXU
0RHUGLMN 6WDSHO%KRXWHQQRQ
IHUURPDWHULDOHQ RNWREHU XXU 7LMGHQVVPHXOIDVH
XXU +DVVHOW )DEULHNYRRUNXQVWVWRI
Q\ORQPHW39&PDWWHQ PDDUW XXU 7LMGHQVVPHXOIDVHXXU ¶V+HHUHQEHUJ .XQVWVWRIYHUZHUNHQG
EHGULMIHQRSVODJ ODQGERXZZHUNWXLJHQ
PDDUW XXU 7LMGHQVEUDQGHQ
VPHXOIDVHXXU +D]HOGRQN .XQVWVWRIRSVODJORRGV
YRRUQDPHOLMNSRO\HWKHHQ PDDUW XXU 1DEUDQG 6ODJKDUHQ 8LWJDDQVFHQWUXPGH
%RQWH:HYHU PHL XXU 7LMGHQVEUDQGXXUHQVPHXOIDVH XXUHQQDEUDQG $ONPDDU 6WRRNHQVPHHUROLHHQ
NRHOPLGGHOHQ MXQL XXU 7LMGHQVVPHXOIDVHXXU ,-VVHOPXLGHQ 7DSLMWHQHQ
OHYHQVPLGGHOHQ DXJXVWXV XXU 1DEUDQG
:LOS %RXZHQVORRSDIYDOELM
DIYDOUHF\FOLQJEHGULMI QRYHPEHU XXU 7LMGHQVEUDQGXXUHQVPHXOIDVH XXU
:HJHQVJHEUHNDDQYROGRHQGHJHJHYHQV]HHUJURYHVFKDWWLQJYDQGHGXXUYDQGHEUDQG
,QKHWGHSRWODJHQRQGHUDQGHUHEDWWHULMHQHQORRGDFFX¶VYHUIUHVWHQNLWWHQHQOLMPHQUHVWHQRUJDQLVFKH
RSORVPLGGHOHQ]XUHQDVEHVW3&%KRXGHQGHYORHLVWRIIHQEHVWULMGLQJVPLGGHOHQ7/EXL]HQHQ DIJHGDQNWHFRPSXWHUDSSDUDWXXURSJHVODJHQ
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
9HUULFKWHPHHWDFWLYLWHLWHQ
,QGH7DEHOOHQHQLVHHQEHNQRSWRYHU]LFKWJHJHYHQYDQGHPHHWDFWLYLWHLWHQGLH GRRUGH02']LMQYHUULFKWELMGHYHUVFKLOOHQGHEUDQGHQXLW7DEHO9RRUPHHUGHWDLOV ZRUGWYHUZH]HQQDDUGHDI]RQGHUOLMNHUDSSRUWDJHVYDQGH02'ZHUN]DDPKHGHQ]LH UHIHUHQWLHOLMVW/XFKWPRQVWHUV
7DEHOKHHIWEHWUHNNLQJRSGHXLWJHYRHUGHOXFKWPHWLQJHQJHULFKWRSKHWEHSDOHQYDQ GHFRQFHQWUDWLHVVFKDGHOLMNHVWRIIHQLQGHOXFKWRSOHHIQLYHDXHQGHGDDUDDQJHUHODWHHUGH JH]RQGKHLGVULVLFR¶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¶V 9OXFKWLJH2UJDQLVFKH&RPSRQHQWHQ92&¶VZRUGHQPHWEHKXOSYDQHHQSRPSMH EHPRQVWHUGRSRILQHHQJHVFKLNWPHGLXPZDDUQDDQDO\VHLQKHWODERUDWRULXP SODDWVYLQGW%LMHQNHOHEUDQGHQLVHHQPRELHOH*&JHEUXLNWZDDUPHHYDQHHQEHSHUNW DDQWDO92&¶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ppQRIPHHUGHUHPLOLHXUHOHYDQWHHOHPHQWHQLQ VWHUNYHUKRRJGHJHKDOWHQLQKHWOXFKWVWRIYRRUNRPHQGDQZRUGWHHQDDQYXOOHQGH NZDQWLWDWLHYH,&306DQDO\VHYHUULFKW'H;5)VFUHHQLQJLVWRHJHSDVWRSGHILOWHUV EHPRQVWHUGELMGHEUDQGHQLQ+DVVHOW¶V+HHUHQEHUJ6ODJKDUHQ$ONPDDUHQ:LOS,QppQ JHYDOQDPHOLMNGHEUDQGLQ$ONPDDULVJHHQ,&306DQDO\VHXLWJHYRHUG,QGHDQGHUH JHYDOOHQZDVHHQDDQYXOOHQGH,&306DQDO\VHQRRG]DNHOLMN %LMGHFDFDRERQHQEUDQGLQ6FKLHGDPLVRRNKHWNRROVWRIVWLNVWRIHQ]ZDYHOJHKDOWHLQ KHWVWRIEHSDDOG'RHOKLHUYDQZDVLQ]LFKWWHNULMJHQLQPHWQDPHKHWSHUFHQWDJHNRROVWRI HQVWLNVWRILQKHWVWRIGDWELMGHEUDQGZDVJHYRUPG 1DDVWHHQHOHPHQWHQDQDO\VHLVYHHODORRNHHQDQDO\VHXLWJHYRHUGRS3RO\F\FOLVFKH $URPDWLVFKH.RROZDWHUVWRIIHQ3$.¶VGLR[LQHQHQLQHHQHQNHOJHYDORS3RO\&KORRU %LSKHQ\OHQ3&%¶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wGHQWLILFHHUGGRRUPLGGHO YDQHHQ*&06VFUHHQLQJ 9RRUHHQEHVFKULMYLQJYDQGHJHEUXLNWHPHHWEHPRQVWHULQJVHQDQDO\VHPHWKRGHQZRUGW YHUZH]HQQDDU%LMODJH 763 7RWDO6XVSHQGHG3DUWLFXODWHRIZHOWRWDDOVWRIKLHUPHHZRUGHQVWRIGHHOWMHVPHWHHQ DsURG\QDPLVFKHGLDPHWHUWRWRQJHYHHUmPDDQJHJHYHQ'H]HGHHOWMHVZRUGHQEHPRQVWHUGRSHHQILOWHU PHWEHKXOSYDQHHQ.OHLQILOWHUJHUlWYRRU]LHQYDQHHQ763EHPRQVWHULQJVNRS 30 ILMQVWRIGHHOWMHVPHWHHQDsURG\QDPLVFKHGLDPHWHUWRWRQJHYHHUmP'H]HGHHOWMHVZRUGHQ EHPRQVWHUGRSHHQILOWHUPHWEHKXOSYDQHHQ.OHLQILOWHUJHUlWYRRU]LHQYDQHHQ30DIVFKHLGHU 38) 3RO\8UHWKDDQ)LOWHU'LWZRUGWDFKWHUKHWVWRIILOWHUYDQHHQ763EHPRQVWHULQJVNRSJHSODDWVWRP VHPLYOXFKWLJHFRPSRQHQWHQ]RDOV3$.¶VHQGLR[LQHQWHNXQQHQEHPRQVWHUHQ'HGHHOWMHVJHERQGHQ3$.¶V HQGLR[LQHQNRPHQWHUHFKWRSKHWVWRIILOWHUHQGHJDVYRUPLJH3$.¶VHQGLR[LQHQLQKHW38) ,&306 ,RQ&RXSOHG3ODVPD0DVV6SHFWURPHWU\ ;5) 5|QWJHQ)OXRUHVFHQWLH *&06 *DV&KURPDWRJUDSK\ZLWK0DVV6SHFWURPHWU\
3DJYDQ 5,90UDSSRUW
7DEHO2YHU]LFKWYDQGHGRRUGH02'YHUULFKWHOXFKWPHWLQJHQELMGHYHUVFKLOOHQGHEUDQGHQ
/RFDWLH *DVVHQLQGHOXFKW /XFKWVWRI $QDO\VHV
$PVWHUGDP &2+&1%7(;&(NP 763NP
-+HHUKXJRZDDUG &2+&1+&O&O92&DN
P 763P (OHPHQWHQ3$.¶VGLR[LQHQ 3XWWHQ *HHQ *HHQ -6FKLHGDP &2+&1PHQ 92&FDQP 7633076338)PHQ (OHPHQWHQ&1HQ6DSDUW 3$.¶V2&VFUHHQLQJ :DDOZLMN 92&7EPHQ NP 76330NP (OHPHQWHQ
$DOVPHHU %7(;&(P 76338)P (OHPHQWHQ3$.¶V
'UDFKWHQ &2+&192&DNP 763P (OHPHQWHQ3$.¶VVFUHHQLQJ
3&%¶VGLR[LQHQ (QVFKHGH
%UDQG &2+&1+&O12%7(;&(P1+ 763P
(OHPHQWHQ3$.¶VVFUHHQLQJ 2&VFUHHQLQJ (QVFKHGH 1DIDVH 92&DN HQ92&SV 30 HQ763 (OHPHQWHQ3$.¶VVFUHHQLQJ 2&VFUHHQLQJGLR[LQHQ 1DDUGHQ *HHQ 763P /RRGWLQ %HYHUZLMN *HHQ *HHQ -*HQHPXLGHQ &2%7(;&(92&DN P 76338)P (OHPHQWHQ3$.¶V $955LMQPRQG %7(;&(HQ92&DN P 3038)P (OHPHQWHQ3$.¶VGLR[LQHQ 0RHUGLMN &2HQ92&SVP 763HQ30 P (OHPHQWHQ3$.¶V
+DVVHOW &2+&OP 76338)P (OHPHQWHQGLR[LQHQ ¶V+HHUHQEHUJ &2+&192&DNP 763P (OHPHQWHQ3$.¶VGLR[LQHQ
+D]HOGRQN *HHQ *HHQ -6ODJKDUHQ +&1+&O&O1+1262 HQP 92&DNPHQP 30HQP (OHPHQWHQ3$.¶VGLR[LQHQ $ONPDDU &2P92&DNP 30 HQ76338) P (OHPHQWHQ3$.¶V2&VFUHHQLQJ ,-VVHOPXLGHQ *HHQ *HHQ -:LOS &2+&1&O1212 92&DNHQ92&7EP HQNP 30HQ76338) P (OHPHQWHQ3$.¶VGLR[LQHQ %7(;&( YHU]DPHOQDDPYRRUEHQ]HHQWROXHHQHWK\OEHQ]HHQ[\OHQHQHQJHFKORUHHUGHHWKHQHQZDDUYDQGH FRQFHQWUDWLHLQGHOXFKWGLUHFWLVJHPHWHQPHWEHKXOSYDQHHQPRELHOH*& 92&DN EHPRQVWHULQJYDQ9OXFKWLJH2UJDQLVFKH&RPSRQHQWHQ92&¶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¶V $IVWDQGYDQGHPHHWORFDWLHWRWGHUDQGYDQGHEUDQGKDDUG'HDIVWDQGWRWGHYRRUPDOLJHYXXUZHUN RSVODJSODDWVEHGURHJRQJHYHHUP
5,90UDSSRUW 3DJYDQ 92&SV EHPRQVWHULQJYDQ9OXFKWLJH2UJDQLVFKH&RPSRQHQWHQPHWEHKXOSYDQSDVVLHYHVDPSOHUV 'H]HPHWLQJHQ]LMQRSYHUVFKLOOHQGHGDJHQQDGHEUDQGXLWJHYRHUGLQHQGLUHFWURQGKHWWHUUHLQYDQGH YXXUZHUNUDPS 'HVWRIPHWLQJHQ]LMQRSWZHHPHHWORFDWLHVRSPYDQGHEUDQGXLWJHYRHUGZDDUELMGHHHUVWHORFDWLH RQGHUGHURRNSOXLPODJGHSOXLPVWLMJLQJZDVLQGLHIDVHQRJKRRJHQGHWZHHGHLQGHURRNSOXLPELM ODJHSOXLPVWLMJLQJ
9HHJHQJUDVPRQVWHUV
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¶V+HHUHQEHUJ6ODJKDUHQHQ ,-VVHOPXLGHQ,QWZHHJHYDOOHQQDPHOLMNGHEUDQGHQLQ+DVVHOWHQLQ,-VVHOPXLGHQ]LMQ JHHQ,&306DQDO\VHVXLWJHYRHUG,QGHDQGHUHJHYDOOHQZHUGHHQDDQYXOOHQGH,&306 DQDO\VHYDQLQLHGHUJHYDOHHQDDQWDOYDQGHJHVFUHHQGHYHHJPRQVWHUVQRRG]DNHOLMN JHDFKW(HQ;5)DQDO\VHRSJUDVPRQVWHUVLVYDQZHJHGHYRUPYDQGHPDWUL[QLHW]LQYRO 1DDVWHOHPHQWHQDQDO\VHV]LMQRRNDQDO\VHVXLWJHYRHUGRS3$.¶VGLR[LQHQHQLQHHQ HQNHOJHYDORS3&%¶V%LMHHQDDQWDOYHHJPRQVWHUVLVQHWDOVELMGHOXFKWVWRIILOWHUV RQGHU]RFKWRIHUHHQYHUEDQGEHVWDDWWXVVHQKHW;5)VLJQDDOYRRUFKORRUHQKHW GLR[LQHJHKDOWHLQKHWYHHJVWRI9RRUDOYDQZHJHGHLQKRPRJHQLWHLWYDQGHYHHJPRQVWHUV LVHUHFKWHUJHHQNZDQWLWDWLHIYROGRHQGHRQGHUERXZGYHUEDQGWHOHJJHQ %LMHHQDDQWDOEUDQGHQ]LMQJHHQYHHJHQJUDVPRQVWHUVJHQRPHQ'HUHGHQHQKLHUYRRU ]LMQGDWHUJHHQJHVFKLNWHORFDWLHVZDUHQWHYLQGHQRPGH]HPRQVWHUVWHQHPHQLQKHW EHQHGHQZLQGVYDQGHEUDQGJHOHJHQJHELHGRIGDWGHDDQGDFKWPHWQDPHXLWJLQJQDDU JH]RQGKHLGVULVLFR¶VGRRUEORRWVWHOOLQJYLDGHOXFKW ,QKHWDOJHPHHQZRUGHQHUELMEUDQGHQQDDVWPRQVWHUVXLWKHWEHQHGHQZLQGVJHOHJHQ JHELHGRRNUHIHUHQWLHPRQVWHUVYDQJUDVJHQRPHQRSORFDWLHVGLHQLHWRQGHUGHURRNYDQ GHEUDQGKHEEHQJHOHJHQ'HDQDO\VHJHJHYHQVYDQGH]HUHIHUHQWLHPRQVWHUV]LMQJHEUXLNW RPORNDOHDFKWHUJURQGJHKDOWHQWHEHSDOHQ 9RRUHHQEHVFKULMYLQJYDQGHPHWKRGHQYRRUKHWQHPHQYDQYHHJHQJUDVPRQVWHUVHQGH DQDO\VHPHWKRGHQZRUGWYHUZH]HQQDDU%LMODJH3DJYDQ 5,90UDSSRUW
7DEHO2YHU]LFKWYDQGHGRRUGH02'JHQRPHQYHHJHQJUDVPRQVWHUVELMGHYHUVFKLOOHQGH EUDQGHQ
/RFDWLH 9HHJPRQVWHUV $QDO\VHV *UDVPRQVWHUV $QDO\VHV
$PVWHUGDP *HHQ - *HHQ -+HHUKXJRZDDUG *HHQ - *HHQ -3XWWHQ P (OHPHQWHQ3$.¶V GLR[LQHQ *HHQ -6FKLHGDP *HHQ - *HHQ -:DDOZLMN *HHQ - *HHQ -$DOVPHHU P 3$.¶V P 3$.¶V 'UDFKWHQ *HHQ - &LUFD NP (OHPHQWHQ3$.¶V3&%¶VGLR[LQHQ (QVFKHGH %UDQG P (OHPHQWHQ *HHQ -(QVFKHGH
1DIDVH &LUFD±NP (OHPHQWHQ &LUFD±NP (OHPHQWHQ
1DDUGHQ P /RRGWLQ *HHQ -%HYHUZLMN P (OHPHQWHQ3$.¶V 3&%¶VGLR[LQHQ *HHQ -*HQHPXLGHQ *HHQ - P (OHPHQWHQ $955LMQPRQG *HHQ - PNP - 0RHUGLMN *HHQ - *HHQ -+DVVHOW P 'LR[LQHQ P 'LR[LQHQ µV+HHUHQEHUJ P (OHPHQWHQ3$.¶V GLR[LQHQ P (OHPHQWHQ3$.¶VGLR[LQHQ +D]HOGRQN *HHQ - NP (OHPHQWHQ3$.¶V 6ODJKDUHQ HQP (OHPHQWHQ3$.¶V P NP (OHPHQWHQ3$.¶VGLR[LQHQ $ONPDDU *HHQ - *HHQ -,-VVHOPXLGHQ P (OHPHQWHQ3$.¶V GLR[LQHQ NP (OHPHQWHQ3$.¶VGLR[LQHQ :LOS *HHQ - PHQNP (OHPHQWHQ3$.¶V GLR[LQHQ (pQJUDVPRQVWHUHQppQPRQVWHUERHUHQNRROXLWHHQPRHVWXLQ 'H]HPRQVWHUV]LMQRSYHUVFKLOOHQGHGDJHQJHQRPHQHQPHLGHHOVGRRU5,90GHHOV GRRUGH$OJHPHQH,QVSHFWLH'LHQVWYDQKHWPLQLVWHULHYDQ/19(HQGHHOYDQGHPRQVWHUVLV JHDQDO\VHHUGRSHOHPHQWHQHQJHVFUHHQGRSGLR[LQHQPHWEHKXOSYDQGH&DOX[PHWKRGHHHQUHODWLHI VQHOOHVFUHHQLQJPHWKRGHZDDUPHHKHWJHKDOWHDDQGLR[LQHQLQHHQPRQVWHUNDQZRUGHQEHSDDOGPHW HHQGHWHFWLHOLPLHWYDQSJ7(4NJYHOGYRFKWLJJUDVHQYLHUPRQVWHUV]LMQJHDQDO\VHHUGRS3$.¶V 3&%¶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¶VHQGLEHQ]RIXUDQHQ3&')¶VHONJHZRJHQPHWKXQ VSHFLILHNH7R[LFLWHLWV(TXLYDOHQWLH)DFWRU7()HHQPDDWYRRUGHUHODWLHYHJLIWLJKHLGYDQGHEHWUHIIHQGH YHUELQGLQJWHQRS]LFKWHYDQGLHYDQ7&''GHPHHVWJLIWLJHGLR[LQH
5,90UDSSRUW 3DJYDQ (U]LMQJUDVPRQVWHUVJHQRPHQWLMGHQVGHVPHXOIDVHYDQGHEUDQGRSPHLRSDIVWDQGHQYDQWRW PHQDDQYXOOHQGHJUDVPRQVWHUVRSPHLRSDIVWDQGHQYDQPWRWNP$OOH PRQVWHUV]LMQJHDQDO\VHHUGRSHOHPHQWHQHQGRRU5,.,/7JHVFUHHQGRSGLR[LQHQPHWEHKXOSYDQGH &DOX[PHWKRGH'HRSPHLJHQRPHQPRQVWHUV]LMQRRNJHDQDO\VHHUGRS3$.¶V9HUGHULVHHQGHHO YDQGHRSGLR[LQHQJHVFUHHQGHPRQVWHUVGRRU5,90QDGHUJHDQDO\VHHUGRSGLR[LQHQ 1DDVWZHLGHJUDV]LMQRRNEUDQGQHWHOVHQRSGHERGHPDDQZH]LJHEODGHUHQEHPRQVWHUGHQ JHDQDO\VHHUG
%ODGGHUVEURNVWXNNHQHQYHUEUDQGPDWHULDDO
%LMHHQDDQWDOEUDQGHQ3XWWHQ¶V+HHUHQEHUJ+D]HOGRQN6ODJKDUHQHQ,-VVHOPXLGHQ ]LMQLQGHRPJHYLQJYDQGHEUDQGKDDUGEURNVWXNNHQRIEODGGHUVPDWHULDDOEHPRQVWHUG GLHELMGHEUDQGZDUHQYULMJHNRPHQHQYHUYROJHQVPHWGHURRNSOXLPPHHZDUHQ YHUVSUHLGVRPVWRWRSHQNHOHNLORPHWHUVDIVWDQGYDQGHEUDQGKDDUG9UDJHQYDQXLWGH EHYRONLQJRIHHQEHWURNNHQRYHUKHLGVLQVWHOOLQJRYHUGHPRJHOLMNHULVLFR¶VYRRU RPZRQHQGHQRIZHUNQHPHUVGLHPHWGHEURNVWXNNHQLQDDQUDNLQJNRQGHQNRPHQ RSUXLPZHUN]DDPKHGHQZDUHQPHHVWDOGHDDQOHLGLQJRPGH]HPRQVWHUVWHQHPHQ2RN HYHQWXHOHFRQWDPLQDWLHYDQJUDVYHHYRHURIJHZDVVHQZDVVRPVDDQGHRUGH 'HEHPRQVWHUGHEURNVWXNNHQHQEODGGHUV]LMQJHDQDO\VHHUGGRRUPLGGHOYDQHHQ VFUHHQLQJRSHHQDDQWDOHOHPHQWHQPHWEHKXOSYDQ;5)RI,&306HQVRPVRRNRS RUJDQLVFKHYHURQWUHLQLJLQJHQ]RDOV3$.¶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¶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
%RGHPPRQVWHUV
%LMGHEUDQGLQ6ODJKDUHQ]LMQHQNHOHGDJHQQDDIORRSYDQGHEUDQGQDDVWJUDVRRN ERGHPPRQVWHUVJHQRPHQHQZHORSORFDWLHVRSPWRWUXLPNPEHQHGHQZLQGV YDQGHSODDWVYDQGHEUDQGHQRSpp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¶V(HQDQDO\VH RSGLR[LQHQLVQLHWXLWJHYRHUGRPGDWLQGHWHJHOLMNHUWLMGJHQRPHQJUDVPRQVWHUV]LH YRHWQRRWYDQ7DEHOJHHQYHUKRRJGHFRQFHQWUDWLHVDDQGLR[LQHQPHHUZHUGHQ DDQJHWURIIHQ%OXVZDWHU
%LMGHEUDQGHQLQ3XWWHQ$DOVPHHUHQ5LMQPRQG]LMQRSYHU]RHNYDQGHEUDQGZHHURIKHW EHYRHJGJH]DJRRNPRQVWHUVYDQKHWEOXVZDWHUPHHJHQRPHQHQGRRUPLGGHOYDQ DQDO\VHVJHVFUHHQGRSYHURQWUHLQLJLQJHQ'H]HLQIRUPDWLHZDVPHWQDPHYDQEHODQJRP WHEHSDOHQKRHKHWEOXVZDWHUPRHVWZRUGHQDIJHYRHUGRIYHUZHUNW 2PGH]HOIGHUHGHQDOVYRRUGHDQDO\VHUHVXOWDWHQYDQEURNVWXNNHQEODGGHUVHQDVUHVWHQ ]DOGH]HLQIRUPDWLHKLHUQLHWYHUGHUZRUGHQJHEUXLNW5,90UDSSRUW 3DJYDQ
5HVXOWDWHQ
,QOHLGLQJ
,QGLWKRRIGVWXNZRUGWJHWUDFKWGHUHVXOWDWHQYDQGHYHUVFKLOOHQGHPHWLQJHQGLHGRRUGH 02'ELMEUDQGHQ]LMQXLWJHYRHUGV\VWHPDWLVFKLQNDDUWWHEUHQJHQPHWDOVGRHOHHQ RYHU]LFKWWHNULMJHQYDQZHONHFRPSRQHQWHQELMZHONHW\SHQEUDQGHQLQZHONHPDWH YULMNRPHQ/XFKWPHWLQJHQ
7DEHOKHHIWEHWUHNNLQJRSOXFKWPHWLQJHQYDQDQRUJDQLVFKHJDVYRUPLJHFRPSRQHQWHQ 'DDUELMLVLQGHYHUVFKLOOHQGHNRORPPHQRQGHUVFKHLGJHPDDNWWXVVHQ&2+&1HQ RYHULJHDQRUJDQLVFKHFRPSRQHQWHQ+&O&O121262HQ1+,Q7DEHO]LMQ GHUHVXOWDWHQYDQGHOXFKWPHWLQJHQYDQ92&¶VZHHUJHJHYHQ,QEHLGHWDEHOOHQ]LMQRRN GHDIVWDQGHQYDQGHPHWLQJHQWHQRS]LFKWHYDQGHEUDQGKDDUGYHUPHOG 'HPHHWUHVXOWDWHQ]LMQXLWJHGUXNWDOVGHYHUKRXGLQJYDQGHJHPHWHQFRQFHQWUDWLHWHQ RS]LFKWHYDQGHDFKWHUJURQGZDDUGH+LHUGRRUNDQVQHOLQ]LFKWZRUGHQJHNUHJHQLQ KRHYHUUHHUVSUDNHLVYDQHHQYHUKRJLQJWHQRS]LFKWHYDQKHWDFKWHUJURQGQLYHDX9RRUGH FRPSRQHQWHQ&2121262HQ1+HQGH92&¶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¶V]LMQGHLQEXLWHQOXFKWPHHVWYRRUNRPHQGHFRPSRQHQWHQ]RDOVEHQ]HHQHQ WROXHHQHQFRPSRQHQWHQPHWRSYDOOHQGKRJHZDDUGHQDSDUWYHUPHOG'HDQGHUH92&¶V ]LMQVDPHQJHYRHJGRQGHUHHQJURHSVQDDPZDDUELMYRRUQDPHOLMNRQGHUVFKHLGLVJHPDDNW WXVVHQQLHWJHKDORJHQHHUGHDURPDWLVFKHHQQLHWJHKDORJHQHHUGHDOLIDWLVFKHYHUELQGLQJHQ LQGHWDEHODDQJHGXLGDOVUHVSHFWLHYHOLMNDURPDWHQHQDONDQHQ*HKDORJHQHHUGH92&¶V HQRRNDQGHUH92&¶V]RDOVOLPRQHHQ]LMQELMGHEUDQGHQYULMZHOQRRLWLQYHUKRRJGH JHKDOWHQ!IDFWRUDDQJHWRRQG ,QODQGHOLMNJHELHG]LMQGHFRQFHQWUDWLHV&2HQ92&¶VJHPLGGHOGJHQRPHQGHKHOIWYDQGLHLQVWHGHOLMN JHELHG'DDUHQWHJHQZRUGHQLQGUXNNHVWUDWHQWRWPDDO]RKRJHFRQFHQWUDWLHVJHPHWHQ3DJYDQ 5,90UDSSRUW
7DEHO5HVXOWDWHQYDQGHOXFKWPHWLQJHQYDQDQRUJDQLVFKHJDVYRUPLJHFRPSRQHQWHQ XLWJHGUXNWDOVYHUKRXGLQJYDQGHJHPHWHQFRQFHQWUDWLHWHQRS]LFKWHYDQGHDFKWHUJURQGZDDUGH
/RFDWLH $IVWDQG &2 +&1 2YHULJHDQRUJDQLVFKHJDVVHQ
$PVWHUGDP NP QD -+HHUKXJRZDDUG P QD +&OHQ&OQD 3XWWHQ P NP - - +&O +&O 6FKLHGDP P P QDQD -:DDOZLMN - - -$DOVPHHU P - -'UDFKWHQ P -(QVFKHGH %UDQG P QD +&O1+ HQ12QD (QVFKHGH 1DIDVH - - -1DDUGHQ - - -%HYHUZLMN - - -*HQHPXLGHQ P - -$955LMQPRQG - - -0RHUGLMN P P - -+DVVHOW P - +&O µV+HHUHQEHUJ P -+D]HOGRQN - - -6ODJKDUHQ P P P - QD QD +&O&O1+1262QD +&O&O1+1262QD +&O&O1+1262QD $ONPDDU P P - -,-VVHOPXLGHQ - - -:LOS P NP QD &O&O12121212QDQD - QLHWJHPHWHQ QD ZHOJHPHWHQPDDUQLHWDDQJHWRRQGERYHQGHGHWHFWLHOLPLHW]LHRRN%LMODJH 0HHWUHVXOWDWHQYDQGHEUDQGZHHU $IVWDQGYDQGHPHHWORFDWLHWRWGHUDQGYDQGHEUDQGKDDUG'HDIVWDQGWRWGHYRRUPDOLJHYXXUZHUN RSVODJSODDWVEHGURHJRQJHYHHUP *HHQFRQFHQWUDWLHV92&¶VDDQJHWRRQGERYHQGHGHWHFWLHOLPLHW'HEHPRQVWHULQJZDVHFKWHU]RGDQLJ NRUWGDWGHGHWHFWLHOLPLHWHHQIDFWRUERYHQGHDFKWHUJURQGFRQFHQWUDWLHLQOXFKWODJ +&1LVXLWVOXLWHQGJHPHWHQRSPLQGHIDVHGDWGHSOXLPVWLMJLQJJHULQJZDVHQGHURRNSOXLP]LFK ELMQDKRUL]RQWDDOYHUVSUHLGGH,QGLHIDVHZHUGHQRRNGHKRRJVWH&2FRQFHQWUDWLHVJHPHWHQ,QGH EHJLQIDVHWRHQGHURRNSOXLPPHHURPKRRJVWHHJZHUGJHHQ+&1DDQJHWRRQGRSP GHWHFWLHOLPLHWSSPHQZDVGH&2FRQFHQWUDWLHFDPDDOGHDFKWHUJURQGZDDUGH
5,90UDSSRUW 3DJYDQ 7DEHO5HVXOWDWHQYDQGHOXFKWPHWLQJHQYDQRUJDQLVFKHJDVYRUPLJHFRPSRQHQWHQXLWJHGUXNW DOVYHUKRXGLQJYDQGHJHPHWHQFRQFHQWUDWLHWHQRS]LFKWHYDQGHDFKWHUJURQGZDDUGH /RFDWLH $IVWDQG 92&¶V $PVWHUGDP NP +HHUKXJRZDDUG P %HQ]HHQ 7ROXHHQ 3XWWHQ -6FKLHGDP P (QNHOHDURPDWHQOLFKWYHUKRRJGIXUDQHQPHWK\OIXUDQDDQJHWRRQG :DDOZLMN PNP (QNHOHDURPDWHQOLFKWYHUKRRJG $DOVPHHU P %HQ]HHQ
(WK\OEHQ]HHQ 7ROXHHQ ;\OHQHQ 'UDFKWHQ P %HQ]HHQ
6W\UHHQ 7ROXHHQ $URPDWHQ
$ONDQHQ (QVFKHGH %UDQG P 7HQKRRJVWHOLFKWYHUKRRJG (QVFKHGH
1DIDVH ,QUDPSJHELHG %HQ]HHQWROXHHQHWK\OEHQ]HHQVW\UHHQHQKH[DDQYHUKRRJGFDHQNHOHDURPDWHQHQDONDQHQOLFKWYHUKRRJG
1DDUGHQ -%HYHUZLMN -*HQHPXLGHQ P 7HQKRRJVWHOLFKWYHUKRRJG $955LMQPRQG P %HQ]HHQ (WK\OEHQ]HHQ 7HWUD 7ROXHHQ 6W\UHHQ 1DIWDOHHQ $URPDWHQ $ONDQHQ 0RHUGLMN P %HQ]HHQ 7ROXHHQ $URPDWHQ
$ONDQHQ
+DVVHOW P
-¶V+HHUHQEHUJ P %HQ]HHQ
(WK\OEHQ]HHQ 7ROXHHQ6W\UHHQ 1DIWDOHHQ $URPDWHQ $ONDQHQ +D]HOGRQN -6ODJKDUHQ P P %HQ]HHQ (WK\OEHQ]HHQ %HQ]HHQ (WK\OEHQ]HHQ 7ROXHHQ 6W\UHHQ 1DIWDOHHQ 7ROXHHQ $URPDWHQ $ONDQHQ $URPDWHQ $ONDQHQ $ONPDDU P P 7HQKRRJVWHOLFKWYHUKRRJG ,-VVHOPXLGHQ -:LOS P NP %HQ]HHQ (WK\OEHQ]HHQ 7HQKRRJVWHOLFKW YHUKRRJG 7ROXHHQ
6W\UHHQ $URPDWHQ$ONDQHQ - QLHWJHPHWHQ QD ZHOJHPHWHQPDDUQLHWDDQJHWRRQGERYHQGHGHWHFWLHOLPLHW]LHRRN%LMODJH 92&¶V]LMQEHPRQVWHUGPHWEHKXOSYDQFDQLVWHUV6FKLHGDPRI7HGODUEDJV:DDOZLMNZDDUQDHHQ LQGLFDWLHYHDQDO\VHPHW*&06KHHIWSODDWVJHYRQGHQ *HHQFRQFHQWUDWLHV92&¶VDDQJHWRRQGERYHQGHGHWHFWLHOLPLHW'HEHPRQVWHULQJZDVHFKWHU]RGDQLJ NRUWGDWGHGHWHFWLHOLPLHWHHQIDFWRUERYHQGHDFKWHUJURQGFRQFHQWUDWLHLQOXFKWODJ $IVWDQGYDQGHPHHWORFDWLHWRWGHUDQGYDQGHEUDQGKDDUG'HDIVWDQGWRWGHYRRUPDOLJHYXXUZHUN RSVODJSODDWVEHGURHJRQJHYHHUP 'HYHUKRRJGHFRQFHQWUDWLHV92&¶V]LMQZDDUVFKLMQOLMNYRRUDOKHWJHYROJYDQGHHPLVVLHVXLW DDQZH]LJHPDFKLQHVHQYRHUWXLJHQGLHZHUGHQJHEUXLNWELMGHVORRSHQRSUXLPZHUN]DDPKHGHQ 9DQHQNHOHDURPDWLVFKHHQDOLIDWLVFKHYHUELQGLQJHQZHUGHQFRQFHQWUDWLHVJHYRQGHQWRWPDDOGH DFKWHUJURQGZDDUGHDQGHUHDURPDWLVFKHHQDOLIDWLVFKHYHUELQGLQJHQNRQGHQQLHWZRUGHQDDQJHWRRQG
3DJYDQ 5,90UDSSRUW (QNHOHYDQGHDQRUJDQLVFKHJDVYRUPLJHFRPSRQHQWHQ]LMQELMJHHQYDQGHEUDQGHQ DDQJHWRRQGLQGHWDEHODDQJHGXLGPHWµQD¶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¶VHQGLR[LQHQ3&%¶VHQRYHULJH RUJDQLVFKHYHURQWUHLQLJLQJHQGLHLQRIDDQGHVWRIGHHOWMHVYRRUNRPHQ2RNLVVWHHGVGH DIVWDQGYDQGHPHWLQJHQWHQRS]LFKWHYDQGHEUDQGKDDUGYHUPHOG 'HPHHWUHVXOWDWHQ]LMQVWHHGVXLWJHGUXNWDOVGHYHUKRXGLQJYDQGHJHPHWHQFRQFHQWUDWLH WHQRS]LFKWHYDQGHDFKWHUJURQGZDDUGHEHKDOYHYRRUGHRYHULJHRUJDQLVFKH YHURQWUHLQLJLQJHQGLHXLWVOXLWHQG]LMQJHwGHQWLILFHHUGHQZDDUYDQGHFRQFHQWUDWLHQLHW NZDQWLWDWLHILVEHSDDOG'HFRQFHQWUDWLH3$.¶VHQRRNGHDFKWHUJURQGZDDUGHLV YHUNUHJHQGRRUGHFRQFHQWUDWLHVDI]RQGHUOLMNH3$.¶VWHVRPPHUHQ+HW]HOIGHJHOGW YRRUGH3&%¶V]LHYRHWQRRWELM7DEHO'HFRQFHQWUDWLHGLR[LQHQHQRRNGH DFKWHUJURQGZDDUGHLVEHUHNHQGGRRUGHFRQFHQWUDWLHVDI]RQGHUOLMNH3&''¶VHQ3&')¶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¶VHQGLR[LQHQ]LMQDINRPVWLJYDQ GLYHUVHRQGHU]RHNHQGLHLQGHDIJHORSHQMDUHQ]LMQXLWJHYRHUGHQYDQOLWHUDWXXUJHJHYHQV 9RRUGHPHWDOHQORRGDUVHHQ]LQNHQFDGPLXP]LMQRRNZDDUGHQYDQPHWLQJHQLQKHW /DQGHOLMN0HHWQHW/XFKWNZDOLWHLWJHEUXLNW'HQDXZNHXULJKHLGZDDUPHHHHQ DFKWHUJURQGFRQFHQWUDWLHNDQZRUGHQEHSDDOGKDQJWVWHUNDIYDQKHWDDQWDOEHVFKLNEDUH JHJHYHQVHQGHUHSUHVHQWDWLYLWHLWGDDUYDQ9RRUHQNHOHHOHPHQWHQRQGHUDQGHUHWLWDQLXP %LMGHWRHJHSDVWHDQDO\VHZRUGWVWDQGDDUGKHWJHKDOWHDDQGHYROJHQGH3$.¶VEHSDDOGQDIWDOHHQ DFHQDIW\OHHQDFHQDIWHHQIOXRUHHQIHQDQWKUHHQDQWKUDFHHQIOXRUDQWKHHQS\UHHQEHQ]RDDQWKUDFHHQ FKU\VHHQEHQ]REIOXRUDQWKHHQEHQ]RNIOXRUDQWKHHQEHQ]RDS\UHHQGLEHQ]RDKDQWKUDFHHQ EHQ]RJKLSHU\OHHQHQLQGHQRFGS\UHHQ
5,90UDSSRUW 3DJYDQ NREDOWVWURQWLXPDQWLPRRQWLQHQEDULXPHQRRNYRRU3&%¶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¶VXLWVOXLWHQGEHPRQVWHUGRSILOWHUVHQQLHWRS38)¶V +LHUGRRU]LMQDOOHHQGHGHHOWMHVJHERQGHQ3$.¶VEHPRQVWHUGHQNXQQHQGHFRQFHQWUDWLHV YOXFKWLJH3$.¶VQLHWZRUGHQEHSDDOG9RRUGLHJHYDOOHQ]LMQGHJHPHWHQFRQFHQWUDWLHV GHHOWMHVJHERQGHQ3$.¶VJHGHHOGGRRUGHDFKWHUJURQGFRQFHQWUDWLHDDQGHHOWMHVJHERQGHQ 3$.¶V,QGHWDEHOLVGLWVWHHGVDDQJHJHYHQ2YHULJHQVEOLMNWXLWGHPHWLQJHQELMGH GLYHUVHEUDQGHQGDWGHYHUVFKLOOHQGH3$.¶VJURIZHJLQGH]HOIGHYHUKRXGLQJHQWRWHONDDU ZRUGHQWHUXJJHYRQGHQ]RGDWYHUZDFKWPDJZRUGHQGDWLQGHJHYDOOHQZDDUELM XLWVOXLWHQGGHHOWMHVJHERQGHQ3$.¶V]LMQEHPRQVWHUGGHEHUHNHQGHYHUKRXGLQJWHQ RS]LFKWHYDQGHDFKWHUJURQGZDDUGHQLHWVWHUN]DOYHUVFKLOOHQGDQGLHYRRUGH GHHOWMHVJHERQGHQHQYOXFKWLJH3$.¶VVDPHQ9HUGHULVJHEOHNHQGDWLQGLHQXLWVOXLWHQG ZRUGWXLWJHJDDQYDQGH95203$.¶VGHYHUKRXGLQJHQYDQGHJHPHWHQ FRQFHQWUDWLHVWHQRS]LFKWHYDQGHDFKWHUJURQGFRQFHQWUDWLHQDJHQRHJQLHWYHUVFKLOOHQYDQ GHYHUKRXGLQJHQGLHZRUGHQJHYRQGHQDOVZRUGWXLWJHJDDQYDQDOOHJHDQDO\VHHUGH 3$.¶V 2RNGLR[LQHQ]LMQVRPVXLWVOXLWHQGRSILOWHUVHQQLHWRS38)¶VEHPRQVWHUG8LWGH DQDO\VHUHVXOWDWHQYDQGLHJHYDOOHQZDDULQZHOGLR[LQHQRS38)¶V]LMQEHPRQVWHUGLV HFKWHUJHEOHNHQGDWELMQDDOOHGLR[LQHQRSKHWILOWHUZRUGHQWHUXJJHYRQGHQKHWJHHQ LPSOLFHHUWGDWGHGLR[LQHQYRRUQDPHOLMNDDQVWRIGHHOWMHV]LMQJHDGVRUEHHUG0LQGHUGDQ LVJDVYRUPLJ'LWZRUGWDOVYHUZDDUORRVEDDUEHVFKRXZG %LMHHQGHVWUXFWLHPHWNRQLQJVZDWHUELMYRRUEHHOGVODDWHHQGHHOYDQKHWDQWLPRRQQHHUZDDUGRRUGLW HOHPHQWQLHWNZDQWLWDWLHIEHSDDOGNDQZRUGHQ 'LW]LMQGRRUKHWPLQLVWHULHYDQ9520JHVHOHFWHHUGH3$.¶VZDDUYRRULQKHWPLOLHXEHOHLGGLYHUVH QRUPHQHQJUHQVZDDUGHQ]LMQJHGHILQLHHUG+HWJDDWRPQDIWDOHHQIHQDQWKUHHQDQWKUDFHHQIOXRUDQWKHHQ EHQ]RDDQWKUDFHHQFKU\VHHQEHQ]RNIOXRUDQWKHHQEHQ]RDS\UHHQEHQ]RJKLSHU\OHHQHQ LQGHQRFGS\UHHQ
3DJYDQ 5,90UDSSRUW
7DEHO5HVXOWDWHQYDQGHOXFKWPHWLQJHQYDQVWRIYRUPLJHFRPSRQHQWHQXLWJHGUXNWDOV YHUKRXGLQJYDQGHJHPHWHQFRQFHQWUDWLHWHQRS]LFKWHYDQGHDFKWHUJURQGZDDUGH
/RFDWLH $IVWDQG )LMQVWRI (OHPHQWHQ 3$.¶V 'LR[LQHQHQRYHULJH
RUJDQLVFKHFRPSRQHQWHQ $PVWHUGDP NP - - -+HHUKXJRZDDUG P 6E &U1L3E6Q7L %D&X=Q 'LR[LQHQ 3XWWHQ - - - -6FKLHGDP P 0HWDOHQQD & 1 6 9HUWDNWHDONDDQ]XUHQ!& DONDDQHQDONHHQQLWULOOHQ !&FDIIHwQHHVWHUVYDQ YHW]XUHQSHSWLGHQ :DDOZLMN NP $OOHQD - -$DOVPHHU P 3E %D6Q=Q -'UDFKWHQ P %D&G&X3E6Q=Q 9HUKRRJG 'LR[LQHQ 3&%¶V (QVFKHGH %UDQG P &G6Q=Q3E %D&X6U7L $O&U. -(QVFKHGH
1DIDVH ,QUDPSJHELHG
QDUHJHQ %D&D3E6U7L=Q $O&X. QDUHJHQDOOHQD - 'LR[LQHQ 1DDUGHQ P - 3E6QQLHWYHUKRRJG - -%HYHUZLMN - - - -*HQHPXLGHQ P - $OOHQD $955LMQPRQG P &G3E6E6Q=Q &X7L 'LR[LQHQ 0RHUGLMN P $V&G3E=Q &X7L -+DVVHOW P - 3E=Q - 'LR[LQHQ µV+HHUHQEHUJ P - &G1L3E6Q=Q %D&U&X 'LR[LQHQ +D]HOGRQN - - - -6ODJKDUHQ P P 3E=Q&X3E=Q&X 'LR[LQHQ'LR[LQHQ
$ONPDDU $OOHQD $ONDQHQHQIWDODWHQ
,-VVHOPXLGHQ - - - -:LOS P 2QGHU ,Q $OOHQD %D7L $O&D&U1L3E=Q &G&X 'LR[LQHQ 'LR[LQHQ - QLHWJHPHWHQ QD ZHOJHPHWHQPDDUQLHWDDQJHWRRQGERYHQGHGHWHFWLHOLPLHW]LHRRN%LMODJH 8LWJDDQGHYDQHHQJHPHWHQ763FRQFHQWUDWLH30 FRQFHQWUDWLHQLHWEHSDDOG 6WHUNHYDULDWLHLQGHWLMG%LMGHEUDQGLQ+HHUKXJRZDDUGZDVGHFRQFHQWUDWLHDDQVWRIGHHOWMHVHQGDDULQ DDQZH]LJHFRPSRQHQWHQLQGHEHJLQIDVHUXLPPDDO]RKRRJDOVDDQKHWHLQG
5,90UDSSRUW 3DJYDQ %HUHNHQGRSEDVLVYDQGHHOWHVJHERQGHQ3$.¶VJHHQ38)¶VEHPRQVWHUG]LHKRRIGWHNVW%LMGHEUDQG ELM$95LVZHOHHQ38)EHPRQVWHUGPDDUGH]HLVRPRQGXLGHOLMNHUHGHQHQQLHWJHDQDO\VHHUG +HWEHPRQVWHUGHVWRIILOWHULVNZDQWLWDWLHIJHDQDO\VHHUGRSKHWJHKDOWHDDQNRROVWRIVWLNVWRIHQ]ZDYHO HQNZDOLWDWLHIRSRUJDQLVFKHFRPSRQHQWHQ+HWJHKDOWHDDQNRROVWRIVWLNVWRIHQ]ZDYHOLVXLWJHGUXNW DOVSHUFHQWDJHYDQGHWRWDOHPDVVDDDQVWRIGHHOWMHVQLHWWHQRS]LFKWHYDQGHDFKWHUJURQGFRQFHQWUDWLH +LHUYDQ]LMQQDPHOLMNJHHQJHJHYHQVEHNHQG 6WRIGHHOWMHV]LMQZHOEHPRQVWHUGPDDUGHPDVVDYDQKHWILOWHULVQDEHPRQVWHULQJQLHWEHSDDOG +LHUGRRUNDQGHFRQFHQWUDWLHDDQEHPRQVWHUGHVWRIGHHOWMHVQLHWZRUGHQEHUHNHQG%LMGHEUDQGLQ :DDOZLMNLVHHQVFKDWWLQJJHPDDNWRSJURQGYDQKHWJHPHWHQJHKDOWHDDQNRROVWRIHUYDQXLWJDDQGH GDWKHWVWRIYRRUPLQVWHQVXLWNRROVWRIEHVWDDW (UKHHIWVOHFKWVHHQNZDOLWDWLHYHVFUHHQLQJRS3$.¶VSODDWVJHYRQGHQ+LHUXLWEOHHNGDW3$.¶VLQ YHUKRRJGHQDDUVFKDWWLQJPDDOFRQFHQWUDWLHVYRRUNZDPHQ
%HSDDOGRSJURQGYDQGHJHPHWHQFRQFHQWUDWLHVYDQGHLQGLFDWRU3&%¶VQDPHOLMN3&%3&%
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sPLWWHHUG (U]LMQDFKWHUHHQYROJHQVVWRIPHWLQJHQYHUULFKWLQGHIDVHGDWGHURRNSOXLPVWHUNVWHHJLQGLHIDVHLV YRRUQDPHOLMNRQGHUDDQGHSOXLPEHPRQVWHUGHQGHIDVHGDWGHSOXLPVWLMJLQJJHULQJZDVHQGH URRNSOXLP]LFKELMQDKRUL]RQWDDOYHUVSUHLGGHLQGLHIDVHLVLQGHSOXLPEHPRQVWHUG'HKRRJVWH FRQFHQWUDWLHVDDQVWRIGHHOWMHVHQGDDULQDDQZH]LJHVWRIIHQZHUGHQLQGHSOXLPJHPHWHQGHODDJVWH ZDDUGHQRQGHUGHSOXLP
9HHJHQJUDVPRQVWHUV
7DEHOYHUPHOGWGHUHVXOWDWHQYDQGHDQDO\VHVYDQGHYHHJPRQVWHUV,QGHGLYHUVH NRORPPHQLVRQGHUVFKHLGJHPDDNWLQGHDQDO\VHUHVXOWDWHQYRRUHOHPHQWHQ3$.¶V GLR[LQHQHQ3&%¶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¶VGLR[LQHQHQ3&%¶V]LMQDQDORRJDDQGHZHUNZLM]HGLHLV JHYROJGELMGHOXFKWVWRIPHWLQJHQYHUNUHJHQGRRUJHZRJHQVRPPDWLHYDQGHGHSRVLWLHV YDQGHDI]RQGHUOLMNHFRPSRQHQWHQ
5,90UDSSRUW 3DJYDQ
7DEHO5HVXOWDWHQYDQGHDQDO\VHVYDQGHYHHJPRQVWHUV
/RFDWLH $IVWDQG (OHPHQWHQ 3$.¶V 'LR[LQHQHQ3&%¶V
$PVWHUGDP - - -+HHUKXJRZDDUG - - -3XWWHQ P $OOH 'LR[LQHQ 6FKLHGDP - - -:DDOZLMN - - -$DOVPHHU P - -'UDFKWHQ - - -(QVFKHGH P P ±NP 3E %D&G&X6U7L=Q %D&X3E6U7L=Q &G0Q1L6E %D&X3E6U7L=Q 0Q1L QDUHJHQDOOH - -1DDUGHQ P 6Q3E - -%HYHUZLMN P &X3E7L %D&U6E6Q=Q &G 'LR[LQHQ 3&%¶VYHUKRRJG *HQHPXLGHQ - - -$955LMQPRQG - - -0RHUGLMN - - -+DVVHOW P P P - - 'LR[LQHQ 'LR[LQHQ 'LR[LQHQ ¶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sPLWWHHUG 'HEHUHNHQGHGHSRVLWLHVKHEEHQEHWUHNNLQJRSGHWZHHYHHJPRQVWHUVGLHYDQHHQWLMGHQVGHEUDQG JHEUXLNWEUDQGZHHUSDN]LMQJHQRPHQ]LHQRRWYDQ7DEHO'HDQDO\VHJHJHYHQVYDQGHYLHU YHHJPRQVWHUVGLH]LMQJHQRPHQYDQZDQGHQYDQGHYHUEUDQGHWUDQVIRUPDWRU]LMQKLHUQLHWYHUGHU
3DJYDQ 5,90UDSSRUW JHEUXLNWRPHHQGHSRVLWLHWHEHUHNHQHQDDQJH]LHQKLHUJHHQVSUDNHLVYDQYHUVSUHLGLQJQDDUGH RPJHYLQJ,QDOOHYLHUGHYHHJPRQVWHUVZHUGHQGH]HOIGHFRPSRQHQWHQDDQJHWURIIHQDOVLQGLHYDQKHW EUDQGZHHUSDNPDDUGDQLQWRWPDDOKRJHUHFRQFHQWUDWLHV 'HDFKWHUJURQGGHSRVLWLHDDQ3&%¶VLVQLHWJRHGEHNHQG+LHUGRRUYDOWGHPDWHYDQYHUKRJLQJQLHWWH NZDQWLILFHUHQ 'HYHUKRJLQJEHWUHIWXLWVOXLWHQGGH3$.¶VIOXRUDQWKHHQIHQDQWKUHHQHQS\UHHQ'HDQGHUH3$.¶V YHUWRRQGHQJHHQYHUKRRJGHGHSRVLWLH:DDUVFKLMQOLMNLVGHYHUKRRJGHGHSRVLWLHDDQIOXRUDQWKHHQ IHQDQWKUHHQHQS\UHHQQLHWJHUHODWHHUGDDQGHEUDQG'HYHUKRXGLQJHQWXVVHQGHJHKDOWHQDDQ YHUVFKLOOHQGH3$.¶VZLMNWQDPHOLMNVWHUNDIYDQGLHQRUPDOLWHUELMEUDQGHQZRUGWJHYRQGHQ 7DEHOYHUPHOGWGHUHVXOWDWHQYDQGHDQDO\VHVYDQGHJUDVPRQVWHUVLQFOXVLHIPRQVWHUV YDQDQGHUHYHJHWDWLHPHWYRHWQRWHQDDQJHJHYHQLQGHWDEHO,QGHGLYHUVHNRORPPHQLV RQGHUVFKHLGJHPDDNWLQGHJHPHWHQJHKDOWHQDDQHOHPHQWHQ3$.¶VGLR[LQHQHQ3&%¶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¶VGLR[LQHQHQ3&%¶V]LMQDQDORRJDDQGHZHUNZLM]HGLHLV JHYROJGELMGHOXFKWVWRIPHWLQJHQYHUNUHJHQGRRUJHZRJHQVRPPDWLHYDQGHJHKDOWHQ DDQDI]RQGHUOLMNJHPHWHQFRPSRQHQWHQ
5,90UDSSRUW 3DJYDQ 7DEHO5HVXOWDWHQYDQGHDQDO\VHVYDQGHJUDVHQJHZDVPRQVWHUV /RFDWLH $IVWDQG (OHPHQWHQ 3$.¶V 'LR[LQHQHQ 3&%¶V $PVWHUGDP - - -+HHUKXJRZDDUG - - -3XWWHQ - - -6FKLHGDP - - -:DDOZLMN - - -$DOVPHHU P - -'UDFKWHQ P NP NP &G 3E1L 3E $V%D&U&X+J1L9 $OOH 'LR[LQHQ 3&%¶V 'LR[LQHQNP 3&%¶VNP (QVFKHGH NP !NP %D&G&X3E6U=Q$OOH QDUHJHQDOOH - -1DDUGHQ - - -%HYHUZLMN - - -*HQHPXLGHQ P $OOH - -$955LMQPRQG - - -0RHUGLMN - - -+DVVHOW P - - 'LR[LQHQ ¶V+HHUHQEHUJ P 1L3E=Q 'LR[LQHQ +D]HOGRQN NP -6ODJKDUHQ P P P (QNHOHGDJHQODWHU P NP $OOH $OOH $OOH $OOH $OOH $OOH $OOH $ONPDDU - - -,-VVHOPXLGHQ NP :LOS P NP 'LR[LQHQ'LR[LQHQ - QLHWJHPHWHQ QD ZHOJHPHWHQPDDUQLHWDDQJHWRRQGERYHQGHGHWHFWLHOLPLHW]LHRRN%LMODJH QLHWRIQDXZHOLMNVYHUKRRJGPLQGHUGDQHHQIDFWRU OLFKWYHUKRRJGWRWRQJHYHHUHHQIDFWRU YHUKRRJGWRWRQJHYHHUHHQIDFWRU VWHUNYHUKRRJGPHHUGDQHHQIDFWRU (ULVppQPRQVWHUJUDVHQpp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