NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP

3UDFWLFDO&KLQHVH5HDGHU, /HVVRQ1HZ:RUGV
9RFDEXODU\/LVW Ç ]Kq WKLV
 VKu WREH
ù¹ SpQJ\RX IULHQG
&& EjED IDWKHU
/HVVRQ1HZ:RUGV vv P—PD PRWKHU
N Qÿ \RXVLQJ QÿPHQ \RXSO
NÚ
k KýR JRRGZHOO
/HVVRQ1HZ:RUGV
/HVVRQ3URSHU1DPHV  GjLIX GRFWRU
ÒÐ *EÀ *XERDSHUVRQDOQDPH GH VWUXFWXDOSDUWLFOHSRVVHVVLYH
r
^O 3jOiQNý 3DODQNDDSHUVRQDOQDPH SDUWLFOHRI
T FK YHKLFOH
‘ Qj WKDW
/HVVRQ1HZ:RUGV g W— VKHKHU
 PD DQLQWHUURJDWLYHSDUWLFOH T VKÌ ERRN
ÿ Z
,PH
v KQ YHU\
P QH DPRGDOSDUWLFOHTXHVWLRQSDUWLFOH /HVVRQ6XSSOHPHQWDU\:RUGV
M \ DOVRWRR “ EjR QHZVSDSHU
¦ ]Kÿ SDSHU
( FKÿ UXOHU
/HVVRQ1HZ:RUGV  Eÿ SHQSHQFLOZULWLQJEUXVK
Ç PiQJ EXV\
û E QRW
ÓÓ JJH HOGHUEURWKHU /HVVRQ1HZ:RUGV
Ä W— KHKLP Ø Qý ZKLFK
GuGL \RXQJHUEURWKHU ë JXy FRXQWU\VWDWH
ÄÚ W—PHQ WKH\WKHP ¨ UpQ SHUVRQ
ë GÀX DOO ï VKpL ZKR
ÿÚ Z
PHQ ZHXV
ïö OýRVK¯ WHDFKHU
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
ùV 'j\iQJ=KÀX 2FHDQLD
E| 1iQ0L=KÀX 6RXWK$PHULFD
/HVVRQ3URSHU1DPHV
7Û +jQ\ &KLQHVHVSRNHQODQJXDJH
/HVVRQ1HZ:RUGV
å TÿQJ SOHDVHGRVWK
/HVVRQ6XSSOHPHQWDU\:RUGV ‹ K WRGULQN
ë =KÀQJJXy &KLQD FKi WHD
$
¥ë 'pJXy *HUPDQ\ QtQ \RXIRUPDO
–
Ãë )ýJXy )UDQFH MuQ WRHQWHUWRFRPHLQ
É
|ë 0LJXy WKH8QLWHG6WDWHVRI$PHULFD KX—Q\tQJ WRZHOFRPH
¼
Zº 0ýOÿ 0DOL [Lq[LH WRWKDQN

Ó 5uEQ -DSDQ NqTL SROLWHFRXUWHRXV

&Í [¯\—Q WRVPRNH
/HVVRQ1HZ:RUGV
®6 VKpQPH ZKDW /HVVRQ3URSHU1DPHV
ì GuW~ PDS :iQJ DVXUQDPH:DQJSURSHUQDPH
y
ù NjQ WRVHHWRORRNWRKDYHDORRNWRUHDG
WRZDWFK
TÿQJ SOHDVH
å /HVVRQ6XSSOHPHQWDU\:RUGV
„O N—IL FRIIHH
R@ StML EHHU
/HVVRQ3URSHU1DPHV
Id QL~QýL PLON
š %LM¯QJ %HLMLQJ
6 [L—QVKHQJ 0UVLUJHQWOHPDQ
øe 6KjQJKýL 6KDQJKDL
 WjLWDL 0UV0DGDPH
mM &KiQJ-L—QJ WKH&KDQJMLDQJ<DQJW]H5LYHU
²¡ +XiQJ+p WKH+XDQJKH<HOORZ5LYHU
&KiQJFKpQJ WKH*UHDW:DOO
m¼ /HVVRQ1HZ:RUGV
#Á JXu[uQJ ZKDW
V\RXUQDPH"0D\,DVN\RXU
QDPH"
/HVVRQ6XSSOHPHQWDU\:RUGV åÜ TÿQJZqQ 0D\,DVN
: VKuMLq ZRUOG ZqQ WRDVN
Ü
 ÀX]KÀX (XURSH OL~[XpVKQJ DVWXGHQWZKRVWXGLHVDEURDG
GT
L )L=KÀX $IULFD [uQJ RQH
VVXUQDPHLVVXUQDPH
Á
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
Ù MLjR WRFDOOWREHFDOOHG å KjR QXPEHU
Û ZjL\ IRUHLJQODQJXDJH 0 FpQJ VWRUH\DPHDVXUHZRUGVWRU\RID
[Xp\XjQ FROOHJHLQVWLWXWH EXLOGLQJ
TP
T [XpVKHQJ VWXGHQW
TN [Xp[t WRVWXG\WROHDUQ
/HVVRQ6XSSOHPHQWDU\:RUGV
T [Xp WRVWXG\WROHDUQ
)P \¯\XjQ KRVSLWDO
ƒ. FqVX
WRLOHWODWULQHODYDWRU\:&
]KqU KHUH
/HVVRQ3URSHU1DPHV Ç-
‘- QjU WKHUH
ï '¯QJ<~Q 'LQJ<XQDSHUVRQDOQDPH
/HVVRQ6XSSOHPHQWDU\:RUGV /HVVRQ1HZ:RUGV
Æ KXiQ WRUHWXUQ
ý¾ [LýRMLH PLVV
)“ KXjEjR SLFWRULDOPDJD]LQH
aÙ Q VKu DSROLWHIRUPRIDGGUHVVWRDZRPDQ
ODG\PDGDP »f FtGLýQ GLFWLRQDU\
úÅ WyQJ]Ku FRPUDGH ž [LjQ]jL QRZQRZDGD\V
Š &KiR[LýQ .RUHD  \zQJ WRXVHWRPDNHXVHRI
ßë <¯QJJXy %ULWDLQ îù- \t[LjU DOLWWOHZKLOHDOLWWOHELW
{¯ ]jLMLjQ WRVD\JRRGE\HWRELGIDUHZHOOWR
[ OL VL[
/HVVRQ1HZ:RUGV ñ T¯ VHYHQ
ä OtQJ ]HUR E— HLJKW
Y
î \¯ RQH ML QLQH
K
z qU WZR VKt WHQ
/
÷ V—Q WKUHH
É Vu IRXU
‚ Z ILYH /HVVRQ6XSSOHPHQWDU\:RUGV
 ]jL WREHDDSODFHLQDW 0Å ]i]Ku PDJD]LQH
> ]Xz WRVLWWRWDNHDVHDW #Ë GLjQKXj WHOHSKRQHSKRQHFDOO
Ø- QýU ZKHUH > EQ]L QRWHERRNH[HUFLVHERRN
­û VVKq GRUPLWRU\ Ö \VýQ XPEUHOOD
= ]K WROLYH
ÿ GXÀVKDR KRZPDQ\KRZPXFKZKDW
/HVVRQ1HZ:RUGV
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
a Q IHPDOH
6 [L—QVKHQJ 0UVLUJHQWOHPDQ
’´ UqQVKL WRNQRZWREHIDPLOLDUZLWKWR /HVVRQ6XSSOHPHQWDU\:RUGV
UHFRJQL]H ßë <¯QJJXy %ULWDLQ
ßÛ <¯QJ\ (QJOLVKODQJXDJH Ãë )ýJXy )UDQFH
ÃÛ )ý\ )UHQFKODQJXDJH > EQ]L QRWHERRNH[HUFLVHERRN
& FKiQJ RIWHQ œ. \yXM~ SRVWRIILFH
© T WRJR œV \yXSLjR VWDPS
ÄÚ W—PHQ WKH\ GL MLjRVKzX SURIHVVRU
/HVVRQ1HZ:RUGV /HVVRQ1HZ:RUGV
ûE PtQJ]L DSHUVRQ
VQDPH J ]Xz WRGR
p ZqL DQLQWHUMHFWLRQKHOORKH\ ÓJ JÀQJ]Xz WRZRUNZRUNMRE
8 — DQLQWHUMHFWLRQRKDK á [LýQJ WRZDQWWRWKLQNWRPLVV
4… VK—QJGLjQ VKRSVWRUH ¤ ML— IDPLO\KRPHKRXVH
^ PýL WREX\ ÷ \
X WRKDYHWKHUHEH
 Eÿ SHQSHQFLOZULWLQJEUXVK  PpL QRWQRKDYHQRW
¦ ]Kÿ SDSHU §§ PqLPHL \RXQJHUVLVWHU
S OiL WRFRPH ¾¾ MLMLH ROGHUVLVWHU
¹» MLqVKjR WRLQWURGXFH ä: \tQKiQJ EDQN
% QiQ PDOH ¨ jLUHQ KXVEDQGZLIH
ç GXu ULJKWFRUUHFWDQVZHU T… VKÌGLjQ ERRNVWRUH
t OH PRGDOSDUWLFOHPRGDOSDUWLFDO W> KiL]L FKLOG
LQWHQVWLI\LQJSUHFHGLQJFODXVH
Ç JL WRIRUWRJLYH
z Kp DQGZLWK
‡ [L WRZULWH
â VKXÀ WRVSHDNWRVD\
Ï [uQ OHWWHU
8· JjRVX WRWHOO
/HVVRQ3URSHU1DPHV
ÒÐ *EÀ *XERDSHUVRQDOQDPH
/HVVRQ6XSSOHPHQWDU\:RUGV
ë =KÀQJJXy &KLQD
:F ]Kt\XiQ RIILFHZRUNHUVWDIIPHPEHU
^O 3jOiQNý 3DODQNDDSHUVRQDOQDPH
Óùö JÀQJFKpQJVK¯ HQJLQHHU
ï '¯QJ<~Q 'LQJ<XQDSHUVRQDOQDPH
½ô M¯QJOÿ PDQDJHUGLUHFWRU
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
Zæ JÀQJV¯ FRPSDQ\ » VKQJFt QHZZRUG
/HVVRQ1HZ:RUGV /HVVRQ1HZ:RUGV
u =KÀQJZpQ &KLQHVHZULWWHQODQJXDJH O WLiR DPHDVXUHZRUGIRUULEERQ
é [u GHSDUWPHQWIDFXOW\ Ç> T~Q]L VNLUW
 Jq DPHDVXUHZRUG  OLýQJ WZR
Î Mÿ KRZPDQ\KRZPXFKVHYHUDO  ]K—QJ DPHDVXUHZRUGSLHFH
G ML—R WRWHDFK V SLjR WLFNHW
Ûà \Iý JUDPPDU šU M¯QJM %HLMLQJRSHUD
7E +jQ]u &KLQHVHFKDUDFWHU Hø ZýQVKDQJ HYHQLQJ
E ]u FKDUDFWHU  WjL WRRWRRPXFK
Æ KiL HOVHLQDGGLWLRQVWLOO ¼ FyQJ IURP
ÑÛ N
X\ VSRNHQODQJXDJH l ]KýR WRORRNIRUWRFDOORQDSHUVRQ
ûPA EJýQG—QJ ,GRQ
WUHDOO\GHVHUYHLW\RXIODWWHUPH Ç- ]KqU KHUH
€æ K[L—QJ HDFKRWKHUPXWXDOO\PXWXDO Õ ML ROG
ž [¯Q QHZ m FKX—Q WRSXWRQWRZHDU
ó¶’ \XqOýQVKu UHDGLQJURRP ä MLjQ DPHDVXUHZRUGIRUWKLQJV FORWKHV
0Å ]i]Ku PDJD]LQH ZY FKqQVK—Q VKLUWEORXVH
“ EjR QHZVSDSHU í O JUHHQ
 EQ DPHDVXUHZRUG  Gj ELJ
ìTt W~VKÌJXýQ OLEUDU\ k EiL ZKLWH
‘- QjU WKHUH
/HVVRQ6XSSOHPHQWDU\:RUGV
/HVVRQ3URSHU1DPHV Ë OiQ EOXH
y :iQJ DVXUQDPH:DQJSURSHUQDPH øQ VKjQJ\¯ XSSHURXWHUJDUPHQWMDFNHW
Ò> N]L WURXVHUV
Q Gj\¯ RYHUFRDWWRSFRDW
/HVVRQ6XSSOHPHQWDU\:RUGV ¿ KL EODFN
Û E—Q FODVVVTXDG MFKýQJ WKHDWUHWKHDWHU
U(
G’ MLjRVKu FODVVURRP ]XzZqL VHDW
•;
Œz’ VKt\jQVKu ODERUDWRU\
MLq WRERUURZWROHQG
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
/HVVRQ1HZ:RUGV /HVVRQ1HZ:RUGV
§ GLýQ DPHDVXUHZRUGR
FORFN  WL—Q GD\
Íð VKtWiQJ GLQLQJKDOO ½ PL HYHU\HDFK
Ü FKj WRODFNWREHVKRUWRI ex TÿFKXiQJ WRJHWXS
ô IQ DPHDVXUHZRUGPLQXWH e Tÿ WRJHWXSWRULVH
) Nq DPHDVXUHZRUGTXDUWHURIDQ x FKXiQJ EHG
KRXU VKjQJZ PRUQLQJ
ø6
øì VKjQJNq WRDWWHQGDFODVVWRWHDFKLQDFODVV
ñ FK¯ WRHDW
ì Nq FODVVOHVVRQ
[ IjQ PHDOFRRNHGULFHIRRG
ùì [LjNq FODVVLVRYHUFODVVLVGLVPLVVHG
 GXÀ PDQ\PXFKDORWRI
Óü \ÿKzX ODWHURQLQWKHIXWXUH
ù6 [LjZ DIWHUQRRQ
y- VKuU EXVLQHVVWKLQJ
ÿ] [LÌ[L WRUHVWWRWDNHDUHVW
Ì KXt WRUHWXUQWRJREDFN
֊ \
XVKtKRX VRPHWLPHV
Í JQ ZLWKWRIROORZ
ä VKtKRX WLPH
îe \uTÿ WRJHWKHU
܆ ZqQWt TXHVWLRQSUREOHP
#_ GLjQ\ÿQJ ILOPPRYLH
O· VKXuMLjR WRJRWREHGWRVOHHS
„Ot N—ILJXýQ FDIH
„O N—IL FRIIHH
8 EjQ KDOI /HVVRQ3URSHU1DPHV
8 — DPRGDOSDUWLFOHDK š %LM¯QJ %HLMLQJ
7 GQJ WRZDLW
^ ]
X WRZDON
Ý O URDGZD\ /HVVRQ1HZ:RUGV
o \jR WRZDQWWREHJRLQJWRPXVW
ûF I~Z\XiQ ZDLWHUZDLWUHVVDWWHQGDQW
/HVVRQ6XSSOHPHQWDU\:RUGV ] EL DPHDVXUHZRUGFXS
øÛ VKjQJE—Q WRJRWRZRUN ý¾ [LýRMLH PLVV\RXQJODG\
ùÛ [LjE—Q WRFRPHRUJRRIIZRUN Š [ÿKXDQ WROLNHWREHIRQGRI
#_P GLjQ\ÿQJ\XjQ FLQHPD Ÿ$ KX—FKi VFHQWHGWHD
V ELýR DZDWFK $ KyQJFKi EODFNWHD
 ]KÀQJ FORFNEHOO  KyQJ UHG
Ó; \ÿTLiQ EHIRUHLQWKHSDVWDJR Æ KiLVKu RU
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
B>" M~]LVKXÿ RUDQJHDGHRUDQJHMXLFH å KjR GDWHVSRNHQODQJXDJHGD\RID
M~]L RUDQJH PRQWK
B>
h- NzQJU VSDUHWLPHIUHHWLPH
" VKXÿ ZDWHU
¸b M¯QQLiQ WKLV\HDU
ä StQJ DPHDVXUHZRUGERWWOH
o VXu DPHDVXUHZRUG\HDUDJH\HDUV
R@ StML EHHU
ROG
 W¯QJ WROLVWHQ
K( ]KKq WRFRQJUDWXODWHFRQJUDWXODWLRQ
ÿ: PtQJ IRONVRQJ
 ZKXu GDQFHEDOOSDUW\
Òf JGLýQ FODVVLFDO
°Ž F—QML— WRWDNHSDUWLQWRDWWHQG
á> \¯Q\Xq PXVLF
úT WyQJ[Xp FODVVPDWHVFKRROPDWH
žÑ [LjQGjL PRGHUQ
îˆ \¯GuQJ VXUHO\FHUWDLQO\FHUWDLQJLYHQ
 FKjQJ WRVLQJ SDUWLFXODU
:- JU VRQJ ÷ý \
X\uVL LQWHUHVWLQJ
— UjQJ WROHWWRDVN [¯QJT¯ ZHHN
 ELp GRQ
WGRQRW Ó [¯QJT¯Uu 6XQGD\
ÓA ]K¯GDR WRNQRZ
. Gu]Kÿ DGGUHVV
/HVVRQ6XSSOHPHQWDU\:RUGV b QLiQ \HDU
‹ ]K¯ DPHDVXUHZRUGEUDQFK
çŠ StQJJX
DSSOH
‡% [L—QJML—R EDQDQD /HVVRQ6XSSOHPHQWDU\:RUGV
Oò S~WDR JUDSH ©b TQLiQ ODVW\HDU
5 FKjQJSLjQ JUDPRSKRQHUHFRUGYLQ\OUHFRUG üb PtQJQLiQ QH[W\HDU
/3 \¯Q\XqKXu FRQFHUW
á>
í$ OFKi JUHHQWHD
ÁH MLpKÌQ WRJHWPDUULHG
çûe GXuEXTÿ ,
PVRUU\IRUJLYHPH
” \XKXu DSSRLQWPHQW
/HVVRQ1HZ:RUGV
aé PpLJX—Q[L LWGRHVQ
WPDWWHU
ö \Xq PRQWK
ö WiQ WRWDONWRFKDW
Ó Uu GDWHZULWWHQODQJXDJHGD\RIWKH
PRQWK
Ó VKQJUu ELUWKGD\
¸ M¯QWL—Q WRGD\ /HVVRQ1HZ:RUGV
M VK DPHDVXUHZRUGEXQFK
Û E—Q FODVVVTXDG
Ÿ- KX—U IORZHU
sê IGýR WRFRDFKWRWXWRUWRJLYHDGYLVHLQ
VWXG\ ]KQ UHDOWUXHJHQXLQH
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
kù KýRNjQ JRRGORRNLQJ
K ]K WRZLVKWRH[SUHVVJRRGZLVKHV
ï VzQJ WRJLYHDVDSUHVHQWWRJLYH /HVVRQ1HZ:RUGV
ILFKiQJ H[WUHPHO\ ü§ KzXEL—Q EDFNDWWKHEDFNRIEHKLQG
L&
JýQ[Lq WRWKDQN ý [LýR OLWWOHVPDOO

J—R[uQJ JODGKDSS\GHOLJKWHG ŸÛ KX—\XiQ JDUGHQ
Æb
WjLWDL 0UV0DGDPH -> IiQJ]L KRXVH

QLiQT¯QJ \RXQJ s NqW¯QJ GUDZLQJURRPURRPIRUDUULYLQJ
bi
JXHVWVSDUORXU
 GXÀ KRZ
¯§ SiQJEL—Q VLGHODWHUDO
á WLjRZ WRGDQFH
T- VKÌIiQJ VWXG\URRP
¿ JÌQLDQJ JLUO
ó> \ÿ]L FKDLU
 ED DPRGDOSDUWLFOHLQGLFDWLQJSROLWH
VXJJHVWLRQULJKW"2." ÿ VKýR IHZ
SLjROLDQJ SUHWW\EHDXWLIXO :> ]KXÀ]L WDEOH
ðœ
JqQJ HYHQVWLOO ø§ VKjQJELDQ WRSRQRYHUDERYH
â
[LjQJ WREHOLNHWRUHVHPEOHWRWDNHDIWHU ) ]
QJVKu DOZD\V
O
N—L RSHQ ) ]
QJ DOZD\V
î
PpQ GRRU bô ]KQJOÿ WRSXWLQRUGHUWRVWUDLJKWHQXSWR
Ö
DUUDQJH
–- FK~IiQJ NLWFKHQ
GXuPLjQ RSSRVLWH
/HVVRQ3URSHU1DPHV çP
— E—QJ]K WRKHOS
ñ %OýQJ DSHUVRQDOQDPH(QJOLVKVXUQDPH
%URZQ  E—QJ WRKHOS
Ó 5uEQ -DSDQ þs F—QW¯QJ GLQLQJKDOO
Ô§ ]X
EL—Q OHIW
º§ OÿEL—Q LQVLGH
/HVVRQ6XSSOHPHQWDU\:RUGV -â IiQJML—Q URRP
t OLjQJ DPHDVXUHZRUGIRUYHKLFOHV ZzVKu EHGURRP
U’
`® J—QMLQJ FOHDQQHDW [ÿ]ýRML—Q EDWKURRP
â
žb [¯QQLiQ 1HZ<HDU [ÿ]ýR WRWDNHDEDWK

o^ VXuVKX DJHQXPEHURI\HDUVROG ]QPH\jQJ KRZKRZLVLWWKDW"
ü6%
*W OÿZ SUHVHQWJLIW
75 ]KjRSLjQ SKRWRJUDSKSLFWXUH
-> pU]L VRQ /HVVRQ6XSSOHPHQWDU\:RUGV
a- Q pU GDXJKWHU § ZjLEL—Q RXWVLGH
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
ù§ [LjEL—Q ERWWRPEHORZXQGHU îT N—LFK WRGULYHDFDU
;§ TLiQEL—Q IURQWLQIURQWRIEHIRUH ]¨ MLUpQ WRPHHWDSHUVRQ
᧠\zXEL—Q ULJKW
â ]KÀQJML—Q PLGGOH
…% FKX—QJKX ZLQGRZ /HVVRQ6XSSOHPHQWDU\:RUGV
WjR DPHDVXUHZRUGDVHWRIVRPHWKLQJ )( ]
QJM¯ FHQWUDOH[FKDQJHWHOHSKRQH
E
H[FKDQJHVZLWFKERDUG
x Eý DPHDVXUHZRUG
ô( IQM¯ H[WHQVLRQWHOHSKRQHH[WHQVLRQ
N­ ]KjQ[LjQ WKHOLQHLVEXV\HQJDJHGWKH
QXPEHULVHQJDJHG
/HVVRQ1HZ:RUGV At GýFXzOH \RXKDYHGLDOHGWKHZURQJQXPEHU
Q ]KqQJ]jL DQDGYHUELQGLFDWLQJDQDFWLRQLQ
åï KjRPý QXPEHU
SURJUHVVZKLOHGRLQJ
¨ÿӓ 5pQPtQ5uEjR WKH3HRSOH
V'DLO\
#´ GLjQVKu WHOHYLVLRQ79
] ML WRDQVZHUWKHWHOHSKRQHOLIWRII
#Ë GLjQKXj WHOHSKRQHFDOOWHOHSKRQH
/HVVRQ1HZ:RUGV
÷ PpL\
X QRWQRKDYHQ
W
§± GLýQ[¯Q OLJKWUHIUHVKPHQWVSDVWU\
ûN I[t WRUHYLHZ
Š? QyQJFÌQ FRXQWU\VLGHUXUDODUHDV
ìu NqZpQ WH[W
Šÿ QyQJPtQ SHDVDQW
žé [¯QZpQ QHZV
YT KX
FK WUDLQ
¹k \
XKýR IULHQGO\
)ª GXjQOLjQ WRGRSK\VLFDOWUDLQLQJ
ÑVÐ GjLELýRWXiQ GHOHJDWLRQ
ÌB KXtGi WRUHSO\WRDQVZHU
ÑV GjLELýR GHOHJDWHUHSUHVHQWDWLYH
‰ [L DPHDVXUHZRUGVRPH
°° F—QJX—Q WRYLVLWSODFHRUWKLQJRWKHUWKDQD
SHUVRQWRSD\DYLVLW ¬ QiQ GLIILFXOW
JÀQJFKýQJ IDFWRU\ » VKQJFt QHZZRUG
Óp
JÀQJUpQ ZRUNHU » Ft ZRUG
Ó¨
IýQJZqQ WRYLVLWWKLQJSODFHRUSHUVRQWR ã QLjQ WRUHDGDORXG
­Ü
FDOORQ ±N OLjQ[t H[HUFLVHWRSUDFWLVH
75 ]KjRSLjQ SKRWRJUDSKSKRWRSLFWXUH ’ UqQ]KQ FRQVFLHQWLRXVVHULRXVLQHDUQHVW
A#Ë GýGLjQKXj WRPDNHDWHOHSKRQHFDOO ° G
QJ WRXQGHUVWDQG
ü PtQJWL—Q WRPRUURZ
¼ FKpQJ FLW\WRZQ
§ ZjLEL—Q RXWVLGH /HVVRQ3URSHU1DPHV
—- ZiQU WRSOD\WRKDYHIXQZLWK w
—QQj $QQDSHUVRQDOQDPH
è¿ FKÌI— WRVWDUWRXWWRVHWRII yTu :iQJ6KÌZpQ :DQJ6KXZHQSHUVRQDOQDPH
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
¹ M¯GjQ KHQ
VHJJ
Id QL~QýL FRZ
VPLONPLON
/HVVRQ1HZ:RUGV Âq EÿMLjR FRPSDUDWLYHO\WRFRPSDUH
… GH DVWUXFWXUDOSDUWLFOHDVHQWHQFH
SDUWLFOHXVHGDIWHUDYHUEWRVKRZ
HIIHFW
ZýQ ODWHHYHQLQJ
/HVVRQ1HZ:RUGV
H
d \iQMLÌ WRUHVHDUFK
J WtQJ WRVWRSWRFRPHWRDVWRS
uT ZpQ[Xp OLWHUDWXUH
¡ Kp ULYHU
× ]ýR HDUO\
&á \yX\
QJ WRVZLP
ö WiQ WRWDON
´õ ]KQEqL WRSUHSDUH
 KXu FDQWRNQRZKRZWR
 GLjR WRILVKZLWKDKRRNDQGEDLW
A G—QJ WRVHUYHDVWRDFWDV
j \~ ILVK
é¿ I—Q\u LQWHUSUHWHUWUDQVODWRUWRLQWHUSUHWWR
R W—QJ VRXS WUDQVODWH
; ZqL PHDVXUHZRUGIRUSHUVRQV ë QpQJ FDQWREHDEOH
Ù NXjL IDVW ML—VKQ WRGHHSHQ
Žß
غ QýOL LWLVQRWKLQJ ¨ÿ UpQPtQ SHRSOH
P PjQ VORZ OLýRML WRXQGHUVWDQGWRNQRZ
tÑ
G± MLjROLjQ FRDFKDWKOHWH
VFRDFK ÷û \
XPtQJ IDPRXVZHOONQRZQ
û E~FXz FRUUHFWULJKWQRWEDGSUHWW\JRRG ]XzML— ZULWHUDXWKRU
J¤
Pó PLjQE—R EUHDG ó KXz]K RUSRVVLEO\PD\EHSHUKDSV
Ym KX
WXÿ KDP  ML DWRQFHULJKWDZD\
î§- \¯GLýQU DOLWWOHDELW \¯QJJ—L VKRXOGRXJKWWR
‚Ó
dX QýLOjR FKHHVH × OLý DQXPHUDOPHDVXUHZRUGWZRERWK
{ ]jL DJDLQRQFHPRUHDVHFRQGWLPH ÝÓ N\ÿ PD\FDQ
í·" NXjQJTXiQVKXÿ PLQHUDOZDWHU ôá Oÿ[LýQJ LGHDO
Ý NVKu EXWKRZHYHU
§
UyQJ\u HDV\
/HVVRQ6XSSOHPHQWDU\:RUGV
÷ÅóyÍþ \
X]Ku]KVKuMuQJFKpQJ ZKHUHWKHUHLVDZLOOWKHUHLVDZD\
óH T¯QJFKX FOHDUGLVWLQFW
þÛ FKpQJ\ SURYHUELGLRP
/ OL~Ou IOXHQW
b> ]KQJTt WLG\
Ê FjL GLVKYHJHWDEOH /HVVRQ3URSHU1DPHV
h> MLýR]L &KLQHVHGXPSOLQJ o³ /;Q /X;XQ
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
Û™Ó *XÀ0zUXz *XR0RUXR ¶ \zX DJDLQ
¤ GjML— DOOHYHU\ERG\
 GjR WRJRWRDUULYHWRUHDFK
/HVVRQ6XSSOHPHQWDU\:RUGV j OyX VWRULHGEXLOGLQJIORRU
:U JM RSHUD
ýâ [LýRVKXÀ QRYHO
Å: VK¯J SRHP /HVVRQ3URSHU1DPHV
) KXj WRSDLQWWRGUDZ < /ÿ DVXUQDPH/L
)- KXjU SDLQWLQJGUDZLQJSLFWXUH
H[ ZýQIjQ VXSSHU
ÉS MuQOiL WRFRPHLQWRHQWHU /HVVRQ6XSSOHPHQWDU\:RUGV
k^ EiLOiQGu EUDQG\
‡Í@ [L—QJE¯QML FKDPSDJQH
/HVVRQ1HZ:RUGV T† ZJX—Q PLOLWDU\DWWDFKH
î¹ N—LVKÿ WREHJLQWRVWDUW îÆ \tPu ILUVWVHFUHWDU\
mt GjVKÿJXýQ HPEDVV\ ³ EuQJ WRIDOOLOOLOOQHVVGLVHDVH
m GjVKÿ DPEDVVDGRU ýT [LýR[XpVKQJ SXSLOVFKRROER\VFKRROJLUO
És ]K—RGjLKXu UHFHSWLRQ
@ ML ZLQHVSLULW
 FKiQJ WRWDVWH /HVVRQ1HZ:RUGV
0iRWiLML 0DRWDLD&KLQHVHVWURQJGULQN ¡ñ ]~TL~ IRRWEDOO
óÞ@
ZqL IRUWR ñ TL~ EDOO
(
MLjQN—QJ KHDOWK I VjL WRFRPSHWHFRPSHWLWLRQPDWFK
S¥
J—QEL WRGULQNDWRDVWSURSRVHDWRDVW  ]XyWL—Q \HVWHUGD\
`]
KHUH
VWR ΠEjQ WRGRWRKDQGOHWRDWWHQGWRWRWDFNOH
¹ø \
X\u IULHQGVKLS l¯ TL—Q]KqQJ YLVD
Oò@ S~WiRML JUDSHZLQH 6[ ZIjQ OXQFK
Oò S~WDR JUDSH GXu WHDPOLQH
Ê FjL GLVKYHJHWDEOH P \tQJ WRZLQWREHDW
e> NXjL]L FKRSVWLFNV  VKÌ WRORVH
à VKu WRWU\  Eÿ DSUHSRVLWLRQVKRZLQJFRPSDULVRQ
u ZpQKXj FXOWXUH WKDQWRLQDVFRUHHUWKDQ
F—Q]jQ FRXQVHOORUGLSORPDWLFRIILFHUDWWDFKH ¯ FiLSjQ UHIHUHHXPSLUHDFWDVUHIHUHHWR
°L
MXGJH
¨ IÌUHQ ODG\PDGDPH0UV
Za JÀQJStQJ IDLU
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP

W¯ WRNLFN ¯P MLjQPLjQ WRPHHWHDFKRWKHUWRVHHHDFKRWKHU

¨ TuUpQ WRJHWVRPHRQHDQJU\WRJHWVRPHRQH ¯ MLjQ WRPHHWWRVHH
DQQR\HG VX
\ÿ VRWKHUHIRUHDVDUHVXOW
.Ó
:< [tQJOL OXJJDJH
ÉS MuQE SURJUHVVDGYDQFHWRSURJUHVVWR
Ÿ> [L—QJ]L VXLWFDVH PDNHSURJUHVV
d GÿQJ DPHDVXUHZRUGXVHZLWKKDW ˜‰ QOu KDUGZRUNLQJVWXGLRXV
+> PjR]L KDWFDS 7æ ]KjR[LjQJ WDNHDSLFWXUHWRKDYHRQH
VSKRWR
VKX—QJ DPHDVXUHZRUGSDLU WDNHQ
º
Ç ]KjQ WRVWDQG
žy E¯QJ[Lp VNDWLQJERRWVVNDWHV
 MÿQ FORVHWLJKWWDXW
y [Lp VKRHV
ø VKjQJ WRJHWRQWRJHWLQWRWRERDUG
š GÀQJWL—Q ZLQWHU
Öý ]K\u WRSD\DWWHQWLRQWR
¿ž KXiE¯QJ WRVNDWHVNDWLQJ
cA VKQWÿ ERG\KHDOWK
×[ ]ýRIjQ EUHDNIDVW
,± IjQJ[¯Q WRVHWRQH
VPLQGDWUHVWWREHDWHDVH
WRUHVWDVVXUHG
Æ ZjQJ WRIRUJHW
/HVVRQ6XSSOHPHQWDU\:RUGV
µ QiQJXz VDG
A ( Wÿ\FKýQJ VWDGLXP
üb PtQJQLiQ QH[W\HDU
ZÛ JÀQJ\XiQ SDUNDSXEOLFSDUN
ý [LjWL—Q VXPPHU
@Añ S¯QJS—QJTL~ WDEOHWHQQLV
¹ TLÌWL—Q DXWXPQ
¾– \QGzQJ VSRUWVWRVSRUW
îÝaw \tOStQJ—Q WRKDYHDSOHDVDQWMRXUQH\WRKDYHD
?ñ ZýQJTL~ EDGPLQWRQ
JRRGWULSERQYR\DJH
Üñ OiQTL~ EDVNHWEDOO
Pñ SiLTL~ YROOH\EDOO
¿Ø KXi[X WRVNLVNLLQJ /HVVRQ6XSSOHPHQWDU\:RUGV
kT TuFK FDUDXWRPRELOH
' FKXiQ VKLS
/HVVRQ1HZ:RUGV Ù MLjR WRKLUHWRFDOODWD[LHWF
Ì( ILM¯ DHURSODQHSODQHDLUFUDIW VzQJ[tQJ WRVHHVRPHRQHRII
ï:
o \jR ZLOOWREHJRLQJWR O [tQJ WRWUDYHOWRWRXU
³:
eÌ TÿIL WRWDNHRII =KÀQJJXy0tQKiQJ *HQHUDO$GPLQLVWUDWLRQRI&LYLO
ëÿ
(( M¯FKýQJ DLUSRUW $YLDWLRQRI&KLQD&$$&
ô IQELp WRSDUWWRVHSDUDWH
-ý \XjQ\u WREHZLOOLQJWRGRVRPHWKLQJ
©î OtN—L WROHDYHWRGHSDUW /HVVRQ1HZ:RUGV
 
 NWPDWX3UDFWLFDO&KLQHVH5HDGHU,9RFDEXODU\/LVWKWWSNWPDWXFRP
ÿ [LjR WRODXJKWRVPLOH
± [¯Q KHDUWPLQG
ï VzQJ WRVHHRUZDONVRPHRQHKRPHWR
VHHVRPHRQHRII
a- Q pU GDXJKWHU
©b TQLiQ ODVW\HDU
ë¤ JXyML— FRXQWU\VWDWH

m GÀQJ[L WKLQJ
Û NÌ WRFU\WRZHHS
© Ot IURPWROHDYH
Ê \XýQ IDUGLVWDQW
Û³ UqTtQJ FRUGLDOHQWKXVLDVWLF
µ JXz WROLYHWRJHWDORQJ
Øß ]uMÿ VHOIUHIOH[LYHSURQRXQ
7KLVYRFDEXODU\OLVWLVDYDLODEOHDWKWWSNWPDWXFRPFKLQHVH