)RUP 1R 5HY $ ;/ 3RZHU 7KURZZ 6Q¡IUHVHU 0RGHOOQU ³ RJ RSSRYHU %UXNHUKnQGERN 1RUVN 1
,QQKROG ,QQOHGQLQJ 6LNNHUKHW *HQHUHOO VLNNHUKHW YHG EUXN DY VQ¡IUHVHUH 6LNNHU EUXN DY 7RUR VQ¡IUHVHUH /\GWU\NNQLYn /\GVW\UNHQLYn 9LEUDVMRQVQLYn )RUNODULQJ DY V\PEROHU
*HQHUHOO VLNNHUKHW YHG EUXN DY VQ¡IUHVHUH 'HQQH EUXNHUKnQGERNHQ JM¡U RSSPHUNVRP Sn SRWHQVLHOOH IDUHU RJ GHQ KDU VSHVLHOOH VLNNHUKHWVPHOGLQJHU VRP KMHOSHU GHJ RJ DQGUH WLO n XQQJn SHUVRQVNDGHU RJ G¡GVIDOO )$5( $'9$56(/ RJ )256,.7,* HU RUG VRP EUXNHV WLO n DQJL ULVLNRJUDGHQ )¡OJHQGH LQVWUXNVMRQHU HU EHDUEHLGHW IUD $16, 23(, VWDQGDUG % RJ ,62 VWDQGDUG VRP JMDOGW GD PDVNLQHQ EOH SURGXVHUW ,QIRUPDVMRQ HOOHU WHUPLQRORJL VRP HU VSHVLILNN IRU 7RUR VQ¡IUHVHUH VWnU L SDUHQWHV )$5( YDUVOHU RP HQ \WW
.REOH IUD VWU¡PWLOI¡UVHOHQ WLO VSLUDOEODG YLIWHKMXO HOOHU URWRUEODGHQH QnU VQ¡IUHVHUHQ VNDO WUDQVSRUWHUHV HOOHU QnU GHQ LNNH HU L EUXN /D PRWRUHQ RJ PDVNLQHQ WLOSDVVH VHJ XWHWHPSHUDWXUHQ I¡U GX EHJ\QQHU n U\GGH VQ¡ %UXN DY VWU¡PGUHYQH PDVNLQHU NDQ UHVXOWHUH L DW JMHQVWDQGHU EOLU NDVWHW RSS RJ UHWW L ¡\QHQH %UXN DOOWLG YHUQHEULOOHU HOOHU ¡\HEHVN\WWHOVH QnU GX EUXNHU XWVW\UHW HOOHU XWI¡UHU MXVWHULQJHU HOOHU UHSDUDVMRQHU %UXN NXQ XWVW\U RJ WLOEHK¡U VRP HU JRGNMHQW DY 7RUR VOLN VRP KMXOYHNWHU P
,NNH IRUDQGUH UHJXODWRULQQVWLOOLQJHQH Sn PRWRUHQ )¡U GX IRUODWHU I¡UHUSODVVHQ EDN KnQGWDNHQH Pn GX VWDQVH PRWRUHQ WD XW Q¡NNHOHQ RJ YHQWH WLO DOOH EHYHJHOLJH GHOHU VWnU VWLOOH 1nU VQ¡IUHVHUHQ VNDO ODJUHV L IOHUH HQQ GDJHU Pn EHQVLQHQ W¡PPHV XW DY WDQNHQ IRU n XQQJn EUDQQIDUH /DJUH EHQVLQ L HQ SDVVHQGH GULYVWRIIEHKROGHU 7D Q¡NNHOHQ XW DY WHQQLQJHQ I¡U VQ¡IUHVHUHQ VHWWHV ERUW %UXN DOGUL O¡VWVLWWHQGH NO U VRP NDQ VHWWH VHJ IDVW L EHYHJHOLJH GHOHU )RU EHVW PXOLJ \WHOVH RJ VLNNHUKHW E¡U
)RUNODULQJ DY V\PEROHU 6LNNHUKHWVYDUVHO WUHNDQW ² V\PEROHW L WUHNDQWHQ YDUVOHU RP IDUH 6LNNHUKHWVYHUQ Pn LNNH nSQHV HOOHU WDV DY PHQV PRWRUHQ HU L JDQJ 6LNNHUKHWVYDUVHOV V\PERO +ROG WU\JJ DYVWDQG IUD PDVNLQHQ /HV EUXNHUKnQGERNHQ +ROG WU\JJ DYVWDQG IUD PDVNLQHQ ² HWW WULQQV VQ¡IUHVHU 6H L YHUNVWHGKnQG ERNHQ IRU ULNWLJH VHUYLFHPHWRGHU +ROG WU\JJ DYVWDQG IUD PDVNLQHQ ² WRWULQQV VQ¡IUHVHU 6WDQV PRWRUHQ RJ WD XW Q¡NNHOHQ I¡U YHGOLNHKROG HOOHU UHSDUDVMRQVDUEHLG EHJ\QQHV 2SSIUHVWH HOOHU IO\YHQGH JMHQVW
9DUPH IODWHU ² EUDQQVNDGHU Sn ILQJUH HOOHU KHQGHU 7DS DY NRQWUROO RYHU PDVNLQHQ ² RSSRYHUEDNNH (WVHQGH Y VNHU ² NMHPLVN EUDQQVNDGH Sn ILQJUH HOOHU KHQGHU 7DS DY NRQWUROO RYHU PDVNLQHQ ² QHGRYHUEDNNH ,NNH YHOW EDWWHULHW 7UHNNIXQNVMRQ 0n KROGHV W¡UW 6Q¡IUHVHUVDPOHUEODG 0DVNLQHQV EHYHJHOVHVUHWQLQJ ² IRURYHU ,QQNRSOLQJ 0DVNLQHQV EHYHJHOVHVUHWQLQJ ² EDNRYHU 8WNRSOLQJ 3n VWDUW &KRNH $Y VWRSS 0RWRUKDVWLJKHW JDVV
+XUWLJ )UL 6DNWH 6Q¡IUHVHUVDPOHUHQV VSLUDOEODG YLIWHKMXO 0LQVNHU ¡NHU /nVW 6WDUW DY PRWRU 8OnVW 0RWRUVWRSS %HWMHQLQJ DY VSDN 5HWQLQJ DY VQ¡IUHVHUHQV VMDNW %HWMHQLQJ DY VSDN 3ULPHU VWDUWKMHOS %O\IUL EHQVLQ %HWMHQLQJ DY SULPHU $YNXWWLQJ DY ILQJUH HOOHU KHQGHU
%HWMHQLQJ DY JDVV $YNXWWLQJ DY IRW %HWMHQLQJ DY ´3RZHU6KLIWµ 3ODVVHULQJ DY UHPPHU 0RQWHULQJ 2EV )LQQ XW KYD VRP HU K¡\UH RJ YHQVWUH Sn VQ¡IUHVHUHQ YHG n VWn L QRUPDO DUEHLGVVWLOOLQJ /¡VH GHOHU 'HO $QW %UXN +nQGWDN 6HWWVNUXHU %XHWH VNLYHU 0RQWHUH KnQGWDN +DVWLJKHWVYHOJHUVWDJ 6SOLQW )ODW VNLYH 0RQWHUH KDVWLJKHWVYHOJHUVWDJHW /nVHPXWWHU PHG IOHQV .
'HO $QW %UXN 6QHNNHJLU %UDNHWW /nVHVNUXH )ODW VNLYH /nVHPXWWHU 0RQWHUH VMDNWNRQWUROOJLUHW 6W¡WWHSODWHU )OHQVKRGHVNUXHU£ FP )ODWH VNLYHU RJ OnVHPXWWHUH 0RQWHUH VW¡WWHSODWHU 1¡NNHO 6WDUWH RJ VWRSSH PRWRUHQ 0RQWHUH KnQGWDNHQH 9,.7,* 3DVV Sn DW VMDNWNRQWUROOVWDJHW VLWWHU PHOORP PRWRUHQ RJ WUHNNIXQNVMRQVVWDJHW ILJ 7D DY PRQWHULQJVVWURSSHQH VRP KROGHU NRQWUROOVWDJHQH IDVW Sn KnQGWDNHW 7D DNVHOSLQQHQH XW DY EHJJH KMXOHQH ILJ RJ VN\Y KMXOHQH FD FP XWRYH
6N\Y KMXOHQH LQQRYHU RJ VWLNN DNVHOSLQQHQ JMHQQRP KXOOHQH L KMXOQDYHW RJ GHW LQQHUVWH KXOOHW L DNVHOHQ ILJ 5RWHU KDVWLJKHWVYHOJHUVWDJHW L YXJJHWDSSHQ ILJ KHOW WLO EXQQHQ DY VWDJHW NDQ VHWWHV LQQ L KXOOHW L KDVWLJKHWVYHOJHUDUPHQ ILJ P )LJXU ,QQHUVWH KXOO L DNVHO RJ KMXOQDY )LJXU
-XVWHU OnVHPXWWHUHQ RSSRYHU HOOHU QHGRYHU Sn WUHNNRQWUROOVWDJHW KHOW WLO DYVWDQGHQ PHOORP WRSSHQ DY KnQGJUHSHW RJ EXQQHQ DY WUHNNRQWUROOVSDNHQ ILJ HU RP ODJ FP 6WLNN GHW QHGHUVWH IRUELQGHOVHVOHGGHW JMHQQRP GHW \WWHUVWH KXOOHW L GHW QHGHUVWH NRQWUROOVWDJHW VRP LOOXVWUHUW L ILJXU 6WLNN GHW ¡YHUVWH NRQWUROOVWDJHW JMHQQRP O¡NNHQ L GHW QHGHUVWH OHGGHW L NRQWUROOVWDJHW ILJ 7UH HQ OnVHPXWWHU PHG IOHQV IOHQVHQ VNDO YHQGH RSS L EXQQHQ DY GHW ¡YHUVWH NRQWUROOVWDJHW QHGHQIRU O
0RQWHULQJ DY XWO¡SVVMDNW 0RQWHU EUDNHWWHQ PHG GH WR VNUXHQH ILJ 6HWW OnVHVNUXHQ LQQ L VQHNNHJLUEUDNHWWHQV PRQWHULQJVKXOO ILJ 6WU\N HW OHWW ODJ VP¡UHIHWW PHG ODY WHPSHUDWXU Sn VMDNWULQJHQ 6HWW XWO¡SVVMDNWHQ nSHQ VLGH IUHPRYHU Sn XWO¡SVnSQLQJHQ VOLN DW VMDNWKROGHUHQ HU Sn VMDNWULQJHQ ILJ P )LJXU P )LJXU 8WO¡SVVMDNW 6MDNWKROGHUSODWHU 6MDNWKROGHU 6MDNWULQJ 0RQWHULQJVIOHQV 6QHNNHJLUEUDNHWW 6QHNNH
2EV ,NNH EUXN V\QWHWLVN JLUROMH 'HW HU LNNH VLNNHUW DW GHQ HU NRPSDWLEHO PHG ROMHQ L JLUNDVVHQ )MHUQ GH WR IOHQVEROWHQH RJ IODWH VNLYHQH VRP KROGHU HQGHQ Sn VNUDSHQ IDVW WLO VLGHSODWHQH ILJ 6HWW U¡USOXJJHQ WLOEDNH Sn SODVV L JLUNDVVHQ )¡U VWDUW )\OOH ROMH L PRWRUYHLYKXVHW 0RWRUHQ NRPPHU IUD IDEULNNHQ PHG EDUH OLWW ROMH L YHLYKXVHW )\OO GHUIRU Sn ROMH I¡U PRWRUHQ VWDUWHV 9HLYKXVHW KDU HQ NDSDVLWHW Sn OLWHU ROMH PHQ DOW Pn LNNH I\OOHV Sn PHG HQ JDQJ HWWHUVRP GHW DOOH
9,.7,* ,NNH I\OO IRU P\H L YHLYKXVHW RJ VNUX Sn PRWRUHQ HOOHUV NDQ PRWRUHQ VNDGHV 7¡UN DY RYHUIO¡GLJ ROMH WLO ROMHQLYnHW Sn SHLOHVWDYHQ YLVHU IXOO )$5( )$5(5,6,.2 8QGHU YLVVH IRUKROG NDQ GHW GDQQHV VWDWLVN HOHNWULVLWHW XQGHU SnI\OOLQJ DY EHQVLQ QRH VRP NDQ DQWHQQH EHQVLQHQ )\OOH EHQVLQ Sn WDQNHQ %UXN UHQ IHUVN EO\IUL EHQVLQ GHULEODQW RNVLGHUW HOOHU RPIRUPXOHUW EHQVLQ PHG RNWDQ HOOHU K¡\HUH )RU DW EHQVLQHQ VNDO Y UH Vn IHUVN VRP PXOLJ E¡U GX LNNH NM¡SH PHU EHQVLQ HQQ GHW GX IRUYHQWHU n EUXNH
.RQWUROOHUH WU\NNHW L GHNNHQH .RQWUROOHU WU\NNHW L GHNNHQH 1nU GH NRPPHU IUD IDEULNNHQ HU GH RYHUI\OWH 5HGXVHU WU\NNHW OLNW L EHJJH GHNNHQH WLO WLO N3D WLO SVL %UXN %HWMHQLQJVVSDNHU P )LJXU 6SLUDOEODGHWV YLIWHKMXOHWV GULYNRQWUROOVSDN ILJ ³6SLUDOEODGHW RJ YLIWHKMXOHW LQQNREOHV VDPWLGLJ YHG n SUHVVH VSDNHQ PRW JUHSHW Sn K¡\UH KnQGWDN 'H XWNRSOHV YHG n VOLSSH VSDNHQ 7HQQLQJVQ¡NNHO *DVV &KRNH 3ULPHU &KRNH ILJ ³5RWHU FKRNHQ PHG
6MDNWDYOHGHUKnQGWDN ILJ ³6MDNWDYOHGHUKnQG WDNHW VR]WP HU ¡YHUVW Sn XWO¡SVVMDNWHQ NRQWUROOHUHQ K¡\GHQ Sn VQ¡VWU¡PPHQ P )LJXU )LJXU 6MDNWDYOHGHUKnQGWDN *U¡QQ MRUGHW OHGQLQJVNOHPPH 8WO¡SVVMDNW 0RQWHU FKRNHNQDSSHQ )MHUQH YDUPHERNV .RSOH NDEHOHQ WLO WHQQSOXJJHQ ILJ +YLV GX EUXNHU PRWRUHQ QnU OXIWWHPSHUDWXUHQ HU RYHU E& Pn IRUJDVVHUHQV YDUPHERNV IMHUQHV ILJ 9,.
2EV +YLV LNNH PRWRUHQ VWDUWHU HOOHU KYLV WHPSHUDWXUHQ HU ² E& HOOHU NDOGHUH NDQ GHW Y UH Q¡GYHQGLJ n SULPH PRWRUHQ Sn Q\WW )RUV¡N n VWDUWH PRWRUHQ HWWHU KYHU SULPLQJ I¡U GHQ SULPHV Sn Q\WW /D PRWRUHQ Jn RJ WUHNN WLOEDNHVSROLQJVVWDUWHUHQ UDVNW XW PHG HQ NRQWLQXHUOLJ IXOO DUPEHYHJHOVH WUH HOOHU ILUH JDQJHU 'HWWH IRUKLQGUHU DW WLOEDNHVSROLQJVVWDUWHUHQ IU\VHU 'UHL FKRNHQ ILJ WLO VWLOOLQJ VWUDNV PRWRUHQ VWDUWHU 6HWW FKRNHQ L VWLOOLQJ HWWHUVRP PRWRUHQ EOLU YDUPHUH 6HWW FKRNHQ L SRVLV
'HW KHQGHU DY RJ WLO DW IRUNDQWHQ Sn IUHVHUHQ YLSSHU RSS +YLV GHWWH VNXOOH VNMH Pn KDVWLJKHWHQ VHWWHV QHG YHG n VNLIWH WLO HW ODYHUH JLU +YLV IRUNDQWHQ IUHPGHOHV YLSSHU RSS O¡IWHV EHJJH KnQGWDNHQH RSS VOLN DW IRUNDQWHQ Sn VQ¡IUHVHUHQ KROGHV QHGH 6N\Y EUDNHWWHQ RJ IURQWO\VHQH WLO ¡QVNHW SRVLVMRQ RJ VWUDP PXWUHQH Sn 8 EROWHQ 6WUDP VYLQJEROWHQ Sn EDNVLGHQ DY IURQWO\VPRQWHULQJHQ QnU O\VHW SHNHU L ¡QVNHW UHWQLQJ /D VQ¡HQ EOnVH XW PHG YLQGUHWQLQJHQ KYLV GHW HU PXOLJ 7LSV IRU EUXN DY VQ¡IUHVH
9HGOLNHKROG $QEHIDOW YHGOLNHKROGVSODQ 'HO .RQWUROOHUH PRWRUROMHQLYn 6HUYLFHDUEHLG )¡UVW WLPHU WLPHU WLPHU WLPHU 6MHNN ROMHQLYnHW I¡U KYHU EUXN RJ I\OO Sn ROMH HWWHU EHKRY ; ; ; ; ; ; ; ; 6NLIWH PRWRUROMH 6NLIW PRWRUROMH HWWHU I¡UVWH WR GULIWVWLPHU 'HUHWWHU VRP LQGLNHUW 6SLUDOEODGHWV JLUNDVVH .
'HO 6HUYLFHDUEHLG 7HQQSOXJJ 5HQJM¡U XQGHUV¡N RJ MXVWHU nSQLQJHQ 6NLIW XW HWWHU EHKRY %HQVLQWDQN 7DSS XW EHQVLQHQ RJ NM¡U PRWRUHQ IRU n W¡UNH XW WDQNHQ RJ IRUJDVVHUHQ )¡UVW WLPHU WLPHU WLPHU WLPHU WLPHU 3n ODJHU ; ; 9,6 )256,.7,*+(7 )$5(5,6,.2 +YLV GX ODU NDEHOHQ VLWWH Sn WHQQSOXJJHQ NDQ QRHQ VWDUWH PRWRUHQ '(7 620 .$1 6.-( 1RHQ NDQ EOL DOYRUOLJ VNDGHW KYLV PRWRUHQ VWDUWHV YHG HW XKHOO +925'$1 )$5(1 811*c6 7D NDEHOHQ DY WHQQSOXJJHQ I¡U GX EHJ\QQHU PHG QRH VODJV YHG
.RQWUROOHU MXVWHULQJHQ VRP EHVNUHYHW L WULQQHQH RJ XQGHU 0RQWHUH WUHNNIXQNVMRQVVWDJ Sn VLGH )RUHWD HYHQWXHOOH MXVWHULQJHU 6N\Y HW ROMHWDSSHIDW XQGHU GUHQVKDOVHQ RJ WD XW ROMHWDSSHSOXJJHQ ILJ +YLV IRUELQGHOVHVOHGGHW HU ULNWLJ MXVWHUW RJ SUREOHPHW YHGYDUHU Pn GX KHQYHQGH GHJ WLO HW DXWRULVHUW 7RUR VHUYLFHYHUNVWHG 6NLIWH WUHNNGULYHW P )LJXU +YLV WUHNNUHPPHQ ILJ HU VOLWW JMHQQRPYnW DY ROMH HOOHU GHIHNW Sn DQQHQ PnWH Pn GHQ VNLIWHV XW 'X NDQ NM¡SH HQ Q\ UHP KR
)MHUQ GH WR VNUXHQH WR VNLYHU RJ WR OnVHVNLYHU VRP IHVWHU UHPI¡UHUHQ ILJ 'UD OHGHUXOOHQ XWRYHU RJ KHQJ VSLUDOEODGHWV YLIWHKMXOHWV GULYUHP IRUDQ PRWRUVNLYHQ 3DVV Sn DW UHPPHQ HU Sn LQQVLGHQ DY OHGHUXOOHQ ILJ 0RQWHU PRWRUHQV UHPVNLYH VNLYHQ OnVHVNLYHQ RJ VNUXHQ Sn YHLYDNVHOHQ 3DVV Sn DW LQGLNDWRUULEEHQ Sn PRWRUUHPVNLYHQ HU UHWWHW RSS PHG LQGLNDWRUKDNNHW L PRWRUUHPVNLYHQ ILJ 2EV 3DVV Sn DW GX LNNH NOHPPHU VSLUDOEODGHWV YLIWHKMXOHWV GULYUHP ILJ
.RQWUROOHU EHOWHVSHQQLQJHQ YHG n VHWWH LJDQJ VSLUDOEODGHW 3DVV Sn DW VSLUDOEODGHW RJ YLIWHKMXOHW LNNH URWHUHU PHQV VSLUDOEODGHWV YLIWHKMXOHWV GULYNRQWUROOVSDN HU L SRVLVMRQHQ 'LVHQJDJHG 6Wn L I¡UHUVWLOOLQJHQ RJ VH Sn VLGHQ DY VSLUDOEODGKXVHW ILJ (W VWRUW VNUXHKRGH Sn VLGHQ DY VSLUDOEODGKXVHW URWHUHU QnU VSLUDOEODGHW RJ YLIWHKMXOHW URWHUHU ILJ +YLV VSLUDOEODGHW RJ YLIWHKMXOHW URWHUHU QnU PRWRUHQ HU Sn RJ VSLUDO EODGHWV YLIWHKMXOHWV NRQWUROOVSDN HU IUDNRSOHW Pn GX VWUDNV VWDQVH VQ¡IU
/¡VQH OnVHVNUXHQ VRP KROGHU VNUDSHQ IDVW Sn YLIWHKMXOVKXVHW ILJ 3DVV Sn DW EUHPVHNORVVHQ HU ULNWLJ PRQWHUW Sn EUHPVHDUPHQ %UHPVHNORVVHQV VNUnVLGH Pn Y UH SODVVHUW VRP YLVW L ILJXU 0RQWHU GH WR VNUXHQH VRP IHVWHU VSLUDOEODGHWV EUHPVHDUP 3DVV Sn DW WDSSHQH JnU LQQ L KXOOHQH Sn YHQVWUH VLGH DY VQ¡IUHVHUHQ ILJ /D QRHQ NOHPPH VSLUDOEODGHWV YLIWHKMXOHWV GULY NRQWUROOVSDN ILJ PRW KnQGWDNHW RJ PRQWHU UHPI¡UHUHQ Sn Q\WW YHG n EUXNH WR VNUXHU WR VNLYHU RJ WR OnVHVNLYHU .
-XVWHULQJ DY KDVWLJKHWVYHOJHU 6P¡U IRUVLNWLJ VQ¡IUHVHUHQ PHG W\QQ ROMH VRP YLVW L ILJXU RJ +YLV VQ¡IUHVHUHQ HU WUHJ KDVWLJKHWVYDOJ HU YDOJW XWHQ DW VQ¡IUHVHUHQ JnU IUHPRYHU HOOHU KDVWLJKHWVYHOJHUHQ LNNH EHYHJHU VHJ LQQ L KDVWLJKHWVYDOJ Pn KDVWLJKHWVYHOJHUQHV IRUELQGHOVHVOHGG MXVWHUHV 9,.7,* 3DVV Sn DW GHW LNNH NRPPHU ROMH HOOHU IHWW Sn JXPPLKMXOHW HOOHU IULNVMRQVGUHYSODWHQ 'HWWH NDQ In KMXOHW WLO n JOL RJ JXPPLHQ WLO n IRUULQJHV .
6NLIWH WHQQSOXJJHQ 7¡PPH GULYVWRIIWDQNHQ %UXN HQ &KDPSLRQ 5-² /0 WHQQSOXJJ HOOHU HQ WLOVYDUHQGH SOXJJ (WWHUVRP OXIWJDSHW PHOORP PLGW RJ VLGHHOHNWURGHQH Sn WHQQSOXJJHQ JUDGYLV ¡NHU L O¡SHW DY QRUPDO PRWRUEUXN Pn GX LQVWDOOHUH HQ Q\ SOXJJ KYHU GULIWVWLPH .RSOH NDEHOHQ IUD WHQQSOXJJHQ ILJ /XNN GULYVWRIIVDYVWHQJQLQJVYHQWLOHQ ILJ )$5( 5HQJM¡U RPUnGHW UXQGW WHQQSOXJJHQ VOLN DW LQJHQ IUHPPHGPDWHULDOHU IDOOHU QHG L V\OLQGHUHQ QnU GX IMHUQHU WHQQSOXJJHQ )$5(5,6,.
)HLOV¡NLQJ 7RUR KDU GHVLJQHW RJ ODJHW VQ¡IUHVHUHQ IRU SUREOHPIUL EUXN .RQWUROOHU I¡OJHQGH NRPSRQHQWHU RJ HOHPHQWHU Q¡\H RJ VH 9HGOLNHKROG Sn VLGH KYLV GX YLO KD PHU LQIRUPDVMRQ +YLV GX IRUWVDWW KDU SUREOHPHU NRQWDNWHU GX HW DXWRULVHUW VHUYLFHYHUNVWHG 352%/(0 'HQ HOHNWULVNH VWDUWHUHQ VWDUWHU LNNH NXQ IRU PRGHOOHU PHG HOHNWULVN VWDUWHU 0RWRUHQ VWDUWHU LNNH HOOHU GHQ HU YDQVNHOLJ n VWDUWH 08/,*( c56$.(5 /61,1* 6WU¡PNDEHOHQ HU LNNH NRSOHW WLO VWLNNRQWDNWHQ HOOHU VQ¡IUHVHUHQ .
352%/(0 0RWRUHQ NM¡UHU LNNH MHYQW 0RWRUHQ JnU PHQ VQ¡IUHVHUHQ U\GGHU VQ¡HQ GnUOLJ HOOHU LNNH L GHW KHOH WDWW 6Q¡IUHVHUHQ U\GGHU LNNH EDNNHQ JRGW QRN IRU VQ¡ 08/,*( c56$.(5 /61,1* &KRNHQ VWnU L VWLOOLQJHQ 2Q 6HWW FKRNHQ WLO SRVLVMRQHQ 2II DY 'ULYVWRIIDYVWHQJLQJVYHQWLOHQ HU LNNH KHOW nSHQ cSQH GULYVWRIIDYVWHQJLQJV YHQWLOHQ %HQVLQWDQNHQ HU QHVWHQ WRP HOOHU GHW HU JDPPHO EHQVLQ L GHQ 7¡P EHQVLQWDQNHQ RJ I\OO GHQ PHG IHUVN EHQVLQ LNNH PHU HQQ GDJHU JDPPHO +YLV GX IRUWV
352%/(0 6Q¡IUHVHUHQ ´YLSSHV RIWH RSSµ Sn VQ¡HQ 08/,*( c56$.(5 /61,1* 6Q¡HQ Sn EDNNHQ VRP VNDO U\GGHV HU WHWWSDNNHW 5\GG VQ¡HQ DY EDNNHQ I¡U GHQ EOLU WHWWSDNNHW 6Q¡IUHVHUHQ JnU IRU UDVNW WLO n U\GGH VQ¡HQ 6NLIW WLO HW ODYHUH JLU Sn VQ¡IUHVHUHQ +MXOHQH HU LNNH L GHQ EDNHUVWH VWLOOLQJHQ EDUH PRGHOOHU PHG ´3RZHU 6KLIWµ )O\WW KMXOHQH WLO GHQ EDNHUVWH 3RZHU 6KLIW VWLOOLQJHQ 6SLUDOEODGHW YLIWHKMXOHW VWRSSHU LNNH VNLNNHOLJ 6SLUDOEODGHWV YLIWHKMXOHWV GULYUHP HU IRU VWUDP
/DJULQJ .ODUJM¡ULQJ DY VQ¡IUHVHUHQ 6P¡UH VQ¡IUHVHUHQ 6H 6P¡UH VQ¡IUHVHU Sn VLGH 5HQJM¡UH VQ¡IUHVHUHQ $'9$56(/ 5HSDUHU ULSHU RJ DYVNDOOLQJHU PHG ODNN VRP InV NM¡SW KRV DXWRULVHUWH 7RUR VHUYLFHYHUNVWHGHU %UXN VDQGSDSLU Sn RPUnGHQH VRP VNDO ODNNHUHV RJ EUXN HQ UXVW EHVN\WWHU IRU n IRUKLQGUH DW PHWDOOGHOHU DQJULSHV DY UXVW )$5(5,6,.2 %HQVLQJDVV HU PHJHW EUDQQIDUOLJ HNVSORVLY RJ IDUOLJ n LQQnQGH '(7 620 .$1 6.