3V\NH /RJRV
0,1')8/'+('6751,1*6200,''(/7,/$7 5('8&(5(3(56215(77(7$5%(-'63/$'6$**5(66,21
2*9,.7,0,6(5,1*
-DFRE+LOGHQ:LQVO¡Z
'HUIRUHOLJJHUHQRPIDWWHQGHOLWWHUDWXURPYLUNQLQJHQDIPLQG IXOGKHGVWU QLQJ Sn EnGH UDVNH RJ V\JH PHQQHVNHU RJ PLQG IXOGKHGVWU QLQJ WLOE\GHV L VWLJHQGH RPIDQJ WLO PHGDUEHMGHUH RJ OHGHUH Sn GDQVNH DUEHMGVSODGVHU 'HU HU LPLGOHUWLG LQJHQ XQGHUV¡JHOVHUVRPEHO\VHUYLUNQLQJHQDIPLQGIXOGKHGVWU QLQJ SnDUEHMGVJUXSSHQHOOHUDUEHMGVSODGVHQRJGHQVRPJLYHOVHU, GHQQHDUWLNHODUJXPHQWHUHUMHJYHGKM OSDILQGLYLGXDOSV\NROR JLVNH IRUVNQLQJVUHVXOWDWHU IRU DW PLQGIXOGKHGVWU QLQJ NDQ UHGXFHUH RPIDQJHWDISHUVRQUHWWHWDUEHMGVSODGVDJJUHVVLRQ RJ YLNWLPLVHULQJYHGDWUHGXFHUHQHJDWLYDIIHNWRJUXPLQDWLRQRJ IUHPPHDVVHUWLYFRSLQJKRVGHEHU¡UWHDNW¡UHU$IVOXWQLQJVYLV VNLWVHUHU MHJ WUH RSP UNVRPKHGVSXQNWHU VRP MHJ PHQHU HU YLJWLJHIRUHQIUHPWLGLJIRUVNQLQJLGHODQJVLJWHGHYLUNQLQJHUDI PLQGIXOGKHGVWU QLQJLDUEHMGVOLYHW
0LQGIXOGKHGVWU QLQJHULVWLJHQGHRPIDQJHWWLOEXGVRPLQGJnULGHVXQG KHGVRUGQLQJHUVRPGDQVNHYLUNVRPKHGHUWLOE\GHUGHUHVPHGDUEHMGHUH7LO WURGVIRUDWWU QLQJHQEODKDUVLQURGLHWLVNEHJUXQGHGHVSLULWXHOOHWUDGL WLRQHULQGHQIRUEXGGKLVPHQ.DEDW=LQQHUGHULNNHIRUVNQLQJVRP EHO\VHUHIIHNWHQDIGHQQHWU QLQJSnGHDUEHMGVHQKHGHURJYLUNVRPKHGHU VRPVHQGHUGHUHVPHGDUEHMGHUHSnNXUVHULPLQGIXOGKHG'HQQHDUWLNHOHUHW IRUV¡JSnDWEUHGHPLQGIXOGKHGVIRUVNQLQJHQXGWLORJVnDWRPIDWWHWU QLQ JHQVYLUNQLQJHUSnDUEHMGVSODGVHQ
'HQ LQWHUQDWLRQDOH IRUVNQLQJVOLWWHUDWXU RP PLQGIXOGKHG RJ PLQGIXOGKHGV WU QLQJHURPIDWWHQGHRJYRNVHQGH(QV¡JQLQJSn´PLQGIXOQHVV´L,6,:HE RI.QRZOHGJHSULPRUHVXOWHUHGHLNQDSYLGHQVNDEHOLJHDUWLNOHUDI KYLONHRYHUKDOYGHOHQYDUIUDGHVHQHVWHnU'HQRYHUYHMHQGHGHODIGHQQH
-DFRE +LOGHQ :LQVO¡Z VRFLRORJ GUVFLHQWVRF HU WLGOLJHUH OHGHU DI &HQWHU IRU 6RFLDO 8GYLNOLQJ RJ VHQLRUIRUVNHU Sn 'HW 1DWLRQDOH )RUVNQLQJVFHQWHU IRU $UEHMGVPLOM¡ 1)$
$UWLNOHQHUVNUHYHWXQGHUKDQVDQV WWHOVHSn1)$7DNWLO0DOHQH)ULLV$QGHUVHQWLOGHQ DQRQ\PHUHYLHZHURJWLOUHGDNWLRQHQIRUJRGHNRPPHQWDUHU
OLWWHUDWXU HU NYDQWLWDWLYH VWXGLHU DI HIIHNWHQ DI PLQGIXOGKHGVLQWHUYHQWLRQHU SnHQNHOWSHUVRQHUWY UVQLWVVWXGLHUDIVDPPHQK QJHQPHOOHPPLQGIXOGKHG VRP SHUVRQOLJKHGVWU N RJ DQGUH SHUVRQOLJKHGVWU N HOOHU XQGHUV¡JHOVHU DI PHUHHOOHUPLQGUHPLQGIXOGHQRUPDOSHUVRQHUVUHDNWLRQHUSnHNVSHULPHQWHOOH VWLPXOL'HQQHOLWWHUDWXUKDUWRY VHQWOLJHHJHQVNDEHU
)RUGHWI¡UVWHGHILQHUHUPLQGIXOGKHGVOLWWHUDWXUHQPLQGIXOGKHGYHGKM OS DI VNDODHU EHUHJQHW IUD VYDUHQH Sn VWDQGDUGLVHUHGH VS¡UJHVNHPDHU (Q PLQGIXOGSHUVRQHUI¡OJHOLJLGHQQHOLWWHUDWXUHQSHUVRQVRPSnEDJJUXQG DIVLQHVS¡UJHVNHPDVYDUInUEHUHJQHWHQK¡MY UGLSnHQVNDODVRPK Y GHVDWPnOHPLQGIXOGKHGOLJHVRP´¡JHWPLQGIXOGKHG´EHW\GHU¡JHWVNDOD Y UGLSnGHQYDOJWHVNDOD'HQHNVWHUQHJ\OGLJKHGDIGHQQH´PnOLQJ´DI PLQGIXOGKHGNDQGLVNXWHUHVRJEOLYHUGLVNXWHUHWLPLQGIXOGKHGVOLWWHUDWX UHQI[5RVFK%DHUPIO*URVVPDQ9DQ'DPPIO RJLDUEHMGVOLYVOLWWHUDWXUHQI[:LQVO¡Z0HQIDNWXPHUDW GHQHPSLULVNHOLWWHUDWXUVRPILQGHVHUEDVHUHWSnGHQQHIRUPIRUGDWD )RU GHW DQGHW UDSSRUWHUHV RJ DQDO\VHUHV GHU L PLQGIXOGKHGVOLWWHUDWXUHQ VWRUW VHW XGHOXNNHQGH GDWD RP HQNHOWSHUVRQHU 7URGV PLQGIXOGKHGVWU QLQJV URG L HWLVNVSLULWXHOOH WUDGLWLRQHU HU WU QLQJHQV PXOLJH HIIHNW Sn JUXSSHURUJDQLVDWLRQHURJLVDPIXQGVOLYHWIRUVNQLQJVP VVLJWXRSG\UNHW ODQG'HQIRUVNHUVRPSnGHWIRUHOLJJHQGHHPSLULVNHJUXQGODJ¡QVNHUDW WHRUHWLVHUH RP PLQGIXOGKHGVWU QLQJV HIIHNWHU Sn GHW VRFLDOH QLYHDX HU Q¡GWWLODWE\JJHVLQHK\SRWHVHURSIUDGHWLQGLYLGXDOSV\NRORJLVNHQLYHDX OLJHVRPKDQHOOHUKXQHUQ¡GWWLODWEHWMHQHVLJDINYDQWLWDWLYWDQDO\VHUHGH VHOYUDSSRUWHULQJVGDWDRSQnHWYHGKM OSDIVWDQGDUGLVHUHGHVS¡UJHVNHPDHU
$JJUHVVLRQRJRSOHYHOVHQDIDWY UHJHQVWDQGIRUDQGUHVDJJUHVVLRQYLN WLPLVHULQJRSVWnULVDPVSLOOHWPHOOHPNROOHJHURJPHOOHPPHGDUEHMGHUH RJ OHGHUH Sn DUEHMGVSODGVHQ 'HWWH VDPVSLO SnYLUNHV DI HJHQVNDEHU YHG GHW XGI¡UWH DUEHMGH DI NRQMXQNWLRQVEHVWHPWH YLONnU IRU GHQ LQGE\UGHV RPJDQJ PHOOHP PHGDUEHMGHUH RJ OHGHUH RJ DI RUJDQLVHULQJ NXOWXU RJ Y UGLHULGHQHQNHOWHEUDQFKHRJYLUNVRPKHG$JHUYROG%DLOOLHQ PIO(IWHUVRPGHQHPSLULVNHOLWWHUDWXURPPLQGIXOGKHGVWU QLQJ DOHQH EHKDQGOHU WU QLQJHQV YLUNQLQJHU Sn GHW LQGLYLGXDOSV\NRORJLVNH QLYHDXYLOMHJLGHQQHDUWLNHOEHQ\WWHUHVXOWDWHUYHGU¡UHQGHHIIHNWHUQHDI PLQGIXOGKHGVWU QLQJSnGHQHQNHOWHWLODWDUJXPHQWHUHIRUDWPLQGIXOG KHGVWU QLQJSnVLJWNDQUHGXFHUHRPIDQJHWRJYLUNQLQJHUQHDIDJJUHVVLRQ PHOOHPOHGHUHRJPHGDUEHMGHUHRJPHOOHPNROOHJHULQGE\UGHVGYVGHQ
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
SHUVRQUHWWHGHDUEHMGVSODGVDJJUHVVLRQ1.RQNUHWYLOMHJLDUWLNOHQVDIVQLW RJDUJXPHQWHUHIRUDWPLQGIXOGKHGVWU QLQJNDQ
PLQGVNHRPIDQJHWDIDJJUHVVLRQYHGDWPLQGVNHQHJDWLYDIIHNWLYLWHWRJ UXPLQHULQJKRVUHDNWLYHDJJUHVVRUHUGYVSHUVRQHUVRPKDQGOHUDJJUHV VLYWPRGDQGUHIRUDWVWUDIIHHOOHUK YQHVLJSnGHP
PLQGVNHGHKHOEUHGVP VVLJHNRQVHNYHQVHUDIYHGYDUHQGHDWY UHXGVDW IRU DUEHMGVSODGVDJJUHVVLRQ YHG DW UHGXFHUH EUXJHQ DI XQGYLJHQGH FR SLQJVWUDWHJLHUEODQGWRIUHRJYLGQHU
PLQGVNHP QJGHQDIIDNWLVNIRUHNRPPHQGHDJJUHVVLRQYHGDW¡JHRIUH RJYLGQHUVEUXJDIDVVHUWLYHFRSLQJIRUPHU
)¡UVWJ¡UMHJLDIVQLWUHGHIRURPIDQJRJNRQVHNYHQVHUDIDUEHMGVSODGVDJ JUHVVLRQ RJ YLNWLPLVHULQJ RJ L DIVQLW IRU KYDG PLQGIXOGKHG RJ PLQG IXOGKHGVWU QLQJ HU L GHW DNWXHOW PHVW XGEUHGWH LQWHUYHQWLRQVSURJUDP -RQ .DEDW=LQQV0LQGIXOQHVV%DVHG6WUHVV5HGXFWLRQ0%65,GHWDIVOXWWHQGH DIVQLWVNLWVHUHUMHJWUHYLJWLJHRSP UNVRPKHGVSXQNWHUIRUGHQYLGHUHXG IRUVNQLQJDIGHVRFLDOHDUEHMGVOLYVHIIHNWHUDIPLQGIXOGKHGVWU QLQJ
3HUVRQUHWWHWDUEHMGVSODGVDJJUHVVLRQRJYLNWLPLVHULQJ2PIDQJRJ NRQVHNYHQVHU
0HQVSHUVRQUHWWHWDJJUHVVLRQHUKDQGOLQJVRPVLJWHUPRGDWVNDGHDQGUH 5HEHU 5HEHUHUYLNWLPLVHULQJRSOHYHOVHQDIDWY UHJHQVWDQGIRU DQGUHVDJJUHVVLRQ$TXLQR /DPHUW]'HWRI QRPHQHUNDQVnOHGHV RSWU GHXDIK QJLJWDIKLQDQGHQ0HGDUEHMGVSODGVDJJUHVVLRQRJYLNWLPL VHULQJVLJWHUMHJLGHQQHDUWLNHODOHQHWLOGHQDJJUHVVLRQVRPPHGDUEHMGHUH KHUXQGHUOHGHUHXGV WWHUKLQDQGHQIRUDUEHMGVSODGVDJJUHVVLRQKKYI¡OHU VLJXGVDWIRUIUDKLQDQGHQVVLGHDUEHMGVSODGVYLNWLPLVHULQJ-HJVHUVnOHGHV LNNHHNVSOLFLWSnGHQDJJUHVVLRQRJYLNWLPLVHULQJVRPNDQRSVWnLVDPVSLO OHWPHOOHPHQYLUNVRPKHGVPHGDUEHMGHUHSnGHQHQHVLGHRJGHQVNXQGHU NOLHQWHUHOOHUDQGUHVDPDUEHMGVSDUWQHUHSnGHQDQGHQVLGH
$WYLUNQLQJHQI¡UVWYLONRPPHSnVLJWVN\OGHVDWG\QDPLNNHQLJUXSSHUKYRUHQNHOWH PHGOHPPHU IRUDQGUHU VLJ LNNH HU OLQH UW IRUXGVLJHOLJ &XUVHX 3LQFXV PIO 1nU MHJ L GHW I¡OJHQGH JnU OHW KHQ RYHU GHWWH IRUKROG RJ GHUIRU IRUELJnU GHQ GHO DI OLWWHUDWXUHQ RP DUEHMGVSODGVDJJUHVVLRQ RJ YLNWLPLVHULQJ VRP DQO JJHU HW LQWHUDNWLRQLVWLVNV\QSnIRUO¡EHWDISHUVRQNRQIOLNWHULDUEHMGVJUXSSHURJRUJDQLVDWLRQHU EHW\GHUGHWLNNHDWMHJEHWUDJWHUGHQQHOLWWHUDWXUVRPLUUHOHYDQWIRULQWHUYHQWLRQHUVRP VLJWHU PRG DW PLQGVNH DUEHMGVSODGVDJJUHVVLRQ 'HQQH PHUH G\QDPLVNH OLWWHUDWXU RP DUEHMGVSODGVNRQIOLNWHUNDQLPLGOHUWLGLNNHNREOHVGLUHNWHPHGPLQGIXOGKHGVOLWWHUDWXUHQ SJDVLGVWQ YQWHVHQVLGLJWLQGLYLGXDOSV\NRORJLVNHIRNXV
6N¡QQHQH RYHU RPIDQJHW DI DUEHMGVSODGVDJJUHVVLRQ RJ YLNWLPLVHULQJ YD ULHUHUEHWUDJWHOLJWIUDXQGHUV¡JHOVHWLOXQGHUV¡JHOVH(QDPHULNDQVNOLWWHUD WXUJHQQHPJDQJ%DUOLQJPIOIDQGWDWDQGHOHQDIGHDGVSXUJWHVRP UDSSRUWHUHGHDWGHKDYGHRSOHYHWDUEHMGVSODGVDJJUHVVLRQLQGHQIRUGHWVHQH VWHnUYDULHUHGHIUDWLORJDWDQGHOHQVRPRSOHYHGHDWKDYHY UHW YLGQHUWLODJJUHVVLRQSnDUEHMGVSODGVHQW\SLVNOnJDQJHK¡MHUHHQGDQGH OHQVRPRSOHYHGHDWKDYHY UHWXGVDWIRUGHQ(QXQGHUV¡JHOVHIDQGWDW DIGHDGVSXUJWHRSOHYHGHDUEHMGVSODGVDJJUHVVLRQPLQGVWpQJDQJGDJOLJW 3RUDWK (UH],'DQPDUNVN¡QQHU'HW1DWLRQDOH)RUVNQLQJVFHQWHU IRU$UEHMGVPLOM¡DWDIDUEHMGVVW\UNHQOHMOLJKHGVYLVXG¡YHUDJJUHVVLRQ PRG´PREEHU´DQGUHSnGHUHVDUEHMGVSODGVRJDWHUJHQVWDQGIRUOHM OLJKHGVYLVDJJUHVVLRQ(QVW¡UUHGDQVNXQGHUV¡JHOVHIDQGWDWNQDSDI GHDGVSXUJWHKDYGHEHYLGQHWSHUVRQUHWWHWDUEHMGVSODGVDJJUHVVLRQLQGHQIRU GHVHQHVWHPnQHGHU+¡JKPIO
3HUVRQUHWWHWDUEHMGVSODGVDJJUHVVLRQSnYLUNHURIUHQHVYHOEHILQGHQGHQHJDWLYW RJNDQVNDGHGHUHVKHOEUHGMIVDPPHQIDWQLQJHUQHDIOLWWHUDWXUHQL$TXLQR 7KDXRJ*LDFDORQH 3URPLVOR(NVSHULPHQWHOOHXQGHUV¡
JHOVHUSHJHURJVnSnDWGHWDWY UHSDVVLYWYLGQHWLOLVROHUHGHDJJUHVVLYH K QGHOVHUNDQKDYHOLJHVnQHJDWLYHYLUNQLQJHUSnYHOEHILQGHQGHHYQHWLO RSJDYHO¡VQLQJRJSURVRFLDODGI UG3RUDWK (UH]RJSnI\VLRORJL VNHUHDNWLRQHU/RZPIOVRPGHWDWY UHJHQVWDQGIRUDJJUHVVLRQ 'HWDWXGI¡UHDUEHMGVSODGVDJJUHVVLRQRYHUIRUDQGUHNDQRJVnKDYHQHJDWLYH KHOEUHGVYLUNQLQJHUIRUJHUQLQJVP QGHQHKYLVGHHIWHUI¡OJHQGHNRPPHUWLO DWRSOHYHGHUHVDGI UGVRPY UHQGHLPRGVWULGPHGGHUHVJUXQGO JJHQGH VHOYELOOHGH%\UQH(QGHOLJNDQGHQRUJDQLVDWLRQLKYLONHQDJJUHV VLRQHQILQGHUVWHGOLGHVNDGHSJDIRUULQJHWSURGXNWLYLWHWRJSURGXNWNYDOLWHW IRUULQJHWWHDPVDPDUEHMGHRJ¡JHWSHUVRQDOHRPV WQLQJ0RQNVPIO +DUYH\PIO-RKQVRQ3HUVRQUHWWHWDUEHMGVSODGVDJJUHVVLRQHU VnOHGHVHWSUREOHPIRUKHOHDUEHMGVSODGVHQ,'DQPDUNLY UNVDWWH%HVN I WLJHOVHVPLQLVWHULHWLPDUWVHQNDPSDJQHPRGPREQLQJMIPLQLVWHULHWV KMHPPHVLGH
2PIDQJHW DI DUEHMGVSODGVDJJUHVVLRQ DIK QJHU VRP Q YQW IRUPHQWOLJW DI HJHQVNDEHUYHGGHWXGI¡UWHDUEHMGHDINRQMXQNWLRQVEHVWHPWHYLONnUIRUGHQ LQGE\UGHVRPJDQJPHOOHPPHGDUEHMGHUHRJOHGHUHRJDIRUJDQLVHULQJNXOWXU RJY UGLHULGHQHQNHOWHEUDQFKHRJYLUNVRPKHG$JHUYROG%DLOOLHQ PIO,GHQHQNHOWHYLUNVRPKHGRJDUEHMGVJUXSSHHUDUEHMGVSODGVDJ JUHVVLRQRJYLNWLPLVHULQJUHVXOWDWHWDIHWG\QDPLVNVDPVSLOPHOOHPNROOHJHU RJ PHOOHP PHGDUEHMGHUH RJ OHGHUH VRP HQGQX LNNH HU NRUWODJW WLO EXQGV 3DU]HIDOO 6DOLQ (IWHUVRP IRUO¡EHW DIK QJHU DI SHUFHSWLRQVSUR FHVVHURJKDQGOLQJVWLOE¡MHOLJKHGHUKRVVnYHOJHUQLQJVP QGRIUHRJYLGQHU 'RXJODVPIOHUGHWULPHOLJWDWDQWDJHDWLQGVDWVHUNDQLJDQJV WWH EnGHQHJDWLYHRJSRVLWLYHVSLUDOHUIUDIOHUHNQXGHSXQNWHULIRUO¡EHW,GHQQH
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
DUWLNHOVHUMHJQ UPHUHSnWRNQXGHSXQNWHUVRPNDQSnYLUNHVDIPLQGIXOG KHGVWU QLQJ (PRWLRQDOLWHWHQ KRV SHUVRQHU VRP KDQGOHU DJJUHVVLYW PRG DQGUHIRUDWVWUDIIHHOOHUK YQHVLJSnGHPUHDNWLYHDJJUHVVRUHURJGHQ PnGHKYRUSnRIUHIRURJYLGQHUWLODUEHMGVSODGVDJJUHVVLRQKnQGWHUHUDQGUHV DJJUHVVLRQ+YRUGDQPLQGIXOGKHGVWU QLQJNDQSnYLUNHGLVVHWRNQXGHSXQN WHUVHUMHJSnLKKYDIVQLWRJ)¡UVWUHGHJ¡UMHJLDIVQLWIRUPLQGIXOGKHG RJPLQGIXOGKHGVWU QLQJ
0LQGIXOGKHGRJPLQGIXOGKHGVWU QLQJ
)RUVNHOOLJHIRUVNHUJUXSSHUKDUJLYHWIRUVNHOOLJHGHILQLWLRQHUDIPLQGIXOGKHG VHI[.DEDW=LQQ%DHU%URZQ 5\DQ%LVKRSPIO
&KDPEHUVPIO6KDSLUR) OOHVIRUGLVVHGHILQLWLRQHUHU DWPLQGIXOGKHGHUHQWLOVWDQGLKYLONHQPHQQHVNHWUHWWHUVLQRSP UNVRPKHG PRGQRJHWVRPIRUHJnUKHURJQXLPRGV WQLQJWLOQRJHWGHULQGWUDILIRU WLGHQHOOHUPXOLJYLVNDQLQGWU IIHLIUHPWLGHQRJDWKDQHOOHUKXQPRGWDJHU HWKYHUWEHYLGVWKHGVLQGKROGQHXWUDOWDFFHSWHUHQGH´QRQMXGJHPHQWDOO\´
'H IOHVWH PLQGIXOGKHGVWU QLQJVSURJUDPPHU HU PRGLILNDWLRQHU DI .DEDW
=LQQV 0%65SURJUDP WLO EHKDQGOLQJ DI NURQLVN VPHUWHSODJHGH SDWLHQWHU VRP YDU RSJLYHW DI GHUHV SULP UH EHKDQGOHUH Sn HW DPHULNDQVN XQLYHUVL WHWVKRVSLWDO.DEDW=LQQ6RPEHVNUHYHWDI.DEDW=LQQLERJHQ)XOO
&DWDVWURSKH /LYLQJ EHVWnU HQ 0%65LQWHUYHQWLRQ DI HW RWWH XJHU ODQJW JUXSSHIRUO¡E KYRU GHOWDJHUQH P¡GHV QRJOH WLPHU pQ JDQJ XJHQWOLJW RJ GHVXGHQ HQ HQNHOW KHO GDJ .HUQHQ L XQGHUYLVQLQJHQ HU WUH IRUPHU IRU RSP UNVRPKHGVWU QLQJ
NURSVVFDQQLQJKYRURSP UNVRPKHGHQIO\WWHVPHOOHPIRUVNHOOLJHNURSV ORNDOLVHULQJHU
VLGGHQGHPHGLWDWLRQPHGIRNXVHULQJSnnQGHGU WWHW
PHGLWDWLRQ L EHY JHOVH KYRU GHOWDJHUQH EHVWU EHU VLJ Sn DW IDVWKROGH RSP UNVRPKHGHQSnGHWGHJ¡UL¡MHEOLNNHWI[DWVSLVHHOOHUJn 'LVVHHOHPHQWHULXQGHUYLVQLQJHQIRUYHQWHVGHOWDJHUQHDWSUDNWLVHUHLRP NULQJPLQXWWHUGDJOLJWPHOOHPXQGHUYLVQLQJVJDQJHQH.URSVEHYLGVWKH GHQRSWU QHVHQGYLGHUHYKD+DWKD\RJD¡YHOVHUKYRUVWRUHPXVNHOJUXSSHU VS QGHVXGVWU NNHVRJDIVS QGHVXQGHURSP UNVRPKHGSnnQGHGU WRJ PXVNHOVDQVQLQJHUVHLOOXVWUDWLRQHUQHL.DEDW=LQQSS 8QGHUDOOH¡YHOVHURSIRUGUHVGHOWDJHUQHWLODWKROGHRSP UNVRPKHGSnGHW YDOJWHIRNXVNURSVORNDOLVHULQJHQnQGHGU WWHWYHGQ VHERUHQHHOOHULPHO OHPJXOYHW I¡GGHUQHV NRQWDNW PHG XQGHUODJHW XQGHU JDQJ RVY 6SRQWDQW RSVWnHGH WDQNHU I¡OHOVHU RJ VDQVQLQJHU REVHUYHUHV QHXWUDOW DFFHSWHUHQGH
´QRQMXGJHPHQWDOO\´ 'HW VDPPH J OGHU YXUGHULQJHU DI GHW VSRQWDQW
RSVWnHGHEHYLGVWKHGVLQGKROG1nUGHOWDJHUHQVnOHGHVEHP UNHUDWKDQVRS P UNVRPKHGHUYDQGUHWIUDGHWJLYQHIRNXVRJQXHURSWDJHWDIGDJGU¡PPH JUXEOHULHU HULQGULQJHU HOOHU DQGHW RSIRUGUHV KDQ WLO DW EHP UNH GHWWH RJ LGHQWLILFHUHDUWHQDIGHWRSVWnHGHEHYLGVWKHGVLQGKROGI¡UKDQYHQGHUWLOEDJH WLOGHWJLYQHIRNXV'HOWDJHUQHLQVWUXHUHVVnOHGHVLDWEHP UNHGHUHVWDQNHU PYPHQRJVnLDWXQGODGHDWODGHVLJRSVOXJHDIGHPHOOHUIRUKROGHVLJWLO GHP'HWWHIRUYHQWHVDWOHGHIUHPWLOHQHUNHQGHOVHDIDWWDQNHUQHWRSHUWDQ NHURJLNNHI[DIELOGQLQJHUDIHQVHOYVW QGLJWHNVLVWHUHQGHYLUNHOLJKHGVWLO VWDQG'HOWDJHUQHRSIRUGUHVRJVnWLOO¡EHQGHLGHUHVKYHUGDJDWDQO JJHGHWWH GLVLGHQWLILFHUHQGHSHUVSHNWLYSnEHYLGVWKHGVLQGKROG
.HUQH¡YHOVHUQH L PLQGIXOGKHGVSURJUDPPHW VRP EHVNUHYHW DI .DEDW=LQQ V\QHV VnOHGHV DW VLJWH PRG DW QGUH GHOWDJHUHQV RULHQWHULQJ L YHUGHQ L WR KHQVHHQGHU)RUGHWI¡UVWHYHGDW¡JHKHQGHVRSP UNVRPKHGSnNURSVOLJH VDQVQLQJHU L PRGV WQLQJ WLO WDQNHU HPRWLRQHU RJ RPYHUGHQVVDQVQLQJHU RJIRUGHWDQGHWYHGDWJ¡UHKHQGHRSP UNVRPSnKHQGHVPXOLJKHGIRUDW GLVLGHQWLILFHUHVLJIUDEHYLGVWKHGVLQGKROGRJVW\UNHKHQGHVHYQHWLODWJ¡UH GHWWH
0LQGIXOGKHGVWU QLQJVRPHWPLGGHOWLODWPLQGVNHUHDNWLYDUEHMGV SODGVDJJUHVVLRQ
0LQ I¡UVWH SnVWDQG HU DW PLQGIXOGKHGVWU QLQJ NDQ PLQGVNH RPIDQJHW DI DUEHMGVSODGVDJJUHVVLRQ YHG DW PLQGVNH QHJDWLY DIIHNWLYLWHW RJ UXPLQHULQJ KRVUHDNWLYHDJJUHVVRUHU
$JJUHVVLRQ NDQ Y UH UHDNWLY K YQHQGH HOOHU VWUDIIHQGH HOOHU SURDNWLY SU GDWRULVN GYV VLJWH PRG DW JLYH JHUQLQJVPDQGHQ JHYLQVWHU Sn RIUHWV EHNRVWQLQJ'HSV\NRORJLVNHEHJUHEHUVRPHUDQYHQGWLHPSLULVNHVWXGLHU DI UHDNWLY DUEHMGVSODGVDJJUHVVLRQ YHGU¡UHU I¡UVW RJ IUHPPHVW SHUFHSWLRQ RJHPRWLRQHOUHJXOHULQJ7RDIGLVVHEHJUHEHUHUJHUQLQJVPDQGHQVQHJDWLYH DIIHNWLYLWHWRJWLOE¡MHOLJKHGWLOUXPLQDWLRQGYVKDQVWLOE¡MHOLJKHGWLODWUXJH RYHUSUREOHPHURJXEHKDJRJGHUHVnUVDJHU,GHWI¡OJHQGHYLOMHJDUJXPHQ WHUHIRUDWEnGHQHJDWLYDIIHNWLYLWHWRJUXPLQDWLRQNDQPLQGVNHVYHGKM OS DIPLQGIXOGKHGVWU QLQJ
1HJDWLYDIIHNWLYLWHWDJJUHVVLRQRJPLQGIXOGKHGVWU QLQJ
1HJDWLYDIIHNWLYLWHWHUHWIOHUGLPHQVLRQHOWEHJUHEVRPRPIDWWHUHQWLOED JHYHQGHQGHQHJDWLYVWHPWKHGLIRUPDIQHUY¡VLWHWYUHGODGHQKHGEHN\PULQJ HDHQNUDIWLJLQWHQVLWHWLUHDNWLRQHQSnHPRWLRQHOWODGHGHVWLPXOLRJ ODQJDIYLNOLQJVWLGDIGHQRSVWnHGHUHDNWLYHHPRWLRQDOLWHW:DWVRQ &ODUN
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
1HJDWLYDIIHNWLYLWHWPnOHVPHGVXEVNDODHQDIVDPPHQDYQL3$1$6 :DWVRQPIO%HJUHEHWHUV¡JWLQGOHMUHWLHYROXWLRQ UWHRUL:HHNV PIOVRFLDONRJQLWLRQVWHRUL3LQHGDPIORJWLONQ\WQLQJVWHRUL 0LNXOLQFHUPIO
, +HUVKFRYLV PIOV PHWDDQDO\VH DI HW XGYDOJ DI LQGLYLGXHOOH RJ VLWXDWLRQHOOH SUHGLNWRUHU DI VHOYUDSSRUWHUHW LQWHUSHUVRQHO DJJUHVVLRQ Sn DUEHMGVSODGVHQYDUQHJDWLYDIIHNWLYLWHWGHQSUHGLNWRUVRPNRUUHOHUHGHK¡MHVW PHGDJJUHVVLRQU PHQVGHQSUHGLNWRUVRPNRUUHOHUHGHQ VWVW UNHVW PHGDJJUHVVLRQYDUYUHGODGHQKHGWUDLWDQJHUU VRPJUXQGO J JHQGHRJVnXGWU\NNHUHQLYRUHVVDPPHQK QJUHOHYDQWIRUPIRUHPRWLRQHO UHDNWLYLWHW%HWWHQFRXUWPIO'HQHXUDOHIRUELQGHOVHUPHOOHPQHJDWLY DIIHNWLYLWHWRJDJJUHVVLRQHUEHO\VWDI.UDPHUPIO
(QU NNHVWXGLHUKDUYLVWDWPLQGIXOGKHGVLQWHUYHQWLRQHUUHGXFHUHUQHJDWLY DIIHNWLYLWHW RJ PHUH VSHFLILNNH HPRWLRQHOOH WLOVWDQGH VRP VWUHVVRSOHYHOVH DQJVWEHN\PULQJRJQHGWU\NWKHGEODQGWEnGHUDVNHUHYLHZHWL&KLHVD 6HUHWWL RJ I\VLVN V\JH SDWLHQWHU UHYLHZHW L /HGHHVPD .XPLQR MI RJVn HQ U NNH VHQHUH VWXGLHU VnVRP 6FKURHYHUV %UDQGVPD -KDPIO0DWRXVHN 'RENLQ*ROGLQ *URVVRJ .LPERURXJKPIO
(IWHUVRPPLQGIXOGKHGVLQWHUYHQWLRQHUHUNRPSOHNVHIRUO¡EMIEHVNULYHOVHQ DI0%65RYHQIRUNXQQHGHWW QNHVDWY UHDQGUHIDNWRUHUHQGRSP UN VRPKHGVWU QLQJHQVRPYDUVN\OGLGHOWDJHUQHV QGUHGHHPRWLRQDOLWHW)[
NXQQHVHOYHGHWDWGHOWDJHLHWJUXSSHIRUO¡EVDPPHQPHGPHQQHVNHUPDQ GHOHUHWVN EQHI OOHVVNDEVnVRPGHSUHVVLRQHOOHUNURQLVNHVPHUWHUPHG W QNHVDWIRUEHGUHKXP¡UHW*ULIILWKPIO
(QU NNHXQGHUV¡JHOVHUSHJHULPLGOHUWLGSnDWGHWHUPLQGIXOGKHGRJPLQG IXOGKHGVWU QLQJHQVRPKDUKRYHGDQVYDUHWIRUGHQUHGXFHUHGHQHJDWLYHDI IHNWLYLWHWEODQGWGHOWDJHUQHLPLQGIXOGKHGVWU QLQJVSURJUDPPHU6nOHGHVKDU IOHUHXQGHUV¡JHOVHUYLVWDWRPIDQJHWDIWU QLQJPHOOHPJUXSSHVHVVLRQHUQH IRUNODUHU WLOY NVWHQ L VHOYUDSSRUWHUHW PLQGIXOGKHG KRV GHOWDJHUH L PLQG IXOGKHGVLQWHUYHQWLRQHUI[5RVHQ]ZHLJPIO-KDPIOPHQV DQGUHXQGHUV¡JHOVHUKDUIXQGHWDWGHWHUWLOY NVWLVHOYUDSSRUWHUHWPLQGIXOG KHGVRPIRUNODUHUGHQIRUEHGULQJLKXP¡URJDIIHNWLYLWHWVRPREVHUYHUHV HIWHU PLQGIXOGKHGVWU QLQJHQ 0DWRXVHN 'RENLQ 6FKURHYHUV
%UDQGVPD
0LQGIXOGKHGVWU QLQJ UHGXFHUHU LNNH NXQ HQ YHGYDUHQGH HOOHU WLOEDJHYHQ GHQGHQHJDWLYVWHPWKHGKRVGHOWDJHUQH(QU NNHXQGHUV¡JHOVHUSHJHURJVn SnDWPLQGIXOGKHGVWU QLQJPLQGVNHULQWHQVLWHWHQLHPRWLRQHOOHUHDNWLRQHU
Sn JLYQH VWLPXOL RJ IRUNRUWHU DIYLNOLQJVWLGHQ IRU GHQ HPRWLRQDOLWHW VRP RSVWnU
0HGKHQV\QWLOLQWHQVLWHWHQLHPRWLRQHOOHUHDNWLRQHUYLVWHWRHNVSHULPHQWHOOH XQGHUV¡JHOVHUDWPLQGIXOGKHGVWU QLQJJ¡UGHWPXOLJWIRUIRUV¡JVSHUVRQHUQH DWPLQGVNHXEHKDJHWYHGHQJLYHQI\VLVNVPHUWHSnYLUNQLQJ%URZQ -RQHV -KDPIO'HWWHDQW\GHUDW¡JHWPLQGIXOGKHGHUIRUEXQGHWPHG
¡JHW HYQH WLO HPRWLRQHO UHJXOHULQJ KYLONHW RJVn HU KYDG$UFK &UDVNH KDU IXQGHW L HQ XQGHUV¡JHOVH DI HPRWLRQHO UHJXOHULQJ EODQGW KKY NOLQLVN QJVWHOLJHSDWLHQWHURJQRUPDOSHUVRQHU,EHJJHSRSXODWLRQHUIDOGW UHDNWLYLWHWHQSnODERUDWRULHVWUHVVRUHUPHGVWLJHQGHVHOYUDSSRUWHUHWPLQGIXOG KHG2J-LPHQH]PIOKDULHQVS¡UJHVNHPDEDVHUHWWY UVQLWVXQGHU V¡JHOVHIXQGHWDWGHQQHJDWLYHVDPPHQK QJPHOOHPGHSUHVVLYHV\PSWRPHU RJVHOYUDSSRUWHUHWPLQGIXOGKHGPHGLHUHV IRUNODUHVIXOGWXGDIWUHIRUPHU IRUHPRWLRQHOUHJXOHULQJ
0LQGIXOGKHGVWU QLQJV HYQH WLO DW IRUNRUWH DIYLNOLQJVWLGHQ IRU HPRWLRQHO UHDNWLYLWHWLQGLNHUHVDIWRXQGHUV¡JHOVHUDI:HLQVWHLQPIORJ2UWQHU PIO:HLQVWHLQPIOIDQGWDWPHUHPLQGIXOGHXQLYHUVLWHWVVWXGHUHQGH LNNHNXQRSOHYHGHPLQGUHVWUHVVXPLGGHOEDUWHIWHUDWGHYDUEOHYHWXGVDW IRUHQPLOGVRFLDOWUXVVHOPHQRJVnòWLPHVHQHUHKDYGHUHGXFHUHWGHUHV VWUHVVRSOHYHOVH PHUH HQG DQGUH VWXGHUHQGH 2UWQHU PIO PnOWH HPRWLRQHO LQWHUIHUHQV KRV IRUV¡JVSHUVRQHU PHG IRUVNHOOHQ L GHUHV UHDNWLRQVWLG XQGHU XGI¡UHOVHDIHQNRJQLWLYRSJDYHHIWHUIRUHYLVQLQJDIKKYDIIHNWLYWQHXWUDOH RJ LNNHQHXWUDOH ELOOHGHU RJ IDQGW DW GHOWDJHUQH L PLQGIXOGKHGVWU QLQJ L PRGV WQLQJ WLO GH WR VDPPHQOLJQLQJVJUXSSHU KDYGH UHGXFHUHW HPRWLRQHO LQWHUIHUHQVHIWHULQWHUYHQWLRQHQ
6DPPHQIDWWHQGHSHJHUGLVVHXQGHUV¡JHOVHUSnDWVHOYUDSSRUWHUHWPLQGIXOGH SHUVRQHUHUPLQGUHVW\UHWDIGHUHVQHJDWLYHDIIHNWLYLWHWHQGDQGUH'HWWHHU VRPPDQVNXOOHIRUYHQWHHIWHUVRPPLQGIXOGKHGLQGHE UHUHQQHXWUDOIRUKRO GHQVLJWLOEHYLGVWKHGHQVLQGKROGKHUXQGHUHJHQHPRWLRQDOLWHW0HUHPLQG IXOGHSHUVRQHUHUPLQGUHSU JHGHDIQHJDWLYHVWHPQLQJHUGHUHDJHUHUPLQ GUHYROGVRPWSnDYHUVLYHVWLPXOLRJGHDIYLNOHUGHUHVHPRWLRQHOOHUHDNWLRQHU KXUWLJHUHHQGPLQGUHPLQGIXOGHSHUVRQHU<GHUPHUHSHJHUGHJHQQHPJnHGH XQGHUV¡JHOVHUSnDWPLQGIXOGKHGVWU QLQJNDQPLQGVNHGHOWDJHUQHVQHJDWLYH DIIHNWLYLWHW VnYHO PHG KHQV\Q WLO KXP¡U VRP UHDNWLYLWHW RJ DIYLNOLQJVWLG (IWHUVRPQHJDWLYDIIHNWLYLWHWHUGHQNUDIWLJVWHLQGLYLGXHOOHSUHGLNWRUDIVHOY UDSSRUWHUHWDUEHMGVSODGVDJJUHVVLYLWHWNDQPDQIRUYHQWHDWVSUHGQLQJHQDI PLQGIXOGKHGVWU QLQJSnDUEHMGVSODGVHUYLOUHGXFHUHRPIDQJHWDIGHSUREOH PHUVRPDUEHMGVSODGVDJJUHVVLYLWHWVNDEHUIRUJHUQLQJVP QGRIUHRJDQGUH NROOHJHURJIRUDUEHMGVSODGVHQVRPKHOKHG
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
5XPLQDWLRQDJJUHVVLRQRJPLQGIXOGKHGVWU QLQJ
(W DQGHW NHUQHEHJUHE L GHQ HPSLULVNH OLWWHUDWXU RP UHDNWLY DJJUHVVLRQ HU UXPLQDWLRQ:LONRZVNL 5RELQVRQ5XPLQDWLRQHUHQPnGHDWUHD JHUHSn\GUHSnYLUNQLQJHUVRPHUNHQGHWHJQHWDIHQSDVVLYWWLOEDJHYHQGHQGH RSWDJHWKHGDIXEHKDJHOOHUSUREOHPHURJnUVDJHUQHWLOGHP1ROHQ+RHNVH PDPIO)DNWRUDQDO\WLVNHXQGHUV¡JHOVHUDQW\GHUDWUXPLQDWLRQKDU HQI OOHVNHUQHSnWY UVDIWHPDPHQDWGHUILQGHVWRGLVWLQNWHXQGHUW\SHU YUHGHVUXPLQDWLRQ RJ V¡UJPRGLJKHGVUXPLQDWLRQ 3HOHG 0RUHWWL +MHUQHI\VLRORJLVNHXQGHUV¡JHOVHUKDUYLVWDW¡JHWDNWLYLWHWLKLSSRFDPSXV LQVXODRJGHWFLQJXO UHFRUWH[HIWHUSURYRNDWLRQSUHGLNWHUHUVHOYUDSSRUWHUHW UXPLQDWLRQ'HQVRQPIO
%HWWHQFRXUWPIOYLVWHLGHUHVPHWDDQDO\VHDIHNVSHULPHQWHOOHXQGHU V¡JHOVHUDIVDPPHQK QJHQPHOOHPSHUVRQOLJKHGVWU NRJDJJUHVVLYDGI UG DW IRUV¡JVSHUVRQHU VRP VFRUHGH K¡MW Sn UXPLQDWLRQVVNDODHU XGYLVWH PHUH DJJUHVVLYDGI UGQnUGHEOHYSURYRNHUHGHHQGSHUVRQHUVRPVFRUHGHODYWSn GHVDPPHVNDODHU8GHQSURYRNDWLRQYDUGHULNNHIRUVNHOSnKYRUDJJUHVVLYW GHWRJUXSSHUIRUV¡JVSHUVRQHURSWUnGWH
cUVDJHQ WLO GHQ VWDWLVWLVNH VDPPHQK QJ PHOOHP UXPLQDWLRQ RJ UHDNWLY DJJUHVVLRQ HU LNNH NHQGW (Q PXOLJ IRUNODULQJ HU DW JHQWDJHQ WLOEDJHYHQ GHQWLOHQSURYRNHUHQGHRSOHYHOVHUXPLQDWLRQYHGOLJHKROGHUDNWLYLWHWHQL YUHGHVUHODWHUHGHQHWY UNLKMHUQHQRJGHUPHG¡JHUULVLNRHQIRUDJJUHVVLY DGI UG%RUGHUVPIO'HQQHV\QVYLQNHOVW¡WWHVDIUHVXOWDWHULQGHQ IRUIRUVNQLQJHQLWLOJLYHOVHVRPSHJHUSnDWWLOE¡MHOLJKHGHQWLOUXPLQDWLRQ VWnULYHMHQIRURIUHWVHYQHWLODWWLOJLYHJHUQLQJVPDQGHQVSURYRNDWLRQ%HUU\
PIO
(QU NNHPLQGIXOGKHGVWU QLQJVLQWHUYHQWLRQHUKDUIXQGHWDW0%65UHGX FHUHUUXPLQHULQJ0HQGHOVRQPIO0DUWLQ$VXHUR &DUFLD%DQGD
&KDPEHUVPIO6KDSLURPIO-DLQPIO5DPHO PIO , HQ Q\OLJ WY UVQLWVXQGHUV¡JHOVH IDQGW %RUGHUV PIO DW UXPLQDWLRQ GHOYLV PHGLHUHU GHQ QHJDWLYH VWDWLVWLVNH VDPPHQK QJ PHO OHPPLQGIXOGKHGRJVHOYUDSSRUWHUHWYHUEDODJJUHVVLRQPHQV6KDSLURPIO L HQ UDQGRPLVHUHW PLQGIXOGKHGVLQWHUYHQWLRQ IDQGW DW WLOY NVWHQ L PLQGIXOGKHGIRUNODUHGH IDOGHW L UXPLQDWLRQ 8G IUD GLVVH UHVXOWDWHUNXQQH PDQW QNHVLJDWPLQGIXOGKHGVWU QLQJPLQGVNHUDJJUHVVLYLWHWYHGDW¡JH PLQGIXOGKHG±GHQQHXWUDOHRSP UNVRPKHGRYHUIRUGHI¡OHOVHURJVDQVQLQ JHUGHUHUL¡MHEOLNNHW±RJGHUPHGUHGXFHUHUGHQSODGVGHUHULEHYLGVWKH GHQWLODWUXJHRYHUIRUWLGLJHK QGHOVHURJGHUHVnUVDJHUVHRJVn/HDU\PIO ,GHQQHIRUELQGHOVHHUGHWLQWHUHVVDQWDW6DQGHUV /DPIDQGW DWSHUVRQHUVRPVFRUHGHK¡MWSnHQUXPLQDWLRQVVNDODILNIRUEHGUHWGHUHVVR FLDOHSUREOHPO¡VQLQJVHYQHHIWHUDWY UHEOHYHWXGVDWIRUHQPLQGIXOGKHGVLQ
GXNWLRQ(QWLOVYDUHQGHIRUEHGULQJIDQGWLNNHVWHGIRUSHUVRQHUVRPVFRUHGH ODYW Sn UXPLQDWLRQVVNDODHQ 'HWWH NXQQH W\GH Sn DW PLQGIXOGKHGVWU QLQJ QHWRSYLOY UHHIIHNWLYRYHUIRUUXPLQDWLYHDJJUHVVRUHU
'HQQHNRQNOXVLRQVW¡WWHVDIDW%DUQHVPIOIDQGWDWSHUVRQHUVRP VFRUHGH K¡MW Sn PLQGIXOGKHGVVNDODHQ 0$$6 EOHY PLQGUH SnYLUNHGH HQG SHUVRQHUVRPVFRUHGHODYWSnGHQLGHUHVI¡OHOVHUIRUGHUHVURPDQWLVNHSDUW QHUHIWHUDWSDUUHWKDYGHY UHWXGVDWIRUHQHNVSHULPHQWHOWIUHPPDQLSXOHUHW NRQIOLNW +YLV PLQGIXOGKHGVWU QLQJ JLYHU PLQGUH NRJQLWLY SODGV WLO UXPL QDWLRQEOLYHUGHUPLQGUHSODGVWLODWE UHQDJRYHUIRUSHUVRQHUVRPPDQ WLGOLJHUHKDURSOHYHWDWEOLYHJHQHUHWDI%DUQHVPIOXQGHUV¡JWHLNNHRP GHUYDUIRUVNHOPHOOHPPHUHRJPLQGUHPLQGIXOGHSHUVRQHUPHGKHQV\QWLO KYRUGDQGHVnGHUHVSDUWQHUI¡UHNVSHULPHQWHW'HWNXQQHW QNHVDWPLQGUH PLQGIXOGHSHUVRQHUVVW¡UUHSnYLUNHOLJKHGLHNVSHULPHQWHWVN\OGWHVHWPLQGUH MRUGQ UWHOOHUHWPHUHLGHDOLVHUHWELOOHGHDISDUWQHUHQRJGHUPHGHQVW¡UUH PXOLJKHGIRUVNXIIHOVH)RUGHQLGHHOWPLQGIXOGHEHWUDJWHUIUHPWU GHUDQGUH PHQQHVNHULNNHVRPE UHUHDISRVLWLYWHOOHUQHJDWLYWYXUGHUHGHHJHQVNDEHU
±GHHUVRPGHIUHPWU GHUIRUEHWUDJWHUHQIRUVNHOOLJHIUD¡MHEOLNWLO¡MHEOLN , DIVQLW KDU MHJ JRGWJMRUW DW PLQGIXOGKHGVWU QLQJ YLO NXQQH UHGXFHUH RPIDQJHWDIDUEHMGVSODGVDJJUHVVLRQYHGDWPLQGVNHQHJDWLYDIIHNWLYLWHWRJ UXPLQDWLRQEODQGWUHDNWLYHDJJUHVVRUHU3URDNWLYHHOOHUSU GDWRULVNHDJJUHV VRUHUVDGI UGYLOLNNHEOLYHSnYLUNHWDGGHQQHYHMLGHWGHVW\UHVDIUDWLRQHOOH RYHUYHMHOVHURPIRUGHOHRJXOHPSHUYHGDWJHQHUHDQGUHSnDUEHMGVSODGVHQ 3DU]HIDOO 6DOLQ(IWHUVRPXGIDOGHWDIGLVVHRYHUYHMHOVHUDIK QJHU DIRPJLYHOVHUQHVUHDNWLRQSnGHUHVKDQGOLQJHUYLOSURDNWLYDUEHMGVSODGVDJ JUHVVLRQGHULPRGNXQQHSnYLUNHVDIGHQPnGHKYRUSnYLGQHURJRIUHKnQG WHUHUDJJUHVVLYHKDQGOLQJHU
0LQGIXOGKHGVWU QLQJVRPHWUHGVNDEWLODWPLQGVNHRIUHRJYLGQHUV EUXJDIXQGYLJHQGHFRSLQJVWUDWHJLHU
%nGHGHWDWY UHJHQVWDQGIRURJGHWDWY UHSDVVLYWYLGQHWLOWUHGMHPDQGVDJ JUHVVLRQKDUVRPRYHQIRUQ YQWHPRWLRQHOOHI\VLRORJLVNHRJDGI UGVP V VLJHNRQVHNYHQVHU'LVVHNRQVHNYHQVHUHUPXOLJYLVSnVLJWKHOEUHGVP VVLJW EHODVWHQGHIRUEnGHYLGQHURJRIUH0LQDQGHQSnVWDQGLGHQQHDUWLNHOHU DWPLQGIXOGKHGVWU QLQJNDQPLQGVNHHYHQWXHOOHQHJDWLYHKHOEUHGVP VVLJH YLUNQLQJHUDIDUEHMGVSODGVDJJUHVVLRQYHGDWPLQGVNHEUXJHQDIXQGYLJHQGH FRSLQJEODQGWRIUHRJYLGQHU0LQWUHGMHSnVWDQGHUDWPLQGIXOGKHGVWU QLQJ NDQPLQGVNHRPIDQJHWDIDUEHMGVSODGVDJJUHVVLRQYHGDW¡JHRIUHRJYLGQHUV EUXJDIDVVHUWLYFRSLQJ'HWRSnVWDQGHEHKDQGOHUMHJLGHWWHDIVQLW
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
eQ PnGH DW IRUKROGH VLJ WLO DJJUHVVLRQ KYDG HQWHQ GHQ HU UHWWHW PRG pQ VHOYHOOHUPRGDQGUHLHQVQ UPLOM¡HUDWXQGYLJHDWEHVN IWLJHVLJPHG K QGHOVHQHOOHUGHI¡OHOVHUVRPK QGHOVHQIUHPNDOGHUKRVpQ±XQGYLJHQGH FRSLQJ&RSLQJGHILQHUHVVRPNRJQLWLYHHOOHUDGI UGVP VVLJHWLOWDJVRP VLJWHUPRGDWSnYLUNH\GUHVWUHVVRUHUHOOHUGHUHVSV\NLVNHHIIHNWHU)RONPDQ ,XQGYLJHQGHFRSLQJVWUDWHJLHUIRUV¡JHUPDQDWPLQGVNHK QGHOVHQV HOOHUSHUVRQHQVI¡OHOVHVP VVLJHLQGYLUNHQSnpQYHGDWIDQWDVHUHRPKYDG GHUNXQQHY UHVNHWYHGI\VLVNHOOHUVRFLDOWLOEDJHWU NQLQJIUDVLWXDWLRQHQ HOOHUYHGDWIRUV¡JHDWSnYLUNHVLWVWHPQLQJVOHMHPHGPDGWREDNVWRIIHUHOOHU DQGUHPLGOHU)RONPDQPIO(WSDUDOOHOWEHJUHEWLOXQGYLJHQGHFR SLQJVRPXGVSULQJHUDIHQDQGHQWHRUL5HODWLRQDO)UDPH7KHRU\MI+D\HV HUHNVSHULHQWHOXQGYLJHOVH(NVSHULHQWHOXQGYLJHOVHYHGU¡UHUHWKYHUW IRUV¡JSnDWXQGJnEHVWHPWHI¡OHOVHUWDQNHUHULQGULQJHUNURSVIRUQHPPHOVHU HOOHUDQGUHEHYLGVWKHGVWLOVWDQGH
8QGYLJHQGH FRSLQJ RJ HNVSHULHQWLHO XQGYLJHOVH IRUHNRPPHU EnGH EODQGW RIUH IRU RJ YLGQHU WLO DJJUHVVLRQ Sn DUEHMGVSODGVHU VNROHU RJ LQVWLWXWLRQHU 5DPPVD\HU PIO 2ODIVVRQ -RKDQQVGRWWLU 2K +D]OHU 'HQXQGYLJHQGHPnGHDWIRUKROGHVLJSnNDQSnNRUWVLJWPLQGVNH GHWI¡OHOVHVP VVLJHXEHKDJVRPHUIRUEXQGHWPHGXEHKDJHOLJHRSOHYHOVHU VnVRPDWEOLYHXGVDWIRUDJJUHVVLRQHOOHUY UHYLGQHWLODWDQGUHXGV WWHVIRU WUHGMHSHUVRQVDJJUHVVLRQ*UHQQDQ :RRGKDPV7KRPSVRQ :DOW]
$TXLQR 7KDXNRQNOXGHUHUOLJHIUHPGHUHVUHYLHZDIOLWWHUDWX UHQRPDUEHMGVSODGVYLNWLPLVHULQJDWGHQPHVWHIIHNWLYHVWUDWHJLWLODWPLQGVNH XEHKDJHOLJHSV\NLVNHI¡OJHUDIYLNWLPLVHULQJHUDWIO\WWHVLJIUDJHUQLQJVPDQ GHQI[YHGDWILQGHHWQ\WMRE±HQDNWLYIRUPIRUXQGYLJHQGHFRSLQJ 8QGYLJHQGHFRSLQJRJHNVSHULHQWHOXQGYLJHOVHHULPLGOHUWLGLNNHHQKHQ VLJWVP VVLJ VWUDWHJL KYLV PDQ Y OJHU DW EOLYH Sn DUEHMGVSODGVHQ RJ L JHUQLQJVPDQGHQVQ UKHG(QU NNHXQGHUV¡JHOVHUKDUYLVWDWXQGYLJHQGH FRSLQJPHGLHUHUGHQSRVLWLYHVDPPHQK QJVRPILQGHVPHOOHPGHWDWEOLYH XGVDWIRUHOOHUEHYLGQHDWDQGUHEOLYHUXGVDWIRURYHUJUHESnGHQHQHVLGHRJ QHJDWLYHSV\NLVNHKHOEUHGVWLOVWDQGHSnGHQDQGHQVLGH6DPPHQK QJHQHU IXQGHWLXQGHUV¡JHOVHUDIVHUYLFHDUEHMGHUHVFRSLQJPHGXEHKDJHOLJHNXQGHUV DGI UG%HQ=XU <DJLOLNOLQLVNHXQGHUV¡JHOVHUDISHUVRQHUVRP YDUV\JHPHOGWHLIRUELQGHOVHPHGDWGHRYHUO QJHUHWLGKDYGHRSOHYHWDW Y UHJHQVWDQGIRUJHQWDJHQDUEHMGVSODGVDJJUHVVLRQ.UHLQHUPIORJ LVS¡UJHVNHPDXQGHUV¡JHOVHUDIDUEHMGVJUXSSHU%DLOOLHQPIO8GHQ IRU DUEHMGVOLYHW HU GHQ IXQGHW L IRUELQGHOVH PHG VHNVXHOOH RYHUJUHE PRG E¡UQUHYLHZHWDI:KLIIHQ 0DF,QWRVKYROGW JW1HYLOOH YLNWLPLVHULQJLVNROHQ/RGJH )HOGPDQRJGHWDWY UHXGVDWIRUDW EHYLGQHYROGLVLWORNDORPUnGH%R[HUPIO/LJQHQGHUHVXOWDWHUHU IXQGHWLXQGHUV¡JHOVHUVRPEHWMHQHUVLJDIEHJUHEHWHNVSHULHQWHOXQGYLJHOVH (NVSHULHQWHOXQGYLJHOVHNRUUHOHUHUSRVLWLYWPHGGHSUHVVLRQDQJVWIRELVNH
WLOVWDQGHRJQHJDWLYWPHGOLYVNYDOLWHW+D\HVPIO/LJHVRPXQGYL JHQGHFRSLQJPHGLHUHUHNVSHULHQWLHOXQGYLJHOVHGHQSRVLWLYHVDPPHQK QJ PHOOHP HNVSRQHULQJ IRU RYHUJUHE RJ QHJDWLYH SV\NLVNH HIWHUYLUNQLQJHU 0HUZLQPIO*ROG6nRIUHIRUHOOHUYLGQHUWLODQGUHVDJJUHV VLRQVRPIRUV¡JHUDWOXNNH¡MQHQHIRUKYDGGHUIRUHJnUULVLNHUHUSnVLJWDW NRPSURPLWWHUHGHUHVSV\NLVNHRJPnVNHRJVnGHUHVI\VLVNHKHOEUHG 0LQGIXOGKHGNRUUHOHUHUQHJDWLYWPHGHNVSHULHQWHOXQGYLJHQRJXQGYLJHQGH FRSLQJ L EnGH XVHOHNWHUHGH RJ NOLQLVNH SRSXODWLRQHU 7KRPVRP :DOW]
%HUU\PIO:HLQVWHLQPIORJPLQGIXOGKHGVWU QLQJUH GXFHUHUXQGYLJHQGHFRSLQJEODQGWSHUVRQHUVRPKDUY UHWRIUHIRUVHNVXHOW PLVEUXJVRPE¡UQ.LPEURXJK:LOVRQ'HUHUVnOHGHVJUXQG WLO DW WUR DW PLQGIXOGKHGVWU QLQJ NDQ UHGXFHUH RPIDQJHW DI XQGYLJHQGH FRSLQJRJHNVSHULHQWHOXQGYLJHOVHKRVRIUHRJYLGQHUWLODUEHMGVSODGVDJJUHV VLRQRJGHUPHGPLQGVNHRPIDQJHWDIGHODQJVLJWHGHQHJDWLYHYLUNQLQJHUDI DJJUHVVLRQHQVRPNQ\WWHUVLJWLOGHQXQGYLJHQGHFRSLQJ0HNDQLVPHQHU GHQGLVLGHQWLILNDWLRQPHGVPHUWHIXOGHI¡OHOVHUHOOHUWDQNHUVRPPLQGIXOG KHGVWU QLQJHQRSIRUGUHUWLO)¡OHOVHURJWDQNHUEHP UNHVLGHQWLILFHUHVRJ IRUODGHVGHUHIWHUWLOIRUGHOIRUGHQQ VWHI¡OHOVHHOOHUWDQNH
(QPLQGIXOGIRUKROGHQVLJWLOGHQDJJUHVVLRQPDQXGV WWHVIRUHOOHUEHYLG QHURJGHI¡OHOVHUGHQIUHPNDOGHULpQPLQGVNHULNNHDOHQHGHODQJVLJWHGH NRQVHNYHQVHU DI GHQ XQGYLJHQGH FRSLQJ PHQ J¡U RJVn SODGV IRU DQGUH PnGHUDWIRUKROGHVLJWLODJJUHVVLRQHQSn1nUPDQNDQY UHPHGGHQYUHGH RJVNDPVRPPDQNDQRSOHYHYHGDWEOLYH\GP\JHWDIHQDQGHQHOOHUYHG DWWLOODGHDWHQDQGHQ\GP\JHVDIWUHGMHPDQGEOLYHUGHWPXOLJWUDWLRQHOWDW IRUKROGHVLJWLORYHUJUHEHW'HWEOLYHUPXOLJWDWVHVQDUHUHHQGDWUHDJHUH SnHQVHJHQVLWXDWLRQRJDWPDUNHUHJU QVHUXGIUDKYDGPDQYXUGHUHUHU KHQVLJWVP VVLJW)RUYLGQHUEOLYHUGHWPXOLJWDWVHVDPVSLOOHWPHOOHPRIIHU RJ JHUQLQJVPDQG RJ DW KDQGOH L RYHUHQVVWHPPHOVH PHG HJQH Y UGLHU RJ NRQIOLNWHQVNDUDNWHU8OWLPDWLYWJ¡UPLQGIXOGKHGGHWPXOLJWIRUEnGHRIUHRJ YLGQHUDWVHDJJUHVVRUHQRJGHQHPRWLRQDOLWHWVRPGULYHUKDQVDJJUHVVLRQ (QVnGDQWU GHQWLOEDJHIUDHQVHJHQI¡OHOVHVP VVLJHUHDNWLRQLVLWXDWLRQHQ nEQHU RS IRU Q\H PHUH DVVHUWLYH KDQGOHPXOLJKHGHU IRUVWnHW VRP KDQGOH PXOLJKHGHUGHULK¡MHUHJUDGHQGXQGYLJHQHOOHUUHDNWLYDJJUHVVLRQXGYLVHU UHVSHNWIRUEnGHHJQHRJDQGUHVI¡OHOVHURSOHYHOVHURJJU QVHU
'HUILQGHVLNNHLQWHUYHQWLRQVXQGHUV¡JHOVHUVRPEHO\VHUKYDGHQXJHUV 0%65LQWHUYHQWLRQYLOOHJ¡UHYHGDVVHUWLYLWHWHQLRIUHRJYLGQHUVKnQGWHULQJ DIDUEHMGVSODGVDJJUHVVLRQ0HQWRHNVSHULPHQWHOOHXQGHUV¡JHOVHUDQW\GHUDW PLQGIXOGKHGVWU QLQJYLOIUHPPHDVVHUWLYLWHWHQLRIUHRJYLGQHUVKnQGWHULQJ DI DUEHMGVSODGVDJJUHVVLRQ %DUQHV PIO IUHPNDOGWH HNVSHULPHQWHOW NRQIOLNWHULXQJHSDURJUHODWHUHGHIHPDVSHNWHUDIGHWHQNHOWHPHGOHPV PnGHDWNRPPXQLNHUHPHGSDUWQHUHQSnWLOKDQVHOOHUKHQGHVJUDGDIWLO
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
VWDQGVPLQGIXOGKHG 0$$6VNDODHQ I¡U NRQIOLNWHQ 'H IHP DVSHNWHU YDU YHUEDO DJJUHVVLRQ QHJDWLYLWHW WLOEDJHWU NQLQJ VW¡WWH RJ SUREOHPO¡VQLQJ 3nGHILUHI¡UVWHDVSHNWHUIRUNODUHGHPLQGIXOGKHGPHOOHPRJDI YDULDWLRQHQLNYDOLWHWVYXUGHULQJHUQHPHQVGHULQJHQVDPPHQK QJYDUPHO OHPPLQGIXOGKHGRJJUDGHQDISUREOHPO¡VHQGHNRPPXQLNDWLRQ,HWDQGHW IRUV¡J+HSSQHUPIOVWXGLHEOHYXQLYHUVLWHWVVWXGHUHQGHXGVDWIRU KKYVRFLDODFFHSWRJVRFLDOXGHOXNNHOVHLHQHNVSHULPHQWHOWVNDEWJUXSSHDU EHMGVVLWXDWLRQ'HVRFLDOWXGHOXNNHGHIRUV¡JVSHUVRQHUEOHYGHOWLWRJUXSSHU DIKYLONHGHQHQHEOHYXGVDWIRUHQPLQGIXOGKHGVLQGXNWLRQI¡UGHPRGWRJ EHVNHGRPDW GHUHV JUXSSHDUEHMGVNDPPHUDWHU LNNH ¡QVNHGH DW GH VNXOOH GHOWDJHLJUXSSHQ'HWUHJUXSSHUVWXGHUHQGHEOHYGHUHIWHUVDWWLODWXGI¡UH HQ RSJDYH VRP JDY GHP PXOLJKHG IRU DW ´VWUDIIH´ PHGOHPPHUQH DI GHQ JUXSSHVRPKDYGHXGHOXNNHWGHP,RYHUHQVVWHPPHOVHPHGXQGHUV¡JHOVHQV K\SRWHVHYDUGHPLQGIXOGKHGVLQGXFHUHGHXGVW¡GWHIRUV¡JVSHUVRQHUPLQGUH DJJUHVVLYHHQGGHLNNHPLQGIXOGKHGVLQGXFHUHGHXGVW¡GWHIRUV¡JVSHUVRQHU RJSnQLYHDXLDJJUHVVLYLWHWPHGGHIRUV¡JVSHUVRQHUVRPLNNHYDUEOHYHW XGVW¡GW,EHJJHGLVVHIRUV¡JYDUPLQGIXOGKHGUHODWHUHWWLOHQPHUHDVVHUWLY LNNHDJJUHVVLYHOOHUXQGYLJHQGHPnGHDWKnQGWHUHNRQIOLNWSn
2SP UNVRPKHGVSXQNWHUIRUHQIUHPWLGLJXGIRUVNQLQJDIPLQGIXOG KHGVWU QLQJLDUEHMGVOLYHW
,DIVQLWRJKDUMHJEUXJWUHVXOWDWHUQHIUDGHQLQGLYLGXDOSV\NRORJLVNHOLWWH UDWXURPPLQGIXOGKHGVWU QLQJWLODWDUJXPHQWHUHIRUDWWU QLQJLPLQGIXOGKHG YLONXQQHPLQGVNHQHJDWLYDIIHNWLYLWHWRJUXPLQHULQJKRVSRWHQWLHOOHDJJUHV VRUHUUHGXFHUHRIUHVRJYLGQHUVEUXJDIXQGYLJHQGHFRSLQJRJ¡JHRIUHVRJ YLGQHUVEUXJDIPHUHDVVHUWLYHFRSLQJIRUPHU'LVVHYLUNQLQJHUDIPLQGIXOG KHGVWU QLQJSnGHQHQNHOWHNDQSnVLJWIRUYHQWHVDWUHGXFHUHRPIDQJHWDIUHDN WLYSHUVRQUHWWHWDUEHMGVSODGVDJJUHVVLYLWHWRJPLQGVNHGHQHJDWLYHWULYVHOVRJ KHOEUHGVP VVLJHHIIHNWHUIRUEXQGHWPHGDJJUHVVLYLWHWRJYLNWLPLVHULQJ 6RPQ YQWLLQGOHGQLQJHQKDUMHJEHQ\WWHWPLJDIHQLQGLYLGXDOSV\NRORJLVN DUJXPHQWDWLRQ IRUGL OLWWHUDWXUHQ RP PLQGIXOGKHGVWU QLQJ DOHQH LQGHKROGHU HPSLULVNHUHVXOWDWHUSnLQGLYLGQLYHDX-HJYLOGHUIRUDIVOXWQLQJVYLVNRUWRSULGVH WUHDIGHIRUKROGSnJUXSSHRJRUJDQLVDWLRQVQLYHDXVRPMHJPHQHUE¡UPHG W QNHVLGHQIUHPWLGLJHXGIRUVNQLQJDIPLQGIXOGKHGVWU QLQJLDUEHMGVOLYHW
6\VWHPLVNHYLUNQLQJHUDI¡JHWLQGLYLGXHOPLQGIXOGKHG,DIVQLWRJ KDU MHJ DUJXPHQWHUHW IRU DW PLQGIXOGKHGVWU QLQJ PLQGVNHU HPRWLRQHO UHDNWLYLWHWRJ¡JHUDVVHUWLYFRSLQJ'HWHUHQULPHOLJIRUPRGQLQJDWVHOY HQ EHVNHGHQ IRUEHGULQJ L UHWQLQJ DI UHGXFHUHW UHDNWLY HPRWLRQDOLWHW RJ
¡JHWDVVHUWLYFRSLQJKRVIOHUWDOOHWDIPHGDUEHMGHUHLHQRUJDQLVDWLRQSn VLJW LNNH NXQ YLO PLQGVNH K\SSLJKHGHQ DI DUEHMGVSODGVDJJUHVVLRQ RJ
YLNWLPLVHULQJPHQKDYHWUDQVIRUPHUHQGHYLUNQLQJHUSnRUJDQLVDWLRQHQV GDJOLJGDJ +YRUGDQ YLO GHQQH WUDQVIRUPDWLRQVSURFHV IRUO¡EH RJ KYRU YLO GHQ HQGH" +YRUGDQ YLO GHQ QGUH NUDYHQH WLO OHGHOVH RJ SnYLUNH PHQLJHPHGDUEHMGHUHVGHOWDJHOVHLGU¡IWHOVHUDIYLUNVRPKHGHQVY UGLHU DUEHMGVPLOM¡RJIRUUHWQLQJVVWUDWHJL"+YRUGDQYLOGHQSnYLUNHNRQIOLNWHU RJVDPDUEHMGHRJGHSHUVRQOLJHUHODWLRQHUPHOOHPNROOHJHU"+YRUGDQYLO GHQSnYLUNHSXEOLNXPVEHWMHQLQJHQRJGHUPHGRUJDQLVDWLRQHQVIRUKROGWLO VLQHRPJLYHOVHU"+YLONHNRQIOLNWHUYLORSVWnXQGHUYHMVVRPI¡OJHDIDW JDPOHJHQVLGLJHUHDNWLRQVP¡QVWUHEU\GHVQHGRJKYRUGDQYLOGHQHQNHOWH EOLYHSnYLUNHWDIDWKDQVYDQWHVRFLDOHRPJLYHOVHU QGUHV"+YLONHI¡OJHU YLOPLQGVNHWUHDNWLYLWHWRJ¡JHWDVVHUWLYLWHWKRVGHQHQNHOWHPHGDUEHMGHU InIRUKHQGHVUHODWLRQHUXGHQIRUDUEHMGVSODGVHQ"2JKYRUGDQYLOGHWDW DUEHMGHLHQRUJDQLVDWLRQKYRUHWIOHUWDOWU QHUPLQGIXOGKHGSnYLUNHQ\H RJJDPOHPHGDUEHMGHUHVRPLNNHVHOYWU QHU"
(QI OOHVPLQGIXOGKHG"0HGVSUHGQLQJDIPLQGIXOGKHGVWU QLQJRJ GHUPHGHQEHYLGVWGLVLGHQWLILNDWLRQPHGHJQHHPRWLRQHUEODQGWHWIOHU WDODIPHGDUEHMGHUQHLHQRUJDQLVDWLRQHUGHWW QNHOLJWDWGHULRUJDQLVD WLRQHQRSVWnUVSRQWDQI OOHVEHVLQGHOVHLNRQIOLNWXHOOHVLWXDWLRQHU.RO OHJHUQHLHQDUEHMGVJUXSSHNDQW QNHVKYHUIRUVLJVDPWLGLJDWVWDQGVH RS XQGHU HQ NRQIOLNWRSWUDSQLQJ L HQ IRU JUXSSHQ YHONHQGW VLWXDWLRQ DUEHMGVIRUGHOLQJHQIDJOLJXHQLJKHGHQDQDO\VHDIQRJHWVRPJLNJDOW 'HWRVLGHULYLUNVRPKHGHQVVDPDUEHMGVRJVLNNHUKHGVRUJDQLVDWLRQNDQ VRPI¡OJHDIGHQLQGLYLGXHOOHEHVLQGHOVHSnHJQHWLOE¡MHOLJKHGHUWLODW DQO JJH VWHUHRW\SH PRWLYWLOVNULYQLQJHU EULQJH VLJ L HQ KLGWLO XSU¡YHW VDPDUEHMGVVLWXDWLRQ +YLONH PXOLJKHGHU RSVWnU L RUJDQLVDWLRQHQ QnU PHGOHPPHU DI HWDEOHUHGH JUXSSHULQJHU WU NNHU GHUHV HPRWLRQHOW ED VHUHGHNROOHNWLYHYHQQHRJIMHQGHELOOHGHUWLOEDJH"+YDGVNHUGHUPHG RUJDQLVDWLRQHQVPnGHDWIRUKROGHVLJWLOVLQHRPJLYHOVHUSnQnURP YHUGHQVUHODWLRQHUQHLNNHO QJHUH³IRGUHV´PHGHPRWLRQVOHJLWLPHUHQGH VWHUHRW\SLHU"6S¡UJVPnOVRPGLVVHHUUHMVWDIRUJDQLVDWLRQVIRUVNHUHVRP (OOHQ/DQJHU/DQJHUPIORJ.DUO(:HLFN:HLFN 3XWQDP PHQLNNHLIRUELQGHOVHPHGPLQGIXOGKHGVWU QLQJVSURJUDPPHU )RUVNHOOLJH PLQGIXOGKHGHU" 0%65 HU VRP GHW IUHPJnU DI DIVQLW RYHQIRU HQ NRPSOHNV LQWHUYHQWLRQ EHVWnHQGH DI PHJHW IRUVNHOOLJH
¡YHOVHU LQGSDNNHW L HQ PRWLYHUHQGH WHNVW .DEDW=LQQ ,QWHU YHQWLRQVSURJUDPPHW EOHY VDPPHQVDW DI -RQ .DEDW=LQQ VRP IRU XGHQDIYHVWOLJSV\NRORJLVNRJELRORJLVNWDQNHJDQJYDULQVSLUHUHWDI EXGGKLVWLVNHRJ\RJLVNHWUDGLWLRQHU'LVVHWUDGLWLRQHUVHUWU QLQJHQVRP pWDIIOHUHHOHPHQWHULHQOLYVI¡UHOVHVRPVLJWHUPRGDWPLQGVNHLNNH NXQGHQWU QHQGHVHJHQOLGHOVHPHQDOOHOHYHQGHY VQHUVOLGHOVH(Q GHOLJOHYHUHVPLQGIXOGKHGVWU QLQJDIO UHUHNRQVXOHQWHUVRPIRUXGHQ GHUHV IRUVWnHOVH DI .DEDW=LQQV WHNVW EULQJHU GHUHV HJQH Y UGLHU RJ
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
IDJOLJHRJPHQQHVNHOLJHIRUXGV WQLQJHUWLODUEHMGHWVRPPLQGIXOGKHG VWU QHUH'LVVHIRUKROGJLYHUDQOHGQLQJWLOWRNUHGVHDIVS¡UJVPnO 'HQI¡UVWHNUHGVDIVS¡UJVPnOYHGU¡UHUPLQGIXOGKHGVWU QLQJVIRUKROG WLOGHYLVGRPVWUDGLWLRQHUVRPKDULQVSLUHUHWGHQ(UGLVVHWUDGLWLRQHU RYHUKRYHGHWVnIRUHQHOLJHVRPGHWK YGHVLGHQYHVWOLJHUHNRQVWUXN WLRQDIGHP"9HGYLQRNRPKYRUOHGHVKYHUHQNHOWWUDGLWLRQSnYLUNHU VLQHXG¡YHUHWLODWNXQQHIRUXGVLJHKYRUOHGHVNRPELQDWLRQHQDI¡YHO VHUIUDIRUVNHOOLJHWUDGLWLRQHUYLOYLUNHSnO QJHUHVLJW"+YDGVNHUSn O QJHUHVLJWQnU¡YHOVHUQHNRPELQHUHVPHGYHVWOLJHLQGLYLGXDOLVWLVNH IRUHVWLOOLQJHURP´NURS´RJ´VM O´´OLYVNYDOLWHW´RJ´VXQGKHG´"'LVVH VS¡UJVPnOHUWLGOLJHUHUHMVWLGHQLQGLYLGXDOSV\NRORJLVNHPLQGIXOGKHGV OLWWHUDWXUDIEOD/HDU\ 7DWHRJ5RVFK
'HQDQGHQNUHGVDIVS¡UJVPnOYHGU¡UHUVDPVSLOOHWPHOOHP¡YHOVHURJ PRWLYHU6HOYRPGHWLNNHHUXQGHUV¡JWHPSLULVNPnPDQIRUPRGHDW NRQVXOHQWHQVWLOHJQHOVHDI0%65SURJUDPPHWSnYLUNHUGHQWU QHQGHV XGE\WWHDI¡YHOVHUQH7HDVGDOHPIO0HQKYRUGDQ"7LOVYDUHQGH PHGGHQYLUNVRPKHGRJGHQDUEHMGVJUXSSHVRPLQWHUYHQWLRQHQI¡UHV LQGL+YRUOHGHVIRUPHUYLUNVRPKHGHQVPnONRQVXOHQWHQVXQGHUYLVQLQJ RJ PHGDUEHMGHUQHV UHFHSWLRQ DI ¡YHOVHUQH" +YRUOHGHV IUHPPHU KKY K PPHU G\QDPLVNH SURFHVVHU L GHQ DUEHMGVJUXSSH VRP WU QLQJHQ LQGI¡UHVLGHQHQNHOWHVXGE\WWHDIWU QLQJHQ"+YDGEOLYHUPLQGIXOGKHG EUXJWWLO±DIGHQHQNHOWHRJDIKHQGHVDUEHMGVJLYHU"
, GHQQH DUWLNHO KDU MHJ DUJXPHQWHUHW IRU DW PLQGIXOGKHGVWU QLQJ Sn VLJW YLONXQQHPLQGVNHRPIDQJHWDILQGE\UGHVDJJUHVVLRQRJYLNWLPLVHULQJSn DUEHMGVSODGVHQIRUGLGHQV WWHUWLGOLJHUH´DJJUHVVRUHU´RJ´RIUH´IULIUDHQ GHODIGHDXWRPDWLVPHULDGI UGRJEHYLGVWKHGVLQGKROGVRPGHWLGOLJHUHYDU XQGHUODJW6RPGHRYHQIRUQ YQWHRSP UNVRPKHGVSXQNWHUJ¡UNODUWHUGHW LPLGOHUWLGLNNHJLYHWDWPLQGIXOGKHGVWU QLQJSnHQDUEHMGVSODGVYLOI¡UHWLO HWUHGXFHUHWNRQIOLNWQLYHDXRJPLQGUHLQGE\UGHVDJJUHVVLRQIUDI¡UVWHGDJ 'HWHUKHOOHULNNHSU FLVWIRUXGVLJHOLJWKYDGVOXWUHVXOWDWHWDIPHGDUEHMGHU QHVLQGLYLGXHOOHRJNROOHNWLYHXGYLNOLQJVSURFHVYLOY UH'HUIRUHUEHVOXW QLQJHQRPDWGHOWDJHLPLQGIXOGKHGVWU QLQJHQYLJWLJEHVOXWQLQJEnGHIRU YLUNVRPKHGHQRJIRUGHQHQNHOWHPHGDUEHMGHU2JGHUIRUHUXGIRUVNQLQJHQ DIKYRUOHGHVPLQGIXOGKHGVWU QLQJSnYLUNHUDUEHMGVJUXSSHURJRUJDQLVDWLR QHUSnO QJHUHVLJWHQYLJWLJIRUVNQLQJVRSJDYH
/,77(5$785
$*(592/'07KHVLJQLILFDQFHRIRUJDQL]DWLRQDOIDFWRUVIRUWKHLQFLGHQFHRI EXOO\LQJ6FDQGLQDYLDQ-RXUQDORI3V\FKRORJ\
$48,12. /$0(57=.$5HODWLRQDO0RGHORI:RUNSODFH9LFWLPL]D WLRQ6RFLDO5ROHVDQG3DWWHUQVRI9LFWLPL]DWLRQLQ'\DGLF5HODWLRQVKLSV-RXUQDORI
$SSOLHG3V\FKRORJ\
$48,12. 7+$86:RUNSODFH9LFWLPL]DWLRQ$JJUHVVLRQIURPWKH7DU JHW¶V3HUVSHFWLYH$QQXDO5HYLHZRI3V\FKRORJ\
$5&+-- &5$6.(0*/DERUDWRU\VWUHVVRUVLQFOLQLFDOO\DQ[LRXVDQG QRQDQ[LRXV LQGLYLGXDOV7KH PRGHUDWLQJ UROH RI PLQGIXOQHVV%HKDYLRXU 5HVHDUFK DQG7KHUDS\
%$(55$0LQGIXOQHVV7UDLQLQJDVD&OLQLFDO,QWHUYHQWLRQ$&RQFHSWXDODQG (PSLULFDO5HYLHZ&OLQLFDO3V\FKRORJ\6FLHQFHDQG3UDFWLFH
%$(55$60,7+*7/<.,16(%87721'.5,(7(0(<(5-6$8(5 6:$/6+('8**$1' :,//,$06-0*&RQVWUXFW9DOLGLW\RI WKH)LYH)DFHW0LQGIXOQHVV4XHVWLRQQDLUHLQ0HGLWDWLQJDQG1RQPHGLWDWLQJ6DPSOHV
$VVHVVPHQW
%$,//,(1(1(<(16,'(:,77(+ '(&8<3(51$4XDOLWDWLYH 6WXG\ RQ WKH 'HYHORSPHQW RI :RUNSODFH %XOO\LQJ 7RZDUGV D 7KUHH :D\ 0RGHO -RXUQDORI&RPPXQLW\ $SSOLHG6RFLDO3V\FKRORJ\
%$,//,(1(1(<(16, '(:,77(+)URPFRQIOLFWHVFDODWLRQWRZRUN SODFHEXOO\LQJ$QDQDO\VLVZLWKWKHFRQIOLFWPDQDJHPHQWVW\OHVRIWKH'XDO&RQFHUQ 7KHRU\*HGUDJ 2UJDQLVDWLH
%$5/,1*-'835e.( .(//2:$<(.3UHGLFWLQJ:RUNSODFH$J JUHVVLRQDQG9LROHQFH$QQXDO5HYLHZRI3V\FKRORJ\
%$51(66%52:1.:&$03%(//:. 52**(5'7KHUROH RI PLQGIXOQHVV LQ URPDQWLF UHODWLRQVKLS VDWLVIDFWLRQ DQG UHVSRQVHV WR UHODWLRQVKLS VWUHVV-RXUQDORI0DULWDODQG)DPLO\7KHUDS\
%(1=85+ <$*,/'7KHUHODWLRQVKLSEHWZHHQHPSRZHUPHQWDJJUHVVLYH EHKDYLRUVRIFXVWRPHUVFRSLQJDQGEXUQRXW(XURSHDQ-RXUQDORI:RUNDQG2UJDQL ]DWLRQDO3V\FKRORJ\
%(55<-::257+,1*721(/ 2¶&21125/()RUJLYLQJQHVV YHQJHIXOUXPLQDWLRQDQGDIIHFWLYHWUDLWV-RXUQDORI3HUVRQDOLW\
%(55</00$<- $1'5$'(-((PRWLRQDODQGEHKDYLRUDOUHDFWLRQ WRLQWUXVLYHWKRXJKWV$VVHVVPHQW
%(77(1&2857%$7$//(<$%(1-$0,1$- 9$/(17,1(- 3HUVRQDOLW\ DQG$JJUHVVLYH %HKDYLRU 8QGHU 3URYRNLQJ DQG 1HXWUDO &RQGLWLRQV$
0HWD$QDO\WLF5HYLHZ3V\FKRORJLFDO%XOOHWLQ
%,6+23 65 /$8 0 6+$3,52 6 &$5/621 /$1'(5621 1' &$5 02'<-6(*$/=9$%%(<663(&$09(/7,1*' '(9,16*
0LQGIXOQHVV$3URSRVHG2SHUDWLRQDO'HILQLWLRQ&OLQLFDO3V\FKRORJ\6FL HQFHDQG3UDFWLFH
%25'(56 $ ($5/(<:,1( 0 -$-2',$ $ &RXOG 0LQGIXOQHVV 'HFUHDVH$QJHU +RVWLOLW\ DQG$JJUHVVLRQ E\ 'HFUHDVLQJ 5XPLQDWLRQ"$JJUHVVLYH EHKDYLRU
%2:/,1*1$ *58<60/2YHUORRNHGLVVXHVLQWKHFRQFHSWXDOL]DWLRQ DQGPHDVXUHPHQWRIFRXQWHUSURGXFWLYHZRUNEHKDYLRU+XPDQ5HVRXUFH0DQDJHPHQW 5HYLHZ
%2;(530255,6$67(55$129$$0.,7+$.<(06$92<6&
0&)$8/$)&RSLQJZLWK([SRVXUHWR9LROHQFH5HODWLRQVWR(PRWLRQDO 6\PSWRPV DQG$JJUHVVLRQ LQ7KUHH 8UEDQ 6DPSOHV-RXUQDO RI &KLOG DQG )DPLO\
6WXGLHV
%52:1&$ -21(6$.30HGLWDWLRQH[SHULHQFHSUHGLFWVOHVVQHJDWLYH DSSUDLVDORISDLQ(OHFWURSK\VLRORJLFDOHYLGHQFHIRUWKHLQYROYHPHQWRIDQWLFLSDWRU\
QHXUDOUHVSRQVHV3DLQ
-RVHSKGH5LYHUD -DFRE+LOGHQ:LQVO¡Z
%52:1.: 5<$1507KHEHQHILWVRIEHLQJSUHVHQW0LQGIXOQHVVLQ SV\FKRORJLFDOZHOOEHLQJ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
%52:1.:5<$150&5(6:(//-' 1,(0,(&&3%H\RQG 0H0LQGIXO5HVSRQVHVWR6RFLDO7KUHDW,Q+$:D\PHQW --%DXHU(GV 7UDQVFHQGLQJ6HOI,QWHUHVWSS:DVKLQJWRQ'&$3$
%<51( 0 . 7UDXPD 5HDFWLRQV LQ WKH 2IIHQGHU,QWHUQDWLRQDO -RXUQDO RI )RUHQVLF3V\FKRORJ\
&+$0%(56 5 ( &+8(1 % /2 < $//(1 1 % 7KH ,PSDFW RI ,QWHQVLYH0LQGIXOQHVV7UDLQLQJRQ$WWHQWLRQDO&RQWURO&RJQLWLYH6W\OHDQG$IIHFW
&RJQLWLYH7KHUDS\DQG5HVHDUFK
&+$0%(565*8//21(( $//(11%0LQGIXOHPRWLRQUHJXODWLRQ
$QLQWHJUDWLYHUHYLHZ&OLQLFDO3V\FKRORJ\5HYLHZ
&+,(6$$ 6(55(7,$0LQGIXOQHVV%DVHG6WUHVV5HGXFWLRQIRU6WUHVV 0DQDJHPHQWLQ+HDOWK\3HRSOH$5HYLHZDQG0HWD$QDO\VLV7KH-RXUQDORI$OWHU QDWLYHDQG&RPSOHPHQWDU\0HGLFLQH
&856(83/(PHUJHQWVWDWHVLQYLUWXDOWHDPVDFRPSOH[DGDSWLYHV\VWHPV SHUVSHFWLYH-RXUQDORI,QIRUPDWLRQ7HFKQRORJ\
'28*/$6 6 & .,(:,7= & 0$57,1(1.2 0 - +$59(< 3 .,0<
&+81-8&RJQLWLRQVHPRWLRQVDQGHYDOXDWLRQV$QHODERUDWLRQOLNHOL KRRGPRGHOIRUZRUNSODFHDJJUHVVLRQ$FDGHP\RI0DQDJHPHQW5HYLHZ (,1$56(167KHQDWXUHDQGFDXVHVRIEXOO\LQJDWZRUN,QWHUQDWLRQDO-RXUQDO
RI0DQSRZHU
(66/(1 0 0(7=/(5 6 3$6&8$/0$548, 5 3UHUHIOHFWLYH DQG UHIOHFWLYHVHOIUHIHUHQFH$VSDWLRWHPSRUDO((*DQDO\VLV1HXURLPDJH )$5%1$66(*$/=90$<%(5*+%($1-0&.(21')$7,0$
= $1'(5621$.$WWHQGLQJWRWKHSUHVHQWPLQGIXOQHVVPHGLWDWLRQ UHYHDOVGLVWLQFWQHXUDOPRGHVRIVHOIUHIHUHQFH6&$1
)2/.0$163HUVRQDO&RQWURODQG6WUHVVDQG&RSLQJ3URFHVVHV$7KHRUHWLFDO
$QDO\VLV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
)2/.0$16/$=$58656*58(15- '(/21*,6$$SSUDLVDO
&RSLQJ +HDOWK 6WDWXV DQG 3V\FKRORJLFDO 6\PSWRPV-RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO3V\FKRORJ\
*,$&$/21(5$ 3520,6/20'8QHWKLFDODQG8QZHOO'HFUHPHQWVLQ :HOO%HLQJDQG8QHWKLFDO$FWLYLW\DW:RUN-RXUQDORI%XVLQHVV(WKLFV
*2/' ( 60,7+ $ +233(5 , 0LQGIXOQHVVEDVHG VWUHVV UHGXFWLRQ 0%65IRUSULPDU\VFKRROWHDFKHUV-RXUQDORI&KLOGDQG)DPLO\6WXGLHVVSHFLDO LVVXH
*2/'6'0$5;%3 /(;,1*721-0*D\PDOHVH[XDODVVDXOW VXUYLYRUV7KHUHODWLRQVDPRQJLQWHUQDOL]HGKRPRSKRELDH[SHULHQWLDODYRLGDQFHDQG SV\FKRORJLFDOV\PSWRPVHYHULW\%HKDYLRXU5HVHDUFKDQG7KHUDS\
*2/',135 *5266--(IIHFWVRIPLQGIXOQHVVEDVHGVWUHVVUHGXFWLRQ 0%65RQHPRWLRQUHJXODWLRQLQVRFLDODQ[LHW\GLVRUGHU(PRWLRQ
*5(11$16 :22'+$06-7KHLPSDFWRIEXOO\LQJDQGFRSLQJVWUDWH JLHVRQWKHSV\FKRORJLFDOGLVWUHVVRI\RXQJRIIHQGHUV3V\FKRORJ\&ULPH /DZ
*5,)),7+.&$0,&30 +87721-03DUWLFLSDQWH[SHULHQFHVRI D PLQGIXOQHVVEDVHG FRJQLWLYH WKHUDS\ JURXS IRU FDUGLDF UHKDELOLWDWLRQ-RXUQDO RI +HDOWK3V\FKRORJ\
*52660$132QPHDVXULQJPLQGIXOQHVVLQSV\FKRVRPDWLFDQGSV\FKRORJLFDO UHVHDUFK-RXUQDORI3V\FKRVRPDWLF5HVHDUFK
+$59(<075($':$<'& +($0(6-77KH2FFXUUHQFHRI%XO O\LQJLQ*OREDO2UJDQL]DWLRQV$0RGHODQG,VVXHV$VVRFLDWHG:LWK6RFLDO(PRWLRQDO
&RQWDJLRQ-RXUQDORI$SSOLHG6RFLDO3V\FKRORJ\
+$<(66&$FFHSWDQFHDQGFRPPLWPHQWWKHUDS\UHODWLRQDOIUDPHWKHRU\DQG WKHWKLUGZDYHRIEHKDYLRUDODQGFRJQLWLYHWKHUDSLHV%HKDYLRU7KHUDS\
+(331(5:/.(51,60+/$.(<&(&$03%(//:.*2/'0$1
%0'$9,63- &$6&,2(90LQGIXOQHVVDVD0HDQVRI5HGXFLQJ
$JJUHVVLYH%HKDYLRU'LVSRVLWLRQDODQG6LWXDWLRQDO(YLGHQFH$JJUHVVLYH%HKDYLRU +(56+&29,6067851(51 %$5/,1*-3UHGLFWLQJZRUNSODFHDJ
JUHVVLRQ$PHWDDQDO\VLV-RXUQDORIDSSOLHGSV\FKRORJ\
+*+$+$16(1c0%/2&+&0,..(/6(1(*0$,(5&03(56 62153('(56(1-*,9(5+ 2/6(120REQLQJRJQHJDWLY DGI UGSnDUEHMGVSODGVHQ.¡EHQKDYQ1)$
-$,166+$3,526/6:$1,&.652(6&+6&0,//63-%(//, 6&+:$57=*(55DQGRPL]HG&RQWUROOHG7ULDORI0LQGIXOQHVV0HGLWD WLRQ9HUVXV5HOD[DWLRQ7UDLQLQJ(IIHFWVRQ'LVWUHVV3RVLWLYH6WDWHVRI0LQG5XPLQD WLRQDQG'LVWUDFWLRQ$QQDOVRI%HKDYLRU0HGLFLQH
-+$$367$1/(<($.,<21$*$$:21*/ *(/)$1'/
([DPLQLQJWKH3URWHFWLYH(IIHFWVRI0LQGIXOQHVV7UDLQLQJRQ:RUNLQJ0HPRU\&D SDFLW\DQG$IIHFWLYH([SHULHQFH(PRWLRQ
-,0(1(=661,/(6%/ 3$5.&/$PLQGIXOQHVVPRGHORIDIIHFW UHJXODWLRQDQGGHSUHVVLYHV\PSWRPV3RVLWLYHHPRWLRQVPRRGUHJXODWLRQH[SHFWDQ FLHVDQGVHOIDFFHSWDQFHDVUHJXODWRU\PHFKDQLVPV3HUVRQDOLW\DQGLQGLYLGXDOGLI IHUHQFHV
-2+1621 6 / ,QWHUQDWLRQDO SHUVSHFWLYHV RQ ZRUNSODFH EXOO\LQJ DPRQJ QXUVHVDUHYLHZ,QWHUQDWLRQDO1XUVLQJ5HYLHZ
.$%$7=,11-)XOO&DWDVWURSKH/LYLQJ/RQGRQ3LDWNXV
.$%$7=,11-$QRXWSDWLHQWSURJUDPLQEHKDYLRUDOPHGLFLQHIRUFKURQLFSDLQ SDWLHQWVEDVHGRQWKHSUDFWLFHRIPLQGIXOQHVVPHGLWDWLRQ7KHRUHWLFDOFRQVLGHUDWLRQV DQG3UHOLPLQDU\UHVXOWV*HQHUDO+RVSLWDO3V\FKLDWU\
.$%$7=,11-0LQGIXOQHVVEDVHGLQWHUYHQWLRQVLQFRQWH[W3DVW3UHVHQWDQG )XWXUH&OLQLFDO3V\FKRORJ\6FLHQFHDQG3UDFWLFH
.,0%528*+(0$*<$5,7/$1*(1%(5*3&+(61(<0 %(50$1
%0LQGIXOQHVV,QWHUYHQWLRQIRU&KLOG$EXVH6XUYLYRUV-RXUQDORI&OLQLFDO 3V\FKRORJ\
.5$0(580-$160$+ 7(03(/0$11&7LWIRUWDW7KHQHXUDO EDVLVRIUHDFWLYHDJJUHVVLRQ1HXURLPDJH
.5(,1(5 % 68/<2. & 527+(1+$86/(5 + % 'RHV PREELQJ FDXVHSRVWWUDXPDWLFVWUHVVGLVRUGHU"1HXURSV\FKLDWULH
/$1*(5(3,56210 '(/,=211$/7KH0LQGOHVVQHVVRI6RFLDO
&RPSDULVRQV3V\FKRORJ\RI$HVWKHWLFV&UHDWLYLW\DQGWKH$UWV /($5<05$'$06&( 7$7((%+\SRHJRLFVHOIUHJXODWLRQ([
HUFLVLQJVHOIFRQWUROE\GLPLQLVKLQJWKHLQIOXHQFHRIWKHVHOI-RXUQDORI3HUVRQDOLW\
/($5<05 7$7((%7KHPXOWLIDFHWHGQDWXUHRIPLQGIXOQHVV3V\FKR ORJLFDO,QTXLU\
/('(60$' .80$12+0LQGIXOQHVVEDVHGVWUHVVUHGXFWLRQDQGFDQ FHU$PHWDDQDO\VLV3V\FKR2QFRORJ\
/2'*(- )(/'0$166$YRLGDQWFRSLQJDVDPHGLDWRUEHWZHHQDSSHDU DQFHUHODWHG YLFWLPL]DWLRQ DQG VHOIHVWHHP LQ \RXQJ$XVWUDOLDQ DGROHVFHQWV%ULWLVK -RXUQDORI'HYHORSPHQWDO3V\FKRORJ\
/2:.6'5$'+$.5,6+1$136&+1(,'(5.7 5281'6- 7KH([SHULHQFHVRI%\VWDQGHUVRI:RUNSODFH(WKQLF+DUDVVPHQW-RXUQDORI$SSOLHG 6RFLDO3V\FKRORJ\
-DFRE+LOGHQ:LQVO¡Z
0$57,1$68(52$ *$5&,$%$1'$*7KHPLQGIXOQHVVEDVHGVWUHVV UHGXFWLRQSURJUDP0%65UHGXFHVVWUHVVUHODWHGSV\FKRORJLFDOGLVWUHVVLQKHDOWKFDUH SURIHVVLRQDOV6SDQLVK-RXUQDORI3V\FKRORJ\
0$7286(.5+ '2%.,13/7LWOH:HDWKHULQJVWRUPVDFRKRUWVWXG\
RIKRZSDUWLFLSDWLRQLQDPLQGIXOQHVVEDVHGVWUHVVUHGXFWLRQSURJUDPEHQHILWVZRPHQ DIWHUEUHDVWFDQFHUWUHDWPHQW&XUUHQW2QFRORJ\
0(1'(/6217*5((1%(5*07'$5,27,6-.*28/'/)5+2$'(6
%/ /($)3-)HDVLELOLW\DQG3UHOLPLQDU\2XWFRPHVRID6FKRRO%DVHG 0LQGIXOQHVV,QWHUYHQWLRQIRU8UEDQ<RXWK-RXUQDORIDEQRUPDOFKLOGSV\FKRORJ\
0(5:,150526(17+$/0= &2))(<.$([SHULHQWLDO$YRLG DQFH 0HGLDWHV WKH 5HODWLRQVKLS %HWZHHQ 6H[XDO 9LFWLPL]DWLRQ DQG 3V\FKRORJLFDO 6\PSWRPV 5HSOLFDWLQJ )LQGLQJV ZLWK DQ (WKQLFDOO\ 'LYHUVH 6DPSOH&RJQLWLYH 7KHUDS\ 5HVHDUFK
0,.8/,1&(5 0 6+$9(5 3 5 3(5(* ' $WWDFKPHQW7KHRU\ DQG
$IIHFW 5HJXODWLRQ 7KH '\QDPLFV 'HYHORSPHQW DQG &RJQLWLYH &RQVHTXHQFHV RI
$WWDFKPHQW5HODWHG6WUDWHJLHV0RWLYDWLRQDQG(PRWLRQ
021.6 & 3 60,7+ 3 . 1$</25 3 %$57(5 & ,5(/$1' - /
&2<1(,%XOO\LQJLQGLIIHUHQWFRQWH[WV&RPPRQDOLWLHVGLIIHUHQFHVDQG WKHUROHRIWKHRU\$JJUHVVLRQDQG9LROHQW%HKDYLRU
1(9,//(+$+(331(50-2+(63$1,(50$1/% &/$5.0
*HQHUDODQGFXOWXUDOO\VSHFLILFIDFWRUVLQIOXHQFLQJEODFNDQGZKLWHUDSHVXU YLYRUV¶VHOIHVWHHP3V\FKRORJ\RI:RPHQ4XDUWHUO\
12/(1+2(.6(0$6:,6&2%( /<8%20,56.<65HWKLQNLQJ 5XPLQDWLRQ3HUVSHFWLYHVRQ3V\FKRORJLFDO6FLHQFH
2+ , +$=/(5 5 - &RQWULEXWLRQV RI 3HUVRQDO DQG 6LWXDWLRQDO )DFWRUV WR%\VWDQGHUV¶5HDFWLRQVWR6FKRRO%XOO\LQJ6FKRRO3V\FKRORJ\,QWHUQDWLRQDO 2/$)66215) -2+$116'277,5+/&RSLQJZLWKEXOO\LQJLQWKH ZRUNSODFHWKHHIIHFWRIJHQGHUDJHDQGW\SHRIEXOO\LQJ%ULWLVK-RXUQDORI*XLGDQFH &RXQVHOOLQJ
20$1'6+$3,526/7+25(6(1&(3/$17(7* )/,1'(567 0HGLWDWLRQ/RZHUV6WUHVVDQG6XSSRUWV)RUJLYHQHVV$PRQJ&ROOHJH6WXGHQWV
$5DQGRPL]HG&RQWUROOHG7ULDO-RXUQDORI$PHULFDQ&ROOHJH+HDOWK 2571(5&10.,/1(56- =(/$=23'0LQGIXOQHVVPHGLWDWLRQDQG
UHGXFHGHPRWLRQDOLQWHUIHUHQFHRQDFRJQLWLYHWDVN0RWLYDWLRQ (PRWLRQ 3$5=()$//05 6$/,1'03HUFHSWLRQVRIDQGUHDFWLRQVWR:RUN
SODFHEXOO\LQJ$VRFLDOH[FKDQJHSHUVSHFWLYH+XPDQ5HODWLRQV 3(/('0 025(77,005XPLQDWLQJRQ5XPLQDWLRQDUH5XPLQDWLRQ
RQ$QJHUDQG6DGQHVV'LIIHUHQWLDOO\5HODWHGWR$JJUHVVLRQDQG'HSUHVVHG0RRG"
-RXUQDORI3V\FKRSDWKRORJ\DQG%HKDYLRU$VVHVVPHQW
3,1&86 ' )2; . 0 3(5(= .$ 7851(5 - 6 0&*((+$1$ 5 1RQOLQHDU'\QDPLFVRI,QGLYLGXDODQG,QWHUSHUVRQDO&RQIOLFWLQDQ([SHUL PHQWDO*URXS6PDOO*URXS5HVHDUFK
3,1('$$4&2/('$ %58&($(0RWKHUDGROHVFHQWLQWHUDFWLRQV DQGDGROHVFHQWGHSUHVVLYHV\PSWRPV$VHTXHQWLDODQDO\VLV-RXUQDORI6RFLDODQG 3HUVRQDO5HODWLRQVKLSV
325$7+&/ (5(=$2YHUORRNHGEXWQRWXQWRXFKHG+RZUXGHQHVVUH GXFHVRQORRNHUV¶SHUIRUPDQFHRQURXWLQHDQGFUHDWLYHWDVNV2UJDQL]DWLRQDO%HKDYLRU DQG+XPDQ'HFLVLRQ3URFHVVHV
5$0(/:*2/',135&$5021$3( 0&48$,'-57KHHI IHFWVRIPLQGIXOQHVVPHGLWDWLRQRQFRJQLWLYHSURFHVVHVDQGDIIHFWLQSDWLHQWVZLWKSDVW GHSUHVVLRQ&RJQLWLYH7KHUDS\DQG5HVHDUFK
5$006$<(5767$+/- 6&+0,*$.%DVLFSHUVRQDOLW\GLPHQVLRQV DQGVWUHVVUHODWHGFRSLQJVWUDWHJLHVLQYLFWLPVRIZRUNSODFHEXOO\LQJ=HLWVFKULIWIU 3HUVRQDOSV\FKRORJLH
5(%(5$6 5(%(5(7KH3HQJXLQ'LFWLRQDU\RI3V\FKRORJ\UGHG /RQGRQ3HQJXLQ
526&+(0RUHWKDQPLQGIXOQHVV:KHQ\RXKDYHDWLJHUE\WKHWDLOOHWLWHDW
\RX3V\FKRORJLFDO,QTXLU\
526(1=:(,*6*5((621-0 5(,%(/'.0LQGIXOQHVVEDVHG VWUHVVUHGXFWLRQIRUFKURQLFSDLQFRQGLWLRQV9DULDWLRQLQWUHDWPHQWRXWFRPHVDQGUROH RIKRPHPHGLWDWLRQSUDFWLFH-RXUQDORI3V\FKRVRPDWLF5HVHDUFK 6$1'(56:$ /$0'+5XPLQDWLYHDQGPLQGIXOVHOIIRFXVHGSURFHVV
LQJPRGHVDQGWKHLULPSDFWRQSUREOHPVROYLQJLQG\VSKRULFLQGLYLGXDOV%HKDYLRXU 5HVHDUFKDQG7KHUDS\
6&+52(9(560- %5$1'60$5,VOHDUQLQJPLQGIXOQHVVDVVRFLDWHG ZLWKLPSURYHGDIIHFWDIWHUPLQGIXOQHVVEDVHGFRJQLWLYHWKHUDS\"%ULWLVK-RXUQDORI 3V\FKRORJ\
6KDSLUR6/7KHLQWHJUDWLRQRIPLQGIXOQHVVDQGSV\FKRORJ\-RXUQDORI&OLQL FDO3V\FKRORJ\
6+$3,526/20$1'7+25(6(1&(3/$17(7* )/,1'(567
&XOWLYDWLQJPLQGIXOQHVV(IIHFWVRQZHOOEHLQJ-RXUQDORI&OLQLFDO3V\FKRO 7($6'$/(-'6(*$/=9 :,//,$06-0*0LQGIXOQHVV7UDLQLQJRJ\
DQG3UREOHP)RUPXODWLRQ&OLQLQFDO3V\FKRORJ\6FLHQFHDQG3UDFWLFH 7+203621%/ :$/7=-0LQGIXOQHVVDQGH[SHULHQWLDODYRLGDQFHDV
SUHGLFWRUVRISRVWWUDXPDWLFVWUHVVGLVRUGHUDYRLGDQFHV\PSWRPVHYHULW\-RXUQDORI DQ[LHW\GLVRUGHUV
9$1 '$0 17 ($5/(<:,1( 0 '$12))%85* 6 'LIIHUHQWLDO LWHPIXQFWLRQLQJDFURVVPHGLWDWRUVDQGQRQPHGLWDWRUVRQWKH)LYH)DFHW0LQGIXOQHVV 4XHVWLRQQDLUH3HUVRQDOLW\DQG,QGLYLGXDO'LIIHUHQFHV
:$7621' &/$5./$1HJDWLYHDIIHFWLYLW\±WKHGLVSRVLWLRQWRH[SHUL HQFHDYHUVLYHHPRWLRQDOVWDWHV3V\FKRORJLFDO%XOOHWLQ
:$7621'&/$5./$ 7(//(*(1$'HYHORSPHQWDQGYDOLGDWLRQ RIEULHIPHDVXUHVRISRVLWLYHDQGQHJDWLYHDIIHFW7KH3$1$6VFDOHV-RXUQDORI3HU VRQDOLW\DQG6RFLDO3V\FKRORJ\
:((.6-:52'(%$8*+7/+(,0%(5*5*1257213- -$.$7 '$5 7 $ µµ7R $YRLG (YDOXDWLRQ :LWKGUDZ¶¶ )HDUV RI (YDOXDWLRQ DQG 'HSUHVVLYH&RJQLWLRQV/HDGWR6RFLDO$Q[LHW\DQG6XEPLVVLYH:LWKGUDZDO&RJQLWLYH 7KHUDS\DQG5HVHDUFK
:(,&..( 3871$072UJDQL]LQJIRUPLQGIXOQHVV±(DVWHUQZLVGRP DQG:HVWHUQNQRZOHGJH-RXUQDORI0DQDJHPHQW,QTXLU\
:(,167(,11%52:1.: 5<$150$PXOWLPHWKRGH[DPLQD WLRQRIPLQGIXOQHVVRQVWUHVVDWWULEXWLRQFRSLQJDQGHPRWLRQDOZHOOEHLQJ-RXUQDORI 5HVHDUFKLQ3HUVRQDOLW\
:+,))(19( 0$&,1726++%0HGLDWRUVRIWKH/LQNEHWZHHQ&KLOG KRRG 6H[XDO$EXVH DQG (PRWLRQDO 'LVWUHVV$ &ULWLFDO 5HYLHZ7UDXPD 9LROHQFH
$EXVH
:,/.2:6., % 0 52%,1621 0 ' 7KH $QDWRP\ RI $QJHU $Q ,QWHJUDWLYH &RJQLWLYH 0RGHO RI 7UDLW$QJHU DQG 5HDFWLYH $JJUHVVLRQ-RXUQDO RI 3HUVRQDOLW\
:,/621'56WUHVV0DQDJHPHQWIRU$GXOW6XUYLYRUVRI&KLOGKRRG6H[XDO
$EXVH$+ROLVWLF,QTXLU\:HVWHUQ-RXUQDORI1XUVLQJ5HVHDUFK :,16/: - + (U GHW PnOLQJ" 'DWDNRQVWUXNWLRQ RJ UHVXOWDWIRUPLGOLQJ L
SV\NLVNDUEHMGVPLOM¡IRUVNQLQJ7LGVVNULIWIRU$UEHMGVOLY
