• Ingen resultater fundet

'HW7HNQLVN1DWXUYLGHQVNDEHOLJH )DNXOWHWYHG$DOERUJ8QLYHUVLWHW

N/A
N/A
Info
Hent
Protected

Academic year: 2022

Del "'HW7HNQLVN1DWXUYLGHQVNDEHOLJH )DNXOWHWYHG$DOERUJ8QLYHUVLWHW"

Copied!
79
0
0

Indlæser.... (se fuldtekst nu)

Hele teksten

(1)

'HW7HNQLVN1DWXUYLGHQVNDEHOLJH )DNXOWHWYHG$DOERUJ8QLYHUVLWHW

(QHYDOXHULQJ

'$10$5.6 (9$/8(5,1*6,167,787

(2)

'HW7HNQLVN 1DWXUYLGHQVNDEHOLJH )DNXOWHWYHG$DOERUJ 8QLYHUVLWHW

'DQPDUNV (YDOXHULQJVLQVWLWXW 7U\NWKRV9HVWHU.RSL

(IWHUWU\NPHG NLOGHDQJLYHOVHHUWLOODGW

%HVWLOOHVKRV

GDQPDUNGN 7

+ZZZQHWERJKDQGHOGN

.ULQNOPRPV

,6%1

(3)

,QGKROG

)RURUG

,QGOHGQLQJ

)RUPnO

3URMHNWRUJDQLVDWLRQ

3U–VHQWDWLRQDIIDNXOWHWHW

0HWRGHRJGRNXPHQWDWLRQVPDWHULDOH

)DNXOWHWHWVVHOYHYDOXHULQJ

,QVWLWXWLRQVEHV—JSnIDNXOWHWHW

5HJLVWHUEDVHUHGHXQGHUV—JHOVHU

1RWDWSnEDJJUXQGDIGLPLWWHQGXQGHUV—JHOVH

5DSSRUWHQVRSE\JQLQJ

5HVXPp

&HQWUDOHDQEHIDOLQJHU

2PDQEHIDOLQJHUQH

5HVXOWDWHU

)DNXOWHWHWVVXFFHVKLVWRULHU

8GGDQQHOVH

)RUVNQLQJ

)DNXOWHWHWVUHVXOWDWHU

8GGDQQHOVH

D )DNXOWHWHWVXGGDQQHOVHVPRGHO

E $QWDOGLPLWWHQGHURJVWXGLHHIIHNWLYLWHW F 8GYLNOLQJDIQ\HXGGDQQHOVHURJ–QGULQJDIHNVLVWHUHQGH

G ,QWHUQDWLRQDOLVHULQJ

H ,QJHQL—UGLPLWWHQGHUVYXUGHULQJDIGHUHVXGGDQQHOVH I 'LPLWWHQGHUQHVEHVN–IWLJHOVHVVLWXDWLRQ

(4)

J (IWHURJYLGHUHXGGDQQHOVH

$QDO\VHURJYXUGHULQJHU

)RUVNQLQJ

D )DNXOWHWHWVIRUVNQLQJVPLOM—HU

E )RUVNQLQJVNYDOLWHW

F )RUVNHUXGGDQQHOVH

G 6DPDUEHMGHPHGYLUNVRPKHGHURJRUJDQLVDWLRQHU

$QDO\VHURJYXUGHULQJHU

6WUXNWXUHURJSURFHVVHU

0nOV–WQLQJHURJVWUDWHJL

$QDO\VHURJYXUGHULQJHU

2UJDQLVDWLRQ

5HODWLRQHQPHOOHPIDNXOWHWRJXQLYHUVLWHW

D $QDO\VHURJYXUGHULQJHU

2UJDQLVDWLRQVVWUXNWXU

D $QDO\VHURJYXUGHULQJHU

)DNXOWHWHWVOHGHOVH

/HGHOVHVSULQFLSSHU

D ,QWHUQHIRUGHOLQJVSULQFLSSHU

E )RUGHOLQJDIIRUVNQLQJVnUVY–UN

$QDO\VHURJYXUGHULQJHU

.YDOLWHWVVLNULQJ

D 8GGDQQHOVH

E )RUVNHUXGGDQQHOVH

F )RUVNQLQJ

$QDO\VHURJYXUGHULQJHU

5HVVRXUFHU

NRQRPL

6DPILQDQVLHULQJ

$QDO\VHURJYXUGHULQJHU

6WXGHUHQGH

3HUVRQDOH

$QDO\VHURJYXUGHULQJHU

)\VLVNHUHVVRXUFHU

(5)

$SSHQGLNV

$SSHQGLNV$3U–VHQWDWLRQDIHYDOXHULQJVJUXSSHQ

$SSHQGLNV%2YHUVLJWRYHULQVWLWXWWHUXGGDQQHOVHURJFHQWUH

$SSHQGLNV&)RUWHJQHOVHRYHUDQYHQGWPDWHULDOH

5DSSRUWHUIUD(9$

(6)
(7)

)RURUG

'HQQHUDSSRUWLQGHKROGHUHQHYDOXHULQJDI'HW7HNQLVN1DWXUYLGHQVNDEHOLJH)DNXOWHWYHG$DOERUJ 8QLYHUVLWHW(YDOXHULQJHQHUJHQQHPI—UWLHWVDPDUEHMGHPHOOHPHYDOXHULQJVJUXSSHQIDNXOWHWHWRJ 'DQPDUNV(YDOXHULQJVLQVWLWXW(9$(YDOXHULQJHQLQGJnUVRPHQGHODI(9$ªVKDQGOLQJVSODQIRUnU RJHUJHQQHPI—UWLSHULRGHQDXJXVWWLOVHSWHPEHU

'DQPDUNV(YDOXHULQJVLQVWLWXWHUHQVHOYVW–QGLJLQVWLWXWLRQXQGHU8QGHUYLVQLQJVPLQLVWHULHW'HWHU LQVWLWXWWHWVIRUPnODWPHGYLUNHWLODWVLNUHRJXGYLNOHNYDOLWHWHQDIXGGDQQHOVHRJXQGHUYLVQLQJSn DOOHQLYHDXHUL'DQPDUN

(YDOXHULQJHQDI'HW7HNQLVN1DWXUYLGHQVNDEHOLJH)DNXOWHWHU(9$ªVI—UVWHIDNXOWHWVHYDOXHULQJRJHU GHUIRUJHQQHPI—UWVRPHQSLORWHYDOXHULQJ6RPRSI—OJQLQJSnHYDOXHULQJHQXGDUEHMGHU(9$PHG LQGGUDJHOVHDIHYDOXHULQJVJUXSSHQRJIDNXOWHWHWHWPHWRGHK–IWHRPIDNXOWHWVHYDOXHULQJHU

'HWHU(9$ªVIRUYHQWQLQJDWUDSSRUWHQYLOGDQQHJUXQGODJIRU'HW7HNQLVN1DWXUYLGHQVNDEHOLJH )DNXOWHWVIRUWVDWWHDUEHMGHPHGDWNYDOLWHWVXGYLNOHVLQRUJDQLVDWLRQRJYLUNVRPKHGRJDWGHQ GHUXGRYHUYLOLQVSLUHUHDQGUHIDNXOWHWHURJXQLYHUVLWHWHUWLOHQGLVNXVVLRQRPRUJDQLVDWLRQRJ OHGHOVHDIIDNXOWHWHU

*HUW%HFKOXQG &KULVWLDQ7KXQH

)RUPDQGIRUHYDOXHULQJVJUXSSHQ 'LUHNW—U

(8)
(9)

,QGOHGQLQJ

(YDOXHULQJHQDI'HW7HNQLVN1DWXUYLGHQVNDEHOLJH)DNXOWHWYHG$DOERUJ8QLYHUVLWHWEOHYLJDQJVDW VRPHQGHODI(9$ªVKDQGOLQJVSODQIRU'HWHUI—UVWHJDQJGHUL'DQPDUNJHQQHPI—UHVHQ HYDOXHULQJDIHWIDNXOWHW'HUIRUHUHYDOXHULQJHQJHQQHPI—UWVRPHWSLORWSURMHNW

)RUPnO

)RUPnOHWPHGHYDOXHULQJHQHUDWYXUGHUHKYRUGDQ'HW7HNQLVN1DWXUYLGHQVNDEHOLJH)DNXOWHW KHUHIWHUIDNXOWHWHWO—VHUVLQRSJDYHVRPRYHURUGQHWDQVYDUOLJIRUGHWHNQLVNQDWXUYLGHQVNDEHOLJH LQVWLWXWWHUVRJVWXGLHQ–YQVIRUVNQLQJRJXGGDQQHOVHUVDPWIRUPLGOLQJMIXQLYHUVLWHWVORYHQ†

VWN'HWHUVnOHGHVIRUPnOHWGHOVDWYXUGHUHIDNXOWHWHWVHYQHWLODWRSE\JJHRJXGYLNOHUDPPHU IRUVLQRUJDQLVDWLRQRJYLUNVRPKHGGHOVDWYXUGHUHHQNHOWHGHOHDIIDNXOWHWHWVYLUNVRPKHG¥

SULP–UWXGGDQQHOVHRJIRUVNQLQJ

,HYDOXHULQJHQLQGJnUGHUIRUVnYHOHQYXUGHULQJDIIDNXOWHWHWLVLQKHOKHGVRPDIHQNHOWGHOHQH UHSU–VHQWHUHWYHGXGYDOJWHLQVWLWXWWHUVWXGLHQ–YQPY.YDOLWHWHQDIHQNHOWGHOHQHVNDOVHVL IRUKROGWLOGHUHVSODFHULQJRJUROOHLIDNXOWHWHWVKHOKHG(YDOXHULQJHQIRNXVHUHUVnOHGHVLNNHSn HQNHOWIRUVNHUHOOHUHQNHOWXGGDQQHOVHVQLYHDX

3URMHNWRUJDQLVDWLRQ

(9$KDUQHGVDWHQHYDOXHULQJVJUXSSHGHUKDUDQVYDUHWIRUHYDOXHULQJHQVDQDO\VHUYXUGHULQJHURJ DQEHIDOLQJHU(YDOXHULQJVJUXSSHQKDUI—OJHQGHVDPPHQV–WQLQJ

• 8QLYHUVLWHWVGLUHNW—U*HUW%HFKOXQG+DQGHOVK—MVNROHQL.—EHQKDYQIRUPDQG

• 5HNWRUSURIHVVRU$QGHUV)ORGVWU|P.XQJOLJD7HNQLVND+|JVNRODQ

• 3URIHVVRU6XVDQ-DJQHU&KDOPHUVWHNQLVNDK|JVNROD

• 'RFHQW9HUQHU&3HWHUVHQ+DQGHOVK—MVNROHQLcUKXV

• 'LUHNW—U$OODQ)LVFKHU0DGVHQ6,7,&20*URXS)LVFKHU /RUHQ]$6XGWUnGWDIJUXSSHQPDUWV

(10)

'HVXGHQHUGHUQHGVDWHQSURMHNWJUXSSHVRPKDUGHWSUDNWLVNHDQVYDUIRUHYDOXHULQJHQV

JHQQHPI—UHOVHKHUXQGHUDQVYDUHWIRUDWVW\UHGRNXPHQWDWLRQVPDWHULDOHWVXGDUEHMGHOVHRJIRUDW YDUHWDJHNRQWDNWHQPHOOHPHYDOXHULQJVJUXSSHQRJIDNXOWHWHW3URMHNWJUXSSHQKDUWLOOLJHGHW PHWRGHP–VVLJHDQVYDULSURFHVVHQRJJUXSSHQKDUIRUHVWnHWXGDUEHMGHOVHQDI

HYDOXHULQJVUDSSRUWHQ3URMHNWJUXSSHQEHVWnUDIHYDOXHULQJVNRQVXOHQWHUQH$QQH.DWKULQH0DQGUXS RJ7RELDV/LQGHEHUJVDPWHYDOXHULQJVPHGDUEHMGHU7LQH.U\JHU%URH

3U–VHQWDWLRQDIIDNXOWHWHW

)DNXOWHWHWEOHYRSUHWWHWLVRPHQGHODI$DOERUJ8QLYHUVLWHWLQGWLO$DOERUJ 8QLYHUVLWHWVFHQWHURJIXVLRQHUHGHLPHG,QJHQL—UK—MVNROHQ(VEMHUJ$DOERUJ8QLYHUVLWHW (VEMHUJKXVHUQX,QVWLWXWIRU.HPLRJ$QYHQGW,QJHQL—UYLGHQVNDEVRPHQGHODIIDNXOWHWHW

2UJDQLVDWRULVNHU$$8RSGHOWLWUHIDNXOWHWHUpWKXPDQLVWLVNpWVDPIXQGVYLGHQVNDEHOLJWRJpW WHNQLVNQDWXUYLGHQVNDEHOLJWHWXQLYHUVLWHWVELEOLRWHNVDPWHQFHQWUDODGPLQLVWUDWLRQGHUEODQGW DQGHWRPIDWWHUIDNXOWHWVDGPLQLVWUDWLRQHUQHRJHQU–NNHDQGUHIXQNWLRQHUKHUXQGHUHW QHWY–UNVFHQWHURJHWLQWHUQDWLRQDOWNRQWRU

8GGDQQHOVHVP–VVLJWHU$$8NHQGHWHJQHWYHGSUREOHPRULHQWHULQJSURMHNWRUJDQLVHULQJRJ JUXSSHDUEHMGH'RJHUGHUIRUVNHOOHIDNXOWHWHUQHLPHOOHPPHGKHQV\QWLOWLOUHWWHO–JJHOVHQDI XGGDQQHOVHUQHRJXGP—QWQLQJHQDIXGGDQQHOVHVPRGHOOHQ'HVXGHQO–JJHVGHUY–JWSnW–W NRQWDNWPHGGHWRPJLYHQGHVDPIXQG6WXGHUHQGHYHGIDNXOWHWHWNDQY–OJHDWO–VHWLO

GLSORPLQJHQL—UQDWXUYLGHQVNDEHOLJEDFKHORU%6FQDWXUYLGHQVNDEHOLJNDQGLGDWFDQGVFLHQW FLYLOLQJHQL—UFDQGSRO\WHOOHUODQGLQVSHNW—UFDQGJHRP)RUHQVDPOHWIRUWHJQHOVHRYHU XGGDQQHOVHUVHDSSHQGLNV%

)DNXOWHWHWEHGULYHUIRUVNQLQJLQGHQIRUHQODQJU–NNHWHNQLVNRJQDWXUYLGHQVNDEHOLJH

IDJRPUnGHU)RUVNQLQJHQHURUJDQLVHUHWLLQVWLWXWWHURJHWDQWDOIRUVNQLQJVFHQWUH)DNXOWHWHW G–NNHUDOOHGHWUDGLWLRQHOOHWHNQLVNYLGHQVNDEHOLJHIDJRPUnGHURJHQU–NNHQDWXUYLGHQVNDEHOLJH IDJRPUnGHU

)DNXOWHWHWKDUKDIWHQVWLJQLQJLRSWDJHWDIVWXGHUHQGHIUDRSWDJQHLWLOL'HW VYDUHUWLOHQVWLJQLQJSn

,SHULRGHQIUDWLOHUGHUVNHWHQVWLJQLQJLDQWDOOHWDIYLGHQVNDEHOLJWSHUVRQDOH

DGMXQNWHUOHNWRUHURJSURIHVVRUHUIUDWLO'HWVYDUHUWLOHQVWLJQLQJSn9–NVWHQHU VNHWLQGHQIRUDGMXQNWRJSURIHVVRUJUXSSHQPHQVDQWDOOHWDIOHNWRUHUKDUY–UHWUHODWLYWVWDELOW

(11)

2JVnIDNXOWHWHWVEHYLOOLQJHUHUVWHJHW,SHULRGHQIUDWLOHUEHYLOOLQJHUQHVWHJHWIUD PLOOLRQHUNUWLOPLOOLRQHUNUVYDUHQGHWLOHQVWLJQLQJSn

0HWRGHRJGRNXPHQWDWLRQVPDWHULDOH

(YDOXHULQJHQHUJHQQHPI—UWVRPHWSLORWSURMHNW'HWKDUEODQGWDQGHWEHW\GHWDW(9$LQYLWHUHGH DOOHGDQVNHIDNXOWHWHUWLODWGHOWDJH3nGHQQHEDJJUXQGPHOGWH'HW7HNQLVN1DWXUYLGHQVNDEHOLJH )DNXOWHWVLJIULYLOOLJWWLOHYDOXHULQJHQ

(IWHUPDQJHnUVHUIDULQJPHGXGGDQQHOVHVHYDOXHULQJHURJGHUPHGHYDOXHULQJDIHQNHOWGHOHYDUGHW (9$ªV—QVNHDWHYDOXHUHHQVDPOHWRUJDQLVDWRULVNHQKHG)DNXOWHWVQLYHDXHWEOHYYDOJWXGIUDHQ EHWUDJWQLQJRPDWHQVnGDQHYDOXHULQJYLOOHJLYHPXOLJKHGIRUDWHYDOXHUHVnYHOGHRUJDQLVDWRULVNH UDPPHUIRUIRUVNQLQJRJXGGDQQHOVHVRPGHQVDPOHGHIDJOLJHSURILORJDNWLYLWHW,QWHUQDWLRQDOWHU GHUNXQEHJU–QVHGHHUIDULQJHUPHGHNVWHUQWLQLWLHUHGHIDNXOWHWVHYDOXHULQJHU6RPUHJHOHUHQ HYDOXHULQJGHULQGGUDJHUGHRUJDQLVDWRULVNHRJOHGHOVHVP–VVLJHUDPPHUJHQQHPI—UWVRPHQ HYDOXHULQJDIKHOHLQVWLWXWLRQHQ

(YDOXHULQJHQHUJHQQHPI—UWLRYHUHQVVWHPPHOVHPHGGHQPRGHOIRUHYDOXHULQJGHUHURSQnHW HQLJKHGRPSnHXURS–LVNSODQJHQQHP(14$(XURSHDQ1HWZRUNIRU4XDOLW\$VVXUDQFH

0RGHOOHQLQNOXGHUHUHQXDIK–QJLJHYDOXHULQJVJUXSSHNUDYRPVHOYHYDOXHULQJRJLQVWLWXWLRQVEHV—J VDPWHQRIIHQWOLJUDSSRUWRJHUVnOHGHVLRYHUHQVVWHPPHOVHPHG(9$ªVORYJUXQGODJ

(YDOXHULQJHQVSULP–UHGRNXPHQWDWLRQVPDWHULDOHRPIDWWHU

• )DNXOWHWHWVVHOYHYDOXHULQJ

• ,QVWLWXWLRQVEHV—JSnIDNXOWHWHW

• 5HJLVWHUEDVHUHGHXQGHUV—JHOVHUDIKHQKROGVYLVWRVWXGHQWHURJGLPLWWHQGnUJDQJHIUDIDNXOWHWHW

• 1RWDWSnEDJJUXQGDIGLPLWWHQGXQGHUV—JHOVHJHQQHPI—UWDI,QJHQL—UIRUHQLQJHQL'DQPDUN

'HUXGRYHUKDUIDNXOWHWHWVWLOOHWHWEHW\GHOLJWELODJVPDWHULDOHWLOUnGLJKHGIRUHYDOXHULQJVJUXSSHQV DUEHMGHVHDSSHQGLNV&(QGYLGHUHKROGWHYDOXHULQJVJUXSSHQIRUXGIRULQVWLWXWLRQVEHV—JHWP—GH PHGUHSU–VHQWDQWHUIRU7HNQLVN8GGDQQHOVHVUnG7851DWXUYLGHQVNDEHOLJW8GGDQQHOVHVUnG185 RJ6WDWHQV7HNQLVN9LGHQVNDEHOLJH)RUVNQLQJVUnG679)(QGHOLJKDU)RUVNQLQJVXGGDQQHOVHVUnGHWV VHNUHWDULDWOHYHUHWRSO\VQLQJHURPGHQXGGDQQHOVHVP–VVLJHEDJJUXQGIRUGHSKGVWXGHUHQGH GHUEOHYLQGVNUHYHWYHGIDNXOWHWHWLSHULRGHQ¥

(12)

)DNXOWHWHWVVHOYHYDOXHULQJ

)DNXOWHWHWKDUJHQQHPI—UWHQVHOYHYDOXHULQJVRPOHGLHYDOXHULQJHQ6HOYHYDOXHULQJHQEHVWnUDIHQ FHQWUDORJHQGHFHQWUDOGHO8GDUEHMGHOVHQDIGHQFHQWUDOHGHOKDUY–UHWIRUDQNUHWLGHNDQDWHWRJ IDNXOWHWVNRQWRUHWPHQVGHQGHFHQWUDOHGHOEHVWnUDIELGUDJIUDRWWHIRUVNHOOLJHGHFHQWUDOH HQKHGHU,QVWLWXWIRU'DWDORJL,QVWLWXWIRU(QHUJLWHNQLN,QVWLWXWIRU9DQG-RUGRJ0LOM—WHNQLN 6WXGLHQ–YQIRU(OHNWURQLNRJ,QIRUPDWLRQVWHNQRORJL6WXGLHQ–YQIRU/DQGLQVSHNW—URJ

3ODQO–JQLQJ6WXGLHQ–YQIRU$UNLWHNWXURJ'HVLJQ&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQRJ7KH ,QWHUQDWLRQDO'RFWRUDO6FKRRORI7HFKQRORJ\DQG6FLHQFH'HRWWHHQKHGHUEOHYXGYDOJWDI IDNXOWHWHWLVDPDUEHMGHPHG(9$'HWHUWLOVWU–EWDWGHRWWHHQKHGHUVDPOHWDIVSHMOHUIDNXOWHWHWV DNWLYLWHWHURJSURILO

(YDOXHULQJVJUXSSHQRJ(9$KDUXGDUEHMGHWHQYHMOHGQLQJWLOVHOYHYDOXHULQJGHUKDUGDQQHW JUXQGODJIRUVHOYHYDOXHULQJHQ9HMOHGQLQJHQLQGHKROGWI—OJHQGHWHPDHUUHVXOWDWHUPnOV–WQLQJHU RJIDJOLJSURILOUHVVRXUFHURUJDQLVDWLRQRJOHGHOVHVDPDUEHMGHNHUQH\GHOVHURJHQVDPOHW YXUGHULQJ,YHMOHGQLQJHQHUGHWDQI—UWKYLONHVS—UJVPnOGHU—QVNHVEHVYDUHWDIGHWFHQWUDOH IDNXOWHWVQLYHDXRJGHGHFHQWUDOHHQKHGHU8GJDQJVSXQNWHWIRUGHQQHRSGHOLQJHUDWGHWFHQWUDOH IDNXOWHWVQLYHDXKDUVNXOOHEHVYDUHVS—UJVPnORPIRUKROGGHUYHGU—UHUKHOHIDNXOWHWHWRJGH GHFHQWUDOHHQKHGHUVS—UJVPnOGHUHUNQ\WWHWWLOKHQKROGVYLVIRUVNQLQJRJXGGDQQHOVH

)DNXOWHWHWYDOJWHDWXGDUEHMGHVHOYHYDOXHULQJHQGHOYLVWHIWHUHWWLOIRUPnOHWRSVWLOOHWPnOPLGGHO KLHUDUNLRJGHOYLVWHIWHUYHMOHGQLQJHQWLOVHOYHYDOXHULQJ'HWWHKDUJMRUWGHWYDQVNHOLJHUHDWILQGH EHVYDUHOVHUQHSnHYDOXHULQJVJUXSSHQVVS—UJVPnOLVHOYHYDOXHULQJVUDSSRUWHQ6DPWLGLJHUGHW HYDOXHULQJVJUXSSHQVRSIDWWHOVHDWXGYLNOLQJHQDIPnOPLGGHOKLHUDUNLHWVDWWH\GHUOLJHUHSUHVSnHQL IRUYHMHQVWUDPWLGVSODQIRUVHOYHYDOXHULQJHQKYLONHWEODQGWDQGHWILNGHQEHW\GQLQJDWGHOHDI VHOYHYDOXHULQJVUDSSRUWHQHUVNUHYHWDIHQNHOWSHUVRQHUXGHQLQGGUDJHOVHDIUHOHYDQWHJUXSSHU3n WURGVDIGHWWHHUGHWYXUGHULQJHQDWVHOYHYDOXHULQJHQVDPOHWVHWHUHWY–VHQWOLJWELGUDJWLO

HYDOXHULQJHQVGRNXPHQWDWLRQVPDWHULDOH'HWVN\OGHVLNNHPLQGVWDWGHIRUVNHOOLJHV\QVYLQNOHULGHW FHQWUDOHRJGHGHFHQWUDOHELGUDJJLYHUHQJRGLQGVLJWLIDNXOWHWHWVIRUVNQLQJXGGDQQHOVHRJ RUJDQLVHULQJ

,QVWLWXWLRQVEHV—JSnIDNXOWHWHW

(YDOXHULQJVJUXSSHQRJSURMHNWJUXSSHQJHQQHPI—UWHHWWUHGDJHVLQVWLWXWLRQVEHV—JSnIDNXOWHWHW )RUPnOHWPHGEHV—JHWYDUDWXGG\EHRJYDOLGHUHGHW—YULJHGRNXPHQWDWLRQVPDWHULDOH3nEHV—JHW EOHYGHUKROGWP—GHUPHGEODQGWDQGHWIDNXOWHWHWVOHGHOVHXQLYHUVLWHWHWVOHGHOVHVWXGLHOHGHUH LQVWLWXWOHGHUHIRUVNHUHVWXGHUHQGHSKGVWXGHUHQGHWHNQLVNDGPLQLVWUDWLYWSHUVRQDOHRJ HNVWHUQHVDPDUEHMGVSDUWHU%HV—JHWRPIDWWHGHGHVXGHQHQUXQGWXUSnIDNXOWHWHW

(13)

,QVWLWXWLRQVEHV—JHWKDUY–UHWY–VHQWOLJWIRUDWJLYHLQGEOLNLIRUVNHOOLJHJUXSSHUVRSIDWWHOVHDI IRUKROGHQHYHGIDNXOWHWHW

5HJLVWHUEDVHUHGHXQGHUV—JHOVHU

3nEDJJUXQGDIV–UN—UVOHUIUD'DQPDUNV6WDWLVWLNKDU(9$ªVGDWDHQKHGXGDUEHMGHWHQ XQGHUV—JHOVHDIGHVWXGHUHQGHYHGIDNXOWHWHWRJHQXQGHUV—JHOVHDIGLPLWWHQGHUQHV DUEHMGVPDUNHGVIRUKROG

6WXGHQWHUXQGHUV—JHOVHQLQGGUDJHURSO\VQLQJHURPVWXGLHVNLIWDIEUXGRJJHQQHPI—UHOVHIRUGH VWXGHUHQGHLPPDWULNXOHUHWSnIDNXOWHWHWLRJ2SO\VQLQJHUQHHUVDPPHQKROGWPHG N—QDOGHUXGGDQQHOVHVEDJJUXQGRJERS–OWRnUI—UVWXGLHVWDUW6WXGLHVWDWXVHUIRUEHJJH nUJDQJHRSJMRUWLnU

'LPLWWHQGXQGHUV—JHOVHQEHVNULYHUEHVN–IWLJHOVHVRJO—QIRUKROGIRUGLPLWWHQGHUIUDRJ )RUEHJJHnUJDQJHHUGHVHQHVWHRSO\VQLQJHURSJMRUWLLGHW'DQPDUNV6WDWLVWLNV UHJLVWUHLNNHUnGHURYHUQ\HUHWDO8QGHUV—JHOVHQLQGGUDJHURSO\VQLQJHURPVRFLR—NRQRPLVNVWDWXV OHGLJKHGVJUDGDQV–WWHOVHVRPUnGHEUDQFKHWLONQ\WQLQJJHRJUDILVNSODFHULQJDIDUEHMGVVWHGRJ EUXWWRLQGNRPVW5DSSRUWHQLQGHKROGHUGHVXGHQHQEHVNULYHOVHDIEHVN–IWLJHOVHVVLWXDWLRQHQRJ O—QIRUKROGIRUSKGHUGLPLWWHUHWLRJ

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHUHJLVWHUEDVHUHGHXQGHUV—JHOVHUKDUEHO\VWFHQWUDOH NYDQWLILFHUEDUHSUREOHPVWLOOLQJHU

1RWDWSnEDJJUXQGDIGLPLWWHQGXQGHUV—JHOVH

6RPOHGLXGDUEHMGHOVHQDIHYDOXHULQJHQVGRNXPHQWDWLRQVPDWHULDOHKDU(9$XGI–UGLJHWHWQRWDW SnEDJJUXQGDIHQVS—UJHVNHPDXQGHUV—JHOVHIRUHWDJHWDI3/65DPE—OOIRU,QJHQL—UIRUHQLQJHQL 'DQPDUN,'$(9$KDUPHGWLOODGHOVHIUD,'$RJ$$8KDIWDGJDQJWLOGHOHDIXQGHUV—JHOVHQV WDEHOPDWHULDOHPHGVYDUIUDGHQVDPOHGHSRSXODWLRQRJIUDGLPLWWHQGHUIUD$$8'LPLWWHQGHUQHIUD

$$8HUIRUGHOWSnGLSORPLQJHQL—UHURJFLYLOLQJHQL—UHU7DEHOPDWHULDOHWKDUDOHQHY–UHW WLOJ–QJHOLJWLSDSLUIRUP

5DSSRUWHQVRSE\JQLQJ

8GRYHUGHWWHLQGOHGQLQJVNDSLWHOLQGHKROGHUUDSSRUWHQILUHNDSLWOHU.DSLWHOUXPPHUHWUHVXPpDI UDSSRUWHQ,GHHIWHUI—OJHQGHWUHNDSLWOHUEHVNULYHVDQDO\VHUHVRJYXUGHUHVIDNXOWHWHWVRUJDQLVDWLRQ RJYLUNVRPKHG,NDSLWHOEHKDQGOHVIDNXOWHWHWVUHVXOWDWHUPHGDIV–WLIDNXOWHWHWVVXFFHVKLVWRULHU 'HUHIWHUEHKDQGOHVGHVWUXNWXUHURJSURFHVVHUGHUOLJJHUWLOJUXQGIRUUHVXOWDWHUQHLNDSLWHO .DSLWOHWHUGHOWRSLILUHXQGHUDIVQLWRPKHQKROGVYLVPnOV–WQLQJHURJVWUDWHJLRUJDQLVDWLRQOHGHOVH

(14)

RJNYDOLWHWVVLNULQJ(QGHOLJEHKDQGOHVLNDSLWHOGHUHVVRXUFHUIDNXOWHWHWUnGHURYHULIRUPDI

—NRQRPLVNHUHVVRXUFHUVWXGHUHQGHSHUVRQDOHRJI\VLVNHIDFLOLWHWHU

0HGGHQQHVWUXNWXUHUGHWKHQVLJWHQDWWDJHDIV–WLIDNXOWHWHWVUHVXOWDWHUIRUGHUHIWHUDW

XQGHUV—JHJUXQGODJHWIRUDWIUHPEULQJHGLVVHUHVXOWDWHU(YDOXHULQJVJUXSSHQKDUV–UOLJW—QVNHWDW WDJHWDIV–WLVXFFHVKLVWRULHUQHIRUGLGLVVHHUHQYLJWLJNLOGHWLODWIRUVWnKYRUGDQIDNXOWHWHW

IXQJHUHU*UXQGODJHWIRUDWIUHPEULQJHUHVXOWDWHUQHDQDO\VHUHVGHOVYHGDWEHO\VHIDNXOWHWHWV RUJDQLVDWRULVNHDSSDUDWLIRUPDIGHVWUXNWXUHURJSURFHVVHUIDNXOWHWHWDQYHQGHULIRUELQGHOVHPHG IUHPEULQJHOVHQDIUHVXOWDWHUQHGHOVYHGDWVHSnGHUHVVRXUFHUIDNXOWHWHWUnGHURYHU

5DSSRUWHQVDIVQLWHUVWUXNWXUHUHWVnOHGHVDWGHUI—UVWHUHWGHODIVQLWKYRUIDNXOWHWVSU–VHQWDWLRQ JHQJLYHVOR\DOWPRGVHOYHYDOXHULQJHQ'HUHIWHUI—OJHUHWGHODIVQLWKYRUHYDOXHULQJVJUXSSHQV DQDO\VHUYXUGHULQJHURJDQEHIDOLQJHUIUHPO–JJHV

5DSSRUWHQLQGHKROGHUGHVXGHQDSSHQGLNVHU

(15)

5HVXPp

)RUPnOHWPHGHYDOXHULQJHQDI'HW7HNQLVN1DWXUYLGHQVNDEHOLJH)DNXOWHWYHG$DOERUJ8QLYHUVLWHWHU DWYXUGHUHKYRUGDQIDNXOWHWHWO—VHUVLQRSJDYHVRPRYHURUGQHWDQVYDUOLJIRUGHWHNQLVN

QDWXUYLGHQVNDEHOLJHLQVWLWXWWHUVRJVWXGLHQ–YQVIRUVNQLQJXGGDQQHOVHRJIRUPLGOLQJ'HWHU VnOHGHVIRUPnOHWGHOVDWYXUGHUHIDNXOWHWHWVHYQHWLODWRSE\JJHRJXGYLNOHKHQVLJWVP–VVLJH UDPPHUIRUVLQRUJDQLVDWLRQRJYLUNVRPKHGGHOVDWYXUGHUHHQNHOWHGHOHDIIDNXOWHWHWVYLUNVRPKHG

¥SULP–UWXGGDQQHOVHRJIRUVNQLQJ

(YDOXHULQJHQE\JJHUEODQGWDQGHWSnIDNXOWHWHWVVHOYHYDOXHULQJHWEHV—JSnIDNXOWHWHWDIWUHGDJHV YDULJKHGVDPWUHJLVWHUEDVHUHGHXQGHUV—JHOVHUDIVWXGLHHIIHNWLYLWHWRJGLPLWWHQGHUQHV

EHVN–IWLJHOVH(YDOXHULQJVJUXSSHQKDUYDOJWDWEUXJHIDNXOWHWHWVV–UOLJWJRGHUHVXOWDWHUHOOHU VXFFHVKLVWRULHUVRPDIV–WIRUWLOUHWWHO–JJHOVHQDIHYDOXHULQJHQ

'HW7HNQLVN1DWXUYLGHQVNDEHOLJH)DNXOWHWKDURYHURUGQHWVHWHQYHOIXQJHUHQGHOHGHOVHRJKDU RSQnHWJRGHUHVXOWDWHULV–USnXGGDQQHOVHVRPUnGHW6nOHGHVNDQGHUSnXGGDQQHOVHVRPUnGHW LGHQWLILFHUHVV–UOLJYHOGRNXPHQWHUHGHUHVXOWDWHUHOOHUVXFFHVKLVWRULHU3nIRUVNQLQJVRPUnGHWHUGHU VXFFHVSnQRJOHRPUnGHUPHQIRUVNQLQJHQIUHPVWnULNNHVRPHQVXFFHVKLVWRULHLVDPPHJUDGVRP XGGDQQHOVHVRPUnGHW

)DNXOWHWHWVRUJDQLVDWLRQRJYLUNVRPKHGHURYHURUGQHWNHQGHWHJQHWYHG

• HQOHGHOVHGHUHUDNWLYRJLQLWLDWLYVNDEHQGHRJVRPQ\GHUEUHGRSEDNQLQJLRUJDQLVDWLRQHQ

• HQUHVVRXUFHDOORNHULQJVPRGHOGHUPHGHQK—MJUDGDIDXWRPDWLNIRUGHOHUPLGOHUSnEDJJUXQGDI DNWLYLWHW

• EUHGRSEDNQLQJEODQGWVnYHOXQGHUYLVHUHVRPVWXGHUHQGHWLOGHQSUREOHPRULHQWHUHGH

SURMHNWRUJDQLVHUHGHVWXGLHIRUPRJWLOGHQRULHQWHULQJPRGRPYHUGHQHQGHUSU–JHUIDNXOWHWHW

• K—MVWXGLHHIIHNWLYLWHWK—MEHVN–IWLJHOVHVJUDGRJWLOIUHGVHGLPLWWHQGHU

• HQEHW\GHOLJGHOHJDWLRQDINRPSHWHQFHWLOVWXGLHQ–YQRJLQVWLWXWWHU

'HUVHVVDPWLGLJXGYLNOLQJVPXOLJKHGHUSnHQU–NNHRPUnGHUVRPGHWEODQGWDQGHWIUHPJnUDI DQEHIDOLQJHUQHQHGHQIRU

(16)

&HQWUDOHDQEHIDOLQJHU

)DNXOWHWHWKDUXGYLNOHWHQXGGDQQHOVHVPRGHOGHUJUXQGO–JJHQGHHUIRUPnOVWMHQOLJVHWLIRUKROGWLO IDNXOWHWHWVSURILO,NNHPLQGVWHUGHURSQnHWHWYHOIXQJHUHQGHVDPVSLOPHOOHPXGGDQQHOVHURJ HUKYHUYVOLYHW3nIDNXOWHWHWHUEnGHXQGHUYLVHUHRJVWXGHUHQGHNRPPHWPHGIRUVODJWLOWLOSDVQLQJHU DIXGGDQQHOVHVPRGHOOHQ5DSSRUWHQDQEHIDOHUDWIDNXOWHWHWEUXJHUHYDOXHULQJHQVRPHQDQOHGQLQJ WLOHQV\VWHPDWLVNJHQQHPJDQJDIXGGDQQHOVHVPRGHOOHQPHGKHQEOLNSnDWYLGHUHXGYLNOHGHQ

0HGKHQV\QWLOIRUVNQLQJHQHUGHWYLJWLJWIRUIDNXOWHWHWVIRUWVDWWHXGYLNOLQJDW—JHIRUVWnHOVHQIRU nUVDJHUWLORJYLONnUIRUGHQIRUVNQLQJVP–VVLJHVXFFHV%nGHQnUGHWJ–OGHUIRUVNQLQJRJQnUGHW J–OGHUXGGDQQHOVHKDUIDNXOWHWHWYDOJWHQVWUDWHJLGHUDIYLJHUIUDHQWUDGLWLRQHOWLOJDQJSn XQLYHUVLWHWVRPUnGHW3nXGGDQQHOVHVRPUnGHWHUGHUHWK—MWEHYLGVWKHGVQLYHDXLIRUKROGWLO XGGDQQHOVHVPRGHOOHQVVW\UNHU'HQQHIRUVWnHOVHHNVLVWHUHULNNHLVDPPHRPIDQJSn

IRUVNQLQJVRPUnGHW'HUIRUDQEHIDOHUUDSSRUWHQDWIDNXOWHWHWDUEHMGHUDNWLYWSnDWRSQnHQ—JHW IRUVWnHOVHDIGHWV–UHJQHYHGIRUVNQLQJVPLOM—HWSnIDNXOWHWHWKHUXQGHUKYLONHQPnGHGHWWHKDU PHGYLUNHWWLOGHVXFFHVHUIDNXOWHWHWKDUNXQQHIUHPYLVHSnRPUnGHW

'HUIRUHJnUHQYLJWLJXIRUPHOVWUDWHJLSURFHVSnIDNXOWHWHWVRPHUDIJ—UHQGHIRUDWIDNXOWHWHWNDQ IXQJHUHVnG\QDPLVNVRPGHWHUWLOI–OGHW)DNXOWHWHWDUEHMGHUWLOJHQJ–OGNXQLEHJU–QVHWRPIDQJ PHGHQPHUHV\VWHPDWLVHUHWVWUDWHJLSURFHVI[LIRUPDIEHVNULYHOVHUDIRPYHUGHQHQ5DSSRUWHQ DQEHIDOHUIDNXOWHWHWDWJLYHSODGVWLOnEQHGLVNXVVLRQHURPKYRUIDNXOWHWHWEHY–JHUVLJKHQ'HW VN\OGHVLNNHPLQGVWDWIDNXOWHWHWLGHNRPPHQGHnUWLOV\QHODGHQGHVWLOOHVRYHUIRUHQU–NNH DIJ—UHQGHYDOJPHGKHQV\QWLOGHQYLGHUHXGYLNOLQJDIGHQIDJOLJHSURILO

'HQLQWHUQHPRGHOIRUIRUGHOLQJDIUHVVRXUFHUKDUNDUDNWHUDIHQSU–VWDWLRQVPRGHOGHUNQ\WWHU EHYLOOLQJHUVDPPHQPHGDNWLYLWHWHU0RGHOOHQHULVLJVHOYHWOHGHOVHVLQVWUXPHQWVRPHUDI DIJ—UHQGHEHW\GQLQJIRUGHQEHW\GHOLJHG\QDPLNGHUHUSnIDNXOWHWHW3nIRUVNQLQJVRPUnGHW NREOHVLQVWLWXWWHUQHVEHYLOOLQJHUWLORPIDQJHWRJNYDOLWHWHQDIGHUHVIRUVNQLQJ,QGI—UHOVHQDI EHYLOOLQJVPRGHOOHQKDUSnGHQHQHVLGHELGUDJHWWLODWVW\UNHGHQLQGLYLGXHOOHIRUVNQLQJVLQGVDWVYHG IDNXOWHWHWJHQQHPDWV–WWHIRNXVSnHNVWHUQSXEOLFHULQJLDQHUNHQGWHWLGVVNULIWHU3nGHQDQGHQ VLGHHUGHUHQULVLNRIRUDWPRGHOOHQSnVLJWPRGDUEHMGHUIDNXOWHWHWVV–UOLJHSURILOI[LIRUKROGWLO PXOLJKHGHQIRUDWRSG\UNHUHODWLRQHUWLOHUKYHUYVOLYHWGHULNNHQ—GYHQGLJYLVJLYHUPXOLJKHGIRU LQWHUQDWLRQDOSXEOLFHULQJ'HUOLJJHULNNHQ—GYHQGLJYLVHQPRGV–WQLQJLGHWWHPHQIDNXOWHWHW DQEHIDOHVDOOLJHYHODWDQDO\VHUHGHODQJVLJWHGHLPSOLNDWLRQHUDIPRGHOOHQ

)DNXOWHWHWKDUWDJHWNYDOLWHWVVLNULQJVRSJDYHQDOYRUOLJWEnGHSnXGGDQQHOVHVRJSn

IRUVNQLQJVRPUnGHW'RJHUGHUIRUVNHOSnKYRUVHUL—VWGHHQNHOWHVWXGLHQ–YQRJLQVWLWXWWHU DUEHMGHUPHGVnYHONYDOLWHWVVLNULQJVRPRSI—OJQLQJ'HUHUGHUIRUEHKRYIRUHQDNWLYLQGVDWVEnGH

(17)

IUDIDNXOWHWVOHGHOVHQVVLGHRJSnLQVWLWXWRJVWXGLHQLYHDXLIRUKROGWLONYDOLWHWVVLNULQJVDUEHMGHW 5DSSRUWHQDQEHIDOHUDWIDNXOWHWHWRSVWLOOHURYHURUGQHGHUDPPHUIRUNYDOLWHWVVLNULQJDIIDNXOWHWHWV XGGDQQHOVHUSnOLQMHPHGGHUDPPHUGHUHUIDVWVDWIRUIRUVNQLQJVHYDOXHULQJHUQH'HUXGRYHU DQEHIDOHVIDNXOWHWHWDWXQGHUVW—WWHO–ULQJPHOOHPLQVWLWXWWHURJVWXGLHUYHGDWV\QOLJJ—UHIRUVNHOOH RJJRGSUDNVLVRJWDJHLQLWLDWLYWLOGLDORJRPKYLONHHUIDULQJHUGHUNDQRYHUI—UHVPHOOHP

HQKHGHUQH

2PDQEHIDOLQJHUQH

5DSSRUWHQVDQDO\VHUYXUGHULQJHURJDQEHIDOLQJHUHUIRUHWDJHWDIHQHYDOXHULQJVJUXSSHEHVWnHQGH DIIDJOLJHHNVSHUWHU5DSSRUWHQHUXGDUEHMGHWSnEDJJUXQGDIGHQGRNXPHQWDWLRQGHUHULQGVDPOHW LIRUELQGHOVHPHGHYDOXHULQJHQ$QEHIDOLQJHUQHHUW–QNWVRPHWUHGVNDEWLOYLGHUHXGYLNOLQJDI IDNXOWHWHWPHQHULNNHGHHQHVWHGHUNDQXGGUDJHVDIGRNXPHQWDWLRQVPDWHULDOHW'HQUHVWHUHQGH GHODIUDSSRUWHQHURSE\JJHWVnOHGHVDWDIVQLWGHUSU–VHQWHUHUIDNXOWHWHWVHJHQIRUVWnHOVHVRPGHQ HUXGWU\NWLHYDOXHULQJHQVGRNXPHQWDWLRQLKYHUWWLOI–OGHHIWHUI—OJHVDIHWDIVQLWPHG

HYDOXHULQJVJUXSSHQVDQDO\VHUYXUGHULQJHURJDQEHIDOLQJHU

(18)
(19)

5HVXOWDWHU

,GHWWHDIVQLWEHKDQGOHVIDNXOWHWHWVUHVXOWDWHU)RUPnOHWPHGDIVQLWWHWHUDWYLVHKYDGIDNXOWHWHWKDU RSQnHWVRPEDJJUXQGIRUDWIRUVWnIDNXOWHWHWVVDPOHGHYLUNH

,QGOHGQLQJVYLVUHGHJ—UHVIRUIDNXOWHWHWVVXFFHVKLVWRULHULQGHQIRUXGGDQQHOVHRJIRUVNQLQJ'HU IRNXVHUHVSnSU–PLVVHUQHIRURJGHWV–UHJQHYHGIDNXOWHWHWVVXFFHVKLVWRULHURJLNNHSnGH VSHFLILNNHRPVW–QGLJKHGHUYHGKYHUHQNHODIIDNXOWHWHWVVXFFHVHU)RUPnOHWHUDWInHQIRUVWnHOVH IRUKYDGGHUHUNHQGHWHJQHQGHIRUIDNXOWHWHWVVXFFHVHU(IWHUI—OJHQGHEHKDQGOHVIDNXOWHWHWV UHVXOWDWHULQGHQIRUXGGDQQHOVHRJIRUVNQLQJ

%HKDQGOLQJHQDIEnGHXGGDQQHOVHRJIRUVNQLQJHUGHOWRSLWRXQGHUDIVQLWKYRUIDNXOWHWV IUHPVWLOOLQJJHQJLYHVHIWHUIXOJWDIHYDOXHULQJVJUXSSHQVDQDO\VHURJYXUGHULQJHU

)DNXOWHWHWVVXFFHVKLVWRULHU

)DNXOWHWHWKDULNNHVRPIRUXGVDWVHOYEHVNUHYHWVLQHVXFFHVKLVWRULHUVRPHWV–UVNLOWDIVQLWL VHOYHYDOXHULQJHQPHQIDNXOWHWHWVVXFFHVKLVWRULHURJEDJJUXQGHQIRUGHPNDQO–VHVIRUVNHOOLJH VWHGHULVHOYHYDOXHULQJHQ3nEHV—JHWEOHYIDNXOWHWHWVVXFFHVHURJEDJJUXQGHQIRUGHPRJVn GLVNXWHUHWEUHGW

2YHURUGQHWHUGHWHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWVVW—UVWHVXFFHVKLVWRULHHUDW IDNXOWHWHWRJKHOH$DOERUJ8QLYHUVLWHWIUDEHJ\QGHOVHQYDOJWHDWWLOUHWWHO–JJHRJEHGULYH XGGDQQHOVHRJIRUVNQLQJSnHQJUXQGO–JJHQGHQ\RJXWUDGLWLRQHOPnGHRJDWGHQQHDOWHUQDWLYH PRGHOKDUY–UHWHQVXFFHV

8GGDQQHOVH

3nIDNXOWHWHWHUGHUXGYLNOHWHQV–UOLJXGGDQQHOVHVPRGHOLQGHQIRUUDPPHUGHUHUXGVWXNNHWDI XQLYHUVLWHWHW'HWJUXQGO–JJHQGHHOHPHQWLPRGHOOHQHUGHWSUREOHPRULHQWHUHGHSURMHNWDUEHMGH VRPHUNHQGHWHJQHWYHGDWVWXGHUHQGHLJUXSSHUDIIRUVNHOOLJVW—UUHOVHDUEHMGHUPHGDIJU–QVHGH SUREOHPVWLOOLQJHU(QGYLGHUHHUPRGHOOHQNHQGHWHJQHWYHGVWRUNRQWDNWWLOUHJLRQHQVHUKYHUYVOLYRJ LQVWLWXWLRQHUVnOHGHVDWHQVWRUDQGHODISURMHNWHUWDJHUXGJDQJVSXQNWLNRQNUHWH

SUDNVLVRULHQWHUHGHSUREOHPHU*HQQHPSURMHNWDUEHMGHWRSQnUGHVWXGHUHQGHVW–UNHNRPSHWHQFHU

(20)

LQGHQIRUSUREOHPO—VQLQJRJVDPDUEHMGHRJIDJOLJWRSQnUGHLQGVLJWLQGHQIRUDIJU–QVHGH IDJRPUnGHU$QGUHY–VHQWOLJHNHQGHWHJQYHGXGGDQQHOVHVPRGHOOHQHUGHOVGHQJUXSSHVSHFLILNNH YHMOHGQLQJGHOVIRUHNRPVWHQDIDUEHMGVSODGVHUSnIDNXOWHWHWWLOKYHUSURMHNWJUXSSH

$WXGGDQQHOVHVPRGHOOHQHUHQVXFFHVIRUIDNXOWHWHWXQGHUE\JJHVDI

• Y–NVWLV—JQLQJHQWLOIDNXOWHWHWVXGGDQQHOVHURJLNDQGLGDWSURGXNWLRQHQ

• K—MVWXGLHHIIHNWLYLWHW

• HQUHODWLYK—MJHQQHPI—UHOVHVSURFHQWRJODYWIUDIDOG

• NRUWHVWXGLHWLGHU

• WLOIUHGVHGLPLWWHQGHU

• K—MEHVN–IWLJHOVHVJUDGIRUGLPLWWHQGHUQH

(WDQGHWY–VHQWOLJWDVSHNWYHGIDNXOWHWHWVXGGDQQHOVHVP–VVLJHVXFFHVHUDWIDNXOWHWHWV

XGGDQQHOVHURYHURUGQHWHUNDUDNWHULVHUHWYHGDWGHO—EHQGH–QGUHVLWDNWPHGXGYLNOLQJHQLQGHQ IRUGHSnJ–OGHQGHIDJRPUnGHURJ–QGULQJHUQHLSRWHQWLHOOHVWXGHUHQGHVVWXGLHLQWHUHVVHU'HWWH KDUY–UHWPHGWLODWVLNUHIDNXOWHWHWHWNRQVWDQWVWLJHQGHRSWDJDIVWXGHUHQGHSnWURGVDIJHQHUHOOH YDQVNHOLJKHGHULQGHQIRUGHWWHNQLVNQDWXUYLGHQVNDEHOLJHRPUnGH

)RUVNQLQJ

)DNXOWHWHWKDURSE\JJHWIRUVNQLQJVPLOM—HUKYRUDIIOHUHQ\GHUDQHUNHQGHOVHRJVnLQWHUQDWLRQDOW )DNXOWHWHWVIRUVNQLQJVPLOM—HUHUNHQGHWHJQHWYHGDWY–UHSURMHNWEDVHUHGHY–UHRULHQWHUHWPRG DQYHQGWIRUVNQLQJKDYHNRQWDNWWLOHUKYHUYVOLYHWRJHQIDJOLJRUJDQLVHULQJGHUHUSU–JHWDI EHW\GHOLJG\QDPLN(QGYLGHUHHUIDNXOWHWHWVIRUVNQLQJVP–VVLJHVXFFHVHUNHQGHWHJQHWYHGDWGH HQWHQOLJJHULQGHQIRUDIJU–QVHGHGHOHDIGHWUDGLWLRQHOOHIDJRPUnGHUHOOHUDWGHHU¨Q\H¨

IRUVNQLQJVRPUnGHUVRPRIWHJnUSnWY–UVDIHWDEOHUHGHIDJRPUnGHU

)DNXOWHWHWVIRUVNQLQJVPLOM—HUV\QHVDWEOLYHXGYLNOHWSnWRIRUVNHOOLJHPnGHU

• .QRSVN\GQLQJLQGHQIRUHNVLVWHUHQGHIRUVNQLQJVRPUnGHUHOOHULJU–QVHIODGHUQHPHOOHP WUDGLWLRQHOOHRPUnGHU'HQQHXGYLNOLQJNHQGHWHJQHVYHGDWY–UHEDVHUHWSnWDOHQWIXOGH

HQNHOWSHUVRQHUHOOHUIRUVNHUJUXSSHUVRPXGYLNOHUVW–UNHIRUVNQLQJVPLOM—HURIWHPHGXGJDQJVSXQNW LSUDNVLVRULHQWHUHGHLQJHQL—UP–VVLJHSUREOHPHU

• %HYLGVWVDWVQLQJSnQ\HLQGVDWVRPUnGHULQGHQIRUVnYHOODQGVSROLWLVNHUNO–UHGHLQGVDWVRPUnGHU VRPWLOI–OGLJWRSVWnHGHIRUVNQLQJVPXOLJKHGHU3nGHWWHRPUnGHKDUIDNXOWHWHWXGYLVWHYQHWLODW WLOWU–NNHDNWXHOOHSURJUDPPHURJVDWVQLQJHURJKMHPWDJHKHOWQ\HIRUVNQLQJVPLOM—HUI[

ELRWHNQRORJLRJVWDPFHOOHIRUVNQLQJ,QGWLOYLGHUHKDUIDNXOWHWHWKDIWVXFFHVPHGDWKMHPWDJHGLVVH

(21)

WRIRUVNQLQJVPLOM—HU2PGHRJVnEOLYHUHQLQWHJUHUHWIRUVNQLQJVP–VVLJVXFFHVIRUIDNXOWHWHWNDQ HQGQXLNNHYXUGHUHV

)DNXOWHWHWVUHVXOWDWHU

1HGHQIRUEHKDQGOHVIDNXOWHWHWVUHVXOWDWHULQGHQIRUXGGDQQHOVHRJIRUVNQLQJVnOHGHVDWGH VXFFHVKLVWRULHUGHUEOHYEHVNUHYHWLDIVQLWGRNXPHQWHUHV

8GGDQQHOVH

,QGOHGQLQJVYLVUHGHJ—UHVIRUIDNXOWHWHWVXGGDQQHOVHVPRGHO0RGHOOHQHUFHQWUDOIRUDWIRUVWn IDNXOWHWHWVXGGDQQHOVHVP–VVLJHUHVXOWDWHU6nOHGHVPnUHVWHQDIGHUHVXOWDWHUGHUUHGHJ—UHVIRUL DIVQLWWHWLVW—UUHHOOHUPLQGUHJUDGVHVLO\VHWDIXGGDQQHOVHVPRGHOOHQ(IWHUI—OJHQGHUHGHJ—UHVIRU XGYLNOLQJHQLDQWDOOHWDIGLPLWWHQGHURJVWXGLHHIIHNWLYLWHWHQIDNXOWHWHWVUHVXOWDWHULUHODWLRQWLO XGYLNOLQJDIQ\HXGGDQQHOVHURJ–QGULQJHUDIHNVLVWHUHQGHLQJHQL—UGLPLWWHQGHUVYXUGHULQJDI GHUHVXGGDQQHOVHRJGLPLWWHQGHUQHVEHVN–IWLJHOVHVVLWXDWLRQ

D )DNXOWHWHWVXGGDQQHOVHVPRGHO

/LJHIUD$DOERUJ8QLYHUVLWHWVRSUHWWHOVHLKDUXQLYHUVLWHWHWVXQGHUYLVQLQJY–UHWNHQGHWHJQHW YHGSUREOHPRULHQWHULQJRJSURMHNWRUJDQLVHULQJ)UDGHWWHI–OOHVXGJDQJVSXQNWKDUGHUVLGHQ XGYLNOHWVLJIRUVNHOOLJHNRQNUHWHPRGHOOHUSnGHWUHIDNXOWHWHU

)DNXOWHWHWVXGGDQQHOVHVPRGHOHUNHQGHWHJQHWYHGDWDOOHXGGDQQHOVHUKDUHWEDVLVnUGHUHUI–OOHV IRUDOOHVWXGHUHQGH%DVLVnUHWGDQQHUJUXQGODJIRUGHQHIWHUI—OJHQGHRYHUE\JQLQJVXGGDQQHOVHRJ GHWDQGHWVHPHVWHUDIEDVLVnUHWHUWRQHWLIRUKROGWLOGHQYDOJWHRYHUE\JQLQJ)RUEnGH

FLYLOLQJHQL—URJGLSORPLQJHQL—UXGGDQQHOVHQHIWHUI—OJHVEDVLVXGGDQQHOVHQDIWUHVHPHVWUH VHPHVWHULQGHQIRUHWEUHGWDIJU–QVHWIDJRPUnGHHQVHNWRU'HUHIWHUI—OJHUIRUFLYLOLQJHQL—UHUQH HQVSHFLDOLVHULQJDIIHPVHPHVWUHVYDULJKHGVHPHVWHUGHULQNOXGHUHUHWDIJDQJVSURMHNW 'LSORPLQJHQL—UVWXGLHWDIVOXWWHVPHGWRVHPHVWUHVVSHFLDOLVHULQJKHUXQGHUDIJDQJVSURMHNWHW'H QDWXUYLGHQVNDEHOLJHXGGDQQHOVHUHUVWUXNWXUHUHWVnOHGHVDWEDFKHORUXGGDQQHOVHQXGRYHUEDVLVnUHW RSE\JJHVDIpWHOOHUWRIDJRJNDQGLGDWXGGDQQHOVHQDIpW

+YHUWVHPHVWHUHUVRPKRYHGUHJHORSE\JJHWDISURMHNWDUEHMGHRJNXUVHUVRPEHJJHXGJ—UFLUND KDOYGHOHQDIWLGHQ.XUVHUQHRSGHOHVLSURMHNWRJVWXGLHHQKHGVNXUVHU3URMHNWHQKHGVNXUVHUQH3(

NXUVHUQHXGJ—UVDPPHQPHGSURMHNWHWHQSURMHNWHQKHGRJSODQO–JJHVVDPOHWLQGHQIRUHWJLYHQW WHPD3URMHNWHQKHGVNXUVHUQHKDUWLOIRUPnODWJLYHLQVSLUDWLRQRJGHQQ—GYHQGLJHIDJOLJH

EDJJUXQGIRUGHVWXGHUHQGHVSURMHNWDUEHMGH,QGHQIRUUDPPHUQHDISURMHNWHQKHGHQVWHPD Y–OJHUGHVWXGHUHQGHHQDIJU–QVHWSUREOHPVWLOOLQJIRUGHUHVSURMHNWDUEHMGH3nKYHUWVHPHVWHU LQGGHOHVGHVWXGHUHQGHLSURMHNWJUXSSHUDIK—MVWVHNVVWXGHUHQGH'HVWXGHUHQGHVDPPHQV–WWHU

(22)

VHOYJUXSSHUQH$OOHSURMHNWJUXSSHUUnGHURYHUHWSURMHNWUXPSnIDNXOWHWHWRJKDULGHWRPIDQJGHW HUQ—GYHQGLJWDGJDQJWLOODERUDWRULHUPY+YHUSURMHNWHQKHGSURMHNWDUEHMGHRJ

SURMHNWHQKHGVNXUVHUHNVDPLQHUHVVDPOHWYHGHQPXQGWOLJJUXSSHSU—YHVRPEHG—PPHV LQGLYLGXHOWHIWHUVNDODHQ9HGSU—YHQIUHPO–JJHVSURMHNWDUEHMGHWVRPGHUHIWHUGU—IWHVPHG XGJDQJVSXQNWLSURMHNWUDSSRUWHQRJIUHPO–JJHOVHQ'HUIRUHWDJHVVnOHGHVLNNHQRJHQ

VHOYVW–QGLJEHG—PPHOVHLIRUKROGWLOSURMHNWHQKHGVNXUVHUQH

6WXGLHHQKHGVNXUVHUQH6(NXUVHUWLOUHWWHO–JJHVXDIK–QJLJWDIVHPHVWHUHWVSURMHNWDUEHMGHRJ XGJ—UHVIRULQJHQL—UXGGDQQHOVHUQHDINXUVHULQGHQIRUI—OJHQGHRPUnGHUQDWXUYLGHQVNDEHOLJH JUXQGIDJPDWHPDWLNI\VLNGDWDORJLNHPLPIOJUXQGO–JJHQGHLQJHQL—UIDJVXSSOHUHQGH LQJHQL—UIDJRJLNNHWHNQLVNQDWXUYLGHQVNDEHOLJHIDJVRPI[—NRQRPLVSURJRJRUJDQLVDWLRQ 6WXGLHHQKHGVNXUVHUQHEHG—PPHVLQGLYLGXHOWYHGHQLQWHUQSU—YHRJVRPKRYHGUHJHOVRP EHVWnHWLNNHEHVWnHW3U—YHQKDUWLOIRUPnODWDIJ—UHLKYLONHWRPIDQJGHQHQNHOWHVWXGHUHQGHV YLGHQHUWLOIUHGVVWLOOHQGHXGIUDGHRSVWLOOHGHPnO

3UDNVLVRULHQWHULQJHQDIXQGHUYLVQLQJHQHULI—OJHVHOYHYDOXHULQJHQFHQWUDOSnIDNXOWHWHWKYLONHW NRPPHUWLOXGWU\NYHGDWHQODQJU–NNHSURMHNWHUO—VHVLVDPDUEHMGHPHGYLUNVRPKHGHU)DNXOWHWHW JHQQHPI—UWHLHQXQGHUV—JHOVHDIRPIDQJHWDIVWXGHQWHUSURMHNWHUGHUEOHYJHQQHPI—UWL VDPDUEHMGHPHGHUKYHUYVOLYHW8QGHUV—JHOVHQVNHOQHUPHOOHPSURMHNWHUKYRUGHVWXGHUHQGHGLUHNWH VDPDUEHMGHUPHGHQYLUNVRPKHGLQGLUHNWHVDPDUEHMGHUPHGHQYLUNVRPKHGRJVOHWLNNHKDU NRQWDNWPHGHQYLUNVRPKHG8QGHUV—JHOVHQYLVHUDWVW—UVWHGHOHQDIDIJDQJVSURMHNWHUQH

JHQQHPI—UHVLVDPDUEHMGHPHGHUKYHUYVOLYHW3nFLYLOLQJHQL—UXGGDQQHOVHQJHQQHPI—UHVDI DIJDQJVSURMHNWHUQHLGLUHNWHVDPDUEHMGHPHGHQYLUNVRPKHGRJYHGLQGLUHNWHVDPDUEHMGH 3nGLSORPLQJHQL—UXGGDQQHOVHQJHQQHPI—UHVDOOHDIJDQJVSURMHNWHUHQWHQLGLUHNWHHOOHU LQGLUHNWHVDPDUEHMGHPHGHQYLUNVRPKHG3nGH—YULJHVHPHVWUHJHQQHPI—UHVDI SURMHNWHUQHSnFLYLOLQJHQL—UVWXGLHWLGLUHNWHHOOHULQGLUHNWHVDPDUEHMGHPHGHQYLUNVRPKHGPHQV GHWWLOVYDUHQGHWDOIRUGLSORPLQJHQL—UVWXGHUHQGHHU

3URMHNWDUEHMGHWIUHPK–YHVLVHOYHYDOXHULQJHQRJVnVRPHWY–VHQWOLJWHOHPHQWIRU

IRUVNQLQJVEDVHULQJHQDIIDNXOWHWHWVXGGDQQHOVHU*HQQHPSURMHNWDUEHMGHWInUGHVWXGHUHQGH HUIDULQJHUPHGDWO—VHSUREOHPHUJHQQHPDQYHQGHOVHDIIRUVNQLQJVP–VVLJHDUEHMGVPHWRGHURJ HYDOXHULQJVNULWHULHU'HUXGRYHUIUHPK–YHVGHWDWSURMHNWDUEHMGHWE\JJHUSnGHVHQHVWH

IRUVNQLQJVUHVXOWDWHURJDWDIXQGHUYLVQLQJHQYDUHWDJHVDIDNWLYHIRUVNHUH

(23)

E $QWDOGLPLWWHQGHURJVWXGLHHIIHNWLYLWHW

2SWDJHWDIVWXGHUHQGHSnIDNXOWHWHWVXGGDQQHOVHUHUPHUHHQGIRUGREOHWLSHULRGHQMI QHGHQVWnHQGHWDEHO'LPLWWHQGWDOOHWIRURJW\GHUSnDWGHW—JHGHRSWDJRJVnVOnU LJHQQHPLHW—JHWDQWDOGLPLWWHQGHU

7DEHO

2YHUVLJWRYHURSWDJQHVWXGHUHQGHRJGLPLWWHQGHU

2SWDJSURNWREHUSnEDVLV

'LPLWWHQGHU

.LOGH6HOYHYDOXHULQJHQVGHO1RWHªªLQGLNHUHULQJHQRSO\VQLQJHU

$IGHQUHJLVWHUEDVHUHGHXQGHUV—JHOVHIUHPJnUGHWMIQHGHQVWnHQGHWDEHODWDIGH VWXGHUHQGHVRPEOHYRSWDJHWLKDYGHDIVOXWWHWXGGDQQHOVHQLPHQVVWDGLJYDUL JDQJ%ODQGWGHPGHUVNLIWHGHVWXGLXPHUGHUHQDQGHOGHUVNLIWHGHLQWHUQWSnIDNXOWHWHW+YLV GLVVHVWXGHUHQGHLNNHW–OOHVPHGXQGHUNDWHJRULHQVWXGLHVNLIWKDYGHDIGHVWXGHUHQGHGHU EOHYRSWDJHWLDIVOXWWHWXGGDQQHOVHQLPHQVVWDGLJYDULJDQJ

7DEHO

6WXGLHVWDWXVSUIRUnUJDQJRJ

6WXGLHVWDWXV 6WXGLHVWDWXVNRUULJHUHWIRUVWXGHUHQGHGHUHU VNLIWHWLQWHUQWSnIDNXOWHWHW

cUJDQJ cUJDQJ cUJDQJ cUJDQJ

,JDQJ

$IVOXWWHW

6WXGLHVNLIW

$IEUXGW

,DOW

.LOGH'DQPDUNV6WDWLVWLN1RWH,NRORQQHQ¨6WXGLHVWDWXV¨HUDOOHSHUVRQHUGHUKDUVNLIWHWVWXGLXPUHJLVWUHUHWXQGHU VWXGLHVNLIWXDQVHWRPGHKDUVNLIWHWWLOHWDQGHWVWXGLXPSnIDNXOWHWHWHOOHUWLOHWVWXGLXPXGHQIRUIDNXOWHWHW8QGHU NRORQQHQ¨6WXGLHVWDWXVNRUULJHUHWIRUVWXGHUHQGHGHUHUVNLIWHWLQWHUQWSnIDNXOWHWHW¨HUNXQSHUVRQHUGHUKDUVNLIWHW WLOHWVWXGLXPXGHQIRUIDNXOWHWUHJLVWUHUHWXQGHUVWXGLHVNLIW

(24)

+YLVRSJ—UHOVHQDIGHVWXGHUHQGHVVWXGLHVWDWXVRJVnLQNOXGHUHUGHVWXGHUHQGHVRPVNLIWHUVWXGLXP LQWHUQWSnIDNXOWHWHWHUGHUVnOHGHVIRUnUJDQJVRPKDUDIVOXWWHWGHUHVXGGDQQHOVH VRPVWDGLJHUVWXGLHDNWLYHRJVRPKDUVNLIWHWVWXGLXPHOOHUDIEUXGWGHUHVXGGDQQHOVH )RUnUJDQJHQHUGHUVRPKDUDIVOXWWHWVRPVWDGLJHUWLOPHOGWHQXGGDQQHOVHYHG IDNXOWHWHWRJVRPKDUVNLIWHWVWXGLXPHOOHUDIEUXGWGHUHVXGGDQQHOVH

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWIDNXOWHWHWVVWXGHUHQGHKDUHQK—MVWXGLHHIIHNWLYLWHWIRUVWnHW VRPDQGHOHQDIEHVWnHGHHNVDPLQHULIRUKROGWLOVWXGHQWHUEHVWDQGHQ,SHULRGHQOLJJHU VWXGLHHIIHNWLYLWHWHQSnRPNULQJ'HWWHEHNU–IWHVDIGHQUHJLVWHUEDVHUHGHXQGHUV—JHOVH0HQ VRPGHWIUHPJnUDIWDEHOHUGHUEHW\GHOLJHIRUVNHOOHVnYHOPHOOHPIDNXOWHWHWVVWXGLHQ–YQVRP IUDnUWLOnU6WXGLHQ–YQHWIRU%\JJHULRJ$QO–JRJ6WXGLHQ–YQHWIRU(OHNWURQLNRJ

,QIRUPDWLRQVWHNQRORJLOLJJHUVnOHGHVXQGHULSHULRGHQPHQV6WXGLHQ–YQHWIRU

%DVLVXGGDQQHOVHQRJ6WXGLHQ–YQHWIRU$UNLWHNWXURJ'HVLJQLKHOHSHULRGHQOLJJHURYHU

7DEHO

6WXGLHQ–YQHQHVVWXGLHHIIHNWLYLWHWGHQSURFHQWYLVHDQGHODIEHVWnHGHHNVDPLQHUL IRUKROGWLOVWXGHQWHUEHVWDQGHQ

%\JJHULRJDQO–J

(OHNWURQLNRJLQIRUPDWLRQVWHNQRORJL

,QGXVWULRJHNVSRUW

.HPLRJELRWHNQRORJL

$UNLWHNWXURJ'HVLJQ

1DWXUYLGHQVNDE

/DQGLQVSHNW—URJSODQO–JQLQJ

%DVLVXGGDQQHOVHQ

.LOGH6HOYHYDOXHULQJHQVGHO

'HQK—MHVWXGLHHIIHNWLYLWHWEHW\GHURJVnDWGHUSnIDNXOWHWHWHUJDQVNHNRUWHVWXGLHWLGHU, VHOYHYDOXHULQJHQVNULYHUIDNXOWHWHWDWGHQJHQQHPVQLWOLJHVWXGLHWLGIRUNDQGLGDWXGGDQQHOVHUQHL SHULRGHQWLOYDUSnPHOOHPRJnU

6RPGHWIUHPJnUDIWDEHOHUGHULSHULRGHQVNHWHQVWLJQLQJLVWXGHQWHUEHVWDQGHQSn PHQVGHULGHQVDPPHSHULRGHKDUY–UHWHQVWLJQLQJLDQWDOOHWDIYLGHQVNDEHOLJH

(25)

PHGDUEHMGHUHDGMXQNWHUOHNWRUHURJSURIHVVRUHUSn6HVGHUSnJUXSSHQDIVHQLRUIRUVNHUH OHNWRUHURJSURIHVVRUHUKDUGHUY–UHWHQVWLJQLQJSn

7DEHO

2YHUVLJWRYHUVWXGHQWHUEHVWDQGHQRJDQWDOOHWDIYLGHQVNDEHOLJHPHGDUEHMGHUH

QGULQJ

6WXGHQWHUEHVWDQG

9LGHQVNDEHOLJHPHGDUEHMGHUHDGMXQNWHUOHNWRUHURJSURIHVVRUHU

6/UDWLR

.LOGH6HOYHYDOXHULQJHQVGHORJIDNXOWHWVNRQWRUHW1RWH9LGHQVNDEHOLJHPHGDUEHMGHUHHURSJMRUWLDQWDOKRYHGHU F 8GYLNOLQJDIQ\HXGGDQQHOVHURJ–QGULQJDIHNVLVWHUHQGH

)DNXOWHWHWIUHPK–YHULVHOYHYDOXHULQJHQDWGHUO–JJHVVWRUY–JWSnDUEHMGHWPHGQ\H XGGDQQHOVHVLQLWLDWLYHURJDWGHUXGYLVHVVWRUO\GK—UKHGRYHUIRUSRWHQWLHOOHVWXGHUHQGHV

VWXGLHLQWHUHVVHUKYLONHWDQVHVIRUDWY–UHHQY–VHQWOLJIDNWRULIRUKROGWLODWWLOWU–NNHVWXGHUHQGH 1\HXGGDQQHOVHURSE\JJHVRJXGYLNOHVPHQVHNVLVWHUHQGHXGGDQQHOVHU–QGUHV'HQQHG\QDPLN XQGHUVW—WWHVDIVSHFLHOWLQJHQL—UXGGDQQHOVHUQHVWLOUHWWHO–JJHOVH'HLQGOHGHQGHVHPHVWUH SnLQJHQL—UXGGDQQHOVHUQHRSE\JJHVDIPHUHJHQHUHOOHRJEUHGHIDJHOHPHQWHUVRPDOOH

VWXGHUHQGHLQGHQIRUHQVHNWRUVRPI[HOHNWURQLNRJHOHNWURWHNQLNI—OJHU)UDVMHWWHVHPHVWHU Y–OJHUGHVWXGHUHQGHHQOLQMHLQGHQIRUVHNWRUHQVRPI[LQIRUPDWLNRJIUDVHPHVWHURJIUHP NDQGHVWXGHUHQGHLQGHQIRUOLQMHQY–OJHHQVSHFLDOLVHULQJ

,O—EHWDIGHVHQHVWHIHPnUKDUIDNXOWHWHWRSUHWWHWHQU–NNHQ\HXGGDQQHOVHU,QGHQIRUGHW QDWXUYLGHQVNDEHOLJHRPUnGHGUHMHUGHWVLJRP.HPL*HRJUDILRJ,QIRUPDWLNRJLQGHQIRUGHW LQJHQL—UP–VVLJHRP$UNLWHNWXURJ'HVLJQ6XQGKHGVWHNQRORJLVDPW3ODQRJPLOM—'HUXGRYHUKDU IDNXOWHWHWXGEXGWHQU–NNHQ\HVSHFLDOLVHULQJHUVRPIRUHNVHPSHO5XPIDUW,WLE\JJHULHW

(QWUHSUHQHXUVKLSRJ*HQWHNQRORJL G ,QWHUQDWLRQDOLVHULQJ

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWIDNXOWHWHWVLQWHUQDWLRQDOLVHULQJVDUEHMGHSnXGGDQQHOVHVRPUnGHW IRNXVHUHUSn

• XGJnHQGHGDQVNHVWXGHUHQGH

• LQGJnHQGHXGHQODQGVNHJ–VWHVWXGHUHQGH

• HQJHOVNVSURJHGHXGGDQQHOVHU

(26)

• LQWHUQDWLRQDOHUIDULQJVXGYHNVOLQJ

'HWIUHPJnUDIVHOYHYDOXHULQJHQDWGHWHUIDNXOWHWHWVPnODWDOOHVWXGHUHQGHSnHWWLGVSXQNWLGHUHV XGGDQQHOVHVNDOWLOXGODQGHWLHQNRUWHUHHOOHUO–QJHUHSHULRGH,SHULRGHQIUDKDU DQWDOOHWDIIDNXOWHWHWVHJQHVWXGHUHQGHVRPKDUY–UHWSnHWXGYHNVOLQJVRSKROGOLJJHWSnPHOOHP VWXGHUHQGHRPnUHW$OOHVWXGHUHQGHSnIDNXOWHWHWKDUSnVHPHVWHUUHWWLODWWDJHHW VWXGLHRSKROGLXGODQGHW

$QWDOOHWDIXGHQODQGVNHVWXGHUHQGHVWXGHUHQGHGHUI—OJHUHWKHOWXGGDQQHOVHVIRUO—ESnOLJHIRG PHGGDQVNHVWXGHUHQGHRJXGYHNVOLQJVVWXGHUHQGHVWXGHUHQGHGHUI—OJHUHWHOOHUIOHUHVHPHVWUH PHQLNNHHWKHOWXGGDQQHOVHVIRUO—EKDUGHVHQHUHnUXGYLNOHWVLJSRVLWLYW$QWDOOHWDIXGHQODQGVNH VWXGHUHQGHHULSHULRGHQWLOVWHJHWIUDFDWLOFDVWXGHUHQGHRPnUHW RJDQWDOOHWDIXGYHNVOLQJVVWXGHUHQGHIUDFDWLOFDVWXGHUHQGHRPnUHW

)DNXOWHWHWKDUHWDEOHUHWHQJHOVNVSURJHGHFLYLOLQJHQL—UXGGDQQHOVHUVHPHVWHUHOOHU VHPHVWHU0HUHHQGKDOYGHOHQDIIDNXOWHWHWVNDQGLGDWRYHUE\JQLQJHUXGE\GHVVnOHGHVSnHQJHOVN (QGYLGHUHVNHUGHUHQVWDGLJXGYLNOLQJDIHQJHOVNVSURJHGHPDVWHUXGGDQQHOVHUnEHQXGGDQQHOVH

,VHOYHYDOXHULQJHQDQI—UHVGHWDWIDNXOWHWHWVXGGDQQHOVHUDNWXHOWVDPDUEHMGHGHPHG XQLYHUVLWHWHUYHUGHQRYHURJDWGHUHUVWRULQWHUQDWLRQDOLQWHUHVVHIRUIDNXOWHWHWV

XGGDQQHOVHVPRGHO)DNXOWHWHWVHUHQV–UOLJRSJDYHLDWUnGJLYHRJKM–OSHLQJHQL—UXGGDQQHOVHU YHUGHQRYHUPHGDWLPSOHPHQWHUHSUREOHPRULHQWHUHWRJSURMHNWRUJDQLVHUHWO–ULQJRJPHGDW XGYLNOHQ\HLQJHQL—USURILOHUUHWWHWPRGIUHPWLGLJHEHKRY

)DNXOWHWHWGHOWDJHUVRPUHVWHQDIXQLYHUVLWHWHWL(XURSHDQ&RQVRUWLXPRI,QQRYDWLYH8QLYHUVLWLHV (&,8,I—OJHVHOYHYDOXHULQJHQEHVWnUNRQVRUWLHWDIXQLYHUVLWHWHUPHGEODQGWDQGHWI—OJHQGH I–OOHVWU–NXQGHUYLVQLQJVRJIRUVNQLQJVP–VVLJVW\UNHLQGHQIRUGHWWHNQLVNQDWXUYLGHQVNDEHOLJH RPUnGHVDPWVW–UNWLONQ\WQLQJWLOLQGXVWULHQRJGHUHVJHRJUDILVNHUHJLRQ,VHOYHYDOXHULQJHQ EHVN–IWLJHU(&,8VLJEODQGWDQGHWPHGXGDUEHMGHOVHDII–OOHVPDVWHUSURJUDPPHURJ

XGGDQQHOVHVPRGXOHUXGYLNOLQJDIQ\HHOHDUQLQJPRGXOHURJPHWRGHUI–OOHVPDUNHGVI—ULQJDI (&,8XQLYHUVLWHWHUQHVWXGHQWHURJIRUVNHUPRELOLWHWVDPWPRQLWRUHULQJDIRJGHOWDJHOVHL

LQWHUQDWLRQDOHDNWLYLWHWHULQGHQIRURPUnGHUVRPDNNUHGLWHULQJRJNYDOLWHWVVLNULQJDIXGGDQQHOVHU

8QLYHUVLWHWVVDPDUEHMGHYHGU—UHQGHXQGHUYLVQLQJILQGHUHQGYLGHUHVWHGJHQQHP81(6&2 ,QWHUQDWLRQDO&HQWHUIRU(QJLQHHULQJ(GXFDWLRQ8,&((+HUOLJJHUGHWLQWHUQDWLRQDOHFHQWHUIRU SUREOHPEDVHUHWO–ULQJLQGHQIRULQJHQL—UXGGDQQHOVHUQH8&3%/YHGIDNXOWHWHWOLJHVRPFHQWHUHWV HXURS–LVNHKRYHGNYDUWHUHUYHGDWEOLYHSODFHUHWYHGIDNXOWHWHW8,&(((+4

(27)

'HWHUIDNXOWHWHWVRSIDWWHOVHDWPnOV–WQLQJHQYHGU—UHQGHLQWHUQDWLRQDOWXQGHUYLVQLQJVVDPDUEHMGH RSI\OGHV

H ,QJHQL—UGLPLWWHQGHUVYXUGHULQJDIGHUHVXGGDQQHOVH

,QJHQL—UIRUHQLQJHQL'DQPDUNVVS—UJHVNHPDXQGHUV—JHOVHEODQGWLQJHQL—UGLPLWWHQGHUEHO\VHU EODQGWDQGHWLQJHQL—UGLPLWWHQGHUQHVYXUGHULQJDIGHUHVXGGDQQHOVH,IRUELQGHOVHPHG HYDOXHULQJHQHUGHUXGDUEHMGHWHWQRWDWSnEDJJUXQGDIXQGHUV—JHOVHQGHUVDPPHQOLJQHU EHVYDUHOVHUQHIUDIDNXOWHWHWVGLPLWWHQGHUPHGEHVYDUHOVHUQHIUDGHQVDPOHGHLQJHQL—UGLPLWWHQG SRSXODWLRQ$IXQGHUV—JHOVHQIUHPJnUGHWDWIDNXOWHWHWVGLPLWWHQGHUJHQHUHOWHUWLOIUHGVHPHG GHUHVXGGDQQHOVHRJDWGHYXUGHUHUGHUHVHJQHNRPSHWHQFHUPHUHSRVLWLYWHQGDQGUH

LQJHQL—UGLPLWWHQGHU(QGYLGHUHYLVHUXQGHUV—JHOVHQDWIDNXOWHWHWVGLPLWWHQGHUHUPHUHWLOIUHGVHHQG GHQVDPOHGHSRSXODWLRQLQGHQIRUKRYHGSDUWHQDIRPUnGHUQH'HWNDQGRJEHP–UNHVDW

GLPLWWHQGHUQHIUDIDNXOWHWHWLEHW\GHOLJJUDGHUPHUHWLOIUHGVHPHGEODQGWDQGHWXQGHUYLVHUQHV S–GDJRJLVNHNYDOLILNDWLRQHUPXOLJKHGHQIRUIDJOLJNRQWDNWPHGXQGHUYLVHUQHVWXGLHPLOM—HWSn XGGDQQHOVHQDOWLDOWYHMOHGQLQJHQYHGVW—UUHSURMHNWHURJXQGHUYLVQLQJVORNDOHURJJUXSSHUXP I 'LPLWWHQGHUQHVEHVN–IWLJHOVHVVLWXDWLRQ

'HQUHJLVWHUEDVHUHGHGLPLWWHQGXQGHUV—JHOVHYLVHUXGYLNOLQJHQLGLPLWWHQGHUQHVnUJDQJRJ EHVN–IWLJHOVHVVLWXDWLRQ%HVN–IWLJHOVHVVLWXDWLRQHQNDQVHVVRPLQGLNDWLRQSnGHUHV DQYHQGHOLJKHGSnDUEHMGVPDUNHGHWVHOYRPGHUVNDOWDJHVK—MGHIRUNRQMXQNWXUHULQGHQIRUGHQ HQNHOWHEUDQFKH

$IXQGHUV—JHOVHQIUHPJnUGHWDWOHGLJKHGHQJHQHUHOWHUJDQVNHEHVNHGHQRJDWGHULHUHQ OHGLJKHGSnEODQGWEnGHGLPLWWHQGHUQHIUDRJ'LPLWWHQGHUQHIUDnUJDQJ KDYGHHQQRJHWK—MHUHLQLWLDOOHGLJKHGOHGLJKHGHQHWnUHIWHUGLPLWWHULQJHQGnUJDQJ 'HUHUHQGYLGHUHIRUVNHOSnLQLWLDOOHGLJKHGHQIRUGLPLWWHQGHUIUDGHIRUVNHOOLJHVWXGLHQ–YQ )RUnUJDQJHQYDULHUHULQLWLDOOHGLJKHGHQPHOOHPRJIRUnUJDQJHQPHOOHP )RUEHJJHnUJDQJHKDUGLPLWWHQGHUIUDVWXGLHRPUnGHUQHE\JJHULRJDQO–JVDPWODQGLQVSHNW—U RJSODQO–JQLQJGHQK—MHVWHLQLWLDOOHGLJKHGRJGLPLWWHQGHUIUDVWXGLHRPUnGHUQHQDWXUYLGHQVNDE RJHOHNWURQLNRJLQIRUPDWLRQVWHNQRORJLGHQODYHVWHLQLWLDOOHGLJKHG

'HWIUHPJnUHQGYLGHUHDWHQVWRUGHODIIDNXOWHWHWVGLPLWWHQGHUInUDUEHMGHL-\OODQGXQGHUV—JHOVHQ EHO\VHUGHQJHRJUDILVNHSODFHULQJDIGLPLWWHQGHUQHVDUEHMGVVWHGGHWI—UVWHnUHIWHUGHUHV

GLPLVVLRQ)RUEHJJHGLPLWWHQGnUJDQJHHUGHUHQK—MEHVN–IWLJHOVHL1RUGM\OODQGV$PWSnKKY RJ,DOWYLVHURSJ—UHOVHQDWDIEHJJHnUJDQJHGHWI—UVWHnUHUEHVN–IWLJHWLHQ YLUNVRPKHGGHUKDUDUEHMGVVWHGL-\OODQG

(28)

J (IWHURJYLGHUHXGGDQQHOVH

)DNXOWHWHWVXGGDQQHOVHUXQGHUnEHQXGGDQQHOVHKDUJHQQHPJnHWHQXGYLNOLQJIUDHWRSWDJSnFD VWXGHUHQGHLWLOFDL6LGHQKDUIDNXOWHWHWKYHUWnUKROGW/LYVODQJ

8GGDQQHOVHVXJHLVnYHO$DOERUJVRP(VEMHUJ'HOWDJHUDQWDOOHWKDUY–UHWSnPHOOHPRJ SHUVRQHU,EOHYIRUO—EHWVHQHVWHYDOXHUHWDIIDNXOWHWHW(YDOXHULQJHQYLVHUDWGHUHU WLOIUHGVKHGPHGXGGDQQHOVHVXJHQEODQGWGHOWDJHUQH

(QGYLGHUHXGE\GHUIDNXOWHWHWIRUVNHOOLJHXGGDQQHOVHVIRUO—ELVDPDUEHMGHPHGYLUNVRPKHGHURJ RIIHQWOLJHLQVWLWXWLRQHU'LVVHRPIDWWHUEODQGWDQGHWIRUV—JVYLV:RUN%DVHG/HDUQLQJGHUEHQ\WWHU GHQS–GDJRJLVNHWLOJDQJIUDGHQSUREOHPRULHQWHUHGHRJSURMHNWRUJDQLVHUHGHXQGHUYLVQLQJVPRGHO SnNRQNUHWHSUREOHPVWLOOLQJHULHQYLUNVRPKHG,GHHQHUVnOHGHVDWYLUNVRPKHGHQEnGHInUO—VW NRQNUHWHSUREOHPHURJXGGDQQHWVLQHPHGDUEHMGHUH

$QDO\VHURJYXUGHULQJHU

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWKDUXGYLNOHWHQXGGDQQHOVHVPRGHOGHU JUXQGO–JJHQGHHUYHOHJQHWRJIRUPnOVWMHQOLJVHWLIRUKROGWLOIDNXOWHWHWVSURILORJVRPJLYHUJRG PXOLJKHGIRUDWXQGHUVW—WWHHWRPYHUGHQVRULHQWHUHWIRNXV8GGDQQHOVHVPRGHOOHQHUHQGYLGHUH NHQGHWHJQHWYHGHQK—MVWXGLHHIIHNWLYLWHWDWGLPLWWHQGHUQHHUWLOIUHGVHPHGGHQRJDWGHKXUWLJW NRPPHULDUEHMGH

3nLQVWLWXWLRQVEHV—JHWEOHYGHUSnWY–UVDIDOOHJUXSSHUVWXGHUHQGHXQGHUYLVHUHIRUVNHUHRJ HUKYHUYVOLYXGWU\NWVWRUWLOIUHGVKHGPHGRJRSEDNQLQJWLOXGGDQQHOVHVPRGHOOHQ'HWEOHYLPLGOHUWLG IUHPK–YHWDWGHUEODQGWEnGHVWXGHUHQGHRJVWXGLHOHGHUHHUHQRSP–UNVRPKHGRPNULQJIRUKROG YHGXGGDQQHOVHVPRGHOOHQGHUPHGIRUGHONXQQH–QGUHV%nGHEODQGWVWXGLHOHGHUQHRJEODQGWGH VWXGHUHQGHEOHYGHUJLYHWXGWU\NIRUDWVWXGLHPRGHOOHQPHGWLVHPHVWUHPHGSURMHNWRSJDYHULNNH Q—GYHQGLJYLVHURSWLPDORJGHUEOHYHIWHUO\VWPLQGUHRJI–UUHSURMHNWHUVDPWLQGLYLGXHOWDUEHMGHL QRJOHSURMHNWHU'HWEOHYIUHPK–YHWSnLQVWLWXWLRQVEHV—JHWDWGHUHNVSHULPHQWHUHVPHGUHVXOWDWHW SURGXNWHWDISURMHNWDUEHMGHWVnOHGHVDWGHUSnQRJOHVWXGLHULHQNHOWHVHPHVWUHNDQDIOHYHUHVHQ DUWLNHOHOOHUHQSRVWHULVWHGHWIRUHQSURMHNWUDSSRUW

(QGYLGHUHIUHPK–YHGHQRJOHXQGHUYLVHUHSnEHV—JHWDWSURMHNWHQKHGVNXUVHUQHLNNHLWLOVWU–NNHOLJ JUDGSU—YHVYHGSURMHNWHNVDPLQHUQHRJDWGHW\GHUPHUHRIWHHUJUXQGO–JJHQGHIDJHOHPHQWHUGHU EHKDQGOHVLGLVVHNXUVHUGHUGHUIRUOLJHVnJRGWNXQQHKDYHKDIWVWDWXVDIHWVWXGLHHQKHGVNXUVXV PHGHNVDPHQ6DPWLGLJHUGHUIRUVNHOSnRPVWXGLHHQKHGVNXUVHUQHEHG—PPHVHIWHUVNDODHQ HOOHUPHGEHVWnHWLNNHEHVWnHW

(29)

(YDOXHULQJVJUXSSHQDQEHIDOHUDWIDNXOWHWHWEUXJHUHYDOXHULQJHQVRPHQDQOHGQLQJWLOHQ V\VWHPDWLVNJHQQHPJDQJDIXGGDQQHOVHVPRGHOOHQPHGKHQEOLNSnDWXGYLNOHGHQ\GHUOLJHUH

,ERJHQ7KH$DOERUJ(NVSHULPHQWIUDIUHPK–YHVGHWDWXGGDQQHOVHVPRGHOOHQKDUEHW\GQLQJ IRUGLPLWWHQGHUQHVIDJOLJHSURILO%RJHQIUHPK–YHULHQVDPPHQOLJQLQJPHG

FLYLOLQJHQL—UGLPLWWHQGHUIUD'DQPDUNV7HNQLVNH8QLYHUVLWHWIDNXOWHWHWVFLYLOLQJHQL—UGLPLWWHQGHUVRP VW–UNHLQGHQIRUSUREOHPO—VQLQJNRPPXQLNDWLRQVDPDUEHMGHRJJHQHUHOWHNQLVNYLGHQPHQVRP PLQGUHVW–UNHLQGHQIRUSDUDWYLGHQRJIDJOLJPHWRGH'HQQHYXUGHULQJDIGLPLWWHQGHUQHVIDJOLJH SURILOEOHYRJVnEHNU–IWHWSnEHV—JHW

(YDOXHULQJVJUXSSHQGHOHUYXUGHULQJHQDIDWXGGDQQHOVHVPRGHOOHQJHQQHPHWIRNXVSnNRQNUHWH LQJHQL—UP–VVLJHSUREOHPVWLOOLQJHURJJHQQHPSURMHNWRUJDQLVHULQJJLYHUGLPLWWHQGHUPHGVW–UNH NRPSHWHQFHUVRPSUREOHPO—VHUHRJHQG\EWJnHQGHNRPSHWHQFHSnXGYDOJWHRPUnGHU6DPWLGLJ

—QVNHUHYDOXHULQJVJUXSSHQDWIUHPK–YHYLJWLJKHGHQDIDWIDNXOWHWHWVLNUHUWLOVWU–NNHOLJEUHGGHRJ G\EGHLGHQIDJOLJHIXQGHULQJKHUXQGHUIDJOLJPHWRGHLGHWGHUHIWHUHYDOXHULQJVJUXSSHQV RSIDWWHOVHHUHQLERHQGHULVLNRIRUDWIDNXOWHWHWVSULRULWHULQJNDQSnYLUNHGLVVHIRUKROG

3UDNVLVUHODWLRQHQLGHVWXGHUHQGHVSURMHNWHUJHQQHPLQYROYHULQJDIYLUNVRPKHGHUYXUGHUHVVRPHQ VXFFHV'HWHUHYDOXHULQJVJUXSSHQVYXUGHULQJDWVXFFHVHQHUNRPPHWJHQQHPHQDNWLYLQGVDWV EnGHSnIDNXOWHWVQLYHDXRJSnGHFHQWUDOWQLYHDX'HVXGHQHUGHWIRUPRGHQWOLJHQXQGHUVW—WWHQGH IDNWRUDWXQLYHUVLWHWHWSnJUXQGDIVLQSODFHULQJLYLGXGVWU–NQLQJXGJ—UGHQPXOLJKHG

YLUNVRPKHGHULRPUnGHWKDUIRUDWLQGGUDJHVWXGHUHQGHLGHUHVDUEHMGH

$WGHWHUO\NNHGHVIRUIDNXOWHWHWDW—JHRSWDJHWWLOLQJHQL—UXGGDQQHOVHUQHLHQSHULRGHKYRUGHW KDUY–UHWYDQVNHOLJWDWUHNUXWWHUHSnRPUnGHWJHQHUHOWILQGHUHYDOXHULQJVJUXSSHQSRVLWLYW(Q PXOLJIRUNODULQJSnGHWWHHUXQLYHUVLWHWHWVRJIDNXOWHWHWVVDWVQLQJSnSURPRYHULQJDI

XGGDQQHOVHUQHRJIDNXOWHWHWVHYQHWLODWIRUQ\XGGDQQHOVHUQHVnGHIUHPVWnUVRPUHOHYDQWHIRUGH VWXGLHV—JHQGH8GGDQQHOVHVPRGHOOHQVPRGXOLVHUHGHIRUPJLYHUPXOLJKHGIRUDWWLOSDVVH

XGGDQQHOVHUQHWLOGHVWXGLHV—JHQGHV—QVNHUPHGUHODWLYWODYHRPNRVWQLQJHU6DPWLGLJXQGHUVW—WWHV WLOSDVQLQJHQDIXGGDQQHOVHUQHYHGDWGHWHUGHVWXGHUHQGHGHUY–OJHUSURMHNWHURJKHULJHQQHP SUHVVHUSnIRUDWDNWXHOOHHPQHUWDJHVRSLSURMHNWHUQH$IEHV—JHWILNHYDOXHULQJVJUXSSHQGHW LQGWU\NDWGHVWXGHUHQGHRJGHUHVSURMHNWDUEHMGHVSLOOHUHQY–VHQWOLJUROOHIRUIRUQ\HOVHQDI IDNXOWHWHWVIDJOLJHSURILORJGHUPHGHUPHGWLODWV–WWHGDJVRUGHQHQ(YDOXHULQJVJUXSSHQILQGHUDW IDNXOWHWHWLYLGXGVWU–NQLQJWDJHUGHVWXGHUHQGHDOYRUOLJWRJDNWLYWV—JHUDWLQWHJUHUHGHPL IDNXOWHWHWVPLOM—

(YDOXHULQJVJUXSSHQEHP–UNHUDWGHUHUVNHWHQEHW\GHOLJHNVSDQVLRQLVWXGHQWHUEHVWDQGHQXGHQ DWGHQIDVWHXQGHUYLVHUVWDEHUIXOGWPHG)UDP—GHWPHGXQGHUYLVHUQHILNHYDOXHULQJVJUXSSHQGHW LQGWU\NDWGHWWHNXQKDUY–UHWPXOLJWJHQQHPHQHNVWUDXQGHUYLVQLQJVLQGVDWVIUD

(30)

XQGHUYLVHUJUXSSHQ(QVnGDQHNVWUDRUGLQ–ULQGVDWVPnIRUYHQWHVDWY–UHYDQVNHOLJDWRSUHWKROGH SnODQJWVLJWIRUGLGHUO–JJHVSUHVSnXQGHUYLVHUQHVHQJDJHPHQWRJIRUVNQLQJVWLG

3nGHQEDJJUXQGHUGHWHYDOXHULQJVJUXSSHQVDQEHIDOLQJDWIDNXOWHWHWRYHUYHMHURPGHWHU IRUVYDUOLJWLIRUKROGWLOXGGDQQHOVHUQHVNYDOLWHWIRUWVDWDW—JHRSWDJHWDIVWXGHUHQGHXGHQHQ WLOVYDUHQGHIRU—JHOVHLXQGHUYLVHUVWDEHQ6DPWLGLJNDQGHQQHRYHUYHMHOVHY–UHYDQVNHOLJSnHW WLGVSXQNWKYRUGHUIUDHUKYHUYVOLYHWVVLGHHIWHUVS—UJHVIOHUHGLPLWWHQGHUPHGWHNQLVN

QDWXUYLGHQVNDEHOLJEDJJUXQGRJQnUPXOLJKHGHQIRUDWXGYLGHXQGHUYLVHUVWDEHQEODQGWDQGHW K–QJHUVDPPHQPHGXGYLNOLQJHQLIRUVNQLQJVPLGOHUQH

)DNXOWHWHWKDUDUEHMGHWDNWLYWPHGLQWHUQDWLRQDOLVHULQJDIXGGDQQHOVHUQHEnGHKYDGJnUHWDEOHULQJ DIPXOLJKHGHUIRUDWHJQHVWXGHUHQGHNDQWDJHDIVWHGLIRUPDIHWV–UOLJWWLOUHWWHODJWVHPHVWHUL IRUPDIHQJHOVNVSURJHGHXGGDQQHOVHVXGEXGRJLIRUPDILQWHUQDWLRQDOWVDPDUEHMGHLUHODWLRQWLO IDNXOWHWHWVS–GDJRJLVNHPRGHO'HVWXGHUHQGHHYDOXHULQJVJUXSSHQP—GWHSnEHV—JHWKDYGHGRJ LNNHHUIDULQJHUPHGXGODQGVRSKROG,IRUKROGWLOIDNXOWHWHWVLQWHUQDWLRQDOHNRQWDNWIODGHYXUGHUHV GHWSRVLWLYWDWIDNXOWHWHWPHGYLUNHUL(&,8(XURSHDQ&RQVRUWLXPRI,QQRYDWLYH8QLYHUVLWLHV'HWHU LPLGOHUWLGLNNHNODUWIRUHYDOXHULQJVJUXSSHQKYLONHNRQNUHWHIRUGHOHVDPDUEHMGHWKDUKDIWVRP DGVNLOOHUVLJIUDDQGUHW\SHUDIVDPDUEHMGVDIWDOHU7DJHWGHDPELWL—VHPnOV–WQLQJHULEHWUDJWQLQJ NXQQHGHWKDYHY–UHWIRUYHQWHWDWVDPDUEHMGHWKDYGHHQPHUHPDUNDQWUROOHLEHVNULYHOVHQDI IDNXOWHWHWVDNWLYLWHWHU2PYHQGWHUGHUIRUVWnHOVHIRUDWQ\HW\SHUDILQWHUQDWLRQDOWVDPDUEHMGHNDQ Y–UHYDQVNHOLJHDWHWDEOHUH

,QGHQIRUHIWHURJYLGHUHXGGDQQHOVHVRPUnGHWYLGQHULNNHPLQGVWZRUNEDVHGOHDUQLQJRJOLYVODQJ XGGDQQHOVHVXJHRPHQLQQRYDWLYWLOJDQJWLORPUnGHW8GIUDRPIDQJHWDIIDNXOWHWHWVDNWLYLWHWHU YXUGHUHUHYDOXHULQJVJUXSSHQDWHIWHURJYLGHUHXGGDQQHOVHHUHWRPUnGHVRPIDNXOWHWHWNXQQH VDWVHHQGQXPHUHSn/LYVODQJXGGDQQHOVHHUXGIUDGHOWDJHUDQWDOOHWRJGHOWDJHUYXUGHULQJHUQHDW G—PPHHQVXFFHVPHQVGHWHQGQXHUIRUWLGOLJWDWVLJHQRJHWRPKYRUYLGWZRUNEDVHGOHDUQLQJYLO EOLYHHQVXFFHVEODQGWYLUNVRPKHGHUQH

)RUVNQLQJ

)DNXOWHWHWKDULVHOYHYDOXHULQJHQYDOJWDWUHGHJ—UHIRUVLQHIRUVNQLQJVP–VVLJHUHVXOWDWHURJ IRUPLGOLQJHQDIGHPXQGHURYHUVNULIWHUQHIRUVNHUQHVGHOWDJHOVHLGHWJOREDOHIRUVNHUVDPIXQGV YLGHQVNDEHOVHIRUVNQLQJVIRUPLGOLQJRJRSI\OGHOVHDIYLUNVRPKHGHUQHVYLGHQVEHKRY6nOHGHVKDU IDNXOWHWHWYDOJWDWVRQGUHPHOOHPIRUVNQLQJRJIRUVNQLQJVIRUPLGOLQJ1HGHQIRUUHGHJ—UHVGHUIRU IDNXOWHWHWVIRUVNQLQJVP–VVLJHUHVXOWDWHURJIRUPLGOLQJHQDIGHPXQGHUHW

(31)

D )DNXOWHWHWVIRUVNQLQJVPLOM—HU

)DNXOWHWHWVIRUVNQLQJHURUJDQLVHUHWLLQVWLWXWWHURJHQU–NNHFHQWUH2UJDQLVHULQJHQDI IRUVNQLQJHQKDUIRUDQGUHWVLJVLGHQRSUHWWHOVHQLPHGXGVSDOWQLQJHQDIQ\HLQVWLWXWWHU IO\WQLQJDIIDJJUXSSHUPHOOHPLQVWLWXWWHURJRSUHWWHOVHQDIIRUVNHOOLJHFHQWUH,VHOYHYDOXHULQJHQ EHVNULYHVUHODWLRQHQPHOOHPLQVWLWXWWHURJFHQWUHVRPHQPDWUL[

,UHODWLRQWLOIRUVNQLQJHQIUHPK–YHUIDNXOWHWHWLVHOYHYDOXHULQJHQRSUHWWHOVHQDIHQU–NNHFHQWUH VRPLIRUVNHOOLJWRPIDQJKDURSE\JJHWNRPSHWHQFHUSnUHJLRQDOWQDWLRQDOWRJLQWHUQDWLRQDOW QLYHDX&HQWUHQHIUHPK–YHVRJVnVRPHNVHPSOHUSnVDPDUEHMGHWPHGHUKYHUYVOLYHWRJL IRUELQGHOVHPHGIRUPLGOLQJDIIDNXOWHWHWVIRUVNQLQJ,VHOYHYDOXHULQJHQQ–YQHVRJSU–VHQWHUHV I—OJHQGHFHQWUH&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQ&HQWHUIRU3HUVRQ.RPPXQLNDWLRQ&HQWHU IRU,QGXVWULHO3URGXNWLRQ&HQWHUIRU0HQQHVNHWV/\GRSIDWWHOVH&HQWHUIRU-RUGEUXJVWHNQRORJL

&HQWHUIRU0DWHULDOHWHNQRORJLRJ1RXKDX]

1HGHQIRUSU–VHQWHUHVGHLQVWLWXWWHURJGHWFHQWHUVRPKDUGHOWDJHWLGHQGHFHQWUDOHGHODI VHOYHYDOXHULQJVSURFHVVHQVDPW&HQWHUIRU3HUVRQ.RPPXQLNDWLRQ

,QVWLWXWIRU'DWDORJL

,QVWLWXWWHWHURUJDQLVHUHWLILUHIRUVNQLQJVHQKHGHUPHGI—OJHQGHIRUVNQLQJVRPUnGHU'DWDEDVHRJ SURJUDPPHULQJVWHNQRORJLEHVOXWQLQJVVW—WWHV\VWHPHULQIRUPDWLRQVV\VWHPHURJGLVWULEXHUHGH V\VWHPHURJVHPDQWLN9HG,QVWLWXWIRU'DWDORJLHUGHUDQVDWSURIHVVRUHURJOHNWRUHU DGMXQNWHURJSKGVWXGHUHQGH

,QVWLWXWWHWJHQQHPI—UHUIRUVNQLQJVHYDOXHULQJHUPHGLQGGUDJHOVHDIXGHIUDNRPPHQGHHNVSHUWHU ,GHQVHQHVWHIRUVNQLQJVHYDOXHULQJIUDMXQLYXUGHUHVLQVWLWXWWHWPHJHWSRVLWLYW

,QVWLWXWWHWHWDEOHUHGHLFHQWHUHW1RXKDX]XGIUDHW—QVNHRPDWHWDEOHUHHWW–WWHUH VDPDUEHMGHPHOOHPLWYLUNVRPKHGHULUHJLRQHQRJLQVWLWXWWHWVIRUVNQLQJVHQKHGHU1RXKDX]HUHW IRUXPIRUGLVNXVVLRQVDPDUEHMGHRJNRQWDNWPHOOHPIRUVNHUHVWXGHUHQGHRJLWPHGDUEHMGHUHL 1RUGM\OODQG

,QVWLWXWIRU9DQG-RUGRJ0LOM—WHNQLN

,QVWLWXWWHWHURUJDQLVHUHWLWUHHQKHGHU/DERUDWRULHWIRU*HRWHNQLNRJ)XQGHULQJ/DERUDWRULHWIRU +\GUDXOLNRJ+DYQHE\JQLQJVDPW6WUXNWXUHO'\QDPLN9HG,QVWLWXWIRU9DQG-RUGRJ0LOM—WHNQLNHU GHUDQVDWSURIHVVRUHURJOHNWRUHUDGMXQNWHURJSKGVWXGHUHQGH

(32)

,QVWLWXWWHWKDUXQGHUJnHWIOHUHRUJDQLVDWRULVNHIRUDQGULQJHU9HG$$8ªVRSUHWWHOVHEOHYLQVWLWXWWHW HWDEOHUHWPHGIRNXVSnYDQGE\JQLQJJHRWHNQLNRJWHNQLVNK\JLHMQH6LGHQHUGHUEOHYHWXGYLNOHW HWPLOM—LQGHQIRUELRWHNQLNGHUQXKDUGDQQHWVLWHJHWLQVWLWXW)RURPWUHQWHWnUVLGHQYDOJWH DIGHOLQJHQIRUPLOM—WHNQLNDWRYHUJnWLO,QVWLWXWIRU%LRWHNQLNXGIUDHQYXUGHULQJDIHWVW—UUHIDJOLJW I–OOHVVNDE,QVWLWXWWHWHUWLOJHQJ–OGEOHYHWXGYLGHWPHGRPUnGHWVWUXNWXUHOG\QDPLN,

VHOYHYDOXHULQJHQIUHPK–YHULQVWLWXWWHWY–NVWGHOWDJHOVHYHGLQWHUQDWLRQDOHNRQIHUHQFHURJHQVWRU VDPDUEHMGVIODGHVRPHNVHPSOHUSnUHVXOWDWHU(QGYLGHUHIUHPK–YHVLQVWLWXWWHWV

ODERUDWRULHIDFLOLWHWHUVRPHWVXFFHVIXOGWVDWVQLQJVRPUnGH

,QVWLWXWIRU(QHUJLWHNQLN

,QVWLWXWWHWHURUJDQLVHUHWLI—OJHQGHVHNWLRQHU(OHNWULVNHIRUV\QLQJVV\VWHPHUWHUPLVNH HQHUJLV\VWHPHUHIIHNWHOHNWURQLVNHV\VWHPHUIOXLGPHNDQLNRJIRUEU–QGLQJVWHNQLNHOHNWULVNH PDVNLQHURJK\GUDXOLVNHRJPHNDWURQLVNHV\VWHPHU9HG,QVWLWXWIRU(QHUJLWHNQLNHUGHUDQVDW SURIHVVRUHURJOHNWRUHUDGMXQNWHURJSKGVWXGHUHQGH

,QVWLWXWWHWKDULJHQQHPGHVHQHVWHWLnUKDIWHQPnOV–WQLQJRPDWXGE\JJHVLQIRUVNQLQJVP–VVLJH DNWLYLWHW,QVWLWXWWHWIUHPI—UHUGHWVRPHQVXFFHVDWGHWHUO\NNHGHVDW—JHGHNYDQWLWDWLYHUHVXOWDWHU LIRUKROGWLOLQGLNDWRUHUVRPI[DQWDODUWLNOHUSDWHQWVDJHUSKGSURMHNWHURJHNVWHUQWILQDQVLHUHGH IRUVNQLQJVDNWLYLWHWHU'HVXGHQIUHPK–YHVWUHVWUDWHJLVNHVDWVQLQJHUPHGHNVWHUQHSDUWHU

• 'DQIRVV3URIHVVRU3URJUDPPHWGHUKDUWLOIRUPnODWVW\UNHHIIHNWHOHNWURQLNRPUnGHW3URMHNWHW JHQQHPI—UHVPHGVW—WWHIUD'DQIRVV'ULYHVVWDWHQRJ$$8

• ,VDPDUEHMGHPHG6DXHU'DQIRVV$6HUGHUWDJHWHWLQLWLDWLYLQGHQIRU(OHNWUR0HNDQLVN6\VWHP 'HVLJQGHUVNDOXGYLNOHRJLQGN—UHHQQ\XGGDQQHOVHLQGHQIRUPHFKDWURQLFRPUnGHWVDPWVW\UNH IRUVNQLQJHQLQGHQIRUVDPPHRPUnGH

• (OHNWULVN'HVLJQRJ6W\ULQJHUHWSURJUDPGHUHUHWDEOHUHWLVWUDWHJLVNDOOLDQFHPHG5LV—YHGU—UHQGH HOHNWULVNGHVLJQRJVW\ULQJDIYLQGP—OOHU

&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQ

&HQWHUHWEOHYRSUHWWHWLVRPHWJUXQGIRUVNQLQJVFHQWHU(QVWRUGHODIFHQWHUHWVEHYLOOLQJWLO IRUVNQLQJRJIRUVNHUVNROHILQDQVLHUHVDI'DQPDUNV*UXQGIRUVNQLQJVIRQG)LQDQVLHULQJHQO—EHU LQGWLO&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQKDUWLONQ\WWHWSURIHVVRUHURJOHNWRUHU DGMXQNWRJSKGVWLSHQGLDWHU

)RUPnOHWPHGFHQWHUHWHUDWHWDEOHUHRJEHGULYHIRUVNQLQJRJGULYHHQIRUVNHUVNROHDIK—M LQWHUQDWLRQDONYDOLWHW0HUHNRQNUHWVNDOFHQWHUHWXQGHUV—JHEDVDOHRJNOLQLVNHDVSHNWHUDI PHQQHVNHUVVDQVHPRWRULVNHLQWHUDNWLRQRJXGYLNOHPHWRGHUWLODWJHQHWDEOHUH—GHODJWHVDQVH PRWRULVNHIXQNWLRQHU&HQWHUHWVNRQWDNWWLOGHWUHJLRQDOHHUKYHUYVOLYEHVWnUDIXIRUPHOOH

(33)

SURMHNWVDPDUEHMGHURJGHOWDJHOVHLQHWY–UNVDNWLYLWHWHU'HVXGHQLQGJnUFHQWHUHW

VDPDUEHMGVDIWDOHUPHGYLUNVRPKHGHURPnUHWVRPRIWHVWRPRSUHWWHOVHDISKGIRUO—ERJ DIWDOHURPUHNYLUHUHWDUEHMGHRPnUHW

&HQWHUIRU3HUVRQ.RPPXQLNDWLRQ&3.

&HQWHUIRU3HUVRQ.RPPXQLNDWLRQHURUJDQLVDWRULVNWLONQ\WWHW,QVWLWXWIRU(OHNWURQLVNH6\VWHPHU

$IGHOLQJHQIRU.RPPXQLNDWLRQVWHNQRORJL&HQWHUHWVIRUVNQLQJVRPUnGHRPIDWWHUEUHGWGHILQHUHW WHRULWHNQLNVDPWGHVLJQRJNRQVWUXNWLRQDIXGVW\UYHGRYHUI—UVHORJEHKDQGOLQJDIVLJQDOHURJ LQIRUPDWLRQLQGHQIRUWUnGO—VNRPPXQLNDWLRQ&HQWHUIRU3HUVRQ.RPPXQLNDWLRQKDUWLONQ\WWHW SURIHVVRUHURJOHNWRUHUDGMXQNWHURJSKGVWLSHQGLDWHU

,VHOYHYDOXHULQJHQDQI—UHVGHWDW&HQWHUIRU3HUVRQ.RPPXQLNDWLRQKDUHQVW–UN

HUKYHUYVWLONQ\WQLQJRJHQGYLGHUHKDUVSLOOHWHQFHQWUDOUROOHIRUSODFHULQJHQDIIRUVNQLQJVRJ XGYLNOLQJVDIGHOLQJHULQGHQIRUWHOHNRPPXQLNDWLRQL1RUGM\OODQG'HWIUHPK–YHVHQGYLGHUHDW FHQWHUHWVDPDUEHMGHUPHGHWVWRUWDQWDOYLUNVRPKHGHURJDWIDNXOWHWHWXGGDQQHUHWVWRUWDQWDO NDQGLGDWHULQGHQIRURPUnGHW

&HQWHUHWKDUQHGVDWHQLQWHUQDWLRQDOUnGJLYQLQJVNRPLWH,QWHUQDWLRQDO$GYLVRU\%RDUGGHUI—OJHU FHQWHUHWVDNWLYLWHWHU,UnGJLYQLQJVNRPLWHHQVXGWDOHOVHIUDYXUGHUHVDNWLYLWHWHUQHYHGFHQWHUHW SRVLWLYWRJEODQGWDQGHWIUHPK–YHVGHQRPIDWWHQGHWLGVVNULIWSXEOLFHULQJRJGHOWDJHOVHYHG NRQIHUHQFHUVDPWVWDQGDUGLVHULQJVDNWLYLWHWHURJIRUVNQLQJVSURMHNWHUVDPPHQPHGHUKYHUYVOLYHW

&HQWHUHWVDNWLYLWHWHUILQDQVLHUHVDIIDNXOWHWHWRJ6WDWHQV7HNQLVN9LGHQVNDEHOLJH)RUVNQLQJVUnG3n EHV—JHWRJLELODJVPDWHULDOHWJ—UHVGHURSP–UNVRPSnDWUDPPHEHYLOOLQJHQIUDIRUVNQLQJVUnGHW VQDUWXGO—EHURJDWFHQWHUHWGHUIRUKDUEHKRYIRUDWILQGHDOWHUQDWLYHILQDQVLHULQJVNLOGHUIRUDW RSUHWKROGHVLQHDNWLYLWHWHU

E )RUVNQLQJVNYDOLWHW

,VHOYHYDOXHULQJHQDQI—UHVGHWDWNYDOLWHWHQDIIDNXOWHWHWVIRUVNQLQJGHOVYXUGHUHVYHGDW PHGDUEHMGHUQHLNRQNXUUHQFHPHGDQGUHIRUVNHUHDQV—JHURPRJInUWLOGHOWUHVVRXUFHUIUD IRUVNQLQJVUnGRJSULYDWHIRQGHGHOVYXUGHUHVYHGJHQQHPI—UHOVHDIIRUVNQLQJVHYDOXHULQJHUDI LQVWLWXWWHUQHVIRUVNQLQJKYHUWIHPWHnUVHRJVnDIVQLWRPNYDOLWHWVVLNULQJ

(QGYLGHUHYXUGHUHUIDNXOWHWHWPHGXGJDQJVSXQNWLIRUVNQLQJVEHUHWQLQJHQRPIDQJHWRJNYDOLWHWHQ DIDOOHSURIHVVRUHUVRJOHNWRUHUVIRUVNQLQJLKHQKROGWLOI—OJHQGHWUHNDWHJRULHUV–UOLJW

IRUVNQLQJVDNWLYHQRUPDOWIRUVNQLQJVDNWLYHRJV–UOLJWXQGHUYLVQLQJVDNWLYH)DNXOWHWHWGHILQHUHU IRUVNQLQJVRPHQVRFLDODNWLYLWHWLPRGV–WQLQJWLOIDJOLJXGYLNOLQJKYLONHWPHGI—UHUDWIRUVNQLQJHQV

(34)

UHVXOWDWHUSRVLWLYHVRPQHJDWLYHVNDOSXEOLFHUHV'HWWHEHW\GHUDWHQYLJWLJLQGLNDWRUIRU YXUGHULQJHQDINYDOLWHWHQRJRPIDQJHWDIGHHQNHOWHIRUVNHUHVIRUVNQLQJHUDQWDOOHWDI

SXEOLNDWLRQHULLQWHUQDWLRQDOWDQHUNHQGWHIDJWLGVVNULIWHULQGO–JSnLQWHUQDWLRQDOHIDJNRQJUHVVHU DIKDQGOLQJHURJOLJQHQGH(IWHUDWIDNXOWHWHWHUEHJ\QGWDWWLOGHOHLQVWLWXWWHUQHIRUVNQLQJVnUVY–UN HIWHUHQYXUGHULQJDINYDOLWHWHQRJRPIDQJHWDIHQNHOWIRUVNHUHVDUEHMGHHUDQWDOOHWDISXEOLFHUHGH YLGHQVNDEHOLJHDUWLNOHURJNRQIHUHQFHLQGO–JVWHJHW,VDPPHSHULRGHKDUGHUY–UHWHWIDOGLLNNH SXEOLFHUHGHZRUNLQJSDSHUVPY

7DEHO

9LGHQVNDEHOLJHDUWLNOHURJZRUNLQJSDSHUVPY

QGULQJ

9LGHQVNDEHOLJHDUWLNOHURJNRQIHUHQFHLQGO–J

:RUNLQJSDSHUVPY

$QWDOYLGHQVNDEHOLJHPHGDUEHMGHUHJHQQHPVQLW

.LOGH6HOYHYDOXHULQJHQVGHORJIDNXOWHWVNRQWRUHW

9HGIDNXOWHWHWHUGHULSHULRGHQEOHYHWWLOGHOWGRNWRUJUDGHU

7DEHO

7LOGHOWHGRNWRUJUDGHU

7LOGHOWHGRNWRUJUDGHU

.LOGH6HOYHYDOXHULQJHQVGHO F )RUVNHUXGGDQQHOVH

,RSUHWWHGHIDNXOWHWHWHQIRUVNHUVNROHVRPOHGHVDIHQEHVW\UHOVHSnILUHSHUVRQHU

)RUVNHUVNROHQVSULP–UHPnOHUDWVNDEHGHEHGVWPXOLJHUDPPHUIRUIRUVNHUXGGDQQHOVHQRJVLNUH DWIRUVNHUXGGDQQHOVHQHUSnLQWHUQDWLRQDOWQLYHDX'HUXGE\GHVWLSKGSURJUDPPHUXQGHU )RUVNHUVNROHQ

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWHQVWRUGHODIIDNXOWHWHWVSKGVWXGHUHQGHHUILQDQVLHUHWDI HNVWHUQHEHYLOOLQJHU2YHUILQDQVORYHQWLOGHOHVIDNXOWHWHWSKGVWLSHQGLHUKYLONHWJLYHUJUXQGODJ IRUDWDQV–WWHVWLSHQGLDWHURPnUHW6RPI—OJHDIHNVWHUQHEHYLOOLQJHURSVOnUIDNXOWHWHWKYHUWnU

(35)

JDQJHVnPDQJHVWLSHQGLHU6RPGHWIUHPJnUDIQHGHQVWnHQGHWDEHOHURSWDJHWDISKG VWXGHUHQGHVWHJHWLSHULRGHQVHOYRPGHUHUEHW\GHOLJHXGVYLQJPHOOHPGHIRUVNHOOLJHnU, SHULRGHQKDUGHUHQGYLGHUHY–UHWHQVWLJQLQJSnLDQWDOOHWDIWLOGHOWHSKG JUDGHU

7DEHO

7LOGHOWHSKGJUDGHURJRSWDJQHSKGVWXGHUHQGH

3KGJUDGHU

2SWDJQHSKGVWXGHUHQGH

.LOGH6HOYHYDOXHULQJHQVGHO)RUVNHUXGGDQQHOVHVUnGHWVVHNUHWDULDW)DNXOWHWVNRQWRUHW 1RWHªªLQGLNHUHULQJHQRSO\VQLQJHU

,)RUVNHUVNROHQVELGUDJWLOVHOYHYDOXHULQJHQIUHPK–YHVEODQGWDQGHWI—OJHQGHUHVXOWDWHUHQ JHQQHPVQLWOLJJHQQHPI—UHOVHVWLGSnnUDQWDOOHWDIXGEXGWHSKGNXUVHUHUVWDGLJWVWLJHQGH RJDIDOOHSKGVWXGHUHQGHHUSnO–QJHUHYDUHQGHPHUHHQGWUHPnQHGHUXGODQGVRSKROG 'HVXGHQIUHPK–YHVGHWLVHOYHYDOXHULQJHQDW)RUVNHUVNROHQKDUVLNUHWDWIRUVNHUXGGDQQHOVHQWDJHV DOYRUOLJWRJVnUHVVRXUFHP–VVLJWYHGIDNXOWHWHWRJDWXGGDQQHOVHQNYDOLWHWVVLNUHV

,I—OJHGHQUHJLVWHUEDVHUHGHXQGHUV—JHOVHILQGHUPHUHHQGKDOYGHOHQDIIDNXOWHWHWVSKGHUH DQV–WWHOVHLGHWSULYDWHHUKYHUYVOLY

G 6DPDUEHMGHPHGYLUNVRPKHGHURJRUJDQLVDWLRQHU

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWIDNXOWHWHW—QVNHUDWWLOVN\QGHWLOVDPDUEHMGHPHGDOOHUHOHYDQWH SDUWHUXGHQIRUXQLYHUVLWHWHWVRPKDUHQLQWHUHVVHLIDNXOWHWHWVYLUNVRPKHG)DNXOWHWHW—QVNHU HQGYLGHUHDWPHGYLUNHWLOHQIRUPDOLVHULQJDIVDPDUEHMGHWPHGXQLYHUVLWHWHUPYQnUGHUHUWDOHRP HWVDPDUEHMGHRYHUO–QJHUHWLG

,RSUHWWHGHXQLYHUVLWHWHWHWQHWY–UNVFHQWHUPHGKHQEOLNSnDWV\VWHPDWLVHUHRJVW\UNH XQLYHUVLWHWHWVIRUPLGOLQJVUHODWLRQHUPHGGHWRPJLYHQGHVDPIXQG1HWY–UNVFHQWHUHWVNDOIXQJHUH VRPHQV\QOLJRJXIRUPHOLQGJDQJVSRUWDOWLOVDPDUEHMGVUHODWLRQHUPHGXQLYHUVLWHWHW6LGHQ HWDEOHULQJHQHUGHUVNHWHQEHW\GHOLJY–NVWLDQWDOOHWDIIRUPDOLVHUHGHQHWY–UNRJ

QHWY–UNVPHGOHPPHUMIQHGHQVWnHQGHWDEHO

(36)

7DEHO

1HWY–UNVDNWLYLWHWHUKHOHXQLYHUVLWHWHW

$QWDOQHWY–UN

$QWDOQHWY–UNVPHGOHPPHU

.LOGH6HOYHYDOXHULQJHQVGHO

)RUDWNQ\WWHXQLYHUVLWHWHWRJHUKYHUYVOLYHWW–WWHUHVDPPHQHUXQLYHUVLWHWHWLVDPDUEHMGHPHG 1RUGM\OODQGV$PWLJDQJPHGDWXGYLNOHGDWDEDVHQ9LGHQVEDVH1RUGM\OODQG'DWDEDVHQVNDO NRRUGLQHUHRJIRUPLGOHQXY–UHQGHIRUVNQLQJVSURMHNWHURJIRUVNQLQJVUHVXOWDWHUSn$DOERUJ 8QLYHUVLWHWWLOJDYQIRUEnGH$DOERUJ8QLYHUVLWHWRJHUKYHUYVOLYHWL1RUGM\OODQG

$QWDOOHWDIVDPDUEHMGVDIWDOHUPHOOHPIDNXOWHWHWVIRUVNHUHIRUVNQLQJVPLOM—HURJSULYDWH YLUNVRPKHGHUHUVWHJHWPHGLSHULRGHQRJGHQJHQQHPVQLWOLJHLQGW–JWSU VDPDUEHMGVDIWDOHHUVWHJHWFLUNDNUMIQHGHQVWnHQGHWDEHO

7DEHO

6DPDUEHMGVDIWDOHUPHGSULYDWHYLUNVRPKHGHU

$QWDOVDPDUEHMGVDIWDOHU

*HQQHPVQLWOLJLQGW–JWSUDIWDOHNU

6DPOHWLQGW–JWNU

.LOGH6HOYHYDOXHULQJHQVGHO

129,LQQRYDWLRQ$6Q–YQHVVRPHQYLJWLJNDWDO\VDWRUIRUUHVXOWDWHULUHODWLRQWLO

IRUVNQLQJVIRUPLGOLQJLIRUPDIVSLQRIIYLUNVRPKHGHU129,GHUEOHYLQGYLHWLHUHQEODQGLQJ DIIRUVNHUSDUNLQQRYDWLRQVPLOM—RJYHQWXUHLQYHVWRU.RQNUHWQ–YQHVWHOHNRPPXQLNDWLRQVRJ DNXVWLNRPUnGHWVRPHNVHPSOHUKYRUIDNXOWHWHWKDUY–UHWHQPHGYLUNHQGHIDNWRULXGYLNOLQJHQDI NRPSHWHQFHRJNRQNXUUHQFHHYQHEODQGWIOHUHUHJLRQDOHRJQDWLRQDOHYLUNVRPKHGHU

$QDO\VHURJYXUGHULQJHU

(YDOXHULQJVJUXSSHQILQGHUDWGHQIDJOLJHRUJDQLVHULQJHUYLJWLJIRUDWIRUVWnIDNXOWHWHWVVXFFHVHUSn IRUVNQLQJVRPUnGHW)DNXOWHWHWVIRUVNQLQJVRUJDQLVHULQJRJGHUPHGGHQIRUPHOOHRSGHOLQJDI

(37)

IDJRPUnGHUQHHUSU–JHWDIEHW\GHOLJG\QDPLN'HWHURSIDWWHOVHQIUDVnYHOVHOYHYDOXHULQJVRP EHV—JDWIDNXOWHWHWVIDJOLJHRUJDQLVHULQJPHGIRUGHONDQIRUVWnVXGIUDHWSURMHNWSHUVSHNWLYGHU LNNHHUXOLJGHQPnGHXQGHUYLVQLQJHQRUJDQLVHUHVSn'HWNRPPHUWLOXGWU\NYHGDWRUJDQLVDWLRQHQ IRUDQGUHVJHQQHPNQRSVN\GQLQJKYRUDIGHOLQJHUI[RSUHWWHVXQGHULQVWLWXWWHUQHIRUHYHQWXHOW VHQHUHDWXGJ—UHW\QJGHSXQNWHWLHWFHQWHUHOOHURPYHQGWKYRUFHQWUHEOLYHULQGOHMUHWLHWLQVWLWXW 'HQQHG\QDPLNKDULNNHPLQGVWY–UHWYLJWLJLHQVLWXDWLRQKYRUIRUVNQLQJVIHOWHUQHRIWHKDUOLJJHW SnJU–QVHQDIWUDGLWLRQHOOHIRUVNQLQJVIHOWHU

)DNXOWHWHWVEHVNULYHOVHDIIRUVNQLQJVRUJDQLVHULQJHQWDJHUDIV–WLHQPDWUL[IRUVWnHOVHGHUJLYHU EHJU–QVHWPXOLJKHGIRUDWIRUVWnGHQG\QDPLNGHUHULRUJDQLVDWLRQHQRYHUWLG'HUIRUYLO HYDOXHULQJVJUXSSHQDQEHIDOHIDNXOWHWHWDWDUEHMGHDNWLYWSnDWRSQnHQ—JHWIRUVWnHOVHDIGHW V–UHJQHYHGIRUVNQLQJVPLOM—HWSnIDNXOWHWHWKHUXQGHUKYLONHQPnGHGHWWHKDUPHGYLUNHWWLOGH VXFFHVHUIDNXOWHWHWKDUNXQQHIUHPYLVHSnRPUnGHW

$QEHIDOLQJHQVNDOGHVXGHQVHVLO\VHWDIDWEnGHQnUGHWJ–OGHUIRUVNQLQJRJQnUGHWJ–OGHU XGGDQQHOVHKDUIDNXOWHWHWHQWLOJDQJGHUDIYLJHUIUDGHQWUDGLWLRQHOOHXQLYHUVLW–UHWLOJDQJ3n XGGDQQHOVHVRPUnGHWHUGHUHWK—MWEHYLGVWKHGVQLYHDXRPNULQJKYRULVW\UNHUQHEHVWnU'HQQH EHYLGVWKHGJHQILQGHUHYDOXHULQJVJUXSSHQLNNHSnIRUVNQLQJVRPUnGHW

)DNXOWHWHWVRUJDQLVHULQJDIIRUVNQLQJHQLLQVWLWXWWHUDIGHOLQJHURJFHQWUHV\QHVLNNHDWI—OJHHQNODU ORJLN+YHUNHQDIVHOYHYDOXHULQJHQHOOHUDIEHV—JHWEOHYGHWNODUWKYDGGHUNRQVWLWXHUHUKHQKROGVYLV HWLQVWLWXWHQDIGHOLQJRJHWFHQWHURJGHUV\QHVDWY–UHIRUVNHOOLJHRSIDWWHOVHUSnIDNXOWHWHWDI GHOVKYRUGDQRJKYRUQnUGHURSUHWWHVKHQKROGVYLVFHQWUHRJLQVWLWXWWHUGHOVKYLONHQUHODWLRQGHU VNDOY–UHPHOOHPFHQWUHRJLQVWLWXWWHU(YDOXHULQJVJUXSSHQKDUIRUVWnHOVHIRUDW

FHQWHUNRQVWUXNWLRQHUHUYHOHJQHGHWLODWVNDEHHNVWHUQHNVSRQHULQJDIIDNXOWHWHWVIRUVNHOOLJH DNWLYLWHWHU$OOLJHYHOILQGHUHYDOXHULQJVJUXSSHQDWIDNXOWHWHWE—UNODUJ—UHSU–PLVVHUQHIRU RUJDQLVHULQJHQDIIRUVNQLQJPYLLQVWLWXWWHUDIGHOLQJHURJFHQWUH

,VHOYHYDOXHULQJHQHUIDNXOWHWHWVRSJ—UHOVHDIUHVXOWDWHULYLGXGVWU–NQLQJRULHQWHUHWPRG

NYDQWLWDWLYHY–NVWSDUDPHWUH8GRYHUDWGHUHUWDOHRPVWLJQLQJHUHUGHWLNNHNODUWKYRUGDQGLVVH XGYLNOLQJHUVNDOHYDOXHUHVRJKYDGGHVLJHURPNYDOLWHWHQDIIDNXOWHWHWVIRUVNQLQJ6RPELODJWLO IDNXOWHWHWVVHOYHYDOXHULQJHUGHUYHGODJWHNVHPSOHUSnHNVWHUQHHYDOXHULQJHUDIKHOH

IRUVNQLQJVPLOM—HU(YDOXHULQJHUQHGRNXPHQWHUHUDWGHUIRUHJnUIRUVNQLQJSnK—MWQLYHDX'HWHU HYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHWYLOOHKDYHY–UHWJLYHQGHIRUHYDOXHULQJHQKYLVIDNXOWHWHWYDU NRPPHWPHGHQV\VWHPDWLVNNYDOLWDWLYYXUGHULQJDIIRUVNQLQJVPLOM—HUQHVRPVXSSOHPHQWWLOGHQ NYDQWLWDWLYHEHO\VQLQJ,NNHPLQGVWVHWLO\VHWDIDWIDNXOWHWHWHNVSOLFLWVNULYHULVHOYHYDOXHULQJHQDW GHWRSHUHUHUPHGHQLQGGHOLQJDIIRUVNQLQJHQLILUHNODVVHU:RUOG&ODVV,QWHUQDWLRQDO&ODVV 1DWLRQDO&ODVVRJ5HJLRQDO&ODVV(YDOXHULQJVJUXSSHQEHP–UNHUDWGHWIRUHNRPPHUNXQVWLJWDW

(38)

EHWHJQHGHQPLQGVWYHOO\NNHGHIRUVNQLQJVRPUHJLRQDOSnHWXQLYHUVLWHWGHUQHWRSKDUKDIWVXFFHV PHGDWVNDEHG\QDPLNPHOOHPGHWUHJLRQDOHRJGHWLQWHUQDWLRQDOHQLYHDX

,IRUO–QJHOVHKHUDIHUGHWHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWVNYDQWLWDWLYWRULHQWHUHGH PnGHDWRSJ—UHVLQHUHVXOWDWHUSnVWLOOHUIDNXOWHWHWRYHUIRUHWGLOHPPD3nGHQHQHVLGHJ—UGHQ GHWYDQVNHOLJWDWJLYHHQI\OGHVWJ—UHQGHEHO\VQLQJDIIDNXOWHWHWVUHVXOWDWHUGHUNXQLEHJU–QVHW RPIDQJODGHUVLJEHVNULYHDIHQNRQYHQWLRQHONYDQWLWDWLYWRULHQWHUHWGRNXPHQWDWLRQ3nGHQDQGHQ VLGHHUGHQNRQYHQWLRQHOOHWLOJDQJHWY–VHQWOLJELGUDJWLODWNXQQHGRNXPHQWHUHVLQHUHVXOWDWHUL IRUKROGWLORPYHUGHQHQ,GHQIRUELQGHOVHVNDOGHWEHP–UNHVVRPSRVLWLYWDWIDNXOWHWHWKDUHW DGPLQLVWUDWLYWV\VWHPGHUNDQJLYHRSO\VQLQJHURPUHVXOWDWRSQnHOVH

(YDOXHULQJVJUXSSHQYLODQEHIDOHIDNXOWHWHWQ—MHDWRYHUYHMHKYRUGDQGHUNDQRSQnVEDODQFHPHOOHP GHWRSROHULGLOHPPDHWXGHQDWULVLNHUHDWV–WWHGHV–UOLJHNDUDNWHULVWLNDGHUHUIDNXOWHWHWV VW\UNHSRVLWLRQRYHUVW\U

'HWYXUGHUHVLXGJDQJVSXQNWHWSRVLWLYWDWIDNXOWHWHWJHQQHPGHVLGVWHnUKDU—JHWDQWDOOHWDI DUWLNOHUSXEOLFHUHWLWLGVVNULIWHUPHGSHHUUHYLHZOLJHVRPGHWYXUGHUHVSRVLWLYWDWGHWHUO\NNHGHV IDNXOWHWHWDWWLOWU–NNHVWLJHQGHHNVWHUQHIRUVNQLQJVPLGOHU(YDOXHULQJVJUXSSHQILQGHUGHW DIJ—UHQGHDWGHUHUHQRSP–UNVRPKHGRPNULQJDWGHQPnGHIDNXOWHWHWRSJ—UVLQHUHVXOWDWHUSn SnIDNXOWHWVQLYHDXKDUNRQVHNYHQVHUIRUKYRUGDQIRUVNHUQHDJHUHU$IEHV—JHWIUHPJLNGHWDW SXEOLFHUHGHDUWLNOHUHUHQSDUDPHWHUVRPGHULQWHUQWSnIDNXOWHWHWO–JJHVPHJHWY–JWSnRJVRP KDUHQYLVDGI–UGVUHJXOHUHQGHHJHQVNDE6RPGHWEOHYVDJWSnHWP—GHXQGHULQVWLWXWLRQVEHV—JHW VnInUPDQDUWLNOHUQnUPDQW–OOHUDUWLNOHU

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIRNXVHULQJHQSnHNVWHUQSXEOLFHULQJKDUY–UHWPHGWLODW VW\UNHRSP–UNVRPKHGHQRPNULQJIRUVNQLQJSnIDNXOWHWHW6DPWLGLJHUGHUWYLYORPKYRUYLGWGHQQH VWUDWHJLHUKHQVLJWVP–VVLJSnODQJWVLJWIRUGLHWXSULRULWHUHWIRNXVSnHNVWHUQSXEOLFHULQJNDQ PHGI—UHHQULVLNRIRUIDJOLJXGW\QGLQJSnEHNRVWQLQJDIGHWV–UHJQHYHGIDNXOWHWHWVIRUVNQLQJI[

GHQSURMHNWRULHQWHUHGHRUJDQLVHULQJVIRUPRJRULHQWHULQJHQPRGHUKYHUYVOLYHW

)RUVNHUVNROHQRSIDWWHVVRPHWSRVLWLYWLQLWLDWLYGHUNDQPHGYLUNHWLODWV–WWHIRNXVSn

IRUVNHUXGGDQQHOVHQRJVLNUHDWGHQWDJHVDOYRUOLJWSnLQVWLWXWWHUQH6DPWLGLJHUGHWLQGWU\NNHWIUD LQVWLWXWLRQVEHV—JHWRJIUD)RUVNHUVNROHQVELGUDJWLOVHOYHYDOXHULQJHQDW)RUVNHUVNROHQHQGQXLNNH KDUIXQGHWVLQHQGHOLJHIRUPSnDOOHRPUnGHU%ODQGWDQGHWIUHPVWnUIDNXOWHWHWVXGI\OGHOVHDIGH IRUPHOOHUDPPHUIRUIRUVNHUXGGDQQHOVHQPHGHQGHOLJVWXGLHSODQRJKDOYnUVHYDOXHULQJHUVRPPHUH EXUHDXNUDWLVNHHQGKYDGGHUHUKHQVLJWVP–VVLJW6DPOHWKDUHYDOXHULQJVJUXSSHQLNNHInHWLQGWU\N DIDW)RUVNHUVNROHQKDUUHDOLVHUHWGHQWLOW–QNWHSRVLWLRQLIRUKROGWLOIRUVNHUXGGDQQHOVHQSn

IDNXOWHWHW

(39)

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWKDUWDJHWYLGHQVRYHUI—UVHOWLOHUKYHUYVOLYHW DOYRUOLJW1HWY–UNVFHQWHUHWRJGHPDQJHVDPDUEHMGVSURMHNWHUHUHNVHPSOHUSnGHWWH)DNXOWHWHW KDUHWDEOHUHWHQEUHGNRQWDNWIODGHWLOYLUNVRPKHGHURJDQGUHRUJDQLVDWLRQHU'HWHURSIDWWHOVHQDW GHUHUEHW\GHOLJHIRUVNHOOHSnGHIRUVNHOOLJHRPUnGHU,QGHQIRUWHOHNRPPXQLNDWLRQVRPUnGHWHUGHW I[HYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHUHUVNDEWQHWY–UNGHUHUYRNVHWIUHPRYHUHQO–QJHUH SHULRGH3nDQGUHRPUnGHUHUGHUI—UVWIRUQ\OLJWDJHWLQLWLDWLYHUGHUVNDOVW\UNHVDPDUEHMGH'HW J–OGHUI[1RXKDX]GHUHUHWFHQWHUHWDEOHUHWPHGGHWIRUPnODWVW\UNHVDPDUEHMGHWPHOOHP ,QVWLWXWIRU'DWDORJLRJHUKYHUYVOLYHW

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHQ\HRPUnGHUGHUHUKMHPWDJHWEODQGWDQGHW

VWDPFHOOHIRUVNQLQJVPLOM—HWRJHQGHODIGHWELRWHNQLVNHPLOM—LNNHKDUGHQVDPPHJUDGDINRQWDNW WLOGHWORNDOHRJUHJLRQDOHHUKYHUYVOLY

)DNXOWHWHWRSIRUGUHVWLODWXQGHUVW—WWHDWHWVnGDQWNRQWDNWQHWHWDEOHUHVGDHUKYHUYVNRQWDNWHQHUHW Y–UGLIXOGWNHQGHWHJQIRUIDNXOWHWHWVRPGHWIRUPRGHQWOLJYLONU–YHHQDNWLYLQGVDWVDWRSUHWKROGHL WDNWPHGDWIDNXOWHWHWYRNVHURJWLOI—UHVIOHUHRPUnGHU6DPWLGLJNDQHUKYHUYVNRQWDNWHQEOLYH FHQWUDOQnUGHQIDJOLJHLQGVDWVVNDOVLNUHHQE–UHG\JWLJXGGDQQHOVHVDNWLYLWHW

9LGHQVRYHUI—UVHOIUDYLUNVRPKHGHUWLOXQLYHUVLWHWHWVSLOOHUHQEHVNHGHQUROOHLIDNXOWHWHWV

VHOYHYDOXHULQJ3nLQVWLWXWLRQVEHV—JHWJDYIDNXOWHWHWXGWU\NIRUDWGHUHURSP–UNVRPKHGRPNULQJ GHWWH'HWEOHYGRJVDPWLGLJSnSHJHWDIHQGHODIGHYLUNVRPKHGHUIDNXOWHWHWVDPDUEHMGHUPHG LNNHKDUHJHQIRUVNQLQJVSURGXNWLRQ'HWHURSIDWWHOVHQDWIDNXOWHWHWPHGIRUGHONXQQHLQGW–QNH YLGHQVRYHUI—UVHOIUDYLUNVRPKHGHUWLOIDNXOWHWHWPHUHDNWLYWLVLQRPYHUGHQVEHVNULYHOVH

,IRUKROGWLOGHWLQWHUQDWLRQDOHSHUVSHNWLYILQGHUHYDOXHULQJVJUXSSHQDWHWYLJWLJWDVSHNWYHG LQWHUQDWLRQDOLVHULQJHUDWGHUEHGULYHVIRUVNQLQJSnHWQLYHDXVnLQWHUQDWLRQDOHNROOHJDHUEOLYHU LQWHUHVVHUHWLVDPDUEHMGH

(40)
(41)

6WUXNWXUHURJSURFHVVHU

,GHWWHNDSLWHOEHKDQGOHVGHVWUXNWXUHURJSURFHVVHUGHUXGJ—UJUXQGODJHWIRUGHUHVXOWDWHU IDNXOWHWHWKDURSQnHW.DSLWOHWRPKDQGOHUVnDWVLJHGHWDSSDUDWIDNXOWHWHWDQYHQGHUIRUDWRSQn VLQHUHVXOWDWHU.DSLWOHWHURSGHOWLILUHXQGHUDIVQLW'HWI—UVWHIRNXVHUHUSnKYRUGDQIDNXOWHWHW IRUPXOHUHUPnOV–WQLQJHUIRUVLQYLUNVRPKHGPnOV–WQLQJHURJVWUDWHJL'HWDQGHWEHKDQGOHUGHQ RUJDQLVDWLRQVVWUXNWXUGHUHUSnIDNXOWHWHW'HWWUHGMHRPKDQGOHUGHQOHGHOVHVPRGHOGHUHUYDOJWSn IDNXOWHWHW7LOVLGVWEHKDQGOHVGHNYDOLWHWVVLNULQJVPHNDQLVPHUGHUHUHWDEOHUHWWLODWEHO\VHRJ XGYLNOHNYDOLWHWHQDIIDNXOWHWHWVXGGDQQHOVHRJIRUVNQLQJ

'HILUHDIVQLWHURSGHOWVnOHGHVDWIDNXOWHWVIUHPVWLOOLQJI—UVWJHQJLYHVHIWHUIXOJWDI HYDOXHULQJVJUXSSHQVDQDO\VHURJYXUGHULQJHU

0nOV–WQLQJHURJVWUDWHJL

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWYLVLRQHQIRUIDNXOWHWHWVDUEHMGHHUDWELGUDJHWLOVDPIXQGHWV EHKRYIRUYLGHQ'HQYLGHQIDNXOWHWHW—QVNHUDWELGUDJHPHGVNDOY–UHEDVHUHWSnHQJOREDO IRUDQNULQJRJHWUHJLRQDOWDQVYDURJIRUHQHGHQDNDGHPLVNHWUDGLWLRQPHGGHQSURIHVVLRQVUHWWHGH ,IDNXOWHWHWVVWUDWHJLSODQIUDIRUPXOHUHVPnOV–WQLQJHQIRUIDNXOWHWHW

¨'HWRYHURUGQHGHVLJWHGHUDQO–JJHVIRURSJDYHUQHVO—VQLQJHUDW ELGUDJHWLOGHWGDQVNHYHOI–UGVVDPIXQGVIRUWVDWWHXGYLNOLQJVDPWELGUDJH WLOGHWLQWHUQDWLRQDOHIRUVNHUVDPIXQGVIUHPEULQJHOVHDIQ\YLGHQ0HUH NRQWDQWHUGHWIDNXOWHWHWVPnODWPHGYLUNHWLODWK–YHWHNQRORJLLQGKROGHWL GDQVNHYLUNVRPKHGHURJSURGXNWHUDWXGYLNOHRPUnGHWIRUGHWWHNQLVN PXOLJHVDPWDWXGYLNOHYRUHVQDWXUYLGHQVNDEHOLJHHUNHQGHOVH¨

6DPPHPnOV–WQLQJIUHPJnUDIVHOYHYDOXHULQJHQVHOYRPGHULNNHEUXJHVLGHQWLVNHIRUPXOHULQJHU

,IRUKROGWLODWEHVNULYHIDNXOWHWHWVQXY–UHQGHNRQNUHWHPnOV–WQLQJHURSVWLOOHGHIDNXOWHWHWWLOEUXJ IRUVHOYHYDOXHULQJHQHWPnOPLGGHOKLHUDUNLGHUVNDORSIDWWHVVRPHWELOOHGHDIIDNXOWHWHWVDNWXHOOH PnOV–WQLQJHU

Referencer

RELATEREDE DOKUMENTER