'D EL QHND PHWDOQD SRYUåLQD ELOD ]DåWLþHQD RG NR UR]LMH RUJDQVNRP SUHYODNRP SRWUHEQR MH QD PHWDO SUHW KRGQR QDQHWL VORM NRML þH VD MHGQH VWUDQH GREUR GD VH YH]XMH ]D SRYUåLQX PHWDOD D VD GUXJH VWUDQH GD VH YH ]XMH VD SUHPD]QLP VUHGVWYRP QD ED]L RUJDQVNLK MHGLQMH QMD 7DM VORM VH QD]LYD NRQYHU]LRQD SUHYODND D IRVIDWQH SUHYODNH VX MHGQH RG QDM HåþH NRULåþHQLK NRQYHU]LRQLK SUHYODND ]D ]DåWLWX PHWDOD RG NRUR]LMH )RVIDWQH SUHYODNH LPDMX GREUX NRUR]LRQX SRVWRMDQRVW L RWSRUQRVW SUHPD KDEDQMX SD VH ]ERJ WRJD X YHOLNRM PHUL NRULVWH X DXWR PRELOVNRM SURFHVQRM L QDPHQVNRM LQGXVWULML >@ 'YD JODY QD UD]ORJD ]D ]DåWLWX PHWDOD IRVIDWLUDQMHP VX SREROMåDQMH DGKH]LMH RUJDQVNH SUHYODNH QD VXSVWUDWX NDR L VSUH D YDQMH åLUHQMD NRUR]LMH PHWDOD LVSRG RUJDQVNH SUHYODNH X VOX DMX RåWHþHQMD >@
2GUHLYDQMH DGKH]LMH RUJDQVNH SUHYODNH VH NRULVWL ]D NDUDNWHULVDQMH ]DåWLWQLK VYRMVWDYD RUJDQVNLK SUHYODND QD PHWDOQRP VXSVWUDWX >@ MHU ORåD DGKH]LMD SUHYODNH PRçH NDVQLMH X HNVSORDWDFLML SUHGPHWD GRYHVWL GR OMXåWH QMD SUHYODNH &LOM RYRJD UDGD MH LVSLWLYDQMH DGKH]LMH HSRN VLGQH NDWDIRUHWVNH SUHYODNH QD IRVIDWLUDQRP SRFLQ NRYDQRP HOLNX NDR L XWLFDMD NRQFHQWUDFLMH IOXRULGQRJ MRQD X UDVWYRUX ]D IRVIDWLUDQMH QD DGKH]LMX HSRNVLGQH SUHYODNH SRåWR SULVXVWYR IOXRULGQLK MRQD XWL H QD IRUPL UDQMH WDQMHJ RNVLGQRJ VORMD QD SRYUåLQL PHWDOD >@ D SUL VXVWYR RNVLGQRJ ILOPD XWL H QD DGKH]LMX RUJDQVNH SUHYODNH >@
3OR LFH RG SRFLQNRYDQRJ HOLND GLPHQ]LMD [[ PP ]D SXOO²RII WHVW L [[ PP ]D 103 WHVW SULSUHPDQH VX ]D IRVIDWLUDQMH QD VOHGHþL QD LQ RGPDåþLYDQMHP DFHWRQRP LVSLUDQMHP GHVWLORYDQRP
YRGRP QDJUL]DQMHP X UDVWYRUX +62WRNRP V QD VREQRM WHPSHUDWXUL L LVSLUDQMHP GHVWLORYDQRP YRGRP
1DNRQ L]YUåHQH SULSUHPH SRYUåLQH SRFLQNRYDQRJ HOLND QDQRåHQH VX NRQYHU]LRQH SUHYODNH IRVIDWLUDQMHP X UDVWYRULPD UD]OL LWH NRQFHQWUDFLMH IOXRULGQRJ MRQD L QD UD ]OL LWLP WHPSHUDWXUDPD UDVWYRUD ]D IRVIDWLUDQMH )RVIDWQD SUHYODND MH KHPLMVNL WDORçHQD L] UDVWYRUD )26,1²² $O VUHGVWYD ]D RGPDåþLYDQMH L IRVIDWLUDQMH QD WHPSHUDWX UDPD RG L R& WRNRP PLQ 5DGL LVSLWLYDQMD XWLFDMD NRQFHQWUDFLMH IOXRULGQRJ MRQD X RYDM RVQRYQL UDV WYRU ]D IRVIDWLUDQMH GRGDYDQH VX UD]OL LWH NROL LQH 1D) L J GP²1D) 'HEOMLQD IRVIDWQLK SUHYODND MH ELOD RNR PP
6YH KHPLNDOLMH VX ELOH SD LVWRþH 5DVWYRUL VX SUDYOMHQL VD GHVWLORYDQRP YRGRP
6UHGQMD KUDSDYRVW 5D SRYUåLQH SRFLQNRYDQRJ H OLND L IRVIDWLUDQRJ SRFLQNRYDQRJ HOLND RGUHLYDQD MH LQ VWUXPHQWRP 75² +$1'+(/' 528*+1(66 7(67(5
.YDåOMLYRVW VXSVWUDWD HPXO]LMRP HSRNVLGQH VPROH X YRGL NRMD MH NRULåþHQD ]D IRUPLUDQMH HSRNVLGQH SUHYODNH RGUHHQD MH JUDIL NL L] SRGDWDND GRELMHQLK SULPHQRP PHWRGH NDSOMLFH >@
=D IRUPLUDQMH HSRNVLGQH SUHYODNH QD SRYUåLQL SR FLQNRYDQRJ HOLND L IRVIDWLUDQRJ SRFLQNRYDQRJ HOLND NRULåþHQD MH HPXO]LMD HSRNVLGQH VPROH PRGLILNRYDQH DPLQRP L L]RFLMDQDWRP X YRGL .RQFHQWUDFLMD SROLPHUD MH ELOD PDV UDGQD WHPSHUDWXUD R& L QDSRQ WDORçH QMD 9 (SRNVLGQD SUHYODND MH IRUPLUDQD WDORçHQMHP HPXO]LMH HSRNVLGQH VPROH WRNRP PLQXWD LVSLUDQMHP YRGRP L VXåHQMHP QD R& WRNRP PLQXWD >@ 'H EOMLQD GRELMHQLK SUHYODND MH ELOD r PP D PHUHQMH GH EOMLQH MH YUåHQR NRULåþHQMHP LQVWUXPHQWD ),6&+(5 '8$/6&23(²0325
$GKH]LMD HSRNVLGQH SUHYODNH QD SRFLQNRYDQRP H OLNX L IRVIDWLUDQRP SRFLQNRYDQRP HOLNX RGUHLYDQD MH SXOO²RII PHWRGRP PHUHQMHP VLOH NLGDQMD SRPRþX XUHD MD $'+(6,210$67(5 0& 0&
2GUHLYDQMH DGKH]LMH HSRNVLGQH SUHYODNH QD UD]OL LWLP VXSVWUDWLPD YUåHQR MH SUH GHORYDQMD UDVWYRUD 1D&O W]Y VXYD DGKH]LMD NDR L X RGUHHQLP YUHPHQ
! " !
8 UDGX MH LVSLWLYDQD PRGLILNDFLMD SRYUåLQH SRFLQNRYDQRJ HOLND IRVIDWQLP SUHY ODNDPD QD DGKH]LMX HSRNVLGQH SUHYODNH QD IRVIDWLUDQRP SRFLQNRYDQRP HOLNX 3RYUåLQD SRFLQNRYDQRJ HOLND MH PRGLILNRYDQD KHPLMVNLP WDORçHQMHP IRVIDWQLK SUHYODND SUL UD]OL LWLP NRQFHQWUDFLMDPD IOXRULGQRJ MRQD X UDVWYRUX ]D IRVIDWLUD QMH NDR L QD UD]OL LWLP WHPSHUDWXUDPD UDVWYRUD ]D IRVIDWLUDQMH L SUDþHQD MH SUR PHQD DGKH]LMH HSRNVLGQH NDWDIRUHWVNH SUHYODNH QD QMRM SUH L WRNRP GHORYDQMD NRUR]LRQRJ DJHQVD
,VSLWLYDQD MH KUDSDYRVW PRGLILNRYDQLK SRYUåLQD SRFLQNRYDQRJ HOLND NDR L QML KRYD NYDåOMLYRVW HPXO]LMRP HSRNVLGQH VPROH X YRGL $GKH]LMD HSRNVLGLK SUHYOD ND QD IRVIDWLUDQRP SRFLQNRYDQRP HOLNX MH LVSLWLYDQD X UDVWYRUX PDV 1D&O
!!!
" #$% & ' ( # ! )!!* & '+ ( # )! )!!*
! "" ! # $ % ! & & $ ! $ ' ' ( )* $ &
$ & " + R ,,, (+ ! -(+ ! $ ' .! / 0 . & ' & (+
1 "" $ ! 2 >3@
4! ( ) ! 5$
2 ,R 2
& 2 1 # 2
6 ""$ ! ! ! " & ""
"" ' $ & & !
! + $ ""
" , R
,' &²7 ""
' ' $ ( & >8'9@ : # " ( & $ & ' ! &' & & $
! ) $ & "" ,R ! ! 7 "" ! $ & ""$
,' &²
7 "" ' $ ""
4 ) # + ' $ & & ' $ ' "" " "" R' ! !$ " & ,' &² ; ' "" " " ' ( < ( $ &
! " ! ! #" !$ ! !% &
' &
( )*4 & $
+
' ! % ! #" !% $
& !! )*4 ,
R
! " # $ % &
' (( ) ! " )
²&* +
(( ) , (( ) ) % &
-R
' )
! $" . (( (( ) ²&* &* # )
& % &
R ²
! $"
/ ) >@ & ) % & $0 ) 1 )
& ) )
²
&* 2R # % & 3 )
²
&* R . ) ) $0 !$4% $%"
5 $ ) ) ) % & % &
& ) 6 $ + )
&
(*)² &
+
! % ! #" !% $
& !! ,! ! *) ²
! !! ! ,
!"#$
%& ' (& ) & ( !'" #$
² ² !R" #$ #% &
' !( )² !R" #! &( &* '! )² !R" +( #, (!$
' ! )² % R" +( #$ %( '! )² $!R" # #+ (+ '(! )² !R" #* #( &!
R
² !
" # $ % & & " R " O
² "
R &
# $
8 WDEHOL SULND]DQH VX HNVSHULPHQWDOQR RGUHHQH YUHGQRVWL KUDSDYRVWL 5D L XJOD NYDåHQMD M RGUHHQRJ PHWRGRP NDSL ]D IRVIDWLUDQ SRFLQNRYDQ HOLN 9UHGQRVWL 5DSULND]DQH X WDEHOL SUHGVWDYOMDMX VUHGQMX DULWPHWL NX YUHGQRVW DSVROXWQLK YUHGQRVWL RGVWXSDQMD SRYUåLQH X RGQRVX QD GHILQLVDQL VUHGQML QLYR SRYUåLQH
1D RVQRYX HNVSHULPHQWDOQLK UH]XOWDWD SULND]DQLK X 7DEHOL PRçH VH XR LWL GD QH SRVWRML OLQHDUQD ]DYLVQRVW KUDSDYRVWL SRYUåLQH RG NRQFHQWUDFLMH IOXRULGQLK MRQD X UDVWYRUX ]D IRVIDWLUDQMH 3UL NRQFHQWUDFLML RG JGP²L JGP²1D) X UDVWYRUX ]D IRVIDWLUDQMH GRELMHQH VX QDM PDQMH YUHGQRVWL KUDSDYRVWL SRYUåLQH 1DMYHþX YUHGQRVW VUHGQMH KUDSDYRVWL LPDOH VX IRVIDWQH SUHYODNH VD GRGDW NRP RG JGP²1D)
1DMPDQMX YUHGQRVW XJOD NYDåHQMD MH LPDOD IRVIDWQD SUHYODND VD GRGDWNRP JGP²1D) QD R& åWR XND ]XMH QD SREROMåDQMH NYDåOMLYRVWL RYH SRYUåLQH HSRNVL GQRP HPXO]LMRP 'REUD NYDåOMLYRVW RYRJ X]RUND RPRJXþDYD GREDU NRQWDNW SRYUåLQH IRVIDWLUDQRJ PHWDO QRJ VXSVWUDWD VD HSRNVLGQRP HPXO]LMRP LPH EL PRJOD GD VH REMDVQL L GREUD DGKH]LMD NDR L GREUD ]DåWLWQD VYRM VWYD HSRNVLGQH SUHYODNH GRELMHQH QD RYRM IRVIDWQRM SUHY ODFL 3UHWKRGQR MH YHþ SRND]DQR VOLND GD MH WD HSRNVLGQD SUHYODND LPDOD QDMEROMX DGKH]LMX L SUH GHMVWYD PDV UDVWYRUD 1D&O NDR L WRNRP GDQD QMHJRYRJ GHORYDQMD
1D RVQRYX GRELMHQLK UH]XOWDWD PRçH VH ]DNOMX LWL GD SULVXVWYR RNVLGQRJ VORMD RGUHHQH GHEOMLQH QD PHWDO QRP VXSVWUDWX SRYROMQR XWL H QD DGKH]LMX HSRNVLGQH SUHYODNH QD IRVIDWLUDQRP SRFLQNRYDQRP HOLNX NDR L GD SRVWRML QHND RSWLPDOQD NRQFHQWUDFLMD 1D) X UDVWYRUX ]D IRVIDWLUDQMH L RSWLPDOQD WHPSHUDWXUD IRVIDWLUDQMD NRMH GR YRGH GR SREROMåDQMD DGKH]LMH SUHYODNH
-HGDQ RG WHVWRYD ]D RGUHLYDQMH DGKH]LMH MH L 103²WHVW >@ 1²PHWLO SLUROLGRQ MH UDVWYDUD VD L]UDçH QRP SRODUQRåþX åWR PX RPRJXþDYD GD JUDGL MDNH YR GRQL QH YH]H VD HSRNVLGQRP SUHYODNRP 2YDM UDVWYDUD YUOR EU]R GLIXQGXMH X RUJDQVNX SUHYODNX L]D]LYDMXþL WLPH QMHQR EXEUHQMH L SRVOH L]YHVQRJ YUHPHQD GROD]L GR RGYDMDQMD SUHYODNH RG VXEVWUDWD SUL HPX GXçH YUHPH SRWUHEQR GD VH SUHYODND RGYRML RG SRGORJH XND]XMH QD QMHQX EROMX DGKH]LMX >@
103 WHVW MH SULPHQMHQ LQLFLMDOQR QD ··VXYRM·· SUHYOD FL L GRELMHQL UH]XOWDWL VX SULND]DQL X WDEHOL
1DMGXçH YUHPH SRWUHEQR ]D RGYDMDQMH HSRNVLGQH SUHYODNH MH L X RYRP VOX DMX ]D HSRNVLGQH SUHYODNH QD
! "#$
%& ' (& ) & ( ! '" #$
² ² !R" #$ % # &!!
' !% (² !R" #! % !$ '! (² !R" )% %* +!
' ! (² & R" )% #!) , $ '! (² $!R" # ,## ##) '%! (² !R" #+ %+ %#
! *D + M
D
M
D P MR R
² R !"!
² R
² R !
² #R $
² R !$! #
²
R !
" ## $ $ % & " " ' ( " )%
=$./-8ÿ$.
$ " $ ' *+ $ ! $ $ $ % + " ## $
²
R %
,
² R
%- ! " ! %
+ "! $ % * .
²
R "! $
% + / $ $ %
/,7(5$785$
>@ 6 -HJDQQDWKDQ 761 6DQNDUD 1DUD\DQDQ . 5DYLFKDQ GUDQ 6 5DMHVZDUL 6XUIDFH &RDW 7HFKQ
>@ 0- '\HWW - 2LO &RO &KHP $VVRF >@ 9 % 0LåNRYLþ²6WDQNRYLþ 2UJDQVNH ]DåWLWQH SUHYODNH 6D
YH] LQçHQMHUD L WHKQL DUD ]D ]DåWLWX PDWHULMDOD 6UELMH 6,7 =$06 %HRJUDG
>@ 2 /XQGHU - & :DOPVOH\ 3 0DFN . 1LVDQFLRJOX &RU URV 6FL
>@ '( 3DFNKDP $GKHVLRQ $VSHFWV RI 3RO\PHULF &RDWLQJV ./0LWWDO (G 3OHQXP 3UHVV 1HZ <RUN >@ -% %DMDW = .D DUHYLþ²3RSRYLþ 9% 0LåNRYLþ²6WDQNRYLþ
0' 0DNVLPRYLþ 3URJ2UJ&RDW
>@ :-9DQ 2RLM 5$(GZDUGV $6DEDWD -=DSSLD -$GKHVL RQ 6FL7HFKQRO
>@ : )XQNH - 2LO &RO &KHP $VVRF >@ + /HLGKHLVHU : )XQNH - 2LO &RO &KHP $VVRF
>@ 5 $ 'LFNLH $GKHVLRQ $VSHFWV RI 3RO\PHULF &RDWLQJV ./ 0LWWDO (G 3OHQXP 3UHVV 1HZ <RUN
! "# ! $ !
R ! "² R ! "² R ! "² #R # ! "² $R % ! "² R &
6800$5<
7+( $'+(6,21 2) (32;< &$7$3+25(7,& &2$7,1* 21 3+263+$7,=(' +27²',3 *$/9$1,=(' 67((/
6FLHQWLILF SDSHU
-HOHQD % %DMDW 9HVQD % 0LåNRYLþ²6WDQNRYLþ -RYDQ 3 3RSLþ 'UDJXWLQ 0 'UDçLþ )DFXOW\ RI 7HFKQRORJ\ DQG 0HWDOOXUJ\ %HOJUDGH
,&70 ² ,(& %HOJUDGH
7KH LQIOXHQFH RI KRW²GLS JDOYDQL]HG VWHHO VXUIDFH SUHWUHDWPHQW RQ WKH DGKHVL RQ RI HSR[\ FDWDSKRUHWLF FRDWLQJ ZDV LQYHVWLJDWHG 3KRVSKDWH FRDWLQJV ZHUH GHSRVLWHG RQ KRW²GLS JDOYDQL]HG VWHHO DQG WKH LQIOXHQFH RI IOXRULGH LRQV LQ WKH SKRVSKDWLQJ SODWLQJ EDWK DV ZHOO DV WKH GHSRVLWLRQ WHPSHUDWXUH RI WKH SODWLQJ EDWK ZHUH LQYHVWLJDWHG 7KH GU\ DQG ZHW DGKHVLRQ RI HSR[\ FRDWLQJ ZHUH PH DVXUHG E\ D VWDQGDUG SXOO²RII PHWKRG
7KH VXUIDFH URXJKQHVV RI SKRVSKDWL]HG JDOYDQL]HG VWHHO ZDV GHWHUPLQHG DV ZHOO DV WKH ZHWWDELOLW\ RI WKH PHWDO VXUIDFH E\ HPXOVLRQ RI WKH HSR[\ UHVLQ LQ ZDWHU 7KH DGKHVLRQ RI HSR[\ FRDWLQJV RQ SKRVSKDWL]HG KRW²GLS JDOYDQL]HG VWHHO ZDV LQYHVWLJDWHG LQ ZW1D&O
.H\ ZRUGV $GKHVLRQ N 3KRVSKDWH FRDWLQJV N +RW²GLS JDOYDQL]HG VWHHO N (SR[\ FRDWLQJV N &RUURVLRQ N
.OMX QH UH L $GKH]LMD N )RVIDWQH SUHYODNH N 3RFLQNRYDQL HOLN N (SRNVLGQH SUHYODNH N .RUR]LMD N