Notater. Dag Roll-Hansen. Samordnet levekårsundersøkelse. tverrsnittsundersøkelsen Dokumentasjonsrapport. 99/40 Notater 2000

Transkript

1 99/40 Notater 2000 Dag Roll-Hansen Notater Samordnet levekårsundersøkelse tverrsnittsundersøkelsen Dokumentasjonsrapport Avdeling for personstatistikk/seksjon for intervjuundersøkelser

2 )RURUG 6DPRUGQHWOHYHNnUVXQGHUV NHOVHWYHUUVQLWWVXQGHUV NHOVHQHUGHQWUHGMHnUJDQJHQPHG GDWDLQQVDPOLQJL6WDWLVWLVNVHQWUDOE\UnVQ\HRSSOHJJIRUOHYHNnUVUHODWHUWHXQGHUV NHOVHU 6WDWLVWLVNVHQWUDOE\UnVVHNVMRQIRUOHYHNnUVVWDWLVWLNNKDUY UWRSSGUDJVJLYHUIRUHQGHODY XQGHUV NHOVHQ+HOVHKDUY UWKRYHGWHPDLGHQQHGHOHQ,WLOOHJJKDUXQGHUV NHOVHQEHVWnWWDY VS UVPnORPXOLNHWHPDIUDHNVWHUQHRSSGUDJVJLYHUH'HQHNVWHUQHILQDQVLHULQJHQKDURJVn JMRUWGHWPXOLJnXWYLGHXWYDOJHWDYSHUVRQHUVRPXQGHUV NHOVHQEDVHUHUVHJSn 9HGVHNVMRQIRULQWHUYMXXQGHUV NHOVHUL6WDWLVWLVNVHQWUDOE\UnKDU%HULW6YDQ H+DIVWDGY UW DQVYDUOLJIRUGHQHOHNWURQLVNHEHKDQGOLQJHQDYGDWD.DUL*U KROWKDUKDWWDQVYDUHWIRU NRQWDNWHQPHGLQWHUYMXHUQHRJ$QQH.DWKULQH-HUQEHUJYDUDQVYDUOLJIRUOD\RXWSn VS UUHVNMHPDHWRPKHOVH6HNVMRQIRUGDWDUHJLVWUHULQJKDUY UWDQVYDUOLJIRUGHQRSWLVNH OHVLQJHQDYVNMHPDHQH'DJ5ROO+DQVHQKDUSODQODJWRJNRRUGLQHUWDUEHLGHWPHG LQQVDPOLQJHQDYGDWD$YVQLWWHWRPNRGLQJDYVRVLR NRQRPLVNVWDWXVHUVNUHYHWDY7URQG $ULOG<GHUVERQG

3 7DOOUHNNHQOHUDYRVVRJYLOIRUNODUHDOW 'HQKDUNMHYHUDYMHUQRJWHQQHUVRPGHWNOLUUHUL 9LVS URJYLVS URJWDOOHQHVYDUHU 0HQLNNHRPILROLQHQHHOOHURPO\NNHQPHOORPWRDUPHU 'DKRVWHUGHWSnVNMHUPHQXNODUWVS UVPnO 6S ULJMHQ 5ROI-DFREVHQ

4 ,QQKROG 6$025'1(7Ã/(9(.c5681'(56.(/6(Ã79(5561,77681'(56.(/6(1 879$/*Ã2*Ã'(/879$/*,116$0/,1*60(72'( )(/7$5%(,'(7,QWHUYMXXQGHUV NHOVHQ 'HWSRVWDOHWLOOHJJHW )5$)$//Ã,Ã,17(59-881'(56.(/6(1 879$/*66.-(9+(7 879$/*69$5,$16 ('%$66,67(57Ã,17(59-8,1*,116$0/,1*6)(,/Ã2*Ã%($5%(,',1*6)(,/ 20Ã.2',1*Ã$9Ã626,2.2120,6.Ã67$786 )LJXUHU ),*85Ã+29('879$/*'(/879$/*Ã2*Ã7,//(**6879$/*Ã,Ã/(9(.c5681'(56.(/6(1à ),*85Ã69$5,11*$1*Ã)25Ã+29('879$/*(7à ),*85ÃÃ69$5,11*$1*Ã)25Ã7,//(**6879$/*(7Ã/2.$/(Ã,17(59-8(5( ),*85Ã69$5,11*$1*Ã)25Ã7,//(**6879$/*(7Ã6(175$/7Ã,17(59-8( DEHOOHU 7$%(//Ã1..(/7$//Ã)25Ã+(/(Ã879$/*(7 7$%(//Ã1..(/7$//Ã)25Ã+29('879$/*(7 7$%(//Ã1..(/7$//Ã)25Ã7,//(**6879$/*(7 7$%(//Ã1..(/7$//Ã)25Ã)58.7%$5+(76879$/*(7 7$%(//Ã1..(/7$//Ã)25Ã201,%86879$/*(7 7$%(//Ã1..(/7$//Ã)25Ã3267$/7Ã7,//(** 7$%(//Ã$1'(/Ã7(/()212*Ã%(6.6,17(59-8Ã)25Ã/(9(.c562*Ã201,%86879$/*(73526(17 9HGOHJJ œ,qirupdvmrqveuhywlouhvsrqghqwhqh œ,qvwuxnvrjwloohjjvlqvwuxnv œ.ruw œ 6S UUHVNMHPDWLOKRYHGXWYDOJXWVNULIWDYLQWHUYMXSURJUDPPHW œ 6S UUHVNMHPDWLOWLOOHJJVXWYDOJXWVNULIWDYLQWHUYMXSURJUDPPHW œ 3RVWDOWWLOOHJJ

5 6DPRUGQHWOHYHNnUVXQGHUV NHOVHWYHUUVQLWWVXQGHUV NHOVHQ 6DPRUGQHWOHYHNnUVXQGHUV NHOVHWYHUUVQLWWVXQGHUV NHOVHQKDUWRKRYHGGHOHU 8QGHUV NHOVHQEHVWnUDYHQLQWHUQWILQDQVLHUWGHOKYRUKRYHGWHPDKDUY UWKHOVH,WLOOHJJ EHVWnUGHQDYHQHNVWHUQWILQDQVLHUWGHOKYRUXOLNHRSSGUDJVJLYHUHGHOWDUPHGVS UVPnOVRPL KRYHGVDNNQ\WWHUVHJWLOnUHWVOHYHNnUVWHPD2SSGUDJVJLYHUQHVWnUEDNHQYHVHQWOLJGHODY VS UVPnOHQHVRPHUUHODWHUWWLODUEHLG +RYHGIRUPnOHWPHGWYHUUVQLWWVXQGHUV NHOVHQHUDWGHQRYHUWLGVNDOGHNNHDOOHYLNWLJH OHYHNnUVRPUnGHU+RYHGWHPDHWLKYHUXQGHUV NHOVHYLOGHUIRUURWHUHIUDnUWLOnUHWWHUHQ EHVWHPWSODQ6WDWLVWLVNVHQWUDOE\UnV6HNVMRQIRUOHYHNnUVVWDWLVWLNNHUDQVYDUOLJIRU XWIRUPLQJHQDYVS UVPnOHQHVRPLQQJnULGHQLQWHUQWILQDQVLHUWHGHOHQDY WYHUUVQLWWVXQGHUV NHOVHQ 6DPWLGLJHUXQGHUV NHOVHQODJWRSSVOLNDWHNVWHUQHRSSGUDJVJLYHUHNDQEHWDOHIRU WLOOHJJVVS UVPnO'HWWHEHW\ULSUDNVLVDWXQGHUV NHOVHQHUVDPNM UWPHG6WDWLVWLVNVHQWUDOE\UnV RPQLEXVXQGHUV NHOVHQU2SSGUDJVJLYHUHVRPGHOWDUInULWLOOHJJWLOGDWDILOHUPHGVLQHHJQH VS UVPnOWLOJDQJWLO6WDWLVWLVNVHQWUDOE\UnVVS UVPnO'HWJM UGHWVSHVLHOWLQWHUHVVDQWnGHOWD IRURSSGUDJVJLYHUHVRPDUEHLGHULQQHQIRUIHOWVRPIDOOHUVDPPHQPHGWHPDHQHVRP WYHUUVQLWWVXQGHUV NHOVHQVHWWHUIRNXVSnIUDnUWLOnU 'HQRSSGUDJVILQDQVLHUWHGHOHQDYn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nU,QVWLWXWWIRUVDPIXQQVIRUVNQLQJ,6) %HQWH$EUDKDPVHQ,6) 66%6HNVMRQIRUVDPIHUGVHOVRJ 7RP*UDQVHWK 5HLVHYDQHU UHLVHOLYVVWDWLVWLNN 6WDWHQVWREDNNVVNDGHUnG 5LWD/LOO/LQGEDN 5 \NHYDQHU,QVWLWXWWIRURUDONLUXUJL8QLYHUVLWHWHWL 7URQG%HUJH 7DQQLPSODQWDWHU %HUJHQ &HQWHUIRU+HOVHWMHQHVWHIRUVNQLQJRJ 6RFLODOSROLNN2GHQVH8QLYHUVLWHWHW,YDU6 QE.ULVWLDQVHQ %HWDOLQJVYLOOLJKHWIRU EHKDQGOLQJ

6 7DEHOO1 NNHOWDOOIRUKHOHXWYDOJHW 1 NNHOWDOO $QWDOO 3URVHQW 3HUVRQHUWUXNNHWXWIRULQWHUYMX $YJDQJG GHSHUVRQHUERVDWWLXWODQGHWHOOHUSnLQVWLWXVMRQ %UXWWRXWYDOJ 1HWWRXWYDOJSHUVRQHURSSQnGGLQWHUYMXPHG )UDIDOO 9LNWLJVWHnUVDNWLOIUDIDOO 1HNWLQJ,NNHWUXIIHW *UXSSHUVRPLIRUKROGWLONMHQQHPHUNHQHNM QQDOGHURJODQGVGHORJVSUHGWE\JGWHWWE\JGHURYHUHOOHU XQGHUUHSUHVHQWHUWLQHWWRXWYDOJHWPHGPHUHQQSURVHQWSRHQJVHWWLIRUKROGWLOIRUGHOLQJHQL EUXWWRXWYDOJHW $OGHU nu nurjhoguh /DQGVGHO 2VORRJ$NHUVKXV 7DEHOO1 NNHOWDOOIRUKRYHGXWYDOJHW 1 NNHOWDOO $QWDOO 3URVHQW 3HUVRQHUWUXNNHWXWIRULQWHUYMX $YJDQJG GHSHUVRQHUERVDWWLXWODQGHWHOOHUSnLQVWLWXVMRQ %UXWWRXWYDOJ 1HWWRXWYDOJSHUVRQHURSSQnGGLQWHUYMXPHG )UDIDOO 9LNWLJVWHnUVDNWLOIUDIDOO 1HNWLQJ,NNHWUXIIHW *UXSSHUVRPLIRUKROGWLONMHQQHPHUNHQHNM QQDOGHURJODQGVGHORJVSUHGWE\JGWHWWE\JGHURYHUHOOHU XQGHUUHSUHVHQWHUWLQHWWRXWYDOJHWPHGPHUHQQSURVHQWSRHQJVHWWLIRUKROGWLOIRUGHOLQJHQL EUXWWRXWYDOJHW $OGHU nu nurjhoguh /DQGVGHO 2VORRJ$NHUVKXV 7DEHOO1 NNHOWDOOIRUWLOOHJJVXWYDOJHW 1 NNHOWDOO $QWDOO 3URVHQW 3HUVRQHUWUXNNHWXWIRULQWHUYMX $YJDQJG GHSHUVRQHUERVDWWLXWODQGHWHOOHUSnLQVWLWXVMRQ %UXWWRXWYDOJ 1HWWRXWYDOJSHUVRQHURSSQnGGLQWHUYMXPHG )UDIDOO 9LNWLJVWHnUVDNWLOIUDIDOO 1HNWLQJ,NNHWUXIIHW *UXSSHUVRPLIRUKROGWLONMHQQHPHUNHQHNM QQDOGHURJODQGVGHORJVSUHGWE\JGWHWWE\JGHURYHUHOOHU XQGHUUHSUHVHQWHUWLQHWWRXWYDOJHWPHGPHUHQQSURVHQWSRHQJVHWWLIRUKROGWLOIRUGHOLQJHQL EUXWWRXWYDOJHW $OGHU nurjhoguh /DQGVGHO 2VORRJ$NHUVKXV 6SUHGWE\JGWHWWE\JG HOOHUIOHUHLQQE\JJHUH

7 7DEHOO1 NNHOWDOOIRUIUXNWEDUKHWVXWYDOJHW 1 NNHOWDOO $QWDOO 3URVHQW 3HUVRQHUWUXNNHWXWIRULQWHUYMX $YJDQJG GHSHUVRQHUERVDWWLXWODQGHWHOOHUSnLQVWLWXVMRQ %UXWWRXWYDOJ 1HWWRXWYDOJSHUVRQHURSSQnGGLQWHUYMXPHG )UDIDOO *UXSSHUVRPLIRUKROGWLONMHQQHPHUNHQHDOGHURJODQGVGHORJVSUHGWE\JGWHWWE\JGHURYHUHOOHU XQGHUUHSUHVHQWHUWLQHWWRXWYDOJHWPHGPHUHQQSURVHQWSRHQJVHWWLIRUKROGWLOIRUGHOLQJHQL EUXWWRXWYDOJHW /DQGVGHO 2VORRJ$NHUVKXV 9HVWODQGHW 6SUHGWE\JGWHWWE\JG HOOHUIOHUHLQQE\JJHUH 7DEHOO1 NNHOWDOOIRURPQLEXVXWYDOJHW 1 NNHOWDOO $QWDOO 3URVHQW 3HUVRQHUWUXNNHWXWIRULQWHUYMX $YJDQJG GHSHUVRQHUERVDWWLXWODQGHWHOOHUSnLQVWLWXVMRQ %UXWWRXWYDOJ 1HWWRXWYDOJSHUVRQHURSSQnGGLQWHUYMXPHG )UDIDOO *UXSSHUVRPLIRUKROGWLONMHQQHPHUNHQHNM QQDOGHURJODQGVGHORJVSUHGWE\JGWHWWE\JGHURYHUHOOHU XQGHUUHSUHVHQWHUWLQHWWRXWYDOJHWPHGPHUHQQSURVHQWSRHQJVHWWLIRUKROGWLOIRUGHOLQJHQL EUXWWRXWYDOJHW /DQGVGHO 2VORRJ$NHUVKXV 7DEHOO1 NNHOWDOOIRUSRVWDOWWLOOHJJ 1 NNHOWDOO 3HUVRQHU 3URVHQW 3HUVRQHUWUXNNHWXWWLOXQGHUV NHOVHQ $YJDQJIUDXWYDOJHWHWWHULQWHUYMXG GHSHUVRQHUERVDWWL XWODQGHWHOOHUSnLQVWLWXVMRQ %UXWWRXWYDOJHWWHUOHYHNnUVLQWHUYMXHW,GHQWLILVHUWDYJDQJIUDXWYDOJWLOSRVWDOWWLOOHJJ (QGHOLJEUXWWRXWYDOJIRUSRVWDOWWLOOHJJ )UDIDOOSRVWDOWWLOOHJJ 1HWWRXWYDOJSRVWDOWWLOOHJJ %nghjmhqqrpi UWLQWHUYMXRJI\OWXWSRVWDOWVNMHPD 8WYDOJRJGHOXWYDOJ,DOWEOHGHWWUXNNHWXWSHUVRQHULDOGHUHQnURJRYHUSU WLOnGHOWDL XQGHUV NHOVHQ9LKDULNNHWUXNNHWSHUVRQHUVRPYDUUHJLVWUHUWVRPERVDWWSnLQVWLWXVMRQ 8WYDOJHWEHVWnUDYWRGHOHU'HQI UVWHGHOHQEHVWnUDYGHWRUGLQ UHXWYDOJHWWLOWYHUUVQLWWVGHOHQ DY66%VWHPDURWHUHQGHOHYHNnUVXQGHUV NHOVHU'HWWHXWYDOJHWEOLULGHWI OJHQGHRPWDOWVRP KRYHGXWYDOJHW8WYDOJHWDYSHUVRQHUEOHWUXNNHWLWRWULQQPHGXWJDQJVSXQNWL6WDWLVWLVN VHQWUDOE\UnVVWDQGDUGXWYDOJVSODQ,XWYDOJVSODQHQHUKHOHODQGHWLQQGHOWLHWVHWWDYXWYDOJVRPUnGHUVRPLJMHQHUJUXSSHUWL VWUDWD8WYDOJVRPUnGHQHHUNRPPXQHUHOOHUJUXSSHUDYNRPPXQHU.RPPXQHUPHGODYW $OGHUYLORJVnLGHWI OJHQGHUHJQHVSHU

8 LQQE\JJHUWDOOHUVOnWWVDPPHQPHGDQGUHNRPPXQHUVOLNDWDOOHXWYDOJVRPUnGHUKDUPLQVW SURVHQWDYVDPOHWLQQE\JJHUWDOOLGHWVWUDWXPHWRPUnGHWWLOK UHU,HQGHOWLOIHOOHUHUPLQGUH RPHJQVNRPPXQHUWLOIRONHULNHNRPPXQHUVOnWWVDPPHQPHGGHQVWRUHNRPPXQHQWLOHWW RPUnGH$OOHNRPPXQHUPHGPHUHQQLQQE\JJHUHRJHQGHONRPPXQHUPHGPHOORP RJLQQE\JJHUHHUWDWWXWVRPHJQHVWUDWD'HDQGUHXWYDOJVRPUnGHQHHU VWUDWLILVHUWLQQHQKYHUWI\ONHHWWHUQ ULQJVVWUXNWXUERVHWWLQJVWHWWKHWVHQWUDOLWHWSHQGOLQJVRJ KDQGHOVP QVWUHPHGLDGHNQLQJRJNRPPXQLNDVMRQHU,I UVWHWULQQWUHNNHVHWXWYDOJVRPUnGH IUDKYHUWVWUDWXP8WYDOJVRPUnGHUVRPXWJM UHJQHVWUDWDHUWUXNNHWXWPHGSURVHQW VDQQV\QOLJKHW'HUHVWHUHQGHHUWUXNNHWXWPHGHQVDQQV\QOLJKHWSURSRUVMRQDOPHG LQQE\JJHUWDOOHWLXWYDOJVRPUnGHW,DQGUHWULQQHUXWYDOJHWDYSHUVRQHUWUXNNHWWLOIHOGLJIUDGH XWYDOJVRPUnGHQH7UHNNLQJHQSnDQGUHWULQQIRUHJnUVOLNDWXWYDOJHWHUVHOYYHLHQGHQnU EHJJHWULQQVHVXQGHUHWW 'HWHURJVnWUXNNHWHWWLOOHJJVXWYDOJ'HWHUWUXNNHWIRULQWHUYMXLQJSnWHOHIRQRJYLKDUGHUIRU LNNHEUXNWXWYDOJVSODQHQ7LOWLOOHJJVXWYDOJHWWUDNNYLSHUVRQHUIUDKHOHODQGHW'HWEOH LNNHJMRUWWLOHQIRUXWVHWQLQJIRUnY UHWUHNNEDUDWHQKDGGHWHOHIRQ,QWHUYMXHWWLO WLOOHJJVXWYDOJHWEHVWRGDYHWXWYDOJDYVS UVPnOHQHIUDLQWHUYMXHWWLOKRYHGXWYDOJHWWLOSDVVHWWLO WHOHIRQLQWHUYMX $OOHVRPEOHWUXNNHWXWWLOHQWHQKRYHGXWYDOJHWHOOHUWLOOHJJVXWYDOJHWILNNWLOVHQGWHWSRVWDOW VS UUHVNMHPDRPKHOVH )LJXU+RYHGXWYDOJGHOXWYDOJRJWLOOHJJVXWYDOJL/HYHNnUVXQGHUV NHOVHQ +RYHGXWYDOJSHUVRQHUnURJHOGUH 7LOOHJJVXWYDOJSHUVRQHUnURJHOGUH 2PQLEXVXWYDOJ SHUVRQHU nu )UXNWEDUKHWVXWYDOJ $OOHNYLQQHUL DOGHUHQnU 9LGHUHEOHGHWIUDOHYHNnUVXWYDOJHWWUXNNHWHWXWYDOJSnSHUVRQHULDOGHUHQnU'HWWH EOHJMRUWIRUnNXQQHWLOE\RSSGUDJVJLYHUHHWXWYDOJVRPHUVDPPHQOLNQEDUWPHGGHRUGLQ UH RPQLEXVXQGHUV NHOVHQHQnUGHWJMHOGHUVW UUHOVHVDPPHQVHWQLQJRJSULV'HWWHXWYDOJHWEOLU YLGHUHRPWDOWRPRPQLEXVXWYDOJHW $OOHNYLQQHULDOGHUHQVRPEOHWUXNNHWXWHQWHQWLOKRYHGXWYDOJHWHOOHUWLO WLOOHJJVXWYDOJHWYDUGHODYHWIUXNWEDUKHWVXWYDOJ'HWXWJMRUGHWLOVDPPHQNYLQQHU,QQVDPOLQJVPHWRGH 8QGHUV NHOVHQEOHJMHQQRPI UWYHGNRPELQDVMRQDYEHV NVLQWHUYMXWHOHIRQLQWHUYMXRJEUXN DYSRVWDOHVS UUHVNMHPD(WIXOOVWHQGLJOHYHNnUVLQWHUYMXEOHJMHQQRPI UWPHGGHPVRPYDU WUXNNHWXWWLOKRYHGXWYDOJHW'HWVNXOOHSULP UWJMHQQRPI UHVYHGEHV N7HOHIRQLQWHUYMXEOH WLOODWWGHUVRPLQWHUYMXREMHNWHW,2QHNWHWnWDLPRWEHV NHOOHUKYLVUHLVHWLGHQYDUVY UWODQJ, GHVLVWHXNHQHDYIHOWSHULRGHQEOHEUXNDYWHOHIRQLQWHUYMXWLOODWWLVW UUHJUDGEnGHIRUnQn

9 IUDPWLOXWYDOJVRPUnGHUKYRUYLPDQJOHWLQWHUYMXHURJSnJUXQQDYRSSI OJLQJDYIUDIDOO 7DEHOOYLVHUIRUGHOLQJHQSnWHOHIRQRJEHV NVLQWHUYMXIRUXOLNHGHOHUDYXWYDOJHW 7DEHOO$QGHOWHOHIRQRJEHV NVLQWHUYMXIRUOHYHNnUVRJRPQLEXVXWYDOJHW3URVHQW 7HOHIRQLQWHUYMX %HV NVLQWHUYMX $QWDOOLQWHUYMXWRWDOW /HYHNnUVXWYDOJHW 2PQLEXVXWYDOJHW 7LOOHJJVXWYDOJHWEOHLQWHUYMXHWRYHUWHOHIRQ(WDYVS UVPnOHQHLWHOHIRQXQGHUV NHOVHQVYDUHU WLOHWVS UVPnOPHGNRUWLEHV NVXQGHUV NHOVHQ)RUnJM UHLQWHUYMXHUVLWXDVMRQHQPHVWPXOLJ OLNYHGEHV NVRJWHOHIRQLQWHUYMXVHQGWHYLNRUWHWLSRVWHQWLOWLOOHJJVXWYDOJHWVDPPHQPHG LQIRUPDVMRQVEUHYHWVRPYLVHQGHUXWWLOGHPVRPHUWUXNNHWXWWLOnGHOWDLXQGHUV NHOVHQHYnUH,QIRUPDVMRQVEUHYHWRJNRUWHWHUPHGVRPYHGOHJJ;;RJ;;3HUVRQHUXWHQWHOHIRQEOHVn YLGWPXOLJIRUV NWNRQWDNWHWYHGEHV N )UXNWEDUKHWVXWYDOJHWEOHVWLOWVS UVPnORPEUXNDYSUHYHQVMRQ9LDQWRNDWGLVVHVS UVPnOHQH NXQQHYLUNHQ UJnHQGHIRUQRHQ'HUIRUnSQHWYLIRUDWUHVSRQGHQWHQVHOYVNXOOHNXQQHWDVWH LQQVYDUHQHSnLQWHUYMXHUHQVE UEDUH3&HOOHUVYDUHSnHWSRVWDOWVNMHPD'HWYDUVHOYVDJWEDUH DNWXHOWIRUUHVSRQGHQWHQnWDVWHLQQVYDUHQHYHGEHV NVLQWHUYMX )HOWDUEHLGHW,QWHUYMXXQGHUV NHOVHQ,QWHUYMXHQHEOHLKRYHGVDNIRUHWDWWLSHULRGHQVHSWHPEHUWLOQRYHPEHU(QNHOWHEOH RJVnLQWHUYMXHWHWWHUGHQQHSHULRGHQ )LJXURJYLVHUKYRUGDQVYDUSURVHQWHQXWYLNOHWVHJLO SHWDYLQWHUYMXSHULRGHQIRU KRYHGXWYDOJHWRJWLOOHJJVXWYDOJHW )LJXUHQHYLVHURJVnHQJUDIRYHUVYDUSURVHQWHQLGHQGHOHQDYXWYDOJHWLQWHUYMXHQHHUIHUGLJH PHG)RUEHV NVXQGHUV NHOVHUOLJJHUGHQQHVYDUSURVHQWHQDOOWLGODYWLVWDUWHQGDIUDIDOOHWIRUGL HQNHOWHDYGHVRPHUWUXNNHWXWULQJHURJVLHUIUDDWGHLNNHNDQYLOY UHPHGHWWHUDWGHKDU InWWLQIRUPDVMRQVEUHYHWLSRVWHQ%HV NVLQWHUYMXIRUGUHURJVnDWLQWHUYMXHURJUHVSRQGHQW DYWDOHUHWP WH0 WHQHYLOQRUPDOWOLJJHQRHIUDPLWLGVOLNDWInLQWHUYMXHUNRPPHULQQGH I UVWHGDJHQHDYXQGHUV NHOVHQ'HWJnUIRUWHUHnNRPPHLJDQJPHGWHOHIRQXQGHUV NHOVHU 'HUIRUQnUVYDULQQJDQJHQIRUWLOOHJJVXWYDOJHWHWQRUPDOWOHLHHWWHUNRUWHUHWLG.XUYHQH VWDELOLVHUHUVHJHWWHUKYHUWSnLRYHUNDQWDYSURVHQW'HWWHHUYDQOLJYLVHQJRGLQGLNDWRUSn KYDGHQHQGHOLJHVYDUSURVHQWHQNDQYHQWHVnEOL)RUVOXWWHQDYLQQVDPOLQJVSHULRGHQHUJUDIHQ QRHPLVYLVHQGHGDPDQJHLQWHUYMXREMHNWNDQY UHVHQGWLQQVRPIUDIDOOWRJDQJHUHWWHU RSSI OJLQJ

10 )LJXU 6YDULQQJDQJIRUKRYHGXWYDOJHW ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ,QWHUYMXGDJ %UXWWRÃVYDUSURVHQW 6YDUSURVHQWÃDYÃLQQVHQGW )LJXU 6YDULQQJDQJIRUWLOOHJJVXWYDOJHWORNDOHLQWHUYMXHUH ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ,QWHUYMXGDJ %UXWWRÃVYDUSURVHQW 6YDUSURVHQWÃDYÃLQQVHQGW

11 )LJXU 6YDULQQJDQJIRUWLOOHJJVXWYDOJHWVHQWUDOWLQWHUYMXHUNRUSV ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ ÃÈ,QWHUYMXGDJ %UXWWRÃVYDUSURVHQW 6YDUSURVHQWÃDYÃLQQVHQGW 'HWSRVWDOHWLOOHJJHW (WWHUDWLQWHUYMXHQHKDGGHNRPPHWLQQVHQGWHYLXWHWSRVWDOWVNMHPDWLODOOHVRPKDGGHEOLWW LQWHUYMXHW,QWHUYMXHUQHKDGGHInWWLRSSJDYHnLQIRUPHUHUHVSRQGHQWHQHRPDWVNMHPDHWYLOOH NRPPHLSRVWHQ 'HWYDUWRJUXQQHUWLODWVNMHPDHWEOHVHQGWLSRVWHQRJLNNHJLNNLQQVRPHQGHODYLQWHUYMXHW )RUGHWI UVWHGUHLGHVS UVPnOHQHVHJRPSV\NLVNKHOVHRJDONRKROEUXNWRWHPDHUYLUHJQHU PHGDWUHVSRQGHQWHQHRIWHLNNHYLOJLVDQQIHUGLJHVYDUSnLHWLQWHUYMX)RUGHWDQGUHVNXOOH VS UVPnOHQHNXQQHVDPPHQOLJQHVPHGDQGUHXQGHUV NHOVHURPSV\NLVNKHOVHGHUGHVDPPH VS UVPnOHQHRPSV\NLVNKHOVHHUEOLWWVWLOW'HWHUDOOWLGHQIRUGHOnVDPOHLQQGDWDSnHQOLN PnWHQnUUHVXOWDWHUIUDXOLNHXQGHUV NHOVHUVNDOVDPPHQOLJQHV'HWJMHOGHUV UOLJQnUHQKDU JUXQQWLOnWURDWPnWHQHQVDPOHULQQGDWDSnYLOSnYLUNHUHVXOWDWHW %HVYDUWHVNMHPDEOHVMHNNHWLQQYHG6HNVMRQIRULQWHUYMXXQGHUV NHOVHUI UGHEOHVHQGWWLO 6HNVMRQIRUGDWDUHJLVWUHULQJIRURSWLVNOHVLQJ 'HWSRVWDOHWLOOHJJHWRPKHOVHKDGGHIRUKnQGVWU\NWHLGHQWLILNDVMRQVQXPPHUSnIRUVLGHQ'HWWH EOHJMRUWIRUnOHWWHGHQRSWLVNHOHVLQJHQRJIRUnVLNUHDWKYHUWVNMHPDYDUSnI UW LGHQWLILNDVMRQ 'HWSRVWDOHWLOOHJJHWEHVWRGLKRYHGVDNLVS UVPnOIUDHWLQWHUQDVMRQDOWLQVWUXPHQWNDOW6) 'HWKDUVRPPnOnDYGHNNHUHVSRQGHQWHQHVSV\NLVNHKHOVHWLOVWDQG6WDWLVWLVNVHQWUDOE\UnKDU HQNHOWHLQQYHQGLQJHUPRWXWIRUPLQJHQDYVS UVPnOHQHVRPLQQJnUL6)'HNDQ RSSVXPPHUHVLI OJHQGHSXQNWHU )OHUHDYVS UVPnOHQHLVNMHPDHWWDUXWJDQJVSXQNWLDWGHVRPVYDUHUKDUGnUOLJKHOVHRJ SDVVHUGHUIRULNNHIRUIULVNHPHQQHVNHU6HOYRPUHVSRQGHQWHQHKDUPXOLJKHWIRUnNU\VVHDY IRULNNHLGHWKHOHWDWWLQJHQHUVS UVPnOHQHOHGHQGHRJYLOI UHWLOHQRYHUUDSRUWHULQJDY GnUOLJKHOVH'HWWHJMHOGHUIUDVS UVPnORJXWRYHULVNMHPDHWRJHUV UOLJIUDPWUHGHQGHL VS UVPnO'HUVS UUHVGHWRPKYRUVWHUNHNURSSVOLJHVPHUWHUSHUVRQHQKDUKDWWXWHQnYLWH RPSHUVRQHQKDUKDWWVOLNHVPHUWHU(QVOLNPnWHnVS UUHSnYLOI UHWLORYHUUDSSRUWHULQJDY

12 SUREOHPHWGHWIRNXVHUHVSn'HWWHNXQQHKDY UWO VWYHGHQRPIRUPXOHULQJDYVS UVPnOHW HOOHUYHGnEUXNHHWILOWHUVS UVPnOIRUnXQQJnnVWLOOHVS UVPnOHWWLOSHUVRQHUXWHQVPHUWHU )OHUHDYVNDODHQHIRUVYDUDOWHUQDWLYHUHUXEDODQVHUWHRJYLOGHUPHG NHVDQQV\QOLJKHWHQIRU DWVYDUHQHJnULHQEHVWHPWUHWQLQJ'HWWHVHVRIWHVRPSUREOHPDWLVN,VS UVPnOHUGHWIHNV ILUHDOWHUQDWLYHUSnGHQSRVLWLYHVLGHQRJNXQHWWSnGHQQHJDWLYH'HWRI UVWHDOWHUQDWLYHQHHU GHVVXWHQYHOGLJOLNHKYHUDQGUH 3nVWDQGHQLVS UVPnOFHUSUREOHPDWLVNIRUGLGHWLNNHHUDQJLWWQRHUHIHUDQVHSHULRGH 0HQHUPDQKHULO SHWDYQRHQPnQHGHUnUHOOHUKHOHOLYHW"'HWHULNNHPXOLJnYLWHKYDIRON OHJJHUWLOJUXQQQnUGHVYDUHUSnGHWWHVS UVPnOHW 6S UUHVNMHPDHWHULNNHRYHUVDWWSnHQWLOIUHGVVWLOOHQGHPnWH'HIOHVWHVS UVPnOHQHKDU HQJHOVNRUGVWLOOLQJQRHVRPVYHNNHUNYDOLWHWHQSnVNMHPDHW,WLOOHJJHUHQNHOWHRUGLNNHJRGW QRNRYHUVDWW'HWHQJHOVNHEHJUHSHUIDLUHULVYDUDOWHUQDWLYHQHLVS UVPnORYHUVDWWPHG QRNVnJRG,GHQQHVDPPHQKHQJHQYLOOHQRNVnGnUOLJY UWHQEHGUHRYHUVHWWHOVH(W PLQGUHSUREOHPHUDW+RZPXFKLVS UVPnOHURYHUVDWWPHG+YRUVWHUNH6HOYRPGHQQH RYHUVHWWHOVHQLNNHHUNRUUHNWVNDSHUGHQEHGUHVDPVYDUPHOORPVS UVPnORJVYDUDOWHUQDWLYHU HQQGHWVRPILQQHVLGHQHQJHOVNHYHUVMRQHQ'HUVS UPDQRPPHQJGHRJEHURPHWVYDUL VW\UNH 7LOWURVVIRUGLVVHLQQYHQGLQJHQHEOH6)EUXNW'HWVN\OGHVLI UVWHUHNNHRSSGUDJVJLYHUV QVNHRPnNXQQHEHUHJQHLQGHNVHUVRPHULQWHUQDVMRQDOWVDPPHQOLJQEDUH9LKDULNNH YXUGHUWKHQVLNWVPHVVLJKHWHQDYnNRQVWUXHUHGLVVHLQGHNVHQHPHQYLOPDQHWLODWEUXNHUHDY GDWDVHUPHGHWNULWLVNEOLNNSnXWIRUPLQJHQDYVS UVPnOHQH'HWVLVWHJMHOGHURJVnIRUGH DQGUHGHOHQHDYXQGHUV NHOVHQ )UDIDOOLLQWHUYMXXQGHUV NHOVHQ $YGHSHUVRQHQHVRPWRWDOWEOHWUXNNHWXWWLOXQGHUV NHOVHQYDUG GHKDGGHIO\WWHW IDVWWLOXWODQGHWHOOHUYDUIDVWERVDWWSnLQVWLWXVMRQ'LVVHWLOK UHULNNHPnOSRSXODVMRQHQRJHU XWHODWW%UXWWRXWYDOJHWXWJM UGHUPHGSHUVRQHU$YGLVVHEOHGHWRSSQnGGLQWHUYMXPHG SHUVRQHUHOOHUSURVHQW)UDIDOOHWXWJM UGHUPHGSURVHQWQnUHQVHU KRYHGXWYDOJHWRJWLOOHJJVXWYDOJHWXQGHUHWW 'HWEOHWUXNNHWWLOKRYHGXWYDOJHWWLOGHQWHPDURWHUHQGHOHYHNnUVXQGHUV NHOVHQ WYHUUVQLWW'HWYDUDYGHPVRPEOHXWHODWWIRUGLGHLNNHWLOK UHUPnOSRSXODVMRQHQ %UXWWRXWYDOJHWEOLUGHUPHGSnSHUVRQHU9LRSSQnGGHnInLQWHUYMXPHGDY GHPPHQVJLNNWLOIUDIDOO 7LOOHJJVXWYDOJHWEHVWRGLXWJDQJVSXQNWHWDY$YGLVVHEOHXWHODWWIRUGLYLLGHQWLILVHUWH GHPVRPG GHIO\WWHWIDVWWLOXWODQGHWHOOHUIDVWERVDWWSnLQVWLWXVMRQ%UXWWRXWYDOJHWEOLU I OJHOLJSnSHUVRQHU$YGLVVHRSSQnGGHYLLQWHUYMXPHGSHUVRQHUHOOHU )UDIDOOHWYDUSnLWLOOHJJVXWYDOJHW

13 7DEHOO)UDIDOOHWWHUnUVDN+RYHGXWYDOJRJWLOOHJJVXWYDOJ $QWDOO 3URVHQWDY 3URVHQWDY SHUVRQHU IUDIDOO EUXWWRXWYDOJ )UDIDOOLDOW QVNHULNNHnGHOWD )RUKLQGUHWIUDnGHOWD,NNHRSSQnGGNRQWDNW $QGUHJUXQQHUWLOnLNNHGHOWD 7DEHOO)UDIDOOHWWHUnUVDN+RYHGXWYDOJ $QWDOO SHUVRQHU 3URVHQWDY IUDIDOO 3URVHQWDY EUXWWRXWYDOJ )UDIDOOLDOW QVNHULNNHnGHOWD )RUKLQGUHWIUDnGHOWD,NNHRSSQnGGNRQWDNW $QGUHJUXQQHUWLOLNNHnGHOWD 7DEHOO)UDIDOOHWWHUnUVDN7LOOHJJVXWYDOJ $QWDOO 3URVHQWDY 3URVHQWDY SHUVRQHU IUDIDOO EUXWWRXWYDOJ )UDIDOOLDOW QVNHULNNHnGHOWD )RUKLQGUHWIUDnGHOWD,NNHRSSQnGGNRQWDNW $QGUHJUXQQHUWLOnLNNHGHOWD 7DEHOO)UDIDOOHWWHUnUVDN)UXNWEDUKHWVXWYDOJ $QWDOO 3URVHQWDY 3URVHQWDY SHUVRQHU IUDIDOO EUXWWRXWYDOJ )UDIDOOLDOW QVNHULNNHnGHOWD )RUKLQGUHWIUDnGHOWD,NNHRSSQnGGNRQWDNW $QGUHJUXQQHUWLOnLNNHGHOWD 7DEHOO)UDIDOOHWWHUnUVDN2PQLEXVXWYDOJ $QWDOO 3URVHQWDY 3URVHQWDY SHUVRQHU IUDIDOO EUXWWRXWYDOJ )UDIDOOLDOW QVNHULNNHnGHOWD )RUKLQGUHWIUDnGHOWD,NNHRSSQnGGNRQWDNW $QGUHJUXQQHUWLOnLNNHGHOWD

14 7DEHOOHQHYLVHUDWQHNWLQJYDUGHQYLNWLJVWHnUVDNHQWLOIUDIDOOLXQGHUV NHOVHQ'HWWH RPIDWWHURYHUKDOYSDUWHQDYIUDIDOOHWHOOHUKYHUVMHWWHSHUVRQLEUXWWRXWYDOJHW9LGHUHVN\OGHV HQIMHUGHGHODYIUDIDOOHWDWGHSRWHQVLHOOHUHVSRQGHQWHQHLNNHEOHWUXIIHWLIHOWSHULRGHQ 8WYDOJVVNMHYKHW )UDIDOOI UHUWLOXWYDOJVVNMHYKHWQnUIRUGHOLQJHQDYHWEHVWHPWNMHQQHPHUNHHUDQQHUOHGHVEODQW GHPVRPVYDUWHQHWWRXWYDOJHWHQQEODQWGHVRPEOHIRUV NWLQWHUYMXHWEUXWWRXWYDOJHW 8WYDOJVVNMHYKHWLIRUKROGWLOHWWNMHQQHPHUNHPHGI UHULNNHQ GYHQGLJYLVDWQHWWRXWYDOJHWHU VNMHYWLIRUKROGWLODQGUHNMHQQHPHUNHU3nGHQDQQHQVLGHJLUJRGWVDPVYDUPHOORP IRUGHOLQJHQHLQHWWRRJEUXWWRXWYDOJHWIRUHWWHOOHUIOHUHNMHQQHPHUNHULQJHQJDUDQWLIRUDW XWYDOJHWLNNHHUVNMHYWSnDQGUHNMHQQHPHUNHU 9LNDQRJVnVQDNNHRPXWYDOJVVNMHYKHWQnUIRUGHOLQJHQDYHWEHVWHPWNMHQQHPHUNHHU DQQHUOHGHVLEUXWWRXWYDOJHWHQQLSRSXODVMRQHQVRPXQGHUV NHOVHQRPIDWWHU6OLN XWYDOJVVNMHYKHWNDQRSSVWnLXWYDOJVWUHNNLQJHQKYRUWLOIHOGLJKHWHUNDQI UHWLODWIRUGHOLQJHQ DYHQNHOWHNMHQQHPHUNHULXWYDOJHWLNNHHUKHOWOLNIRUGHOLQJHQLSRSXODVMRQHQXWYDOJVYDULDQV,YXUGHULQJHQDYXWYDOJVVNMHYKHWE UHQNQ\WWHVW UUHRSSPHUNVRPKHWWLODYYLNHQHPHOORP QHWWRXWYDOJHWRJEUXWWRXWYDOJHWHQQPHOORPEUXWWRXWYDOJHWRJSRSXODVMRQHQ$YYLNHQHPHOORP EUXWWRXWYDOJHWRJSRSXODVMRQHQVN\OGHVWLOIHOGLJXWYDOJVYDULDQVRJHQNDQIRUYHQWHDWGH SHUVRQHQHVRPWUHNNHVXWLKYHUEHIRONQLQJVJUXSSHLNNHVNLOOHUVHJV\VWHPDWLVNIUDGHVRP LNNHWUHNNHVXW'HUVRPHQ QVNHUnSUHVHQWHUHGDWDIRUHWWYHUUVQLWWDYGHWQRUVNHIRONYLO JUXSSHUVRPHUXQGHUUHSUHVHQWHUWLEUXWWRXWYDOJHWYHLHIRUOLWHLGHVDPOHGHUHVXOWDWHQH,QQHQIRUKYHUJUXSSHYLOSHUVRQHQHVRPHUWUXNNHWXWY UHUHSUHVHQWDWLYHIRUVLQJUXSSH6OLNH VNMHYKHWHUHUHUIDULQJVPHVVLJVPnRJYLYLOGHUIRULNNHJnQ UPHUHLQQSnGHWWH, VDPPHQOLNQLQJHUPHOORPQHWWRXWYDOJHWRJEUXWWRXWYDOJHWKDUPDQLWLOOHJJHQULVLNRIRUDWGH SHUVRQHQHLHQEHIRONQLQJVJUXSSHVRPIDNWLVNKDUGHOWDWWQHWWRXWYDOJHWVNLOOHUVHJ V\VWHPDWLVNIUDGHSHUVRQHQHVRPLNNHKDUGHOWDWWIUDIDOOHW 7DEHOOHQHWLOYLVHUDYYLNPHOORPEUXWWRRJQHWWRXWYDOJ'HUKDUYLWDWWIRURVV NMHQQHPHUNHQHNM QQDOGHURJODQGVGHORJVSUHGWE\JGWHWWE\JGRJIUDPKHYHWJUXSSHUVRPHU RYHUHOOHUXQGHUUHSUHVHQWHUWLQHWWRXWYDOJHWPHGPHUHQQSURVHQWSRHQJVHWWLIRUKROGWLO IRUGHOLQJHQLEUXWWRXWYDOJHW$YYLNHQHHUUHODWLYWVPnRJYLOLGHIOHVWHVDPPHQKHQJHULNNHKD EHW\GQLQJIRUUHVXOWDWHW+YLVWHPDHWHQVWXGHUHUGHQDYKHQJLJHYDULDEHOHQKDUHQV UOLJ VWHUNVDPPHQKHQJPHGNMHQQHWHJQVRPHUVNMHYWIRUGHOWLXWYDOJHWNDQHQYXUGHUHnYHNWH GDWDPDWHULDOHWIRUnPLQVNHHIIHNWHQDYVNMHYKHWHQH,GHIOHVWHWLOIHOOHUYLOVNMHYKHWHQHY UH IRUVPnWLODWGHWWHKDUQRHQKHQVLNW 8WYDOJVYDULDQV )RUGLUHVXOWDWHQHE\JJHUSnRSSO\VQLQJHURPHWXWYDOJDYGHQEHIRONQLQJHQVRP XQGHUV NHOVHQGHNNHUHUGHWNQ\WWHWHQYLVVXVLNNHUKHWWLOGHP'HQQHXVLNNHUKHWHQNDOOHV XWYDOJVYDULDQV,RJPHGDWXWYDOJHWHUWUXNNHWHWWHUUHJOHQHIRUWLOIHOGLJXWYDOJHUGHWPXOLJn EHUHJQHKYRUVWRUXWYDOJVYDULDQVHQNDQYHQWHVnEOL (WK\SSLJEUXNWPnOSnXVLNNHUKHWHQLUHVXOWDWHWIRUHWNMHQQHPHUNHHUVWDQGDUGDYYLNHWWLOGHQ REVHUYHUWHYHUGLHQDYGHWWHNMHQQHPHUNHW6W UUHOVHQSnGHWWHVWDQGDUGDYYLNHWDYKHQJHUDY WDOOHWSnREVHUYDVMRQHULXWYDOJHWPnWHQXWYDOJHWHUWUXNNHWSnRJDYIRUGHOLQJHQWLOGHW

15 DNWXHOOHNMHQQHPHUNHWLEHIRONQLQJHQ)RUGHOLQJHQLEHIRONQLQJHQNMHQQHUYLLNNHPHQGHWHU PXOLJnDQVOnVWDQGDUGDYYLNHWLXWYDOJVIRUGHOLQJHQYHGKMHOSDYREVHUYDVMRQHQHLXWYDOJHW 'HWHULNNHIRUHWDWWHJQHEHUHJQLQJHUDYVOLNHDQVODJIRUGHQQHXQGHUV NHOVHQ7DEHOOHQHRJ YLVHUOLNHYHOVW UUHOVHQSnVWDQGDUGDYYLNHWIRUREVHUYHUWHSURVHQWDQGHOHUYHGXOLNH XWYDOJVVW UUHOVHUIRUKHQKROGVYLVKRYHGXWYDOJHWRJWLOOHJJVXWYDOJHW8VLNNHUKHWHQHUVW UVWIRU KRYHGXWYDOJHWIRUGLGHWHUWUXNNHWWLOHQEHV NVXQGHUV NHOVHRJGHUIRUHUWUXNNHWWLOHWWHU66%V XWYDOJVSODQ7LOOHJJVXWYDOJHWEOHLQWHUYMXHWRYHUWHOHIRQRJEOHGHUIRUWUXNNHWIUDKHOHODQGHW XDYKHQJLJDYXWYDOJVRPUnGHU$YWDEHOOHQHJnUGHWIUDPDWXVLNNHUKHWHQ NHUQnUDQWDOO REVHUYDVMRQHUPLQNHURJQnUSURVHQWWDOOHWQ UPHUVHJ 7DEHOO)RUYHQWHWVWDQGDUGDYYLNIRUREVHUYHUWHSURVHQWDQGHOHUYHGXOLNHXWYDOJVVW UUHOVHU IRUKRYHGXWYDOJHW $QWDOO REVHUYDVMRQHU 7DEHOO)RUYHQWHWVWDQGDUGDYYLNIRUREVHUYHUWHSURVHQWDQGHOHUYHGXOLNHXWYDOJVVW UUHOVHU IRUWLOOHJJVXWYDOJHW $QWDOO REVHUYDVMRQHU

16 9HGKMHOSDYVWDQGDUGDYYLNHWHUGHWPXOLJnEHUHJQHHWLQWHUYDOOVRPPHGHQEHVWHPW VDQQV\QOLJKHWLQQHKROGHUGHQVDQQHYHUGLDYHQEHUHJQHWVW UUHOVHGHQYHUGLHQYLYLOOHKDInWW GHUVRPYLKDGGHIRUHWDWWHQWRWDOWHOOLQJLVWHGHWIRUHQXWYDOJVXQGHUV NHOVH6OLNHLQWHUYDOOHU NDOOHVNRQILGHQVLQWHUYDOOHUKYLVGHHUNRQVWUXHUWSnHQEHVWHPWPnWH/D0Y UHGHQ EHUHJQHGHVW UUHOVHQRJ6Y UHHWDQVODJIRUVWDQGDUGDYYLNHWWLO0.RQILGHQVLQWHUYDOOHWPHG JUHQVHQH06RJ06YLOPHGRPWUHQWSURVHQWVVDQQV\QOLJKHWLQQHKROGHGHQVDQQH YHUGLHQ ) OJHQGHHNVHPSHOLOOXVWUHUHUKYRUGDQHQNDQEUXNHWDEHOOIRUnILQQHNRQILGHQVLQWHUYDOOHU $QVODJHWSnVWDQGDUGDYYLNHWWLOHWREVHUYHUWSURVHQWWDOOSnHUQnUDQWDOOREVHUYDVMRQHUHU.RQILGHQVLQWHUYDOOHWIRUGHQVDQQHYHUGLInUJUHQVHQH ['HWYLOVLDWLQWHUYDOOHW VRPVWUHNNHUVHJIUDWLOSURVHQWPHGSURVHQWVDQQV\QOLJKHWLQQHKROGHUGHQ WDOOVW UUHOVHQHQYLOOHInWWRPKHOHEHIRONQLQJHQKDGGHY UWPHGLXQGHUV NHOVHQ.RQILGHQVLQWHUYDOONDQNRQVWUXHUHVIRUXOLNHVLNNHUKHWVQLYn(WNRQILGHQVLQWHUYDOOPHG JUHQVHQH06RJ06YLOPHGSURVHQWVDQQV\QOLJKHWLQQHKROGHSRSXODVMRQHQVVDQQH YHUGL(WNRQILGHQVLQWHUYDOOPHGJUHQVHQH06RJ06YLOPHGSURVHQW VDQQV\QOLJKHWLQQHKROGHSRSXODVMRQHQVVDQQHYHUGL 2IWHHUGHW QVNHOLJnVDPPHQOLNQHSURVHQWWDOOIRUIOHUHJUXSSHU1nUWRXVLNUHWDOO VDPPHQOLNQHVYLOXVLNNHUKHWHQSnIRUVNMHOOHQPHOORPGHPYDQOLJYLVEOLVW UUHHQQ XVLNNHUKHWHQNQ\WWHWWLOKYHUWHQNHOWWDOO6WDQGDUGDYYLNHWWLOIRUVNMHOOHUPHOORPWRSURVHQWWDOO HUOLNNYDGUDWURWHQDYVXPPHQDYNYDGUDWHQHDYVWDQGDUGDYYLNHQHWLOHQNHOWWDOOHQH1nUHQKDU DQVODJIRUVWDQGDUGDYYLNHWWLOVOLNHIRUVNMHOOHUNDQHQNRQVWUXHUHNRQILGHQVLQWHUYDOOIRUGHQ VDQQHYHUGLSnVDPPHPnWHVRPEHVNUHYHWRYHQIRU ('%DVVLVWHUWLQWHUYMXLQJLQQVDPOLQJVIHLORJEHDUEHLGLQJVIHLO,HQKYHUXQGHUV NHOVHEnGHLWRWDOWHOOLQJHURJXWYDOJVXQGHUV NHOVHUYLOGHWIRUHNRPPHVYDU VRPHUIHLO)HLOHQHNDQRSSVWnEnGHLIRUELQGHOVHPHGLQQVDPOLQJHQRJXQGHUEHDUEHLGLQJHQ )RUKRYHGXWYDOJHWIRUHJLNNVW UVWHSDUWHQDYGDWDLQQVDPOLQJHQLGHQQHXQGHUV NHOVHQIRUHJLNN YHGKMHOSDYE UEDUHSFHU&$,EDVHUWHXQGHUV NHOVHUFRPSXWHUDVVLVWHGLQWHUYLHZLQJ IRUHJnUSnGHQPnWHQDWLQWHUYMXHUQHKDUPHGVHJE UEDUHSFHUQnUGHGUDUSnEHV NOHVHURSS VS UVPnOHQHIUDGDWDVNMHUPHQRJUHJLVWUHUHUVYDUHQHGLUHNWH (QYLNWLJIRUGHOPHGGHQQHLQQVDPOLQJVPHWRGHQHUDWDOOHKRSSLVS UUHVNMHPDHW SURJUDPPHUHVSnIRUKnQGRJYLNDQGHUPHGUHGXVHUHIDUHQIRUDWLQWHUYMXHUQHVWLOOHUIHLO VS UVPnOWLOIHLOSHUVRQHUcUHWVOHYHNnUVXQGHUV NHOVHYDUIRUKROGVYLVVWRURJNRPSOLVHUWPHG KHQV\QWLOKRSSLVNMHPDHWRJWLOGHOLQJDYVS UVPnOWLOXOLNHXQGHUJUXSSHU8QGHUJUXSSHQHEOH IRUKnQGVGHILQHUWSnJUXQQODJDYNMHQQHWHJQVRPDOGHURJKYLONHWXWYDOJSHUVRQHQHWLOK UWH(Q VnNRPSOLVHUWRSSE\JGLQWHUYMXXQGHUV NHOVHKDGGHY UWYDQVNHOLJnJMHQQRPI UHPHGEUXNDY SDSLUVNMHPDGDPDQXHOODGPLQLVWUDVMRQDYXOLNHXQGHUJUXSSHURJVYDUUXWHULVNMHPDHWKDGGH VNDSWVWRUXVLNNHUKHWPHGKHQV\QWLOVYDUNYDOLWHWHQ 6DPWLGLJOLJJHUGHWIDUHULGHWDWKRSSHQHSURJUDPPHUHVSnIRUKnQG(YHQWXHOOHIHLOL SURJUDPPHULQJHQEOLUJMHQQRPJnHQGHRJNDQI UHWLODWVS UVPnOEOLUYHUGLO VH (QDQQHQIRUGHOPHG('%DVVLVWHUWLQWHUYMXLQJHUPXOLJKHWHQHIRUnWLOSDVVHRUGO\GHQL VS UVPnOHQHDYKHQJLJDYLQWHUYMXSHUVRQHQHVVLWXDVMRQHOOHUVYDUSnWLGOLJHUHVS UVPnO7\SLVN

17 EUXNDYVOLNHWLOSDVQLQJHUHUDWGHWULNWLJHRUGHWEOLUVWnHQGHLVS UVPnOVIRUPXOHULQJHQHLVWHGHW IRUDWVS UVPnOHQHLQQHKROGHUVNUnVWUHNHUKDQKXQGXGHUHHUYDUHNWHIHOOHVDPERHU'HWWH JLULQWHUYMXVLWXDVMRQHQHWPHUSHUVRQOLJSUHJ (QGHOLJJLU('%DVVLVWHUWLQWHUYMXLQJPXOLJKHWIRUGLUHNWHNRQWUROODYVYDUNRQVLVWHQVPHOORP XOLNHVS UVPnO)RUKYHUWVS UVPnOHUGHWODJWLQQJUHQVHUIRUJ\OGLJHYHUGLHU,WLOOHJJHUGHW E\JJHWLQQHWRPIDWWHQGHIHLOPHOGLQJVV\VWHPGHUVRPLQWHUYMXHUHQWDVWHULQQHWVYDUVRPHU LQNRQVLVWHQWLIRUKROGWLOWLGOLJHUHVYDU6OLNHVYDUNRQWUROOHUHUODJWLQQSnWRQLYn(QGHO IHLOPHOGLQJHUHUDEVROXWWHRJNDQLNNHRYHUVW\UHV'HWWHNDQEUXNHVIHNVYHGDOGHUVJUHQVHU $QGUHJDQJHUOHJJHVGHWLQQDGYDUVOHUVRPLQWHUYMXHUQHNDQYHOJHnVHERUWIUD $OOHGLVVHVLGHQHYHG('%DVVLVWHUWLQWHUYMXLQJI UHUWLO NWGDWDNYDOLWHW,QQVDPOLQJVIHLOVRP VN\OGHVLQWHUYMXHUHQVIHLOUHJLVWUHULQJHUEOLUODQJWPLQGUHHQQYHGEUXNDYSDSLUVNMHPD9L XQQJnUUHJLVWUHULQJDYXJ\OGLJHYHUGLHURJYLRSSQnUHWUHGXVHUWIUDIDOOSnHQNHOWVS UVPnOYHG DWPXOLJKHWHQHIRUKRSSIHLOUHGXVHUHV ('%DVVLVWHUWLQWHUYMXLQJKLQGUHUOLNHYHOLNNHDOOHIHLO5HGXVHUWGDWDNYDOLWHWNDQIRUHNVHPSHO Y UHHWUHVXOWDWDYGnUOLJIRUPXOHUWHVS UVPnOHOOHUDWGHWHUGnUOLJVDPVYDUPHOORPVS UVPnO RJVYDUDOWHUQDWLYHU,VS UVPnO+ILQQHUYLHWHNVHPSHOSnGHWVLVWH3nVS UVPnORPKYRU PDQJHJDQJHULXNDUHVSRQGHQWHQPRVMRQHUHUHOOHUWUHQHUYDUGHWLNNHQRHVYDUDOWHUQDWLYVRP GHNNHWHQJDQJLXND)HLOHQEOHIRUV NWNRUULJHUWYHGWLOOHJJVLQVWUXNVWLOLQWHUYMXHUQHRPn PDUNHUHIRUPHUHQQHQGDJLXNDRJGHUHWWHUSUHVLVHUHVYDUHWWLOHQGDJ,QQVDPOLQJVIHLONDQRJVnNRPPHDYDWLQWHUYMXSHUVRQHQDYJLUIHLOVYDU'HWNDQVN\OGHV YDQVNHUPHGnKXVNHIRUKROGWLOEDNHLWLGHQ'HWNDQRJVnVN\OGHVDWDYVS UVPnOEOLU PLVIRUVWnWW1nUGHWEOLUVSXUWRPIRUKROGVRPIRONHUIDULQJVPHVVLJILQQHUNRPSOLVHUWHPnHQ UHJQHPHGnInHQGHOIHLODNWLJHVYDU,QQVDPOLQJVIHLONDQRJVnRSSVWnIRUGLYLVVHVS UVPnODYHQNHOWHRSSIDWWHVVRP PWnOLJH,QWHUYMXSHUVRQHQHNDQLVOLNHWLOIHOOHUEHYLVVWJLIHLODNWLJHVYDU'HYXUGHULQJHUVRPOLJJHUWLO JUXQQIRUVYDUHWNDQRJVnEOLSnYLUNHWDYKYDLQWHUYMXSHUVRQHQRSSIDWWHUVRPVRVLDOW QVNHOLJ 6S UVPnORPKHOVHRSSIDWWHVRIWHVRP PWnOLJH6S UVPnORPDUEHLGRJVWHPPHJLYQLQJNDQ RJVnRSSIDWWHVVRPVHQVLWLYLQIRUPDVMRQ9LKDULPLGOHUWLGLNNHKDWWVSHVLHOOHWLOEDNHPHOGLQJHU RPSUREOHPHUSnGHWWHRPUnGHWLGHQQHXQGHUV NHOVHQ %HDUEHLGLQJVIHLOHUDYYLNPHOORPGHQYHUGLHQVRPUHJLVWUHUHVLQQRJGHQYHUGLHQVRPWLOVOXWW UDSSRUWHUHVXW6OLNHIHLONDQRSSVWnIRUHNVHPSHOXQGHUDYOHGQLQJHURPNRGLQJHU*MHQQRP XOLNHNRQWUROOHUKDUPDQV NWnILQQHIHLORJUHWWHGHPRSS 1nUHQKDUUHWWHWRSSIHLOVnODQJWGHWHUPXOLJHUHUIDULQJHQDWGHVWDWLVWLVNHUHVXOWDWHQHLGH IOHVWHWLOIHOOHUSnYLUNHVIRUKROGVYLVOLWHDYEnGHLQQVDPOLQJVIHLORJEHDUEHLGLQJVIHLO 9LUNQLQJHQDYIHLONDQOLNHYHOY UHDYEHW\GQLQJLQRHQWLOIHOOHURJGHWHUNODUWDWLNNHDOOHIHLO RSSGDJHV

18 2PNRGLQJDYVRVLR NRQRPLVNVWDWXV 5XWLQHQVRPEOHEUXNWIRUNRGLQJDYVRVLR NRQRPLVNVWDWXVHUHVVHQVLHOWGHQVDPPHVRPHU EUXNWWLGOLJHUHnUPHQPHGQRHQVPnMXVWHULQJHU.DWHJRUL³$QGUHLNNH\UNHVDNWLYH EUXNHVLNNH'HQQHHULNNHGHILQHUWLVWDQGDUGHQRJLQQKROGHWKDUY UWGnUOLJGHILQHUW'H SHUVRQHQHGHWJMHOGHUHUSODVVHUWLNDWHJRUL³8NODVVLILVHUWH 1RHQIOHUH\UNHVDNWLYHHQQWLGOLJHUHNDQRJVnKDEOLWWSODVVHUWLNDWHJRUL+HUSODVVHUHVQn DOOHSHUVRQHUVRPRSSO\VQLQJHURPDUEHLGVWLGPDQJOHUIRUHOOHU\UNHVRSSO\VQLQJHQHLNNHJLU JUXQQODJIRUVLNNHUSODVVHULQJDY.RGLQJVPnWHQVLNUHUPDNVLPDONRPSDWLELOLWHWPHGWLOVYDUHQGHNRGLQJLDQGUHSURVMHNWHUL 66%

19

20

21 2VORVHSWHPEHU 6DNVKDQGVDPDU'DJ5ROO+DQVHQWHOHIRQJU QWQXPPHU 6HNVMRQIRULQWHUYMXXQGHUV NLQJDU 8QGHUV NLQJRPKHOVH,O SHWDYGHQQ UDVWHWLGDYLOHLQLQWHUYMXDUIUn6WDWLVWLVNVHQWUDOE\UnULQJHLVDPEDQGPHGHL XQGHUV NLQJRPKHOVHLEHIRONQLQJD'HLIOHVWHVS UVPnODHUHQNOHIDNWDVS UVPnO,QWHUYMXHWYHUW JMHQQRPI UWSnWHOHIRQ,NRQYROXWWHQKDUYLODJWYHGHLOLVWHPHGXOLNHVMXNGRPDU'HWHUILQWRPGX NXQQHKDKRWLOJMHQJHOHJQnULQWHUYMXDUHQULQJDU 'XHUHLQDYVRPHUWUHNWXWIUn'HWVHQWUDOHIRONHUHJLVWUHWWLOnGHOWDLXQGHUV NLQJD'XVWnU IULWWWLOnYHOMHRPGXYLOYHUHPHGPHQIRUDWYLVNDOInJRGHUHVXOWDWHUGHWYLNWLJDWGHLVRPHU WUHNWHXWVYDUHUSnVS UVPnODYnUH9LNDQLNNMHHUVWDWWHGHJPHGHLQDQQDQ )RUnJMHUHLQWHUYMXHWNRUWDUHRJIRUnInEHVWPRJOHJXWE\WWHDYVYDUDYLInUYLOYLRJKHQWHLQQ RSSO\VQLQJDUIUnQRNUHRIIHQWOHJHUHJLVWHU'HLRIIHQWOHJHUHJLVWUDLQQHKHOGRSSO\VQLQJDURPLQQWHNW IRUPXHWU\JGVW QDGDUEHLGVWLOK YHRJXWGDQQLQJ9LKHQWDURJLQQHQNHOWHRSSO\VQLQJDUIUn IRONHUHJLVWUHWVRPI GVHOVQXPPHURJDGUHVVHRSSO\VQLQJDU6HLQDVWHLWnUHWWHUDWGDWDLQQVDPOLQJDHU DYVOXWWDYLOYLIMHUQHDOOHQDPQRJDGUHVVHUIUnGDWDPDWHULDOHW3HUVRQQXPPHUHWYLOEOLHUVWDWWDPHG HLWNRGHQXPPHUVRPJMHUGHWPRJOHJnVMnVYDUDLVDPDQKHQJPHGRSSO\VQLQJDUVRPILQDVWL UHJLVWUD'HLVRPKHQWDULQQLQIRUPDVMRQHQIUnUHJLVWUDYLOLNNMHYLWHNYHQRSSO\VQLQJDQHJMHOG 8QGHUV NLQJDHUJRGNMHQGDY'DWDWLOV\QHWRJRSSO\VQLQJDQHYLOEOLKDQGVDPDHWWHUORYIHVWDUHJODU,QWHUYMXDUDQHRJDOOHDQGUHVRPDUEHLGHUL6WDWLVWLVNVHQWUDOE\UnKDUWHLHSOLNW9LYLODOGUL RIIHQWOHJJMHUHHOOHUYLGDUHIRUPLGOHRSSO\VQLQJDURPNYDGHQHQNHOWHKDUVYDUW'HLVRPULQJDUNDQ IRUWHOMHGHJNRUOHLVGXInUVWDGIHVWDDWYHGNRPDQGHDUEHLGHUIRU6WDWLVWLVNVHQWUDOE\Un 'HWHUYLNWLJnInVYDUIUnDOOHXDQVHWWRPHLQHUQ JGHOOHUPLVQ JGPHGKHOVDVL5LQJGHWJU QH QXPPHUHW YVWSnVLGDRPGX QVNMHUPHLULQIRUPDVMRQ 9LYRQDUGXYLOVYDUHGnWHOGXPHG 0HGYHQOHJKHOVLQJ 6YHLQ/RQJYD DGPGLUHNW U - UQ/HLSDUW VHNVMRQVVMHI

22 2VORVHSWHPEHU 6DNVEHKDQGOHU'DJ5ROO+DQVHQWOIJU QWQXPPHU 6HNVMRQIRULQWHUYMXXQGHUV NHOVHU 8QGHUV NHOVHRPKHOVH,O SHWDYGHQQ UPHVWHWLGHQYLOHQLQWHUYMXHUIUD6WDWLVWLVNVHQWUDOE\UnULQJHGHJLIRUELQGHOVH PHGHQXQGHUV NHOVHRPKHOVHLGHQQRUVNHEHIRONQLQJHQ'HIOHVWHVS UVPnOHQHHUHQNOH IDNWDVS UVPnO,QWHUYMXHWEOLUJMHQQRPI UWSnWHOHIRQ,NRQYROXWWHQKDUYLODJWYHGHQOLVWH PHGXOLNHV\NGRPPHU'HWHUILQWRPGXNDQKDGHQWLOJMHQJHOLJQnULQWHUYMXHUHQULQJHU 'XHUHQDYVRPHUWUXNNHWXWIUD'HWVHQWUDOHIRONHUHJLVWHUHWWLOnGHOWDLXQGHUV NHOVHQ 'HWHUIULYLOOLJnGHOWDPHQIRUDWYLVNDOInJRGHUHVXOWDWHUHUGHWYLNWLJDWGHVRPHUWUXNNHWXW EOLUPHG9LNDQLNNHHUVWDWWHGHJPHGHQDQQHQ )RUnJM UHLQWHUYMXHWNRUWHUHRJIRUnInEHVWPXOLJXWE\WWHDYVYDUHQHYLInUYLOYLRJVnKHQWH LQQHQNHOWHRSSO\VQLQJHUIUDRIIHQWOLJHUHJLVWUH'HLQQHKROGHURSSO\VQLQJHURPLQQWHNW IRUPXHWU\JGHUVW QDGHUDUEHLGVIRUKROGRJXWGDQQLQJ9LKHQWHURJVnLQQHQNHOWH RSSO\VQLQJHUIUDIRONHUHJLVWHUHWVRPI GVHOVQXPUHRJDGUHVVHRSSO\VQLQJHU6HQHVWHWWnUHWWHU DWGDWDLQQVDPOLQJHQHUDYVOXWWHWYLOYLIMHUQHDOOHQDYQRJDGUHVVHUIUDGDWDPDWHULDOHW 3HUVRQQXPPHUHWYLOEOLHUVWDWWHWPHGHWNRGHQXPPHUVRPJM UGHWPXOLJnVHVYDUHQHL VDPPHQKHQJPHGRSSO\VQLQJHUVRPILQQHVLUHJLVWUH'HVRPKHQWHULQQLQIRUPDVMRQHQIUD UHJLVWUHQHYLOLNNHYLWHKYLONHSHUVRQHURSSO\VQLQJHQHJMHOGHU 8QGHUV NHOVHQHUJRGNMHQWDY'DWDWLOV\QHWRJSHUVRQRSSO\VQLQJHUYLOEOLEHKDQGOHWHWWHU ORYEHVWHPWHUHJOHU,QWHUYMXHUQHRJDOOHDQGUHVRPDUEHLGHUL6WDWLVWLVNVHQWUDOE\UnKDU WDXVKHWVSOLNW9LYLODOGULRIIHQWOLJJM UHHOOHUYLGHUHIRUPLGOHRSSO\VQLQJHURPKYDGHQ HQNHOWHKDUVYDUW,QWHUYMXHUQHYLVHUDOOWLGOHJLWLPDVMRQVNRUWYHGEHV N'HVRPULQJHUNDQ IRUWHOOHGHJKYRUGDQGXInUEHNUHIWHWDWYHGNRPPHQGHDUEHLGHUIRU6WDWLVWLVNVHQWUDOE\Un 'HWHUYLNWLJnInVYDUIUDDOOHXDQVHWWRPHQHUIRUQ \GHOOHUPLVIRUQ \GPHGKHOVHQVLQ5LQJ GHWJU QQHQXPPHUHW YHUVWSnVLGHQKYLVGX QVNHUPHULQIRUPDVMRQ 9LKnSHUGXYLOVYDUHGDWHOOHUGXPHG 0HGYHQQOLJKLOVHQ 6YHLQ/RQJYD DGPGLUHNW U - UQ/HLSDUW VHNVMRQVVMHI