$"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO DSZTUBMMJ[BUJPOTUFQSFNBJOTUIFNBKPSCPUUMFOFDLJOUIFTUSVDUVSFQSPEVDUJPOQSPD UPTUSVDUVSFJTUIFPOFGSPNQVSJêFEQSPUFJOUPDSZTUBM/PUFUIBUUIFPWFSBMMUSFOEJMMVTUSBUF
Trang 2;XZQVOMZ;MZQM[QV*QWXPa[QK[
Trang 32W[È4]Q[:)ZZWVLW )TQKQI)TWV[W -L[
!DVANCED
4ECHNIQUES IN
?Q\P!.QO]ZM[ QV+WTWZIVL<IJTM[
Trang 41SJOUFEPOBDJEGSFFQBQFS :-
Trang 5<PMXZM[MV\JWWSWN\PM;XZQVOMZ;MZQM[QV*QWXPa[QK[LMIT[_Q\P[WUM\MKPVQY]M[\PI\IZMJMQVOQUXTMUMV\MLVW_ILIa[7VMWN\PMUW\WZ[\PI\PI^MLZQ^MV
\PMJQW[KQMVKM[TQSMLIQTaTQNMPI[JMMV\PM\MKPVWTWOQKITJWW[\XZWL]KMLJa\PMIL^IVKMUMV\WNUQKZWXZWKM[[WZ\MKPVWTWOa)_PWTMIZZIaWNXW[[QJQTQ\QM[PI^MJMMVWXMVML\WLM^MTWX\PMKTI[[QKIT\MKPVQY]M[\PI\_MZM][ML[WUMaMIZ[IOW)JZIPIU[IVLKW_WZSMZ[KWV\ZQJ]\M_Q\PIKPIX\MZWVXZW\MQVVIVWKZa[\ITTWOZIXPa_PQKPLMIT[_Q\PWJ\IQVQVOXZW\MQVKZa[\IT[QV[UITTKWVâVML^WT]UM[
\ZaQVO\WW^MZKWUMWVMWN\PM[M\JIKS[QVKZa[\ITTWOZIXPa\PMIUW]V\WNUI\MZQITVMMLML\WWJ\IQVOWWL[IUXTM[NWZLQNNZIK\QWV<PQ[KPIX\MZQ[NWTTW_MLJaWVMJa1JIZZI5WTMZWIVL;IVKPMb:]QbZM^QM_QVO\PMZMKMV\IL^IVKM[WNLQNNMZMV\QIT[KIVVQVOKITWZQUM\ZaQV\PMâMTLWNXZW\MQVMVMZOM\QK[IVLIT[WQV\PMMVMZOM\QKIVITa[Q[WNW\PMZJQWTWOQKIT[a[\MU[<PMNWTTW_QVO\_WKPIX\MZ[TWWSI\ZMKMV\IL
^IVKM[WN1:[XMK\ZW[KWXa1:ZMãMK\QWVIJ[WZX\QWV[XMK\ZW[KWXa1::);TWWS[I\\PMIQZ_I\MZQV\MZNIKMWNUMUJZIVM[IVLQV\PMKPIX\MZJa5MVLMT[WPVIVLKW_WZSMZ[\PMOMVMZITJI[Q[I[_MTTI[\PMIXXTQKI\QWV\WTQXQL[IVLXMX\QLM[WZXZW\MQV[IZMZM^QM_ML)ZZWVLWIVLKW_WZSMZ[ILLZM[[\PMIVITa[Q[WN1:[XMK
\ZIJaIVM_IXXZWIKPKITTML\_WLQUMV[QWVITOMVMZITQbML[XMK\ZW[KWXa_PMZMQVNWZUI\QWVWVXZW\MQVKPIVOM[IN\MZIXMZ\]ZJI\QWVQ[IVITa[MLJa[aVKPZWVW][WZI[aVKPZWVW][UIX[<PQ[IXXZWIKPM[[MV\QITTaLQNNMZMV\NZWU\PI\WN,65:[XMK\ZW[KWXa][M[KWZZMTI\QWVIVITa[Q[WN\PMLaVIUQKã]K\]I\QWV[KI][MLJaIVM`\MZVITXMZ\]ZJI\QWV\WMVPIVKM[XMK\ZITZM[WT]\QWV
<PZMMKPIX\MZ[IZMLM^W\ML\WLQNNMZMV\\MKPVQKITLM^MTWXUMV\[WN65:;baXMZ[SaLMIT[_Q\P\PMXZQVKQXTM[WN]T\ZINI[\65:[XMK\ZW[KWXa\PZW]OP\PM][M
WN (UI\ZQ` W]ZQMZ \ZIV[NWZU /.< 65: I[ I \MKPVQY]M NWZ ZIXQL [IUXTQVO
WN U]T\QLQUMV[QWVIT 65: LI\I ZMMUIV IVL 3]XNI[\U]T\QLQUMV[QWVIT65:JaW]\TQVQVO\_WZILQKITVM_IXXZWIKPM[WVM][QVO[XI\QITTaMVKWLML[QVOTM[KIVU]T\QLQUMV[QWVIT65:IVL\PMW\PMZ][QVOXZWRMK
\QWVZMKWV[\Z]K\QWVWNU]T\QLQUMV[QWVIT[XMK\ZI;QbMQ[WVMWN\PMXZWJTMU[\PI\65:PI[\WNIKMQV\PM[\]LaWNXZW\MQV[.MZVÀVLMbIVL?QLMZIVITa[M\PM][MWN \ZIV[^MZ[M ZMTI`I\QWVWX\QUQbML [XMK\ZW[KWXa <:7;A QV KWUJQVI\QWV _Q\PQ[W\WXMTIJMTTQVO\MKPVQY]M[\WM`\MVLIXXTQKI\QWV[WN65:[XMK\ZW[KWXaQV[WT]
\QWV\WU]KPTIZOMZUWTMK]TM[[]KPI[QV\MOZITUMUJZIVMXZW\MQV[QVLM\MZOMV\UQKMTTM[TIZOMXZW\MQV[QVUWVWUMZQKNWZUIVLQVUIKZWUWTMK]TIZKWUXTM`M[IVLQV\MZUWTMK]TIZQV\MZIK\QWV[QVTIZOMKWUXTM`M[
+IZZQÒV>ÀbY]Mb IVL KW_WZSMZ[ PI^M ILLZM[[ML XZW\MQV VIVWUMKPIVQK[ IVM_U]T\QLQ[KQXTQVIZaIZMIWNZM[MIZKP\WLQZMK\TaUMI[]ZMUMKPIVQKITNWZKM[QV[QVOTMUWTMK]TM[JaIXXTaQVOI\WUQKNWZKMUQKZW[KWXa).54IZOM]VQTIUMTTIZ
Trang 6^M[QKTM[IZM\PM[]JRMK\WN\PMKPIX\MZJa*IOI\WTTQ_PWZM^QM_[\PM][MWN\_WXPW\WVã]WZM[KMVKMUQKZW[KWXaQV[\]LaQVO\PMTI\MZIT[\Z]K\]ZMWNKWUXW[Q\QWVITTa[QUXTM^M[QKTM[IVLUWZMKWUXTQKI\MLUMUJZIVM[;IV5IZ\ÌVIVL>ITTMTWWSI\\PM\PZMMLQUMV[QWVITWZOIVQbI\QWVIVL[\Z]K\]ZITNMI\]ZM[WNUIKZWUWTMK]TIZI[[MUJTQM[ SVW_TMLOM WN _PQKP Q[ QVLQ[XMV[IJTM NWZ ]VLMZ[\IVLQVO \PMQZ N]VK
\QWV[Ja][QVO\PZMMLQUMV[QWVITMTMK\ZWVUQKZW[KWXa
<PQ[ JWWS KWV[\Q\]\M[ I XZQ^QTMOML WJ[MZ^I\WZa NWZ ZM^QM_QVO VW^MT IXXTQKI
\QWV[WNJQWXPa[QKIT\MKPVQY]M[\PI\KIVPMTX\PMZMILMZ]\QTQbM\PMMNNWZ\[WN\PM[KQMV\Q[\[ KWV\ZQJ]\QVO \W \PM ^WT]UM \W MV\MZ IV IZMI _PMZM \PM \MKPVWTWOa Q[XZWOZM[[QVOY]QKSTaIVL_PMZMIKWUXZMPMV[Q^MM`XTIVI\QWVQ[VW\IT_Ia[\WJMNW]VL
2W[È4]Q[:)ZZWVLW
8ZMNIKM
*QTJIW2]VM
Trang 14.IK]T\ILLM+QMVKQI[,MXIZ\IUMV\WLM9]QUQKI.Q[QKI=VQ^MZ[QLILLM/ZIVILI.]MV\MV]M^I[V /ZIVILI;XIQV
3AN
*QWKWUX]\QVO=VQ\+MV\ZW6IKQWVITLM*QW\MKVWTWOÌI+6*+;1+,IZ_QV !5ILZQL;XIQV
3ZYPERSKI
,MXIZ\UMV\[WN+PMUQ[\ZaIVL
;\Z]K\]ZIT*QWTWOa;\I\M=VQ^MZ[Q\aWN6M_AWZSI\*]NNITW*]NNITW6A
=;)
6ALLE
*QWKWUX]\QVO=VQ\+MV\ZW6IKQWVITLM*QW\MKVWTWOÌI+6*+;1+,IZ_QV !5ILZQL;XIQV
7IDER
1V[\Q\]\NÛZ5WTMS]TIZJQWTWOQM]VL
*QWXPa[QS-<0BÛZQKP !B]ZQKP
;_Q\bMZTIVL4Q[\WN+WV\ZQJ]\WZ[
Trang 15'JH 5IF TVDDFTT SBUF PG IJHIUISPVHIQVU DSZTUBMMJ[BUJPO 5IF PWFSBMM TVDDFTT PG UIF EJG
GFSFOUTUBHFTJOUIFIJHIUISPVHIQVUBQQSPBDIVTFECZUIF3*,&/DPOTPSUJVNJTTIPXO5IF OVNFSJDBMEBUBXFSFQSFTFOUFEBUUIF*$$#.DPOGFSFODFJO#FJKJOHCZ4:PLPZBNBBOESFQ SFTFOUUIFUISPVHIQVUPCUBJOFEVTJOHFYQSFTTJPOJO5IFSNVTUIFSNPQIJMVT5IFIJHIPWFSBMM TVDDFTTSBUFJOUIJTFYBNQMFJTOPUUZQJDBMBOEFYQSFTTJPOJOIJHIFSPSHBOJTNTTIPXTBMPXFS TVDDFTTSBUF
Trang 16$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
DSZTUBMMJ[BUJPOTUFQSFNBJOTUIFNBKPSCPUUMFOFDLJOUIFTUSVDUVSFQSPEVDUJPOQSPD
UPTUSVDUVSFJTUIFPOFGSPNQVSJêFEQSPUFJOUPDSZTUBM/PUFUIBUUIFPWFSBMMUSFOEJMMVTUSBUFEJO'JHJTOPUWFSZEJĒFSFOUGSPNBSFQPSUQSFEBUJOHUIFXJEFTQSFBEVTFIFUFSPHFOFJUZPGUIFQSPUFJOTJTUIFQSJNFDBVTFPGUIJTCPUUMFOFDL
$POTUSVDUJOHHFOFUJDWBSJBOUTBOEEFWFMPQJOHNPSFBEWBODFENFBOTPGQSPUFJO
UISPVHIQVU XIJMTU TVCTUBOUJBMMZ SFEVDJOH EFNBOET PO MBSHFTDBMF QSPEVDUJPO BOEQVSJêDBUJPOQMBUGPSNT
)FSFXFGPDVTPONJOJBUVSJ[BUJPOBJNFEBUJODSFBTJOHUIFQSPCBCJMJUZPGêOEJOHDSZTUBMMJ[BUJPODPOEJUJPOTXIFOUIFBNPVOUPGQSPUFJOBWBJMBCMFJTMJNJUFE'JSTUXFGPDVT NBJOMZ PO UIPTF BTQFDUT BĒFDUFE CZ UIF WPMVNF PG UIF NPUIFS MJRVPS 4VCTFRVFOUMZ XF XJMM SFWJFX JO EFUBJM UIF NBKPS QSBDUJDBM PCTUBDMFT UZQJDBM PG QSPUFJOOBOPDSZTUBMMJ[BUJPO 1SPCMFNT UZQJDBMMZ BTTPDJBUFE XJUI OBOPWPMVNFT O- PS
/VDMFBUJPOBOE$SZTUBMMJ[BUJPOJO/BOPWPMVNFT
TJEFSJOHUIBUJOUJOZESPQMFUTUIFTVSGBDFUFOTJPOGPSDFTCFDPNFSFMFWBOUBOECFMPXB DFSUBJO WPMVNF FWFO QSFEPNJOBOU *OTJEF B TNBMM OBOPESPQMFU UIF QSFTTVSF DBOCFTVCTUBOUJBMMZIJHIFSUIBOUIFBNCJFOUQSFTTVSFBOEDBOCFDBMDVMBUFEVTJOHUIFUIFTFFĒFDUTBSFMFTTMJLFMZUPJOëVFODFQSPUFJODSZTUBMMJ[BUJPOJOUIFNJDSPMJUFSSBOHFѮFQSFTTVSFEJĒFSFODFCFUXFFOUIFJOTJEFPGBXBUFSESPQMFUPGʍNSBEJVTBOE
(JFHÊBOEDPXPSLFSTTUVEJFEUIFJOëVFODFPGFYUFSOBMIZESPTUBUJDQSFTTVSFPOUIFOVDMFBUJPOBOEHSPXUIPGMZTP[ZNFDSZTUBMTBOESFQPSUFEUIBUJODSFBTJOHUIFQSFTBOEOVNCFSPGMZTP[ZNFDSZTUBMT.PSFPWFSBUSBOTJUJPOUPVSDIJOMJLFQBSUJDMFTNBEFѮFTFDPOTJEFSBUJPOTBSFPCWJPVTMZJSSFMFWBOUXIFOUIFQSPUFJOJTDPOêOFEXJUIJOBMJQJENFNCSBOFBOEUIVTEPOPUBQQMZGPSQSPUFJOTEJTTPMWFEJOUIFDZUPQMBTN
$MBTTJDBMOVNFSJDBMSPVOEJOHTFQBSBUFTUIFOBOPMJUFSGSPNUIFNJDSPMJUFSSBOHFMFTTUIBO
Trang 17(FOFSBM#BDLHSPVOE
/VDMFBUJPOBOE$SZTUBMMJ[BUJPOJO/BOPWPMVNFT
PGMJWJOHDFMMTѮFQSFTTVSFJOTJEFBMJWJOHDFMMJTXFMMSFHVMBUFEBOEQBSUJBMMZEFUFSNJOFECZUIFQSFTFODFPGTVSSPVOEJOHUJTTVF*OQMBOUDFMMTUIFUVSHPSPSJOUSBDFMMVMBS
'PSQSBDUJDBMQVSQPTFTJUJTNPSFJNQPSUBOUUIBUUIFIPNPMPHPVTOVDMFBUJPOSBUFBOEJUJTJOEFQFOEFOUPGUIFWPMVNFPGUIFNPUIFSMJRVPS*GBUBDFSUBJOMFWFMPGTVQFSTBUVSBUJPOJUUBLFTPOBWFSBHFBGVMMEBZUPGPSNBTUBCMFOVDMFVTUIBUHSPXTJOUPBTJNJMBSFWFOUUPPDDVSJOBWPMVNFPGO-*GUIFOVDMFBUJPOSBUFQFSVOJUWPMVNF
SBUJPOJOOBOPMJUFSDSZTUBMMJ[BUJPOUSJBMTJOPSEFSUPPCTFSWFSBSFOVDMFBUJPOFWFOUTѮFSFMBUJPOCFUXFFOUIFDSZTUBMMJ[BUJPOWPMVNFJOTVCNJDSPMJUFSWPMVNFTBOEUIFPCTFSWFEOVNCFSPGDSZTUBMTJTTIPXOJO'JHBOEJOEJDBUFTUIBUUIFSFJTBEF
IPNPHFOFPVTOVDMFBUJPOUIFPSZJTOPUTBUJTêFEѮJTTVHHFTUTUIBUIFUFSPHFOFPVTOVDMFBUJPOQMBZTBOJNQPSUBOUSPMFJOMPXWPMVNFT7FLJMPWFUBMSFQPSUUIBUEFTQJUFMFEUPBOPO[FSPJOUFSDFQUPGUIFMJOFBSEFQFOEFODFPG/ NFBOOVNCFSPGPCTFSWFE
Trang 18$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
QFOETPOOVDMFJUIBUëPBUJOUIFCVMLWPMVNFBOEIFUFSPHFOFPVTOVDMFBUJPOUIBUJTBOEIFUFSPHFOFPVTOVDMFBUJPODBOOPUCFEJTUJOHVJTIFECZDIBOHJOHUIFDSZTUBMMJ[BUJPOWPMVNF*OUIFMBUUFSDBTFSFEVDUJPOPGUIFDSZTUBMMJ[BUJPOWPMVNFXPVMEJODSFBTFUIFSFMBUJWFDPOUSJCVUJPOPGIFUFSPHFOFPVTOVDMFBUJPO0OUIFCBTJTPGUIFFYQFSJCFMPXXIJDIIFUFSPHFOFPVTOVDMFBUJPOXJMMCFUIFEPNJOBOUOVDMFBUJPONFDIBOJTNUJPO IBWF CFFO QSPCFE VTJOH ëVPSFTDFODF FOFSHZ USBOTGFS 1VTFZ BOE /BEBSBKBIQPPSMZVOEFSTUPPE.PTUPGUIFBUPNJDGPSDFNJDSPTDPQZXPSLIBTGPDVTFEPODSZT
BCMFTVCTUSBUFJTBOPUIFSQSPDFTTPGUSJBMBOEFSSPSJOUIFRVFTUGPSDSZTUBMT $IBZFOFUBM 1FDILPWBBOE/JDPMJOJ 4BOKPIFUBM #FSHGPST E"SDZFU
UJWFBQQSPBDIUPJOEVDFDSZTUBMMJ[BUJPOJOBDPOUSPMMFENBOOFSJOWFSZTNBMMWPMVNFTOBOPDSZTUBMMJ[BUJPOIBTCFFOTIPXOUPCFBWJBCMFBQQSPBDI"SFMBUJWFMZTNBMMJODSFBTFJOTVQFSTBUVSBUJPODBOFBTJMZDPNQFOTBUFGPSUIFEFDSFBTJOHDIBODFPGêOEJOHDSZTUBMTJOUIFTDSFFOJOHQIBTFѮFJNQPSUBOUPQUJNJ[BUJPOPGUIFDSZTUBMHSPXUIQIBTFDBOPOMZCFTUBSUFEBѫFSUIFJEFOUJêDBUJPOPGTVJUBCMFOVDMFBUJPODPOEJUJPOT
*OUIJTSFTQFDUUIFVTFPGIFUFSPHFOFPVTTVSGBDFTNBZIFMQVTUPEFWFMPQFWFOTNBMM
Trang 19BTTBZTUPêOEUIFTFOVDMFBUJPODPOEJUJPOT$BSFGVMMZEFTJHOFEHSPXUITUSBUFHJFTBSFTVCTFRVFOUMZOFFEFEUPQSPWJEFVTXJUI9SBZEJĒSBDUJPORVBMJUZDSZTUBMTOFFEFEGPSTVDDFTTGVMTUSVDUVSBMCJPMPHZ
O- VTJOH B IBOEIFME OBOPKFDU QJQFUUPS XJUI BO FSSPS PG UIF PSEFS m 'PS
NFUIPETBSFDMFBSMZOFFEFEѮSFFFTUBCMJTIFENFUIPETVTFEJOUIFêFMEUIBUDBOUSBOTGFSNFUIPET
*OLKFU5FDIOPMPHZ
4FWFSBMEJTQFOTJOHTZTUFNTJOQSPUFJOOBOPDSZTUBMMJ[BUJPOIBWFCFFOEFTDSJCFEJO UIF MJUFSBUVSF 4UFWFOT #PEFOTUBĒ FU BM )PXBSE BOE $BDIBV
UJDmUIBUHFOFSBUFTBQSFTTVSFXBWFUISPVHIUIFëVJEѮFMJRVJETUSFBNDSFBUFEJTBMMPXFEUPFTDBQFUISPVHIBTNBMMPSJêDF8IFOUIFMJRVJEQBTTFTUISPVHIUIFPSJ
$SFBUJOHBOE%JTQFOTJOH4NBMM-JRVJE7PMVNFT
Trang 20$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
êDFUIFQSFTTVSFEJĒFSFODFBMMPXTUIFTUSFBNUPPWFSDPNFUIFTVSGBDFUFOTJPOGPSDFTBOEUPCFFKFDUFEBTBESPQ*OBDPOUJOVPVTJOLKFUUIFMJRVJETVQQMZJTQSFTTVSJ[FETVēDJFOUMZUPDSFBUFBKFUѮFCSFBLVQPGUIFKFUDBOCFTZODISPOJ[FECZBQQMZJOHBQFSJPEJDNPEVMBUJPOPGUIFWFMPDJUZPGUIFëVJEFYJUJOHUIFOP[[MF0OFPGUIFNPTUTVDDFTTGVMBQQMJDBUJPOTPGUIFDPOUJOVPVTJOLKFUUFDIOPMPHZJTUIF)FSU[DPOUJOVPVTNJTUJOLKFU*OUIJTNFUIPEDIBSHFEESPQTXJUIWPMVNFPGBCPVUQ-BSFQSPEVDFEBUWFSZIJHIESPQSFQFUJUJPOGSFRVFODZ"MUIPVHIUIJTNFUIPEJTWFSZGBTUBOEBMMPXTEFNBOEJOLKFUNFUIPETUIFGPSDFTUPPWFSDPNFTVSGBDFUFOTJPOGPSDFTBOEFNJUBESPQPSBDMVTUFSPGESPQTBSFHFOFSBUFEJOSFTQPOTFUPBTJHOBMѮFMJRVJETVQQMZJT
TVSGBDFUFOTJPOUIBULFFQTUIFMJRVJEUPHFUIFSѮFDPNNPOFTUBQQSPBDIJTUPTVEJTBMTPQPTTJCMFUPQVMMUIFMJRVJEPVUPGBOP[[MFCZBOBUUSBDUJWFGPSDFPWFSDPNJOHUIF
POEFNBOENFUIPEPGEJTQFOTJOHBQQFBSTNPSFTVJUBCMFUIBOUIF)FSU[UFDIOPMP
BDPVTUJD ESPQPOEFNBOE EJTQFOTJOH 5P EJTQFOTF TPMVUJPOT DPOUBJOJOH QSPUFJOTBCMF*OQJF[PFMFDUSJDEJTQFOTJOHBQJF[PDSZTUBMDIBOHFTJUTTIBQFJOSFTQPOTFUPBOFMFDUSJDBMQVMTFѮJTSFTVMUTJOiTRVFF[JOHuBHMBTTDBQJMMBSZBOEUIVTDSFBUFTBQSFTCZQVTIJOHBHBJOTUUIFëVJE"TBSFTVMUBESPQJTDSFBUFEiPOEFNBOEuѮJTUZQFPGQJF[PFMFDUSJDEJTQFOTJOHJTLOPXOBTiTRVFF[FNPEFu7BSJPVTPUIFSNFUIPETTVDI
'JH 1JF[PFMFDUSJD EJTQFOTJOH WFSTVT FMFDUSPTQSBZ EJTQFOTJOH *O UIF QJF[PFMFDUSJD EJT
UIFESPQMFUGSPNUIFnVJECPEZ&MFDUSPTQSBZEJTQFOTJOHVTFTBEJõFSFOUQSJODJQMFBOFMFDUSJD
Trang 21UZQJDBMMZDSFBUFTJOHMFESPQTJOUIFQJDPMJUFSTJ[FSBOHFBOEIBWFCFFOTVDDFTTGVMMZVTFEUPEJTQFOTFMJRVJETBOETPMVUJPOTXJUIWBSJPVTQSPQFSUJFTJOWPMVNFTBTTNBMMWFSZSFMJBCMZQSPEVDFESPQMFUTXJUIBWPMVNFPGQ-PSNPSFѮFTFDBOCFQSP
WJTDPTJUZPGUIFëVJETBOEUIFQSFTFODFPGEFUFSHFOUTBSFMFTTSFMFWBOUGPSFMFDUSPTQSBZOPDPNNFSDJBMEJTQFOTJOHTUBUJPOTUIBUNBLFVTFPGESPQPOEFNBOEFMFDUSPTQSBZNFUIPET BMUIPVHI FMFDUSPTQSBZ EJTQFOTJOH IBT TJHOJêDBOU BEWBOUBHFT GPS UIF EJTQFOTJOHPGWFSZWJTDPVTMJRVJETѮFVTFPGQVMTFEFMFDUSPTQSBZJTSFMBUJWFMZOFX 8FJQFOTFWJTDPVTMJRVJETPOëBUTVCTUSBUFT"TDIFNBUJDDPNQBSJTPOCFUXFFOUIFTFUVQGPSQJF[PFMFDUSJDEJTQFOTJOHBOEFMFDUSPTQSBZEJTQFOTJOHJTHJWFOJO'JH
"NBKPSQSPCMFNJOUIFSFMJBCMFPQFSBUJPOPGBOZEJTQFOTJOHTZTUFNJTUIFQSPCBOEUIFOBUVSFPGUIFDPNQPOFOUTUPCFEJTQFOTFE$MPHHJOHPGUIFPSJêDFTUBSUTBOEPѫFOSFTVMUTJOESPQNJTEJSFDUJPOXJUIBEJTBTUSPVTFĒFDUPOUIFPWFSBMMSFMJBCJMJUZ
PQFSBUJPOHPPEDMFBOJOHQSPDFEVSFTBOEUIFQVSJUZBOETUBCJMJUZPGUIFMJRVJETUPCFEJTQFOTFEBSFDSVDJBM
"DPVTUJD%JTQFOTJOH
"OPWFMUFDIOPMPHZUIBUBWPJETUIFDMPHHJOHQSPCMFNJTBDPVTUJDESPQPOEFNBOEEJTQFOTJOHXIFSFUIFGSFFTVSGBDFPGBMJRVJEJTEJTSVQUFECZBTUSPOHBDPVTUJDêFME*GESPQPGWBSJBCMFTJ[FDBOCFFKFDUFEѮFESPQMFUTJ[FEFQFOETPOUIFBDPVTUJDFOFSHZ
UJPOBMNJDSPQMBUFCZNFBOTPGUIFBDPVTUJDFOFSHZHFOFSBUFECZBQJF[PFMFDUSJDUSBOTBESPQMFUPGQSFDJTFWPMVNFUPCFFKFDUFEXJUIPVUBOZQIZTJDBMDPOUBDUCFUXFFOUIFBDPVTUJDEFWJDFBOEUIFMJRVJECFJOHEJTQFOTFE%SPQTBSFDPMMFDUFEPOBOPUIFSTVSNFUIPEBWPJETUIFSFMJBCJMJUZJTTVFTBTTPDJBUFEXJUIUIFTNBMMPSJêDFTVDIBTDMPHHJOHDPOUBNJOBUJPOCFUXFFOTBNQMFTDBVTFECZUIFUSBOTGFSEFWJDFmBDPNNPOQSPCMFNJOMJRVJEIBOEMJOHmJTMBSHFMZBWPJEFE"TNBMMFTUESPQWPMVNFPGQ-JTQPTTJCMFBOEUIFWPMVNFDBODPOUJOVPVTMZCFBEKVTUFEVQUPQ-ѮFBDPVTUJDESPQPOEF
$SFBUJOHBOE%JTQFOTJOH4NBMM-JRVJE7PMVNFT
Trang 22$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
NBOEEJTQFOTJOHUFDIOPMPHZDBOHFOFSBUFWBSJBCMFESPQWPMVNFTBUNFHBIFSU[SBUFT
IJHITQFFEBOEDPOUBDUMFTTNPEFPGPQFSBUJPOBSFTVCTUBOUJBMBEWBOUBHFTѮFNBKPSBEWBOUBHFPG"%&JTUIFGBTUBOEQPXFSGVMUSBOTGFSPGMJRVJET*UJTMFTTDMFBSIPXTVJUBCMFUIFNFUIPEJTXIFOUIFUPUBMBNPVOUPGNBUFSJBMJTWFSZMJNJUFEBOEIBTUPCFEJTQFOTFEJOOBOPMJUFSWPMVNFTBTJOQSPUFJODSZTUBMMPHSBQIZ
'BTU4PMFOPJE7BMWF5FDIOPMPHZ
ѮFGBTUTPMFOPJEWBMWFNJDSPEJTQFOTJOHNFUIPEDPVQMFTUIFBDDVSBDZPGBTUFQQFSNPUPSESJWFOTZSJOHFQVNQXJUIUIFIJHITQFFEBDUVBUJPOPGBNJDSPTPMFOPJEUJBMUPPCUBJODPOTJTUFOUBOEBDDVSBUFESPQMFUTJ[FT'PSBHJWFOQSFTTVSFUIFEFTJSFE
'JH'BTUTPMFOPJEoTZSJOHFNFUIPEB*OUIFBTQJSBUFEJTQFOTJOHNPEFMJRVJEJTDPMMFDUFE
GSPN NJDSPWJBMT BOE SFEJTUSJCVUFE JOUP OBOPWJBMT 5IJT NPEF JT VTFE GPS TNBMM WPMVNF SFBS
SBOHFNFOUTC*OUIFCVMLEJTQFOTJOHNPEFBMBSHFSWPMVNFJTBTQJSBUFEBOEEJTUSJCVUFEJOUP
UIFNJDSPWJBMT5IJTTUFQJTVTFEUPSFBSSBOHFNPEFSBUFWPMVNFT"TTIPXOJO'JHUIF$BS
Trang 23ESPQWPMVNFJTPCUBJOFECZDIPPTJOHBOBQQSPQSJBUFWBMWFPQFOJOHUJNFѮFUFDI
ëVJEJDQBUIBOEEJTQFOTFEJOBDPOUJOVPVTGBTIJPO"TDIFNBUJDWJFXPGUIFCVMLBOETZTUFNJTSPCVTUBOEBEFRVBUFGPSTFUUJOHVQDSZTUBMMJ[BUJPOJOUIFOBOPMJUFSSBOHF
*OUIJTNFUIPEUIFQPUFOUJBMPGDSPTTDPOUBNJOBUJPOPGUIFEJTQFOTFEMJRVJETNBLFTB XBTIJOH TUFQ CFUXFFO EJTQFOTJOH EJĒFSFOU MJRVJET FTTFOUJBM ѮF VTF PG QBSBMMFMEJTQFOTJOH OP[[MFT FBDI EFEJDBUFE UP B TJOHMF ëVJE SFEVDFT TVDI EFNBOET "T JOJOHQSPDFTTJTOFFEFEGPSFBDITPMVUJPO
1JO5SBOTGFS5FDIOPMPHZ
1JOUSBOTGFSUFDIOPMPHZUSBOTGFSTMJRVJEGSPNBTPVSDFUPBMPDBUJPOVTJOHBTPMJEQJOѮFQSPDFTTSFRVJSFTEJQQJOHBQJOJOUPBTBNQMFBOEUBLJOHJUPVU"TNBMMWPMVNFPGMJRVJESFNBJOTPOUIFUJQPGUIFQJOBOECZQMBDJOHUIFQJOPOBTPMJETVSGBDFUIFMJRVJEJTEJTQFOTFEѮFNBKPSBEWBOUBHFPGUIJTUFDIOPMPHZJTUIBUUIFQJOTBSFUSBOTGFSSFEѮFQJONFUIPEIBTMJNJUFEëFYJCJMJUZBTUIFQJOEJTQFOTFTBêYFETNBMMWPMVNFUIBUEFQFOETPOUIFUJQQSPQFSUJFTBOEHFPNFUSZJODPNCJOBUJPOXJUIUIFMJRVJEQSPQFSUJFTѮJTMJNJUTUIFVTFJOBQQMJDBUJPOTSFRVJSJOHWBSJBCMFWPMVNFT"OTVTQFOEFEQBSUJDMFTBSFSFMBUJWFMZMBSHFXJUISFTQFDUUPUIFUJQPSUIFHBQJOUIFQJO*GUISPVHIQVUBOEDPTUBSFNPSFJNQPSUBOUQBSBNFUFSTUIBOIJHIQSFDJTJPOBOEBDDVSBBTDSFFOVTJOHêYFEWPMVNFTPGMJRVJETPQUJNJ[FEGPSQSPUFJODSZTUBMMJ[BUJPOIBTCFFO
$PNQBSJTPOPG-JRVJE%JTQFOTJOH.FUIPET
*NQPSUBOUBTQFDUTPGUIFEJTQFOTJOHUFDIOJRVFTSFMBUFEUPQSPUFJODSZTUBMMJ[BUJPOBSFTVNNBSJ[FEJO5BCMF4PNFIJHIMZSFMFWBOUGBDUPSTGPSQSPUFJODSZTUBMMJ[BUJPOEFBEWPMVNFPGBEJTQFOTJOHTZTUFNJTOPUBQSPCMFNGPSNPTUMJRVJETCVUGPSUIF
IVOESFENJDSPMJUFSTPGQSFDJPVTQSPUFJOUIFTZTUFNJUXJMMCFPGMJUUMFUPOPWBMVF
&WBMVBUJPOBOESFEVDUJPOPGUIFEFBEWPMVNFJTBOJTTVFUIBUJTOPUXJEFMZBEESFTTFE
UIFEFBEWPMVNFTIPVMECFJODMVEFE&RVBMMZSFMFWBOUGPSBMMEJTQFOTJOHUFDIOJRVFT
$SFBUJOHBOE%JTQFOTJOH4NBMM-JRVJE7PMVNFT
Trang 25SFMJBCMFPQFSBUJPOBOEGBJMVSFѮFQSPCMFNPGUJQDPOUBNJOBUJPOIBTCFFOBEESFTTFEJOUIF.PTRVJUPEJTQFOTJOHTZTUFNXIFSFBOBVUPNBUFETZTUFNTJNQMZEJTDBSETUIFUJQTBѫFSVTFGPSBTJOHMFDPNQPVOE"OFMFHBOUBOESBQJEXBZPGDMFBOJOHBOEESZJOH GPS OPOEJTQPTBCMF UJQT BOE FRVJQNFOU JT TUJMM UP CF GPVOE *O UIJT SFTQFDU UIF
"%&NFUIPETFFNTBWJBCMFNFUIPEBTJUFMJNJOBUFTUIFOFFEGPSEJTQPTJOHBOEPSXBTIJOHTUFQTBMUPHFUIFS
%SPQMFU&WBQPSBUJPO
B ESPQMFU JT QSPQPSUJPOBM UP UIF ESPQMFU SBEJVT "T UIF ESPQMFU WPMVNF JT QSPQPSUJPOBMUPUIFSBEJVTDVCFEUIFTUVEZPGTNBMMESPQMFUTXJMMFWFOUVBMMZCFIBNQFSFECZFWBQPSBUJPO"MUIPVHIESPQMFUFWBQPSBUJPOIBTCFFOTUVEJFEFYUFOTJWFMZJUJTOPUZFU
ѮF HFOFSBM FWBQPSBUJPO QSPCMFN JT DPNQMFY BOE NBOZ BTQFDUT BSF PG JNQPSUBODF FTQFDJBMMZUIFFWBQPSBUJPOPGTFTTJMFESPQMFUTXJUIEJTTPMWFEQBSUJDMFTEJĒFSTGVOEBNFOUBMMZGSPNQVSFTPMWFOUFWBQPSBUJPOѮFGBDUPSTUIBUJOëVFODFUIFFWBQPSBUJPOPGBëVJEBSF
FWBQPSBUJPO
%SPQMFU&WBQPSBUJPO
Trang 26&WBQPSBUJPOPGB4PMWFOUXJUIB4PMVUF
DBOUMZEJĒFSFOUMZGSPNUIFDBTFEJTDVTTFECFGPSFѮFNPTUHFOFSBMDBTFJTUIFFWBQPSBUJPOPGBTPMWFOUXJUIBTPMVUFXJUIPVUUIFQSFTFODFPGBTVCTUSBUFBTVTFEJOUIFDSZTUBMMJ[BUJPOJOBDPVTUJDBMMZBOEPSFMFDUSPTUBUJDBMMZMFWJUBUFEESPQMFUT $IVOHBOE
UIFSFJTBTJHOJêDBOUëPXJOTJEFUIFESPQMFUUPTVQQMZTPMWFOUUPUIFTVSGBDFPGUIFWFOUDBVTFTUIFSFMBUJWFBDDVNVMBUJPOPGTPMVUFDMPTFUPUIFDPOUBDUMJOFѮFFĒFDUJTѮFTPMVUFëPXJOMFWJUBUFEESPQMFUTIBTCFFOWJTVBMJ[FECVUJTEJēDVMUUPDPOUSPMUP
&WBQPSBUJPOGSPN.JDSPDPNQBSUNFOUT
*OBTFSJFTPGQVCMJDBUJPOTUIFMJRVJEFWBQPSBUJPOGSPNTJMJDPONJDSPXFMMTTIPXFETPMVUFBDDVNVMBUJPOBTBSFTVMUPGDPOUBDUQJOOJOHJOWFSZTNBMMXFMMT )KFMUFUBMUIFJSEZOBNJDTIBTCFFOTUVEJFECZëVPSFTDFODFTQFDUSPTDPQZ TPNFDIBSBDUFSJTUJDQIBTFTJOUIFFWBQPSBUJPOQSPDFTTBSFTIPXOJO'JHѮFXIJUFMJOFTSFQSFTFOUUIFUSBKFDUPSZPGUIFTPMVUFEVSJOHUIFFWBQPSBUJPOѮFTFSFTVMUTBSFSFMFWBOUGPSQSPUFJOJOJUJBMTUBHFTPGUIFDSZTUBMMJ[BUJPOFYQFSJNFOU
1SBDUJDBM"QQSPBDIFTUP3FEVDF&WBQPSBUJPO
ѮFBGPSFNFOUJPOFEDPOTJEFSBUJPOTTVHHFTUUIFGPMMPXJOHQSFDBVUJPOTUPSFEVDFFWBQPSBUJPOѮFNPTUJNQPSUBOUGBDUPS JGOPUJOUFSGFSJOHXJUIUIFDSZTUBMMJ[BUJPO
Trang 27UIFESPQMFUXJUIBOJNNJTDJCMFMJRVJEXJUIBIJHICPJMJOHQPJOUDBOGVSUIFSSFEVDFUIFFWBQPSBUJPOѮJTBQQSPBDIIBTCFFOTVDDFTTGVMMZBQQMJFEJOCBUDIDSZTUBMMJ[BUJPOXIFSF UIF ESPQMFUT BSF DPWFSFE XJUI PJM #Z DIPPTJOH UIF BQQSPQSJBUF PJMmTPMWFOUCFQSFWFOUFEBMTPCZDPOUSPMMJOHUIFTVSSPVOEJOHWBQPSQSFTTVSF%VSJOHUIFêMMJOHPGNJDSPBSSBZTUIFFWBQPSBUJPODBOIBSEMZCFBWPJEFE*OPVSPXOFYQFSJNFOUTBSSBZDBOCFDPWFSFEXJUIPJMBOETFBMFEXJUIBEIFTJWFUSBOTQBSFOUUBQF$PPMJOHUIF NJDSPBSSBZ IBT UIF BEEJUJPOBM BEWBOUBHF PG SFWFSTJOH UIF DPOWFDUJWF ëPX BOE
PGESPQMFUFWBQPSBUJPOJONJDSPBSSBZTBOESFQPSUFEBMJOFBSEFQFOEFODFPGUIFFWBQEFQFOEFODFPGUIFFWBQPSBUJPOSBUFPOUIFSBEJVTPGDZMJOESJDBMNJDSPDPNQBSUNFOUTXBTSFQPSUFEBOEJUXBTDPODMVEFEUIBUUIFFWBQPSBUJPOJTEJĒVTJPOMJNJUFE 3JFHFS
-JRVJE.JYJOHJO4NBMM7PMVNFTBOE.JDSPnVJEJDT
5XPDPOTFDVUJWFQSPDFTTFTEPNJOBUFUIFNJYJOHPGMJRVJETGVTJPOPGUIFMJRVJECPVOEBSJFTBOEEJĒVTJPOPGUIFDPNQPOFOUT"MUIPVHICPUIQSPDFTTFTBSFTJNJMBSNJYJOHSFTVMUTJONJDSPëVJEJDTXFSFSFQPSUFE5XPMJRVJETUSFBNTDBOëPXBMPOHTJEF
'JH$POUBDUMJOFQJOOJOHJOOBOPWJBMT*OUIJTFYQFSJNFOUUIFUSBKFDUPSJFTPGTNBMMnVP
SFTDFOUTQIFSFTEJTTPMWFEJOBXBUFSoHMZDFSPMNJYUVSFDPOUBJOFEJOBOBOPWJBMBSFSFDPSEFE 5IFJOTFSUTJOHSFZSFnFDUUIFTIBQFPGUIFNFOJTDVTPGUIFFWBQPSBUJOHMJRVJE*UJTDMFBSUIBU OPOFWBQPSBUJPOTPMVUFTTVDIBTUIFnVPSFTDFOUCFBETUSBWFMUPUIFMJRVJECPVOEBSZBOEBD DVNVMBUFPXJOHUPDPOUBDUMJOFQJOOJOHJOOBOPWJBMTXJUIBSBEJVTPGN 'SPN3JFHFSFU
%SPQMFU&WBQPSBUJPO
Trang 28$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
CVUJTBMTPUIFSBUFMJNJUJOHTUFQJOUIFNJYJOHQSPDFTT.BDSPTDPQJDBMMZTUJSSJOHDBOJOTNBMMDIBOOFMTJUJTBMNPTUJNQPTTJCMFUPQSPEVDFTVDIBUVSCVMFOUëPX.FDIBOJDBMGPSDFTBTJOTIBLJOHPSUIFSNBMGPSDFTJOEVDJOHDPOWFDUJWFëPXTBSFMFTTFĒFDUJWFBOE NPSF EJēDVMU UP BQQMZ JO WFSZ TNBMM WPMVNFT " SFDFOU BQQSPBDI UP BDDFMFSFMFDUSJDêFMET'PSUIFBJNPGQSPUFJOOBOPDSZTUBMMJ[BUJPONJYJOHPGQSPUFJOESPQMFUTUIF.JDSPESPQSPCPUTZTUFNESPQMFUTBSFTIPUGSPNUIFOBOPEJTQFOTFSXJUIBMJOFBSWFMPDJUZPGmNTBOEUIFZEJWFJOUIFCVMLTPMVUJPOXJUIPVUTQMBTIJOHBTUIFSFJTOPUFOPVHIFOFSHZGPSTQMBTIFTUPCFGPSNFEmESPQMFUTXJUIBEJBNFUFSMFTTUIBO
NIBWFNPSFTVSGBDFFOFSHZUIBOLJOFUJDFOFSHZBUUIFTQFFETHFOFSBUFE TFF8IFOUXPESPQMFUTNFFUPOBTPMJETVSGBDFUIFZVTVBMMZGVTFJGUIFMJRVJETJOWPMWFEBSFNJTDJCMF-JUUMFJTLOPXOBCPVUXIBUIBQQFOTOFYUUIFTVCTFRVFOUEJĒVOBOPWPMVNFT5FDIOJRVFTMJLFEZOBNJDMJHIUTDBUUFSJOHBOEëVPSFTDFODFDPSSFMBUJPO
MBDLPGIPNPHFOFPVTNJYJOHDBOTPNFUJNFTBMTPCFBOBEWBOUBHFBTEFNPOTUSBUFEJOGSFFJOUFSGBDFEJĒVTJPONFUIPETVTFEJOQSPUFJODSZTUBMMJ[BUJPOXJUIPVUFWBQPSB
XFEFTJHOFEPVSXFMMTBTUSVODBUFEJOWFSUFEQZSBNJETXJUIBCPUUPNBOEUPQXJEUINBUFSJBMJTJNQPSUBOUBOEDPNQBUJCJMJUZXJUIQSPUFJOTJTWJUBMJOUIJTBQQMJDBUJPO TVS
Trang 29GBDFTUIBUEFOBUVSFQSPUFJOTTIPVMECFBWPJEFE0UIFSFTTFOUJBMJTTVFTBSFUSBOTQBSJUZBUUIFMFOHUITDBMFTTUVEJFE*GCJSFGSJOHFODFJTVTFEBTBEFUFDUJPOPSSFDPHOJUJPO
UJWFMZFYQFOTJWF"CSBTTNBTUFSXBTNJDSPNBDIJOFEVTJOHB$/$DVUUJOHNBDIJOF
ѮFPVUTJEFEJNFOTJPOTBSFNN¤NNBOEUIFBSSBZDPOUBJOTXFMMTѮFSFBSFOVNFSPVTIJHIEFOTJUZNJDSPQMBUFTPOUIFNBSLFUUIBUDBOCFVTFEGPSQSPUFJOOBOPDSZTUBMMJ[BUJPO)BOHJOHBOETJUUJOHESPQWBQPSEJĒVTJPONFUIPETBSFQPTTJCMFXJUITPNFQMBUFT0UIFSQMBUFTDBOCFFYQPTFEUP9SBZTJOPSEFSUPDIFDLUIFRVBMJUZPGUIFDSZTUBMTJOUIFESPQMFUEJSFDUMZѮFQMBUFTIBWJOHBMPXCJSFGSJOHFODFBSFTVJUBCMFJGQPMBSJ[BUJPOUFDIOJRVFTBSFVTFEGPSDSZTUBMSFDPHOJUJPO"TUIFDVSSFOUBDDPNQMJTIFEOPUPOMZXJUIMPXWPMVNFCVUBMTPXJUIIJHIEFOTJUZQMBUFTTVDIBT
.JDSPnVJEJD4ZTUFNT
)BOTFOBOE2VBLFJOUSPEVDFEBDPNQMFUFMZEJĒFSFOUBQQSPBDIUPQSPUFJOOBOPDSZTUBMMJ[BUJPOѮFZEFTJHOFEOBOPëVJEJDOFUXPSLTXJUIJODPSQPSBUFEWBMWFTUIBUDPVMECFVTFEUPCSJOHQSPUFJOBOEQSFDJQJUBOUTPMVUJPOJODPOUBDUJOOBOPMJUFSWPMVNFT ѮF TPMVUJPOT BSF JOUSPEVDFE VTJOH FYDFTT QSFTTVSF GPSDJOH UIF MJRVJET JOUPUIFëVJEJDOFUXPSLѮFFMBTUPNFSVTFEJTQFSNFBCMFUPHBTBOEUIFDIBOOFMTDBOCF
JOHPGNBOEBTRVBSFCPUUPNNXJEF5IFXFMMEFQUIJTNN5IFBSSBZJTNBEF CZQPMZNFSJ[JOHQPMZVSFUIBOFJOBNJDSPNBDIJOFENFUBMNPVME
%FTJHOBOE.BLJOHPG/BOPTUSVDUVSFT
Trang 31UPEFDSFBTFUIFQMBUFTXJMMJOFWJUBCMFCFDPNFMPXFSѮFNBOJQVMBUJPOPGQMBUFTJTBUUIBUBSFQJDLFEVQCZFMFDUSPNBHOFUTDPWFSFECZBTNBMMFMBTUJDCVĒFSUPEBNQFOUIFWJCSBUJPOTVQPODPOUBDU"OPUIFSBQQSPBDIDPVMECFUIFVTFPGWBDVVNUXFF[FSTJGUIFBSSBZTCFDPNFSFBMMZTNBMM
"T TDSFFOJOH PQFSBUJPOT UFOE UP VTF MPXFS WPMVNFT BOE UIVT IJHIFSEFOTJUZQPTJUJPOJOHBSFSFRVJSFEѮFBDDVSBDZOFFEFETDBMFTXJUIUIFSBEJVTPGUIFESPQMFUT
TQFFE JT POMZ SFBMJ[FE GPS NVMUJQMF EJTQFOTJOH PG B TNBMM OVNCFS PG DPNQPOFOUT
JTSBUFMJNJUJOHGPSUIFPWFSBMMTQFFEPGUIFEJTQFOTJOHQSPDFTT'PSFYBNQMFJOUIFJOEFQFOEFOUDIBOOFMTUIBUFBDIDBOCFVTFEUPEJTQFOTFBEJĒFSFOUSFBHFOUXJUIBEJĒFSFOU WPMVNF BOE UIFSFGPSF UIFSF JT OP OFFE UP XBTI UIF DIBOOFMT EVSJOH UIFEJTQFOTJOHQSPDFTTJGUIFOVNCFSPGDPNQPOFOUTJTOPUUPPIJHI
ѮFQSFDJTFQPTJUJPOJOHPGUIFESPQMFUTJOUIFOBOPXFMMTBTXFMMBTUIFSFQSPEVDJCJMJUZPGUIFTZTUFNDBOCFDIFDLFEVTJOHëVPSFTDFODF*GUIFMJRVJEUPCFEJTQFOTFE
BNPVOUPGMJRVJEUIBUIBTCFFOEFQPTJUFEJOFBDIXFMM
UIFXFMMBOEUIFONPWJOHUPUIFOFYUXFMMJOIJHIEFOTJUZQMBUFTJTUIFVTVBMQSBDUJDF
BIJHIEFOTJUZQMBUFVTJOHNVMUJQMFOP[[MFTDBOCFDPNQMFUFEJOUFOTPGTFDPOETѮJTJTNPSFUIBOTVēDJFOUUPLFFQVQXJUIUIFQSPUFJOQVSJêDBUJPOTUFQT%BUBTIPXJOH
MJOFBSJUZJTHPPECPUIJOUIFTVCNJDSPMJUFSBOEJOUIFNJDSPMJUFSSBOHF"DDVSBDZUFTUT
*OUIF.JDSPESPQTZTUFNUIJTIBTCFFOSFNFEJFECZFRVJQQJOHUIFEJTQFOTJOHIFBEXJUIBOP[[MFIFBUFSDPOUSPMMFECZBCVJMUJOUFNQFSBUVSFTFOTPSUIBUMJNJUTUFNQFSBUVSFWBSJBUJPOTUPMFTTUIBO$ѮFOP[[MFIFBUFSIBTBEVBMGVODUJPOJOUIFSBOHF
mN1BTJULFFQTUIFUFNQFSBUVSFDPOTUBOUUPBWPJEWJTDPTJUZDIBOHFTCZWBSJBCFMPXN1BTCZJODSFBTJOHUIFMJRVJEUFNQFSBUVSF TFFIUUQXXXNJDSPESPQ
3PCPUJDT
Trang 32IJHIUISPVHIQVU FYQFSJNFOUBUJPO SFDPHOJ[FE UIF EBUB DPOHFTUJPO QSPCMFN WFSZ
UBMMJ[BUJPOUSJBMT$VSSFOUMZUIFDMBTTJDBMNFUIPEPGEFUFDUJOHDSZTUBMTVTJOHBNJDSPTDPQFJTTUJMMNPTUGSFRVFOUMZVTFE"TUIFDSZTUBMTJ[FGPSBEJĒSBDUJPOFYQFSJNFOUEFUFDUDSZTUBMTPGBTVJUBCMFTJ[F1SPUFJODSZTUBMTPѫFOIBWFQPPSDPOUSBTUCFDBVTFUIFZDPOUBJOmTPMWFOUѮFTUVEZPGTVDIIJHIMZUSBOTQBSFOUTBNQMFTJTCFTUEPOFXJUIBEWBODFENJDSPTDPQJDUFDIOJRVFTUPFOIBODFUIFXFBLDPOUSBTU5PBWPJENJTTJOH DSZTUBMT HSPXJOH BU EJĒFSFOU IFJHIUT JO UIF ESPQMFU JO NPTU DBTFT UIF GPDBMQMBOFOFFETUPCFWBSJFEѮFNPTUQPQVMBSNJDSPTDPQZNFUIPETDBOCFDMBTTJ
SZTUBMTUIFJNBHFNBHOJêDBUJPONBZOPUCFTVēDJFOUUPEFUFDUUIFN&EHFEFUFDUJPOJTXJEFMZVTFEJOJNBHFQSPDFTTJOHBOEFYQMPJUTUIFDPSSFMBUJPOCFUXFFOOFJHICPSJOHQJYFMTJOBOJNBHF8IFOBQJYFMTHSFZMFWFMWBMVFJTTJNJMBSUPUIFWBMVFTJOQJYFMTJOUIJTTZTUFNXIJDIBMMPXTUIFEJTQFOTJOHPGCPUIUIFQSPUFJODPNQPOFOUBOEUIFSFTFSWPJS
Trang 33NFSHFEUPGPSNMJOFTBOEPCKFDUPVUMJOFT"TNJDSPDSZTUBMTBSFJNQPSUBOUJOEJDBUPSTPGTVDDFTTGVMOVDMFBUJPODPOEJUJPOTTQFDJBMNFUIPETJODMVEJOHDPSSFMBUJPOêMUFSUFDI
ESPQMFUT"GVSUIFSDPNQMJDBUJPODPNFTGSPNGPSFJHOCPEJFTJOUIFESPQMFUUIBUPѫFOUFOEUPCFëBHHFEBTDSZTUBMT"MTPJOIPNPHFOFPVTQSPUFJOQSFDJQJUBUFTXIJDIGPSNJNNFEJBUFMZVQPONJYJOHMFBEUPTIBSQSFHVMBSCPVOEBSJFTUIBUBSFPѫFONJTJOUFSQSFUFEBTDSZTUBMFEHFT4DSBUDIFTJOUSPEVDFEPOUIFQMBTUJDTVSGBDFXIFSFUIFESPQ
CFFWFONPSFJNQPSUBOU
QPMBSJ[BUJPONJDSPTDPQZIBTCFFOBWBMVBCMFNFUIPEGPSDSZTUBMMPHSBQIFSTѮFQPMBSJ[BUJPONJDSPTDPQFJTTUJMMPOFPGUIFNPTUVTFEUPPMTUPEFUFDUBOEDIBSBDUFSJ[FDSZTUBMTQSJPSUP9SBZBOBMZTJT1PMBSJ[JOHNJDSPTDPQZNBZCFVTFEUPEFUFDUTUSVDUVSFTUIBUBSFCJSFGSJOHFOU/PUFUIBUCJSFGSJOHFOUNBUFSJBMEPFTOPUOFFEUPCFDSZTJTQMBDFECFUXFFOUXPDSPTTFEQPMBSJ[FST-JHIUXJMMPOMZCFUSBOTNJUUFEXIFOUIFTBNQMFJOëVFODFTUIFQPMBSJ[BUJPO8FDPOTUSVDUFEBOBVUPNBUJDTFUVQGPSNBTTJWFQJDUFE JO 'JH *U VTFT UXP MJOFBS QPMBSJ[FST UIBU BSF DSPTTFE BOE UIBU SPUBUF JOMJOFNBUFSJBMJTQSFTFOUUIFQPMBSJ[FEMJHIUJTEFQPMBSJ[FETPUIFBOBMZ[JOHQPMBSJ[BNBYJNBBOENJOJNBTFQBSBUFECZBQIBTFEJĒFSFODFBSFPCTFSWFEѮFBNPVOUPGUSBOTNJUUFEMJHIUJTJOUFHSBUFEVTJOHB$$%DBNFSB$SZTUBMMJOFNBUFSJBMTIPXTVQBTMJHIUQBUDIFTJOBOPUIFSXJTFEBSLCBDLHSPVOE*OPVSTFUVQUIFUPUBMFWBMVBUJPOUJNFJTMFTTUIBONJOGPSTBNQMFTBOEJTBCMFUPEFUFDUDSZTUBMTTNBMMFSUIBO
JOHQSPUFJODSZTUBMMJUFTJOXIBUBQQFBSTUPCFBOBNPSQIPVTQSFDJQJUBUF
"OPCWJPVTSFRVJSFNFOUGPSTFUVQTJEFOUJGZJOHDSZTUBMTPOUIFCBTJTPGUIFJSBCJMJUZUPQPMBSJ[FMJHIUJTUIBUUIFXFMMQMBUFTDPOUBJOJOHUIFDSZTUBMMJ[JOHTPMVUJPOBSFPQUJDBMMZIPNPHFOFPVTBOEOPOCJSFGSJOHFOUѮFBEWBOUBHFPGUIFNFUIPEJTUIBUJUBHFQSPDFTTJOHPGIJHISFTPMVUJPOJNBHFTPGJOEJWJEVBMDSZTUBMT
ѮF NBKPS EJTBEWBOUBHF JT UIBU NFUIPET CBTFE PO QPMBSJ[BUJPO XJMM DFSUBJOMZ
$SZTUBM3FDPHOJUJPO
Trang 34$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
CFEFUFDUFEѮFQSPCMFNPGNJTTJOHDVCJDDSZTUBMTNJHIUCFSFTPMWFECZVTJOHFEHF
MJRVJEmMJRVJEBOEMJRVJEmHBTCPVOEBSJFTBMMHJWFSJTFUPFEHFCJSFGSJOHFODF"MUIPVHIOPUZFUCFFOVTFEGPSDSZTUBMSFDPHOJUJPOJOQSPUFJODSZTUBMMJ[BUJPO
'MVPSFTDFODFNJDSPTDPQZJTOPUSPVUJOFMZVTFEBTBDSZTUBMSFDPHOJUJPOUFDIOJRVFCVU CZ FYQMPJUJOH UIF BēOJUZ PG ëVPSFTDFOU MBCFMT GPS TQFDJêD BNJOP BDJET JU NBZXFDBOWJTVBMJ[FPOMZQSPUFJOTBOEXIFOUIFMBCFMJOHJTJOUFHSBUFEJOUIFQVSJêDBUJPO
3FDFOUSFTVMUTJOEJDBUFUIBUNBOZEJĒFSFOUMBCFMTDBOCFCPVOEUPQSPUFJOTBOEUIFZ
RVBOUJUBUJWFëVPSFTDFODFEFUFDUJPOJGMBCFMFEQSPUFJOTBSFOPUQSFGFSFOUJBMMZMPDBUFEJO UIF CVML TPMVUJPO 'MVPSFTDFODF JOUFOTJUZ NFBTVSFNFOUT DBO CF VTFE UP EFUFDUQSPUFJODSZTUBMMJUFTJOBOBNPSQIPVTQSFDJQJUBUFBOEUPEJTUJOHVJTICFUXFFOQSPUFJO
"QBSUGSPNUIFEFUFDUJPOPGDSZTUBMTBVUPNBUJDDMBTTJêDBUJPOIBTUPCFDPOTJEFSFEJOQSPDFTTJOHIJHIUISPVHIQVUQSPUFJODSZTUBMMJ[BUJPOUSJBMT)JHIUISPVHIQVUSPCPUJDQSPUFJODSZTUBMMJ[BUJPOTZTUFNTBSFOPXDBQBCMFPGUFTUJOHUIPVTBOETPGQSPUFJODPDLUBJM DPNCJOBUJPOT QFS EBZ BOE BSF ëPPEJOH EBUBCBTFT XJUI JNBHFT ѮJTUISPVHIQVUJUJTBSBUFMJNJUJOHTUFQJOUIFTFBSDIGPSGBWPSBCMFQSPUFJODSZTUBMMJ[B4FWFSBMSFDFOUQVCMJDBUJPOTEJTDVTTBVUPNBUJDDMBTTJêDBUJPOPGJNBHFT 4QSBHHPOFU
4PNFHSPVQTDMBTTJGZUIFTUBUFPGUIFFO
'JH1BSBMMFMPQUJDBMTDBOOFSGPS
NJDSPBSSBZDSZTUBMMJ[BUJPO5IFBSSBZJT JOTFSUFECFUXFFOUIFUXPQPMBSJ[FSTUIBU BSFJOUIFDSPTTFEQPTJUJPO/PMJHIUJT USBOTNJUUFEVOMFTTBEFQPMBSJ[JOHDPN UIFBSSBZ5IFTZTUFNDBOEFUFDU OPO
Trang 35QSPCBCJMJTUJDHSBQIJDBMNPEFMXJUIBUXPMBZFSFEHSJEUPQPMPHZVTJOHFEHFEFUFDUJPO
FWBMVBUJPOPGUIFXFMMCPVOEBSJFTBOEUPEFUFDUUIFFEHFTPGUIFESPQUIFZEFWFMPQFEUSBDUJPOUPFYUSBDUEFTDSJQUJWFGFBUVSFTVTFEEVSJOHJNBHFDMBTTJêDBUJPO*OUPUBMUIFZNFBTVSJOHUIFQSFTFODFPGTUSBJHIUFEHFTEFUFDUFEXJUIJOBESPQMFUBOEPOFNFBTVSJOHUIFTNPPUIOFTTPGUIFDPOUFOUTPGUIFESPQMFU*OUIFBVUPNBUJDDMBTTJêDBUJPOPGQSPUFJODSZTUBMMJ[BUJPOJNBHFTBDRVJSFEGSPNBIJHIUISPVHIQVUWBQPSEJĒVTJPO
"VUPNBUJPOBOENJOJBUVSJ[BUJPOBMTPBMMPXTVTUPJOWFTUJHBUFUIFTUBUJTUJDBMBTQFDUTPGUIFDSZTUBMMJ[BUJPOQSPDFTTSFMJBCMZѮFVTFPGTUBOEBSEJ[FEJMMVNJOBUJPOBOEEFUFDUJPOTPѫXBSFBMMPXTGPSBEJSFDUDPNQBSJTPOCFUXFFOUIFWBTUSBOHFPGQSPUFJODSZTUBMMJ[BUJPONFUIPETBOEMFBETUPBCFUUFSVOEFSTUBOEJOHPGUIFSBUJPOBMFCFIJOEFBDIBQQSPBDI/BOPDSZTUBMMJ[BUJPOJTOPUKVTUBTJNQMFNJOJBUVSJ[BUJPOPGCVMLDSZTDBOPOMZCFTJHOJêDBOUMZJNQSPWFEJGPVSVOEFSTUBOEJOHPGUIFOVDMFBUJPONFDIBOJTNJTJODSFBTFE
XIJDIJTTPDPODFOUSBUFEUIBUNPTUPGJUTQSPUFJOXPVMERVJDLMZQSFDJQJUBUFJGJUXFSF
DPOêOFNFOUPGUIFDZUPQMBTNJTBNBKPSDPOUSJCVUPSUPUIFTUBCJMJUZPGJUTTPMWBUFE
0VUMPPL
Trang 37JONBDSPNPMFDVMBSDSZTUBMMPHSBQIZ"DUB$SZTUBMMPHS%o
WFBMFECZBUPNJDGPSDFNJDSPTDPQZ+4USVDU#JPMo
3FGFSFODFT
Trang 39TFUUJOHVQIJHIUISPVHIQVUOBOPMJUSFDSZTUBMMJ[BUJPOFYQFSJNFOUT*1SPUPDPMEFTJHOBOE WBMJEBUJPO+"QQM$SZTUBMMPHSo
3FGFSFODFT
Trang 40QSPUFJOTXJUIPUIFSNPMFDVMFTPSDPPQFSBUJWFDIBOHFTJOQSPUFJOEFOBUVSFETUBUFT*OUIJTDIBQUFSXFGPDVTPOUIFTFBOEPUIFSiFNFSHJOHBQQMJDBUJPOTuPG%4$ BMUIPVHI
... Trang 23ESPQWPMVNFJTPCUBJOFECZDIPPTJOHBOBQQSPQSJBUFWBMWFPQFOJOHUJNFѮFUFDI
ëVJEJDQBUIBOEEJTQFOTFEJOBDPOUJOVPVTGBTIJPO"TDIFNBUJDWJFXPGUIFCVMLBOETZTUFNJTSPCVTUBOEBEFRVBUFGPSTFUUJOHVQDSZTUBMMJ[BUJPOJOUIFOBOPMJUFSSBOHF... TVDDFTTSBUF
Trang 16$)"15&3 1SPUFJO/BOPDSZTUBMMJ[BUJPO
... $MBTTJDBMOVNFSJDBMSPVOEJOHTFQBSBUFTUIFOBOPMJUFSGSPNUIFNJDSPMJUFSSBOHFMFTTUIBO
Trang 17(FOFSBM#BDLHSPVOE
/VDMFBUJPOBOE$SZTUBMMJ[BUJPOJO/BOPWPMVNFT