Helsinki 2006
INVALIDISÄÄTIÖ • INVALID FOUNDATION
Tieteellinen tutkimus ORTONin julkaisusarja Publications of the ORTON Research Institute
MITÄ AUTISMIN KIRJON OPISKELIJAT OPPIVAT VALMENTAVASSA KOULUTUKSESSA?
Anu Raudasoja
A : 22
0,7b$87,60,1.,5-2123,6.(/,-$7233,9$7
9$/0(17$9$66$.28/878.6(66$"
2SHWXVVXXQQLWHOPDQWRWHXWXPLQHQMDRSLVNHOLMRLGHQVXRULXWXPLV WDVRWYDOPHQWDYDQNRXOXWXNVHQNHKLWWlPLVHQOlKW|NRKWLQD
$QX5DXGDVRMD 9lLW|VNLUMD +HOVLQJLQ\OLRSLVWR
.l\WWl\W\PLVWLHWHHOOLQHQWLHGHNXQWD 6RYHOWDYDQNDVYDWXVWLHWHHQODLWRV 2KMDDMDSURIHVVRUL-DUNNR+DXWDPlNL
$QX5DXGDVRMDMD25721,QYDOLGLVllWL|
.HVNXVSXLVWRQDPPDWWLRSLVWR 7HQKRODQWLH+(/6,1., ZZZNHVNXVSXLVWRQHW
ZZZLQYDOLGLVDDWLR¿
,6%1 ,6%13') ,661
7LHWHHOOLQHQWXWNLPXV25721LQMXONDLVXVDUMD
$
<OLRSLVWRSDLQR
0,7b$87,60,1.,5-2123,6.(/,-$7233,9$7 9$/0(17$9$66$.28/878.6(66$"
2SHWXVVXXQQLWHOPDQWRWHXWXPLQHQMDRSLVNHOLMRLGHQVXRULXWXPLV WDVRWYDOPHQWDYDQNRXOXWXNVHQNHKLWWlPLVHQOlKW|NRKWLQD
+HOVLQJLQ\OLRSLVWR .l\WWl\W\PLVWLHWHHOOLQHQWLHGHNXQWD
VRYHOWDYDQNDVYDWXVWLHWHHQODLWRV HULW\LVSHGDJRJLLNND
(VLSXKH
7XWNLPXVPDWNDQLDXWLVPLQNLUMRQKHQNLO|LGHQPDDLOPDDQDONRL\OLN\PPHQHQYXRWWDVLWWHQNXQ W\|VNHQWHOLQDPPDWLOOLVHQDRSHWWDMDQD(QRLNHLQWLHQQ\WPLWHQDXWLVPLQNLUMRQKHQNLO|LWlSLWlLVL RSHWWDDMDPLWlKHRSSLYDWMRWHQOlKGLQKDQNNLPDDQOLVlWLHWRDDVLDVWDHULW\LVSHGDJRJLLNDQRSLQ WRMHQPXRGRVVDMDVLOOlWLHOOlROHQHGHOOHHQ
7XWNLPXNVHQLWHNHPLVHHQRYDWYDLNXWWDQHHWPRQHWKHQNLO|W+DOXDQRVRLWWDDNLLWRNVHWRKMDDMDOOHQL MDW\|QLYDOYRMDOOHSURIHVVRUL-DUNNR+DXWDPlHOOH+lQHQDUYRNNDDWNRPPHQWWLQVDMDDVLDQWXQWH YDRKMDXNVHQVDRYDWYLLWRLWWDQHHWW\|WlQLRLNHDDQVXXQWDDQ9lLW|VNLUMDQLDVLDQWXQWHYDVWDHVLWDU NDVWXNVHVWDNLLWlQSURIHVVRUL(LMD.lUQl/LQCWlMDGRVHQWWL7HUR(7LPRVWD+HLGlQDQWDPDQVD PRQLSXROLQHQSDODXWHDXWWRLW\|QLORSSXXQVDDWWDPLVHVVD.LLWRNVHWP\|V.77DUMD0lQQ\OOHMD .7.\OOLNNL.HURODOOHMRWNDOLQVHQVLDDWLQWXWNLPXNVHQL\KWH\GHVVlDQWRLYDWUDNHQWDYDDSDODXWHWWD MDURKNDLVLYDWPLQXDMDWNDPDDQWXWNLPXVPDWNDDQL
2OHQHULW\LVHQNLLWROOLQHQ,QYDOLGLVllWL|OOHMD.HVNXVSXLVWRQDPPDWWLRSLVWRQKHQNLO|VW|OOHNDLNHV WDVLLWlW\|VWlMRWDROHWWHWHKQHHWYlLW|VNLUMDQLK\YlNVL+DOXDQHULW\LVHVWLNLLWWll,QYDOLGLVllWL|Q HQWLVWlWRLPLWXVMRKWDMDDGRVHQWWL6HSSR/HLVWLlMD.HVNXVSXLVWRQDPPDWWLRSLVWRQUHKWRUL2OOL 'DDYLWWLODDMRWNDNDQQXVWLYDWRSLVNHOXXQMDORLYDWHGHOO\W\NVLlWXWNLPXVW\|QWHNHPLVHHQ7RLPL DODMRKWDMD5DLMD6LUpQRQWRLPLQXW´W\|SDLNNDRKMDDMDQL´WXWNLPXVPDWNDOODQL2OHQNRNR\KWHLV W\|PPHDMDQDUYRVWDQXWVXXUHVWLKlQHQODDMDDWLHWlP\VWllQMDDVLDQWXQWHYDDSDQHXWXPLVWDDQ DXWLVPLQNLUMRQKHQNLO|LGHQRSHWXNVHQNHKLWWlPLVHHQ3V\NRORJL$QGHUV%ORPTYLVWRQRSDVWDQXW PLQXW$$3(3DUYLRLQWLHQWHNHPLVHHQMDNl\Q\WNULLWWLVHQUDNHQWDYLDNHVNXVWHOXMDDUYLRLQWLHQ PHUNLW\NVHVWl$XWLVPL\NVLN|LGHQRSHWWDMDWNRXOXWWDMDWRKMDDMDWMDKHQNLO|NRKWDLVHWRKMDDMDWVHNl YDOPHQWDYDQNRXOXWXNVHQRSLVNHOLMDKXROWRKHQNLO|VW|RYDWRPDOODWRLPLQQDOODDQPDKGROOLVWDQHHW W\|QLWHNHPLVHQ.RUYDDPDWWRPDQDDSXQDRYDWWRLPLQHHWWRLPLVWRVLKWHHUL(LOD.LXUXWLODVWROOL VLVVDDVLRLVVDMDPDUNNLQRLQWLVLKWHHUL+HOL5RMRW\|QLSDLQRDVXXQVDDWWDPLVHVVD6\GlPHOOLQHQ NLLWRV,QYDOLGLVllWL|QHULWRLPLMDWDKRLOOH\KWHLVW\|VWlVDPRLQP\|VWXWNLPXNVHQLK\YlNV\PLVHVWl VllWL|QMXONDLVXVDUMDDQ
/lPPLQNLLWRVNDLNLOOHWXWNLPXNVHHQRVDOOLVWXQHLOOHRSLVNHOLMRLOOHKHLGlQSHUKHLOOHHQMDRSLVNHOL MRLGHQPXLOOHOlKLKHQNLO|LOOH7lPlWXWNLPXVHLROLVLWRWHXWXQXWLOPDQRSLVNHOLMRLGHQSHUKHLGHQMD PXLGHQ\KWHLVW\|WDKRMHQVLWRXWXQXWWDRVDOOLVWXPLVWD
+$0.QDPPDWLOOLVHQRSHWWDMDNRUNHDNRXOXQKHQNLO|VW|lMDHULW\LVRSHWWDMLNVLRSLVNHOHYLDRSHWWDMLD KDOXDQNLLWWllURKNDLVXVWDMDNDQQXVWXNVHVWD2OHQROOXWLODKWXQXWNLLQQRVWXNVHVWDMRWDROHWWH RVRLWWDQHHWWXWNLPXVWDQLMDVHQYDOPLVWXPLVWDNRKWDDQ
6RVLDDOLQHQHOlPlRQWXWNLPXVPDWNDQLDLNDQDNDYHQWXQXWPXWWDRQQHNVLRQROHPDVVDKHQNLO|L WlMRWNDPXLVWXWWDYDWPXXQNLQHOlPlQROHPDVVDRORVWD7lVWlKDOXDQHULW\LVHVWLNLLWWll(OLQDD MRNDRQMDNVDQXWNDLNNLHQQlLGHQYXRVLHQDMDQWRLPLD´SHUVRQDOWUDLQHULQD´
/RSXNVLKDOXDQNLLWWllOlKHLVLlQLWXHVWDMDNDQQXVWXNVHVWDODSVLDPPH,GD0DULDDMD-RQLD SXROLVRDQL$KWLDYDQKHPSLDQLVHNlVLVDUHQLSHUKHWWl7HROHWWHNXXOXQHHWVLLKHQVLVlSLLULLQMRWND ROHWWHROOHHWWLHWRLVLD´RSLQWRMHQLSLWNLWW\PLVHVWl´3HUKHHQLRQDQWDQXWPLQXOOHPDKGROOLVXXGHQ XSSRXWXDDXWLVPLQNLUMRQVDORLKLQMDNHNVLQ\WLWVHOOHHQPXXWDPXNDYDDWRLPLQWDDVLNVLDMDNVL,GD 0DULDMD-RQLYRLYDWYLKGRLQNLQKXRNDLVWDNXQlLWLHLHQll´SHODDQLLQSDOMRQWLHWVLNNDD´
9DQWDDOOD $QX5DXGDVRMD
6LVlOW|
(VLSXKH
7LLYLVWHOPl
$EVWUDFW
-2+'$172 7XWNLPXNVHQOlKW|NRKGDW
7XWNLPXNVHQWDYRLWH
(ULW\LVRSHWXNVHQSDUDGLJPD
(ULW\LVNDVYDWXVWLHWHHQ¿ORVR¿DQQlN|NXOPDVWD
$UYRWMDNDVYDWXV.HVNXVSXLVWRQDPPDWWLRSLVWRVVD
787.,08.6(17(25((77,1(17$867$
$XWLVPLQNLUMR
3V\\NNLVHQNHKLW\NVHQKlLUL|W))
/DDMDDODLVHWNHKLW\VKlLUL|W)
$XWLVPLQGLDJQRVRLQWL
$VSHUJHULQRLUH\KW\PlQGLDJQRVRLQWL
7\\SLOOLVHWOLVlGLDJQRRVLWDXWLVPLQNLUMRQKHQNLO|OOl
$XWLVPLQNLUMRQKHQNLO|LGHQDUYLRLQWLPHQHWHOPLl 'LDJQRVRLQQLVVDNl\WHWWlYLlOllNHWLHWHHOOLVLlPHQHWHOPLl
$XWLVPLQNLUMRQKHQNLO|LGHQDUYLRLQWLHQVXRULWWDMLD
$XWLVPLQNLUMRQV\\\KWH\GHW
1HXURELRORJLQHQNHKLW\V
.RJQLWLLYLQHQNHKLW\V
$XWLVPLQNLUMRQSHUXVRQJHOPLHQWULDGL
2SSLPLVHQYDLNXWXV
$XWLVWLVHQDNl\WWl\W\PLVHQlLOPHQHYlWRLUHHW
$XWLVPLQNLUMRQRSLVNHOLMDQRSHWXVMDRKMDXV
.RQVWUXNWLYLVWLQHQRSSLPLVNlVLW\V
3HGDJRJLLNND
7($&&+
6WUXNWXURLWXSHGDJRJLLNND
)XQNWLRQDDOLQHQHOLWRLPLQQDOOLQHQRSHWXV
.lS\OlQPDOOL
.XQWRXWXVRSHWXNVHQWXNLSDOYHOXQD
7HUDSLDMDNXQWRXWXVPHQHWHOPLl
.HVNXVSXLVWRQDPPDWWLRSLVWRQWRLPLQWDPDOOL
7RLPLQQDQOlKW|NRKGDW
2SSLODLWRNVHQVWUDWHJLVHWWDYRLWWHHW
.HVNXVSXLVWRQDPPDWWLRSLVWRQSHGDJRJLVHQVXXQQLWWHOXQMRKWDPLVHQMD
WRWHXWWDPLVHQWRLPLQWDPDOOL 3HGDJRJLQHQVXXQQLWWHOXRKMDXVMDWRLPLQWDPDOOL
.RXOXWXNVHQVXXQQLWWHOX
2SHWXVVXXQQLWHOPD
+2-.6SURVHVVL.HVNXVSXLVWRQDPPDWWLRSLVWRVVD
6WUXNWXURLWXRSHWXVMDRKMDXV
/XNXYXRVLVXXQQLWWHOXQYXRVLNHOOR
2SLVNHOLMDYDOLQWD
/lKW|WDVRQDUYLRLQWL
<NVLO|OOLQHQRSLVNHOXMDNXQWRXWXVVXXQQLWHOPD
2SHWXNVHQWXNLSDOYHOXW
+HQNLO|VW|QRVDDPLQHQ
7$5.2,786-$0(1(7(/0b7
7XWNLPXVRQJHOPDW
7XWNLPXNVHQWRWHXWWDPLQHQ
7XWNLPXVDLQHLVWR
$$3(3DUYLRLQWLPHQHWHOPl
$$3(3DUYLRLQWLPHQHWHOPlQ\OHLVNXYDXV
$UYLRLQWLDVWHLNRWMDWRLPLQWDDOXHHW
7XORVWHQWXONLQWD
$QDO\\VLPHQHWHOPlW
7XWNLPXNVHQUHOLDELOLWHHWWLMDYDOLGLWHHWWL
7HVWLQS\V\Y\\VHOLUHOLDELOLWHHWWL
7HVWLQSlWHY\\VHOLYDOLGLWHHWWL
78/2.6(7
$$3(3DUYLRLQWLDVWHLNRQNl\WW|PDKGROOLVXXGHW
$UYLRLQWLMDVHXUDQWDPHQHWHOPl
2SHWXNVHQVXXQQLWWHOXYlOLQHYDOPHQWDYDVVDMDNXQWRXWWDYDVVD
RSHWXNVHVVDMDRKMDXNVHVVD
bLGLQNLHOLMDYLHVWLQWl
0DWHPDWLLNND
7LHWRWHNQLLNND
<KWHLVNXQWDYDOPLXGHW
7\|WDLGRWMDDPPDWWLRSLQQRW
9XRURYDLNXWXVWDLGRW
0RWRULVHWWDLGRW
3lLYLWWlLVWRLPLQQRWMDDVXPLVYDOPHQQXV
9DSDDDMDQWDLGRW
(OlPlQKDOOLQWD
6DDYXWHWXQWDLWRWDVRQDUYLRLQWLYHUWDLOXWLHWRMHQDYXOOD
6XRUDQKDYDLQQRLQQLQDVWHLNNR
.RWLDVWHLNNR
.RXOXW\|DVWHLNNR
7LHGRQYlOLW\VVDDWWDHQVLLUWlPLVHVVl
$$3(3DUYLRLQWLDVWHLNRQUDNHQQHSllNRPSRQHQWWLDQDOXXVLQDYXOODWDUNDVWHOWXQD 3llNRPSRQHQWWLDQDO\\VLVXRUDQKDYDLQQRLQQLQDVWHLNRVWD
3llNRPSRQHQWWLDQDO\\VLNRWLDVWHLNRVWD
3llNRPSRQHQWWLDQDO\\VLNRXOXW\|DVWHLNRVWD
$XWLVPLQNLUMRQKHQNLO|LGHQWRLPLQWDWDLWRMHQ
NHKLWW\PLQHQYDOPHQWDYDQMDNXQWRXWWDYDQRSHWXNVHQMDRKMDXNVHQDLNDQD 6XRUDQKDYDLQQRLQQLQDVWHLNNRWRLPLQWDDOXHLWWDLQDUYLRLWXQD 9DULDQVVLDQDO\\VLVXRUDQKDYDLQQRLQQLQDVWHLNRQW\|WDLGRLVWD 9DULDQVVLDQDO\\VLVXRUDQKDYDLQQRLQQLQDVWHLNRQRPDWRLPLVXXVWDLGRLVWD 9DULDQVVLDQDO\\VLVXRUDQKDYDLQQRLQDVWHLNRQW\|Nl\WWl\W\PLVWDLGRLVWD 9DULDQVVLDQDO\\VLVXRUDQKDYDLQQRLQQLQDVWHLNRQNRPPXQLNDDWLRWDLGRLVWD 9DULDQVVLDQDO\\VLVXRUDQKDYDLQQRLQQLQDVWHLNRQYXRURYDLNXWXVWDLGRLVWD
.RWLDVWHLNNRWRLPLQWDDOXHLWWDLQDUYLRLWXQD
9DULDQVVLDQDO\\VLNRWLDVWHLNRQW\|WDLGRLVWD 9DULDQVVLDQDO\\VLNRWLDVWHLNRQRPDWRLPLVXXVWDLGRLVWD 9DULDQVVLDQDO\\VLNRWLDVWHLNRQYDSDDDMDQYLHWWRWDLGRLVWD 9DULDQVVLDQDO\\VLNRWLDVWHLNRQW\|Nl\WWl\W\PLVWDLGRLVWD 9DULDQVVLDQDO\\VLNRWLDVWHLNRQNRPPXQLNDDWLRWDLGRLVWD 9DULDQVVLDQDO\\VLNRWLDVWHLNRQYXRURYDLNXWXVWDLGRLVWD .RXOXW\|DVWHLNNRWRLPLQWDDOXHLWWDLQDUYLRLWXQD 9DULDQVVLDQDO\\VLNRXOXW\|DVWHLNRQW\|WDLGRLVWD 9DULDQVVLDQDO\\VLNRXOXW\|DVWHLNRQRPDWRLPLVXXVWDLGRLVWD 9DULDQVVLDQDO\\VLNRXOXW\|DVWHLNRQYDSDDDMDQYLHWWRWDLGRLVWD 9DULDQVVLDQDO\\VLNRXOXW\|DVWHLNRQW\|Nl\WWl\W\PLVWDLGRLVWD 9DULDQVVLDQDO\\VLNRXOXW\|DVWHLNRQNRPPXQLNDDWLRWDLGRLVWD 9DULDQVVLDQDO\\VLNRXOXW\|DVWHLNRQYXRURYDLNXWXVWDLGRLVWD
2SLWWXMHQWRLPLQWDWDSRMHQS\V\Y\\VYXRVLNRXOXWXNVHQSllWW\PLVHQMlONHHQ
6XRUDQKDYDLQQRLQQLQDVWHLNNR
.RWLDVWHLNNR
.RXOXW\|DVWHLNNR
2SLVNHOLMRLGHQW\\W\YlLV\\VNRXOXWXNVHHQ
+XROWDMLHQW\\W\YlLV\\VNRXOXWXNVHHQ
+XROWDMLHQW\\W\YlLV\\VKDNXSURVHVVLLQ
+XROWDMLHQW\\W\YlLV\\V+2-.6SURVHVVLLQ
+XROWDMLHQW\\W\YlLV\\V+2-.6NHVNXVWHOXXQ
+XROWDMLHQW\\W\YlLV\\V+2-.6VXXQQLWHOPDDQ
+XROWDMLHQW\\W\YlLV\\VRSLVNHOXXQ
+XROWDMLHQW\\W\YlLV\\VW\|KDUMRLWWHOXXQ
+XROWDMLHQW\\W\YlLV\\VMDWNRWRLPHQSLWHLVLLQMDVDDWWDHQVLLUW\PLVHHQ +XROWDMLHQRGRWXNVHWRSHWXNVHOOHMDNXQWRXWXNVHOOH
+XROWDMLHQWRLYHHWNRXOXWXNVHQORSXVVD
32+',17$
7XWNLPXNVHQWDUNRLWXV
7XWNLPXVPHQHWHOPl
$$3(3DUYLRLQWLDVWHLNRQNl\WW|RSHWXNVHQVXXQQLWWHOXQWXNHQD
$$3(3DUYLRLQWLDVWHLNRQXXVLUDNHQQHSllNRPSRQHQWWLDQDO\\VLQDYXOODWDUNDVWHOWXQD
$XWLVPLQNLUMRQKHQNLO|LGHQWRLPLQWDWDLWRMHQNHKLWW\PLQHQYDOPHQWDYDQMDNXQWRXWWDYDQ RSHWXNVHQMDRKMDXNVHQDLNDQDVXKWHHVVDYDOPHQWDYDQNRXOXWXNVHQRSHWXVVXXQQLWHOPDDQ
bLGLQNLHOLMDYLHVWLQWl
0DWHPDWLLNND
7LHWRWHNQLLNND
<KWHLVNXQWDYDOPLXGHW
7\|WDLGRWMDDPPDWWLRSLQQRW
9XRURYDLNXWXVWDLGRW
0RWRULVHWWDLGRW
3lLYLWWlLVWRLPLQQRWMDDVXPLVYDOPHQQXV
9DSDDDMDQYLHWWRWDLGRW
(OlPlQKDOOLQWD
2SLWWXMHQWRLPLQWDWDLWRMHQS\V\Y\\VYXRVLNRXOXWXNVHQSllWW\PLVHQMlONHHQ
2SLVNHOLMRLGHQW\\W\YlLV\\VNRXOXWXNVHHQ
+XROWDMLHQW\\W\YlLV\\VNRXOXWXNVHHQ
7XWNLPXVWXORVWHQWDUNDVWHOXDDXWLVPLQNLUMRQQlN|NXOPDVWD
.RJQLWLLYLQHQNHKLW\V
7RLPLQQDQRKMDXVMDWRLPHHQSDQHPLVHQYDLNHXV
6RVLDDOLQHQNHKLW\V
.RPPXQLNDDWLR
7XWNLPXVWXORVWHQWDUNDVWHOXDRSSLODLWRNVHQQlN|NXOPDVWD 7XORVWHQWDUNDVWHOXDNRXOXWXVSROLWLLNDQQlN|NXOPDVWD
-DWNRWXWNLPXVDLKHLWD
/b+7((7
/,,7(
/,,7(
+HOVLQJLQ\OLRSLVWR
6RYHOWDYDQNDVYDWXVWLHWHHQODLWRV
$QX5DXGDVRMD
0LWlDXWLVPLQNLUMRQRSLVNHOLMDWRSSLYDWYDOPHQWDYDVVDNRXOXWXNVHVVD"
2SHWXVVXXQQLWHOPDQWRWHXWXPLQHQMDRSLVNHOLMRLGHQVXRULXWXPLVWDVRWYDOPHQWDYDQNRXOXWXNVHQ NHKLWWlPLVHQOlKW|NRKWLQD
7LLYLVWHOPl
7lVVlWXWNLPXNVHVVDRQS\ULWW\DUYLRLPDDQDXWLVPLQNLUMRQRSLVNHOLMRLGHQWRLPLQWDWDLWRMHQNH KLWW\PLVWlW\|K|QMDLWVHQlLVHHQHOlPllQYDOPHQWDYDVVDNRXOXWXNVHVVDRY.RXOXWXVRQ WRWHXWHWWX7($&&+RKMHOPDQ7UHDWPHQWDQG(GXFDWLRQRI$XWLVWLFDQG5HODWHG&RPPXQLFDWLRQ KDQGLFDSSHG&+LOGUHQPXNDLVHVWLRWWDHQKXRPLRRQDXWLVPLQNLUMRRQOLLWW\YlWWHNLMlWNXWHQNl\W Wl\W\PLVHQ7($&&+RKMHOPDRQVRYLWHWWXVXRPDODLVHHQNXOWWXXULLQMDNRXOXWXVMlUMHVWHOPllQ MRWHQVHSRKMDXWXXYDOPHQWDYDQMDNXQWRXWWDYDQRSHWXNVHQMDRKMDXNVHQRSHWXVVXXQQLWHOPDQ SHUXVWHLVLLQVHNlVWUXNWXURLWXXQMDIXQNWLRQDDOLVHHQSHGDJRJLLNNDDQ-RNDLVHOOHRSLVNHOLMDOOHRQ ODDGLWWXRPD+2-.6KHQNLO|NRKWDLQHQRSHWXNVHQMlUMHVWlPLVWlNRVNHYDVXXQQLWHOPDMRVVD KXRPLRLGDDQRSLVNHOLMDQ\NVLO|OOLVHWWDUSHHW$UYLRLQQLQMDVXXQQLWWHOXQW\|YlOLQHHQlRQNl\WHWW\
$$3(3DUYLRLQWLDVWHLNNRD$GROHVFHQWDQG$GXOW3V\FKRHGXFDWLRQDO3UR¿OHMRNDRQWRLPLQWD WDLWRMHQDUYLRLQWLPHQHWHOPlQXRUXXVMDDLNXLVLNlLVLlDXWLVWLVLDMDNHKLW\VYDPPDLVLDKHQNLO|LWl YDUWHQ$$3(3RQDUYLRLQWLYlOLQHMRNDRQNHKLWHWW\7($&&+RKMHOPDDYDUWHQMDVLWlNl\WHWllQ ROHPDVVDROHYLHQMDRUDVWDYLHQWDLWRMHQNDUWRLWWDPLVHHQ$$3(3NRRVWXXNROPHVWDDUYLRLQWLDV WHLNRVWDVXRUDQKDYDLQQRLQQLQDVWHLNNRNRWLDVWHLNNRMDNRXOXW\|DVWHLNNR$UYLRLQWLDVWHLNRW MDNDDQWXYDWNXXWHHQRVDDOXHHVHHQMRWNDRYDWW\|WDLGRWRPDWRLPLVXXVWDLGRWNRPPXQLNDDWLR WDLGRWYXRURYDLNXWXVWDLGRWW\|Nl\WWl\W\PLVWDLGRWVHNlYDSDDDMDQYLHWWRWDLGRW.XNLQWDLWRDUYLRL GDDQDVWHLNROODRVDDRUDVWDYDWDLWRWDLHLRVDD
7XWNLPXNVHQSHUXVMRXNRQPXRGRVWDYDWDXWLVPLQNLUMRQRSLVNHOLMDDPLHKLlMD QDLVLDMRLWDRQVHXUDWWXMDDUYLRLWXVHNlNRXOXWXNVHQDLNDQDHWWlYXRVLNRXOXWXNVHQSllWW\PL VHQMlONHHQMRWHQN\VHHVlRQSLWNLWWlLVWXWNLPXV7XWNLPXVDLQHLVWRNRRVWXXYXRVLQD±
WHKG\LVWl$$3(3DUYLRLQQHLVWD$UYLRLQQLWRYDWVXRULWWDQHHWWHKWlYllQNRXOXWHWXWRSHWWDMDW7XWNL PXNVHQDLNDQDNHKLWHWWLLQ$$3(3DUYLRLQQLQSLVWH\W\VMlUMHVWHOPlMRNDPDKGROOLVWDDRSLVNHOLMRL GHQWDLWRWDVRLVVDWDSDKWXQHLGHQPXXWRVWHQNYDQWDWLLYLVHQWDUNDVWHOXQ
3llNRPSRQHQWWLDQDO\\VLQ3&$WXORVWHQPXNDDQ$$3(3DUYLRLQWLDVWHLNRQUDNHQQHWRWHXWXX K\SRWHHVLQPXNDLVHVWL8XGHVVDSllNRPSRQHQWWLHQUDNHQWHHVVDQRXVHYDWHVLLQVDPDWRVDDOX HHWNXLQDONXSHUlLVHVVlNLQUDNHQWHHVVD7XORNVHWRVRLWWDYDWHWWlRSSLPLQHQRQKLGDVSURVHVVL PXWWDNHKLW\VWlWDSDKWXXXVHLOOD$$3(3QRVDDOXHLOOD&RKHQLQNDSSD±PHQHWHOPlQDYXOODDU YLRLWLLQHIHNWLNRNRDMRVVDPHUNLWWlYLPPlWWXWNLPXVWXORNVHWROLYDWNRXOXW\|DVWHLNRQW\|WDLWRMHQ YXRURYDLNXWXVWDLWRMHQMDNRPPXQLNDDWLRWDLWRMHQVHNlVXRUDQKDYDLQQRLQQLQ DVWHLNROODW\|Nl\WWl\W\PLVWDLWRMHQNHKLWW\PLQHQ.RWLDVWHLNROODRVDRSLVNHOLMRLGHQWDLGRLVWD NHKLWW\LQHJDWLLYLVHVWLWDLHIHNWLNRNRROLK\YLQSLHQL
7XWNLPXVWXORNVHWRVRLWWDYDWHWWlRSLVNHOLMRLGHQW\|WDLWRMHQMDW\|Nl\WWl\W\PLVWDLWRMHQNHKLWW\PL QHQMDWNXXPRQLOODRVDDOXHLOODP\|VNRXOXWXNVHQSllWW\PLVHQMlONHHQYDLNNDDVWHLNNRMHQYlOLOOl HVLLQW\LNLQHURMD7XORNVHWRVRLWWDYDWRSLVNHOLMRLGHQWDLWRMHQNHKLWW\YlQWLODVWROOLVHVWLPHUNLWVHYlVWL NROPHOODRVDDOXHHOODVWDVHNlVXRUDQKDYDLQQRLQQLQDVWHLNROODHWWlNRWLDVWHLNROOD.RXOXMD W\|DVWHLNROODRSLVNHOLMRLGHQWDLGRWNHKLWW\LYlWWLODVWROOLVHVWLPHUNLWVHYlVWLOODDVWHLNROODVWD 7XORNVHWRVRLWWDYDWHWWlRSLVNHOLMDWYRLYDWW\|VNHQQHOOlLOPDQPHUNLWWlYllOLVlRKMDXVWDPLNlOL KHLGlQRSSLPLDDQWDLWRMDSLGHWllQDNWLLYLVHVWL\OOlP\|VNRXOXWXNVHQMlONHHQ2SLVNHOLMRLGHQLWVH QlLQHQHOlPlQl\WWlLVLYDLNHXWXYDQNRVNDWXORVWHQPXNDDQKHLGlQRPDWRLPLVXXVNRPPXQL NDDWLRMDYDSDDDMDQYLHWWRWDLWRQVDWDDQWXYDWNRXOXWXNVHQSllWW\PLVHQMlONHHQ7lPlWDUNRLWWDD HWWlKHHLYlWVHOYLlDUNLSlLYlVWllQLOPDQKHQNLO|NRKWDLVWDDYXVWXVWD
2SLVNHOLMDWMDKHLGlQKXROWDMDQVDDUYLRLYDWHWWlNRXOXWXVROLVXXQQLWHOWXRSLVNHOLMRLGHQ\NVLO|OOL VLVWlWDUSHLVWDOlKWLHQMDKHROLYDWW\\W\YlLVLlVHNlNRXOXWXNVHHQHWWlVLLKHQOLLWW\YLLQWXNLSDOYH OXLKLQ<KWHHQYHWRQDYRLGDDQWRGHWDHWWlDPPDWLOOLVHQHULW\LVRSHWXNVHQDYXOODYRLGDDQNHKLWWll DXWLVPLQNLUMRQRSLVNHOLMRLGHQWDLWRMDMD\NVLO|OOLQHQRSHWXVYRLGDDQWRWHXWWDD7($&&+RKMHOPDQ DYXOOD$$3(3DUYLRLQWLDVWHLNNRDDUYLRLQWLPHQHWHOPlQlNl\WWlHQ
$YDLQVDQDW$XWLVPLQNLUMR7($&&+VWUXNWXURLWXRSHWXVIXQNWLRQDDOLQHQRSHWXVYDOPHQWDYDMD NXQWRXWWDYDRSHWXVMDRKMDXV$$3(3DUYLRLQWL
8QLYHUVLW\RI+HOVLQNL
'HSDUWPHQWRI$SSOLHG6FLHQFHVRI(GXFDWLRQ
$QX5DXGDVRMD
7KHHYDOXDWLRQRISUHSDUDWLRQWUDLQLQJIRUVWXGHQWVZLWKDXWLVPVSHFWUXPGLVRUGHUVIRUZRUNDQG LQGHSHQGHQWOLIH
$EVWUDFW
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¿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±XVLQJWKH$$3(3 UDWLQJVFDOHV7KHWHDFKHUVKDYHXVHGWKH$$3(3VFDOHVDQGWKHFRGLQJVKDYHEHHQFKHFNHG E\WKHUHVHDUFKHU
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
7KHUHVXOWVVKRZHGWKDWWKHVWXGHQWVYRFDWLRQDOVNLOOVDQGYRFDWLRQDOEHKDYLRXUZLOOFRQWLQXHWR GHYHORSDIWHUVFKRROLQPDQ\DUHDV7KHUHZHUHGLIIHUHQFHVEHWZHHQVFDOHV7KHUHVXOWRIWKLV UHVHDUFKVKRZVWKDWWKHVWXGHQWVVNLOOVZHUHGHYHORSLQJVLJQL¿FDQWO\LQRIYDULDEOHVRQD GLUHFWREVHUYDWLRQVFDOHDQGDOVRRQDKRPHVFDOH2QDVFKRROZRUNVFDOHVWXGHQWVVNLOOV ZHUHGHYHORSLQJVLJQL¿FDQWO\LQRIYDULDEOHV
7KLVUHVXOWLPSOLHVWKDWVWXGHQWVFDQGRWKHZRUNZLWKRXWH[WUDDVVLVWDQFHLIWKHUHH[LVWFRQWLQ XLQJVXSSRUWVIRUWKHVNLOOVDIWHUWKHYRFDWLRQDOWUDLQLQJ7KHIXOO\LQGHSHQGHQWOLIHRIVWXGHQWVZLOO EHGLI¿FXOWEHFDXVHWKHLULQGHSHQGHQWIXQFWLRQVIXQFWLRQDOFRPPXQLFDWLRQVDQGOHLVXUHVNLOOV UHJUHVVHGDIWHUWKHVFKRROLQJ7KLVVHHPVWRLQGLFDWHWKDWWKH\ZLOOQRWPDQDJHWKHLUGDLO\OLIH ZLWKRXWVXSSRUW
7KHVWXGHQWVDQGWKHLUSDUHQWVVDLGWKDWWKHWUHDWPHQWSURJUDPPHVZHUHLQGLYLGXDOO\GHVLJQHG IRUHDFKVWXGHQW¶VHGXFDWLRQDOQHHGVDQGWKDWWKH\ZHUHVDWLV¿HGZLWKWKHSURJUDPPHVDQG VHUYLFHV*HQHUDOO\LWFDQEHFRQFOXGHGWKDWYRFDWLRQDOVSHFLDOHGXFDWLRQFDQEHGHYHORSHGIRU SXSLOVZLWKDXWLVWLFV\QGURPHDQGWKHGHWDLOHGWHDFKLQJFDQEHGRQHXVLQJ7($&&+SULQFLSOHV DQGDSSO\LQJWKHWRRORI$$3(3
.H\ZRUGV$XWLVPVSHFWUXPGLVRUGHU7($&&+$$3(3UDWLQJVFDOHVVWUXFWXUHGWHDFKLQJ IXQFWLRQDOWHDFKLQJSUHSDUDWLRQWUDLQLQJIRUZRUN
-2+'$172
7XWNLPXNVHQOlKW|NRKGDW
1\N\llQNDLNLOODSHUXVRSHWXNVHQSllWWlYLOOlQXRULOODRQRLNHXVWRLVHQDVWHHQ NRXOXWXNVHHQMRNDNXYDDXXWWDVXKWDXWXPLVWDSDDYDLNHLPPLQYDPPDLVLDMD PXXWRLQHULW\LVHQSDOMRQWXNHDWDUYLWVHYLHQRSLVNHOLMRLGHQRSLVNHOXDNRKWDDQ 7lVWlMRKWXHQNRXOXWXNVHQMlUMHVWlMlWRYDWNLLQQLWWlQHHWHQHPPlQKXRPLRWD P\|VYDLNHLPPLQYDMDDNXQWRLVLLQRSLVNHOLMRLKLQMRWNDDLNDLVHPPLQMlLYlWNR NRQDDQLOPDQRSHWXVWDWDLRSHWXVROLNLLQQL\NVLWWlLVWHQNRXOXWXNVHQMlUMHVWlML HQDNWLLYLVXXGHVWD
9DPPDLVWHQRSLVNHOLMRLGHQYDOPHQWDYDDMDNXQWRXWWDYDDRSHWXVWDMDRKMDXVWD RQYXRGHVWDMlUMHVWHWW\XXVLHQRSHWXVVXXQQLWHOPDQSHUXVWHLGHQPX NDLVHVWL2SSLODLWRNVLVVDRQYLHW\OlSLRSHWXVVXXQQLWHOPDSURVHVVHMDMRLVVD RQHWVLWW\SHGDJRJLVLDNHLQRMDHULW\LVWHQRSSLPLVMDNl\WWl\W\PLVRQJHOPLHQ UDWNDLVHPLVHNVL3HGDJRJLVWHQUDWNDLVXMHQWXHNVLWHKGllQHULODLVWDDUYLRLQWLD MROODKDQNLWDDQWLHWRDRSLVNHOLMDQWLHGRLVWDWDLGRLVWDMDNl\WWl\W\PLVHVWl7lWl DUYLRLQWLWLHWRDK\|G\QWlHQRSLVNHOLMDOOHODDGLWDDQKHQNLO|NRKWDLQHQRSHWXNVHQ MlUMHVWlPLVWlNRVNHYDVXXQQLWHOPD+2-.6
9DOPHQWDYDQNRXOXWXNVHQNHKLWWlPLVHQNDQQDOWDRQWlUNHllWXRGDMXONLHULODL VLDPHQHWHOPLlMDWHKGlWXWNLPXVWDNRXOXWXNVHQNHKLWWlPLVHNVL7lPlQWXWNL PXNVHQOlKW|NRKWDQDRQWLHGRQKDQNNLPLQHQRSHWXVVXXQQLWHOPDQWRWHXWXPL VHVWDRSLVNHOLMRLGHQKHLGlQKXROWDMLHQVDVHNlRSSLODLWRNVHQQlN|NXOPDVWD 2SHWXVVXXQQLWHOPLHQXXGLVWDPLQHQHGHOO\WWllWXWNLPXVWLHWRDRSHWXVVXXQQL WHOPDQVLVlOW|MHQOLVlNVLQLLGHQWRWHXWXPLVHVWDRSSLODLWRNVLVVD7XWNLPXNVHV VDVHOYLWHWllQDXWLVPLQNLUMRQRSLVNHOLMRLOOHVXXQQDWXQYDOPHQWDYDQMDNXQ WRXWWDYDQRSHWXNVHQMDRKMDXNVHQNHKLWW\PLVWlVHXUDQWRMHQVHNlRSLVNHOLMRLOOH MDKHLGlQKXROWDMLOOHHQVXXQQDWWXMHQW\\W\YlLV\\VN\VHO\MHQNDXWWD7XWNLPXN VHQNRKGHU\KPlQlRYDWDXWLVPLQNLUMRQGLDJQRRVLQRPDDYDWKHQNLO|WQ MRWNDRSLVNHOHYDWWDLRYDWRSLVNHOOHHW.HVNXVSXLVWRQDPPDWWLRSLVWRQMlUMHVWl PlVVlYDOPHQWDYDVVDMDNXQWRXWWDYDVVDRSHWXNVHVVDMDRKMDXNVHVVD
$XWLVPLQNLUMRQRSLVNHOLMRLGHQRSHWXVWDOlKGHWWLLQWRWHXWWDPDDQ.lS\OlQ PDOOLQPXNDLVHVWL'DOHQLXV 6LUpQ2SHWXVWRWHXWHWWLLQVWUXNWXURLWXD 7($&&+PHQHWHOPll7UHDWPHQWDQG(GXFDWLRQRI$XWLVWLFDQGUHODWHG
&RPPXQLFDWLRQKDQGLFDSSHG&+LOGUHQVRYHOWDHQMD$$3(3DUYLRLQWLDVWHLN NRD$$3(3$GROHVFHQWDQG$GXOW3V\FKRHGXFDWLRQDO3UR¿OHSHUXVWLHWRQD Nl\WWlHQMRLGHQSRKMDOWDOXRWLLQ.HVNXVSXLVWRQWRLPLQWDPDOOL5DXGDVRMD
2SLVNHOLMDDNXQWRXWHWWLLQMDRSHWHWWLLQ\NVLO|OOLVHVWLWDYRLWWHHOOLVHVWLMDUHDOLVWL VHVWLQLLOOlRVDDOXHLOODMRLOODKlQHOOlROLDXWLVPLQNLUMRVWDMRKWXYLDRQJHOPLD 2SHWXVSHUXVWXLKHQNLO|NRKWDLVHHQRSHWXNVHQMlUMHVWlPLVWlNRVNHYDDQVXXQ QLWHOPDDQ+2-.62SLVNHOLMRLGHQYDKYXXNVLDK\|G\QWlPlOOlMDQLLWlNHKLW WlPlOOlKDHWWLLQ\KGHVVlRSLVNHOLMDQKlQHQSHUKHHQVlMDVLGRVU\KPLHQVl
NDQVVDVHRSLVNHOXMDW\|VNHQWHO\WDSDMRQNDDYXOODKlQVHOYL\W\\\KWHLVNXQ QDVVDPDKGROOLVLPPDQYlKlOOlWXHOOD+2-.6DVLDNLUMDVLVlOWllVXXQQLWHO PDQRSHWXNVHQWRWHXWWDPLVHVWDDUYLRLQQLVWDMDVHXUDQQDVWD
2SHWXNVHQMDRKMDXNVHQWDYRLWWHHQDROLMDWNDDMD\OOlSLWllSHUXVNRXOXWXNVHV VDMDPXXVVDNXQWRXWXNVHVVDDORLWHWWXDW\|WlRSLVNHOLMDQHOlPlQHGHOO\W\VWHQ NHKLWWlPLVHVVlPDKGROOLVLPPDQOlKHOOHQRUPDDOLWDVRD2SHWXNVHVVDNHV NLW\WWLLQDUMHQKDOOLQWDDQOLLWW\YLLQWDLWRLKLQRSSLPLVYDOPLXNVLHQMDW\|WDLWRMHQ NHKLWWlPLVHHQVHNlRSLVNHOXQMlONHLVWHQMDWNRVXXQQLWHOPLHQWHNHPLVHHQMD WRWHXWWDPLVHHQ.RXOXWXNVHQDLNDQDVHOYLWHWWLLQP\|V\NVLO|OOLVHVWLDLNXLVHOl PlVVlWDUYLWWDYDWXHQWDUYH
$XWLVPLQNLUMRQRSLVNHOLMRLGHQW\|K|QMDLWVHQlLVHHQHOlPllQYDOPHQWDYDQ NRXOXWXNVHQYLLWHNHK\NVHQPXRGRVWDYDWDXWLVPLQNLUMRQGLDJQRVRLQWLDXWLV PLQNLUMRQV\\\KWH\GHWRSHWXVMDRKMDXVVHNlRSLVNHOLMDQRSSLPLVSURVHVVLMD RSHWXVWRLPLQQDOOHDVHWHWXWUHXQDHKGRWNXWHQRSHWXNVHQMlUMHVWlPLVOXSDODLW DVHWXNVHWMDRSHWXVVXXQQLWHOPDQSHUXVWHHW
.89,2$XWLVPLQNLUMRQRSLVNHOLMRLGHQYDOPHQWDYDQNRXOXWXNVHQYLLWHNHK\V 5DXGDVRMDDVRYHOWDHQ5DXGDVRMD±
7XWNLPXNVHQWDYRLWH
2SHWXVPLQLVWHUL|QSllW|NVHQPXNDLVHVWL.HVNXVSXLVWRQDPPDWWLRSLVWROODRQ HULW\LQHQNRXOXWXVWHKWlYlMRQNDPXNDDQRSSLODLWRNVHQWXOHHKXROHKWLDHULW\LV RSHWXNVHQMlUMHVWlPLVHVWlHULW\LVRSHWXNVHQ\KWH\GHVVlYDPPDLVLOOHDQQHW WDYDVWDYDOPHQWDYDVWDMDNXQWRXWWDYDVWDRSHWXNVHVWDMDRKMDXNVHVWDVHNl RSHWXNVHHQOLLWW\YLVWlNHKLWWlPLVRKMDXVMDWXNLWHKWlYLVWl
$PPDWLOOLVHVVDHULW\LVRSHWXNVHHQMDHULW\LVHVWLYDOPHQWDYDDQNRXOXWXNVHHQ VLVlOW\\XVHLWDHULW\LVSLLUWHLWlMRLGHQWDNLDNRXOXWXVWDWXOHHWDUNDVWHOODODDMD DODLVHVWLMDNHKLWWllNRNRQDLVXXWHQD9DOPHQWDYDVVDNRXOXWXNVHVVDRQKXR OHKGLWWDYDVHOODLVLVWDNLQDVLRLVWDMRLWD\OHHQVlDPPDWLOOLVHVVDNRXOXWXNVHVVD HLNDWVRWDNRXOXWXNVHQMlUMHVWlMlQWHKWlYlNVLHVLPDVXPLVYDOPHQQXVVRVL DDOLVWHQWDLWRMHQNHKLWWlPLQHQVHNlNRNRQDLVYDOWDLQHQHOlPllQYDOPHQWDXWX PLQHQYUW+DXWDPlNL +RQNDQHQ$PPDWLOOLVHQHULW\LVRSHWXN VHQWXWNLPXVRQROOXW6XRPHVVDYlKlLVWlMDHULW\LVHVWLYDOPHQWDYDNRXOXWXV RQVXKWHHOOLVHQXXWWDMRWHQWXWNLPXVWLHWRMDNRXOXWXVDODQWHRUHHWWLQHQNHKLWWl PLQHQWDYRLWWHLGHQNDXWWDRQWlUNHll7XWNLPXNVHVVDROLVLSDQRVWHWWDYDRSH
-2+7$0,1(1-$2+-$86
/DLWMDDVHWXNVHW
2SHWXNVHQMlUMHVWlPLVOXSD230 .RXOXWXNVHQMlUMHVWlMlQVWUDWHJLDW 2SSLODLWRNVHQVWUDWHJLDW 2SHWXVVXXQQLWHOPD23+
.RXOXNRKWDLQHQRSHWXVVXXQQLWHOPD
NRQVWUXNWLYLVPL
7($&&+
VWUXNWXURLWXSHGDJRJLLNND
IXQNWLRQDDOLQHQRSHWXV
.HVNXVSXLVWRQWRLPLQWDPDOOL
2SHWXNVHQWXNLSDOYHOXWHVLP
RSLVNHOLMDWHUYH\GHQKXROWR
SV\NRORJLQSDOYHOXW
I\VLRWHUDSLDSXKHWHUDSLDMQH
<KWHLVW\|
+2-.6\KWHLVW\|KXROWDMLHQMD VLGRVU\KPLHQNDQVVD
W\|KDUMRLWWHOXSDLNDW
NRXOXWMDRSSLODLWRNVHW .RXOXWXV
KHQNLO|VW|QVHNlVLGRVU\KPLHQ OLVlMDWl\GHQQ\VNRXOXWXV
$UYLRLQWLMDNHKLWWlPLQHQ
23,6.(/,-$1233,0,63526(66,
/lKW|WDVRQ
DUYLRLQWL <NVLO|OOLQHQRSLVNHOXMD
NXQWRXWXVVXXQQLWHOPD -DWNRVXXQQLWHOPDMD VDDWWDHQVLLUWR +2-.6
WXNVHQNHKLWWlPLVHHQDUYLRLQWLHQNDXWWDVDDGXQWLHGRQQlN|NXOPDVWD7lPl WXWNLPXVRQOXRQWHHOWDDQVHXUDQWDWXWNLPXVMRVVDS\ULWllQVHOYLWWlPllQRSH WXVVXXQQLWHOPDQWRWHXWXPLVWDVHNlNRXOXWXNVHQNHKLWW\PLVWl$$3(3±DUYL RLQWLHQMDW\\W\YlLV\\VN\VHO\MHQYDORVVD6RLQLQHQ
7XWNLPXVMDNHKLWWlPLVW\|RQWRLPLQWDDMRQNDWDYRLWWHHQDRQWXWNLPXVWXORV WHQDYXOODVDDYXWWDDXXVLDWDLSDUDQQHWWXMDWXRWWHLWDYlOLQHLWlPHQHWHOPLl MDSDOYHOXMD1LLQLOXRWR5DDWLNDLQHQ.DLNHOWDWLHWHHOWl YRLGDDQHGHOO\WWllHWWlVLOOlRQNl\WlQQ|QPHUNLW\VWlPXWWDWlWlNl\WlQQ|O OLV\\WWlHLVDDNDYHQWDDXONRLVWHQSllPllULHQNULWLLNLWW|PllQWRWHXWWDPLVHHQ -XQWXQHQ 0HKWRQHQ
$XWLVPLQNLUMRQRSLVNHOLMRLOOHVXXQQDWXQYDOPHQWDYDQNRXOXWXNVHQDLNDQDRQ VXXQQLWHOWXMDNRNHLOWXHULODLVLDXXVLDSHGDJRJLVLDMDRSSLPLV\PSlULVW|LKLQ OLLWW\YLlUDWNDLVXMDMRLWDRQDUYLRLWXV\VWHPDDWWLVHVWLNRXOXWXNVHQHGHWHVVl
$UYLRLQQHLVWDVDDWXWLHWRRQK\|G\QQHWW\YlOLWW|PlVWLDXWLVPLQNLUMRQRSLVNHOL MDQRSHWXNVHVVDWDUNHQWDPDOOD+2-.6VVDROHYLDO\K\HQMDSLWNlQDLNDYlOLQ WDYRLWWHLWDVHNlPLHWWLPlOOlXXVLDSHGDJRJLVLDUDWNDLVXMD
7lVWlWXWNLPXNVHVWDVDDWXDWLHWRDK\|G\QQHWllQ.HVNXVSXLVWRQDPPDWWL RSLVWRQYDOPHQWDYLHQNRXOXWXVWHQNHKLWWlPLVHVVlVHNlHULODLVLVVDRSSLODL WRNVHQMlUMHVWlPLVVlNRXOXWXVWLODLVXXNVLVVD.HVNXVSXLVWRQDPPDWWLRSLVWR WRLPLLHULW\LVRSHWXNVHQSDOYHOXMDNHKLWWlPLVNHVNXNVHQDMRWHQXXGHWWXRWWHHW S\ULWllQVDDPDDQP\|VPXLGHQRUJDQLVDDWLRLGHQWLHWRRQNRXOXWXVWHQMDNRQ VXOWDDWLRLGHQNDXWWD
(ULW\LVRSHWXNVHQSDUDGLJPD
3DUDGLJPDPXRGRVWXXQLLVWlVllQQ|LVWlMRLGHQPXNDDQWLHGHWWlRQKDUMRL WHWWDYDMRWWDVLWlYRLGDDQSLWllWLHWHHQl3DUDGLJPDYRLGDDQPllULWHOOlP\|V WLHWHHQKDUMRLWWDPLVHQMDWXWNLPXNVHQQRUPLNVL3DUDGLJPDWNRUYDXWXYDWXX VLOODSDUDGLJPRLOODWLHWHHOOLVHQYDOODQNXPRXNVHQNDXWWD7LHWHHOOLVHOOlYDOODQ NXPRXNVHOODWDUNRLWHWDDQWXWNLPXNVHQWXORNVHQDV\QW\YllXXWWDWLHWRDMRVWD PXRGRVWXXXXVLSDUDGLJPD.XKQ.LYLUDXPD 5DXQLR5DDWLNDLQHQ-XQWXQHQ 0HKWRQHQ 3DUDGLJPDWUDMRLWWDYDWWXWNLPXNVHQPHQHWHOPlWWLHWW\LKLQVWDQGDUGHLKLQ MDPllULWWHOHYlWWXWNLWWDYDQWRGHOOLVXXGHQQlLGHQVWDQGDUGLHQDYXOOD-DQWX QHQ 0HKWRQHQ7XWNLPXVNRHWWHOHHVDDWXMDWXORVWHQS\V\Y\\WWl UDNHQWDDWXORNVLVWDWXWNLWWDYDDNRKGHWWDNRVNHYLD\OHLVLlWHRULRLWDVHNlWDU YLWWDHVVDNRUMDDQlLWlVDDWXMHQWXWNLPXVWXORVWHQSHUXVWHHOOD/HLQR /HLQR /HKLNRLQHQ8XVLSDUDGLJPDVHOLWWllHQWLVWlODDMHPPLQMD NDWWDYDPPLQROHQQDLVLDLOPL|LWl5DXQLR
3DUDGLJPDOOHHVLWHWllQNDNVLPllULWHOPll
DPDOOLNDDYLRWDLVHOLW\VWXWNLWWDYDVWDLOPL|VWlMROODHLROHWHRULDQ RPDLVWDK\YlNV\QWll
EWDXVWD¿ORVR¿DDQMDWXWNLPXNVHQSHUXVWHLVLLQOLLWW\YlWXWNLMRLWD
\KGLVWlYlQlNHP\VVLLWlPLNlRQRLNHLQMDWRWWD 0HWVlPXXURQHQD
(ULW\LVRSHWXNVHVVDYRLGDDQHURWWDDNROPHSDUDGLJPDDMRWNDRYDW DSV\NRPHGLNDDOLQHQSDUDGLJPDMRVVDRQNHVNHLVWlRSSLPLV
YDLNHXNVLHQV\LGHQVHOYLWWlPLQHQ\NVLO|QRPLQDLVXXNVLVWDNlVLQ EVRVLDDOLQHQSDUDGLJPDMRVVDRQNHVNHLVWlRSSLPLVYDLNHXN
VLHQV\LGHQOLVlNVLYXRURYDLNXWXVVLLKHQNRQWHNVWLLQMRVVD RSSLPLVWRLPLQWDWDSDKWXXVHNl
FYlKHPPLVW|MHQRLNHXNVLDWXNHYDSDUDGLJPDMRVVDRQNHVNHLV WlYDPPDLVWHQYDPPDLVXXGHOOHHQDQWDPDPHUNLW\V.RXOXQ Nl\WlQQ|WPXRGRVWXYDWQlLGHQNROPHQSDUDGLJPDQ\KWHHQVR YLWWDPLVHVWDNRXOXNRKWDLVHVWLNRVNDYDLKWHOXWHULSDUDGLJPRMHQ YlOLOOlYRLYDWROODVXXULDNLQWRLPLMRLVWDULLSSXHQ
.LYLUDXPD
.HVNXVSXLVWRQDPPDWWLRSLVWRQYDOPHQWDYDVVDMDNXQWRXWWDYDVVDRSHWXN VHVVDMDRKMDXNVHVVDNHVNHLVLPPlNVLSDUDGLJPDNVLQRXVHHVRVLDDOLQHQ SDUDGLJPDMRKRQVLVlOW\\HULW\LVSHGDJRJLLNDQOLVlNVLVRVLDDOLSHGDJRJLLNND .DVYDWXNVHOOLVWHQLOPL|LGHQSHUXVWDRQSRVLWLYLVWLVHVVDSDUDGLJPDVVDMRQND PXNDDQNDVYDWXNVHOOLQHQWRLPLQWDRQUDWLRQDDOLVHVWLVXXQQLWHOWDYLVVDRU JDQLVRLWDYLVVDMDVllQQHOWlYLVVl3RVLWLYLVWLVHQSDUDGLJPDQWDYRLWWHHQDRQ QHXWUDDOLVXXVREMHNWLLYLVXXVMDNl\WWl\W\PLVHQNRQWUROORLQWLVHNlPHWRGRORJL DVVDDQHWWlWLHGRQNlVLW\NVHVVllQ0HWRGRORJLDSHUXVWXXNl\WWl\W\PLVWLHWHL VLLQSRVLWLYLVWLVHHQMDIXQNWLRQDDOLVHHQVRVLRORJLDDQVHNlOXRQQRQWLHWHLVLLQ 7XWNLPXVPHQHWHOPlQlRQXVHLQNRNHHOOLQHQWXWNLPXVVWDQGDUGRLWXLQHWHVWHL QHHQNRVNDHULW\LVMDVRVLDDOLSHGDJRJLVWHQLQWHUYHQWLRLGHQVXXQQLWWHOXYDDWLL HPSLLULVDQDO\\WWLVLlSHUXVWHLWD.XUNL6RLQLQHQ
7LHWHHOOLVHWWXORNVHWRQNXLWHQNLQDLQD\PPlUUHWWlYlHKGROOLVLNVLMDDOXVWDYLNVL NRVNDWLHGHRQLWVHllQNRUMDDYDD7LHWHHOOLVHQWRLPLQQDQYRLGDDQNDWVRDYLH YlQWLHGHWWlNRNRDMDQWRWXXWWDSlLQPXUURVYDLKHLGHQOlSL+LUVMlUYL +XWWX QHQ
(ULW\LVNDVYDWXVWLHWHHQÀORVRÀDQQlN|NXOPDVWD 7LHWHHQ¿ORVR¿DQWDYRLWWHHQDRQRVRLWWDDNlVLWWHHQPXRGRVWXVWHRULRLGHQ NHKLWWHO\NRNHPXVSHUlLVHQWRGHQWDPLQHQVHNlVRYHOWDPLVHQ\OHLVHWOlKW|
NRKGDW1XUPL7LHWHHQ¿ORVR¿DQ\NVLWHKWlYlRQS\UNLlWXWNLPDDQ V\\Q\PPlUWlPLVHQVHOLW\NVHQMDHQQXVWHHQYlOLVLl\KWH\NVLl9HVWHUJDDUG /|IVWHGW gGPDQ)LORVR¿VHHQDVHQWHHVHHQVLVlOW\\N\VHHQDODLV WDPLVHQMDLWVHVWllQVHOYLQlSLGHWW\MHQNlVLWWHLGHQHSlLO\MRLGHQWDUNRLWXNVH QDRQWRLPLDYlOLQHLQlSHUXVWHOOXQQlNHP\NVHQVDDYXWWDPLVHOOH3XROLPDWND
.DVYDWXV¿ORVR¿DNXXOXXSUDNWLVHQ¿ORVR¿DQORKNRRQNRVNDNRKWHHQDRQ
LKPLVHQWRLPLQWDNHVNHLVHVWLNDVYDWXVMDRSHWXVWRLPLQWDMDWlWlWRLPLQWDD NRVNHYLHQSHULDDWHN\V\P\VWHQVHOYLWWHO\.DVYDWXV¿ORVR¿DRQSHULPPlLVHOWl WDUNRLWXNVHOWDDQNl\WlQQ|OOLVWlWLHWRDWXRWWDYDD+LUVMlUYLD.DVYD WXV¿ORVR¿DYRLGDDQPllULWWllNDVYDWXVWLHWHHQRVDDOXHHNVLMRQNDWHKWlYlQl RQ
NDVYDWXVMDRSHWXVVXXQQLWHOPLHQNlVLWWHHOOLQHQWHRUHHWWLQHQ DQDO\\VL
NDVYDWXVWRLPLQWDDQOLLWW\YLHQSHUXVWHLGHQMDDUJXPHQWWLHQNULLWWLQHQ DQDO\\VLMD
WRLPLQWDDQN\WNH\W\YLHQRQJHOPLHQKDKPRWWDPLQHQMDYDLKWR HKWRLVWHQUDWNDLVXMHQHWVLPLQHQQlLKLQRQJHOPLLQ
+LUVMlUYLD
.DVYDWXV¿ORVR¿DVVDNl\WHWllQ\OHLVHVWl¿ORVR¿DVWDVDDWXMDNlVLW\NVLlDUJX PHQWRLQWLPDOOHMDMDDQDO\\VLPHQHWHOPLl(ULW\LVHQPHUNLWWlYLlRYDW
7LHWRWHRULDHOLHSLVWHPRORJLD
7LHWRWHRULDWDUMRDDYlOLQHLWlNHVNXVWHOWDHVVDRSHWXVVXXQQLWHOPDQ ODDWLPLVHHQOLLWW\YLVWlN\V\P\NVLVWlRSSLPLVHQMDRSHWWDPLVHQ NlVLWWHLVWlRSHWXNVHQ\KGHQWlPLVHQPDKGROOLVXXNVLVWDMDWLHGRQ LGHRORJLVXXGHVWDDDWWHHOOLVHVWDMDSROLLWWLVHVWDVLWRXWXQHLVXXGHVWD (WLLNNDHOLPRUDDOL¿ORVR¿D
(WLLNNDWDUMRDDYlOLQHLWlDUYRLKLQOLLWW\YLVWlN\V\P\NVHQDVHWWHOXLVWD NXWHQNlVLWWHLVWlNDVYDWXVWDYRLWWHLVWDNDVYDWXNVHQRLNHXWWDPL VHVWDMDPRUDDOLVWDNHVNXVWHOWDHVVD
<KWHLVNXQWD¿ORVR¿D
<KWHLVNXQWD¿ORVR¿DDXWWDDNXQSRKGLWDDQNRXOXMHQMD\OHHQVlNDV YDWXVLQVWLWXXWLRLGHQRUJDQLVDDWLRWD7lKlQOLLWW\YlWN\V\P\NVHW WDVDDUYRVWDRLNHXNVLVWDYDSDXGHVWDMDDXNWRULWHHWLVWDVHNl SROLLWWLVHVWDYDVWXXVWD3XROLPDWND
7LHWHHQ¿ORVR¿DOOHRQW\\SLOOLVWlHULWWHOHYlOXRQQHVHNlVXXQWDXWXPLQHQWLH WHHOOLVWHQWHRULRLGHQMDWLHWHHOOLVHQSllWWHO\QUDNHQWHHQWXWNLPLVHHQ.XQ HVLPHULW\LVSHGDJRJLLNNDS\UNLLWDUNDVWHOHPDDQLWVHllQWLHWHHOOLVHQlWRLPLQ WDQDQLLQVHQWl\W\\NRKRWWDXWXDHPSLULDQ\OlSXROHOOH+LUVMlUYLE .DVYDWXVWLHGHMDVLLKHQVLVlOO\WHWW\QlHULW\LVSHGDJRJLLNNDS\UNLLNXYDLOH PDDQVHOLWWlPllQMDDXWWDPDDQNDVYDWXNVHQMDRSHWXNVHQSHUXVRQJHOPLHQ
\PPlUWlPLVWl.DVYDWXVWLHGHWXWNLLMDDQDO\VRLQLLWlLOPL|LWlMRWNDRYDWMRV VDLQVXKWHHVVDNDVYDWXNVHHQMDRSHWXNVHHQ9HVWHUJDDUG\P )LORVR¿DDXWWDDNDVYDWXNVHQMlUNHYlVVlVXXQQLWWHOXVVDMDNDVYDWXVNl\WlQ W|MHQRKMDDPLVHVVDPXWWDHGHOO\WWllSRKGLQWDDVLLWlPLWlNDVYDWXNVHOODWDU NRLWHWDDQ3XROLPDWND.DVYDWXVWLHWHLGHQDQWLQDPHWRGRORJLDDQMD WXWNLPXVPHQHWHOPLLQRQROOXWNHKLW\NVHQNDVYXQMDYDLNXWWDPLVHQLOPL|LGHQ SLWlPLQHQHVLOOl1XUPL
.DVYDWXVWLHWHHOOLVHQWXWNLPXNVHQPHWRGRORJLDMDWXORNVHWRYDWULLSSXYDLVLD P\|VWXWNLMDQLKPLVNlVLW\NVHVWl1XUPL6XRPDODLQHQNDVYDWXV
MDNRXOXWXVMlUMHVWHOPlRQNLLQQLWWlQ\WWRLPLQQDQOlKW|NRKGDWKXPDQLVWLVHHQ LKPLVNlVLW\NVHHQMRNDQlN\\NRQNUHHWWLVLPPLQQRUPLWWDPLVHQDRSHWXVVXXQ QLWHOPDQSHUXVWHLVVD+XPDQLVWLVHQLKPLVNlVLW\NVHQWDYRLWWHHQDRQWRLPLQWD MRNDPDKGROOLVLPPDQYlKlQHVWll\NVLO|lNHKLWWlPlVWlLWVHllQRPDVWDROH PDVVDRORVWDDQOlKWLHQ+XPDQLVPLOODWDUNRLWHWDDQLKPLVHQKlQHQDUYRQVD WRLPLQWDQVDMDVDDYXWXVWHQVDVHNlLQKLPLOOLV\\GHQNRURVWDPLVWDMDDUYRVWD PLVWD(ULW\LVRSHWXNVHVVDWXOLVLVLWHQOXRGDPDKGROOLVXXNVLDPDKGROOLVLPPDQ VXXUHHQLWVHQlLV\\WHHQWRLVDDOWDWXNHHQRKMDXNVHHQMDQHXYRQWDDQVHNl U\KPlWRLPLQWDDQ$KYHQDLQHQ,NRQHQ .RURMD .DVYDWXNVHQWHRULDUDNHQWXXHULODLVLVWDRVLVWDMRLVWDMRNDLVHOODRQ\OHHQVl RPD¿ORVR¿QHQSHUXVWDQVD)LORVR¿DYRLGDDQPXXWWDDNl\WlQQ|QWRLPLQ QDNVLPRQHOODWDYDOODPXWWDNl\WlQQ|QWRLPLQWDDYRLGDDQKDUYRLQSDODXWWDD SHONlVWllQ\KWHHQ¿ORVR¿DDQ.DVYDWXNVHQ¿ORVR¿DYRLGDDQQlKGlNHUURN VLWWDLQUDNHQWXYDNVLVLWHQHWWlV\YLPPlOOlRQWLHWRWHRUHHWWLQHQSHUXVWDMDVHQ SllOOlOXRQQRQMDWLHWHHQ¿ORVR¿VHWROHWWDPXNVHWVHNlYLLPHLVHQlDUYRWHRULD
$UYRWHRULDPDKGROOLVWDDNDVYDWXNVHQWDYRLWWHLGHQMDNHLQRMHQYDOLQQDQVHNl OlKW|DUYRW.DVYDWXVWHRULDDHLYRLGDDUYLRLGDLOPDQVHQNDLNNLHQRVLHQWDU NDVWHOXD9HVWHUJDDUG\P7HRULDQWDUNRLWXNVHQDRQVHOLWWll DLNDLVHPPLQOXRWXMDHPSLLULVLlVllQQ|QPXNDLVXXNVLDVHNlHQQXVWDDXXVLD VllQQ|QPXNDLVXXNVLD+LUVMlUYLE
7LHWHHOOLQHQWHRULDRQNXLQRUJDQLVPLMRNDNl\WWllUDYLQQRNVHHQXONRLVWD PDDLOPDDNRVNHYLDWLHWRMDMRQQHVHSXROHVWDDQSURMLVRLWDNDLVLQXXWWDLQIRU PDDWLRWDHQQXVWHLWDMDDUYRVWHOPLD+LUVMlUYLE
$UYRWMDNDVYDWXV.HVNXVSXLVWRQDPPDWWLRSLVWRVVD 7RWXXVNDXQHXVMDK\Y\\VPllULWHOOllQ\OHHQVlYDUVLQDLVLNVLDUYRLNVLMRLWD YRLGDDQSLWllP\|VNDVYDWXNVHQVLVlOW|Ql7XUXQHQ3HULQWHLVWHQ SODWRQLVWHQDUYRMHQOLVlNVLRQPRQLDPXLWDDUYRNNDDNVLNRHWWXMDDVLRLWDMRLWD NXWVXWDDQP\|VDUYRLNVL7XUXQHQ
$UYRWRYDWQlN\PlWW|PLlLOPL|LWlMRWNDLOPHQHYlWLKPLVWHQSXKHLVVDMDNl\W Wl\W\PLVHVVl$UYRWPllULWWlYlWVHQPLVWlPHSLGlPPHWDLHPPHSLGl +LUVMlUYLD$UYRRULHQWDDWLRWDLDUYRWLHWRLVXXVWDUNRLWWDDLKPLVHQ DVHQQRLWXPLVWDWDLVXKWDXWXPLVWDDUYRLKLQ,KPLVWHQWRLPLQWDDMDVLVlLVWlHOl PllOXRQQHKWLLVHPLWlDUYRMDKlQSLWllWlUNHLQlMDPLQNlPHUNLW\NVHQKlQ DUYRLOOHDQWDD3XROLPDWND7XUXQHQ$UYRWPllULW WHOHYlWDLQDDVLRLGHQSDUHPPXXVMlUMHVW\NVHQHOLSUHIHUHQVVLUHODDWLRQMRLGHQ SRKMDOWDDVLDWYRLGDDQMlUMHVWllDUYRNNDLPPDVWDYlKLWHQDUYRNNDDVHHQ1XU PL
.DVYDWXNVHQWHRULDDONDD\OHHQVlWDYRLWWHLGHQMDSllPllULHQDVHWWHOXVWD MRWNDLOPHQWlYlW¿ORVR¿VWDDVHQQHWWDMDKHLMDVWHOHYDW\OHLVLl¿ORVR¿VLDOlK W|NRKWLD.DVYDWXVWHRULDSHUXVWXXDUYRLKLQQRUPHLKLQMDLKDQWHLVLLQMRWND
LOPDLVHYDWPLWlSLGHWllQK\YlQlMDPLWlSDKDQD9HVWHUJDDUG\P 9DOOLWVHYDLKPLVNlVLW\VRKMDDVHNlNDVYDWXNVHQHWWlHULW\LVNDVYDWXNVHQSll PllULHQV\QW\PLVWl$KYHQDLQHQ\P
<KWHLVNXQQDQDUYRPDDLOPDKHLMDVWXXVLLKHQPLWHQNDVYDWXVMDNRXOXWXVMlU MHVWHOPllNHKLWHWllQNDVYDWXVWDWRWHXWHWDDQMDPLWlNDVYDWXNVHVWDDMDWHO ODDQ.RXOXWXVSROLWLLNDQDUYRYDOLQQDWQlN\YlWWRLPLQWDDRKMDDYDVVDODLQVll GlQQ|VVlVHNlRSHWXVVXXQQLWHOPLHQSHUXVWHLVVD%URWKHUXV+\W|QHQ .URNIRUV8XVLN\Ol $WMRQHQ
.DVYDWWDMDQWDYRLWWHHQDRQS\UNLlVXKWHXWWDPDDQNDVYDWXVWDYRLWWHHQVDRE MHNWLLYLVHVWLSlWHYLLQDUYRLKLQMDNDVYDWXVWDYRLWWHLWDPllULWHOOHVVllQKlQHQ WXOHHRWWDDKXRPLRRQVHNlNDVYDWHWWDYDQHWWlYDOOLWVHYDQ\KWHLVNXQQDQDUYRW 3XROLPDWND(ULVLVlOW|LVHWDUYRWRQS\ULWWlYlVDDPDDQVDPDOOH DVWHLNROOHSllW|NVHQWHNRDYDUWHQ1XUPL.DVYDWXNVHQWDYRLWHHOL SllPllUlHGHOO\WWllNlVLW\VWlVLLWlPLOODLVWDRQDUYRNDVLKPLVHOlPl.DV YDWXNVHQWDUNRLWXNVHQDRQRKMDWDRSLVNHOLMDDUYRNNDLVLLQWRLPLQWRLKLQMRWND NHKLWWlYlWKlQHQWDLSXPXNVLDDQVLWHQHWWlKlQHOOlRQHGHOO\W\NVHWHOllPLH OHNlVWlMDPRQLSXROLVWDHOlPll3XROLPDWND.DVYDWXVRQDUYRLKLQ OLLWW\YllWRLPLQWDDMRQNDSHUXVWDRQLKPLVNlVLW\NVHVVl$UYRPDDLOPDPPHMD NlVLW\NVHPPHLKPLVHVWlYDLNXWWDYDWVLLKHQPLWlQlHPPHPLWHQDVLDWWXONLW VHPPHMDPLWHQWRLPLPPH$KYHQDLQHQ\P
(ULW\LVSHGDJRJLLNDQWDYRLWWHHQDMDWHKWlYlQlRQOLVlWlLKPLVWHQWLHWRLVXXWWD HULW\LVRSHWXNVHQPDKGROOLVXXNVLVWDMRWWDRSSLPLVYDLNHXNVLHQHQQDOWDHKNlL VHPLVHHQMDNRUMDDPLVHHQO|\W\LVLULLWWlYlVWLUHVXUVVHMDMDYRLPDYDURMD(UL W\LVRSHWXNVHQWDYRLWWHHQDRQP\|VOLVlWlLKPLVWHQVXYDLWVHYDLVXXWWD6XYDLW VHYDLVXXGHQNDXWWDP\|VHULODLVXXGHQVLHWlPLQHQ\KWHLVNXQQDVVDOLVllQW\\
MDHULODLVHQHULVWlPLVHQHVLPWXUKLHQODLWRVVLMRLWXVWHQPllUlYlKHQHH,NR QHQ(ULW\LVRSHWXNVHQDUYRSRKMDDQOLLWW\YlNHVNHLQHQKDDVWHRQWR GHOOLVHQYXRURSXKHOXQUDNHQWDPLQHQHULODLVWHQLKPLVWHQNRXOXWXVMlUMHVWHOPlQ HULLQWUHVVLU\KPLHQMDNXOWWXXULHQYlOLOOH7DYRLWWHHQDRQHULU\KPLHQYlOLVHVVl YXRURYDLNXWXNVHVVDV\QW\YlPRUDDOLNlVLW\VMRVWDNl\WHWllQSRVWPRGHUQLQ HWLLNDQSLLULVVlQLPLW\VWlPRUDDOLQHQ\KWHLV\PPlUU\V$KYHQDLQHQ\P
<NVLO|QNDQQDOWDHULW\LVRSHWXNVHQSHULPPlLVHQlWDYRLWWHHQDRQDXWWDD SHGDJRJLVHVWLSRLNNHDYDDKHQNLO|lNDVYDWXNVHOOLVLQNHLQRLQNHKLWW\PllQ\N VLO|OOLVWHQNHKLW\VUHVXUVVLHQVDPXNDLVHVWL$KYHQDLQHQ
$UYRWMDWRVLDVLDWYRLYDWWRLPLDYXRURYDLNXWXNVHVVDVLWHQHWWlDUYRWYRLYDW PXRNDWDWRVLDVLRLWDHVLPOLVlWlVXYDLWVHYDLVXXWWDMDDQWDDQLLOOHXXGHQVXXQ QDQ5DNHQWDYDWDUYRWRYDWQl\WWlPlVVlVXXQWDDDVWHLWWDLVLOOHPXXWRNVLOOHMD DUYRMDNRUMDWDDQNRNRDMDQVDDWXMHQNRNHPXVWHQSRKMDOWD3XROLPDWND .DVYDWXNVHQWRGHOOLVXXVRQMDWNXYDVWLPXXWWXYDDMDWLHWW\\QUDMDDQ VDDNNDPXXWHWWDYLVVDROHYDDMRWHQQlPlVHLNDWDVHWWDYDWDUYRWNHVNHLVHHQ DVHPDDQNDVYDWXVWLHWHHVVl+LUVMlUYLE
(ULW\LVSHGDJRJLLNDVVDDUYRMHQSHUXVWDRQNl\WlQQ|OOLV\\VPLNlPHUNLWVHH VLWlHWWlDUYRMHQVRYHOWDPLQHQHGHOO\WWllNl\WlQQ|OOLVWlNRNHLOXDMDHPSLLULVWl
WDNDLVLQN\WNHQWll7lPlWRLPLQWDSHUXVWXXDUYRMHQDVWHLWWDLVHHQNl\WlQW||Q VRYHOWDPLVHHQVRYHOOXVWDSRMHQDUYLRLQWLLQMDYDOPLXWHHQRSSLDNRNHPXNVLVWD .DVYDWXVHLYRLNXLWHQNDDQWRLPLDSHONlVWllQDUYRMHQQlN|NXOPDVWDNRVND VLWlPllULWWlYlWP\|VHULODLVHW\KWHLVNXQQDQNDVYDWXVWRLPLQQDOOHDVHWWDPDW QRUPLW3XROLPDWND,NRQHQ2SHWWDPLVHQMD RSSLPLVHQDUYRSRKMDVWDQRXVHYDWQHSHUXVWHHWMRWNDRKMDDYDWWDYRLWWHLGHQ DVHWWDPLVWDHOLVHQLOPDLVHPLVWDPLKLQS\ULWllQMDPLQNlWDNLD7DYRLWWHHW WRLPLQQDQVXXQQLWWHOXXQWRWHXWWDPLVHHQMDDUYLRLQWLLQYDOLWDDQVHNlRSHWXV VXXQQLWHOPLHQHWWlRPLHQDUYRVWXVWHQMDNDVYDWXVNlVLW\VWHQSRKMDOWD%URW KHUXV8XVLN\Ol $WMRQHQ
4UOTTAAJAKITEYTTÛÛ ARVOJAHUOLEHTII JATKUVUUDESTA )$%/,/')!
ARVOJENJOUKKO
+!36!453 3UUNTAAJA
OHJAAVALINTOJA
.89,2,GHRORJLDQDUYRMHQMDNDVYDWXNVHQYXRURYDLNXWXV+LUVMlUYL +XW WXQHQ
9DPPDLVWHQYDOPHQWDYDQMDNXQWRXWWDYDQRSHWXNVHQMDRKMDXNVHQRSHWXV VXXQQLWHOPDQPXNDDQNHVNHLVLlDUYROlKW|NRKWLDRYDWWDVDDUYRGHPRNUDWLD NRGLQMDSHUKHHQDUYRVWXVYDVWXXOlKLPPlLVLVWlVXYDLWVHYDLVXXVW\|QNXQ QLRLWWDPLQHQNDQVDOOLQHQNXOWWXXULSHULQW|MDNDQVDLQYlOLV\\V$UYRWLOPHQHYlW MDWRWHXWXYDWNRXOXQSlLYLWWlLVHVVlWRLPLQQDVVD<KWHLVHWDUYRWMDWDYRLWWHHW NXXOXYDWRVDNVLRSSLODLWRNVHQRSHWXVVXXQQLWHOPDD2SHWXVKDOOLWXV OLLWHRVDV
.HVNXVSXLVWRQDPPDWWLRSLVWRQNRXOXNRKWDLVHWDUYRWRYDW\KWHLVHWNRXOX WXNVHQMlUMHVWlMlQ2UWRQ,QYDOLVLGllWL|QNDQVVD$UYRWMDNDDQWXYDWNDKWHHQ RVDDQ
7RLPLQQDQSHUXVWDQDROHYDWHHWWLVHWSHULDDWWHHW
<NVLO|OOLV\\V
.XQQLRLWDPPH\NVLO|QSHUXVDUYRMDSllPllULlMDS\UNLP\NVLlQLLQDVLDNDV VXKWHLVVDNXLQDPPDWLOOLVLVVD\KWHLVW\|VXKWHLVVD.XQQLRLWDPPHWRLVLDPPH MDWRLVWHPPHDPPDWLOOLVWDRVDDPLVWD
$VLDNDVOlKW|LV\\V
$VLDNNDDQK\YlMDDVLDOOLQHQSDOYHOXRQKHQNLO|VW|PPHNDLNHQWRLPLQQDQ OlKW|NRKWDQD$PPDWWLODLVWHQHULW\LVWLHWlP\VWlNl\WHWllQMRXVWDYDVWLDVLDN NDDQK\YlNVLDVLDNNDDQWDUSHLVWDOlKWLHQ
7RLPLQWDDRKMDDYDWSHULDDWWHHW -DWNXYDRSSLPLQHQMDNHKLWW\PLQHQ
3DQRVWDPPHKHQNLO|VW|QMDWNXYDDQDPPDWLOOLVHHQNHKLWW\PLVHHQMDW\|VVl MDNVDPLVHHQNRXOXWXNVHQW\|WHUYH\VSDOYHOXLGHQYLULNHMDYLUNLVW\VWRLPLQQDQ DYXOOD7XHPPHU\KPlMDWLLPLWRLPLQQDQHGHOOHHQNHKLWWlPLVWlW\|\KWHLV|V VlPPH
/DDWXWLHWRLVXXVMDOXRWHWWDYXXV
.HKLWlPPHMDWNXYDVWLPHQHWHOPLlPPHMDWRLPLQWDWDSRMDPPH.HKLWlPPH SDOYHOXWRLPLQWDPPHODDWXD\KWHLVW\|VVlDVLDNNDLGHPPHNDQVVD+HQNLO|VW|
Nl\WWllRPDQDOXHHQVDDPPDWLOOLVWDWLHWlP\VWlUDWNRHVVDDQDVLDNNDDQNDQV VD\KWHLVW\|VVlRQJHOPLD$PPDWLOOLVHHQRVDDPLVHHPPHYRLOXRWWDD
$YRLPXXVMD\KWHLVW\|
3\ULPPH\KGHVVlOXRPDDQW\|\KWHLV|QMRVVDYRLPPHUHKHOOLVHVWLMDUHDOLVWL VHVWLDUYLRLGDWRLPLQWDDPPHMDHVLWWllUDNHQWDYDDNULWLLNNLl3\ULPPHMRXVWD YDDQMDUDNHQWDYDDQ\KWHLVW\|K|QNDLNHVVDWRLPLQQDVVDPPH
/XRYXXVMDLQQRYDWLLYLVXXV
$QQDPPHWLODDOXRYXXGHOOHSDOYHOXMHQNHKLWWlPLVHVVlDVLDNDVW\|VNHQWHO\V VlMDKHQNLO|VW|QMDNVDPLVWDWXNHYLVVDWRLPLQQRLVVD<PPlUUlPPHYLLKW\L V\\GHQPHUNLW\NVHQRVDQDDVLDNNDLGHPPHMDKHQNLO|VW|PPHK\YLQYRLQWLD 7XORNVHOOLVXXV
3\ULPPHK\YLLQWRLPLQQDOOLVLLQMDWDORXGHOOLVLLQWXORNVLLQ
.HVNXVSXLVWRQDPPDWWLRSLVWRVVDWRWHXWHWWDYDQYDPPDLVWHQYDOPHQWDYDQMD NXQWRXWWDYDQRSHWXNVHQMDRKMDXNVHQKXPDQLVWLQHQLKPLVNlVLW\VPHUNLWVHH
\NVLO|QHULODLVXXGHQNXQQLRLWWDPLVWDMDKXRPLRRQRWWDPLVWDNDLNHVVDNDVYD WXNVHVVDMDRSHWXNVHVVD2SHWXNVHQWDYRLWWHHQDRQHWWlRSLVNHOLMDDRKMD WDDQKlQHQLQKLPLOOLVWHQPDKGROOLVXXNVLHQVDPDNVLPDDOLVHVVDNHKLWWlPLVHV VlMRWWDRSLVNHOLMDYRLWRWHXWWDDLQKLPLOOLVWlDUYRNNXXWWDDQVHQNDLNLVVDPXR GRLVVDDQPDKGROOLVLPPDQK\YLQ2SHWXVVXXQQLWHOPDWUDNHQQHWDDQVLWHQHWWl QHDQWDYDWMRNDLVHOOHRSLVNHOLMDOOHPDKGROOLVXXGHQRSSLPLVHHQMDNDVYXXQ RPLVWD\NVLO|OOLVLVWlHGHOO\W\NVLVWlOlKWLHQ7lPlHGHOO\WWllRSHWXVRKMHOPLHQ
\NVLO|OOLVWlPLVWl+2-.6QNDXWWD
787.,08.6(17(25((77,1(17$867$
$XWLVPLQNLUMR
$XWLVPLQNLUMRVVDRQN\V\P\VPRQLPXRWRLVHVWDMD\NVLO|OOLVHVWlNl\WWl\W\PLV NXYDVWDMRNDNRRVWXXWLHW\LVWlSLLUWHLVWl<NVLO|OOLVLLQSLLUWHLVLLQYDLNXWWDDLNl NHKLW\VWDVRlO\NN\\VNDSDVLWHHWWLVHNlPDKGROOLVHWPXXWVDLUDXGHQMDYDP PDW.DVNL0DQQLQHQ0|OVl 3LKNR+REVRQNl\WWllQLPLW\VWl DXWLVPLQVDWHHQYDUMRNRVNDDXWLVPLQNLUMRVVDHLROHN\VHWDUNNDDQUDMDWXVWD VDLUDXGHVWDYDDQWLHW\LVWlSLLUWHLVWlNRRVWXYDVWDRLUH\KW\PlVWlMRNDRQ\NVL O|OOLQHQMDPRQLPXRWRLQHQ+REVRQ$XWLVPLQNLUMRQVDWHHQYDUMRQ DOOHNXXOXYDWPPDXWLVPL$VSHUJHULQRLUH\KW\Pl5HWWLQRLUH\KW\PlPXXW DXWLVPLQNDOWDLVHWWLODWMDDXWLVWLVHWSLLUWHHW*LOOEHUJE2]RQRII 5R JHUV
$XWLVPLQNLUMRQGLDJQRRVLWXOLVLVDDGDPDKGROOLVLPPDQYDUKDLQMRWWDKRLGROOD MDYDUKDLVNXQWRXWXNVHOODN\HWWlLVLLQSDUDQWDPDDQWRLPLQWDPDKGROOLVXXNVLD ROHQQDLVHVWL.DVNL\P7DPPLQHQ1HZPDQ -HQVHQ[Y1HXYRQWDMDSHGDJRJLHQDSXYRLYDWOXXOWDYDVWLYlKHQWll YDPPDLVXXGHQDVWHWWDP\|KHPPlVVlHOlPlVVlMDQHXYRQQDQDYXOODYRL GDDQOLVlNVLPXXWWDD\PSlULVW|QDVHQWHLWDVHNlOLVlWl\PPlUU\VWlDXWLVPLQ NLUMRQKHQNLO|LWlNRKWDDQ*LOOEHUJE
$XWLVPLQNLUMRQGLDJQRVRLQWLSHUXVWXXW\\SLOOLVWHQNl\WWl\W\PLVSLLUWHLGHQMRL WDNXWVXWDDQP\|VQVDXWLVWLVHNVLWULDGLNVLWRWHDPLVHHQ3LLUWHHWNlVLWWlYlW ODDGXOOLVLDSXXWWHLWDNRPPXQLNDDWLRVVDVRVLDDOLVHVVDNDQVVDNl\PLVHVVlMD Nl\WWl\W\PLVHVVl'LDJQRRVLVVDLOPRLWHWDDQPDKGROOLQHQWXQQHWWXOLVlVDLUDXV HULNVHHQ/LQQD
$XWLVPLQNLUMRQGLDJQRVRLQWLLQNl\WHWllQWlOOlKHWNHOOlNDKWDNDQVDLQYlOLVHVWL K\YlNV\WW\lOllNHWLHWHHOOLVWlGLDJQRVRLQWLPHQHWHOPllMRWNDRYDW
0DDLOPDQWHUYH\VMlUMHVW|QOXRNLWXV,&'7KH:RUOG+HDOWK 2UJDQL]DWLRQV,QWHUQDWLRQDO6WDWLVWLFDO&ODVVL¿FDWLRQRI'LVHDVHV DQG5HODWHG+HDOWK3UREOHPVMD
'60,97KH$PHULFDQ3V\FKLDWULF$VVRFLDWLRQV'LDJQRVWLFDQG 6WDWLVWLFDOPDQXDO
3V\\NNLVHQNHKLW\NVHQKlLUL|W))
7DXWLOXRNLWXV,&'OXRNLWWHOHHDXWLVPLQNLUMRQKlLUL|WRVDNVLSV\\NNLVHQNH KLW\NVHQKlLUL|LWl))3V\\NNLVHQNHKLW\NVHQKlLUL|LOOHRQ\KWHLVWl DDLQDODSVXXWHHQVLMRLWWXYDDONX
ENHVNXVKHUPRVWRQELRORJLVHHQN\SV\PLVHHQOLLWW\YlWNHKLW\NVHQ HVW\PlWWDLYLLYlVW\PlWMD
FWDVDLQHQNXONXLOPDQRLUHLGHQOLHYHQHPLVMDSDKHQHPLVYDLKHLWD
67$.(6
+lLUL\W\QHLWlWRLPLQWRMDRYDWSXKHDYDUXXGHOOLVWDKDKPRWWDPLVWDHGHOO\WWlYlW WDLGRWVHNlOLKDVWHQPRWRULQHQ\KWHLVWRLPLQWD7DYDOOLVHVWLKlLUL|RQROOXWROH PDVVDQLLQYDUKDLVHVWDYDLKHHVWDDVWLNXLQRQPDKGROOLVWDOXRWHWWDYDVWLKD
YDLWDLOPDQHGHOWlYllQRUPDDOLDNHKLW\VWl+lLUL|OLHYHQHHODSVHQNDVYDHVVD SLHQLlSXXWWHLWDYRLVlLO\lDLNXLVLNllQNLQ8VHDWQlLVWlKlLUL|LVWlRYDWPRQWD NHUWDD\OHLVHPSLlSRMLOODNXLQW\W|LOOl67$.(6
.HKLW\VKlLUL|LOOHRQW\\SLOOLVWlHWWlVXNXDQDPQHHVLVVDVDPDQODLVHWWDLVD PDQVXNXLVHWKlLUL|WRYDW\OHLVLl2QWRGHQQlN|LVWlHWWlJHQHHWWLVWHQWHNLM|L GHQYDLNXWXVRQVXXULPRQLVVDPXWWDHLNDLNLVVDWDSDXNVLVVD<PSlULVW|WHNL MlWYDLNXWWDYDWKlLUL\W\QHLVLLQNHKLW\VWRLPLQWRLKLQPXWWDVXXULPPDVVDRVDVVD WDSDXNVLDQHHLYlWROHWlUNHLQYDLNXWWDMD+lLUL|LGHQ\OHLVLVWlNlVLWWHLVWlROODDQ PHONR\NVLPLHOLVLlPXWWDXVHLPSLHQHWLRORJLDRQWXQWHPDWRQHLYlWNlNHKLW\V KlLUL|LGHQUDMDWMDMDRWDODU\KPLLQROHVHOYLl67$.(6
5\KPlVLVlOWllOLVlNVLNDKGHQW\\SSLVLlWLORMDMRWNDHLYlWWl\VLQWl\WlHGHOOl HVLWHWW\lPllULWHOPll
+lLUL|LWlMRLVVDRQHGHOWlYlQRUPDDOLQNHKLW\NVHQYDLKHNXWHQPXX ODSVXXVLlQSHUVRRQDOOLVXXWWDKDMRWWDYDGLVLQWHJUDWLLYLQHQNHKLW\V KlLUL|)/DQGDX.OHIIQHULQKlLUL|)MDRVDDXWLVWLVLVWD KlLUL|LVWl1lPlKlLUL|WRQRWHWWXPXNDDQNRVNDQLLGHQRLUHLVVDMD NXOXVVDRQPRQLDVDPDQNDOWDLVXXNVLDNXLQNHKLW\VKlLUL|LVVlYDLN NDQLLGHQDONXRQNLQHULODLQHQ(LP\|VNllQWLHGHWlRYDWNRQHHWLROR JLVHVWLHULODLVLD
+lLUL|LWlMRWNDRYDWSllDVLDVVDSRLNNHDPLDNHKLW\VWRLPLQQRLVWDHL YlWNlNHKLW\VYLLYlVW\PLlHVLPDXWLVPL2VDDXWLVWLVWLVLVWDKlLUL|LVWl RQRWHWWXPXNDDQNRVNDQLLVVlRQOlKHVDLQDWRGHWWDYLVVDNHKLW\VYLL YlVW\PlYDLNNDKlLUL|PllULWHOWlLVLLQNLQNHKLW\NVHQSRLNNHDPDNVL
67$.(6
3V\\NNLVHQNHKLW\NVHQKlLUL|LKLQNXXOXYDW x )3XKHHQMDNLHOHQNHKLW\VKlLUL|W x )2SSLPLVN\Y\QKlLUL|W
x )0RWRULLNDQNHKLW\VKlLUL|
.HKLW\NVHOOLQHQG\VSUDNVLD .HKLW\NVHOOLQHQNRRUGLQDWLRKlLUL|
.|PSHO|QODSVHQRLUH\KW\Pl 3HLOLOLLNNHHW
x )0RQLPXRWRLVHWNHKLW\VKlLUL|W x )/DDMDDODLVHWNHKLW\VKlLUL|W x )0XXSV\\NNLQHQNHKLW\VKlLUL|
.HKLW\NVHOOLQHQDJQRVLD
x )0llULWWlPlW|QSV\\NNLQHQNHKLW\VKlLUL|
7DUNHPPLQPllULWWlPlW|QNHKLW\VKlLUL|67$.(6
/DDMDDODLVHWNHKLW\VKlLUL|W)
7DXWLOXRNLWXNVHQPXNDDQODDMDDODLVLOOHNHKLW\VKlLUL|LOOHRYDWOXRQWHHQRPDLVLD ODDGXOOLVHWSRLNNHDYXXGHWPROHPPLQSXROLVHVVDVRVLDDOLVHVVDYXRURYDLNX WXNVHVVDMDYLHVWLQQlVVlVHNlNDSHDDODLVHWNDDYDPDLVHWKDUUDVWXNVHWMD WRLPLQQRW1lPlODDGXOOLVHWSRLNNHDYXXGHWRYDWNDLNLVVDWLODQWHLVVDYDOOLWVHYD
WRLPLQWDSLLUUHYDLNNDQHYRLYDWDVWHHOWDDQYDLKGHOOD8VHLPPLWHQNHKLW\VRQ SRLNNHDYDDYDUKDLVHVWDODSVXXGHVWDDVWLMDWDYDOOLVHVWLKlLUL|LOPHQHHHQQHQ YXRGHQLNll-RQNLQDVWHLVWD\OHLVWlNRJQLWLLYLVWHQWRLPLQWRMHQKHLNNHQHPLVWl HVLLQW\\XVHLQPXWWHLDLQD+lLUL|WPllULWHOOllQlO\NN\\VLNllQQlKGHQSRLN NHDYDQNl\W|NVHQSHUXVWHHOOD+lLUL|LGHQDODMDRWWHOXHLROHWl\VLQYDNLLQWXQXW 6DPDQDLNDLVHWHOLPHOOLVHWVDLUDXGHWWDLlO\OOLQHQNHKLW\VYDPPDLVXXVLOPRLWH WDDQOLVlGLDJQRRVLQD+lLUL|LKLQOLLWW\YLVWlVDLUDXNVLVWDRYDW\OHLVLPSLlHKNl V\\WHNLM|LWlNLQLQIDQWLLOLWVSDVPLWNRQJHQLWDDOLQHQYLKXULURNNRVFOHURVLVWX EHURVDDLYRMHQOLSLGLDLQHHQYDLKGXQWDKlLUL|MDIUDJLOH;NURPRVRPLDQRPDOLD /DDMDDODLVLLQNHKLW\VKlLUL|LKLQNXXOXYDW
x )/DSVXXVLlQDXWLVPL x )(SlW\\SLOOLQHQDXWLVPL
x )$ONDPLVLlOWllQHSlW\\SLOOLQHQDXWLVPL x )2LUHLOWDDQHSlW\\SLOOLQHQDXWLVPL
x )6HNlDONDPLVLlOWllQHWWlRLUHLOWDDQHSlW\\SLOOLQHQDXWLVPL x )5HWWLQRLUH\KW\Pl
x )0XXODSVXXVLlQSHUVRRQDOOLVXXWWDKDMRWWDYD GLVLQWHJUDWLLYLQHQNHKLW\VKlLUL|
x )bO\OOLVHHQNHKLW\VYDPPDLVXXWHHQMDNDDYDPDLVLLQOLLNNHLVLLQ OLLWW\YlK\SHUDNWLLYLVXXVKlLUL|
x )$VSHUJHULQRLUH\KW\Pl
x )0XXODSVXXVLlQODDMDDODLQHQNHKLW\VKlLUL|
x )0llULWWlPlW|QODSVXXVLlQODDMDDODLQHQNHKLW\VKlLUL|
67$.(6
$XWLVPLQGLDJQRVRLQWL
7DXWLOXRNLWXV,&'OXRNLWWHOHHDXWLVPLQODDMDDODLVLLQNHKLW\VKlLUL|LKLQ )/DDMDDODLVHWNHKLW\VKlLUL|WHVLLQW\YlWYLHVWLQQlVVlMDVRVLDDOLVHVVD YXRURYDLNXWXNVHVVDODDGXOOLVLQDSRLNNHDYXXNVLQDVHNlNDDYDPDLVLQDND SHDDODLVLQDWRLPLQWRLQDMDKDUUDVWXNVLQD/DDGXOOLVHWSRLNNHDYXXGHWRYDWYDO OLWVHYLDWRLPLQWDSLLUWHLWlNDLNLVVDWLODQWHLVVDYDLNNDQLLGHQDVWHHWYRLYDWYDLK GHOOD7DYDOOLVHVWLKlLUL|LOPHQHHHQQHQYXRGHQLNllYDLNNDXVHLPPLWHQ NHKLW\VRQSRLNNHDYDDYDUKDLVHVWDODSVXXGHVWDVDDNND<OHLVWlNRJQLWLLYLVWHQ WRLPLQWRMHQMRQNLQWDVRLVWDKHLNNHQHPLVWlHVLLQW\\XVHLQPXWWDHLYlOWWlPlWWl DLQDbO\NN\\VLNllQQlKGHQSRLNNHDYDNl\W|VWRLPLLKlLUL|LGHQPllULWWHO\Q SHUXVWDQDYDLNNDDODMDRWWHOXHLROHNDDQWl\VLQYDNLLQWXQXW/LVlGLDJQRRVLQD LOPRLWHWDDQVDPDQDLNDLVHWHOLPHOOLVHWVDLUDXGHWWDLlO\OOLQHQNHKLW\VYDPPDL VXXV67$.(6
$XWLVPLQGLDJQRVWLVHWNULWHHULWRYDW
9LLYlVW\Q\WWDLSRLNNHDYDNHKLW\VHQQHQNROPHQYXRGHQLNllYlKLQWllQ
\KGHOOlVHXUDDYLVWDDOXHLVWD
x SXKHHQWXRWWDPLQHQMD\PPlUWlPLQHQVRVLDDOLVHVVDYLHVWLQQlVVl x PROHPPLQSXROLVHQVRVLDDOLVHQYXRURYDLNXWXNVHQMD YDOLNRLYLHQVRVLDDOLVWHQNLLQW\P\VVXKWHLGHQNHKLWW\PLQHQ
x YHUWDXVNXYDOOLQHQWDLWRLPLQQDOOLQHQOHLNNL
9lKLQWllQNXXVLRLUHWWDU\KPLVWlDEMDFVLWHQHWWlYlKLQWllQNDNVLRLUHWWD
U\KPlVWlDVHNlYlKLQWllQ\NVLRLUHU\KPLVWlEMDF
D0ROHPPLQSXROLVHVVDVRVLDDOLVHVVDYXRURYDLNXWXNVHVVDODDGXOOLVLD SRLNNHDYXXNVLDYlKLQWllQNDKGHOODVHXUDDYLVWDDOXHLVWD
x HLS\VW\Nl\WWlPllQWDUNRLWXNVHQPXNDLVHVWLNDWVHNRQWDNWLDNDVYR MHQLOPHLWlYDUWDORQDVHQWRDMDOLLNHWWlVllGHOOlNVHHQVRVLDDOLVWDYXR URYDLNXWXVWD
x HLS\VW\OXRPDDQNHKLW\VWDVRDDQYDVWDDYLDNDYHUXXVVXKWHLWDVDPDQ LNlLVLLQMRLVVDPROHPPLQSXROLVWDWRLPLQWRMHQKDUUDVWXVWHQMDWXQWHL GHQMDNDPLVWDKXROLPDWWDPDKGROOLVXXNVLVWD
x SXXWHVRVLRHPRWLRQDDOLVHVVDYDVWDYXRURLVXXGHVVDPLNlQlN\\
KHLNHQW\QHHQlWDLSRLNNHDYDQDUHDNWLRQDWRLVWHQWXQWHLOOHWDLSXXWH Nl\W|NVHQVRYHOWDPLVHVVDVRVLDDOLVHQ\PSlULVW|QPXNDDQWDLKHLN NRHPRWLRQDDOLVHQVRVLDDOLVHQMDNRPPXQLNDWLLYLVHQNl\WWl\W\PLVHQ LQWHJUDDWLR
x HLHWVLVSRQWDDQLVWLPDKGROOLVXXNVLDMDNDDLORDVDDYXWXNVLDWDLKDU UDVWXNVLDWRLVWHQNDQVVDRPLHQNLLQQRVWXNVHQNRKWHLGHQHVLWWHO\WRL VHOOHSXXWWXX
E.RPPXQLNDDWLRVVDODDGXOOLVLDSRLNNHDYXXNVLDYlKLQWllQ\KGHOOlVHX UDDYLVWDDOXHLVWD
x NHKLW\NVHQYLLYlVW\PlSXKXWXVVDNLHOHVVlWDLSXKHHQWl\GHOOLQHQ SXXWWXPLQHQLOPDQ\ULW\VWlNRUYDWDSXXWHYDLKWRHKWRLVLOODYLHVWLQWl WDYRLOODNXWHQPDWNLPLVHOODWDLHOHLOOlXVHLQHGHOWlYlVWLSXXWWXQXW NRPPXQLNDWLLYLQHQMRNHOWHOX
x N\N\DORLWWDDWDL\OOlSLWllYDVWDYXRURLVWDNHVNXVWHOXDWRLVHQNDQVVD RQPHUNLWWlYlVWLKHLNHQW\Q\WNLHOHOOLVHWWDLGRWYRLYDWROODULLWWlYlW
x NLHOHQNl\WW|NDDYDPDLVWDMDWRLVWDYDDWDLRPLQWDNHLQHQVDQRMHQMD VDQDPXRWRMHQNl\WW|
x NHKLW\VWDVRQPXNDLVWHQVRVLDDOLVWHQMlOMLWWHO\OHLNNLHQMDVSRQWDDQLHQ NXYLWWHOXOHLNNLHQSXXWWXPLQHQ
F7RLVWDYDWUDMRLWWXQHHWMDNDDYDPDLVHWNl\W|VWDYDWWRLPLQQDWMD NLLQQRVWXNVHQNRKWHHWYlKLQWllQ\KGHOOlVHXUDDYLVWDDOXHLVWD
x NDLNHQNDWWDYDV\YHQW\PLQHQ\KWHHQWDLXVHDPSDDQVLVlOO|OWllSRLN NHDYDDQUDMRLWWXQHHVHHQMDNDDYDPDLVHHQPLHOHQNLLQQRQNRKWHH VHHQWDL\KWHHQWDLXVHDPSDDQVLVlOO|OWllQWDYDOOLVHHQPXWWDYRL PDNNXXGHOWDDQMDVHLNNDSHUlLVHOWlOXRQWHHOWDDQSRLNNHDYDDQPLH OHQNLLQQRQNRKWHHVHHQ
x SDNRQRPDLQHQWDUYHQRXGDWWDDHULW\LVLlHLWDUNRLWXNVHQPXNDLVLDULWX DDOHMDMDWRWWXPXNVLD
x WRLVWDYLDMDNDDYDPDLVLDPRWRULVLDPDQHHUHMDHVLPNRNRYDUWDORQ PRQLPXWNDLVLDOLLNNHLWlWDLNlGHQWDLVRUPHQKHLOXWWDPLVWDWDLYllQWH
O\l
x OHOXQNl\WW|WDUNRLWXNVHQKXRPLRWWDMlWWlPLQHQNRNRQDLVXXWHQDMD DOLWXLQHQV\YHQW\PLQHQOHOXMHQRVDWHNLM|LKLQNXWHQOHOXMHQSLQWDPDWH ULDDOLLQWXRNVXXQllQHHQWDLYlULQllQ
6HXUDDYLDVDLUDXNVLDHLGLDJQRVRLWDYLVVD
x VNLWVRIUHQLDMRVVDHSlWDYDOOLVHQDOKDLQHQDONDPLVLNl) x lO\OOLQHQNHKLW\VYDPPDLVXXVMRKRQOLLWW\\WXQQHWDLNHKLW\VKlLUL|
))
x SXKHHQ\PPlUWlPLVHQKlLUL|MRKRQOLLWW\\VRVLRHPRWLRQDDOLVLD KlLUL|LWl)
x 5HWWLQRLUH\KW\Pl)
x ODSVXXVLlQUHDNWLLYLQHQNLLQW\P\VVXKGHKlLUL|)
x ODSVXXVLlQHVWRWRQNLLQW\P\VVXKGHKlLUL|)67$.(6
$VSHUJHULQRLUH\KW\PlQGLDJQRVRLQWL
7DXWLOXRNLWXV,&'QPXNDDQ$VSHUJHULQRLUH\KW\PlQDVHPDGLDJQRVWLL NDVVDHLROHYDNLLQWXQXW$VSHUJHULQRLUH\KW\PlVVlRQVDPDQODLVLDODDGXOOLVLD VRVLDDOLVHQYXRURYDLNXWXNVHQSRLNNHDYXXNVLDNXLQDXWLVPLVVDVHNlPLHOHQ NLLQQRQNRKWHLGHQMDWRLPLQWRMHQUDMRLWWXQHLVXXWWDMDNDDYDPDLVWDWRLVWXYXXWWD 3RLNNHDYXXNVLOODRQVXXULWDLSXPXVVlLO\lQXRUXXVMDDLNXLVLNllQDVWLMDYDL NXWWDDVLOWlHWWlQHRYDW\NVLO|OOLVLlRPLQDLVXXNVLDMRLKLQ\PSlULVW|WHNLM|LOOl HLROHVXXUWDYDLNXWXVWD9DUKDLVHVVDDLNXLVXXGHVVDHVLLQW\\VDWXQQDLVHVWL SV\NRRWWLVLDMDNVRMD$XWLVPLVWDWlPlKlLUL|HURDDHQVLVLMDLVHVWLVLWHQHWWHL
\OHLVWlNLHOHQNHKLW\NVHQYLLYlVW\PllHLNlNRJQLWLLYLVHQNHKLW\NVHQYLLYlVW\
PllHVLLQQ\1lLOOlODSVLOODRQVLLVXVHLPPLWHQQRUPDDOL\OHLQHQlO\NN\\VWDVR PXWWDKXRPDWWDYDDN|PSHO\\WWl+lLUL|WlHVLLQW\\SllDVLDVVDSRMLOODQ 2QHULWWlLQWRGHQQlN|LVWlHWWlYlKLQWllQRVDKlLUL|LVWlRQDXWLVPLQOLHYLl PXRWRMDPXWWDWlVWlHLROHWl\WWlYDUPXXWWD
$VSHUJHULQRLUH\KW\PlQGLDJQRVWLVHWNULWHHULWRYDW
(LWRGHWDNOLLQLVHVWLPHUNLWWlYll\OHLVWlYLLYlVW\PllSXKHHQWXRWWDPLVHVVD WDL\PPlUWlPLVHVVlWDLNRJQLWLLYLVHVVDNHKLW\NVHVVl/DSVLSXKXX\NVLWWlLVLl VDQRMDNDKWHHQLNlYXRWHHQPHQQHVVlMDNl\WWllO\K\LWlODXVHLWDNROPHHQ LNlYXRWHHQPHQQHVVl2PDWRLPLVXXVVRSHXWXPLVNl\WWl\W\PLQHQMDXWHOLDL VXXV\PSlULVW||QHQVLPPlLVHQNROPHQYXRGHQDLNDQDRYDWQRUPDDOLDlO\N N\\VNHKLW\VWlYDVWDDYLD0RWRULVWHQYLUVWDQS\OYlLGHQVDDYXWWDPLQHQYRLROOD KLHPDQMlOMHVVlMDPRWRULQHQN|PSHO\\VRQWDYDOOLVWDYDLNNDNDDQHLYlOWWl PlW|QHGHOO\W\VGLDJQRRVLOOH<NVLWWlLVHWHULW\LVWDLGRWXVHLQ\KGHVVlSRLNNH DYDQDMDWXVWHQNHVNLWWlPLVHQNDQVVDRYDW\OHLVLlPXWWDHLYlWYlOWWlPlWW|PLl GLDJQRVWLVLDSLLUWHLWl
/DDGXOOLVLDSRLNNHDYXXNVLDPROHPPLQSXROLVHVVDVRVLDDOLVHVVDYXRURYDL NXWXNVHVVDNULWHHULWNXWHQDXWLVPLVVD
(SlWDYDOOLVHQLQWHQVLLYLVLlVHLNNDSHUlLVLlKDUUDVWXNVLDWDLUDMRLWWXQHLWD WRLVWXYLDMDNDDYDPDLVLDNl\W|VPDOOHMDPLHOHQNLLQQRQNRKWHLWDWDLWRLPLQWRMD NULWHHULWNXWHQDXWLVPLVVDPXWWDKDUYHPPLQHVLLQW\\PRWRULVLDPDQHHUHMDWDL DOLWXLVWDV\YHQW\PLVWlOHOXMHQRVDWHNLM|LKLQNRNRQDLVXXGHQMllGHVVlKXRPLRW WD
6HXUDDYLDVDLUDXNVLDHLYRLGDGLDJQRVRLGD
x 6NLWVRIUHQLDVLPSOH[) x 6NLWVRW\SDDOLQHQKlLUL|)
x 2EVHVVLLYLVNRPSXOVLLYLQHQKlLUL|) x $QDQNDVWLQHQSHUVRRQDOOLVXXVKlLUL|) x 0XXODDMDDODLQHQNHKLW\VKlLUL|))
x /DSVXXVLlQUHDNWLLYLQHQNLLQW\P\VVXKGHKlLUL|)
x /DSVXXVLlQHVWRWRQNLLQW\P\VVXKGHKlLUL|)67$.(6
7\\SLOOLVHWOLVlGLDJQRRVLWDXWLVPLQNLUMRQKHQNLO|OOl
$XWLVPLQNLUMRQKHQNLO|LOOlRQXVHLQDXWLVPLQNLUMRRQNXXOXYDQGLDJQRRVLQ OLVlNVLP\|VPXLWDOLVlGLDJQRRVHMD.RPPXQLNDDWLRQVRVLDDOLVHQYXRURYDL NXWXNVHQMDNXYLWWHHOOLVHQDMDWWHOXQRQJHOPDWHLYlWNXLWHQNDDQVHOLW\OLVlGLDJ QRRVLQDYXOODMRWHQDXWLVPLQNLUMRQGLDJQRRVLRQVLWHQWDUSHHOOLQHQRPDQD HULOOLVHQlGLDJQRRVLQDDQ3HHWHUV<OHLVLlDXWLVPLQNLUMRRQOLLWW\YLl OLVlGLDJQRRVHMD
x $'+'HOLWDUNNDDYDLVXXGHQKlLUL|MRKRQOLLWW\\\OLYLONNDXV x $''HOLWDUNNDDYDLVXXGHQKlLUL|MRKRQHLOLLW\\OLYLONNDXWWD x '\VJUD¿DHOLNHVNXVKHUPRVWRSHUlLQHQNLUMRLWWDPLVKlLUL|
x '\VOHNVLDHOLOXNHPLVKlLUL|RVLWWDLQHQN\Y\WW|P\\V\PPlUWllNLUMRL
WXVWD
x '\VSUDNVLDHOLWDKGRQDODLVWHQOLLNHVXRULWXVWHQMDHULW\LVHVWLQLLGHQ RKMDQQDQDLYRSHUlLQHQKlLUL|
x (NRODOLDHOLNDLNXSXKHMRVVDKHQNLO|OOlRQWDLSXPXVWRLVWDDlVNHQ NXXOWXDWRLVHQSXKHWWD
x (SLOHSVLDHOLDLYRMHQVlKN|LVHQWRLPLQQDQSXUNDXNVHQDLKHXWWDPD WDMXQQDQPRWRULLNDQMDNl\WWl\W\PLVHQNRKWDXNVHQRPDLQHQKlLUL|
x .HKLW\VYDPPD.HKLW\VYDPPDLVXXGHOODWDUNRLWHWDDQSHULQQ|OOLVHQ UDVNDXGHQDLNDLVHQWDLNHKLW\VLlVVlVDDGXQVDLUDXGHQYLDQWDLYDP PDQDLKHXWWDPDDKlLUL|WlMRNDHVWllWDLKlLULWVHHNHKLW\VWlWDLKHQNL VLlWRLPLQWRMD
x .\NHQHPlWW|P\\VWXQQLVWDDllQLlMD\PPlUWllNXXOHPDDQVD x 2&'HOLSDNNRRLUHLQHQKlLUL|
x 7RXUHWWHQRLUH\KW\Pl
<DSNR:LQWHU*LOOEHUJE
$XWLVPLQNLUMRQKHQNLO|LGHQDUYLRLQWLPHQHWHOPLl
$XWLVPLQNLUMRQKHQNLO|LGHQGLDJQRVRLQQLVVDYRLGDDQNl\WWllDSXQDOllNHWLH WHHOOLVLlDUYLRLQWLPHQHWHOPLlHULODLVLDWHVWHMlVHNlKDYDLQQRLQWLLQSHUXVWXYDD VHXUDQWDD/llNlULOOlRQROWDYDULLWWlYlVWLWLHWRDQ\N\WLODQWHHVWDMDPDKGROOL VLVWDWDXVWDWHNLM|LVWlMRWWDKlQNXOORLVHVVDNLQ\NVLWWlLVWDSDXNVHVVDN\NHQHH PXRGRVWDPDDQRLNHDQNlVLW\NVHQDVLDNNDDQWLODVWDGLDJQRRVLQPllULWWlPLV WlYDUWHQ
'LDJQRVRLQQLVVDNl\WHWWlYLlOllNHWLHWHHOOLVLlPHQHWHOPLl
$XWLVPLQNLUMRQGLDJQRVRLQWLDYDUWHQHLROHROHPDVVDRPLDOllNHWLHWHHOOLVLl WHVWHMlNXWHQJHHQLWHVWHMlYHULNRNHLWDWDLDLYRMHQNXYDQWDPLVPHQHWHOPLl
$XWLVPLQNLUMRQKHQNLO|LGHQGLDJQRVRLQQLQWXNHQDYRLGDDQNXLWHQNLQNl\WWll MRLWDNLQOllNHWLHWHHOOLVLlDUYLRLQWLPHQHWHOPLl
x NURPRVRPLWDL'1$WHVWLMRLWDNl\WHWllQ)UDJLOH;±V\QGURRPDQWDL NURPRVRPLSRLNNHDYXXNVLHQWDLJHHQLSRLNNHDYXXNVLHQDUYLRLQQLVVD x DLYRMHQNXYDQWDPLQHQHVLP&7WDL05,QHXURORJLVHQNXQQRQWXX
PRULHQWDLWXSHUNXORRVLQPllULWWlPLVHNVLMDDUYLRLPLVHNVL x U|QWJHQNXYDXV
x ((*WXWNLPXVHOLDLYRVlKN|Nl\UlQPLWWDXV x NXXORWHVWLMDWDL
x DLQHHQYDLKGXQQDQDUYLRLQWL
<DSNR*LOOEHUJE2]RQRII 5RJHUV
$XWLVPLQNLUMRQKHQNLO|LGHQDUYLRLQWLHQVXRULWWDMLD
$XWLVPLQNLUMRQKHQNLO|LGHQDUYLRLQWHMDVXRULWWDYDWXVHDWHULWDKRWMDSDUKDLP PLOODDQVHRQPRQLDPPDWLOOLVWD\KWHLVW\|Wl/llNlULWDUYLRLYDW\OHLVWlOllNH WLHWHHOOLVWlVWDWXVWDMDWDUYLWWDYDDOllNLW\VWl(ULNRLVOllNlULWYRLYDWWl\GHQWll
\OHLVOllNlULQDUYLRLQWLDHVLPQHXURORJLDQWDLDXGLRORJLDQRVDOWD3V\NRORJL VXRULWWDDNRJQLWLLYLVLDMDQHXURSV\NRORJLVLDDUYLRLQWHMD/LVlNVLDUYLRLQWHMDYRL YDWWl\GHQWllWHUDSHXWLWRSHWWDMDWVHNlDVLDNNDDQOlKLKHQNLO|W
7$8/8..2$XWLVPLQNLUMRQKHQNLO|LGHQDUYLRLQWLHQVXRULWWDMLD
$59,2,11,,16825,77$-$ $59,2,7$9$7$/8((7
/llNlUL /llNHWLHWHHOOLQHQVWDWXVMRKRQVLVlOW\\\OHLQHQ WHUYH\GHQWLODQDUYLRLQWLVHNlPDKGROOLQHQOllNLW\V 3V\NLDWUL /llNHWLHWHHOOLVHQMDQHXURORJLVHQVWDWXNVHQDUYLRLQWL 1HXURORJL 1HXURORJLQHQVWDWXVMDPDKGROOLVHW((*&7WDL05,±WHVWLW
VHNlDLQHHQYDLKGXQWD
$XGLRORJLDQHULNRLVOllNlUL $XGLWLLYLVHQYDVWDDQRWWDPLVHQWRLPLQQDQ WDUNNXXGHQMDNXXORLQIRUPDDWLRQNlVLWWHO\QDUYLRLQWL 3V\NRORJL .RJQLWLLYLVHWMDQHXURSV\NRORJLVHWDUYLRLQQLW
HVLP:,6&MD:$,6±DVWHLNRW
3XKHWHUDSHXWWL .LHOHQMDSXKHHQDUYLRLQWLNLHOHOOLVLOOlWHVWHLOOl KDYDLQQRLPDOODMDKDDVWDWWHOHPDOOD
)\VLRWHUDSHXWWL 0RWRULVWHQWDLWRMHQDUYLRLQWL
2SHWWDMD /XRNNDWLODQWHHVVDVXRULWHWWDYDKDYDLQQRLQWLDNDWHHPLVLVWD WDLGRLVWDVRVLDDOLVLVWDWDLGRLVWDPRWRULVLVWDWDLGRLVWDKD YDLQQRLQQLVWDMDNl\WWl\W\PLVHVWl
$NDWHHPLVLDWDLWRMDYRLGDDQDUYLRLGDHVLPOXNHPLVHQ NLUMRLWWDPLVHQWDLPDWHPDDWWLVWHQWDLWRMHQDUYLRLQWLLQWDUNRL WHWXLOODVWDQGDUGRLGXLOODWHVWHLOOl
$XWLVPLQNLUMRQV\\\KWH\GHW
$XWLVPLQNLUMROOHHLROHO|\GHWW\\NVLVHOLWWHLVWlVHOLWWlMllYDDQROHPDVVDRQ XVHDPSLDYDLKWRHKWRLVLDPDOOHMD.XYLRNXWHQQHXURORJLVHWMDQHXURSV\
NRORJLVHWSRLNNHDYXXGHWSV\\NNLQHQYDPPDYLUXNVHQDLKHXWWDPDWVDLUDXGHW WDLVLNL|DLNDLVHWNHKLW\VKlLUL|W+REVRQ)ULWK:LQJ 6HLIHUWQRVWDDHVLLQP\|V\PSlULVW||QOLLWW\YlWWHNLMlWDXWLVPLQ HWLRORJLVHQDVHOLWWlMlQl6HLIHUW$XWLVPLQNLUMRQPRQLQDLQHQRLUHLV WRYRLROOD\NVLV\\VLLKHQHWWlNDLNHQNDWWDYDDWHRULDDHLROHO|\W\Q\Wb\VW|
.89,2$XWLVPLQV\\\KWH\GHWQ\N\NlVLW\NVHQPXNDDQMDRSSLPLVHQPHUNL W\V.HURODQPXNDHOPD+DSSpQHVLW\VWHQSRKMDOWD.HUROD
!54)3-). +)2*/. 0%253/.'%,-)%. 42)!$)
3OSIAALISESSAKEHITYKSESSÛ +OMMUNIKAATIOSSA +UVITTEELLISESSAAJATTELUSSA
.%52/")/,/').%. +%()493
'EENIVIRHE 6IRUS 6AMMA
!IVOJENAINEENVAIHDUNNANHÛIRIT !IVOJENTOIMINNALLISETHÛIRIT
!ISTIHAVAINTOJENJAAISTIMUSTENKÛSITTELYNPULMAT
+/'.)4))6).%.+%()493 4HEORYOF-IND
-IELENTEORIAVAIKEUS YMMÛRTÛÛTOISENAJATUKSIA TUNTEITAMIELTÛ
+OHERENSSITEORIA HAVAITSEMISENJAAJATTELUN PIRSTALEISUUSKOKONAISUUKSIEN HAHMOTTAMISENVAIKEUS
%KSEKUTIIVINENTEORIA TOIMEENPANEMISEN TOIMINNANALOITTAMISENJA OHJAAMISENPULMA
/00)-)3%.6!)+5453 VOIJOKOLISÛTÛTAIVÛHENTÛÛOIREITA /PPIMIS
KOKEMUKSET
+YPSYMIS PROSESSI
(ARJAANTUMINEN RUTIINIT
+OMPENSOINTI KASVATUKSENTEHO
-OTIVAATIO PALKITSEVUUS
!54)34)3%.!+Ç944Ç949-)3%.Ç),-%.%6Ç4/)2%%4 )LMEETT
MYYSEI YMMÛRRÛ ELEKIELTÛ
/MAEHTOI SUUS
+ÛSIEN RÛPYTTELY
%IKÛYTÛ EIYMMÛR RÛKIELTÛ
!GGRESSIIVI SELTAVAIKUT TAVASOSIAA LINEN KONTAKTI )TSE
STIMULAATIO
/MISSA OLOISSAAN
OLEMINEN 3OSIAALISTEN TAITOJEN PUUTE
4OISTELU ÇÛNTELY
+ONKREETTI NENYM MÛRTÛMI NEN
3TEREO TYPIAT
*ÛRJESTÛ MISPAKKO 2ITUAALIT
3ILMIEN KORVIEN PAINAMINEN +ÛDEN PUREMINEN
!PAATTISUUS 9LIVILKKAUS
1HXURELRORJLQHQNHKLW\V
.89,21HXURELRORJLQHQNHKLW\V.HUROD
)ULWKWRWHDDHWWlDXWLVPLRQNHKLW\NVHOOLQHQKlLUL|MRNDRQVHXUDXVWDRUJDDQL VHQWRLPLQQDQSXXWWHLVWD$LKHXWWDMDQDYRLYDWROODQHXURORJLVWHQUDNHQWHLGHQ SRLNNHDYDNHKLW\VDLYRMHQDLQHHQYDLKGXQQDQKlLUL|PDKGROOLQHQJHHQLYLUKH YLUXVLQIHNWLRWDLUDVNDXGHQDLNDLVHWNHKLW\VKlLUL|W)ULWK)ULWKLQ HVLWWlPLVWlQlNHP\NVLVWlDVLDRQKLOMDOOHHQWDUNHQWXQXW9DUKDLVODSVXXGHQ DXWLVPLVVDRQN\V\P\VQHXURORJLVHVWDKlLUL|VWlMRNDMRKWXXSLNNXDLYRLVVD MDSllODNLORKNRLVVDHVLLQW\YLVWlQHXURI\VLRORJLVLVWDDQDWRPLVLVWDMDEHKD YLRUDDOLVLVWDSRLNNHDYXXNVLVWD&RXUFKHVQH6DPDWQlNHP\NVHW SlWHYlWP\|V$VSHUJHULQRLUH\KW\PllQMDPXLKLQDXWLVPLQVXNXLVLLQKlLUL|LKLQ
*LOOEHUJE
1HXURSV\NRORJLVHWQHXURSDWRORJLVHWMDNOLLQLVHWO|\G|NVHWDXWLVWLVLOODODSVLOOD VHNlDVSHUJHUHLOODYLLWWDDYDWWRLPLQQDQSRLNNHDYXXWHHQRKLPRORKNRMHQVLVl RVLVVD+LSSRNDPSXNVHQNDXWWDWDSDKWXYLHQWRLPLQWRMHQKlLUL|RQNHVNHLVWl DXWLVPLVVDMRNDNlVLWWllODDMDDODLVHVWLHULODLVWHQPXLVWLQDLVWLlUV\NNHLGHQ MDWXQQHWLORMHQNHVNLQlLVLlDVVRVLDDWLRLWD$XWLVWLVLOODKHQNLO|LOOlWlPlKLSSR NDPSXNVHQNDXWWDWDSDKWXYLHQWRLPLQWRMHQKlLUL|MRKWDDNOLLQLVHVWLWRGHWWDYLLQ RLUHLVLLQMDO|\G|NVLLQ0HUYDDOD 5lVlQHQ*LOOEHUJE .HKLW\VKlLUL|QVHXUDXNVHQDDLYRMHQN\N\NRRWDMDNlVLWHOOlDLVWLHQYlOLWWlPll WLHWRDRQSXXWWHHOOLQHQ.DVNL\P)ULWK
'HODFDWRQPXNDDQDXWLVWLVLOODODSVLOODROLDLYRYDXULRVHNlYDNDYLDSXXWWHLWD DLVWLHQWRLPLQQRLVVDHLYlWNlKHN\HQQHHWNlVLWWHOHPllQDLYRLKLQXONRSXROHOWD WXOHYLDlUV\NNHLWlNRVND\NVLWDLXVHDPSLDLVWLNDQDYDROLMROODLQWDYRLQSXXW WHHOOLQHQ7XWNLPXNVHVVDPXNDQDROOHLGHQDXWLVWLVWHQODVWHQVWHUHRW\\SSLQHQ Nl\WWl\W\PLQHQMRKWXLQHXURORJLVLVWDRQJHOPLVWD'HODFDWR
$LVWLNDQDYLHQKlLUL|W'HODFDWRQPXNDDQU\KPLWHOW\LQlRYDW
DblULPPlLVHQKHUNNlDLVWLMlUMHVWHOPlK\SHUMRNDSllVWllOLLDQ SDOMRQDLVWLlUV\NNHLWlDLYRLKLQ
E/DLVNDDLVWLMlUMHVWHOPlK\SRMRNDSllVWllOLLDQYlKlQDLVWLlUV\N NHLWlDLYRLKLQ
F7HKRWRQDLVWLMlUMHVWHOPlYDONRLQHQNRKLQDMRQNDRPDWRLPLQWD KlLULWVHHVLWlHOLDLKHXWWDDWDXVWDKlO\l'HODFDWR b\VW|WRWHDDHWWlDXWLVPLQQHXURSV\NRORJLVHVVDWDUNDVWHOXVVDWXOLVLNLLQQLW WllKXRPLRWDNl\WWl\W\PLVHQVXXQQLWWHOXXQRUJDQLVRLQWLWDLWRLKLQMDIURQWDD OLORKNRQURROLLQNl\WWl\W\PLVHQVllWHO\VVlMDRKMHOPRLQQLVVDb\VW|
.%52/")/,/').%. +%()493
'EENIVIRHE 6IRUS 6AMMA
!IVOJENAINEENVAIHDUNNANHÛIRIT !IVOJENTOIMINNALLISETHÛIRIT
!ISTIHAVAINTOJENJAAISTIMUSTENKÛSITTELYNPULMAT
.RJQLWLLYLQHQNHKLW\V
.89,2.RJQLWLLYLQHQNHKLW\V.HUROD
$XWLVPLQNLUMRQKHQNLO|LOOlVDQRWDDQROHYDQWRLVHQODLQHQNRJQLWLLYLQHQSUR¿LOL PLNlWDUNRLWWDDHWWlKHNXXOHYDWQlNHYlWMDWXQWHYDWPXWWDKHLGlQDLYRQVD NlVLWWHOHYlWWLHWRDHULWDYDOOD3HHWHUV+REVRQ)ULWK .HVNHLVLlNRJQLWLLYLVHQWRLPLQWDN\Y\QPXRWRMDRYDWKDYDLWVHPL QHQWDUNNDDYXXVPXLVWDPLQHQWRLPLQQDQRKMDXVNLHOHOOLVHWWDLGRWMDOLLNH WDLGRW.RJQLWLLYLVLLQWRLPLQWRLKLQOXHWDDQNXXOXYLNVLP\|VWXQQHHOlPlMD PRWLYDDWLR0\OHV $GUHRQ.XLNND3XOOLDLQHQ +lQQLQHQ /DDMDDODLVHPSLDNRJQLWLRQPXRWRMDRYDWHVLPDMDWWHOXVXXQQLWWHOXMD RQJHOPDQUDWNDLVX.XLNND\P
0LHOHQWHRULDQNlVLWH7KHRU\RI0LQGWDUNRLWWDDN\N\l\PPlUWllWRLVHQKHQ NLO|QQlN|NXOPDDVRVLDDOLVLVVD\KWH\NVLVVlVHNlN\N\l\PPlUWllDVLRLGHQ MDWDSDKWXPLHQDEVWUDNWHMDVLVlOW|Ml7LPRQHQ 7XRPLVWR)ULWK 0\OHV $GUHRQ$XWLVPLQNLUMRKHQNLO|QRQYDL NHD\PPlUWllPLWlWRLQHQKHQNLO|WLHWllWXQWHHWDLDMDWWHOHH+REVRQ +ROPTYLVW.HUROD .XMDQSll:LQJ)ULWK
*LOOEHUJE+lQHLYRL\PPlUWll\KWHLVHOlPlQSHOLVllQ W|MlHLNlRVDDNRRWDMDMlVHQWllVRVLDDOLVWDWLHWRD\PSlULVW|VWllQMRWHQKlQ WRLPLLNXLQPXLOODKHQNLO|LOOlHLROLVLPLWllQPHUNLW\VWl.HUROD .XMDQSll +REVRQ$XWLVPLQNLUMRQKHQNLO|QRQYDLNHDVHOLWWllRPDD Nl\WWl\W\PLVWllQMDVLWlPLNVLKHWHNHYlWMRWDLQ0\OHV 6RXWKZLFN 0LHOHQWDLGRQNHKLWW\PLVHQHGHOO\W\NVHQlRQWLHWRXVNRPXNVHWMDROHWWDPXN VHWVLLWlPLWHQWRLVHQLKPLVHQPLHOLWRLPLLVHNlWLHWRLVXXVPLHOHQWRLPLQQDVWD 7LHWRLVXXVVLLWlHWWlPLQXOODRQRPDWDMDWXNVHQLMDPXLOODRPDWDMDWXNVHQVD VLVlOW\\NHKLWW\QHHVHHQPLHOHQWDLWRRQ.RQWX
.RKHUHQVVLWHRULDOODWDUNRLWHWDDQNRNRQDLVXXNVLHQKDKPRWWDPLVHQYDLNHXWWD PLNlLOPHQHH\NVLW\LVNRKWLLQNHVNLWW\PLVHQlSLUVWDOHLVXXWHQDMDYDOLNRLWXLQD PLHOHQNLLQQRQNRKWHLQD$XWLVPLQNLUMRQKHQNLO|OOlN\N\QlKGl\NVLW\LVNRKWLHQ RKLMDNXYLWHOODPLHOHVVllQNRNRQDLVXXVMRKRQ\NVLW\LVNRKGDWOLLWW\YlWRQ XVHLQSXXWWHHOOLQHQ6LWHQNRNRQDLVNXYDDVLRLVWDVDDWWDDROODK\YLQNLQSHU VRRQDOOLQHQMDRPLHQWRLPLQWRMHQRKMDDPLQHQVHQPXNDLVHVWLRQJHOPDOOLVWD 3HHWHUV*LOOEHUJE.HUROD .XMDQSll 7RLPHHQSDQHPLVHQYDLNHXVHNVHNXWLLYLQHQYDLNHXVRQRPDQWRLPLQQDQ RKMDDPLVHQYDLNHXV7RLPLQQDQRKMDXVWDUNRLWWDDSV\\NNLVWlW\|WlWLODQWHHQ
\PPlUWlPLVHNVLMDWDUYLWWDYLHQWHNRMHQVXXQQLWWHOHPLVHNVLPLVVlWDUYLWDDQ SLWNlNHVWRLVHQPXLVWLQWLHWRMDNRNHPXVYDUDVWRMHQDNWLLYLVWDWXWNLPLVWDMDWDU YLWWDYLHQWRLPLQWRMHQRLNHDDMlUMHVWlPLVWl7RLPLQQDQRKMDXNVHHQNXXOXXP\|V
+/'.)4))6).%.+%()493 4HEORYOF-IND
-IELENTEORIAVAIKEUS YMMÛRTÛÛTOISENAJATUKSIA TUNTEITAMIELTÛ
+OHERENSSITEORIA HAVAITSEMISENJAAJATTELUN PIRSTALEISUUSKOKONAISUUKSIEN HAHMOTTAMISENVAIKEUS
%KSEKUTIIVINENTEORIA TOIMEENPANEMISEN TOIMINNANALOITTAMISENJA OHJAAMISENPULMA
VXXQQLWHOWXMHQWHNRMHQNl\QQLVWlPLQHQMDWRWHXWXNVHQDLNDLQHQWRLPLQWRMHQ YHUWDLOXVXKWHHVVDWDYRLWWHHVHHQVHNlWDUYLWWDHVVDP\|VWHNRMHQMDWDYRLW WHLGHQMRXVWDYDPXXWWDPLQHQ.XLNND\P:KDOOH\
0\OHV $GUHRQ*LOOEHUJE$XWLVPLQNLUMRQ KHQNLO|LOWlSXXWWXXN\N\RULHQWRLWXDWXOHYDLVXXWHHQMDVXXQQLWHOODWRLPLQWRMD .RVNDKHHOlYlWWlVVlMDQ\WKHLGlQRQYDLNHDDORLWWDDDVLRLWDMDVXRULWWDDQLL WlORSSXXQVDDNNDVLOOlKHLOWlSXXWWXXNlVLW\VVLLWlNXLQNDNDXDQMRQNLQDVLDQ VXRULWWDPLQHQNHVWll.HUROD .XMDQSll
$XWLVPLQNLUMRQSHUXVRQJHOPLHQWULDGL
.89,2$XWLVPLQNLUMRQSHUXVRQJHOPLHQWULDGL.HUROD
$XWLVPLQNLUMRQKHQNLO|QSHUXVRQJHOPDWNLWH\W\YlWNROPHHQNHVNHLVHHQDVL DDQNRPPXQLNDDWLRRQVRVLDDOLVHHQYXRURYDLNXWXNVHHQMDPLHOLNXYLWXNVHHQ HOLNXYLWWHHOOLVHHQDMDWWHOXXQ3HHWHUV)ULWK+DSSp
$XWLVPLQNLUMRQSHUXVRQJHOPDWPXRGRVWDYDWSHUXVRQJHOPLHQWULDGLQMRWD NXWVXWDDQP\|V:LQJLQWULDGLNVL)ULWK
6RVLDDOLQHQNHKLW\V
$XWLVPLQNLUMRQKHQNLO|LOOlLOPHQHHYDLNHXNVLDVRVLDDOLVHVVDNHKLW\NVHVVl :LQJLQPXNDDQVRVLDDOLVHWYDLNHXGHWYRLGDDQOXRNLWHOODQHOMllQOXRNNDDQ DSXXWWXYDWWDLSXXWWHHOOLVHWNRQWDNWLW
ESDVVLLYLVHW
FDNWLLYLVHWMDHULNRLVHVWLNl\WWl\W\YlWVHNl
GHULVWl\W\YlW:LQJ
(ULNRLQHQMDSRLNNHDYDVRVLDDOLQHQYXRURYDLNXWXVRQ\NVLNHVNHLQHQRQJHO PDQDXWLVPLQNLUMRQKHQNLO|LOOlKHQNLO|OOl+lQHOOlYRLROODYDLNHXNVLDUHDJRL GDRLNHDOODVRVLDDOLVHOODWDYDOODWRLVLLQLKPLVLLQHVLPNLHOHQNl\WW|VRVLDDOLVLLQ WDUNRLWXNVLLQRQHSlWDYDOOLVWD.HLQRLQDVRVLDDOLVWHQYDOPLXNVLHQNHKLWWlPL VHHQRYDWYXRURYDLNXWXNVHQKDUMRLWWHOXHVLPGUDDPDSHGDJRJLLNNDVRVLDD OLVHWWDULQDWMDMDHWWXKXRPLR.HUROD .XMDQSll:LQWHU 0\OHV\P
.RPPXQLNDDWLR
$XWLVPLQNLUMRQKHQNLO|QNRPPXQLNDDWLRYRLYDLKGHOODK\YLQSDOMRQ2VDDXWLV PLQNLUMRQKHQNLO|LVWlHLSXKXROOHQNDDQWRLVWHQSXKHRQDVLRLGHQNHUWDXVWD MDMDWNXYDDWRLVWDPLVWDLOPDQMlUNHYllDVLD\KWH\WWlRVDNl\WWll\NVLWWlLVLl VDQRMDMDMRWNXWYRLYDWSXKXDVXMXYDVWLPXWWDNXPPDOOLVHVWL+DSSp
<DSNR
.LHOHQNHKLW\VSRLNNHDDWDYDOOLVHVWDNLHOHQNHKLW\NVHVWlMDDLKHXWWDDHULODLVLD Nl\WlQQ|QRQJHOPLD$XWLVPLQNLUMRQKHQNLO|QNLHOLSHUXVWXXNRQNUHWLDDQ QlN|DLVWLLQPHNDDQLVHHQPXLVWLLQXONRDRSLWWXLKLQIUDDVHLKLQMDWRLVWXYLLQWL
!54)3-). +)2*/. 0%253/.'%,-)%. 42)!$)
3OSIAALISESSAKEHITYKSESSÛ +OMMUNIKAATIOSSA +UVITTEELLISESSAAJATTELUSSA