(HVWL2ULJLQDDOMXKHQGLW}OJH
SlULSlHYD
(HPDOGDJH VHLE O}LNHNHWWD llULN NDXVVVHLE MD
O}LNHNHWDVQLQJSDQJHQHHGHGDVLVHNVNDVXWDPLVHNV
KRLXOH
0b5.86+RLGNHODKWLY}HWXGRVDGKHVNRRVKLOLVHPDNV
NDVXWDPLVHNV
5HHO(DV\M}KYWULPPHULSHDSDLJDOGDPLQH
9DDWDMRRQLVW
3DQJHVIllULOLQHVHLERPDNRKDOH3DLJDOGDJHYHRY}OOL
VLVVH YHRRWVDN 3DQJH NXXVNDQWY}WL OlEL OHPLVHO
llULNXO ROHYD DYD MD DMDPSHDV ROHYD DYD .HHUDNH
YHRRWVDNXWYDVWXSlHYD NDVXWDGHVNRPSOHNWLV ROHYDW
XQLYHUVDDOY}WLW.HHUDNHWXJHYDVWLNLQQL
3DQJH M}KYLSHD NRUSXV YHRRWVDNXOH 9HHQGXJH HW
NRUSXVRQRPDNRKDOHWlLHOLNXOWNLQQLWDWXG
3DQJH NXXVNDQWY}WL OlEL OHPLVHO llULNXO ROHYD DYD
MD DMDPSHDV ROHYD DYD 3DQJH YHRRWVDNXOH VHLE MD
NXXVNDQWSROW .HHUDNH NXXVNDQWSROWL YDVWXSlHYD
NDVXWDGHVY}WLW.HHUDNHWXJHYDVWLNLQQL
3DQJHM}KYLSRRORPDNRKDOHWDJDVL-}KYSHDJD5HHO
(DV\70YDUXVWDWXGVLUJHYDUUHJDWULPPHULOSHDESRRO
ROHPDSDLJXWDWXG QLLHW SRROLOROHY PDUNHHULQJ7KLV
VLGHRXWIRUVWUDLJKWVKDIWMllEQlKWDYDOH
3DQJH HWWHDQGH QXSS WDJDVL VLVHVWDGHV VHOOH
M}KYLSRROLNHVNRVDOH
3DQJHRPDNRKDOHWDJDVLWULPPHUSHDNDDVKLWDGHV
VHDOMXXUHV OXNXVWLG M}KYWULPPHUL SHD YlOMDO}LJHWHJD
6XUXJHNDDVMDM}KYWULPPHULSHDNRNNXNXQLOXNXVWLG
NO}SVDYDGNLQGODOWRPDNRKDOH
3DQJHNRKDOHM}KY7lLHQGDYDLQIRVDDPLVHNVYWMDRWLVW
³-}KYLDVHQGDPLQH´
085875,00(5, 6($',67$0,1( 9®6$/®,.85,.6
6$(.(7$6
/}LNHRUJDQL NDLWVHNDWWH M}KYWULPPHUL 7UL$UF
O}LNHWHUDNDVXWDPLVHNRUUDOHHPDOGDPLQH
9DDWDMRRQLVW
6HLVDNHPRRWRUMDKHQGDJHVWHNQODMXKHODKWL
(HPDOGDJHO}LNHRUJDQLNDLWVHNDWHM}KYWULPPHUL7UL
$UFO}LNHWHUDNDVXWDPLVHNRUUDONLQQLWXVNODPEULOW
-}KYWULPPHULSHD5HHO(DV\HHPDOGDPLQH
9DDWDMRRQLVW
6HLVDNHPRRWRUMDKHQGDJHVWHNQODMXKHODKWL
$YDJH 5HHO(DV\M}KYWULPPHUL SHD YDMXWDGHV
VHOOHNV NOJHGHO ROHYDWHOH OXNXVWLWHOH 7ULPPHUL
VLVHRVDGRQYHGUXSLQJHDOOVHHW}WWXKRLGNHWHLVWNlWW
OXNXVWLWHOHYDMXWDPLVHDMDOM}KYSHDNDDQHO
9}WNHPDKDM}KYLSHDNDDVHWWHDQGHQXSSMDM}KYLSRRO
3DQJH NXXVNDQWY}WL OlEL OHPLVHO llULNXO ROHYD DYD
MD DMDPSHDV ROHYD DYD (HPDOGDPLVHNV NHHUDNH
NXXVNDQWSROWLY}WPHDELOSlULSlHYD
(HPDOGDJHYHRRWVDNXOWVHLEMDM}KYLSHDNRUSXV
(HPDOGDPLVHNV NDVXWDJH NRPSOHNWLV ROHYDW
XQLYHUVDDOY}WLWMDNHHUDNHYHRRWVDNXWSlULSlHYD
(HPDOGDJH VIllULOLQH VHLE YHRY}OOLOW MD KRLGNH
HGDVLVHNVNDVXWDPLVHNVDOOHV
0b5.86+RLGNHODKWLY}HWXGRVDGKHVNRRVKLOLVHPDNV
NDVXWDPLVHNV
6DHNHWWDNDLWVHNDWWHSDLJDOGDPLQH
9DDWDMRRQLVW
.LQQLWDJH VDHNHWWD NDLWVHNDWH NLQQLWXVNODPEULOH
KLWDGHVSROGLDYDGVDHNHWWDNDLWVHNDWWHNLQQLWXVNODPEUL
SROWLGHDYDGHJD
.HHUDNHPXWULGWXJHYDVWLNLQQL
+2,$786
.XL NDVXWDWH VDHNHWDVW WXOHE NLQQLWXVNODPEULOH
NLQQLWDGDVDHNHWWDNDLWVH
6DHNHWWDSDLJDOGDPLQH
9DDWDMRRQLVW
.HKDYLJDVWXVH RKX YlOWLPLVHNV KRLGNH O}LNHRUJDQLWH
SHDO DODWL WHUDNDLWVHLG (HPDOGDJH WHUDNDLWVHG DLQXOW
O}LNDPLVRSHUDWVLRRQLGHDMDNV
hKLWDJH O}LNHWHUD OHPLVH llULNXJD MD YHHQGXJH HW
O}LNHWHUDRQWLKHGDOWVHOOHYDVWDV3DLJDOGDJHVIllULOLQH
VHLE MD YHHQGXJH HW VHH RQ YHRY}OOLO RPDO NRKDO
3DLJDOGDJHO}LNHWHUDNDWHQLLHWN}UJHQHYNHVNRVDRQ
O}LNHWHUDVWHHPDO
3DLJDOGDJHVHLEMDSROW
3DQJH NXXVNDQWY}WL OlEL OHPLVHO llULNXO ROHYD
DYD MD DMDPSHDV ROHYD DYD .HHUDNH NXXVNDQWSROWL
YDVWXSlHYDNDVXWDGHVY}WLW.HHUDNHWXJHYDVWLNLQQL
+2,$786
9HHQGXJHHWVDHNHWDVRQ}LJHVDVHQGLV3DLJDOGDJH
VDHNHWDVQLLHWVHOOHOROHYWlKLVMllEDODWLOHVSRROHMD
RQVXXQDWXGVDHNHWWDNDLWVHSRROH
9®6$/®,.85, 6$(.(7$6 6($',67$0,1(
085875,00(5,.6
(HPDOGDJHO}LNHNHWDVMDO}LNHNHWWDNDLWVH
9DDWDMRRQLVW
6HLVDNHPRRWRUMDKHQGDJHVWHNQODMXKHODKWL
3DQJHNXXVNDQWY}WLOlELOHPLVHOllULNXOROHYDDYDMD
DMDPSHDV ROHYD DYD (HPDOGDPLVHNV NHHUDNH SROWL
SlULSlHYD