628

8WELOGQLQJVSODQI|U0LOM|EDONVXWELOGQLQJHQ PDUV

7LOO 5HJHULQJHQ 0LOM|GHSDUWHPHQWHW

.RPPLWWpQI|UXWELOGQLQJDYPLOM|EDONHQLQI|ULNUDIWWUlGDQGHWE|UMDGH VLWW DUEHWH YLG nUVVNLIWHW .RPPLWWpQ KDU WDJLW VLJ QDPQHW 0LOM|EDONV XWELOGQLQJHQRFKKLWWLOOVKDIWIHPVDPPDQWUlGHQ’HQQXI|UHOLJJDQGH XWELOGQLQJVSODQHQlUGHQ|YHUJULSDQGHSODQ VRP UHJHULQJHQ EHJlUW DWW InUHGRYLVDGVRPGHWI|UVWDVWHJHWLNRPPLWWpQVDUEHWH’HQQDUHGRYLV QLQJ HUVlWWHU GHQ WLGLJDUH |YHUOlPQDGH XWELOGQLQJVSODQHQ IUnQ GHQ IHEUXDUL

0LOM|EDONVXWELOGQLQJHQ

*|VWD%OFKHU

*|UDQ(NEODG

%LODJD

628

0LOM|EDONVXWELOGQLQJHQRFKGHVV NRPPLWWpXSSGUDJ

.RPPLWWpQKDUI|OMDQGHOHGDP|WHU

*|VWD%OFKHU2UGI|UDQGH

5LFKDUG$OPJUHQ ,QGXVWULI|UEXQGHW

/DUV)ODGYDG.RPPXQI|UEXQGHW

/LVEHW)DOO%RYHUNHW

6WLJcNH6YHQVVRQ /lQVVW\UHOVHQL’DODUQDVOlQ

.LWW\9LFWRU1DWXUYnUGVYHUNHW

%LUJLWWDcJUHQ0LOM|GHSDUWHPHQWHW

RFKH[SHUWHU

.HUVWLQ&HGHUO|I $QQ6RILH(ULNVVRQ 3lU$QGHUVVRQ

,VHNUHWDULDWHWLQJnU

0LOM|GHSDUWHPHQWHW

.RPPXQI|UEXQGHWXQGHUWLOOVlWWQLQJ ,QGXVWULI|UEXQGHWXQGHUWLOOVlWWQLQJ

*|UDQ(NEODG 0LD-DPHVRQ $QQ&KULVWLQ6XQGEHUJ

+XYXGVHNUHWHUDUHRFKSURMHNWOHGDUH 6HNUHWHUDUHXQGHUWLOOVlWWQLQJ $VVLVWHQWKDOYWLG

.RPPLWWpQV XSSGUDJ IUDPJnU DY UHJHULQJHQV GLUHNWLY L ELODJD .RP PLWWpQVNDLVDPDUEHWHPHGEHU|UGDP\QGLJKHWHURFKRUJDQLVDWLRQHU

œNDUWOlJJD YLOND VRP EHU|UV DY PLOM|EDONHQ RFK JUXSSHUD GHVVD HIWHU EHKRYHWDYNXQVNDSRPPLOM|EDONHQ

œDQDO\VHUDEHKRYHWDYXWELOGQLQJKRVROLNDPnOJUXSSHU

œNDUWOlJJDRFKXWYlUGHUDROLNDXWELOGQLQJVYlJDURFKXWELOGQLQJVPHWRGHU

œXWDUEHWD HQ |YHUJULSDQGH SODQ I|U JHQRPI|UDQGHW DY XWELOGQLQJHQ I|U ROLNDPnOJUXSSHU

œXWDUEHWD HQ VWUDWHJL I|U KXU PLOM|EDONHQ VND WLOOlPSDV I|U DWW Qn GH IDVWODJGDPLOM|PnOHQ

œDQVYDUD I|U DWW XWELOGQLQJVPDWHULDO WDV IUDP I|U ROLND XWELOGQLQJV PHWRGHURFKI|UROLNDPnOJUXSSHU

œLQLWLHUD UHNU\WHULQJ RFK XWELOGQLQJ DY LQIRUPDW|UHU I|U ROLND PnO

JUXSSHU

628

%LODJD

œYHUNDI|UDWWNXQVNDSVEDVHUE\JJVXSS

œYHUNDI|UDWWQlWYHUNI|ULQIRUPDWLRQVNDSDV

œVNDSDI|UXWVlWWQLQJDUI|UVDPUnGRFKHUIDUHQKHWVXWE\WHPHOODQGHPVRP JHQRPI|UXWELOGQLQJHQ

œXWYlUGHUDXWELOGQLQJHQVDPW

œOlPQDI|UVODJWLOO I|UElWWULQJDU DY XWELOGQLQJVLQVDWVHUQD HIWHU YDG VRP IUDPNRPPHUYLGXWYlUGHULQJHQ

.RPPLWWpQVPnOI|UXWELOGQLQJHQ

.RPPLWWpQ KDU HIWHU GLVNXVVLRQ NRPPLW IUDP WLOO DWW KXYXGPnOHQ I|U 0LOM|EDONVXWELOGQLQJHQVYHUNVDPKHWlU

DWWJHQRPHQVDPPDQKnOOHQXWELOGQLQJJHDOODDNW|UHUHQJHPHQVDPUDP I|UWLOOlPSQLQJHQDYPLOM|EDONHQ

DWWXWELOGDDOODLQRPNRPPXQHUOlQVVW\UHOVHURFKVWDWOLJDYHUNVRPVND DUEHWDPHGPLOM|EDONHQVDPW

DWWJHI|UXWVlWWQLQJDUI|UXWELOGQLQJDYGHLQRPQlULQJVOLYRFKLQWUHVVH RUJDQLVDWLRQHUVRPLVLQYHUNVDPKHWVNDWDKlQV\QWLOOPLOM|EDONHQVI|UH

VNULIWHU

3nJUXQGDYDOOWI|UNQDSSDUHVXUVHUKDUNRPPLWWpQWLOOVYLGDUHWYLQJDWV YlOMDERUWLQIRUPDWLRQVSHFLHOOWULNWDGWLOODOOPlQKHWHQ

8WELOGQLQJHQVRPIDWWQLQJRFKXSSOlJJQLQJ

8QGHUODJHWI|UXWELOGQLQJHQXWJ|UVDYI|OMDQGHGHODUDYPLOM|EDONVDUEHWHW

œ3URSRVLWLRQHQ RP PLOM|EDONHQ VDPW XWVNRWWVXWOnWDQGH RFK ULNVGDJV

EHVOXW

œ3URSRVLWLRQHQ RP I|OMGODJVWLIWQLQJHQ VDPW XWVNRWWVXWOnWDQGH RFK ULNVGDJVEHVOXW

œ5HJHULQJHQVI|URUGQLQJDUWLOOODJVWLIWQLQJHQ

œ0\QGLJKHWHUQDVI|UHVNULIWHU

œ5HJHULQJHQVSURSRVLWLRQRPPLOM|PnOPP

(QNXUVSODQUHGRYLVDVSnVLGDQ

%LODJD

628

*UXQGNXUV

’HQW\QJVWDGHOHQDYXWELOGQLQJHQOLJJHUSnHQGDJDUVJUXQGNXUVVRP RPIDWWDUKHODPLOM|EDONHQ$YVLNWHQPHGNXUVHQlUDWWDOODKDQGOlJJDUH VRPVNDWLOOlPSDPLOM|EDONHQLQRPGHQRIIHQWOLJDRFKSULYDWDVHNWRUQ VND In HQ JHPHQVDP NXQVNDS RP EDONHQV XSSE\JJQDG RFK JHQHUHOOD UHJOHU

’HWUHGDJDUQDLJUXQGNXUVHQGLVSRQHUDVSUHOLPLQlUWHQOLJWI|OMDQGH

’DJ 0LOM|EDONHQVPnOKlQV\QVUHJOHUQDKXVKnOOQLQJVUHJOHUQD ’DJ 0LOM|EDONHQVSURFHVVUHJOHU|YHUJnQJVEHVWlPPHOVHUQD ’DJ 6DNIUnJRUQD

.RPPLWWpQWDURFNVnIUDPHQNRUWYHUVLRQDYJUXQGNXUVHQSnHQGDJI|U GHP VRP E|U KD |YHUVLNWOLJ NlQQHGRP RP PLOM|EDONHQ WH[ NRP

PXQDOSROLWLNHURFKFKHIHULQRPLQGXVWULQ

7UHI|UGMXSQLQJVNXUVHU

*UXQGNXUVHQI|OMVDYWUHGDJDUVI|UGMXSQLQJVNXUVHUPHGVlUVNLOGLQ ULNWQLQJ Sn GH WUDGLWLRQHOOD NRPSHWHQVRPUnGHQD .XUVHUQDV XSSOlJJ QLQJI|UXWVlWWHUDWWGHOWDJDUQDKDUJHQRPJnWWJUXQGXWELOGQLQJHQSnWUH GDJDU’HWUHNXUVHUQDKDUI|OMDQGHLQQHKnOO

$	3ODQHULQJRFKQDWXUUHVXUVHU	.XUVHQVNDEHKDQGODIUnJDQRPKXU
		EDONHQE|UDQYlQGDVLGHQI\VLVND
		SODQHULQJHQ
%	1DWXURFKNXOWXU	0HGVlUVNLOGLQULNWQLQJPRW
		QDWXUYnUGRPUnGHVVN\GG
		I|URUHQDGHRPUnGHQYDWWHQ
		YHUNVDPKHWMRUGEUXNRFKWlNWHU
&	0LOM|RFKKlOVD	0HGVlUVNLOGLQULNWQLQJPRWPLOM|
		IDUOLJYHUNVDPKHWKlOVRVN\GG
		NHPLVNDSURGXNWHURFKDYIDOO

)RUWVlWWQLQJVNXUV

6OXWOLJHQ I|UEHUHGV HQ GDJV IRUWVlWWQLQJVNXUV VRP EHKDQGODU SU|Y

QLQJVI|UIDUDQGHWYLG|YHUNODJDQGH RFK VDQNWLRQVV\VWHPHW ’HQQD NXUV YlQGHU VLJ L I|UVWD KDQG WLOO NRPPXQDOD WMlQVWHPlQ VRP KDQGOlJJHU |YHUSU|YQLQJVlUHQGHQPHGNRPPXQHQVRPSDUW

628

%LODJD

0LOM|EDONVXWELOGQLQJHQ|SSQDUIUnJHOnGDSn,QWHUQHW

0LOM|EDONVXWELOGQLQJHQ NRPPHU DWW |SSQD HJHQ KHPVLGD Sn ,QWHUQHW 9LD KHPVLGDQ JHV P|MOLJKHW DWW LQIRUPHUD RP NRPPLWWpQV DUEHWH RFK NXUVXWEXGHW RFK NRPSHQGLHUQD NRPPHU KlU DWW YDUD WLOOJlQJOLJD I|U DOOD +HPVLGDQV IUlPVWD XSSJLIW lU GRFN DWW RUJDQLVHUD HQ IUnJHOnGD 7DQNHQ lU DWW EnGH RIIHQWOLJW RFK SULYDW DQVWlOOGD KDQGOlJJDUH L HWW I|UVWD VNHGH VND NXQQD In P\QGLJKHWHUQDV VW|G L WLOOlPSQLQJHQ DY PLOM|EDONHQ)UnJHOnGDQVWnUQDWXUOLJWYLV|SSHQlYHQI|UHQLQWUHVVHUDG DOOPlQKHW$YVLNWHQlUDWWKHPVLGDQVNDNXQQD|SSQDVLPDMRFK SnJnXQGHUKHOD

.XUVGLPHQVLRQHULQJ

.RPPLWWpQ KDU JMRUW HQ |YHUVODJVPlVVLJ EHUlNQLQJ DY DQWDOHW KDQG

OlJJDUHRFKDQGUDEHU|UGDVRPNRPPHUDWWGHOWDJDSnPLOM|EDONXWELOG

QLQJHQVNXUVHU

$QWDOGHOWDJDUHIUnQ	*UXQGNXUV	*UXQGNXUV		)|UGMXSQLQJVNXUV			)RUWVlWWQNXUV
	D	E	D		E	F
			3ODQHULQJ		1DWXURFK	0LOM|RFK	3U|YQLQJRFK
			RFKQDWXU		NXOWXU	KlOVRVN\GG	VDQNWLRQHU
			UHVXUVHU
	GDJDU	GDJ	GDJDU		GDJDU	GDJDU	GDJ
.RPPXQHUQD
/lQVVW\UHOVHUQD
'HVWDWOLJDYHUNHQ
FHQWUDOW
'HVWDWOLJDYHUNHQ
UHJLRQDOW
3ROLVHQ
'RPVWRODUQD
1lULQJVOLYHW		SULYDW
,QWUHVVHRUJDQLVD		SULYDW
WLRQHUQD
6XPPDGHOWDJDUH

'LPHQVLRQHULQJHQXWJnUXWLIUnQDWWGHVWDWOLJDYHUNHQNRPPHUDWWGHOWDJDLNXUVHUQDlYHQRPGH KDUHJHQLQWHUQXWELOGQLQJ

8WELOGQLQJHQULNWDGWLOO'RPVWROVYHUNHWVSHUVRQDONUlYHUQlUPDUH|YHUOlJJQLQJPHGYHUNHW

%LODJD

628

$QWDOHWEHUlNQDGHNXUVGHOWDJDUHVWlOOHUNUDYSnFDOlUDUGDJDUHQ OLJWI|OMDQGHWDEHOO

				$QWDO	’HOWDJDUHN	$QWDO	/lUDUHNXUV	$QWDO
				GHOWDJDUH	XUV	NXUVHU	GDJ	OlUDUGDJDU
D		*UXQGNXUVGJU
E		*UXQGNXUVGDJ
D	3		1
E	1		.
F	0		+
		3	6
		6XPPDOlUDUGDJDU

8WELOGQLQJHQVXSSOlJJQLQJ

.RPPLWWpQ WDU I|UVW IUDP XWELOGQLQJVPDWHULDO OlURPHGHO L IRUP DY NRPSHQGLHU WLOO GH SODQHUDGH NXUVHUQD 7LOO YDUMH NXUV KDU NRPPLWWpQ NQXWLWHQVNULYDUHHQRUGI|UDQGHRFKHQJUXSSH[SHUWHUVRPUHSUHVHQ WHUDU EHU|UGD YHUN OlQVVW\UHOVHU GH NRPPXQDOD LQWUHVVHQD RFK LQ GXVWULQ 6DPPDQVlWWQLQJHQ DY UHSUHVHQWDQWHU L JUXSSHUQD IUDPJnU DY NXUVSODQHQLELODJD

6MlOYDXWELOGQLQJHQNRPPHUDWWJHQRPI|UDVLWYnVWHJ

8QGHUVWHJXWELOGDVOlUDUHVRPWLOOVW|UVWDGHOHQKlPWDVIUnQ NRPPXQHUQDRFKOlQVVW\UHOVHUQDFDOlUDUHIUnQNRPPXQHUFD OlUDUHIUnQOlQVVW\UHOVHURFKFDIUnQFHQWUDODYHUNRFKQlULQJVOLY

’HVRPPHGYHUNDWVRPH[SHUWHUYLGIUDPWDJQLQJHQDYNRPSHQGLHU GHOWDU RFNVn L XWELOGQLQJHQ DY OlUDUQD 9DUMH OlUDUH XWELOGDV L PLOM| EDONHQ YLG WUH VNLOGD WLOOIlOOHQ JUXQGXWELOGQLQJHQ GDJDU HQ I|U GMXSQLQJVNXUV GDJDU RFK IRUWVlWWQLQJVNXUVHQ GDJ (Q VlUVNLOG LQWURGXNWLRQVGDJ NRPPHU GHVVXWRP DWW KnOODV I|U OlUDUQD I|UH VMlOYD NXUVXWELOGQLQJHQ 8QGHU GHQQD ·SHGDJRJLVND· GDJ NRPPHU OlUDUQD EODDWWInHQJHQRPJnQJDYKXUPDQE|UXSSWUlGDVRPI|UHOlVDUHI|U DWW EXGVNDSHW RFK NXQVNDSVLQQHKnOOHW VND Qn IUDP /lUDUXWELOGQLQJHQ RPIDWWDUVnOHGHVLDOOWVMXGDJDU

, VWHJ PHGYHUNDU GH XWELOGDGH OlUDUQD /lUDUQD SODQHUDV DWW LQJnLOlUDUODJ.XUVYHUNVDPKHWHQVNHUOlQVYLVRFKRUJDQLVHUDVJHPHQ VDPW DY GH UHJLRQDOD NRPPXQI|UEXQGHQ RFK OlQVVW\UHOVHUQD , NXUV GLPHQVLRQHULQJHQ RYDQ EHUlNQDV DWW FD SHUVRQHU NRPPHU DWW GHOWDJD L VWHJ XWELOGQLQJHQ .XUVHUQD NRPPHU DWW YDUD VMlOYILQDQ VLHUDGH PHG HQ EHUlNQDG GHOWDJDUDYJLIW Sn FD NURQRUGDJ H[NO GHOWDJDUQDV RPNRVWQDGHU , JHQRPVQLWW EHUlNQDV YDUMH OlUDUH DWW VMlOY

PHGYHUNDXQGHUPLQVWVH[NXUVGDJDU

628

%LODJD

/lUDUXWELOGQLQJHQ L JUXQGNXUVHQ RFK IRUWVlWWQLQJVNXUVHQ SODQHUDV DWWVNHLnWWDNXUVRPJnQJDUYLONDSUHOLPLQlUWNRPPHUDWWI|UOlJJDVWLOO 6WRFNKROP /LQN|SLQJ 9l[M| 0DOP| *|WHERUJ gUHEUR *lYOH RFK 8PHn )|UGMXSQLQJVNXUVHUQD SODQHUDV L I\UD NXUVRPJnQJDU YLOND I|U OlJJVWLOO6WRFNKROP*|WHERUJ0DOP|RFK8PHn

1lULQJVOLYRFKRUJDQLVDWLRQHUNRPPHUDWWEMXGDVLQWLOOGHUHJLRQDOD NXUVHUQD , YLVV XWVWUlFNQLQJ NRPPHU GH WUROLJHQ RFNVn DWW DUUDQJHUD HJHQXWELOGQLQJPHGDQYlQGQLQJDYHJQDOlUDUHIUnQOlUDUXWELOGQLQJHQ RFKGHOlURPHGHOVRPNRPPLWWpQWDJLWIUDP

.RPPLWWpQUlNQDUPHGDWWXW|YHUGHOlUDUQDNXQQDHUEMXGDHWW WMXJRWDOOlUDUSODWVHUnWXWELOGQLQJVI|UHWDJPRWVMlOYNRVWQDG

%LODJD

628

7LGSODQ

7LGSODQHQUHGRYLVDVLELODJDRFKE\JJHUSnI|OMDQGHI|UXWVlWWQLQJDU

œ5LNVGDJVEHVOXWRPPLOM|EDONHQRFKI|OMGODJVWLIWQLQJHQLMXQL

œ)|URUGQLQJDURFKI|UHVNULIWHUNODUDLMXQL

7LGSODQHQ LQQHElU DWW OlUDUXWELOGQLQJHQ DY JUXQGNXUVHQ VNHU XQGHU RNWREHUQRYHPEHU RFK DWW GH UHJLRQDOD NXUVHUQD NDQ SnE|UMDV L GHFHPEHUI|UDWWVHGDQIRUWVlWWXQGHUQlVWDQKHOD

)UDPVWlOOQLQJDYNRPSHQGLHU
8SSWDNWVP|WH	PDUV
*UXQGNXUVHQ
NRQFHSWNODUW	MXOL
NRPSHQGLXPWU\FNW	RNW
)|UGMXSQLQJVNXUVHUQD
NRQFHSWNODUW	RNW
NRPSHQGLXPWU\FNW	MDQ
)RUWVlWWQLQJVNXUVHQ
NRQFHSWNODUW	DSULO
NRPSHQGLXPWU\FNW	DXJ

8WELOGQLQJDYOlUDUHYLGI\UDWLOOIlOOHQ

,QWURGXNWLRQVNXUVDXJVHSW

*UXQGXWELOGQLQJRNWQRY

)|UGMXSQLQJVNXUVHUIHEPDUV

)RUWVlWWQLQJVNXUVDXJVHSW

628

%LODJD

)|UGMXSQLQJVNXUVHUQDNDQVWDUWDVI|UVWLIHEUXDULHIWHUVRPOlUDUQDXQGHU MDQXDULlUHQJDJHUDGHVRPOlUDUHLGHQUHJLRQDODXWELOGQLQJHQLJUXQG

NXUVHQ

)RUWVlWWQLQJVNXUVHQlULQWHI|UODJGWLOOYnUHQHIWHUVRP XWELOG QLQJ Gn SnJnU EnGH DY JUXQGNXUVHQ RFK GH WUH I|UGMXSQLQJVNXUVHUQD

.RPPLWWpQVHUGHWLQWHVRPHQQDFNGHO7YlUWRPELGUDUHQnWHUVDPOLQJ DYOlUDUODJHQHWWKDOYnUVHQDUHWLOODWWI|UVWlUNDGHQlWYHUNVRPWLGLJDUH E\JJWVXSS8QGHUK|VWHQKDUPDQRFNVnInWWHQYLVVHUIDUHQKHWDY WLOOlPSQLQJHQ YLONHW E|U NXQQD YDUD YlUGHIXOOW L NRPPLWWpQV XWYlU

GHULQJVXSSJLIW

%LODJD

628

%XGJHW

8WELOGQLQJVSURJUDPPHW KDU GLPHQVLRQHUDWV XWLIUnQ GHW DQVODJ Sn nWWD

PLOMRQHUNURQRUVRPWLOOGHODWVNRPPLWWpQRFKPHGGHHNRQRPLVNDI|U

XWVlWWQLQJDUVRPUHGRYLVDVQHGDQ

%XGJHWXQGHUODJHWUHGRYLVDVLELODJD

0LOM|EDONVXWELOGQLQJHQVEXGJHWI|U

	7NU
3HUVRQDONRVWQDGHU
.RVWQDGHUI|UNRPPLWWpQVOHGDP|WHU
+HPVLGDPHGIUnJHOnGDORJRW\SH
PP
3URGXNWLRQDYNRPSHQGLHU
8WYlUGHULQJDYXWELOGQLQJHQ
6WHJXWELOGQLQJHQ
,QWURGXNWLRQVNXUV
*UXQGNXUVGDJDU
’HWUHI|UGMXSQLQJVNXUVHU
)RUWVlWWQLQJVNXUVHQ
6WHJXWELOGQLQJHQ
0|WHPHGNXUVDUUDQJ|UHUQD
6800$

)|UXWVlWWQLQJDUI|UEXGJHW

œ8WELOGQLQJHQGLPHQVLRQHUDVI|UOlUDUHLVWHJXWELOGQLQJHQRFKFD GHOWDJDUHLVWHJXWELOGQLQJHQ

œ([SHUWHUQDV XSSJLIW lU DWW I|UVW LQJn L HQ SURGXNWLRQVJUXSS I|U IUDP WDJQLQJDYNRPSHQGLHURFKVHGDQPHGYHUNDVRPOlUDUHLVWHJXWELOG QLQJHQSnPLQVWWYnNXUVHU

628

%LODJD

œ6NULYDUHQV RFK RUGI|UDQGHV XSSJLIW L UHVSHNWLYH JUXSS lU DWW WLOO

VDPPDQVPHGVHNUHWDULDWHWVYDUDI|UXWDUEHWDQGHWDYNRPSHQGLHWH[WHQ

œ2UGI|UDQGHQRFK|YULJDUHSUHVHQWDQWHULH[SHUWJUXSSHUQDlURDYO|QDGH DYNRPPLWWpQ

œ/lUDUQDVXSSJLIWlUDWWI|UVWXWELOGDVLJVMlOYDLVDPPDQODJWVMXGDJDU I|UDWWVHGDQPHGYHUNDVRPOlUDUHLPLQVWVH[GDJDU

œ([SHUWHU RFK OlUDUH InU HQEDUW HUVlWWQLQJ I|U RPNRVWQDGHU UHVRU PDW RFKORJLRFKXWELOGQLQJVPDWHULDOLVWHJXWELOGQLQJHQ

œ.XUVHULVWHJXWELOGQLQJHQVNDYDUDVMlOYILQDQVLHUDGHJHQRPDYJLIWHU

œ7U\FNNRVWQDGHU I|U NRPSHQGLHU ILQDQVLHUDV JHQRP NXUVDYJLIWHUQD /lUDUQDInUGRFNDOOWNXUVPDWHULDONRVWQDGVIULWW

œ9LVVD XWVHGGD H[SHUWHU VYDUDU Sn IUnJRU IUnQ NRPPLWWpQV KHPVLGD Sn ,QWHUQHWXWDQHUVlWWQLQJ

%LODJD628

.XUVSODQPHGEHPDQQLQJ

UHY
.XUV	2PIDWWQLQJ	+XYXGNDSLWHO	6NULYDUH		5HSUHVHQWDWLRQ	/HGDP|WHUPHGRUGI|UDQGH
	,QQHKnOO	gYUNDS
	GDJ		6HNUHWDULDWHW
,QWURGXN	,QWURGXNWLRQ		PHGXWELOG		.RPPXQI|UEXQGHW
WLRQ3HGD	µ9DGJ|UYLQX"µ		QLQJVNRQVXOW		/lQVW\UHOVHUQD
JRJLN	SHGDJRJLVN
	XWELOGQLQJ
	GDJDU		0LD-DPHVRQ		.RPPLWWpQ	*|VWD%OÅFKHURUGI
*UXQGNXUV	0LOM|PnOHQRFK		6HNUHWDULDWHW			.RPPLWWpQVOHGDP|WHU
	PLOM|EDONHQ	|YULJD
*UXQGNXUV	GDJ		6HNUHWDULDWHW		.RPPLWWpQ	*|VWD%OÅFKHURUGI
	0LOM|PnOHQRFK					.RPPLWWpQVOHGDP|WHU
	PLOM|EDONHQ
D	GDJDU		&ODHV*|UDQ		0LOM|GHSDUWHPHQWHW	/DUV+ROPJnUG
3ODQHULQJ	+XUYLDQYlQGHU		*XLQFKDUG		1DWXUY«UGVYHUNHW	6YHQ*|WKH
QDWXU	EDONHQLGHQ		%RYHUNHW		%RYHUNHW	-XQHbUOHVNRJ
UHVXUVHU	I\VLVND				5LNVDQWLNYDULHlPEHWHW	/HLI-RKDQQHVVRQ
	SODQHULQJHQ				9lJYHUNHW	,UHQH/LQJHVWnO
					/VW.URQREHUJVOlQ	-lUGD%OL[
					.RPPXQI|UEXQGHW	$QQ6RILH(ULNVVRQRUGI
					*lYOHNRPPXQ	0LNDHO/LI
					,QGXVWULI|UEXQGHW	1LOV-LUYDOO6NRJVLQG
E	GDJDU		$QQH/L		0LOM|GHSDUWHPHQWHW	+HQULN/|Y
1DWXURFK	1DWXUYnUG		)LVNHVM|		1DWXUY«UGVYHUNHW	.DWULQ0HKU
NXOWXU	RPUnGHVVN\GG		/VW-|QN|SLQJV		%RYHUNHW	%HQJW(ULNVVRQ
	YDWWHQYHUNVDP		OlQ		-RUGEUXNVYHUNHW	$QGHUV(PPHUPDQ
	KHWMRUGEUXN				/DQWPlWHULYHUNHW	(LMH6M|GLQ
	WlNWHUJHQWHNQLN				5LNVDQWLNYDULHlPEHWHW	0RQLFD%HQQHWW*nUG|
	RFKHUVlWWQLQJ				/lQVVW\UHOVHUQD	7RUEM|UQ6FKDIIHUHURUGI
					.RPPXQI|UEXQGHW	/)LGMHODQG3HWHU:HQVWHU
					+XGGLQJHNRPPXQ	7KRPDV6WULG
					,QGXVWULI|UEXQGHW	/DUVcNH/LQGDKO%ROLGHQ$%
F	GDJDU		/HLI6YHUQGDO		0LOM|GHSDUWHPHQWHW	/LVHORWWH5nJPDUN
0LOM|RFK	0LOM|IDUOLJYHUNV		1DWXUYnUGV		1DWXUYnUGYHUNHW	9LYHNH,KG
KlOVD	I|URUHQDGH		YHUNHW	.(0,		7RUEM|UQ/LQGK
	RPUnGHQKlOVR				%RYHUNHW	3HWHU6NRJOXQG
	VN\GGNHPLVND				6RFLDOVW\UHVOVHQ	cVD$KOJUHQRUGI
	SURGDYIDOORFK				/VW*lYOHERUJVOlQ	$QQ*XGpKQ
	SURGXFHQWDQVYDU				.RPPXQI|UEXQGHW	.HUVWLQ%ORP%RNOLGHQ
					.RPPXQ	*UHJHU6YHQVVRQ6LJWXQD
					,QGXVWULI|UEXQGHW	/RXLVH6FK|OG$N]R1REHO
	GDJ		0LDMDPHVRQ		0LOM|GRPVWROHQ6WKOP	%MDUQH.DUOVVRQ
3U|YQLQJ	0HGVlUVNLOG		6HNUHWDULDWHW		'RPVWROVYHUNHW	&ODHV.ULVWHQVVRQRUGI
RFKVDQN	WRQYLNWSn				5LNVnNODJDUHQ	%DUEUR-|QVVRQ
WLRQHU	KDQGOLQJDURFK				3ROLVK|JVNRODQ	-DQ(ULF(ULFVVRQ
$WWDQ	SURFHVVYLG				/DJWRONHQ	3HJJ\/HUPDQ
YlQGD	|YHUSU|YQLQJ				0LOM|GRPVWROHQ	7KRPDV5DKP
PLOM|					9lQHUVERUJ	0LNDHO/XQGKROP
EDONHQ					1DWXUYnUGVYHUNHW	%HUWLO9DUHQLXV
					0LOM|GRPVWROHQ9l[M|	%|UMH$QGHUVVRQ
					/lQVVW\UHOVHQ+DOODQG	*HUPXQG3HUVVRQ
					.RPPXQI|UE,QGXVWULQ	5ROI+HQULNVVRQ6\GNUDIW

628

%LODJD

%XGJHWXQGHUODJI|UPLOM|EDONVXWELOGQLQJHQ

		DQWDO	NRVWQHQK	6XPPD
			NU	WNU
3HUVRQDONRVWQDGHU	PnQ
.RPPLWWpQVOHGDP|WHU	5HVNRVWQDGHUPP
$OOPPDUNQDGVI|ULQJ	+HPVLGDPHGIUnJHOnGDORJRW\SHPP
)UDPWDJQLQJDYNRPSHQGLHU			6XPPD
*UXQGNXUVGDJDUV	OHNWPHGVLGOHNW
	OD\RXWDQWDOVLGRU[NRVWQSHUVLGD
*UXQGNXUVGDJ	OHNWPHGVLGOHNW
3ODQHULQJQDWXUUHVXUVHU	OHNWPHGVLGOHNW6NULYDUHUHVRURPN
GDJDU	OD\RXWDQWDOVLGRU[NRVWQSHUVLGD
1DWXUNXOWXU	OHNWPHGVLGOHNW6NULYDUHUHVRURPN
GDJDU	OD\RXWDQWDOVLGRU[NRVWQSHUVLGD
+lOVDPLOM|VN\GG	OHNWPHGVLGOHNW6NULYDUHUHVRURPN
GDJDU	OD\RXWDQWDOVLGRU[NRVWQSHUVLGD
3U|YQLQJVDQNWLRQHU	OHNWPHGVLGOHNW6NULYDUHUHVRURPN
GDJ	OD\RXWDQWDOVLGRU[NRVWQSHUVLGD
6WHJ,NXUVHU			6XPPD
,QWURGXNWLRQVNXUVGDJ	NXUVHUPHGFDOlUDUHNXUVNRQVXOWNRVWQDG
	PHGYHUNDQGHNXUVUHVDORJLPDW
	OlUDUHORNDODGPPDWUHVRU
*UXQGNXUVGDJDUV	NXUVHUPHGFDOlUDUHNXUV
	H[SHUWHUNXUVUHVDORJLPDW
	OlUORJLUHVDORNDODGPPWUO
*UXQGNXUVGDJ	OlUDUHPWUO
3ODQHULQJQDWXUUHVXUVHU	NXUVHUPHGPHGFDOlUDUHNXUV
GDJ	H[SHUWHUNXUVUHVDORJLPDW
	OlUDUHORNDODGPUHVDORJLPWUO
1DWXUNXOWXU	NXUVHUPHGPHGFDOlUDUHNXUV
GDJDU	H[SHUWHUNXUVUHVDORJLPDW
	OlUDUHORNDODGPUHVDORJLPWUO
+lOVDRFKPLOM|	NXUVHUPHGPHGFDOlUDUHNXUV
GDJDU	H[SHUWHUNXUVUHVDORJLPDW
	OlUDUHORNDODGPUHVDORJLPWUO
3U|YQLQJVDQNWLRQHU	NXUVHUPHGFDOlUDUHNXUV
GDJ	H[SHUWHUNXUVUHVDORJLPDW
	OlUDUHORNDODGPUHVDPDWPWUO
6WHJ,,NXUVHU	.XUVHUQDlUVMlOYILQDQVLHUDGH		6XPPD
.XUVDUUDQJ|UHU	P|WHXQGHUGDJ
	DUUDQJ|UHUUHVDPDWPWUO
			6XPPD
8WYlUGHULQJ	2PNRVWQDGHU		6XPPD
727$/.2671$’WNU

,QJnULNRPPLWWpQVSHUVRQDONRVWQDGHU

'HWI|UXWVlWWVDWWUHVSHNWLYHP\QGLJKHWILQDQVLHUDUVLQDVNULYDUHLQRPVLWW I|UYDOWQLQJVDQVODJ

%LODJD

628

0,/-g%$/.687%,/'1,1*(1

7,’3/$1

MDQXDUL

IHEUXDUL

PDUV

DSULO

PDM

MXQL

MXOL

DXJXVWL

VHSWH

YHFND

,QODJGDNRPPLWWpP|WHQ

0LOM|EDONHQI|URUGQLQJDUR

0LOM|SURSWLOO

YLVVDI|UHVNULIWHUEHVOXWDVDY

0LOM|Pn

5HPLVVDY

ULNVGDJHQ

WDVDYU

I|URUGQLQJDU

)|OMGODJVWLIWQLQJHQ

WLOOULNVGDJHQ

3URJUDPDUEHWHPHGEXGJHW

([SHUWJUXSSHUXWVHV

8SSWDNWVP|WH

/lUDUODJXWVHVUHJLRQDOW

,1752'.856(1

0|WHNXUVDUUDQJ|UHU

)|UEHUHGHOVHDUEHWH

*HQRPI|UDQGHNXUVHU

,*581'87%,/'1,1*

6NULYDUH

/b61,1*

5HGHJHULQJROD\RXW

7U\FNQLQJ

NXUVHU

5HJLRQDODNXUVHU

,,)g5'-8387%,/'1

6NULYDUH

/b6

5HGLJHULQJROD\RXW

7U\FNQLQJ

[NXUVHU

5HJLRQDODNXUVHU

,,,)2576b771.856

6NULYDUH

5HGLJHULQJROD\RXW

7U\FNQLQJ

NXUVHU

5HJLRQDODNXUVHU

,9879b5'(5,1*

628

%LODJD

0,/-g%$/.687%,/'1,1*(1

7,’3/$1

RNWREHU

QRYHPEHU

GHFHPEHU

MDQXDUL

IHEUXDUL

PDUV

DSULO

PDM

MXQ

YHFND

,QODJGDNRPPLWWpP|WHQ

0LOM|PnOHQ

EHVOXWDVDY

0LOM|EDONHQWUlGHULNUDIW

0LOM|EDONHQ

WUlGHULNUDIW

3URJUDPDUEHWHPHGEXGJHW

([SHUWJUXSSHUXWVHV

/lUDUODJXWVHVUHJLRQDOW

,1752'.856(1

)|UEHUHGHOVHDUEHWH

*HQRPI|UDQGHNXUVHU

,*581'87%,/'1,1*

6NULYDUH

5HGHJHULQJROD\RXW

7U\FNQLQJ

NXUVHU

5HJLRQDODNXUVHU

,,)g5'-8387%,/'1

)|UE

HUHGDQGHNXU

V

6NULYDUH

/b61

5HGLJHULQJROD\RXW

7U\FNQLQJ

[NXUVHU

5HJLRQDODNXUVHU

,,,)2576b771.856

6NULYDUH

/b61,1*

5HGLJHULQJROD\RXW

7U\FNQLQJ

NXUVHU

5HJLRQDODNXUVHU

,9879b5'(5,1*

%LODJD

628

0,/-g%$/.687%,/'1,1*(1

7,’3/$1

MXQL

MXOL

DXJXVWL

VHSWHPEHU

RNWREHU QRYHPEHU

GHFHPEHU

YHFND

,QODJGDNRPPLWWpP|WHQ

3URJUDPDUEHWHPHGEXGJHW

([SHUWJUXSSHUXWVHV

/lUDUODJXWVHVUHJLRQDOW

,1752'.856(1

)|UEHUHGHOVHDUEHWH

*HQRPI|UDQGHNXUVHU

,*581'87%,/'1,1*

6NULYDUH

5HGHJHULQJROD\RXW

7U\FNQLQJ

NXUVHU

5HJLRQDODNXUVHU

,,)g5'-8387%,/'1

6NULYDUH

5HGLJHULQJROD\RXW

7U\FNQLQJ

[NXUVHU

5HJLRQDODNXUVHU

,,,)2576b771.856

6NULYDUH

5HGLJHULQJROD\RXW 7U\FNQLQJ

NXUVHU

5HJLRQDODNXUVHU

,9879b5'(5,1*

8WYlUGHULQJ DY PLOM|EDONVXWELOGQLQJHQV DUEHWH

628

7DEHOOHU

7DEHOO ’HOWDJDUH OlQVYLV Sn JUXQGNXUVHUQDV OlUDUXWELOGQLQJLVWHJ

/lQ	)|UVW	’HOWDJDQGHOlUDUHSnJUXQGNXUVHQDQPlOGD
	HUEMXGQD	7RWDOW	GlUDY	GlUDY	DQWDOGHOW	DQWDOGHOW
	SODWVHU		NRPPXQ	OVW	LQY	NRPPXQ
6WRFNKROPVOlQ
8SSVDODOlQ
6|GHUPDQODQGVOlQ
gVWHUJ|WODQGVOlQ
-|QN|SLQJVOlQ
.URQREHUJVOlQ
.DOPDUOlQ
*RWODQGVOlQ
%OHNLQJHOlQ
6NnQHOlQ
+DOODQGVOlQ
9lVWUD*|WDODQG
9lUPODQGVOlQ
gUHEUROlQ
9lVWPDQODQGVOlQ
’DODUQDVOlQ
*lYOHERUJVOlQ
9lVWHUQRUUODQGVOlQ
-lPWODQGVOlQ
9lVWHUERWWHQVOlQ
1RUUERWWHQVOlQ
+HODULNHW

%LODJD

628

7DEHOO&HQWUDODVWDWOLJDP\QGLJKHWHUVRPPnO

JUXSSI|UPLOM|EDONVXWELOGQLQJHQ

6WDWOLJP\QGLJKHW	5HSUHVHQWHUDGL	$QWDOGHOWDJDUH	$QWDOVnOGD	$QWDOVnOGD
	H[SHUWJUXSS	SnNRPPLWWpQV	JUXQG	|YHUVLNWV
		JUXQGNXUV	NRPSHQGLHU	NRPSHQGLHU
0LOM|GHSDUWHPHQWHW	;
’RPVWROVYHUNHW	;
%DQYHUNHW
%RYHUNHW
	;
(QHUJLP\QGLJKHWHQ
)LVNHULYHUNHW
)RUWLILNDWLRQVYHUNHW
)|UVYDUHW
-RUGEUXNVYHUNHW
	;
.RQVXPHQWYHUNHW
.HPLNDOLHLQVSHNWLRQHQ
	;
.lUQNUDIWVLQVSHNWLRQHQ
/DQWPlWHULYHUNHWPHG
	;
UHJLRQHU
/LYVPHGHOVYHUNHW
/XIWIDUWVYHUNHW
1DWXUYnUGVYHUNHW
	;
187(.
3ROLVK|JVNRODQ
	;
5LNVDQWLNYDULHlPEHWHW
	;
5lGGQLQJVYHUNHW
6M|IDUWVYHUNHW
6RFLDOVW\UHOVHQ
	;
6NRJVVW\UHOVHQPHG
UHJLRQHU
6WUnOVN\GGVLQVWLWXWHW
9lJYHUNHW
	;
cNODJDUP\QGRFKHNREURWW
	;

628

%LODJD

7DEHOO (NRQRPLVND I|UXWVlWWQLQJDU I|U GHQ UHJLRQDODPLOM|EDONVXWELOGQLQJHQLVWHJ

6DPPDQVWlOOQLQJDYXWVlQGHQNlWLRNWREHU

	.XUVDYJLIW		.RPPXQ	/lUDU	$QQDQ	(UV7LOO$UEJLYDUH
			NXUVHU	DUYRGH	HUVlWWQLQJ	NUNXUVGDJRFKOlUDUH
	RIIHQWDQVW	I|UHWDJDUH		NUGDJ
	NUNXUVGDJ	NUNXUVGDJ
6WRFNKROPVOlQ			i	QHM	UHVD7DOLQQ
			NUSHUV			|YHUGDJDU
8SSVDODOlQ			QHM	QHM	UHVD6WKOPV
					VNlUJnUG
6|GHUPDQODQGVOlQ			QHM	QHM	VDQQROLNUHVD	WRWDOWSHU
						NXUVGDJ
gVWHUJ|WODQGVOlQ			QHM	QHM	VWXGLHUHVD
-|QN|SLQJVOlQ			QHM		UHVD9HWODQGD
.URQREHUJVOlQ			QHM	QHM	HYUHVD.|SHQ	QHMLQWHlQQX
.DOPDUOlQ			QHM		UHVD7\VNODQG	QHM
*RWODQGVOlQ			QHM	QHM	VDPNYlP	QHM
%OHNLQJHOlQ			QHM	QRUPDOWQHM	UHVD6WUDOVXQG	QHM
6NnQHOlQ			MD		UHVD7\VNODQG	QHM
+DOODQGVOlQ			QHM	QHM	QHM	QHM
*|WHERUJVUHJLRQHQ			QHM	QHM	ERNPLGGDJ	WRWDOWSHU
						NXUVGDJ
*|WHERUJVR%RKXV		MD	QHM		QHM
OlQ
bOYVERUJVOlQ			QHM	QHM	QHM
6NDUDERUJVOlQ		LQJD	QHM	QHM	PLGGDJ	WRWDOWSHU
		I|UHWDJDUH				NXUVGDJ
9lVWUD*|WDODQGVOlQ
9lUPODQGVOlQ			QHM		QHM	-DGnOlUDUHXWELOGDW
						SnEHWDOGDUEHWVWLG
gUHEUROlQ			MDVW	XW|YHU	UHVD%U\VVHO	KDOYGDJ
				GDJDU
9lVWPDQODQGVOlQ			MD	QHM	QHM	PD[
'DODUQDVOlQ			QHM	QHM	UHVD	3HUVRQONRVWQNXUVGDJ
						XW|YHUGDJDU
*lYOHERUJVOlQ			MD		)|UI|UEHUHG	7LOOOlQVVW\UHOVHQ
9lVWHUQRUUODQGVOlQ			MD		QHM	QHM
-lPWODQGVOlQ			QHM		UHVDcUH	MD
9lVWHUERWWHQVOlQ			QHM	QHM	HYVHQDUH
1RUUERWWHQVOlQ			QHM		DOWUHVD%UÅVVHO	QHM

%LODJD628

7DEHOO5HJLRQDONXUVYHUNVDPKHW

$QWDOGHOWDJDUHSnJUXQGNXUVHQ

$QWDOGHOWDJDUHSn|YHUVLNWVNXUVHQ

'HOW

'HOW

.RPPXQHQ

6WDWOLJD

3ULYDWD

6XPPD

.RPPXQHQ

6WDWOLJD

3ULYDWD

6XPPD

NRP

7MP

3ROLWLNHU

0\QG

VHNWRUQ

7MP

3ROLWLNHU

0\QG

VHNWRUQ

LQY

6WHJ

XWELOGQLQJHQ

5HJLRQDONXUVYHUNVDPKHW

6WRFNKROPVOlQ

8SSVDODOlQ

6|GHUPDQODQG

gVWHUJ|WODQGV

OlQ

-|QN|SLQJVOlQ

.URQREHUJVOlQ

.DOPDUOlQ

*RWODQGVOlQ

%OHNLQJHOlQ

6NnQHOlQ

+DOODQGVOlQ

9lVWUD

*|WDODQG

9lUPODQGVOlQ

gUHEUROlQ

9lVWPDQODQGV

OlQ

'DODUQDVOlQ

*lYOHERUJVOlQ

9lVWHUQRUUODQG

-lPWODQGVOlQ

9lVWHUERWWHQV

OlQ

1RUUERWWHQVOlQ

6800$