You are on page 1of 14

2JO GDQLHU\VXQNX



 2JO GDQLHU\VXQNX

: QLQLHMV]\P UR]G]LDOH ]DSR]QDV] VL  ] SRGVWDZRZ\PL NRPHQGDPL GR RJO GDQLD U\VXQNX


3R]QDV]]DVDG\WZRU]HQLDLZ\NRU]\VW\ZDQLDZLGRNyZZXM FLXNODV\F]Q\P RUD] ]Z\NR
U]\VWDQLHP RNQD GLDORJRZHJR ZSURZDG]RQHJR Z ZHUVML  =DSR]QDV] VL  ] RG ZLH DQLHP
HNUDQX L UHJHQHUDFM  U\VXQNX RUD] ] Z\SHQLHQLHP NRQWXUyZ RELHNWyZ 2PyZLRQH ]RVWDQ
QDVW SXM FHNRPHQG\
SRZL NV]DQLH]PQLHMV]DQLH
SRGJO GG\QDPLF]Q\
SU]HVXZDQLHQDHNUDQLH
ZLGRNL
ZLGRNLRNQRGLDORJRZH
RG ZLH DQLHHNUDQX
UHJHQHUDFMDU\VXQNX
Z\SHQLDQLHNRQWXUyZ

=220
'69,(:(5
3$1
9,(:
''9,(:
5('5$:
5(*(1
),//

VWURQD
VWURQD
VWURQD
VWURQD
VWURQD
VWURQD
VWURQD
VWURQD

: $XWR&$']LH PR QD QD HNUDQLH ]REDF]\ FD\ U\VXQHN QD UD]  ZLGD ZWHG\ SURSRUFMH
PL G]\JyZQ\PLHOHPHQWDPLU\VXQNXDOHV]F]HJy\SR]RVWDM QLHZLGRF]QHOXEQLHZ\UD QH
0R QD SRZL NV]\ Z\EUDQ\ IUDJPHQW U\VXQNX NRPHQGD =220  :WHG\ V]F]HJy\ XND
VL Z\UD QLHLSUHF\]\MQLH
.RPHQG\ RJO GDQLD U\VXQNX QDOH  GR QDMEDUG]LHM SRWU]HEQ\FK L QLHXVWDQQLH VWRVRZDQ\FK
SRGF]DVU\VRZDQLD'ODWHJRWH QDXF]VL S\QQLHQLPLSRVXJLZD

$XWR&$'GOD:LQGRZV



 3RZL NV]DQLHL=PQLHMV]DQLH


=220
.RPHQGD =220 VX \ GR SRZL NV]DQLD ]PQLHMV]DQLD  ZLG]LDQHJR QD HNUDQLH IUDJPHQWX
U\VXQNX

0HQX

>9LHZ@>=RRP!@>RSFMD@

2SFMH
l $OO

l &HQWHU

l '\QDPLF

SRZL NV]HQLH DE\ QD HNUDQLH ]QDOD] VL  REV]DU OH F\ Z JUDQLFDFK


U\VXQNX /,0,76  -H HOL MDNLH  HOHPHQW\ Z\VWDM  SR]D JUDQLFH WR
ZyZF]DV SRZL NV]HQLH ]RVWDQLH WDN GRSDVRZDQH DE\ FD\ U\VXQHN
]PLH FL VL  QD HNUDQLH Z QDMZL NV]HM PR OLZHM VNDOL :\EUDQLH WHM
RSFMLSRZRGXMH]DZV]HUHJHQHUDFM U\VXQNX
SRZL NV]HQLH Z RSDUFLX R ZVND]DQ\ SXQNW NWyU\ PD ]QDOH  VL  SR
SRZL NV]HQLX Z URGNX HNUDQX RUD] Z\VRNR  SRZL NV]DQHJR
REV]DUXSRGDZDQ ZMHGQRVWNDFKU\VXQNRZ\FK-H HOLSRZ\VRNR FL
REV]DUX Z\VW SL OLWHUD [ WR Z\VRNR  WD ]RVWDQLH WUDNWRZDQD MDNR
ZLHORNURWQR  ELH FHM Z\VRNR FL SRZL NV]HQLD 'RGDQLH [S VSR
ZRGXMHGREUDQLHSRZL NV]HQLDZ]JO GHPSU]HVWU]HQLSDSLHUX
SRZL NV]HQLH G\QDPLF]QH 1D HNUDQLH XND H VL  SURVWRN W NWyU\
PR QD SU]HVXZD : URGNX SURVWRN WD ]QDMGXMH VL  ]QDF]HN ;
3URVWRN W WHQ XND]XMH REV]DU NWyU\ ]RVWDQLH SRZL NV]RQ\ :\PLDU\
SURVWRN WD ]PLHQLDP\ QDFLVNDM F OHZ\ SU]\FLVN P\V]\ SU]\ SUDZHM
NUDZ G]L SURVWRN WD SRMDZLD VL  VWU]DND   :LHONR  SURVWRN WD
]PLHQLD VL  JG\ SRUXV]DP\ NXUVRUHP OXE P\V]  'R SU]HVXZDQLD
SURVWRN WDSRHNUDQLHSRZUDFDP\QDFLVNDM FSRQRZQLHOHZ\SU]\FLVN
P\V]\ 3R Z\EUDQLX SURVWRN WD R GDQ\FK UR]PLDUDFK L SRR HQLX
QDFL QLMSUDZ\SU]\FLVNP\V]\OXE(17(5!

2JO GDQLHU\VXQNX



=RRP'\QDPLF
l ([WHQWV
l /HIW

l 3UHYLRXV
l 9PD[
l :LQGRZ
l VNDOD

SRZL NV]HQLHWDNGRSDVRZDQHDE\ZV]\VWNLHHOHPHQW\U\VXQNX]RVWD\
Z\ ZLHWORQHQDHNUDQLHZPR OLZLHQDMZL NV]HMVNDOL
SRZL NV]HQLHRNUH ORQHSU]H]OHZ\GROQ\UyJSRZL NV]DQHJRREV]DUX
RUD]MHJRZ\VRNR -H HOLSRZ\VRNR FLREV]DUXZ\VW SLOLWHUD[WR
Z\VRNR  WD ]RVWDQLH WUDNWRZDQD MDNR ZLHORNURWQR  ELH FHM
Z\VRNR FL SRZL NV]HQLD 'RGDQLH [S VSRZRGXMH GREUDQLH SRZL N
V]HQLDZ]JO GHPSU]HVWU]HQLSDSLHUX
SRZUyW GR SRSU]HGQLHJR SRZL NV]HQLD 0R QD SU]\ZRD GR  SR
ZL NV]H ZVWHF]
SRZL NV]HQLHGRJUDQLFHNUDQXZLUWXDOQHJR:\EyUWHMRSFMLQLHSRFL 
JD]DVRE QLJG\UHJHQHUDFMLU\VXQNX
SRZL NV]HQLH ZVND]DQHJR QD HNUDQLH RNQD SURVWRN WD  :VND]DQ\
SURVWRN W ]RVWDQLH Z\ ZLHWORQ\ QD HNUDQLH Z PR OLZLH QDMZL NV]HM
VNDOL2SFMDWDMHVWZ\NRU]\VW\ZDQDEDUG]RF] VWR
SRZL NV]HQLH Z RSDUFLX R ZSLVDQ\ ] NODZLDWXU\ ZVSyF]\QQLN VNDOL
SRZL NV]HQLD ZVSyF]\QQLN  MHVW UyZQR]QDF]Q\ ] =220 $OO
ZDUWR FL !  R]QDF]DM  SRZL NV]HQLH ZDUWR FL    ]PQLHMV]HQLH
Z]JO GHP=220$OO

$XWR&$'GOD:LQGRZV


l VNDOD;

l VNDOD;3

SRZL NV]HQLH Z]JO GHP ELH FHJR SRZL NV]HQLD :SLVDQLH OLF]E\
LEH]SR UHGQLR SR QLHM OLWHU\ [ SRZRGXMH SRZL NV]HQLH RNUH ORQ
LOR  UD]\ Z]JO GHP ELH FHJR SRZL NV]HQLD QS [ R]QDF]D GZX
NURWQHSRZL NV]HQLH[SyUD]DF]\OL]PQLHMV]HQLH 
SRGREQLHMDNSRSU]HGQLDRSFMDDOHSRZL NV]HQLHZSU]HVWU]HQLPRGHOX
]RVWDQLHGREUDQHZ]JO GHPSU]HVWU]HQLSDSLHUX

8ZDJL
F .RPHQG 
=220PR QDZ\GDZWUDNFLHZ\NRQ\ZDQLDLQQHMNRPHQG\3U]\NDGRZR
MH OL U\VXMHV] RGFLQHN L FKFHV] ZVND]D SXQNW NR FRZ\ ] ZL NV]  SUHF\]M  WR PR HV]
SRZL NV]\RNROLFHSXQNWXNR FRZHJRQLHSU]HU\ZDM FU\VRZDQLDOLQLL$E\WRRVL J
Q QLHSU]HU\ZDM FU\VRZDQLDOLQLLZ\ELHU]]PHQXJyUQHJR>9LHZ@>=RRP!@>RSFMD@
OXE ZSLV] ] NODZLDWXU\ NRPHQG  SRSU]HG]RQ  DSRVWURIHP
=220 0R OLZR  WD
Z\VW SXMHMHGQDN HW\ONRZWHG\JG\SRZL NV]HQLHQLHSRFL JD]DVRE NRQLHF]QR FLUH
JHQHUDFMLU\VXQNX-H OLUHJHQHUDFMDMHVWNRQLHF]QDWRSRMDZLDVL NRPXQLNDW5HTXLUHV
UHJHQ&DQQRWEHWUDQVSDUHQWLNRPHQGDMHVWLJQRURZDQD
F 3RZL NV]HQLHPR QDGREUDLQG\ZLGXDOQLHGODND GHMU]XWQL

3DWU]WH  3$1 9,(: 5(*(1$872 9,(:5(6 ([WPD[ ([WPLQ /LPPD[ /LPPLQ


9LHZFWU9LHZVL]H9VPD[9VPLQ

3U]\NDG 1DMSLHUZ QDU\VXM SU]\NDGRZ\ U\VXQHN NWyUHJR IUDJPHQW\ E G  Sy QLHM


SRZL NV]DQH

&RPPDQG
)LUVWFRUQHU
2WKHUFRUQHU
&RPPDQG
)LUVWFRUQHU
2WKHUFRUQHU

5(&7$1*

#
5(&7$1*

#

&RPPDQG
)URPSRLQW
7RSRLQW
7RSRLQW
7RSRLQW

$  3RZL NV] SURVWRN W ]D SRPRF  =220 :LQGRZ


Z\ELHUDM F]PHQXJyUQHJR
>9LHZ@>=RRP!@>:LQGRZ@
)LUVWFRUQHUZVND SXQNW3
2WKHUFRUQHUZVND SXQNW3

/,1(

#
#
F

3

3

1DHNUDQLHSRMDZLVL SRZL NV]RQ\SURVWRN W


%  3U]\ZRDM QD HNUDQ FD\ U\VXQHN ]D SRPRF  =220 $OO Z\ELHUDM F ] PHQX JyUQHJR
>9LHZ@>=RRP!@>$OO@

2JO GDQLHU\VXQNX
& 3RZL NV]WUyMN W]DSRPRF =220&HQWHUZSLVX
M F]NODZLDWXU\=220DQDVW SQHF
&HQWHUSRLQWZVND SXQNW3
0DJQLILFDWLRQ RU +HLJKW ! ZVND  SXQNW
3
6HFRQGSRLQWZVND SXQNW3



3

3

3

'  3U]\ZRDMQDHNUDQFD\U\VXQHN]SRPRF
=2203UHYLRXVZ\ELHUDM F]PHQXJyUQHJR
>9LHZ@>=RRP!@>3UHYLRXV@
(  3RZL NV] WUyMN W L SURVWRN W ]D SRPRF  =220
'\QDPLFZ\ELHUDM F]PHQXJyUHJR
>9LHZ@>=RRP!@>'\QDPLF@
3RZ\EUDQLXRSFML]PHQXXND HVL HNUDQSRZL NV]HQLDG\QDPLF]QHJR-H OLSU]HVXQLHV]
P\V]QDHNUDQLHWRSU]HVXQL FLXXOHJQLHUyZQLH SURVWRN WZNWyUHJRZQ WU]X]QDMGXMHVL
]QDN ; )UDJPHQW U\VXQNX ]DZDUW\ ZH ZQ WU]X WHJR SURVWRN WD XND H VL  QD HNUDQLH SR
QDFL QL FLX SUDZHJR SU]\FLVNX P\V]\ OXE NODZLV]D (17(5! :LHONR  SURVWRN WD
PR QD ]PLHQL 1DFL QLM OHZ\ SU]\FLVN P\V]\ = ZQ WU]D SURVWRN WD ]QLNQLH NU]\ \N D
SU]\SUDZHMNUDZ G]LSRND HVL VWU]DND7HUD]JG\SRUXV]\V]P\V] ]PLHQLDVL E G]LH
ZLHONR  SURVWRN WD 'RSDVXM ZLHONR  WDN E\ ]PLH FL VL  Z QLP WUyMN W L SURVWRN W
1DFL QLMOHZ\SU]\FLVNP\V]\LSU]HVX SURVWRN WWDNDE\WUyMN WLSURVWRN W]QDOD]VL ZH
ZQ WU]X1D]DNR F]HQLHQDFL QLMSUDZ\SU]\FLVNP\V]\OXE(17(5!1DHNUDQLHXND H
VL Z\EUDQ\IUDJPHQWU\VXQNX
)  3RZUyGRSRSU]HGQLHJRSRZL NV]HQLDZ\ELHUDM F]PHQXJyUQHJR
>9LHZ@>=RRP!@>3UHYLRXV@
*  1DU\VXM RGFLQHN RG SXQNWX  GR JyUQHJR ZLHU]FKRND WUyMN WD SRZL NV]DM F RNROLFH
WHJRZLHU]FKRND
&RPPDQG/,1(
)URPSRLQW
7R SRLQW Z\ELHU] ] PHQX JyUQHJR >9LHZ@>=RRP!@>:LQGRZ@ ZVND  SURVWRN W
REHMPXM F\FLDVQRJyUQ\ZLHU]FKRHNWUyMN WD*yUQDF] WUyMN WD]RVWDQLHSRZL NV]RQD
7RSRLQWZVND JyUQ\ZLHU]FKRHNWUyMN WD
7RSRLQW(17(5!
+  3RZL NV]FD\U\VXQHN]DSRPRF =220([WHQWVZ\ELHUDM F]PHQX
>9LHZ@>=RRP!@>([WHQWV@
,  $E\ ]DREVHUZRZD MDN G]LDD =220 ([WHQWV GRGDM RGFLQHN Z\FKRG] F\ SR]D
GRW\FKF]DVRZ\U\VXQHN1DU\VXMRGFLQHNRGSXQNWXGRSXQNWX

$XWR&$'GOD:LQGRZV



3RZL NV]FDR ]DSRPRF =220([WHQWVZ\ELHUDM FSRQRZQLH]PHQXJyUQHJR


>9LHZ@>=RRP!@>([WHQWV@
=ZUy XZDJ  MDN ]PLHQLR VL  SRZL NV]HQLH Z VWRVXQNX GR SRZL NV]HQLD X]\VNDQHJR
ZSXQNFLH+

 3RGJO GG\QDPLF]Q\'69,(:(5


$XWR&$' GOD :LQGRZV Z\SRVD RQ\ MHVW Z SRGJO G G\QDPLF]Q\ -HVW WR EDUG]R SR \WH
F]QH QDU] G]LH ]QDF]QLH XDWZLDM FH RJO GDQLH U\VXQNX -HVW WR EDUG]R SR \WHF]QH
QDU] G]LH ]QDF]QLH XDWZLDM FH RJO GDQLH U\VXQNX 8PR OLZLD HODVW\F]QH L VSUDZQH
SRV]XNLZDQLH SRZL NV]DQLH LSU]HVXZDQLH ZLGRF]QHJR QD HNUDQLH IUDJPHQWX U\VXQNX
:DUWR SR ZL FL QLHFR F]DVX L GRNDGQLH ]DSR]QD VL  ] SRGJO GHP G\QDPLF]Q\P JG\
MHVWRQEDUG]RZ\JRGQ\DWZ\ZREVXG]HL]QDF]QLHV]\EV]\RGNRPHQG=220L3$1
$E\XDNW\ZQLSRGJO GG\QDPLF]Q\NOLNQLMLNRQ SRGJO GXQDEHOFHQDU] G]LRZHM

2SFMH
2SWLRQV
*OREDO9LHZ
/RFDWH

RSFMHVWHUXM FHSRGJO GHP


Z\ ZLHWODFD\U\VXQHNZRNQLHSRGJO GX
XPR OLZLD SRGJO G G\QDPLF]Q\ U\VXQNX Z GX \P SRZL N
V]HQLX3RZ\EUDQLXWHMRSFMLSU]HVXZDMNXUVRUHPZREV]DU]H
U\VXQNX QLH Z REV]DU]H SRZL NV]HQLD G\QDPLF]QHJR 
2NROLFH NXUVRUD E G  SRND]\ZDQH Z GX \P SRZL NV]HQLX
ZRNLHQNX ZLGRNX G\QDPLF]QHJR 6WDQGDUGRZ\P SRZL N
V]HQLHP MHVW  -H HOL FKFHV] ]PLHQL WR SRZL NV]HQLH WR QD
FL QLM SUDZ\ SU]\FLVN P\V]\ L]PLH  ZVSyF]\QQLN SRZL N
V]HQLD

2JO GDQLHU\VXQNX
6WDWLVWLFV

$XWR9LHZSRUW

:LQGRZRQ7RS

'\QDPLF8SGDWH

3DQ
=RRP


Z\ ZLHWOD LQIRUPDFMH WDNLH MDN QXPHU ELH FHM U]XWQL LOR
EDMWyZLLOR RELHNWyZ]QDMGXM F\FKVL QDOL FLHZ\ ZLHWOD
F]D 'LVSOD\ /LVW 3URFHVVRU  FDNRZLW  SRMHPQR  Z\ ZLH
WODF]D RUD]  SURFHQW SDPL FL ]DMPRZDQ\ SU]H] OLVW  Z\ ZLH
WODF]D
JG\RSFMDMHVWZ F]RQDWRZRNQLHSRGJO GXZ\ ZLHWODQDMHVW
DXWRPDW\F]QLH ZLGRN Z ELH FHM U]XWQL *G\ RSFMD MHVW Z\
F]RQDWRDNWXDOL]DFMDZLGRNXQDVW SXMHGRSLHURSRNOLNQL 
FLXQDEHOFHRNQDSRGJO GX
MH HOL WD RSFMD MHVW Z F]RQD WR RNQR SRZL NV]HQLD
G\QDPLF]QHJR SR]RVWDMH Z\ ZLHWORQH Z RNQLH $XWR&$'D
:SU]HFLZQ\PSU]\SDGNXRNQRSRZL NV]HQLDG\QDPLF]QHJR
]QLND]DUD]SRZ\EUDQLXSRZL NV]HQLD
JG\RSFMDMHVWZ F]RQDWR]PLDQ\U\VXQNXV DXWRPDW\F]QLH
RG]ZLHUFLHGODQHZRNQLHSRGJO GXG\QDPLF]QHJR
SRZL NV]D]PQLHMV]DSRZL NV]HQLHZRNQLHSRGJO GX
XPR OLZLD]PLDQ ZLGRF]QHJRQDHNUDQLHIUDJPHQWXU\VXQNX
EH]]PLDQ\VNDOLSRZL NV]HQLD
SRZL NV]D OXE ]PQLHMV]D Z\EUDQ\ IUDJPHQW U\VXQNX QD
HNUDQLH

 3U]HVXZDQLHQDHNUDQLH3$1
.RPHQGD 3$1 SR]ZDOD SU]HVXQ  U\VXQHN Z GRZROQ\P NLHUXQNX Z]JO GHP HNUDQX EH]
]PLDQ\ VNDOL SRZL NV]HQLD .RPHQGD WD QLH ]PLHQLD SRR HQLD RELHNWyZ QD U\VXQNX 1D
HNUDQLH QLH PXVLV] ZLG]LH FDHJR U\VXQNX (NUDQ MHVW SURVWRN WHP Z NWyU\P Z\ ZLHWODQ\
MHVWIUDJPHQWU\VXQNX:\REUD VRELH HU\VXQHN]QDMGXMHVL QDNDUWFHIRUPDWX$%LHU]HV]
LQQ NDUWN IRUPDWXLZ\FLQDV]ZQLHMSURVWRN WRZ\PLDUDFKQSFPQDFP1DVW SQLH
SU]\NDGDV] NDUWN  ] Z\FL W\P SURVWRN WHP GR U\VXQNX =REDF]\V] W\ONR W  F]  U\VXQNX
NWyUD ]PLH FLD VL  Z Z\FL W\P SURVWRN FLH 3URVWRN W V\PEROL]XMH HNUDQ -H HOL FKFHV]
]REDF]\LQQ\IUDJPHQWU\VXQNXSU]HVXZDV]NDUWN ]Z\FL W\PSURVWRN WHP:DQDORJLF]Q\
VSRVyEG]LDDNRPHQGD3$1

0HQX

>9LHZ@>3DQ@

3R ZSURZDG]HQLX NRPHQG\ SRMDZL VL  NRPXQLNDW 'LVSODFHPHQW :SLV] ZVSyU] GQH


SXQNWX RGQLHVLHQLD OXE ZDUWR FL SU]HPLHV]F]HQLD [\  1DVW SQLH SRMDZL VL  NRPXQLNDW
6HFRQG SRLQW :VND  QD HNUDQLH QRZH SRR HQLH SXQNWX RGQLHVLHQLD -H HOL FKFHV] E\
XSU]HGQLR ZSLVDQH ZDUWR FL ]LQWHUSUHWRZDQH ]RVWD\ MDNR SU]HVXQL FLH WR Z RGSRZLHG]L QD
6HFRQGSRLQWZFL QLM(17(5!

8ZDJL
F .RPHQG 
3$1PR QDZ\GDZF]DVLHZ\NRQ\ZDQLDLQQHMNRPHQG\

$XWR&$'GOD:LQGRZV



F .RPHQGD 3$1 ]PLHQLD Z\ F]QLH SRR HQLH U\VXQNX QD HNUDQLH 2]QDF]D WR H
ZVSyU] GQHRELHNWyZQDU\VXQNXQLHXOHJQ ]PLDQLHSRZ\NRQDQLXNRPHQG\.RPHQ
GD3$1Uy QLVL LVWRWQLHRGNRPHQG\029(NWyUDSU]HVXZDHOHPHQW\QDU\VXQNX

3DWU]WH =220'9,(:3DQ ':,'2.1IUDJP


3U]\NDG3U]HVX U\VXQHNWDNDE\SXQNW3]QDOD]VL ZSU]\EOL HQLXZSXQNFLH3
&RPPDQG3$1
'LVSODFHPHQWZVND SXQNW3
6HFRQGSRLQWZVND SXQNW3

3U]HG3$1

3R3$1

 :LGRN9,(:
:LGRF]Q\QDHNUDQLHIUDJPHQWU\VXQNXPR QD]DSLVDZSRVWDFLZLGRNXRRNUH ORQHMQD]ZLH
:LGRNQLHMHVW]DSLVHPHOHPHQWyZU\VXQNXW\ONR]DSLVHPSDUDPHWUyZMDNLIUDJPHQWU\VXQNX
MHVWZLGRF]Q\QDHNUDQLHZMDNLPSRZL NV]HQLXMDNLMHVWDNWXDOQ\SXQNWZLG]HQLDLMDNLHV
SDUDPHWU\ SHUVSHNW\Z\ 3R Z\ZRDQLX ZLGRNX RGWZDU]DQH V  SDUDPHWU\ LRGSRZLHGQL
IUDJPHQW U\VXQNX XND]XMH VL  QD HNUDQLH ']L NL ZLGRNRP XQLNDP\ NRQLHF]QR FL
ZLHORNURWQHJRVWRVRZDQLDNRPHQG\=220L3$1SRGF]DVU\VRZDQLDLRJO GDQLDU\VXQNX
3U]\NDGRZR SURMHNWXM F VDPRFKyG PR QD ]DSDPL WD V]HUHJ ZLGRNyZ D ND G\ ] QLFK
SU]HGVWDZLDPR HLQQ\IUDJPHQWSURMHNWXQSNRRXNDG]DZLHV]HQLDWDEOLF SU]\U] GyZ
3UDFXM F QDG XNDGHP ]DZLHV]HQLD PR QD MHGQ  NRPHQG  SU]\ZRD QD HNUDQ WDEOLF
SU]\U] GyZLWS3RGREQLHSURMHNWXM FEXG\QHNPR QD]DSLVDZLGRNND GHJRSRPLHV]F]HQLD
LV]\ENRSU]HQRVLVL ]MHGQHJRGRGUXJLHJR$E\VNRU]\VWD]ZLGRNXWU]HEDJRQDMSLHUZ
]DSLVD -DNR ZLGRN PR QD ]DSLVD FD\ ZLGRF]Q\ IUDJPHQW U\VXQNX OXE SURVWRN WQH RNQR
ZVND]DQHQDHNUDQLH

2JO GDQLHU\VXQNX



2SFMH
l "

l 'HOHWH
l 5HVWRUH
l 6DYH
l :LQGRZ

Z\ ZLHWODQD]Z\ZV]\VWNLFK]GHILQLRZDQ\FKZLGRNyZ3RZ\EUDQLX
RSFMLXND]XMHVL S\WDQLHRZ]RU]HFQD]Z\ZLGRNyZNWyUHPDM E\
Z\ ZLHWORQH 9LHZ V  WR OLVW  ! $E\ X]\VND OLVW  ZV]\VWNLFK
ZLGRNyZZSLV]JZLD]GN  
XVXZD ZLGRNL : RGSRZLHG]L QD 9LHZ QDPH V  WR GHOHWH ZSLV]
QD]Z\ZLGRNyZNWyUHPDM E\XVXQL WH
SU]\ZRXMH QD HNUDQ ZLGRN R RNUH ORQHM QD]ZLH : RGSRZLHG]L QD
9LHZQDPHWRUHVWRUHZSLV]QD]Z ZLGRNXNWyU\PDE\Z\ZRD
Q\
]DSLVXMHZLGRF]Q\QDHNUDQLHIUDJPHQWU\VXQNXMDNRZLGRN:RGSR
ZLHG]LQD9LHZQDPHWRVDYHZSLV]QD]Z MDN FKFHV]QDGD]DSL
V\ZDQHPXZLGRNRZL
]DSLVXMH SURVWRN WQ\ IUDJPHQW U\VXQNX ZVND]DQ\ QD HNUDQLH MDNR
ZLGRN : RGSRZLHG]L QD 9LHZ QDPH WR VDYH ZSLV] QD]Z  MDN
FKFHV]QDGD]DSLV\ZDQHPXZLGRNRZLDQDVW SQLHZVND QDHNUDQLH
SURVWRN WNWyU\PDE\]DSLVDQ\MDNRZLGRN

8ZDJL
F :LGRNLV ]DSLV\ZDQHQDG\VNX F]QLH]U\VXQNLHP2]QDF]DWR HVNRUR]DSLVDOL P\
ZLGRNL 6DYHOXE:LQGRZ LNR F]\P\SUDF ]U\VXQNLHPNRPHQG (1'WRQDG\VNX
F]QLH ] U\VXQNLHP ]DSLVDQH V  LQIRUPDFMH R ZLGRNDFK L SR UR]SRF] FLX SUDF\
QDVW SQ\PUD]HPPR QD]QLFKNRU]\VWD
F ,VWQLHMHPR OLZR Z\NUH OHQLDZLGRNXQDSORWHU]HOXEGUXNDUFH SDWU]NRPHQGD3/27 
0R OLZR  WD MHVW EDUG]R SRPRFQD JG\ ]DFKRG]L NRQLHF]QR  F] VWHJR NUH OHQLD
IUDJPHQWXU\VXQNX
F .RPHQG 
9,(: SRSU]HG]RQ DSRVWURIHP PR QDZ\GDSRGF]DVZ\NRQ\ZDQLDLQQHM
NRPHQG\SDWU]XZDJLGRNRPHQG\=220
F :UD]]ZLGRNLHP]DSLV\ZDQ\PRSFM 6DYH]DSLV\ZDQDMHVWLQIRUPDFMDF]\ZLGRN]RVWD
XWZRU]RQ\ Z SU]HVWU]HQL PRGHOX F]\ SDSLHUX 3U]\ SU]\ZR\ZDQLX ZLGRNX RSFM
5HVWRUHRGSRZLHGQLDSU]HVWU]H ]RVWDQLHDXWRPDW\F]QLHXDNW\ZQLRQD
F 2NQR GLDORJRZH ''9,(: ZSURZDG]RQH Z ZHUVML  ]QDF]QLH XDWZLD VWRVRZDQLH
ZLGRNyZ SDWU]GDOHM 

$XWR&$'GOD:LQGRZV



 2NQRGLDORJRZH''9,(:
2NQRGLDORJRZH''9,(:XPR OLZLDDWZHWZRU]HQLHXVXZDQLHLSU]\ZR\ZDQLHZLGRNyZ

0HQX

>9LHZ@>6HWYLHZ!@>1DPHGYLHZ@

: RNQLH GLDORJRZ\P ]QDMGXMH VL  OLVWD ]DSLVDQ\FK ZLGRNyZ ZUD] ] LGHQW\ILNDWRUDPL


RNUH ODM F\PL F]\ ZLGRN ]RVWD ]GHILQLRZDQ\ Z SU]HVWU]HQL PRGHOX F]\ SDSLHUX 1D OL FLH
]QDMGXMHVL UyZQLH ZLGRNELH F\R]QDF]RQ\QDOL FLHRNUH OHQLHP &855(17 

2SFMH
l 5HVWRUH

l 1HZ
l 'HOHWH
l 'HVFULSWLRQ

Z\ZRXMH ZLGRN $E\ Z\ZRD ]DSLVDQ\ ZF]H QLHM ZLGRN


XVWDZ NXUVRU QD W\P ZLGRNX L QDFL QLM OHZ\ SU]\FLVN P\V]\
:\EUDQ\ZLGRN]RVWDQLHSRG ZLHWORQ\1DVW SQLHXVWDZNXUVRU
QDSROX5HVWRUHLQDFL QLMOHZ\SU]\FLVNP\V]\
]DSLVXMH QRZ\ ZLGRN 3R Z\EUDQLX WHM RSFML Z\ ZLHWORQH
]RVWDMH RNQR GLDORJRZH XPR OLZLDM FH XWZRU]HQLH QRZHJR
ZLGRNX
XVXZDLVWQLHM F\ZLGRN$E\XVXQ ZLGRNZVND JRQDOL FLH
QDVW SQLHZ\ELHU]'HOHWH
Z\ ZLHWODV]F]HJyRZHLQIRUPDFMHRZ\EUDQ\PZLGRNX

3R QDFL QL FLX SU]\FLVNX 1HZ Z\ ZLHWORQH ]RVWDMH RNQR GLDORJRZH 'HILQH 1HZ 9LHZ
3R ZSURZDG]HQLX QD]Z\ ZLGRNX L RNUH OHQLX MHJR REV]DUX Z\ELHU] 6DYH 9LHZ -H HOL
FKFHV]]UH]\JQRZD]GHILQLFMLZ\ELHU]&DQFHO

2JO GDQLHU\VXQNX



l 1HZ1DPH
l &XUUHQW'LVSOD\

ZW\PSROXZSLV]QD]Z WZRU]RQHJRZLGRNX
Z\EUDQLH WHM RSFML QDND]XMH XWZRU]HQLH ZLGRNX REHMPXM FHJR
REV]DUU\VXQNXDNWXDOQLHZLGRF]Q\QDHNUDQLH
Z\EUDQLH WHM RSFML QDND]XMH XWZRU]HQLH ZLGRNX REHMPXM FHJR
ZVND]DQ\QDHNUDQLHSURVWRN W
XPR OLZLDZVND]DQLHQDHNUDQLHSURVWRN WDZLGRNX

l 'HILQH:LQGRZ
l :LQGRZ

3DWU]WH 9,(:9LHZFWU9LHZGLU9LHZPRGH9LHZVL]H9LHZWZLVW
3U]\NDG1DSRF] WHNQDU\VXMQDHNUDQLHGZDRELHNW\WUyMN WLSURVWRN W1DVW SQLH
$ 8WZyU]ZLGRNRQD]ZLHFDR QDNWyU\PZLGRF]Q\MHVW
WUyMN WLSURVWRN W
:W\PFHOXZ\ELHU]]PHQXJyUQHJR
>9LHZ@>6HW9LHZ!@>1DPHG9LHZ@

FDORVF

WURMNDW

:\ ZLHWORQH]RVWDQLHRNQRGLDORJRZH
:\ELHU]1HZ
:SROX1HZ1DPHZSLV]FDORVF
:\ELHU]6DYH9LHZL2.

SURVWRNDW

%  3RZL NV]WUyMN WLZSRGREQ\VSRVyE]DSLV]JRMDNRZLGRNWUyMN W


&  3RZUyGRSRSU]HGQLHJRSRZL NV]HQLDZ\ELHUDM F]PHQXJyUQHJR
>9LHZ@>=RRP!@>3UHYLRXV@
'  3RZL NV]SURVWRN WL]DSLV]JRMDNRZLGRNSURVWRN W
(  :\ZRDMZLGRNFDR
>9LHZ@>6HW9LHZ!@>1DPHG9LHZ@
:VND ZLGRNFDORVFLQDFL QLMOHZ\SU]\FLVNP\V]\
1DVW SQLHZ\ELHU]5HVWRUHL2.
)  :SRGREQ\VSRVyESU]\ZRDMZLGRNLWUyMN WLSURVWRN W

$XWR&$'GOD:LQGRZV



 2G ZLH DQLHHNUDQX5('5$:


=D]QDF]DM FSXQNW\QDHNUDQLHSR]RVWDM  ODG\ DQJEOLSV 3RQDGWRSHZQHNRPHQG\PRJ
SRZRGRZD H HNUDQ ]RVWDMH ]D PLHFRQ\ OXE QLHNWyUH HOHPHQW\ U\VXQNX ]RVWDM  ]QLH
NV]WDFRQHOXEXVXQL WH QSQLHNLHG\SRNRPHQG]LH(5$6(JG\RELHNW\]DFKRG] QDVLHELH 
3RNRPHQG]LH5('5$:ELH FDU]XWQLD]RVWDMHRG ZLH RQDLZV]\VWNLHQLHSRWU]HEQH ODG\
]QLNDM ]HNUDQXD]QLHNV]WDFRQHRELHNW\XND]XM VL ZHZD FLZHMSRVWDFL

0HQX

>9LHZ@>5HGUDZ@

8ZDJL

F 'ZXNURWQHQDFL QL FLHNODZLV]D)SRZRGXMHUyZQLH RG ZLH HQLHHNUDQX


F .RPHQG 
5('5$: PR QD ZSURZDG]L WDN H SRGF]DV Z\NRQ\ZDQLD LQQHM NRPHQG\
SDWU]XZDJLGRNRPHQG\=220 
F .RPHQG 5('5$:PR QDSU]\ZRDELH F\U\VXQHNSRZ\ ZLHWOHQLXVODMGXNRPHQ
G 96/,'(
F -H HOL NRU]\VWDV] ] ZL FHM QL  MHGQHM U]XWQL WR SRPRFQ  PR H E\ NRPHQGD
5('5$:$//NWyUDRG ZLH DZV]\VWNLHU]XWQLH

3DWU]WH 5('5$:$//5(*(15(*(1$//

 5HJHQHUDFMDU\VXQNX5(*(1
.RPHQGD 5(*(1 QDND]XMH UHJHQHUDFM  U\VXQNX :\NRQ\ZDQD MHVW DXWRPDW\F]QLH SR
Z\NRQDQLX QLHNWyU\FK LQQ\FK NRPHQG L U]DGNR ]DFKRG]L NRQLHF]QR  EH]SR UHGQLHJR MHM
XDNW\ZQLHQLD

0HQX NRPHQG ZSLVXMHP\]NODZLDWXU\


8ZDJL
F 5HJHQHUDFMDU\VXQNXWUZDGXJR]ZDV]F]DJG\U\VXQHNMHVW]R RQ\$E\SU]\VSLHV]\
UHJHQHUDFM  PR QD ]DPUR]L QLHSRWU]HEQH Z GDQHM FKZLOL ZDUVWZ\ NRPHQG  /$<(5
)UHH]H
F .RPHQGD 5(*(1 MHVW QDMF] FLHM VWRVRZDQD EH]SR UHGQLR Z QDVW SXM F\FK SU]\SDG
NDFK
SR]PLDQLHWU\EXZ\SHQLDQLDRELHNWyZ ),//212)) DE\]PLDQDXZLGRF]QLRQD
]RVWDDRGQR QLHZF]H QLHMZSURZDG]RQ\FKHOHPHQWyZ
SR SRZL NV]HQLX IUDJPHQWX U\VXQNX ]DZLHUDM FHJR RNU JL OXE XNL 3RZL NV]HQLH
WDNLHPR HVSRZRGRZD HRNU JLLXNLE G Z\ ZLHWODQHMDNREDUG]RNDQFLDVWH Z]D
OH QR FL RG XVWDZLHQLD GRNDGQR FL U\VRZDQLD  NRPHQGD 9,(:5(6  :yZF]DV
NRPHQGD5(*(1PR HVSRZRGRZDLFKZ\JDG]HQLH

3DWU]WH 5(*(1$//5('5$:5('5$:$//5(*(1$872

2JO GDQLHU\VXQNX



3U]\NDG

.RPHQG 5(*(1PR QDZ\GDSU]\NDGRZRZQDVW SXM FHMV\WXDFML=DSRPRF NRPHQG\


62/,' QDU\VRZDQ\ ]RVWD REV]DU NWyU\ MHVW Z\SHQLRQ\ Z URGNX &KFHV] ]OLNZLGRZD WR
Z\SHQLHQLHWDNDE\Z\ ZLHWORQ\E\W\ONRNRQWXUREV]DUX:\GDMZL FNRPHQG ),//2))
=FKZLO Z\NRQDQLDWHMNRPHQG\REV]DUMHVWWUDNWRZDQ\MDNRSXVW\Z URGNXDOHQDHNUDQLH
MHVWZFL Z\SHQLRQ\-H OLFKFHV]WR]PLHQLQDND UHJHQHUDFM Z\GDM FNRPHQG 5(*(1
-H HOL Z F]RQD MHVW DXWRPDW\F]QD UHJHQHUDFMD SDWU] NRPHQGD 5(*(1$872  X \WNRZQLN
VWRVXMHNRPHQG 5(*(1VWRVXQNRZRU]DGNRMH OLDXWRPDW\F]QDUHJHQHUDFMDMHVWZ\ F]RQD
WRX \WNRZQLNPXVLZ\UD]L]JRG QDND G UHJHQHUDFM 

 :\SHQLDQLH),//
,VWQLHMHZLHOHRELHNWyZNWyUHV NRQWXUDPL]Z\SHQLRQ\P URGNLHP QSREV]DU62/,'
V]HURND OLQLD  75$&( SLHU FLH   '2187 SROLOLQLD  3/,1(  5HJHQHUDFMD L NUH OHQLH
U\VXQNX ]DZLHUDM FHJR RELHNW\ ] Z\SHQLRQ\P URGNLHP WUZD GXJR L SRZRGXMH QDGPLHUQH
]X \FLHSLVDNyZ0R QDQDND]DDE\W\ONRNRQWXU\Z\SHQLDQ\FKRELHNWyZE\\Z\ ZLHWOD
QHLU\VRZDQH

0HQX NRPHQG ZSLVXMHP\]NODZLDWXU\


2SFMH
l 21
l 2))

Z F]DZ\SHQLDQLHNRQWXUyZ
Z\ F]DZ\SHQLDQLHNRQWXUyZ

8ZDJL
F -H HOL QD HNUDQLH ]QDMGXM  VL  Z\SHQLRQH RELHNW\ L Z\GDP\ NRPHQG  ),// 2)) WR
HIHNW WHM NRPHQG\ RGQR QLH MX  LVWQLHM F\FK RELHNWyZ ]REDF]\P\ GRSLHUR SR
QDMEOL V]HMUHJHQHUDFMLU\VXQNX
F :\SHQLDQLHMHVWVWDQGDUGRZRZ F]RQH

3DWU]WH 3/,1('218762/,'75$&()LOOPRGH



$XWR&$'GOD:LQGRZV

You might also like