5HJLRQDDOLQNRRSHQVXEVLGLHEXUHDX$PHUVIRRUW
H1RWDYDQ,QOLFKWLQJHQ_2IIHUWH-HXJG
'DWXPMXOL
9UDDJ
9HUZLM]LQJ
%XGJHWEHGUDJLQEULHIMXOL
9UDDJ
$QWZRRUG
,NKHUNHQKHWEHGUDJQLHWGDWLQGHEULHIVWDDW+RHNDQGLWHQ sŝĂĚĞnjĞŚLJƉĞƌůŝŶŬƚƌĞĨƚƵŶĂĚĞƌĞŝŶĨŽƌŵĂƚŝĞĂĂŶ͗
ŚƚƚƉ͗ͬͬǁǁǁ͘ǀŽŽƌĚĞũĞƵŐĚ͘ŶůͬĂĐƚƵĞĞůͬŶŝĞƵǁƐďĞƌŝĐŚƚĞŶͬϭϰϳϭͲǀĞƌƐĐŚŝůůĞŶͲƚƵƐƐĞŶͲ
KRHZRUGWKLHUPHHRPJHJDDQ"
ŵĂĐƌŽďƵĚŐĞƚͲǀĞŬƚŝƐͲĚĂƚĂͲĞŶͲŽƉŐĂǀĞŶͲǀĂŶͲnjŽƌŐĂĂŶďŝĞĚĞƌƐͲǀĞƌŬůĂĂƌĚ
*DDWGHYHUZLM]LQJYRRUG\VOH[LH]RUJ(('RRNYLDGHVRFLDOH 1HHYLDKHWRQGHUZLMV
WHDPV"
:HUNZLM]HS
)DFWXUDWLHS
,VEHYRRUVFKRWWLQJPRJHOLMN"%LMYGRRUHWHIDFWXUHUHQ
-DHU]DOPDDQGHOLMNVZRUGHQEHYRRUVFKRW
2QWZLNNHOSODQSHQ]LHRRNRIIHUWHIRUPDWMHXJGWDEEODGRSJDYH
GLHQVWYHUOHQLQJ
,QKHWRIIHUWHIRUPDWMHXJGVWDDWGDWKHWRQWZLNNHOSODQPRHW
ZRUGHQLQJHYXOGGRRU6**=,VKHWGHEHGRHOLQJGDWG\VOH[LH
DDQELHGHUVRRNHHQGHUJHOLMNSODQLQYXOOHQ"
1HHGLWLVQLHWYHUSOLFKW,QGLHQXHHQLQQRYDWLHISODQKHHIWNXQWXGLWGRRU
PLGGHOYDQHHQRQWZLNNHOSODQLQGLHQHQ
%LMGUDJHVRFLDOHWHDPVS
%LMGUDJHH[SHUWLVHSRROS
,VGLWRRNYDQWRHSDVVLQJYRRUG\VOH[LH"
:HONHWDNHQIXQFWLHVEHKRUHQELMGHH[SHUWLVHSRRO"
1HH
0HWGHH[SHUWLVHSRROZRUGWEHRRJGHHQQHWZHUNYDQSURIHVVLRQDOVPHWLHGHU
HHQHLJHQH[SHUWLVHWHRUJDQLVHUHQURQGRPGHVRFLDOHWHDPV'H
H[SHUWLVHSRRONDQWHUFRQVXOWDWLHLQJHVFKDNHOGZRUGHQGRRUGHVRFLDOHWHDPV
ZDQQHHUVRFLDOHWHDPVGUHLJHQYDVWWHORSHQLQGHEHJHOHLGLQJYDQKXQFOLsQW
]RJHQDDPGH¶KDQGHQLQKHWKDDU·FDVXVVHQHQEHKRHIWHKHEEHQDDQLHPDQG
GLHNDQPHHGHQNHQRYHUGHWHQHPHQYROJHQGHVWDSSHQLQEHJHOHLGLQJ'H
H[SHUWLVHSRRONDQRRNRSYHU]RHNYDQKHWVRFLDDOWHDPGHJHNR]HQDDQSDN
YDQKHWWHDPWRHWVHQ'HH[SHUWLVHSRROZRUGW¶YDVW·EHPHQVWGRRUGH
WULDJLVW+LM]LMLVHHQJHGUDJVZHWHQVFKDSSHURSDFDGHPLVFKQLYHDXPHW
HUYDULQJRSKHWJHELHGYDQMHXJGpQYROZDVVHQHQ]RUJ'HH[SHUWLVHSRROLV
DOOHHQJHULFKWRSKHWXLWEUHQJHQYDQDGYLHVHQFRDFKLQJHUZRUGWJHHQ]RUJ
RIEHKDQGHOUHODWLHPHWGHLQGLYLGXHOHFOLsQWDDQJHJDDQ+HWVRFLDOHWHDP
EOLMIWLQUHJLHHQEOLMIWYHUDQWZRRUGHOLMNYRRUGHFOLsQW2SEDVLVYDQ
FDVXwVWLHNZRUGWGHSDVVHQGHH[SHUWLVHLQJHVFKDNHOGHQHHQSDVVHQGWHDP
YDQH[SHUWLVHVVDPHQJHVWHOG'HH[SHUWLVHSRROLVYRRUDOVQRJQLHW
EHVFKLNEDDUYRRUGLUHFWHDDQYUDJHQYDQXLWFOLsQWHQKXLVDUWVHQMHXJGDUWVHQ
VFKROHQRIDQGHUHQ,QGHSLORWSHULRGHQDMDDU]DOEOLMNHQRIHU
EHKRHIWHLVDDQXLWEUHLGLQJYDQRQGHUVWHXQLQJDDQDQGHUHSDUWLMHQGRRUGH
H[SHUWLVHSRRO
:LM]HYDQLQVFKULMYLQJS
(UZRUGHQHHQDDQWDOLQVFKULMIIRUPXOLHUHQJHYUDDJGZR
+HUVFKLNNLQJVIRUPXOLHU1]DHQEXGJHWIRUPXOLHU1]D'H]H]LMQ
WRFKDOOHHQYDQWRHSDVVLQJYRRUGH$:%="'DQKRHILNGH]H
IRUPXOLHUHQDOVG\VOH[LHDDQELHGHUQLHWLQWH
YXOOHQRQGHUWHNHQHQ
+HW+HUVFKLNNLQJVIRUPXOLHU1]DHQ%XGJHWIRUPXOLHU1]D]LMQYRRUGH$:%=
GHILQDQFLHOHDIVSUDNHQGLHPHWKHW]RUJNDQWRRUJHPDDNW]LMQHQKHHIWXYDQ
KHQRQWYDQJHQ9RRUGH**=ZHONHDIVSUDNHQKHHIWPHW]RUJYHU]HNHUDDU
RQWYDQJHQZLMJUDDJKHWYDVWJHVWHOGHSURGXFWLHDIVSUDNHQIRUPXOLHUZDDURS
GHYDVWJHVWHOGHWDULHYHQHQSURGXFWLHDIVSUDNHQWXVVHQXZRUJDQLVDWLHHQ
GHVEHWUHIIHQGH]RUJYHU]HNHUDDUYRRU]LMQYHUPHOG'H]HGRFXPHQWHQ
KHHIWXUHHGVLQEH]LWZDQQHHUXYRRUDIVSUDNHQKHHIWPHWKHW
]RUJNDQWRRURI]RUJYHU]HNHUDDU
&KHFNOLVW
&KHFNOLVW
02HULVYRRUORSLJEXGJHWJHUHVHUYHHUW
:DDUNXQQHQZLMKHWKHUVFKLNNLQJVIRUPXOLHU1]DYLQGHQ"
=LHDQWZRRUGRSYUDDJ
:DDUNXQQHQZLMKHWEXGJHWIRUPXOLHU1]DYLQGHQ"
=LHDQWZRRUGRSYUDDJ
(ULVHHQYRRORSLJEXGJHWJHUHVHUYHHUG½;MHXJKXOSDDQ
=LHRQVDQWZRRUGRSYUDDJ
NLQGHUHQPHWEHSHUNLQJ½;MHXJG**=HQ½;RSYRHG
HQRSJURHLKXOS'H]HEHGUDJHQELMHONDDURSJHWHOGLVQDDURQV
LQVFKDWWLQJYDQ.ORSWGLW"]RMDZLOWXDXERQV
XLWOHJJHQKRHGLWLQVWDQGNRPW"]RQHHZLOWXRQVXLWOHJJHQ
ZDWZLMHYHQWXHHORYHUKHWKRRIGKHEEHQJH]LHQ"$OVRQ]H
EHUHNHQLQJNORSWZDW]LMQXZJHGDFKWHQRYHUGH
]RUJFRQWLQXLWHLWYDQ,QWHUPHW]RPHWYDQKHWEXGJHW*UDDJ
]RXGHQZHPHWXKLHURYHULQRYHUOHJJDDQ
7LMGHQVHHQJHVSUHNPHWUHJLR(HPODQGKHEEHQZLMJHVSURNHQ 'DWLVRS]LFKZHOPRJHOLMNPDDUZLMZLM]HQXHURSGDWGHGLYHUVH
RYHULQWHUVHFWRUDDOHQLQWHJUDDORIIHUWHVXLWEUHQJHQ(ULVWRHQ RQGHUGHOHQGRRURQVJRHGGXLGHOLMNHQ]RQGHUPRHLWHWUDFHHUEDDUGLHQHQWH
PHWHQWKRXVLDVPHJHUHDJHHUG*UDDJ]RXGHQZHDOVQRJRQGDQN ]LMQDQGHUV]LMQZLMJHQRRG]DDNW]HWHUXJWHVWXUHQKHODDV5HGHQYRRU
XPDQLHUYDQRIIHUWHDDQYUDDJRSRQ]HPDQLHUZLOOHQRIIUHUHQ KHEEHQZLMVHSDUDWHEXGJHWWHQEHJURWLQJVSRVWHQHQGH
:LMELHGHQGHMHXJGLJHLQWHJUDDOHQLQWHUVHFWRUDDO]RUJDDQHQ RIIHUWHEHGUDJHQPRHWHQGXVRRN´LQWHERHNHQµ]LMQLQGH]HYHUVFKLOOHQGH
ZLOOHQJUDDJRRNRSGH]HPDQLHUPHWXLQJHSHVSUHN,VGLW
EHJURWLQJVSRVWHQ%RYHQGLHQEHWUHIWKHWYRRURRNQRJYHUVFKLOOHQGH
PRJHOLMN"9DQ]HOIVSUHNHQG]XOOHQZHWHQDOOHWLMGHQYRRU
RYHUHHQNRPVWHQLQNRRSVXEVLGLH
YUDJHQHQRSPHUNLQJDDQVSUHHNEDDUHQEHUHLNEDDU]LMQ