9HUGHUJDDQGEHVSDULQJVEHOHLG
(HQYHUNHQQLQJYDQNDQVHQHQEDUULqUHV
7RQYDQ'ULO 3DSHUJHSUHVHQWHHUGRSKHW 013V\PSRVLXPµ+RHYHHOHQHUJLHEHVSDULQJLVQRGLJ¶ 1LHXZVSRRUW'HQ+DDJRSRNWREHU 2NWREHU (&1%HOHLGVVWXGLHV'HEHVFKLNEDDUKHLGYDQJRHGNRSHWHFKQLVFKHPRJHOLMNKHGHQYRRUHQHUJLHEHVSDULQJEHWHNHQW QRJQLHWGDW]HRRNPDNNHOLMN]LMQWHUHDOLVHUHQ:HONHNDQVHQ]LMQHUYRRUYHUGHUJDDQGHQHU JLHEHOHLGHQZHONHEDUULqUHVPRHWHQQRJZRUGHQRYHUZRQQHQ"
(ULVPHHUHQHUJLHEHVSDULQJQRGLJ
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wQVWUXPHQWHHUG ,QGHJHQRHPGHSRWHQWLHHOVWXGLHVZRUGHQKHWEHOHLGHQGHUDQGYRRUZDDUGHQQRJQLHW]RGDQLJ JHVSHFLILFHHUGGDWHHQVFKDWWLQJJHPDDNWNDQZRUGHQYDQGHGDDGZHUNHOLMNHUHDOLVDWLH3UDNWL VFKHEDUULqUHVNXQQHQEHVSDULQJEHOHPPHUHQHQKHWXLWHLQGHOLMNLQJH]HWWHEHOHLGLVYDDNPLQGHU HHQYRXGLJHQUREXXVWGDQELMGHSRWHQWLHHOEHSDOLQJZRUGWYHURQGHUVWHOG ,QGLWDUWLNHOZRUGWHHUVWHHQXLWVWDSMHJHPDDNWQDDUGHDFKWHUOLJJHQGHGRHOHQYDQHQHUJLHEHVSD ULQJ9DQGHLQVWUXPHQWHQLQKHW1HGHUODQGVHHQHUJLHEHOHLGZRUGWYHUYROJHQVDDQJHJHYHQZHON HIIHFW]HKHEEHQRSHQHUJLHEHVSDULQJ$DQGHKDQGYDQKHWSRWHQWLHHODDQHQHUJLHEHVSDULQJHQ GHPRJHOLMNHEDUULqUHVZRUGWYHUYROJHQVDDQJHJHYHQZDDUKHWEHOHLG]LFKRSNDQULFKWHQ'LW JHHIWHHQDQWZRRUGRSGHKRRIGYUDDJ :DW]LMQGHPRJHOLMNKHGHQYRRUYHUGHUJDDQGHQHUJLHEHVSDULQJVEHOHLG" 1DDVWEHVSDULQJVEHOHLGZRUGWYHUNHQGRIRRNEHOHLGJHULFKWRSPLQGHUHQHUJLHJHEUXLNHQGHDFWL YLWHLWHQHHQELMGUDJHNDQOHYHUHQDDQGHGRHOHQYDQKHWHQHUJLHEHOHLG(HQNZDQWLWDWLHYHUDPLQJ YDQKHWUHDOLVHHUEDUHHQHUJLHEHVSDULQJWHPSRZRUGWPHGHRPGLHUHGHQQLHWJHJHYHQ
:DDURPHQHUJLHEHVSDULQJ"
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¶V³*OREDO(FRQRP\´HQ ³6WURQJ(XURSH´4 +HWLVGXVYDQEHODQJRPRRNWHOHWWHQRSVWUXFWXXUHQYROXPHHIIHFWHQGLHLQYORHGKHEEHQRS KHWHQHUJLHJHEUXLNHQ]RPRJHOLMNRRNHQHUJLHEHOHLGGDDURSWHULFKWHQ0LQGHUHQHUJLHJHEUXL NHQLVQDPHOLMNQLHWDOWLMGKHW]HOIGHDOVHQHUJLHEHVSDULQJ,QKHW3URWRFRO0RQLWRULQJ(QHUJLHEH VSDULQJ5ZRUGWHQHUJLHEHVSDULQJDOVYROJWJHGHILQLHHUG ³(QHUJLHEHVSDULQJLVKHWXLWYRHUHQYDQGH]HOIGHDFWLYLWHLWHQRIYHUYXOOLQJYDQIXQFWLHVPHW PLQGHUHQHUJLHYHUEUXLN´ +HWYHUPLQGHUHQRIYHUYDQJHQYDQHQHUJLHYUDJHQGHDFWLYLWHLWHQRIIXQFWLHVLVGXVJHHQHQHUJLH EHVSDULQJYROJHQVGH]HGHILQLWLH0DDUDOVGHYHUPLQGHULQJYDQHQHUJLHYUDJHQGHDFWLYLWHLWHQJH UHODWHHUGZRUGWDDQGHGRHOHQYDQKHWHQHUJLHEHOHLG1EOLMNWGDWEHLGHVWUDWHJLHsQSRVLWLHIVFRUHQ 7DEHO$OOHHQYRRUGHHFRQRPLVFKHHIILFLHQF\NDQHHQYHUPLQGHULQJYDQEHSDDOGHHQHUJLH YUDJHQGHDFWLYLWHLWHQHYHQWXHHORRNQHJDWLHIXLWZHUNHQDOVGDDUJHHQDQGHUHDFWLYLWHLWHQWHJHQ RYHUVWDDQ 7DEHO 'RHOHQYDQHQHUJLHEHOHLG 'RHOHQYDQ(QHUJLHEHOHLG 0LQGHUHQHUJLHYUDJHQGHDFWLYLWHLWHQ 0LQGHUHQHUJLHSHUDFWLYLWHLWHQHUJLHEHVSDULQJ
9RRU]LHQLQJV]HNHUKHLG
0LOLHXEHKRXG
2PGHEHOHLGVGRHOHQWHEHUHLNHQLVKHWGXVYHUVWDQGLJRPEUHGHUWHNLMNHQGDQDOOHHQHQHUJLHEH VSDULQJ
:HONHEHOHLGVLQVWUXPHQWHQNXQQHQZRUGHQLQJH]HW"
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
+HIILQJ(%$FFLMQV 6XEVLGLH(,$ &RQYHQDQWHQHQHUJLHEHVSDULQJ (QHUJLHLQ0LOLHXYHUJXQQLQJ (PLVVLHKDQGHO(8(76 %30:HJHQEHODVWLQJ .LORPHWHUKHIILQJLQGLVFXVVLH 0D[LPXPVQHOKHLG 3URGXFWQRUPHULQJ 5HF\FOLQJPDWHULDDOEHVSDULQJ %RXZYRRUVFKULIWHQ(31 0(3'XXU]DDP 0(3:.. %LREUDQGVWRIIHQ :LWWHFHUWLILFDWHQLQVWXGLH " 9RRUOLFKWLQJ %Hw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
&ULWHULDYRRUEHOHLGVNHX]HV
.RVWHQYDQPDDWUHJHOHQ]LMQHHQEHODQJULMNHDIZHJLQJYRRUEHOHLGVNHX]HV9DQXLWKHWRRJSXQW YDQGHEHOHLGPDNHU]LMQGH]RJHQRHPGH³QDWLRQDOHNRVWHQ´GHEHODQJULMNVWHNRVWHQJURRWKHLG 'DDUELMZRUGWGHH[WUDLQYHVWHULQJYHUUHNHQGPHWHHQODJHUHQWHYRHWHQYHUPLQGHUGPHWGHNRV WHQYDQGHXLWJHVSDDUGHHQHUJLH]RQGHUKHIILQJHQHQVXEVLGLHVPHHWHWHOOHQ'DDUPHHZRUGWEH QDGHUGZDWLQKHWEHODQJLVYDQGH³EY1HGHUODQG´'H]HLQYDOVKRHNZLMNWDIYDQGHHLQGYHU EUXLNHUVEHQDGHULQJ:DWYRRUHHQNOHLQYHUEUXLNHUPHWHHQKRRJHQHUJLHEHODVWLQJWDULHIHHQUHQ GDEHOHLQYHVWHULQJLVEHKRHIWGDWXLWQDWLRQDDORRJSXQWQLHWWH]LMQ2PJHNHHUGNDQYRRUJURRW YHUEUXLNHUVHHQLQYHVWHULQJRQUHQGDEHO]LMQRPGDW]HPHWHHQKRJHUHUHQWHYRHWUHNHQHQHQPHW HHQODDJHQHUJLHEHODVWLQJWDULHI 1DDVWNRVWHQVSHOHQRRNDQGHUHIDFWRUHQYRRUEHOHLGVPDNHUVHHQEHODQJULMNHURO • 0DDWUHJHOHQNXQQHQRSJHVSDQQHQYRHWVWDDQPHW(XURSHVHUHJHOJHYLQJRIPHGHGLQJLQJV HLVHQ6XEVLGLHPDJYROJHQVKHW(XURSHVH0LOLHXVWHXQNDGHUQLHWGHYROOHGLJHRQUHQGDEHOH WRSYDQLQYHVWHULQJHQGHNNHQ(LVHQGLHZRUGHQJHVWHOGDDQDSSDUDWHQHQYRHUWXLJHQPR JHQKHWKDQGHOVYHUNHHUQLHWEHOHPPHUHQ1RUPHQYRRUYRHUWXLJHQHQDSSDUDWHQZRUGHQELM YRRUNHXULQ(XURSHHVYHUEDQGYDVWJHVWHOG • 0DDWUHJHOHQPRJHQQLHWOHLGHQWRWDQGHUHHFRQRPLVFKHQDGHOHQYRRUGHGRHOJURHS(HQ EHNHQGYRRUEHHOGLVGHFRQFXUUHQWLHSRVLWLHYDQHQHUJLHLQWHQVLHYHVHFWRUHQ'LHPDJQLHW ]RGDQLJGRRUKHIILQJHQRIYRRUVFKULIWHQZRUGHQEHQDGHHOGGDWEHGULMYHQVWUXFWXUHOHYHUOLH ]HQPDNHQ • 0DDWUHJHOHQPRJHQGHNHX]HYULMKHLGYDQFRQVXPHQWHQQLHWEHOHPPHUHQ+HWLVSUDNWLVFK RQPRJHOLMNRPPHWJHULFKWHPDDWUHJHOHQPHQVHQGHDDQNRRSYDQKDORJHHQODPSHQJURWH DXWR¶VDLUFRRISODVPDWHOHYLVLHWHRQW]HJJHQRI]HPHWGHWUHLQWHODWHQUHL]HQ 'H]HIDFWRUHQKHEEHQHULQGHSUDNWLMNWRHJHOHLGGDWGHNRVWHQYDQH[WUDHQHUJLHEHVSDULQJRQJH OLMN ]LMQ YRRU YHUVFKLOOHQGH GRHOJURHSHQ (QHUJLHLQWHQVLHYH JHEUXLNHUV ]RDOV GH LQGXVWULH HQ JODVWXLQERXZKHEEHQUHODWLHIODJHWDULHYHQYRRUGHHQHUJLHEHODVWLQJ(HQPDDWUHJHOLVLQGLHVHF WRUHQDOJDXZQLHWDDQWUHNNHOLMNWHUZLMOLQGHJHERXZGHRPJHYLQJYHHOGXXUGHUHPDDWUHJHOHQ QRJ Zp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sOHQ
$DQGHKDQGYDQGHGRRURD(FRI\VJHVFKHWVWHSRWHQWLsOHQLVKHWPRJHOLMNHHQJOREDOHEHRRUGH OLQJYDQGHYHUVFKLOOHQGHPRJHOLMNKHGHQWHJHYHQ'H]HLVJHPDDNWDDQGHKDQGYDQGHGRRU (&1HQ013YHU]DPHOGHYRRUORSLJHLQVFKDWWLQJHQRSEDVLVYDQKHWQRJWHSXEOLFHUHQ2SWLHGR FXPHQW'HUHVXOWDWHQ]LMQVDPHQJHYDWLQ7DEHO'DDUELMLVHHQLQGLFDWLHYHLQGHOLQJWRHJHSDVW YDQHIIHFWHQHQNRVWHQ7DEHO %HRRUGHOLQJSRWHQWLsOHQYRRUEHVSDULQJHQYHUPLQGHULQJYDQHQHUJLHJHEUXLNHQGH DFWLYLWHLWHQ 9HUPLQGHULQJ HQHUJLHJHEUXLN .RVWHQ %DUULqUHV YHHO ZHLQLJ ODDJ KRRJ (8PHGH
ZHUNLQJ YULMKHLG.HX]H FXUUHQWLH&RQ
+XLVKRXGHQV 1LHXZERXZ(31YHUKRJHQ × × (OHNWULFLWHLWVYHUEUXLN × × × × :DUPWHYUDDJEHVWDDQGHERXZ × × 'LHQVWHQ *HERXZLVRODWLH × × =XLQLJHUYHUOLFKWHQ × × × 7UDQVSRUW $DQVFKHUSLQJFRQYHQDQWHQ PHWDXWRPRELHOLQGXVWULH × × × × .LORPHWHUKHIILQJ × × 5LMJHGUDJEHwQYORHGHQ × × × 0D[LPXPVQHOKHLG × × × ,QGXVWULHHQHUJLHVHFWRU ,QGXVWULHSURFHVVHQGLY × × × × ,QGXVWULHSURFHVVHQGLY × × :DUPWHNUDFKWNRSSHOLQJ × × × × (IILFLsQWHUH HOHNWULFLWHLWVSURGXFWLH × × × 7XLQERXZ =XLQLJHNDVVHQ × × × ,QDOOHVHFWRUHQLVQRJVXEVWDQWLHHOEHVSDULQJWHUHDOLVHUHQ'DDUELM]LMQGHNRVWHQYDDNKRRJ (HQJURRWSRWHQWLHHOWHJHQODJHNRVWHQZRUGWJHYRQGHQELM • (OHNWULVFKHDSSDUDWHQHQYHUOLFKWLQJLQGHJHERXZGHRPJHYLQJ'H]HRSWLHLVYRRUHHQEH ODQJULMNGHHODIKDQNHOLMNYDQ(8QRUPHQYRRUHOHNWULVFKHDSSDUDWHQ9RRUWVVSHOHQQLHWEH LQYORHGEDUHFRQVXPHQWHQYRRUNHXUHQHHQURO%LMGHDDQVFKDIHQKHWJHEUXLNYDQYHUOLFK WLQJHQDSSDUDWHQPRHWPHWEHOHLGHHQ]HHUGLYHUVHQYHUVQLSSHUGHQHUJLHJHEUXLNZRUGHQ EHwQYORHG1DGHUHRQWZLNNHOLQJYDQVOLPPHEHOHLGVLQVWUXPHQWHQ]RDOVHHQ:LWWH&HUWLIL FDWHQVWHOVHOLVKLHUJHZHQVW'DDUELMLVQLHWDOOHHQEHVSDULQJPDDURRNYHUPLQGHULQJYDQ HQHUJLHYUDJHQGHDFWLYLWHLWHQ ]RDOV YHUOLFKWLQJ EHODQJULMN 1LHWWHPLQ ]DO KHW PRHLOLMN ]LMQ RPGRRUPLGGHOYDQEHOHLGDOOHWHFKQLVFKHEHVSDULQJVPRJHOLMNKHGHQWHEHQXWWHQ • $DQVFKHUSLQJYDQGHFRQYHQDQWHQEHWUHIIHQGHWUDQVSRUWPLGGHOHQ2RNKLHULVVDPHQZHU NLQJRS(8QLYHDXYHUHLVW+HWEHODQJULMNVWHHIIHFWLVEHVSDULQJGRRUPLQGHUEUDQGVWRIYHU EUXLNSHUNLORPHWHU%LMYHUGHUJDDQGHDDQVFKHUSLQJNDQRRNNHX]HYULMKHLGYRRUDXWRPREL OLVWHQHHQUROVSHOHQELMYRRUEHHOGGRRUEHSHUNLQJYDQGHWRSVQHOKHLGLQKHWYRHUWXLJRQW ZHUS • .LORPHWHUKHIILQJ'HLPSOHPHQWDWLHNRVWHQ]LMQKRRJPDDUGHWRWDOHNRVWHQOLMNHQODDJHQ ]LMQQRJRQ]HNHU,QGHNRVWHQZRUGHQKHWRSKHIIHQYDQFRQJHVWLHHQDQGHUHPLOLHXHIIHFWHQ EHWURNNHQ>@'LWSRWHQWLHHOLV]HNHUDDQWHEHYHOHQYRRUQDGHUHXLWZHUNLQJ+LHULVKHWHI IHFWQLHWDOOHHQEHVSDULQJPDDURRNYHUPLQGHULQJYDQHQHUJLHYUDJHQGHDFWLYLWHLWHQ(HQ EHODQJULMNHEDUULqUHLVKLHUGDWGHEHOHLGVPDNHUVPRHLOLMNNXQQHQNLH]HQLQZHONHPDWH]H PRELOLWHLWZLOOHQEHSHUNHQHQEHODVWHQWHQJXQVWHYDQKHWPLOLHX
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sOHQQLHWEH WUHNNLQJRSHQHUJLHEHVSDULQJPDDURSYHUPLQGHULQJYDQHQHUJLHJHEUXLNHQGHDFWLYLWHLWHQ +HW(QHUJLHUDSSRUWULFKW]LFKRSGHPHHVWHYDQGH]HSRWHQWLsOHQPDDUYHHOKDQJWQRJDIYDQGH LQWHQVLWHLWHQGHYRUPJHYLQJYDQGHLQVWUXPHQWHQ,QKHWEHVOXLWYRUPLQJVSURFHVLVKHWVFKHSSHQ YDQGUDDJYODNEHODQJULMN%LMGHLPSOHPHQWDWLHYDQQLHXZHLQVWUXPHQWHQZRUGWGDQGRRUJDDQV JHVWDUWPHWHHQODJHEHOHLGVLQWHQVLWHLWHQYHHOXLW]RQGHULQJVEHSDOLQJHQ,QWHQVLYHULQJELMLQVWUX PHQWHQ DOV NLORPHWHUKHIILQJ &2DOORFDWLH HQ :LWWH &HUWLILFDWHQYHUSOLFKWLQJHQ LV YHUYROJHQV DIKDQNHOLMNYDQGHSROLWLHNHDPELWLHV,QKHWDOJHPHHQZRUGWGDDUELMHHQGHHOYDQGHSRWHQWLsOHQ QLHWGDDGZHUNHOLMNJHUHDOLVHHUG
&RQFOXVLHV
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qUHVGLHQHQGDDUELMQRJWHZRUGHQJHVOHFKW(HQFRQFUHWHVHFWRUVSHFLILH NHDDQSDNLVGDDUYRRUQRGLJ5HIHUHQWLHV
0LQLVWHULHYDQ(FRQRPLVFKH=DNHQ 1XYRRUODWHU(QHUJLHUDSSRUW 9520HQ$(5UDDG (QHUJLHWUDQVLWLH.OLPDDWYRRUQLHXZHNDQVHQ 0HQNYHOG0HQDQGHUHQ +HW2QEHQXW5HQGDEHO3RWHQWLHHOYRRU(QHUJLHEHVSDULQJ(&1&3HWWHQ 'ULO$:1YDQHQ+((O]HQJDFRRUG 5HIHUHQWLHUDPLQJHQ(QHUJLHHQ(PLVVLHV(&1013(&1& 3HWWHQ %RRQHNDPS3*0HQDQGHUHQ3URWRFRO0RQLWRULQJ(QHUJLHEHVSDULQJ&3%(&1129(0HQ5,90 (&1&3HWWHQ 'DQLHOV%:HQDQGHUHQ 5HVHUYHSDNNHW5HVHUYHPDDWUHJHOHQYRRUKHWKDOHQYDQGH.\RWRGRHOVWHOOLQJ 3HWWHQ
2YHU GH DXWHXU GUV LU $:1 YDQ 'ULO LV ZHUN]DDP ELM (&1%HOHLGVVWXGLHV LQ 3HWWHQ DOV JURHSVOHLGHU(QHUJLHJHEUXLNHQ(PLVVLHUHGXFWLH7HOYDQGULO#HFQQO