:RUN&HQWUH 3UR
$QYlQGDUKDQGERN
3
8WDUEHWQLQJ RFK |YHUVlWWQLQJ
7KH 'RFXPHQW &RPSDQ\ ;HUR[ *./6 (XURSHDQ 2SHUDWLRQV %HVVHPHU 5RDG :HOZ\Q *DUGHQ &LW\ +HUWIRUGVKLUH
$/ +( (1*/$1'
‹ ;HUR[ &RUSRUDWLRQ $OOD UlWWLJKHWHU I|UEHKnOOV
(QVDPUlWWHQ RPIDWWDU DOOW PDWHULDO PHG QX UnGDQGH HOOHU IUDPWLGD ODJHQOLJ FRS\ULJKW LQNOXVLYH RFK XWDQ LQVNUlQNQLQJDU PDWHULDO IUDPVWlOOW I|U GH SURJUDPYDURU VRP YLVDV VnVRP I|QVWHU LNRQHU RFK DQGUD V\PEROHU
;HUR[Š7KH 'RFXPHQW &RPSDQ\Š GHW GLJLWDOD ; HWŠ RFK DOOD ;HUR[ SURGXNWHU VRP QlPQV L GHQQD SXEOLNDWLRQ lU YDUXPlUNHQ VRP WLOOK|U ;HUR[ &RUSRUDWLRQ 3URGXNWQDPQ RFK YDUXPlUNHQ VRP WLOOK|U DQGUD I|UHWDJ HUNlQQV KlUPHG
+DQGERNHQ XSSGDWHUDV UHJHOEXQGHW bQGULQJDU RFK XSSGDWHULQJDU NDQ LQI|UDV RFK W\SRJUDILVND IHO NRUULJHUDV L VHQDUH XSSODJRU
,QQHKnOO
,QQHKnOO
2P GHQQD KDQGERN
+LWWD LQIRUPDWLRQ L DQYlQGDUKDQGERNHQ
;HUR[ .XQGWMlQVW
6NULYVlWW L KDQGERNHQ
2ULHQWHULQJ
7H[W LQRP KDNSDUHQWHV
.XUVLY VWLO
*HQYlJ
2EV 7LSV
)|UVLNWLJKHW
9DUQLQJ gYULJD LQIRUPDWLRQVNlOORU
0DVNLQ|YHUVLNW
3DFND XSS PDVNLQHQ
0DVNLQNRPSRQHQWHU
0DVNLQHQV IUDPVLGD
0DVNLQHQV YlQVWUD VLGD
.RQWUROOSDQHO
6NULYD ERNVWlYHU PHG QXPPHUNQDSSDUQD
$QVOXWD PDVNLQHQ
,QVWDOOHUD WUXP RFK WRQHUNDVVHWWHU
)\OOD Sn SDSSHU
6WlOOD LQ VSUnN 6WlOOD LQ ORNDOW ,' RFK QDPQ
6WlOOD LQ GDWXP RFK WLG ,QVWDOOHUD SURJUDPYDUD
.RSLHULQJ
)|UIDUDQGH
7U\FN Sn NQDSSHQ .RSLHUD )D[D$YOlV
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
L |
9lOM SDSSHUVPDJDVLQ
/lJJ L GRNXPHQWHQ
9lOM NRSLHULQJVIXQNWLRQHU
$QJH |QVNDW DQWDO NRSLRU
7U\FN Sn 6WDUW
%DVIXQNWLRQHU
/MXVDUH P|UNDUH
'RNXPHQWW\S
(QNHO GXEEHOVLGLJW )|UPLQVND I|UVWRUD
8WPDWQLQJ
cWHUVWlOOD NRSLHULQJVIXQNWLRQHU
6SHFLDOIXQNWLRQHU
$XWR DQSDVVQLQJ
8SSUHSD ELOG
8WVNULIW
6NULYD XW HWW GRNXPHQW IUnQ HWW SURJUDP
6NULYDULQVWlOOQLQJDU
bQGUD VNULYDULQVWlOOQLQJDU
)OLNDU L GLDORJUXWDQ (JHQVNDSHU
)D[
)|UIDUDQGH
/lJJ L GRNXPHQWHQ
7U\FN Sn NQDSSHQ .RSLHUD )D[D$YOlV
9lOM ID[IXQNWLRQHU
$QJH ID[QXPPHU
7U\FN Sn 6WDUW
+DQWHUD ID[MREE
8SSULQJQLQJVPHWRGHU
8SSULQJQLQJ PHG QXPPHUNQDSSDUQD
.RUWQXPPHU
*UXSSXSSULQJQLQJ I|U VlQGQLQJ WLOO IOHUD DGUHVVHU
0DQXHOO JUXSSXSSULQJQLQJ
0DQXHOO XSSULQJQLQJ
cWHUXSSULQJQLQJ 6lQGD ID[ HIWHU WHOHIRQVDPWDO
0RWWDJQLQJ
0RWWDJQLQJVOlJHQ
LL |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
%DVIXQNWLRQHU
8SSO|VQLQJ
$YOlVQLQJ 'RNXPHQWW\S
/MXVDUH P|UNDUH
cWHUVWlOOD ID[IXQNWLRQHU
6SHFLDOIXQNWLRQHU
6lQGD IlUJID[ )|UGU|MG VlQGQLQJ
3ULRULWHUDG VlQGQLQJ
+lPWQLQJ $QQXOOHUD HQ SODQHUDG VlQGQLQJ
)D[UDSSRUWHU
,QQHKnOO
$YOlVQLQJ
7:$,1 DYOlVQLQJVSURJUDP I|U :RUN&HQWUH 3UR
)|UIDUDQGH
/lJJ L GRNXPHQWHQ
6WDUWD SURJUDPPHW$YOlVQLQJ WLOO 3&
7U\FN Sn NQDSSHQ .RSLHUD )D[D$YOlV
9lOM DYOlVQLQJVIXQNWLRQHU
7U\FN Sn 6WDUW
*UXQGLQVWlOOQLQJ DY SURJUDP I|U DYOlVQLQJ
%DVIXQNWLRQHU
8SSO|VQLQJ
$YOlVQLQJ 'RNXPHQWW\S
/MXVDUH P|UNDUH
)|UPLQVND I|UVWRUD
cWHUVWlOOD DYOlVQLQJVIXQNWLRQHU
6SHFLDOIXQNWLRQHU
8QGHUKnOO
5HQJ|ULQJ
5HQJ|UD :RUN&HQWUH 3UR 5HQJ|UD GRNXPHQWJODVHW RFK WUDQVSRUWJODVHW
.RQWUROOSDQHO RFK /&' VNlUP
'RNXPHQWPDWDUH RFK XWPDWQLQJVIDFN
%HVWlOOD I|UEUXNQLQJVYDURU
)|UEUXNQLQJVYDURU VRP NDQ E\WDV XW DY DQYlQGDUHQ
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
LLL |
7RQHUNDVVHWW
7UXPNDVVHWW
3nI\OOQLQJ DY SDSSHU
$QYlQGD VWDQGDUGPDJDVLQHW
$QYlQGD GHW PDQXHOOD PDJDVLQHW 5LNWOLQMHU DYVHHQGH PDWHULDO
3UREOHPO|VQLQJ
cWJlUGD GRNXPHQWNYDGGDU
.YDGG YLG LQPDWQLQJ
.YDGG YLG XWPDWQLQJ )HOPDWQLQJ XQGHU UXOOH
cWJlUGD SDSSHUVNYDGGDU
,QPDWQLQJVRPUnGHW
)L[HULQJVRPUnGHW
8WPDWQLQJVRPUnGHW 'XEEHOVLGHVHQKHWHQ
0DQXHOOD PDJDVLQHW
2P VHUYLFH NUlYV
7HOHIRQQXPPHU WLOO ;HUR[ .XQGWMlQVW
)HOPHGGHODQGHQ Sn VNlUPHQ
/|VD SUREOHP
.RSLHULQJ SUREOHP RFK nWJlUGHU
8WVNULIW SUREOHP RFK nWJlUGHU )D[QLQJ SUREOHP RFK nWJlUGHU
cWHUVWlOOD PDVNLQHQ
6\VWHPLQVWlOOQLQJDU
6\VWHPLQVWlOOQLQJDU
6\VWHPLQVWlOOQLQJDU IXQNWLRQHU
bQGUD LQVWlOOQLQJHQ DY V\VWHPIXQNWLRQHU
-XVWHUD K|JWDODUYRO\PHQ
6\VWHPGDWDLQVWlOOQLQJDU
6\VWHPGDWDIXQNWLRQHU
6WlOOD LQ V\VWHPGDWDIXQNWLRQHU
5DSSRUWHU
5HQVD PLQQHW
&RQWURO&HQWUH
,QVWDOOHUD &RQWURO&HQWUH
LY |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6WDUWD &RQWURO&HQWUH
$QYlQGD &RQWURO&HQWUH
%LODJD$6lNHUKHW $
6lNHUKHWVVWDQGDUGHU $
%HVWlPPHOVHU $
/DVHUVlNHUKHW $ &HUWLILHULQJ $
0LOM| $
(QHUJ\ 6WDUŠ $
,QQHKnOO
%LODJD % 6SHFLILNDWLRQHU %
6SHFLILNDWLRQHU I|U VNULYDUH % 6SHFLILNDWLRQHU I|U ID[ % 6SHFLILNDWLRQHU I|U DYOlVDUH RFK NRSLDWRU % $OOPlQQD VSHFLILNDWLRQHU % 6SHFLILNDWLRQHU I|U SDSSHU %
6DNUHJLVWHU 6DNUHJLVWHU L
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
Y |
YL |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
2P GHQQD KDQGERN
7DFN I|U DWW GX YDOGH HQ :RUN&HQWUH 3UR 0DVNLQHQ lU OlWWKDQWHUOLJ PHQ I|U DWW NXQQD DQYlQGD GHQ Sn HIIHNWLYDVWH OlVHU GX I|UVW KDQGERNHQ
2PGHQQDKDQGERN
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
+LWWD LQIRUPDWLRQ L DQYlQGDUKDQGERNHQ
+DQGERNHQ KDU I|OMDQGH GHODU
,QQHKnOOVI|UWHFNQLQJ
$QYlQG LQQHKnOOVI|UWHFNQLQJHQ I|U DWW VQDEEW KLWWD UlWW NDSLWHO
2P GHQQD KDQGERN NDSLWHO (Q |YHUVLNW |YHU LQIRUPDWLRQHQ VRP ILQQV L KDQGERNHQ
0DVNLQ|YHUVLNW NDSLWHO
%HVNULYHU PDVNLQHQ RFK GHVV IXQNWLRQHU VDPW JHU DQYLVQLQJDU RP KXU GX SDFNDU XSS PDVNLQHQ RFK J|U GHQ NODU I|U DQYlQGQLQJ
.RSLHULQJ NDSLWHO
%HVNULYHU KXU GX OlJJHU GRNXPHQW L PDVNLQHQ RFK NRSLHUDU GHP PHG DQYlQGQLQJ DY WLOOJlQJOLJD NRSLHULQJVDOWHUQDWLY
8WVNULIW NDSLWHO
%HKDQGODU XWVNULIW IUnQ GDWRU VDPW GULYUXWLQHQV IXQNWLRQHU
)D[ NDSLWHO
%HVNULYHU KXU GX VNLFNDU RFK WDU HPRW ID[PHGGHODQGHQ PHG DQYlQGQLQJ DY WLOOJlQJOLJD ID[DOWHUQDWLY
$YOlVQLQJ NDSLWHO
%HVNULYHU KXU GX DQYlQGHU PDVNLQHQV DYOlVQLQJVIXQNWLRQ
8QGHUKnOO NDSLWHO
*HU DQYLVQLQJDU RP XQGHUKnOO RFK UHQJ|ULQJ GX E|U XWI|UD I|U DWW PDVNLQHQ VND IXQJHUD Sn ElVWD VlWW ,QQHKnOOHU lYHQ LQIRUPDWLRQ RP KXU GX EHVWlOOHU RFK E\WHU XW I|UEUXNQLQJVPDWHULDO
3UREOHPO|VQLQJ NDSLWHO
%HKDQGODU SUREOHPO|VQLQJ RFK LQQHKnOOHU HQ OLVWD |YHU IHOPHGGHODQGHQ RFK UHNRPPHQGHUDGH nWJlUGHU
6LGD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6\VWHPLQVWlOOQLQJDU NDSLWHO
*HU DQYLVQLQJDU RP KXU GX lQGUDU PDVNLQHQV JUXQGLQVWlOOQLQJDU ,QQHKnOOHU lYHQ LQIRUPDWLRQ RP KXU GX SURJUDPPHUDU RFK DQYlQGHU &RQWURO&HQWUH
6lNHUKHW ELODJD $ ,QQHKnOOHU LQIRUPDWLRQ RP VlNHUKHW RFK JRGNlQQDQGHQ
6SHFLILNDWLRQHU ELODJD %
0DVNLQHQV VSHFLILNDWLRQHU , GHW KlU NDSLWOHW NDQ GX NRQWUROOHUD DWW GHW PDWHULDO VRP DQYlQGV RPIDWWDV DY VSHFLILNDWLRQHUQD
6DNUHJLVWHU
$QYlQG VDNUHJLVWUHW QlU GX YLOO YHWD PHU RP HQ YLVV IXQNWLRQ HOOHU HJHQVNDS
2PGHQQDKDQGERN
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
;HUR[ .XQGWMlQVW
2P GX EHK|YHU KMlOS QlU PDVNLQHQ KDU LQVWDOOHUDWV ULQJHU GX YnUD H[SHUWHU Sn ;HUR[ .XQGWMlQVW +D PDVNLQQXPUHW WLOO KDQGV QlU GX ULQJHU 3n UDGHQ QHGDQ NDQ GX DQWHFNQD PDVNLQQXPUHW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'X KLWWDU PDVNLQQXPUHW LQQDQI|U PDVNLQHQV IURQWOXFND )|U DWW NRPPD nW QXPUHW |SSQDU GX I|UVW VLGROXFNDQ JHQRP DWW ORVVD IULJ|UDUHQ gSSQD VHGDQ IURQWOXFNDQ
'X InU WHOHIRQQXPUHW WLOO ;HUR[ .XQGWMlQVW QlU :RUN&HQWUH 3UR
LQVWDOOHUDV $QWHFNQD QXPUHW Sn UDGHQ QHGDQ Vn DWW GX DOOWLG KDU GHW WLOO KDQGV
7HOHIRQQXPPHU WLOO ;HUR[ .XQGWMlQVW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6LGD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6NULYVlWW L KDQGERNHQ
, GHQ KlU KDQGERNHQ DQYlQGV LEODQG V\QRQ\PHU I|U YLVVD YDQOLJD RUG
½'RNXPHQW NDOODV LEODQG RULJLQDO
½.QDSS NDOODV LEODQG WDQJHQW
½6LGD NDOODV LEODQG DUN
½:RUN&HQWUH 3UR NDOODV LEODQG PDVNLQHQ
2PGHQQDKDQGERN
2ULHQWHULQJ
, KDQGERNHQ EHVNULYV WYn W\SHU DY RULHQWHULQJ ELOGRULHQWHULQJ RFK PDWQLQJVRULHQWHULQJ
%LOGRULHQWHULQJ
%LOGRULHQWHULQJHQ DQJHU KXU WH[WHQ Sn HQ VLGD VND OlVDV 'HW ILQQV WYn RULHQWHULQJDU
6WnHQGH
(Q VLGD KDU VWnHQGH RULHQWHULQJ QlU GHQ OlVHV PHG HQ NRUWVLGD $ XSSnW
/LJJDQGH
(Q VLGD KDU OLJJDQGH RULHQWHULQJ QlU GHQ OlVHV PHG HQ OnQJVLGD $ XSSnW
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
0DWQLQJVRULHQWHULQJ
0DWQLQJVRULHQWHULQJHQ DQJHU KXU GRNXPHQW RFK SDSSHU VND PDWDV JHQRP PDVNLQHQ 'RNXPHQWHQ RFK SDSSHUHW VND KHOVW KD VDPPD RULHQWHULQJ
'HW ILQQV WYn RULHQWHULQJDU
,QPDWQLQJ PHG OnQJVLGD I|UVW /6)
1lU GX WLWWDU Sn HWW SDSSHU HOOHU GRNXPHQW IUnQ PDVNLQHQV IUDPVLGD VND GHW OLJJD L SDSSHUVPDJDVLQHW UHVSHNWLYH GRNXPHQWPDWDUHQ PHG OnQJVLGRUQD nW YlQVWHU RFK K|JHU
/6) VWnHQGH |
$ |
$ |
0DWQLQJVRULHQWHULQJ |
,QPDWQLQJ PHG NRUWVLGD I|UVW .6)
1lU GX WLWWDU Sn HWW SDSSHU HOOHU GRNXPHQW IUnQ PDVNLQHQV IUDPVLGD VND GHW OLJJD L SDSSHUVPDJDVLQHW UHVSHNWLYH GRNXPHQWPDWDUHQ PHG NRUWVLGRUQD nW YlQVWHU RFK K|JHU
.6) OLJJDQGH |
$ |
$ |
0DWQLQJVRULHQWHULQJ |
6LGD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
7H[W LQRP KDNSDUHQWHV
>7H[W LQRP KDNSDUHQWHV@ DQJHU QDPQ Sn IXQNWLRQHU RFK NQDSSDU GX NDQ YlOMD ([HPSHO
½.OLFND IOHUD JnQJHU Sn >)|UPLQVND I|UVWRUD@ Sn NRQWUROOSDQHOHQ WLOOV )g50,16.$ )g56725$ YLVDV Sn VNlUPHQ
½$QJH |QVNDG SURFHQWVDWV PHG KMlOS DY VLIIHUWDQJHQWHUQD
2P GX NOLFNDU Sn >cWHUVWlOO cWHUVWlOO DOOW@ JnU SURFHQWVDWVHQ WLOOEDND WLOO
2PGHQQDKDQGERN
.XUVLY VWLO
.XUVLY VWLO DQYlQGV I|U DWW EHWRQD HWW RUG HOOHU HQ IUDV ([HPSHO
)|OM DOOWLG VlNHUKHWVI|UHVNULIWHUQD QlU GX DQYlQGHU PDVNLQHQ
'HW ILQQV IOHUD ROLND VlWW DWW VNLFND ID[ PHG :RUN&HQWUH 3UR
*HQYlJ
*HQYlJ
½7U\FN Sn NQDSSHQ >.RSLHUD )D[D $YOlV@
½9lOM SDSSHUVPDJDVLQ
½/lJJ L GRNXPHQWHQ
½9lOM NRSLHULQJVDOWHUQDWLY
½$QJH |QVNDW DQWDO NRSLRU
½7U\FN Sn >6WDUW@
)|UXWRP GH XWI|UOLJD DQYLVQLQJDUQD L GHQ KlU KDQGERNHQ YLVDV HQ ³JHQYlJ´ L E|UMDQ DY YDUMH NDSLWHO HOOHU DYVQLWW 1lU GX YlO KDU EHNDQWDW GLJ PHG HWW I|UIDUDQGH EHK|YHU GX I|UPRGOLJHQ EDUD I|OMD JHQYlJHQ I|U DWW XWI|UD HQ YLVV nWJlUG
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
2EV
7H[W HIWHU 2EV JHU H[WUD LQIRUPDWLRQ RP HWW YLVVW I|UIDUDQGH ([HPSHO
2EV 'HW JnU LQWH DWW LQNOXGHUD HWW JUXSSXSSULQJQLQJVQXPPHU L HWW DQQDW JUXSSXSSULQJQLQJVQXPPHU
7LSV
7LSVHQ KMlOSHU GLJ DWW XWI|UD HQ YLVV IXQNWLRQ ([HPSHO
7LSV 0HU LQIRUPDWLRQ RP XSSULQJQLQJVPHWRGHU ILQQV L
DYVQLWWHW ³8SSULQJQLQJVPHWRGHU´ Sn VLGDQ
)|UVLNWLJKHW
7H[W HIWHU )|UVLNWLJKHW YDUQDU DQYlQGDUQD RP ULVNHQ I|U
PDVNLQVNDGD ([HPSHO
)|UVLNWLJKHW $QYlQG LQWH RUJDQLVND O|VQLQJVPHGHO HOOHU VSUD\ QlU GX UHQJ|U :RUN&HQWUH 3UR
9DUQLQJ
7H[W HIWHU 9DUQLQJ YDUQDU DQYlQGDUQD RP ULVNHQ I|U
SHUVRQVNDGD ([HPSHO
9DUQLQJ 8WUXVWQLQJHQ VND DQVOXWDV WLOO HWW MRUGDW
QlWXWWDJ
6LGD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
gYULJD LQIRUPDWLRQVNlOORU
,QIRUPDWLRQHQ RP :RUN&HQWUH 3UR EHVWnU DY
'HQQD $QYlQGDUKDQGERN
+DQGERNHQ 6WDUWD XSS
5HIHUHQVKDQGERNHQ I|U LQVWDOODWLRQ
&G VNLYDQ PHG GRNXPHQWDWLRQ
2PGHQQDKDQGERN
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
6LGD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
0DVNLQ|YHUVLNW
:RUN&HQWUH 3UR KDU IXQNWLRQHU I|U XWVNULIW NRSLHULQJ ID[QLQJ RFK DYOlVQLQJ
, GHW KlU NDSLWOHW EHVNULYV :RUN&HQWUH 3UR PHG XWI|UOLJD DQYLVQLQJDU RP KXU GX VWlOOHU LQ PDVNLQHQ RFK LQVWDOOHUDU SURJUDPYDUDQ
.DSLWOHW LQQHKnOOHU I|OMDQGH DYVQLWW
3DFND XSS PDVNLQHQ
0DVNLQNRPSRQHQWHU
.RQWUROOSDQHO
$QVOXWD PDVNLQHQ
,QVWDOOHUD WUXP RFK WRQHUNDVVHWWHU
)\OOD Sn SDSSHU
6WlOOD LQ VSUnN
6WlOOD LQ ORNDOW ,' RFK QDPQ
6WlOOD LQ GDWXP RFK WLG
,QVWDOOHUD SURJUDPYDUD
0DVNLQ|YHUVLNW
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
3DFND XSS PDVNLQHQ
½7D ERUW SODVWILOPHQ VRP WlFNHU /&' VNlUPHQ $YOlJVQD DOO WHMS RFK DOOW I|USDFNQLQJVPDWHULDO Sn
:RUN&HQWUH 3UR
½'UD IULJ|UDUHQ I|U DYOlVQLQJ VRP VLWWHU Sn DYOlVDUHQV XQGHUVLGD PRW GLJ I|U DWW OnVD XSS DYOlVDUHQ
½gSSQD SDSSHUVPDJDVLQHW RFK WD ERUW DOOW I|USDFNQLQJV PDWHULDO
)|OM DQYLVQLQJDUQD L GHW KlU DYVQLWWHW QlU GX SDFNDU XSS ;HUR[
:RUN&HQWUH 3UR
7HMS
/&' VNlUP
$YOlVDUH
6,GD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
½.RQWUROOHUD DWW I|OMDQGH NRPSRQHQWHU ILQQV PHG
86% NDEHO |
1lWVODGG |
7HOHIRQNDEHO |
3URJUDPYDUD |
$QYlQGDU |
|
|
GRNXPHQWDWLRQ |
0DVNLQ|YHUVLNW
7RQHUNDVVHWW |
7UXPNDVVHWW |
2EV :RUN&HQWUH 3UR KDU HQ 86% SRUW RFK HQ SDUDOOHOOSRUW I|U DQYlQGQLQJ WLOOVDPPDQV PHG ,%0 NRPSDWLEOD GDWRUHU PHG 0+] HOOHU VQDEEDUH 3HQWLXP SURFHVVRU
2EV )|U DWW NXQQD DQYlQGD 86% NDEHOQ PnVWH GX KD HQ GDWRU PHG :LQGRZV :LQGRZV HOOHU :LQGRZV 0H , DQQDW IDOO DQYlQGHU GX HQ SDUDOOHOONDEHO 3DUDOOHOO HOOHU 86% NDEHO EHK|YV LQWH I|U IULVWnHQGH GULIW
7LSV 2P GX DQYlQGHU HQ SDUDOOHOONDEHO NRQWUROOHUD DWW GHQ XSSI\OOHU NUDYHQ I|U VWDQGDUGHQ ,((( RFK LQWH lU OlQJUH lQ FD PHWHU
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
0DVNLQNRPSRQHQWHU
%LOGHUQD L GHW KlU DYVQLWWHW YLVDU NRPSRQHQWHUQD VRP LQJnU L :RUN&HQWUH 3UR RFK YDU GH lU PRQWHUDGH
0DVNLQHQV IUDPVLGD
$XWRPDWLVN |
'RNXPHQWVW|G |
|
GRNXPHQWPDWDUH |
|
|
|
|
|
.RQWUROOSDQHO |
'RNXPHQW |
|
LQPDWQLQJVIDFN |
|
|
|
'RNXPHQW |
|
|
XWPDWQLQJVIDFN |
3DSSHUVVW|G |
0DQXHOOW PDJDVLQ
6LGROXFND
$YOlVDUH |
6WDQGDUG |
)URQW |
)ULJ|UDUH |
|
PDJDVLQ |
OXFND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,GD |
|
|
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
0DVNLQHQV YlQVWUD VLGD
/RFN Sn 'RNXPHQW GRNXPHQWJODV JODV
$QVOXWQLQJ I|U
DYOlVDUH 86% DQVOXWQLQJ
7HOHIRQ DQVOXWQLQJDU
(;7
/,1-(
0DJDVLQ
$QVOXWQLQJ I|U |
)|UOlQJQLQJ Sn XWPDWQLQJVIDFN |
QlWVODGG |
|
$QVOXWQLQJ I|U |
|
SDUDOOHOONDEHO |
|
0DVNLQ|YHUVLNW
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
.RQWUROOSDQHO
%LOGHQ QHGDQ YLVDU /&' VNlUPHQ RFK NQDSSDUQD Sn NRQWUROO SDQHOHQ Sn :RUN&HQWUH 3UR
|
%HVNULYQLQJ |
)XQNWLRQ |
|
|
|
|
3DXV L 3& XWVNULIW |
7U\FN Sn NQDSSHQ I|U DWW WLOOIlOOLJW DYEU\WD HWW XWVNULIWVMREE 1lU |
|
|
GX WU\FNHU Sn NQDSSHQ LJHQ IRUWVlWWHU MREEHW |
|
|
|
|
5DSSRUWHU |
$QYlQG NQDSSHQ I|U DWW YLVD ROLND UDSSRUWHU VRP NDQ VNULYDV |
|
|
XW |
|
|
|
|
(QNHO GXEEHOVLGLJW |
$QYlQG NQDSSHQ I|U DWW J|UD HQNHO HOOHU GXEEHOVLGLJD NRSLRU |
|
|
DY HQNHOVLGLJD RULJLQDO |
|
|
|
|
8WPDWQLQJ |
$QYlQG NQDSSHQ RP NRSLRUQD VND PDWDV XW VRUWHUDGH |
|
|
|
|
)|UPLQVND I|UVWRUD |
9lOM LQVWlOOQLQJ I|U DWW MXVWHUD GRNXPHQWELOGHQV VWRUOHN Sn |
|
|
NRSLDQ IUnQ WLOO QlU GX DQYlQGHU GRNXPHQWJODVHW |
|
|
RFK IUnQ WLOO QlU GX DQYlQGHU GHQ DXWRPDWLVND |
|
|
GRNXPHQWPDWDUHQ |
|
|
1lU GX DQYlQGHU GRNXPHQWJODVHW lU lYHQ DOWHUQDWLYHQ ³)OHUD |
|
|
XSS´ RFK ³$XWR DQSDVVQLQJ´ WLOOJlQJOLJD |
|
|
|
|
/MXVDUH P|UNDUH |
9lOM OlPSOLJ LQVWlOOQLQJ LQQDQ GX NRSLHUDU ID[DU HOOHU OlVHU DY |
|
|
|
|
3DSSHU |
$QYlQG NQDSSHQ I|U DWW YlOMD VWDQGDUGPDJDVLQHW HOOHU GHW |
|
|
PDQXHOOD PDJDVLQHW YLG NRSLHULQJ RFK ID[QLQJ |
|
|
|
|
8SSO|VQLQJ |
$QYlQG NQDSSHQ I|U DWW MXVWHUD XSSO|VQLQJHQ I|U HWW ID[ HOOHU |
|
|
HQ DYOlVQLQJ |
|
|
|
|
'RNXPHQWW\S |
$QJH RULJLQDOHWV W\S WH[W WH[W IRWR HOOHU IRWR QlU GX VND |
|
|
NRSLHUD ID[D HOOHU OlVD DY |
|
|
|
6,GD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
%HVNULYQLQJ |
)XQNWLRQ |
$YOlVQLQJ 7U\FN Sn NQDSSHQ I|U DWW YlOMD )b5* 69$579,77 HOOHU
*5c6.$/$ I|U HQ DYOlVQLQJ , ID[OlJHW NDQ GX HQGDVW YlOMD 69$579,77 HOOHU )b5*
.RSLHUD )D[D $YOlV 0HG GHQ KlU NQDSSHQ VWlOOHU GX LQ |QVNDW OlJH .23,(5,1*
|
|
|
)$;1,1* HOOHU $9/b61,1* 1lU UlWW OlJH YLVDV WU\FNHU GX |
|
|
|
Sn 9lOM HOOHU YlQWDU QnJUD VHNXQGHU I|U DWW Jn WLOO OlJHW |
|
|
|
|
|
|
|
9LVDU PDVNLQHQV DNWXHOOD VWDWXV RFK DQYLVQLQJDU I|U ROLND |
|
|
||
|
|
|
XSSJLIWHU |
|
|
|
|
|
|
|
|
|
|
|
$QYlQG NQDSSDUQD I|U DWW Jn WLOO ROLND DOWHUQDWLY L PHQ\HU |
|
|
|
|
|
9lOM |
$QYlQG NQDSSHQ I|U DWW VSDUD HQ DNWXHOO LQVWlOOQLQJ |
|
|
|
|
|
|
-REEVWDWXV |
0HG GHQ KlU NQDSSHQ NDQ GX YLVD DNWXHOO MREEVWDWXV RFK |
|
|
|
|
YlQWDQGH MREE |
0HQ\ $YVOXWD $QYlQG NQDSSHQ I|U DWW DNWLYHUD HOOHU DYVOXWD PHQ\OlJHW
0DQXHOO JUXSS 0HG KMlOS DY GHQ KlU NQDSSHQ NDQ GX VNLFND HWW ID[MREE WLOO
IOHUD ROLND GHVWLQDWLRQHU
0DQXHOO XSSULQJQLQJ $QYlQG NQDSSHQ I|U DWW VOn HWW ID[QXPPHU PDQXHOOW
LQWHUDNWLY XSSULQJQLQJ
.RUWQXPPHU 'X NDQ VOn QXPPHU RFK VNLFND ID[ JHQRP DWW DQJH HWW
WYnVLIIULJW NRUWQXPPHU VRP KDU VSDUDWV L PDVNLQHQV ID[ERN
3DXV cWHUXSSULQJQLQJ $QYlQGV I|U DWW VOn GHW VHQDVW XSSULQJGD QXPUHW LJHQ HOOHU I|U
|
|
|
|
DWW OlJJD LQ HQ SDXV QlU GX VSDUDU HWW QXPPHU L ID[ERNHQ |
|
|
ABC |
DEF |
'X DQYlQGHU VLIIHUNQDSSDUQD I|U DWW VOn HWW QXPPHU DQJH HQ |
|
1 |
|
|
|
|
2 |
3 |
ERNVWDY HOOHU YlOMD VSHFLDOIXQNWLRQHU L NRPELQDWLRQ PHG |
|
|
GHI |
JKL |
MNO |
|
|
NQDSSHQ 0HQ\ |
|||
|
4 |
|
||
|
5 |
6 |
||
|
PQRS |
TUV |
WXYZ |
|
|
7 |
8 |
9 |
|
|
|
0 |
|
|
|
|
|
|
7U\FN Sn NQDSSHQ I|U DWW VWDUWD HWW MREE |
0HG GHQ KlU NQDSSHQ NDQ GX QlU VRP KHOVW VWRSSD HWW MREE -REE VRP KDU VNLFNDWV IUnQ HQ GDWRU VND VWRSSDV IUnQ GDWRUQ
0DVNLQ|YHUVLNW
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
%HVNULYQLQJ |
)XQNWLRQ |
cWHUVWlOO cWHUVWlOO DOOW .QDSSHQ cWHUVWlOO cWHUVWlOO DOOW KDU ROLND IXQNWLRQHU EHURHQGH
Sn YLONHW OlJH VRP lU YDOW
‡ 9LG NRSLHULQJ 7U\FN Sn NQDSSHQ I|U DWW WD ERUW HWW DQJLYHW NRSLHDQWDO PHGDQ GX DQJHU DQWDOHW HOOHU I|U DWW WD ERUW HQ YDOG IXQNWLRQVLQVWlOOQLQJ PHGDQ GX SURJUDPPHUDU HQ NRSLHULQJVIXQNWLRQ
‡ 9LG DYOlVQLQJ 1lU GX WU\FNHU Sn NQDSSHQ nWHUJnU PDVNLQHQ WLOO NODUOlJHW
‡ 9LG ID[QLQJ 7U\FN Sn NQDSSHQ I|U DWW WD ERUW HWW IHODNWLJW DQJLYHW ID[QXPPHU 2P GX WU\FNHU WYn JnQJHU nWHUVWlOOV DOOD IXQNWLRQHU WLOO JUXQGYlUGHQ RFK PDVNLQHQ nWHUJnU WLOO NODUOlJHW
|
|
/DPSDQ WlQGV QlU HWW V\VWHPIHO KDU LQWUlIIDW |
|
||
|
|
|
6NULYD ERNVWlYHU PHG QXPPHUNQDSSDUQD
½1lU GX XSSPDQDV DWW DQJH HQ ERNVWDY OHWDU GX XSS NQDSSHQ VRP YLVDU ERNVWDYHQ GX YLOO DQYlQGD
½7U\FN HYHQWXHOOW IOHUD JnQJHU Sn NQDSSHQ WLOOV UlWW ERNVWDY YLVDV Sn VNlUPHQ
2P GX VND VNULYD ERNVWDYHQ 2 WU\FNHU GX Sn NQDSSHQ
PlUNW 012 9DUMH JnQJ GX WU\FNHU Sn NQDSSHQ YLVDV HWW Q\WW WHFNHQ I|UVW 0 VHGDQ 1 GlUHIWHU 2 RFK WLOO VLVW
1lU GX XWI|U ROLND MREE EHK|YHU GX LEODQG DQJH QDPQ RFK QXPPHU 'X VNULYHU W H[ LQ GLWW HJHW HOOHU I|UHWDJHWV QDPQ RFK ID[QXPPHU QlU GX LQVWDOOHUDU PDVNLQHQ 1lU GX VSDUDU NRUWQXPPHU HOOHU JUXSSXSSULQJQLQJVQXPPHU DQJHU GX YDQOLJHQ lYHQ PRWWDJDUQDV QDPQ
)|OM DQYLVQLQJDUQD QHGDQ QlU GX VND VNULYD ERNVWlYHU
1XPPHUNQDSSDU
6,GD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
½'HW JnU lYHQ DWW DQYlQGD VSHFLDOWHFNHQ W H[ EODQNVWHJ RFK SOXVWHFNHQ 0HU LQIRUPDWLRQ ILQQV L ³%RNVWlYHU Sn QXPPHUNQDSSDUQD´ Sn VLGDQ
½8SSUHSD I|UORSSHW RP GX YLOO VNULYD IOHU ERNVWlYHU
½2P ERNVWDYHQ GX YLOO DQYlQGD ILQQV Sn VDPPD NQDSS VRP ERNVWDYHQ GX MXVW KDU VNULYLW IO\WWDU GX PDUN|UHQ JHQRP DWW
WU\FND Sn 7U\FN VHGDQ Sn NQDSSHQ PHG ERNVWDYHQ GX YLOO DQYlQGD
0DUN|UHQ IO\WWDV nW K|JHU RFK QlVWD ERNVWDY YLVDV Sn VNlUPHQ
½1lU GX KDU VNULYLW DOOD ERNVWlYHU VRP EHK|YV WU\FNHU GX Sn >9lOM@
0DVNLQ|YHUVLNW
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
%RNVWlYHU Sn QXPPHUNQDSSDUQD
.QDSS |
6LIIUD ERNVWlYHU RFK DQGUD WHFNHQ |
|
|
|
|
|
|
|
$ ! %! & ! |
|
|
|
' ! ( ! ) ! |
|
|
|
* ! + ! , ! |
|
|
|
- ! . ! / ! |
|
|
|
0 ! 1 ! 2 ! |
|
|
|
3 ! 4 ! 5 ! 6 ! |
|
|
|
7 ! 8 ! 9 ! |
|
|
|
: ! ; ! < ! = ! |
|
|
|
! ! ! ! µ ! ! ! ! ! |
|
|
bQGUD QXPPHU RFK QDPQ
2P GX KDU VNULYLW IHO WHFNHQ IO\WWDU GX PDUN|UHQ Vn DWW GHQ VWnU XQGHU WHFNQHW GX YLOO lQGUD JHQRP DWW WU\FND Sn HOOHU 7U\FN Sn UlWW NQDSS I|U DWW VNULYD |YHU GHW IHODNWLJD WHFNQHW 2P GX WU\FNHU Sn >cWHUVWlOO cWHUVWlOO DOOW@ UDGHUDV VDPWOLJD WHFNHQ
,QIRJD HQ SDXV
, YLVVD WHOHIRQV\VWHP PnVWH GX VOn HWW QXPPHU W H[ I|U DWW NRPPD XW Sn GHW DOOPlQQD WHOHIRQQlWHW , VnGDQD IDOO PnVWH GX OlJJD LQ HQ SDXV L WHOHIRQQXPUHW 'HW NDQ GX J|UD QlU GX SURJUDPPHUDU NRUWQXPPHU
2P GX YLOO LQIRJD HQ SDXV WU\FNHU GX Sn >3DXV cWHUXSSULQJQLQJ@ QlU PDUN|UHQ VWnU Sn |QVNDG SODWV L WHOHIRQQXPUHW 3n VNlUPHQ YLVDV ³ ´ Sn SODWVHQ GlU GX KDU ODJW LQ SDXVHQ
6,GD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
$QVOXWD PDVNLQHQ
½$QVOXW VODGGHQ IUnQ DYOlVDUHQ WLOO DQJLYHQ SRUW VH ELOGHQ RFK IlVW NRQWDNWHQ PHG VLGVNUXYDUQD
½2P Vn |QVNDV NRSSODU GX HQ WHOHIRQVYDUDUH RFK HOOHU WHOHIRQ WLOO MDFNHW PlUNW (;7
½6lWW L WHOHIRQVODGGHQ L YlJJ MDFNHW RFK MDFNHW PlUNW /,1-(
)|OM DQYLVQLQJDUQD QHGDQ QlU GX J|U DQVOXWQLQJDUQD VRP NUlYV I|U DWW GX VND NXQQD LQVWDOOHUD ;HUR[ :RUN&HQWUH 3UR
0DVNLQ|YHUVLNW
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |
6LGD |
9DUQLQJ 6On DY GDWRUQ LQQDQ GX DQVOXWHU NDEHOQ
86% NDEHO
½ $QVOXW 86% NDEHOQ GLUHNW WLOO GDWRUQ
(//(5 |
|
½ DQVOXW HQ SDUDOOHOONDEHO VlOMV |
3DUDOOHOONDEHO |
|
|
VHSDUDW |
|
2EV $QYlQG HQGDVW SDUDOOHOONDEHO HOOHU 86% NDEHO )|U DWW NXQQD DQYlQGD 86% NDEHOQ PnVWH GX KD HQ GDWRU PHG :LQGRZV :LQGRZV HOOHU :LQGRZV 0H , DQQDW IDOO DQYlQGHU GX HQ SDUDOOHOONDEHO 3DUDOOHOO HOOHU 86% NDEHO EHK|YV LQWH I|U IULVWnHQGH DQYlQGQLQJ
7LSV 2P GX DQYlQGHU HQ SDUDOOHOONDEHO NRQWUROOHUD DWW GHQ XSSI\OOHU NUDYHQ I|U VWDQGDUGHQ ,((( RFK LQWH lU OlQJUH lQ PHWHU
6,GD |
;HUR[ :RUN&HQWUH 3UR $QYlQGDUKDQGERN |