HGHUODQGV
0QNFSLJOH 0HGHGHOLQJ /HHV GH]H KDQGOHLGLQJ DDQGDFKWLJ GRRU HQ ]RUJ GDW X GH LQVWUXFWLHV EHJULMSW 9RRU XZ YHLOLJKHLG LV KHW UDDG]DDP KHW UHVXOWDDW YDQ HONH DFWLH WH FRQWUROHUHQ 2P KHW ULVLFR RS HOHNWULVFKH VFKRNNHQ WH EHSHUNHQ PDJ X KHW GHNVHO RI DFKWHUNDQW QLHW YHUZLMGHUHQ +HW WRHVWHO EHYDW JHHQ RQGHUGHOHQ GLH GRRU GH JHEUXLNHU NXQQHQ ZRUGHQ JHUHSDUHHUG RI RQGHUKRXGHQ 9UDDJ KXOS YDQ EHYRHJGH RQGHUKRXGVWHFKQLFL *HHIW HHQ VLWXDWLH DDQ GLH PRHW ZRUGHQ YHUPHGHQ RPGDW KHW WRHVWHO RI DQGHUH DSSDUD
0QNFSLJOH +DQGHOVPHUNHQ 9,$&&(66 LV HHQ KDQGHOVPHUN YDQ )UDQFH 7HOHFRP &U\SWR:RUNV LV HHQ KDQGHOVPHUN YDQ 3KLOLSV (OHFWURQLFV 1 9 ,UGHWR LV HHQ KDQGHOVPHUN YDQ 0LQGSRUW %9 1DJUDYLVLRQ LV HHQ JHGHSRQHHUG KDQGHOVPHUN YDQ .8'(/6.
"MHFNFOF WFJMJHIFJETNBBUSFHFMFO $OJHPHQH YHLOLJKHLGVPDDWUHJHOHQ 9RHGLQJ 6OXLW KHW QHWVQRHU DDQ RS HHQ JHVFKLNW VWRSFRQWDFW (HQ RQVWDELHOH DDQVOXLWLQJ NDQ EUDQG YHURRU]DNHQ *HEUXLN JHHQ EHVFKDGLJGH QHWVQRHUHQ RI VWHNNHUV RI HHQ ORV]LWWHQG VWRSFRQWDFW 'LW NDQ HOHNWULVFKH VFKRNNHQ RI EUDQG YHURRU]DNHQ 5DDN KHW QHWVQRHU QRRLW DDQ PHW QDWWH KDQGHQ 'LW NDQ HOHNWULVFKH VFKRNNHQ YHURRU]DNHQ *HEUXLN QRRLW PHHUGHUH DSSDUDWHQ RS ppQ VWRSFRQWDFW +HW RYHUYHUKLWWHQ YDQ KHW VWRSFRQWDFW NDQ EUDQG YHURRU]D
"MHFNFOF WFJMJHIFJETNBBUSFHFMFO *HEUXLN 7UHN GH VWHNNHU YDQ KHW SURGXFW XLW KHW VWRSFRQWDFW HQ UDDN GH DQWHQQH QLHW DDQ WLMGHQV HHQ RQZHHU 'LW ]DO VFKDGH DDQ KHW DSSDUDDW YHURRU]DDNW GRRU EOLNVHP HQ VWURRPSLHNHQ YRRUNRPHQ +RXG GH SLQQHQ RI UDDNSXQWHQ YDQ GH VWHNNHU YULM YDQ VWRI RI ZDWHU 'LW ]DO HOHNWULVFKH VFKRNNHQ RI EUDQG YRRUNRPHQ =RUJ GDW NLQGHUHQ QLHW RYHU KHW SURGXFW NOLPPHQ :DQQHHU KHW DSSDUDDW YDOW NDQ GLW HUQVWLJH RI GRGHOLMNH OHWVHOV YHURRU]DNHQ 3ODDWV QLHW RS KHW SURGXFW GDW
*OIPVETPQHBWF +RRIGVWXN !! $DQ GH VODJ ,QKRXG YDQ GH YHUSDNNLQJ $FKWHU ]LMSDQHHO 'H WY DDQ GH ZDQG EHYHVWLJHQ
*OIPVETPQHBWF +RRIGVWXN !! +HW V\VWHHP LQVWHOOHQ 7LMGVLQVWHOOLQJ 3DQHHO XLW 6WDQGDDUGLQVWHOOLQJ
)PPGETUVL "BO EF TMBH ,QKRXG YDQ GH YHUSDNNLQJ /&' 79 *HEUXLNHUVKDQGOHLGLQJ 1HWVQRHU $IVWDQGVEHGLHQLQJ $$$ EDWWHULMHQ [ &G URP $IGHNSODDWMH VFKURHYHQ [ 2SPHUNLQJ 'H LQKRXG YDQ GH YHUSDNNLQJ NDQ SHU JHELHG YHUVFKLOOHQ 'H FG URP EHYDW HHQ 86% VWXXUSURJUDPPD HQ HHQ WRHSDVVLQJ :DDUVFKXZLQJ +HW EHGULMI LV QLHW DDQVSUDNHOLMN YRRU SUREOHPHQ GLH ]LMQ YHURRU]DDNW GRRU KHW YHUYDQJHQ YDQ GH YDVWH VFKLMI GRRU GH JHEUXLNHU 'LW SURGXFW OHYHUW GH EHVWH SUHVWDWLHV PHW HHQ YDVWH
)PPGETUVL "BO EF TMBH 9RRU ]LMSDQHHO $$1 8,7 VFKDNHODDU +HW WRHVWHO DDQ HQ XLWVFKDNHOHQ 6WDQG E\ WRHWV 2YHUVFKDNHOHQ YDQ HQ QDDU GH VWDQG VWDQG E\ 6WDQG E\ LQGLFDWLH %ODXZ DOV GH WY LQ GH VWDQG VWDQG E\ VWDDW 79 $9 WRHWV :HHUJDYH YDQ GH LQYRHUEURQ 2.
)PPGETUVL "BO EF TMBH $FKWHU ]LMSDQHHO =LMSDQHHO $9 &9%6 ,1*$1* $DQVOXLWLQJ YRRU GH DXGLR HQ YLGHR XLWJDQJHQ YDQ HHQ FDPFRUGHU YLGHRJDPH HQ JHOLMNVRRUWLJH DSSDUDWHQ 6 9,'(2 ,1*$1* $DQVOXLWLQJ YRRU GH 6 YLGHR DDQVOXLWLQJ YDQ HHQ FDPFRUGHU YLGHRJDPHFRQVROH HQ JHOLMNVRRUWLJH DSSDUDWHQ + 3 KRRIGWHOHIRRQ $DQVOXLWLQJ YRRU HHQ KRRIGWHOHIRRQ 6PDUWFDUGVOHXI 6OHXI YRRU HHQ 6PDUWFDUG 1HGHUODQGV
)PPGETUVL "BO EF TMBH $FKWHUSDQHHO &20321(17 $& LQJDQJ $DQVOXLWLQJ YRRU KHW QHWVQRHU +'0, LQJDQJ 2QWYDQJVW YDQ QLHW JHFRPSULPHHUGH GLJLWDOH DXGLR HQ YLGHRVLJQDOHQ YDQ KHW DSSDUDDW GDW +'0, +LJK 'H¿QLWLRQ 0XOWL PHGLD ,QWHUIDFH RQGHUVWHXQW 6(59,&( 21/< 56 $DQVOXLWLQJ RS GH SF RP GH VRIWZDUH YDQ GH WY ELM WH ZHUNHQ 3& LQJDQJ 3& $8',2 LQJDQJ $DQVOXLWLQJ YRRU GH YLGHR HQ DXGLR XLWJDQJHQ RS XZ SF 63',) XLWJDQJ $DQVOXLWLQJ YRRU HHQ GLJLWDOH DXGLRF
)PPGETUVL "BO EF TMBH 7RHWVHQ DIVWDQGVEHGLHQLQJ &LMIHUWRHWVHQ ,QYRHUHQ YDQ KHW WY UDGLRNDQDDO RI KHW QXPPHU YDQ HHQ PHQXRSWLH /,67 :HHUJDYH YDQ GH NDQDOHQOLMVW 3/$
)PPGETUVL "BO EF TMBH )XQFWLHWRHWVHQ 7(/(7(.67 3/$<%$&.
)PPGETUVL "BO EF TMBH 'H EDWWHULMHQ LQ GH DIVWDQGVEHGLHQLQJ SODDWVHQ 8 PRHW GH EDWWHULMHQ LQ GH DIVWDQGVEHGLHQLQJ SODDWVHQ RI YHUYDQJHQ ZDQQHHU X QHW GH WY KHEW JHNRFKW GH DIVWDQGVEHGLHQLQJ QLHW ZHUNW 9HUZLMGHU GH NOHS RS GH DFKWHUNDQW YDQ GH DIVWDQGVEHGLHQLQJ GRRU KHW V\PERRO ź RPODDJ WH GXZHQ HQ YHUYROJHQV VWHYLJ WH WUHNNHQ RP GH NOHS WH YHUZLMGHUHQ 3ODDWV WZHH 9 $$$ EDWWHULMHQ HQ ]RUJ GDW GH SOXV HQ PLQWHNHQV HQ YDQ GH EDWWHULMHQ FRUUHFW ]LMQ XLWJHOLMQG 6OXLW GH
)PPGETUVL "BO EF TMBH 'H WY DDQ GH ZDQG EHYHVWLJHQ ,QVWDOODWLHPHWKRGH 'H ZDQGEHYHVWLJLQJ YRRU GH WY ZRUGW ORV YHUNRFKW %HYHVWLJ GH WY XLWVOXLWHQG DDQ HHQ YHUWLFDOH ZDQG 9RRUNRP SUREOHPHQ WLMGHQV GH LQVWDOODWLH GRRU UHNHQLQJ WH KRXGHQ PHW KHW YROJHQGH 1LHW LQVWDOOHUHQ LQ GH EXXUW YDQ URRN HQ EUDQGPHOGHUV 1LHW LQVWDOOHUHQ LQ KRRJVSDQQLQJVJHELHGHQ HQ JHELHGHQ ZDDU WULOOLQJHQ YRRUNRPHQ 1LHW LQVWDOOHUHQ LQ GH EXXUW YDQ HHQ YHUZDUPLQJVWRHVWHO 8LWVOXLWHQG DDQEHYROHQ RQGHUGHOHQ
)PPGETUVL "BO EF TMBH 'H WY EHYHVWLJHQ DDQ GH VWHXQ ORV YHUNULMJEDDU 'H DFKWHU]LMGH YDQ GH 79 NDQ DIZLMNHQ YDQ GH DIEHHOGLQJ 0RQWDJH HQ LQVWDOODWLH YDQ GH SODVWLF KDQJHU EOLMIW KHW]HOIGH /HJ GH 79 RS HHQ YHLOLJH SODDWV QHHU 'UDDL GH VFKURHYHQ YDQ GH DUP ORV HQ KDDO GH DUP YDQ GH 79 3ODDWV KHW PHHJHOHYHUGH DIGHNSODDWMH LQ GH RSHQ UXLPWH 'UDDL EHLGH PHHJHOHYHUGH VFKURHYHQ YDVW LQ GH EHLGH JDWHQ DDQ GH DFKWHU]LMGH 9HUZLMGHU GH VFKURHYHQ XLW GH DFKWHU]LMGH YDQ GH 79
)PPGETUVL 6X UW BBOTMVJUFO $DQVOXLWHQ RS HHQ DQWHQQH RI NDEHO WY 2P GH WHOHYLVLH]HQGHUV FRUUHFW WH EHNLMNHQ PRHW HHQ VLJQDDO ZRUGHQ RQWYDQJHQ YDQ GH WHOHYLVLHPDDWVFKDSSLM RI .
)PPGETUVL 6X UW BBOTMVJUFO $DQVOXLWHQ RS GH YLGHRUHFRUGHU 0HW GH 6&$57 NDEHO &20321(17 6&$57 NDEHO 9LGHRUHFRUGHU 6OXLW GH 6&$57 NDEHO DDQ WXVVHQ GH DDQVOXLWLQJ $9 RI $9 RS GH WY HQ GH 6&$57 DDQVOXLWLQJ RS GH YLGHRUHFRUGHU 6FKDNHO GH WY LQ HQ GUXN YHUYROJHQV RS GH WRHWV 79 $9 RP $9 RI $9 WH VHOHFWHUHQ 6FKDNHO XZ YLGHRUHFRUGHU VWRS HHQ YLGHRFDVVHWWH LQ GH YLGHRUHFRUGHU HQ GUXN RS GH NQRS $)63(/(1 RS XZ YLGHRUHFRUGHU 5DDGSOHHJ GH JHEUXLNHUVKDQGOHLGLQJ YDQ GH YLGHRUHFRUGHU
)PPGETUVL 6X UW BBOTMVJUFO 0HW GH DXGLR FRPSRVLHW YLGHRNDEHO $XGLRNDEHO 9LGHRNDEHO 9LGHRUHFRUGHU 6OXLW GH YLGHRNDEHO DDQ WXVVHQ GH 9,'(2 $9 DDQVOXLWLQJ RS GH WY HQ GH YLGHR XLWJDQJ RS GH YLGHRUHFRUGHU 6OXLW GH DXGLRNDEHO DDQ WXVVHQ GH $8',2 / 5 $9 DDQVOXLWLQJ RS GH WY HQ GH DXGLR XLWJDQJHQ RS GH YLGHRUHFRUGHU 6FKDNHO GH WY LQ HQ GUXN YHUYROJHQV RS GH NQRS 79 $9 RP $9 &9%6 WH VHOHFWHUHQ 6FKDNHO XZ YLGHRUHFRUGHU VWRS HHQ YLGHRFDVVHWWH LQ GH YLGHRUHFRUGHU HQ GUXN RS G
)PPGETUVL 6X UW BBOTMVJUFO $DQVOXLWHQ RS GH GYG VSHOHU 0HW GH 6&$57 NDEHO &20321(17 6&$57 NDEHO '9' 6OXLW GH 6&$57 NDEHO DDQ WXVVHQ GH DDQVOXLWLQJ $9 RI $9 RS GH WY HQ GH 6&$57 DDQVOXLWLQJ RS GH GYG VSHOHU 6FKDNHO GH WY LQ HQ GUXN YHUYROJHQV RS GH WRHWV 79 $9 RP $9 RI $9 WH VHOHFWHUHQ 6FKDNHO XZ GYG VSHOHU LQ SODDWV HHQ GYG LQ GH GYG VSHOHU HQ GUXN RS GH NQRS $)63(/(1 RS XZ GYG VSHOHU 5DDGSOHHJ GH JHEUXLNHUVKDQGOHLGLQJ YDQ GH GYG VSHOHU 0HW GH DXGLR &RPSRQHQW 9LGHRNDE
)PPGETUVL 6X UW BBOTMVJUFO 0HW GH +'0, NDEHO +'0, +LJK 'H¿QLWLRQ 0XOWLPHGLD ,QWHUIDFH LV GH WRRQDDQJHYHQGH QLHXZH VWDQGDDUG YRRU GH RQGHUOLQJH YHUELQGLQJ YDQ GLJLWDOH YLGHR HQ DXGLR &20321(17 +'0, NDEHO '9' 6OXLW GH +'0, NDEHO DDQ WXVVHQ GH +'0, LQJDQJ RS GH WY HQ GH +'0, XLWJDQJ RS GH GYG VSHOHU 6FKDNHO GH WY LQ HQ GUXN YHUYROJHQV RS GH NQRS 79 $9 RP +'0, WH VHOHFWHUHQ 6FKDNHO XZ GYG VSHOHU LQ SODDWV HHQ GYG LQ GH GYG VSHOHU HQ GUXN RS GH NQRS $)63(/(1 RS XZ GYG VSHOHU 5DDGS
)PPGETUVL 6X UW BBOTMVJUFO $DQVOXLWHQ RS HHQ GLJLWDDO DXGLRV\VWHHP &20321(17 2SWLVFKH NDEHO 'LJLWDDO DXGLRV\VWHHP 6OXLW GH RSWLVFKH NDEHO DDQ WXVVHQ GH 63',)DDQVOXLWLQJ RS GH WY HQ GH RSWLVFKH LQJDQJ RS XZ GLJLWDOH DXGLRV\VWHHP 6FKDNHO GH WY HQ KHW GLJLWDOH DXGLRV\VWHHP LQ HQ UHJHO KHW YROXPH 5DDGSOHHJ GH JHEUXLNVDDQZLM]LQJ YDQ KHW GLJLWDOH DXGLRV\VWHHP 2SPHUNLQJ 8 NXQW KHW JHOXLG YDQ KHW GLJLWDOH DXGLRV\VWHHP EHOXLVWHUHQ GRRU RS GH WRHWV 92/ RI GH WRHWV 087( WH GUXNNHQ RP KHW JHOX
)PPGETUVL 6X UW BBOTMVJUFO $DQVOXLWHQ RS GH SF &20321(17 3F NDEHO $XGLRNDEHO 3& 6OXLW GH SF NDEHO DDQ WXVVHQ GH 3& DDQVOXLWLQJ RS GH WY HQ GH 3& XLWJDQJ RS XZ SF 6OXLW GH DXGLRNDEHO DDQ WXVVHQ GH 3& $8',2 DDQVOXLWLQJ RS GH WY HQ GH DXGLR XLWJDQJ RS XZ SF 6FKDNHO GH WY LQ HQ GUXN YHUYROJHQV RS GH NQRS 79 $9 RP 3& WH VHOHFWHUHQ 2QGHUVWHXQGH EHHOGVFKHUPUHVROXWLH SF 0RGXV 5HVROXWLH +RUL]RQWDDO )UHTXHQWLH N+] 9HUWLFDDO )UHTXHQWLH +] 9(6$ [ [ [ [
)PPGETUVL 6X UW BBOTMVJUFO &RQGLWLRQHHO WRHJDQJVV\VWHHP DOOHHQ GLJLWDOH NDQDOHQ +HW FRQGLWLRQHOH WRHJDQJVV\VWHHP &$6 LV HHQ WHFKQRORJLH YRRU KHW YHUOHQHQ YDQ WRHJDQJ WRW GLJLWDOH WHOHYLVLHGLHQVWHQ '79 DDQ EHYRHJGH JHEUXLNHUV GRRU FRGHULQJ YDQ KHW XLWJH]RQGHQ SURJUDPPD (HQ VPDUWFDUG SODDWVHQ 3ODDWV GH VPDUWFDUG LQ GH VOHXI LQ GH DFKWHUÀDS YDQ XZ WY 0HW HHQ JHOGLJH VPDUWFDUG NXQW X WRHJDQJ YHUNULMJHQ WRW DOOH NDQDOHQ ZDDUYRRU X HHQ DERQQHPHQW KHEW 6PDUWFDUG 2SHQ GH DFKWHUÀDS YDQ XZ WY
)PPGETUVL *OTUBMMBUJFXJ[BSE BMMFFO WPPS EJHJUBMF [FOEFST 2S KHW PRPHQW GDW X GH WY QD DDQNRRS YRRU KHW HHUVW DDQ]HW RI GH VWDQGDDUGLQVWHOOLQJHQ KHUVWHOW ZRUGW GH LQVWDOODWLHZL]DUG YRRU GH LQVWHOOLQJ YDQ GH GLJLWDOH ]HQGHUV DXWRPDWLVFK XLWJHYRHUG 8 NXQW GH ]HQGHUV JHPDNNHOLMN LQVWHOOHQ PHW EHKXOS YDQ HHQYRXGLJH RUJDQLVDWLHIXQFWLHV HQ RSWLHV HQ X NXQW GH ]HQGHUV EHNLMNHQ QDGDW X GH LQVWDOODWLHSURFHGXUH KHEW YROWRRLG 8 NXQW LWHPV VHOHFWHUHQ PHW GH &,-)(572(76(1 2SPHUNLQJ $OV X RS GH WR
)PPGETUVL *OTUBMMBUJFXJ[BSE BMMFFO WPPS EJHJUBMF [FOEFST =HQGHUV ]RHNHQ 8 NXQW GH ]HQGHUV KDQGPDWLJ ]RHNHQ 6HOHFWHHU )UHTXHQWLH PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 9RHU GH ZDDUGH LQ PHW GH &,-)(572(76(1 6HOHFWHHU 1HWZRUN ,' PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 9RHU GH ZDDUGH LQ PHW GH &,-)(572(76(1 6HOHFWHHU 6\PERROVQHOKHLG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU HHQ ZDDUGH GLH X ZLOW JHEUXLNHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL #BTJTHFCSVJL 'H WY DDQ HQ XLW ]HWWHQ 6WRS GH VWHNNHU YDQ GH WY LQ KHW VWRSFRQWDFW 'UXN RS GH $$1 8,7 VFKDNHODDU DDQ GH YRRUNDQW YDQ GH WY 'H VWDQG E\ LQGLFDWLH JDDW EUDQGHQ 'UXN RS GH WRHWV 67$1'%< RS GH DIVWDQGVEHGLHQLQJ RI DDQ GH YRRUNDQW YDQ GH WY RP GH WY LQ WH VFKDNHOHQ 2SPHUNLQJ RP XZ WY LQ GH VWDQG VWDQG E\ WH ]HWWHQ GUXNW X RSQLHXZ RS GH DDQ GH YRRU]LMGH YDQ XZ WY WRHWV 67$1'%< RS GH DIVWDQGVEHGLHQLQJ RI +LHUPHH ZRUGW HOHNWULFLWHLW EHVSDDUG ZDQQHHU X HYHQ JH
)PPGETUVL #BTJTHFCSVJL (HQ LQJDQJVEURQ VHOHFWHUHQ )GEJOWPFS 1DGDW X GH YHUVFKLOOHQGH DXGLR HQ YLGHRV\VWHPHQ KHEW DDQJHVORWHQ NXQW X GH YHUVFKLOOHQGH EURQQHQ ZHHUJHYHQ GRRU GH LQYRHUEURQQHQ WH VHOHFWHUHQ 'UXN RS GH WRHWV 79 $9 .LHV GH KRRIGLQJDQJVEURQ XLW GH RQGHUVWDDQGH EURQQHQ PHW GH WRHWV Ÿ RI ź 'LJLW 7Y ! $QDO 7Y ! $9 ! $9 ! $9 &9%6 ! 6 9LGHR ! &RPSRQHQW ! 3& ! +'0, 'UXN RS GH WRHWV 2.
)PPGETUVL #BTJTHFCSVJL 'H OLMVW YDQ DQDORJH ]HQGHUV ZHHUJHYHQ ,BOBBMMJKTU 8 NXQW HHQ OLMVW ODWHQ ZHHUJHYHQ YDQ DOOH DQDORJH ]HQGHUV 'UXN RS GH WRHWV /,67 LQ GH PRGXV $QDORJH 79 +HW PHQX .DQDDOOLMVW YHUVFKLMQW 8 NXQW DIVWHPPHQ RS VSHFL¿ HNH ]HQGHUV LQ GH DQDORJH ]HQGHUOLMVW GRRU GH JHZHQVWH ]HQGHU WH VHOHFWHUHQ PHW GH WRHWV Ÿ ź HQ YHUYROJHQV RS GH WRHWV 2.
)PPGETUVL "OBMPHF [FOEFST JOTUFMMFO $QDORJH ]HQGHUV DXWRPDWLVFK VFDQQHQ 8 NXQW DQDORJH ]HQGHUV DXWRPDWLVFK VFDQQHQ RS EHVFKLNEDUH IUHTXHQWLHEHUHLNHQ GH EHVFKLNEDDUKHLG LV DIKDQNHOLMN YDQ XZ UHJLR =RUJ HUYRRU GDW GH +IGLQYRHU PHW EHKXOS YDQ GH WRHWV 79 $9 LV LQJHVWHOG RS DQDORJH WY 'UXN RS GH WRHWV 0(18 "OBM ,BOBBM [PFLFO "VUPQSPHSBNNB )BOEN 1SPHSBNNB X 6HOHFWHHU .DQDDO PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL "OBMPHF [FOEFST JOTUFMMFO $QDORJH ]HQGHUV KDQGPDWLJ VFDQQHQ 8 NXQW HONH ]HQGHUQDPHQ HQ QXPPHUV QDDU NHX]H RSVODDQ =RUJ HUYRRU GDW GH +IGLQYRHU PHW EHKXOS YDQ GH WRHWV 79 $9 LV LQJHVWHOG RS DQDORJH WY 'UXN RS GH WRHWV 0(18 "OBM LBOBBM [PFLFO "VUPQSPHSBNNB )BOEN 1SPHSBNNB X 6HOHFWHHU .DQDDO PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU $QDO .DQDDO ]RHNHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL "OBMPHF [FOEFST JOTUFMMFO $QDORJH ]HQGHUV EHZHUNHQ 1DGDW KHW ]RHNHQ YDQ GH ]HQGHUV LV YROWRRLG NXQW X RSJHVODJHQ ]HQGHUV YHUZLMGHUHQ YHUSODDWVHQ HQ RYHUVODDQ ,BOBBM -BOE "OBM ,BOBBM [PFLFO 1SPHSBN #FXFSL /FEFSMBOET X 'UXN RS GH WRHWV 0(18 6HOHFWHHU .DQDDO PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 3URJUDP %HZHUN PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź +HW PHQX 3URJUDP %HZHUN ZRUGW ZHHUJHJHYHQ 7FSQM 4FMFDUSFO 7PSJH NFOV .
)PPGETUVL "OBMPHF [FOEFST JOTUFMMFO 2YHUVODDQ DQDORRJ 1DGDW WH RYHU WH VODDQ ]HQGHUV ]LMQ JHVHOHFWHHUG NXQW X GH RYHUJHVODJHQ ]HQGHUV DOOHHQ PHW GH FLMIHUWRHWVHQ VHOHFWHUHQ 'H WRHWVHQ 3 ]XOOHQ QLHW ZHUNHQ YRRU GH RYHUJHVODJHQ ]HQGHUV 1SPHSBN #FXFSL 6HOHFWHHU HHQ ]HQGHU GLH X ZLOW RYHUVODDQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH *(/( WRHWV 8 NXQW PHHUGHUH ]HQGHUV VHOHFWHUHQ 'H PDUNHULQJ YHUVFKLMQW QDDVW GH ]HQGHUQDDP 8JTTFO 7FSQM 0WFSTMO 2P GH RYHUJHVODJHQ ]HQGHUV WH ZLVVHQ VHOHFWH
)PPGETUVL )FU CFFME JOTUFMMFO (HQ EHHOGPRGXV VHOHFWHUHQ 8 NXQW GH EHHOGPRGXV VHOHFWHUHQ GLH KHW EHVW JHVFKLNW LV YRRU XZ ZHHUJDYHYHUHLVWHQ 'UXN RS GH WRHWV 0(18 #FFME .PE )FMEFSIFJE $POUSBTU 4DIFSQUF ,MFVS 3VJTPOEFSESVL 7VMUPPO ,MFVSUFNQ )FMEFSIE BDIUFSHSPOE 7FSQM 0QU XJK[JHFO 4UBOEBBSE WX -BBH 6JU 6HOHFWHHU %HHOG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL )FU CFFME JOTUFMMFO 5XLVRQGHUGUXNNLQJ $OV KHW VLJQDDO GDW GRRU XZ WHOHYLVLH ZRUGW RQWYDQJHQ ]ZDN LV NXQW X GH]H IXQFWLH DFWLYHUHQ RP GH EHHOGUXLV WH YHUPLQGHUHQ 'UXN RS GH WRHWV 0(18 #FFME .PE )FMEFSIFJE $POUSBTU 4DIFSQUF ,MFVS 3VJTPOEFSESVL 7VMUPPO ,MFVSUFNQ )FMEFSIE BDIUFSHSPOE 7FSQM 0QU XJK[JHFO 4UBOEBBSE -BBH WX 6JU )PPH 7PSJH NFOV 6HOHFWHHU %HHOG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL )FU CFFME JOTUFMMFO .OHXUWHPSHUDWXXU 8 NXQW GH NOHXU YDQ KHW YROOHGLJH VFKHUP DDQSDVVHQ YROJHQV XZ EHKRHIWHQ 6WHO KHW VFKHUP LQ RS :DUP YRRU LQWHQVHUH ZDUPH NOHXUHQ ]RDOV URRG RI VHOHFWHHU .RHO RP PLQGHU LQWHQVH NOHXUHQ PHW PHHU EODXZ ZHHU WH JHYHQ 'UXN RS GH WRHWV 0(18 ,MFVSUFNQ ,MFVSUFNQ 3PPE (SPFO #MBVX /PSN WX 6HOHFWHHU %HHOG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU .OHXUWHPS PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL )FU HFMVJE JOTUFMMFO +HW JHOXLGVHIIHFW LQVWHOOHQ 8 NXQW HHQ W\SH VSHFLDDO JHOXLGVHIIHFW VHOHFWHUHQ ZDQQHHU X HHQ XLW]HQGLQJ EHNLMNW (FMVJE &õFDU #BMBOT "VUP WPMVNF 5SV4VSSPVOE95 (FCSVJLFS WX 3 6JU 6JU 0HW *HOXLGVHIIHFW NXQW X JHQLHWHQ YDQ KHW EHVWH JHOXLG ]RQGHU HQLJH VSHFLDOH DDQSDVVLQJ RPGDW GH WY GH JHVFKLNWH JHOXLGVRSWLHV LQVWHOW RS EDVLV YDQ GH SURJUDPPD LQKRXG 'UXN RS GH WRHWV 0(18 6HOHFWHHU *HOXLG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL )FU HFMVJE JOTUFMMFO +HW YROXPH DXWRPDWLVFK UHJHOHQ (ON ]HQGVWDWLRQ KHHIW ]LMQ HLJHQ VLJQDDORPVWDQGLJKHGHQ +HW LV PRJHOLMN GDW X QLHW WHONHQV KHW YROXPH NXQW UHJHOHQ ZDQQHHU X YHUDQGHUW YDQ ]HQGHU 0HW GH]H IXQFWLH NXQW X KHW YROXPH YDQ GH JHVHOHFWHHUGH ]HQGHU DXWRPDWLVFK DDQSDVVHQ GRRU GH JHOXLGVXLWYRHU DDQ WH SDVVHQ RS EDVLV YDQ GH VLJQDDOPRGXODWLH 'UXN RS GH WRHWV 0(18 (FMVJE &õFDU #BMBOT "VUP WPMVNF 5SV4VSSPVOE95 (FCSVJLFS 3 6JU WX 6JU 6HOHFWHHU *HOXLG PHW GH W
)PPGETUVL )FU TDIFSN JOTUFMMFO 3LFWXUH LQ 3LFWXUH 3,3 LQVWHOOLQJHQ 2RN ZHO %HHOG LQ %HHOG %L% JHQRHPG +LHUPHH NXQW X WZHH EHHOGHQ WHJHOLMN ODWHQ ZHHUJHYHQ RS HHQ WY RI DQGHU H[WHUQ DSSDUDDW HHQ KRRIGVFKHUP HQ HHQ VXEVFKHUP 'UXN RS GH WRHWV 0(18 4DIFSN 1*1 58*/ #SEU IHUWFSI X "VUP 6HOHFWHHU 6FKHUP PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 3,3 7:,1 LV JHPDUNHHUG 'UXN QRJPDDOV RS GH WRHWV 2. RI Ź 'H KIGLQYRHU LV JHVHOHFWHHUG 'UXN RS GH WRHWV Ż Ź HQ YHUYROJHQV RS 2.
)PPGETUVL )FU TDIFSN JOTUFMMFO 'H 3,3 SRVLWLH ZLM]LJHQ 6HOHFWHHU 3,3 SRVLWLH PHW GH WRHWV Ÿ ź 1*1 58*/ )GEJOWPFS 1*1 1#1 1*1 58*/ JOWPFS 1*1 QPTJUJF 4XBQ "OBM 5W 1*1 LMFJO $PNQPOFOU 3FDIUTCWO WX 6HOHFWHHU GH JHZHQVWH SRVLWLH PHW GH WRHWV Ż Ź 5HFKWVRQGHU ! /LQNVRQGHU ! /LQNVEYQ ! 5HFKWVEYQ 2SPHUNLQJ 8 NXQW GH SRVLWLHV VHOHFWHUHQ GRRU JHZRRQ RS GH WRHWV 3,3 SRVLWLH RS GH DIVWDQGVEHGLHQLQJ WH GUXNNHQ DOOHHQ EHVFKLNEDDU LQ GH PRGXV 3,3 7FSQM 0QU XJK[JHFO 7PSJH NFOV .
)PPGETUVL )FU TDIFSN JOTUFMMFO 'H EHHOGYHUKRXGLQJ LQVWHOOHQ 8 NXQW GH EHHOGYHUKRXGLQJ YDQ KHW VFKHUP DDQSDVVHQ QDDU GH LQVWHOOLQJ GLH KHW EHVW RYHUHHQNRPW PHW XZ ZHHUJDYHYHUHLVWHQ 'UXN RS GH WRHWV 0(18 4DIFSN 1*1 58*/ #SEU IHUWFSI "VUP WX 6HOHFWHHU 6FKHUP PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU %UGW KJWYHUK PHW GH WRHWV Ÿ ź 6HOHFWHHU GH EHHOGYHUKRXGLQJ YDQ XZ NHX]H PHW GH NQRS Ż Ź $XWR ! ! ! ! =RRP ! =RRP 7FSQM 7PSJH NFOV 0QU XJK[JHFO .
)PPGETUVL )FU TZTUFFN JOTUFMMFO 7LMGVLQVWHOOLQJ 8 NXQW GH KXLGLJH WLMG LQVWHOOHQ $OV X HHQ WLMGVWLS YRRU KHW DXWRPDWLVFK LQ RI XLWVFKDNHOHQ YDQ GH YRHGLQJ ZLOW LQVWHOOHQ PRHW X GH SODDWVHOLMNH WLMG LQVWHOOHQ 'H KXLGLJH GDWXP HQ WLMG LQVWHOOHQ 'UXN RS GH WRHWV 0(18 4ZTU 5BBM 5JKEJOTUFMM 1BOFFM VJU 4UBOEBBSEJOTUFM /FEFSMBOET X *OBDUJFG 6HOHFWHHU 6\VW PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 7LMGLQVWHOO PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL )FU TZTUFFN JOTUFMMFO $XWRPDWLVFK XLWVFKDNHOHQ LQVWHOOHQ 5JKEJOTUFMM %BUVN -PLBMF UJKE 5JKEBDUJWFS 6JUTDIBLFMUJKE 4OPP[F "VUPN 6JUTDIBL .SU 6JU 57 6JU 6JU 6JU WX $OV HU JHHQ VLJQDDO LV LV KHW PRJHOLMN XZ WY DXWRPDWLVFK WH ODWHQ XLWVFKDNHOHQ RP KHW HQHUJLHYHUEUXLN WH YHUODJHQ 'UXN RS GH WRHWV 0(18 6HOHFWHHU 6\VW PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 7LMGLQVWHOO PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO )GEJOWPFS 'LW KRRIGVWXN EHVFKULMIW GH YHUVFKLOOHQGH IXQFWLHV YRRU KHW JHEUXLN YDQ GLJLWDOH NDQDOHQ ]RDOV KHW EDVLVJHEUXLN GH GLJLWDOH ]HQGHUOLMVW HQ GH (3* (OHNWURQLVFKH SURJUDPPDJLGV 2SPHUNLQJ GH]H IXQFWLHV ]LMQ DOOHHQ EHVFKLNEDDU LQ GH 'LJLW 7Y LQYRHUPRGXV %DVLVJHEUXLN 'LW JHGHHOWH EHVFKULMIW GH EDVLVIXQFWLHV YRRU GH GLJLWDOH ]HQGHUV ]RDOV GH RSWLHOLMVW HQ SURJUDPPD LQIRUPDWLH 8 NXQW GH LQVWHOOLQJHQ FRQWUROHUHQ RI ZLM]LJHQ 2SWLHOLMVW 8
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO 6RXQGWUDFN $OV KHW KXLGLJH SURJUDPPD EHVFKLNEDDU LV LQ PHHUGHUH DXGLRWDOHQ NXQW X GH JHZHQVWH WDDO VHOHFWHUHQ 'UXN RS GH WRHWV 237 6HOHFWHHU 6RXQGWUDFN PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU HHQ DXGLRWDDO PHW GH WRHWV Ÿ ź 6HOHFWHHU GH VRXQGWUDFNULFKWLQJ OLQNV UHFKWV VWHUHR PHW GH WRHWV Ż Ź 'UXN RS GH WRHWV (;,7 RI 6281'75$&.
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO (HQ ]HQGHU 9HUJUHQGHOHQ 2QWJUHQGHOHQ 8 NXQW GH KXLGLJH ]HQGHU YHUJUHQGHOHQ RI RQWJUHQGHOHQ WHUZLMO X HHQ SURJUDPPD EHNLMNW 'UXN RS GH WRHWV 237 6HOHFWHHU 9HUJUHQGHOHQ 2QWJUHQGHOHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 9HUJUHQGHOHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. 6HOHFWHHU 2QWJUHQGHOHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO 3LFWRJUDPPHQ :RUGW DOOHHQ ZHHUJHJHYHQ WLMGHQV KHW RSQHPHQ YDQ HHQ SURJUDPPD :RUGW DOOHHQ ZHHUJHJHYHQ DOV HHQ RSQDPH LV JHSURJUDPPHHUG 6WDDW YRRU KHW QLYHDX YDQ KHW NLQGHUVORW *HHIW GH PLQLPXPOHHIWLMG DDQ YRRU KHW EHNLMNHQ YDQ KHW SURJUDPPD LQGLHQ YRRU]LHQ GRRU GH ]HQGHU :RUGW DOOHHQ ZHHUJHJHYHQ ZDQQHHU GH ]HQGHU HHQ YHUJUHQGHOGH ]HQGHU LV :RUGW DOOHHQ ZHHUJHJHYHQ ZDQQHHU GH ]HQGHU HHQ JHFRGHHUGH ]HQGHU LV :RUGW DOOHHQ ZHHUJHJHYHQ ZDQQHHU HU RQG
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO 'LJLWDOH ]HQGHUOLMVW 'LW JHGHHOWH ]DO X KHOSHQ GH GLJLWDOH ]HQGHUOLMVW ZHHU WH JHYHQ PHW GH WRHWV /,67 HQ WH VFKDNHOHQ QDDU HHQ DQGHUH GLJLWDOH ]HQGHU LQ GH GLJLWDOH ]HQGHUOLMVW (U ]LMQ GULH W\SHQ ]HQGHUOLMVWHQ YRRU]LHQ ]RGDW X JHPDNNHOLMN HQ VQHO ]HQGHUV NXQW ]RHNHQ 79 'H OLMVW YDQ DOOH GLJLWDOH WY ]HQGHUV 5DGLR 'H OLMVW YDQ DOOH GLJLWDOH UDGLR]HQGHUV )DYRULHW 8 NXQW YLMI IDYRULHWH OLMVWHQ PDNHQ YRRU VQHOOH HQ JHPDNNHOLMNH WRHJDQJ WRW GH GLJLW
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO 3URJUDPPDJLGV 'H SURJUDPPDJLGV WRRQW SURJUDPPD LQIRUPDWLH RYHU HONH ]HQGHU RS EDVLV YDQ GH GDWXP HQ GH WLMG 8 NXQW XZ RSQDPH RRN SODQQHQ DDQ GH KDQG YDQ GH RSJHJHYHQ LQIRUPDWLH 2SPHUNLQJ 'UXN RS GH WRHWV %$&.
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO 3URJUDPPD LQIRUPDWLH ZHHUJHYHQ PHW GH WLMGLQGLFDWRU 8 NXQW GH WLMG]RQH VQHO ]RHNHQ PHW EHKXOS YDQ GH WLMGLQGLFDWRU 'UXN RS GH WRHWV (3* 'UXN RS GH *52(1( WRHWV RP GH WLMGLQGLFDWRU ZHHU WH JHYHQ 6HOHFWHHU HONH WRHWV PHW GH WRHWV Ż Ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %F EJHJUBMF UW GVODUJFT HFCSVJLFO (HQ SURJUDPPD ]RHNHQ 8 NXQW KHW JHZHQVWH SURJUDPPD JHPDNNHOLMN YLQGHQ RS SURJUDPPDQDDP RI JHQUH 'UXN RS GH WRHWV (3* 'UXN RS GH %/$8:( WRHWV 9RHU GH SURJUDPPDQDDP UHFKWVWUHHNV LQ YLD KHW WRHWVHQERUG GDW RS KHW VFKHUP ZRUGW ZHHUJHJHYHQ 2SPHUNLQJ 6HOHFWHHU GH WRHWV Ÿ ź Ż Ź HQ GUXN YHUYROJHQV RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 'LW KRRIGVWXN EHVFKULMIW GH PDQLHU ZDDURS X KHW PHQX 'LJLW NDQDDO LQVWHOOHQ PRHW LQVWHOOHQ YRRU GLJLWDOH ]HQGHUV 8 NXQW RSWLHV LQVWHOOHQ ]RDOV KHW NLQGHUVORW GH WLMGVLQVWHOOLQJ KHW EHZHUNHQ YDQ ]HQGHUV KHW LQVWHOOHQ YDQ GH LQVWDOODWLH HQ KHW ELMZHUNHQ YDQ GH VRIWZDUH %JHJU LBOBBM JOTUFMMFO 'UXN RS RP GH GLJLWDOH WY NDQDOHQ LQ WH VWHOOHQ 2SPHUNLQJ +HW PHQX 'LJLW NDQDDO LQVWHOOHQ LV DOOHHQ EHVFKLNEDDU LQ GH 'LJLW 7Y LQYRHUPRGXV 7FSQM 7
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO /HHIWLMGVJUHQV /HHIWLMGVJUHQV ELHGW X GH PRJHOLMNKHLG SURJUDPPD¶V WH EORNNHUHQ RS EDVLV YDQ KHW OHHIWLMGVQLYHDX GDW X KHEW LQJHVWHOG 6HOHFWHHU /HHIWLMGVJUHQV PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU KHW YHUHLVWH OHHIWLMGVQLYHDX PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO *HOXLGVSULRULWHLW 8 NXQW GH JHOXLGVSULRULWHLW LQVWHOOHQ 6HOHFWHHU $XGLR SULRULWHLW PHW GH WRHWV Ÿ ź .LHV WXVVHQ 3&0 HQ *HFRPSULPHHUG PHW GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 7LMGVLQVWHOOLQJ 8 NXQW GH KXLGLJH WLMG RSJHYHQ HQ GH LQ HQ XLWVFKDNHOWLMG 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU 6\VWHHPLQVWHOOLQJHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 7LMGVLQVWHOOLQJ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 9HUVFKLO *07 +HW VWDQGDDUGZDDUGH $XWR 2YHULJH LQVWHOOLQJHQ 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU 6\VWHHPLQVWHOOLQJHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 2SWLH LQ ]HQGHUOLMVW 8 NXQW LQVWHOOHQ RI KHW FRGHULQJVSLFWRJUDP DO GDQ QLHW PRHW ZRUGHQ ZHHUJHJHYHQ LQ GH L SODDW HQ GH ]HQGHUOLMVW 6HOHFWHHU 2SWLH LQ ]HQGHUOLMVW PHW GH WRHWV Ÿ ź 6HOHFWHHU $DQ 8LW PHW GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO .DQDOHQ RSPDNHQ .DQDOHQ YHUJHQGHOHQ 8 NXQW DOOH GLJLWDOH ]HQGHUV RI HONH ]HQGHU SHU ]HQGHUOLMVWJURHS EHZHUNHQ 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU .DQDOHQ RSPDNHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU .DQDOH YHUJHQGHOHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 8 ZRUGW JHYUDDJG KHW ZDFKWZRRUG LQ WH YRHUHQ 9RHU KHW ZDFKWZRRUG LQ PHW GH &,-)(572(76(1 2SPHUNLQJ 'UXN RS GH WRHWV %$&.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 2SPHUNLQJ :DQQHHU GH YHUJUHQGHOGH ]HQGHUV ]LMQ JHVHOHFWHHUG RI DOOH ]HQGHUV ]LMQ YHUJUHQGHOG ZRUGW 9HUJUHQGHOHQ JHVFKDNHOG QDDU 2QWJUHQGHOHQ :DQQHHU X 2QWJUHQGHOHQ VHOHFWHHUW HQ RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 9RRUNHXUNDQDOHQ WRHYRHJHQ YHUZLMGHUHQ 8 NXQW IDYRULHWH NDQDOHQ WRHYRHJHQ DDQ HHQ VSHFL¿HNH IDYRULHWH ]HQGHUOLMVW RI GH WRHJHYRHJGH IDYRULHWH NDQDOHQ XLW GH OLMVW YHUZLMGHUHQ 6HOHFWHHU )DYRULHWH JURHS PHW 6HOHFWHHU GH ]HQGHUV GLH X ZLOW WRHYRHJHQ DDQ DOOH WY HQ UDGLR]HQGHUOLMVWHQ HQ GUXN RS RP GH IDYRULHWH ]HQGHUV WRH WH YRHJHQ 6HOHFWHHU GH ]HQGHUV GLH X ZLOW YHUZLMGHUHQ XLW GH IDYRULHWH ]HQGHUOLMVW HQ GUXN RS RP GH IDYRULHWH ]HQGHUV WH Y
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO ([WUD IXQFWLHV 'H RSWLH ([WUD IXQFWLHV ELHGW WDOULMNH QXWWLJH IXQFWLHV GLH QRGLJ ]LMQ ZDQQHHU X GH IDYRULHWH ]HQGHUV EHZHUNW 6FKDNHOHQ WXVVHQ GH WY HQ UDGLR]HQGHUOLMVW 8 NXQW QLHW DOOHHQ WY ]HQGHUV PDDU RRN UDGLR]HQGHUV WRHYRHJHQ DDQ GH RP DOOH ]HQGHUOLMVWHQ WH VFKDNHOHQ QDDU WY RI IDYRULHWH ]HQGHUOLMVW 'UXN RS UDGLR]HQGHUV 2SPHUNLQJ X NXQW RRN QDDU HHQ WY RI UDGLR]HQGHU VFKDNHOHQ GRRU RS GH WRHWV 79 5$',2 RS GH DIVWDQGVEHGLHQLQJ WH GUXNNHQ 'H IDYRU
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO )UHTXHQWLH 6HOHFWHHU )UHTXHQWLH PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 9RHU GH IUHTXHQWLHZDDUGH LQ PHW GH &,-)(572(76(1 HQ GUXN RS GH WRHWV 2. 1HWZRUN ,' 6HOHFWHHU 1HWZRUN ,' PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 9RHU GH ZDDUGH LQ PHW GH &,-)(572(76(1 HQ GUXN RS GH WRHWV 2. 6\PERROVQHOKHLG 6HOHFWHHU 6\PERROVQHOKHLG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 6RIWZDUH XSGDWH 2P JRHGH SUHVWDWLHV YDQ GH WY WH EHKRXGHQ LV KHW EHODQJULMN GDW X RYHU GH QLHXZVWH VRIWZDUH EHVFKLNW %H]RHN GH +XPD[ ZHEVLWH RP WH FRQWUROHUHQ RI HU QLHXZV HQ QLHXZH VRIWZDUHYHUVLHV ]LMQ KWWS ZZZ KXPD[GLJLWDO FRP :LM UDGHQ X DDQ GH VLWH UHJHOPDWLJ WH FRQWUROHUHQ RS EHVFKLNEDUH VRIWZDUH XSGDWHV 27$ 2YHU 7KH $LU 27$ HHQ DINRUWLQJ YRRU 2YHU±WKH $LU LV HHQ VWDQGDDUG YRRU GH RYHUGUDFKW YDQ VRIWZDUH YLD HHQ ]HQGV\VWHHP 'H IDEULNDQWHQ EHKR
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 6RIWZDUH XSGDWH YDQXLW KHW PHQX 8 NXQW GH VRIWZDUH XSGDWH DXWRPDWLVFK LQVWHOOHQ 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU ,QVWDOODWLH PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 9RHU KHW ZDFKWZRRUG LQ PHW GH &,-)(572(76(1 6HOHFWHHU 6RIWZDUH XSGDWH PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź $XWRPDWLVFK ]RHNHQ QDDU QLHXZH VRIWZDUH 6HOHFWHHU $QQXOHUHQ HQ GUXN RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO 6WDWXV 8 NXQW V\VWHHPLQIRUPDWLH VLJQDDORQWYDQJVW YRRUZDDUGHOLMNH WRHJDQJ HQ H PDLOEHULFKWHQ ZHHUJHYHQ 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU 6WDWXV PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6WDWXV 8 NXQW GH V\VWHHPLQIRUPDWLH ZHHUJHYHQ 6HOHFWHHU 6WDWXV PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2.
)PPGETUVL %JHJUBMF ,BOBBM JOTUFMMFO *DPHV %LHGW YHUVFKLOOHQGH VSHOOHWMHV YRRU KHW YHUPDDN YDQ GH JHEUXLNHU 'UXN RS GH WRHWV *$0( 9ROJHQV GH LQVWUXFWLHV GLH RS KHW VFKHUP ZRUGHQ ZHHUJHJHYHQ NXQW X KHW VSHO VSHOHQ PHW GH WRHWVHQ Ÿ ź Ż Ź HQ 2. 2SPHUNLQJ 'UXN RS GH WRHWV (;,7 RI %$&.
)PPGETUVL 0QOFNFO FO BGTQFMFO )GEJOWPFS ,Q GLW KRRIGVWXN ZRUGW GH 395 IXQFWLH 3HUVRQDO 9LGHR 5HFRUGHU EHVFKUHYHQ ZDDUPHH X SURJUDPPD¶V NXQW RSQHPHQ RS GH LQJHERXZGH YDVWH VFKLMI 2SPHUNLQJ 8 NXQW DOOHHQ GLJLWDOH WY HQ UDGLRSURJUDPPD¶V RSQHPHQ $QDORJH ]HQGHUV HQ H[WHUQH $9 LQJDQJHQ NXQQHQ QLHW ZRUGHQ RSJHQRPHQ 7LPH 6KLIWHG 5HFRUGLQJ 765 8 NXQW WLMGHQV KHW DIVSHOHQ YDQ HHQ SURJUDPPD 765 HQ DQGHUH IXQFWLHV GLH YHUJHOLMNEDDU ]LMQ PHW GH IXQFWLHV YDQ HHQ YLGHRUHFRUGHU XLWYRHUHQ PHW EHKXOS YDQ
)PPGETUVL 0QOFNFO FO BGTQFMFO 7HUXJVSRHOHQ QDDU GH YRULJH VFqQH 'UXN RS GH WRHWV 7(58*632(/(1 RS GH DIVWDQGVEHGLHQLQJ RP GH YRRUJDDQGH VFqQH RSQLHXZ WH EHNLMNHQ 7HONHQV ZDQQHHU X GUXNW RS GH WRHWV 7(58*632(/(1 ZRUGW GH WHUXJVSRHOVQHOKHLG YHUKRRJG [ [ [ [ $OV X GUXNW RS GH WRHWV $)63(/(1 ZRUGW KHW WHUXJVSRHOHQ EHsLQGLJG HQ ZRUGW KHW DIVSHOHQ RS QRUPDOH VQHOKHLG KHUYDW 2SPHUNLQJ 8 NXQW WHUXJVSRHOHQ WRW DDQ KHW EHJLQSXQW $OV X WLMGHQV KHW WHUXJVSRHOHQ KHW EHJLQSXQW EHUHLNW ZRUG
)PPGETUVL 0QOFNFO FO BGTQFMFO $DQYXOOHQGH EHZHUNLQJHQ YRRU WLMGYHUVFKXLYLQJ 8 NXQW DDQYXOOHQGH WLMGVYHUVFKXLYLQJVEHZHUNLQJHQ XLWYRHUHQ PHW GH YROJHQGH WRHWVHQ RS GH DIVWDQGVEHGLHQLQJ 'LUHFW VSULQJHQ 'UXN WLMGHQV KHW NLMNHQ QDDU GH WY RS GH WRHWV $)63(/(1 $OV X GUXNW RS GH WRHWV Ż Ź YHUVFKLMQW HHQ EHZHJHQGH SLMO RS GH YRRUWJDQJVEDON 9HUSODDWV GH]H SLMO QDDU HHQ WLMGSXQW PHW GH WRHWV Ż Ź RP KHW SURJUDPPD DI WH VSHOHQ YDQDI KHW EHWUHIIHQGH SXQW 8 NXQW RRN LQ ppQ NHHU QDDU HHQ VSHFL¿HN WLMGSXQW
)PPGETUVL 0QOFNFO FO BGTQFMFO %ODGZLM]HU 8 NXQW LQ ppQ NHHU QDDU HHQ EHSDDOGH SRVLWLH VSULQJHQ GRRU HHQ EODGZLM]HU LQ KHW RSJHQRPHQ SURJUDPPD WH SODDWVHQ 0HW EODGZLM]HUV NXQW X VQHO HQ HHQYRXGLJ IUDJPHQWHQ WHUXJYLQGHQ (HQ EODGZLM]HU WRHYRHJHQ 'UXN WLMGHQV KHW DIVSHOHQ YDQ HHQ RSJHQRPHQ SURJUDPPD RS GH JHZHQVWH SRVLWLH RS GH WRHWV %/$':,-=(5 72(92(*(1 RP HHQ EODGZLM]HU LQ WH VWHOOHQ 2SPHUNLQJ 'H EODGZLM]HUIXQFWLH LV DOOHHQ EHVFKLNEDDU YRRU RSJHQRPHQ SURJUDPPD¶V (HQ EODGZLM]HU YHUZLMGHUHQ
)PPGETUVL 0QOFNFO FO BGTQFMFO 2SPHUNLQJ =RUJ HUYRRU GDW YROGRHQGH YULMH UXLPWH DDQZH]LJ LV YRRU GH RSQDPH $OV RQYROGRHQGH UXLPWH RS GH YDVWH VFKLMI EHVFKLNEDDU LV ZRUGW GH RSQDPH EHsLQGLJG (HQ RSQDPH YDQ HHQ XXU YUDDJW PRJHOLMN RS WRW *% UXLPWH RS GH YDVWH VFKLMI 'H KRHYHHOKHLG UXLPWH EHQRGLJG YRRU HHQ RSQDPH YDQ XXU NDQ DIKDQJHQ YDQ KHW SURJUDPPD 8 NXQW RRN UDGLRSURJUDPPD¶V RSQHPHQ 7LPHU RYHU]LFKW 8 NXQW HHQ RSQDPH SURJUDPPHUHQ LQ '79 6(783±2SQDPHVFKHPD 'UXN RS GH WRHWV '7
)PPGETUVL 0QOFNFO FO BGTQFMFO (HQ SURJUDPPHULQJ WRHYRHJHQ 'UXN RS GH *(/( WRHWV RP HHQ QLHXZH RSQDPH WH SURJUDPPHUHQ 6HOHFWHHU =HQGHU HQ 'DWXP 'UXN RS GH WRHWV Ź RP HHQ OLMVW PHW ]HQGHUV HQ GDWXPV WH RSHQHQ HQ VHOHFWHHU HHQ LWHP PHW GH WRHWV Ÿ ź HQ GH WRHWV 2.
)PPGETUVL 0QOFNFO FO BGTQFMFO 3URJUDPPD·V DIVSHOHQ PHW HHQ DIVSHHOOLMVW 8 NXQW HHQ RSJHQRPHQ SURJUDPPD DIVSHOHQ GRRU RS GH WRHWV $)63((//,-67 WH GUXNNHQ 8 NXQW PHW GH WRHWV Ż Ź VFKDNHOHQ WXVVHQ 9,'(2 79 $8',2 UDGLR HQ *HVHOHFWHHUGH RSQDPHV 9,'(2 $8',2 OLMVW 6HOHFWHHU 9,'(2 $8',2 OLMVW PHW GH WRHWV Ż Ź $OV X SURJUDPPD¶V VHOHFWHHUW PHW GH *52(1( NQRS ZRUGHQ GH]H DXWRPDWLVFK DDQ GH OLMVW *HVHOHFWHHUGH RSQDPHV WRHJHYRHJG 2SPHUNLQJ 0HHU LQIRUPDWLH RYHU 9HUZLMGHUHQ 6HOHFWHUHQ 6RUWHU
)PPGETUVL 0QOFNFO FO BGTQFMFO 8LWJHVWHOG DIVSHOHQ 8 NXQW HHQ SURJUDPPD YDQDI KHW EHJLQ EHNLMNHQ WHUZLMO GH UHVW YDQ KHW SURJUDPPD QRJ ZRUGW RSJHQRPHQ 7LMGHQV KHW JHOLMNWLMGLJ RSQHPHQ YDQ WZHH ]HQGHUV NXQW X GH 765 IXQFWLH WLMGYHUVFKXLYLQJ JHEUXLNHQ PHW EHKXOS YDQ GH DIVSHHOWRHWVHQ 2SPHUNLQJ 8 NXQW HHQ SURJUDPPD GDW ZRUGW RSJHQRPHQ EHNLMNHQ QDGDW WHQ PLQVWH VHFRQGHQ HUYDQ LQ RSJHQRPHQ 2SJHQRPHQ SURJUDPPD·V EHZHUNHQ 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU 5HFRUGHU PHW GH WRHWV Ÿ ź HQ G
)PPGETUVL 0QOFNFO FO BGTQFMFO +HW RSJHQRPHQ SURJUDPPD EHZHUNHQ 6HOHFWHHU HHQ SURJUDPPD HQ GUXN RS GH *(/( WRHWV RP KHW RSJHQRPHQ SURJUDPPD WH EHZHUNHQ (U YHUVFKLMQW HHQ SRS XSYHQVWHU 6HOHFWHHU %HZHUNHQ HQ GUXN RS GH WRHWV 2.
)PPGETUVL 0QOFNFO FO BGTQFMFO +HW NHQPHUN ZLM]LJHQ 6HOHFWHHU HHQ SURJUDPPD HQ GUXN RS GH *(/( WRHWV RP KHW NHQPHUN YDQ KHW RSJHQRPHQ SURJUDPPD WH ZLM]LJHQ (U YHUVFKLMQW HHQ SRS XSYHQVWHU 6HOHFWHHU %HVWDQG HQ GUXN RS GH WRHWV 2. 6HOHFWHHU 3URJUDPPD LQ KHW PHQX %HVWDQG PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź RP KHW VFKHUPWRHWVHQERUG WH ODWHQ ZHHUJHYHQ 9RHU GH QDDP YDQ KHW SURJUDPPD LQ YLD KHW WRHWVHQERUG 6HOHFWHHU 2. HQ GUXN WHU YROWRRLLQJ RS GH WRHWV 2.
)PPGETUVL 0QOFNFO FO BGTQFMFO 03 8 NXQW PX]LHN EHOXLVWHUHQ HQ GH 03 OLMVW EHZHUNHQ YLD '79 6(783± 5HFRUGHU±03 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU 5HFRUGHU PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 03 PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 'H 03 OLMVW YHUVFKLMQW 03 DIVSHOHQ 6HOHFWHHU KHW EHVWDQG GDW X ZLOW DIVSHOHQ PHW GH WRHWV Ÿ ź HQ GUXN YHUYROJHQV RS GH WRHWV $)63(/(1 RI 2.
)PPGETUVL 0QOFNFO FO BGTQFMFO 9DVWH VFKLMI EHKHUHQ 8 NXQW GH KRHYHHOKHLG YULMH UXLPWH RS GH YDVWH VFKLMI FRQWUROHUHQ HQ GH VFKLMI ]RQRGLJ IRUPDWWHUHQ ZLVVHQ 'UXN RS GH WRHWV '79 6(783 6HOHFWHHU 5HFRUGHU PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6HOHFWHHU 9DVWH VFKLMI EHKHUHQ PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 8 NXQW GH KRHYHHOKHLG YULMH EH]HWWH JHUHVHUYHHUGH HQ WRWDOH UXLPWH RS GH YDVWH VFKLMI EHNLMNHQ 6HOHFWHHU )RUPDWWHUHQ HQ GUXN RS GH WRHWV 2.
)PPGETUVL 0QOFNFO FO BGTQFMFO %HVWDQG GRZQORDGHQ YDQ 3& 8 NXQW PX]LHN EHOXLVWHUHQ HQ IRWR¶V EHNLMNHQ GRRU GH EHVWDQGHQ WH GRZQORDGHQ YDQDI XZ 3& PHW KHW SURJUDPPD µ0HGLD H OLQNHU¶ 86% NDEHOV YRRU H[WHUQH YDVWH VFKLMYHQ ]LMQ ORV YHUNULMJEDDU 9ROJ GH LQVWUXFWLHV RS YRRU KHW GRZQORDGHQ YDQ EHVWDQGHQ 'XEEHONOLN RS µ0HGLD H/LQNHU 6HWXS H[H¶ RS GH FG URP RP KHW 86% VWXXUSURJUDPPD HQ GH WRHSDVVLQJ WH LQVWDOOHUHQ 8 NXQW KHW LQVWDOODWLHSURJUDPPD RRN GRZQORDGHQ RS ZZZ KXPD[GLJLWDO FRP 9HUELQG
)PPGETUVL 5FMFUFLTU HFCSVJLFO 'H WHOHWHNVWLQIRUPDWLH ZHHUJHYHQ 8 NXQW RS HON RJHQEOLN WHOHWHNVWLQIRUPDWLH ZHHUJHYHQ RS XZ WY 'H PHHVW WY ]HQGVWDWLRQV ELHGHQ WHNVWLQIRUPDWLHGLHQVWHQ YLD WHOHWHNVW 'H LQGH[SDJLQD YDQ GH WHOHWHNVWGLHQVW ELHGW X LQIRUPDWLH RYHU GH PDQLHU ZDDURS X GH]H GLHQVW NXQW JHEUXLNHQ 0HW GH WRHWVHQ RS GH DIVWDQGVEHGLHQLQJ NXQW X RRN YHUVFKLOOHQGH RSWLHV VHOHFWHUHQ RP GH GLHQVW DDQ WH SDVVHQ DDQ XZ EHKRHIWHQ 2SPHUNLQJ RP GH WHOHWHNVWLQIRUPDWLH FRUUHFW ZHHU WH JHYHQ PRHW GH
)PPGETUVL %F QD JOTUFMMFO 2SPHUNLQJ DOOHHQ EHVFKLNEDDU LQ GH 3& LQYRHUPRGXV )GEJOWPFS $XWRPDWLVFK FRQÀJXUHUHQ 1$ "VUP DPOmH 1PTJUJF ,MPL 'BTF X +LHUPHH ZRUGW KHW VFKHUP DXWRPDWLVFK JHRSWLPDOLVHHUG 'LW LV DDQEHYROHQ ZDQQHHU X KHW VFKHUP YRRU GH HHUVWH NHHU DDQVOXLW RS HHQ SF 'UXN RS GH WRHWV 79 $9 RP WH VFKDNHOHQ QDDU GH 3& PRGXV 6HOHFWHHU 3& PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. 'UXN RS GH WRHWV 0(18 7FSQM 4FMFDUFSFO 7PSJH NFOV .
)PPGETUVL %F QD JOTUFMMFO .ORN 3DVW GH KRUL]RQWDOH IXQFWLH YDQ KHW VFKHUP DDQ GRRU KHW DDQWDO SL[HOV WH YHUKRJHQ RI WH YHUODJHQ 1$ "VUP DPOmH 1PTJUJF ,MPL 'BTF 6HOHFWHHU .ORN PHW GH WRHWV Ÿ ź HQ GUXN RS GH WRHWV 2. RI Ź 6WHO GH KRUL]RQWDOH IXQFWLH LQ PHW GH WRHWV Ż Ź HQ GUXN RS GH WRHWV 2. 7FSQM 8SEF PNI PNM 7PSJH NFOV .
.FOVPWFS[JDIU %HHOG 0RG +HOGHUKHLG &RQWUDVW 6FKHUSWH .OHXU 5XLVRQGHUGUXN 9XOWRRQ .OHXUWHPS +HOGHUKG DFKWHUJURQG *HOXLG (IIHFW %DODQV $XWR YROXPH 7UX6XUURXQG;7 .DQDDO DOOHHQ DQDORJH WY LQYRHU /DQG $QDO .DQDDO ]RHNHQ 3URJUDP %HZHUN 3& DOOHHQ 3& LQJDQJ $XWR FRQ¿J 3RVLWLH .
.FOVPWFS[JDIU 'LJLWDOH ]HQGHU LQVWHOOHQ DOOHHQ GLJLWDOH WY LQYRHU 5HFRUGHU 2SJHQRPHQ SURJUDPPD¶V 7LPHU RYHU]LFKW 03 'LJLWDDO IRWRDOEXP 9DVWH VFKLMI EHKHUHQ %HJLQWLMG RSQDPH (LQGWLMG RSQDPH 6\VWHHPLQVWHOOLQJHQ .LQGHUVORW 7DDO 7LMGLQVWHOOLQJ 2YHULJH LQVWHOOLQJHQ .DQDOHQ RSPDNHQ .
1SPCMFFNPQMPTTJOH 3UREOHHPRSORVVLQJ 5DDGSOHHJ GH YROJHQGH JLGV YRRUGDW X FRQWDFW RSQHHPW PHW XZ ORNDOH VHUYLFHGHDOHU 1HHP FRQWDFW RS PHW XZ ORNDOH WY GLVWULEXWHXU RI VHUYLFHFHQWUXP DOV GH WY QLHW QRUPDDO ZHUNW QDGDW X GH YROJHQGH SUREOHHPRSORVVLQJHQ KHEW JHSUREHHUG (U ZRUGW JHHQ EHULFKW ZHHUJHJHYHQ RI GH WY NULMJW JHHQ VWURRP &RQWUROHHU KHW QHWVQRHU HQ NLMN RI GH]H RS HHQ JHVFKLNW VWRSFRQWDFW LV DDQJHVORWHQ &RQWUROHHU RI GH QHWYRHGLQJ LV LQJHVFKDNHOG &RQWUROHHU RI GH YRHGLQJVVFKDNHODDU R
1SPCMFFNPQMPTTJOH 'H 765 7LPH 6KLIWHG 5HFRUGLQJ ZHUNW QLHW 765 LV PRJHOLMN QLHW EHVFKLNEDDU WLMGHQV GH RSQDPH :DFKW WRWGDW GH RSQDPH LV YROWRRLG 9HUZLMGHU RYHUERGLJH SURJUDPPD¶V HQ PDDN UXLPWH YRRU QLHXZH RSQDPHQ 'H WY PDDNW HHQ ]RHPHQG JHOXLG +HW JHOXLG LV DINRPVWLJ YDQ GH YHQWLODWRU 'H YDVWH VFKLMI ZHUNW QRUPDDO 'LW VRRUW JHOXLG LV RQYHUPLMGHOLMN PDDU ]HOGHQ VWRUHQG .DQ QLHW DIVSHOHQ +HW VLJQDDO WLMGHQV KHW RSQHPHQ LV PRJHOLMN ]ZDN RI GH YDVWH VFKLMI LV WH YRO .
4QFDJmDBUJFT ,WHP /&' VFKHUP 3F PRQLWRU ,QJDQJ XLWJDQJ 6SHFL¿FDWLHV 7\SH .
8PPSEFOMJKTU &RD[LDOH NDEHO (HQ VSHFLDDO RQWZRUSHQ HQ DIJHVFKHUPGH NDEHO GLH VLJQDOHQ PHW HHQ KRJH IUHTXHQWLH NDQ RYHUGUDJHQ )UHTXHQWLH 'H HLJHQVFKDS YDQ HHQ VLJQDDO JHPHWHQ LQ RPZHQWHOLQJHQ SHU VHFRQGH +] )7$ )UHH 7R $LU (HQ QLHW JHFRGHHUGH XLW]HQGLQJ ZDDUGRRU NODQWHQ ]HQGHUV RI GLHQVWHQ NXQQHQ EHNLMNHQ ]RQGHU HQLJH DERQQHPHQWVNRVWHQ +'' 9DVWH VFKLMI +HW SULPDLUH RSVODJPHGLXP YRRU FRPSXWHUV GDW EHVWDDW XLW HHQ RI PHHU DOXPLQLXP RI JOD]HQ SODWHQ PHW HHQ ODDJ YDQ IHUURPDJQHWLVFK PDWHULDDO 08; =H
4FSWJDF POEFSTUFVOJOH 9LD GH YROJHQGH ZHEVLWHV HQ KHW FDOOFHQWHU KRWOLQH NXQW X LQIRUPDWLH RQWYDQJHQ ]RDOV HHQ JLGV YRRU SUREOHHPRSORVVLQJ VRIWZDUH XSJUDGHV HQ HHQ SURGXFWRQGHUVWHXQLQJVJLGV 3UREHHU HHUVW FRQWDFW RS WH QHPHQ PHW HHQ YDQ XZ ORNDOH GHDOHUV ZDQQHHU X SUREOHPHQ RQGHUYLQGW +HW +80$; NODQWHQGLHQVWFHQWUXP 7HO 2SHQLQJVWLMGHQ ,QWHUQHW ( PDLO $GUHV (+31) 085 5 000 401 10:00-16:00 uur (maandag t/m vrijdag) http://www.humaxdigital.com/nl verkoop@humaxdigital.
