'2& 15 :KHHO +RUVH Ç FP PDDLGHN PHW ]LMDIYRHU YRRU [L JD]RQ HQ WXLQWUDFWRUV 0RGHOQU HQ KRJHU *HEUXLNHUVKDQGOHLGLQJ 'XWFK 1/
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
,QKRXG 9HLOLJKHLGV HQ LQVWUXFWLHSODDWMHV 0RQWDJH /RVVH RQGHUGHOHQ 9RRUEHUHLGLQJ YDQ GH PDDLHHQKHLG 0RQWHUHQ YDQ GH PDDLHHQKHLG %HYHVWLJHQ YDQ GH DIWDNDVULHP 'H PDDLHHQKHLG DIVWHOOHQ 9HUZLMGHUHQ YDQ GH PDDLHHQKHLG *HEUXLNVDDQZLM]LQJ =LMDIYRHU
9HLOLJKHLG 9HLOLJKHLGV HQ LQVWUXFWLHSODDWMHV 'H YHLOLJKHLGV HQ LQVWUXFWLHSODDWMHV ]LMQ GXLGHOLMN ]LFKWEDDU YRRU GH EHVWXXUGHU DDQJHEUDFKW LQ GH EXXUW YDQ HHQ PRJHOLMN JHYDDU 3ODDWMHV GLH EHVFKDGLJG RI YHUORUHQ ]LMQ GLUHFW YHUYDQJHQ 23 *5$6*(/(,'(5 2QGHUGHHOQU ',5(&7 1$$67 '( 5,-:,(/(1 2QGHUGHHOQU 23 *5$6*(/(,'(5 23 /,1.(5=,-'( 9$1 +(7 0$$,'(.
0RQWDJH /RVVH RQGHUGHOHQ 1% *HEUXLN KHW RQGHUVWDDQGH RYHU]LFKW RP GH RQGHUGHOHQ GLH YRRU KHW PRQWHUHQ ZRUGHQ JHEUXLNW WH LGHQWLILFHUHQ %(6&+5,-9,1* $$17$/ *(%58,.
0RQWDJH 0RQWHUHQ YDQ GH PDDLHHQKHLG 327(17,((/ *(9$$5 =RQGHU GH DDQJHEUDFKWH ]LMDIYRHUVHW RI GH FRPSOHWH JUDVYDQJEDN NXQQHQ X RI DQGHUHQ LQ DDQUDNLQJ PHW KHW PDDLPHV RI XLWJHZRUSHQ YRRUZHUSHQ NRPHQ :$7 .
0RQWDJH P P *UHQGHOV YDQ GH $WWDFK $ 0DWLF 70 3RHOLHEHKXL]LQJ 6SDQSRHOLH 2QWJUHQGHOLQJVKHQGHO YRRU GH ULHPVSDQQLQJ 6OHXYHQ LQ GH ]LMGHOLQJVH EHYHVWLJLQJVVOHXYHQ )LJXXU )LJXXU ,QVWHONQRS YRRU GH ,QGLFDWRU YRRU GH ,QVWHOVWDQJ YRRU GH VFKXLQVWDQG OHQJWHULFKWLQJ 5LHPJHOHLGHU ULHPVSDQQLQJ ULHPVSDQQLQJ HHQ DDQ HONH ]LMGH .
0RQWDJH 1DGDW GH WZHH - SHQQHQ ]LMQ EHYHVWLJG LQ GH EHYHVWLJLQJVVOHXYHQ YDQ GH PDDLHHQKHLG SODDWV X GH PDDLHHQKHLG GXVGDQLJ PHW EHKXOS YDQ GH KHILQULFKWLQJ HQ GH PHW GH KDQG LQVWHOEDUH PDDLZLHOEHXJHO )LJ GDW GH ZHUNWXLJVWDQJ LQ GH PLGGHOVWH $WWDFK $ 0DWLF70 EHYHVWLJLQJ SDVW 6WHO GH SDUNHHUUHP LQ ZHUNLQJ ODDW GH KHILQULFKWLQJ ]DNNHQ HQ GUDDL GH FRQWDFWVOHXWHO RS ´6723µ RP GH PRWRU WH VWRSSHQ 9HUZLMGHU YHUYROJHQV GH FRQWDFWVOHXWHO 02*(/,-.
0RQWDJH 0DDN GH RQWJUHQGHOLQJVKHQGHO YDQ GH ULHPVSDQQLQJ ORV RS GH SRHOLHEHKXL]LQJ HQ WUHN GH]H QDDU X WRH )LJ 9HUZLMGHU GH IURQWJULOOH YDQ GH WUDFWRU GRRU GH PRWRUNDS WH RSHQHQ HQ GH WZHH VFKURHYHQ HQ ULQJHQ WH YHUZLMGHUHQ GLH GH JULOOH RS KXQ SODDWV KRXGHQ )LJ 6OXLW GH PRWRUNDS HQ YHUZLMGHU GH JULOOH GRRU GH]H QDDU X WRH WH WUHNNHQ P )LJXXU 3RHOLHV LQ GH SRHOLHEHKXL]LQJ $IWDNDVSRHOLH $IWDNDVULHP /HJ KHW DQGHUH XLWHLQGH YDQ GH ULHP RYHU GH DDQGULM
0RQWDJH GUDDL DDQ GH DIVWHONQRS HQ KHUKDDO GH VWDSSHQ $ HQ % WRWGDW GH LQGLFDWRUV LQ GH]HOIGH VWDQG VWDDQ )LJ 'UDDL GH ERXW YDQ GH ULHPJHOHLGHU DDQ ' =RGUD GH LQGLFDWRUHQ DDQ EHLGH ]LMGHQ LQ GH]HOIGH VWDQG VWDDQ GUDDLW X GH RQWJUHQGHOLQJVKHQGHO YRRU GH VSDQQLQJ LQ GH SRHOLHEHKXL]LQJ HQ ]HW X GH]H YDVW GRRU KHW LQ GH VWDQG WH SODDWVHQ GLH LV DDQJHJHYHQ LQ )LJ 'H PDDLKRRJWH DIVWHOOHQ 'H PDDLHHQKHLG DIVWHOOHQ 'H DFKWHUVWH VWHXQZLHOHQ ZRUGHQ YRRU KHW LQVWHOOHQ YDQ GH PDDLKRRJWHV
0RQWDJH 'H PDDLHHQKHLG PRHW ZRUGHQ JHFRQWUROHHUG HQ DIJHVWHOG RS HHQ YODNNH HJDOH RQGHUJURQG LQGLHQ PRJHOLMN 9RRUGDW X KHW QLYHDX YDQ GH PDDLHHQKHLG FRQWUROHHUW GH YRRU HQ DFKWHUEDQGHQ RS GH VSDQQLQJ EUHQJHQ ]RDOV GLH VWDDW DDQJHJHYHQ LQ XZ EHGLHQLQJV KDQGOHLGLQJ YDQ GH WUDFWRU =HW GH PDDLKRRJWHKHQGHO YDQ GH PDDLHHQKHLG LQ GH PLGGHOVWH PDDLSRVLWLH &RQWUROHHU RI GH WZHH LQVWHOEDUH YRRUZLHOHQ ORV ]LMQ YDQ GH JURQG ,QVWHOOLQJ YDQ GH VFKXLQVWDQG OHQJWHULFKWLQJ ZRUGW JHGDDQ GRRU GH LQVWHOPRHU )LJ
0RQWDJH 6FKXLQVWDQG YDQ GH PDDLPHVVHQ YRRU WUDQVSRUW DIVWHOOHQ ]DNHQ RP GH GUXN RS GH QRNNHQ WH YHUODJHQ HQ GUDDL FRQWDFWVOHXWHO RS ´6723µ RP GH PRWRU WH VWRSSHQ 9HUZLMGHU GH FRQWDFWVOHXWHO 2PGDW GH KHILQULFKWLQJ ZRUGW JHEUXLNW ZDQQHHU GH DIWDNDVDDQGULMYLQJ LV LQJHVFKDNHOG PRHW GH VFKXLQVWDQG YDQ KHW PDDLPHV YRRU WUDQVSRUW ZRUGHQ DIJHVWHOG RP GH OHYHQVGXXU YDQ GH DIWDNDVULHP WH YHUOHQJHQ 'H]H DIVWHOOLQJ ]RUJW WHYHQV YRRU YROGRHQGH WUDQVSRUWKRRJWH 'LW ZRUGW LQ GULH VWDSSHQ EHUHLNW =RUJ HUYRRU GDW
0RQWDJH $OV ]H QLHW JRHG VWDDQ LQJHVWHOG VWDUW GDQ GH WUDFWRU ODDW GH KHILQULFKWLQJ ]DNNHQ RP GH GUXN RS GH QRNNHQ WH YHUODJHQ HQ GUDDL FRQWDFWVOHXWHO RS ´6723µ RP GH PRWRU WH VWRSSHQ 9HUZLMGHU GH FRQWDFWVOHXWHO 02*(/,-.
0RQWDJH P P )LJXXU )LJXXU - SHQ $IWDNDVSRHOLH 3ODDWV GH IURQWJULOOH YDQ GH WUDFWRU WHUXJ HQ EHYHVWLJ GH]H PHW GH WZHH KLHUYRRU YHUZLMGHUGH VFKURHYHQ HQ ULQJHQ )LJ 'UXN RS GH NQRS YDQ GH PLGGHOVWH $WWDFK $ 0DWLF70 HQ GUDDL GH KHQGHO UHFKWVRP RP GH PDDLHHQKHLG WH RQWJUHQGHOHQ )LJ $OV X GH SRHOLHEHKXL]LQJ ZLOW YHUZLMGHUHQ GUXN GDQ RS GH RQWJUHQGHOLQJVNQRSSHQ RS GH YRRUVWH $WWDFK $ 0DWLF70 )LJ HQ GXZ GH YHUJUHQGHOLQJVKHQGHOV RPKRRJ RP GH JU
*HEUXLNVDDQZLM]LQJ =LMDIYRHU 'H PDDLHU LV XLWJHUXVW PHW HHQ VFKDUQLHUHQGH JUDVJHOHLGHU GLH KHW PDDLVHO ]LMZDDUWV HQ RPODDJ QDDU GH JURQG DIYRHUW 327(17,((/ *(9$$5 =RQGHU DDQJHEUDFKWH ]LMDIYRHUVHW RI FRPSOHWH JUDVYDQJEDN NXQQHQ X RI DQGHUHQ LQ DDQUDNLQJ PHW KHW PDDLPHV RI XLWJHZRUSHQ YRRUZHUSHQ NRPHQ :$7 .
*HEUXLNVDDQZLM]LQJ %HGLHQLQJVKHQGHO KHILQULFKWLQJ 'H EHGLHQLQJVKHQGHO YRRU GH KHILQULFKWLQJ )LJ ZRUGW JHEUXLNW RP ZHUNWXLJHQ WH KHIIHQ HQ WH ODWHQ ]DNNHQ :HUNWXLJ KHIIHQ 6WDUW GH WUDFWRU 7UHN GH EHGLHQLQJVKHQGHO QDDU ERYHQ WRWGDW KLM ZRUGW YHUJUHQGHOG ,Q GH]H SRVLWLH KRXGW GH KHILQULFKWLQJ KHW ZHUNWXLJ LQ JHKHYHQ SRVLWLH P )LJXXU %HGLHQLQJVKHQGHO KHILQULFKWLQJ 02*(/,-.
*HEUXLNVDDQZLM]LQJ ,QVWHOOHQ YDQ GH EHVFKHUPZLHOHQ 'H WZHH YRRUZLHOHQ DIVWHOOHQ 'H EHVFKHUPZLHOHQ JHOHLGHQ GH PDDLHHQKHLG RYHU RQHYHQ ERGHP ]RGDW GH PDDLPHVVHQ QLHW LQ GH JD]RQERGHP VODDQ 9RRU GH PHHVWH PDDL RPVWDQGLJ KHGHQ PRHWHQ GH]H ZLHOHQ ]LFK LQ KHW RQGHUVWH JDW EHYLQGHQ 7LMGHQV KHW PDDLHQ PHW GH KRRJWH LQVWHOOLQJ PP µ RI ODJHU PRHWHQ GH EHVFKHUPZLHOHQ ]LFK LQ KHW ERYHQVWH JDW EHYLQGHQ 'XZ GH EHGLHQLQJVKHQGHO YRRU GH KHILQULFKWLQJ RPKRRJ ]LH :HUNWXLJ KHIIHQ 9HUZLMGHU GH 5 SHQ
*HEUXLNVDDQZLM]LQJ &RQWUROHHU RS YXLO YDQ GH OHQJWH YDQ KHW JUDV DIPDDLHQ (ONH NHHU DOV X GH PDDLHU JHEUXLNW PRHW X FRQWUROHUHQ RI HU ]LFK YXLO KHHIW RSJHKRRSW RS HQ LQ GH DFKWHUVWH NDS YDQ GH FDUGDQDV )LJ 9HUZLMGHU HYHQWXHHO RSJHKRRSW YXLO $DQEHYROHQ ZRUGW QLHW PHHU GDQ FD YDQ GH OHQJWH YDQ KHW JUDV DI WH PDDLHQ 0HHU DIPDDLHQ ZRUGW DIJHUDGHQ WHQ]LM KHW JUDV GXQ LV RI LQ GH ODWH KHUIVW ZDQQHHU KHW JUDV ODQJ]DPHU JURHLW 0DDLULFKWLQJ 0DDL DIZLVVHOHQG LQ YHUVFKLOOHQGH ULFKWLQJHQ ]RGD
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
2QGHUKRXG 2QGHUKRXGVVFKHPD :HUN]DDPKHGHQ 9RRU HON JHEUXLN 0DDLPHV FRQWUROHUHQ (ONH XXU ; 0DDLGHN DVVHQ³VPHUHQ (ONH (ONH XXU XXU 9yyU VWDOOLQJ ; ; ; ; 'ULMIULHPHQ FRQWUROHUHQ RS VOLMWDJH EDUVWHQ 0DDLNDVW UHLQLJHQ 5LHPVSDQQLQJ FRQWUROHUHQ /DNEHVFKDGLJLQJHQ ELMZHUNHQ 9RRUMDDU ; ; ; HHUVWH NHHU ; ; ; ; 02*(/,-. *(9$$5 $OV X GH VOHXWHO LQ GH FRQWDFWVFKDNHODDU ODDW ]LWWHQ ]RX LHPDQG GH PRWRU NXQQHQ VWDUWHQ :$7 (5 .
2QGHUKRXG 0DDLPHV 2P HHQ JRHG PDDLUHVXOWDDW WH EHKRXGHQ PDDLPHV VHQ VFKHUS KRXGHQ (HQ RI PHHU H[WUD PDDLPHVVHQ YHUJHPDNNHOLMNHQ KHW VOLMSHQ HQ YHUYDQJHQ 02*(/,-. *(9$$5 (HQ YHUVOHWHQ RI EHVFKDGLJG PDDLPHV NDQ EUHNHQ HQ VWXNMHV PHV NXQQHQ ZRUGHQ XLWJHZRUSHQ QDDU EHVWXXUGHU RI RPVWDQGHUV WLMGHQV JHEUXLN YDQ GH PDDLHU :$7 (5 .$1 *(%(85(1 8LWJHZRUSHQ VWXNMHV PHV NXQQHQ HUQVWLJ RI ]HOIV IDWDDO OHWVHO YDQ EHVWXXUGHU RI RPVWDQGHUV YHURRU]DNHQ *(9$$5/,-.( 6,78$7,(6 9225.
2QGHUKRXG 0DDLPHV VHQ VOLMSHQ 0DDLPHV VHQ PRQWHUHQ *HEUXLN HHQ YLMO RP GH VQLMUDQGHQ DDQ EHLGH XLWHLQGHQ YDQ KHW PHV WH VOLMSHQ )LJ +RXG GDDUELM GH RRUVSURQNHOLMNH KRHN LQ VWDQG +HW PHV EOLMIW LQ EDODQV DOV X YDQ EHLGH VQLMUDQGHQ GH]HOIGH KRHYHHOKHLG PDWHULDDO YHUZLMGHUW +RXG KHW PHVEODG YDVW PHW HHQ ODS RI HHQ GLNJHYRHUGH KDQGVFKRHQ 0RQWHHU KHW PDDLPHV GH VFKLMIYRUPLJH ULQJ HQ GH PHVERXW )LJ %HODQJULMN 'H ZLHN KHW JHERJHQ GHHO YDQ KHW PDDLPHV PRHW QDDU ERYHQ QDDU GH ELQQHQN
2QGHUKRXG 6PHUHQ 'H VSDQQLQJ YDQ GH DIWDNDVULHP FRQWUROHUHQ 2QGHUKRXGVLQWHUYDO 6SHFLILFDWLH 'H PDDLHHQKHLG QD HONH EHGULMIVXUHQ RI MDDUOLMNV GRRUVPHUHQ ZDDUELM GH NRUWVWH SHULRGH PRHW ZRUGHQ DDQJHKRXGHQ +HW VPHUHQ PRHW YDNHU SODDWVYLQGHQ ELM JHEUXLN LQ ]HHU VWRIILJH RI ]DQGHULJH RPVWDQGLJKHGHQ &RQWUROHHU GH VSDQQLQJ YDQ GH DIWDNDVULHP EHGULMIV XUHQ QDGDW HHQ QLHXZH ULHP LV JHPRQWHHUG YHUYRO JHQV HONH XXU RI HHQPDDO SHU MDDU ZDDUELM GH NRUWVWH SHULRGH PRHW ZRUGHQ DDQJHKRXGHQ 7\SH VPHHUYH
2QGHUKRXG /HYHQVGXXU YDQ GH DIWDNDVULHP YHUOHQJHQ 0HVGULMIULHP $OV GH DIWDNDVULHP FRUUHFW ZRUGW JHwQVWDOOHHUG HQ JHEUXLNW ]DO GH]H HHQ KRJH OHYHQVGXXU KHEEHQ &RQWUROHHU GH YROJHQGH SXQWHQ RP GH OHYHQVGXXU YDQ GH ULHP WH YHUOHQJHQ 9HUZLMGHU GH PDDLHHQKHLG ]LH 9HUZLMGHUHQ YDQ GH PDDLHHQKHLG EO] 9HUZLMGHU GH EHYHVWLJLQJVVFKURHYHQ YDQ GH NDSSHQ HQ GH EHLGH SRHOLHNDSSHQ YDQ GH PHVSRHOLHV )LJ 9HUZLMGHUHQ YDQ GH PHVGULMIULHP =RUJ YRRU FRUUHFWH ULHPVSDQQLQJ =RUJ YRRU FRUUHFW P
2QGHUKRXG 'H RQGHUNDQW YDQ GH PDDLNDVW ZDVVHQ 1HHP SODDWV RS GH EHVWXXUGHUVVWRHO HQ VWDUW GH PRWRU 6FKDNHO GH PDDLNRSSHOLQJ DIWDNDV LQ HQ ODDW GH PDDLHU ppQ j GULH PLQXWHQ GUDDLHQ :DV QD HON JHEUXLN GH RQGHUNDQW YDQ GH PDDLNDVW RP DDQNRHNHQ YDQ PDDLVHO WH YRRUNRPHQ HQ GH SUHVWDWLHV WH YHUEHWHUHQ 0DDLNRSSHOLQJ DIWDNDV XLWVFKDNHOHQ HQ FRQWDFWVOHXWHO RS ´6723µ GUDDLHQ RP GH PRWRU WH VWRSSHQ 9HUZLMGHU GH FRQWDFWVOHXWHO :DFKW WRW DOOH EHZHJHQGH GHOHQ VWLOVWDDQ 'UDDL GH ZDWHUNUDDQ GLFKW HQ
2QGHUKRXG 6WDOOLQJ 02*(/,-. *(9$$5 (HQ JHEURNHQ RI RQWEUHNHQGH ZDVDDQVOXLWLQJ NDQ XLWJHZRUSHQ YRRUZHUSHQ RI FRQWDFW PHW KHW PDDLPHV YHURRU]DNHQ :$7 (5 .$1 *(%(85(1 8LWJHZRUSHQ YRRUZHUSHQ RI FRQWDFW PHW KHW PDDLPHV NXQQHQ HUQVWLJ RI ]HOIV IDWDDO OHWVHO YHURRU]DNHQ *(9$$5/,-.( 6,78$7,(6 9225.
3UREOHPHQ RRU]DDN HQ UHPHGLH 352%/((0 $EQRUPDOH WULOOLQJHQ 0DDLPHV VHQ GUDDLW GUDDLHQ QLHW 2QUHJHOPDWLJH PDDLKRRJWH 7UDQVSRUWKRRJWH RQYROGRHQGH 02*(/,-.( 225=$$.
3UREOHPHQ RRU]DDN HQ UHPHGLH 352%/((0 $IWDNDVULHP PDDLGHN ORRSW YDQ SRHOLHV DI VOLSW RI ZHUNW QLHW 02*(/,-.( 225=$$.
