+DUWHOLMNEHGDQNWYRRUXZDDQNRRSYDQGHHOHNWURQLVFKNDVUHJLVWHUYDQ6+$53 PRGHO;(
$
/HHVGH]HKDQGOHLGLQJDDQGDFKWLJGRRUYRRUGDWXXZPDFKLQHLQJHEUXLNWQHHPWRSGDWX
HHQYROOHGLJEHJULSNULMJWEHWUHIIHQGHGHIXQFWLHVHQHLJHQVFKDSSHQ
%HZDDUGH]HKDQGOHLGLQJYRRUWRHNRPVWLJHUDDGSOHJLQJHQ+HWKHOSWXDOVXHQLJH
EHGULMIVSUREOHPHQRQGHUYLQGW
2PGH92//(',**('(7 $,//((5'(,16758&7,(+$1'/(,',1*JUDWLVWHGRZQORDGHQ
JDDWXQDDUGHYROJHQGHYHUZDQWH85/
1HGHUODQGHQ%HOJLsHQ/X[HPEXUJZZZ VKDUSQO
+HOSGHVN1HGHUODQG
(/(.7521,6&+(.$65(*,67(5
02'(/
;($
%DVLVJHEUXLNHUVKDQGOHLGLQJ
%(/$1*5,-.
:HHVYRRU]LFKWLJDOVXKHWOLGYDQGHSULQWHUYHUZLMGHUWHQWHUXJSODDWVWKHWHURSJHPRQWHHUGH
VQLMPHFKDQLVPHLVQDPHOLMNHUJVFKHUS
,QVWDOOHHUKHWUHJLVWHURSHHQORFDWLHGLHQLHWDDQGLUHFW]RQOLFKWRQJHEUXLNHOLMNH
WHPSHUDWXXUVEHUHLNHQKRJHYRFKWLJKHLGRIZDWHUVSDWWHQ,VRQGHUZRUSHQ
,QVWDOODWLHRSGHUJHOLMNHORFDWLHVNDQVFKDGHDDQGHNDVWHQGHHOHNWURQLVFKHFRPSRQHQWHQ
YHURRU]DNHQ
,QVWDOOHHUKHWUHJLVWHUQRRLWLQJHELHGHQPHWKRRJ]RXWJHKDOWHELMY LQGHEXXUWYDQGH]HH
'RRUKHWUHJLVWHULQGHUJHOLMNHORFDWLHVWHLQVWDOOHUHQNDQZHJHQVFRUURVLHEHVFKDGLJLQJDDQ
GHFRPSRQHQWHQYHURRU]DNHQ
%HGLHQKHWUHJLVWHUQRRLWPHWQDWWHKDQGHQ
+LHUGRRUNDQQDPHOLMNZDWHUQDDUGHELQQHQNDQWYDQKHWUHJLVWHUORSHQHQVWRULQJDDQGH
FRPSRQHQWHQYHURRU]DNHQ
*HEUXLNWLMGHQVKHWUHLQLJHQYDQKHWUHJLVWHUHHQGURJH]DFKWHGRHN*HEUXLNQRRLW
RSORVPLGGHOHQ]RDOVEHQ]LQHHQRIWKLQQHU
+HWJHEUXLNYDQGHUJHOLMNHFKHPLFDOLsQNDQQDPHOLMNWRWYHUNOHXULQJRIYHUYRUPLQJYDQGHNDVW
OHLGHQ
'HVWHNNHUYDQKHWUHJLVWHUZRUGWLQHHQVWDQGDDUGVWRSFRQWDFWJHVWRNHQRI¿FLHHOQRPLQDOH
VSDQQLQJ
: DQQHHURSKHW]HOIGHVWURRPFLUFXLWDQGHUHHOHNWULVFKHDSSDUDWXXUZRUGWDDQJHVORWHQNDQGLW
WRWVWRULQJELMKHWUHJLVWHUOHLGHQ
,QVWDOOHHUQDKHWLQLWLDOLVHUHQYDQKHWUHJLVWHUWZHHDONDOLQHEDWWHULMHQ/5$$IRUPDDWRP
EHVFKHUPLQJWHJHQJHJHYHQVYHUOLHVWHELHGHQ/HWRSKHWYROJHQGHZDQQHHUXGHEDWWHULMHQ
EHKDQGHOW
2QMXLVWJHEUXLNWHEDWWHULMHQNXQQHQHUGHRRU]DDNYDQ]LMQGDW]LMEDUVWHQRIOHNNHQZDDUGRRU
GHELQQHQNDQWYDQKHWUHJLVWHUPRJHOLMNZRUGWEHVFKDGLJG
$/6'(%$ 77(5,-'225((121-8,677<3(:25'7 9(59 $1*(1.$1',7((1
5,6,&27 27(;3/26,(/(9(5(1
*22,*(%58,.7(%$ 77(5,-(192/*(16'(92256&+5,)7(1:(*
=RUJELMGHLQVWDOODWLHGDWYDQHONHEDWWHULMGHSRVLWLHYHHQQHJDWLHYH±SROHQLQGH
MXLVWHULFKWLQJZRUGHQJHSODDWVW
*HEUXLNQRRLWEDWWHULMHQYDQYHUVFKLOOHQGHW\SHV
*HEUXLNQRRLWRXGHHQQLHXZHEDWWHULMHQWHJHOLMN
/DDWOHJHEDWWHULMHQQRRLWDFKWHULQKHWEDWWHULMFRPSDUWLPHQW
$OVXYDQSODQEHQWKHWNDVUHJLVWHUYRRUHHQODQJHSHULRGHQLHWWHJHEUXLNHQGLHQWXGH
EDWWHULMHQHUXLWWHYHUZLMGHUHQ
$OVHHQEDWWHULMOHNWGLHQWXKHWEDWWHULMFRPSDUWLPHQWRQPLGGHOOLMNWHUHLQLJHQHQGLHQWX
HUYRRUWH]RUJHQGDWGHEDWWHULMYORHLVWRIQLHWLQFRQWDFWNRPWPHWXZKXLG
9 ROJYRRUKHWZHJZHUSHQYDQGHEDWWHULMGHRYHUHHQNRPHQGHZHWJHYLQJYDQXZODQG
9 HUZLMGHUGHKRRIGVWHNNHUYRRUYROOHGLJHDIVOXLWLQJYDQGHHOHNWULFLWHLW
9 RRU]LFKWLJPHWVFDQQHUYHUELQGLQJ
2PHHQSOXJSOD\YHUELQGLQJYDQGHRSWLRQHOHVFDQQHUPRJHLMNWHPDNHQJHEUXLNWGH
SLQYDQGH'6XEFRQQHFWRU9
/HWRSGDWLQJHYDOGDWHHQDQGHUDSSDUDDWZRUGWDDQJHVORWHQGH]H9ZRUGWJHEUXLNW
]RGDWVFKDGHDDQKHWUHJLVWHURIDSSDUDDWZRUGWYHUPHGHQ
$IJHGUXNWLQ.RUHD
77,16+%+==
=LH2PWHEHJLQQHQYRRU
HHQYRXGLJLQVWHOOHQ
8NXQWGHYROJHQGHIXQFWLHVVHOHFWHUHQ
23;=PRGH
0HWGH]HPRGXVNXQQHQZLQNHOEHGLHQGHQ;RI
=UDSSRUWHQYHUNULMJHQRYHUKXQYHUNRRSLQIRUPDWLH
2))PRGH
'H]HPRGXVYHUJUHQGHOWDOOHKDQGHOLQJHQYDQ
KHWUHJLVWHU $OVXGH]HPRGXVVHOHFWHHUW]DOKHW
YHQVWHUYHUGZLMQHQ
+HWGUXNNHQRSHHQZLOOHNHXULJHWRHWV]HWKHW
UHJVLWHUZHHU $$1
92,'PRGH
0HWGH]HPRGXVLVQDYROWRRLLQJYDQHHQWUDQVDFWLH
FRUUHFWLHPRJHOLMN
;=PRGH
'H]HPRGXVZRUGWJHEUXLNWRPGLYHUVHGDJHOLMNVH
WRWDDOUDSSRUWHQ;=UDSSRUWHQWHYHUNULMJHQ
;=PRGH
'H]HPRGXVZRUGWJHEUXLNWRPGLYHUVHZHNHOLMNVH
RIPDDQGHOLMNVHUDSSRUWHQ;=UDSSRUWHQWH
YHUNULMJHQ
3*0PRGH
'H]HPRGXVZRUGWJHEUXLNWRPGLYHUVHLWHPVWH
SURJUDPPHUHQ
6'&$5'PRGH
0HWGH]HPRGXVNXQWXGHJHJHYHQVYDQXZ
UHJLVWHUQDDUHQYDQGH6'NDDUWRSVODDQHQODGHQ
$OVXGH5(*PRGXVZLOWLQYRHUHQGUXNWX
JHZRRQRSGHWRHWV
(VF$QQXOHUHQ
,QGHOLQJWRHWVHQERUG
+HWYROJHQGHZRUGWDOVEHVWXULQJVWRHWVHQYRRUWHNVWSURJUDPPHULQJJHEUXLNW
4
'H]HWRHWVVFKDNHOWWXVVHQGHPRGXVYRRUWHNHQVYDQGXEEHOIRUPDDWHQGHPRGXVYRRUWHNHQVYDQQRUPDDO
IRUPDDW
8NXQWPHWGH]HWRHWVKRRIGOHWWHUVLQYRHUHQ
9 HUSODDWVWGHFXUVRU
%
9 HUZLMGHUWHHQWHNHQRIV\PERROLQGHFXUVRUSRVLWLH
/LGSULQWHU
2SHUDWRUGLVSOD\
.ODQWZHHUJDYH
56
7 RHWVHQERUG
/DGH
/DGHVORW
6'NDDUWVOHXI
6HOHFWHHUHHQEHGULMIVPRGXV
'UXNRSGHWRHWV PRGXV+HWYROJHQGH
PRGXVVFKHUPZRUGWZHHUJHJHYHQ
*HEUXLNppQYDQGHYROJHQGHPDQLHUHQ
3ODDWVGHFXUVRURSGHJHZHQVWHRSWLHGRRUGHWRHWV
RI WHJHEUXLNHQHQGUXNRSGH
!
WRHWV
9 RHUKHWJHZHQVWHRSWLHQXPPHUYLDHHQQXPHULHNH
WRHWVLQHQGUXNRSGHWRHWV
!
2QGHUGHHOQDPHQHQIXQFWLHV
)XQFWLRQHHOKRRIGRYHU]LFKW
+HWUHJLVWHUKHHIWGHYROJHQGHKRRIGIXQFWLHV
5DDGSOHHJGH92//(',**('(7 $,//((5'(,16758&7,(+$1'/(,',1*YRRUGHWDLOV
2YHUODSWHLQYRHULQJZLQNHOEHGLHQGH
&RUUHFWLH
&RUUHFWLHYDQGHODDWVWHLQYRHULQJGLUHFW
DQQXOHUHQ
&RUUHFWLHYDQGHYRRUODDWVWHRIHHUGHUH
LQYRHULQJHQLQGLUHFWDQQXOHUHQ
6XEWRWDDODQQXOHUHQ
&RUUHFWLHQDYROWRRLLQJYDQWUDQVDFWLH
6SHFLDOHDIGUXNIXQFWLH
$IGUXNRQWYDQJVWERQNRSLsUHQ
2QWYDQJVWERQJDVWFRQWUROHIDFWXXUWDEHO
0DQDJHUPRGXV
$DQPHOGLQJPDQDJHU
,QYRHULQJHQRSKHIIHQ
$QGHUHIXQFWLHV
*HKHXJHQFRQWDQWJHOGVWDUWHQ
7 UDLQLQJVPRGXV
6'NDDUWPRGXV
(OHNWURQLVFKGDJERHN
:HHUJDYHIXQFWLHHOHNWURQLVFKH
GDJERHNJHJHYHQV
5DSSRUWHQ
$OJHPHHQUDSSRUW
7 UDQVDFWLHUDSSRUW
$IGHOLQJVUDSSRUW
3/8($1UDSSRUW
8XUUDSSRUW
:LQNHOEHGLHQGHUDSSRUWDOOHQLQGLYLGXHHO
'DJHOLMNVQHWWRUDSSRUW
(OHNWURQLVFKGDJERHN]RHNHQ
6QHORYHU]LFKWVUDSSRUW
(XURZLVVHOLQJ
9 HUSOLFKWHDDQJLIWHFRQWDQWJHOGFKHTXHV
$UWLNHOLQYRHU
(QNHOYRXGLJDUWLNHOLQYRHU
,QYRHULQJHQKHUKDOHQ
9 HUPHQLJYXOGLJLQJVWRHWV
*HVSOLWVWHSULMVLQYRHU
&RQWDQWHYHUNRRSLQYRHULQJHQHQNHODUWLNHO
6,&6
6SHFLDOHLQYRHULQJHQYRRU3/8($1
6FDQYDQ($1FRGHV
($1OHHUIXQFWLH
,QWHUQH($1FRGHV
$XWRPDWLVFKHYHUZLMGHULQJVIXQFWLHYDQ
RQJHRSHQGH($1FRGHV
:HHUJDYHYDQVXEWRWDOHQ
6XEWRWDDO
9 ROWRRLLQJYDQWUDQVDFWLH
9 HUNRRSPHWFRQWDFWJHOGRIFKHTXH
*HPHQJGHYHUNRRSFKHTXHFRQWDQWJHOG
9 HUNRRSPHWFRQWDQWJHOGRIFKHTXHZDDUYRRU
JHHQRQWYDQJHQEHGUDJKRHIWWHZRUGHQ
LQJHYRHUG
9 HUNRRSRSNUHGLHW
*HPHQJGHLQYRHULQJHQYRRUYHUNRRSHQ
RQWYDQJHQEHGUDJHQ
%HUHNHQLQJYDQEWZEHODVWLQJWRHJHYRHJGH
ZDDUGHEHODVWLQJ
%WZEHODVWLQJV\VWHHP
%WZWRHVODJV\VWHHP
+XOSLQYRHULQJHQ
,QYRHULQJHQYDQWHUXJEHWDOLQJHQ
.RUWLQJVSHUFHQWDJH
%HGUDJNRUWLQJ
1LHWWRHJHYRHJHQFRGHLQYRHULQJ
%HKDQGHOLQJYDQEHWDOLQJHQ
%XLWHQODQGVJHOG
,QYRHULQJHQYDQRQWYDQJVWHQRSUHNHQLQJ
,QYRHULQJHQYDQXLWEHWDOLQJHQ
*HHQYHUNRRSZLVVHOHQ
:LM]LJLQJFKHTXH
(HQFKHTXHLQFDVVHUHQ
9 RRUGDWXYRRUVHUYLFHYUDDJW
$OVXppQYDQGHYROJHQGHSUREOHPHQRQGHUYLQGW
OHHVWXGDQDOVWXEOLHIWHHUVWGHSXQWHQKLHURQGHU
YRRUGDWXRPVHUYLFHYUDDJW
'HGLVSOD\EUDQGWQLHW
6WDDWHUVWURRPRSKHWVWRSFRQWDFW"
,VGHVWURRPNDEHOQLHWLQJHVWRNHQRIKDQJWKHW
ORVMHVLQKHWVWRSFRQWDFW"
,VKHWUHJLVWHULQGHPRGXVYRRU
VFKHUPEHYHLOLJLQJ"
'HGLVSOD\ZRUGWYHUOLFKWPDDUGHKHOHPDFKLQH
ZHLJHUWLQYRHULQJHQ
,VDDQKHWUHJLVWHUHHQZLQNHOEHGLHQGHFRGH
WRHJHZH]HQ"
,VKHWUHJLVWHULQGH5(*PRGXV"
6SHFL¿FDWLHV
0RGHO
;($
$IPHWLQJHQ
%î'î+PP
*HZLFKW
2QJHYHHUNJ
9 RHGLQJVEURQ
2I¿FLsOHQRPLQDOHVSDQQLQJHQIUHTXHQWLH
6WURRPYHUEUXLN
6WDQGE\:WRW9 +]+]
:WRW9 +]
%HGLHQLQJ :WRW9 +]+]
:WRW9 +]
%HGULMIVWHPSHUDWXUHQ
WRW&
'LVSOD\
2SHUDWRUGLVSOD\ /&'GLVSOD\PHW
NDQWHOPHFKDQLVPH
%î+GRWV
.ODQWZHHUJDYH /('ZHHUJDYHVHJPHQWHQ
3ULQWHU
7 \SH
7KHUPLVFKHSULQWHUYRRUWZHHVWDWLRQV
$IGUXNVQHOKHLG
2QJHYHHUUHJHOVVHFRQGH
$IGUXNFDSDFLWHLW
FLMIHUVYRRUSDSLHURQWYDQJVWERQQHQ
GDJERHNHQ
*HHQRQWYDQJVWERQXLWJHJHYHQ
,VGHSDSLHUUROYRRURQWYDQJVWERQQHQMXLVW
JHwQVWDOOHHUG"
,VHUHHQSDSLHURSVWRSSLQJ"
,VGHRQWYDQJVWIXQFWLHLQGH2))VWDWXVXLW"
,VGHDIGUXNUROOHUDUPVWHYLJYHUJUHQGHOG"
+HWSDSLHUYRRUGDJERHNHQZRUGWQLHW
RSJHQRPHQ
,VGHRSQDPHVSRHOMXLVWRSGHODJHU
JHwQVWDOOHHUG"
,VHUHHQSDSLHURSVWRSSLQJ"
$IGUXNNHQYLQGWDEQRUPDDOSODDWV
=LMQGHDIGUXNNRSVHQVRUUROOHUVFKRRQ"
,VGHSDSLHUUROMXLVWJHwQVWDOOHHUG"
$QGHUHIXQFWLHV
2QWYDQJVWERQIXQFWLH$$18,7
*HFRPSULPHHUGDIGUXNNHQYRRUHHQ
HOHNWURQLVFKGDJERHNGDJERHN
2QDIKDQNHOLMNHIXQFWLHYRRUSDSLHUWRHYRHU
YRRURQWYDQJVWERQQHQHQGDJERHNHQ
/RJR
*UD¿VFKORJRDIGUXNNHQ
JURRWWH +[%SL[HO
=ZDUWHJHELHGPRHWPRHWPLQGHUGDQ
YDQKHWKHOHJHELHGRPYDWWHQ
/RJREHULFKWDIGUXNNHQ
/RJREHULFKWYRRUGHRQWYDQJVWERQPD[
WHNHQV[UHJHOV
3DSLHUURO
%UHHGWHPP
0D[GLDPPP
.ZDOLWHLW+RJHNZDOLWHLWWRWPPGLN
.DVVDODGH
VOHXYHQYRRUELOMHWWHQHQYRRU
PXQWGHQRPLQDWLHV
$FFHVVRLUHV
%DVLVJHEUXLNHUVKDQGOHLGLQJNRSLH
3DSLHUUROUROOHQ
2SQDPHVSRHO
3DSLHUKRXGHU
6OHXWHOODGHVORW
9 DVWHKRHNEHXJHO
: DDUVFKXZLQJVODEHOEDWWHULM
*HOXLGVQLYHDX/S$G%$JHZRJHQ
*HPHWHQYROJHQV(1,62
>0D[LPXPZDDUGHDOVNDVVDODGHRSHQVSULQJW/S$,G%$DIJHZRJHQ@
0HWGH]HDSSDUDWXXUPRHWHQDIJHVFKHUPGHLQWHUIDFHNDEHOVZRUGHQJHEUXLNWRPGHQDOHYLQJYDQ
(0&YRRUVFKULIWHQWHKDQGKDYHQ
$XWKRUL]HGUHSUHVHQWDWLYHUHVSRQVLEOHIRUWKH(XURSHDQ8QLRQ&RPPXQLW\0DUNHW
$XWRULVLHUWHU5HSUlVHQWDQWLQGHU(XURSlLVFKHQ8QLRQ
5HSUpVHQWDQWDXWRULVpSRXUOHPDUFKpGHODFRPPXQDXWpHXURSpHQQH
5HSUHVHQWDQWHDXWRUL]DGRUHVSRQVDEOHSDUDHO0HUFDGR&RP~QGHOD8QLyQ(XURSHD
$XNWRULVHUDGUHSUHVHQWDQWDQVYDULJI|U(8PDUNQDGHQ
*HDXWRULVHHUGHYHUWHJHQZRRUGLJHULQGH(XURSHVH8QLH
&$87,21
7KHFDVKUHJLVWHUVKRXOGEHVHFXUHO\ILWWHGWRWKHVXSSRUWLQJSODWIRUPVWRDYRLGLQVWDELOLW\ZKHQWKHGUDZHU
LVRSHQ
&$87,21
7KHVRFNHWRXWOHWVKDOOEHLQVWDOOHGQHDUWKHHTXLSPHQWDQGVKDOOEHHDVLO\DFFHVVLEOH
9256,&+7
'LH1HW]VWHFNGRVHPXQDKHGHP*HUlWDQJHEUDFKWXQGOHLFKW]XJlQJOLFKVHLQ
$77(17,21
/DSULVHGHFRXUDQWPXUDOHGHYUDrWUHLQVWDOOpHjSUR[LPLWpGHO¶pTXLSHPHQWHWGHYUDrWUHIDFLOHPHQW
DFFHVVLEOH
$9,62
(OWRPDFRUULHQWHGHEHHVWDULQVWDODGRFHUFDGHOHTXLSR\GHEHTXHGDUELHQDFFHVLEOH
9$51,1*
'HWPDWDQGHYlJJXWWDJHWVNDOOSODFHUDVQlUDDSSDUDWHQRFKYDUDOlWWnWNRPOLJW
/(723
+HWVWRSFRQWDFWGLHQWLQGHEXXUWYDQGHNDVVDHQJHPDNNHOLMNWRHJDQJEDDUWH]LMQ
&$87,21
)RUDFRPSOHWHHOHFWULFDOGLVFRQQHFWLRQSXOORXWWKHPDLQVSOXJ
9256,&+7
=XUYROOVWlQGLJHQHOHNWULVFKHQ7UHQQXQJYRP1HW]GHQ1HW]VWHFNHU]LHKHQ
$77(17,21
3RXUREWHQLUXQHPLVHKRUVFLUFXLWWRWDOHGpEUDQFKHUODSULVHGHFRXUDQWVHFWHXU
$9,62
3DUDXQDGHVFRQH[LyQHOpFWULFDFRPSOHWDGHVHQFKXIDUHOHQFKXIHGHWRPDFRUULHQWH
9$51,1*
)|UDWWKHOWNRSSODIUnQVWU|PPHQGUDXWVWLFNSURSSHQ
/(723
7UHNGHVWHNNHUXLWKHWVWRSFRQWDFWLQGLHQXGHVWURRPJHKHHOZLOWXLWVFKDNHOHQ