3 ZZZ SKLOLSV FRP ZHOFRPH 1/ *HEUXLNHUVKDQGOHLGLQJ .
,QKRXGVRSJDYH %HODQJULMN 9RRU]RUJVPDDWUHJHOHQ HQ RQGHUKRXG %HVFKULMYLQJ YDQ QRWDWLHV 9HUZLMGHUHQ YDQ SURGXFW HQ YHUSDNNLQJVPDWHULDDO 'H PRQLWRU LQVWHOOHQ ,QVWDOODWLH 'H PRQLWRU EHGLHQHQ
%HODQJULMN JHOLMNVSDQQLQJVNDEHO ORV WH QHPHQ GLHQW X YRRU HHQ QRUPDOH ZHUNLQJ VHFRQGHQ WH ZDFKWHQ DOYRUHQV KHW QHWVSDQQLQJVVQRHU RI GH JHOLMNVSDQQLQJVNDEHO ZHHU DDQ WH VOXLWHQ *HEUXLN DOWLMG GH GRRU 3KLOLSV PHHJHOHYHUGH JRHGJHNHXUGH YRHGLQJVNDEHO $OV XZ YRHGLQJVNDEHO RQWEUHHNW QHHP GDQ FRQWDFW RS PHW XZ ORNDOH VHUYLFHFHQWUXP =LH &XVWRPHU &DUH &RQVXPHU ,QIRUPDWLRQ &HQWHU 6WHO GH PRQLWRU QLHW EORRW DDQ KHIWLJH YLEUDWLHV RI NUDFKWLJH LPSDFW WLMGHQV KHW JHEUXLN /DDW GH PRQLWRU WL
%HODQJULMN %HZDDU RI JHEUXLN GH PRQLWRU QLHW RS ORFDWLHV GLH ]LMQ EORRWJHVWHOG DDQ KLWWH GLUHFW ]RQOLFKW RI H[WUHPH NRXGH 2P GH EHVWH SUHVWDWLHV XLW XZ PRQLWRU WH KDOHQ HQ ODQJH WLMG SOH]LHU WH KHEEHQ YDQ XZ DDQNRRS GLHQW X GH PRQLWRU WH JHEUXLNHQ RS HHQ SODDWV GLH YROGRHW DDQ GH YROJHQGH YRRUZDDUGHQ RS KHW JHELHG YDQ WHPSHUDWXXU HQ YRFKWLJKHLG 7HPSHUDWXXU & ) 9RFKWLJKHLG UHODWLHYH OXFKWYRFKWLJKHLG %HODQJULMNH LQIRUPDWLH EHWUHIIHQGH LQEUDQGHQ VSRRNEHHOGHQ
%HODQJULMN )URP WKH SODQQLQJ GHVLJQ DQG SURGXFWLRQ VWDJHV 3KLOLSV HPSKDVL]HV WKH LPSRUWDQW RI PDNLQJ SURGXFWV WKDW FDQ HDVLO\ EH UHF\FOHG $W 3KLOLSV HQG RI OLIH PDQDJHPHQW SULPDULO\ HQWDLOV SDUWLFLSDWLRQ LQ QDWLRQDO WDNH EDFN LQLWLDWLYHV DQG UHF\FOLQJ SURJUDPV ZKHQHYHU SRVVLEOH SUHIHUDEO\ LQ FRRSHUDWLRQ ZLWK FRPSHWLWRUV ZKLFK UHF\FOH DOO PDWHULDOV SURGXFWV DQG UHODWHG SDFNDJLQJ PDWHULDO LQ DFFRUGDQFH ZLWK DOO (QYLURQPHQWDO /DZV DQG WDNLQJ EDFN SURJUDP ZLWK WKH FRQWUDFWRU FRPSDQ\
'H PRQLWRU LQVWHOOHQ +HW YRHWVWXN LQVWDOOHUHQ 'H PRQLWRU LQVWHOOHQ /HJ GH PRQLWRU PHW KHW VFKHUP RPODDJ RS HHQ HIIHQ RSSHUYODN /HW RS GDW X KHW VFKHUP QLHW NUDVW RI EHVFKDGLJW ,QVWDOODWLH ,QKRXG YHUSDNNLQJ 3 +RXG GH YRHW PHW WZHH KDQGHQ YDVW %HYHVWLJ GH YRHW YRRU]LFKWLJ DDQ KHW 9(6$ PRQWDJHJHELHG WRW GH JUHQGHO GH YRHW YDVW]HW %HYHVWLJ GH YRHW YRRU]LFKWLJ DDQ GH VWDQGDDUG +'0, RSWLRQHHO 2SWLRQDO +'0, 9*$ RSWLRQHHO 2SWLRQDO 9*$ 86% 2SWLRQDO 86% RSWLR
'H PRQLWRU LQVWHOOHQ $DQVOXLWHQ YDQ XZ PRQLWRU 'H PRQLWRU EHGLHQHQ %HVFKULMYLQJ YDQ GH EHGLHQLQJVNQRSSHQ 1HWVWURRPVFKDNHODDU 9RHGLQJVLQJDQJ 'LVSOD\3RUW LQJDQJ +'0, LQJDQJ '9, LQJDQJ 9*$ LQJDQJ $XGLR LQJDQJ .
'H PRQLWRU LQVWHOOHQ %HVFKULMYLQJ YDQ 2Q 6FUHHQ 'LVSOD\ +HW 26' PHQX +LHURQGHU YLQGW X HHQ DOJHPHHQ RYHU]LFKW YDQ GH VWUXFWXXU YDQ 2Q 6FUHHQ 'LVSOD\ 8 NXQW GLW DOV UHIHUHQWLH JHEUXLNHQ DOV X ODWHU PHW GH YHUVFKLOOHQGH DDQSDVVLQJHQ ZHUNW :DW LV HHQ 26' 2Q 6FUHHQ 'LVSOD\ " 26' 2Q 6FUHHQ 'LVSOD\ LV HHQ IXQFWLH RS DOOH 3KLOLSV PRQLWRUV 0HW GH]H IXQFWLH NDQ HHQ HLQGJHEUXLNHU GH VFKHUPSUHVWDWLHV DDQSDVVHQ RI IXQFWLHV YDQ GH PRQLWRUV GLUHFW VHOHFWHUHQ YLD HHQ LQVWUXFWLHYHQVWHU RS KHW VFKHUP (
'H PRQLWRU LQVWHOOHQ 0HOGLQJ YDQ GH UHVROXWLH +RRJWHDIVWHOOLQJ 'H]H PRQLWRU LV RQWZRUSHQ YRRU RSWLPDOH SUHVWDWLHV PHW ]LMQ RRUVSURQNHOLMNH UHVROXWLH [ ELM +] :RUGW GH PRQLWRU LQJHVFKDNHOG PHW HHQ DQGHUH UHVROXWLH GDQ YHUVFKLMQW HU HHQ PHOGLQJ RS KHW VFKHUP 8VH ò # +] IRU EHVW UHVXOWV *HEUXLN [ ELM +] YRRU KHW EHVWH UHVXOWDDW PP 'LW EHULFKW NDQ ZRUGHQ XLWJHVFKDNHOG RQGHU 6HWXS ,QVWHOOLQJHQ LQ KHW 26' PHQX )\VLHNH IXQFWLH 5RWHUHQ .
'H PRQLWRU LQVWHOOHQ 2SPHUNLQJ 'H]H PRQLWRU RQGHUVWHXQW HHQ PP [ PP 9(6$ FRPSDWLEHOH PRQWDJHLQWHUIDFH 9HUZLMGHU GH PRQLWRUYRHW YRRU 9(6$ PRQWDJH 9ROJ GH RQGHUVWDDQGH LQVWUXFWLHV YRRUGDW X EHJLQW PHW KHW GHPRQWHUHQ YDQ GH PRQLWRUYRHW RP HYHQWXHOH VFKDGH RI OHWVHO WH YRRUNRPHQ PP 7UHN GH PRQLWRUYRHW XLW QDDU ]LMQ PD[LPDOH KRRJWH PP /HJ GH PRQLWRU PHW KHW VFKHUP RPODDJ RS HHQ HIIHQ RSSHUYODN /HW RS GDW X KHW VFKHUP QLHW NUDVW RI EHVFKDGLJW 7LO YHUYROJHQV GH PR
%HHOGRSWLPDOLVDWLH :DQQHHU 6PDUW,PDJH LV LQJHVFKDNHOG ZRUGW KHW V5*% VFKHPD DXWRPDWLVFK XLWJHVFKDNHOG 2P V5*% WH JHEUXLNHQ PRHW X HHUVW 6PDUW,PDJH XLWVFKDNHOHQ PHW GH NQRS RS KHW YRRUSDQHHO YDQ GH PRQLWRU %HKDOYH PHW GH NQRS RP RPODDJ WH VFUROOHQ NXQW X RRN GH NQRSSHQ JHEUXLNHQ RP WH NLH]HQ 'UXN RS ´2.µ RP GH VHOHFWLH WH EHYHVWLJHQ HQ KHW 26' YDQ 6PDUW,PDJH WH VOXLWHQ 8 KHEW GH NHX]H WXVVHQ ]HV VWDQGHQ 2IÀFH .
%HHOGRSWLPDOLVDWLH *DPH 6SHO 6FKDNHO KHW RYHUGULYH FLUFXLW XLW YRRU GH EHVWH UHDFWLHWLMG YHUPLQGHU JHNDUWHOGH UDQGHQ YRRU VQHO EHZHJHQGH REMHFWHQ RS KHW VFKHUP YHUEHWHU GH FRQWUDVWYHUKRXGLQJ YRRU HHQ KHOGHU HQ GRQNHU VFKHPD 'LW SURILHO ELHGW GH EHVWH VSHOHUYDULQJ YRRU JDPHUV (FRQRP\ (FRQRPLH ,Q GLW SURILHO ZRUGHQ KHOGHUKHLG HQ FRQWUDVW ELMJHVWHOG HQ GH YHUOLFKWLQJ YHUEHWHUG YRRU GH MXLVWH ZHHUJDYH YDQ GDJHOLMNVH NDQWRRUWRHSDVVLQJHQ HQ PLQGHU HQHUJLHYHUEUXLN 2II 8LW *HHQ
%HHOGRSWLPDOLVDWLH 8 NXQW QDDU KHW PHQX 3OXJ LQ LQYRHJWRHSDVVLQJ JDDQ RP GH ZL]DUG ODWHU WH VWDUWHQ 8 NXQW ]RQGHU ZL]DUG PHHU RSWLHV LQVWHOOHQ PHW KHW 6WDQGDUG SDQH VWDQGDDUGYHQVWHU 6WDUW PHW 6WDQGDUG SDQH VWDQGDDUGYHQVWHU 0HQX $GMXVW $DQSDVVHQ 0HW KHW PHQX $GMXVW $DQSDVVHQ ZLM]LJW X %ULJKWQHVV +HOGHUKHLG &RQWUDVW )RFXV 3RVLWLRQ 3RVLWLH HQ 5HVROXWLRQ 5HVROXWLH 8 NXQW GH LQVWUXFWLHV RSYROJHQ HQ GH LQVWHOOLQJHQ YHUDQGHUHQ &DQFHO $QQXOHUHQ X GDQ NULMJW X HHQ
%HHOGRSWLPDOLVDWLH 0HQX &RORU .OHXU 0HW KHW PHQX &RORU .OHXU VWHOW X 5*% %ODFN /HYHO =ZDUWQLYHDX :KLWH 3RLQW :LWSXQW 'LVSOD\ *DPPD 6FKHUPJDPPD &RORU &DOLEUDWLRQ .
%HHOGRSWLPDOLVDWLH ´6KRZ PHµ 7RRQ PLM VWDUW GH KDQGOHLGLQJ YRRU NOHXUNDOLEUDWLH 6PDUW,PDJH 6WDUW ² VWDUW GH NOHXUNDOLEUDWLH LQ ]HV VWDSSHQ +LHUPHH YHUDQGHUW X GH LQVWHOOLQJ YRRU HHQ EHWHUH ZHHUJDYH LQVWHOOLQJ RS EDVLV YDQ GH LQKRXG 4XLFN 9LHZ 6QHOOH ZHHUJDYH ODDGW GH EHHOGHQ YRRU QD $,V (QWHUWDLQPHQW LV LQJHVWHOG GDQ ]LMQ 6PDUW&RQWUDVW HQ 6PDUW5HVSRQVH LQJHVFKDNHOG 2P WHUXJ WH JDDQ QDDU KHW &RORU NOHXU YHQVWHU NOLNW X RS GH NQRS &DQFHO $QQXOHUHQ (QDEOH F
%HHOGRSWLPDOLVDWLH 0HQX 2SWLRQV 2SWLHV $ERXW ,QIR HQ ([LW $IVOXLWHQ ZHHUJHJHYHQ :DQQHHU KHW (QDEOH 7DVN 7UD\ 7DDNYHQVWHU LQVFKDNHOHQ LV XLWJHVFKDNHOG WRRQW KHW SLFWRJUDP LQ KHW V\VWHHPYDN DOOHHQ (;,7 $)6/8,7(1 2SWLRQV!3UHIHUHQFHV 2SWLHV!9RRUNHXUHQ ,V DOOHHQ DFWLHI DOV X 3UHIHUHQFHV 9RRUNHXUHQ NLHVW XLW KHW YHUYROJNHX]HPHQX 2SWLRQV 2SWLHV 2S HHQ QLHW RQGHUVWHXQG VFKHUP GDW ''& &, FRPSDWLEHO LV ]LHW X DOOHHQ GH WDEEODGHQ +HOS HQ 2SWLRQV 2SWLHV 5XQ DW 6WDUWXS 6WDUWHQ
%HHOGRSWLPDOLVDWLH 2SWLRQ 2SWLH !$XWR 3LYRW ]DO DOOHHQ DFWLHI ]LMQ ZDQQHHU X GH 7KHIW 'HWHUUHQFH 0RGH 'LHIVWDOEHYHLOLJLQJVPRGXV LQ KHW YHUYROJNHX]HPHQX YDQ GH 3OXJ LQ LQYRHJWRHSDVVLQJ VHOHFWHHUW 2SWLRQV 2SWLHV !,QSXW ,QYRHU ,V DOOHHQ DFWLHI DOV HU ,QSXW ,QYRHU ZRUGW JHVHOHFWHHUG LQ KHW YHUYROJNHX]HPHQX 2SWLRQV 2SWLHV 2S HHQ QLHW RQGHUVWHXQG VFKHUP GDW ''& &, FRPSDWLEHO LV ]LHW X DOOHHQ GH WDEEODGHQ +HOS HQ 2SWLRQV 2SWLHV *HHQ YDQ GH DQGHUH WDEEODGHQ YDQ 6PDUW&RQWURO 3UHPLXP
%HHOGRSWLPDOLVDWLH 'H NQRS 3,1 2SWLRQV 3,1 RSWLHV LV DOOHHQ EHVFKLNEDDU DOV GH JHEUXLNHU HHQ 3,1 FRGH PDDNW 'H NQRS EUHQJW X QDDU GH YHLOLJH 3,1 ZHEVLWH 0HQX +HOS &RQWH[W 6HQVLWLYH &RQWH[WJHYRHOLJ PHQX +HW &RQWH[W 6HQVLWLYH &RQWH[WJHYRHOLJH PHQX LV VWDQGDDUG LQJHVFKDNHOG $,V (QDEOH &RQWH[W 0HQX 6QHOPHQX LQVFKDNHOHQ LV JHDFWLYHHUG LQ KHW YHQVWHU 2SWLRQV 2SWLHV ! 3UHIHUHQFHV 9RRUNHXUHQ GDQ LV KHW PHQX ]LFKWEDDU +HOS!8VHU 0DQXDO +DQGOHLGLQJ ,V DOOHHQ DFWLHI DOV X 8VHU 0DQXD
%HHOGRSWLPDOLVDWLH $)6/8,7(1 EHVFKLNEDDU 2P 6PDUW&RQWURO 3UHPLXP YROOHGLJ WH YHUZLMGHUHQ XLW KHW V\VWHHPYDN VFKDNHOW X 5XQ DW 6WDUWXS 8LWYRHUHQ ELM RSVWDUWHQ XLW LQ 2SWLRQV 2SWLHV ! 3UHIHUHQFHV 9RRUNHXUHQ 2SPHUNLQJ $OOH VFKHUPRSQDPHQ LQ GLW KRRIGVWXN ]LMQ XLWVOXLWHQG LQIRUPDWLHI EHGRHOG 'H YHUVLH YDQ GH 6PDUW&RQWURO VRIWZDUH NDQ ]RQGHU EHULFKW YRRUDI ZRUGHQ JHZLM]LJG *D DOWLMG QDDU GH RIÀFLsOH 3RUWUDLW ZHEVLWH ZZZ SRUWUDLW FRP GWXQH SKO HQX LQGH[ RP GH QLHXZVWH YHUVLH YDQ GH 6PDU
%HHOGRSWLPDOLVDWLH GUDJJLQJ 'H LQKRXG YDQ KHW YHQVWHU WLMGHQV KHW VOHSHQ ZHHUJHYHQ LQ ;3 ´'LVSOD\ 3URSHUWLHV ´:HHUJDYH HLJHQVFKDSSHQµ ! ´$SSHDUDQFHµ ´8LWHUOLMNµ !µ(IIHFWVµ ´(IIHFWHQµ ! VHOHFWHHU ´6KRZ ZLQGRZV FRQWHQWV ZKLOH GUDJJLQJµ ´'H LQKRXG YDQ KHW YHQVWHU WLMGHQV KHW VOHSHQ ZHHUJHYHQµ 9HQVWHUV VOHSHQ HQ QHHU]HWWHQ :LQ =RGUD GH SDUWLWLHV ]LMQ LQJHVWHOG HQ $OLJQ WR SDUWLWLRQ 8LWOLMQHQ RS SDUWLWLH LV JHVHOHFWHHUG NDQ HHQ YHQVWHU QDDU KHW JHELHG ZRUGHQ JHVOHHSW HQ ZRUGW
%HHOGRSWLPDOLVDWLH 'HVNWRS 3DUWLWLRQ %XUHDXEODGSDUWLWLH ² 'HVNWRS 3DUWLWLRQ %XUHDXEODGSDUWLWLH WRRQW GH PRPHQWHHO JHVHOHFWHHUGH SDUWLWLH HQ ]RUJW HUYRRU GDW X VQHO NXQW VFKDNHOHQ QDDU GH SDUWLWLHV LQ KHW YHUYROJNHX]HPHQX 0HW GH UHFKWHUPXLVNQRS NOLNNHQ LQ KHW V\VWHHPYDN +HW V\VWHHPYDN EHYDW GH PHHVWH IXQFWLHV GLH GH WLWHOEDON RRN RQGHUVWHXQW EHKDOYH KHW DXWRPDWLVFK GRRUVWXUHQ YDQ HHQ YHQVWHU QDDU HHQ SDUWLWLH 2SPHUNLQJ $OV PHHU GDQ ppQ EHHOGVFKHUP LV DDQJHVORWHQ PLNW X RS KHW
%HHOGRSWLPDOLVDWLH %HJULSSHQ LQ 6PDUW'HVNWRS 3DUWLWLRQ 1DDP %HVFKULMYLQJ $IEHHOGLQJ )XOO 'HVNWRS 9ROOHGLJ EXUHDXEODG 9DQ WRHSDVVLQJ RS DOOH LQVWHOOLQJHQ RS KHW KHOH EXUHDXEODG 9HUWLFDO 9HUWLFDDO $QDO\VHHUW GH VFKHUPUHVROXWLH HQ GHHOW KHW EHHOG LQ WZHH HYHQUHGLJ YHUGHHOGH YHUWLFDOH JHELHGHQ 9RRU YHUWLFDOH FRQÀJXUDWLH EHKRXGHQ +RUL]RQWDO +RUL]RQWDDO $QDO\VHHUW GH VFKHUPUHVROXWLH HQ GHHOW KHW EHHOG LQ WZHH HYHQUHGLJ YHUGHHOGH KRUL]RQWDOH JHELHGHQ 9RRU GH KRUL]RQWDOH FRQ
%HHOGRSWLPDOLVDWLH 1DDP %HVFKULMYLQJ $IEHHOGLQJ +RUL]RQWDO 6SOLW %RWWRP +RUL]RQWDDO VSOLWVHQ RQGHU $QDO\VHHUW GH VFKHUPUHVROXWLH HQ YHUGHHOW KHW EHHOG LQ WZHH HYHQUHGLJ YHUGHHOGH KRUL]RQWDOH JHELHGHQ RQGHU ppQ JHELHG HQ ERYHQ JHVSOLWVW LQ WZHH HYHQUHGLJ YHUGHHO GH JHELHGHQ 9RRU 3DUWLWLH UHFKWV 9HUWLFDOH 3DUWLWLH OLQNV 9HUWL FDDO 9RRU 3DUWLWLH OLQNV 9HUWLFDOH 3DUWLWLH UHFKWV 9HUWLFDDO (YHQ 6SOLW (YHQUHGLJ VSOLWVHQ $QDO\VHHUW GH VFKHUPUHVROXWLH HQ GHHOW KHW EHHOG LQ
3RZHU6HQVRU FP YDQ KHW VFKHUP EHYLQGW PRHW X GH VLJQDDOVWHUNWH YHUKRJHQ DOV X ]ZDUWH RI DQGHUH GRQNHUH NOHGLQJ GUDDJW 8 NXQW RS HON JHZHQVW PRPHQW WHUXJNHUHQ QDDU GH VWDQGDDUGPRGXV LQVWHOOLQJ 3RZHU6HQVRU +RH ZHUNW KHW" 3RZHU6HQVRU ZHUNW YROJHQV KHW SULQFLSH YDQ GH RYHUGUDFKW HQ RQWYDQJVW YDQ RQVFKDGHOLMNH LQIUDURGH VLJQDOHQ RP GH DDQZH]LJKHLG YDQ GH JHEUXLNHU WH GHWHFWHUHQ $OV GH JHEUXLNHU ]LFK YRRU GH PRQLWRU EHYLQGW ZHUNW GH PRQLWRU QRUPDDO YROJHQV GH GRRU GH
,QJHERXZGH ZHEFDP PHW PLFURIRRQ +HW DSSDUDDW JHEUXLNHQ ,QJHERXZGH ZHEFDP PHW PLFURIRRQ 'H 3KLOLSV PRQLWRU PHW ZHEFDP VWXXUW YLGHR HQ JHOXLGVJHJHYHQV GRRU GH 86% SRRUW 6FKDNHO GLW LQ GRRU GH 86% NDEHO YDQDI GH SF DDQ WH VOXLWHQ RS GH 86% XSVWUHDP YDQ GH 86% KXE DDQ GH ]LMNDQW YDQ GH PRQLWRU 2SPHUNLQJ 'H ZHEFDP ZHUNW DOOHHQ DOV HU HHQ 86% YHUELQGLQJ WXVVHQ GH PRQLWRU HQ GH SF LV 0HW GH ZHEFDP NXQW X LQWHUDFWLHYH YLGHR HQ DXGLRYHUJDGHULQJHQ RYHU LQWHUQHW KRXGHQ +HW YRUPW GH KDQ
7HFKQLVFKH VSHFLÀFDWLHV 7HFKQLVFKH VSHFLILFDWLHV %HHOG :HHUJDYH 6FKHUPW\SH PRQLWRU $FKWHUJURQGYHUOLFKWLQJ %HHOGVFKHUPIRUPDDW %HHOGYHUKRXGLQJ 3L[HOSLWFK +HOGHUKHLG 6PDUW&RQWUDVW &RQWUDVWYHUKRXGLQJ VWDQGDDUG 5HVSRQVWLMG VWDQGDDUG 6PDUW5HVSRQVH 2SWLPDOH UHVROXWLH .
7HFKQLVFKH VSHFLÀFDWLHV 1RUPDDO JHEUXLN QRUP 6ODDS 6WDQG E\ QRUP 8LW 8LW YRHGLQJVVFKDNHODDU :DUPWHGLVVLSDWLH 1RUPDDO EHGULMI 6ODDSVWDQG 6WDQG E\ 8LW 8LW YRHGLQJVVFKDNHODDU /(' LQGLFDWRU YRHGLQJ 9RHGLQJ $IPHWLQJHQ 3URGXFW PHW YRHW %[+[' 3URGXFW ]RQGHU YRHW %[+[' *HZLFKW 3URGXFW PHW YRHW 3URGXFW ]RQGHU YRHW 3URGXFW PHW YHUSDNNLQJ : : : : : : : : : : : : 1HWYRHGLQJ 9 1HWYRHGLQJ 9 1HWYRHGLQJ 9 ZLVVHOVSDQQLQJ ZLVVHOVSDQQLQJ
7HFKQLVFKH VSHFLÀFDWLHV 5HVROXWLH YRRULQJHVWHOGH VWDQGHQ 0D[LPDOH UHVROXWLH 9RRU 3 43-.
9RHGLQJVEHKHHU 9RHGLQJVEHKHHU $OV XZ FRPSXWHU LV XLWJHUXVW PHW HHQ 9(6$ '30 FRPSDWLEHOH JUDÀVFKH NDDUW RI GH GDDUELM EHKRUHQGH VRIWZDUH NDQ GH PRQLWRU DXWRPDWLVFK KHW HQHUJLHYHUEUXLN YHUPLQGHUHQ DOV GH]H QLHW LQ JHEUXLN LV .RPW HU GDQ LQYRHU YDQ HHQ WRHWVHQERUG PXLV RI DQGHU LQYRHUDSSDUDDW ZRUGW GH PRQLWRU DXWRPDWLVFK JHDFWLYHHUG 2QGHUVWDDQGH WDEHO WRRQW KHW HQHUJLHYHUEUXLN HQ GH ZLM]H ZDDURS GH HQHUJLHEHVSDULQJ JHVLJQDOHHUG ZRUGW 'HÀQLWLH YDQ HQHUJLHYHUEUXLN 3 43-.
,QIRUPDWLH RYHU YRRUVFKULIWHQ UHVROXWLRQ EODFN OHYHO JDPPD FXUYH FRORU DQG OXPLQDQFH XQLIRUPLW\ FRORU UHQGLWLRQ DQG LPDJH VWDELOLW\ ,QIRUPDWLH RYHU YRRUVFKULIWHQ 3URGXFW KDYH EHHQ WHVWHG DFFRUGLQJ WR ULJRURXV VDIHW\ VWDQGDUGV DW DQ LPSDUWLDO ODERUDWRU\ /HDG IUHH 3URGXFW /HDG IUHH GLVSOD\ SURPRWHV HQYLURQPHQWDOO\ VRXQG UHFRYHU\ DQG GLVSRVDO RI ZDVWH IURP HOHFWULFDO DQG HOHFWURQLF HTXLSPHQW 7R[LF VXEVWDQFHV OLNH /HDG KDV EHHQ HOLPLQDWHG DQG FRPSOLDQFH ZLWK (XURSHDQ FRPPXQLW\·V VW
,QIRUPDWLH RYHU YRRUVFKULIWHQ (3($7 (1 /LPLWDWLRQ RI 9ROWDJH )OXFWXDWLRQ DQG )OLFNHU IROORZLQJ SURYLVLRQV RI GLUHFWLYHV DSSOLFDEOH ZZZ HSHDW QHW 7KH (3($7 (OHFWURQLF 3URGXFW (QYLURQPHQWDO $VVHVVPHQW 7RRO SURJUDP HYDOXDWHV FRPSXWHU GHVNWRSV ODSWRSV DQG PRQLWRUV EDVHG RQ HQYLURQPHQWDO FULWHULD GHYHORSHG WKURXJK DQ H[WHQVLYH VWDNHKROGHU FRQVHQVXV SURFHVV VXSSRUWHG E\ 86 (3$ (& /RZ 9ROWDJH 'LUHFWLYH (& (0& 'LUHFWLYH (& (U3 'LU
,QIRUPDWLH RYHU YRRUVFKULIWHQ )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ )&& 1RWLFH 8 6 2QO\ &KDQJHV RU PRGLÀFDWLRQV QRW H[SUHVVO\ DSSURYHG E\ WKH SDUW\ UHVSRQVLEOH IRU FRPSOLDQFH FRXOG YRLG WKH XVHU V DXWKRULW\ WR RSHUDWH WKH HTXLSPHQW 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &ODVV % GLJLWDO GHYLFH SXUVXDQW WR 3DUW RI WKH )&& 5XOHV 7KHVH OLPLWV DUH GHVLJQHG WR SURYLGH UHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO LQWHUIHUHQFH LQ D UHVLGHQWLDO LQVWDOODWLRQ 7KLV
,QIRUPDWLH RYHU YRRUVFKULIWHQ G LQWHUIpUHQFHV GDQV OH FDGUH G XQH LQVWDOODWLRQ SDUWLFXOLqUH 6L FHW DSSDUHLO HVW OD FDXVH G LQWHUIpUHQFHV QXLVLEOHV SRXU OD UpFHSWLRQ GHV VLJQDX[ GH UDGLR RX GH WpOpYLVLRQ FH TXL SHXW rWUH GpFHOp HQ IHUPDQW O pTXLSHPHQW SXLV HQ OH UHPHWWDQW HQ IRQFWLRQ O XWLOLVDWHXU SRXUUDLW HVVD\HU GH FRUULJHU OD VLWXDWLRQ HQ SUHQDQW OHV PHVXUHV VXLYDQWHV (1 &RPSOLDQFH &]HFK 5HSXEOLF 2QO\ 3ROLVK &HQWHU IRU 7HVWLQJ DQG &HUWLÀFDWLRQ 1RWLFH 5pRULHQWHU RX GpSODFHU O
,QIRUPDWLH RYHU YRRUVFKULIWHQ 1RUWK (XURSH 1RUGLF &RXQWULHV ,QIRUPDWLRQ (UJRQRPLH +LQZHLV QXU 'HXWVFKODQG 3ODFHULQJ 9HQWLODWLRQ 9$51,1* )g56b.5$ ',* 20 $77 +898'%5<7$5( 2&+ 877$* b5 /b7c7.
,QIRUPDWLH RYHU YRRUVFKULIWHQ &KLQD 5R+6 (8 (QHUJ\ /DEHO 7KH 3HRSOH V 5HSXEOLF RI &KLQD UHOHDVHG D UHJXODWLRQ FDOOHG 0DQDJHPHQW 0HWKRGV IRU &RQWUROOLQJ 3ROOXWLRQ E\ (OHFWURQLF ,QIRUPDWLRQ 3URGXFWV RU FRPPRQO\ UHIHUUHG WR DV &KLQD 5R+6 $OO SURGXFWV SURGXFHG DQG VROG IRU &KLQD PDUNHW KDYH WR PHHW &KLQD 5R+6 UHTXHVW Ё⬉ᄤֵᙃѻક∵ᶧࠊᷛ䆚㽕∖ Ё 5R+6 ⊩㾘ᷛ⼎㽕∖ ѻકЁ᳝↦᳝ᆇ⠽ 䋼ܗ㋴ⱘৡ⿄ঞ䞣 ᳝↦᳝ᆇ⠽䋼ܗ㋴ 䚼ӊৡ⿄ 7KH (XURSHDQ (QHUJ\ /DEHO LQIRUPV \RX RQ WKH HQHUJ\ HIÀFLHQF\ FODVV RI WKLV SURGXFW 7KH JUHHQHU WKH HQHUJ\
.ODQWHQ]RUJ HQ JDUDQWLH 6RRUWHQ SL[HOGHIHFWHQ .
.ODQWHQ]RUJ HQ JDUDQWLH 1DELMKHLG YDQ SL[HOGHIHFWHQ 2SPHUNLQJ (HQ URRG RI EODXZ OLFKW SXQW PRHW PHHU GDQ SURFHQW KHOGHUGHU ]LMQ GDQ DDQJUHQ]HQGH SXQWHQ WHUZLMO HHQ JURHQ OLFKW SXQW SURFHQW KHOGHUGHU LV GDQ DDQJUHQ]HQGH SXQWHQ 2PGDW SL[HO HQ VXESL[HOGHIHFWHQ YDQ KHW]HOIGH VRRUW GLH GLFKW ELM HONDDU LQ GH EXXUW ]LMQ HHUGHU RSJHPHUNW NXQQHQ ZRUGHQ VSHFLÀFHHUW 3KLOLSV RRN GH WROHUDQWLHV YRRU GH QDELMKHLG YDQ SL[HOGHIHFWHQ =ZDUWH SXQW GHIHFWHQ =ZDUWH SXQWHQ YHUVFKLMQHQ DOV SL[HOV RI V
.ODQWHQ]RUJ HQ JDUDQWLH .ODQWHQ]RUJ HQ JDUDQWLH 9RRU LQIRUPDWLH RYHU GH JDUDQWLHGHNNLQJ HQ GH YHUHLVWHQ YRRU H[WUD RQGHUVWHXQLQJ GLH JHOGLJ LV YRRU XZ UHJLR NXQW X WHUHFKW RS GH ZHEVLWH ZZZ SKLOLSV FRP VXSSRUW 8 NXQW RRN FRQWDFW RSQHPHQ PHW KHW QXPPHU YDQ KHW 3KLOLSV &XVWRPHU &DUH FHQWUXP GDW KLHURQGHU LV YHUPHOG &RQWDFWJHJHYHQV YRRU GH UHJLR :(67 (8523$ /DQG $6& .ODQWQXPPHU 3ULMV *HUPDQ\ 6LHPHQV , 6 ½ 8QLWHG .
.ODQWHQ]RUJ HQ JDUDQWLH &RQWDFWJHJHYHQV YRRU GH UHJLR 0,''(1 (1 2267 (8523$ /DQG 7HOHIRRQFHQWUXP $6& .ODQWQXPPHU %HODUXV 1$ ,%$ %XOJDULD 1$ /$1 6HUYLFH &URDWLD 1$ 5HQRSURP (VWRQLD 1$ )8-,768 /DWYLD 1$ ´6HUYLFH1HW /9µ /WG /LWKXDQLD 1$ 8$% ´6HUYLFHQHWµ 5RPDQLD 1$ %OXH 5LGJH ,QWO 6HUELD 0RQ 1$ WHQHJUR .
.ODQWHQ]RUJ HQ JDUDQWLH &RQWDFWJHJHYHQV YRRU GH $30($ UHJLR /DQG 7HOHIRRQFHQWUXP $6& .ODQWQXPPHU $XVWUDOLD 1$ $*26 1(7:25. 37< /7' 1HZ =HDODQG 1$ 9LVXDO *URXS /WG +RQJ .RQJ 1$ 0DFDX 6PDUW 3L[HOV 7HFKQRORJ\ /WG +RQJNRQJ 7HO 0DFDX 7HO ,QGLD 1$ 5(',1*721 ,1',$ /7' 7HO 606 3+,/,36 WR ,QGRQHVLD 1$ 37 *DGLQJVDUL HOHNWURQLND 3ULPD 7HO 6RXWK .RUHD 1$ 3&6 2QH .
3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ 2SPHUNLQJ 'H $XWR IXQFWLH LV QLHW YDQ WRHSDVVLQJ LQ GH '9, 'LJLWDO '9, GLJLWDOH PRGXV RPGDW GH]H IXQFWLH QLHW QRGLJ LV 3UREOHPHQ RSORVVHQ =LFKWEDUH WHNHQV YDQ URRN RI YRQNHQ 9RHU JHHQ VWDSSHQ XLW YDQ GH SUREOHHPRSORVVLQJ .
3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ +HW EHHOG LV ZD]LJ RQGXLGHOLMN RI WH GRQNHU &RQWUROHHU RI GH DXGLR QLHW JHGHPSW LV 'UXN LQ KHW 26' RS 0HQX VHOHFWHHU $XGLR HQ YHUYROJHQV 0XWH 'HPSHQ &RQWUROHHU RI KHW DSSDUDDW QLHW LQ GH SRVLWLH 2II 8LW VWDDW 6WHO FRQWUDVW HQ KHOGHUKHLG ELM PHW KHW 26' PHQX (U YHUVFKLMQW HHQ QDEHHOGµ RI ´JHHVWEHHOG GRRU LQEUDQGHQ ]HOIV QD KHW XLWVFKDNHOHQ 'UXN LQ KHW 26' KRRIGPHQX RS 9ROXPH RP KHW YROXPH WH UHJHOHQ (HQ RQRQGHUEUR
3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ RQGHUVWHXQLQJ ELHGW YRRU GH ''& &, LQWHUIDFH 3UREHHU GH QLHXZVWH YHUVLH YDQ KHW VWXXUSURJUDPPD WH GRZQORDGHQ YDQ GH ZHEVLWH YDQ GH IDEULNDQW ,QVWDOOHHU KHW VWXXUSURJUDPPD 9HUZLMGHU 6PDUW&RQWURO 3UHPLXP HQ LQVWDOOHHU GH WRHSDVVLQJ RSQLHXZ 9LGHRNDDUW YHUYDQJHQ GRRU HHQ DQGHUH 9LGHRVWXXUSURJUDPPD ELMZHUNHQ $FWLYLWHLWHQ RS KHW EHVWXULQJVV\VWHHP ]RDOV HHQ VHUYLFHSDFN RI SDWFK :LQGRZV 8SGDWH XLWYRHUHQ HQ HHQ ELMJHZHUNWH PRQLWRU HQ RI YLGHRV
3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ 9 $OJHPHQH YHHOJHVWHOGH YUDJHQ 9 $QW :DW PRHW LN GRHQ DOV GH PRQLWRU QD LQVWDOODWLH KHW EHULFKW ´&DQQRW GLVSOD\ WKLV YLGHR PRGHµ .
3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ 0DF·V HQ ZHUNVWDWLRQV +HW NDQ QRGLJ ]LMQ HHQ YHUORRSVWXN WH JHEUXLNHQ YRRU KHW DDQVOXLWHQ YDQ GH PRQLWRU RS HHQ 0DF 1HHP FRQWDFW RS PHW XZ 3KLOLSV OHYHUDQFLHU YRRU PHHU LQIRUPDWLH JHHQ DQGHUH VFKRRQPDDNPLGGHOHQ ]RDOV HWKDQRO DFHWRQ KH[DDQ HQ] 9 .
.RQLQNOLMNH 3KLOLSV (OHFWURQLFV 1 9 $OOH UHFKWHQ YRRUEHKRXGHQ 3KLOLSV HQ KHW 3KLOLSV VFKLOGHPEOHHP ]LMQ JHGHSRQHHUGH KDQGHOVPHUNHQ YDQ .RQLQNOLMNH 3KLOLSV (OHFWURQLFV 1 9 HQ ZRUGHQ JHEUXLNW RQGHU GH OLFHQWLH YDQ .
