Business Plan 3
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Business Plan 3 as PDF for free.
More details
- Words: 1,231
- Pages: 27
ÎÐÒÖ
½yZÀ°· ±Z¯{Z ±ÈÀpd«YyZ©ZdY
¹Zº§
]Zº´¯ ¾zº¯
%XVLQHVV3ODQ ¾¬º mzº
±ÈÀpd«YyZ©ZdY ½yZÀ°·±Z¯{Z
Ð ¥È½uZ·zÀ¯¶#º§¾°Zzd§u±Z]ZÀs {Yzc²À¿Zz¾«¹±Z]ZÀs±Yz¸c
ZZZMRELUDQFRP
¾¬mz ]Z´¯¾z¯ ¹Z§ ±Yº´
½yZ¿¡uZ ¾°Z·vÀ°o ½y¹MuzÎÐÕÎ µZ¯ b¸^¿uyY yZd³Y r¿yZc
ÕκÏÑÎÏÐÑ yY|-v§
½|¿y¶¯Z³z]¹ aZ«Z¯µyYuY YzkY¹ ayZ³
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
bz¸ «Y ¶¯v¤¯ºÎ
Î Z¸d¿Z¾z¯ºÏ ÎÒ [Zd§¾z¯ºÐ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¶¯v¤¯
½Yz]ªoµYy²¿zd¸]¶§v·u¾¯±Z³µvZl³Y½Z·yZ§aZÀ]zlc¹ aZ«Z¯j¿Zd³
¹ ªoYz¯Z°c¾´À]À¦#º§¹ uzsªZ¯t]yub¨¹ bY{Y½zÀ-º¬k
z¯Y ²Àtd¯ZdYy²¿Yyu bY±M±uº]¾£Y¹{Y±Z´À°Y¹ z³ uyº¯ª½Z¸d°£ ²¿zd°¸¯ vZ]¾¯ %XVLQHVV 3ODQ ¾¬¶¯Z³z]±M¹ v³YµvÀyvoY¹¿zc¦¿¶] ¾¬¶¯Z³z]¦¿yu vZ]¾¯ %3 ¾¬¶¯Z³z]¿zcªZ¯uZl¿Y¹ ¶«Z¯t] ªWZ¯z³uyº¯ªuZl¿Y¶]ª¿Z°cª¿Çu¹ µv¶WYyYz³uyº¯ª{Y¾¬¯Z§¿zc
uuz-¾¯±ZÀ] ¹ ¶ºc±Z¿{¹ uºY¹¹z¾³Z-y{Z]¾«Z¯¾d¿z¿v¯
¹ ±Yz.¿uyZ§j¿Zd³¶]¾zdub³zd´¿Y¶¬°k{Y¹ ¾³ZyÈYyY|]Y¶ºcZ]µ{¹z¯Y
²¿Y bY¶d- z¿x±Z¨¯YuZ¿{bzZ]¹ ¾doYz]±Yz³\oZaZÀ]zlc{YµuZ dY
Zl³Yb³zd´¿Yyu¾¬½Z·¶¯Z³z]¶´À¯{yu¶§bY½¹Z§¹v´§¹ ºldkªZo¶dº³ ¶´À¯{yuµy¹Z¯aZ¯vs¶WYyY¹ ¾³ZyÈYz¯Y¶]½yZ°À]|§Yz¯¹ aZR¯ bYµv ¹ ¹z¯b¿ZµZl´²À]²¿Y{Y¶§v´d·©º¯½yZlc½Z¸oz½z.³{Z]¹ ¶À¸c
bYµv¾z¯yY|-²¿Y yuz^d¯
Z]±Yz]yZ§¶§v´d·©Z½uZ¿{½Z¸d¿Zyº§x¯¶´À¯{yu¶§bYz§w¶]{Ç
bYuv´·Yºs¾zduZ¸³M¶]zdÀ]½ºldk
«Y
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
Z¸d¿Z¾z¯Î
½Z·yY|Y z³¹ %XVLQHVV3ODQ ¶´À¯{yu¶§¾d³zd´¿Yb¿ZµZl´t]²¿Yyu bYµv¾z¯v´´§¾¯¾³ZyÈY¶º]z¯
KWWS ZZZDOOEXVLQHVVFRPFPW,QIRUPDWLRQ WRSBOHYHOMKWPO"IQDPH ¤£
b¿Z²¿YaZ¯vs{Y¾t] vZ]¾¯ayZlc¶´À¯{yu¾^«Zk\«Z¯ª¯Zb¿Z²¿Y
{Y|À³½yZlc½Z·¶´À¯{z.¿uyu²À´$°· vZ]¾¯±M®À´c¹ ¶À¸cµºp³¹ %3 ¶´À¯{yu
}zduyu½vÀ ¯aZÈY ¹ Y¹bsYuz¹ Y¹aZÀ«Z¯¶^Zp¯½yYv]ZoªÀ^£
uyYuyYz£±Yv´°£È
KWWS KRPH¡DPHULFDQH[SUHVVFRPVPDOOEXVL QHVV7RROEL]BSODQLQGH[DVS
¦#º§yZ§¹ \§¦¿½Yz]%3 ¦¿¶À¸cv³¹y¾{º¯MµZ-yZ§¦¿¾b¿Z²¿Yyu
z·¹ µv®À¤c¶¬oz¯v´#¶]%3 ¦¿¶À¸c bYµv¶WYyY¶dzÀZc²¿{ZM¶¬oz¯{Y
¹ Z· WRROER[ ª¯Zb°£z·²À´$°· bYµvµuYunÀºcª¯Z§yº¶]¶¬oz¯ vZ]¾¯µv¶WYyY\«Z¯ªÀ°¨c½Yz]¾¿Z¸«Zh¯
¡ KWWS ZZZEFHQWUDOFRPDUWLFOHVH[SHUWD VS
ayZlc ¶´À¯{ yu ¾^«Z¯ ½¹Zo ¹ µuº] 0LFURVRIW b§z ¶] ¢¬d¯ b¿Z ²¿Y
¹ ¶º]z¯ ½Z· /LQN yY{Z] yu ¢À¤pc ½yYv]Zo ¾«Z¯ ]Z´¯ ¾]Z¿yY{Z] ¾¨À³¹zd¨«Y
vZ]¾¯
Î
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¢ KWWS ZZZEGUSURGXFWVFRP
¶]¹ ¦#º§½Z·yZ§¹ \§¶´À¯{yu¾³ZyÈY|§z¯¦¿±Yº´¶]b¿Z²¿Y
uyº¯yub¿Z²¿Yyu vZ]¾¯uº¾¯ b¿Yv·©|´¯{Y¶§¾¿Z·yZ§¹ \§ ºs
bYµv¾³ZyÈYbÀ¤º¯yY|]Y¹ yZ§¹ \§yubÀ¤º¯¾´¿zMyZ§Z·bÀ¤º¯
£ KWWS ZZZEL]SODQVFRP
ªoYz¯%3 ¶À¸c½Z·yY|Yz³¹ \d§¶´À¯{yu¾cZÈY¶]vÀ³Yºc¾¯Z°b¿Z²¿Yyu
aZZ^cyY¾«Z¯¶¯Z³z]¶]zlcZ]uYzY{Y©YR%3 ¶À¸c½Yz]µy¹Z¯%3 ¶À¸c¾^Àczc
µuYuyYz£±Z-v´´§¶kYz¯½Yz]¶³º°³½Z·%3 ²À´$°· vÀ´§YvÀ¾zdu ¹ ¶º]z¯ bYµv
¤ KWWS ZZZEL]SODQSUHSFRP
µ{¹z¯Y¶§vZ]¾¯½Y¶zo%3 ¦¿¶À¸c½Yz]²À^Zt¯±uz§µuZ¯Mb¿Z²¿Yv·
yZd³Y¹y²¿YZ]µvµuZ¯M½Z·%3 {Y vZ]¾¯±Z-v´·uY¹¹ ±YyYx-¶¿Z¯z¶£Èuyº¯ u¹y¾¯bÀ¤º¯
¥ KWWS ZZZEL]SODQLWFRPYSODQKWP
%3 ¦¿¶À¸cZ]¶§bYbÀ£Y¹¶]µv¿Y¦¿{Y±Yz]yZ§¾¿Z°´·Yy±Z¯{Z²¿Yv·
¶]kYy¾¬¯Z§aZpÀºcª¯Zb¿Z²¿Y²À´$°· uº¾¯Zl³YnY¹¹ v´°{yY½º£
vZ]¾¯%3 ¦¿¬dt¯½Z·b°£
Ï
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¦ KWWS ZZZSDORDOWRFRP
¾«Z¯yº¯Y¹ %3 ¶À¸c¶´À¯{yu¶§¾ ¬dt¯½Z¸]Zd§¹ Z·yY|Yz³¾z¯¶]b¿Z²¿Y
b¿Z²¿Y¢¿z{Y¾¨À³¹zd¨«Yv¿zs¹ yZ ±Z¨¯Y u{Yuz¾¯bYµv¶À¸cZ·b§z
vZ]¾¯®·Yz¡ºaǺp¯½Yz]
§ KWWS ZZZEL]SODQH[SHUWVFRP
yuYyuºsaZ¯vs¶R¯²¿Y u{Yuz¾¯%3 ¶À¸c¶R¯¦¿¾z¯¶]b¿Z²¿Y
¶R¯ ²¿Y ¶] ±Yºc¾¯ Yy %3 ¦¿ ¬dt¯ ½Z·t] v·u¾¯ ¶WYyY ¶k¹ bZ¿yu LY{Y
uuz-¾yz]¹ ¶«Z¯±M½¹y½Y¶zoayº]ZcuYuyZ
KWWS ZZZESLSODQVFRP$ERXW¨ 8VKWP
¶À¸cYy¾¿Z·mzb§z²¿Y vZ]¾¯½Y¶zo½Z· %3 µv´´§¶À¸c %3, ¶R¯
¹ ¾¬p¯½Z¸ZÀ¤¯yu+y|]¹ ¦#º§½Z·b§z¶´À¯{yu½|¿Yºkµv³z]¶§bYµuz§ |À¯MµzZt¯½yYx-¶¿Z¯z¶´À¯{yuv´°{yY¶³Yºd¦¿{Y%3, bYµuº]¾¬¬°«Y²À] ±Yz]yZ§½Yz]®·¶R¯²¿Y½Z·mz bYyYuyºsz]½yZlc¶ºc¹ ¾]Z¿yY{Z]¾«Z¯yº¯Y
bYt]¶lÀd³¹ vÀ ¯±YyYx-¶¿Z¯z½Yz]®·¹
KWWS ZZZESODQVFRP
Ð
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
²À´$°· ¹ ¶dsYuz %3 ¦¿ ¬dt¯ ½Z·t] nÀºc ¹ ¾z¯ ¶] b¿Z ²¿Y
¹ \§¶´À¯{yu¶³º°³½Z· %3 ²À´$°· v´§¾¯¶WYyY %3 ¶À¸cb¸k¾¿Z·yY|Yz³
uyYuyYz£}zduyu%3 ¦¿¶À¸c¾.³º.#¶WYyY½Yz]¦#º§½Z·yZ§
KWWS ZZZEXVLQHVVSODQVRUJ
aZÈY v³Yµv¾z¯¶³º°³½Z·%3 ¹ Z·½&cYzdYZ·yY|Yz³]Z´¯b¿Z²¿Yyu
bYµv¶WYyY¹ ¶À¸c±Yv´°£ÈµuZ dY½Yz]µuZ¾³Z]{Z]¹ ¾{º¯Mayº]b¿Z²¿Y
¡ KWWS ZZZEXVLQHVVWRZQFRPSODQQLQJFUHD WLQJGHYHORSLQJDVS
{Y¾^«Z¯ bYµuz§¶WYyYyZ§¹ \§¬dt¯½Z·¶´À¯{yu¾^«ZkaZÈYb¿Z²¿Y
\§½yYx-¶¿Z¯z¾´¿zMyZ§½yZlc½Z·mz½yZlc½Z·bz\d§¾z¯ªÀ^£ \«Z¯²À´$°· ¹ ¶WYyY¹z¾]Z¿yY{Z]yZ§¹ \§b¿z¿v¯b³zd´¿Y©|´¯yuyZ§¹ uyYuyYz£}zduyuZ·%3 ¶À¸cuyº¯yu¾¯Zk
¢ KWWS ZZZEXVLQHVVFRQILGDQWFRP
½yZlcyº¯Yyu¾¿Z°´·Yy¹ %3 ¶À¸c¶´À¯{yu¾¿Z¨¿z¯Yb§z¦¿b¿Z²¿Yyu
bYµv±ZÀ]¶¨¿yº¶]b§z²¿Y bYµv¾z¯yZ§¹ \§½{Yv³YµYy¹ ¾³Z-y{Z] b¿ZZ¿¹ b§z¶]¶kYz¯Z]v´³Yºc¾¯uYzY vZ]¾¯¶´À¯{²¿Yyu¾³Çº¢]Yº½YyYu v³uz-v´¯µz¸]±M½Z·¾¿Z°´·Yy¹ µy¹Z¯{Yb§z Ñ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
£ KWWS ZZZEXVLQHVVQDWLRQFRPOLEUDU\
¾«Z¯yº¯Y¾³Z³Y]Z´¯v´³Z¯yZ§¹ \§¬dt¯ªWZ¯¶´À¯{yu¾cZÈYb¿Z²¿Y
¹z ¹ ¾]Z¿yY{Z] b¿z¿v¯ aYyz¤¯ ¹ ²À³Yº£ À¬^c ¹ ¾¸-M ¾´¿zMyZ§ ½yYv]Zo ¹ bYµuz§¶WYyY¾¬¬°«Y²À]¹ ¾¬p¯]Z´¯|À³¹ ½yZlc½Z·b§z
¤KWWS ZZZEXVLQHVV FRP
%XVLQHVV ¶´À¯{yu¾ ¬dt¯aZºº¯¶]¶§bY¾¨À³¹zd¨«Y¶¬l¯¦¿b¿Z²¿Y
\§¶]º]z¯yZ^sY[Zd§¾z¯{Y®Y¾ ¬dt¯½Z·t]¶¬l¯²¿Yyu bY¶dsYuz uyYuyYz£ ¹ ¾³Z¸kayZlcyZ§¹
¥ KWWS ZZZEXVLQHVVSODQPDGHHDV\FRP
±Yºc¾¯²À´$°· uYuyZ %3 ¦¿z³uyº¯¶´À¯{yu±Yºc¾¯b¿Z²¿Y¢¿z{Y
¶À¸c½Yz] uº°³bZ¿yuYy±ZZ´yZ§rZ¹ µvÀzb¿Z¢¿z{YYyz³uyº¯aÇYR
uº°³bsYuzYyµv²ÀÀc¶´¿|·v¿Z]%3 ©ZyY¹
¦ KWWS ZZZEXVLQHVVSODQIXQGLQJFRPFRVWK WPO
¶]b¤À¤oyu¶§vZ]¾¯Z¨¿z¯Yyu ,5$1HWZRUN b§z¶]¢¬d¯b¿Z²¿Y
¹ \§¶ºcZ¿¹ ¶À«¹Y½Z·¶¿Z¯z¾«Z¯]Z´¯%3 ¶À¸c½Yz]¶Y¹Z¿©Çu¦¿±Yº´
Ò
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
yu¾^«Z¯¶§uyYu%3 ¶À¸c¶] ZdsYb¿Z²¿Y{Y¾t]²À´$°· v´§¾¯ª°yZ§ bYµv¶WYyY±Yz]yZ§¾¿Z°´·Yy±Yº´¶] ºs²¿Y
§ KWWS ZZZEXVLQHVVSODQVFRXN
\«Z¯²¿Y{Y¾sz] bYµv¶WYyY%3 ¶]kYy½vÀ ¯¹ º´d¯\«Z¯b¿Z²¿Yyu
½Z·%3 yY|Yz³¾z¯[Zd§¾z¯%3 ¶À¸c¶]º]z¯½Z·b¿Z¾z¯ {Yv´cyZ^ ¹ ¾d³zd´¿YaZ¯vs¾{º¯M½Z·µy¹u¾¨À³¹zd¨«Y
KWWS ZZZEXVLQHVVSODQFRP
b¿Z²¿Yyu vZ]¾¯%3 ¶]º]z¯½Z·yY|Yz³¹ [Zd§zZ³¦¿¶]¢¬d¯b¿Z²¿Y
yu½v´°{yY|¿Yºkµv³z]zZ³²¿Y v³Yµv¾z¯b§z²¿Yºcµvzd´¯½Z¸]Zd§ ½Z·¶´¿|·v¿Z]b¿Z ²¿YaZ¯vs{YµuZ dY½Yz] vZ]¾¯%3 ¶]º]z¯\d§z³¶´À¯{
uº°³bsYuzYyµv²ÀÀc
KWWS EXVFRORUDGRHGXIDFXOW\ODZUHQFH GRFXPHQWVWHPSODWHVKWP
½Z·t]b¿Z²¿Yyu vZ]¾¯¹uYz¬§µZ.³Yu¾´¿zMyZ§|§z¯¶]¢¬d¯b¿Z²¿Y
½Z·º.«Y{Y¶³º°³v´#²À´$°· v³Y¶dz-yYz£fp]uyº¯ª¯Z§yº¶] %3 ¦¿¬dt¯ bYµv¶WYyY%3
Ó
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
KWWS ZZZGFHGVWDWHXWXV1$9OLEUDU\E L]XWDKWLWOHKWP
yº¯YZl³Y¾.³º.#b¿Z²¿Yyu vZ]¾¯Z¨¿z¯Y½Zcº¿¾d«Z¿Yb«¹u¶]¢¬d¯b¿Z²¿Y
¹z½Yz]%3 ¶À¸c¶]{ZÀ³¶]¶kºcZ]²À]²¿Yyu bYµvn¿zcb«Z¿Y²¿Yyu½yZlc
½yZlc²À³Yº£{Y¾] bYµvµuy¹Mª¯Z§yº¶]|À³%3 ¦¿¶À¸cµºp³yZ§¹ \§ vZ]¾¯Zcº¿©Yyvb«¹u¶]º]z¯b¿Z²¿Yyuµv¶WYyY
¡KWWS ZZZHEXVLQHVVSODQVRIWZDUHFRP
{Y±Yºc¾¯yY|Yz³²¿Yv¿zs½Yz] u{Yuz¾¯%3 ¶À¸cyY|Yz³¦¿¾z¯¶]b¿Z²¿Y
¶§uyYuuºk¹b¿Z²¿Yyu|À³ ½z.¿u½Z·t]²À´$°· uYuyZ b¿Z²¿Y¢¿z
bY¶dsYuz%3 ¹ %XVLQHVV ¶´À¯{yu½vÀ ¯½Z·b¿Z¾z¯¶]
¢KWWS ZZZHODQFHFRPFUISPDLQSRVWMRE SO"WHPSODWHBLG ¤ ULG ,+3
½yZlcyº¯Y ¹ ¶ºcb¿z¿v¯½{Yv³YµYyuyº¯yuµy¹Z¯aZ¯vs¶WYyY¶]b¿Z²¿Y
¹ µuº°³uyY¹Yyuºs½Z·{ZÀ³uºsyZ§¶´À¯{yuaZÈY¶WYyYZ]v³Yºc¾¯z]yZ§ u{Yuz¾¯
v¿Z°³bZ¿yuYyyº]|¯¶R¯±ZZ´yZ§rZ
£ KWWS HQWUHSUHQHXUVDERXWFRPFVEXVSODQ FRQWHVWVLQGH[KWP
²¿Y{Y¾t]²À´$°· uyYuz]yu¾¯Zk\«Z¯¾´¿zMyZ§ ºsyub¿Z²¿Y
²¿Y½Z·t]z.¿u bYµv¶WYyYª ¯yº¶]¶§bY %3 ¶À¸c¶]º]z¯\«Z¯ Ô
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
Z·µ{Zc¹ yZ^sY¹ ¹ ±Z´§yZ§yº¯Yb¿z¿v¯¾]Z¿yY{Z]v´³Z¯ayZlc¶]º]z¯yº¯Y¶]b¿Z uyYu ZdsY
¤ KWWS ZZZJURZWKLQNFRPIODVKIODVKBIUDP HVHWKWP
¾d´ ½yZlc½Z·mz¶À¸c ºsyuµy¹Z¯b§z¦¿¶]¢¬d¯b¿Z²¿Y
²¿Y bYµuz§¶À¸caZR¯¹ Z·b§z½Yz]mz ÎÏÒ {YÀ]±º´§Zc¶§bY
¹ ±YyYx-¶¿Z¯z Z] aZZ^cyY ½yZlc ½&cYzdY yY{Z] yu ¢À¤pc ¶´À¯{ yu b§z
v·u¾¯¶WYyYaZ¯vs½yYx-¶¿Z¯zaZZ^cyY½{Zv´d¯
¥KWWS ZZZKMYHQWXUHVFRP
¢À¤pc%3 ¶À¸cµy¹Z¯ ºsyu¾¬¬°«Y²À]b§z¦¿µy¹Z¯aZ¯vsb¿Z²¿Y
v´§¾¯¾z¯YyyY{Z]½&cYzdY¹ ¶À«¹Y¶¿Z¯z¶À¸cyY{Z]yu
¦ KWWS ZZZKRPHEXVLQHVVWN
²À´$°· bYµv¶WYyYyZ§¹ \§¦¿½{Yv³YµYy ¶]kYy¾^«Z¯b¿Z²¿Yyu
µv¶WYyY½yZlcyº¯Yyub§yZ¯¹ ½{Yv³YµYy½Yz]uYzYl´ ºsyu¾¿Z¸dc bY
§ KWWS ZZZLFRGHFRP
Õ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
½Yz] u{Yuz¾¯¾³Z-y{Z]¹ ½yZlcyº¯Y ºsyu¾¿Z·yY|Yz³¾z¯¶]b¿Z²¿Y
uº°³yZ ¶]Yv£Yb¿Z²¿Y¢¿z{Y±Yºc¾¯Z·yY|Yz³²¿Y¶À¸c
¡ KWWS ZZZLQFFRP
yu½vÀ ¯aZÈYª¯Z²À´$°·b¿Z bYµv¾z¯,QF ¶¬l¯b¿Z²¿Yyu
ayZlcyub³zd´¿Yuz]yZ§¾¨À³¹zd¨«YayZlcv´³Z¯¾³Z-y{Z]¹ ½yZlc¬dt¯½Z·¶´À¯{
uyYu ¹ %3 ¶À¸c¾³Z³Y]Z´¯±v¾³Z¸k¹z
¡KWWS ZZZLQWHUQDOEXVLQHVVSODQVFRXN
yº§yu¾¬sYu½Z·%3 ¶´À¯{yu¶§0LOOHU ²¿y¹Z¯¶R¯¾z¯¶]b¿Z²¿Y
½z.¿uaZÈYµYz°·¶]%3 ¶À¸c¹yb¿Z²¿Yyu u{Yuz¾¯v´§¾¯bÀ«Z±Zd¬.³Y yº§²À³Yº£¹ ¿Yz¶]¶kºcZ]aZÈY²¿Y¶§bYz§w¶]{Ç bYµv¶WYyY
bYµv®·Yz±Zd¬.³Y
¡ KWWS ZZZMLDQFRPZRUNVKRSLQGH[KWP
aZÈYb¿Z²¿Yyu vZ]¾¯-,$17RGV)RU6DOHV b§z¶]¢¬d¯b¿Z²¿Y
²¿Y :RUNVKRS t]yu bYµv½y¹Muz-½yZlc¬dt¯½Z·¶´À¯{yu½vÀ ¯ ªÀ c¶]±M¬dt¯½Z·b°£¹ %3 ¶À¸c¾.³º.#%3 ¶À¸cª¬ ºsyub¿Z
b¿Z²¿Yyuv³¹y¾¯yZ¨]%3 ¶À¸c½Yz]¶§¾¿Z·yY|Yz³²À´$°· bYµvµuYunÀºc
bYµv¶dYx-¹zz¯yu
Ö
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¡¡KWWS ZZZNH\EXVLQHVVSODQVFRP
t] uyYuuºk¹ %3 ¶À¸cuyº¯yu¾¬§ayº]½zdt¯aZÈYb¿Z²¿Yyu
uyYu ZdsYyY|Yz³¹z¹ y¹uµYy{Y½Yµy¹Z¯aZ¯vs¶WYyY¶]b¿Z²¿Yµv°
¡¢KWWS OHJDONLWVWRUHFRPEXVLQHVVWLWOHV EL]SODQKWPO
yu µuZ dYb¸k%XVLQHVV3ODQ.LW ±Yº´bpc%3 ¶À¸c½º.«Y¦¿b¿Z²¿Yyu
GRZQORDG Yy±M±Yºc¾¯¶º]z¯¶´¿|·bsYuzZ]¶§uyYuyYz£½yZlc½Z·mz¶À¸c
uz§
¡£KWWS ZZZPDUNHWUHPDUNVFRPGHSDUWPHQWV SURGXFWLYLW\FHQWHUVKWPO
¾«Z¯½Z·mz¾d¿z¿v¯½Z·mz%3 ¶À¸c¶´À¯{yu¾º´d¯aZÈYb¿Z²¿Yyu
uyYuyYz£}zduyu%3 ¶]º]z¯\d§¾z¯¾¹z½Z·yY|Yz³¾oYzyY|]Y
¡¤KWWS ZZZPRUHEXVLQHVVFRP
±Mb¿z¿v¯yZ§¹ \§¦¿ ¹z¾.³º.#¶´À¯{yu¾^«Z¯¶WYyY¶]b¿Z²¿Y
Z·µ{Zc¹ yZ^sY¶]¾¿Z·t]²À´$°· bY¶dsYuz ¹ ¾]Z¿yY{Z]aZ¯vs¹ aYvÀ«ºc
uyYu ZdsY±Z.¿Yy¶¬l¯¦¿¥YzdY¹ ¾.d ·²¿¹Z´
¡¥KWWS ZZZP\EXVLQHVVDQDO\VWFRP
ÎÍ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
½yZlc½Z·%3 ¶À¸c¹ ayZlc ºsyu½Yµy¹Z¯¶R¯¦¿¶]¢¬d¯b¿Z²¿Y
ayº]a¹Z d¯½Z· %3 ¶À¸c½Z·Z°´·YyªÀ^£{Yb¿Z²¿Yyuuºkº¯aZÈY bY
uzÀ-¾¯yYz£±Z-v´´§¶kYz¯yZÀdsYyu¾¹z
¡¦KWWS ZZZQHWD[VFRPaESV
½yZ§¶´À¯{¹ µv¿Y¶WYyYZ]±Yºc¾¯ vZ]¾¯%3 ¶zªp¯¦¿b¤À¤oyub¿Z ²¿Y
²¿Y uº°³bZ¿yu½yZlcmz¶º]z¯¶´¿|·bsYuzLY{Yyu¹ uYuyZ Yy%3 ¦¿¶À¸c
v´§¾¯bÀ«Z¶´À¯{²¿YyuÎÖÖÒ ©Z{Y¶R¯
¡§KWWS ZZZQWLDGRFJRYRSDGKRPHPWGSZHE EXVSODQRKWP
²¿Y{Y¾t]yu vZ]¾¯Z¨¿z¯YaZÈY¹ aZZ^cyY¾¬¯±Z¯{Z¶]¢¬d¯b¿Z²¿Y
uyº¯yub¿Z²¿Yz.¿u½Z·t] bYµv¶WYyY%3 ¶À¸cuyº¯yu¾¬§mz¦¿b¿Z
v·u¾¯nÀºc ¹ yZ^sY±MaYyZd³Y±Z¯{Z
¢KWWS ZZZSDVZDUHFRP
±Yz]yZ§ u{Yuz¾¯½yZlc½Z·mz¶]º]z¯\d§¹ yY|Yz³ ¾z¯ ¶] b¿Z ²¿Y
v´¿Z°´]yY|Yz³v¿zs¶]Yv£YyZ b^gZ]v´³Yºc¾¯
ÎÎ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¢KWWS ZZZSODQLJHQWFRP
¹ ¶À¸cyº´¯¶]Z¨¿z¯Y3ODQLJHQW ¶R¯½Yµy¹Z¯aZ¯vs ºsyub¿Z²¿Y
¶º]z¯¶k¹bsYuzZ]¶R¯²¿Y½Yµy¹Z¯aZ¯vs vZ]¾¯½yZlc½Z·mz½z.³{Z]
bYbZ¿yuª]Z£
¢ KWWS ZZZSODQPDJLFFRP
bÀ«Z%3 ¶À¸c¹ ½yZlc½Z·yY|Yz³¶À¸c¶´À¯{yu¶§bY¾d§z3ODQPDJLF
¶WYyYYyuºs½Yµy¹Z¯aZ¯vs¹ aǺp¯Z³²À°·Z]¾d¿Zyub§z²¿Y v´§¾¯
mz ¹ yY{Z] |À«Z³M ½yZlc ½Z·mz ¶À¸c ½Z·¶´À¯{ yu b§z ²¿Y aZ¯vs v·u¾¯ vZ]¾¯¾]Z¿yY{Z]
¢¡KWWS ZZZSODQZDUHRUJ
¶À¸c½yYv]Zo¾«Z¯½yZlc½Z·¶´À¯{yu¬dt¯½Z·yY|Yz³¾z¯¶]b¿Z²¿Y
uyYu ZdsY ¹ ¾]Z¿yY{Z]%3
¢¢KWWS EXVLQHVVUHDGHUVUHPRWHFRP
yu vZ]¾¯aZÈY½YyYu½yZlcfoZ^¯¬dt¯½Z·¶´À¯{Z°cyu>Z^¿z¤cb¿Z²¿Y
¹ b¿z¿v¯¾«Z¯yYº¯Y[Zd§½yYvÀ´½Z¸]Zd§½yYv]Zo½yYx-¶¿Z¯z±º#¾¿Z·¶´À¯{
aZÈY½¹Zo ¹ ¾´¿zMyZ§¹ ¦#º§½Z·yZ§¹ \§¾¬¬°«Y²À]½yYx-¶¿Z¯z½z^·y
vZ]¾¯½vÀ ¯
ÎÏ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¢£KWWS ZZZURQDJKLRUJ
¶]¶¤]Z¯¦¿¾±Yz¿Yyu¶«Zz·uZÀ´]²¿Y vZ]¾¯¾¤³¹yuZÀ´]¶]¢¬d¯b¿Z²¿Y
Yv·Y½|¿Yºkuº¾¯t¯±Yy¹YubXÀ·ZYºc¶§½yZlc½Z·mz ±Z-v³z]
µZ.³Yu¾d´½yZlc½Z·mz¶¤]Z¯yuYyZ¸³Mmz bÀoÈayºyu¹ v´§¾¯ %3 ®À´c¹ ¶À¸c ºsyu½vÀ ¯aZÈYb¿Z²¿Yyu v·u¾¯b§zuyº ³ZdY
bYµv¶WYyY
¢¤KWWS ZZZVEDJRY
aZÈYb¿Z²¿Y yu u{Yuz¾¯Z¨¿z¯Y6%$ ±Z¯{Z½Z·bÀ«Z¾z¯¶]b¿Z²¿Y
¾{º¯M ½Z¸È§ ¾d´ ¹ ½yZlc ½Z·voY¹ ½{Yv³YµYy ºs yu ½v´°{yY
uzÀ-¾¯yYz£±Yz]yZ§yZÀdsYyu%3 ®À´c¹ ¶À¸cµºp³uyº¯yu¾{º¯M½Z·µZ-yZ§
µvµuYuyYz£±Yz]yZ§yZÀdsYyu¶§uyYu¾¨À³¹zd¨«Y¶³Zt]Zd§¦¿²À´$°·b¿Z²¿Y
uyYuyYz£±Z-v´´§¶kYz¯Z°cyZÀdsYyu±Z.¿Yyayº]b¿Z²¿Y aZÈY bY
¢¥ KWWS ZZZVSULQJERDUGSODQVFRP
±Z´¿zMyZ§½Yz]%3 ¶À¸c¶´À¯{yu¾³ZyÈY¹ µy¹Z¯aZ¯vsZl³Y¶]b¿Z²¿Y
©ºoª]Z£µv¶dz-z³yu½Z·¶´¿|·bsYuz Z]b¿Z²¿YaZ¯vs uyYuayuZ^¯ bY
¢¦ KWWS ZZZXNRQOLQHEXVLQHVVJXLGHFRXN
ÎÐ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¶À¸c ¹ 60( ºs ¶] ½yZlc ¬dt¯ ½Z·¶´À¯{ yu ¾¿Z°´·Yy ¶] b¿Z ²¿Y
u{Yuz¾¯±Zd¬.³Yyu½yZlc½Z·mz
¢§ KWWS ZZZXVEXVLQHVVSODQFRP
¶À¸c ºsyuµy¹Z¯aZ¯vs86%XVLQHVV3ODQ µy¹Z¯¶R¯b¿Z²¿Yyu
v´§¾¯¶WYyY½%º«º´¨c¶´À¯{yu½yZlc½Z·mz
£ KWWS ZZZPSODQVFRP
¶]±Mµv°t]¹ µv¶WYyY½yZlc½Z·¶´À¯{yu½zdt¯aZÈYb¿Z²¿Y yu
uyYu ZdsY%3 ¶À¸c½Z·yY|Yz³¹ \d§¾z¯
ÎÑ
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
[Zd§¾z¯Ï
µv¿uz-¾z¯%XVLQHVV3ODQ ¶´À¯{yuµvzd´¯\d§{Y½uYvct]²¿Yyu
bY
7KH%XVLQHVV3ODQIRUWKH%RG\ -LP.DUDV
7KUHH5LYHUV3UHVV ,6%1 ÍÓÍÖÕÍÔÑÏÍ $SULOÏÑÍÍÎ
6XFFHVVIXO%XVLQHVV3ODQQLQJLQ¡ 'D\V $6WHSE\6WHS*XLGHIRU:ULWLQJD %XVLQHVV3ODQDQG6WDUWLQJ
VXOD0HGLD ,6%1 ÍÖÓÔÕÑÍÏÍÎ ÎVWHGLWLRQ $XJXVWÏÍÍÍ
7KH6XFFHVVIXO%XVLQHVV3ODQ 6HFUHWV DQG6WUDWHJLHV
5KRQGD 0 $EUDPV (XJHQH .OHLQHU
3DSHUEDFN
5XQQLQJ50HGLD ,6%1 ÍÖÓÓÖÓÐÒÏÍ ÐUGHGLWLRQ 0DUFKÎÒ
ÏÍÍÍ
2SHQLQJWKH;ER[ ,QVLGH0LFURVRIW V 3ODQWR8QOHDVKDQ(QWHUWDLQPHQW 5HYROXWLRQ
ÎÒ
[Zd§Z³
±Z- µv´¿º³
yZd³Y©Z ¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z ¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
±Z- µv´¿º³
'HDQ7DNDKDVKL
3ULPD3XEOLVKLQJ ,6%1 ÍÔÓÎÒÐÔÍÕÏ ÎVWHGLWLRQ $SULOÏÐ
ÏÍÍÏ
&UHGLW$IWHU%DQNUXSWF\ $6WHS%\6WHS $FWLRQ3ODQWR4XLFNDQG/DVWLQJ 5HFRYHU\DIWHU3HUVRQDO%DQNUXSWF\ 6WHSKHQ6Q\GHU
%HOOZHWKHU,QF ,6%1 ÎÕÖÎÖÑÒÍÍÖ 5HSULQWHGLWLRQ
-DQXDU\ÎÏÍÍÍ
7KH2QH3DJH%XVLQHVV3ODQ 6WDUW:LWK D9LVLRQ%XLOGD&RPSDQ\ -DPHV7-U+RUDQHWDO
2QH3DJH%XVLQHVV3ODQ&R ,6%1 ÎÕÖÎÐÎÒÍÔÏ ÖÍÍÍ HGLWLRQ
0D\ÎÖÖÕ
'LVFRYHUWKH:HDOWK:LWKLQ
+DUSHU&ROOLQV ,6%1 ÍÍÓÍÍÍÕÐÏÓ ÎVWHGLWLRQ $SULOÏÏÍÍÏ
&UHDWLQJDQG,PSOHPHQWLQJ
ÎÓ
yZd³Y©Z ¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
-RKQ0%U\VRQ)DUQXP.$OVWRQ
-RVVH\%DVV ,6%1 ÍÔÕÔÖÍÎÑÏÐ 2FWREHUÎÖÖÒ
6R
0RVE\*UHDW3HUIRUPDQFH ,6%1 ÍÖÑÐÎÐÒÒÐÏ -DQXDU\
ÎÖÖÑ
,PSOHPHQWLQJ
$0$&20 ,6%1 ÍÕÎÑÑÍÐÖÑÕ 'HFHPEHUÎÎÖÖÕ
7KH'HILQLWLYH%XVLQHVV3ODQ 7KH)DVW 7UDFNWR,QWHOOLJHQW%XVLQHVV3ODQQLQJ IRU$OO([HFXWLYHVDQG(QWUHSUHQHXUV 5LFKDUG6WXWHO\
)LQDQFLDO7LPHV3UHQWLFH+DOO ,6%1 ÍÏÔÐÓÒÖÏÎÖ ÏQG
HGLWLRQ $SULOÐÍÏÍÍÏ
6WUDWHJLF&RPPXQLFDWLRQVIRU1RQSURILW 2UJDQL]DWLRQV 6HYHQ6WHSVWR&UHDWLQJ D6XFFHVVIXO3ODQ 1RQSURILW/DZ )LQDQFHDQG0DQDJHPHQW6HULHV
ÎÔ
±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
±Z- µv´¿º³
-DQHO05DGWNH
-RKQ:LOH\ 6RQV ,6%1 ÍÑÔÎÎÔÑÓÑÒ %N 'LVNHGLWLRQ
$SULOÎÖÖÕ
5HWLUH(DUO\²$QG/LYHWKH/LIH
yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³
,6%1 %ÍÍÍÍÓÑÒ;Î -DQXDU\ÏÍÍÍ
$V6LFN$V,W*HWV 7KH6KRFNLQJ5HDOLW\ RI$PHULFD V+HDOWKFDUH$'LDJQRVLV DQG7UHDWPHQW3ODQ 5XGROSK-0XHOOHU
2OLQ)UHGHULFN,QF ,6%1 ÍÖÓÔÏÐÒÔÕÏ 1RYHPEHUÏÓÏÍÍÎ
7KH*XLGHWR5HWDLO%XVLQHVV3ODQQLQJ 7KH&RPSOHWH+DQGERRNIRU&UHDWLQJD :LQQLQJ3ODQIRU$Q\5HWDLO%XVLQHVV :DUUHQ*3XUG\
,QF3XE ,6%1 ÎÕÕÍÐÖÑÐÎÓ -XQHÎÎÖÖÕ
8SDQG5XQQLQJLQ¡ 'D\V $3URYHQ 3ODQIRU)LQDQFLDO6XFFHVVLQ5HDO(VWDWH &DUOD&URVV
'HDUERUQ3XEOLVKLQJ ,6%1 ÍÔÖÐÎÑÑÕÒ; ÏQGHGLWLRQ -XQH
ÏÍÍÎ
ÎÕ
[Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
&XUUHQW3UDFWLFHVLQ6WRFN2SWLRQ3ODQ 'HVLJQ
&RUH\ 5RVHQ (G &DUEHUU\ 6FRWW 5RGULFN5\DQ:HHGHQ
1DWLRQDO&HQWHUIRU(PSOR\HH2ZQHUVKLS ,6%1
ÍÖÏÓÖÍÏÔÎÔ $SULOÐÍÏÍÍÎ
.HHSLQJWKH)DPLO\%XVLQHVV+HDOWK\ +RZWR3ODQIRU&RQWLQXLQJ*URZWK 3URILWDELOLW\DQG)DPLO\/HDGHUVKLS -RVVH\%DVV0DQDJHPHQW6HULHV -RKQ/:DUG
%XVLQHVV2ZQHU5HVRXUFHV ,6%1 ÎÒÒÒÑÏÍÏÓÒ Î HGLWLRQ
-DQXDU\ÎÖÕÔ
:LQQLQJ(YHU\'D\ 7KH*DPH3ODQIRU 6XFFHVV /RX+ROW]+DUYH\0DF.D\
+DUSHUEXVLQHVV ,6%1 ÍÕÕÔÐÍÖÒÐÑ Î +DUSHUHGLWLRQ
6HSWHPEHUÎÖÖÖ
7KH*(:D\)LHOGERRN -DFN:HOFK V %DWWOH3ODQIRU&RUSRUDWH5HYROXWLRQ 5REHUW6ODWHU
ÎÖ
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
0F*UDZ+LOO7H[W ,6%1 ÍÍÔÎÐÒÑÕÎÓ ÎVWHGLWLRQ
yZd³Y©Z¹ zZ³
1RYHPEHUÏÐÎÖÖÖ
0DUNHWLQJ,QVWLWXWLRQDO0RQH\ 0DQDJHPHQW6HUYLFHV 0HHWLQJWKH 1HHGVRI7RGD\ V3ODQ6SRQVRUVDQG &RUSRUDWH7UHDVXUHUV 3KLOLS+DOSHUQ
0F*UDZ+LOO3URIHVVLRQDO3XEOLVKLQJ ,6%1 ÎÒÒÔÐÕÕÒÖÕ
6HSWHPEHUÎÎÖÖÒ
6WUDWHJLF3ODQQLQJIRU1RQSURILW 2UJDQL]DWLRQV $3UDFWLFDO*XLGHDQG :RUNERRN
0LFKDHO$OOLVRQ-XGH.D\H-XG\.D\H
-XGH.D\
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
-RKQ:LOH\ 6RQV ,6%1 ÍÑÔÎÎÔÕÐÏÏ %N 'LVNHGLWLRQ
yZd³Y©Z¹ zZ³
6LPSOLILHG6WUDWHJLF3ODQQLQJ $1R 1RQVHQVH*XLGHIRU%XV\3HRSOH:KR :DQW5HVXOWV)DVW
[Zd§Z³
-XO\ÎÑÎÖÖÔ
5REHUW : %UDGIRUG - 3HWHU 'XQFDQ
3HWHU
'XQFDQ
&RQWULEXWRU
%ULDQ
7DUF\
&KDQGOHU+RXVH3UHVV ,6%1 ÎÕÕÓÏÕÑÑÓÓ 6HSWHPEHUÎÖÖÖ
ÏÍ
±Z- µv´¿º³ yZd³Y©Z¹ zZ³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
$SSOLHG6WUDWHJLF3ODQQLQJ +RZWR 'HYHORSD3ODQ7KDW5HDOO\:RUNV
/HRQDUG *RRGVWHLQ 7LPRWK\ 1RODQ
&RQWULEXWRU -:LOOLDP3IHLIIHU
0F*UDZ+LOO3URIHVVLRQDO3XEOLVKLQJ ,6%1 ÍÍÔÍÏÑÍÏÍÒ
-XQHÎÎÖÖÐ
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³
6WUDWHJLF3ODQQLQJ
±Z- µv´¿º³
*HRUJH$OEHUW6WHLQHU
)UHH3UHVV ,6%1 ÍÓÕÑÕÐÏÑÒÐ ÎVWHGLWLRQ 0D\ÎÖÖÔ
7KH6XFFHVVIXO%XVLQHVV3ODQ 6HFUHWV DQG6WUDWHJLHV 5KRQGD0$EUDPV(XJHQH.OHLQHU
5XQQLQJ50HGLD ,6%1 ÍÖÓÓÖÓÐÒÏÍ ÐUGHGLWLRQ 0DUFKÎÒ
ÏÍÍÍ
-./DVVHU V
-RKQ:LOH\ 6RQV ,6%1 ÍÑÔÎÑÎÎÏÑÕ Î HGLWLRQ $SULOÎÐ
ÏÍÍÎ
ÏÎ
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
7KH6XFFHVVIXO0DUNHWLQJ3ODQ $ 'LVFLSOLQHGDQG&RPSUHKHQVLYH $SSURDFK
5RPDQ * +LHELQJ 6FRWW : &RRSHU
&RQWULEXWRU
0F*UDZ+LOO 17& ,6%1 ÍÕÑÑÏÐÏÍÐÐ ÏQGHGLWLRQ
-DQXDU\ÎÎÎÖÖÔ
7HDP%DVHG6WUDWHJLF3ODQQLQJ $ &RPSOHWH*XLGHWR6WUXFWXULQJ )DFLOLWDWLQJDQG,PSOHPHQWLQJWKH 3URFHVV &'DYLV)RJJ
$0$&20 ,6%1 ÍÕÎÑÑÒÎÏÔÓ -XO\ÎÎÖÖÑ
6WUDWHJLF7KLQNLQJ 6HFRQG(GLWLRQ 7KH §6WHS$SSURDFKWR6WUDWHJLF3ODQQLQJ 6LPRQ:RRWWRQ7HUU\+RUQH
.RJDQ3DJH/WG ,6%1 ÍÔÑÖÑÐÏÎÕÔ %N &G5RPHGLWLRQ
-XQHÏÍÍÏ
ÏÏ
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³
½yZÀ°· ±Z¯{Z ±ÈÀpd«YyZ©ZdY
¹Zº§
]Zº´¯ ¾zº¯
%XVLQHVV3ODQ ¾¬º mzº
±ÈÀpd«YyZ©ZdY ½yZÀ°·±Z¯{Z
Ð ¥È½uZ·zÀ¯¶#º§¾°Zzd§u±Z]ZÀs {Yzc²À¿Zz¾«¹±Z]ZÀs±Yz¸c
ZZZMRELUDQFRP
¾¬mz ]Z´¯¾z¯ ¹Z§ ±Yº´
½yZ¿¡uZ ¾°Z·vÀ°o ½y¹MuzÎÐÕÎ µZ¯ b¸^¿uyY yZd³Y r¿yZc
ÕκÏÑÎÏÐÑ yY|-v§
½|¿y¶¯Z³z]¹ aZ«Z¯µyYuY YzkY¹ ayZ³
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
bz¸ «Y ¶¯v¤¯ºÎ
Î Z¸d¿Z¾z¯ºÏ ÎÒ [Zd§¾z¯ºÐ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¶¯v¤¯
½Yz]ªoµYy²¿zd¸]¶§v·u¾¯±Z³µvZl³Y½Z·yZ§aZÀ]zlc¹ aZ«Z¯j¿Zd³
¹ ªoYz¯Z°c¾´À]À¦#º§¹ uzsªZ¯t]yub¨¹ bY{Y½zÀ-º¬k
z¯Y ²Àtd¯ZdYy²¿Yyu bY±M±uº]¾£Y¹{Y±Z´À°Y¹ z³ uyº¯ª½Z¸d°£ ²¿zd°¸¯ vZ]¾¯ %XVLQHVV 3ODQ ¾¬¶¯Z³z]±M¹ v³YµvÀyvoY¹¿zc¦¿¶] ¾¬¶¯Z³z]¦¿yu vZ]¾¯ %3 ¾¬¶¯Z³z]¿zcªZ¯uZl¿Y¹ ¶«Z¯t] ªWZ¯z³uyº¯ªuZl¿Y¶]ª¿Z°cª¿Çu¹ µv¶WYyYz³uyº¯ª{Y¾¬¯Z§¿zc
uuz-¾¯±ZÀ] ¹ ¶ºc±Z¿{¹ uºY¹¹z¾³Z-y{Z]¾«Z¯¾d¿z¿v¯
¹ ±Yz.¿uyZ§j¿Zd³¶]¾zdub³zd´¿Y¶¬°k{Y¹ ¾³ZyÈYyY|]Y¶ºcZ]µ{¹z¯Y
²¿Y bY¶d- z¿x±Z¨¯YuZ¿{bzZ]¹ ¾doYz]±Yz³\oZaZÀ]zlc{YµuZ dY
Zl³Yb³zd´¿Yyu¾¬½Z·¶¯Z³z]¶´À¯{yu¶§bY½¹Z§¹v´§¹ ºldkªZo¶dº³ ¶´À¯{yuµy¹Z¯aZ¯vs¶WYyY¹ ¾³ZyÈYz¯Y¶]½yZ°À]|§Yz¯¹ aZR¯ bYµv ¹ ¹z¯b¿ZµZl´²À]²¿Y{Y¶§v´d·©º¯½yZlc½Z¸oz½z.³{Z]¹ ¶À¸c
bYµv¾z¯yY|-²¿Y yuz^d¯
Z]±Yz]yZ§¶§v´d·©Z½uZ¿{½Z¸d¿Zyº§x¯¶´À¯{yu¶§bYz§w¶]{Ç
bYuv´·Yºs¾zduZ¸³M¶]zdÀ]½ºldk
«Y
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
Z¸d¿Z¾z¯Î
½Z·yY|Y z³¹ %XVLQHVV3ODQ ¶´À¯{yu¶§¾d³zd´¿Yb¿ZµZl´t]²¿Yyu bYµv¾z¯v´´§¾¯¾³ZyÈY¶º]z¯
KWWS ZZZDOOEXVLQHVVFRPFPW,QIRUPDWLRQ WRSBOHYHOMKWPO"IQDPH ¤£
b¿Z²¿YaZ¯vs{Y¾t] vZ]¾¯ayZlc¶´À¯{yu¾^«Zk\«Z¯ª¯Zb¿Z²¿Y
{Y|À³½yZlc½Z·¶´À¯{z.¿uyu²À´$°· vZ]¾¯±M®À´c¹ ¶À¸cµºp³¹ %3 ¶´À¯{yu
}zduyu½vÀ ¯aZÈY ¹ Y¹bsYuz¹ Y¹aZÀ«Z¯¶^Zp¯½yYv]ZoªÀ^£
uyYuyYz£±Yv´°£È
KWWS KRPH¡DPHULFDQH[SUHVVFRPVPDOOEXVL QHVV7RROEL]BSODQLQGH[DVS
¦#º§yZ§¹ \§¦¿½Yz]%3 ¦¿¶À¸cv³¹y¾{º¯MµZ-yZ§¦¿¾b¿Z²¿Yyu
z·¹ µv®À¤c¶¬oz¯v´#¶]%3 ¦¿¶À¸c bYµv¶WYyY¶dzÀZc²¿{ZM¶¬oz¯{Y
¹ Z· WRROER[ ª¯Zb°£z·²À´$°· bYµvµuYunÀºcª¯Z§yº¶]¶¬oz¯ vZ]¾¯µv¶WYyY\«Z¯ªÀ°¨c½Yz]¾¿Z¸«Zh¯
¡ KWWS ZZZEFHQWUDOFRPDUWLFOHVH[SHUWD VS
ayZlc ¶´À¯{ yu ¾^«Z¯ ½¹Zo ¹ µuº] 0LFURVRIW b§z ¶] ¢¬d¯ b¿Z ²¿Y
¹ ¶º]z¯ ½Z· /LQN yY{Z] yu ¢À¤pc ½yYv]Zo ¾«Z¯ ]Z´¯ ¾]Z¿yY{Z] ¾¨À³¹zd¨«Y
vZ]¾¯
Î
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¢ KWWS ZZZEGUSURGXFWVFRP
¶]¹ ¦#º§½Z·yZ§¹ \§¶´À¯{yu¾³ZyÈY|§z¯¦¿±Yº´¶]b¿Z²¿Y
uyº¯yub¿Z²¿Yyu vZ]¾¯uº¾¯ b¿Yv·©|´¯{Y¶§¾¿Z·yZ§¹ \§ ºs
bYµv¾³ZyÈYbÀ¤º¯yY|]Y¹ yZ§¹ \§yubÀ¤º¯¾´¿zMyZ§Z·bÀ¤º¯
£ KWWS ZZZEL]SODQVFRP
ªoYz¯%3 ¶À¸c½Z·yY|Yz³¹ \d§¶´À¯{yu¾cZÈY¶]vÀ³Yºc¾¯Z°b¿Z²¿Yyu
aZZ^cyY¾«Z¯¶¯Z³z]¶]zlcZ]uYzY{Y©YR%3 ¶À¸c½Yz]µy¹Z¯%3 ¶À¸c¾^Àczc
µuYuyYz£±Z-v´´§¶kYz¯½Yz]¶³º°³½Z·%3 ²À´$°· vÀ´§YvÀ¾zdu ¹ ¶º]z¯ bYµv
¤ KWWS ZZZEL]SODQSUHSFRP
µ{¹z¯Y¶§vZ]¾¯½Y¶zo%3 ¦¿¶À¸c½Yz]²À^Zt¯±uz§µuZ¯Mb¿Z²¿Yv·
yZd³Y¹y²¿YZ]µvµuZ¯M½Z·%3 {Y vZ]¾¯±Z-v´·uY¹¹ ±YyYx-¶¿Z¯z¶£Èuyº¯ u¹y¾¯bÀ¤º¯
¥ KWWS ZZZEL]SODQLWFRPYSODQKWP
%3 ¦¿¶À¸cZ]¶§bYbÀ£Y¹¶]µv¿Y¦¿{Y±Yz]yZ§¾¿Z°´·Yy±Z¯{Z²¿Yv·
¶]kYy¾¬¯Z§aZpÀºcª¯Zb¿Z²¿Y²À´$°· uº¾¯Zl³YnY¹¹ v´°{yY½º£
vZ]¾¯%3 ¦¿¬dt¯½Z·b°£
Ï
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¦ KWWS ZZZSDORDOWRFRP
¾«Z¯yº¯Y¹ %3 ¶À¸c¶´À¯{yu¶§¾ ¬dt¯½Z¸]Zd§¹ Z·yY|Yz³¾z¯¶]b¿Z²¿Y
b¿Z²¿Y¢¿z{Y¾¨À³¹zd¨«Yv¿zs¹ yZ ±Z¨¯Y u{Yuz¾¯bYµv¶À¸cZ·b§z
vZ]¾¯®·Yz¡ºaǺp¯½Yz]
§ KWWS ZZZEL]SODQH[SHUWVFRP
yuYyuºsaZ¯vs¶R¯²¿Y u{Yuz¾¯%3 ¶À¸c¶R¯¦¿¾z¯¶]b¿Z²¿Y
¶R¯ ²¿Y ¶] ±Yºc¾¯ Yy %3 ¦¿ ¬dt¯ ½Z·t] v·u¾¯ ¶WYyY ¶k¹ bZ¿yu LY{Y
uuz-¾yz]¹ ¶«Z¯±M½¹y½Y¶zoayº]ZcuYuyZ
KWWS ZZZESLSODQVFRP$ERXW¨ 8VKWP
¶À¸cYy¾¿Z·mzb§z²¿Y vZ]¾¯½Y¶zo½Z· %3 µv´´§¶À¸c %3, ¶R¯
¹ ¾¬p¯½Z¸ZÀ¤¯yu+y|]¹ ¦#º§½Z·b§z¶´À¯{yu½|¿Yºkµv³z]¶§bYµuz§ |À¯MµzZt¯½yYx-¶¿Z¯z¶´À¯{yuv´°{yY¶³Yºd¦¿{Y%3, bYµuº]¾¬¬°«Y²À] ±Yz]yZ§½Yz]®·¶R¯²¿Y½Z·mz bYyYuyºsz]½yZlc¶ºc¹ ¾]Z¿yY{Z]¾«Z¯yº¯Y
bYt]¶lÀd³¹ vÀ ¯±YyYx-¶¿Z¯z½Yz]®·¹
KWWS ZZZESODQVFRP
Ð
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
²À´$°· ¹ ¶dsYuz %3 ¦¿ ¬dt¯ ½Z·t] nÀºc ¹ ¾z¯ ¶] b¿Z ²¿Y
¹ \§¶´À¯{yu¶³º°³½Z· %3 ²À´$°· v´§¾¯¶WYyY %3 ¶À¸cb¸k¾¿Z·yY|Yz³
uyYuyYz£}zduyu%3 ¦¿¶À¸c¾.³º.#¶WYyY½Yz]¦#º§½Z·yZ§
KWWS ZZZEXVLQHVVSODQVRUJ
aZÈY v³Yµv¾z¯¶³º°³½Z·%3 ¹ Z·½&cYzdYZ·yY|Yz³]Z´¯b¿Z²¿Yyu
bYµv¶WYyY¹ ¶À¸c±Yv´°£ÈµuZ dY½Yz]µuZ¾³Z]{Z]¹ ¾{º¯Mayº]b¿Z²¿Y
¡ KWWS ZZZEXVLQHVVWRZQFRPSODQQLQJFUHD WLQJGHYHORSLQJDVS
{Y¾^«Z¯ bYµuz§¶WYyYyZ§¹ \§¬dt¯½Z·¶´À¯{yu¾^«ZkaZÈYb¿Z²¿Y
\§½yYx-¶¿Z¯z¾´¿zMyZ§½yZlc½Z·mz½yZlc½Z·bz\d§¾z¯ªÀ^£ \«Z¯²À´$°· ¹ ¶WYyY¹z¾]Z¿yY{Z]yZ§¹ \§b¿z¿v¯b³zd´¿Y©|´¯yuyZ§¹ uyYuyYz£}zduyuZ·%3 ¶À¸cuyº¯yu¾¯Zk
¢ KWWS ZZZEXVLQHVVFRQILGDQWFRP
½yZlcyº¯Yyu¾¿Z°´·Yy¹ %3 ¶À¸c¶´À¯{yu¾¿Z¨¿z¯Yb§z¦¿b¿Z²¿Yyu
bYµv±ZÀ]¶¨¿yº¶]b§z²¿Y bYµv¾z¯yZ§¹ \§½{Yv³YµYy¹ ¾³Z-y{Z] b¿ZZ¿¹ b§z¶]¶kYz¯Z]v´³Yºc¾¯uYzY vZ]¾¯¶´À¯{²¿Yyu¾³Çº¢]Yº½YyYu v³uz-v´¯µz¸]±M½Z·¾¿Z°´·Yy¹ µy¹Z¯{Yb§z Ñ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
£ KWWS ZZZEXVLQHVVQDWLRQFRPOLEUDU\
¾«Z¯yº¯Y¾³Z³Y]Z´¯v´³Z¯yZ§¹ \§¬dt¯ªWZ¯¶´À¯{yu¾cZÈYb¿Z²¿Y
¹z ¹ ¾]Z¿yY{Z] b¿z¿v¯ aYyz¤¯ ¹ ²À³Yº£ À¬^c ¹ ¾¸-M ¾´¿zMyZ§ ½yYv]Zo ¹ bYµuz§¶WYyY¾¬¬°«Y²À]¹ ¾¬p¯]Z´¯|À³¹ ½yZlc½Z·b§z
¤KWWS ZZZEXVLQHVV FRP
%XVLQHVV ¶´À¯{yu¾ ¬dt¯aZºº¯¶]¶§bY¾¨À³¹zd¨«Y¶¬l¯¦¿b¿Z²¿Y
\§¶]º]z¯yZ^sY[Zd§¾z¯{Y®Y¾ ¬dt¯½Z·t]¶¬l¯²¿Yyu bY¶dsYuz uyYuyYz£ ¹ ¾³Z¸kayZlcyZ§¹
¥ KWWS ZZZEXVLQHVVSODQPDGHHDV\FRP
±Yºc¾¯²À´$°· uYuyZ %3 ¦¿z³uyº¯¶´À¯{yu±Yºc¾¯b¿Z²¿Y¢¿z{Y
¶À¸c½Yz] uº°³bZ¿yuYy±ZZ´yZ§rZ¹ µvÀzb¿Z¢¿z{YYyz³uyº¯aÇYR
uº°³bsYuzYyµv²ÀÀc¶´¿|·v¿Z]%3 ©ZyY¹
¦ KWWS ZZZEXVLQHVVSODQIXQGLQJFRPFRVWK WPO
¶]b¤À¤oyu¶§vZ]¾¯Z¨¿z¯Yyu ,5$1HWZRUN b§z¶]¢¬d¯b¿Z²¿Y
¹ \§¶ºcZ¿¹ ¶À«¹Y½Z·¶¿Z¯z¾«Z¯]Z´¯%3 ¶À¸c½Yz]¶Y¹Z¿©Çu¦¿±Yº´
Ò
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
yu¾^«Z¯¶§uyYu%3 ¶À¸c¶] ZdsYb¿Z²¿Y{Y¾t]²À´$°· v´§¾¯ª°yZ§ bYµv¶WYyY±Yz]yZ§¾¿Z°´·Yy±Yº´¶] ºs²¿Y
§ KWWS ZZZEXVLQHVVSODQVFRXN
\«Z¯²¿Y{Y¾sz] bYµv¶WYyY%3 ¶]kYy½vÀ ¯¹ º´d¯\«Z¯b¿Z²¿Yyu
½Z·%3 yY|Yz³¾z¯[Zd§¾z¯%3 ¶À¸c¶]º]z¯½Z·b¿Z¾z¯ {Yv´cyZ^ ¹ ¾d³zd´¿YaZ¯vs¾{º¯M½Z·µy¹u¾¨À³¹zd¨«Y
KWWS ZZZEXVLQHVVSODQFRP
b¿Z²¿Yyu vZ]¾¯%3 ¶]º]z¯½Z·yY|Yz³¹ [Zd§zZ³¦¿¶]¢¬d¯b¿Z²¿Y
yu½v´°{yY|¿Yºkµv³z]zZ³²¿Y v³Yµv¾z¯b§z²¿Yºcµvzd´¯½Z¸]Zd§ ½Z·¶´¿|·v¿Z]b¿Z ²¿YaZ¯vs{YµuZ dY½Yz] vZ]¾¯%3 ¶]º]z¯\d§z³¶´À¯{
uº°³bsYuzYyµv²ÀÀc
KWWS EXVFRORUDGRHGXIDFXOW\ODZUHQFH GRFXPHQWVWHPSODWHVKWP
½Z·t]b¿Z²¿Yyu vZ]¾¯¹uYz¬§µZ.³Yu¾´¿zMyZ§|§z¯¶]¢¬d¯b¿Z²¿Y
½Z·º.«Y{Y¶³º°³v´#²À´$°· v³Y¶dz-yYz£fp]uyº¯ª¯Z§yº¶] %3 ¦¿¬dt¯ bYµv¶WYyY%3
Ó
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
KWWS ZZZGFHGVWDWHXWXV1$9OLEUDU\E L]XWDKWLWOHKWP
yº¯YZl³Y¾.³º.#b¿Z²¿Yyu vZ]¾¯Z¨¿z¯Y½Zcº¿¾d«Z¿Yb«¹u¶]¢¬d¯b¿Z²¿Y
¹z½Yz]%3 ¶À¸c¶]{ZÀ³¶]¶kºcZ]²À]²¿Yyu bYµvn¿zcb«Z¿Y²¿Yyu½yZlc
½yZlc²À³Yº£{Y¾] bYµvµuy¹Mª¯Z§yº¶]|À³%3 ¦¿¶À¸cµºp³yZ§¹ \§ vZ]¾¯Zcº¿©Yyvb«¹u¶]º]z¯b¿Z²¿Yyuµv¶WYyY
¡KWWS ZZZHEXVLQHVVSODQVRIWZDUHFRP
{Y±Yºc¾¯yY|Yz³²¿Yv¿zs½Yz] u{Yuz¾¯%3 ¶À¸cyY|Yz³¦¿¾z¯¶]b¿Z²¿Y
¶§uyYuuºk¹b¿Z²¿Yyu|À³ ½z.¿u½Z·t]²À´$°· uYuyZ b¿Z²¿Y¢¿z
bY¶dsYuz%3 ¹ %XVLQHVV ¶´À¯{yu½vÀ ¯½Z·b¿Z¾z¯¶]
¢KWWS ZZZHODQFHFRPFUISPDLQSRVWMRE SO"WHPSODWHBLG ¤ ULG ,+3
½yZlcyº¯Y ¹ ¶ºcb¿z¿v¯½{Yv³YµYyuyº¯yuµy¹Z¯aZ¯vs¶WYyY¶]b¿Z²¿Y
¹ µuº°³uyY¹Yyuºs½Z·{ZÀ³uºsyZ§¶´À¯{yuaZÈY¶WYyYZ]v³Yºc¾¯z]yZ§ u{Yuz¾¯
v¿Z°³bZ¿yuYyyº]|¯¶R¯±ZZ´yZ§rZ
£ KWWS HQWUHSUHQHXUVDERXWFRPFVEXVSODQ FRQWHVWVLQGH[KWP
²¿Y{Y¾t]²À´$°· uyYuz]yu¾¯Zk\«Z¯¾´¿zMyZ§ ºsyub¿Z²¿Y
²¿Y½Z·t]z.¿u bYµv¶WYyYª ¯yº¶]¶§bY %3 ¶À¸c¶]º]z¯\«Z¯ Ô
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
Z·µ{Zc¹ yZ^sY¹ ¹ ±Z´§yZ§yº¯Yb¿z¿v¯¾]Z¿yY{Z]v´³Z¯ayZlc¶]º]z¯yº¯Y¶]b¿Z uyYu ZdsY
¤ KWWS ZZZJURZWKLQNFRPIODVKIODVKBIUDP HVHWKWP
¾d´ ½yZlc½Z·mz¶À¸c ºsyuµy¹Z¯b§z¦¿¶]¢¬d¯b¿Z²¿Y
²¿Y bYµuz§¶À¸caZR¯¹ Z·b§z½Yz]mz ÎÏÒ {YÀ]±º´§Zc¶§bY
¹ ±YyYx-¶¿Z¯z Z] aZZ^cyY ½yZlc ½&cYzdY yY{Z] yu ¢À¤pc ¶´À¯{ yu b§z
v·u¾¯¶WYyYaZ¯vs½yYx-¶¿Z¯zaZZ^cyY½{Zv´d¯
¥KWWS ZZZKMYHQWXUHVFRP
¢À¤pc%3 ¶À¸cµy¹Z¯ ºsyu¾¬¬°«Y²À]b§z¦¿µy¹Z¯aZ¯vsb¿Z²¿Y
v´§¾¯¾z¯YyyY{Z]½&cYzdY¹ ¶À«¹Y¶¿Z¯z¶À¸cyY{Z]yu
¦ KWWS ZZZKRPHEXVLQHVVWN
²À´$°· bYµv¶WYyYyZ§¹ \§¦¿½{Yv³YµYy ¶]kYy¾^«Z¯b¿Z²¿Yyu
µv¶WYyY½yZlcyº¯Yyub§yZ¯¹ ½{Yv³YµYy½Yz]uYzYl´ ºsyu¾¿Z¸dc bY
§ KWWS ZZZLFRGHFRP
Õ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
½Yz] u{Yuz¾¯¾³Z-y{Z]¹ ½yZlcyº¯Y ºsyu¾¿Z·yY|Yz³¾z¯¶]b¿Z²¿Y
uº°³yZ ¶]Yv£Yb¿Z²¿Y¢¿z{Y±Yºc¾¯Z·yY|Yz³²¿Y¶À¸c
¡ KWWS ZZZLQFFRP
yu½vÀ ¯aZÈYª¯Z²À´$°·b¿Z bYµv¾z¯,QF ¶¬l¯b¿Z²¿Yyu
ayZlcyub³zd´¿Yuz]yZ§¾¨À³¹zd¨«YayZlcv´³Z¯¾³Z-y{Z]¹ ½yZlc¬dt¯½Z·¶´À¯{
uyYu ¹ %3 ¶À¸c¾³Z³Y]Z´¯±v¾³Z¸k¹z
¡KWWS ZZZLQWHUQDOEXVLQHVVSODQVFRXN
yº§yu¾¬sYu½Z·%3 ¶´À¯{yu¶§0LOOHU ²¿y¹Z¯¶R¯¾z¯¶]b¿Z²¿Y
½z.¿uaZÈYµYz°·¶]%3 ¶À¸c¹yb¿Z²¿Yyu u{Yuz¾¯v´§¾¯bÀ«Z±Zd¬.³Y yº§²À³Yº£¹ ¿Yz¶]¶kºcZ]aZÈY²¿Y¶§bYz§w¶]{Ç bYµv¶WYyY
bYµv®·Yz±Zd¬.³Y
¡ KWWS ZZZMLDQFRPZRUNVKRSLQGH[KWP
aZÈYb¿Z²¿Yyu vZ]¾¯-,$17RGV)RU6DOHV b§z¶]¢¬d¯b¿Z²¿Y
²¿Y :RUNVKRS t]yu bYµv½y¹Muz-½yZlc¬dt¯½Z·¶´À¯{yu½vÀ ¯ ªÀ c¶]±M¬dt¯½Z·b°£¹ %3 ¶À¸c¾.³º.#%3 ¶À¸cª¬ ºsyub¿Z
b¿Z²¿Yyuv³¹y¾¯yZ¨]%3 ¶À¸c½Yz]¶§¾¿Z·yY|Yz³²À´$°· bYµvµuYunÀºc
bYµv¶dYx-¹zz¯yu
Ö
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¡¡KWWS ZZZNH\EXVLQHVVSODQVFRP
t] uyYuuºk¹ %3 ¶À¸cuyº¯yu¾¬§ayº]½zdt¯aZÈYb¿Z²¿Yyu
uyYu ZdsYyY|Yz³¹z¹ y¹uµYy{Y½Yµy¹Z¯aZ¯vs¶WYyY¶]b¿Z²¿Yµv°
¡¢KWWS OHJDONLWVWRUHFRPEXVLQHVVWLWOHV EL]SODQKWPO
yu µuZ dYb¸k%XVLQHVV3ODQ.LW ±Yº´bpc%3 ¶À¸c½º.«Y¦¿b¿Z²¿Yyu
GRZQORDG Yy±M±Yºc¾¯¶º]z¯¶´¿|·bsYuzZ]¶§uyYuyYz£½yZlc½Z·mz¶À¸c
uz§
¡£KWWS ZZZPDUNHWUHPDUNVFRPGHSDUWPHQWV SURGXFWLYLW\FHQWHUVKWPO
¾«Z¯½Z·mz¾d¿z¿v¯½Z·mz%3 ¶À¸c¶´À¯{yu¾º´d¯aZÈYb¿Z²¿Yyu
uyYuyYz£}zduyu%3 ¶]º]z¯\d§¾z¯¾¹z½Z·yY|Yz³¾oYzyY|]Y
¡¤KWWS ZZZPRUHEXVLQHVVFRP
±Mb¿z¿v¯yZ§¹ \§¦¿ ¹z¾.³º.#¶´À¯{yu¾^«Z¯¶WYyY¶]b¿Z²¿Y
Z·µ{Zc¹ yZ^sY¶]¾¿Z·t]²À´$°· bY¶dsYuz ¹ ¾]Z¿yY{Z]aZ¯vs¹ aYvÀ«ºc
uyYu ZdsY±Z.¿Yy¶¬l¯¦¿¥YzdY¹ ¾.d ·²¿¹Z´
¡¥KWWS ZZZP\EXVLQHVVDQDO\VWFRP
ÎÍ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
½yZlc½Z·%3 ¶À¸c¹ ayZlc ºsyu½Yµy¹Z¯¶R¯¦¿¶]¢¬d¯b¿Z²¿Y
ayº]a¹Z d¯½Z· %3 ¶À¸c½Z·Z°´·YyªÀ^£{Yb¿Z²¿Yyuuºkº¯aZÈY bY
uzÀ-¾¯yYz£±Z-v´´§¶kYz¯yZÀdsYyu¾¹z
¡¦KWWS ZZZQHWD[VFRPaESV
½yZ§¶´À¯{¹ µv¿Y¶WYyYZ]±Yºc¾¯ vZ]¾¯%3 ¶zªp¯¦¿b¤À¤oyub¿Z ²¿Y
²¿Y uº°³bZ¿yu½yZlcmz¶º]z¯¶´¿|·bsYuzLY{Yyu¹ uYuyZ Yy%3 ¦¿¶À¸c
v´§¾¯bÀ«Z¶´À¯{²¿YyuÎÖÖÒ ©Z{Y¶R¯
¡§KWWS ZZZQWLDGRFJRYRSDGKRPHPWGSZHE EXVSODQRKWP
²¿Y{Y¾t]yu vZ]¾¯Z¨¿z¯YaZÈY¹ aZZ^cyY¾¬¯±Z¯{Z¶]¢¬d¯b¿Z²¿Y
uyº¯yub¿Z²¿Yz.¿u½Z·t] bYµv¶WYyY%3 ¶À¸cuyº¯yu¾¬§mz¦¿b¿Z
v·u¾¯nÀºc ¹ yZ^sY±MaYyZd³Y±Z¯{Z
¢KWWS ZZZSDVZDUHFRP
±Yz]yZ§ u{Yuz¾¯½yZlc½Z·mz¶]º]z¯\d§¹ yY|Yz³ ¾z¯ ¶] b¿Z ²¿Y
v´¿Z°´]yY|Yz³v¿zs¶]Yv£YyZ b^gZ]v´³Yºc¾¯
ÎÎ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¢KWWS ZZZSODQLJHQWFRP
¹ ¶À¸cyº´¯¶]Z¨¿z¯Y3ODQLJHQW ¶R¯½Yµy¹Z¯aZ¯vs ºsyub¿Z²¿Y
¶º]z¯¶k¹bsYuzZ]¶R¯²¿Y½Yµy¹Z¯aZ¯vs vZ]¾¯½yZlc½Z·mz½z.³{Z]
bYbZ¿yuª]Z£
¢ KWWS ZZZSODQPDJLFFRP
bÀ«Z%3 ¶À¸c¹ ½yZlc½Z·yY|Yz³¶À¸c¶´À¯{yu¶§bY¾d§z3ODQPDJLF
¶WYyYYyuºs½Yµy¹Z¯aZ¯vs¹ aǺp¯Z³²À°·Z]¾d¿Zyub§z²¿Y v´§¾¯
mz ¹ yY{Z] |À«Z³M ½yZlc ½Z·mz ¶À¸c ½Z·¶´À¯{ yu b§z ²¿Y aZ¯vs v·u¾¯ vZ]¾¯¾]Z¿yY{Z]
¢¡KWWS ZZZSODQZDUHRUJ
¶À¸c½yYv]Zo¾«Z¯½yZlc½Z·¶´À¯{yu¬dt¯½Z·yY|Yz³¾z¯¶]b¿Z²¿Y
uyYu ZdsY ¹ ¾]Z¿yY{Z]%3
¢¢KWWS EXVLQHVVUHDGHUVUHPRWHFRP
yu vZ]¾¯aZÈY½YyYu½yZlcfoZ^¯¬dt¯½Z·¶´À¯{Z°cyu>Z^¿z¤cb¿Z²¿Y
¹ b¿z¿v¯¾«Z¯yYº¯Y[Zd§½yYvÀ´½Z¸]Zd§½yYv]Zo½yYx-¶¿Z¯z±º#¾¿Z·¶´À¯{
aZÈY½¹Zo ¹ ¾´¿zMyZ§¹ ¦#º§½Z·yZ§¹ \§¾¬¬°«Y²À]½yYx-¶¿Z¯z½z^·y
vZ]¾¯½vÀ ¯
ÎÏ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¢£KWWS ZZZURQDJKLRUJ
¶]¶¤]Z¯¦¿¾±Yz¿Yyu¶«Zz·uZÀ´]²¿Y vZ]¾¯¾¤³¹yuZÀ´]¶]¢¬d¯b¿Z²¿Y
Yv·Y½|¿Yºkuº¾¯t¯±Yy¹YubXÀ·ZYºc¶§½yZlc½Z·mz ±Z-v³z]
µZ.³Yu¾d´½yZlc½Z·mz¶¤]Z¯yuYyZ¸³Mmz bÀoÈayºyu¹ v´§¾¯ %3 ®À´c¹ ¶À¸c ºsyu½vÀ ¯aZÈYb¿Z²¿Yyu v·u¾¯b§zuyº ³ZdY
bYµv¶WYyY
¢¤KWWS ZZZVEDJRY
aZÈYb¿Z²¿Y yu u{Yuz¾¯Z¨¿z¯Y6%$ ±Z¯{Z½Z·bÀ«Z¾z¯¶]b¿Z²¿Y
¾{º¯M ½Z¸È§ ¾d´ ¹ ½yZlc ½Z·voY¹ ½{Yv³YµYy ºs yu ½v´°{yY
uzÀ-¾¯yYz£±Yz]yZ§yZÀdsYyu%3 ®À´c¹ ¶À¸cµºp³uyº¯yu¾{º¯M½Z·µZ-yZ§
µvµuYuyYz£±Yz]yZ§yZÀdsYyu¶§uyYu¾¨À³¹zd¨«Y¶³Zt]Zd§¦¿²À´$°·b¿Z²¿Y
uyYuyYz£±Z-v´´§¶kYz¯Z°cyZÀdsYyu±Z.¿Yyayº]b¿Z²¿Y aZÈY bY
¢¥ KWWS ZZZVSULQJERDUGSODQVFRP
±Z´¿zMyZ§½Yz]%3 ¶À¸c¶´À¯{yu¾³ZyÈY¹ µy¹Z¯aZ¯vsZl³Y¶]b¿Z²¿Y
©ºoª]Z£µv¶dz-z³yu½Z·¶´¿|·bsYuz Z]b¿Z²¿YaZ¯vs uyYuayuZ^¯ bY
¢¦ KWWS ZZZXNRQOLQHEXVLQHVVJXLGHFRXN
ÎÐ
%XVLQHVV3ODQ ½Z¸d¿Z¾z¯ KWWS ZZZMRELUDQFRP
¶À¸c ¹ 60( ºs ¶] ½yZlc ¬dt¯ ½Z·¶´À¯{ yu ¾¿Z°´·Yy ¶] b¿Z ²¿Y
u{Yuz¾¯±Zd¬.³Yyu½yZlc½Z·mz
¢§ KWWS ZZZXVEXVLQHVVSODQFRP
¶À¸c ºsyuµy¹Z¯aZ¯vs86%XVLQHVV3ODQ µy¹Z¯¶R¯b¿Z²¿Yyu
v´§¾¯¶WYyY½%º«º´¨c¶´À¯{yu½yZlc½Z·mz
£ KWWS ZZZPSODQVFRP
¶]±Mµv°t]¹ µv¶WYyY½yZlc½Z·¶´À¯{yu½zdt¯aZÈYb¿Z²¿Y yu
uyYu ZdsY%3 ¶À¸c½Z·yY|Yz³¹ \d§¾z¯
ÎÑ
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
[Zd§¾z¯Ï
µv¿uz-¾z¯%XVLQHVV3ODQ ¶´À¯{yuµvzd´¯\d§{Y½uYvct]²¿Yyu
bY
7KH%XVLQHVV3ODQIRUWKH%RG\ -LP.DUDV
7KUHH5LYHUV3UHVV ,6%1 ÍÓÍÖÕÍÔÑÏÍ $SULOÏÑÍÍÎ
6XFFHVVIXO%XVLQHVV3ODQQLQJLQ¡ 'D\V $6WHSE\6WHS*XLGHIRU:ULWLQJD %XVLQHVV3ODQDQG6WDUWLQJ
VXOD0HGLD ,6%1 ÍÖÓÔÕÑÍÏÍÎ ÎVWHGLWLRQ $XJXVWÏÍÍÍ
7KH6XFFHVVIXO%XVLQHVV3ODQ 6HFUHWV DQG6WUDWHJLHV
5KRQGD 0 $EUDPV (XJHQH .OHLQHU
3DSHUEDFN
5XQQLQJ50HGLD ,6%1 ÍÖÓÓÖÓÐÒÏÍ ÐUGHGLWLRQ 0DUFKÎÒ
ÏÍÍÍ
2SHQLQJWKH;ER[ ,QVLGH0LFURVRIW V 3ODQWR8QOHDVKDQ(QWHUWDLQPHQW 5HYROXWLRQ
ÎÒ
[Zd§Z³
±Z- µv´¿º³
yZd³Y©Z ¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z ¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
±Z- µv´¿º³
'HDQ7DNDKDVKL
3ULPD3XEOLVKLQJ ,6%1 ÍÔÓÎÒÐÔÍÕÏ ÎVWHGLWLRQ $SULOÏÐ
ÏÍÍÏ
&UHGLW$IWHU%DQNUXSWF\ $6WHS%\6WHS $FWLRQ3ODQWR4XLFNDQG/DVWLQJ 5HFRYHU\DIWHU3HUVRQDO%DQNUXSWF\ 6WHSKHQ6Q\GHU
%HOOZHWKHU,QF ,6%1 ÎÕÖÎÖÑÒÍÍÖ 5HSULQWHGLWLRQ
-DQXDU\ÎÏÍÍÍ
7KH2QH3DJH%XVLQHVV3ODQ 6WDUW:LWK D9LVLRQ%XLOGD&RPSDQ\ -DPHV7-U+RUDQHWDO
2QH3DJH%XVLQHVV3ODQ&R ,6%1 ÎÕÖÎÐÎÒÍÔÏ ÖÍÍÍ HGLWLRQ
0D\ÎÖÖÕ
'LVFRYHUWKH:HDOWK:LWKLQ
+DUSHU&ROOLQV ,6%1 ÍÍÓÍÍÍÕÐÏÓ ÎVWHGLWLRQ $SULOÏÏÍÍÏ
&UHDWLQJDQG,PSOHPHQWLQJ
ÎÓ
yZd³Y©Z ¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
-RKQ0%U\VRQ)DUQXP.$OVWRQ
-RVVH\%DVV ,6%1 ÍÔÕÔÖÍÎÑÏÐ 2FWREHUÎÖÖÒ
6R
0RVE\*UHDW3HUIRUPDQFH ,6%1 ÍÖÑÐÎÐÒÒÐÏ -DQXDU\
ÎÖÖÑ
,PSOHPHQWLQJ
$0$&20 ,6%1 ÍÕÎÑÑÍÐÖÑÕ 'HFHPEHUÎÎÖÖÕ
7KH'HILQLWLYH%XVLQHVV3ODQ 7KH)DVW 7UDFNWR,QWHOOLJHQW%XVLQHVV3ODQQLQJ IRU$OO([HFXWLYHVDQG(QWUHSUHQHXUV 5LFKDUG6WXWHO\
)LQDQFLDO7LPHV3UHQWLFH+DOO ,6%1 ÍÏÔÐÓÒÖÏÎÖ ÏQG
HGLWLRQ $SULOÐÍÏÍÍÏ
6WUDWHJLF&RPPXQLFDWLRQVIRU1RQSURILW 2UJDQL]DWLRQV 6HYHQ6WHSVWR&UHDWLQJ D6XFFHVVIXO3ODQ 1RQSURILW/DZ )LQDQFHDQG0DQDJHPHQW6HULHV
ÎÔ
±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
±Z- µv´¿º³
-DQHO05DGWNH
-RKQ:LOH\ 6RQV ,6%1 ÍÑÔÎÎÔÑÓÑÒ %N 'LVNHGLWLRQ
$SULOÎÖÖÕ
5HWLUH(DUO\²$QG/LYHWKH/LIH
yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³
,6%1 %ÍÍÍÍÓÑÒ;Î -DQXDU\ÏÍÍÍ
$V6LFN$V,W*HWV 7KH6KRFNLQJ5HDOLW\ RI$PHULFD V+HDOWKFDUH$'LDJQRVLV DQG7UHDWPHQW3ODQ 5XGROSK-0XHOOHU
2OLQ)UHGHULFN,QF ,6%1 ÍÖÓÔÏÐÒÔÕÏ 1RYHPEHUÏÓÏÍÍÎ
7KH*XLGHWR5HWDLO%XVLQHVV3ODQQLQJ 7KH&RPSOHWH+DQGERRNIRU&UHDWLQJD :LQQLQJ3ODQIRU$Q\5HWDLO%XVLQHVV :DUUHQ*3XUG\
,QF3XE ,6%1 ÎÕÕÍÐÖÑÐÎÓ -XQHÎÎÖÖÕ
8SDQG5XQQLQJLQ¡ 'D\V $3URYHQ 3ODQIRU)LQDQFLDO6XFFHVVLQ5HDO(VWDWH &DUOD&URVV
'HDUERUQ3XEOLVKLQJ ,6%1 ÍÔÖÐÎÑÑÕÒ; ÏQGHGLWLRQ -XQH
ÏÍÍÎ
ÎÕ
[Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
&XUUHQW3UDFWLFHVLQ6WRFN2SWLRQ3ODQ 'HVLJQ
&RUH\ 5RVHQ (G &DUEHUU\ 6FRWW 5RGULFN5\DQ:HHGHQ
1DWLRQDO&HQWHUIRU(PSOR\HH2ZQHUVKLS ,6%1
ÍÖÏÓÖÍÏÔÎÔ $SULOÐÍÏÍÍÎ
.HHSLQJWKH)DPLO\%XVLQHVV+HDOWK\ +RZWR3ODQIRU&RQWLQXLQJ*URZWK 3URILWDELOLW\DQG)DPLO\/HDGHUVKLS -RVVH\%DVV0DQDJHPHQW6HULHV -RKQ/:DUG
%XVLQHVV2ZQHU5HVRXUFHV ,6%1 ÎÒÒÒÑÏÍÏÓÒ Î HGLWLRQ
-DQXDU\ÎÖÕÔ
:LQQLQJ(YHU\'D\ 7KH*DPH3ODQIRU 6XFFHVV /RX+ROW]+DUYH\0DF.D\
+DUSHUEXVLQHVV ,6%1 ÍÕÕÔÐÍÖÒÐÑ Î +DUSHUHGLWLRQ
6HSWHPEHUÎÖÖÖ
7KH*(:D\)LHOGERRN -DFN:HOFK V %DWWOH3ODQIRU&RUSRUDWH5HYROXWLRQ 5REHUW6ODWHU
ÎÖ
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
0F*UDZ+LOO7H[W ,6%1 ÍÍÔÎÐÒÑÕÎÓ ÎVWHGLWLRQ
yZd³Y©Z¹ zZ³
1RYHPEHUÏÐÎÖÖÖ
0DUNHWLQJ,QVWLWXWLRQDO0RQH\ 0DQDJHPHQW6HUYLFHV 0HHWLQJWKH 1HHGVRI7RGD\ V3ODQ6SRQVRUVDQG &RUSRUDWH7UHDVXUHUV 3KLOLS+DOSHUQ
0F*UDZ+LOO3URIHVVLRQDO3XEOLVKLQJ ,6%1 ÎÒÒÔÐÕÕÒÖÕ
6HSWHPEHUÎÎÖÖÒ
6WUDWHJLF3ODQQLQJIRU1RQSURILW 2UJDQL]DWLRQV $3UDFWLFDO*XLGHDQG :RUNERRN
0LFKDHO$OOLVRQ-XGH.D\H-XG\.D\H
-XGH.D\
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
-RKQ:LOH\ 6RQV ,6%1 ÍÑÔÎÎÔÕÐÏÏ %N 'LVNHGLWLRQ
yZd³Y©Z¹ zZ³
6LPSOLILHG6WUDWHJLF3ODQQLQJ $1R 1RQVHQVH*XLGHIRU%XV\3HRSOH:KR :DQW5HVXOWV)DVW
[Zd§Z³
-XO\ÎÑÎÖÖÔ
5REHUW : %UDGIRUG - 3HWHU 'XQFDQ
3HWHU
'XQFDQ
&RQWULEXWRU
%ULDQ
7DUF\
&KDQGOHU+RXVH3UHVV ,6%1 ÎÕÕÓÏÕÑÑÓÓ 6HSWHPEHUÎÖÖÖ
ÏÍ
±Z- µv´¿º³ yZd³Y©Z¹ zZ³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
$SSOLHG6WUDWHJLF3ODQQLQJ +RZWR 'HYHORSD3ODQ7KDW5HDOO\:RUNV
/HRQDUG *RRGVWHLQ 7LPRWK\ 1RODQ
&RQWULEXWRU -:LOOLDP3IHLIIHU
0F*UDZ+LOO3URIHVVLRQDO3XEOLVKLQJ ,6%1 ÍÍÔÍÏÑÍÏÍÒ
-XQHÎÎÖÖÐ
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³
6WUDWHJLF3ODQQLQJ
±Z- µv´¿º³
*HRUJH$OEHUW6WHLQHU
)UHH3UHVV ,6%1 ÍÓÕÑÕÐÏÑÒÐ ÎVWHGLWLRQ 0D\ÎÖÖÔ
7KH6XFFHVVIXO%XVLQHVV3ODQ 6HFUHWV DQG6WUDWHJLHV 5KRQGD0$EUDPV(XJHQH.OHLQHU
5XQQLQJ50HGLD ,6%1 ÍÖÓÓÖÓÐÒÏÍ ÐUGHGLWLRQ 0DUFKÎÒ
ÏÍÍÍ
-./DVVHU V
-RKQ:LOH\ 6RQV ,6%1 ÍÑÔÎÑÎÎÏÑÕ Î HGLWLRQ $SULOÎÐ
ÏÍÍÎ
ÏÎ
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³
%XVLQHVV3ODQ ½Z¸]Zd§¾z¯ KWWS ZZZMRELUDQFRP
7KH6XFFHVVIXO0DUNHWLQJ3ODQ $ 'LVFLSOLQHGDQG&RPSUHKHQVLYH $SSURDFK
5RPDQ * +LHELQJ 6FRWW : &RRSHU
&RQWULEXWRU
0F*UDZ+LOO 17& ,6%1 ÍÕÑÑÏÐÏÍÐÐ ÏQGHGLWLRQ
-DQXDU\ÎÎÎÖÖÔ
7HDP%DVHG6WUDWHJLF3ODQQLQJ $ &RPSOHWH*XLGHWR6WUXFWXULQJ )DFLOLWDWLQJDQG,PSOHPHQWLQJWKH 3URFHVV &'DYLV)RJJ
$0$&20 ,6%1 ÍÕÎÑÑÒÎÏÔÓ -XO\ÎÎÖÖÑ
6WUDWHJLF7KLQNLQJ 6HFRQG(GLWLRQ 7KH §6WHS$SSURDFKWR6WUDWHJLF3ODQQLQJ 6LPRQ:RRWWRQ7HUU\+RUQH
.RJDQ3DJH/WG ,6%1 ÍÔÑÖÑÐÏÎÕÔ %N &G5RPHGLWLRQ
-XQHÏÍÍÏ
ÏÏ
[Zd§Z³ ±Z- µv´¿º³ yZd³Y©Z¹ zZ³ [Zd§Z³ ±Z- µv´¿º³
yZd³Y©Z¹ zZ³ [Zd§Z³
±Z- µv´¿º³ yZd³Y©Z¹ zZ³
Related Documents
Business Plan 3
November 2019 11
Lec 3 Business Plan Stud
May 2020 3
Business Plan Template 3.pdf
October 2019 20
Business Plan
November 2019 33
Business Plan
July 2020 21