hu
.LHJpV]tWĘIHOW|OWpVKĦWĘN|]HJJHO
$KĦWĘN|]HJNLJ\ĦMWpVHOHV]LYDWW\~]iV
$EHOWpULYDJ\NOWpULHJ\VpJPR]JDWiVDHVHWpQD]DOiEELHOMiUiVWYpJUHKDMWYD
J\ĦMWVHNLDKĦWĘN|]HJHW
1
.DSFVROMDNLDPHJV]DNtWyW
2
&VDWODNR]WDVVDDV]tYyFVRQNDODFVRQ\Q\RPiV~ROGDOiWDJi]ROGDOL
HO]iUyV]HOHSV]HUYL]FVDWODNR]yMiKR]
3
=iUMDDIRO\DGpNHO]iUyV]HOHSHW
4
7iSIHV]OWVpJPHJV]DNtWy
$EHOWpULpVDNOWpULHJ\VpJN|]WLNRPPXQLNiFLyHOLQGtWiVDPLQWHJ\
SHUFHWYHV]LJpQ\EHDWiSIHV]OWVpJUiDGiVDDPHJV]DNtWyEHNDSFVROiVD
XWiQ$OHV]LYDWW\~]iVLPĦYHOHWHW±SHUFFHODWiSIHV]OWVpJUiDGiVDD
PHJV]DNtWy21%HKHO\]HWEHNDSFVROiVDXWiQLQGtWVDHO
5
+DMWVDYpJUHDSUyED]HPHWDKĦWpVLPĦYHOHWKH]6:21%HpV
6:2)).L$NRPSUHVV]RUNOWpULHJ\VpJpVDYHQWLOiWRURNEHOWpUL
pVNOWpULHJ\VpJPĦN|GpVEHQOpSQHNpVPHJNH]GĘGLNDKĦWpVLPĦYHOHW
WHV]WHOpVH(J\N|UOEHOO|WSHUFHVKĦWpVLPĦYHOHWXWiQiOOtWVDD]6:
NOWpULV]HUYL]NDSFVROyWV]LYDWW\~OHNDSFVROy2)).LiOOiVEyO21%H
iOOiVED
*
1H]HPHOWHVVHVRNiLJDNpV]OpNHW21%HiOOiVEDQKDJ\RWW6:
NDSFVROyYDO*\Ę]ĘGM|QPHJDUUyOKRJ\DOHV]LYDWW\~]iVEHIHMH]pVHXWiQ
2)).LiOOiVEDNDSFVROMD
*
$]6:NDSFVROyWFVDNDNNRUiOOtWVD21%HKHO\]HWEHKDD]HJ\VpJ
NLYDQNDSFVROYD8J\DQDNNRUKDD]HJ\VpJOHiOODNRPSUHVV]RUOHiOOiVD
XWiQSHUFHQEHOOKLiEDiOOtWMDD]6:NDSFVROyW21%HKHO\]HWEHD
KĦWĘN|]HJNLJ\ĦMWpVHQHPIRO\WDWKDWy
9iUMRQSHUFHWDNRPSUHVV]RUOHiOOiVDXWiQPDMGNDSFVROMD~MUD21%H
KHO\]HWEHD]6:NDSFVROyW
6
$PLNRUDQ\RPiVPpUʱ03DNE±NJIFP
2
N|]|WWLpUWpNHW
PXWDW]iUMDHOWHOMHVHQDJi]HO]iUyV]LYDWW\~W
7
ÈOOtWVDOHDOpJNRQGLFLRQiOyW6:2)).LÈOOtWVDD]6:NOWpUL
V]HUYL]NDSFVROyW21%HiOOiVEyO2)).LiOOiVED
8
.DSFVROMDNLDIĘNDSFVROyWPHJV]DNtWyW
+DW~OVRNKĦWĘN|]HJHWW|OW|WWEHDOpJNRQGLFLRQiOyUHQGV]HUEH
HOĘIRUGXOKDWKRJ\DQ\RPiVQHPFV|NNHQ03DNJIFP
2
DOi
+DH]EHN|YHWNH]LNHJ\KĦWĘN|]HJJ\ĦMWĘHV]N|]VHJtWVpJpYHOJ\ĦMWVH
|VV]HDUHQGV]HUEHQOpYĘ|VV]HVKĦWĘN|]HJHWPDMGDEHOWpULpVNOWpUL
HJ\VpJHNiWKHO\H]pVHXWiQW|OWVHIHODUHQGV]HUWPHJIHOHOĘPHQQ\LVpJĦ
KĦWĘN|]HJJHO
)LJ\HOPH]WHWpV
$KĦWĘN|]HJV]LYDWW\~]iViQiOiOOtWVDOHDNRPSUHVV]RUWPLHOĘWWOHN|WQpD
KĦWĘN|]HJFV|YHNHW+DLGHJHQDQ\DJSpOGiXOOHYHJĘNHUODUHQGV]HUEHD
NRPSUHVV]RUNLKDVDGKDWpVVpUOpVWRNR]KDW
.LHJpV]tWĘKĦWĘN|]HJNLV]iPtWiVD
.LHJpV]tWĘIHOW|OWpVKĦWĘN|]HJJHO
$NLHJpV]tWĘFVĘYH]HWpNKH]V]NVpJHVKĦWĘN|]HJJ\iULODJQHPWDUWR]LNDNOWpUL
HJ\VpJKH](QQpOIRJYDDKĦWĘN|]HJPLQGHQFVĘYH]HWpNUHQGV]HUpWNLHJpV]tWĘ
KĦWĘN|]HJJHONHOOIHOW|OWHQLDWHOHStWpVLKHO\HQ7RYiEEiDV]HUYL]HOYpJ]pVpKH]
PHJNHOODGQLDD]HJ\HVIRO\DGpNFV|YHNPpUHWpWpVKRVV]iWYDODPLQWD
NLHJpV]tWĘKĦWĘN|]HJPHQQ\LVpJpWDNOWpULHJ\VpJ³+ĦWĘN|]HJPHQQ\LVpJH´
FtPĦDGDWWiEOiMiQHUUHV]ROJiOyPH]ĘNEHQ
$]HJ\VpJHWOHiOOtWiVXWiQW|OWVHIHODNLHJpV]tWĘKĦWĘN|]HJJHODIRO\DGpNHO]i
-
UyV]HOHSHQiWDFVĘWROGDWpVDEHOWpULHJ\VpJYiNXXPPDOYDOyPHJWLV]WtWiVD
XWiQ
+DD]HJ\VpJ]HPHOW|OWVHXWiQDKĦWĘN|]HJHWDJi]YLVV]DFVDSyV]HOHSHQ
iW EL]WRQViJL W|OWĘEHUHQGH]pVW KDV]QiOYD )RO\DGpN iOODJ~ KĦWĘN|]HJHW QH
W|OWV|QXWiQDDYLVV]DFVDSyV]HOHSHQiW
.LHJpV]tWĘKĦWĘN|]HJNLV]iPtWiVD
•
$NLHJpV]tWĘW|OWpVWDIRO\DGpNFVĘPpUHWHDNLHJpV]tWĘFVĘYH]HWpN
KRVV]DpVDFVDWODNR]WDWRWWEHOWpULHJ\VpJHNWHOMHVNDSDFLWiVDDODSMiQNHOO
NLV]iPtWDQL
•
6]iPtWVDNLDNLHJpV]tWĘKĦWĘN|]HJPHQQ\LVpJpWDMREEROGDORQOiWKDWy
HOMiUiVVDOPDMGW|OWVHEHDNLHJpV]tWĘKĦWĘN|]HJHW
•
NJQiONHYHVHEEPHQQ\LVpJHVHWpQNHUHNtWVHIHODNLV]iPtWRWW
PHQQ\LVpJHW
3pOGiXOKDDW|OWpVNLV]iPtWRWWPHQQ\LVpJHNJNHUHNtWVHIHONJUD
•
$EHOWpULHJ\VpJHNWHOMHVNDSDFLWiVDpVDNLHJpV]tWĘFVĘYH]HWpNHNKRVV]D
DODSMiQNLV]iPtWRWWNLHJpV]tWĘKĦWĘN|]HJPHQQ\LVpJHQHPKDODGKDWMDPHJD
NJRW
$EHOWpULHJ\VpJHNNDSDFLWiViUyOpVDNLHJpV]tWĘFVĘYH]HWpNKRVV]iUyOD
ZHEKHO\HQWDOiOKDWyNp]LN|Q\YEHQROYDVKDW
$WHUPpNEHPXWDWiVD
•
$]HJ\VpJ5$WtSXV~KĦWĘN|]HJHWKDV]QiO
•
$]5$KĦWĘN|]HJHWKDV]QiOyUHQGV]HUHNFV|YH]pVHHOWpUKHWD
KDJ\RPiQ\RVKĦWĘN|]HJHWKDV]QiOyUHQGV]HUHNpWĘOPLYHOD]5$
KĦWĘN|]HJHWKDV]QiOyUHQGV]HUHNWHUYH]pVLQ\RPiVDPDJDVDEE7RYiEEL
LQIRUPiFLyNDWD]DGDWN|Q\YEHQWDOiOKDW
•
$PiVWtSXV~KĦWĘN|]HJHNHWKDV]QiOyUHQGV]HUHNWHOHStWpVpKH]KDV]QiOW
HJ\HVHV]N|]|NpVEHUHQGH]pVHNQHPKDV]QiOKDWyND]5$KĦWĘN|]HJHW
KDV]QiOyUHQGV]HUHNKH]7RYiEELLQIRUPiFLyNDWD]DGDWN|Q\YEHQWDOiOKDW
9LJ\i]DW
•
1HHQJHGMHQ5$Ji]WDOpJN|UEH
.LHJpV]tWĘW|OWpV!
+ĦWĘN|]HJNLV]iPtWiVD
&VĘPpUHW
)RO\DGpNFVĘ
+
&VĘPpUHW
)RO\DGpNFVĘ
+
&VĘPpUHW
)RO\DGpNFVĘ
+
$FVDWODNR]WDWRWW
EHOWpULHJ\VpJHN
WHOMHVNDSDFLWiVD
0HQQ\LVpJD
EHOWpULHJ\Vp
-
JHNKH]
¡
ø9,52
ø12,7
±N:
NJ
PîJP
PîJP
PîJP
N:±N:
NJ
N:±N:
NJ
N:±N:
NJ
N:±N:
NJ
N:±N:
NJ
N:±N:
NJ
N:±
NJ
*\iULODJWDUWDOPD]RWWKĦWĘN|]HJPHQQ\LVpJH
0RGHOOQHYH
7DUWDOPD]RWWKĦWĘN|]HJPHQQ\LVpJH
PUMY-P250YBM
NJ
PUMY-P300YBM
3pOGD!
.OWpULHJ\VpJPRGHOO380<3<%0
$¡P
%HOWpUL 3N:
D¡P
3N:
E¡P
3N:
F¡P
3N:
G¡P
3N:
H¡P
$]HJ\HVIRO\DGpNFV|YHNWHOMHVKRVV]D
¡$DEFG P
¡H P
$EHOWpULHJ\VpJWHOMHVNDSDFLWiVD
N:
6]iPtWiVLSpOGD!
.LHJpV]tWĘIHOW|OWpVKĦWĘN|]HJJHO
75 ×
50,0
+ 15 ×
19,0
NJIHONHUHNtWYH
1000
1000
$]DOiEEL
N|UOPpQ\HN
N|]|WW