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  • 3. %HUW *URRW :HVVHOGLMN 8Z JDVWKHHU VHSWHPEHU 5DEREDQN *UDDIVFKDS1RRUG
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  • 5. -DQ WHQ +RYH 'LUHFWLHYRRU]LWWHU VHSWHPEHU 5DEREDQN *UDDIVFKDS1RRUG
  • 7. R|SHUDWLHI 'LYLGHQG YDQ QHWWRZLQVW 9DQDI WP EHVFKLNEDDU YRRU ORNDOH VDPHQOHYLQJ ¼ 5DEREDQN *UDDIVFKDS1RRUG
  • 8. 6SRQVRULQJ 1DDVW FR|SHUDWLHI GLYLGHQG LV YDQDI WP DXJXVWXV DDQ VSRQVRUJHOGHQ XLWEHWDDOG ¼ 8LW FR|SHUDWLHI GLYLGHQG HQ VSRQVRULQJ RQWYLQJHQ LQ GH]H SHULRGH YHUHQLJLQJHQVWLFKWLQJHQ HHQ ELMGUDJH 5DEREDQN *UDDIVFKDS1RRUG
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  • 15. 6WLFKWLQJ 9RHGVHOEDQN 5DEREDQN *UDDIVFKDS1RRUG
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  • 17. *HPHHQWH %HUNHOODQG SDUWLFLSDWLH ³*RXG LQ GH JURQG´ 5DEREDQN *UDDIVFKDS1RRUG
  • 18. 2QGHU]RHN ³3HUVSHFWLHYHQ YRRU GH *UDDIVFKDS´ 5DEREDQN *UDDIVFKDS1RRUG
  • 19. 6W *RUVVHOVH =ZHPEDGHQ 5DEREDQN *UDDIVFKDS1RRUG
  • 20. 'H (OI 0DUNHQ LQ *RUVVHO 5DEREDQN *UDDIVFKDS1RRUG
  • 21. 6WLFKWLQJ /HHUJHOG 5DEREDQN *UDDIVFKDS1RRUG
  • 22. HQWUXP YRRU -RQJ 2QGHUQHPHUVFKDS 5DEREDQN *UDDIVFKDS1RRUG
  • 23. 3XEOLHNVVWHUUHQZDFKW 3KRHQL[ 5DEREDQN *UDDIVFKDS1RRUG
  • 24. %HUNHO0LOLHX ³(WHQ JRRL MH QLHW ZHJ´ 5DEREDQN *UDDIVFKDS1RRUG
  • 25. )LOPWKHDWHU /X[RU 5DEREDQN *UDDIVFKDS1RRUG
  • 26. /HGHQ PHW NRUWLQJ QDDU GH WKHDWHU HQ VFKRXZEXUJ ƚͬŵ ǀĂŶĚĂĂŐ ϰ͘ϮϱϬ ŬĂĂƌƚĞŶ ǀĞƌŬŽĐŚƚ͊ 5DEREDQN *UDDIVFKDS1RRUG
  • 27. R|SHUDWLHIRQGV í DDQYUDJHQ ZDDUYDQ JHKRQRUHHUG í OHGHQ VWHPGHQ HQ YHUGHHOGHQ ¼ ZZZVWHPRSKHWFRRSHUDWLHIRQGVQO 5DEREDQN *UDDIVFKDS1RRUG
  • 28. R|SHUDWLHIRQGV *HPHHQWH %HUNHOODQG 5DEREDQN *UDDIVFKDS1RRUG
  • 29. 9RHWEDOYHUHQLJLQJ '(2 0RDWHQ %RUFXOR 5HQRYDWLH YDQ GH NDQWLQH HQ EHVWXXUVNDPHU ĂŶƚĂů ƐƚĞŵŵĞŶ ϮϮϲ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 30. 6WLFKWLQJ =ZHPEDG GH 0HHQH 5XXUOR .OHXWHU HQ SHXWHUEDG YRRU]LHQ YDQ JOLMEDDQ ,QULFKWLQJ DDQSDVVHQ DDQ KXLGLJH ULFKWOLMQHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϵϲ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ Ϯ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ Ϯ͘ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 31. ,-VFOXE 5XXUOR $IZHUNHQ QLHXZH FOXEKXLV ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϰϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 32. 6WLFKWLQJ 3URPRWLH 9RHWEDO YRRU .LQGHUHQ PHW HHQ %HSHUNLQJ 6WLFKWLQJ 'RHOSXQW
  • 33. *HOVHODDU .LQGHUHQ PHW HHQ EHSHUNLQJ RS HHQ OHXNH PDQLHU ODWHQ HUYDUHQ GDW LHGHUHHQ HHQ HFKWH YRHWEDOOHU LV ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϬϰ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭ͘ϵϱϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭ͘ϵϱϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 34. 2%6 'H 'ULHVSURQJ 5XXUOR 3ODDWVHQ SLFNQLFNWDIHOV WEY ILHWVURXWH 6FKRRO LV HHQ UXVWSXQW LQ GH URXWH ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϬϰ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭ͘ϮϱϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭ͘ϮϱϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 35. 6WLFKWLQJ 5HXUOVH 3RPSGDJHQ $DQEUHQJHQ NDVVD XQLW OLFKWUDLOV WUXVV
  • 36. /(' YHUOLFKWLQJ HQ ERXZODPSHQ RS RPOLJJHQGH WHUUHLQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϴϳ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϴ͘ϱϵϯ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϴ͘ϱϵϯ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 37. 9RHWEDOYHUHQLJLQJ (*99 WH *HOVHODDU +HW SODDWVHQ YDQ ]RQQHSDQHOHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϳϲ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϰ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϰ͘ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 38. 0X]LHNYHUHQLJLQJ $FFRRUG +DDUOR $DQVFKDI OHVVHQDDU YHUOLFKWLQJ YRRU OHGHQ HQ VFKHUSH WURPPHQ YRRU GH PDOOHWEDQG ĂŶƚĂů ƐƚĞŵŵĞŶ ϳϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ Ϯ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ Ϯ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 39. %RUFXOR V 0DQQHQNRRU 9HUYDQJLQJ HQ XLWEUHLGLQJ YDQ NR]DNNHQNRVWXXPV ĂŶƚĂů ƐƚĞŵŵĞŶ ϲϵ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 40. %ODDVNDSHO GH .QROOHQWUHNNHUV %RUFXOR $DQVFKDI EXJHOV ĂŶƚĂů ƐƚĞŵŵĞŶ ϲϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ Ϯ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ Ϯ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 41. 9HUHQLJLQJ .XQVWNULQJ 5XXUOR 9HUOLFKWLQJ YRRU .XOWXUKXV ĂŶƚĂů ƐƚĞŵŵĞŶ ϱϯ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϰ͘ϮϬϳ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 42. R|SHUDWLHIRQGV *HPHHQWH %URQFNKRUVW 5DEREDQN *UDDIVFKDS1RRUG
  • 43. 6W 9ULHQGHQ YDQ GH %XOW 6WHHQGHUHQ $DQVFKDI FRPELQDWLHWRHVWHO EHVWDDQGH XLW VFKRPPHOV ULQJHQ JOLMEDDQ NOLPZDQG ]DQGEDN HQ WRUHQ WEY ]RUJ HQ UHFUHDWLHERHUGHULM 'H %XOW LQ 6WHHQGHUHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϯϬϬ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 44. %DVLVVFKRRO 'H *DUYH :LFKPRQG +HULQULFKWLQJ VFKRROSOHLQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϮϬϲ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϴ͘ϭϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϴ͘ϭϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 45. 6WHXQVWLFKWLQJ $FKWHUKRHNV 3ODQHWDULXP 2OWKRI 6WHHQGHUHQ 5HDOLVDWLH YDQ GH HGXFDWLHYH GRHOVWHOOLQJ YDQ KHW SODQHWDULXP ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϵϴ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϴ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϴ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 46. 720 WKHDWHU RQGHU GH PHQVHQ 9RUGHQ $DQVFKDI JHOXLGVLQVWDOODWLH ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϲϴ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϰ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϰ͘ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 47. 6WLFKWLQJ 9HLOLQJFRPPLVVLH 9RUGHQ 'LJLWDOLVHULQJ NDVVD HQ DDQEUHQJHQ HQHUJLH]XLQLJH YHUOLFKWLQJ LQ ERHNHQUXLPWH ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϱϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϰ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϰ͘ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 48. 0X]LHNYHUHQLJLQJ 1LHXZ /HYHQ 6WHHQGHUHQ %DVLVVFKRROOHHUOLQJHQ NHQQLV ODWHQ PDNHQ PHW ]HOI PX]LHN PDNHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϱϬ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϯ͘ϴϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϯ͘ϴϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 49. 6HQVLUH 9RUGHQ ,QULFKWLQJ WXLQ YDQ 'H /LQGHQKRI ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϯϰ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 50. 779 %HNYHOG +HQJHOR JOG 5HDOLVHUHQ YDQ HHQ WRHNRPVWEHVWHQGLJ GXXU]DDP FOXEKXLV ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϬϮ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϵ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϰ͘ϭϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 51. R|SHUDWLHIRQGV *HPHHQWH %UXPPHQ 5DEREDQN *UDDIVFKDS1RRUG
  • 52. 5RGH .UXLV DIGHOLQJ %UXPPHQ $DQVFKDI GHILEULOODWRU WHQ EHKRHYH YDQ WUDLQLQJ ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϯϯ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭ͘ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 54. LR 2SULFKWLQJ YDQ HHQ ORNDOH HQHUJLH FR|SHUDWLH YRRU %UXPPHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϲϯ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϳ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϳ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 55. /6*5HQWUD ORFDWLH 0LFKDHOVKRHYH %UXPPHQ .LQGHUHQ OHUHQ RPJDDQ PHW HHQ FRPSXWHU LQ HHQ YHLOLJH RPJHYLQJ ĂŶƚĂů ƐƚĞŵŵĞŶ ϰϲ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϰ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 56. R|SHUDWLHIRQGV *HPHHQWH /RFKHP 5DEREDQN *UDDIVFKDS1RRUG
  • 57. 6WLFKWLQJ /HXVVLQNEDG /DUHQ $DQVFKDI YDQ HHQ ZDWHUVWRI]XLJHU URERW
  • 58. ĂŶƚĂů ƐƚĞŵŵĞŶ ϰϰϳ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϯ͘ϯϵϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϯ͘ϯϵϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 59. 69 $OPHQ 3ODDWVHQ YDQ ]RQQHSDQHOHQ WEY FOXEKXLV 9HUQLHXZHQ YDQ GH NOHHGDFFRPPRGDWLH HQ ERXZ QLHXZH NOHHGNDPHUV ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϳϰ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 60. 6WLFKWLQJ 0DUNH *RUVVHOVH +HLGH $DQVFKDIIHQ PDWHULHHO HQ JHUHHGVFKDS YRRU RQGHUKRXG YDQ GH *RUVVHOVH +HLGH ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϲϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϱ͘ϱϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϱ͘ϱϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 61. 'RUSVSOHLQZHUNJURHS RQGHU DXVSLFLHQ YDQ 9HUHQLJLQJ RQWDFW %DUFKHP +HW PDNHQ YDQ HHQ GRUSVSOHLQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϭϯϴ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϲ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϲ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 62. 6WLFKWLQJ 0XQLUD SURMHFW =RUJWXLQ *RUVVHO $DQOHJ YDQ HHQ EHVORWHQ UROVWRHOYULHQGHOLMNH EHOHYLQJVWXLQ PHW ZDWHURUQDPHQWHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϴϴ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 63. KULVWHOLMNH PX]LHNYHUHQLJLQJ 6ROL 'HR *ORULD +DUIVHQ $DQVFKDI EXJHO YRRU IDQIDUH RUNHVW ĂŶƚĂů ƐƚĞŵŵĞŶ ϴϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭ͘ϳϱϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭ͘ϳϱϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 64. /77 'H 7RHNRPVW /RFKHP $DQOHJ GXXU]DPH PXOWLIXQFWLRQHOH VSRUWYORHU LQ GH JURWH ]DDO YDQ GH -DQ :LVVLQNKDO ĂŶƚĂů ƐƚĞŵŵĞŶ ϴϱ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϭϬ͘ϬϬϬ͕ϬϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 65. 5LMYHUHQLJLQJ GH %HUJUXLWHUV %DUFKHP $DQVFKDI QLHXZ KLQGHUQLVPDWHULDDO ĂŶƚĂů ƐƚĞŵŵĞŶ ϴϰ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ Ϯ͘ϮϬϴ͕ϯϬ ŝŶĚƐƚĂŶĚ Φ Ϯ͘ϮϬϴ͕ϯϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 66. 6FRXWLQJURHS -DQ YDQ 5LHWEHHFN (HIGH $DQVFKDI IOH[LEHOH ZDQGHQ ĂŶƚĂů ƐƚĞŵŵĞŶ ϴϮ ĂŶŐĞǀƌĂĂŐĚ ďĞĚƌĂŐ͗ Φ ϭϬ͘ϬϬϬ͕ϬϬ ŝŶĚƐƚĂŶĚ Φ ϱ͘ϭϱϭ͕ϳϬ 5DEREDQN *UDDIVFKDS1RRUG
  • 67. R|SHUDWLHIRQGV *HPHHQWH =XWSKHQ 5DEREDQN *UDDIVFKDS1RRUG
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