C Builder 2006 222 gotowe rozwiazania cbu202

background image

Wydawnictwo Helion
ul. Koœciuszki 1c
44-100 Gliwice
tel. 032 230 98 63

e-mail: helion@helion.pl

PRZYK£ADOWY ROZDZIA£

PRZYK£ADOWY ROZDZIA£

IDZ DO

IDZ DO

ZAMÓW DRUKOWANY KATALOG

ZAMÓW DRUKOWANY KATALOG

KATALOG KSI¥¯EK

KATALOG KSI¥¯EK

TWÓJ KOSZYK

TWÓJ KOSZYK

CENNIK I INFORMACJE

CENNIK I INFORMACJE

ZAMÓW INFORMACJE

O NOWOœCIACH

ZAMÓW INFORMACJE

O NOWOœCIACH

ZAMÓW CENNIK

ZAMÓW CENNIK

CZYTELNIA

CZYTELNIA

FRAGMENTY KSI¥¯EK ONLINE

FRAGMENTY KSI¥¯EK ONLINE

SPIS TREœCI

SPIS TREœCI

DODAJ DO KOSZYKA

DODAJ DO KOSZYKA

KATALOG ONLINE

KATALOG ONLINE

C++Builder 2006.
222 gotowe rozwi¹zania

Autor: Jacek Matulewski
ISBN: 83-246-0395-6
Format: B5, stron: 496

Firma Borland, producent cenionych œrodowisk programistycznych, po³¹czy³a swoje
trzy najpopularniejsze produkty: C++ Builder, Delphi i C# Builder, tworz¹c pakiet Borland
Developer Studio 2006. Jednym z jego elementów jest najnowsza wersja C++ Builder,
oznaczona symbolem 2006, która nadal pozostaje doskona³ym narzêdziem
do tworzenia aplikacji dla platformy Win32. C++ Builder 2006 pozwala na korzystanie
z biblioteki VCL, wywo³añ WinAPI i funkcji systemu Windows.

Ksi¹¿ka „C++ Builder 2006. 222 gotowe rozwi¹zania” to zbiór porad zwi¹zanych
z tworzeniem aplikacji dla systemu Windows. Wœród tytu³owych 222 rozwi¹zañ
znajdziesz sposoby wykorzystywania komponentów z biblioteki VCL, elementów
interfejsu programistycznego Windows (WinAPI), a tak¿e komunikatów systemowych
oraz technologii COM, OLE i ActiveX. Dowiesz siê, jak tworzyæ biblioteki DLL i jak
z nich korzystaæ, oraz nauczysz siê projektowaæ wspomagan¹ sprzêtowo grafikê 3D
za pomoc¹ biblioteki OpenGL.

• Korzystanie ze œrodowiska C++ Builder 2006
• Projektowanie okien aplikacji
• Operacje na rejestrze systemowym
• Tworzenie wygaszaczy ekranu
• Kontrolowanie dzia³ania aplikacji za pomoc¹ funkcji WinAPI
• Obs³uga po³¹czeñ sieciowych
• Tworzenie bibliotek DLL
• Tworzenie grafiki i animacji 3D

Wykorzystaj w pracy gotowe rozwi¹zania, sprawdzone przez najlepszych programistów

background image

6SLVWUH FL



:VWöS

&]ö è, %RUODQG'HYHORSHU6WXGLR 

5R]G]LDä 3R]QDMHP\&%XLOGHU 

3LHUZV]\SURMHNW  

3URMHNW$SOLNDFMD.RORU\ 

3URMHNW=PLDQDW\WXáXIRUP\  

3URMHNW=PLDQDQDSLVXQDSDQHOX  

3URMHNW8]JDGQLDQLHVWDQXNRPSRQHQWyZSRXUXFKRPLHQLXDSOLNDFML 

3URMHNW8VWDODQLHSR]\FMLRNQDSRXUXFKRPLHQLX 

3URMHNW=DSLV\ZDQLHSURMHNWXZSOLNDFK 

8VWDZLHQLDSURMHNWX 

3URMHNW=PLDQDW\WXáXLLNRQ\DSOLNDFML 

3URMHNW,QIRUPDFMHRZHUVMLDSOLNDFMLGRá F]DQHGRVNRPSLORZDQHJRSOLNXH[H 

3U]\JRWRZDQLHDSOLNDFMLGRG\VWU\EXFML  

$QDOL]DNRGXSLHUZV]HMDSOLNDFML 

.RQILJXUDFMD URGRZLVNDZZLHONLPVNUyFLH  

$XWRPDW\F]QH]DSLV\ZDQLHSOLNyZSURMHNWX  

'RVWRVRZDQLHPHQX)LOH1HZ 

2SFMHHG\WRUD  

'HEXJRZDQLHNRGX  

5R]G]LDä 8]XSHäQLHQLHZLDGRPR FLR&

:VND QLNL  

:VND QLNLGR]PLHQQ\FKLRELHNWyZ6WRVLVWHUWD 

=DJUR HQLD]ZL ]DQH]Z\NRU]\VWDQLHPZVND QLNyZ 

:VND QLNLGRIXQNFMLLPHWDZVND QLNL  

3RGVXPRZDQLH 

5HIHUHQFMH 

6]DEORQ\  

.ODV\ 

'HNODUDFMDNODV\3ROD  

.RQVWUXNWRU 

0HWRG\ 

2SHUDWRU\VNáDGRZH 

3U]HFKZ\W\ZDQLHVWDQGDUGRZHJRVWUXPLHQLDZ\M FLD  

:\M WNL  

background image



&%XLOGHUJRWRZHUR]ZLñ]DQLD

5R]G]LDä 3UDNW\NDSURMHNWRZDQLDDSOLNDFML]X \FLHPELEOLRWHNL9&/

6]WXF]NL]RNQDPL 

3URMHNWàDJRGQH]QLNDQLHRNQDSU]\]DPNQL FLX 

3URMHNW'RZROQ\NV]WDáWIRUP\]Z\NRU]\VWDQLHPZáDVQR FL

7UDQVSDUHQW&RORU  

3URMHNW=DP\NDQLHDSOLNDFMLQDFL QL FLHPNODZLV]D(VF 

3URMHNW$E\RNQRZ\JO GDáRWDNVDPRZV\VWHPDFK]Uy Q ZLHONR FL

F]FLRQNL 

3URMHNW$E\RJUDQLF]\üUR]PLDU\IRUP\ 

3URMHNW3U]HFL JDQLHIRUP\P\V] ]DGRZROQ\SXQNW  

3URMHNW:L]\WyZNDSURJUDPX VSODVKVFUHHQ  

5HMHVWUV\VWHPX:LQGRZV 

3URMHNW3U]HFKRZ\ZDQLHSRáR HQLDLUR]PLDUXRNQDZUHMHVWU]H 

3URMHNW$E\XUXFKDPLDüDSOLNDFM SR]DORJRZDQLXVL X \WNRZQLND 

3URMHNW8PLHV]F]DQLHLQIRUPDFMLR]DLQVWDORZDQ\PSURJUDPLH

DSOHW'RGDM8VX SURJUDP\  

3URMHNW*G]LHMHVWNDWDORJ]PRLPLGRNXPHQWDPL" 

3URMHNW'RGDZDQLHSR]\FMLGRPHQXNRQWHNVWRZHJR]ZL ]DQHJR

]]DUHMHVWURZDQ\PW\SHPSOLNX  

3OLNL,1,  

3URMHNW-DNXPLH FLüQDSXOSLFLHOXEZPHQX6WDUWVNUyWGRVWURQ\:::" 

3URMHNW-DNRGF]\WDüL]PLHQLüUR]PLDUIRUP\"  

=DJDGQLHQLD]ZL ]DQH]SURMHNWRZDQLHPHG\WRUyZ 

3URMHNW:F]\W\ZDQLHSOLNX]HZVND]DQHJRSU]H]X \WNRZQLNDSOLNX

2NQRGLDORJRZH72SHQ'LDORJ 

3URMHNW2NQRGLDORJRZHZ\NRU]\VW\ZDQHSU]\]DSLV\ZDQLXGRNXPHQWX

ZSOLNX  

3URMHNW3U]HV]XNLZDQLHWHNVWX2NQRGLDORJRZH7)LQG'LDORJ 

3URMHNW)RUPDWRZDQLHIUDJPHQWyZWHNVWXZNRPSRQHQFLH75LFK(GLW

2NQRGLDORJRZH7)RQW'LDORJ  

3URMHNW)RUPDWRZDQLHSRV]F]HJyOQ\FKDWU\EXWyZF]FLRQNL 

3URMHNW3RZLDGDPLDQLHRQLH]DSLVDQ\FKGRNXPHQWDFK 

3URMHNW:F]\W\ZDQLHGRNXPHQWX]SOLNXZVND]DQHJRMDNRSDUDPHWUOLQLL

NRPHQG 

3URMHNW-DNGRGDüDSOLNDFM GROLVW\HG\WRUyZGRVW SQ\FK]PHQX

NRQWHNVWRZHJRSOLNyZRGDQ\PUR]V]HU]HQLX"  

0HFKDQL]PGUDJ GURS 

3URMHNW0HFKDQL]PSU]HQRV]HQLDLXSXV]F]DQLDZREU ELHMHGQHMDSOLNDFML 

3URMHNW8HODVW\F]QLDQLHNRGX:\NRU]\VWDQLHUHIHUHQFML6HQGHU  

3URMHNW3U]HQRV]HQLHZLHOXHOHPHQWyZ 

3URMHNW2EVáXJDSOLNXSU]HQLHVLRQHJRQDIRUP ]]HZQ WU]QHMDSOLNDFML  

.RQZHUVMHRUD]RSHUDFMHQDáD FXFKDFKLGDFLH  

3URMHNW.RQZHUVMDPL G]\OLF]E LáD FXFKHP/LF]E\Z7(GLW

.RQZHUVMD]IRUPDWHPXVWDORQ\PSU]H]SURJUDPLVW  

3URMHNW3UH]HQWRZDQLHGDW\LF]DVXZSU]\MD]QHMSRVWDFL  

3URMHNW5R]NáDGDQLHGDW\LF]DVXQDHOHPHQW\  

3URMHNW-DNSU]HNRQZHUWRZDüGDW XWZRU]HQLDSOLNXQDGDW W\SX

7'DWH7LPHLSRWHPQDáD FXFK"  

3URMHNW-DNSU]HNV]WDáFLüáD FXFKQDSLVDQ\ZLHONLPLOXEPDá\PLOLWHUDPL"

0HWRG\NODV\$QVL6WULQJ  

3OLNLLV\VWHPSOLNyZ  

3URMHNW-DN]DSRPRF NRPSRQHQWyZ7'ULYH&RPER%R[7'LUHFWRU\/LVW%R[

7)LOWHU&RPER%R[L7)LOH/LVW%R[VWZRU]\üSURVW SU]HJO GDUN SOLNyZ"  

3URMHNW3U]HJO GDQLHNDWDORJyZZ)LOH/LVW%R[  

background image

6SLVWUH FL



3URMHNW7ZRU]HQLHSOLNXWHNVWRZHJR 

3URMHNW2GF]\W\ZDQLHSOLNyZWHNVWRZ\FK 

3URMHNW3RPLMDQLHOLQLLNRPHQWDU]DZSOLNDFKWHNVWRZ\FK  

3URMHNW5HMHVWURZDQLH]GDU]H ZSOLNDFKWHNVWRZ\FK  

3URMHNW2SHUDFMHQDSOLNDFKLNDWDORJDFK 

3URMHNW2GQDMG\ZDQLHSOLNXLRGF]\W\ZDQLHMHJRZáDVQR FL 

3URMHNW-DNZ\RGU EQLü]áD FXFKDQD]Z SOLNXMHJRUR]V]HU]HQLH

OXENDWDORJZNWyU\PVL ]QDMGXMH"  

3URMHNW-DNVSUDZG]LüLOR üZROQHJRPLHMVFDQDG\VNX"  

3URMHNW:F]\W\ZDQLHGU]HZDNDWDORJyZLSOLNyZ 

3URMHNW:F]\W\ZDQLHGU]HZDNDWDORJyZLSOLNyZZRVREQ\PZ WNX 

3URMHNWRZDQLHZ\JDV]DF]\HNUDQX 

3URMHNW:\JDV]DF]HNUDQX  

3URMHNW.RQILJXUDFMDZ\JDV]DF]DHNUDQX  

3URMHNW3RGJO GZ\JDV]DF]DQD]DNáDGFH:\JDV]DF]HNUDQXDSOHWX

:áD FLZR FL(NUDQ  

'UXNRZDQLH 

3URMHNW'UXNRZDQLHWHNVWX]QDMGXM FHJRVL ZNRPSRQHQFLH75LFK(GLW

2NQRGLDORJRZH73ULQW'LDORJ 

3URMHNW/LVWDGRVW SQ\FKGUXNDUHN6]F]HJyáRZHLQIRUPDFMHRGUXNDUFH

:\EyUGRP\ OQHMGUXNDUNLDSOLNDFML]SR]LRPXNRGX 

3URMHNW'UXNRZDQLHWHNVWXSU]HFKRZ\ZDQHJRZ76WULQJVZWU\ELH

JUDILF]Q\P  

3URMHNW-DNZ\GUXNRZDüREUD]]SOLNX" 

5R]G]LDä 3URMHNWRZDQLHNRPSRQHQWÑZ9&/

*UDILND5\VRZDQLHOLQLL 

3URMHNW5\VRZDQLHOLQLL  

3URMHNW:\EyUNRORUX]DSRPRF NRPSRQHQWX7&RORU'LDORJ  

.RORURZ\SDVHNSRVW SX 

3URMHNW3U]\JRWRZDQLHNRPSRQHQWX  

3URMHNW7HVWRZDQLHNRORURZHJRSDVNDSRVW SX

'\QDPLF]QHWZRU]HQLHNRPSRQHQWX  

3URMHNW8SXEOLF]QLDQLHZ\EUDQ\FKZáDVQR FLL]GDU]H 

FKURQLRQ\FKZNODVLHED]RZHM  

3URMHNW'HILQLRZDQLH]GDU]H QDSU]\NáDG]LH2Q3RVLWLRQ&KDQJHG 

3URMHNW,NRQDNRPSRQHQWX  

3URMHNW$E\VWZRU]\üSURMHNWSDNLHWXNRPSRQHQWX 

3URMHNW,QVWDORZDQLHNRPSRQHQWX9&/GOD:LQ  

3URMHNW$XWRPDW\F]QD]PLDQDNRORUX7HVWRZDQLHNRPSRQHQWXL]GDU]HQLD

2Q3RVLWLRQ&KDQJHG  

&]ö è,, 3URJUDPRZDQLH:LQGRZV]Z\NRU]\VWDQLHP:LQ$3, 

5R]G]LDä .RQWURODVWDQXV\VWHPX

=DP\NDQLHLZVWU]\P\ZDQLHV\VWHPX:LQGRZV  

3URMHNW)XQNFMD([LW:LQGRZV([  

3URMHNW3URJUDPVáX F\GR]DP\NDQLDOXESRQRZQHJRXUXFKDPLDQLD

GRZROQHMZHUVMLV\VWHPX:LQGRZV  

3URMHNW)XQNFMD,QLWLDWH6\VWHP6KXWGRZQ  

3URMHNW3URJUDP]DP\NDM F\Z\EUDQ\NRPSXWHUZVLHFL 

3URMHNW+LEHUQRZDQLHLZVWU]\P\ZDQLHV\VWHPX]DSRPRF IXQNFML

6HW6\VWHP3RZHU6WDWH  

3URMHNW3URJUDPXPR OLZLDM F\KLEHUQDFM NRPSXWHUDOXEMHJRÄXV\SLDQLH´ 

background image



&%XLOGHUJRWRZHUR]ZLñ]DQLD

3URMHNW%ORNRZDQLHGRVW SXGRNRPSXWHUD 

3URMHNW8UXFKDPLDQLHZ\JDV]DF]DHNUDQX 

3URMHNW2GF]\W\ZDQLHLQIRUPDFMLREDWHULLQRWHERRND 

.RQWURODWU\EXZ\ ZLHWODQLDNDUW\JUDILF]QHM  

3URMHNW3RELHUDQLHGRVW SQ\FKWU\EyZSUDF\NDUW\JUDILF]QHM  

3URMHNW,GHQW\ILNRZDQLHELH FHJRWU\EXG]LDáDQLDNDUW\JUDILF]QHM  

3URMHNW=PLDQDWU\EXZ\ ZLHWODQLD 

5R]G]LDä 8UXFKDPLDQLHLNRQWURORZDQLHDSOLNDFMLRUD]LFKRNLHQ 

8UXFKDPLDQLH]DP\NDQLHL]PLDQDSULRU\WHWXDSOLNDFML  

3URMHNW8UXFKDPLDQLHDSOLNDFML]DSRPRF IXQNFML:LQ([HF 

3URMHNW8UXFKDPLDQLHDSOLNDFML]DSRPRF 6KHOO([HFXWH 

3URMHNW3U]\JRWRZDQLHHPDLOD]DSRPRF 6KHOO([HFXWH  

3URMHNW=PLDQDSULRU\WHWXELH FHMDSOLNDFML 

3URMHNW6SUDZG]HQLHSULRU\WHWXELH FHMDSOLNDFML  

3URMHNW=PLDQDSULRU\WHWXLQQHMDSOLNDFML 

3URMHNW=DP\NDQLHLQQHMDSOLNDFML 

3URMHNW8UXFKDPLDQLHDSOLNDFML]DSRPRF IXQNFML&UHDWH3URFHVV 

3URMHNW:\NU\ZDQLH]DNR F]HQLDG]LDáDQLDXUXFKRPLRQHMDSOLNDFML 

3URMHNW.RQWURORZDQLHLOR FLLQVWDQFMLDSOLNDFMLQDSRGVWDZLHXQLNDOQHM

QD]Z\NODV\ 

.RQWURORZDQLHZáDVQR FLRNLHQ 

3URMHNW/LVWDRWZDUW\FKRNLHQ 

3URMHNW0RG\ILNRZDQLHVWDQXRNQDELH FHMDSOLNDFML 

3URMHNW8NU\ZDQLHDSOLNDFMLQDSDVNX]DGD  

3URMHNW0UXJQLMGRPQLH 

3URMHNW6\JQDáG ZL NRZ\ 

1XPHU\LGHQW\ILNDF\MQHSURFHVXLXFKZ\WRNQD  

3URMHNW-DN]GRE\üLGHQW\ILNDWRUSURFHVX]QDM FXFKZ\WRNQD" 

3URMHNW-DN]GRE\üXFKZ\WJáyZQHJRRNQD]QDM FLGHQW\ILNDWRUSURFHVX"  

3URMHNW.RQWURORZDQLHRNQDLQQHMDSOLNDFML 

3URMHNW.RQWURORZDQLHLQQHMDSOLNDFML²NRPSRQHQW7&RQWURO3URFHVV 

3URMHNW3DNLHWGODNRPSRQHQWX7&RQWURO3URFHVV 

2NQDRGRZROQ\PNV]WDáFLH 

3URMHNW2NQRRNV]WDáFLHNRáD 

3URMHNWà F]HQLHREV]DUyZ'RGDQLHLNRQ]SDVNDW\WXáX 

3URMHNW2NQR]ZL]MHUHP 

3URMHNW$E\SU]HQRVLüIRUP P\V]N SRPLPRXVXQL WHJRSDVNDW\WXáX  

5R]G]LDä 6\VWHP\SOLNÑZPXOWLPHGLDLLQQHIXQNFMH:LQ$3,

3OLNLLV\VWHPSOLNyZ²IXQNFMHSRZáRNL  

3URMHNW-DN]DSRPRF IXQNFML:LQ$3,SRZáRNLV\VWHPXRGF]\WDü

FLH N GRNDWDORJXVSHFMDOQHJRX \WNRZQLND" 

3URMHNW7ZRU]HQLHSOLNXVNUyWXOQN 

3URMHNW2GF]\WLHG\FMDVNUyWXOQN  

3URMHNW8PLHV]F]HQLHVNUyWXQDSXOSLFLH  

3URMHNW2SHUDFMHQDSOLNDFKLNDWDORJDFKUHDOL]RZDQHSU]H]IXQNFMH

SRZáRNL NRSLRZDQLHSU]HQRV]HQLHXVXZDQLHL]PLDQDQD]Z\  

3URMHNW-DNXVXQ üSOLNXPLHV]F]DM FJRZNRV]X"  

3URMHNW2SHUDFMHQDFDá\PNDWDORJX 

3URMHNW2GF]\W\ZDQLHZHUVMLSOLNXH[HLGOO  

3URMHNW-DNGRGDüQD]Z GRNXPHQWXGROLVW\RVWDWQLRRWZDUW\FK

GRNXPHQWyZZPHQX6WDUW"  

background image

6SLVWUH FL



2GF]\W\ZDQLHLQIRUPDFMLRG\VNX 

3URMHNW)XQNFMD 

3URMHNW7HVWIXQNFML  

3URMHNW.ODVD  

3URMHNW.RPSRQHQW 

,NRQDZREV]DU]HSRZLDGDPLDQLD ]DVREQLNX  

3URMHNW)XQNFMD6KHOOB1RWLI\,FRQ 

3URMHNW.RPSRQHQW77UD\,FRQ  

3URMHNW0HQXNRQWHNVWRZHLNRQ\ 

3URMHNWÄ'\PHN´  

,QWHUQHW 

3URMHNW$E\VSUDZG]LüF]\NRPSXWHUMHVWSRá F]RQ\]VLHFL  

3URMHNW$E\SREUDüSOLN]LQWHUQHWX  

3URMHNW$E\XUXFKRPLüGRP\ OQ SU]HJO GDUN ]HZVND]DQ VWURQ  

3URMHNW$E\VSUDZG]LüDGUHV,3OXEQD]Z '16ZVND]DQHJRNRPSXWHUD  

3URMHNW0DSRZDQLHG\VNyZVLHFLRZ\FK  

0XOWLPHGLD 0&,  

3URMHNW$E\Z\VXQ üOXEZVXQ üWDFN ZQDS G]LH&'OXE'9' 

3URMHNW:\NU\ZDQLHZ\VXQL FLDSá\W\]QDS GXOXEXPLHV]F]HQLDMHM

ZQDS G]LH&'OXE'9' 

3URMHNW6SUDZG]DQLHVWDQXZ\EUDQHJRQDS GX&'OXE'9' 

3URMHNW$E\]EDGDüF]\ZQDS G]LHMHVWSá\WD&'$XGLR  

3URMHNW.RQWURODQDS GX&'$XGLR 

3URMHNW$V\QFKURQLF]QHRGWZDU]DQLHSOLNX:$9( 

3URMHNW-DNZ\NU\üREHFQR üNDUW\G ZL NRZHM" 

3URMHNW.RQWURODSR]LRPXJáR QR FLRGWZDU]DQLDSOLNyZG ZL NRZ\FK  

3URMHNW.RQWURODSR]LRPXJáR QR FL&'$XGLR  

,QQH  

3URMHNW-DNZ\ ZLHWOLü]DSURMHNWRZDQ SU]H]QDVIRUP ZLQQ\PRNQLH"  

3URMHNW3LVDQLHLPDORZDQLHQDSXOSLFLH 

3URMHNW&]\:LQGRZVPyZLSRSROVNX"  

3URMHNW-DN]DEORNRZDüXUXFKDPLDQ\DXWRPDW\F]QLHZ\JDV]DF]HNUDQX" 

3URMHNW=PLDQDWáDSXOSLWX 

&]ö è,,, :\EUDQHWHFKQRORJLH:LQGRZV 

5R]G]LDä .RPXQLNDW\:LQGRZV 

3URMHNW/LVWDNRPXQLNDWyZRGELHUDQ\FKSU]H]NROHMN NRPXQLNDWyZ

DSOLNDFML 7$SSOLFDWLRQ(YHQWV2Q0HVVDJH  

3URMHNW)LOWURZDQLH]GDU]H  

3URMHNW2GF]\W\ZDQLHLQIRUPDFMLGRVWDUF]DQ\FKSU]H]NRPXQLNDW 

3URMHNW/LVWDZV]\VWNLFKNRPXQLNDWyZRGELHUDQ\FKSU]H]RNQR

PHWRGD:QG3URF  

3URMHNW0HWRG\REVáXJXM FHNRPXQLNDW\QLHXPLHV]F]DQHZNROHMFH

NRPXQLNDWyZDSOLNDFML:\NU\ZDQLH]PLDQ\SRáR HQLDIRUP\ 

3URMHNW:\NU\FLH]PLDQ\WU\EXSUDF\NDUW\JUDILF]QHM  

3URMHNW:\V\áDQLHNRPXQLNDWyZ6\PXORZDQLH]GDU]H  

3URMHNW:\VáDQLHNRPXQLNDWXXUXFKDPLDM FHJRZ\JDV]DF]HNUDQX 

3URMHNW%ORNRZDQLH]DPNQL FLDVHVML:LQGRZV  

3URMHNW:\NU\FLHZáR HQLDGRQDS GXOXEZ\VXQL FLD]QLHJRSá\W\&'

OXE'9'Z\NU\FLHSRGá F]HQLDGRJQLD]GD86%OXERGá F]HQLDSDPL FL

)ODVK 

3URMHNW:\NRU]\VWDQLHNRPXQLNDWyZGRNRQWUROLLQQHMDSOLNDFML

QDSU]\NáDG]LH:LQDPS  

background image



&%XLOGHUJRWRZHUR]ZLñ]DQLD

3URMHNW3U]HQRV]HQLHSOLNyZSRPL G]\DSOLNDFMDPL 

3URMHNW=PLDQDDNW\ZQHJRNRPSRQHQWX]DSRPRF NODZLV]D(QWHU 

3URMHNW;.LOOGOD:LQGRZV  

3URMHNW0RG\ILNRZDQLHPHQXV\VWHPRZHJRIRUP\  

3URMHNW0RG\ILNRZDQLHPHQXV\VWHPRZHJRDSOLNDFMLZSDVNX]DGD  

5R]G]LDä %LEOLRWHNL'// 

)XQNFMHZELEOLRWHFH'// 

3URMHNW7ZRU]HQLHELEOLRWHNL'//²HNVSRUWIXQNFML  

3URMHNW6WDW\F]QHá F]HQLHELEOLRWHN'//²LPSRUWIXQNFML 

3URMHNW'\QDPLF]QHáDGRZDQLHELEOLRWHN'// 

3URMHNW3RZLDGDPLDQLHELEOLRWHNLRMHM]DáDGRZDQLXGRSDPL FLOXE

XVXQL FLX]QLHM  

3URMHNW,PSRUWIXQNFML:LQ$3, 

)RUP\ZELEOLRWHFH'//  

3URMHNW-DNXPLH FLüIRUP ZELEOLRWHFH'//"  

3URMHNW:\NRU]\VWDQLHELEOLRWHNL'//]IXQNFM WZRU] F IRUP  

$SOHWSDQHOXVWHURZDQLD  

3URMHNW3U]\JRWRZDQLHELEOLRWHNL'//]IXQNFM ]ZURWQ &3O$SSOHW 

3URMHNW3U]\JRWRZDQLHLQVWDODWRUDDSOHWXGOD:LQGRZV;3L:LQGRZV 

5R]G]LDä $XWRPDW\]DFMDLLQQHWHFKQRORJLHED]XMñFHQD&20 

&20  

3URMHNW:\NRU]\VWDQLHRELHNWX&20GRWZRU]HQLDSOLNyZVNUyWXOQN  

2VDG]DQLHRELHNWyZ2/( 

3URMHNW6WDW\F]QHRVDG]DQLHRELHNWX  

3URMHNW$E\]DNR F]\üHG\FM GRNXPHQWXà F]HQLHPHQXDSOLNDFML

NOLHQFNLHMLVHUZHUD2/(  

3URMHNW:\NU\ZDQLHQLH]DNR F]RQHMHG\FMLSU]\]DPNQL FLXSURJUDPX 

3URMHNW,QLFMRZDQLHHG\FMLRVDG]RQHJRRELHNWX]SR]LRPXNRGX  

3URMHNW'\QDPLF]QHRVDG]DQLHRELHNWX  

$XWRPDW\]DFMD  

3URMHNW.ODVD9DULDQW  

3URMHNWà F]HQLH]VHUZHUHPDXWRPDW\]DFML([FHO]X \FLHP

NRPSRQHQWX7([FHO$SSOLFDWLRQ  

3URMHNWà F]HQLH]VHUZHUHPDXWRPDW\]DFML([FHO]X \FLHPPHWRG\

9DULDQW*HW$FWLYH2EMHFW2GF]\W\ZDQLHVWDQXDSOLNDFML 

3URMHNW8UXFKDPLDQLHDSOLNDFML([FHO]DSR UHGQLFWZHPPHFKDQL]PX

DXWRPDW\]DFML PHWRGD9DULDQW&UHDWH2EMHFW  

3URMHNW8UXFKDPLDQLHSURFHGXUVHUZHUDDXWRPDW\]DFML 

3URMHNW(NVSORURZDQLHGDQ\FKZDUNXV]XNDONXODF\MQ\P 

3URMHNW.RU]\VWDQLH]RNLHQGLDORJRZ\FKVHUZHUDDXWRPDW\]DFML

=DSLV\ZDQLHGDQ\FKZSOLNX  

3URMHNW=DSLV\ZDQLHGDQ\FK]Z\NRU]\VWDQLHPRNQDGLDORJRZHJR

DSOLNDFMLNOLHQFNLHM  

3URMHNW(G\FMDGDQ\FKZNRPyUNDFK([FHOD]DSRPRF NRPSRQHQWX

7([FHO$SSOLFDWLRQ  

3URMHNW5HDJRZDQLHQD]GDU]HQLDNRPSRQHQWX7([FHO$SSOLFDWLRQ  

3URMHNW.RU]\VWDQLH]IXQNFMLPDWHPDW\F]Q\FKLVWDW\VW\F]Q\FK([FHOD  

3URMHNW8UXFKDPLDQLHDSOLNDFML0LFURVRIW:RUGLWZRU]HQLHQRZHJR

GRNXPHQWXOXERWZLHUDQLHLVWQLHM FHJR  

3URMHNW:\ZRá\ZDQLHIXQNFML:RUGDQDSU]\NáDG]LHVSUDZG]DQLD

SLVRZQLLGUXNRZDQLD 

3URMHNW:VWDZLDQLHWHNVWXGRELH FHJRGRNXPHQWX:RUGD  

background image

6SLVWUH FL



3URMHNW=DSLV\ZDQLHELH FHJRGRNXPHQWX:RUGD  

3URMHNW=D]QDF]DQLHLNRSLRZDQLHFDáHJRWHNVWXGRNXPHQWX:RUGD

GRVFKRZND  

3URMHNW.RSLRZDQLH]DZDUWR FLGRNXPHQWX:RUGDGRNRPSRQHQWX

75LFK(GLWEH]X \FLDVFKRZND ]SRPLQL FLHPIRUPDWRZDQLDWHNVWX  

3URMHNW)RUPDWRZDQLH]D]QDF]RQHJRIUDJPHQWXWHNVWXZGRNXPHQFLH

:RUGD 

3URMHNW6HUZHUDXWRPDW\]DFML2/(SU]HJO GDUNL,QWHUQHW([SORUHU  

3URMHNWRZDQLHVHUZHUDDXWRPDW\]DFML  

3URMHNW3URMHNWRZDQLHVHUZHUDDXWRPDW\]DFML  

3URMHNW7HVWRZDQLHVHUZHUDDXWRPDW\]DFML  

$FWLYH; 

3URMHNW.RU]\VWDQLH]NRQWUROHN$FWLYH;ZSURMHNWDFKGODSODWIRUP\

:LQ 

5R]G]LDä 2SHQ*/

5\VRZDQLHILJXUZSU]HVWU]HQL'  

3URMHNW,QLFMDFMDJUDILNL2SHQ*/ZDSOLNDFMLSURMHNWRZDQHM

Z URGRZLVNX&%XLOGHU 

3URMHNW5\VRZDQLHILJXU\SáDVNLHM WUyMN WD 3RGZyMQHEXIRURZDQLH  

3URMHNW3RSUDZLDQLHJHRPHWULLIUXVWXP 

3URMHNW.RORU  

3URMHNW5\VRZDQLHILJXU\SU]HVWU]HQQHM RVWURVáXSD  

3URMHNW:\RGU EQLHQLHPHWRG\U\VXM FHMILJXU  

3URMHNW2EURW\RELHNWyZQDVFHQLH5XFKNDPHU\LUXFKDNWRUyZ 

3URMHNW3U]HVXQL FLDRELHNWX  

3URMHNW3URVWDDQLPDFMD 

3URMHNW5\VRZDQLHRVLXNáDGXZVSyáU] GQ\FK 

3URMHNW'RGDZDQLHNROHMQ\FKILJXU 

3URMHNW%DUG]LHMSUHF\]\MQHXVWDZLDQLHNDPHU\  

3URMHNW5XFKNDPHU\NRQWURORZDQ\SRáR HQLHPNXUVRUDP\V]\ 

3URMHNW&LHQLRZDQLHNRORUyZQDSRZLHU]FKQLDFK 

.RORUL ZLDWáR  

3URMHNW0RQWRZDQLHÄZ\á F]QLND´NRORUyZ  

3URMHNW:á F]HQLHV\VWHPXR ZLHWOHQLDLXVWDZLDQLH ZLDWáDWáD 

3URMHNW8]JDGQLDQLHNRORUXÄIL]\F]QHJR´SU]HGPLRWyZ]NRORUHP

XVWDODQ\PIXQNFM JO&RORU  

3URMHNW,OXSURJUDPLVWyZSRWU]HEDDE\ZNU FLüPOHF]Q  DUyZN  

3URMHNW'HILQLRZDQLHZHNWRUyZQRUPDOQ\FK 

3URMHNW*áDGNLHPDWHULDá\ UR]Eá\VN  

3URMHNW8VWDZLDQLHUHIOHNWRUD 

3URMHNW2 ZLHWOHQLHUy QREDUZQHLPRQWRZDQLHZá F]QLNyZ ZLDWáD 

0LHV]DQLHNRORUyZ 

3URMHNW3U]H]URF]\VWR ü 

3URMHNW$QW\DOLDVLQJ 

3URMHNW0JáD 

%LEOLRWHND*/8  

3URMHNW'HILQLXMHP\NZDGU\N LU\VXMHP\VIHU  

3URMHNW6W\OU\VRZDQLDNZDGU\NL  

3URMHNW7HNVWXURZDQLHNZDGU\NL 

3URMHNW,QQHNZDGU\NL  

background image



&%XLOGHUJRWRZHUR]ZLñ]DQLD

'RGDWNL 

'RGDWHN$ ,QVWDODFMDLUHMHVWUDFMD%RUODQG'HYHORSHU6WXGLR

$UFKLWHFW7ULDO

3RELHUDQLHNOXF]DUHMHVWUDFML 

,QVWDODFMD%RUODQG'HYHORSHU6WXGLR$UFKLWHFW7ULDO  

5HMHVWUDFMD%RUODQG'HYHORSHU6WXGLR$UFKLWHFW7ULDO 

'RGDWHN% '9'520]DZLHUD 

6NRURZLG] 

background image

5R]G]LDä

2SHQ*/WRELEOLRWHNDIXQNFMLUHDOL]XM F\FKRSHUDFMHJUDILF]QHSR]ZDODM FHQDEXGR

ZDQLHWUyMZ\PLDURZ\FKVFHQ ]ELRUyZILJXU R ZLHWODQLHLFKGRGDZDQLHUy QHJRW\SX

HIHNWyZ]ZL NV]DM F\FKZUD HQLHUHDOQR FLRUD]QDLFKSUH]HQWDFM QDHNUDQLH22SHQ*/

PR QDP\ OHüMDNRLQWHUIHMVLHSURJUDPLVW\F]Q\P $3, NDUW\JUDILF]QHM/XERGZURW

QLHMDNRVWDQGDUG]LH ]ELRU]HSROHFH NWyU\MHVWLPSOHPHQWRZDQ\SU]H]ZL NV]R ü

NDUWJUDILF]Q\FK7DNF]\LQDF]HM²UHQGHURZDQLH SU]\JRWRZ\ZDQLHREUD]XSU]HVWU]HQ

QHMVFHQ\QDSáDVNLPHNUDQLH ZVSRPDJDQHMHVWVSU] WRZRSU]H]SURFHVRUNDUW\JUD

ILF]QHM *38 G]L NLF]HPXMHVWEDUG]RZ\GDMQHLQLHREFL DSU]\W\PJáyZQHJR

SURFHVRUDNRPSXWHUD &38 7RSR]ZDODQDJHQHURZDQLHZLHOXVFHQZFL JXVHNXQG\

LLFKSá\QQ DQLPDFM 

2SHQ*/SRGREQLHMDNNRQNXUHQF\MQ\'LUHFW' VNáDGQLN'LUHFW;RGSRZLHG]LDOQ\]D

JUDILN WUyMZ\PLDURZ PR HVáX \üGRWZRU]HQLDJLHUSURJUDPyZ&$'F]\SURJUD

PyZGRZL]XDOL]DFMLQDXNRZ\FK:W\FKRVWDWQLFK]DVWRVRZDQLDFKGREU\PSU]\NáDGHP

V SURJUDP\GRSUH]HQWDFMLQLH]Z\NOHVNRPSOLNRZDQ\FKVWUXNWXUSU]HVWU]HQQ\FKELDáHN

FREH]WHFKQLN'E\áRE\WUXGQHGRZ\REUD HQLD=U\QNXJLHU2SHQ*/]RVWDáQLHVWHW\

Z\SDUW\SU]H]'LUHFW'LWRSRPLPRSRZV]HFKQHMRSLQLL H2SHQ*/MHVWUyZQLHZ\

GDMQ\DMHGQRF]H QLHEDUG]LHMHOHJDQFNLLZ\JRGQLHMV]\ZX \FLX7RRVWDWQLHWZLHUG]H

QLHSU]HVWDáRE\üWDNRF]\ZLVWHRGPRPHQWXZSURZDG]HQLDZHUVML'LUHFW;DV]F]H

JyOQLHZVWRVXQNXGR'LUHFW;1(7NWyU\MHVW]RULHQWRZDQ\RELHNWRZR:DUWRSRGNUH OLü

]DVDGQLF] Uy QLF PL G]\'LUHFW;L2SHQ*/7HQSLHUZV]\MHVWZáDVQR FL 0LFURVR

IWXLMHVWUR]ZLMDQ\Z\á F]QLHSU]H]W NRUSRUDFM QDSRWU]HE\MHGQHJRV\VWHPXRSHUD

F\MQHJR²:LQGRZVSRGF]DVJG\2SHQ*/MHVWVWDQGDUGHPRWZDUW\PGRVW SQ\PQD

ZLHOXSODWIRUPDFKLPSOHPHQWRZDQ\PSU]H]ZLHOXSURGXFHQWyZNDUWJUDILF]Q\FK



LRWZDUW\PQDUR]V]HU]HQLD-HJRUR]ZyMQDG]RURZDQ\MHVWSU]H]$5%²NRQVRUFMXP

ILUPZ UyGNWyU\FKZFKZLOLREHFQHM]QDMGXM VL PLQ$7,19LGLD'/DEV6*,

SLHUZRWQ\WZyUFDWHMELEOLRWHNL 6XQ$SSOH,%0'HOOL,QWHO$ZL FVDPLJLJDQFL

1LHPDMX PL G]\QLPL0LFURVRIWXSRPLPR HE\áMHGQ ]NRUSRUDFML]DáR \FLHOL

:L FHMLQIRUPDFMLQDWHPDW2SHQ*/MHJRVSHF\ILNDFMLKLVWRULL$5%LVDP\P$3,PR QD

]QDOH üQDMHJRRILFMDOQHMVWURQLH KWWSZZZRSHQJORUJ:DUWRUyZQLH ]DMU]HüQD

VWURQ WZyUF\ELEOLRWHNL6*,KWWSZZZVJLFRPSURGXFWVVRIWZDUHRSHQJO3R]DW\P





 ,VWQLHMHUyZQLH LPSOHPHQWDFMD2SHQ*/SU]\JRWRZDQDSU]H]0LFURVRIWNWyUDMHVWGRá F]DQDGR

:LQGRZV

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

ZLQWHUQHFLHMHVWEDUG]RGX RVWURQ]DZLHUDM F\FKRSLV\SRUDGQLNLL]ELRU\SU]\NáD

GyZNWyUHáDWZRRGQDOH ü6 RQHáDWZRUR]SR]QDZDQHQDSLHUZV]\U]XWRNDG]L NL

REHFQHPXQDQLFKORJR2SHQ*/ U\VXQHN 

5\VXQHN

2ILFMDOQHORJR

2SHQ*/

=DQLPUR]SRF]QLHP\]DEDZ FKFLDáE\PXSU]HG]Lü HFHOHPWHJRUR]G]LDáXQLHMHVW

V\VWHPDW\F]QHZSURZDG]HQLHGR2SHQ*/1DWRSRWU]HEDRVREQ\FKNVL HNDQLH

UR]G]LDáyZ



0RLP]DPLDUHPMHVWMHG\QLH]DLQWHUHVRZDQLH&]\WHOQLNDPR OLZR FLDPL

WHMELEOLRWHNLSU]HáDPDQLHREDZ\SU]HGSURMHNWRZDQLHPDSOLNDFMLZ\NRU]\VWXM FHMJUDILN

WUyMZ\PLDURZ LSRND]DQLH H2SHQ*/MHVWVWRVXQNRZRáDWZ\GRQDXF]HQLD3RVWD

UDPVL WRXGRZRGQLüZVHULLGZXG]LHVWXV]H FLXüZLF]H NWyUH]DF]QLHP\RGU\VR

ZDQLDWUyMN WyZLILJXUSU]HVWU]HQQ\FKSRWHPSU]HMG]LHP\GRREUDFDQLDLFKLSU]H

VXZDQLDQDVW SQLHRPyZLP\R ZLHWOHQLHD]DNR F]\P\QDWHNVWXURZDQLXNZDGU\N

3RVWDUDPVL SU]\W\PDE\DWUDNF\MQR üSU]\NáDGyZQLH]RVWDáDVWáXPLRQDSU]H]QDG

PLHUQLHWHRUHW\F]Q\NRPHQWDU]DOHWHJRQLHGDVL ]DZV]HXQLNQ ü

5\VRZDQLHILJXUZSU]HVWU]HQL'

3URMHNW,QLFMDFMDJUDILNL2SHQ*/ZDSOLNDFML

SURMHNWRZDQHMZ URGRZLVNX&%XLOGHU

5R]SRF]QLHP\RGSU]\VWRVRZDQLDDSOLNDFMLSURMHNWRZDQHMZ URGRZLVNX&%XLOGHU

GRZVSyáSUDF\]ELEOLRWHN 2SHQ*/-HVWWRNURNGR ü PXGQ\DOHQDV]F] FLHZ\

VWDUF]\]URELüJRW\ONRUD]ZNROHMQ\FKSURMHNWDFKPR HP\MX NRU]\VWDü]JRWRZHJR

V]DEORQX





7ZRU]\P\QRZ\SURMHNW9&/)RUPV$SSOLFDWLRQ²&%XLOGHU:ZLGRNX

SURMHNWRZDQLDSRZL NV]DP\IRUP 





3U]HFKRG]LP\GRNRGX UyGáRZHJRQDJáyZND8QLWKLLPSRUWXMHP\SOLNL

QDJáyZNRZHJOKLJOXK OLVWLQJ 'UXJL]W\FKSOLNyZE G]LHWDNQDSUDZG

SRWU]HEQ\GRSLHURZGDOV]\FKSURMHNWDFK





:NODVLH

6(QTO

GHNODUXMHP\GZLHSU\ZDWQHPHWRG\SRPRFQLF]HLGZD

SU\ZDWQHSROD





 -HGQ\P]FLHNDZV]\FKNRPSHQGLyZZLHG]\R2SHQ*/MHVW2SHQ*/.VL JDHNVSHUWD :\GDQLH,,,

QDSLVDQDSU]H]5LFKDUGD6:ULJKWDL%HQMDPLQD/LSFKDND +HOLRQ 

background image

5R]G]LDä‰2SHQ*/



/LVWLQJ3HáQ\NRGQDJáyZND8QLWK



KHPFGH7PKV*

FGHKPG7PKV*



KPENWFG%NCUUGUJRR

KPENWFG%QPVTQNUJRR

KPENWFG5VF%VTNUJRR

KPENWFG(QTOUJRR

KPENWFGINJ

KPENWFGINWJ



ENCUU6(QTORWDNKE6(QTO

]

AARWDNKUJGF+&'OCPCIGF%QORQPGPVU

XQKFAAHCUVECNN(QTO%TGCVG 61DLGEV 5GPFGT 

XQKFAAHCUVECNN(QTO%NQUG 61DLGEV 5GPFGT6%NQUG#EVKQP#EVKQP 

RTKXCVG7UGTFGENCTCVKQPU

*&%WEJY[V&%WEJY[VFQFKURNC[FGXKEGEQPVGZV &% 

*).4%WEJY[V4%WEJY[VFQ1RGP).TGPFGTKPIEQPVGZV

DQQN).A7UVCN(QTOCV2KMUGNK *&%WEJY[V&% 

XQKF).A7UVCYKGPKG5EGP[ 

RWDNKE7UGTFGENCTCVKQPU

AAHCUVECNN6(QTO 6%QORQPGPV 1YPGT 

_



GZVGTP2#%-#)'6(QTO (QTO



GPFKH

3U]HFKRZDQLHXFKZ\WÑZGRNRQWHNVWXUHQGHURZDQLDMHVWNRQLHF]QHDE\PR OLZH

E\äRXVXQLöFLHJRSU]\]DPNQLöFLXRNQD





'HILQLFM SLHUZV]HMPHWRG\SRND]XMHOLVWLQJ

/LVWLQJ,PSOHPHQWDFMDPHWRG\LQLFMXM FHMDSOLNDFM 2SHQ*/

DQQN6(QTO).A7UVCN(QTOCV2KMUGNK *&%WEJY[V&%

]

2+:'.(14/#6&'5%4+2614QRKU(QTOCVW2KMUGNK

<GTQ/GOQT[ QRKU(QTOCVW2KMUGNKUK\GQH QRKU(QTOCVW2KMUGNK 

QRKU(QTOCVW2KMUGNKP8GTUKQP

QRKU(QTOCVW2KMUGNKFY(NCIU2(&A5722146A12'0).^2(&A&4#9A61A9+0&19^

2(&A&17$.'$7(('4YQMPKGRQFYQLPGDWHQTQYCPKG

QRKU(QTOCVW2KMUGNKK2KZGN6[RG2(&A6;2'A4)$#V[RMQNQTW4)$

QRKU(QTOCVW2KMUGNKE%QNQT$KVULCMQUEMQNQTÎYDCLV[

QRKU(QTOCVW2KMUGNKE&GRVJ$KVUINGDQMQUEDWHQTC< \DWHHGT

QRKU(QTOCVW2KMUGNKK.C[GT6[RG2(&A/#+0A2.#0'

KPVHQTOCV2KMUGNK%JQQUG2KZGN(QTOCV WEJY[V&%QRKU(QTOCVW2KMUGNK 

KH HQTOCV2KMUGNK TGVWTPHCNUG

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

KH 5GV2KZGN(QTOCV WEJY[V&%HQTOCV2KMUGNKQRKU(QTOCVW2KMUGNK VTWG TGVWTP

HCNUG

TGVWTPVTWG

_





$GUXJLHM²OLVWLQJ

/LVWLQJ8VWDZLHQLDGRW\F] FHÄILOPRZDQHM´VFHQ\

XQKF6(QTO).A7UVCYKGPKG5EGP[

]

IN8KGYRQTV %NKGPV9KFVJ%NKGPV*GKIJV QMPQ1RGP).YPGVT\GHQTO[

 FQO[UNPKG

WUVCYKGPKGRWPMVWRTQLGMELK

IN/CVTKZ/QFG ).A241,'%6+10 RT\G æE\GPKGPCOCEKGT\RTQLGMELK

IN.QCF+FGPVKV[ 

NGHVTKIJVDQVVQOVQR\PGCT\HCT ENKRRKPI

IN(TWUVWO  OPQ\GPKGOCEKGT\[T\WVQYCPKCRT\G\

OCEKGT\RGTURGMV[Y[WUVCNCPKGHTWUVWO

IN/CVTKZ/QFG ).A/1&'.8+'9 RQYTÎVFQOCEKGT\[YKFQMWOQFGNW

IN'PCDNG ).A&'26*A6'56 \DWHHGTCMV[YP[WMT[YCPKGPKGYKFQE\P[EJ

RQYKGT\EJPK

_





=PLHQLDP\ZáDVQR ü

$QTFGT5V[NG

IRUP\QD

DU5KPING

RUD]

$QTFGT+EQPUDK/CZKOK\G

QD

HCNUG







7ZRU]\P\PHWRG ]GDU]HQLRZ GR

1P%TGCVG

IRUP\LEXGXMHP\ZQLHMNRQWHNVW

2SHQ*/]ZL ]DQ\]ELH F\PRNQHP OLVWLQJ 

/LVWLQJ.RQLHF]QHMHVWSREUDQLHLSU]HFKRZ\ZDQLHXFKZ\WXNRQWHNVWXJUDILF]QHJRRNQD

²MHVWRQSRWU]HEQ\]DUyZQRGRUHQGHURZDQLDMDNLSU]\]DP\NDQLXDSOLNDFML

GR]ZROQLHQLD]DVREyZX \ZDQ\FKSU]H]2SHQ*/

XQKFAAHCUVECNN6(QTO(QTO%TGCVG 61DLGEV 5GPFGT

]

DKG\CEGQMPQUVCLGUKGQMPGO1RGP).

WEJY[V&%)GV&% *CPFNG 

KH ).A7UVCN(QTOCV2KMUGNK WEJY[V&% 5JQY/GUUCIG 0KGWFC QUKúWUVCNKèHQTOCVW

RKMUGNK 

WEJY[V4%YIN%TGCVG%QPVGZV WEJY[V&% 

KH WEJY[V4%07.. 5JQY/GUUCIG 0KGWFC QUKúRQDTCèWEJY[VWMQPVGMUVW

ITCHKMK 

KH YIN/CMG%WTTGPV WEJY[V&%WEJY[V4% 5JQY/GUUCIG +PKELCELCITCHKMK1RGP).

PKGRQYKQF CUKú 

).A7UVCYKGPKG5EGP[ 

%CRVKQP #PUK5VTKPI 1RGP). EJCT IN)GV5VTKPI ).A8'45+10 

_





0XVLP\SDPL WDüRXVXQL FLXNRQWHNVWX2SHQ*/ NRQWHNVWXUHQGHURZDQLD

SU]\]DPNQL FLXRNQD:W\PFHOXWZRU]\P\PHWRG ]GDU]HQLRZ GR

1P%NQUG

IRUP\LXPLHV]F]DP\ZQLHMSROHFHQLD]OLVWLQJX

background image

5R]G]LDä‰2SHQ*/



/LVWLQJ=ZDOQLDQLH]DVREyZ]DUH]HUZRZDQ\FKSRGF]DVXUXFKDPLDQLDDSOLNDFML

XQKFAAHCUVECNN6(QTO(QTO%NQUG 61DLGEV 5GPFGT6%NQUG#EVKQP#EVKQP

]

YIN/CMG%WTTGPV 07..07.. 

YIN&GNGVG%QPVGZV WEJY[V4% 

4GNGCUG&% *CPFNGWEJY[V&% 

2QUV3WKV/GUUCIG  

_

3RZ\NRQDQLXPHWRG\

(QTO%TGCVG

JáyZQHRNQRDSOLNDFMLMHVWSU]\JRWRZDQHGRU\VR

ZDQLD]DSRPRF 2SHQ*/:PHWRG]LHWHMRGF]\W\ZDQ\MHVWXFKZ\WGRNRQWHNVWX

XU] G]HQLDRGSRZLHG]LDOQHJR]DSU]\JRWRZ\ZDQLHJUDILNLZRNQLHDSOLNDFML DQJGLVSOD\

GHYLFHFRQWH[WIXQNFMD

)GV&%

LWZRU]RQ\MHVWNRQWHNVW]ZL ]DQ\]SU]\JRWRZ\ZDQLHP

JUDILNL]DSRPRF ELEOLRWHNL2SHQ*/

YIN%TGCVG%QPVGZV

NWyUDGRU\VRZDQLDZ\NR

U]\VW\ZDüE G]LHWRRNQR ]DWRSU]\SLVDQLHRGSRZLDGDIXQNFMD

YIN/CMG%WTTGPV

-HVW

WRGR ü]DZLáHZL FQLHE G SU]H]Z\FL DáVZRMHML&]\WHOQLND]GURZHMQLHFK FLSU]HG

Já EV]\PZQLNDQLHPZWR]DJDGQLHQLH:D QLHMV]HMHVWPRLP]GDQLHPDE\ P\GREU]H

]UR]XPLHOLUDP\ZMDNLFKG]LDáD2SHQ*/MDNLQLFMRZDQDMHVWMHMPDV]\QDVWDQyZ





NWyUDSU]HFKRZXMHXVWDZLHQLDVFHQ\]DFRRGSRZLHG]LDOQDMHVWPHWRGD

).A7UVCYKG

PKG5EGP[



*UDILNDWUyMZ\PLDURZDSRGREQLHMDNPHFKDQLNDNODV\F]QDRSLHUDVL QDNRU]\VWDQLX

]PDFLHU]\îNWyUHRSLVXM Uy QHJRURG]DMXSU]HNV]WDáFHQLDZSU]HVWU]HQL=DSRPRF

WDNLHM PDFLHU]\ PR HP\ ]DSLVDü SU]HVXQL FLH REUyW RUD] VNDORZDQLH ILJXU D ] LFK

]áR H  LORF]\QyZPDFLHU]\ ]EXGRZDüGRZROQHSU]HNV]WDáFHQLD



:U]HF]\ZLVWR FL

PDFLHU]HSU]HNV]WDáFH X \ZDQHZ2SHQ*/PDM UR]PLDUîJG]LHGRGDWNRZDZVSyá

U] GQD ZHNWRUD RSLVXM FHJR SXQNW RGJU\ZD URO  ZVSyáF]\QQLND VNDORZDQLD WX QLH

X \MHP\JRDQLUD]XZL FQLHE G ZL FHMRQLPZVSRPLQDá :L NV]R FLSU]HNV]WDá

FH RGSRZLDGDM Z\JRGQHZX \FLXIXQNFMH SRGVWDZRZ\]ELyUW\FKIXQNFML]HEUDQ\

]RVWDáZWDEHOL NWyUHEXGXM RGSRZLHGQL PDFLHU]LPQR SU]H]QL ELH F

PDFLHU]PRGHOZLGRN&]\PMHVWPDFLHU]PRGHOZLGRN"7RPDFLHU]]ELHUDM FDZV]\VW

NLHSU]HNV]WDáFHQLD



RU\JLQDOQHJRXNáDGXSXQNWyZ]GHILQLRZDQ\FKQDVFHQLH PRGHOX

LWUDQVIRUPXM FDMHGRSRVWDFLZLG]LDQHMSU]H]NDPHU 'RP\ OQLHPDFLHU]PRGHOZLGRN

MHVWMHGQRVWNRZDFRR]QDF]DEUDNSU]HNV]WDáFH ²WDN M WH ]RVWDZLDPHWRGD

).A7UVC

YKGPKG5EGP[







 :UR]G]LDOHZVSRPQLDáHP HELEOLRWHNL'//PRJ E\üQLHW\ONR]ELRUHPIXQNFMLDOHUyZQLH

SRVLDGDüVWDQSU]HFKRZ\ZDQ\FKZMHM]PLHQQ\FKJOREDOQ\FK0DV]\QDVWDQX2SHQ*/WRZáD QLH]ELyU

]PLHQQ\FKELEOLRWHNL2SHQ*/SU]HFKRZXM F\FKXVWDZLHQLDGRW\F] FHSU]\JRWRZ\ZDQLDJUDILNL'

R ZLHWOHQLDLWS



 1LHZ\PLHQLáHPRGELFLDZ]JO GHPRVLLSXQNWXER2SHQ*/QLHSRVLDGDRVREQ\FKIXQNFMLNWyUH

UHDOL]RZDá\E\WHSU]HNV]WDáFHQLD



 1DOH \SDPL WDü HLORF]\QGZyFKPDFLHU]\îMHVWQDGDOPDFLHU] îDZL FMHGQ PDFLHU] PR QD

RSLV\ZDüGRZROQH]áR HQLHSU]HNV]WDáFH 

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

7DEHOD)XQNFMH2SHQ*/PDM ZLHOHRGPLDQSU]\MPXM F\FKUy QHW\S\DUJXPHQWyZ

5RG]DMSU]HNV]WDäFHQLD

)XQNFMD

QD]ZDEH]SU]\URVWNÑZ

1DMF]ö FLHM

Z\NRU]\VW\ZDQDZHUVMD

3U]HVXQL FLH WUDQVODFMD

IN6TCPUNCVG

IN6TCPUNCVGH

2EUyW

IN4QVCVG

IN4QVCVGH

6NDORZDQLH

IN5ECNG

IN5ECNGH

3RPQR HQLHRU\JLQDOQ\FKZVSyáU] GQ\FKVFHQ\SU]H]PDFLHU]PRGHOZLGRNWRMHGQDN

GRSLHURSLHUZV]\HWDSSU]\JRWRZ\ZDQLDREUD]XMDNLZLG]LP\QDHNUDQLH.ROHMQ\P

HWDSHPMHVWU]XWRZDQLH=ZL ]DQDMHVW]QLPGUXJDPDFLHU]QD]\ZDQDPDFLHU] U]XWR

ZDQLD3ROHFHQLH

IN/CVTKZ/QFG ).A241,'%6+10 

NWyUH]QDMGXMHVL ZPHWRG]LH

).A7UVC

YKGPKG5EGP[

]PLHQLDELH F PDFLHU] WMPDFLHU]NWyUHMGRW\F] IXQNFMH]WDEHOL

]PDFLHU]\PRGHOZLGRNLGHQW\ILNRZDQHMSU]H]VWDá 

).A/1&'.8+'9

QDPDFLHU]U]XWR

ZDQLD VWDáD

).A241,'%6+10

-H HOLFKFHP\PR HP\M SU]HVXQ üREUyFLüF]\SRZL N

V]\ü-HGQDNQLHPDWRZL NV]HJRVHQVX=DPLDVWWHJR]PLHQLP\M WDNDE\SU]HNV]WDá

FDáDVFHQ ZWDNLVSRVyE HU]HF]\RGOHJáHV PQLHMV]HRGW\FKNWyUH]QDMGXM VL

EOL HMNDPHU\'RWHJRZáD QLHVáX \PDFLHU]U]XWRZDQLD²PR HZSURZDG]DüU]XW

SHUVSHNW\ZLF]Q\5]XWRZDQLHWRQLH]DFKRZXMHRF]\ZL FLHSLHUZRWQ\FKRGOHJáR FL

SRPL G]\SXQNWDPLVFHQ\$OWHUQDW\Z MHVWU]XWL]RPHWU\F]Q\ SURVWRSDGá\RUWRJR

QDOQ\ ZNWyU\PSU]HGPLRW\]QDMGXM FHVL GDOHMRGNDPHU\V WHMVDPHMZLHONR FL

FREOL V]HQLHM7HQVSRVyEU]XWRZDQLDPR HZ\GDZDüVL QLHUHDOLVW\F]Q\LZREHFWHJR

QLHSU]\GDWQ\DOH]QDM JRQSZV]\VF\PLáR QLF\JLHUIDEXODUQ\FKZNWyU\FKVSUDZ

G]DVL GRVNRQDOH&RURELP\]PDFLHU] U]XWRZDQLD"0RG\ILNXMHP\M ]DSRPRF

IXQNFML

IN(TWUVWO

NWyUDXVWDODZáDVQR FLIUXVWXP-HV]F]HMHGQRQRZHSRM FLH")UX

VWXPWRSRSURVWXREV]DUQDNWyU\PEXGRZDQDMHVWVFHQD²Z\FLQHNSU]HVWU]HQLNWyU\

ÄILOPXMH´NDPHUDRJUDQLF]RQ\RGVWURQ\NDPHU\SU]H]HNUDQ3U]HGPLRW\]QDMGXM FHVL

SR]DIUXVWXPQLHV UHQGHURZDQH:]DOH QR FLRGVWRVRZDQHJRW\SXU]XWRZDQLDIUX

VWXPPR HPLHüNV]WDáWSURVWRSDGáR FLDQXNWyUHJRMHGQ ]H FLDQMHVWHNUDQ U]XWRZDQLH

RUWRJRQDOQH OXEMDNMHVWZSRZ\ V]\PSU]\NáDG]LHZLGRF]QHJRQDU\VXQNX

RVWURVáXSDRSRGVWDZLHSURVWRN WD]H FL W\PF]XENLHP U]XWRZDQLHSHUVSHNW\ZLF]QH 

:LGRF]QDQDOLVWLQJXIXQNFMD

IN(TWUVWO

PQR \MHGQRVWNRZ PDFLHU]U]XWRZDQLD



SU]H]PDFLHU]SHUVSHNW\Z\Z\JHQHURZDQ QDSRGVWDZLHDUJXPHQWyZIXQNFMLJHQHUXM F

ZHIHNFLHU]XWSHUVSHNW\ZLF]Q\

IN(TWUVWO NGYQRTCYQFÎ IÎTCDNKUMQFCNGMQ 

$UJXPHQW\Z\]QDF]DM SRáR HQLHHNUDQXZXNáDG]LHRGQLHVLHQLDZNWyU\PNDPHUD

QLHNWyU]\ZRO PyZLüÄRNR´ ]QDMGXMHVL Z URGNXXNáDGXZVSyáU] GQ\FK SXQNW



2]QDF]DWR HGZDRVWDWQLHDUJXPHQW\Z\]QDF]DM FHQDMEOL V]\LQDMGDOV]\

SODQSRZLQQ\E\üZL NV]HRG]HUD:SRZ\ V]\PSU]\NáDG]LHPDM RQHZDUWR FLRGSR

ZLHGQLR



L



1DOH \SDPL WDü HLFKUy QLFDZ\]QDF]DVWRSLH ]QLHNV]WDáFHQLD

REUD]X²MDNZVSRPQLDáHPZU]XFLHSHUVSHNW\ZLF]Q\PN W\LRGOHJáR FLQLHV ]DFKR

ZDQH-H HOL

DNKUMQ

E G]LHEOLVNLH]HUDWRILJXU\E G VL V]\ENR]PQLHMV]DüZPLDU

RGGDODQLDVL RGNDPHU\LV]\ENRSU]HVWDQ E\üZLGRF]QH0R QDVL SU]HNRQDüRW\P

]PLHQLDM FQDFKZLO WHQSDUDPHWU]



QD



LXUXFKDPLDM FDSOLNDFM 





 0DFLHU]MHGQRVWNRZD]RVWDáDSU]\JRWRZDQDIXQNFM 

IN.QCF+FGPVKV[



background image

5R]G]LDä‰2SHQ*/



5\VXQHN

)UXVWXPZU]XFLH

SHUVSHNW\ZLF]Q\P

3U]HVWU]H RJUDQLF]DQDSU]H]IUXVWXPRSLVDQDMHVW]DSRPRF SUDZRVNU WQHJRXNáDGX

ZVSyáU] GQ\FKNWyUHJRRVLH2;L2<VNLHURZDQHV RGSRZLHGQLRZSUDZRLGRJyU\

Z]JO GHPSáDV]F]\]Q\HNUDQXQDWRPLDVWR 2=VNLHURZDQDMHVWRGGDOLGRNDPHU\





'RP\ OQHSRáR HQLH URGNDXNáDGXZVSyáU] GQ\FKZ]JO GHPNWyUHJRXVWDODQHMHVWSRáR

HQLHILJXU]JRGQHMHVW]SRáR HQLHPNDPHU\=DWHPSRáR HQLHSáDV]F]\]Q\HNUDQXQD

RVL2=ZQDV]\PSU]\NáDG]LHWR



DQDMGDOV]HJRSODQX



 RELHV XMHPQH 

URGHNXNáDGXZVSyáU] GQ\FK]QDMGXMHVL ZWHQVSRVyESR]DIUXVWXP5\VRZDQLHVFHQ\

]DF]QLHP\RGMHMSU]HVXQL FLDR



DZL FZNLHUXQNXGDOLDE\ URGHNZVSyáU] G

Q\FKE\áZLGRF]Q\QDHNUDQLH ]QDMGRZDáVL ZHZQ WU]IUXVWXP 3R]PRG\ILNRZDQLX

PDFLHU]\U]XWRZDQLDSU]\ZUDFDP\PDFLHU]PRGHOZLGRNMDNRELH F PDFLHU] SROH

FHQLH

IN/CVTKZ/QFG ).A/1&'.8+'9 

7RQDQLHMZ\NRQ\ZDüE G]LHP\ZV]\VWNLHSR

]RVWDáHSU]HNV]WDáFHQLDZSURJUDPLH:LVWRFLHPDFLHU]U]XWRZDQLDSRMHM]DLQLFMRZDQLX

U]DGNRMHVW]PLHQLDQD0HWRGD

).A7UVCYKGPKG5EGP[

NR F]\VL SROHFHQLHP

IN'PCDNG

).A&'26*A6'56 

NWyU\PZá F]DP\EXIRUJá ELRGSRZLHG]LDOQ\]DNRQWURORZDQLH

RGOHJáR FLILJXURGNDPHU\LLFKRGSRZLHGQLHZ]DMHPQHSU]HVáDQLDQLH

3RGVXPRZXM FSU]\SRPQLMP\]MDNLPLPDFLHU]DPLPDP\GRF]\QLHQLDZ2SHQ*/

3RSLHUZV]HMHVWWRPDFLHU]PRGHOZLGRN-H HOLQDVFHQLHQDU\VRZDQDMHVWSRVWDü

F]áRZLHNDVWRM FHJRQDSáDV]F]\ QLH2;= JáRZDVNLHURZDQDMHVWZNLHUXQNXGRGDW

QLPRVL2< DNDPHUDZLVLQDGQLPLMHVWVNLHURZDQDZGyáWRSU]HNV]WDáFHQLH]DGDQH

SU]H]PDFLHU]PRGHOZLGRNVSRZRGXMH HSLHUZRWQ\XNáDGZVSyáU] GQ\FK]RVWDQLH

SU]HVXQL W\WDN HMHJRSRF] WHNE G]LH]QDMGRZDáVL ZSRáR HQLXNDPHU\RUD]E G]LH

REUyFRQ\ZRNyáRVL2;RVWRSQLSU]HFLZQLHGRNLHUXQNXUXFKXZVND]yZHN]HJDUD

SDWU] FZVWURQ GRGDWQLHMSyáRVL 2; 0DFLHU] PRGHOZLGRNPyZL ]DWHPMDN

]PLHQLü XNáDG RGQLHVLHQLD VFHQ\ QD XNáDG RGQLHVLHQLD NDPHU\ 'UXJ  PDFLHU]

MHVWPDFLHU]U]XWRZDQLDNWyUDPR HZSURZDG]LüGRREUD]XSHUVSHNW\Z .R FRZ\P

HWDSHPMHVWSU]\JRWRZDQLHREUD]XGZXZ\PLDURZHJR W]ZSU]HNV]WDáFHQLHZLGRNX 

NWyU\Z\ ZLHWODQ\MHVWQDHNUDQLH3U]HNV]WDáFHQLHZLGRNXPR HP\Z\REUD]LüVRELH

EDUG]RáDWZRJG\E\ P\VWDQ OLSU]HGRNQHPLWU]\PDM FJáRZ QLHUXFKRPRREU\VRZDOL

IODPDVWUHP QD V]\ELH NRQWXU\ ZV]\VWNLFK EXG\QNyZ ZLG]LDQ\FK ]D RNQHP ² SR

ZVWDáE\GZXZ\PLDURZ\U]XWWUyMZ\PLDURZHMSU]HVWU]HQL0QLHMZL FHMQDW\PSROHJD





 3URV] ]ZUyFLüXZDJ  H]Z\NOHR 2<VNLHURZDQDMHVWZGyáHNUDQX2SHQ*/MHVWZW\PZ]JO G]LH

]JRGQH]LQWXLFM X]\VNDQ ZV]NROHSRGVWDZRZHM3RGREQLHMHVW]RVL 2=NWyUDMHVWVNLHURZDQDÄGR

QDV´DQLHMDNZ'LUHFW'ÄRGQDV´']L NLWHPXXNáDGZVSyáU] GQ\FKMHVWSUDZRVNU WQ\FRSR]ZDOD

QDVWRVRZDQLHEH]GRGDWNRZ\FKSU]HNV]WDáFH Z]RUyZ]SRGU F]QLNyZGRJHRPHWULL

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

SU]HNV]WDáFHQLHZLGRNX QLHRSLVXMHJRMX RF]\ZL FLHPDFLHU]î 7HWU]\SU]HNV]WDá

FHQLDWZRU] WDN]ZDQ\SRWRNNWyU\REHMPXMHFDá\SURFHVSU]\JRWRZ\ZDQLDREUD]X

SU]H]2SHQ*/

3URMHNW5\VRZDQLHILJXU\SäDVNLHM WUÑMNñWD 

3RGZÑMQHEXIRURZDQLH





'HNODUXMHP\PHWRG 

4[UWL5EGPG

]JRGQLH]HZ]RUHP]OLVWLQJX

/LVWLQJ'HNODUDFMDPHWRG\UHQGHUXM FHM

ENCUU6(QTORWDNKE6(QTO

]

AARWDNKUJGF+&'OCPCIGF%QORQPGPVU

XQKFAAHCUVECNN(QTO%TGCVG 61DLGEV 5GPFGT 

XQKFAAHCUVECNN(QTO%NQUG 61DLGEV 5GPFGT6%NQUG#EVKQP#EVKQP 

RTKXCVG7UGTFGENCTCVKQPU

*&%WEJY[V&%WEJY[VFQFKURNC[FGXKEGEQPVGZV &% 

*).4%WEJY[V4%WEJY[VFQ1RGP).TGPFGTKPIEQPVGZV

DQQN).A7UVCN(QTOCV2KMUGNK *&%WEJY[V&% 

XQKF).A7UVCYKGPKG5EGP[ 

XQKFAAHCUVECNN4[UWL5EGPG 

RWDNKE7UGTFGENCTCVKQPU

AAHCUVECNN6(QTO 6%QORQPGPV 1YPGT 

_





1DVW SQLHGHILQLXMHP\M ]JRGQLH]OLVWLQJLHP7UyMN WU\VRZDQ\MHVW

ZSREOL XSXQNWX



DOHSU]HVXQL WHJRR



ZGDO





/LVWLQJ'HILQLFMDPHWRG\UHQGHUXM FHM

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

4[UQYCPKGVTQLMCVC

IN$GIKP ).A64+#0).'5 

WUVCNCPKGVT\GEJYKGT\EJQNMQYVTQLMCVC YGTVGMUQY Z[\

 \ LGUVOPKGLYKGEGLYUTQFMWGMTCPW

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH Z[\ FQNP[RTCY[





 =DXZD P\ HQLHPD]QDF]HQLDF]\SU]HNV]WDáFHQLRPSRGGDQD]RVWDMHVFHQDF]\NDPHUD3U]HVXQL FLH

VFHQ\ZOHZRMHVWFDáNRZLFLHUyZQRZD QHSU]HVXQL FLXNDPHU\ZSUDZR²WRW\ONRNZHVWLDZ\ERUX

XNáDGXRGQLHVLHQLD

background image

5R]G]LDä‰2SHQ*/



IN8GTVGZH [\ IQTP[

MQPKGET[UQYCPKCHKIWT[

IN'PF 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

3U]\URVWHNQD]Z\ZVND]XMHQDLOR èLW\SSU]HFLñ RQ\FKIXQNFMLQSIN8GTVGZH

R]QDF]D HSU]\MPRZDQHVñWU]\DUJXPHQW\W\SXHNQCV)XQNFMDIN8GTVGZPD]QDF]

QLHZLöFHMRGPLDQ ZVXPLHRNRäRGZXG]LHVWXSLöFLX :GRNXPHQWDFMLGRäñF]RQHM

GR%'6LQIRUPDFMLRIXQNFMDFK2SHQ*/QDOH \V]XNDèSRGKDVäHPEH]SU]\URVWND

DZLöFIN8GTVGZDQLHIN8GTVGZH





=DSRPRF LQVSHNWRUDRELHNWyZWZRU]\P\PHWRG ]ZL ]DQ ]H]GDU]HQLHP

1P2CKPV

IRUP\LXPLHV]F]DP\ZQLHMZ\ZRáDQLHPHWRG\

4[UWL5EGPG

 OLVWLQJ

 ']L NLWHPXU\VXQHNVFHQ\E G]LHRG ZLH DQ\

/LVWLQJ'R]DLQLFMRZDQLDUHQGHURZDQLDVFHQ\Z\NRU]\VWXMHP\]GDU]HQLH2Q3DLQWIRUP\

XQKFAAHCUVECNN6(QTO(QTO2CKPV 61DLGEV 5GPFGT

]

4[UWL5EGPG 

_

0HWRG 

4[UWL5EGPG

 RWZLHUD SROHFHQLH SU]\SLVXM FH PDFLHU]\ PRGHOZLGRN E G FHM

PDFLHU] ELH F PDFLHU]MHGQRVWNRZ  IXQNFMD

IN.QCF+FGPVKV[

NWyUDR]QDF]D H

XNáDGRGQLHVLHQLDVFHQ\LNDPHU\V MHGQDNRZRXVWDZLRQH1LHWUZDWRMHGQDNGáXJRER

]QDMGXM FHVL ZQDVW SQHMOLQLLSROHFHQLH

IN6TCPUNCVGH  

UR]VXZDVFHQ

LNDPHU R



MHGQRVWHN']L NLWHPXUR]VXQL FLXWUyMN WNWyU\U\VXMHP\ZSREOL X

URGNDXNáDGXZVSyáU] GQ\FK]QDMGXMHVL ZHZQ WU]IUXVWXPLPR HP\]REDF]\üJR

QDHNUDQLH

5\VRZDQLHWUyMN WDWRVHNZHQFMDSROHFH UR]SRF]\QDM FDVL RGIXQNFML

IN$GIKP

DNR 

F] FDVL Z\ZRáDQLHPIXQNFML

IN'PF

$UJXPHQWHPIXQNFML

IN$GIKP

MHVWW\SILJXU\ SXQNW

OLQLDWUyMN WF]ZRURN WOXEZLHORN WRUD]]áR HQLDWUyMN WyZ 0L G]\

IN$GIKP

D

IN'PF

SRZLQQ\]QDOH üVL SU]HGHZV]\VWNLPZ\ZRáDQLDIXQNFML

IN8GTVGZ

NWyUHGHILQLXM

ZHUWHNV\F]\OLSXQNW\ZWUyMZ\PLDURZHMSU]HVWU]HQLDSUDNW\FHZLHU]FKRáNLILJXU

=DGHNODURZDQ\Z

IN$GIKP

W\SILJXU\Z\]QDF]DVSRVyELQWHUSUHWDFMLZHUWHNVyZSU]H]

ELEOLRWHN 2SHQ*/-H HOLDUJXPHQWHP

IN$GIKP

MHVW

).A21+065

WRND G\ZHUWHNVMHVW

UHSUH]HQWRZDQ\SU]H]RVREQRU\VRZDQ\SXQNW=NROHL

).A.+0'5

SRZRGXMHá F]HQLH

ZHUWHNVyZZSDU\PL G]\NWyU\PLU\VRZDQ\MHVWRGFLQHN6WDáD

).A.+0'A564+2

SRZR

GXMHU\VRZDQLHáDPDQHMPL G]\ZV]\VWNLPL]GHILQLRZDQ\PLZHUWHNVDPL'OD

).A64+#0

).'5

L

).A37#&5

ZHUWHNV\JUXSRZDQHV RGSRZLHGQLRZWUyMNLLF]ZyUNLDQDHNUDQLH

SRMDZLDVL WUyMN WOXEF]ZRURN W=DWHPGHILQLFMDMHGQHJRWUyMN WDWRVHNZHQFMDZ\

ZRáD IXQNFML

IN$GIKP ).A64+#0).'5

WU]\NURWQHJR

IN8GTVGZ

L

IN'PF

:\ZRáD 

IN8GTVGZ

PRJáRE\E\üWDN HV]H üG]LHZL üGZDQD FLHLWGDZyZF]DV]GHILQLRZDOLE\ P\QLH

MHGHQDOHGZDWU]\F]WHU\LZL FHMWUyMN WyZ

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

3URMHNW3RSUDZLDQLHJHRPHWULLIUXVWXP

=ZUyüP\XZDJ  HZHIHNFLHZ\NRQDQLDSROHFH ]SRSU]HGQLHJRüZLF]HQLDRWU]\PDOL

P\WUyMN WUyZQRERF]Q\ SRUU\VXQHN -HGQDNGHILQLRZDOL P\WUyMN WRSRG

VWDZLH

 Z

LZ\VRNR FL

 [

DZL FRSRGVWDZLH



LZ\VRNR FL



'áXJR FLMHJROHZHJR

LSUDZHJRERNXSRZLQQ\ZL FE\üUyZQHZSU]\EOL HQLX



$SRQLHZD WUyMN WWHQ

OH \ QD SáDV]F]\ QLH UyZQROHJáHM GR HNUDQX WR Z\QLND ] WHJR H QLH SRZLQQL P\

X]\VNDüQLF]HJRFRZ\JO GDQDWUyMN WUyZQRERF]Q\ U\VXQHN WUyMN WSRZLQLHQ

E\üOHNNRÄZ\GáX RQ\´&RVL ZREHFWHJR]QLPVWDáR"2ND]XMHVL  H]WUyMN WHP

ZV]\VWNRMHVWZSRU] GNX3U]\F]\QDGHIRUPDFMLREUD]XMHVWLQQDRNUH ODM FIUXVWXP

RNUH OLOL P\ZLHONR üQDMEOL V]HJRSODQX HNUDQX QDUR]FL JDM F VL RG



GR



ZNLHUXQNDFK;L<=WHJRZ\QLND HND G\SODQVFHQ\PDNV]WDáWNZDGUDWX$SU]HFLH

RNQRZLGRF]QHQDU\VXQNXQLHPDWDNLHJRNV]WDáWX²MHVWUR]FL JQL W\ZSR]LR

PLH,WRUR]FL JQL FLHVSRZRGRZDáR]QLHNV]WDáFHQLHQDV]HJRWUyMN WD3URSRUFMHRNQD

DZWU\ELHSHáQRHNUDQRZ\PSURSRUFMHHNUDQX QDOH \XZ]JO GQLüSU]\GHILQLRZDQLX

IUXVWXP OLVWLQJ 

5\VXQHN

3LHUZV]\WUyMN W

/LVWLQJ'HILQLXM FIUXVWXPXZ]JO GQLDP\SURSRUFM RNQD

XQKF6(QTO).A7UVCYKGPKG5EGP[

]

IN8KGYRQTV %NKGPV9KFVJ%NKGPV*GKIJV QMPQ1RGP).YPGVT\GHQTO[

 FQO[UNPKG

WUVCYKGPKGRWPMVWRTQLGMELK

IN/CVTKZ/QFG ).A241,'%6+10 OCEKGT\RTQLGMELK

IN.QCF+FGPVKV[ 

NGHVTKIJVDQVVQOVQR\PGCT\HCT ENKRRKPI

HNQCVYUR%NKGPV*GKIJV HNQCV %NKGPV9KFVJ

IN(TWUVWO YUR YUR  OPQ\GPKGOCEKGT\[RT\G\

OCEKGT\RGTURGMV[Y[WUVCNCPKGRKTCOKF[HTWUVWO

IN/CVTKZ/QFG ).A/1&'.8+'9 RQYTQVFQOCEKGT\[YKFQMWOQFGNW

IN'PCDNG ).A&'26*A6'56 \DWHHGTCMV[YP[WMT[YCPKGPKGYKFQE\P[EJVTQLMCVQY



_

background image

5R]G]LDä‰2SHQ*/



1DU\VXQNXZLGRF]Q\MHVWWUyMN WSRVNRU\JRZDQLXSURSRUFMLIUXVWXP

5\VXQHN

7UyMN W²W\PUD]HP

ZLHUQLHRGZ]RURZDQ\

QDHNUDQLH

3URMHNW.RORU

'RSRZ\ V]HMIXQNFMLGRGDMHP\Z\ZRáDQLHIXQNFML

IN%QNQT

DGRNáDGQLHMHMZHUVML

IN%Q

NQTWD

]DUJXPHQWDPL







L



NWyUHRSLVXM RGSRZLHGQLRF]HUZRQ ]LHORQ LQLHELH

VN VNáDGRZ NRORUX OLVWLQJ :HIHNFLHSáDV]F]\]QDWUyMN WDVWDQLHVL  yáWD

FRGREU]HE\áRE\ZLGDüQDU\VXQNXJG\E\NVL NDPLDáDNRORURZHLOXVWUDFMH

/LVWLQJ&]DUQRELDá\ ZLDWWR DGQD]DEDZD

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

4[UQYCPKGVTQLMCVC

IN$GIKP ).A64+#0).'5 

WUVCNCPKGVT\GEJYKGT\EJQNMQYVTQLMCVC YGTVGMUQY Z[\

 \ LGUVOPKGLYKGEGLYUTQFMWGMTCPW

IN%QNQTWD  \QNV[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH Z[\ FQNP[RTCY[

IN8GTVGZH [\ IQTP[

MQPKGET[UQYCPKCHKIWT[

IN'PF 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

5\VXQHN

=PLDQDNRORUX

WUyMN WD

=DJDGQLHQLHNRORUyZWR]QDF]QLHSRZD QLHMV]DVSUDZDQL Z\QLND]SRZ\ V]HJROLVWLQJX

-HVWRQDZ2SHQ*/WDN FL OH]ZL ]DQD]R ZLHWOHQLHP HQD]DEDZ NRORUDPLPX

VLP\SRF]HNDüD Zá F]\P\PHFKDQL]PR ZLHWOHQLD

3URMHNW5\VRZDQLHILJXU\SU]HVWU]HQQHM

RVWURVäXSD

-DNZVSRPLQDáHPPL G]\IXQNFMDPL

IN$GIKP ).A64+#0).'5

L

IN'PF

PR QDXPLH FLüQLH

W\ONRWU]\GHILQLFM ZHUWHNVyZDOHGRZROQ ZLHORNURWQR üWHMOLF]E\'RGDMP\ZREHFWHJR

MHV]F]HWU]\WUyMNLNWyUHRNUH O WU]\GRGDWNRZHWUyMN W\ OLVWLQJ &DáR üSRZLQQD

XWZRU]\üRVWURVáXS.D GD FLDQDRVWURVáXSDQDU\VRZDQDE G]LHZLQQ\PNRORU]H

/LVWLQJ5\VRZDQ\ZF]H QLHMWUyMN WWH E\áILJXU SU]HVWU]HQQ  XPLHV]F]RQ ZSU]HVWU]HQL

WUyMZ\PLDURZHM W\OH H«SáDVN

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

4[UQYCPKGVTQLMCVC

IN$GIKP ).A64+#0).'5 

WUVCNCPKGVT\GEJYKGT\EJQNMQYVTQLMCVC YGTVGMUQY Z[\

 \ LGUVOPKGLYKGEGLYUTQFMWGMTCPW

V[NPC

IN%QNQTWD  \QNV[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH Z[\ FQNP[RTCY[

background image

5R]G]LDä‰2SHQ*/



IN8GTVGZH [\ IQTP[

RQFUVCYC

IN%QNQTWD  \KGNQP[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH Z[\ FQNP[RTCY[

IN8GTVGZH [ \ FQNP[RT\GFPK

NGYC

IN%QNQTWD  E\GTYQP[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH [ \ FQNP[RT\GFPK

IN8GTVGZH [\ IQTP[

RTCYC

IN%QNQTWD  PKGDKGUMK

IN8GTVGZH Z[\ FQNP[RTCY[

IN8GTVGZH [ \ FQNP[RT\GFPK

IN8GTVGZH [\ IQTP[

MQPKGET[UQYCPKCHKIWT[

IN'PF 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

=DPLDVWU\VRZDüF]WHU\WUyMN W\ ZLHU]FKRáNyZGRSU]HNV]WDáFDQLDSU]H]PDFLHU]H

PRGHOZLGRNLU]XWRZDQLD PR QDE\áRSRVáX \üVL ZVW JDPLOXEZDFKODU]DPLWUyM

N WyZ MDNRDUJXPHQWyZIXQNFML

IN$GIKP

QDOH \ZyZF]DVX \ü]DPLDVW

).A64+#0).'5

RGSRZLHGQLR

).A64+#0).'A564+2

OXE

).A64+#0).'A(#0

:yZF]DVNROHMQHWUyMN W\Z\

]QDF]DQHV QLHSU]H]QRZ WUyMN ZHUWHNVyZDSU]H]MHGHQGRGDWNRZ\ZHUWHNVLMHGHQ

]ERNyZSRSU]HGQLR]GHILQLRZDQHJRWUyMN WD:WHQVSRVyE]PQLHMV]DVL LOR üZLHU]

FKRáNyZFRZSU]\SDGNXGX \FKILJXU]EXGRZDQ\FK]ZLHOXZHUWHNVyZPR H]QD

F] FRSU]\VSLHV]\üLFKSU]HNV]WDáFDQLHZSRWRNX

1DWRPLDVWDE\]DPLDVWÄSHáQHJR´RVWURVáXSD U\VXQHN U\VRZDüMHG\QLHMHJRV]NLH

OHWQDOH \Z

IN$GIKP

X \üDUJXPHQWX

).A.+0'A.112

 ]REU\VXQHN 

.ROHMQ  ZD Q  VSUDZ  ]ZL ]DQ  ] U\VRZDQLHP ILJXU SáDVNLFK MHVW W]Z QDZLQL FLH

.ROHMQR üZHUWHNVyZZ\]QDF]DERZLHPSU]yGLW\áILJXU\-H HOLVWDQLHP\Ä]D´ILJXU

WMSDWU]\P\ZNLHUXQNXMHMSU]RGX WRZLHU]FKRáNLSRZLQQ\E\ü]GHILQLRZDQH]JRG

QLH]NLHUXQNLHPUXFKXZVND]yZHN]HJDUD7\PVDP\PMH HOLSDWU]\P\QDWUyMN WQDU\

VRZDQ\QDHNUDQLHLMHJRZLHU]FKRáNLQDZLQL WHV ZNLHUXQNXSU]HFLZQ\PGRNLHUXQNX

UXFKXZVND]yZHN]HJDUDWRWUyMN WVNLHURZDQ\MHVWSU]RGHPGRQDV'ODF]HJRMHVWWR

ZD QH"3RQLHZD PR QDXQLNQ üU\VRZDQLDILJXUNWyUHVNLHURZDQHV QSW\áHPGR

NDPHU\%DUG]RRJUDQLF]DWRZ\VLáHNZáR RQ\SU]H]NDUW JUDILF]Q ZSU]\JRWRZDQLH

REUD]X$OHF]\VSUDZG]DQLHF]\ILJXUDXáR RQDMHVWSU]RGHPF]\W\áHPGRNDPHU\

QLHMHVWNRV]WRZQLHMV]HQL U\VRZDQLHREXMHMVWURQ"2ZV]HPDOHZ\REUD P\VRELH]DP

NQL W ILJXU SU]HVWU]HQQ QSQDV]RVWURVáXS-H HOLMHJR FLDQ\E G WDNQDZLQL WH H

ZV]\VWNLHE G VNLHURZDQHSU]RGHPQD]HZQ WU]WRPR HP\PLHüSHZQR ü HU\VRZDQLH

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

5\VXQHN

.D G ILJXU

SU]HVWU]HQQ PR QD

]EXGRZDü]WUyMN WyZ

5\VXQHN

:V]\VWNLHPR OLZH

DUJXPHQW\IXQNFML

JO%HJLQ]QDMG]LH

&]\WHOQLN

ZGRNXPHQWDFML

06'1GRá F]RQHM

GR&%XLOGHUD

ÄW\áyZ´QLHE G]LHSRWU]HEQH6 MHGQDNRGWHMV\WXDFMLZ\M WNL0R HP\QDSU]\NáDG

GRSXV]F]DüV\WXDFM ZNWyUHMNDPHUDZQLNDGRZQ WU]DILJXU\:yZF]DVMH HOLFKFHP\

ZLG]LHüMHMZQ WU]HDQLHPDSRSURVWX]QLNDüPXVLP\U\VRZDüILJXU\]REXVWURQ

,QQDPR OLZR üLWRMHVWZáD QLHQDV]SU]\SDGHNMHVWWDND H]DPLHU]DP\XF]\QLüMHGQ

OXENLOND FLDQF] FLRZRSU]H]URF]\VW\FK$SU]H]WDNLHRNQRE G]LHPR QDRF]\ZL FLH

UyZQLH ]DMU]HüGRZQ WU]DILJXU\DZL FZyZF]DVWDN HNRQLHF]QHMHVWU\VRZDQLH

ILJXU]REXVWURQ

3URMHNW:\RGUöEQLHQLHPHWRG\U\VXMñFHMILJXUö

:\JRGQLHMHVWXPLH FLü]ELyUSROHFH U\VXM F\FKILJXU ZRVREQHMPHWRG]LHOXEIXQNFML

8PR OLZLWRZLHORNURWQHX \FLHW\FKIXQNFMLLZWHQVSRVyEáDWZHSRZLHODQLHILJXU\

SRUSURMHNW 





'HILQLXMHP\PHWRG 

4[UWL1UVTQUNWR

LXPLHV]F]DP\ZQLHMSROHFHQLD

RG

IN$GIKP

GR

IN'PF\OGVQF[4[UWL5EGPG

 OLVWLQJ 

background image

5R]G]LDä‰2SHQ*/



/LVWLQJ0HWRGDGHILQLXM FDZLHU]FKRáNLRVWURVáXSD

XQKFAAHCUVECNN6(QTO4[UWL1UVTQUNWR HNQCVZHNQCV[HNQCV\

]

4[UQYCPKGVTQLMCVC

IN$GIKP ).A64+#0).'5 

WUVCNCPKGVT\GEJYKGT\EJQNMQYVTQLMCVC YGTVGMUQY Z[\

 \ LGUVOPKGLYKGEGLYUTQFMWGMTCPW

V[NPC

IN%QNQTWD  \QNV[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH Z[\ FQNP[RTCY[

IN8GTVGZH [\ IQTP[

RQFUVCYC

IN%QNQTWD  \KGNQP[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH Z[\ FQNP[RTCY[

IN8GTVGZH [ \ FQNP[RT\GFPK

NGYC

IN%QNQTWD  E\GTYQP[

IN8GTVGZH Z[\ FQNP[NGY[

IN8GTVGZH [ \ FQNP[RT\GFPK

IN8GTVGZH [\ IQTP[

RTCYC

IN%QNQTWD  PKGDKGUMK

IN8GTVGZH Z[\ FQNP[RTCY[

IN8GTVGZH [ \ FQNP[RT\GFPK

IN8GTVGZH [\ IQTP[

MQPKGET[UQYCPKCHKIWT[

IN'PF 

_





'RGHILQLFMLNODV\GRGDMHP\RGSRZLHGQL GHNODUDFM QRZHMPHWRG\





1DVW SQLHPRG\ILNXMHP\PHWRG 5\VXM6FHQH]DVW SXM FZQLHMVHNZHQFM

SROHFH RG

IN$GIKP

GR

IN'PF

SU]H]Z\ZRáDQLH

4[UWL1UVTQUNWR

 OLVWLQJ 

/LVWLQJ7DND]PLDQD]GHF\GRZDQLH]ZL NV]DF]\WHOQR üPHWRG\UHQGHUXM FHM

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

T[UQYCPKGQUVTQUNWRC

4[UWL1UVTQUNWR Z[\ 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

3URMHNW2EURW\RELHNWÑZQDVFHQLH

5XFKNDPHU\LUXFKDNWRUÑZ

&]DV]DM üVL SU]HNV]WDáFHQLDPLPDFLHU]\PRGHOZLGRN7XSRMDZLDVL MHGQDN]DJDG

QLHQLHNROHMQR FLSU]HNV]WDáFH LSROHFH U\VXM F\FKQRZHILJXU\0XVLP\ZLHG]LHü

MHGQ ZD Q U]HF]WRFR]RVWDáRQDU\VRZDQHQLHMHVWMX SU]HNV]WDáFDQH=DWHPMH HOL

FKFHP\REUDFDüRVWURVáXSHPWRIXQNFMH

IN4QVCVG

PXV] ]QDOH üVL SU]HG

4[UWL1UVTQUNWR



ERLQDF]HMREUDFDQHE G ILJXU\]GHILQLRZDQHSRWHPDOHRVWURVáXS]RVWDQLHQLHUXFKRP\

7D]DVDGDSR]ZDODQDXQLH]DOH QLHQLHUXFKXSRV]F]HJyOQ\FKSU]HGPLRWyZ]QDMGXM 

F\FKVL QDVFHQLH DNWRUyZ DWDN HDPR HSU]HGHZV]\VWNLPQDRGG]LHOHQLHUXFKX

NDPHU\RGUXFKXDNWRUyZ-DNGREU]HZLHP\QLHPD]DVDGQLF]HMUy QLF\PL G]\UXFKHP

NDPHU\DUXFKHPVFHQ\V]F]HJyOQLHMH HOLQDVFHQLHQLHPDQLF]HJRFRQDV]XP\Vá

PyJáE\LGHQW\ILNRZDüMDNRQLHUXFKRPH QSMDNL URG]DMSRGáR D =UHV]W QDZHWZyZ

F]DVVWZLHUG]HQLHNWyU\HOHPHQWVL SRUXV]DDNWyU\VSRF]\ZDMHVWXPRZQH



:\

REUD P\VRELHMHGQDNPHWRG UHQGHUXM F ZNWyUHMZSLHUZU\VRZDQDMHVWSáDV]F]\]QD

QDVW SQLHZ\NRQ\ZDQHMHVWSU]HNV]WDáFHQLHWUDQVODFML SU]HVXQL FLD LZyZF]DVU\VR

ZDQ\MHVWRVWURVáXS:\JO GDáRE\WRWDNMDNE\RVWURVáXSSU]HVXZDáVL SRQLHUXFKRPHM

WMQDU\VRZDQHMSU]HGSU]HVXQL FLHP SRZLHU]FKQL²WDNZQDWXUDOQ\VSRVyEVFHQ

W LQWHUSUHWRZDáE\QDV]XP\Vá-H HOLGRGDWNRZHSU]HNV]WDáFHQLHXPLH FLP\SU]HGQDU\

VRZDQLHPRZHMSRZLHU]FKQLWRGRW\F]\üRQHE G ]DUyZQRQLHMMDNLSRUXV]DM FHJR

VL SRQLHMRVWURVáXSD:\JO GDüWRE G]LHMDNUXFKNDPHU\NWyUDILOPXMHUXFKRVWUR

VáXSDSRSRZLHU]FKQL

=WHJRZ\QLND HPR QDXPRZQLHRGUy QLüUXFKNDPHU\RGUXFKXRELHNWyZQDVFH

QLH3RG]LDáWHQ]DOH \RGPRPHQWXZNWyU\PU\VRZDQDMHVWF] üVFHQ\NWyU X]QDMH

P\]DQLHUXFKRP  RZDSRZLHU]FKQLD :F]H QLHMV]HSU]HNV]WDáFHQLDWRUXFKNDPHU\

Sy QLHMV]H²UXFK\DNWRUyZ2JyOQ\VFKHPDWPHWRG\UHQGHUXM FHMSRZLQLHQE\ü]DWHP

]JRGQ\]SU]HGVWDZLRQ\PZWDEHOL

,WDNGDOHM(WDS\LPRJ VL RF]\ZL FLHSRZWDU]Dü$NWRUQLHW\ONRPR HQLHE\ü

QLHUXFKRP\ W]QPR HSRUXV]DüVL SRVFHQLH DOHPR HUyZQLH ]PLHQLDüNV]WDáW

'RWHJRZ]JO GQHJRUXFKXWUyMN WyZ]NWyU\FK]EXGRZDQ\MHVWDNWRUVWRVXMHVL MHG

QDNWDVDPD]DVDGDFRGRUXFKXDNWRUyZSRVFHQLH





 .D G\FK\EDSDPL WDJDJ]ILOPX0RQW\3\WKRQDZNWyU\PWRQLHSRFL JRGMH G DáDOHSHURQ]RVRE

PDFKDM F ELDá FKXVWHF]N 

background image

5R]G]LDä‰2SHQ*/



7DEHOD.ROHMQR üF]\QQR FLZ\NRQ\ZDQ\FKZPHWRG]LHUHQGHUXM FHM

(WDS

&]\QQR FL

 ,QLFMDFMD

0DFLHU]PRGHOZLGRNXVWDODQDQDMHGQRVWNRZ

 3U]HGPLRW\WUZDOH]ZL ]DQH]NDPHU

QSEUR ERKDWHUDZLGRF]QDZJUDFK)33)36

5\VRZDQLHILJXU

 5XFKNDPHU\

3U]HNV]WDáFHQLDPDFLHU]\PRGHOZLGRN

 5\VRZDQLHQLHUXFKRPHMF] FLVFHQ\

5\VRZDQLHILJXU

 5XFKSLHUZV]HJRDNWRUD

3U]HNV]WDáFHQLDPDFLHU]\PRGHOZLGRN

 5\VRZDQLHSLHUZV]HJRDNWRUD

5\VRZDQLHILJXU

 5XFKGUXJLHJRDNWRUD

3U]HNV]WDáFHQLDPDFLHU]\PRGHOZLGRN

 5\VRZDQLHGUXJLHJRDNWRUD

5\VRZDQLHILJXU

$E\PyFREUDFDüQDV]RVWURVáXS]DSRPRF NODZLV]\VWHURZDQLDNXUVRUHPPXVLP\

Z\NRQDüQDVW SXM FHF]\QQR FL





'HILQLXMHP\GZDSROD

6JGVC

L

2JK

W\SX

5KPING

SU]HFKRZXM FHN W\RNUH ODM FH

SRáR HQLHRVWURVáXSD OLVWLQJ 

/LVWLQJ'HILQLXMHP\GZDQRZHSROD

ENCUU6(QTORWDNKE6(QTO

]

AARWDNKUJGF+&'OCPCIGF%QORQPGPVU

XQKFAAHCUVECNN(QTO%TGCVG 61DLGEV 5GPFGT 

XQKFAAHCUVECNN(QTO%NQUG 61DLGEV 5GPFGT6%NQUG#EVKQP#EVKQP 

XQKFAAHCUVECNN(QTO2CKPV 61DLGEV 5GPFGT 

RTKXCVG7UGTFGENCTCVKQPU

*&%WEJY[V&%WEJY[VFQFKURNC[FGXKEGEQPVGZV &% 

*).4%WEJY[V4%WEJY[VFQ1RGP).TGPFGTKPIEQPVGZV

DQQN).A7UVCN(QTOCV2KMUGNK *&%WEJY[V&% 

XQKF).A7UVCYKGPKG5EGP[ 

XQKFAAHCUVECNN4[UWL5EGPG 

XQKFAAHCUVECNN4[UWL1UVTQUNWR HNQCVZHNQCV[HNQCV\ 

HNQCV2JK6JGVC

RWDNKE7UGTFGENCTCVKQPU

AAHCUVECNN6(QTO 6%QORQPGPV 1YPGT 

_





:NRQVWUXNWRU]HIRUP\LQLFMXMHP\QRZHSROD]HUDPL OLVWLQJ 

/LVWLQJ,QLFMXMHP\REDN W\]HUDPL

AAHCUVECNN6(QTO6(QTO 6%QORQPGPV 1YPGT

6(QTO 1YPGT

]

2JK6JGVC

_

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV





'RPHWRG\UHQGHUXM FHMGRGDMHP\SROHFHQLDREUDFDM FHPDFLHU]PRGHOZLGRN

RN W\]DSDPL WDQHZSRODFK

2JK

L

6JGVC

 OLVWLQJ 3LHUZV]HZ\]QDF]DN W

REURWXZRNyáRVL2<DGUXJLH²ZRNyáRVL2;





/LVWLQJ:ND GHMUHQGHURZDQHMVFHQLHSRáR HQLHILJXU\Z\]QDF]RQHMHVWSU]H]SROD3KLL7KHWD

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

QDTQV[

IN4QVCVGH 2JK YQMQN1;

IN4QVCVGH 6JGVC YQMQN1:

T[UQYCPKGQUVTQUNWRC

4[UWL1UVTQUNWR Z[\ 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_





=PLHQLDP\ZáDVQR ü

-G[2TGXKGY

IRUP\QD

VTWG







=DSRPRF LQVSHNWRUDWZRU]\P\PHWRG ]ZL ]DQ ]

1P-G[&QYP

IRUP\

OLVWLQJ % G]LHRQDRGJU\ZDáDURO QDV]HJRSXOSLWXNRQWUROQHJR

/LVWLQJÄ6WU]DáNL´SR]ZDODM QDNRQWURORZDQLHZDUWR FLN WyZRMDNLHREUDFDQ\MHVWRVWURVáXS

XQKFAAHCUVECNN6(QTO(QTO-G[&QYP 61DLGEV 5GPFGT914&-G[

65JKHV5VCVG5JKHV

]

UYKVEJ -G[

]

ECUG8-A'5%#2'%NQUG DTGCM

QDTQV[

ECUG8-A.'(62JKDTGCM

ECUG8-A4+)*62JK DTGCM

ECUG8-A726JGVCDTGCM

ECUG8-A&1906JGVC DTGCM





.ROHMQR üREURWyZPD]QDF]HQLH7DNVDPRMDNNROHMQR üPQR HQLDSU]H]PDFLHU]H:\VWDUF]\Z]L ü

GRU NLQLQLHMV] NVL N LREUyFLüM Z]GáX JU]ELHWXDSRWHPZ]GáX LQQHJRZ\EUDQHJRERNX1DVW SQLH

ZUyüP\GRSR]\FMLZ\M FLRZHMLZ\NRQDMP\REDREURW\Z]PLHQLRQHMNROHMQR FL:REXSU]\SDGNDFK

X]\VNDP\LQQHXáR HQLHNVL NL

background image

5R]G]LDä‰2SHQ*/



_

4[UWL5EGPG 

_

.RU]\VWDM F]ÄNODZLV]\VWU]DáHN´PR HP\REUDFDüQDV]RVWURVáXSLREHMU]HüJR]GRZRO

QHMVWURQ\ U\VXQHN 

5\VXQHN

7HUD]PR HP\

SU]HNRQDüVL 

HILJXUDNWyU

]EXGRZDOL P\

MHVWU]HF]\ZL FLH

WUyMZ\PLDURZD

3URMHNW3U]HVXQLöFLDRELHNWX

$QDORJLF]QLHZ\JO GDVSUDZD]SU]HNV]WDáFHQLHPWUDQVODFML





:NODVLH

6(QTO

GHILQLXMHP\MHV]F]HGZDSRODSU\ZDWQHW\SX

5KPING

RQD]ZDFK

2Q\[ELC:



2Q\[ELC;

L

2Q\[ELC<

:NRQVWUXNWRU]HXVWDODP\LFKZDUWR FLQDUyZQH

 OLVWLQJ 

/LVWLQJ5yZQLH WHSRODLQLFMXMHP\]HUDPL

AAHCUVECNN6(QTO6(QTO 6%QORQPGPV 1YPGT

6(QTO 1YPGT

]

2JK6JGVC

2Q\[ELC:2Q\[ELC;2Q\[ELC<

_





'RPHWRG\

(QTO2CKPV

GRGDMHP\SROHFHQLHSU]HVXZDM FHILJXU RZHNWRU

=2Q\[ELC:2Q\[ELC;2Q\[ELC<?

]JRGQLH]HZ]RUHPQDOLVWLQJX

/LVWLQJ3U]HVXZDP\RVWURVáXS

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

QDTQV[

IN4QVCVGH 2JK YQMQN1;

IN4QVCVGH 6JGVC YQMQN1:

RT\GUWPKGEKC

IN6TCPUNCVGH 2Q\[ELC:2Q\[ELC;2Q\[ELC< 

T[UQYCPKGQUVTQUNWRC

4[UWL1UVTQUNWR Z[\ 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_





5R]EXGRZXMHP\PHWRG 

(QTO-G[&QYP

GRGDM FGRQLHMIUDJPHQW\Z\Uy QLRQH

QDOLVWLQJX']L NLWHPXE G]LHP\PRJOLNRQWURORZDüSU]HVXQL FLD

RVWURVáXSDNODZLV]DPLVWHURZDQLDNXUVRUHPSU]\MHGQRF]HVQ\PQDFL QL FLX

NODZLV]D



6KLIW



OXE



&WUO

/LVWLQJ=ZL NV]DP\LOR üSU]\FLVNyZQDSXOSLFLHNRQWUROQ\P

XQKFAAHCUVECNN6(QTO(QTO-G[&QYP 61DLGEV 5GPFGT914&-G[

65JKHV5VCVG5JKHV

]

KH -G[8-A'5%#2' %NQUG 

QDTQV[

KH 5JKHV'ORV[

]

UYKVEJ -G[

]

ECUG8-A.'(62JKDTGCM

ECUG8-A4+)*62JK DTGCM

ECUG8-A726JGVCDTGCM

ECUG8-A&1906JGVC DTGCM

_

_

RT\GUWPKGEKCYRKQPKGKRQ\KQOKG

KH 5JKHV%QPVCKPU UU%VTN

]

UYKVEJ -G[

]

ECUG8-A.'(62Q\[ELC:DTGCM

ECUG8-A4+)*62Q\[ELC: DTGCM

ECUG8-A722Q\[ELC; DTGCM

ECUG8-A&1902Q\[ELC;DTGCM

_

_

background image

5R]G]LDä‰2SHQ*/



RT\GUWPKGEKCYRQ\KQOKGKRT\QFV[N

KH 5JKHV%QPVCKPU UU5JKHV

]

UYKVEJ -G[

]

ECUG8-A.'(62Q\[ELC:DTGCM

ECUG8-A4+)*62Q\[ELC: DTGCM

ECUG8-A722Q\[ELC<DTGCM

ECUG8-A&1902Q\[ELC< DTGCM

_

_

4[UWL5EGPG 

_

3RZ\NRQDQLXSRZ\ V]\FKF]\QQR FLPR HP\]DSRPRF ÄNODZLV]\VWU]DáHN´RUD]

NODZLV]\6KLIWL&WUOZSHáQLNRQWURORZDüSR]\FM RVWURVáXSD U\VXQHN 'RSyNL

QDVFHQLHMHVWW\ONRMHGHQRELHNWQLHPD]QDF]HQLDF]\QD]ZLHP\WRUXFKHPNDPHU\

F]\DNWRUD1DV]Z]URNLWDNQLHPD DGQHJRÄQLHUXFKRPHJR´XNáDGXRGQLHVLHQLD7RWDN

MDNE\ P\NU \OLZRNyáLQQHMRVRE\ZSXVWHMSU]HVWU]HQLNRVPLF]QHM3\WDQLHRWRNWR

ZLUXMHZRNyáNRJRQLHPDZyZF]DV DGQHJRVHQVX/XEPQLHMDEVWUDNF\MQ\SU]\NáDG²

GZDSRFL JLVWRM FHQDV VLHGQLFKWRUDFK*G\MHGHQ]QLFKUXV]D LQLHZLG]LP\QLH

UXFKRPHJRSRGáR D QLHPR HP\VWZLHUG]LüNWyU\]QLFKMHG]LHDNWyU\VWRL6\WXDFMD

]PLHQLDVL FDáNRZLFLHJG\QDVFHQLHXPLH FLP\FR FRQDV]XP\Vá]LGHQW\ILNXMHMDNR

QLHUXFKRPHSRGáR H-HGQDNMDNMX SRGNUH ODáHPZF]H QLHM]SXQNWXZLG]HQLD2SHQ*/

SU]HNV]WDáFHQLDZSXQNFLHSU]HGVWDZLRQHJRZ\ HMVFKHPDWXQLF]\PQLHUy QL VL

RGSU]HNV]WDáFH ]SXQNWyZL

5\VXQHN

7HUD]QDV]HPX

RVWURVáXSRZLPR HP\

SU]\MU]HüVL ]EOLVND

3URMHNW3URVWDDQLPDFMD

$QLPDFMDWRSRSURVWXSU]HVXQL FLDLREURW\Z\NRQ\ZDQH]JRGQLH]SHZQ\PF]DVRZ\P

VFKHPDWHP:&%XLOGHU]HyZVFKHPDWPR HP\QDMSUR FLHMZ\]QDF]\ü]DSRPRF

NRPSRQHQWX

66KOGT

:\VWDUF]\ HFRRNUH ORQ\F]DVE G]LHRQXUXFKDPLDáPHWRG

]GDU]HQLRZ ZNWyUHM]PLHQLDQHE G SRODSU]HFKRZXM FHZDUWR FLN WyZLSR]\FML

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

RVWURVáXSDSRF]\PZ\ZRá\ZDáPHWRG 

4[UWL5EGPG

,GHQW\F]QLHMDNSU]\QDFLVNDQLX

NODZLV]\VWHURZDQLDNXUVRUHP]W\P HWHUD]RZHNODZLV]HÄQDFLVND´VDPNRPSXWHU





8PLHV]F]DP\QDIRUPLHNRPSRQHQW

66KOGT

]]DNáDGNL6\VWHP





7ZRU]\P\PHWRG ]GDU]HQLRZ GR

1P6KOGT

 OLVWLQJ 

/LVWLQJ$E\UXFKE\áZLGRF]Q\NRQLHF]QHMHVWRF]\ZL FLHZ\ZRáDQLHPHWRG\5\VXM6FHQH

XQKFAAHCUVECNN6(QTO6KOGT6KOGT 61DLGEV 5GPFGT

]

2JK 

6JGVC 

4[UWL5EGPG 

_





=PLHQLDP\ZáDVQR ü

+PVGTXCN

NRPSRQHQWX

6KOGT

QD









'RPHWRG\

(QTO-G[&QYP

GRGDMHP\PR OLZR üZá F]HQLDLZ\á F]HQLDDQLPDFML

]DSRPRF NODZLV]D4 OLVWLQJ 

/LVWLQJ1RZ\SU]\FLVNQDSDQHOXNRQWUROQ\P

XQKFAAHCUVECNN6(QTO(QTO-G[&QYP 61DLGEV 5GPFGT914&-G[

65JKHV5VCVG5JKHV

]

KH -G[8-A'5%#2' %NQUG 

QDTQV[

KH 5JKHV'ORV[

]

UYKVEJ -G[

]

ECUG8-A.'(62JKDTGCM

ECUG8-A4+)*62JK DTGCM

ECUG8-A726JGVCDTGCM

ECUG8-A&1906JGVC DTGCM

ECUG S 

ECUG 3 6KOGT 'PCDNGF6KOGT 'PCDNGFDTGCM

_

_

EKCIFCNU\[OGVQF[

']L NLWHPXZWUDNFLHDQLPDFMLPHWRGD

4[UWL5EGPG

QLHW\ONRMHVWZ\ZRá\ZDQDZUHDNFML

QD]GDU]HQLH

1P2CKPV

IRUP\FR]DFKRG]LVWRVXQNRZRU]DGNRDOHSU]HGHZV]\VWNLP

F\NOLF]QLHFRPLOLVHNXQG VWRUD]\QDVHNXQG 7R]SHZQR FL Z\VWDUF]DM FRF] VWR

ERSá\QQDDQLPDFMDZ\PDJDRNRáRNODWHNQDVHNXQG  DZQDMJRUV]\PZ\SDGNX

SU]\QDMPQLHM 7RPR HQDZHW]E\WZLHOHERPRQLWRU\&57 NLQHVNRSRZH U]DGNR

SUDFXM ]F] VWR FL ZL NV] QL +] ÄHNUDQyZ´QDVHNXQG &] VWR üRG ZLH

DQLDPRQLWRUyZ/&']QDWXU\ZROQLHMV]\FKZ\QRVL]D]Z\F]DM+]

background image

5R]G]LDä‰2SHQ*/



-H HOLQDZHWQLHFRSU]HKROXMHP\]F] VWR FL UHQGHURZDQLDVFHQ\WRQLHPXVLP\VL

PDUWZLüRREFL HQLHJáyZQHJRSURFHVRUDNRPSXWHUD²U\VRZDQLHPJUDILNL2SHQ*/

]DMPXMHVL SU]HFLH SURFHVRUNDUW\JUDILF]QHM





3URMHNW5\VRZDQLHRVLXNäDGXZVSÑäU]öGQ\FK

1DU\VXMP\GZDXNáDG\ZVSyáU] GQ\FKELDá\L]LHORQ\:QDV]\PSU]\NáDG]LHELDáH

RVLHE G RGJU\ZDá\URO QLHUXFKRPHMF] FLVFHQ\8VWDODP\ HZV]\VWNLHSU]HNV]WDá

FHQLDPDFLHU]\PRGHOZLGRNZ\SU]HG]DM FHQDU\VRZDQLHRZ\FKELDá\FKRVLQD]\ZDü

E G]LHP\UXFKHPNDPHU\:V]\VWNLHSy QLHMV]H²UXFKHPDNWRUyZ





'HILQLXMHP\PHWRG 

4[UWL1UKG

U\VXM F RVLHXNáDGXZVSyáU] GQ\FK2;<=

OLVWLQJ 

/LVWLQJ-H HOLFKFHP\QDU\VRZDüGZDXNáDG\ZVSyáU] GQ\FKZ\JRGQLHSU]\JRWRZDü

RGSRZLHGQL PHWRG NWyU E G]LHP\PRJOLZLHORNURWQLHZ\NRU]\VW\ZDü

RTQEGFWTG6(QTO4[UWL1UKG TQ\OKCT5KPING 

DGIKP

IN$GIKP ).A.+0'5 

IN8GTVGZH  IN8GTVGZH TQ\OKCT 1:YRTCYQ

IN8GTVGZH  IN8GTVGZH TQ\OKCT 1;FQIQT[

IN8GTVGZH  IN8GTVGZH TQ\OKCT 1<FQMCOGT[

IN'PF

GPF





0HWRG 

4[UWL1UKG

Z\ZRáXMHP\SRUD]SLHUZV]\SU]HGSROHFHQLDPLZ\NRQXM F\PL

REURW\LWUDQVODFMHRVWURVáXSDDSRUD]GUXJLMX SRQDU\VRZDQLXRVWURVáXSD

OLVWLQJ 3LHUZV]HZ\ZRáDQLHSRSU]HG]DP\]PLDQ NRORUXQDELDá\

DGUXJLH²QD]LHORQ\

/LVWLQJ5\VRZDQLHQLHUXFKRPHJRLUXFKRPHJRXNáDGXZVSyáU] GQ\FK

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

PKGTWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 





2F]\ZL FLHMH HOLQLHPDP\MDNLHM DUFKDLF]QHMNDUW\JUDILF]QHMQLHREVáXJXM FHMVWDQGDUGX2SHQ*/

LNRU]\VWDP\]SURJUDPRZHMHPXODFML

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

QDTQV[

IN4QVCVGH 2JK YQMQN1;

IN4QVCVGH 6JGVC YQMQN1:

RT\GUWPKGEKC

IN6TCPUNCVGH 2Q\[ELC:2Q\[ELC;2Q\[ELC< 

T[UQYCPKGQUVTQUNWRC

4[UWL1UVTQUNWR Z[\ 

TWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

0HWRGD

4[UWL1UKG

Z\ZRá\ZDQDMHVWGZXNURWQLH3LHUZV]HZ\ZRáDQLHQDVW SXMHWX

SRXVWDOHQLXSR]\FMLNDPHU\LSRSU]HG]DREURW\LSU]HVXQL FLDNWyUHLQWHUSUHWXMHP\MDNR

UXFKDNWRUyZ'ODWHJRWHQU\VRZDQ\QDELDáRXNáDGZVSyáU] GQ\FKPR QDWUDNWRZDüMDN

]ZL ]DQ\]QLHUXFKRP VFHQ  SRUU\VXQHN 'UXJLUD]PHWRGD

4[UWL1UKG

Z\ZR

á\ZDQDMHVWWX SU]HGZ\PLDQ EXIRUyZGRW\F] MHM]DWHPZV]\VWNLHSU]HNV]WDáFHQLD

PDFLHU]\PRGHOZLGRN²LQQ\PLVáRZ\RVLH]ZL ]DQHV ]U\VRZDQ\PLQDVFHQLH

DNWRUDPL

5\VXQHN

5\VXMHP\GZLHSDU\

RVLZVSyáU] GQ\FK

²SLHUZV]D]ZL ]DQD

MHVW]QLHUXFKRP\P

XNáDGHPRGQLHVLHQLD

VFHQ\GUXJD

²]XNáDGHP

]ZL ]DQ\P

]RVWURVáXSHP

3URMHNW'RGDZDQLHNROHMQ\FKILJXU

'RSLHUZV]HJRRVWURVáXSDGRU\VXMHP\NROHMQHX]XSHáQLDM FPHWRG 

4[UWL5EGPG

RS WO

Z\Uy QLRQ ZOLVWLQJX.D G\]RVWURVáXSyZREUyFRQ\MHVWRVWRSQLZ]JO GHP

SRSU]HGQLHJR:V]\VWNLHE G Z]JO GHPVLHELHQLHUXFKRPHDOHGRGDQLHZ]JO GQHJR

UXFKXPL G]\QLPLE\áRE\MHG\QLHNZHVWL X]PLHQQLHQLDZLHONR FLREURWXMDNLMHVW

Z\NRQ\ZDQ\SU]HGNROHMQ\PZ\ZRáDQLHPPHWRG\

4[UWL1UVTQUNWR

8]\VNDQ\HIHNW

ZLGRF]Q\MHVWQDU\VXQNX

background image

5R]G]LDä‰2SHQ*/



/LVWLQJ.ORQRZDQLHRVWURVáXSyZ

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

PKGTWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 

QDTQV[

IN4QVCVGH 2JK YQMQN1;

IN4QVCVGH 6JGVC YQMQN1:

RT\GUWPKGEKC

IN6TCPUNCVGH 2Q\[ELC:2Q\[ELC;2Q\[ELC< 

T[UQYCPKGQUVTQUNWRC

4[UWL1UVTQUNWR Z[\ 

MQNGLPGQUVTQUNWR[

HQT KPVKKK

]

IN4QVCVGH  

4[UWL1UVTQUNWR Z[\ 

_

IN4QVCVGH  FQRGNPKGPKGRGNPGIQQDTQVW

TWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

:NRG]LHXPLHV]F]RQ\PQDSä\FLHU\VRZDQLHGRGDWNRZ\FKRVWURVäXSÑZPR QDZ\

äñF]\èNODZLV]HP:

3URMHNW%DUG]LHMSUHF\]\MQHXVWDZLDQLHNDPHU\

-DNSDPL WDP\]NRPHQWDU]DGR]DGD LUHQGHURZDQLHUR]SRF]\QDP\RGSU]H

VXQL FLDFDáHMVFHQ\R



ZNLHUXQNXRVL2=DZL FR



ZJá EIUXVWXP=JRGQLH]HVFKH

PDWHPSU]HGVWDZLRQ\PZHZSURZDG]HQLXGRSURMHNWXSU]HNV]WDáFHQLHWR]QDMGXMH

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

5\VXQHN

.RURQD]EXGRZDQD

]F]WHUHFKRVWURVáXSyZ

VL ZSXQNFLHDZL FSRZLQQL P\PyZLüUDF]HMRRGVXQL FLXNDPHU\RGVFHQ\5H

DOL]DFM WHJRVFKHPDWXZWHMFKZLOLZPHWRG]LH

4[UWL5EGPG

SU]HGVWDZLDWDEHOD

7DEHOD6FKHPDWHWDSyZZPHWRG]LH5\VXM6FHQH

(WDS

&]\QQR FL

 ,QLFMDFMD

0DFLHU]PRGHOZLGRNXVWDODQDQDMHGQRVWNRZ

 3U]HGPLRW\WUZDOH]ZL ]DQH]NDPHU

%UDN

 5XFKNDPHU\

2GVXQL FLHNDPHU\R



MHGQRVWHNZNLHUXQNXRVL2=

 5\VRZDQLHQLHUXFKRPHMF] FLVFHQ\

5\VRZDQLHELDá\FKRVLZVSyáU] GQ\FK

 5XFKSLHUZV]HJRDNWRUD

2EURW\LSU]HVXQL FLDNRQWURORZDQH]NODZLDWXU\

 5\VRZDQLHSLHUZV]HJRDNWRUD

5\VRZDQLHRVWURVáXSD RUD]MHJRNORQyZ

 5XFKGUXJLHJRDNWRUD

%UDN

 5\VRZDQLHGUXJLHJRDNWRUD

5\VRZDQLH]LHORQ\FKRVLZVSyáU] GQ\FK

&]\QQR üXVWDZLHQLDNDPHU\ PR QDVRELHZ\REUD]Lü HHWDSREHMPXMH]QDF]QLH

ZL FHMSU]HNV]WDáFH QL W\ONRQDV]HSU]HVXQL FLH PR QD]QDF]QLHXSUR FLüNRU]\

VWDM F]IXQNFML

INW.QQM#V

-HMDUJXPHQWDPLV WU]\WUyMNLZVSyáU] GQ\FK3LHUZV]D

XVWDODSRáR HQLHNDPHU\:QDV]\PSU]\SDGNXE G]LHWRSXQNW



$UJXPHQW\

RGF]ZDUWHJRGRV]yVWHJRZVND]XM SXQNWQDNWyU\NDPHUDMHVWVNLHURZDQD0\Z\EUDOL

P\ URGHNXNáDGXZVSyáU] GQ\FKF]\OLPLHMVFHZNWyU\P]QDMGXMHVL QDV]DILJXUD

SDPL WDMP\ HNDPHUD]RVWDáDRGVXQL WDQDSR]\FM 



2VWDWQLDWUyMNDDUJX

PHQWyZRNUH ODVSRVyEZMDNLXVWDZLRQDMHVWNDPHUDZVND]XM FMHMNLHUXQHNÄGRJyU\´

0\XVWDZLOL P\M ZNLHUXQNXRVL2<F]\OLWDNMDNWU]\PDOLE\ P\SUDZG]LZ NDPHU 

JG\E\SRGáR H]QDMGRZDáRVL QDSáDV]F]\ QLH2;= SRUU\VXQHN 2GSRZLHGQLH

Z\ZRáDQLHIXQNFML

INW.QQM#V

SRND]XMHOLVWLQJ

)XQNFMDINW.QQM#VMHVW]GHILQLRZDQDZELEOLRWHFH*/8 2SHQ*/8WLOLW\/LEUDU\ v

ELEOLRWHFH]DZLHUDMñFHMIXQNFMHZ\ V]HJRSR]LRPX NU]\ZHILJXU\SU]HVWU]HQQHLWS 

:LöFHMSRZLHP\RQLHMZSRGUR]G]LDOH]QDMGXMñF\PVLöQDNRþFXUR]G]LDäX'RMHM

X \FLDSRWU]HEQ\MHVWLPSRUWQDJäÑZNDJOXK

background image

5R]G]LDä‰2SHQ*/



/LVWLQJ:PHWRG]LH5\VXM6FHQH]DVW SLOL P\SROHFHQLHRGVXZDM FHVFHQ R±SROHFHQLHP

SUHF\]\MQLHMXVWDODM F\PSRáR HQLHNDPHU\

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

INW.QQM#V RQNQ\GPKGMCOGT[

RWPMVPCMVQT[UMKGTQYCPCLGUVMCOGTC

 MKGTWPGMFQIQT[MCOGT[ RQNCT[\CELC

PKGTWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 

QDTQV[

IN4QVCVGH 2JK YQMQN1;

IN4QVCVGH 6JGVC YQMQN1:

RT\GUWPKGEKC

IN6TCPUNCVGH 2Q\[ELC:2Q\[ELC;2Q\[ELC< 

T[UQYCPKGQUVTQUNWRC

4[UWL1UVTQUNWR Z[\ 

MQNGLPGQUVTQUNWR[

KH &QFCVMQYG1UVTQUNWR[

]

HQT KPVKKK

]

IN4QVCVGH  

4[UWL1UVTQUNWR Z[\ 

_

IN4QVCVGH  FQRGNPKGPKGRGNPGIQQDTQVW

_

TWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 

<DWHQTCPCGMTCP

IN(NWUJ 

5YCR$WHHGTU WEJY[V&% 

_

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

3URMHNW5XFKNDPHU\NRQWURORZDQ\

SRäR HQLHPNXUVRUDP\V]\

.RQWURODSR]\FMLNDPHU\]DSRPRF P\V]NLWRVWDQGDUGRZ\HOHPHQWDSOLNDFMLNRU]\

VWDM F\FK]JUDILNL'0R OLZHMHVWNLONDSRGHM üGRWHJR]DJDGQLHQLD²MDZ\ELRU

PR HQLHGRNR FDVDW\VIDNFMRQXM FHDOH]GHF\GRZDQLHQDMSURVWV]H&RZL FHME G

QLHNRQVHNZHQWQ\:SRSU]HGQLPSDUDJUDILHSU]HGVWDZLáHPERZLHPIXQNFM 

INW.QQM#V



NWyUDVáX \GRáDWZHJRXVWDZLDQLDNDPHU\1DWRPLDVWGRMHMREUDFDQLD]DVWRVXM SR]QDQH

ZF]H QLHMIXQNFMH

IN4QVCVG

7DNMHVWSRSURVWXZ\JRGQLHM





5XFKNDPHU\WHFKQLF]QLHUHDOL]RZDQ\MHVWDQDORJLF]QLHGRSU]HQRV]HQLDIRUP\]D

GRZROQ\SXQNW SURMHNW :\NRU]\VWDP\GRWHJRFHOX]GDU]HQLD

1P/QWUG&QYP



1P

/QWUG/QXG



1P/QWUG7R







:\á F]DP\DQLPDFM ]PLHQLDM FZáDVQR ü

6KOGT 'PCDNGF

QD

HCNUG







'RNODV\

6(QTO

GRGDMHP\WU]\SRODSU\ZDWQHRNUH ODM FHSRáR HQLHNDPHU\

ZHZVSyáU] GQ\FKVIHU\F]Q\FK

-COGTC2JK



-COGTC6JGVC



-COGTC4

GZDGRGDWNRZH

VOR-COGTC2JK



VOR-COGTC6JGVC

NWyU\FK]DVWRVRZDQLH]DUD]VL Z\MD QLRUD]

GZDSROD

:

L

;

NWyUHXPR OLZLDM PLHU]HQLHSU]HVXQL FLDP\V]NL]SU]\FL QL W\P

SU]\FLVNLHP OLVWLQJ 

/LVWLQJ'HILQLXMHP\SRWU]HEQHSROD

RTKXCVG7UGTFGENCTCVKQPU

*&%WEJY[V&%WEJY[VFQFKURNC[FGXKEGEQPVGZV &% 

*).4%WEJY[V4%WEJY[VFQ1RGP).TGPFGTKPIEQPVGZV

DQQN).A7UVCN(QTOCV2KMUGNK *&%WEJY[V&% 

XQKF).A7UVCYKGPKG5EGP[ 

XQKFAAHCUVECNN4[UWL5EGPG 

XQKFAAHCUVECNN4[UWL1UVTQUNWR HNQCVZHNQCV[HNQCV\ 

HNQCV2JK6JGVC

HNQCV2Q\[ELC:2Q\[ELC;2Q\[ELC<

DQQN&QFCVMQYG1UVTQUNWR[

XQKFAAHCUVECNN4[UWL1UKG HNQCVTQ\OKCT 

MCOGTC

KPV:;

HNQCV-COGTC2JK-COGTC6JGVC-COGTC4

HNQCVVOR-COGTC2JKVOR-COGTC6JGVC





,QLFMXMHP\MHGRGDM FGRNRQVWUXNWRUDLQVWUXNFMHZ\Uy QLRQHZOLVWLQJX

/LVWLQJ:DUWR üSROD.DPHUD5 RGOHJáR üNDPHU\ NRQWURORZDüE G]LHP\URON P\V]NL

AAHCUVECNN6(QTO6(QTO 6%QORQPGPV 1YPGT

6(QTO 1YPGT

]





1LHW\ONRZ\JRGQLHMDOHUyZQLH EH]SLHF]QLHM.RU]\VWDQLH]

IN.QQM#V

Z\PDJDáRE\REOLF]DQLD

WUDQVIRUPDFMLZVSyáU] GQ\FKSXQNWXZNWyU\P]QDMGXMHVL NDPHUD ZáD QLHWRUREL IXQNFMH

IN4QVCVG

1DSUDZG áDWZRZyZF]DVREá G$MHGHQDVWHSU]\ND]DQLHSURJUDPLVW\PyZLQLHSLV]

NRGXNWyU\NWR QDSLVDá LVSUDZG]Lá ]DFLHELH7RQLHW\ONRZ\JRGDDOHLXQLNDQLHEá GyZ

background image

5R]G]LDä‰2SHQ*/



2JK6JGVC

2Q\[ELC:2Q\[ELC;2Q\[ELC<

&QFCVMQYG1UVTQUNWR[HCNUG

-COGTC4-COGTC2JK-COGTC6JGVC

:;

_





:PHWRG]LH

4[UWL5EGPG

PRG\ILNXMHP\DUJXPHQWIXQNFML

INW.QQM#V

RGSRZLDGDM F\]DRGOHJáR üNDPHU\RG URGNDXNáDGXZVSyáU] GQ\FK

RUD]GRGDMHP\SROHFHQLDREURWX OLVWLQJ 

/LVWLQJ'RGDQHF]\QQR FLQDOH RF]\ZL FLHGRHWDSXSU]HGVWDZLRQHJRZWDEHOLVFKHPDWX

XQKFAAHCUVECNN6(QTO4[UWL5EGPG

]

EQPUVHNQCVZ

EQPUVHNQCV[

EQPUVHNQCV\

2T\[IQVQYCPKGDWHQTC

IN%NGCT ).A%1.14A$7(('4A$+6^).A&'26*A$7(('4A$+6 

IN.QCF+FGPVKV[ OCEKGT\OQFGNYKFQMOCEKGT\LGFPQUVMQYC

IN6TCPUNCVGH  QFUWPKGEKGECNQUEKQ

MCOGTC

INW.QQM#V -COGTC4RQNQ\GPKGMCOGT[

RWPMVPCMVQT[UMKGTQYCPCLGUVMCOGTC

 MKGTWPGMFQIQT[MCOGT[ RQNCT[\CELC

IN4QVCVGH -COGTC2JK VOR-COGTC2JK YQMQN1;

IN4QVCVGH -COGTC6JGVC VOR-COGTC6JGVC YQMQN1:

PKGTWEJQOGQUKGWMNCFWYURQNT\GFP[EJ

IN%QNQTWD  

4[UWL1UKG Z 

FCNU\CE\GUEOGVQF[





1DVW SQLHWZRU]\P\PHWRG\]GDU]HQLRZH]ZL ]DQH]H]GDU]HQLDPL

1P/QWUG&QYP



1P/QWUG/QXG



1P/QWUG7R

LXPLHV]F]DP\ZQLFKSROHFHQLD

ZLGRF]QHQDOLVWLQJX

/LVWLQJ6SRVyENRQWURORZDQLDNDPHU\SU]H]P\V]N MHVWSRGREQ\GRZ\NRU]\VWDQHJR

ZSURMHNFLHGRSRUXV]DQLDIRUP ]DGRZROQ\SXQNW

XQKFAAHCUVECNN6(QTO(QTO/QWUG&QYP 61DLGEV 5GPFGT6/QWUG$WVVQP$WVVQP

65JKHV5VCVG5JKHVKPV:KPV;

]

::

;;

_



XQKFAAHCUVECNN6(QTO(QTO/QWUG/QXG 61DLGEV 5GPFGT65JKHV5VCVG5JKHVKPV:

KPV;

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

]

%CRVKQP-COGTC2JK (NQCV6Q5VT -COGTC2JK 

-COGTC6JGVC (NQCV6Q5VT -COGTC6JGVC 

HNQCVE\WNQUE/[U\[

KH 5JKHV%QPVCKPU UU.GHV

]

KPVF:::

KPVF;;;

VOR-COGTC2JKF:E\WNQUE/[U\[

VOR-COGTC6JGVCF;E\WNQUE/[U\[

4[UWL5EGPG 

_

_



XQKFAAHCUVECNN6(QTO(QTO/QWUG7R 61DLGEV 5GPFGT6/QWUG$WVVQP$WVVQP

65JKHV5VCVG5JKHVKPV:KPV;

]

-COGTC2JK VOR-COGTC2JK

-COGTC6JGVC VOR-COGTC6JGVC

VOR-COGTC2JK

VOR-COGTC6JGVC

MQUOGV[MC

KH -COGTC2JK  -COGTC2JK

KH -COGTC2JK -COGTC2JK 

KH -COGTC6JGVC  -COGTC6JGVC

KH -COGTC6JGVC -COGTC6JGVC 

_





5XFKP\V]NLVWHUXMHUXFKHPNDPHU\QDVIHU]HZRNyá URGNDXNáDGX

ZVSyáU] GQ\FK1DWRPLDVWURON P\V]NLXVWDODüE G]LHP\SURPLH WHMVIHU\

DZL FRGOHJáR üNDPHU\RGQDV]HJRRVWURVáXSD:\NRU]\VWDP\ZW\PFHOX

]GDU]HQLH

1P/QWUG9JGGN

GRNWyUHJRQDOH \XWZRU]\üPHWRG ]GDU]HQLRZ

]SROHFHQLDPLZLGRF]Q\PLQDOLVWLQJX

/LVWLQJ'RGDWNRZRGHILQLXMHP\IXQNFM SRPRFQLF] VLJQNWyUDXVWDOD]QDN ±OXE

SRGDQHMOLF]E\

KPVUKIP KPVCTIWOGPV

]

KH CTIWOGPV TGVWTP

KH CTIWOGPV  TGVWTP

TGVWTP

_

XQKFAAHCUVECNN6(QTO(QTO/QWUG9JGGN 61DLGEV 5GPFGT65JKHV5VCVG5JKHV

KPV9JGGN&GNVC62QKPV/QWUG2QUDQQN*CPFNGF

]

EQPUVHNQCVYUR

RTQRQTELQPCNPC\OKCPCRQ\[ELKYU\[UVMKEJYURMCOGT[

-COGTC4-COGTC4  UKIP 9JGGN&GNVC YUR 

4[UWL5EGPG 

_

background image

5R]G]LDä‰2SHQ*/



:PRPHQFLHQDFL QL FLDSU]\FLVNXP\V]\]DSDPL W\ZDQHMHVWSRáR HQLHP\V]NL GRWHJR

Z\NRU]\VWXMHP\SROD

:

L

;

:PHWRG]LH]ZL ]DQHM]H]GDU]HQLHP

1P/QWUG/QXG

MH HOL

SU]\FL QL W\MHVWOHZ\NODZLV]P\V]\REOLF]DQDMHVWZLHONR üSU]HVXQL FLDP\V]\RG

PRPHQWXQDFL QL FLDSU]\FLVNXP\V]\LQDWHMSRGVWDZLHREOLF]DQHV N W\REURWX]DSL

V\ZDQHZSRODFK

VOR-COGTC2JK

L

VOR-COGTC6JGVC

:PHWRG]LH

4[UWL5EGPG

ZDUWR FLWH

Z\NRU]\VW\ZDQHV MDNRDUJXPHQW\IXQNFML

IN4QVCVG

:PRPHQFLH]ZROQLHQLDSU]\

FLVNXP\V]\ZDUWR FLSyO

VOR-COGTC2JK

L

VOR-COGTC6JGVC

SU]HSLV\ZDQHV GRSyO

-COG

TC2JK

L

-COGTC6JGVC

FRR]QDF]D HREUyWMHVW]DSDPL W\ZDQ\

3URMHNW&LHQLRZDQLHNRORUÑZ

QDSRZLHU]FKQLDFK

=WUyMN WHPQLHPXVLE\ü]ZL ]DQ\W\ONRMHGHQNRORU2VREQ\NRORUPR QD]ZL ]Dü

]ND G\PMHJRZLHU]FKRáNLHP:yZF]DV]DVWRVRZDQD]RVWDQLHSá\QQD]PLDQDNRORUX

SRPL G]\ZLHU]FKRáNDPL FLHQLRZDQLH :QLHNWyU\FKSU]\SDGNDFKPR HP\FLHQLR

ZDQLDX \üGRLPLWRZDQLDR ZLHWOHQLD SRUU\VXQHN 

5\VXQHN

&LHQLRZDQLHNRORUyZ

PR HLPLWRZDü

R ZLHWOHQLH





0RG\ILNXMHP\PHWRG 

4[UWL1UVTQUNWR

]JRGQLH]Z\Uy QLHQLDPLQDOLVWLQJX

/LVWLQJ=ND G\PZHUWHNVHPZL HP\LQQ\NRORU

XQKFAAHCUVECNN6(QTO4[UWL1UVTQUNWR HNQCVZHNQCV[HNQCV\

]

4[UQYCPKGVTQLMCVC

IN$GIKP ).A64+#0).'5 

WUVCNCPKGVT\GEJYKGT\EJQNMQYVTQLMCVC YGTVGMUQY Z[\

 \ LGUVOPKGLYKGEGLYUTQFMWGMTCPW

V[NPC

IN%QNQTWD  \QNV[

IN8GTVGZH Z[\ FQNP[NGY[

IN%QNQTWD  

background image



&]ö è,,,‰:\EUDQHWHFKQRORJLH:LQGRZV

IN8GTVGZH Z[\ FQNP[RTCY[

IN%QNQTWD  

IN8GTVGZH [\ IQTP[

RQFUVCYC

IN%QNQTWD  \KGNQP[

IN8GTVGZH Z[\ FQNP[NGY[

IN%QNQTWD  

IN8GTVGZH Z[\ FQNP[RTCY[

IN%QNQTWD  

IN8GTVGZH [ \ FQNP[RT\GFPK

NGYC

IN%QNQTWD  E\GTYQP[

IN8GTVGZH Z[\ FQNP[NGY[

IN%QNQTWD  

IN8GTVGZH [ \ FQNP[RT\GFPK

IN%QNQTWD  

IN8GTVGZH [\ IQTP[

RTCYC

IN%QNQTWD  PKGDKGUMK

IN8GTVGZH Z[\ FQNP[RTCY[

IN%QNQTWD  

IN8GTVGZH [ \ FQNP[RT\GFPK

IN%QNQTWD  

IN8GTVGZH [\ IQTP[

MQPKGET[UQYCPKCHKIWT[

IN'PF 

_





.RPSLOXMHP\DSOLNDFM LXUXFKDPLDP\M DQDVW SQLHSRG]LZLDP\X]\VNDQ\

HIHNW ]REU\VXQHN 





3RW\PXVXZDP\OXENRPHQWXMHP\GRGDWNRZHOLQLH HE\FLHQLRZDQLHQLH

LQWHUIHURZDáR]R ZLHWOHQLHPILJXU\NWyUHGRGDP\]DFKZLO 

&LHQLRZDQLHPR QDWH Z\á F]\üSROHFHQLHP

IN5JCFG/QFGN ).A(.#6 

:yZF]DVGR

NRORURZDQLDWUyMN WDX \ZDQ\MHVWNRORURVWDWQLHJRZLHU]FKRáND'RP\ OQDZDUWR ü

Zá F]DM FDFLHQLRZDQLHWR

).A5/116*



.RORUL ZLDWäR

&RWRMHVWNRORU",MDNLMHVWMHJR]ZL ]HN]H ZLDWáHP"=IL]\F]QHJRSXQNWXZLG]HQLD

NRORUPR QDLGHQW\ILNRZDü]GáXJR FL IDOL ZLDWáDGRFLHUDM FHJRGRRND3RGREQLHMDN

ZSU]\SDGNXG ZL NXQDV]H]P\Vá\GR üGREU]HUDG] VRELH]MHGQRF]HVQ GHWHNFM

IDORUy Q\FKGáXJR FLDFK1LHVWHW\WDNMDNZ]QDQ\PGRZFLSLHRPDWHPDW\NXZEDOR

QLHRGSRZLHG WDMHVWSUDZG]LZDGODQLHNWyU\FKIDVF\QXM FDDOHZSU]\SDGNXGHILQLR

ZDQLDR ZLHWOHQLDZSURJUDPRZDQLXJUDILNLWUyMZ\PLDURZHMPDáRSU]\GDWQD:D QLHMV]D

RGIL]\NLRND]XMHVL WXELRORJLD0yZLRQD HRNRUHMHVWUXMH ZLDWáR]DSRPRF WU]HFK

background image

5R]G]LDä‰2SHQ*/



W\SyZF]RSNyZUHDJXM F\FKQDIDOHRUy Q\FKGáXJR FLDFKRUD]SU FLNyZNWyUHV

F]XáHMHG\QLHQDQDW HQLH ZLDWáD6NXSP\VL QDF]RSNDFK:\WZRU]RQHSU]H]ND G\

]W\SyZF]RSNyZLPSXOV\QHUZRZHLQWHUSUHWRZDQHV SU]H]Py]JMDNRNRORU\F]HU

ZRQ\]LHORQ\LQLHELHVNL3REXG]HQLHZV]\VWNLFKMHGQRF]H QLHZUyZQ\PVWRSQLXFR

RGSRZLDGD ZLDWáXNWyUHMHVWÄPLHV]DQLQ ´IDORUy Q\FKGáXJR FLDFKGDMHNRORUELDá\

Z]JO GQLHV]DU\MH HOLSREXG]HQLHMHVWPQLHMLQWHQV\ZQH 5y QHNRPELQDFMHSREX

G]H F]RSNyZSURZDG] GRFDáHMSDOHW\NRORUyZMDNLHV]F] OLZLHPR HP\RJO GDü

:\QLND]WHJR HNRORU\F]HUZRQ\ 5 ]LHORQ\ * LQLHELHVNL % WZRU] XNáDGZVSyá

U] GQ\FK R]QDF]DQ\V\PEROHP5*% ZNWyU\PPR QD]DSLVDüGRZROQ\ZLG]LDQ\

SU]H]F]áRZLHNDNRORU7HQIDNW]RVWDáZ\NRU]\VWDQ\ZWHOHZL]RU]HNWyU\JHQHUXMHREUD]

]EXGRZDQ\]F]HUZRQ\FK]LHORQ\FKLQLHELHVNLFKSLNVHOL:WHQVDPVSRVyEE G]LHP\

UyZQLH RNUH ODüNRORU UyGHá ZLDWáD

7RMHGQDNQLHZ\F]HUSXMHWHPDWXEDUZ\LR ZLHWOHQLD'RR ZLHWODQLDX \ZDP\]Z\

NOH ZLDWáDRELDáHMEDUZLH5]HF]\NWyUHR ZLHWODP\V MHGQDNUy QREDUZQH=WHJR

Z\QLND HF]\P LQQ\PMHVWNRORU UyGáD ZLDWáDLNRORUR ZLHWODQ\FKSU]HGPLRWyZ

7RUR]Uy QLHQLHRG]ZLHUFLHGORQHMHVWUyZQLH Z2SHQ*/.RORUR ZLHWODQHJRSU]HG

PLRWXMDNLZLG]LP\]DOH \Z\á F]QLHRG ZLDWáDMDNLHELHJQLHRGWHJRSU]HGPLRWX

ZNLHUXQNXQDV]HJRRND=Dáy P\ HSU]HGPLRWWHQQLHHPLWXMH ZLDWáDDMHG\QLHMH

RGELMD-H HOLSU]HGPLRWWHQQLHRGELMDZV]\VWNLFKGáXJR FLIDOLWRF] üSDGDM FHJR

QDWHQSU]HGPLRW ZLDWáDMHVWSRFKáDQLDQD:HIHNFLHSU]HGPLRW\R ZLHWODQHPRG\

ILNXM  ZLDWáRNWyUHQDQLHSDGD,WRQLH]QDF]\W\ONR HMHRVáDELDDOHUyZQLH

]PLHQLDMHJRNRORU3U]HGPLRWPR HERZLHPSRFKáDQLDüUy QHGáXJR FLIDOLZUy Q\P

VWRSQLX LQQ\PLVáRZ\QLHMHGQDNRZRRGELMDüVNáDGRZH5*% =DWHPMH HOL UyGáR

ZLDWáDMHVWELDáHDSU]HGPLRWSRFKáDQLDVNáDGRZ QLHELHVN DGREU]HRGELMDVNáDGR

ZHF]HUZRQ L]LHORQ WRSU]HGPLRWWHQZLG]LP\MDNR yáW\



,WDNZáD QLHXVWDODVL

NRORUSU]HGPLRWyZQDVFHQLHZ2SHQ*/²XVWDODM FZVSyáF]\QQLNLRGELFLDSRV]F]H

JyOQ\FKVNáDGRZ\FK5*% ZLDWáDQDSRZLHU]FKQLWHJRSU]HGPLRWX

HE\EDUG]LHMVSUDZ VNRPSOLNRZDüSRZLHPMHV]F]HW\ONR HIXQNFMD

IN%QNQT

NWyUHM

X \OL P\ZSURMHNWDFKL]FDá W WHRUL QLHPDQLFZVSyOQHJR1LH]DOH \

ERZLHPZ DGHQVSRVyERGR ZLHWOHQLDVFHQ\²MHVW]Z\F]DMQ\PRV]XVWZHPNWyUH

ZSURZDG]RQH]RVWDáRGR2SHQ*/DE\PR OLZHE\áRU\VRZDQLHEH]GHILQLRZDQLD UyGHá

ZLDWáD7RRV]XVWZRPR HP\MHGQDN]PQLHMV]\üMH HOL]D \F]\P\VRELHDE\ZVSyá

F]\QQLNLRGELFLDXVWDODQH]Z\NOHIXQNFM 

IN/CVGTKCN

E\á\X]JDGQLDQH]NRORUHPXVWDOR

Q\P]DSRPRF IXQNFML

IN%QNQT

 MHGQ\PVáRZHPDE\X \FLHW\FKGZyFKIXQNFMLE\áR

UyZQRZD QH 6áX \GRWHJRIXQNFMD

IN%QNQT/CVGTKCN

NWyUHMX \MHP\ZNROHMQ\FK

SURMHNWDFK

=DF]QLMP\MHGQDNRGPR OLZR FLZ\á F]HQLDNRORURZDQLD FLDQ8áDWZLWRQDPHNVSH

U\PHQW\]R ZLHWOHQLHPVFHQ\





&]DVHP]DPLDVWPyZLü HSU]HGPLRWGREU]HRGELMDVNáDGRZH5L*Z\JRGQLHMMHVWSRZLHG]LHü H

RGELMDVNáDGRZ < yáü =DPLDVW5L%PR QDSRGVWDZLü0 PDJHQW D]DPLDVW*L%²& F\MDQ 

:WHQVSRVyESRZVWDMHQRZ\XNáDGZVSyáU] GQ\FKR]QDF]DQ\MDNR&0<2LOH5*%Z\JRGQHMHVW

ZXU] G]HQLDFKRSDUW\FKQDHPLVML ZLDWáD PRQLWRU\ WR&0<EDUG]LHMSDVXMHGRRNUH ODQLDNRORUyZ

QDSU]HGPLRWDFKR ZLHWODQ\FKWMDEVRUEXM F\FK ZLDWáR QSZ\GUXNQDSDSLHU]HOXEREUD]QDSáyWQLH 

7RZáD QLHNRORU\]XNáDGXZVSyáU] GQ\FK&0<X]QDZDQHV SU]H]PDODU]\]DNRORU\SRGVWDZRZH

7DNLPLNRORUDPLÄSOXM ´WDN HGUXNDUNLDWUDPHQWRZH


Wyszukiwarka

Podobne podstrony:
C Builder 2006 222 gotowe rozwiazania cbu202
C Builder 2006 222 gotowe rozwiazania cbu202
C Builder 2006 222 gotowe rozwiazania cbu202
C Builder 2006 222 gotowe rozwiazania(1)
C Builder 2006 222 gotowe rozwiazania 2
C Builder 2006 222 gotowe rozwiazania
C Builder 2006 222 gotowe rozwiazania
Excel 2007 PL 222 gotowe rozwiazania ex2722
Fiza gotowe rozwiazania-sciaga, STUDIA, Fizyka
C Builder 2006 cwiczenia praktyczne cwcb26
Egzamin 2006.10.09, rozwiazania zadań aktuarialnych matematyka finansowa

więcej podobnych podstron